ÿþ
/F5:
5:0@0
!;C30 >689
5@20O :=830 87 F8:;0 ?>;LA:>3> 02B>@0 /F5:0 5:0@K >1 8=:2878B>@5 >@48<5@5 0445@48=5, 682CI5< 8 459AB2CNI5< 2 0;LB5@=0B82=>< <8@5, 345 8ACA =5 ?>381 =0 :@5AB5, 0 A>HQ; A =53> 8 ?>:0@0; 3@5H=8:>2 >3=Q< 8 <5G><, 345 0=35;K @50;L=K 8 45;>< ?><>30NB 2 1>@L15 A 5@5ALN.
>@48<5@ 0445@48= 3;02=K9 35@>9 F8:;0 ?>;LA:>3> ?8A0B5;O /F5:0 5:0@K, 8=:2878B>@, 459AB2CNI89 2 0;LB5@=0B82=>< 8AB>@88 =0H53> <8@0, 345 8ACA %@8AB>A =5 ?>381 =0 :@5AB5, 0 A>HQ; A =53> 8 ?>:0@0; <5G>< 8 >3=Q< 3@5H=8:>2 8 5@5B8:>2, 345 =35;K @50;L=K 8 ?><>30NB 8=:2878B>@0<. &8:; A>AB>8B 87 A;54CNI8E :=83: « !;C30 >689» ; « >;>B 254L<» ; « 5G =35;>2» ; « >2FK 4CH» ; « ;0<5=L 8 :@5AB» ( ?5@2K9 B><, 2B>@>9 ?8H5BAO) ; « 'Q@=0O A<5@BL» ( ?8H5BAO) ; ?>4F8:; « / 8=:2878B>@» ( 0H=8 : =51C; @8:>A=>25=85 7;0; 8G >689; 5B8 A F25B=K<8 3;070<8 ( ?8H5BAO) ) .
5@20O :=830, « !;C30 >689» , 2:;NG05B 2 A51O H5ABL @0AA:07>2: « "0=5F 'Q@=KE <0=B89» ; « !;C30 >689» ; « 03@O=5F 8 A=53» ; « !5OB5;8 3@>7K» ; « 2FK 8 2>;:8» ; « 3;070E >30» .
-B> =0@>4=K9 ?5@52>4, A45;0==K9 2 @0<:0E >ACI5AB2;5=8O ?>;8B8:8 >B:@KB>3> >1I5AB20 8 A2>1>4K 8=D>@<0F88. >OA=5=8O 8 :><<5=B0@88 >B ?5@52>4G8:>2.
!;C30 1>689
A;8 :B> 2>7;N18B 25@O 8 >1@07 53>, B>B 1C45B ?8BL 28=> O@>AB8 >6859, ?@83>B>2;5==>5 2 G0H5 3=520 3>. 1C45B ?KB0= >3=Q< 8 A5@>9 ?@54 A2OBK<8 =35;0<8.
[ 1 ]
B:@>25=85 >0==0 >3>A;>20 0?>254L G0A0 AC40
45B >= 1K; 2 >4564K :@>2LN ><KBK5, 0 8<O 53>: !;>2> >685. = ?0AB8 1C45B =0@>4K @>73>9 65;57=>9, 8 = 2K68<05B 4028;L=N O@>AB=>3> 3=520 A5<>3CI53> >30.
[ 2 ]
B:@>25=85 >0==0 >3>A;>20 5@20O 18B20 ?>154=>3> A;>20
"0=5F 'Q@=KE <0=B89
871@0==K5 8<5NB =0 A2>59 AB>@>=5 =35;0, :0: %@0=8B5;O 8 !B@060, 401K 2Q; 8E : 687=8.
[ 3 ]
!2. 0A8;89
7 1>;LH>9 ?;5BQ=>9 :>@78=K ?5@54 =0<8 =0 ?>; 2KAK?0;8 >B@C1;5==K5 3>;>2K. / BI0B5;L=> ?5@5AG8B0;. >A5<L. 7=0G8B AB>;L:>, A:>;L:> 1KBL 4>;6=>.
"0: GB>, 2>;:>;0:>2
[ 4 ]
<K 2K:8=C;8 87 3>;>2K, 70O28; A84OI89 @O4>< A> <=>9 "045CH 03=5@, 8 3;O=C; :@05< 3;070, >F5=8; ;8 O 53> <5B:CN, 87OI=CN HCB>G:C.
= ?=C; =>A:>< A0?>30 >4=C 87 1>H5:, B0 >B:0B8;0AL 8 C40@8;0AL > 4@C3CN. 15 A?;5;8AL A20;O2H8<8AO, >:@>202;5==K<8 1>@>40<8.
%>@>H0O @01>B0, 03=5@ ?>E20;8; ;N459, ?@8=QAH8E :>@78=C, 8 40; 8< 7=0:, GB> <>3CB C9B8.
;O=L- :0, :0:0O :@0A>B:0, A:070; >= C65 <=5, C:07K20O =0 3>;>2C <>;>4>9 65=I8=K A 4;8==K<8 A25B;K<8 2>;>A0<8, B5?5@L 2K<070==K<8 3@O7=>- :@0A=K<. >B C6 =5 1K;> 59 G5< 4@C38< 70=OBLAO&
N48 157C<=K, O 274>E=C;. '5< 4>;LH5 682C, G5< 1>;LH5 286C, B5< A8;L=55 2 MB>< C15640NAL.
!5<5@> <C6G8= 8 452CH:0, GLO :@0A>B0 ?@8H;0AL ?> 2:CAC 03=5@C, ?@8=04;560;8 : H09:5 2>;:>;0:>2, B5@@>@878@CNI59 >:@C3C. =8 ?5@5>4520;8AL 2 725@8=K5 H:C@K 8 =0?040;8 =0 ?CB=8:>2 8;8 :@5ABLO=, 8A?>;L7CO 2 ABKG:0E 7C1K 8 :>3B8. >A:>;L:C >1KG=> >=8 8<5;8 ?5@525A =5 <5=55 G5BK@QE : >4=><C, 0 65@B20<8 G0I5 2A53> 2K18@0;8 AB0@8:>2, 65=I8= 8;8 45B59, B> 8< C40;>AL C18BL =5A:>;L:> 45AOB:>2 G5;>25:, ?@5645 G5< >=8 1K;8 AE20G5=K, ?>25H5=K, 0 70B5< CA5:=>25=K. E 1573>;>2K5 >AB0=:8 <K ?@8:070;8 A;>68BL =0 @K=>G=>9 ?;>I048, 401K A;C68;8 ?@54C?@5645=85< 4@C38< 45OB5;O<, 8ICI8< ?@8:;NG5=89. >;>2K 65 1C4CB =0A065=K =0 :>?LO 8 C:@0AOB 3>@>4A:CN 70AB02C. "0:65 4;O ?@54>AB5@565=8O.
?@8=F8?5, MB> =5 <K, 8=:2878B>@K, 4>;6=K 70=8<0BLAO MB8<8 @O65=K<8, => <5AB=>5 =0A5;5=85 1K;> B0: =0?C30=> ( 2=CH8;8 A515, GB> 2>;:>;0:8 =5CO728<K 4;O ;N1>3> >@C68O, A>740==>3> @C:0<8 G5;>25:0, 8 E>48;8, 2>>@C682H8AL A:;O=:0<8 A> A2OB>9 2>4>9) , GB> <K 1K;8 2K=C645=K A0<8 27OBLAO 70 45;>. B0:8< 2>B >1@07>< 3>@>4>: >1@8F 1K; 87102;5= >B 2>;:>;0:A:>9 =0?0AB8, 0 O 8 03=5@ <>3;8 A?>:>9=> 25@=CBLAO 2 @57845=F8N =:2878F88 2 025=A1C@35
[ 5 ]
, 345 ?><8<> =0A ?>AB>O==> ?@51K20;> 5IQ 42>5 4@C38E 8=:2878B>@>2, >?5:0NI8E 25AL >:@C3.
"0: GB>, 2KAB02;O5< AGQB 1C@3><8AB@C 8 4><>9, 70:;NG8; 03=5@. 3> B>?>@=>5 :204@0B=>5 ;8F> >A25B8;>AL C;K1:>9.
<8=L, ?@>1C@G0; O.
KA;56820=85 H09:8 70=O;> C =0A >:>;> 42CE =545;L. ?>25@LB5 <=5, ;N157=K5 <>8, MB0 @01>B0 1K;0 =54>AB>9=0 8=:2878B>@A:8E 40@>20=89 8 2@5<5=8, ?>65@B2>20==>3> A;C68B5;O<8 !2OB>9 !;C61K
[ 6 ]
. 48=AB25==>9 ?>;L7>9 >B 2A59 AC<0B>E8 1K;> B>, GB> 1C@3><8AB@C ?@84QBAO 87@O4=> 70G5@?=CBL 87 3>@>4A:>9 :07=K, 401K 2>7=03@048BL =0H B@C4. "0: 4>3>2>@8;AO A =8< 5=@8E ><<5;
[ 7 ]
, =0G0;L=8: 8 AB0@H89 G8=><
[ 8 ]
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
[ 9 ]
1K; AG0AB;82, GB> ?>@>9 <>65B A515 ?>72>;8BL =5GB> 1>;LH55, G5< ?@>AB> GQ@AB2K9 E;51, 70?8BK9 :@C6:>9 2>4K.
@8 2A59 A2>59 ?@54?@88<G82>AB8, 872>@>B;82>AB8 8 F8=87<5 5=@8E ><<5; 1K; ?>GB8 8450;L=K< =0G0;L=8:><. >G5<C? ?>B><C, GB> >= @04>20;AO CA?5E0< ?>4G8=Q==KE, 8A:@5==5 65;0O, GB>1K <K A=8A:0;8 25;8G09HCN G5ABL, :0:0O B>;L:> <>65B >6840BL 8=:2878B>@0, 0 8<5==> ?>;CG8;8 ;8F5=78N 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0 ;81> ;8F5=78N ?>AB>;LA:>9 !B>;8FK. = A0< 402=K<- 402=> <>3 C65 ?>:8=CBL 025=A1C@3 8 @01>B0BL 2 %57- E57@>=5 ?>4 >:>< A0<>3> 5?8A:>?0, => ?@54?>G8B0; ?@>28=F80;L=K9 ?>:>9 25G=>9 A?5H:5 8 25G=>9 =5@0715@8E5, F0@82H8< 2 1>;LH>9 <5B@>?>;88. / ?>=8<0; 53> 8 2 B> 65 2@5<O 60;5;, GB> C4>1AB20 ?@82KG=>9 687=8 ?@8BCH8;8 2 =5< 60@, :>B>@K9 4>;65= ?K;0BL 2 A5@4F5 :064>3> 8=:2878B>@0. 54L <5AB> GQ@=KE <0=B89, :0: =0A ?>@>9 =07K20NB, 1K;> B0<, 345 F0@8B 1>;LH5 2A53> 7;0 8 =5A?@0254;82>AB8. B0:8<8 <5AB0<8 1K;8 :0: @07 ?>AB>;LA:0O !B>;8F0 %57- E57@>=
[ 1 0 ]
8;8 -=35;LHB04B
[ 1 1 ]
, AB>;8F0 =0H59 <>3CI5AB25==>9 <?5@88. -B> B0< F25;8 5@5A8, B0< >BABC?=8:8 70<KH;O;8 A2>8 <5@7:85 ?;0=K, B0< 2 B09=KE ;01>@0B>@8OE G5@=>:=86=8:8 2K7K20;8 45<>=>2, 0 CG5=K5 87CG0;8 B09=K GQ@=>9 <0388.
>65B, 2 7025@H5=85 >@30=87C5< :0:>9- =81C4L C68=? A?@>A8; 03=5@. >1>;LH5 28=F0, ?>1>;LH5 6@0B2K, 452:8, <C7K:0=BK. 'B> A:065HL, >@48<5@?
A;8 3>@>4A:>9 A>25B 70?;0B8B& O >B>@20;AO >B 1;03>G5AB82KE <KA;59.
0?;0B8B, 70?;0B8B, CA<5E=C;AO >=. 54L >=8 =5 7=0NB, 0 =5 ?>B@51C5BAO ;8 8< G5@57 <5AOF 8;8 3>4 =0H0 ?><>IL A=>20. ?>MB><C 2@O4 ;8 8< 1K E>B5;>AL, GB>1K 70?><=8;>AL, :0: <K C5E0;8 87 >1@8F0 3>;>4=K5 8 B><8<K5 6064>9&
!2OB0O ?@0240, "045CH, ?>440:=C; O.
* * *
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
845;? O ?>4<83=C; 03=5@C.
'5BK@5, ?@8G<>:=C; >=. / 70<5B8; 2 ?>2545=88 MB8E 4>AB>9=KE ;N459 ?>E20;L=CN ?@54CA<>B@8B5;L=>ABL. %20B8B =0< G5BK@QE, >@48<5@? = ?>A<>B@5; =0 <5=O A HCB;82K< 15A?>:>9AB2><.
A;8 BK 2>7L<5HL >4=C, O ?>AB0@0NAL =5 =04>@20BL A8; B@QE >AB02H8EAO, ?0@8@>20; O.
C@3><8AB@ 2AB0; A> ABC;0 8 ?>ABCG0; =>6>< ?> :C2H8=C. 073>2>@K ?>AB5?5==> AB8E;8.
@03>F5==59H85 <038AB@K
[ 1 2 ]
=:2878F88, =0G0; >=, :;0=OOAL =0<, 8 53> B>;AB>IQ:>5 ;8F> ?@>A8O;> 8A:@5==59 C;K1:>9, 1;03>40@N >A?>40 >30 A5<>3CI53>, GB> =8A?>A;0; 8<5==> 20A 154=><C 3>@>4C >1@8F, 68B5;8 :>B>@>3> ?@5B5@?520;8 C60A=K5 <C:8 >B @C: H09:8 7;>4552, 2K40NI8E A51O 70 2>;:>;0:>2.
= ?@KA=C; A> A<5EC, 1C4B> A;>2> « 2>;:>;0:8» 53> 70102;O;>. O ?><=N, GB> :>340 <K ?@85E0;8, >= A0< I53>;O; A> A:;O=:>9 A2OB>9 2>4K 2 :0@<0=5!
!:>;L:> A;Q7 <K ?@>;8;8, A:>;L:> <>;8B2 <K 2>7=5A;8 =515A=K< 0;B0@O<, A:>;L:> =545;L <K 68;8 2 AB@0E5 ?5@54 ?@5ABC?=8:0<8! C60A, :>B>@K9 @07@K20; =0H8 A5@4F0, 8AG57 1;03>40@O 20<, 4@03>F5==59H85 <038AB@K =:2878F88.
IQ @07 ?>2B>@8B « 4@03>F5==59H85 <038AB@K» , C42>N 8< AG5B, 4>E=C; 03=5@ <=5 ?@O<> 2 CE>.
>B><C- B> 7=09B5, GB> <K A>E@0=8< 20A 2 1;03>40@=>9 ?0<OB8. 0B5@8 2 >1@8F5 C65 =5 1C4CB 1>;LH5 B@52>68BLAO > 45BOE, <C6LO > 6Q=0E, AK=>2LO >1 >BF0E&
;5<O==8FK > 4O4OE, 2=C:8 > 4540E& 70H5?B0; 03=5@.
!:>;L 4>;3> 1C45B ACI5AB2>20BL >1@8F, AB>;L 4>;3> A>E@0=8BAO 2 =Q< A;020 ;N459 1>;LH>3> A5@4F0 8 25;8:>9 >B2038. 038AB@0 "045CH0 03=5@0 8 <038AB@0 >@48<5@0 0445@48=0! 1C@3><8AB@ ?>4=O; :C1>: 2 =0HC AB>@>=C.
K 2AB0;8, 8 "045CH B>;:=C; <5=O 2 1>:, GB>1K, <>;, O >B25B8; =0 ;N157=CN @5GL, ?@>87=5AQ==CN >BF>< 3>@>40.
#20605<K9 1C@3><8AB@ 8 2K, ?>GB5==K5 3@0640=5 >1@8F0, =0G0; O, 4>;3>< 8=:2878B>@0 O2;O5BAO A;C65=85. ?5@2CN >G5@54L, A;C65=85 >3C, 2> 2B>@CN 25@=K< >25G:0< >A?>4=8<. 54L 8A0=85 3;0A8B OA=>:
« 5;838>7=>ABL G8AB0O 8 15A?>@>G=0O ?@54 >3>< BF>< 2K@0605BAO 2 >?5:5 =04 A8@>B0<8 8 24>20<8 2 8E AB@040=8OE»
[ 1 3 ]
. =09B5 65, ;N1>2L >A?>40 =587<5@8<0. -B> >= ?>445@68205B 2A5E ?040NI8E 8 ?>4=8<05B 2A5E ?04H8E. 0A, 8=:2878B>@>2, = 8A?>;L7>20; 2A53> ;8HL :0: ?>;57=K5 >@C48O 2 !2>59 2>;5 40@>20=8O <8@0 3>@>4C >1@8F, O ?@5@20;AO =0 <8=CB:C, GB>1K ?5@525AB8 4CE, ?>A:>;L:C =5 ?@82K: : 4;8==K<, B>@65AB25==K< @5G0<. ?>A5<C =5 :>=DC7LB5 =0A 1;03>40@=>ABO<8.
'B> 2K, GB> 2K! 3@><:> 70?@>B5AB>20; 1C@3><8AB@. / ?>4=O; ;04>=L 2 7=0: B>3>, GB> 5I5 =5 70:>=G8;.
5 :>=DC7LB5 =0A 1;03>40@=>ABO<8, ?>2B>@8; O. =:2878B>@K ;N48 =5 3;0A=K5 8 A<8@5==>3> A5@4F0. ;03>40@8B5 >30 =0 =515A0E, :>B>@K9 8A?>;L7>20; =0A B0:8< 65 >1@07><, :0: 6=5F 8A?>;L7C5B A5@?, GB>1K A>1@0BL >18;L=K9 C@>609.
/ A5;, 8 B>340 2A5 ?@8ACBAB2>202H85 2AB0;8 8 =0G0;8 0?;>48@>20BL. @8H;>AL <=5 2=>2L ?>4=OBLAO. 03=5@ @C:>?;5A:0; <=5 A =5A:>;L:> 7;>2@54=>9 CA<5H:>9.
!:@><=>ABL, @02=0O B>;L:> 25;8:>9 >B2035 8 1>;LH><C A5@4FC! A ?0D>A>< 2>A:;8:=C; 1C@3><8AB@, ?5@5:@8:820O >20F88.
0 >1@8F! O ?>4=O; 1>:0;, 81> E>B5;>AL, =0:>=5F, 2K?8BL, 0 =5 >1<5=820BLAO ;N157=>ABO<8, 40 A>ABO70BLAO 2 @5G0E.
0 >1@8F, 70 >1@8F, ?>4E20B8;8 2A5, 0 ?>B>< @02=> 70 8=:2878B>@>2, 70 !;C61C&
'5AB=> 3>2>@O, MB> 1K;> ?@8OB=>, ?>A:>;L:C, ?>25@LB5, @54:> A;CG05BAO, GB>1K B0: 8A:@5==5 8 @04>AB=> ?8;8 70 74>@>2L5 8=:2878B>@>2. K, A;C68B5;8 !2OB>9 !;C61K, ;N48 4>AB0B>G=> C<C4@Q==K5, GB>1K =5 >6840BL, 1C4B> 2A5 =0A 1C4CB ;N18BL 8 ?>=8<0BL. > 2@5<5=0<8 4065 2 =0H8E A:>@1OI8E A5@4F0E @>6405BAO B>A:0 ?> B><C, GB>1K B5, :><C <K >B40Q< AB>;L:> ;N128, >B25B8;8 1K ?>4>1=K< 65 GC2AB2><. A>60;5=8N, A5<59 5@5B8:>2 8;8 :>;4C=89 >1KG=> E20B0;> ;8HL =0 B>, GB>1K O2=> 8;8 B09=> ?@>:;8=0BL 8=:2878B>@>2. <5AB> B>3>, GB>1K @04>20BLAO B><C, GB> A2OB>5 ?;0<O :>AB@0 >G8AB8B 3@5H=K5 4CH8 8E 1;87:8E, 0 >3@><=K5 AB@040=8O, :>B>@K5 8A?KB0NB, ?>72>;OB 8< G5@57 AB>;5B8O, ?@>2545==K5 2 G8AB8;8I5, C7@5BL, =0:>=5F, ?>;=K9 E20;K ;8: >A?>40. 254L 157 =0H59 ;N128 8 ?><>I8 1K;8 1K ?@>:;OBK =0 25:0! #2K, ;N48 >1KG=> =5 ?>=8<0;8, GB> 7;>< O2;O5BAO =5 E8@C@3, => A3=82H0O B:0=L, :>B>@CN B>B 65 E8@C@3 2K@5705B ;0=F5B><.
* * *
# <C6G8=K, :>B>@K9 ?>4>H5; :> <=5, 1K;8 A54K5, @54:85 2>;>AK, OAB@518=K9 =>A 8 <0;5=L:85, 1;87:> ?>A065==K5 3;070. 45BK9 2 GQ@=K9 :0DB0= A @C:020<8- 1CD0<8
[ 1 4 ]
, >= =0?><8=0; AB0@CN, >?5G0;5==CN ?B8FC, :>B>@0O 2>B- 2>B =0G=5B 8A:0BL C A51O 2 :@K;LOE. > >B >AB@>3> 27>@0 20H53> ?>:>@=>3> A;C38 =5 <>3;> C:@KBLAO B>, GB> =0 ?0;LF0E MB>3> G5;>25:0 :@0A>20;8AL ?5@AB=8 A 3;07:0<8 4@03>F5==KE :0<=59, 0 10@E0B=K9, 2KH8BK9 7>;>B>< :0<7>;, ?>- 2848<><C, AB>8;, ?> :@09=59 <5@5, AB>;L:>, A:>;L:> =5?;>E0O :;OG>=:0.
038AB@ 0445@48=, <>6=> 20A =0 ?0@C A;>2? / >6840; 3>;>A0 A:@8?CG53> 8;8 ?8A:;O2>3>, 81> B0:>9 1K ?>4E>48; : 53> D878>=><88, <56 B5<, 3>;>A C <C6G8=K >:070;AO A?>:>9=K<, =87:8<, A ?@8OB=K< B5<1@><.
>:>@=59H5 : 20H8< CA;C30<, >B25B8; O, 2AB020O 87- 70 AB>;0.
03=5@ A 42C<O A>25B=8:0<8 :0: @07 @0A?520; ?5A5=:C 02B>@AB20 =5A@02=5==>3> B@C104C@0 54@> ;0B>CAB0. 0: 2A5340, >=0 1K;0, ?> <5=LH59 <5@5, <0;>?@8;8G=>9, 8 ?@8ACBAB2>202H85 2 70;5 40<K ?@8B2>@O;8AL, GB> =8G53> =5 A;KH0B. 'B> 1K;> =5?@>AB>, CG8BK20O, :0: 3@><:> 03=5@ 2K:@8:820; >B45;L=K5 AB@>DK. > 2AO:>< A;CG05, >= =0AB>;L:> 1K; C2;5GQ= ?5=85<, GB> 4065 =5 70<5B8;, :0: O CE>6C. K ?@8>AB0=>28;8AL 2 ?5@54=59.
5=O 7>2CB 0B80A ;8=3109;, 3>A?>48= 0445@48=, 8 O B>@3>25F H5;:0<8 87 535=20;L40
[ 1 5 ]
, =0G0; <>9 =>2K9 7=0:><K9.
5=L ?CB8 >B 025=A1C@30, =5 B0: ;8? O ?@5@20; 53>.
>65B, ?>;B>@0, ?@>1>@<>B0; >=.
'5< <>3C 20< A;C68BL?
« # =59 B5;>, :0: A=53 15;>, 4@>60;0, :>340 ?0;:C :840; O» , ?5=85 03=5@0 ?@>18;>AL G5@57 HC<, 8 C <5=O A>740;>AL 2?5G0B;5=85, GB> 02B>@>< MB>9 ?5A=8 1K; C65 =5 54@>.
4=0:> <K =5 CA;KH0;8 ?@>4>;65=8O. / 3;O=C; 2 425@L 8 C2845;, :0: <>9 A>1@0B, ?>GC2AB2>202 A;01>ABL, A> 2A59 256;82>ABLN 2AB0; 87- 70 AB>;0 ( GB>1K =5 A<CI0BL A>1@02H8EAO) , =>, : =5AG0ABLN, A8;K 53> ?>425;8, 8 >= 2K;>68; ?5@520@5==K9 C68= 8 ?5@520@5==CN 2K?82:C =0 :>;5=8 =5:>9 4>AB>9=>9 <0B@>=5, 65=5 3>@>4A:>3> A>25B=8:0. >B>< >= 2K1;520; 5I5 @07, =0 A59 @07 >1@K73820O ?;5G> 8 3>;>2C A0<>3> A>25B=8:0, ?>:0, =0:>=5F, @04>AB=> =5 2>A:;8:=C;:
0: B0< 1K;> 40;LH5? / >B25@=C;AO.
@>HC ?@>I5=8O, O >1@0B8;AO : <>5<C A>15A54=8:C. @>4>;609B5, A45;09B5 <8;>ABL.
>9 AK=, >= 274>E=C;, A;>2=> A0<> A;>2> « AK=» =0?>;=O;> 53> 3>@5GLN, 420 3>40 =0704 1K; >AC64Q= 8 70B>GQ= 2 BN@L<C 70 C189AB2> >4=>9 452CH:8. 48=>:@>2=>9 A5AB@K
[ 1 6 ]
>4=>3> 87 A>25B=8:>2, G5;>25:0 1>30B>3>, 6QAB:>3>, 8<5NI53> 1>;LH>5 2;8O=85 8 <=>3> ;5B =5=0284OI53> <>N A5<LN. >3 >40@8; <5=O :><<5@G5A:8<8 A?>A>1=>ABO<8, =>, =5A<>B@O =0 B>, GB> C <5=O 5ABL 45=L38, O =8G53> =5 <>3C A45;0BL, GB>1K 53> A?0AB8& ?>25@LB5 <=5: O ?KB0;AO.
C, 40, 7>;>B>9 :;NG >B:@K205B =5 2A5 2>@>B0, A:070; O. A>15==> B0:85, :>B>@K5 70:@KBK =0 28AOG89 70<>: ;N4A:>3> 3=520.
%>@>H> A:070=>, A>3;0A8;AO >=. >9 AK= =528=>25=. / =5 25@N, GB> >= <>3 >1845BL BC 452CH:C. 48=AB25==>5, GB> <=5 C40;>AL, MB> A?0AB8 53> >B ?5B;8. >B B>;L:> 45AOBL ;5B 2 =86=59 10H=5
[ 1 7 ]
=8:B> =5 2K45@68B.
>4=K5 =8:>340 =5 25@OB 2 ?@5ABC?;5=8O, A>25@HQ==K5 8E 1;87:8<8. "0: 1K;>, 5ABL 8 1C45B. 0B80A ;8=3109; =5 1K;, 2 40==>< A;CG05, 8A:;NG5=85<, 0 B>, GB> 2 53> 3>;>A5 O A;KH0; 3>@OGCN C25@5==>ABL 2 A515, =8G53> =5 <5=O;>. > >= 1K; =5A><=5==> ?@02 >B=>A8B5;L=> =0:070=8O =86=59 10H=59. 8:B> =5 2K45@68B 45AOB8 ;5B, ?@>254Q==KE 2 =59. >;57=8, 3@O7L, E>;>4, AK@>ABL, 3>;>4 8 >48=>G5AB2> ?>68@0NB EC65 :@KA. / 2845; 1>;LH8E, A8;L=KE, <>;>4KE <C6G8=, :>B>@K5 ?>A;5 3>40 8;8 42CE, ?@>2545==KE 2 =86=59 10H=5, 2KE>48;8 70 2>@>B0 BN@L<K A>315==K<8, A:@NG5==K<8 AB0@F0<8.
5AL<0 20< A>GC2AB2CN, 3>A?>48= ;8=3109;, => A>1;03>2>;8B5 >1JOA=8BL, ?>G5<C 8<5==> :> <=5 2K >1@0I05B5AL A MB>9 ?@>1;5<>9? A?@>A8; O. !;C610 =5 70=8<05BAO C3>;>2=K<8 45;0<8, 5A;8 MB> =5 :0A05BAO ?@5ABC?;5=89, A2O70==KE A =0?04:0<8 =0 =0HC A2OBCN 25@C. 2 40==>< A;CG05 254L >1 MB>< 8 @5G8 =5B.
=0N, >B25B8; >=. > =5 <>3;8 1K 2K ?@83;O45BLAO : 45;C? K G5;>25: CGQ=K9, AC<55B5 >BA5OBL 75@=> ?@024K >B ?;525; ;68.
/ =5 7=0;, AB0@05BAO ;8 >= A=8A:0BL <>N A8<?0B8N 8;8 459AB28B5;L=> B0: 4C<05B. 4=0:>, 1K;> 8<5==> B0:, :0: >= 3>2>@8;. =:2878B>@>2 >1CG0;8 B@C4=><C 8A:CAAB2C ?>7=0=8O G5;>25G5A:8E A5@45F 8 C<>2, GB> 2 1>;LH8=AB25 A;CG052 ?>72>;O;> 157>H81>G=> @0A?>7=0BL ?@024C.
>A?>48= ;8=3109;, 3>@>4A:85 A>25BK 8 AC4K ?@>O2;ONB =5C4>2>;LAB285, :>340 =:2878F8O 8=B5@5AC5BAO 45;0<8, :>B>@K5 =5 4>;6=K 5Q :0A0BLAO. 0 8 <>Q =0G0;LAB2>, =5A><=5==>, =5 1C45B 2 2>AB>@35 >B B>3>, GB> O, 2<5AB> B>3>, GB>1K ?@5A;54>20BL 8=>25@F52, 5@5B8:>2 8 254L<, 70=8<0NAL >1KG=K< C189AB2><.
!2OBCN !;C61C =5 2>;=>20;8 3=52, =54>2>;LAB2> 8;8 60;>1K 4065 1>30BKE, 2;8OB5;L=KE <5I0= ( 3>@074> 1>;LH5 =0< ?@8E>48;>AL AG8B0BLAO A 42>@O=0<8, >A>15==> A B5<8, :B> 2KA>:>@>4=>3> ?@>8AE>645=8O) , => >4=8< 1K;> ?>;>65=85 >D8F80;L=>3> ?>A;0=F0 =:2878F88, 0 A>2A5< 4@C38< 8=:2878B>@0, ?KB0NI53>AO A>20BL =>A =5 2 A2>8 45;0 8 70=8<0NI53>AO G0AB=K< 4>7=0=85<. !8BC0F8O <5=O;0AL =0 ?@>B82>?>;>6=CN, :>340 8=:2878B>@ =0BK:0;AO =0 O2=K5 A;54K 70=OB8O :>;4>2AB2>< 8;8 5@5A8. ">340 >= <>3 27OBL 2;0ABL =04 3>@>4>< 8<5=5< !2OB>9 =:2878F88. 4=0:>, 5A;8 >= 45;0; MB> =5>A<>B@8B5;L=>, =5@0AB>@>?=> 8;8 87 =87:8E ?>1C645=89, B> <>3 1KBL C25@5=, GB> ?>;CG8B ?> 70A;C30< 70 A2>8 45O=8O.
5<0;> 70?;0GC, 3>A?>48= 0445@48=, ;8=3109; ?>=878; 3>;>A, E>BO 2 ?8@H5AB25==>< 70;5 ?5;8 B0: 3@><:>, GB> =8:B> =5 1K; 1K 2 A>AB>O=88 =0A CA;KH0BL. ">;L:> A>1;03>2>;8B5 27OBLAO 70 45;>.
5<0;>? 8<5==>?
!B> :@>= 7040B:0, ?@>87=QA >=. 5A;8 2KB0I8B5 <>53> AK=0 87 BN@L<K, 4>102;N BKAOGC. C, ?CABL 1C45B ?>;B>@K BKAOG8.
-B> 1K;> ?>8AB8=5 :>@>;52A:8< 2>7=03@0645=85<. 0 ?>;B>@K BKAOG8 :@>= 1>;LH8=AB2> 3@0640= =0H59 ?@5:@0A=>9 <?5@88 70@570;> 1K A>1AB25==CN <0BL, 0 2 :0G5AB25 15A?;0B=>3> ?@8;>65=8O 4>1028;> 1K =0H8=:>20==>3> >BF0 2<5AB5 A 1@0BLO<8 8 A5AB@0<8. > 25;8G8=0 AC<<K A2845B5;LAB2>20;0 B0:65 > B><, GB> ;8=3109; AG8B0; 7040GC G@572KG09=> A;>6=>9, 8 :B> 7=05B, <>65B 4065 >?0A=>9.
09B5 <=5 2@5<O 4> CB@0, A:070; O. >4C<0N =04 20H8< I54@K< ?@54;>65=85<.
> 702B@0H=53> CB@0? = ?>60; ?;5G0<8. 02B@0 CB@>< O ?>94C A MB8< : 20H5<C 4@C3C. = C:070; 3>;>2>9 =0 2E>4 2 70;, 2 :>B>@>< 03=5@ :0: @07 2K1820; @8B< ?> AB>;5H=8F5 1>;LH>9, =0?>;>28=C >13;>40==>9 :>ABLN.
048B5 425AB8 7040B:0, :>340 ?>O2;NAL 2 535=20;L45, O ?@8=O; @5H5=85, 81>, 2>- ?5@2KE, :@>=K =5 @>A;8 =0 45@52LOE, 0, 2>- 2B>@KE, <=5 =@028;8AL A;>6=K5 2K7>2K. 5A;8 =5B, B> 2>;L=><C 2>;O. / ?>A<>B@5; =0 03=5@0, :>B>@K9 :0: @07 2 MB>B <><5=B C?0; ;8F>< 2 <8A:C, ?>;=CN ?>E;Q1:8.
> @C:0<, <038AB@ 0445@48=, >= ?@>BO=C; @C:C, 0 O 5Q ?>60;.
0, :0: 7>2CB MB>3> 20H53> 2@030?
@8DD> $@035=HB09=
[ 1 8 ]
.
AK=0?
0E0@89.
%>@>H>. !59G0A 4>3>2>@8<AO >1 >4=><, ?@>87=QA O. 5 7=0N 20A 8 <K =8:>340 =5 @073>20@820;8 4@C3 A 4@C3><. >AB0@0NAL ?@85E0BL : 535=20;L4 A >D8F80;L=>9 <8AA859, 5A;8 B>;L:> ?>;CGC @07@5H5=85 =:2878F88. ">340 2K?;0B8B5 <=5 7040B>:. A;8 O =5 ?>O2;NAL 2 B5G5=85 =545;8, 8I8B5 :>3>- =81C4L 4@C3>3>.
0 1C45B B0:, A>3;0A8;AO >=, ?>A;5 G53> C65 157 ?@>I0;L=KE A;>2 :82=C; <=5 3>;>2>9.
* * *
= =5 25@=C;AO 2 ?8@H5AB25==K9 70;, 0 ?>HQ; 2 AB>@>=C 2E>4=>9 425@8. -B> 1K;0 4>AB>9=0O ?>E20;K ?@54>AB>@>6=>ABL, ?>A:>;L:C, G5< <5=LH5 ;N459 C284OB =0A 2<5AB5, B5< ;CGH5.
8@ 4;8;AO ?>GB8 4> @0AA25B0. >340 <K 2>72@0I0;8AL 2 A2>Q 68;8I5, @>7>2>- A5@K9 1;5A: @0==53> CB@0 C65 ?@>1820;AO G5@57 AB02=8. / ?>?@>I0;AO A 03=5@>< C;K1:>9 8, >1=8<0O 42CE 452>:, A:@K;AO 70 425@LN :><=0BK. 4=0:> <=5 =5 40=> 1K;> ?@>25AB8 2@5<O A?>:>9=>. 15 452CH:8 :0: @07 ?@5;5AB=> @072;5:0;8AL ( 2 ?@>F5AA5 MB>3> @072;5G5=8O I5:>B0;8 <>8 154@0 8 =87 682>B0 2>;>A0<8, => O :0:- B> >1@0I0; 2=8<0=85 =0 =5GB> 8=>5, 0 =5 =0 I5:>B:C) , :>340 O CA;KH0; :@8:8, 4>=>A82H85AO 87 :>@84>@0.
"K, ?@>:;OB0O H;NE0! #1LN B51O! :@8G0; :B>- B>, 8 O >BGQB;82> @0A?>7=0; 8A:06Q==K9 7;>1>9 8 E<5;5< 3>;>A 03=5@0.
0@KH=8, ?5@5@K2, ?@8:070; O. KA:>G82 87 :@>20B8 8 =01@>A82 <0=B8N =0 3>;>5 B5;>, O >B:@K; 425@L 8 2KH5; 2 :>@84>@. / C2845; "045CH0, :>B>@K9 A:;>=8;AO =04 >4=>9 87 A2>8E 452>: ( ;560;0, A602H8AL C AB5=K) 8 ;C?8; 5Q :C;0:0<8.
C45HL <5=O >1:@04K20BL, H;NE0? >@0; >=. 0;> B515 70?;0B8;8?
030O 452CH:0 >BG0O==> AB>=0;0 8 70A;>=O;0 ;8F> @C:0<8. 04> ?@87=0BL, >=0 1K;0 AB@>9=5=L:>9, 0 5Q 3@C48 1K;8, =5A><=5==>, 1>;LH5 <>59 3>;>2K. 'B> 6, ;N157=K5 <>8, "045CH 2K18@0; 452>: ?5@2K<, 0 154=K9 >@48<5@ 4>2>;LAB2>20;AO ;8HL B5<, GB> 5<C >AB0;>AL. ?@>G5<, :0: 284=>, <>65B ?5@2K9 2K1>@ 1K; A>2A5< =5 B0:8< @07C<=K<?
/ ?>4>HQ; : =8<, 65;0O CA?>:>8BL 03=5@0 <8;K< A;>2>< ( ?>A:>;L:C >@48<5@ 0445@48= ?@>AB>- =0?@>AB> <8;K9 G5;>25:) , => 24@C3 2 @C:5 <>53> B>20@8I0 1;5A=C;> ;57285 =>60. / >AB0=>28; 53> @C:C =0 ?>;?CB8. KAB@55, G5< O CA?5; ?>4C<0BL.
03=5@, A:070; O <O3:8< B>=><, MB> B>;L:> 452:0. "K <>65HL 5Q 8718BL 10B>30<8
[ 1 9 ]
, => 70G5< A@07C C1820BL?
5 B2>5 45;>! @O2:=C; >=, 8 O C2845;, GB> 53> 3;070 >157C<5;8 >B 3=520. 5=O MB> @07>G0@>20;>, B0: :0: >=, 2?>;=5 ?>=OB=>, 1K; A>2A5< ?LO=, => 8=:2878B>@ 4>;65= C?@02;OBL M<>F8O<8, B0:65 8 2 A>AB>O=88 >?LO=5=8O.
>@>3>9 "045CH, 5A;8 C1LQHL MBC 452:C, B> 4> :>=F0 =>G8 B515 >AB0=5BAO B>;L:> 5Q ?>4@C6:0. O =8 >4=C 87 A2>8E =5 >B40<. 065 =5 ?@>A8&
= ?>A<>B@5; =0 <5=O, 8 3=52 24@C3 ?>30A 2 53> 3;070E. 03>3>B0;, ?>B>< E;>?=C; <5=O ?> ?;5GC.
"K ?@02- 2, >@B8<5@, 2K<>;28; >=, 0 452:0, CA;KH02 MB8 A;>20, >1;53GQ==> 70@K40;0. = ?>A<>B@5; =0 =5Q A> 7;>1=>9 C;K1:>9. #?LN 5Q ;- ;8HL CB@>< 4>1028;, => O 2845;, GB> A59G0A >= C65 B>;L:> HCB8B.
A;8 B>;L:>. . ? ?>4A:070; O.
- AA- ;8 =5 1C45B >G5=L AB0@0BLAO C<8;>AB828BL <>9 33- =52, 70:>=G8; 03=5@.
C- 40, 8<5==>, ?@>87=QA O. A59G0A ?>72>;8HL <=5 25@=CBLAO : A515 8 70:>=G8BL B>, =0 GQ< BK <5=O ?@5@20;? ?>25@L <=5, ?@5@20; 2 A0<K9 =5?>4E>4OI89 <><5=B.
= :82=C; 8 ?>4=O; 452:C 70 2>;>AK. "0 >E=C;0, => A@07C 65 >1=O;0 53> 70 B0;8N, 8 >=8 ?>H;8 ?> :>@84>@C 2 =0?@02;5=88 :><=0BK "045CH0. K3;O45;8 :0: :>@01;L, ;028@CNI89 <56 @8D0<8. 52CH:0 ?>445@6820;0 ?LO=>3> 03=5@0, >4=0:> >15@=C;0AL =0 A5:C=4C :> <=5, 8 O C2845;, GB> 5Q 3C1K 15772CG=> A:;04K20NBAO 2 A;>2>. :045<88 =:2878F88 =0A CG8;8 G8B0BL ?> 42865=8N G5;>25G5A:8E 3C1, ?>MB><C O ?>=O;, GB> >=0 E>B5;0 A:070BL. O 1K; 4>2>;5=, ?>A:>;L:C ;N1;N ;N459, C<5NI8E F5=8BL >:070==K5 8< CA;C38. 065 5A;8 @5GL 84QB > B0:>< 60;:>< A>740=88, :0: <5AB5G:>20O 452:0.
>9<8B5 <5=O ?@028;L=>, ;N157=K5 <>8, >@48<5@ 0445@48= =5 O2;O5BAO, =5 1K; 8 =5 1C45B G5;>25:><, :>B>@K9 @0AGC2AB2>20;AO 1K ?> ?>2>4C A<5@B8 :0:>9- B> B0< 1;C4=8FK. A;8 1K 03=5@ =0 A;54CNI89 45=L A:070; <=5: « "K 7=05HL, >@48<5@, O 4>;65= 1K; C18BL MBC H;NEC, ?>B><C GB> >=0 <5=O >1>:@0;0» , O, 1KBL <>65B, >AC48; 1K ;8HL 53> 3>@OG=>ABL, => =5 A0<> @5H5=85. > B>340 >:070;AO 1K 2 :@09=5 =5;>2:>9 A8BC0F88. 5 2K=>HC =8 15AF5;L=>3> ?@8G8=5=8O 1>;8, =8 15AF5;L=>3> @0AB>G5=8O A<5@B8. :>=F5 :>=F>2, =0H >A?>4L A:070;:
« 'B> 2K A45;0;8 >4=><C 87 MB8E 1@0BL52 >8E <5=LH8E, B> 2K A45;0;8 =5»
[ 2 0 ]
. 5 4C<0N, GB> A?0A5=85 687=8 3;C?>9 452:8 ( =C6=> 1KBL 3;C?>9, GB>1K ?>?KB0BLAO >1>1@0BL 8=:2878B>@0, 4065 5A;8 >= ?LO=) 70G;>AL 1K =0 >6L5< !C45, 345 2A5 3@5E8 1C4CB 2725H5=K 8 A>AG8B0=K. > O @5H8;, GB> B0: ?@52>7=>A8<K< 2 >1@8F5 8=:2878B>@0< 1K;0 1K >:070=0 ?;>E0O CA;C30, 5A;8 1K >48= 87 =8E >AB028; ?0<OBL ?> A515 2 2845 B@C?0 70@570==>9 452CH:8. K 1K;8 35@>O<8 MB>3> 3>@>4:0, ;N157=K5 <>8, 0 35@>8 =5 C1820NB 452>: 2 ?LO=>< C30@5. ?>25@LB5 <=5, B>;L:> MB> 70I8B0 4>1@>3> 8<5=8 !2OB>9 !;C61K, 701>B8;> <5=O 2 40==>9 A8BC0F88.
#B@5==89 A:0=40;, 2?@>G5<, =0HQ; A2>Q 7025@H5=85 ?>?>;C4=8, :>340 "045CH 03=5@ 220;8;AO 2 <>N :><=0BC, 345 O C65 2 >48=>G5AB25 >B4KE0; ?>A;5 ?>?>9:8 8 ?>AB5;L=KE 10B0;89.
5 C:@0;0 53>, ?@>1>@<>B0; >=.
'B>?
#?0; <=5 ?>4 :@>20BL, 4065 =5 7=0N :>340, A:070; >=. >H5;L, 7=0G8B. 025@=>5, :>340 O @074520;AO 8;8 GB>& #B@>< =0H5;& =05HL, >@48<5@, 5A;8 1 =5 BK, O 1K C18; =528==CN 452CH:C!
>9 4>@>3>9, A:070; O, C482;5==K9 53> C3@K75=8O<8 A>25AB8, O >AB0=>28; B51O B>;L:> ?>B><C, GB> AG8B0;: 425 452CH:8 709<CBAO B>1>9 ;CGH5, G5< >4=0. A;8 1K :0:0O- B> H;NE0 ?>BO=C;0AL : <>8< 45=L30<, A0< 1K 5Q ?@8@570;. >4C<09 B>;L:>, 4@C68I5, :>3> <>65B 701>B8BL 687=L 452:8? "K O28; 25;8:>5 1;03>@07C<85 8 <8;>A5@485, ?@>AB82 59 28=C.
"0: 4C<05HL? >= ?>A<>B@5; =0 <5=O.
>=5G=>, O B0: 4C<0N, "045CH. >;>4>9 8=:2878B>@ 4>;65= 8<5BL ?@8<5@ 4;O ?>4@060=8O. O @04CNAL, GB> A<>3 2AB@5B8BL 8<5==> B51O&
0 A5:C=4C O 704C<0;AO, 0 =5 E20B8; ;8 G5@57 :@09. 03=5@, >4=0:>, ?@>3;>B8; :><?;8<5=B :0: <>;>4>9 10:;0= @K1:C.
LAB8HL <=5, >@48<5@, ?@>87=QA >=, 8 =0 53> ;8F5 ?>O28;0AL H8@>:0O C;K1:0.
/ A;8H:>< ?@O<>4CH5=, GB>1K ;LAB8BL, 274>E=C; O. @5<5=0<8 4C<0N, GB> E>B5; 1K :>340- =81C4L =0CG8BLAO B><C, > GQ< 3>2>@8B ?>MB:
« N157=>AB8 2>7=>AOB 2708<=> 8 D0;LH82>, A:070BL 345 <>6=> ?@O<>, 2K25@=CB =5?@>AB>& »
.
[ 2 1 ]
59=F 8BB5@? >= ?@5@20; <5=O.
=05HL 53> ?L5AK?
>=5G=>, >B25B8; 03=5@.
« 0@H82FK, B0@0B>@OB, <;5NB <>BK;L:0<8»
, ?@>4>;68; >=.
« 0 =8E A<>B@N, 284 A45;02, GB> 2 :@5?:>9 4@Q<5 A<568; 25:8. "0: 4=O<8 4C@0:0 20;ON»
, 70:>=G8; O.
! <8=CBC O 1>O;AO, 0 =5 70HQ; ;8 O A 8@>=859 A;8H:>< 40;5:>. > =5B. "045CH 03=5@ 8A:@5==5 @0AA<5O;AO.
/ ?8; >4=064K A 8BB5@><. !2>9 <C68:, A:06C O B515. / B@8 4=O =5 ?@>AKE0;. = ?>:8=C; <5=O ;8HL B>340, :>340 O A?CAB8; 2A5 45=L38. !C4O ?> B>=C <>53> ?@8OB5;O, >= @5H8B5;L=> =5 7;8;AO =0 8BB5@0 70 B>, GB> 8E 4@C610 C30A;0 2<5AB5 A 8AG57=>25=85< ?>A;54=53> 4C:0B0. -B> >7=0G0;>, GB> 4@0<0BC@3 >:070;AO 8 ?@0240 25AQ;K< A>1CBK;L=8:><.
* * *
5=@8E ><<5; 2=8<0B5;L=> 2KA;CH0; 4>:;04, 0 70B5< 25;5; =0< 27OBLAO 70 A>AB02;5=85 ?8AL<5==>3> >BGQB0, :>B>@K9 =04;560;> >B?@028BL 2 :0=F5;O@8N 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. 5A><=5==>, 70B5<, GB>1K 2 5?8A:>?A:8E :>=B>@0E <KH0< 1K;> GB> 5ABL; O =5 4C<0;, GB>1K C :>3>- =81C4L 1K;> 2@5<O 8 65;0=85 70=8<0BLAO >1KG=K<8 @0?>@B0<8 <5AB=KE >B45;>2 =:2878F88. > 1>;LH5 2A53> =0H =0G0;L=8: >1@04>20;AO :@C3;5=L:>9 AC<<5, :>B>@CN <K ?>;CG8;8 >B ?>GB5==KE 8 1;03>40@=KE 3>@>60=. = 2KAK?0; <>=5BK =0 AB>; 8 A@07C >BAG8B0; >4=C G5B25@BL. 8E=C; 45=L38 2 =0HC AB>@>=C.
5A5;8B5AL, ?0@=8.
>=5G=>, >= =5 =0<5@520;AO >1JOA=OBL =0<, GB> A45;05B A >AB0;L=K<8 B@5<O G0ABO<8 2>7=03@0645=8O, 8 <K 8A:@5==5 1K C4828;8AL, 5A;8 1K B0: ?>ABC?8;. >, :0: O C65 C?><8=0; @0=55, =0 ><<5;0 =5;L7O 1K;> >1860BLAO. @57845=F88 =:2878F88 C =0A 2A5340 1K;0 E>@>H0O 540, 24>2>;L 28=0, 2>2@5<O 2K?;0G8205<K5 60;>20=85 8 ?09:>2K5, 0 :>340 :B>- B> 87 8=:2878B>@>2 2;O?0;AO 2 D8=0=A>2K5 ?@>1;5<K, ><<5; A?0A 53> 15A?@>F5=B=>9 AAC4>9.
= 1K; <C4@K< G5;>25:>< 8 7=0;, GB> 4;O ?>4G8=5==KE ;CGH5 1KBL B@51>20B5;L=K<, => 8 701>B;82K< >BF><, G5< AB@>8BL 87 A51O A:@O3C, A:>?84><0 8 >148@0;C, ?>2545=85 :>B>@>3> ?>=0G0;C 2K7K205B =5?@8O7=L, 0 70B5< ?@82>48B : :>7=O<. <K A>2A5< =5 45@60;8 =0 =53> 7;0 70 B>, GB> 53> <=>3>;5B=OO ;N1>2=8F0 :0: @07 70:0=G820;0 AB@>8BL ?@5:@0A=K9 703>@>4=K9 4><, 0 A0< ><<5; G5@57 ?>4AB02=KE ;8F A4020; 2 0@5=4C =5A:>;L:> =51>;LH8E ?><5AB89.
K 1K;8 <>;>4K 8 CG8;8AL C =53>, 7=0O, GB> :>340 A0<8 AB0=5< =0G0;L=8:0<8 :0:>3>- =81C4L 87 <5AB=KE >B45;>2 =:2878F88, 1C45< AB0@0BLAO ?>ABC?0BL ?>4>1=K< 1;03>@07C<=K< >1@07><.
03=5@ A3@51 2 :>H5;L A2>N G0ABL 3>=>@0@0 8 2AB0; A> ABC;0, => O =5 428=C;AO.
07@5H8B5 ?5@53>2>@8BL A 0<8?
>=5G=>, >@48<5@, >B25B8; 5=@8E.
"045CH =5E>BO 2KH5; 87 :><=0BK. / 1K; C25@5=, GB> 53> A=5405B ;N1>?KBAB2>, > GQ< 65 O =0<5@5= 3>2>@8BL A> AB0@H8< =:2878B>@><.
'5< <>3C B515 ?><>GL? ><<5; ?5@52Q; =0 <5=O 273;O4, :>340 70 03=5@>< 70:@K;8AL 425@8.
! ><<5;>< =570G5< 1K;> ?@81530BL : E8B@>ABO<, ?>MB><C O G5AB=> 2K;>68; 5<C 2AQ, GB> C7=0; >B B>@3>2F0 ;8=3109;0.
!:>;L:> ?@54;>68;?
25AB8 7040B:0 8 ?>;B>@K BKAOG8, 5A;8 45;> 2K3>@8B, >B25B8; O ?@02482>.
!B0@H89 =:2878B>@ ?@8A28AB=C;.
'53> 64QHL >B <5=O, >@48<5@?
K?8A0==>9 3@0<>BK A ?@8:07>< 4>?@>A8BL 0E0@8O ;8=3109;0.
&5;L?
@>25@:0 4>=>A>2, A>>1I0NI8E > B><, GB> >= AB0; 65@B2>9 :>;4>2AB20. 54L 2 MB>< ?@87=0;0AL 420 3>40 =0704 %0=O (=8BC@, =5 ?@0240 ;8?
%0=O (=8BC@ 1K;0 E8B@>9 8 75;> 2@54=>9 :>;4C=L59. K A>63;8 5Q 2 ?@>H;>< 3>4C ?>A;5 4>;3>3> @0AA;54>20=8O, :>B>@>5, >4=0:>, ?@8=5A;> 1>30BK5 ?;>4K. A2O78 A G5<, C<8@>B2>@ONI55 A8O=85 :>AB@>2 @07428=C;> =0 <83 <@0G=CN BL<C, >B>G02HCN 025=A1C@3.
>4B25@640NB ;8 MB> ?@>B>:>;K 4>?@>A>2?
>4B25@4OB, 7025@8; O. / A0< A>AB02;O; ?@>B>:>; ( ?8A5F >1@K30;AO 2 E>45 ?KB>:, 8 :B>- B> 4>;65= 1K; 53> 70<5=8BL) , B0: GB> 4>?8A0BL 5IQ >4=C D0<8;8N =5 A>AB028;> 1K <=5 B@C40.
>G5<C <K 27O;8AL 70 MB> ;8HL 420 3>40 A?CABO?
H81:0 ?8AF0.
%<- <? >= ?>4=O; 1@>28.
;O:A0 =0 <5AB5 D0<8;88. 51@56=>ABL, 4>AB>9=0O ?>@8F0=8O. "0:0O G5;>25G5A:0O, ?@>AB0O >H81:0. 4=0:>, @C:>2>4AB2COAL =5 B0:8< C6, 2 :>=F5 :>=F>2, @0A?@>AB@0=Q==K< 8<5=5< 0E0@89, <K 4>H;8 ?> =8B:5 4> :;C1:0.
A;8 B0:& >= ?>60; ?;5G0<8. >340 E>G5HL >B?@028BLAO?
>A;5702B@0.
%>@>H>, >@48<5@. > 1C4L >AB>@>65=! = ?>A<>B@5; =0 <5=O A 701>B>9. / =0A;KH0= > @8DD> $@035=HB09=5 8 <0;> E>@>H53> > =Q< <>6=> A:070BL.
2CG8B :0: 42>@O=A:0O D0<8;8O.
"0: >=> 8 5ABL. @8DD> 10AB0@4
[ 2 2 ]
3@0D0 $@035=HB09=0. !B@0==>5 45;>: 3@0D ?@87=0; 53> 8 40; 5<C D0<8;8N, >4=0:> 8<?5@0B>@ =5 CB25@48; 42>@O=A:>3> B8BC;0. >MB><C @8DD> 70=8<05BAO B>@3>2;59 8 2>73;02;O5B 3>@>4A:>9 A>25B 2 535=20;L45. A;8 >= 459AB28B5;L=> =5=02848B ;8=3109;>2, 1C45B >G5=L =54>2>;5= B5<, GB> :B>- B> 2<5H8205BAO 2 53> 45;0.
5 >A<5;8BAO& A:070; O.
5=028ABL 45;05B 87 ;N459 3;C?F>2, 274>E=C; ><<5;. A;8 <C4@, 1C45B B515 A>459AB2>20BL 8 ?><>30BL. > :@09=59 <5@5, A 284C. A;8 3;C?, ?>?@>1C5B B51O 70?C30BL, ?>4:C?8BL 8;8 C18BL.
/ @0AA<5O;AO.
>340 2 3>@>45 381=5B 8=:2878B>@, GQ@=K5 <0=B88 =0G8=0NB B0=5F, O ?@>F8B8@>20; 8725AB=CN ?@8A:07:C, A2845B5;LAB2CNICN > =0H59 ?@>D5AA8>=0;L=>9 A>;840@=>AB8.
5=028ABL 45;05B 87 ;N459 3;C?F>2, >@48<5@, ?>2B>@8; >=. 8:>340 =5 409 A51O >1<0=CBL <KA;8, GB> B2>8 2@038 1C4CB @0AAC640BL AB>;L 65 ;>38G=>, :0: 8 BK. 0725 15H5=0O :@KA0 =5 1@>A8BAO =0 G5;>25:0, 2>>@C6Q==>3> 28;0<8?
C4C >AB>@>65=. !?0A81>, 5=@8E, A:070; O, 2AB020O A> ABC;0.
0< =5 =04> 1K;> >13>20@820BL, :0:>9 ?@>F5=B ?5@5?04QB ><<5;C 87 <>53> 3>=>@0@0. / 7=0;, GB> >= 2>7L<5B AB>;L:>, A:>;L:> 70E>G5B, => 7=0; 8 B>, GB> >= ?>701>B8BAO, GB>1K O =5 ?>GC2AB2>20; A51O >1865==K<.
02B@0 2K?8HC B515 4>:C<5=BK. = ?>4=O;AO, >1>HQ; AB>; 8 ?@81;878;AO :> <=5. >;>68; <=5 @C:C =0 ?;5G>. =0N, :B> @0A?@028;AO A 2>;:>;0:0<8, O 7=0N B0:65, GB> 03=5@ ?>GB8 =5 ?@>AKE0; MB8 425 =545;8, 8 >A>1>9 ?>;L7K >B =53> =5 1K;>.
>&
0B:=8AL, >@48<5@, ?@8:070; >= <O3:>. / 7=0N 8 > B>9 452:5&
:045<88 =:2878F88 =0A CG8;8 <=>38< 25I0<. "0:65 8A:CAAB2C 15A54K A ?>42>E><. ><<5; <>3 1KBL ?>GB8 C25@5=, GB> 2 B5G5=85 42CE =545;L <K 2>A?>;L7>20;8AL CA;C30<8 452>:, 0 452:8 ?;NA 2;5G5=85 03=5@0 : 2K?82:5 8 451>H0< @02=O;8AL ?@>1;5<0<. 0; 1K 3>;>2C =0 >BA5G5=85, GB> ><<5; AB@5;O; 2A;5?CN, @0AAG8BK20O, GB> C7=05B ?@024C 1;03>40@O @50:F88 20H53> ?>:>@=>3> A;C38. / 4065 1@>2LN =5 ?>2Q;. >9 =0G0;L=8: ?>4>640; <8=CBC 8 C;K1=C;AO.
C45B 87 B51O B>;:, ?0@5=L, ?@>87=QA >= A5@45G=K< B>=><. C, 848 C65.
# A0<KE 425@59 53> 3>;>A >AB0=>28; <5=O: 0, >@48<5@, 5I5 >4=> 45;>. "5<0, >A=>20==0O =0 F8B0B5 « 'B> 2K A45;0;8 >4=><C 87 MB8E 1@0BL52 >8E <5=LH8E, B> A45;0;8 =5» , :065BAO B515 ?>4E>4OI59 4;O =0H59 A53>4=OH=59 25G5@=59 ?@>?>2548?
/ >15@=C;AO.
57 2AO:>3> A><=5=8O, ?>4E>4OI59, A>3;0A8;AO O, >15I0O A515, GB> D>@<C;8@>2:8 « 40; 1K 3>;>2C =0 >BA5G5=85» 2 1C4CI5< ?>AB0@0NAL 871530BL 4065 2 <KA;OE. "5< =5 <5=55, O ?@>4>;60; @074C<K20BL, 83@0; ;8 ><<5; 2BQ<=CN, 8;8 65 ?>;CG8; >B :>3>- B> 4>=>A > =0H8E 459AB28OE. > 5A;8 B0:, B> >B :>3>?
* * *
5I0=0< =5;L7O 1K;> >4520BLAO 2 ?;0I8, >:@0H5==K5 2 :@0A=K9 F25B, GB> 1K; >B40= 1;03>@>4=> @>64Q==K<. 4=0:> @8DD> $@035=HB09= >A<5;820;AO =>A8BL =0 ?;5G0E ?;0I, =5 B>;L:> ?5@5;820NI89AO G8ABK< ?C@?C@><, => 8 @0AH8BK9 7>;>BK<8 =8BO<8, >1@07CNI8<8 A8;CMB « "@5E 0H5=» 3@0DA:>3> 35@10, ?@8=04;560I53> 53> >BFC.
5=O 7>2CB >@48<5@ 0445@48= 8 O O2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 87 025=A1C@30, ?@54AB028;AO O.
04 20A 2845BL, <038AB@, ?@>87=QA >= 256;82> 8 ?@54;>68; ?@8A5ABL. 5 65;05B5 ;8 ?>702B@0:0BL A> <=>9?
! ?@525;8:8< C4>2>;LAB285<, >B25B8; O. / @0AA<0B@820; 53>, ?>:0 >= 8=AB@C:B8@>20; A;C3 =0AGQB B@0?57K. = 1K; 2KA>:8<, ?;5G8ABK< <C6G8=>9, 8 =0 53> H8@>:8E ?;5G0E @07<5I0;0AL 3>;>20 ?>@078B5;L=>9, ?@>4>;3>20B>9 D>@<K, A;>2=> 5Q =5:>340 A4028;8 B8A:0<8. 065 4;8==K5 8 ?KH=K5 2>;>AK, :>B>@K5 A?040;8 5<C 70 ?;5G8, =5 <>3;8 A:@KBL MB>3> 87JO=0. 4=0:> @8DD> $@035=HB09= =5 ?@>872>48; 2?5G0B;5=8O 48:>28=K, A?>A>1=>9 2K7K20BL A<5E ( ?>74=55 O C7=0;, GB> 3>@>60=5 =07K20;8 53> 3>A?>48= 09:>
[ 2 3 ]
, => 45;0;8 B0: ;8HL B>340, :>340 7=0;8, GB> @073>2>@ =8:B> GC6>9 =5 A;CH05B) . 3> ;8F> 2K@060;> @5H8B5;L=>ABL, 273;O4 1K; 1KAB@K< 8 ?@>=8F0B5;L=K<. 0 8 :>340 >= C;K10;AO, 53> 3;070 >AB020;8AL ?>- ?@56=5<C >F5=820NI8<8, 2=8<0B5;L=K<8 8 =8G53> =5 2K@060NI8<8.
! C4>2>;LAB285< ?><>3C 20<, G5< B>;L:> A<>3C, <038AB@ 0445@48=, A:070; >=, :>340 >7=0:><8;AO A 2K?8A0==K<8 ><<5;>< ?>;=><>G8O<8. > 2AQ- B0:8&
>A:>;L:C >= =5 ?@>4>;60;, O ?>72>;8; A515 A:070BL: 0?
>;030N, GB> 5A;8 0E0@8O ;8=3109;0 ?@5A;54>20;0 <5ABL 254L<K, >= ?>;CG8; B>, GB> 70A;C68;!
5B, 3>A?>48= $@035=HB09=, B25@4> 2>7@078; O. 065 A0<K9 1>;LH>9 ?@5ABC?=8: =5 70A;C68; AB@040=89 >B @C:8 :>;4C=L8. 5 ?>B><C, GB> >=8 1K;8 1K B0: C60A=K, 0 ?>B><C, GB> AB@040=85 <>6=> ?@8G8=OBL B>;L:> 8<5=5< 70:>=0 8 A>3;0A=> A 53> B@51>20=8O<8.
>689 3=52 53> =0AB83! :@8:=C; >=.
0<5:05B5, =0H >A?>4L <>3 8A?>;L7>20BL 254L<C, GB>1K ?>:0@0BL MB>3> G5;>25:0?
8G53> =5 =0<5:0N, <038AB@ 0445@48=, >BABC?8; >=, ?>=8<0O, GB> 2ABC?;5=85 =0 7K1:CN ?>G2C B5>;>38G5A:8E @0AAC645=89 <>65B 70:>=G8BLAO 4;O =53> ?;0G52=>. / 53> ?@>AB> =5=0286C 8 G0N, 2K ?>=8<05B5 ?@8G8=K MB>9 =5=028AB8?
5=028ABL :0: 2715A82H0OAO AC:0, 3>A?>48= $@035=HB09=. A;8 =5 C45@68B5 5Q =0 F5?8, ?>:CA05B 8 20A A0<8E&
=0G8B, =5 ?>=8<05B5, 274>E=C; >=.
=:2878B>@K 1K;8 ?@8720=K, GB>1K 45;8BLAO A ;N4L<8 ;N1>2LN, 0 =5 =5=028ABLN, 2>7@078; O. > 5A;8 A?@0H8205B5, ?>=8<0N ;8 O 20H8 GC2AB20, B> 40, ?>=8<0N. 4=0:> 7040< 20< 2>?@>A, 3>A?>48= $@035=HB09=. !2OB> ;8 2K 25@8B5, GB> 8<5==> 0E0@89 ;8=3109; C18; 20HC A5AB@C?
0: 8AB8=>9 5ABL, GB> 8ACA %@8AB>A A>H5; A> A2>53> <CG5=8G5A:>3> :@5AB0, 401K ?>:0@0BL 3@5H=8:>2, B0: 8AB8=>9 5ABL, GB> 0E0@89 ;8=3109; C18; 0C;8=C, B>@65AB25==> ?@>87=QA @8DD>, ?>;>682 @C:C =0 A5@4F5.
/ ?>@078;AO, ?>A:>;L:C 2 53> A;>20E =5 ?>GC2AB2>20; =8 :0?;8 ;68. 07C<55BAO, >= <>3 ?@>AB> C25@>20BL 2 B>, G53> =5 1K;> =0 A0<>< 45;5. >=5G=>, O, =5>?KB=K9 8=:2878B>@, <>3 >H810BLAO, 4020O >F5=:C 70O2;5=8N 872>@>B;82>3> :C?F0, B5< =5 <5=55, 2 53> A;>20E B0:65 =5 72CG0;> =8G53> 8=>3>, :@><5 AB@0AB=>9 25@K 2 8AB8=C 2KA:070==KE >128=5=89.
K ?@8ABC?8;8 : 1>30B>9 B@0?575 8 I54@> >@>A8;8 5Q 28=><. 40 >:070;0AL 8A:;NG8B5;L=> 2:CA=>9, 0 :@0A=K5 8 15;K5 28=0 1K;8 C@>6052 3>4>2, <>65B =5 7=0<5=8BKE, => 8 B0: A;8H:>< E>@>H8E 4;O 60;:>3> =Q10 1>6L53> A;C38. 0B> : A4>15, ?@O=8:0< 8 <0@F8?0=0< ?>40;8 0;LE0<@C
[ 2 4 ]
A;04:CN, 3CABCN A;>2=> <Q4, 1;03>CE0NICN ?@O=>ABO<8. / 274>E=C;. %>@>H> 682QBAO 42>@O=A:8< C1;N4:0<, ?>4C<0; O. 5=O ;8HL <>3;8 CB5H0BL A;>20 =0H53> >A?>40, :>B>@K9 254L ?>>15I0; 1>30G0<, GB>
A:>@55 25@1;N4 ?@>945B G5@57 83>;L=>5 CH:>, G5< 1>30BK9 2>94QB 2 &0@AB285 515A=>5
[ 2 5 ]
. 1> B0:>9 G5;>25:, :0: O, ?@8G8A;ONI89 A51O : C1>38<
[ 2 6 ]
, 25@8;, GB> :;NG52>5 7=0G5=85 8<55B B>, GB> 53> A5@4F5 =0E>48BAO 2 ;N128 « C >30» .
> 2@5<O 54K <K 1>;B0;8 >1> 2A5< 8 =8 > GQ<, 0 @8DD> @0AA:07K20;, ?><8<> ?@>G53>, > ?@>1;5<0E A @072545=85< ?>@>48ABKE ;>H0459, 0 B0:65 > B><, :0: ?>40@8; 1C;0=CN :>1K;:C >4=>9 8725AB=>9 ?528F5, 8B5 ;0B>2;0A:5.
0;L B>;L:>, GB> 270<5= ?>A2OB8;0 <=5 2A53> ;8HL >4=C 87 A2>8E 10;;04, E>BO O @0AAG8BK20; =0 1>;LH55, 4>1028; >=, ?>4<83820O <=5.
%>BL :@0A820O?
, :@0A820O& ?>3@C78;AO >= 2 <5GBK.
# :>3> 87 =0A =5 1LQBAO A5@4F5 ?@8 2845 ?@5;5AB=>9 6>=:8? O ?>4=O; :C1>:. 0 8E 74>@>2L5, 3>A?>48= $@035=HB09=!
=8 :0: 154AB285 4;O <8@0, => 254L 157 MB>3> 154AB28O =5 E>B5;>AL 1K 68BL, >= ABC:=C; A2>8< :C1:>< > <>9, >G5=L ;53:>, GB>1K MB> =5 C3@>60;> 687=8 E@CAB0;O.
K 2K?8;8, 8 O ?5@52Q; 4CE 8 ?>3;048; A51O ?> 682>BC.
;03>40@N 20A 70 70=8<0B5;L=K9 @073>2>@, 0 B0:65 >B<5==>5 C3>I5=85, A:070; O. >72>;LB5, >4=0:>, A 20H53> @07@5H5=8O A59G0A C40;8BLAO, GB>1K 4>?@>A8BL ;8=3109;0.
!KB=K9 702B@0:, 87>18;85 =0?8B:>2, 0 2K E>B8B5 84B8 2 ?>475<5;L5? ?>@078;AO >=. CGH5 ?@87=09B5AL, GB> 1K 2K A:070;8 > 2878B5 : =5:8< ?@5:@0A=K< 40<0<?
>65B ?>765. / 2AB0; A> ABC;0. %>BO 2K A0<8 ?>=8<05B5, MB>B 2K1>@ O 45;0N 2>?@5:8 A2>5<C A5@4FC. / C;K1=C;AO. !>1;03>2>;8B5 2K?8A0BL <=5 1C<038?
07 B0:, 2>;O 20H0, ?@>87=QA >=. ?@>G5<, O A0< >B254C 20A 8 ?@8A<>B@N, GB>1K ?@8=O;8 20A, :0: ?>4>105B.
/ =5 8<5; =8G53> ?@>B82 >1I5AB20 @8DD>, B5< 1>;55 7=0O, GB> :>340 4>94QB 4> 4>?@>A0, B> ?@>AB> ?>?@>HC 53> 87 :0<5@K. = <>3 1KBL 206=>9 H8H:>9 2 MB>< 3>@>45, => =8:B> =5 1C45B ?@8ACBAB2>20BL ?@8 A;54AB288 157 ?@83;0H5=8O 8=:2878B>@0.
* * *
$>@<C;8@>2:0 « =86=OO 10H=O» =02>48;0 =0 <KA;L, GB> BN@L<0 =0E>48BAO 2 740=88, A>AB>OI5< 87 =04;560I53> ?><5I5=8O, @0A?>;>65==>3> =0 ?5@2>< MB065, 25@E=59 10H=8 8 A>1AB25==> =86=59 10H=8. B>- B> <>3 1K 4065 2>>1@078BL A515 AB@5;LG0B>5 AB@>5=85, 345 2 ?>4=515A=KE :0<5@0E >BG0O2H85AO C7=8:8 2KA<0B@820NB >@;>2, GB> C=5ACB 8E 87 =52>;8. 8G53> 1>;55 >H81>G=>3>, ;N157=K5 <>8! !>>@C65=85 4>1@>B=>9 10H=8 B@51>20;> =09<0 >?KB=KE 0@E8B5:B>@>2, E>@>H8E :0<5=I8:>2, 703>B>2:8 :0G5AB25==KE :0<=59 8;8 :8@?8G59 8 ?>43>B>2:8 @0AB2>@0 =0AB>;L:> :@5?:>3>, GB>1K 30@0=B8@>20;, GB> 2AO :>=AB@C:F8O =5 @0720;8BAO G5@57 =5A:>;L:> ;5B. MB> 4>@>3> >1E>48;>AL. "0: 70G5< 65 3>@>4A:><C A>25BC 1K;> B@0B8BL C9<C 45=53 =0 BN@L<C? -B> 740=85 ?@8;530;> : @0BCH5 8 1K;> >1KG=K< >4=>MB06=K< AB@>5=85<. 0:070=85 « 25@E=59 10H=59» >7=0G0;>, GB> C7=8:8 1C4CB ?@51K20BL 2 ACE8E :0<5@0E A >:=0<8, ?>72>;ONI8<8 8< 2845BL <8@ 1>689 8 ?>;L7>20BLAO A>;=5G=K< A25B><. 0:070=85 « =86=59 10H=59» >7=0G0;>, GB> 1C4CB >=8 ?@>7O10BL 2 ?>420;0E, ;8H5==K5 A25653> 2>74CE0, 0 B0:65 ?>3@C65==K5 2 25G=CN BL<C.
4=0:> O =5 4C<0;, GB> @535=20;L4A:85 ?>475<5;LO 8<5NB F5;KE 420 C@>2=O. >B>< O C7=0;, GB> 5IQ AB> A 30:>< ;5B =0704 =0 MB>< <5AB5 AB>O;0 :@5?>ABL. > 2> 2@5<O 2>9=K 3>@>4 A>63;8, 0 B25@4K=N A@02=O;8 A 75<;59. 0B> ?>475<5;LO >AB0;8AL ?>GB8 2 ?5@2>740==>< A>AB>O=88.
!=0G0;0 <K A?CAB8;8AL 2 ?>420;, ?>B>< 8728;8AB0O, 4;8==0O ;5AB=8F0 ?@825;0 =0A 2 :0@0C;L=CN. 0@0C;L=0O MB> 3@><:> A:070=>, ?>A:>;L:C 2 <0;5=L:>9 :0<>@:5 A845;> 42>5 ?LO=KE AB@06=8:>2, :>B>@K5, C28452 $@035=HB09=0, ?>?KB0;8AL :0: <>6=> 1KAB@55 A?@OB0BL ?>4 AB>; 1CBK;:C. @57C;LB0B5 5Q @0718;8. @8DD> 25;8:>4CH=> ?@8B2>@8;AO, GB> =8G53> =5 70<5B8;.
0: B0< ;8=3109;? 703>2>@8; >=.
'B>1 53>, 10BNH:8 A25BK! >B>720;AO <;04H89 87 AB@06=8:>2. 0: 65 O 5<C 2;5?8;, 3>A?>48=, B2>N 6!
'B> B0:>5? / C2845;, GB> 3;070 @8DD> AC78;8AL 2 IQ;:8. 0 <5AB5 AB@06=8:0 O 1K 704C<0;AO =04 MB8< D0:B><.
@0;, 3>A?>48=, BC4KBL. C6G8=0 70<0E0; @C:0<8. K:, ?>H5; 8 5<C, 1;O4L, B>3>, 2<070; 8, B>3>, 5<C A:070;, GB>1 <>@4C 2 ?0@0HC 8 =5 1C;L:0;! = @0AA<5O;AO 4>2>;L=K<, ?LO=K< A<5E><. %>@>H>, B2>N 6, A:070;, =5B?
$@035=HB09= ?>A<>B@5; =0 AB0@H53> 87 :0@0C;L=KE.
B> MB>? ! 5 7=0N 53>.
53> 3>;>A5 O GCO; B>=, :>B>@K9, 5A;8 1K O 1K; <;04H8< AB@06=8:><, ?@8:070; 1K <=5 27OBL =>38 2 @C:8. >=5G=>, ?@8 CA;>288, GB> >7=0G5==K9 <;04H89 AB@06=8: 8<5; 1K E>BL :0?;N <>73>2 2 10H:5, 70;8B>9 2K?82:>9.
/ 5<C ?8=>:, 0 ?>B>< ?@CB>< ?> @K;C 8, B>3>, A=>20 ?8=>:&
>A?>48= A>25B=8:, O C5760;. !B0@H89 AB@06=8: =5A><=5==> 7=0;, G5< MB> A25B8B. / ?5@2K9 45=L. 545;N <5=O =5 1K;> 8 53> =5 7=0N, >3>< :;O=CAL. -B> =>25=L:89&
@8DD> 1K; 1;54=K< >B 15H5=AB20. '5;NAB8 C =53> E>48;8, :0: C <KH:CNI53> :>B0. = ?@>BO=C; @C:C.
!B0@H89 AB@06=8: ?>=O; 65AB 8 ?>40; >18BCN 65;57>< ?0;:C, :>B>@0O 4> A8E ?>@ AB>O;0, >?Q@B0O > AB5=C.
! ?5@2>9 ?874N;8=K, B>3>, O 5<C =>A A25@=C;, 2B>@K<, B>3>, 2J510; 2 3;07, 0 B@5BL8<& E20AB0;AO N=5F, @073810O ?0;LFK
[ 2 7 ]
.
>340- B> O 8<5; G5ABL =01;N40BL, :0: 5?8A:>? %57- E57@>=0 70102;O5BAO 83@>9 2 ;0?BC. 3> @5>A2OI5=AB2> C4828; <5=O B>G=K< 8 <>I=K< C40@>< 18B>9 ?@O<> ?> <OG8:C. > MB> 1K;> =8GB> ?> A@02=5=8N A C40@><, =0=5AQ==K< @8DD>. 4=8< ;>2:8< 42865=85< ?0;:8 >= A;><0; AB@06=8:C 2A5 B@8 2KBO=CBKE ?0;LF0. >B>< 428=C; A ;52>9 8 ?>?0; B>G=> 2 :>;5=>. 8HL B>340 <C6G8=0 =0G0; 4CH5@0748@0NI5 2KBL.
4Q<, ?@8:070; O AB0@H5<C AB@06=8:C 8 ?>BO=C; 53> 70 @C:02.
= ?>A;CH=> ?>HQ; 70 <=>9, 8 :>340 <K CE>48;8, =5 A;KH0;8 =8 A>?5=LO, =8 ABC:0 ?0;:8, 1LNI59 ?> B5;C, ;8HL ?>;=K9 1>;8 @Q2 8ABO705<>3> G5;>25:0. =5 1K;> 8=B5@5A=>, :>340 @8DD> CB><8BAO 8 @5H8B ?@8A>548=8BLAO : =0<. B0:65 65 <=5 1K;> 8=B5@5A=>, GB> >AB0=5BAO >B AB@06=8:0. %>BO B@C4=> 1K;> =5 A>3;0A8BLAO A B578A><, GB> >= ?>;CG05B ;8HL B>, GB> CA5@4=> A0< 70A;C68;.
* * *
:0<5@C ;8=3109;0 25;8 425@FK, ?> ?>:@KB><C @602G8=>9 70<:C :>B>@KE O ?>=O;, GB> 8<8 402=> =5 ?>;L7>20;8AL. #7=8:C ?>4020;8 2>4C 8 54C G5@57 <0;5=L:>5 >:>H:> 2 :;04:5. 8:B> =5 7040; A515 B@C40, GB>1K 53> >1@5H5B8BL, ?>A:>;L:C 4065 @515=>: 1K; 1K =5 2 A>AB>O=88 2;57BL 2 MB>B ?@>Q<. / 703;O=C; 8 C2845; G5;>25:0, ;560I53> =0 :0<5==>< ?><>AB5 C ?@>B82>?>;>6=>9 AB5=K :0<5@K. ><>AB 1K; H8@8=>9 5420 ;8 2 ;>:>BL, ?>MB><C C7=8:, GB>1K C45@60BLAO =0 =Q<, 2KF0@0?0; 4K@K <564C :8@?8G0<8, 8 O 2845;, GB> A59G0A, 2> A=5, >= F5?;O5BAO =>3BO<8 70 MB8 >B25@AB8O. >G5<C >= B0: >BG0O==> AB0@0;AO C45@60BLAO =0 :0<5==>9 ?>;:5? 2AQ ?>B><C, GB> 2 :0<5@5 =5 1K;> ?>;0. ;8, A:>@55, :>=5G=> 1K;, => =52848<K9, ?>:@KBK9 A;>5< 1C@>3> <5A820. 0AB>;L:> 7;>2>==>3>, GB> 2 :0:>9- B> <><5=B <=5 70E>B5;>AL >B?@O=CBL >B >:>H:0. 5A82> A>AB>O;> 87 =8:>340 =5 C18@02H8EAO 8A?@06=5=89 ?@83>2>@Q==>3> 8 A>G0I59AO A> AB5= 2>4K. ;03>40@O F0@OI59 2>:@C3 <5=O B8H8=5 O A;KH0; <5@=>5 « :0?- :0?» :0?5;L, AB5:0NI8E ?> AB5=0<.
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
>;>4>9 ;8=3109; :0G=C;AO 2 AB>@>=C 425@8, @0A?;QA:820O 2>:@C3 2>=NGCN 3@O7L, ?>B>< ?>A:>;L7=C;AO 8 C?0;. !:@K;AO ?>4 ?>25@E=>ABLN.
>B B0: 8A:C?0;AO! !B>OI89 @O4>< A> <=>9 <C6G8=0 @0AA<5O;AO 8A:@5==8< A<5E>< :@5B8=0.
>HQ;! O >B>@20;AO >B >:>H:0 8 ?>4B>;:=C; AB@06=8:0. KBO38209 53>!
'B> 2K, 3>A?>48=? ! >= ?>A<>B@5; =0 <5=O 273;O4>< B0:8< 2>7<CIQ==K<, 1C4B> O ?@54;>68; 5<C, GB>1K >= ?>@072;Q:AO A>4><859 A> A2>8< >BF><.
>B5@O2H89 A>7=0=85 G5;>25: =5 2K45@68B 157 4KE0=8O 4>;LH5, G5< E20B05B 2@5<5=8 =0 B>, GB>1K ?@>G8B0BL B@8- G5BK@5 @070 « BG5 =0H» . O =5 E>B5;, GB>1K 0E0@89 C<5@. = 1K; <>59 =04564>9 =0 ?>;B>@K BKAOG8 :@>=. >MB><C >@48<5@ 0445@48= @5H8; ?>701>B8BLAO > A2>Q< 8 B0: =5 >G5=L =0456=>< 2;>65=88. 4=8< 42865=85< O 2K25@=C; :0@0C;L=><C @C:C, B0: GB> B>B A>3=C;AO 4> A0<>9 75<;8. = :@8:=C;, 8 GB>- B> E@CAB=C;> C =53> 2 ?;5G5. / 2KE20B8; =>6 8 :>;L=C; 53> 2 H5N.
/ =0G=C G8B0BL « BG5 =0H» . A;8 ?>A;5 B@5BL53> « 0<8=L» 745AL =5 1C45B C7=8:0, BK C<@QHL& ?@54C?@548; O.
/ >B?CAB8; 53>. = >BH0B=C;AO : AB5=5.
> A0?>38, HB0=K, 3>A?>48=& @>2>=ONB&
BG5 =0H, ACI89 =0 515A0E. . !
=0G0; O.
#65, C65! = ?>4A:>G8; : 425@O< 8 =0 :>;LF5 A :;NG0<8 =0G0; 8A:0BL =C6=K9.
0:>=5F, 65;57> 70A:@565B0;> 2 70<:5.
AB>@>6=>, =5 A;><09, ?>A>25B>20; O.
= ?@>A:C;8; GB>- B> =52=OB=>5, ?>2>78;AO 5IQ =5<=>3>, 0 ?>B>< 2K@20; :;NG.
5 B>B! ?@>AB>=0; >=, 3;O4O =0 <5=O A C60A><. 3> B>?>@=>5, BC?>5 ;8F> 1K;> ?@58A?>;=5=> >BG0O=8O.
5@2K9 « 0<8=L» <8=C;, E<K:=C; O. !5@51@O=0O :@>=0, 5A;8 B515 C40ABAO, 4>1028; O, ?>A:>;L:C AB0@>5, 4>1@>5 ?@028;> 3;0A8;>: « >72>;L ;N4O< 2K18@0BL <564C :=CB>< 8 ?@O=8:><» . @0240, =5:>B>@K5 AG8B0;8, GB> 4>AB0B>G=> ?@54;>68BL :=CB ;81> 1>;LH5 :=CB0, => 2 40==>< A;CG05 O AGQ;, GB> AB@06=8: 4>AB0B>G=> =0?C30=.
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
>;CG8;>AL, 3>A?>48=. !B@06=8: A GC2AB2>< A?;N=C; G5<- B> 3CABK< 8 :>@8G=52K<, 0 70B5< >18;L=> 2KA<>@:0;AO =0 :0<=8.
!=0G0;0 O E>B5; 5<C ?@8:070BL, GB>1K >= ?@82Q; C7=8:0 2 GC2AB2>, => @5H8;, GB> A0< A45;0N MB> =0<=>3> ;CGH5. / ?@8A5; =04 B5;>< 8 ?@8;>68; ?0;LFK : H55 0E0@8O. @B5@8O ?C;LA8@>20;0. !;01>20B>, =>, 2AQ- B0:8, ?C;LA8@>20;0. / ?>@072>48; 53> @C:8, =060; =0 3@C4=CN :;5B:C, 0 :>340 53> AB>H=8;>, 8 O CA;KH0; AC4>@>6=>5 4KE0=85, ?>=O;, GB> 2A5 2 ?>@O4:5. >=5G=>, 2 ?>@O4:5, 5A;8 @5GL H;0 B>;L:> >1 CB>?;5=88. ! >AB0;L=K< 65 2AQ 1K;> EC65. A>15==> <5=O 15A?>:>8;0 3@O7=0O, >3@><=0O @0=0 =0 ;8F5. #7=8: 8A:C?0;AO 2 =5G8AB>B0E 8 :>H<0@=> 2>=O;, ?>MB><C ?>:0 O =5 <>3 >?@545;8BL, =0G0;> ;8 C65 3=8BL B5;>. A;8 40 4=8 0E0@8O 1K;8 A>GB5=K. 87 MB>3> A;54>20;>, GB> C <5=O =8:>340 =5 1C45B A;CG0O ?5@5AG8B0BL >15I0==K5 ?>;B>@K BKAOG8 :@>=. @><5 B>3>, AK=0 :C?F0 2 :0<5@5 70<>@8;8 3>;>4>< ?>GB8 =0A<5@BL. 5A<>B@O =0 B>, GB> >= 1K; =0<=>3> 2KH5 <5=O ( 8 ?>25@LB5 <=5, 20H ?>:>@=K9 A;C30 =5 >B=>A8BAO : :0@;8:0<) , O 1K; ?>GB8 C25@5=, GB> ?>4=O; 1K 53> >4=>9 @C:>9.
5@8AL, 25;5; O AB@06=8:C, C:07K20O =0 ;560I55 =0 :0<=OE B5;>.
BCB ?>O28;AO @8DD>. 0 53> >1KG=> 1;54=>< ;8F5 1K; :8@?8G=K9 @C<O=5F, 0 =0 ;1C 2KABC?8; ?>B.
'B> A =8<? 1@>A8; >=.
A;8 C<@QB, B> C<@QB, 0 5A;8 2K682QB, B> 68BL 1C45B, O ?@8?><=8; HCB>G:C, :>340- B> CA;KH0==CN >B ABC48>7>2 ;5:0@A:>9 H:>;K. %>BO, >3 =5 40AB A>2@0BL, <=5 1K;> =5 4> A<5E0, ?>B><C GB> <>8 ?>;B>@K BKAOG8 :@>= :0: @07 20;O;8AL 8 ?>4KE0;8.
/ 2K7>2C ;5:0@O A 025=A1C@30, ?>>15I0; ?>1;54=52H89 $@035=HB09=. !59G0A 25;N ?>A;0BL 70 =8<.
GB> B0<, <8;>AB82K9 3>AC40@L, A <>;>4K<? AB@06=8: ?5@5?C30==K<, B8E8< 3>;>A>< A?@>A8; >1 CG0AB8 4@C6:0.
#?0; A ;5AB=8FK, E>;>4=> A>>1I8; @8DD>. "0: =5C40G=>, GB> @07<>768; A515 G5@5?.
C6G8=0 3@><:> A3;>B=C; A;N=C, 0 O ?>4C<0;, GB> 1KBL ?>4G8=Q==K< $@035=HB09=0, MB> 459AB28B5;L=> =5;Q3:89 :CA>: E;510. 5 B>, GB>1K O =5 >AC640; =5>?@0240==> 65AB>:>3> ?>2545=8O AB@06=8:0, => =5A45@60==>ABL 459AB289 @8DD> <5=O >4=0:>, <O3:> 3>2>@O, ?>@078;0. @><5 B>3>, 1K;> 284=>, =0A:>;L:> A8;L=K5 ?>78F88 C =53> 1K;8 2 3>@>45, 5A;8 <>3 A515 ?>72>;8BL 157=0:070==> C18BL G5;>25:0. MB> =5 ?5@2>3> 2AB@5G=>3> =8I53> 8;8 1@>4O3C, 0 3>@>4A:>3> AB@06=8:0 ?@8 8A?>;=5=88.
* * *
BN@L<5 =5 1K;> ;070@5B0. / ?>4C<0;, GB> <K, 8=:2878B>@K, >1KG=> ;CGH5 701>B8<AO > 7045@60==KE. 1> G0AB> 45;> 8<5==> 2 B><, GB>1K 8E 701>B;82> 2KE>48BL A <KA;LN >1 >G5@54=KE 4>?@>A0E. !<5@BL >128=O5<>3> 2 @57C;LB0B5 ?KB>: 8;8 ?;>E>3> >1@0I5=8O 1K;0 ?@87=0:>< =5:><?5B5=B=>AB8. >- ?5@2KE, B>340 70:@K20;AO 4>ABC? : A2545=8O<, :>B>@K5 >= 1K <>3 =0< A>>1I8BL, 0, 2>- 2B>@KE, 8=:2878B>@0< =04> 1K;> 254L =5 70<CG8BL 4>?@0H8205<>3>, 0 ?@54>AB028BL 5<C H0=A =0 A?0A5=85 8 >G8I5=85 @07C<0 >B A:25@=K 5@5A8. 5@LB5 <=5, O A0< 2845; <=>38E ?@83>2>@Q==KE, :>B>@K5 A> A;570<8 =0 3;070E 1;03>40@8;8 8=:2878B>@>2 70 B>, GB> ?>72>;8;8 8< A>E@0=8BL =04564C =0 25G=CN 687=L C =515A=>3> 0;B0@O >A?>40. F5=0 2 2845 >AB@>9 1>;8 ?KB>: 8 >3=5==>9 :C?5;8 2 60@5 :>AB@0 :070;0AL 8< 1>;55 G5< ?@028;L=>9.
A;CG05 65 A ;8=3109;>< @5GL > ?KB:0E =5 H;0. -B>B G5;>25: 1K; 8AB>IQ==K<, >A;0152H8<, 1>;L=K< 8 ?>;KE0NI8< >B ;8E>@04:8. ;O =53> =0H;8 <0;5=L:CN :0<>@:C A ;560=:>9, 8 O 25;5; AB@06=8:0< ?@8=5AB8 254@> BQ?;>9 2>4K, 18=BK 8 ?>720BL ;5:0@O ( ?>A:>;L:C =5 E>B5; B5@OBL 2@5<O, >6840O 2K720==>3> @8DD> 2@0G0, :>B>@K9 <>3 4>1@0BLAO =5 @0=55, G5< G5@57 420 4=O) . >:0 4>:B>@ =5 CA?5; ?>O28BLAO, O >1<K; ;8F> 0E0@8O. B>, GB> O C2845; ?>4 :>@:>9 3@O78, <=5 :@09=5 =5 ?>=@028;>AL.
5:0@L, :0: :064K9 ;5:0@L, 1K; A0<>=045O==K< 8 C15645==K< 2 A>1AB25==>9 =5?>3@5H8<>AB8. @><5 B>3>, AB@06=8:8 2KB0I8;8 53> A :0:>9- B> ?>?>9:8, ?>A:>;L:C >B =53> O2AB25==> ?>?0E820;> 28=><.
-B><C G5;>25:C =8G53> =5 ?><>65B, 70O28; >= 02B>@8B5B=K< B>=><, 5420 273;O=C2 =0 ;8F> ;8=3109;0.
5 4C<0N, ?@>87=QA O.
:5< 65 2K O2;O5B5AL, GB>1K =5 4C<0BL? >= 8@>=8G5A:8 2K45;8; ?@>87=5AQ==K5 <=>N A;>20.
/ O2;ONAL 2A53> ;8HL ?@>ABK< 8=:2878B>@><, >B25B8; O. > <5=O CG8;8 >A=>20< 0=0B><88 G5;>25G5A:>3> B5;0, E>BO, =025@=>5, O 745AL =5 @>2=O ?@>A25IQ==K< 4>:B>@0<.
5:0@L ?>1;54=5;. A40;>AL <=5, AB>;L 65 <3=>25==> ?@>B@5725;.
@>AB8B5, <038AB@, 2K<>;28; >= C65 =5 B>;L:> 256;82>, => ?@O<>- B0:8 A<8@5==>. > CGB8B5 C60A=>5 2>A?0;5=85 @0=K. #GB8B5 =03=>5=85. >=NE09B5!
=5 =5 =04> 1K;> ?@81;860BLAO : 0E0@8N, GB>1K >ICB8BL B>H=>B2>@=>5 7;>2>=85 @07;030NI53>AO B5;0. >65B ;8 1KBL GB>- B> C60A=55, G5< 3=8BL 70682> 2 A<@045 3=>O, A>G0I53>AO 87 @0=?
/ <>3C 2K@570BL 1>;L=CN B:0=L, =>, >3 <=5 A2845B5;L, ?>2@56C ?@8 MB>< =5@2K! 5 ?>;CG8BAO 8=0G5! 5A;8 ?>;CG8BAO, MB> 1C45B GC4>< 1>6L8<, 0 =5 8A:CAAB2>< ;5:0@O! %>BO, =025@=>5, 4065 MB> =5 ?><>65B&
5 ?><8=09B5 2AC5 8<O >A?>40 >30 =0H53>, ?>A>25B>20; O, 8 ;5:0@L ?>1;54=5; 5I5 1>;LH5.
59AB28B5;L=>, >= 1K; ?@02. 520O I5:0 ;8=3109;0 1K;0 >4=>9 2>A?0;Q==>9, 703=>82H59AO, 2>=NG59 @0=>9. 3> <>6=> 1K;> >?5@8@>20BL. 4=0:> A;54AB285< :064>3> =5>AB>@>6=>3> 42865=8O ;0=F5B>< AB0; 1K ;8F52>9 ?0@0;8G. ?@>G5<, =8:>340 =5 C7=05HL, C40;5=0 ;8 3=8NI0O B:0=L ?>;=>ABLN, 0 5A;8 =5B, B>340 ?0F85=B, B0: 8;8 8=0G5, AG8B09, C<5@. 254L MB>B A0<K9 ?0F85=B AB>8; ?>;B>@K BKAOG8 :@>=!
/ A;KH0; >1 >4=>< <5B>45, =0G0; O, :0: 3>2>@OB, ?@8<5=O5<>< 2 A;CG0OE, :>340 G5;>25G5A:0O @C:0 C65 =5 2 A>AB>O=88 G5<- ;81> ?><>GL.
C<05B5 > 60@:>9 <>;8B25? ?>4A:070; >= A M=BC7807<><.
/ ?>A<>B@5; =0 =53> BO65;K< 273;O4><.
C<0N > ;8G8=:0E ?;>B>O4=KE <CE, ?>OA=8; O. ><5IQ==K5 2 @0=C, >=8 ?>6@CB ;8HL 1>;L=CN B:0=L, >AB02;OO 74>@>2>5 B5;> =52@548<K<. 0: 3>2>@OB, C65 ;5:0@8 @8<A:8E ;538>=>2 ?@8<5=O;8 MB>B <5B>4.
8<;O=5 1K;8 2@030<8 >A?>40 =0H53>!
MB> BCB ?@8GQ<? O ?>60; ?;5G0<8. # 2@03>2 B0:65 <>6=> ?>CG8BLAO. ;L 2K =5 ?>;L7C5B5AL 10=59? 54L >=8 ?@84C<0=K 8<5==> @8<;O=0<8.
/ =5 A;KH0; > AB>;L <5@7:>9 ?@>F54C@5, =04C;AO ;5:0@L.
A<5;NAL ?@54?>;>68BL, >= ?>4C<0; > ;8G8=:0E <CE, 0 =5 > 10=OE, E>BO A>AB>O=85 53> >45O=8O, 0 B0:65 G8AB>B0 @C: 8 2>;>A C:07K20;8 =0 B>, GB> >= =5 A;8H:>< G0AB> ?>;L7C5BAO 1;030<8 AB8@:8, 0 B0:65 10=8.
=0G8B =5 B>;L:> CA;KH8B5, => 8 ?>?@>1C5B5, A:070; O. C- :0, ?@8=8<09B5AL 70 @01>BC! ">;L:> 682>, 81> MB>B G5;>25: =5 <>65B 640BL!
= ?>A<>B@5; =0 <5=O 157C<=K< 273;O4><, GB>- B> 701>@<>B0; ?>4 =>A 8 2K1560; 87 :><=0BK. / ?@8A<>B@5;AO : 0E0@8N, :>B>@K9 ;560; =0 ;560=:5, :070;>AL 1K, 157 ?@87=0:>2 687=8.
/ ?>4>H5;, AB0@0OAL =5 4KH0BL =>A><. # <5=O GC2AB28B5;L=>5 >1>=O=85, =0 :>B>@>5 =8:0: =5 ?>2;8O;8 ?>2A54=52=K5 B@C4K 8 BO6:85 8=:2878B>@A:85 >1O70==>AB8. 070;>AL 1K, <>9 =>A ?@82K:=5B : A<@04C =5G8AB>B, 2>=8 =5<KBKE B5;, 7;>2>=8N 3=8NI8E @0=, 70?0EC :@>28 8 1;52>B8=K. 8G53> ?>4>1=>3>: =5 ?@82K:.
/ ?@8;>68; ;04>=L : 3@C48 ;8=3109;0 8 >ICB8;, :0: 1LQBAO 53> A5@4F5. !;01>20B>, => 1LQBAO. '5;>25:C, :>B>@K9 <5=O =0=O;, ?>257;>, GB> >= =5 2848B A2>53> AK=0 2 MBC <8=CBC. 0;> B>3>, GB> C 0E0@8O >4=0 I5:0 ?>GB8 A3=8;0, 0 2B>@0O 1K;0 87C@>4>20=0 AB0@K<8 H@0<0<8, B0: 5IQ 8 2AQ B5;> 1K;> B0:8< 8AEC402H8<, GB>, :070;>AL, ACAB02K ?@>B:=CB ?5@30<5=B=CN, @07<O3HCN >B AK@>AB8 8 A<>@I5==CN :>6C.
!<5@BCH:0, A:070; O, ?>60;C9, A:>@55 A515, G5< 5<C. K3;O48HL :0: !<5@BCH:0, AK=>:.
B>340, <>65B5 <=5 25@8BL 8;8 =5B, 25:8 G5;>25:0, :>B>@K9 ?@>872>48; 2?5G0B;5=85 B@C?0, ?>4=O;8AL. > :@09=59 <5@5, ?>4=O;>AL ?@02>5, =570?;K2H55 >?CE>;LN.
!<5@BCE, ?@>1>@<>B0; >= =52=OB=>. 07 B0:, B> !<5@BCE.
A@07C ?>A;5 MB>3> 53> 3;070 2=>2L 70:@K;8AL.
>B B515 8 ?>3>2>@8;8, !<5@BCE, ?@>1>@<>B0; O, => <5=O ?>@078;>, GB> 2 B>< A>AB>O=88, 2 :0:>< 1K;, >= ?@8HQ; 2 A51O, ?CABL =0 AB>;L :@0B:89 <83.
* * *
C?5F ?@8=O; <5=O 2 A2>Q< 4><5, => O ?>H5; BC40 ;8HL 2 AC<5@:0E, GB>1K =5 1@>A0BLAO ;N4O< 2 3;070. / =5 70<5B8;, GB>1K 70 <=>9 A;548;8, E>BO, :>=5G=>, =5;L7O 1K;> 8A:;NG8BL, GB> :B>- B> 87 ;N459 @8DD> =01;N40; 70 2E>4OI8<8 2 4>< ;8=3109;0 8 2KE>4OI8<8 87 =53>. 4=0:> 8 ?@OB0BLAO O =5 =0<5@520;AO, ?>A:>;L:C @073>2>@ A >BF>< 65@B2K :>;4>2AB20 1K; A>25@H5==> 5AB5AB25==>9 G0ABLN @0AA;54>20=8O.
@87=0NAL >B:@>25==>, 3>A?>48= ;8=3109;, O =5 ?>=8<0N. 0, O A:;>=5= A:070BL: =8G53> =5 ?>=8<0N.
'53> 65 MB>?
@8DD> =5=02848B 20H53> AK=0. 4=0:> >= =5 ?@>B828;AO >AC645=8N 53> : BN@5<=><C 70:;NG5=8N, 2<5AB> B>3>, GB>1K B@51>20BL ?@83>2>@8BL 53> : A<5@B=>9 :07=8.
5 7=0N, GB> EC65, ?@5@20; <5=O :C?5F.
%>@>H>. CABL 3>@OG0O =5=028ABL A<5=8;0AL 2 53> A5@4F5 E>;>4=>9 6064>9 CB>=GQ==>9 <5AB8. = 65;0; 2845BL 2@030 =5 =0 28A5;8F5, 0 3=8NI8< 2 ?>475<5;L5. !B@040NI53> =5 420 ?0B5@0
[ 2 8 ]
, 0 F5;K5 3>40. > :0: 2K >1JOA=8B5 B>, GB> >= 7018; =0A<5@BL AB@06=8:0, :>B>@K9 @0=8; 20H53> AK=0? 'B> 70 A2>9 AGQB 4>AB028; 8725AB=>3> ;5:0@O 87 025=A1C@30?
%>B5; A=8A:0BL 20H5 @0A?>;>65=85, ?@>1>@<>B0; ;8=3109;.
5B. / ?>:@CB8; 3>;>2>9. >340 C7=0;, GB> 20H AK= 1K; 8718B, >= =0 A0<>< 45;5 1K; 2 15H5=AB25. ?@>G5<, D>@<C;8@>2:0 « 1K; 2 15H5=AB25» A;8H:>< <O3:0O. = 7018; AB@06=8:0. 1A>;NB=> ?@54=0<5@5==> 7018; ?0;:>9, :0: 15H5=>3> ?A0.
A;8 E>B8B5 =04028BL <=5 =0 60;>ABL, =5 =0 B>3> =0?0;8, 1C@:=C; >=.
5 A>18@0NAL 4028BL 20< =0 60;>ABL. / ?>60; ?;5G0<8. @54AB02;ON 20< D0:BK.
@>4>;609B5.
/ C7=0; 8 > 4@C38E 25I0E. 0E0@8N 4020;8 1>;LH5 54K, G5< >AB0;L=K< C7=8:0<. @><5 B>3>, 565<5AOG=> 2 :0<5@C ?@8E>48; ;5:0@L. A<5;NAL ?@54?>;>68BL, :B>- B> E>B5;, GB>1K 20H AK= AB@040;, =>, 2 B> 65 2@5<O, :B>- B> >G5=L =5 E>B5;, GB>1K 20H AK= C<5@. C <5=O >ICI5=85, GB> MB> >48= 8 B>B 65 « :B>- B>» .
&5;L? :>@>B:> A?@>A8; >=.
<5==>, A:070; O. >B 2 GQ< 2>?@>A! 'B>- B> <=5 3>2>@8B, GB> BCB =5GB> 1>;LH55, G5< ;8HL 65;0=85 2845BL 2@030 C=865==K< 8 AB@040NI8<. :>=F5 :>=F>2, >= 4>;65= 1K; AG8B0BLAO A B5<, GB> 20< C40ABAO 2KE;>?>B0BL ?><8;>20=85 AK=C. K 254L ?8A0;8 2 8<?5@A:CN :0=F5;O@8N, 0 2A5 <K 7=05<, GB> C 3> 5;8G5AB20 1>;LH>5 A5@4F5.
3> 5;8G5AB2> :0: @07 8<5; <0;> >1I53> A ?><8;>20=8O<8, ?>A:>;L:C 2A5 7028A5;> >B 53> <8=8AB@>2 8 A5:@5B0@59, ?@54AB02;ONI8E 4>:C<5=BK =0 ?>4?8AL. >, B5< =5 <5=55, A;KH0=> > ?>:07=KE ?@>O2;5=8OE <8;>A5@48O 8<?5@0B>@0. 0@C ;5B =0704 >= 4065 ?>25;5; 2K?CAB8BL 2A5E C7=8:>2, >AC645==KE 70 <5;:85 ?@5ABC?;5=8O. >4>1=K9 0:B <8;>A5@48O =5 :>A=C;AO 1K, ?@0240, 0E0@8O, => >7=0G0; >4=>: @8DD> $@035=HB09= =5 <>3 1KBL C25@5=, =5 ?>?04QB ;8 24@C3 2 535=20;L4 ?8AL<> A 8<?5@0B>@A:>9 ?5G0BLN, ?@8:07K20NI55 >A2>1>48BL C7=8:0. B>340 ?@>B82;5=85 8<?5@0B>@A:>9 2>;5 1K;> 1K =52>7<>6=K<. 0725 GB> C 45@7:>3> 1C=B>2I8:0 ?>O28;>AL 1K 65;0=85 ?><5=OBLAO A 0E0@85< <5AB0<8 8 @07<5AB8BLAO 2 :0<5@5 =86=59 10H=8.
N48 3;C?K, 3>A?>48= 0445@48=. 5 >F5=8209B5 2A5E ?> A515. 5 4C<09B5, GB> >=8 @C:>2>4AB2CNBAO @0AAC4:>< 8 703;O4K20NB 2?5@Q4&
-B8 A;>20 ?>@078B5;L=> =0?><8=0;8 ?@54>AB5@565=85, :>B>@>5 <=5 A45;0; ?5@54 >BJ574>< 5=@8E ><<5;. , 25@>OB=>, 2 =8E 1K;> =5<0;> 8AB8=K. ">;L:> 2>B, C <5=O 1K;0 2>7<>6=>ABL C7=0BL @8DD> $@035=HB09=0. = 1K; 1>30BK< :C?F><, 8725AB=K< A>25@H5=85< C40G=KE 8 =04Q6=KE A45;>:. "0:85 ;N48 =5 70@010BK20NB A>AB>O=85, =5 703;O4K20O 2 1C4CI55 8 =5 0=0;878@CO >?5@0F88 :>=:C@5=B>2. / A:070; >1 MB>< ;8=3109;C.
"@C4=> A 20<8 =5 A>3;0A8BLAO, 3>A?>48= 0445@48=. 4=0:> O ?>- ?@56=5<C =5 ?>=8<0N, :C40 2K :;>=8B5.
@8DD> =C65= 682>9 0E0@89. 7<CG5==K9, C=865==K9, 10, 4065 =5 2 A2>Q< C<5, =>, =5A<>B@O =0 2AQ MB>, 682>9. 0G5<?
K <=5 >B25BLB5, 1C@:=C; >= @074@06Q==>. :>=F5 :>=F>2, O 70 MB> ?;0GC.
/ ?>:0G0; 3>;>2>9.
« ?>7=05B5 8AB8=C, 8 8AB8=0 20A >A2>1>48B»
[ 2 9 ]
, >B25B8; O A;>20<8 8A0=8O, 8<5O 2 284C B>, GB> :>340 ?>7=0N 8AB8=C, AK= ;8=3109;0 A<>65B =0A;048BLAO A2>1>4>9. C?5F ?>=O; <>8 A;>20.
0 ?><>65B 20< >3, ?@>87=QA >=.
>A?>48= ;8=3109;, 4> A8E ?>@ O 70=8<0;AO 20H8< AK=><. AG0ABLN, ?>:0 >= 2 157>?0A=>AB8 8 5<C =8G53> =5 3@>78B, :@><5 1>;57=8, A :>B>@>9, 1C45< =045OBLAO, A?@028BAO. !59G0A O 4>;65= 70=OBLAO :>5- :5< 4@C38<. 'B> 2K 7=05B5 > A5AB@5 @8DD>?
0C;8=5? 45AL 2A5 2AQ 7=0NB, 3>A?>48= 0445@48=. , :>=5G=>, 2A5 A:070;8 1K 20< B> 65 A0<>5. #?@O<0O 1C4B> >AQ;, ?CAB0O :0: 1>G:0 87- ?>4 :20H5=>9 :0?CABK. @578@0;0 B5E, :B> =5 <>3 ?@8=5AB8 59 ?>;L7K. 8:>3> =5 C2060;0, 0 =>38 @0742830;0 ?5@54 :064K<, :B> 59 ?@83;O=C;AO.
C, MB> 2AQ O 7=0N, C;K1=C;AO O. 0: 4>;3> 20H AK= A =59 2AB@5G0;AO? N18; 5Q?
N18;, >B25B8; :C?5F ?>A;5 4;8==>9 ?0C7K. =0; >1> 2AQ<, => 2AQ- B0:8 ;N18;.
>B@51>20; AC3C1>3>, :B> 7=05B, <>65B B>3> 65 AC?@C65AB20, >=0 =5 A>3;0A8;0AL, 8 B>340 >= 5Q 70@570;. ?
K 4>;6=K 70I8I0BL <>53> AK=0 8;8 >128=OBL 53>? = ?>A<>B@5; =0 <5=O C3@N<K< 273;O4><.
/ 4>;65= >BKA:0BL 8AB8=C, <O3:> =0?><=8; O 5<C. @><5 B>3>, 254L 8<5==> 2 MB>< >= ?@87=0;AO. 0725 =5B?
@87=0;AO! DK@:=C; ;8=3109;. %>@>H89 ?0;0G 70AB028B 4>?@0H8205<>3> ?@87=0BLAO 4065 2 B><, GB> >= 75;Q=K9 >AQ; 2 @>7>2K5 :@0?8=:8!
-B> E>@>H>! / @0AA<5O;AO HCB:5 8 @5H8;, GB> 70?><=N 5Q. > B>BG0A ?>A5@LQ7=5;: 0H53> AK=0 =5 ?KB0;8. 54L 7=05B5& = ?> A>1AB25==>9 2>;5 2AQ @0AA:070; 8 A>7=0;AO 2 C189AB25.
5B, :C?5F >B25B8; GQB:> 8 @5H8B5;L=>. / =8:>340 2 MB> =5 ?>25@N.
>4>64C, ?>:0 ?@84QB 2 A51O, 8 ?>3>2>@N A =8<, A:070; O. ">;L:> =5 7=0N, 87<5=8B ;8 MB> E>BL GB>- =81C4L. # =5Q 1K;8 4@C7LO? O 25@=C;AO : 0C;8=5. ;8 =0?5@A=8F0 A5@45G=KE B09=?
=0 =5 ;N18;0 ;N459, 3>A?>48= 0445@48=, >= ?>:0G0; 3>;>2>9. / =5 A;KH0; =8 > :>< B0:><. 8HL @8DD> ?>- =0AB>OI5<C 1K; 1;87>: A =59. 07=K5 25I8 ;N48 1>;B0;8 >1 MB>9 ?0@>G:5&
- 0, 2>B 345 A>10:0& ?@>1C@G0; O =5<=>3> ?>3>4O. @>2>A<5H5=85 1K;> 3@5E>< 8 ?@5ABC?;5=85< <>65B 8 =5 ?>2A5<5AB=K<, => A;KH0;8 B0< 8 BCB > 1@0BLOE 8 AQAB@0E, 682CI8E :0: <C6LO A 6Q=0<8, >1 >BF0E, 1;C4;82> H0;OI8E A 4>G:0<8. 5 3>2>@O C65 > 3@5E>2=KE >B=>H5=8OE, A2O7K20NI8E :C75=>2, 0 B0:65 H0H=OE >BG8<>2 A ?04G5@8F0<8 8;8 <0G5E A ?0AK=:0<8. =5:>B>@KE A;CG0OE B0:85 >B=>H5=8O :0@0;8AL A<5@BLN, 2 4@C38E E20B0;> ?>@:8, A>2<5IQ==>9 A ?C1;8G=K< ?>:0O=85<. 4=0:> @8DD> 8 0C;8=0, 2AQ 65 8<5NI85 >1I53> >BF0, 1K;8 1K 70:;59<5=K 8 ?>25H5=K, 5A;8 1 B>;L:> 8E 3@5E>2=K5 45;8H:8 @0A:@K;8AL. @8 CA;>288, GB> :@>2>A<5H5=85 2 8E A;CG05 459AB28B5;L=> 8<5;> <5AB>, 0 =5 1K;> ;8HL 2K4C<:>9 7028AB=8:>2 8 :;525B=8:>2.
# =8E 1K; >1I89 >B5F, ?@0240? = :82=C;.
<0BL? 45 5Q <0BL?
(;NE0 H;NEC @>48;0. = A:@828;AO. @0D ?CB5H5AB2>20; A <8AA859 3> 5;8G5AB20 : ?5@A84A:><C H0EC. >4 53> =5 1K;>, 8 ?@82Q7 <;045=F0. 0BL, :0: 3>2>@OB, C<5@;0 ?@8 @>40E.
5@A8O=:0?
'Q@B 5Q 7=05B! >65B 8 B0:, 4>1028; >=, <8=CBC ?>4C<02. 0C;8=0 1K;0 A<C3;>9, G5@=>2>;>A>9, 8 C =5Q 1K;8 >3@><=K5, GQ@=K5 3;070. =0 =@028;0AL, ?>A:>;L:C C =0A <0;> B0:8E 65=I8=&
"0: 2K 4C<05B5, GB> @8DD> C18; A5AB@C 87 <5AB8 70 B>, GB> 87<5=8;0 5<C A 20H8< AK=><?
= C3@N<> :82=C;.
5B, 3>A?>48= ;8=3109;, <=5 ?@8H;>AL @0725OBL 53> 8;;N788. $@035=HB09= 1K; B>340 =0 ?@8Q<5, >@30=87>20==>< :C?5G5A:>9 38;L4859 87 8AB0B40. # =53> =5A:>;L:> 45AOB:>2 A2845B5;59. CG8BK20O B>, GB> >= B0< 2KABC?0;, B@C4=> ?>4>7@520BL, GB>1K 53> ?;>E> 70?><=8;8&
= =0=O; C189FC.
25@OO B09=C :><C- B>, 687=L A2>N 225@O5B5 5<C, 2>7@078; O A;>20<8 ?>A;>28FK. 5 4C<0N, GB>1K >= 1K; =0AB>;L:> >?@><5BG82K<.
48B5 C65, @074@06Q==K9 ;8=3109; <0E=C; @C:>9. / >H810;AO, 4C<0O, GB> 2K 4>1@>A>25AB=> 709<QB5AL 45;><.
5@538B5AL, GB>1K =5 ?@>87=5AB8 G53>- =81C4L, > GQ< 1K ?>B>< ?>60;5;8. / ?>A<>B@5; =0 =53>, 8 >= A<5H0;AO.
728=8B5, 274>E=C; >= =5<=>3> ?>3>4O 8 >?Q@AO ?>41>@>4:>< > :C;0:8. !0< =5 7=0N, GB> 45;0BL.
"0: O 20< A:06C, >B25BAB2>20; O. @8AB02LB5 : AK=C 4>25@5==>3> G5;>25:0. CABL 148B >:>;> ;>60 4=Q< 8 =>GLN. ?CABL MB> 1C45B :B>- B>, :B> =5 1>8BAO ?@8<5=OBL >@C685.
C<05B5, GB>&
8G53> O =5 4C<0N. =0N B>;L:>, GB> >3 ?><>305B B5<, :B> <>65B ?><>GL A515 A0<.
* * *
!;54CNI85 B@8 4=O C <5=O ?>GB8 =5 1K;> @01>BK. / =025I0; 0E0@8O, GB>1K ?@8A<>B@5BL 70 E>4>< ;5G5=8O, 8 ?>7=0:><8;AO A ;5:0@5< 87 025=A1C@30, :>AB;O2K<, 1>4@K< AB0@8G:><, :>B>@K9 ?>E20;8; ?@54;>65==K9 <=>N <5B>4.
' 5:' 0A=>, ?' 5:' 0A=>, >= A5@45G=> ?>E;>?0; <5=O ?> ?;5GC. "0:>9 <>;>4>9, 0 3>;>20 C65 20' 8B&
>>1I5- B>, O =5 ?5@5=>HC ?@8:>A=>25=89 GC68E ;N459, => =0 MB>B @07 O C;K1=C;AO, ?>A:>;L:C 2 MB>< D0<8;LO@=>< 65AB5, 5A;8 ?> ?@0245, A>2A5< =5 1K;> D0<8;LO@=>AB8, 0 ;8HL ?@87=0=85 AB0@H53>, >?KB=>3> G5;>25:0, :>B>@K9 =5 2845; 2> <=5 8=:2878B>@0, 0 B>;L:> GCBL ;8 =5 :>;;53C ?> ?@>D5AA88.
C<05B5, >= 2K6825B?
- 0, MB> C65 A>2A5< 4' C3>5 45;>, >B25B8; >=, 81> ?> >?KBC <K E>' >H> 7=05<, GB> 4065 ?' 8<5=5=85 =04;560I59 ?' >F54C' K A>2A5< =5 >1O70B5;L=> ?><>65B ?0F85=BC. 745AL 45;0 70H;8 8 ?' 0240 40;5:>&
/ ?>A<>B@5; =0 68@=KE ;8G8=>:, :>?>H0I8EAO 2 @0=5, 8 >B2Q; 273;O4.
@0A82K< B> >= C65 =8:>340 =5 1C45B, ?@>1>@<>B0; O.
>O 7040G0 A>E' 0=8BL 5<C 687=L, 0 =5 15A?>:>8BLAO > 53> :' 0A>B5. = <0E=C; @C:>9. > GB> ?' 0240, B> ?' 0240.
"0:65 70 0E0@85< ?>A<5==> ?@83;O4K20;8 42>5 ;N459 ;8=3109;0 ( ?@>872>48;8 2?5G0B;5=85 :@5?:8E <C68:>2 BQ@BKE :0;0G59) , 0 B0:65 452:0- ?@8A;C6=8F0, 2848<> >1CG5==0O ?@8A<>B@C 70 1>;L=K<8; O 2845;, :0: >=0 ;>2:> :>@<8B =0E>4OI53>AO 157 A>7=0=8O 68@=K< 1C;L>=>< 8 :0: C<5;> <5=O5B 6CB:> 2>=ONI85 18=BK.
0:>=5F, G5B2Q@B>3> 4=O AK= :C?F0 ?@8HQ; 2 A51O =0AB>;L:>, GB> O ?>=O; A<>3C A =8< >1<5=OBLAO ?0@>9 A;>2. / ?@8:070; 2A5< ?>:8=CBL :><=0BC.
><>30N B2>5<C >BFC, 0E0@89, ?@>87=QA O. 5=O 7>2CB >@48<5@ 0445@48= 8 O 8=:2878B>@ 87 025=A1C@30.
=0G8B, 2K C65 7=05B5? ?@>H5?B0; >=.
=0N, >B25B8; O, =5 8<5O ?>=OB8O, > GQ< >=. > BK 4>;65= <=5 2AQ A0< @0AA:070BL.
/ 2845;, GB> >= E>B5; ?>:@CB8BL 3>;>2>9, => A8; C =53> 1K;> =54>AB0B>G=>. = ;8HL 70:@K; 3;070.
#1LNB& >BF0, 5A;8 A:06C&
/ CA;KH0; 2A53> 420 ?@54;>65=8O 87 53> CAB, => C65 7=0;, GB> 45;> <>65B >:070BLAO 459AB28B5;L=> A5@L57=K<. 1>, 2>- ?5@2KE, 0E0@89 AGQ;, GB> ?@8ACBAB285 8=:2878B>@0 =5 O2;O5BAO G5<- B> =5>1KG=K<, 2>- 2B>@KE, >= >BGQB;82> 40; ?>=OBL, GB> 4> A8E ?>@ =5 3>2>@8; ?@024K, ?>A:>;L:C 70 @0A:@KB85 MB>9 A0<>9 ?@024K 5<C ?@83@>78;8 A<5@BLN >BF0. ;02=K< >1@07><, <5=O 8=B5@5A>20;0 ?5@20O ?@>1;5<0. >G5<C <>;>4>9 ;8=3109; AGQ; CG0AB85 8=:2878B>@0 2 A;54AB288 >1>A=>20==K<?
8:B> 5<C =5 ?@8G8=8B 2@540, ?>>15I0; O, 2K45;OO :064>5 A;>2>. 0C;8=0, 4>1028; O, >:070;0AL =5 B0:>9, :0: BK 4C<0;, ?@0240? / A?@0H820; 2A;5?CN 8, ?>E>65, C3040;, ?>A:>;L:C 53> 3;070 AC78;8AL. = BO6:> 70A>?5;, ?>B>< >E=C;, 2848<>, @071>;5;0AL @0=0.
/ 4>;65= 1K; 5Q C18BL. = A<>B@5; <Q@B2K< 273;O4>< :C40- B> 2 70:>?G5==K9 ?>B>;>:.
5;L7O B51O 70 MB> 28=8BL, CG8BK20O& O 640;, GB> >= >B25B8B.
<5==>. @8DD> 254L 7=0;& 3> 3>;>A AB0; B0:8< A;01K<, GB> <=5 ?@8H;>AL A:;>=8BLAO : ;>6C 8 ?>GB8 ?@8;>68BL CE> : 53> 3C10<.
= 7=0; 55 B09=C?
#3@>60; <=5& GB> C1LQB >BF0&
#1LQB 53>, 5A;8 BK @0AA:065HL >1> 2AQ<, GB> C7=0;? 0725 =5 B0:?
= ;8HL ?@8:@K; 3;070, =5<> A>3;0H0OAL A <>8<8 A;>20<8. / 1K; C65 1;87>:. G5=L 1;87>:, 8 O =5 <>3 2K?CAB8BL 87 @C: MB>3> :>=G8:0 =8B8, 1;03>40@O :>B>@>9 C <5=O ?>O28;0AL =045640 ?@>9B8 G5@57 ;018@8=B.
"K ;8HL C=8GB>68; 7;>, 0E0@89, 70:;NG8; O. 1> BK 2845; 7;>, ?@0240?
= 2=>2L >?CAB8; 25:8.
-B>B @073>2>@ 4;8;AO 5I5 4>;3>, ?@5645 G5< O C7=0; 2AQ, GB> A;CG8;>AL 2 B>B 25G5@. ?@87=0NAL G5AB=>: O =5 >6840;, GB> A 284C =528==>5 @0AA;54>20=85 70254QB <5=O =0AB>;L:> 40;5:>. / ?@>1>20; A515 ?@54AB028BL, GB> GC2AB2>20; <>;>4>9 ;8=3109;, >1=8<0O, F5;CO 8 ?@868<0O MBC 452:C. 'B> GC2AB2>20;, ?5@56820O A =59 1;065=AB2>, A;KH0 5Q AB>=K, GC2AB2CO 5Q ;04>=8 =0 A2>Q< B5;5 8 =>38, :>B>@K5 >12820;8 53> 1Q4@0? GB> ?>GC2AB2>20;, :>340 87 ?0;LF52 5Q @C: 2K@>A;8 :>3B8, 0 ;8F> ?@52@0B8;>AL 2 C60A=CN <>@4C? GQ< >= 4C<0;, 284O, :0: 7@0G:8 ;N18<>9 AB0=>2OBAO O4>28B> 6Q;BK<8 8 25@B8:0;L=K<8? >340 ?>GC2AB2>20; =0 :;NG8F5 C:CA >AB@KE, :0: 1@8B20, :;K:>2? = =5 ?>440;AO C60AC, =5 ?>72>;8;, GB>1K >=0 53> @0AB5@70;0. !E20B8;AO 70 :8=60;. 8;, :>;>;, @570;. "0: 4>;3>, ?>:0 =5 70<5@;0 2 53> >1JOB8OE. <Q@B2>9 >=0 1K;0 C65 A=>20 ;8HL :@0A82>9 =03>9 452CH:>9 A 0=35;LA:8< ;8G8:><. 025@=>5, >= 1K @5H8;, GB> >157C<5; 8;8 1K; >:>;4>20=. A;8 1K =5 B>, GB> @8DD> ?>3>2>@8; A =8< >48= =0 >48= 8 ?@83@>78;, GB> 5A;8 0E0@89 :><C- =81C4L >B:@>5B B09=C 0C;8=K, B> N=>H0 =8:>340 =5 C2848B A2>53> >BF0 A@548 682KE. B0:, <>;>4>9 ;8=3109; ?@87=0;AO 2> 2AQ< 8 <>;G0;. / <>3 ;8HL 8A:@5==5 2>AE8I0BLAO B2Q@4>ABLN 53> 4CE0, :>B>@0O 40;0 5<C A8;K 2K=5AB8 2A5 AB@040=8O.
/ >AB028; 53> 87=C@Q==K< @073>2>@>< 8 7=0;, GB> 4>;65= =09B8 >B25BK =0 =5A:>;L:> 2>?@>A>2. 08206=59H89 87 =8E 72CG0;: ?>G5<C $@035=HB09= =5 ?@8:070; ?@8:>=G8BL C189FC A2>59 A5AB@K? >G5<C B0: CA5@4=> AB0@0;AO A>E@0=8BL 5<C 687=L?
* * *
/ =5 =0<5@520;AO @0AA:07K20BL AB0@><C ;8=3109;C > B><, GB> CA;KH0;. >340 ?@84QB 2@5<O, C7=05B >1> 2AQ<. >MB><C O ?>45;8;AO B>;L:> B5<, GB> $@035=HB09= 1C45B >D8F80;L=> >128=Q= !2OB>9 !;C61>9.
=5 =C6=K ;N48, A:070; O. >3C ?>A;0BL 70 <>8<8 A>1@0BLO<8 2 025=A1C@3, => ?@54?>G8B0N C;048BL 45;> ?>- 1KAB@><C. #65 A53>4=O.
> 254L 2K 8=:2878B>@, A:070; >=.
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
86C, 2K ?>4=O;8 F5=C, ?@>87=QA >=. > O G5AB=K9 G5;>25: 8 ;N1;N A2>53> AK=0. =0G8B, 40< 20< AB>;L:>, A:>;L:> ?>B@51C5B5. %>BO& >= A45;0; ?0C7C, O <>3 1K C65 =8G53> =5 4020BL, =5 B0: ;8?
/ 704C<0;AO =04 53> A;>20<8. 40==K9 <><5=B =0 <=5 ;560; 8=:2878B>@A:89 4>;3 @0A:@KB8O 45;0. / =5 <>3 C5E0BL 87 3>@>40 157 4>?@>A0 1@0B0 0C;8=K 8 4>2545=8O 2A53> 45;0 4> :>=F0.
>3;8 1K, A>3;0A8;AO O.
K ?>;CG8B5 A2>8 45=L38, ?>>15I0; >=. MB8 4>?>;=8B5;L=K5 ?OBLA>B :@>= <>O ?;0B0 70 3>;>2C @8DD>.
K 5Q =5 ?>;CG8B5.
/ =5B. =5 1C45B 4>AB0B>G=> A0<>9 <KA;8, GB> 2K 70=8<05B5AL 8< A ?@8ACI8< !2OB>9 !;C615 AB0@0=85<. = C;K1=C;AO <5GB0B5;L=>. 0, O 40< 20< :>5- GB> ?>4>@>65 45=53, 3>A?>48= 0445@48=. / 40< 20< @5:><5=40B5;L=K5 ?8AL<0 : <>8< 45;>2K< ?0@B=Q@0<, 401K A MB8E ?>@ >=8 7=0;8, GB> 2K O2;O5B5AL 4@C3>< 4@C759
[ 3 0 ]
.
-B> >G5=L I54@>5 ?@54;>65=85, A:070; O. >;65= ?@87=0BL, A 20<8 1K;> ?@8OB=> @01>B0BL, 3>A?>48= ;8=3109;.
><=8B5, >4=0:>, >1 >4=><, 3>A?>48= 0445@48=. 5 <5=O9B5 ?@028;0 83@K ?> E>4C 5Q. K 5I5 <>;>4>9 G5;>25:, 8 O ?@>IC 20< 070@B ?@8 B>@30E. >, ?>25@LB5 <=5, 25;8G09H55 A>:@>28I5, :>B>@K< <>6=> >1;040BL =0 A25B5, MB> 4>25@85. A;8 @07>94QBAO A;CE, GB> 2K 8< 7;>C?>B@51;O5B5, ?>B5@O5B5 2AQ.
/ >14C<0; 53> A;>20.
045NAL, 2K 1C45B5 4>2>;L=K 2;>65=85<, ?@>87=QA O. :>=F5 :>=F>2, ?>;B>@K BKAOG8 :@>= =0 4>@>35 =5 20;ONBAO.
OBLA>B 4>102;N 20< :0: ?@5<8N, 70:>=G8; >=. B G8AB>3> A5@4F0.
B5G5=85 42CE G0A>2 :C?5F ?@82Q; :> <=5 H5AB5@KE 74>@>2O:>2, :0: O 8 E>B5;, 2>>@C65==KE :C20;40<8, B>?>@0<8 8 ;><0<8. !>3;0A=> 70:>=C 8 >1KG0N, O ?@82Q; 8E : ?@8AO35 :0: 2@5<5==KE A>B@C4=8:>2 !2OB>9 !;C61K. / 1K; C25@5=, GB> 8< 1C45B, > GQ< @0AA:07K20BL 4> 3;C1>:>9 AB0@>AB8. 4=0:> O @5H8;, GB> 1C45B =5?;>E>, 5A;8 : 8E @0AA:070< 4>1028BAO =>B:0 4@0<0B87<0.
! MB>3> <><5=B0 2K, :0: 2@5<5==K5 A>B@C4=8:8 !2OB>9 !;C61K, ?>4?0405B5 ?>4 N@8A48:F8N =:2878F88, >1JO28; O.
=8 <5=O =5 ?>=O;8. MB>< ?@54;>65=88 1K;> A;8H:>< <=>3> A;>2 AB>;L 4;8==KE, GB> 70 2@5<O 8E ?@>87=5A5=8O <>6=> >?>@>6=8BL :@C6:C ?820. ">340 O @5H8; ?@81;878BL : =8< ?@>1;5<C A ?><>ILN O7K:0, :>B>@K9, <>65B 1KBL, ?>9<CB ;CGH5.
A;8 =5 2K?>;=8B5 ?@8:07K, 1C45B5 C18BK, ?@>87=QA O. "5, :><C ?>257QB, =0 <5AB5. 5C40G=8:8 B>;L:> ?>A;5 4>?@>A>2.
#;K1:8 30A;8 =0 8E ;8F0E B0: 65 1KAB@>, :0: ?;0<O A25G59, A@5705<>5 A01;59. -B> 1K; B>B MDD5:B, =0 :>B>@K9 O @0AAG8BK20;, 8 O @04>20;AO, GB> >=8 <5=O =5 @07>G0@>20;8.
?5@54, 3>A?>40, ?@8:070; O.
* * *
0G8=0O >?5@0F8N ?@>B82 @8DD> $@035=HB09=0, O 459AB2>20; A>3;0A=> 70:>=C. 4=0:> O 7=0;, GB> 70:>==8:8- ?C@8ABK
[ 3 1 ]
<>3;8 1K 4>8A:0BLAO 2 <>8E 459AB28OE =5:>B>@KE =5C2O7>:. >B, =0?@8<5@, O 254L 1K; >1O70= A>?>AB028BL ?>:070=8O 0E0@8O A ?>:070=8O<8 @8DD>. 1>, =5C65;8 1@54OI89 C7=8: 3>2>@8; ?@024C? >65B >= ;8HL A2OB> 25@8; 2 A>1AB25==K5 A;>20, @>482H85AO 2 @57C;LB0B5 2845=89, 2K720==KE 3>@OG:>9 8 1>;57=LN? > 4065 5A;8 O ?>25@8; A;>20< AK=0 :C?F0 ;8=3109;0, B> 254L 1K; >1O70= >1@0B8BLAO : 1C@3><8AB@C 8 =0G0BL >D8F80;L=>5 4>7=0=85. >G5<C O B0: =5 A45;0;? "0: 2>B, 2>- ?5@2KE, O 25@8; 2 ?@02482>ABL ?@87=0=89 0E0@8O. B=N4L =5 ?>B><C, GB> O 1K; G5;>25:>< =082=K<, ;53:>25@=K< 8 4>1@>4CH=K< ( E>BO 254L <K, 8=:2878B>@K, 5ABL F5;51=K9 10;L70< =0 @0=K <8@0) . / 25@8; 53> A;>20<, ?>B><C GB> 8AB8==K9 !;C30 >689 4>;65= 4>25@OBL 8=BC8F88, 25@O, GB> 5ABL >=0 I54@K< 40@>< A52KH=53>. >- 2B>@KE, O 7=0;, GB> ?@82;5G5=85 1C@3><8AB@0 8 2>71C645=85 04<8=8AB@0B82=KE ?@>F54C@ ?@8254QB ;8HL : B><C, GB> @8DD> 2K83@05B 2@5<O =0 ?>43>B>2:C ?@>B82>459AB28O. / =5 =0@CH8; 70:>=, 0 2A53> ;8HL A;53:0 53> >1>HQ;. > 5A;8 $@035=HB09= >:065BAO 4>1@>?>@O4>G=K< 3@0640=8=><, 0 ?@87=0=8O 0E0@8O 1@54>< 157C<F0, B>, >A?>48, A?0A8 8 A>E@0=8 154=>3> >@48<5@0.
><5ABL5 $@035=HB09=0 E@0=8;0 :0;8B:0 2 :0<5==>9 AB5=5, E20B8;> =5A:>;L:8E C40@>2 BO65;K<8 :C20;40<8, GB>1K ?CBL AB0; A2>1>4=K<. 4=0:> O 7=0;, GB> A 425@L<8 A0<>3> 4><0 1C45B A;>6=55. >340 O 3>AB8; 745AL ?5@2K9 @07, B> 70<5B8;, =0A:>;L:> =04Q6=K MB8 2@0B0, A>>@C6Q==K5 87 B>;ABKE 10;>:, >:>20==KE 65;57><. :=0 65 ?5@2>3> MB060, >G5=L 2KA>:>3> ?5@2>3> MB060, 70:@K20;8 =0 =>GL, 70B2>@OO ?@>G=K5 AB02=8. =0G8B, A;54>20;> ?@>O28BL A<5:0;:C, 0 =5 BC?CN A8;C. / 27O; 2 @C:C :>;>BCH:C 8 ?>ABCG0;. 07, 4@C3>9 8 B@5B89. 0:>=5F @0740;>AL H0@:0=L5.
'53> =04>? O CA;KH0; 3>;>A :>3>- B>, :B> O2=> 1K; >G5=L A>==K< 8 >G5=L =54>2>;L=K<.
<5=5< !2OB>9 !;C61K, >B:@K209! :@8:=C; O.
>F0@8;0AL B8H8=0. / =5 AG8B0;, GB> ?@82@0B=8: ?>4C<0;, 1C4B> :B>- B> 3;C?> HCB8B. >6=0O 2K40G0 A51O 70 A;C68B5;O =:2878F88 3@>78;0 =0:070=85< 2 2845 :0AB@0F88, 2K@570=8O @5<=59 87 :>68 8 A>665=8O =0 <54;5==>< >3=5. A2O78 A 2KH5C:070==K< D0:B><, =0 15;>< A25B5 =5<=>3> ?>?040;>AL AB>;L A<5;KE HCB=8:>2.
!?@>HC <>53> 3>A?>48=0, =0 MB>B @07 <K CA;KH0;8 3>;>A, :>B>@K9 C65 =5 1K; =8 A>==K<, =8 =54>2>;L=K<.
A;8 =5 >B:@>5HL 425@8, 1C45HL >128=Q= 2 A>CG0AB88 2 ?@5ABC?;5=88, A:070; O 3@><:>. "51O 1C4CB ?KB0BL 8 A>63CB!
/ 40; 5<C <8=CBC, GB>1K >= ?>=O; 8AB8==>5 7=0G5=85 MB8E A;>2.
!G8B0N 4> B@QE, ?>A;5 G53> ?@8:06C 2K18BL 425@L, 70O28; O. # B51O 5ABL A5<LO, ?0@5=L? A?@>A8; O 1>;55 <O3:8< B>=>< 8 ?>4>640; =5<=>3>: 07!
/ CA;KH0; A:@565B >B>428305<>9 704286:8. / C;K1=C;AO. 20! 25@8 70A:@8?5;8.
"@8!
/ AB>O; =0?@>B82 A54>1>@>4>3> 8 A54>2;0A>3> <C6G8=K, :>B>@K9 23;O4K20;AO 2 <5=O A =5A:@K205<K< C60A><. / ?5@5ABC?8; ?>@>3.
>3 A B>1>9, 4>1@K9 G5;>25:. / ?>E;>?0; 53> ?> ?;5GC. @>2>48 =0A : 3>A?>48=C @8DD>.
> E>7O8= A- A59G0A A- A?8B& ?@>1>@<>B0; >=.
071C48<, <O3:> ?>>15I0; O 8 ;53:> 53> ?>4B>;:=C;. 548, ?@8:070; O.
$@035=HB09=, 4>;6=> 1KBL, =0A CA;KH0;. >65B ABC: 2 425@8, 0 <>65B, 4> MB>3>, 2K;0<K20=85 :0;8B:8, 254CI59 2> 2;045=85. ;N1>< A;CG05, >= A>1@0; 2>:@C3 A51O =5A:>;L:8E A;C3 ( O A;KH0; 2>71C64Q==K5 3>;>A0) 8 7010@@8:048@>20;AO 2<5AB5 A =8<8 2 ?>:>OE =0 ?5@2>< MB065. / 7=0;, GB> >=8 A<>3CB B0< 4>;3> >1>@>=OBLAO, 0 B0:65 1K; C25@5=, GB> @8DD> CA?5; ?>A;0BL :>3>- =81C4L 70 ?><>ILN. >65B : 1C@3><8AB@C, 0 <>65B : >BFC. >@>4A:85 2;0AB8 =5 A<>3;8 1K =8G53> A45;0BL, => 5A;8 1K 3@0D ?@8A;0; >B@O4 A>;40B& "5>@5B8G5A:8, >=8 4>;6=K =5<54;5==> ?5@59B8 ?>4 :><0=4>20=85 !;C61K, => =0 ?@0:B8:5 8E ?@81KB85 >7=0G0;> 1K >3@><=K5 >A;>6=5=8O. O =5 65;0; A515 >A;>6=5=89 2 MB>9 8 B0: =5A:070==> B@C4=>9 A8BC0F88. #B5H0;> <5=O B>;L:> >4=>: $@035=HB09=, >:07K20O A>?@>B82;5=85, ?@87=0; A2>N 28=C. >A:>;L:C G5;>25: A G8AB>9 A>25ABLN ?@8<5B 8=:2878B>@>2 A A5@45G=>9 C;K1:>9 =0 CAB0E, 0 =5 ?>1568B 2 C:@KB85, 70A;>=OOAL 2>>@C6Q==K<8 A;C30<8.
@8DD> $@035=HB09=, 2>7720; O. <5=5< !2OB>9 !;C61K B@51CN, GB>1K BK >B:@K; 425@8!
-B> =5 1K;> 459AB285< 2 @0AGQB5 C1548BL E>7O8=0. = 254L 7=0;, A :5< 8<55B 45;>. 4=0:> >= <>3 2=CH8BL A2>8< ;N4O<, GB> =0 =8E =0?0;8 3@018B5;8 8;8 H09:0, =0=OB0O :5<- =81C4L 87 :>=:C@5=B>2. 065 <8@=> =0AB@>5==KE ;N459 ;53:> A:;>=8BL : C189AB2C 10=48B>2. =>3> B@C4=55 A:;>=8BL 8E : C189AB2C 8=:2878B>@>2. 7- 70 425@8 O CA;KH0; HC< 272>;=>20==KE @073>2>@>2.
0 2K40GC @8DD> $@035=HB09=0 =07=0G5=0 >3@><=0O =03@040, A:070; O 3@><:>.
/ =5 @07<8=C;AO A 8AB8=>9. ">B, :B> 2K40AB A2>53> 3>A?>48=0, ?>;CG8B 1;03>A;>25=85 2> 2@5<O A2OB>9 <5AAK, 8 <K 1C45< 8A:@5==5 <>;8BLAO > 53> A?0A5=88. 0725 <>65B 1KBL 1>;LH59 =03@040?
(C< @073>2>@>2, 4>=>AOI8EAO 87- 70 425@8, ?5@5HQ; 2 :@8: AA>@K.
@8AB028BL B0@0=! ?@8:070; O 7KG=K< 3>;>A><. 82K<8 =8:>3> =5 1@0BL! CG=8:8 : >:=C!
!59G0A C1568I5 @8DD> =0?><8=0;> 3=574> @07JO@5==KE H5@H=59.
B:@K200005<! 4> <>8E CH59 4>=QAAO >BG0O==K9 :@8:. / >6840; B0:>3> @5H5=8O, 1K;> B>;L:> 8=B5@5A=>, 345 $@035=HB09=.
B>428=C;8 70A>2K, 8 O 2>H5; 2=CB@L. ?>:>OE O =0AG8B0; H5AB5@KE <C6G8=. 45AL >=8 <>3;8 70I8I0BLAO ?>GB8 4> 15A:>=5G=>AB8, @0725 GB> 8E 27O;8 1K >3=5< 8;8 3>;>4><. 4=0:> >=8 A<8@5==> ?>:>@8;8AL >4=><C 72C:C A;>2 « !2OB0O !;C610» . !59G0A 2A5 >=8 AB>O;8 =0 :>;5=OE C AB5=K.
>A?>40, 2AB0=LB5, ?>?@>A8; O <O3:>. 54L =8:B> 20A =5 28=8B 70 3@5E8 20H53> 3;02K. !:068B5 B>;L:>, :C40 65 >= 45;AO?
B25B>< 1K;> <>;G0=85.
C GB> 6, A:070; O. O E>B5; 1KBL 256;82K<. 07 B0:&
/ 40; 7=0: <>8< ;N4O<, >=8 AE20B8;8 >4=>3> 87 A;C3 $@035=HB09=0. @>A8;8 53> =0 ?>;, 2K:@CG820O 5<C @C:8 =0704.
0B:=8B5 5<C ?0ABL, ?@8:070; O. >B>< 27O; 53> ?@02CN :8ABL 2 A2>8 @C:8.
!>@>:0 :0H:C 20@8;0.
!2>8E 45B>: :>@<8;0.
-B><C 40;0 2 3>@H>G:5,
-B><C 40;0 2 :>2H8G:5,
-B><C 40;0 2 <8A>G:5,
-B><C 40;0 2 ;>65G:5
[ 3 2 ]
,
?@>45:;0<8@>20; O.
0 A;>25 « 3>@H>G5:» O A;><0; 5<C <878=5F, =0 A;>25 « :>2H8G5:» 157K<O==K9 ?0;5F, =0 « <8A>G:5» A@54=89, 0 =0 « ;>65G:5» C:070B5;L=K9.
@87=0NAL, 845O A:@0A8BL ?KB:8 45BA:8< AB8H:>< ?@8H;0 <=5 2 3>;>2C =5>6840==>. / A;KH0; :>340- B> > G5;>25:5, =07K205<>< 5AQ;K9 0B 87 "80==>=0, :>B>@K9 4>?@0H820; ;N459, @04>AB=> ?@8 MB>< =0?520O. 3>2>@OB, GB> =5 65AB>:>ABL 8ABO70=89, 0 8<5==> MB8 ?@8?52:8 1>;LH5 2A53> C60A0;8 65@B2. >MB><C O @5H8; 8A?@>1>20BL ?>4>1=K9 A?>A>1, ?>A:>;L:C <=5 =04> 1K;> 1KAB@> ?>;CG8BL >B25B =0 2>?@>A, :C40 45;AO E>7O8=. G5=L 1KAB@>. 1> :B> <>3 7=0BL, =5 A>>@C48; ;8 @8DD> B09=K9 ?>475<=K9 E>4, 254CI89 2 A04 8;8 4065 70 ?@545;K 2;045=8O? A59G0A =5 C1530; 8<5==> MB8< E>4><? B>340 8I8 25B@0 2 ?>;5.
C ;04=>, 2B>@CN @C:C, 25;5; O. !59G0A, ?>4>648, 4>1028; O A ?@8B2>@=K< C482;5=85<. =, :065BAO& E>B5; GB>- B> A:070BL& B?CAB8.
KB05<K9 <=>N <C6G8=0 AC4>@>6=> ?5@52Q; 4CE. !;Q7K 87 3;07 53> ;8;8AL 1KAB@K< @CGLQ<.
-9, ?0@=8 =5 ?;0GCB. / ?>E;>?0; 53> ?> I5:5. >2>@8!
AG55557 7000 AB5555=>>>9, 70@K40; >=. 9- 1>>>>3CCC&
8:B> =5 8AG5705B 70 AB5=>9, ?@5@20; O 53>. 0209 ;52CN @C:C!
#<>;OOOOON! 55555B!
=5 ?@8H;>AL 70B:=CBL MB>B :@8:, 8 >= C?0; <=5 ?>4 =>38 :0: <5H>:.
!;54CNI89! ?@8:070; O. 0 MB>B @07 =0G=5< A 2K:0;K20=8O 3;070.
!;54CNI89 >:070;AO G5;>25:>< 1;03>@07C<=K< 8 A8;L=> ?@82O70==K< :0: : ?@02><C, B0: 8 : ;52><C 3;07C.
25@L& 5ABL& B09=0O& 745AL! :@8:=C; >=, ?@5645 G5< :B>- ;81> CA?5; 4> =53> 4>B@>=CBLAO. >AB0B>G=> C?5@5BLAO!
59AB28B5;L=>, 2 <5AB5, =0 :>B>@>5 >= C:070;, 1K; A>>@C6Q= B09=K9 ?@>E>4. / 273;O=C;. =87 25;8 45@52O==K5 AB5?5=8. / ?@8:070; A2O70BL 0@5AB>20==KE, 27O; :0=45;O1@ 8 428=C;AO ?> ;5AB=8F5.
0: O 8 ?@54?>;030;, B09=K9 :>@84>@ 2Q; 2 A04, 8 53> 2KE>4 =0E>48;AO ?>4 H0B@><, >1@07>20==K< 25B2O<8 @0A:848AB>9 82K. 4=0:> 2 MB>< O C4>AB>25@8;AO ;8HL ?>765, ?>A:>;L:C @8DD> =5 ?KB0;AO 1560BL. = AC5B8;AO 2 181;8>B5:5 8 B>@>?;82> A:;04K20; B><0 2 1>;LH>9 <5H>:. A;8 1K =5 MB0 4>AB>9=0O A>60;5=8O 0;G=>ABL 8;8 5A;8 E>B8B5 ;N1>2L : :=830<, =025@=>5, >= AC<5; 1K A1560BL 8 2K83@0BL 2@5<O.
= 70<5B8;, :0: O 21530N 2 ?>:>8, 8 1@>A8; 2 <5=O :8=60;><. G5=L ;>2:>, 1KAB@> 8 A> A=>@>2:>9, 2K40NI59 >?KB. / =5 CA?5; C:;>=8BLAO, 8 ;57285 2>=78;>AL <=5 2 3@C4L.
>9 >3, :0: 65 O 1K; ?@54CA<>B@8B5;5=, A:070; O, A1@0AK20O =>6, 70AB@O2H89 2 ?;5B5=88 :>;LGC38.
$@035=HB09= 2715HQ==> 2K@C30;AO 8 :8=C;AO 2 AB>@>=C 425@FK, =0E>4OI59AO @O4>< A 181;8>B5G=K< H:0D><. 54>;3> 4C<0O, O AE20B8; ABC; 8 :8=C; 8< 2 @8DD>. -B> 1K;0 4>1@>B=K9 ?@54<5B <515;8. C1>2K9, @57=>9, BO65;K9. >?0; 5<C ?@O<> 2 A?8=C. / ?>41560; 8 ?=C; ;560I53> 2 682>B, 0 :>340 >= A:>@G8;AO, ?@8;>68;AO ?> ?>G:0<. = 70A:C;8;.
KE>48B, 2K 045?B BQ<=>3> 8A:CAAB20, 70:;NG8; O, 2=8<0B5;L=> >A<0B@820O ?>:>8. 04> 65, =04> 65& B> 1K <>3 ?>4C<0BL.
@8DD> 2KB5@ ;8F> >B :@>28 8 A<>B@5; =0 <5=O 273;O4>< :@KAK, 703=0==>9 2 C3>; ?>420;0. > MB> ?>- ?@56=5<C 1K;0 >?0A=0O :@KA0, ;N157=K5 <>8, 8 O ?>=8<0;, GB> <=5 =04> A;548BL, GB>1K >= =5 1@>A8;AO <=5 2 3>@;>.
/ ?>A<>B@5; =0 :=838, ;560I85 =0 AB>;5, 27O; ?5@2CN ?>?02HCNAO. / >B:@K; 5Q 8 ?@8A28AB=C;.
=05B5 ?5@A84A:89? A?@>A8; O.
5@A84A:89, 0@01A:89 8 82@8B. 53> 3>;>A5 O =5 A;KH0; =8 7;>AB8, =8 AB@0E0. = ;81> C65 A<8@8;AO A AC4L1>9, ;81> @0AAG8BK20; =0 5Q GC45A=K9 ?>2>@>B. @5G5A:89 8 ;0BK=L B>65, 4>1028; >=.
C- =C, ?@>87=QA O A =5A:@K205<K< C482;5=85<. K 2K40NI89AO G5;>25:, 3>A?>48= $@035=HB09=. 0;> B>3>, GB> ;>2:89 :C?5F, B0: 5IQ CG5=K9 8 7=0B>: B09=KE 7=0=89.
>E>65, >= =5 4C<0;, GB> 8=:2878B>@ 1C45B 45;0BL 5<C :><?;8<5=BK, ?>MB><C ?>A<>B@5; =0 <5=O A C482;5=85<. G53> >= 640;? 'B> O A 8AB>H=K< :@8:>< =0G=C @07<0E820BL :048;><, 1@K730BL 2>:@C3 A2OB>9 2>4>9 8 1C1=8BL <>;8B2K?
@87=09B5AL <=5, A45;09B5 >4>;65=85, :0:>20 1K;0 F5;L 2A53> MB>3>? O >12Q; 2>:@C3 @C:>9.
/ >BKA:0; 70:;8=0=85, A?>A>1=>5 25@=CBL <=5 0C;8=C, >B25B8; >=. K;> B>;L:> >4=> CA;>285&
87=L 5Q C189FK, O ?@5@20; 53>.
>B 8<5==>!
>MB><C 2K =5 ?>72>;O;8 C<5@5BL 0E0@8N. / ?>:0G0; 3>;>2>9. K E>B5;8 2 =04;560I55 2@5<O ?@8=5AB8 53> 2 65@B2C. CG8;8 53>, =>, 2AQ 65, A;548;8, GB>1K <C:0 =5 >15@=C;0AL A<5@BLN.
<5==> B0:! A59G0A O 20< :>5- GB> A:06C, 3>A?>48= 0445@48=. = ?>A<>B@5; =0 <5=O ;8E>@04>G=K< 273;O4><. >72>;LB5 <=5 ?@>25AB8 >1@O4. 'B> 20< 70 45;> 4> 687=8 AK=0 :0:>3>- B> :C?G8H:8? ! !:>;L:> >= 20< ?@54;>68;? / ?5@5:@>N 53> ?@54;>65=85 45AOB8:@0B=>! !B>:@0B=>, 5A;8 E>B8B5. B40< 20< 2AQ 8<CI5AB2>. AQ, G5< 2;045N. 4=8 MB8 :=838 AB>OB A>AB>O=85, 0 C <5=O 5ABL 5IQ 8 7>;>B>, 8 =542868<>ABL& A;8 ?>B@51C5BAO, >B5F&
/ ?@5@20; 53>, ?>4=O2 @C:C.
-B> B>;L:> >B@020, A:070; O. 8G53> =5 AB>OI0O, :0: 8 20H0 687=L& 'Q@=K5 <0=B88 =5 ?@540NB, 3>A?>48= $@035=HB09=.
>;65=, >4=0:>, ?@87=0BL, O 2>AE8I0;AO 3;C18=>9 53> GC2AB2. = E>B5; >B40BL <=5 2AQ, GB> 8<5;, 2 >1<5= =0 2>A:@5H5=85 ;N18<>9. >B B>;L:> MB> « 2AQ» 2 40==K9 <><5=B >7=0G0;> A;8H:><, A;8H:>< <0;>. > MB> C65 =5 53> 28=0.
=>385 ;8 8=:2878B>@K =0 <>Q< <5AB5 2>A?>;L7>20;8AL 1K AB>;L I54@K< ?@54;>65=85<? 5 7=0N 8 =045NAL, GB> =5<=>385 8;8 =8:B>. >, 2 :>=F5 :>=F>2, 8 A@548 =0A ?>?040;8AL G5@=K5 >2FK, F5=OI85 1@5==K5 CB5E8 2KH5 A2OBKE CAB>52 25@K. 0: 1K O <>3 70:;NG8BL A45;:C A G5@=>:=86=8:><, 0 ?>B>< 2>AE20;OBL >A?>40 B5<8 65 CAB0<8, GB> A>3;0A8;8AL =0 B0:>9 =87<5==K9 B>@3?
@8DD> ?>BO=C;AO : 3>;5=8IC A0?>30. 54>AB0B>G=> 1KAB@>. ">G=K< ?8=:>< O 2K18; C =53> :8=60; 2 B>B 65 <83, 2 :>B>@K9 >= =0?@02;O; 53> 2 A>1AB25==CN 3@C4L.
065 C<5@5BL <=5 =5 40QB5! ?@>@KG0; >= 8 A=>20 7018;AO 2 C3>;.
048<, ?>>15I0; O A?>:>9=>. > B>;L:> B>340, :>340 A0<8 MB>3> ?>65;05<.
* * *
>@48<5@ 0445@48=, 8=:2878B>@? '5;>25: 2 GQ@=>< ?@53@048; <=5 ?CBL.
:B> A?@0H8205B?
= <>;G0 2K=C; 87- 70 ?07CE8 4>:C<5=BK 8 ?>40; <=5. / 2=8<0B5;L=> ?@>A<>B@5; 1C<038. -B>B <C6G8=0 >1;040;, =5 1>;LH5, =8 <5=LH5, 0 2A53> ;8HL 3@0<>B0<8, ?>4?8A0==K<8 0110B><- =0AB>OB5;5< <>=0ABK@O <H8;0A, G5;>25:><, > :>B>@>< =5:>B>@K5 3>2>@8;8, GB> >= <>3CI5AB25==55 :0: ?0?K @8<A:>3>, B0: 8 2A5E :0@48=0;>2 8 5?8A:>?>2 2<5AB5 27OBKE. <5==> 2 ?>475<5;LOE <H8;0A 4>?@0H820;8 A0<KE 70:>@5=5;KE 8 >?0A=KE >BABC?=8:>2, MB> B0< 1K;8 A>1@0=K 8 87CG0;8AL BKAOG8 70?@5I5==KE A28B:>2. / ?@>25@8; ?5G0B8 8 ?>4?8A8. =8 ?@>872>48;8 2?5G0B;5=85 ?>4;8==KE, 0 ?>A:>;L:C ?@>A;02;5==0O :045<8O =:2878F88 =0B0A:820;0 ?8B><F52 2 C<5=88 @0A?>7=020BL D0;LH82:8, O <>3 1KBL ?>GB8 C25@5= 2 ?@028;L=>AB8 <>59 >F5=:8. / >B40; 4>:C<5=BK A>15A54=8:C.
'5< <>3C A;C68BL?
/ 7018@0N B2>53> >128=O5<>3>, >@48<5@, ?@>87=QA >=. BK 45@68 O7K: 70 7C10<8.
0: 2K, A>1AB25==>, MB> ?@54AB02;O5B5? A?@>A8; O A> 7;>ABLN. 'B> O 4>;65= A:070BL =0G0;L=8:C =:2878F88? 'B> ?B8G:0 >B <5=O C?>@E=C;0?
5=@8E ><<5; 1C45B >1> 2AQ< 8725IQ=, >B25B8; G5;>25: 2 GQ@=><. I5 :0:85- =81C4L 2>?@>AK?
>=5G=>, 70O28; O B2Q@4K< B>=><, 8 >= ?>A<>B@5; =0 <5=O. 53> 273;O45 O =8G53> =5 ?@>G8B0;, :@><5 @02=>4CH=>3> 157@07;8G8O, => O 1K; C25@5=, GB> =0 A0<>< 45;5 >= C482;Q= B5<, GB> O =5 ?>:>;510;AO 53> 7045@60BL. # <5=O 5ABL >A=>20=8O ?>4>7@520BL, GB> 3@0D $@035=HB09= 7=0;, :5< O2;O5BAO 53> ;N1>2=8F0, 8 7=0;, GB> >B MB>9 A2O78 2K;C?8;>AL 4LO2>;LA:>5 >B@>4L5.
'5;>25: 2 GQ@=>< ?@81;878;AO :> <=5.
?0A=> >128=OBL 0@8AB>:@0B0 8 8<?5@0B>@A:>3> ?>A;0
[ 3 3 ]
, A:070; >=.
53> 3>;>A5 =5 1K;> C3@>7K. A:;NG8B5;L=> :>=AB0B0F8O D0:B0.
?0A=> CB0820BL ?@024C, 1C4B> >=0 1K;0 2A53> ;8HL ?@>:06Q==>9 H;NE>9, 2>7@078; O.
<>5<C C482;5=8N, >= GCBL C;K1=C;AO C3>;:0<8 @B0. 53> ?CABKE 3;070E B0:65 1;5A=C;> 25A5;L5.
@0D $@035=HB09= C65 =5 2 =0H59 2;0AB8, ?@>87=QA >=. G5@0 A =8< ?@>87>HQ; =5AG0AB=K9 A;CG09. #B>=C; 2 @5:5.
"5;> =5 =0945=>, =5 B0: ;8? A?@>A8; O ?>A;5 ?0C7K.
-B> @5:0 A 1KAB@K< B5G5=85< 8 8;8ABK< 4=><, ?@>OA=8; >=. 'B>- B> 5I5?
= 4065 =5 640; >B25B0 8 1KAB@K< H03>< =0?@028;AO 2 AB>@>=C 0@5AB0=BA:>9. 7 B5=8 2KH;8 42>5 4@C38E <C6G8= ( :0: O <>3 =5 70<5B8BL 8E @0=LH5? ! ) 8 428=C;8AL 70 =8<. =8 B0:65 1K;8 >45BK 2 GQ@=K5 :0DB0=K 8 GQ@=K5 <0=B88. K;8 ;8 >=8 8=:2878B>@0<8? / =5 2845; =0 B:0=8 A5@51@O=>3>, =04;><;5==>3> :@5AB0 7=0:0 =0H59 ?@>D5AA88. > 254L 8 O =5G0AB> =04520; >D8F80;L=K9 =0@O4 A;C60I53> !2OB>9 !;C61K.
/ <>3 1KBL C25@5= 2 >4=><. <>=0ABK@5 <H8;0A 1;03>G5AB82K5 <>=0E8 2K6<CB 87 @8DD> $@035=HB09=0 :064CN <KA;L 8 :064K9 >1@K2>: 7=0=89. @52@0BOB 53> 2 >B:@KBCN :=83C A> AB@0=8F0<8, 70?>;=5==K<8 38<=0<8, A;02OI8<8 >A?>40. = 1C45B C<8@0BL, 7=0O, GB> BQ<=>5 7=0=85, :>B>@>5 87CG0;, ?><>65B !;C30< >6L8< 2 >BKA:0=88, @0A?>7=0=88 8 ?>:0@0=88 >BABC?=8:>2, B0:8E :0: >= A0<.
* * *
8=C;0 =545;O A B5E ?>@, :0: O ?@81K; 2 535=20;L4. 2>B, ?@8H;> 2@5<O ?@>I0BLAO. / ?>;CG8; ?;0BC >B 1;03>40@=>3> 0B80A0 ;8=3109;0 8 ?@83>B>28;AO : >BJ574C. >340 O 2K2>48; :>=O 87 :>=NH=8, B> ?>GC2AB2>20; B>H=>B2>@=CN 2>=L, :0: 1C4B> 8AE>482HCN >B 3=8NI53> B5;0. / >15@=C;AO 8 C2845; ?;5BCI53>AO 2 <>N AB>@>=C 0E0@8O. K3;O45; >= C60A=>, =5 B>;L:> A CGQB>< B>3>, GB> G0ABL ;8F0 1K;0 871>@>645=0 AB0@K<8 H@0<0<8 ( @01>B0 ?@5:@0A=>9 0C;8=K) , => ?@5645 2A53> 87- 70 4;8==>3>, A<>@I5==>3> @C1F0, BO=CI53>AO >B C3;0 3;070 4> ?>41>@>4:0 8 C@>4CNI53> 2AN I5:C. / 7=0;, GB> 2A5340, :>340 2A?><=N 53>, 1C4C ?><=8BL 8 > :>?>H0I8EAO 2 @0=5 ;8G8=:0E, 2K3@K70NI8E <Q@B2CN ?;>BL 87 53> B5;0. "5< =5 <5=55, O 1K; ?>@065= B5<, GB> >= B0: 1KAB@> 2AB0; =0 =>38. 2830;AO >= 5IQ A O2=K< B@C4><, >4=0:> 1K;> 284=>, GB> >1;040; 459AB28B5;L=> 65;57=K< >@30=87<><.
C, G53>, ?0@5=L? 703>2>@8; O.
>54C A B>1>9, >B25B8; >=.
0G5<? = ?>60; ?;5G0<8.
70G5< <=5 BCB >AB020BLAO? >B25B8; 2>?@>A>< =0 2>?@>A. / B515 ?@83>6CAL&
59AB28B5;L=>, 2 025=A1C@35 <0;> E>@>H53> <>3;> >6840BL 0E0@8O
[ 3 4 ]
.
>B5F?
/ B>;L:> =02@56C 5<C, 1C@:=C; >=. CABL ;CGH5 ;N48 >1> <=5 701C4CB. / ?>?@>A8; C =53> 42CE :>=59, =5<=>3> 45=53, A01;N, E;>?=C; A51O ?> 154@C, 8 >4564C. -B> 2AQ&
07 B0:? ?>60; O ?;5G0<8. C4L C 2>@>B, :>340 ?@>1LNB : 25G5@=5.
:>340 ?>545<, 45@68AL A ?>425B@5==>9 AB>@>=K, 4>1028; O ?@> A51O.
!?0A81>, >@48<5@, ?@>87=QA >=, 8 2 53> 273;O45 O C2845; 8A:@5==NN 1;03>40@=>ABL. "K =5 ?>60;55HL >1 MB><.
5B5@ ?>4C; 2 <>N AB>@>=C, 8 2>=L, 4>=>AOI0OAO >B ;8=3109;0, 5420 =5 >B18;0 <=5 =NE. / >BH0B=C;AO.
#65 60;5N, ?@>1C@G0; O, => B0: B8E>, GB>, =025@=>5, >= =5 CA;KH0; <>8E A;>2.
-?8;>3
4@02AB2C9, A:070; O, 2E>4O 2 :018=5B 5=@8E0 ><<5;0.
= <>;G0 C:070; <=5 =0 ABC;.
!>740; BK =0< ?@>1;5<, >@48<5@, ?@>87=QA >=, 4065 =5 A8;OAL =0 ?@825BAB25==K5 ;N157=>AB8.
/ >BKA:0; ?@024C.
0- 000, >BKA:0; ?@024C. GB> <K >1@5;8 1;03>40@O MB><C?
'B> >1@5;8? @024C! ;L MB>3> <0;>? C 8, :@><5 MB>3>, =51>;LH>5 2>7=03@0645=85. / ?>;>68; =0 AB>; BC3CN <>H=C A 7>;>B><.
015@8 MB>, A:070; >= CAB0;K< 3>;>A><. / @5H8; ?@54>AB028BL B515 >B?CA:, >@48<5@, 15AA@>G=K9. / B0:65 @5H8; =0?8A0BL ?8AL<> 3> @5>A2OI5=AB2C, ?@>AO, GB>1K >= A>1;03>2>;8; ?@8=OBL B51O 2 @O4K ;8F5=78@>20==KE 8=:2878B>@>2 2 %57- E57@>=5.
K:84K205HL <5=O 70 B>, GB> O >:070;AO A;8H:>< 4>304;82K<, 40? !;8H:>< G5AB=K<?
/ =5 2K:84K20N B51O. = 2725A8; 2 @C:5 :>H5;L 8 1@>A8; 53> <=5 =0 :>;5=8. -B> ?>GQB=>5 ?>2KH5=85, >@48<5@. @><5 B>3>, O AG8B0N, GB> 4;O =0A >1>8E 1C45B ;CGH5, 5A;8 BK C94QHL.
>G5<C? A?@>A8; O >1865==> 8 ?5@5;>68; :>H5;L >1@0B=> =0 AB>;. = 459AB28B5;L=> 1K; BO6Q;K<.
>A:>;L:C B>, GB> 4;O B51O A@54AB2>, 254CI55 : F5;8, 4;O 4@C38E ;N459 C65 F5;L.
/ A <8=CBC <>;G0;.
=0G8B, O 4>;65= 1K; 4>3>2>@8BLAO A @8DD>, @0725 =5 B0:? A2>1>48BL 0E0@8O, ?>;CG8BL ?;0BC >B 53> >BF0, ?>A;5 G53> 27OBL 45=L38 >B $@035=HB09=0 270<5= A>:@KB8O A5<59=KE B09=?
-B> BK A:070;, >@48<5@.
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
/ 2AB0; A <5AB0.
>65B BK 701K;, 5=@8E, GB> >3 2A5 2848B, ?@><>;28; O. 848B 8 >F5=8205B. F5=8205B 8 3>B>28B :0@C.
#G8BL <5=O 274C<0;? = B0:65 2AB0;. / 2845;, :0: 53> ;8F> 103@>255B.
8:>340 1K =5 >A<5;8;AO, >B25B8; O.
/ ;N18; B51O, A:070; >=, 2K45;OO :064>5 A;>2>. > A59G0A 4C<0N, GB> BK <>65HL ?@8=5AB8 1>;LH5 ?@>1;5<, G5< ?>;L7K. A2O78 A MB8<, O =0?@02;N ?8AL<> A B@51>20=85<, GB>1K A B51O A=O;8 ?>;=><>G8O 8=:2878B>@0.
/ ?><5@B25;, => =5<=>3> ?>3>4O ;8HL A:;>=8; 3>;>2C.
« 1> = A?@OG5B <5=O 2 A2>Q< H0B@5 2 45=L 154AB28O, C:@>5B <5=O 2 3;C18=5 A2>53> E@0<0, ?>4=8<5B <5=O =0 A:0;C»
[ 3 5 ]
, ?@>H5?B0; O.
#18@09AO, =0:>=5F, ?@8:070; >= CAB0;K< 3>;>A><.
IQ =5B, >B>720;AO :B>- B>.
/ @57:> >15@=C;AO. C3;C ?>:>52 A845;, >?5@H8AL =0 ACG:>20BK9 ?>A>E, 87<>64Q==K9 G5;>25G5: 2 3@O7=>- A5@>< 10;0E>=5. 0:8< GC4>< 5<C C40;>AL =570<5B=> 2>9B8 2 740=85 =:2878F88? 0, :0:8< GC4>< C40;>AL 5<C 709B8 2 MB8 ?>:>8 8 ?>4A;CH0BL =0H @073>2>@?
>1@K9 1@0B, =8G53> 87 B>3>, GB> BCB ?@>8AE>48B, B51O =5 :0A05BAO. 48, O ?@8:06C ?>40BL B515 >154, 0 ?>B><, ?5@54 ?@>4>;65=85< AB@0=AB28O, =0?>;=8< B2>9 <5H>: <OA><, AK@>< 8 E;51><.
= ?>A<>B@5; =0 <5=O 8 C;K1=C;AO.
>;LH>5 A?0A81>, >@48<5@, => O =5 2:CH0N =8G53>, :@><5 !25B0.
>340 O CA;KH0; MB8 A;>20, B> 70E>B5; A?@>A8BL, =5 >B:@KBL ;8 2 B0:>< A;CG05 4;O =53> AB02=8 8;8 =5 7065GL ;8 A25G8, =>, : AG0ABLN, O =5 CA?5; MB>3> A:070BL. 5=@8E ><<5; C?0; =0 :>;5=8 8 B@5A=C;AO 3>;>2>9 > ?>;>28FK B0: A8;L=>, GB> O ?>4C<0;, 0 =5 ?@>1L5B ;8 >= 4K@C 2 ?>420;.
>A?>48= <>9, 2>7720; >=, G5< O 70A;C68; A515 B0:CN G5ABL? !
"K A515 =5 70A;C68;, >B25@3 G5;>25: 2 A5@>< 10;0E>=5.
>B>< >= 2AB0; 8 ?@81;878;AO : 20H5<C ?>:>@=><C A;C35, :>B>@K9 A<>B@5; =0 2AQ MB>, ?> <5=LH59 <5@5, >AB>;15=52H8< 273;O4><. = ?>;>68; <=5 @C:C =0 ?;5G>, 8 O A>3=C;AO ?>4 5Q BO65ABLN. !59G0A B>B, :>3> O ?@8=O; 70 =8I53>, =5 :070;AO C65 =8 B0:8< =87:8<, =8 B0:8< =5<>I=K< :0: ?5@54 MB8<. 065 60;:89 10;0E>= ?@52@0B8;AO 2 15;>A=56=K9 ?;0I. 3> 2>;>AK, :070;>AL, <5@F0;8 G8ABK< 7>;>B><.
>@48<5@, A:070; >=, <>9 4>@>3>9 >@48<5@. "K 459AB28B5;L=> =5 7=05HL, :B> O?
/ =5>AB>@>6=> ?>A<>B@5; 2 53> 3;070 8 CB>=C; 2 ;018@8=B0E 157C<8O, :>B>@K5 2 =8E ?C;LA8@>20;8. / 1K C65 =5 A<>3 A0< >B25AB8 273;O4, => >= C40@8; <5=O ?> I5:5. / 2K@20;AO 87 B5=5B 8 >B;5B5; : AB5=5.
5 E>GC B51O ?C30BL, <>9 <0;LG8:, <>;28; >=, 8 2 53> 3>;>A5 O C;>28; =>B:C ?5G0;8.
B> BK? A?@>A8; O, C482;OOAL, =0A:>;L:> A?>:>9=K9 C <5=O 3>;>A. / 1K; ?>@065=, B0: :0:, =5A<>B@O =0 B>, GB> A59G0A GC2AB2>20; 8AE>4OICN >B =53> =5>1K:=>25==CN <>IL, O =5 @0A?>7=020; =8:0:8E ?@87=0:>2, >1KG=> A>?@>2>640NI8E O2;5=85 <>3CG8E 45<>=>2.
><=8, GB> A<5;> <>3C 2A?><=8BL A;>20 >A?>40:
« 5 1>9AO, 81> / A B>1>9; =5 B@52>6LAO, 81> / >3 B2>9; / C:@5?;ON B51O 8 ?><>30N B515, ?>445@6C B51O >59 45A=8F5N A?@0254;82>9»
[ 3 6 ]
.
A;8 1K O <>3, B> 2KE20B8; 1K <5G 87 =>65=, => C <5=O =8G53> =5 1K;>, :@><5 :8=60;0, A?@OB0==>3> 70 3>;5=8I5< A0?>30. 'B> 6, O 53> 2KB0I8;, A>7=020O, :0: A<5H=> 2K3;O48B MB>B 65AB. > 254L =5 >1 >@C688 H;0 @5GL, 0 > A8;5 25@K, :>B>@0O =0?@028B ;57285.
« 5 A;><05B B@>AB=8:0 =04;><0==>3>, =5 ?>30A8B D8B8;O B;5NI53>. = =5?>:>;518<> ?@8=5AQB 0:>=»
[ 3 7 ]
, 2>A:;8:=C; O.
@5:@0A=> A:070=>, >@48<5@, ?@87=0; >= A >4>1@5=85<. "5< ?@5:@0A=55, GB> BK 25@8HL 2 B>, GB> O 45<>=.
# B51O 2@5<5=8 @>2=> =0 B@8 C40@0 A5@4F0, GB>1K >1JOA=8BLAO. >B>< B51O C1LN, ?@54C?@548; O A?>:>9=> 8 @5H8B5;L=>.
"0: A?>:>9=> 8 B0: @5H8B5;L=>, 401K A:@KBL A2>9 C60A. #60A <KH:8, 3@>7OI59 ;L2C.
>5 A5@4F5 =8:>340 =5 18;>AL, 8 BK =5 A<>3 1K <5=O 8725AB8, 4065 5A;8 1K O MB> ?>72>;8;&
-B> =35;! :@8:=C; ><<5;, =5 ?>4=8<0O 3>;>2K >B ?>;0. -B> =35;! !60;LAO =04> <=>9, <8;>A5@4=K9 3>A?>48=!
! B>1>9 <=5 =5 > G5< 3>2>@8BL, 1C@:=C; AB>OI89 @O4>< A> <=>9 G5;>25:, 8 O 24@C3 C2845;, GB> @>B ><<5;0 8AG5705B. 5<=>3> ?>3>4O =0 53> ;8F5 <564C :>=G8:>< =>A0 8 ?>41>@>4:>< =8G53> =5;L7O 1K;> C2845BL, :@><5 3;04:>9 :>68.
"K =0 A0<>< 45;5 =35;? A?@>A8; O, ?OBOAL =0 H03 8 :@05< 3;070 ?>3;O4K20O =0 ><<5;0, :>B>@K9 2 >BG0O=88 >IC?K20; A51O ?0;LF0<8 2 ?>8A:0E A>1AB25==>3> @B0, 0 3;070 C =53> 1K;8 2K?CG5==K<8 >B C60A0.
/ =5 >1KG=K9 =35;, >@48<5@, >B25B8; >=. / B2>9 =35;- E@0=8B5;L. / ;0<?040, :>B>@>9 BK @0AA55HL BL<C, O :0?;O 2>4K, :>B>@0O ?04QB =0 B2>8 6064CI85 CAB0, O 4C=>25=85 25B@0 A@548 60@0 ?CABK=8, O ?@5425AB=8: =04564K B0<, 345 701KB> A;>2> « =045640» . 4@C3 53> D83C@0 2K@>A;0 ?>4 A0<K9 1@525=G0BK9 ?>B>;>:. / 70:@K; 3;070, 81> 1;5A: >A;5?8; <>8 7@0G:8. O !;C30 >689, >;>B 254L<, 0 B0:65 5G. / ?@>254C B51O A@548 >2F>2 CH 8 ?>40@N 687=L A@548 'Q@=>9 !<5@B8
[ 3 8 ]
. %>G5HL ;8 >1=OBL <5=O, >@48<5@?
5B, >B:070;AO O, A>7=020O, GB> G5@57 <83 53> 3=52 ?04QB =0 <>N 3>;>2C.
/ 7=0;, GB> ?@54> <=>9 45<>=, ?>B><C GB> G5;>25: AB>;L 4C@=>3> ?>2545=8O :0: O, =5 70A;C68; A515 =35;0- E@0=8B5;O. = ?KB0;AO <5=O 225AB8 2 701;C645=85, @0765GL 3>@4K=N, ?@5;LAB8BL&
254L =5 >H81;8AL =0AGQB B51O, 1@>=7>9 ?@>3@5<5; 53> 3>;>A. "K 8<5==> B>B, :>3> O 8A:0;. >4>948, 48BO <>Q. "5?5@L >1=8<C B51O A 8AB8==>9 ;N1>2LN. "K C65 =5 A3>@8HL 2 <>Q< ?;0<5=8&
= 4065 =5 640; ?>72>;5=8O. 3> >3@><=K5, A8ONI85 15;87=>9 :@K;LO C:CB0;8 <5=O, A;>2=> ?5@8=0 87 3>@OG53> A=530. N157=K5 <>8, >@48<5@ 0445@48= =5 4C@0: 8 7=05B, GB> A=53 =5 <>65B 1KBL 3>@OG8<, ?>A:>;L:C ?>4 2>7459AB285< B5?;0 G5;>25G5A:8E @C: ?@52@0I05BAO 2 2>4C. > GB> 87 MB>3>, 5A;8 :@K;LO =35;0 :070;8AL A>B2>@Q==K<8 8<5==> 87 @0A:0;Q==KE A=568=>:. =8 =5 >16830;8 <5=O, => =0?>;=O;8 60@>< <>5 A5@4F5, C< 8 4CHC.
-B> 1K;> C60A=>5 8 ?@>=78B5;L=>5 GC2AB2>, =>, 2 B> 65 2@5<O, =5ACI55 ?>;=CN 1>;8 A;04>ABL. / 70:@K; 3;070 8, =025@=>5, 4>;3> ?@51K20; 2 C4828B5;L=>< 701KBL8, ?>:0 =5 >B:@K; 8E 2=>2L. O4>< A> <=>9 =8:>3> =5 1K;>. =8 G5;>25G:0 2 A5@>< 10;0E>=5, 0 =8 =35;0 A :@K;LO<8, A>B:0==K<8 87 @0A:0;Q==>3> ?CE0. ">;L:> =0 ?>;C >AB0;>AL 15;>5 ?5@>, => 8 >=> 2A:>@5 70H8?5;>, 0 ?>B>< 8AG57;>, >AB02;OO ;8HL 2K665==K9 A;54 =0 45@525.
/ >15@=C;AO 2 AB>@>=C ><<5;0, 401K ?@>25@8BL, GB> A =8< ?@>8AE>48B. = C65 >1@Q; @>B, A845; 2 C3;C ?>:>52 A 70ABK2H8< >B C60A0 ;8F>< 8 2>48; ?0;LF0<8 ?> 3C10<. >A<>B@5; =0 <5=O.
#57609 >BAN40 :0: <>6=> A:>@55, >@48<5@, A:070; >=, 8 2 53> 3>;>A5 O A;KH0; 8 AB@0E, 8 7;>ABL. <>65B 8 B>;8:C 7028AB8? 018@09 2A5 45=L38 8 C57609. / 40< B515 @5:><5=40B5;L=>5 ?8AL<> : 5?8A:>?C, B>;L:> >AB02L =0A 2 ?>:>5.
!45;0N, :0: ?>65;05HL, 5=@8E, O :82=C;. 5;0N B515 AG0ABLO 8 1;03>40@N 70 2AQ.
= ?>A<>B@5; 1>;55 >A<KA;5==K< 273;O4><. 74>E=C; 8 ?>4=O;AO A ?>;0. "O65;> C?0; =0 ABC;. 0;LF0<8 ;52>9 @C:8 >= A=>20 ?@>2Q; ?> 3C10<, :0: 1K ?@>25@OO, =0 A2>Q< ;8 >=8 <5AB5.
/ B>65 65;0N B515 AG0ABLO, >@48<5@. 0 A0<>< 45;5. 5A<>B@O =8 =0 GB>. / ?>GC2AB2>20; 8A:@5==>ABL 2 53> 3>;>A5. %>BO =5 8725405HL 53> =8 BK, =8 B5, :B>, : A2>5<C =5AG0ABLN, >:06CBAO =0 B2>Q< ?CB8&
BG53> 65? 2>A?@>B828;AO O.
= =5 >B25B8;, B>;L:> ?5@52Q; 273;O4 =0 2K665==K9 2 45@525 A;54 0=35;LA:>3> ?5@0. >B>< ?>A<>B@5; =0 <5=O.
« 540 B5< 60;:8< ACI5AB20<, :B> 2E>48B <56 :;8=:>2 1>9F>2 <>3CG8E»
[ 3 9 ]
, ?@>F8B8@>20; >= D@03<5=B ?L5AK.
8BB5@, 1@>A8; O <0H8=0;L=>.
0, 59=F 8BB5@, >B25B8; >=. 0725 =5 35=80;L=K9 ?>MB?
/ ?>4>HQ; : AB>;C 8 A3@Q1 ?CE;K9 :>H5;L A 3>=>@0@><, ?>;CG5==K< >B ;8=3109;0.
'C45A=K9, A>3;0A8;AO O. 687=L <>O B>65 1C45B ?@5:@0A=>9. >340- =81C4L&
= ?>A<>B@5; =0 <5=O, 8 =0 MB>B @07 2 53> 273;O45 O C2845; A>GC2AB285.
A>60;5=8N, =5B, A:070; >=. %>BL 1K BK 8 65;0; MB>3> 1>;55 2A53> =0 A25B5. C45HL :0: ?>60@, >@48<5@. !>665HL 2AQ, : G5<C ?@81;878HLAO&
/ :82=C;, =5 4;O B>3>, GB>1K ?@87=0BL 53> ?@02>BC, => 401K >= 7=0;, GB> O ?>=O; 53> A;>20.
> A2840=8O, 5=@8E, O >B:@K; 425@8.
@>I09, >B25B8; >=.
!;C30 >689
1> 5ABL >= >@C485< >30, 401K >B<5@OBL A?@0254;82K9 3=52 B><C, :B> G8=8B 7;>.
[ 4 0 ]
!2. 025;
0:H8;5;N =5 >B:07K20NB. :>340 53> A;C30 A>>1I8; <=5, GB> <0AB5@
[ 4 1 ]
64QB, O A59G0A 65 =045; <0=B8N 8 2KH5; =0 C;8FC. K;> >G5=L 60@:>, 4065 ?0@:>, 8 7;>2>=85 87 AB>G=KE :0=02 701820;> =>A. 5=0286C 3>@>40. >A>15==> %57- E57@>=. -B> =08EC4H89 87 ?;>E8E 3>@>4>2. > 8<5==> 745AL ;CGH5 2A53> 70@010BK205BAO =0 687=L 8 AB@>65 A;C68BAO >3C. C 8 GB> ?>45;05HL?
>< C 0:H8;5;O 1K; :0<5==K<, 42CEMB06=K<, A> 2E>4>< A C;8FK
[ 4 2 ]
8 425@LN A 1@>=7>2K< <>;>B>G:><. ;O <0AB5@0 38;L488 <OA=8:>2 =5 B0: C6 1>30B>, => 0:H8;5;L 1K; 8725AB5= ?>B@OA0NI59 A:C?>ABLN. MB>9 A:C?>AB8 A@02=8 1K;0 ;8HL 65AB>:>ABL. =5 =8:>340 =5 =@028;AO MB>B G5;>25:, => 2 3>@>45 53> A;>2> 1K;> A;8H:>< 25A><K<, GB>1K O =5 ?@8=O; ;N157=>3> ?@83;0H5=8O. 0 8 ?0@C @07 >= C65 40; <=5 70@01>B0BL. 5 B0: GB>1K <=>3>, => 2@5<5=0 =5;Q3:85 8 AG8B05HL :064K9 3@>H. O 254L, ;N157=K5 <>8, 1K; 2A53> ;8HL 8=:2878B>@>< 157 4>;6=>9 ;8F5=788, <0;> :><C 8725AB=K< ?@85768< 87 ?@>28=F88, 8;8, ?@>I5 3>2>@O: =8:5<.
0:H8;5;L A845; 2 A04C, 0, A:>@55, 2 GQ<- B>, GB> >= =07K20; A04><, 8 >168@0;AO D8=8:0<8 87 1>;LH>9 A5@51@O=>9 <8A:8. 3> 1@NE> @07;53;>AL C =53> =0 :>;5=OE, @0A?0E=CB0O =0 3@C48 @C10E0 1K;0 2AO 2 ?OB=0E >B 28=0 8 68@0, 0 ?0;LFK C=870=K 7>;>BK<8 ?5@AB=O<8.
!048B5AL, 3>A?>48= 0445@48=, @O2:=C; >=, 4065 =5 3;O4O =0 <5=O, 8 =51@56=K< 65AB>< ?@>3=0; A;C3.
=8 1C4B> 8A?0@8;8AL. %>@>H> 8E 2KCG8;, =04> ?@87=0BL.
# <5=O 5ABL 4;O 20A >4=0 @01>B0, => 5ABL ;8 C 20A 65;0=85 70@01>B0BL?
&5@:>2L =5 A;8H:>< I54@0 : A2>8< A;C30<, >B25B8; O A CA<5H:>9, 8 :064K9 ;8H=89 3@>H 1C45B :AB0B8.
-;O 0@@0=5, MB> 8<O 20< GB>- =81C4L 3>2>@8B?
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
>:>=G8 A =59, >@48<5@, A:070; >=, =0:@K2 <>N @C:C A2>59.
=0 1K;0 3>@OG59 8 ;8?:>9. 5C4828B5;L=>, GB> -;O =5 E>B5;0, 401K : =59 ?@8:0A0;8AL B0:85 ?0;LFK. / B>65 =5 E>B5;, ?>MB><C C1@0; @C:C.
/ =5 =0Q<=K9 C189F0, A:070; O, ?>68<0O ?;5G0<8. 1@0B8AL : :><C- =81C4L 4@C3><C.
/ =5 1K; =8 @07>7;Q=, =8 >1865=. !:>@55, @07>G0@>20= B5<, GB> <0AB5@ <OA=8:>2 <>3 >B=5AB8AL :> <=5, :0: : ;8HL 1K :0:><C =0Q<=8:C, 3>B>2><C =0 2AQ 70 ?0@C :@>=. / 2AB0;, => >= AE20B8; <5=O 70 @C:C. / >AB0=>28;AO 8 ?>A<>B@5; =0 =53>. = =5E>BO >A;018; E20B:C.
>:>=G8 A =59 >D8F80;L=>, A:070; >=, 45;0O C40@5=85 =0 ?>A;54=5< A;>25.
/ =5 8<5N ?@020 459AB2>20BL =0 MB>9 B5@@8B>@88, 2>7@078; O >AB>@>6=>, C482;Q==K9 B5<, GB> >= MB>3> =5 7=05B. >O ;8F5=78O =5 2:;NG05B %57- E57@>=. / 2A53> ;8HL 154=K9 ?0@5=L 87 ?@>28=F88, => 5A;8 E>G5HL, <>3C B515 ?>@5:><5=4>20BL :>3>- =81C4L 87 <5AB=KE. =0N >4=>3>- 42CE 5IQ A> H:>;K&
'B> =C6=>, C;06C, 1C@:=C; 0:H8;5;L, 0 O ?>4C<0;, GB> 53> IC?0;LF0, ?>E>65, BO=CBAO >G5=L 40;5:>. 54L O E>GC 5Q =5 C18BL, 0 ;8HL ?@83@>78BL ?@82>4>< : !C451=>9 !:0<L5
[ 4 3 ]
. >340 >=0 C2848B 70?;5G=KE 45; <0AB5@0 !525@CA0 8 53> 8=AB@C<5=BK, 5Q A5@45G:> A@07C A<O3G8BAO.
;O4O =0 0:H8;5;O, O ?>4C<0;, GB> 2>2A5 =5 1K; 1K AB>;L C25@5=, :>3> 2K15@5B -;O 0@@0=5: 53> 8;8 A50=A C <0AB5@0 !525@CA0, :>B>@K9 459AB28B5;L=> A;028;AO =01>@>< 2 2KAH59 AB5?5=8 C=8:0;L=KE 8=AB@C<5=B>2. C, MB> 1K; C65 5Q 2K1>@. @><5 B>3>, O 3;C1>:> A><=520;AO 2 B><, GB> ?>A;5 ?@82>40 -;8 : !:0<L5 0:H8;5;N C40ABAO 2KB0I8BL ;N18<CN >1@0B=>. 5;0, >4=064K ?CI5==K5 2 E>4, =5;53:> C40QBAO >AB0=>28BL. OA=8:0 ;81> >A;5?;O;0 ;N1>2L, 70<5H0==0O 2 :@5?:>9 ?@>?>@F88 A =5=028ABLN, ;81> =0 A0<>< 45;5 >= C65 E>B5; =5 4>18BLAO -;8, 0 ;8HL ?>3C18BL 5Q. 4=0:> <5=O >= >1<0=K20; 8;8 A51O? > O =5 A>18@0;AO 5<C MB>3> >1JOA=OBL. -B> 1K;> 8A:;NG8B5;L=> 53> 45;><. ?@>G5<, 2>7<>6=> -;O A<O3G8BAO, :>340 C2848B, GB> 0:H8;5;L =0AB>;L:> >BG0O;AO, GB> ?>A;0; 70 =59 3>=G53> ?QA8:0 2 >1@075 20H53> ?>:>@=>3> A;C38.
?>A;CH09B5 <5=O 2=8<0B5;L=>, 3>A?>48= 0445@48=. # <5=O 5ABL >A=>20=8O ?>;030BL, GB> -;O =5 B0:0O 1>3>1>O7=5==0O 8 4>1@>45B5;L=0O 10@KH=O, :0:>9 E>B5;0 1K :070BLAO&
"5?5@L >= <5=O 708=B5@5A>20;. 07C<55BAO, 2 53> A;>20E A;54>20;> >B45;8BL 7Q@=0 >B ?;525;, =>, 2 :>=F5 :>=F>2, :B> <>65B A45;0BL MB> ;CGH5, G5< 154=K9 >@48<5@?
'B> 8<55HL 2 284C? A?@>A8; O 8 ?>4C<0;, 0 =5 >B2540BL ;8 D8=8:>2, => 0:H8;5;L B0: :>?0;AO @C:>9 2 <8A:5, GB>, 4>;6=> 1KBL, C65 2A5 4> 548=>3> 70;0?0;.
064CN AC11>BC, 25G5@><, >=0 B09:>< 2KE>48B 87 4><0 8 2>72@0I05BAO ;8HL 2 2>A:@5A5=L5 ?>A;5 ?>;C4=O.
# =5Q E0E0;L, @0AA<5O;AO O.
5 ?5@518209 <5=O, >@48<5@, @O2:=C; >=. 45 C =5Q E0E0;L? ?>475<5;LOE ?>4 !0@520;L4><?
>- 2848<><C, C?><8=0=85 > E0E0;5 @074@068;> <OA=8F:>3> <0AB5@0. 5 A:@>N, <5=O MB> @0725A5;8;>, => A2>53> 25A5;LO O ?@54?>GQ; =5 ?>:07K20BL. 5 =04> <=5 2@03>2 1>;LH5, G5< 8E 5ABL. 5 A:06C, GB>1 O A;8H:>< >?0A0;AO =54>1@>65;0B5;L=KE :> <=5 ;N459, => 70G5< 65 2>AAB0=02;820BL ?@>B82 A51O >G5@54=KE? ?@>G5<, A<8@5==K9 254L O 8 :@>B:>3> A5@4F0, 2 B>G=>AB8, :0: B@51C5B 8A0=85.
>B:C40 C =5Q AB>;L:> 45=53 =0 =>2K9 2K574, =>2K5 ?;0BLO, AB04> A;C3, 15A:>=5G=K5 ?@8Q<K? 0 =5:>B>@K5 ?@83;0H05B AB> 8;8 425AB8 3>AB59, ?@>4>;60; >=. 5 8=0G5, MB> ?@>8A:8 =5G8AB>9 A8;K. = @07<0H8AB> ?5@5:@5AB8;AO.
>1LNAL >1 70:;04, 1>;LH5 2A53> 2 ?5@5G8A;5==>< 5<C =5 =@028;>AL B>, GB> 53> =0 MB8 ?@8Q<K =5 ?@83;0H0;8.
?>475<5;LOE ?>4 !0@520;L4><, ?>2B>@8; O. C- =C, 459AB28B5;L=> 8=B5@5A=>. > 254L -;O 1>30B0.
5 =0AB>;L:> 1>30B0, A:070; 0:H8;5;L. / B>G=> ?@>25@8;, ?>25@L <=5.
0, GB> :0A05BAO D8=0=A>2, B@C4=> 1K;> =5 25@8BL ?@>=K@;82>AB8 0:H8;5;O. :>=F5 :>=F>2, 1C4L >= BC?K<, =5 AB0; 1K >4=8< 87 1>30B59H8E :C?F>2 2 3>@>45 8 <0AB5@>< 38;L488 <OA=8:>2.
"K >B?@02;O; :>3>- =81C4L 70 =59? A?@>A8; O.
:0: 65, >B25B8; >= <@0G=>, >B?@02;O;. "@8 @070. <>8 ;N48 =8:>340 =5 2>72@0I0;8AL. @54AB02;O5HL A515?
-B> 1K;> C65 8 ?@0240 ;N1>?KB=K<. 4>102>:, B>, GB> 45;> 1K;> >?0A=K<, 157 2AO:>3> A><=5=8O ?>2;8O5B =0 25;8G8=C <>53> 3>=>@0@0.
>G5<C =5 A45;05HL MB>3> >D8F80;L=>? !>7>28 A:0<59I8:>2 8 ?>B@51C9 @0AA;54>20=8O, 8;8 ?>409 D>@<0;L=>5 70O2;5=85 2 =:2878F8N&
>A?>48= 0445@48=, >= 6QAB:> ?>A<>B@5; =0 <5=O, 8 O 2845;, GB> >= B5@O5B B5@?5=85. / =5 E>GC 5Q C1820BL 8;8 A6830BL =0 :>AB@5, ;8HL 65=8BLAO. 5A;8 1K B2>8 A>1@0BLO C7=0;8 > 5@5A8, 4065 O =5 A?0A 1K 5Q >B ?;0<5=8! B0:, @5H09: 15@QHLAO 70 MBC @01>BC 8;8 =5B, >@48<5@?
-B>B 0:H8;5;L 701;C48;AO 2 B@QE A>A=0E. = GB>, 2>>1@078;, GB> O A<>3C 70:@KBL 3;070 =0 D0:B 5@5A8? >9 =35;- E@0=8B5;L B>340 >15A?5G8; 1K <=5 <0AAC C4>2>;LAB28O, ?> A@02=5=8N A G5<, A50=A C <0AB5@0 !525@CA0 ?>:070;AO 1K 2>;=CNI8< A2840=85<. 0725 GB>, O 1K C2845; 2KB5:0NI85 87 B0:8E 459AB289 2K3>4K, 81> =58A?>2548<K ?CB8, :>B>@K<8 A;54CNB <KA;8 =35;>2!
0 A:>;L:>? A?@>A8; O, 7=0O, GB> 1C45B =5;53:> 2K18BL E>BL GB>- B> 87 MB>3> A:C?F0.
#AB@>N B515 ;8F5=78N >B 5?8A:>?0 =0 25AL >:@C3 %57- E57@>=0. -B>3>, ?>60;C9, 4065 A;8H:><? >= ?>4=O; 1@>28, :0: 1K ?>@06Q==K9 <>59 =51;03>40@=>ABLN.
8F5=78N 2A5340 <>6=> 40BL, 0 ?>B>< 2A5340 <>6=> >B>1@0BL. AQ 7028A8B >B =0AB@>5=8O 5?8A:>?0, A:070; O, ?@5:@0A=> 7=0O, GB> :>340 3> @5>A2OI5=AB2> AB@0405B >B ?@8ABC?>2 ?>403@K, 53> ?>2545=85 1K205B =5?@54A:07C5<K<. @><5 B>3>, Q- <>Q, C <5=O 1C4CB A2>8 @0AE>4K. ;8 BK 4C<05HL, GB> !<5@BCE 8 1;87=5FK ?>94CB A> <=>9 70 :@0A82K5 3;070?
0:H8;5;L ?>6520; 3C10<8, :0: 1K GB>- B> ?>4AG8BK20O 2 C<5.
204F0BL :@>=, =0:>=5F, ?@>87=QA >= A CA8;85<.
"0< C65 ?>381;8 ;N48, =0?><=8; O 5<C. "@8AB0 8 =8 A5=B8<>< <5=LH5.
OA=8: ?>:@0A=5;.
5 E0<8 <=5, ?>?, A:070; >= B8E>, 8=0G5 A<>3C 8 B515 CAB@>8BL 2878B : !525@CAC.
>=OB8O =5 8<5N, ?>G5<C =5:>B>@K5 ;N48 =07K20;8 =0A, 8=:2878B>@>2, ?>?0<8. K A;C68;8 &5@:28 8 87CG0;8 B5>;>38G5A:85 =0C:8 ( =0AB>;L:>, =0A:>;L:> MB> <>3;> ?@83>48BLAO 2 =0H59 @01>B5) , =>, <5G >A?>40 =0H53>, <K =5 1K;8 A2OI5==8:0<8!
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
BK E>B5; 1K :0:- =81C4L ?>2AB@5G0BLAO A> !<5@BCE><? A?@>A8; O 157 C;K1:8, => 8 157 7;>AB8.
#3@>605HL <=5? 0:H8;5;L ?>4=O;AO 8 =028A =04> <=>9 >3@><=>9 3;K1>9 A0;0.
/ 2=570?=> ?>GC2AB2>20; 157C<=CN =5=028ABL 8 65;0=85 @07<>768BL MB> >3@><=>5 ;8F>, =0?><8=0NI55 3@C4C :@>2O=>9 70?5:0=:8. > O A45@60;AO. :>=F5 :>=F>2, <K 70:;NG0;8 A45;:C 8 745AL =5 1K;> <5AB0 :0: ;8G=K< A8<?0B8O<, B0: 8 ;8G=K< 0=B8?0B8O<.
"@8AB0, ?>2B>@8; O, 8 >= <54;5==> >?CAB8;AO =0 ABC;, :0: 1C4B> 87 =53> 2K?CAB8;8 2>74CE.
204F0BL ?OBL, A:070; >=, 8 MB> <>Q ?>A;54=55 A;>2>.
"K ?>?0; 2 =5C40G=>5 2@5<O, @0AA<5O;AO O. 0: @07 A59G0A C <5=O 4>AB0B>G=> <=>3> 45=53, GB>1K A?>:>9=> 4>6840BLAO :0:>3>- =81C4L 459AB28B5;L=> ?@81K;L=>3> 70:070. @><5 B>3>, ?>4C<09: C <5=O ?>B>< =0 3>;>25 1C4CB A845BL 5Q 1@0BLO.
/ ?@O<>- B0:8 2845;, :0: >= E>B5; A:070BL: « MB> B2>Q 45;>» , => :0:- B> A45@60;AO.
OBL45AOB, @5H8;AO >=, 0 O 704C<0;AO, A:>;L 4>;3> 5IQ <>6=> BO=CBL MBC 83@C.
;NA 425AB8, 4>1028; O 8 2AQ- B0:8 ?>BO=C;AO : D8=8:C.
"@84F0BL A59G0A 8 ?OBL45AOB ?> 7025@H5=88.
!B> A59G0A 8 AB> 4204F0BL ?OBL ?> 7025@H5=88. , 2 A;CG05 G53>, 020=A =5 2>72@0I0N.
> ?OBL45AOB, 0:H8;5;L A60; :C;0:8.
!5<L45AOB ?OBL 8 A5<L45AOB ?OBL, 0 B0:65 B@84F0B8?@>F5=B=0O A:84:0 2 B2>8E <03078=0E 4> :>=F0 3>40.
5AOB8?@>F5=B=0O, A:070; >=.
0:>=5F, <K A3>2>@8;8AL =0 A5<=04F0B8 A ?>;>28=>9 ?@>F5=B0E 8 B>@65AB25==> C40@8;8 ?> @C:0<. / 1K; =5A:>;L:> 87C<;Q=, ?>A:>;L:C >6840;, GB> 2KB>@3CN :0:85- =81C4L AB> :@>=, 0 845O A> A:84:>9 ?@8H;0 <=5 2 3>;>2C 2 ?>A;54=89 <><5=B. 0:H8;5;L, ?>E>65, 7=0; 1>;LH5, G5< @0AA:070;, 8;8 ?;0=8@>20; :0:CN- =81C4L ?0:>ABL. ;8 5<C =0 A0<>< 45;5 >G5=L 1K; =C65= 1@0: A -;59. / ;8HL =045O;AO, GB> >= =5 1K; =0AB>;L:> 3;C?K<, GB>1K 4C<0BL, 1C4B> ?> >:>=G0=88 45;0 >= >B45;05BAO >B <5=O. -B> ?@0240, GB> C <5=O =5 1K;> ;8F5=788 2 %57- E57@>=5, =>, 59- >3C, O 2AQ- B0:8 8=:2878B>@! >60;C9, 4065 0:H8;5;L =5 1K; =8 B0:8< A:C?K<, =8 B0:8< 3;C?K<, GB>1K 70B5OBL AA>@C A =:2878F859, :>B>@0O =025@=O:0 A?@>A8;0 1K 70 A2>53> A>1@0B0. 065 B0:>3>, :>B>@>3> 2 %57- E57@>=5 5IQ =5 >G5=L 7=0;8, 8 C :>B>@>3> =5 1K;> ;8F5=788. ?@>G5<, O =5 =C640NAL 2 70I8B5 &5@:28. 0, ;N157=K5 <>8. 54=K9 >@48<5@ G5;>25: >AB>@>6=K9, 1;03>@07C<=K9 8 :@>B:89, => A;CG8AL GB>, 2 =Q< ?@>1C6405BAO ;52.
0:H8;5;L >BAG8B0; A5<L45AOB ?OBL :@>=, 0 O 5IQ 25;5; 5<C >1<5=OBL 420 ?OB84C:0B0, >1@570==K5 ?> :@0O<
[ 4 4 ]
, 8 A?@OB0; <>H=C ?>4 :0DB0=.
'5@57 ?0@C 4=59 ?>;CG8HL ;8F5=78N, ?>>15I0; >=.
4C, >B25B8; O, 8 =0 A0<>< 45;5 708=B5@5A>20;AO, C40ABAO ;8 5<C 2AQ C;048BL B0: 1KAB@>.
?@>G5<, B0: 8;8 8=0G5, O =5 A>18@0;AO 2>72@0I0BL 020=A. 1> :B> 7=05B, 1C45B ;8 A;54CNI0O 2K?;0B0? A;8 -;O >:065BAO ?5@54 !:0<LQ9, C 0:H8;5;O, ?>E>65, =5 1C45B >A>1>3> 65;0=8O 5IQ @07 @0A:>H5;820BLAO.
!45;09 MB> 1KAB@> 8 G8AB>, >@48<5@. 0, >= E>;>4=> ?>A<>B@5; =0 <5=O, 8 =5 ?KB09AO <5=O >1<0=CBL. A;8 ?@84QB <KA;L 4>3>2>@8BLAO 70 <>59 A?8=>9 A MB>9 ?>B0A:CH:>9, C7=0N >1 MB><.
"K <5=O 7=05HL, A:070; O A C?@Q:><.
40, 7=0N B51O, >B25B8; >= 8 >B25@=C;AO >B <5=O.
K 5IQ =5 70:>=G8;8, A:070; O B2Q@4>.
0- 0? ?@>BO=C; >= 8 =5E>BO ?>A<>B@5; 2 <>N AB>@>=C.
<5==> B0:, ?>4B25@48; O. >340 1C4C 2KE>48BL, BK 4>;65= ?>O28BLAO C 425@59. B0< @07K3@05HL >4=C AF5=:C.
!F5=:C? 0;5=L:85 3;07:8 A ?>4>7@5=85< A<>B@5;8 =0 <5=O 87 A5@548=K 3;K1 A0;0, :>B>@K5 C >1KG=>3> G5;>25:0 O2;ONBAO I5:0<8.
!:065HL: « 04=>, >@48<5@, 40< B515 =0 45AOBL :@>= 1>;LH5» . "0:, GB>1K MB> A;KH0;8 A;C38. O B>340 >B25GC: « =5B, 4065 5A;8 40HL BKAOGC, O MB>3> =5 A45;0N! »
C<05HL, C <5=O 5ABL H?8>=K 2 <>Q< A>1AB25==>< 4><5? 2>7<CB8;AO >=.
BK 4C<05HL, GB> 8E <>65B =5 1KBL C G5;>25:0 B2>53> ?>;>65=8O? A?@>A8; O 256;82>.
0, MB> ?@0240, C;K1=C;AO >= =5<=>3> ?>3>4O, 0 O 7=0;, GB> A8;L=> ?>;LAB8; 53> 3>@4K=5. "K 01A>;NB=> ?@02!
* * *
!<5@BCE 8 1;87=5FK A845;8 2 « %@><>< ?>=8» 8 83@0;8. > 8E <8=0< O ?>=O;, GB> 83@0;8 A:>@55 =5C40G=>. C 0 ?>B>< O C2845; G5;>25:0, :>B>@>3> >=8 ?KB0;8AL =04CBL, 8 @0AA<5O;AO.
B409 8< 45=L38, 5@@8, A:070; O, CA06820OAL. ;8 E>BO 1K ?>;>28=C B>3>, GB> ?@>83@0;8. "K =8:>340 =5 G8B0;, GB> 3;0A8B 8A0=85:
« B> :@0; 4> ?>@ A8E, 2?@54L C6 :@0ABL ?@5AB0=5B, 0 ;CGH5 ?CABL B@C48BAO G5AB=>» !
[ 4 5 ]
(C;5@ H8@>:> @078=C; @>B 2 C;K1:5, ?>:07K20O GQ@=K5 4QA=K 8 3=8;K5 ?5=L:8 7C1>2.
/ ;8HL 4>AB>9=K9 60;>AB8 3@5H=8:, ?@>87=QA >= A B50B@0;L=K< @0A:0O=L5<, 8 =5 7=0N B0: E>@>H> A;>2 8A0=8O, :0: A;C38 =0H53> >A?>40.
-B> 5@@8? A?@>A8; !<5@BCE 8 B:=C; B>3> C7;>20BK< ?0;LF5< 2 3@C4L.
;87=5FK GB>- B> ?@>1>@<>B0;8 ?>4 =>A 8 >4=>2@5<5==>, E>BO 8 =570<5B=>, ?>BO=C;8AL 70 :8=60;0<8.
5B, =5B, ?@845@60; O 5@2>3>. 0< =5 =C6=K 745AL 4@0G:8, ?@0240, 5@@8?
(C;5@ C;K1=C;AO 8 ?>4>428=C; 2 8E AB>@>=C :CG:C A5@51@0.
B=5A8B5AL : MB><C :0: : 15A?;0B=><C C@>:C, A:070; >=. K?L5HL A> <=>9, >@48<5@?
>G5<C =5B? >B25B8; O, 0 !<5@BCE 8 1;87=5FK 2AB0;8, >AB02;OO =0A >4=8E.
>@G<0@L ?@8=QA 28=>, 8 O, ?@5645 G5< 2K?8BL 3;>B>:, A=0G0;0 ?@>?>;>A:0; @>B.
A5340 =0G5:C? C;K1=C;AO HC;5@.
/ ?>A<>B@5; =0 =53> 8 :0:>5- B> 2@5<O =5 <>3 ?>=OBL, GB> >= 8<55B 2 284C.
, =5B, 2 :>=F5 :>=F>2 A:070; O. @>AB> ?@82KG:0.
5@@8 A:;>=8;AO :> <=5.
"K 1K; C 0:H8;5;O? A?@>A8; >= HQ?>B><.
0: 2A5340, :>340 O 2 3>@>45, A:070; O, =5 ?>=8782 3>;>A0.
C4B> 1K, >= ?@54;030; B><C 8 MB><C 8=B5@5A=CN @01>BQ=:C, 70A<5O;AO 5@@8. > 4C@0:>2 =5B, ?0@5=L. =05HL, :>3> C65 402=> =5 2845;8 2 %575? K@20;L40 !>;>2>3> 8 53> ;N459.
>=- B> >B:C40 745AL 27O;AO? O A428=C; 1@>28, 81> K@20;L40 2 ?>A;54=89 @07 2845;8 2 ?>475<5;LOE 10@>=0 5@30. =0A:>;L:> O 7=0;, 87 MB8E A0<KE ?>475<5;89 1KAB@> =5 2KE>48;8. 5A;8 8 A;CG0;>AL, B> >1KG=> =5 A2>8<8 =>30<8.
5@@8 ?>60; ?;5G0<8.
O GB>, 3040;:0? ;N1>< A;CG05 1K;, 0 B5?5@L 53> C65 =5B.
7O; 020=A 8 A<K;AO, A:070; O, 81> 2A5 7=0;8, GB> !>;>2K9 8 53> ;N48 =5 A0<0O A>;84=0O D8@<0.
"K, ?>E>65, 4C@0:, 5A;8 4C<05HL, GB> 0:H8;5;L 40; 5<C 020=A, DK@:=C; >=. -B> 45;> ?;>E> ?0E=5B, ?0@5=L, 8 A>25BCN B515: 45@68AL ?>40;LH5 >B ?@>1;5<.
8<5==>?
#57609, >@48<5@. @>AB> C57609.
E, 2>B :0:, E<K:=C; O. :0:>9 1C45B F5=0 <>59 ;N157=>AB8?
!?@>A8 ;CGH5, A:>;L 4>@>3> 1C45B AB>8BL B2>O =5;N157=>ABL. !C:8= AK= 4065 =5 AB0@0;AO A:@KBL C3@>7K 2 3>;>A5.
>5<5@@, AB>;L:> ;5B <K 7=0:><K 8 BK 4>;65= 1K 7=0BL, GB> <5=O <>6=> :C?8BL, => =5;L7O 70?C30BL, ?@>87=QA O A C?@Q:><.
(C;5@ 4>?8; 28=> 4> :>=F0 8 2AB0;.
=5 :070;>AL, BK 2A5340 7=0;, :C40 25B5@ 4C5B, >@48<5@, 8 GB> C B51O 452OBL 687=59. 5 >H818AL =0 MB>B @07.
/ :82=C; 5<C.
!?0A81> 70 28=>, A:070; O, 8 2708<=>. %>GC B>;L:>, GB>1K BK 7=0; >4=>. / A:>@> C5760N 87 3>@>40, 0 45;>< 0:H8;5;O 709<CAL, :>340 25@=CAL. ;8 =5 709<CAL. -B> 1C45B 7028A5BL >B <=>38E 25I59, 2 B>< G8A;5 8 >B A>AB>O=8O <>8E D8=0=A>2.
>=5G=>, O ;30;, =>, ?>E>65, MB> 1K; =5?;>E>9 H0=A, GB>1K CA?>:>8BL >5<5@@0. A;8 >= 8<5; GB>- B> >1I55 A -;59 0@@0=5, 0 ?>E>65 1K;>, GB> 8<5;, B> =5A><=5==> ?5@540AB, GB> >@48<5@ 0445@48= ?>:8405B %57- E57@>=. 4065 5A;8 =5 ?>25@OB, 75@=> A><=5=8O 1C45B ?>A5O=>.
5@@8 CHQ;, =0?>A;54>: ?><0E02 <=5 A ?>@>30 @C:>9, 0 O =5<=>3> ?>A845; >48= C AB>;0 8 4>?8; 28=>. >340, =0:>=5F, O 2KH5;, B> C2845;, GB> !<5@BCE 8 1;87=5FK A84OB 2 :><?0=88 ?0@K >1>@20=F52 ?5@54 :>@G<>9 8 83@0NB 2 « ?@8AB5=>:» . / :82=C; 8<. =8 A =5>E>B>9 >B>@20;8AL >B 83@K. K >B>H;8 2 AB>@>=C.
8G53> 87 MB>3> =5 2KH;>, A:070; O.
!<5@BCE A:@828; ;8F> 8 A:@8282H8<AO 2K3;O45; 5IQ EC65, G5< >1KG=>. ;87=5FK ?><@0G=5;8.
!0<8, :0: 1K, G53>- =81C4L ?>8I5<, @O2:=C; B>@>9.
0: E>B8B5, =>, O ?>4=O; ?0;5F, C <5=O =0 ?@8<5B5 :>5- GB> A>2A5< 8=>5. C4LB5 BCB 5654=52=> A ?>;C4=O 4> 42CE. =8:0:8E 451>H59, 81> 2B>@>9 @07 =5 1C4C 2KB0A:820BL 20A 87 BN@L<K 1C@33@0D0!
!<5@BCE >?OBL A:@828;AO, 2A?><=82 B>B <><5=B. =5 459AB28B5;L=> ?@8H;>AL 70459AB2>20BL 2A5 A@54AB20, GB>1K 2K72>;8BL ?0@=59 87 BN@L<K. E >6840;> =0:070=85 70 C189AB2>, 87=0A8;>20=85 8 :@06C. ;CGH5< A;CG05 ?>25H5=85. EC4H5<, A ?@5420@8B5;L=K< 2K@570=85< 87 :>68 @5<=59, >BA5G5=85< :>=5G=>AB59 ;81> :>;5A>20=85<. > <=5 C40;>AL 2KE;>?>B0BL >AC645=85 8E ;8HL : ?C1;8G=>9 ?>@:5 8 <5AOG=>9 5?8B8<L5
[ 4 6 ]
. 064K9 45=L >=8 4>;6=K 1K;8 ?> 2>A5<L G0A>2 ;560BL C ?>4=>68O 0=0;>O, 2 ?>:0O==KE <5H:0E 8 A >AB@865==K<8 3>;>20<8. "0:65 :064K9 45=L >=8 ?>;CG0;8 ?> ?OBL C40@>2 :=CB>< =0 @K=>G=>9 ?;>I048, 4> :>B>@>9 A0<8 4>;6=K 1K;8 4>?>;70BL =0 :>;5=OE. >, =0:>=5F, 25AL MB>B D0@A 70:>=G8;AO, 0 ?0@=8 ?>;CG8;8 =5701K205<K9 687=5==K9 >?KB. / =045O;AO, GB> >=8 A<>3CB A45;0BL 87 =53> 2K2>4K.
* * *
8F5=78O ?@8H;0 G5@57 2>A5<L 4=59, 8, ?>25@LB5 <=5, O ?@>25@8; 5Q >G5=L BI0B5;L=>. ?5G0BL, 8 ?>4?8A8 1K;8 =0AB>OI8<8. @0A=0O ?5G0BL A> ;L2>< 8 4@0:>=><, 0 B0:65 @07<0H8AB0O ?>4?8AL A0<>3> 5?8A:>?0 %57- E57@>=0. %>BO O =5 4C<0;, GB> 0:H8;5;L 4>94QB 4> ?>445;:8 F5@:>2=>3> 4>:C<5=B0, => 15@56Q==>3> >3 15@56QB. -B8 2>A5<L 4=59 O ?>A2OB8; =5 >4=8< @072;5G5=8O<. ?@>G5<, GB> 70 @072;5G5=8O 2 %57- E57@>=5? 5HQ2K5 ?@>AB8BCB:8 1K;8 3@O7=K<8 8 1>;L=K<8, 0 4>@>385, :0: A;>2> A0<> 70 A51O 3>2>@8B 4>@>38<8. !;8H:>< 4>@>38<8 4;O 154=>3> >@48<5@0, :>B>@K9 A B@C4>< A2>48; :>=FK A :>=F0<8. > O A;CH0; B0< 8 AO< 2AQ, GB> A;CH0BL =04;568B, 8& 0:H8;5;L 1K; ?@02: -;O 25;0 A51O :0:- B> AB@0==>. 5@@8 B>65 =5 >H81AO: MB> 45;> ?;>E> ?0E;>. > C <5=O 1K;0 ;8F5=78O, 8 1;03>40@O MB><C 1C4CI55 @8A>20;>AL 2 1>;55 O@:8E :@0A:0E. @8 CA;>288, GB> O 25@=CAL 87 !0@520;L40. ?>A:>;L:C >BBC40 =5 25@=C;AO MB>B =53>4O9 !>;>2K9, MB> >7=0G0;>, GB> 7040=85 =5;Q3:>5.
!0@520;L4 MB> @0720;8=K 70<:0, 2 42CE G0A0E ?CB8 >B %57- E57@>=0. 0<>: A3>@5; ?@8<5@=> AB> B@84F0BL ;5B =0704, 8 @070 B@8 53> ?@>1>20;8 >BAB@>8BL, => =8G53> 87 MB>3> =5 2KH;>. 0:>9- B> 5?8A:>? E>B5; 4065 2>725AB8 =0 E>;<5 E@0<, => ?>B>< 2A?KE=C;0 2>9=0 A %0460@0<8
[ 4 7 ]
8 5?8A:>?0 A>63;8, 0 ?>A;5 2>9=K C 2A5E 1K;8 1>;55 206=K5 ?@>1;5<K. >1I5<, @0720;8=K B25@4K=8 ?C30;8 A 2KA>BK, 25G=> >25O==K5 BC<0=>< 8 B0:65 >25O==K5 ;535=4>9. >AB>O==> 3>2>@8;>AL > 45BOE, :>B>@K5 =5 25@=C;8AL >B E>;<0, A5;O=5 :;O;8AL, GB> =>GLN 284=K >3=8 8 A;KH5= 04A:89 2>9 A 4LO2>;LA:8< E>E>B><. 'B> 45B8 ?@>?040;8 =5 482>, 81> 2>:@C3 ;8HL 1>;>B0, 40 3;8=8I0
[ 4 8 ]
, 0 A A5;O=0<8 ?>=OB=>: B@572>3> @54:> :>340 2AB@5B8HL. > >:@C30 @5H8;0, GB> 2 @0720;8=0E 70@>48;>AL ;>, 8 4065 ?>AK;0;0 ?@>AL1K 5?8A:>?C, GB>1K ?@8A;0; M:7>@F8AB0
[ 4 9 ]
8;8 8=:2878B>@>2. C4B> C 5?8A:>?0 =5 1K;> 45; ?>206=55 2KH5 3>;>2K.
!0@520;L4 <K >B?@028;8AL 2 ?OB=8G=K9 25G5@, B0:, GB>1K 2AN AC11>BC 640BL C65 =0 <5AB5. / =5 A:@K20; =0H53> >BJ5740. @O<>- B0:8, =0>1>@>B. K 2K5E0;8 G5@57 A525@=K5 2>@>B0, 8 !<5@BCE A 1;87=5F0<8 1K;8 C25@5=K, GB> <K =0?@02;O5<AO =0 @01>BC 2 3>@>4>: 8;L25=, >B40;Q==K9 =0 ?>;4=O ?CB8. 'B> F5;LN O2;O5BAO !0@520;L4, O A:070; 8< B>;L:> B>340, :>340 AB5=K %57- E57@>=0 8AG57;8 C =0A 87 2840. >G5<C <K 2K5760;8 G5@57 A525@=K5 2>@>B0? >B><C GB> @0720;8=K !0@520;L40 @0A?>;030;8AL :0: @07 =0 A525@ >B 3>@>40. A;8 :B>- B> 70 =0<8 A;548;, =025@=O:0 ?>4C<0; A515: « A<>B@8B5- :0, E8B@K9 >@48<5@ 8 53> ;N48 2K5760NB G5@57 A525@=K5 2>@>B0. A;8 1K >=8 E>B5;8 4>1@0BLAO 4> !0@520;L40, ?>5E0;8 1K G5@57 N6=K5 8 2B8E><>;:C >1>3=C;8 1K 3>@>4» . > =5 ?>E>65 1K;>, GB>1K :B>- B> A;54>20; 70 =0<8, 8 ?>25@LB5 <=5, 20H53> ?>:>@=>3> A;C3C >1CG0;8 @0A?>7=020=8N B0:8E 25I59.
/ =5 A?5H8;, 8 4> !0@520;L40 <K 4>1@0;8AL =>GLN. 51> 1K;> E<C@K<, 8 ;C=0 ;8HL 2@5<O >B 2@5<5=8 ?>:07K20;0AL 87- 70 A5@>9 2C0;8 BCG. > 4065 ?@8 B0:>< A25B5 1K;> 284=>, GB> 2=5H=85 AB5=K :@5?>AB8 45@60BAO 25AL<0 =5?;>E>. B0:, 1K;> 1>;55 G5< 25@>OB=>, GB> 5A;8 :B>- B> AN40 70O28BAO, 5<C ?@84QBAO ?@>9B8 G5@57 2>@>B0 8;8, B>G=55, G5@57 B>B ?@>;><, GB> >AB0;AO 2<5AB> 2>@>B.
K =0H;8 A515 157>?0A=>5 <5AB> 8 ?>H;8 A?0BL, 2KAB0282 B@QEG0A>2CN AB@06C. AC11>BC CB@>< <K =5<=>3> ?>:>?0;8AL 2 @0720;8=0E, 8 !<5@BCE =0HQ; @602CN A5:8@C. >B B515 8 70304>G=>5 <5AB>. > O 1K; 40;Q: >B ;53:><KA;5==>3> >B=>H5=8O : 7040=8N. :>=F5 :>=F>2, 0:H8;5;L ?>A;0; AN40 C65 B@8 3@C??K ;N459, 8 =8:B> =5 25@=C;AO. MB> > GQ<- B> 3>2>@8;>. > =>G8 <K ?>4:@5?;O;8AL =5?;>E8< 28=F><, :>B>@>3> !<5@BCE ?@82>;>: F5;K9 1C@4N:. 5 286C ?@8G8=, 87- 70 :>B>@KE @51OB0 =5 <>3;8 1K 2K?8BL ?5@54 >?5@0F859. =8 4>AB0B>G=> >?KB=K, GB>1K ?>=8<0BL: 5A;8 =0?LNBAO 8 GB>- =81C4L 7020;OB, <>3CB ?>381=CBL. A;8 =5 C1LQB 8E 2@03, MB> A45;0N O A0<. !>1AB25==>@CG=>, 40 B0:, GB>1K ?@5?>40BL E>@>H89 C@>: 4@C38< ;N18B5;O< A><=8B5;L=KE @072;5G5=89. > :0: 1;87=5FK, B0: 8 !<5@BCE 8<5;8 459AB28B5;L=> :@5?:85 3>;>2K. / A0< 2845;, :0: !<5@BCE :>340- B> >?>@>6=8; >4=8< <0E>< ?OB8;8B@>2CN 1CBK;:C :@5?:>3>, A;04:>3> 28=0, 8 4065 1@>2LN =5 ?>2Q;. 8HL ?>B>< ?@>1;520;AO >B 87;8H:0 A;04:>3>, 40 C:>:>H8; G5;>25:0, GB> >A<5;8;AO B>340 @0AA<5OBLAO. 70B5< 42>8E 4@C759 MB>3> 65 G5;>25:0, :>B>@K5 ?>GC2AB2>20;8 A51O CO72;Q==K<8 B0:8< >B=>H5=85< : A>1CBK;L=8:C.
4@C3 B>@>9, :>B>@K9 B5>@5B8G5A:8 AB>O; =0 AB@065 ( 0 =0 ?@0:B8:5 ?>AB>O==> ?@81530; : =0<, 401K 3;>B=CBL 28=0) , CE=C; D8;8=><. K 2A:>G8;8 8 70B08;8AL 2 @0AI5;8=0E. @0720;8=0<, ?> 1>;LH0:C, <54;5==> ?>;7;8 >3>=L:8.
4CB, ?@>H5?B0; 5@2K9.
30, 84CB, !<5@BCE 2KBO=C; A01;N 87 =>65=.
!<5H=0O 1K;0 C !<5@BCE0 A01;O. A0<>< H8@>:>< <5AB5 H8@8=>9 A ;04>=L, 40 >AB@0O A;>2=> 1@8B20. 0AA5:0;0 65;57=K9 1@CA>:, 1C4B> MB> 1K;> B@CE;O2>5 45@52>. >340- B> !<5@BCEC 70 =5Q 4020;8 45@52=N, => >= =5 ?@>40; 8 ?@54?>GQ; 68BL 2?@>3>;>4L. %0@0:B5@5F 8<5; MB>B <>9 !<5@BCE 8, :@><5 2A53> ?@>G53>, O ;N18; 53> 70 MB>.
3>=L:8 ?@81;878;8AL, 8 <K CA;KH0;8 HC< 3>;>A>2, 0 ?>B>< C2845;8 ;N459 A D0:5;0<8. K;> 8E A5<5@>, H5AB5@> <C6G8= 8 >4=0 65=I8=0, 5A;8 2 MB>9 B5<=>B5 O A<>3 25@=> @0A?>7=0BL. C6G8=K, >48= A?5@548 8 >48= A7048, =5A;8 D0:5;K. 2>5 4@C38E B0I8;8 A>;84=>9 25;8G8=K C75;. >H0459 8< ?@8H;>AL >AB028BL 2=87C, 8 :0:>5- B> 2@5<O O 60;5;, GB> =5 ?>A;0; :>3>- =81C4L : ?>4=>6LN 3>@K @0A?@028BLAO A >E@0=>9 8 701@0BL 25@E>2KE ;>H0459. A5340 1K; 1K 4>?>;=8B5;L=K9 70@01>B>:. "5< ?0G5, GB> O =5 25@8;, 1C4B> -;O 0@@0=5 A048;0AL =0 ;8HL 1K :0:CN :;OGC.
@81K2H85 25;8 A51O B0:, 1C4B> !525@0;L4 1K; A0<K< 157>?0A=K< <5AB>< =0 A25B5. =8 HCB8;8 8 A<5O;8AL, :B>- B> 7;> @C30;AO, ?>A:>;L:C @0AH81 A515 =>3C > 2KABC?0NI89 :0<5=L, :B>- B> ?@8;>68;AO : 1CBK;8 8 A 3@><:8< 1C;L:0=L5< ?8;. K A =0?@O65=85< 640;8, :C40 >=8 =0?@02OBAO. 54L 745AL 4>;65= 1KBL :0:>9- =81C4L E8B@> A?@OB0==K9 2E>4, :>B>@>3> <K =5 70<5B8;8. C 8 1K;. 48= 87 <C6G8=, =0AB>OI89 25;8:0=, C?Q@AO 8 A428=C; 2 AB>@>=C 20;C=. >4 =8< >:070;0AL 65;57=0O ?;8B0 A> A;53:0 70@60252H59 @CG:>9. / 2AQ E>@>H> 2845;, ?>A:>;L:C <K AB>O;8 1C:20;L=> 2 ?0@5 45AOB:>2 H03>2 >B =8E, =0 >AB0B:0E 2=CB@5==59 30;5@58, ?@8<5@=> =0 2KA>B5 B@QE <5B@>2 =04 42>@><- :>;>4F5<. !59G0A O B0:65 C1548;AO 2 B><, GB> 65=I8=>9 1K;0 -;O 0@@0=5. 04> ?@87=0BL: :@0A820O G5@B>2:0! # =5Q 1K;8 4;8==K5, A25B;K5 2>;>AK, 2KA>:> A:>;>BK5 =0 70BK;:5, 8 E8I=>5 ;8F> A =51>;LH8< =>A8:>< 8 1>;LH8<8 87C<@C4=K<8 3;070<8. $>=0@L, =5A><K9 >4=8< 87 <C6G8=, >A25I0; 5Q ?>;=>ABLN, 8 O C65 =5 C482;O;AO B><C, GB> 4065 0:H8;5;L A<>3 2;N18BLAO 2 MBC 65=I8=C. >65B 1KBL, O 8 A0< 1K 2 =5Q 2;N18;AO, 5A;8 1K =5 B>, GB> O E>B5; 5Q 4>25AB8 4> ?>3815;8. 8 >4=>3> 87 A?CB=8:>2 -;8 O =8:>340 ?@5645 =5 2845;, E>BO, G5AB=> 3>2>@O, >B=>A8B5;L=> >4=>3> C <5=O 1K;8 =5:>B>@K5 A><=5=8O, ?>A:>;L:C >= 2AQ 2@5<O AB>O; 2=5 A25B0 D0:5;0.
5;8:0= ?>4=O; <5B0;;8G5A:CN ?;8BC 8 2A5 A?CAB8;8AL ?> ;5AB=8F5 2 B5<=>BC. = A0< 70:@K; 70 =8<8 ?@>E>4 8 A=>20, >E0O, ?5@5428=C; 20;C= =0 ?@56=55 <5AB>. >B>< C4>1=> CA5;AO, >?Q@AO > AB5=C, =018; B@C1:C 8 AB0; ;5=82> ?>?KE820BL 5N, 3;O4O 2 =51>. !<5@BCE 2>?@>A8B5;L=> ?>A<>B@5; =0 <5=O.
82LQ<, O 2K4>E=C; 5<C ?@O<> 2 CE>.
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
@0A02G8:, A:070; O.
/ 1K; 4>2>;5=, 81> @51OB0 A?@028;8AL 1KAB@> 8 C<5;>. @0240, 8=B5@5A=>, :0: 1K C =8E ?>H;>, 5A;8 1K 20H ?>:>@=K9 A;C30 =5 1@>A8; H5@A:5=, => GB> ?>45;05HL& @8A:>20BL =5 AB>8;>. > 2AO:>< A;CG05, H5@A:5= A45;0; A2>Q, 81> C 25;8:0=0 1K;8 70:@KBK 3;070 8 >?CE;8 25:8, 87- ?>4 :>B>@KE @CGLQ< 1560;8 A;Q7K. %0, >B H5@A:5=0 =5B ?@8Q<0! "K A515, ?@8OB5;L, <>65HL 8<5BL 420 <5B@0 @>AB0 8 425AB8 :8;>3@0<<>2 682>3> 25A0, 0 :0: 1@>A8B @51Q=>: B515 2 75=:8 H5@A:5=, 1C45HL 4C<0BL B>;L:> > B><, :0: 4>?>;7B8 4> 1;8609H59 ;C68. 5A;8 BK =0AB>;L:> 3;C?, GB> =0G=QHL B5@5BL 3;070, B> 2 1>;LH8=AB25 A;CG052 B2>8 A>1AB25==K5, B@CI85 25:8 ?0;LFK 1C4CB ?>A;54=8<, GB> C2848HL =0 MB>< A25B5.
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
9, !<5@BCE, A:070; O, => 4065 =5 @07>7;8;AO.
/ ?>=8<0;, GB> !<5@BCE 2 15H5=AB25, ?>B><C GB> 25;8:0= 5420 =5 70AB0; 53> 2@0A?;>E. 8:B>, ?>E>65, =5 >6840;, GB> ?@8 B0:>< @>AB5 8 ?@8 B0:>< 25A5 >= 1C45B B0: 1KAB@. C, 2 :>=F5 :>=F>2, 4@C7LO -;8 =5 1K;8, ?>60;C9, =0AB>;L:> 3;C?K, GB>1K 4>?CAB8BL, 401K 8E 3@><8;>9 AB0; ?5@2K9 ?>?02H89AO 7048@0 A C;8FK.
B:C40 BK, ?0@5=L? A?@>A8; O.
5;8:0= 2 >B25B =5@071>@G82> 2K@C30;AO. G5=L =5CGB820O @50:F8O, ?@8=8<0O 2> 2=8<0=85 B>, GB> O ?5@54 MB8< ?@><K; 5<C 3;070 >B H5@A:5=0. B>@>9 70AC=C; ?;5==8:C 2 @>B :CA>: B@O?:8, 0 !<5@BCE CA5;AO 5<C =0 A?8=C 8 A;><0; <878=5F =0 ;52>9 @C:5. >B>< A;><0; 5<C 157K<O==K9, A@54=89 8 C:070B5;L=K9 ?0;LFK. :064K9 @07 1K;8 A;KH=K E@CAB, AB>=, 4>=>AOI89AO 87- ?>4 B@O?:8, 0 3;070 25;8:0=0 AB0=>28;8AL, A;>2=> 1;N4F0. B>@>9 =0:;>=8;AO, ?@8;>68; ?0;5F : 3C10<, ?@54?8AK20O ?;5==8:C B8H8=C, 8 2KB0I8; 87 53> @B0 B@O?:C. 5;8:0= AB@040;LG5A:8 A>?5;, 87 C3>;:>2 53> @B0 B5:;0 3CAB0O A;N=0.
0 <>8 2>?@>AK >B25G0NB <3=>25==>, A:070; O :@>B:>. 1>, :0: 3;0A8B 8A0=85:
« & =5B =8G53> A:@KB>3>, GB> =5 4>;6=> >B:@KBL, 8 =5B =8G53> B09=>3>, > GQ< =5 A;54>20;> 1K C7=0BL»
[ 5 0 ]
. B0:, ?>2B>@N: >B:C40 BK, ?0@5=L?
7 "8@80=0, ?@>AB>=0; >=.
"8@80=>==03, >1KG=> =07K205<K9 "8@80=>< ( C159B5 <5=O, => =5 7=0N, >B:C40 ?@>87>H;> MB> 20@20@A:>5 =0720=85) , 1K; <0;5=L:8<, E>BO 4>2>;L=> 7068B>G=K< 3>@>4:>< C A0<>9 3@0=8FK <0@:8
[ 5 1 ]
. 7 B>3>, GB> O 7=0;, B0< <>6=> 1K;> 70@01>B0BL =5?;>E85 45=L38 =0 >E@0=5 :C?5G5A:8E AC4>2, :>B>@K5 E>48;8 2 4>2>;L=> >?0A=K5 @09>=K 2 25@E>2LOE @5:8. > MB>B 154=K9 4C@0G>: 4C<0;, GB> A45;05B :0@L5@C 2 %57- E57@>=5. :0@L5@0 MB0 4>;6=0 1K;0 70:>=G8BLAO 8<5==> 745AL, 2 @0720;8=0E :@5?>AB8 !0@520;L4. ;>E>5 <5AB> 4;O A<5@B8, =>, A 4@C3>9 AB>@>=K, :0:>5 <5AB> E>@>H55, GB>1K C<5@5BL? B><, GB> >= 4>;65= C<5@5BL, 7=0;8 2A5. >?@>A A>AB>O; ;8HL 2 >4=><: 1C45B ;8 MB> A<5@BL <O3:>9 8 >B=>A8B5;L=> 1571>;57=5==>9, 8;8 MB>B =0H 7048@0 ?@>94QB 2 04A:85 2@0B0, 2>O >B 1>;8 8 =0H8=:>20==K9 =0 :CA>G:8.
C40 >=8 ?>H;8? A?@>A8; O.
;5==8: =5 >B>720;AO =8 A;>2><, 0 O ;N157=> ?>4>640; <8=CB:C. >B>< 5@2K9 ?=C; 53> ?@O<> 2 @>B, B0:, GB>1K B>B ?>4028;AO :@>2LN 8 A>1AB25==K<8 7C10<8. >?CB=> A;><0; 5<C =>A.
C40 >=8 ?>H;8? 'B> B0< =0E>48BAO? ?>2B>@8; O 256;82>.
5 7=0N, ?@>AB>=0; >=, >B?;Q2K20OAL :@>2LN, =5 7=0N, C<>;ON. / B>;L:> >E@0=ON. =8 2 ?>;45=L 25@=CBAO. # =8E 5ABL 45=L38& <=>3> 45=53& #<>;ON, =5 C18209B5 <5=O, O 1C4C A;C68BL 20<, :0: ?QA, C<>;ON&
>340 O A<>B@5; =0 =53>, B> 2845;, GB> MB> C65 =5 1>;LH>9, A8;L=K9 7048@0, 0 >1865==K9 <0;LG8:, 6064CI89, GB>1K 53>, =0:>=5F, ?5@5AB0;8 18BL. =5 =@028;>AL, :>340 ;N48 B0: <5=O;8AL, 8 E>BO ?>4>1=>5 <=5 A;CG0;>AL 2845BL A;8H:>< G0AB>, =587<5==> GC2AB2>20; C4>2;5B2>@5=85 >B B>3>, GB> 8<5==> O AB0=>28;AO ?@8G8=>9 4>;6=>3> ?5@5@>645=8O.
!<5@BCE ?>A<>B@5; =0 <5=O, 8 O 704C<0;AO =0 :0:>5- B> 2@5<O. ?@8=F8?5, O >1KG=> 286C, :>340 G5;>25: ;6QB. -B>B, 2@>45 1K, 3>2>@8; ?@024C. @0240, C !<5@BCE0 1K;> O2=>5 65;0=85 =5<=>3> ?>@072;5GLAO, =>, 2>- ?5@2KE, C =0A =5 1K;> 2@5<5=8, 0, 2>- 2B>@KE, O =5 ;N1;N 87;8H=59 65AB>:>AB8. !<5@BCE :>340- B> @01>B0; 2 ?@>28=F88 ?>4<0AB5@L5< >4=>3> 87 B0<>H=8E ?0;0G59. 0CG8;AO ?0@>G:5 ?@8Q<>2 8 ?>;N18; 8E ?@8<5=OBL. / 2A5340 CB25@640;, GB> ?0;0G8 8 8E CG5=8:8 87;8H=59 65AB>:>ABLN <0A:8@CNB =54>AB0B:8 <0AB5@AB20. 54L 45;> =5 2 B><, GB>1K 70AB028BL 65@B2C <CG8BLAO, G0AB> 4065 =5 2 B><, GB>1K ?>;CG8BL =C6=K5 ?@87=0=8O, => 2 B><, GB>1K 2K720BL @0A:0O=85. 'B>1K 8AAB@0402H89AO 8 @0A:0O2H89AO ?@5ABC?=8: ?0; 2 >1JOB8O A2>5<C 8=:2878B>@C 8, =027@K4 @K40O, ?@87=0; A2>N 28=C, 2A5< A5@4F5< ;N1O B>3>, :B> 4>AB028; 5<C @04>AB=CN 1>;L 8 =0AB028; =0 ?CBL 8AB8==K9. >=5G=>, 2 40==K9 <><5=B @0A:0O=85 8 ;N1>2L 1K;8 =5 >1O70B5;L=K. 0< =C6=K 1K;8 ?>:070=8O. KAB@K9 8 B>G=K9 >BGQB. A;8, :>=5G=>, B0:>2>9 C40ABAO ?>;CG8BL. :070;>AL, GB> 25;8:0= 7=05B =5<=>3>, => 254L 2>?@>A 1K; =5 2 >BACBAB288 4>1@>9 2>;8, ?@0240? "0: 70G5< 5<C <CG8BLAO?
/ ?>A<>B@5; =0 !<5@BCE0 8 >B@8F0B5;L=> ?>:@CB8; 3>;>2>9. >B>< ?@8A5; 25;8:0=C =0 A?8=C 8 4Q@=C; 53> 3>;>2C 225@E. "@5A=C;>. KAB@0O, 1571>;57=5==0O A<5@BL. !<5@BCE 1K; O2=> =54>2>;5=.
« A;8 4065 @07@CH8BAO 75<=>9 =0H 4><, C =0A 1C45B 68;8I5 >B >30, 4>< =5 @C:>B2>@=K9, 0 25G=> ACI89 =0 =515A0E»
[ 5 2 ]
, ?@>F8B8@>20; O 8A0=85, 3;O4O =0 >AB0=:8. @0240, O =5 4C<0;, GB> =0H 25;8:0= >GCB8;AO C 2@0B =515A=KE, => GB> ?>45;05HL: =045640 C<8@05B ?>A;54=59.
;87=5FK A:0B8;8 B5;> 25;8:0=0 2=87 ?> A:;>=C, 8 >=> 70AB@O;> 345- B> 2 3CABKE 70@>A;OE. 5A:>@> 53> :B>- =81C4L =094QB. / =0 <83 704C<0;AO =04 1@5==>ABLN G5;>25G5A:>3> 1KB8O& -E!
0;C=, 70:@K20NI89 2E>4 2 ?>475<5;L5, 1K; 8 ?@0240 BO6Q;K<. K 2G5B25@>< 5420 A?@028;8AL, ?5@542830O 53>. >340 <K A>1@0;8AL A?CA:0BLAO, 5@2K9 24@C3 >AB0=>28;AO.
5A;8 :B>- =81C4L 53>, 7=0G8B, 25@=QB =0 <5AB>? A?@>A8; >=.
:B> AN40 <>65B ?@84B8? ?>60; O ?;5G0<8. C :>3> >:065BAO B0:0O =54N68==0O A8;0? ?@>G5<, O C25@5=, GB> 4>;65= 1KBL 4@C3>9 2KE>4. / 1K =5 4>25@O; MB><C G5;>25:C =0AB>;L:>, GB>1K >B40BL 687=L 2 53> @C:8.
, 1;O& @O2:=C; !<5@BCE, ?>A:>;L:C A?>B:=C;AO =0 ;5AB=8F5 8, 5IQ GCBL- GCBL, A:0B8;AO 1K 2 A0<K9 =87.
5AB=8F0 1K;0 28=B>2>9, 4>;3>9 8 :@CB>9. =0 70:>=G8;0AL B0: 2=570?=>, GB> 5@2K9 2@570;AO 2 AB5=C.
>=5F, A:070; >=, A25BO 2 @07=K5 AB>@>=K D>=0@Q<. , 7=0G8B, 5ABL, E<K:=C; >= =5<=>3> ?>3>4O 8 ?>BO=C;AO : @602><C @KG03C C A0<>3> ?>;0.
!B>9, ?@>H8?5; O.
= >BA:>G8;, :0: >H?0@5==K9.
>2CH:0? A?@>A8; >=.
GQ@B 53> 7=05B, >B25B8; O, E>BO 1K; ?>GB8 C25@5=, GB> MB> ;>2CH:0. > :@09=59 <5@5, O 1K B0: 8 A45;0;.
K =0G0;8 2=8<0B5;L=> >A<0B@820BL AB5=K. 54L, 2 :>=F5 :>=F>2, 745AL ?>381;8 ;N48, 8 GB>- B> 4>;6=> 1K;> 8E C18BL. >G5<C 1K ;>2CH:5 =5 1KBL, : ?@8<5@C, 2 A0<>< =0G0;5 ?CB8? !<5@BCE BI0B5;L=> ?@>ABC:0; AB5=K :>=G8:0<8 ?0;LF52, ?>B>< C;K1=C;AO 8 >AB>@>6=> 2K=C; >48= 87 :8@?8G59. 8H0 1K;0 >G5=L 3;C1>:>9 8 AC60;0AL B0:, GB> =52>7<>6=> 1K;> @0AA<>B@5BL, GB> A:@K205BAO 40;LH5. !<5@BCE 27O; C <5=O ?0;:C 8 70AC=C; 5Q 2=CB@L. 8E=C;, 2AB@5B82 A>?@>B82;5=85. 'B>- B> ?@>=78B5;L=> 70A:@565B0;>, 8 AB5=0 A ;52>9 AB>@>=K >B>428=C;0AL, >B:@K20O C7:89, =87:89 :>@84>@.
C GB> 6, 2?5@Q4, GB> ;8, A:070; O, => 2AO 8AB>@8O ?5@5AB0;0 <=5 =@028BLAO.
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
/ 40; 8< =5<=>3> 2@5<5=8, 0 A0<, A ;0<?>9 : AB5=5, 2=8<0B5;L=> 87CG0; :0<5=L 70 :0<=5<. , =0:>=5F, C2845; B>, GB> E>B5; C2845BL. 0;5=L:>5 C3;C1;5=85. !:065<, >B25@AB85 4;O :;NG0. >B B>;L:>, >B25@AB85, B@51CNI55 >G5=L A?5F8D8G5A:>3> :;NG0. >65B ?5@AB=O, <>65B 0<C;5B0, <>65B 24>102>: >1@01>B0==>3> 70:;OB8O<8. -B>B 2E>4, =5A><=5==>, 1K; 4;O =0A 70:@KB. >=5G=>, O <>3 8A?>;L7>20BL >A>1K5 B0;0=BK 5@2>3>, => ?>B>< >= 1K =5 3>48;AO 4;O ?@>4>;65=8O ?CB5H5AB28O. 254L AN@?@87>2 =0A <>3;> 640BL 8 1>;LH5. A;8 B0:, =04> ;8 =0< ?KB0BL ?CB8 MB8< =87:8<, <5@7:8< B>==5;5<? CB5H5AB285 2 ?>;=K9 <@0:? 0725 A;>6=> ?@83>B>28BL ;>2CH:8 8<5==> B0<? @C3>5 45;>, GB> 7=0O 4@52=8E AB@>8B5;59, O AG8B0;, GB> B>==5;L MB> ?@>AB> 70?0A=>9 ?CBL, ?>43>B>2;5==K9 =0 A;CG09, 5A;8 G5;>25:, ?>;L7CNI89AO 2E>4><, 701C45B 8;8 ?>B5@O5B :;NG. ">340 B>==5;L <>3 1KBL ?CABL =5C4>1=K<, =>, 157 A><=5=8O, =5 70I8IQ==K< ;>2CH:0<8. 54L A;>6=> ?@54AB028BL, GB> E>7O8=C ?>475<5;89 ?@84QBAO A B@C4>< ?@5>4>;520BL 2A5 ?@5?OBAB28O, :>B>@K5 ?@83>B>28;8 =0=OBK5 8< 7>4G85.
04=>, 84Q<, @5H8; O, 81> <>8 A?CB=8:8 ?>- ?@56=5<C ;8HL BC?> 2A<0B@820;8AL 2 B5<=>BC.
!<5@BCEC ?@8H;>AL 84B8 ?>GB8 =0 G5B25@5=L:0E, GB>1K =5 A:@5AB8 10H:>9 A2>4, 8 O 2845;, :0: >= >G5=L >AB>@>6=> ?@>428305BAO 2?5@Q4. 'B> 6, >= ?>=8<0;, A;CG8AL GB>, ?>;CG8B ?5@2K<. >, 2 :>=F5 :>=F>2, :>@84>@ 70:>=G8;AO BC?8:><. 4=0:> E20B8;> ;8HL A8;L=>3> B>;G:0, GB>1K B09=0O 425@F0 ?>440;0AL. K >:070;8AL 2 ?@>AB>@=>< 70;5. A;8 O ?@028;L=> ?>=O;, 8<5==> 4> =53> <K 1K 4>1@0;8AL, 2>A?>;L7>202H8AL <038G5A:8< :;NG><. ;8, :>@>G5 3>2>@O, O 1K; ?@02. K 2>A?>;L7>20;8AL 701KBK<, 70?0A=K< ?CBQ<. 0 >4=>9 87 AB5= O C2845; 70@60252H85, 65;57=K5 :0=40;K, 0 B0:65 ?>:;O;AO 1K, GB> :>5- 345 1K;8 284=K 5420 70<5B=K5 :@>202K5 ?>BQ:8.
KB>G=0O? A?@>A8; O !<5@BCE0.
!<5@BCE <8=CBC 2A;CH820;AO 2 3>;>A AB5=. >65B 8 =5 2K3;O48B <C4@5F>< MB>B <>9 !<5@BCE, => C =53> 5ABL A2>Q, >A>1>5 40@>20=85. = >1;0405B 35=80;L=>9 ?0<OBLN, 8, :@><5 B>3>, >= A?>A>15= ?@>G5ABL GC2AB20, M<>F88, <KA;8 8 A;>20, 70G0@>20==K5 2 AB5=0E. 5B, =8G53> >A>15==>3>. = =5 2>94QB 2 :><=0BC 8 =5 4>;>68B > @073>2>@5, :>B>@K9 HQ; 2 =59 =545;N =0704. > A:065B, =0?@8<5@, 1K; ;8 @07@CH5==K9 4>< =5:>340 :>@G<>9 8;8 4><>< B5@?8<>AB8.
0, 2@>45, B0:, >B25B8; >= 2 MB>B @07 =5C25@5==>. / GC2AB2CN 745AL <=>3> 1>;8, >@48<5@, => MB> 1K;> >G5=L 402=>.
;87=5FK >AB0=>28;8AL ?5@54 <>I=K<8 AB0;L=K<8 425@O<8. ;5ABOI8<8, 1C4B> B5G5=85 2@5<5=8 8E =5 70B@>=C;>. 25@8 :0: 425@8, 2>B B>;L:> =5 1K;> =0 =8E =8:0:>9 @CG:8, 70<:0 8;8 70A>20. 5B0;;8G5A:0O ?;8B0, 2AB@>5==0O 2 AB5=C. !<5@BCE >AB>@>6=> :>A=C;AO <5B0;;0 @C:>9.
B> =5 1>8BAO A<5@B8? A?@>A8; 3>;>A, 4>=>AOI89AO >B>2AN4C 8 =8>B:C40.
;87=5FK =5@2=> >3;O45;8AL 8 >1=068;8 :8=60;K.
Q@B2K5, >B25B8; O, ?>B><C GB> 70304:0 1K;0 ?@>AB>9, 0 =0E>645=85 >B25B>2 =0 ?>4>1=>3> B8?0 2>?@>AK 1K;> G0ABLN <>53> >1@07>20=8O.
"5< =5 <5=55, 45;> ?@8=8<0;> A5@LQ7=K9 >1>@>B. A;8 ?>475<5;LO 1K;8 70I8I5=K =5:@><0=BA:8<8 70:;OB8O<8, B> 745AL 1K;0 @01>B0 4;O :><0=4K 8=:2878B>@>2, 0 =5 4;O 154=>3> >@48<5@0 0445@48=0, :>B>@K9 B>;L:>- B>;L:> ?>;CG8; ;8F5=78N 8 =0<5@520;AO ?@>AB> 70@01>B0BL ?0@C 3@>H59 =0 1CE0=:C E;510 8 :@C6:C 2>4K.
">340 2>948 : <Q@B2K<, A:070; 3>;>A, 8 AB0;L=0O ?;8B0 15AHC<=> 8AG57;0 2 AB5=5.
/ 702O7K20N, ?@>1>@<>B0; 5@2K9. !<K205<AO, 1@0B?
/ B515 A<>NAL, A:070; O, 4065 =5 3;O4O =0 =53>.
B>@>9 =5A>3;0A=> ?><>B0; 3>;>2>9, 0 53> 1@0B ?>60; ?;5G0<8.
"0: B>;L:>, 7=0G8B, A?@0H820;, >B25B8; >=.
K 2>H;8 2 :>@84>@, 8 ?@>E>4 70:@K;AO 70 =0<8 B0: 65 15AHC<=>, :0: 8 >B:@K;AO. K >:070;8AL ?5@54 A;54CNI59 <5B0;;8G5A:>9 ?;8B>9, 8 !<5@BCE A=>20 4>B@>=C;AO 4> =5Q @C:>9.
B> C<8@05B A @0AA25B><? A?@>A8; B>B 65 3>;>A.
!>=, =5<54;5==> >B25B8; O, 81> =5 7=0;, :0:>20 B5@?8<>ABL C 70:;OB8O.
@5?OBAB285 ?@>?0;> B0: 65, :0: 8 ?5@2>5.
'B> 1C45B, 5A;8 =5 C30405HL? 7015A?>:>8;AO 5@2K9.
?@8<5@C, 4028;L=O, >B25B8; !<5@BCE 8 3;C?> @0AA<5O;AO.
/ ?>:0G0; 3>;>2>9. 0, MB> 1K;> 25AL<0 25@>OB=>. > 1K;8 25I8 ?>EC65, G5< <5E0=8G5A:85 ;>2CH:8, 8 O :0: @07 AB0; 8E GC2AB2>20BL. >?@5:8 A515 O 704@>60;, 8 B>=:89 @CG5Q: E>;>4=>3> ?>B0 ABQ: C <5=O ?> ?>72>=>G=8:C 4> A0<>9 ?>OA=8FK.
?>G5<C BK, :0: 1K, =5 >B25B8;: =>GL? A?@>A8; B>@>9.
#304K20;, ?>60; O ?;5G0<8 8 C;K1=C;AO, E>BL <=5 1K;> A>2A5< =5 4> A<5E0.
B> 3@K7QB, E>BL =5B :;K:>2? A?@>A8; 3>;>A C B@5BL59 ?;8BK.
!>25ABL, =5 :>;51;OAL, >B25B8; O, 2>>1I5- B>, 1C4CG8 =5<=>3> @07>G0@>20==K< ;Q3:>ABLN 70304>:.
> O B0:65 ?>=8<0;, GB> >1KG=>3> G5;>25:0 2 682KE 1K C65 =5 1K;>. K >:070;8AL ?5@54 ;5AB=8F59. ;87=5FK 3;C?>20B> A<5O;8AL 8 ?>E;>?K20;8 <5=O ?> A?8=5.
>A;CH09B5, 848>BK, >A048; O 8E. !>;>2K9 B>65 745AL ?@>HQ;, 0 7=0G8B =0AB>OI85 ?@>1;5<K 2AQ 5IQ 2?5@548.
>G5<C, :0: 1K, ?@>HQ;?
>65 <>9. ! :5< O @01>B0N? ?>4C<0; O.
>B><C GB> =5 1K;> B@C?>2! 4065 :>AB59, @078=O! >B@570; O.
-B> D0:B, GB> 2575=85 !>;>2>3> ?>@078;> <5=O. = ?@>HQ; B>==5;L 8 @073040; 70304:8. =5 =5 E>B5;>AL 25@8BL, GB> 53> 2K<>G5==K5 2 3>@8;:5 <>738 <>3;8 ?>4=OBLAO : AB>;L 2KA>:8< 25@H8=0< 01AB@0:F88.
?>:0 O ?@> A51O @07<KH;O; =04 AC4L1>9 !>;>2>3>, <K C2845;8 =0 ;5AB=8F5 B5=L. B?@O=C;8 =0704, 2A5 3>B>2K5 : AE20B:5, => B5=L A?>:>9=> :>;KE0;0AL, :0: 1K 2 @8B<5 :0:>9- B> A;KH8<>9 B>;L:> 59 <C7K:8.
0G5< 2K 2E>48B5 2> @0:? 70?5;0 >=0. 48B5 : A25BC, >, 45B8 =O. BAB02LB5 >GL B5<, :B> C<5@.
?5=88 1K;> GB>- B> B0:>5 B@>30B5;L=>5 8 60;>1=>5, GB> <=5 E>B5;>AL 2KBL. / ?>4C<0; > ;C35 =04 @5:>9 8 > 452CH:5, A>18@0NI59 =5701C4:8, > A>G=>< 2:CA5 B@028=>:, ?@8:CH5==KE 7C10<8. A>;=F5 8 HC<5 2>4K, 8 > 3>;C1>< =515. > 4><8:5 A :@0A=K<8 G5@5?8F0<8, AB>OI5< 2 A04C, ?>;=>< C?>8B5;L=> ?0E=CI8E, >1AK?0==KE 15;K< F25B>< ;8?. B>340 >4=0 87 AB5= >B2>@8;0AL. B0<, 70 =59, 1K;8 8 @5:0, 8 =5701C4:8, 8 452CH:0, 8 =51>, 8 A>;=F5. "0< 1K;> <5AB>, > :>B>@>< O <5GB0; 2AN A2>N 687=L, ?>MB><C O 157 :>;510=8O 428=C;AO 2 53> AB>@>=C.
B>@>9 A18; <5=O A =>3 8 2<070; :C;0:>< 2 682>B. / C?0; 8 >1@K30; A515 :0DB0=. >340 O ?>4=O; 3>;>2C, B> C2845;, GB> <>8< AB>?0< =5 E20B8;>, <>65B 1KBL, ;8HL >4=>3> H030 4> ?@>20;0 2 75<;5. =0 4=5 B>@G0;8 A>;84=K5, 70>AB@Q==K5 :>;LO. 0 :>;LOE <K C2845;8 B5;> <C6G8=K 2 :>;LGC35. (;5< A20;8;AO A 53> 3>;>2K 8 >1=068; 3@82C A5@>- 6Q;BKE
[ 5 3 ]
2>;>A.
>B 8 !>;>2K9, A:070; 5@2K9.
'B> BK B0< C2845;, >@48<5@? A?@>A8; B>@>9, >G5=L 4>2>;L=K9 A>1>9, 81> =5G0AB> A;CG0;>AL 5<C 2KB0A:820BL <5=O 87 70B@C4=5=89.
"K 1K C?8A0;AO >B A<5E0, E<K:=C; O. =5 8=B5@5A=55, GB> B0< C2845; =0H 4@C3 !>;>2K9.
"5=L :>;KE0;0AL 5IQ :0:>5- B> 2@5<O, :0: 1K 2 >6840=88, GB> :B>- =81C4L 2AQ- B0:8 8A:CA8BAO A>740==K<8 5N 2845=8O<8, => ?>B>< ?@>?0;0 A ;5AB=8FK.
@>:;OBL5, 2> GB> <K 2;8?;8? ?@>H5?B0; B>@>9.
/ AB0@0B5;L=> >BB8@0; A :0<7>;0 1;52>B8=C. 04> ?@87=0BL, B@5:;OBK9 1;87=5F 273@5; <5=O 15A?>I04=>.
3>2=>, >B25B8; O 8 2 >G5@54=>9 @07 2 MB8E ?>475<5;LOE ?>GC2AB2>20; AB@0E. ?>;=>5 3>2=>, AK=>:.
K2545HL =0A >BAN40, >@48<5@, ?@0240? C 5@2>3> 3;070 1K;8 :0: 1;N4F0. / 5IQ =5 E>GC C<8@0BL! @>HC B51O, >@48<5@!
!<5@BCE AE20B8; 5@2>3> 70 ?;5G8 8 ABC:=C; 53> 10H:>9 > AB5=C. 5A8;L=>, => 4>AB0B>G=>, GB>1K 1;87=5F ?@8HQ; 2 A51O. 'B>- B> BCB 1K;>, GB>- B>, GB> 2K720;> C 5@2>3> B0:>9 ?0=8G5A:89 AB@0E. "> 65 A0<>5, GB> ?>:070;> <=5 ;C3 8 452CH:C. >A:>;L:C 5@2K9 =5 87 ?C3;82KE. = 2A5340 1K; >AB>@>6=K<, => =5 ?0=8:>20;. BCB 2Q; A51O, :0: 4528F0 ?5@54 ?5@2K< ?5@5?8E><.
BK GB>, E>B5; 1K 68BL 25G=>? 70A<5O;AO O, 3;O4O 5<C 2 3;070. 5 A =0H59 @01>B>9, 1;87=5F! 4Q<, ?@8:070; O 8 ABC?8; =0 ;5AB=8FC.
!BC?5=8 1K;8 ;8?:8<8, B0:8<8 ;8?:8<8, GB> 84O, O A B@C4>< >B:;5820; ?>4>H2K. 0A:C4AB2>.
C GQ B0<, =C? CA;KH0; O A7048 3>;>A B>@>3>.
!?>:>9=>, ?0@=8, A:070; O, >AB0=>282H8AL =0 25@E=59 ?;>I04:5, 8 >A<>B@5;AO 2>:@C3. >3> E>G5HL, 2K18@09, 4>1028; O, B0: :0: 40;LH5 25;8 G5BK@5 :>@84>@0.
/ A5; =0 :0<=8.
8=CB0 >B4KE0, @0A?>@O48;AO O 8 3;>B=C; 87 1C@4N:0, 0 ?>B>< ?5@540; 53> @51OB0<.
!<5@BCE 2K@C30;AO, ?>B><C GB> ?8; ?>A;54=8< 8 5<C >AB0;>AL =5<=>3>. = 1@>A8; ?CAB>9 1C@4N: 70 A51O, 8 Q<:>ABL A HC<>< >BA:>G8;0 >B ;5AB=8FK. C 8 ME> =>A8;>AL 2 MB8E AB5=0E! / BCB 65 ?@54AB028; A515, GB> -;O 0@@0=5 8 5Q A?CB=8:8 A 8=B5@5A>< =01;N40NB 70 =0<8 8 1LNBAO >1 70:;04, :0: 40;5:> <K 4>94Q<. >65B <K 1K;8 ;8HL ?5H:0<8, ?5@542830NI8<8AO ?> ?>;=>9 ;>2CH5: H0E<0B=>9 4>A:5? !:>@55, =5B, ?@>AB> C <5=O A;8H:>< 1C9=>5 2>>1@065=85. > <>65B MB> 8 : ;CGH5<C, 81> ;N48, ;8HQ==K5 2>>1@065=8O, ?@51K20NB A59G0A 2 B>< A0<>< <5AB5, GB> 8 K@20;L4 !>;>2K9 8 53> ?@8OB5;8.
>94Q< =0 A525@, @5H8; !<5@BCE, 0 O =5 A>18@0;AO A =8< A?>@8BL.
!<5@BCE 7=05B, > GQ< 3>2>@8B, => ?> <=5, A525@=K9 :>@84>@ 2K3;O45; >B2@0B8B5;L=>. !B5=K 53> 1K;8 2K;>65=K :@>202>- :@0A=K<8 :8@?8G0<8. 4>102>:, 2 =Q< GB>- B> 42830;>AL. @>60;>, :0: 3>@OG89 2>74CE =04 :>AB@><. > <K ?>H;8. 070;>AL, AB5=K :>;KHCBAO, A68<0OAL 8 @0AH8@OOAL, :0: 1K ;5=82> @074C<K20O, @074028BL ;8 =0A, 8;8 65 5IQ ?>4>640BL. >@84>@ 872820;AO B> BC40, B> AN40, 873810;AO ?>4 :0:8<8- B> =5>6840==K<8 C3;0<8, :@CB8;AO 2>:@C3 A51O.
"K B>G=> 4C<0; >1 MB>< ?CB8? A?@>A8; O !<5@BCE0, => >= 4065 =5 A>872>;8; >B25B8BL.
A@07C ?>B>< O ?>GC2AB2>20; C<5@B289. >340- B>, 1C4CG8 5IQ @51Q=:><, O 4C<0;, GB> :064K9 G5;>25: 8E GC2AB2C5B, 81> MB>B 70?0E AB>;L ?@>=78B5;L=K9, AB>;L @57:89 ?@O<>- B0:8 4> 1>;8. > ?>B>< >:070;>AL, GB> 1>;LH8=AB2> ;N459 ?>=OB8O =5 8<55B, > GQ< O 3>2>@N. #<5@B28O 1K;8 745AL, O 7=0; > B><, GB> >=8 B0OBAO 1C:20;L=> 2 H035 >B =0A. >MB><C O =0G0; <>;8BLAO A2>5<C =35;C- E@0=8B5;N 8 =045O;AO, GB> >= A>1;03>2>;8B CA;KH0BL MBC <>;8B2C. >=OB=>, <>3;> A;CG8BLAO B0:, GB> =35;- E@0=8B5;L 2KA;CH05B <>;8B2C, => ?>:065B A51O EC65 B>9 >?0A=>AB8, GB> ?5@54 =0<8. >3 AG5ABL, GB> O =5 C2060N 53>, 27K20O ?> B0:><C ?CAB><C 45;C, 0 =35;K 1>;LH5 2A53> =5 ?5@5=>A8;8 =5C2065=8O. >25@LB5 <=5, @073=520==K9 =35; EC65, G5< 2A5 20H8 A0<K5 AB@0H=K5 :>H<0@K. 54L =58A?>2548<K ?CB8, :>B>@K<8 A;54CNB ?><KA;K =35;>2.
/ C2845; 1;54=>5, :0: ?>;>B=>, ;8F> 5@2>3>. = 7=0;, 2 :0:>< A;CG05 O =0G8=0N <>;8BLAO =35;C, 8 7=0;, :0:8<8 <>3CB 1KBL ?>A;54AB28O MB>9 <>;8B2K. > A C<5@B28O<8 <K =5 <>3;8 BO30BLAO 2 >48=>G:C. 5 745AL 8 =5 A59G0A. 57 A2OBKE <>I59, 1;03>A;>25=89 8 G8AB>BK A5@4F0. 1>, 2848B5 ;8, A G8AB>B>9 A5@4F0 C =5:>B>@KE 87 =0A 1K;8 ?@>1;5<K& 4=0:> 70?0E 2@>45 C<5=LH8;AO. #<5@B28O :>;510;8AL. >;8B20 8E =5 >B?C3=C;0, => >=8 7=0;8, GB> <>3CB 8<5BL 45;> A <>8< =35;><. MB> 1K;> 1K 4;O =8E C60A=55 2A53>. = 1K ?>A;0; 8E =0 A0<>5 4=> 04A:>9 1574=K, 345 ?5G0;L=>5 ?>;C- ACI5AB2>20=85 =0 5<;5 ?>:070;>AL 1K 8AB8==K< @05<. B:C40 C<5@B28O< 7=0BL, GB> <>9 =35; =5 A;8H:>< 3>B>2 ?><>GL? / ?@54?>;030; 2 4CH5, GB> = <>3 1KBL B0:8< 65 AC:8=K< AK=><, :0: 8 O, 8 AB0@0;AO =5 7;>C?>B@51;OBL 3> B5@?5=85<.
/ ?>3@C78;AO 2 <>;8B2C. !;>20 B5:;8 87 <5=O A25B;K<, ?@>7@0G=K< ?>B>:><. / ?@54AB02;O; A515, GB> B0:, ?>- 2848<><C, <>;8;AO =0H >A?>4L, ?>:0 =5 A>HQ; A @5AB0 8 =5 ?>:0@0; 3@5H=8:>2 <5G>< 8 AB@040=8O<8
[ 5 4 ]
. 0:>=5F, O ?>GC2AB2>20;, GB> C<5@B28O CE>4OB. =8 >B:070;8AL >B >E>BK, 8 B>;L:> 5IQ <8=CBC C <5=O 2 <>73C :@C68;8AL 8E 1>;L 8 B>A:0 ?> CB@0G5==>9 687=8.
/ =8:>340 =5 ?>=8<0;, :5< <>3CB 1KBL C<5@B28O, 8 ?>G5<C >=8 =5 ?>7=0;8 AG0ABLO 515A 8;8 >3=O 04A:>9 1574=K, 0 ;8HL A:8B0NBAO ?> 75<;5. 5 @07 8 =5 420 O G8B0; A?>@K B5>;>3>2 =0 MBC B5<C, => =8 >4=> 87 >1JOA=5=89 =5 ?>@078;> <>53> 2>>1@065=8O. ?@>G5<, <K, 8=:2878B>@K, =5 4;O B>3>, GB>1K <KA;8BL. :>=F5 :>=F>2, <K ;N48 459AB28O 8 >AB02;O5< 4@C38< 2>7<>6=>ABL 4>:070BL 2 B5>@88 >1>A=>20==>ABL 8<5==> MB8E 459AB289. ;N1>< A;CG05, ?@>B82 C<5@B289 =5 1K;> 459AB25==>9 70I8BK. A;8 B>;L:> =5 H;8 ?@>B82 =8E 2>>@C6Q==K<8 <>I0<8 8 1;03>A;>25=8O<8, => 8 MB> =5 2A5340 ?><>30;>. 0:>5 AG0ABL5, GB> C<5@B28O 45@60;8AL B>;L:> 701KBKE >3>< 8 ;N4L<8 <5AB, B0:8E :0: !0@520;L4. E =8:>340 =5 284K20;8 2 <5AB0E, 345 >=8 <>3;8 1KBL ;53:> 70<5G5=K. >65B 8<5==> MB> >48=>G5AB2> 4020;> 8< A8;C? B> 7=05B?
>340 O ?>GC2AB2>20; C<5@B289, B> ?>=O; C65 ?@0:B8G5A:8 2AQ. / 4>3040;AO, 70G5< ?@5:@0A=0O -;O 8 5Q A?CB=8:8 A?CA:0NBAO 2 ?>475<5;LO !0@520;L40, 7=0; ?>GB8 A> AB>?@>F5=B=>9 C25@5==>ABLN, GB> >=8 =5A;8 2 BO65;>< C7;5. ?@87=0NAL 20<, 2AO:85 C3@K75=8O A>25AB8, :0:85 <>3;8 1KBL C 20H53> ?>:>@=>3> A;C38, 8A?0@8;8AL 2 <3=>25=85 >:0. !59G0A O C65 7=0;, GB> A>2<5IC ?@8OB=>5 >B 70@010BK20=8O 45=53 0:H8;5;O A 4>;3>< 8=:2878B>@0. -B> 1K;0 CB5H8B5;L=0O <KA;L, 81> O 2AQ- B0:8 GC2AB2>20; =5?@8OB=K9 >A04>:, A;C60 BC?><C <OA=8:C A =018B>9 7>;>B>< <>H=>9. "0:>2 C6 =0H <8@, 2 :>B>@>< ;N48 1;03>@>4=K5, G5AB=K5 8 @C:>2>4AB2CNI85 ?>@K20<8 A5@4F0 ( 87 A:@><=>AB8 C<>;GC, :>3> 8<5N 2 284C) 154AB2CNB, 0 2AO:85 =53>4O8, <>H5==8:8 8 ;8F5<5@K 703@510NB 45=L38 ;>?0B>9. 48=AB25==>, GB> <5=O <>3;> CB5H8BL, B0: MB> A;>20 8A0=8O, :>B>@K5 3;0A8;8, GB> « ;53G5 25@1;N4C ?@>9B8 G5@57 83>;L=>5 CH:>, =565;8 1>30B><C 2>9B8 2 &0@AB285 515A=>5» .
K ?>GB8 =0 <5AB5, C3@N<> A>>1I8; !<5@BCE. 45- B> BCB >=8 2A5& >= =5=04>;3> 70<>;G0; 8 4>1028;, =540;5:> >B =0A.
%0, 5@2K9 274>E=C; A >1;53G5=85<.
/ 7=0;, GB> 53> CB5H05B <KA;L > B><, GB> G5@57 <8=CBC >= 1C45B 8<5BL 45;> A ;N4L<8. ! @50;L=K<8 ;8G=>ABO<8 87 ?;>B8 8 :@>28, :>B>@KE <>6=> ?>?>BG520BL <5G>< 8;8 :8=60;><, ?5@5;><0BL 8< :>AB8 8;8 >B@C18BL 3>;>2C. / =5 E>B5; 2K2>48BL 53> 87 701;C645=8O, E>BL 8 7=0;, GB> 70 MB8<8 AB5=0<8 <K <>65< 2AB@5B8BL =5 B>;L:> ;N459. > GB> 1K;> 45;0BL? K 4>;6=K 1K;8 84B8 40;LH5, @07 2>>1I5 2AB0;8 =0 MB>B ?CBL.
@>25@L, ?@8:070; O 5@2><C.
5@2K9 ?@8;L=C; : :;04:5 8 @0A?@>ABQ@ @C:8. K3;O45;, 1C4B> 53> @0A?O;8 =0 AB5=5, :0: =0 :@5AB5. = 2?0; 2 B@0=A, 8 2=570?=> 53> 3;070 70:0B8;8AL, >AB0282 >4=8 15;:8. = GB>- B> B8E> 1>@<>B0; A0< A515, ?0;LFK 21820; 2 :0<=8 A B0:>9 A8;>9, GB> >=8 =0G0;8 :@>2>B>G8BL, 0 87 53> @B0 AB5:0;0 A;N=0, A<5H0==0O A :@>2LN. :>=F5 :>=F>2, >= >?CAB8;AO =0 ?>;, 1C4B> AB0@>5 B@O?LQ.
/ 2845;, ?@>H5?B0; >= A B@C4><. >340 BC40 ?@>1LQ<AO& >= 70<>;: 8 ?>?5@E=C;AO =0 24>E5.
C! ?>B>@>?8; O 53>.
:065<AO 2 8E 70;5& =025@EC.
# =0A A A>1>9 1K;> :09;>, => B@C4=> A515 ?@54AB028BL, GB> =8:B> =5 CA;KH8B, :0: <K ?@>@C105< E>4 G5@57 MBC B>;ABCN, AB0@CN AB5=C. K B0:65 <>3;8 84B8 40;LH5, :0: HQ; B>==5;L, => 3>;>2C 40N, GB> 2 =Q< A:@KBK 5IQ :0:85- =81C4L =5>6840==>AB8. C, 8 C<5@B28O 2> 2B>@>9 @07 <>3CB =5 8A?C30BLAO. :>=F5 :>=F>2, 4> A8E ?>@ =0< 1>;LH5 ?><>30;0 C40G0, G5< =0H C<. -;O 8 5Q A?CB=8:8 =025@=O:0 ?>H;8 :>@84>@><, 254CI8< 2=87, => >=8 1K;8 70I8I5=K >B 7;0, GB> B08;>AL 2 MB8E AB5=0E. "5< 2@5<5=5<, =0 =0A <>3;8 =0?0ABL 2 ;N1CN <8=CBC. @CG0NAL, 20< =5 E>B5;>AL 1K 4065 7=0BL, :0: 2K3;O48B =0?045=85 C<5@B289. ?>MB><C B>@>9 4>;65= 1K; A45;0BL 4;O =0A ?@>E>4, 8 O A:070; 5<C >1 MB><.
>60;C9AB0, ?@>AB>=0; >=, B>;L:> =5 MB>. >@48<5@, ?@>HC B51O, 4@C3.
>65 <>9, 4> :0:8E =56=>AB59 >= 4>HQ;! « @C3» ? 5B, 1;87=5F, <K =5 4@C7LO, 0 4065 5A;8 1K 8<8 1K;8, O >B40; 1K B515 B0:>9 65 ?@8:07. %>BO ?@5:@0A=> 7=0;, GB> B>@>9 <>65B ?>381=CBL. 0, 1K;0 2 =Q< =5:0O A8;0, => >3@0=8G8B5;5< 4;O :064>3>, :B> @0A?>;0305B A8;>9, O2;O5BAO B>, GB> :064>5 5Q 8A?>;L7>20=85 <>65B C18BL 53>. C, ?> :@09=59 <5@5, ?@8 8A?>;L7>20=88 A8;K AB>;L 2KA>:>3> =0?@O65=8O. O B>@><C ?@8:070; 70G5@?=CBL 4> ?>A;54=8E @575@2>2 B5;0 8 4CE0. > A0<>3> O4@0, ACB8 8 F5=B@0.
0G8=09, E>;>4=> A:070; O.
A;8 B>@>9 C<@QB, =0 53> <5AB> 2AB0=5B 5@2K9. = >1;040; <5=LH59 A8;>9, G5< 1@0B, => <>65B A?@028BAO. 5A;8 =5B, B> GB>1 <K A4>E;8! :>=F5 :>=F>2, O 8E B>;L:> GB> A?@0H820;, E>B5;8 1K >=8 68BL 25G=>&
5@2K9 70AC=C; 2 @>B 1@0BC :0:CN- B> B@O?:C 8 ?@82O70; 5Q 25@Q2:>9. K 7=0;8, :0: MB> 1>;L=>, 0 254L =8:B> =5 E>B5;, GB>1K :@8: B>@>3> A428=C; 2A5 :0<=8 2 MB8E ?>475<5;LOE. / >B25@=C;AO. 4=064K O C65 2845;, :0: B>@>9 45;05B ?@>E>4, 8 <=5 E20B8;> MB>3> 7@5;8I0 =0 2AN 687=L. -B8 3;070, ?>;=K5 1>;8 8 157C<8O. @>2L 8 A;87L, 2KB5:0NI85 87> @B0, =>A0 8 CH59& / ?>>15I0; A515, GB> 40< 5<C 1>;LHCN 4>;N, G5< 4@C38<. <C ?@8G8B05BAO. A;8 2K945< >BAN40, OA=>5 45;>, 0 MB> 2>2A5 =5 1K;> >G5284=K<.
/ CA;KH0; ?@83;CHQ==K9 2>9 8 ?>=O;, GB> B>@>9 =0G0;. ;O? E>@>H> 703;CH0; :@8:, => 2 MB>< ?>402;5==><, E@8?;>< 2>5 1K;> AB>;L:> AB@040=8O, GB> =5 7=0N, 2AB@5G0;AO ;8 O :>340- =81C4L 2 687=8 A ?>4>1=>9 <C:>9. / =5 A2OB>9 8 =5 @07 2845; ?KB:8, =5 @07 ?KB0; 8 A0<, => 4065 G5;>25:, :>B>@><C <K ;8;8 =0 O9F0 684:CN A5@C, =5 AB@040; B0: C60A=>. 4>102>:, O GC2AB2>20; 53> 1>;L. 5 B>;L:> A;KH0;. =0 A25@;8;0 345- B> 2 3;C18=0E <>59 3>;>2K, ?>O2;O;0AL 2> 2A?KH:0E >A;5?;ONI8E F25B>2, :>;>;0 GC2AB28B5;L=59H85 >1;0AB8 <>730 83;0<8 A @0A:0;Q==K<8 >AB@8O<8. / 70:CA8; 3C1K 4> :@>28, GB>1K =5 =0G0BL :@8G0BL A0<><C. IQ MB>3> =5 E20B0;>, GB>1K O- B>, 40 =5 C<5; 1@0BL 25@E =04 A2>8<8 GC2AB20<8!
0:>=5F, B>@>9 ?>B5@O; A>7=0=85, 8 53> 1>;L 5IQ A <8=CBC 281@8@>20;0 C <5=O 2 G5@5?5. / >15@=C;AO 8 ?>A<>B@5;. ;87=5F ;560; =0 75<;5, 0 53> 1@0B, A:;>=82H8AL =04 =8<, >@>H0; 5<C ;8F> 2>4>9 87 D;O38. B>@>9 2K3;O45; C60A=>. 3> ;8F> 1K;> 0;510AB@>2> 15;K<, 0 3>;C1K5 ?5@5?;5B5=8O 25= ?C;LA8@>20;8 ?>4 :>659, 1C4B> 1K;8 1>;LH8<8, >682;Q==K<8 AB@0==>9 A8;>9 G5@2O<8, 65;0NI8<8 2K1@0BLAO =0@C6C. 4>25@H5=85 7;0, C B>@>3>, ?><8<> >1<>@>:0, 1K;8 >B:@KBK 3;070, A C3>;:>2 :>B>@KE A59G0A B5:;0 :@>2L. 0=LH5 53> ;8F> 2K3;O45;> B>;AB>IQ:8<, A59G0A A:C;>2K5 :>AB8, :070;>AL, ?@>B:=CB =0BO=C2HCNAO 8 B>=:CN :0: ?5@30<5=B :>6C. > B>==5;L >= ?@>:>?0; 7=0B=K9. KA>:89, A <5B@, 8 H8@>:89 =0AB>;L:>, GB> :@C?=K9 <C6G8=0 <>3 2 =Q< A2>1>4=> AB>OBL =0 :>;5=OE. AQ ?@>87>H;> 15AHC<=>. 0<=8, :8@?8G8, @0AB2>@ 8AG57;8. 5 1K;> =8:0:>9 :CG8 I51=O, ;8HL =5<=>3> :0<5=8AB>9 ?K;8 =0 75<;5. C40 45;8AL >AB0B:8 AB5=K? B> 6 MB> <>3 7=0BL? :>3> MB>, 5A;8 G5AB=>, 8=B5@5A>20;>? ;02=>5, C =0A 1K; >B:@KB ?CBL : 3;02=><C 70;C BC40, 345 -;O 0@@0=5 8 5Q A?CB=8:8 ?@54020;8AL 3@5E>2=K< 701020<.
K ?@>A:>;L7=C;8 G5@57 B>==5;L B>@>3>. !0<>3> 1;87=5F0 >AB028;8 ?>4 AB5=>9, 81> =5 1K;> A<KA;0 B0I8BL 53> BC40, 345 2A:>@5 ?@>87>94QB AE20B:0. / ?>4>7@520;, GB> >= A:>@> =5 ?>?@028BLAO, 8 =0< ?@84QBAO =5AB8 53> =0 >1@0B=>< ?CB8. A;8 2>>1I5 1C45B :0:>9- =81C4L ?CBL >1@0B=>. ?@>G5<, O 7=0;, GB> A> B>@K< <>65B 70:>=G8BLAO ?;>E>, =57028A8<> >B B>3>, >B=5AQ< ;8 <K 53> 2 %57- E57@>= 8 4>25@8< >?5:5 2@0G59, 8;8 65 =5B. = <>3 A>9B8 A C<0 8;8 ?@52@0B8BLAO 2 @0AB5=85
[ 5 5 ]
. > O =045O;AO, GB> >= ?@>AB> ?@>A=QBAO CB@><, A?;N=5B 8 A?@>A8B: « 0: ?@>H;>, @51OB0? 5=L60B0 C65 ?>;CG8;8? »
K >:070;8AL =0 GQ<- B> 2@>45 E>@>2 4;O >@:5AB@0. >4 =0<8 1K; >3@><=K9, O@:> >A25IQ==K9 70; A ?>;><, 2K;>65==K< @>7>2K< <@0<>@><. F5=B@5 70;0 AB>O; A>25@H5==> =5 A>>B25BAB2CNI89 8=B5@L5@C GQ@=K9 :0<5=L, 0 =0 =Q< ;560;0 >1=06Q==0O 65=I8=0. 0: O 8 ?@54?>;030;. -B> 8<5==> >=0 1K;0 2 C75;:5, :>B>@K9 =5A;8 4@C7LO -;8. / C2845;, GB> @C:8 8 =>38 65@B2K ?@828=G5=K : 20;C=C, 0 87 @0= 2 G5BK@5 ?>AC48=:8 A>G8BAO :@>2L.
C, 40NB, ?@>H5?B0; 5@2K9.
>:@C3 :@>202>3> 0;B0@O :0G0;>AL 2 AB@0==>< B0=F5 H5AB5@> >A>1 2 0;KE BC=8:0E. >4 ?>B>;>: C=>A8;AO B>H=>B2>@=K9 4K< :048;. "0=FCNI85 GB>- B> ?5;8, => MB> 1K;0 48:>28==0O ?5A=O 157 A;>2 8 <5;>488. !@548 =8E O C2845; -;N 0@@0=5. @5:@0A=CN, 7>;>B>2>;>ACN -;N. !<5@BCE ?>A<>B@5; =0 <5=O.
=0 4>;6=0 1KBL <>59, A:070; >= E@8?;K< HQ?>B><.
=0 C65 ;8HL >A?>40 >30, 3@CAB=> 2>7@078; O.
5@2K9 ?>A<>B@5; =0 <5=O A 2>?@>A>< 2 3;070E. C GB> 6, =0< =04> 1K;> A?CAB8BLAO 8 ?>MB><C <K B8E>=L:> ?@82O70;8 B@8 :0=0B0 : 10;NAB@045. !?@K3=CBL ?@84QBAO >4=>2@5<5==>, 81> >3 7=05B, :0:85 5IQ AN@?@87K >6840NB 2=87C. <K A>A:>;L7=C;8. ?>B>< C65 A :@8:>< 8 >@C685< 2 @C:0E <G0;8AL : =8<.
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
>A?>48 ?><8;C9, >@48<5@, ?@>AB>=0; >=, A;>2=> <=8;, GB> >A?>4L <>65B A<8;>AB828BLAO =04 B0:8<, :0: >=.
-;O >:070;0AL E@01@55, 81> 1@>A8;0AL :> <=5, F5;OAL :>3BO<8 2 3;070, => !<5@BCE 40; 59 ?>4=>6:C, 8 >=0 @CE=C;0 =0 <>8 A0?>38. / A> 2A59 A8;K ?=C; 5Q 2 ;8F>, 8 GB>- B> E@CAB=C;>. >B>< O C7=0;, GB> A;><0; 59 =>A 8 G5;NABL. 5@2K9 2 MB> 2@5<O ?@8A<0B@820;AO : 452CH:5, ?@828=G5==>9 : :0<=N. =0 1K;0 <5@B20 8;8 2 1;87:>< : A<5@B8 B@0=A5, 3;070 5Q 1K;8 70:@KBK.
C 8 :C:>;:0, A:070; >=, ?@>2>4O @C:>9 ?> 5Q 3@C48. >6=>& 7=0G8B, >@48<5@?
/ :82=C;, 81> 59 8 B0: EC65 =5 AB0=5B, 0 1;87=5F ;N18; ?>4>1=K5 70102K.
/ ?@54C?@5640; B51O, >1@0B8;AO O : 5@@8, => BK =5 70E>B5; ?@8A;CH0BLAO : A;>20< 4@C30. @0240, O =5 1K; 53> 4@C3><, => B0: 72CG0;> ;CGH5.
(C;5@ A5; =0 ?>; 8 70:@K; ;8F> @C:0<8. 7- ?>4 ?0;LF52 C =53> B5:;8 A;Q7K. -B> 1K;> :0: 60;:>, B0: 8 >B2@0B8B5;L=>.
K =5 45;0;8 =8G53> ?;>E>3>, ?@>AB>=0; >=. -B> >1KG=0O ?>B0A:CE0, >@48<5@. 54L 5Q =8G53> =5 AB>OI0O 687=L =5 <>3;0 701>B8BL >30!
48>B, A:070; O 157 3=520, ?>B><C GB> 5@@8 1K; C65 B@C?><. K 2K7K20;8 C<5@B28O 8 ?@8=>A8;8 G5;>25G5A:85 65@B2K. ;O >30 8 =:2878F88 @5GL =5 84QB > 687=8 MB>9 452:8, 4>@>3>9 4@C3. 5GL 8A:;NG8B5;L=> > 20H8E 15AA<5@B=KE 4CH0E, :>B>@K5 2K >A:25@=8;8 8 >15AG5AB8;8. 20H8E 4CH0E, :>B>@K5 157 =0H59 ?><>I8 701@5;8 1K ?@O<> 2 04A:CN 1574=C!
"K <>65HL <=5 ?><>GL, >@48<5@? ;070 HC;5@0 1K;8 :0: C ?>18B>9 A>10:8.
/ 1C4C 15A54>20BL A B>1>9 B0: 4>;3>, ?>:0 BK 2A5< A5@4F5< =5 >A>7=05HL A2>59 28=K, 2A59 B2>59 ACBLN, 2A59 4CH>9, 2A5< C<>< 8 B5;>< 8;8, A:>@55, B5<, GB> >B B2>53> B5;0 >AB0=5BAO, ?>:0 =5 70E>G5HL 8A:C?8BL A2>8 3@5E8 8 >B@5GLAO >B 4LO2>;0. B>340, :>340 BK C65 1C45HL 2 A>3;0A88 A >3>< 8 ;N4L<8, O >B40< B51O >3=N, 5@@8.
=> B>3> AB>8B, >@48<5@? 2K:@8:=C; >=. 7- 70 =5Q? = C:070; 2 AB>@>=C 452CH:8 =0 :0<=5, =04 :>B>@>9 A>?5; 5@2K9.
8G53> BK =5 ?>=8<05HL, 2>7@078; O 8 ?>:@CB8; 3>;>2>9, 81> C65 ?>=O;, GB> =0H8 @073>2>@K 2 %57- E57@>=5, 2 ?>475<5;LOE =:2878F88, 70BO=CBAO. > BK ?>9<QHL, ?>25@L <=5, ?>9<QHL =5?@5<5==>&
K ?>;CG0;8 7>;>B>, >@48<5@. >5<5@@ ?>4=O; 3>;>2C, 8 O C2845;, :0: 2 53> 3;070E 1;5A=C;0 =045640. = =5 <>3 A>3;0A8BLAO A <KA;LN, GB> D0:B8G5A:8 C65 C<5@. K ?>;CG0;8 7>;>B>, <=>3> 7>;>B0. %>G5HL? !:>;L:>? "KAOG0 :@>=? OBL BKAOG? 5AOBL BKAOG? <>65B AB> BKAOG, >@48<5@?
!B> BKAOG? A?@>A8; !<5@BCE, 8 O C2845;, :0: 2 53> 3;070E 70A25B8;8AL >?0A=K5 >3>=L:8.
>18;AO 1K > 70:;04 >= =5 4> :>=F0 ?@54AB02;O; A515, GB> <>6=> A45;0BL A> AB0 BKAOG0<8 :@>=.
K ?@8=>A8;8 65@B2K C<5@B28O< 8 ?>;CG0;8 45=L38, 3>@OG> >1JOA=O; 5@@8. 48= @07 BKAOGC, ?>B>< ?OBL BKAOG, ?>B>< A=>20 425 BKAOG8. @8A>548=O9B5AL : =0<, :> <=5, C159B5 8E, 5A;8 E>B8B5, O 7=0N 2AQ, O&
/ C40@8; 53> :>=F>< ?0;:8 2 7C1K, 8 >= C?0; =0 A?8=C.
!<5@BCE, :@>B:> A:070; O, =5 1C4L 4C@0:><. 0 2AQ =04> :>340- =81C4L ?;0B8BL. =8 ?;0BOB ?@O<> A59G0A.
/ ?@>25@8;, 70:>=G8; ;8 5@2K9, 8 2K720; =35;0- A2845B5;O. = O28;AO, ?@>25@8; <>N ;8F5=78N, 8 =0 :0:>9- B> <83 O ?@O<> 70<5@ >B <KA;8, GB> 0:H8;5;L ?>445;0; 4>:C<5=BK. =35;- A2845B5;L =5 ?>=8<05B HCB>:. A;8 1K ;8F5=78O >:070;0AL =5459AB28B5;L=>9, >= <>3 MB> ?@>83=>@8@>20BL, A>GBO, GB> <K 8 B0: A45;0;8 <=>3> E>@>H53>, => A B5< 65 CA?5E>< >= <>3 B0:65 C18BL =0A >4=8< C40@>< >3=5==>3> <5G0. ?@>G5<, =5 4C<0N, GB>1K >= CB@C640; A51O 872;5G5=85< 53> 87 =>65=. :>=F5 :>=F>2, B0@0:0=>2 C1820NB 402O A0?>3><, 0 =5 87 ?CH:8. AG0ABLN, 2AQ 1K;> 2 ?>@O4:5, 8 =35;- A2845B5;L 1;03>A;>28; =0A. !59G0A, A 53> 1;03>A;>25=85<, <K <>3;8 C65 =5 1>OBLAO, GB> ?@81C4CB C<5@B28O, 65;0O >B><AB8BL 70 B>, GB> <K C=8GB>68;8 8E ?@825@65=F52. / 2A5340 704C<K20;AO, ?>G5<C C<5@B28O 6064CB 2 :0G5AB25 65@B2 ;N459? 'B> MB> 8< 40QB? 0?>;=ONB ;8 >=8 8E A8;>9 8;8 ?>72>;ONB =0A;048BLAO >1@K2:0<8 687=8, 2A?><=8BL B>, GB> 1K;> ?@5645? <>65B 8AG570NI0O 687=L E>BL =0 <83 >1;53G05B 8E 25G=CN 1>;L, 0 :@>2L 65@B2 30A8B 04A:89 >3>=L, A=540NI89 8E =CB@>? %0, 2>B E>@>H89 2>?@>A 4;O B5>;>3>2 8, ?>25@LB5 <=5, >=8 ?KB0;8AL =0 =53> >B25B8BL. ! B>9 ;8HL @07=8F59, GB> 5A;8 1K :0:>9- =81C4L B5>;>3 >:070;AO =0 <>Q< <5AB5, B> >= =020;8; 1K ?>;=K5 HB0=K.
=35;- A2845B5;L ?>?CB=> B0:65 8AF5;8; B>@>3>, 8 O @5H8; 70?><=8BL 53> ;N157=>ABL. <5BL 4>1@>65;0B5;L=>3> =35;0- A2845B5;O MB> 2K83@KH 2 ;>B5@5N
[ 5 6 ]
. KBL <>65B, >= B0:65 ?>?@>A8; <>53> =35;0- E@0=8B5;O, GB>1K B>B ?@8A<>B@5; 70 =0<8 =0 >1@0B=>< ?CB8, ?>A:>;L:C =0A C65 =8G53> =5 15A?>:>8;>. > ?@>1;5< 8 B0: E20B0;>, ?>B><C GB> =5:>B>@K5 87 ?;5==8:>2 =5 <>3;8 84B8 A0<8. 'B> 6, C<5=85 E>48BL 8< 1>;LH5 =5 ?>=04>18BAO. 0 :>ABQ@ 8E ?@>257CB G5@57 3>@>4 2 GQ@=KE, 45@52O==KE 2>7:0E, : @04>AB8 HC<=> AB>;?82H59AO 24>;L C;8F G5@=8. %57- E57@>= 1K; 1;03>G5AB82K< 3>@>4><. 45AL =04> =5 >E@0=OBL C7=8:>2, GB>1K :B>- =81C4L 8E =5 >B18;, => A;548BL, 401K :B>- =81C4L, 42868<K9 =5@07C<=K< CA5@485<, =5 @5H8; A0< 2>740BL ?> 70A;C30< 5@5B8:0< 8 1>3>EC;L=8:0<.
> 4;O <5=O 45;> 5IQ =5 70:>=G8;>AL. / 4>;65= 1K; @5H8BL 2>?@>A A 0:H8;5;5<. / ?>=8<0;, 68@=K9 <OA=8: =5 ?@>AB8B <=5 B>3>, GB> 53> ;N18<0O 2<5AB> A20451=>9 :0@5BK, ?>545B 2 GQ@=>< 2>7:5 =0 :>ABQ@. 025@=O:0, 5<C 1C45B 60;L 2A5E B5E =>G59, :>340 >= <>3 1K ?>4<8=0BL >1@N73H8<, ?>B=K< 1@NE>< 5Q AB@>9=>5 B5;>. B> 7=05B, :0: 40;5:> >= 7094QB 2 A2>59 =5=028AB8? !B0@0O ?>3>2>@:0 3;0A8B, GB> ;CGH0O 70I8B0 MB> =0?045=85. , ?>25@LB5 <=5, E>BO 65;0=8O =0?040BL C <5=O =5 1K;>, O 7=0;, GB> 2 ?@>B82=>< A;CG05 <>3C ?>B5@OBL 687=L. >65B >=0 8 3=CA=0O, =>, ?> :@09=59 <5@5, ?>:0 682C, <>3C =045OBLAO, GB> >=0 87<5=8BAO. ?>B><C =0 >1@0B=>< ?CB8 2 %57- E57@>= O =0?@O6Q==> 4C<0;, :0: A;54C5B ?>25AB8 45;>, GB>1K 2AQ 70:>=G8;>AL C40G=>. , =0:>=5F, G53>, 2?@>G5<, <>6=> 1K;> >6840BL, O ?@8HQ; : =5:>5<C ?;0=C.
* * *
%575 =0H5 ?@81KB85 2K720;> A5=A0F8N. 0: O 8 4C<0;, ?;5==8:>2 A@07C 65 ?@8=O;0 =:2878F8O 8, G53> O B0:65 >6840;, =0 A;54CNI89 45=L 3> @5>A2OI5=AB2> 5?8A:>? %57- E57@>=0 ?>@CG8; 25AB8 45;> 8<5==> <=5. 5@=>, O 1K; =>25=L:8< 2 3>@>45, =>, 2 :>=F5 :>=F>2, @5H0NI8< AB0; D0:B B>3>, GB> C <5=O 1K;0 459AB2CNI0O ;8F5=78O. @0BLO 8=:2878B>@K 2?@>G5<, =5A:>;L:8E 87 =8E O =5?;>E> 7=0; ?@8=O;8 <5=O 157 7028AB8. =0H59 ?@>D5AA88 206=0 A>;840@=>ABL. !;8H:>< <=>3> @0725;>AL 2>;:>2, 65;0NI8E ?>6@0BL >6L8E 03=F52, GB>1K =0< =5 45@60BLAO 2<5AB5.
01>B0 2 =:2878F88 2 ?5@8>4 =0?@O6Q==>3> A;54AB28O, A2O70==>3> A 4>?@>A0<8, =5 O2;O5BAO =8 ;Q3:>9, =8 ?@8OB=>9. 5=L =0G8=05BAO 2 H5ABL CB@0 A <5AAK 8 A>2<5AB=>3> 702B@0:0 A 8=:2878B>@0<8, 254CI8<8 4@C385 45;0. >B>< ?@>?>254L 8 <>;8B20, 8 ;8HL ?>A;5 MB>3> =0G8=0NBAO A>1AB25==> A;54AB25==K5 459AB28O. =5 =5 =@028;AO MB>B >1@07 687=8. 0H ?>:>@=K9 A;C30 2A53> ;8HL G5;>25:, >1@5<5=Q==K9 <=>3>G8A;5==K<8 A;01>ABO<8. / ;N1;N 70A845BLAO 70 2K?82:>9 4> ?>74=59 =>G8 8 ?>4>;LH5 ?>A?0BL, E>@>H> ?>5ABL 8 ?>A5I0BL 4><0 ?;0B=KE C4>2>;LAB289. > A8;0 G5;>25:0 A>AB>8B 2 B><, GB>, :>340 =C6=>, >= A?>A>15= >B:070BLAO >B A2>8E ?@82KG5: 8 ?>A2OB8BL A51O 5;C. 0:8< 1K MB> 5;> =5 1K;>.
5@2>9 O ?>A5B8; ?@5:@0A=CN -;N. =0 C65 =5 1K;0 ?@5:@0A=>9. ?>@20==>< ?;0BL5, A> A182H8<8AO 8 A;8?H8<8AO >B :@>28 2>;>A0<8, 2K18BK<8 7C10<8, @07402;5==K< =0 ?>; ;8F0 =>A>< 8 I5:>9, =0?><8=0NI59 A3=82H89 ?5@A8:. # =5Q 2 :0<5@5 =5 1K;> 75@:0;0, => O ?@8=QA 59 53>. 0;5=L:>5 75@:0;LF5 2 >?@025 87 A;>=>2>9 :>AB8. >340 >=0 C2845;0 2 =Q< A2>Q >B@065=85, 1@>A8;0 75@:0;LF5< 2 AB5=C 8 @0A?;0:0;0AL. > MB> 1K; 5IQ =5 B>B ?;0G, :0:>3> O >6840;. >:0 GB> >=0 ?;0:0;0 >B =5=028AB8 8 7;>AB8. >25@LB5 <=5: ?@84QB 5IQ 2@5<O, :>340 >=0 1C45B ?;0:0BL >B @0A:0O=8O. / A5; =0?@>B82 =5Q =0 B01C@5B, ?@8=5AQ==K9 C3@N<K< AB@06=8:>< A 2K18BK< 3;07><.
-;O, A:070; O ;0A:>2>. 0< =04> ?>3>2>@8BL.
=0 @O2:=C;0 GB>- B> 2 >B25B, 0 ?>B>< ?>4=O;0 3>;>2C. 7- ?>4 >BQ:0 1K; 2845= >48=, 1;5ABOI89 3;07. >;=K9 =5=028AB8.
>7L<CBAO 70 B51O, 0445@48=, ?@>87=5A;0 >=0 A402;5==K< 3>;>A><. >25@L <=5, 2>7L<CBAO 70 B51O.
KE>48B, >=0 2AQ 5IQ 68;0 8;;N78O<8. B:C40 1@0;0AL MB0 25@0? ;8 >=0 4C<0;0, GB> 5Q <>65B A?0AB8 7=0B=>ABL @>40, 45=L38, 1@0BLO, 0 <>65B A2O78 0:H8;5;O? 'B> 1K >=0 =8 4C<0;0 >H810;0AL. Q B5;> 1K;> C65 ;8HL 45@52><, GB> A3>@8B 2 >G8I0NI5< ?;0<5=8. / A<>B@5; =0 =5Q 8 4C<0;: :0: <>3;> A;CG8BLAO, GB> >=0 :>340- B> <5=O ?@82;5:0;0? 0, >=0 2AQ 5IQ 1K;0 :@0A82>9, 0 <>65B, B>G=55, <>3;0 AB0BL :@0A82>9 G5@57 =5A:>;L:> 4=59, :>340 70BO=C;8AL 1K @0=K 8 A>H;8 >BQ:8. >, B0: 8;8 8=0G5, >=0 1K;0 C65 <5@B20, 0 O, 2 >B;8G85 >B 5@2>3>, =5 @0A?>;>65= : <Q@B2K< 8;8 C<8@0NI8< 65=I8=0<.
/ 2K720; AB@06=8:0 8 25;5; >B25AB8 5Q 2 4>?@>A=CN. =51>;LH8E ?>:>OE, 2K;>65==KE BQ<=>:@0A=K<8 :8@?8G0<8, AB>O;8 AB>; 8 G5BK@5 ABC;0. ;O <5=O, ?@>B>:>;8AB0, ;5:0@O 8, ?> >1AB>OB5;LAB20<, 4;O 2B>@>3> 8=:2878B>@0. # A525@=>9 AB5=K =0E>48;0AL 1>;LH0O 60@>2=O, 2 :>B>@>9 :0;8;8AL C3;8. 4=0:> 3;02=K<8 M;5<5=B0<8 >1CAB@>9AB20 MB>3> 70;0 1K;8 >@C48O. 5@52O==>5 ;>65 A 65;57=K<8 :@5?;5=8O<8, 25@Q2:0<8 8 :>;>2>@>B><. @N:, 70:@5?;Q==K9 2 ?>B>;:5. 5;57=K5 A0?>38 A 28=B0<8
[ 5 7 ]
. 0 AB>;8:5, 2>7;5 60@>2=8, ;560; :><?;5:B 8=AB@C<5=B>2. )8?FK 8 :;5I8, GB>1K @20BL B5;>, A2Q@;0 8 ?8;K 4;O ?@>4K@O2;820=8O 8 @0A?8;820=8O :>AB59, :=CB > A5<8 E2>AB0E A =0=870==K<8 65;57=K<8 H0@8:0<8. 8G53> A;8H:>< 87KA:0==>3> 8 =8G53> A;8H:>< A;>6=>3>. > >1KG=> >4=>3> 7@5;8I0 E20B0;>, GB>1K ?@>1C48BL 2 A5@4F0E 3@5H=8:>2 B@52>6=CN 4@>6L. 5 8=0G5 1K;> A -;59 0@@0=5. =0 >3;O45;0 70;, 8 >B 5Q ;8F0 >BE;K=C;0 :@>2L. / A<>B@5; =0 =5Q A C4>2;5B2>@5=85< ?@>D5AA>@0, 284OI53>, GB> 1C45B ?>B5E0 >B =>2>3> CG5=8:0.
!B@06=8: @0ABO=C; 5Q =0 ;>65 8 70:@5?8; A381K @C: 8 =>3 65;57=K<8 :@5?;5=8O<8. / 40; 5<C 7=0:, GB>1K >= CHQ; 8 70:@K; 425@L.
"CB =0< C40ABAO ?>3>2>@8BL A?>:>9=55, A:070; O. > ACB8, 157 =5@2>2 8 >128=5=89. 04> ;8 B515 >1JOA=OBL, :0: 459AB2CNB >@C48O?
=0 =5 >B25B8;0, => O 8 =5 >6840; >B25B0. -;O ;560;0 A 3>;>2>9, ?@860B>9 ;52>9 I5:>9 : =5>1@01>B0==><C 45@52C ;>60. !<>B@5;0 =0 <5=O 74>@>2K< 3;07><.
0G=Q< A ?>425H820=8O, 745AL, =0 MB>< :@N:5. / ?>:070; ?0;LF5< ?>4 ?>B>;>:, 0 5Q 273;O4 ?>A;CH=> ?>A;54>20; 70 <>59 @C:>9. !=0G0;0 B515 A2O6CB A7048 @C:8, 0 G5@57 C75; ?@>?CABOB 25@Q2:C, :>B>@CN ?@>BO=CB :0: @07 G5@57 MB>B :@N:. >AB0B>G=> ;8HL ?>BO=CBL 70 4@C3>9 :>=5F 25@Q2:8, GB>1K B2>8 A2O70==K5 70 A?8=>9 @C:8 =0G0;8 2K3810BLAO =0704. AQ 2KH5 8 2KH5. 0:>=5F, ACAB02K 2K25@=CBAO, :>AB8 B@5A=CB 8 ACE>68;8O ?>@2CBAO. "2>8 @C:8 >:06CBAO ?0@0;;5;L=> 3>;>25.
/ ?>4>HQ; 8 2AB0; >:>;> =5Q. 7O; 2 @C:C ?@O4L 5Q 2>;>A 8 =0G0; 5N 83@0BL. 0:@CG820BL 5Q =0 ?0;5F 8 @0A:@CG820BL.
>7<>6=>, BK 4C<05HL, GB> B515 ?><>65B >1<>@>:. >B C6, =5B. 04 MB8< 148B =0H ;5:0@L. >340 ?>=04>18BAO, >= ?>40AB B515 ?@82>4OI85 2 GC2AB2> ;5:0@AB20. >4>64Q<, ?>:0 BK 2=>2L ?@84QHL 2 A51O, 8 =0G=Q< A=>20. >340 BK 1C45HL 745AL B0: AB>OBL, A 2K25@=CBK<8 87 ACAB02>2 @C:0<8, <K <>65< =0G0BL B51O E;5AB0BL, GB>1K C<=>68BL A8;C C15645=8O. -B>B :=CB 273;O4 -;8 2=>2L ?>A;CH=> ?>A;54>20; 70 <>8< ?0;LF5< >A=0IQ= <0;5=L:8<8, 65;57=K<8 H0@8:0<8. @C:0E C<5;>3> G5;>25:0, 8 ?>25@L <=5, =0H8 ?0;0G8 C<5;K5, >= =5 B>;L:> 2K@5705B 87 :>68 @5<=8, => <>65B @20BL <KHFK 8 4065 ;><0BL :>AB8. 0- 000, ?@>BO=C; O, :>340 BK A>94QHL A MB>3> :@N:0, 4>@>30O -;5G:0, >AB0=CBAO >B B51O >4=8 >H<QB:8. =5 ?8B09 <0;59H8E 8;;N789, 1C4B> B515 :B>- B> ?><>65B. AQ 1K;> 70?8A0=> =35;><- A2845B5;5<. !59G0A >B :>AB@0 B51O =5 A?0AQB 4065 ?0?0. =5 ?@>4>;60BL?
5B, ?@>H5?B0;0 >=0. %20B8B. 'B> O 4>;6=0 A45;0BL?
=0 1K;0 ?>=OB;82>9 CG5=8F59, => =54>AB0B>G=> ?>=OB;82>9. 5 4>;6=0 A?@0H820BL.
-B> 7028A8B B>;L:> >B B51O, ?@>87=QA O. / =5 <>3C B51O ?@8=C640BL : G5<C- ;81>. 0A:0O=85 8 A>60;5=85 4>;6=K 84B8 ?@O<> 87 A5@4F0.
=0 ?@8:@K;0 3;070, :0: 1K GB>- B> >14C<K20O. 4@C3 >B:@K;0 8E.
0:H8;5;L, A:070;0 >=0 8 ?>A<>B@5;0 =0 <5=O 2>?@>A8B5;L=>. / C;K1=C;AO >4=8<8 C3>;:0<8 @B0. = AB>O; 70 2A5<. >9 >B:07 >B 1@0:0 1K; ;8HL 83@>9, GB>1K ;N48 4C<0;8, 1C4B> <K =5=02848< 4@C3 4@C30. 254L MB> >= C3>2>@8; <5=O =0 A=>H5=8O A 4LO2>;>< 8 ?>;CG0; >B MB>3> 2K3>4C. 0725 >= 70@01>B0; 1K B0:85 1>30BAB20 >4=>9 B>@3>2;59 <OA><?
/ 1K; 2 ?>;=>< 2>AE8I5=88 >B =5Q. '5AB=>! 0:8< >1@07>< >=0 B0: 1KAB@> A>>1@078;0, GB> <=5 =C65= <0AB5@ <OA=8:>2? >4C<05<, :0:8< B@>?:>9 <>3;8 84B8 5Q <KA;8: « >@48<5@ A;548; 70 <=>9 ?> ?@8:07C 0:H8;5;O 8 2KA;548;. > 45;> ?@8=O;> A5@LQ7=K9 >1>@>B, 8 0:H8;5;L, <0;> B>3>, GB> =5 70?;0B8B >AB0B>: 3>=>@0@0, B0: 5IQ 8 ?>?KB05BAO ?>:>=G8BL A >@48<5@>< 70 B>, GB> B>B =5 4>2Q; <5=O 4> 0;B0@O. B0:, >@48<5@C =C6=0 70F5?:0 =0 0:H8;5;O, 8 MBC 70F5?:C >= =094QB 1;03>40@O <=5» . / ?@O<>- B0:8 2845;, :0: >=0 7040QB A515 2>?@>A, GB> ?>;CG8B 270<5=.
A:@5==55 @0A:0O=85, 8AB8==>5 A>60;5=85 8 2K40G0 A>>1I=8:>2 O2;ONBAO >1O70B5;L=K<8 CA;>28O<8, -;O, A:070; O A5@LQ7=K< B>=><. 8=:2878B>@ <>65B 2 MB>< A;CG05 ?@8=OBL @5H5=85 > =5?@8<5=5=88 : >128=O5<><C ?KB>: 8 A>665=88 53> B5;0 C65 ?>A;5 ?>25H5=8O 8;8 >1573;02;820=8O.
0, >B25B8;0 >=0 8 A=>20 70:@K;0 3;070. 0, ?>2B>@8;0. !?0A81> B515.
/ 2K720; AB@06=8:0 8 25;5; >B25AB8 -;N 2 :0<5@C.
14C<09 2AQ E>@>H5=L:>, ?@>87=QA O. >?>;C4=8 4>?@>HC B51O 2 ?@8ACBAB288 ?@>B>:>;8AB0.
>340 O 2>72@0I0;AO 2 =:2878F8N, B> 4C<0; >1 -;5. =0 1K;0 8=B5@5A=>9 65=I8=>9. %>;>4=>9 8 15760;>AB=>9, => C<5NI59 ?@87=020BL ?>@065=85. / ?>GB8 60;5;, GB> AC4L10 =5 ?>72>;8;0 =0< 2AB@5B8BLAO @0=LH5. / =5 <>3 5Q A?0AB8. 8:B> =5 <>3. C, <>65B ?>GB8 =8:B>, 81>, 3>2>@O, GB> 4065 ?0?0 =5 2 A>AB>O=88 =8G53> A45;0BL, O A8;L=> ?@5C25;8G8;. > C 5?8A:>?0 %57- E57@>=0 =5 1K;> AB>;L:> 2;0AB8, GB>1K ?>B@51>20BL 4;O =5Q ?>687=5==>3> 70B>G5=8O 2 <>=0ABK@5. "0:>9 ?@83>2>@ <>3 2K=5AB8 ;8HL ?0?A:89 AC4, 0 4> AB>;8FK 4>@>30 1K;0 40;5:0. ?@>G5<, ?>:0 70:@CB8;8AL 1K :>;QA0 1N@>:@0B8G5A:>9 <0H8=K, =8:B> 1K C65 8 =5 2A?><=8; > :>AB@5, =0 :>B>@>< >=0 A3>@5;0. 'B> 6& A;54>20;> ?@8<8@8BLAO A <KA;LN, GB> -;8 C65 =5 1C45B A@548 =0A. 0;L. 0: 2A5340, :>340 87 <8@0 8AG5705B G0AB8G:0 :@0A>BK.
* * *
/ 7=0;, GB> A;C38 0:H8;5;O ?KB0NBAO <5=O =09B8, => 4065 >=8 =5 <>3;8 ?@>@20BLAO A:2>7L AB@06C, >E@0=ONICN =:2878F8N. >, 2 :>=F5 :>=F>2, ?@8H;> 2@5<O, :>340 MB> O <>3 =025AB8BL <0AB5@0 <OA=8:>2. / AB>O; ?5@54 425@LN A 1@>=7>2K< <>;>B>G:>< 8 4C<0; > B><, GB> A <>53> =5402=53> 2878B0 ?@>H;> B0: =5<=>3> 2@5<5=8, 0 :0:8< 1>30BK< 1K;> >=> =0 A>1KB8O. / ?>ABCG0;. 8=CBC 2=CB@8 F0@8;0 ?>;=0O B8H8=0, =>, =0:>=5F, O CA;KH0; H0@:0=L5 =>3.
B>? @O2:=C; 3>;>A 87- 70 425@8.
>@48<5@ 0445@48=, A:070; O.
5G >A?>40, ?0@5=L! 2A:@8G0; :B>- B>. 0E>48 A:>@59, E>7O8= 8I5B B51O ?> 2A5<C 3>@>4C.
2>B O 745AL, >B25B8; O.
>B B>;L:>, :>340 >B:@K;8AL 425@8, O 2>HQ; =5 >48=. 5=O A>?@>2>640;> G5B25@> A>;40B 2 GQ@=KE ?;0I0E, =045BKE ?>25@E :>;LGC3, 8 A >18BK<8 65;57>< 4C18=:0<8 2 @C:0E. !;C30, :>B>@K9 >B:@K; =0< 425@8, C?0;, >BB>;:=CBK9 : AB5=5, 0 53> 273;O4 1K; ?>;>= C60A0. "0: @5038@C5B :064K9, :>340 2 53> 4>< 2E>48B >:@C6Q==K9 AB@0659 8=:2878B>@ 2 A;C651=>9 D>@<5. 0 <=5 1K;0 GQ@=0O ?5;5@8=0, 702O70==0O ?>4 H559, 8 GQ@=K9 :0<7>; A >3@><=K<, =04;><;5==K< :@5AB><, 2KH8BK< A5@51@><. 5:>B>@K5 CB25@640NB, GB> =5 A;54C5B ?>G8B0BL A8<2>;, =0 :>B>@>< AB@040; =0H >A?>4L, => >=8 =5 ?><=OB B>3>, GB> 8<5==> @5AB>20 <C:0 40;0 <C A8;K, 401K A;><0BL ?5@5:;048=K 8 A>9B8 : 2@030< A <5G>< 8 >3=Q< 2 @C:0E. "0: 8 O A <5G>< 2 @C:5 8 >3=Q< 2 A5@4F5 2E>48; 2 4>< 1>3>EC;L=8:0 8 3@5H=8:0.
0:H8;5;L 1K; ;8HL 2 =>G=>9 @C10H:5, B0?:0E A 70B59;82> 87>3=CBK<8 =>A0<8 8 =>G=>< :>;?0:5, :>=5F :>B>@>3> A25H820;AO C =53> G5@57 ?;5G>. = 2K3;O45; 70102=>, => O 4065 =5 C;K1=C;AO.
0:H8;5;L 0=? A?@>A8; O. -B> 2K 0:H8;5;L 0=, <0AB5@ 38;L488 <OA=8:>2?
"K <=5 70 MB> 70?;0B8HL, >@48<5@, ?@>H8?5; >= A:2>7L AB8A=CBK5 7C1K, 81> 1K; 4>AB0B>G=> C<Q=, GB>1K 2AQ ?>=OBL.
K 0@5AB>20=K 8<5=5< =:2878F88, ?> ?@8:07C 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, A:070; O. 7OBL 53>, ?@8:070; O A>;40B0<.
>@48<5@! :@8:=C; >=. >3>2>@8<, >@48<5@, ?@>HC B51O!
« @>HC B51O» 2 53> CAB0E ?@>72CG0;> 8=B5@5A=>. "0: 8=B5@5A=>, GB> O ?>:070; @C:>9, GB>1K >= >B>HQ; A> <=>9 2 AB>@>=C. K 2KH;8 2 A04, 8 0:H8;5;L B@OAAO, :0: E>;>45F. / C2060; 53> 70 B>, GB> >= =5 C3@>60; <=5 8 =5 ?@>:;8=0;. = ?>=8<0;, GB> @07 1K; 0@5AB>20= A A>3;0A8O A0<>3> 5?8A:>?0, 45;> O2;O5BAO 1>;55 G5< A5@LQ7=K<.
GQ< <5=O >128=ONB? A?@>A8; >= 4@>60I8< 3>;>A><.
!0< =0< @0AA:065HL, >B25B8; O A ;Q3:>9 C;K1:>9. # =0A 1C45B <=>3> 2@5<5=8 =0 15A54K.
10 <K ?@5:@0A=> ?>=8<0;8, GB> 2 B0:>9 A8BC0F88, :0: MB0, >B G5;>25:0 A1530NB 2A5 AB>@>==8:8, 0 2@038 ?>4=8<0NB 3>;>2C. 0:H8;5;L 2@03>2 8<5; =5<0;>, 8 =8:B> =5 ?>40AB 5<C @C:C ?><>I8. 5 B5?5@L.
5AOBL BKAOG, A:070; >=.
5B, O ?>:@CB8; 3>;>2>9, 4065 70 AB>. =05HL ?>G5<C?
= A<>B@5; =0 <5=O >3;C?52H8< 273;O4><.
>B><C GB> B515 C65 =5G53> :C?8BL, 0 <=5 =5G53> ?@>40BL.
">340 ?>G5<C <K @073>20@8205<? AQ- B0:8, 2 =Q< B;5;8 5IQ :0:85- B> >AB0B:8 =04564K.
>B><C GB> O E>B5; 7=0BL, :0: 2KA>:> BK F5=8HL 687=L, 8 C7=0;, GB> 2A53> 2 45AOBL BKAOG. 8@ <0;> GB> ?>B5@O5B A B2>59 A<5@BLN.
/ :82=C; AB@06=8:0< 8 ?>4>640;, ?>:0 42>5 87 =8E 7015@CB 53>, 0 ?>B>< ?@8ABC?8; : >1KA:C 4><0, ?@8 A>459AB288 B5E 42>8E, GB> >AB0;8AL. '5@57 G0A : =0< ?@8A>548=8;AO =>B0@8CA 8 =0G0; ?5@5?8AK20BL 2A5 F5==K5 ?@54<5BK, :0:85 B>;L:> =0E>48;. 'B> 6, O 7=0;, GB> @01>B0 709<QB 53> =0 <=>3> G0A>2. / 70 MB> 2@5<O =0HQ; A59D 0:H8;5;O 8 >B:@K; 53> 157 >A>1>3> B@C40, 81> 8 MB><C C<5=8N <5=O CG8;8. A59D5 2KA8;8AL AB>?:8 7>;>BKE <>=5B, ?5@52O70==K5 H=C@:>< 25:A5;O, >1;830F88 8 @0A?8A:8. / 2=8<0B5;L=> 8E ?@>A<>B@5; 8 =5:>B>@K5 87 =8E, 2K?8A0==K5 =0 ?@54JO28B5;O, A?@OB0; 2 :0@<0= <0=B88. / 7=0;, GB> <>3C A=8A:0BL 1;03>40@=>ABL <=>38E ;N459, >B4020O 8< MB8 25:A5;O. 1;03>40@=>ABL 2 =0H59 ?@>D5AA88 MB> 206=0O 25IL. '5;>25: 1;03>40@=K9 A:;>=5= : ?><>I8 8 ?@54>AB02;5=8N 8=D>@<0F88. 687=L =0H0, 8=:2878B>@>2, 2 7=0G8B5;L=>9 <5@5 7028A8B :0: @07 >B 4>ABC?0 : 8=D>@<0F88. >B>< O >BAG8B0; A515 A5<L45AOB ?OBL :@>=, 81> AB>;L:> <=5 1K; 4>;65= 0:H8;5;L. !5<L45AOB ?OBL :@>= 8 =8 3@>H5< 1>;LH5. :>=F5 :>=F>2, O =5 :;0418I5=A:0O 385=0
[ 5 8 ]
, 0 4>< MB>B 1K; C65 B>;L:> 3@>1><.
* * *
!;54AB285 =5 70BO=C;>AL =04>;3>. 128=O5<K5 A>B@C4=8G0;8, 0 >128=5=85 1K;> =0AB>;L:> OA=K<, :0: @54:> :>340 1K205B. 0: O 8 >15I0;, -;N =5 ?KB0;8. @5<O 4> 8A?>;=5=8O ?@83>2>@0 >=0 ?@>25;0 2 >48=>G=>9 :0<5@5, 8 :>340 5E0;0 G5@57 3>@>4, 2 GQ@=>< 2>7:5, 1K;0 B0:>9 65 :@0A82>9, :0: ?@5645. B 5?8A:>?0 %57- E57@>=0 O ?>;CG8; >D8F80;L=>5 ?8AL<> A 1;03>40@=>ABO<8 8 =03@04=K5, @07<5@ :>B>@KE A2845B5;LAB2>20; > B><, GB> 2 %575 =5 B>;L:> 0:H8;5;L 4@>60; =04 :064K< 3@>H5<.
>340 =0 @K=>G=>9 ?;>I048 ?K;0;8 :>AB@K, <K, 8=:2878B>@K, ?>;C:@C3>< AB>O;8 C ?><>AB0. GQ@=KE <0=B8OE 8 GQ@=KE H;O?0E.
=5 8=B5@5A=>, A:>;L:> BK =0 MB>< 70@01>B0;, >@48<5@, B8E>=L:> A:070; >48= 87 =8E, ?> 8<5=8 "CDD5;. 0 3C10E 1K;0 8A:@5==OO C;K1:0, => 53> 3;070 1K;8 :0: ;Q4, A:>2K20NI89 40;L=89 A525@. @C??5@, 25@=>, =5<0;> 70?;0B8; 70 >BAB@0=5=85 0:H8;5;O >B 45;, 0?
@C??5@ 1K; 3;02=K< :>=:C@5=B>< 0:H8;5;O =0 @K=:5 <OA0 8 B5?5@L 3;02=K< :0=4840B>< =0 ?>AB <0AB5@0 38;L488 <OA=8:>2.
5B, 2>7@078; O, =5 >B2>4O 273;O40. 5B, O ?>2B>@8;, 8 >= ?5@2K< >B25@=C;AO.
0725 2 O7K:0E ?;0<5=8 =5B G53>- B> G0@CNI53>? A?@>A8; >=, 23;O4K20OAL 2 :>ABQ@. >6=> B51O ?@83;0A8BL =0 C68=, >@48<5@?
>G5<C =5B? >B25BAB2>20; O. 'B> <>65B 1KBL ;CGH5 AB0:0=G8:0 28=0 2 :@C3C 4@C759?
/ A<>B@5; =0 1LNI85 2 =51> O7K:8 ?;0<5=8 8 AB>;1 A5@>3> 4K<0, 2A;CH820;AO 2 :@8:8 ?@8H54H59 2 2>AB>@3 B>;?K 8 4C<0; =04 2>?@>A>< "CDD5;0. 0, O :0:>5- B> 2@5<O @0AA<0B@820; <KA;L > B><, GB>1K 7060@8BL 420 60@:8E =0 >4=>< >3=5
[ 5 9 ]
. @C??5@ 70?;0B8; 1K A @04>ABLN, B5< 1>;55, GB> >= =5 1K; B0:8< A:C?F><, :0: A25B;>9 ?0<OB8 0:H8;5;L. >, 2848B5 ;8, 2 <>59 @01>B5 =5 45=L38 3;02=>5, 0 ?>=8<0=85 B>3>, GB> BK A;C68HL >1@C 8 0:>=C. 0725 =5 B0:?
03@O=5F 8 A=53
%>BL 1K;8 3@5E8 20H8 :0: 103@O=5F, :0: A=53 ?>15;5NB.
[ 6 0 ]
A09O
K 2J5E0;8 =0 @K=>G=CN ?;>I04L 3>@>4:0 > B@QE :>=OE. 07<5@5==>9 ?>ABC?LN, <>@40 : <>@45. > ?@02CN @C:C >B <5=O 1K; !<5@BCE, GLQ ;8F> 70A;>=O; 3;C1>:89 :0?NH>=. B=N4L =5 87 CGQB0 A;01KE 65;C4:>2 1;86=8E. 5B, =525@=>, 4>@>385 <>8! !<5@BCE 3>@48BAO A2>8< ;8F><, 40 8 O ?@87=0N, GB> >B =53> 8=>340 1K205B ?>;L70, :>340 :B>- =81C4L =0 =53> ?>A<>B@8B. @>AB> A59G0A 4LO2>;LA:8 4C;>, 8 24>102>: =0G8=0;AO :>;NG89, ;545=OI89 4>648:. 0: =0 A5=BO1@L, 1K;> =5>1K:=>25==> <5@7:>, 8 C =0H8E ;>H0459 2A5 =>38 8 1@NE> 1K;8 70;O?0=K 3@O7LN. > ;52CN @C:C, =0 <>3CG5< 3=54:>, 5E0;8 1;87=5FK. K20;>, A<5O;8AL =04 B5<, GB> >48= 1>;LH>9 :>=L 257QB 42CE <0;5=L:8E G5;>25G:>2, => A<5E MB>B >1KG=> 70<>;:0;, :>340 HCB=8:0< ?@54>AB02;O;AO A;CG09 C2845BL ;8F> !<5@BCE0. ;8 :>340 >=8 70<5G0;8 =51>;LH85 0@10;5BK, :>B>@K5 1;87=5FK 2A5340 =>A8;8 ?>4 H8@>:8<8 ?5;5@8=0<8. 4>102>:, 70@O65==K<8, GB> 2K7K20;> =5:>B>@CN =5@2>7=>ABL 2 B5 <><5=BK, :>340 >=8 5E0;8 70 <>59 A?8=>9, 8 8E :>=L A?>BK:0;AO. 7 MB8E 0@10;5B>2 2K 1K =5 ?>4AB@5;8;8 @KF0@O 2 ;0B=KE 4>A?5E0E A 42CEA>B DCB>2. > A ?OB845AOB8 1>;B
[ 6 1 ]
?@>1820; B>;ABCN 45@52O==CN 4>A:C. MB>3> 2?>;=5 E20B0;>.
B0: 2>B <K 2J5E0;8 ?>ABC?LN 2 MB>B 701KBK9 >3>< 8 ;N4L<8 3>@>4>: 2 =045645, GB> =094Q< >B=>A8B5;L=> ?@8;8G=K9 ?>AB>O;K9 42>@. ;87=5F0< 5IQ :>5- G53> E>B5;>AL, => 2 MB>< <5AB5 >=8 <>3;8 >17025AB8AL, A0<>5 1>;LH55, ?>7>@=K<8 1>;57=O<8 8;8 ?0@H>9. ;O <5=O, ?@5645 2A53>, 206=K 1K;8 :>=8. / 8A?KBK20N 3;C1>:>5 C2065=85 : A>740=8O<, :>B>@K5 2K=C645=K B0A:0BL =0A =0 E@51B0E, 8 AG8B0N, GB> 4>;3>< :064>3> 574>:0 O2;O5BAO 701>B0 > 25@E>2>9 ;>H048. >340 <=5 1K;> H5AB=04F0BL ;5B, O C18; G5;>25:0, :>B>@K9 874520;AO =04 :>=Q<. !59G0A O =5 =0AB>;L:> A:>@>?0;8B5;L=K9, 81> A 3>40<8 A<O3G8;AO, => GC2AB20 2AQ- B0:8 >AB0;8AL.
0 MB>B @07 =0< =5 40=> 1K;> ?>8A:0BL ?>AB>O;K9 42>@. 5@2>5, GB> <K C2845;8, MB> B>;?0. 5@2>5, GB> <K CA;KH0;8, MB> :@8:. 5@2>5, GB> <K ?>GC2AB2>20;8, MB> 2>=L ?@>A<>;Q==KE 4@>2. 0 ?@>B82>?>;>6=>9 AB>@>=5 @K=>G=>9 ?;>I048 AB>;?8;0AL G5@=L, 2 F5=B@5 :>B>@>9 O 2845; :0:CN- B> D83C@C 2 15;>9 @C10E5. A5 B>;:0;8 5Q, ?;520;8 =0 =5Q, ;C?8;8 :C;0:0<8. 5?>40;Q:C AB>O;> B@>5 A>;40B 87 3>@>4A:>9 AB@068. ;5DK
[ 6 2 ]
>=8 ?@8A;>=8;8 : AB5=5 8, ?>HCG820O, @0A?820;8 ?82> 87 :C2H8=0. ">, GB> >=8 HCB8;8, @07C<55BAO, O =5 A;KH0;, 81> HC< 1K; A;8H:>< 3@><:8<, => O ?>=O; MB> ?> 8E A<5NI8<AO ;8F0<. %>BO 2 MB>< A;CG05 A;54>20;> 1K A:>@55 A:070BL: A<5NI8<AO @K;0<. A5 >=8 =0?><8=0;8 E>@>H> >B:>@<;5==KE A28=59 A BC?K<8 <>@40<8, 0 D0:B B>3>, GB> =0 3>;>20E C =8E 1K;8 :>60=K5 H;5<K, B>;L:> CA8;820; MB> 2?5G0B;5=85.
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
!B@06=8:8 C2845;8 =0A, => ?@5645 G5< >=8 CA?5;8 A>@85=B8@>20BLAO, <K C65 2J5E0;8 2 B>;?C. B>- B> 2A:@8:=C;, :>3>- B> !<5@BCE ?=C; ?>4:>20==K< A0?>3><, 5IQ :B>- B> >GCB8;AO ;8F>< 2 3@O7=>9 ;C65.
!B>OBL! @O2:=C; O 2> 25AL 3>;>A. <5=5< !2OB>9 !;C61K!
5 A:06C, GB>1K B>;?0 70<>;G0;0 A@07C, 8 GB>1K =0A >:@C68;0 1;03>3>259=0O B8H8=0. ">;?0 2A53> ;8HL B>;?0, 8 ?@>E>48B ?>@O4:>< 2@5<5=8, ?>:0 :><C- =81C4L =5 C40QBAO 5Q ?>4G8=8BL. > <>9 3>;>A 1K; =0AB>;L:> A8;Q=, 0 <K =0 :>=OE 8 ?@8 >@C688 2K3;O45;8 =0AB>;L:> 3@>7=>, GB> B>;?0, 2 :>=F5 :>=F>2, >BE;K=C;0 >B =0A, :0: 2>;=0 >B;820.
B> BCB C 2;0AB8? A?@>A8; O.
#65 =5 B0: 3@><:>, 81> =5 O 4>;65= 4@0BL 3;>B:C, B>;L:> >=8 4>;6=K 2 A<8@5=88 A;CH0BL.
/- O 6, 4K:, 1C@<0A- A- AB5@, 1C@:=C; :B>- B> 8 2KH5; 87 B>;?K.
'5;>25G8H:0 A :@KA8=K< ;8F>< 8 2 70;O?0==>< 3@O7LN ;0?A5@40:5. / ?>A<>B@5; =0 =53>.
C@3><8AB@, 7=0G8B, A:070; O. "K @0A?>@O48;AO A;>68BL :>ABQ@?
/- O 6, ?>2B>@8; >=, E>BL 8 ?>A;5 =5:>B>@>3> @07<KH;5=8O, => A- A :- :5< 8<<<- <5N G- G5A& ABL?
-B8< « ABL» >= 70:>=G8;, 1C4B> ?;N=C;. 5 =@028;>AL <=5 53> >B=>H5=85 : 687=8. 'B>- B> G5@5AGC@ C25@5==> >= A51O GC2AB2>20;, 8<5O 70 A?8=>9 :CG:C A>3@0640=. = =5 ?>=8<0;, :0: 1KAB@> >=8 @07153CBAO, AB>8B B>;L:> ?@>I515B0BL 1>;B0< 0@10;5B>2, 0 A0< >= A20;8BAO 2 3@O7L A >?5@Q==K<8 4@52:0<8, B>@G0I8<8 2 3@C48. > ?>:0 C <5=O =5 1K;> 65;0=8O 8 =C64K 53> C1820BL, E>BO 1;87=5FK, :>=5G=>, 1K;8 1K =5 ?@>B82.
/ >@48<5@ 0445@48=, ;8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. / ?@8?>4=O;AO 2 AB@5<5=0E 8 A;>2> A2>Q A:070; C65 3@><G5, 81> E>B5;, GB>1K <5=O CA;KH0;8.
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
%>@>H>, GB> ?@87=0QHLAO. =05HL, :0:>2> =0:070=85 70 C7C@?8@>20=85 ?@02 8=:2878B>@A:>3> AC40? A?@>A8; O <O3:>. 0:070=85< MB8< 5ABL :0AB@0F8O, 2K@570=85 @5<=59 87 :>68 8 A6830=85 =0 <54;5==>< >3=5.
/ 2845;, :0: C =53> :@>2L >B;8205B >B ;8F0.
?>25@L <=5, :>ABQ@ 1C45B A;>65= ?@028;L=>. "0:, GB>1K BK 4>;3> <>3 2845BL A>665==K5 :C;LB8 A2>8E =>3, ?>:0 >3>=L =5 4>15@QBAO 4> 28B0;L=KE
[ 6 3 ]
G0AB59 B5;0.
/ =5 7=0;, ?>=8<05B ;8 >=, GB> >7=0G05B A;>2> « 28B0;L=K5» , >4=0:>, E>BL =5<=>3> 2>>1@065=8O >= 4>;65= 1K; 8<5BL, ?>A:>;L:C, 5A;8 MB> 2>7<>6=>, ?>1;54=5; 5IQ 1>;LH5.
5 ?C309B5 53>, 8=:2878B>@, O 24@C3 CA;KH0; E>;>4=K9 3>;>A, 8 :0:0O- B> D83C@0 2 GQ@=>9 <0=B88 2KABC?8;0 ?5@54 1C@3><8AB@><.
# MB>3> G5;>25:0 1K;> 1;54=>5 ;8F>, >:@C6Q==>5 A<>;8AB>- GQ@=>9 1>@>4>9, 8 B@52>6=K5 3;070. 520O I5:0 1K;0 >B<5G5=0 A;540<8 ?>A;5 >A?K, 0 ?@020O >B 2K402;5==KE ?@KI59. = 1K; 5IQ <>;>4 8, ?>E>65, ?>MB><C =>A8; 1>@>4C, 401K 4>1028BL A515 2>7@0AB0 8 206=>AB8.
BK :B>, 70A@0=5F? A?@>A8; !<5@BCE 8 ;Q3:8< 42865=85< >B:8=C; :0?NH>=.
# =0H53> A>15A54=8:0 ;8HL A;53:0 @0AH8@8;8AL 3;070, :>340 >= C2845; !<5@BCE0 2> 2A59 :@0A5, => >= =8G53> =5 A:070;, =5 >BH0B=C;AO 8 4065 =5 87<5=8;AO 2 ;8F5. 04> ?@87=0BL, C =53> 1K;0 A8;0 2>;8, ;N157=K5 <>8, 81> =5 :064K9 2K45@68B 273;O4 =0 ;8: !<5@BCE0 B0: E>@>H>.
/ =0AB>OB5;L ?@8E>40 A2OB>3> !510ABLO=0 2 "><40;LF5, A:070; >= B0:8< B>=><, 1C4B> 2>725I0; <8@C > B><, GB> 53> :0: @07 871@0;8 ?0?>9.
-B> "><40;LF, 40? O <0E=C; @C:>9. 5?;>E0O 4K@0, A2OI5==8:, GB> B0<& 'B> 6 BK =0B2>@8;, 5A;8 B51O A>A;0;8 2 B0:CN =02>7=CN :CGC? BG8B0; ;N1>2=8FC A2>53> 5?8A:>?0?
!<5@BCE 8 1;87=5FK @0AA<5O;8AL :0: ?> :><0=45, 0 !<5@BCE B>;:=C; A2OI5==8:0 =>A:>< A0?>30 2 3@C4L. A53> ;8HL B>;:=C;, => G5@=>1>@>4K9 70H0B0;AO 8 ?@875<;8;AO A540;8I5< ?@O<> 2 3@O7L. ;87=5FK =0 MB>B @07 702K;8 >B A<5E0. -E, MB8 8E <0;5=L:85 @04>AB8. @05< 3;070 O ?>A<>B@5; =0 B@QE AB@06=8:>2, AB>OI8E C AB5=K. =8 1K;8, =5A<>B@O =0 284, C<=K<8 @51OB0<8. 8 >48= 4065 ?0;LG8:>< =5 :>A=C;AO ?@8A;>=Q==KE : AB5=5 3;5D.
!2OI5==8:, A ?>:@0A=52H8< ;8F><, 1C4B> 53> A59G0A E20B8B 0?>?;5:A8G5A:89 C40@, E>B5; 2A:>G8BL, => !<5@BCE =05E0; =0 =53> :>=Q< 8 2=>2L >?@>:8=C;. MB>B @07 =0 A?8=C.
5 2AB0209, ?>?, <O3:> ?>A>25B>20; 5<C !<5@BCE. >A?>48= 0445@48= =5<=>3> A59G0A ?>3>2>@8B A B>1>9, :0: 4>;65= @073>20@820BL 8=:2878B>@ A> A2OI5==8:><. = =0 :>=5, BK ;Q60 2 3@O78.
E, =5 ;N18; A2OI5==8:>2 MB>B <>9 !<5@BCE. =8G53> C4828B5;L=>, 81> :B> 8E, :0: 1K, ;N18;?
728=8, A:070; O, <>9 4@C3, =C G8AB> :8?OB>:. > 25@=Q<AO : 45;C. 'B> MB>, <0BL B2>N, 4>;6=> >7=0G0BL, O A=>20 ?>2KA8; 3>;>A 8 C:070; =0 :>ABQ@, A;>65==K9 =0 @K=>G=>9 ?;>I048. ;8 BK 4C<05HL, 4>;1>Q1, GB> MB> 83@CH:8? "50B@ 4;O A1@>40? 0: A<55HL A6830BL :>3>- B> 157 A>3;0A8O !;C61K? 57 ?@8ACBAB28O ;8F5=78@>20==>3> 8=:2878B>@0? 57 AC40 >6L53>?
!2OI5==8: ;560; 2 3@O78 8 <>;G0;. !>25@H5==> ?@028;L=>, ?>A:>;L:C O =5=0286C, :>340 <5=O ?@5@K20NB.
B> MB>? =>A:>< A0?>30 O C:070; =0 D83C@C 2 15;>9 @C10E5.
!0?>38 C <5=O 1K;8 B>65 3@O7=K<8 2KH5 G5;>25G5A:>3> ?>=8<0=8O. / 7=0;, GB> 65=I8=0 6820, ?>B><C GB> <8=CBC =0704 2845;, :0: >=0 AC4>@>6=> 703@51;0 ?0;LF0<8 75<;N.
>;4C=LO, A:070; >=, 8 O CA;KH0; 2 53> 3>;>A5 A45@68205<>5 15H5=AB2>. 128=5=0 2 =0AK;0=88 G0@ 8 B@QE C189AB20E. AC645=0 !:0<LQ9 A>3;0A=> 70:>=C 8 B@048F88&
! :0:8E MB> ?>@ >@>4A:0O !:0<LO 8<55B ?@02> ?@83>20@820BL : :>AB@C 8 @5H0BL, :B> O2;O5BAO :>;4C=><, 0 :B> =5B? O :@8:=C; =0 =53>.
5 B> GB>1K <5=O MB> 2AQ C482;O;>. ?@>28=F88 ?@>8AE>48;8 8 EC4H85 25I8, 8 C =0A =5 1K;> 4@C3>3> 2KE>40, :0: 70:@K20BL 3;070, 5A;8 >=8 A;CG0;8AL. > =5 B>340, :>340 A;CG0;8AL 2 =0H5< ?@8ACBAB288.
K E>@>H8, :>340 C :>3> :>@>2C A254CB A ;C30, ?@>87=QA !<5@BCE, => =5 20< 1@0BLAO 70 G0@K 8 5@5AL.
<5==>, ?>440:=C; O. / A>18@0;AO 7045@60BLAO 2 20H5< ?0@H82>< 3>@>4:5 ;8HL =0 >4=C =>GL, => GC2AB2CN, GB> @072;5:CAL ?>4>;LH5. C@3><8AB@, O ?>A<>B@5; =0 G5;>25G:0, GB> AB>O; 2>7;5 =0A 8 A;CH0; =0H @073>2>@, =5 7=0O, :C40 4520BL 3;070. <5=5< !2OB>9 !;C61K O ?@8=8<0N 2;0ABL 4> <><5=B0 2KOA=5=8O 2A5E 2>?@>A>2 8 2K=5A5=8O ?@83>2>@0. # 20A BCB 5ABL 0@5AB0=BA:0O?
/A- A=>5 4- 45;>, 25;L<>6
[ 6 4 ]
& >B25B8; >=, A>3=CBK9 2 3;C1>:>< ?>:;>=5, 8 <=5 MB> ?>=@028;>AL.
B2548B5 BC40 65=I8=C, 409B5 59 ?8BL, 5ABL 8 ?CABL =8:B> =5 ?>A<55B 5Q 4065 ?0;LF5< B@>=CBL. 4;O =0A 68;LQ. CGH55, GB> C 20A 5ABL. 0, 8 5IQ >4=>. 0 702B@0, ?CABL AB>;O@ A<0AB5@8B <=5 AB>;. ;8==>9 A5<L DCB>2, H8@8=>9 420. 25@EC 420 65;57=KE :@5?;5=8O, 2=87C 5IQ 420. 5;8B5 53> 70=5AB8 2 :0:>5- =81C4L ?><5I5=85 2 MB>9 20H59 0@5AB0=BA:>9. ABL B0< 60@>2=O 8;8 :0<8=?
- =094QBA&
02B@0 : @0AA25BC E>GC 8<5BL 2AQ 3>B>2K<. @>B>:>;K 4>?@>A0 2 AC45 5ABL?
- :>=5G& 25;L<- <>6&
!53>4=O 25G5@>< E>GC 8E 2845BL C A51O 2 68;8I5. AQ ?>=O;?
- 40, 25;L<- <&
">340 G53> 64QHL?
!<5@BCE DK@:=C; :>@>B:8<, 7;K< A<5H:><, 0 1C@3><8AB@ ?>4>1@0; ?>;K ;0?A5@40:0 8 ?>=QAAO G5@57 3@O7L, 1C4B> 5<C 704 ?@8?5:;>.
>=0? A?@>A8; O, :0G0O 3>;>2>9, => >= C65 <5=O A;KH0BL =5 <>3.
>4=8<8B5 5Q, ?@8:070; O AB@06=8:0<, 8 70?@8B5 2 B>9 0@5AB0=BA:>9.
=8 AE20B8;8 3;5DK, 1C4B> B5 4>;6=K 1K;8 8< =0 GB>- B> ?@83>48BLAO, 8 ?>4A:>G8;8 : ;560I59 65=I8=5. 20=C;8 5Q 70 2>;>AK 8 @C:8 B0:, GB> >=0 3@><:> 8 ?@>BO6=> 70:@8G0;0. =0 ?>A?5H8;0 ?@8:@KBL 3@C4L, ?>B><C GB> @C10E0 >B @K2:0 A B@5A:>< @07>@20;0AL. Q ;8F> 1K;> 2AQ 2 3@O78, => =5B@C4=> 1K;> 70<5B8BL, GB> MB> 1K;> :@0A82>5, <>;>4>5 ;8F>. :@0A82K5, <>;>4K5 3@C48.
> 5A;8 <=5 :B>- B> 5Q B@>=5B, O A:070; >G5=L B8E>, => AB@06=8:8 ?@5:@0A=> @0AA;KH0;8, A2>8<8 @C:0<8 A45@C C =53> :>6C A> AB>? 8 ?>460@N =0 >3=5. >=OB=>?
=8 AE20B8;8 5Q 70 @C:8 8 70 =>38 =5A:>;L:> >AB>@>6=55, G5< 70 <8=CBC 4> MB>3>, 8 ?>2>;>:;8 2 AB>@>=C :0<5==>3> 4><8H:8 =0 4@C3>9 AB>@>=5 @K=:0. =0 >BG0O==> ?;0:0;0.
B5?5@L BK, ?>? 87 3@O78, O ?>A<>B@5; =0 =0AB>OB5;O, :>B>@K9 @07C<=> =5 42830;AO A <5AB0, <>65HL 2AB0BL.
= 2AB0;, >B@OE820OAL 8 >BB8@0O <0=B8N, GB> :070;>AL 45;>< 157=04Q6=K<, 81> >= 25AL 1K; 2K20;O= 2 A5@>:>@8G=52>9 <0AA5.
/ ?>40< >D8F80;L=CN 60;>1C =0 20H8 459AB28O, 8=:2878B>@, A:070; >=, 8 3>;>A 53> 4065 =5 4@>3=C;. !>3;0A=> AB0BL5 425=04F0B>9 70:>=0 > 1>@L15 A :>;4C=0<8&
0 MB>B @07 O ?=C; 53> ?@O<> 2 ;8F>, 8 >= ?>;5B5; =027=8GL C65 157 ?5@54=8E 7C1>2. / A>A:>G8; A A54;0, 3@O7L G02:=C;0 C <5=O ?>4 ?>4>H20<8, 8 =0:;>=8;AO =04 =8<.
=0N, > GQ< 3;0A8B AB0BLO 425=04F0B0O, ?@>87=QA O, E20B0O 53> 70 1>@>4C. !59G0A >=0 C =53> 1K;0 2AO :@0A=>9. 59AB28B5;L=>, O 2K18; 5<C 420 7C10. 2A5 >AB0;L=K5. BK 4>;65= =0 @0AA25B5 O28BLAO =0 4>?@>A MB>9 65=I8=K, ?>=O;? 0:, A:065<, ?@54AB028B5;L F5@:28. / OA=> 2K@060NAL?
0.
A;8 1K =5=028ABL 2> 273;O45 <>3;0 C1820BL, O 1K C65 ;560; <Q@B2K9, :0: :0<5=L. 0- 0, 5A;8 1K =5=028ABL 2> 273;O45 <>3;0 C1820BL, O 1K C65 ;560; <Q@B2K9, :0: :0<5=L, <=>3> ;5B =0704! 5=O MB> =8:>340 =5 2>;=>20;>. / E;5AB=C; 53> 25@E>< ;04>=8 ?> =>AC, 06 E@CAB=C; E@OI.
"0: B>G=>, <038AB@ 8=:2878B>@, ?>4A:070; O, 8 >= ?>A;CH=> ?>2B>@8;.
<5==>. / >B25@=C;AO >B =53>, ;8HL 70 B5<, GB>1K C2845BL, :0: G5@57 3@O7L 2 F5=B@5 @K=>G=>9 ?;>I048 1568B <0;LG8: ;5B 425=04F0B8 8 :@8G8B: 5;L<>6=K5 3>A?>40, 25;L<>6=K9 1C@<0AB5@ ?@>A8B =0 ?>AB>9.
* * *
>AB>5< >:070;AO A>AB>OI89 87 B@QE :><=0B>: 2B>@>9 MB06 ?>AB>O;>3> 42>@0, >B:C40 ?>A?5H=> 2K3=0;8 4@C38E 3>AB59.
>AB5;L, A:070; !<5@BCE A =54>25@85<. 0: O 402=> =5 A?0; 2 ?>AB5;8!
<>59 :><=0B5, =081>;LH59 87 2A5E, =0 AB>;8:5 C65 ;560;8 ?@>B>:>;K 4>?@>A0, @O4>< AB>O;8 <0A;O=0O ;0<?0 8 70?0A5F <0A;0, 0 B0:65 A>;84=0O 8 A8;L=> 70<H5;0O 1CBK;L 28=0.
>6=>, >@48<5@? !<5@BCE ?>A<>B@5; 604=K< 273;O4><, 8 O :82=C;.
= <>I=> 3;>B=C;, C =53> 06 2 3;>B:5 701C;L:0;>, 8 ?>B>< >B=O; 1CBK;L >B> @B0 8 2KB5@ 53> 25@E>< ;04>=8.
>30 =5 1>OBAO, A:070; >= A GC2AB2><.
"0:>5 ?;>E>5? O A428=C; 1@>28.
5B, >@48<5@! "0:>5 E>@>H55! AB8==0O <0;L<078O.
>B :>3> BK =0CG8;AO B0:8E A;>2? AB8==0O <0;L<078O
[ 6 5 ]
, ?>2B>@8; O 70 =8< 8 ?>:0G0; 3>;>2>9. !?CAB8AL ;CGH5 : E>7O8=C 8 A:068, GB>1K 682> ?@8=QA C68=. ;O <5=O E>@>H> 7060@5==>3> :0?;C=0, :0HC A> H:20@:0<8, ;C:>2CN ?>E;Q1:C A ACE0@8:0<8 8 :C2H8= A25653>, E>;>4=>3> ?820. 1;87=5F0< ?CABL ?>4>H;QB :0:CN- =81C4L 452:C, 0 B> ?> 4>@>35 <=5 C65 ?>:>O =5 4020;8 MB8< A2>8< =KBLQ<. ">;L:>& !<5@BCE. / 2AB0; A B01C@5B0. 'B>1K >AB028;8 5Q =52@548<>9, ?><=8.
5, =C ?>=OB=>, >@48<5@, BK G53>?
30, O C6 20A, ?>4;5F>2, 7=0N. 8:0:>3> C45@6C 2 25A5;88& 04=>, 848&
/ A5; 70 AB>;8: 8 703;O=C; 2 ?@>B>:>;K. # AC451=>3> ?8A0@O O2=> 1K;8 ?@>1;5<K A :0;;83@0D859, ;81> >= 1K; =5 A>2A5< B@572, :>340 45;0; 70?8A8, ?>A:>;L:C ?5@30<5=B 1K; 8AGQ@:0= A>25@H5==> =5@071>@G82>. AG0ABLN, @0AH8D@>2:0 ?>4>1=KE :0@0:C;59 2E>48;0 2 <>Q >1CG5=85. 5 B>, GB>1K O 1K; 2 2>AB>@35 >B B0:>9 @01>BK, => GB> 45;0BL: =04> B0: =04>.
'B5=85 1K;> =0AB>;L:> 8=B5@5A=K<, GB> :>340 ?@8=5A;8 C68=, O 4065 =5 >B>@20;AO >B 1C<03. @02>9 @C:>9 O ?5@52>@0G820; AB@0=8FK, 0 2 ;52>9 @C:5 45@60; :0?;C=0 ( 459AB28B5;L=> 1K; ?@5:@0A=> 7060@5=! ) 8 ;5=82> 2 =53> 23@K70;AO. C:>2K9 AC? A ACE0@8:0<8 >ABK20; @O4><. 8GQ, 2 A;CG05 G53> ?@8=5ACB 5IQ&
0:>=5F O >B;>68; 1C<038, B0:65 >B;>68; =0 ?>4=>A >AB0B:8 :C@8FK 8 2KH5; 2 :>@84>@. 7- 70 425@59 1;87=5F>2 4>=>A8;8AL :0:85- B> A>?5=8O, AB>=K 8 A<5H:8. / 274>E=C; 8 2>HQ;. 0 :@>20B8 ;560;0 452:0 2 704@0==>9 @C10E5, A >128AH8<8 3@C4O<8, 2K20;5==K<8 =0@C6C. 5@2K9 ;8E>@04>G=> @01>B0; <564C 5Q =>3 ( 4065 =5 CA?5; A=OBL HB0=K, B>;L:> A?CAB8; 8E 4> ?>;>28=K 1Q45@) , 0 B>@>9 A845; C ;8F0 452:8 8 ;5=82> 18; 5Q ?> I5:0< =0?@O6Q==K< G;5=><. 0: 4;O B0:8E <0;5=L:8E G5;>25G:>2, C 1;87=5F>2 1K;8 459AB28B5;L=> <>3CG85 8=AB@C<5=BK, => =0 452:C MB>, :070;>AL, =5 ?@>872>48;> >A>1>3> 2?5G0B;5=8O. 560;0 A?>:>9=> 8 ;8HL ?>A0?K20;0, 0 :>340 C2845;0, GB> O 2E>6C, ?>4<83=C;0 <=5 ;52K< 3;07><. !<5@BCE ?>:0 GB> A845; @O4>< =0 B01C@5B5 8 =01;N40; 70 2A5< A 3;C?>20B>9 C;K1:>9. !<5@BCE ;N18B A<>B@5BL.
4Q<, :82=C; O, 8 >= ?>A;CH=> 2AB0;. / 70:@K; 70 =0<8 425@L, 8 <K >AB0=>28;8AL 2 :>@84>@5.
C, 40NB, >@48<5@& !<5@BCE A:@828; ;8F> 2 C;K1:5.
>B B0: >=> 8 5ABL. 54=K9 >@48<5@ @01>B05B 8 :C<5:05B, :0: 70@01>B0BL 45=53, 0 2A5 2>:@C3 4C<0NB B>;L:> > @072;5G5=8OE.
>A;CH09- :0, A:070; O. "K :>340- =81C4L A;KH0;, GB>1K 2 %575 >AC48;8 :>;4C=LN, :>B>@0O =5 ?@87=0;0 A51O 28=>2=>9?
>65B C !<5@BCE0 8 =5 A0<K9 1KAB@K9 C<, =>, 157 2AO:>3> A><=5=8O, >B;8G=0O ?0<OBL. = A?>A>15= F8B8@>20BL @073>2>@K, > :>B>@KE O C65 4065 =5 ?><=N, 0 1K;8 ;8 >=8. !59G0A =0 53> ;8F5 >B@078;>AL CA8;85 B2>@G5A:>3> ?@>F5AA0. 52>;L=> O >B2Q; 273;O4.
ABL, >= @04>AB=> ?@>87=QA. 48==04F0BL ;5B =0704 >AC48;8 5@BC @0<?, 10@KH=8FC
[ 6 6 ]
. "@8 @070 5Q >B?@02;O;8 : ?0;0GC, => >=0 =8G53>, >@48<5@! >= ?>A<>B@5; =0 <5=O A 87C<;5=85<.
5?;>E>, ?>440:=C; O.
1> 459AB28B5;L=> =5 A;CG0;>AL ?>GB8 =8:>340, GB>1K 3@5H=8: =5 A;><0;AO =0 ?5@2><, >B A8;K 2B>@>< 4>7=0=88. ">;L:> ?>- =0AB>OI5<C 70:>@5=5;K5 ?@51K20;8 2 701;C645=88 4065 =0 B@5BL5< 4>?@>A5, => >1KG=> >= >:07K20;AO @5H0NI8<. 5@B0 2K45@60;0 B@8 4>?@>A0. / 2A5340 CB25@640;, GB> 65=I8=K :@5?G5, G5< <C6G8=K. C6G8=5 4>AB0B>G=> ?>:070BL @0A:0;Q==K9 ?@CB 4;O ?@>BK:0=8O O8F 8;8 @07<5AB8BL =04 5AB5AB2>< :>B5;>: A @0A?;02;5==>9 A5@>9, GB>1K >= =0G0; ?5BL, :0: ?> =>B0<. 2>B 65=I8=C B0: ;53:> A;><0BL =5 C40ABAO. #4828B5;L=>, ?@0240? %>BO C 20H53> ?>:>@=>3> A;C38 =0 2AQ 1K;8 A2>8 <5B>4K.
> =0 =5Q 1K;8 B0:85 70F5?:8, GB> 2AQ @02=> 5Q A>63;8.
!?0A81>, !<5@BCE. @8OB=>3> >B4KE0.
= 6CB:> C;K1=C;AO, 0 O 25@=C;AO : 1C<030<. 128=O5<0O >@5BB0 ;LF83, 24>20, 4204F0BL H5ABL ;5B, 68;0 A 8<CI5AB20 A2>53> C<5@H53> <C60, >?B>2>3> :C?F0. 5 ?@87=0;0 A51O 28=>2=>9. 8 2 C189AB25, =8 2 ?@8<5=5=88 GQ@=>9 <0388. 2AQ @02=> 5Q ?@83>2>@8;8. %C65, >=0 =5 1K;0 ?>425@3=CB0 CAB0=>2;5==><C A;54AB28N. >2>@O O7K:>< ?@>ABKE ;N459, 5Q =5 ?KB0;8. >G5<C? @>B>:>; 1K; ?>;>= ?@>15;>2, =5 1K;8 7040=K >A=>2=K5 2>?@>AK, 4065 =5 1K;> A:070=>, :0: ?>381;8 MB8 B@>5 <C6G8=. / =8G53> > =8E =5 7=0;, :@><5 B>3>, GB> 4>?@0H820NI85 =07K20;8 8E ?>:;>==8:0<8. KE>48B, <>;>40O, :@0A820O 24>2CH:0 8<5;0 B@QE CE06Q@>2. >G5<C >=0 E>B5;0 8E C18BL? 025I0=85? 1 MB>< B0:65 =8 A;>20 2 ?@>B>:>;5. / ?>:@CB8; 3>;>2>9. -E, MB8 3>@>4A:85 AC4K.
* * *
/ 2AB0; A @0AA25B><. !>;=F5 1@5768;> A:2>7L AB02=8. 5B5@ :C40- B> ?@>3=0; BO6Q;K5, 3@>7>2K5 BCG8, 8 :>340 O >B:@K; >:=0, B> C2845;, GB> @K=>G=0O ?;>I04L ?>4AKE05B 2 ;CG0E A>;=F0. 15I0; ?@5:@0A=K9, A5=BO1@LA:89 45=L. %>@>H55 2@5<O 4;O 0CB>40D5
[ 6 7 ]
. / 752=C; 8 ?>BO=C;AO B0:, GB> 4065 E@CAB=C;> 2 ACAB020E. >E;510; 2G5@0H=89 E>;>4=K9 ;C:>2K9 AC? 8 705; 53> >AB0B:0<8 :0H8. >@0 2AB020BL =0 @01>BC, 154=K9 >@48<5@, ?>4C<0;>AL. / 2>HQ; 2 :><=0BC 1;87=5F>2. =8 ;560;8 =0 :@>20B8, A?;5BQ==K5 A MB>9 A2>59 452:>9, :0: 1>;LH>5, B@QE3>;>2>5 682>B=>5. 5@2K9 2KAB028; 2 AB>@>=C 425@8 1;54=CN, ?@KI02CN 704=8FC 8 :0: @07 ?Q@=C; A:2>7L A>=, :>340 O 2E>48;. / ?=C; 53> =>A:>< A0?>30 ( :>@G<0@L C25@O;, GB> A0< 8E 2KG8AB8B, 8, 459AB28B5;L=>, >=8 1;5AB5;8, :0: C ?A0 O9F0) , 8 >= 2A:>G8; ?> AB>9:5 A<8@=>. >E>65, 1K; 5IQ =5<=>3> ?>440BK<, ?>A:>;L:C 53> ?>25;>.
C48 !<5@BCE0 8 G5@57 420 ?0B5@0 2K 4>;6=K 1KBL 2=87C, A:070; O ACE>.
/ 2KH5; 87 :>@G<K ( <>65B ?>A=5405B5, C20605<K9 <038AB@? CA;KH0; O 3>;>A :>@G<0@O, => B>;L:> >B<0E=C;AO) 8 =0G0; G8B0BL « BG5 =0H» . @8 2B>@><
« 409 =0< A8;K, >A?>48, 401K =5 ?@>I0;8 <K 4>;6=8:0< =0H8<! »
[ 6 8 ]
, O CA;KH0; B>?>B ?> ;5AB=8F5 8 1;87=5FK 2K20;8;8AL G5@57 ?>@>3. !<5@BCE ?>O28;AO B>;L:> ?@8 « <8=L» . > 2AQ- B0:8 CA?5;.
@5AB0=BA:0O @07<5I0;0AL 2 ?>420;5 ?>4 @0BCH59. %0, @0BCH0 MB> 3@><:> A:070=>. -B> 1K;> 42CEMB06=>5, :0<5==>5 740=85 87 BQ<=>- 6Q;B>3> :8@?8G0, :@KB>5 4@0=:>9. 70;5 =0 ?5@2>< MB065 =0A C65 640;8 1>@>40BK9 A2OI5==8:, 1C@3><8AB@ 8 42>5 AB@06=8:>2. 0 MB> @07 157 3;5D.
#206- 605<- <K5 3>A- A?>4- 40, ?>?@825BAB2>20;, 708:0OAL, 1C@3><8AB@, 0 =0AB>OB5;L :82=C; =0<, 3;O4O 8A?>4;>1LO. / ?@8A<>B@5;AO : =5<C 8 70<5B8;, GB> C =53> >?CE =>A 8 3C1K ?>:@KBK A2568<8 :>@>G:0<8.
!048B5AL, O C:070; =0 <5AB0 C :@C3;>3> AB>;0.
0 =Q< AB>O;0 B0@5;:0 A E>;>4=K< <OA>< 8 ?H5=8G=K<8 ;5?QH:0<8, 0 @O4>< =0E>48;8AL :C2H8= ?820 8 1CBK;L, =025@=>5, A 2>4:>9. / 2KB0I8; ?@>1:C 8 ?>=NE0;. 40, MB> 1K;0 :@5?:0O A;82>20O 2>4:0. 'B> 6, 1KBL <>65B, 2 E>45 4>?@>A0 ?@83>48BAO B5< 87 =0A, C :>3> A;01K9 65;C4>:.
@>G8B0; ?@>B>:>;K. / 1@>A8; =0 AB>; AB>?:C 1C<03. -B> 3>2=>, 3>A?>40.
0AB>OB5;L E>B5; 1K;> GB>- B> A:070BL, => 2>2@5<O :;0F=C; 7C10<8. >7<>6=>, =5 E>B5; 2=>2L ?>;CG8BL ?5@5;>< =>A0.
>MB><C, ?@5645 G5< <K A?CAB8<AO : >128=O5<>9, E>GC, GB>1K 2K ?>45;8;8AL A =0<8 8=D>@<0F859. 0AAG8BK20N, GB> >=0 1C45B 8AG5@?K20NI59 8 ?@02482>9.
#2- 25@O- O& A:070; 1C@3><8AB@ 8 E>B5; 5IQ GB>- B> 4>1028BL, => O ?>4=O; @C:C.
@028;0 B0:>2K: O A?@0H820N, 2K >B25G05B5. >=OB=>? 5< 1K;8 B@>5 C18BKE?
8- 48- 48, =0G0; 1C@3><8AB@.
8B@8E >;LF, B>@3>25F ;>H04L<8. 0;L1CA @C:4>DD, :@0A8;L=KE 45; <0AB5@, 8 5B5@ ;015@, <0AB5@ <OA=8:>2, >B25B8; 2<5AB> =53> A2OI5==8:. 20 24>2F0 8 E>;>ABO:.
# 20A BCB :@0A8;L=O? C4828;AO O. !<>B@8- :0. 0: ?>381;8?
!>- A>- A>&
/ 2>?@>A8B5;L=> ?>A<>B@5; =0 A2OI5==8:0.
!>6@0;8 8E G5@28, A =5>E>B>9 >1JOA=8; >= 8 :0: 1K A >?0A:>9 2 3>;>A5.
H8 A 20H53> ?>AB>O;>3> 42>@0? ?>HCB8; O.
>340 >=8 C<5@;8, 87 =8E 2K?>;7;8 4;8==K5, B>;ABK5, 15;K5 G5@28, ?@>87=QA =0AB>OB5;L 8 1KAB@> ?5@5:@5AB8;AO. 7 2A5E >B25@AB89.
/ :0:>5- B> 2@5<O <>;G0 8E @073;O4K20;. C@3><8AB@ >B2>48; 273;O4, 0 A2OI5==8: A>2A5< =0>1>@>B A<>B@5; <=5 ?@O<> 2 3;070. / 27O; A> AB>;0 ?H5=8G=CN ;5?QH:C 8 >B:CA8;. %>@>H0O, A25658A?5GQ==0O.
B> 1K; A2845B5;5< MB>3> O2;5=8O?
A;CG05 A >;LF5< B>;L:> 53> :>=NH5==K9, 0 G5@259, 2K?>;70NI8E 87 B5; @C:4>DD0 8 ;015@0, 2845;8 =5A:>;L:> G5;>25:&
/- O&
45 MB8 G5@28?
!:@K;8AL 2 75<;5.
/A=>, A:070; O. !<5@BCE?
5 ?><=N =8G53> B0:>3>, >@48<5@, >B25B8; >=, :0: O 8 >6840;.
'Q@=0O <038O, =0AB>OB5;L, 0?
"0: AG8B0N, A>3;0A8;AO >= A5@LQ7=>.
B> 7=05B& >B25B8; O 2 704C<G82>AB8 8 ?>G5A0; ?>41>@>4>:. =8 E>B5;8 =0 =59 65=8BLAO?
- 40.
B?8A0;8 59 GB>- =81C4L 2 7025I0=88?
C@3><8AB@ ?>A<>B@5; =0 <5=O B0:, 1C4B> 2?5@2K5 CA;KH0; A;>2> « 7025I0=85» , 0 A2OI5==8: ?>60; ?;5G0<8.
@>45, GB>- B> B0< 7025I0;8, =5C25@5==> ?@>87=QA >=.
KE>48B, =8G53> F5==>3>, :0: 4C<0N, ?>42Q; 8B>3 O. 'B> =0945=> 2> 2@5<O >1KA:0? 5=B03@0<<K? 0?@5IQ==K5 :=838? /4K? C:;K?
- =8G- G53>.
8G53>, ?>2B>@8; O. 0102=>, ?@0240, !<5@BCE?
= =5 >B25B8;, 40 O 8 =5 >6840; >B =53> >B25B0.
!C<<8@C5< B>, GB> O CA;KH0;. / 2AB0; 87- 70 AB>;0, 15@O A;54CNICN ;5?QH:C, 81> 1K;8 =0 A0<>< 45;5 2:CA=K<8. 3>@>45 ?>38105B B@>5 C20605<KE 3@0640=. >3810NB, ?@87=0N, =570C@O4=K< A?>A>1><. 128=Q==>9 2 C189AB25, A>25@HQ==>< ?>A@54AB2>< GQ@=>9 <0388, AB0=>28BAO <>;>40O 24>20, 70 :>B>@>9 CE06820;8 2A5 B@>5. 5B C;8: 5Q ?@5ABC?;5=8O, =5B <>B82>2, ?>4>7@5205<0O 28=C =5 ?@87=0QB. 2K =5 2K7K205B5 5?8A:>?A:>3> 8=:2878B>@0 10! =5 2K7K205B5 E>BO 1K ?0;0G0, =0 GB>, :AB0B8 3>2>@O, 8 B0: =5 8<5;8 2 MB>< A;CG05 ?@020, 8 =5 4>?@0H8205B5 5Q =04;560I8< >1@07><, 0 B>;L:> A@07C ?@83>20@8205B5 : :>AB@C. @83>2>@ 2K=>A8BAO 548=>3;0A=> 1C@3><8AB@><, 42C<O A:0<59I8:0<8 8 =0AB>OB5;5<, :>B>@K9 2KABC?0; :0: ?@54AB028B5;L F5@:28. 'B>- =81C4L =5 AE>48BAO 2 B><, GB> O A:070;?
A- AAA&
B0:: 2AQ AE>48BAO. C GB> 6, ?>@0 ?>3>2>@8BL A >128=O5<>9, 25@=>?
/ :82=C; !<5@BCEC, ?>A:>;L:C ?@8ACBAB285 <>53> A>B@C4=8:0 ?>;57=> =0 4>?@>A0E. 48= 284 53> ;8F0 ?>@>6405B 2 >128=O5<KE :0:CN- B> C4828B5;L=CN BO3C : ?@87=0=8O<.
C@3><8AB@ 2A:>G8; 8 A=O; A ?>OA0 :;NG, :>B>@K< >B:@K; A>;84=CN, 4C1>2CN 425@L 2 C3;C :><=0BK. B5<=>BC 25;0 :@CB0O, :0<5==0O ;5AB=8F0.
>@>4A:0O B5<=8F0 A>AB>O;0 87 B@QE >B3>@>65==KE ?@>@60252H8<8 @5HQB:0<8 :0<5@ ( 2A5, :@><5 B>9 >4=>9, 1K;8 ?CABK) 8 1>;LH53> ?><5I5=8O, 2 :>B>@>< CAB0=>28;8 70:070==K9 <=>9 AB>;, 0 B0:65 <0;5=L:89 AB>;8: 8 G5BK@5 B01C@5B0. 0 AB>;8:5 O C2845; 3CA8=>5 ?5@>, G5@=8;L=8FC, AB>?:C G8AB>9 1C<038 8 ?OB8@>6:>2K9 ?>4A25G=8: A >?;K2H8<8 4> ?>;>28=K, B>;ABK<8, 2>A:>2K<8 A25G0<8. C3;C ?><5I5=8O AB>O;0 GC3C==0O ?5GC@:0, ?>;=0O B;5NI8E @>7>2K< C3;59. > 2AQ @02=> 745AL 1K;> C60A0NI5 E>;>4=> 8 AK@>.
/ ?>A<>B@5; 2=CB@L :0<5@K. !25B;>2>;>A0O 65=I8=0, 2 70A:>@C7;>9 >B 3@O78 @C10E5, A845;0 =0 A;C60I59 59 ?>4AB8;:>9 >E0?:5 A>;><K 8 A<>B@5;0 =0 <5=O A> AB@0E>< 2 3;070E. 0H8 273;O4K 2AB@5B8;8AL =0 <3=>25=85.
K2548B5 >128=O5<CN, ?@8:070; O, 8 >48= 87 AB@06=8:>2 1KAB@> ?>4A:>G8; : 70<:C 8 =0G0; 1>@>BLAO A C?@O<K< :;NG><.
/ A<>B@5; =0 =53> :0:>5- B> 2@5<O, 0 ?>B>< A5; =0 B01C@5B C AB>;0.
!<5@BCE, 1C@3><8AB@, =0AB>OB5;L, ?@83;0A8; O >AB0;L=KE.
!B@06=8: 2K2>;>: 65=I8=C 2 F5=B@ :><=0BK. =0 =5 :@8G0;0 8 =5 A>?@>B82;O;0AL. >72>;O;0 A>1>9 @0A?>@O60BLAO, 1C4B> 1K;0 ;8HL B@O?8G=>9 :C:;>9.
>;>68B5 5Q =0 AB>; 8 ?@82O68B5 :8AB8 @C: 8 ABC?=8 : :@5?;5=8O<, A:070; O.
!B@06=8: 70BO=C; C7;K, 0 >=0 2 :0:>9- B> <><5=B ?@>H8?5;0 >B 1>;8.
5 >G5=L A8;L=>, <O3:> A:070; O.
K948, ?@8:070; O, :>340 >= C6 70:>=G8;.
/ 2AB0; 87- 70 AB>;8:0 8 ?@81;878;AO : =59, B0:, GB>1K <>3;0 E>@>H> <5=O 2845BL. =0 ?@>1>20;0 ?>4=OBL 3>;>2C, => MB> C =5Q =5 >G5=L ?>;CG0;>AL, ?>B><C GB> C7;K 45@60;8 :@5?:>.
5=O 7>2CB >@48<5@ 0445@48=, ?@>87=QA O, 8 O O2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %5E- E57@>=0. / ?@81K; AN40, GB>1K ?><>GL B515, 48BO <>Q.
0 <3=>25=85 GB>- B> 2@>45 =04564K ?>O28;>AL 2 5Q ;8F5. !:>;L:> 65 @07 O 2845; ?>4>1=>5 7@5;8I5! > B>BG0A =045640 C30A;0, 8 65=I8=0 =5 >B25B8;0.
"K >G5=L :@0A820O 65=I8=0, >@5BB0, A:070; O. O C25@5=, GB> B2>O =528=>2=>ABL ?>4AB0BL B2>59 :@0A>B5, O CA;KH0;, :0: =0AB>OB5;L 3;C1>:> 2BO=C; 2>74CE. 4=0:>, <K 4>;6=K ?@>9B8 G5@57 MBC =5?@8OB=CN ?@>F54C@C. >=8<05HL, 48BO <>Q, B0:>2K B@51>20=8O 70:>=0&
0, =0:>=5F >B>720;0AL >=0, 40, O ?>=8<0N.
@0A82K9, 3;C1>:89 3>;>A, 8 2 A0<>9 3;C18=5 53> 281@8@>20;0 :0:0O- B> B@52>60I0O =>B:0. / =5 C482;O;AO B><C, GB> C =5Q 1K;> B@8 ?>:;>==8:0, ?@8=04;560I8E : 1>30B59H8< 3@0640=0< 3>@>4:0. C<0N, GB> 4065 42>@O=8= =5 ?>3=CH0;AO 1K B0:>9 65=K. ?@>G5<, O 7=0; 42>@O=, :>B>@K5 6Q= 4>;6=K 8A:0BL, A:>@55, 2 E;52C, 0 =5 2 <5I0=A:8E 4><0E.
045NAL, >@5BB0, GB> ?>A;5 =0H53> @073>2>@0 BK A?>:>9=> 25@=QHLAO 4><>9&
=8 C=8GB>68;8 <>9 4><, 24@C3 27>@20;0AL >=0 8 ?>?KB0;0AL ?>4=OBL 3>;>2C, => A=>20 C7;K 5Q C45@60;8. AQ @0AB0I8;8, ?>;><0;8& 2AE;8?=C;0 >=0.
-B> ?@0240? / ?5@52Q; 273;O4 =0 1C@3><8AB@0. >HB> B515 AB@06=8:8, ?0@5=L?
= =8G53> =5 >B25B8;, ?>MB><C O A=>20 >1@0B8;AO : >@5BB5.
A;8 >:065HLAO =528=>2=>9, 3>@>4 2>7L<QB =0 A51O 2A5 @0AE>4K, A:070; O, 8 2K?;0B8B B515 :><?5=A0F8N. "0: 3;0A8B 70:>=.
0 MB>B @07 3;C1>:> 274>E=C; 1C@3><8AB@, 0 O <KA;5==> CA<5E=C;AO.
ABL B>;L:> >4=> CA;>285 4;O =0H59 15A54K, >@5BB0, ?@>4>;60; O. 025@=>5, 7=05HL :0:>5?
/ 4>;6=0 3>2>@8BL ?@024C, A:070;0 >=0 B8E>.
0, 48BO <>Q. 54L 8A0=85 3;0A8B OA=>:
« ?>7=05B5 8AB8=C, 8 8AB8=0 20A >A2>1>48B»
. =05HL 8A0=85, >@5BB0?
=0N, 3>A?>48=.
">340 7=05HL, GB> 8A0=85 B0:65 3>2>@8B:
« / 5A<L ?0ABK@L 4>1@K9, 0 4>1@K9 ?0ABK@L 4CHC A2>N >B40QB 70 >25F A2>8E»
[ 6 9 ]
. / B2>9 ?0ABK@L, >@5BB0, 8 O28;AO AN40, 401K >B40BL 70 B51O 4CHC. 01K >A2>1>48BL B51O. ?>25@L <=5, A45;0N MB>&
"5< 8;8 8=K< A?>A>1><, 4>1028; O <KA;5==>.
%>@>H>, A:070; O. 0G8=09 70?>;=OBL ?@>B>:>;, =0AB>OB5;L.
/ A?>:>9=> 640;, ?>:0 A2OI5==8: 70?8H5B 2A5 >1O70B5;L=K5 40==K5. ">3>- A53> 4=O 8 3>40 >A?>4=O, 2 B0:><- AO:>< <5AB5, B0:85- AO:85 ;N48 A>1@0;8AL =0 A;CH0=85, GB>1K ?>AB0=>28BL& B0: 40;55, 8 B0: 40;55. -B> BO=C;>AL 4>2>;L=> 4>;3>, ?>MB><C C <5=O 1K;0 2>7<>6=>ABL ?@83;O45BLAO : >@5BB5 ?>2=8<0B5;L=55. =0 ;560;0 A 70:@KBK<8 3;070<8, => C <5=O 1K;> AB@0==>5 >ICI5=85, GB> >=0 GC2AB2C5B <>9 273;O4. 57 2AO:>3> A><=5=8O, >=0 1K;0 :@0A82>9. !25B;K5, 3CABK5 2>;>AK 8 =56=>5 ;8F> A> A;53:0 2KABC?0NI8<8 A:C;0<8, :>B>@K5 B>;L:> 4>102;O;8 >G0@>20=8O. >340 >=0 3>2>@8;0, O 70<5B8;, :0:85 C =5Q @>2=K5, 15;K5 7C1K, GB>, ?>25@LB5 <=5, 2 =0H8 AC@>2K5 2@5<5=0 O2;O5BAO 8A:;NG5=85<. 7OI=K5 :8AB8 8 ABC?=8, AB@>9=K5 ;>4K6:8, 1>;LH85, :@5?:85 3@C48& 40, ;N157=K5 <>8, >@5BB0 ;LF83 =5 2?8AK20;0AL 2 "><40;LF, 8 <=5 1K;> 8=B5@5A=>, >B40QB ;8 >=0 A515 2 MB>< >BGQB. >=OB=>, O C65 4>?@0H820; B0:8E 65 :@0A82KE 65=I8=, 0 <>65B 8 :@0A8255 5Q. A=>2=>5 8=:2878B>@A:>5 =0AB02;5=85 72CG8B: =5 >1@0I09 2=8<0=8O =0 70<0=G82K5 D>@<K.
« 5 1C45HL ?@5427OBK< : >A>15 ;N1>9»
3;0A8B 8A0=85 8 4>102;O5B:
« 5 AC48B5 ?> =0@C6=>AB8»
[ 7 0 ]
.
>@5BB0, A:070; O, :>340 =0AB>OB5;L, =0:>=5F, 70:>=G8; A D>@<0;L=>ABO<8. "515 ?@54JO2;5=> >128=5=85 2 :>;4>2AB25 8 B@>9=>< C189AB25. "K ?@87=0QHLAO ?> :0:><C- ;81> 87 >128=5=89?
5B, >B25B8;0 >=0 A25@E >6840=8O C25@5==K< 3>;>A>< 8 ?>A<>B@5;0 =0 <5=O.
Q 3;070 1K;8 ?>;=K =510.
"515 7=0:><K 8B@8E >;LF, 0;L1CA @C:4>DD 8 5B5@ ;015@?
0. A5 >=8 E>B5;8 27OBL <5=O 2 6Q=K.
=8 >B?8A0;8 B515 F5==>AB8 2 7025I0=88?
= <>;G0;0.
"K ?>=O;0 2>?@>A?
0, >B25B8;0 >=0. / ?>;CG8;0 A5@51@O=K9 AB>;>2K9 =01>@ >B 0;L1CA0. '5BK@5 28;:8, =>68 8 =>68G:8 4;O D@C:B>2.
AQ ;8 MB>?
8B@8E 7025I0; <=5 A5@CN :>1K;:C, => 53> AK= =5 40; <=5 5Q, 0 O =5 B@51>20;0.
>>1I5- B>, O 7=020; ;N459, GB> C1820;8 87- 70 ?0@K :@5?:8E A0?>3, => 4;O <5=O 1K;> :0:- B> =5C1548B5;L=>, GB>1K >@5BB0 <>3;0 C18BL B@QE ;N459 @048 A5@51@O=>3> AB>;>2>3> =01>@0. !:>;L:> >= <>3 1K AB>8BL? "@84F0BL :@>=? >65B B@84F0BL ?OBL&
8G53> 1>;LH5?
5B, 3>A?>48=.
=8 ?>AO30;8 =0 B2>N G5ABL, C3@>60;8 B515?
5B. 0: 1K ;53:0O C;K1:0 @0AF25;0 =0 5Q 3C10E. >=5G=> 65, =5B.
>=5G=>. >65B5 A515 ?@54AB028BL, GB>1K :@0A820O <>;>40O 65=I8=0 4>1@>2>;L=> 871028;0AL >B B@QE 2;N1;Q==KE 8 A>?5@=8G0NI8E <56 A>1>9 1>30G59 ( ?> :@09=59 <5@5, >=8 1K;8 1>30G0<8 ?> <5AB=K< <5@:0<) ? B> 65 @565B :C@8FC, =5ACICN 7>;>BK5 O9F0?
"K ?>;CG0;0 >B 2KH5=0720==KE 8B@8E0 >;LF0, 0;L1CA0 @C:4>DD0 8 5B5@0 ;015@0 ?>40@:8? &5==K5 ?@54<5BK 8;8 45=L38?
0, >B25B8;0 >=0. 8B@8E ?>30A8; 4>;38 <>53> ?>:>9=>3> <C60, >B 0;L1CA0 O ?>;CG8;0 7>;>B>9 ?5@AB5=L A 87C<@C4><, :0<G0B>5
[ 7 1 ]
?;0BL5 8 H5@ABO=>9 ?;0I A A5@51@O=>9 70ABQ6:>9. 5B5@ :C?8; <=5&
>AB0B>G=>, ?@5@20; O 5Q. B>- =81C4L 87 =8E B@51>20; 25@=CBL ?>40@:8?
5B. !=>20 MB0 ;Q3:0O CA<5H:0.
/ ?>A<>B@5; =0 =0AB>OB5;O 8 1C@3><8AB@0. 0AB>OB5;L A845; ?><@0G=52H89, 81>, ?>E>65, ?>=8<0;, 2 :0:>< =0?@02;5=88 428305BAO A;54AB285, 0 1C@3><8AB@ ?@8A;CH820;AO :> 2A5<C A 3;C?>20B> @078=CBK< @B><.
"K A;KH0;0 > :>;4>2AB25, >@5BB0?
0.
"K 7=05HL, GB> =0AK;0=85 G0@ O2;O5BAO A<5@B=K< 3@5E><, 70 :>B>@K9 =0 75<;5 :0@05B !2OB0O !;C610, 0 ?>A;5 A<5@B8 >A?>4L A5<>3CI89?
0.
"K 7=0;0 :>3>- ;81>, :B> =0:;04K20; G0@K 8;8 2>@>68;?
5B.
"K <>65HL >1JOA=8BL, ?>G5<C B2>8 ?>:;>==8:8, 8B@8E >;LF, 0;L1CA @C:4>DD 8 5B5@ ;015@, C<5@;8 2 <C:0E, 0 87 8E B5; 2K?>;7;8 15;K5 G5@28?
5B.
"K A15@530;0 :>340- =81C4L 2>;>AK ;81> =>3B8 :>3>- ;81> 87 =8E?
5B!
"K ;5?8;0 :C:>;>: 87 2>A:0, :>B>@K5 4>;6=K 1K;8 8E 87>1@060BL, 8;8 2K@570;0 87 45@520, ;81> 2 8=>< <0B5@80;5?
5B! 5B!
"K <>;8;0AL >1 8E A<5@B8?
5B, 59- >3C!
=0 3>2>@8;0 ?@024C. >25@LB5 <=5. %>@>H89 8=:2878B>@ ?>=8<05B MB> 2 <3=>25=85 >:0. >7<>6=>, 1K205B A;>6=55, :>340 45;> :0A05BAO E8B@>3> :C?F0, CGQ=>3> A2OI5==8:0 ;81> ?@5<C4@>3> 25;L<>68. > =8:B> <=5 =5 A:065B, GB> >@48<5@ 0445@48=, 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, =5 @0A?>7=0; 1K ;68 2 A;>20E <5I0=>G:8 87 70E>;CAB=>3> 3>@>4:0.
0945=K ;8 2 4><5 >128=O5<>9 ?>4>7@8B5;L=K5 ?@54<5BK? "0:85, GB> <>3;8 1K A;C68BL 4;O 2>@>61K 8 =0AK;0=8O G0@? / >1@0B8;AO : =0AB>OB5;N 8 1C@3><8AB@C, E>BO 7=0; >B25B.
5B, >B25B8; A2OI5==8: 70 =8E >1>8E.
1JO2;ON ?5@5@K2 2 4>?@>A5, A:070; O. B2548B5 >128=O5<CN 2 :0<5@C.
!B@06=8: @072O70; >@5BBC, =0 MB>B @07 =5A:>;L:> >AB>@>6=55, G5< 4> MB>3>, 0 <K >B?@028;8AL =025@E. / 25;5; !<5@BCEC =0;8BL <=5 ?820, 8 ?>@O4>G=> >BE;51=C;.
0H8 >128=5=8O @0AAK?0NBAO, :0: :0@B>G=K9 4><8:, A:070; O, 0 !<5@BCE ?>72>;8; A515 :>@>B:> 3>3>B=CBL. %>BO, :B>- B> 2 MB>< 3>@>4:5 8 ?@0240 10;C5BAO A :>;4>2AB2><&
C@3><8AB@ O2=> ?>75;5=5;. =8G53> C4828B5;L=>3>. 8:B> =5 E>G5B 8<5BL :>;4C=0 ?> A>A54AB2C, 5A;8 B>;L:> MB>B :>;4C= =5 H:2>@G8B =0 :>AB@5. 0 8 B>340, ?>25@LB5 <=5 =0 A;>2>, MB> 1K205B >?0A=K<.
, =5A><=5==>, A 20H59 25;8:>4CH=>9 ?><>ILN, O =5 A:@K; 2 3>;>A5 4065 3@0=0
[ 7 2 ]
8@>=88, =0< C40ABAO 2KOA=8BL, :B> MB>. > ?@5645 G5< O ?>@CGCAL A2>59 @5?CB0F859, GB> MB> =5 >@5BB0 ;LF83, <K >1KI5< 5Q 4><. ;8 B>, GB> 2K A>872>;8;8 >AB028BL >B 5Q 4><0&
1KA- AAA&
=0N, GB> >1KA:0;8, >B25B8; O, 8 4065 25@N, GB> 2K =0H;8 2A5 F5==K5 ?@54<5BK. > O 703;O=C BC40 5IQ @07. 5@2K9, O >15@=C;AO : 1;87=5F0<, 84QHL A> <=>9 8 !<5@BCE><, 0 BK, B>@>9, <>65HL 2K?8BL =0 ?>AB>O;>< 42>@5.
!?0A81> B515, >@48<5@, A:070; >=, E>BO, :0: 8 O, ?>=8<0;, GB> 2K?82:0 2 B0:>< <5AB5 B0:65 <>65B 1KBL @01>B>9.
* * *
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
@5:@0A=>, ?@5:@0A=>, A:070; O, 0 1C@3><8AB@ A60;AO ?>4 <>8< 273;O4><.
K >AB0QB5AL A=0@C68, ?@8:070; O, 3;O4O =0 =0AB>OB5;O 8 1C@3><8AB@0. 5@2K9, 70 <=>9.
K >1>H;8 25AL 4><. !?0;L=N, 87 :>B>@>9 ?KB0;8AL 2K=5AB8 :@>20BL, 0 :>340 =5 ?>;CG8;>AL, ?>@C18;8 5Q =0 :CA:8. CE=N, ?CABCN, A ?>;><, CAB;0==K< >A:>;:0<8 @0718B>9 ?>AC4K. >;=K9 ?0CB8=K G5@40:.
8G53>, >@48<5@, ?@>87=QA 5@2K9. 8G53> BCB =5B.
">340 ?>A<>B@8< ?>420;, A:070; O.
@KH:0 E>40 2 ?>420; =0E>48;0AL >:>;> :CE=8, 2 GC;0=5 A 8A?0G:0==K<8 C3;Q< AB5=0<8 8 ?>;><. / 4Q@=C; 70 <5B0;;8G5A:CN @CG:C, 8 :@KH:0, BO6Q;0O, :0: 70@070, A> A:@565B>< ?>4=O;0AL. B5<=>BC 25;0 45@52O==0O ;5AB=8F0. / ?>A;0; 5@2>3> 70 ;0<?>9, 8 <K A?CAB8;8AL ?@8 5Q BCA:;>< A25B5. >420; 1K; ?@>AB>@=K<, A>AB>O; 87 :>?B8;L=8 8 70:CBLO, ?>;=>3> C3;O 8 @>2=> =0?8;5==KE 45@52O==KE GC@10=>2. 5@2K9 A 70:@KBK<8 3;070<8 <54;5==> HQ; 24>;L AB5=, 254O ?0;LF0<8 ?> 8E ?>25@E=>AB8. / =5 <5H0; 5<C 2>?@>A0<8, 81> 7=0;, GB> 5<C =04> A:>=F5=B@8@>20BLAO. ">;L:> :>=F5=B@0F8O ?><>65B 5<C 2 >BKA:0=88 B>3>, GB> <K 8I5<.
AAAABL! =0:>=5F, A:070; >= A C4>2;5B2>@5=85<. 45AL, >@48<5@.
/ ?>4>HQ; 8 ?@8A<>B@5;AO : AB5=5.
8G53> =5 286C. / ?>60; ?;5G0<8, => >= =5 C2845;, 81> AB>O; :> <=5 A?8=>9.
ABL- 5ABL- 5ABL, >= ?>GB8 ?@>?5;, 0 ?>B>< =0G0; >AB>@>6=> 2>48BL ?0;LF0<8, =068<0O :0<5=L B> 745AL, B> B0<.
/ B5@?5;82> 640;, ?>:0, =0:>=5F, 5@2K9 =5 >E=C;, 2F5?8;AO =>3BO<8 2 AB5=C 8 A CA8;85< =5 2KB0I8; >48= 87 :8@?8G59. / ?>A25B8; ;0<?>G:>9 8 C2845;, GB> :8@?8G A:@K20; <0;5=L:89, AB0;L=>9 @KG06>:. 5@2K9 4Q@=C; 70 =53>, ?>A;5 G53> 2 AB5=5 GB>- B> ?@>A:@8?5;>, 8 >B:@K;0AL A:@KB0O 425@L, 254CI0O 2 =51>;LHCN :><=0B:C.
B> 1 <>3 ?>4C<0BL? >:@CB8; 3>;>2>9 5@2K9. B0:><, 7=0G8B, 70E>;CABL5!
C- CCC, >B25B8; O, ?>B><C GB> 459AB28B5;L=> =04> 1KBL E>@>H8< <0AB5@>2K<, GB>1K CAB@>8BL B0: E8B@> A?@OB0==K9 B09=8:.
>=OB=>, GB> 2 1>30B><, :C?5G5A:>< 4><5 2 %575 MB> 1K;> 1K A>25@H5==> =>@<0;L=K<, => 745AL <K B0:>3> AN@?@870 =5 >6840;8. > =0AB>OI59 =5>6840==>ABLN 1K;> B>, GB> O C2845; 2=CB@8. 0 0::C@0B=> @0725H0==KE ?>;:0E AB>O;8 10=>G:8 A ACHQ=K<8 B@020<8 8 1CBK;>G:8 A @07=>F25B=K<8 <8:ABC@0<8, 0 =0 218BKE 2 AB5=C :@N:0E ACH8;8AL 4@C385 @0AB5=8O.
C- :0, =C- :0, A:070; O 8 ?@8A<>B@5;AO : @0AB5=8O<. :>=8B, A?>@KH, 2>;GL8 O3>4K
[ 7 3 ]
& ?@5:@0A=>, 5@2K9, 0?
@5:@0A=>, >@48<5@, A>3;0A8;AO >=. >, 2>>1I5- B>, GB> ?@5:@0A=>? A?@>A8; >= ?>A;5 =5:>B>@>9 704C<G82>AB8.
0H0 :@0A820O >@5BB0 >B@028B5;L=8F0
[ 7 4 ]
, AK=>:, A:070; O. MB> GB> B0:>5?
/ 703;O=C; 2 10=>G:C 8 ?>=NE0; A>45@68<>5.
(5@A:5=, O 8A:@5==5 C4828;AO. B:C40 C =5Q H5@A:5=?
(5@:5= 1K; A<5ALN >?@545;Q==KE B@02, ?@83>B>2;5==>9 >A>1K< 8 4>2>;L=> A;>6=K< A?>A>1><. !<5ALN, :>B>@CN O >G5=L F5=8;, :0: C4>1=>5 >@C685. >A:>;L:C H5@A:5=, 1@>H5==K9 2 3;070 2@030, 2K7K20; ?>GB8 <3=>25==CN, E>BO 8 2@5<5==CN A;5?>BC. > C A<5A8 1K;8 8 4@C385 4>AB>8=AB20. <0;KE 4>70E, 5A;8 ?8BL :0: 3>@OG89 >B20@, >=0 ;5G8;0 >B ?CG5=8O 8 ?><>30;0 >B :0H;O.
=5A:>;L:> 1>;LH8E 4>70E >=0 ?@82>48;0 : <54;5==>9 A<5@B8. '5;>25:, :>B>@><C 2 54C 8;8 ?8BLQ 4>102;O;8 H5@A:5=, <54;5==> A3>@0;, 1C4B> 2>A:>20O A25G0, 8 B>;L:> A?5F80;8AB <>3 ?>=OBL, GB> 53> C18205B >B@020.
KE>48B MB> >=0, A:070; 5@2K9.
!4C@5;? O 274>E=C;. ! :0:8E MB> ?>@ >B 2>7459AB28O O40 B2>Q B5;> ?>68@0NB G5@2O:8, 0?
> <K 5Q A>66Q<, 40, >@48<5@?
5G >A?>40 =0H53>! =5 2K45@60; O. >G5<C <K 4>;6=K 5Q A65GL, AK=>:? =0 <5@7:0O >B@028B5;L=8F0, => =8:0:0O =5 :>;4C=LO!
/ >B2Q; @C:C A ;0<?>9 8 C2845;, GB> C 5@2>3> =0 ;8F5 =5 A0<>5 C<=>5 2K@065=85.
> :>3>- =81C4L A>66Q<, >@48<5@, 40?
30, A:070; O, 70:@K20O 425@FC. >3>- =81C4L =025@=O:0 A>66Q<. > A59G0A 70B:=8AL. K =8G53> =5 =0H;8, ?>=OB=>?
= CA5@4=> ?>:820; 8 0::C@0B=> ?@8;048; 2K=CBK9 87 AB5=K :8@?8G =0 53> <5AB>.
* * *
:0<5@5 >@5BBK G5@B>2A:8 2>=O;>. 'B> 6, 4065 :@0A82K5 65=I8=K 4>;6=K :0:- B> >B?@02;OBL 5AB5AB25==K5 =C64K, 0 C =5Q 4;O MB>3> 1K;0 ;8HL ?@>@60252H0O ;>E0=L. MB> 5IQ E>@>H>, 81> O C65 284K20; C7=8:>2, :>B>@K5 A?0;8 =0 CB>?B0==>< ?>;C 87 A;>Q2 3>40<8 =5 C18@02H8EAO 8 70A>EH8E 8A?@06=5=89. >6=> A:070BL, C =5Q 745AL 1K;8 F0@A:85 CA;>28O.
>340 CA;KH0;0 A:@565B :;NG0 2 70<:5 ( AB@06=8: >?OBL =5 <>3 A =8< A?@028BLAO) , >=0 2A:>G8;0 A A>;><K, =0 :>B>@>9 ;560;0.
"K A2>1>4=0, A:070; O. 128=5=85 2 :>;4>2AB25 8 C189AB20E A=OB>.
!<>B@5;0 =0 <5=O, :0: 1K =5 ?>=8<0O 4> :>=F0 B>3>, GB> O 3>2>@N. =0 A<0E=C;0 A> ;10 C?@O<K9 ;>:>= A?CB02H8EAO 2>;>A.
"0: ?@>AB>? =0:>=5F B8E> A?@>A8;0 >=0.
GB> 6 5IQ <>6=> A:070BL? / ?>60; ?;5G0<8. #<55HL ?8A0BL?
=0 :82=C;0.
">340 A>AB02L A?8A>: ?@8G8=Q==>3> B515 CI5@10. / ?@>A;56C, GB>1K 3>@>4A:0O :07=0 2K?;0B8;0 B515 2AQ 4> 3@>H0.
=0 C;K1=C;0AL, 1C4B> B>;L:> A59G0A 4> =5Q 4>H;>, GB> 2AQ MB> ?@0240, 0 =5 HCB:0 8;8 ?KB:0.
!>AB02;N, A:070;0 >=0 A> 7;>1>9 2 3>;>A5. , =5A><=5==>, A>AB02;N&
0, 8 5IQ >4=>, A:070; O, AB>O C65 =0 ?>@>35. "2>9 ?>420; =5 A0<>5 157>?0A=>5 <5AB> ?>4 A>;=F5<. 0 B2>Q< <5AB5 O 1K =5 A?CA:0;AO 2 =53> 157 >A>1>9 =C64K.
/ 4065 =5 ?>B@C48;AO >15@=CBLAO 8 C2845BL 2K@065=85 5Q ;8F0.
!59G0A O <>3 A?>:>9=> 25@=CBLAO 2 :>@G<C. B>@>9 A845; ?LO=K9 2 4K<8=C 8 ?>?820; ?>?5@5<5=:5 B> 87 :@C6:8, ?>;=>9 ?820, B> 87 :C1:0, ?>;=>3> 3>@8;:8. = @0AA:07K20; :0:CN- B> =5>1K:=>25==> ?>E01=CN 8AB>@8N, 0 53> A>15A54=8:8 =04@K20;8 :8H:8 >B A<5E0. B>@>9, 5A;8 B>;L:> 70E>G5B, <>65B @0A?>;030BL : A515 ;N459. -B> ?>;57=> 2 =0H59 ?@>D5AA88. !59G0A C 53> AB>;0 A845;> H5AB5@> <C6G8=, 8 ?>A?>@N, =8:B> 87 =8E C65 =5 ?><=8;, GB> B>@>9 O2;O5BAO ?><>I=8:>< 8=:2878B>@0. =5 B>;L:> 1K;> 8=B5@5A=>, ?@83>48BAO ;8 =0 GB>- =81C4L 53> ?LO=AB2> =0< 2 @01>B5. =0O B>@>3>, O <>3 =045OBLAO, GB> 2AQ- B0:8 ?@83>48BAO.
/ 2>HQ; 2 :>@G<C, AB0@OAL =5 >1@0I0BL =8GL53> 2=8<0=8O, => B>@>9, :>=5G=>, <5=O 70<5B8; 8 5420 70<5B=> :82=C;. / 27>1@0;AO ?> ;5AB=8F5 4> <>59 :><=0BK 8 ;Q3 2 A0?>30E =0 :@>20BL. =5 E>B5;>AL A?0BL, => O 7=0;, GB> 45=L <K 5IQ =5 70:>=G8;8. >B>< 1C45B 2@5<O =0 A>=, E>@>HCN 2K?82:C, E>@>HCN 6@0B2C, 8 <>65B 8 5IQ =0 :>5- GB>. %>BO, :>340 O 2A?><=8; H;NH:C, :>B>@CN 1C@3><8AB@ ?@8A;0; @51OB0<, B> AGQ;, GB> ;CGH5 ?>B5H8BL <>3CB 1>;LH>9 ?0;5F 8 53> G5BK@5 1@0B0.
#65 G5@57 <8=CBC O CA;KH0; B8E89 ABC:, 8 2=CB@L 2>HQ; B>@>9. !59G0A >= C65 =5 2K3;O45; =8 ?LO=K<, =8 25AQ;K<.
'B> B0<, AK=>:? A?@>A8; O. @8A068209AO.
= A5; =0 B01C@5B, ?>B@OA 1CBK;:>9, ?>A;5 G53> >B:C?>@8; 5Q 8 ?>@O4>G=> 3;>B=C;.
A;8 C6 =0G0;, B> =5 <>3C >AB0=>28BLAO, A:070; >=, >1JOA=OO. / 1>O;AO A;8H:>< C6 2KA?@0H820BL, => GB>- B> B0<, :0: 1K, 7=0N&
C? O ?>41>4@8; 53>.
ABL 2 3>@>4:5 B0:>9 G5;>25:. @>45 2@0G, :065BAO, 53> :>340- B> 4065 2K7K20;8 : <5AB=>9 7=0B8. # =53> :=838, >@48<5@, <=>3> :=83&
# <5=O 2 %575 B>65 :=838. / ?>60; ?;5G0<8. GB> 87 MB>3>?
# B51O 40, => 745AL? "0:65 3>2>@OB, GB> >= ?>41820; :;8=LO : MB>9 :@>H:5, =>, ?>E>65, 1K;, :0: 1K, =5 A;8H:>< A<5;K<&
-B> C65 GB>- B>, A:070; O.
A0<>5 8=B5@5A=>5, >@48<5@, >= C;K1=C;AO 8 ?@8IQ;:=C; ?0;LF0<8.
0209.
-B> 1@0B 3@Q10=>3> 1C@3><8AB@0. !2>4=K9- B> A2>4=K9, => 2A5340, :0: 1K, 1@0B.
%0! / >?CAB8; =>38 A :@>20B8. "K ?@5:@0A=> A?@028;AO, AK=>:. !59G0A 848 A?>:>9=> ?8BL, 0 <K =0=5AQ< 2878B 3>A?>48=C 4>:B>@C. A;8 2AQ ?>94QB C40G=>, 2A:>@5 @07>66Q< 745AL ?@8;8G=K9 :>ABQ@. ;8 2 %575, 4>1028; O =5<=>3> ?>3>4O.
>:B>@ 68; =5?>40;Q:C >B @K=>G=>9 ?;>I048, ?>MB><C :>=59, @07C<55BAO, <K >AB028;8 2 :>=NH=5. CABL A515 >B4KE0NB 8 6CNB 2:CA=K9 >2QA8:, 81> A:>@> 64QB 8E A=>20 4>;30O 4>@>30. ;03>, A>;=F5 =5A:>;L:> ?>4ACH8;> MBC ?@>:;OBCN 3@O7L, 8 O =045O;AO, GB> 40;L=59HCN G0ABL ?CB8 <K ?@>254Q< 2 1>;55 ?@8;8G=KE CA;>28OE. C, 0 4> MB>3> =0< =04> 1K;> 70:>=G8BL 2A5 45;0 745AL, 2 MB>< A0<>< "><40;LF5. AB0B8, GB> 70 20@20@A:>5 =0720=85, ;N157=K5 <>8.
K H;8 G5@57 @K=>G=CN ?;>I04L, 8 O 2845; 273;O4K, :>B>@K5 A;548;8 70 =0<8. 5B, GB>1K :B>- B> @073;O4K20; =0A >B:@KB> 8 =03;>, AB>O;, IC@O 75=:8 8 =01;N40O 70 :064K< =0H8< H03><. 5B, =5 B0:, 4>@>385 <>8. N48 ?>43;O4K20;8 87- 70 AB025=L, C:@04:>9 2KA>2K20;8 3>;>2K 87 ?5@5C;:>2. 5E>@>H> ?@>O2;OBL 87;8H=55 ;N1>?KBAB2> : 8=:2878B>@A:>9 @01>B5, 81> 2 ;N1>9 <><5=B 8=:2878B>@ <>65B ?@83;0A8BL : A515, B0: 254L? > :@09=59 <5@5, 8<5==> B0: 2AQ MB> ?@54AB02;ONB A515 ?@>AB>;N48=K.
>< 4>:B>@0 1K; :0<5==K< 8 4>1@>B=K<. >AB@>5==K9 87 E>@>H53>, :@0A=>3>, @>2=5=L:> C;>65==>3> :8@?8G0. #A04L1C >:@C60; 45@52O==K9 701>@, 2KA>:89, 81> >= 1K; GCBL 2KH5 <>59 3>;>2K. A04C @>A;> =5A:>;L:> >48G02H8E O1;>=5: 8 >4=0 28H=O, CAK?0==0O, :0: ?@>:07>9, 70A>EH8<8, <0;5=L:8<8 28H5=:0<8.
@8@>64Q==K9 A04>2=8: MB>B 4>:B>@, ?@>87=QA !<5@BCE.
/ B>;:=C; 45@52O==CN :0;8B:C, 8 <K 2>H;8 2 A04. 7 ?>:>A82H59AO :>=C@K 2KA:>G8;0 A>10:0 A >I5B8=82H59AO, 2 :>;BC=0E H5@ABLN. =0 4065 =5 70;0O;0 8 =5 70@KG0;0, B>;L:> A@07C 1@>A8;0AL =0 =0A. 5 CA?5; O =8G53> A45;0BL, 0 C65 CA;KH0; B8E>5 A:C;5=85, 8 AB@5;0 ?>?0;0 725@N ?@O<> 2 3@C4L. QA ?5@525@=C;AO 2 2>74CE5 8 A20;8;AO =0 75<;N <Q@B2K<, A >?5@Q==K< 1>;B><, B>@G0I8< 2 3@O7=>9 H5@AB8.
%>@>H0O @01>B0, AK=>:, A:070; O.
K ?>4=O;8AL =0 :@K;LF> ?> 45@52O==K<, >B?>;8@>20==K< 2@5<5=5< 8 ?>4>H20<8 A0?>3 ABC?5=L:0<. / A8;L=> ?>ABCG0; 2 425@L. 07, 2B>@>9, ?>B>< B@5B89.
C GB> 6, !<5@BCE& A:070; O, => =5 CA?5; 70:>=G8BL, :0: 87=CB@8 <K CA;KH0;8 H0@:0=L5, 0 ?>B>< 3>;>A, :>B>@K9 72CG0; B0:, 1C4B> :B>- B> 2>48; =0?8;L=8:>< ?> AB5:;C.
>3> G5@B8 =>AOB?
B:@K209, ?@8OB5;L, A:070; O. <5=5< !2OB>9 !;C61K.
0 425@LN 2>F0@8;0AL B8H8=0. >;30O B8H8=0.
!<5@BCE, ?@>87=QA O A?>:>9=>. AQ- B0:8 B515 ?@84QBAO&
#65 >B:@K20N, A:070; 3>;>A 87=CB@8. %>BO =5 7=0N, G53> <>65B E>B5BL >B <5=O !2OB0O !;C610.
K CA;KH0;8 A:@565B >B>428305<>3> 70A>20. 4=>3>, 2B>@>3>, ?>B>< B@5BL53>. ?>A;5 MB>3> 5IQ IQ;:=C; :;NG, ?>2>@0G8205<K9 2 70<:5.
"25@4K=O, 0? AJO728; !<5@BCE.
25@8 ?@8>B:@K;8AL, 8 O C2845; <C6G8=C A EC4K<, 70@>AH8< A54>20B>9 I5B8=>9 ;8F><. # =53> 1K;8 GQ@=K5, 1KAB@K5 3;070.
09B5- :0 O ?@8A<>B@NAL& 0- 0, O 2845; 20A, <038AB@ 8=:2878B>@, =0 @K=:5. K CA;KH0;8 1@O:0=L5 A=8<05<>9 F5?>G:8, 8 425@8 >B:@K;8AL H8@5. @>HC, 2E>48B5.
7=CB@8 H810=C;> 7;>2>=85<& @8GQ<, =5 >1KG=K< 7;>2>=85< 70<CE@KH:8, =5AB8@0==>9 >4564K, =5<KBKE B5; 8;8 8A?>@G5==KE ?@>4C:B>2, :0:>3> <>6=> 1K;> >6840BL. , =5B, <>8 4>@>385, MB> 1K;> 4@C3>5 7;>2>=85. MB>< 4><5 20@8;8 B@02K, A6830;8 A5@C, ?;028;8 A28=5F. 0H 4>:B>@ 70=8<0;AO, 2848<>, 8 <548F8=>9, 8 0;E8<859. ?@>G5<, MB> G0AB> H;> 2 ?0@5, 8 &5@:>2L =5 2845;0 2 MB>< =8G53> ?;>E>3>. > ?>@K, OA=>5 45;>.
>60;C9AB0, ?>60;C9AB0& >:B>@ 24@C3 C2845; ;8F> !<5@BCE0, 8 3>;>A 70AB@O; C =53> 2 3>@;5.
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
@5:@0A=0O @01>B0, A:070; O.
G5=L ?@8OB=>, :0H;O=C; E>7O8=. 07@5H8B5, <038AB@, ?@54AB02;NAL. / >0E8< C=4
[ 7 5 ]
, 4>:B>@ <548F8=K C=825@A8B5B0 2 %57- E57@>=5 8 =0BC@0;8AB.
'B> ?@825;> CGQ=>3> 2 B0:>9 3>@>4>:? 256;82> A?@>A8; O.
>72>;LB5, 3>A?>40, >= :0H;O=C; A=>20, 2 4@C3>5 ?><5I5=85. / =5 ?@82K: : 3>ABO<, ?>B><C 745AL 2AQ B0: 2K3;O48B&
/ 284K20; 8 EC4H85 25I8, >B25B8; O, 0 !<5@BCE @0AA<5O;AO.
0, 40. >:B>@ O2=> ?>1;54=5;, E>BO 8 8<5; 75<;8ABCN :>6C.
><=0B:0, 2 :>B>@CN >= =0A ?@>2Q;, 1K;0 B>65 =5A:070==> 70E;0<;Q==>9, =>, ?> :@09=59 <5@5, 2 =59 =5 2>=O;> B0: A8;L=>, :0: 2 1>;LH5< ?><5I5=88. !<5@BCE 8 1;87=5FK CA5;8AL =0 1>;LH><, >18B>< ;0BC=LN AC=4C:5, O @0720;8;AO 2 ?>B@Q?0==>< :@5A;5, 0 4>:B>@ ?@8<>AB8;AO =0 B01C@5B5. = 2K3;O45; :0: EC40O, 70<>@5==0O 3>;>4>< ?B8F0, :>B>@0O 2>B- 2>B A>@2QBAO 2 ?>;QB.
'5< <>3C 20< A;C68BL, C20605<K9 <038AB@? A?@>A8; >=. >65B =0;82>G:8?
!?0A81>, >B:070;AO O. 53:>, =025@=>5, 4>3040BLAO, GB> :>=G8=0 8B@8E0 >;LF0, 0;L1CA0 @C:4>DD0 8 5B5@0 ;015@0 O E>@>H> 70?><=8; 8<5=0, ?@0240? 2K720;0 B@52>3C !2OB>9 !;C61K. 04 1K C7=0BL, GB> G5;>25: CGQ=K9, :0: 2K, 4C<05B >1 MB8E A;CG0OE?
%0! = ?>BQ@ @C:8, E>BO 2 ?><5I5=88 1K;> B5?;>.
/ A A0<>3> =0G0;0 3>2>@8;, GB> >@5BB0 =528=>2=0, => =8:B> 8 A;CH0BL =5 E>B5;&
><C 3>2>@8;8? 703>2>@8; =52=OB=> !<5@BCE, 81> :0: @07 >B3@K70; A515 =>3>BL.
- 0& :><C? O2=> A<5H0;AO 4>:B>@. "0:, 2>>1I5 3>2>@8;. -B> 2AQ G5;>25G5A:0O 3;C?>ABL. 09:8. K<KA;K. $0=B0A<03>@88. = ?>A<>B@5; =0 <5=O, :0: 1K 65;0O C4>AB>25@8BLAO, ?>=8<0N ;8 O ?>A;54=55 A;>2>.
/ ?>=O;.
=K<8 A;>20<8, =8G53> =5 A;CG8;>AL? <O3:> C;K1=C;AO O.
5 B>, GB>1K =8G53>, 81> C<5@;8. > >B 5AB5AB25==KE ?@8G8=, <038AB@! 5B5@ 402=> AB@040; >B :0H;O 8 E0@:0; :@>2LN, 8B@8EC O =5 @07 AB028; ?8O2:8, 0 0;1CA >168@0;AO 4> 15AGC2AB28O, 0 254L C =53> 1K;8 ?@>1;5<K A> ABC;><. =8 25;8 ?;>E>9 >1@07 687=8, <038AB@. 574>@>2K9.
0- 0, ?>:0G0; O 3>;>2>9. 15;K5, B>;ABK5 G5@28?
'5@28, >= 2K?;N=C; MB> A;>2>, 1C4B> >=> 1K;> =5?@8;8G=K<. '53> B>;L:> ;N48H:8 =5 ?@84C<0NB?
0?@8<5@, 20H 1@0B, 1C@3><8AB@, =0<5:=C; O.
C 40, =5E>BO ?@87=0; >=. > O 2 MB> =5 25@N.
5 25@8B5, ?>2B>@8; O, =C GB> 65& K ?>72>;8B5, <K >A<>B@8<AO =5<=>3>?
A<>B@8B5AL? = A=>20 ?>1;54=5;. / =5 7=0N, 8<55B5 ;8&
<55<, A:070; O, 3;O4O 5<C ?@O<> 2 3;070. >25@LB5, 8<55< ?>;=>5.
'B> 6. = 2 >G5@54=>9 @07 ?>BQ@ @C:8. / 70<5B8;, GB> ?0;LFK 53> ?>:@KBK A8=8<8 8 15;K<8 ?83<5=B=K<8 ?OB=0<8. 07 B0:&
07 B0:, B> B0:, C;K1=C;AO O >4=8<8 3C10<8 8 2AB0;. >A<>B@8< A=0G0;0 G5@40: 8 ?>420;.
0 G5@40:5 B>;L:> ?K;L, ?0CB8=0 8 :@KAK, 1KAB@> ?@>87=QA 4>:B>@. >25@LB5 <=5, 2K ;8HL 8A?0G:05B5AL 8 =0<CG05B5AL&
>:07K209 MB>B G5@40:, @O2:=C; !<5@BCE.
5B, !<5@BCE, A?>:>9=>, A:070; O. 07 4>:B>@ 3>2>@8B, GB> G5@40: B0:>9 =5CNB=K9, <K A?CAB8<AO 2 ?>420;.
- 22 ?>420;? AB0; 708:0BLAO >0E8< C=4.
>G5<C =5B? , 2?@>G5<, O A45;0; 284, GB> 704C<0;AO. K, 4>:B>@, ?>:065B5 <>8< ?><>I=8:0< ?>420;, 0 O 2 MB> 2@5<O >A<>B@NAL 2> 42>@5.
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
/ 2KH5; =0@C6C 8 >A<>B@5;AO. Q@B2K9 ?QA ;560; =0 ?>;?CB8 : :0;8B:5, :0: <K 53> 8 >AB028;8. / =0?@028;AO =0 704=89 42>@. B:@K; 425@:C 8 703;O=C; 2 GC;0=, 345 ;560;8 0::C@0B=5=L:> A;>65==K5 A>A=>2K5 4@>20 8 4C1>2K5 GC@10=K A >1;570NI59 :>@>9. # AB5=K AB>O;8 28;K, 3@01;8 A 2K;><0==K< A@54=8< 7C1>< 8 70ABC? A ;>?0B>9, 8A?0G:0==>9 70A>EH59 3@O7LN. 8G53> 8=B5@5A=>3>.
B5=8 @0725A8AB>3> :0HB0=0 O C2845; 0::C@0B=> >1;8F>20==K9 :0<=5< :>;>45F. / ?>4=O; 45@52O==CN :@KH:C 8 703;O=C; 2=CB@L. 2>AL<8, 452OB8 DCB0E ?>4> <=>9 1;5AB5;> 75@:0;LF5 2>4K. / C65 284K20; B09=8:8, @07<5IQ==K5 ?>4 ?>25@E=>ABLN 2>4K 2 :>;>4F5, => <=5 =5 :070;>AL, GB> C C20605<>3> 4>:B>@0 1K;8 A8;K 8 65;0=85 ?@8=8<0BL ;54O=K5 20==K. 5 3>2>@O C65 > B><, GB> =0 3;04:>9 AB5=:5 >1;8F>2:8 =5 1K;> =8:0:8E A:>1 8;8 :@5?;5=89, GB> ?><>30;8 1K ?@8 ?>4JQ<5 8 A?CA:5. ">340 345 A:@K20;0AL ?5I5@0 :>;4C=0? %0! >B E>@>H89 2>?@>A. 5C65;8 O 2AQ- B0:8 >H810;AO, 8 >0E8< C=4 =5 1K; B0:8< E8B@K<, :0:8< 2K3;O45;, 8 70=8<0;AO GQ@=K< 45;>< 2 ?>420;5 ;81> =0 G5@40:5?
/ <54;5==> ?>HQ; 24>;L 45@52O==>9 >3@04K, 0 ?>B>< ?5@5AQ: A04 24>;L 8 ?>?5@Q:, 40 =08A:>A>:. 8G53> =5>1KG=>3>. 01@>H5==K9 8 25AL 2 A>@=O:0E F25B=8:, <0;5=L:85, A3=82H85 O1;>G:8, :>@8G=525NI85 2 =5:>H5=>9 B@025, =5A:>;L:> :@>B>28=, ?0@0 45AOB:>2 3>@AB59 ;>?=C2H8E :0HB0=>2. @>3C;820OAL, O 2=8<0B5;L=> A<>B@5; ?>4 =>38, => ?>2AN4C ?>154>=>A=> 1C9AB2>20;8 B@020 8 A>@=O:8. / 8A:0; :0:>9- =81C4L A;54. 0?@8<5@, :@KH:C, ?@8AK?0==CN 75<;Q9 8 70;>65==CN 2K@570==K< :CA:>< 4Q@=0. > =5 1K;> =8G53>. 'B> 6, 7=0G8B ?@8H;> 2@5<O <>;8B2K. / ?@5:;>=8; :>;5=8 ?>4 45@52>< 8 ?>AB0@0;AO >A2>1>48BL <KA;8. / 2A;CH820;AO 2 ;Q3:89 HC< 25B@0, :>B>@K9 25O; 2>7;5 <5=O 8 A:2>7L <5=O.
BG5 =0H,
=0G0; O,
ACI89 =0 =515A0E! 0 A2OB8BAO 8<O "2>5; 40 ?@8845B &0@AB285 "2>5; 40 1C45B 2>;O "2>O :0: =0 =515, B0: 8 =0 75<;5.
/ 70:@K; 3;070 8 <0;>- ?><0;C GC2AB2>20;, :0: =0 <5=O =8AE>48B !8;0. 5A<>B@O =0 706<C@5==K5 25:8, O =0G8=0; 2845BL. 5B:8 45@52L52 A<CB=> 284=5;8AL A@548 :0:8E- B> 75;Q=KE 8 6Q;BKE ?@>1;5A:>2.
%;51 =0H =0ACI=K9 409 =0< =0 A59 45=L; 8 409 =0< B0:65 A8;K, 401K =5 ?@>I0;8 <K 4>;6=8:0< =0H8<.
7@K2K :@0A=>3> F25B0 >E20B8;8 ?>GB8 2AQ, => 70 =8<8 O C65 2845; >G5@B0=8O :@KH8 4><0 8 75;5=L B@02K. AO :0@B8=:0 <830;0, 4Q@30;0AL 8 <5=O;0AL, => O 7=0;, GB> 4>;65= 2K45@60BL. 5A<>B@O =0 B>, GB>, :0: >1KG=>, ?>O28;0AL A5AB@0 <>;8B2K 1>;L. #40@8;0 =5>6840==>, 2<5AB5 A :@0A=>9 2>;=>9. "0:, 1C4B> ?@8?;K;0 =0 30;5@5 A 103@O=K<8 ?0@CA0<8. / GCBL =5 ?@5@20; <>;8B2K 8 =5 >B:@K; 3;070.
?>72>;L =0< 40BL >B?>@ 8A:CH5=8N, 0 7;> ?CABL ?@5A<K:05BAO 2 ?@0E5 C =>3 =0H8E. <8=L
[ 7 6 ]
.
>;L ?>A5;8;0AL =04>;3>, => O AB0@0;AO > =59 =5 4C<0BL. / B0:65 AB0@0;AO =5 :>=F5=B@8@>20BL 273;O40 =0 >1@070E, ?>O2;ONI8EAO 87 ?@>1;5A:>2. / E>@>H> 7=0;, GB> 5A;8 2A<>B@NAL 2 :0:>9- B> M;5<5=B, D@03<5=B MB>9 @50;L=>AB8- =5@50;L=>AB8, B> G5< A8;L=55 1C4C ?KB0BLAO 53> @073;O45BL, B5< 1KAB@55 >= @07255BAO 8 8AG57=5B. 1@07K ?@>?;K20;8 A:2>7L <5=O, 0 O ?@>4>;60; <>;8BLAO, 8 2@5<5=0<8 2845; A51O A0<>3>, :0: 1K A<>B@5; A25@EC =0 GQ@=CN, :>;5=>?@5:;>=5==CN D83C@C, ?C;LA8@CNICN 103@O=F5< 1>;8.
BG5 =0H
, O =0G0; 2=>2L, E>BO <>;8B20 =5 ?@8=>A8;0 >1;53G5=8O, 0 B>;L:> CA8;820;0 1>;L.
> 2AQ 65 <=5 :070;>AL, GB> O C65 ?;K2C 345- B> A@548 :@0A>: 8 >1@07>2, >:CB0==K9 O@:8<, 6Q;BK< 1;5A:><.
=5 ?@8H;>AL A5<8:@0B=> ?>2B>@8BL <>;8B2C, ?>:0 O G5@57 70:@KBK5 3;070 =5 @073;O45; O2AB25==> A04 8 4><. =8 =5 1K;8 B0:8<8, :0:8<8 O 8E 70?><=8; 4> MB>3>. >< ?C;LA8@>20; <@0:><, :070;>AL, ?@81;860OAL 8 >B40;OOAL. !04 A25B8;AO 157C<=>9, 1>;57=5==>9 75;5=LN. / OA=> 2845; ?@8F5?82H85AO : 25B>G:0< 45@520 70A>EH85 28H=8, :>B>@K5 B5?5@L :070;8AL 1C@K<8 C@>4F0<8 A G5;NABO<8, ?>;=K<8 7C1>2 2 2845 83;. / 2845; :@C60I8EAO 2>:@C3 MB>3> 4><0 ACI5AB2, :>B>@KE =52>7<>6=> >?8A0BL A;>20<8. !>740=8O 157 GQB:8E D>@< 8 :@0A>:, ?0@OI85 =04 75<;Q9 8 ;5=82> ?;K2CI85 ?> 2>74CEC. 48= 8E 284 1C48; AB@0E, ?5@5A8;8BL :>B>@K9 ?>72>;O;0 <=5 ;8HL <>;8B20. / <>;8;AO, 8 :070;>AL <=5, GB> O C65 F5;8:>< A;5?;5= 87 >4=>9 1>;8. > 5A;8 1K O ?@5@20; ;8B0=8N
[ 7 7 ]
8<5==> 2 MB>B <><5=B, :B> 7=05B, =5 >:070;AO 1K 2 ?>;5 7@5=8O 15AD>@<5==KE <>=AB@>2. A0<0 <KA;L, GB> :B>- =81C4L 87 =8E <>3 1K ?>A<>B@5BL 2 <>N AB>@>=C, 2K7K20;0 C <5=O ?0@>:A87< C60A0.
"5?5@L O C65 <>3 A?>:>9=> >A<0B@820BLAO. 0;> B>3>, O <>3, CE20B82H8AL 70 10H5=:C =0 :@KH5, 2@0I0BL 4>< B> 2;52>, B> 2?@02>, GB>1K 703;O=CBL 2> 2A5 53> 70:CB:8. ?>GB8 A@07C O C2845; <5AB>, :>B>@>5 4>;65= 1K; C2845BL. C;LA8@CNI0O 3>;C1K< 8;;N78O. -B> 1K;0 AB5=0 2 GC;0=5 4;O 4@>2. !>740==0O A ?><>ILN =0AB>;L:> A8;L=>3> 70:;OB8O, GB> :8@?8G8 1K;8 =5 ?@>AB> 284=K, => 8E <>6=> 1K;> ?>GC2AB2>20BL ?0;LF0<8, 8 4065 ?>@0=8BLAO >1 8E H5@H02CN ?>25@E=>ABL. -BC AB5=C <>6=> 1K;> A:>;L C3>4=> ?@>ABC:820BL 8 ?@>A;CH820BL. 2CG0;0 1K :0: >1KG=0O, F5;L=0O, :8@?8G=0O AB5=0. 1> 72C: 2 MB>< A;CG05 B>65 1K; 1K 8;;N7859. / 15@56=> 2KA<>B@5; 3>;C1>20B>- A5@51@O=K5 =8B8, C45@6820NI85 8;;N7>@=CN AB5=C, 8 <0;>- ?><0;C 8E >1>@20;, >4=C 70 4@C3>9. C;LA8@CNI89 3>;C1>9 F25B ?>AB5?5==> 1;54=5;, A5@5;, 8, =0:>=5F, ?>30A. / 7=0;, GB> 2 MB>B A0<K9 <><5=B AB5=0 87 4>1@>B=>3>, :@0A=>3> :8@?8G0 ?@>AB> 8AG57;0. 0AB2>@8;0AL 2 2>74CE5.
/ >B:@K; 3;070 8 >A5; A :>;5= =0 75<;N. >GC2AB2>20; I5:0<8 <>:@>5, E>;>4=>5 ?@8:>A=>25=85 B@02K. / AJQ68;AO, ?>4BO3820O =>38 ?>4 A0<K9 ?>41>@>4>:. / 1K; AG0AB;82, GB> C <5=O 2AQ ?5@5AB0;> 1>;5BL, => 2<5AB5 A B5< O A>2A5< =5 E>B5; 2AB020BL.
>@48<5@, CA;KH0; O =04 A>1>9. >@48<5@&
/ A60;AO 5IQ A8;L=55, => B>340 MB>B :B>- B>, 0 ?> 70?0EC O C7=0; !<5@BCE0, :@5?:> B@OE=C; <5=O 70 ?;5G>.
>@48<5@? "K <>;8;AO?
/ ?>GC2AB2>20; =0 3C10E E>;>4=>5 ?@8:>A=>25=85 <5B0;;0, 0 !<5@BCE A8;>9 @07428=C; <=5 G5;NAB8. @5?:0O A;82>28F0 A @57:8< 0@><0B>< 8 2:CA>< 2;8;0AL <=5 2 @>B. 2 3>@;>. / 70:0H;O;AO. !<5@BCE ?@845@60; <5=O 8 ?@>4>;60; ;8BL 2>4:C. / ?5@54Q@=C;AO, >B25@=C; 3>;>2C, 8 <5=O 2K@20;>.
5G >A?>& %>G5HL <5=O& C18BL? O 70?=C;AO, 8 <5=O 2K@20;> 5IQ @07.
/ ?@>BO=C; : =5<C @C:8.
09, A:070; O, 8 >= =0;8; 3>@8;:8 <=5 2 ;04>=8. / 70:@K; 3;070 8 ?;5A=C; A515 2 ;8F> A;82>28F59.
CGH5. / ?>?KB0;AO 2AB0BL, => <5=O :0G=C;>, 8 !<5@BCE 1K; 2K=C645= <5=O ?>4E20B8BL.
/ >?Q@AO > ?5=L 45@520. 'C2AB2>20;, GB> 25AL 4@>6C, 1C4B> ?@>A=C;AO 2 ;545=OI5< ?><5I5=88 ?>A;5 A8;L=> ?LO=>9 =>G8. # <5=O =8G53> =5 1>;5;>, => <=5 :070;>AL, GB> :0640O G0ABL <>53> B5;0 @0A?0405BAO =0 :CA>G:8.
!<5@BCE. !?0A81>.
= ?>:0G0; 3>;>2>9.
'B> O 4>;65= 45;0BL, >@48<5@? A?@>A8; >=.
@5ABC9& B5 53>, A:070; O. =5 =04> 745AL >AB0BLAO& =0 <8=CBC.
# <5=O =5 1K;> A8;, GB>1K 3>2>@8BL 40;LH5, 0 1K;> <=>3> G53> A:070BL. AG0ABLN, !<5@BCE A0< 7=0;, GB> 4>;65= 45;0BL.
>;>4:8, B0:? ;O?? E@0=0 =0 2AN =>GL? B257Q< 53> 2 %57, 40?
0, >B25B8; O. 48 C65&
>E>65, O 70A=C;, 81>, :>340 >G=C;AO, 1K;0 C65 =>GL, 0 <>8 ?;0I 8 2>;>AK 1K;8 <>:@K<8 >B @>AK. / ?>A<>B@5; =0 ;C=C, :>B>@0O A8O;0 A8;L=K<, A5@51@O=K< 1;5A:><, 8 2AB0;. ;C1>:> 274>E=C;.
IQ >48= B0:>9 :>;4C= 8 1C4CB B51O A3@510BL ;>?0B>9, 154=K9 >@48<5@, A:070; O A0< A515.
>< >0E8<0 C=40 AB>O; BQ<=K9 8 ?CAB>9. / ?>2;Q: A51O 2 AB>@>=C 4@>2O=>3> GC;0=0. >@>B:89 A>= 2AQ- B0:8 ?@8=QA >B4>E=>25=85, 81>, ?> :@09=59 <5@5, H038 O 45;0; ?> ?@O<>9, E>BO C <5=O 2AQ 5IQ :@C68;0AL 3>;>20. / 703;O=C; 2 GC;0= 8 C2845;, GB> 70 @>2=> A;>65==K<8 4C1>2K<8 GC@10=0<8 =5B C65 :8@?8G=>9 AB5=K, ;8HL =0E>48BAO 45@52O==K9 ?@>AB5=>: A <0;5=L:>9, ?>2>@>B=>9 425@F59.
5 B>@>?OAL, O ?5@5=QA GC@10=K 8 @0AG8AB8; A515 ?CBL. / B>;:=C; 425@FC. 0 =59 =0E>48;0AL CNB=> CAB@>5==0O :><=0B:0. !B>O;8 2 =59 >18B>5 40<0AB><
[ 7 8 ]
:@5A;> 8 1N@> :@0A=>3> 45@520, 0 B0:65 :@C3;K9 AB>;8:. 0 <0AA82=KE ?>;:0E ;560;8 ?5@5?;5BQ==K5 2 :>6C :=838, ?>; ?>:@K20; :>2Q@ A B>;ABK< 2>@A><. 2AQ A<>B@5;>AL 1K 8 ?@0240 <8;>, 5A;8 1K =5 B>, GB> =0 :>2@5 1K;0 2KB:0=0 ?5=B03@0<<0. / A=O; A ?>;:8 ?5@2CN A :@0N :=83C. ">;AB0O, B5;OGLO :>60 8 1;5ABOI85 7>;>B>< 1C:2K =0720=8O.
5<>=>;>38O, ?@>G8B0; O 2A;CE. !=O; 2B>@>9 B><.
CBL A0B0=K. MB>B @07 1C:2K 1;5AB5;8 A5@51@><, 0 ?5@5?;QB 1K; AB0@K< 8 ?>B5@O2H8< 1;5A:.
@5:@0A=>5 A>1@0=85, A:070; O 2=>2L A0< A515. AB0;L=K5 :=838 1K;8 B>3> 65 @>40. >;LH8=AB2> B>;:>20;> > :>;4>2AB25, =0;>65=88 G0@ 8 ?@87K20=88 45<>=>2. 4=0 1K;0 ?>A2OI5=0 0AB@>;>388, 4@C30O ;5G51=K< <8:ABC@0< 8 O40<, O B0:65 =0HQ; B><, @0A:@K20NI89 A5:@5BK 0=0B><88. ?@>G5<, >= 1K; =5 70?@5IQ=. > G0ABL :=83 C65 <=>3> 8;8 4065 <=>3> 45AOB:>2 ;5B =0E>48;0AL 2 F5@:>2=>< 8=45:A5
[ 7 9 ]
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
4=0:> <K A20;8;8AL 2 "><40;LF 8<5==> 2 BC <8=CBC, :>340 4>;6=K 1K;8 A20;8BLAO. >1=0@C68;8 :CGC 45@L<0, ;N157=K5 <>8. B> 6 B5?5@L <>65B A:070BL, GB> =35;K =5 14OB, GB>1K =0?@02;OBL ?CB8 =0H8?
/ <54;5==> ;8AB0; :=838. ;O G5;>25:0 =5?>43>B>2;5==>3> ;8HL >48= 273;O4 =0 8E A>45@60=85 <>3 AB0BL 3815;L=K<. 1>, :0: >B@5GLAO >B 2;0AB8? 0: >B:070BLAO >B 2;0AB8 =04 G5;>25G5A:>9 687=LN, =04 GC2AB20<8? %0! %>@>H89 2>?@>A. C<05B5, ;N157=K5 <>8, 8=:2878B>@>2 ?>@>9 =5 8A:CH0;> 65;0=85 2>A?>;L7>20BLAO 70?@5B=K<8 7=0=8O<8? E, 8A:CH0;>, 8 5IQ :0:. =5:>B>@K5, : A2>5<C =5AG0ABLN, ?>44020;8AL MB><C 8A:CH5=8N. @5<5=0<8 4065 87 G8ABKE ?>1C645=89, => GQ@=CN <038N =5;L7O 8A?>;L7>20BL 2 4>1@KE F5;OE. ">;L:> =5 :064K9 MB> ?>=8<0;, =5A<>B@O =0 3>4K >1CG5=8O 8 A>25BK <C4@KE =0AB02=8:>2. =:2878F8O 2 B0:8E A;CG0OE ( @54:8E, A:065< G5AB=>) =5 2K=>A8;0 A>@ 87 871K. 5 4C<05B5 65 2K, GB> 8=:2878B>@ <>3 A3>@5BL =0 :>AB@5 : @04>AB8 G5@=8? 3> ?@>AB> 7018@0;8 2 >4=> 87 =0H8E A5:@5B=KE, C548=Q==KE <5AB, 345 @01>B0;8 25@=59H85 87 25@=KE, 4>25@5==59H85 87 4>25@5==KE. B0<, 2 GC2AB25 ;N128 8 A>GC2AB28O, A =8< 15A54>20;8 B0: 4>;3>, ?>:0 >= =5 ?@87=020;AO 2> 2A5E 3@5E0E 8 =5 >B:@K20;, :0: >= 4>HQ; 4> B>3>, GB> A25@=C; A ?CB8 70:>=0 =0 ?CBL ?>@>:0. :>340 C =53> C65 =5 >AB020;>AL =8 >4=>9 A>1AB25==>9 <KA;8, 5<C ?>72>;O;8 C<5@5BL A<5@BLN, ?>;=>9 >G8I0NI59 1>;8.
0:>=5F O =0HQ; @5F5?B, :>B>@K9 8A:0; 8 :>B>@K9 A B0:8< CA?5E>< 8A?>;L7>20; 4>:B>@ C=4. @>F5AA =0;>65=8O G0@ « 15;KE G5@259» 1K; A;>6=K<, 0 A0< @5F5?B 70?CB0==K< 8 =5 4> :>=F0 OA=K<. 8G53> AB@0H=>3>. >:B>@ @0AA:065B ?>4@>1=>, :0: >= ?@>2Q; M:A?5@8<5=B. !:06C 20< ?> A5:@5BC, ;N157=K5 <>8, <K =5 B>;L:> =0E>48< :>;4>2A:85 :=838. 0;K5 <8@0 A53>
[ 8 0 ]
4C<0NB, GB> <K 8E 5IQ 8 C=8GB>605<. 8G53> 1>;55 >H81>G=>3>. 0 :>AB@0E 3>@OB ?>445;:8 ;81> M:75<?;O@K ?@>872545=89, :>?88 :>B>@KE C =0A C65 5ABL. 1> 2 A0<>9 >E@0=O5<>9 181;8>B5:5 =:2878F88 >=8 2A5 5ABL 2A5 70?@5IQ==K5 ?@>872545=8O. 2>A:@5H5=88 <Q@B2KE 8 ?@87K20=88 45<>=>2, 70:;OB8OE 8 G0@0E, > 1>3>EC;L=KE <>;8B20E, > A>1;07=0E 8 O40E. "0<, 70 B>;ABK<8 AB5=0<8 >4=>3> 87 <>=0ABK@59, AB>OB @O4 70 @O4>< :=838, 701>B;82> A15@5305<K5 AB0@K<8 181;8>B5:0@O<8. 064K9 8=:2878B>@ 2 :>=F5 >1CG5=8O 8<55B ?@02> 2>9B8 2 181;8>B5:C. 'B>1K C2845BL <>IL 7;0 8 ?5@2K9 @07 2 687=8 ?><5@8BLAO A 53> 157<5@=>ABLN.
!:06C 1>;LH5. =:2878B>@K =5 >AB0=02;820NBAO =0 7=0=8OE, ?>G5@?=CBKE 87 >BABC?=8G5A:8E, 5@5B8G5A:8E 8 45<>=8G5A:8E :=83. >A;5 4>?@>A>2 >128=O5<KE <K ?8H5< A>1AB25==K5 :><<5=B0@88 8 >1JOA=O5< =5:>B>@K5 87 =081>;55 A;>6=KE @5F5?BC@. /:>1K G0ABL 87 =8E 4065 ?@>25@O5BAO =0 ?@0:B8:5. /:>1K ACI5AB2C5B 2 =:2878F88 A?5F80;L=0O, A5:@5B=0O 3@C??0 8=:2878B>@>2, :>B>@K5 8A?KBK20NB :064K9 87 @5F5?B>2. /:>1K 81> >1 MB>< =5 3>2>@8BAO, >1 MB>< <K =5 4>;6=K 4065 4C<0BL.
/ 274>E=C;. @8H;> 2@5<O ?>:8=CBL <8;K9 4><8: 4>:B>@0 C=40. AB020;8AL 45;0 E0@0:B5@0, A:065<, >@30=870F8>==>3>. / 7=0;, GB> A;54C5B >B:070BLAO >B 40;L=59H59 ?>574:8 8 25@=CBLAO 2 %57. ! 10306>< 2 2845 :>;4C=0 8 53> A>1@0=8O :=83, 0 MB> >7=0G0;>, GB> 1C@3><8AB@ 4>;65= 1C45B ?@54>AB028BL, :0: <8=8<C<, 42CE 2LNG=KE ;>H0459. 'B> 6, =025@=O:0, >= <>65B A515 MB> ?>72>;8BL& A;8 B>;L:> =0?C30==K9 ?>8<:>9 1@0B0 =5 A<>5BAO 87 3>@>4:0. >65B 53> B>65 A;54>20;> 4>AB028BL 2 5?8A:>?A:89 AC4? ;8 O 4>;65= ?@>25AB8 ?5@2K9 4>?@>A 5IQ =0 <5AB5? >B B>;L:>, 2848B5 ;8, =5 A;8H:>< MB> C4>1=> 257B8 =5A:>;L:> 45AOB:>2 <8;L G5;>25:0, :>B>@>3> C65 4>?@>A8;8. O =5 E>B5;, GB>1K >= <=5 C<5@ ?> 4>@>35. :>=F5 :>=F>2, O >A<5;820NAL AG8B0BL A51O ?@>D5AA8>=0;><&
/ 2AB0;, 70:@K; ?>2>@>B=CN 425@FC, ?>B>< 8 GC;0=. / ?>1@Q; 2 3>@>4>:, 0 1K;0 C65 =>GL, 8 2=>2L =0G0; <>@>A8BL 4>648:. / @5H8;, GB> A=0G0;0 703;O=C 2 0@5AB0=BA:CN. 025@EC, C AB>;0 A845; !<5@BCE, ?>BO3820; GB>- B> 87 <5B0;;8G5A:>3> :C1:0 8 A 25AL<0 A5@LQ7=>9 <8=>9 ?@0:B8:>20;AO 2 B0A>20=88 :0@B. @8 2845 <5=O >= 2A:>G8; =0 =>38.
>@48<5@! 0: A51O GC2AB2C5HL? = ?>A<>B@5; =0 <>Q ;8F>. - C, 4>1028;.
<5==>, A:070; O. <5==> B0: O A51O GC2AB2CN. 45 4>:B>@?
=87C. B>@>9 ?@83;O4K205B 70 =8<.
%>@>H>. 28309 2 4>< 4>:B>@0 8 AB>@>68 C 4@>2O=>3> GC;0=0. E@0=8 B51O >3 A428=CBLAO >BBC40 =0 H03. >=8<05HL? 5 2 4><5, 2=CB@8, B>;L:> 2 GC;0=5!
%>@>H>, E>@>H>, >@48<5@, ?>=8<0N. "K GB>- B> =0HQ;?
/ ?>A<>B@5; =0 =53> B0:8< 273;O4><, GB> >=, C65 =8G53> =5 3>2>@O, 2A:>G8; 8 428=C;AO 2 AB>@>=C 2KE>40. / A3@Q1 A> AB>;0 :;NG8 : 0@5AB0=BA:>9 8 >B?5@ 425@L.
B> 745AL? #A;KH0; O 148B5;L=K9 8 B@572K9 3>;>A B>@>3>.
5G >A?>40, 1;87=5F, =5 ?@8AB@5;8 <5=O!
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
C, C B51O 8 284, >@48<5@. ;87=5F ?>A<>B@5; =0 <5=O A O2=K<, E>BO 8 =5>6840==K< A>GC2AB285<.
, ?5@5AB0=L, ?@>1>@<>B0; O 8 ?>A<>B@5; 2 ;8F> C=40.
= A<>B@5; =0 <5=O 2KB0@0I5==K<8 8 ?>;=K<8 1>;8 3;070<8, 81> =8:B> =5 >701>B8;AO >A;018BL C7;K =0 =Q<. >MB><C O A45;0; MB> A0<. 5 87 ;>6=> ?>=8<05<>3> <8;>A5@48O. @>AB> <=5 >B =53> 1C45B 1>;LH5 ?>;L7K, 5A;8 >= A<>65B E>48BL A0<>AB>OB5;L=>. :>=F5 :>=F>2, =0A 640;0 4>;30O 4>@>30 2 %57.
4C A?0BL, A:070; O. BK A848 745AL. B>@>9 A:@828;AO, CA;KH02 <>8 A;>20, => =8G53> =5 A:070;. "K :C40 45; 1@0B0?
@>45 A?8B, 70@070! !:070;, GB> CAB0; >B ?>8A:>2&
/ 5<C CAB0=C! >B25B8; O, => B>;L:> <0E=C; @C:>9.
/ 5IQ @07 ?>A<>B@5; =0 C=40, @07;>65==>3> =0 AB>;5. >;K9 8 EC4>9, A 2KABC?0NI8<8 @Q1@0<8, A> AJQ682H8<AO 5AB5AB2>< 8 ?>@570<8 >B BC?>9 1@8B2K >= =5 2K3;O45; <>3CG8< :>;4C=><. 5A;8 =5 A<>B@5BL, 1K; 8<.
* * *
5=O @071C48; @02=><5@=K9 ABC: 4>64O > AB02=8. 'B> 6, =54>;3> ?@>4>;60;0AL E>@>H0O ?>3>40. >=5G=>, :>ABQ@ <>6=> A;>68BL 40 @0765GL 8 2> 2@5<O ;82=O, => ?>25@LB5 <=5, A0<>5 :@0A82>5 7@5;8I5 >B:@K205BAO ;5B=8<, 157>1;0G=K< 25G5@><, :>340 :@0A=K9 F25B ?;0<5=8 2708<>4>?>;=O5B :@0A=K9 F25B 70E>4OI53> A>;=F0. > 745AL 2 "><40;LF5 <K 8 B0: =5 =0<5@520;8AL @076830BL :>ABQ@.
/ >B:@K; AB02=8. K=>G=0O ?;>I04L A=>20 =0?><8=0;0 ;C6C. 25 8AEC402H85 A28=L8 A;>=O;8AL 2 5Q F5=B@5, 0 >4=0 BQ@;0AL 1>:>< > <5B0;;8G5A:89 AB>;1.
'B> 70 4K@0, ?@>2>@G0; O ?@> A51O 8 2KH5; 2 :>@84>@ ?>720BL :>@G<0@O.
K =8:C40 =5 A?5H8;8, ?>MB><C O 25;5; ?@83>B>28BL :04:C A 3>@OG59 2>4>9, IQ;>: 8 15@Q7>2K9 25=8:. A>;84=K9 702B@0:. >A;5 <>;8B2K C <5=O 2A5340 725@A:89 0??5B8B, 8 A59G0A O B>65 GC2AB2>20;, GB> AJ5; 1K :>=O A :>?KB0<8. / :C?0;AO 4> ?>74=53> CB@0, ;8HL 2@5<O >B 2@5<5=8 2K7K20O ?@8A;C6=CN 452:C, GB>1K 4>1028;0 3>@OG59 2>4K. B0: O A515 ;560; 2 45@52O==>9 :04:5, =0?>;=5==>9 :8?OB:><, C<8=0; 87 3;8=O=>9 <8A:8 :0HC A :010=OB8=>9 8 70?820; E>;>4=K< ?82><. E, <=5 1K;> E>@>H>, ;N157=K5 <>8, => O 7=0;, GB> MB> ;8HL :@0B:89 <83 >B4>E=>25=8O A@548 B@C4>2 ?@0254=KE A;C38 >6L53>.
0:>=5F O 2KH5; ?>A;5 :C?0=8O, 25;5; 5@2><C, GB>1K A<5=8; 1@0B0, AB>@>682H53> 2 B5<=8F5, 0 A0< @5H8; =025AB8BL 1C@3><8AB@0. @0240, :0: >=, B0: 8 ?@>1>I ?KB0;8AL 4>18BLAO <5=O ?@54K4CI8< 4=Q<, => O AB@>3>- =0AB@>3> 70?@5B8; :>@G<0@N :>3>- ;81> ?CA:0BL =0 2B>@>9 MB06. , :0: 284=>, >= A?@028;AO E>@>H>.
C@3><8AB@0 8 =0AB>OB5;O <=5 =5 ?@8H;>AL 4>;3> 8A:0BL. =8 A845;8 2 70;5 A :C2H8=>< ?820 8 =5 2K3;O45;8 4>2>;L=K<8 687=LN.
@825BAB2CN, 3>A?>40, A:070; O, ?@83;06820O 5IQ <>:@K5 2>;>AK. 'B> 20A ?@825;> 2 B0:CN @0=L?
- <>9 1@0- 0& =0G0; 1C@3><8AB@.
045NAL, C 20A 1K;8 25A:85 ?@8G8=K, GB>1K 70:;NG8BL ?>4 AB@06C C20605<>3> 3@0640=8=0 =0H53> 3>@>40, <038AB@ 8=:2878B>@, B8E> A:070; =0AB>OB5;L.
MB>B @07 53> 3;070 1K;8 >?CI5=K, >= A<>B@5; 2 AB>; 8 3>2>@8; A> A<8@5=85<. >= 1K; ?@02. :>=F5 :>=F>2, ?5@54=85 7C1K >= C65 ?>B5@O;.
>:B>@ C=4 545B 2<5AB5 A> <=>9 2 %57- E57@>=, 345 1C45B ?>425@3=CB ?>;=><C 4>7=0=8N&
C@3><8AB@ 3;CE> >E=C; 8 >A5; =0 ABC;.
20H5<C A2545=8N A:06C ;8HL >4=>: >= >128=O5BAO 2 ?@0:B8:>20=88 GQ@=>9 <0388, >1;040=88 70?@5IQ==K<8 :=830<8, B@>9=>< C189AB25 8 5@5A8. "K, =0AB>OB5;L, B>65 ?@83>B>2LAO 2 4>@>3C. "K 4>;65= ?@54AB0BL G5@57 B@84F0BL 4=59, =0G8=0O A A53>4=O, ?5@54 3> @5>A2OI5=AB2>< 5?8A:>?><. C45HL ?>425@3=CB 4>?@>AC, 8<5NI5<C F5;L 2KOA=8BL, :0: <>3;> A;CG8BLAO, GB> ?>4 B2>8< =>A>< ?@0:B8:>20; :>;4C=. BK. / ?>4>HQ; : =5<C B0: 1;87:>, GB> <>3 4>B@>=CBLAO 4> =53>. 128=8; =528=>2=CN 65=I8=C.
= >BH0B=C;AO =0 H03 8 A18; ABC;.
/- O =- =5 7=0;, >= AB0; 708:0BLAO, 682K< >3><, 3>A?>48= 8=:2878B>@&
"8H5! ?@8:070; O. "K 5IQ =8 2 GQ< =5 >128=Q=.
C@3><8AB@, A:070; O ?>A;5 ?0C7K. >B >BGQB > @0AE>40E, :>B>@K5 4>;6=0 ?>:@KBL 3>@>4A:0O :07=0.
/ ?>40; 5<C ;8AB 1C<038, :>B>@K9 5IQ 2G5@0H=59 =>GLN 701>B;82> 70?>;=8; F8D@0<8.
C@3><8AB@ @02=>4CH=> 27O; 4>:C<5=B, => :>340 =0 =53> ?>A<>B@5;, ?>1;54=5;.
-B- B> =- =52>7- 7<>6&
>7<>6=>, 2>7<>6=>, A:070; O. AQ A>3;0A=> 70:>=C 8 B@048F88. =5 B0:65 ?>=04>1OBAO B@8 2LNG=KE ;>H048. ">;L:> =8:0:8E B0< E@><KE, 87<>64Q==KE :;OG, 4>3>2>@8;8AL?
>- 4>&
>B 8 ;04=5=L:>. 0A?>@O65=85< !2OB>9 !;C61K B515 =5;L7O ?>:840BL "><40;LF, 4>1028; O. 0@CH5=85 MB>3> @0A?>@O65=8O ?@8@02=8205BAO : ?@87=0=8N 2 A>CG0AB88 2 ?@5ABC?;5=8OE :>;4C=0.
A;8 MB> 2>7<>6=>, B> >= ?>1;54=5; 5IQ 1>;LH5.
-B> 2AQ, A:070; O. K?;0B0 8 :>=8 4>;6=K 1KBL 3>B>2K : 702B@0H=5<C CB@C. ! @0AA25B>< <K 2K57605<.
-B> >3@><=0O AC<<0, <038AB@ 8=:2878B>@, 2=>2L B8E> ?@>87=QA =0AB>OB5;L.
# 20A 5ABL ?@02> >160;>20BL <>Q @5H5=85 C 3> @5>A2OI5=AB20 5?8A:>?0, A:070; O @02=>4CH=K< B>=><. "K, =0AB>OB5;L, O28HLAO BC40 G5@57 <5AOF, ?>MB><C C B51O 1C45B 2>7<>6=>ABL >1AC48BL MB>B 2>?@>A.
/ 2KH5; 87 :>@G<K, @074C<K20O, ?>A5B8B ;8 =0AB>OB5;L ?@8E>40 A2OB>3> !510ABLO=0 2 "><40;LF5 =0H ?@5:@0A=K9 %57- E57@>=. A;8 >= MB>3> =5 A45;05B, =0 B@84F0BK9 45=L 5?8A:>? 2K?8H5B >@45@ =0 53> 0@5AB, :>B>@K9 1C45B @07>A;0= 2> 2A5 >B45;K !2OB>9 !;C61K, 2 E@0<K, <>=0ABK@8 8 ?> 2A5< CG0AB:0< 071>9=>9 !B@068
[ 8 1 ]
. 8@ AB0=5B >G5=L <0;5=L:8< 4;O G5@=>1>@>4>3> A;C6:8, 40 8 @073>2>@, 5A;8 4> =53> 4>94QB, A@07C ?@8<5B =5?@8OB=K9 >1>@>B.
/ ?>A;0; B>@>3>, GB>1K >=8 2<5AB5 A !<5@BCE>< 70?0:>20;8 2A5 :=838 4>:B>@0 C=40. ?@8=F8?5, O 4>;65= 1K; MB> A45;0BL A0<, => GB>- B> <5=O C45@60;> >B 2B>@8G=>3> ?>A5I5=8O 53> 4><0. 0<OBL > <>;8B25 1K;0 5IQ A;8H:>< A2560 8 A;8H:>< A8;L=0. ?@>G5<, O <>3 4>25@OBL @51OB0<. =838 =5 1K;8 B5<, GB> 8E <>3;> 708=B5@5A>20BL, E>BO 2A5 >=8 C<5;8 G8B0BL 8 4065 =5<=>3> ?8A0BL. >=5G=>, O <>3 A515 ?@54AB028BL, GB> :><C- B> 87 =8E 271@54QB 2 3>;>2C 701@0BL F5==K9 B>< A F5;LN ?@>4068 53> =0 GQ@=>< @K=:5. / <>3 A515 B0:65 ?@54AB028BL, GB> :0<5=L A =510 C?04QB <=5 ?@O<> 2 :0@<0=. 51OB0 ?@5:@0A=> 7=0;8, 345 :>=G0NBAO HCB:8 A 4>1@K< >@48<5@><, 8 345 =0G8=05BAO @01>B0, 70 ?;>E>5 8A?>;=5=85 :>B>@>9 MB>B A0<K9 4>1@K9 >@48<5@, 3;07>< =5 <>@3=C2, ?>A;0; 1K 8E =0 :>ABQ@.
5=O 640; 5IQ >48= 2878B. '5AB=> 3>2>@O, =5 A>2A5< >1O70B5;L=K9. > O E>B5; C2845BL, :0: A?@028;0AL =0 A2>1>45 >@5BB0. , :@><5 B>3>, O AG8B0;, GB> <K 4>;6=K =0 ?@>I0=85 A:070BL 4@C3 4@C3C =5A:>;L:> ?>A;54=8E A;>2.
* * *
25@L 4><0 >@5BBK 1K;0 C65 F5;>9 8 A;54C5B ?@87=0BL, >=0 1KAB@> >15@=C;0AL A MB>9 ?@>1;5<>9. 5AB=K9 ?;>B=8:, =025@=>5, A>4@0; A =5Q A:>;L:> 2;57;>, E>BO <>65B C65 =03@04>9 1K;> B>, GB> >= >4=8< 87 ?5@2KE A<>3 ?>3>2>@8BL A 65=I8=>9, :>B>@CN 5420 =5 A>63;8 =0 :>AB@5? ;N1>< A;CG05, =5A><=5==>, C =53> 1C45B, > GQ< ?>1>;B0BL 2 :>@G<5.
/ 256;82> ?>ABCG0; 8 A?>:>9=> 640; >B25B0. / CA;KH0; 2 ?5@54=59 1KAB@K5 H038, 0 ?>B>< 15A?>:>9=K9 3>;>A.
B> B0<?
>@48<5@ 0445@48=, >B25B8; O, 0 ?>A:>;L:C =5 1K; C25@5=, 70?><=8;0 ;8 >=0 <>Q 8<O, 4>1028;, 8=:2878B>@.
>7<>6=>, O 2K1@0; =5 ;CGH55 ?>OA=5=85, 81> ;8HL CA;KH0;, :0: >=0 1KAB@> 8 @57:> 2BO=C;0 2>74CE 2 ;Q3:85. > ?>B>< >B:@K;0 425@L. 0 MB>B @07 >=0 1K;0 A A>1@0==K<8 2 2KA>:89 C75; 2>;>A0<8 8 1;54=>9, :0: B@C?.
K ?@8H;8 70 <=>9, 8=:2878B>@? A?@>A8;0 >=0.
>6=> 2>9B8?
=0 >BABC?8;0 >B ?>@>30, 0 ?>B>< AB0@0B5;L=> 70:@K;0 70 <=>9 425@L.
@>HC 2 :><=0BC& B0< =5& ?@5@20;0 >=0, => 2K A0<8 2845;8.
30, 2845;. / 2>HQ; 2=CB@L 8 70<5B8;, GB> >=0 C65 CA?5;0 G0AB8G=> C1@0BL 15A?>@O4>:, >AB02;5==K9 ;N4L<8 1C@3><8AB@0 8 ;N1OI8<8 A>A54O<8.
%>B8B5 <5=O A65GL? =0 ?@8A;>=8;0AL A?8=>9 : AB5=5, 8 O 2845;, :0: >=0 :CA05B 3C1K.
!65GL, 48BO <>Q? / ?>60; ?;5G0<8. 70 GB> 1K MB>? 0:070=85 70 >B@02;5=85 A>2A5< 4@C3>5. 0:>= 3;0A8B, GB> ?@5ABC?=8:0 A;54C5B 20@8BL 682LQ< 2 2>45 8;8 <0A;5, 8 C =53> =5B ?@020 C<5@5BL, ?>:0 >= 2=8<0B5;L=> =5 @0AA<>B@8B A>1AB25==K5 20@Q=K5 ABC?=8. 8G=> O ?@54?>G8B0N <0A;>, ?>A:>;L:C C =53> B5<?5@0BC@0 :8?5=8O 2KH5, GB> 4>AB02;O5B >AC64Q==><C =5?>2B>@8<K5 >ICI5=8O.
>E>65, 59 AB0;> 4C@=>, => >=0 =8G53> =5 A:070;0.
4=0:> MB8<, >@5BB0, 70=8<0NBAO A25BA:85 AC4K. >@>4A:0O !:0<LO, 1C@33@0D, 8=>340 35@F>3A:85 AC4K. / 8=:2878B>@ 8 =5 4C<05HL 65 BK, GB> O 1C4C 1530BL 70 :064>9 60;:>9 >B@028B5;L=8F59 2 %575 8 >:@5AB=>ABOE, O 70A<5O;AO, 81> <=5 A0<><C MB> ?>:070;>AL 4>AB0B>G=> 70102=K<.
5 E>B8B5 <5=O 0@5AB>2K20BL? :070;>AL, >=0 =5 ?>=8<05B.
C6? A?@>A8; O, -B> 1K; <C6, =5 ?@0240 ;8? !59G0A 8 B0: 1K =8G53> =5 4>:070;8, => 70 >4=> >1;040=85 H5@A:5=>< B51O 70:;59<8;8 1K 65;57><.
C6, B8E> ?>4B25@48;0 >=0 G5@57 <8=CBC. 8; <5=O, 2;570; 2 4>;38&
5=O =5 8=B5@5AC5B B2>O 8AB>@8O. / ?>4=O; @C:C. %>B5; B>;L:> C4>AB>25@8BLAO. "K >B@028;0 <C60, ?>;L7>20;0AL A2>1>4>9 8 I54@>ABLN ?>:;>==8:>2, 8 24@C3 ?>O28;AO C=4. #GQ=K9 4>:B>@ A 284>< ?>B@Q?0==>9 ?B8FK. >>1I5 3>2>@O, >= >A<5;8;AO CE06820BL 70 B>1>9, 8;8 65 ?@>AB> ?>C1820; MB8E =8GB>6=KE 8 =5AG0AB=KE AC:8=KE AK=>2 87 @52=>AB8? 0AAG8BK20O, GB> :>340 >AB0=5HLAO >4=0, >= ;53G5 702>N5B B2>N 1;03>A:;>==>ABL? %- <<& ?@>G5<, O =5 A?@0H820N B51O, 81> =045NAL, GB> BK =5 7=05HL. 1> 2AQ< C7=0N C65 2 %575.
=0 ?>A<>B@5;0 =0 <5=O 8 =0G0;0 <54;5==> @0AABQ3820BL :@NG:8 2KA>:>3> 2>@>B0 70ABQ3=CB>3> ?>4 H5N :0<G0B>3> :0DB0=G8:0. =>3> 1K;> MB8E :@NG:>2. !=87C 1K;0 15;0O 1;C7:0.
>@5BB0, A:070; O <O3:>. "515 =5 =04> ?>:C?0BL <>Q <>;G0=85 8;8 <>Q @0A?>;>65=85, 81> 4;O <5=O B2>Q 45;> 70:@KB>. / =0HQ; :>;4C=0 8 B>;L:> MB> A59G0A 206=>. BK& BK ?@>AB> =528=>2=0.
=0 70<5@;0 =0 ?>;?CB8 A ?0;LF0<8 =0 1;C7:5.
/ ?@8HQ;, GB>1K 40BL B515 420 A>25B0. >- ?5@2KE, >G8AB8 ?>420; 8 701C4L > B><, GB> :>340- ;81> 2 =Q< GB>- B> 1K;>. 5A;8 =5 E>G5HL C2845BL A2>8 ABC?=8 20@Q=K<8, =8:>340 =5 83@09 B0: 1>;LH5, =57028A8<> >B B>3>, 1C45B ;8 <C6 B51O 18BL, 8;8 65 =5B. >A:>;L:C ?>1>8 <C60 <>6=> :0:- B> ?5@568BL, => =5 7=0N =8:>3>, :B> 1K 2KH5; =52@548<K< 87 :C?5;8 A :8?OI8< <0A;><. #40G=K5 AB5G5=8O >1AB>OB5;LAB2 >B <8;>AB8 >A?>40, 0 >A?>4L =0H =5 ?>AK;05B A2>8 <8;>AB8 =5>A<>B@8B5;L=>. >- 2B>@KE, ?>43>B>2L ?5@5G5=L CI5@10, :>B>@K9 1K; B515 =0=5AQ= 2 @57C;LB0B5 =5A?@0254;82>3> >128=5=8O, 8 ?@8=5A8 <=5 =0 ?>4?8AL 702B@0 CB@><. >@>4 2K?;0B8B B515 :><?5=A0F8N, => 157 <>59 ?>4?8A8 45;> <>65B BO=CBLAO 15A:>=5G=>.
>G5<C& =0 :0:- B> 15A?><>I=> >?CAB8;0 @C:8. >G5<C 2K MB> 45;05B5?
-B> 1K; E>@>H89 2>?@>A, 8 O A0< A515 53> 704020;, => =8:0: =5 <>3 =09B8 4>AB>9=>3> >B25B0. %>BO&
1> A;C6C 70:>=C, >@5BB0, >B25B8; O, => MB> 1K;> B>;L:> G0ABLN ?@024K. "0:, :0: ?>=8<0N 53> A2>8< A:C4=K< C<><.
=0 ?>:820;0, E>BO =5 4C<0N, GB> ?>=O;0. 5 4C<0N, GB> :B>- =81C4L ?>=8<0;. >65B B>;L:> <>9 =35;, 81> O 8=>340 4C<0;, GB> >= B0:>9 65 AC<0AH54H89, :0: O A0<. ?@>G5<, @07 >= 4> A8E ?>@ =5 4>2Q; <5=O 4> ?>3815;8, 4>;6=> 1KBL, AG8B0; <5=O ?>;57=K< >@C485<.
K AB@0==K9 G5;>25:. =0 ?>A<>B@5;0 <=5 ?@O<> 2 3;070 8 A=>20 AB0;0 @0AABQ3820BL ?C3>2:8. AB0=LB5AL A> <=>9, ?>60;C9AB0. -B> =5 ?;0B0, MB>&
/ ?>4>HQ; 1;865, 0 >=0 ?>- ?@56=5<C A<5;> A<>B@5;0. =5 :070;>AL, GB> >=0 4065 GCBL- GCBL C;K105BAO.
5;0=85? ?>4A:070; O, 0 >@5BB0 <54;5==> :82=C;0 8 @0AAB53=C;0 1;C7:C 4> :>=F0.
* * *
>340 >=0 ?@>A=C;0AL, O C65 =5 A?0;. 560; =027=8GL, A >B:@KBK<8 3;070<8 8 @073;O4K20; BQ<=K5, 45@52O==K5 10;:8 ?>B>;:0.
>@48<555@. =0 260;0AL 2 <5=O 2A59 A>1>9. =05HL, > GQ< O ?>4C<0;0?
=0N, >B25B8; O.
(CB8HL? >=0 ?@KA=C;0 :>@>B:8<, >1@K28ABK< A<5H:><.
"K ?>4C<0;0, GB> 8=B5@5A=>9 1K;0 1K ?5@5<5=0 2 B2>59 687=8. ?>574:0. 0?@8<5@, 2 %57- E57@>=. / ?>25@=C;AO =0 1>: 8 ?>A<>B@5; =0 =5Q. =0 459AB28B5;L=> 1K;0 ?>@065=0.
@5:@0A=0O 1K;0 1K 87 =0A ?0@0, O ?@>4>;60;. =:2878B>@ 8 >B@028B5;L=8F0.
GB>? >B25B8;0 >=0 =5<=>3> ?>3>4O E>;>4=K< B>=><.
1> 4;O B51O MB> ?;>E> 1K :>=G8;>AL, >B25B8; O. >65HL <=5 ?>25@8BL.
CG0NAL, BK >1 MB>< ?>60;55HL. =0 >?Q@;0AL :C;0:0<8 > <>N 3@C4L 8 ?@81;878;0 ;8F> : <>5<C ;8FC. "K ?>60;55HL >1 MB>< C65 2 ?5@2CN, B>A:;82CN, >48=>:CN =>GL ?> 4>@>35 2 %57.
CG0NAL, BK ?@020, A>3;0A8;AO O. > =57028A8<> >B MB>3>, >B25B B>B 65: =5B.
# B51O :B>- B> 5ABL, 0? "0<, 2 %575? 5=0? N1>2=8F0?
@5<O >B 2@5<5=8 H;NH:8 87 1>@45;O, 1C@:=C; O, 8 =5 4C<0N, GB>1K MB> <>3;> 2 1;8609H55 2@5<O 87<5=8BLAO&
=0 A <8=CBC @07<KH;O;0.
"K 254L, ?>60;C9, =5 1>8HLAO, A:070;0 >=0, GB> O ?@8:>=GC B51O, :0: <>53> <C60? 54L =5 2 MB>< 45;>?
/ @0AA<5O;AO, 81> A0<0 <KA;L, GB> O 4>;65= 1K; 1K 5Q 1>OBLAO, ?>:070;0AL <=5 8 ?@0240 70102=>9.
"K =5 A<>3;0 1K <5=O >B@028BL, 4065 5A;8 1K 70E>B5;0, 2>7@078; O. >3C @0A?>7=0BL =0 2:CA 8;8 70?0E 1>;LH8=AB2> 8725AB=KE 2 <8@5 O4>2. -B> >4=0 87 25I59, :>B>@K< <5=O CG8;8. :>=F5 :>=F>2, BK A0<0 7=05HL, GB> <K 682Q< 2 >?0A=>< <8@5.
"0: <>65B O B515 ?@>AB> =5 =@02;NAL, >@48<5@? / A;8H:>< AB0@0O? !;8H:>< =5:@0A820O? !;8H:>< 3;C?0O? "K ABK48;AO 1K <5=O 2 1>;LH>< 3>@>45? / 254L =5 E>GC, GB>1K BK =0 <=5 65=8;AO. >3C C18@0BL C B51O, 3>B>28BL&
>@5BB0. / ?>;>68; 59 ?0;LFK =0 3C1K, 8 >=0 70<>;G0;0. !:070;: =5B.
>G5<C? A59G0A >=0 A?@>A8;0 C65 A =0AB>OI59 7;>ABLN 2 3>;>A5. / =5 70A;C68;0 E>BO 1K =0 >B25B?
"K =5 ?>=O;0 1K, >B25B8; O =5<=>3> ?>3>4O. ?@5:@0B8< MB>B @073>2>@.
=0 2=570?=> ?>25@=C;0AL =0 1>:, 5Q 3@C48 ?@>;5B5;8 =04 <>8< ;8F><.
48 C65, 1C@:=C;0 >=0. 5@8 MB>3> :>;4C=0 8 57609 65GL 53> 2 %57.
/ AE20B8; 5Q 70 ?;5G> 8 @0725@=C; >1@0B=> : A515. =0 A>?@>B82;O;0AL, 0 ?>B>< C:CA8;0 <5=O 70 @C:C. / @0AA<5O;AO, 4Q@=C; C65 A8;L=55, 2K@20; @C:C 87 5Q 7C1>2 8 ?@845@60; 5Q 70 ?;5G8.
# =0A 5ABL 5IQ =5<=>3> 2@5<5=8, A:070; O.
5B! @O2:=C;0 >=0. 5 E>GC!
8<5==> MB> 2>71C6405B, A:070; O, ?@81;860O 3C1K : 5Q 3C10<.
>340 <K 70:>=G8;8, >=0 ;560;0 =027=8GL A ?>:@0A=52H8<8 ;8F>< 8 3@C4LN. >4 ;52K< A>A:>< 5Q :>60 >?CE0;0, 8 C65 1K; 2845= A8;L=K9 A;54 >B C:CA0. =0 BO65;> 4KH0;0, 8 :0?;8 ?>B0 1;5AB5;8 =0 5Q :>65.
>@48<- <5@, ?@>H5?B0;0 >=0. 'B> O 1C4C 157 B51O 45;0BL?
/ C;K1=C;AO, 0 ?>B>< 2AB0; 8 =0G0; A>18@0BL @071@>A0==CN ?> ?>;C >4564C.
* * *
5@54 :>@G<>9, ?@82O70==K5 : 701>@C, C65 AB>O;8 B@8 ;>H048, ?@8A;0==K5 1C@3><8AB@><. !0< 1C@3><8AB@, :0: >1KG=> 2 :><?0=88 =5@07;CG=>3> ?@>1>I0, AB>O; ?>4 =025A><, ?5@54 :>@G<>9. !=>20 <>@>A8;, BQ?;K9 =0 MB>B @07 4>648:, 0 =51> 70A;>=O;8 A8=85 BCG8.
>A?>40, ?@>87=QA O, ?@825BAB2CO. @8OB=> 20A 2845BL.
/ 2=8<0B5;L=> ?@8A<>B@5;AO : ;>H04O<. >7<>6=>, =0 8E E@515B ?>3=CH0;AO 1K A5ABL <>3CI5AB25==K9 25;L<>60, => 154=><C >@48<5@C 2?>;=5 ?>4>94CB. "5< 1>;55, GB> >=8 1C4CB 257B8 =5 =0A, 0 =0H 10306.
>H04:0<8 O 4>2>;5=, A:070; O. 5=L38 ?@83>B>28;8?
C@3><8AB@ C=K;> :82=C; 8 2KBO=C; 87- 70 ?07CE8 ?C70BCN <>H=C 87 :>7;8=>9 H:C@K. >;LH>9 1K;0 MB0 <>H=0. / 2725A8; 5Q 2 @C:5 8 A?@OB0; 2> 2=CB@5==89 :0@<0= <0=B88.
5 ?5@5AG8B05B5, <038AB@? A?@>A8; =0AB>OB5;L.
70G5<? / ?>60; ?;5G0<8. 5@N, 2K =5 E>B8B5, GB>1K O 25@=C;AO 70 =54>AB0NI59 AC<<>9.
7 425@59 2KH5; !<5@BCE. #65 >45BK9 ?>- 4>@>6=><C, >= A B@C4>< B0I8; 1>;LH>9 :C;L A A>1@0=85< :=83 4>:B>@0 C=40.
'B> 6, A:070; O. !59G0A B>;L:> 70 :>;4C=>< 8 4><>9.
!<5@BCE C;K1=C;AO, A:0;O 7C1K.
"@8? >= ?>A<>B@5; =0 ;>H0459. 2CE 1K E20B8;>, >@48<5@.
/ ;8HL ?>:@CB8; 3>;>2>9. A5340 3>2>@8;, GB> !<5@BCE 1K; =5 A;8H:>< 1KAB@>3> C<0.
4Q<, ?@8:070; O.
>:B>@ C=4 A845; =0 ?5@2>< MB065 3>@>4A:>9 B5<=8FK. %>@>H> A2O70==K9 8 70B:=CBK9 :;O?><. 5 B>, GB>1K O 1>O;AO 53> 2>;H1K, => 15@56Q==>3> >3 15@56QB. @0B 1C@3><8AB@0 8<5; 1;54=>5 ;8F>, ?>418BK5 3;070 8 >:@>202;5==K9, ?>E>65, A;><0==K9 =>A.
54L 3>2>@8;, GB>1K 53> =5 18;8, A:@828;AO O. B> 87 20A?
CB:> 2K;, >@48<5@, >1JOA=8; 5@2K9. / C65 A;KH0BL MB>3> =5 <>3.
G53> BK 2K;? / ?>A<>B@5; =0 C=40. >25@L <=5, 2 %575 =02>5HLAO =0 2A5 2@5<5=0.
C@3><8AB@ AF5?8; <564C A>1>9 ?0;LFK ;52>9 8 ?@02>9 @C:. !2OI5==8: >B2Q; 273;O4.
>A048B5 53> =0 ;>H04L 8 ?@82O68B5 25@Q2:C : ?>4?@C35, ?@8:070; O.
072O70BL 5<C @C:8? A?@>A8; 5@2K9.
5B, => A2O68 8E A?5@548, GB>1K >= <=5 =5 C?0; A A54;0. / ?>A<>B@5; 5IQ @07 ?@O<> 2 ;8F> 4>:B>@0.
K, 254L, 4>;6=K 701>B8BLAO > B515. > :0: B>;L:> GB>- B> ?>?KB05HLAO, :>;4C=, 8;8 O ;8HL 70?>4>7@N, GB> BK GB>- B> ?KB05HLAO, B> 7=09, O <>3C ?@8G8=8BL B515 1>;L 157 G;5=>2@548B5;LAB20. >MB><C ;CGH5 =0A;06409AO ?@8OB=>9 ?>574:>9, 81>, A?>@8<, >=0 ?>A;54=OO 2 B2>59 687=8&
C@3><8AB@ 2KB5@ 3;070 25@E>< ;04>=8. >65 <>9, :0: <0;> AB>9:>AB8 2 ;N4OE. = 4>;65= @04>20BLAO, GB> 53> 1@0B ?>;CG8; H0=A 4>AB>9=>9 A<5@B8. >65B 1KBL, >= C<@QB @0A:0O2H8<AO 8 2 A>3;0A88 A >3><, =045OAL, GB> G5@57 25:0 G8AB8;8I0 ?>?04QB, =0:>=5F, 2 &0@AB285 515A=>5. > 2AO:>< A;CG05, <K, 8=:2878B>@K, A45;05< 2AQ, GB>1K >= >A>7=0; A2>8 3@5E8 8 8A:@5==5, A >BG0O==>9 B>A:>9 A>60;5; > =8E. ?>B>< ?@8=O; 1K ?;0<O :>AB@0 :0: A 1>;LN, B0: 8 A @04>AB=K< 2>AB>@3><.
* * *
>H;QHL AN40 8=:2878B>@>2, >@48<5@? !<5@BCE ?>A<>B@5; =0704, G5@57 ?;5G>, :>340 <K C65 2K5E0;8 87 3>@>4:0.
/ =5B, >B25B8; O. > :B> 7=05B, =5 ?@8H;NB ;8 8E B0: 8;8 8=0G5.
/ 7=0;, GB> <=>3> 1K =0H;>AL 65;0NI8E CAB@>8BL 745AL 04 4>?@>A>2, ?KB>: 8 :>AB@>2. 5 2A5 A@548 =0A 1K;8 ;N4L<8, 4>AB>9=K<8 =>A8BL <0=B8N A A5@51@O=K< :@5AB><. =>385 ?>;CG0;8 @04>ABL >B >1;040=8O B0:>9 <8<>;QB=>9 2;0ABLN =04 687=LN ;N4A:>9. / 1K; >G5=L 40;Q: >B B0:8E <KA;59. >65B ?>B><C, GB> ?8B0; =5?>:>;518<CN C25@5==>ABL 2 B><, GB> 4>:B>@ 459AB2>20; 2 >48=>G:C, ?> :@09=59 <5@5, 2 "><40;LF5 5<C =8:B> =5 ?><>30;. C=4 =5 1K; G5;>25:><, :>B>@K9 >E>B=> 1K 45;8;AO GQ@=K<8 B09=0<8 A 4@C38<8 ;N4L<8. %575 <K 2KOA=8<, >B:C40 27O;8AL 53> :=838, >B:C40 >= ?>;CG8; 7=0=8O, =5>1E>48<K5 4;O 8A?>;L7>20=8O GQ@=>9 <0388. KOA=8< 2AQ. 54;5==>, B5@?5;82> 8 A 15760;>AB=>9 ;N1>2LN. > O =5 2845; ?@8G8=K, ?> :>B>@>9 <K 4>;6=K 1K;8 1K :0@0BL 25AL 3>@>4 70 3@5E8 >4=>3> G5;>25:0.
>7<>6=>, O 1K; A;8H:>< <8;>A5@4=K<, 2>7<>6=>, A;8H:>< 3;C?K<. >7<>6=>, <>Q <=5=85 2>>1I5 =8G53> =5 1C45B 7=0G8BL, ?>A:>;L:C 5?8A:>? 2 ;N1>< A;CG05 ?>H;QB <>8E 1@0BL52, 401K >G8AB8;8 "><40;LF, :0: >3 2 =515A0E <8;>A5@4=K9 >G8AB8; !>4>< 8 ><>@@C. > O 4>;65= 1K; ?>ABC?0BL B0:, :0: 25;5;0 <=5 A>25ABL.
/ ?>A<>B@5; =0 4>:B>@0, :>B>@K9 A 70:@KBK<8 3;070<8 :0G0;AO 2 A54;5. 'B> B>;:05B ;N459 : 7;C? 'B> 70AB02;O5B 8E >B:07K20BLAO >B H0=A0 =0 25G=>5 A?0A5=85, 8 >=8 @5H0NBAO >A:25@=8BL A2>8 4CH8? / 2845; C65 AB>;L:8E 3@5H=8:>2. / A;KH0; 8E AB>=K 8 ?;0:A82K5 ?@87=0=8O, GC2AB2>20; 8E 1>;L 8 A>60;5=85 ?> CB@0G5==>9 687=8, 24KE0; 2>=L 8E B5;, H:2>@G0I8E 2 ?;0<5=8 :>AB@>2. 4=0:>, B0: ?> ?@0245, O =5 A<>3 ?>=OBL, 70G5< >=8 MB> 45;0;8. 7- 70 6064K 2;0AB8? 7- 70 ;N128? 7- 70 75<=KE 1;03? -B> 2AQ =525@=K5 >B25BK. >7<>6=>, O >4=064K ?>9<C, >B:C40 2>7=8:05B 7;> 8 C@07C<5N, :0: O 4>;65= A =8< 1>@>BLAO. ?>:0 O <>3 <>;8BLAO >A?>4C, 401K 1;03>2>;8; ?@>A25B8BL <>9 A:C4=K9 C< 8 =8A?>A;0BL <=5 <8;>ABL ?>=8<0=8O. =5 >AB020;0AL ;8HL <>;8B20, ?>MB><C O 27O; GQB:8 8 AB0; <>;8BLAO. >340 O 70:>=G8; 8 >15@=C;AO, C65 =5 C2845; "><40;LF0 70 =0H8<8 A?8=0<8.
* * *
K @0718;8 ;035@L 2 AC<5@:0E. 0 =51>;LH>9, ;5A=>9 ?>;O=:5, ?@O<> C G0E;>3> @CGLO, AB@COI53>AO <56 1>;LH8E, >1B>G5==KE 2@5<5=5< 8 2>4>9 15;KE :0<=59. K @07>63;8 :>ABQ@ 8 :0: @07 ?5:;8 ;C: A <OA><, :>340 !<5@BCE ?>4=O; 3>;>2C.
B>- B> 84QB, ?@>87=QA >=, ?@8A;CH820OAL.
=0N, >B25B8; O 8 ?>A<>B@5; 2 B5<=>BC.
7- 70 7025AK 45@52L52 A=0G0;0 ?>:070;0AL 15;0O ;>H04L, 0 ?>B>< <K C2845;8 65=I8=C, :>B>@0O =0 =59 2>AA540;0.
! A:070; B>@>9. -B>, :0: 1K, =0H0 :>;4C=LO.
=0 =5 :>;4C=LO, <O3:> >B25B8; O 8 2AB0;.
5;0O :>1K;0, 254><0O C<5;>9 @C:>9, ?>@KA8;0 2 =0HC AB>@>=C. >@5BB0 ;>2:> A>A:>G8;0 A A54;0. =0 1K;0 >45B0 2 BQ<=K9 ?;0I A :0?NH>=>< 8 5Q 2>;>AK 1K;8 2KA>:> ?>4:>;>BK.
'B> 70 2AB@5G0, >@48<5@, C;K1=C;0AL >=0. 'B> 70 2AB@5G0&
0G5< 70 =0<8 5E0;0? A?@>A8; O.
/ ?>4C<0;0, GB> <>65B B515 =5 70E>G5BAO ?@>2>48BL =>G8 2 >48=>G5AB25 ?> 4>@>35 4><>9, >B25B8;0 >=0, A<5;> 3;O4O <=5 2 3;070.
5@2K9 70@60; E@8?;K< A<5E><. 065 !<5@BCE, :0: O 2845;, A:@828; 3C1K 2 GQ<- B>, GB> 4>;6=> 1K;> 87>1@060BL C;K1:C.
"K 3>;>4=0? A;8 40, ?>C68=09 A =0<8, A:070; O.
/ 3;O=C; =0 C=40. !2O70==K9 8 A :;O?>< 2> @BC >= ;560; =0 2>9;>G=>< <5H:5. :>=F5 :>=F>2, O =5 E>B5;, GB>1K >= 701>;5;, ?@>ABC48;AO >B ;560=8O =0 75<;5 8 E>;>4=>9 @>AK. / 4>;65= 1K; 4>25AB8 53> 4> %570 2 4>1@>< 74@0288 8 =0<5@520;AO 701>B8BLAO > B><, GB>1K B0: 8<5==> 8 ?@>87>H;>.
>@5BB0 GB>- B> 1@>A8;0 <=5. / ?>9<0; 8 70E;N?0;>.
8=>, A:070;0 >=0, CA06820OAL =0 ?5=Q:. >65B =5 A0<>5 2:CA=>5, => 2 B0:CN =>GL ;CGH5, G5< =8G53>.
/ ?>1;03>40@8; 5Q :82:>< 8 >B:C?>@8; 1C@4N:. ;>B=C;. 5@8B5 8;8 =5B, => O ?@8A;CH820;AO, =5 ?>GC2AB2CN ;8 G0A>< O4>28BK9 ?@82:CA. ?@>G5<, @0A?>7=0=85 8 =59B@0;870F8O O4>2 1K;> G0ABLN <>53> >1CG5=8O. > =5B. 8=> :0: 28=>. !;53:0 :8A;>20B>5 8 459AB28B5;L=> =5 ;CGH53> A>@B0, => 28=> >1KG=>5. 57 87;8H=8E 4>102>:. =0 ?>3;O4K20;0 =0 <5=O A C;K1:>9, 1C4B> 7=0;0 <>8 <KA;8.
K A845;8 :0:>5- B> 2@5<O C >3=O, :CH0O, 2K?820O <>;G0. !<5@BCE ?><5H820; 2 >3=5 ?0;:>9, A :@0A=> B;5NI8< :>=F><, 8 O 2845;, :0: 53> 273;O4 2@5<O >B 2@5<5=8 >1@0I05BAO 2 AB>@>=C 4>:B>@0 C=40. / ?@5:@0A=> ?>=8<0;, GB> C =53> 1@>48B 2 3>;>25, => =5 A>18@0;AO =8 MB> @07@5H8BL, =8 4> MB>3> 4>?CAB8BL. >- ?5@2KE, 4>:B>@ 4>;65= >AB020BLAO ?>;=K< A8;, 0 2>- 2B>@KE, =025@=O:0 O 20< C65 3>2>@8;, 87;8H=55 C<=>65=85 AB@040=89 =5 <>9 AB8;L. C:0 4>;6=0 8<5BL >1>A=>20=85, 8=0G5 5Q ?@8G8=5=85 2A53> ;8HL 3@5E. ?>B0:0=85 A>1AB25==K< A;01>ABO<. A;01>AB8 <K =5 <>65< A515 ?>72>;8BL.
@>94Q<AO, >@48<5@? A?@>A8;0 >@5BB0.
;O B51O 1C45B ;CGH5, 5A;8 25@=QHLAO 4><>9, A:070; O.
5 E>GC, ?@>87=5A;0 >=0 ?@>AB>.
07 B0:&
/ 2AB0; 8 ?>4>HQ; : !<5@BCEC. !:;>=8;AO : =5<C.
B25G05HL 70 2AQ, A:070; O B8E>, 0 >= >B2>48; 3;070. !<5@BCE, ?>A<>B@8 =0 <5=O!
= ?>A<>B@5; 8 2K3;O45;, :0: >1865==K9 @51Q=>:.
!<5@BCE, 4@C3. / :>A=C;AO 53> ?;5G0. A;8 A 4>:B>@>< GB>- B> A;CG8BAO, A>1AB25==>@CG=> 2K?CIC 87 B51O B@51CEC, ?>=8<05HL? @0725HC 5Q ?> >:@5AB=K< :CAB0<, 0 BK 1C45HL A<>B@5BL, :0: >=8 A>E=CB ?>4 CB@5==8< A>;=F5<.
GB> <>65B A;CG8BLAO? 1C@:=C; >= =54>2>;L=>.
!<5@BCE, :0: 7;0O A>10:0. 5<=>3> >?0A=K9, =5<=>3> A2>5=@02=K9, => ?>4G8=8BAO A8;L=>9 @C:5. ?@>G5<, <>65B, 7;0O A>10:0 ?;>E>5 A@02=5=85. 1> 2 >4=>< O <>3 1KBL C25@5=: <=5 <>6=> 1K;> =5 1>OBLAO 70 A2>9 BK;, ?>:0 70 <=>9 1K; !<5@BCE. C, ?> :@09=59 <5@5, 4> B5E ?>@, ?>:0 O 5<C =C65=. %>BO, 4C<0N, >= A2>5>1@07=> 4065 ;N18; <5=O, 0 A0<, =5A><=5==>, =5 A<>3 1K >1JOA=8BL, A:>;L:> 2> 2AQ< MB>< =0AB>OI53> GC2AB20, 0 A:>;L:> E>;>4=>3> @0AGQB0 8 >?0A5=8O.
"K 7=05HL, 8 O 7=0N, >B25B8; O. E@0=O9 53> :0: A>1AB25==CN 687=L. 0, ?>60;C9, MB> =5?;>E>5 A@02=5=85. / E;>?=C; 53> 8 ?>4=O;AO.
/ >1=O; >@5BBC 70 B0;8N.
@>3C;O5<AO, A:070; O.
* * *
K ;560;8 =0 <>Q<, 8 ?@8:@KBK5 5Q ?;0I><. ?>;=>9 B5<=>B5, 81> ;C=0 8 72Q74K A:@K;8AL 70 GQ@=K<8 BCG0<8.
>G5<C BK <5=O =5 E>G5HL, >@48<5@? A?@>A8;0 >=0.
5 E>GC? 70A<5O;AO O. A;8 B>, GB> <K A45;0;8 B@8 @070, 4>;6=> 2K@060BL >BACBAB285 65;0=8O, B> O =5 7=0N, GB> 8< O2;O5BAO&
/ =5 >1 MB><. / =5 2845; 5Q ;8F0, => ?> 3>;>AC ?>=O;, GB> >=0 =0E<C@8;0AL. 54L BK 7=05HL& >G5<C BK =5 E>G5HL <5=O 701@0BL?
/ 274>E=C;. >65B, GB>1K =5 A;KH0BL ?>4>1=KE 2>?@>A>2? @5B5=789? 0AA:07>2 > 5654=52=KE 701>B0E? >@48<5@, O 640;0 25AL 25G5@, 0 BK 345- B> @072;5:0;AO? >@48<5@, BK A=>20 ?LO=K9! >B B51O 2>=O5B, :0: 87 AB>G=>9 :0=02K! >@48<5@, ?>A<>B@8, <=5 84QB MB> ?;0BL5? >@48<5@, ?>G5<C <K =8:C40 =5 E>48<? / =5 <>3C 25AL 45=L A845BL 8 A:CG0BL. >@48<5@, A:>;L:> <>6=> 68BL =0 ?>AB>O;>< 42>@5? K =5 <>3;8 1K 8<5BL 4><? >@48<5@, 7=05HL, GB> =0A AB0=5B 1>;LH5? 0- 40, ?>;>68 @C:C =0 682>B, GC2AB2C5HL? >@48<5@, =5 4C<05HL, GB> BK 4>;65= C45;8BL 2=8<0=85 A2>59 65=I8=5, 0 =5 ?@>?040BL ?>AB>O==> =58725AB=> 345? 8 8<5==> B0: 1K 1K;>, ;N157=K5 <>8. ><C MB> =04>?
K =5 ?>4E>48< 4@C3 4@C3C, >@5BB0, A:070; O. >25@L <=5 =0 A;>2>, 81> O =5 E>B5; 1K B515 MB> 4>:07K20BL.
5 C7=05HL, ?>:0 =5 ?>?@>1C5HL. / ?>GC2AB2>20;, :0: 5Q =>3B8 2?820NBAO <=5 2 3@C4L. >E>65, =5>A>7=0==>, E>BO O 8 GC2AB2>20; 7;>ABL 2 5Q 3>;>A5.
@5:@0B8, >B25B8; O. 0209 @04>20BLAO MB>9 =>G8 8 MB>9 <8=CB5, 0 CB@>< ?>A;CH=> ?>545HL 4><>9. =025@=O:0 =0945HL A515 :>3>- =81C4L, :B> >15A?5G8B B515 ;CGHCN 687=L, G5< O.
=0 ?>25@=C;0AL :> <=5 A?8=>9.
"0: ;53:> C B51O =5 2K945B, A:070;0 >=0 A :0:8<- B> >65AB>G5=85< 2 3>;>A5. %>GC, GB>1K BK E>BO 1K ?>?KB0;AO! 'B>1K ?5@5AB0; 1>OBLAO!
>OBLAO? / @0AA<5O;AO. -B> =5B>G=>5 >?@545;5=85.
> :>340 O 4C<0; =04 5Q A;>20<8, 23;O4K20OAL 2 B5<=>BC, B> 7=0;, GB>, A:>@55 2A53>, >=0 ?@020. >B B>;L:>, B0: 8;8 8=0G5, =8G53> 87 MB>3> ?>;CG8BLAO =5 <>3;>.
* * *
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
[ 8 2 ]
.
'53> ;N459 1C48HL, !<5@BCE? A?@>A8; O B8E> 8 ?>4>HQ; : =5<C. '53> :@04QHLAO?
K:, B0< B51O 8A:0;, ?@>1>@<>B0; >=. >@0 C65 5E0BL, 0?
5A><=5==>, ?>@0, >B25B8; O 8 ?>A<>B@5; 2 AB>@>=C A?OI59 65=I8=K.
AB02;O5HL 5Q 745AL? 018@05HL 2 %57?
/ C;K1=C;AO.
!<5@BCE& 2 %57? ! C<0 A>HQ;, ?0@5=L? 'B> O B0< 1C4C A =59 45;0BL?
#6 O 7=0N, GB> 1K BK 45;0;& / 2845;, GB> >= =5 <>65B >B>@20BL 273;O40 >B 5Q >1=06Q==>9 =>38. = 15AA>7=0B5;L=> >1;87=C;AO.
>65B <>6=>, 0, >@48<5@? >= C:070; =0 >@5BBC :>@>B:8< 42865=85< ?>41>@>4:0.
5G >A?>40! "K A>2A5< @5E=C;AO?
/ AB>@>68; C=40, ?@>1>@<>B0; >=, =0E<C@5==K9. 0:>@<8; 53> 8 >B2Q; 2 :CABK, GB>1K ?@>A@0;AO. 065 ?0;LF5< 53> =5 B@>=C;, >@48<5@. = 74>@>2, =06@0;AO 8 2KA?0;AO.
GB>? A2O78 A MB8< AG8B05HL, GB> B515 ?>;>65=0 =03@040? 5=O ?>701028;0 53> 0@3C<5=B0F8O, 81> >= 2Q; A51O, :0: @51Q=>:.
= ;8HL ?>60; ?;5G0<8. >@5BB0 2=>2L 428=C;0 =>3>9, ?>A:>;L:C :0:>9- B> <C@0259 3C;O; ?> 5Q ;>4K6:5. !<5@BCE 3@><:> ?@>3;>B8; A;N=C.
2>>1I5- B>, 7=05HL GB>, 24@C3 A:070; O. 5@8 5Q A515, 5A;8 E>G5HL.
= ?>A<>B@5; =0 <5=O, 8 3;070 53> 701;5AB5;8.
@0240, >@48<5@? >6=>?
@0240, ?@0240, >B25B8; O. ">;L:>, !<5@BCE. / ?>4>HQ; : =5<C B0: 1;875=L:>, GB> @57:89 70?0E 53> :>68 8 ?>B0 7018; <=5 =>74@8. >65HL ?>@072;5GLAO, => B515 =5;L7O 5Q >1845BL, ?>=8<05HL?
-9, =C BK 6 <5=O 7=05HL?
<5==> ?>MB><C O MB> 3>2>@N, ?>B><C GB> 7=0N B51O, 157>1@07=8:. / C;K1=C;AO, => B>BG0A 65 ?>A5@LQ7=5;. 5 ?>42548 <5=O, !<5@BCE.
= <8=CBC <>;G0;.
=05HL, >@48<5@, A:070; >= B8E>. C<0N, >4=064K BK <5=O C1LQHL&
'B> B0:>5? !
4=064K <5=O& >= A428=C; 1@>28, 81> 8A:0; ?>4E>4OI55 A;>2>, 70=5AQB. BK <5=O B>340 C1LQHL& =025@=>5.
GQ< BK 2>>1I5, !<5@BCE, 3>2>@8HL? O 2>7<CB8;AO, 81> <5=O =5 B>;L:> ?>@078;8 53> A>>1@065=8O, => O 704C<0;AO, 0 =5 ?@02 ;8 >= A;CG05<. B40N B515 :@0A82CN 452:C, B0: @072;5:8AL 8 =5 <>@>GL A515 3>;>2C 3;C?>ABO<8. =05HL, GB> BK C =0A =5 4;O B>3>, GB>1K 4C<0BL.
=0N, >B25B8; >=. !?0A81>, >@48<5@, 4>1028; >= =5<=>3> ?>3>4O.
0, !<5@BCE, O A=>20 >15@=C;AO. ">;L:> =5 701C4L ?>B>< <>9 ?;0I.
/AAAA=>, ?@><KG0; >=, >?OBL 2>77@82H8AL =0 >@5BBC.
KAB@K< H03>< O ?>HQ; 2 AB>@>=C ?@820;0. >340 O 1K; 345- B> =0 ?>;?CB8, CA;KH0; 6CB:89 65=A:89 :@8:.
5B, =5B! >>>>@48<5@!
/ ?@8>AB0=>28;AO =0 <83, => B>BG0A 70:CA8; 3C1K 8 ?>HQ; 40;LH5.
888ACA, ?>60;C9AB0, =5B! >>@48<555& @8: 2=570?=> >1>@20;AO, 1C4B> :B>- B> 70B:=C; 59 @>B.
>340 O 4>HQ; 4> =0H59 ?>;O=:8, B> C2845;, GB> 1;87=5FK C65 3>B>2K 2 4>@>3C, 0 4>:B>@ C=4 A848B 2 A54;5 A2>53> :>=O.
04=>, @51OB0, 545<, A:070; O.
GB> B0<, :0: 1K, A> !<5@BCE><? A?@>A8; B>@>9.
072;5:05BAO. / C;K1=C;AO, E>BO, =5 7=0N ?>G5<C, => <=5 A>2A5< =5 E>B5;>AL C;K10BLAO. 4=0:> C65 25G=>ABL ?@>H;0, 8 1K;> A;8H:>< ?>74=> 2>72@0I0BLAO. >3>=8B =0A.
! B>9 B0<, :0: 1K, :>;4C=L59? 5C6B> O CA;KH0; 2 3>;>A5 B>@>3> 87C<;5=85?
GB>? ! 4C?;><? @O2:=C; O. 45<!
:>;> ?>;C4=O =0A 4>3=0; !<5@BCE. 0?KE02H89AO 8 4>2>;L=K9.
/ =5 701K; > ?;0I5, A:070;, ?>4J5760O :> <=5, 8 2@CG8; A2Q@=CBCN <0B5@8N.
!?0A81>, >B25B8; O, 0 >= H8@>:> C;K1=C;AO 8 ?>5E0; : 1;87=5F0<.
/ @0725@=C; ?;0I 8 C2845; ?>;>A:C :@>28. / 2A<0B@820;AO :0:>5- B> 2@5<O 2 103@O=K9 A;54 =0 BQ<=>9 <0B5@88, ?>A;5 G53> ?5@525A8; ?;0I G5@57 A54;>.
/ 3;C1>:> 274>E=C; 8 :@5?G5 A60; ?>2>4LO. =5 =5 2 G5< 1K;> A51O 28=8BL. / ?@54C?@5640; 5Q, GB> <K =5 ?>4E>48< 4@C3 4@C3C, 3>2>@8;, GB>1K >=0 70 =0<8 =5 5E0;0, 8 C3>20@820;, GB>1K 25@=C;0AL 4><>9. > >@5BB0 A45;0;0 2K1>@ 8 4>;6=0 1K;0 70 MB>B 2K1>@ 70?;0B8BL. / ;8HL =045O;AO, GB> >=0 2K68;0, => =5 A>18@0;AO 2>72@0I0BLAO 8 ?@>25@OBL MB>.
-9, >@48<5@, :@8:=C; !<5@BCE. !?>Q<- :0?
>G5<C =5B? >B25B8; O 2>?@>A>< 8 3;C1>:> 274>E=C;.
?>B>< <K =0G0;8 ?5BL, GB>1K A:@0A8BL A515 =C4=CN 4>@>3C 8 701KBL > 3>@>4:5 "><40;LF, 2 :>B>@K9 <K, 157 2AO:>3> A><=5=8O, =8:>340 C65 =5 25@=Q<AO.
!5OB5;8 3@>7K
AB@51;N <C4@>ABL <C4@5F>2, 0 E8B@>ABL E8B@5F>2 A254C =0 =5B.
[ 8 3 ]
!2. 025;
K 701;C48;8AL. CB:> 701;C48;8AL. K 1@>48;8 A @0AA25B0 2 B0:>< 3CAB>< BC<0=5, GB> 5420 ;8 2845;8 <>@4K ;>H0459. "C<0=, :0: A5@>5 >1;0:> :8A58, >:@C60; =0A 8 >12>;0:820;, ?@>A0G820;AO <564C 25B2O<8 45@52L52 8 :CAB>2, C:@K20; ;5A=K5 ?@>A5:8. > <K C65 A8;L=> >?074K20;8, ?>MB><C O ?@8=O; >H81>G=>5 @5H5=85 5E0BL 40;LH5. A;54>20;> ?5@5640BL. 0718BL ?@820; =0 ?>;O=5, @0765GL >3>=L 8 ?>25A5;8BLAO A 1C@4N:>< 28=0. 0;L. >@48<5@ 0445@48= B>65 A>25@H05B >H81:8. %>BL O 8 O2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, => 4065 MB> =5 40QB <=5 ;8F5=788 =0 =5?>3@5H8<>ABL. :>=F5 :>=F>2, 2A5 <K ;N48, 0 >H810BLAO G5@B0 AB>;L G5;>25G5A:0O.
GB> B5?5@L? A?@>A8; !<5@BCE, :>B>@K9 5E0; AB@5<O 2 AB@5<O A> <=>9.
7- ?>4 :0?NH>=0 <0=B88 O 2845; ;8HL @57:85 >G5@B0=8O 53> ;8F0. BC<0=. "C<0=, 2 :>B>@>< O =5 GC2AB2>20; 4065 A?5F8D8G5A:>3> 70?0E0 >1KG=> >?>7=020B5;L=>3> A83=0;0 !<5@BCE0. >;>A <>53> A?CB=8:0 4>=>A8;AO B0:, 1C4B> B>B 1K; =5 =0 @0AAB>O=88 2KBO=CB>9 @C:8, 0 720; A 4@C3>3> 15@530 @5:8.
'B> B5?5@L? 'B> B5?5@L? ?@>1>@<>B0; O @074@06Q==K9. "K 65 2@>45 7=0;, 345 70?04&
0 70?045 =0E>48;AO 15@53 @5:8, 8 8<5==> BC40 =0< =04> 1K;> 4>1@0BLAO. >B>< 1K ?5@5640;8 BC<0= 8 =0H;8 1@>4. A59G0A >48= >3 7=05B, =5 ?@>45;0;8 ;8 <K 25AL ?CBL A>2A5< 2 4@C3>< =0?@02;5=88. > 2AO:>< A;CG05, @5:8 =5 1K;>. 8:B> 87 =0A =5 7=0; >:@C38, 0, 2?@>G5<, 2 MB>< 04A:>< BC<0=5 4065 ;CGH89 A;54>?KB =5 A?@028;AO 1K A >?@545;5=85< 25@=>3> =0?@02;5=8O <0@H@CB0.
/ 40; 70@>:, GB> <K 4048< A515 >B4KE B>BG0A, :0: B>;L:> 70@>A;8 AB0@KE 45@52L52 8 :CAB>2 CABC?OB <5AB> :0:><C- =81C4L ;C3C 8;8 ?>;O=5. =0G5 =0< >AB020;>AL ;8HL 2AB0BL A@548 3;CH8 8 640BL <8;>AB8 ?>A@548 15;>9 ?5;5=K. @51OB0< MB>3> =5 E>B5;>AL. @54?>G8B0;8 C6 5E0BL. %>BL 2 :0:>< =0?@02;5=88, => 5E0BL. / =5 @0745;O; 8E AB@0E>2, 81> 20H ?>:>@=K9 A;C30 G5;>25: =5 AC525@=K9, => ?@87=0N, GB> MB>B 3CAB>9, 2;06=K9, 15;>- A5@K9 BC<0= ?@>18@0; <5=O B@52>3>9. !0<0 <KA;L > B><, GB> O <>3 1K A845BL =54286=> ?>A@548 =53>, 1C48;0 :0:>9- B> 157>BGQB=K9 ?@>B5AB. O ?@82K: ?@8A;CH820BLAO : 3>;>AC 8=AB8=:B0. 54L >= =5 @07 8 =5 420 A?0A0; <=5 687=L. "0:65 :0: =5 @07 8 =5 420 ?>42>48;, => MB> A>2A5< 4@C30O 8AB>@8O.
K 5E0;8 <54;5==>, ?;5BOAL, 8 O =045O;AO, GB> A =0<8 =5 A;CG8BAO =8G53> ?;>E>3>. :>=F5 :>=F>2, <K 1K, : ?@8<5@C, 8 :@0O >2@030 =5 C2845;8, 4065 5A;8 1K >= 2>7=8: ?@O<> ?>4 :>?KB0<8 =0H8E ;>H0459. 154=K9 >@48<5@, :>=5G=>, 5E0; ?5@2K<. 0 <=>9 8 !<5@BCE>< B0I8;8AL =0 >3@><=><, :0@0:>2><
[ 8 4 ]
65@51F5 1;87=5FK, :>B>@K5 2A5340 5748;8 =0 >4=>< :>=5 8 4065 8<5;8 A?5F80;L=> ?@8A?>A>1;5==>5 4;O MB>9 F5;8 A54;>.
>65B, >AB0=>28<AO? ?@54;>68; O 2>?@5:8 A515, 0 BC<0= 703;CH8; <>8 A;>20.
> >=8 CA;KH0;8 8E. =8G53> =5 >B25B8;8. / <>3 ?@>AB> >B40BL ?@8:07, 81> 45;>< !<5@BCE0 8 1;87=5F>2 1K;> A;CH0BLAO. > ?> :0:>9- B> =5254><>9 ?@8G8=5, >B4020BL B0:>9 ?@8:07 <=5 2AQ 65 =5 E>B5;>AL.
24@C3 <>9 :>=L DK@:=C;, 0 ?>B>< 70B0=F520; =0 B@>?8=:5. / ?>4>1@0; ?>2>4LO 8 ;53:> ?>B@5?0; 53> ?> H55.
C, AB0@8=0, A:070; O. 'B> A B>1>9?
> 682>B=>5 =5 E>B5;> 84B8. A?C30==K9 <5@8= <>B0; 10H:>9, 8 O 2845;, :0: 53> CH8 ?@868<0NBAO : 3>;>25. / A>A:>G8; A A54;0 8 2> GB>- B> ABC?8;. B5;>. <Q@B2>5 B5;>. <Q@B2>5 B5;> <>;>4>3> <C6G8=K, 3>2>@O B>G=55.
'B> 70 ?0A:C4AB2>& / >B40; ?>2>4LO !<5@BCEC 8 A:;>=8;AO =04 B@C?><.
AB0=:8 1K;8 >1=06Q==K<8, 0 B5;> >B2@0B8B5;L=> @07>4@0==K<. 5 :;K:0<8 8 :>3BO<8 725@59, ;N157=K5 <>8. B>- B> =5?;>E> ?>:@><A0; MB>3> N=>HC. = 2K3;O45; :0: :CA>: <OA0 =0 1>9=5. 0A>EH0O :@>2L, @0A?>@>BK9 682>B, ?>GB8 >BG;5=Q==0O C A0<>3> ?;5G0 ;520O @C:0, G5@5?, @07<>76Q==K9 B0:, GB> ?@02K9 3;07 2KB5: 87 3;07=8FK. 2 ;52>< 7@0G:5, <Q@B2>< 8 ?CAB><, 70ABK; ?0@0;87CNI89 C60A.
48 AN40, !<5@BCE& ?@8:070; O.
= =0:;>=8;AO @O4>< A> <=>9 8 ?@>BO6=> A28AB=C;. ;8, A:>@55, ?>?KB0;AO A28AB=CBL, ?>A:>;L:C C =53> 2KH;> GB>- B> 2@>45 2K4>E0 G5@57 @>B.
C, 40;8& ?@>1>@<>B0; >=.
8;5=L:>, 0? MB>< ?@>:;OB>< BC<0=5 4065 =5 CA;KH8<, :0: :B>- B> 70A048B =0< <5G ?>4 @51@>.
!<5@BCE ?@8A5; 8 AB0; 2=8<0B5;L=> >A<0B@820BL B5;>.
C, 53> 8 :>;>B8;8, >@48<5@, A:070; >=, :@CBO 3>;>2>9. ;O=L AN40. = 4>B@>=C;AO ?0;LF0<8 4> :;NG8FK <5@B25F0. 3> 4065 ?>3@K7;8&
59AB28B5;L=>, @O4>< A ?OB=0<8 :@>28 8 @0=0<8, =0=5AQ==K<8 :0:8<8- B> >@C48O<8, O O2AB25==> @073;O45; A;54K >B 7C1>2 8 >B :CA:0 2K@20==>3> B5;0. MB> 459AB28B5;L=> 1K;8 A;54K G5;>25G5A:8E 7C1>2.
!=>20 :B>- B> 70102;O5BAO 2 2>;:>;0:0? A?@>A8; O. 5- 5B, >B25B8; O A0< A515. ">340 =5 8A?>;L7>20;8 1K >@C68O.
!<5@BCE 4Q@=C; B5;>, B0: GB> A>548=Q==K5 4> A8E ?>@ =>38 @07428=C;8AL.
;O=L AN40, A:070; >=.
56 1Q4@0<8 <C6G8=K 78O;0 :@0A=0O, @20=0O @0=0. "0< :>340- B> 1K;8 35=8B0;88, B5?5@L >B =8E =5 >AB0;>AL 8 :;>G:0. / 284K20; 2 687=8 EC4H85 25I8, => MB0 15AA<KA;5==0O A<5@BL 2AQ 65 2?5G0B;O;0. 5AA<KA;5==0O, 81> O =5 2845; F5;8 2 B><, GB>1K ?>4>1=K< >1@07>< @0A?@028BLAO A G5;>25:>< 8 1@>A8BL B5;> 2 3;CH8. "5< 1>;55, GB> B5;5A=K5 ?>2@5645=8O 2K3;O45;8 B0:, 1C4B> 8E =0=5A;8 ?>GB8 >4=>2@5<5==>. KE>48B, =5 ?KB:8 8 ?>B>< A<5@BL, 0 ;8HL A=0G0;0 ?>- 725@8=><C 48:>5 C=8GB>65=85 682>3> B5;0, 0 ?>B>< =04@C30B5;LAB2> =04 B@C?><.
01@0;8? A?@>A8; O. 3> E@5=?
!:>@55 AJ5;8, ?@><KG0; !<5@BCE 8 ?>:070; =0 4@C385 A;54K >B 7C1>2, =0 MB>B @07 284=52H85AO =0 1Q4@0E 8 2 ?0EC. >2>@N B515, >@48<5@, MB> 2>;:>;0:8.
!;>2> « 2>;:>;0:8» 1KBL <>65B =5 A;8H:>< B>G=>5 >?@545;5=85. #6 >G5=L >=> A2O70=> A @07=>3> @>40 3;C?>ABO<8, 109:0<8 8 ;535=40<8, :>B>@K< ;N48, <KA;OI85 @0F8>=0;L=> ( B0:85, :0: 20H ?>:>@=K9 A;C30) , =5 25@OB. @52@0I5=85 G5;>25:0 2 2>;:0 =52>7<>6=> ?> ?@8G8=0< G8AB> 0=0B><8G5A:8<. / E>@>H> MB> 7=0N, ;N157=K5 <>8, ?>A:>;L:C :C@A 0=0B><88 2E>48; 2 <>Q >1CG5=85. 5 4C<05B5 65 2K, GB> <>6=> 8A?>;=OBL A8<D>=8N G5;>25G5A:>3> B5;0, =5 >1;040O A>>B25BAB2CNI8< >1@07>20=85< 8 ?>43>B>2:>9
[ 8 5 ]
?
>B B>;L:> =5:>B>@K5 >1O70B5;L=> 65;0;8 2 B0:8E 2>;:>2 2AQ- B0:8 ?@52@0I0BLAO. >MB><C =>A8;8AL ?> ?>;O< 8 ;5A0<, 3>;K5 8;8 >45BK5 ;8HL 2 725@8=K5 H:C@K, 8 =0?040;8 =0 =528==KE :0: 03=FK ?CB=8:>2 ;81> <5AB=KE A5;O=. 5 @07 C65 B0:>3> 2>;:>;0:0- =52>;:>;0:0 =0< A;CG0;>AL AE20B8BL 8 ?>A;0BL BC40, 345 5<C 8 <5AB> =0 28A5;8FC. >G5<C =5 =0 :>ABQ@? A?@>A8B5 2K. 0 GB>1K ?>:070BL, GB> >1KG=>9 :>=>?;O=>9 25@Q2:8 @O65=><C 2?>;=5 4>AB0B>G=>, 8 A2OB>5 ?;0<O 4;O MB>3> =5 B@51C5BAO.
0:- B> AB@0==> ?>701>B8;8AL > 53> 25I0E, :0: 4;O 2>;:>;0:>2, A:070; O A0@:0AB8G=K< B>=><. C<09 8=>340, !<5@BCE, 0?
= ;8HL DK@:=C; 8 =8G53> =5 A:070;, => O 7=0;, GB>, 2 ACI=>AB8, >= A> <=>9 A>3;0A5=.
'53> 45;05<? A?@>A8; >=.
GB> =0< 45;0BL? O ?>60; ?;5G0<8. 45< 40;LH5. >;:0< 1C45B G5< ?5@5:CA8BL.
K ?@>25;8 ;>H0459 <8<> B@C?0, 8 2A:>G8;8 2 AQ4;0. 420 <K CA?5;8 A45;0BL MB>, :0: C2845;8 >G5@54=>5 B5;>. 0 MB>B @07 <>;>4>9, >1=06Q==>9 452CH:8. Q A25B;K5 A182H85AO 2>;>AK A;8?;8AL >B :@>28, :>60 ;8F0 1K;0 GCBL ;8 =5 >B>@20=0 >B G5@5?0, 0 ?@020O 3@C4L 873@K75=0 B0:, GB> 2<5AB> =5Q 28A5;8 >4=8 ;>E<>BLO. / 70<5B8;, GB> C =5Q B0:65 =5 1K;> ?0;LF52 =0 >4=>9 87 @C:.
-B> 15AA<KA;5==>, A:070; !<5@BCE, :>340 <K A=>20 A845;8 =0 :>@B>G:0E C B@C?0. MB>< =5B =8:0:>3> A<KA;0.
>3 <=5 MB>3> =5 3>2>@8BL. > ;N48, ;N157=K5 <>8, =5 2A5340 @C:>2>4AB2CNBAO @0AAC4:><. 'C2AB20 8 M<>F88 ?@02OB =0H8<8 ?>ABC?:0<8, ?>:0 <8@ AB>8B, 8 ?@028BL 1C4CB 4> :>=F0 MB>3> 65 <8@0. 745AL, 2848<>, GC2AB20 8 M<>F88 ?>4A:07K20;8 C189F0<, GB> B5;0 A;54C5B 87C25G8BL, 0 ?>B>< G0AB8G=> AJ5ABL. ?@>G5<, =5A><=5==>, 45;> 1K;> =5 2 3>;>45, 0 2 872@0IQ==>< C4>2>;LAB288 >B 23@K70=8O 7C10<8 2 G5;>25G5A:>5 <OA> 8 @0748@0=8O 53> =0 :;>G:8. 0;L, GB> =0 A25B5 AB>;L:> 7;KE 8 453@048@>202H8E >A>159. 'B> 6, >A?>4L 8A?KBK205B @>4 G5;>25G5A:89, => = A>740; B0:65 =0A 8=:2878B>@>2, :>B>@K5 5ABL AB@068 ?>@O4:0 8 A5OB5;8 ;N128.
* * *
"C<0= ?@>HQ;. >- ?@56=5<C C 75<;8 28;8AL A5@>20BK5 :;>G:8, 8 2>74CE 1K; =0AKI5= 2;03>9, => ?> A@02=5=8N A> 2G5@0H=8< 4=Q< ?>3>4C <>6=> 1K;> =0720BL ?@O<>- B0:8 ?@5:@0A=>9. > :@09=59 <5@5, <K 2845;8 B5?5@L ;5A 8 ?@>A5:8 <564C 45@52LO<8, 0 B0:65 A>;=F5, ?KB0NI55AO ?@>3;O=CBL 87- 70 ?5;5=K BC<0=0.
K A845;8 70 702B@0:><, A>AB>OI8< 87 OG<5==KE ;5?QH5:, <OA0 8 28=0, :>340 O CA;KH0; 4>=>AOI89AO 87 ;5A0 HC<, 1C4B> :B>- B> =5>AB>@>6=> 8 2 A?5H:5 ?@>48@0;AO G5@57 :CABK. B>@>9 B>65 ?>A<>B@5; 2 BC AB>@>=C 8 ?>;>68; 0@10;5B =0 :>;5=8. >7<>6=>, MB> 1K;> 87;8H=59 ?@54>AB>@>6=>ABLN, ?>A:>;L:C HC< 1K; 2K720= >4=8< G5;>25:>< 8;8 1>;LH8< 682>B=K<, => CG8BK20O >?KB ?@>H54H59 =>G8& 8HL !<5@BCE =5 A@5038@>20; 8, 6<C@O 3;070, A?>:>9=> 3@K7 60@:>5, 8 68@ AB5:0; C =53> ?> ?>41>@>4:C.
(C< ?@81;860;AO, ?>:0, =0:>=5F, =0 ?>;O=C =5 2K;5B5;0 65=I8=0 2 @07>4@0==>9 >45645. Q 2>;>AK 1K;8 @0AB@Q?0==K<8, 0 ;8F> 2K@060;> 157C<=K9 C60A. >340 >=0 =0A 70<5B8;0, B> A=0G0;0 >AB0=>28;0AL :0: 2:>?0==0O, 0 ?>B>< ?>1560;0 2 =0HC AB>@>=C, :@8G0 8 @K40O.
!?0A8B5, 1;03>@>4=K5 3>A?>40, A?0A8B5 8<5=5< 8ACA0!
=0 2;5B5;0 2 =0H :@C3, ?5@525@=C;0 1C@4N: A 28=>< 8 ?@875<;8;0AL 2 >1JOB8OE !<5@BCE0. > :>340 ?>4=O;0 3>;>2C, B> C2845;0 ;8F> <>53> A?CB=8:0 8 4>;6=> 1KBL >B40;0 A515 >BGQB, GB> 2>7<>6=> ?>?0;0 87 >3=O, 40 2 ?>;K<O. ?@5A;54CNI0O 5Q >?0A=>ABL <>3;0 >:070BLAO =8G5<, ?> A@02=5=8N A B5<, ?5@54 G5< >:070;0AL ;8F>< : ;8FC. =0 4Q@=C;0AL =0704, => !<5@BCE :@5?:> ?@845@60; 5Q 70 B0;8N.
:C40 MB>, 3>@;8=>G:0? A?@>A8; >= =56=K< 3>;>A><. ">@>?8HLAO :C40- B>?
3> @C:0 C65 1@>48;0 345- B> 2 >:@5AB=>ABOE 3@C48 452CH:8. 1K;> 2>:@C3 G53> 59 1@>48BL, 81> 3@C48 MB8 ?@5?>4=>A8;8 A51O ?@52>AE>4=>. > :@09=59 <5@5, =0A:>;L:> <=5 C40;>AL MB> >F5=8BL, 3;O4O =0 5Q ?>@20==CN :>DBC.
@5:@0B8, !<5@BCE, ?@8:070; O. 48 AN40! / 4Q@=C; 452CH:C 70 @C:C, >=0 H;Q?=C;0AL =0 75<;N @O4>< A> <=>9.
#A?>:>9AO, A:070; O. 0! / ?>4=QA 1C@4N:, 2 :>B>@>< CF5;5;8 :0:85- B> >AB0B:8, 8 2;8; 28=> 59 2 @>B.
/ 70<5B8;, GB> 65=I8=0, ?CABL 8 A @0AB@Q?0==K<8 2>;>A0<8 8 ?>F0@0?0==K< ;8F><, 1K;0 2?>;=5 A515 :@0A82>9. 5 B0: C6 8 <>;>40, => 2AQ- B0:8 :@0A820O. =0 ?@8A>A0;0AL : 28=C, >?>@>6=8;0 1C@4N:, A?;N=C;0, 0 ?>B>< >B25@=C;0AL, 8 5Q 2K@20;>. !<5@BCE DK@:=C; A @074@065=85<, 0 452CH:0 2KB5@;0 3C1K 25@E>< ;04>=8 8 A=>20 =0G0;0 >BG0O==> @K40BL. / ?>25@=C; 5Q : A515 8 40; ?>IQG8=C. 07, 2B>@>9 A8;L=>. =0 70A:C;8;0, 0 ?>B>< 70<>;G0;0 8 ?@860;0AL :> <=5 2A5< B5;><. "5?5@L >=0 2AE;8?K20;0 345- B> C <5=O ?>4<KH:>9. 5@2K9 @0AA<5O;AO.
>@48<5@ 7045;0;AO, 7=0G8B, =O=L:>9, A:070; >=.
0B:=8AL, :@5B8=, ?@>2>@G0; O 8 ?>E;>?0; 452CH:C ?> A?8=5. C, @0AA:07K209, G04> <>Q, GB> A;CG8;>AL, >1@0B8;AO O : =59, ?@84020O 3>;>AC ;0A:>2K9 B>=. ><>65< B515 2A5<, G5< A<>65<.
, 40, ?><>65<. B>@>9 ?@>45;0; E0@0:B5@=>5 42865=85 1Q4@0<8.
>65 <>9, ?>4C<0; O, ?@8E>48BAO @01>B0BL A> A1>@8I5< 848>B>2 8 2K@>4:>2. BG53>, 0E, >BG53>, >A?>4L <>9, BK ?>:0@0; B0: 65AB>:> 154=>3> >@48<5@0? >G5<C O =5 <>3C A845BL 2 %575, ?>BO3820O 28=F> ?> :>@G<0< 8 ?@>G8I0O >E0;L=KE 452>:? 5B, O 4>;65= A?>BK:0BLAO =0 CE010E, >A<0B@820BL B@C?K 87C25G5==KE 8 G0AB8G=> AJ545==KE ;N459, CB5H0BL ?5@5?C30==KE 10@KH5=L, 40 2KA;CH820BL 848>BA:85 HCB:8 =0?0@=8:>2 ?> ?>574:5. =0N, GB> >3 5ABL A0<> 4>1@>, => 8=>340 <=5 2 MB> B@C4=> ?>25@8BL.
'04> <>Q, O 703>2>@8; 2=>2L. >60;C9AB0, A:068, GB> B51O 3=5BQB?
K A2OI5==8:, 3>A?>48=? ?@>87=5A;0 >=0, ?>4=8<0O 3>;>2C, 0 5@2K9 DK@:=C; A> A<5H:><.
0- 0, 8 >:@5AB8B B51O, 7=0G8B, A2>59 :@>?8;L=8F59
[ 8 6 ]
, 4>G5=L:0, ?>3;C<8;AO >=.
/ =5 A2OI5==8:, 2>7@078; O, =5 >1@0I0O 2=8<0=8O =0 1;87=5F0, 0 8=:2878B>@.
, >65! 2>A:;8:=C;0 >=0, 8 2 5Q 3>;>A5 1K;0 8A:@5==OO @04>ABL. 0: MB> E>@>H>! 0: E>@>H>! >3 <5=O CA;KH0;!
/ ?>GB8 A;KH0;, :0: 5@2K9 :;0F=C; 7C10<8 >B 87C<;5=8O. 1>, 2848B5 ;8, ;N157=K5 <>8, ;N48 @54:> :>340 ?@825BAB2CNB 8=:2878B>@0 :@8:0<8 @04>AB8 8 =5G0AB> ?>:07K20NB 5<C, A:>;L A8;L=> >=8 AG0AB;82K >B 53> ?@8ACBAB28O. #A;KH02, GB> ?>1;87>AB8 5ABL 8=:2878B>@, 1>;LH8=AB2> ;N459 65;05B ?>1KAB@55 >:070BLAO 2 4@C3>< <5AB5. 0: 1C4B> =5 7=0NB, GB> <K 70=8<05<AO ;8HL 28=>2=K<8 2 5@5A8, 25@>>BABC?=8G5AB25 8 :>;4>2AB25, 8 C =0A =5B ?@8G8= 15A?>:>8BL 70:>=>?>A;CH=KE 8 1>3>1>O7=5==KE 3@0640=.
=8 87C<8;8AL, 0 O >15A?>:>8;AO. A;8 ?@>AB0O, ?5@5?C30==0O 65=I8=0 AG8B05B, GB> A0<K< 1>;LH8< AG0ABL5< 4;O =5Q 1C45B ?>2AB@5G0BL 8=:2878B>@0, MB> >7=0G05B, GB> >=0 C2845;0 =5GB> 459AB28B5;L=> C60A=>5. 5GB>, 2K1820NI55AO 87 =>@<K. 5GB>, 2K7K20NI55 AB@0E A2>59 ?@>B82>5AB5AB25==>ABLN.
"K A:065HL <=5, =0:>=5F, GB> A;CG8;>AL?
0?0;8 =0 =0A& =8& -B8, MB8, MB8& >=0 70?=C;0AL, ?>MB><C O 2AB@OE=C; 5Q.
B>, <5G>< >A?>40? !
5 7=0N. Q ;8F> A:@828;>AL 2 3@8<0A5 >B2@0I5=8O. K;8 :0: ;N48, 8 =5 :0: ;N48. #1820;8& 2A5E& 3@K7;8, >B@K20;8 <OA>& >=0 704>E=C;0AL, 0 ?>B>< 5Q A=>20 2K@20;>. 0 MB>B @07 A>2A5< 1;87:> >B <>53> A0?>30.
/ CA?>:0820NI5 ?>E;>?0; 5Q ?> A?8=5.
AQ C65 E>@>H>, G04> <>Q. K =5 4048< B51O 2 >184C. B> BK?
82C 745AL 2 45@52=5, A:070;0 >=0, 2AE;8?K20O. A5E C18;8. A5E. 5B59 B>65.
B> MB> 1K;? 0: >=8 2K3;O45;8?
0: ;N48, >=0 ?>A<>B@5;0 =0 <5=O, 8 2 5Q 3;070E 1K;> :0:>5- B> 6CB:>5 =5?>=8<0=85. =5 :0: ;N48. # =8E 1K;8 B0:85 3;070& 8 B0: :@8G0;8& >65 <>9, B0: :@8G0;8& !<5O;8AL 8 C1820;8, 1@>A0;8AL >B>@20==K<8 3>;>20<8, 2K@K20;8 :8H:8& =0 2=>2L A?@OB0;0 3>;>2C C <5=O ?>4<KH:>9.
@>254QHL =0A BC40, A:070; O.
5B! :@8:=C;0 >=0, C <5=O 06 70725=5;> 2 CH0E. >?KB0;0AL 2K@20BLAO, => O 5Q 45@60; >G5=L :@5?:>.
!?>:>9=>, G04> <>Q, A:070; O. >A<>B@8 =0 <5=O. C, ?>A<>B@8 =0 <5=O! ?@8:070; O @57G5.
=0 ?>4=O;0 273;O4.
/ ;8F5=78@>20==K9 8=:2878B>@ 5?8A:>?0 %57- E57@>=0, A:070; O. 5=O 7>2CB >@48<5@ 0445@48=. =>385 3>4K <5=O CG8;8 =5 B>;L:> 4>?@0H820BL ;N459, =5 B>;L:> 8AB8=0< =0H59 25@K. 5=O B0:65 CG8;8 A@060BLAO. >A<>B@8 AN40. / 27O; 2 @C:8 5Q 3>;>2C 8 ?>25@=C; ;8F>< 2 AB>@>=C !<5@BCE0. -B> <>9 ?><>I=8:. !>;40B 8 C189F0. #18; ;N459 1>;LH5, G5< BK <>3;0 1K A>AG8B0BL, =5 B>, GB> ?@54AB028BL&
!<5@BCE 8@>=8G=> ?>:;>=8;AO, => =0 53> ;8F5 ?>:070;0AL ;Q3:0O C;K1:0. ;03>40@O MB><C >=> 2K3;O45;> 5IQ AB@0H=55, G5< >1KG=>.
B0:65 ?>A<>B@8 =0 =8E. / ?>:070; =0 1;87=5F>2. 525;8:8 @>AB><, ?@0240? > =5 =094QHL ;CGH8E ?> 0@10;5B0< 8 =>60<. -B> =5 <K 1>8<AO GC4>28I 8 ;N459, G04> <>Q. -B> GC4>28I0 8 ;N48 153CB >B =0A. 7=05HL ?>G5<C? 5 B>;L:> ?>B><C, GB> <K A8;L=K5 8 >1CG5==K5. ! =0<8 A;020 8 ;N1>2L =0H53> >A?>40 >30 A5<>3CI53>, 0 B0:65 8ACA0 %@8AB0, :>B>@K9, AE>4O 2 A;025 A :@5AB0 C:8 A2>59, <5G>< 8 >3=Q< C:070; =0<, :0: @0A?@02;OBLAO A 2@030<8.
5 7=0N, 4>E>48;8 ;8 4> =5Q <>8 A;>20 ?>;=>ABLN, =>, 157 2AO:>3> A><=5=8O, >=8 5Q CA?>:0820;8. 5Q 3;070E C65 =5 1K;> B0:>3> 157C<8O, 0 G5@BK ;8F0 @073;048;8AL.
0: B51O 7>2CB, 4>@>30O <>O? A?@>A8; O. # B51O 5ABL :0:>5- B> 8<O, B0: 254L?
-;8AA0, A:070;0 >=0, =5@2=> <>@30O. 5=O 7>2CB -;8AA0, 3>A?>48=.
B0:, ?@>2>48HL =0A, -;8AA0, 4> 45@52=8. -B> 254L =540;5:> >BAN40?
5A:>;L:> <8;L, >B25B8;0 >=0 B8E> 8 >3;O45;0AL. / 1560;0 G5@57 ;5A&
A59G0A A?>:>9=5=L:> ?>94Q<. >A06C B51O =0 A2>53> :>=O&
B>@>9, A;KH0 MB8 A;>20, DK@:=C; 3;C?K< A<5E>< 8 ?>E;>?0; A51O ?> 1Q4@0<, => O ?>A<>B@5; =0 =53> B0:, GB> C;K1:0 ?>30A;0 =0 53> ;8F5. ;87=5F >B2Q; 3;070 8 ?@8B2>@8;AO, GB> AB@OE8205B GB>- B> A> HB0=8=.
& 8 ?>545HL, :0: 40<0, E>@>H>?
%>@>H>, 3>A?>48=, >B25B8;0 >=0.
K 1C45< 2AQ 2@5<O @O4>< A B>1>9, 8 =8:B> =5 ?@8G8=8B B515 2@540, ?>=8<05HL?
0, 3>A?>48=, A:070;0 >=0. > GB> <=5 45;0BL? 'B> <=5 45;0BL, 5A;8 2A5E C18;8?
B> 745H=89 ?@028B5;L? A?@>A8; O. B> 2;0455B MB8<8 75<;O<8?
>A?>48= 3@0D, >B25B8;0 >=0.
0:>9 3@0D? O 274>E=C;.
@0D 45 >48<>=4, >=0 ?@8:CA8;0 O7K:, GB>1K 2A?><=8BL.
/ =8:>340 2 687=8 =5 A;KH0; B0:>9 D0<8;88, => 2 MB>< =5 1K;> =8G53> C4828B5;L=>3>. <?5@0B>@ 2 ?>A;54=85 3>4K ?@8A20820; 3@0DA:85 B8BC;K B0: G0AB>, 1C4B> 4>AB020; 8E 87 H;O?K. A59G0A ?>GB8 :064K9 2;045;5F 70<:0 40 ?0@K 45@525=L C65 =07K20;AO 3@0D><, ;81> ;>@4><, ;81> 4065 35@F>3><. / A0< 7=020; 35@F>3>2, C :>B>@KE =5 1K;> 45=53, 4065 GB>1 :C?8BL 4@>2 =0 78<C, => 70B> >=8 A 2>>4CH52;5=85< @0AAC640;8 > @>4>2KE 2708<>A2O7OE 8 1;03>@>4=>< ?@>8AE>645=88, E>BO 4>G5: A C4>2>;LAB285< 2K4020;8 70 7068B>G=KE <5I0=, ?@8 CA;>288, GB> B5 2 4>;6=>9 <5@5 ?>4<07K20;8 7>;>B><. B0:, =025@=O:0, 45 048<>=4 ?@8=04;560; : ;N4O< 8<5==> B0:>3> A>@B0.
=05HL, 345 53> 70<>:? A?@>A8; O.
BAN40 45=L ?CB8, A:070;0 >=0 =5<=>3> ?>3>4O 04> 84B8 24>;L @5:8.
%>@>H>, >B25B8; O. >3>2>@8<AO B0:, -;8AA0. 0: B>;L:> ?>:065HL =0< 45@52=N 8 @0AA:065HL > =0?045=88, <K ?>545< 2 70<>: B2>53> 3>A?>48=0, ?>A:>;L:C >= 4>;65= C7=0BL > B><, GB> A;CG8;>AL =0 53> 75<;OE. O ?>?@>HC, GB>1K >= =0HQ; 4;O B51O @01>BC 8 :@KHC =04 3>;>2>9 2 70<:5. %>@>H>?
E, A?0A81> B515, 3>A?>48=, 2>A:;8:=C;0 >=0 A 8A:@5==59 @04>ABLN 2 3>;>A5 8 ?@860;0 <>N @C:C : 3C10<.
/ C;K1=C;AO, 81> ;N1;N ;N459, A?>A>1=KE 2K:07K20BL 1;03>40@=>ABL. >3;048; 5Q ?> @0AB@Q?0==K< 2>;>A0<.
">340 ?>5E0;8, ?@8:070; O 8 2AB0; A <5AB0.
* * *
> 45@52=8 -;8AAK <K 4>1@0;8AL >4=8< 4CE><. >A5;5=L5 ;560;> C H8@>:>9 G0AB8 @5:8 8 1K;> B8?8G=K< 4;O 8<?5@A:>3> ?>3@0=8GLO B5@@8B>@89 =5 A;8H:>< 157>?0A=KE, A;01> 70A5;Q==KE, 0 78<>9 =025I05<KE >@40<8 3>;>4=KE 2>;:>2, 8;8, GB> EC65, >3>;>402H8<8 <54254O<8 ( 5A;8 :B>- B> 1K; =0AB>;L:> 3;C?K<, GB>1K 1C48BL 8E >B 78<=59 A?OG:8) . ><0 1K;8 :@5?:> ?>AB@>5=K, A;>65=K 87 <>I=KE 1@Q25=. !B@>8B5;8 2K@570;8 B>;L:> ;8HL =51>;LH85 >:>==K5 ?@>Q<K 8 @02=> <0;K5 425@=K5 ?@>Q<K. 84=> 1K;>, GB> :064K9 87 MB8E 4><>2 ?@8A?>A>1;5= : B><C, GB>1K 68B5;8 <>3;8 157 B@C40 70I8B8BLAO >B =5>6840==>3> =0;QBG8:0. 0: 65 MB> >B;8G0;>AL >B E0B>: 87 45@=8=K 8 3;8=K, B0: G0ABKE 2 157>?0A=KE >:@5AB=>ABOE %570, 345 78<K 1K;8 <O3:8<8, 0 5?8A:>?A:0O 071>9=0O !B@060 H559 :0@0;0 :064>3>, :B> 1K; A:>@ =0 87=0A8;>20=8O 8;8 3@01568.
"@C?K ;560;8 ?>2AN4C. # :>;>4F0 8 =0 ?>@>30E 68;8I. B>- B> ?KB0;AO C1530BL : @5:5 8 B5?5@L ;560; =0 <5;:>2>4L5, A 2K?CG5==K<8, ><K205<K<8 2>;=0<8 3;070<8. B>- B> 4@C3>9, 2848<>, A>?@>B82;O;AO, ?>A:>;L:C 2 53> @C:5 2AQ 5IQ 1K;0 >:@>202;5==0O 42CE;57289=0O A5:8@0. <C MB> =8G5< =5 ?><>3;>. 25 65=I8=K ;560;8, A25@=C2H8AL :;C1:><, :0: 1@>H5==>5 B@O?LQ, 8 O 2845;, GB> >=8 4> ?>A;54=53> ?KB0;8AL 70I8B8BL 45B59. 48= @51Q=>: 1K; A >B>@20==>9 >B B5;0 3>;>2>9, 4@C3>9 ?@860;AO : >1@C1;5==><C ?;5GC <0B5@8, 0 G5@5? 5<C @0718;8 A8;L=K< C40@><. "0:8< <>I=K<, GB> G5@5? MB>B 1K; ;8HL :@>202>- :@0A=K< ABC4=5< A B>@G0I8<8 >A:>;:0<8 :>AB59 8 A5@K<8 A3CAB:0<8 @0ABQ:H53>AO <>730.
/ <=>3>5 ?>2840; 2 687=8. 845; ;N459, C<8@0NI8E 2 ?KB>G=KE :0<5@0E, 8 ;N459, 7060@8205<KE =0 :>AB@0E, 24KE0NI8E 2>=L A>1AB25==>3> 3>@5;>3> 68@0. 845; >?CAB>HQ==K5 8 A>665==K5 45@52=8. 845;, :0: :0@0NB 1C=B>2I8:>2 8 8E A5<L8. 845; 87=0A8;>20=8O 8 @57=N. > MB> 7@5;8I5 >B;8G0;>AL >B 2A53>. >B><C GB> MB0 1>9=O =5 8<5;0 A<KA;0. ! 65=I8= 8 <C6G8= =5 A>@20;8 =8 >4564C, =8 C:@0H5=8O. 5 701@0;8 >@C68O 8;8 8=AB@C<5=B>2. / =5 2845; A;54>2 87=0A8;>20=8O, 4>?@>A>2 8;L ?KB>:. AQ C:07K20;> =0 B>, GB> B>;?0 =0;QBG8:>2 2>@20;0AL 2 45@52=N 8 C18;0 68B5;59 ;8HL @048 A0<>3> C4>2>;LAB28O >B C189AB20. < =8G53> =5 1K;> =C6=> 87 B>3>, GB> 8<5;8 MB8 ;N48. "0:65 MB> =5 1K;> A?>A>1>< =0:070=8O 8E 70 :0:85- B> ?@>28==>AB8. 54L 1C=B>2I8:>2 =0:07K20NB 8=K< A?>A>1><. 5=O C4828;> ;8HL >4=>. >G5<C B5;0, =0 :>B>@K5 <K =0B>;:=C;8AL 2 ;5AC, 1K;8 @0745BK, 0 745AL 2A5 B@C?K >AB020;8AL 2 >45645? <>65B =0 <C6G8=C 8 65=I8=C 2 ;5AC =0?0;8, :>340 >=8 =038<8 ?@54020;8AL ?;>BA:8< C4>2>;LAB28O<? ?>B><C <K =5 =0H;8 >4564C? "0: 8;8 8=0G5, =0?040NI85 =5 1K;8 2>;:>;0:0<8. >;:>;0:8 =8:>340 =5 8A?>;L7CNB >@C68O. E C1564Q==>ABL 2 B><, GB> >=8 48:85 725@8, =5 ?>72>;8;0 1K 8< 2>A?>;L7>20BLAO ?0;:>9, A5:8@>9 8;8 :>?LQ<. =0 B5;0E C18BKE O OA=> 2845; :>;>BK5, @570=K5 8 CH81;5==K5 @0=K.
-AA0. 52CH:0, 54CI0O =0 <>Q< :>=5, ?>:070;0 ?0;LF5< =0 65=I8=C, GLN 3>;>2C @0718;8 >1 >1;8F>2:C :>;>4F0. >O ?>4@C30. =0 2AE;8?=C;0 8 2KB5@;0 =>A @C:>9. >;6=0 1K;0 2K9B8 70<C6&
/ A>HQ; A :>=O 8 ?>40; 59 @C:C. =0, 1K;>, 70:>;510;0AL, => ?>B>< A>A:>G8;0. / 2845;, GB> >=0 AB0@05BAO >B2>48BL 273;O4 >B B@C?>2.
A<>B@8B5 BCB 2AQ, ?@8:070; O ?0@=O<. 4>:;04K209B5 <=5 > 2AO:>9 AB@0==>9 25I8, :>B>@CN 70<5B8B5.
"CB 2AQ AB@0==>5, ?@>1>@<>B0; !<5@BCE.
/ B>;:=C; 425@L >4=>3> 87 4><>2 8 703;O=C; 2=CB@L. ?><5I5=88 1K;> ?CAB>, B>;L:> =0 >G035 ;560; ?5@52Q@=CBK9 :>B5;>:. / :82=C; -;8AA5.
AB0=LAO 745AL, ?@8:070; O. O >A<>B@NAL ?> 45@52=5.
K 25@=QB5AL 70 <=>9, 3>A?>48=? @0240? 5@=QB5AL? 701>@<>B0;0 >=0 A> AB@0E><.
-;8AA0. / 27O; 5Q 70 @C:C. >=5G=>, 25@=CAL. "CB B515 C65 =8G53> =5 3@>78B. !O4L 8 648 <5=O.
/ 2KH5; =0@C6C 8 BI0B5;L=> 70:@K; 70 A>1>9 425@L. / =5 4C<0;, GB>1K =0< A59G0A GB>- ;81> C3@>60;>, => 452CH:0 1K;0 548=AB25==K< A2845B5;5< ?@5ABC?;5=8O. , 2>7<>6=>, 2 A;CG05 G53>, >?>7=05B =0?040NI8E. B>340 ?@84QB 2@5<O >@48<5@0 8 53> A<8@5==> 7040205<KE 2>?@>A>2. > ?@>OA=8< A515 >48= 2>?@>A, ;N157=K5 <>8. >@48<5@ 0445@48= ;8F5=78@>20==K9 8=:2878B>@ 5?8A:>?0 %57- E57@>=0 =5 @KF0@L =0 15;>< :>=5, 70ABC?=8: C3=5BQ==KE 8 18G ?@5ABC?=8:>2. 8@ 682QB ?> A2>8< 70:>=0<, >48= 87 :>B>@KE 3;0A8B, GB> A;01K5 2A5340 AB0=>2OBAO 4>1KG59 A8;L=KE. >MB><C O 1K >A>1> =5 15A?>:>8;AO, 5A;8 1K @5GL H;0 > 10=45 <0@>4Q@>2 8;8 3>;>2>@57>2, @KA:0NI8E ?> 45@52=O< 8 A>18@0NI8E >BABC?=K5, ;81> 70102;ONI8EAO A <5AB=K<8 452:0<8. > 745AL 45;> 2K3;O45;> 1>;55 A5@LQ7=K<, 8 O 704C<0;AO, 0 =5 70<5H0=K ;8 745AL :>;4>2AB2> 8;8 ?>:;>=5=85 :0:><C- =81C4L 20@20@A:><C :C;LBC.
/ ?>4>HQ; : !<5@BCEC, :>B>@K9, ?@8A52 =0 :>@B>G:8, 2=8<0B5;L=> >A<0B@820; B5;> AB0@>3> <C6G8=K A @0A:@>5==K< =042>5 G5@5?><.
!;KH0; :>340- =81C4L > GQ<- B> ?>4>1=><? A?@>A8; O.
# !<5@BCE0 70<5G0B5;L=0O ?0<OBL. >65B >= =5 A;8H:>< C<=K9, => A?>A>15= ?@825AB8 4>A;>2=> @073>2>@K 3>48G=>9 402=>AB8, 0 2A5 A?;5B=8 8 A;CE8 CAB@>8;8 A515 2 53> 3>;>25 CNB=CN :;04>2CN.
5B, >@48<5@, >= ?>4=O; =0 <5=O 273;O4, 8 > GQ<, GB> =0?><8=0;> 1K MBC 45@52=N.
8BC0;L=K5 C189AB20? C;LB =0A8;8O 8 2>9=K? 5@B25==K9 :0==810;87<? ?>4A:070; O, =5 A;8H:>< 25@O 2 A>1AB25==K5 A;>20.
5 ?>4E>48B, >@48<5@, >= ?>:@CB8; 3>;>2>9. AQ =5 B0:.
'B>- B> =0HQ;? O ?>A<>B@5; =0 >AB0=:8 AB0@>3> G5;>25:0.
"> 65 A0<>5. 718B, 8A:>;>B, 87@C1;5=, ?>B>< 873@K75=&
04@C30;8AL =04 C65 <Q@B2K< B5;><, B0: 254L? -B> B515 =8G53> =5 =0?><8=05B?
= A=>20 ?>:@CB8; 3>;>2>9.
=5 60;L, >@48<5@.
/ 4C<0N. =5 B>65 1K;> 60;L. 5=0286C =5@073040==K5 70304:8, B09=K 8 A5:@5BK. AB8==>5 C4>2;5B2>@5=85 O GC2AB2CN ;8HL B>340, :>340 =0E>6C A25B 2 :>=F5 B>==5;O. A59G0A O B>65 7=0;, GB> =5 CA?>:>NAL, ?>:0 =5 C7=0N, :B> 8 70G5< C18; MB8E ;N459. E 687=L 8;8 A<5@BL 4;O <5=O 1K;8 =5 206=K. 5@525=I8=0 MB> 2A53> ;8HL 45@525=I8=0. >1@K9 >A?>4L A>B2>@8; 8E, 401K @01>B0;8 2 ?>B5 8 B@C40E, 0 ?>B>< C<8@0;8. 540@>< 8A0=85 3;0A8B:
« & >B409B5 :064><C, GB> 5<C ?>;>65=>. ><C ?>40BL ?>40BL, :><C <KB> <KB>, :><C ?>28=>25=85 ?>28=>25=85, :><C G5ABL G5ABL»
[ 8 7 ]
. >=8 8<5==> B0: 2 B5G5=85 2A59 687=8 >B4020;8. B5?5@L, =0:>=5F, =0AB0;> 2@5<O 8< >B40BL A0<C 687=L. 048 GL59- B> 70102K.
">340 GB> 4;O <5=O 1K;> 206=K<, 5A;8 O =5 A>AB@040; MB8< ;N4O< 8 =5 AB@5<8;AO AB0BL A?@0254;82K< <5G>< ?@02>AC48O? C, <=5 1K;> 206=> ?@>25@8BL A2>8 A8;K. 0: 1K O 2 1C4CI5< <>3 A?>:>9=> 2A?><8=0BL MB8 4=8, 7=0O, GB> O A40;AO 8 =5 =0HQ; >1JOA=5=8O? 'B> O 4065 =5 ?>?KB0;AO =09B8 A25B, 8 704><, 1>G:>< >BABC?8; 87 B08=AB25==>3> B>==5;O?
<>65B, !<5@BCE 704C<0;AO =0 <8=CBC. >65B BK 1K ?>3>2>@8; A =8<8, >@48<5@?
! :5<? =5 ?>=O; O 53>.
C& A =8<8. = >12Q; 2>:@C3 @C:>9.
"K, ?>E>65, @5E=C;AO! / 4065 =5 @07>7;8;AO =0 =53>. / 4>;65= @073>20@820BL A <Q@B2K<8? "515 MB>3> E>G5BAO, !<5@BCE? 5G >A?>40, 70G5< O A 20<8 A2O70;AO?
/ 2AB0; 8 >B>HQ; >B =53>. >=5G=>, O <>3 ?>?@>1>20BL ?>3>2>@8BL A <Q@B2K<8. E 4CE8 5IQ ?0@8;8 745AL 345- B> ?>1;87>AB8, ?>;=K5 1>;8, 3=520, ?5G0;8 8 =5?>=8<0=8O. @8720BL MB8 4CE8 1K;> ?@8<5@=> B0: 65 157>?0A=>, :0: 2>9B8 2 :;5B:C A @07JO@5==K<8 ;L20<8. ?@>G5<, ;L2K, A0<>5 1>;LH55, ;8H0B B51O 687=8, 0 <5ABL <Q@B2KE <>65B 1KBL 7=0G8B5;L=> EC4H59. 5 3>2>@O C65 > B><, GB> =5:@><0=B8N 70?@5I0;8 A2OBK5 >A=>2K =0H59 25@K. @0240, <K, 8=:2878B>@K, 8<5;8 ?@02> =0@CH0BL >A=>2K 2> 8<O 2KAH59 =5>1E>48<>AB8. >, =5A><=5==>, B0:0O =5>1E>48<>ABL A59G0A 5IQ =5 =0ABC?8;0. 065 5A;8 1K O A?@028;AO A 4CE0<8 C185==KE, >?@545;Q==> ?>4>1=K5 83@8I0 =5 ?>=@028;8AL 1K <>5<C =35;C. 3=52 =35;>2 AB@0H=55 ;N1>3> 7;0, :>B>@>5 2K A?>A>1=K A515 ?@54AB028BL, 8 ;N1>3> 7;0, :>B>@>5 ?@54AB028BL 2K =5 A?>A>1=K.
:>340 O >BE>48; >B !<5@BCE0 ( 2AQ 1>;LH5 87C<;OOAL, GB> >= 2>>1I5 ?>A<5; GB>- B> B0:>5 ?@54;>68BL) , 24@C3 C2845; B@QE 2A04=8:>2, A>?@>2>640NI8E 70?@O6Q==CN 42C<O ;>H04L<8 ?>2>7:C. 020;L:040 =042830;0AL A A525@0.
# =0A 3>AB8! 70:@8G0; O.
!<5@BCE 8 1;87=5FK ?>A<>B@5;8 2 C:070==>< <=>9 =0?@02;5=88. >B>< <K 2A5 G5B25@> 2AB0;8 2 F5=B@5 45@52=8, @O4>< A >1;8F>20==K< :0<=5< :>;>4F5<, C :>B>@>3> 2AQ 5IQ ;560; B@C? <>;>4>9 65=I8=K.
# =8E F25B0
[ 8 8 ]
, 2?>;3>;>A0 A:070; !<5@BCE.
59AB28B5;L=>, B@>5 :>==KE O2=> 1K;8 >45BK 2 F25B0 :0:>3>- B> <03=0B0. =8 1K;8 2 A5@>75;Q=KE :C@B:0E ?;>B=>3> AC:=0 A <0;8=>2K<8 =0H82:0<8, 0 8E :>=8 1K;8 E>@>H> CE>65==K<8, 2 1>30B>9 C?@O68. 0 ?>2>7:5 5E0;> 5IQ B@>5 <C6G8=, =025@=O:0 87 42>@=8. > O B0:65 70<5B8;, GB> >=8 2A5 1K;8 E>@>H> 2>>@C65=K <5G0<8 8 :>?LO<8. !>;=F5 1K;> C =0A 70 A?8=>9, ?>MB><C ?@81K2H85 70<5B8;8 =0A ?>765, G5< <K 8E. > =0H5 ?@8ACBAB285 8E O2=> >15A?>:>8;>. =8 >AB0=>28;8AL 8 =54>;3> A>25I0;8AL, 0 ?>B>< 2=>2L 428=C;8AL 2 AB>@>=C 45@52=8. 0 MB>B @07 >4=0:> 87<5=82 ?>@O4>:. 0 :>7;0E A845; ;8HL 2>7=8F0, 0 42>5 4@C38E H;8 ?5H8<8 ?> 1>:0< ?>2>7:8. A04=8:8 >BBO=C;8AL =5A:>;L:> =0704.
#18@05< 8E? A?@>A8; !<5@BCE.
<>65B A=0G0;0 ?>3>2>@8<? ?@54;>68; O. ;L BK A53>4=O A>2A5< A4C@5;?
!<5@BCE 1C@:=C; GB>- B> =54>2>;L=>, 0 1;87=5FK @0AA<5O;8AL 2 >48= 3>;>A.
0 :@0N 45@52=8 ?>2>7:0 >AB0=>28;0AL, 0 2A5 H5AB5@> <C6G8= ?>4>H;8 : =0<. / 2845;, GB> >=8 AB0@0NBAO A>E@0=OBL >AB>@>6=>ABL, E>BO 8E @0AA<5H8; 284 1;87=5F>2. !25B;>1>@>4K9, ?>68;>9 <C6G8=0 A ;8F>< 87<>64Q==>3> 3@8D0, GB>- B> A:070; 2?>;3>;>A0, ?>:07K20O =0 <>8E A?CB=8:>2 ?0;LF5<, 8 2A5 70A<5O;8AL.
!<59B5AL, A<59B5AL, ?>4C<0; O. 0: 4>94QB 4> 45;0, 65;0=85 A<5OBLAO C 20A ?@>?04QB. 1> O, ;N157=K5 <>8, =5 15@C A A>1>9 1;87=5F>2 ?> ?@8G8=5 8E 2=5H=>AB8 8;8 A25BA:8E <0=5@. 5@2K9 8 B>@>9 =5 B>;L:> @0A?>;030NB 8=B5@5A=K<8 A?>A>1=>ABO<8, :>B>@K5 ?@>AB>9 G5;>25: <>3 1K =0720BL <03859. 10 >=8 C189FK. KCG5==K5, ;8HQ==K5 C3@K75=89 A>25AB8 8 AB>9:85, 1C4B> ?@81@56=K5 70@>A;8.
K :B>, ;N48? :@8:=C; A25B;>1>@>4K9.
!0< 4>;>68AL, ?@>87=QA O A?>:>9=>.
/ ;59B5=0=B >=A 87 AB@068 3>A?>48=0 3@0D0 45 >48<>=40, >B25B8; >=, 8 =0 53> 1;54=KE I5:0E 2KABC?8; @C<O=5F. >2>@8 ;CGH5, :B> BK, ?>:0 O =5 ?@8:070; 20A C18BL.
!<5@BCE @0AA<5O;AO 8 >B:8=C; :0?NH>= A 3>;>2K. -B> ?@>8725;> 2?5G0B;5=85. -B> 2A5340 ?@>872>48B 2?5G0B;5=85.
'B> BCB ?@>87>H;>? / >12Q; 2>:@C3 @C:>9. >G5<C MB8 ;N48 ?>381;8, 8 >B:C40 BK BCB 27O;AO?
>65 <>9, ?@8OB5;L. >=L ;59B5=0=B0 70B0=F520;, ?@8H?>@5==K9. "K =5 A;KH0;, GB> O 3>2>@N? >2>@8, :B> BK!
/ >@48<5@ 0445@48=, ?@>87=QA O, 2AB020O A >1;8F>2:8. 8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0.
! <8=CBC >= 8A?KBCNI5 @073;O4K20; <5=O.
0;8B5 >BAN40, =0:>=5F ?@>87=QA >=. =:2878B>@ 8;8 =5B, B515 745AL =5G53> 45;0BL.
5B? <>65B 2AQ- B0:8? E>;>4=> A:070; O, 81> <=5 =5 ?>=@028;AO =8 MB>B G5;>25:, =8 53> B>=. "2>5<C 3>A?>48=C ?@84QBAO >B25B8BL <=5 =0 =5A:>;L:> 2>?@>A>2.
@0D =5 2>48BAO A >B@51L5<, @O2:=C; A?CB=8: ;59B5=0=B0, <>;>4>9 <C6G8=0 A 3;04:> 2K1@8BK< ;8F>< 8 3>;C1K<8 3;070<8.
BK GB>? 3> :C:>;:0? 1C@:=C; !<5@BCE.
.=>H0 B@>=C; :>=O 8 428=C;AO 2 AB>@>=C !<5@BCE0. / ?@53@048; 5<C ?CBL.
8@! 2>A:;8:=C; O A 874Q2:>9. 8@ <564C E@8AB80=0<8!
@5:@0B8! @O2:=C; ;59B5=0=B A?CB=8:C. 07 C6 E>G5HL, >1@0B8;AO >= :> <=5, <>65B5 5E0BL A =0<8. > A:06C B515 A@07C, 8=:2878B>@, 3@0D =5 60;C5B B515 ?>4>1=KE.
/ 1K; @04, GB> >= =5 2K1@0; ABKG:C. 5 7=0N, @5H8; ;8 >=, GB> ?>?KB:0 C189AB20 8=:2878B>@0 <>3;0 1K 5<C A8;L=> =02@548BL, 8;8 65 ?>=O;, GB> 8=:2878B>@ 8 53> B>20@8I8 =5 <>3CB 1KBL ;Q3:>9 4>1KG59. "0: 8;8 8=0G5, >= :070;AO G5;>25:><, ?>ABC?0NI8< @0AAC48B5;L=>.
K 745AL =5 4;O B>3>, GB>1K =0A ;N18BL, >B25B8; O A 8A:@5==59 C;K1:>9. K 4;O B>3>, GB>1K 40@8BL ;N4O< A;04:CN @04>ABL ?@87=0=8O 3@5E>2. 745AL O 286C 8E <=>3>. / A=>20 >12Q; @C:>9 2>:@C3.
C 40, ;59B5=0=B A>A:>G8; A A54;0. @C78B5 B@C?K, ?@8:070; >= A;C30<. 5 7040209 <=5 2>?@>A>2, 8=:2878B>@, 81> <=5 =5;L7O =0 =8E >B25G0BL. > 5A;8 3>A?>48= 3@0D A>GBQB, GB> BK ?>;57=>5 >@C485, >=, 2>7<>6=>, ?>45;8BAO A B>1>9 B5<, GB> 745AL ?@>8AE>48B.
A5 <K >@C48O ;8HL 2 @C:0E >A?>40, >B25B8; O, 3;O4O 5<C ?@O<> 2 3;070, 0 >= =5 >B2Q; 273;O40.
/ 7=0;, GB> 2 8<5=88 3@0D0 1C4C 8A:0BL >B25B =0 >48= 2>?@>A: :0: B0: ?>;CG8;>AL, GB> ?>2>7:0, A>18@0NI0O B@C?K, 8 A>;40BK 3@0D0 ?@81K;8 2 45@52=N G5@57 ?0@C G0A>2 ?>A;5 1>9=8? A;8 >B 70<:0 1K; 45=L ?CB8?
* * *
> 2@5<O ?>574:8 : ;5B=59 @57845=F88 3@0D0 ( B0: =07K20; MB> ?><5ABL5 ;59B5=0=B >=A) =8G53> 4>AB>9=>3> C?><8=0=8O =5 ?@>87>H;>. !?CB=8:8 ;59B5=0=B0 8 A;C38, >G5284=>, ?>;CG8;8 AB@>389 70?@5B =0 @073>2>@ A =0<8, 81> >B25G0;8, B>;L:> 5A;8 8E A?@0H820;8, 40 8 B> =5E>BO 8 =52=OB=>. > 8 O AB0@0;AO 1KBL =5 A;8H:>< ;N1>?KB=K<. :>=F5 :>=F>2, B0: 8 8;8 8=0G5, >1> 2AQ< C7=05< =0 <5AB5. >:0 65 <K 5E0;8 2 ?@8OB=>9 :><?0=88 ?0@K 45AOB:>2 B@C?>2 ( O 70<5B8;, GB> A;C38 A>1@0;8 2A5 B5;0, :>B>@K5 =0;QBG8:8 >AB028;8 2 45@52=5) , =>, : AG0ABLN, ?CBL 1K; =54>;38<, 0 =0 42>@5 1K;> 4>AB0B>G=> E>;>4=>, ?>A:>;L:C 2 8=>< A;CG05 <>Q =56=>5 >1>=O=85 <>3;> 1K 8A?KB0BL =5:>B>@>3> @>40 =5C4>1AB2>. >65B O 8 =5 A;8H:>< GC2AB28B5;L=K9 G5;>25:, => >1K:=>25==> ?@54?>G8B0N 70?0E ;5A0 8 ;C30 2>=8 @07;030NI8EAO B5;. 5ABL ;N48, :>B>@K< MB> =5 <5H05B. 0: E>BO 1K <>9 4>@>3>9 !<5@BCE, :>B>@K9 A0< >1KG=> ?>?0E8205B, 1C4B> =545;L=K9 B@C?.
> ?@5645 G5< <K 2K5E0;8 87 45@52=8, O 2>A?>;L7>20;AO 2@5<5=5<, ?>:0 ;N48 ;59B5=0=B0 1K;8 70=OBK A>18@0=85< B5;, 8 2>HQ; 2 E0BC, 2 :>B>@>9 >AB028; -;8AAC. >340 >=0 CA;KH0;0 H038, B> 1@>A8;0AL 2 C3>; 8 ?@8B08;0AL B0<, 1C4B> ?>18B0O A>10:0, => A@07C 65 CA?>:>8;0AL, C28452, GB> MB> O 70E>6C 2=CB@L. 07=>>1@0785 2A5340 ?@8OB=>, 81> ;N48 >1KG=> =5 GC2AB2CNB >1;53G5=8O 8 @04>AB8, 284O, GB> O 8E =025AB8;. "@C4=> ?>=OBL, ?>G5<C >=8 AB@0H0BAO 8=:2878B>@>2, :>B>@K5 :0:- =8:0: ?>A2OI0NB 687=L, 401K ?>A;C68BL A?0A5=8N :064>3> <C6G8=K 8 :064>9 65=I8=K, =0A5;ONI8E MBC N4>;L ?5G0;8.
>A;CH09 <5=O, G04>, A:070; O. >A;CH09 >G5=L 2=8<0B5;L=>, 81> >B MB>3> <>65B 7028A5BL B2>O 687=L.
=0 A<>B@5;0 =0 <5=O =0?@O65==>, =5>A>7=0==> 27O2 A2>8<8 @C:0<8 <>N @C:C 8 ?@8602 5Q : A2>59 3@C48. / C65 3>2>@8;, GB> 59 1K;> : G5<C ?@868<0BL?
!N40 ?@85E0;8 ;N48 B2>53> 3>A?>48=0, 8 <K 545< A =8<8 2 70<>:. "K <>O 65=I8=0, 8 <K 2K5E0;8 2<5AB5 87 %570, ?>=8<05HL? "K =8:>340 ?@5645 =5 1K;0 2 45@52=5 8 =5 2845;0, :0: C1820;8 ;N459, 8 =8:>3> 87 =8E =5 7=0;0. / OA=> 2K@060NAL?
0, 3>A?>48=, >B25B8;0 >=0 B8E>.
5@68AL @O4>< A> <=>9 8 =5 >B25G09, 4065 5A;8 B51O > GQ<- B> A?@>AOB, ?>=8<05HL? 8:C40 =5 >BE>48 8 =5 40209 A51O 2BO=CBL 2 @0AA?@>AK. !B0@09AO 4065 =5 A;CH0BL, 5A;8 GB>- =81C4L 1C4CB 3>2>@8BL. A;8 :B>- B> B515 GB>- B> ?@8:065B 8;8 A?@>A8B, <>;G8 8 A<>B@8 =0 <5=O. /A=>?
0, 3>A?>48=, ?>2B>@8;0 >=0. / =8G53> =5 ?>=8<0N, =>&
/ >1>@20; 5Q, ?>4=O2 ;04>=L.
"515 =5 =04> =8G53> ?>=8<0BL, ?@>87=QA O. !;CH09AO <>8E C:070=89, 8 <>65B B515 C40ABAO 2K68BL.
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
[ 8 9 ]
.
4=0:>, 2>?@5:8 <>8< >?0A5=8O<, ;59B5=0=B 8 53> ;N48 =5 >1@0I0;8 >A>1>3> 2=8<0=8O =0 -;8AAC. / >B40; 59 A2>9 70?0A=>9 ?;0I, ?>4 :>B>@K< A:@K;8AL 45@525=A:85 >4Q6:8, 8 45@60; 5Q 2AN 4>@>3C @O4>< A A>1>9. =0 1K;0 ?>A;CH=>9 452CH:>9 8 <>;G0;0 2AN ?>574:C, 0 >B25G0;0 B>;L:> B>340, :>340 O 704020; 59 2>?@>A. / 4065 CA;KH0;, :0: >48= 87 A;C3 3>2>@8B 2?>;3>;>A0 4@C3><C:
;O=L, :0: =0B0A:0; MBC A2>N 101Q=:C, 2 53> 3>;>A5 1K;> C482;5=85. <>O B@5?;5B O7K:>< ?> ;N1><C ?>2>4C.
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
>B 8 4>1@0;8AL, ?@>87=QA ;59B5=0=B, =025@=>5, ;8HL 4;O B>3>, GB>1K GB>- B> A:070BL, 81> O 254L 8 A0< 2845;.
* * *
@0D 45 >48<>=4 1K; C?8B0==K<, ;KA5NI8< A>@>:0;5B=8< <C6G8=>9, A 2KF25BH8<8 3;070<8 =02K:0B5. = ?@8=O; =0A >45BK< 2 :>60=K9, 70?OB=0==K9 D0@BC:, 0 =0 53> ?0;LF0E O 70<5B8; 6Q;BK5 A;54K >B :8A;>BK. 018=5B, 2 :>B>@K9 <K 2>H;8, >:070;AO >4=>9 87 ;CGH5 2A5E >1>@C4>20==KE 0;E8<8G5A:8E ;01>@0B>@89, :>B>@K5 <=5 ?@8H;>AL 2845BL. 0 AB>;0E AB>O;8 1>;LH85 3>@5;:8, @5B>@BK, :>B;K 8 7<5528:8. 0 ?>;:0E B>;?8;8AL A>B=8 10=>G5: 8 1CBK;>G5: 87 :5@0<8:8, 3;8=K 8;8 :>@8G=52>3> AB5:;0. 7 =8H8 @O4>< 4>;5B0; 70?0E B@02, 8 O B0< C2845; A>B=8 ACH0I8EAO @0AB5=89. @><5 MB>3>, :0: 2 :064>9 C2060NI59 A51O 0;E8<8G5A:>9 ;01>@0B>@88, BCB 1K;> ?>;=> ?@54<5B>2 AB@0==KE 8 =8:><C =5 =C6=KE: 2K45;0==0O 3>;>20 :@>:>48;0, @>3 38??>?>B0<0
[ 9 0 ]
, 70ACH5==0O ;5BCG0O <KHL A @0A?@>ABQ@BK<8 :@K;LO<8 8 >A:0;5==K<8 :;K:0<8, :>3B8AB0O <54256LO ;0?0 8 420 G5;>25G5A:8E A:5;5B0, >48= 1>;LH>9, 4@C3>9 <0;5=L:89, 40 24>102>: ;8HQ==K9 G5@5?0. 0 45@52O==>9 ?>;:5, 24>;L AB5=K, AB>O;0 ?0@0 45AOB:>2 >?@02;5==KE 2 :>6C :=83.
@0D AC5B8;AO C AB>;>2 8 I8?F0<8 :0: @07 A=8<0; A 3>@5;:8 B835;Q:, 87 :>B>@>3> 20;8; 6CB:> 2>=NG89 8 54:89 4K<. 025@=O:0 AC1AB0=F8O 8<5;0 ?@8<5AL A5@K, ?>A:>;L:C O :@09=5 >BGQB;82> GC2AB2>20; MB>B E0@0:B5@=K9 70?0E.
# <5=O =5B 2@5<5=8, =5B 2@5<5=8& >= >15@=C;AO :> <=5. >=A, :B> MB>, 2> 8<O >30 BF0?
/ C65 3>2>@8;, 3>A?>48= 3@0D. -B> 8=:2878B>@ 87 %570.
>@48<5@ 0445@48=, : CA;C30< 3>A?>48=0 3@0D0, O A:;>=8; 3>;>2C, 0 45 >48<>=4 >:8=C; <5=O <8<>;QB=K< 273;O4><.
0725 O ?@83;0H0; 8=:2878B>@0, >=A?
5B, 3>A?>48= 3@0D.
">340 A:068 5<C, GB>1K 5E0; A515.
= <0E=C; @C:>9 8 ?>25@=C;AO : B83;O<.
>72>;LB5, 3>A?>48= 3@0D! A:070; O 256;82>, => B2Q@4>, 81> =5 =0<5@520;AO ?>72>;8BL >B <5=O >B45;0BLAO.
59B5=0=B >=A E>B5; ?>BO=CBL <5=O 70 @C:02, => O =0 =53> B0: ?>A<>B@5;, GB> >= C1@0; @C:C. 3> 3;070 ?>B5<=5;8.
'B>? 45 >48<>=4 =5 A:@K20; C65 @074@065=8O.
>;030N, 3>A?>48= 3@0D 2AQ- B0:8 70E>G5B ?>3>2>@8BL A> <=>9, 0 =5 A >D8F80;L=>9 45;530F859 >B 5?8A:>?0 %57- E57@>=0, :>B>@0O ?@8545B AN40 @0AA;54>20BL >B?@02;5=85 O7KG5A:8E :C;LB>2.
= 274@>3=C;, ?>AB028; B835;L =0 AB>; 8 >B;>68; I8?FK. 0:0H;O;AO.
/7KG5A:8E :C;LB>2? >= DK@:=C;, => O 2845;, GB> >= >15A?>:>5=, ?>A:>;L:C :064K9 7=0;, GB> =0?@02;5=85 >D8F80;L=>9 :><8AA88 87 =:2878F88 =5 ?@5425I0;> =8G53> E>@>H53>.
K 2845;8 B@C?K, A:070; O. 7C25G5==K5 B5;0 68B5;59 >4=>9 87 45@525=L. 59B5=0=B ?@82Q7 8E 2 70<>: 3>A?>48=0 3@0D0.
0=48BK, 1C@:=C; 4> >48<>=4. 5745 ?>;=> MB>9 3>;KBL1K. 3> @5>A2OI5=AB2> ;CGH5 1K ?@8A;0; AN40 071>9=CN !B@06C, 0 =5 8=:2878B>@0.
= BO65;> C?0; 2 >18B>5 2KF25BH59 :0<:>9 :@5A;>.
@8=5A8 28=0, >=A, ?@8:070; >=, 8 B@8 G0H8.
-B> =5 10=48BK, 3>A?>48= 3@0D, A:070; O, 1C4CG8 C25@5==K<, GB> >= A0< >1 MB>< ?@5:@0A=> 7=05B. 0=48BK =5 2K3@K70NB <OA> 65@B2, =5 C25G0B B@C?K 8 =5 1@>A0NB 4>1KGC. ><0 2 MB>9 45@52=5 =8:B> 4065 =5 >3@018;, 0 A B5; =5 A>4@0;8 >1C2L, >4564C 8;8 C:@0H5=8O.
= ?>A<>B@5; =0 <5=O 8A?>4;>1LO.
>65B 40, <>65B =5B, A:070; >=. 0=48BK MB> 10=48BK, 8 =58725AB=>, GB> 8< 271@54QB 2 3>;>2C.
0=48BK, 3>A?>48= 3@0D, >1KG=> 254CB A51O C4828B5;L=> @0F8>=0;L=>, ?@>87=QA O. >A:>;L:C 682CB A ?>@>:0. =5 C1820NB @048 A0<>3> C4>2>;LAB28O >B C189AB20. > :@09=59 <5@5, =5 B0:8< A?>A>1><. @54AB02;O5B ;8 A515 3>A?>48= 3@0D @071>9=8:>2, >13@K70NI8E B@C?K? 0G5< 1K 8< MB> 45;0BL?
"@C?K >13@K7;8 725@8, ?@>2>@G0; >=, 8 <=5 1K;> =5?>=OB=>, 70G5< ;6QB, 254L >= A0< =5 25@8; 2 A2>8 A;>20.
@>HC ?@>I5=8O, 3>A?>48= 3@0D, => O 2 A>AB>O=88 C7=0BL A;54K G5;>25G5A:8E G5;NAB59 8 >B;8G8BL 8E >B 725@8=KE, 256;82> 2>7@078; O. / 1K; 1K B0:65 157<5@=> AG0AB;82, 5A;8 1K 3>A?>48= 3@0D 872>;8; <=5 >1JOA=8BL, :0: B0: A;CG8;>AL, GB> A>;40BK 3>A?>48=0 3@0D0 ?>O28;8AL 2 45@52=5 C65 G5@57 =5A:>;L:> G0A>2 ?>A;5 1>9=8, =5A<>B@O =0 B>, GB> 70<>: =0E>48BAO >B 45@52=8 2 4=5 ?CB8.
59B5=0=B >=A 4>;6=> 1KBL A;KH0; MB8 A;>20, ?>A:>;L:C :0: @07 2>72@0I0;AO A ?>4=>A><, =0 :>B>@>< AB>O; A5@51@O=K9 :C2H8= 8 B@8 H8@>:8E G0H8. 4=0:> O 2845;, GB> >= 4065 1@>2LN =5 ?>2Q;.
0;59, ?@8:070; 45 >48<>=4. K GB>, E>B8B5 <5=O 4>?@0H820BL, 8=:2878B>@? >= 2AB0; A> ABC;0. 5=O, 3@0D0 45 >48<>=40? ! K >A<5;8205B5AL ?>425@30BL A><=5=8N <>8 A;>20?
IC ?@024C, 0H0 <8;>ABL, CGB82> >B25B8; O.
-B> 8<?5@0B>@A:>5 ?>3@0=8GL5, 8=:2878B>@, ?@>87=QA >=, 8 >=> =5 ?>4?0405B ?>4 B2>N N@8A48:F8N.
5;05B ;8 0H0 <8;>ABL >1JOA=OBL MB> 5?8A:>?A:>9 <8AA88, :>B>@0O ?@81C45B 87 %570, 8;8 65 2K ?@54?>G8B05B5 ?>3>2>@8BL A> <=>9?
#3@>605HL <=5? / 2845;, GB> >= 2 15H5=AB25. > >4=>2@5<5==> 345- B> 2 3;C18=5 53> 3;07 <=>N G8B0;AO AB@0E.
8:>340 1K =5 >A<5;8;AO, 3>A?>48= 3@0D, C3@>60BL ?@54AB028B5;N AB>;L 7=0B=>3> @>40, A:070; O. 8HL 8<5N G5ABL >A254><8BL 3>A?>48=0 3@0D0 > B><, :0: >1AB>OB 45;0.
=0B=>3> @>40? >= DK@:=C;. >B =0A<5H8;! !?>@8<, @0=LH5 BK =5 A;KH0; > 3@0D0E 45 >48<>=4, B0: 254L?
!> A<8@5=85< 8 A>60;5=85< ?@87=0N, GB> <>8 7=0=8O > 25;8:8E 0@8AB>:@0B8G5A:8E @>40E A;8H:>< =8GB>6=K, O A:;>=8; 3>;>2C.
#<55B ?>4A;0AB8BL MB>B 8=:2878B>@, 0, >=A? 3@0D @0AA<5O;AO 8 ?>40; <=5 =0?>;=5==CN G0HC. 5 =04> <=5 ;LAB8BL, 0445@48=, 8;8 :0: B51O B0<. @0DA:89 B8BC; 8 =045;5=85 ;5=><
[ 9 1 ]
<K ?>;CG8;8, ?>A:>;L:C <>O A25B;>9 ?0<OB8 <0<>G:0 2>48;0 H0H=8 A 8<?5@0B>@A:8< :>=NH5==K<. "0: C6 2 687=8 1K205B, 8=:2878B>@. >9 ?@0454 1K; G5AB=K< 1>=40@5<, 454 <5=55 G5AB=K< A>;40B><, >B5F ?@>406=K< >D8F5@>< AB@068, 70@01>B02H8< 1>;LH85 @>30, 0 O O2;ONAL 3@0D><. 0: 3>2>@OB: 157C<F5<, 0;E8<8:>< 8 ?@8A?5H=8:>< 4LO2>;0. 5< 1C45B <>9 AK=? >= @0AA<5O;AO, >1=060O 6Q;BK5 8 =5@>2=K5 7C1K.
&5=N ;N459, 70=8<0NI8EAO 0;E8<859, A:070; O 256;82>, 83=>@8@CO 53> @0AAC645=8O >B=>A8B5;L=> A5<L8, ?>A:>;L:C MB0 =0C:0 B@51C5B 1>;LH8E 7=0=89 8 B5@?5=8O 2 @01>B5. &5@:>2L =5 2848B 2 =59 =8G53> 2@54=>3>.
-B> 1K;0 ?>;>28=G0B0O ?@0240, => O =5 A>18@0;AO >1JOA=OBL 3@0DC =N0=AK ?>4E>40 &5@:28 : 0;E8<8G5A:8< 7=0=8O<.
0- 40- 40, >= A45;0; A>;84=K9 3;>B>:. "2>Q 74>@>2L5, 8=:2878B>@. 5 2848B =8G53> 2@54=>3>, ?>:0 =5 A>66QB. #6 MB> <=5 8725AB=>.
/ ?@8;>68; G0HC : 3C10<. 8=> 1K;> <>;>4K< 8 :8A;K<, => <=5 A;CG0;>AL ?8BL =0?8B:8 8 ?>EC65.
C 8 GB>, >=A? >1@0B8;AO : B><C 45 >48<>=4. !:065HL 5<C, GB> ?@>8AE>48B?
0: ?>65;05B 3>A?>48= 3@0D, E>;>4=> >B25B8; >D8F5@.
!:068, A:068, <>65B >= GB>- B> ?>A>25BC5B. ;N1>< A;CG05, ;CGH5 B0:, G5< >= ?@8H;QB A2>8E 4@C759 2 GQ@=KE <0=B8OE. !@07C 1K <=5 A>63;8 ?>;>28=C ;N459.
/ ;8HL 274>E=C;, ?>A:>;L:C =5?>=8<0=85 459AB289 8 F5;59 =:2878F88 2A5340 <5=O @0AAB@0820;>. >G5<C ;N48 4C<0NB, GB> <K ACI5AB2C5<, GB>1K :>3>- =81C4L A6830BL? -B> ;8HL :@09=OO =5>1E>48<>ABL, 0 =5 5654=52=0O @CB8=0.
!048AL, 8=:2878B>@, >= C:070; =0 A:0<59:C C AB5=K. A;CH09, 81> MB> 8=B5@5A=0O 8AB>@8O.
59B5=0=B >=A <8=CBC >14C<K20;.
-B> C65 B@5BLO 45@52=O, =0:>=5F ?@>87=QA >=. A5340 ?5@54 MB8< ?>;CG05< ?8AL<>. 0 MB>B @07 >= ?8A0;, GB>1K <K 27O;8 B5;53C 8 5E0;8 2 5@Q7>2:C.
"0: =07K20;>AL ?>A5;5=L5, :>B>@>5 BK 2845;, 4>1028; 3@0D.
2A5340 >4=> 8 B> 65. 7C25G5==K5 B@C?K 8 =8 >4=>3> A2845B5;O.
8AL<>? ?>2B>@8; O. =B5@5A=>. >3C ;8 53> C2845BL?
>G5<C =5B? 3@0D 4>BO=C;AO 4> 1N@> 8 2K=C; 87 =53> A;>65==K9 ?>?>;0< ?5@30<5=B.
'Q@=>9 BCHLN :B>- B> =0?8A0;: « 5@8 2>7 8 57609 2 5@Q7>2:C. >B>@>?8AL, ?>:0 =5 702>=O;8» .
(CB=8:, A:070; O, 2=8<0B5;L=> ?@83;O4K20OAL : ;8AB:C. -B> ?8AL<> G5;>25:0 >1@07>20==>3>, 3>A?>48= 3@0D. 0;;83@0D8G5A:85 1C:2K& @>HC 70<5B8BL, :0: 87OI=0 « » A MB8< 1@NH:>< 8 ?5@5:;048=:>9, 70:>=G5==>9 @>AG5@:><.
5;8:>;5?=>, 8@>=8G=> A:070; 3@0D, 1@>A82 273;O4 =0 ?8AL<>.
-B> 206=K9 A;54, 3>A?>48= 3@0D, O =5 40; A51O A18BL A ?0=B0;K:C. = A2845B5;LAB2C5B > B><, GB> 2@03 3>A?>48=0 3@0D0 =5 >1KG=K9 10=48B. 0=48BK =5 ?8HCB 87OI=KE ?8A5<.
GB> 87 MB>3>?
5 AG8B05B ;8 3>A?>48= 3@0D, GB> MB> AC605B :@C3 ?>4>7@5205<KE? ;>E>9 A>A54?
5B, 0445@48=, A:070; >=. K 745AL 682Q< A?>:>9=>. # =0A 1>;LH85 ?><5ABLO 8 <0;> @01>G8E @C:. >E8B8BL C :>3>- B> ;N459, ?5@5:C?8BL 8E, GB>1K CH;8 A <>8E 75<5;L 8 ?>H;8 @01>B0BL =0 :>3>- B> 4@C3>3> MB> O 1K ?>=O;. K 745AL F5=8< G5;>25G5A:CN 687=L, 8=:2878B>@. "CB 4065 =5 25H0NB ?@5ABC?=8:>2, ;8HL >B40NB 8E 2 @01AB2>. 8 >48= 87 <>8E A>A5459 =5 A>25@H8; 1K =8G53> ?>4>1=>3>.
>=8<0N, 3>A?>48= 3@0D. =0G8B =8:0:8E A?>@>2?
A5340 5ABL A?>@K, 8=:2878B>@, 2AB@O; >=A. > =8:B> =5 >A<5;8;AO 1K =0 GB>- B> B0:>5.
A<5;NAL A?@>A8BL, C254><8; ;8 3>A?>48= 3@0D ?@5D5:B0? <?5@0B>@A:89 42>@?
GB> 8< 4> MB>3>? @O2:=C; 45 >48<>=4. !48@0BL ?>40B8 >=8 ?5@2K5, => GB> 4@C3>5? >=5G=>, C254><8;. =5 4065 =5 >B25B8;8.
/ ?>:0G0; 3>;>2>9, 81> 8<5==> MB>3> A;54>20;> >6840BL. # 8<?5@0B>@0 8 53> G8=>2=8:>2 ?>206=55 45; 2KH5 3>;>2K, G5< 70=8<0BLAO ?@>1;5<0<8 ?@>28=F80;L=>3> 3@0D0, ?>;CG82H53> B8BC; 2 >1<5= =0 @>30 >BF0. > ?CABL 1K B>;L:> >A<5;8;AO =5 70?;0B8BL ?>40B8. !@07C 1K 5<C =0 3>;>2C A20;8;8AL ?@52>
[ 9 2 ]
8 53> <KB0@8.
! @04>ABLN ?><>3C 20<, 3@0D, A:070; O, 81>, E>BO O =5 7=0N, :0A05BAO ;8 45;> 5@5A8 ;81> :>;4>2AB20, => <>3C 4>?CAB8BL, GB> B0:0O 25@>OB=>ABL 5ABL.
>;4>2AB2>, DK@:=C; 3@0D. ">65 <=5&
-B> ;8HL ?@54?>;>65=8O. / @072Q; @C:0<8. 5 1K; 1K 3>A?>48= 3@0D ;N1575=, @0AA:070BL <=5 2AN 8AB>@8N A =0G0;0?
>=A, 45 >48<>=4 ?>A<>B@5; =0 ;59B5=0=B0.
!;CH0NAL, 3>A?>48= 3@0D. D8F5@ ?>AB028; C65 ?CABCN G0HC, ?>A;5 G53> 4>;8; 28=0 87 :C2H8=0: A=0G0;0 3@0DC, ?>B>< <=5 8 =0?>A;54>: A515.
AQ =0G0;>AL A 8AG57=>25=8O ;N459 87 54254=8:0& =0G0; >=.
"0:85 BCB 20@20@A:85 =0720=8O, ?@>1C@G0; 3@0D. 54254=8:, 5@Q7>2:0, >E>2K5 >@:8, @O7N:8, >A;CHB0=K, C7>20O 2>@=O&
>A;CHB0=K
[ 9 3 ]
? C;K1=C;AO O. 59AB28B5;L=>, 20@20@A:>5. >, :0: MB>, ;59B5=0=B: « A 8AG57=>25=8O» ? "5; =5 =0H;8?
0 =5B, >B25B8; >=. K 4C<0;8, :B>- B> 8E ?5@5:C?8;, :0: 3>2>@8; 3>A?>48= 3@0D, 81> 745AL =5 E20B05B @01>G8E @C:. C6=> :>@G520BL ;5A, 75<;O :0<5=8AB0O 8 =5?;>4>@>4=0O, 2>B <5AB=K5 3>A?>40@8 8 ?KB0NBAO ?5@5I53>;OBL 4@C3 4@C30 2 2>;L=>ABOE
[ 9 4 ]
.
> ?>B>< ?>A5;5=F52 C65 C1820;8?
"0: B>G=>. "@8 @070. "@8 45@52=8. 2 :064>< A;CG05 ?@8E>48;> ?8AL<>, A>>1I0NI55, :C40 =0< 5E0BL 70 B5;0<8.
K 8A:0;8 C189F?
I8 25B@0 2 ?>;5, ?@>1>@<>B0; >=A. -B> 1>;LH>9 ;5A. >;>B0, @07;82K, G0I0, ;018@8=B ?5I5@ =0 N35. @8 65;0=88, F5;CN 0@<8N <>3 1K A?@OB0BL, 0 =5 =5A:>;L:> @071>9=8:>2. >B B>;L:>, 4> A8E ?>@ 4065 @071>9=8G0BL 745AL =8:><C =5 E>B5;>AL. C <5=O 2>A5<L A>;40B 8 ?0@0 45AOB:>2 2>>@C6Q==KE A;C3. C4L C <5=O 245AOB5@> 1>;LH5 8 2AQ @02=> =8G53> 1K =5 A45;0;. 254L <K =5 <>65< >AB028BL 70<>: 157 >E@0=K.
B0: <=5 1C4CB 2K@570BL ;N459! @0D B0: 3@>E=C; :C;0:>< ?> AB>;C, GB> ?5@525@=C;AO :5@0<8G5A:89 3>@H>G5:, 8 =0 AB>;5H=8FC 2KB5:;0 BQ<=>75;Q=0O <0AA0.
8:0:8E B@51>20=89? 8G53>? A?@>A8; O.
'53> >=8 <>3;8 1K >B <5=O B@51>20BL? A?@>A8; >= A :0:>9- B> =5>6840==>9 3>@5GLN. #65 420 3>40 7045@6820N =0;>38. 0: 402=> BK A;C68HL <=5 7040@><, >=A?
>GB8 3>4, 3>A?>48= 3@0D.
>B 8<5==>. 0 AB>; 8 :@KHC =04 3>;>2>9. "0:>9 2>B 87 <5=O 3@0D.
B0:, A<8@8B5AL ?>4 :@5?:>9 @C:>9 >30, 401K 20A 2>7=QA 2 A2>5 2@5<O.
[ 9 5 ]
>B25B8; O 5<C A;>20<8 8A0=8O.
">;L:> 8=B5@5A=>, :>340 MB> 2@5<O ?@84QB, 45 >48<>=4 ?>A<>B@5; =0 <5=O BCA:;K< 273;O4><. 0: 2K 4C<05B5, <>6=> ;8 ?>;CG8BL D8;>A>DA:89 :0<5=L? @0A=CN B8=:BC@C?
[ 9 6 ]
5B, 3>A?>48= 3@0D. C<0N, GB> =5B, G5AB=> >B25B8; O.
O B0: AG8B0N, >= ?>:0G0; 3>;>2>9. A:>;L:> >@=5;8CA 7>;>B0 C <5=O 2KBO=C; =0 MB8 >?KBK& >9 >3&
>@=5;8CA? ?>4A:070; O.
-B0:89 ?@>94>E0, =5>E>B=> ?>OA=8; >=A. / ?@54C?@5640; 3>A?>48=0 3@0D0, =>, :>=5G=>, O 2A53> ;8HL ?@>AB>9 G5;>25:. # <5=O =5B >1@07>20=8O 8 O =5 A?>A>15= ?>=OBL C<K, GB> 2>7=>AOBAO : 25@H8=0< =0C:8, A:070; >= A 8@>=859, O2=> :>3>- B> F8B8@CO.
;E8<8:, B0: 254L? >A?>48= 3@0D ?@8:070; 53> ?>25A8BL?
!;54>20;>, =525A5;> @0AA<5O;AO >=A. >GCO;, >B:C40 25B5@ 4C5B, 8 C4@0;.
@8=F %033;54>@D ?OB=04F0BL ;5B 640; @57C;LB0B>2 @01>BK A2>53> 0;E8<8:0, A:070; O. 0;>68; ?>;>28=C 2>BG8=K =0 53> 87KA:0=8O. C, 0 =0 ?OB=04F0BK9 3>4 ?>B5@O; B5@?5=85 8 ?@8:070; 53> ?>460@8BL =0 65;57=>< :@5A;5
[ 9 7 ]
.
, MB> <=5 =5 ?@8H;> 2 3>;>2C, 45 >48<>=4 E;>?=C; A51O @C:0<8 ?> 1Q4@0<. / E>B5; 53> 2A53> ;8HL ?>25A8BL.
>340 A1560; MB>B >@=5;8CA? A?@>A8; O.
>;3>40 B><C =0704? @0D ?>A<>B@5; 2>?@>A8B5;L=> =0 ;59B5=0=B0, 8 >D8F5@ :82=C;.
"> 5ABL, ?5@54 ?@>?0659 ;N459 87 45@52=8 8 ?5@2K<8 =0?045=8O<8?
GB> >1I53> <564C >4=8< 8 4@C38<? 45 >48<>=4 ?>60; ?;5G0<8.
8AL<>, 3>A?>48= 3@0D, >1JOA=8; O. / 3>2>@8;, GB> 53> ?8A0; G5;>25: >1@07>20==K9. @><5 B>3>, A>25@H5==> >G5284=>, GB> >= 1K; 70 GB>- B> >1865= =0 3>A?>48=0 3@0D0. 54L MB> C254><;5=85 > A>25@H5==KE ?@5ABC?;5=8OE G8AB>5 7;>@04AB2>. C<0N, 53> 70102;O;> 15AA8;85 3>A?>48=0 3@0D0, 5A;8 ?>72>;8B5 <=5 1KBL G5AB=K<.
/ ?@O<>- B0:8 ?@54AB02;ON, :0: >@=5;8CA >13@K705B B@C?K, DK@:=C; A 8@>=859 45 >48<>=4. 0, A?0A81>, => 5A;8 B0: 459AB2C5B =0H0 =:2878F8O&
>@=5;8CA MB> A;01K9 8 BI54CH=K9 G5;>25:, ?>OA=8; >=A. 0: 1K >= <>3 ?5@518BL ;5A>@C1>2, @K10:>2, ?0ABCE>2? 4>102>: 2>>@C6Q==KE 8 7=0NI8E B>;: 2 18B25? # 20A @07K3@0;>AL 2>>1@065=85, 8=:2878B>@.
@>HC ?@>I5=8O, 3>A?>48= 3@0D, A:070; O, A:;>=OO 3>;>2C. / 2A53> ;8HL AB0@0NAL >E20B8BL 2AQ 45;> <>8< A:C4=K< C<>< 8 =025@=O:0 A>25@H0N <=>3>G8A;5==K5 >H81:8.
?0A=K9 G5;>25:, ?@>87=QA ?>A;5 <8=CBK <>;G0=8O 45 >48<>=4, >1@0I0OAL : >D8F5@C, MB>B =0H 8=:2878B>@. 59AB28B5;L=> >?0A=K9. = ?>:0G0; 3>;>2>9 8 ?>A<>B@5; =0 <5=O. =0G8B, 4C<05HL, 4>:B>@ >@=5;8CA 70<5H0= 2> 2AQ MB>?
7- 70 >BACBAB28O 4@C38E ?@54?>AK;>:
[ 9 8 ]
, A<8@5==> ?@87=0N, GB> B0:0O <KA;L ?>A5B8;0 <>N 3>;>2C.
AB02L BK& 1C@:=C; >=, MB> @01>;5?85. 1>, ?>;030N, =5 70 :@0A=>@5G85 BK AB0; 8=:2878B>@><. "K 402=> C65 A;C68HL &5@:28?
02=>, 3>A?>48= 3@0D.
@8E>48;>AL 70=8<0BLAO ?>4>1=K<8 45;8H:0<8?
>4>1=K<8 =5B.
"0: GB>, <=5 <>6=> @04>20BLAO, GB> 1C4C ?5@2K<, 0? >2K9 >?KB 2 8=:2878B>@A:>9 @01>B5&
ABL ;8 C 3>A?>48=0 3@0D0 :0@BK >:@5AB=>AB59? A?@>A8; O, 83=>@8@CO 53> 5E84AB2>.
0@BK& IQ G53>& >?@>1C9 C3>2>@8 8<?5@0B>@A:8E :0@B>3@0D>2, GB>1K AN40 ?@85E0;8.
MB8 45@52=8 =0E>4OBAO& 1K;8, ?>?@028;AO O, 40;5:> 4@C3 >B 4@C30?
20 4=O ?CB8, >B25B8; >=A. @8<5@=>.
A;8 1K O 70E>B5; ?>A5B8BL 2A5, :0: 1K <=5 ?@8H;>AL 5E0BL? > ?@O<>9 ;8=88?
5B, :>=5G=> 65, =5B, >B25B8; ;59B5=0=B 8 =04>;3> 704C<0;AO. !:>@55, O 1K A:070;, GB> B515 ?@8H;>AL 1K A45;0BL :@C3, 8=:2878B>@.
%>@>H>. ">340 ?@54AB028< A515, GB> C =0A 5ABL :@C3, O ?>2Q; =>A:>< A0?>30 ?> ?>;C, 8 =0 MB>< A0<>< :@C35 ;560B ?>425@3H85AO =0?045=8N 45@52=8. 'B> 2 53> F5=B@5?
>=A 8 45 >48<>=4 ?>A<>B@5;8 4@C3 =0 4@C30.
>;>B0? =5C25@5==> A?@>A8; >D8F5@. 0, 4>1028; >= C65 @5H8B5;L=K< 3>;>A><. >;>B0.
=0G8B, B0< <K 4>;6=K 8A:0BL C189F, ?@>87=QA O. B>- =81C4L 7=05B MB8 1>;>B0?
K HCB8B5? @0AA<5O;AO >=A. 0G5< :><C- B> ?>=04>18;>AL 1K 8E 7=0BL?
0=48BK 4>;6=K 345- B> 68BL 8 8<5BL GB> AJ5ABL. #25@5=, =0 1>;>B0E <K =094Q< 8E C:@KB85. ABL ;8 :B>- B>, :B> <>65B =0A ?@>25AB8? !<>;>:C@K
[ 9 9 ]
? >@B=8:8
[ 1 0 0 ]
?
>@B=8:8& <& 704C<0;AO >=A. / A;KH0; > 1>@B=8:0E, 682CI8E ?>1;87>AB8. > 7=0NB ;8 1>;>B0, >48= >3 25405B.
K 459AB28B5;L=> E>B8B5 =0< ?><>GL, 8=:2878B>@? A?@>A8; 45 >48<>=4, 8 2 53> 3>;>A5 O, ?>E>65, CA;KH0; =5GB> 2@>45 =5>E>B=>3> C2065=8O. =5 4065 =5G53> ?@54;>68BL 20< 270<5=.
409B5 <=5, 3>A?>48= 3@0D, =5A:>;L:> G5;>25: 8 70?0A 54K. 5 7=0N, 2?@O< ;8 <K =094Q< GB>- B> =0 1>;>B0E, => 7=0N, GB> <K <>65< G5@?0BL 25;8:>9 <C4@>AB8 2 A;>20E 8A0=8O. >=> 3;0A8B:
« ABCG8B5, 8 >B2>@OB 20<»
[ 1 0 1 ]
.
>54C A =8<8, ?@>87=QA ;59B5=0=B. >7L<C $>=B0=0, 45 8;O 8 =5A:>;L:8E A>;40B. >65B =8G53> 87 MB>3> =5 ?>;CG8BAO, => ?>?@>1>20BL AB>8B.
20H8 ;N48, 8=:2878B>@, A A><=5=85< 2 3>;>A5 ?5@518; 45 >48<>=4. K;8 :>340- =81C4L 2 1>N?
/ @0AA<5O;AO.
>7<>6=>, O =5 4>;65= C?>B@51;OBL B0:8E A;>2 ?> >B=>H5=8N : <>8< ?><>I=8:0<, => MB> C189FK, 3>A?>48= 3@0D. 4=8 87 A0<KE >1CG5==KE, :0:8E O 2845; 2 687=8.
@0D ?>:820;, => O 2845;, GB> >= >AB0;AO =5 4> :>=F0 C25@5==K<.
5 7=0N, >=A, =0:>=5F A:070; >=. -B> B515 ?@84QBAO @8A:>20BL 3>;>2>9. 5 >B40< B515 B0:>3> ?@8:070, => A45;05HL B>, GB> ?>AG8B05HL =C6=K<.
B0:>< A;CG05, 54C A 8=:2878B>@><, 3>A?>48= 3@0D, @5H8; 157 :>;510=89 ;59B5=0=B. ;>E> 1K O A51O GC2AB2>20;, 7=0O, GB> GC6>9 G5;>25: 2>N5B 70 <>Q 45;>.
* * *
K ?>4?>;7;8, 5;>7O 682>B0<8 ?> <>:@>9 75<;5, 8 70B08;8AL =0 :@0N :CAB0@=8:0. / 2845; D83C@K, A=CNI85 C :>AB@>2. F5=B@5 AB>O;0 1>G:0, 87 :>B>@>9 ;N48 G5@?0;8 :C2H8=0<8 8;8 :C1:0<8, <K GC2AB2>20;8 70?0E 60@5=>3> <OA0, 0 8740;8 4>=>A8;8AL 3>;>A0 @073>2>@>2.
5@2K9, ?@>H5?B0; O. !<>65B5 8E A=OBL?
/A=>, >@48<5@, >B25B8; 1;87=5F. AQ 284=> :0: =0 ;04>=8.
=:2878B>@, O CA;KH0; 3>;>A >=A0. 5A;8 MB> =5 >=8? A;8 C1LQ< =528=>2=KE?
/ :0:>5- B> 2@5<O 4C<0; =04 B5<, GB> >= A:070;. 5=O =5 >A>15==> 701>B8;0 687=L MB8E ;N459, => O =5 A>18@0;AO @8A:>20BL A>1AB25==>9, 5A;8 MB> =5 4>;6=> 1K;> ?@8=5AB8 =C6=>3> MDD5:B0. 59AB28B5;L=>, ACI5AB2>20;0 25@>OB=>ABL, GB> MB> 1K;8 2A53> ;8HL A?>:>9=K5 ?>A5;5=FK, 65;0NI85 68BL 240;8 >B 70:>=0, ?>40B59 8 2;0AB8 D5>40;L=>3> E>7O8=0. >4>1=>5 G0AB> A;CG0;>AL 2 <0;>70A5;Q==KE <5AB=>ABOE. -B> B0:65 <>3;8 1KBL 153;K5 E>;>?K 8;8 873>8, A:@K20NI85AO 2 3;CH8 >B AC@>2>9 @C:8 ?@02>AC48O, => =5 8<5NI85 =8G53> >1I53> A 2K@570=85< 45@525=L.
/ =5 3>2>@8; 20< MB>3>, ;59B5=0=B, => 65=I8=0 =5 87 %570, >B25B8; O ?>A;5 =5:>B>@KE @074C<89. =0 68;0 2 >4=>< 87 ?>A5;5=89 8 2845;0 C189F. #1548B ;8 20A 5Q A2845B5;LAB2>?
>B :0:, A:070; >=. %>@>H>. -B> <5=O C1548B.
/ B>;:=C; 1;87=5F0 8 ?@8:070; 5<C 84B8 70 -;8AA>9. / ?>=OB8O =5 8<5;, A<>65B ;8 452CH:0 =0 B0:>< @0AAB>O=88 C7=0BL ;8F0 C189F. > =045O;AO, GB> 40, ?>A:>;L:C 2@5<O >B 2@5<5=8 =5:>B>@K5 87 <C6G8= 2KE>48;8 =0 A25B ?;0<5=8, 8 8E 1K;> 284=> >G5=L >BGQB;82>.
5<=>3> ?>3>4O 5@2K9 ?@8?>;7 >1@0B=>, 0 @O4>< A =8< =5C:;N65 ?>;7;0 -;8AA0. AQ 5Q ;8F> 1K;> 2K<070=> 3@O7LN, 8 >=0 4@>60;0 :0: >A8=>2K9 ;8AB. / :@5?:> >1=O; 5Q @C:>9 8 ?@860; : A515.
5 1>9AO, G04> <>Q, H5?=C; O 59 ?@O<> 2 CE> 8 ?>GC2AB2>20;, GB> 2 <>8E >1JOB8OE >=0 ?5@5AB0QB 4@>60BL.
"K 4>;6=0 2=8<0B5;L=> ?@8A<>B@5BLAO : ;N4O< C :>AB@0. A:070BL =0<, B5 ;8 MB>, GB> =0?0;8 =0 20HC 45@52=N. !<>B@8 2=8<0B5;L=> 8 =5 >H818AL.
0, 3>A?>48=, H5?=C;0 >=0.
=0 ?>4=O;0 3>;>2C, 0 O 7=0;, GB> =0ABC?05B >?0A=K9 <><5=B. 'B> 1C45B, 5A;8 >=0 C7=05B C189F 8 =0G=QB :@8G0BL? 4@C3 70@K405B? >1568B 2 ?0=8:5, :C40 3;070 3;O4OB? / 1K; 3>B>2 >AB0=>28BL 5Q 8 70B:=CBL 59 @>B, 5A;8 ?>=04>18BAO. > -;8AA0 ;8HL A8;L=55 704@>60;0, 8 O CA;KH0;, :0: :;0F=C;8 5Q 7C1K.
-B> >=8, A:070;0 B0: =5@071>@G82>, GB> O 5Q 5420 ?>=O;. =8!
"K C25@5=0?
'Q@=0O 1>@>40. =0 2?8;0AL =>3BO<8 2 <>N ;04>=L, 40 B0: A8;L=>, GB> O 1K; C25@5=, GB> >AB028B =0 <>59 :>65 :@>202K5 A;54K. -B>B G5@=>1>@>4K9. / 2845;0, :0: >= 3@K7& >=0 15772CG=> @0A?;0:0;0AL, 8 O ?>F5;>20; 5Q 2 ;>1.
"K E@01@0O 65=I8=0, -;8AA0, A:070; O 8 40; 7=0: 1;87=5FC, GB>1K >= >B2Q; 5Q =0704 : ;>H04O<.
>AB0B>G=>, ;59B5=0=B? A?@>A8; O.
>AB0B>G=>. AC<@0:5 O =5 2845; 53> ;8F0, ;8HL :82>:. 1A>;NB=> 4>AB0B>G=>.
;035@N 25;0 B>;L:> >4=0 4>@>30. ! N30. ! A525@0, 70?040 8 2>AB>:0 >:@C60;8 53> 3CABK5, =5?@>;07=K5 70@>A;8 BQ@=0. / 7=0;, GB> B0< <K =5A><=5==> =5 ?@>94Q<, 81> 5A;8 1K 4065 C40;>AL ?@5>4>;5BL H8?0ABK9 :CAB0@=8:, B> =025@=O:0 =0A 1K 70BO=C;0 1>;>B=0O B@OA8=0.
!;54>20B5;L=>, =0< ?@54AB>O;> ?@>1820BLAO G5@57 >B:@KB>5 ?@>AB@0=AB2>. 0 =0H5 AG0ABL5, C189FK =5 >E@0=O;8 ;035@L. 848<>, >=8 =5 ?@54?>;030;8, GB> :B>- ;81> A<>3 1K ?@>9B8 ?> 8E A;54C 8 ?@5>4>;5BL ?@540B5;LA:85 1>;>B0. "5< =5 <5=55, 2 ?>;5 =0H53> 7@5=8O 8E 1K;> 45AOB>:- 420, 0 =8:B> =5 <>3 30@0=B8@>20BL, GB> 345- B> B0< 2 B5<=>B5 =5 B08;8AL 4@C385. >65B G0ABL ?@074=>20;0 8 @072;5:0;0AL, 0 >AB0;L=K5 A?0;8?
'B> 6, 2> 2AO:>< A;CG05, =0A 1K;> 452OB5@>, => O =5 7=0;, G53> AB>OB ;N48 ;59B5=0=B0 >=A0, 8 4065 >= A0<. 0: >1KG=>, ;CGH5 2A53> 1K;> @0AAG8BK20BL B>;L:> =0 A51O. 2> 2B>@CN >G5@54L, =0 !<5@BCE0 8 1;87=5F>2.
AB0QB5AL 745AL, ?@8:070; O 5@2><C 8 B>@><C, 8 E>@>H> F5;LB5AL.
>B>2K? A?@>A8; O >=A0, 8 >= 2 >B25B :82=C;.
">340 8<5=5< >6L8<! :@8:=C; O 8 2AB0;.
MB>B <><5=B ?@>I515B0;8 1>;BK, 8 42>5 ;N459 A20;8;>AL =0 75<;N. 48= C?0; ;8F>< 2 :>ABQ@. ;035@5 C189F @0740;8AL :@8:8, 2>?;8, >:;8:8, 0 <K C65 A> 2A5E =>3 1560;8 2 8E AB>@>=C.
AQ ?>H;> =5>6840==> ;53:>. / >?0A0;AO O@>AB=>3> A>?@>B82;5=8O, >65AB>G5=8O 8 1>O =5 =0 687=L, 0 =0 A<5@BL. 56 B5<, <K =0;5B5;8 =0 =8E, 1C4B> A2>@0 >E>B=8GL8E A>10: =0 AB@5=>65==KE :>AC;L. / ?>;>A=C; =01530NI53> G5;>25:0 <5G>< ?> 3@C48 ( 4065 =5 7=0N, >= 1560;, GB>1K A> <=>9 18BLAO, 8;8 C1530; :0: @07 2 MBC AB>@>=C) , A;54CNI5<C 2A048; :;8=>: 2 3>@;>. ?>B>< O ;8HL AB>O; 2 A25B5 :>AB@>2 8 A<>B@5;, 81> ?>8AB8=5 <=5 =5G53> 1K;> 45;0BL. !<5@BCE 8 ;N48 ;59B5=0=B0 >=A0 :@CB8;8AL :0: >H?0@5==K5, 8 B5;0 10=48B>2 20;8;8AL, 1C4B> A=>?K A60BKE E;51>2, 5A;8 ?>72>;8B5 <=5 B0:CN 8718BCN <5B0D>@C. >, >4=0:>, A;>6=> 1K;> =5 70<5B8BL, GB> 8E A>?@>B82;5=85& 1K;> AB@0==K<. =8 15A?><>I=> 2KBO3820;8 @C:8 =02AB@5GC :;8=:0<, 1530;8 A :@8:>< :@C30<8, A?>BK:0;8AL > A>1AB25==K5 =>38. =8E 1K;> 284=> :0:>5- B> >BC?5=85, =525@>OB=0O 2O;>ABL 42865=89 8 ?>;=>5 >BACBAB285 1>52>3> >?KB0. 5C65;8 >=8 1K;8 A?>A>1=K C1820BL ;8HL =53>B>2KE : =0?045=8N A5;O=? >3;8 ;8 MB> 1KBL B5 A0<K5 ;N48, GB> 2K@570;8 ?>A5;O= 8 2 725@8=>< 15H5=AB25 3@K7;8 8E B@C?K? 45AL =5;L7O 1K;> 70<5B8BL 4065 A;540 15H5=AB20 8;8 1>52>3> 8AABC?;5=8O.
5<=>3> ?>3>4O <K AB>O;8 =04 ?0@>9 45AOB:>2 B@C?>2, 8 MB>B >H5;><;ONI5 ;Q3:89 B@8C<D =5 ?>43>B>28; =0A : B><C, GB> 4>;6=> 1K;> A;CG8BLAO G5@57 <8=CBC. 1> 87 45@52O==>3> A0@0O, A;>65==>3> 87 1>;LH8E, <0AA82=KE 1@Q25=, 24@C3 2K1560;> 42>5 ;N459 A B>?>@0<8 2 @C:0E. 2>5 A>;40B ;59B5=0=B0 >=A0 1@>A8;>AL : =8<, 8 G5@57 <83 >10 C65 =5 68;8. 48= 87 =0?0402H8E 1K; ?>@06Q= 2 ?;5G>, => >= 4065 =5 70<54;8; H030, E>BO O 2845;, :0: C40@ ?>GB8 >BAQ: 5<C @C:C, :>B>@0O B5?5@L A28A0;0 ;8HL =0 ;>A:CB5 :>68. >;>4>9 G5;>25: A 1;54=K< ;8F><, :>B>@>3> >=A =07K20; 45 8;5<, ?K@=C; >AB@8Q< 2 682>B 2B>@>3> 10=48B0. ">B =0=870;AO =0 53> <5G, B0: GB> @C:>OBL AB>;:=C;0AL A B5;><, 2K?CAB8; 87 @C:8 B>?>@, AE20B8; 45 8;O 70 3>;>2C 8 23@K7AO 2 53> ;8F>. / 2845; ;8HL E;5AB02HCN :@>2L 8 A;KH0; >BG0O==K9 :@8:, :>B>@K9 =5 A<>;: 4065 B>340, :>340 !<5@BCE @0720;8; =0?0402H5<C 3>;>2C A01;59. C6G8=0 A >B@C1;5==>9 @C:>9 21560; <564C 42C<O 4@C38<8 A>;40B0<8, ?>;CG8; 420 C40@0 :>?LO<8, ?>A;5 G53> @07<0E=C;AO 8 >BAQ: 3>;>2C 1;86=5<C 87 ;N459 >=A0. 7 1573>;>2>3> BC;>28I0 E;K=C;0 AB@CO :@>28, 0 O ?>4A:>G8; 8 70<0E=C;AO <5G><. 0=48B ?@8:@K; 3>;>2C, => <5G >B@C18; 5<C :8ABL 8 @0AAQ: ;8F>. = 4065 =5 70AB>=0;. 5 :@8:=C;. A25B5 :>AB@>2 O 2845; 53> @0AH8@5==K5, 1;5ABOI85 3;070. =8 ?>30A;8 ;8HL B>340, :>340 <564C =8<8 A E@CAB>< 2>B:=C;AO =0:>=5G=8: AB@5;K. ">;L:> B>340 >= C?0;. 57@C:89, 25AL 70;8BK9 :@>28I59, A 3@C4LN, ?@>18B>9 :>?LO<8. = 5IQ 4Q@30;AO =0 75<;5, 0 87 53> @B0 H;0 :@>20O ?5=0.
5G >A?>40 =0H53>! O CA;KH0; ?5@5?C30==K9 HQ?>B >=A0, 45 8;L, >65!
/ >15@=C;AO 8 C2845;, :0: ;59B5=0=B ?KB05BAO >AB0=>28BL :@>2L, B5:CICN 87 ;8F0 45 8;O. # <>;>4>3> G5;>25:0 1K;0 2K@20=0 I5:0, B0: GB> >1=068;8AL G5;NABL 8 7C1K, 0 >B 53> =>A0 >AB0;AO ;8HL :@>202K9 ;>A:CB A 2KABC?0NI8< E@OI><. AG0ABLN, >= =5 :@8G0;, 81> @0=LH5 >3 40; 5<C <8;>ABL 701KBLO.
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
>:B>@ >@=5;8CA, O ?>;030N? 256;82> A?@>A8; O.
@05< 3;070 O 70<5B8;, :0: 2 ?><5I5=85 21560; ;59B5=0=B >=A, 0 ?>B>< 70ABK; =0 <5AB5, 284O ;560I53> ?>4 AB5=>9 <C6G8=C. "5< 2@5<5=5< 8AEC40;K9 G5;>25G5: 2KB5@ @C:02>< :@>2L A ;8F0 8 A> AB>=>< ?>4=O;AO =0 =>38. K?;N=C; =0 ?>; 2K18BK5 7C1K.
-B> 8<5==> >=, A:070; ;59B5=0=B >=A 8 A45;0; H03, => O AE20B8; 53> 70 ?;5G>.
5B- =5B, A:070; O. 0< =04> ?>3>2>@8BL. @0240, 4>:B>@?
:B> BK B0:>9, GB> =0?0405HL =0 <8@=KE ;N459? ?@>H0<:0; 4>:B>@, 8 ?@>72CG0;> MB> B0:: « 0 DB> BK B0D>9, DB> =0?0D05HL =0 <8D=KE ;ND59? » .
/ B>;:=C; 53> =0 ABC;, B0: GB> >= A @07<0EC A5;.
'B> 70 =03;>ABL? A:070; O. "K 3>2>@8HL > =0?045=88? B@8 2K@570==KE A5;0?
5@525=I8=0, A:@828;AO >= ?@57@8B5;L=>. ><C :0:>5 45;> 4> 45@525=I8=K? # <5=O 5ABL ?CBL, ?0@5=L! 45O, 70 :>B>@CN AB>8;> 1K >B40BL 687=L MB8E ;N459&
AB8==> 3>2>@N 20<: 'B> 2K A45;0;8 MB><C 1@0BC >5<C <5=LH5<C, B> <=5 A45;0;8,
[ 1 0 2 ]
>B25B8; O A;>20<8 8A0=8O. "0:, <>65B, ?>45;8HLAO A2>8< 2845=85< ?CB8 A 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0?
"K 8=:2878B>@? >= 3;O=C; =0 <5=O 8A?>4;>1LO. G5=L E>@>H>. >7<>6=>, <=5 ?>=04>18BAO ?><>IL B2>53> 3>A?>48=0.
/ A<>B@5; =0 =53> 8 ?@87=0NAL, =0 <3=>25=85, =0 <8=CB:C, C <5=O O7K: >B=O;AO. C6 ?>25@LB5, ;N157=K5 <>8, A 20H8< ?>:>@=K< A;C3>9 B0:>5 @54:> A;CG0;>AL. >B ?5@54> <=>9 A848B C189F0, 0 A:>@55 2>60: 10=4K C189F, :>B>@K9 A>25@H5==> =5 >15A?>:>8;AO 3815;LN A2>8E ;N459 8 ?@8ACBAB285< 8=:2878B>@0, 0 @0AAG8BK20; =0 2AB@5GC A 5?8A:>?><. = 1K; ?@>AB> BC?K< 8;8 C65 AC<0AH54H8<?
/ 4C<0;, @0765GL ;8 :>ABQ@ 8;8 A:>@55 3>B>28BL 25@Q2:C, A:070; O. > 286C, GB> @073>2>@ 709<QB C =0A 1>;LH5 2@5<5=8. 59B5=0=B, O ?>25@=C;AO : >=AC, 2K =5 <>3;8 1K A:070BL <>8< ;N4O<, GB>1K @07>3@5;8 8=AB@C<5=BK?
5 1C4L 848>B><, 8=:2878B>@, 4>:B>@ >@=5;8CA E@01@8;AO, => 2AQ 65 O 2845;, GB> >= 8A?C30;AO. >25@L <=5, C <5=O 5ABL A2545=8O 8 7=0=8O, :>B>@K5 708=B5@5ACNB 3> @5>A2OI5=AB2>. ?>25@L <=5 B0:65, >= 2KBO=C; 2 <>N AB>@>=C EC4>9, :>AB8ABK9 ?0;5F, GB> 8 B515 >B MB>3> ?5@5?04QB.
!;CH0N, ?@>87=QA O. # B51O =5 A;8H:>< <=>3> 2@5<5=8, 0 O =5 >G5=L B5@?5;82K9 G5;>25:. =5 A0<><C 8=B5@5A=>, C40ABAO ;8 B515 :C?8BL 687=L&
/ =5 <>3C 3>2>@8BL >1 MB>< B515! :@8:=C; >= B0:, 1C4B> :B>- B> ?@>2Q; >AB@8Q< ?> <@0<>@C. %>GC C2845BL 5?8A:>?0!
>=5G=>, 4@C65A:8 >B25B8; O. =5 ?@O<> A59G0A ?>4020BL ?>2>7:C 8;8 GCBL ?>3>4O?
!BC:=C;0 425@L, 8 !<5@BCE 703;O=C; 2=CB@L. / =01;N40; 70 4>:B>@>< >@=5;8CA>< 8 70<5B8;, GB> 53> ;8F> ?><5@B25;>. E, MB>B <>9 !<5@BCE, 2A5340 ?@>872>48B 2?5G0B;5=85!
@5NBAO, 4>;>68; >=. #AB0=02;820BL AB>; 8;8 ?>425A8<?
%>@>H>, :@8:=C; >@=5;8CA. AQ A:06C!
/ ?@8428=C; B01C@5B, A5; 8 40; 7=0: !<5@BCEC, GB>1K =0A >AB028;. 59B5=0=B >=A 2AB0; C AB5=K.
/ 25AL 2=8<0=85, 256;82> A:070; O.
/ 4>:B>@ <548F8=K, =0G0; >@=5;8CA, 8 CGQ=K9. / @0AH8@8; B09=K 0;E8<88, E>BO <>O @01>B0 =5 1K;0 >F5=5=0 >1I5AB2><. > O =5C:;>==> 8 2 ?>B5 ;8F0 @01>B0; =04 84559, A?>A>1=>9 87<5=8BL >1;8: MB>9 75<;8&
>:B>@, A:070; O. >Q B5@?5=85 8<55B 3@0=8FK.
= A?;N=C; <>:@>B>9 8 :@>2LN =0 ?>;, ?>B@>30; ?0;LF5< >1;><:8 7C1>2.
'53> =5 E20B05B :>@>;O< 8 35@F>30<? A?@>A8; >=.
>;>B0, O >B25B8;, 81> >= O2=> @0AAG8BK20; =0 >B25B, 0 C <5=O, 2 :>=F5 :>=F>2, 1K;> 2@5<O, 8 O <>3 ?>CG0AB2>20BL 2 MB>9 83@5. > :@09=59 <5@5, <8=CB:C.
>;>B0 B>65, ?@87=0; >=, => D8;>A>DA:89 :0<5=L MB> <8D. $0=B0A<03>@8O. 5 C40ABAO ?@52@0B8BL A28=5F 2 7>;>B>.
5 C40ABAO, ?>440:=C; O, 81> E>BO 1K 2 MB>< A;CG05 4>:B>@ >@=5;8CA :070;AO @0AAC640NI8< 74@02>.
@028B5;O< =5 E20B05B 2>9A:0, 8=:2878B>@. N459, 3>B>2KE C<8@0BL ?> 8E <0=>25=8N. @<88, :>B>@0O =5 @071568BAO 2 ?0=8:5, A>;40B, :>B>@K5 1@>AOBAO =0 1>;55 <=>3>G8A;5==>3> 2@030 8 1C4CB 18BLAO 4> A<5@B8 ;81> ?>154K. !>;40B, =5 GC2AB2CNI8E AB@0E0 8 1>;8, O@>AB=KE, :0: 48:85 725@8. !>;40B, :>B>@KE =5 =04> 3>40<8 B@5=8@>20BL 8;8 CG8BL 48AF8?;8=5. O 40< B0:8E A>;40B B><C, :B> <=5 E>@>H> 70?;0B8B.
=0G8B, MB8 ;N48. . ? O <0E=C; @C:>9.
<5==>! / @07@01>B0; @5F5?BC@C <8:ABC@K, ?@52@0I0NI59 >1KG=>3>, ?@>AB>3> G5;>25:0 2 =57=0NICN GC2AB2 <0H8=C 4;O C189AB20. / >?@>1>20; @5F5?B =0 68B5;OE >4=>9 87 45@525=L&
"5, :>B>@K5 ?@>?0;8, O ?>:0G0; 3>;>2>9. <5==>, >= E;>?=C; 2 ;04>H8. -:AB@0:B B0:65 2K7K205B ?>;=CN 7028A8<>ABL. A;8 53> =5 40BL MB8< ;N4O< 2>2@5<O, 1C4CB 2KBL >B 1>;8 8 A8;L=>3> 2;5G5=8O, C<>;OBL& =8 A45;0NB 2AQ 70 =>2CN ?>@F8N! B0:8< A?>A>1>< ?>;CG05HL =04 =8<8 ?>;=CN 2;0ABL&
G5=L ;>2:>, 4>:B>@. / ?>@06Q= 20H8<8 A?>A>1=>ABO<8.
= ?@>A8O; 8 A5; 2 :@5A;5 C4>1=55.
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
>B 345 20H8 A>25@H5==K5 A>;40BK, 70A<5O;AO O. <>8 ;N48 :0: @07 2K1@0AK20NB B@C?K 2 1>;>B>.
@8OB5;L! 54L O CA?5; 40BL M:AB@0:B B>;L:> 42>8< <>8< ?>4@CG=K<. AB0;L=K5 >B4KE0;8 ?>A;5 ?>A;54=8E M:A?5@8<5=B>2&
C GB> 6, =53>4O9 :@0A82> =0720; C=8GB>65=85 F5;>9 45@52=8. / 2A5340 CB25@640;, GB> CGQ=K5 =5 3@5H0B 87;8H=59 ;N1>2LN : 1;86=5<C, => >@=5;8CA 2KE>48; 70 2A5 2>7<>6=K5 ?@545;K.
530NI89 2 ?><5H0B5;LAB25 A1@>4 MB> B2>Q =5?>1548<>5 2>9A:>, 4>:B>@?
@54AB02L A515 BKAOG8, 45AOB:8 BKAOG MB8E ;N459, >= <5GB0B5;L=> ?@8:@K; 3;070, >?CAB>H0NI8E 2@065A:85 ?><5ABLO. 8B0NI8EAO B@C?0<8, =5 GC2AB2CNI8E 1>;8 8 AB@0E0, 0 <>65B 4065 =5 =C640NI8EAO 2 >B4KE5, 81> AG8B0N, <=5 C40ABAO ?>?@028BL @5F5?BC@C. 0725 BCB 45;> B>;L:> 2 1>52KE 2>7<>6=>ABOE? 5B, 8=:2878B>@! "CB 45;> 2 70?C3820=88 2@030, 8AB>I5=88 53> ?>4 3@C7>< =5AG0AB89, A20;82H8EAO =0 53> 75<;8! -B8 ;N48, 87<5=Q==K5 A8;>9 <>59 <8:ABC@K, 1C4CB A5OB5;O<8 3@>7K. @>7K, :>B>@>9 5IQ =5 2845; <8@!
/ >14C<0; 53> A;>20 8 ?>:0G0; 3>;>2>9. K;8 2 =8E :0: 157C<85, B0: 8 =5C<>;8<0O ;>38:0.
45 @5F5?B? A?@>A8; O, 0 >= 70:CA8; 3C1K 8 >B25@=C;AO.
>:B>@, 5A;8 ?>B@51C5BAO, 4>1C4C 53> >B B51O >3=Q< 8 65;57><. 45 @5F5?B? 45 >1@07FK?
5E>BO >= 2AB0; 8 ?>4>HQ; : AB5=5. Q@=C; 8 >B:@K; 425@FK <0;5=L:>3> H:0DG8:0. A5@548=5 1K;0 H:0BC;:0. / >BB>;:=C; 53> 8 A0< 5Q 2K=C;. >4=O; :@KH:C 8 2=CB@8 C2845; =5A:>;L:> 10=>G5: 87 :>@8G=52>3> AB5:;0, 0 B0:65 A;>65==K9 2G5B25@> ;8AB ?5@30<5=B0. / 65AB>< ?@8:070; 4>:B>@C, GB>1K >= A5; >1@0B=> =0 ABC;, 8 @0725@=C; ?5@30<5=B.
8G53> 2K 2 MB>< =5 ?>9<QB5, ?@>1>@<>B0; >=. 04> 1KBL 0;E8<8:><, GB>1K ?>=OBL, > GQ< BCB @5GL. / @01>B0; =04 MB8< 2AN 687=L! /, 4>:B>@ >@=5;8CA ;LB5=D5@3
[ 1 0 3 ]
! >Q 8<O ?5@5682QB 25:0!
= O2=> 2>71C640;AO >B A>1AB25==KE A;>2, ?>MB><C O @5H8; =5 >1@0I0BL =0 =53> 2=8<0=8O. / 2K=C; ?@>1:C, 70BK:02HCN 3>@;KH:> >4=>9 87 10=>G5: 8 703;O=C; 2=CB@L. CAB0O, :>@8G=520O 8 2>=ONI0O 3=8;LN <0AA0 =0?>;=O;0 ?>AC48=C 4> :@0Q2.
>=8 MB> 5;8? A?@>A8; O.
5B, 274>E=C; >=, @074@06Q==K9, GB> O ?@5@20; 53> 2KABC?;5=85. -:AB@0:B A;54C5B @0AB2>@OBL 2 0;:>3>;5, 0 ?>B>< 2 2>45 8 ?>4020BL ?5@>@0;L=>. ;59 53> 2 3>@>4A:>9 :>;>45F 8 C2848HL GC45A=K5 MDD5:BK, C;K1=C;AO >=, ?>:07K20O >:@>202;5==K5 4QA=K.
30, >B25B8; O.
/ 2;>68; ?5@30<5=B 8 10=>G:C >1@0B=> 2 H:0BC;:C 8 >B:@K; 425@L.
!<5@BCE, <>6=> B51O, ?>720; O, 0 :>340 ?>4>HQ;, ?@>H5?B0; 5<C =0 CE> ?@8:07.
= 70:>;510;AO 8 ?>?@>A8;, GB>1K O ?>2B>@8;. -B> @54:> A =8< A;CG0;>AL, => =0 MB>B @07 O <>3 53> ?>=OBL. >NAL, ;N157=K5 <>8, O A0<, ?>;CG0O B0:>5 ?>@CG5=85, 2 ?5@2CN <8=CBC ?>4C<0; 1K, GB> >A;KH0;AO.
/ AB0@0B5;L=> 70:@K; 425@L 8 ?>4>HQ; : 4>:B>@C A H8@>:>9 C;K1:>9 =0 ;8F5. @845@60; 53> 70 ?;5G8 8 2>B:=C; >AB@8Q :8=60;0 2 :04K:. / ?5@5@570; 5<C 3>;>A>2K5 A2O7:8, B0:, GB>1K >= =5 <>3 :@8G0BL, => 7=0;, GB> 03>=8O 709<QB <0;> 2@5<5=8. ?@>G5<, :0: =0 <>9 2:CA, 8 B0: A4>E=5B A;8H:>< 1KAB@>.
'- GB> 2K. . ? >=A 428=C;AO :> <=5 8 A<>B@5; >H5;><;Q==K9 =0 >@=5;8CA0, :>B>@K9 :0: @07 A 3@>E>B>< C?0; =0 ?>;.
>:B>@ :>@G8;AO, 8725@30; 87> @B0 :@>202CN ?5=C, 0 ?0;LF0<8, A:@NG5==K<8 :0: :>3B8, ?KB0;AO >AB0=>28BL :@>2L 8 7060BL @0=C.
?@>G5<, <>65B 8 ?@028;L=>, ;59B5=0=B 3;C1>:> 274>E=C;. :>=F5 :>=F>2, C =0A 5ABL @5F5?B 8 >1@07FK. MB>B ?>4;5F ?CABL ?>4KE05B.
CABL ?>4KE05B, A>3;0A8;AO O. > C =0A =5B =8 @5F5?B0, ;59B5=0=B, O ?>;>68; @C:C =0 H:0BC;:C, =8 >1@07F>2. # <5=O =5B.
0:>5- B> 2@5<O >= A<>B@5; =0 <5=O C482;Q==>, => AE20B8;AO 70 <5G 1KAB@55, G5< O >6840;. >=5G=>, 2AQ @02=> A;8H:>< <54;5==>. :>=F5 :>=F>2, >= 1K; ;8HL A>;40B><. / C40@8; 53> :8=60;><, => 5<C :0:- B> C40;>AL C25@=CBLAO, 8 ;57285 =5 ?>?0;> 2 A5@4F5. = >?@>:8=C;AO, 0 O C?0; =0 =53>. %>B5; C40@8BL 5IQ @07, => C2845;, GB> 8 B0: C<8@05B. = A<>B@5; =0 <5=O @0AH8@5==K<8 7@0G:0<8, 2 :>B>@KE 3>@5; 3=52.
>=A, ;0A:>2> A?@>A8; O. K <5=O A;KH8B5?
= A CA8;85< :82=C;, 87 C3>;:>2 @B0 C =53> ?>B5:;0 :@>2L. / >B;>68; =>6 8 27O; 53> 70 @C:C.
59B5=0=B, ?>A;CH09B5 <5=O 2=8<0B5;L=>, 81> =5 65;0N, GB>1K 20H0 4CH0 CE>48;0, ?>;=0O =5@07C<=>3> 3=520. %>GC, GB>1 2K ?>=O;8. 01K 2K =5 4C<0;8, GB> O C18; >B 3@5E>2=>9 6064K =0682K.
/ 2AB0;, A=>20 >B:@K; H:0BC;:C 8 2K=C; 87 =5Q ?5@30<5=B. >B>< ?>4=O; A> AB>;0 :>?BOICN ;0<?04:C 8 ?@8A5; @O4>< A >D8F5@><.
!<>B@8B5, >=A, O ?@8;>68; ?5@30<5=B=K9 A28B>: : >3=N.
>340 ;8AB A3>@5;, O @0ABQ@ ?5?5; ?>4>H2>9 A0?>30.
5B C65 B09=K, A:070; O. 5B @5F5?B0. 5B 4>:B>@0. =5B A2845B5;59.
/ GC2AB2>20;, :0: 53> ?0;LFK :>=2C;LA82=> A68<0NBAO =0 <>Q< 70?OABL5.
>G5<C? ?@>H5?B0; >=.
>B><C GB> <8@ O2;O5BAO 4>AB0B>G=> ?;>E8< <5AB>< 8 157 M:AB@0:B0 4>:B>@0 >@=5;8CA0, ?@>87=QA O 3@CAB=>. O =5 E>GC, GB>1K >= AB0; 5IQ EC65.
?>B>< O A845; 2>7;5 =53>, ?>:0 >= =5 C<5@, 8 70:@K; 5<C 25:8. 025@=O:0 >= 1K; 4>AB>9=K< G5;>25:><, => MB> =5 8<5;> =8G53> >1I53> A <>8< 4>;3><, :0: O ?>=8<0; 53> <>8< A:C4=K< C<><.
/ 2AB0; 8 2KH5; =0@C6C. !<5@BCE 8 1;87=5FK :0: @07 2B0A:820;8 B@C?K A>;40B 2=CB@L. @87=0N, GB> C?@028;8AL A =8<8 4>1;5AB=>, => 8 =8:0:>9 A;02K 2 MB>< =5 1K;> C18BL 42CE =53>B>2KE : =0?045=8N ;N459. "0:65 70@570;8 154=>3>, >157>1@065==>3> 45 8;O, 8 C <5=O 1K;> 2?5G0B;5=85, GB> 2 MB>< A;CG05 >=8 >:070;8 5<C ;8HL CA;C3C.
>468309B5 8 84Q<, ?@8:070; O.
>B>< O A<>B@5;, :0: >=8 ?@8:;04K20NB D0:5;K : 1@Q2=0< 8 64CB, ?>:0 4>< 709<QBAO >3=Q<. / ?>?@>I0;AO 8 2 <KA;OE ?@>G8B0; « BG5 =0H» 70 C?>:>9 4CH8 ;59B5=0=B0 >=A0 8 53> A>;40B. >340 O 1K; =0 ?>;?CB8 4> ?5@2KE 45@52L52, <5=O 4>3=0; !<5@BCE.
>@48<5@, B8E> A?@>A8; >=. !>1AB25==>, 70G5< <K MB> A45;0;8, 0? 0G5< <K C18;8 ;N459 3@0D0?
>B><C GB> C =0A 1K;0 B0:0O ?@8E>BL, !<5@BCE, >B25B8; O. @>AB> C =0A 1K;0 ?@8E>BL.
30, ?@>87=QA >=, 0 53> ;8F> ?@>A8O;> C;K1:>9. >=O;. !?0A81>, >@48<5@.
/ :82=C; 5<C 8 ?>HQ; 40;LH5. '5@57 420 4=O <K @0AA:065< 45 >48<>=4C :@0A82CN A:07>G:C > E@01@>AB8 53> A>;40B 8 8E ?@5:@0A=>9 A<5@B8 2 1>N A >48G02H8< 2@03><. / ?>4C<0; >1 -;8AA5, 0 B0:65 > B><, GB> 2 B5G5=85 42CE =>G59 ?CB8 =025@=O:0 2:CHC ?;>4>2 5Q 1;03>40@=>AB8. / C;K1=C;AO A>1AB25==K< <KA;O< 8 ?>A<>B@5; =0 1LNI55 2 =51> ?;0<O. 0: >1KG=>, >=> 1K;> :@0A82K< 8 G8ABK<, :0: A5@4F0 B5E, :B> =5 ?><=O B@C4>2 A2>8E, A;C68B 2> A;02C >A?>40.
2FK 8 2>;:8
;O A;01KE O AB0; :0: A;01K9, 401K >1@5AB8 A;01KE. ;O 2A5E O A45;0;AO 2A5<, 401K A?0AB8 ?> :@09=59 <5@5 =5:>B>@KE.
[ 1 0 4 ]
!2. 025;.
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
?@>G5<, ?@8OB=> 8<5BL ;8F5=78N, 2K40==CN A0<8< 5?8A:>?>< %57- E57@>=0 ( MB> G5;>25:0 ?>4=8<0;> 2> <=>38E 3;070E) , => 5IQ ?@8OB=55 =5 8<5BL >1O70==>AB59 8 25G=KE ?@>1;5< A =0;8G=>ABLN. @0240, O <>3 ?>A5;8BLAO 2 >D8F80;L=>9 @57845=F88 =:2878F88 8 A?0BL 2 E>;>4=><, G8AB>< 4>@<8B>@88
[ 1 0 5 ]
, => B>340 68;8I5 <=5 ?@8H;>AL 1K 45;8BL A 4@C38<8 8=:2878B>@0<8. ?><8<> MB>3>, 5654=52=K5 <>;8B2K: 2 ?>;45=L, =0 70:0B5 A>;=F0, 2 ?>;=>GL 8 CB@5=O 1K;8 =5 4;O <5=O. 0: 8 28=> A 2>4>9, @07254Q==>5 2 ?@>?>@F88 >48= : B@Q<, 8 684:0O :0H:0 A ;8HL 1K :0:8< 68@><. 7 42CE 7>; O C6 2K18@0; ?0@8BLAO 8 4KH0BL 7;>2>=85< 2 A>1AB25==>< 68;8I5. 1> O 7=0; =5 A;8H:>< <=>38E 8=:2878B>@>2, :>B>@K5 1K AG8B0;8 >BACBAB285 45=53 70 4>1@>45B5;L. B0:65 O 7=0; =5 A;8H:>< <=>38E B0:8E, 4;O :>3> ?@>6820=85 2 4>@<8B>@88 1K;> 25@E>< <5GB0=89.
!59G0A O ;560; =0 60;:>9 :@>20B8 2 :>@G<5 « >4 K:>< 8 5@51F><» 8, A>E@0=OO AB>8G5A:>5 A?>:>9AB285, 4020; A51O 6@0BL :;>?0< 8 2H0<. K;> B0: 4CH=>, GB> O GC2AB2>20;, 1C4B> 24KE0N 2>74CE G5@57 2>=NGCN, <>:@CN B@O?:C. O4>< =0 AB>;8:5 AB>O; :C2H8=, ?>;=K9 @07102;5==>3> 8 C65 BQ?;>3> 28=0, 8 <=5 4065 =5 E>B5;>AL 4>BO=CBLAO 4> =53> @C:>9. / ;560; 8 @07<KH;O; > 1@5==>AB8 G5;>25G5A:>3> 1KB8O, :>340 CA;KH0; 2 :>@84>@5 BO6Q;K5 H038. @>=78B5;L=> A:@8?=C;0 >4=0 87 G5BK@QE ABC?5=5: <564C <>59 425@LN 8 :>@84>@><, ?>A;5 G53> :B>- B> >AB0=>28;AO C ?>@>30 8 <8=CBC E@8?;> 4KH0;. ?>B>< @0740;AO ABC:. =5 4065 =5 E>B5;>AL =0 =53> >B25G0BL. 1KG=0O D@070 « 2>948B5» 8;8 « :B> B0<? » 1K;0 2KH5 A8; 20H53> ?>:>@=>3> A;C38. >MB><C O 2K40; 87 A51O ;8HL :0:>9- B> =5G;5=>@0745;L=K9 >B72C: 8, 2848<>, >= 1K; 2>A?@8=OB :0: ?>>I@5=85, ?>A:>;L:C 425@L >B2>@8;0AL, 8 =0 ?>@>35 O C2845; <C6G8=C, GLQ B5;>, 0 2>>1I5- B> BCH0, ?5@5:@K;> 25AL ?@>A25B 425@=>9 =8H8.
, <5G >A?>40 =0H53>, ?@>1>@<>B0; O ?@> A51O, 0 A:>@55 ?@>H5?B0;, 5420 42830O 3C10<8, 81> 4065 1>@<>B0BL <=5 =5 E>B5;>AL.
@8H54H89 1K; 459AB28B5;L=> >3@><=K<. 830=BA:>5, 70@>AH55 @K68<8 2>;>A0<8 ?C7> 2K;820;>AL C =53> 87 H5@ABO=KE HB0=>2 8 A28A0;> ?>GB8 4> C@>2=O 5AB5AB20. # =53> 1K;8 :@0A=K5, >128AH85 IQ:8 8 ?>41>@>4>:, ?>GB8 A@>AH89AO A H559. 3> 703@82>: 1K; ?> <5=LH59 <5@5 B0:8< 65 H8@>:8<, :0: 8 <>9 704. 4>102>: =57=0:><5F 1K; 25AL 70;8B ?>B>< 8 6CB:> 2>=O;. =5 :070;>AL, GB> C65 =52>7<>6=>, GB>1K 2 <>59 :><=0B5 2>=O;> 1>;LH5, G5< 4> MB>3>, >4=0:>& > 7>@:85 3;070 20H53> ?>:>@=>3> A;C38 =5 <>3;8 =5 C2845BL, GB> MB><C G5;>25:C A;>6=> 1K;> 1K ?@>9B8 G5@57 83>;L=>5 CH:> =5 B>;L:> 87- 70 BCH8. 0 53> ?0;LF0E O 70<5B8; <0AA82=K5 7>;>BK5 ?5@AB=8 A 2?>;=5 4>AB>9=K<8 3;07:0<8 4@03>F5==KE :0<=59. !0?D8@, @C18=, 87C<@C4. !8=L, G5@2;5=L
[ 1 0 6 ]
8 75;5=L. G5=L :@0A82>.
0AB5@ 0445@48=, >= ?5@52Q; 4CE, 8 O 2845;, GB> :064>5 A;>2> 40QBAO 5<C A B@C4><. 07@5H8B5, O AO4C?
/ 2K@078; A>3;0A85 8 ;8HL ?>=045O;AO, GB> <>9 <0;5=L:89 B01C@5B =5 @0720;8BAO ?>4 53> 25A><. > ?@81K2H89 >AB>@>6=> C<5AB8; >3@><=K9 704 =0 A845=L5, 0 ?>B>< 157 A;>2 ?>BO=C;AO : :C2H8=C A <>8< 28=>< 8 ?>4=QA 53> :> @BC. 8;, 8 :@0A=>5 B5:;> C =53> ?> 68@=><C ?>41>@>4:C, H55, @C10E5 8 2K;820;>AL =0 28AOI89 682>B. = 4>?8; 4> :>=F0, @K3=C;, ?>A;5 G53> >BAB028; :C2H8=. = O2=> ?>25A5;5;, 0 O A>2A5< =0>1>@>B. 5 ;N1;N ;N459, :>B>@K5 2K:07K20NB <=5 >BACBAB285 C2065=8O. > O <>3 2KA;CH0BL, GB> >= A>18@0;AO A:070BL, ?@5645 G5< C18BL 53>. "5< 1>;55, GB>, 2>- ?5@2KE, <=5 4065 =5 E>B5;>AL A?CA:0BL =>38 A :@>20B8, 0 2>- 2B>@KE, ?5@AB=8 =0 53> ?0;LF0E C:07K20;8 =0 B>, GB> C =53> <>65B 1KBL 2?>;=5 C25A8ABK9 :>H5;L. 2>7<>6=> >= ?@81K; ?>45;8BLAO 53> A>45@68<K<.
@>AB8B5, 3>A?>48= 0445@48=, ?@>87=QA >= >:@5?H8< 3>;>A><. >;>B>< >B?;0GC 20< 70 MB>B A?0A8B5;L=K9 :C2H8=G8:.
/ :82=C; 2 7=0: B>3>, GB> ?@8=8<0N >1JOA=5=85. <>65B <=5 B>;L:> ?>:070;>AL, GB> 5N :82=C;.
K, =025@=>5, @074C<K205B5, GB> <5=O ?@825;> : 20H5<C ?>@>3C, 8 ?>G5<C O >A<5;820NAL 15A?>:>8BL 20A 2 B0:>5 C60A=>5 2@5<O&
0 MB>B @07 <=5 =5 E>B5;>AL 4065 428=CBL 3>;>2>9, 8 O ;8HL 70:@K; 25:8. ">;ABO:C, 2848<>, ?><>3;> <>Q 28=F>, 81> >= AB@>8; 2?>;=5 AB@>9=K5 D@07K.
>72>;LB5 ?@54AB028BLAO. / 0@8CA 20= QM=20;L4, ;8F5=78@>20==K9 :C?5F.
'B>- B> <=5 3>2>@8;0 MB0 D0<8;8O. 1KG=> C <5=O E>@>H0O ?0<OBL =0 8<5=0, => A53>4=OH=8< 4=Q< O 5420 <>3 2A?><=8BL A2>Q.
0- 0& ?>>I@8B5;L=> ?@>1>@<>B0; O.
/ ?@8HQ; ?@>A8BL 20A > ?><>I8, 3>A?>48= 0445@48=. / A;KH0; > 20H8E >= 70:>;510;AO =0 5420 70<5B=K9 <83 A?>A>1=>ABOE 8 > B><, GB> 2K 2@5<5=0<8 ?><>305B5 4@C7LO< 4@C759.
>2>@8B5, ?>60;C9AB0, O =5<=>3> ?@8?>4=O;AO =0 ;>:BOE 8 >?Q@AO GCBL C4>1=55.
= A;>68; @C:8 =0 :>;5=OE 8 A <8=CBC @0AA<0B@820; A2>8 B>;ABK5, ?>E>685 =0 A2O7:C :>;10A>: ?0;LFK. / ?@8:84K20;, A:>;L:> 7>;>B0 4>;6=> 1K;> ?>9B8 =0 53> ?5@AB=8. @8HQ; : 2K2>4C, GB> <=>3>.
/ C20605<K9 :C?5F, 3>A?>48= 0445@48=. # <5=O 5ABL, 0 B>G=55 1K;8, 425 10@:8, 0 B0:65 A:;04 2 ?>@BC. ">@3CN <564C "8@80=>=- =03 8 %57><, => 2 ?>A;54=55 2@5<O F5=K 2 "8@80=5 ?>4A:>G8;8 @57:> 225@E, 8 O ?>A;0; <>53> :0?8B0=0 =0 N3, GB>1K 871028BLAO >B ?>A@54=8:>2.
"8@80=>=- =03, 2 >18E>45 =07K205<K9 "8@80=><, 1K; ?>@B>2K< 3>@>4:>< 2 B@QE 4=OE ?CB8 >B %570. BBC40 4>AB02;O;8AL :0: @>A:>H=K5 B:0=8 A N30, =0?@8<5@ HBC:8 B>;AB>3>, 3;04:>3> 0:A0<8B0
[ 1 0 7 ]
, B0: 8 ?H5=8F0 8 ;Q=. @><5 B>3>, A;04:85, <0@>G=K5 28=0 87 ;LE0<@K 8 :@0A82K5 A<C3;K5 4528FK, :>B>@K5 2 %575 ?>;L7>20;8AL 1>;LH8< ?@87=0=85<. 5AB=K5 :C?FK 157 2>AB>@30 A<>B@5;8 =0 :>=:C@5=B>2 87 %570. =8 65;0;8 @01>B0BL :0: ?>A@54=8:8, B5< 1>;55, GB> @5:0 =0 N3 >B "8@80=0 =5 >B=>A8;0AL : 157>?0A=59H8<. 8@0BAB2> @0AF25B0;> B0< :0: =8:>340, 0 AC4>E>4AB2> 4>?>;=8B5;L=> >A;>6=O;8 <=>3>G8A;5==K5 <5;8 8 1KAB@> <5=ONI89AO C@>25=L 2>4K, :>B>@K9 B> A:@K20;, B> >1=060; A:0;K. >MB><C B>@3>2FK 87 "8@80=0 ?>4=8<0;8 F5=K 4> =515A, 0 :C?FK 87 %570 ;>:B8 :CA0;8, => 2KB@OA0BL 7>;>B> 87 <>I=K 8< ?@8E>48;>AL. :>=F5 :>=F>2, :@0A>B:8 87 %57- E57@>=0 ;N18;8 0:A0<8B>2K5 =0:84:8, 0;LE0<@A:>5 28=> 3>AB8;> =0 ;CGH8E AB>;0E, 0 N6=K5 452:8 @0A?0;O;8 <C6A:>5 2>645;5=85, :0: =8:0:85 4@C385 2 <8@5.
?@>G5<, A;CG0;>AL, GB> :0:>9- =81C4L ?@54?@88<G82K9 :C?5F 87 %570 ?@>1>20; >1>9B8 ?>A@54=8:>2. "0:>5 45;> 5IQ C4020;>AL A>;84=K< :><?0=8O<, :>B>@K5 1K;8 2 A>AB>O=88 2KA;0BL =5A:>;L:> AC4>2 A@07C 8 >15A?5G8BL 8E >?KB=K<8 ;>F<0=0<8, 0 B0:65 =0=OBL >E@0=C. > B0:>9 G5;>25:, :0: <>9 3>ABL, A> A2>8<8 60;:8<8 42C<O 10@:0<8 <>3 B>;L:> =045OBLAO, GB> C40G0 5<C C;K1=QBAO. @81K;L =5 ?CABOG=0O, => 8 @8A: 1>;LH>9. @07 0@8CA 20= QM=20;L4 ?>A5B8; >18B5;L 20H53> ?>:>@=>3> A;C38, MB> >7=0G0;>, GB> >= 8<5; =5 A;8H:>< <=>3> C40G8 2 687=8. 0:- B> B0: A:;04K205BAO, GB> <5=O 2 >A=>2=>< =025I0NB ;N48, 65;0NI85, GB>1K O @5H0; 8E ?@>1;5<K. >G5<C =8:B> =5 E>G5B @5H0BL <>8?
5@=C;AO? A?@>A8; O. -B>B :0?8B0=?
0@8CA 20= QM=20;L4 70:CA8; 3C1K.
@8A;0;8 <=5 53> CH8, A:070; >=.
/ @0AA<5O;AO, 81> MB> 1K; AB0@K9 =><5@ :C?F>2 87 "8@80=0.
/ =5 ?@>IC 8<, ?@>87=QA >= A :0:8<- B> >65AB>G5=85<, =5 ?>4E>4OI8< : 53> 70?;K2H5<C ;8FC. 4;O MB>9 F5;8 <=5 =C6=0 20H0 ?><>IL, 3>A?>48= 0445@48=.
"K >H81AO 04@5A><, ?0@5=L, A:070; O. >8I8 A515 =0Q<=8:>2 2 ?>@BC, 8;8 C189F, 8;8 :>3> B0< E>G5HL& 5 4C<0N, GB> B515 =C65= 8=:2878B>@. / E>B5; A=>20 70A<5OBLAO, => 1K;> A;8H:>< 4CH=>, 8 >AB028; MB>.
>A?>48= 0445@48=, 0@8CA 20= QM=20;L4 =5@2=> AB8A=C; ;04>=8. K A;KH0;8 > ><?0=88 C?F>2 (Q;:0 87 "8@80=0?
@>45, 40. =5 C65 =5 E>B5;>AL A =8< @073>20@820BL, E>BO O CA?5; ?@82K:=CBL : 2>=8, :>B>@0O 8AE>48;0 >B 53> B5;0 8 <>:@>9 >B ?>B0 >4564K.
=8 70=8<0NBAO =5 B>;L:> B>@3>2;59, 3>A?>48= 0445@48=. -B> A5:B0. @8=>AOB 65@B2K&
0@5=L, A:070; O. 065 5A;8 MB> ?@0240, B> =0A:>;L:> 7=0N, 0 7=0N E>@>H>, 2 "8@80=5 5ABL ?@54AB028B5;LAB2> !2OB>9 !;C61K. "0:>5 :0<5==>5 740=85 =540;5:> >B :@5?>AB8 8 @0BCH8. 48 : =8< A MB>9 ?@>1;5<>9.
C:0 @C:C <>5B, 3>A?>48= 0445@48=&
5 E>G5HL ;8 BK A:070BL, GB> G;5=K =:2878F88 ?@>406=K, 0? 274>E=C; O. 48 C6, 0@8CA 20== QM=20;L4, 8;8 :0: B51O B0<, ?>:0 O =5 ?>B5@O; B5@?5=85.
>A?>48= 0445@48=. = O2=> 8A?C30;AO. / =5 E>B5; 20A >A:>@18BL. @>HC <=5 25@8BL. = A;>68; @C:8, :0: 4;O <>;8B2K. #<>;ON, 2KA;CH09B5 <5=O.
=5 A;8H:>< G0AB> ?@8E>48;>AL A;KH0BL <>;L1K, GB>1K GB>- B> B0:>5 ?@>872>48;> =0 <5=O E>BL :0:>5- B> 2?5G0B;5=85. MB> 1K;8 =0AB>OI85 <>;L1K, ;N157=K5 <>8. !;>20, ?@>87=>A8<K5 G5@57 @07<>76Q==K5 3C1K 8 2K18BK5 7C1K, A;>20, A B@C4>< ?@>B8A:820NI85AO G5@57 >?CEH89 O7K:. B0:, 5A;8 B0:85 <>;L1K =5 ?@>872>48;8 =0 <5=O 2?5G0B;5=8O, B> 2@O4 ;8 MB> 1K A45;0;8 ?>A:C;820=8O 60;:>3> :C?G8H:8. "5< =5 <5=55, A 4@C3>9 AB>@>=K, G5< 5IQ ;CGH8< O <>3 70=OBLAO, :@><5 :0: 2KA;CH0BL 53>? >65B, MB> :0: @07 B>, GB> ;CGH5 =5?>4286=>3> ;560=8O =0 3@O7=>9 ;560=:5? "5< 1>;55, GB> @073>2>@ A 0@8CA>< 20= QM=20;L4><, ?> :@09=59 <5@5, ?>72>;O5B 701KBL > 4>:CG;82>< A>A54AB25 :;>?>2.
KA;CH0N, >B25B8; O. > =5 8A?KBK209B5 <>53> B5@?5=8O.
>=5G=>, 3>A?>48= 0445@48=, A:070; >= 1KAB@>. / ?>GB8 C25@5=, GB> ><?0=8O C?F>2 (Q;:0 O2;O5BAO B>;L:> ?@8:@KB85< 4;O O7KG5A:>9 A5:BK. =8 ?@8=>AOB ;N4A:85 65@B2K @5G=K< 1>65AB20< 8 4CE0<. #=8GB>60NB 2@03>2 1;03>40@O GQ@=>9 <0388&
E, 0@8CA, 752=C; O. C?5G5A:>5 A>?5@=8G5AB2> 4>;6=> 8<5BL 3@0=8FK, 0 BK 8E O2=> =0@CH05HL.
038AB@. = A=>20 A;>68; @C:8, :0: 4;O <>;8B2K.
/ ?>=8<0N, GB> MB> 72CG8B, >= ?@5@20;, :0: 1K 704C<02H8AL =04 A;>2><, B@52>6=>&
2CG8B 3;C?> 8 AB@0==>, ?>?@028; O 53>.
> 5A;8& >= 70?=C;AO, 5A;8 5ABL 2 MB>< 75@=> ?@024K? A;8 1 2K B>;L:> ?>65;0;8 ?@>25@8BL A0<8, =0 <5AB5. / ?>:@>N 2A5 @0AE>4K 8 1C4C @04 2>7<>6=>AB8 ?@54;>68BL 20< 3>=>@0@ 2 AC<<5 B@QEA>B :@>=. 57028A8<> >B B>3>, =094QB5 ;8 2K GB>- =81C4L, 8;8 =5B.
/ =5<=>3> ?@8?>4=O; 3>;>2C, 8 MB> 42865=85 <5=O >G5=L CB><8;>.
B:C40 B0:>5 4>25@85? A =0A<5H:>9 A?@>A8; O. 5A;8 O 2>7L<C 45=L38 8 ?@><>B0N 8E A B8@80=A:8<8 ?>B0A:CE0<8, A:0702 B515, GB> =5 =0HQ; =8G53> ?>4>7@8B5;L=>3>?
K 4@C3 4@C759, A:070; >=, 8 O ?>GB8 CA;KH0; >184C 2 53> 3>;>A5. 5=O C25@O;8, GB> 2K G5;>25: 4>AB>9=K9 01A>;NB=>3> 4>25@8O!
0- 000, ?@>BO=C; O. A5340 ?@8OB=> A;KH0BL ?>4>1=K5 A;>20, :>340 >=8 :0A0NBAO B51O ;8G=>.
/ ?@8=O; B@C4=>5 @5H5=85 8 A?CAB8; =>38 =0 ?>;. ?>B>< A5;.
#3>20@8205HL <5=O 70=OBLAO 3@O7=K< 45;><, ?@>87=QA O. @54AB02;O5HL, 2 :0:>< 48:>< 2>AB>@35 1C4CB 8=:2878B>@K 87 "8@80=0, :>340 O ?@81C4C 8A:0BL 5@5AL =0 8E B5@@8B>@88?
# 20A 65 5ABL ;8F5=78O %570, <0AB5@, >B25B8; >=.
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
[ 1 0 8 ]
8 2K3=0==K< 87 3>@>40.
4=0:>, GB> <=5 <5H0;> ?@>25AB8 45;> A <0:A8<0;L=>9 >AB>@>6=>ABLN 8 AB0@0B5;L=>ABLN? !?;020BL 2 "8@80=, >A<>B@5BLAO BCB 8 B0<, ?>3>2>@8BL A <5AB=K<8 8=:2878B>@0<8, @0AA?@>A8BL > ><?0=88 C?F>2 (Q;:0, 0 ?>B>< A40BL G5AB=K9 >BGQB 0@8CAC 20= QM=20;L4C? 5A:>;L:> A>B5= :@>= =0 4>@>35 =5 20;ONBAO, ;N157=K5 <>8, 0 2 %575 =5 B0: ;53:> =09B8 ;N459, A:;>==KE : 8E @0740G5. 4=0:> 1C45B EC65, 5A;8 >:065BAO, GB> 2 "8@80=5 459AB28B5;L=> G5<- B> ?>20=8205B, 0 20H ?>:>@=K9 A;C30 1C45B 2K=C645= MBC 2>=L 2K25B@820BL.
%>@>H>, @5H8; O, => MB> 1C45B 20< AB>8BL 4>@>65, 0@8CA.
!=0G0;0 >= 274>E=C; A >1;53G5=85<, => :>340 CA;KH0; ?>A;54=85 A;>20, ;8F> C =53> 2KBO=C;>AL. >=5G=>, 5A;8 ?@8=OBL A<5;>5 4>?CI5=85, GB> MB> ;8F>, 25;8G8=K >3@><=>9 :>2@838 E;510, 2>>1I5 <>65B 2KBO=CBLAO.
/ =5 >G5=L 1>30B, 3>A?>48= 0445@48=, A:070; >=. > :@09=59 <5@5, :>340 45;0 84CB =5 ;CGH8< >1@07><.
>=8<0N, O :82=C;. "5< =5 <5=55, O 4C<0N, BK A?>A>15= ?>4:8=CBL, 5A;8 =5 45=53, B> E>BO 1K >4=>3> 87 MB8E ?5@AB=59. !:065<, :@0A=>3>, 81> O ;N1;N @C18=K. <>65B 8 42CE, 704C<0;AO O, ?>A:>;L:C >= =025@=O:0 ?@82K: : :><?0=88 75;Q=>3> 1@0B8:0.
= ?>A<>B@5; =0 <5=O, 0 ?>B>< <54;5==K< 42865=85< 27O;AO ?@02>9 @C:>9 70 ?0;LFK ;52>9 @C:8. <C ?@8H;>AL A8;L=> 4Q@=CBL, 81> 53> ?0;LFK >?CE;8 >B 60@K. = ?>40; <=5 420 ?5@AB=O =0 >B:@KB>9 ;04>=8. 9, <0AA82=K<8 1K;8 MB8 ?5@AB=8, ;N157=K5 <>8. (8@>:>5 7>;>B>5 :>;LF> 8 :0<5H:8 A>;84=>9 25;8G8=K. >GB5==K9 0@8CA, 284=>, ;N18; 1;8AB0BL 2 A25B5.
MB>9 3>;C1>9 A8@>B:5 =5 1C45B A;8H:>< >48=>:>, 3>A?>48= 20= QM=20;L4? 065 60;L >AB02;OBL 5Q 2 157CB5H=>< ?;0G5 ?> @>4=K<&
0 MB> @07 >= 4Q@=C; ?5@AB5=L A :0:>9- B> A:@KB>9 7;>ABLN. ">B A845; =0 ?0;LF5 :@5?G5, ?>MB><C >= =5<=>3> ?><CG8;AO, ?>:0 A=O; 53>. / ?@8=O; >B =53> 2A5 B@8 ?5@AB=O 8 2725A8; 8E =0 ;04>=8. Q3:8<8 >=8 =5 1K;8&
0AB>;L:> 4;O B51O MB> 206=>, 0@8CA? A?@>A8; O 704C<G82>. 5 ;CGH5 ;8 ?>ABC?0BL, :0: 4@C385 :C?FK? B:C?0BLAO >B 6C;8:>2 87 "8@80=0 8 70@010BK20BL A2>Q? ;O B51O 45=L38 =0AB>;L:> 206=K? <>65B 206=> 8E C=878BL?
-B> =5 B0:, <0AB5@ 0445@48=, ?@>87=QA >= 8 =5 <>3 >B25AB8 273;O40 >B <>59 ;04>=8, =0 :>B>@>9 2AQ 5IQ ;560;8 ?5@AB=8. / 25@N 2 A2>1>4=CN :>=:C@5=F8N 8 2 B>, GB> O 4>;65= ?@8=8<0BL @5H5=8O, 8AE>4O 87 45=53 8 2>7<>6=>AB59. > O =5 A>3;0A5=, :>340 =0@CH0NBAO <>8 8A:>==K5 ?@020 =0 B>, GB>1K A0<><C @5H0BL A :5< 8 :0: O E>GC 25AB8 45;0.
"K 8450;8AB, 0@8CA, A:070; O. N48 2A5340 =0@CH0;8 70:>= 8 2A5340 1C4CB 53> =0@CH0BL. > @5:0< 1C4CB ?;020BL ?8@0BA:85 10@:8, 0 AG5B>2>4K 1C4CB >1<0=K20BL A1>@I8:>2 ?>40B59. ">B, C :>3> 1>;LH5 A2O759 8 1>;LH0O A8;0, 1C45B 48:B>20BL F5=K 8 CAB0=02;820BL @K=>:. "0: 5ABL 8 B0: 4>;6=> 1KBL.
/ A MB8< =5 A>3;0A5=, <0AB5@ 0445@48=, ?@>87=QA >= A :0:8<- B> >65AB>G5=85<, C4828B5;L=> =5 ?>4E>4OI8< : 53> 70?;K2H5<C ;8FC. >4C<0BL B>;L:>, :B>- B> A:070;, 1C4B> B>;ABO:8 4>1@>4CH=K5 ;N48. / G5AB=> ?;0GC ?>40B8, => =5 E>GC ?;0B8BL 5IQ 8 40=L B8@80=A:>9 10=45.
%<- <. / >B;>68; ?5@AB=8 =0 AB>;8:. =8 GC45A=> 70A25@:0;8. N1;N 8450;8AB>2, 70O28; O, 8 2@5<5=0<8 60;5N, GB> <>O @01>B0 B@51C5B >B <5=O A;8H:>< <=>3> @50;87<0. =0G8B, 4>3>2>@8<AO B0:, 0@8CA: 5A;8 =5 C;06C 2AQ A>3;0A=> B2>8< ?>65;0=8O<, ?>B5@O5HL B>;L:> B@8AB0 :@>= 8 <>8 @0AE>4K =0 4>@>3C 8 ?@>6820=85. MB8 ?>1@O:CH:8 25@=CBAO : B515. > 5A;8 2AQ C40ABAO, BK A<>65HL A515 ?>72>;8BL 8 4@C385 ?5@AB=8, 0 MB8 B@8 1@0B8:0 >AB0=CBAO C <5=O. -B> G5AB=>5 ?@54;>65=85?
0, <0AB5@ 0445@48=, A:070; >=, 8 O 2845;, GB> <>8 A;>20 ?>41>4@8;8 53>. 86C, GB> 4@C7LO =5 >H810;8AL =0AGQB 20A.
@8=8<0N MB> :0: :><?;8<5=B, @0AA<5O;AO O. %>@>H>, A59G0A 848 C65 8 >AB02L <5=O 7=>N 8 2H0<. !@07C 3>2>@N, GB> =5 428=CAL A %570, ?>:0 =5 :>=G8BAO MB0 ?@>:;OB0O ?>3>40. >3 7=05B, :>340, =0:>=5F, ?>94QB 4>64L.
-B> 5<C =5 ?>=@028;>AL, => :0:>5- B> 2@5<O >= =8G53> =5 3>2>@8;. >B>< B>;L:> 1C@:=C;:
0 @5:5 ?@>E;04=55, <038AB@ 0445@48=. 025@=O:0 20< 1K;> 1K ;CGH5 =0 <>59 10@:5, G5< 745AL. @8:06C ?@83>B>28BL :0NBC 8 E>@>H55 28=>, >E;064Q==>5 =0 ;L4C. <>65B :0:CN- =81C4L 452:C, :>B>@0O A:@0A8;0 1K 20< B@8 4=O ?CB8?
"K 4C<05HL, GB> 2 B0:>9 60@5 <>6=> 4C<0BL > 452:0E? / A=>20 C;Q3AO ?>C4>1=55. AQ B5;> 1K;> <>:@K<, 1C4B> O B>;L:> GB> 8A:C?0;AO.
%>BO, 4>1028; O GCBL ?>3>4O, <>65B MB> 8 E>@>H0O 845O.
/ ?>B@OA 3>;>2>9 8 2AB0;. 4=8< 1KAB@K< 42865=85<, ?>A:>;L:C GC2AB2>20;, GB> 5A;8 O 1C4C 4>;LH5 A>18@0BL A51O =0 MB>, A=>20 A>GBC, GB> 2AQ- B0:8 ;CGH5 ;560BL.
>B>2L 10@:C, 0@8CA. ! 70E>4>< A>;=F0 >B?;K20N. ">;L:> ?CABL 452:0 1C45B 459AB28B5;L=> AB>8BL B@QE 4=59, ?@>254Q==KE A =59 2 >4=>9 :0NB5.
!8N <8=CBC, <0AB5@ 0445@48=, @07C;K10;AO >=. >O :>=B>@0 8 A:;04K =0E>4OBAO 2 2>AB>G=>9 G0AB8 4>:>2. 064K9 C:065B 20< 4>@>3C. 5A;8 =5B, 2KH;N ?>?>;C4=8 <0;LG8H:C, GB>1K 20A ?@>2>48;.
0:>=5F, >= ?@>BO=C; @C:C 8 B5?;> ?>B@OA <>N :8ABL. # =53> 1K;8 <O3:85 ?0;LFK 8 2O;>5 ?>60B85. / 2KA2>1>48; A2>N @C:C 87 53> @C:8 8 :82=C; 5<C. / A=>20 ?>GC2AB2>20; A51O >G5=L CAB0;K<. 'B>- B> 0@8CA 20= QM=20;L4 =5 A<>3 70@078BL <5=O A2>8< M=BC7807<><. > ?@>25AB8 B@8 4=O =0 C4>1=>9 10@:5 1K;> 7=0G8B5;L=> ;CGH8< @5H5=85<, G5< 3=8BL =0 ?>AB5;8, ?>;=>9 2H59 8 :;>?>2. "5< 1>;55, GB> <>9 :>H5;L 4>;65= 1K; =0?>;=8BLAO, :C?5F 4>;65= 1K; ?>:@KBL @0AE>4K =0 ?@>6820=85, 40 8 B@QE4=52=>9 :><?0=859 :0:>9- B> E57A:>9 :@0A>B:8 B0:65 =5 A;54>20;> ?@5=51@530BL. @8 CA;>288, GB> >=0 1C45B =0AB>OI59 :@0A>B:>9, 0 =5 ?>@B>2>9 ?>B0A:CE>9, 87=>H5==>9 @01>B>9 8 1>;57=O<8. 'B> 6, C2848<, A?>A>15= ;8 0@8CA 20= QM=20;L4 2K:07K20BL A2>Q C2065=85. A;8 =5B 2A5340 A<>3C 25@=CBLAO : 2H0< 8 :;>?0<.
4=0:> ?5@54 ?>E>4>< 2 ?>@B 8 ?>A04:>9 =0 ?>AC48=C 0@8CA0 20= QM=20;L40 O 4>;65= 1K; C7=0BL, :5< O2;O5BAO <>9 70:07G8:. ">, GB> 53> D0<8;8N O A;KH0; :@05< CE0, 254L =8G53> =5 7=0G8;>. "5< 1>;55, GB> C <5=O =5B B0:>9 E>@>H59 ?0<OB8, :0: C !<5@BCE0, :>B>@K9 @073>2>@K <5AOG=>9 402=>AB8 A?>A>15= F8B8@>20BL B0:, 1C4B> >=8 A>AB>O;8AL 2G5@0. >=5G=>, 2 B0:>< 3>@>45, :0: %57, ?@>25@:0 ;8F5=78@>20==>3> :C?F0 =5 O2;O5BAO =8 A;>6=>9, =8 B@C4>Q<:>9. >AB0B>G=> >B?@028BLAO 2 :C?5G5A:CN 38;L48N 8 ?@>A<>B@5BL 4>:C<5=BK. '5;>25: GC6>9 <>65B 8 8<5; 1K =5:>B>@K5 ?@>1;5<K A ?>;CG5=85< =5>1E>48<KE 1C<03, => 20H53> ?>:>@=>3> A;C3C :0=F5;O@8ABK 7=0;8 1>;55 G5< E>@>H> 8 =8:B> 4065 =5 ?>4C<0;, GB>1K 2AB02;OBL <=5 ?0;:8 2 :>;QA0. ?>B><C O C7=0;, GB> 20= QM=20;L4 >?;0B8; 3>4>2CN ;8F5=78N 8 8<5; @5:><5=40F88 42CE ?>GB5==KE :C?F>2 87 >@B0;LF0, 2 :>B>@><- B> 3>@>45 68;0 53> 1;86=OO 8 40;L=OO @>4=O. = >1JO28; > ?>B5@5 AC4=0 8 ?>40; 70O2;5=85 > AB@0E>2>< 2>7<5I5=88, 8 @0AA<>B@5=85 45;0 ?@>4>;60;>AL. @><5 B>3>, >= 0@5=4>20; =0 B5@@8B>@88 ?>@B0 A:;04 8 :>=B>@C. >:C<5=BK 38;L488, :0: >1KG=>, 1K;8 OA=K<8, ?@>7@0G=K<8 8 :>=:@5B=K<8, 0 20H ?>:>@=K9 A;C30 2 >G5@54=>9 @07 CB25@48;AO 2 C15645=88, GB> 5A;8 E>G5HL 25AB8 ?@81K;L=K5 45;0, A;54C5B A>1;N40BL ?>@O4>:.
"0:, B0:, 154=K9 >@48<5@, A:070; O A515. >340- =81C4L :C?FK 8 ?@><KH;5==8:8 702>NNB <8@, => 1;03>40@O =8< =0AB>OICN 2;0ABL ?>;CG0B G8=>2=8:8 8 70:>==8:8. B2>O ?>GB5==0O ?@>D5AA8O C94QB 2> BL<C 70125=8O, 81> 2A5 701C4CB > =@02AB25==>9 G8AB>B5, 0 1C4CB 4C<0BL ;8HL > 10;0=A5 4>E>4>2 8 @0AE>4>2.
> 2AQ 65 O =045O;AO, GB> MB> =5 =0ABC?8B ?@8 <>59 687=8.
B0:, 0@8CA 20= QM=20;L4 :070;AO G5;>25:>< 4>AB>9=K< 4>25@8O, E>BO ?@87=0NAL G5AB=>, O ?@54?>GQ; 1K ?@>25@8BL 53> =5A:>;L:> BI0B5;L=55. > ?>3>40 2 %575 1K;0 B0:>9 ?0@H82>9, GB> O A >1;53G5=85< 4C<0; >1 >A2560NI5< @5G=>< @59A5. ?@>G5<, :0: ?>:070;8 40;L=59H85 A>1KB8O, 4065 A0<0O BI0B5;L=0O ?@>25@:0 :C?F0 87 >@B0;LF0 =5 ?@8=5A;0 1K <=5 =8:0:>3> ?>;57=>3> 7=0=8O.
* * *
0@:0, ?@8=04;5602H0O 0@8CAC 20= QM=20;L4C, 1K;0 >1KG=>9 @5G=>9 :@8?>9
[ 1 0 9 ]
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
= C2845; <5=O, :>340 O 2AB0; C B@0?0, 8 >1=068; 2 C;K1:5 1577C1K5 4QA=0.
D825BHB2CN 20H, 3>H?>D8=, =0 1>DBC #BD5==59 0D8. "0:0O G5DBL D;O <5=O.
« #B@5==OO 0@O» 1K;> =5?;>E8< =0720=85<. @0240, :0: @07 MB>B :>@01;L 4>;65= 1K; 1K =07K20BLAO ;020NI0O >;>40 8;8 K@=C2H0O >E0=L, => O 7=0; D0=B078N <>@O:>2 2 ?@84C<K20=88 =0720=89, ?>MB><C 4065 =5 C;K1=C;AO.
KH2>1>48; :0NB:C 4;O D0H59 25;L<>6=>HB8, A:070; >=. >62>;LB5, ?D>254C.
K A?CAB8;8AL ?> :@CB>9, 3@O7=>9 :0: GCH:0 ;5A5=:5. > ;52>9 AB>@>=5 =0E>48;0AL 45@52O==0O 425@F0.
#4>1HBD =5B, D0H0 25;L<>6=>HBL, >1JOA=8; >=. ><0=40 H?8B =0 ?0;C15, 0 H45AL >= <0E=C; @C:>9, B>20DK.
= >B:@K; 425@FC 8 ?@>?CAB8; <5=O 2?5@Q4. 0NB0 1K;0 2 A0<>< 45;5 <0;5=L:>9. ><5I0;8AL 2 =59 ;8HL =018BK9 A5=>< <0B@0F, 45@52O==K9, >18BK9 ;0BC=LN AC=4C: 8 <5B0;;8G5A:0O ;>E0=L. # AB5=K O C2845; H8@>:89 H:0DG8:. > <5=O 1>;LH5 8=B5@5A>20;0 >A>10, ;560I0O =0 <0B@0F5. A;8 CG5ABL, GB> MB> 1K;0 ?>;C>45B0O ( ?>;C>45B0O 25@>OB=> ?>B><C, GB> ?>4 ?0;C1>9 1K;> 60@:> 8 4CH=>, ?>GB8 :0: 2 <>59 :>@G<5) , <>;>45=L:0O 452CH:0 A 15;>9 :>659, 4;8==K<8 A25B;K<8 2>;>A0<8 8 B>@G0I8<8 3@C4O<8.
(C?@8H 8 ?>40@>: >B 3>H?>48=0 QM=D0;L40, A:070; :0?8B0= A C;K1:>9. 0: G53>- =8BL 1C45B =C6=>, 3>H?>48=, O : BD>8< CH;C30<.
= A ?>:;>=>< C40;8;AO 8 70:@K; 70 A>1>9 425@:C. 560I0O =0 <0B@0F5 452CH:0 2=8<0B5;L=> @0AA<0B@820;0 <5=O, => 4065 =5 ?>H525;8;0AL. 8HL ?@>25;0, ?>E>65 =5>A>7=0==>, O7K:>< ?> 3C10<. @0A82K<8 1K;8 C =5Q MB8 3C1K. CE;K5 8 :@0A=K5, GB> ?@8 15;87=5 5Q :>68 ?@>872>48;> =5<0;>5 2?5G0B;5=85.
0: B51O 7>2CB? A?@>A8; O, A=8<0O =0:84:C 8 1@>A0O 53> @O4>< A =59, =0 <0B@0F.
-=O, B8E> >B25B8;0 >=0. K =0 A0<>< 45;5 8=:2878B>@, 3>A?>48=?
>65B >1@0I0BLAO :> <=5 0445@48=, ?@54;>68; O. 025@=O:0 <K ?>7=0:><8<AO >G5=L 1;87:> 70 MB8 B@8 4=O, ?>MB><C ?@54?>G8B0N A;KH0BL 87 B2>8E CAB A>1AB25==>5 8<O, G5< ?>AB>O==>5 « 3>A?>48=» .
0: ?>65;05HL, 0445@48=, A:070;0 >=0. 5=O ?@825;8 AN40, GB>1K O 8A?>;=O;0 B2>8 65;0=8O.
<=5 MB> =@028BAO, @0AA<5O;AO O. 8=:2878B>@ O =0 A0<>< 45;5, @07 C6 B515 =04> MB> 7=0BL. > 45@68 @>B =0 70<:5, 5A;8 =5 E>G5HL <5=O @0AA5@48BL. ;O 2A5E O 1C4C >4@83>< 5<15@3><, :C?F>< 87 %570, ?>;CG82H8< =0A;54AB2>, :>B>@>5 E>G5B 2;>68BL.
>=5G=>, >@48<5@, CGB82> >B25B8;0 >=0. > ?>72>;L, :>340 <K 1C45< =0548=5, =07K20BL B51O =0AB>OI8< 8<5=5<. => =0<=>3> 1>;55& >=0 GCBL 704C<0;0AL, 0 ?>B>< A;53:0 C;K1=C;0AL, GC2AB25==>5.
/ 1K; C482;Q= B5<, GB> >=0 B0: :@0A82> 2K@060;0AL. 57 2AO:>3> A><=5=8O, >=0 =5 1K;0 2C;L30@=>9, ?>@B>2>9 H;NE>9, A?>A>1=>9 ;8HL @C30BLAO 2 ?LO=>< C30@5. K;> 2 =59 :0:>5- B> =5 A>>B25BAB2CNI55 5Q ?@>D5AA88 87OI5AB2>. "5< =5 <5=55, O =5 1K; 2 2>AB>@35 >B B>3>, GB> 0@8CA 20= QM=20;L4 A:070; 59, :B> O. >7<>6=>, >= 4C<0;, GB> B>340 >=0 1C45B 1>;LH5 AB0@0BLAO. 'B> 6, =025@=>5, 8<5==> B0: 8 1K;>.
02=> 2 ?@>D5AA88? A?@>A8; O 8 A1@>A8; @C10EC. K;0 B0:>9 <>:@>9 >B ?>B0, 1C4B> O B>;L:> GB> 2KBO=C; 5Q 87 2>4K.
5402=>. >;3>40. > O C<5N 2AQ, GB> =04>, C25@8;0 >=0. #1548HLAO.
>682Q< C2848<. 5 E20;8 45=L ?>CB@C.
/ ABO=C; A0?>38 8 A=O; ?>@BO=:8. 5 A:@>N: <=5 AB0;> ;53G5, E>BO ?>4 ?0;C1>9 8 1K;> B0: 65 6CB:> 4CH=>.
'5AB=>, 3>A?>48=& >@48<5@, 8A?@028;0AL >=0, 1C45HL <=>9 4>2>;5=. =5 E>B5;>AL 1K, GB>1K BK 70<>;28; 70 <5=O 4>1@>5 A;>2> 2 =>2>< 4><5, 8 O 1C4C AB0@0BLAO.
=>2>< 4><5? 45?
"8@80=5, >B25B8;0 >=0. / B0< 4>;6=0 =0G0BL @01>B0BL.
/ A20;8;AO =0 <0B@0F 8 ?>;>68; @C:C =0 5Q 3@C4L. -=O 1K;0 >G5=L EC45=L:>9 8 =52KA>:>9, => 3@C48 C =5Q 1K;8 2?>;=5 ?@8;8G=K<8. @5:@0A=>, 81> 1>;LH0O A8AL:0 A0<>5 B>, >A>15==> :>340 E>7O9:0 E@C?:>3> A;>65=8O. -B> 3>2>@8B 20< >@48<5@ 0445@48=, ;N157=K5 <>8, 7=0B>: E57A:8E 452>:.
#65 E>G5HL? A?@>A8;0 >=0, C;K10OAL.
>:0 E>GC 28=0, A:070; O.
=0 2AB0;0 8 ?>BO=C;0AL : H:0DG8:C. >AB0;0 8E =53> 420 :C1:0 8 3;8=O=CN 1CBK;L. >;LHCN 1CBK;L.
/ <>3C 2K?8BL A B>1>9?
07C<55BAO, >B25B8; O. 5 ;N1;N ?8BL >48=.
=0 @07;8;0 28=> ?> :C1:0< 8 ?>40;0 <=5. / ?>=NE0;.
0E=5B =5?;>E>, ?@87=0; O. C, B>340 2K?L5< 70 ?CB5H5AB285, -=O.
"2>Q 74>@>2L5, 0445@48=, >=0 ?@>87=5A;0 B>AB 8 =01@0;0 28=> 2 @>B.
>B>< =0:;>=8;0AL =04> <=>9, @07;8;0 53> ?> <>59 3@C48 8 =0G0;0 A;87K20BL. # =5Q 1K; 0::C@0B=K9, C7:89 O7KG>:, 0 ;870;0 >=0 =5>1K:=>25==> =56=>. / C;Q3AO ?>C4>1=55.
%>@>H>, <0;KH:0, A:070; O. "5?5@L A?CAB8AL =865.
=0 >B:8=C;0 2>;>AK 8 C;K1=C;0AL, 0 ?>B>< A45;0;0 B>, GB> O 25;5;.
* * *
>;65= A:070BL, MB> 1K;8 =5?;>E85 B@8 4=O, ;N157=K5 <>8. @0240, =0 :>@KB5 20= QM=20;L40 :;>?K B0:65 2K;570;8 87 <0B@0F0, ?040;8 A ?>B>;:0 8 :CA0;8, =>, 157 2AO:>3> A><=5=8O, >=8 ?>O2;O;8AL <5=LH8< G8A;><, G5< 2 <>Q< 68;8I5. @><5 B>3>, C <5=O 1K;> =5 A;8H:>< <=>3> 2@5<5=8 8 65;0=8O 4C<0BL > :;>?0E, 81> -=O >G5=L AB0@0;0AL A:@0A8BL <=5 2@5<O. >;65= ?@87=0BL, GB> C <5=O 402=> =5 1K;> B0:>9 A>3;0A=>9 452:8, :>B>@>9 24>102>: =@028;0AL 5Q @01>B0. C, 2A5340 <>6=> A:070BL, GB> 20H ?>:>@=K9 A;C30 A?>A>15= @0A?0;8BL 4065 E>;>4=CN ?>B0A:CEC, => =5B& C<0N, -=O ?@>AB> B0:>9 1K;0. 'B> 6, ?>;3>40 2 1>@45;5 5IQ =5 C=8GB>68;8 2 =59 >E>BK : @072;5G5=8O< 8 >?@545;Q==>9 8A:@5==>AB8 GC2AB2.
K ?8;8, :C2K@:0;8AL =0 <0B@0F5, 8 =0A =5 >A>15==> 2>;=>20;> B>, GB> ?@>8AE>48B 2>:@C3. ?@>G5<, =5 ?@>8AE>48;> =8G53> 8=B5@5A=>3>. >AC48=0 ?;K;0 A?>:>9=>, 0 ?>3>40 2AQ 2@5<O 1K;0 ?@5:@0A=>9 8 A>;=5G=>9. ?@>G5<, @5:0 =0 <0@H@CB5 >B %570 4> "8@80=0 1K;0 H8@>:>9, =5B>@>?;82>9, @07;82H59AO >1H8@=K<8 702>4O<8, 8 745AL =5 3@>78;8 =8:0:85 =5>6840==>AB8. KAB@>5 B5G5=85 8 <5;8 =0G8=0;8AL ;8HL 2 25@E>2LOE @5:8, ?@8<5@=> 2 4=5 ?CB8 >B "8@80=0. "0< =5B>@>?;820O AB0@CH:0 ?@52@0I0;0AL 2 :0?@87=CN, 682CN 452G>=:C. "0< @5:0 28;0AL <564C ?>@>30<8 8 <5;O<8, G0AB> <5=O;0 @CA;> 8 C482;O;0 <=>3>G8A;5==K<8, =5?@8OB=K<8 =5>6840==>ABO<8. =08EC4H8< 87 =8E >B=>A8;8AL :>@A0@K, >1KG=> ?>4?;K20NI85 : AC40< =>GLN =0 <0;5=L:8E, 1KAB@KE ;>4G>=:0E 8 15760;>AB=> C1820NI85 2A5E A2845B5;59 3@01560. 25@E>2LOE @5:8, =5A><=5==>, <K 1K =5 <>3;8 A515 ?>72>;8BL ?;KBL 157 >E@0=K. > 745AL ?>574:0 =0?><8=0;0 ?@>3C;:C.
0:>=5F =0 B@5B89 45=L <K ?@>H;8 "8@80=A:CN 02>4L 8 8740;8 C2845;8 10H=N 3>@>4A:>9 @0BCH8. 0@:5 ?@8H;>AL <0=52@8@>20BL A@548 <=>3>G8A;5==KE :>@01;59, 30;5@, ;>4>: 8 ;>4G>=>:, :>B>@K5 ?@8?;K20;8 2 "8@80= B@5<O @5:0<8, 2?040NI8<8 2 02>4L. 'B> 6, :C?FK 2 "8@80=>=- =035 =5?;>E> ?>6820;8 A B0:>9 <=>3>G8A;5==>9 :;85=BC@>9, 8 O =5 C482;O;AO B><C, GB> >=8 =5 E>BOB >B:07K20BLAO >B <>=>?>;88 B>@3>2;8 A N3><. > 8725AB=> 254L, GB> 5A;8 ACI5AB2C5B <>=>?>;8O, B> @0=> 8;8 ?>74=>, :B>- =81C4L 70E>G5B 5Q =0@CH8BL. <>9 @01>B>40B5;L :0: @07 ?@8=04;560; : B0:8< « :B>=81C4O<» . > O =5 A>18@0;AO @8A:>20BL H:C@>9 2> 8<O 8=B5@5A>2 0@8CA0 20= QM=20;L40. ">3> 0@8CA0, GB> 1K;, ?>- 2848<><C, A?>A>15=, =5 <>@3=C2 3;07><, 70 4>@>385 5<C 8458 >B40BL 687=L& 5 A2>N, ?>=OB=>, 0 ;N1>3> =0=OB>3> 8< G5;>25:0.
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
"51O :B>- B> 2AB@5G05B? A?@>A8; O -=N.
>=5G=>, 40, >B25B8;0 >=0, 8, :065BAO, O ?>GC2AB2>20; 2 5Q 3>;>A5 :0:CN- B> 3@CABL. <>65B& >=0 A45;0;0 ?0C7C, <>65B, >AB028HL <5=O 4> A2>53> >BJ5740? 54L B515 =5 1K;> ?;>E>, 0?
=05HL, GB>, @0AA<5O;AO O, =0 B2>Q< ?@8<5@5 284=>, GB> 4065 H;NE >3 >40@8; C<><. C<0N, GB> B0:0O :><?0=8O 2 "8@80=5 <>65B 1KBL 2?>;=5 ?@8OB=>9.
E, A?0A81>, >@48<5@, A:070;0 >=0 @04>AB=> 8 ?@860;0AL :> <=5.
/ 4C<0N! A5340 ;CGH5 8<5BL >4=>3> A5@LQ7=>3> :;85=B0, :>B>@K9 E>@>H> ?;0B8B ( O =045O;AO, GB> 20= QM=20;L4 ?;0B8B 59 E>@>H>) , G5< 8E AB04>. C6G8=, :>B>@KE =04> >1A;C6820BL, E>G5HL MB>3> 8;8 =5B, 8 =57028A8<> >B B>3>, :B> >=8 8 :0: 2K3;O4OB. -=O 1K;0 =0AB>;L:> <8;0 8 E>@>H0 2 ;N1>2=KE 83@0E, GB> ?5@A?5:B820 ?@>4>;65=8O =0H53> >G0@>20B5;L=>3>, ?;0B=>3> @><0=0 =0 ?0@C 8;8 =5A:>;L:> 4=59 <=5 2?>;=5 =@028;0AL.
?>@BC C65 640; ?>25@5==K9 20= QM=20;L40, GC40:>20BK9 3>A?>48= A ?>460BK<8 3C10<8 8 :@0A=K< =>A><, >45BK9, =5A<>B@O =0 60@C ( => <=>3>, <=>3> <5=LHCN, G5< 2 %575, 81> 2 "8@80=5 C4020;>AL :0:- B> 4KH0BL) , 2 H5@ABO=CN, A5@CN =0:84:C.
/ ">180A <AB5;, A:070; >=, A:;>=OO 3>;>2C. ?@54AB02;ON 2 "8@80=5 8=B5@5AK 3>A?>48=0 20= QM=20;L40. 07@5H8B5, O ?@>2>6C 20A : <5ABC 68B5;LAB20. >=0 4>;6=0 >AB0BLAO 745AL. = =51@56=> 428=C; @C:>9 2 AB>@>=C -=8. B>- =81C4L 70 =59 ?@84QB&
>4@83 5<15@3, O 256;82> 25@=C; ?>:;>=, =045OAL, GB> ?>GB5==K9 20= QM=20;L4 =5 @07=QA ?> 2A5<C "8@80=C, :5< O O2;ONAL. >=0 84QB A> <=>9, 2>7@078; O, 8 ?>25@5==K9 ;8HL ?>4=O; 1@>28, => =5 >B25B8;.
0: ?>65;05B5, ?@>87=QA >=, =0:>=5F. @>HC 70 <=>9.
>@B 2 "8@80=5 8 A>A54AB2CNI85 A =8< ;02:8 8 :C?5G5A:85 A:;04K @0A:8=C;8AL =04 @5:0<8 8 >75@><. >>1I5- B>, MB>B ?>@B 2:;NG0; 2 A51O =5A:>;L:> >B45;L=KE ?@8AB0=59, 1K;> BCB 8 =5A:>;L:> :0?8B0=0B>2
[ 1 1 0 ]
, 0 B0:65 ?>AB>2 B0<>65==>9 AB@068 8 ?>40B=>9 A;C61K. #7:85 ?5@5C;:8 8 C;>G:8 BO=C;8AL 7837030<8 A@548 740=89, @0AAB02;5==KE 157 2AO:>3> 0@E8B5:BC@=>3> ?;0=0. K ?;CB0;8 B0< 8 BCB, 2 3CAB>9 B>;?5, B5:CI59 ?> C;8F0<. -B0 B>;?0 1K;0, :065BAO, 4065 3CI5, G5< 2 %575. >65B ?@>AB> AB@060 2 %575 =5A:>;L:> 1>;LH5 >1@0I0;0 2=8<0=85 =0 B>, :>3> ?@>?CA:0BL 70 3>@>4A:85 AB5=K? 0 C;8F0E "8@80=0 ?><8<> 70E;>?>B02H8EAO ?@>E>68E @>8;8AL ;>B>G=8:8, =8I85, F8@:0G8, ?@>406=K5 452:8, 3@><8;K 2=0Q<, ?LO=K5 3@C7G8:8 8 4>:5@K. 0B> 3>@>4A:CN AB@06C <>6=> 1K;> 8A:0BL 4> ?>A8=5=8O. 07 B>;L:> <=5 1;5A=C; =0 A>;=F5 AB0;L=>9 H;5< AB@06=8:0, 8 O C2845; >AB@85 2KA>:> ?>4=OB>9 3;5DK. =B5@5A=>, :0: 1K >= C?@028;AO A MB>9 3;5D>9 2 ?;>B=>9 B>;?5, 70?>;=82H59 C;8FK? 1KG=0O, >18B0O 65;57>< ?0;:0 :070;0AL =0<=>3> C4>1=55. > 254L 3;5D0, =5A><=5==>, 2K3;O45;0 4>AB>9=55&
@>H;> ?>@O4>G=> ?0B5@>2, ?>:0 <K 4>1@0;8AL 4> =5A:>;L:> 1>;55 A?>:>9=>3> @09>=0. 45AL C;8FK 1K;8 H8@5, 4><0 8 ;02:8 1>30G5, 0 740=8O, :0: ?@028;>, >3>@>65==K<8. !59G0A 8 ?0B@C;L 3>@>4A:>9 AB@068 <>6=> 1K;> 70<5B8BL G0I5. K >AB0=>28;8AL ?5@54 A>;84=K< 42CEMB06=K< 740=85< 2 D>@<5 ?>4:>2K. K25A:0 =04 2E>4>< 3;0A8;0: « >4> L2>< 8 48=>@>3><. 54>@>3>5 28=>, 25;8:>;5?=K5 >154K, 157>?0A=K9 =>G;53» . @><5 B>3>, :0:>9- B> 4><>@>I5==K9 682>?8A5F =0@8A>20; >3@><=>3> 15;>3> 548=>@>30 ( =5<=>3> =0?><8=0; >A;0 A @>3><, @0ABCI8< <564C 3;07) , ?>4=O2H53>AO =0 704=85 =>38 8 45@60I53> :>?KB0 =04 3>;>2>9 ;L20. <>5<C 87C<;5=8N C ;L20 1K;0 :@0A=0O H5@ABL 8 B@8 ;0?K. > 2AO:>< A;CG05, O =8345 =5 2845; G5B2Q@B>9.
@838=0;L=>5 =0720=85, 70<5B8; O.
"8@80=, >B25B8; <>9 ?@>2>4=8:, 1C4B> MB> A;>2> <>3;> 2AQ >1JOA=8BL.
0@8CA 20= QM=20;L4 25;5; =0=OBL <=5 459AB28B5;L=> C4>1=>5 68;LQ. !>AB>O;> >=> 87 42CE =51>;LH8E :><=0BCH5: =0 2B>@>< MB065, A >:=0<8, 2KE>4OI8<8 2 A04, =0E>4OI89AO =0 7040E ?>AB>O;>3> 42>@0. >4=>9 87 :><=0B AB>O;0 H8@>:0O, C60A=> A:@8?CG0O :@>20BL, 2 4@C3>9 AB>;8: 8 420 ?>G5@=52H8E >B AB0@>AB8 B01C@5B0. > 2 1CD5B5 O 70<5B8; =5<0;CN :>;;5:F8N 1CBK;>:. >;=KE, @07C<55BAO. 4>102>:, ?>;=KE 2?>;=5 E>@>H53> 28=0, :>B>@>5 O =5 ?@5<8=C; A@07C >B2540BL.
A;8 C 20A 1C4CB :0:85- ;81> ?>65;0=8O, ?@>HC 40BL 7=0BL A>45@60B5;N, A:070; ">180A <AB5;. =05B, 345 <5=O =09B8.
!?0A81>, O :82=C;, 8 >= ?>A?5H=> 2KH5;.
01>B8BAO > B515, ?@8H;0 : 70:;NG5=8N -=O, 1@>A0OAL =0 :@>20BL, 2 :>B>@>9 06 2A:@8:=C;>, 1C4B> 2=CB@8 :>3>- B> @570;8. -B>B :C?5F.
C 40, 701>B8BAO. / 1K; 4>2>;5=, 81> ;N1;N, :>340 ;N48 <5=O C2060NB.
?>AB>O;K9 42>@ 459AB28B5;L=> A>74020; 2?5G0B;5=85 ?@8;8G=>3>. ?@>G5<, 206=K< 1K;> B>, GB> =>G;53 8 ?8B0=85 C <5=O 1K;8 70 AGQB <>53> @01>B>40B5;O. O =5 A>18@0;AO =8 2 GQ< A515 >B:07K20BL.
"K 4>;65= 745AL :>3>- =81C4L C18BL, 8;8 GB>? =0 >B25@=C;0AL 8 A1@>A8;0 1;C7:C. <>65B, 848 :> <=5? %>G5HL?
>B><, >B:070;AO O. #18BL? / ?>:@CB8; 3>;>2>9. 0725 O =0Q<=K9 C189F0, 452>G:0?
">340 GB> BK 4>;65= A45;0BL? ABL, ?8BL 8 A> <=>9 >7>@>20BL?
C, B>340 MB> 1K; 1K @09, @0AA<5O;AO O. A;8 1K 70 MB> ?;0B8;8. ><=8, 87;8H=55 ;N1>?KBAB2> 2@54=> 4;O 74>@>2LO. 5=LH5 7=05HL, ;CGH5 A?8HL.
9, ;04=>, A:070;0 >=0 :0?@87=K< B>=><.
A;8 1C45HL ?;>E> A51O 25AB8, >B40< B51O 2 MB>B 1>@45;L, :C40 BK 4>;6=0 1K;0 84B8, 8 2>7L<C A515 452:C, :>B>@0O <5=LH5 1>;B05B.
30, C65 MB> 286C. =0 @0AA<5O;0AL 8 ?>;0A:0;0 A2>N >1=06Q==CN 3@C4L, 8 5Q @>7>2K5 A>A:8 =0?@O3;8AL. 48, >@48<5@, 8 >B45@8 <5=O ?>:@5?G5. >B>< <>65HL 84B8 ?> 45;0<, 0 O ?>A?;N.
/ B>65 @0AA<5O;AO 8 =0;8; =0< 28=0 2 :C1:8.
>65B MB> 8 E>@>H0O 845O, A:070; O.
* * *
-=O ?@>45@60;0 <5=O 2 ?>AB5;8 ?>GB8 4> 70E>40 A>;=F0, B0: GB> 154=K9 >@48<5@ 2K=C645= 1K; 2K@K20BLAO 87 5Q >1JOB89, ?>A:>;L:C >= 65 ?@85E0; AN40 @01>B0BL, 0 =5 A;04:> ;5=BO9=8G0BL. "0: C6 1K205B, ;N157=K5 <>8, GB> =8 >4=> C4>2>;LAB285 =5 <>65B ?@>4>;60BLAO 25G=>, 0 :@><5 B>3>, <5=O 1K ?;>E> ?>=O;8, 5A;8 1K O 2 ?5@2K9 45=L ?>A;5 ?@81KB8O =5 ?>A5B8; <>8E 1@0BL52 8=:2878B>@>2 87 B8@80=A:>9 =:2878F88. >=5G=>, <5=O =5 >1O7K20;8 : MB><C =8:0:85 ?@028;0, => ?@02>2>9 >1KG09
[ 1 1 1 ]
OA=> 3>2>@8;, GB> GC6>9 8=:2878B>@ 4>;65= 4>;>68BL > A2>Q< ?@8ACBAB288 <5AB=K< 8 A>>1I8BL > F5;8 ?@81KB8O, 5A;8 B>;L:> MB> =5 1K;> A;C651=>9 B09=>9.
B0:, O >AB028; -=N ( 2?@>G5<, >=0 <><5=B0;L=> ?>25@=C;0AL : AB5=5 8 70A=C;0) 8 ?@>3C;>G=K< H03>< =0?@028;AO : @K=>G=>9 ?;>I048, ?@8 :>B>@>9 =0E>48;>AL <0AA82=>5 :0<5==>5 740=85 =:2878F88. B C;8FK 53> >B45;O;0 :0<5==0O 65 AB5=0, B0:0O 2KA>:0O, GB> <=5 ?@8H;>AL 1K 87@O4=> ?>4?@K3=CBL, GB>1K C2845BL, GB> 70 =59 ?@>8AE>48B. # :>20==KE 87 65;570 2>@>B A845; A:CG0NI89 3>@>4A:>9 AB@06=8:, A >?Q@B>9 > AB5=C 3;5D>9. ! 2>7<CI5=85< O 70<5B8;, GB> :;8=>: >@C68O 1K; 25AL ?>:@KB @602K<8 ?>BQ:0<8. %575 70 B0:CN E0;0B=>ABL 53>, =5A><=5==>, =0:070;8 1K =5<0;>9 ?>@:>9.
'53>? 1C@:=C; >=, 284O, GB> O =0?@02;ONAL 2 AB>@>=C 2>@>B.
AB0=L, AK=>:, :>340 A> <=>9 @073>20@8205HL! A:070; O @57:>.
= ?>A<>B@5; 8A?>4;>1LO.
B> GB>? >= ?>4=O;AO =0 =>38 8 ?>;>68; @C:C =0 4@52:> 3;5DK. %>G5HL 1C7C CAB@>8BL?
>;>68, GB> 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- %57@>=0, >@48<5@ 0445@48=, E>G5B 2>9B8 =0 B5@@8B>@8N =:2878F88.
, 22- 25;L<>6=K9, A>1;03>2>;8B5 ?@>AB8BL. 73;O4 AB@06=8:0 24@C3 ?@8A<8@5;, 0 A0< >= A3>@18;AO 8 >B?CAB8; 4@52:> 3;5DK, 1C4B> 53> >16830;>. #65 7>2C.
= 4Q@=C; 70 H=C@, A28A0NI89 C AB5=K, 8 =0 4@C3>9 AB>@>=5 5Q >B>720;AO G8ABK9, 3@><:89 72C: :>;>:>;0. #65 G5@57 <8=CBC ABC:=C;8 >B:@K205<K5 2>@>B0, 8 O C2845; ?@8A;C6=8:0 2 ?>BQ@B><, GQ@=>< :0DB0=5 8 45@60I59AO =0 <0:CH:5 H0?>G:5.
'5< <>3C A;C68BL? A?@>A8; >= 256;82K< B>=><.
/ >@48<5@ 0445@48=, ?>2B>@8; O, ?>4C<02, A:>;L:> 5IQ @07 O 1C4C 4>;65= ?@54AB02;OBLAO, ?>:0 4>15@CAL 4> =:2878F88. =:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- %57@>=0.
@>HC 20A, <038AB@. = >B:@K; 2>@>B0 H8@5 8 C;K1=C;AO. # =0A A53>4=O ?CABK==>, => AB0@H89 F5E0 =5A><=5==> A @04>ABLN ?@8<5B 20HC <8;>ABL.
/ ?>1;03>40@8; 53> :82:>< 8 ?@>HQ; G5@57 2>@>B0. 0<5==>5 740=85 =:2878F88 1K;> >:@C65=> :@0A82K<, ?@5:@0A=> CE>65==K< A04><. !@548 H?0;5@ A @>7>2K<8 :CAB0<8 AC5B8;>AL 42>5 A04>2=8:>2 2 A5@KE D0@BC:0E, 0 B@5B89 ;O730; 1>;LH8<8 =>6=8F0<8, ?>4@570O AB@>9=K5 45@52F0 BC8. F5=B@5 A040 O C2845; <@0<>@=K9 D>=B0=, 87 :>B>@>3> 2KB5:0; 8A:CAAB25==K9 @CG5Q:, B5@ONI89AO 345- B> A@548 :CAB>2. ?5@54 A0<K<8 425@L<8 AB>O;0 <@0<>@=0O D83C@0 8ACA0 A> AB0;L=K< <5G>< 2 @C:5. 8ACA 1K; >45B 2 ;Q3:85 4>A?5E8, 4;8==K5 2>;>AK AB@C8;8AL 87- ?>4 H;5<0 A =0=>A=8:><
[ 1 1 2 ]
. !0<> 8720O=85 1K;> ?@5:@0A=K<, => 53> @0A?>;>65=85 ?>:070;>AL <=5 =5A:>;L:> AB@0==K<. 8<5==>, %@8AB>A 2K3;O45; 745AL ?@82@0B=8:><, AB>@>60I8< 425@8 =:2878F88. 70 <5=LH85 >H81:8 A6830;8 ;N459 =0 :>AB@0E. C, CB>G=8<: 70 <5=LH85 >H81:8 A6830;8 ;N459 =0 :>AB@0E :>340- B>, 81> 2 A53>4=OH=85 2@5<5=0 &5@:>2L 8 5Q A;C38 ?><O3G5;8 8 =5 ?@5A;54>20;8 C65 5@5AL B0: C?>@=>, :0: 2 402=85 2@5<5=0. '5AB=> 3>2>@O, O AG8B0; MB> ?@028;L=K<, ?>A:>;L:C B0: CAB0=>2;5==>5 8720O=85 4>AB0B>G=> 1K;> ?@>AB> ?5@5=5AB8 2 4@C3>5 <5AB>, 0 =5 A@07C A6830BL 2;045;LF0. !?5H:0 G0AB> O2;O5BAO 2@03>< A<8@5=8O 8 ?>=8<0=8O. <K 8=:2878B>@K 2AQ- B0:8 E>B8< 2 A<8@5=88 ?>=8<0BL 4@C38E.
@0A820O A:C;L?BC@0, A:070; O.
!;C30 ?>4>1>AB@0AB=> ?>:820;.
038AB@ 3=0F8CA A?5F80;L=> ?@83;0H0; A:C;L?B>@>2 87 %570, >1JOA=8; >=.
038AB@ 3=0F8CA 1K; 3;02=K< 2 B8@80=A:>9 =:2878F88. / ?><=8; 53> 5IQ A> H:>;K, ?>A:>;L:C >= =5:>340 ?@81K; =0 F8:; 3>AB52KE ;5:F89. / =5 >G5=L ?><=8; B5<C 53> :C@A0, => <=5 :070;>AL, GB> >= 1K; A?5F80;8AB>< ?> O7KG5A:8< 25@>20=8O<. = B0:65 2K42830; A><=8B5;L=CN B5>@8N > B><, GB> O7KG5A:85 25@>20=8O =0<=>3> >?0A=55 5@5A8, 2>7=8:0NI59 87 =525@=>3> ?>=8<0=8O 8A0=8O. ;8, GB> O7KG=8: EC65 E@8AB80=8=0- 5@5B8:0. '5AB=> 3>2>@O, <=5 1K;> B@C4=> A>3;0A8BLAO A B0:8< B578A><, ?>A:>;L:C 872@0I5=85 CG5=8O A2OB>9 25@K 7=0G8B5;L=> EC65, G5< 53> =57=0=85.
!;C30 >B:@K; 425@8, 8 <K 2>H;8 2 E>;>4=CN, :0<5==CN ?5@54=NN.
@>HC =0;52>, <038AB@, A:070; >=. 038AB@ 3=0F8CA C68=05B.
= A=>20 >B:@K; ?5@54> <=>9 >G5@54=K5 425@8, =0 MB>B @07 254CI85 2 =51>;LHCN :><=0BC, 2 :>B>@>9 AB>O; ?@O<>C3>;L=K9 AB>; 8 2>A5<L @57=KE ABC;L52 A 2KA>:8<8 A?8=:0<8. ">;L:> >48= 87 =8E 1K; 70=OB, 0 A845; =0 =Q< ?CE;K9, =52KA>:89 G5;>25G5: A 25=:>< 2>;>A, >:@C60NI8E 53> ;KA8=C, 1C4B> ;02@>2K9 25=5F. >340 <5=O C2845;, >= <54;5==> 2AB0; 8 >B;>68; =>6, :>B>@K< :0: @07 @570; 68@=>5 60@:>5.
>3> 8<5N G5ABL ?@8=8<0BL? A?@>A8; >= =5 A;8H:>< 2=OB=>, 81> @>B 53> 1K; ?>;>=.
/ >@48<5@ 0445@48=, 8=:2878B>@ 53> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, 2 B@5B89 @07, 2 =045645, GB> 2 ?>A;54=89, ?@>87=QA O MBC D@07>G:C.
@825BAB2CN, 4>@>3>9 >@48<5@! 2A:@8G0; >=, 1C4B> O 1K; 65;0==K< 8 4>;3>640==K< 3>AB5<. 0: 65 BK 87<5=8;AO A> 2@5<Q= H:>;K!
0H0 <8;>ABL <5=O ?><=8B? A?@>A8; O CGB82>.
>=5G=>, >@48<5@. , ?>60;C9AB0, =5 :>=DC7L <5=O « 20H59 <8;>ABLN» . "K C65 =5 CG5=8:, 0 8=:2878B>@, > A25@H5=8OE :>B>@>3> <K 745AL <=>3> =0A;KH0=K, 2 =0H59 3;CE>9 8 B8E>9 ?@>28=F88.
"K A;8H:>< ;N1575=, 3=0F8CA, O A:;>=8; 3>;>2C.
0- 40, A048AL, >@48<5@. = C:070; <=5 =0 ABC; =0?@>B82 A51O. 0=CM;L, ?@8=5A8 2B>@>9 ?@81>@, ?>60;C9AB0. "K 2>7<C60;, ?@>87=QA >=, A=>20 >1@0I0O =0 <5=O 27>@. / ?><=N B51O EC4K<, 25G=> <>;G0I8< ?>4@>AB:><, <>9 4>@>3>9. =05HL, GB> BK =8:>340 =5 7040; <=5 =8 >4=>3> 2>?@>A0?
/ A;CH0;, >B25B8; O, ?>A:>;L:C >= ;CGH5 <5=O ?><=8; ?@>H;>5, 8 <5=O MB> ?>@078;>.
-B> B0:, BK 2=8<0B5;L=> A;CH0;. 704C<K20;AO, =0A:>;L:> O 1;87>: 5@5A8, ?@0240?
/ 274@>3=C;. 5C65;8 MB> 1K;> =0AB>;L:> 70<5B=>? 59AB28B5;L=>, >48= A;CG09 <=5 :0: @07 2A?><=8;AO. 0:- B>, :>340 O A;CH0; ;5:F8N 3=0F8CA0, 2 3>;>25 C <5=O ?@><5;L:=C;0 <KA;L: « !3>@8HL, <038AB@. !3>@8HL, =5A><=5==>» . B>BG0A 65 O MB>9 <KA;8 8A?C30;AO. B:C40 >= <>3 7=0BL? A5E ;8 CG5=8:>2 >= ?><=8; 8 ?>=8<0; =0AB>;L:> E>@>H>?
/ 1K; =5>?KB5=, 3=0F8CA, >B25B8; O :@>B:>. , 2>7<>6=>, =5 ?>=8<0;, GB> 25@0 70:0;O5BAO 2 >3=5 48A:CAA88.
>3=5 48A:CAA88, ?>2B>@8; >=. 'B> 6, =5 2A5 B0: 4C<0NB, >= ?>A<>B@5; =0 <5=O 8A?KBCNI5. >;LH8=AB2> AG8B05B, GB> A;54C5B 25@8BL 157 87;8H=53> <C4@AB2>20=8O.
=8 B>65 ?@02K, >B25B8; O. 1> 2AQ 7028A8B >B B>3>, :B> 48A:CB8@C5B 8 A:>;L 40;5:> 70E>48B 48A:CAA8>==K9 60@.
0@, >3>=L& 0: 65 1;87:> >B MB8E A;>2 : ?;0<5=8 8 :>AB@C& A:070; >= 704C<G82>.
!;C30, =07K205<K9 3=0F8CA>< 0=CM;5<, ?@8=QA =0 ?>4=>A5 B0@5;:C, =>6 8 <5B0;;8G5A:89 :C1>:.
#3>I09AO, >@48<5@, ?@83;0A8; <5=O 402=89 CG8B5;L. '5< 1>30BK& = 40; 7=0: 0=CM;N, GB>1K B>B ?>:8=C; :><=0BC.
8;>, GB> BK ?@845@68205HLAO ?@56=8E >1KG052 8 ?@8HQ; =0A ?@>2540BL, A:070; >=, :>340 O >B@570; A515 A0<K9 =568@=K9, => 70B> E>@>H> ?@>60@5==K9 :CA>: <OA0. >?@>1C9 E;510, 4>1028; >=. # =0A A>1AB25==0O ?5:0@=O 8 A<5N CB25@640BL, GB> <K 45;05< ;CGH89 E;51 2 "8@80=5. 0- 000, ?@>4>;60; >=. @8OB=> 7=0BL, GB> <>;>4>5 ?>:>;5=85 C20605B 25:>2K5 >1KG08, =0 :>B>@KE <K 2K@>A;8 8 :>B>@K5 A15@530;8.
>3 2>745@60BLAO >B MB8E =>AB0;L38G5A:8E 70<5G0=89, => O ?@8=O; 8E A C;K1:>9. 3=0F8CA ?@>872>48; 2?5G0B;5=85 A8<?0B8G=>3>, A;02=>3> 8 =5?;>E> A>E@0=82H53>AO AB0@8G:0. KB0;AO ;8 >= <5=O ?@>25AB8 8;8 65 B0: A8;L=> ?@82K: : 83@5, GB> >=0 AB0;0 53> 2B>@>9 =0BC@>9, 8 >= 83@0; =5>A>7=0==>? 5206=>. = 1K; 8=:2878B>@><, 0 2 =:2878F88 =5 @01>B0NB A8<?0B8G=K5 8 A;02=K5 AB0@8G:8, A> A;57>9 =0 3;070E 2A?><8=0NI85 A;02=K5 402=85 2@5<5=0.
"K =5 >1848HLAO, >@48<5@, 5A;8 A?@>HC B51O > F5;8 2878B0 2 "8@80=? >65B O A<>3C B515 2 GQ<- B> ?><>GL?
"K =5>1K:=>25==> ;N1575=, 3=0F8CA, ?>2B>@8; O =5402=> ?@>87=5AQ==>5 CB25@645=85. > A:070; 1K, GB> ?>A5I5=85 "8@80=0 2>A?@8=8<0N :0: 402=> 70A;C65==K5 :0=8:C;K. 48= 1>30BK9 :C?5F, ?>72>;L, =5 >B:@>N 53> 8<5=8, @5H8; ?@>D8=0=A8@>20BL <>Q ?@51K20=85 745AL. : B><C 65 ?@51K20=85 2 ?@8OB=>9 :><?0=88, O ?>4<83=C; <=>3>7=0G8B5;L=>. 70<5= 70 =5402=> >:070==K5 CA;C38.
E, B0:, C;K1=C;AO >=. "0: BK 2K1@0; 8<5==> "8@80= :0: <5AB> >B4KE0. 0: ?@8OB=>!
53> 3>;>A5 O =5 CA;KH0; =8 874Q2:8, =8 8@>=88. = 83@0; A2>N @>;L 157>H81>G=>, 2>B 8 O A>18@0;AO 83@0BL A2>N.
E, =5 A:@>N, GB> O @5H8; A>548=8BL ?@8OB=>5 A ?>;57=K<, ?@>87=QA O A ;Q3:8< A<CI5=85<. =045NAL =0 >4=C 45;>2CN 2AB@5GC. 4=0:>, ?@>AB8, GB> =5 <>3C >1 MB>< 3>2>@8BL, ?>A:>;L:C 459AB2CN =5 B>;L:> >B A2>53> 8<5=8, 8 <5=O >1O70;8 A>1;N40BL B09=C. A>60;5=8N, 3=0F8CA, 3> @5>A2OI5=AB2> 5?8A:>? %5- E57@>=0, 40 E@0=8 >A?>4L 53> 1;03>G5AB82CN 4CHC, =5>1K:=>25==> BI0B5;L=> AG8B05B @0AE>4K 5?8A:>?AB20&
& 0 >BAN40 A;54C5B, GB> 8 8=:2878B>@A:>5 60;>20=85, 70A<5O;AO >=. B:C40 O MB> 7=0N? > MB> >G5284=>, >@48<5@, 4>1028; >=. !;C651=0O B09=0 A2OB>5 45;> 8 O =5 A>18@0NAL A:;>=OBL B51O : =0@CH5=8N 40==>3> A;>20. 4=0:> 87 B2>8E A;>2 ?>=8<0N, GB> ?>A5I5=85 "8@80=0 =8:>8< >1@07>< =5 A2O70=> A B2>59 45OB5;L=>ABLN, :0: 8=:2878B>@0 3> @5>A2OI5=AB20?
71028 >3, 3=0F8CA, A:070; O.
0:>5- B> 2@5<O <K 5;8 <>;G0, 8 O ?>?@>1>20; 28=>, :>B>@K< C3>AB8; <5=O B8@80=A:89 8=:2878B>@.
;LE0<@0, A:070; O, ?>?@>1>202. Q4 2> @BC
[ 1 1 3 ]
.
;O =0A A?5F80;L=0O A:84:0, E8B@> ?>4<83=C; >=. 1> C65 2 %575 B@51CNB 70 =5Q 2B@84>@>30&
, 40, 274>E=C; O. 86C, GB> 2 "8@80=5 1@0BLO >E>B=55 ?@>2>4OB 2@5<O 2 A>1AB25==>< 4><5, G5< 2 =:2878F88, 4>1028; O.
>G5<C B0: 4C<05HL? >= ?@8IC@8; 3;070.
#68=05HL >48=, >B25B8; O. > O B>65 ?@54?>G8B0N :><=0BC 2 :>@G<5 =0H5<C 4>@<8B>@8N.
0A ?OB5@>, >B25B8; >=, 8 2A5 <K 682Q< 2 =:2878F88. 4=0:> A59G0A <>8 G5BK@5 1@0B0 =0E>4OBAO 70 3>@>4><, 8 O >AB0;AO >48=. "0: GB> O @04, GB> BK A>AB02;O5HL <=5 :><?0=8N MB8< 25G5@><.
5=O 708=B5@5A>20;>, GB> 6 70 A@>G=K5 45;0 2K@20;8 87 3>@>40 2A5E 8=:2878B>@>2, => O 7=0;, GB> @0AA?@0H820BL =5 ?>4>105B. 4=0:> D0:B B>3>, GB> ?OBQ@:0 8=:2878B>@>2 68;0 2<5AB5, 1K; =5A:>;L:> AB@0==K<. %>BO, <>65B 2 "8@80=5 ACI5AB2>20;8 8=K5 ?@028;0, =565;8 2 %575? > CE>65==>AB8 A040 8 >18;L=>AB8 ?8B0=8O O ?>=O;, GB> CA;>28O BCB 1K;8 ;CGH5, G5< 2 %575, 345 2;0AB2>20;8 ?@>ABK5 8 AC@>2K5 ?@028;0. > GB> 45;0BL, 8E 1K;> B>;L:> ?OB5@>, 8 >=8 <>3;8 CAB0=>28BL 4;O A51O B0:85 70:>=K, :0:85 E>B5;8.
! 3=0F8CA>< O ?@>2Q; ?@8OB=K9 25G5@ 70 :C2H8=G8:>< E>@>H53> 28=0. K ;5=82> 1>;B0;8, >= @0AA:07K20; B8@80=A:85 A?;5B=8, 0 O 45;8;AO B5<, :0: 682QBAO >:>;> 5@A0@40, ?@5>A2OI5=AB20 5?8A:>?0. ! B5< B>;L:>, 2K 65 ?>=8<05B5, ;N157=K5 <>8, GB> 20H ?>:>@=K9 A;C30 =5 ?>72>;8; A515 2KA:070BL =8 548=>3> ;8H=53> A;>20, 0 > ?@8ABC?0E ?>403@K 5A0@40 3>2>@8; A C2065=85<, ?>;=QE>=L:8< A>GC2AB28O. :>=F5 :>=F>2, A0<> 8A0=85 3;0A8B:
« 5 :064><C G5;>25:C >B:@K209 A5@4F5 A2>Q»
[ 1 1 4 ]
. :0: <0;> :B> =0 A25B5 <>3C ?>4B25@48BL =5>1K:=>25==CN A?@0254;82>ABL MB8E A;>2.
* * *
>340 701@5768; ?5@2K9 @0AA25B <>53> ?@51K20=8O 2 "8@80=5, O >B:@K; AB02=8 A GC2AB2>< =5A:@K205<>3> >1;53G5=8O. 0: @07 =0 =51> 2K?>;7;8 15;K5, :CG52K5 8 ?;>B=K5 >1;0:0, MB8< ?@5425I0O, GB> 45=L 1C45B =5 B0:8< 7=>9=K<, :0: ?@54K4CI89. E>@>H>, ?>A:>;L:C 20H ?>:>@=K9 A;C30 4>;65= 1K; :>5- GB> A45;0BL. K, 25@>OB=>, 4C<05B5, :0:>9 65 B0:>9 E8B@K9 ?;0= ?@84C<0; 154=K9 >@48<5@, GB>1K C4>2;5B2>@8BL 0@8CA0 20= >Q=20;L40, 0 B0:65 @0A:@KBL, :B> C18205B =57028A8<> ?;020NI8E :0?8B0=>2? >65B, O 20A @07>G0@CN, ;N157=K5 <>8, => ?;0= <>9 1K; ?@>AB, 1C4B> 4>;>B> 4;O @0A:0;K20=8O :>AB59
[ 1 1 5 ]
. "0: 2>B, =8 1>;LH5, =8 <5=LH5, => A=0G0;0 O A>18@0;AO ?@>AB> ?>9B8 2 3;02=K9 :0?8B0=0B, 2K4020O A51O 70 :C?F0 87 %570. ?>AB0@0BLAO ;530;L=> =0=OBL :>@01;L 8 :0?8B0=0. ?>B>< ?>A<>B@5BL, :B> ?@84QB <5=O ?@54>AB5@530BL ?5@54 ?>A;54AB28O<8 B0:>3> 157@0AAC4AB20. 'B> 6, =5?;>E>9 8AE>4=K9 ?C=:B, :0: ;N1>9 4@C3>9.
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
=5 ?@8H;>AL ?>4>640BL A2>53> 2 4>2>;L=> 4;8==>9 >G5@548 : >4=><C 87 :0=F5;O@8AB>2. !54>9, AA>EH89AO G5;>25G5: A845; =04 AB>?>9 :=83 8 1C<03. >25@E=>ABL :>=B>@:8, ?0;LFK 8 4065 CH8 C =53> 1K;8 8A?0G:0=K BCHLN.
!;CH0N, A?@>A8; >= =5B5@?5;82>, :>340 O 2AB0; ?5@54 =8<.
%>GC =0=OBL E>@>H89 :>@01;L 8 :0?8B0=0, 7=0NI53> @5:C 2 25@E=5< B5G5=88, A:070; O 3@><:>.
0=F5;O@8AB >B;>68; ?5@> =0 :>=B>@:C 8 ?>4=O; =0 <5=O 273;O4.
# 20A 5ABL B8@80=A:0O ;8F5=78O? A?@>A8; >=, 2=8<0B5;L=> @0AA<0B@820O <5=O 87- ?>4 A54KE, @54:8E 1@>259.
5B, >B25B8; O. / :C?5F 87 %570.
B>- B> AB>OI89 70 <=>9 70A<5O;AO, :B>- B> 4@C3>9 ?>:070; =0 <5=O ?0;LF5<, 0 :0:>9- B> 3>;>A :@8:=C;: « 0948B5 5<C :0?8B0=0, :>B>@K9 E>G5B ?>B5@OBL CH8» . '8=>2=8: C;K1=C;AO >4=8<8 3C10<8.
5 4C<0N, GB>1K :B>- =81C4L 70E>B5; A 20<8 ?>?;KBL, @07 C 20A =5B ;8F5=788, A:070; >= A 5420 A:@K205<K< 25A5;L5<.
5 25@N, GB> 2 "8@80=5 =5B :0?8B0=0, GB> =5 65;05B 70@01>B0BL =5?;>ECN AC<<C 70 :C@A =0 N3, A:070; O A C482;5=85<.
>A;CH09B5 65, 3>A?>48=& >= A45;0; ?0C7C.
>4@83 5<15@3, ?>OA=8; O. 8F5=78@>20==K9 :C?5F 87 %57- E57@>=0.
!7048 A=>20 :B>- B> @0AA<5O;AO, A;KH0 MB8 A;>20.
>A;CH09B5 65, 3>A?>48= 5<15@3. ?@>87=QA :0=F5;O@8AB. / =5 7=0N :0?8B0=0, :>B>@K9 1K A 20<8 ?>?;K;. K:C?8B5 2 38;L488 >4=>@07>2CN ;8F5=78N 8;8 2>A?>;L7C9B5AL ?>A@54=8G5AB2>< =0H8E :C?F>2. !;54CNI89! = >B2Q; >B <5=O 273;O4.
!B>9B5, AB>9B5&
!;54CNI89! A:070; >= C65 1>;55 @57:8< B>=>< 8 ?>A<>B@5; 2 AB>@>=C >4=>3> 87 AB@06=8:>2.
04=>, ;04=>, A:070; O, :>340 C2845;, GB> AB@06=8: <54;5==K< H03>< =0?@02;O5BAO 2 <>N AB>@>=C.
:>=F5 :>=F>2, 1K;> 1K :@09=5 C=878B5;L=K<, ;N157=K5 <>8, 5A;8 1K 154=K9 >@48<5@ ?>;CG8; ?0;:>9 ?> A?8=5 2 B8@80=A:>< :0?8B0=0B5. 24>102>: =5 <>3 1K 4>;6=K< >1@07>< ?>:0@0BL >184G8:0.
/ ?@>B8A=C;AO G5@57 B>;?C 8 2KH5; 87 740=8O. / ?@8A5; =0 >3@0645=85 A <8=>9 ?>:>@=>AB8 AC4L15, 8 <=5 =5 ?@8H;>AL 4>;3> 640BL, ?>:0 :> <=5 =5 ?>4>HQ; <>;>4>9, 1>30B> >45BK9 G5;>25:. = 1K; 2 C:@0H5==>< A5@51@><, HQ;:>2>< :0DB0=5 8 @0AH8BKE ?C;5=0E
[ 1 1 6 ]
A 2KGC@=> 87>3=CBK<8 =>A:0<8. # @07C:@0H5==>3>, H8@>:>3> ?>OA0 1>;B0;AO :8=60;LG8: A 3@028@>20==>9 A5@51@>< @C:>OBLN.
4@02AB2C9B5, 3>A?>48= 5<15@3, A:070; >= A5@45G=K< B>=><. A;8 O ?@028;L=> @0AA;KH0; 20HC ?>GB5==CN D0<8;8N.
30, ?@028;L=>, O 2AB0; A >3@0645=8O 8 :82=C; 5<C.
K 2?5@2K5 2 "8@80=5, 40? E, :0: 65 =5CGB82> A <>59 AB>@>=K! / >@8A >AA5;L
[ 1 1 7 ]
, ?>A@54=8:, : 20H8< CA;C30<, 3>A?>48=. = AE20B8; <>N @C:C 8 ?>B@OA 5N A 2>>4CH52;5=85<. A;8 70E>B8B5 2KA;CH0BL =5A:>;L:> A>25B>2, A @04>ABLN 20< 40< 8E 70 1>:0;>< 8;8 42C<O 4>1@>3> 28=0.
20< GB> 70 45;>, 3>A?>48= >AA5;L? =54>25@G82> A?@>A8; O.
MB> 2K C2848B5 8 >F5=8B5 A0<8, 0 ?>:0 15A540 A> <=>9 =5 1C45B 20< AB>8BL 1>;LH5, G5< :C2H8=G8: 28=0, ?>OA=8; >= A 8A:@5==59 C;K1:>9 8 >B1@>A8; 7>;>B>9 ;>:>=, :>B>@K9 C?0; 5<C =0 ;>1.
C, B>340 2548B5, 1C@:=C; O.
>3@51>:, 2 :>B>@K9 <K 2>H;8, =5 >B=>A8;AO : 45HQ2K<, 8 =025@=O:0 ?>A5I0;8 53>, ?> <5=LH59 <5@5, :C?FK A@54=59 @C:8. > >1A;C6820NI85 3>AB59 452:8 1K;8 :@0A82K<8, 1>9:8<8 8 >?@OB=K<8, 1>:0;K 8 :C2H8=K =5 2KI5@1;5==K<8, 2K1>@ 28= >3@><=K9, 0 A0<8 =0?8B:8, 157 2AO:>3> A><=5=8O, =5 1K;8 >A2OI5=K F5@5<>=859 :@5I5=8O
[ 1 1 8 ]
. "0:8< >1@07><, ?>3@51>:, ?>- 2848<><C, ?>;L7>20;AO E>@>H59 @5?CB0F859. >AA5;L 40; 7=0: :>@G<0@N 8 =0A A@07C 65 ?@5?@>2>48;8 : <0;5=L:><C AB>;C, >B3>@>65==><C >B >AB0;L=>3> 70;0 45@52O==>9 ?5@53>@>4:>9.
C2H8=G8: 15;>9 ;LE0<@K, ?@8:070; <>9 A?CB=8:, O2=> GC2AB2CO A51O 745AL :0: 4><0, 8 CI8?=C; 70 704 :>:5B;82> C;K10NICNAO 452CH:C, GB> ?>4>H;0 ?@8=OBL 70:07.
# 452CH:8 1K; ?KH=K9 1NAB 8 3;C1>:> 45:>;LB8@>20==>5 ?;0BL5. @5:@0A=>, 81> 20H ?>:>@=K9 A;C30 2A5340 AG8B0;, GB> :064K9 G5;>25: 4>;65= 3>@48BLAO B5<, GB> 5ABL C =53> =08;CGH53>.
« 25 3@C48 B2>8 :0: 42>5 <0;KH59- 1;87=5F>2 A5@=K. (5O B2>O :0: 10H=O 87 A;>=>2>9 :>AB8»
[ 1 1 9 ]
, ?@>F8B8@>20; O, ?@5645 G5< A>>1@078; ?@8:CA8BL O7K:.
86C, E>@>H> 7=05B5 A;>20 8A0=8O, 3>A?>48=, 70<5B8; >AA5;L.
8HL B5, :>B>@K5 ?>72>;ONB 702;5GL ?@5:@0A=K9 ?>;, 70A<5O;AO O D0<8;LO@=>. 0AA:06C 20<, 3>A?>48= >AA5;L, :0:85 ?@8:;NG5=8O A >4=>9, O ?>4=O; <=>3>7=0G8B5;L=> ?0;5F 2KA>:>@>4=>9 40<>9 A;CG8;8AL C <5=O&
= :0H;O=C; <=>3>7=0G8B5;L=>.
A;8 ?>72>;8B5, A:070; >=. 09<Q<AO ;CGH5 20H8<8 ?@>1;5<0<8, A45;09B5 <8;>ABL&
C 40, >B25B8; O, A<5H02H8AL. 0<K 40<0<8, 0 45;0 45;0<8.
52CH:0 ?@8=5A;0 =5<0;K9 :C2H8=G8: 28=0 8 420 1>:0;0. >AA5;L @07;8; =0?8B>: 8 ?>4=O; 1>:0;.
0 CA?5E 2 45;0E, 3>A?>48= 5<15@3, ?@>87=QA >= B>@65AB25==K< B>=><.
30, ?>440:=C; O. 'B>1K MB8 4C:0BK 2 <>Q< :>H5;5 ?>1KAB@55 >17025;8AL A5AB@Q=:0<8 8 1@0B8H:0<8.
= 8A:@5==5 @0AA<5O;AO, 2K?8; 3;>B>: 28=0 8 4@C65A:8 E;>?=C; ?> ?;5GC. <C =5;L7O 1K;> >B:070BL 2 0:BQ@A:8E A?>A>1=>ABOE.
0AA:068B5, :0:85 45;0 ?@825;8 20A 2 "8@80=, ?@>87=QA >=, 0 O ?>AB0@0NAL 20< ?><>GL 87> 2A5E A8;, 81> 286C, GB> 2K G5;>25: >AB@>C<=K9, 1;03>@>4=K9 8 682>3> C<0.
# <5=O 5ABL =5<=>3> 45=53 ?>A;5 C<5@H53> 4O48, A:070; O. / @5H8; 8E C<=>68BL. >5- :B> <=5 A:070;, GB> =0 N35, 2 25@E>2LOE @5:8, O 4>AB0=C B>20@K, :>B>@K5 ?@>40< 2 %575 A B@QE:@0B=K<, 0 <>65B 8 1>;LH8< =020@><. >MB><C O E>GC =0=OBL :>@01;L 8 7=0NI53> @5:C :0?8B0=0, =0 N35 :C?8BL 28=0, 0:A0<8B0, 0 <>65B =5A:>;L:8E :@0A82KE 452>:, 8 25@=CBLAO 2 %57 A B>20@0<8. / ABC:=C; :C1:>< ?> AB>;C. ::C@0B B0: O A515 704C<0;.
20< MB> :065BAO B0:8< ;Q3:8<, 3>A?>48= 5<15@3, ?@>87=QA >=. 5@6C ?0@8, >= >B 4CH8 25A5;8;AO. 2K =5 ?>4C<0;8 > ?8@0B0E 8;8 > ?@8>1@5B5=88 B8@80=A:>9 ;8F5=788?
09<C ;N459 4;O >E@0=K 8 25@N, GB> A<>3C A>1@0BLAO A 4@C38<8 :C?F0<8 =5A:>;L:8<8 :>@01;O<8. > ;8F5=78O? A45;0; O ?0C7C. # <5=O 5ABL ;8F5=78O 87 %570, 3>A?>48= >AA5;L, 0 MB> ?>72>;O5B <=5 B>@3>20BL 2AN4C 2 ?@545;0E ?@02><>G89 3> @5>A2OI5=AB20 5?8A:>?0, B> 5ABL 8 745AL, 2 "8@80=5.
= ?>:0G0; 3>;>2>9, 8 O 70<5B8;, GB> >= A B@C4>< A45@68205B A<5E.
0:>= 70:>=><, 0 687=L 687=LN, 3>A?>48= 5<15@3, ?@>87=QA >=. 86C, 2K G5;>25: ?>;=K9 25@K 8 G5AB=K9, => <5AB=K5 :C?FK =5 ;N1OB :>=:C@5=F88. !:06C 20<, :0: 4@C3, GB> 2K <>65B5 A45;0BL. = 2K?8; 28=0, 0 ?>B>< 4>;8; =0< 2 1>:0;K. 5;0; 284, GB> @074C<K205B.
>3C 20< ?>@5:><5=4>20BL C20605<KE <5AB=KE :C?F>2, A:070; >=, :>B>@K5 >E>B=> 70:C?OB 4;O 20A B>20@K, A>3;0A=> ?@54AB02;5==><C 8< A?8A:C, 8 ?5@5257CB 8E 4> "8@80=0. K B0:65 <>65B5 2 >4=>< 87 =0H8E B>@3>2KE 4><>2 2K:C?8BL >4=>@07>2CN ;8F5=78N, 8 B>340 157 B@C40 ?>;CG8B5 ?><>IL :0?8B0=0B0 2 =0E>645=88 :>@01;O 8 :0?8B0=0, 8 A0<8 ?>?;K2QB5 =0 N3, 2 A>3;0A88 A =0H8< ?@02>< 8 >1KG05<. 4=0:> 1>;55 2K3>4=K< 4;O 20A 1C45B ?5@2K9 A?>A>1. @>254QB5 2@5<O 2 "8@80=5, 0 O 20A A C4>2>;LAB285< ?@>2>6C : :@0A82K< 10@KH=O<, :>B>@K5 A:@0AOB 20< 2@5<O. 8:0:8E B0< H;NE! >3>2>@8;AO >= A@07C. 1> O B0:8<8 CA;C30<8 =5 ?>;L7CNAL&
%>@>H>, GB> <8;>A5@4=K9 >A?>4L =5 ?>@0605B ;3C=>2 <>;=8O<8, 81> 3>A?>48= >@8A >AA5;L C65 402=> 1K =5 68;.
& ?>MB><C >14C<09B5 2AQ E>@>H>, GB>1K =5 @8A:>20BL CB@0B8BL 8<CI5AB2>.
=>3> B0:>5 ?>A@54=8G5AB2> AB>8B? A?@>A8; O, ?>B8@0O ?>41>@>4>:.
13>2>@8B5 =0 <5AB5, C;K1=C;AO >=. > =5 1>;LH5, G5< 42>9=>9 =020@&
5G >A?>40! 2>A:;8:=C; O 2 =0?CA:=>< 3=525. / =8:>340 =5 A>3;0HCAL =0 B0:>5 2K<>30B5;LAB2>.
3> 3;070 ?>E>;>45;8.
>4C<09B5 ;CGH5, 3>A?>48= 5<15@3, A:070; >=, 8 2>A?>;L7C9B5AL A>25B>< >?KB=>3> G5;>25:0, :>B>@K9 65;05B 20< 4>1@0.
5 1C4C ?;0B8BL, B2Q@4> ?@>87=QA O. 40 ?><>65B <=5 >3.
0:>5- B> 2@5<O <K ?8;8 <>;G0. 07C<55BAO, O 7=0;, :0:8< 1C45B A;54CNI55 ?@54;>65=85 >@8A0 >AA5;O 8 A?>:>9=> 640;, :>340 >= 53> A45;05B.
>GB5==K9 3>A?>48= 5<15@3, =0G0; >=, 8 4065 >A<5;NAL A:070BL: 4@C3 >4@83, 81> C <5=O, :0: 2848B5, GB> =0 A5@4F5, B> 8 =0 O7K:5&
, 40, ?>4C<0; O, 157 2AO:>3> A><=5=8O.
5 7=0N, :0: MB> A;CG8;>AL, => O 8A?KBK20N : 20< B0:>5 A8;L=>5 4@C65A:>5 @0A?>;>65=85, GB>, >= A:070; B8H5 8 A:;>=8;AO :> <=5, =0@CHC A2>8 ?@028;0 8 ?><>3C 20<. !:068B5 <=5, 3>A?>48=, 345 2K ?>A5;8;8AL, 0 O ?>AB0@0NAL 702B@0 A>>1I8BL 20< 4>1@CN 25ABL.
K ?@0240 MB> A45;05B5? / AE20B8; 53> 70 @C:C. >3 20A 2>7=03@048B, 1;03>@>4=K9 N=>H0, 40 8 O 2 <5@C A:@><=KE 2>7<>6=>AB59&
1 MB>< ?>3>2>@8< ?>765, ?@5@20; >= <5=O. 1> O ?>A;54=89, :B> E>B5; 1K 2KBO=CBL 45=L38 C ?>GB5==>3> :C?F0 8 E>@>H53> G5;>25:0.
/ @0AB@>30;AO 8 ?>72>;8;, GB>1K 2 <>8E 3;070E 701;5AB5;8 425 A;57K. 57 2AO:>3> A><=5=8O, >= 4>;65= 1K; MB> 70<5B8BL, 8 O 25@8;, GB> >= ?@5:@0A=> @072;5:05BAO.
* * *
K94O 87 ?>3@51:0, <K >AB0=>28;8AL 2 ?LO=KE >1JOB8OE 8 C25@5=8OE 2> 2708<=>9 4@C615. 5=O =5<=>3> H0B0;>, 8 O >?Q@AO 5<C =0 ?;5G> 8 ?>F5;>20; 53> A;N=O2K<8 3C10<8 2 IQ:C. %0! CABL 7=05B, GB> >B@010BK205B A2>8 45=L38! >B>< O C?0; 2 3@O7L 8 ?>72>;8; 5<C ?><CG8BLAO :0:>5- B> 2@5<O A 2>7=5A5=85< <5=O 87 =5Q. 4=0:> ?@8 MB>< ?@>8AH5AB288 >= A20;8;AO =0 <5=O 8 2K<070; 2 3@O7=>9 6865 A2>9 :@0A82K9 :0DB0=G8:. A25B5 D>=0@O O C2845; =0 53> ;8F5 3@8<0AC >B2@0I5=8O 8 =5=028AB8. > >= B0: 1KAB@> 27O; A51O 2 @C:8, GB> 8<59 >= 45;> =5 A >@48<5@>< 0445@48=><, 0 A 4>1@>4CH=K<, E>BL 8 C?Q@BK< >4@83>< 5<15@3><, MB>, 157 2AO:>3> A><=5=8O, ?@>H;> 1K =570<5G5==K<. ;N1>< A;CG05, >= ?>ABC?8; >G5=L =5?@>D5AA8>=0;L=>, ?>72>;82 <=5 >4=><C 2>72@0I0BLAO 2 :>@G<C. / 1K; 53> 2;>65=85<, 0 > 2;>65=8OE A;54C5B 701>B8BLAO, =57028A8<> >B M<>F8>=0;L=>3> >B=>H5=8O : =8<. 56 B5<, >AB02;5=85 <5=O ?LO=K< 2 GC6>< <5AB5 =5A;> @8A:8
[ 1 2 0 ]
B>3>, GB> 2;>65=85 702B@0H=8< CB@>< 1C45B ?;020BL 2 @5:5 A :>;>BK<8, @570==K<8 8;8 CH81;5==K<8 @0=0<8. / 1K; @07>G0@>20= ?>2545=85< >AA5;O, ?>A:>;L:C 1K; > =Q< ;CGH53> <=5=8O.
5=O 7025@=C;> 2 1;8609H89 ?5@5C;>:, ?>A;5 G53>, :>340 C65 1K; C25@5=, GB> ?@>?0; A 53> 3;07, O ?>HQ; ?@O<>. 0DB0= 8 =0:84:0 C <5=O 1K;8 2A5 2 3@O78, ?>MB><C O ?>4C<0;, GB> -=O A53>4=OH=8< 25G5@>< ?@83>48BAO 4;O G53>- =81C4L 8=>3>, G5< 4;O ?>AB5;L=KE 83@. >65B <5=55 ?@8OB=>3>, => 70B> =025@=O:0 ?>;57=>3>.
"5=L, :>B>@0O ?>O28;0AL 87- 70 C3;0 >4=>3> 87 4><>2, O 70<5B8; 2 ?>A;54=89 <><5=B. 2 MB>B ?>A;54=89 <><5=B O >B?@K3=C; 2 AB>@>=C, 8 1>;B ?@>A28AB5; ?@O<> 2>7;5 <>59 ;52>9 @C:8. 0Q<=K9 C189F0 F5;8;AO 2 A5@4F5. G5=L B>;:>2>. A;8 1K =5 <=>3>;5B=85 B@5=8@>2:8, ;560; 1K O A59G0A 1@52=>< 8 2A<0B@820;AO 2 B5<=>BC <Q@B2K<8 7@0G:0<8. 0:>9 3@CAB=K9 D8=0; 687=8 154=>3> >@48<5@0, ;N157=K5 <>8. >=G8BLAO 2 B8@80=A:>9 AB>G=>9 :0=025. 0: 65 MB> ;8H5=> MAB5B8:8!
"5=L A=>20 ?>O28;0AL =0 <83, 0 ?>B>< 8AG57;0. / 2KB0I8; :8=60; 8 >AB>@>6=> ?>HQ; 2 5Q =0?@02;5=88. 4@C3 O CA;KH0;, :0: :B>- B> E@8?;> 8 1>;57=5==> 2BO38205B 2>74CE 2 ;Q3:85, 0 ?>B>< GB>- B> A20;8;>AL 2 3@O7L A 68@=K< 2A?;5A:><. / ?>4>HQ; >G5=L >AB>@>6=>, 45@60AL AB5=. 0 C;8F5 ;560; G5;>25: 2 GQ@=>9, >1;530NI59 :C@B:5. 51>;LH>9 0@10;5B 2K?0; 87 53> @C:8. / =03=C;AO =04 B5;><. C6G8=0 1K; <>;>4, A25B;>2>;>A, A ;8F><, 87@KBK< 3;C1>:8<8 H@0<0<8 ?>A;5 >A?K. / >1KA:0; 53>, => >= =8G53> ?@8 A515 =5 8<5;. 065 :>H5;L:0 A 45=L30<8. ">;L:> <0;5=L:0O >?5@Q==0O AB@5;:0 B>@G0;0 C =53> 2 :04K:5. / >AB>@>6=> 5Q 2KB0I8;. AB@8Q 1K;> 4;8==K<, A5@51@O=>3> F25B0. / ?>=NE0; 53> 8 ?>GC2AB2>20; 70?0E O40. / >B>@20; ?>;>AC A @C10E8 ?>:>9=8:0 8 AB0@0B5;L=> 7025@=C; AB@5;:C 2 B:0=L, 0 ?>B>< A?@OB0; 5Q 2 :0@<0= =0:84:8. B> ?@8:>=G8; B08=AB25==>3> C189FC? ;8 C <5=O 1K; :0:>9- B> =58725AB=K9 70I8B=8:? <>65B MB> ;8HL A;CG09? 4=0:> >B25BK =0 MB8 2>?@>AK 1K;8 =5 AB>;L 206=K. 0<=>3> 1>;LH5 <5=O 8=B5@5A>20; 2>?@>A, :B> E>B5; C1@0BL 154=>3> >@48<5@0 87 MB>3> =5 A0<>3> ;CGH53> 87 <8@>2? ><C =C6=0 1K;0 <>O A<5@BL? 1>, ?>;=>ABLN C25@5=, =5 6C;8:0<, A2O70==K< A B8@80=A:8<8 :C?F0<8. =8 C1LNB <5=O B>;L:> B>340, :>340 8< C40ABAO ?>708<AB2>20BL <>N =0;8G=>ABL. A<KA;5, ?>?KB0NBAO <5=O C18BL. > O ?>AB0@0NAL 8E =5 C1820BL, ?>:0 =5 A:;>=N : 3;C1>:>9 8 8A:@5==59 8A?>2548.
* * *
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
/ H;Q?=C; 5Q ?> 704C, GB>1K ?@>A=C;0AL, 2KA5: >3>=L 8 706Q3 ;0<?C =0 AB>;5.
>@48<5@, A:070;0 >=0, ?>BO3820OAL, 8 5Q ?>;=K5 3@C48 70:>;KE0;8AL 8A:CH0NI5. 45 BK 1K; AB>;L:> 2@5<5=8? =0 ?>A<>B@5;0 =0 <5=O 2=8<0B5;L=55. 2 :0:>9 AB>G=>9 :0=025 BK 8720;O;AO?
/ A1@>A8; =0:84:C 8 :0DB0=, ABO=C; A0?>38 8 A:8=C; ?>@BO=:8.
5;0, >1JOA=8; O. A59G0A E20B8B 1>;B0BL 8 15@8AL 70 @01>BC. / ?>:070; 59 =0 ;560ICN =0 ?>;C 3@O7=CN :CGC.
=0 DK@:=C;0 =54>2>;L=>, => 2AB0;0 A ?>AB5;8. >G5A0;0AL <564C =>30<8.
H8, 70@070, ?@>1>@<>B0;0 >=0. 0: O =5=0286C 2H59.
C4B> :B>- B> 8E ;N18B, >B25B8; O.
;>E0=8 1K;8 5IQ >AB0B:8 2>4K, ?>MB><C O ?@>?>;>A:0; @>B, 2K<K; ;8F> 8 A<>G8; 2>;>AK.
>65B, O ?@8:06C :>@G<0@N ?@83>B>28BL :C?0;L=N? A?@>A8; O. 'B> A:065HL? >;LH0O :04:0, ?>;=0O 3>@OG59 2>4K, IQ;>: 8 15@57>2K5 25B:8, :>B>@K<8 O B51O >BE;5IC&
A>15==> <=5 =@028BAO E;5AB0=L5, 70A<5O;0AL >=0 8 >A<>B@5;0 <>N >4564C. 3>@OG0O 2>40 ?@83>48BAO, ?>A;5 B2>8E :0=02=KE ?@8:;NG5=89.
/ E>B5; 5Q E;>?=CBL ?> O3>48F0<, => >=0 B0: ;>2:> C25@=C;0AL, GB> O ;8HL <07=C; 5Q :>6C :>=G8:0<8 ?0;LF52.
>2:0O 452CH:0, ?@>1>@<>B0; O 8 ?>HQ; 1C48BL :>@G<0@O.
0: 2K =025@=O:0 4>304K205B5AL, ;N157=K5 <>8, A>45@60B5;L 1K; =5 2 2>AB>@35 >B =5>6840==KE ?>65;0=89, => O 1;5A=C; C =53> ?5@54 3;070<8 A5@51@O=>9 42C:@>=>9, 8 >= A@07C ?@8HQ; 2 A51O. >3=0; A;C60=>: 3@5BL 2>4C 8 ?@8:070; 2B0I8BL =025@E 45@52O==CN :04:C 87 BQ<=>:>@8G=52>3>, ?0E=CI53> IQ;>:>< 45@520. ?@>G5<, <=5 A0<><C ?@8H;>AL ?><>30BL ?@8 MB>< 70B0A:820=88, 81> :04:0 1K;0 725@A:8 BO6Q;>9, 0 ;5AB=8F0 :@CB>9 8 C7:>9. > 1;03>40@O MB><C, C65 =5A:>;L:> ?0B5@>2 A?CABO, <K A845;8 2 3>@OG59 2>45, 0 A;C60=:0 B>;L:> 8 ;5B0;0 A :C2H8=>< 8 4>;820;0 :8?OB:C. >340 >=0 =0:;>=8;0AL =04 :04:>9, -=O ?@845@60;0 5Q 70 B0;8N 8 ?@>BO=C;0 @C:C : 3@C48 452CH:8.
>65B, ?@8A>548=8HLAO, <8;0O? A?@>A8;0 >=0 B><=>.
52CH:0 ?8A:=C;0, 70;8;0AL @C<O=F5< 8 2K@20;0AL.
/ ?- ?>94C 7- 70 2>4>9, :@CB0=C;0AL >=0 =0 ?OB:5 8 8AG57;0 70 425@LN.
-=O @0AA<5O;0AL.
"515 1K =5 E>B5;>AL, 0, >@48<5@? ! B0:>9 A2560B8=:>9? !:>;L:> 59 <>65B 1KBL ;5B? '5BK@=04F0BL?
52>G5: B>65 ;N18HL? O ?@>2Q; ?0;LF0<8 ?> 5Q 3;04:><C 154@C.
>G5<C =5B? >B25B8;0 >=0 2>?@>A><. / MB> 2>>1I5 ;N1;N. BK ;N18HL A2>N @01>BC, >@48<5@? N18HL C1820BL 8 ?KB0BL ;N459?
/ @074@068;AO, => =5 @0AA5@48;AO. / ?@82K:, GB> ;N48 4C<0;8 8<5==> B0:8< >1@07><, 0 :@><5 B>3>, >=0 7040;0 2>?@>A A 1>;LH8< >G0@>20=85<. A;>2C A:070BL, >G0@>20=85<, A>25@H5==> =5 A>>B25BAB2CNI8< ACB8.
>B >=>, ?@8<8B82=>5 ?>=OB85 > @01>B5 8=:2878B>@0, ?@>87=QA O, A=8782 3>;>A, 81> =5 E>B5;, GB>1K :B>- B> GC6>9 CA;KH0; =0H @073>2>@. / =C65= =5 4;O B>3>, GB>1K C1820BL 8 ?KB0BL, 452>G:0. / =C65= 4;O B>3>, GB>1K 40BL 3@5H=8:0< H0=A 8A:C?;5=8O 28=K 8 8A:@5==53>, @04>AB=>3> ?>:0O=8O. ">;L:> 1;03>40@O <=5 >=8 <>3CB =045OBLAO =0 687=L 25G=CN 2> %@8AB5. ?@>G5<, =5 1C45< 3>2>@8BL > <>59 @01>B5. / ?;5A=C; 2 =5Q 2>4>9. 0G5< BK <>@>G8HL A2>N :@0A82CN 3>;>2:C B0:8<8 ?@>1;5<0<8?
0- 0? A?@>A8;0 >=0, ?>BO3820OAL. / :@0A820O? @0240? "K 8<5==> B0: 4C<05HL?
030O, A <>:@K<8 2>;>A0<8 8 3@C4O<8, ?@>3;O4K20NI8<8 87- ?>4 75@:0;0 2>4K, >=0 2K3;O45;0 459AB28B5;L=> :@0A82>9, 8 O A:070; 59 >1 MB><. ?>B>< ?@8BO=C; : A515, 8 :>340 A;C60=:0 2>H;0 A =>2K< :C2H8=>< :8?OB:0, -=O :0: @07 >1J5760;0 <5=O, @0A?;QA:820O 2>:@C3 2>4C 8 3@><:> >E0O. # A;C60=:8 2K?0; :C2H8= 87 @C:, => <K =5 ?@8=O;8 MB>3> 1;87:> : A5@4FC, B5< 1>;55, GB> 8 B0: A>18@0;8AL A:>@> ?5@51@0BLAO =0 :@>20BL.
* * *
>@8A >AA5;L ?>O28;AO =0 ?>AB>O;>< 42>@5 >:>;> ?>;C4=O. 0 =Q< 1K; 4@C3>9 :0DB0=, =0 MB>B @07 F25B0 G8AB>3> =510, 8 =>2K5 ?C;5=K, => A B0: 65 87>3=CBK<8 =>A0<8, GB> 8 ?@54K4CI85. / ?@83;0A8; 53> 2 4@C3CN :><=0BC, => >= CA?5; 5IQ 1@>A8BL 1KAB@K9 273;O4 2 A?0;L=N 8 C2845BL 3>;K5 O3>48FK A;04:> A?OI59 -=8.
>4@83, 4@C3, ?@>87=QA >= A B5?;>B>9. 86C, BK =5 A:CG05HL.
30, >B25B8; O. 5;0 45;0<8, 0 <C6A:85 @072;5G5=8O 1KBL 4>;6=K.
O B0: 4C<0N, ?@87=0; >= A5@LQ7=K< B>=><.
K A5;8 =0 ABC;LO, 8 O @07;8; 28=> ?> :C1:0<. '>:=C;8AL.
ABL 70 GB> 2K?8BL, A:070; >=. 1> C <5=O E>@>H85 =>2>AB8. / =0HQ; >4=>3> G5;>25:0, :>B>@K9 4>;65= <=5 CA;C3C, 8 :>B>@K9 8<55B AG0ABL5 1KBL :0?8B0=>< ?@5:@0A=>9 10@:8 8 25;8:>;5?=> 7=05B @5:C. 015@QB B51O =0 N3, 4@C3!
>B MB> =>2>ABL! >1@04>20;AO O. 5G=> B515 1;03>40@5=, 4>@>3>9 >@8A!
> 5ABL >4=0 ?@>1;5<0& >= A45;0; ?0C7C.
0:0O B0:0O ?@>1;5<0? 7015A?>:>8;AO O, => <KA;5==> >B 2A59 4CH8 752=C2.
5;> 2 B><, GB> O 4>;65= MB><C :0?8B0=C >?@545;Q==CN AC<<C. 51>;LHCN AC<<C, >3>2>@8;AO >=, <0E=C2 ?@5=51@568B5;L=> @C:>9. "5< =5 <5=55, 4;O <5=O ACI5AB25==CN, ?>A:>;L:C O A45;0; >?@545;Q==K5 2;>65=8O 8 A59G0A =5 @0A?>;030N =0;8G=>ABLN&
-B> =5 ?@>1;5<0. / ABC:=C; :C1:>< > 53> :C1>:. 04 1C4C C?;0B8BL B2>9 4>;3. A:>;L:> 65 >= A>AB02;O5B?
/ 70<5B8; :>@>B:>5 :>;510=85, B0: :0:, 2848<>, 0;G=>ABL 1>@>;0AL 2 <>Q< A>15A54=8:5 A >AB>@>6=>ABLN.
!B> :@>=, A:070; >=, ?>=8782 3>;>A.
8:0:8E ?@>1;5<, 7025@8; O, ?@5:@0A=> 7=0O, :0:8<8 1C4CB 53> A;54CNI85 A;>20.
;NA ?@>F5=BK, 4>1028; >= 8 =5 @07>G0@>20; <5=O. 204F0BL :@>=.
04>, B0: =04>, ?@>87=QA O. A;8 MB>B G5;>25: =5 E>G5B B515 ?>25@8BL 8 ?@>4;8BL 4>;3. A:>;L:> >= ?>B@51C5B A <5=O 70 =0Q< ;>4:8 8 :><0=4K?
- 0, :0:- B> 4>3>2>@8HLAO, A:070; >= ?@5=51@568B5;L=K< B>=><. ">;L:> =5 409 A51O >1>4@0BL, 81> 2 "8@80=5 ?>;=> 10=48B>2 8 <>H5==8:>2. ">@3C9AO, 4>@>3>9 >4@83, B>@3C9AO 87> 2A5E A8;.
5 ?@5<8=C, O A5@LQ7=> ?>:820;. B40< B2>5<C :0?8B0=C 4>;3, => A=0G0;0 O 4>;65= >A<>B@5BL 10@:C. >AB0B>G=> ;8 >=0 2<5AB8B5;L=0.
=, ?>- 2848<><C, >6840; ?>4>1=KE A;>2, ?>A:>;L:C =5 ?@54?>;030; 65, GB> 4065 >4@83 5<15@3 =0AB>;L:> 848>B, GB> >B40AB =0;8G=K5 70 :@0A82K5 3;070.
>=5G=>, >B25B8; >=. AB@5B8<AO 702B@0 2 ?>;45=L C :0?8B0=0B0, 8 O ?@>254C B51O =0 <5AB>. >340 AB0=5HL 1>30BK< G5;>25:><, >4@83, =5 701C4L > 4@C7LOE!
40, >@8A, 25@L <=5, GB> =5 701C4C > B515, A:070; O A0<K< 4@C65A:8< B>=><, =0 :>B>@K9 <5=O E20B8;>.
1K;0 MB>, ;N157=K5 <>8, G8AB59H0O 87 G8ABKE ?@024. / =5 A>18@0;AO 701K20BL > >@8A5 >AA5;5 8 25@8;, GB> C =0A 1C45B :0:- =81C4L 2@5<O =0 4;8==CN 8 ?;>4>B2>@=CN 15A54C. >:0 65 O ?@>2>48; 53> 4> 425@8, 8 <K B5?;> ?>?@>I0;8AL. 0: =0AB>OI85 4@C7LO.
>340 O 25@=C;AO 2 A?0;L=N, -=O C65 =5 A?0;0, 0 A845;0 =0 ?>AB5;8 A >701>G5==K< 2K@065=85< =0 ;8F5.
/ A;KH0;0 20H @073>2>@, >@48<5@, >=0 1K;0 >15A?>:>5=0 8 A5@LQ7=0. 54L >=8 C1LNB B51O ?5@2>9 65 =>GLN&
5B, 2>7@078; O, 0 :>340 >=0 E>B5;0 70?@>B5AB>20BL, ?>4=O; ;04>=L, GB>1K >=0 70<>;G0;0. 5 2 ?5@2CN 65, <>O :@0A028F0. ">;L:> 2> 2B>@CN. 5@20O =>GL ?>=04>18BAO 4;O B>3>, GB>1K CAK?8BL <>N 148B5;L=>ABL.
/ A5; @O4>< A =59 8 ?>F5;>20; ?@O<> 2 3C1K.
C A>2A5< ?@8OB=>, GB> BK 15A?>:>8HLAO, @07 B515 70?;0BOB =57028A8<> >B B>3>, 1C4C O 682 8;8 =5B.
=0 2KA2>1>48;0AL 87- ?>4 <>53> ?;5G0.
"K A =8<8 =5 A?@028HLAO, >@48<5@, A:070;0 >=0, 3;O4O <=5 ?@O<> 2 3;070. 0?8B0= 8, ?> <5=LH59 <5@5, ?OBL- H5ABL <0B@>A>2. 0@56CB B51O 2> A=5.
/ C;K1=C;AO 8 ?@8;>68; ?0;5F : 5Q 3C10<.
5 1>9AO, A:070; O. 15I0N B515, GB> 25@=CAL 8 =5 @07 5IQ E>@>H5=L:> ?>701028<AO. >7<>6=>, 1C45B =5 B0: ;53:>, :0: 4C<0N, => 254L 8A0=85 3;0A8B OA=>:
« B> >1;53G05B @>738, =5=02848B AK=0 A2>53>, 0 :B> 53> ;N18B, ?> CAB02C 53> CG8B»
[ 1 2 1 ]
. >MB><C O 2A5340 =045NAL, GB> >A?>4L ?@5:@0A=> 7=05B, 70G5< ?@8<5=O5B :> <=5 @>738.
=0 ?@8;>68;0 ;04>=L : <>59 I5:5.
>;030N, BK 7=05HL, GB> 45;05HL, A:070;0 >=0 3@CAB=K< 3>;>A><. 5 409 A51O C18BL, >@48<5@.
5 40<, ?>>15I0; O 59. # <5=O >G5=L A8;L=>5 C15645=85, GB> 2@5<O, :>340 <8;>AB82K9 >A?>4L ?@87>2QB >@48<5@0 0445@48=0 2 A2>8 >18B5;8, 5IQ =5 ?@8H;>, 4>1028; O HCB;82K< B>=><.
K ?@>25;8 GC45A=CN =>GL ( :0: :064CN =>GL A -=59, 2?@>G5<) , 8 :>340 =5704>;3> 4> @0AA25B0 O ?@>A=C;AO, >=0 5IQ A?0;0, A25@=C2H8AL 2 :;C1>G5: C AB5=K. / 2AB0; 8 A BI0=85< >45;AO. # <5=O 1K;> 420 =>60, >48=, A?@OB0==K9 70 3>;5=8I5< 2KA>:8E A0?>3, 0 4@C3>9, A:@KBK9 ?>4 =0:84:>9. / B0:65 A?@OB0; 2 :0@<0=5 <5H>G5: A H5@A:5=><.
/ ?>A<>B@5; =0 A?OICN -=N 8 ?>4C<0;, GB> 5ABL =5:>B>@0O 25@>OB=>ABL, GB> O =5 25@=CAL 87 ?>574:8 =0 N3. 5 4C<09B5, ;N157=K5 <>8, GB> >@48<5@ 0445@48= ?5AA8<8AB8G=> A<>B@8B =0 <8@ 8 =87:> >F5=8205B A2>8 A?>A>1=>AB8. > 2 1C4CI55 =04> A<>B@5BL B@572>. 0: =8:B> 4@C3>9, O 7=0;, GB> 687=L G5;>25G5A:0O E@C?:0, 0 C18BL G5;>25:0 ;53G5, G5< :B>- ;81> 87 20A <>3 ?>4C<0BL. >AB0B>G=> F0@0?8=K >B@02;5==K< >AB@8Q<, ?>@570 0@B5@88, =5C40G=>3> ?045=8O A 2KA>BK, ?>?040=8O 2>4K =5 2 B> 3>@;>& '53> C3>4=>. K A>B2>@5=K 87 >G5=L =5?@>G=>3> <0B5@80;0, => ?>:0 >A>7=0Q< A>1AB25==K5 A;01>AB8, C =0A 5ABL H0=A 8E ?@5>4>;5BL.
/ =5 E>B5;, GB>1K, 5A;8 A> <=>9 ?@>87>94QB =5AG0ABL5, -=O >AB0;0AL >4=0, ;8HQ==0O A@54AB2 : ACI5AB2>20=8N. >=OB=>, GB> 20= QM=20;L4 4>;65= 1K; 59 70?;0B8BL, => 1C45B ;8 >= B0:8< C6 I54@K< 8 A:>@K< B@0B8BL 45=53, :>340 154=>3> >@48<5@0 =5 AB0=5B? / =5 25@8; =0AB>;L:> A8;L=> 2 ;N4A:CN ?>@O4>G=>ABL, GB>1K >B40BL 70 =5Q E>BL ;><0=K9 A5=B8<. >MB><C O >BAG8B0; 425AB8 :@>= 8 A;>68; 8E =0 AB>;5 42C<O AB>;18:0<8. >@>;52A:>5 2>7=03@0645=85 70 =5A:>;L:> =>G59. A;CG05 G53>, 1C45B <5=O B5?;> 2A?><8=0BL, E>BL O A0< =5 7=0N, ?>G5<C 4;O <5=O MB> 1K;> 206=K<&
/ 2KH5;, E>BO 4> =07=0G5==>3> 2@5<5=8 2AB@5G8 >AB020;>AL 5IQ <=>3> 2@5<5=8. > <=5 C65 =5 E>B5;>AL A845BL =0 ?>AB>O;>< 42>@5, 40 8 345- B> 2=CB@8 <5=O 4@>60;> AB@0==>5 15A?>:>9AB2>. "0:>5 A8;L=>5, GB> =0 :0:>9- B> <><5=B O 704C<0;AO, 0 =5 1@>A8BL ;8 2AQ : GQ@BC 8 =5 25@=CBLAO ;8 2 %57. > >@48<5@ 0445@48= =5 M:70;LB8@>20==0O 10@KH=O, @8B< 687=8 :>B>@>9 >?@545;ONB GC2AB20, AB@0E8 8 2>;=5=8O. >MB><C O 7=0;, GB> 4>;65= 70:>=G8BL 45;>, :>B>@>5 <5=O AN40 ?@825;>, =57028A8<> >B B>3>, :0:8<8 1C4CB ?>A;54AB28O MB>3> @5H5=8O.
* * *
>@8A >AA5;L 640;, :0: 8 >15I0;, C :0?8B0=0B0. 5=L 1K; E>;>4=K< 8 25B@5=K<, A>;=F5 A:@K;>AL 70 A5@K<8 BCG0<8, 3>=8<K<8 =0 A525@ A8;L=K<8 ?>@K20<8. AQ C:07K20;> =0 B>, GB> ;5B=OO 60@0 ?>:0 >BABC?8;0 8 1KBL <>65B =0G=CBAO 4>648. ;O ?;0=>2 >AA5;O 8 53> A>>1I=8:>2 MB>, >G5284=>, ?5@5<5=0 : ;CGH5<C. 8E@L 8 ;825=L 703;CH0B H038 C189F, B5<=>B0 A:@>5B 8E D83C@K, 0 87C25G5==>5 =>60<8 B5;> 154=>3> >4@830 5<15@30 ?;5A=QB A>72CG=> @5:5, 1C4B> >3@><=0O :0?;O 4>64O. <5==> B0: 2AQ 4>;6=> 1K;> ?>9B8.
0:0O ?C=:BC0;L=>ABL, 4@0609H89 4@C3, >@8A >AA5;L 3>@OG> ?>B@OA <>N @C:C 8 4;O 1>;LH59 45<>=AB@0F88 GC2AB2 5IQ ?>E;>?0; <5=O ?> ?;5GC.
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
AQ ?>H;>, :0: 8 >6840;>AL. 5@2CN =>GL <K ?@>25;8 2 ?@8OB=KE @073>2>@0E, 0 :0?8B0= ?>4 28=> 8 :@5?:CN, E>BO 8 AB@0H=> 2>=NGCN A;82>28FC @0AA:07K20; <=5 >1 >?0A=>ABOE @5:8, > <5;OE, ?>@>30E, B08=AB25==KE 8AG57=>25=8OE 8 :@>202KE ?8@0BA:8E =0?045=8OE. 073>2>@ 1K; =0AB>;L:> C2;5:0B5;L=K<, GB> O ?>>15I0; A515, GB> 87 1;03>40@=>AB8 70 ?@5:@0A=> ?@>254Q==>5 2@5<O ?>AB0@0NAL C18BL 53> B0:, GB>1K =5 AB@040; G@57<5@=>. >=5G=>, ?@8 CA;>288, GB> >= 70E>G5B 157 A>?@>B82;5=8O ?>45;8BLAO A> <=>9 2A5<8 B09=0<8.
> =0 2B>@>9 25G5@ 2AQ ?>H;> =5 B0:, :0: 4>;6=> 1K;> ?>9B8. > <=5 ?>4>HQ; =0E<C@5==K9 :0?8B0= 8, 274KE0O, A:070;:
K ?>2@548;8 @C;L, 3>A?>48= 5<15@3. @84QBAO ?@8AB0BL : 15@53C, 8 <K ?>AB0@05<AO 8A?@028BL 53> : @0AA25BC.
-B>3> O =5 >6840;. >=5G=>, <K 8 ?@0240 <>3;8 ?>2@548BL @C;L, => O ?>4>7@520;, GB> A B5< 65 CA?5E>< =0 15@53C <>3CB 640BL >G5@54=K5 ?@5ABC?=8:8. ">;L:> 70G5< 1K;> A>18@0BL B0:85 1>;LH85 A8;K, GB>1K C18BL >4=>3> :C?F0? :>=F5 :>=F>2, G5< 1>;LH5 ;N459 2>2;5:CB 2 ?@5ABC?;5=85, B5< <5=LH5 1C45B 4>;O ?@8 45;565. >MB><C O ?@8HQ; : 2K2>4C, GB> 8 ?@0240 GB>- B> A;CG8;>AL A @C;Q<. A>60;5=8N, ;N157=K5 <>8, O =5 @0718@0NAL 2 AC4>E>4AB25 8;8 :>=AB@C:F88 AC4>2, ?>MB><C 2 MB>9 AD5@5 <5=O <>6=> C1548BL 2 GQ< C3>4=>. / =5 >B;8G0N D>: >B 3@>B0, 0 B0:85 A;>20, :0: B@N<, <0@A5;L 8;8 1CH?@8B <>3CB 4;O <5=O A B5< 65 CA?5E>< >7=0G0BL A1>@8I5 <8D>;>38G5A:8E GC48I. 0:>5- B> 2@5<O O @07<KH;O;, =5 =0G0BL ;8 1>9 A :><0=4>9 C65 A59G0A, => AC<5@:8 5IQ =5 =0ABC?8;8, 8 2 ?>;5 7@5=8O C =0A 1K;> ?> <5=LH59 <5@5 420 4@C38E :>@01;O.
0;L, A:070; O. > :@09=59 <5@5, ?5@5=>GC5< =0 75<;5, 0 =5 =0 1>@BC. >65B ?>>E>B8<AO 8 4>1C45< GB>- =81C4L =0 60@:>5?
, 40, >B25B8; :0?8B0= A C;K1:>9. 5A><=5==>, <K 709<Q<AO >E>B>9.
<C :070;>AL, GB> >= >G5=L E8B@K9 8 >AB@>C<=K9, => O ?@5:@0A=> ?>=O; =0<Q:, A>45@60I89AO 2 53> A;>20E. 'B> 6, 2 B0:>< A;CG05 ?@84QBAO 4@0BLAO =0 75<;5. >65B B0: 8 ;CGH5? :>=F5 :>=F>2, ;N157=K5 <>8, 154=K9 >@48<5@ =5 ?@82K: : ?>B0A>2:0< =0 :0G0NI8EAO 8 <>:@KE ?0;C1=KE 4>A:0E. 2>B AE20B:0 =0 B2Q@4>< 3@C=B5 <>65B >:070BLAO 2?>;=5 ?@8OB=K< @07=>>1@0785< ?>574:8. / B>;L:> 7=0;, GB> <=5 ?@84QBAO A;548BL 70 B5<, GB>1K =5 C18BL :0?8B0=0. -B> >= 4>;65= 1K; AB0BL 4;O <5=O 8AB>G=8:>< F5==>9 8=D>@<0F88, 0 5A;8 C<@QB, 25AL ?>E>4 <>65B >:070BLAO =0?@0A=K<. @0240, C <5=O 5IQ >AB020;AO >@8A >AA5;L, :>B>@K9 <>3 7=0BL 4065 1>;LH5, => 420 2>@>1LO 2 3>@AB8 ;CGH5 >4=>3>.
IQ 4> =0ABC?;5=8O 25G5@0 <K 2>H;8 2 1>:>2CN ?@>B>:C @5:8, 254CICN : <0;5=L:><C >75@C, A 15@530<8, 3CAB> 70@>AH8<8 B@>AB=8:>< 8 A ?>25@E=>ABLN, 3CAB> 70BO=CB>9 3=8;>75;Q=K< :>2@>< 2>4O=>9 @OA:8. 0?8B0= >G5284=> 7=0; MB> >75@>, 81> C25@5==> 2K1@0; <5AB>, 2 :>B>@>< <K 1@>A8;8 O:>@L. B 15@530 =0A >B45;O;> 2A53> =5A:>;L:> 45AOB:>2 <5B@>2. 0B@>AK 4>1@0;8AL 4> =53> 2?;02L, 0 <K A :0?8B0=>< ?>3@51;8 =0 H;N?:5.
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« BG5 =0H» , 0 MB> 4>AB0B>G=> 4>;3>5 2@5<O, GB>1K >B?;KBL 459AB28B5;L=> 40;5:>. @C3>5 45;>, GB> =5 2 B>< A>AB>O; ?;0=, GB>1K 8=:2878B>@ 3> @5>A2OI5=AB20 C1530; A ?>460BK< E2>AB>< >B B>;?K 3>;>2>@57>2. > GB> ?>45;05HL, :B>- B> <C4@55 <5=O A:070;:
« A;8 C <5=O 5ABL 2@03 45AOB8:@0B=> A8;L=59H89, B> 1@>A0NAL =0 =53> A :;K:0<8 8 :>3BO<8. A;8 >= 2 AB> @07 A8;L=55, 70B0820NAL, >6840O C4>1=>3> A;CG0O»
[ 1 2 2 ]
. >65B MB> AC645=85 =5 A2845B5;LAB2>20;> > G@57<5@=>9 4>1;5AB8, => 70B>, @C:>2>4AB2COAL 8<, =5A><=5==>, ?@>I5 1K;> 2K68BL.
/ ?@8=O; >B >4=>3> 87 <>@O:>2 1C@4N: A 28=><. / =5 4C<0;, GB>1K >=> 1K;> >B@02;5==K<, :@><5 B>3>, A?>A>1=>AB8 20H53> ?>:>@=>3> A;C38 ?>72>;O;8 @0A?>7=0BL ;N1K5 2@54=K5 ?@8<5A8. / A>;84=> 3;>B=C;. !<5@:0;>AL, 8 =0 ;8F5 O ?>GC2AB2>20; ;Q3:>5 ?@8:>A=>25=85 87<>@>A8. "> ;8 HC< 4>64O, B> ;8 3@><:85 @073>2>@K <>@O:>2 ?@825;8 : B><C, GB> O =5 A>@85=B8@>20;AO 2 B><, GB> =0AB>OI0O >?0A=>ABL 8AE>48B 2>2A5 =5 >B ;5A0. / =5 CA;KH0; ?;5A:0 2QA5;, 2?@>G5<, =>2K5 =0;QBG8:8, ?>- 2848<><C, 1K;8 C<5;K<8 3@51F0<8.
065 ?0;LF5< =5 ?>H525;8, 8=:2878B>@, CA;KH0; O B8E89 3>;>A. 20 0@10;5B0 =0F5;5=K =0 B51O.
0?8B0= ?><0E0; <=5 @C:>9 A H8@>:>9 C;K1:>9 8 A@07C >B>HQ; 2 AB>@>=C 2<5AB5 A <0B@>A0<8. B>;L:> B>340 87- 70 AB5=K ;5A0 ?>O28;8AL 1>;55 A25B;K5 =0 <@0G=>< D>=5 A8;CMBK. >;55 A25B;K5 ?>B><C, GB> ;N48 MB8 1K;8 >45BK 2 15;K5 4;8==K5 >45O=8O. !@548 =8E O 2845; B>;L:> >4=> BQ<=>5 ?OB=>. >3>- B> 2 GQ@=>9 <0=B88 A :0?NH>=><.
/ =5 42830;AO A <5AB0 2 >A=>2=>< ?>B><C, GB> <>8 2@038 7=0;8, GB> O 8=:2878B>@. >65B, 5A;8 1K >=8 4C<0;8, GB> 8<5NB 45;> 2A53> ;8HL A :C?F><, B> =5 ?@54?@8=O;8 1K 4>;6=KE <5@ 157>?0A=>AB8. >65B, O 1K A<>3 :0:- B> A1560BL, ?5@5:0B82H8AL ?> 75<;5 8 8AG570O 2> BL<5. > 0@10;5B MB> >?0A=>5 >@C685, ;N157=K5 <>8, >A>15==> 2 @C:0E >?KB=>3> AB@5;:0. GB>- B> <=5 3>2>@8;>, GB> ;N48, AB>OI85 70 <>59 A?8=>9, O2;ONBAO >?KB=K<8.
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
O3 ;8F>< 2 75<;N, CA;KH0; O, 8 70;>68 @C:8 70 A?8=C.
/ A45;0;, GB> <=5 25;5;8, AB0@0OAL 42830BLAO >AB>@>6=>. 5 E>B5;>AL, GB>1K :0:>9- =81C4L =5@2=K9 ?0;5F A;8H:>< @57:> =060; =0 A?CA:.
G5=L E>@>H>, ?>E20;8; <5=O 3>;>A.
0B@>AK ?@8AB028;8 :;8=:8 : <>59 H55 8 <564C ;>?0B:0<8, 0 :0?8B0= =0G0; A2O7K20BL <=5 @C:8. 5 7=0N, 1@0;>AL ;8 53> C<5=85 87 >?KB0 2O70BL <>@A:85 C7;K, 8;8 65 >= G0AB> @0=55 A2O7K20; ?;5==KE, =>, ?>25@LB5 <=5, >15742868; <>8 @C:8 >G5=L A5@LQ7=>. >B>< >= 70=O;AO =>30<8, ?>:0, =0:>=5F, =5 ?@>BO=C; :0=0B <564C 25@Q2:>9, ABO3820NI59 70?OABLO, 8 25@Q2:>9, ABO3820NI59 ;>4K6:8. "5?5@L 20H ?>:>@=K9 A;C30, 4065 5A;8 1K 2AB0; =0 =>38, <>3 C1530BL 8A:;NG8B5;L=> A 15H5=>9 A:>@>ABLN E@><>9 CB:8. 5A><=5==>, MB> 1K;> 1K >G5=L A<5H=K< 4;O =01;N40B5;59.
> <=5 =5 ?@8H;>AL 2AB020BL A0<><C, 81> <0B@>AK 4Q@=C;8 <5=O 8 ?>4=O;8 =0 =>38. 5@54 A>1>9 O C2845; D83C@C, :>B>@0O @0=55 1K;0 B>;L:> BQ<=K< ?OB=>< =0 D>=5 ;5A0.
3=0F8CA, A:070; O <54;5==>, 3;O4O =0 =52KA>:>3>, AB0@>3> G5;>25G:0. 0?;8 4>64O 1;5AB5;8 =0 53> ;KA8=5, ?>A@548 25=>G:0 2>;>A.
">B 65 A0<K9, <>9 ;N18<K9 CG5=8:, 2>A:;8:=C; >= 25A5;>. ">B 65 A0<K9.
%>@>H> A2O70;8? @O2:=C; >= <=5 70 A?8=C, 8 42>5 ;N459, :>B>@K5 <5=O @0=55 A2O7K20;8, 1C@:=C;8 CB25@48B5;L=>.
-B> E>@>H>, A:070; >=, A=>20 >1@0I0O =0 <5=O 273;O4. 1> =0H 4@C3, >@48<5@, >G5=L >?0A=K9 G5;>25:. = :0: 15H5=0O :@KA0. @8?Q@B0O : AB5=5, A?>A>1=0 1@>A8BLAO 2 3>@;> 4065 2>>@C6Q==><C G5;>25:C. 0725 =5 B0:, >@48<5@? = HCB;82> ?>3@>78; <=5 ?0;LF5<.
A;8 C6 BK @5H8; A@02=820BL, <=5 1>;LH5 ?>4E>48B >1@07 @>A><0E8, 0 =5 15H5=>9 :@KAK, 256;82> 2>7@078; O.
=>3> G5AB8, 70A<5O;AO >=. > <5=O @04C5B B2>Q GC2AB2> N<>@0. 5@B2K, ?@8=>A8<K5 2 2845 ;N459 A8;L=KE, ?>;=KE 687=8 8 A<5;KE, =0<=>3> 1>;LH5 @04CNB !B0@KE >3>2&
!B0@KE >3>2? O DK@:=C;. "5E, :>B>@K5 @>48;8AL 2 B2>59 1>;L=>9 3>;>25?
= A<>B@5; =0 <5=O A ;N1>?KBAB2><, 1C4B> =01;N40; 8A:;NG8B5;L=> 8=B5@5A=>3> G5@2O:0.
!B0@K5 >38, ?>2B>@8; >= 8, :070;>AL, GB> A<0:C5B MB8 A;>20. =8 ACI5AB2CNB, >@48<5@. =8 5IQ =5 B0: A8;L=K, :0:8<8 1K;8, 81> 8E A;020 <8=C;0 A ?@8E>4>< 8ACA0 8 ?>AB>;>2. > >=8 2>7@>4OBAO. ;03>40@O B0:8< ;N4O<, :0: O, :>B>@K5 ?@8=>AOB 8< 65@B2K. 1;03>40@O B0:8< ;N4O<, :0: BK, :>B>@K5 1C4CB MB8<8 65@B20<8.
/ ?>:@CB8; 3>;>2>9, 81> 3>;>2>9, ?> :@09=59 <5@5, O <>3 42830BL. 0AB>;L:> :@5?:> >=8 <5=O =5 A2O70;8. 0 =>A <=5 C?0;0 :0?5;L:0 4>64O 8, I5:>G0 :>6C, AB5:;0 ?@O<> =0 3C1K. / >1;87=C;AO.
AQ- B0:8 O 1K; ?@02, 3=0F8CA. ">340 2 H:>;5. "K ?@028;L=> 3>2>@8;, GB> O ?@54GC2AB2>20;, GB> BK A3>@8HL. !59G0A O 2 MB>< 1>;55 G5< C25@5=&
>7<>6=>& 2>7<>6=>& >= 4065 =5 @0AA5@48;AO. 8:><C =5 254><> 1C4CI55. > >4=> 5ABL =5A><=5==K<, ;N18<K9 CG5=8:: BK A3>@8HL A53>4=O 2> A;02C !B0@KE >3>2. "K, 2 MB>9 ?;5BQ=>9 :>@78=5. = ?@>BO=C; @C:C, 0 O A B@C4>< ?>25@=C; 3>;>2C, GB>1K 3;O=CBL G5@57 ?;5G>.
"@>5 <C6G8= B0I8;> H8@>:CN 8 2KA>:CN, =5 <5=LH5, G5< 2 ?OB=04F0BL DCB>2
[ 1 2 3 ]
, 82>2CN :>@78=C. =0 1K;0 A?;5B5=0 B0:, GB>1K A2>8<8 >G5@B0=8O<8 =0?><8=0BL G5;>25G5A:CN D83C@C, 0 2 A5@548=5, :0: 1K 2 682>B5 MB>3> 25;8:0=0, =0E>48;0AL <0;5=L:0O :;5B:0. "0:65 A?;5BQ==0O 87 82>2KE ?@CBL52.
"2>9 :@8: A>3@55B 70<Q@7H85 A5@4F0 !B0@KE >3>2, B2>9 ?5?5; <K 2KAK?;5< 2 2>4K @5:8. ?>B>< 1C45< ?8BL 28=>, 5ABL 8 >B4048<AO A0<K< 87>I@Q==K< >@38O<. 3> 3;070 1;5AB5;8 87- ?>4 :0?NH>=0 1>;L=K<, ;8E>@04>G=K< 1;5A:><. !B0@K5 >38 1C4CB @04>20BLAO&
/ ?>72>;8; A515 =0 3;C1>:89, ?>;=K9 A:C:8 752>:.
"K 60;>:, A:070; O.
> 682>9, >B25B8; >= >?OBL 157 B5=8 @074@065=8O. '53> G5@57 =5A:>;L:> ?0B5@>2 > B515 A:070BL 1C45B C65 =5;L7O.
>3 <>9 ?0ABK@L, ?@>87=QA O.
K;, ?@>1>@<>B0; >=. A?>;L7C9 ;CGH5 2@5<O ?@>H54H55. > <>65B 5IQ =5 2AQ ?>B5@O=>, >@48<5@? >G5<C 1K B0:><C G5;>25:C, :0: BK, =5 ?@8A>548=8BLAO : =0<? AB0BL =0 AB>@>=5 =>2>9 A8;K, =>2KE ?>25;8B5;59? 8BL ?@8?520NG8 8 ?>;L7>20BLAO 2;0ABLN?
-B> =07K205HL 68BL ?@8?520NG8? / ?>2Q; 273;O4>< 2>:@C3. -B8 A@0<=K5 F5@5<>=88? 5@B2K, ?@8=>A8<K5 =0 ?CABK@5? 064>4=52=K9 AB@0E ?5@54 A;C30<8 >A?>40? 5>1E>48<>ABL A:@K20BLAO 2 =>G8 8 ?>4 4>64Q<? A;8 8<5==> MB>3> BK 60640; >B 687=8, 3=0F8CA, A<5N 70<5B8BL, 8<5==> MB>3> BK 4>AB83. / 4>;65= B51O ?>74@028BL?
!59G0A O 53> @07>7;8;. / 2845; MB> ?> AC4>@>35, :>B>@0O <5;L:=C;0 =0 53> ;8F5, 87<5=OO 53> =0 <3=>25=85 2 >B2@0B8B5;L=CN <0A:C.
0<>;G8! ?@>H8?5; >=. "K 4065 =5 7=05HL, > GQ< 3>2>@8HL! 5 7=05HL <>I8 B5E, :B> 25@=QBAO : 1K;>9 A;025.
07 >=8 ?>70@8;8AL =0 687=L 154=>3> >@48<5@0, B> =5 <>3CB 1KBL =8 A;8H:>< ?@825@54;82K<8, =8 A;8H:>< <>3CG8<8, 874520OAL, A:070; O.
= ?>4>HQ; :> <=5, 8 2 53> 273;O45 O C2845; 3=52. 5=028ABL. =5<=>3>& C2065=8O? <>65B 7028AB8?
86C, <K =5 4>3>2>@8<AO, >@48<5@, :>=AB0B8@>20; >=. 0;L&
'B> 6, BK 254L =5 4C<05HL, GB> O E>B5; 1K 68BL 25G=>? 70A<5O;AO O, E>BO <=5 1K;> A>2A5< =5 4> A<5E0.
/ 2845; ;N459, :>B>@K5 2AQ 2 1>;LH5< G8A;5 A>18@0;8AL 2>7;5 :>AB@>2. > ?>- ?@56=5<C MB> =5 1K;> B>;?>9, 81>, :0: 284=>, O7KG5A:89 :C;LB =5 A>1@0; 5IQ 4>AB0B>G=>3> G8A;0 ?>A;54>20B5;59. A5 D83C@K 1K;8 >45BK 2 15;K5 =8A?040NI85 >45O=8O, =0?><8=0NI85 ABO=CBK5 C 3>@;0 ?@>ABK=8. A;8 G5AB=>, ;N157=K5 <>8, MB> =5 2K3;O45;> A;8H:>< A5@LQ7=K<. ">;L:> 3=0F8CA 1K;, ?> 8@>=88, 2 8=:2878B>@A:>< GQ@=><. 4=0:> =0 53> :0DB0=5 =5 1K;> 8 A;540 >B A;><0==>3> A5@51@O=>3> :@5AB0.
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
!0609B5 53> 2 :>@78=C, ?@8:070; 3=0F8CA.
2>5 <>;>4KE, @>A;KE <C6G8= ?>4E20B8;8 <5=O ?>4<KH:8 8 ?>2>;>:;8 70 A>1>9. / 8 =5 A>?@>B82;O;AO, ?>A:>;L:C MB> =5 8<5;> =8:0:>3> A<KA;0. 3=0F8CA 1K; 8=:2878B>@>< 8 ?@5:@0A=> 7=0;, :0:8<8 A?>A>1=>ABO<8 <K >1;0405<. <5==> ?>MB><C >= ?@>A;548;, GB>1K <5=O :@5?:> A2O70;8, 8 C25@ON 20A, ;N157=K5 <>8, >A2>1>645=85 >B 25@Q2>: 4065 =5 3@0=8G8;> A GC4><. => 1K;> 1K GC4><.
>=5G=>, O 2A5340 <>3 ?><>;8BLAO <>5<C =35;C- %@0=8B5;N. >, 2>- ?5@2KE, O AG8B0;, GB> 3=0F8CA >157>?0A8;AO =0 MB>B A;CG09, 0, 2>- 2B>@KE, O =5 4C<0;, GB> =35; 70E>B5; 1K ?@84B8 <=5 =0 ?><>IL, 4065 5A;8 1K CA;KH0; <>;8B2K. 5G53> A:@K20BL: O ?@>83@0; ?> A>1AB25==>9 28=5 8 87- 70 A>1AB25==>9 3;C?>AB8. / ?>72>;8;, GB>1K "L<0 2>AB>@65AB2>20;0 =04 !25B><. 2>7<>6=> :0@0, :>B>@0O 2AB@5B8;0 1K <5=O >B @C: =35;0, 1K;0 1K 3>@H5 B>9, GB> 3>B>28;8 10=48BK 3=0F8CA0.
C6G8=K >B:@K;8 ?;5BQ=CN :;5B:C, 2?8E=C;8 <5=O 2 =5Q 8 70:@K;8 425@FK. ;5B:0 1K;0 B5A=>9 8 =87:>9, 8 A;>65==K9 242>5 O 5420 2 =59 ?><5I0;AO. >65B MB> 8 : ;CGH5<C, 81> C <5=O =5 1C45B 8A:CH5=8O A1560BL >B ?;0<5=8, 8 2AQ 1KAB@> 70:>=G8BAO.
5@538B5AL 148B5;L=> ;>6=KE ?@>@>:>2
, :@8:=C; O 2> 25AL 3>;>A A;>20 8A0=8O,
:>B>@K5 ?@8E>4OB : 20< 2 >45645 >25GL59, 0 2=CB@8 5ABL 2>;:8 E8I=K5
[ 1 2 4 ]
, O 70<5B8;, GB> =5A:>;L:> G5;>25: >AB0=>28;>AL 8 =0G0;> ?>3;O4K20BL 2 <>N AB>@>=C. <5=5< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0 ?@54;030N ?@>I5=85 2A5< B5<, :B> 2K40AB <=5 3=0F8CA0 8 ?>:05BAO 2 A2>8E 3@5E0E!
0B:=8B5 53>! @O2:=C; 3=0F8CA.
= ?>1560; :> <=5, => A?>B:=C;AO > :0:>9- B> :>@5=L 8 @CE=C; ;8F>< 2 3@O7L.
0B:=8B5 53>! :@8:=C; >= A=>20, 2A:0@01:820OAL =0 =>38.
48= 87 <C6G8= B:=C; <5=O ?0;:>9 G5@57 ?@CBLO :;5B:8, 8 O 4065 =5 <>3 =8:0: C:;>=8BLAO 8;8 70A;>=8BLAO. / ?>;CG8; ?@O<> 2 7C1K 8 ?>4028;AO :@>2LN. / AB0@0;AO A?@OB0BL 3>;>2C <564C ?;5G0<8, 0 >= 8 53> ?@8OB5;L ?K@O;8 2 <5=O A >AB5@25=5=85<.
/ B515 40< ?@>I5=85, O B515 40< ?@>I5=85& 1>@<>B0; B>B, ?5@2K9.
%20B8B, ?@8:070; 3=0F8CA, :>B>@K9 C65 ?@8HQ; 2 A51O 8 AB>O; @O4>< A> <=>9. 0;L, GB> <K =5 2K@20;8 C =53> O7K:&
B:@KBL? A?@>A8; <C6G8=0 8 ?5@5AB0; <5=O :>;>BL.
5B. 0=5A8B5 E2>@>AB0 8 ?>468309B5. = ?>A<>B@5; 2 <>N AB>@>=C. A;8 5IQ @07 703>2>@8HL, >@48<5@, 25;N 2K65GL B2>9 ?>30=K9 O7K:.
/ =5 A:070; =8 A;>20, => AGQ;: GB> 6, ?>?@>1>20BL AB>8;>. >=5G=>, A B5< 65 CA?5E>< :0: ?@>I5=85 5?8A:>?0, O <>3 8< ?@54;030BL F0@AB2>. 57028A8<> >B <>8E >15I0=89 8 B0: 2A5 1K;8 1K 4>?@>H5=K 8 A>665=K. 4=0:> O <>3 >1>;LI0BL A51O =04564>9, GB> >=8 >1 MB>< =5 7=0NB.
3=0F8CA AB>O; 2>7;5 <5=O 8 A=>20 C;K10;AO.
0: 65 O @04, GB> BK A?@028;AO A =0H8< C189F59, A:070; >=. 4=0:> E>@>H> B51O 2KCG8;8, >@48<5@. >:0 O =5 A>>1@078;, GB> >B B51O <>6=> ?>;CG8BL 1>;LH5 ?>;L7K, O ?;0=8@>20; B51O 3;C?> C1@0BL&
=0G8B, MB> 1K;8 2K, E>B5; A:070BL O, => ?@54CA<>B@8B5;L=> ?@><>;G0;, 81> ?@54?>G8B0; C<8@0BL A O7K:>< 2> @BC.
4=0:> O =5 7=0;, GB> BK ?>;L7C5HLAO 45:0=A:8<8 AB@5;:0<8& %<& G5=L 459AB25==>5 >@C685, A<5N A:070BL, E>BO 8 =5B8?8G=>5 4;O 8=:2878B>@0.
C6G8=K A?>:>9=> C:;04K20;8 E2>@>AB 2>:@C3 ?;5BQ=>9 :>@78=K.
!K@>5 MB> 45@52>, ?>60;>20;AO >48= 87 =8E 2?>;3>;>A0.
!K@>5, 7=0G8B, 1C45B 4>;LH5 3>@5BL, 25A5;> >B25B8; 3=0F8CA. !CE>5, MB> B>;L:> « ?H8:» 8 =5B >@48<5@0. C, >4=0:>, ?>25@=8B5 65 53> ;8F>< : @5:5, 24@C3 ?@>87=QA >=, 81> :0: 65 8=0G5&
2>5 <C6G8= ?>720;8 5IQ :>3>- B> 8, >E0O, ?5@5428=C;8 ?;5BQ=CN D83C@C B0:, GB> ?5@Q4 :;5B:8, 2 :>B>@>9 O 1K; 70?5@B, 1K; >1@0IQ= : @5:5. A2O78 A MB8<, O ?>B5@O; 87 ?>;O 7@5=8O :>AB@K 8 AC5BOI8EAO >:>;> =8E ;N459, 0 ?5@54 A>1>9 8<5; B>;L:> 3;04:CN, B5<=>- A5@CN 3;C1L 70;820 8 1>;>B8ABK9 15@53.
"K C4828HLAO, >@48<5@, B><C, ?@>4>;60; 3=0F8CA B>=>< 4@C65A:>9 15A54K, :B> 2K945B 87 1574=K, GB>1K 2>AE8I0BLAO B2>59 A<5@BLN. ">;L:> =5 @07>G0@C9 <5=O, ?0@5=L, 8 :@8G8. @8G8 3@><:>, :>340 >3>=L 1C45B A6830BL B2>Q B5;>.
AQ- B0:8 BK =5=>@<0;L=K9, A:070; O, 274KE0O, 81> @5H8;, GB> @07 53> 2>71C6405B <>9 :@8:, B> 2AQ- B0:8 =5 25;8B >B@570BL <=5 O7K:.
= B>;L:> @0AA<5O;AO.
# B51O =8:>340 =5 1K;> A;CG0O 2>AE8I0BLAO ?;0<5=5< 8<5==> A MB>9 AB>@>=K, >@48<5@. -B> 1C45B =>2K< 687=5==K< >?KB><.
>4G8=Q==K5 3=0F8CA0 70:>=G8;8 C:;04K20BL E2>@>AB 2>:@C3 ?;5BQ=>9 D83C@K 8 A59G0A @073;O4K20;8 @57C;LB0BK A2>53> B@C40.
@5<O =0G8=0BL, ?@>87=QA B>@65AB25==K< B>=>< 3=0F8CA 8 >B>HQ; 2 AB>@>=C. 5@=C;AO, 45@60 2 @C:0E 3>@OI89 D0:5;. 48B5 AN40, 45B8 <>8, :@8:=C; >=, 8 O CA;KH0;, :0: 70 <>59 A?8=>9 =0G0;8 A>18@0BLAO 53> 548=>25@FK.
>38 @5: 8 ;5A>2, 1>38 ?>;59, ;C3>2 8 1>;>B& 7072CG0; >= B>@65AB25==>.
;;8;C9O, 2K;5709B5, C@>4K! 70>@0; O. BC! -9! >@48<5@ A59G0A >B?8=05B 20A 2 B>;ABK5 6>?K!
/ CA;KH0; 70 A>1>9 2@06451=K9 @>?>B, 8 :B>- B> 2>B:=C; <=5 1>;57=5==> :>=5F ?0;:8 2 @Q1@0. / 704>E=C;AO 8 70:0H;O;AO, 0 ?>B>< :B>- B> 4@C3>9 24>102>: 3@>E=C; <5=O ?> 70BK;:C.
& ?@8<8B5 =0HC 65@B2C, 27K20; 40;LH5 3=0F8CA. 270<5= A>B2>@8B5 87 2>4K, 45@52L52, 25B@0 8 ?5A:0 =0H8E 4@C759. >H;8B5 =0 =0H8E 2@03>2 1C@N 8 28E@8, C40@LB5 2 =8E <>;=8O<8&
5@45=L5<! 70>@0; O 8 A=>20 ?>;CG8;, B0:, GB> C <5=O 703C45;> 2 3>;>25.
"5< =5 <5=55, O =045O;AO, GB> =5A:>;L:> ?>@GC 8< ?@074=8G=>5 =0AB@>5=85. / 2A5340 AG8B0;, GB> 5A;8 C6 C<8@0BL, B> B0:, GB>1K 1K;0 B5<0 4;O ?5A=8 8;8, E>BO 1K, ?>B5H=>9 8AB>@88.
& >1=068B5 ?>@>38 8 <5;8 ?5@54 =>A0<8 8E :>@01;59. 1 MB>< 20A ?@>A8<!
@>A8<, ?@>A8<, ?@>A8<, ?@>AB>=0;0 AB>OI0O 70 <=>9 B>;?0.
>O28B5AL 8 ;N1C9B5AL <C:>9 %@8AB>20 A;C38, 720; 3=F8CA. CABL ?>4KE05B B0:, :0: ?>4>E=5B 53> >3!
24@C3, 25@8B5 <=5 8;8 =5B, ;N157=K5 <>8, O C2845;, :0: 87 A5@>9 1574=K GB>- B> ?>O2;O5BAO. IQ 40;5:> >B 15@530, =0 3@0=8F5 B5<=>BK, => 2AQ- B0:8& / 2845;, :0: 2>40 702>;=>20;0AL, 1C4B> ?;5A:0;0AL 2 =59 >3@><=0O @K10. 52>;L=> ?> <=5 ?@>1560;0 4@>6L. 5C65;8 MB8 3;C?FK =0 A0<>< 45;5 =0CG8;8AL ?@87K20BL 45<>=>2? 'B> 6, 2 :>=F5 :>=F>2, 3=0F8CA 1K; >?KB=K< 8=:2878B>@><, 8 ;8HL >3 7=05B, :0:85 :=838 >= 87CG0; 8 G5<C 87 =8E =0CG8;AO.
7 3;048 2>4K ?>O2;O;>AL GB>- B> >3@><=>5. 'B>- B> A5@>- 75;Q=>5, 1;5ABOI55 6CB:> 2 A;01>< A25B5 ;C=K. 'B>- B> ?>:@KB>5 8;>< 8 75;Q=>9 ?;5A5=LN. >:@C3 MB>9 15AD>@<5==>9, 3@C7=>9 D83C@K O 2845; B0:65 4@C385, ?><5=LH5, :0: 1K A 65=A:8<8 >G5@B0=8O<8. 5AL MB>B E>@>2>4 ?@81;860;AO <54;5==>, 0 2>40 2>:@C3 =53> 1C@;8;0 8 E;N?0;0, 1C4B> 271C4>@065==0O ?>475<=K< 8725@65=85<. =5 A59G0A 1K;> C65 =5 4> A<5E0, 8 O 1K; 1;87>: : B><C, GB>1K ?>1;03>40@8BL 3=0F8CA0 70 B>, GB> >= >?@545;8; <=5 2A5A>665=85
[ 1 2 5 ]
, 0 =5 @0A?>@O48;AO 1@>A8BL <5=O MB8< ACI5AB20< =0 AJ545=85. 1>, =5A><=5==>, :0: 2A5 45<>=K, >=8 1K;8 1K =5 ?@>B82 70:CA:8 87 G5;>25G5A:>3> <OA0.
>B 20H0 65@B20, ?@>87=QA 3=0F8CA, 8 O C2845; :@05< 3;070, GB> >= ?>4=8<05B @C:C A D0:5;><.
A@07C ?>A;5 MB>3> O CA;KH0; A28AB, D0:5; C?0; 2 3@O7L, 0 3=0F8CA 70:@8G0;. =0 MB>B @07 MB> 1K; :@8: =5 ?@>?>254=8:0, 0 @0=5=>3> G5;>25:0. 0 <>59 A?8=>9 ?>4=O;0AL AC<0B>E0, @0740;8AL :@8:8, => =04 2A5< 2;0AB2>20; <>3CG89 3>;>A.
?5@Q4, 45B8 %@8AB0! A;KH0; O, 8 3>;>A MB>B ?>:070;AO <=5 7=0:><K<.
/ CA8;5==> ?@>1>20; ?>25@=CBL 3>;>2C, => 1K; =5 2 A>AB>O=88 MB>3> A45;0BL, 0 2 @57C;LB0B5 =5 2845; =8G53>, :@><5 1>;>B8AB>3> 15@530, 2>4K 8 ?>BCEH53> 2 8;5 D0:5;0, :>B>@K9 4>;65= 1K; A;C68BL ?>46830=8N <>59 ;>2CH:8. !>740=8O, 2KE>4OI85 87 2>4K, 70<5@;8. ?>B>< =0G0;8 ?OB8BLAO. 0 A?8=>9 O A;KH0; 8A?C30==K5 :@8:8, 2>?;8 1>;8, AB>=K, A28AB <5G59 8 BO65;>5 G02:0=L5 =>3 2 3@O78. ?>B>< 2 ?>;5 <>53> 7@5=8O 21560;8 B@8 D83C@K. 2C<O 87 =8E 1K;8 <C6G8=K 2 15;KE >45O=8OE, B@5BL59 :B>- B> <>I=K9, 3@C7=K9, >45BK9 2 GQ@=CN <0=B8N A :0?NH>=><. "Q<=0O D83C@0, =5A<>B@O =0 A2>9 25A 8 >1JQ<K, 4>3=0;0 ?5@2>3> 87 C1530NI8E 8 A25@=C;0 5<C H5N >4=8<, :070;>AL 1K, =51@56=K< 42865=85< ;52>9 @C:8. / O2AB25==> CA;KH0; B@5A: ;><0NI53> ?>72>=>G=8:0. >B>< >3@><=K9 <C6G8=0 :@CB0=C;AO, 1C4B> 10;5@8=0, C:;>=8;AO >B @C1OI59 A01;8 8 C40@8; 2B>@>3> A5:B0=B0 ?@O<> 2 3@C4L. 5B, ;N157=K5 <>8, C40@8;, MB> A;01> A:070=>. = 218; 5<C ?0;LFK 2 3@C4=CN :;5B:C, ?@>;><0; @Q1@0 8 2K@20; A5@4F5. ?>B>< 70A<5O;AO 8 1@>A8; :@>2>B>G0ICN ?>40G:C 40;5:> 2 2>4C. 5=A:85 D83C@K ?>4?@K3=C;8, @07@K20O MB>B >1@K2>: <OA0, 8 A@07C ?>A;5 MB>3> O CA;KH0; ?8A:8 8 >B2@0B8B5;L=>5 G02:0=L5.
C6G8=0 ?>4>HQ; :> <=5, AE20B8; ?;5BQ=>5 8720O=85 8 >4=8< 42865=85< @0725@=C; 53> B0:, GB> ?5@Q4 :;5B:8 =0 MB>B @07 >1@0B8;AO A=>20 : ;5AC. / 70<5B8; =5A:>;L:> BQ<=KE D83C@ 2 :0?NH>=0E 8 <=>3> 15;KE ?OB5=, ;560I8E A@548 @0AB>?B0==KE :>AB@>2. !?@0254;82>AB8 @048 A;54C5B ?@87=0BL, GB> =5:>B>@K5 87 MB8E ?OB5= 1K;8 =5 15;K<8, 0 15;>- :@0A=K<8. "5< 2@5<5=5<, <>9 871028B5;L 2K@20; 425@FK :;5B:8 8 2KBO=C; <5=O 87=CB@8. ?>B>< >B1@>A8; =0704 BQ<=K9 :0?NH>=, 70:@K20NI89 5<C 4> A8E ?>@ ;8F>.
"K& BK 8=:2878B>@? 3;C?> A?@>A8; O, ?>B><C GB> 254L 2845; GQ@=K9 :0DB0= A A5@51@O=K<, =04;><;5==K< :@5AB><, 2KB:0==K< =0 3@C48.
= @0AA<5O;AO, 8 53> >128A;K5 IQ:8 70:>;KE0;8AL.
'B>- B> 2@>45, >B25B8; >=.
"K 4>;65= =0A ?@>AB8BL, >@48<5@, GB> <K 8A?>;L7>20;8 B51O :0: =0682:C. > ?><=8HL, :>=5G=>, GB> 8A0=85 3;0A8B:
« B> >1;53G05B @>738, =5=02848B AK=0 A2>53>, 0 :B> 53> ;N18B, ?> CAB02C 53> CG8B» .
>A?>4L 8A?KBK20; B2>Q CA5@485 8 B2>N 25@C, 8 BK CA?5H=> ?@>HQ; 8A?KB0=85.
!B@0==>, 5IQ 1K <=5 =5 ?><=8BL MBC F8B0BC 87 8A0=8O, 5A;8 A0< 42C<O 4=O<8 @0=55 ?@82>48; 5Q, @073>20@820O A -=59. ?@>G5<, 3;C1>:>5 7=0=85 A;>2 >A?>40 8 ?>AB>;>2 1K;> G0ABLN <>53> >1@07>20=8O. /, 2>>1I5- B>, =5 =0AB>;L:> A0<>C25@5=, GB>1K CB25@640BL, 1C4B> 7=0N AB>;L:> 65, GB> CGQ=K5 4>:B>@0, => 2AQ- B0:8 >1;040N >?@545;Q==K<8, A:@><=K<8 B5>;>38G5A:8<8 7=0=8O<8.
= ?>:0G0; 704C<G82> 3>;>2>9.
=5 2A5 =0 MB> A?>A>1=K. :>=F5 :>=F>2, 8A0=85 OA=> 3;0A8B, GB>
« @03 20H, 4LO2>;, :0: ;52 @K:0NI89 :@C68B, 8I0, :>3> 1K ?>6@0BL»
[ 1 2 6 ]
.
5 >G5=L 8< ?><>3. / ?>A<>B@5; =0 ;560I85 =0 75<;5 B5;0 8 ;N459 2 GQ@=><, AC5BOI8EAO <564C =8<8.
C 40, =5 >G5=L, >@48<5@, 0 7=05HL ?>G5<C?
1> 8<5==> B0: >3 70E>B5;, >B25B8; O.
@>AB59H55 >1JOA=5=85. > MB> =5 2AO ?@0240, >@48<5@. >3 B0: 70E>B5;, ?>A:>;L:C 2845; ?@0254=>ABL =0H8E A5@45F 8 4>1@>45B5;L =0H8E ?>ABC?:>2. >3 B0: 70E>B5;, ?>B><C GB> <K 87;CG05< A25B, >B@06Q==K9 >B 3> <>3CI5AB20. 5 ?><>3 1K =0<, =5 1C4L <K <5G>< 2 3> @C:5 8 A>;40B0<8 3> 0@<88. >3 2A5A8;5=, => 1;03>2>;8B B>;L:> B5<, :B> 8AB>2> 25@8B 2 53> 2A5A8;L=>ABL.
45BK5 2 GQ@=>5 AB@06=8:8 2O70;8 ?>A;54=8E 5@5B8:>2 8 ?5@5=>A8;8 8E =0 1>@B :>@01;O, :>B>@K9 <8=CBC =0704 ?>O28;AO 87 B5<=>BK 8 AB>O; A59G0A C 15@530.
5 <>3C 2> 2AQ MB> ?>25@8BL, O ?>:@CB8; 3>;>2>9.
/ =01;N40; 70 A2>8< A?0A8B5;5< 8 OA=> 2845; 53> 2 A25B5 ;C=K 8 2 A25B5 B;5NI8E 2>:@C3 :>AB@>2. ">;L:> GB> >= 2>520; A =5>1K:=>25==>9 ;>2:>ABLN, => =0 53> ;8F5 O =5 2845; 4065 :0?;8 ?>B0. O 2A?><=8;, :0: >= ?@8HQ; 2 <>Q 68;8I5. 0?KE02H89AO, CAB02H89, 8AB5:0NI89 ?>B>< 8 2>=NG89. #A8;85, 2K720==>5 :>@>B:>9 ?@>3C;:>9 8 ?>4JQ<>< =0 ;5AB=8FC, :070;>AL, 53> C1820;>. 1K; ;8 MB> B>B A0<K9 0@8CA 20= QM=20;L4?
0: 687=L ?5@5<5=G820, C;K1=C;AO >=. =0N, > GQ< 4C<05HL, >@48<5@. 154=>< 0@8CA5, :>B>@><C ?>4JQ< ?> ;5AB=8F5 4>AB02;O; AB>;L:> B@C4=>AB59. > 704C<09AO: @0725 BK B0: 65 =5 83@0; @>;59? 5 1K; ;8 BK :0:>5- B> 2@5<O :C?F>< >4@83>< 5<15@3><, 4>1@O:>< 87 %57- E57@>=0? O 1K; BCG=K<, =5<>I=K< 8 >1865==K< 687=LN 20= QM=20;L4><&
"K ?>B5; 8 2>=O;, =0?><=8; O.
>B5; 8 2>=O;, ?>B><C O E>B5; 1KBL ?>B=K< 8 2>=NG8<, >@48<5@. 'B>1K ;CGH5 AK3@0BL A2>N @>;L. "K 3>@48HLAO B5<, GB> C<55HL 87 G5;>25G5A:>9 3;8=K ;5?8BL =>2>3> G5;>25:0. =0< 2A5<, =0< 8=:2878B>@0<, 7=0:><> MB> ?@52@0I5=85 45@7:>3> 5@5B8:0 2 G5;>25:0 AB@040NI53> 8 :0NI53>AO. >, 2>7<>6=>, :>340- =81C4L BK =0CG8HLAO ;5?8BL A0<>3> A51O, >@48<5@. 1>, 5A;8 25@8HL 53> 3>;>A 24@C3 70B25@45; 5A;8 A2OB> 25@8HL, B> 25@0 AB0=5B @50;L=>ABLN. =5B 25I8, :>B>@CN <K 1K =5 <>3;8 A>25@H8BL, 1;03>40@O <>3CI5AB2C =0H59 25@K. A;8 1K O E>B5;, <>3 1K >B>@20BLAO >B 75<;8 8 ?>4=OBLAO 2 2>74CE. > =5 65;0N MB>3>, 81> =5 4C<0N, GB> >3 1K MB>3> 65;0;&
/ ?@54AB028; A515 >3@><=>3> 0@8CA0 20= QM=20;L40, ?>4=8<0NI53>AO 2 2>74CE, 1C4B> ?B8F0, 8, =5A<>B@O =0 2AN A5@LQ7=>ABL A8BC0F88, <=5 70E>B5;>AL A<5OBLAO. >, :>=5G=>, ;N157=K5 <>8, O =5 2K40; A2>53> A<5E0 4065 1@>2LN =5 ?>2Q;.
"51O 70102;O5B B>, GB> O 3>2>@N, >@48<5@, 70<5B8; >= A 3@CABLN 2 3>;>A5. > O =5 28=N B51O, ?>A:>;L:C A0< 1K; B0:8<. !>B=8 ;5B B><C =0704&
!>B=8 ;5B B><C =0704? A?@>A8; O 157>BGQB=>, E>BO =5 4>;65= 1K; A?@0H820BL, ?>A:>;L:C 0@8CA 20= QM=20;L4 =5A><=5==> A>HQ; A C<0. AC<0AH54H8< A;54C5B ?>440:820BL ;81> 8E 87>;8@>20BL >B >1I5AB20.
>G5<C =5B? >B25B8; >= 2>?@>A><.
>B><C GB> ;N48 =5 682CB B0: 4>;3>, 0@8CA, 70<5B8; O, :0: <>3 1;03>65;0B5;L=>. >65B >= 8 1K; AC<0AH54H8<, => 8<5==> >= 2 40==K9 <><5=B 8<5; 2;0ABL =04 <>59 687=LN.
5B? C;K1=C;AO >=. @0240?
/ =5 7=0;, GB> >B25B8BL, => 2848<> >= 8 =5 640; >B25B0. = >15@=C;AO : A2>8< ;N4O<.
09B5 :0:CN- =81C4L ;>H04L <>5<C 4@C3C, ?@8:070; >=. ?CABL 2>72@0I05BAO 2 "8@80=.
= ?@>BO=C; <=5 @C:C, 8 O 5Q ?>60;. # =53> 1K;> :@5?:>5, B2Q@4>5 ?>60B85, B0: >B;8G=>5 >B <O3:>3> ?@8:>A=>25=8O 0@8CA0 20= QM=20;L40 87 :>@G<K « >4 K:>< 8 5@51F><» .
K =01;N405< 70 B>1>9, >@48<5@, ?@>87=QA >=. 1C45< =01;N40BL. >7<>6=> :>340- =81C4L, >= C;K1=C;AO >4=8<8 C3>;:0<8 @B0, ?@83;0A8< B51O =0 4>;389 @073>2>@.
57CA;>2=>, 2K <>3;8 C65 4>3040BLAO, GB> C 20H53> ?>:>@=>3> A;C38 =5 ?C3;82>5 A5@4F5, 8 >?0A=K5 A8BC0F88 =5 2K7K20NB 4@>68 2 53> :>;5=:0E. > 2 <8=CBC, :>340 0@8CA 20= QM=20;L4 4>3>20@820; D@07C, O ?>GC2AB2>20; E>;>4=CN 4@>6L, 153CICN >B 70BK;:0 4> A0<>9 ?>OA=8FK. >;6=> 1KBL, >= MB> :0:- B> 70<5B8; 8;8 >ICB8;, ?>A:>;L:C =0 53> ;8F5 24@C3 ?@><5;L:=C;0 3@8<0A0.
E, =5B, >@48<5@, O 4C<0; =5 > " 2AB@5G5, 0 > @073>2>@5, :>B>@K9 <>65B 87<5=8BL B2>N 687=L : ;CGH5<C.
= :82=C; <=5 A5@LQ7=> 8 >B>HQ; 2?5@520;:C. / 5IQ <8=CBC A<>B@5; =0 53> >3@><=CN A?8=C, >1BO=CBCN GQ@=>9 <0=B859, ?>:0 :B>- B> =5 2AB0; @O4>< A> <=>9 8 =5 2K@20; <5=O 87 704C<G82>AB8.
>H04L 64QB, ?0@5=L, A:070; G5;>25:, ;8F0 :>B>@>3> O =5 <>3 @073;O45BL 87- ?>4 BQ<=>3> :0?NH>=0. !G0AB;82>3> ?CB8.
>=8? A?@>A8; O B8E>. 'B> 1C45B A 3=0F8CA>< 8 4@C38<8 8=:2878B>@0<8?
'5;>25: 2 GQ@=>< 27O; <5=O 70 ?;5G> 8 ?>4B>;:=C;. ::C@0B=>, => :0B53>@8G=>.
>381;8 =0 ?>;5 A;02K, >@48<5@. A<5@B5;L=>9 18B25 A ?@>:;OB>9 5@5ALN, A:070; >=. ;CGH5 ?><=8BL >1 MB><, 254L A@548 8=:2878B>@>2 =5B >BABC?=8:>2.
/ C65 7=0;, GB> A =8<8 1C45B. >?04CB 2 <5AB0, > :>B>@KE =8:>340 2A;CE =5 3>2>@OB. :075<0BK, ?> A@02=5=8N A :>B>@K<8 ?>475<5;LO <>=0ABK@O <H8;0A 8 ?>420;K =:2878F88 O2;ONBAO 42>@F0<8. B0<, 2 1>;8 8 A<8@5=88, ?>:0NBAO 2> 2A5E 3@5E0E 8 70=>2> =0G=CB ;N18BL >30. >9<CB, GB> 701;C640;8AL 8 ?>9<CB, ?>G5<C 701;C640;8AL. "0< 1C4CB >:@>?;5=K 8AA>?><
[ 1 2 7 ]
8 ><KBK, 0 8E 4CH8 1C4CB 2K15;5=K G8I5 A=530, E>BL 8 =5<=>3> >AB0=5BAO >B 8E 4CH. >:0, =0:>=5F, =5 A25@H8BAO >G8I5=85, 8 >=8 =5 A3>@OB
[ 1 2 8 ]
, 1;03>40@O >30 8 3> A;C3 70 B>, GB> ?>72>;8;8 8< ?>7=0BL M:AB0B8G5A:CN @04>ABL :>AB@0. >25@LB5 <=5, >=8 1C4CB C<8@0BL, ?>;=K5 24>E=>25==>9 25@K 8 1571@56=>9 ;N128. <5==> MB> 8<5; 2 284C 0@8CA 20= QM=20;L4, 3>2>@O > ;5?:5 ;N459.
* * *
IQ 4> @0AA25B0 O 4>1@0;AO 4> B@0:B0, 0 42C<O 4=O<8 ?>765 1K; C65 2 "8@80=5. C<0; ;8 O =04 B5<, GB> A;CG8;>AL? :0: 2K AG8B05B5, ;N157=K5 <>8? / 4C<0; >1 MB>< ?>GB8 2AQ 2@5<O. 0@8CA5
[ 1 2 9 ]
20= QM=20;L45, 8;8, A:>@55, > G5;>25:5, :>B>@K9 27O; MB> 8<O, 0 1K; =8 1>;LH5, =8 <5=LH5, 2A53> ;8HL ?@54AB028B5;5< 2=CB@5==53> :>=B@>;O =:2878F88. >=5G=>, <K, ?@>ABK5 8=:2878B>@K, 7=0;8, GB> B0:85 ;N48 ACI5AB2CNB. > >4=> 45;> 7=0BL, 0 4@C3>5 C2845BL A>1AB25==K<8 3;070<8, =5 B0: ;8?
/ 1@>A8; ?>2>4LO <0;LG8H:5- :>=NH5==><C 8 2>HQ; 2 :>@G<C. %>7O8= 2AB@5B8; <5=O @04>AB=>9 C;K1:>9.
0: ?@5CA?5;8 2 45;0E, 1;03>@>4=K9 3>A?>48=? A?@>A8; >=.
%>@>H>, >B25B8; O. ?>;=5 E>@>H>. >O 65=I8=0 5IQ =025@EC?
=0, >= GCBL A<5H0;AO. =0& C5E0;0. / 4C<0;, GB> 20H0 25;L<>6=>ABL 7=05B& => >=0 >?;0B8;0 2A5 AG5B0 =0 =545;N 2?5@Q4.
#5E0;0, ?>2B>@8; O, GB> 6&
= E>B5; 5IQ GB>- B> >1JOA=OBL, => O >1>@20; 53> 8 <0E=C; @C:>9. / CAB0; 8 A59G0A E>B5; B>;L:> A?0BL. ?>B>< =0?8BLAO. / ?>4=O;AO ?> ;5AB=8F5, >B:@K; :;NG>< 425@L 2 :><=0BC. 0 AB>;5 ;560; ;8AB 1C<038, 70?>;=5==K9 <5;:8<, 0::C@0B=K< ?>G5@:><. > =5 ?8AL<> ?@8:>20;> <>9 273;O4, 0 >?5@Q==0O AB@5;:0, ?@8H?8;82H0O 1C<03C : 4>A:5. / >AB>@>6=> 2KB0I8; 5Q 8 ?>;>68; =0 AB>;. >B>< 87 :0@<0=0 2K=C; AB@5;:C, :>B>@0O 7025@H8;0 68B85 B8@80=A:>3> =0Q<=>3> C189FK 8 A@02=8; >15. K;8 845=B8G=K<8. @><5 D0:B0, GB> =0 B>9, A <>53> AB>;0, =5 1K;> A;54>2 O40. / ?>4=O; 1C<03C : 3;070<.
« >@>3>9 >@48<5@, 5A;8 G8B05HL MB> ?8AL<>, 7=0G8B, 45;> 70:>=G8;>AL C40G=>, 8 BK =0A;06405HLAO 687=LN 8 E>@>H8< 74>@>2L5< ( ?> :@09=59 <5@5, =0 MB> =045NAL) . =05HL C65, :>=5G=>, G5< O 70=8<0NAL =0 A0<>< 45;5, 8 4C<0N, GB> BK =5 GC2AB2C5HL @07>G0@>20=8O >B B>3>, GB> O =5 H;NE0. %>BO 4>102;N, GB> A B>1>9 O <>3;0 1K 1KBL 8 H;NE>9, 8 ;N1>2=8F59, 8 ?>4@C3>9. 0;5N, GB> AC4L10 =5 ?>72>;O5B, GB>1K 4>@>6:8 =0H59 687=8 A>548=8;8AL =0 1>;LH55 2@5<O& >65B, 5A;8 40AB >3, :>340- =81C4L 5IQ 2AB@5B8<AO 2 B0:>9 65 ?@8OB=>9 >1AB0=>2:5. C<09 >1> <=5 2@5<5=0<8, >@48<5@.
-=O» .
=87C ;8AB0 1K;> 5IQ =5A:>;L:> A;>2, =0F0@0?0==KE 2 O2=>9 A?5H:5.
« "K 1K; <8;, >AB02;OO <=5 45=L38, => <=5 459AB28B5;L=> E>@>H> 70?;0B8;8. >;3>20O @0A?8A:0 =0 MBC AC<<C ?@84QB : B515, 2 %57» .
/ AB0@0B5;L=> A;>68; 1C<03C 8 A?@OB0; 5Q 2 :0@<0= =0:84:8, 0 ?>B>< 2KB0I8; 87 1CD5B0 1CBK;:C 28=0.
"2>Q 74>@>2L5, A:070; O 2 ?CAB>BC, ?>4=8<0O ?>;=K9 :C1>:.
-?8;>3
/ >AB>@>6=> ?@81;878;AO : :@>20B8. >@8A >AA5;L ;560; 2 ?>AB5;8 A 3>;>2>9, >B:8=CB>9 =027=8GL, 8 A;53:0 ?>E@0?K20;. / :>A=C;AO 53> ?>41>@>4:0 >AB@8Q< =>60. = 4Q@=C;AO 8 GB>- B> ?@>1>@<>B0; A:2>7L A>=. / ?>GC2AB2>20; 70?0E 28=0.
>@8A, ?@>H5?B0; O, 0 :>340 >= =5 >B@5038@>20;, C:>;>; 53> >AB@8Q< 2 ?>41>@>4>:.
= >B:@K; 3;070, 8 B>340 O =04028; A8;L=55 8 7060; 5<C @>B ;52>9 @C:>9.
>;G8, 4@C68I5, 5A;8 E>G5HL 68BL, A:070; O B8E>. / =03=C;AO B0:, GB>1K ?@8 1;54=>< A25B5 A:@KB>9 >1;0:0<8 ;C=K >= <>3 C7=0BL <>Q ;8F>.
>4@83, ?@>87=QA >= A402;5==K< 3>;>A><, 8 O C2845;, :0: C =53> @0AH8@ONBAO 7@0G:8.
40, 8 =5B, 2>7@078; O. 0 A0<>< 45;5, >@48<5@ 0445@48=, 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0.
065 2 1;54=>< A25B5, 1@>A05<>< 2K3;O=C2H59 87- 70 ?@8>B:@KBKE AB02=59 ;C=>9, O C2845;, :0: 53> ;8F> ?>:@K;>AL <5@B25==>9 15;87=>9.
/ =8G53> >1 MB>< =5 7=0;, =8G53>, :;O=CAL& >= ?@5@20;, :>340 O A8;L=55 ?@860; >AB@8Q : 53> 3>@;C.
GQ< BK =8G53> =5 7=0;, 4@C68I5 >@8A? ;0A:>2> A?@>A8; O, 0 >= 70?=C;AO 8 =5 >B25B8;.
?@>G5<, =5206=>, 4>1028; O. #25@5=, GB> G5@57 =5A:>;L:> ;5B BK 1C45HL @0AA:07K20BL 2AN MBC 8AB>@8N 4@C7LO< 70 28=>< 8 =04@K20BL :8H:8 >B A<5E0.
/ 2845;, :0: =045640 1;5A=C;0 2 53> 3;070E. « 5C65;8 >= @5H8; ?>40@8BL <=5 687=L? ABL ;8 C <5=O H0=A A?0AB8 3>;>2C 2 MB>< 45;5? » / E>B5;, GB>1K >= B5H8;AO 8;;N78O<8, 8 <=5 ?>=@028;>AL >1;53G5=85, :>B>@>5 ?>O28;>AL 2 53> 3;070E. #65 2A:>@5 O C286C 2 =8E 1>;L, 0 ?>B>< B>A:C ?> CE>4OI59 687=8 8 1574>==>5 >BG0O=85. 5IQ ?>B>< 2AQ ?>402;ONICN 6064C A:>@59H59 A<5@B8.
B:@>9 @>B, ?@8:070; O.
/ 70AC=C; 5<C :;O? <564C @0A:@KBK<8 G5;NABO<8. :>=F5 :>=F>2, <K 1K;8 2 >1I5AB25==>< <5AB5, 8 O =5 E>B5;, GB>1K =0A CA;KH0;8 ?>AB>@>==85 ;N48, A?OI85 70 AB5=0<8.
AB0=L.
= ?>A;CH=> 2AB0;, >F5?5=5;>, :0: <0@8>=5B:0, 8 A<>B@5; =0 <5=O 273;O4>< 703=0==>9 2 C3>; A>10G>=:8.
!O4L AN40, O ?>E;>?0; ?> A845=LN ABC;0.
>B>< O AB0@0B5;L=> ?@82O70; 5<C @C:8 8 =>38, 40 70BO=C; @5<5=L =0 H55, GB>1K >= ?@>E>48; G5@57 A?8=:C. >@8A >AA5;L B5?5@L =5 <>3 428=CBL =8 @C:>9, =8 =>3>9, =8 3>;>2>9. / ?@>25@8;, E>@>H> ;8 70AC=CB :;O?. >74=55 O 2KA5: >3>=L 8 706Q3 <0A;O=CN ;0<?C, AB>OICN =0 AB>;5. "0:65 O ?5@5=QA =0 AB>; <>9 A0:2>O6, GB>1K >= 2845;, GB> =0E>48BAO 2=CB@8, :>340 O 53> >B:@>N.
/ D>:CA=8: 8 C <5=O BCB 2>;H51=K9 OI8:, 4@C68I5 >@8A, A:070; O B8E>=L:>, => A5@45G=>. %>G5HL ?>A<>B@5BL, GB> 2 =Q<?
= 23;O4K20;AO 2 <5=O 2KB0@0I5==K<8 3;070<8. 5@8; ;8 >= 2AQ 5IQ, GB> A>E@0=8B 687=L? / 2AB028; :;NG 2 70<>: 8 ?>25@=C; 53>. >B>< ?>4=O; :@KH:C. / 2AQ 2@5<O ?>3;O4K20; =0 53> ;8F> 8 2845;, :0: 53> 7@0G:8 AB0=>2OBAO 2AQ 1>;LH5 8 1>;LH5.
@5:@0A=K5 8=AB@C<5=BK, ?@0240? A?@>A8; O. -B> B0:>9 ?>E>4=K9 =01>@ 8=:2878B>@0, :>B>@K9 O ?>72>;8; A515 ?@8A2>8BL 2 B8@80=A:>9 =:2878F88. / =5 E>GC, GB>1K BK, 4@C68I5 >@8A, 4C<0;, 1C4B> B>, GB> O A45;0N, A45;0N 87 GC2AB20 <5AB8 8;8 87 3>@OG53> 65;0=8O >B?;0B8BL B>9 65 <>=5B>9. / B0:65 =5 =02@56C B515 2 15AA<KA;5==>< 3=525, ?>A:>;L:C 8A0=85 3;0A8B:
« AO:89 G5;>25: 4>;65= 1KBL =5A:>@K< =0 3=52, 81> 3=52 <C60 =5 B2>@8B ?@024K >6859»
[ 1 3 0 ]
.
= A<>B@5; =0 <5=O 8 ?KB0;AO GB>- B> A:070BL, => :;O? =04Q6=> 70B:=C; 5<C @>B. / 2KB0I8; 87 A0:2>O60 :;5I8 8 ?@8A<>B@5;AO : =8< ?>4 ;0<?>9. 0 ;52>9 3C1:5 70<5B8; 1C@CN ?>;>A:C 70A>EH59 8 =5 2KB5@B>9 :@>28.
8A0=85 3;0A8B:
« AO:>5 =0:070=85 A59G0A =5 :065BAO =0< @04>ABLN, => ?5G0;LN; => ?>B>< ?@8=>A8B B5<, :B> 53> 8A?KB0;, 1;03>A;>25==K9 C@>609 A?@0254;82>AB8»
[ 1 3 1 ]
. <5==> MB> <K 2KG8B0;8 2 8A0=88, 4@C68I5 >@8A, ?>MB><C O =0E>6CAL BCB, GB>1K 4>@>3>9 AB@040=89 ?@>25AB8 B51O : &0@AB2C >685<C. 401K E>BL ?>4 :>=5F 687=8 BK A<>3 A>1@0BL 1;03>A;>25==K9 C@>609, > :>B>@>< @5GL.
/ 274>E=C; 8 ?>B@5?0; 53> ?> I5:5.
'B> 6, ?@>87=QA O. >60;C9, ?@8ABC?8< : @01>B5. / ?>A<>B@5; 2 ?@8>B:@KBK5 AB02=8. 1> =5E>@>H>, 5A;8 @0AA25B 70AB0=5B =0A 745AL, ?@5645 G5< 70:>=G8<&
3;070E >30
:> =5 2845;>, CE> =5 A;KH0;>, 8 2 A5@4F5 G5;>25G5A:>5 =5 ?@8H;>, GB> ?@83>B>28; >3 B5<, :B> 5<C A>?@>B82;O5BAO.
[ 1 3 2 ]
!2OB>9 025;
!:0<LO 1K;0 C7:>9 8 =5C4>1=>9. / A845; =0 =59 C65 =5A:>;L:> G0A>2, 0 ?@>E>4OI85 <8<> A;C38 8 ?@842>@=K5 5?8A:>?0 ?@8 2845 <5=O 874520B5;LA:8 CA<5E0;8AL. =8 <>3;8 A515 MB> ?>72>;8BL. >:@>28B5;LAB2> 5@A0@40, 5?8A:>?0 %57- E57@>=0 1K;> =08;CGH59 30@0=B859 157=0:070==>AB8 8 157>?0A=>AB8. > O, >@48<5@ 0445@48=, 8=:2878B>@ 3> @5>A2OI5=AB20 =5 ?@82K: : B0:><C >B=>H5=8N. >MB><C O A845; <@0G=K9, :0: 3@>7>20O BCG0. =5 E>B5;>AL 5ABL 8 ?8BL. =5 E>B5;>AL A?0BL. / B>G=> =5 E>B5; >6840BL 745AL 0C485=F88, O B0:65 =5 E>B5; 2845BL 5?8A:>?0, 81> =8G53> E>@>H53> >B =53> <=5 640BL =5 ?@8E>48;>AL. >2>@OB, C 5@A0@40 2G5@0 1K; ?@8ABC? ?>403@K, 0 :>340 53> <CG8;8 1>;8, >= 1K; A?>A>15= =0 2AQ. 0?@8<5@ =0 B>, GB>1K >B>1@0BL C <5=O ;8F5=78N, :>B>@0O 8 B0: 28A5;0 =0 2>;>A:5 A B5E ?>@, :0: O 4>?@>A8; =5 B>3> G5;>25:0, :>B>@>3> A;54>20;>. :>=F5 :>=F>2, MB> =5 <>O 28=0, GB> 2 <8@5 ACI5AB2CNB 42>9=8:8. ;8, ?> :@09=59 <5@5, ;N48 >G5=L ?>E>685 4@C3 =0 4@C30. >B B>;L:> :C75= 3@0D0 5@D5=0, : A>60;5=8N, =5 ?5@568; 4>?@>A0. C <5=O B5?5@L <>3;8 1KBL ?@>1;5<K. A;8 C <5=O >B15@CB ;8F5=78N, <8@ 24@C3 AB0=5B >G5=L >?0A=K< <5AB><. "0: C6 A;>68;>AL, GB> C 8=:2878B>@>2 >1KG=> 1>;LH5 2@03>2, G5< 4@C759. >=5G=>, <5=O 1K ?>:8=C; 8 =35;- %@0=8B5;L, 0 687=L 157 =35;0 B@C4=> A515 ?@54AB028BL. %>BO, <564C =0<8 3>2>@O, AB>;L 65 B@C4=> A515 ?@54AB028BL 687=L ?>4 70I8B>9 =35;0. > O =5 B>;L:> 5Q ?@54AB02;O;, => 8 70 2A5 MB8 3>4K CA?5; : =59 ?@82K:=CBL.
0:>=5F ?>4>HQ; :0:>9- B> E>;Q=K9 ?>?, @0AB>G0NI89 2>:@C3 A51O 0@><0B 4>@>38E 4CE>2, 8 ?>A<>B@5; =0 <5=O A2KA>:0.
0445@48=? A?@>A8; >=. =:2878B>@?
0, >B25B8; O.
3> @5>A2OI5=AB2> 64QB. 28309AO 65, ?@8OB5;L!
/ ?@>3;>B8; >A:>@1;5=85 8 B>;L:> ?>AB0@0;AO 70?><=8BL MB> =03;>5 ;8F>. 0AB >3, 2AB@5B8<AO ?@8 1>;55 1;03>?@8OB=KE >1AB>OB5;LAB20E. 065 5?8A:>?A:85 A;C38 <>3CB A> 2@5<5=5< ?>?0ABL 2 =0H8 <@0G=K5 :0<5@K. ?>25@LB5 <=5, B0< >=8 B5@ONB 4065 =0<Q: =0 ?@57@5=85 : A84OI5<C =0?@>B82 =8E 8=:2878B>@C. / 2AB0; 8 2>HQ; 2 ?>:>8 5?8A:>?0. 5@A0@4 A845;, A:;>=82H8AL =04 4>:C<5=B0<8. 3> ?@020O @C:0 1K;0 2AO 2 18=B0E, GB> >7=0G0;> ?@8ABC? ?>403@K =5 1K;, : A>60;5=8N, A?;5B=59.
0445@48=, ?@>87=QA >= B0:8< B>=><, 1C4B> MB> 1K;> @C30B5;LAB2><, ?>G5<C BK, A>1AB25==>, 5IQ 682, =53>4O9?
= ?>4=O; 273;O4. > 3;070< 1K;> 284=>, GB> >=, ?>E>65, =5<=>3> 2K?8;. 8F> 53> 1K;> >1AK?0=> 0;;5@38G5A:8<8 ?OB=0<8. KE>48B, 45;> EC65, G5< O ?@54?>;030;.
5@=K9 A;C30 0H53> @5>A2OI5=AB20, ?@>87=QA O, =87:> :;0=OOAL.
>@48<5@, 59- >3C, >B15@C C B51O ;8F5=78N! 'B> B0< 70 274>@ 2 ?>A;54=8E 4>:;040E? 'B> B0:>5 &5@:>2L 'Q@=>3> @5>1@065=8O?
8 > GQ< B0:>< O =5 ?8A0;, 0H5&
<5==>! :@8:=C; >=, 8 53> 3>;>A A>@20;AO 2> 2@5<O MB>3> :@8:0, 0 ?OB=0 =0 I5:0E 5IQ 1>;LH5 ?>:@0A=5;8. 0G5< O B51O 45@6C, 4C@0:, 5A;8 C7=0N > =>2KE 5@5AOE >B :>3>- B> 4@C3>3>?
/ 2 687=8 =5 A;KH0; > &5@:28 'Q@=>3> @5>1@065=8O, ?>MB><C @5H8; 1;03>@07C<=> ?@><>;G0BL.
>20O A5:B0, A:070; >=, 3;O4O =0 <5=O 8A?>4;>1LO, >A=>20==0O 8 @C:>2>48<0O G5;>25:><, =07K20NI8< A51O 0?>AB>;>< !0B0=K. C4B> 1K, MB> :0:>9- B> A2OI5==8:, 70=8<0NI89AO GQ@=>9 <03859. >2>@OB, MB0 A5:B0 C65 >1@5;0 87@O4=>5 G8A;> ?@825@65=F52. "K 4>;65= 53> =09B8, 0445@48=, 8 4>AB028BL :> <=5. , @048 >30, ?>B>@>?8AL, =5 B> ?>:>=GC A B>1>9.
=05B ;8 0H5 @5>A2OI5=AB2>, 345 53> 8A:0BL? A?@>A8; O A0<K< A<8@5==K< B>=><, =0 :0:>9 B>;L:> 1K; A?>A>15=.
A;8 1K O 7=0;, 345 53> 8A:0BL, =5 ?@8:07K20; 1K MB> 45;0BL B515, 848>B, >B@570; 5?8A:>? 8 ?><0AA8@>20; A515 ;>:>BL. 0445@48=, G5< O A>3@5H8; ?5@54 >A?>4><, GB> = =0:070; <5=O B0:8<8 ;N4L<8, :0: BK?
/ A=>20 @5H8;, GB> ;CGH5 =5 >B25G0BL, 8 ;8HL =87:> ?>:;>=8;AO.
48 C65, @52>AE>48B5;LAB2> CB><;Q==> <0E=C; ;52>9 @C:>9. #18@09AO 8 =5 2>72@0I09AO :> <=5 157 MB>3> G5;>25:0. 0, 8 5IQ >4=>. / A;KH0;, GB> >=8 ?@>2>4OB @8BC0;K A 65@B2>?@8=>H5=85< 452AB25==8F 8;8 =>2>@>645==KE, 8;8 GB>- B> B0< 5IQ& ?@5@20; >=, GB>1K 2=>2L ?><0AA8@>20BL A515 ;>:>BL.
>340 O <>3C >1@0B8BLAO : :07=0G5N 0H53> @5>A2OI5=AB20? A?@>A8; O, >AB020OAL =87:> A:;>=Q==K<. "8E8< 8 :@>B:8< 3>;>A><.
>=! @O2:=C; 5?8A:>?, 0 O ?>4C<0;: =C GB> 6, ?>?@>1>20BL AB>8;>.
/ ?>?OB8;AO, 0 :>340 70 <=>9 70:@K;8 425@8, >1;53GQ==> 274>E=C;. 04> 1K;> ?@8=8<0BLAO 70 @01>BC, =>, ?> :@09=59 <5@5, <>O ;8F5=78O 1K;0 ?>:0 2 157>?0A=>AB8. ">;L:> ?;>E> 65 <=5 ?@84QBAO, 5A;8 =5 =094C 5@5B8:0. > 5IQ ?@84QB 2@5<O >1 MB>< 15A?>:>8BLAO. / 2KH5; 87 42>@F0 5?8A:>?0 8 24>E=C; A25653> 2>74CE0. , 25@=55, 2>74CE0 AB>G=KE :0=02 8 ?@8B>=>2. 1> B0: ?0E=5B %57- E57@>=. >2>@8; ;8 O C65 20<, GB> MB> =08>B2@0B8B5;L=59H89 87 >B2@0B8B5;L=KE 3>@>4>2? @>45 1K, 25: B><C =0704 :>@>;L 5@284 ;0B>CABK9 ?@8:070; A65GL %57- E57@>=, 401K ?>AB@>8BL =0 53> <5AB5 27;5;5O==K9 8< 2 <5GB0E >@>4 !>;=F0. > @0=LH5, G5< 5@284 A6Q3 3>@>4, A>63;8 53>, 8 70<KA5; A:>=G0;AO 5AB5AB25==>9 A<5@BLN.
* * *
!59G0A O 4>;65= 1K; @07KA:0BL 1;87=5F>2 8 !<5@BCE0. 5;>, 2 >1I5<, 1K;> ?@>ABK< 4>;6=K 1K;8 345- B> 83@0BL 2 :0@BK 8;8 :>AB8, 0 O 254L 7=0; 8E 87;N1;5==K5 <5AB0. 5@2K< 1K;0 :>@G<0 « >4 K:>< 8 5@51F><» , >4=0:> E>7O8= B0< ;8HL @072Q; @C:0<8.
1K3@0; 8E 7057689 HC;5@, A:070; >=, 8 O A;KH0;, GB> >=8 ?>40;8AL =0 70@01>B:8.
/ 274>E=C;. 0: >1KG=> 40;8 A51O ?@>25AB8 =525ABL :><C. B> E>@>H>, GB> =5 C18;8 53>, 8=0G5 ?@8H;>AL 1K 8E 8A:0BL 2 ?>475<5;LOE 1C@3@0D0. > A;>2> « 70@01>B:8» <>3;> >7=0G0BL @07;8G=K5 25I8. =5>1O70B5;L=> ?@8OB=K5.
0:85 70@01>B:8? =5E>BO A?@>A8; O.
>@48<5@, BK 7=05HL, O =5 ;N1;N A;8H:>< <=>3> 7=0BL, >B25B8; :>@G<0@L, :>B>@><C O @07@5H0; >1@0I0BLAO :> <=5 ?> 8<5=8, 81> <K :>340- B> 2<5AB5 2>520;8 ?>4 8@- :0@0;0B><. 25B5@0=K 8@- :0@0;0B0 @02=K <56 A>1>9, E>BL 1K =5 7=0N :0:0O, 8E @0745;O;0 A>A;>2=0O ?@>?0ABL. "0:>2 1K; =5?8A0=K9 70:>=. ?@>G5<, =5<=>3> =0A B>340 >AB0;>AL. G5=L =5<=>3>, O 1K 4065 A:070;.
>@D8A, ?@>87=QA O A?>:>9=>, =5 CA;>6=O9. / ?>;CG8; ?@8:07 8 5A;8 8E =5 =094C, B> =5 2K?>;=N 53>. B>340 A <5=O A45@CB H:C@C. / B515 4>;65= ?OBL 4C:0B>2. 025@=>5, BK E>B5; 1K :>340- =81C4L ?>;CG8BL 8E >1@0B=>?
!5<L, >= E8B@> ?>A<>B@5; =0 <5=O.
CABL, A>3;0A8;AO O, 81> A B5< 65 CA?5E>< <>3;> 1KBL A5<L45AOB. B0: C <5=O 2 :>H5;5 1@5=G0;8 ;8HL 420 >48=>:8E ?>;C3@>H0. , 59- >3C, >=8 =5 A>18@0;8AL <=>68BLAO.
<>65B >145;05< 45;LF5? A?@>A8; >= 8 ?>A<>B@5; =0 <5=O 8A?KBCNI5.
C?
-B>B HC;5@ 745AL. / 40< B515 45=L60B; >1K3@09 53> 8 ?>;CG8HL ?OBCN G0ABL 2K83@KH0.
!>@>: ?@>F5=B>2, >B25B8; O <0H8=0;L=>, E>BO 8 =5 =0<5@520;AO A>3;0H0BLAO.
'B>? >= =5 ?>=O;.
>;>28=C.
= ?>:0G0; 3>;>2>9 8 :0:>5- B> 2@5<O 4C<0;.
0< B515 ?>;>28=C, 70O28; >= 8 ?@>BO=C; @CG8IC: > @C:0<, >@48<5@?
"K 7=05HL, GB> O =5 83@0N, A:070; O, 7;OAL, GB> 40; A51O 2BO=CBL 2 MB>B @073>2>@.
> C<55HL. 1>;LH8=AB2> 83@05B 8 =5 C<55B, 2>7@078; >= =@02>CG8B5;L=>. C?
!:>;L:> C =53> <>65B 1KBL?
>@G<0@L A:;>=8;AO :> <=5. B =53> =5A;> ?82>< 8 BCHQ=>9 :0?CAB>9. 0: 4;O %57- E57@>=0, 4065 =5?;>E>. =5 7=0:><K 70?0E8 8 ?>EC65.
>65B B@8AB0, <>65B G5BK@5AB0, 4>E=C; >= <=5 2 CE>. ABL 70 GB> 18BLAO.
1KG=K9 <>H5==8: 8;8 D>:CA=8:?
:B> 53> B0< @0715@QB? K83@K205B C65 =545;N. 20 @070 53> ?@>1>20;8 C18BL.
?
>@D8A <>;G0 ?@>2Q; ?0;LF5< ?> 3>@;C. = E>@>H, 4>1028;. -E, >@48<5@, 5A;8 1 BK 70E>B5; 83@0BL. 0:>5 A>AB>O=85 <K 1K 70@01>B0;8, ?0@5=L.
45 !<5@BCE 8 1;87=5FK?
# =8E :0:0O- B> @01>BQ=:0 =0 %8;L3D5@0@D0, 7=05HL, B>3>, C :>3> 0<10@K. 0:>5- B> 2K1820=85 4>;3>2 8;8 5IQ GB>, >1JOA=8; >= ?>A;5 =5:>B>@KE @074C<89. !K3@05HL, >@48<5@? A?@>A8; >= ?>GB8 C<>;ONI8< 3>;>A><.
"@8AB0 4C:0B>2, ?>4C<0; O, 87 =8E <=5 >AB0=5BAO AB> ?OBL45AOB. @>45, 2@5<5=0<8 1K20;> 8 2 45AOBL @07 1>;LH5, => A59G0A MB> 1K;> A>AB>O=85<. %20B8;> 1K =0 ?>8A:8 5@5B8:0. / <KA;5==> G5@BKE=C;AO, 81> <0;> B>3>, GB> ?@8E>48BAO @01>B0BL 7040@<0, B0: 5IQ 4>;65= 70@01>B0BL =0 MBC @01>BQ=:C. 0:>9 65 <5@7025F MB>B 5?8A:>?.
>65B, 274>E=C; O, 0 >@D8A 4065 E>B5; E;>?=CBL <5=O ?> A?8=5, => 2 ?>A;54=89 <><5=B A45@60;AO. = 7=0;, GB> O =5 ?5@5=>HC ?>4>1=>3> @>40 =56=>AB8.
0< B515 AB> 4C:0B>2, >= A=>20 A:;>=8;AO : <>5<C CEC. %20B8B, GB>1K =0G0BL, 0?
C GB> 6, :010F:>5 45;> ?@>F25B05B 2 %57- E57@>=5, :>;L A:>@> C :>@G<0@O 2 70=0G:5 5ABL AB> 4C:0B>2. 5A;8 4020; AB>, =025@=O:0 C =53> 1K;> 8 @07 2 ?OBL 1>;LH5.
5A;8 ?@>83@0N? A?@>A8; O.
"> 1C45HL 4>;65=, 70A<5O;AO >=, => BK =5 ?@>83@05HL, >@48<5@.
-B> B>G=>, ?>4C<0; O, B>;L:> BK =5 7=05HL, GB> <=5 =5;L7O 83@0BL. 5A;8 >1 MB>< C7=05B <>9 =35;- %@0=8B5;L, B> =0 4>;385 <5AOFK >:06CAL 2 45@L<5. ;8, GB> EC65, >= <>65B @0745;0BLAO A> <=>9 2> 2@5<O 83@K. 0725 GB> A>GBQB, GB> O 83@0N 87 1;03>@>4=KE ?>1C645=89. > =58A?>2548<K ?CB8 ?><KA;>2 =35;>2.
!59G0A- B> >= A?8B, A:070; >@D8A. 3@0; 2AN =>GL C >==K 8 25@=C;AO ;8HL ?>4 CB@>.
5?;>E>, A:070; O, ?>B><C GB> C >==K 25;0AL 1>;LH0O 83@0. @>94CAL BC40. 09 ?0@C 4C:0B>2.
>@D8A 274>E=C; 8 2K3@51 87- 70 ?07CE8 >48= 4C:0B, >1@570==K9 ?> :@0O<, 8 B@8 ?OB83@>H8:0.
>102;N : B2>5<C AGQBC, ?@>1C@G0; >=.
/ 4065 =5 ?@>BO=C; @C:8, B>;L:> 3;O=C; =0 =53> :@0A=>@5G82>.
>@D8A, 2 <5=O =04> 2;>68BL, E<K:=C; O.
;>68BL, ?>2B>@8; >= GQB:> ?> A;>30<. 064K9 @07, :0: A;KHC MB> A;>2>, ?>=8<0N, GB> :B>- B> E>G5B A>4@0BL A <5=O H:C@C, 4>1028; >=, => 2K=C; 5IQ >48= 4C:0B. IQ 1>;55 >1@570==K9 ?> :@0O<, G5< ?5@2K9, E>BO MB>, :0: @07, <>3;> ?>:070BLAO C65 =52>7<>6=K<.
* * *
>< <040< >==K 1K; <0AA82=K<, 42CEMB06=K< 740=85<, >3>@>65==K< AB5=>9, 70 :>B>@>9 15A=>20;8AL A?5F80;L=> >1CG5==K5 A>10:8. ?@>G5<, 3>2>@8;8, GB> MB> =5 A>10:8, 0 ?><5AL H0:0;0 8 2>;:0, 8 GB> C =8E 1K;8 O4>28BK5 7C1K. > ?>4>7@520N, GB> B0:85 109:8 @0A?CA:0;0 A0<0 >==0, 401K 5IQ 1>;LH5 >B?C3=CBL =5?@>H5=KE 3>AB59. >==0 C?@02;O;0 1>@45;5< =5?;>E>3> C@>2=O A 87KA:0==K<8 ?8B59=>9
[ 1 3 3 ]
8 :CE=59. ><8<> MB>3>, C =5Q 83@0;8 2 :0@BK 8 :>AB8. 3@0;8 ?>- :@C?=><C 8 2 E>@>H59 :><?0=88, 8 =5@54:> B0< <>6=> 1K;> =0B:=CBLAO =0 1>30BKE 42>@O=G8:>2 A ?@54<5AB89 %57- E57@>=0 ( 70G5< ?@85760;8 2 3>@>4, >AB02;OO A2>8 ?><5ABLO, >4=><C >3C 8725AB=>) , 3>@>60=, B5E, GB> ?>7=0B=55, 8 F5E>2KE <0AB5@>2. , 2?@>G5<, :064K9, :B> 8<5; BC3>9 :>H5;L 8 1>;55- <5=55 2K3;O45;, 2AB@5G0; B0< @04CH=K9 ?@8Q<.
/ ?>ABCG0; :>;>BCH:>9. 5A:>;L:> @07, 81> 2@5<O 1K;> =5C@>G=K<, 8 <=5 ?@8H;>AL <8=CBC ?>4>640BL, ?>:0 :B>- B> =5 ?>4>HQ; : 425@8. )Q;:=C; >B:@K20NI89AO 3;07>:.
>A?>48= 0445@48=, O CA;KH0; 3>;>A 87- 70 425@59 8 C7=0; @8BBC, :>B>@K9 8A?>;=O; C >==K @>;L ?@82@0B=8:0, 2KH810;K 8 2>>1I5 <0;LG8:0 =0 ?>153CH:0E. @8BB0 1K; :@O68ABK< <C6G8=>9 A ;8F>< 45@525=A:>3> 4C@0G:0. "5<, :>3> >1<0=C;0 MB0 =0@C6=>ABL, >1KG=> C65 =5 ?@54AB02;O;AO A;CG09 A>25@H0BL =>2K5 >H81:8.
8:0: =5 A:@KBL, >B25B8; O. >==0 5ABL? @8BB0 :>;510;AO :0:>5- B> 2@5<O, ?@5645 G5< >B25B8BL.
ABL, =0:>=5F ?@>87=QA >=, >B:@K20O 425@8. @8:@8:=C; =0 A>10:. !B@0==0O ?>@0 4;O 2878B>2, 3>A?>48= 0445@48=.
!B@0==0O, A>3;0A8;AO O 8 40; 5<C 4C:0B. B H8@>:>9 =0BC@K.
@8BB0 ?@>2Q; <5=O 2 A0;>= 8 ?>AB028; =0 AB>;8: 1CBK;:C ACE>3> 28=0 8 1>:0;.
A5 5IQ A?OB, 3>A?>48= 0445@48=, ?>OA=8; >=. 04> 1C45B =5<=>3> ?>4>640BL.
GQ< @5GL, A:070; O 8 2KBO=C;AO 2 :@5A;5.
/ ?@82K: 70AK?0BL 2 ;N1>5 2@5<O 8 2 ;N1KE CA;>28OE. :>=F5 :>=F>2, =8:>340 =5 7=05HL, :>340 5IQ G5;>25:C 2K?045B A;CG09. >==0 2>H;0 2 :><=0BC, 8 O B>BG0A ?@>A=C;AO.
A5340 =0G5:C, A:070;0 >=0, 284O, GB> O >B:@K; 3;070. 02=> =5 2845;8AL, >@48<5@. @8HQ; >B40BL 4>;3?
A:>;L:> O B515 4>;65=?
204F0BL 4C:0B>2, A:070;0 >=0 8 5Q 3;070 ?>B5<=5;8. =0G8B ;8 MB>, GB> BK 8E =5 ?@8=QA?
"K 2A5340 > 45=L30E, 274>E=C; O. / 4065 =5 CA?5; B515 A:070BL, :0: ?@5:@0A=> 2K3;O48HL.
AB02L, >=0 ?>60;0 ?;5G0<8. '53> E>G5HL?
0: >1KG=>. !2545=89.
1KG=> BK 745AL E>G5HL :>5- G53> 4@C3>3>, 2>7@078;0 >=0. 0:8E A2545=89?
5:B> 83@0; 2G5@0 C B51O. 0:>9- B> 7057689 HC;5@. K83@0;?
0725 O A;56C 70 :064K<, :B> BCB 83@05B? A?@>A8;0 >=0 @074@06Q==>. G5@0 1K;> <=>3> =0@>40.
>==0, O 2AB0; 8 ?>BO=C;AO 06 4> E@CAB0 2 ACAB020E, =0;8; A515 28=0, BK ?@8=8<05HL <5=O 70 848>B0?
K83@0;, A:070;0 >=0, >G5=L <=>3>.
8<5==>?
'5BK@5AB0, <>65B 4065 ?OBLA>B. > >= =5 6C;L=8G0;, >@48<5@. / ?@8:070;0 53> ?@>25@8BL.
ABL @07=K5 A?>A>1K 6C;L=8G5AB20, 2>7@078; O.
>B 8<5==>. >65B, 25@=Q<AO : <>5<C 402=5<C ?@54;>65=8N?
5B, @0AA<5O;AO O.
>==0 :>340- B> ?@54;030;0, GB>1K O 70=O;AO :>=B@>;5< 83@>:>2. / <>3C 157>H81>G=> >?@545;8BL, <>H5==8G05B ;8 :B>- B>. 0A:CHC ;N1>3> <038:0 8;8 D>:CA=8:0, =5 3>2>@O C65 >1 >1KG=KE HC;5@0E. >==0 =5 B5@?5;0 <>H5==8:>2. 564C ?@>G8<, ?>B><C 5Q 4>< 8 1K; B0:8< ?>?C;O@=K<, 81> 83@0;8 745AL G5AB=>. ;8, ?> :@09=59 <5@5, >B=>A8B5;L=> G5AB=>.
> GB> 83@0;?
« 5?8A:>?0» , @0AA<5O;0AL >=0 =5A:>;L:> ?@57@8B5;L=>.
/ B>65 C4828;AO. « ?8A:>?» 1K; >4=>9 87 A0<KE 3;C?KE 8 ?@8<8B82=KE 83@. K83@K20; B>B, :B> A>18@0; @KF0@O, >@C65=>AF0 8 BC70
[ 1 3 4 ]
, =5206=> :0:>9 <0AB8, => ?@8 MB>< 157 40<K. 072;5G5=85 4;O 2>7=8F. !>25@H5==> 15AA<KA;5==>5.
GB> ?>B><?
#HQ;, >=0 ?>60;0 ?;5G0<8. 065 =5 ?>?@>A8; >E@0=C.
# >==K 1K; E>@>H89 >1KG09 A>?@>2>640BL 2K83@02H8E 3>AB59 A?5F80;L=> >B>1@0==K<8 >E@0==8:0<8.
!53>4=O ?@84QB?
A;8 53> =5 C18;8, =025@=O:0 ?@84QB. =0 A=>20 ?>60;0 ?;5G0<8. 0G5< >= B515?
1K3@0; <>8E ?0@=59, AB0;> 1KBL, :B>- B> 4>;65= A =8< @0AAG8B0BLAO.
>==0 =5 2K45@60;0 8 AE20B8;0 <5=O 70 @C:C.
C45HL 83@0BL, >@48<5@? / 2845;, :0: 703>@5;8AL 5Q 3;070. 70?@024C AK3@05HL?
>65B, <>65B& >B25B8; O, >A2>1>640O @C:C.
'C2AB2C9 A51O, :0: 4><0, ?@>87=5A;0 >=0 A H8@>:>9 C;K1:>9, :>B>@0O ><>;>48;0 5Q =0 4>1@KE ?0@C ;5B. @54>AB02;N B515 :><=0BC, GB>1K >B4>E=C; 4> 25G5@0. 5;05HL 5IQ G53>- =81C4L? 8=>, 452CH:8?
>:0 =5B. !?0A81>, >==0, => O 4>;65= ?>8A:0BL !<5@BCE0 8 1;87=5F>2. C40- B> 8E 70=5A;>.
">;L:> C<>;ON, =5 ?@82>48 8E 157 >A>1>9 =C64K. >==0 A;>68;0 @C:8 =0 3@C48. 1K;> =0 GQ< A:;04K20BL. >A;54=89 @07 !<5@BCE @0A?C30; <>8E 3>AB59.
8G53> C4828B5;L=>3>. A;8 1 O 53> =5 7=0;, A0< 1K 8A?C30;AO.
#2848<AO 25G5@><.
* * *
/ 2KH5; GCBL >A256Q==K9 MB>9 <8=CB>9 A=0 8 428=C;AO =0 ?>8A:8 ?0@=59. <5;8 @01>BQ=:C C %8;L3D5@0@D0? C, B>340 ?>=OB=>, >B:C40 =0G0BL. > 0<10@>2 >B 4><0 >==K 1K;> =5 A;8H:>< 40;5:>, ?>MB><C ?@>3C;:0 70=O;0 C <5=O A0<>5 1>;LH55 ?>;G0A0. #65 8740;8 1K;8 284=K =5:078ABK5 A:;04K, ?@8602H85AO : 15@53C @5:8. 0725;>AL 8E 70 ?>A;54=55 2@5<O, =C B0: 8 B>@3>2;O, ?> >:>=G0=88 2>9=K =0 N35, @0AF25;0 :0: =8:>340. %8;L3D5@0@D 1K; >4=8< 87 =>2KE :C?5G5A:8E BC7>2. >;>4>9, ?@>182=>9 8 15A?@8=F8?=K9.
= =0G8=0; :0: 3@C7G8:, 0 B5?5@L 2;045; G5BK@L<O 2=CH8B5;L=K<8 A:;040<8. <10@K
[ 1 3 5 ]
B5?5@L MB> 1K;> ;8HL 8<5=5< =0@8F0B5;L=K<, 81> A59G0A =0 A:;040E E@0=8;8AL 45AOB:8 @07=KE B>20@>2. %8;L3D5@0@D A?5F80;878@>20;AO =0 >@C688, B0: :0: 8<5; E>@>H85 A2O78 A :C?F0<8 87 0@45=- E035@0, => 2 ?@8=F8?5 70=8<0;AO ;N1K< B>20@><. 48= A:;04 1K; A?5F80;L=> ?@8A?>A>1;5= 4;O 452CH5: A N30, =0 :>B>@KE 2A5340 1K; =5?;>E>9 A?@>A. !0<0 >==0 :C?8;0 B0< =5A:>;L:> >B<5==KE M:75<?;O@>2, => >=8 1KAB@> C<5@;8. @>45 1K, =5 2K45@60;8 687=8 2 =52>;5 8 <=>65AB20 :;85=B>2. > 8 B0:, =025@=O:0, >==0 25@=C;0 70B@0BK A ?@8102:>9. 0 A:;04A:>9 B5@@8B>@88 :@CB8;8AL >E@0==8:8 A 4C18=:0<8 2 @C:0E, B0:65 1K;> =5A:>;L:> ;N459 87 ?>@B>2>9 AB@068, :0: >1KG=> C?82H8EAO ?>GB8 4> 15A?0<OBAB20. >=B>@0 %8;L3D5@0@D0 ?@8;530;0 : >4=><C 87 A:;04>2 C A0<>3> 15@530 @5:8. ;8, A:>@55, C MB>3> ?5=OI53>AO AB>:0, :>B>@K9 ?> ?@82KG:5 =07K20;8 @5:>9.
'53>? # 425@59 148;> 42>5 >E@0==8:>2.
IC 3>A?>48=0 %8;L3D5@0@D0, >1JOA=8; O.
>3>20@820;AO? A;8 =5B, B> ?@>20;8209. / ?>A<>B@5; =0 =53>, 8 >= =5A:>;L:> A<5H0;AO.
5=O 7>2CB 0445@48=, AK= <>9. >@48<5@ 0445@48=, 8=:2878B>@ 5?8A:>?0 %57- %57@>=0. %>G5HL, GB>1K O 1K; 4>1@K<, :>340 <K :0:- =81C4L 2AB@5B8<AO C <5=O?
728=8B5, 3>A?>48= 0445@48=, >E@0==8:, :>B>@K9 @073>20@820; A> <=>9, 3@><:> A3;>B=C; A;N=C, ?@>HC ?@>I5=8O. !59G0A 4>;>6C 3>A?>48=C %8;L3D5@0@DC.
/ 2>HQ; 2=CB@L, 8 %8;L3D5@0@D =5 70AB028; A51O 640BL. G5=L ;N157=> A 53> AB>@>=K. # =53> 1K;0 2?>;=5 ?@8AB>9=0O :>=B>@0, >1AB02;5==0O <515;LN 87 GQ@=>3> 4C10. 5A:>;L:> « =>2>1>30G5A:0O» , => 2AQ- B0:8 M;530=B=0O.
G5=L ?@8OB=>, 3>A?>48= 0445@48=. # =53> 1K;0 A8;L=0O @C:0, => @07 :>340- B> 1K; 3@C7G8:><&
@>HC ?@>AB8BL, GB> >B=8<0N C 20A 2@5<O, A:070; O 256;82>, =>, ?>E>65, 2K =0=O;8 <>8E @51OB. 2>8E 1;87=5F>2 8 G5;>25:0&
, MB>3> :@0A02G8:0, ?@5@20; <5=O :C?5F. @028;L=>. K;0 C <5=O 4;O =8E @01>BQ=:0. @>HC ?@8A5ABL, 3>A?>48= 0445@48=. 8=0?
/ ?>:0G0; 3>;>2>9.
=8 27O;8 7040B>: 8 B>;L:> 8E 8 2845;8, A:070; >= A?>:>9=>, => O 2845;, GB> >= 2 15H5=AB25.
-B> =0 =8E =5 ?>E>65, O 459AB28B5;L=> 7015A?>:>8;AO. ;87=5FK 8 !<5@BCE =8:>340 =5 ?>72>;8;8 1K A515 :8=CBL :;85=B0. C, ?> :@09=59 <5@5, 2 %57- E57@>=5. >3C ;8 C7=0BL, GB> MB> 1K;0 70 @01>B0?
>A?>48= 0445@48=, :C?5F A5; 70 :>=B>@:C, 40209B5 >B:@>25==>. / A;KH0;, GB> ?><8<> A2>8E A;C651=KE >1O70==>AB59, 2K B0:65 8=>340 ?><>305B5 ;N4O<, C :>B>@KE 5ABL 70B@C4=5=8O. A;8 1K 20A 708=B5@5A>20;>, B>&
>60;C9AB0, ?@>4>;609B5.
# <5=O 5ABL 4>;6=8:. 5GL 84QB > 7=0G8B5;L=>9 AC<<5&
0A:>;L:> 7=0G8B5;L=>9? = ?>4=O; @C:C.
8=CB:C, 5A;8 ?>72>;8B5. 5GL > ?@5;0B5
[ 1 3 6 ]
C;LA0=8.
, ?@>:;OBL5! O ?>72>;8; A515 2K@C30BLAO. @5;0B C;LA0=8 1K; 101=8:><, ?LO=GC3>9 8 83@>:><. ?@8 MB>< 8<5; =0 C482;5=85 :@5?:85 BK;K.
%8;L3D5@0@D 1;54=> C;K1=C;AO.
-B> ?@028;L=0O @50:F8O, 3>A?>48= 0445@48=. / A:070; B> 65 A0<>5, :>340 C7=0;, GL8< :@548B>@>< O2;ONAL.
>340 2K C7=0;8. . ? A<KA;5. . ?
C;LA0=8 ?>;CG8; =0A;54AB2> 8 >= A>3;0A8;AO 2ABC?8BL 2 =53>
[ 1 3 7 ]
, 81> 0:B82K =5A:>;L:> ?@52KH0;8 ?0AA82K. > ?0AA820<8 1K;8 25:A5;O. 0 G5BK@5 A ?>;>28=>9 BKAOG8 4C:0B>2. !@>: >?;0BK ?>702G5@0. 0: 2K ?>=8<05B5, <>59 :>=B>@5. 0 MB> 2@5<O C;LA0=8 ?@>40; 4>< 8 =5A:>;L:> @0A?8A>:, => 4>;38 2K?;0G820BL =5 A>18@05BAO. '8ABK<8 >= 2K@CG8; >:>;> ?OB8 BKAOG, 7=0G8B, 45=L38 C =53> 5ABL&
=0O 53>, MB> ?>;>65=85 A>E@0=8BAO =54>;3>, ?@>1>@<>B0; O.
>MB><C <=5 206=0 A:>@>ABL. >B>2 ?@54;>68BL ?OBL ?@>F5=B>2 >B AC<<K 27KA:0==>3> 4>;30.
204F0BL ?OBL, 2>7@078; O <0H8=0;L=>, ?;NA 45AOBL ?@>F5=B>2 >A>1>, 81> @5GL > C;LA0=8. AB> ?OBL45AOB 4C:0B>2 =0 @0AE>4K.
-B> HCB:0, >= 4065 =5 70=5@2=8G0;. ! 53> ;8F0 ?>- ?@56=5<C =5 AE>48;0 ;N157=0O C;K1:0.
A;8 2K =5 C;048B5 MB> 2 B5G5=85 =5A:>;L:8E 4=59, ;8H8B5AL 45=53 @07 8 =02A5340, A:070; O. >=5G=>, <>65B5 ?@8:070BL 53> C18BL. >, 2>- ?5@2KE, MB> =5 25@=QB 20< 45=L38, 0, 2>- 2B>@KE, C189AB2> C;LA0=8 >7=0G05B ?@>1;5<K. K <>65B5 >1@0B8BLAO 2 AC4. > MB> <>65B >7=0G0BL 5IQ 1>;LH85 ?@>1;5<K.
%8;L3D5@0@D ?>ABC:820; :>=F>< ?5@0 ?> ?>25@E=>AB8 :>=B>@:8 8 2AQ MB> 2@5<O ?>3;O4K20; =0 <5=O A C;K1:>9.
=05B5, A:>;L:> 2KB>@3>20;8 20H8 4@C7LO? A?@>A8; >=.
0?
>A5<L ?@>F5=B>2 8 45AOBL 4C:0B>2 7040B:0.
>MB><C >=8 =8:>340 =5 4>;6=K 45;0BL 45=L38 157 <5=O, 274>E=C; O. "0: 60;L, GB> ;N48 =5 A?>A>1=K =8G5<C =0CG8BLAO.
"5< =5 <5=55, 20H8 ?@54;>65=8O =5?@85<;5<K, 4>1028; >=.
/ A<>B@5; =0 =53> :0:>5- B> 2@5<O. !B@0E, :0: 2KCG8;AO MB>B 1K2H89 3@C7G8:. 'B> 70 2K@065=8O!
# <5=O =5B A8;, A:070; O, B>@3>20BLAO. / CAB0; 8 2?5@548 C <5=O BO6Q;0O @01>B0. >A;54=55, G53> E>GC, B0: MB> 2?CB0BLAO 2 ?@>1;5<K 87- 70 4>;3>2 C;LA0=8. >Q ?@54;>65=85 MB> 4204F0BL ?OBL ?@>F5=B>2 >B AC<<K 8 AB> B@84F0BL 1572>72@0B=>3> 7040B:0. C?5F E>B5; GB>- B> 2AB028BL, => O ?>4=O; @C:C: -B> 459AB28B5;L=> ?>A;54=55 ?@54;>65=85.
%8;L3D5@0@D ?>:820; A ?>=8<0=85<.
CABL B0: 8 1C45B. / A;KH0; > 20A <=>3> E>@>H53>, 3>A?>48= 0445@48=. K =54QH52K, => A;028B5AL 4>1@>A>25AB=K< >B=>H5=85< : 45;C. 045NAL, O 25@=C A2>8 45=L38.
'5AB=>? A:@828;AO O. C<0N, GB> 2K ?>B5@O5B5 5IQ 8 MB8 AB> B@84F0BL 7040B:0.
'5AB=>ABL 4>AB>9=0O 2>AE8I5=8O, A:070; >= 157 <0;59H59 8@>=88 2 3>;>A5, =>, >4=0:>, @8A:=C. >65B 1KBL, 4>1028; >= >AB>@>6=>, ?>B><, 5A;8 2AQ ?>;CG8BAO, C <5=O 1C45B 4;O 20A GB>- B> ?>A5@LQ7=55. 'B>- B> =0<=>3> A5@LQ7=55.
B:C40 MB> 4>25@85?
/ @0718@0NAL 2 ;N4OE, 3>A?>48= 0445@48=. 2K G5AB=K9 G5;>25:. -B> =5 7=0G8B ?>@O4>G=K9, CB>G=8; >= B>BG0A 65, => G5AB=K9.
/ 704C<0;AO =0 <8=CB:C. -B> ?@0240. A0<>< 45;5, O 1K; G5AB=K< G5;>25:><. > :@09=59 <5@5, 4;O MB>3> <5AB0 8 4;O MB8E 2@5<Q=. %8;L3D5@0@D 7=0;, GB> O ?>?KB0NAL =09B8 C;LA0=8 8 27KA:0BL 4>;3, E>BO A B5< 65 CA?5E>< O 254L <>3 A?CAB8BL 7040B>: C >==K, 0 5<C A:070BL, GB> 45;> 157=04Q6=>. > 70:07 1K; 2K7>2><. / ?>GC2AB2>20; 1K A51O C=865==K<, 5A;8 1K B0:>9 G5;>25: :0: C;LA0=8, A<>3 1K <5=O ?5@5E8B@8BL. 0, >= 1K; ;>2:8<. =AB8=:B82=>9 ;>2:>ABLN ?0C:0, :>B>@K9 7=05B, GB> 2 A;CG05 >?0A=>AB8 =04> >B?>;7B8 2 A0<K9 BQ<=K9 C3>;. « 45 C B51O A0<K9 BQ<=K9 C3>;, ?@5;0B? » A?@>A8; O <KA;5==> A0< A51O. ! 4@C3>9 AB>@>=K, 45;> 459AB28B5;L=> A;54>20;> 1KAB@> 4>25AB8 4> :>=F0. 54L <5=O 5IQ 640;0 @01>B0, ?>@CG5==0O 5?8A:>?><. O ?>- ?@56=5<C =5 ?@54AB02;O;, 345 <>3CB 1KBL <>8 ;N48.
!?0A81> 70 ?@8OB=CN 15A54C, O 2AB0; A <5AB0, 8 =045NAL, GB> A<>3C 20< ?><>GL.
E@0==8: ?@>2>48B 20A 4> :0AAK, A:070; >=, =0 MB>B @07 =5 ?>4020O <=5 @C:8. >65B @5H8;, GB> @07 2 45=L 4>AB0B>G=>.
/ :82=C; 8 2KH5;. >=O;>, :0: MB> 1K205B 2 0<10@0E, => 45=L AB0; :0: 1K <8;55. :>=F5 :>=F>2, 2 <>Q< A;CG05 AB> B@84F0BL 4C:0B>2 1K;8 :CG59 45=53. 04> 1K;> >14C<0BL, 345 <>6=> =09B8 ?@5;0B0 C;LA0=8. >3;> :070BLAO, GB> C <5=O <0AA0 2>7<>6=>AB59. @8<5@=> AB>;L:> 65, A:>;L:> 1>@45;59 2 %57- E57@>=5. > 4065 C;LA0=8 =5 1K;, =5A><=5==>, =0AB>;L:> 3;C?K<, GB>1K A 4>;3>< =0 H55 70102;OBLAO A> H;NE0<8. / 704C<0;AO =0 A5:C=4C, =5 A;KH0; ;8 O > :0:8E- =81C4L 4@C7LOE ?>GB5==>3> ?@5;0B0. %<- <& =8:B> =5 ?@8E>48; <=5 2 3>;>2C. "0:85 ;N48 :0: C;LA0=8 =5 8<5NB =0AB>OI8E 4@C759. 0725 GB> A>1CBK;L=8:8. >:0 8E =5 >1AB02OB ;81> =5 B@0E=CB 8E 6Q= 8;8 4>G5:. B> 2 B0:>< A;CG05 ?8; 8 @072;5:0;AO A C;LA0=8? / 7=0;, C :>3> 8A:0BL >B25BK. # =570<5=8<>9 >==K, :>B>@0O 7=05B 2AQ. ;8, ?> :@09=59 <5@5, E>B5;0 1K 7=0BL.
@8BB0 4065 =5 C4828;AO, C28452 <5=O, >= B>;L:> H8@>:> C;K1=C;AO, ?>:07K20O =01>@ 3=8;KE 7C1>2. 025@=>5, =045O;AO 5IQ =0 4C:0B 8 =5 >1<0=C;AO. 2>B >==0 1K;0 87C<;5=0, => 1KAB@> A:@K;0 MB> 87C<;5=85 70 C;K1:>9.
>@48<5@, =5C6B>, B515 2AQ- B0:8 ?>B@51>20;0AL 452CH:0?
<>65B O ?@8HQ; >B40BL B515 4>;3, <>O 4>@>30O.
>65B?
/ 27O; 420 1>:0;0 A> AB>;8:0 8 =0;8; =5<=>3> 28=0 A515 8 59.
"2>Q 74>@>2L5, A:070; O. 0 1>30BAB2> 8 :@0A>BC. =0 2K?8;0 A ;Q3:>9 C;K1:>9.
$;8@BC5HL A> <=>9 8;8 5ABL 45;>? A;8 D;8@BC5HL, B>& / ?>A<>B@5; =0 5Q A8;L=> 45:>;LB8@>20==CN 3@C4L.
5ABL 65;0=85 ?>D;8@B>20BL?
5B, 0445@48=, @0AA<5O;0AL >=0. #4828B5;L=>, => 2 MB>< 3>@>45, 345 <0;> :B> 701>B8;AO > 7C10E, C =5Q >=8 1K;8 15;>A=56=K<8, @>2=K<8 8 :@5?:8<8. "K 65 7=05HL, GB> <=5 =@028BAO.
/ 7=0;. >==0 ;N18;0 <>;>4KE, =5>?KB=KE N=>H59 8 <>;>4KE, =5>?KB=KE 452CH5:. ?@>G5<, O B>65 =5 ?>:;>==8: 7@5;KE 65=I8=, ?>MB><C B>;L:> ?>:820;.
>2>@8 C65, A:070;0 >=0.
IC C;LA0=8.
86C, BK 8I5HL <=>38E ;N459, >@48<5@. / 70<5B8;, GB> >=0 ?>A5@LQ7=5;0. ! G53> B515 ?@8H;> 2 3>;>2C, 1C4B> O 7=0N, GB> ?@>8AE>48B A =0H8< 4@C3>< ?@5;0B><?
>B><C GB> >= 1K; C B51O, >==0. >702G5@0, <>65B B@5BL53> 4=O, 2G5@0, A:>@55, =5B, ?@0240?
>;G0;0.
= A?@0H820; > <5AB5, 345 <>6=> 157>?0A=> ?@>25AB8 2@5<O. 5@5640BL <5AOF, <>65B 420 8;8 B@8 2 >1I5AB25 ?0@>G:8 <8;KE 10@KH5=L, @0725 =5 B0:? :>=5G=>, O 1;5D>20;, => C;LA0=8 8 ?@0240 <>3 B0: ?>ABC?8BL.
=0 ?>- ?@56=5<C <>;G0;0.
>==0?
5B, >@48<5@, 2>7@078;0 >=0, BK >H8105HLAO. @0240. C;LA0=8 C5E0; 87 3>@>40, 8 O =5 7=0N :C40. >&
>? A?@>A8; O, ?><>;G02 <8=CBC.
!B> 4C:0B>2, A:070;0 >=0, 8 BK 1C45HL 7=0BL 2AQ, GB> 8 O 7=0N.
! C<0 A>H;0? @0AA<5O;AO O. / =5 ?>;CG8; 06 =0AB>;L:> 1>;LH>3> 7040B:0.
C B>340 =5B.
/ 704C<0;AO. >==0 =5 ?KB0;0AL 1K =04CBL <5=O B0: ?@8<8B82=>. 'B>- B> 4>;6=0 1K;0 7=0BL.
>A;CH09, 4>@>30O <>O, :0: =0AGQB 4>;8 2 ?@81K;8?
5B.
O C65 2AQ ?>=O;. -B>B 1KAB@K9 >B25B 1K; B0:8< C25@5==K<, GB> >==0 4>;6=0 1K;0 7=0BL ?@81K;8 =5 1C45B. @07 ?@81K;8 =5 1C45B, MB> 7=0G8B, GB> ?>GB5==K9 ?@5;0B ?@><>B0; 2A5 45=L38. '5BK@5 A ?>;>28=>9 BKAOG8 4C:0B>2, MB> 2AQ- B0:8 :CG0 45=L68I. 5 B0: ;53:> A?CAB8BL 8E =0 H;NE, 70B> ;53:> ?@>83@0BL. > C;LA0=8 83@0; >G5=L >AB>@>6=> 8 =52>7<>6=>, GB>1K A?CAB8; 70 420 4=O AB>;L:> 45=53. =0G8B, GB>- B> :C?8;. GB> <>3 :C?8BL C >==K?
!:>;L:> 452CH5: >= 70:070;? A?@>A8; O. >==0 ?>A<>B@5;0 =0 <5=O A> AB@0E><.
"K 4LO2>;, >@48<5@, A:070;0 >=0, => 4065 B515 =5 C7=0BL, :C40 >= ?@8:070; 8E 4>AB028BL.
AQ 7028A8B >B <>B820F88, A:070; O, =>, 459AB28B5;L=>, ?@54?>GQ; 1K C7=0BL MB> >B B51O.
>@48<5@, A:070;0 >=0 :0:8<- B> 60;>1=K< B>=><, =5 2<5H8209AO 2> 2AQ MB> 8 =5 2<5H8209 2 MB> <5=O.
>==0 1K;0 =0?C30==>9. 8@ O2=> AB0=>28;AO =0 3>;>2C, 8 <=5 MB> A>2A5< =5 =@028;>AL. "5< 1>;55, GB> :C40- B> ?@>?0;8 !<5@BCE 8 1;87=5FK, : :>B>@K<, =5A<>B@O =0 2A5 8E =54>AB0B:8, O 2AQ- B0:8 1K; ?@82O70=.
>@>30O <>O, O ?>4>HQ; : =59 8 >1=O;, 8 2 MB>< >1JOB88 =56=>AB8 1K;> @>2=> AB>;L:>, A:>;L:> 8 A8;K, :>340 O AB>N ?> >4=C AB>@>=C 10@@8:04, 0 :B>- B> ?> 4@C3CN, <>6=> ?@8=OBL B>;L:> >4=>, 25@=>5 @5H5=85. >304K205HLAO, :0:>5?
=0 ?@>1>20;0 >A2>1>48BLAO, => A B5< 65 CA?5E>< <>3;0 1K 1>40BLAO A 45@52><.
>==0, BK 4>;6=0 <=5 A:070BL.
5A;8 =5B? 2K4>E=C;0 >=0 <=5 ?@O<> 2 CE>. 'B> BK <=5 <>65HL A45;0BL, >@48<5@?
/ >B?CAB8; 5Q 8 CA5;AO 2 :@5A;>. >==0 AB8A=C;0 7C1K, 8 O 2845;, :0: >=0 87 ?>A;54=8E A8; ?KB05BAO >2;045BL A>1>9, GB>1K =5 ?>A;0BL <5=O :> 2A5< G5@BO<. > <K 5IQ =5 70:>=G8;8 @073>2>@, 8 >=0 7=0;0 >1 MB><.
0:CN A:07>G:C BK E>B5;0 ?@>40BL <=5 70 AB> 4C:0B>2? A?@>A8; O.
=0 <>;G0;0 8 A<>B@5;0 B0:, 1C4B> E>B5;0 <5=O C18BL. #65 <=>385 ;N48 A<>B@5;8 =0 <5=O B0:, ?>MB><C O =5 >1@0I0; =0 MB> 2=8<0=85. "5< 1>;55, GB> ?>B>< >1KG=> :0: @07 <=5 ?@8E>48;>AL 8E C1820BL.
C40 25;5; 8E 4>AB028BL, >==0? >A;CH09 <5=O 2=8<0B5;L=>, <>65B O 8 =5 A;8H:>< 206=0O H8H:0 2 MB>< 3>@>45, => 687=L B515 8A?>@B8BL A<>3C. >25@L <=5, <>3C MB> A45;0BL. 8G53> >A>15==>3>, => :;85=BK =0G=CB >1E>48BL B2>9 4><8: 70 B@8452OBL 75<5;L. 157 3>AB59 8 157 45=53 AB0=5HL =8:5<. >65B, O B0:65 H5?=C A;>25G:> 5?8A:>?C. 0: 4C<05HL, ?0@0 =0;QB>2 5?8A:>?A:>9 AB@068 4>102OB B515 ?>?C;O@=>AB8?
>==0 >14C<K20;0 B>, GB> O A:070;, 8 O ?>=8<0;, GB> 4>;65= 40BL 59 =5<=>3> 2@5<5=8. =0 2725H820;0, 4>AB0B>G=> ;8 A8;L=K5 C =5Q BK;K, 401K 2>2A5 <=>N ?@5=51@5GL. ">;L:>, 2848B5 ;8, @07C<=K5 ;N48 >G5=L @54:> ?>72>;ONB A515 ?@5=51@565=85 : 8=:2878B>@0<. 8:>340 =5 7=05HL, GB> 1C45B, 8 =8:>340 =5 7=05HL, 0 =5 ?>ABCG0B ;8 2 B2>8 425@8 >4=064K 25G5@>< 8=:2878B>@ 8 53> 4@C7LO 2 GQ@=KE <0=B8OE. B>340 : ;CGH5<C, GB>1K 8=:2878B>@ 1K; : B515 1;03>A:;>=5=. -B>, 2?@>G5<, @54:> :>340 ?>72>;O;> 2K68BL, =>, E>BO 1K, ?@8AB>9=> C<5@5BL. A;8 A<5@BL 2>>1I5 <>65B 1KBL ?@8AB>9=>9. B0:, >=0 A?>:>9=> A515 4C<0;0, 0 O =5 A?5H0 ?>BO3820; 28=F>. 0:>=5F, >=0 @5H8;0AL.
= :C?8; H5ABL 452CH5:, A:070;0 >=0, => MB> 1K; >A>1K9 70:07.
52AB25==8FK, O 4065 =5 A?@>A8;, 0, ?> ACB8, :>=AB0B8@>20;.
B:C40 BK 7=05HL? >=0 H8@>:> @0A:@K;0 3;070.
'B> A =8<8 A45;0;? <=5 4065 =5 E>B5;>AL >B25G0BL.
= 25;5; ?>3@C78BL 8E =0 10@6C, ?;K2CICN =0 A525@, >B25B8;0 >=0, =5<=>3> ?>3>4O. =0N, ?>B><C GB> @8BB0 A>?@>2>640; 8E 2 3020=L.
>7>28 53>, ?@8:070; O.
>@4<5@, O ?@>HC B51O, =5 2<5H8209 <5=O 2> 2AQ MB>, >=0 ?>GB8 70AB>=0;0 8 1K;0 ?@5;5AB=0 2 A2>59 15A?><>I=>AB8. >=5G=>, 5A;8 :B>- B> 40; 1K A51O >1<0=CBL B0:8<8 ?@>ABK<8 HBCG:0<8. >, ?> :@09=59 <5@5, >=0 4>AB0B>G=> 8A?C30;0AL, GB>1K =0G0BL 8E 8A?>;L7>20BL. MB> C65 :>5- GB>.
@8BB0 GB>- B> B0< C2845;, 40, >==0? 'B>- B>, GB> B515 >G5=L =5 ?>=@028;>AL. @54>AB028HL <=5 A0<><C 4>304K20BLAO, 8;8 2AQ- B0:8 ?>7>2Q< @8BBC?
/ I54@> 4>;8; A515 28=0, 81> >=> 1K;> 459AB28B5;L=> 2:CA=K<. >2>;L=> B5@?:>5 8 >A2560NI55, => =5 >AB02;ONI55 =0 O7K:5 B>3> E>;>4=>3> <5B0;;8G5A:>3> ?@82:CA0, >1KG=> A2845B5;LAB2CNI53> > B><, GB> >=> =5 2K;Q6820;>AL 2 =04;560I59 1>G:5, 8;8 28=>3@04=8: 1K; ?;>E> @0A?>;>65= ?> >B=>H5=8N : A>;=5G=K< ;CG0<. / 2>2A5 =5 1K; F5=8B5;5< 28=, => ;N18; 2@5<O >B 2@5<5=8 2K?8BL E>@>H53> =0?8B:0. "5< 1>;55, GB> 2 687=8 C <5=O 1K;> G5@5AGC@ <=>3> A;CG052 4;O @0A?8B8O A:25@=>3> ?>9;0.
>==0 274>E=C;0, 2AB0;0 8 ?>BO=C;0 70 HQ;:>2K9 H=C@>:, 28AOI89 2>7;5 425@8. 'CBL ?>3>4O 2 :><=0BC 220;8;AO @8BB0. 0: 2A5340 A 2K@065=85< ?@540==>AB8 8 2=8<0=8O =0 ;8F5.
!:068 3>A?>48=C 0445@48=C, GB> BK 2845; =0 ?@8AB0=8, ?@8:070;0 >=0 2K<CG5==K< B>=><.
A<KA;5, B>340? CB>G=8; @8BB0, 8 >==0 :82=C;0.
/ A;CH0; =5A:>;L:> A182G82K9 @0AA:07 @8BBK 8 <KA;5==> ?@8:84K20;. >3>1>O7=5==K9 C;LA0=8 :C?8; H5AB5@KE <>;>4KE 8 :@0A82KE 4528F A N30, ?>A;5 G53> ?@8:070; ?><5AB8BL 8E =0 10@:C 2 ?>@BC. 0;5=L:CN 10@:C, A :><0=4>9 87 =5A:>;L:8E G5;>25:. @8BB0 =5 2845; ;8F MB8E ;N459, B>;L:> A;KH0;, GB> : >4=><C 87 =8E C;LA0=8 >1@0B8;AO :0: « >B5F» . :><C 1K MB> ?@5;0B <>3 >1@0I0BLAO 06 A B0:8< ?>GB5=85<? > =5 MB> 1K;> A0<K< C4828B5;L=K<. !0<K< C4828B5;L=K< 1K; B>B D0:B, GB> =0 >45O=88 MB>3> G5;>25:0 @8BB0 @073;O45; 2 A;01>< A25B5 ?@8=5AQ==>3> D>=0@O 2KH8BCN ?C@?C@=CN 7<5N. @8BB0 =5 8<5; ?>=OB8O, GB> >7=0G05B MB>B A8<2>;. / 8<5;. >==0 B>65 8 8<5==> ?>MB><C B0: 1>O;0AL. C@?C@=CN 7<5N =0 A2>Q< 35@15 8<5; AB0@K9 8 GC40:>20BK9 :0@48=0; =3CA 5;40@8O, 682CI89 2 <@0G=KE G5@B>30E 2 :0:8E- =81C4L 4204F0B8 <8;OE >B %57- E57@>=0. 0@48=0; A;028;AO ?>@078B5;L=K<8 =0:;>==>ABO<8, 8 53> 2KE>4:8 4065 1;87:85 : =5<C 85@0@E8
[ 1 3 8 ]
&5@:28 >F5=820;8 :0: « 4>AB>9=K5 A>60;5=8O» . ?@0240 A>AB>O;0 2 B><, GB> 5;40@8O 1K; 872@0I5=F5< 8 <CG8B5;5<. 065 2 =0H8 48:85 2@5<5=0 B@C4=> 2AB@5B8BL :>3>- B> AB>;L 65 ?>@>G=>3>. >2>@8;8, GB> >= ?@8=8<0; 20==K 87 :@>28 =5:@5I5=KE 45B59, 2 ?>475<5;LOE A>1@0; C4828B5;L=CN :>;;5:F8N G@572KG09=> 8=B5@5A=KE >@C489, 0 :>340 53> ?@8E20BK20;8 ?@8ABC?K <83@5=8 ( GB> A;CG0;>AL G5@5AGC@ G0AB>) , 53> 1>;L >1;53G0;8 B>;L:> AB>=K ?KB05<KE. @8 2AQ< ?@8 MB><, :0@48=0; 1K; <8;59H8< AB0@8G:><, A A54>9, B@OACI59AO 1>@>4:>9 8 3>;C1K<8, :0: 2KF25BH89 20A8;Q:, A;53:0 =02K:0B5 3;070<8. / 8<5; G5ABL ?>F5;>20BL =5:>340 5<C @C:C 2> 2@5<O >1I59 0C485=F88 ( <=>3> ;5B B><C =0704, :>340 >= 5IQ 2Q; ?@8Q<K) 8 70?><=8; 53> 4>1@CN C;K1:C. 5:>B>@K5 CB25@640;8, GB> :0@48=0;0 E@0=8B =5>1KG09=> <>3CI5AB25==K9 0=35;- E@0=8B5;L A> 2:CA0<8, :0: C 53> ?>4>?5G=>3>. >, :0: 2K =025@=O:0 4>304K205B5AL, <=5 =8:>340 4065 2 3>;>2C =5 ?@8H;> A?@0H820BL > ?>4>1=KE 25I0E <>53> =35;0- E@0=8B5;O. ;N1>< A;CG05, 5A;8 C;LA0=8 A;C68; :0@48=0;C 5;L40@8O, A B5< 65 CA?5E>< O <>3 25@=CBLAO : 4>AB>?>GB5==><C %8;L3D5@0@DC 8 ?@8=5AB8 5<C ?5G0;L=CN 25ABL > B><, GB> 53> 45=L38 ?@>?0;8 @07 8 =02A5340. "5< A0<K<, O A>E@0=8; 1K G8ABCN A>25ABL, 7040B>: 2 :0@<0=5 8 2@5<O, 0 B0:65 45=L38 =0 ?>8A: MB8E ?@>:;OBKE 5@5B8:>2, G53> B@51>20; >B <5=O 3> @5>A2OI5=AB2> 5?8A:>? %57- E57@>=0. / ?>1;03>40@8; @8BBC 70 @0AA:07, =5 402 ?>=OBL 4065 42865=85< 1@>28, GB> 8<5==> O 87 =53> C<>70:;NG8;. / A=>20 >AB0;AO =0548=5 A >==>9 8 2=>2L >ACH8; 4> 4=0 1>:0;. / @54:> =0?820;AO, 8 C6 157 2AO:>3> A><=5=8O =5 <>3 =0?8BLAO 8<5==> A53>4=O. ?@>G5<, =5 1K;> ?@8G8= 4;O 15A?>:>9AB20, >B B0:>3> A;01>3> 28=F0 C <5=O 1K 4065 3>;>20 =5 70:@C68;0AL.
!?0A81>, >==0, A:070; O. 5 ?>60;55HL >1 MB><.
#65 60;5N, E<K:=C;0 >=0. / 2A5340 <5GB0;0 > A?>:>9=>9 687=8, >@48<5@. 1 87KA:0==>9 :;85=BC@5, :@0A82>< 4><5 8 25AQ;KE 452>G:0E. GB> 8<5N 2<5AB> MB>3>? =:2878B>@0, :>B>@K9 4>?@0H8205B <5=O 2 A>1AB25==>< 4><5, 8 ?@5;0B0, 70<5H0==>3> 2 A=>H5=8O A A0<8< 4LO2>;><.
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
?@>G5<, 2AQ MB> 1K;> =5206=K<. 5 <=5 =04;560;> >F5=820BL ?@028;L=>ABL 459AB289 &5@:28 >B=>A8B5;L=> 3@5H=8:>2. / >@48<5@ 0445@48= 1K; :0@0NI59 45A=8F59 &5@:28, 0 =5 5Q <>73><. AG0ABLN. B>, GB> ?@8 A;CG05 O <>3 A>548=8BL ?@8OB=>5 A ?>;57=K< 8, A;C60 &5@:28, A;C68BL B0:65 8 A0<><C A515, 1K;> B>;L:> 4>?>;=8B5;L=>9 ?@8G8=>9, 87- 70 G53> O ;N18; @01>BC. 5 3>2>@O C65 > B><, GB> 1KB85 8=:2878B>@0 8 1K2H53> 8=:2878B>@0 @07;8G05BAO =8 1>;LH5, =8 <5=LH5, G5< 687=L >B;8G05BAO >B A<5@B8.
%>@>H>, >==0. / 2AB0; A :@5A;0, E>BO A845;>AL 2 =Q< 8A:;NG8B5;L=> C4>1=>. 048 A>1AB25==>9 ?>;L7K 45@68 @>B8: =0 70<:5, O ?@8;>68; ?0;5F : 5Q 3C10<.
=0 ?@>1>20;0 >B4Q@=CBL 3>;>2C =0704, => O ?@845@60; 5Q 70 2>;>AK ;52>9 @C:>9. =0 AB>O;0, 2K3=C2H8AL, A 70?@>:8=CB>9 =0704 3>;>2>9 8 3@><:> A>?5;0. > 2K@20BLAO =5 ?@>1>20;0. / ?@>2Q; :>=G8:>< C:070B5;L=>3> ?0;LF0 ?> 5Q ?>;=K< 3C10<.
C4L ?>A;CH=>9 452>G:>9, A:070; O, 81> 7=05HL, >==0, 5A;8 O 1 :>340- =81C4L C7=0;, GB> :B>- B> H5?=C; 2 3>@>45, 1C4B> >@48<5@ 0445@48= 8I5B ?@5;0B0 C;LA0=8, B> B>340 <>3 1K : B515 25@=CBLAO, 65<GC68=:0, CA<5E=C;AO O ;0A:>2>, 8 7=05HL, :>3> ?@82Q; 1K A A>1>9? / =5 640; >B25B0, 2?@>G5<, >==0 1K;0 A;8H:>< =0?C30=0, GB>1K GB>- B> 87 A51O 2K4028BL. / ?@82Q; 1K <>53> 4@C30 !<5@BCE0, :>B>@K9 =5:>340 ?@87=0;AO <=5, GB> >G5=L 5<C ?@83;O=C;0AL >4=0 A8AOAB0O E>7O9:0 1>@45;O. >= A 1>;LH>9 >E>B>9 ?>:C2K@:0;AO 1K A =59 G0A8:- 4@C3>9. ?>25@L <=5, 65<GC68=:0, ?>A;5 B0:>3> >?KB0 BK =5 1K;0 1K C65 B>9 65 452>G:>9, GB> ?@5645. / >B?CAB8; 5Q 8 40; C?0ABL 2 :@5A;>.
5 =04> <=5 C3@>60BL, >@48<5@, A:070;0 >=0 B8E>, 8 O 2845;, GB> C =5Q 4@>60B @C:8.
0, =5 =04>, A>3;0A8;AO O, 8 <=5 4065 MB> A>2A5< =5 =@028BAO. > O 7=0N, GB> MB> A8;L=> >1;53G05B 687=L. > A2840=8O, >==0. A;8 1C4C 2 3>@>45, 70153C 25G5@>< 8 A45;0N 4;O B51O MB>3> HC;5@0.
=0 1>;LH5 =5 >B>720;0AL, ?>MB><C O 2KH5;. @8BB0 >B:@K; ?5@54> <=>9 2>@>B0.
A5340 20< @04K, 3>A?>48= 0445@48=, A:070; >=, => =0 A59 @07 O @5H8; 1>;LH5 =5 4020BL 5<C G052KE. %>@>H53> ?>=5<=>3C.
B>@>9 @07 70 45=L <=5 ?@54AB>O;0 <8;0O ?@>3C;>G:0 : 0<10@0<. 'B> 6, A;54>20;> 8725AB8BL %8;L3D5@0@D0 > B><, GB> >= <>65B ?>AB028BL :@5AB =0 A2>8E 45=L30E. 0;L, 81> G5BK@5 A ?>;>28=>9 BKAOG8 :@>= ?@5:@0A=>5 A>AB>O=85. 0 B0:85 45=L38 <>6=> C18BL, E>BO O 7=0; 8 B0:8E, GB> C1820;8 87- 70 ?0@K E>@>H8E :>60=KE A0?>3 8;8 <0=5@:8
[ 1 3 9 ]
A 3>@OG8B5;L=K<. 0- 0, 687=L 2 %57- E57@>=5 =5 1K;0 F5==K< B>20@><, 8 B5<, :B> A<>3 A15@5GL 5Q ?>4>;LH5, 1K;> G5< 3>@48BLAO. %8;L3D5@0@D 2AQ 5IQ 1K; 2 A2>59 :>=B>@5, => :>340 <5=O C2845;, 2KA>:> ?>4=O; 1@>28.
>A?>48= 0445@48=, ?@>87=QA >=. 0:85- B> =>2K5 25AB8? / @0AA:070; 5<C 2AQ, GB> CA;KH0; >B >==K, ?>=OB=>, =5 @0A:@K20O 8AB>G=8:0 8=D>@<0F88. 4=0:>, ?>4>7@520N, >= =5 1K; =0AB>;L:> 3;C?, GB>1K =5 4>3040BLAO. > <5@5 B>3>, :0: 3>2>@8;, O 2845;, GB> 53> 3;070 B5<=5NB. 'B> 6, >= 254L ?@>I0;AO A G5BK@L<O A ?>;>28=>9 BKAOG0<8 :@>=. -B>, ?>E>65, ?@8=>A8;> 1>;L. >340 O 70:>=G8;, >= 4>AB0; 70<H5;CN 1CBK;>G:C 28=0 8 @07;8; =0< 2 <0;5=L:85 :C1:8. / ?>?@>1>20;. @5:@0A=K9 2:CA 1K; C MB>3> 1K2H53> 3@C7G8:0. / A:070; 5<C >1 MB><, 8 >= ?>1;03>40@8; :82:><.
'B> A59G0A A>18@05B5AL 45;0BL? A?@>A8; >=.
GB> O <>3C A45;0BL? >B25B8; O 2>?@>A><. C<0N, =0 MB>< <>Q 7040=85 70:>=G5=>.
4=0:>, >1AC48<, 256;82> ?@>87=QA >=. @5;0B C;LA0=8 @01>B05B =0 LO2>;0 A ><>;;>. <K >10 7=05<, GB> :0@48=0; >1;0405B >3@><=K< A>AB>O=85<. B0:, <>65< ;8 <K ?>;030BL, GB> C;LA0=8 5IQ =5 ?@5C<5=LH8; A2>8E 70?0A>2 =0;8G=>AB8, 0 <>65B 4065 8E ?@8C<=>68;?
>3 <>9, ?>4C<0; O, « 8B0:, <>65< ;8 <K ?>;030BL» , 3>2>@8; MB>B 1K2H89 3@C7G8:. 5C6B>, >= 1@0; C@>:8 E>@>H8E <0=5@ 8 :@0A=>@5G8O? , <>65B, 1K; 42>@O=A:8< 10AB0@4><, ?>41@>H5==K< 2 4>:8 <0B5@LN- :C:CH:>9?
>65B 40, <>65B =5B, 2>7@078; O. (5ABL 452AB25==8F A N30 <>3;8 >1>9B8AL 5<C ?@8<5@=> 2 G5BK@5 BKAOG8, ?;NA- <8=CA B@8AB0 2 7028A8<>AB8 >B B>3>, =0 A0<>< ;8 45;5 >=8 1K;8 >G5=L :@0A82K<8, :0: B>@3>20;AO, 0 B0:65 =0A:>;L:> 2 =8E =C640;AO. > ?>4>7@520N, GB> MB8 452CH:8 4>;6=K AB0BL 40@>< 5;40@88, 0 MB> >7=0G05B, GB> ?@5;0B ?>B@0B8; A2>8, 0 =5 GC685 45=L38. C, :>=5G=>, 5A;8 2>>1I5 <>6=> A:070BL, GB> :>340- ;81> MB8 45=L38 1K;8 53>.
0- 000, %8;L3D5@0@D ?>ABCG0; :>ABOH:0<8 ?0;LF52 ?> AB>;C, G53> MB>B 848>B <>3 E>B5BL >B LO2>;0?
C, B0: 40;5:> <>O ?@>=8F0B5;L=>ABL C65 =5 ?@>AB8@05BAO, O ?>60; ?;5G0<8, =>, 2AQ 65, 4C<0N, GB> ;CGH5 MB8< =5 8=B5@5A>20BLAO.
>65B 1KBL, <>65B 1KBL& %8;L3D5@0@D 704C<G82> ?>:0G0; 3>;>2>9, 8 53> 704C<G82>ABL <=5 :@09=5 =5 ?>=@028;0AL. C, E>@>H>, 4>1028; >= C65 1>4@K< 3>;>A><, :0: 1K >G=C2H8AL >B :0:>3>- B> ?>;CA=0. 0445@48=, O E>GC, GB> 1K 2K >B?@028;8AL 2 ><>;;> 8 ?@>25@8;8, B0< ;8 C;LA0=8, 8 ?@8B0I8;8 53> :> <=5. 07C<55BAO, 682>3>.
A:0B5@B8- A0<>1@0=:8 2K =5 65;05B5, A?@>A8; O 157 B5=8 8@>=88 2 3>;>A5, 8;8 4C18=:8- A0<>1>9:8?
G5=L A<5H=>, >= ?>A<>B@5; =0 <5=O BO6Q;K< 273;O4><. = O2=> =5 ?@82K:, GB>1K 5<C >B25G0;8 ?>4>1=K< >1@07><. > 70B> O ?@82K: : B><C, GB> <=5 ?KB0;8AL 4020BL @07=K5 848>BA:85 7040=8O. <>5<C A>60;5=8N, 70 G0ABL 87 =8E O, 2AQ 65, 1@0;AO.
K =5 ?>4C<0;8, 3>A?>48= 0445@48=, GB> 20H8 ;N48 <>3CB 1KBL 2 ><>;;>? ;8, E>BO 1K, =0?@02;OBLAO 2 BC AB>@>=C?
5B, 8A:@5==5 2>7@078; O. G5=L A><=520NAL, GB> >=8 C7=0;8 B> 65, GB> 8 O.
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
4=0:> 2K;07:0 2 ><>;;> @048 A?0A5=8O !<5@BCE0 8 1;87=5F>2 =5 :070;0AL <=5 >A>1> 70<0=G82>9. 848B5 ;8, <K =5 4@C7LO ?> 3@>1 687=8, 45;OI85 ?>A;54=89 :CA>: E;510 8 2A?><8=0NI85 C :0<8=0, 40 A 3>@OG8< ?82><
[ 1 4 0 ]
, A;CG08 2708<>?><>I8. >=5G=>, =0< A?>4@CG=> 2<5AB5 1@0BLAO 70 =5:>B>@K5 ?>@CG5=8O, 8 <K AK3@0==0O :><0=40. !K3@0==0O, ?>B><C GB> ?0@=8 7=0NB, :>3> A;CH0BL. > =0 MB>B @07 >=8 27O;8AL 70 45;0, :>B>@K5 1K;8 2KH5 8E A8;. 8< ?@84QBAO 70 MB> 70?;0B8BL. >=OB=>, GB> :0@B8=0 « !<5@BCE 8 1;87=5FK 2 ?>475<5;LOE ><>;;>» =5 1C48;0 2> <=5 @04>AB8, => O =5 2845; ?@8G8=, GB>1K @8A:>20BL @048 =8E @5?CB0F859, ;8F5=7859, 0 B5< 1>;55 687=LN. / 1K; C25@5=, GB> :0@48=0; =5 ?>:>;510;AO 1K @072;5GLAO 2 A2>8E :075<0B0E A 8=:2878B>@>< 8 AGQ; 1K MB> <8;K< @072;5G5=85< ?>A;5 B@C4>2 ?@0254=KE. > 3;O4O A 4@C3>9 AB>@>=K, O 2AQ 65 ?>=8<0;, GB> <=5 1C45B B@C4=> A>1@0BL ?>4>1=CN 3@C??C. :>=F5 :>=F>2, =5 70 2A5 70:07K O <>3 1@0BLAO 2 >48=>G:C. >@48<5@ 0445@48= 1K; 4;O 4C<0=LO, ?@8Q<0 70:07>2 8 B>@30 70 3>=>@0@, 70B> B@C4=> =09B8 :>3>- B>, :B> ;CGH5 !<5@BCE0 2;045; 1K A01;59, 0 7;>25I85 A?>A>1=>AB8 1;87=5F>2 C482;O;8 4065 <>53> =35;0- E@0=8B5;O. @><5 B>3>, <K 1K;8 7=0:><K B0: 402=>, GB> 2@5<5=0<8 <>3;8 ?>=8<0BL 4@C3 4@C30 157 A;>2. "0: GB> O ?>BQ@ ?>41>@>4>:, 81> >:070;AO, :0: MB> :@0A82> 3>2>@8BAO, ?5@54 48;5<<>9. %8;L3D5@0@D O2=> @5H8; ?><>GL <=5 2 5Q @07@5H5=88.
>AB020;>AL 5IQ >4=>. KA;L, :>B>@0O =5 4020;0 <=5 ?>:>O, A B5E ?>@, :0: O C7=0; > 452AB25==8F0E A N30. / B>G=> ?><=8; A;>20 5@A0@40, 5?8A:>?0 %57- E57@>=0: « >20O A5:B0, >A=>20==0O 8 @C:>2>48<0O G5;>25:><, =07K20NI8< A51O 0?>AB>;>< !0B0=K. C4B> 1K, MB> :0:>9- B> A2OI5==8:, 70=8<0NI89AO GQ@=>9 <03859. / A;KH0;, >=8 >B?@02;ONB @8BC0;K A 65@B2>?@8=>H5=85< 452AB25==8F 8 =>2>@>645==KE, 8;8 GB>- B> B0< 5IQ& » . 5C6B> O B0:8< >1@07>< =0B:=C;AO =0 @07KA:8205<CN 5?8A:>?>< A5:BC? LO2>; 87 ><>;;> ?@5:@0A=> ?>4E>48; =0 @>;L 5@5B8:0, 8 65@B2>?@8=>H5=85 452AB25==8F 1K;> :0: @07 2 53> AB8;5. :>340 >14C<K20; MBC ?@>1;5<C, O ?>GC2AB2>20; ;54O=CN 4@>6L, 153CICN >B 703@82:0 4> A0<>9 ?>OA=8FK. =5 AB0;> 4C@=>, 8 O 87 ?>A;54=8E A8; C45@60;AO =0 =>30E. / O2AB25==> GC2AB2>20; ?@8ACBAB285 <>53> =35;0- E@0=8B5;O. = 1K; 745AL 8 4020; <=5 7=0:. 020; <=5 7=0: B>3>, GB> O =0 25@=>< ?CB8. > :@09=59 <5@5, O =045O;AO, GB> 8<5==> B0:>20 1K;0 8AB8=0, 81> =58A?>2548<K ?CB8 ?><KA;>2 8 45O=89 =35;>2.
>3C 2;>68BL 5IQ =5<=>3> 45=53, >AB>@>6=K< B>=>< A:070; %8;L3D5@0@D. C45B =5E>@>H>, 5A;8 4>;6=8:8 @5H0B, GB> =04CBL <5=O =0 ?OBL BKAOG :@>= 8< A>94QB A @C:. :>=F5 :>=F>2, 5A;8 ?> ?@0245, A0<>5 F5==>5 4;O 2A5E =0A MB> @5?CB0F8O.
>>1I5- B>, 4>;6=8:8 4@03>F5==K9 B>20@ 8 =5 A;54C5B 4>?CA:0BL 53> ?>@G8. 0725 GB> O2;O5HLAO 3>@OG8< G5;>25:>< ;81> 5ABL 65;0=85 ?@>CG8BL 4@C38E 6064CI8E ;Q3:>9 =0682K. =020; O =5:>340 >4=>3> @>AB>2I8:0, :>B>@K9 A2>8< =5A>AB>OB5;L=K< 4>;6=8:0< ?@8:07K20; >B@C10BL ?0;LFK, =0G8=0O A A0<>3> <0;5=L:>3> =0 ;52>9 @C:5. K 4065 =5 ?@54AB02;O5B5, A:>;L A8;L=> >B@C10=85 ?0;LF0 C25;8G8205B 2 G5;>25:5 A?>A>1=>AB8 : 70@010BK20=8N 8 2>72@0BC 4>;3>2.
C, =5 7=0N, A:070; O AB>;L 65 >AB>@>6=K< B>=><, :0: >=, 2AQ MB> 45;> 2>=O5B =0 <=>3> <8;L. O >B MB>9 2>=8 E>B5; 1K =0E>48BLAO :0: <>6=> 40;LH5.
= ?>:820;, 0 O AB0@0;AO >2;045BL ;54O=>9 4@>6LN, :>B>@0O @0748@0;0 <>9 E@51QB =0 G0AB8.
?@8=F8?5, 2K ?@02K, A:070; >= 256;82>, =>, :0: C65 3>2>@8;, O =0AB@>5= AE20B8BL C;LA0=8. @54;030N 20< B@8 BKAOG8 :@>=, 5A;8 2K ?@8=5AQB5 AN40 <=5 ?@5;0B0 2 <5H:5, 8;8 BKAOGC :@>=, 5A;8 2K @5H8B5, GB> MB> =52K?>;=8<>. > B>340 2 <5H:5 E>GC ?>;CG8BL 3>;>2C C;LA0=8.
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
!>3;0A5=, A:070; O.
%8;L3D5@0@D =025@=O:0 4C<0;, GB> 8<5==> I54@>5 ?@54;>65=85 C1548;> <5=O A>3;0A8BLAO. > O 7=0;, GB> 745AL =5 2 0;G=>AB8 45;>. 02=> C65 C <5=O =5 1K;> A;CG0O 2AB@5B8BL 4>AB>9=>3> ?@>B82=8:0, 0 LO2>; 87 ><>;;> :0: @07 B0:8< ?@>B82=8:>< 8 1K;. = >;8F5B2>@O; 2AQ 7;>, 2AN A:25@=C =0H53> <8@0, => 2<5AB5 A B5< 5<C =5;L7O 1K;> >B:070BL 2 E8B@>C<88. 8 2 <>3CI5AB25. 8 2 1>30BAB25. >B =0AB>OI89 2K7>2. >3CI5AB25==K9 :0@48=0;, >:@C6Q==K9 A>=<>< A;C3 8 A>;40B, 0 ?@>B82 =53> >48=>:89 >@48<5@ 0445@48= 4;0=L A?@0254;82>AB8 8 <5G ?@>2845=8O, A;C30 =35;>2. / 272>;=>20;AO 1K, 5A;8 1K C<5; 2>;=>20BLAO.
">340 E>@>H>, 3>A?>48= 0445@48=, 3;070 %8;L3D5@0@D0 ?@>OA=8;8AL, A:068B5, ?>60;C9AB0, G5< <>3C 20< ?><>GL.
/ 704C<0;AO. %>@>H53> :>=O :C?;N C CD0A0 2 ?@54<5ABL5, :@><5 MB>3> O =8 2 GQ< =5 =C640;AO. >65B ;8HL 2 1>;LH59 C40G5, => 5Q @54:> <>6=> :C?8BL 70 45=L38. >65B ;8HL 2 1;03>A:;>==>AB8 =35;0, => A MB8< B@C4=59, G5< A C40G59.
* * *
>@>30 87 %57- E57@>=0 2 ><>;;> 25;0 G5@57 A?>:>9=K5 3>@>4:8 8 45@52=8. 5;Q=K5 ?>;O, ?>@>AH85 28=>3@04>< E>;<K, 871Q=:8 A ?>:0BK<8 :@KH0<8, HC<OI85 2 70@>A;OE @5GCH:8. 'B> 70 848;;8G5A:89 ?59706! > =5 A:06C, GB> ?>A;5 3@O78 8 A<@040 %57- E57@>=0 MB> =5 AB0;> :0:8<- B> ?@8OB=K< >B;8G85<. >?>;C4=8 O >AB0=>28;AO 2 1>;LH>9 :>@G<5 =0 @0728;:5 1>;LH0:>2, A>2A5< @O4>< A 1@>4>< ;28=. 40=85 1K;> B@QEMB06=K<, 4>1@>B=> >1;>65==K< :0<=5<, 0 @O4>< =0E>48;0AL >3@><=0O :>=NH=O. %>7O8=, ?>- 2848<><C, ?>;CG0; 745AL =5?;>E85 4>E>4K. 'B> 6, =5:>B>@K< C40QBAO =5?;>E> C?@02;OBLAO. @C385, :0: 20H ?>:>@=K9 A;C30, <>3CB ;8HL <5GB0BL > A?>:>9=>9 687=8 2 4>AB0B:5 8 ?>:>5, > 25G5@0E A 1>:0;>< 3>@OG53> 28=0 8 3@C40AB>9 101Q=:>9 ?>4 >45O;:><. / @0AA<5O;AO A>1AB25==K< <KA;O<. =5 2AO:>3> A><=5=8O, O 1K =5 ?><5=O;AO =8 A :5<. 8B85 8=:2878B>@0 MB> BO6:89 E;51, => B0:65 G5ABL 8 >B25BAB25==>ABL. 54>>F5=Q==0O G5ABL 8 ?>30=> >?;0G8205<0O >B25BAB25==>ABL. 'B> 6& 687=L =5A>25@H5==0. / =5 A>18@0;AO @0A:@K20BL, :5< O2;ONAL, => :>=L 8 C?@O6L 1K;8 AB>;L E>@>H53> :0G5AB20, GB> :>@G<0@L 40; <=5 >B45;L=K9 =><5@ <0;5=L:CN :0<>@:C 157 >:>=, A?@OB0==CN ?>4 A0<CN :@KHC. > ;CGH5 B0:, G5< B5A=8BLAO 2 >1I5< ?>:>5, 0 MB> A;CG0;>AL 4065 3@0DLO< 8 ;>@40<, :>340 2 F5=5 1K;0 =5 AB>;L:> :@>20BL, A:>;L:> >E0?:0 A>;><K. / A?CAB8;AO 2 B@0?57=CN, 1>;LHCN, 704K<;5==CN 8 70AB02;5==CN AB>;0<8 A BO6Q;K<8 AB>;5H=8F0<8. >@G<0@L =5 ?@54;>68; <=5 >B45;L=>3> :018=5B0, 0 O =5 A>18@0;AO ?@5?8@0BLAO. @5<5=0<8 =5?;>E> ?>A845BL A@548 ;N459, 4065 5A;8 MB> ?LO=K5 :C?FK, 2>72@0I0NI85AO 2 %57- E57@>= 8 @0AA:07K20NI85, :>3> 8< C40;>AL >1<0=CBL 8 :0:8E MB> :@0A82KE 452CH5: >B>4@0;8 2> 2@5<O ?>574:8. A;8 25@8BL :064><C 8E A;>2C, A;54>20;> 1K ?@87=0BL, GB> A8;L=59HCN ?>B5=F8N 2 <8@5 8<5NB :0: @07 :C?FK, :>B>@K< C40;>AL 2K@20BLAO 87 A5<59=>3> 3=574KH:0. AB0QBAO B>;L:> 3040BL, G5< B5< 2@5<5=5< 70=8<0;8AL 8E 6Q=K. / 70:070; 3>@L:>5 BQ<=>5 ?82> 8 <8A:C :0H8 A> 7@070<8. >GL O ?@>2Q; 2 :><?0=88 AB040 1;>E 8 ?>AB>O==> ?040NI8E A ?>B>;:0 :;>?>2. C, ?> :@09=59 <5@5, BCB 1K; ?>B>;>:, 81> ;CGH5, 5A;8 B515 =0 3>;>2C ?040NB :;>?K, G5< 4>64L 8;8 A=53. AB0; O 2<5AB5 A @0AA25B><, 7=0O, GB> B>340 A<>3C >B=>A8B5;L=> A?>:>9=> 4>?@>A8BL :>@G<0@O ;81> :0:CN- =81C4L 87 452>:, 8;8 :>3>- =81C4L 87 :>=NH5==KE <0;LG8H5:. !<5@BCE 8 1;87=5FK =5 87 B5E ;N459, 284 :>B>@KE 1KAB@> 701K205BAO, ?>MB><C O =045O;AO, GB> 5A;8 >=8 BCB 1K;8, B> :B>- =81C4L ?>45;8BAO A> <=>9 A2545=8O<8 =0 8E AGQB.
>@G<0@L AB>O; C AB>9:8 8 =0;820; 87 1>G:8 ?82> 2 ?C70BK5 :C2H8=K. CE>==K5 452:8 C65 AC5B8;8AL BCB 65, A=0@C68 1K; A;KH5= 3><>= 8 @60=L5 ;>H0459. 'B> 6, 687=L ?@>1C640;0AL 745AL @0=>.
IC :>5- :0:8E ;N459, A:070; O 8 ?>:0B8; B@QE3@>H>28: 2 AB>@>=C A>45@60B5;O. >=5B0 70:@CB8;0AL 2>:@C3 A>1AB25==>9 >A8 8 C?0;0 ?@O<> 2 53> @0A:@KBCN ;04>=L.
07=K5 745AL 1K20NB, ?@>1C@G0; >=.
-B8E =5B@C4=> 70<5B8BL. ;87=5FK 8 >3@><=K9 B8? A>&
"0:>9 :@0A02G8:, 274@>3=C; >=. K;8 745AL, 2 A0<>< 45;5. #?8;8AL, >1@K30;8 AB>;, @0718;8 >4=><C 87 :C?F>2 10H:C :@C6:>9 8 C5E0;8 A A0<>3> CB@0.
C40?
:B> 8E B0< 7=05B?
/ ?>:0B8; : =5<C A;54CNICN <>=5BC, 8 >= AE20B8; 5Q AB>;L 65 ;>2:>, :0: 8 ?@54K4CICN. A<>B@5;AO 2>:@C3, =5 ?@8A;CH8205BAO ;8 :B> : =0H5<C @073>2>@C.
-B> AB>8B 4C:0B0, ?@>87=QA >=. Q;B5=L:>3>, 7>;>B>3> 4C:0B0 A ?>@B@5B>< <8;>AB82> ?@02OI53>, 4>1028; >= A E8B@>9 C;K1:>9.
<C =5 B@51>20;>AL =8G53> 1>;LH5 3>2>@8BL. / =5 A>18@0;AO B@0B8BL 4C:0B, @07 C65 ?>=O;, GB> >=8 ?>5E0;8 2 ><>;;>. ?@>G5<, :C40 5IQ >=8 <>3;8 >B?@028BLAO 2 ?>8A:0E C;LA0=8?
0;L, GB> C <5=O =5B ;8H=53> 4C:0B0, A:070; O 8 CHQ;, =5 A;CH0O, :0: :>@G<0@L ?KB05BAO A=878BL F5=C.
GB> <=5 1K;> 45;0BL B5?5@L, :>340 <>8 4>304:8 >:070;8AL 25@=K? >ABCG0BL 2 2>@>B0 42>@F0 LO2>;0 8 A?@>A8BL > ?@>?02H8E 4@C7LOE? ;8 2>@20BLAO, C1820O 53> ;8G=CN >E@0=C 8 2K72>;OO 1;87=5F>2 8 !<5@BCE0 87 ?>475<5;LO? >7<>6=>, 1C4L O ?0;048=>< 1K;KE 4=59 8 8<59 >B@O4 @KF0@59, <>3 1K >B2068BLAO =0 70E20B ><>;;>. > O 1K; >48=, A =8G53> =5 AB>OI59 2 4><5 :0@48=0;0 ;8F5=7859 8=:2878B>@0. 4=0:> ?@54=07=0G5=85 @5H8;> 70 <5=O. -B> =5 <=5 ?@8H;>AL ABCG0BL 2> 2@0B0 42>@F0 ><>;;>. -B> :0@48=0; =0HQ; <5=O. / 5E0; B@>?8=:>9 G5@57 ;5A, 2 G0A5 ?CB8 >B :>@G<K, :>340 >:070;AO ?>A@548 =51>;LH>9 ?>;O=K. B0< O C2845; B@QE 2A04=8:>2. 5 =04> 1K;> >1>@0G820BLAO, 401K ?>=OBL, GB> 8 4@C385 2>7=8:;8 70 <>59 A?8=>9. -B> =5 1K;8 >1KG=K5 3@018B5;8. @018B5;8 =0 A525@ >B %57- E57@>=0 C:@0H0;8 :@5ABK 8 28A5;8FK, >=8 =5 2AB@5G0;8AL A@54L 15;0 4=O =0 ;5A=>9 B@>?5. # =8E =5 1K20;> E>@>H8E :>=59, E>@>H53> >@C68O, =C, 8 ?C@?C@=>9 7<58 =0 ?;0I0E. 48= 87 <C6G8= =5A?5H=>, ?>ABC?LN, ?>4J5E0; :> <=5.
=:2878B>@ 0445@48=, A:070; >= >D8F80;L=K< B>=><, 3> KA>:>?@5>A2OI5=AB2> :0@48=0; 5;40@8O ?@83;0H05B.
@83;0H05B, ?>2B>@8; O 157 8@>=88.
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
! @04>ABLN 2>A?>;L7CNAL ?@83;0H5=85<, A:070; O. ?;>BL 4> A0<>3> ><>;;> <5=O A>?@>2>640;8 25AL<0 148B5;L=>. 2>5 ?> 1>:0<, 42>5 A?5@548, 42>5 A7048. >E>65, 8< A:070;8, GB> O A?>A>15= A0< A?@02;OBLAO 2 B@C4=KE A8BC0F8OE, 81> >=8 =8 =0 <8=CBC =5 A?CA:0;8 A <5=O 3;07. / ?@>1>20; ?>1>;B0BL A :><0=48@>< 2A04=8:>2, => >= 4065 =5 A>872>;8; >B>720BLAO. ?@028;L=>. ?0A=> 2ABC?0BL 2 48A:CAA8N A 8=:2878B>@><.
* * *
2>@5F ><>;;> AB>O; =0 682>?8A=>< E>;<5, 0 53> 10H=8 >B@060;8AL 2 3>;C1>< 75@:0;5 >75@0, ;560I53> C ?>4=>68O 2>72KH5==>AB8. 42>@FC 25;0 >4=0 4>@>30, G5@57 2KA>:85 :>20=K5 87 65;570 2>@>B0, C25=G0==K5, :0: 8 2AO >3@040, >AB@K<8 H8?0<8. 0 H8@>:>< 705745 AB>O;> =5A:>;L:> :0@5B, 8 AC5B8;8AL A;C38 2 :@0A=KE ;82@5OE. =0 ABC?5=OE, 254CI8E 2> 42>@5F, AB>O; =8:B> 8=>9, :0: ?>GB5==K9 ?@5;0B C;LA0=8. 3> ?CE;>5 ;8F> 70A8O;> C;K1:>9, :>340 >= C2845; <5=O ?>4 MA:>@B>< 2A04=8:>2.
E, 7=0G8B, 65;05HL ?@8A>548=8BLAO : A2>8< 4@C7LO<! :@8:=C; 25AL<0 4>2>;L=K9 A>1>9 C;LA0=8. 0: BK A51O GC2AB2C5HL, >@48<5@, 5?8A:>?A:89 ?QA8:? "515 1C45B BQ?;5=L:>, 7=05HL?
/ A>A:>G8; A :>=O 8 ?>4>HQ; : ?@5;0BC. / GC2AB2>20;, :0: 70 <>59 A?8=>9 A>;40BK, C65 A>25@H5==> >B:@KB>, 2K=8<0NB 0@10;5BK 87- ?>4 ?;0I59. > @07 C6 O 4>AB028; H:C@C 2 F5;>AB8 06 AN40, B> @8A:>20BL 5N 65;0=8O =5 1K;>. >A5<C O ;8HL 256;82> :82=C; ?@5;0BC.
# <5=O : 20< =8G53> =5B, C;LA0=8, A:070; O, :@><5 42CE 45;. >- ?5@2KE, ?OBL BKAOG :@>= 4;O %8;L3D5@0@D0, 2>- 2B>@KE, ?@8:068B5 2K?CAB8BL <>8E ;N459. >B>< <K ;N157=> ?>?@>I05<AO, 8 2K <>65B5 157 1>O7=8 2>72@0I0BLAO 2 %57- E57@>=.
E, BK! A ?@8B2>@=K< C60A>< 2>A:;8:=C; C;LA0=8. 5A;8 =5B, B> GB>? @8:065HL <5=O 0@5AB>20BL, 8=:2878B>@? #<>;ON: « 5 =04>! »
@842>@=K5 8 A>;40BK, A;CH0NI85 MB>B @073>2>@, A<5O;8AL 2 :C;0:.
%20B8B HCB8BL, ;8F> ?@5;0B0 24@C3 ?>B5<=5;>, 2A5, ?>H;8 2>=! AB02LB5 53> A> <=>9 >4=>3>.
0445@48=, 70G5< BK 2 MB> 2?CB0;AO, ?@8OB5;L? >= ?@81;878;AO 8 A?@>A8; <5=O ?@O<> 2 CE>. / >ICB8; A8;L=K9 70?0E :048;L=KE 1;03>2>=89. 065 =5?;>E8E, E>BL 8 A;8H:>< 65=AB25==KE, :0: =0 <>9 2:CA.
/ 8=:2878B>@, 2>7@078; O A?>:>9=>, 8 MB> <>O @01>B0.
= A<>B@5; =0 <5=O, =5 ?>=8<0O.
01>B0? A?@>A8; >=. 0:0O, >3 <>9, @01>B0?
/ ?@5A;54CN 5@5B8:>2, 4>AB>GB8<K9 ?@5;0B, A:070; O A 8@>=859. MB>< >1KG=> 8 70:;NG05BAO @01>B0 8=:2878B>@0. "09=K5 >1@O4K, A5:BK, ?@8=5A5=85 2 65@B2C 452AB25==8F&
52AB25==8F? >= 24@C3 27>@20;AO A<5E><. 0445@48=, BK 848>B! -B> ?>MB><C BK 745AL ?>O28;AO? > A;540< MB8E H5AB5@KE 4528F A N30? C4B> 1K >=8 ?@54=07=0G5=K 4;O :0:8E- B> B09=KE @8BC0;>2? 0@5=L, MB8 65=I8=K 4>;6=K A:@0A8BL =>G8 H5AB5@K< :0@48=0;0<, GB> AJ54CBAO 702B@0. (5AB5@K< AB0@K< 848>B0<, :>B>@KE C65 <>65B 2>71C48BL ;8HL <>;>4>ABL, A<C3;>5 B5;LF5 8 =528==>ABL. (5AB5@K< E@KG0<, :>B>@K5 A =0H8< 4@C3>< 5;40@8O A3>20@820NBAO, :0: ;8H8BL 2;0AB8 5?8A:>?0 %57- E57@>=0. 45AL =5B =8:0:>9 5@5A8, 0445@48=, MB> B>;L:> ?>;8B8:0!
!;>20 C;LA0=8 C40@8;8 <5=O, :0: >1CE><. KE>48B, O HQ; ;>6=K< A;54><. -B> =5 745AL 1K;0 @57845=F8O &5@:28 'Q@=>3> @5>1@065=8O, MB> =5 745AL ?@54020;8AL 5@5A8, =5 745AL >A:25@=O;8AL A2OBK5 @5;8:288. / <>3 ;8HL :CA0BL A515 ;>:B8, 81> =5 >AB020;>AL =8G53> 8=>3>. B0:>9 A8BC0F88 <=5 =5 ?@8E>48;>AL @0AAG8BK20BL =0 ?><>IL <>53> =35;0- E@0=8B5;O. >7<>6=>, 1C4L >= 2 E>@>H5< =0AB@>5=88, B> ?>445@60; 1K A2>59 A8;>9 2 18B25 A 5@5ALN. > =5 A59G0A. 07 >@48<5@ ?>42Q;, ?>8IC A515 8=>3> 8=:2878B>@0, B0:, =5A><=5==>, 4C<0; <>9 =35;. >= 1K; ?@02. 0 MB>< A25B5 =5B <5AB0 B5<, :B> A>25@H05B >H81:8. 'B> 6, =5A<>B@O =8 =0 GB>, O ?KB0;AO. > <>65B, 2 459AB28B5;L=>AB8, O =5 E>B5; ?@87=0BLAO 4065 A0<><C A515, GB> 2 7;>25I89 42>@5F ><>;;> <5=O ?@825;0 701>B0 > 1;87=5F0E 8 !<5@BCE5. <>65B A59G0A, 7=0O, GB> A<5@BL 1;87:0, O ?@>AB> AB0@0;AO >BKA:0BL 1;03>@>4=K5 <>B82K A2>5<C ?>2545=8N.
* * *
0@48=0; 2K3;O45; B0:, :0: O 70?><=8; 53> =0 0C485=F88. K; E8;K< AB0@8G:>< A <8;>9 C;K1:>9, 2K1@8BK<8 I5:0<8 8 A54>9, :>7;8=>9 1>@>4:>9. 3> ;8F> =0?><8=0;> ?5GQ=>5 O1;>G:> A> A;53:0 ?>B@5A:02H59AO :>68F59.
>@48<5@ 0445@48=, A:070; >= B8E>. 'B> 70 2878B, 8=:2878B>@! K 2AB@5G0;8AL, >= 704C<0;AO =0 <83 8 @0AG5A0; ?0;LF0<8 1>@>4:C, H5AB=04F0BL ;5B =0704 =0 0C485=F88 2 %57- E57@>=5. 065BAO, B>340 BK 8<5; G5ABL ?>F5;>20BL <=5 @C:C.
# 0H53> KA>:>?@5>A2OI5=AB20 ?@5:@0A=0O ?0<OBL, A:070; O, >B25A82 ;Q3:89 ?>:;>=. &5?L, :>B>@>9 >1<>B0;8 <>8 ;>4K6:8, 70725=5;0.
'B> 65 ?@825;> B51O 2 <>9 4><, 0445@48=? A?@>A8; >= A ;C:02>9 C;K1:>9. 5>1>@8<>5 8A:CH5=85 ?>A5B8BL ?>475<5;LO ><>;;>? 5;0=85 C1548BLAO 2 B><, O2;ONBAO ;8 2A5 MB8 109:8 > :0@48=0;5- 4LO2>;5 ?@024>9?
/ >A<5;8;AO ?>15A?>:>8BL 0H5 KA>:>?@5>A2OI5=AB2> ?> 4@C3><C ?>2>4C, ?>OA=8; O, 8 5A;8 0H5 KA>:>?@5>A2OI5=AB2> ?>72>;8B, <>3C 53> ?@54AB028BL&
5B, >@48<5@, >= <0E=C; @C:>9, MB>B @073>2>@ <5=O C65 CB><8;. >A2OIC B515 <8=CBC- 425 702B@0 25G5@><. 07JOA=8HL <=5 459AB285 =5:>B>@KE >@C489. -B> <>65B 1KBL >G5=L 70=8<0B5;L=K<, 5A;8 ?@83>2>@Q==K9 A0< 1C45B >?8AK20BL @57C;LB0BK 459AB28O >@C489 =0 A2>Q< B5;5. = IQ;:=C; ?0;LF0<8: 0- 40- 40, MB> ?@5:@0A=0O <KA;L. 3> ;8F> >70@8;>AL C;K1:>9.
> <=5 ?@>1560;0 4@>6L.
A<5;NAL =0?><=8BL 0H5<C KA>:>?@5>A2OI5=AB2C, GB> O O2;ONAL 8=:2878B>@>< 5?8A:>?0 %57- E57@>=0 8 459AB2CN =0 >A=>20=88 70:>==>9 ;8F5=788, 2K40==>9 2;0ABO<8 &5@:28 8 ?>4?8A0==>9 3> !2OB59H5AB2><. 5;40@8O ?>A<>B@5; =0 <5=O, O2=> @0AAB@>5==K9.
"2>O ;8F5=78O ?@>?0;0, >@48<5@, A:070; >=. ?@>G5<, <5=O B0:85 25I8 =5 :0A0NBAO.
/ 7=0;, GB> C <5=O >AB0;AO >48= 548=AB25==K9 H0=A =0 A?0A5=85. 5A;KE0==K9, =525@>OB=K9, => 2AQ- B0:8 H0=A. -B>B G5;>25: 1K; 1>;5=, => >= 1K; C25@5= 2 A>1AB25==>< <>3CI5AB25 8 2 B><, GB> =8 ?5@54 :5< =5 >B25G05B. 4=0:> MB> =5 1K;> ?@024>9. 8:B> =5 O2;O5BAO 157=0:070==K<.
8F5=78O 8=:2878B>@0 CB25@6405BAO !2OBK< BF>< ?> ?@54AB02;5=8N 5?8A:>?0, A:070; O, <>;OAL, GB>1K CA?5BL 70:>=G8BL ?@54;>65=85, ?@5645 G5< 25;OB 1@>A8BL <5=O 2 ?>475<5;L5, => @5H5=85 5?8A:>?0 O2;O5BAO ?@>O2;5=85< 2>;8 =35;>2, 0 87 MB>3> A;54C5B, >A?>40 >30 =0H53> A5<>3CI53>. "K =5 <>65HL <=5 =02@548BL, :0@48=0; 5;40@8O, B5< A0<K< =5 ?@>B82>?>AB0282 A51O 2>;8 =35;>2.
0@48=0; ?>103@>25; ?@O<>- B0:8 2 ?C@?C@, 8 O ?>4C<0;, GB> C =53> :@>2L 1@K7=5B 2A5<8 ?>@0<8 ;8F0. >E>65, =8:B> =8:>340 =5 >1@0I0;AO : =5<C B0:8< >1@07><. !28B0 :0@48=0;0 AB>O;0 >=5<52H59, 8, 4C<0N, >=8 3040;8 > B><, :0:85 B0:85 E8B@K5 HBCG:8 1C4CB ?@8<5=5=K : =03;><C 8=:2878B>@C.
!@C =0 =35;>2! ?@>3@5<5; 5;L40@8O, 8 53> :@8: A>@20;AO =0 ?5BCH8=>5 ?5=85. ?>475<5;L5 MB>3> <5@702F0! @83>B>2LB5 8=AB@C<5=BK! !59G0A! 5<54;5==>!
0 MB> O 8 @0AAG8BK20;. 0 =5>AB>@>6=K5 8 =5>A<>B@8B5;L=K5 A;>20 « ?C@?C@0B0»
[ 1 4 1 ]
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
A5 ?@8ACBAB2CNI85 ?0;8 =8F. ">;L:> 5;40@8O AB>O;, B5?5@L 1;54=K9 :0: <5;, 8 42830; 3C10<8, 1C4B> B>;L:> GB> 2K1@>H5==0O =0 15@53 @K10.
>& <>& <>& <>& ?@>;5?5B0; >=.
>9 =35;- E@0=8B5;L A>75@F0; 53> A> 7;>25I59 C;K1:>9.
0@48=0; 87 ><>;;>, A:070; >=, ?@8H;> 2@5<O @0A?;0BK.
= <0E=C; ;52>9 :8ABLN 2 2>74CE5, 8 B>340 24@C3 ?@O<> @O4>< A =8< ?>O28;8AL !<5@BCE 8 1;87=5FK. H5;><;Q==K5 8 <>@30NI85 >B2K:H8<8 >B A25B0 3;070<8. # !<5@BCE0 1;C70 1K;0 >:@>202;5==>9, 0 C >4=>3> 87 1;87=5F>2 IQ:C ?5@5A5:0;0 A:25@=0O @0=0. 0 <>8E =>30E ;>?=C;8 725=LO F5?8.
07=0G0N B51O, >@48<5@, 8 B2>8E 4@C759 ?>;=><>G=K<8 ?@54AB028B5;O<8 =:2878F88 2> 42>@F5 ><>;;> 8 ?@8;530NI8E 2>BG8=0E. 0 1C45B B0: 8<5=5< =35;>2! AB@8Q< <5G0 >= ABC:=C; 2 ?>;, 06 ?>AK?0;8AL @07=>F25B=K5 8A:@K.
725IC 4@C38E =35;>2, 4>1028; >= C65 B8H5. 68409 702B@0 8=:2878B>@>2 87 %57- E57@>=0.
!25G8 8 ;0<?K 70?K;0;8 ?>;=K< A25B><, 0 =35;0 =5 1K;> C65 A@548 =0A. ">;L:> 2K665==K5 A;54K 53> AB>? >AB0;8AL =0 4@03>F5==>< :>2@5 :0@48=0;0. !<5@BCE :@8:=C; :0: @570==K9, 2 53> @C:5 ?>O28;0AL 4;8==0O, :@820O A01;O. = ?>41560; : 1;8609H5<C 87 ?@842>@=KE :0@48=0;0 8 ?@832>748; 53> >AB@8Q< : ?>;C.
!<5@BCE, @O2:=C; O, 848 AN40, !<5@BCE!
8=CBC >= A<>B@5; =0 <5=O, =5 ?>=8<0O, =>, 2 :>=F5 :>=F>2, 53> ;8F> @0AA25;> C;K1:>9. #;K10NI8<AO >= 2K3;O45; 5IQ C60A=55, G5< >1KG=>.
>@48<5@, A:070; >= A GC2AB2><, BK ?@8HQ; 70 =0<8, >@48<5@.
= ?>4>HQ; 8 >1=O; <5=O. / >B>428=C;AO, 81> >= 2>=O;, :0: GQ@B 7=05B :B>. #A;>28O 2 ?>475<5;LOE :0@48=0;0 =5 A?>A>1AB2>20;8 38385=5, 0, 2?@>G5<, <KBLQ 8 B0: =5 >B=>A8;>AL : ;N18<K< 70=OB8O< !<5@BCE0. @>=7Q==K9 ?@842>@=K9 ;560; =0 ?>;C 8 E@8?5;. = 87@K30; 87> @B0 :@>202CN ?5=C. / :0:>5- B> 2@5<O @02=>4CH=> A<>B@5; =0 =53>. AB0;L=K5 ?@842>@=K5 ?>AB5?5==> 2AB020;8, =0G0;8AL :0:85- B> ?5@5HQ?BK20=8O.
A5 : AB5=5, A:070; O 3@><:>. / ?>4>HQ; : :0@48=0;C 5;40@8O 8 ?>A<>B@5; 5<C ?@O<> 2 3;070.
A5 : AB5=5, ?>2B>@8; O.
5;40@8O 4Q@=C;AO, 1C4B> 65;0O AE20B8BL <5=O 70 :0DB0=. 52>9 @C:>9 O ?@845@60; 53> @C:8, 0 ?@02>9 =0G0; 18BL ?> ;8FC. 54;5==>, >B:@KB>9 ;04>=LN. / ?>GC2AB2>20; ?>4 ?0;LF0<8 :@>2L 8 >AB@K5 >A:>;:8 7C1>2. 3> =>A E@CAB=C; 8 ?>440;AO ?>4 C40@><. >340 O >B?CAB8;, AB0@8: C?0; =0 75<;N :0: >:@>202;5==0O :CG0 B@O?LO.
#15@8B5 MBC ?040;L, ?@8:070; O A;C30<.
@5;0B C;LA0=8, 4@>60, AB>O; C AB5=K. G5=L 1;87:>, 1C4B> E>B5; AB0BL G0ABLN ?>:@K20NI53> 5Q 3>15;5=0.
>B5@O; 65;0=85 HCB8BL, >BG5? A?@>A8; O.
0;L, 81> O @0AAG8BK20; =0 :0:85- =81C4L CB>=GQ==K5 HCB>G:8 8 >@838=0;L=K5 0;;N788. 5 A:065HL G53>- =81C4L, GB>1K <5=O @0725A5;8BL?
= A<>B@5; =0 <5=O A> AB@0E>< 8 =5=028ABLN. =0;, GB> 4;O =53> C65 2AQ 70:>=G8;>AL. >G8, ?@>2>48<K5 70 :0@B0<8, ?>?>9:0<8 8 B8A:0=L5< H;NE. 3> 687=L AB>8;0 A59G0A AB>;L:>, A:>;L:> ?;52>: =0 @0A:0;Q==K9 ?5A>:. / CA<5E=C;AO 8 ?>4>HQ; : 1;87=5F0<. =8 ?>60;8 <=5 @C:C A B@>30B5;L=>9 ?@540==>ABLN. K;> =0A G5B25@> 2> 42>@F5 :0@48=0;0. A>;40B 8 ?@842>@=KE <>65B A ?>;A>B=8. ">;L:> 2 MB8E 1>;LH8E ?>:>OE 4> 42CE 45AOB:>2. , B5< =5 <5=55, =8:><C 4065 2 3>;>2C =5 ?@8H;> 1K A>?@>B82;OBLAO =0<. # :064>3> 87 MB8E ;N459 1K;0 BI5B=0O =045640 =0 A?0A5=85 687=8, :064K9 <KA;5==> <>;8; C65 B>;L:> > B><, GB>1K =5 703@5<5BL 2 70AB5=:8 8=:2878B>@>2. ?>25@LB5 <=5, 2A5, :B> 2K6825B, >:06CBAO B0< =5A:070==> 1KAB@>. > 70:>=G8BAO ;8 8E 687=L 2 <>G5, 45@L<5, :@>28 8 =52K=>A8<>9 1>;8, 1C45B 7028A5BL B>;L:> >B =8E A0<8E 8 8E 65;0=8O 8A:C?8BL 3@5E8. A;8 1C4CB 4>AB0B>G=> ?>:>@=K<8, 2>7<>6=> C<@CB >1573;02;820=85<, 5A;8 =5B, B> 1C4CB ?>460@5=K =0 <54;5==>< >3=5, =0 3;070E 2>?OI59 >B ?>B5E8 B>;?K G5@=8, 2 :;C10E A<@040 >B A>1AB25==>3> ?>43>@0NI53> 68@0.
/ 2KH5; 2 :>@84>@. BQ<=>9 =8H5 AB>O; <>9 =35;. !59G0A :0: =527@0G=K9 G5;>25G5: 2 BQ<=>< ?;0I5. > MB> 1K; <>9 =35;. 8:>340 =5 >H81QHLAO, :>340 C7@8HL A2>53> =35;0- E@0=8B5;O, :0:>9 1K >1;8: >= =5 ?@8=O;.
/ 4>2>;5= B>1>9, >@48<5@, A:070; >=. "K A45;0; B>, GB> B515 =04;560;>.
> A;02C >A?>40, >B25B8; O, 81> GB> 8=>3> O <>3 A:070BL.
0, 2> A;02C >A?>40, ?>2B>@8; >= A :0:>9- B> AB@0==>9 8 ?>@078B5;L=>9 3>@5GLN 2 3>;>A5. "K 7=05HL, >@48<5@, GB> 2 3;070E >30 <K 2A5 28=>2=K& / ?>A<>B@5; 2 53> 7@0G:8, 0 >=8 1K;8 :0: >7Q@0, =0?>;=5==K5 BL<>9. / 274@>3=C; 8 >B2Q; 273;O4. & 0 2>?@>A ;8HL 2 <5@5 8 2@5<5=8 :0@K. 0@K, :>B>@0O =5<8=C5<> ?@84QB.
0G5< 65 <K B>340 4C<05< > B><, :0: C3>48BL <C? >A<5;8;AO O 7040BL 2>?@>A.
@0725 @51Q=>: =0 ?;O65 =5 AB@>8B AB5= 87 ?5A:0, :>B>@K5 4>;6=K A45@60BL ?@8;82? @0725, :>340 53> AB@>5=8O 8AG570NB ?>4 2>;=0<8, =0 A;54CNI89 45=L >= =5 AB0@05BAO 2>725AB8 AB5=K 5IQ 1>;55 <>I=K5, E>BO 2 3;C18=5 4CH8 E>@>H> ?>=8<05B, GB> MB> =8G53> =5 40AB? = ?>;>68; ;04>=L =0 <>Q ?;5G>, 8 O ?>GC2AB2>20;, :0: A3810NAL ?>4 5Q BO65ABLN.
"K, >@48<5@, 8A?>;=8HL 2AQ, GB> 4>;6=> 8A?>;=8BLAO, A:070; >=. 02B@0 ?@81C4CB AN40 :0@48=0;K- 703>2>@I8:8, 8 702B@0 ?>O2OBAO 8=:2878B>@K.
"0:, 7=0G8B, =5B &5@:28 'Q@=>3> @5>1@065=8O?
B> 7=05B, GB> >7=0G05B A;>2> « 5ABL» ? A?@>A8; 0=35;, : :0:><C 87 8@>2 >B=>A8BAO? >= 70<>;G0;. 8@ ?>;>= B09=, >@48<5@, ?@>4>;60; >= <O3:8< B>=><. =05HL ;8 BK, GB> ACI5AB2CNB B0:85 284K <0B5@88, ACI5AB2>20=85 :>B>@KE <K ;8HL ?@54C304K205<, ?>A:>;L:C =01;N45=85 70 =8<8 ?@82>48B : 8E @07@CH5=8N? B> B>340 <>65B >B25B8BL =0 2>?@>A, 5ABL ;8 >=8 8 4;O :>3> >=8?
/ 640;, 4C<0O, GB> >= A:065B GB>- B> 5IQ, => =35; C65 O2=> 70:>=G8;. / 8 B0: C482;O;AO B><C, GB> >= A>872>;8; >AB020BLAO A> <=>9 B0: 4>;3>.
">340 GB> O 4>;65= 45;0BL, <>9 3>A?>48=? A?@>A8; O, E>BO 8 AB@0H8;AO, :0: 1K 53> =5 @0AA5@48;> <>Q =54><KA;85.
>@48<5@, B>, GB> BK 4>;65= A45;0BL, A0< ?@5:@0A=> 7=05HL, >B25B8; >= 8 C;K1=C;AO.
0 MB>B @07 O 4065 =5 ?KB0;AO C2845BL 53> 3;070, 81> =5 E>B5;, GB>1K 1574=0, :>B>@0O 2 =8E 1K;0, ?>A<>B@5;0 2 <5=O.
-?8;>3
-B0 8AB>@8O =0G0;0AL 2 %57- E57@>=5 8 B0< 65 4>;6=0 1K;0 70:>=G8BLAO. 4>< >==K <K 2>H;8 @0==8< CB@><. /, !<5@BCE, 1;87=5FK 8 B@>5 8=:2878B>@>2 2 GQ@=KE <0=B8OE. >340 >=0 =0A C2845;0, :@>2L >B;8;0 >B 5Q ;8F0.
>@48<5@, A:070;0 >=0 3;CE>.
>@48<5@ 0445@48=, 8<5=5< =:2878F88, ?@>87=QA O. "2>9 4><, 4>GL, 1C45B 4>A<>B@5=.
/ =8G53> =5 A45;0;0, A:070;0 >=0 A >BG0O=L5< 2 3>;>A5. "K 65 7=05HL >1 MB><, >@48<5@!
@8=04;56=>ABL : &5@:28 'Q@=>3> @5>1@065=8O, <5@7:>9 A5:B5 5@5B8:>2, MB>, ?>- B2>5<C, =8G53>? A?@>A8; O. A:C?:0 452AB25==8F A F5;LN A>25@H5=8O =04 =8<8 A2OB>B0BAB25==KE >1@O4>2? 5 3>2>@O C65 >1 >A:25@=Q==KE @5;8:28OE 8 5@5B8G5A:8E 0<C;5B0E, :>B>@K5 =094Q< 2 B2>Q< 4><5.
"K A:070;, GB> 5A;8 BK AB>8HL ?> >4=C AB>@>=C 10@@8:04, 0 :B>- B> ?> 4@C3CN, B> <>6=> ?@8=OBL B>;L:> >4=>, 25@=>5 @5H5=85. O 2AB0;0 =0 B2>N AB>@>=C, >@48<5@. ><>3;0 B515!
/ B515 =8G53> =5 >15I0;, >==0. / ?>60; ?;5G0<8. "0:>20 687=L. @><5 B>3>, BK 2K40;0 <5=O, 65<GC68=:0, ;N4O< :0@48=0;0. 53:> 1K;> ?@54?>;>68BL, GB> =04>54;82K9 0445@48= =8:>340 C65 =5 ?>:8=5B ><>;;>, ?@0240?
=0 A<>B@5;0 =0 <5=O 8 <>;G0;0. G5=L E>@>H>, 81> A:070BL 1K;> =5G53>.
!<5@BCE ?@81;878;AO :> <=5, 8 O 2845; 53> 873>;>402H85AO 3;070.
>6=>, >@48<5@? A?@>A8; >= A<8@5==>.
>6=>, !<5@BCE, => >=0 4>;6=0 >AB0BLAO 68BL, >B25B8; O. = 2K3;O45; 1;03>40@=K< ?A><, :>340 E20B0; 5Q 8 1572>;L=CN, >BG0O2HCNAO, >=5<52HCN, 2Q; =025@E, 2 ?>:>8. >B>< <K 4>;3> A;KH0;8 5Q :@8:, => ?>74=55 MB>B :@8: ?@5:@0B8;AO. "0: 2=570?=>, 1C4B> :@8G0I5<C :B>- B> 70B:=C; 3;>B:C :C;0:><. '5@57 G0A, :>340 >==C 7018@0;8 8=:2878B>@K, C =5Q 1K;8 >:@>202;5==K5 1Q4@0, ?>@20==>5 ?;0BL5 8 ?CAB>B0 2 3;070E.
IQ 4> ?>;C4=O <K >:@C68;8 4>< %8;L3D5@0@D0. = ?@8=O; <5=O E>;>4=>, A?>:>9=>, 8, :0: O ?>=8<0;, 1C4B> C65 <Q@B2K9.
5 =04> 1K;> <5=O >1<0=K20BL, 3>A?>48= %8;L3D5@0@D, A:070; O. 52AB25==8FK A N30 4>;6=K 1K;8 AB0BL >1I8< 40@>< >B 20A 8 C;LA0=8 LO2>;C A ><>;;> 8 53> 3>ABO<, 254L B0:? K 4020;8 45=L38, 0 ?@5;0B 4>ABC? : :0@48=0;C. > C;LA0=8 @5H8; 20A ?5@5E8B@8BL, @0725 =5 B0:? 8 2@CG8BL 40@ B>;L:> >B A2>53> 8<5=8. K <5=O =0=O;8, ?@5:@0A=> 7=0O, 345 =0E>48BAO C;LA0=8. 'B> MB> 4>;6=> 1K;> 1KBL? @>25@:0?
5B. / =5 7=0;, GB> C;LA0=8 :C?8; 452CH5:, ?>:0 2K <=5 >1 MB>< =5 A:070;8. 8HL ?@54?>;030;, GB> >= <>3 MB> A45;0BL.
"0:, B0:, ?>- :@C?=><C 83@0; MB>B =0H ?@5;0B. 0: 8 2K, 4>1028; O >B 2A53> A5@4F0.
-B> ?@0240, ?@>87=QA %8;L3D5@0@D. GQ< <5=O >128=ONB?
5@5A8, ?>4@K25 >A=>2 A2OB>9 25@K, 703>2>@5, >A:25@=5=88 @5;8:289, @8BC0;L=KE C189AB20E, ?@8=04;56=>AB8 : A5:B0<, =5 ?@87=0==KE &5@:>2LN, A:070; O @02=>4CH=K< B>=><, 8 G53> B>;L:> 5IQ ?>65;05B5.
>G5<C 2K B0: A> <=>9 ?>ABC?05B5, 0445@48=?
'B>1K <>708:0 A;>68;0AL, ?@>87=QA O. 0@48=0;K 8 H;NE0, ?>GB5==K9 :C?5F 8 A;K2CI89 2>;L=K< ?>2545=85< ?@5;0B. A5 5@5B8:8, 0 MB> >7=0G05B, GB> 5@5AL <>65B 1KBL 2AN4C. "CB 8 B0<. 4><5 B2>53> A>A540 8 2 F5@:28 B2>53> =0AB>OB5;O. >65B 4065 2 3>;>25 B2>59 65=K. 04> 1K;> 70=8<0BLAO B>@3>2;59, 3>A?>48= %8;L3D5@0@D, 0 =5 ;57BL 2 ?>;8B8:C. ?>4C<09B5, :B> 1K; 20H8< A>>1I=8:><, ?>B><C GB> B0:85 2>?@>AK 2K >1O70B5;L=> CA;KH8B5. B>340 =04> 1C45B >B25G0BL 1KAB@> 8 ;>38G=>, 5A;8 2K =5 E>B8B5 <CG8BLAO A25@E <5@K.
# <5=O 5ABL 4@C7LO, A:070; >= 1;54=K9, =5 25@O 2 A>1AB25==K5 A;>20.
/ :82=C; 5<C 8 ?>720; 8=:2878B>@>2. KH5;, :>340 =0 =53> =04520;8 :0=40;K. = 1K; <Q@B2, 0 C ?>:>9=8:>2 =5 1K205B 4@C759.
KBL <>65B, 2K A?@>A8B5, GB> O GC2AB2CN, >AB02;OO 70 A>1>9 B@C?K? 'B> GC2AB2CN, 7=0O, GB> H5ABL :0@48=0;>2, >==0, %8;L3D5@0@D, ?@842>@=K5 8 A>;40BK :0@48=0;0 87 ><>;;> <5@B2K? 5:>B>@K5, 2?@>G5<, 5IQ 682K. E A5@4F0 1LNBAO >B AB@0E0, 8E 3;>B:8 8740NB :@8:8 1>;8, 8E ;Q3:85 704KE0NBAO 2 E@8?;>< 4KE0=88, 8E <>738 AB0@0NBAO 2K4C<0BL 8AB>@88, :>B>@K5 C4>2;5B2>@OB 8=B5@5A =52>7<CB8<KE ;N459 2 GQ@=KE <0=B8OE. / 8=>340 A?CA:0NAL BC40, 2=87. <@0G=K5 ?>420;K, AB5=K :>B>@KE ?C;LA8@CNB 1>;LN 8 AB@0E><. / 2845; >==C, 2845; %8;3D5@0@D0 8 2845; :0@48=0;>2. 8HQ==K5 720=8O 8 ?C@?C@0 >=8 872820;8AL C =>3 8=:2878B>@>2, >128=OO A0<8E A51O 8 A2>8E B>20@8I59. / =5 GC2AB2CN @04>AB8, => =5 GC2AB2CN 8 ?5G0;8. -B8 ;N48 B5?5@L C65 7=0NB, GB> >=8 1K;8 5@5B8:0<8, ?;5BCI8<8 703>2>@ ?@>B82 &5@:28 8 A2OBKE >A=>2 =0H59 @5;8388. 5A;8 >=8 ?>25@8;8 2 A>1AB25==>5 ?@540B5;LAB2>, MB> >7=0G05B, GB> MB> ?@540B5;LAB2> 2A5340 1K;> 2 3;C18=5 8E A5@45F. 48=AB25==>, > GQ< 3@CIC, B0: MB> > H5AB8 452AB25==8F0E A N30. / ?@8:070; ?@842>@=K< 5?8A:>?0 C18BL 8E, 0 B5;0 C;>68BL 2 =0G5@G5==KE GQ@=K< <5;>< :@C30E, ?>B>< =04@570BL 25=K 8 :@>2L A;8BL 2 AB5:;O==K5 A>AC4K.
/ 25;5; =0?8A0BL =0 8E 3@C4OE 8 682>B0E B09=K5 A8<2>;K, 0 <564C =>3 2;>68BL ?5@52Q@=CBK5 :@5ABK. / 7=0;, GB> MB>9 :0@B8=K E20B8B, GB>1K 8=:2878B>@K 87 %57- E57@>=0 ?>GC2AB2>20;8 A51O 3>=G8<8 ?A0<8 =0 B@>?5. / B0:65 7=0;, GB> MB> 1C45B >A=>20=85< 4;O 0@5AB0 H5AB8 :0@48=0;>2- 703>2>@I8:>2, B5< 1>;55, GB> 4> %57- E57@>=0 4>H;8 25AB8 > ?;5BCI5<AO 703>2>@5, ?>?CB=> 5@5B8G5A:8< ?@0:B8:0<. B0:, O GC2AB2CN =51>;LHCN 3@CABL. #B5H05B <5=O B>;L:> >4=>: 2A5 <K 28=>2=K 2 3;070E >A?>40, 0 2>?@>A ;8HL 2> 2@5<5=8 8 <5@5 :0@K. "0: A:070; <>9 =35;, 8 O =5 =0E>6C ?@8G8=, GB>1K =5 25@8BL 53> A;>20<. 25@N, GB> <>Q 2@5<O =0ABC?8B =5 A:>@>, 0 :0@0 =5 1C45B A25@E <5@K AC@>2>9.
@8<5G0=8O
1
& :B> ?>:;>=O5BAO 725@N 8 >1@07C 53> 8 ?@8=8<05B =0G5@B0=85 =0 G5;> A2>5, 8;8 =0 @C:C A2>N, B>B 1C45B ?8BL 28=> O@>AB8 >6859, 28=> F5;L=>5, ?@83>B>2;5==>5 2 G0H5 3=520 3>, 8 1C45B <CG8< 2 >3=5 8 A5@5 ?@54 A2OBK<8 =35;0<8 8 ?@54 3=F5<. B:@ 1 4 : 9 - 1 0 .
&8B0BK 87 @5;838>7=KE B5:AB>2 ?5@52545=K =0<8, 0 2 A=>A:0E 40QBAO A8=>40;L=K9 ?5@52>4 ( ?@8 A>2?045=88 ?5@52>4>2 2 A=>A:5 40QBAO B>;L:> 8AB>G=8:) . =>340 02B>@ <5=O5B A<KA; ?5@2>8AB>G=8:0 =0 ?@>B82>?>;>6=K9, =0 GB> A;54C5B >1@0B8BL 2=8<0=85 206=> 4;O ?>=8<0=8O AN65B0.
2
= 1K; >1;5G5= 2 >4564C, >103@5==CN :@>2LN. <O <C: « !;>2> >685» . & = ?0A5B 8E [ =0@>4K] 657;>< 65;57=K<; = B>?G5B B>G8;> 28=0 O@>AB8 8 3=520 >30 A545@68B5;O. B:@ 1 9 : 1 3 1 5 .
3
# A2OB>3> 0A8;8O 5A02@89A:>3>: « !
:064K<
87 25@=KE 5ABL =35;, :>B>@K9, :0: 45B>2>48B5;L 8 ?0ABK@L, @C:>2>48B 53> 687=LN» .
5:0@0 >4=8< A;>2>< <5=O5B A<KA; D@07K: « :064K9 871@0==K5» , ?>:07K20O, GB> 2 >B;8G85 >B =0H59 687=8, 345 :064K9 G5;>25: <>65B @0AAG8BK20BL =0 70ABC?=8G5AB2> 0=35;>2, 2 <8@5 >@48<5@0 B>;L:> 871@0==K5, 8=:2878B>@K.
4
>;:>;0: 2 A;02O=A:>9 <8D>;>388 >1>@>B5=L, ?@8=8<0NI89 >1@07 2>;:0.
5
025=A1C@3 3>@>4 =0 N35 5@<0=88. 0720=85 ?@8<5@=> ?5@52>48BAO :0: >@>=- :@5?>ABL.
5:>B>@K5 87 =0A5;Q==KE ?C=:B>2 8<5NB ?@>B>B8?K, ACI5AB2CNI85 2 @50;L=>9 8AB>@88, GB>, 2>7<>6=>, A45;0=> 4;O ?@82O7:8 <5AB0 459AB28O : =0H59 8AB>@88.
6
!2OB0O !;C610 8;8 =:2878F8O CG@5645=8O @8<A:>- :0B>;8G5A:>9 F5@:28, ?@54=07=0G5==K5 4;O 1>@L1K A 5@5ALN.
7
><5;; O1;>G:> ( ;0B. ) , ?@>B82>25A =0 :>=F5 @C:>OB8 E>;>4=>3> >@C68O; => =5 ;57285.
2B>@ 8=>340 ?@84C<K205B « 3>2>@OI85» 8<5=0 8;8 D0<8;88, ?>OA=ONI85 E0@0:B5@ ?5@A>=060 8 53> @>;L 2 AN65B5.
8
0G0;L=8: 8 AB0@H89 G8=>< B> 5ABL AB0@H89 :0: ?> 4>;6=>AB8, B0: 8 ?> 720=8N.
9
>@48<5@ 8<O 3;02=>3> 35@>O :=838, 8=:2878B>@0. 7=0G05B « <Q@B2>5 <>@5» ( >B AB0@>D@. : <>@B- 8- <5@) . 45AL, ?>60;C9, 0;;N78O =0 Q@B2>5 <>@5, 8725AB=>5 A 181;59A:8E 2@5<Q= 8 :0: A8<2>; A<5@B8 ( 87- 70 A>;Q=>AB8 2 =Q< =8G53> =5 682QB) , 8 A2>8<8 F5;51=K<8 A2>9AB20<8.
1 0
%57- E57@>= 2 40;L=59H5< >A=>2=>5 <5AB>68B5;LAB2> 3;02=>3> 35@>O. !>>B25BAB28O 2 @50;L=>9 8AB>@88 =5 =0945=>, 2>7<>6=>, 2 MB>< =0<Q:, GB> =:2878F8O <>65B 1KBL 25745 8 2A5340.
1 1
-=35;LHB04B =35;3@04 ( =5<. ) , 2 A>2@5<5==>9 5@<0=88 5ABL :><<C=0 ?>4 B0:8< =0720=85<.
1 2
038AB@ 720=85 8=:2878B>@0.
1 3
'8AB>5 8 =5?>@>G=>5 1;03>G5AB85 ?@54 >3>< BF>< 5ABL B>, GB>1K ?@878@0BL A8@>B 8 24>2 2 8E A:>@1OE. 0: 1 : 2 7 .
1 4
C:020- 1CDK @C:020 A « D>=0@8:0<8» C ?;5G.
1 5
535=20;L4 2 >;LH5 5ABL 3>@>4 5A:>, @0=55 =07K202H89AO 535=20;L45. > 2 B5:AB5 A:070=>, GB> <564C 535=20;L4>< 8 C?><O=CBK< 2KH5 025=A1C@3>< 45=L ?CB8, GB> 4;O 5A:> =52>7<>6=>. >MB><C ?@54?>;0305<, GB> @5GL 745AL > 535=A1C@35, 3>@>45 2 020@88 ( =540;5:> >B >;LH8) , 2>7;5 :>B>@>3> 5ABL @5:0 535= 8 E@515B « 020@A:89 ;5A» ( =5<. : 20;L4) .
1 6
48=>:@>2=0O A5AB@0 A 1@0B>< >1I89 >B5F, <0B5@8 @07=K5.
1 7
86=OO 10H=O 284 A>45@60=8O >AC64Q==>3> 2 A@54=525:>2L5. 0:070=85 « 25@E=59 10H=59» >7=0G0;> >B=>A8B5;L=> :><D>@B=K5 CA;>28O, « =86=59» >48=>G=CN :0<5@C 2 ?>420;5, 157 >B>?;5=8O, ?@>3C;>:, ?>A5I5=89 8 4>?>;=8B5;L=>3> ?8B0=8O ( A@02=8: :>;>=8O- ?>A5;5=85 8;8 >A>1>3> @568<0) .
1 8
$@035=HB09= 4>A;>2=> « A?@>A- :0<5=L» ( =5<. : f r a g e n A?@0H820BL, s t e i n :0<5=L) . > ACB8, :0<5=L ?@5B:=>25=8O, >A5;>: 8AB8=K, :0<5=L =0 @0A?CBL5 4;O <>;>4>3> 8=:2878B>@0 >@48<5@0, B0: :0: 2AB@5G0 A $@035=HB09=>< O28;0AL 8A?KB0=85<.
1 9
0B>38 ?@CBLO B>;I8=>9 2 ?0;5F A >1@570==K<8 :>=F0<8, C?>B@51;O2H85AO 2 X V X V I I I 25:0E 4;O B5;5A=KE =0:070=89. !G8B0;8AL 1>;55 ;Q3:8< =0:070=85<, G5< 18BLQ :=CB><.
2 0
"0: :0: 2K A45;0;8 MB> >4=><C 87 A8E 1@0BL52 >8E <5=LH8E, B> A45;0;8 =5. D 2 5 : 4 0 .
2 1
MB>< M?87>45 AB@>:8 87 AB8E>B2>@5=8O '5A;020 8;>H0 « Z c h l o p a k r ó l » ; ?5@52>4 =0H.
2 2
0AB0@4 =570:>==>@>645==K9.
2 3
09:> >B ;09:8 ( A>10:0) , =0<Q: =0 D>@<C 3>;>2K.
2 4
;LE0<@0 28=>, ?@>8AE>645=85< ;81> 87 ;L- %0<@K ( 3>@>4 2 <0=5) , ;81> 87 ;L30<1@K ( ?0@:>2K9 :><?;5:A 2>7;5 @0=04K, N3 A?0=88) .
2 5
53G5 25@1;N4C ?@>9B8 G5@57 83>;L=>5 CH:>, =565;8 1>30B><C 2>9B8 2 &0@AB285 515A=>5. D 1 9 : 2 4 .
2 6
#1>389 ( CAB0@. ) 154=K9.
2 7
2@>?5, 345 ?@>8AE>4OB A>1KB8O :=838, ?@8 AGQB5 =5 703810NB, 0 @073810NB ?0;LFK.
2 8
« 0B5@ =>AB5@» ( ;0B. ) 8;8 « BG5 =0H» <>;8B20; 745AL 548=8F0 2@5<5=8. 0 GB5=85 5Q CE>48B >:>;> 2 5 A5:C=4.
2 9
?>7=05B5 8AB8=C, 8 8AB8=0 A45;05B 20A A2>1>4=K<8. = 8 : 3 2 .
3 0
@C3 4@C759 2>7<>6=>, >B « 0<8:C 48 ;' 0<8G8» ( 8B0;. ) , 2K@065=8O, >?8AK20NI53> ;N459, :>B>@K5 ?@81;865=K : <0D88, 4>:070;8 45;>< 25@=>ABL 59, => =5 O2;ONBAO 5Q G;5=0<8.
3 1
C@8ABK AB>@>==8:8 ?C@87<0, ?@5C25;8G5==>3> AB@5<;5=8O : G8AB>B5 ;8B5@0BC@=>3> O7K:0. 45AL G8AB>?;N8.
3 2
>;LA:89 20@80=B AG8B0;>G:8 « !>@>:0- 2>@>2:0» .
3 3
>A>; ;81> 48?;><0B, ;81> 45?CB0B. >1>8E A;CG0OE, ;8F> =5?@8:>A=>25==>5.
3 4
0E0@89 ;8=3109; 8<O ?5@52>48BAO :0: « ?><=OI89 >A?>40» ( 82@. ) , D0<8;8O :0: « ;57285 B>?>@0» ( =5<. ) . 0<Q: =0 B>, GB> 2 40;L=59H5< MB>B 35@>9 1C45B A;C68BL 45;C 25@K ?>4>1=> B>?>@C.
3 5
1> = C:@K; 1K <5=O 2 A:8=88 !2>59 2 45=L 154AB28O, A:@K; 1K <5=O 2 ?>B0Q==>< <5AB5 A5;5=8O !2>53>, 2>7=5A 1K <5=O =0 A:0;C. A 2 6 : 5 .
3 6
5 1>9AO, 81> / A B>1>N; =5 A<CI09AO, 81> / >3 B2>9; / C:@5?;N B51O, 8 ?><>3C B515, 8 ?>445@6C B51O 45A=8F5N ?@024K >59. A 4 1 : 1 0 .
3 7
"@>AB8 =04;><;5==>9 =5 ?5@5;><8B, 8 ;L=0 :C@OI53>AO =5 C30A8B; 1C45B ?@>872>48BL AC4 ?> 8AB8=5. A 4 2 : 3 .
3 8
'Q@=0O !<5@BL 2 @50;L=>9 8AB>@88 M?845<8O GC<K, >E20B82H0O A@54=525:>2CN 2@>?C X I V 25:0 8 C182H0O >:>;> B@5B8 B>340H=53> =0A5;5=8O.
3 9
« 0<;5B» ( 0:B V , AF5=0 2 ) . ;865 2A53> : F8B0B5, ?@8254Q==>9 5:0@>9, ?5@52>4 . 5H:>20: A5340 >?0A=>
=87H8<
@07<5I0BLAO <56 <>;>B>< 8 60@:>9 =0:>20;L=59.
!;>2> « =87H8<» ><5;; 70<5=8; =0 « 60;:8<» , ?KB0OAL 5IQ 1>;LH5 C=878BL >@48<5@0.
4 0
1> =0G0;L=8: & >689 A;C30, >B<AB8B5;L 2 =0:070=85 45;0NI5<C 7;>5. 8< 1 3 : 4 .
4 1
0AB5@ ?>;=>?@02=K9 G;5= 38;L488 8;8 F5E0 2 A@54=525:>2L5, 2KAH0O ABC?5=L 2 ?@>D5AA88, ?>72>;ONI0O 25AB8 A2>Q 45;> 8 1@0BL CG5=8:>2.
4 2
E>4 2 4>< A C;8FK, =5 A ?5@5C;:0, AG8B0;AO ?>GQB=K<.
4 3
!C451=0O !:0<LO <5AB=K9 AC451=K9 >@30= 2 A@54=525:>2L5, A>7K205<K9 8;8 =07=0G05<K9 87 =5A:>;L:8E ?@54AB028B5;59 3>@>40 8;8 A5;0, =07K205<KE A:0<59I8:0<8 8;8 70A540B5;O<8 ( A@02=8: A:0<LO ?@8AO6=KE, A:0<LO ?>4AC48<KE) .
4 4
A@54=525:>2L5 G0AB> >1@570;8 :@0O <>=5B ?> :@C3C, GB>1K 87 ?@8A2>5==>3> 7>;>B0 8;8 A5@51@0 A0<>AB>OB5;L=> >BG5:0=8BL =>2K5 <>=5BK. ?>A;54AB288, 2> 871560=85 ?>4>1=>3>, =0 3;04:89 ?@5645 3C@B AB0;8 =0=>A8BL =0A5G:C.
4 5
B> :@0;, 2?@54L =5 :@048, 0 ;CGH5 B@C48AL, 45;0O A2>8<8 @C:0<8 ?>;57=>5. D 4 : 2 8 .
4 6
?8B8<LO 8A?>;=5=85 8A?>254>202H8<AO E@8AB80=8=><, ?> =07=0G5=8N 4CE>2=8:0, B5E 8;8 8=KE 45; 1;03>G5AB8O; 8<55B 7=0G5=85 =@02AB25==>- 8A?@028B5;L=>9 <5@K, « 2@0G520=8O 4CE>2=>3>» .
E, =5 ?@>AB 8=:2878B>@ >@48<5@, 5A;8 AC<5; « 2KE;>?>B0BL» B0:>5 >1;53G5=85 ?@83>2>@0.
4 7
%0460@K <CAC;L<0=5: >B 0@01. E0460@, « GQ@=K9 :0<5=L» , A2OBK=O 2 5::5.
4 8
;8=8I0 70;8BK5 2>4>9 O<K, 87 :>B>@KE 4>1K20;8 3;8=C ( A;>20@L #H0:>20) .
4 9
-:7>@F8AB A2OI5==8:, ?@>2>4OI89 >1@O4 M:7>@F87<0 ?> 873=0=8N 7;>3> 4CE0.
5 0
& =5B =8G53> A>:@>25==>3>, GB> =5 >B:@K;>AL 1K, 8 B09=>3>, GB> =5 1K;> 1K C7=0=>. D 1 0 : 2 6 .
5 1
0@:0 D5>40;L=>- 2>5==0O AB@C:BC@0: ?>3@0=8G=K9 2>5==K9 >:@C3, <0@:3@0DAB2>.
5 2
1> 7=05<, GB> :>340 75<=>9 =0H 4><, MB0 E868=0, @07@CH8BAO, <K 8<55< >B >30 68;8I5 =0 =515A0E, 4>< =5@C:>B2>@5==K9, 25G=K9. 2 >@ 5 : 1 .
5 3
!5@>- 6Q;BK5 ( A25B;>@CAK5) 2>;>AK C ;N459 A>>B25BAB2CNB A>;>2>9 <0AB8 C ;>H0459.
5 4
>@5==>5 >B;8G85 >B @50;L=>9 8AB>@88: %@8AB>A =5 ?>381, 0 A>HQ; A :@5AB0 8 A0<>;8G=> ?>:0@0; 3@5H=8:>2.
5 5
@52@0B8BLAO 2 @0AB5=85 ( 60@3. ) ?5@59B8 2 2535B0B82=K9 AB0BCA, 2?0ABL 2 :><C.
5 6
>B5@5O ?@>2>48BAO 2 2@>?5 A 1 4 6 6 3>40, A;>2> « ;>B5@5O» 8A?>;L7C5BAO A X V I - 3> 25:0.
5 7
5;57=K9 A0?>3 >@C485 ?KB:8, <5B0;;8G5A:89 20@80=B « 8A?0=A:>3> A0?>30» . 8=B>< A0?>3 A68<0;AO.
5 8
;0418I5=A:85 385=K =0720=85 2>@>2 =0 :;0418I0E.
5 9
060@8BL 420 60@:8E =0 >4=>< >3=5 C18BL 42CE 709F52 >4=8< 2KAB@5;><.
6 0
A;8 C4CB 3@5E8 20H8, :0: 103@O=>5 :0: A=53 C15;N. A 1 : 1 8 .
6 1
>;B 0@10;5B=0O AB@5;0.
6 2
;5D0 E>;>4=>5 >@C685 A 4;8==K< 4@52:>< 8 =0:>=5G=8:>< 2 2845 <5G0, @07=>284=>ABL 0;510@4K.
6 3
8B0;L=K9 687=5==> 206=K9.
6 4
45AL 8 40;55: 25;L<>6=K9 3>A?>48=, 20H0 25;L<>6=>ABL >1@0I5=85 : 25;L<>60<, B> 5ABL 7=0B=K< ;N4O< ( A<. A;>20@L D@5<>2>9) .
6 5
0;L<078O ( <0;L2078O) A;04:>5 3@5G5A:>5 28=>, 2 ?5@5=>A=>< A<KA;5: 87KA:0==>5 28=>.
6 6
0@KH=8F0 ?5@5:C?I8F0.
6 7
CB>40D5 >B ?>@BC30;LA:>3> « 0:B 25@K» . 7=0G05B ?C1;8G=>5 A>665=85 5@5B8:>2. H8@>:>< A<KA;5 8A?>;=5=85 ?@83>2>@0 AC40 8=:2878F88.
6 8
A8=>40;L=>< ?5@52>45: 8 ?@>AB8 =0< 4>;38 =0H8, :0: 8 <K
?@>I05<
4>;6=8:0< =0H8<.
<8@5 >@48<5@0 A<KA; ?@>B82>?>;>6=K9.
6 9
/ 5A<L ?0ABK@L 4>1@K9, 0 4>1@K9 ?0ABK@L ?>;0305B
687=L
A2>N 70 >25F. = 1 0 : 1 1 .
ABL @07=8F0 <564C 5:0@>9 8 @CAA:8< A8=>40;L=K< ?5@52>4><: 4CHC A2>N 687=L A2>N.
7 0
& =5 1>9B5AL ;8F0 G5;>25G5A:>3>, [ 81> AC4 45;> >685] . B>@ 1 : 1 7 . 5 AC48B5 ?> =0@C6=>AB8, [ => AC48B5 AC4>< ?@0254=K<] . = 7 : 2 4 .
>@48<5@ >?CA:05B A;>20 > >6L5<, A?@0254;82>< AC45.
7 1
0<G0B>5, >B « :0<:0» 4>@>30O 2>AB>G=0O C7>@G0B0O B:0=L, G0I5 2A53> HQ;:>20O.
7 2
@0= ( >B ;0B. g r a n u m 75@=>) CAB0@52H0O 548=8F0 <0AAK =0 >A=>25 25A0 A@54=53> OG<5==>3> 75@=0. A?>;L7C5BAO 2 ?5@5=>A=>< A<KA;5, :0: <5@0 <0;>AB8.
7 3
:>=8B ( 1>@5F) O4>28B>5 @0AB5=85; B0:65 8 ;5:0@AB25==>5. !?>@K=LO B>:A8G=K9 3@81>:, ?0@078B8@CNI89 =0 75@=>2KE; ?@8<5=O;AO 4;O ?@>2>:0F88 @>4>2 8;8 01>@B>2, >B <83@5=8. >;GL8 O3>4K A>18@0B5;L=>5, =0@>4=>5 =0720=85 4;O B>:A8G5A:8E @0AB5=89 ( 15;;04>==0 8;8 :@0A02:0, 2>;G5O3>4=8:, 2>@>=89 3;07) .
7 4
>E>65, 745AL >@48<5@ ?@>O28; =5?@>D5AA8>=0;87<, A@07C A45;02 2K2>4, GB> >@5BB0 ;8HL >B@028B5;L=8F0. 0?@8<5@, 0:>=8B, 15;;04>==0, 2>;GL8 O3>4K 2E>48;8 2 A>AB02 75;LO, ?@83>B>2;O5<>3> 254L<0<8 4;O ?>;QB>2. @5?0@0BK A?>@K=L8, :0: 30;;NF8=>35=, C?>B@51;O;8AL 254L<0<8 4;O « >1I5=8O A 4LO2>;><» . ;8 MB> ?@5427OB>ABL >@48<5@0?
7 5
C=4 18B20, 1>9 ( AB0@>35@<. : G u n d ) .
7 6
BG5 =0H, ACI89 =0 =515A0E! 0 A2OB8BAO 8<O "2>Q; 0 ?@8845B &0@AB285 "2>Q; 0 1C45B 2>;O "2>O 8 =0 75<;5, :0: =0 =515; %;51 =0H =0ACI=K9 409 =0< =0 A59 45=L; 8 ?@>AB8 =0< 4>;38 =0H8, :0: 8 <K ?@>I05< 4>;6=8:0< =0H8<; 8 =5 22548 =0A 2 8A:CH5=85, => 87102L =0A >B ;C:02>3>. D 6 : 9 - 1 3 .
5@20O G0ABL <>;8B2K 2 <8@5 >@48<5@0 A>2?0405B A =0H59, => 40;LH5 84CB :>@5==K5 >B;8G8O: 1 ) > ?@>I5=88 8 @5G8 =5B ( >1 MB>< C65 C?><8=0;8 2KH5) ; 2 ) =5B ?@>AL1K 871028BL >B ;C:02>3>, 0 5ABL ?@87K2 : 0:B82=><C >B?>@C. 'B> =5C4828B5;L=>, CG8BK20O 0;LB5@=0B82=CN 8AB>@8N %@8AB0. @><5 B>3>, >@48<5@ ?> @07=><C G8B05B MBC <>;8B2C ( 4065 2 >4=>< MB>< @0AA:075) , GB> 2K7K205B A><=5=85 2 7=0=88 8< 8A0=8O, E>BO >= G0AB> =0< >1 MB>< 3>2>@8B. ;8 >@48<5@ ?@5=51@5305B 8A0=85<?
7 7
8B0=8O E@8AB80=A:0O <>;8B20, A>AB>OI0O 87 ?>2B>@ONI8EAO :>@>B:8E <>;51=KE 2>7720=89.
7 8
0<0AB B:0=L ( >1KG=> HQ;:>20O) A @8AC=:>< ( >1KG=> F25B>G=K<) .
7 9
&5@:>2=K9 8=45:A A?8A>: :=83, >D8F80;L=> 70?@5IQ==KE F5@:>2LN.
8 0
0;K5 <8@0 A53> <0;5=L:85 ;N48, ?>A@54AB25==>AB8.
8 1
071>9=0O !B@060 @>7KA:=>9, A;54AB25==K9 8 AC451=K9 >@30= ?> C3>;>2=K< ?@5ABC?;5=8O<. >4>1=0O 459AB2>20;0 2 A@54=525:>2>9 >;LH5.
8 2
01:0 =04:>?KB=K9 ACAB02 C ;>H048, 745AL ;>4K6:0 ;N1OI59 65=I8=K.
8 3
>3C1;N <C4@>ABL <C4@5F>2, 8 @07C< @07C<=KE >B25@3=C. 1 >@ 1 : 1 9 .
8 4
0@0:>20O ;>H04L A G5@=K< >:@0A>< :>@?CA0, 3@82K 8 E2>AB0 8 A @K68<8 8;8 :>@8G=52K<8 ?>4?0;8=0<8 =0 <>@45, 2>:@C3 3;07, ?>4<KH:0<8 8 2 ?0EC. !0<K9 BQ<=K9 20@80=B 3=54>9 <0AB8.
8 5
KE>48B, ?@8 4>;6=>< >1@07>20=88 8 ?>43>B>2:5 GB>- B> ?>4>1=>5 >1>@>B=8G5AB2C 2>7<>6=>?
8 6
@>?8;L=8F0 A>AC4 4;O >A2OIQ==>9 2>4K, =0E>4OI89AO 2 ?@8B2>@5 E@0<0.
8 7
& >B40209B5 2AO:><C 4>;6=>5: :><C ?>40BL, ?>40BL; :><C >1@>:, >1@>:; :><C AB@0E, AB@0E; :><C G5ABL, G5ABL. 8< 1 3 : 7 .
8 8
A@54=525:>2L5 AB@060 8 A;C38 =>A8;8 >4564C F25B>2 35@10 8E E>7O8=0, D>@<C.
8 9
;065==K =8I85 4CE><, 81> 8E 5ABL &0@AB285 515A=>5. D 5 : 3 .
9 0
>3 38??>?>B0<0 B0: 2 >@838=0;5. 848<>, >@48<5@C =5 ?@5?>4020;8 18>;>38N&
9 1
5= 75<;8, ?>60;>20==K5 A5=L>@>< 20AA0;C 2 =0A;54AB25==>5 2;045=85, ?>;L7>20=85 8 @0A?>@O65=85 =0 CA;>28OE =5A5=8O 20AA0;>< 2>5==>9, 04<8=8AB@0B82=>9 8;8 ?@842>@=>9 A;C61K 2 ?>;L7C A5=L>@0.
9 2
@52> @50;L=> ACI5AB2CNI89 2 A@54=525:>2L5 8<?5@0B>@A:89 ( :>@>;52A:89) G8=>2=8:, >1;0402H89 =0 225@5==>9 5<C B5@@8B>@88 AC451=>9, D8A:0;L=>9 8 2>5==>9 2;0ABLN.
9 3
>A;CHB0=K 2 >@838=0;5 S f o r n e g a c e . ! >4=>9 AB>@>=K, 2 =0?8A0=88 284=0 ?@5B5=78O =0 « 1;03>@>4=>5» =0720=85, A 4@C3>9, 72CG8B :0: s f o r n e ( ?>A;CH=K5) g a c i e ( HB0=K) . ;;N78O =0 @50;L=>5 :0HC1A:>5 A5;> S w o r n e g a c i e >B s w o r a ( :>A0, ?;5BQ=0O 87 :>@=59) 8 « g a c o w a n i e » ( 30BL, 30B8BL) .
9 4
>;L=>AB8 ?>40B=K5 8 8=K5 ?>A;01;5=8O ?5@5A5;ONI8<AO =0 =>2K5 75<;8.
9 5
B0: A<8@8B5AL ?>4 :@5?:CN @C:C >68N, 40 2>7=5A5B 20A 2 A2>5 2@5<O. 1 5B 5 : 6 .
9 6
$8;>A>DA:89 :0<5=L, :@0A=0O B8=:BC@0, ?0=0F5O ?@54<5B ?>8A:>2 A@54=525:>2KE 0;E8<8:>2, ?@5?0@0B, ?> 8E ?@54AB02;5=8N, A?>A>1=K9 ?@52@0I0BL ( B@0=A<CB8@>20BL) <5B0;;K 2 7>;>B>. 0?8B>: 87 =53> 4>;65= 1K; 8AF5;OBL 2A5 1>;57=8, ><>;06820BL AB0@>5 B5;> 8 ?@>4;520BL 687=L.
03>2>@8;8 > 2@5<5=8, 3@0D 8 2A?><=8; > D8;>A>DA:>< :0<=5.
9 7
5;57=>5 :@5A;> >4=> 87 A@54=525:>2KE >@C489 ?KB>:, A845=L5 53> 1K;> A=0165=> >AB@8O<8, 0 ?>4 =8< 1K;0 60@>2=O.
9 8
@54?>AK;:0 >A=>20=85 4;O 2K2>40, C<>70:;NG5=8O. >E>65, >@48<5@ 8 ;>38:C 87CG0;.
9 9
!<>;>:C@K 70=8<0NBAO ?>;CG5=85< A<>;K, A:8?840@0 8 C3;O 87 4@525A8=K E2>9=KE 45@52L52 ?@8 =03@520=88 157 4>ABC?0 2>74CE0.
1 0 0
>@B=8:8 70=8<0NBAO ?G5;>2>4AB2><, ?@8 :>B>@>< ?GQ;K 682CB 2 4C?;0E 45@52L52.
1 0 1
: 1 1 : 9 .
1 0 2
AB8==> 3>2>@N 20<: B0: :0: 2K A45;0;8 MB> >4=><C 87 A8E 1@0BL52 >8E <5=LH8E, B> A45;0;8 =5. D 2 5 : 4 0 .
>@48<5@ :064K9 @07 F8B8@C5B 8=0G5. ;>E> 7=05B A2OI5==>5 8A0=85?
1 0 3
;LB5=D5@3 >B a l t e n ( 4@OE;K9, 4@52=89 =5<. ) 8 f e r g ( O@>ABL :5;LB. ) .
1 0 4
;O =5<>I=KE 1K; :0: =5<>I=K9, GB>1K >1@5AB8 =5<>I=KE. ;O 2A5E O A45;0;AO 2A5<, GB>1K A?0AB8 ?> :@09=59 <5@5 =5:>B>@KE. 1 >@. 9 : 2 2
1 0 5
>@<8B>@89 >1I0O A?0;L=O, >1KG=> 2 <>=0ABK@OE 4;O <>=0E>2.
A?><=8< H:>;C: / =5 <>3C
4>@<8@
2 ?>BQ<:0E ( C1@>2A:89, CH:8=) .
1 0 6
'5@2;5=L :@0A=K9 F25B.
1 0 7
:A0<8B AB0@8==>5 =0720=85 10@E0B0.
1 0 8
=A83=8O A8<2>; 2;0AB8 2 2845 :0:>3>- ;81> ?@54<5B0, 7=0:0.
1 0 9
@8?0 ?;>A:>4>==>5, ?@O<>C3>;L=>5 AC4=>, ?;020NI55 ?> 8A;5, 0@>2C 8 0?04=><C C3C.
1 1 0
0?8B0=0B A;C610 :0?8B0=0 ?>@B0, =0478@0NI0O 70 157>?0A=>ABLN <>@5?;020=8O, ?>@O4:>< 2 ?>@BC, ;8F5=78@>20=85< 2 >1;0AB8 AC4>2>645=8O.
1 1 1
@02>2>9 >1KG09 A;>682H85AO ?@028;0, ?@0:B8:0 ( N@84. B5@<8=) .
1 1 2
0=>A=8: C7:0O <5B0;;8G5A:0O ?;0AB8=0 =0 H;5<5, 70I8I0NI0O =>A.
1 1 3
Q4 2> @BC ;0:><AB2> ( 848><0) . >, 2>7<>6=>, >@48<5@ AJO728;, 8<5O 2 284C AB0@8==CN M?83@0<<C =0 857C8B>2: Q4 =0 CAB0E, <>;>:> =0 A;>20E, 65;GL 2 A5@4F5, >1<0= =0 45;5 ( M e l i n o r e , v e r b a l a c t i s , f e l i n c o r d e , f r a u s i n f a c t i s ) / 0B8=A:>- @CAA:89 8 @CAA:>- ;0B8=A:89 A;>20@L :@K;0BKE A;>2 8 2K@065=89. MB>, ?>60;C9, 25@>OB=>, ?>A:>;L:C A>740B5;5< >@45=0 857C8B>2 1K; 3=0B89 45 >9>;0 BQ7:0 3=0F8CA0. ABL 8 @CAA:89 20@80=B: 0 O7K:5 <Q4J, 0 ?>4J O7K:><J ;Q4J.
1 1 4
5 >B:@K209 A2>53> A5@4F0 :064><C G5;>25:C, 401K =5 >BB>;:=CBL A2>59 C40G8. 5BE89 025B, C4@>ABL 8ACA0 !8@0E0 ( =5:0=>=8G5A:0O :=830) .
1 1 5
>;>B> 4;O @0A:0;K20=8O :>AB59 8=AB@C<5=B, ?@8<5=O5<K9 ?0B>;>3>0=0B><0<8. ?0;0G0<8.
1 1 6
C;5=K A@54=525:>2K5 BCD;8 A >G5=L 4;8==K<8, 4> 7 0 A<, =>A:0<8.
1 1 7
>AA5;L <848O ( =5<. ) .
1 1 8
0?8B:8 =5 >A2OI5=K F5@5<>=859 :@5I5=8O =0 =8E =5 1@K730;8 2>4>9, 745AL =5 @071028;8.
1 1 9
20 A>AF0 B2>8 :0: 42>9=8 <>;>4>9 A5@=K& (5O B2>O :0: AB>;? 87 A;>=>2>9 :>AB8. 5A= 4 : 5 , 7 : 5 .
1 2 0
>@48<5@, ?> ACB8, 70:>==8:, ?>MB><C 8 8A?>;L7C5B N@848G5A:89 B5@<8=: « =5AB8 @8A:8» .
1 2 1
0 A0<>< 45;5, MB> ?>;LA:0O ?>A;>28F0. @8<5@=K9 @CAA:89 20@80=B: LQB, 7=0G8B ;N18B.
1 2 2
0==0O D@070 =0945=0 B>;L:> C 5:0@K, ?>E>65, MB> >= « :B>- B> <C4@55» >@48<5@0.
1 2 3
OB=04F0BL DCB>2 >:>;> 4 . 5 <5B@>2.
1 2 4
5@538B5AL ;65?@>@>:>2, :>B>@K5 ?@8E>4OB : 20< 2 >25GL59 >45645, 0 2=CB@8 ACBL 2>;:8 E8I=K5. D 7 : 1 5 .
1 2 5
A5A>665=85 >48= 87 284>2 65@B2>?@8=>H5=8O ( 181;. ) , :>340 65@B20 ( B5;5F, 10@0=, :>7Q;, 3>;C1L) A6830;0AL ?>;=>ABLN. 8=KE A;CG0OE 65@B2>20;0AL B>;L:> G0ABL 682>B=>3>, 0 >AB0;L=>5 ?>ABC?0;> A2OI5==>A;C68B5;O<.
1 2 6
"@5728B5AL, 1>4@AB2C9B5, ?>B><C GB> 2@03 20H 4802>; E>48B, :0: @K:0NI89 ;52, 8I0, :>3> ?>3;>B8BL. 1 5B 5 : 8 .
1 2 7
AA>? @0AB5=85, C?><8=05<>5 2 81;88, AB51;8 :>B>@>3> 8A?>;L7>20;8AL :0: :@>?8;>.
1 2 8
E@8AB80=A:>< >1KG05 B5;> >:@>?;ONB 8 ><K20NB ?>A;5 A<5@B8 3>B>2O : ?>3@515=8N, 745AL MB> ?@>45;K205BAO =04 5IQ 682K<8 B5;5A=>. 7=0: B>3>, GB> 3@5H=8:8 D0:B8G5A:8 C65 <5@B2K.
1 2 9
0@8CA ( M a r i u s ) , A;C610 2=CB@5==59 157>?0A=>AB8 =:2878F88 >@8A ( M a u r y c y ) , <>H5==8:. 0<5G0B5;L=>, GB> 8<5=0 ;N459 A @07=KE AB>@>= >1@0 8 ;0 A>72CG=K, 0 2 ;0B8=A:>9 B@0=A:@8?F88 72CG0B 2>>1I5 >48=0:>2>. 54=K9 >@48<5@, 53> 8A?>;L7CNB >15 AB>@>=K&
1 3 0
B0:, 1@0B8O <>8 2>7;N1;5==K5, 2AO:89 G5;>25: 40 1C45B A:>@ =0 A;KH0=85, <54;5= =0 A;>20, <54;5= =0 3=52, 81> 3=52 G5;>25:0 =5 B2>@8B ?@024K >6859. 0: 1 9 2 0 .
1 3 1
AO:>5 =0:070=85 2 =0AB>OI55 2@5<O :065BAO =5 @04>ABLN, 0 ?5G0;LN; => ?>A;5 =0CG5==K< G5@57 =53> 4>AB02;O5B <8@=K9 ?;>4 ?@0254=>AB8. 2@ 1 2 : 1 1 .
1 3 2
& =5 2845; B>3> 3;07, =5 A;KH0;> CE>, 8 =5 ?@8E>48;> B> =0 A5@4F5 G5;>25:C, GB> ?@83>B>28; >3
;N1OI8<
3>. 1 >@ 2 : 9 .
!<KA; C 5:0@K A>2A5< 8=>9: A>?@>B82;O5BAO ;N18B.
1 3 3
8B59=0O ?@>4060 A?8@B=KE =0?8B:>2 2 @>7;82. @02> =0 MB> 2K:C?05BAO C 3>@>40.
1 3 4
AB0@8=C <564C 40<>9 8 20;5B>< ( >@C65=>AF5<) 1K;0 5IQ >4=0 :0@B0 @KF0@L.
1 3 5
<10@ A?5F80;L=>5 ?><5I5=85 4;O E@0=5=8O 75@=0 8 <C:8, 25=B8;8@C5<>5.
1 3 6
@5;0B 2KA>:>5 4>;6=>AB=>5 ;8F> 2 F5@:28.
1 3 7
ABC?8BL 2 =0A;54AB2> AB0BL 2;045;LF5< =0A;54C5<KE 8<CI5AB20 8 A@54AB2. > B>;L:> A CA;>285< C?;0BK =0;>3>2 8 ?>H;8=, 0 B0:65 A>3;0A8O ?@8=OBL 2>7<>6=K5 >1@5<5=5=8O : =0A;54AB2C ( 4>;38, ?><>IL :><C- B> 8 ?@. ) . >6=> 8 >B:070BLAO >B =0A;54AB20, B>340 >=> ?5@594QB 1>;55 40;L=8< @>4AB25==8:0< 8;8 3>AC40@AB2C ( AB0=5B 2K<>@>G=K<) .
1 3 8
5@0@E8 A2OI5==>=0G0;L=8:8.
1 3 9
0=5@:0 ?>E>4=0O <5B0;;8G5A:0O D;O6:0 A 7028=G820NI59AO :@KH:>9 2 2845 AB0:0=0.
1 4 0
>@OG55 ?82> ?>;LA:89 =0@>4=K9 =0?8B>:. 82> ?>4>3@5205BAO 4> 7 0 8 0 3@04CA>2 8 2 =53> 4>102;O5BAO :>@80=4@, 32>748:0, <Q4. 0?8B>: C?>B@51;O;8 ?@8 E>;>4=>9 ?>3>45 8;8 ?@>ABC45. 0 =0H 273;O4, 304>ABL&
1 4 1
C@?C@0B :0@48=0; ( 20@80=B =0720=8O) , >B ?C@?C@=>3> F25B0 <0=B88. 745AL 8 >B F25B0 ;8F0.
/F5:
5:0@0
>;>B 254L<
2 0 0 3
1;5:8B5AL 2> 2A5>@C685 >685, GB>1K 20< <>6=> 1K;> AB0BL ?@>B82 :>7=59 4802>;LA:8E& B0: AB0=LB5, ?@5?>OA02 G@5A;0 20H8 8AB8=>N 8 >1;5:H8AL 2 1@>=N ?@0254=>AB8, 8 >1C2 =>38 2 3>B>2=>ABL 1;03>25AB2>20BL <8@.
( !2OB>9 025;, >A;0=85 : D5AO=0<)
<=>385 ;65?@>@>:8 2>AAB0=CB, 8 ?@5;LABOB <=>38E.
( 20=35;85 >B !2OB>3> 0BD5O)
!04K ?0<OB8
5=O 7>2CB >@48<5@ 0445@48= 8 O O2;ONAL 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. O3:>A5@45G=K<, :@>B:8< 8 ?@58A?>;=5==K< A<8@5=8O 8 AB@0E0 >6L53> G5;>25:><, :>B>@K9 A2>Q ?@8720=85 =0HQ; 2 CB5H5=88 3@5H=8:>2 8 2 =0AB02;5=88 8E =0 ?CBL, C:070==K9 >3>< A5<>3CI8<, =35;0<8 8 A2OB>9 &5@:>2LN& 5A;8 1K O ?8A0; <5<C0@K, 8<5==> B0: 1K 8< =0G8=0BLAO. > O =5 ?8HC <5<C0@>2 8 =5 4C<0N, GB> :>340- =81C4L =0G0; 1K MB> 45;0BL. 5 B>;L:> ?@8=8<0O 2> 2=8<0=85 D0:B, GB> 5ABL B0:85 <5AB0 2 4CH5 8 <KA;OE G5;>25:0, :C40 703;O4K20BL =8:>340 =5;L7O, => 8 ?> ?@8G8=5 C1>3>9 >1K45==>AB8 <>59 @01>BK. / ;8HL >48= 87 <=>38E @01>B=8:>2 =0H59 !2OB>9 0B5@8- &5@:28. !0<K5 G0ABK5 A>1KB8O 2 <>59 687=8 MB> 1>@L10 A :;>?0<8 8 2H0<8 2 :>@G<5 « >4 K:>< 8 5@51F><» , 2 :>B>@>9 O 682C 1;03>40@O ;N157=>AB8 2;045;LF0, 25B5@0=0 87- ?>4 (5=35=0. <K, ?5@5682H85 MBC 1>9=N, 8<55< >1K:=>25=85 45@60BLAO 2<5AB5 8 ?><>30BL 4@C3 4@C3C, E>BL 1K =0A 8 @0745;O;0 @07=8F0 2 ?@>D5AA88, ?@>8AE>645=88 8;8 A>AB>O=88.
-B8 4=Q< O ;560; 2 :><=0B5 =0 2B>@>< MB065 :>@G<K 8 2A;CH820;AO 2 HC< 1C@8 70 AB02=O<8. 5B> :0: @07 CE>48;>, =0G8=0;8AL ?5@2K5 E>;>4=K5, 4>64;82K5 4=8. : AG0ABLN, ?>A:>;L:C B>340 A<@04 AB>G=KE :0=02, >A>15==> =081>;LH59 87 =8E, CA;>2=> =07K205<>9 745AL @5:>9, :070;>AL, >BABC?0;. C 20H53> ?>:>@=>3> A;C38 =5>1K:=>25==> GCB:>5 >1>=O=85, 8 0@><0B 3=8NI8E >B1@>A>2 40 =5G8AB>B 2K7K205B C =53> B0:>5 >1>A=>20==>5 >B2@0I5=85. / @07<KH;O; > A2>Q< 2>72KH5==>< GC2AB25 MAB5B8:8, :>340 CA;KH0; H038 =0 ;5AB=8F5. !0<0O @0AA>EH0OAO ABC?5=L:0 ?@>=78B5;L=> A:@8?=C;0, 0 O ?@8?>4=O;AO =0 ;>:BOE 8 ?>A<>B@5; 2 AB>@>=C 425@8. 0740;AO B8E89 ABC:.
>948B5, A:070; O 8 425@L >B:@K;0AL.
0 ?>@>35 O C2845; 65=I8=C, 70:CB0==CN 2 H5@ABO=>9, A5@K9 ?;0B>:. Q ;8F> 1K;> F25B0 ?;0B:0, 0 4;8==K9 :@NG:>20BK9 =>A ?@84020; 59 284 254L<K =0 H010H5 A 3@02N@. E, 2?@>G5<, MB> ;>6=>5 ?@54AB02;5=85, ;N157=K5 <>8. K 1K C4828;8AL, C7=02, :0:85 :@0A82K5 8 87 ?@8;8G=KE A5<59 101Q=:8 <>3CB ?@54020BLAO 4LO2>;C. "0: G53> 65 5<C 1K;> 8A:0BL C 2KA>EH8E 8 ?>1;Q:H8E 65=I8=, :0: B0, GB> ?>A5B8;0 <>N :><=0BC? 725AB=> B0:65, GB> 4LO2>;C 1>;LH5 =@02OBAO AB0B=K5 <>;>4:8 A> A2568<8 IQG:0<8 8 2KA>:>9 3@C4LN. "5< =5 <5=55, C 65=I8=K, :>B>@0O <5=O ?>A5B8;0, 1K;8 :@0A82K5 75;5=>20BK5 3;070 8 GCB:89 273;O4 ?B8FK.
038AB@ 0445@48=, A:070;0 >=0, A:;>=OO 3>;>2C. K A<>65B5 <5=O ?@8=OBL?
@>HC, >B25B8; O 8 C:070; =0 B01C@5B, 0 >=0 ?@8A5;0 =0 53> :@09. '5< <>3C 20< A;C68BL?
5=O 7>2CB 5@<0 8:A4>@D, 1;03>@>4=K9 <038AB@, 8 O O2;ONAL 24>2>9 B>@3>2F0 75@=>< <0=4CA0 8:A4>@D0, :>B>@>3> ?@>720;8 8;>9.
= 1K; =0AB>;L:> >AB>@>6=K< 2 ?;0=8@>20=88 @0AE>4>2? ?>HCB8; O.
5B, 3>A?>48=. / 70<5B8;, GB> =0 5Q I5:0E ?>O28;AO @C<O=5F. "0: 53> ?@>720;8 ?> 4@C3>9 ?@8G8=5& / E>B5; A?@>A8BL, ?> :0:>9, => 24@C3 4>3040;AO 8 @0AA<5O;AO. E, B0:, A:070; O, 0 >=0 ?>:@0A=5;0 5IQ 1>;LH5. B0:, A;CH0N, 5@<0. 0:>5 45;> B51O :> <=5 ?@825;>? =5 =C6=0 ?><>IL. =0 ?>4=O;0 273;O4 8 B2Q@4> ?>A<>B@5;0 =0 <5=O. ><>IL :>3>- B> 206=>3>, =5@>1:>3> 45AOB:0 8 3>B>2>3> A>25@H8BL ?>574:C.
C4L O 206=K<, =5 68; 1K 2 MB> :>@G<5, ?>574:0 2> 2@5<O >A5==8E 4>6459 <=5 =5 C;K105BAO, 0 4=8 8 =>G8 ?@>2>6C 2 AB@0E5 >6L5<, >B25B8; O. "515 =5 ?>257;>, 5@<0. > A2840=8O.
> 3>A?>48=, O CA;KH0; 15A?>:>9AB2> 2 5Q 3>;>A5. =5 B51O ?>A>25B>20;8 4@C7LO 4@C759. >2>@OB, GB> BK G5;>25:, A8;0 :>B>@>3> =5 CABC?05B @5H8B5;L=>AB8, 8 GB> B515 =5B @02=KE 2 ?@5A;54>20=88 4LO2>;0 8 53> 45O=89. @5C25;8G5=85, 752=C; O, 81> 1K; =52>A?@88<G82 : ;5AB8. %>BO& 2AQ 65 CGB82K5 A;>20 ?@8OB=> ;0A:0NB A5@45G:>. 8G53> B0: =5 2;8O5B =0 C25;8G5=85 AC<<K, :>B>@CN :;85=B A>18@05BAO ?@54;>68BL 70 CA;C38, :0: 87=0G0;L=>5 @02=>4CH85. @07 1K;0 24>2>9 B>@3>2F0 75@=><, @0AAG8BK20;, GB> >=0 @0A?>;0305B G5<- B> 1>;LH8<, G5< ;8HL ;5?B0 24>28FK. %>BO 5Q >45640, :070;>AL, ?@>B82>@5G8B <>8< ?@54?>;>65=8O<. "5< =5 <5=55, O 284K20; 35@F>38=L, 2K3;O452H8E :0: =8I5=:8. 0- 40, <0;> 25I59 ?>4 2KA>:8< =51><, :>B>@K5 A?>A>1=K C4828BL 20H53> ?>:>@=>3> A;C3C. / =51>30B0, A:070;0 >=0, 0 O ?>60; ?;5G0<8. 5C6B> :;85=BK =5 <>3CB ?@84C<0BL 8=>9 ?5A5=:8? > O 2 A>AB>O=88 <=>3> ?@54;>68BL 2 >1<5= =0 =51>;LHCN CA;C3C. C4L CA;C30 459AB28B5;L=> =51>;LH>9, BK =5 8A:0;0 1K :> <=5 ?>4E>40. 1C4L BK :@0A82>9, O 1K =0HQ; A?>A>1, :0:8< <>3;0 1K >B1;03>40@8BL, ?>4C<0; O, => =8G53> =5 ?@>87=QA. / A<>B@5; =0 =5Q :0:>5- B> 2@5<O 2 <>;G0=88. >2>@8, @5H8; O, =0:>=5F. :>=5G=>< AGQB5, <=5 8 B0: =5G53> 45;0BL.
C4L >=0 ?@5;5AB=>9, <>;>4>9 65=I8=>9, <>65B O ?@54;>68; 1K 59 1>:0; 28=0, => ?>A:>;L:C 2K3;O45;0 B0:, :0: 2K3;O45;0, <=5 4065 =5 E>B5;>AL 2AB020BL A :@>20B8.
# <5=O 5ABL A5AB@0, :>B>@0O 682QB 2 528EB5, A>@>: <8;L =0 A525@ >B %570, =0G0;0 >=0. -B> <0;5=L:>5 A5;5=85, 8 A5AB@0 ?5@55E0;0 BC40 ?>A;5 65=8BL1K A B>@3>2F5< A:>B>< ?> 8<5=8 "C@5;L >7=8F, 2?@>G5<, ?@>B82 2>;8 @>48B5;59, ?>A:>;L:C& 5 =04> @0AA:07K20BL <=5 8AB>@8N A2>59 A5<L8. / ?>4=O; @C:C. N1;N B>;L:> 70=8<0B5;L=K5 @0AA:07K.
=0 A60;0 3C1K, => =8G53> =5 >B25B8;0.
-B>B 1C45B 70=8<0B5;L=K<. 15I0N, ?@>87=5A;0 >=0 ;8HL G5@57 <8=CBC.
07 >15I05HL& O :82=C;, GB>1K ?@>4>;60;0.
!5AB@0 ?@OG5B 2>AL<8;5B=53> AK=>G:0, A:070;0 >=0. A>>1I8;0 <=5, GB> C @51Q=:0 5ABL >?@545;Q==K5& >=0 ?@5@20;0, =5 7=0O, GB> A:070BL, 8 =5@2=> A602 @C:8. >6=> ?>?@>A8BL :C1>: 28=0?
/ C:070; @C:>9 =0 AB>;, =0 :>B>@>< AB>O;8 :C2H8= 8 420 3@O7=KE :C1:0. =0 2KB5@;0 >48= 87 =8E :@05< ?;0B:0 :0:0O 701>B0 > G8AB>B5! 8 =0;8;0 28=0.
2K, <038AB@? A?@>A8;0 >=0 8, =5 >6840O >B25B0, =0?>;=8;0 2B>@>9 :C1>: 8 ?>40;0 53> <=5.
=0 A5;0 >1@0B=> =0 B01C@5B 8 ?>A<>B@5;0 ?>4 =>38, B0: :0: 7045;0 =>3>9 ;560ICN =0 ?>;C :=83C. N 1K;0 « "@8AB0 =>G59 AC;B0=0 ;8D0» , =58<>25@=> 8=B5@5A=0O ?@8BG0, :>B>@CN O ?>;CG8; >B <>53> ?@8OB5;O, ?5G0B=KE 45; <0AB5@0 0:B>15@B0. / A=>20 C2845;, GB> >=0 ?>:@0A=5;0. C- =C, 5A;8 MB> =0720=85 59 GB>- B> 3>2>@8;>, ?>- 2848<><C, =5 1K;0 B0:>9 C6 ?>1;5:H59 8 =58=B5@5A=>9, :0:>9 2K3;O45;0. « "@8AB0 =>G59 AC;B0=0 ;8D0» , :>=5G=>, =0E>48;8AL 2 A?8A:5 70?@5IQ==KE :=83, => :0: @07 =0 ?>4>1=K5 ?C1;8:0F88 A<>B@5;8 A:2>7L ?0;LFK. / A0< 2845; EC4>65AB25==> >D>@<;5==K9, ?>;=K9 =5A:070==> @50;8AB8G=KE 3@02N@ M:75<?;O@ C 3> @5>A2OI5=AB20 5@A0@40, 5?8A:>?0 %57- E57@>=0. %0, B@8AB0 =>G59, B@8AB0 65=I8= 8=B5@5A=CN 687=L 2Q; AC;B0= ;8D! AB0B8, ?@8BG0 70:0=G820;0AL 2AQ 65 3@CAB=>, ?>A:>;L:C AC;B0=0, ?>3;>IQ==>3> =5CAB0==K< A>8B85<, 8 =5 70=8<0NI53>AO 3>AC40@AB25==K<8 45;0<8, 25;8:89 2878@L ?@8:070; C18BL.
0G5<, 0E, 70G5< O A;54>20; ?>E>B8, >1JOBLOE =0;>6=8F 8I0 =0A;0645=LO? !>60;5N >1 MB>< ?@54 >A?>40 ;8:><, ;O4O =0 <5G, GB> @0A?>@5B <5=O,
3>2>@8; AC;B0=, 7025@H0O, 8 <>=>;>3 MB>B 1K; B0:8< 6CB:8<, GB> 4065 7C1K 1>;5;8. ?@>G5<, 3>2>@OB, 53> 4>1028;8 A?CABO <=>3> ;5B ?>A;5 A<5@B8 02B>@0, 65;0O ?@8?@028BL ?@8BGC =@02>CG8B5;L=K< ?>A;52:CA85<. ?>;=5 2>7<>6=>, B0: :0: D0=B078O :>?88AB>2 8 ?5G0B=8:>2 2A5340 1K;0 =5>1JOB=>9.
/ B0: 704C<0;AO > AC;B0=5 ;8D5 8 ?5@8?5B8OE 53> 687=8, GB> ?>GB8 701K; > A84OI59 @O4>< 65=I8=5.
>6=> <=5 ?@>4>;68BL? A?@>A8;0 >=0.
E, ?@>AB8B5, >B25B8; O 8 >B?8; 3;>B>: 28=0. / :>340- =81C4L =0CGC >@D8A0, GB>1K E>BO 1K A>45@68<>5 <>8E :C2H8=>2 =5 :@5AB8; 2>4>9?
# AK=>G:0 A5AB@K >A>1K9 40@, 3>2>@8;0 >=0, 8 O 2845;, GB> 59 MB> 40QBAO A B@C4><. A2OBK5 4=8 70?OABLO 53> @C: 8 ;>4K6:8 ?>:@K20NBAO @0=0<8& / ?@8?>4=O;AO =0 :@>20B8. "0:65 @0=K ?>O2;ONBAO C =53> =0 G5;5, B0<, 345 >A?>4C =0H5<C 20@20@K 2>7;>68;8 B5@=>2K9 25=5F.
!B83<0BK, A:070; O. 5G53> A:070BL.
0, AB83<0BK, ?>2B>@8;0 >=0. !5AB@0 A:@K20;0 MB> A:>;L:> <>3;0, => 2 :>=F5 :>=F>2 2AQ >B:@K;>AL. . . ?
5AB=K9 ?@>1>I ?>:07K205B <0;LG8:0 2> 2@5<O F5@:>2=KE A;C61. N48 AJ5760NBAO 8740;5:0, GB>1K =0 =53> ?>A<>B@5BL. C 8 :>=5G=>&
5;0NB I54@K5 ?>65@B2>20=8O, 70:>=G8; O 70 =5Q.
<5==>, 274>E=C;0 >=0. ">;L:> 2>B, <038AB@ 0445@48=, >=0 3;C1>:> 2BO=C;0 2>74CE. 5;> A8;L=> 708=B5@5A>20;> <5AB=KE 8=:2878B>@>2.
=:2878B>@>2? 528EB5? A?@>A8; O, 81> 7=0N 2A5 <5AB=K5 >B45;K =:2878F88, 0 > B0:>< 3>@>4:5 =8:>340 =5 A;KH0;. 5B, ?@85E0;8 87 ;>??5=1C@30, ?>OA=8;0 >=0.
BCB AE>48BAO. / :>340- B> 1K; 2 ;>?5==1C@35 8 A2>8<8 3;070<8 2845; <0;5=L:89, :0<5==K9 4><8H:> =:2878F88, 8 4065 2:CA8; B0< 25G5@N. G5=L 8=B5@5A=CN 25G5@N, :0: ?>B>< >:070;>AL, ?>A:>;L:C 1;03>40@O =59, O >BKA:0; 2 <>59 ?0<OB8 402=> C30AH85 2>A?><8=0=8O.
5=O =5 >A>15==> C482;O;> B>, GB> 8=:2878B>@K ?>H;8 ?> A;54C A><=8B5;L=>3> GC40. :>=F5 :>=F>2, <K 1K;8 ;8HL 3>=G8<8 A>10G:0<8, 0 745AL B@>?0 1K;0 A;8H:>< O2=>9. @>1>I =5 2K:070; C<0, @073;0H0O ?@>8AE>4OI55 A @51Q=:><. 0725 53> =5 CG8;8, GB> 2 EC4H5< A;CG05 >= <>65B 70:>=G8BL =0 :>AB@5 2<5AB5 A <0;LG8:>< 8 53> <0B5@LN? K, 8=:2878B>@K, =5 ;N18< GC45A0, 81> 7=05<, GB> <=>3> >1;8G89 C 25@O, 8 7=05< > 53> :>20@=KE ?@>8A:0E. =0 ?KB:0E 254L :064K9 ?@87=05B, GB> >= ?@8A?5H=8: 4LO2>;0. ;>E> 45;>, G5AB=> A:070; O, 81> <=5 1K;> 60;L <0;LG8:0. > GB> O <>3C ?>45;0BL?
>57609B5 BC40, <038AB@, ?>?@>A8;0 >=0 A 60@>< 2 3>;>A5, #<>;ON 20A, ?>57609B5 8 ?>A<>B@8B5, GB> <>6=> A45;0BL. / =5 <>3C :>=B@>;8@>20BL @01>BC <5AB=KE 8=:2878B>@>2. -B> 1K;0 =5 A>2A5< ?@0240, ?>A:>;L:C, 8<5O ;8F5=78N 87 %570, O ?>;CG0; B5>@5B8G5A:CN 2;0ABL =04 2A5<8 @O4>2K<8 8=:2878B>@0<8 87 >B45;>2 =:2878F88 =0 <5AB0E. K >1@0B8;8 2=8<0=85 =0 A;>2> « B5>@5B8G5A:CN» , ;N157=K5 <>8? "0: 2>B, <5AB=K5 8=:2878B>@K >G5=L =5 ;N18;8, 5A;8 :B>- B> 2;570; 2 8E 45;0, 0 =5?8A0=K9 :>45:A 3;0A8;, GB>1K <K 157 ?>@CG5=8O 5?8A:>?0 AB0@0;8AL =8:><C =5 ?5@5E>48BL 4>@>3C. >G5=L 25@=>. # =0A E20B05B 2@03>2 ?> 2A5<C A25BC, GB>1K 5IQ <=>68BL 8E G8A;> 2 A2>Q< :@C3C. > 254L 8 C =0A A;CG0;8AL ?0@H82K5 >2FK, :>B>@KE A;54>20;> CAB@0=OBL. > MB> =5 1K;> DC=:F859 20H53> ?>:>@=>3> AC4L8, 0 >B B5E, :B> MB8< 70=8<0;AO, 2K 1K ?@54?>G;8 45@60BLAO ?>40;LH5. / 2A?><=8; 0@8CA0 20= Q5=20;L40 >E>B=8:0 =0 5@5B8:>2 8 <=5 AB0;> E>;>4=>. %>BO >1KG=> C <5=O =5 ?C3;82>5 A5@4F5, 0 0@8CA0 O 254L <>3 2A?><8=0BL B>;L:> A 1;03>40@=>ABLN, 81> >= A?0A <=5 687=L.
@>AB> ?>A<>B@8B5, GB> ?@>8AE>48B, A:070;0 >=0 ?>GB8 ?;0GCI8< 3>;>A><. # <5=O 5ABL =5<=>3> A15@565=89& / ?>4=O; @C:C.
-B> 2>?@>A =5 B>;L:> 3>=>@0@0, A:070; O. > A45;0N 4;O B51O >4=>, 5@<0. 725IC >1> 2AQ< 3> @5>A2OI5=AB2> 5?8A:>?0. >7<>6=> ?>65;05B, GB>1K O ?@8A<>B@5;AO : 45;C. >72@0I09AO :> <=5 G5@57 420- B@8 4=O, 8 A>>1IC B515, G53> O 4>18;AO.
* * *
3> @5>A2OI5=AB2> 5@A0@4 5?8A:>? %57- E57@>=0 8 =0G0;L=8: =:2878F88 G0AB> :0?@87=8G0;, :0: @0710;>20==0O 65=I8=0. @5<5=0<8 ?@8:07K20; <=5 ?@>A86820BL 4=8 2 ?@8Q<=>9 A2>59 :0=F5;O@88 ( 2?@>G5<, >1KG=> 157 2AO:>9 F5;8) , 0 2@5<5=0<8 =545;O<8 =5 70=8<0;AO <>59 A:@><=>9 >A>1>9. 'B>, 2?@>G5<, =5A:070==> <=5 ?>4E>48;>, ?>A:>;L:C O <>3 B>340 ?>A2OB8BL A51O B0:8< =5ACI5AB25==K< A 2KA>BK 5?8A:>?A:>3> B@>=0 45;0<, :0: 70@010BK20=85 =0 ;><B8: E;510 8 3;>B>G5: 2>4K. $0:B, GB> O A0< ?@>HC 53> >1 0C485=F88, 2848<> C4828; 53> =0AB>;L:>, GB> >= ?>72>;8; <=5 ?@84B8 C65 =0 A;54CNI89 45=L CB@><. / ;8HL =045O;AO, GB> 3> @5>A2OI5=AB2> =5 1C45B :0: @07 AB@040BL >B ?@8ABC?0 ?>403@K, ?>A:>;L:C 15A540 A =8< B>340 ?@>B5:0;0 2 :@09=5 =5?@8OB=>9 D>@<5. / =5402=> CA;KH0; A?;5B=8, GB> ;5:0@8 B0:65 =0H;8 C 5@A0@40 35<>@@>9, 8 =>2>ABL >1 MB>< =5 4>1028;0 <=5 =0AB@>5=8O. A;8 =0 3> @5>A2OI5=AB2> >4=>2@5<5==> =0?04CB 8 ?>403@0, 8 35<>@@>9, B> 687=L =0H0, 8=:2878B>@>2, AB0=5B =5A:070==> 60;:>9. / >45;AO, :0: ?@8AB0;> G5;>25:C <>59 ?@>D5AA88: 2 GQ@=CN :C@B:C A 2KH8BK< =04;><;5==K<, A5@51@O=K< :@5AB>< =0 3@C48, =01@>A8; =0 ?;5G8 GQ@=K9 ?;0I 8 =045; GQ@=CN H8@>:>?>;CN H;O?C. =5 =5 =@028BAO A;C651=K9 =0@O4, B5< 1>;55, GB> <>8 70=OB8O G0AB> B@51CNB 45@60BLAO 8=:>3=8B>. > =0 >D8F80;L=CN 0C485=F8N =5 ?>4>10;> ?@8E>48BL 2 3@0640=A:>9 >45645. ?@>G5<, 5@A0@4 <>3 1KBL >G5=L =5?@8OB=K< ?> >B=>H5=8N : ;8F0<, =5 A>1;N40NI8< ?@028; ?@8;8G89.
>340 O 4>1@0;AO 4> 425@59 5?8A:>?A:>3> 42>@F0, C65 25AL ?@><>:, :0: 1574><=0O A>10:0. ! ?>;59 H;O?K =0 <5=O AB5:0;8 :0?;8 2>4K, 0 ?;0I ?@8;8?0; : B5;C, 1C4B> <>:@0O B@O?:0. !>10GLO ?>3>40, <038AB@ 0445@48=, A:070; A A>GC2AB285< AB@06=8:, :>B>@K9 8<5; AG0ABL5 AB>OBL ?>4 =025A><. = 3;O=C;, =5B ;8 :>3> ?>1;87>AB8. 0;82>G:8? ?>4<83=C; >=. !K=>:, ;LQHL 10;L70< =0 <>Q A5@4F5. / ?@8;>68; 1C@4N: : 3C10<.
3CG0O, :@5?:0O, 1C4B> 70@070, A;82>28F0 >1>63;0 <=5 3C1K 8 3>@;>. / 3;C1>:> 274>E=C; 8 >B40; 5<C <0=5@:C. >B >B@020, A:070; O, ?5@52>4O 4KE0=85. "K 4>;65= <=5 A:070BL, 345 45;0NB B0:>9 45;8:0B5A.
!5<59=0O B09=0. = C;K1=C;AO I5@10B>9 C;K1:>9. > A 20H53> ?>72>;5=8O, ?@8H;N 20< A <0;LG8:>< 1>;LH>9 :C2H8=. / ?>B@5?0; 53> ?> ?;5GC.
C4C B515 ?> 3@>1 1;03>40@5=, >B25B8; O 8 ?5@5H03=C; ?>@>3 42>@F0.
0=F5;O@8AB, 14OI89 ?5@54 0?0@B0<5=B0<8 5?8A:>?0, B>;L:> 274>E=C;, 284O <>9 ?;0G52=K9 284, 8 ?>:070;, GB>1K O ?@8A5;. 3> @5>A2OI5=AB2> A59G0A 20A ?@8<5B, 8=:2878B>@, ACE> A:070; >= 8 25@=C;AO : 1C<030<, :>B>@K5 =5@>2=K<8 AB>?:0<8 70AB8;0;8 ?>25@E=>ABL ?8AL<5==>3> AB>;0.
/ G8E=C; 8 2KB5@ =>A BK;L=>9 AB>@>=>9 ;04>=8. 09 >3 74>@>2LO, ?@>87=QA >=, =5 ?>4=8<0O =0 <5=O 3;07. !?0A81>, >B25B8; O 8 ?>40; ?;0I 8 H;O?C A;C35, :>B>@K9 ?>O28;AO 87 1>:>2>9 425@8.
5 CA?5; O 70640BLAO, :0: 87 425@59 0?0@B0<5=B>2 ?>:070;AO 1;54=K9 A5:@5B0@L 5@A0@40. = 1K; =>25=L:8< 2> 42>@F5, 8 O <>3 5<C B>;L:> >B 2A53> A5@4F0 ?>A>GC2AB2>20BL. @5>A2OI5=AB2> <5=O; A5:@5B0@59 :0: ?5@G0B:8. 5 B>, GB>1K >= 1K; B0:8< B@51>20B5;L=K<. '0I5 >=8 A0<8 =5 2K45@6820;8 5?8A:>?A:>3> =0AB@>5=8O 8 F5;KE 4=59 ?LO=AB20, ?@5@K205<KE <=>38<8 G0A0<8 =0?@O6Q==>9 @01>BK. !;54C5B ?@87=0BL, GB> 5?8A:>?, =5A<>B@O =0 ?>403@C, 35<>@@>9 ( 5A;8 MB0 A?;5B=O 1K;0, OA=>5 45;>, ?@02482>9) , ?@5AB0@5;K9 2>7@0AB 8 3>4K 7;>C?>B@51;5=8O OAB20<8 8 ?8B85<, 1K; 74>@>2 :0: :>=L.
3> @5>A2OI5=AB2> ?@>A8B, >1JO28; >=, 8 O 70<5B8;, GB> >= <5=O A 8=B5@5A>< @073;O4K205B.
/ 273;O=C; 2 >B25B, => >= B>BG0A >B2Q; 3;070. 'B> 6, <0;> C :>3> 5ABL >E>B0 83@0BL A 8=:2878B>@>< 2 83@C ?>4 =0720=85< « ?>A<>B@8<, :B> 1KAB@55 >B254QB 273;O4» .
!;C651=K5 0?0@B0<5=BK 5?8A:>?0 1K;8 CAB@>5=K 25AL<0 A:@><=>. ?5@2>9 :><=0B5 =0E>48;8AL ?>;C:@C3;K9 AB>; 8 H5AB=04F0BL <O3:8E ABC;L52. 45AL ?@>E>48;8 2A5 A>25I0=8O 2 H8@>:>< A>AB025. AB0B8 3>2>@O, ?@>E>48;8 >G5=L @54:>, B0: :0: 5?8A:>? =5 2K=>A8; @073>20@820BL 2 B>;?5 8 ?@54?>G8B0; :>@>B:85 2AB@5G8 242>Q<, A0<>5 1>;LH55 2B@>Q<. >=8 ?@>E>48;8 2 4@C3>9 :><=0B5, 345 >1@5B0;AO >3@><=K9, ?0;8A0=4@>2>3> 45@520 ?8AL<5==K9 AB>;. <5; B0:CN 1>;LHCN AB>;5H=8FC, GB> >=0 <>3;0 AB0BL ?0;C1>9 A@54=59 25;8G8=K ;>4:8. ?8A:>? 2>AA540; C >4=>3> 53> :>=F0 ( 2>7;5 @57=KE 3>;>2 ;L2>2) , 0 A2>8E 3>AB59 A060; =0 4@C3>< :>=F5. IQ 2 :><=0B5 2A53>- B> =0E>48;>AL 420 7018BKE 1C<030<8 A5:@5B5@0, BO=CI85AO G5@57 2AN :><=0BC ?>;=K5 :=83 ?>;:8, 0 B0:65 <0;5=L:89 70AB5:;Q==K9 H:0DG8:, 2 :>B>@>< 1;5AB5;8 E@CAB0;L=K5 1>:0;K 8 1CBK;L- 425 E>@>H53> 28=0. 725AB=> 1K;>, GB> 5?8A:>? G0AB> ;N18; C3>I0BLAO 28=F><, 8 ?>@>9 5<C 1K20;> E;>?>B=> 2K9B8 87 :0=F5;O@88 A2>8<8 A8;0<8. 4@02AB2C9, >@48<5@, A:070; >= A5@45G=>.
/ A >1;53G5=85< C2845;, GB> >= A848B, C4>1=> @0720;82H8AL =0 ABC;5, 0 @C:8 53> =5 7018=B>20=K. -B> >7=0G0;>, GB> 53> A53>4=O =5 <CG0NB =8 35<>@@>9, =8 ?>403@0, GB> AC;8;> C40GC 2A5< 6064CI8< 87;>68BL 5<C A2>8 ?@>AL1K. > C;K1:5 8 3;070< O B0:65 ?>=O;, GB> C =53> =5B =8 ?>E<5;LO, =8 C3@K75=89 A>25AB8, A2O70==KE A ?8B85< ( GB> B0:65 A =8<, : A>60;5=8N, A;CG0;>AL 8, :B> 7=05B, =5 1K;> ;8 MB> EC65, G5< ?@8ABC?K ?>403@K) . 5@54 5@A0@4>< AB>O;0 4> ?>;>28=K >?>@>6=Q==0O 1CBK;:0 28=0 8 1>:0; A >AB0B:0<8 =0?8B:0, 0 A0< 5?8A:>? 2K3;O45; A;53:0 =025A5;5. >B, ?>9<0; C40GC 154=K9 >@48<5@ 8 ?>?0; 2 E>@>H55 2@5<O.
'B> B51O ?@825;>? = H8@>:> @07<0E=C;AO @C:>9, ?>:07K20O, GB>1K O A048;AO, 0 O ?>A;CH=> ?@8A5; =0 :@05H5: ABC;0. >7L<8 1>:0;, 4>1028; >=, <0E=C2 =0 MB>B @07 4@C3>9 @C:>9, 8 =0;59 A515. 82=>5 28=>, >= A;53:0 8:=C;. -B8 ?@>:;OBK5 4>:B>@0 3>2>@OB, GB> C <5=O O720, 8 O =5 4>;65= ?8BL, >= ?@5@20;AO, 2A<0B@820OAL 2 <5=O ?@>=8F0B5;L=>. 7=05HL ?>G5<C, >@48<5@?
>A:>;L:C :8A;>B0, A>45@60I0OAO 2 28=5, @074@0605B 1>;L=>9 65;C4>:? ?>4A:070; O.
C- =C, =5?;>E>5 ?@547=0<5=>20=85. A;8 3> @5>A2OI5=AB2> 1C45B 8<5BL 1C:5B 1>;57=59, A>AB>OI89 87 ?>403@K, 35<>@@>O 8 O72K, B> 687=L 53> @01>B=8:>2 AB0=5B =5A:070==> ?;0G52=>9.
<5==>, >3>@G8;AO >=. ">G=> B0: 3>2>@OB. "K @073>20@820; A =8<8?
5B, 0H5 @5>A2OI5=AB2>, 2>7@078; O @57G5, G5< E>B5;. =0B><8O 8 D878>;>38O, 0 B0:65 >?@545;Q==K5 =02K:8 2 ;5G5=88 =5A;>6=KE =54C3>2 1K;8 G0ABLN <>53> >1@07>20=8O.
5A;>6=KE =54C3>2, 3>2>@8HL& C 40, >@48<5@, O 701K;, :0:>9 BK CGQ=K9.
3>, 3> @5>A2OI5=AB2> AB0=>28;AO O728B5;L=K<. 5E>@>H>. O A>25@H8; =5?@>AB8B5;L=CN >H81:C, =0<5:0O, GB> O720 O2;O5BAO 2A53> ;8HL =5A;>6=K< =54C3><. >340 C6 BK =0CG8HLAO ?@842>@=>9 687=8, 154=K9 >@48<5@? A?@>A8; O A0< A51O.
5;OB <=5 ?8BL B0:CN 304>ABL, ?>60;>20;AO 5?8A:>?, =0 MB>B @07 4>AB0B>G=> 60;>1=K< B>=><. >=O5B, 1C4B> MB> 1;52>B8=0, 0 =0 2:CA, >= A=>20 <0E=C; @C:>9, ;CGH5 =5 3>2>@8BL.
>A>25B>20; 1K <>;>:>, 0H5 @5>A2OI5=AB2>, A:070; O B0: <O3:>, :0: <>3. 0: B>;L:> ?>GC2AB2C5B5 665=85, :C1>: A25653> <>;>:0&
>;>:0? >= ?>A<>B@5; =0 <5=O A ?>4>7@5=85<. 745205HLAO, >@48<5@?
0725 O ?>A<5; 1K? O 1KAB@> 2>7@078;. @>B82 876>38, O72K 8 65;C4>G=KE @0AAB@>9AB2 <>;>:> ;CGH5 2A53>. 5@LB5 <=5, ?>60;C9AB0.
>65B 8 <>;>:>, >= ?>G5A0; ?>41>@>4>:. @54?>G8B0N <>;>:>, G5< MBC 8E >B@02C. <>65B& 'B>- B> >?0A=> 1;5A=C;> 2 53> 3;070E. >65B >=8 E>BOB >B@028BL A2>53> 5?8A:>?0? 5G >A?>40, 3> @5>A2OI5=AB2>, ?>- 2848<><C, 1K; 1>;55 ?LO=, G5< O 4C<0;! >E>65, >?>@>6=Q==0O =0?>;>28=C 1CBK;:0 =5 1K;0 ?5@2>9, GB> 3>AB8;0 A53>4=O =0 5?8A:>?A:>< AB>;5.
8:><C =5;L7O 25@8BL 0H5 @5>A2OI5=AB2>, A:070; O, :@><5 ?@0254=KE <C659, B0:8E :0: 2K. A;8 0H5 @5>A2OI5=AB2> >B40AB ?@8:07, 25;N @07C7=0BL > =8E.
-- M, 345 O ?>B>< =094C 4@C38E? 274>E=C; >= <8=CBC A?CABO 8 ?>:@CB8; 3>;>2>9. =0N O B2>8 @0AA?@>AK, >@48<5@. C<05HL, O 701K;, :0: BK ?@>2Q; 4>?@>A :C75=0 3@0D0 5@D5=0?
/ ?@54?>G8B0; <>;G0BL, B0: :0: 45;> 1K;> 402=8<, 8 O =5:>340 C65 70?;0B8; 70 =53> 5?8A:>?A:>9 =5<8;>ABLN. ?@>G5<, :C78= 3@0D0 5@D5=0 C<5@ =5 ?> <>59 28=5, ?>B><C GB> O 4065 =5 CA?5; 53> B@>=CBL, 0 ;8HL B5?;> 8 A?>:>9=> >1JOA=8; 5<C ?@8=F8?K @01>BK =0H8E 8=AB@C<5=B>2. >= ?>E;>?0; @5A=8F0<8, ?>?5@E=C;AO 2>74CE><, ?>:@0A=5; 8 >B40; >3C 4CHC. #60A=> =56=K< 1K;> =0H5 42>@O=AB2>, => O ?@54?>G8B0; =5 C3;C1;OBLAO 2 48A:CAA8N =0 MBC B5<C, ?>MB><C ;8HL A<8@5==> A:;>=8; 3>;>2C.
Q;, 2Q; 8 4>2Q;, 2>@G0; >= =54>2>;L=>. O 4>;65= ?>B>< >1JOA=OBL, ?>G5<C <>8 8=:2878B>@K C1820NB 42>@O=. !>1AB25==> 3>2>@O, ?>G5<C O B>340 =5 >B>1@0; C B51O ;8F5=78N, 0, >@48<5@? =0E<C@8;AO >=.
A;8 E>B8B5 A?@>A8BL, ;N157=K5 <>8, 60;5; ;8 20H ?>:>@=K9 A;C30, GB> ?>?@>A8; 0C485=F88 C 5?8A:>?0, B> 2K 70254><> 7=05B5 >B25B: 40, 60;5;. A 1>;LH8< 65;0=85< >:070;AO 1K 2 A2>59 :><=0B5, B0: :0: :><?0=8O 2H59 8 :;>?>2 1K;0 <=>3> ?@8OB=55 8 GB> 206=> 7=0G8B5;L=> 157>?0A=55, G5< :><?0=8O 5@A0@40.
C, E>@>H>, >= ?5@52Q; 4CE. 07 C6 3>2>@8HL <>;>:>, ?>?@>1C5< <>;>:>. ">;L:> =5 ?@>A@CAL ;8 O ?>A;5 =53>? >15A?>:>8;AO >=. > 2 F5;><, ;CGH5 A@0G:0, G5< O720, 4>1028; >= A@07C 65. ;5:0@O< 25;N ?8BL MB8 8E GC4>459AB25==K5 A=04>1LO. CABL A0<8 C284OB, :0: MB> ?@8OB=>. 0, 0 G53> BK A>1AB25==> E>B5; >B <5=O, >@48<5@?
/ ?>72>;8; A515 ?@>A8BL 0C485=F88, 401K 4>;>68BL 0H5<C @5>A2OI5=AB2C >1 >4=>9 ?@>1;5<5&
@>1;5<0, ?@5@20; <5=O 5?8A:>?. A5340 >4=8 ?@>1;5<K, :>B>@K5 O, >= A8;L=> 2K45;8; ?>A;54=55 A;>2>, 4>;65= @5H0BL. C ;04=>, >= A=>20 274>E=C;. >2>@8, @07 BK C6 745AL.
>@>B5=L:>, A60B> 8 :0: <>6=> 1KAB@55 O 87;>68; 5?8A:>?C 45;>, A :>B>@K< ?@8H;0 :> <=5 5@<0 8:A4>@D. = ?>:0G0; 3>;>2>9.
GB>? A?@>A8; >=.
A2O78 A MB8<, E>B5; 1K ?@>A8BL >D8F80;L=> :><0=48@>20BL <5=O 2 528EB, A:070; O.
"K GB>, 3>;>2>9 C40@8;AO, >@48<5@? 3> @5>A2OI5=AB2> =5 1K; 4065 @07>7;Q=, 0 ;8HL C482;Q=. ;8 BK 4C<05HL, GB> C <5=O =5B 1>;LH8E ?@>1;5<, G5< AB83<0BK :0:>3>- B> 3>2=N:0? A;8 1 O E>B5; >B?@02;OBL =0 :064>5 B0:>5 45;> 8=:2878B>@0, <=5 1K ?>=04>18;0AL 8E F5;0O 0@<8O. / =0 <8=CB:C 704C<0;AO 8 C2845;, GB> A0<0 845O 5<C, ?>E>65, ?>=@028;0AL. =5 :0: @07 =5B, ?>A:>;L:C :0640O ?@>D5AA8O B5< F5==59, G5< >=0 1>;55 M;8B0@=0. >65B <K =5 1K;8 M;8B>9 2 ?@82KG=>< ?>=8<0=88 MB>3> A;>20, => 8 AB0BL 8=:2878B>@>< =5 <>3 ;8HL 1K :B>. 45AL 1K;8 8 A2>8 <8=CAK, ?>A:>;L:C, :0: 3;0A8B 8A0=85, 60B2K 8 ?@0240 <=>3>, 0 @01>B=8:>2 <0;>.
!<5N ;8HL =0?><=8BL 0H5<C @5>A2OI5=AB2C, GB> 45;>< 70=O;8AL 8=:2878B>@K 87 ;>??5=1C@30. >7<>6=>, ?>MB><C >=> =5 ?>E>48B =0 4@C385.
@>45 B0:, ?@>1C@G0; >=, 0 ?>B>< ?>A<>B@5; =0 <5=O >AB@K< 273;O4><. >3>48, ?>3>48, >@48<5@, 0 =5B ;8 C 20A G0A>< :0:>3>- B> 3@Q10=>3>, =5?8A0=>3> :>45:A0, :>B>@K9 25;8B =5 A>20BL =>A 2 45;0 4@C38E 8=:2878B>@>2, 5A;8 B>;L:> =5 ?>;CG5=> >D8F80;L=>3> ?>@CG5=8O?
/ ?@><>;G0;, 81> 8=:2878B>@A:89 :>45:A G5AB8 =5 5ABL B>, > GQ< E>B5; 1K 8 <>3 1K @073>20@820BL A 5?8A:>?><.
BK :0: @07 >B B0:>< ?>@CG5=88 <5=O ?@>A8HL, <54;5==> A:070; >=. GQ< BCB 45;>, >@48<5@? 65=I8=5? @0A820O?
, =5B, 8A:@5==5 @0AA<5O;AO O. !>2A5< =0>1>@>B.
"K 7=0:>< A 8E A5<LQ9?
5B, 0H5 @5>A2OI5=AB2>.
">340 ?>G5<C BK E>G5HL 5E0BL?
!B83<0BK O2;ONBAO =5>1KG09=> 8=B5@5A=K< O2;5=85<, 0H5 @5>A2OI5=AB2>. :0: 1K205B A :064K< 284>< GC40, =58725AB=>, :C40 8< 1;865, : A2OB>AB8 8;8 G5@B>2I8=5. @87=0N, >=8 8=B5@5ACNB <5=O @02=> A B5>;>38G5A:>9, B0: 8 D878>;>38G5A:>9 B>G:8 7@5=8O. 1> > GQ< 65 A2845B5;LAB2C5B ?@>18B85 @C: 8 =>3 =0H53> >A?>40? -B> 3@5H=>5 =0?><8=0=85 > <8=CB0E, :>340 8ACA 1K;L 2A53> ;8HL A;01K< G5;>25:><, 8;8 65 A2OB>9 A8<2>; A8;K %@8AB0, :>B>@K9 640; 4> A0<>3> :>=F0, ?>:0 3>=8B5;8 =5 C7@OB 3> 1>65AB25==>ABL 8 =5 A:;>=OBLAO ?5@54 8<? >B>@K9 >B40; A51O =0 <C:8, GB>1K :0: <>6=> 4>;LH5 A>E@0=8BL =54@C30< H0=A ?>=OBL 8AB8=C 8 8A:C?8BL 28=C, ?@5645 G5< @5H8;AO 2 A;025 A2>59 A>9B8 A @5AB0 8 ?>:0@0; 8E >3=Q< 8 <5G><& O ?@5@20;AO, GB>1K ?5@525AB8 4CE.
"K <=5 BCB G5?CE8 =5 3>2>@8, <54;5==> ?@>87=QA 5?8A:>?. !:>;L:> ;N459 C =0A 2 ;>??5=1C@35?
A;8 =5 >H810NAL, B@>5, 0H5 @5>A2OI5=AB2>.
>3>- B> 7=05HL?
=0N, >B25B8; O >AB>@>6=>, 81> <K 70E>48;8 2 <CB=K5 2>4K.
30, ?@>87=QA >=. 8G=K5 AGQBK, 4>1028;, 2 :>=F5 :>=F>2. 5;:85 0=B8?0B88, A:0=40;LG8:8 8 >B?8E820=85 ;>:BO<8. %>G5HL 4>?5GL :>;;53C, >@48<5@, 0? G5=L =5:@0A82>, @0AA<5O;AO >=.
A5340 A @>1>ABLN 2>AE8I0;AO >AB@>B>9 C<0 0H53> @5>A2OI5=AB20, ?@>87=QA O, A:;>=OO 3>;>2C. > C25@ON, MB> =5 548=AB25==0O 8 4065 =5 3;02=0O ?@8G8=0. >65B :><?;8<5=B =5 1K; 87KA:0==K<, =>, =5A<>B@O =0 MB>, 5?8A:>? H8@>:> C;K1=C;AO.
>B><C GB> O 20A 2A5E 7=0N, =53>4O8, ?@>87=QA >= 4>1@>4CH=>. =0N, :0: A2>8 ?OBL ?0;LF52. ">;L:> ?>G5<C O 4>;65= ?;0B8BL 70 B2>8 @072;5G5=8O? @>A25B8HL <5=O, <>9 4>@>3>9 >@48<5@, >B=>A8B5;L=> MB>3>?
>A:>;L:C 87 ;>??5=1C@30 =5 4>;>68;8 > 45;5, >B25B8; O. / ?@>25@8; ?>A;54=85 @0?>@BK 8 =5 =0HQ; =8G53>: =8 > :0:>< @51Q=:5, =8 > :0:8E AB83<0B0E. 4=0:> 65 65=I8=0 CB25@6405B, GB> =:2878F8O 70=O;0AL ?@>1;5<>9. ">340 ?>G5<C =5 A>872>;8;8 ?@>8=D>@<8@>20BL >1 MB>< 0H5 @5>A2OI5=AB2>?
5E>@>H>, A:070; >=, 8 53> 3>;>A <=5 8A:;NG8B5;L=> =5 ?>=@028;AO. 5A?>@O4>: F0@8B 2 ;>??5=1C@35, 0? "0: GB>, 703;O=8 : =8<, >@48<5@.
= 4>AB0; 87 OI8:0 ;8AB 1C<038, ?@8428=C; : A515 G5@=8;L=8FC, ?5@> 8 GB>- B> =0F0@0?0;.
/28AL 70 C4>AB>25@5=85< 8 45=L30<8, ?@>87=QA >=. "K C6 7=05HL, :C40, >= DK@:=C; >B@K28ABK< A<5H:><. ! >3><, >@48<5@.
/ 2AB0; 8 =87:> A:;>=8;AO.
8609H5 1;03>40@N 0H5 @5>A2OI5=AB2>, A:070; O. = B>;L:> <0E=C; @C:>9.
>;8AL, GB>1K <>;>:> <=5 ?><>3;>, 1C@:=C; >= 8 >?>@>6=8; 1CBK;:C 2 1>:0;. C, C18@09AO, >@48<5@, 8 >AB02L <5=O <>8< 1>;57=O<.
* * *
?8A:>?A:0O :0=F5;O@8O =5 A;028;0AL I54@>ABLN, 0 45=53, ?>;CG5==KE 20H8< ?>:>@=K< A;C3>9, 5420 E20B0;> =0 ?>574:C. AG0ABLN, :0: C 2A5E 8=:2878B>@>2, C <5=O 1K;> ?@02> =0 15A?;0B=K9 =>G;53 8 ?@>?8B0=85 2 :064>< ?@54AB028B5;LAB25 =:2878F88, ?>MB><C O 7=0;, GB> 2 ;>??5=1C@35 <=5 =5 ?@84QBAO B@0B8BL =0;8G=>ABL =0 ?>AB>O;K9 42>@.
5@<0 8:A4>@D ?>A5B8;0 <5=O ?>2B>@=> 4=Q< ?>A;5 2878B0 : 3> @5>A2OI5=AB2C. # =5Q 1K;8 >1254Q==K5 BQ<=K<8 :@C30<8 8 ?>:@0A=52H85 3;070, 8 >=0 2K3;O45;0 5IQ EC65, G5< 2 ?@>H;K9 @07.
# <5=O 4;O B51O E>@>H85 =>2>AB8, A:070; O. 3> @5>A2OI5=AB2> 40; A>3;0A85 =0 <>N ?>574:C 2 ;>??5=1C@3. "5?5@L =0< >AB0QBAO >?@545;8BL AC<<C 3>=>@0@0&
07 C6 2K 545B5 BC40 ?> A;C615, <038AB@& >=0 >?CAB8;0 273;O4 8 =0G0;0 <OBL A:;04:8 ?;0BLO. 5AL 53> =87 1K; 70?0G:0= C65 70A>EH59 3@O7LN.
>3C 5E0BL, => =5 4>;65=, A:070; O =5 2 ;040E A ?@024>9, ?>A:>;L:C A59G0A 254L MB> 1K;0 >D8F80;L=0O :><0=48@>2:0, 8 BO6:> 1K;> 1K >1JOA=8BL 5?8A:>?C, GB> O E>GC >B:070BLAO >B 7040=8O, =0 :>B>@>5 A0< =0?@>A8;AO.
> 254L O A>18@0;AO 2KB@OE=CBL =5<=>3> 45=53 87 24>2K B>@3>2F0 8;K, 81> @07 >=0 1K;0 1>30B0, B> ?>G5<C =5 <>3;0 ?>45;8BLAO MB8< 1>30BAB2>< A> <=>9? "5< 1>;55, GB> A0<0, :0: 284=>, 8<5;0 =51>;LH85 70?@>AK.
OB=04F0B8 :@>= E20B8B? =5A<5;> A?@>A8;0 >=0, 2AQ 2@5<O =5 ?>4=8<0O 3;07.
OB=04F0BL, ?>2B>@8; O O728B5;L=>. ! :5<, 65=I8=0, BK 2>>1@078;0, @073>20@8205HL, 0? ! =8I8<? O ?>2KA8; 3>;>A. A;8 64QHL <>59 ?><>I8, B> MB> 1C45B B515 AB>8BL ?OBLA>B :@>=. / ?>A<>B@5; =0 =5Q 2=8<0B5;L=>, GB>1K C2845BL, :0: >=0 >B@5038@C5B =0 B0:CN =03;>ABL. GC4>, =0 5Q ;8F5 =5 4@>3=C;> =8 548=>3> <CA:C;0. 5C65;8 B5?5@L >=0 25;0 45;0 A2>53> <C60 8 ?@82K:;0 : B>@3>2K< ?5@53>2>@0<?
# <5=O =5B AB>;L:>, >B25B8;0 >=0 5IQ B8H5. 5=O C25@O;8, GB> 2K @07C<=K9 G5;>25:, <038AB@.
07C<=K9 G5;>25: ;N18B E>@>H> ?>;CG0BL 70 @01>BC, >B25B8; O. > @07 =5B, B> =5B. ! >3><, 5@<0. E, :0: C=878B5;L=K @073>2>@K, GB> 4>;65= 25AB8 A;C30 >689, 401K >15A?5G8BL A515 45=565: =0 <5;:85 @0AE>4K. 5 1C4C 24020BLAO, ;N157=K5 <>8, 2 >?8A0=85 B>@3>2 A> 24>2>9 8:A4>@D. > 2 @57C;LB0B5 <K 4>H;8 4> AB0 :@>=, ?>A:>;L:C >=0 B>@3>20;0AL ;>2:>, 0 O, 2>- ?5@2KE, 4>;65= 1K; 5E0BL 2 ;>??5=1C@3, 0 2>- 2B>@KE, <5=O BC40 BO=C; @02=> ?@>D5AA8>=0;L=K9 8=B5@5A, B0: 8 <>B82K ;8G=>3>, A:065< G5AB=>, E0@0:B5@0. 'B> 6, 2 ;>??5=1C@35 O =5:>340 3>AB8; ?@>574>< 8 70 C68=>< 2AB@5B8; =8:>3> 8=>3>, :0: 8BCA0 09>, =07K205<>3> =5:>340 OA=8:. = 1K; H5D>< <5AB=>9 =:2878F88, GB> >7=0G0;> =5 A;8H:>< 8=B5@5A=CN AAK;:C, 81> A;>6=> ?@54AB028BL, 1C4B> <>6=> A45;0BL :0@L5@C 2 ;>??5=1C@35 8 >1@0B8BL B0< =0 A51O 2=8<0=85 =0G0;LAB20. 5< 1K; 8BCA 09>? >H<0@>< CG5=8:>2 :045<88, ;N157=K5 <>8. 01>B0O 0AA8AB5=B>< =0H8E ?@5?>4020B5;59, >= >B;8G0;AO =5>1>A=>20==>9 65AB>:>ABLN, 15A?@8G8==>9 =54>1@>65;0B5;L=>ABLN 8 >H5;><;ONI59 3;C?>ABLN. = 8A?>;L7>20; A2>Q ?>;>65=85, GB>1K C=860BL B5E, :B> A;0155, 8 874520BLAO =04 B5<8, :B> <;04H5. >9<8B5 <5=O ?@028;L=>. :045<8O =:2878F88 MB> =5 B> <5AB>, 345 GC2AB28B5;L=K5 4CH>=:8 4>;6=K ?5@56820BL MAB5B8G5A:85 8 8=B5;;5:BC0;L=K5 ?>@K2K, 0 ?@5?>4020B5;8 E>4OB A@548 CG5=8:>2, 2KB8@0O 8< A>?;82K5 =>AK 8 A;Q7:8 2 C3;0E 3;07. :045<8O MB> =0?@O6Q==0O CGQ10 =0 3@0=8 G5;>25G5A:8E 2>7<>6=>AB59, =5CAB0==0O @01>B0 >B @0AA25B0 4> 70:0B0 8 6QAB:0O 48AF8?;8=0. :045<8O MB> H:>;0 687=8, => 09> =5 E>B5; =0A CG8BL 8 3>B>28BL : ?@>D5AA88. 070;>AL, 53> 548=AB25==K< 65;0=85< O2;O5BAO ?>B0:0=85 A>1AB25==K< ?@8E>BO<, 0 MB8 ?@8E>B8 G0I5 2A53> 7=0G8;8 3;C<;5=85 ?@>AB> B0:. 8BL =0A >= =5 <>3, ?>A:>;L:C =0 MB> C?>;=><>G5=K 1K;8 B>;L:> 8=AB@C:B>@K, 40 8 B> A A>3;0A8O AB0@H8E ?@5?>4020B5;59 ( =5 40205<>3>, :AB0B8 3>2>@O, A;8H:>< ?>A?5H=>) , => >= =0E>48; <=>3> 4@C38E A?>A>1>2, GB>1K A8;L=> 7045BL 70 682>5 A2>8E « ;N18<G8:>2» . 20H ?>:>@=K9 A;C30 8<5; =5AG0ABL5 ?@8=04;560BL : ?>4>1=>3> @>40 ;N18<G8:0<. AQ 2@5<O, ?>:0 H;0 CGQ10, O <5GB0;, GB> :>340 C65 AB0=C 2K?CA:=8:>< :045<88, >B?@02;NAL A 8BCA>< 2 C:@><=>5 <5AB> 8 B0< A ?><>ILN :C;0:0 8 ?0;:8 =0CGC 53> 256;82>AB8. ?@>G5<, ?>74=55, ?>4 2;8O=85< >4=>3> 4>AB>9=>3> A>60;5=8O A>1KB8O, <>O <5GB0 7=0G8B5;L=> 70B>G8;0AL. 4=0:> 70 ?0@C <5AOF52 ?5@54 M:70<5=0<8 <>53> 3>=8B5;O >B>A;0;8 =0 AB068@>2:C 2 >4=> 87 <5AB=KE >B45;5=89. C 0 ?>B>< 65;0=85 <AB8BL C <5=O ?@>H;>, >BB5A=Q==>5 <=>65AB2>< B5:CI8E 45;. > ?0<OBL > 8BCA5 09>, 53> ?>@>AOGL8E, 7;>1=KE 3;07:0E, ?><5G5==KE ?@KI0<8 IQ:0E 8 4;8==KE 1;54=KE ?0;LF0E, :>B>@K<8 >= >1KG=> A>25@H0; 157>BGQB=K5 42865=8O, 1C4B> :>3>- B> 4CH8; 8;8 B5@70;, A>?@>2>640;0 <5=O 4065 2 =>G=KE :>H<0@0E. "5?5@L 65 <=5 ?@54AB028;AO A;CG09 7045BL 70 682>5 53>. 0: A?5F80;L=K9 ?>A;0==8: 3> @5>A2OI5=AB20 8 ;8F5=78@>20==K9 8=:2878B>@ 87 %57- E57@>=0 O 8<5; =5A@02=8<> 1>;55 2KA>:>5 ?>;>65=85. B0:65 ?@02> ?@8=OBL =0 A51O :><0=4>20=85 2 :;>??5=1C@3A:>9 =:2878F88, ?> :@09=59 <5@5, 2 @0<:0E ?>@CG5==>3> <=5 7040=8O. MB> 7=0G8;> >G5=L <=>3>5, ;N157=K5 <>8. O 1K; C25@5=, GB> 8BCA 2?04QB 2 15H5=AB2>, :>340 C2848B ?>;=><>G8O 20H53> ?>:>@=>3> A;C38. 'B> 6, AB0@0O ?>3>2>@:0 3;0A8;0: 8:>340 =5 C=8609 B5E, :B> =865 B51O, 81> =58725AB=>, 0 =5 2AB@5B8HL ;8 8E, :>340 1C45HL ?040BL. 2>B 8=:2878B>@C 09> 2A:>@5 ?@54AB>O;> C1548BLAO 2 A?@0254;82>AB8 MB8E A;>2.
* * *
7 %570 2 ;>??5=1C@3 2Q; C4>1=K9, H8@>:89 1>;LH0:, 24>;L :>B>@>3> @0A?>;>68;8AL :>@G<K, ?>AB>O;K5 42>@K 8 B@0:B8@K. >@>3C ?0B@C;8@>20;0 5?8A:>?A:0O 071>9=0O !B@060, ?>MB><C 1K;0 >=0 8A:;NG8B5;L=> 157>?0A=>9, 4065 ?> <5@:0< >:@5AB=>AB59 %570, :>B>@K5, 2 >1I5<, 1K;8 >4=8< 87 A0<KE 157>?0A=KE <5AB 2 <?5@88. 5G ?@02>AC48O 5?8A:>?0 1K; >AB@K< 8 15760;>AB=> >1@CH820;AO =0 H58 2AO:>9 3>;KBL1K 1@>4O3, 2>@>2, 3@018B5;59 8;8 =0A8;L=8:>2, 0 B>@3>2F0< :@><5 C?;0BK 4>AB0B>G=> 1>;LH>9 ?>H;8=K =8G53> =5 3@>78;>. =B5@5A=>, GB> 5?8A:>?, :>B>@K9 B0: E>@>H> A?@02;O;AO A ?>445@60=85< ?>@O4:0 =0 A2>8E 75<;OE, =8:>340 4065 =5 ?KB0;AO 225AB8 48AF8?;8=C 2 A0<>< %575, 345 >B 2>@>2, 10=48B>2, 452>: 8 HC;5@>2 06 @>8;>AL. ;>??5=1C@3 1K; <0;5=L:8<, => 1>30BK< 3>@>4:><. >- ?5@2KE, 745AL ?5@5A5:0;8AL B>@3>2K5 ?CB8 ( 7=0G8B 3>@>4 68; A ?@020 A>18@0BL ?>H;8=C 8 A> A:;04>2) , 0 2>- 2B>@KE, <5AB=K5 @5<5A;5==8:8 A?5F80;878@>20;8AL 2 :@0A8;L=>< 45;5 8 2 MB>9 ?@>D5AA88 =5 8<5;8 A515 @02=KE. 065 :>340- B> ACI5AB2>20;8 ?;0=K ?@>:>?0BL :0=0;, A2O7K20NI89 ;>??5=1C@3 A @5:>9, GB> A>548=8;> 1K 53> 2>4=K< ?CBQ< A %57>< 8 "8@80=><. !@07C ?>A;5 ?>A;54=59 2>9=K A 0;0B8=0B>< =0 @01>BC A>3=0;8 =5A:>;L:> BKAOG ?;5==KE, => :0: 8E 70?0A 70:>=G8;AO, B0: 8 ?;0=K C<5@;8 5AB5AB25==>9 A<5@BLN. A0< :0=0; 1KAB@> >AK?0;AO, 701>;>B8;AO 8 70@>A. !@548 <5AB=KE >=, 2?@>G5<, ?>;L7>20;AO 4C@=>9 A;02>9, B0: :0: @0AA:07K20;8 A:07:8, GB> 53> ?>A5I0NB 4CE8 C<5@H8E =52>;L=8:>2. ;>??5=1C@3 O 2J5E0; =5704>;3> 4> ?>;C4=O. / A=>20 =045; >D8F80;L=K9 =0@O4: GQ@=K9 :0DB0= A 2KH8BK< =0 3@C48 =04;><0==K<, A5@51@O=K< :@5AB><, GQ@=K9 ?;0I 8 H8@>:>?>;CN H;O?C. 0 1>;LH0:5 A@07C A45;0;>AL :0:- B> A2>1>4=55, 0 : :;>??5=1C@3A:8< 2>@>B0< O ?>4J5E0; H8@>:8< :>@84>@><, >1@07>20==K< >6840NI8<8 ?@>?CA:0 ;N4L<8, :>B>@K5 =5A:070==> 1KAB@> ?5@54> <=>9 @0AABC?0;8AL. >B, <0;5=L:85 2K3>4K 8=:2878B>@A:>9 ?@>D5AA88. >@>4A:85 AB@06=8:8, 2>>@C6Q==K5 >18BK<8 65;57>< 4C18=:0<8, CABC?8;8 <=5 4>@>3C AB>;L 65 >E>B=>, 0 8E A5@60=B ?>:;>=8;AO 4>AB0B>G=> =87:>.
! ?>72>;5=8O 20H59 25;L<>6=>AB8, ?>:06C 4>@>3C 4> =:2878F88, A:070; >= A<8@5==K< 3>;>A><.
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« #65, C65, 20H0 25;L<>6=>ABL, ?@>HC ?>4>640BL, 1C4LB5 4>1@K» , 0 O A?>:>9=> 640;, ?>:0 >= A?@028BAO A BO6Q;K<8 AB2>@:0<8. ">BG0A 65, :0: O 2J5E0; 2=CB@L, :> <=5 ?>41560; :>=NE 8 ?@8=O; ?>2>4LO.
@0A82>5 682>B=>5, 20H0 25;L<>6=>ABL, CA;KH0; O 8 256;82> :82=C; 5<C 3>;>2>9.
:064>< 87 ?@54AB028B5;LAB2 =:2878F88 5ABL C?@02;ONI89 G5;>25:, GL59 7040G59 O2;O5BAO 701>B0 > :0: 65 ?@>708G=KE E>7O9AB25==KE 45;0E, 0 B0:65 2AB@5G0 A0<KE ?>GB5==KE 3>AB59. 45AL C?@02;ONI89 1K; =52KA>:8<, :>@5=0ABK< G5;>25G:>< A B>@G0I8<8 2> 2A5 AB>@>=K ?CG:0<8 A54KE 2>;>A. 45B >= 1K; 2 8A?0G:0==CN :C@B:C, 0 =0 @C:0E 1K;8 B>;ABK5, A04>2K5 ?5@G0B:8. 84=>, O >B>@20; 53> >B CE06820=8O 70 35@10@8C<>< 8;8 >2>I=K<8 3@O4:0<8. 'B> 6, :0: 284=>, 687=L 2 ?@>28=F88 B5:;0 2 A?>:>9=>< @CA;5.
"0:- B0:, 154=K9 >@48<5@, ?>4C<0; O. >:0 >4=8 =0A;0640NBAO >G0@>20=85< ?@>28=F80;L=>9 687=8, B515 ?@8E>48BLAO 4KH0BL 2>=NG8< 2>74CE>< %570 8 2>520BL A> 2H0<8 8 :;>?0<8 2 A2>Q< 68;8I5.
4@02AB2C9B5, <038AB@, ?@>87=QA C?@02;ONI89 8 A:;>=8; 3>;>2C. 5 B0: =87:>, :0: >1KG=K5 A;C38 8;8 AB@06=8:8, => 4>AB0B>G=>, GB>1K ?@8=OBL ?>7C, ?@58A?>;=5==CN C2065=8O. / >E0=, 0 =07K20NB <5=O 5;59=8:. <5N G5ABL 701>B8BLAO > E>7O9AB25 A2OBKE <C659. @>HC 2>9B8.
0AB0; ;8 O 8BCA0? A?@>A8; O, 4C<0O, GB> A0< 1K =5 >A<5;8;AO =0720BL <>53> :>;;53C 87 :045<88 A2OBK< <C65<. ;8 4@C38E 1@0BL52?
0, <038AB@. 0: @07 70:>=G8;8 702B@0:0BL. K; ?>;45=L, A>;=F5 AB>O;> 2KA>:> 2 =515, ?>MB><C 2@5<O 4;O 702B@0:0 1K;> =5 A;8H:>< @0==8<. 0: 284=>, 8=:2878B>@K 87 ;>??5=1C@30 1K;8 =5 >G5=L 70=OBK. / 2>HQ; 2 E>;>4=CN, BQ<=CN ?5@54=NN, ?@>?8B0==CN 70?0E>< AB0@>3> 45@520, 0 ?>B>< >E0= >B:@K; ?5@54> <=>9 425@8 2 AB>;>2CN. # ?>;C:@C3;>3> AB>;0 A845;8 2A5 B@8 :;>??5=1C@3A:8E 8=:2878B>@0, 0 2 B0@5;:0E 8 <8A:0E O 2845; C65 B>;L:> >AB0B:8 54K. !59G0A >=8 C3>I0;8AL 28=>< 8 :0: @07 A>18@0;8AL G>:=CBLAO :C1:0<8, :>340 O >AB0=>28;AO =0 ?>@>35. =8 70<5@;8 =0 <3=>25=85, 0 ?>B>< 8BCA 09> 2AB0; A> ABC;0.
>GB5==K9 >@48<5@! 2>A:;8:=C; >=. 0:>9 ?@8OB=K9 3>ABL! 3> :>AK5, ?>@>AOGL8 3;07:8 >A<0B@820;8 <5=O 06 A;8H:>< 2=8<0B5;L=>, 0 E>;>4 273;O40 =8:>8< >1@07>< =5 A>G5B0;AO A B5?;>B>9 2 3>;>A5.
/ ?>4>HQ; : AB>;C 8 ?>40; @C:C A=0G0;0 8BCAC, 0 ?>B>< 42C< 53> :>;;530<. -B> 1K;8 <>;>4K5 8=:2878B>@K, 4C<0N, 2A53> ?0@0 ;5B ?>A;5 :045<88. 5@2K9 ?@54AB028;AO :0: >M;L ><30@4, 0 2B>@>9 :0: -@8: %0AB5;. =5 >=8 1K;8 =57=0:><K 8 O =8:>340 @0=LH5 > =8E =5 A;KH0;. C GB> 6, 2 ;>??5=1C@35 >=8, 2>7<>6=>, =0CG0BAO 6@0BL 8 ?8BL, => A><=520NAL, GB>1K A<>3;8 @0728BL ?@>D5AA8>=0;L=K5 =02K:8. %>BO, A 4@C3>9 AB>@>=K, <K 254L 7=05<, GB> 4LO2>; <>65B =0?0ABL 2 A0<>< =5>6840==>< <5AB5 8 2 A0<K9 =5>6840==K9 <><5=B. <K, A<8@5==K5 A;C38 >30, 1K;8 A;5?;5=K 8<5==> 4;O B>3>, GB>1K >:070BLAO 2 =C6=>< <5AB5 8 2@5<5=8 8 70I8B8BL =528==KE 03=F52 >B> ;L20.
04 4>AB028BL 20< C4>2>;LAB285, >B25B8; O 256;82>. %>BO =0 MB>B @07 <5=O ?@82Q; =5 A;CG09.
/ >B>428=C; 2 AB>@>=C B0@5;:8 8 <8A:8, AB0@0OAL 45;0BL MB> =5 A;8H:>< 45<>=AB@0B82=>, 8 @07;>68; =0 AB>;5 ?5@30<5=B A ?>;=><>G8O<8 >B 3> @5>A2OI5=AB20.
8BCA >AB>@>6=> 27O; 1C<038 ?0;LF0<8, 1C4B> 1>O;AO, GB> 4>:C<5=B 53> C:CA8B. = G8B0;, 8 O 70<5B8;, GB> 53> >128AH85 IQ:8 ?>:@0A=5;8.
'B> 6, >@48<5@, ?@>87=QA >= =0:>=5F, >B:;04K20O C4>AB>25@5=85 >1@0B=> =0 AB>;. K : B2>8< CA;C30<, A>3;0A=> 2>;5 3> @5>A2OI5=AB20. 0: A0<>GC2AB285 5?8A:>?0, ?>72>;L A?@>A8BL?
>3 1;03>A;>28; 53> ?@8ABC?0<8 ?>403@K, 401K 70:0;OBL 53> =5A38105<CN 2>;N, >B25B8; O, 0 8BCA <54;5==> ?>:820;. =5 ?>:070;>AL, GB> =0 53> 3C10E ?>O28;>AL GB>- B> 2@>45 C;K1:8. ?@>G5<, O 1K A0< >E>B=> @0AA<5O;AO, CA;KH02 A>1AB25==K5 A;>20.
;03>A;>25==K, :>3> 8A?KBK205B >A?>4L, B>@65AB25==> 87@Q: 8BCA, 0 <>;>4K5 8=:2878B>@K 206=> :82=C;8. / <KA;5==> H8@>:> 752=C;.
>?@>1C5HL =0H53> 28=0? 256;82> A?@>A8; 09>.
5 >B:06CAL. / A5; 70 AB>;, 0 >=8 A>3;0A=> >1KG0N ?>4>640;8 <8=CBC, ?@5645 G5< A5ABL A0<8<. 8BCA ?>40; <=5 :C1>: 8 >AB>@>6=> =0;8; BQ<=>:@0A=>3> 28=0. / ?>?@>1>20; 8 ?>4=O; 1@>28.
@5:@0A=>, A:070; O.
! :;>??5=1C@3A:8E 28=>3@04=8:>2, ?>OA=8; >M;L.
>B MB> 40, C4828;AO O A=>20, ?>A:>;L:C 4065 ?>=OB8O =5 8<5;, GB> 2>7;5 ;>??5=1C@30 5ABL 28=>3@04=8:8.
45AL C40;>AL 2K25AB8 A>@B, =5A:>;L:> 1>;55 CAB>9G82K9 : E>;>4C 8 =5 B@51CNI89 AB>;L 8=B5=A82=>3> >A25I5=8O A>;=F5<, A:070; 8BCA. >65B =5 B0:>5 2:CA=>5 MB> 28=>, :0: 0;LE0<@0, => 70B> >= ?>4=O; ?0;5F =0<=>3> 45H52;5. >, 4>@>3>9 >@48<5@, E>BL > @04>ABOE AB>;0 <K, =5A><=5==>, <>3;8 1K 48A:CB8@>20BL F5;K<8 4=O<8, => =5 MB> B51O AN40 ?@825;>. "K =5 ?@>B82 A>>1I8BL =0< F5;L A2>59 <8AA88?
528EB, >B25B8; O, 3;O4O 5<C ?@O<> 2 ;8F>, 0 C =53> =0 =Q< =8 >4=>3> <CA:C;0 =5 4@>3=C;>.
528EB? ?>2B>@8; >=, 1C4B> ?5@2K9 @07 CA;KH0; MB> =0720=85. GB> B0:>3> 5ABL 2 528EB5?
C<0;, 8<5==> 2K <=5 @0AA:065B5, 70O28; O. 8BCA ?>A<>B@5; =0 A2>8E A>B@C4=8:>2, 1C4B> B@51>20; >B =8E >B25B0 =0 :0:>9- B> 8A:;NG8B5;L=> 15AA<KA;5==K9 2>?@>A. >M;L ;8HL A;53:0 ?>60; ?;5G0<8, => -@8: E;>?=C; 2 ;04>H8.
>@48<5@ 8<55B 2 284C @51Q=:0, 2>A:;8:=C; >=. ">3>, A O:>1K AB83<0B0<8, :>B>@>3> ?@>1>I ?>:07K20; :0: <5AB=>5 GC4>&
E, 40, C;K1=C;AO 8BCA, 0 <=5 ?@54AB028;AO A;CG09 C2845BL =0A:>;L:> 8A:@5==OO 8 >157>@C6820NI0O 53> C;K1:0. 5;> 402=> 70:@KB>, 4>@>3>9 >@48<5@, 8 G5AB=> 3>2>@O, BK =0?@0A=> 15A?>:>8;AO. > :>=5G=>, <K 2AQ ?@>A<>B@8< 5IQ @07, 5A;8 B0:>2> B2>Q 65;0=85.
3> @5>A2OI5=AB2> 1C45B =0AB0820BL =0 ?>4@>1=>< 8 >1AB>OB5;L=>< @0?>@B5, ?>OA=8; O, ?>72>;82 A515 A>>1@07=CN >BAB@0=Q==>ABL 2 3>;>A5, B0:, GB>1K 2A:>@5 C =8E =5 >AB0;>AL 8 B5=8 A><=5=8O, GB> 2AQ MB> B>;L:> :0?@87 5?8A:>?0, :>B>@><C 20H ?>:>@=K9 A;C30 4>;65= ?>4G8=OBLAO 2>?@5:8 A2>59 2>;5. "0: GB>, G5< 1KAB@55 <K >B?@028<AO 2 528EB, B5< ;CGH5. %>GC ?>3>2>@8BL A A5<LQ9 <0;LG8:0, 2>7<>6=> A ?@>1>I5<, =C 8, :>=5G=>, A A0<8< @51Q=:><. !:065<, 702B@0 A A0<>3> CB@0.
0: ?>65;05HL, >@48<5@, >B25B8; 8BCA 256;82K< B>=><. 51Q=>: ?@>AB> 1>;5= @54:> 2AB@5G0NI59AO 1>;57=LN :>68, 0 ?@>1>I ?>?KB0;AO 8A?>;L7>20BL MB>, GB>1K =5A:>;L:> >1>30B8BL =8ICN ?0@0D8N. 0<8 5<C 1K;> A45;0=> 70<5G0=85, 8 <K B0:65 >B>A;0;8 A>>B25BAB2CNI89 @0?>@B 53> =0G0;L=8:0<.
0<5G0=85, ?>2B>@8; O B8E>, => >BGQB;82>, ?>B><C GB> 8 70 <5=LH85 ?@>28==>AB8 A2OI5==8:>2 A=8<0;8 A 4>;6=>AB8 ;81> AAK;0;8 2 <>=0ABK@L. 5A;8 1K A;CG8;AO A25@ECA5@4=K9 8=:2878B>@, B> >= <>3 4065 2>71C48BL >D8F80;L=>5 A;54AB285 ?> >128=5=8N 2 5@5A8 8 70:>=G8BL 53> B@51>20=85< ?@83>B>28BL :>ABQ@. %>BO A2OI5==8:>2 @54:> :>340 A6830;8. !;8H:>< @54:> ?> <=5=8N 20H53> ?>:>@=>3> A;C38, ?>A:>;L:C <=>3> 4CE>2=KE >A>1 ;8HL >A:25@=O;> CG5=85 %@8AB0. ?@>G5<, ?>- <>5<C, 8<5==> B0: 1K;> 8 4>;6=> 1KBL, GB> ?0@H82K<8 >2F0<8 1C4CB B5, :B> =>A8B ACB0=K. >25@LB5 <=5, ;N157=K5 <>8, GB> =5B A>740=89 ?>4;55, G5< A5;LA:89 8;8 <5AB5G:>2K9 A2OI5==8:. ;C?>ABL, A>548=Q==0O A 0;G=>ABLN 8 ?>@>G=K<8 =0:;>==>ABO<8. 2 4>25@H5=85 7;0, 60640 C=865=8O 8 ?>?8@0=8O 4@C38E, 0 B0:65 =5>1K:=>25==> 2KA>:>5 A0<><=5=85.
"K : AB0@>AB8 AB0; <O3G5, 8BCA, A:070; O 157 5E84AB20 2 3>;>A5, => =0 53> IQ:8 2K?>;7 :@>202>:@0A=K9 @C<O=5F. @54AB02LB5 <=5, 1C4LB5 4>1@K, ?>;=CN A;54AB25==CN 4>:C<5=B0F8N, 2<5AB5 A :>?859 ?8AL<0, >B?@02;5==>3> F5@:>2=><C =0G0;LAB2C ?@>1>I0.
/ 2AB0; 8 4>?8; 28=>.
@52>AE>4=>, O ?>E20;8; 5IQ @07. >65B5 ?>:070BL <=5 68;LQ?
8BCA 40; 7=0: >M;N, 8 B>B ?>A?5H=> 2AB0;.
@>HC 70 <=>9, CGB82> A:070; >=. @8<8 2AQ- B0:8 2> 2=8<0=85 8 ?@>AB8 =0<, GB> C =0A =5B >A>1KE C4>1AB2&
8G53>, ?@5@20; O 53>. %20B8B ?>AB5;8, AB>;0 8 ;0<?K.
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
>60;C9AB0, ?@>87=QA O 256;82>.
25@L >B@K;0AL, 8 2=CB@L 2>HQ; A0< 8BCA. B0:, =5 ?@8A;0; :> <=5 >4=>3> 87 A2>8E ?>4G8=Q==KE, 0 ?>15A?>:>8;AO A0<. N1>?KB=>, ?>A:>;L:C @5GL 2AQ 65 H;0 ;8HL > B><, GB>1K ?@8=5AB8 4>:C<5=BK.
045NAL, BK >B4>E=C;, 4>@>3>9 >@48<5@, A:070; >= A H8@>:>9 C;K1:>9. 7- ?>4 >?CEH8E 3C1 2K3;O=C;8 :@82K5, 65;B>20BK5 ;>?0BK 7C1>2. 0102=>, GB> >= C;K10;AO B0: 8 2 :045<88, :>340 ?>9<0; <>N A>10:C. C, ?> :@09=59 <5@5, O 8<5==> B0:>9 ?><=8; MBC C;K1:C 2A5 3>4K.
!?0A81>, >B25B8; O. AG0ABLN, 4>@>30 1K;0 =5 A;8H:>< CB><8B5;L=>9.
= ?>;>68; =0 ?>25@E=>ABL AB>;0 AB>?:C @>2=> A;>65==KE ?5@30<5=B>2.
>B 4>:C<5=BK, :>B>@K5 BK ?@>A8;, ?@>87=QA >=. > 8E =5<=>3>, 8 @CG0NAL, GB> BK =5 =094QHL =8:0:8E >B:@>25=89.
/ B>65 B0: 4C<0N, C;K1=C;AO O. > GB> 45;0BL: 3>A?>48= 25;8B, A;C30 4>;65=. 0284CN 20<, GB> 745AL 2 ?@>28=F88, 682QB5 240;8 >B HC<0 8 8=B@83 1>;LH>3> 3>@>40. = :82=C;, 8 O 1K; C25@5=, GB> =5 25@8B =8 548=><C <>5<C A;>2C. 564C ?@>G8<, =5A?@0254;82>, ?>A:>;L:C O 459AB28B5;L=> =5 ;N18; %57- E57@>=0. -B> 1K; 3>@>4 7015302H8EAO, 87=C@Q==KE :@KA, 0 O 1K; >4=>9 87 =8E. !?>:>9=0O 687=L 2 ?@>28=F88, A;C38 8 A>1AB25==K9 A048:, ;5=82>5 2@5<O ?>?>;C4=8, ?@>2>48<>5 A 4@C7LO<8 70 AB0:0=G8:>< 28=0 B0:0O 687=L =5 <>3;0 AB0BL C45;>< 154=>3> >@48<5@0. / 274>E=C; 2 <KA;OE 8 @0760;>18;AO =04 A>1AB25==>9 AC4L1>9, GB> ?>A:C?8;0AL =0 <0;5=L:85 @04>AB8, 0 C3>B>20;0 68BL 2 B@C40E 8 ?>B5 ;8F0 A2>53>.
-B> ?@0240, >@48<5@, GB> <K 682Q< A?>:>9=>. K AB0@05<AO =8:><C =5 1KBL ?><5E>9 8 2 A<8@5=88 8A?>;=OBL A2>8 >1O70==>AB8.
/ 4065 273;O40 =0 =53> =5 ?>4=O;. 8:><C =5 1KBL ?><5E>9? 5C65;8 MB> A:070; 8=:2878B>@? =5C65;8 >= A>25@H5==> ?>B5@O; 8=AB8=:B A0<>A>E@0=5=8O, GB>1K B0:85 25I8 3>2>@8BL 8<5==> <=5?
>=5G=>, 8BCA, >B25B8; O. A5 <K 2 459AB28B5;L=>AB8 ;N48 :@>B:>3> A5@4F0.
/ 70<5B8;, GB> >= 3;O=C; =0 <5=O =5A?>:>9=>, => >B25B8; 5<C 8A:@5==8< 8 >B:@KBK< 273;O4><.
>AB0@0NAL :0: <>6=> 1KAB@55 70:>=G8BL 45;0, ?>@CG5==K5 <=5 3> @5>A2OI5=AB2>< 8 25@=CBLAO A C1;03>B2>@ONI8< @0?>@B><, 4>1028; O. 5@>OB=>, C <5=O 1C4CB 2>?@>AK, A2O70==K5 A 4>:C<5=B0<8, => ?>=8<0N, GB> >1 MB>< <K ?>3>2>@8< 70 702B@0:><.
0 702B@0:>< 8;8 ?> 4>@>35. AQ, :0: BK ?>65;05HL.
= ;53:> ?>4B>;:=C; ?0;LF5< 1C<038, :0: 1K 65;0O 8E 4>?>;=8B5;L=> 2K@>2=OBL ?> :@0N AB>;0. >B>< :8=C; <=5 8 2KH5; 87 :><=0BK. 4=0:> =5 70:@K; 425@L, 0 >15@=C;AO =0 ?>@>35.
A;8 70E>G5HL G53>- =81C4L AJ5ABL 8;8 2K?8BL, >:068 <8;>ABL, A?CAB8AL 2 :CE=N 8 2 1CD5B5 =094QHL 2AQ, GB> ?>65;05HL.
0 MB>B @07 2KH5; C65 A>2A5<, 70:@K20O 425@L. >65 <>9, :0: 65 ;N48 <5=ONBAO. 8BCA 09> 701>B8BLAO, GB>1K O =5 8A?KBK20; 3>;>40 8;8 6064K! A;8 1K <=5 >1 MB>< @0AA:070;8 2 :045<88, O 1K @0AE>E>B0;AO. ?@>G5<, 8 A59G0A A8BC0F8O :070;0AL <=5 4>AB0B>G=> 70102=>9. / =5 ?><=8; B0:>3> 8BCA0 256;82>3>, :@>B:>3> 8 A?>:>9=>3>. 1KG=> >= 3>2>@8; ?>2KH5==K< B>=><, 2 <8=CBC @074@065=8O E@8?O :0: ?5BCE. !B@>8; =5A:;04=K5 ?@54;>65=8O 8 >1@K20; A2>8 65 4;8==K5 B8@04K 27@K20<8 @60=LO 8;8, A0<>5 <5=LH55, DK@:0=L5<. <>65B MB> B>;L:> O 70?><=8; 53> B0:8<? >65B =5?@8O7=L 8;8, C?>B@518< 4065 MB> A;>2>, =5=028ABL : 8BCAC 09> 8A:078;0 <>8 2>A?><8=0=8O 8 70AB028;0 2845BL 8E 2 :@82>< 75@:0;5? 0;L, GB> C <5=O =5B A?>A>1=>AB59 !<5@BCE0, :>B>@K5 ?>72>;ONB 5<C 70?><8=0BL 4>A;>2=> @073>2>@K, H54H85 4065 <=>3> ;5B =0704. / 704C<0;AO =0 <8=CB:C, GB> ?>45;K20NB !<5@BCE 8 1;87=5FK, => =5 60;5;, GB> 8E A59G0A =5B A> <=>9. 5;> 1K;> 45;8:0B=>3> A2>9AB20, 8 O =5 4C<0;, GB>1K =5?@5<5==> ?>=04>18;>AL ;81> ?@8<5=5=85 A8;K ( ?@8720=85 : G5<C 1K;> C !<5@BCE0) , ;81> >A>1KE A?>A>1=>AB59 1;87=5F>2.
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
/ =5 A>18@0;AO A>>1I0BL > A45;0==KE <=>N 2K2>40E 8BCAC, 0 B5< 1>;55 53> ?>4G8=Q==K<. 0 A;54CNI89 45=L CB@>< <K >B?@028;8AL 2 ?CBL A@07C ?>A;5 ?;>B=>3> 702B@0:0, 0 O ;8HL 70<5B8;, GB> >7=0:><8;AO A 4>:C<5=B0<8, 8 7040; =5A:>;L:> =5ACI5AB25==KE 2>?@>A>2. A;8 8BCA A>>1@078B5;L=K9, 4>;65= ?>GC2AB2>20BL, GB> =04 53> 3>;>2>9 A>18@0NBAO 3@>7>2K5 BCG8. ! 4@C3>9 AB>@>=K, C =53> 2AQ 65 <>3;0 >AB020BLAO :0?;O =04564K, GB> =0 A0<>< 45;5 O <5GB0N > B><, GB>1K :0: <>6=> 1KAB@55 2K?>;=8BL D>@<0;L=>AB8 8 25@=CBLAO 2 %57. >G5=L E>@>H>, ?>A:>;L:C G5;>25: 272>;=>20==K9 8 =5C25@5==K9 2 @0728B88 A8BC0F88, >1KG=> A>25@H05B <=>3> >H81>:. O A>18@0;AO 157 60;>AB8 8A?>;L7>20BL ;N1CN >H81:C 8BCA0, B0:65 :0: >= :>340- B> 8A?>;L7>20; <>N A;01>ABL. AB0B8 3>2>@O, A;01>ABL, :>B>@>9 <=5 =5G53> 1K;> ABK48BLAO, => :>B>@CN O 7@O ?>:070;, C<=>60O <C:8 :>3>- B>, :>3> O ;N1>9 F5=>9 E>B5; >B =8E 871028BL.
?CB8 =0A A>?@>2>640; B>;L:> >M;L ><30@4, 8 <=>3>5 C:07K20;> =0 B>, GB>, ?> :@09=59 <5@5, >= >15A?>:>5=. / ?>=O; MB> ?> 273;O40< C:@04:>9, :>B>@K5 >= 1@>A0; 2 <>N AB>@>=C, :>340 4C<0;, GB> O =5 A<>B@N, 8 ?> ?>;=K< A<CI5=8O 8 =5C25@5==>AB8 >B25B0<, :>B>@K5 >= 4020; =0 2>?@>AK. ?@>G5<, O =5 4028; =0 =53>. A;8 GB>- B> 7=0;, @0=> 8;8 ?>74=> ?>45;8BAO A2>8<8 @07<KH;5=8O<8 A 20H8< ?>:>@=K< A;C3>9.
528EB <K 2J5E0;8 2A:>@5 ?>A;5 ?>;C4=O. -B> 1K; <0;5=L:89 3>@>4>:, A>1@02H89AO 2>:@C3 3@O7=>9 @K=>G=>9 ?;>I048, =0 :>B>@>9 20;O;>AL =5A:>;L:> A28=59. @O7=0O A>10:0 A >I5B8=82H59AO H5@ABLN 8 <CB=K<8 3;070<8 E@8?;> =0A >1;0820;0, ?>:0 <K ?>4J5760;8 : 20;OI5<CAO ?>AB>O;><C 42>@C, @O4>< A :>B>@K< 1K;> 2K45;5=> <5AB> 4;O ;>H0459. / 1@>A8; ?>2>4LO <0;LG8:C- :>=NEC, >45B><C 2 3@O7=CN 8 ?>@20==CN >4564C, 0 >= 70ABK; =0 <5AB5, @073;O4K20O A >B:@KBK< @B>< =04;><;5==K9 :@5AB, 2KH8BK9 =0 <>59 :C@B:5.
28309AO 65! >M;L ?=C; 53> ;>2:> ?> 704=8F5 1>:>< A0?>30, 8 <0;LG8: 7025@B5;AO 2>;G:><.
4>20 >7=8F 682QB ?@O<> 745AL, 2>7;5 @K=:0, >1JOA=8; 8BCA. @>94Q<AO.
/ :82=C; 8 A>A:>G8; A A54;0, AB0@0OAL =5 ?>?0ABL 2 3@O7=CN ;C6C. 0;LG8:C 2 >1>@20==>9 >45645 AC=C; 2 @C:C ?>;C3@>H.
>G8AB8 :>=O 8 ?>;CG8HL 2B>@>9, A:070; O.
!45;0; 1K, ?@>E2>AB, 8 40@><. >M;L E>B5; 53> B@5A=CBL ?> CEC, => :>=NE AC<5; C:;>=8BLAO. >;>4>9 8=:2878B>@, =54>2>;L=K9, =0E<C@8;AO.
K >AB028;8 :>=59 C 703>=0 8 ?@>H;8 : A525@=>9 AB>@>=5 @K=>G=>9 ?;>I048. 8BCA 2K=C; 87 :>B><:8 :CA>G5: <OA0 8 1@>A8; 53> ;0NI59 A>10:5. 82>B=>5 70<>;G0;>, ?>A<>B@5;> =54>25@G82> =0 :CA>: 8 604=> 53> AE20B8;> 2 7C1K. / C4828;AO, ?>A:>;L:C =5 ?><=8; 8BCA0 :0: ;N18B5;O 682>B=KE. 0: @07 =0>1>@>B. / ?><=8; 53> A>2A5< ?> 4@C3>9 ?@8G8=5. 09> C;K1=C;AO 8 ?>:070; =0 45@52O==K9 4><8: A :8@?8G=K< F>:>;5< 8 :@KH59, =5@>2=> :@KB>9 ?>75;5=52H8< 65;57><.
-B> 745AL, ?@>87=QA >= 8 A8;L=> ?>ABCG0; 2 425@L. K CA;KH0;8 H0@:0=L5 >1C28. ?>B>< IQ;:=C; 70<>:. 0 ?>@>35 ?>O28;0AL 5IQ =5AB0@0O 65=I8=0 A 2>;>A0<8, A?;5BQ==K<8 2 2KA>:89 C75;. K;0 A:@><=> >45B0, 5Q ?;0BL5 1K;> A> A;540<8 HB>?:8, 0 @0AB>?B0==K5 10H<0:8, =5A><=5==>, 7=0;8 ;CGH85 2@5<5=0. 0 ;8F5 8 H55 C =5Q 1K;8 :>@8G=52K5, ?5GQ=>G=K5 ?OB=0.
4@02AB2C9, %5;L30, ?@>87=QA 8BCA. 07@5H8, <K 2>94Q<.
5=I8=0 ?>A<>B@5;0 =0 <5=O 8 O2AB25==> ?>1;54=5;0, => ?>A;CH=> >A2>1>48;0 4>@>3C. 5AB>< ?@83;0A8;0 =0A 2=CB@L.
4@02AB2C9B5, ?>GB5==K5 3>A?>40, A:070;0 >=0 B8E8< 3>;>A><.
/ :82=C; 59, 0 :>340 >=0 70:@K;0 425@L, A:070;:
5=O 7>2CB >@48<5@ 0445@48= 8 O O2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. / ?@81K;, GB>1K ?>3>2>@8BL > 20H5< AK=5.
@>HC 2 ?><5I5=85, ?@>87=5A;0 >=0 15AF25B=K< 3>;>A><, 8 <K 2>H;8 2 :CE=N, ?>A@548 :>B>@>9 AB>O; 1>;LH>9 AB>;.
/ C2845; @0A:0B0==>5 B5AB> 4;O 20@5=8:>2 8 B>;L:> A59G0A 70<5B8;, GB> C %5;L38 ?0;LFK 8A?0G:0=K 2 <C:5.
-B> B>;L:> D>@<0;L=>ABL, A:070; O A5@45G=K< B>=><. 0< =5G53> 1>OBLAO. ><=8B5, 20H5<C AK=C A =0H59 AB>@>=K =8G53> =5 3@>78B, <K A>18@05<AO B>;L:> ;8HL @07>1@0BLAO, ?>G5<C <5AB=K9 ?@>1>I ?@>O28; 70A;C6820NI55 =0:070=8O ;53:><KA;85 8 8A?>;L7>20; 20H53> @51Q=:0.
=0 >?CAB8;0AL =0 B01C@5B, 8 O C2845; =0 5Q ;8F5 >1;53G5=85.
= 4>1@K9 G5;>25:, A:070;0 >=0. > 25@8;, GB> C =0A 2 528EB5 5ABL GC4>.
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
K A5;8 C AB>;0, 8 O ;53:> :>A=C;AO @C:8 E>7O9:8.
0AA:068B5 >1> 2AQ<, A:070; O.
>B>< O C65 B>;L:> A;CH0;, 8 7=05B5, ;N157=K5 <>8, :0:>5 AB@0==>5 2?5G0B;5=85 A;>68;>AL C 20H53> A<8@5==>3> 8 ?>:>@=>3> A;C38? 2>B B0:>5, GB> %5;L30 >7=8F 3>2>@8B A;8H:>< A:;04=>, A;8H:>< ?;02=> 8 A;8H:>< ;>38G=>. "0:, 1C4B> :B>- B> 5Q =0CG8; B><C, GB> 4>;6=0 3>2>@8BL. >=5G=>, O ?>=8<0;, GB> 2?5G0B;5=85 MB> <>65B 1KBL 2K720=> <>59 8=:2878B>@A:>9, 4>AB>9=>9 A>60;5=8O =54>25@G82>ABLN, => A B5G5=85< 2@5<5=8 O =0CG8;AO 4CBL =0 2>4C 8 25@8BL A>1AB25==><C 8=AB8=:BC. / 2KA;CH0; 5Q A?>:>9=> 4> :>=F0, => =5 C7=0; =8G53> A25@E B>3>, GB> ?@>G8B0; 2 4>:C<5=B0E =:2878F88. / 70<5B8;, GB> 8BCA B>65 2=8<0B5;L=> A;CH05B, 0 8=>340 4065 5420 70<5B=> :8205B, :0: 1C4B> A;>20, ?@>87=>A8<K5 24>2>9, A>2?040NB A 53> ?>65;0=8O<8.
%>B5; 1K ?>3>2>@8BL A @51Q=:><, A:070; O, 0 %5;L30 70:CA8;0 3C1K.
>=5G=>, 20H0 <8;>ABL, >B25B8;0 >=0. > ?>72>;LB5 =025@E, B0: :0: @51Q=>: E2>@05B.
?OBL B> 65 A0<>5? -B0 AB@0==0O 1>;57=L :>68? <>Q< 3>;>A5 =5 1K;> 4065 3@0<<0 8@>=88.
5B, 3>A?>48=, >=0 >?CAB8;0 3>;>2C. ;020; 2 @5:5, 0 1K;> E>;>4=>&
0AB8@09B5 53> 2>4:>9, ?>8B5 3>@OG8< 1C;L>=>< 8 ?CABL ;568B 2 B5?;5, ?>A>25B>20; O.
/ 2AB0;, 8 8=:2878B>@K ?>4=O;8AL 2<5AB5 A> <=>9.
5 1C4C 20A 15A?>:>8BL, A:070; O 256;82>. 5A><=5==>, 2K AB>;L:> @07 A;KH0;8 >4=> 8 B> 65, C;K1=C;AO O.
8BCA >B25B8; C;K1:>9, => C <5=O 1K;> 2?5G0B;5=85, GB> >= A:>@55 ;8HL 8A:@828; 3C1K, A F5;LN AK<8B8@>20BL C;K1:C.
>=5G=>, >@48<5@, ?@>87=QA >=. K ?>4>64Q< B51O.
4>20 >7=8F ?5@2>9 2>H;0 =0 ;5AB=8FC, => A;>6=> 1K;> =5 70<5B8BL, GB> AB0;0 5IQ 1>;55 =5A?>:>9=>9. 0 2B>@>< MB065 =0E>48;AO C7:89 :>@84>@, 2 :>B>@>< 1K;8 425 ?0@K 425@59. %>7O9:0 =060;0 @CG:C, 8 <K 2>H;8 2 <0;5=L:CN :><=0B:C, C<5AB82HCN B>;L:> =51>;LHCN :@>20BL, AB>;8: =0 >4=>9 =>35 8 :>=O- :0G0;:C A >1;57H59 3@82>9, A45;0==>9 87 =0AB>OI53> 2>;>A0. 560I89 =0 :@>20B8 <0;LG8: A?0;, 0 53> IQ:8 1K;8 :@0A=K<8 >B @C<O=F0. / ?>4>HQ; 8 4>B@>=C;AO ?0;LF0<8 4> 53> ;10. 0 A?8=>9 CA;KH0; B8E89 274>E.
K 4>;6=K ?@>25B@820BL :><=0BC, A:070; O 2?>;3>;>A0. 8E>@04:0 2K7K205B ?;>E85 D;N84K.
0@;. 4>20 >7=8F ;53:> ?>B>@<>H8;0 @51Q=:0 70 ?;5G>. !K=>:, ?@>A=8AL.
0;LG8: ?>25@=C;AO =0 1>: 8 >B:@K; 3;070. #2845; <5=O 8 >B?@O=C; =0 4@C3CN AB>@>=C :@>20B8.
5 1>9AO, A:070;0 %5;L30 >7=8F. 3> 25;L<>6=>ABL ?@81K;, GB>1K @0AA?@>A8BL B51O&
/ ?>4=O; ;04>=L, 8 >=0 ?@5@20;0 =0 ?>;CA;>25.
AB02LB5 =0A >4=8E, ?>60;C9AB0, A:070; O <O3:>, => :0B53>@8G5A:8.
=5 ?>:070;>AL, GB> >=0 E>B5;0 70?@>B5AB>20BL, => 2 :>=F5 :>=F>2 A=>20 274>E=C;0 8 2KH;0. / ?>4>640;, ?>:0 70:@>5B 70 A>1>9 425@L. #A;KH0; C40;ONI85AO H038 ?> :>@84>@C, 0 ?>B>< A:@8? ABC?5=5:.
/ 8=:2878B>@, <>9 <0;LG8:, <O3:> A:070; O. "K 7=05HL, G5< 70=8<0NBAO 8=:2878B>@K.
= 157 A;>2 :82=C;.
!:065HL <=5?
>2OB ;N459 8 A6830NB =0 :>AB@0E, >B25B8; >= B8E>.
/ 274>E=C;. >G5<C 2 =0H59 BO6Q;>9 @01>B5 4065 45B8 70<5G0NB B>;L:> MBC G0ABL? 'B> 6, ?@87=0N, =081>;55 MDD5:B=CN, => 254L 2A53> ;8HL >4=C 87 G0AB59, 8 B>, ?>25@LB5 <=5, ;N157=K5 <>8, =5 A0<CN ACI5AB25==CN.
5B, 0@;, 2>7@078; O 8 >AB>@>6=> ?@8A5; =0 :@09 :@>20B8. =:2878B>@ 5ABL ?0ABK@L, <>9 <0;LG8:, :>B>@K9 4>;65= 701>B8BLAO > 15770I8B=>9 ?0AB25. E@0=OBL >B E8I=8:>2, >B 2A5E B5E, :B> 65;05B ?@8=5AB8 2@54 =528==K< 03=F0<. ">;L:>, 2848HL ;8, 48BO, 7040G0 ?0ABCE0 ?@>AB0. = 2848B ?@81;860NI53>AO 2>;:0 8 >B3>=O5B 53> >3=Q<, :@8:>< 8;8 HC<><, 2@5<5=0<8 B@028B A>10:0<8. > GB> 45;0BL, 5A;8 2>;: =5 2K3;O48B :0: 2>;:?
0: MB>, 3>A?>48=?
'B> 4>;65= A45;0BL ?0ABK@L, :>B>@K9 7=05B, GB> 2>;: <>65B ?@8=OBL 284 03=F0? ;8 45@520? ;8 :0<=O? ;8 5IQ EC65: CAB@>8BL B0:, GB>1K ?0ABK@N ?>:070;>AL, 1C4B> >48= 87 53> 03=F52 O2;O5BAO 2>;:><, 8 GB>1K =0?0; =0 =528==>5 A>740=85 2 =5@07C<=>< 3=525? O AB0@0;AO 3>2>@8BL <54;5==>, ?>A:>;L:C E>B5;, GB>1K >= <5=O ?>=O;.
>;:8 B0: C<5NB? A?@>A8; >= ?>A;5 =5:>B>@KE @074C<89.
1KG=K5 2>;:8 =5B, >B25B8; O. > =0 A25B5 5ABL <=>3> ?;>E8E ;N459, =0E>4OI8E @04>ABL 2 B><, GB>1K <CG8BL 4@C38E. / =C65= 4;O B>3>, GB>1K 70I8I0BL B5E, GB> A0< A51O 70I8B8BL =5 <>65B. / ?@81K; AN40, ?>A:>;L:C <=5 A:070;8, GB> 2>7<>6=> 8<5==> BK, 0@;, =C6405HLAO 2 70I8B5.
30, ;8HL MB> ?@>87=QA >= 8 ?@8?>4=O;AO =0 ;>:B5.
/ ?@8=QA B515 :>5- GB>, O 70;57 2 :0@<0= <0=B88 8 2KB0I8; 45@52O==CN ;>H04:C, B0: 8A:CA=> 2K@570==CN, GB> 42830;0 3>;>2>9, :>340 5Q ABC:0;8 ?> <>@45. K;0 2K:@0H5=0 2 GQ@=K9 F25B, A 15;K<8 ?OB=KH:0<8 =0 101:0E.
/ ?>40; 5<C 83@CH:C, 8 >= 27O; 5Q 2 @C:8 ?>A;5 =5:>B>@KE :>;510=89.
!?0A81>, A:070;, => O 2845;, GB> >= 2AQ 5IQ =0?C30=.
0;> :B> ;N18B @0AA:07K20BL > A2>8E 1>;57=OE, <0;LG8:, ?@>87=QA O. >=5G=>, BK =5 7=05HL, GB> 5?8A:>?, :>B>@K9 <5=O AN40 =0?@028;, AB@0405B >B ?>403@K, 8 C =53> :064K9 45=L 1>;OB :>AB8. > >= @0AA:07K205B >1 MB>9 1>;57=8 8 =0E>48B >1;53G5=85, :>340 2848B, GB> 2A5 5<C A>GC2AB2CNB. !>GC2AB2CNB 8 AB0@0NBAO ?><>GL. 1> 7=05HL ;8, 2@5<5=0<8 4065 A0<K< A8;L=K< 8 <>3CI5AB25==K< ;N4O< ?@8E>48BAO 8A:0BL ?><>I8 C 4@C38E. ?>MB><C O 1K E>B5;, GB>1K BK @0AA:070; <=5 > B><, 345 C B51O 1>;8B, 8 G53> BK 1>8HLAO. O ?>AB0@0NAL B515 ?><>GL 2 <5@C A2>8E A8;. "0:, GB>1K C65 =8:>340 C B51O =8G53> =5 1>;5;>, 8 GB>1K BK =8G53> =5 1>O;AO.
# <5=O C65 =8G53> =5 1>;8B, 1KAB@> A:070; >=. @>2L C <5=O =5 84QB.
1>;5;>?
= 70:CA8; 3C1K.
# B51O ?>O2;O;8AL @0=K, B0: 254L? / 27O; 53> 70 @C:C. 45AL. / 4>B@>=C;AO 4> 53> 70?OABLO. ?>E>685 =0 =>30E. 0725 =5 B0:?
= 5420 70<5B=> :82=C;.
# B51O H;0 :@>2L A> ;10?
= A=>20 ?>4B25@48;.
!2OI5==8: 3>2>@8;, GB> 2>7<>6=> O A2OB>9 @51Q=>:, A:070; >= B8E>=L:>.
/ 2>7<CB8;AO 2 4CH5. >@>4A:>9 ?@>1>I 2848<> =0 A0<>< 45;5 >ICI0; >3@><=CN =5E20B:C A@54AB2 2 A2>59 ?0@0D88, @07 22O70;AO 2 B0:CN >?0A=CN 83@C. >9<8B5 <5=O ?@028;L=>: O 25@N 2 GC45A0, ?>A:>;L:C =5 @07 1K; 8< A2845B5;5<. / B0:65 25@N, GB> >3 2 A8;0E A>B2>@8BL, GB> B>;L:> 2>765;05B. > :064>5 >B:@>25=85, :064>5 ?@>@>G5AB2>, :064>5 GC4> =5>1E>48<> BI0B5;L=> ?@>25@OBL. >A:>;L:C 2 8=>< A;CG05 >=8 <>3CB AB0BL >@C685< 2 @C:0E 2@030.
>= ?>:07K20; B2>8 @0=K =0 <5AA0E, ?@0240?
/ MB>3> =5 E>B5;. / C2845;, GB> 53> 3;070 701;5AB5;8 >B A;Q7, 0 3>;>A =0G8=05B A@K20BLAO. # <5=O 2AQ 1>;5;>, 0 A2OI5==8: 25;5;&
"51O =8:B> =5 >128=O5B, 48BO, ?@5@20; O 53>. ><=8, O 745AL =5 4;O B>3>, GB>1K B51O =0:07K20BL 8;8 6C@8BL. !0< 5?8A:>? ?>A;0; <5=O, GB>1K C2845BL, =5 =C6=0 ;8 B515 ?><>IL.
!0< 5?8A:>?, ?>2B>@8; >=.
/ 70<5B8;, GB> C =53> A?Q:H85AO 3C1K, ?>MB><C ?>40; 5<C :@C6:C 2>4K 8 A<>B@5;, :0: >= ?LQB. >340 70:>=G8;, O ?>AB028; ?>AC4C >1@0B=> =0 AB>;8:. / C2845;, GB> <0;LG8: C65 =5 >B>428305BAO : AB5=5. !5; =5A:>;L:> A2>1>4=55, 0 2 ;04>=8 A68<0; 83@CH5G=CN ;>H04:C.
45 C B51O 1>;LH5 2A53> 1>;5;>? A?@>A8; O.
1>:C, >B25B8; >=, 8 O 24@C3 C2845;, :0: 53> 3;070 @0AH8@ONBAO >B AB@0E0. =8 A:070;8, GB>1K O >1 MB>< =8:><C =5 3>2>@8;, 70:>=G8; >= A ?;0G5<.
/ ?>;>68; 5<C =0 ?;5G> @C:C.
"H- HHH, H5?=C; O. #65 =5G53> 1>OBLAO. 'B>1K O B515 ?><>3, BK 4>;65= <=5 >1> 2AQ< @0AA:070BL. =0G8B, C B51O B0:65 1K;0 @0=0 =0 1>:C?
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
0, O @0=LH5 A;KH0; > B0:8E 45;0E, >1 MB8E 1>3>EC;L=KE, 45<>=8G5A:8E AB83<0B0E. / A;KH0; > 5@5B8:0E, CB25@640NI8E, GB> 8ACA %@8AB>A C<5@ =0 @5AB5. 'B> 6, ;N4A:>5 157C<85 8 7;0O 2>;O =5 8<5NB A515 @02=KE. 0725 <0;> C =0A 8AB>@8G5A:8E A2845B5;LAB2? 0?8A59 A0<8E ?>AB>;>2? 0725 :B>- =81C4L 2 74@02>< C<5 A><=520;AO 2 <>3CI5AB25 8ACA0? ">;L:> ;N48, >45@68<K5 4LO2>;><, <>3;8 ?>25@8BL, GB> =0H >3 C=865==K9 8 >BG0O2H89AO C<5@ =0 @5AB5, ?@83>2>@Q==K9 =8:G5<=K<8 =53>4OO<8! :>=F5 :>=F>2, =5 157 ?@8G8=K, ;N157=K5 <>8, A0<K< A2OBK< A8<2>;>< =0H59 25@K O2;O5BAO A;><0==K9 :@5AB, >7=0G0NI89 B@8C<D 4CE0 =04 <0B5@859 8 B@8C<D 4>1@>45B5;8 =04 =87>ABLN. >=5G=>, <K GB8< B0:65 7=0: >1KG=>3> :@5AB0, 401K 2K:070BL ?@5:;>=5=85 ?5@54 =0H8< >A?>4><, :>B>@K9 4>1@>2>;L=> 2K40; A51O =0 <C:8.
A59G0A 1K;> C65 =5 206=>, 1K;8 C @51Q=:0 8AB8==K5 8;8 5@5B8G5A:85 AB83<0BK, ;81> 65 2A53> ;8HL 1>;57=L :>68 8;8 :@>28. ;NG52K< 1K; >48= 548=AB25==K9 D0:B: 8=:2878B>@ 8BCA 09> =5 ?>B@C48;AO A>AB028BL @0?>@B >1> 2AQ< ?@>87>H54H5<, 2>71C48BL A;54AB285 8 A>>1I8BL 5?8A:>?C. >G5<C ?>ABC?8; 8<5==> B0:? 'B> 6, C =53> 1C45B <=>3> 2@5<5=8, GB>1K >1JOA=8BL MB> =0<.
5 B@52>6LAO, 0@;, A:070; O. AQ C65 E>@>H>. "K 8 B2>O <0<0 ?>545B5 A =0<8 2 %57- E57@>=, 8 > B515 ?>701>BOBAO ;5:0@8 5?8A:>?0. #2848HL 1>;LH>9 3>@>4 8 42>@FK& C;K1=C;AO O.
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
B5?5@L ?>A?8, A:070; O 8 ?>3;048; <0;LG8:0 ?> 3>;>25.
* * *
>340 O A?CAB8;AO, C :CE>==>3> AB>;0 A845;8 B>;L:> 8BCA 8 >M;L, 0 24>20 >7=8F :@C68;0 15A?>:>9=> C >:=0. #2845;0 <5=O 8 70<5@;0.
AQ E>@>H>, A:070; O CA?>:0820NI5. 48B5 : @51Q=:C.
=0 ?>GB8 21560;0 ?> ;5AB=8F5, 0 O ?>4>HQ; 8 >?Q@ ;04>=8 > ?>25@E=>ABL AB>;0.
8BCA 09> 8 >M;L ><30@4, 7045@6820N 20A 2 @0A?>@O65=85 !2OB>9 !;C61K, ?@>87=QA O. K >128=O5B5AL 2 A>:@KB88 4>:070B5;LAB2 8 D0;LA8D8:0F88 A;C651=KE ?@>B>:>;>2. B?@028B5AL A> <=>9 : 3> @5>A2OI5=AB2C 5?8A:>?C %57- E57@>=0, 401K B0< ?@54AB028BL A>>B25BAB2CNI85 >1JOA=5=8O ?5@54 ?>;=><>G=>9 :><8AA859 =:2878F88.
>M;L 4065 =5 4@>3=C;, 8 O ;8HL 2845;, :0: C =53> =0G8=0NB 4@>60BL 3C1K. > 09> >BA:>G8; : AB5=5 8 ?>;>68; @C:C =0 @C:>OBL <5G0.
5 CEC4H09 A2>59 A8BC0F88, 8BCA, A?>:>9=> A:070; O. BAN40 C65 =5 A1568HL.
5G 2KAC=C;AO =0 4N9< 87 =>65=.
#1LQHL <5=O? A?@>A8; O. !8;L=> A><=520NAL. 5A;8 4065, B> =5C65;8 BK 4>?CA:05HL, GB> A<>65HL >B =0A A1560BL? 'B> 345- =81C4L =0 A25B5 =094QHL <5AB>, 2 :>B>@>< <K B51O =5 >BKI5<?
/ A;KH0;, :0: >= 3@><:> 3;>B05B A;N=C, 0 ?>B>< >B?CAB8; @C:>OBL <5G0.
-B> 2AQ 5@C=40, A:070; >=. / <>3C 2AQ >1JOA=8BL.
, 40, >B25B8; O. @CG0NAL, B515 ?@54AB028BAO B0:0O 2>7<>6=>ABL. >M;L, O >1@0B8;AO : <;04H5<C 8=:2878B>@C, 7015@8 C =53> <5G 8 A409 B0:65 A2>9.
><30@4 2A:>G8; ?> AB>9:5 A<8@=>, 1KAB@> 8 A 3>B>2=>ABLN. >G5@54=>9 @07 <5=O C4828;>, A :0:>9 =082=>9 25@>9 1>;LH8=AB2> ;N459 E20B05BAO 70 ?5@2CN 2>7<>6=>ABL ?>;CG8BL =04564C =0 8A?>;=5=85 @>;8 =04A<>B@I8:0 2 :>B;5, ?>;=>< 3@5H=8:>2.
>B>< ?>7>28 :> <=5 3>@>4A:8E AB@06=8:>2, ?@8:070; O. !:068, GB> ?@8=8<0N 2;0ABL 2 MB><, O ?>A<>B@5; =0 8BCA0, 3=5745 1>3>EC;L=>9 5@5A8.
>=5G=>, 20H0 25;L<>6=>ABL. >M;L 5420 =5 70E;51=C;AO A2>8<8 A;>20<8. / =8G53> =5 7=0;, ?@>HC <=5 ?>25@8BL. / =5 O2;ONAL :5<- B> 206=K<, O 4065 =5 1K; =0 4>?@>&
>M;L, A:070; O <O3:> 8 CA?>:0820NI5 C;K1=C;AO. >25@L <=5, =8:B> B51O =8 2 GQ< =5 >128=O5B. 1> C65 2A:>@5, AK= <>9, BK >128=8HL A51O 2> 2AQ< A0<, 4>1028; O <KA;5==>.
* * *
/ 7=0;, GB> =0AB>OI85 4>?@>AK A>AB>OBAO 2 %575. 4>20 >7=8F 2<5AB5 A AK=><, ?@>1>I 8 8=:2878B>@K 2A5 ?>;CG8;8 157>B;030B5;L=K9 ?@8:07 > ?>574:5 2 %57- E57@>=, 0 <=5 =04> 1K;> ?@>A;548BL, GB>1K ?>574:0 ?@>H;0 157>?0A=> 8 GB>1K, =5 409 >3, =8 >4=0 87 >25G5: =5 ?@>?0;0 ?> 4>@>35. 4=0:> O =5 <>3 A515 >B:070BL 2 ?>A;54=5< @073>2>@5 A 8BCA>< 09>. KB5:0; MB>B @073>2>@, 2?@>G5<, =5 B>;L:> 87 3@5E>2=>3> ;N1>?KBAB20, => 8 87 GC2AB20 4>;30, :>B>@K9 >1O7K20; <5=O A>1@0BL :0: <>6=> 1>;LH5 A2545=89 ?5@54 =0G0;>< =04;560I8E 4>?@>A>2 2 %575.
>65HL >1JOA=8BL, ?>G5<C BK =5 =0?8A0; @0?>@B0? A?@>A8; O.
8BCA A845; =0 B01C@5B5 A> A2O70==K<8 70 A?8=>9 @C:0<8. = 1K; AB0@H5 <5=O 8 87=565= 15745;L5< 8 4>AB0B:><, => O =5 A>18@0;AO ?>425@30BL A51O @8A:C ABKG:8. 5 B>, GB>1K >= <>3 <=5 G5<- B> C3@>60BL. -B> O =5 E>B5; =02@548BL 5<C, 81> 254L =0<=>3> ;53G5 ?CB5H5AB2>20BL A> 74>@>2K< G5;>25:><.
/ AB0; >1@0IQ==K<, >B25B8; >=, 3;O4O <=5 ?@O<> 2 3;070.
3>, A8;L=K5 A;>20, 8BCA! 2 :0:CN 65 MB> 25@C, ?>72>;L A?@>A8BL?
5@N 2 8ACA0 %@8AB0, >BGQB;82> A:070; >=.
G5< 65 MB0 25@0 ?><5H0;0 B515 A>AB028BL @0?>@B?
>A:>;L:C 2K 1K >1845;8 @51Q=:0 8 53> <0BL, >B25B8; >= B2Q@4>. C <0;LG8:0 =5 B>;L:> 1K;8 4>:070B5;LAB20 AB83<0B>2, => >= 3>2>@8; 3>;>A>< >30! 8A?KBK20; <C:8 >A?>40 =0H53>, B0:65 :0: = =5:>340 8A?KBK20; 8E =0 @5AB5. 1> MB0 1>;57=L =5 : A<5@B8, => : A;025 >6859!
>2>@8; 3>;>A>< >30, ?>2B>@8; O 157 8@>=88 8 874Q2:8. GB> 6 B0:>3> >= 3>2>@8;, 8BCA?
1K; O C18B, 0 :>?LQ ?@>18;> <=5 1>:. 4>;65= 1K; O ?@8=5AB8 20< 8A:C?;5=85 <>59 <C:>9 8 A<5@BLN. > A>HQ; 25@L B>340, ?@>=8: 2 <Q@B2>5 B5;>, 8 @0=0 =0 B5;5 7068;0. A;><0; 25@L @5AB, AE>4O A 65;57>< 8 >3=Q< 2 @C:0E. 2<5AB> F0@AB20 ;N128 8 <8@0 =0AB0;0 2;0ABL 25@O, ?@>F8B8@>20; >=, A=>20 3;O4O <=5 ?@O<> 2 3;070.
/ 25@=C; 5<C 273;O4, 0 ?>B>< <54;5==> ?>:0G0; 3>;>2>9.
8BCA, <>9 8BCA. "K 8 ?@0240 ?>25@8;, GB> =0H >A?>4L <>3 1K C<5@5BL =0 @5AB5? >72>;OO 2>AB>@65AB2>20BL O7KG=8:0< 8 ?@83>20@820O A2>8E ?>A;54>20B5;59 =0 15A:>=5G=K5 ?@5A;54>20=8O? 8ACA 4> ?>A;54=53> >AB02;O; <CG8B5;O< H0=A, 4> ?>A;54=53> C<>;O;, GB>1K ?@8A>548=8;8AL : =5<C, 401K 2:CA8;8 ?;>4>2 8AB8==>9 25@K. @07 >=8 >AB0;8AL A;5?K, = A>HQ; A @5AB0, 401K 2 A;025 ?>:0@0BL 8E <C:0<8. -B> 5ABL >4=0, 548=AB25==0O 8 =0AB>OI0O ?@0240. 0: BK <>3 ?>25@8BL 45<>=0<, 3>2>@OI8< CAB0<8 =5AG0AB=>3> @51Q=:0? "K, 8=:2878B>@!
/ >1@Q; ?@>A25B;5=85, ?@>87=QA >=, =5 >B2>4O 273;O40, 0 2 53> 3>;>A5 1K;0 :0:>5- B> =5>1K:=>25==>5 4>AB>8=AB2>, B0: =5 ?>4E>4OI55 B><C 8BCAC, :>B>@>3> O 7=0; ?> :045<88. 5@N, GB> =0H >A?>4L ?>381 2 <C:5, 401K >B4020O 687=L, A?0AB8 =0A >B 3@5E0. A:>@5 2>A:@5A=5B, 0 MB>B <0;LG8: 3>2>@8B CAB0<8 8ACA0 8 2>725AB8B =0<, GB> 45;0BL!
"K 157C<5=, 8BCA. / ?>:@CB8; 3>;>2>9, 4065 =5 2 A8;0E 2K720BL C A51O GC2AB2> C4>2;5B2>@5=8O, GB> 2>B <>9 402=89 2@03 CB>?8; A51O A2>8<8 A;>20<8 B0: 3;C1>:>, :0: =8 >48= 8=:2878B>@ 4> =53>. 57C<5= 8;8 >45@68<. C4C <>;8BLAO 70 B51O.
5 =C640NAL, >3@K7=C;AO >= A =5>6840==K< ?@57@5=85<, 2 B2>8E <>;8B20E. >9 >3 A> <=>9.
">B, GB> C<5@? @0AA<5O;AO O. 5 1K; >=, 284=>, A;8H:>< <>3CG8<, @07 =5 A<>3 4065 > A515 ?>701>B8BLAO. ABL B>;L:> >48= >3, 8BCA, B>B, <>;8B20< :>B>@><C B51O CG8;8. 5 ?><=8HL A;>2: !B@040; ?@8 >=B88 8;0B5, 1K; @0A?OB, A>HQ; A @5AB0, 2 A;025 ?@8=QA A;>2> 8 <5G =0@>4C A2>5<C?
= 2>A:@5A=5B, A:070; 09> A 25@>9 2 3>;>A5. 3> 3;070 1;5AB5;8 157C<85<, 8 O 2845;, GB> <=5 53> =5 C1548BL. ?@>G5<, =5 MB> 1K;> <>8< 7040=85<.
5B, >B25B8; O. 0B> BK >A>7=05HL A2>8 >H81:8&
= ?>:@CB8; 3>;>2>9. # =53> 1K;8 A60BK5 3C1K 8 =0?8A0==>5 =0 ;8F5 C?@O<AB2>.
09 <=5 70:>=G8BL. / ?>4=O; @C:C. !:068, BK 2845; :>:>A>2K9 >@5E? >@8G=52K9, ?@>4>;3>20BK9, 2 B2Q@4>9 A:>@;C?5, @0ABQB =0 N35&
= :82=C;, => O 2845;, GB> =5 ?>=8<05B, ?>G5<C O >1 MB>< 53> A?@0H820N 8 :C40 :;>=N.
A5@548=5 MB>9 B2Q@4>9 A:>@;C?K 5ABL 15AF25B=0O 684:>ABL, G0AB> 3>@L:0O 8;8 3=8;0O. > BC75<FK C<5NB @0A:>;>BL >@5E, 2K;8BL 53> A>: 8 >G8AB8BL A:>@;C?C. ?>B>< 2;820NB 2 =53> 28=> 8;8 2>4C 8 8A?>;L7CNB, :0: <K :C1:8. / C;K1=C;AO 5<C. "K O2;O5HLAO B0:8< 3=8;K< >@5E><, 8BCA. > ?>25@L <=5, <K =0?>;=8< B51O @>4=8:>2>9 2>4>9 G8AB>9 25@K.
= 274@>3=C;, 0 2 53> 3;070E 2?5@2K5 1;5A=C; AB@0E. = 1K; 8=:2878B>@><, 7=0G8B 7=0;, GB> A;CG8BAO B0:, :0: 3>2>@N. 3> 1K2H85 1@0BLO, 2 A<8@5=88 8 A ;N1>2LN, >1JOA=OB 5<C 2A5 >H81:8, B0:, GB>1K C<8@0;, ?>;>= E20;K >A?>4C. ! 8A:@5==8< A>60;5=85<, GB> :>340- ;81> <>3 CA><=8BLAO, 8 ?>;>= ?@57@5=8O : A0<><C A515 B><C, :B> A>HQ; A ?@O<KE B@>? 25@K. 5<=>3> >AB0=5BAO >B 3@5H=>3> B5;0, => <K A?0AQ< 53> 4CHC, 401K <>3;0 G5@57 25:0 G8AB8;8I0 @04>20BLAO C =515A=>3> ?@5AB>;0 >A?>40.
>G5<C BK A> <=>9 B0: ?>ABC?8;, >@48<5@? A 3>@5GLN A?@>A8; >= ?>A;5 <8=CBK <>;G0=8O, => O ?>- ?@56=5<C 2845; AB@0E 2 53> 75=8F0E. >G5<C BK 2>>1I5 AN40 ?@85E0;? "K =0AB>;L:> A8;L=> E>B5; >B><AB8BL 70 >H81:8 <>59 <>;>4>AB8? 0 >H81:8, > :>B>@KE O A59G0A 60;5N 8 70 :>B>@K5 :064K9 45=L <>;N >30 > ?@>I5=88?
/ ?>A<>B@5; 5<C ?@O<> 2 3;070.
>O A>10:0, A:070; O 8 C2845;, GB> >= =5 ?>=8<05B, 0, A:>@55, =5 ?><=8B, > GQ< O 3>2>@N. -B> ?@8G8=8;> <=5 5IQ 1>;LHCN 1>;L, ?>A:>;L:C A2845B5;LAB2>20;> > B><, GB> <>8 <C:8 1K;8 2A53> ;8HL =8G53> =57=0G0I8< M?87>4>< 2 53> 687=8.
/ =0HQ; 1574><=>3> ?A0, ?@>4>;60; O A?>:>9=>. K;5G8; 53> 8 2K:>@<8;. BK 53> =0HQ; 8 A6Q3, ?>:07K20O =0<, :0: ?>445@6820BL >3>=L, GB>1K 65@B20 =5 C<5@;0 A;8H:>< 1KAB@>.
53> 3;070E 1;5A=C;> GB>- B> 2@>45 ?>=8<0=8O.
"K A>HQ; A C<0, >@4<5@? B8E> A?@>A8; >=. "K 4C<05HL > A>10:5 87 A2>53> 45BAB20? "K, :B> 70<CG8; 8 ?@8:070; C18BL ;N459 1>;LH5, G5< <>65HL 2A?><=8BL?
-B> :@5AB, :>B>@K9 O =5AC : A;025 >A?>40, ?@>87=QA O. > O =8:>340 =5 C1820; @048 C4>2>;LAB28O. / =8:>340 =5 <CG8; 157 206=>9 ?@8G8=K. '5< ?@>28=8;AO ?5@54 B>1>9 ?QA, :>B>@K9 ?>;N18; <5=O, 8BCA? "K A2O70; 5<C ?0ABL 25@Q2:>9, GB>1K >= =5 <>3 2KBL, => O 2845;, :0: >= ?;0G5B 8 A<>B@8B =0 <5=O, =5 ?>=8<0O, ?>G5<C O =5 A?0A0N 53> >B 1>;8.
= >B?@O=C; : AB5=5 2<5AB5 A> ABC;><, =0 :>B>@>< A845;, => 7@O. / =5 A>18@0;AO 53> 18BL, E>BO :>340- B> O <5GB0; >1 MB><. / >1E20B8; ;52>5 70?OABL5 ?0;LF0<8 ?@02>9 @C:8, GB>1K >= =5 70<5B8;, :0: 704@>60;0 C <5=O @C:0.
-B> 1K;> B0: 402=>, >= A<>3 A:070BL ;8HL MB>. C4B> 2 4@C3>9 687=8.
A04C <>59 ?0<OB8 CE06820N 70 @07=K<8 F25B0<8, >B25B8; O. <5@0 =0:070=8O =8:>340 =5 <>65B 7028A5BL >B 2@5<5=8, :>B>@>5 ?@>H;> >B A>25@H5=8O ?@5ABC?;5=8O, 8;8 >B ?>A;54CNI8E ?>ABC?:>2 3@5H=8:0.
@5ABC?;5=8O? >= ?>GB8 272K;. -B> 1K;0 ;8HL A>10:0!
/ ?>:0G0; 3>;>2>9, 81> 254L =5 4C<0;, GB> >= 1K; 2 A>AB>O=88 ?>=OBL.
'B> 6, 2848<>, O A;8H:>< A5=B8<5=B0;5=, >B25B8; O 8 2KH5; 70 AB@06=8:0<8, GB>1K 701@0;8 53>. < ?>B@51>20;>AL A8;L=> 4Q@=CBL 53> 70 ?;5G8, GB>1K >= 428=C;AO.
/ 7=0;, GB> B5?5@L C65 A<>3C 701KBL, 0 87 A040 <>59 ?0<OB8 8AG57=5B <@0G=K9 F25B>:, :>B>@K9 @>A 2 =Q< @5H8B5;L=> A;8H:>< 4>;3>.
-?8;>3
4>20 8:A4>@D 8A?C30;0AL, :>340 C2845;0, GB> O A86C =0 5Q A>1AB25==>9 :@>20B8, 2 5Q A>1AB25==>9 A?0;L=5. / C;K1=C;AO ;8HL 3C10<8.
5 =04> :@8G0BL, A:070; O. / ?@8HQ; B>;L:> 4;O :>@>B:>9, A>25@H5==> G0AB=>9 15A54K.
0?;0B8;0 20<, A:>;L:> E>B5;8, B8E> =0?><=8;0 >=0.
0:@>9 425@L, ?@8:070; O. =0 2K3;O45;0 B0: 65 A5@> 8 15AF25B=>, :0: O 70?><=8; A ?5@2>9 2AB@5G8. KH8=K5, @54:85 2>;>AK 1K;8 C =5Q A:>;>BK 2 2KA>:89 C75;. / 70<5B8;, GB> C =5Q 4@>60B @C:8. -B> E>@>H>. N48 =5 4>;6=K 1KBL =04<5==K<8 8 A0<>C25@5==K<8 2 >1I5AB25 8=:2878B>@0.
'5< <>3C 20< A;C68BL? A?@>A8;0 >=0, 8 5Q 3>;>A B>65 4@>60;.
=D>@<0F859, >B25B8; O. @O<>9, OA=>9 8 G5AB=>9 8=D>@<0F859. =0 ?@8A5;0 =0 B01C@5B, >AB>@>6=>, 1C4B> 7=0;0, GB> :064CN <8=CBC <>65B =0ABC?8BL <><5=B, :>340 =04> 1C45B A@K20BLAO 8 1560BL. 0?@0A=>, 81>, 2>- ?5@2KE, 59 =5:C40 1K;> 1560BL, 0, 2>- 2B>@KE, O =0 A0<>< 45;5 =5 A>18@0;AO ?@8G8=OBL 59 7;0.
!;CH0N 20A&
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
7=05HL, 5@<0, =5 B>;L:> MB> <5=O ?>@078;> 2 ?>@CG5==>< B>1>9 7040=88. #65 2 528EB5 O A>@85=B8@>20;AO, GB> <5AB=K5 8=:2878B>@K >B=N4L =5 6064CB 2KOA=OBL 8 @073;0H0BL 45;>, 0 A>2A5< =0>1>@>B: 2AQ E>BOB ?>;>68BL ?>4 AC:=>. "> 5ABL, BK 65;0;0, GB>1K O ?>5E0; 2 528EB =5 30A8BL ?>60@, 0 @0A?0;8BL 53>.
/ =5 =0@CH8;0 70:>=0, >=0 ?>GB8 7025@5I0;0. K =5 <>65B5 =8G53> <=5 A45;0BL!
-B> B0:, >B25B8; O, E>BO MB> 1K;> >B25B>< ;8HL =0 ?5@2CN G0ABL 2KA:070==>3> 5N CB25@645=8O. "K >:070;0AL E>@>H59 E@8AB80=:>9, 0 B2>9 4>=>A ?>A;C68; =0H5<C >A?>4C 8 =0H59 &5@:28. > =5 E>G5HL ;8 <5=O ?@>A25B8BL? 5 E>G5HL ;8 <=5 A:070BL, ?>G5<C BK 4>=5A;0 =0 A5AB@C 8 ?;5<O==8:0? ;O A;54AB28O MB> =5 8<55B =8 <0;59H53> 7=0G5=8O. !G8B09 MB> ;8G=K< 8=B5@5A>< 8=:2878B>@0. "5?5@L >=0 ?>4=O;0 273;O4 8 ?>A<>B@5;0 ?@O<> =0 <5=O. # =5Q 1K;8 :@0A82K5, 75;Q=K5 3;070, 8 MB> 1K;> 548=AB25==>9 :@0A82>9 G0ABLN 5Q ;8F0.
0725 8A0=85 A;CG09=> =5 3;0A8B: B> ;N18B >BF0 8;8 <0BL 1>;55, =565;8 5=O, =5 4>AB>8= 5=O? A?@>A8;0 >=0, 8 <=5 =5 ?>=@028;0AL 874Q2:0, :>B>@CN O CA;KH0; 2 5Q 3>;>A5.
'5< >=0 B51O >1845;0, 5@<0? A?@>A8; O, 83=>@8@CO 5Q A;>20. '5< >=0 70A;C68;0 B0:CN AC4L1C?
=0 701@0;0 C <5=O 65=8E0, @>48;0 @51Q=:0& 2K4028;0 >=0 =0:>=5F. F5?8;0AL :>3BO<8 2 :@09 B01C@5B0.
O 2A5340 1K;0 ?@074=>9, 8=:2878B>@. >MB><C <>9 <C6 H0B0;AO ?> 1>@45;O<, ?>MB><C ?@>720; <5=O 15A?;>4=>9 AC:>9. C =5Q 1K;> 2AQ& 1K; @51Q=>:& 0 65=I8=0, 0 65=I8=0& >=0 >1>@20;0 8 :0:>5- B> 2@5<O BO65;> 4KH0;0, 0 5Q ;8F> ?@52@0B8;>AL 2 2KBO=C2HCNAO, >B2@0B8B5;L=CN <0A:C. 5=I8=0 157 @51Q=:0 MB> ?@>AB> =0A<5H:0& / ?>:0G0; 3>;>2>9, 81> =0:>=5F- B> ?>=O;. B> E>@>H>, GB> 45;> 1K;> =5 2 7>;>B>9 70:>;:5 8;8 1@>H5==>< 2 45BAB25 >184=>< A;>25. >A:>;L:C 8 B0:85 25I8 ;N48 A?>A>1=K 1K;8 ?><=8BL 8 ?> B0:8< 2>B ?>2>40< 4>=>A8BL =0 A2>8E 1;87:8E 2 =:2878F8N. > 2 MB>< A;CG05, 1;03>40@O <8;>AB8 >A?>40, 4065 3@5E 7028AB8 ?>A5O; ?@5:@0A=K9 ?;>4.
>=8<05B5 <5=O? >=8<05B5? / :82=C;. >=8<0; 5Q, 0 >=0, :0: :064K9 3@5H=8:, 8A:0;0 8<5==> ?>=8<0=8O. > MB> >4=0:> =5 >7=0G0;>, GB> >AB02;N 45;0 :0: 5ABL. A;8 1K;0 >@C485< 2> 2A5<>3CI8E @C:0E >30, B> >3 =094QB A?>A>1, :0: 59 ?><>GL. / =5 A>18@0;AO. !?0A81> B515 70 >1JOA=5=8O, 5@<0. 5IQ >4=>. "0:>5 45O=85, :0: B2>Q, =5 <>65B >AB0BLAO 157 =03@04K. >65B =5>A>7=0==>, => BK A45@60;0 @0A?@>AB@0=5=85 7;0. "2>O A5<LO, A>A548 8 4@C7LO 1C4CB =5A><=5==> 3>@48BLAO B5<, GB> >:0702H8AL ?5@54 ;8F>< B@C4=>3> 2K1>@0, BK 2K1@0;0 >A=>2K =0H59 25@K 8 ;>O;L=>ABL >B=>A8B5;L=> &5@:28, 0 =5 B0:85 ?@8OB=K5 45;0, :0: A5<59=K5 C7K. >74@02;ON B51O >B 8<5=8 !2OB>9 !;C61K. / 2AB0; 8 A;53:0 A:;>=8; 3>;>2C.
> A2840=8O, A:070; O. 5;0N ?@8OB=KE A=>2.
0 GB>? 2A:@8G0;0 >=0. 0 GB> 2K B0: A> <=>9? / 1K;0 ?>;57=K< >@C485<!
@0240, >B25B8; O. > @0725 <>38;LI8: 1C45B ?;0:0BL 87- 70 A;><0==>9 ;>?0BK? 5 B0, B0: 4@C30O& / ?@>AB8;AO A =59 256;82K< :82:>< 8 2KH5;. 7 A?0;L=8 O A;KH0; B>;L:> A402;5==>5 @K40=85, => C <5=O 1K;0 =5OA=0O C25@5==>ABL, GB> 5@<0 8:A4>@D 60;55B =5 > A2>8E ?>ABC?:0E, 0 ;8HL >1 8E ?>A;54AB28OE. >;G0=8O, :>340 5Q C284OB A>A548, =5G8AB>B, 2K;8205<KE =0 3>;>2C, :>340 1C4CB ?@>E>48BL ?>4 >:=0<8, ?;52:>2 ?>4 =>38 8 3;CE8E ?@>:;OB89. 5 7=05B5, ;N157=K5 <>8, :0: A8;L=> @0=8B ?@57@5=85, >A>15==> :>340 5IQ =5402=> 1K;0 C20605<>9 >A>1>9. 65=I8=0, :>B>@0O C:070;0 8=:2878B>@0< =0 A5AB@C 8 5Q <0;5=L:>3> AK=>G:0, =5 A>@2QB 0?;>48A<5=B>2 A>A5459. AQ 65 3@CAB=>, GB> A0<>9 1>;LH>9 C3@>7>9 4;O =0H8E 4>=>AG8:>2 >1KG=> O2;O5BAO C3@>70 @07>1;0G8BL 2> 2A5CA;KH0=85 8E 4>=>A8B5;LAB2>. 'B> 6, <8@ =5 A>25@H5=5=, 81> 254L :064K9 G5;>25: 4>;65= AG8B0BL ?>2>4>< 4;O 3>@4>AB8 A>B@C4=8G5AB2> A> !2OB>9 !;C61>9 & / =5 <>3 C45@60BLAO >B GC2AB20 >B2@0I5=8O : 24>25 8:A4>@D. A;8 1K >=0 8A:0;0 8AB8=C, >70@Q==0O A2OBK<8 70?>254O<8 25@K 8 42868<0O =01>6=>9 B@52>3>9! > >=0 2A53> ;8HL 60640;0 >B><AB8BL :><C- B>, :B> =8 2 GQ< ?5@54 =59 =5 ?@>28=8;AO. =0 1K;0 60;:8< G5@25<, 8 :0: G5@2O O <>3 5Q @0AB>?B0BL. 4=0:> O 7=0;, GB> MB> 1K;> 1K =5 B>;L:> A?>@=K< A B>G:8 7@5=8O 70:>=0 ( > GQ<, <>65B, 4065 >A>1> =5 15A?>:>8;AO 1K) , => ?@5645 2A53>, A2845B5;LAB2>20;> 1K > ?@>O2;5=88 87;8H=59 <8;>AB8. 254L >A?>4L =5 A;5?8; <5=O, GB>1K O ?@8=>A8; <8;>ABL, => A?@0254;82>ABL. 'B> O 8 AB0@0;AO 45;0BL, :0: <>6=> ;CGH5, ?@58A?>;=5==K9 A<8@5=8O 8 AB@0E0 >6L53>.
>;>B 254L<
!C48B5 4@C38E ?@02> 8 157 AB@0E0. > ?><=8B5, GB> :0:8< AC4>< AC48BL 1C45B5, A0<8 1C45B5 AC48<K, 8 :0:>9 <5@>9 <5@8BL 1C45B5, 20< >B<5@OB.
( 20=35;85 >B A2OB>3> 0BD5O)
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
#AB@0H0NI89 ?@8<5@, <038AB@. C@33@0D 8=45 ?>4=O; B>;ABK9, C=870==K9 ?5@AB=O<8 ?0;5F. A5340 ?>2B>@ON, GB> CAB@0H0NI89 ?@8<5@ A0<>5 B>. 1> B>;L:> AB@0E <>65B =0CG8BL 3>;KBL1C C2060BL 70:>=.
K =5A><=5==> ?@02K, ?>GB5==K9, >B25B8; O CGB82> 8 C3>AB8;AO =0?8B:><, :>B>@K9 1C@33@0D I54@> 2;8; 2 <>9 :C1>:. :0:>9 65 1K;0 28=0 ?@83>2>@Q==>3>, @07@5H8B5 C7=0BL?
C@33@0D 70ABK; =0 A5:C=4C A ?0;LF5< C =>74@8, 0 ?>B>< ?>25@=C;AO 2 AB>@>=C A2>53> 4>25@5==>3>, 2KA>:>3> 42>@O=8=0 A >@;8=K< =>A>< 8 ;8F><, =0?><8=0NI8< ;57285 B>?>@0.
!?@8=35@, 70 GB> <K A>1AB25==> 25H05<? A?@>A8;.
"@8 87=0A8;>20=8O 8 C189AB20 4528F 87 ?@8;8G=KE 4><>2, >1JOA=8; 42>@O=8=.
>B 8<5==>, >B25B8; 1C@33@0D. 0< =5 =C6=K =0A8;L=8:8 8;8 C189FK. %>BO 70 =5?>@>G=>ABL MB8E 87=0A8;>20==KE @C:C 1K =0 >BA5G5=85 =5 >B40;, 70A<5O;AO >=.
> <5@5, :0: 84C ?> 687=8, <>O ?0<OBL 2AQ G0I5 A40QB, ?@87=0; O A<8@5==>. > @0725 =0:070=85 70 87=0A8;>20=85 8 C189AB2> A;CG09=> =5 :0AB@0F8O 8 G5B25@B>20=85, 2 ?@>F5AA5 ?><8;>20=8O 70<5=O5<K5 :>;5A>20=85<?
F5;><, 40, >B25B8; 8=45. A C4>2;5B2>@5=85< 70<5GC, 4>@>3>9 <038AB@, ?0<OBL C 20A E>@>H0 :0: 8 @0=LH5. 4=0:> 5A;8 1K <K 53> ?>2@548;8, B> :0: 1K ?0;0G A<>3 ?>:070BL A2>Q <0AB5@AB2> 2 ?>25H5=88?
5A:>;L:> G0A>2 4@K30=LO, B0:>3> O 5IQ =5 2845;, ?>:@CB8; 3>;>2>9 !?@8=35@. 065 25@8BL <=5 =5 E>G5BAO, GB> MB> 2>7<>6=>. 2K GB> 4C<05B5, <038AB@?
@5;8I5 ?@83>2>@Q==>3> 2 :>=2C;LA8OE =5 :070;>AL <=5 >A>1> 70E20BK20NI8< @072;5G5=85<, => O 1K; 2 A>AB>O=88 ?>=OBL, GB> 2 ?@>28=F88 4065 ;N48 87 E>@>H8E A5<59 8;8 G8=>2=8:8 6064CB A>1KB89.
C<0N, 25AL A5:@5B A>AB>8B 2 ?@028;L=>< ?@83>B>2;5=88 8 =04520=88 25@Q2:8, 0 B0:65 >A>1> 0::C@0B=>< 2K1820=88 A:0<59:8 87- ?>4 =>3. A;8 1K 20H0 <8;>ABL, O >1@0B8;AO : 1C@33@0DC, 25;5;8 CAB@>8BL ;N:, B> 4065 A0<K9 ;CGH89 ?0;0G =5<=>3> 1K ?><>3, 81> ?045=85 A 2KA>BK ?@825;> 1K : @07@K2C A?8==>3> <>730.
<5==> ?>MB><C C =0A =5B ;N:0, 70A<5O;AO 8=45 A C4>2;5B2>@5=85<, 8 53> >128AH85 IQ:8 70:>;KE0;8AL. C@33@0D0 O 7=0; <=>3> ;5B. A B5E ?>@, :0: O A?0A >B :>AB@0 53> A2>9AB25==8FC ( 2?@>G5<, A>25@H5==> ?@028;L=> 8 A>3;0A=> 70:>=C, ?>A:>;L:C 5Q =528==> >128=8;8 7;K5 A>A548) , 1C@33@0D ?8B0; :> <=5 >A>1CN A8<?0B8N 8 2A5340 B5?;> ?@8=8<0;, :>340 <=5 A;CG0;>AL ?@>5760BL G5@57 80@@8F, :>B>@K< >= C65 402=> ?@028;. 8=45 1K; A;02=K<, G5AB=K< G5;>25:>< A =570B59;82K<8 <0=5@0<8 8 ?@>ABK<8 ?@82KG:0<8. > 53> BCG=>ABL 8 H8@>:0O C;K1:0 =0 B>;ABKE 3C10E >1<0=C;8 C65 <=>38E. C@33@0D 65;57=>9 @C:>9 ?@028; 80@@8F5<, 0 ?@5ABC?=8:8 1KAB@> 70:0=G820;8 =0 28A5;8F5, ?;0E5 8;8 3=8;8 2 =5>1KG09=> 3;C1>:8E ?>475<5;LOE ?>4 70<:><. =8;8, 2?@>G5<, =54>;3>, B0: :0: 1C@33@0D =8:>340 =5 A:@K20;, GB> @0AE>4K =0 ?@>?8B0=85 70:;NGQ==KE AG8B05B ;8H=59 AB0BLQ9 2 @0745;5 @0AE>4>2 3>@>4A:>9 :07=K.
8:B> =8:>3> =5 70AB02;O5B =0@CH0BL 70:>=, ?>2B>@O; >=, 8 A;>6=> 1K;> >B:070BL 2 A?@0254;82>AB8 MB><C <=5=8N.
> :>=F0, AC:8= AK=, =5 ?@87=020;AO, A>?O, >B>720;AO 87- 70 A?8=K 1C@33@0D0 !?@8=35@. @0240, ?0;0G >3@0=8G8;AO ;8HL 45<>=AB@0F859 >@C489&
@87=0=85, ?@87=0=85. 8=45 <0E=C; @C:>9. 038AB@ 0445@48= A0< 7=05B, :0: <0;>206=> MB> 4>:070B5;LAB2>.
@0240, A>3;0A8;AO O 8 >B?8; =5A:>;L:> 3;>B>G:>2 28=0 87 :C1:0. 0: =0 <>9 2:CA, 1K;> GCBL A;0I5, G5< =04>. 0<=>3> 1>;LH55 7=0G5=85 O ?@840N A2845B5;LA:8< 8 25I5AB25==K< 4>:070B5;LAB20<, 81> 5A;8 4>?@0H820NI89 70E>G5B, B> 4>?@0H8205<K9 ?@87=05BAO 4065 2 B><, GB> >= 75;Q=K9 >AQ; 2 @>7>2K5 :@0?8=:8.
>B 8<5==>! C@33@0D E;>?=C; 2 ;04>H8, => A >AB>@>6=>ABLN, ?>A:>;L:C 5<C <5H0;8 ?5@AB=8. !2OB0O ?@0240, <038AB@ 0445@48=. 5;Q=K9 >AQ;, >= DK@:=C; >B A<5E0, ?>2B>@OO <>8 A;>20. K :0: GB>- =81C4L A:065B5&
= BO65;> 2AB0; A :@5A;0, :@5?:> AE20B82H8AL 70 >18BK5 40<0AB>< ?>4;>:>B=8:8.
-E, <>;>4Q6L, A:070; >=, 20< E>@>H>. O 4>;65= =5<=>3> ?>A?0BL ?5@54 A53>4=OH=8< ?@074=5AB2><, ?>A:>;L:C ?>A;5 ?>?>;C4=8 =0 <5=O 2A5340 =0?0405B 4@Q<0.
G5=L ?>;57=>, ?>445@60; O 53>.
>65B ?>;57=>, >@48<5@, <>65B ?>;57=>, 274>E=C; >=. > @0=LH5 <>3 B@8 4=O ?8BL, =0 G5B2Q@BK9 5E0; =0 >E>BC 8 2>72@0I0;AO A >B<5==>9 4>1KG59. A59G0A? 0:85- B> :C1>:- 420 28=0, 8 <5=O C65 BO=5B 2 :@>20BL. = ?><0E0; =0< @C:>9 =0 ?@>I0=L5 8 @0A:0G820NI59AO ?>E>4:>9 CB:8 >B>HQ; 2 AB>@>=C 425@59.
/ C2845; <>:@>5 ?OB=> =0 53> 704C. 5C65;8 >= =5?@>872>;L=> <>G8;AO? A;8 B0:, B> 8 ?@0240 GC2AB2>20; A51O =5E>@>H>. (?@8=35@ 70<5B8; <>9 273;O4.
= 1>;5=, B8E> ?>OA=8; >=, 0 2@0G59 AG8B05B 1>6L8< =0:070=85<. >65B 2K 53> ?5@5C1548B5, <038AB@? 065 ?8O2>: =5 @07@5H05B A515 ?>AB028BL, 0 254L ?8O2:8 2KBO3820NB ?;>ECN :@>2L.
>2A5<5AB=0O 25@0 2 459AB25==>ABL :C@A0 ?8O2>: 1K;0 A8;L=> ?@5C25;8G5==>9, B5< =5 <5=55, O ?>:0 =5 A;KH0;, GB>1K :><C- ;81> B0:>5 ;5G5=85 =02@548;>. >=5G=>, ?@8<5=O5<>5 C<5@5==>. >MB><C O :82=C;.
>AB0@0NAL, ?>>15I0; O.
(?@8=35@ @0A?>;>68;AO 2 :@5A;5, ?>:8=CB>< 1C@33@0D><, : AG0ABLN ACE><, 8 70A<>B@5;AO =0 @0ABCI55 70 :0<5==>9 10;NAB@04>9 45@52>.
!;KH0;8, 5ABL ;N48, 3>2>@OI85, GB> =8:B> =8 ?>4 :0:8< 284>< =8:>340 =5 4>;65= C1820BL 4@C3>3> G5;>25:0? 5@8B5, GB> :>340- =81C4L, 2 1C4CI5<, =8:>3> C65 =5 1C4CB :07=8BL?
5@N, >B25B8; O, =5<=>3> ?>4C<02. > B>;L:> 2 8A:;NG8B5;L=KE A8BC0F8OE, :>340 2 AB@0=5 8;8 ?@>28=F88 =5 AB0=5B E20B0BL @01>B=8:>2. / :>340- B> 705E0; 2 8<?5@A:>5 ?>3@0=8GL5, 8 B0< AC4L8 =8:>3> =5 ?@83>20@820NB : A<5@B8, 0 548=AB25==> : @01AB2C. 87=L 8 G5;>25G5A:89 B@C4 1K;8 A;8H:>< F5==K, GB>1K 8E 1574C<=> B@0=68@8BL. > <K, O C;K1=C;AO, 2AQ- B0:8 <>65< A515 MB> ?>72>;8BL. N459- B> C =0A 4>AB0B>:.
30, 4>AB0B>:. 4065 A:070; 1K: ?5@5?@>872>4AB2>. 5 ?><5H0;0 1K :0:0O- =81C4L 2>9=0 8;8 5IQ GB>&
'B>1 =5 A3;078BL, A:070; O 2 ?>;CHCB:C, ?>;CA5@LQ7=> 8 A?;N=C; 70 10;NAB@04C.
>2>@OB, GB> 8<?5@0B>@ ?>254QB 0@<8N =0 0;0B8=0B, 4>1028; >=. C<05B5, MB> <>65B 1KBL ?@024>9?
%>BO 20H ?>:>@=K9 A;C30 =5 ?;020; 2 1KAB@KE 2>40E ?>;8B8:8, => A;>6=> 1K;> =5 CA;KH0BL, GB> <>;>4><C, B>;L:> GB> :>@>=>20==><C 2;0AB8B5;N <5GB0;>AL > 2>5==>9 A;025. 18B2C A 5@5B8G5A:8< 0;0B8=0B>< <=>385 1K ?@825BAB2>20;8, 81>, 2>- ?5@2KE, 3>A?>4AB2CNI0O 2 =Q< 25@0 1K;0 <5@7:>9, 0, 2>- 2B>@KE, 2 1>30BKE 3>@>40E 640;0 1>30B0O 4>1KG0. 4=0:> ?0;0B8= N20@5 =5 1K; =8 3;C?F><, =8 B@CA>< 8 A2>8 2;045=8O ?@52@0B8; 2 >4=C :@5?>ABL. = B0:65 2>>@C68; 8 >1CG8; 3>@>4A:CN <8;8F8N. ">;L:> 2>B =0H8 D5>40;K ?>- ?@56=5<C =5 25@8;8, GB> 3>@>4A:0O 3>;KBL10 <>65B 2KABC?8BL ?@>B82 BO65;>2>>@C6Q==>3> @KF0@AB20. / A<5; 8<5BL >1@0B=>5 <=5=85 =0 MBC B5<C, => 45@60; 53> ?@8 A515.
B> 7=05B, >B25B8; O. >65B 1KBL, ?@8H;> 2@5<O ?>=5AB8 D0:5; 8AB8==>9, A2OB>9 25@K&
0- 000, >B25B8; (?@8=35@, 8 A;>6=> 1K;> =5 CA;KH0BL A><=5=89 2 53> 3>;>A5.
/ C;K1=C;AO ?@> A51O. !>25B=8: 8=45 1K; @07C<=K< 8 >?KB=K< G5;>25:><. = ?@5:@0A=> 7=0;, GB> =5A5=8N D0:5;0 25@K A>?CBAB2CNB =5C4>1AB20 8 >?0A=>ABL ?>B5@OBL 687=L. A>15==> :>340 A>18@0;8AL ?>46830BL 2;045=8O :>3>- B> B0:>3>, :0: N20@5, :B> HCB>: =5 ?>=8<0;, 0 : 5@5B8G5A:>9 25@5 >B=>A8;AO =5>1KG09=> A5@LQ7=>. ?@>G5<, 2 0;0B8=0B5 B>65 A6830;8 5@5B8:>2 8 254L<, B0: 65 E>@>H>, :0: 8 C =0A, B>;L:> 70=8<0;8AL MB8< =5 >1CG5==K5 8=:2878B>@K, 0 ;>2FK 70 254L<0<8. =CA=0O :><?0=8O, :AB0B8 3>2>@O.
07@5H8B5, 8 O <0;>ABL ?>A?;N, A:070; O, 2AB020O. 1>, 7=0O 3>A?>48=0 1C@33@0D0, =04> <=>3> A8; A15@5GL =0 ?8@.
(?@8=35@ @0AA<5O;AO >B 2A53> A5@4F0.
, 40, A>3;0A8;AO >=. C4CB AE20B:8 1>@F>2 8 B@02;O <54254O A>10:0<8. "0:65 A?>QB 4;O =0A A0<0 8B0 ;0B>2;0A:0, 81> 545B 2 %57 8 7045@68BAO 2 80@@8F5 =5 =5A:>;L:> =>G59&
@>A25B8B5 <5=O, 1C4LB5 4>1@K, ?@5@20; O 53>.
8B0 ;0B>2;0A:0, ?>2B>@8; >= C482;Q==>. 5 A;KH0;8, <038AB@? 0;;04K > ?@5:@0A=>9 7>;L45? "0: >=0 65 02B>@!
!0<C 10;;04C A;KH0;, >B25B8; O. > 8<O 02B>@0 :0:- B> ?@>H;> <8<> <>53> 2=8<0=8O.
">340 C 20A 1C45B 2>7<>6=>ABL A =59 ?>7=0:><8BLAO. = ?>4<83=C; A> 7=0G5=85<. 5ABL =0 GB> 3;07 ?>;>68BL. >:@CB8; 3>;>2>9. !0<8 C2848B5.
* * *
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
0G8=05<, E;>?=C; 2 ;04>H8 8=45 8 40; 7=0: B@C10G0<.
;>25I89 72C: B@C1 CB8E><8@8; B>;?C. >4<0AB5@L5 ?0;0G0 A4Q@=C; BQ<=K9 70=025A, :>B>@K9 4> MB>3> 2@5<5=8 70:@K20; ?@83>2>@Q==>3>. ">;?0 7520: 702K;0, 0 AB@06=8:8, AB>OI85 C >A=>20=8O ?><>AB0 A?;>B8;8 @O4K.
@5ABC?=8: ?>4=O;AO A 4>A>: ?><>AB0. = 1K; 2KA>:8<, ?;5G8ABK< G5;>25:>< A> A<C3;K< ;8F>< 8 A;53:0 A545NI8<8, 4;8==K<8 2>;>A0<8. !59G0A 53> 548=AB25==>5 >45O=85 A>AB>O;> 87 A5@>3>, ?>:0O==>3> <5H:0 A 2K@570==K<8 >B25@AB8O<8 4;O 3>;>2K 8 @C:.
>GB5==K9 1C@33@0D 8 2K, 1;03>@>4=K5 3>@>60=5, =0G0; >= A8;L=K< 3>;>A><, ?>A:>;L:C 8<5; ?@02> ?>A;54=53> A;>20. ;C1>:> A:>@1;N 2<5AB5 A 20<8 ?> ?>2>4C A<5@B8 B@QE 65=I8= 87 80@@8F0&
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
A5340 B0:, ?>60;>20;AO >=. 0725 =5 ;CGH5 1K;> ?@>25AB8 2AQ 2 A?>:>9AB288, B>@65AB25==> 8 A 4>AB>8=AB2><? 0: 4C<05B5, <038AB@?
>=5G=>, ;CGH5, 70A<5O;AO O. > B>;?0 MB> 2A53> ;8HL B>;?0. !59G0A CA?>:>8BAO.
59AB28B5;L=>, ;N48 254L 640;8 7@5;8I0, 0 :064>5 70<5H0B5;LAB2> B>;L:> >B40;O;> 7025@H0NI55 @072;5G5=85.
038AB@, A?@>A8;0 8B0, A:;>=OOAL :> <=5. >6=> A?@>A8BL, ?>G5<C ?>GB5==K9 1C@33@0D 20A B0: =07K205B?
>?@>A 1K; 2 2KAH59 <5@5 A?@0254;82K<, ?>A:>;L:C O =5 =>A8; 2 80@@8F5 A;C651=>3> =0@O40 GQ@=>3> :0DB0=0 A 2KH8BK< A5@51@>< =04;><;5==K< :@5AB><, 0 >4520;AO :0: >1KG=K9 3>@>60=8=.
>A:>;L:C >@48<5@ <038AB@ 25@K 8 ?@02>AC48O, 0 B0:65 7=0B>: G5;>25G5A:8E 4CH, >B25B8; 70 <5=O 1C@33@0D, A 87;8H=8<, :0: =0 <>9 2:CA, ?0D>A><.
/ A:;>=8; 3>;>2C.
A53> ;8HL ?>:>@=K9 A;C30 >689, >1JOA=8; O.
=- :28- 78- B>@, C3040;0 8B0. >, =025@=>5, 2 80@@8F5 =5 ?> A;C615?
>65 A>E@0=8, A=>20 >B>720;AO 1C@33@0D. = <>9 4@C3 8 ?@8OB=K9 3>ABL.
/ A=>20 A:;>=8; 3>;>2C.
-B> G5ABL 4;O <5=O, <8;>AB82K9 3>AC40@L, ?@>87=QA O. "5< 2@5<5=5<, B>;?0 CA?>:>8;0AL, 0 28A5;L=8:0, :>B>@K9 1@>A8; :0<5=L, ?>9<0;8 8 >B25;8 2 AB>@>=C. 0A:>;L:> O 7=0; 1C@33@0D0, 1C45B B0: 65AB>:> 2K?>@>B, GB> 2 A;54CNI89 @07 :@5?:> ?>4C<05B, ?@5645 G5< =0G=QB ?>4=8<0BL 451>H. @83>2>@Q==K9 2AB0; A :>;5=. # =53> 1K;> >:@>202;5==>5 ;8F>, :>B>@>5 >= ?KB0;AO 2KB5@5BL @C:>9, => :@>2L 157 >AB0=>2:8 B5:;0 A> ;10.
>30 ?@87K20N 2 A2845B5;8, O =5 28=>25= 2 MB8E A<5@BOE, :@8:=C; >=. !<8;C9B5AL, 3>A?>48= 1C@33@0D, 2> 8<O >A?>40, A<8;C9B5AL! = ?@>BO=C; @C:8 2 AB>@>=C ;>68, 2 :>B>@>9 <K A845;8.
C@33@0D A A8;>9 >?Q@AO =0 ?>4;>:>B=8:8 :@5A;0 8 A =5<0;K< B@C4>< 2AB0; =0 =>38.
5;09 A2>Q 45;>, <0AB5@ <0;>4>1@K9, ?@>87=QA >= CAB0=>2;5==CN D>@<C;C, 1C4B> =5 CA;KH02 <>;L1K ?@83>2>@Q==>3>.
1@04>20==0O B>;?0 702K;0, 0 ?@83>2>@Q==K9 A=>20 C?0; =0 :>;5=8 8 A?@OB0; ;8F> 2 ;04>=OE. 564C 53> ?0;LF52 AB5:0;8 AB@C9:8 :@>28. >4<0AB5@L5 ?0;0G0 ?>4E20B8;8 53> ?>4 @C:8 8 ?>425;8 ?>4 A0<CN ?5B;N. >B B>;L:>, =0 ?><>AB5 =5 1K;> A0<>3> ?0;0G0!
A59G0A A<>B@8B5, ?@>87=QA 1C@33@0D G@572KG09=> A0<>4>2>;L=K< B>=><.
!=>20 7072CG0;8 B@C1K, 4>A:8 2 ?><>AB5 @07>H;8AL, 8 =025@E 2K5E0; ?0;0G 2 0;>9 :C@B:5. '5@=L, >H5;><;Q==0O, ?>@06Q==0O 8 >1@04>20==0O =5>6840==K< ?>O2;5=85< 8A?>;=8B5;O, 702K;0 2> 25AL 3>;>A. 0740;8AL 0?;>48A<5=BK.
>74@02;ON, 1C@33@0D, A:070; O, 0:>9 ?@5:@0A=K9 MDD5:B.
8=45 ?>:@0A=5; 8 1@>A8; 273;O4 2 AB>@>=C 8BK, ?@>25@OO, B0:65 ;8 >=0 2>AE8I5=0 53> 70<KA;><, => ?@5:@0A=0O ?528F0 A845;0, =01;N40O 70 2A5< A <8;>9, ;8HQ==>9 M<>F89 C;K1:>9.
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« 548=8G:8» 8 « 42>9:8»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
5@6C ?0@8, C<@QB 4> 70E>40, A:070; (?@8=35@.
@8=8<0N, B>BG0A >B25B8; @0A?;K2H89AO <5I0=8= 2 @0AH8B>< 7>;>B>< :0DB0=5, GB> A845; 70 =0H8<8 A?8=0<8. "@84F0BL :@>=?
?CABL 1C45B ?OBL45AOB, >B25B8; (?@8=35@.
">340 8 O 2>94C 70 ?OBL45AOB, ACE> ?@>87=QA 2KA>:89 42>@O=8=, A84OI89 42C<O :@5A;0<8 >B ?@5:@0A=>9 8BK. / 2845; MB>3> ?0;0G0 2 ;LB5=1C@35, 3>A?>48= (?@8=35@, 8 @CG0NAL, 2K B>;L:> GB> ?>B5@O;8 45=L38.
!;CG08 @07=K5 1K20NB, =07840B5;L=> 70<5B8; A>25B=8: 1C@33@0D0. 5 2AQ :>BC <0A;5=8F0.
2K, <038AB@, >1@0B8;0AL :> <=5 8B0. 5 8A?>;L7C5B5 20H 1>30BK9 ?@>D5AA8>=0;L=K9 >?KB, GB>1K >F5=8BL A?>A>1=>AB8 A>1@0B0? >2:> 53> ?>25A8B 8;8 =5B? @83>2>@Q==K9 ?><0H5B =>30<8 4> 70:0B0 8;8 8A?CAB8B 4CE @0=LH5?
>=5G=>, >=0 E>B5;0 <5=O 7045BL, A@02=820O A ?0;0G><, => 20H ?>:>@=K9 A;C30 8 =5 B0:85 >A:>@1;5=8O A;KH0; 8 =5 87 B0:8E CAB. >:@C3 =0A 2>F0@8;>AL ?>;=>5 =0?@O65=8O <>;G0=85, => O ;8HL A45@60==> C;K1=C;AO.
!C4L10 MB>3> G5;>25:0 2 @C:0E >A?>40, >B25B8; O. :0: 4>;3> 1C45B C<8@0BL, =5 8<55B 7=0G5=8O ?> A@02=5=8N A B5<, A:>;L:> 4;OBAO 04A:85 <C:8, :>B>@K5 ?>7=05B, :0: :064K9 3@5H=8:, >A<5;820NI89AO =0@CH8BL 70:>=K >6L8 8 G5;>25G5A:85.
C@33@0D 2=570?=> 70:0H;O;AO, 0 (?@8=35@ ?>ABCG0; 5<C ?> A?8=5.
%>@>H> A:070=>, <038AB@ 0445@48=, ?@>87=QA 8=45, :>340 >B:0H;O;AO.
"> 5ABL, =5 7=05B5, :>=AB0B8@>20;0 A=8AE>48B5;L=K< B>=>< ?528F0 8 >B25@=C;0AL 2 AB>@>=C 2KA>:>3> 42>@O=8=0, 3;O452H53> =0 =5Q A >B:@KBK< @B><.
/ 2=8<0B5;L=> A<>B@5;, GB> ?@84C<05B 7;0B>@C:89 B0;0=B 87 ;LB5=1C@30. >=5G=>, C =53> 1K;0 A?5F80;L=> ?>43>B>2;5==0O 25@Q2:0, => MB>3> =54>AB0B>G=> 4;O B0:>3> 8A:CA=>3> ?>25H5=LO, :0:>5 E>B5; =0< ?@54AB028BL. 5A><=5==>, >= B0:65 ?>AB0@05BAO, GB>1K ?5B;O 70BO=C;0AL =5 =0 H55 ?@83>2>@Q==>3>, 0 ;53;0 =0 ?>41>@>4>:. "@C1K 7072CG0;8 5IQ @07, 0 :0B A @07<0E>< 2K18; A:0<59:C 87- ?>4 =>3 ?@83>2>@Q==>3>. >B B>;L:>, >4=>2@5<5==> ?>445@60; 53> 70 ;>:>BL, GB>1K B>B =5 ?>28A A;8H:>< @57:>, GB> <>3;> 1K 7=0G8B5;L=> A>:@0B8BL A50=A. 2865=85 @C:8 ?0;0G0 1K;> <>;=85=>A=K<, AB>;L 65 1KAB@> >= C1@0; @C:C, => <=5 =5 A>AB028;> B@C40 70<5B8BL MB>B 65AB. >B, 2 MB><- B> 8 B08;AO A5:@5B.
@5ABC?=8: E@8?5;, :@0A=5;, ;O30;AO =>30<8, 0 A;N=0 B5:;0 A C3;>2 53> @B0. = >1<>G8;AO, GB> ?C1;8:0 ?@8=O;0 A ?>;=K< 2>AE8I5=8O :@8:><.
@0240 ;8, GB> <C6A:>5 5AB5AB2> =01CE05B 2> 2@5<O ?@>2545=8O :07=8 G5@57 ?>25H5=85, 0 87 A5<5=8, ?@>;82H53>AO =0 75<;N, 2K@0AB05B :>@5=L 2>;H51=>9 <0=4@03>@K? A 8=B5@5A>< A?@>A8;0 8B0. / 70<5B8;, GB> >=0 A<>B@8B =0 :>=2C;LA88 ?@83>2>@Q==>3> A =574>@>2K< 2>AE8I5=85<, 0 5Q 3;070 @0AH8@8;8AL. K :>340- B> A 1@0BLO<8- 8=:2878B>@0<8 704C<0;8AL, ?>G5<C A@548 ?0;0G59 =5B 65=I8=, 8 ?@8H;8 : 2K2>4C, GB> ?> 42C< ?@8G8=0<. >- ?5@2KE, 1>;LH8=AB2> =5 A<>3;> 1K 2K45@60BL ?@8G8=5=8O 1;86=5<C AB@040=89 8 A<5@B8. 4=0:> 2B>@0O ?@8G8=0 1K;0 8=B5@5A=55. "0: 2>B, <K ?@87=0;8, GB> B>, =51>;LH>5 <5=LH8=AB2>, :>B>@>5 A?@028;>AL 1K A 7040=85<, >B:@K;> 1K 2 ?KB:0E 872@0IQ==>5 =0A;0645=85, 3@0=8G0I55 A A5:AC0;L=K< 2>71C645=85<. MB> =5 ?@8=5A;> 1K ?>;L7K A0<><C 8A:CAAB2C, :>B>@>5 A;54C5B ?8B0BL ;8HQ==K< M<>F89 ?@>D5AA8>=0;87<><.
A;8 ?>65;05B5, =5A><=5==>, =0H ?>GB5==K9 E>7O8= ?>72>;8B 20< ?@>25@8BL, :C40 ?>4520;>AL A5<O MB>3> G5;>25:0, A:070; O. !84OI89 @O4>< A ?528F59 42>@O=8= ?>4A:>G8; :0: >H?0@5==K9.
01K205B5AL! @>87=QA >= >128=ONI8< B>=><. 'CBL ?>256;8255 A 40<>9!
/ =5256;82K9 G5;>25:, 3>A?>48=, >B25B8; O, 3;O4O ?@O<> 5<C 2 3;070, 8 >= >B2Q; 8E, 1C4B> <>9 273;O4 >16Q3 53>.
8B0 C65 >B:@K20;0 @>B, GB>1K >B18BL 0B0:C ( GB>, =5A><=5==>, =5 1K;> 1K ?@8OB=> <>8< CH0<) , :0: 24@C3 =0ABC?8; =5>6840==K9 ?>2>@>B 2 459AB288, :>B>@K9 ?>72>;8; =0< 1KAB@> 701KBL >1> 2A59 =5AB>OI59 2=8<0=8O 48A:CAA88. >A:>;L:C ?@>87>H;> =5GB>, GB> =5 G0AB> A;CG05BAO C2845BL 2> 2@5<O M:75:CF88, 8 GB> 2>>1I5 =5 4>;6=> ?@>8AE>48BL, :>340 45;>< 70=8<05BAO G5;>25: AB>;L >?KB=K9, :0: ?0;0G 87 ;LB5=1C@30. 5@Q2:0 >1>@20;0AL, 8 ?@83>2>@Q==K9 A A8;L=K< 3@>E>B>< A20;8;AO =0 4>A:8 ?><>AB0. ;0=ONI89AO ?C1;8:5 8A?>;=8B5;L ?@83>2>@0 70<5@ =0 <5AB5, 0 ?>B>< >15@=C;AO 2 AB>@>=C 28A5;8FK A 2K@065=85< ?@>AB>- B0:8 :><8G=>3> =525@8O =0 ;8F5. ?@>G5<, 4065 5A;8 1K =5 MB> =525@85, O 1K =8:>340 =5 AB0; ?>4>7@520BL 53> 2 C<KH;5==>9 ?>@G5 25@Q2:8. = A;8H:>< F5=8; A2>Q 4>1@>5 8<O 8 1K; A;8H:>< 6045= 4> @C:>?;5A:0=89, GB>1K 4065 I54@>5 2>7=03@0645=85 <>3;> A:;>=8BL 53> : >1<0=C.
>B 45@L<>, ?@>87=QA 15AF25B=K< 3>;>A>< (?@8=35@, => 53> A;>20 CA;KH0;, 2848<>, B>;L:> O, ?>A:>;L:C @Q2 B>;?K 703;CH8; 2AQ. "5< =5 <5=55, A;>6=> 1K;> =5 A>3;0A8BLAO A MB8<, AB>;L ;0?840@=K< >?8A0=85< A8BC0F88. C@33@0D @0A:0H;O;AO 8 ?>:@0A=5; ;8F><, 1C4B> 53> A59G0A E20B8B C40@, 0 8B0 70E;>?0;0 2 ;04>H8.
528=>25=, :@8:=C; :B>- B> 87 B>;?K. = =528=>25=!
>3 B0: E>G5B! >B:;8:=C;AO :B>- B> 4@C3>9. '53> E>G5B >3, =5 ?@>AB>;N48=0< AC48BL, B5< =5 <5=55, A8BC0F8O AB0;0 2?>;=5 8=B5@5A=>9. C@33@0D :>=G8; :0H;OBL 8 A59G0A 604=> ?8; 28=>, 8 :@0A=0O AB@CO B5:;0 ?> 2A5< 53> ?>41>@>4:0<. = >B40; :C1>: ;0:5N 8 ?>25@=C;AO :> <=5.
'B> <=5 45;0BL? A?@>A8; 3@><:8< HQ?>B><.
/ ;8HL @072Q; @C:0<8, ?>A:>;L:C MB> 1K;> =5 <>Q 45;>.
CABL 53> ?>25AOB 5IQ @07, @04>AB=> ?>4A:070;0 8B0, 0 (?@8=35@ ?@>H8?5;, CA;KH02 5Q A;>20.
5 3>48BAO, B8E> A:070; >=. ">;?0 O2=> @0745;8;0AL 2 A2>8E <=5=8OE. 4=8 B@51>20;8 ?@>4>;65=8O :07=8, 4@C385 :@8G0;8, GB> ?@83>2>@Q==K9, 2840BL, =528=>2=K9, 8;8, GB> >3 ?@>AB8; 5<C 3@5E8. "0:65 O A;KH0; =0A<5H;82K5 2>73;0AK 2 04@5A ?0;0G0. ;0B>@C:89 B0;0=B B>65 8E CA;KH0;, B0: :0: O 2845;, GB> 53> ;8F> ?>:@K;>AL 103@O=K< @C<O=F5<. 5G53> A:070BL, 2AO A8BC0F8O 1K;0 4;O =53>, A;>2=> ?>IQG8=0. = 2ABC?8; 2 >682;Q==CN 48A:CAA8N A ?>4<0AB5@LO<8 8 4065 =0 >4=>3> 70<0E=C;AO, => A;KH0 A<5E B>;?K 7520:, C1@0; @C:C. AB0; =0 :@0N ?><>AB0, ?>3;O4K20O 2 =0HC AB>@>=C. 0: 8 2A5 7=0;, GB> A59G0A 2AQ 7028A8B >B 1C@33@0D0.
54L O =5 <>3C >B?CAB8BL C189FC, >@48<5@, H5?=C; 8=45, 0 ?>B>< ?>4=O;AO A :@5A;0. >4=O; @C:C 2 7=0: B>3>, GB> E>G5B 3>2>@8BL. ">;?0 70B8E;0, 8 2A5 2 =0?@O65=88 640;8 A;>2 1C@33@0D0.
>GB5==K5 3>@>60=5, 2K:@8:=C; 8=45. ;O =0A C40G=> A;>68;>AL, GB> A =0<8, 745AL, >:070;AO 7=0B>: 70:>=>2 8 >1KG052, ?>GB5==K9 <038AB@ =:2878F88 87 %57- E57@>=0, ;8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0. = A:065B =0<, GB> <K 4>;6=K A45;0BL, 401K >AB0BLAO 2 ;04C A 70:>=>< 8 >1KG05<. / 1K; 7>;. / 1K; AB@0H=> 7>; =0 8=45 70 B>, GB> >= 2<5H8205B <5=O 2> 25AL MB>B F8@:. > O 2AB0;, B0: :0: 1C@33@0D C:07K20; =0 <5=O @C:>9. 845; 7;>2@54=CN CA<5H:C =0 3C10E 8BK.
0:>= 8 >1KG08 A2OBK, ?@>87=QA O A8;L=K< 3>;>A><. 2 40==>< A;CG05 >1KG09 3>2>@8B OA=>: ?@83>2>@Q==K9 <>65B 1KBL >A2>1>64Q=, 5A;8 AC4LO, :>B>@K9 53> ?@83>2>@8;, >B<5=8B A2>Q A;>2>. A;8 65 1C45B =0AB0820BL =0 53> A<5@B8, :07=L A;54C5B ?>2B>@8BL. 2A?><=8B5, > GQ< 3;0A8B 8A0=85: 1> <K =5 A8;L=K ?@>B82 8AB8=K, => A8;L=K 70 8AB8=C. / A5; >1@0B=>.
5G53> A:070BL, A?0A81> 20<, <038AB@, 54:> ?@>87=QA 1C@33@0D, 70 OA=>5 8 ?@>AB>5 B>;:>20=85 70:>=0.
>- <>5<C, B>;:>20=85 :0: @07 8 1K;> OA=K< 8 ?@>ABK<, => A59G0A @5H5=85 >AB020;>AL 70 1C@33@0D><. ;8 >= 459AB28B5;L=> 4C<0;, GB> O 1C4C 06 B0:8< 848>B><, GB> ?5@5;>6C 53> =0 A51O? =0H8 2@5<5=0 =8:B> =5 >1@0I0; 2=8<0=8O =0 452, 701@0AK20NI8E 3>B>2KE : :07=8 ?@5ABC?=8:>2 15;K<8 ?;0B>G:0<8 ( B0: :0: >7=0G5==KE 4528F <>6=> 1K;> =0=OBL 2 :064>< 4><5 ?;0B=KE CB5E 70 =51>;LHCN AC<<C) , => >1@K2 25@Q2:8 45;>, =5A><=5==>, A5@LQ7=>5. 54:89 A;CG09, 2K7K20NI89 >1>A=>20==K5 ?>4>7@5=8O 2 ?@>O2;5=88 GC40 8 7=0:0 2>;8 >6L59. %>BO, ?> <=5=8N 20H53> ?>:>@=>3> A;C38, 5A;8 1K E>BL ?>;>28=0 O2;5=89, =07K205<KE ?;51A>< GC4><, 1K;0 8< 459AB28B5;L=>, B> C >A?>40 >30 A5<>3CI53> 4@C38E 1K 45; =5 >AB020;>AL, :@><5 :0: B2>@8BL GC45A0.
>65B MB> GC4>? A?@>A8; (?@8=35@, 1C4B> ?@>G8B02 <>8 <KA;8.
'C4>< O2;O5BAO B>, GB> A>;=F5 2AB0QB CB@>< 8 70E>48B 25G5@><. 'C4> A>25@H05BAO 5654=52=> 2> 2@5<O A2OB>9 <5AAK, >B25B8; O. > =5 A?5H8B5 =07K20BL GC4>< GB>- B>, GB> <>65B 1KBL 2A53> ;8HL A;CG05<.
0725 >A?>4L =5 ?@028B B0:65 A;CG0O<8? 1KAB@> A?@>A8;0 8B0.
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
=0G8B ?>25A8BL 53>? E<C@> A?@>A8; 1C@33@0D.
5A;8 >A?>4L 40QB =0< 7=0:, 3>2>@OI89: 2>B G5;>25: =528=>2=K9? A?@>A8; O. ;8 8=0G5: 2>B G5;>25: 28=>2=K9, => O 53> C3>B>20; 4;O 2KAH59 F5;8 8 65;0N, GB>1K >= 68; 4;O A;02K <>59?
K <5=O C60A05B5, <038AB@, ?@>87=QA 1C@33@0D, ?><>;G02.
/ 4065 =5 C;K1=C;AO. !59G0A C =53> 1K;> ;8HL ?@54>ICI5=85 B>3>, A G5< =0<, 8=:2878B>@0<, ?@8E>48;>AL AB0;:820BLAO :064K9 45=L. <5O ?@8 MB>< ?>;=CN C25@5==>ABL, GB> <K =8:>340 =5 ?>AB83=5< >6L8E 70<KA;>2. ?@>G5<, GB> 6, <>9 =35; A:070; =5:>340, GB> 2A5 <K 28=>2=K, 0 2>?@>A ;8HL 2> 2@5<5=8 8 <5@5 :0@K. / 3>@OG> =045O;AO, GB> <>Q 2@5<O =0ABC?8B =5 A:>@>, 0 :0@0 =5 1C45B A;8H:>< AC@>2>9. > ?><=8B5, 28=C <>6=> =09B8 2 :064>9 <KA;8, 2 :064>< ?>ABC?:5 8 :064>< 157459AB288.
"> 5ABL ?OBL45AOB =0 ?OBL45AOB, GB> 2K1>@ >:065BAO 25@=K<? A?@>A8; (?@8=35@. 5A;8 AB> =0 AB>, GB> =525@=K<? E>B5; O >B25B8BL, => A45@60;AO. / =5 A>18@0;AO 25AB8 B5>;>38G5A:85 48A:CAA88, B5< 1>;55, GB> >A?>4L A>740; <5=O =5 <>73><, 0 B>;L:> >@C485<. / ;8HL 45@70; ?8B0BL =04564C, GB> 2 MB>< :0G5AB25 ?>;575= 4;O 3> ?;0=>2.
5H09B5! ?8A:;82> :@8:=C;0 8B0, 0 1C@33@0D 274@>3=C;, 1C4B> C:>;>BK9 1C;02:>9. = 2AB0; 8 ?>4=O; @C:C, 0 =0 ?;>I048 A=>20 =0ABC?8;0 B8H8=0.
>GB5==K5 3>@>60=5, ?@>87=QA >=. 0AAC48B5 2 A2>8E C<0E 8 A5@4F0E, 0 =0HQ; 1K O A;>20 >1JOA=5=8O 4;O A5<59 65@B2? '5< 1K O >?@0240; <>Q ?><8;>20=85 ?5@54 >BF0<8, 1@0BLO<8 8 <0B5@O<8 MB8E =5AG0AB=KE 4528F? 'B> 1K >=8 A:070;8, C28452 ?@5ABC?=8:0, A2>1>4=> @073C;820NI8< 2 1;5A:5 4=O? 0 A25@H8BAO 70:>=, >= 2>72KA8; 3>;>A. 5H09B5!
;0B>@C:89 B0;0=B 87 ;LB5=1C@30 ?@>A8O;. >B 8 ?>;CG8; 2>7<>6=>ABL 703;048BL ?;>E>5 2?5G0B;5=85 >B =0G0;0 M:75:CF88, 0 B0:65 =04564C, GB> >H81:8 5<C =5 1C4CB ?><=8BL. = :82=C; ?>4<0AB5@LO<, 8 B5 ?>4E20B8;8 ?@83>2>@Q==>3> ?>4 @C:8. >=5G=>, A;54>20;> ?><5=OBL 25@Q2:C, 0 MB> 70=O;> :0:>5- B> 2@5<O. 0 MB>B @07 ?0;0G ?@>25@O; 5Q 5IQ BI0B5;L=55, G5< 2 ?@>H;K9. 064>5 2>;>:=> 87CG0; B0: 701>B;82> 8 B0: =56=>, :0: 1C4B> :0A0;AO ;N18<>9. =5A<>B@O =0 MB> O 20A C482;N, ;N157=K5 <>8? 25@Q2:0 >1>@20;0AL 2> 2B>@>9 @07. IQ 1KAB@55, G5< 2 ?5@2K9. 0;0G >B 2?5G0B;5=8O ?@>AB> A5; =0 704=8FC 8 A?@OB0; ;8F> 2 ;04>=OE, 0 =0 ?;>I048 =0ABC?8;0 ?>@078B5;L=0O B8H8=0, :>B>@CN =0@CH0;8 B>;L:> E@8? 8 :0H5;L ;560I53> ?@83>2>@Q==>3>.
9, A:070; (?@8=35@ 8 A0<, 2848<>, 8A?C30;AO A>1AB25==>3> 3>;>A0, B0: :0: 1KAB@> >?CAB8; 3>;>2C. -B> 1K; =54C@=>9 8B>3 2A59 A8BC0F88. =5 E>B5;>AL A<5OBLAO, 8 >4=>2@5<5==> O 1K; ?>@06Q=, ?>A:>;L:C 2?5@2K5 2845; B0:>5 =5>1K:=>25==>5 ?@>8AH5AB285 2> 2@5<O M:75:CF88. 0, 2@5<5=0<8 A >4>1@5=8O 8;8 <>;G0;82>3> @07@5H5=8O G8=>2=8:>2 B0:85 AF5=K 8=AF5=8@>20;8, 401K A?0AB8 ?@83>2>@Q==>3>. > 2 40==>< A;CG05 8 @5G8 =5 H;> >1 >1<0=5. @5ABC?=8:C 87 80@@8F0 GC4>28I=>, 157<5@=>, =52840==> 8 =525@>OB=> ?>257;>. ;8 D0:B8G5A:8 <K 8<5;8 45;> A GC4><. ">;L:> 2848B5 ;8 A;54>20;> 1K 5IQ >?@545;8BL, :B> 4020; MB>B 7=0:? 745AL 45;> A>2A5< =5 1K;> OA=K<, ?>A:>;L:C <K ?@5:@0A=> 7=05<, :0: A8;L=0 <>IL C:02>3> 8 =0 :0:85 87>1@5B0B5;L=K5 E8B@>AB8 A?>A>15= !0B0=0, 401K 225AB8 2 701;C645=85 A5@4F0 1;03>G5AB82KE >25G5:.
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
C:02K9 745AL! :@8:=C;0 >=0 ?@>=78B5;L=K< 3>;>A><, :>B>@K9, =025@=>5, <>3 1K @071820BL 1>:0;K. 5 409B5 A51O >1<0=CBL, G5AB=K5 ;N48! !<>B@8B5! =0 ?>4=O;0 @C:C, 8 70E>4OI55 A>;=F5 ?@>A25G820;> <564C 5Q 15;KE ?0;LF52. C:02K9 A>HQ; 8 @07>@20; 25@Q2:C :>3BO<8. K GC2AB2C5B5 70?0E A5@K? ! ">;?0 70HC<5;0 =5C25@5==>, 0 =5:>B>@K5 87 AB>OI8E C ?><>AB0 =0 :>;5=OE ?>4=O;8AL A =8E, =5@2=> ?>3;O4K20O 2>:@C3, 1C4B> 4LO2>; 2>B- 2>B ?>O28BAO ?@O<> @O4>< A =8<8 2 :;C10E A5@=>3> 4K<0.
/ 2845; 4LO2>;0! @O2:=C; <C6G8=0, AB>OI89 2 B>9 C3@N<> ?>3;O4K20NI59 3@C??:5 3>@>60=. = >1>@20; 25@Q2:C 8 C;5B5; 2 =51>!
O 2845;! 1KAB@> A>@85=B8@>20;AO 2 A8BC0F88 53> B>20@8I.
>;8B5AL! / A:@828;AO, ?>A:>;L:C 8B0 AB>O;0 @O4>< A> <=>9, 8 ?>:070;>AL, GB> C <5=O ;>?=CB 10@010==K5 ?5@5?>=:8.
BG5 =0H, ACI89 =0 =515A0E& =0G0;0 >=0. GC4>, B>;?0 A=0G0;0 =5>E>B=>, => ?>4E20B8;0 <>;8B2C. 3>;>A5 ?528FK 1K;> GB>- B> ?;5=8B5;L=>5, 0 5Q 2KA>:0O, A25B;0O D83C@0, A:;>=Q==0O =04 10;NAB@04>9 ;>68, =5A><=5==> ?@>872>48;0 2?5G0B;5=85 =0 G5@=L. @0G=0O 3@C??:0 3>@>60= 3@><:> 8 A 2>>4CH52;5=85< ?>2B>@O;0 A;>20 <>;8B2K, ?@>87=>A8<K5 8B>9. >A>15==> <>I=> >=8 ?@>A:0=48@>20;8: & 8 409 =0< A8;K, GB>1K <K =5 ?@>I0;8 4>;6=8:0< =0H8<. !C4L10 ?@83>2>@Q==>3> 1K;0 2 MB>B <><5=B @5H5=0, 0 O ?@83;O4K20;AO : ;0B>2;0A:5 A C2068B5;L=K< 8=B5@5A><.
8@ 1K; HC<=K<, 0 540 8 =0?8B:8 ?@52>AE>4=K<8. 0: 2K 4>304K205B5AL, ;N157=K5 <>8, 3;02=>9 B5<>9 @073>2>@>2 AB0; =525@>OB=K9 42C:@0B=K9 >1@K2 25@Q2:8 28A5;L=8:0. C@33@0D A>25@H5==> ?@028;L=> @5H8; =5 ?;0B8BL ?0;0GC =8 3@>H0 3>=>@0@0, 0 7;0B>@C:89 B0;0=B 87 ;LB5=1C@30 ( E>BO =5 7=0N, 1C45B ;8 53> ?>A;5 ?@>8AH5AB28O 2 80@@8F5 :B>- =81C4L 5IQ B0: =07K20BL) A>25@H5==> ?@028;L=> @5H8; >1 MB>< 3>=>@0@5 =5 =0?><8=0BL. :>=F5 :>=F>2, ?>475<5;LO 70<:0 8=45 1K;8 >1H8@=K<8, 0 A0< 8=45 @5H8B5;L=> 1K; =5 2 =0AB@>5=88 HCB8BL 8 =5 ?>B5@?5; 1K =8:0:>9 =03;>AB8. 8B0 ;0B>2;0A:0 ?>;CG8;0 >B 1C@33@0D0 :>@78=C A0<KE ?@5:@0A=KE @>7 87 A04>2 80@@8F0, 8 5Q ?5@5A5;8;8 2 0?0@B0<5=BK, 4>AB>9=K5 :>@>;52K. / 1K; C25@5=, GB> =0 MB>< ;N157=>AB8 1C@33@0D0 =5 70:>=G0BAO, 8 ?528F0 <>3;0 >6840BL, GB> ?>:8=5B 3>@>4 A F5==K<8 40@0<8. >B>@K5, :AB0B8 3>2>@O, >=0 70A;C68;0, ?>A:>;L:C 2A5 25@8;8, GB> >=0 ?@54>B2@0B8;0 1>9=N. 0H ?>:>@=K9 A;C30 B0:65 <>3 1KBL 59 1;03>40@5=, ?>A:>;L:C, GB>1K CA?>:>8BL B>;?C, <=5 ?@8H;>AL 1K 2>2;5GL 02B>@8B5B =:2878F88. <K ;N48 A<8@5==>3> A5@4F0 ?@54?>G8B05< 2AQ- B0:8 >AB020BLAO 2 B5=8.
"@5BLO :0@B8=0 M:75:CF88 ?@>H;0 C65 01A>;NB=> 3;04:>. 0;0G =5 10;>20;AO 87OI=K<8 CE8I@5=8O<8, 0 ?@>AB> A8;L=> 4Q@=C; ?@83>2>@Q==>3> 70 =>38, @07@K20O A?8==>9 <>73. / =5 E>B5; 4065 4C<0BL, GB> 1K A;CG8;>AL, 5A;8 1K 25@Q2:0 >1>@20;0AL 2 B@5B89 @07, => >6L5 ?@>2845=85 2AQ- B0:8 E@0=8;> 80@@8F. 1@04>20==K9 1C@33@0D 25;5; 2K?CAB8BL 87 ?>475<5;89 =5A:>;L:8E >AC64Q==KE, 4065 157 ?@5420@8B5;L=>9 2=CH0NI59 ?>@:8 :=CB><, => O 704C<0;AO >1 >4=><. >G5<C 8B0 @5H8;0 ?>3C18BL ?@83>2>@Q==>3> 2 3;070E B>;?K? >G5<C :@8G0;0 > ?@8ACBAB288 C:02>3>, E>BO A B5< 65 CA?5E>< <>3;0 A?0AB8 ?@5ABC?=8:C 687=L, 2A:@8G02, GB> 2848B =35;>2? ?@>G5<, 8 B> 8 4@C3>5 1K;> :@09=5 ?>4>7@8B5;L=K< A B>G:8 7@5=8O G8AB>BK 25@K, 8 1C4L O 1574CH=K< A;C618AB><, <>3 1K 2>71C48BL >D8F80;L=>5 A;54AB285. #25@5=, <=>385 1@0BLO- 8=:2878B>@K =5 ?@5<8=C;8 1K 2>A?>;L7>20BLAO B0:>9 A8BC0F859.
>74@02;ON, A:070; O, :>340 2> 2@5<O ?8@0 >:070;AO @O4>< A ?528F59. >AB>9=0O 2>AE8I5=8O 2K45@6:0, OA=>ABL C<0 8 =5>1K:=>25==0O A8;0 3>;>A0. / GCBL ?>4=O; :C1>: 8 2K?8; 2 5Q G5ABL.
=0 A;53:0 C;K1=C;0AL. Q 3;070 1;5AB5;8, 0 1;54=K5 IQ:8 ?>@>7>25;8 >B 28=0.
A;010O 65=I8=0 <>65B =0 GB>- =81C4L ?@83>48BAO, <038AB@ >@48<5@, >B25B8;0 >=0.
0: 284=>, =5 A;010O, 81> :B> <>65B > A515 A:070BL, GB> A?0A A?>:>9AB285 3>@>40 8 <=>3> G5;>25G5A:8E 687=59? A?@>A8; O CGB82>.
=0 C;K1=C;0AL 5IQ 1>;LH5, O2=> 4>2>;L=0O A>1>9. 0: 284=>, =5<=>3> =04>, GB>1K ?@8OB=> ?>;LAB8BL 5Q BI5A;028N. @81;878;0AL :> <=5, 8 O ?>GC2AB2>20; BO6Q;K9 70?0E 5Q 4CE>2.
/ 70<5B8;0, GB> 2K B>340 B>65 2AB0;8, <038AB@, A:070;0 >=0. 5 1C45B ;8 =5256;82> A <>59 AB>@>=K A?@>A8BL, GB> 2K A>18@0;8AL A45;0BL?
=0 AB>O;0 1>:>< :> <=5, 8 O 2845; 2 ?@>D8;L 5Q :@0A82CN <>@40H:C 8 A<5;K5 >G5@B0=8O 3@C48. > 20H53> ?>:>@=>3> A;C3C >1CG0;8 >B:@K20BL B>, GB> A:@KB>, 8 4>E>48BL 4> ACB8 25I59, =5 >1<0=K20OAL =58A:@5==59 42>9=>9 83@>9. >MB><C O 2 4CH5 C;K1=C;AO, 4C<0O =04 65=A:8< BI5A;0285<, 0 2A;CE A:070;:
!>18@0;AO ?@8=OBL 2;0ABL =04 3>@>4><, 8<5=5< !2OB>9 !;C61K.
# 20A 5ABL B0:>5 ?@02>? 5Q 3;070 1;5A=C;8.
K =5 45@705< 8< ?>;L7>20BLAO 157 >A>1>9 =C64K, A5@LQ7=> >B25B8; O.
K >4=8, 157 AB@068, 157 0@<88& >=0 O2=> =5 <>3;0 ?>25@8BL.
"0:>20 <>IL >A?>40, :>B>@CN >= >1@Q;, AE>4O A @5AB0 <C:8 A2>59 8 =5AO 2@030< 65;57> 8 >3>=L, ?@>87=QA O 8 >B=N4L =5 @07<8=C;AO A 8AB8=>9, ?>A:>;L:C 2 A5@4F0E <=>38E ;N459 8<O =:2878F88 72CG0;> :0: B@52>6=K9 =010B.
0H @073>2>@ ?@5@20; <>;>4>9 ?>42K?82H89 42>@O=8=, :>B>@K9 15AF5@5<>==> <5=O B>;:=C; 8 =0G0; @0A?@>AB@0=OBLAO > :@0A>B5 8 C<5 8BK.
>72>;LB5 20A ?@54AB02;N 4@C3 4@C3C, >=0 <O3:> 53> ?@5@20;0. 038AB@ >@48<5@ 0445@48=, 8=:2878B>@ 87 %570.
>;>4>9 42>@O=8= ?>1;54=5;, ?@>1>@<>B0; A;>20 8728=5=8O 8 ?>AB0@0;AO 1KAB@> 8AG57=CBL 2 B>;?5. / C;K1=C;AO, 0 ?528F0 ?@57@8B5;L=> =04C;0 3C1K.
'B> 70 B@CA, A:070;0 >=0.
K ?>72>;8B5 7040BL 20< 2>?@>A?
=0 A<>B@5;0 =0 <5=O :0:>5- B> 2@5<O, 0 ?>B>< :82=C;0 ?@>E>4OI5<C <8<> N=>H5.
K =5 ?@>B82 =0?>;=8BL <>9 1>:0;? A?@>A8;0 A >A;5?8B5;L=>9 C;K1:>9.
.=>H0 2A?KE=C; :0: 10@KH=O 8 GCBL ;8 =5 2K@20; 1>:0; 87 @C:8 8BK.
>7<>6=>, >B25B8;0 >=0, 3;O4O <=5 2 3;070. AQ 7028A8B >B ACB8 MB>3> 2>?@>A0.
>G5<C 2K ?@83>2>@8;8 53> : A<5@B8? A?@>A8; O. "0:65 ;53:> 2K 254L <>3;8 A?0AB8 5<C 687=L.
=0 72>=:> @0AA<5O;0AL.
O C6 ?>4C<0;0, GB> 2K 70E>B8B5 87CG8BL <>8 A0<K5 A;04>AB=K5 A5:@5BK 8 A0<K5 BQ<=K5 B09=K, A:070;0 >=0, :>:5B;82> >1<0E820OAL HQ;:>2K< ?;0B>G:><. 1<0=C;8 <>8 =04564K!
>;N > ?@>I5=88, O A:;>=8; 3>;>2C.
;03>@>4=0O 3>A?>60. .=>H0 A 1>:0;>< 2 @C:5 ?>O28;AO >:>;> 8BK. >72>;LB5&
=0 27O;0 A>AC4 87 53> @C:8 8 A=>20 >40@8;0 53> C;K1:>9.
>340 =0G=CBAO B0=FK, 2K =5 >B:065B5& =0G0; <>;>4>9 G5;>25: A> I5:0<8, ?>:@KBK<8 ?C=F>2K< @C<O=F5<.
@>AB8B5, ?@5@20;0 >=0 53> <O3:>, => :0B53>@8G=>. / A59G0A @073>20@820N >1 >G5=L 206=KE 45;0E A ?>GB5==K< <038AB@>< =:2878F88.
.=>H0 1@>A8; =0 <5=O 273;O4, A:>@55 A @52=>ABLN, G5< A> AB@0E><, 0 ?>B>< =87:> ?>:;>=8;AO 8B5 8 >B>HQ; ?OBOAL, 2AQ 2@5<O >AB020OAL 2 ?>:;>=5.
>72>;N 2AQ 65 =045OBLAO& 70?8=0OAL, A:070; >= =0 ?@>I0=L5.
=0 :82=C;0 5<C, 0 ?>B>< A=>20 >1@0B8;0 A2>9 27>@ =0 <5=O.
065 AB@0==>, GB> 2K =5 4>304K205B5AL, A:070;0 >=0. / A45;0;0 MB>, ?> :@09=59 <5@5, ?> B@Q< ?@8G8=0<.
;03>40@=>ABL 1C@33@0D0, ?>A:>;L:C >A2>1>645=85 ?@83>2>@Q==>3>, 2K720=> ;8 >=> GC4>< 8;8 65 =5B, C@>=8;> 1K 53> ?@5AB86. ;03>40@=>ABL A5<59 C18BKE, 0 MB> 7=0G8B ;N459, 745AL 2 80@@8F5. ?@>87=QA O. > B@5BL59 ?@8G8=K =5 7=0N.
;03>40@=>ABL. @0A82> 2K MB> =07K205B5, >=0 ?>4:C?0NI5 C;K1=C;0AL. >4C<09B5, G53> 1K O 4>18;0AL, A?0A0O 5<C 687=L? =520 >4=8E, >701>G5==>AB8 4@C38E, 8, :B> 7=05B, 4065 ?@>;8B8O :@>28? MB> 1K; G5;>25:, =8:><C =58725AB=K9. @>4O30.
AB0;0AL B@5BLO ?@8G8=0, =0?><=8; O, ;5=82> @074C<K20O, 2> A:>;L:> 72>=:8E :@>= >15@=C;0AL 1;03>40@=>ABL A5<59 C18BKE 452CH5:.
CABL >AB0=5BAO <>59 <0;5=L:>9 B09=>9, A:070;0 >=0. 57 >184, <038AB@.
>=5G=>, 157 >184, >B25B8; O. # :064>3> 5ABL ?@02> =0 A5:@5BK.
">- B> 8 >=>. =0 256;82> :82=C;0 <=5 8 ;>2:> 2<5H0;0AL 2 B>;?C.
"CB 65 >:>;> =5Q 70@>8;8AL ?>:;>==8:8, 0 <C6A:85 273;O4K GCBL ;8 =5 A=8<0;8 A =5Q ?;0BL5, :>=F5=B@8@COAL 3;02=K< >1@07>< =0 2K40NI59AO 3@C48. / C;K1=C;AO A2>8< <KA;O< 8 ?@>B8A=C;AO 2 AB>@>=C (?@8=35@0, :>B>@K9 4020; :0:85- B> ?>@CG5=8O 42>@5F:><C.
!59G0A =0G=QBAO AE20B:0, A:070; >=, :0: B>;L:> <5=O C2845;. C45B5 45;0BL AB02:8, <038AB@ 0445@48=? / ?>60; ?;5G0<8.
065 =5 2845; 1>@F>2. > :B> 7=05B?
A:@5==5 A>25BCN ?>AB028BL =0 CDCA0, >= ?>=878; 3>;>A. # MB>3> G5;>25:0 :C20;4K 2 :C;0:0E.
10=:5B=>< 70;5 ?@83>B>28;8 0@5=C, =0 :>B>@>9 4>;6=K 1K;8 2KABC?8BL 1>@FK. ?>;=5 ?@8;8G=CN, B0: :0: >=0 =0AG8BK20;0 ?OB=04F0BL =0 ?OB=04F0BL DCB>2, GB> >7=0G0;>: CG0AB=8:8 A<>3CB ?>:070BL =5A:>;L:> 1>;LH55 <0AB5@AB2> 8 ;>2:>ABL, 8 2AQ =5 70:>=G8BLAO B5<, GB> 2AB0=CB ;8F>< : ;8FC, :>;>BO 4@C3 4@C30, ?>:0 >48= 87 =8E =5 C?04QB. C@33@0D A845; =540;5:> >B 0@5=K =0 2KA>:>< :@5A;5 8 3@K7 68@=>3> :0?;C=0. #2845; <>9 273;O4 8 ?><0E0; <=5 @C:>9. / 256;82> ?>:;>=8;AO, => =5 ?>HQ;. B0: 2>7;5 =53> :@CB8;>AL <=>65AB2> ;N459, 0 8=45 2 >A=>2=>< C45;O; 2=8<0=85 =5:>9 G5@=>2>;>A>9 :@0A>B:5 2 :0@<078==>< ?;0BL5, GLO :@0A>B0 1K;0 2 A>AB>O=88 GCBL ;8 =5 70B<8BL 8BC.
4CB, :@8:=C; :B>- B> 2>7;5 <5=O, 8 O >15@=C;AO 2 BC AB>@>=C, 2 :>B>@CN >= ?>:07K20;.
B:@K;8AL 425@8, 8 2 ?>:>8 2ABC?8; <>3CG89, @K652>;>AK9 8 @K651>@>4K9 <C6G8=0 A B0BC8@>20==K<, 1;5ABOI8< >B <0A;0 B5;><.
- 00@@@! 702K; >= 10A><, ?>4=8<0O @C:8 =04 3>;>2>9. 45 MB>B, :>3> O 4>;65= C18BL, 1C@33@0D?
8=45 H8@>:> C;K1=C;AO 8 ?><0E0; @C:>9, 4020O 7=0:, GB>1K 3830=B 2>HQ; =0 0@5=C.
CDCA, ?>OA=8; (?@8=35@ A C2065=85< 2 3>;>A5. !:>B8=K :CA>:, 0?
59AB28B5;L=>. >@5F 1K; ?>GB8 A5<8 DCB>2 @>AB0, 0 53> B5;> :070;>AL >4=8< C7;>< <CA:C;>2. @54?;5GLO C =53> 1K;8 ?@8<5@=> B>;I8=K <>8E 154Q@. >, 2848B5 ;8, ;N157=K5 <>8, 20H ?>:>@=K9 A;C30 A?@02;O;AO C65 A B0:8<8 :>;>AA0<8. 1> 2 AE20B:5 <564C 42C<O ;N4L<8 =5 2AQ 7028A8B >B 25A0, @>AB0 8;8 A8;K. @8=8<0NBAO 2 @0AGQB B0:65 A<5:0;:0 8 1KAB@>B0. C 8 >A>1K5 C<5=8O, :0: E>BO 1K 7=0=85 > B><, 2 :0:>5 <5AB> =0 B5;5 A;54C5B C40@8BL, GB>1K ;8H8BL A>?5@=8:0 A>7=0=8O, 4KE0=8O 8;8 ?@8G8=8BL 5<C A0<CN A8;L=CN 1>;L. 5 3>2>@O C65 > B><, GB> 2> 2@5<O >1KG=>9 AE20B:8 =5B =C64K A>1;N40BL A?>@B82=K5 ?@028;0 8 <>6=>, =0?@8<5@, AK?0=CBL ?@>B82=8:C 2 3;070 H5@A:5=. G5;>25:, A :>B>@K< B0:8< >1@07>< >1>H;8AL, 4C<05B B>;L:> > B><, GB>1K B5@5BL, B5@5BL 8 B5@5BL C60A=> 63CI85 3;070. >B B>;L:>, 5A;8 >= 2>B@QB H5@A:5= ?>4 25:8, B> ?>A;54=55, GB> C2848B, 1C4CB 53> ?0;LFK. CDCA 2AB0; =0 0@5=5 8 =0?@O3AO, 45<>=AB@8@CO <CA:C;K B>;?OI8<AO 2>:@C3 3>ABO< 1C@33@0D0. '5@57 <8=CBC >4=0:> 2=8<0=85 B>;?K A:>=F5=B@8@>20;>AL =0 ?5@A>=5, :>B>@0O 2B>@>9 2>H;0 2 ?>:>8. -B>B G5;>25: B0:65 1K; ?>;C3>;K< 8 B0:65 =0<070= <0A;><, => D83C@>9 8 25A>< =5 4>BO3820; 4> CDCA0. # =53> 1K;8 GQ@=K5, :>@>B:> >1@570==K5 2>;>AK 8 A:25@=K9 H@0<, BO=CI89AO >B C3>;:0 ?@02>3> 3;070 06 4> ;52>9 G0AB8 25@E=59 3C1K. 5 1K; MB>, ?@0240, H@0< AB>;L 65 >B2@0B8B5;L=K9, :0: C <>53> ?@8OB5;O !<5@BCE0, B5< =5 <5=55 8 B0: ?@>872>48; 2?5G0B;5=85.
$8==50A. ?0A=K9 G5;>25:, ?>:@CB8; 3>;>2>9 (?@8=35@.
?0A=K< 1K; B>B, :B> 53> B0: ?>@570;, A:070; O.
>:0 2B>@>9 87 1>@F>2 HQ; 2 AB>@>=C 0@5=K, O COA=8; A515, GB> 8AE>4 MB>9 AE20B:8 A>2A5< =5 ?@54@5HQ=. CDCA 1K; =0<=>3> <>I=55, 0 C $8==50A0 1K;8 ;Q3:0O ?>E>4:0 8 GCB:89 273;O4. !@07C 65 1K;> 284=>, GB> >= =5 ;N18B5;L. 3> <CA:C;K =5 1K;8 =0AB>;L:> 2=CH8B5;L=K<8 :0: C CDCA0, => O 1K; C25@5=, GB> ?>?0ABL 2 >1JOB8O MB>3> G5;>25:0 1C45B AB>;L 65 ?@8OB=>, :0: B5A=> 2AB@5B8BLAO A B8A:0<8.
GB>? !B02:C 45;05B5? 703>2>@8; (?@8=35@.
!B> =0 $8==50A0? A?@>A8; O.
@8=8<0N A 25;8G09H8< C4>2>;LAB285<, 70A<5O;AO (?@8=35@. !53>4=O <>9 AG0AB;82K9 45=L.
>@FK 2AB0;8 2 ?@>B82>?>;>6=KE C3;0E 0@5=K, 0 >48= 87 ?@842>@=KE 1C@33@0D0 =0G0; =083@0==>5 8 =5>1K:=>25==> A:CG=>5 ?@54AB02;5=85. AQ 4;O B>3>, GB>1K 40BL 3>ABO< 2@5<O 70:;NG8BL ?0@8. >B>< =0 0@5=C 2ABC?8; AC4LO.
5;L7O :CA0BLAO, ?@>87=QA >=. 5;L7O 2K402;820BL 3;070. B> ?>?@>A8B ?>I04K, ?>;CG8B 5Q, => ?@>83@05B AE20B:C.
- 00@@@! A=>20 :@8:=C; CDCA, MB> 25@>OB=> >7=0G0;>, GB> ?>I04K ?@>A8BL =5 1C45B.
0G8=09B5, 2> 8<O >A?>40, ?@>87=QA AC4LO 8 1KAB@> A?@K3=C; A 0@5=K, ?>A:>;L:C B>BG0A, :0: >= 4>3>2>@8; A;>2> « >A?>40» , :C;0: $8==50A0 CAB@5<8;AO 2?5@Q4, 8 CDCA ?>;CG8; ?@O<> 2 =>A.
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
!>1@02H85AO 2 70;5 3>AB8 :@8G0;8, ?5@5:;8:0;8AL, 4020;8 A>25BK >1>8< CG0AB=8:0< >E@8?H8<8 3>;>A0<8, 0 >A>1> 3>@OG85 4065 87>1@060;8 =0=5A5=85 C40@>2. >B, =8G5< MB0 1>@L10 =5 >B;8G0;0AL >B ?>2A54=52=>AB8. C, <>65B B>;L:> C@>2=5< >1>8E A>?5@=8:>2. HC<5 2K45;O;AO 7KG=K9 3>;>A 1C@33@0D0, :>B>@K9 A ?>:@0A=52H8< ;8F>< @525;: %20B09 53>! %20B09 53>! => <=5 A;>6=> 1K;> >?@545;8BL, 70 :>3> 1>;55B ( 8 =0 :>3> 2 A2O78 A MB8< ?>AB028; 45=L38) .
"5< 2@5<5=5< $8==50A =54>AB0B>G=> 1KAB@> C:;>=8;AO, 8 2 :>=F5 :>=F>2 C40@ CDCA0 ?>?0;, ?@52@0I0O 53> =>A 2 :@0A=>5 <5A82>. 'B> EC65, C40@ 53> =0AB>;L:> >3;CH8;, GB> >= =5 C:;>=8;AO >B <>3CG53> 1>:>2>3> C40@0, =0F5;5==>3> ?@O<> 2 ;52>5 CE>. >;5B5; =0704, 8 B>340 CDCA A @071530, 2A5< 25A>< ?@K3=C; =0 =53> 8 A20;8; =0 ?>;. $8==50A 3@>E=C;AO 3>;>2>9 > 4>A:8 0@5=K, 8 2AQ 1K;> :>=G5=>.
%0! / 3>2>@8;, GB> MB> <>9 AG0AB;82K9 45=L! :@8:=C; <=5 >1@04>20==K9 (?@8=35@.
/ ?>A<>B@5; 2 AB>@>=C 1C@33@0D0.
>60;C9, 2AQ- B0:8 =5B, >B<5B8; O.
* * *
0, 2K720;8 ;5:0@59, => ?>:0 >=8 4>1560;8 4> 70;0, 8=45 C65 =5 68;. 560; A :@0A=K<, 2A?>B52H8<, >?CEH8< ;8F>< 8 @0A:8=CBK<8 2 AB>@>=K @C:0<8, 0 2>:@C3 =53> B>;?8;8AL 3>AB8. 'B> 6, 157 2AO:>3> A><=5=8O, 8< 1C45B > GQ< @0AA:07K20BL. 5>1KG=0O M:75:CF8O, 8=B5@5A=0O, E>BL 8 1KAB@> 70:>=G82H0OAO AE20B:0, 0 ?>B>< A<5@BL E>7O8=0 ?@8Q<0& > 40, MB> AB0=5B B5<>9 @073>2>@>2 =0 4>;385, 78<=85 25G5@0. / AB>O; C AB5=K, @O4>< A <@0<>@=K< ?>@B8:><, 8 =5 A>18@0;AO A<5H820BLAO A B>;?>9. 8=45 8 B0: C65 =5 ?><>GL, 8 O =5 2845; A<KA;0 2 @073;O4K20=88 B@C?0, B5< 1>;55 GB> 2 687=8 2845; >AB0=:>2 1>;LH5, G5< MB>3> 65;0;, 8, =5A><=5==>, 1>;LH5, G5< 2A5 ?@8ACBAB2CNI85 2 ?>:>OE 2<5AB5 27OBK5. >=5G=>, <=5 60;L 1K;> 8=45, ?>A:>;L:C >= 1K; 4>AB>9=K< G5;>25:><, => B0:65 B@C4=> 1K;> =5 70<5B8BL A2O78 <564C 53> 2=570?=>9 A<5@BLN 8 =574>@>2K< >1@07>< 687=8.
85B0 8 <=>3> 42865=8O =0 A2565< 2>74CE5, 2>B GB> =04> G5;>25:C, ?@>1>@<>B0; O ?@> A51O 8 >B?8; 3;>B>: 28=0, :>B>@>3> 2>B AB@0==> B>;?0, E;K=C2H0O @0=55 2 AB>@>=C <Q@B2>3> 1C@33@0D0, =5 A<>3;0 2K?;5A=CBL 87 <>53> :C1:0. K GB>- B> 3>2>@8;8, <038AB@? 703>2>@8;0 A> <=>9 8B0. %0! / 4065 =5 70<5B8;, :0: >=0 ?>4>H;0, 0 MB> >7=0G0;>, GB> A<5@BL 8=45 2AQ- B0:8 2K25;0 <5=O 87 @02=>25A8O 2 1>;LH59 AB5?5=8, G5< O ?@54?>;030;.
>;8;AO, A5@LQ7=> >B25B8; O. 01K >A?>4L 2 =515A0E 4>?CAB8; 1C@33@0D0 : A2>59 A25B>70@=>AB8.
/ B0: 8 4C<0;0& 5C65;8 O CA;KH0; 8@>=8N 2 5Q 3>;>A5?
0725 =5 C4828B5;L=> =01;N40BL MBC =5>1K:=>25==CN <5B0<>@D>7C? =0 273;O=C;0 =0 <5=O 1KAB@>, :0: 1K ?@>25@OO, ?>=O; ;8 O ?>A;54=55 A;>2>. 7<5=ONI0O GC2AB2CNI55 8 <KA;OI55 ACI5AB2> 2 :CA>: E>;>4=>3>, 1574CH=>3> <OA0, >145;Q==>3> 687=LN 2 B>9 65 AB5?5=8, GB> 8 :0<=8, =0 :>B>@KE ;568B? A?@>A8;0, 8 5A;8 MB> 4>;6=> 1K;> AB0BL M?8B0D859 1C@33@0DC, B> >=0 =5 ?>:070;0AL <=5 C<5AB=>9.
AB5AB25==K9 ?>@O4>: 25I59, >B25B8; O, ?>68<0O A;53:0 ?;5G0<8. 1> ?@0E BK 8 2 ?@0E 2>72@0B8HLAO.
:>340 O 4>3>20@820; MB8 A;>20, CA;KH0; 72>= @0718205<>3> >:=0. 8B@06=>5, @07C:@0H5==>5 AB5:;> B@5A=C;> 8 @07;5B5;>AL =0 45AOB:8 :CA>G:>2, 0 =0 ?0@:5B5 ?>:>52 ?@875<;8;AO >1Q@=CBK9 2 3@O7=CN B@O?:C :0<5=L. 5AOB:8 3;07 2A<0B@820;8AL 2 MB>B :0<5=L B0:8< 273;O4><, 1C4B> >= A59G0A 4>;65= 1K; A=>20 ?>4=OBLAO 2 2>74CE 8 8E 0B0:>20BL.
0:>=5F :0:>9- B> 42>@O=8= ?>4>HQ; >AB>@>6=> 8 27O; A=0@O4 2 @C:8. 0725@=C; B@O?:C, ?>43>=O5<K9 273;O40<8 ;N459, A>1@02H8EAO 2>:@C3 =53>. 0 B@O?:5 1K;> GB>- B> =0F0@0?0=> :@0A=K<8 G5@=8;0<8 8;8 :@>2LN, => A MB>3> @0AAB>O=8O O =5 <>3 @073;O45BL GB>. / ?>HQ; 2 AB>@>=C 42>@O=8=0, => >= C65 CA?5; ?@>G8B0BL A 87C<;5=85< 2 3>;>A5.
« -B> 1K; ?5@2K9» . = <54;5==> ?>2Q; 273;O4>< ?> A>1@02H59AO 2>:@C3 =53> B>;?5.
-B> 1K; ?5@2K9, ?>2B>@8; >= 3@><G5.
AB>@>6=55, A59G0A <>65B 2;5B5BL 4@C3>9, ?@54>AB5@Q3 :B>- B>, 8 3>AB8 1C@33@0D0 =0G0;8 >BABC?0BL >B >:=0.
-B> :0<5=L 1K; ?5@2K<? A?@>A8;0 8B0, :>B>@0O A=>20 >:070;0AL @O4>< A> <=>9. 1 MB>< @5GL, 0? / @0AA<5O;AO.
C@33@0D, <O3:> >1JOA=8; O. 5@2K< 1K; 1C@33@0D 8=45. "5?5@L 2@5<O A;54CNI8E 28=>2=KE 2 A<5@B8 A53>4=OH=53> ?@83>2>@Q==>3>.
/ ?>A<>B@5; =0 =5Q :@05< 3;070. 0<5B8;, GB> 5Q 8 B0: 1;54=>5 ;8F> A59G0A ?>:@K205BAO <5@B25==>9 15;87=>9.
5B, A:070;0 >=0 >H5;><;Q==>. K B0: =0 A0<>< 45;5 =5 4C<05B5& 54L MB>& 15AA<KA;8F0.
#2848<, >B25B8; O. A;8 1C4CB A;54CNI85 65@B2K, >:065BAO, GB> O ?@02.
/ ;53:> 59 ?>:;>=8;AO 8 ?>HQ; @0AA<>B@5BL :0<5=L 8 =04?8AL. 8B0 >AB0;0AL B0<, 345 O 5Q >AB028;, 1C4B> =>38 5Q 2@>A;8 2 ?0@:5B. 5 A:@>N, ;N157=K5 <>8, GB> MB> 1K;> 4>AB0B>G=> 70102=K<. %>BO, A 4@C3>9 AB>@>=K, 20H ?>:>@=K9 A;C30 ?>=8<0;, GB> 2>7<>6=> 5<C ?@84QBAO AB>;:=CBLAO A A5@LQ7=>9 ?@>1;5<>9, @5H5=85 :>B>@>9 ?>B@51C5B 8A:@5==59 25@K 8 3>@OG53> A5@4F0. C, MB>3> :0: @07 <=5 E20B0;>.
!45;09B5 GB>- =81C4L! = :@8:=C;0 <=5 ?>GB8 2 ;8F>, 0 5Q 8A:06Q==>5 3=52>< 8 AB@0E>< ;8F> AB0;> ?>GB8 >BB0;:820NI8<. K 65 8=:2878B>@!
K A845;8 2 ?>:>OE (?@8=35@0 2B@>Q<, 8 E>BO =0 ?>25@E=>AB8 AB>;0 ?K68;AO :C2H8= ?@52>AE>4=>3> 28=0, <>8< A>15A54=8:0< >=> :0:- B> =5 ;57;> 2 3>@;>. / A>2A5< =0>1>@>B =0A;0640;AO 28=><, 70>4=> 3@K7O <54>2K5 ?@O=8G:8.
7 70<:>2>9 ?5:0@=8? A?@>A8; O (?@8=35@0. = ?>A<>B@5; =0 <5=O, :0: 1K =5 ?>=8<0O, > GQ< O A?@0H820N, 0 ?>B>< 53> 273;O4 7045@60;AO =0 ?5G5=L5, :>B>@CN O 45@60; 2 ?0;LF0E.
7 70<:>2>9, ?@>1>@<>B0; >=. >, >A?>48, =5 70=8<09B5AL ?@O=8:0<8, B>;L:> A:068B5, GB> BCB ?@>8AE>48B? 0 A0<>< 45;5 :B>- B> C18; 8=45?
:068B5 <8;>ABL, 25;8B5 ?5:0@N, ?CABL ?@83>B>28B <=5 : =>G8 4>1@CN :>@78=:C. 59AB28B5;L=> 2:CA=>& =5 =04> C7=0BL, 2 :0:8E ?@>?>@F8OE A<5H820NB <Q4 8 B5AB>. 2>72@0I0OAL : 20H5<C 2>?@>AC. -B> B>;L:> <>8 ?@54?>;>65=8O, A:070; O. 5 ?>4:@5?;Q==K5 @07C<=K<8 4>2>40<8. > 5A;8 O ?@02, =5 1>9B5AL. !;54CNI8< =0 >G5@548 AB0=5B ?0;0G.
@>:;OBK5 4CE8, GCBL =5 70?;0:0;0 8B0. / 7=0;0, GB> >=8 ACI5AB2CNB, => GB>1K C1820BL ;N459&
CE8? 70A<5O;AO O. CE8 =5 1@>A0NB 2 >:=> :0<5=L 8 =5 ?8HCB :@>2LN ?@54C?@5645=89 =0 3@O7=KE B@O?:0E.
">340 :B>, GQ@B ?>15@8? @O2:=C; (?@8=35@.
/ =5 A>18@0;AO 45;8BLAO A =8<8 A2>8<8 ?>4>7@5=8O<8. IQ =5 2@5<O. >:0 GB> ;5:0@8 BI0B5;L=> 87CG0;8 B5;> 1C@33@0D0, => O B>65 ?@5645 G5< >B40BL 53> 2 8E @C:8 2=8<0B5;L=> 53> >A<>B@5;. 8=45 =5 ?>4028;AO :>ABLN 8 53> =5 >B@028;8. / 1K; 2 MB>< ?>GB8 C25@5=, 8 ?>25@LB5 <=5, @0718@0NAL 2 MB8E 45;0E. "0:65 =5 2K3;O45;>, GB>1K 53> E20B8; C40@. $0:B, >= 1K; 1>;57=5==K< 8 =5<>I=K<, 8 2A5 ?@87=0;8 1K 53> A<5@BL B@038G5A:8< ?@>8AH5AB285<, 5A;8 1K =5 MB>B =5AG0AB=K9 :0<5=L. 'B> EC65, ;N157=K5 <>8, O 2=8<0B5;L=> >A<>B@5; 42>@ ?>4 >:=0<8 10;L=>3> 70;0. 5@>OB=>ABL, GB>1K :B>- B> <>3 BC40 ?@>=8:=CBL, =5 >1@0B82 =0 A51O 2=8<0=85 AB@068, 1K;0 =8GB>6=>9. >MB><C :0<5=L <>3 1KBL 1@>H5==K< 8740;5:0 G5;>25:><, C<5NI8< >1@0I0BLAO A ?@0I>9. 81> 65 >:070;AO B0< A>25@H5==> 8=K< A?>A>1><, GB> >7=0G0;>: 20H ?>:>@=K9 A;C30 2?@O6QBAO 2 =5?@8OB=CN @01>BC, 2 :>B>@>9 <>;8B20 83@05B 7=0G8B5;L=> 1>;LHCN @>;L, G5< A8;0 <CA:C;>2 8;8 C<AB25==K5 A?>A>1=>AB8.
?>A;5 ?0;0G0 :B>? 8B0 B0: A8;L=> A?;5;0 ?0;LFK @C:, GB> C =5Q 4065 ?>15;5;8 :>ABOH:8.
K, B5?;> >B25B8; O. 1> :B> 65 5IQ?
/& =5 E>GC& Q =86=OO 3C10 4@>60;0 B0:, 1C4B> =0 ?528FC =0?0;0 ;8E>@04:0.
:><C 1K E>B5;>AL? / ?>60; ?;5G0<8. 4=0:> =5 <>@>GLB5 MB8< A2>N :@0A82CN 3>;>2:C, 2>7<>6=>, MB> >1@07>20=85 8=:2878B>@0 A;8H:>< 2;8O5B =0 4>AB>9=CN A>60;5=8O ?>4>7@8B5;L=>ABL <>53> C<0.
K A254QB5 <5=O A C<0! 2A?KE=C;0 >=0, 8, ?>60;C9, O ?@54?>G8B0; 2845BL, :0: >=0 3=5205BAO, G5< :0: >BG08205BAO.
O? 3;CE> A?@>A8; (?@8=35@.
5 4C<0N, ?@>87=QA O.
K B>65 <>3;8 53> A?0AB8. =0 CAB028;0AL =0 <5=O. K <>3;8 A:070BL, GB> >1KG09 B@51C5B >B?CAB8BL ?@83>2>@Q==>3> =0 A2>1>4C&
/ A:070; ?@024C, ?@5@20; O 5Q. MB> =5 O 70:07K20; C =0H53> C<5;>3> ?0;0G0 87 ;LB5=1C@30 25@Q2:C, ?@8=>AOICN AG0ABL5.
=05B5& =0 >?CAB8;0AL =0 :@5A;>.
=0N. 2 A2O78 A MB8< B0:65 7=0N, :0:>9 1K;0 B@5BLO ?@8G8=0. 87=L G5;>25:0 2 >1<5= =0 :CA>: 25@Q2:8 A 53> 28A5;8FK MB> 8=B5@5A=0O 70<5=0. %>BO ?@87=0N, 2K <>3;8 8<5BL =5A:>;L:> 1>;LH5 <8;>A5@48O 2 20H5< A5@4F5.
2K- K- K, 708:0OAL, A:070;0 >=0, 3>2>@8B5 > <8;>A5@488. =:2878B>@! =0 2K?;N=C;0 ?>A;54=55 A;>2>, 1C4B> 1K;> ?@>:;OB85<. / ?>:840N MB>B ?@>:;OBK9 3>@>4!
=0 ABC:=C;0 :C;0:>< ?> ?>25@E=>AB8 AB>;0, 06 :C2H8= A 28=>< >?0A=> 704@>60;.
5 A>25BCN, A:070; O. C45B5 745AL 8;8 2 AB0 <8;OE >BAN40, =5<=>3> 20< ?><>65B. > :0: O 3>2>@8;: 4065 5A;8 <>8 ?>4>7@5=8O ?>4B25@4OBAO, C 20A 1C45B 2@5<O. !0<>5 <5=LH55 H5ABL 4=59.
>G5<C 8<5==> H5ABL 4=59? A?@>A8; 87C<;Q==K9 (?@8=35@.
/ 2AB0;.
5 701C4LB5 > ?@O=8G:0E, =0:070; O 5<C. 'B> :0A05BAO 20A, O >1@0B8;AO : 8B5, A>25BCN =09B8 A2OI5==8:0 8 8A:@5==5 8A?>2540BLAO. ?5@54 A=>< ?@>G8B0BL >70@89. !:>@55 2A53>, <0;> ?><>65B, => 2AQ- B0:8& B5?5@L ?@>AB8B5, ?>94C ?>3>2>@N A ;5:0@O<8.
* * *
AB0=:8 8=45 ?5@5?@028;8 2 >48= 87 28==KE ?>420;>2, 8 8<5==> B0< A>1@0;8AL B@8 ;5:0@O, 401K ?@>25AB8 BI0B5;L=K9 >A<>B@ B5;0. 5 7=0N, ?>G5<C >=8 2K1@0;8 8<5==> ?>420;, ?>A:>;L:C 1K;> 2 =Q< B5<=>, E>;>4=> 8 AK@>. %>;>4=> 8 AK@>, MB> 5IQ =8:><C =5 <5H0;>, => B5<=>B0 70B@C4=O;0 8AA;54>20=85. >MB><C O 25;5;, ?@5645 2A53>, ?@8=5AB8 A:>;L:> 2>7<>6=> ;0<? 8 @0AAB028BL 87 2>7;5 B5;0, ;560I53> =0 B>;AB><, 4C1>2>< =0AB8;5.
>6=> ?>3>2>@8BL A 20<8 =0548=5, <038AB@? >1@0B8;AO :> <=5 >48= 87 ;5:0@59, :>340 A;C38 CAB0=02;820;8 ;0<?K.
0, >B25B8; O 8 >B>HQ; A =8< 2 AB>@>=C.
5 7=0N, :0: MB> A:070BL& 5:0@L AB8A=C; @C:8 O2=> 272>;=>20==K9. >=5G=>, O <>3C >H810BLAO&
>2>@8B5 A<5;>, ?@>87=QA O. N10O 38?>B570 =5 EC65 4@C3>9.
">;L:> MB> <8AB8:0& = ?>4=O; 273;O4 8 ?>A<>B@5; <=5 2 3;070. #;K1=C;AO. C 40, O 7=0N, GB> 2K 1;865 : ?>4>1=K< 45;0<, => <548F8=0 MB> 2AQ 65 =0C:0&
>9 4>@>3>9 4>:B>@, A:070; O B8E>, => :0B53>@8G=>. 5 1C45< @073>20@820BL > <548F8=5, <8AB8:5 8 =0C:5. %>B5; 1K CA;KH0BL > B2>8E ?>4>7@5=8OE.
/ 70<5B8; A;54K =0 H55, ?@>H5?B0; >=. 420 70<5B=K5 ?>A8=5=8O. C4B> :B>- B> 53> 4CH8;. > G5;>25G5A:85 ?0;LFK =5 >AB02;ONB B0:8E A;54>2. -B> =5 :@>2>?>4BQ:8, 0 :0: 1K ;8HL 8E&
"5=L, 70:>=G8; O 70 =53> 8 :82=C;. 07K205< MB> 254L<8=>9 <5B:>9, 4>:B>@.
= 704@>60; 8 2 MB>B @07 =0G0; =5@2=> 4Q@30BL A2>N A54CN, :>7;8=CN 1>@>4:C.
=0N, ?@>H5?B0; >= 5IQ B8H5. / A;KH0; >1 MB><. > 254L A =0CG=>9 B>G:8&
!?0A81>, A:070; O 8 :82=C; 5<C.
/ ?>4>HQ; : B5;C, GB>1K A0<><C @0AA<>B@5BL H5N 8=45. 0=55 O =5 70<5B8; A;54>2, > :>B>@KE 3>2>@8; 4>:B>@, => 2 MB>< =5 1K;> =8G53> C4828B5;L=>3>. 54L<8=0 <5B:0 ?@>O2;O5BAO B>;L:> G5@57 =5A:>;L:> G0A>2 ?>A;5 A<5@B8. > O 1K; 4>2>;5=, GB> <>8 =5OA=K5 ?>4>7@5=8O ?>;CG0;8 B0:>5 A8;L=>5 ?>4B25@645=85. -B> =5 >7=0G0;>, GB> O 1K; 4>2>;5= 2>71C645=85< A;54AB28O 8 =0G0;>< ?>8A:>2 :>;4C=0 8;8 254L<K, :>B>@K5 8A?>;L7>20;8 <038N, GB>1K C18BL 8=45. >340 O ?>4>HQ; : B@C?C, 420 >AB0;L=KE ;5:0@O CABC?8;8 <=5 <5AB>. / 27O; 2 @C:C ;0<?C 8, >1AB>OB5;L=> A25BO A515, >A<>B@5; B5;>. / >B=N4L =5 A>18@0;AO >3@0=8G820BLAO H559 8 8AA;54>20; B5;> >B =>3B59 =0 =>30E ?> A0<CN :>6C =0 3>;>25. -B> ?@>4>;60;>AL 4>AB0B>G=> 4>;3>, => :@><5 MB8E, =0?><8=0NI8E B5=8 8;8 ;Q3:85 ?>;>A:8 ?K;8 A;54>2, O =5 =0HQ; =8G53>. >=5G=>, B5;> 8=45 1K;> 2 ?@8A:>@1=>< A>AB>O=88, => MB> A;54>20;> 87 =574>@>2>3> >1@070 687=8 8 AB0@>AB8, 0 =5 >B 2=5H=8E ?@8G8=. Q;B0O, 2AO 2 A:;04:0E :>60 =0 682>B5, >128AH0O, 4@O1;0O 3@C4L, E@C?:85, ;><:85 =>3B8, 8A?>@G5==K5 7C1K, 8A:@82;5==K5 0@B@8B>< AB>?K, 6Q;BK5, A =0;82H85AO :@>2LN 15;:8 3;07& 0- 0, 8=45 ;8HQ==K9 ?0@G8, 10@E0B0 8 H5;:>2, 2K3;O45; A59G0A 1C4B> @071CEH0O, <Q@B20O @K10.
#40@, 70O28; 1570?5;;OF8>==K< B>=>< >48= 87 ;5:0@59. 0: ?8BL 40BL, C40@.
A0<CN B>G:C, C20605<K9 ?@>D5AA>@, ?>4B25@48; 4@C3>9 ;5:0@L. #40@. = 2>7=QA 3;070 : =51C, 0 2 MB>< A;CG05 A:>@55 : :8@?8G=><C ?>B>;:C. 0:>9 1;5ABOI89 4803=>7.
B0: 8<5==> 70?8H5< 2 ?@>B>:>;5, @5H8; O. >A:>;L:C =8:0:0O 4@C30O ?@8G8=0, :@><5 =0720==>9 20<8, CGQ=K5 <C68, <=5 2 3>;>2C =5 ?@8E>48B.
/ 256;82> A =8<8 ?>?@>I0;AO 8 <>@3=C; B@5BL5<C ;5:0@N. / 1K; C25@5=, GB> A2>8<8 ?>4>7@5=8O<8 > 254L<8=>9 <5B:5 >= =5 AB0=5B 15A?>:>8BL :>;;53 8 =8:>3> 4@C3>3>, B0: :0: MB> <>3;> ?>2@548BL 53> @5?CB0F88. O <>3 ;8HL A:>@15BL > B><, GB> =5:>B>@K5, 25@O 2 <>IL !0B0=K, >4=>2@5<5==> =5 25@OB, GB> ;> <>65B >1@5AB8 D878G5A:>5 ?@>O2;5=85. A>60;5=8N, MB> 1K;> @0A?@>AB@0=Q==>5 <=5=85 A@548 ;N459, 70=8<0NI8EAO =0C:>9, :>B>@K5 701K;8 > B><, GB> :@><5 B>3>, GB> B5;5A=>, ACI5AB2C5B 8 B>, GB> 4CE>2=>. , :@><5 B>3>, GB> <0B5@80;L=>, ACI5AB2C5B 8 B>, GB> =5<0B5@80;L=>. C@33@0D C65 >1 MB>< 7=0;.
* * *
>;4C=? 45AL? 8@@8F5? (?@8=35@ =5 E>B5; 25@8BL A2>8< CH0<.
G5< 65 MB>B 3>@>4 >B;8G05BAO >B 4@C38E? 3> E@0=OB >A>1> A8;L=K5 @5;8:288? <>65B 3>@OG0O 25@0 68B5;59? / ?>72>;8; A515 8@>=8N.
# =0A 5ABL @5;8:288, A:070; CO72;Q==K< B>=>< (?@8=35@. (8? 87 "5@=>2>3> 5=F0 8 >1;><>: !;><0==>3> @5AB0.
A;8 A>1@0BL 2A5 G0AB8 @5AB0, :>B>@K5 =0E>4OBAO 2 3>@>40E :0: @5;8:288, B> >:070;>AL 1K, GB> =0H53> >A?>40 @0A?O;8 =0 :0:><- B> 45@52O==>< 3830=B5. @5AB 1K; =52KA>:8<, 3>A?>48= (?@8=35@. 8A0=85 OA=> 3;0A8B, GB> 8ACA, 401K ?>:0@0BL 3@5H=8:>2, A>HQ; A @5AB0. 5 A?@K3=C;, 0 A>HQ;. ?@>G5<& / <0E=C; @C:>9. 5206=>. 065 5A;8 1K 2K 2K<>AB8;8 2A5 C;8FK A2OBK<8 @5;8:28O<8, MB> 1K 20< =5<=>3> ?><>3;>.
!B@0==K5 A;>20 4;O <038AB@0 =:2878F88, 70<5B8; A>25B=8: 1C@33@0D0.
"@572K5, E>;>4=K5 8 @07C<=K5, 2>7@078; O. 1> 25@N, GB> 2K ?@54?>G8B05B5 7=0BL ?@024C, 8 =5 E>B8B5 1KBL >1<0=CBK< :@0A82K<8 A:07>G:0<8?
= :0H;O=C; GB>- B> =5@071>@G82>, 0 ?>B>< 2KB5@ ;>1 ;04>=LN.
@>AB8B5, <038AB@, A:070; >=. !0< C65 =5 7=0N, GB> 45;0BL. / >B?@028; 25AB=8:0 A ?8AL<>< : 3>A?>48=C ?@52>, A>>1I0O 5<C > =5AG0AB=>< A;CG05, 0 ?>:0 O A>3;0A=> 70:>=C 8A?>;=ON 745AL& >= 24@C3 ?@5@20;. 0725 GB> 2K 70E>B8B5&
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
>B :0:! = E;>?=C; A51O ?> ;1C. / 8A:@5==5 =045NAL, GB> 20< C40ABAO A45@60BL 7;>, <038AB@.
4=0:> O 4>;65= 7=0BL, :5< 1K; >AC64Q==K9? B> 53> 4@C7LO? !5<LO? =0:><K5?
(?@8=35@ 1K; 3>B>2 : @073>2>@C, B0: :0: 8<5; A A>1>9 =5A:>;L:> AB@0=8F ?@>B>:>;>2 4>?@>A0 =0A8;L=8:0 8 C189FK.
#3>;L4 ;5A5=L. "0: 53> =07K20;8. = ?>4=O; =0 <5=O 273;O4, A;53:0 ?>68<0O ?;5G0<8, 1C4B> A0< C482;O;AO MB><C ?@>728IC. !57>==K9 @01>B=8:. 0=8<0;AO =0 @01>BC 2 ?>;5, :C7=5, A:;040E& 45 B>;L:> <>6=>.
@>4O30.
> @01>BOI89. C?5F, C :>B>@>3> B>B 2 ?>A;54=55 2@5<O @01>B0;, =5 <>3 8< =0E20;8BLAO&
B> 6 B0:>9?
-@=AB (C;L<0AB5@. (?@8=35@C ?@8H;>AL 703;O=CBL 2 4>:C<5=BK, GB>1K 2A?><=8BL. # =53> ;5A>?8;:8 8 A:;04K A 4@525A8=>9, 745AL, 2 80@@8F5 8 >:@5AB=>ABOE. >30B, ?@8G<>:=C; >=.
C GB> 6, ?@84QBAO <=5 53> =025AB8BL.
"0: 4C<05B5? (?@8=35@ =0 MB> @07 >B2Q; 273;O4 :C40- B> 2 AB>@>=C. K A>25@H8;8 >H81:C? -B>B ;5A5=L 1K; =528=>25=?
:0: MB> <5=O :0A05BAO? / ?>60; ?;5G0<8. K;> A>25@H5=> 87=0A8;>20=85 8 C189AB2>, ?>4>7@5205<>3> AE20B8;8, >AC48;8 8 :07=8;8. 0:>= 2>AB>@65AB2>20;. / 745AL, GB>1K =09B8 :>;4C=0, 3>A?>48= (?@8=35@, 0 =5 704C<K20BLAO, A>25@H8; ;8 3>@>4A:>9 AC4 2> 3;025 A 1C@33@0D>< >H81:C, ?>B><C GB> E>B5;8, 2>- ?5@2KE, ?>1KAB@55 ?>E20;8BLAO ?>8<:>9 =02>4OI53> AB@0E C189FK, 0, 2>- 2B>@KE, C2845BL 2 459AB288 ?@>A;02;5==>3> ?0;0G0 87 ;LB5=1C@30.
-B> =5 B0:, ?@5@20; <5=O B8E> (?@8=35@. N48 2845;8 53> =>GLN&
'B> 2K =5 ?>=O;8 2 A;>20E « 0 :0: MB> <5=O :0A05BAO» ? A?@>A8; O O728B5;L=>. C@33@0D C65 >?@024K205BAO ?5@54 =0H8< BF>< 515A=K<, 0 2K >?@024K209B5AL ?5@54 A>1AB25==>9 A>25ABLN. 4=0:> <5=O 2 MB> =5 2<5H8209B5. !:068B5 ;CGH5, 345 682QB (C;L<0AB5@.
><>< :C?F0 (C;L<0AB5@0 1K;> B@QEMB06=>5, :0<5==>5 740=85, @0A?>;>65==>5 =0 >:@08=0E 80@@8F0, =540;5:> >B 3>@>4A:>9 AB5=K. => 1K;> >:@C6Q=> =5<0;>9 25;8G8=K A04>< 8 <>I=K< 701>@><, >I5B8=82H8<AO >AB@8O<8. 0 701>@>< AE>48;> A C<0 =5A:>;L:> A>10:, 8 8E O@>AB=K9 ;09 ?@825BAB2>20; <5=O, :>340 O 5IQ B>;L:> ?>4E>48; : 2>@>B0<. !>;=F5 70E>48;> 70 <>59 A?8=>9, ?>MB><C AB@06=8:C, 8;8 A:>@55 2>>@C6Q==><C >18B>9 65;57>< 4C18=:>9 A;C35 ?@8H;>AL ?@8AB028BL @C:C :> ;1C, GB>1K @0AA<>B@5BL <5=O.
'53> E>B8B5? A?@>A8; =5 A;8H:>< 4@C65;N1=K< B>=><. >A?>48=, 4>1028; >= G5@57 A5:C=4C, 2848<>, >F5=82 273;O4>< <>N >4564C.
>=5G=>, O ?>- ?@56=5<C =5 =045; >D8F80;L=>3> =0@O40, => (?@8=35@ >4>;68; <=5 ?;0I, <0;> B>3>, GB> C4>1=K9, >= 2K3;O45; ?@8 MB>< 2?>;=5 4>@>38<.
%>GC C2845BLAO A 3>A?>48=>< (C;L<0AB5@><, A:070; O. > @5:><5=40F88 3>A?>48=0 (?@8=35@0.
>A?>48= (C;L<0AB5@ =5 ?@8=8<05B, @O2:=C; A;C30. @8E>48B5 2 4@C3>9 @07 8;8 >AB02LB5 A>>1I5=85 2 :>=B>@5.
> MB> A>>1I5=85 :@09=5 4>25@8B5;L=>5 8 >G5=L 206=>5, A:070; O, ?@83;CH0O 3>;>A 8 ?@84020O 5<C ?@>A8B5;L=>5 72CG0=85. >=OB=>, 5A;8 2K O2;O5B5AL 4>25@5==K< 4@C3>< 3>A?>48=0 (C;L<0AB5@0, O <>3 1K ?5@540BL 53> 20<, 0 2K A0<8 @5H8B5, GB> 45;0BL&
!;C30 ?>GC2AB2>20; A51O ?@8OB=> ?>;LIQ==K< ?@54?>;>65=85<, GB> >= <>65B 4@C68BL A A0<8< =0G0;L=8:><, 0 :@><5 B>3>, :0: ;N1>3> A;C3C 53> 8=B5@5A>20;8 A5:@5BK, :0A0NI85AO E>7O8=0. >MB><C >= 4>25@G82> ?@81;878;AO : @5HQB:5, GB> A2845B5;LAB2>20;> > B><, GB> 53> ?@>AB>4CH85 1K;> =0 3>;>2C 2KH5 C<0.
/ AE20B8; 53> 70 2>@>B=8: B0:, GB> >= C40@8;AO ;8F>< > @5HQB:C. 0;LFK ;52>9 @C:8 O 2>B:=C; 5<C 2 3;070. = 702K;, => =5 <>3 428=CBLAO. !>10:8 15A8;8AL 70 >3@0645=85<, A:@51;8AL > 701>@, => 1K;8 =5 2 A8;0E 4> <5=O 4>1@0BLAO.
>A;CH09, A:>B8=0, A:070; O. ;8 =5<54;5==> >B:@K205HL 2>@>B0, 8;8 25@=Q<AO : @073>2>@C, :>340 C B51O 1C45B B>;L:> >48= 3;07. K18@09.
- >>B?CAB8, ?@>AB>=0; >=.
5 7=0N, 4C<0; ;8 >=, GB> O HCGC, => ?>E>65 >= >H81>G=> 2>A?@8=O; <>8 A;>20 2A53> ;8HL 2 ?5@5=>A=>< A<KA;5. / =04028; A8;L=55, 8 >= 702K;, 703;CH0O A2>8E A>10:.
B:@>N! 70@K40; >=.
/ =5A:>;L:> >A;018; >1JOB85 8 C1@0; ?0;LFK >B 53> 3;07=KE O1;>:. = <8=CBC <>@30;, 0 87- ?>4 53> 25: B5:;8 A;Q7K. # =53> 1K;> 8A:;NG8B5;L=> 3;C?0O <8=0, => 2AQ 5IQ 420 3;070. ?>7409 >= =0 ?0@C A5:C=4, <8=0 1K;0 1K 5IQ 3;C?55, => 3;07 B>;L:> >48=.
A>10:8? ?@>AB>=0; >= A=>20.
8;>, GB> MB>B G5;>25: 15A?>:>8;AO > 157>?0A=>AB8 20H53> ?>:>@=>3> A;C38, => =0AGQB A>10: O =5 2>;=>20;AO. !;>68; 3C1K 8 A28AB=C;. -B> >G5=L >A>15==K9 A28AB, ;N157=K5 <>8, 8 >1CG5=85 5<C 70=O;> C <5=O <=>3> 2@5<5=8. > O 5IQ =5 2AB@5G0; A>10:8, :>B>@0O CA;KH02 MB>B ?@>=78B5;L=K9, ?;0GCI89 72C:, =5 ?>460;0 1K E2>AB 8 =5 C4@0;0 :C40 3;070 3;O4OB. "0: 8 ?@8:;NG8;>AL A> AB>@>652K<8 ?A0<8, >E@0=ONI8<8 4>< (C;L<0AB5@0. '5@57 <8=CBC O A;KH0; ;8HL ?;0GCI55 A:C;5=85 8740;5:0.
@82@0B=8:C ?>A;5 =5A:>;L:8E ?>?KB>: C40;>AL 225AB8 :;NG 2 70<>: 8 ?>25@=CBL 53>. = >B2>@8; 2>@>B0, 0 O ?@>A:>;L7=C; 2=CB@L, ?@>4>;60O 45@60BL A;C60I53> 70 2>@>B=8:. > >= 2Q; A51O A?>:>9=>, 2?@>G5<, O ?>4>7@520;, GB> C =53> ?@>1;5<K A> 7@5=85<, 8 >=, =0:>=5F, ?>25@8;, GB> =5CGB82>5 ?>2545=85 <>65B 2>7=03@048BL 53> ;8H5=85< A8<<5B@88 7@8B5;L=KE >@30=>2.
C B0: 2548 A59G0A 65 : A2>5<C 3>A?>48=C, ?@8:070; O.
= 70E=K:0; GB>- B> =5@071>@G82>, => O 70:;NG8;, GB> >= =5 8<55B =8G53> ?@>B82 B>3>, GB>1K ?@>2>48BL <5=O : (C;L<0AB5@C. K ?>H;8 ?>AK?0==>9 3@0285< 0;;59:>9, 0 O B>;L:> A5@45G=> 27O; 53> ?>4 @C:C, GB>1K >= A;CG05< =5 70E>B5; A>25@H8BL :0:>9- =81C4L 3;C?>AB8. !>10:, :0: 2A?><8=0; @0=55, O =5 1>O;AO, => =0 GB> <=5 AB04> A;C3, 2>>@C6Q==KE 28;0<8, :CE>==K<8 =>60<8, B>?>@8:0<8 8;8 ;>?0B0<8, :>B>@>5 ?@81560;> 1K 70I8I0BL A2>53> 3>A?>48=0? >=5G=>, 20H ?>:>@=K9 A;C30 =5 1>O;AO 42>@>2>3> A1@>40, => <=5 E>B5;>AL 871560BL 2AO:>3> HC<0 8 15A?>@O4:>2. 0:>=5F O 157 ;8H=8E F5@5<>=89 ?>?0; : (C;L<0AB5@C, B0: :0: <>9 2K=C645==K9 ?@>2>60BK9 1K; G@572KG09=> 256;82 8 O2=> E>B5; :0: <>6=> 1KAB@55 871028BLAO >B <>59 :><?0=88. %>7O8=0 O 70AB0; =0 :CE=5, C 4C1>2>3> AB>;0, 345 >= C3>I0;AO 68@=>9 @C;L:>9 8 E;510; ?82> 87 1>;LH>3> :C2H8=0. O4>< AC5B8;8AL 425 ?>4A>1=8FK, => 5<C MB> O2=> =5 <5H0;>. = 4065 E>B5; CI8?=CBL >4=C 70 704, => C2845;, GB> O AB>N =0 ?>@>35, 8 >AB0=>28; @C:C =0 ?>;?CB8.
'Q@B, 0 2K :B> B0:>9? >1@0B8;AO >=, 8 B>= 53> 2>?@>A0 1K; B0:8< 65 3@C1K<, :0: 8 A0<8 A;>20.
/ : 20< >B 3>A?>48=0 (?@8=35@0, A:070; O. 4C<0N, 1C45B ;CGH5, 5A;8 A>>1IC, :B> O B0:>9, :>340 <K >AB0=5<AO >4=8. (C;L<0AB5@ @073;O4K20; <5=O 8A?KBCNI5 87- ?>4 A@>AH8EAO 1@>259, ?>B>< <0E=C; @C:>9.
@>GL, ?@8:070; >= ?>4A>1=8F0<, 0 <=5 C:070; ABC; ?5@54 A>1>9. !048B5AL, ?@>87=QA. %>BO 7=09B5, =5?@>H5==K9 3>ABL EC65 70@07K.
/ A5; 8 ?>4>640;, ?>:0 ?@8A;C30 2K945B 87 :CE=8, 70:@K20O 70 A>1>9 425@L.
5=O 7>2CB >@48<5@ 0445@48= 8 O O2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, A:070; O B8E>, ?>A:>;L:C 1K; ?>GB8 C25@5=, GB> 65=I8=K ?>4A;CH820NB ?>4 425@LN.
/ 70<5B8;, GB> MB>B C25@5==K9 2 A515, @C<O=K9 G5;>25: ?>B5@O; C25@5==>ABL, 0 A 53> IQ: ?@>?0; @C<O=5F. = 2AB0;, A HC<>< >B>42830O ABC;, 8 4Q@=C; 425@L.
@>GL! 30@:=C; >= :><C- B>, :>3> O =5 2845;. A;8 C286C 20A 745AL A=>20, B> =>38 87 6>?K ?>2K@K20N.
= 25@=C;AO, A>?O >B 15H5=AB20, 8 A=>20 A5; 70 AB>;.
>65B ?820, <038AB@? A?@>A8; >= G5@57 <8=CBC, 0 O ?>:@CB8; 3>;>2>9.
=05B5, > GQ<, 0 B>G=55 > :><, O E>GC ?>3>2>@8BL, ?@0240? 20H5< @01>B=8:5, #3>;L45, :>B>@>3> 2G5@0 ?>25A8;8.
= 2>B:=C; =>6 2 >A>15==> 68@=K9 :CA>: <OA0 8 >B@570; A515 A>;84=K9 ;><>BL. A;8 1K O A:070; 20<, ;N157=K5 <>8, GB> C2845; >1;53G5=85 =0 53> ;8F5, B> ?>3@5H8; 1K ?@>B82 8AB8=K. -B> ;8F> ?>- ?@56=5<C >AB020;>AL E<C@K< 8 C3@N<K<, => ?> ?@>AB> =5C;>28<><C @0AA;01;5=8N <CA:C;>2 O ?>=O;, GB> >= >6840; G53>- B> EC4H53>, 0 <>8 A;>20 C4828;8 53>, => >4=>2@5<5==> CA?>:>8;8. / =5 O2;ONAL G5;>25:><, G@57<5@=> 25@OI8< 2 A>1AB25==K5 A?>A>1=>AB8 8 2 ?CAB>9 3>@4K=5 AG8B0NI8< A51O 7=0B>:>< G5;>25G5A:8E E0@0:B5@>2. 4=0:> O 1K; ?>GB8 C25@5=, GB> 2 MB>< 4><5 GB>- B> ?@>87>H;> 8;8 65 ?@>8AE>48B, G53> 8=:2878B>@ =5 4>;65= ?@>2>@>=8BL. O A>18@0;AO C7=0BL, GB> MB>. > ?>:0 <=5 =C6=K 1K;8 A2545=8O >1 #3>;L45 ;5A5=8.
/ 70I8I0; 53>, ?@>1C@G0; >=. >2>@8B5, GB> E>B8B5, => =5 25@N, GB> >= C18; MB8E 452>:.
"> 5ABL, >= 1K; E>@>H8< G5;>25:><?
%>@>H89, ?;>E>9, ?>40; >= ?;5G0<8. B> 53> 7=05B? 01>B0; 70 42>8E, 0 :>H5;L A 45=L30<8 <>6=> 1K;> ?>;>68BL @O4>< A =8<, 8 =5 B@>=C; 1K. / 5<C 4>25@O;. / E>B5;, GB>1K 2 1C4CI5< <5AOF5 >= =0G0; C?@02;OBL >4=>9 87 <>8E ;5A>?8;>:. =05B5, ?><8<> 2A53>, >= C<5; ?8A0BL 8 G8B0BL&
<5; A5<LN? @C759?
(C;L<0AB5@ A=>20 ?>60; ?;5G0<8.
= 1K; >48= :0: ?5@AB. 8 A :5< =5 4@C68;. 065 =5 A?0; 2 ;N4A:>9, 0 ;8HL ?>?@>A8; <5AB> 2 :0<>@:5, 345 O @0=LH5 45@60; 8=AB@C<5=BK. ?>;=5 =5?;>E> B0< 2AQ CAB@>8;. -B> 1K; G8ABK9 G5;>25:. >@O4>G=K9. =5 ?@>?CAB8; =8 >4=>9 <5AAK.
"> 5ABL, 53> =8:B> 1;87:> =5 7=0;? ">;L:> 2K&
/? 'B> 7=0G8B O? C?5F GCBL ;8 =5 2>7<CB8;AO. GB> <>3 > =Q< 7=0BL?
4=0:> 2K E>B5;8 4>25@8BL 5<C ;5A>?8;:C, 70<5B8; O. K 2A5340 B0: 4>25@O5B5 =57=0:><K< 8 =58725AB=K< 20< ;N4O<?
= ?>4=QA 1>:0; A ?82>< : 3C10<, O2=> 70B5<, GB>1K 2K83@0BL 2@5<O.
!@07C 4>25@85, A:070; >=, 2KB8@0O ?5=C A A54>20BKE CA>2. = <=5 =@028;AO, ?>A:>;L:C 1K; @01>BOI8<. 04> 22>48B A256CN :@>2L, 2>B GB>. >20O <5B;0 2A5340 ;CGH5 <5BQB, =5 AG8B05B5?
5 A;8H:>< <=5 ?><>305B5, 70<5B8; O. 'B> 6, <>65B 20H0 A5<LO 8;8 ?@8A;C30.
5 2<5H8209B5 2 MB> <>N A5<LN! 3>, ?>60;C9, O ?>?0; 2 53> 1>;L=>5 <5AB>. !45;09B5 <8;>ABL, 4>1028; >= =5A:>;L:> 256;8255. @><5 B>3>, O 7=0N A2>8 ?@020, 70:>=G8; >= 1>;55 B2Q@4K< B>=><.
-B> E>@>H> > 20A 3>2>@8B, A:070; O A=8AE>48B5;L=>. > O ?>A5B8; 20A :0: 4@C3 3>A?>48=0 (?@8=35@0, 65;0O 5<C 8 20< ?><>GL 2 A;>6=>9 A8BC0F88. K A>18@05B5AL >B25@3=CBL @C:C ?><>I8 4>1@>65;0B5;L=>3> : 20< G5;>25:0?
=5 =5 B@51>20;>AL 874520BLAO, 8@>=878@>20BL 8;8 8A?>;L7>20BL 702C0;8@>20==CN C3@>7C. / ?@>87=QA 2AQ ?@54;>65=85 A?>:>9=K<, B8E8< 3>;>A><, => (C;L<0AB5@ 8 B0: ?>1;54=5;. %0, MB> C4828B5;L=>, :0: G0AB> ?@8E>48B A;>2> « ?>1;54=5;» , :>340 O 4C<0N > @50:F88 15A54CNI8E A> <=>9 ;N459! "0: 8;8 8=0G5, :C?5F 4>;65= 1K; ?>=OBL, GB> A53>4=O O BCB 2 G0AB=>< ?>@O4:5, 8A?>;=OO <8AA8N 4>1@>9 2>;8, 70B> 702B@0& B> 7=05B?
0: O <>3C 20< ?><>GL? >= ?>GB8 ?@>AB>=0;. 5 E>GC, GB>1K C 20A A>740;>AL >H81>G=>5 ?@54AB02;5=85& / 2A5340 F5=8; 4@C61C 4>AB>9=>3> 3>A?>48=0 (?@8=35@0, => A0< =5 7=0N&
>A;CH09B5, (C;L<0AB5@, O >1>AB@8; B>=, B0: :0: MB>B G5;>25: B0O; 2 <>8E @C:0E :0: 2>A:. 0=> 8;8 ?>74=> O 4>94C 4> 8AB8=K. / ?>:0 =5 E>GC ?@82;5:0BL : MB><C 02B>@8B5B =:2878F88, => 5A;8 ?>B@51C5BAO, 2K7>2C =0 4>?@>A ;N1>3> 20H53> 4><>G04F0. 0 >D8F80;L=K9 4>?@>A, (C;L<0AB5@. 7=05B5, GB> ;N48, 4>?@0H8205<K5 8=:2878B>@0<8, >1@5B0NB ?@>AB> A25@EJ5AB5AB25==>5 65;0=85 8A?>2540BLAO. A2>8E 3@5E0E, GC68E, 8 4065 =5 A>25@HQ==KE. K <5=O E>@>H> ?>=8<05B5?
= CA5@4=> 70:820;. 5@A?5:B820 >D8F80;L=>3> A;54AB28O, :0A0NI53>AO 4><0 8 53> 4><>G04F52, =5A><=5==> 53> C60A=C;0. 5C4828B5;L=>, ?>A:>;L:C C60A=C;0 1K ;N1>3>.
!45;0N 2AQ, GB> ?>65;05B5, ?@>87=QA >=, >?CAB82 3>;>2C. > ?>25@LB5 <=5, O =8G53> =5 7=0N. A;8 65;05B5, :>=5G=> <>65B5 >A<>B@5BL :0<>@:C #3>;L40.
D>@<C;8@>2:0< « =8G53> =5 2845;» 8;8 « =8G53> =5 7=0N» O C65 CA?5; ?@82K:=CBL 70 <>N 4>;3CN 8=:2878B>@A:CN :0@L5@C. 5 ?>25@8B5, :0: G0AB> ;N48 ?>;L7CNBAO MB8< 70B0A:0==K< 2K@065=85<, E>BO A?@0254;82>AB8 @048 ?@87=0N, GB> 8=>340 3>2>@OB ?@024C.
K 2KH;8 87 4><0 G5@57 704=NN 425@L, 8 :C?5F ?@>2>48; <5=O : ?@8AB@>9:5, ?@8602H59AO : A525@=>9 AB5=5. !;>2> « :0<>@:0» 745AL =5 A>2A5< ?>4E>48;>, B0: :0: ?@8AB@>9:0 A>74020;0 2?>;=5 A>;84=>5 2?5G0B;5=85, 0 I5;8 <564C 1@Q2=0<8 1K;8 C<5;> 70B:=CBK A>;><5==>9 ?0:;59. (C;L<0AB5@ >A<>B@5;AO ?> AB>@>=0<, ?>B>< 2K=C; 87 :0@<0=0 :;NG 8 >B:@K; 70<>:. ">;:=C; 425@L. K 2>H;8 2 B5<=>BC, 8 :C?5F B8E> 2K@C30;AO, 81> A?>B:=C;AO >1> GB>- B>, => A@07C 65 2KA5: >3>=L 8 706Q3 ;0<?C.
=CB@8 :0<>@:0 45;8;0AL =0 420 =51>;LH8E ?><5I5=8O. ?5@2>< AB>O; AB>; A :@82K<8 =>30<8 8 =0 @54:>ABL 8AF0@0?0==>9, ?>G5@=52H59 ?>25@E=>ABLN, 2 4@C3>< O C2845; =018BK9 A>;><>9 <0B@0A 8 AC=4C: 87 B0:>3> 65 BQ<=>3> 45@520. C3;C =0E>48;AO =51>;LH>9 >G03 A 4K<>E>4><, 2KE>4OI8< =0@C6C.
K =8G53> 745AL =5 B@>30;8, A:070; (C;L<0AB5@.
/ 27O; 2 @C:C ?>@20==CN B@O?:C, ;560ICN ?@O<> 2>7;5 ?>AB5;8. 0AA<>B@5; 5Q 2=8<0B5;L=>, 0 ?>B>< 2K=C; 87- 70 ?07CE8 :CA>: <0B5@88, 2 :>B>@CN 1K; >1Q@=CB :0<5=L, GB> 2;5B5; 2 10;L=K9 70; 2> 2@5<O ?@8Q<0, CAB@>5==>3> 1C@33@0D><. !;>6=> 1K;> =5 70<5B8BL, GB> >10 :CA>G:0 8450;L=> ?>4E>4OB 4@C3 4@C3C.
%0, A:070; O.
/ ?>4>HQ; : AC=4C:C ( C2845;, GB> 70<>: 1K; 2K;><0=) 8 >B:@K; :@KH:C. >B>< 2K1@>A8; 2AQ A>45@68<>5 =0 ?>;. / =0HQ; AB0@K9 :0DB0=, H5@ABO=>9 ?;0I A 70HB>?0==K<8 @C:020<8, A:;04=>9 =>6 A 45@52O==>9 @C:>OBLN, >4=C <54=CN A5@L3C 8 @07=>F25B=K9 ?;0B>:.
>A8; A5@L38 8 @07=>F25B=K5 ?;0B:8 =0 3>;>25? A?@>A8; O. =B5@5A=>&
C?5F ?>G5A0; 3>;>2C.
"@C4=> A:070BL, >B25B8; >=.
=0G8B AN40 ?@8E>48;0 65=I8=0, ?@>87=QA O. >65B :B>- B> 87 ?@8A;C38? <>65B ?@82>48; :>3>- B>, :>3> =5 7=05B5?
<>65B MB> ?0<OBL > :><- B>? ;8 ?>40@>:, :>B>@K9 =5 CA?5; >B40BL?
A>15==> MB0 >4=0 A5@L30, A:070; O.
= ?>A<>B@5; =0 <5=O, 1C4B> =5 CA;KH0; 8@>=88 2 ?>A;54=5< ?@54;>65=88, 8 A=>20 ?>G5A0; A2>N 3>;>2C. 5C6B> 5<C B0: 4>:CG0;8 2H8? <>65B G5A0=85 CA:>@O;> 53> <KA;8B5;L=K5 ?@>F5AAK? ;N1>< A;CG05, =5 7=0N ?>G5<C, => <5=O @074@060; MB>B 65AB.
C E>@>H>, 274>E=C; O. / @04, 3>A?>48= (C;L<0AB5@, GB> 2K ?>:070;8 <=5 2AQ MB>. C<0N, GB> :B>- B>, 65=I8=0, ?>=OB=>5 45;>, 2 1>;LH>9 A?5H:5 ?>:8=C;0 MB> <5AB>&
0O, ?@>H5?B0; >=.
'B> B0:>5?
>@=8G=0O, >1JOA=8; >=. >=5G=>, MB> 3>@=8G=0O! AG57;0 G5@57 45=L ?>A;5 M:75:CF88, => O 4C<0;, GB> A1560;0, B0: :0:& = ?>A<>B@5; =0 <5=O 8 <0E=C; @C:>9. =05B5, MB8 A0<K5, <C6A:85 45;0.
01@0;0 GB>- =81C4L?
5 70<5B8;, >= O2=> ?><@0G=5;. B0:>< 4><5 :0: <>9, :064K9 45=L =5;53:> ?>=OBL, =5 ?@>?0;> ;8 GB>.
=0N >4=>3> ;>2:0G0 2 @8A>20=88 2K25A>:. @8H;N 53> : 20<, 0 2K >?8H8B5 5<C 452CH:C, :0: A<>65B5 B>G=>. 01@>A:8 8 ?>@B@5BK @07KA:8205<KE =5 @07 8 =5 420 ?><>30;8 =0< 2> 2@5<O A;54AB28O. 064K9 >B45; =:2878F88 8<5; :0@B>B5:C ?>4>7@5205<KE 2 ?@5ABC?;5=8OE 8;8 ?@5ABC?=8:>2. 5 B>;L:> 70B5<, GB>1K 8E <>3;8 C7=0BL A0<8 8=:2878B>@K, => GB>1K ?>:07K20BL 8E ;8F0<, 4>?@0H8205<KE 2> 2@5<O @0AA;54>20=89, ?@>2>482H8EAO A>25@H5==> ?> 4@C38< 45;0<. G0AB> ?>4>1=K5 <5@K ?@8=>A8;8 ?@0:B8G5A:85 @57C;LB0BK. %>BO, :>=5G=>, <K AB0@0;8AL 8A?>;L7>20BL ?><>IL ?@>D5AA8>=0;L=KE EC4>6=8:>2, 0 =5 <078; B@0:B8@=KE 2K25A>:. > =0 157@K1L5 8 @0: @K10.
K 2KH;8 87 :0<>@:8, 8 (C;L<0AB5@ 70E;>?=C; 70 =0<8 425@FC.
'5;>25: =5 7=05B =8 4=O, =8 G0A0, ?@>87=QA >= =0AB028B5;L=>.
!2OB0O 8AB8=0, >B25B8; O.
= ?@>2>48; <5=O 4> A0<KE 2>@>B 8 ?>?@>I0;AO ?>60B85< @C:8.
30, 5IQ >4=>, 2A?><=8; O, CE>4O. K <>65B5 <=5 ?>A>25B>20BL E>@>H53> 2@0G0? 5:0@8 A2OB>9 ?0<OB8 3>A?>48=0 1C@33@0D0 =5 A;8H:>< ?@8H;8AL <=5 ?> 2:CAC, 0 <=5 =04> ?>A>25B>20BLAO A E>@>H8< 4>:B>@>< ?> >4=><C 45;8:0B=><C 2>?@>AC.
<, 4065 =5 7=0N. = A=>20 ?>G5A0; 3>;>2C 8 704C<0;AO =0 <8=CBC. ><8<> B5E 42>@F>2KE, <>65B5 A?@>A8BL 4>:B>@0 >@=20;8A0. ;8 "5>D8;0 C75=0. ;8 5<838CH0 %075;L1@0=4B0. 8:B> 4@C3>9 <=5 2 3>;>2C =5 ?@8E>48B.
3@><=>5 20< A?0A81>, O :82=C; 5<C 256;82> 8 CHQ;. !?8=>9 O GC2AB2>20; 53> 8A?KBCNI89 273;O4 8 @074C<K20;, 2848B ;8 (C;L<0AB5@ C65 @0AAB02;5==CN 70?04=N. > O B0:65 7=0;, GB> 2AQ <>65B 1KBL ;8HL ?;>4>< 2>>1@065=8O 20H53> ?>:>@=>3> A;C38, :>B>@K9 A;8H:>< G0AB> 3@5H8B =54>AB0B:>< 4>25@8O ?> >B=>H5=8N : 1;86=8<.
>A?>48= (?@8=35@, >1@0B8;AO O : =5<C. A;8 1K 2K ?>65;0;8 ?>A>25B>20BL <=5 >?KB=>3> ;5:0@O, => =8:>3> 87 B5E B@QE, :B> >A<0B@820; 3>A?>48=0 1C@33@0D0, B> :>3> 1K 2K1@0;8?
5:0@O? A?@>A8; >= =5A:>;L:> ?>4>7@8B5;L=> 8 =0E<C@8; 1@>28. ;>E> A51O GC2AB2C5B5?
AB028< 2 ?>:>5 <>Q A0<>GC2AB285, >B25B8; O ?@5=51@568B5;L=>. B0:?
>:B>@ >@=20;8A, ?@>87=QA >=, 704C<G82> B5@51O 3C1C. %075;L1@0=4B 5<838CH, C75= "5>D8;, >= =0 <83 ?@5@20;AO. > ?@5645 2A53>, 0;;0: 2848CH. , 40, ?@>A8O; >=. -B> ;5:0@L E>BL :C40. >B B>;L:> >= C65 @54:> ?@0:B8:C5B.
5G8B 3>@>60=?
5G8B ;8? 038AB@ 0445@48=, >=8 1K 53> 70<CG8;8, ?>72>;L >= 8< MB>. @>A;028;AO =5A:>;L:8<8 GC45A=K<8 8AF5;5=8O<8&
=>3> 15@QB?
#4828B5;L=> <0;>. > :@09=59 <5@5, A 154=KE, 81> =0A:>;L:> 7=0N, 1>30BKE <>3 >B@OAB8 :0: 3@CHC.
>@O4>G=K9 G5;>25:, 70<5B8; O.
0;> C65 B0:8E >AB0;>AL, ?@87=0; (?@8=35@. 0< 20< A;C3C, GB>1K ?@>2>48; 4> 4><0 4>:B>@0, 5A;8 ?>65;05B5&
C4C 1;03>40@5=, >B25B8; O.
2848CH 0;;0: 68; 2 A>;84=>< :0<5==>< 4><5 =540;5:> >B @K=:0. 'B>1K 2>9B8 2 53> 68;8I5, A;54>20;> ?@>9B8 G5@57 0?B5:C, 70=8<0NICN ?5@2K9 MB06 740=8O. ?B5:0@L ?@0240 ?>?KB0;AO >1JOA=8BL, GB> 4>:B>@ =8:>3> =5 ?@8=8<05B, => O 2ABC?8; =0 ;5AB=8FC, =5 >1@0I0O 2=8<0=8O =0 C3>2>@K. >ABCG0; <>;>B>G:><. 07, 2B>@>9 8 B@5B89. 74>E=C; 8 ?=C; 2 425@L =>A:>< A0?>30. 03@>E>B0;> 8 B>;L:> MB> ?@8=5A;> =C6=K9 MDD5:B. !=0G0;0 O CA;KH0; H0@:0NI85 H038, 0 ?>B>< :B>- B> >B>720;AO AB0@G5A:8< 48A:0=B><.
'B> B0<? 5 ?@8=8<0N! 48B5 >BAN40!
%>GC C2845BLAO A 4>:B>@>< 0;;0:><, A:070; O 87- 70 70:@KBKE 425@59.
'B>? 'B> E>B8B5 2845BL?
, <5G >A?>40! >AB>?>GB5==K9 4>:B>@ 24>102>: =54>A;KH8B. / 70<5B8;, GB> 87 B5<=>BK, A =87C ;5AB=8FK 70 <=>9 =01;N405B 0?B5:0@A:89 ?>4<0AB5@L5.
%>GC ?>2840BLAO A 4>:B>@>< 0;;0:><! ?>GB8 :@8:=C; O, =045OAL, GB> =0 MB>B @07 3;CE>20BK9 AB0@8: ?> BC AB>@>=C 425@8 <5=O CA;KH8B.
48B5 >BAN40! 8HL 4>=5A;>AL 4> <5=O A?CABO <8=CBC B8H8=K, ?>A;5 G53> O A=>20 CA;KH0; H0@:0NI85 H038. 0 MB>B @07 >=8 C40;O;8AL. / C40@8; :C;0:0<8 ?> 45@52C, B0: GB> 3@>E>B @07=QAAO ?> 2A5<C :>@84>@C. (038 >?OBL 70H0@:0;8 2 AB>@>=C 425@8.
K7>2C AB@06C, ?@83@>78; AB0@8: 87- 70 425@8.
'B> <=5 4048B5, 5A;8 A:06C, GB> A45;0BL, GB>1K ?>?0ABL : =5<C? 70H5?B0; 87 B5<=>BK 0?B5:0@A:89 ?>4<0AB5@L5. / 70;57 2 :0@<0=, =0IC?0; B@83@>H8: 8 1@>A8; 5<C. = ?>9<0; <>=5BC =0 ;5BC, 4KE=C; =0 =5Q 8 A?@OB0; 70 ?07CEC.
!:068B5, GB> C 20A 25AB8 > %5;5=5, 70A<5O;AO >= 8 8AG57 2 =87C ;5AB=8FK. 'B> 6, ?>?@>1>20BL =5 ?><5H05B, O ;8HL =045O;AO, GB> =5 AB0; 65@B2>9 45BA:>9 H0;>AB8.
%5;5=0! @O2:=C; O 425@8. %>B8B5 C7=0BL > =59 :>5- GB>?
%5;5=0? 70A:@8?5; AB0@8:. >2>@8B5! / =5 >B7K20;AO.
K B0<? %>@>H>, E>@>H>, >B:@K20N. O73=C;8 >B>428305<K5 70A>2K. >340 425@L >B:@K;0AL, 2 A25B5, 4>E>4OI5< 87 3;C18=K :><=0B, O C2845; 2KA>:>3>, EC4>3> AB0@8:0. 45B >= 1K; 2 15;>5 >45O=85 4> A0<>3> ?>;0, =>G=>9 :>;?0:, E2>AB :>B>@>3> A28A0; 5<C =0 ?;5G>, 8 ?C;5=K A 70B59;82> 87>3=CBK<8 =>A:0<8.
>:B>@ 0;;0:? A?@>A8; O 8 2B>;:=C; 53> 2=CB@L. 68;8I5 2>=O;> ;5:0@AB20<8 8 70AB0@5;>9 <>G>9.
'B> 2K 7=05B5 > %5;5=5? A?@>A8; >= ?>4>7@8B5;L=>. / 70E;>?=C; 425@L 8 70428=C; 70A>2K.
>65B 2>94Q< 2=CB@L?
= >:8=C; <5=O >F5=820NI8< 273;O4>< 8 =5E>BO :82=C;. >B0I8;AO 2 AB>@>=C :><=0BK, 87=CB@8 :>B>@>9 4>E>48; A25B ;0<?K. = @CE=C; =0 @072>@>H5==CN ?>AB5;L 8 C:070; <=5 <5AB> =0 E@><>< B01C@5B5, C :>B>@>3> 2<5AB> G5B2Q@B>9 =>38 1K; ?>4;>65= :8@?8G. / ?>8A:0; 3;070<8 4@C3>5 <5AB> 4;O A845=8O, 0 :>340 53> =5 C2845;, >?Q@AO > AB5=C. >< ;5:0@O A>AB>O; =5 B>;L:> 87 MB>9 :><=0BK, ?>A:>;L:C O C2845; 2>7;5 :@>20B8 70:@KBCN 425@L, => AB0@8: O2=> =5 A>18@0;AO <5=O BC40 ?@83;0H0BL. 0B> 2 A?0;L=5 F0@8; AB@0H=K9 15A?>@O4>:. 0 :@>20B8 1K;8 A5@K5 >B 3@O78 ?@>ABK=8 8 >45O;> A 2K;57H8<8 ?CG:0<8 ?5@L52, ?>4 45@52O==>9 @0<>9 AB>O; =5<0;>9 25;8G8=K >;>2O==K9 =>G=>9 3>@H>: ( AC4O ?> 70?0EC, 1K; =5 ?CABK<) , 0 =0 ?>;C 1K;8 @071@>A0=K >A:>;:8 @0718B>9 ?>AC4K, :CA:8 C3;O, 8 4065 ?@>@60252H89 4C@H;03 8 <8A:0 A :0:>9- B> :@0A=>9 68659, 2 :>B>@>9 ?;020;8 B@C?K 68@=KE <C:.
>2>@8B5- :0, >9:=C; >= 8 ?><0AA8@>20; A515 ;>:>BL. @>:;OB0O ?>403@0.
5 7=0N 20H59 %5;5=K 8 4065 =5 ?@54AB02;ON, :B> MB>, A:070; O >B:@KB>. / ?@8HQ; ?> 4@C3><C 45;C. 0 53> ;8F5 <5;L:=C;0 3@8<0A0 B> ;8 @07>G0@>20=8O, B> ;8 7;>AB8. %>GC C7=0BL, 2K ;5G8;8 :>3>- =81C4L 2 4><5 :C?F0 (C;L<0AB5@0?
20H5 :0:>5 45;>? @O2:=C; >=. /2;O5B5AL :> <=5 =5?@>H5==K< =>GLN, GCBL 425@L =5 2K;><0;8&
5=O ?@8A;0; 3>A?>48= (?@8=35@ 87 70<:0, >1JOA=8; O. >B25G09B5, ?>60;C9AB0, 8=0G5 2K7>2C 20A =0 >D8F80;L=K9 4>?@>A.
:B> 6 2K B0:>9, GB>&
5=O 7>2CB >@48<5@ 0445@48=, B2Q@4> ?@>87=QA O. /2;ONAL ;8F5=78@>20==K< 8=:2878B>@>< 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. A59G0A C 20A 5ABL 65;0=85 ?>720BL AB@06C? = A<>B@5; =0 <5=O A <8=CBC ?@8IC@5==K<8 3;070<8, 0 ?>B>< 53> ;8F> A<>@I8;>AL. = DK@:=C;, 1@K7=C; D>=B0=>< A;N=K 8 70E8E8:0; A @078=CBK< @B><.
=:2878B>@, ?@KA=C; >=. >B B515 =0. N48 2 F5;>< =5 2AB@5G0NB <>8 2878BK A<5E><, @0725 GB> MB> =5@2=K9 A<5E, ?>;=K9 15A?>:>9AB20, 8;8 4>;6=K9 A:@KBL =0AB>OI85 GC2AB20 =025I05<>3>. 4=0:> AB0@8: E8E8:0; O2=> 8A:@5==5.
/ @04, GB> 20A @0725A5;8;, A:070; O BQ?;K< B>=><.
5 ?@8=8<09B5 MB> =0 A2>9 AGQB. = <0E=C; @C:>9. >65B& = >A<>B@5;AO ?> :><=0B5, :0: 1K @074C<K20O, GB> <=5 ?@54;>68BL, => 2 @57C;LB0B5 =8G53> =5 =0HQ; 8 <0E=C; @C:>9 ?>2B>@=>.
B0:? ?>4A:070; O. (C;L<0AB5@?
K20;, 1K20;. = ?>C4>1=55 @07<5AB8;AO =0 ?>4CH:0E 8 2KBO=C; EC4K5, >B<5G5==K5 3>;C1K<8 25=0<8 =>38. !=8<8B5 <=5, ?>60;C9AB0, ?C;5=K, 4>1028; >=. =5 BO65;> =03810BLAO. / 274>E=C; 8 8A?>;=8; 53> 65;0=85. = 70H525;8; 8A:@82;5==K<8 ?0;LF0<8.
!@07C ;53G5, ?@>1>@<>B0; >=. # (C;L<0AB5@0 1>;5;0 4>G:0, >1JOA=8; >=. > 8=>340 4065 <548F8=A:89 35=89 =5<=>38< <>65B ?><>GL. 1>, 2848B5 ;8, <548F8=0& = ?>4=O; C:070B5;L=K9 ?0;5F 8 O2=> 3>B>28;AO : :0:><C- B> 2KABC?;5=8N.
'5< 1>;5;0? ?@5@20; O 53>. = DK@:=C; =54>2>;L=> 8 70A<>B@5;AO 2 :0:CN- B> B>G:C =04 <>59 3>;>2>9.
1<>@>:8, ?@>87=QA >=. 1I0O A;01>ABL >@30=87<0, =565;0=85 5ABL. ?040;0 2 A>=, =0?><8=0NI89 ;5B0@38G5A:89. >B>< 4065 =5 2AB020;0 A ?>AB5;8. 0;L 452CH:C, B0: :0: >=0 548=AB25==0O 4>GL, 8 AB0@K9 E>B5; C40G=> 2K40BL 5Q 70<C6. = 70:0H;O;, E0@:=C; 8 A?;N=C; 2 AB>@>=C =>G=>3> 3>@H:0. 5 ?>?0;, 8 6Q;B>- :>@8G=520O <>:@>B0 ?@8;8?;0 : <5B0;;8G5A:>9 @CG:5.
K ?>AB028;8 4803=>7? A?@>A8; O.
%0, 4065 <=>3> 4803=>7>2! >= ?>GB8 :@8:=C; HCB;82K< B>=><. 0;L B>;L:>, GB> =8 >48= =5 1K; 25@=K<. C O 8 ?5@5AB0; 5Q ;5G8BL, 284O, GB> B>;:C >B <5=O =5B.
5 GC2AB2C5B5 >B25BAB25==>AB8 70 ?0F85=B0?
:0:>9 >B25BAB25==>AB8 2@0G0 70 ?0F85=B0 <>65B 84B8 @5GL? @><5, @07C<55BAO, <>@0;L=>9? 2>7<CB8;AO >=. > =5CG8 8 ?@>D0=K 65;0NB 8<5BL ?@02> >128=OBL =0A, >?KB=KE ;5:0@59, 2 =54>AB0B>G=>< <0AB5@AB25. ?5@0F8O <>65B C40BLAO 8;8 =5B, 0 ?@>AB>=0@>4LN =5;L7O AC48BL, « GB> <>3;> 1K 1KBL, 5A;8 1K» . >25@LB5 <=5, >= ?>:0G0; ?0;LF5<, =0 A;>2>, GB> 4065 G5@57 A>B=8 ;5B =8G53> =5 87<5=8BAO. >A:>;L:C 8<5==> 4>:B>@ O2;O5BAO 3>A?>48=>< 687=8 8 A<5@B8, 8 @C:8 ?@>GL :>3>- ;81> >B AC40 =04 =8<.
">;L:> >3 A5<>3CI89 O2;O5BAO 3>A?>48=>< 687=8 8 A<5@B8, B8E> A:070; O. 5 701K209B5 >1 MB><, 1C4LB5 4>1@K. =5 1K;8 >B2@0B8B5;L=K 53> C15645=8O, 8 O <>3 ;8HL CB5H0BLAO B5<, GB> >=8 B0:65 1K;8 >B2@0B8B5;L=K A8;L=K< <8@0 A53>. 5 @07 8 =5 420 A;KH0;8 > ;5:0@5, 2K?>@>B>< 8;8 4065 ?>25H5==>< A2>8< <>3CI5AB25==K< ?0F85=B><, 8 A;54C5B ?@87=0BL, GB> 8<5==> B0:>5 ?>2545=85 ?@82>48;> >AB0;L=>9 2@0G51=K9 A1@>4 : =5:>B>@>9 B@572>AB8 273;O4>2. >A:>;L:C ?> >B=>H5=8N : 2@0G0< A;54C5B 8A?>;L7>20BL =0 A<5=C :=CB 8;8 5IQ 1>;LH5 :=CB0. ">;L:> B>340 8E <>6=> A:;>=8BL : ?>AB0=>2:5 ?@028;L=KE 4803=>7>2 8 ?@>2545=8N >?5@0F89 A> 2=8<0=85<. ?@>G5<, 1K20NB 8A:;NG5=8O, =>&
/- O- O, AB0; 708:0BLAO >=. >=5G=>, O =8 2 GQ< =5 E>B5; ?@>O28BL =5C2065=8O : @5;8388&
%>B5BL, MB> C6 B0:, :0: ?@>O28BL, A:070; O <O3:>. 1> 2 MB>< A;CG05 =0<5@5=85 8 ?>ABC?>: ACBL >4=>. > 25@=Q<AO : 452CH:5&
"0: B>G=>, 3>A?>48= 0445@48=. 4=0:> <>65B ?@8AO45B5? 0;;0: :0:- B> O2=> ?@8A<8@5;, 0 O B>;L:> ?>:@CB8; 3>;>2>9 >B@8F0B5;L=>, =5 65;0O ?@>25@OBL ?@>G=>ABL ?>;><0==>3> B01C@5B0.
/ B>;L:> E>B5; A:070BL, ?@>4>;68; >= =5<=>3> ?>3>4O. 'B> A>2@5<5==0O <548F8=0 1K;0 15AA8;L=0 ?@>B82 1>;57=8 MB>3> @51Q=:0. 8:0:85 >B20@K, <8:ABC@K, <078, ?>@>H:8 8 B01;5B:8 =5 ?><>30;8. ?>25@LB5 <=5, O ?>?@>1>20; 8E <=>3>.
>304K20NAL, / ?>:0G0; 3>;>2>9, A>GC2AB2CO 154=>9 452CH:5, AB02H59 >1J5:B>< <548F8=A:8E M:A?5@8<5=B>2. !:>;L:> 59 1K;> ;5B, :>340 MB> =0G0;>AL? = =0G0; GB>- B> ?>4AG8BK20BL, ?><>30O A515 ?0;LF0<8. 5772CG=> ?>H525;8; 3C10<8, A0< A515 ?>440:=C; 8 =0:>=5F 3@><:> A:070;.
"@8=04F0BL. / ?>:0G0; 3>;>2>9, ?>A:>;L:C 2AQ AE>48;>AL. 2>7@0AB5 425=04F0B8, B@8=04F0B8 8;8 G5BK@=04F0B8 ;5B 1>;LH8=AB2> 452>G5: 2E>4OB 2 65=A:89 2>7@0AB A> 2A5<8 D878G5A:8<8 ?@>O2;5=8O<8 MB8E 87<5=5=89. <5==> B>340 C =5:>B>@KE >1=0@C6820;8AL =5:85 A?>A>1=>AB8. 3>2>@O B>G=55, =5:>5 ?@>:;OB85, ?@>B82 :>B>@>3> =5 1K;> 459AB25==>3> ;5:0@AB20. @><5 A0<>3> @048:0;L=>3> 87 @5H5=89.
!?0A81>, A:070; O 8 :82=C; 5<C.
045NAL, GB> 20< ?><>3, :@8:=C; >=, :>340 O 2KE>48;.
/ :82=C; A0< A515 8 >B:@K; 425@L. # <5=O C65 1K;0 :>=:@5B8:0, :>B>@0O =C640;0AL ;8HL 2 =03;O4=>< ?>4B25@645=88.
* * *
4>< (C;L<0AB5@0 O A>1@0;AO B>G=> =0 B@5B89 45=L ?>A;5 A<5@B8 3>A?>48=0 1C@33@0D0. A;8 C <>59 :>=F5?F88 1K; A<KA;, B> 4>G:0 :C?F0 :0: @07 4>;6=0 ;560BL 157 A>7=0=8O 2 ?>AB5;8, 2 1;87:>< : ;5B0@388 A=5.
!53>4=O AB@06 ?@8 2>@>B0E ( 0 2>;59 AC4L1K MB> 1K; B>B 65 G5;>25:, GB> 8 2 ?>A;54=89 @07) =0G0; B>@>?;82> >B:@K20BL :0;8B:C, :0: B>;L:> C2845;, GB> O ?>4E>6C. / C;K1=C;AO 5<C 8 >40@8; B@83@>H8:><, :>B>@K9 >= ?@8=O; A 3;C1>:8< ?>:;>=><.
#65 254C 20HC 25;L<>6=>ABL. #65, C65, C65 ?@O<> A59G0A&
;045;LF0 A:;04>2 4@525A8=K 8 ;5A>?8;>: O =0HQ; =0 MB>B @07 =5 2 :CE=5, 0 2 1>30B> CAB@>5==KE 0?0@B0<5=B0E =0 ?5@2>< MB065 4><0. !845; 70 >3@><=K<, 4C1>2K< ?8AL<5==K< AB>;>< 8 GB>- B> 70?8AK20; =0 ?5@30<5=B5. 5@54 =8< 1K;8 @07;>65=K AGQB=K5 :=838. = =0E<C@8; 1@>28, :>340 C2845; <5=O.
4@02AB2C9B5, ?@>87=QA >= >G5=L A45@60==K< B>=><. @>AB8B5, => O :@09=5 70=OB.
/ ?>4>428=C; A515 ABC;, ?>A:>;L:C @07 >= =5 1K; 4>AB0B>G=> 256;82, GB>1K <=5 53> ?@54;>68BL, ?@8H;>AL >1A;C6820BL A51O A0<><C. !5; =0?@>B82.
8G53>, 2>7@078; O. !G5B0 ?>4>64CB.
07 B0: 3>2>@8B5& = BO65;> >A5; =0 ABC;5, =5 A2>4O A <5=O 273;O40. '5< <>3C 20< A;C68BL?
#20605<K9 3>A?>48= (C;L<0AB5@, 5A;8 <>6=> <=5 B0: >1@0I0BLAO, =0G0; O. 0H0 E8B@>ABL =0?>;=8;0 <5=O C2065=85<.
'B> B0:>5? = A=>20 =0E<C@8; 1@>28. 0 MB>B @07 B0: A8;L=>, GB> >=8 A>548=8;8AL C =53> 2 B>;ABCN 1C:2C V =04 =>A><.
0< ?>GB8 C40;>AL ?@>25AB8 <5=O, O @072Q; @C:0<8. -B8 A;54K >B 65=I8=K, =5 A;8H:>< 1@>A0NI85AO 2 3;070, => 2AQ- B0:8 4>AB0B>G=> 70<5B=K5, GB>1K O 8E =0HQ;& 0HQ; 8 =0G0; 8A:0BL 25B@0 2 ?>;5. C 8 A:07>G:0 > ?>1535 3>@=8G=>9. 'B> 2K A =59 A45;0;8? B>A;0;8 :C40- =81C4L? #18;8 8 ?>E>@>=8;8? #B>?8;8 2 @5:5? 59AB28B5;L=> 8A:@5==5 ?>74@02;ON.
>- ?@56=5<C =5 ?>=8<0N, > GQ< 3>2>@8B5, <038AB@. = A3>@18;AO 8 A;>68; ;04>=8 =0 AB>;5. 065 ?0;LFK C =53> =5 704@>60;8.
5=O C65 =5 C482;O5B, GB> 2K O2;O5B5AL >4=8< 87 A0<KE 1>;LH8E 2;045;LF52 ;5A>?8;>: 8 A:;04>2 A 4@525A8=>9. =5 ?@O<> 60;L, GB> 2K =5 AB0;8 45;0BL :0@L5@C 2 %575.
0:- B> A?@02;ONAL, 1C@:=C; >=. <=5 E>@>H> 745AL, 345 O 5ABL.
">;L:> 2K A>25@H8;8 >4=C >H81:C, A:070; O. > ?@5645 G5< <K : =59 ?5@594Q<, O @0AA:06C 20< >4=C A:07>G:C. K ;N18B5 A:07>G:8, (C;L<0AB5@?
= A<>B@5; =0 <5=O =0AC?;5==K<, <@0G=K< 273;O4><, => 4065 =5 4C<0; >B>720BLAO
"0: 2>B, 2 <0;5=L:>< 3>@>4:5 C:@0;8 87 F5@:28 7>;>BCN 40@>=>A8FC. 8:0: =5 <>3;8 =09B8 28=>2=>3>, ?>:0 =5 ?@81K; >48= A:@><=K9 G5;>25: A =5:>B>@>9 2@>64Q==>9 A>>1@078B5;L=>ABLN. ;NG0@N, :>B>@>3> ?>4>7@520;8 2 :@065, >= 25;5; ?@>25AB8 53> ?> 3>@>4C 8 ?>:070BL C;8FK 8 4><0.
(C;L<0AB5@ A;CH0; A =5?>4286=K< ;8F><.
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
!59G0A C65 ?0;LFK :C?F0 O2=> 704@>60;8, 0 ?> ;8FC ?@>1560;0 3@8<0A0 AB@0E0.
><C 2K >AB028B5 A>AB>O=85? 256;82> A?@>A8; O. @8=8<0O, @07C<55BAO, GB> 8=:2878B>@A:89 AC4 >:065BAO =0AB>;L:> <8;>A5@4=K<, GB> 53> =5 :>=D8A:C5B? >G:5, 254L, =5B, ?> >G5284=>9 ?@8G8=5&
/ 7=0;, GB> 2 <>;>4>AB8 (C;L<0AB5@ 1K; ;5A>@C1><. AQ- B0:8, C =53> 1K;8 74>@>25==K5 ?;5G8I0, 0 :C;0:8 :0: 1CE0=:8 E;510 ( 7=0N, GB> ?@5C25;8G820N, => 254L D@070 « :C;0:8 :0: 1>;LH85 1C;:8» 72CG8B A;8H:>< A<5H=>) . 4=0:> =5C65;8 >= 4C<0;, GB> AB0@5NI89 :C?5F <>65B ?@54AB02;OBL C3@>7C 2KCG5==><C 8=:2878B>@C? @5645 G5< >= A<>3 1@>A8BLAO =0 <5=O, O AE20B8; ;560I89 70 <>59 A?8=>9 =>6 4;O @57:8 E;510 8 ?@818; :8ABL 53> ;52>9 @C:8 : AB>;C. = :@8:=C; 8 AE20B8; @CG:C =>60 ?@02>9 @C:>9, => B>340 O C40@8; 53> :C;0:>< 2 >A=>20=85 =>A0. 3> 7@0G:8 70:0B8;8AL 2=CB@L G5@5?0, 8 >= A20;8;AO =0 ?>;. AB@8Q =>60 @07>4@0;> 5<C :8ABL, B0: GB> >=0 1K;0 @07@570=0 ?>?>;0< <564C C:070B5;L=K< 8 A@54=8< ?0;LF0<8. / ?>4>HQ;, =5A:>;L:8<8 ?8=:0<8 ?5@525@=C; 53> =0 682>B 8 A2O70; 5<C @C:8 70 A?8=>9.
/ =5 4C<0;, GB> :B>- B> A;KH0; :@8: 8 3@>E>B ?040NI53> B5;0, 81> =0A:>;L:> O 70<5B8;, ?@8A;C38 ?>1;87>AB8 =5 1K;>, :>340 2E>48; 2 53> ?>:>8. / 7=0;, GB> ?>A;5 C40@0 2 >A=>20=85 =>A0 >= =5 A:>@> ?@84QB 2 A51O, => =0 2AO:89 A;CG09 A>1@0; :CGC B@O?>: 8 70AC=C; 5<C 2 @>B, :@5?:> ?>B>< ?@82O702 MB>B 8<?@>2878@>20==K9 :;O?. / ;8HL =045O;AO, GB> C =53> =5B =0A<>@:0, 8 >= <>65B 4KH0BL =>A><, ?>A:>;L:C 8A:@5==5 65;0;, GB>1K >= A<>3 ?@8=OBL CG0AB85 2 ?@>F5AA5. 5 3>2>@O C65 > B><, GB> 5A;8 1K >= 704>E=C;AO, O A0< 1K A51O >B@C30; 70 2>?8NI89 =54>AB0B>: ?@>D5AA8>=0;87<0.
/ @074C<K20;, 8<5;0 ;8 H0=A =0 C40GC 70B5O (C;L<0AB5@0. 5A><=5==>, 5A;8 1K @5GL H;0 > 3>@>4A:>9 8;8 071>9=>9 AB@065. =8 1K 682> ?>=5A;8AL 30;>?>< 70 3>@=8G=>9 059, :>B>@0O C65 =5A><=5==> =01;N40;0 70 C3@O<8 A> 4=0. =5 65 ?@8E>48;>AL 8A:0BL 4@C385 @5H5=8O, =5A<>B@O =0 B>, GB> :C?5F 1K; 4>AB0B>G=> A<5:0;8ABK<, GB>1K =5 2K3>@06820BL A51O 2 <>8E 3;070E. = 254L O2=> ?>42>48; : B><C, GB> MB> 53> 3>@=8G=0O <>3;0 =025AB8 G0@K 8 >B><AB8BL 70 =5A?@0254;82CN A<5@BL ;N1>2=8:0. >, <564C =0<8 3>2>@O, 5<C =5<=>3>5 3@>78;> 70 B>, GB> :B>- B> 87 53> 4><>G04F52 70=8<0;AO BQ<=K< 8A:CAAB2><. =:2878F8O <=>3> ;5B C65 =5 1K;0 A;8H:>< @048:0;L=>9 2 @01>B5 :0: @0=LH5, 8 =5 4C<0N, GB>1K (C;L<0AB5@C 3@>78;> GB>- B> 1>;LH55, G5< F5@:>2=>5 ?>:0O=85 70 B>, GB> 157459AB285< 4>?CAB8; =0AB>;L:> =54>AB>9=K5 459AB28O 2 A>1AB25==>< 4><5. !59G0A <5=O >6840;0 ;8HL ?@>3C;:0 2 A?0;L=N 1>;57=5==>9 4>G:8 (C;L<0AB5@0. / 7=0;, GB> 70 1>;57=L 5Q <CG05B 8 A>18@0;AO ?><>GL 59 @5H8B5;L=> 8 >:>=G0B5;L=> ?>1548BL MB>B =54C3.
0 <>Q< ?CB8 AB>O; =5 :B> 8=>9, :0: 1>@5F $8==50A. = 145; C 425@8 2 A?0;L=N 8 :0: B>;L:> CA;KH0; H038, 2AB0; 3>B>2K9 : AE20B:5. 0 MB>B @07 >= =5 1K; ?>;C>1=06Q==K< 8 =0<070==K< <0A;><, 0 >45BK< 2 ?@>AB>9, @01>G89 :0DB0=. 0 :C;0:0E 1K;8 :>60=K5 ;5=BK, >I5B8=82H85AO 65;57=K<8 H8?0<8. = <5@7:> C;K1=C;AO, 8 53> 84CI89 >B CE0 4> @B0 H@0< ?5@5428=C;AO.
GB>, :@0A02G8:? A?@>A8; O. !>18@05HLAO <5=O >AB0=>28BL? = C;K1=C;AO 5IQ H8@5, => =8G53> =5 A:070;.
/ <8;>A5@4=K9 G5;>25:, ?@>87=QA O. N1;N A>25@H0BL 4>1@K5 ?>ABC?:8. ?>MB><C 40< B515 A?>:>9=> C9B8, E>BO BK A>25@H8; >H81:C 8 ?@>O28; ;53:><KA;85, 2AB020O =0 <>Q< ?CB8.
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
C GB> 6, <0;KH:0, A:070; O 1>;LH5 A515, G5< 59. "K 2 4>@>35, 0 O A45;0N 2AQ, GB>1K BK =8:>340 A =5Q =5 25@=C;0AL.
>=5G=>, 2>B >=0 ;560;0 ?5@54> <=>9 A>25@H5==> 15770I8B=>9, 8 O <>3 C18BL 5Q B5;>, A65GL 53>, :0:- =81C4L C=8GB>68BL. > MB> 1K;> 1K =5?@028;L=K< @5H5=85<. !B@0=AB2CNI89 4CE <;04H59 (C;L<0AB5@>2>9 B>BG0A 1K A>@85=B8@>20;AO, GB> B5;>, 2 :>B>@>5 5<C 2>72@0I0BLAO, >:070;>AL 2 >?0A=>AB8. !:>@55 2A53>, >= 1K =5 CA?5; 25@=CBLAO 8 53> 70I8B8BL, => <>3 1K ?@>=8:=CBL 2 4@C3>3> G5;>25:0. :>3>- B> A;01>3>, 1>;L=>3> 8;8 ?LO=>3>. :>3>- B> =53>B>2>3> A>?@>B82;OBLAO. 702;045; 1K MB8< B5;><, C=8GB>60O 4CHC 65@B2K. / =5 <>3 MB>3> 4>?CAB8BL. K;> B>;L:> >4=>- 548=AB25==>5 A?0A5=85. >72@0I0NI89AO 4CE 452CH:8 =5 4>;65= ?>?0ABL 2 5Q B5;>. ">340 >= 1C45B 1;C640BL, 8A:0BL, 2AQ 1>;LH5 >A;01520O 8 A8;L=55 >BG0820OAL, ?>:0 =5 >A;01=5B 8 =5 8AG57=5B 345- B> 2 <@0G=>9 ?CAB>B5, 2>7<>6=> AB0=>2OAL :>@<>< 4;O 4@C38E, 1>;55 <>3CI5AB25==KE A>740=89. ;N1>< A;CG05, >= =8:>340 =5 @5H8BLAO 702;045BL :5<- B> 4@C38<, ?>:0 C =53> 1C45B ?CABL A0<0O A;010O =045640 =09B8 A>1AB25==>5 B5;>. !0< <5B>4 1>@L1K A B0: =07K205<K<8 « AB@0=AB2CNI8<8 254L<0<8» 1K; 8725AB5= 87402=0. > ?@8<5=O;8 53> =5>E>B=>. 1KG=> 8=:2878B>@K ?@54?>G8B0;8 C=8GB>60BL B5;> 254L<K, @0AAG8BK20O, GB> C =5Q 1C4CB ?@>1;5<K A >2;045=85< :5<- B>, 8;8 65 MB> >2;045=85 ?@8=5AQB 59 ?@>1;5<K. >=5G=>, 4CE <>3 ?>?@>1>20BL =0?0ABL =0 8=:2878B>@0, => <K 7=0;8 A?>A>1 70I8BK >B « 254L<8=>9 <5B:8» , ?>MB><C =5 1>O;8AL 53>. 4=0:> A;>6=> 1K;> =5 70<5B8BL, GB> B0:>5 @5H5=85 1K;> =5A:>;L:> ?>;>28=G0BK<. #=8GB>65=85 2=5H=59 >1>;>G:8 =5 C=8GB>60;> A0<>3> 7;0, :>B>@>5 B08;>AL 2 4CH5, 0 =5 2 B5;5. >MB><C O @5H8; 2K1@0BL 1>;55 B@C4=K9 ?CBL. GB> B0< 3>2>@8BL, ;N157=K5 <>8, 7=0G8B5;L=> 1>;55 1>;57=5==K9 4;O 20H53> ?>:>@=>3> A;C38.
/ >B>428=C; ABC; 8 AB0; =0 :>;5=8 =0 ?>;, ?@O<> 2>7;5 :@>20B8. !;>68; @C:8 4;O <>;8B2K 8 3;C1>:> 274>E=C;. BG5 =0H, =0G0; O, ACI89 =0 =515A0E! 0 A2OB8BAO 8<O "2>5; 40 ?@8845B &0@AB285 "2>5; 40 1C45B 2>;O "2>O :0: =0 =515, B0: 8 =0 75<;5. / 70:@K; 3;070 8 <0;>- ?><0;C GC2AB2>20;, GB> =0 <5=O =8AE>48B !8;0. 5A<>B@O =0 706<C@5==K5, 06 4> 1>;8, 25:8, O =0G8=0; 2845BL. !B5=K :><=0BK A25B8;8AL >16830NI8< 103@O=F5<. -B>B 103@O=5F 2K?>;70; B0:65 87 <5=O 8 >:CBK20; B5;> 452CH:8 >3=5==K< A020=><. %;51 =0H =0ACI=K9 409 =0< =0 A59 45=L; 8 409 =0< B0:65 A8;K, 401K =5 ?@>I0;8 <K 4>;6=8:0< =0H8<. / C65 =5 2845; ;560I53> =0 :@>20B8 15;>3>, 4528GL53> B5;0. 1@K730E 103@O=F0, :0: A:2>7L BC<0=, O @07;8G0; 872820NI89AO <@0G=K9 A8;CMB. AO :0@B8=:0 <830;0, B@OA;0AL 8 87<5=O;0AL, => O 7=0;, GB> 4>;65= 2K45@60BL. ><8<> 2A53>, :0: >1KG=> ?>O28;0AL A5AB@0 <>;8B2K 1>;L. 0: >1KG=> >= ?@8H;0 2 A0<K9 =5>6840==K9 <><5=B. 0: >1KG=> B>340, :>340 C <5=O 70@>640;0AL =045640, GB> =0 MB>B @07 1>;L <5=O <8=C5B. 0: >1KG=> >=0 2>H;0 2 <5=O, 1C4B> 30;5@0 A ?>4=OBK<8 103@O=K<8 ?0@CA0<8. K;0 B0:>9 A8;L=>9, GB> C <5=O 5420 =5 >AB0=>28;>AL 4KE0=85, 8 O GCBL =5 ?@5@20; <>;8BLAO. 070;>AL, >=0 4>AB830;0 4> :064>3> 70:CB:0 <>53> B5;0, @07@K20O 8E 2 :;>G:8. ">H=>B0 C40@O;0 2>;=0<8, ?@8=>A8<K<8 2K1@>A0<8 1>;8. ?>72>;L =0< 40BL >B?>@ 8A:CH5=8N, 0 7;> ?CABL ?@5A<K:05BAO 2 ?@0E5 C =>3 =0H8E. <8=L. ?@>AB>=0; O. >;L C65 =5 18;0 2>;=0<8. =0 =5 ?@5:@0I0;0AL 8 CA8;820;0AL. 064CN <8=CBC <=5 :070;>AL, GB> C60A=55 1KBL =5 <>65B, => >=0 2>?@5:8 2A5< =045640< AB0=>28;0AL 5IQ >3@><=55. @>20BL, =0 :>B>@>9 ;560;0 452CH:0, 1K;0 >:@C65=0 >3=5==>:@0A=K< A25G5=85<. > @O4><, =04> <=>9 8 2>:@C3 <5=O, ?>O28;8AL AB@0==K5 D83C@K. / AB0@0;AO =5 :>=F5=B@8@>20BL =0 =8E 273;O40. / E>@>H> 7=0;, GB> 5A;8 2A<>B@NAL 2 :0:>9- =81C4L M;5<5=B, D@03<5=B MB>9 @50;L=>AB8- =5@50;L=>AB8, B> G5< A8;L=55 1C4C ?KB0BLAO 53> @073;O45BL, B5< 1KAB@55 >=0 @0A?;K2QBAO 8 8AG57=5B. 1@07K ?@>?;K20;8 A:2>7L <5=O, 0 O ?@>4>;60; <>;8BLAO 8 2@5<5=0<8 2845; A51O A0<>3>, 1C4B> =01;N40; A25@EC BQ<=CN, :>;5=>?@5:;>=Q==CN D83C@C, ?C;LA8@CNICN 103@O=F5< 1>;8.
BG5 =0H& O =0G0; A=>20, E>BO <>;8B20 =5 ?@8=>A8;0 >1;53G5=8O, 0 ;8HL CA8;820;0 @07@K20NICN 1>;L. / 701K;AO 2 AB@040=8OE. :0:>9- B> <><5=B, A;020 >3C, 1>;L ?5@5AB0;0 =0@0AB0BL, 8 >B B>3>, GB> >=0 ?@>4>;60;0AL =0 B>< 65 C@>2=5, :070;>AL, AB0=>28BAO ;53G5, E>BL MB>B C@>25=L =5 2>>1@078BL 8 =5 >?8A0BL. =5 ?@8H;>AL B@>5:@0B=> ?>2B>@8BL <>;8B2C, ?@5645 G5< O C2845;, :0: ?;0<5==K5 O7K:8, >:@C60NI85 :@>20BL, :@5?=CB 2> GB>- B>, GB> =0?><8=0;> A25@:0NI89, O4>28B> :@0A=K9, => 2<5AB5 A B5< ?>GB8 ?@>7@0G=K9 :0<5=L. !59G0A 254L<0 1K;0 C65 >:@C65=0 A2OB>9 0C@>9, :>B>@0O =5 ?>72>;8B 5Q 4CEC 4>1@0BLAO 4> ?>:8=CB>3> B5;0 8;8 ?>GC2AB2>20BL 53>. / B0:65 70<5B8; ?C;LA8@CNICN, 6Q;BCN =8B>G:C, 84CICN 87> @B0 452CH:8 :C40- B> 2 =525@=CN B5<=>BC. / =0?@028; <KA;L 8 27>@ 2A;54 70 MB>9 =8BLN 8 24@C3, <5=O 1C4B> B>;:=C;0 A8;0 25;8:0=0, O >:070;AO =04 80@@8F5<, =01;N40O GQ@=K9, A28BK9 87 3CAB>3> 4K<0 A8;CMB, 87 :>B>@>3> 8AE>48;8 G8AB>5 7;> 8 =5=028ABL. MB>< <@0G=>< BC<0=5 O B0:65 2845; >:>=G0=85 6Q;B>9 =8B8. > =04> 1K;> 2>72@0I0BLAO. 5=O 70=5A;> A;8H:>< 40;5:> 8 O 7=0;, GB> <=5 =5;L7O A<>B@5BL 2 AB>@>=C :@C60I8EAO =540;5:> ACI5AB2, :>B>@KE =52>7<>6=> >?8A0BL A;>20<8. -B8 GC4>28I0, 157 2K@065==>9 D>@<K 8 F25B0, ?>4=8<0;8AL =04 75<;Q9, ;5=82> ?;K2O 2 2>74CE5. 064K9, 4065 A0<K9 :@0B:89 273;O4 2 8E AB>@>=C @>640; C60A, ?@5>4>;5BL :>B>@K9 <=5 ?>72>;O;0 B>;L:> <>;8B20. / <>;8;AO, 8 <=5 :070;>AL, GB> O C65 25AL A;5?;5= 87 >4=>9 1>;8. > 5A;8 1K O ?@5@20; ;8B0=8N 8<5==> 2 MB>B <><5=B, :B> 7=05B, =5 >:070;AO 1K O 2 ?>;5 7@5=8O MB8E 15AD>@<5==KE <>=AB@>2. >4=0 <KA;L, GB> :B>- B> 87 =8E <>3 1K ?>A<>B@5BL =0 <5=O, 2K7K20;0 ?@8ABC? ?0=8:8. %20B8;> >4=>3> 65;0=8O 25@=CBLAO, GB>1K O A=>20 >:070;AO 2 :><=0B5 452CH:8. 03@O=0O 0C@0 >:>;> 5Q :@>20B8 A3CAB8;0AL B0: A8;L=>, GB> O 7=0; <>;8B2C <>6=> ?@5@20BL. <8=L, A:070; O, >B:@K20O 3;070. / A=>20 2845; ;8HL 1;54=CN, 8AEC402HCN 452CH:C, ;560ICN 2 15;>9 ?>AB5;8. @87@0:8, :>H<0@K 8 F25B0 8AG57;8. "0:65 8AG57;0 1>;L. AB0;0AL B>;L:> =5G5;>25G5A:0O CAB0;>ABL, B0:0O A8;L=0O, GB> O 1K; =5 2 A>AB>O=88 2AB0BL A :>;5=, 8 C?0;, C40@OOAL 3>;>2>9 > 45@52O==K9 ?>;. 5=O 2K@20;> ?>4 A51O. 07, 2B>@>9 8 B@5B89. 5=O @20;> B0: 4>;3>, ?>:0 =5 ?>H;0 >4=0 65;GL, >AB02;OO 3>@L:89, 63CG89 ?@82:CA 2 3>@;5 8 =0 O7K:5. ?>B>< C <5=O =5 1K;> A8; 4065 428=CBLAO, 8 O A25@=C;AO 2 :;C1>: 2 A>1AB25==>9 @2>B5. 1E20B8; :>;5=0 @C:0<8 8, =5A<>B@O =0 ?@>=78B5;L=K9 E>;>4, 70A=C;.
* * *
K A845;8 2 ?>:>OE (?@8=35@0, 8 O A:070; 5<C, GB> A45;0;, 8 >1JOA=8;, GB> B@51C5B >B <5=O 8=:2878B>@A:89 4>;3.
>@48<5@, 2K 7=05B5, GB> 1C45B& B8E> A:070; (?@8=35@.
C45B 70:>= 8 A?@0254;82>ABL, >B25B8; O. A?>;=8BAO >6LO 2>;O.
0:>9 F5=>9? 3>@L:> A?@>A8; >=. K @07C<=K9 G5;>25: 8 7=05B5, GB> :>340 =:2878F8O 2>7L<QBAO 70 80@@8F, =5<=>3> >B =0A >AB0=5BAO. = ?@5C25;8G820;. > >1KG=K5 ;N48 2A5340 ?@5C25;8G820NB, :>340 3>2>@OB > !2OB>9 !;C615 8 5Q BO6:>< 4>;35. 0, 4>?@>AK, A;54AB285, @0AA;54>20=8O =5?@8OB=0O 25IL, B5< 1>;55, GB> =5 2A5 1@0BLO A?>A>1=K >BA5OBL 7Q@=0 >B ?;525;. > <K 1K;8 C65 40;5:8 >B 2@5<Q= >H81>: 8 872@0I5=89, :>340 F5;K5 3>@>40 ?CAB5;8 ?>4 =0?>@>< 60@0 8=:2878B>@A:8E A5@45F.
K <=5 =@028B5AL, (?@8=35@, A:070; O. 0 A0<>< 45;5. BCB =5B =8G53> ;8G=>3>. -B> B>;L:> A;C651=K9 4>;3. K B@51C5B5 >B <5=O, 401K O CB08;, GB> 4>GL >4=>3> 87 A0<KE C20605<KE :C?F>2 3>@>40 1K;0 254L<>9? 0409B5 A515 2>?@>A: C :>3> >=0 =0CG8;0AL BQ<=><C 8A:CAAB2C? B> 59 ?><>30;? B> 5Q 70I8I0;? B> A>3@5H8; 45O=85<, 0 :B> =54>A<>B@><? 5 AG8B05B5, GB> 4>;3 :064>3> G5;>25:0, ;N1OI53> >A?>40, MB> =09B8 >B25B? = =87:> >?CAB8; 3>;>2C, 8 53> @C:8 4@>60;8, :>340 >= ?>;>68; 8E =0 AB>;.
5A;8 =8:B>? K A0<8 3>2>@8;8, GB> MB> <>65B 1KBL 2@>64Q==>9 A?>A>1=>ABLN&
>65B 40, <>65B =5B, >1>@20; O 53>. :0: @07 MB> A;54C5B CAB0=>28BL.
K 7=05B5, GB> <=5 =5 2 G5< A51O C?@5:=CBL, A:070; >=. > <=5 60;L 3>@>4. AQ C65 1C45B =5 B0:, :0: @0=LH5, :>340 70:>=G0BAO ?@>F5AAK.
-B> ?@0240. !>3;0A8;AO O A B0:>9 ?>AB0=>2:>9 2>?@>A0.
@0640=5 80@@8F0& = 2AQ 2@5<O A<>B@5; =0 A2>8 @C:8. 5A><=5==> 1K;8 1K 3>B>2K =0 1>;LH85 65@B2K, ;8HL 1K B>;L:> 8E =5 :>A=C;>AL =5AG0ABL5.
0A:>;L:> 1>;LH85? A?@>A8; O, ?>A:>;L:C <5=O 8=B5@5A>20;0 AB5?5=L @5H8<>AB8 ?>GB5==KE 3>@>60=.
C<0N, GB> G5;>25:, :>B>@K9 1K >B<5=8; :0B0:;87<, <>3 1K @0AAG8BK20BL =0 <=>3>5. = ?>4=O; 3>;>2C 8 ?>A<>B@5; =0 <5=O. >65B 4065 =0 4204F0BL BKAOG :@>=? / ?>:0G0; 3>;>2>9. -B> 1K;0 >3@><=0O AC<<0. @>AB> =52>>1@078<0O 4;O 20H53> ?>:>@=>3> A;C38. "5< 1>;55 GB> 2 ?@>F5AA5 B>@3>2 5Q <>6=> 1K;> C42>8BL. -B> :>;8G5AB2> <>3;> ?@52@0B8BLAO 2 4>< 2 %575 8 4>AB>9=>5 A5;LA:>5 2;045=85. > 8458 =5;L7O :C?8BL 70 45=L38. 0H ?>:>@=K9 A;C30 2A5340 1K; ;8HL ?@>AB>4CH=K<, =082=K< G5;>25:><, =5 A?@02;ONI8<AO A BO3>B0<8 ?>2A54=52=>9 687=8. 065 5A;8 25AL >@:5AB@ D0;LH828;, O AB0@0;AO 83@0BL G8AB>, B0:, :0: MBC G8AB>BC ?>=8<0; A2>8< A:C4=K< C<><.
/ =5 A;KH0; MB8E A;>2, 3>A?>48= (?@8=35@, A:070; O. 5 CEC4H09B5 A2>59 A8BC0F88, 45;0O =54>AB>9=>5 ?@54;>65=85. 5AG0ABLO 2 MB>< 3>@>45 =0G0;8AL B>340, :>340 :B>- B> =0G0; 70=8<0BLAO GQ@=>9 <03859. !59G0A 4;O 20A =0ABC?05B 2@5<O >G8I5=8O. >65B 1>;57=5==>5, => A?0A8B5;L=>5. >9<QB5 MB> :>340- =81C4L. C65 =5 1C45B5 ?CB0BL ;5:0@AB2> A 1>;57=LN. = ?>:0G0; 3>;>2>9 =5C1564Q==K9, 0 ?>B>< 2AB0;. !3>@182H89AO, A ?>A5@52H8< >B ?5G0;8 ;8F><.
/ 7=0; 20A AB>;L:> ;5B 8 4C<0;, GB> 2K 4>1@K9 G5;>25:, E>BO 8 8=:2878B>@.
/ =5 4>1@K9 G5;>25:, 2>7@078; O. / A;C30 >689, <>;>B 254L< 8 <5G 2 @C:5 =35;>2. K MB> 4>;6=K 7=0BL, 3>A?>48= (?@8=35@. K 2A5340 MB> 4>;6=K 7=0BL. = 4>;3> =0 <5=O A<>B@5;, 0 ?>B>< ?>25@=C;AO 8 2KH5; 87 ?>:>52, B8E> 70:@K20O 70 A>1>9 425@8. / 70; :C1>: A 28=>< 8 ?>4>HQ; : >:=C. !> 2B>@>3> MB060 >B:@K20;AO 284 =0 80@@8F: 4><0, C;8FK, A04K. / A<>B@5; =0 2AQ MB> A ?5G0;LN, E>BO 2 >B;8G85 >B (?@8=35@0 C <5=O 1K;0 =045640, GB> =5<=>3>5 BCB 87<5=8BAO, 4065 :>340 ?@81C4CB 8=:2878B>@K. / 1K; 1>;55 G5< C25@5=, GB> C 4>G:8 (C;L<0AB5@0 1K; 2@>64Q==K9 B0;0=B, A8;5 :>B>@>3> >=0 =5 4> :>=F0 >B4020;0 A515 >BGQB. > B0:65 =5 >AB020;>AL A><=5=89, GB> :C?5F 7=0; > 5Q 2KE>4:0E, => =5A<>B@O =0 MB> =5 @5H8;AO ?>ABC?8BL :0: 4>1@K9 E@8AB80=8=. 54L 8A0=85 3;0A8B OA=>: 5A;8 ?@020O B2>O @C:0 A>1;07=O5B B51O, >BA5:8 55 8 1@>AL >B A51O. ;04H0O (C;L<0AB5@>20 C18;0 8=45, 8A?>;L7CO BQ<=>5 8A:CAAB2>. >G5<C >=0 B0: ?>ABC?8;0? 'B> 6, 2KOA=8< MB> 2 ?@>F5AA5 ?@>872>4AB20. >65B ;N18;0 #3>;L40 ;5AL=O:0? >65B <564C MB8< G5;>25:>< 8 A;015=L:>9, 1>;57=5==>9 452CH:>9 ?@>BO=C;0AL :0:0O- B> =8BL ?>=8<0=8O? 0, <>65B C =5Q 1K;8 4>:070B5;LAB20 53> =528==>AB8, 8 >=0 =5 <>3;0 A>3;0A8BLAO A =5A?@0254;82>ABLN ?@83>2>@0? B> MB> A59G0A 7=05B 8 :>3> MB> =0 A0<>< 45;5 2>;=C5B? / 274>E=C; >B A>1AB25==KE <KA;59, 4>?8; 28=> 8 2>7=QA :>@>B:CN <>;8B2C : >3C, 1;03>40@O 3>, GB> 2 A2>59 =587<5@8<>9 <8;>AB8 A=>20 40; <=5 2>7<>6=>ABL ?>A;C68BL 4>1@C 8 70:>=C, 0 B0:65 A>25@H8BL ?@028;L=K9 2K1>@.
-?8;>3
=5 ;8HL >AB0;>AL 70:>=G8BL >4=> 45;>. "0:, ?@>AB> <5;:0O 7;>2@54=>ABL, <>65B 8 =54>AB>9=0O <>59 ?@>D5AA88, => >B :>B>@>9 O 1K; =5 A>AB>O=88 >B:070BLAO. =Q< @0=LH5 O 25;5; 2K720BL >4=>3> G5;>25:0, > :>B>@>< 7=0;, GB> >= :0: @07 ?@51K205B 2 80@@8F5. -B> 1K; <C6G8=0 A <5B:>9, >AB@>9 HCB:>9 8 A;8H:>< 4;8==K< O7K:><, 0 O =5:>340 A?0A MB>B O7K: >B >B@570=8O. A2O78 A MB8< C =53> 1K; ?5@54> <=>9 =5>?;0G5==K9 4>;3 1;03>40@=>AB8, 8 A59G0A O @5H8; 27KA:0BL MB>B 4>;3. "5< 1>;55, GB> O 1K; C25@5=: >= ?><>65B <=5 =5 B>;L:> ?> ?@8=C645=8N, => B0:65 87 2=CB@5==53> C15645=8O, 8 1C45B 4>2>;5= HCB:>9, :>B>@CN <K A>18@0;8AL 2K:8=CBL >1I8<8 CA8;8O<8. 5G5@>< O 640; 2 A2>8E ?>:>OE 8BC 8 ;5=82> ?>?820; GCBL A;8H:>< A;04:>5 28=> 87 70?0A>2 1C@33@0D0. / CA;KH0; ABC: 8 704C; A25G8, >AB02;OO B>;L:> >48= B@QE@>6:>2K9 ?>4A25G=8: =0 A5:@5B5@5 ?>4 75@:0;><. B:@K; 425@L.
@8H;0 B51O ?>1;03>40@8BL, >@48<5@. 8B0 AB>O;0 =0 ?>@>35, 8 2 5Q 3>;>A5 O OA=> CA;KH0; =>B:C 7083@K20=8O. :>=F5 :>=F>2, BK A?0A <=5 687=L.
/ >BABC?8; 23;C1L :><=0BK 8 65AB>< ?@83;0A8; 5Q 2=CB@L. >340 >=0 2>H;0, O B8E> 70:@K; 425@L 8 ?@54;>68; 59 A5ABL =0 A>DC. =0 1K;0 459AB28B5;L=> :@0A82>9, 0 103@O=>5 ?;0BL5 ;8HL 4>102;O;> 1;5A:0 5Q :@0A>B5. 'B> 6, 103@O=5F =5A><=5==> AB0=5B G5@5AGC@ <>4=K< 2 80@@8F5, =0A:>;L:> O 7=0; A2>8E 1@0BL52- 8=:2878B>@>2. 2A5<C 28=>9 0;G=>ABL 8 60640 2?5G0B;5=89 MB>9 65=I8=K, :>B>@0O AG8B0;0, GB> B0;0=B, :@0A>B0 8 A;020 2>72KH0NB 5Q =04 >1KG=K<8 A<5@B=K<8. ?@>G5<, <>65B B0: 8 1K;>? ! 4@C3>9 AB>@>=K, 5A;8 1K >=0 ?@>O28;0 : ?@83>2>@Q==><C <8;>A5@485, 2>7<>6=> <K 1K 5IQ =5 A:>@> @07>1@0;8AL, GB> 2 80@@8F5 459AB2C5B ?>A;54>20B5;L=8F0 BQ<=>3> 8A:CAAB20. 0- 40, >A?>4L A5<>3CI89 8<55B B0:CN A8;C, :>B>@0O ?>72>;O5B ?5@5:>20BL 7;> 2 4>1@>, 8 4065 A0<>5 A:25@=>5 ACI5AB2> <>65B ?>A;C68BL 3> F5;O<.
B> 7=05B? >B25B8; O. >65B =5 =0F5;820;0AL =0 B51O.
0;59 28=0, ?>60;C9AB0, >1>@20;0 >=0 <5=O. K >10 E>@>H> 7=05<, :0: 1K;>.
/ 27O; C7:89 E@CAB0;L=K9 1>:0; 8 =0?>;=8; 53> =0?8B:><. >40; 59. =0 ?>?@>1>20;0 8 C;K1=C;0AL.
N1;N A;04:85 28=0, A:070;0. BK? / ?8; B0: <=>3> >B2@0B8B5;L=KE =0?8B:>2, GB> =5 A<5N :@8B8:>20BL B5, GB> @>4>< 87 ?>420;>2 25;L<>6=KE 3>A?>4, >B25B8; O.
>65B 1>;LH5 ?>=@028BAO 87 <>8E 3C1? / A:;>=8;AO =04 =59. C1K C =5Q 1K;8 <O3:8<8 8 2;06=K<8, 0 5Q 2>;>AK ?0E;8 BO6Q;K<8 4CE0<8, 1C4B> >=0 >:CB0;0AL 4K<>< 2>AB>G=KE 2>A:C@5=89. / ?>GC2AB2>20; 5Q ;04>=8 =0 70BK;:5. =0 ?@8BO=C;0 <5=O : A515, 8 <K >10 C?0;8 =0 A>DC. / :@5?:> 5Q >1=O;, 8, F5;CO, ?>BO=C;AO : 5Q 3@C48. =0 7045@60;0 <>N @C:C. ">;L:> =5 @07>G0@C9AO, >@48<5@, ?@>H5?B0;0 >=0 <=5 ?@O<> 2 3C1K. ">, GB> BK 2845;, MB> B0:85 <0;5=L:85 65=A:85 HBCG:8. @8B2>@AB2>.
=0N, A:070; O. > :0:>5 MB> 8<55B 7=0G5=85 ?@8 B2>59 =5>1K:=>25==>9 :@0A>B5? / F5;>20; 5Q 2 3C1K 8 H5N, 701@Q; 3C10<8 =0 45:>;LB5 8 >4=>2@5<5==> @0AH=C@>20; ?;0BL5 8 :>@A5B. =0 BO65;> 4KH0;0, =>3B8 ;52>9 @C:8 2>=78;0 <=5 2 703@82>:, 0 ?@02>9 @C:>9 >@C4>20;0 C ?@O6:8 @5<=O. :>=F5 :>=F>2, O A>4@0; A =5Q ?;0BL5. / B5?5@L A>2A5< =5 C482;O;AO, GB> >=0 ?>4:;04K205B ;8D, ?>A:>;L:C 5Q 3@C4L A>AB>O;0 ;8HL 87 @>7>2KE, =01CEH8E A>A:>2.
>@>30O, A:070; O, 2AB020O. 728=8 <5=O, => O =5 <>3C&
'B> B0:>5? 0: =5 <>65HL? >@48<5@, 254L O GC2AB2CN, GB> BK >G5=L, ?@>AB> >G5=L <>65HL, 70A<5O;0AL >=0 8 ?@8?>4=O;0AL, GB>1K ?@8BO=CBL <5=O >1@0B=> =0 A>DC.
"2>8 3@C48, <0;KH:0, O ?>:@CB8; 3>;>2>9. "K ?@020, GB> ?>4:;04K205HL :>@A5B, B0: :0: <C6G8=K ;N1OB 1>30BK5 D>@<K. :>340 O A B>1>9 >1=06Q==>9, B> GC2AB2CN A51O, 1C4B> >IC?K20N <>;>4>3> ?0@=O. <5=O B>H=8B >B >4=>9 <KA;8.
=0 A<>B@5;0 A <8=CBC, :0: 1K =5 ?>=8<0O, GB> O 59 3>2>@N, => ?>B>< ?>=O;0, 8 @C<O=5F 2KABC?8; =0 5Q ;8F5 8 45:>;LB5. =0 A:@828;0AL, 8 5Q ;8F> 70ABK;> 2 <0A:5, >1@07>20==>9 G8AB>9 =5=028ABLN.
/ B515 MB>3> =5 701C4C, ?@>H8?5;0 >=0 8 B0: @57:> =0BO=C;0 ?;0BL5 =0 ?;5G8, GB> @C:02 @07>@20;AO A 3@><:8< B@5A:><. "K, BK& >=0 =5 <>3;0 =09B8 A;>2.
48 C65. / <0E=C; @C:>9 8 A:@828;AO, CA;KH02 3@>E>B 70:@K205<>9 425@8. 7- 70 ?>@BL5@K ?>:070;AO 54@> ;0B>CABK9. 04>AB=> <=5 C;K1=C;AO.
@5:@0A=0O AF5=0, <038AB@ >@48<5@. > ?@>A25B8B5 <5=O, 1C4LB5 4>1@K, 70G5< 2K MB> A45;0;8? 54L 2K 7=05B5, <>Q C2065=85 : 20< B0: 25;8:>, GB> O 8 B0: 1K =0?8A0; 2AQ, GB> B>;L:> ?>65;05B5&
54@>, >1>@20; O 53>. "K ?>MB. 0AB5@. 4>;65= 7=0BL, GB> ;>6L @0=> 8;8 ?>74=> 2KE>48B =0@C6C. 0725 =5 70102=>, GB> ?@>AB>9 8=:2878B>@ >B25@3 =56=>AB8 25;8G09H59 ?528FK <8@0, ?>A:>;L:C C =5Q >:070;8AL 4@O==K5 A8AL:8. "K 2845; MB> A2>8<8 3;070<8 8 70A2845B5;LAB2C5HL MB> A2>8< B0;0=B>< 8 A2>59 G5ABLN&
5;8G09H59? 54@> A:@828;AO. CG0NAL 20<, <038AB@, GB> A:>@> ;N48 1C4CB ?><=8BL =5 > 5Q ?5=88, 0 > B><, :0: 5Q 87 :@>20B8 2K:8=C; 8=:2878B>@. "0:65 @CG0NAL 20<, GB> 8BC ;0B>2;0A:C 1C4CB =07K20BL, =0 <>9 2:CA, A;8H:>< 2> <=>38E <5AB0E 8B>9 04;>A8AL:>9.
#2060N 0@B8AB8G5A:CN A2>1>4C, A:070; O 274KE0O. 1C4C ?>A;54=8<, :B> ?>A<5; 1K A45@6820BL B2>@G5A:CN 87>1@5B0B5;L=>ABL 25;8:>3> ?>MB0.
@0G=K9 :@C3
B=>A8B5;L=> GC68E ?>ABC?09B5 <C4@>, 8A?>;L7CO ?>;57=> :064CN <8=CBC. 073>2>@ 20H 2A5340 ?@8OB5=, ?CABL 2A5340 1C45B ?@8?@02;5= A>;LN, B0:, GB>1K 2K 2A5340 7=0;8, :0: :064><C >B25G0BL A;54C5B.
( !2. 025;, 8AL<> >;>AAO=0<)
09 >3 74>@>2LO, F5@5<>==> ?@>87=QA :0=F5;O@8AB, :>340 O G8E=C;.
/ ?>1;03>40@8; 53> :82:>< 3>;>2K, E>BO 1K; C25@5=, GB> C >30 5ABL 1>;55 206=K5 45;0, G5< 4C<K >B=>A8B5;L=> 74>@>2LO >@48<5@0 0445@48=0. AQ- B0:8 O 1K; ;8HL >4=8< 87 BKAOG8 H5AB5@Q=>: <>3CG59 <0H8=K, =0H59 !2OB>9 8 48=AB25==>9 &5@:28, 8 C <5=O =5 1K;> A0<>;N18O, GB>1K AB0BL :5<- B> 1>;LH8<. 540@>< 8A0=85 3;0A8;>, GB> B0:8< :0: O, B8E8< 8 A<8@5==>3> A5@4F0, 1C45B ?@8=04;560BL &0@AB285 515A=>5.
>B @0?>@BK, <038AB@. 0=F5;O@8AB ?@>BO=C; <=5 AB>?:C @>2=> A;>65==KE ;8AB>2. / ?>72>;8; A515 >BA>@B8@>20BL 8E ?> 40B0<.
!?0A81>. / 27O; 4>:C<5=BK 87 53> @C: 8 274>E=C;, ?>A:>;L:C ?@5425I0;>AL, GB> 25G5@ ?@>254C 70 459AB28B5;L=> A:CG=K< 70=OB85<.
@>HC @0A?8A0BLAO 2 ?>;CG5=88, 1C4LB5 4>1@0.
/ A:;>=8;AO =04 AB>;>< 8 27O; ?5@> 2 @C:C. >AB028; @07<0H8ABCN ?>4?8AL, 8 2B>@0O « » C <5=O @07<070;0AL :;O:A>9.
8G53>, =8G53>, ?>?@02;N, 701>@<>B0; :0=F5;O@8AB, ?>BO=C2H8AL 70 ?@><>:0H:>9 8 ?5A:><.
/ >AB028; 53> 70 B0:8< 8=B5@5A=K< 70=OB85< 8 A 4>:C<5=B0<8 ?>4<KH:>9 >B1K; 87 :0=F5;O@88. KE>4O, O 5IQ 1@>A8; >48= 273;O4 =0 @>2=K5 @O4K AB>;>2. C6G8=K, A:;>=82H85AO =04 :=830<8 8 4>:C<5=B0<8, 1K;8 ?>GB8 =0 >4=> ;8F>. C4B> 8 70<5G0; @07=8FC 2>B, >48= ?>;=K9, A 25=>G:>< 2>;>A 2>:@C3 3>;>2K, 4@C3>9 A54>9, B@5B89 EC4>9, ;KAK9, =>, =5A<>B@O =0 MB>, A>74020;8 >48=0:>2> C3=5B0NI55 2?5G0B;5=85. >65B 87- 70 GQ@=KE >45O=89, 2 :>B>@K5 1K;8 2A5 >45BK? >65B 87- 70 ;8HQ==KE 1;5A:0 3;07, GB> ?><CB=5;8 >B <=>3>;5B=53> :>@?5=8O =04 4>:C<5=B0<8? >65B 87- 70 =574>@>2>9 1;54=>AB8 :>68 8;8 ?0;LF52 8 :8AB59, 8A?OB=0==KE BCHLN? / ?>60; ?;5G0<8. :>=F5 :>=F>2, >3 :064><C 2K18@05B B0:CN AC4L1C, 2 :>B>@>9 B>B ;CGH5 2A53> ?>A;C68B 3> ?;0=0<.
/ 70:@K; 70 A>1>9 425@8, => BCB 65 2 :>@84>@5 =0 <5=O =0;5B5; >48= 87 =>2KE 70<5AB8B5;59 A5:@5B0@O 5?8A:>?0, <>;>4>9 G5;>25: A 1530NI8< 273;O4><.
=:2878B>@, 2K4>E=C; >=. 3> @5>A2OI5=AB2> ?@>A8B&
/ ;8HL ?>4=O; 1@>28, => =8G53> =5 A:070;. 5 4C<0;, GB> 53> @5>A2OI5=AB2> 5@A0@4 5?8A:>? %57- E57@>=0 ?>GB8B <5=O A53>4=O 0C485=F859, B5< 1>;55, GB> ?>@CG5==>5 <=5 7040=85 1K;> OA=K< 8 ?@>ABK<.
0: 74>@>2L5 3> @5>A2OI5=AB20? A?@>A8; O >AB>@>6=>.
0<A5:@5B0@O >:8=C; <5=O 153;K< 273;O4>< 8 ;8HL ?>:@CB8; 3>;>2>9, A:@8282 ;8F> 2 =542CA<KA;5==>9 3@8<0A5. « E>- E>, ?>4C<0; O, =5E>@>H>» . @5>A2OI5=AB2> 5?8A:>? 8A?KBK20;, : A>60;5=8N, ?@>4>;68B5;L=K5 ?@8ABC?K ?>403@K, 8 ?@8 MB>< ;N18; 2K?8BL. 0?8B>: 2@5<5=0<8 ?@82>48; 53> 2 E>@>H55 =0AB@>5=85, 0 2@5<5=0<8 =5B. > ;8FC 70<5AB8B5;O A5:@5B0@O O ?>=O;, GB> A53>4=O, ?>E>65, 1K;> « 2@5<5=0<8 =5B» .
459AB28B5;L=>, :>340 O 2>HQ; 2 :018=5B 5@A0@40, A@07C ?>=O;, GB> C 5?8A:>?0 =5C40G=K9 45=L. = AB>O; C >:=0, =0AC?;5==K9 1C4B> 3@>7>20O BCG0. / 2845; 53> A 1>:C, => A;>6=> 1K;> =5 70<5B8BL, GB> 53> ;520O :8ABL >12O70=0 18=B><, 0 =0 I5:0E =574>@>2K5, :@0A=K5 ?OB=0.
LQB, @O2:=C; >= 7;K< B>=><.
/ 274>E=C; A>GC2AB25==>, 81> 7=0;, GB> :>340 4>648B, ?@8ABC?K ?>403@K 7=0G8B5;L=> CA8;820NBAO. %>BO O 4C<0;, GB> 5@A0@4 >G5=L ;N18B 25AL MB>B F8@: 8 AC<0B>EC 2>:@C3 A>1AB25==>9 >A>1K, => O B0:65 =5 A><=520;AO, GB> >= =0 A0<>< 45;5 1>;55B. @0240, O 7=0; :0: 53> 2K;5G8BL. '5@57 <5AOF, ?@>254Q==K9 2 :0<5=>;><=5 8;8 =0 ;5A>?>20;5, 2A5 =54C38 =0H53> 5?8A:>?0 C;5BCG8;8AL 1K :0: >25G:8 ?@8 2845 2>;:0. >=OB=>, GB> O =8:>340 =5 >A<5;8;AO 1K ?>HCB8BL ?>4>1=K< >1@07>< ?@8 :><- ;81> A >:@C65=8O 3> @5>A2OI5=AB20, 8 4065 <564C 1@0BL52- 8=:2878B>@>2 <K @54:> ?>72>;O;8 A515 ?>4>1=K5 HCB:8.
BK ?>G5<C B0: 274KE05HL? = ?>25@=C;AO :> <=5.
?@02>9 @C:5 45@60; A5@51@O=K9 1>:0;, 0 3;070 C =53> 1K;8 =0;82H8<8AO :@>2LN >B ?5@5?>O 8 =54>AK?0. 065 A54K5 2>;>AK, > :>B>@KE >1KG=> 701>B8;AO, GB>1K 1K;8 3;04:> 70GQA0=K 70 CH8, A59G0A B>@G0;8 C =53> 1C4B> :@82K5 @>6:8. 0 I5:5 8 ;1C C =53> 2KABC?8;> @>7>2>5 ?OB=>, ?>A:>;L:C, : A>60;5=8N, 3> @5>A2OI5=AB2>, B0:65 AB@040; @074@065=85< :>68. # <5=O 1K;> =5OA=>5 ?>4>7@5=85, GB> >=> <>3;> 1KBL A2O70=> A :>;8G5AB2>< 2K?8205<KE =0?8B:>2, => ?>4>1=>3> @>40 <=5=85 O ?@54?>G8B0; >AB02;OBL ?@8 A515. / =5 >B25B8;, ;8HL =87:> A:;>=8;AO.
!;C30 ?>:>@=K9 0H53> @5>A2OI5=AB20, A:070; O.
>@48<5@. = ?>G5A0; ;52>9 @C:>9 IQ:C, 70H8?5; >B 1>;8 8 7;> 2K@C30;AO. '53> BK A=>20 E>G5HL?
0H5 @5>A2OI5=AB2> <5=O 2K720;8, ?@>87=QA O B8E>, AB0@0OAL ?@840BL 3>;>AC 10@E0B=CN <O3:>ABL.
K7K20;, 2K7K20;, ?>2B>@8; >=, 8 O O2AB25==> C2845;, GB> >= AB0@05BAO 2A?><=8BL, :0:>3> GQ@B0 O 5<C A>1AB25==> ?>=04>18;AO.
7=05HL, GB> MB> <>;>:> 459AB2C5B? >6828;AO >= =0 <3=>25=85.
48= @07 O 8<5; G5ABL A>>1I8BL 5?8A:>?C, GB> <>;>:> MDD5:B82=> A=8<05B 1>;L, 2K720==CN :8A;>B0<8, 2K@010BK20NI8<8AO 2 65;C4:5, 8, !;020 >3C, @5F5?B ?><>3.
">;L:> ;5:0@L ?5@54 :064K< :C1:>< 25;8B <=5 ?@>G8BK20BL « BG5 =0H» , 4>1028; >=. @>:;OBK9 :>=>20;&
/ @04, GB> >:070;AO ?>;57=K<, 70<5B8; O.
= CE20B8;AO 70 <@0<>@=K9 ?>4>:>==8: 8 A>A@54>B>G8; =0 <=5 273;O4.
"K A59G0A 545HL 2& >= ?>H0B=C;AO 8 4Q@=C; @C:>9, 8 28=> ?>B5:;> 5<C =0 @C:02.
>AA1C@3. 0H5 @5>A2OI5=AB2>, ?>4A:070; O.
5B, A:070; >= A B0:8< C4>2;5B2>@5=85<, 1C4B> ?>9<0; <5=O =0 =54>?CAB8<>9 >H81:5& 45HL 2 0AA5;L. 0AB>OB5;L ?@8E>40 =520 >A?>4=53> B0< =5:89 5;LE8>@ 0AA5;L@>45. K CG8;8AL 2<5AB5&
0, @5>A2OI5=AB2>? A?@>A8; O, :>340 <>;G0=85 A;8H:>< C6 70BO=C;>AL.
K 1K;8 4@C7LO<8, >1JOA=8; >=. >4K <>;>4>AB8& 3> 273;O4 >B?@028;AO :C40- B> 225@E. E, >@48<5@, A=>20 8<5BL 4204F0BL ;5B, 0, ?0@5=L?
= ?>:@CB8; 3>;>2>9 8 >?5@AO > ?>4>:>==8:. :018=5B5 3> @5>A2OI5=AB20 ?>4>:>==8:8 1K;8 =87:8<8, 0 >:=0 >3@><=K<8. =5 4065 4C<0BL =5 E>B5;>AL, GB>1K A;CG8;>AL, 5A;8 1K 5?8A:>? 2K?0; 87 >:=0 2 A04, 1C4CG8 A> <=>9, ?>MB><C O ?>4>HQ; : =5<C 8 @5H8B5;L=> 27O; 70 ?@02CN, 74>@>2CN @C:C.
0H5 @5>A2OI5=AB2>, ?>72>;LB5, A:070; O. > <=5 1C45B A?>:>9=55, 5A;8 0H5 @5>A2OI5=AB2> AO45B.
>=5G=>, >= <>3 @07>7;8BLAO, => ;8HL ?>A<>B@5; =0 <5=O, 0 3;070 C =53> ?LO=> >AB5:;5=5;8.
"K =0 A0<>< 45;5 E>@>H89 <0;LG8:, >@48<5@, ?@>87=QA >=, 4KH0 =0 <5=O 28=><, 8 40; A51O CA048BL 2 3;C1>:>5 :@5A;>.
/ ?>40; 5<C 1>:0; 2 74>@>2CN @C:C, 0 >= ?@8;>68; 53> : 3C10< 8 3@><:> E;51=C;.
=>385 1K >1@04>20;8AL, 5A;8 1K 8E 5?8A:>? 2K?0; 87 >:=0 8 @0718;AO > B2Q@4K5 :0<=8, ?@>1>@<>B0; >= 1@N73;82>. %>@>H>, GB> BK 4@C3>9.
>>1I5- B>, ?>4 >:=0<8 5?8A:>?0 =5 1K;> :0<=59, ;8HL AB0@0B5;L=> CE>65==K9 307>= 8 :;C<1K A @54:8<8 F25B0<8, B5< =5 <5=55, ?045=85 A 2KA>BK 2B>@>3> MB060 ( 0 MB068 2 5?8A:>?A:>< 42>@F5 1K;8 2 A0<>< 45;5 2KA>:8<8) <>3;> >:>=G8BLAO =525A5;>.
A<5;NAL CB25@640BL, GB> 2A5 <>;OBAO > 4>;3>9 687=8 4;O 0H53> @5>A2OI5=AB20, A:070; O.
1> BK, >@48<5@, 1;03>@>4=K9 8 2A5E <5@O5HL A2>59 <5@:>9, @0AB@>30;AO >= A=>20. "515 =04> 1KBL >AB>@>6=55, <>9 <0;LG8:, GB>1K ;N48 =5 8A?>;L7>20;8 B2>59 4>1@>BK 8 ?@>AB>4CH8O& . 0: 2AQ 2@5<O 8A?>;L7CNB <5=O. = 2KB5@ 3;070 7018=B>20==>9 @C:>9 8 A=>20 ?@>H8?5; >B 1>;8. 0: 4C<05HL, <0;LG8:, 5A;8 1K BK 70=O;AO, B0:, ?> A2>5<C, <>8<8 ;5:0@O<8, >=8 1K =0H;8 ;5:0@AB2> >B ?>403@K? ?
!28=LN ?>@E0BL =5 =0CG8HL, A:070; O =07840B5;L=>, ?>A:>;L:C =5 AG8B0;, GB> ?KB:8 <>3;8 2K720BL =5>1K:=>25==K9 ?@8;82 ?@>D5AA8>=0;L=KE C<5=89 C ?KB05<>3>. ?8A:>? ?>:0G0; A 3@CABLN 3>;>2>9.
">;L:> >B:C40 27OBL ;CGH8E? 274>E=C; >=. !0< !2OB>9 B5F ?@8A;0; <=5 A2>53> 2@0G0. K3=0; @071>9=8:0 =0 2A5 G5BK@5 AB>@>=K&
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
04=>, ;04=>, >@48<5@, E20B8B > <>8E =54C30E. = ?>A<>B@5; =0 <5=O. 0AA5;L, 40?
"0: B>G=>, 0H5 @5>A2OI5=AB2>.
"K G5;>25: 4>AB>9=K9 4>25@8O 8 45;8:0B=K9, >= A=>20 274>E=C;. > :@09=59 <5@5, ?> A@02=5=8N A B5<8 B0<. / 4>3040;AO, GB> >= 8<55B 2 284C <>8E 1@0BL52- 8=:2878B>@>2, => =8G53> =5 >B25B8;. >MB><C ?@>2548 45;> 157 HC<0, 157 >D8F80;L=>3> A;54AB28O, 4>?@>A>2 8, =5 409 >3, ?@83>2>@>2. C, 5A;8 B>;L:>, >= ?>=878; 3>;>A, A0< 7=05HL&
/ 7=0;, GB> 5@A0@4 O2=> =5 E>G5B =02@548BL 402=5<C 4@C3C, ?>MB><C CA5@4=> ?>:820;.
AQ 1C45B A>3;0A=> 65;0=8N 0H53> @5>A2OI5=AB20, ?>>15I0; O. A;8 ?@>8AE>48B GB>- B> 459AB28B5;L=> ?;>E>5, 459AB2C9, AK=>:. > 4C<0N, GB> 5;LE8>@ ;8HL GC40G8B, ?@>87=QA >=. !B0@>ABL =5 @04>ABL. !0< C1548HLAO, :0: 1C45B B515 AB>;L:> ;5B, :0: =0<. >7L<QHL 2 ?>574:C A2>8E @51OB?
A>60;5=8N, =5B, 0H5 @5>A2OI5=AB2>. =8 ?>;CG8;8 H5ABL =545;L =86=59 10H=8, 8 8< >AB0;>AL >BA845BL 5IQ G5BK@5.
>B ?@>:07=8:8, @0AA<5O;AO >=. 0BL B515 >E@0==CN 3@0<>BC?
3@><=>5 A?0A81>, :=O7L- 5?8A:>?, => AG8B0N, GB> MB8 :0=8:C;K 8< =5 ?><5H0NB. / ?@54C?@5640;, GB>1K =5 CAB@0820;8 451>H59, => =5 ?>A;CH0;8. < 5IQ ?>257;>, GB> <8;A40@L 1C@33@0D 8A?KBK205B :> <=5 >?@545;Q==CN, A:065<, A8<?0B8N, 8 ?>A048; 8E B>;L:> =0 H5ABL =545;L.
@02>AC485 4>;6=> 1KBL, ?@>87=QA >=. 07 B0:, B> ?CABL A84OB.
!<5@BCE 8 1;87=5FK =025@=O:0 =5 1K;8 2 2>AE8I5=88, A;KH0 =0H @073>2>@ A 5?8A:>?><, => B>;L:> A515 1K;8 >1O70=K ?@83>2>@><. / 2A5340 8< ?>2B>@O;, GB> =>G=K5 A:0=40;K =0 C;8F0E %57- E57@>=0 A 87185=85< 3>@>60= 8 ?@8AB020=85< : 452:0< =8 : G5<C E>@>H5<C =8 ?@8254CB.
?8A:>? ?KB0;AO ?>4=OBLAO : :@5A;0, ?>MB><C O ?>40; 5<C @C:C. = >?Q@AO =0 <5=O 2A5< 25A><.
48 C65 ?0@5=L. >7L<8 60;>20=85 C :07=0G5O, A:068, GB> O 25;5;.
!?0A81>, 0H5 @5>A2OI5=AB2>, >B25B8; O A 8A:@5==59 1;03>40@=>ABLN, ?>A:>;L:C 8=:2878B>@A:85 4>E>4K A;8H:>< G0AB> 7028A5;8 >B E>@>H53> =0AB@>5=8O 5?8A:>?0. A<5;NAL ;8HL A?@>A8BL, GB> O 4>;65= A45;0BL A @0?>@B0<8 87 >AA1C@30?
B409 8E, :>3>- =81C4L BC40 ?>H;Q<, ?@>1>@<>B0; >=.
/ A:;>=8;AO, ?@5:;>=8; :>;5=>, 0 5@A0@4 <8;>AB82> ?@>BO=C; ?5@AB5=L 4;O ?>F5;CO. >2>@8;8, GB> 2 3;07:5 1K; A?@OB0= :0<5=L A> !2OB>9 75<;8, >48= 87 <=>38E >A:>;:>2 20;C=0, =0 :>B>@K9 =0ABC?8; =0H >A?>4L, :>340 B>;L:> A>HQ; A @5AB0. 0<5H5: 2 ?5@AB=5 5?8A:>?0 1K; A5@>- :>@8G=52>3> >BB5=:0, 1C4B> 70A>EH0O ?>4 A>;=F5< B@020. 032>74:0 2 B><, GB> 2 :0D54@0;L=>< A>1>@5 2 %575 O 2845; >1;><>: B>3> 65 :0<=O, :>B>@K9 1K; A25B;>- 6Q;BK<, 2 0110BAB25 <H8;0A =0E>48;0AL :@C?8=:0 F25B0 A25B;>3> 65;570, 0 2 ;040=:5 A2OB>9 N4>28:8 ( O =5:>340 <>3 2>AE8I0BLAO MB>9 ;040=:>9, ?>A:>;L:C 5Q 2KAB028;8 =0 ?C1;8G=>5 >1>7@5=85) A;54CNI0O :@C?8=:0, => =0 MB> @07 ?>GB8 15;0O, ?@>=870==0O BQ<=>- :@0A=K<8 ?@>68;:0<8. 7 MB>3> A;54>20;0 >4=0 <>@0;L: =0H5<C >A?>4C, 2848<>, ?@8H;>AL ABC?8BL =0 @07=>F25B=K9 :0<5=L, :>B>@K9 1K; >4=>2@5<5==> ?5AG0=8:><, 3@0=8B>< 8 :20@F5<. ;8 65 AB0; B0:8< ?>4 A2OB>9 AB>?>9 8ACA0. %0, =58A?>2548<K ?CB8 >A?>4=8!
* * *
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
# <5=O 1K;8 A>>B25BAB2CNI85 3@0<>BK, 2K40==K5 5?8A:>?A:>9 :0=F5;O@859, => 2 =8E =5 1K;> 2=5A5=>, GB> O O2;ONAL 8=:2878B>@><. -B0 <8AA8O 4>;6=0 1K;0 1KBL ?>;CB09=>9, 8 2 ;N1>< A;CG05 HC< 8 A?;5B=8 1K;8 B5<, 2 GQ< O <5=LH5 2A53> =C640;AO. > O >6840;, GB> 3>@>4A:0O AB@060, 4065 157 ?@54JO2;5=8O 3@0<>BK, 2?CAB8B 2 ?@545;K 3>@>4A:8E AB5= G5;>25:0, :>B>@K9 :0: O 2K3;O45; 42>@O=8=>< A@54=53> 4>AB0B:0, 6064CI8< O@<0@>G=KE @072;5G5=89. 0: O 8 >6840;, AB@060 ?@>?CAB8;0 <5=O 157 ?@5?>=>2, 8 O A@07C 702O7 2 @07=>F25B=>9, :@8:;82>9 8 B>;:0NI59AO 2> 2A5E =0?@02;5=8OE B>;?5. AG0ABLN, <>9 :>=L 1K; =5 B>;L:> A?>:>9=K<, => 8 <C4@K<, ?>MB><C A0< ?@>:;04K20; A515 4>@>3C <O3:8<8 42865=8O<8 ?>4B0;:820=8O<8 <>@4>9 8 =0?8@0; 3@C4LN =0 B5E, :B> ?@53@0640; 5<C ?CBL. 'B> 8 B0: =5 C15@53;> <5=O >B @C30B5;LAB2, ?>?@Q:>2 8 >A:>@1;5=89, 0 :0:>9- B> ?>4@>AB>: 4065 :8=C; <=5 2 ;8F> :>< 3@O78 8 A@07C 65 A?@OB0;AO 70 2>;=>9 ;N459. > O =QA MB>B :@5AB A> A2>9AB25==K< <=5 A<8@5=85<.
0:>=5F, @07C7=020O =5A:>;L:> @07 4>@>3C, O 4>1@0;AO 4> AB@>9=>3> E@0<0 =520 >A?>4=53>. -B> 1K;> 2=CH8B5;L=>5 AB@>5=85 87 @K653> :8@?8G0, AB@5<OI55AO 83;>9 :>;>:>;L=8 2 A0<>5 =51>. AO B5@@8B>@8O 1K;0 >3>@>65=0 =52KA>:>9 AB5=>9, 0 C :0;8B:8, =0 AB>OI5< C AB5=:8 B01C@5B5 A845; AB0@K9 <>=0E. = 5; ?@O<> ?0;LF0<8 87 <8A:8 :0:>5- B> BQ<=>- A5@>5 <5A82>, => 1K; 148B5;5= =0AB>;L:>, GB> :064><C, :>B>@K9 ?KB0;AO ?@>9B8 G5@57 :0;8B:C, ?@53@0640; 4>@>3C :@82K< ?>A>E><.
5G5@><, 25G5@><, 1>@<>B0; >=, ?>:07K20O 1577C1K5 4QA=K.
/ A>A:>G8; A A54;0 8 27O; ;>H04L 70 C48;0. >4>HQ;, 8 ?>A>E A@07C 65 >:070;AO ?5@54 <>8< 682>B><.
5G5@><, 25G5@><. = 4065 =5 ?>4=O; 273;O40.
/ 2K@20; C =53> MB>B ?>A>E 87 @C:8 8 >3@5; 53> 8< ?> 3>;>25. 5A8;L=>, ?>B><C GB> 2 @57C;LB0B5 A>18@0;AO =5 =02@548BL AB0@><C G5;>25:C, 0 ;8HL 2K720BL 2 =Q< :@>EC 8=B5@5A0 : <>59 A:@><=>9 >A>15. 04> ?@87=0BL, GB> MB> C40;>AL =5>6840==> 1KAB@>, ?>A:>;L:C >= 2A:>G8; =0 =>38.
'5<>3CA;C6<8;>AB823>AC40@N? >B:;8:=C;AO >= 1KAB@>, 2K7K20O =0 <>@I8=8AB>< ;8F5 C3>4;82CN C;K1:C.
'B> 6, =5A><=5==> >= ?@8=04;560; : B5< ;N4O<, :B> ?@5:@0A=> ?>=8<05B, GB> 5A;8 8E :B>- B> 1LQB, B> >G5284=> 8<55B =0 B0:>5 18BLQ A2OB>5 ?@02>.
IC =0AB>OB5;O 0AA5;L@>45, A:070; O. 45 53> =094C?
B5F =0AB>OB5;L 2 ?;510=88, 25;L<>6=K9 3>A?>48=. !@07C 70 F5@:>2LN. = C:070; :8ABLN, =0?><8=0NI59 A>3=CBK9 :>3>BL. / 70<5B8;, C =53> =0 ?@02>9 @C:5 B>;L:> B@8 ?0;LF0. @>254C 25;L<>6=>3>&
5 =04>, ?@>87=QA O 8 1@>A8; 5<C 3@>H, 0 >= =5>6840==> ;>2:> ?>9<0; <>=5BC. 0: 284=>, ?@0:B8:0 45;05B <0AB5@0.
;510=8O 1K;0 A>;84=K<, :0<5==K< 740=85<, ?@8A;>=82H8<AO : F5@:28 A A> AB>@>=K A525@=>9 AB5=K. "@>?8=:0 25;0 A@548 ?@5:@0A=> CE>65==KE, 87OI=> >1@570==KE :CAB>2, C :>B>@KE :0: @07 AC5B8;AO A04>2=8: A >3@><=K<8 =>6=8F0<8 2 @C:0E.
>3 2 ?><>IL, 703>2>@8; >=, A=8<0O H;O?C, :>340 <5=O C2845;.
0 74>@>2L5, >B25B8; O 8 C2845; C482;5=85 2 53> 3;070E.
'C2AB2>20;, GB> >= ?@>2>605B <5=O 273;O4><, :>340 O =0?@02;O;AO : 2KA>:>9, :0<5==>9 ;5AB=8F5 ?;510=88. / =5 A;8H:>< ?@54AB02;O;, GB> <=5 A45;0BL A :>=Q<, ?>A:>;L:C @5H8;, GB> C :>3>- B> : =5<C <>3CB ?>O28BLAO >1>A=>20==K5 ?@5B5=788, GB> >1>4@0; MB8 2KE>65==K5 307>= 8 :CABK. AG0ABLN, 425@8 ?;510=88 >B:@K;8AL, 8 >BBC40 2K1560; <0;LG8: A <5B;>9 2 @C:0E.
-9, <0;K9, ?>720; O. 48 AN40, ?>AB>@>68 ;>H04L.
= >AB>@>6=> ?@81;878;AO, ?>A:>;L:C <>9 A:0:C= 1K; 459AB28B5;L=> =5<0;5=L:8<, 0 H8@>:0O 3@C4L 8 1>;LH0O 3>;>20 ?@>872>48;8 2?5G0B;5=85. 4=0:> MB> 682>B=>5 1K;> =525@>OB=> ;0A:>2K<, E>BO O =5 E>B5; 1K >:070BLAO 2 H:C@5 B>3>, :B> 70E>B5; 1K 53> C:@0ABL.
/ ?>40; <0;LG8:C ?>2>4LO 8 ?>B@5?0; CA?>:0820NI5 :>=O ?> <>@45. = B8E> 70@60;, >1@0I0O =0 <5=O 273;O4.
AB0=LAO 745AL, AB0@8=0, A:070; O. 0AB>OB5;L C A51O? >1@0B8;AO O : <0;LG8:C, 0 B>B CA5@4=> 70:820;.
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« 0E, B0:! » , « =5 <>65B 1KBL» 8 « :B> 1 <>3 ?>4C<0BL? » .
/ ?>ABCG0; 2 425@L 8 B>;:=C; 5Q, =5 >6840O, ?>:0 <5=O ?@83;0AOB. A25B;>9, 1>;LH>9 :><=0B5 C >:=0 A845;8 425 >A>1K. 4=>9 1K; BCG=K9 A2OI5==8:, >B;8G0NI89AO >BG0O==> :@0A=>9 ;KA8=>9 8 >3@><=K<8 ;0?8I0<8, 0 4@C3>9, : <>5<C C482;5=8N, >:070;0AL <>;>40O 40<0 2 GQ@=><. 5=I8=0 >1@0B8;0 =0 <5=O 273;O4, 8 O C2845;, GB> C =5Q 1;5ABOI85 3;070, D>@<>9 =0?><8=0NI85 <8=40;8=K, 8 GC45A=> A:@>5==K5, A;53:0 =04CBK5 3C1:8.
/ A;53:0 ?>:;>=8;AO.
@>HC ?@>I5=8O, GB> ?@5@K20N <8;CN 15A54C, A:070; O. > O B>;L:> GB> ?@81K; 2 0AA5;L, GB>1K ?>2840BLAO A =0AB>OB5;5< 0AA5;L@>45.
'B> 20< C3>4=>? A?@>A8; A2OI5==8:, 2AB020O. C:8 A?@OB0; 70 A?8=C, 1C4B> 8E ABK48;AO.
5=O ?@8A;0; 3> @5>A2OI5=AB2> 5?8A:>?, >B25B8; O. K =0AB>OB5;L?
/, ?@>87=QA >=, ?@83;O4K20OAL :> <=5 87- ?>4 A54KE, ?>@5452H8E 1@>259.
5=I8=0 A<>B@5;0 =0 <5=O H8@>:> @0A?0E=CBK<8, C482;Q==K<8 3;070<8. >65 <>9, ?>4C<0; O, =5C65;8 >=0 4C<0;0, GB> :064K9 ?@8 2845 =0AB>OB5;O 1C45B ?040BL =0 :>;5=8 8 ?@8=8<0BLAO 70 60@:>5 F5;>20=85 ?5@AB=O 8;8 @C:8? %0, ?>;CGH5 53> 1K;8 C65 =0 <>Q< AB>;5! ?@>G5<, <=5 =8:>340 =5 =@028;8AL A2OI5==8:8, ?>A:>;L:C B@C4=> =09B8 ACI5AB2> 1>;55 A:25@=>5, @0A?CB=>5 8 604=>5 4> 2K3>4K ;N1>9 F5=>9. @8 MB>< ?@58A?>;=5==>5 8A:;NG8B5;L=>3> E0=65AB20 8 D0;LH8, 2A5340 A:;>==>5 <CG8BL B5E, :B> A;0155 53>, 8 ?@>3810NI55AO ?5@54 1>;55 A8;L=K<8, 0 B0:65 A>548=ONI55 70CG5==K5 =087CABL B5>;>38G5A:85 7=0=8O A ?@8@>64Q==>9 BL<>9 @07C<0. #25@ON 20A, ;N157=K5 <>8, GB> B> 65 A0<>5 1C45B ;5B G5@57 ?OBLA>B, 8 <>65B 8 BKAOGC. A;8 B>;L:> =0H 3>A?>4L =5 @5H8BAO =0:>=5F 2B>@>9 @07 A>9B8 2 A;025 8 <5G>< A2>53> A?@0254;82>3> 3=520 ?>:0@0BL B5E, :B> >A:25@=O5B 53> C@>:8.
/ <>3 A515 ?>72>;8BL =0 E>;>4=>5 >B=>H5=85 : =0H5<C 4CE>25=AB2C, ?>A:>;L:C :0: @07 B0:8<8, 2 B>< G8A;5, 1K;8 4>AB>8=AB20 =0H59 ?@>D5AA88. > 2 MB>< A;CG05 <=5 =04> 1K;> 1KBL <8;K< 8 256;82K<, ?>A:>;L:C =0AB>OB5;L 0AA5;L@>45 1K; 2 :>=F5 :>=F>2 4@C3>< 3> @5>A2OI5=AB20 A <0;LG8H5A:>3> 2>7@0AB0 ( :B> 1 <>3 ?>4C<0BL, GB> @5>A2OI5=AB2> 2>>1I5 1K; 2 <0;LG8H5A:>< 2>7@0AB5! ) . 2?@>G5<, A@548 A2OI5==8:>2 B>65 A;CG0;8AL ;N48 A25B;K5 8 G5AB=K5, E>BO <=5 =5 25@8;>AL, GB> =0AB>OB5;5< 1>30B>3> ?@8E>40 =520 >A?>4=53> <>3 AB0BL 8<5==> B0:>9 G5;>25:.
5=O 7>2CB >@48<5@ 0445@48=, ?@>87=QA O, 8 <=5 A>>1I8;8 > 20H8E =C640E.
/ =5 A:070; « ?@>1;5<0E» 8 =5 A>>1I8;, GB> O2;ONAL 8=:2878B>@><. :>=F5 :>=F>2, O =5 7=0;, :B> MB0 65=I8=0, 0 G5< <5=LH5 ;N459 C7=05B > F5;8 <>53> ?@85740 2 :0AA5;L, B5< ;CGH5 4;O <5=O 8 4;O 45;0.
8BO <>Q. 0AB>OB5;L ?>25@=C;AO : 65=I8=5. >948 2 :CE=N 8 ?>A<>B@8, =5B ;8 C !B5D0=88 4;O B51O :0:8E- =81C4L ?8@>6=KE&
0<0 2 GQ@=>< C;K1=C;0AL ?@5=51@568B5;L=>, 0 C;K1:0 5IQ 4>1028;0 :@0A>BK 8 B0: ?@83>65<C ;8FC.
54CH:0, A:070;0 >=0. / C65 2K@>A;0 87 ?8@>6=KE. 4=0:> ?>4=O;0AL A> ABC;0 8 >D8F80;L=> :82=C;0 <=5 =0 ?@>I0=85. 0AB>OB5;L ?>4>640;, ?>:0 >=0 =5 70:@>5B 70 A>1>9 425@L.
4@02AB2C9B5, 8=:2878B>@, ?@>87=QA >= 8 C:070; <=5 <5AB>, =0 :B>@>< 5IQ <8=CBC =0704 A845;0 65=I8=0, =07K20NI0O 53> 454CH:>9. 0 A0<>< 45;5 5Q 454CH:0 1K; <>8< 1@0B><, ?>OA=8; >=, :0: 1K >6840O 2>?@>A0. > C<5@, :>340 >=0 5IQ 1K;0 @51Q=:><.
0<0 =5>1K:=>25==>9 :@0A>BK, CGB82> A:070; O. A;8 ?>72>;8B5 <=5 2K@078BL MBC A<5;CN <KA;L.
= :82=C; 4>2>;L=K9, => :0: 1K 3>B>2K9 : B><C, GB> 25AL <8@ 1K A>740=, GB>1K E20;8BL 53> @>4AB25==8FC.
-B> @>7>G:0, 3>A?>48= 0445@48=, ?@>87=QA >= A C;K1:>9. @5:@0A=K9 F25B>:, >H5;><;ONI89 0@><0B 8 >AB@K5 H8?K.
= ?@8A5; =0 ABC; =0?@>B82 2<5=OO, => A@07C 65 ?>4=O;AO A=>20 8 E;>?=C; A51O ;04>=LN ?> ;1C.
C GB> O 70 E>7O8=, DK@:=C; >=. K?L5B5 GB>- =81C4L? <>65B 2K ?@>3>;>40;8AL ?> 4>@>35?
B 2A59 4CH8 1;03>40@N, >B25B8; O. 4=0:> O ?>765 =5 ?@5<8=C 2>A?>;L7>20BLAO ;N157=K< ?@54;>65=85< 20H53> ?@5?>4>18O.
$@8:0A5 C <5=O =5B, ?@>1>@<>B0; >=, => 2AQ A A>1AB25==>3> >3>@>40. @><5 B>3>, C <5=O 5IQ :C@OB=8:. 5@5G8A;OO, >= 703=C; ;52>9 @C:>9 <878=5F =0 ?@02>9 @C:5. !28=0@=8:, 703>= 4;O :>7, 425 <>;>G=K5 :>@>2K 8 :>?B8;L=O. %;51 B>65 ?5GQ< A0<8. AQ @>4=>5, 3>A?>48= 0445@48=.
/ C;K1=C;AO, ?>B><C GB> MB>B G5;>25: <=5 =@028;AO. N1;N A2OI5==8:>2, C<5NI8E 70=8<0BLAO 68B59A:8<8 45;0<8, 0 =5 =0182H8E @>B ?@>?8A=K<8 8AB8=0<8 8 3@><:8<8 D@070<8. @><5 B>3>, O 70<5B8;, GB> C =53> ?>4 =>3BO<8 GQ@=K5 :0Q<:8, ;04>=8 8A:>;>BK H8?0<8, 0 =0 ?0;LF0E A8=520BK5 >3@C15;>AB8, O2=> >B 70ABC?0 8;8 ;>?0BK. -B> <=5 B>65 ?>=@028;>AL, ?>A:>;L:C ?>:07K20;>, GB> =0AB>OB5;L ;N18B A0< ?>701>B8BLAO > A2>Q< E>7O9AB25.
0, :AB0B8. = <0E=C; @C:>9. 0AA:068B5, :0: B0< 5@A0@4. >403@0?
>403@0, O720, O:>1K 35<>@@>9. / @072Q; @C:0<8. >A?>4L 8A?KBK205B 3> @5>A2OI5=AB2>.
>A?>4L- B> >A?>4L, ?@5@20; >= <5=O. A;8 1K 5@A0@4 =5 ?8; :0: ;>H04L, 1K; 1K 74>@>255. !:068B5 5<C >1 MB><.
5 ?@5<8=C, >B25B8; O, ?@54AB0282 A515 <8=C 5?8A:>?0, 5A;8 1K O ?>A<5; =0 GB>- B> B0:>5 =0<5:=CBL.
07C<55BAO, ?@>87=QA >= A C;K1:>9. C<05B5, O <0;> @07 ?@83;0H0; 53> : A515? >2>@8;: >B4>E=QHL >B 701>B, >B 2@0G59, ?@842>@=KE, :064>4=52=KE 45;. = A=>20 <0E=C; @C:>9. 45 B0<! =05B5, GB> >B25B8;? !
03 O 2KH5; 87 G@520 <0B5@8 <>59, =03 8 2>72@0ICAL. >A?>4L 40;, >A?>4L 27O;. 0: >A?>4C ?>;N18;>AL, B0: 8 AB0;>. 0 1C45B 8<O >A?>4=5 1;03>A;>25==>! O 40; >B25B A;>20<8 8A0=8O. ;8 65: @0E 5A<L <K. '5;>25:, 1C4B> B@020 4=8 53>, :0: F25B ?>;52>9 >BF25BQB.
> 1C:>2:8! = E;>?=C; 2 ;04>H8. 86C, 2K =0 A0<>< 45;5 7=05B5 5@A0@40&
@>25@O5B5 <5=O? #;K1=C;AO O. # <5=O 3@0<>B0 8 ?8AL<0. / ?>;57 70 ?07CEC.
@>25@ON 20A? = ?>A<>B@5; =0 <5=O 87C<;Q==>. 5B, <5G >A?>40, 8 2 3>;>2C 1K <=5 =5 ?@8H;> ?@>25@OBL 20A, 3>A?>48= >@48<5@. 1> 4C<0N, GB> =570:>==> 2K4020BL A51O 70 8=:2878B>@0 =0:07C5<>, =5 B0: ;8?
/ ;8HL @0AA<5O;AO, ?>A:>;L:C A0< 254L ?@5:@0A=> 7=0; >B25B =0 2>?@>A, :>B>@K9 >= 7040;. #7C@?8@>20=85 A515 8=:2878B>@A:>9 2;0AB8 =0:07K205BAO A> 2A5< AC@>2>ABLN 70:>=0. @83>2>@Q==><C >BA5:0;8 A2OB>B0BAB25==K9 O7K:, 2K6830;8 ;682K5 3;070 8 >B@C10;8 =5G8ABCN ?@02CN :8ABL. >B>< 53> >A2>1>640;8, 401K A2>8< ?@8<5@>< O2;O;, GB> =8:><C =5;L7O 83@0BL A B5@?5;82>ABLN !2OB>9 !;C61K.
7=05B >BG5, GB> B0:85 ?>O2;ONBAO ?>AB>O==>? A?@>A8; O. 5A<>B@O =0 AC@>2>ABL =0:070=8O?
A;8 1K =0:070=85 CAB@0H0NI5 459AB2>20;> =0 ?@5ABC?=8:>2, <K 1K C65 68;8 2 0N, 3>A?>48= >@48<5@.
/ :82=C;, ?>A:>;L:C >= 2 >?@545;Q==>9 AB5?5=8 1K; ?@02. @><5 B>3>, :@>B>ABL, B5@?5=85 8 65;0=85 ?>=OBL 3@5H=8:0 G0AB> ?@8=>A8;8 =0<=>3> 1>;55 1>30BK5 ?;>4K, G5< ;8HQ==0O B>=:>AB8 65AB>:>ABL. "5< =5 <5=55, 1K;8 ?@5ABC?;5=8O, :>B>@K5 =5;L7O >AB02;OBL 157=0:070==K<8. 1> > :0:>< 4>25@88 : !2OB>9 !;C615 <>6=> 1K;> 1K 3>2>@8BL, 5A;8 1K 157=0:070==K5 @O65==K5 @>8;8AL =0 A25B5.
> ?5@594Q< : 45;C, 8=:2878B>@, ?@>87=QA >= 8 ?>A5@LQ7=5;. / >A<5;8;AO ?@>A8BL 3> @5>A2OI5=AB2>, GB>1K ?@8A;0; 20A, 8 401K 2K ?>45;8;8AL A> <=>9 A2>59 15AF5==>9, O ?>;030N, 8A:CHQ==>ABLN. 54L 2K G5;>25: 8A:CHQ==K9, =5 B0: ;8? = ?>A<>B@5; =0 <5=O.
!:>@55 8A:CH05<K9, ?>HCB8; O. > 5A;8 A?@0H8205B5 > <>Q< AB065 2 =:2878F88, B> ?@87=0NAL, C65 <=>3> ;5B 8<5N G5ABL A;C68BL >A?>4C =0 MB>9 70?CI5==>9 =825.
AQ 65 :0:85- B> ?;>4K ?>60;8? = 2AQ 2@5<O 2=8<0B5;L=> A<>B@5; =0 <5=O.
! >6L59 ?><>ILN, >B25B8; O.
C E>@>H>, 274>E=C; >=. / 254L =5 64C, GB> ?@54AB028B5 <=5 4>:070B5;LAB2> 20H8E 4>AB865=89 8 :20;8D8:0F88. #65 >4=> B>, GB> 8<5==> 2K 1K;8 =0?@02;5=K 5@A0@4><, 3>2>@8B > 20A. 45;>, >1@0B8B5 =0 MB> 2=8<0=85, 25AL<0 45;8:0B=>5.
>;LH8=AB2> ?@>1;5<, :>B>@K5 4>;6=0 @5H0BL !2OB>9 !;C615, >B=>AOBAO : 25AL<0 45;8:0B=K<, ?>MB><C <5=O =5 C4828;8 53> A;>20.
@5645 G5< =0G=Q<, >B5F =0AB>OB5;L, ?>72>;LB5 7040BL >48= 2>?@>A. >G5<C 2 20H8E ?@>1;5<0E =5 <>3CB ?><>GL <5AB=K5 8=:2878B>@K?
# =0A 2 0AA5;5 =5B >B45;0 !;C61K, ?>A;5 ?0C7K ?@>87=QA >= C482;Q==>. K =5 7=0;8?
%0, ;N157=K5 <>8! '5AB=> 3>2>@O, <=5 4065 2 3>;>2C =5 ?@8H;> ?@>25@8BL, ?>A:>;L:C 1K; C25@5=, GB> 2 B0:>< 1>;LH>< 8 1>30B>< 3>@>45, ?@8BO3820NI8< B>;?K AB@0=AB2CNI8E, 4>;65= 1KBL A2>9 >B45; =:2878F88. 0: 284=>, 87 ?@028; 1K20;8 4>AB>9=K5 A>60;5=8O 8A:;NG5=8O.
">340 ?>4 GL59 N@8A48:F859 =0E>48BAO 0AA5;L? A?@>A8; O.
@>45 ?>4 20H59, 2 A<KA;5 ?>4 A0<8< %57><, >B25B8; >= =5C25@5==>.
!8BC0F8O 1K;0 ?> <5=LH59 <5@5 AB@0==>9, => =5 ;8HQ==0O ?@58<CI5AB2. BACBAB285 >B45;0 !2OB>9 !;C61K >7=0G0;>, GB> 20H ?>:>@=K9 A;C30 =5 ?5@594QB 4>@>3C =8:><C 87 A2>8E :>;;53, 0 <5AB=K5 8=:2878B>@K 1K;8 =5 2 2>AB>@35, :>340 =0 8E B5@@8B>@88 ?>O2;O;8AL 8=A?5:F88 87 %57- E57@>=0.
'B> 6, 25@=Q<AO : 45;C.
0- 40, >= :82=C;, 0 53> :@0A=0O ;KA8=0 1;5A=C;0 2 A>;=F5, ?@>3;O4K20NI5< G5@57 H8@>:> >B:@KBK5 AB02=8. >72@0I05<AO. "0: 2>B, C <5=O 5ABL ?@8G8=K ?@54?>;030BL, E>BO, <>65B, « ?@54?>;030BL» , A;8H:>< A8;L=> A:070=>. CGH5 8A?>;L7>20BL A;>2> « ?>4>7@520BL» , E>BO 8& = A59G0A A<>B@5; =0 A2>8 @C:8, :>B>@K<8 >?8@0;AO > AB>;5H=8FC, 0 O 53> =5 ?@5@K20;.
N4O< >1KG=> B@C4=> 2K@078BL A2>8 <KA;8, 5A;8 >?0A0NBAO, GB> @O4>< A =8<8 <>3CB ?@>8AE>48BL B@52>6=K5 A>1KB8O, 8<5NI85 <=>3> >1I53> A A0B0=8=A:8<8 45;8H:0<8.
C, :0: 1K B> =8 1K;>, AG8B0N, GB> <K BCB 8<55< H010H, 8=:2878B>@, @5H8;AO >= 8 ?>4=O; =0 <5=O 273;O4. 5 7=0N, G53> >= >B <5=O >6840;. !<5E0? @8:0, ?>;=>3> C60A0? 0?520 <>;8B2K?
0:>3> @>40 H010H? A?@>A8; O.
-- MMM& ?>?5@E=C;AO >=. A<KA;5?
K ?>4>7@5205B5, GB> 20H8 ?@8E>60=5 A>25@H0NB 2 B09=>< <5AB5 GQ@=K5 <5AAK, A;02OB !0B0=C 8 ?@540NBAO @072@0B=K< A>4><8BA:8< 83@8I0<?
5B, =5B, =5B! = 70<0E0; @C:0<8. <5N 2 284C :>;4C=>2, 3>A?>48= 0445@48=. ">, GB> 2>7<>6=> =5A:>;L:> ;N459 ?@>2>48B B09=K5 @8BC0;K, ?@87K205B 7;K5 A8;K, 401K =02@548BL A2>8< A>1@0BLO<.
K =07K205< MB> <@0G=K< :@C3><, >BG5 =0AB>OB5;L, >1JOA=8; O. 45;> >?0A=55, => >4=>2@5<5==> 8 <5=55 >?0A=> ?> A@02=5=8N A >1KG=K< H010H5<. 4=0:>, A:068B5 <=5, ?>60;C9AB0, >B:C40 B0:0O <KA;L?
= 7010@010=8; ?0;LF0<8 ?> AB>;C, 0 O A?>:>9=> 640;.
48= ?@8E>60=8= @0A:@K; MB> 2> 2@5<O 8A?>2548, =5704>;3> 4> A>1>@>20=8O, =0:>=5F ?@87=0;AO >=. > O <0;> ?>=O;, ?>A:>;L:C >= 1K; 2 3>@OG:5, 0 548=AB25==>, GB> A<>3 OA=> ?@>3>2>@8BL, MB> <>;L10 >1 >B?CI5=88 3@5E>2.
BG5 =0AB>OB5;L @0A?>;0305B G5<- B>, :@><5 1@540 C<8@0NI53>? 256;82> A?@>A8; O.
= <=5 :>5- GB> 40;, ?@>87=QA =0AB>OB5;L, =5 >1@0B82 2=8<0=8O =0 5E84AB2>. >:06C 20<.
= BO65;> 2AB0; 8 ?>4>HQ; : A5:@5B5@C. !=O; A H58 :;NG, >B:@K; 70<>:, ?>A;5 G53> 4>AB0; ?@54<5B, 702Q@=CBK9 2 B@O?:C. >40; <=5 53> >AB>@>6=>, 45@60 >4=8<8 :>=G8:0<8 ?0;LF52, B0:, 1C4B> 25IL 2=CB@8 <>3;0 53> C:CA8BL.
/ >AB>@>6=> @0725@=C; B:0=L 8 C2845; 1;5ABOI89, A5@51@O=K9 0<C;5B A 2K3@028@>20==K< 87>1@065=85< ACI5AB20 A 65=A:8< ;8:><, => B5;>< 7<58. 'C4>28I5 >12820;> =5<0;>9 25;8G8=K >?0;. / ?5@525@=C; 0<C;5B 8 ?@>G8B0; =04?8AL A7048.
!;020 %030B A:CA8B5;L=8F5, A:070; O 2A;CE, 0 0AA5;L@>45 @07<0H8AB> ?5@5:@5AB8;AO.
'B> >1 MB>< 4C<05B5? A?@>A8; >= =5B5@?5;82>.
C;LB %030B, ?@>87=QA O 704C<G82> 8 ?>25@=C; 0<C;5B 5IQ @07. = 87;CG0; B>=:>5, => >ICI05<>5 B5?;>, GB> =5 ?@5425I0;> =8G53> E>@>H53>. C<0;, GB> 2A5E A>63;8 402=K<- 402=>. >B B0: =5>6840==>ABL&
'B> 65 MB> 70 15AB8O? !2OI5==8: =5@2=> A60; ;04>=8 8 3@><:> E@CAB=C; ?0;LF0<8. "LDC, =5=0286C 7<59!
5<>=, >B25B8; O. !?>A>1=K9 ?@8=8<0BL >1;8: 7<58, ?@83>659 4528FK 8;8 GC4>28I0 A B5;>< 7<58 8 3>;>2>9 65=I8=K. >O2;O5BAO ?@8 2K7>25 ?>A;54>20B5;59 8, ?@51K20O 2 =0H59 2A5;5==>9, 4>;65= :>@<8BLAO 687=O<8 682KE ACI5AB2. 5>1O70B5;L=> ;N459, MB> <>3CB 1KBL 682>B=K5, => >1O70B5;L=> <C6A:>3> ?>;0. 70<5= %030B <>65B >B1;03>40@8BL, =0?@8<5@, C1820O C:070==CN >A>1C. >A;5 5Q C:CA0 =5 >AB0QBAO =8:0:>3> A;540, =8 D878G5A:>3>, =8 4CE>2=>3>, ?>MB><C =5:>B>@K5 87 7=0B>:>2 B5<K AG8B0NB 5Q >?0A=K< 45<>=><.
2K, 8=:2878B>@?
!:>@55 =5B, >B25B8; O, ?>4C<02. %030B =5 7;0O 8 =5 60645B G5;>25G5A:8E 687=59. =0 =5 C18205B @048 C4>2>;LAB28O. 0: O A:070;, 5Q 0??5B8B <>6=> ?>;=>ABLN C4>2;5B2>@8BL, 5A;8 4020BL 59 682KE 682>B=KE. 4065 =5 <CG05B 8E. @>AB> 2KA0AK205B 87 =8E 2 >48= <83 2AN 687=L, 2A5 28B0;L=K5 A8;K. ?0A=>ABL B08BAO 2 4@C3><, >BG5 =0AB>OB5;L. B><, GB> ?>65;0NB >B =5Q ?>A;54>20B5;8&
K E>B8B5 A:070BL, GB> ;N48 EC65 45<>=0? A?@>A8; >= A >B2@0I5=85<.
%>GC A:070BL, GB> C;N459 8 45<>=>2 @07=K5 =C64K, >1JOA=8; O. #GQ=K5 45<>=>;>388 CB25@640;8, GB> %030B =5 B>;L:> D878G5A:8 ?>E>60 =0 7<5N. N18B E>@>H> =05ABAO, 8 =0A:>;L:> O 7=0N, >1>605B 2AO:85 A;04>AB8, 70A0E0@5==K5 D@C:BK, <54K AB>O;K5, ?@O=K5 28=0& "0:65 ;N18B 4>;3> A?0BL, 3@5OAL ?>4 2KA>:8< A>;=F5<. 65=A:>< >1;8:5 C =5Q B0:65 1>;LH>9 0??5B8B =0 <C6G8=, => =5 A;KH0;8, GB>1K =5A?@>2>F8@>20==0O ?@8G8=O;0 8< 2@54. 0B> O:>1K 1K 5Q =5;53:> C4>2;5B2>@8BL&
"0: 3>2>@8B5, 1C4B>& 1C4B> 2K 5Q ?>GB8 ;N18B5&
5 4;O ;N128 45<>=>2 O, >BG5 =0AB>OB5;L. / @0AA<5O;AO, ?>A:>;L:C A0<0 <KA;L <5=O @0AA<5H8;0. =8 ?@>AB> ACI5AB2CNB, 8 A@548 =8E 5ABL >G5=L >?0A=K5 8 <5=55 >?0A=K5. > <>5<C A:@><=><C <=5=8N, 548=AB25==>9 C3@>7>9, :>B>@CN =5AQB %030B, O2;ONBAO 65;0=8O 5Q ?>A;54>20B5;59. 5 3>2>@N, @07C<55BAO, > B><, GB> >=0 8A?KB05B <C:8 A>25AB8 ?5@54 B5<, :0: C18BL G5;>25:0, ?>A:>;L:C A B>G:8 7@5=8O 682CI53> ?>GB8 25G=> 45<>=0 =0H0 687=L AB>8B <0;>. > 5A;8 ?>A;54>20B5;8 E>@>H> 5Q :>@<OB, >=0 ?@>AB> =5 1C45B 8A?KBK20BL B0:>3> 65;0=8O.
>@078B5;L=>, ?@>87=QA >= =5<=>3> ?>3>4O 8 A=>20 A60; ;04>=8 B0:, GB> ACAB02K C =53> B@5A=C;8. 'B> 2K 2 B0:>< A;CG05 A>18@05B5AL A45;0BL?
07@5H8B5, O >AB02;N C A51O MB>B 0<C;5B, ?>42Q; 8B>3 O. ?5@2>5, GB> O 4>;65= 7=0BL, >B :>3> 2K 53> ?>;CG8;8.
B:07K20NAL >B @0A:@KB8O 20< MB>3> D0:B0, ?@8=8<0O 2> 2=8<0=85 A2OBCN B09=C 8A?>2548, A:070; >= 1;03>3>259=>. 'B> 6, O C65 2845; A2OI5==8:>2, :>B>@K5 A2OBCN B09=C 8A?>2548 ?@>4020;8 70 :C1>: E>@>H53> 28=0, 0 4@C38E ?@8E>48;>AL >B3>=OBL, :>B>@K5 2AQ @0AA:07K20;8 8 @0AA:07K20;8 8 3@5E0E A2>8E ?@8E>60=. A>15==> B5E, GB> =081>;55 ?8:0=B=K, ?>A:>;L:C MB0 AB>@>=0 687=8 ;N4A:>9 >1KG=> 1>;LH5 2A53> 70E20BK20;0 =0H8E ?@0254=KE 4CE>2=KE >BF>2.
;O !2OB>9 !;C61K =5B B09=, A:070; O. 0?><8=0N 20< >1 MB><, 5A;8 =5 7=05B5 ?0?A:>3> M48:B0 ?> MB><C 2>?@>AC.
=0N, :>=5G=> 7=0N, => ?>=8<05B5, MB> 2AQ- B0:8 B@C4=>&
/ B5@?5;82> 640;, ?>A:>;L:C 7=0;, GB> @0=> 8;8 ?>74=> 5<C ?@84QBAO A:070BL <=5 2AQ, GB> O 70E>GC C7=0BL. 1> B0: C6 CAB@>5= <8@, GB> 8=:2878B>@, 2>;59- =52>;59, 4>;65= ?>7=020BL 3@5E8 1;86=8E. @0A?>;030BL =5>1K:=>25==>9 70:0;:>9 4CE0, 401K 2K20;OBLAO 2 =02>7=>9 6865, => 2K9B8 =570?OB=0==K<.
/ ?>;CG8; 0<C;5B >B >4=>3> 42>@O=8=0, =5E>BO A:070; =0AB>OB5;L. 3> 7>2CB, 0 A:>@55 720;8, 81> C<5@, C?>:>9, >A?>48, 53> 4CHC, /:>2 %0;15=. <5; 745AL, 2 0AA5;5 :0<5==K9 4><, E>BO 2;045=LO %0;15=>2 ;560B 70 3>@>4><&
B> A59G0A 682QB 2 4><5? A?@>A8; O.
>G:0? A?@>A8; >= A0< A51O. 0, :065BAO, 4>G:0. 0=5AA0 %0>15=, 5A;8 <=5 ?0<OBL =5 87<5=O5B.
09B5 :>3>- =81C4L, GB>1K <5=O BC40 ?@>2>48;, ?>?@>A8; O.
>=5G=>, :>=5G=>, ?@>1>@<>B0; >=. > =0 <5G >A?>40, 1C4LB5 >AB>@>6=K, 8=:2878B>@, 81> MB8 ;N48 <>3CB CA:>@8BL A>1KB8O, 7=0O, GB> 70 =8<8 A;54OB.
1>60N, ;N157=K5 <>8, :>340 :B>- B> CG8B <5=O 8=:2878B>@A:8< >1O70==>ABO< 8 45;8BAO A> <=>9 =5>1K:=>25==> <C4@K<8 A>25B0<8 :0A0B5;L=> B>3>, :0: O 4>;65= 459AB2>20BL. 4=0:> O ;8HL C;K1=C;AO.
5 15A?>:>9B5AL, A:070; O. 3> @5>A2OI5=AB2> ?@54?8A0; <=5 E@0=8BL B09=C. >=5G=>, 4> B5E ?>@, ?>:0 MB> 1C45B 2>7<>6=>, >3>2>@8;AO O.
0. %>@>H>. 0. -B> E>@>H>, >B25B8; >=, O2=> 1@>4O <KA;O<8 345- B> =5 745AL. 30, >= ?>A<>B@5; =0 <5=O. 45 2K >AB0=>28;8AL? >B><C GB> O >B 2A53> A5@4F0 ?@83;0H0N : A515. 094QBAO C4>1=0O :><=0B0, 0 :CE0@:0, >= 2>7=QA 3;070 : =51C, 3>A?>48= 0445@48=, ?0;LG8:8 >1;865HL!
=0 8;8 5Q :CH0=LO? ?>HCB8; O.
=0? 555B, >= B>65 C;K1=C;AO. !0<0 =5 7=05B, A:>;L:> 59 ;5B, => ?> <>5<C <=5=8N, A0<>5 <5=LH55 H5ABL45AOB. 0B> 3>B>28B 70- <5- G0- B5;L- =>! = ?>4G5@:=C; :064K9 A;>3, C40@OO ?0;LF5< > ;04>=L.
A;8 B0:, >B25B8; O, A C4>2>;LAB285< 2>A?>;L7CNAL 20H8< ?@54;>65=85<.
>4AB25==8FC =0AB>OB5;O O C2845;, :0: B>;L:> A?CAB8;AO ?> ABC?5=L:0<. =0 AB>O;0 2>7;5 <>53> :>=O 8 =56=> 3;048;0 53> ?> <>@45. >=L @074C20; =>74@8 8 A?>:>9=> ?@8=8<0; ;0A:C, 2?@>G5<, >= 2>>1I5 =5 ?@>B5AB>20; ?@>B82 >1I5AB20 ;N459, E>BO ?>3;06820=8N ?@54?>G8B0; :>@<;5=85 A;04:8<8 O1;>:0<8.
@5:@0A=>5 682>B=>5, A:070;0 >=0, :>340 O ?>4>HQ;, 8 ?>A<>B@5;0 =0 <5=O. Q @C:0 70<5@;0 =0 <>@45 ;>H048. ><>65B5 454CH:5, ?@0240?
!45;0N 2AQ, GB> A<>3C, ?>>15I0; O, 704C<02H8AL, :0: <=>3> >=0 7=05B.
>304K20NAL, :B> 2K, A:070;0. 0A ?@8A;0; 5?8A:>?, @0725 =5 B0:?
'5< <5=LH5 1C45B5 >1 MB>< 3>2>@8BL 8 4C<0BL, B5< ;CGH5, >B25B8; O 8 42865=85< ?>41>@>4:0 C:070; =0 ?@81;860NI53>AO A;C3C.
0. >=5G=>, 1KAB@> A>3;0A8;0AL >=0.
BG5 =0AB>OB5;L 25;5; <=5 70=OBLAO 20H59 ;>H04LN, 3>A?>48=, A>>1I8; A;C30, 0 O :82=C; 8 ?>40; 5<C ?>2>4LO.
5 1C45B5 ;8 B0: ;N157=K ?@>2>48BL <5=O : 4><C? A?@>A8;0 >=0.
! C4>2>;LAB285<, >B25B8; O. @07 B0:, @07@5H8B5, 3>A?>60, O ?@54AB02;NAL. 5=O 7>2CB >@48<5@ 0445@48= 8, :0: 2K ?@028;L=> 4>3040;8AL, A;C6C 3> @5>A2OI5=AB2C 5?8A:>?C.
>A;5 5420 C;>28<>3> :>;510=8O >=0 ?@>BO=C;0 <=5 @C:C. # =5Q 1K;8 A8;L=K5, E>;>4=K5 ?0;LFK.
0B@8=0 0AA5;L@>45, A:070;0 >=0. >340 O A<>B@N =0 20A& C<0;0, GB> 8=:2878B>@ 1C45B 2K3;O45BL ?>- 4@C3><C& !;>2> « 8=:2878B>@» ?@>87=5A;0 B0: B8E>, 1C4B> ?@>87=5AB8 53> 3@><G5 >7=0G0;> 1@>A8BL 8A:@C =0 A;>65==K9 :>ABQ@.
:0:? A?@>A8; O, C;K10OAL.
5 7=0N. =0 ?>60;0 ?;5G0<8. # 20A A;CG05< =5 4>;6=> 1KBL GQ@=>9 <0=B88 A =04;><;5==K< :@5AB><?
0, >B25B8; O. A;8 1K O E>B5; 2A5< 2 0AA5;5 A>>1I8BL, GB> 2>B O ?@85E0;.
C 40. =0 A=>20 =5@2=> 428=C;0 ?;5G0<8. 0:0O O 3;C?0O. > O 4C<0;0, GB> 2K 1C45B5 AB0@H5, A54K<, 1C45B F548BL A;>20 A:2>7L 7C1K 8 =0 2A5E ?>4>7@8B5;L=> A<>B@5BL 8A?>4;>1LO.
=0 1K;0 01A>;NB=> ?@020. K;0 3;C?>9. ;8 8<5;0 =5AG0ABL5 2AB@5B8BL =5 B5E ;N459 8;8 ?@>G8B0BL =5 B5 :=838. K <54;5==> ?@>H;8 4> :0;8B:8, 345 <>=0E A ?>A>E>< 2 @C:5 A=>20 :><C- B> ?@53@0640; ?CBL =0 F5@:>2=CN B5@@8B>@8N. > :>340 =0A C2845;, 2A:>G8; =0 =>38.
0 1;03>A;>28B >3 3>A?>6C, 2A:@8G0; >=, C65 =5 H5?5;O2O, ?>A:>;L:C CA?5; A>6@0BL B>, GB> C =53> 1K;> 2 <8A:5. 25;L<>6=>3> 3>A?>48=0 B>6!
/ A=>20 1@>A8; 5<C <>=5BC, ?>A:>;L:C <5=O 70102;O;>, :0:8< >1@07>< >= B0: ;>2:> ;>28B 45=56:C MB>9 B@QE?0;>9 @C:>9. 5IQ =0 C;8F5 4> =0A 4>=>A8;8AL 53> 87KA:0==K5 8 A ?>4JQ<>< 2K:@8:8205<K5 1;03>A;>25=8O.
>GB5==K9 G5;>25:, A:070;0 >=. , 40, ?>4C<0; O, 3;O4O =0 5Q @C:C. >B B>;L:>, 2 BQ<=>< C3;C >= 1K 157 <0;59H8E C3@K75=89 A>25AB8 >1<5=O; B2>N 687=L =0 >48= 87 MB8E ?5@AB=59.
* * *
= HQ; <54;5==>, A3>@182H8AL, 8 2KABC:820; A515 4>@>3C ?>A>E><. / 70B08;AO 2 ?5@5C;:5, A:@KBK9 >B ;C==>3> A25B0, 8 A?>:>9=> 640;, ?>:0 >= ?>4>94QB 1;865. >340 >= <5=O C2845;, >BH0B=C;AO 8A?C30==K9, => O A45;0; H03 2?5@Q4 8 AE20B8; 53> 70 @C:C.
/ 2A53> ;8HL =8I89, 70H5?B0; >= ;8E>@04>G=>. # <5=O =8G53> =5B, C <5=O =8G53> =5B& B?CAB8B5&
>;G8, ?@>87=QA O. 5 C7=0QHL <5=O?
/ ?@81;878;AO =0AB>;L:>, GB>1K 2 ;C==>< A25B5 >= <>3 C2845BL @073;O45BL <>Q ;8F>. A>60;5=8N <5=O 70>4=> ?>@078; 3=8;>9, A;04:>20BK9 70?0E, :>B>@K< =5A;> >B 53> 3@O7=KE ;>E<>BL52. >G5<C ;N48 B0: @54:> <>NBAO?
E, C20605<K9 3>A?>48=& >= ?5@52Q; 4CE, O2=> CA?>:>82H8AL.
!<>B@8. / ?>:@CB8; 2 ?0;LF0E 7>;>BCN <>=5BC, B0:, GB> >=0 701;5AB5;0 C ;C==>< A25B5. 845;, GB> 3;070 <>=0E0 GCBL ;8 =5 2K;57;8 =0 ;>1, :>340 >= =0 =5Q A<>B@5;. "K ?>45;8HLAO A> <=>9 7=0=8O<8, 0 O A B>1>9 8<CI5AB2><. 'B> A:065HL?
!?@0H8209B5, 20H0 A25B;>ABL, ?@>H5?B0; >=, =5 2 A8;0E >B>@20BL 273;O40 >B 7>;>B0.
0B@8=0 0AA5;L@>45.
!;02=0O, A;02=0O 10@KH=O, <8;>AB82K9 3>AC40@L! A5340 3>B>20 >40@8BL 3>@5<K:C 4>1@K< A;>2>< 8&
/ AB8A=C; 53> ?;5G>, >= 4065 >E=C;. / A?@OB0; <>=5BC 2 :0@<0= 8 2KB0I8; :8=60;.
><8<> 7>;>B0 C <5=O B0:65 5ABL 65;57>, A:070; O. 'B> 2K18@05HL?
= 3@><:> A3;>B=C; A;N=C.
>;>B>, 7>;>B>, 4>1@K9 3>A?>48=, 70>E0; >=. 'B> E>B8B5 C7=0BL?
0B@8=0 0AA5;L@>45, ?>2B>@8; O.
'B> O <>3C A:070BL? A;8 A>1@0;8AL ?@8C40@8BL 70 =59, 40 ?@>AB8B 20H0 A25B;>ABL, B> ?>74=>, 10@KH=O C65 =0H;0&
>3>?
B0:>9 <>;>4>9, 1>30BK9 10@GC: 87 E>@>H59 A5<L8&
>3>? / A=>20 AB8A=C; 53> B0:, GB> >= >E=C;.
4048B5 7>;>B>, 3>A?>48=? 048B5? 025@=O:0?
/ :82=C; 8 C;K1=C;AO 5<C.
;5<O==8: A0<>3> 35@F>30 %0C15@30, ?@>H5?B0; > 8 >B25B8; <=5 1577C1>9 C;K1:>9. >3CG89 @>4, <8;>AB82K9 3>AC40@L, =0 A0<>< 45;5 <>3CG89 @>4.
GB> 35@F>3?
K:, >=8 A =0AB>OB5;5< :0: 1K 4@C7LO! !B0@8: GCBL ;8 =5 2>7<CB8;AO, GB> O >1 MB>< =5 7=0N. B5F 5748B 2 70<>: 42064K 2 3>4, >E>B8BAO A 35@F>3>< 2;045B5;5<, 0 35@F>3 2;045B5;L 70?;0B8; 70 =0HC :>;>:>;L=N. >H;8 >A?>4L 5<C 4>;385 ;5B0.
%0;L15=? /:>2 %0;L15=? !;KH0; > =Q<? = 1K; 4@C3>< =0AB>OB5;O?
%0;L15=? ?@>1>@<>B0; >=, 0 O A8;L=> AB8A=C; 53> 70 ?;5G>.
">;L:> =5 2@8 <=5! @O2:=C; O.
0 >B:C40 4@C3, 3>A?>48=! >340- B> 10@KH=O %0;L15=>2 8 =0H0 10@KH=O 2>48;8AL 2<5AB5, 0 ?>B>< ?>AA>@8;8AL. BG5 8=>340, :>340 3>2>@8; « %0;L15=» , B> 18HL ?@>87=>A8; D0<8;8N, 06 ?;520; G5@57 ?;5G>, 7=0G8B, GB> ?>4;5F B0:>9 8 =51;03>40@=K9, A:0=40;8AB&
%20B8B! ">340 ?>G5<C 2K720; =0AB>OB5;O 4;O A>1>@>20=8O?
'53>? = CAB028;AO =0 <5=O.
!>1>@>20=85, A:070; O >BGQB;82>. @8E>48;>AL A;KH0BL? -B> B08=AB2>& >G5<C %0;L15= ?>720; =0AB>OB5;O? >G5<C 2>>1I5 5<C 8A?>254>20;AO?
>=0E DK@:=C; >B A<5E0, 0 O A:@828;AO, ?>B><C GB> 2>=L, :>B>@>9 =5A;> 87 53> ?0AB8, <5=O GCBL =5 C18;0.
B> 20H59 A25B;>AB8 B0:8E 3;C?>AB59 =03>2>@8;? >= DK@:0;, DK@:0; 8 =5 <>3 >BDK@:0BLAO. %0;L15= A:>@55 ?>720; 1K 4LO2>;0, 0 =5 =0H53> >BG5!
/ 5IQ 4>;3> @0AA?@0H820; MB>3> G5;>25:0 > 4@C7LOE A5<L8 0AA5;L@>45 8 > ?@82KG:0E =0AB>OB5;O 8 0B@8=K. > :0: ?>B>< A<>3 C7=0BL, B>;L:> ?5@20O G0ABL =0H59 15A54K A<>3;0 ?@8=5AB8 1;03>40B=K9 C@>609. "0: C6 1K205B 2 8=:2878B>@A:>9 @01>B5, GB> A 157=04Q6=K< C?>@AB2>< 8 B5@?5;82> <K 4>;6=K 8A:0BL 7@5;K5 7Q@=0 A@548 ?;525;, 8 ;8HL 8=>340 =0H8 B@C4K 1K20NB C25=G0=K CA?5E><.
C E>@>H>, A:070; O 2 :>=F5 :>=F>2. 5@68 =0 74>@>2L5!
/ 1@>A8; 5<C <>=5BC, 0 >= 157>H81>G=> 5Q ?>9<0; 8 @0AAK?0;AO 2 C=865==KE 1;03>40@=>ABOE.
">;L:> ?><=8: =8 A;>20. 8:><C.
:0: 65, 20H0 A25B;>ABL! = ABC:=C; A51O :C;0:>< 2 3@C4L, 4065 703C45;>.
>6L 1K;0 70?8A0=0 2 53> 3>;>A5, =0@8A>20=0 2 3;070E 8 =0 ;8F5. / 1K; 1>;55 G5< C25@5=, GB> =0 A;54CNI89 45=L, A A0<>3> CB@0, >= 2K;>68B 2AQ >BFC =0AB>OB5;N. :>=F5 :>=F>2, >= =5>1KG09=> ;53:> ?@>40; A2>53> 1;03>45B5;O GC6><C G5;>25:C, =5 B0: ;8? ">340 GB> 5<C ?><5H05B ?@>40BL GC6>3> G5;>25:0 1;03>45B5;N?
= 4065 =5 C2845;, :0: O 4>AB0N :8=60;, 8 =5 4C<0N, GB> ?>GC2AB2>20; C40@. AB@8Q <O3:> 2>H;> ?>4 @Q1@0 ( MB> >G5=L 206=>, GB>1K =5 70F5?8BL :>AB8, 81> <>6=> 2KI5@18BL 25@ECH:C) 8 ?@>18;> A5@4F5. = >A5; =0 75<;N, 0 O >BB0I8; B5;> 2 A0<CN 3;C1>:CN B5=L. / =5 2KB0I8; 7>;>B>9 <>=5BK 87 AC4>@>6=> A602H59AO @C:8 <>=0E0, ?>A:>;L:C >@48<5@ 0445@48= =5 :;0418I5=A:0O 385=0, >1:@04K20NI0O <Q@B2KE 154=O:>2. :@><5 B>3>, O >15I0; 5<C =03@04C 8 MB> >15I0=85 =5 A>18@0;AO =0@CH0BL, E>BO, ?><8<> >A?>40 >30 A5<>3CI53>, =5 1K;> C65 =8:>3>, ?5@54 :5< O <>3 >BG8B0BLAO > 53> 8A?>;=5=88.
* * *
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
>3 2 ?><>IL, O 256;82> ?@825BAB2>20; 53>, 0 >= ?>4=O; =0 <5=O 273;O4.
09 >3 74>@>2LO, >B25B8;. >72>;8B5 C3>AB8BL 20A :C1:>< 28=0?
! C4>2>;LAB285<, ?@>87=QA O, 1;03>40@=K9 5<C 70 3>AB5?@88<AB2>.
= <0E=C; @C:>9 A;C35, 8 B>B A59G0A 65 ?>O28;AO A ?>4=>A><, =0 :>B>@>< =QA 420 <5B0;;8G5A:8E 1>:0;0 8 1;N45G:> A 70A0E0@5==K<8 D@C:B0<8.
@028BAO 20<? = :82:>< ?>41>@>4:0 C:070; =0 4>< %0;L15=>2.
!;KH0;, GB> 2;045;5F C<5@, >B25B8; O. B0: :0: O 8IC =51>;LH>9 4><, 745AL 2 0AA5;5, 8 >:@C30 <=5 :065BAO A?>:>9=>9, B> ?>4C<0;, GB> :B> 7=05B&
0@KH=O 0=5AA0 A59G0A BCB E>7O9:0, ?@>87=QA >= B>=>< G5;>25:0 E>@>H> 8=D>@<8@>20==>3> 8 ;53:> C40@8; A2>8< 1>:0;>< > <>9. 0 4>1@>5 A>A54AB2>, 3>A?>48=& >= A45;0; ?0C7C.
>@48<5@ 0445@48=, >B25B8; O.
5@B@0=4 "C@B>DD, ?@54AB028;AO >=. @>720==K9 >=D5B:>9, 4>1028; A> A<5E><.
>>1I5- B>, >= =0?><8=0; =5 :>=D5B:C, 0 A:>@55 A;53:0 @0AB>?82H89AO :CA>: A0;0, => O ?>=O;, GB> ?@>728I5 27O;>AL >B B>20@0, :>B>@K< B>@3>20;.
5 7=05B5, 345 O <>3C 5Q =09B8?
>65B >=0 C A51O, 2 45@52=5? E>BO =5B! = E;>?=C; A51O ?> ;1C. 45 <>O 3>;>20. 45@52=5- B> >=0 =5 <>65B 1KBL, 254L C =5Q MB0 BO610. > =5 15A?>:>9B5AL. >A;5702B@0 >B =5Q ?@84QB A;C30. E, 3>A?>48=& >= =0 <><5=B 70:>;510;AO, 0445@48=, 5A;8 O ?@028;L=> 70?><=8;?
/ :82=C; 3>;>2>9 2 7=0: B>3>, GB> 40, 70?><=8; ?@028;L=>.
"0: 2>B, 3>A?>48= 0445@48=, B0:8E :;85=B>2 4=Q< A >3=Q< 8A:0BL. = A;>68; @C:8 :0: 4;O <>;8B2K. >E>65, C =5Q 1C45B ?@8Q<, ?>B><C GB> =070:07K20;0 AB>;L:> D@C:B>2KE ;0:><AB2, GB> >3>- 3>. >15I0;0, GB> 70:065B 5IQ 1>;LH5! A;8 1K ?> >B=>H5=8N : G5;>25:C <>6=> 1K;> A:070BL « GCB:> =0G0; AB@8GL CH0<8» , B> 20H ?>:>@=K9 A;C30 8<5==> MB> 8 A45;0;. 0725 =5 2AO:>3> @>40 A;0AB8 1K;8 ;N18<K< 1;N4>< %030B? > B><C, GB> O ?@>G8B0; 2 <C4@KE :=830E, 45<>=8F0 1K;0 A?>A>1=0 5ABL D@C:B>2K5 ;0:><AB20 4>A;>2=> :@C3;K9 45=L, 0 ?>A:>;L:C =5 1K;0 G5;>25:><, B> 59 8 > 1>;OE, 2K720==KE G@57<5@=K< >16>@AB2><, <>6=> 1K;> =5 15A?>:>8BLAO.
:0:85 ?>65;0=8O 1K;8 C 10@KH=8! 274>E=C; >=. 0A0E0@5==K5 D838, : ?@8<5@C. K 7=05B5, 3>A?>48= 0445@48=, :0: A59G0A A;>6=> A D830<8? >120;O==K5 2 <0@F8?0=5 H:C@:8 <0=40@8=0 2 <54C? K 7=05B5, A:>;L:> O =08A:0;AO <0=40@8=>2?
/ =5 8<5; ?>=OB8O > ?@>1;5<0E B>@3>2F52 A;04>ABO<8, => <C4@> ?>:820; 3>;>2>9. '5;>25: CG8BAO 2AN 687=L.
>340 4>;65= ?@84B8 A;C60I89 7018@0BL B>20@? A?@>A8; O.
02B@0 >:>;> ?>;C4=O, >B25B8; >=. @84QB 8 A0<8 53> @0AA?@>A8B5, GB> 8 :0: A 10@KH=59. > G5AB=> 20< A:06C, GB> :0: ?>B5@O;0 70<>:, B> ?>E>65 C =5Q >AB0;AO B>;L:> MB>B 4><, 745AL.
>B5@O;0?
30, AC48BAO 2@>45, => :B> :>340 2K83@K20; C 35@F>30?
5@F>30?
5@F>30 %0C15@30. = ?5@5:@5AB8;AO, 0 ;8F> 53> ?><@0G=5;>. >65 A>E@0=8 >B B0:>3> A>A540.
;>E>9 A>A54 EC65 @071>9=8:0, ?@>1>@<>B0; O.
"CB :0: @07 8 B>, 8 4@C3>5, 274>E=C; >= 8 ?>4=O;AO A> A2>53> <5AB0. C, ?@8OB=> 1K;> A 20<8 ?>15A54>20BL, 3>A?>48=& >= A=>20 70:>;510;AO =0 <3=>25=85, 0445@48=, => 2@5<O 25@=CBLAO : @01>B5. 03;O=8B5 702B@0, 8 A=>20 2K?L5< ?> AB0:0=G8:C.
!?0A81> 70 C3>I5=85 8 8=D>@<0F8N, 256;82> >B25B8; O.
'B> 6, <>6=> A:070BL, GB> ?;0=K =0 ?>;45=L 702B@0H=53> 4=O 1K;8 >?@545;5=K. MB> =57028A8<> >B B>3>, 1K;8 ;8 @54:85 D@C:B>2K5 ;0:><AB20 70:070=K 4;O %030B, 8;8 65 0=5AA0 %0;L15= ?@>AB> E>B5;0 CAB@>8BL ?@8Q<. =5 ?@84QBAO C7=0BL, 345 A59G0A 682QB 4>GL G5;>25:0, > :>B>@>< A2OI5==8: CB25@640;, GB> B>B >1;040; 45<>=8G5A:8< 0<C;5B><. "0:65 1K;> 8=B5@5A=>, GB> ;8G=>ABL 35@F>30 %0C15@30 =5>1K:=>25==> 70=8<0B5;L=K< A?>A>1>< A2O7K20;0 2A5 D83C@K, A :>B>@K<8 O 745AL >1I0;AO, => ?>4C<0;>AL, 0 1C45B ;8 MB> 2>>1I5 8<5BL 7=0G5=85 4;O ACI5AB20 A0<>3> 45;0.
* * *
/ =5 E>B5; 2B>@>9 @07 ?>:07K20BLAO 256;82><C :>=48B5@C, => ?>;C45==>5 2@5<O 1K;> : A>60;5=8N 2@5<5=5< 8=B5=A82=KE ?>:C?>:. ?>MB><C 425@8 2 <03078= B>;L:> 8 >B:@K20;8AL- 70:@K20;8AL, 0 254L C A;C60I53> %0;L15=>2 =5 1C45B =0 ;1C =0?8A0=>, :B> >=. >MB><C 20H ?>:>@=K9 A;C30 ?5@56820; =5:>B>@K9 4CH52=K9 @07;04. ! >4=>9 AB>@>=K, O >?0A0;AO, GB> ?@>A<>B@N A;C60I53>, 70B> A 4@C3>9, =8:>8< >1@07>< =5 E>B5; >1@0I0BL =0 A51O 2=8<0=8O. / ;8HL =045O;AO, GB> 70:07 1C45B 4>AB0B>G=> 1>;LH8<, GB>1K C40;>AL C7=0BL, :B> ?@84QB >B %0;L15=>2. @><5 B>3>, O @0AAG8BK20; =0 4>1@>?>@O4>G=K9 E0@0:B5@ 5@B@0=40 "C@B>DD0 8 =5 >1<0=C;AO.
>B, ?0@0 <8=CB ?>?>;C4=8 >=D5B:0 2KH5; 87 <03078=0 8 2=8<0B5;L=> >A<>B@5;AO ?> C;8F5, ?@8;>682 @C:C :> ;1C, GB>1K 5<C =5 A;5?8;> A>;=F5. = O2=> 8A:0; <5=O, => ?>B>< ?>60; ?;5G0<8 8 A:070; =5A:>;L:> A;>2 =03@C65==><C A2Q@B:0<8 ?>68;><C <C6G8=5. 0E=C; @C:>9 8 >=8 ?>?@>I0;8AL. # <5=O 1K;0 =5?>:>;518<0O C25@5==>ABL, GB> 2>B O 8 2AB@5B8; =C6=>3> G5;>25:0. 3>@>4A:>9, ?@54O@<0@>G=>9 :CB5@L<5 <=5 4065 =5 ?@8H;>AL A:@K20BLAO, 84O 70 =8<. 48=AB25==>, =0 GB> <=5 =04> 1K;> >1@0I0BL 2=8<0=85, MB> GB>1K 2 B>;?5 =5 ?>B5@OBL 53> 87 284C, 8 GB>1K =0A =5 @0745;8; ?>B>: ;N459. AG0ABLN, ?>68;>9 G5;>25: HQ; <54;5==>, >AB0=02;820;AO ?5@54 ;02>G:0<8, 0 @07 4065 7045@60;AO, GB>1K 2K?8BL :C1>: 28=0. 0:>=5F >= >:070;AO ?5@54 1>;LH8<, >:@C6Q==K< 701>@>< 4><><, B>;:=C; :0;8B:C 8 2>HQ; =0 B5@@8B>@8N 2;045=8O. >B, 8 C <5=O B5?5@L 2A5 4><0. / 7=0;, 345 682QB 0=5AA0 %0;L15= 8 A59G0A <=5 >AB020;>AL ;8HL C1548BLAO, GB> 8<5==> >=0 O2;O5BAO B>9, :B> 2K7K205B 45<>=8FC %030B.
/ <>3 2>A?>;L7>20BLAO A8;>9, 40==>9 <=5 >A?>4>< 8 @0728B>9 1;03>40@O 4>;3><C >1CG5=8N. >7<>6=>, O 1K A<>3 B>340 >BA;548BL ?@8ACBAB285 7<58. >& 8<5==>, 1K;> :0: <8=8<C< >4=> « =>» . "0: 2>B, 1>;LH85 3>@>40 :0: ?@028;> ?5@5?>;=5=K =5>1K:=>25==>9 0C@>9. &5@:28, E@0<K, A2OBK5 <>I8, >A2OIQ==K5 ?@54<5BK 2A5 >=8 87;CG0NB A25B, =825;8@CNI89 BQ<=CN A8;C. 0: 65 MB> C4828B5;L=>, GB> 871KB>: 4>1@0 <>65B ?><5H0BL 8AA;54>20=8N 7;0& "0:65 =5 A:@>N, <>;8B25==>5 A>A@54>B>G5=85 AB>8B <=5 A;8H:>< <=>3> 1>;8, GB> 1K O =5 ?KB0;AO 871530BL 53>, :0: B>;L:> <>3 4>AB8GL F5;8 1>;55 ?@>ABK< A?>A>1><.
/ 70;57 70 ?07CEC 8 4>B@>=C;AO 4> 45<>=8G5A:>3> 0<C;5B0. = 1K; 5IQ B5?;55, G5< 4> MB>3>, 0 MB> >7=0G0;>, GB> %030B 1K;0 C65 =5A><=5==> 2K720=0. 4=0:> O =5 1>O;AO, GB> 5Q ?>A;54>20B5;8 8A?>;=OB A2>8 F5;8, ?@5645 G5< O 8< ?><5H0N. %030B 1K;0 ;5=82>9 8 :0?@87=>9, 8 7=0G8B >=8 =5 A:>@> ?>;CG0B >B =5Q B>, G53> 6064CB ?>;CG8BL. A;8 B>;L:> 2 8E :@C3C =5 1K;> <>3CG53> G5@=>:=86=8:0, A?>A>1=>3> 65AB>:>9 A8;>9 >1C74K20BL 45<>=>2. 4=0:>, G5AB=> 3>2>@O, O =5 4C<0;, GB> MB> 2>7<>6=>. >3CG89 G5@=>:=86=8: =025@=O:0 =0HQ; 1K ;CGH89 A?>A>1 A25@H8BL <5ABL, G5< ?>;L7>20BLAO CA;C30<8 %030B.
/ AG8B0;, GB> =094C E>@>H89 A?>A>1, :0: C1548BLAO 2 25@=>AB8 <>8E ?>4>7@5=89 8 @5H8; ?>4>640BL, =01;N40O 2=8<0B5;L=> 70 MB8< 4><><. 0:>=5F O 70<5B8;, GB> 2;045=85 ?>:8405B <>;>4>9, 1>30B> >45BK9 G5;>25: A :>@4>< C ?>OA0. / >AB>@>6=> ?>HQ; 70 =8< 8, 2>A?>;L7>202H8AL AC<5@:0<8 8 >BACBAB285< ?@>E>68E, 2BO=C; 53> 2 BQA=K5 2>@>B0. "0< 65 53> BI0B5;L=> >1KA:0; 8, 70:>=G82 45;>, >AB028; B5;> 2 3CABKE :CAB0E A8@5=8, 7=0O, GB> 53> =5A:>@> :B>- =81C4L =094QB, @0725 GB> B@C? @0AB0I0B >48G02H85 A>10:8. / 7=0; C65 2AQ, 8 2 ?L5A5, 459AB285 :>B>@>9 ?@>E>48;> 2 3@045 0AA5;L, <=5 >AB020;>AL AK3@0BL ?>A;54=89 0:B.
* * *
04> ;8 >?8AK20BL, :0:8< A?>A>1>< O ?@>=8: 2 MBC @57845=F8N ;N459 1571>6=KE 8 ?KB0NI8E BQ<=K5 7=0=8O? 04> ;8 >?8AK20BL B5;0 >E@0==8:>2, :>B>@K5 O >AB028; 70 A>1>9? 5 4C<0N, GB> MB> 1K;> >1O70B5;L=>, ?>A:>;L:C O ;8HL 8A?>;=O; A2>9 4>;3. 4=0:> <>3C C25@8BL, GB> 7040=85 O ?KB0;AO 2K?>;=8BL A <0:A8<0;L=K< AB0@0=85< 8 157 ;8H=59 AC5BK. 5=O A>?@>2>640;> =5A:>;L:> 320@459F52, ?>@5:><5=4>20==KE =0AB>OB5;5<, O:>1K =04Q6=KE 8 1>;LH>3> <C65AB20& %0, => =5 B@51>20;>AL 1>;LH>3> <C65AB20, GB>1K A2O70BL 8A?C30==KE ;N459, :>B>@K5 ?@52@0I0;8AL 2 A>;O=K5 AB>;?K, :0: B>;L:> 2845;8 G5@=L 8=:2878B>@A:>9 <0=B88 8 8E 75=8FK ?>@060;> A5@51@> A;><0==>3> :@5AB0. =8 7=0;8, GB> C65 2AQ :>=G5=>, ?>MB><C B>;L:> 42>5 87 =8E 157=04Q6=> A>?@>B82;O;8AL, 0 >AB0;L=K5 4020;8 A51O A2O70BL 1C4B> >2FK.
!2OI5==8: 0AA5;L@>45 B0:65 65;0; ?@8=OBL CG0AB85 2 @0A?@025 =04 <@0G=K< :@C3><, 8 <=5 B@C4=> 1K;> 53> C45@60BL. ?>MB><C ?5@54 425@L<8 2 ?>:>8, 345 =0E>48;0AL %030B, <K >:070;8AL 2<5AB5.
@54C?@5640N =0AB>OB5;O. -B> <>65B 1KBL >?0A=K< 7040=85<. @>HC >AB0BLAO 8 ?>4>640BL <5=O.
, =5B! = 2>7=QA @0A?OB85 =04 3>;>2>9, 1C4B> A>18@0;AO 8< :>3>- B> >3@5BL. K 65 =5 4C<05B5, GB> <5=O =5 1C45B 2> 2@5<O AE20B:8 A 45<>=><? !
/ ;8HL :82=C; 3>;>2>9, ?>A:>;L:C 7=0;, GB> 53> =5 >AB0=>2;N. 'B> 6, <>65B %030B =5 ?@8=04;560;0 : A0<K< >?0A=K< 8 =081>;55 E8I=K< 45<>=0<, B5< =5 <5=55 =5A><=5==> =5 1K;0 157>?0A=55 :0:>3>- ;81> G5;>25:0. GQ< G0AB> 701K20;8, 284O, :0: ?@5:@0A=0 >=0 2K3;O48B 2 65=A:>< >1@075. ;N1>< A;CG05, 8<5==> B0: > 5Q 2845 3>2>@8;8 :=838 ( O 4>;65= B0:65 ?@87=0BL, GB> @07<5IQ==K5 2 =8E 3@02N@K ?@54AB02;O;8 5Q 2 25AL<0 ;5AB=>< A25B5) .
0: ?>65;05B5, A>3;0A8;AO O. 4=0:> 70?><=8B5, GB> O 20A ?@54C?@5640;.
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
@>:;OBK5 45<>=K! :@8:=C; =0AB>OB5;L 8 A45;0; H03 2?5@Q4 A :@5AB>< 2 @C:5. 8<5=5< >A?>40 =0H53> 8ACA0 %@8AB0, ?@87K20N: A38=L, ?@>?048! >72@0I09AO 2 1574=C, 87 :>B>@>9 BK ?@81K;!
%030B >1@0B8;0 27>@ =0 A2OI5==8:0, => 53> A;>20 =5 :070;8AL ?@>87254H8<8 =0 =5Q 2?5G0B;5=8O. / A45;0; 420 H030 8 ?>:;>=8;AO. >AB0B>G=> =87:> 8 A C2065=85<, => =5 =0AB>;L:>, GB>1K ?>AG8B0BL ?>:;>= C=878B5;L=K<.
>A?>60 %030B, A:070; O. @>AB8, GB> ?@5@K205< B2>9 >B4KE.
=0 A=>20 ?>A<>B@5;0 =0 <5=O, 8 5Q 273;O4 1K; ?>GB8 38?=>B8G5A:8<. ;5ABOI85, GQ@=K5 3;070, :070;>AL, 70BO3820NB @07C< 2 =587<5@8<CN 3;C18=C A0<KE A>1;07=8B5;L=KE >15I0=89. / C;K1=C;AO.
0 <5=O MB> =5 459AB2C5B, 3>A?>60, 256;82> ?@>87=QA O. / 8=:2878B>@.
/ 7=0N, :B> BK, >@48<5@ 0445@48=, >B25B8;0 >=0. > 2A5340 AB>8B ?>?KB0BLAO.
# =5Q 1K; B8E89, BQ?;K9 3>;>A, 8 4065 A0<K5 10=0;L=K5 A;>20 8 ?@54;>65=8O :070;8AL 2 5Q CAB0E =5?@8AB>9=K< ?@54;>65=85<. >B 3>;>A, > :>B>@>< 2A5340 <5GB0NB <C6G8=K. A;8 1K A:070;0 « 848» , O ?>HQ; 1K 70 =59 2 >3>=L.
48, H5?=C;0 >=0.
-B> 1K;0 ;8HL <5B0D>@0, :0H;O=C; O. > ?>72>;N A<8@5==> ?@87=0BLAO, GB> O >F5=8; :0: B2>9 3>;>A, B0: 8 B2>Q <0AB5@AB2>.
0AA5;L@>45 AB>O; @O4>< 8 2 87C<;5=88 ?5@52>48; 273;O4 B> =0 <5=O, B> =0 %030B. = C65 >?CAB8; :@5AB 8 A59G0A ?@>872>48; 2?5G0B;5=85, :0: 1CB> =5 7=0;, GB> 45;0BL A MB8<8 42C<O A>548=Q==K<8 :CA>G:0<8 45@520. / 27O; @0A?OB85 87 53> @C:8, 8 >=> A=>20 AB0;> @5AB><. / ?>GC2AB2>20; <>IL, AB5:0NICN 2 ?0;LFK. 0<5B8;, GB> %030B >15A?>:>5==> 1@>A8;0 =0 <5=O 273;O4.
04> 25@8BL, GB> MB> 459AB2C5B, A2OI5==8:, A?>:>9=> >1JOA=8; O. @5AB MB> 2A53> ;8HL 425 A>548=Q==K5 4>I5G:8. ">;L:> =0H0 25@0 ?@840QB 5<C <>IL 8 A2OB>ABL. @0240, 3>A?>60 %030B?
=0 <54;5==> :82=C;0, 2AQ 2@5<O 15A?>:>9=> 23;O4K20OAL 2 <>N @C:C, A68<0NICN @0A?OB85. / >B25@=C;AO 8 ?>;>68; 53> =0 AB>;, @O4>< A <0A;O=K<8 ;0<?04:0<8. 'B> 1K =8 4C<0; 0AA5;L@>45, O ?@81K; AN40 =5 4;O B>3>, GB>1K 18BLAO A %030B, ?>A:>;L:C 18B20 A 45<>=0<8 AB>;L 65 1;03>@07C<=0, :0: ?>?KB:0 ?>25@=CBL @5:C ?0;:>9. ;8 :0: 7065GL D0:5; 2 ?>@>E>2>< A:;045. -B> =5 7=0G8B, GB> =8:>340 MB>3> 45;0BL =5 =04>. > ;8HL 2 :@09=5< A;CG05.
"K <>3 1K ?>40BL <=5 D@C:BK? A?@>A8;0 >=0.
>4=>A A D830<8, A;820<8 8 ?5@A8:0<8 2 A0E0@5 1K; =0 @0AAB>O=88 2KBO=CB>9 @C:8 >B =5Q, => O ?>A;CH=> ?@81;878;AO 8 ?>40;, :0: >=0 ?@>A8;0. @81;860OAL, O ?>GC2AB2>20; 70?0E 5Q B5;0. AB@K9, B@52>60I89. >4C<0;>AL, GB> 1K 1K;>, 5A;8 1K O ?>;870; 5Q H5;:>28AB> <O3:CN, A<C3;CN :>6C.
!45;09 MB>, >=0 ?>A<>B@5;0 =0 <5=O, ?@8:CA82 3C1K.
/ ?>4>640; A <8=CBC, 0 :>340 >=0 =5 27O;0 =8 >48= 87 D@C:B>2, ?>AB028; ?>4=>A >1@0B=> 8 >BABC?8; =0 420 H030. 0I8B0 >B ?>AK;05<>3> 5N >G0@>20=8O =5 A>AB02;O;0 4;O <5=O B@C40, => O =5 A>18@0;AO A;8H:>< @8A:>20BL 157 =C64K. "5< 1>;55 GB> 5Q 1;87>ABL =5 B>;L:> ?>@060;0, => ?@>AB> ?@8G8=O;0 1>;L. %030B 1K;0 >B25B>< =0 2>?@>A « GB> 1K 1K;>, 5A;8» , >=0 1K;0 8A?>;=5=85< <C6A:8E A=>2 8 3@Q7&
"K ?@8HQ;, 401K 873=0BL <5=O? A?@>A8;0 >=0 A>1;07=8B5;L=> 8 ?>A<>B@5;0 =0 <5=O 87- ?>4 4;8==KE, A<>;8AB>- GQ@=KE @5A=8F.
5B, 3>A?>60, 2>7@078; CGB82> O. / 1K =5 8A?>;L7>20; A;>2> « 873=0=85» .
5G >A?>40, BK @073>20@8205HL A 45<>=><, 8=:2878B>@! 70:@8G0; =0AB>OB5;L, :>B>@K9 C65 >G=C;AO >B >AB>;15=5=8O, ?@58A?>;=5==>3> 87C<;5=8O. @>3>=8 5Q! !>638!
=0 >1@0B8;0 =0 =53> 273;O4. 5<=>3> 3@CAB=K9, 8 =5<=>3> A<5NI89AO.
"K E>B5; 1K <5=O A65GL? A?@>A8;0 >=0 ;0A:0NI55. 48=AB25==K9 >3>=L, 2 :>B>@>< O <>3C 3>@5BL, MB> >3>=L ?>B5@O2H53> 3>;>2C 65;0=8O& >=0 2=570?=> >1>@20;0 8 @0AA<5O;0AL. 0 MB> @07 =5 :0: 45<>=- 8A:CA8B5;L, => 72>=:8<, @04>AB=K< A<5E>< @0725A5;82H59AO 452>G:8.
E, >@48<5@, A:070;0 >=0. 0 =53> MB> =5 459AB2C5B. = ;N18B 4@C385 @04>AB8. =0 E;>?=C;0 2 ;04>H8. / <=>3>5 <>3C, => =5 C<5N ?@52@0I0BLAO 2 <>;>45=L:8E <0;LG8:>2 A EC45=L:>9 ?>?:>9. =0 >B:8=C;0 3>;>2C =0704 8 @0AA<5O;0AL, GCBL =5 C?02.
/ ?>A<>B@5; =0 A2OI5==8:0, 8 53> ;8F> 1K;> B0:8< 65 :@0A=K<, :0: 8 ;KA8=0.
5@7:89 45<>=, ;>6L, ;>6L& ?@5;LI05B =0A& 70;5?5B0; >=.
B0:, G53> E>G5HL, >@48<5@? A?@>A8;0 >=0, :>340 =0:>=5F ?5@5AB0;0 A<5OBLAO, => 2 5Q 3;070E 2AQ 5IQ 3>@5;8 25AQ;K5 >3>=L:8. 'B>1K O ?@>:8=C;0 MB> <8;>5 <5AB>? =5 :064K9 45=L AN40 ?@8=>AOB :@>;8:>2, :>H5G5: 8 A>10G5:. >@<OB 70A0E0@5==K<8 D@C:B0<8, ?>OB 28=>< A <Q4>< 8 ?@O=>ABO<8. / <>3C 2K18@0BL A@548 <>;>4KE, :@0A82KE A0<F>2, GB> C<>;ONB, ;8HL ?@>25AB8 2 <>8E >1JOB8OE E>BO 1K <8=CBC. "0: 70G5< O 4>;6=0 CE>48BL?
>B><C GB> =5 1C45B :@>;8:>2, D@C:B>2, 28=0 8 <C6G8=, 3>A?>60. / 25;5; 0@5AB>20BL B2>8E ?>A;54>20B5;59 8 A<5N AC48BL, GB> ?>A;5 4>?@>A>2 8E A>63CB.
!>60;5N, A:070;0 >=0, 8 2 5Q 3>;>A5 O ?>E>65 459AB28B5;L=> CA;KH0; A>60;5=85. <>65B BK >1> <=5 ?>701>B8HLAO, >@48<5@? / A;KH0;0, GB> =5:>B>@K5 8=:2878B>@K 8<5NB A2>8E =35;>2, ?@0240? "K =5 E>B5; 1K 8<5BL A>1AB25==>3> 45<>=0? =0 A=>20 C;K1=C;0AL.
>NAL, GB> =57028A8<> >B <>59 2>;8, B0:>5 @5H5=85 1K;> 1K =5 4>;6=K< >1@07>< ?>=OB> !2OB>9 !;C61>9, 2>7@078; O 256;82>, =5 ?KB0OAL 59 >1JOA=8BL, GB> 2 2K@065=88 « 8<5NB A2>53> =35;0» 5ABL 4065 =5 =>B0, 0 F5;0O A8<D>=8O ?@5C25;8G5=8O. 1> 5A;8 :B>- ;81> :>3>- ;81> 8<5;, B> <>9 =35; <5=O, 0 =5 =0>1>@>B.
@5C25;8G5=8O, ?@>1>@<>B0;0 >=0 8 ?;5=8B5;L=> ?>BO=C;0AL.
# =5Q 1K;8 B>GQ=K5 ?;5G8 8 AB@>9=0O H5O. Q 70?OABLO 1K;8 B0:8<8 B>=:8<8, GB> O <>3 1K >1E20B8BL >10 A2>59 :8ABLN.
8:B> =5 3>2>@8;, GB> <K 682Q< 2 ;CGH5< 87 <8@>2, ?@>87=QA O.
K 65 =5 25@8B5 2 B>, GB> >=0 3>2>@8;0, 3>A?>48= 0445@48=, 254L B0:? 5 25@8B5? 0AA5;L@>45 C65 >1@Q; 3>;>A.
>=5G=> =5B, >B5F =0AB>OB5;L, 2>7@078; O. ?@>G5<, MB> 254L =5 ?>4?0405B ?>4 N@8A48:F8N !2OB>9 !;C61K.
30, A:070; >= 8 O2=> ?>25A5;5;.
A;8 BK =0AB>;L:> CGB82, >@48<5@, GB> =5 ?KB05HLAO <5=O 873>=OBL, B> 7=05HL, GB> <K 4>;6=K 70:;NG8BL 4>3>2>@. 'B> <>65HL ?@54;>68BL 270<5= 70 B>, GB> C94C?
5 ?@8G8=N B515 1>;8, 3>A?>60, ?@>87=QA O <O3:8< B>=><. #GB8, <=>385 =0 <>Q< 1K <5AB5 =0G0;8 1K A M:7>@F87<0 &
-B> >1>N4>>AB@>! A:070;0 >=0 @57:> 8 ?>4=O;0AL.
!59G0A >=0 A845;0 =0 >BB><0=:5 A @C:0<8, A:@5IQ==K<8 =0 3@C48. "Q<=K9 A>A>: B>@G0; <564C 42C<O 1;5ABOI8<8 >?0;0<8, CB>?;5==K<8 2 ?5@AB=OE.
=0N, 3>A?>60. >MB><C 6064C, GB>1K <K @0AAB0;8AL 2 A>3;0A88.
/ 4C<0N, >B25B8;0 >=0, 8 =0 MB> @07 5Q C;K1:0 1K;0 =5A:>;L:> 7;>@04=>9.
-:7>@F87< MB> :@09=>ABL. =:2878B>@ 8;8 M:7>@F8AB ?>GB8 2A5340 AB0@05BAO 4>3>2>@8BLAO A 45<>=><, 5A;8 B>;L:> =5 8<55B 45;> A >A>15==> 7;>2@54=K< 8 ?>@>G=K< GC4>28I5<, :>B>@K9 ?>=8<05B B>;L:> 6QAB:CN A8;C. ABL 425 ?@8G8=K B0:8E 459AB289. >- ?5@2KE, =5C<5;K5 459AB28O <>3CB 2 <5@C :@>B:>3> 45<>=0, B8?0 %030B, ?@52@0B8BL 2 ?>;=>3> 6064K <5AB8 725@O. 5 @07 8 =5 420 <K A;KH0;8 > B0:8E A;CG0OE. >- 2B>@KE, 873=0==K9 45<>= <5GB05B B>;L:> >1 >4=><. <5AB8 M:7>@F8ABC. 1> 1>;L >B M:7>@F87<0 4;O 45<>=0 AB@0H=55 2A53>, GB> G5;>25:C <>65B ?@83>B>28BL ?0;0G 2 A2>59 <0AB5@A:>9. 2A5340 5ABL 25@>OB=>ABL, GB> 45<>= 25@=QBAO 2 =0H <8@, >45@68<K9 ;8HL MB>9 548=AB25==>9 <KA;LN. A2>N >G5@54L, O =5 A>18@0;AO >1@5<5=OBL A51O <KA;LN, G5@57 3>4, 420 8;8 45AOBL ?>O28BAO ?@5:@0A=0O 7<5N:0, GB>1K ?>B@51>20BL <>N 687=L. >65B >=0 8 =5 AB>8;0 AB>;L:8E CA8;89, => =5 A:@>N, GB> O =5A:>;L:> ?@82K: : =59 2 B5G5=85 2A5E ?@>H54H8E ;5B.
"K 4>;65= <=5 GB>- B> ?@54;>68BL, >@48<5@, 'B>- B> <5=55 MD5<5@=>5, G5< ?@>AB> >15I0=85 =5 <CG8BL <5=O.
0725 MB>3> <0;>?
"K =5 ?@8G8=8HL <=5 1>;8, O =5 1C4C B515 <AB8BL. >B =0H ?5@2K9 4>3>2>@. > BK ?>- ?@56=5<C =5 65;05HL 70?;0B8BL 70 <>9 CE>4&
/ 704C<0;AO =0; 5Q A;>20<8, ?>A:>;L:C 2 =8E B08;>AL 75@=> ?@024K.
KA:068 A2>Q ?@54;>65=85.
# <5=O =51>;LH>9 2K1>@, 0? >& >B409 <=5 53>. ;8==K<, 70>AB@Q==K< =>3B5< >=0 C:070;0 =0 A2OI5==8:0.
0AA5;L@>45 CAB028;AO =0 =5Q, =5A?>A>1=K9 2K4028BL 87 A51O =8 A;>20. ! ?>;C>B:@KBK< @B>< 2K3;O45; 848>B><.
>65B >= =5 A;8H:>< ?@82;5:0B5;L=K9, 274>E=C;0 >= 8 >:8=C;0 53> E>;>4=K<, >F5=820NI8< 273;O4><. > @0725 MB> =5 2K7>2, >@48<5@? -B>B G5;>25: =5 2K=>A8B 7<59. #AB@>N B0:, GB> A0<>9 1>;LH>9 53> <5GB>9 1C45B >B4KE 2 <>8E :>;LF0E. -B><C <C6G8=5 >B2@0B8B5;L=K 65=I8=K. >254C 53> 4> B>3>, GB> >=, ?@58A?>;=5==K9 ?>G8B0=8O, ;N128 8 65;0=8O, 1C45B A;87K20BL A;54K <>8E AB>?& -B> <5B0D>@0. =0 CA<5E=C;0AL, 284O <>N 3@8<0AC. -B> A2OI5==8: =5=02848B 45<>=>2. !45;0N B0:, GB> >= >B40AB 2AQ 70 :@>EC 45<>=8G5A:8E 70102. 0725 MB> =5 ?@5:@0A=>? =0 E;>?=C;0 2 ;04>H8.
Q 3;070 1;5AB5;8, :0: 3;070 @51Q=:0, :>B>@><C :0: @07 ?>>15I0;8 =>2CN 83@CH:C, 8 >= 64QB A =5B5@?5=85< 8 =04564>9, 65;0O C1548BLAO, GB> 4>1@K9 4O4NH:0 ?@OG5B 5Q 70 ?07CE>9.
@8OB=>3> @072;5G5=8O, 3>A?>60 %030B, A:070; O, ?>A:>;L:C 83@CH:0 70 ?07CE>9 C <5=O 1K;0.
-B> >7=0G05B 40? >@48<5@, :0:>9 BK <8;K9!
/ ?>:;>=8;AO 8 C;K1=C;AO, 284O 5Q @04>ABL. -B> 1K;0 =52KA>:0O F5=0, A CGQB>< CI5@10, :>B>@K9 <>3;0 ?@8G8=8BL @07>7;Q==0O %030B, 0 :@><5 B>3> A2OI5==8:C 0AA5;L@>45 =0 A0<>< 45;5 1C45B A =59 =5?;>E>. <5N:0 1K;0 8725AB=0 B5<, GB> 2<5AB> ?@8G8=5=8O 2@540 ?@54?>G8B0;0 @076830BL 2>>1@065=85, 0 2<5AB> ?>@>645=8O AB@0E0 ?@54?>G8B0;0 ?>@>640BL ;N1>2L, 65;0=85 8;8 >1>60=85. / A<5; AG8B0BL, GB> >=0 1K;0 ;CGH5 <=>38E 65=I8=.
"K A>HQ; A C<0, ?0@5=L? >3>2>@ A 45<>=><? @8=>H5=85 2 65@B2C ;N459? "K ?>3C18; A51O! "K ?@>:;O; A51O =0 25G=K5 <C:8! 0AA5;L@>45 1K; 25AL :@0A=K9 ;8F><, :@8G0; 8 @07<0E820; @C:0<8.
B5F =0AB>OB5;L ?>72>;8B, A0< 709<CAL 2>?@>A0<8 =0H53> A?0A5=8O, A:070; O.
0AB>OB5;L @0725@=C;AO =0 ?OB:5 8 :8=C;AO 2 AB>@>=C 2KE>40. ">G=55 E>B5;, ?>A:>;L:C %030B 2K3>2>@8;0 @57:8< B>=>< 70:;8=0=85 8 IQ;:=C;0 ?0;LF0<8. 5;Q=0O ?>;>A0, C4828B5;L=> ?>E>60O =0 7<5N, ?>;5B5;0 2 AB>@>=C A2OI5==8:0 8 ?>?0;0 5<C 2 70BK;>:. = 70<5@ =0 <5AB5, A 2KBO=CBK<8 2?5@Q4 @C:0<8 8 A >4=>9 =>3>9, ?>4=OB>9 =04 ?>;><.
K B0:85 ?>;=K5 687=8. !B>;L:> 2 20A 65;0=89, M<>F89, A>60;5=89& E, >@48<5@, ?>25@L <=5, 2K 682QB5 2 ?@5:@0A=>< <8@5. # 20A 5ABL B>, GB> @0AB0?;8205B ;Q4, @07428305B AC<@0: 8 70?>;=O5B =51KB85. B0<& B0<& ?CAB>& =0 O2=> ?>3@CAB=5;0. 0;L, GB> O =5 <>3C >AB0BLAO. =0 ?>A<>B@5;0 =0 <5=O, => 2 MB>< 273;O45 =5 B;5;> 4065 8A:>@:8 =04564K.
!>GC2AB2CN. / ?>:@CB8; 3>;>2>9.
=0 A=>20 ?@>87=5A;0 70:;OB85 8 2 AB>@>=C A2OI5==8:0 ?>=5A;0AL A5@51@O=0O 7<59:0. >340 >=0 C3>48;0 5<C 2 IQ:C, >= >A2>1>48;AO >B ?0@0;8G0 8 3@C7=> >A5; =0 ?>;.
/ =5 E>GC 84B8 2 ?@58A?>4=NN! :@8:=C; >=, >78@0OAL 2>:@C3 8A?C30==K< 273;O4><, 1C4B> >6840O, GB> A59G0A 87 C3;>2 ?>:>52 2K?>;7CB @>30BK5 45<>=K 8 CB0I0B 53> 2 1574=C.
GQ< >= 3>2>@8B, >@48<5@, %030B ?>A<>B@5;0 =0 <5=O.
= ?@54AB028; A515, GB> 2A5 45<>=K 682CB 2 ?@58A?>4=59 8 :C?0NBAO 2 >3=5, 1LNI5< 87 75<=>9 1574=K, >1JOA=8; O.
$C, ?@>87=5A;0 >=0 =5<=>3> @0725A5;82H0OAO, => =5<=>3> @07>G0@>20==0O. 54L MB> 1K;> 1K 1>;L=>.
!845BL, ?@8:070;0 >=0 1>;55 @57:8< B>=><, 284O, GB> 0AA5;L@>45 ?KB05BAO 2AB0BL.
>3>20@820BLAO A B>1>9 1K;> =0AB>OI8< =0A;0645=85<. =0 2AB0;0 A >BB><0=:8 8 ?>4>H;0 :> <=5. @0A820O, AB@>9=0O, >:CB0==0O ?;0I>< 3CABKE, GQ@=KE 2>;>A.
04 1K; 4>AB028BL C4>2>;LAB285, 3>A?>60 %030B, >B25B8; O.
=0 2AB0;0 @O4>< A> <=>9 8 >1=O;0 <5=O 70 H5N. @81;878;0 A2>8 3C1K : <>8<, 8 O 2845; A59G0A ;8HL 5Q =5>1K:=>25==K5, 1;5ABOI85 3;070, :>B>@K5 70BO3820;8 1C4B> 1574=0. :0: 2 1574=5, O =5 <3 C2845BL 2 =8E A>1AB25==>3> >B@065=8O.
@>I0;L=K9 ?>F5;C9? ?@>H5?B0;0 >=0 A 3C10<8 ?>GB8 =0 <>8E 3C10E. Q 3C1K 1K;8 2:CA0 8 70?0E0 70A0E0@5==KE D83.
!> 2A5< C2065=85<, =5B, 2>7@078; O.
5 1C4C ?@5;LI0BL, E<? !;>2> 45<>=0!
/ @0AA<5O;AO 8 ?>F5;>20; 5Q ?@O<> 2 >B:@KBK5 3C1K. @0B:> 8 A8;L=>. !@07C 65 ?>A;5 MB>3> O >B>428=C;AO, A=O; 5Q @C:8 A <>8E ?;5G 8 27O; 70 EC45=L:85, B>=:85 ?0;LFK.
!G0AB;82>3> ?CB8, 3>A?>60, A:070; O.
=0 4>;3> A<>B@5;0 =0 <5=O A C;K1:>9, 0 ?>B>< ?>3;048;0 <5=O ?> I5:5. / ?>=8<0;, GB> 45;05B MB> 4>AB0B>G=> =56=>, GB>1K =5 ?>@0=8BL <>N :>6C >AB@K<8 :0: 1@8B20 =>3BO<8.
A;8 25@=CAL ?@8 B2>59 687=8, =025IC B51O. @0AA:06C, :0: C <5=O A =8< ?@>H;>. 2865=85< ?>41>@>4:0 >=0 C:070;0 =0 =0AB>OB5;O.
0AA5;L@>45 2K3;O45; =5 :0: G5@540 =5AG0AB89, 0 :0: F5;0O B>;?0 =5AG0AB89. =, ?>E>65, ?>- ?@56=5<C =5 <>3 ?>25@8BL, GB> ?@>8AE>4OI55 ?@>8AE>48B =0 A0<>< 45;5. 'B> 6, O 53> ?@54C?@5640;, GB>1K >= =5 HQ; 70 <=>9, => >= ?@8=O; @5H5=85, 0 70 2A5 @5H5=8O =04> 2AQ 65 ?;0B8BL. / ;8HL @07<KH;O;, GB> @0AA:06C 3> @5>A2OI5=AB2C, 8 ?@87=0;, GB> @0AA:07 > 35@>8G5A:>9 3815;8 =0AB>OB5;O 2 AE20B:5 A 45<>=>< ?@>72CG8B ;CGH5 2A53>.
C4C 640BL A =5B5@?5=85<, 3>A?>60 %030B, >B25B8; O, ?>F5;>20; 59 @C:C 8 2KH5;, BI0B5;L=> 70:@K2 70 A>1>9 425@8.
-?8;>3
>340 O ?>:840; ?>:>8 %030B, AB@06=8:8 :0: @07 2K2>48;8 0=5AAC. #2845;0 <5=O.
GB>? 2>A:;8:=C;0 >=0. K 4>2>;L=K?
/ ?>4>HQ; 8 C2845;, GB> C =5Q ?>@20==>5 ?;0BL5 8 A8;L=K9, =0;820NI89AO GCBL ;8 =5 =0 3;070E A8=O: =0 I5:5.
0: 2A5340, :>340 >A?>4L 40QB <=5 <8;>ABL ?>1548BL 7;>, >B25B8; O 2 B>=5 4@C65A:>9 15A54K.
;>? =0 4Q@=C;0AL 2 @C:0E AB@06=8:>2. K MB> =07K205B5 7;><?
0, 48BO <>Q. / ?>25@=C;AO : =59. 07K20N 7;>< 8A?>;L7>20=85 5@5B8G5A:8E :=83, =07K20N 7;>< A>25@H5=85 1>3>EC;L=KE @8BC0;>2, =07K20N 7;>< 2K7K20=85 45<>=>2. 0725 O =5 ?@02?
=0 A<>B@5;0 =0 <5=O 7;>, => : C482;5=8N, =5 8A?C30==>. >E>65, >=0 5IQ =5 >B4020;0 A515 >BGQB0, =0A:>;L:> 25;8:CN F5=C 59 ?@84QBAO 70?;0B8BL 70 2K7K20=85 %030B. > ?>9<QB, ?>25@LB5 <=5. >9<QB 2AQ 8 ?>60;55B B0: 8A:@5==5, :0: B>;L:> 2>7<>6=>. / 0 2KA;CH0N 5Q A<8@5==CN 8 AB@0AB=CN 8A?>254L. C4C 5Q 70I8I0BL, 1C4C 5Q >128=OBL, 0 ?>B>< ?>72>;N 59 A3>@5BL 2 >G8I02H5< 8 A2OB>< >3=5, 1;03>A;>2;OO B5E, :B> 40; 5Q <8;>ABL A>548=8BLAO A >A?>4><.
=0 1K;0 2K720=0, GB>1K C18BL =0AB>OI55 GC4>28I5! :@8:=C;0 >=0, 8 2 MB>< :@8:5 5Q ?@83>655 ;8F> ABO=C;>AL 2 :>H<0@=CN <0A:C. 2K 2AQ 8A?>@B8;8& AQ!
0AB>OI55 GC4>28I5? A?@>A8; O 8 40; 7=0: AB@06=8:0<, GB>1K ?>:0 =5 C2>48;8 5Q.
, 40, A:070;0 >=0. '5;>25:0, C :>B>@>3> =0 A>25AB8 :@>2L A>B5= =528==KE. '5;>25:0 157 4>AB>8=AB20, G5AB8 8 A>25AB8&
:>< 3>2>@8HL?
C4B> BK =5 7=05HL, :B> GC4>28I5! =0 E>B5;0 ?;N=CBL, => C =5Q @>B B0: 2KA>E, GB> B>;L:> DK@:=C;0. 5@F>3 %0C15@3, 0 :B> 1K 5IQ.
>A;5 @073>2>@0 A <>=0E>< 8 ?>GB5==K< >=D5B:>9 O <>3 4>304K20BLAO > ?>4>1=><, => <5=O @04>20;>, GB> <>8 4>304:8 >:070;8AL 25@=K<8.
'5< >= 70A;C68; B0:>5 =5;5AB=>5 ?@>728I5? A?@>A8; O.
>B><C GB> >= =5 A048BAO C68=0BL, ?@5645 G5< =5 70?KB05B G5;>25:0! >B><C GB> 53> ?>475<5;LO ?>;=OBAO A<5@B=8:0<8. >B><C GB> 157=0:070==> =0A8;C5B, ?>E8I05B, C18205B 8 3@018B. >B><C GB> ?@82>48B 153;KE ?0;0G59, GB>1K 8A?KBK20;8 =>2K5 8=AB@C<5=BK =0 =528==KE&
0<>;G8, 48BO, A:070; O. # =0A 1C45B 5IQ 2@5<O, GB>1K ?>3>2>@8BL, => A59G0A <>3C A:070BL B515 ;8HL >4=>: MB> =5 45;> !2OB>9 !;C61K. CABL MB8< 709<CBAO 8<?5@0B>@A:85 AC4K, 5A;8 >= B0:>9 =54>1@K9, :0: BK 3>2>@8HL. > :0:>5 >B=>H5=85 >= <>65B 8<5BL : 8=:2878B>@C 3> @5>A2OI5=AB20?
=0 A<>B@5;0 =0 <5=O <>;G0 8 A :0:8<- B> 01A>;NB=K< =5?>=8<0=85< 2 3;070E.
= A>25@H05B GQ@=K5 <5AAK? ?@>4>;60; O. K7K205B 45<>=>2 8;8 !0B0=C? %C;8B =0H53> >30 A5<>3CI53>? A:25@=O5B A2OBK5 <>I8?
/ A<>B@5; =0 =5Q, 0 >=0 <>;G0;0.
"0: ?>G5<C BK, :B> >B:070;0AL >B >6L59 <8;>AB8 8 ?@83>2>@8;0 A51O =0 25G=>5 <C:8, A<55HL AG8B0BL A51O ;CGH5, G5< >=? B> 40; B515 ?@02> AC48BL 8 >B<5@OBL :0@C?
K ?>?0;8 2 ;>2CH:C, 8=:2878B>@, A:070;0 >=0 A =5A:@K205<K< C4>2;5B2>@5=85< 2 3>;>A5. >25;8AL :0: A;5?>5 48BO. 0AA5;L@>45 7=0;, GB> :B>- B> 3>B>28BLAO C18BL 53> 4@C30 35@F>30. =0;, GB> 2@038 %0C15@30 2K7>2CB 45<>=0. >= 8A?>;L7>20; 20A, 401K 2K 1;03>40@O A2>5<C <0AB5@AB2C A?0A;8 ?@5ABC?=8:0, => C18;8 B5E, :B> 548=AB25==> 65;0; A?@0254;82>AB8 8 2>7<5I5=8O 2@540.
/ 4>;3> A<>B@5; =0 =5Q. A;8 0<C;5B A %030B =5 1K; >B40= =0AB>OB5;N 2> 2@5<O 8A?>2548, B>340 >= 1K; ?>;CG5= 8=K< A?>A>1><. >65B ?@5:@0A=0O 0B@8=0 C:@0;0 53> C 402=59 ?>4@C38? "5< =5 <5=55, =8 C =5Q, =8 C =0AB>OB5;O O =5 2845; 1>;LH>9 28=K. >=OB=>, GB> =0AB>OI89, =01>6=K9 E@8AB80=8= 4>;65= 1K; >B:@KBL 2AN ?@024C, =5 ?>425@30O 8=:2878B>@0 B@C4=>ABO< A;54AB28O. > O B0:65 ?>=8<0;, GB> =0AB>OB5;L 8 53> @>4AB25==8F0 E>B5;8 A:@KBL >B <>8E 3;07 ;8G=CN 708=B5@5A>20==>ABL 2 ?>1545 35@F>30 8 ?@>83@KH5 0=5AAK. 06=K< 1K;> >4=>: 45;> 70:>=G8;>AL B@8C<D>< 4>1@0, 0 ?CBL, 254CI89 : MB><C B@8C<DC, 1K; =5 A;8H:>< 206=K<.
>65B B0: 8 1K;>, :0: 3>2>@8HL. >B25B8; O. > :0:>5 MB> <>65B A59G0A 8<5BL 7=0G5=85?
=0 <>;G0;0, ?>MB><C O >B25@=C;AO 8 :82=C; AB@06=8:0<, GB>1K 5Q 7018@0;8.
;> <>6=> ?>15640BL B>;L:> 7;><! >=0 5IQ :@8:=C;0 70 <>59 A?8=>9.
/ A;KH0;, :0: >=0 4Q@305BAO 2 @C:0E AB@06=8:>2 8 @C305BAO. >65B >=0 1K;0 ?@020, GB> 8=>340 1>;LH>5 7;> A;54C5B ?>15640BL 5IQ 1>;LH8< 7;><. ">;L:> 2>B, GB>1K 27OBLAO 70 B0:>5 7040=85, =04> 8<5BL <=>3> A8;. 8E C ?>A;54>20B5;59 %030B =5 1K;>.
"K GC4>28I5! 4> <5=O 4>=QAAO 5Q :@8:. "K, 0 =5 %030B!
/ @0AA<5O;AO A>1AB25==K< <KA;O<. A:070==>< 5N ?@54;>65=88 B08;>AL 2=CB@5==55 ?@>B82>@5G85, > :>B>@>< >=0 A0<0 =5 4>304K20;0AL. 1> 5A;8 O 1K; GC4>28I5<, B> :5< 4>;65= 1K; 1KBL ">B, :><C O 87> 2A5E A8; A;C6C?
<5O 8 3>;C1:0
!<5@BL C65 =5 8<55B =04 8< 2;0AB8.
( !2. 025;, >A;0=85 : 8<;O=0<) .
%>B8B5 A59G0A 5E0BL, C20605<K9 3>A?>48=? >@G<0@L ?@8:>2K;O; : =0H5<C AB>;C, 8 O 70<5B8;, GB> >= AB0@05BAO =5 A<>B@5BL =0 ;8F> !<5@BCE0, >A25IQ==>5 >3=Q< :0<8=0. 0, 2 @>7>20B>< >BA25B5 !<5@BCE 2K3;O45; EC65, G5< >1KG=>, 0 A<>@I5==K9, H8@>:89 H@0<, C@>4CNI89 53> ;8F>, :070;>AL, @8B<8G=> ?C;LA8@C5B. >E>48;> =0 B>, 1C4B> A:@KBK5 ?>4 :>659 B>;ABK5 G5@28 :;C18;8AL, ?KB0OAL ;N1>9 F5=>9 2K;57B8 =0@C6C.
B2>Q :0:>5 45;>? @O2:=C; 5@2K9, :>B>@K9 A53>4=O 1K; 2 ?>30=>< =0AB@>5=88.
"0: B>;L:>& "@0:B8@I8: =0G0; >BABC?0BL, => O 65AB>< >AB0=>28; 53>.
>G5<C A?@0H8205B5, 4>1@K9 G5;>25:? !GQB 1K; >?;0G5=, =5 B0: ;8?
, I54@>, C20605<K9 3>A?>48=! = >1=068; 2 C;K1:5 3>;K5, A8=85 4QA=K A >AB0B:0<8 7C1>2, 1>;55 G5< I54@>, ?@>AB8B5&
">340 GB>?
= A=>20 ?@81;878;AO, 8 4> <>53> =>A0 4>=QAAO 70?0E 3=8;8, :>B>@>9 =5A;> 87 53> @B0. E, 154=K9 >@48<5@, ?>4C<0; O, =5C6B> BK >48= >1@0I05HL 2=8<0=85 =0 2>?@>AK 38385=K? / <KA;5==> 274>E=C;. 5A<>B@O =0 <=>3> =545;L, ?@>254Q==KE 2 A>2<5AB=KE ?>574:0E A> !<5@BCE><, O 8 : 53> 2>=8 =5 A<>3 ?@82K:=CBL. "0:>9 2>B :@5AB O =QA, ?><8<> <=>38E 4@C38E :@5AB>2.
"CB =8:B> =5 5748B =>G0<8, C20605<K9 3>A?>48=, >= A:070; B8H5. 0: AB5<=55B, 2A5 A84OB 2 E0B0E, 2 :>@G<0E.
, MB>, 3>@L:CN ?LNB, =01820NB <>H=C B@0:B8@I8:0<, @O2:=C; 5@2K9.
;87=555F, CA?>:>8; O 53>. 09 A:070BL G5;>25:C. 848HL, MB> G5AB=K9 E>7O8=. 5 ?CAB8B ?CB=8:>2 2 3;CECN =>GL, E>G5B 8E ?@54C?@548BL >1 >?0A=>ABOE ?CB8. 0, ;N157=K5 <>8, @54:> C65 2AB@5B8HL =0 A25B5 ;N459, 15A:>@KAB=> 2>7;N182H8E 1;86=53>&
!<5@BCE 2KB0@0I8;AO 8 B8E> ?>2B>@8; <>8 A;>20. 0?=C;AO =0 A;>25 « 15A:>@KAB85» . ;87=5FK B>;L:> 3;C?> C;K10;8AL.
@0A82> 3>2>@8B5, C20605<K9 3>A?>48=. >:@CB8; 3>;>2>9 :>@G<0@L. K :0:>9- B> A5<8=0@8AB, 0 <>65B 8 A2OI5==8:, 0?
;87=5FK DK@:=C;8 >B A<5E0.
!2OI5==8: =5 A2OI5==8:, 0 :@>?8;>, MB>, 8<55B, ?@>E@8?5; 5@2K9.
A;8 1K, >B25B8; O, =5 >1@0I0O 2=8<0=8O =0 53> A;>20. K 70=8<05<AO B5< 8 MB8<, => 4> A2OI5==8:>2 =0< 40;5:>. > A:068B5, 1C4LB5 4>1@K, GB> 70 >?0A=>AB8 ?>4AB5@530NB 2 >:@5AB=>ABOE ?CB=8:>2? @018B5;8? 71C=B>202H55AO <C68GLQ? 5AB=K9 ?><5I8: 2>A?>;=O5B =54>1>@ 2 AC=4C:5 8 70AB5=:0E?
E, 5A;8 1K! = @07<0H8AB> <0E=C; @C:>9, 0 O A:@828;AO, ?>B><C GB> 2>=L 87 53> ?>4<KH:8 ?>GB8 >B18;0 <=5 =NE. 0<=>3> EC65, 3>A?>40, =0<=>3> EC65&
@8A068209B5AL : =0<, ?@83;0A8; O, C:07K20O <5AB> @O4>< A> B>@K<, 81> ?@54?>G8B0;, GB>1K >= 2<5AB5 A> A2>59 2>=LN 45@60;AO >B <5=O ?>40;LH5. K 5IQ <>65< 2K?8BL ?> AB0:0=G8:C.
;87=5FK 8 !<5@BCE ?@>A8O;8 25AB8, GB> 8E 64QB 5IQ :@C6:0 ?820. 54L 2A5340 ;CGH5 A845BL @O4>< A :0<8=><, ?>?820O ?82:>, G5< B0I8BLAO 4>64;82>9 =>GLN ?> CE010<. MB>9 :>@G<5, ?@0240, ?82> 1K;> @07102;5==K< :0: :>=A:0O <>G0, E;51 GQ@AB2K<, <OA> 68;8ABK<, 0 4K< @0AE>48;AO ?> 2A5<C ?><5I5=8N 8 @570; 3;070, => GB> 45;0BL: ;CGH5 MB>, G5< =8G53>.
>2>;L=K9 :>@G<0@L @0A?>;>68;AO A C;K1:>9 =0 ;02:5 8 ?>4>720; ?>4020;LI8:0 <0;5=L:>3>, A25B;>2>;>A>3> ?0@5=L:0 2 70?;0B0==><, =52>7<>6=> 70<070==>< 8 8A?0G:0==>< :0DB0=5.
09- :0 30@=5F ;CGH53>, 2>A:;8:=C; B@0:B8@I8:. =5 1K;> 8=B5@5A=>, 1C45B ;8 ;CGH55 >B;8G0BLAO >B B>3>, GB> <K 8<5;8 C4>2>;LAB285, 0 B>G=55 =5C4>2>;LAB285, B>;L:> GB> ?8BL, 8 O =045O;AO, GB> 40.
@5645 G5< =0G=C GB> 8 :0:, A:070; :>@G<0@L, =04>, C20605<K5 3>A?>40, GB>1 2K C7=0;8, GB> 2 >:@C35. 1>, 2848B5 ;8, C =0A BCB B@8 45@52=8. = ?>4=O; @C:C 8 AB0; AG8B0BL =0 ?0;LF0E. @CA=8:8=>, /78=0 ?@>B>:0 8 !B0@8:>2>. :064>9 4> 4204F0B8 42>@>2, 0 !B0@8:>2> MB> 2@>45 4065 2>>@C6Q==>5 ?>A5;5=85. >B><C GB> >=> >:@C65=> ?0;8A04>< 8 682QB 2 =Q< >:>;> A>B=8 ;N4C&
45;C, @O2:=C; 5@2K9.
"0: <K 6 ?> 45;C, :>@G<0@L 4065 =5 A<5H0;AO. A5 MB8 45@52=8 ?@8=04;560;8 3>A?>48=C ?><5I8:C !B0==515@30, GB> 682QB, B> 5ABL 68;, 2 <0;5=L:>< 70<:5 !B0==515@3, 81> 2848B5 ;8, 53> =0720=85 84QB >B @>40, E>BO 4@C385 3>2>@OB, GB> MB> @>4 84QB >B =0720=8O 70<:0&
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
"5< 2@5<5=5< : AB>;C ?@8A5<5=8; ?@8A;C6820NI89 <0;LG8: A 30@=F5< ?820 2 @C:0E. !<5@BCE A5; =0 A2>Q <5AB> 8 A 4>2>;L=>9 <8=>9 =01;N40;, :0: 53> :@C6:0 =0?>;=O5BAO =0?8B:><.
5@=Q<AO : @0AA:07C, ?>4A:070; O :>@G<0@N. K 3>2>@8;8, 68;, 40? -B> 7=0G8B, GB> 3>A?>48= !B0=5=15@3 C65 =5 682QB 2 70<:5?
0<>: CHQ; 70 4>;38, >1JOA=8; E>7O8=. <5AB5 A> 2A5< 2>:@C3. B0:, 7=05B5, 3>A?>40, 8 45@52=8 BCB :@0A82K5, E>BL A 2>;L=>ABO<8. ?@C4K 70@K1;5=K, 8 ;5A B0:>9, GB>& !<5@BCE :0H;O=C;. / =5 7=0;, B> ;8 ?82> 5<C ?;>E> ?>H;>, B> ;8 ?>:0H;820=85 4>;6=> 1K;> ?>B>@>?8BL :>@G<0@O, => >= ?@8=O; MB> =0 A2>9 AGQB, ?>B><C GB> B>BG0A 3;O=C; 2A?C3=CB>.
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
C- =C, A:070; O. >65B :@5ABLO=5 A1530NB?
A;8 1K, >= <0E=C; @C:>9. #65 =015@QBAO A 420 45AOB:0 B0:8E ?@>?02H8E.
>2>@8B5, 2A5340 B>;L:> ?>A;5 70:0B0? ?@>1>@<>B0; =52=OB=> !<5@BCE, 81> :0: @07 :>2K@O; =>3BQ< 2 7C10E.
30, ?>A;5 70:0B0. >2>@OB, GB> 3>A?>40 %0CAB>DD5@ MB>&
/ C65 402=> :@05< 3;070 70<5B8;, GB> =0 =0A ?>3;O4K205B ?;5G8ABK9, A54>20BK9 <C6G8=0, AB>OI89 2 =5A:>;L:8E H030E 70 A?8=>9 :>@G<0@O. / =5 @5038@>20;, ?>B><C GB> =0< 254L =5G53> 1K;> A:@K20BL, 0 O G5;>25: =04Q6=K9 8 A<8@5==>3> A5@4F0. 07 C6 E>G5B A;CH0BL, ?CABL A;CH05B. = 1K; >45B ?>4 7068B>G=>3>, 0 A 53> ?>OA0 A28A0;8 C:@0H5==K5 4@03>F5==K<8 :0<=O<8 8 >1H8BK5 7>;>B>9 B5AL<>9 =>6=K ?>4 :@82CN A01;N. !0<> =025@H85 >@C68O B>65 2K3;O45;> 4>AB>9=>.
0<?8@K, @O2:=C; >= 24@C3, 70:0=G820O ?@54;>65=85, =0G0B>5 :>@G<0@Q<.
"@0:B8@I8: ?>4A:>G8;, 1C4B> 5<C :B>- B> H8;> 2 704 2>B:=C;, 8 8A?C30==> >15@=C;AO. >340 C2845;, :B> ?5@54 =8<, A>@20;AO A> A:0<L8 8 >BA:>G8; 2 AB>@>=C.
/ B>340 5IQ ?@8=5AC ?820, 2>A:;8:=C; >=, A:@K2H8AL 70 AB>9:>9.
!<5@BCE 3@><:> @0AA<5O;AO. 3> A<5E 1K; ?>GB8 B0: 65 ?@5:@0A5=, :0: 8 ;8F>, => ?;5G8ABK9 <C6G8=0 ;8HL A 8=B5@5A>< =0 =53> ?>A<>B@5;. @54:> :B> A<>B@8B =0 !<5@BCE0 157 AB@0E0 8 >B2@0I5=8O.
>72>;LB5, 3>A?>40, ?@54AB02;NAL, ?@>87=QA >= 10A><. / >0E8< =>BB5, C?@02;ONI89 ?><5ABLO<8 53> 25;L<>6=>AB8 10@>=0 %0CAB>DD5@0, >= A;53:0 ?>:;>=8;AO.
/ ?>4=O;AO A ;02:8 8 25@=C; 5<C ?>:;>=.
!048B5AL, ?>60;C9AB0, A:070; O, ?>:07K20O <5AB>. >65B >?@>:8=5B5 A =0<8 ?> :@C6:5- 425?
=BC8F8O ?>4A:07K20;0 <=5, GB> 2>7<>6=> 274>@=K5 @073>2>@K A :>@G<0@Q< A<5=OBAO G5<- B> 7=0G8B5;L=> 1>;55 8=B5@5A=K<. :>=F5 :>=F>2 C?@02;ONI89 ?><5ABLO<8 ?>E>65 703>2>@8; A =0<8 =5 ?@>AB> 87- 70 8A:@5==53> 65;0=8O ?>7=0:><8BLAO A ?CB=8:0<8, GB> >AB0=>28;8AL =0 =5?@83;O4=>< ?>AB>O;>< 42>@5?
/ =5 A;KH0; 20H53> 8<5=8, ?@>87=QA >= AB@>38< B>=><, ?@>=8F0B5;L=> A<>B@O =0 <5=O 87- ?>4 A54KE 1@>259.
>B><C GB> O 53> =5 =0720;, C;K1=C;AO O ?>4:C?0NI5. 5 :064K9 A >E>B>9 ?@8A068205BAO :> <=5, :0: 53> CA;KH8B, 4>1028; O. >60;C9, @8A:=C&
/ >@48<5@ 0445@48=, ;8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0, A:070; O, => =5 A;8H:>< 3@><:>, 401K =8:B> ?>AB>@>==89 =5 A;KH0;.
/ =5 ABK48;AO <>59 ?@>D5AA88, => ?@845@6820;AO ?@028;0, 3;0AOI53>, GB> >1KG=> ;CGH5 >AB020BLAO 2 B5=8. / G5;>25: B8E89 8 A?>:>9=K9, =5 8ICI89 >3;0A:8. !B0@0NAL ;8HL A;C68BL >A?>4C, B0:, :0: ?>=8<0N MBC A;C61C <>8< A:C4=K< C<><, 8 =8 0?;>48A<5=BK, 8 =8 >?5@560NI0O <>8 H038 AB>CAB0O A?;5B=O <=5 A>2A5< =5 =C6=K.
%0, ?@>87=QA >=.
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
"5?5@L A>1;03>2>;8B5 A5ABL? A?@>A8; O, :>340 2@5<O <>;G0=8O G5@5AGC@ 70BO=C;>AL.
= A5; 157 A;>20 8 A<>B@5; =0 <5=O 87- ?>4 =0E<C@5==KE 1@>259.
B:C40 <=5 7=0BL, GB> 2K =0 A0<>< 45;5 8=:2878B>@? A?@>A8; >= 24@C3.
5 C3>20@820N 20A 4>25@8BLAO <>8< A;>20<, >B25B8; O <O3:>. > =>B:0 ?>4>7@5=8O 2 20H5< 3>;>A5 3;C1>:> @0=8B <>8 GC2AB20.
= C;K1=C;AO >4=8<8 3C10<8, => 53> A25B;>- 3>;C1K5, :0: 1K 70AB8@0==K5 3;070 >AB0;8AL E>;>4=K<8 8 >F5=820NI8<8.
A;8 2K 8 ?@0240 8=:2878B>@, G5;>25: >1CG5==K9 =0E>48BL 8 C=8GB>60BL 2AO:CN A:25@=C, ?@>87=QA >=, 2>7<>6=> O =094C 4;O 20A 70=OB85.
>@G<0@L ?@8A5<5=8; A> A;54CNI8< 30@=F5< ?820 8 :@C6:>9 4;O =>BB5, ?>AB028; 8E =0 AB>; 8 :0: <>6=> 1KAB@55 CA:>;L7=C;.
5 4C<0N, GB>1K O 8A:0; 70=OB85. > 5A;8 GB>- B> 7=05B5 > :>;4>2AB25, 5@5A8 8;8 >1@O40E, ?@>B82=KE CG5=8N &5@:28, B> 20H A2OI5==K9 4>;3 A>>1I8BL >1 MB>< 1;8609H5<C ?@54AB028B5;N =:2878F88, E>;>4=> >B25B8; O. ;8, 2 40==>< A;CG05, <=5, 4>1028; O.
= ?@8:CA8; CA 8 70ABCG0; ?0;LF0<8 ?> ;8?:>9 AB>;5H=8F5.
K?L5<, ?@>87=QA >=, ?>4=8<0O :@C6:C. 0 GB> 2K?L5<, 3>A?>48= 0445@48=?
0 GB> ?>65;05B5, >B25B8; O 8 G>:=C;AO A =8<. %>BO 1K 70 20<?8@>2&
= A:@828;AO, CA;KH02 MB8 A;>20, => =8G53> =5 A:070;. 8HL :>340 >BAB028; :@C6:C 8 >BQ@ CAK, ?>A<>B@5; =0 <5=O BO6Q;K< 273;O4><.
(CB:8 HCB8B5, ?@>1C@G0; >=. 745AL =5B =8G53> A<5H=>3>.
!<5@BCE, 4>@>3>9 <>9, A:070; O. >45;8AL A C20605<K< 3>A?>48=>< =>BB5, > A:>;L:8E BK A;KH0; 45;0E, GB> 25;8AL =:2878F859 ?@>B82 20<?8@87<0?
!<5@BCE >1=068; 2 C;K1:5 6Q;BK5 ;>?0BK 7C1>2.
8 >1 >4=><, >@48<5@, >B25B8; >=.
!<5@BCE <>65B =5 A0<K9 A>>1@078B5;L=K9, => >= A?>A>15= ?><=8BL :064>5 A;>2> 87 @073>2>@>2, GB> A>AB>O;8AL <=>3> ;5B =0704. -B> @54:89 40@, 8 2@5<5=0<8 O 4065 C482;ONAL, ?>G5<C 4>1@K9 >3 >40@8; 8< :>3>- B>, :B> A0<, 157 ?><>I8 20H53> ?>:>@=>3> A;C38, 4065 =5 A<>3 1K 8< ?@028;L=> 2>A?>;L7>20BLAO.
!;KH0;8, 3>A?>48= =>BB5? A?@>A8; O. 8 >4=>3>. GB> MB> >7=0G05B?
5A><=5==> =5 ?@5<8=QB5 ?>45;8BLAO A> <=>9.
7=0G05B MB>, GB> 20<?8@>2 =5B, O B50B@0;L=> 274>E=C;. 0, 5ABL 1>;L=K5 ;N48, :@09=5 6064CI85, GB>1K 8E AG8B0;8 20<?8@0<8. =8 ?LNB :@>2L 65@B2, @0748@0NB 8< 3>@;>, 10, 4065 871530NB A>;=5G=>3> A25B0 8 A2OBKE A8<2>;>2, ?>A:>;L:C >=8 AB>;L A8;L=> C15645=K, GB> @0A?OB85 8 A>;=5G=K5 ;CG8 <>3CB 8< =02@548BL. K > B0:8E 45;0E A;KH0;8, 3>A?>48= =>BB5. > =5 1C45< ?@8<5H820BL ?;5159A:85 109:8 : A5@LQ7=K< @0AAC645=8O<.
>B MB> 40, A:070; >= =5<=>3> ?>3>4O. 5 4C<0;, GB> ?>4>1=K5 A;>20 ?@>72CG0B 87 CAB 8=:2878B>@0.
/ @0AA<5O;AO 8 4>2>;L=> 8A:@5==5.
GB> 2K 4C<05B5? A?@>A8; O. 'B> 8=:2878B>@ 4>;65= 2> 2AQ 25@8BL? A:0BL E>;< M;LD>2 8 3>@H>: 7>;>B0, 70:>?0==K9 =0 B>9 AB>@>=5 @04C38? 0?><8=0BL A28=LN, @>NICN :>?KB0<8 =0 >48= 70?0E B@ND5;59?
= 703>3>B0; 8 C40@8; A51O ;04>=O<8 ?> 1Q4@0<, 06 H;Q?=C;>. !<5@BCE ?>A<>B@5; =0 =53> 8A?>4;>1LO, => =>BB5 ;81> =5 C2845; MB>3>, ;81> 53> MB> =8:0: =5 :>A=C;>AL.
0H5 74>@>2L5, 3>A?>48= 0445@48=, ?@>87=QA >= 3@><:> 8 ?@8;>68;AO : :@C6:5. 5AQ;K9 2K G5;>25:.
01C;L:0;>, 0 >= >?>@>6=8; ?>AC48=C 4> 4=0 8 3@><:> @K3=C;.
>G0, 70<5B8; >= A> 7;>1>9 8 ?>:@CB8; 3>;>2>9. 5G >A?>40 =0H53>, GB> 70 <>G0!
>A;5 G53>, 2>?@5:8 ?@>87=5A5=8N B>;L:> GB> ?@>72CG02H8E A;>2, >= 27O; 30@=5F 2 @C:8 8 =0;8; A515 4>25@EC.
038AB@ 0445@48=, A:070; >= A5@LQ7=> =5<=>3> ?>3>4O. 5 7=0N, ?>4E>48B ;8 @01>B0 2 =0H8E :@0OE 8=:2878B>@C, 8;8 65 =5B, 8 =5 <=5 >1 MB>< AC48BL. > 5A;8 C 20A 8 20H8E ;N459 1C45B 65;0=85 70@01>B0BL =5<=>3> 45=L60B, B> 70=OB85 =094QBAO&
;87=5FK ?>A<>B@5;8 4@C3 =0 4@C30, 8 5@2K9 3@><:> ?@8G<>:=C;.
8:0:85 45=L60B0, MB>, =5 ?0E=CB, ?@>1>@<>B0; >=.
4=0:> =>BB5 >B?;0B8; 5<C ;8HL ;Q3:>9 C;K1:>9 8 >G5=L ?@028;L=> 45;0;, 3;O4O =0 <5=O. = ?@5:@0A=> 7=0;, GB> 8<5==> >B 20H53> ?>:>@=>3> A;C38 7028AOB 2A5 @5H5=8O, GB> 1C4CB ?@8=OBK 2 MB>9 :><?0=88.
5;05B5 5IQ GB>- B> A:070BL? A?@>A8; O.
5B, G5AB=> >B25B8; >=. > 5A;8 ?>65;05B5 C7=0BL 2AQ, ?@>HC 2 70<>:. >A?>48= 10@>= %0CAB>DD5@ =5A><=5==> 1C45B 20< @04.
>G5<C =5B, <54;5==> A:070; O. >3>2>@8BL 2A5340 <>6=>. 28=5<AO A CB@0.
?>G5<C =5 A59G0A? A?@>A8; >=, 8 =5 7=0N, ?>:070;>AL ;8 <=5, 8;8 O CA;KH0; =0A<5H:C 2 53> 3>;>A5. / 4>@>3C E>@>H> 7=0N.
0@>= =0A ?@8<5B? C4828;AO O. MB> 2@5<O?
>A?>48= 10@>= 70AK?05B >G5=L, =C ?@O<> >G5=L ?>74=>, ?@>87=QA >= =0 MB>B @07 157 =0A<5H:8 8 157 C;K1:8. @07 2K =5 >B=>A8B5AL A5@LQ7=> : 45@525=A:8< 109:0<&
>A?>48= =>BB5, A:070; O A=8AE>48B5;L=>. '5< MB> 4>;6=> 1KBL? @>25@:>9 A<5;>AB8? @>5E0BL =>GLN ?> BQ<=><C ;5AC? #E=CBL A>2>9 =0 :;0418I5? K =5 4C<05B5, GB> <K C65 2K@>A;8 87 B0:8E 7040=89? IQ =5402=> O 459AB28B5;L=> E>B5; 2K5760BL, => A59G0A <=5 ?@8OB=> A848BAO 70 ?82:>< 8 2> <=5 ?>AB5?5==> @0ABQB 65;0=85 A?0BL. >@G<0@L! ?>720; O.
= A:>@5=L:> ?@8:>2K;O;, => O 70<5B8;, GB> AB0@05BAO 45@60BLAO ?>40;LH5 >B =>BB5.
!;CH0N 20HC <8;>ABL.
# B51O 5ABL 425 :><=0BK? ! :@>20BO<8 8 ?>AB5;O<8?
!59G0A 25;N 2AQ ?@83>B>28BL&
C 2848B5, O >1@0B8;AO : =>BB5. / C65 B@8 4=O =5 A?0; 2 ?>AB5;8. 0:0O- B> ?5@5<5=0 ?>;57=0.
0: E>B8B5, ABK;> ?@>87=QA C?@028B5;L. 4=0:>, @07 3>A?>48= 10@>= ?@83;0H05B, >B:07K20BL =5256;82>.
A;8 ;N18B, ?>4>64QB, DK@:=C; !<5@BCE.
=>BB5 ?>A<>B@5; =0 =53> :0: =0 ;>H048=>5 45@L<>.
56;8255, :>340 @5GL > 10@>=5, @O2:=C; >=.
5 AA>@8<AO 87- 70 A;>2, A:070; O ?@8<8@8B5;L=>. K ;N48 ?@>ABK5, 3>A?>48= =>BB5. # =0A GB> =0 A5@4F5, B> =0 O7K:5.
A65GL <>65< ;N1>3>. B>@>9 2KB0I8; ?0;5F 87 =>A0 8, :070;>AL, >= 3>2>@8B =5 =0<, 0 75;Q=>9 :>7O2:5, GB> B>@G0;0 C =53> 87- ?>4 3@O7=>3> =>3BO. 2>@O=5, =5 42>@O=5, =0<, :0: 1K, 2AQ >4=>.
=>BB5 ?>:@0A=5;, 0 O 1KAB@> A:070;:
>9 B>20@8I E>B5; B>;L:> A:070BL, GB> 2A5 <K @02=K 2 3;070E >A?>40 8 =0A 64QB >48= AC4, =57028A8<> >B B>3>, :5< O2;O5<AO. 5 1C45HL ?@5427OBK< : >A>15 ;N1>9, 3;0A8B 8A0=85.
=, A>?O, 274>E=C; 8 A45;0; 284, GB> ?@8=O; <>8 A;>20 70 G8ABCN <>=5BC.
CABL 1C45B ?> 20H5<C, A>3;0A8;AO >=. 4C 20A 702B@0 A CB@0 2 70<:5, <8;A40@L 8=:2878B>@. 064K9 <C68: ?>:065B 20< 4>@>3C. = 2AB0;, >B>428=C2 ;02:C A 3@><:8< HC<><. A59G0A ?@>I09B5.
0; 1K; >3@><=K<. <>65B 25@=55 =5 >3@><=K<, => =5>1K:=>25==> 4;8==K<. <5==> B0: =0 :0@B8=0E 8 3>15;5=0E ?>@>9 87>1@060NBAO :>@>;52A:85 ?>:>8. >;>==K, 84CI85 24>;L AB5=, 0 2 A0<>< :>=F5, =0 2>72KH5=88, 1>;LH>5, :@0A=>5 :@5A;> A 2>AA5402H8< =0 =Q< ?>25;8B5;5<. B 425@59 4> 2>AA540;8I0 10@>=0 =0A >B45;O;> A0<>5 <5=LH55 ?OBL45AOB H03>2. 5 E20B0;> B>;L:> AB>OI8E ?> >158< AB5=0< ?@842>@=KE, ;CGH5 2A53> A B@C10<8 2 @C:0E. <5AB> MB>3> C 10@>=0 ?> ;52CN @C:C 1K; C?@02;ONI89 =>BB5, 0 ?> ?@02CN 2KA>:0O, EC40O 65=I8=0, A84OI0O =0 ABC;5 A 2KA>:>9, @57=>9 A?8=:>9. 0@>= GB>- B> =0< A:070;, => O =5 @0AA;KH0; A;>2. 4=0:> ?> 65ABC @C:8 ?>=O;, GB> >= E>G5B, 401K <K ?@81;878;8AL. <K =0G0;8 84B8.
>A:>;L:C, :0: O 3>2>@8;, =0A >B :@5A;0 >B45;O;> A0<>5 <5=LH55 ?OBL45AOB H03>2, C <5=O 1K;> 2@5<O 2=8<0B5;L=> @0AA<>B@5BL 3>A?>48=0 %0CAB>DD5@0 8 A>?CBAB2CNICN 5<C 65=I8=C. 0@>= 1K; C65 AB0@K< G5;>25:><, 4;8==K5, A54K5 2>;>AK A?CA:0;8AL C =53> 4065 =865 ?;5G, A>25@H5==> =5 ?> >1O70B5;L=>9 =K=G5 A@548 42>@O= <>45, :>B>@0O B@51>20;0 AB@8GLAO :>@>B:>, 8 4065 ?>41@820BL 70BK;>:. 45B >= 1K; 1>;55 G5< 7068B>G=>, 0 A H8@>:>3> =0 425 ;04>=8 ?>OA0 06 :0?0;> >B 7>;>B0 8 4@03>F5==KE :0<=59.
25, <>65B B@8 BKAOG8, !<5@BCE ?@>H5?B0; B0: B8E>, GB> O 5420 @0AA;KH0;, E>BO <K H;8 ?;5G>< : ?;5GC.
/ 2845;, GB> >= CAB028;AO =0 ?>OA 70BC<0=5==K< 273;O4><, => >= >H81AO 2 >F5=:5 53> AB>8<>AB8. >OA AB>8; 7=0G8B5;L=> 1>;LH5. 025@=O:0 70 =53> <>6=> 1K;> :C?8BL =5?;>ECN 45@52=N. 0 3@C48 10@>=0 O C2845; 7>;>BCN F5?L A >3@><=K< @C18=><, 0 1;54=K5, B>=:85 ?0;LFK 3>A?>48=0 %0CAB>DD5@0 B0:65 1K;8 C:@0H5=K ?5@AB=O<8. ">?07, 87C<@C4 8 @C18= =0 ;52>9 @C:5, =0 ?@02>9 B>;L:> A0?D8@, => 7=0G8B5;L=> 1>;LH89, G5< =>3>BL <>53> 1>;LH>3> ?0;LF0. ;03>@>4=K9 10@>= =>A8; =0 A515 A>AB>O=85, 70 :>B>@>5 1>;LH8=AB2> ;N459, 682CI8E 2 =0H5< =5 ;CGH5< 87 <8@>2, C18;> 1K A>1AB25==KE 6Q=, <0B5@59 8 45B59. >B;8G85 >B =53>, =0 A>?@>2>640NI59 53> 65=I8=5 2>>1I5 =5 1K;> 4@03>F5==>AB59, 0 GQ@=>5 ?;0BL5 1K;> ?@>AB> ?>@078B5;L=> A:@><=K<. Q 2>;>AK 1K;8 A?@OB0=K ?>4 A5@K< G5?F><. 5=I8=0 A<>B@5;0 =0 =0A, :>340 <K ?>4E>48;8, => <=5 :070;>AL, GB> =0 A0<>< 45;5 5Q 273;O4 ?@>E>48B <8<> =0A, 1C4B> <K 1K;8 ;8HL >1;0:>< BC<0=0. / >AB0=>28;AO 2 =5A:>;L:8E H030E >B 2>72KH5=8O.
#20605<K9 3>A?>48=, A:070; O, A:;>=OOAL 2 ?>:;>=5, =5 G5@5AGC@ 3;C1>:><, => 1>;LH5, G5< CGB82><. / ?>;LIQ=, GB> BK ?>65;0; <5=O ?@8=OBL. 5=O 7>2CB >@48<5@ 0445@48=, 8 O 8<5N G5ABL 8A?>;=OBL >1O70==>AB8 ;8F5=78@>20==>3> 8=:2878B>@0 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. MB> <>8 ?>GB5==K5 ?><>I=8:8.
>GB5==K5, ?>2B>@8; 10@>= 8 GCBL C;K1=C;AO. / 70<5B8;, GB> >= A<>B@8B =0 ;8F> !<5@BCE0. @825BAB2CN 20A, 3>A?>40, ?@>87=QA >= C65 3@><G5, 0 3>;>A C =53> 1K; A8;L=K9, 3;C1>:89 8 72CG=K9.
= A?;Q; :8AB8 =0 :>;5=OE 8 4>;3> <>;G0;.
K =5A><=5==> ?@82K:;8, <038AB@, GB> 20A ?@87K20NB =0 ?><>IL ;N48, 8<5NI85 A5@LQ7=K5 ?@>1;5<K. 5 8=0G5 ?@>8AE>48B, >= 3;C1>:> 274>E=C;, A> <=>9.
C4C ?>;LIQ= A;C68BL 20H59 <8;>AB8 2 <5@C <>8E A:@><=KE A8;, >B25B8; O.
"000:, ?@>BO=C; >=. 'B> 4C<05B5 > 20<?8@0E, 3>A?>48= 0445@48=? = CAB028;AO =0 <5=O 8A?KBCNI5.
'B> 8E =5B, >B25B8; O, ?>4C<02, 2A5 ;8 BCB A>H;8 A C<0.
5B, ?>2B>@8; >= 8 ?>A<>B@5; =0 =>BB5. !;KH0;, >0E8<? 5B.
=:2878B>@ C65 A>872>;8; ?@>A25B8BL <5=O 2 MB>< 2>?@>A5, A:070; C?@02;ONI89 O728B5;L=K< B>=><.
0@>= A<>B@5; =0 <5=O 8 10;>20;AO, 70?;5B0O 8 @0A?;5B0O A54CN :>A8G:C 2>;>A, GB> A28A0;0 C =53> 2>7;5 CE0. #B>?;5==K5 2 ?5@AB=OE 4>@>385 :0<=8 =0 53> ?0;LF0E ?>AK;0;8 2 >3=5 A25G59 @07=>F25B=K5 >B1;5A:8. / A?>:>9=> 640;, GB> 87 2A53> MB>3> ?>A;54C5B, 8 ;8HL =045O;AO, GB> =57028A8<> >B 8AE>40 @073>2>@0 =0A C3>ABOB >154><. 1> >B 68;8AB>3> <OA0 8 :8A;>3> ?820 2 :>@G<5 C <5=O =0G8=0;0AL 876>30.
5B, ?>A:>;L:C =5 2845;8, B0:? 703>2>@8; >=.
/ 40;Q: >B B>3>, GB>1K 4>25@OBL B>;L:> @07C<C 8 7@5=8N, ?>A:>;L:C A;8H:>< G0AB> C15640;AO, GB> >=8 ?>4254CB ?5@54 ;8F>< ?@>45;>: !0B0=K. :>=F5 :>=F>2 8A0=85 =540@>< 3;0A8B: 8AB@51;N <C4@>ABL <C4@5F>2. 4=0:> ?@0:B8:0 <>O 8 4@C38E 8=:2878B>@>2 =5 ?>72>;O5B =0< =5:@8B8G5A:8 25@8BL 2 ;535=4K.
>9 AK= 20<?8@, ?@>87=QA 10@>= B0: ?@>AB>, 1C4B> A>>1I8;: « <>9 AK= ?>5E0; =0 >E>BC» .
/ =045O;AO, GB> !<5@BCE 8 1;87=5FK =5 2KA:06CBAO, 8 A;020 >3C, =5 2KA:070;8AL.
7 G53> 20H0 <8;>ABL B0: 70:;NG8;0? 256;82> A?@>A8; O.
>65B 87 B>3>, GB> C =53> @0ABCB >AB@K5 :;K:8? >B25B8; >= ;5=82K< B>=><. <>65B 87 B>3>, GB> 2KA0AK205B :@>2L C A2>8E 65@B2 8 A?8B 2 3@>1C?
"0:85 25I8 A;CG0NBAO& O :0H;O=C;.
0H0 <8;>ABL, A:070; O =5<=>3> ?>3>4O. 57028A8<> >B B>3>, GB> O 4C<0N >1> 2AQ< 45;5, 5A;8 20H0 <8;>ABL ?>65;05B, 87CGC 53> A> 2A5< AB0@0=85<.
/ =5 65;0N, GB>1K BK GB>- ;81> 87CG0;. >@48<5@, A=>20 ?@5@20; <5=O %0CAB>DD5@ 8 O CA;KH0; =>B:C =5B5@?5=8O 2 53> 3>;>A5. / 65;0N, GB>1K BK 53> C18;.
!>1AB25==>, O 4>;65= 1K; A:070BL « 0E B0:» , => =8G53> =5 A:070;. -B>B G5;>25: O2=> A>HQ; A C<0, 0 O =5 A>18@0;AO 2?CBK20BLAO 2 0@8AB>:@0B8G5A:85 8=B@838 8 :>7=8. 07C<55BAO, A:>@>?>AB86=>5 87102;5=85 >B =0A;54=8:>2 2 =5:>B>@KE @>40E >1KG=>5 O2;5=85, B0:>5 65, :0: ?@81;865=85 <;04H8<8 G;5=0<8 A5<L8 ?@5:@0A=>9 <8=CBK 70G8BK20=8O 7025I0=8O. !B0@K9 10@>= O2=> =5 >1>60; AK=0, <>65B C =53> 1K; 4@C3>9, :>B>@><C >= A>18@0;AO >AB028BL A>AB>O=85. > >@48<5@ 0445@48=, ;N157=K5 <>8, =5 ?;0B=K9 =0Q<=K9 C189F0. B5, :B> ?CB05B A2OB>5 ?@8720=85 8=:2878B>@0 A ?@>D5AA859 =0Q<=8:0, >1KG=> A 3>@5GLN C15640NBAO, GB> A>25@H8;8 =5?@>AB8B5;L=CN >H81:C.
0H0 <8;>ABL ?@>AB8B, ACE> A:070; O. > <K =5 708=B5@5A>20=K 2 MB>< 70:075.
=>BB5 1C@=> 70A>?5;, => 10@>= C=O; 53> 5420 70<5B=K< 65AB>< ;52>9 @C:8. 5=I8=0 2 GQ@=>< 2A<0B@820;0AL 2 <>Q ;8F> GCBL ;8 =5 1>;57=5==K< 273;O4><, => 5Q ;8: 1K; B0:8< <Q@B25==K<, GB>, :070;>AL, >= 70ABK; ?>4 B>;ABK< A;>5< 2>A:0. 'B> 6, 5A;8 >=0 1K;0 <0B5@LN <;04H53> %0CAB>DD5@0, =5A><=5==> GC2AB2>20;0 A51O =5 A;8H:>< :><D>@B=>, A;KH0 @073>2>@K > 70:075 =0 53> C189AB2>.
=0N, > GQ< BK 4C<05HL, 8=:2878B>@, ?@>87=QA 10@>=. 4=0:> C25@ON B51O, GB> BK 3;C1>:> >H8105HLAO. >9 AK= C65 =5 O2;O5BAO G5;>25G5A:8< ACI5AB2><, 8 C189AB2> 53>, 0 A:>@55 C=8GB>65=85, ?>A:>;L:C 2 459AB28B5;L=>AB8 >= 254L =5 682QB, 4;O =53> 1C45B >A2>1>645=85<, 0 4;O B51O ?>2>4>< 4;O 3>@4>AB8.
0H0 <8;>ABL ?>72>;8B, O A0< @5HC, GB> <>65B 1KBL ?>2>4>< 4;O 3>@4>AB8 8=:2878B>@0, 2>7@078; O 157 >18=O:>2. B25B ?>- ?@56=5<C 72CG8B: =5B. / ?>:;>=8;AO =5A:>;L:> =865, G5< ?@8 ?@825BAB288. 07@5H8B5 ?>?@>I0BLAO A 20H59 <8;>ABLN 8 ?>65;0BL 20< 4>1@>3> 74>@>2LO.
%>BO O 60;5; > ?>B5@O==>< C3>I5=88, => AG8B0;, GB> 40;L=59H55 ?@51K20=85 2 70<:5 <>65B 4;O =0A >:>=G8BLAO ?;>E>.
'Q@B, >AB0=>28AL, 0445@48=, @O2:=C; 10@>=, 8 =0 MB>B @07 1K;> 284=>, GB> >= =5 =0 HCB:C @07>7;Q=.
/ >AB0=>28;AO, ?>A:>;L:C =5 =0<5@520;AO >1>AB@OBL 8 B0: =5?@>ABCN A8BC0F8N. K =5 ?@81K;8 AN40, GB>1K ?@>25@OBL A8;C 4@C68= <5AB=KE D5>40;>2, 8 O =045O;AO, GB> 4> EC4H53> =5 4>94QB. @0240, 2 ?>:>OE =5 1K;> =8:>3> 2>>@C6Q==>3>, :@><5 =>BB5, => =5A><=5==> 10@>= A<>3 1K 7=0G8B5;L=> CA;>6=8BL =0< ?>:840=85 A2>8E 2;045=89, 5A;8 1 B>;L:> 70E>B5;. > 42>@5 O 2845; =5A:>;L:8E 2>8=>2 8 A:>;L:>- B> A;C3. 025@=O:0 <K 1K ?@>18;8AL G5@57 =8E, => :B> 7=05B, =5 1K;> ;8 =0 AB5=0E ;CG=8:>2 8 0@10;5BG8:>2. C1560BL >B <5B:> ?CI5==>9 AB@5;K, : A>60;5=8N, =5 B0: ?@>AB>.
0: ?>65;05B 3>A?>48= 10@>=, >B25B8; O =5>1K:=>25==> 256;82K< B>=><.
= A<>B@5; =0 <5=O 273;O4>< 20A8;8A:0 8 A>?5;. 0:>=5F >BQ@ ;8F> @C:>9, :0: 1C4B> >B3>=O; =5?@8OB=K5 <KA;8.
AB0=5B5AL =0 >154, 8=:2878B>@, ?@>87=QA >= ?@8<8@8B5;L=>. =0 45A5@B O ?@54AB02;N 20< GB>- B>, GB> 2>7<>6=> 87<5=8B 20H8 C15645=8O.
!?0A81>, 3>A?>48= 10@>=, A:070; O, ?>A:>;L:C C <5=O =5 1K;> 4@C3>3> 2KE>40. -B> 1C45B G5ABL 4;O <5=O.
* * *
0H ?>:>@=K9 A;C30 70 <=>385 3>4K C1548;AO, GB> A0<>5 3;02=>5 MB> A<8@5==0O 8 C?>@=0O A;C610 >A?>4C, 0 <0B5@80;L=K5 1;030 8 ?@5E>4OI85 @04>AB8 8<5NB =51>;LH>5 7=0G5=85. ?>MB><C O =0CG8;AO 68BL A ACE8< E;51>< 8 3;>B:>< 2>4K, E>BO =5 A:070; 1K, GB> ?>4>1=0O 485B0 <=5 ?>;=>ABLN ?>4E>48;0. 4=0:> :>340 ?@54AB02;O;AO A;CG09, O 1K; =5 ?@>GL ?>B5H8BL =Q1>.
'53> O >6840; >B >1540 C 10@>=0 %0CAB>DD5@0? 5A><=5==> =5 B>3>, GB> C2845;, 2E>4O 2 B@0?57=CN. # ?>GB8 :204@0B=>3> AB>;0, =0:@KB>3> 2KH8B>9 A:0B5@BLN, A845; A0< 10@>=, 53> 65=0 8 =5A:>;L:> 42>@O=, C?@02;ONI89 =>BB5 8 G5;>25:, :>B>@>3> O @0=55 2845; =0 70<:>2>< 42>@5, 8 :>B>@K9 =025@=O:0 1K; :0?8B0=>< AB@068. 0 2KA>:8<8 ABC;LO<8, ?@8 :064>< 87 3>AB59, 145;> ?> 42>5 A;C3, >48= 87 :>B>@K9 4>;65= 1K; 70=8<0BLAO =0?8B:0<8, 0 4@C3>9 54>9. %0, 540! 5 7=0N, <>6=> ;8 B0:8< B@8280;L=K< A;>2>< >?8A0BL B5 45;8:0B5AK 8 @07=>A>;K, GB> 3>@4> :@0A>20;8AL =0 AB>;5! 1> O C2845; :@C?=KE D0@H8@>20==KE ?>@>AOB A> A;53:0 :>@8G=52>9, ?>4@C<O=5==>9 :>68F59, 70;82=>5 87 A><0 8 IC:8, :0?;C=>2, =0G8=5==KE :C@>?0B>:, 8 4065 D070=>2, :@0A82> C:@0H5==KE ?5@LO<8. A5@51@O=KE <8A:0E ?0@8;8 3>@OG85 ?>E;Q1:8, 0 :> 2A5<C MB><C ?>40;8 1C;:8, 1C;>G:8 8 E;510, @07=>>1@07=>9 D>@<K 8 F25B0. # :064>3> 87 ?8@CNI8E 1K;> A2>Q 1;N4>, A5@51@O=>5 8 C:@0H5==>5 35@1>< %0CAB>DD5@>2. E, ;N157=K5 <>8, B0:>3> ?@8Q<0 =5 ?>ABK48;AO 1K 35@F>3A:89 42>@, 8 O ;8HL 60;5;, GB> !<5@BCE 8 1;87=5FK =5 <>3CB CG0AB2>20BL 2 ?8@5, ?>B><C GB> :0: 2K 4>304K205B5AL 8E ?>?@>A8;8 ?@8=OBL ?8IC 2<5AB5 A ?@842>@=K<8 8 2>8=0<8. 0H ?>:>@=K9 A;C30 2>HQ; 2 70; ?>A;54=8< 87 3>AB59, GB> 1K;> 1K =5?@>AB8B5;L=>9 15AB0:B=>ABLN, 5A;8 1K =5 D0:B, GB> 10@>= O2=> >6840; B0:>9 A8BC0F88. #28452 <5=O, >= 256;82> 2AB0;.
>B 8 C20605<K9 <038AB@ =:2878F88, 3>A?>48= >@48<5@ 0445@48=, ?@54AB028; >= <5=O. >B>@K9 2 <8;>AB8 A2>59 >15I0; 148B5;L=K< >:>< ?@8A<>B@5BLAO : =0H8< ?@>1;5<0<. B5?5@L, <>O 3>A?>60 >= ?>:;>=8;AO 65=5, 3>A?>40, ?>?8@C5< 8 ?@>25@8<, 70A;C68;8 ?>20@0 A53>4=O ?;QB>: 8;8 65 4>1@>3> A;>20.
/ ?>:;>=8;AO.
!C4O ?> 70?0EC, C20605<K9 10@>=, B2>8 ?>20@0 >B:@K20NB ?5@54 =0<8 2@0B0 @0O. > :@09=59 <5@5, ?5@54> <=>9, C :>B>@>3> =5B, : <>5<C ?@8A:>@18N, CB>G=Q==>3> =Q10 1>;LH8E 3>A?>4 8 548=AB25==K< ?@>?8B0=85< :>B>@>3> A;8H:>< G0AB> 5ABL <>;8B20.
5AA?>@=> =0AKI0NI0O 4CHC, ?@>87=QA, A;53:0 C;K1=C2H8AL, >48= 87 42>@O=.
> =5 ?@840NI0O A8; 60;:><C B5;C, >B25B8; O, 274KE0O. %>BO O 7=0N, GB> 682CB 1;03>G5AB82K5 <>=0E8, :>B>@K< :0: @07 <>;8B20 2?>;=5 70<5=O5B 2AO:>5 ?@>?8B0=85. 0;L, <=5, >4=0:>, 40;5:> 4> ?>4>1=>9 AB5?5=8 A2OB>AB8.
48= 87 A;C3 >B>428=C; ?5@54> <=>9 ABC; A 2KA>:>9 @57=>9 A?8=:>9. 0 @CG:0E 53> O 70<5B8; @0A?>;>65==CN A@548 28=>3@04=KE ;8ABL52 7<5N 7=0: %0CAB>DD5@>2. / B>;L:> A59G0A A>>1@078;, =0A:>;L:> =5>1KG5= MB>B 35@1. 52, BC@, <54254L, >@Q;, 4520, :>=L, 4065 548=>@>3 8;8 4@0:>= >1KG=>5 45;>. > 7<5O? / =5 <>3 2A?><=8BL =8 >4=>3> @>40, A8<2>;>< :>B>@>3> 1K;0 1K 7<5O. / ?>A<>B@5; =0 AB>;>2K5 ?@81>@K. 5@1>20O 7<5O 1K;0 2K3@028@>20=0 =0 2A5E. 0 AB>;>< A845;> 2A53> 452OBL G5;>25:, => 54K ?>40;8 AB>;L:>, GB> A>2A5< =5<0;5=L:0O 45@52=O 8<5;0 1K 2>7<>6=>ABL 4>;3> 25A5;8BLAO. =5A;8 AC?K, :@>;8:>2, ?5@5?Q;>:, 70OG89 ?0HB5B, ?02;8=0 A 87N<><, ?>B>< <54>2K5 ?8@>38, 20D;8, D838, A<5B0==K9 B>@B A 1>;LH8< <0@F8?0=>2K< @KF0@5<, AB>OI8< =0 53> 25@ECH:5, @8A A <>;>:>< 8 H0D@0=><. 84>2 28=0 8 1>:0;>2, :>B>@K5 =0< ?>AB>O==> <5=O;8, O 4065 =5 AG8B0;. / B>;L:> GC2AB2>20; A;04:CN BO65ABL 8 B@8 @070 >B?CA:0; ?>OA, 401K >A2>1>48BL <5AB> A;54CNI8< @07=>A>;0<. >4 AB>;>< 8 C AB5= ;560;8 AB>@>652K5 A>10:8 10@>=0 >3@><=K5, <>E=0BK5 ?AK A <54256L8<8 ;0?8I0<8. =8 B>65 1K;8 5420 682K >B ?5@5540=8O.
@>AB8B5 70 2>?@>A, >1@0B8;AO O : <>5<C A>A54C, 42>@O=8=C A >4CB;>20BK<, :@0A=K< ;8F>< 8 2KA>:> 2K1@8BK< 70BK;:><. -B> :0:>9- B> >A>1K9 ?>2>4 4;O ?8@0?
5B, 70A<5O;AO >= >B 2A53> A5@4F0 A ?>;=K< @B><, DK@:=C2 =0 A:0B5@BL >AB0B:0<8 ?0HB5B0. >A?>48= 10@>= 2A5340 B0: >15405B.
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
>340 %0CAB>DD5@ C2845;, GB> =8:B> 87 3>AB59 C65 =5 ?@>O2;O5B 65;0=8O @07@CH0BL ?>- ?@56=5<C 3@><>74OI85AO =0 AB>;5 3>@K 54K, >= ?>4=O; @C:C, ?@>AO B8H8=K.
#20605<K5 3>A?>40, 4>@>385 <>8 3>AB8. / >15I0; A53>4=O <038AB@C 0445@48=C >A>1K9 45A5@B. = C:070; ?0;LF5< 42>@5F:><C, :>B>@K9 =87:> ?>:;>=8;AO 8 8AG57 70 425@L<8. 045NAL, >= 20A 708=B5@5AC5B.
59AB28B5;L=>. !59G0A O 2A?><=8;, GB> @0=55 2 @073>2>@5 %0CAB>DD5@ ?>>15I0; <=5 « ?@54AB028BL =0 45A5@B GB>- B>, GB> 2>7<>6=> 87<5=8B <>8 C15645=8O» . 4=0:>, >1>6@02H89AO 8 C?82H89AO ?> <0:CH:C 8 ?> A0<K5 CH8, O CB@0B8; A2>9AB25==CN <=5 148B5;L=>ABL. / =5 4>;65= 1K; 701K20BL > B0:>9 206=>9 D@075. / ?>C4>1=55 A5; =0 ABC;5 8 1@>A8; 273;O4 =0 =>BB5. = A<>B@5; =0 <5=O 8 C;K10;AO. >E>65, 7;>@04=>. 0:>9 AN@?@87 3>B>28; AB0@K9 10@>=?
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
"5?5@L =0 AB>; 2J5E0;8 ?@O<>C3>;L=8:8, >45BK5 GQ@=K< <0B5@80;><. / C65 7=0;, GB> ?>4 ?>:@K20;>< ;560B ;N48. "@C?K ;N459, :0: O 1@0; =0 A51O A<5;>ABL ?@54?>;030BL. !;>6=> 1K;> =5 @073;O45BL E0@0:B5@=>3> A8;CMB0, GB> @8A>20;AO ?>4 <0B5@859.
>B 45A5@B, 2>A:;8:=C; %0CAB>DD5@, 0 A;C38 A=O;8 ?>:@K20;0.
0: O 8 >6840;, =0 ?@>4>;3>20BKE 4>A:0E ;560;8 <Q@B2K5 B5;0. !;020 >3C, MB> 1K;8 =5 1;87=5FK 8 !<5@BCE, 0 42>5 <>;>4KE <C6G8= 8 B5<=>2>;>A0O, :@0A820O 65=I8=0. 1=06Q==K5. 5@30<5=B=> 15;K5. 0 8A:;NG5=85< @0= ?>4 A5@4F5<. #4828B5;L=>, => 2 B8H8=5, :>B>@0O 70?>;=8;0 70;, 1K; A;KH5= B>;L:> 3>;>A <5=5AB@5;O 8 72C:8 53> ;NB=8. 0: 284=>, 53> =8G53> =5 2>;=>20;>. 4=0:>, :>340 O 1@>A8; =0 =53> 273;O4, B> C2845;, GB> C =53> 70:@KBK 3;070, 8 >= 345- B> ?;K2QB =0 :@K;LOE <C7K:8, =5 2>;=COAL > @50;L=>< <8@5.
>B MB> B0;0=B, A:070; O.
>9 3>;>A ?@>72CG0; 3@><G5, G5< O E>B5;, 8 2A5, :@><5 10@>=5AAK, ?>A<>B@5;8 =0 <5=O.
5=5AB@5;L, >1JOA=8; O C65 B8H5. 0725 MB> =5 25;8:89 B0;0=B, >B>@20BLAO >B 687=5==KE =5?@8OB=>AB59, 27;5B0O 2 <8@5 ?>M788?
5?@8OB=>AB8, <54;5==> ?>2B>@8; 10@>=. 0, MB> =5A><=5==> =5?@8OB=>5 A>1KB85. "@C?K =0 ?8@H5AB25==>< AB>;5.
0?8B0= AB@068 8 =>BB5 4>;6=K 1K;8 7=0BL, GB> ?@>87>94QB, => G5B25@> 3>AB82H8E C 10@>=0 42>@O= 1K;8 O2=> 87C<;5=K 8 ?>B@OA5=K.
>A?>48= 10@>= A>872>;8B >1JOA=8BL =0<& =0G0; >48= 87 =8E ;54O=K< B>=><.
!>872>;N, @57:> >1>@20; 53> %0CAB>DD5@. 038AB@ 0445@48= ?KB0;AO C1548BL <5=O, GB> 20<?8@>2 =5 ACI5AB2C5B. K 2A5, C20605<K5 3>A?>40, ?@5:@0A=> 7=05B5, GB> MB> =5 B0:. >MB><C O 1K E>B5;, 401K <038AB@ =:2878F88 A>1AB25==K<8 3;070<8 B0:65 C1548;AO 2 MB><. AA;54C9B5, 3>A?>48= 0445@48=. = ?>A<>B@5; =0 <5=O. !<>B@8B5, >F5=8209B5. / 7=0N, GB> 2K C2848B5: B@C?K, 2 :>B>@KE =5B 4065 3@0<<0 :@>28. KA>A0=K. > 4=0.
@5:@0A=0O 45<>=AB@0F8O, C20605<K9 3>A?>48=, A:070; O. O A C4>2>;LAB285< 709<CAL >A<>B@><. 4=0:> ?@>HC @07@5H8BL, GB>1K O ?>720; <>8E B>20@8I59 8 25;5; 8< ?@8=5AB8 =5>1E>48<K5 8=AB@C<5=BK&
C45B 8E 2A:@K20BL? A?@>A8; A >B2@0I5=85< >48= 87 42>@O=. -B> >A:25@=5=85&
-B> 2A53> ;8HL B5;0, 2>7@078; O. =8 =0AB>;L:> 65 A2OI5==K, GB> 8 70OG89 ?0HB5B, :>B>@K9 2K 5;8 A B0:8< 0??5B8B><.
0@>= B8E> @0AA<5O;AO 8 ?>4=O; @C:C, 25;52 70<>;G0BL 42>@O=8=C, :>B>@K9 3>B>28;AO : >B25B=><C C40@C.
5 4C<0N, GB>1K 4>:B>@0 &5@:28 A 20<8 A>3;0A8;8AL, => F5=N 20H ?@03<0B87<, <038AB@. 5;09B5 B>, GB> AG8B05B5 =C6=K<. <K B5< 2@5<5=5< ?@>94Q< 2 4@C3>5 <5AB>. >65B AK3@05< 2 :53;8, 3>A?>40? >2>@OB, ?@8 42>@5 8<?5@0B>@0 MB> ?>A;54=89 :@8: <>4K&
%>BO O =5 7=0;, GB> 1K;> ?>A;54=8< :@8:>< <>4K ?@8 8<?5@0B>@A:>< 42>@5, => 1K; C25@5=, GB> 10@>= A2>8< 45A5@B>< C4828; 1K 4065 M:AF5=B@8G=>5 >:@C65=85 =0H53> 2;0AB8B5;O.
* * *
/ 25;5; A;C30< ?@8=5AB8 ?>4A25G=8:8 8 @0AAB028; 8E, GB>1K A25B A8;L=K< ?>B>:>< ?040; =0 >AB0=:8. !<5@BCE ?@8B0I8; <>9 4>@>6=K9, 45@52O==K9 :>D@, 8 O A=O; A H58 :;NG8:, GB>1K >B:@KBL 70<>:. !;54C5B ?@87=0BL, GB> 1;87=5FK 8 !<5@BCE =5 2K:070;8 G@57<5@=>3> C482;5=8O, 284O =0 ?8@H5AB25==>< AB>;5 B@C?K 2<5AB> 87KA:0==KE 1;N4.
AB0;L=KE, :0: 1K AJ5;8, 0? ?>HCB8; 5@2K9, 8 <5=O >H5;><8;0 CB>=GQ==>ABL 53> >AB@>BK.
:>D@5 C <5=O 1K;, :0: O MB> =07K20;, ?>E>4=K9 =01>@ 8=:2878B>@0. 8:>340 =5 7=05HL, :>340 <>3CB ?@83>48BLAO ?@>D5AA8>=0;L=K5 8=AB@C<5=BK. E>BO 1>;LH8=AB2> 87 =8E A;C68;> 4;O ?@>2545=8O 4>?@>A>2, 8E <>6=> 1K;> A CA?5E>< 8A?>;L7>20BL ?@8 2A:@KB88 B5;0.
1A;54>20=85 O =0G0; A 65=I8=K 8 C65 ?5@2K9 >A<>B@ ?>4B25@48; A;>20 10@>=0. "@C?K 1K;8 >15A:@>2;5=K. >;=>ABLN. / =5 70<5B8; =0 =8E =8:0:8E A;54>2 =0A8;8O, =5 AG8B0O @20=>9 @0=K B5;0 =0 C@>2=5 3@C48, ?@>18BKE @51Q@ 8 ?@>18B>3> A5@4F0. #40@K O2=> =0=>A8;8AL C65 ?>A;5 A<5@B8 8 ?>A;5 2KBO3820=8O 87 B@C?>2 :@>28. @><5 B>3>, C :064>3> 87 C18BKE O =0HQ; ?> 425 4K@:8 70 ;52K< CE><. 5@2K5 ?>2@5645=8O 1K;8 O2=> =0=5A5=K A8;L=K< C40@>< >AB@>3> >@C48O. (8;>< 8;8 :>;KH:><. '@572KG09=> E0@0:B5@=> ?@8 2A5E A;CG0OE ?>4>7@5=8O =0 20<?8@87<. 5 @07 8 =5 420 O 2845; B0: >1@01>B0==K5 B@C?K, G0AB> 24>102>: A G5@5?0<8, ?@>18BK<8 32>74O<8, ?>4@570==K<8 ACE>68;8O<8 =>3 8;8 A H8?0<8, 2>B:=CBK<8 2 ?>4>H2K AB>?. A5 MB8 C25GLO 4>;6=K 1K;8 C45@60BL ?@54?>;0305<>3> 20<?8@0 >B B>3>, 401K =5 ?>4=8<0;AO 87 <>38;K 8 =5 B5@70; 682KE. 'B> 6, =58AB>I8<K 70?0AK 2>>1@065=8O ?;51A0&
4=0:> 70304>G=K<8 1K;8 ?>2@5645=8O 70 CE><. 51>;LH85, 3;C1>:85, 1C4B> :B>- B> 2>=78; 2 25=K 65@B2K 420 C7:8E, 4;8==KE >AB@8O. / :>340- B> C65 2845; B0:85 @0=K, ;N157=K5 <>8. >B=N4L MB> =5 1K;8 7C1K 20<?8@0. 48= ?@5ABC?=8: 8A?>;L7>20; E>@>H> ?>4>3=0==K5 G5;NAB8 A >AB@K<8 :;K:0<8, GB>1K C1820BL 65@B2K 8 2K4020BL A51O 70 20<?8@0. 8;>AL 5<C 2?>;=5 =5?;>E>, ?>:0 =5 2AB@5B8; =0 A2>Q< ?CB8 >4=>3> A:@><=>3> 8=:2878B>@0, 2>7<>6=> ?@8A:>@1=K< >1@07>< ;8HQ==>3> D0=B0788, 8 =52K@078<> 40;Q:>3> >B C25@>20=8O 2 ?;5159A:85 109:8. @5ABC?=8:0 @07>@20;8 ;>H04L<8 =0 3>@>4A:>9 @K=>G=>9 ?;>I048, 8 ?>25@LB5 <=5, >= =5 2>AAB0; 87 <Q@B2KE, E>BO ;8G8=0 20<?8@0 B0: 2J5;0AL 5<C 2 :@>2L, GB> 2K; 8 :@8G0;, :>340 53> ?>4AB02;O;8 ?>4 ;CG8 ?>;C45==>3> A>;=F0.
G5@54=>9 $>35;L<095@, 1C@:=C; !<5@BCE, 3;O4O =0 B5;0.
!59G0A O 2A?><=8;, GB> ?@5ABC?=8:0, 2K40NI53> A51O 70 20<?8@0, 459AB28B5;L=> 720;8 $>35;L<095@. / C65 C?><8=0;, GB> C !<5@BCE0 =5>1K:=>25==K9 B0;0=B 70?><8=0BL 8<5=0, 40BK 8 A>45@60=85 @073>2>@>2, 4065 :>340 >=8 A>AB>O;8AL 402=K<- 402=>. 'B> 6, 8=>340 MB> 1K20;> ?>;57=>.
5B, !<5@BCE, A:070; O. $>35;L<095@ =5 <>3 2KBO=CBL 2AN :@>2L. >AB02;O; A;54K, :0: =0 1>9=5. 45AL :B>- B> 2K:0G0; MB8E =5AG0AB=KE, 8 ?@8 MB>< =5>1K:=>25==> 701>B;82> 8E >18E>48;.
>65B 10@>= ?@8:070;, MB>, >1<KBL B@C?K? 70<5B8; 5@2K9.
!:>@55, =5B, A:070; O, ?>A:>;L:C 70<5B8;, GB> C 65@B2 1K;8 70?0G:0==K5 ?>4>H2K AB>? 8 A;54K 70A>EH59 3@O78 <564C ?0;LF0<8.
/ CA;KH0; A:@8? 425@59 8 2 ?>:>8 2>HQ; =>BB5. #;K1=C;AO 874520B5;LA:8, => =5A<>B@O =0 <>@5 2K?8BKE =0?8B:>2, ?@>872>48; 2?5G0B;5=85 ?>GB8 B@572>3>.
0G8=05B5 25@8BL? A?@>A8; >=.
>;=>ABLN C25@5=, GB> 745AL @KI5B 8A:;NG8B5;L=> <5@7:89 C189F0, => ?>- ?@56=5<C =5 286C @01>BK 4;O 8=:2878B>@0. A;8 3>A?>48= 10@>= =5 <>65B A?@028BLAO A0<, A<5N ?>4A:070BL, ?CABL C254><8B 071>9=CN AB@06C. 5< 1K;8 MB8 ;N48?
!;C30<8. =>BB5 ?>60; ?;5G0<8 8 7045@60; 273;O4 =0 65=I8=5. Q 720;8 -;87015B, >1JOA=8; >=. 0:>9 B5<?5@0<5=B, 3>A?>48= 0445@48=. 0;L.
0;L, ?@8G<>:=C; 5@2K9.
/ 7=0;, G53> 5<C E>G5BAO, => =5 A>18@0;AO ?>72>;OBL 5<C =8:0:8E 0<C@>2. ><>G04F0< 10@>=0 =5A><=5==> =5 ?>=@028;>AL 1K ?>4>1=>5 >B=>H5=85 : B@C?C, 4065 5A;8 MB> 1K; B@C? A;C60=:8. C 5@2>3> 1K;0 AB@0==0O A8<?0B8O : <Q@B2K< 65=I8=0<. =>340 O ?>72>;O; 5<C A=OBL =0?@O65=85 <8=CB>9 70102K ( 81> 254L >= =8:><C C65 B0:8< >1@07>< =02@548BL =5 <>3) , => A59G0A C <5=O =5 1K;> B0:>3> =0<5@5=8O.
A<>B@5;8 GB> =C6=>?
0;> 1K;> =0 GB> A<>B@5BL, >B25B8; O.
">340 3>A?>48= 10@>= ?@83;0H05B =0 @073>2>@. 0; 7=0: A;C30<, GB>1K C1@0;8 B@C?K A> AB>;0.
"0: ?>=8<0N, A5@4F0 :>;KH:0<8 8< ?@>18;8 C65 ?>A;5 A<5@B8, =5 ?@0240 ;8?
@0240, ?@0240, ?@>1>@<>B0; >=. >340 <K =0H;8 B@C?K, C =8E 1K;8 B>;L:> MB8 420 A;540 =0 H55 8 =8:0:8E 4@C38E ?>2@5645=89.
/ 4> MB>3> C65 4C<0; =04 MB>9 ?@>1;5<>9. 848B5 ;8, =5 B0: ;53:> C18BL G5;>25:0, =5 ?@8G8=OO =8:0:8E @0=. / >A<>B@5; 8 >IC?0; G5@5?0 65@B2, 401K C1548BLAO, =5 >3;CH0;8 ;8 8E A8;L=K< C40@><. / ?@>25@8; 70?OABLO @C: 8 ;>4K6:8 =>3, 401K C2845BL, =5 70<5GC ;8 A;54K A2O7K20=8O. / ?@>25@8; 8E H58, 401K 8A:;NG8BL 2>7<>6=>ABL C4CH5=8O. =8G53>. ">340 <>65B 8E >4C@<0=8;8 A ?><>ILN O40 8;8 =0?>8;8? > A;54>2 0;:>3>;O 2 A>45@68<>< 65;C4:0 =5 1K;>, 0 2>7<>6=>AB8 ?@>25AB8 0=0;87K =0 ?@8ACBAB285 O40 C <5=O =5 1K;>. ?@>G5< =5 2A5340 B0:85 0=0;87K C4020;>AL ?@>25AB8, 4>?>;=8B5;L=> CG8BK20O, GB> O =5 CGQ=K9 ;5:0@L, 0 ;8HL A:@><=K9 8=:2878B>@, >1;040NI89 =5:>B>@K<8, =5;8H=8<8 2 <>59 ?@>D5AA88, 7=0=8O<8 >1 0=0B><88 8 D878>;>388 G5;>25G5A:>3> B5;0.
@>HC 70 <=>9, ?@>87=QA =>BB5 8 428=C;AO 2 AB>@>=C 425@59. ;O 20H8E ;N459 ?@83>B>2;5= =>G;53 2 ;N4A:>9.
01K 4>1@0BLAO 4> ?>:>52 10@>=0, =0< ?@8H;>AL ?@>9B8 4;8==K<, C7:8< :>@84>@>< A> AB5=0<8 87 A5@>3> :0<=O, 0 ?>B>< >B:@KB>9 30;5@59, 84CI59 =04 70<:>2K< 42>@><. 0 ?;0FC 3>@5; 1>;LH>9 :>ABQ@, C :>B>@>3> A845;> =5A:>;L:> 2>8=>2, =0 AB5=0E O C2845; 5420 70<5B=K5 2 BCA:;>< A25B5 ;C=K B5=8 AB@06=8:>2. 0:>=5F <K >AB0=>28;8AL ?5@54 425@L<8 ?>:>52 %0CAB>DD5@0. ?5@54=59 456C@8;> 42>5 ;0:552, 8 >48= 2A:>G8; ?@8 2845 =0A. >ABCG0; 2> 2B>@CN 425@L.
>A?>48= 10@>= ;N157=> ?@83;0H05B, >1JO28; >= =5<=>3> ?>3>4O.
K 2>H;8, 8 O C2845;, GB> %0CAB>DD5@ C65 ;568B =0 >3@><=>< ;>65 A 10;40E8=><, 0 =0 B01C@5B5 @O4>< A848B <>;>4>9 A;C30 A :=83>9 2 @C:0E. #28452 =0A, ?>:;>=8;AO 8 B8E> 2KH5;.
0: B0<, 3>A?>48= 0445@48=? A<>B@ C40;AO? 703>2>@8; 10@>=, CAB@0820OA C4>1=55 2 ?>AB5;8. !048B5AL.
K ?@8<>AB8;8AL =0 B01C@5B0E 2>7;5 @57=>3> H:0DG8:0, 70?>;=5==>3> E@CAB0;L=K<8 1>:0;0<8, :C1:0<8 8 3@0D8=0<8. A5 1K;8 8=:@CAB8@>20=K 7>;>B><, A5@51@>< 8 4>@>38<8 :0<=O<8. / @0AA<0B@820; 8E 5A;8 =5 A 2>AE8I5=85<, B> A0<>5 <5=LH55 A 8=B5@5A><, ?>A:>;L:C B0: 8A:CA=> A45;0==KE A>AC4>2 =5 2845; 4065 C 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0.
@0A82>, =5 ?@0240 ;8? %0CAB>DD5@ 70<5B8; <>9 23;4O. 0;L, GB> B>;L:> <0AB5@0 87 8=88 7=0NB A5:@5B E@CAB0;L=KE 8745;89.
064K9 A5:@5B @0=> 8;8 ?>74=> ?5@5AB0QB 1KBL A5:@5B><, O ?>72>;8; A515 70<5B8BL. -B> ;8HL 2>?@>A 2@5<5=8, <>B820F88 8 45=53.
5A><=5==>, ?@87=0; 10@>=. > =5 1C45< A?>@8BL > E@CAB0;5. K 15@QB5 70:07, 3>A?>48= 0445@48=?
8;>AB82K9 3>AC40@L, ?@>87=QA O. @87=0N, 45;> B08=AB25==>5. > C<>;ON 20HC <8;>ABL ?@028;L=> <5=O ?>=OBL. / =5 =0Q<=K9 C189F0. #1820N, => ;8HL ?@8 :@09=59 =5>1E>48<>AB8 8;8 A0<>70I8B5. >3C 27OBLAO 70 2KOA=5=85 >B=>A8B5;L=> MB8E C189AB2 8 <>3C AE20B8BL ?@5ABC?=8:0. > O A0< @5HC, O2;O5BAO ;8 8< AK= 20H59 <8;>AB8, 8 A0< @5HC, 4>;65= ;8 O 53> C18BL, 8;8 65 >B40BL 2 @C:8 A>>B25BAB2CNI8E 2;0AB59.
= A<>B@5; =0 <5=O 4>2>;L=> 4>;3>, 0 ?>B>< 3;C1>:> 274>E=C;.
/ C2060N 20H8 273;O4K, 0445@48=, A:070; >=. O 3>B>2 A>3;0A8BLAO A B0:>9 ?>AB0=>2:>9 2>?@>A0. >MB><C ?5@594Q< : @07<5@C 20H53> 3>=>@0@0.
MB>< A<KA;5 >B40NAL =0 <8;>ABL 3>A?>48=0 10@>=0, >B25B8; O, A:;>=82 3>;>2C.
5>1K:=>25==> 25;8:>4CH=>. 5C6B> O CA;KH0; =0A<5H:C 2 53> 3>;>A5? > F5=C 2A5340 =04> CAB0=>28BL @0=LH5, GB>1K ?>B>< =5 1K;> =54>@07C<5=89. A;8 2K C=8GB>68B5 <>53> AK=0, >= =0 <3=>25=85 ?@5@20;AO. 5 B>;L:> 53>, => 8 2A5E A;C3, :B>, :0: 8 >=, O2;O5BAO A>740=8O<8 =>G8& 5A;8 2K 25@=QB5 <8@ MB><C 4><C, 8A?>;=N ;N1>5 20H5 65;0=85. 4=> 65;0=85.
0?@8<5@ AB> BKAOG :@>=, ?>HCB8; O.
AQ, GB> 2K 70E>B8B5, A5@LQ7=> >B25B8; >=. 07C<55BAO, 2 @0<:0E 74@02>3> A<KA;0. 1> ?>65;09 2K AB0BL 8<?5@0B>@>< 8;8 ?0?>9, B> 4065 O =5 <>3 1K MB> 30@0=B8@>20BL. 0 MB>B @07 >= ?>72>;8; A515 ?>HCB8BL.
>65B 2K <5=O =5 ?>9<QB5, ;N157=K5 <>8, => O ?>25@8; 53> A;>20<. B>- B> <>3 1K ?>4C<0BL, GB> MB> 2A53> ;8HL 0@8AB>:@0B8G5A:85 ?@8GC4K, 1@>H5==K5 =0 25B5@ A;>20, >B :>B>@KE ?>B>< 1C45B ;53:> >B:070BLAO, :8=C2 8A?>;=8B5;N 70:070 :>H5;L 7>;>B0 8 =58A:@5==NN C;K1:C. /, >4=0:>, 7=0;, GB> %0CAB>DD5@ 3>2>@8B 01A>;NB=> A5@LQ7=>. =0G8B, ;81> 2K?>;=5=85 7040=85 :070;>AL 5<C =52>7<>6=K<, ;81> >= ?@83>B>28; ?@5;5AB=CN ;>2CH:C, 401K C25=G0BL D8=0; =0H8E B@C4>2. E, >AB5@5309B5AL B5E, :B> >15I05B A;8H:>< <=>3>, B0: :0: 2KA>:0 25@>OB=>ABL, GB> 2 8E A;>20E 3>AB8B D0;LHL 8 GB> ?>40@>: >:065BAO =5 A>2A5< B0:8<, :0:>9 1K 2K >6840;8! > ?>:0 O ;8HL ?>1;03>40@8; 3;C1>:8< ?>:;>=><, 254L O 1K =5 >B2068;AO ?>425@30BL A><=5=8N 53> >15I0=8O.
=>BB5 7=05B 2AQ, GB> 8 O, ?@>87=QA >=. 0: 8 >;LD30=3. >65B5 : =8< >1@0I0BLAO ?> ;N1><C 45;C.
/ ?>=O;, GB> MB> 1K; :>=5F 0C485=F88, => C <5=O >AB020;AO 5IQ >48= 2>?@>A. 5 1C4C A?>@8BL, 2KB5:0NI89 8A:;NG8B5;L=> 87 3@5E>2=>3> ;N1>?KBAB20.
>A?>48= 10@>=, =5 1C45B ;8 15AB0:B=>, 5A;8 A?@>HC > ?>@078B5;L=>< 35@15 %0CAB>DD5@>2? @87=0N, GB> ?5@2K9 @07 2AB@5G0N :>3>- B>, 8<5NI53> 2 A2>Q< 35@15 7<5N.
E, =0H0 7<5O, @0AA<5O;AO >=. 5:>340 C =0A 2 35@15 1K;8 7<5O 8 3>;C1:0, => ?>B>< @5H8;8, GB> >4=>9 7<58 4>AB0B>G=>&
<5O 8 3>;C1:0, ?>2B>@8; O. 5 ?>B><C ;8, GB> 8A0=85 3;0A8B: >B, / ?>AK;0N 20A, :0: >25F A@548 2>;:>2: 8B0: 1C4LB5 <C4@K, :0: 7<88, 8 ?@>ABK, :0: 3>;C18?
<5==> B0:, @0AA<5O;AO >= 5IQ @07. 848HL, =>BB5, :0: ?>;57=> 7=0BL >1@CN =83C? 'B>- B> 5IQ, 3>A?>48= 0445@48=?
5B. >:>@=> 1;03>40@N <0HC <8;>ABL, ?>:;>=8;AO O.
'B> 6, :065BAO, <>9 E@515B =0G8=0; C65 ?@82K:0BL : ?@O<>- B0:8 G@57<5@=>9 381:>AB8. K 2KH;8, 8 =>BB5 65AB>< ?>4>720; ;0:5O A :=83>9 8 ?@8:070; 5<C 2>72@0I0BLAO 2 A?0;L=N.
'B> E>B8B5 7=0BL?
@5645 2A53>, 8725AB=> ;8, 345 =0E>48BAO <>;>4>9 10@>= 8 53> A;C38?
= C;K1=C;AO 2 CAK.
A5 E>B5;8 1K 7=0BL, A:070;. 5 4C<05B5, GB> 7=09 <K, 345 >=8 A:@K20NBAO, B> =5 ?>B@51>20;>AL 1K 20A =0=8<0BL?
?@8<5@=>?
@8<5@=> B>65 =5B. = ?>60; ?;5G0<8.
5 7=0N, :0: O A=5AC 3@C7 20H59 ?><>I8, ?@>1>@<>B0; O.
= @57:> @0725@=C;AO :> <=5.
>A;CH09B5- :0, A:070; >=, 8 87 53> 3;07 18;> E>;>4=>5 15H5=AB2>. -B>B C1;N4>: 8 53> A;C38 :@C60B 2 >:@5AB=>ABOE. #AB@0820NB 70A04K C 70<:0, =0 1>;LH0:5, 2 ;5A0E. >E8I0NB 8 C1820NB ;N459. 0948B5 8E, GQ@B 2>7L<8, 8 C=8GB>6LB5!
= 70:>=G8; 8 A<>B@5; =0 <5=O A <8=CBC, 0 ?>B>< ?@8:CA8; CA.
!45;09B5 MB>, ?@>87=QA C65 A?>:>9=>. 20< =5 ?@84QBAO =8 > GQ< 15A?>:>8BLAO 4> :>=F0 687=8.
K 2KH;8 =0 30;5@5N. # >3=O ?>- ?@56=5<C A845;> =5A:>;L:> 2>8=>2, => >=8 =5 ?8;8 8 4065 =5 @073>20@820;8. / B0:65 70<5B8;, GB> >@C685 C =8E =03>B>25.
0=8<0;AO ;8 AK= 10@>=0 <03859? @5B8G5A:8<8 @8BC0;0<8? !>25@H0; ;8 >= GB>- B> ?@>B82 =0H59 A2OB>9 @5;8388? B8E> A?@>A8; O.
= 254L 20<?8@, @O2:=C; =>BB5, A=>20 @07>7;82H8AL. 0725 >4=> MB> =5 ?@>B82>@5G8B >A=>20< =0H59 25@K, B0: =5 AG8B05B5?
/ 274>E=C;, 81> 2845;, GB> 4;O <5=O MB> =5?@>18205<0O AB5=0.
%>@>H>, A40;AO O. 09B5 <=5, 1C4LB5 4>1@K, :0:CN- =81C4L 25IL, ?@8=04;5602HCN 5<C. > =5 ;8HL 1K GB>. @54<5B, A :>B>@K< >= 459AB28B5;L=> 1K; A2O70=. N18<K9 :>H5;L, =>6, H;O?0& 'B> C3>4=>.
= <8=CBC 4C<0;.
=830, ?@>87=QA >= =0:>=5F. ABL >4=0 :=830, :>B>@CN >= G0AB> G8B0; ?5@54 A=><. 0< E20B8B?
>;6=> 1K;> E20B8BL, ?>MB><C O ?>?@>A8;, GB>1K >= =0HQ; 4;O <5=O MB>B B><.
@8H;N 53> A ;0:55<, ?>>1I0; >=. B5?5@L A 20H53> @07@5H5=8O, ?@>254C 20A 2 ?>:>8, :>B>@K5 >?@545;8; 10@>=.
>A?>48= %0CAB>DD5@ 1K; 1>;55 G5< I54@ : 3>ABO<. 0;> B>3>, GB> >= C3>AB8; <5=O >154><, 4>AB>9=K< ?@8=F0 ( E>BO, :0: 1C4B>, B0:8< >1@07>< C =53> ?8@>20;8 :064K9 45=L, => 4;O 154=>3> >@48<5@0 B0:0O @>A:>HL 1K;0 A>1KB85<) , B0: 5IQ 8 25;5; ?@83>B>28BL 25;8:>;5?=K5 0?0@B0<5=BK. ?5@2>9 :><=0B5 O C2845; @57=>9 AB>; 8 G5BK@5 ABC;0, 70AB5:;Q==K9 A5:@5B5@, A>;84=CN 181;8>B5G:C, 70?>;=5==K<8 ?5@5?;5BQ==K<8 2 :>6C :=830<8, 8 2AB@>5==0O 2 ?>; >3@><=0O, <5B0;;8G5A:0O G0H0. >340 <K 2E>48;8, A;C38 :0: @07 30;>?8@>20;8 A 2Q4@0<8 8 =0?>;=O;8 5Q 3>@OG59 2>4>9.
>A?>48= 10@>= ;N18B :C?0=85, 274>E=C; =>BB5, 8 O CA;KH0; 2 53> 3>;>A5 GB>- B> 2@>45 =5?>=8<0=8O B0:>3> AB@0==>3> ?>2545=8O. > ?>A<>B@8B5, 2 MB>9 G0H5 <>6=> ;5GL =027=8GL, :0: =0 ;>65, 0 BCB C 20A B0:>9 E8B@K9 :@0=B8:, :>B>@K9 2K?CA:05B 2>4C, :>340 C65 70E>B8B5 2K9B8.
%0! A:070; O. -B> ;CGH5, G5< ;>E0=L 8;8 CH0B, 0?
/ 1@>A8; 273;O4 2 >B:@KBCN 425@L 2B>@>9 :><=0BK, 2 :>B>@>9 :@0A>20;0AL H8@>:0O :@>20BL A 10@E0B=K< 10;40E8=>< 8 ?>@CG=O<8 2 D>@<5 4@0:>=L8E 3>;>2. 0 70=025H5==KE O@:8<8 3>15;5=0<8 AB5=0E 28A5;> =5A:>;L:> A015;L A C:@0H5==K<8 4@03>F5==K<8 :0<=O<8 @C:>OBO<8. / ?>4>HQ; 8 @0AA<>B@5; 2=8<0B5;L=55.
@5:@0A=0O @01>B0, ?@>87=QA O A 2>AE8I5=85< 8 B@>=C; ;57285, :>B>@>5 1K;> A;>2=> 1@8B20.
@5:@0A=0O, ?>2B>@8; 70 <=>9 =>BB5. 8:B> C65 A53>4=O B0:8E =5 45;05B. 07@C105B 65;57=K9 1@CA>: :0: <0A;>.
K :0:>5- B> 2@5<O 2>AE8I0;8AL 2 <>;G0=88 MB8< 8745;85< 402=8E >@C659=8:>2, 70 :>B>@K9 7=0B>: =025@=O:0 70?;0B8; 1K 2 7>;>B5 1>;LH5, G5< 25A8;0 A0<0 A01;O, ?>A;5 G53> C?@02;ONI89 274>E=C;.
!?>:>9=>9 =>G8, 3>A?>48= 0445@48=, ?@>87=QA >=. !59G0A ?@8H;N 20< :=83C. 5 :>;51;OAL, ?@8:07K209B5 A;C30<, 5A;8 2K G53>- =81C4L 2>765;05B5.
;O =0G0;0, :>=5G=>, O 2>765;0; 8A:C?0BLAO. 1> C 20H53> ?>:>@=>3> A;C38 ?@>AB> =5?@8;8G=0O A;01>ABL : B><C, GB>1K >B;560BLAO 2 3>@OG59 2>45, =0B5@5BLAO IQ;>:>< 8 4065 ?>E;5AB0BL A51O 15@Q7>2K<8 25B:0<8. / >A>7=020;, GB> O2;ONAL 48:>28=:>9. =0H8 BQ<=K5 2@5<5=0, :>340 : =5:>B>@K< ;N4O< >45640, :070;>AL, ?@8@0AB0;0 A;>2=> 2B>@0O :>60, 0 87@54:0 A>25@H05<>5 :C?0=85 ( >1KG=> ?> A;CG0N 3;02=59H8E F5@:>2=KE ?@074=8:>2) 2>A?@8=8<0;>AL 8<8 :0: =570A;C65==>5 =0:070=85.
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
">< >B=N4L =5 70:;NG0; 2 A515 =8 5@5B8G5A:>3>, =8 >BABC?=8G5A:>3> A>45@60=8O. = =5 1K; CG51=8:>< BQ<=>9 <0388 8;8 >?8A0=85< A0B0=8=A:8E @8BC0;>2. @0A82K5, ?>7>;>G5==K5 1C:2K 2>725I0;8: « 5O=8O, ?@8:;NG5=8O 8 A<5@BL E@01@>3> 35@F>30 @G810;L40, "5>D8;>< 280=>< @0AA:070==K5 8 70?8A0==K5» . 5:>340 <=5 A;CG8;>AL ?@>G8B0BL MB>B @KF0@A:89 @><0=, 8 459AB28B5;L=>, GB5=85 MB> 1K;> 70E20BK20NI8<, ?@8 CA;>288, GB> :>3>- B> C2;5:0;8 8AB>@88 ;N1>2=KE 8=B@83, ?@540B5;LAB2, ?>548=:>2 8 18B2 A O7KG=8:0<8, 25;8:0=0<8, 4@0:>=0<8 8 G5@=>:=86=8:0<8. / ?@>2Q; ?0;LF0<8 ?> =56=>9 >1;>6:5, 0 ?>B>< @0A:@K; :=83C. / <54;5==> 5Q ?5@5;8ABK20;, AB0@0OAL >4=>2@5<5==> CA?>:>8BL @07C< 8 701KBL >1 >:@C60NI5< <5=O <8@5 40 A>A@54>B>G8BLAO B>;L:> 8 8A:;NG8B5;L=> =0 ?@8=04;560I5< <>;>4><C 10@>=C B><5.
# :064>3> ?@54<5B0 5ABL GB>- B>, GB> <K =07K205< « E0@0:B5@><» , GB> >AB02;O5B 5<C 53> A>740B5;L 8;8 G5;>25:, 1;87:> A =8< A2O70==K9. -B>B E0@0:B5@, MB0 0C@0 ?@54<5B0 G0I5 2A53> 5420 70<5B=0. 0: <5@F0NI89 >3>=Q: B>=5=L:>9, 4>3>@0NI59 A25G:8. > G5< 1>;LH5 GC2AB2 >B40=> 25I8, B5< A8;L=55 AB0=>28BAO >3>=Q:. '5< 1>;LH5 <>I8 2 >1;040NI5< 8< G5;>25:5, B5< O@G5 A25B ?;0<5=8. 5A;8 2;045;5F 70=8<0;AO BQ<=K< 8A:CAAB2><, B> 1;87:0O 5<C 25IL 1C45B ?@>?8B0=0 7;>2>=85< 53> A>1AB25==>9 4CH8. >=5G=>, ;8HL =5<=>385 ;N48 2 A>AB>O=88 C2845BL 0C@C ?@54<5B0, => O, A:070BL 157 A:@><=>AB8, ?@8=04;560; : :@C3C 871@0==KE, 0 >1CG5=85 2 =:2878F88 CA8;8;8 <>8 ?@8@>4=K5 B0;0=BK. ?>;=>< A<8@5=88 ?@87=0N, GB> O =5 >1;040; 1>;LH>9 A8;>9. > 5Q E20B8;>, GB>1K O @0A?>7=0; 425 25I8. >- ?5@2KE, 2;045;5F :=838 1K; G5;>25:>< =0A:2>7L ?;>E8<. 5B0D878G5A:>5 7;>2>=85, :>B>@>5 O >ICI0;, ?@>AB> C1820;>. >- 2B>@KE, 2;045;5F >B4020;AO ?@53@5H5=8O<, :0@05<K< =0H59 A2OB59H59 <0B5@LN- &5@:>2LN, 8 :>B>@K5 ;N48 >1KG=> =07K20NB GQ@=>9 <03859 8;8 BQ<=K< 8A:CAAB2><. 4=0:> MB> =5 >7=0G0;>, GB> >= 1K; A8;L=K< G5@=>:=86=8:><. @>AB> ?>B2>@AB2>20; =5 B5< C4>2>;LAB28O< 8 ?@8E>BO<, :0:8< =04>. >340 O C65 2AQ MB> C7=0;, ?@8H;> 2@5<O <>;8B2K. 1> B>;L:> <>;8B20 <>3;0 4>25AB8 4> F5;8. / BO65;> 274>E=C; 8 ?@5:;>=8; :>;5=8 A 70:@KBK<8 3;070<8.
BG5 =0H, ACI89 =0 =515A0E& =0G0; O. / <>;8;AO 8 GC2AB2>20;, :0: A8;0 =0G8=05B ?@>=87K20BL 2AQ <>5 B5;>. 0: ?C;LA8@C5B 2<5AB5 A A5@4F5< 8 ABCG8B 2 25=0E. 0: 2>7=>A8BAO 2>:@C3, <>3CI5AB25==0O 8 =5?>=OB=0O. 5A<>B@O =0 70:@KBK5 3;070, O =0G8=0; 2845BL. > 2845BL A>25@H5==> 8=K< >1@07><, G5< >1KG=K5 ;N48. 1> <>8 ?>:>8 1K;8 =0?>;=5=K ?C;LA8@CNI8< 103@O=F5<, =0?><8=0NI8< <>@5 BQA=>9 :@>28, 0 ?@8=04;560I0O AK=C 10@>=0 :=830 24@C3 AB0;0 >3@><=>9. K3;O45;0 A;>2=> 2>7=>AOI85AO =04 ?0@:5B>< 8 B@5?5ICI85 :@K;LO BL<K.
& 409 =0< A8;K, 401K <K =5 ?@>I0;8 4>;6=8:0< =0H8<, <>;8;AO O <54;5==> 8 B>@65AB25==>.
/ 640; 1>;8, :>B>@0O 2A5340 1K;0 A5AB@>9 <>;8B2K, 8 1>;L C40@8;0. 0: >1KG=>, MB>B C40@ 1K; B0@0==>9 A8;K, 0 <C:0 1K;> ?@>AB> =525@>OB=>9. AQ <>Q B5;> 3>@5;>, 1C4B> 53> A>B:0;8 87 G8AB>3>, =5A8:06Q==>3> AB@040=8O. / 2>7=QAAO :C40- B> ?>4 ?>B>;>:, E>BO A;>6=> A:070BL :C40, 81> ?@>?>@F88, ?@>AB@0=AB2> 8 @07<5@K ?>B5@O;8 A2>Q ?5@2>=0G0;L=>5 7=0G5=85. / 2845; :>;5=>?@5:;>=5==>3> >@48<5@0 A 8AEC402H8<, ABO=CBK< 1>;LN ;8F>< 8 4;8==K<8, BQ<=K<8 2>;>A0<8, A?040NI8<8 =0 ?;5G8. >AB8 53> A:C;, :070;>AL, ?@>1LNB =0BO=C2HCNAO :>6C, 0 87 A;>65==KE ;04>=59, 87- ?>4 =>3B59, 2>=7Q==KE 2 682>5 B5;>, :0?0;0 :@>2L, @071@K73820OAL =0 ?0@:5B5 >3@><=K<8 D>=B0=0<8 103@O=F0. !B@C9:0 GQ@=>3> 4K<0 2AK:>;L7=C;0 87 :=838 8 ?>?;K;0 :C40- B> 2 BQ<=CN ?CAB>BC. <5==> B0<, 2 MB>9 ?CAB>B5, =0 A0<>9 3@0=8F5 2>A?@8OB8O, :;C18;8AL ACI5AB20, 1K2H85 G0ABLN BL<K. / =5 23;O4K20;AO 2 =8E, ?>B><C GB> A0<> 8E ?@8ACBAB285 1C48;> C60A.
0 A2OB8BAO 8<O "2>Q, 0 ?@8845B &0@AB285 "2>Q& ?@>4>;68; O <>;8BLAO, A=0G0;0, 8 ?>?;K; 70 MB>9 GQ@=>9 AB@C9:>9.
/ ?0@8; =0 :@K;LOE 1>;8, :>B>@K9 E>BL :064CN <8=CBC 8 :070;AO =52K=>A8<K<, >4=0:> :064CN <8=CBC CA8;820;AO. / C2845; ;5A, >4=0:> A>AB>OI89 =5 87 45@52L52, 0 87 A5@>- 75;Q=KE 25;8:0=>2 A @0AB@Q?0==K<8 H525;N@0<8 8 ;>E<0BK<8 1>@>40<8. 5;8:0=K A;548;8 70 <>8< ?>;QB><, 8 8E ?CABK5 273;O4K BO=C;8 <5=O 2=87. / 7=0;, GB> 5A;8 C?04C <564C A5@KE AC:>2- ?;5G, >AB0=CAL C65 B0< =02A5340. A;8 E>BL =0 <8=CBC ?@5@2C <>;8B2C, <>9 ?>;QB 70:>=G8BAO A@548 MB8 2@06451=KE 3830=B>2.
BG5 =0H& AB>=0; O, 0 345- B> 40;5:> 2845; ?C;LA8@CNI53> :@>2LN, 1>;LN 8 AB@0E>< <0;5=L:>3> >@48<5@0.
/ C2845; @5:C, 0 A:>@59 ;560I53> ?>4 75<;Q9 :>;>AA0, 87 3;07, =>74@59 8 CH59 :>B>@>3> 8725@30;>AL 3>;C1>5 A25G5=85, 2LNI55AO ?>B>< A;>2=> ;5=B0.
0 ?@8845B &0@AB285 "2>Q&
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
=5 ?@8H;>AL ?>25@=CBL. / C2845; 4>AB0B>G=> <=>3> 8 7=0;, GB> 1>;LH5 =5 2K45@6C =5?@5:@0I0NI59AO <C:8. 1@0B=K9 ?CBL 1K; B0:8< 1KAB@K<, 1C4B> O ABQ: ?> ;5728N <>;=88. 0:>9- B> <83 O 2845; 70ABK2H53> 2 AB@040=88 >@48<5@0, 0 A@07C ?>B>< A:070; « <8=L» 8 @CE=C; =0 ?>;, 1>;57=5==> C40@82H8AL ;1>< > ?0@:5B. >8 ;04>=8 4@>60;8 1C4B> 2 ;8E>@04:5. >60 =0 BK;L=>9 AB>@>=5 ;04>=8 C <5=O 1K;0 ?5@5?0E0=0 A>1AB25==K<8 =>3BO<8, => =0 ?>;C 70ABK;> 2A53> ;8HL =5A:>;L:> :0?5;L @K6KE ?OB=KH5: :@>28. =5 AB0;> 4C@=> 8 <5=O 2K@20;>. / A B@C4>< 2?>;7 =0 :@>20BL 8 B0< ?>GB8 <3=>25==> 70A=C;, A 7060BK< <564C :>;5=O<8 ?>41>@>4:><.
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
'5< <>3C A;C68BL, 25;L<>6=K9 3>A?>48=? ?>A?5H=> A?@>A8;.
02B@0:><, >B25B8; O. 1CBK;:>9 28=0. >340 <=5 ?@8=5A;8 54C, O 70AB028; A51O 5Q AJ5ABL, E>BO >48= 70?0E 2K7K20; C <5=O ?@8ABC?K B>H=>BK. 0?8; O ;Q3:8<, :8A;>20BK< 28=><, 8 <=5 AB0;> =5A:>;L:> ;CGH5.
45 <>8 A?CB=8:8? A?@>A8; O A;C3C.
@>254C 25;L<>6=>3> 3>A?>48=0, >B25B8; B>B.
!<5@BCE0 8 1;87=5F>2 O =0HQ; =0 70<:>2>< 42>@5, 345 >=8 @072;5:0;8AL AB@5;L1>9 87 0@10;5B0 2 45@52O==K9 <0=5:5=. >:@C3 =8E A>1@0;>AL =5A:>;L:> >@C6=KE 10@>=0, 3@><:> :><<5=B8@CNI8E 2KAB@5;K 1;87=5F>2. 1> 2KAB@5;K MB8 2A5340 1K;8 A<5@B5;L=> B>G=K<8.
52K9 3;07, >1JO28; 5@2K9, 8 1>;B A> ABC:>< 2>B:=C;AO B>G=> 2 :@0A=>5 ?OB=KH:> :@0A:8, =0@8A>20==>5 =0 3>;>25 <0=5:5=0.
@02K9 3;07, A:070; B>@>9, 8 @57C;LB0B 53> 2KAB@5;0 1K; B0:8< 65 2?5G0B;ONI8<.
!5@4F5, 1C@:=C; !<5@BCE, 8 A=0@O4, <5;L:=C2 2 2>74CE5, >B:>;>; I5?:8 A ;52>3> ?;5G0. "2>N <0BL, @O2:=C; !<5@BCE 8 >12Q; 273;O4>< >:@C60NI8E 53> ;N459, =045OAL, GB> 24@C3 2KA<>B@8B =0 GLQ<- =81C4L ;8F5 B5=L C;K1:8.
@02>, A:070; O 8 ;5=82> ?>E;>?0;. = >15@=C;AO :> <=5, 8 C;K1:0 >A25B8;0 53> ;8F>. / 70<5B8;, GB> 42>5 >@C6=KE 10@>=0 2 MB>B <><5=B >B25;8 273;O4.
>@48<5@, BK A>=O, A:070; >= B5?;>, 0 O ;8HL 2K@C30;AO ?@> A51O.
>B B0:, 154=K9 >@48<5@, ?>4C<0; O. "K BCB =04@K205HLAO 70 2A5E, <CG05HLAO 8 GC2AB2C5HL, 1C4B> B51O ?5@5;8F520;8, 0 B2>8 3;C?K5 A>B>20@8I8 =5 2 A>AB>O=88 =8 ?>=OBL B2>8E CA8;89, =8 >F5=8BL.
>B>2LB5AL 2 4>@>3C, ?@8:070; O. >545< =0 @5:>3=>AF8@>2:C.
!<5@BCE CAB028;AO =0 <5=O.
0 @07254:C, 274>E=C; O.
/ >15@=C;AO : A;C35, :>B>@K9 <5=O AN40 ?@>2Q;.
CABL ?@83>B>2OB =0< ;>H0459, ?@8:070; O. >A5<L E>@>H> ?@>A<>;Q==KE D0:5;>2 8 =5A:>;L:> 45AOB:>2 DCB>2 :@5?:>9 25@Q2:8.
!8N <8=CBC, 3>A?>48=. = 1KAB@K< H03>< CHQ; 2 AB>@>=C :>=NH=8.
><C- =81C4L ?CAB8< :@>2L? 703>2>@8; B>@>9.
045NAL, =5B, 2>7@078; O. %>GC B>;L:> >A<>B@5BLAO ?> >:@C35.
A<>B@5BLAO, 703>3>B0; 5@2K9, 1C4B> A:070==>5 <=>9 1K;> HCB:>9. K <54;5==> ?>4>H;8 : :>=NH=5, 345 A;C38 ?>4BO3820;8 :>=O< ?>4?@C38. O4>< AB>O; :><0=48@ 70<:>2>9 AB@068, 1;54=K9 ?>A;5 2G5@0H=53> ?5@5?>O 8 A ?><CB=52H8<8 >B =54>AK?0 3;070<8.
4@02AB2C9B5, 3>A?>48= 0445@48=, A:070; >=. 0A?>@O65=85< 3>A?>48=0 10@>=0 O ?>54C A 20<8.
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
C40 545<? A?@>A8; >;LD30=3.
0 ;5A>< =0E>48BAO @5:0, 8 5IQ 70 =8< 3@O40 E>;<>2, ?5@5A5GQ==0O CI5;LO<8. 0;LH5 2KAOBAO 8725AB:>2K5 A:0;K. K 7=05B5, > GQ< O 3>2>@N?
0, >B25B8; >=. 5=O B>;L:> C482;O5B, GB> 2K B0: E>@>H> 7=05B5 >:@5AB=>AB8&
8HL ?>25@E=>AB=>, 2>7@078; O, ?>A:>;L:C =5 =0<5@520;AO 24020BLAO 2 B>, :0:8< >1@07>< O >7=0:><8;AO A 2;045=8O<8 %0CAB>DD5@0. > A:068B5 <=5, 5ABL ;8 B0< 3@>BK? ABL ;8 B0< 3@>BK? @0AA<5O;AO >=. 038AB@ 0445@48=, B0< 45AOB:8 O<, 3@>B>2 8 ?5I5@. 065BAO, ?@8 ?@56=5< 2;045;LF5 B0< ?@OB0;>AL 271C=B>202H55AO <C68GLQ.
!?@028;AO? 5<=>3> >=, =5<=>3> <>@>7=0O 78<0 8 3>;>4, >B25B8; >;LD30=3. / 70<5B8;, GB> >= ?>A5@LQ7=5;, 4C<05B5, GB> 8<5==> B0<&
>65B 1KBL, O ?>60; ?;5G0<8. >1I5<, <5AB> :065BAO ?>4E>4OI8<, ?@0240?
@0240, ?>440:=C; >=, E>BO, 5A;8 >3;O45BLAO, B> <=>3> 2 MB>9 >:@C35 C:@><=KE <5AB.
0?@8<5@?
C8=K AB0@>3> E@0<0 =0 E>;<5. 8:B> 4> A8E ?>@ =5 8AA;54>20; BO=CI8EAO ?>4 =8< ?>475<5;89. A<KA;5, 5ABL ;8 2>>1I5 ?>475<5;LO, 81> MB> B>65 =58725AB=>, ?@>87=QA >=.
0;55, 3@>BK ?>4 'Q@B>2>9 0AA5;8=>9&
-B> GB>? >1>@20; O 53>.
>4>?04, >1JOA=8; >=. IQ 40;LH5, >4O=8:>20 ">?L. "C40 4065 745H=85 A<>;>:C@K =5 70E>4OB. MB8E <5AB0E, 5A;8 B>;L:> 8E 7=05HL, <>6=> A?@OB0BL 4065 0@<8N.
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
54L 2K 7=05B5 A@54AB2> ?@>B82 20<?8@>2, <038AB@? A?@>A8; >=.
>; 2 A5@4F5, >B>720;AO A7048 !<5@BCE.
!5@51@>, ?>4A:070; 5@2K9.
!2OBK5, :0: 1K, <>I8, ?@>1>@<>B0; B>@>9.
>B 2848B5, C;K1=C;AO O. K ?@83>B>28;8AL.
745205B5AL, ?@>1>@<>B0; >= =54>2>;L=>. K ?>4J5E0;8 : :@CB><C, 1>;>B8AB><C 15@53C, 70@>AH5<C 2KA>:>9 B@02>9 8 :CAB0<8.
@>4 2 <8;5 >BAN40, >1JOA=8; >;LD30=3. 459AB28B5;L=>, 2A:>@5 <K C2845;8 H8@>:CN, ?5AG0=CN >B<5;L. >40 2 @5:5 1K;0 ?>GB8 ?@>7@0G=>9 8 =0AB>;L:> =53;C1>:>9, GB> O 2845; 4=> 8 ;560I85 =0 =Q< 1>;LH85, 15;K5 :0<=8. 5@54 =0<8 BO65;> ?;5A=C;> GB>- B> =5>1K:=>25==> 1>;LH>5.
K4@0, A:070; 5@2K9 8 ?@8F5;8;AO 87 0@10;5B0.
AB02L, ?@8:070; O, AE20B82 53> 70 @C:C.
/ =5 ;N1;N C189AB20 157 ?@8G8=K, B>;L:> 4;O ?>B0:0=8O 725@8=K< 8=AB8=:B0<. 065 :>340 @5GL 84QB ;8HL > =5@07C<=KE 682>B=KE. # =8E B>65 5ABL ?@02> =0 687=L. "5< 1>;55 GB> 5A;8 5@2K9 =0 A0<>< 45;5 C3;O45; 2K4@C, B> C =5Q =025@=O:0 :0: @07 1K;8 <0;5=L:85&
>@48<5@, :0:>5 C B51O, :0: 1K, GC2AB28B5;L=>5 A5@45G:>, ?>4HCB8; B>@>9.
/ >15@=C;AO 8 ?>A<>B@5; =0 =53>. =, ?>E>65, C2845; 2 <>8E 3;070E GB>- B> B0:>5, 81> 1KAB@> >B2Q; 273;O4. 'B> 6, =04> ?@87=0BL, @51OB O 2K4@5AA8@>20;, => C <5=O =8:>340 =5 1K;> 8 B5=8 A><=5=8O, GB> >=8 ?>4>1=K 48:8< ?A0<. >AB0B>G=> A?CAB8BL 8E A F5?8, 4>AB0B>G=> C1@0BL A 8E 3;07 :=CB, 8 1@>AOBAO :CA0BL. 5 <5=O, 8;8 ?> :@09=59 <5@5, 2 =0G0;5 =5 <5=O, => <>3;8 1K 4>AB028BL E;>?>B. >MB><C 8E A;54>20;> 45@60BL 2 AB@>3>AB8, 4065 5A;8 @5GL H;0 > <5;>G0E. ;O B>3>, GB>1K >=8 157 :>;510=89 8A?>;=O;8 ?@8:07K, :>340 4>94QB 4> A5@LQ7=KE @5H5=89. @5>4>;52 1@>4, <K 2J5E0;8 2 A>A=>2K9 ;5A. >B>< A>A=K A<5=8;8AL 15@Q70<8, >;LE>9 8 B>?>;O<8, 0 :>?KB0 =0H8E ;>H0459 CB>?0;8 2 75;Q=>< ?>:@>25 <E0 8 1@5;8 A@54L 2KA>:8E ?0?>@>B=8:>2. / A;KH0; I515B0=85 ?B8F, 8 :0: <8=8<C< 42>5 4OB;>2 =5CB><8<> >1ABC:820;> 1;8609H89 ?5=L. E, MB8 848;;8G5A:85 284K 8 848;;8G5A:85 3>;>A0! 8G53>, :@><5 :0: @0720;8BLAO =0 B@025 A 1CBK;O3>9 28=0 2 @C:5 8 >E>G59 452CH:>9 ?>4 1>:><. 0;L B>;L:>, 154=K9 >@48<5@ ?>4C<0; O, GB> C B51O =5B 2@5<5=8 =0 >B4KE, ?>A:>;L:C 2AN A2>N 687=L BK ?>A2OB8; ?@5A;54>20=8N ?;>E8E ;N459. / 3;C1>:> 274>E=C; 8 ?>A<>B@5; 2 =51>. /2AB25==> C2845;, GB> 53> 70BO3820;8 GQ@=K5 BCG8. 5@20O :0?;O 4>64O :0?=C;0 <=5 =0 IQ:C. MB>B <><5=B <K 2718@0;8AL C7:>9 ?@>A5:>9 ?> A:;>=C >4=>3> 87 E>;<>2.
"5<=55B, >AB>@>6=> 70<5B8; :><0=48@ AB@06=8:>2.
53> A;>20E 1K;> =5:>B>@>5 ?@5C25;8G5=85, 81> >B 70E>40 A>;=F0 =0A >B45;O;> 5IQ =5<0;> G0A>2. > 459AB28B5;L=>, <8@ ?>A5@5;, ?>A:>;L:C =51> 70BO=C;> ?;>B=K< A;>5< :;C1OI8EAO, 3@>7>2KE BCG. "0:65 AB0;> ?0@:>, 8, 24KE0O, O GC2AB2>20;, 1C4B> <=5 :B>- B> 70B0;:8205B 2 ;Q3:85 <>:@CN B@O?:C. K 2J5E0;8 =0 >1;KA52HCN 25@H8=C E>;<0. 5@54 =0<8 @0A:8=C;0AL ?>;>30O @02=8=0, 0 5IQ 40;LH5 15;K5 25@H8=K, >B25A=K5 AB5=K 8 >1@K2K 8725AB:>2KE A:0;. <5==> MB> <5AB> O C2845; 2> 2@5<O 2G5@0H=59, 1>;57=5==>9 <>;8B2K. ! @0AAB>O=8O <K =5 2845;8 >B25@AB89 3@>B>2 8 ?5I5@, => O 1K; C25@5=, GB> :0: @07 2 8725AB:>2KE E>;<0E ?>;=> 2K4>;1;5==KE 2 :0<=5 5AB5AB25==KE C:@KB89.
C, <K =0 <5AB5, 70O28; >;LD30=3, :0: 1K ?>4B25@482 A?@0254;82>ABL <>8E @0AAC645=89. >B>< >= >A<>B@5;AO 87CG0NI5 8 ?>:0G0; 3>;>2>9.
"CB 8 3>4 <>6=> ?>B@0B8BL =0 ?>8A:8, A:070; >=.
# !<5@BCE0 8 1;87=5F>2 B0:65 1K;8 =5 A0<K5 AG0AB;82K5 ;8F0. < =5 C;K10;>AL 2718@0BLAO ?> 8725AB:>2K<, E@C?:8< A:0;0< 8 ?@>25@OBL 3@>BK, AB5=K :>B>@KE 3@>78;8 >1@CH8BLAO 2 ;N1>9 <><5=B. >B B>;L:> O 7=0;, GB> =0< =5 ?@84QBAO 8A:0BL =0>IC?L, GB> 459AB28B5;L=> 70=O;> 1K =0 <=>385 4=8 F5;CN 0@<8N. 5A<>B@O =0 B>, GB> AB0=>28;>AL 2AQ B5<=55, O 70<5B8; A:0;C, D>@<0 :>B>@>9 =0?><8=0;0 ?>4=OBCN 2 =51> <>@4C OI5@0. -B> :0: @07 5Q O C2845; 2> 2@5<O <>53> <>;8B25==>3> ?CB5H5AB28O. , 5A;8 B>;L:> 2845=8O <5=O =5 >1<0=C;8, 8<5==> ?>4 =59 8;8 2 =59 <K =094Q< C:@KB85 ?@5ABC?=8:0. "5?5@L <=5 =04> 1K;> C1548BLAO 2 A?@0254;82>AB8 <>8E ?>4>7@5=89. / =5 A>18@0;AO 3;C1>:> 7018@0BLAO 2 3@>BK, ?@54>AB0282 2@03C 2>520BL =0 53> B5@@8B>@88. "5< 1>;55 GB> O @0A?>;030; :@09=5 >3@0=8G5==K<8 A8;0<8. > 4065 A0<K9 >AB>@>6=K9 G5;>25: 4>;65= >AB02;OBL A;54K AB>O=:8. AB0B:8 54K, :>AB@8I0, H:C@K >1>4@0==KE 682>B=KE 8;8 @K1=K5 :>AB8. 5 3>2>@O C65 >1 >B?5G0B:0E ;>H048=KE ?>4:>2, H5@AB8 8;8 >1@K2:0E <0B5@88 A >4564K, >AB02;5==KE =0 25B:0E :CAB>2. !;54>20;> ;8HL 8<5BL 7>@:89 3;07, 0 2 MB>< A;CG05 O <>3 @0AAG8BK20BL =0 1;87=5F>2. 725AB:>20O A:0;0 8740;5:0 :070;0AL =0<=>3> <5=LH59, G5< 1K;0 2 459AB28B5;L=>AB8. 8HL :>340 <K >AB0=>28;8AL C 5Q ?>4=>6LO, O C2845;, GB> =0A 64QB 25AL<0 :@5?:89 >@5H5:. / 2845; H8@>:85 B@5I8=K 2 :0<=5, :>B>@K5 =5A><=5==> 1K;8 2E>40<8 2 3@>BK. > MB8 B@5I8=K =0E>48;8AL ?@8<5@=> 2 AB0, AB0 4204F0B8 DCB0E >B 75<;8. %20B8B, GB>1K ?040O, ?@>G8B0BL :>@>B:CN <>;8B2C. 0 25@H8=C A:0;K <>@40 8 E@515B OI5@0 <>6=> 1K;> 4>1@0BLAO 84CI8< 4C3>>1@07=> A:;>=><, => >BBC40 2 A2>N >G5@54L =04> 1K;> 1K A?CAB8BLAO ?> :0=0BC 345- B> =0 425AB8 DCB>2, GB>1K ?>?0ABL 2 @0AI5;8=K.
@>25@LB5, A:>;L:> C =0A :0=0B0, ?@8:070; O.
0@=8 A>A:>G8;8 A AQ45;, 2K=C;8 87 2LN:>2 25@Q2:8 8 @07<>B0;8 8E. =8 AA>@8;8AL :0:>5- B> 2@5<O, ?>:0 =0:>=5F !<5@BCE =5 >BB>;:=C; 1;87=5F>2 8 =5 =0G0; >B<5@OBL 4;8=C H030<8.
0 3;07, AB> 4204F0BL, A:070; >=, :@82OAL, 81> 7=0;, GB> 25@Q2:8 =5 E20B8B, GB>1K A?CAB8BLAO A 25@H8=K.
C, AK=>:. / ?>A<>B@5; =0 B>@>3>, 0 ?>B>< ?>:070; 273;O4>< 2 AB>@>=C A:0;L=KE @0AI5;8=. >- >, =025@E!
;87=5F CAB028;AO =0 <5=O, 1C4B> O A ;C=K A20;8;AO. >, 2>- ?5@2KE, O C65 CA?5; 2=8<0B5;L=> 87CG8BL A:0;C, 0 2>- 2B>@KE, O 7=0; A?>A>1=>AB8 B>@>3>. !:0;0 1K;0 =5@>2=>9, >B<5G5==>9 2KABC?0<8 8 C7:8<8 4>@>6:0<8, ?>;=>9 4K@. 0 :064>< <5B@5 <>6=> 1K;> =09B8 <5AB>, GB>1K >?5@5BLAO =>3>9 8;8 2F5?8BLAO ?0;LF0<8. B>@>9, > GQ< O ?@5:@0A=> 7=0;, 1K; ;>2:8< A;>2=> :>B. / =5 @07 C65 2845; 53> 2 459AB288 8 =045O;AO, GB> A59G0A >= A=>20 ?>:065B A51O A ;CGH59 AB>@>=K.
5A;8 O, :0: 1K, C?04C? C3@N<> A?@>A8; >=.
C45< B51O, :0: 1K, ;>28BL, ?>HCB8; O 8 ?>4<83=C; 5<C. = A?;N=C; A515 ?>4 =>38 8 4>;3> 2B8@0; ?;52>: 2 :0<=8.
>;CG8HL 42>9=CN 4>;N, 8A:CH0; O 53>. A>25BCN B515 1KAB@55 84B8. / ?>A<>B@5; =0 =51>. 1> A59G0A :0: ;820=QB&
B>@>9 BO65;> 274>E=C; 8 =0G0; @074520BLAO. :>=F5 :>=F>2 >= >AB0;AO 2 >4=>9 @C10E5, A0?>30E 8 ?5@G0B:0E. ?>OA0;AO 25@Q2:>9. >;LD30=3 A<>B@5; =0 =53> A 87C<;5=85<, 0 ?>B>< ?>2Q; 273;O4>< ?> A:0;5.
!?@028BAO? ?@>H5?B0; >=. > >B25A=>9 AB5=5?
!B5=0 1K;0 =5 A>2A5< >B25A=>9, => O ?>=8<0; >?0A5=8O :><0=48@0 AB@068. 1KG=K9 G5;>25: =025@=O:0 A>@20;AO 1K 2=87 G5@57 =5A:>;L:> <5B@>2. > C 1;87=5F>2 1K;8 ?>8AB8=5 F8@:>2K5 A?>A>1=>AB8, 0 B>@>9 ;>2:>ABLN 4065 ?@52>AE>48; 1@0B0. / 704C<0;AO, 0 GB>, 5A;8 1K <=5 ?@8H;>AL :0@01:0BLAO, 8 @5H8;, GB> ?@54?>GQ; 1K =5 ?@>1>20BL. "5< 1>;55 GB> 4>64L AB0=>28;AO A8;L=55, 0 2> 2@5<O ?>4JQ<0 =5B =8G53> AB@0H=55, G5< 2KA:0;L7K20NI85 87- ?>4 ?0;LF52 :0<=8. > GB> ?>45;05HL: <K 2AN 687=L @8A:C5<.
B>@>9 ?>4>HQ; : A:0;5 8 ?@>HQ;AO 24>;L =5Q A ?>4=OB>9 3>;>2>9. KA<0B@820; <5AB> ?>;CGH5, GB>1K =0G0BL ?>4JQ<, 8 =0:>=5F =0HQ; 53>. F5?8;AO ?0;LF0<8 ;52>9 @C:8 2 8725AB:>2K9 2KABC? 8 ?>4BO=C;AO, >4=>2@5<5==> 2?8E820O ?@02CN =>3C 2 5420 70<5B=CN I5;L. >B>< =0H5; >?>@C 4;O ?@02>9 @C:8, 2K3=C;AO, ?>4BO=C;AO 8 2>B >= C65 =04 =0H8<8 3>;>20<8. 5 A:070BL, GB> ?CBL 4020;AO 5<C ;53:>, => O =5 A>18@0;AO 53> ?>43>=OBL. B>@>9 A0< ?@5:@0A=> 7=0;, 2 :0:>< B5<?5 5<C ?>4=8<0BLAO. =>340 >= ?>4>;3C 28A5;, ?@8602H8AL : A:0;5 8 :@CBO 3>;>2>9 BC40- AN40, 2KA<0B@820O ;CGH55 <5AB>. =>340 ?@>1>20;, 2K45@68B ;8 :0<5==K9 2KABC? 53> 25A. 20 @070 87- ?>4 53> =>3 ;5B5;8 8725AB:>2K5 >A:>;:8, 8 2 MB8 <><5=BK >@C65=>A5F >;LD30=30 2A:@8:820; >B AB@0E0. / B>;L:> ?>3;O4K20; A 15A?>:>9AB2>< 2 =51>, ?>A:>;L:C 4>64L AB0=>28;AO 2AQ A8;L=55. 5@2K9 A C3@N<K< ;8F>< =01;N40; 70 CA8;8O<8 1@0B0. / 704C<0;AO, GB> 1K >= A45;0;, 5A;8 1K B>@>9 >B20;8;AO >B AB5=K 8 A;><0; A515 H5N. 0?8;AO 1K A 3>@O? 0E>B5; 1K C18BL <5=O 2 0:B5 15AA<KA;5==>9 7;>1K 8 >BG0O=8O? AB028; 1K <5=O 8 !<5@BCE0, ?>A;5 G53> ?@>?0; 1K :C40- B>, GB>1K A;C68BL :><C- B> 4@C3><C? >60; 1K ?;5G0<8 8 ?>AG8B0; 1K A;CG09 =0:070=85< >6L8<? '5AB=> 20< ?@87=0NAL, ;N157=K5 <>8, O ?>=OB8O =5 8<5;. 564C 1;87=5F0<8 ACI5AB2>20; =5:89 284 <8AB8G5A:>9 A2O78 ( 2 >1KG=>< A<KA;5 MB>3> A;>20, ?>A:>;L:C 2 MB><, :>=5G=>, =5 1K;> 8 A;540 BQ<=>3> 8A:CAAB20) , <=>3> ?>E>653>, => 8 <=>3> @07;8G=>3>. @5<5=0<8 <=5 :070;>AL >G5284=K<, GB> C =8E 2708<=0O =5;N1>2L, 0 8=>9 @07 O >?OBL 1K; C25@5=, GB> >=8 >48= 70 4@C3>3> ?@K3=CB 2 >3>=L. >;3> ?@>4>;60;>AL, ?@5645 G5< B>@>9 4>1@0;AO 4> @0AI5;8=K. > 4>18;AO A2>53>. = =04>;3> ?@>?0; 2 A:0;L=>9 @0AA5;8=5, => ?>B>< <K C2845;8, :0: >= 2KAB02;O5B 3>;>2C =0@C6C. 8=C; 2=87 25@Q2:C, :>B>@0O >:>=G8;0AL ?@8<5@=> =0 C@>2=5 <>53> ;8F0.
>3 E>BO 1K =045;0BL C7;>2, 1C@:=C; >;LD30=3.
8G53>. / <0E=C; @C:>9. >4=8<CAL B>;L:> O. A<>B@NAL, GB> 8 :0:, 0 ?>B>< 25@=Q<AO. K 65 =5 4C<05B5, GB> <K 2?OB5@>< =0?04Q< =0 20H53> <>;>4>3> 10@>=0 2 <5AB5, :>B>@>5 >= 7=05B :0: A>1AB25==K9 :0@<0=?
/ :@5?:> 27O;AO 70 :>=5F 25@Q2:8 8 4Q@=C; 5Q =5A:>;L:> @07. >B>< AE20B8; 5Q, ?>28A 2A5< 25A>< 8 @0A:0G0;AO. #75;, A45;0==K9 B>@K< 345- B> B0< =025@EC, 45@60; E>@>H>, ?>MB><C O ?5@5:@5AB8;AO 8 AB0; 2718@0BLAO. 5 <>3C A:070BL, GB> <=5 ;53:> ?>H;>, 81> O =8 B0:>9 ;Q3:89, =8 B0:>9 ;>2:89, :0: 1;87=5FK. 4=0:> 2 :>=F5 :>=F>2 O 2;57 2 @0AA5;8=C, 2 :>B>@>9 A845; B>@>9, A C4>1AB2>< ?@8A;>=82H89AO : 8725AB:>2>9 AB5=5, 8 :>2K@O; 2 7C10E ?0;>G:>9.
, >@48<5@, A:070; >=, 0 O C?0; 8 AB0; 4KH0BL, 1C4B> 2K1@>H5==0O =0 15@53 @K10.
-9, B0<! :@8:=C; 2=87 1;87=5F. @82O68B5 =0< D0:5;K : 25@Q2:5!
5<=>3> B8H5! / 4Q@=C; 53> 70 ?;5G>, ?>B><C GB> :@8: @07=QAAO ME>< ?> 3@>BC. K A845;8 2 =51>;LH>9 ?5I5@:5, O 2 ?>;C<@0:5 2845; A?CA:0NI89AO 2 B5<=>BC C7:89 ?@>E>4. "0< 1K;> =5<=>3> <5AB0, => =87:> A:;>=82H89AO G5;>25: <>3 ?@>9B8 A2>1>4=>. 4=0:> O ?>:0 =5 70<5G0; =8:0:8E A;54>2 G5;>25G5A:>3> ?@8ACBAB28O, E>BO A<>B@5; CA5@4=>. ?@>G5<, A:>@> O <>3 ?@83;O45BLAO 5IQ 2=8<0B5;L=55, ?>A:>;L:C <K 2KA5:0;8 >3>=L 8 706830;8 420 D0:5;0.
GB>? B>@>9 ?>41>@>4:>< ?>:070; =0 C7:89 :>@84>@. 4Q<, :0: 1K? / AB@5;L=C; A;N=>9 A:2>7L 7C1K 8 703;O=C; 2 <@0:, 2KAB02;OO D0:5; ?5@54 A>1>9. 2AQ @02=> 2845; =5<=>3>. / :>;510;AO. >E>4 2=CB@L 8725AB:>2>9 ?5I5@K <>3 1KBL >?0A=K< =5 AB>;L:> ?> ?@8G8=5 ?>4AB5@530NI8E 2@03>2 ( 81> 2 8E ?@8ACBAB288 O 2>2A5 =5 1K; C25@5=) . =5 =5 C;K10;>AL =02A5340 >AB0BLAO =0 4=5 ?>475<=>3> ;018@8=B0, 0 O 7=0;, GB> 4;O MB>3> 4>AB0B>G=>3> >4=>3> =5>AB>@>6=>3> H030 8;8 4065 A;CG09=> >B:>;>2H53>AO >B ?>;0 :0<=O. B>@>9 =5B5@?5;82> ?>ABCG0; :>ABOH:0<8 ?0;LF52 2 AB5=C.
C, 8;8 BC40, 8;8 >1@0B=>, ?>43>=OO, ?@>1>@<>B0; >=. / ?@5:@0A=> <>3 >1>9B8AL 157 53> <C4@>3> 8 >9 :0: ?@>4C<0==>3> A>25B0. / A;53:0 ?>60; ?;5G0<8.
@>94Q< ?0@C H03>2, @5H8; O. > >AB>@>6=5=L:>, 1;87=5F, 1C4B> 84QHL ?> AB5:;C.
O GB>, :0: 1K, @51Q=>:? =04C;AO >= 8 ?5@2K< ?>3@C78;AO 2> <@0:. / ?>A;54>20; 70 =8<, AB0@OAL 45@60BLAO ?>1;865. @0240, 1;87=5F, :0: =0 <>9 2:CA, HQ; =5A:>;L:> 1KAB@>, => O 7=0;, GB> >= ?@8 MB>< =5 <5=55 >AB>@>65=. :>=F5 :>=F>2, 53> 2> <=>3>< <>6=> 1K;> C?@5:=CBL, => =5 2 B><, GB> >= =5 C2060; A>1AB25==>9 687=8.
E>- E>, A:070; >=.
'B> B0<?
!<>B@8. B@5?5ICI5< A25B5 D0:5;0 O C2845;, :0: >= 2KBO=CB>9 @C:>9 ?>:07K205B =0 A:0;C. / ?>A;54>20; 273;O4>< 70 53> ?0;LF5<.
0:>?GQ==K5, A:070; O.
C 40, 70:>?GQ==K5. B>- B> 4>;3> BCB AB>O;, ?;0<O 4065 >AB028;> A;54 =0 A:0;5.
>;LD30=3 3>2>@8;, GB> ?5I5@0 @0=LH5 8A?>;L7>20;0AL 271C=B>202H8<AO <C68GLQ<. >65B MB> 5IQ >B =8E A;54K?
O 7=0N? 704C<0;AO >=. 5B, >@48<5@. -B> A2560B8=0.
>8I5< 5IQ G53>- =81C4L, @5H8; O.
B>340 O CA;KH0; HC<. "0:, 1C4B> :B>- B> A45;0; =5>AB>@>6=K9 H03 8 B5?5@L AB0@0;AO 0::C@0B=55 ?>AB028BL =>3C. >B B>;L:>, 72C: 4>=QAAO A <5AB0, :>B>@>5 1K;> =8 ?5@54 =0<8, =8 70 =0<8, 0 =04 =0<8. / 2KBO=C; D0:5;, => :>=5G=> =8G53> =5 C2845;. ;8, <>65B, :B>- B> B08;AO =0 A:0;L=>9 ?>;:5, =0 GQ<- B> 2@>45 5AB5AB25==>3>, 8725AB:>2>3> 10;:>=0, 8 2845; =0A :0: =0 ;04>=8, 254L <K A0<8 5<C A25B8;8?
BABC?05<, 1;87=5F! ?@>H8?5; O. !:>@59!
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
* * *
5 7=0N ?>G5<C, => 10@>=5B0 O ?@54AB02;O; <>;>4K<, 2KA>:8< G5;>25:><, A GQ@=K<8 2>;>A0<8, ?@>=8F0B5;L=K<8, BQ<=K<8 3;070<8, >@;8=K< =>A><, 2KABC?0NI8<8 A:C;0<8 8 A<C3;>9 :>659. 3> >1@07 1K; B0: B>G=> =0@8A>20= ?>4 <>8<8 25:0<8, GB> O >G5=L C4828;AO, :>340 2>>1@065=85 2AB@5B8;>AL A @50;L=>ABLN. 1> =0 A0<>< 45;5 AK= 10@>= %0CAB>DD5@0 1K; =52KA>:8< G5;>25G:>< A 2>;>A0<8 F25B0 3@O7=>3> ;L=0, 24>102>: A;8H:>< 4;8==K<8, 0 270<5= 70 MB> A8;L=> ?>@5452H8<8. 3> ;8F> 1K;> ?>:@KB> =0;82H8<8AO 3=>5< ?@KI0<8, 0 =>A 1K; >B<5G5= A8=5- :@0A=K<8 :@>2>?>4BQ:0<8 >B ;>?=C2H8E A>AC4>2. 5<C 1K;> =5 4204F0BL A G5<- B> ;5B, 0 ?> :@09=59 <5@5 ?OBL45AOB. MB><C A>;84=K9 682>B 8 ;560I55 =0 H55 3>@;>. AQ MB> A2845B5;LAB2>20;> > ?@8AB@0AB88 : 2@54=>9 ?8I5 8 1>;LH><C :>;8G5AB2C :@5?:8E =0?8B:>2.
0?>G:8= 8=:2878B>@, ?@>E@8?5; >= A 4>2>;L=>9 CA<5H:>9. C1K C =53> 1K;8 2A5, => B0: @0AAB02;5==K5, GB> <564C ;N1K<8 42C<O O 2845; H8@>:CN I5;L.
/ :82=C; 5<C 256;82>, 0 A:>@55 E>B5; :82=CBL, ?>A:>;L:C <5=O A2O70;8 AB>;L :@5?:>, GB> 8 274@>3=CBL =5 >G5=L <>3. > 2AO:>< A;CG05, <=5 C40;>AL A;53:0 428=CBL H559.
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
KE>48B, MB> BK 20<?8@, A:070; O. A:>@55, :0: 286C, ?KB05HLAO 8< AB0BL.
= ?>BQ@ =>A :>=G8:0<8 ?0;LF52 8 2A<>B@5;AO 2 <5=O A =574>@>2K< 8=B5@5A><. # <5=O 1K;> AB>9:>5 2?5G0B;5=85, GB> >= 4C<05B, A:>;L:> :@>28 A<>65B 87 <5=O 2K:0G0BL. > <>65B MB> B>;L:> <>Q 1>;L=>5 2>>1@065=85 ?>4A:07K20;> <=5 B0:85 >1@07K.
-B> ?@0240, ?@87=0; >= 8 ?@81;878;AO =0 =5A:>;L:> H03>2. 0: B>;L:> ?@>254C 4> :>=F0 @8BC0;, <>9 4>@>3>9 8=:2878B>@, A<>3C A:070BL > B515: :B> 5AB >B B5;0 <>53> 8 ?LQB :@>2L <>N, C B>3> 687=L 25G=0O, 70A<5O;AO >= 8 ?>4<83=C; 59.
>3>EC;LAB2C5HL, A:070; O.
/ ?@82K:. = ;53:><KA;5==> <0E=C; @C:>9. =0G8B ?0?>G:0 25;5; B515 C18BL <5=O, B0: 254L? =05HL ?>G5<C, <8;K9 <0;LG8:? / C65 =5 <0;LG8: 8 @02=> =8:>340 =5 AB0@0;AO 1KBL <8;K<, => ?>=8<0;, GB> C <>;>4>3> 10@>=0 8<5==> B0:0O, 0 =5 8=0O <0=5@0 2K@065=8O. >MB><C O @5H8;, GB>, =0E>4OAL 2 <>Q< ?>;>65=88, ;CGH5 70<5G0=8O 5<C =5 45;0BL.
>A?>48= 10@>=5B =025@=O:0 A>872>;8B ?@>A25B8BL <5=O, A:070; O 256;82K< B>=><.
C :>=5G=>, A>872>;N! 0?C;5 ?@8H;>AL :>340- B> 40BL B>@65AB25==>5 >15I0=85, GB> =8 >=, =8 53> ;N48 =8:>8< >1@07>< =5 ?@8G8=OB 2@540 <=5 8;8 :><C- B> 87 <>8E. ?0?C;O B0:>9, :0:>9 5ABL, => :;OB2K A>1;N405B, 274>E=C; >= =5A:>;L:> B50B@0;L=>. 0;L, O B>340 =5 ?>4C<0;, GB> >= =09<QB A515 8=:2878B>@0. %0! =:2878B>@0! 0?C;O! /2=> 2AO A8BC0F8O 53> =5 B>;L:> C482;O;0, => B0:65 70102;O;0. 5=O :0: 1K <5=LH5.
'B> 6, 8=>340 ?>2>@>B 45;0 C482;O5B =0A 2A5E, :>=AB0B8@>20; O.
">G=>, 70A<5O;AO >=. "5< 1>;55 GB> <K ?@>254Q< @8BC0; :@>28 A B>1>9 2 3;02=>9 @>;8!
>A?>48= %0CAB>DD5@, A:070; O 8 3;C1>:> 274>E=C;, ?>A:>;L:C 3>B>28;AO : 4;8==>9 @5G8. >25@LB5 <=5, @8BC0; :@>28 MB> 2A53> ;8HL ?CAB>9 2K<KA5;. / ?@5:@0A=> 7=0N, 2 GQ< >= 70:;NG05BAO, ?>A:>;L:C 53> >?8A0; 157C<=K9 5@5B8: 8 :>;4C= 0:A5=F89 87 5;0788. > ?@>HC <=5 ?>25@8BL :@><5 :0: >?82H8AL :@>2LN 8 2K<0702H8AL 5N A 3>;>2K 4> =>3, 2K =8G53> 1>;55 =5 4>AB83=5B5&
"K G8B0; 0:A5=F8O? >= 2=8<0B5;L=> ?>A<>B@5; =0 <5=O.
=:2878B>@K 4>;6=K 7=0BL 5@5B8G5A:85 :=838, >=8 B0:65 4>;6=K 2 4>AB0B>G=>9 <5@5 ?>7=0BL <@0G=>5 8A:CAAB2>, 401K ?>=8<0BL, A :5< 8<5NB 45;>, >1JOA=8; O.
"Q<=>5 8A:CAAB2>. = >1;870; 3C1K 1;54=K< O7K:><, 1C4B> A0<> ?@>87=5A5=85 MB8E A;>2 4>AB02;O;> 5<C C4>2>;LAB285. 0: 65 2K MB> =07K205B5& 254L MB> 2@0B0 =0AB>OI53> @0O =0 75<;5, A>;=F5, A8ONI55 A@548 3;C1>G09H59 B5<=>BK %@8AB>A>20 <8@0. 045640 =0 25G=CN 687=L, =0 70125=85 B@52>38 ?>:0O=8O, AB@0E0 ?5@54 A>25ABLN, >3=O G8AB8;8I0 8 040. 5 ?>=8<05HL MB>3>, 8=:2878B>@? = ?>A<>B@5; =0 <5=O ?>GB8 A 60;>ABLN.
!> 2A5< C2065=85<, 20H0 <8;>ABL, A:070; O. > MB>B @8BC0; ?@>AB> =5 @01>B05B. 0:A5=F89 2AQ ?@84C<0;, 8 40 ?>25@8B <=5 20H0 <8;>ABL: C =53> 1K;> 1>30B>5 2>>1@065=85.
> O B515 =5 25@N, @O2:=C; >=, 2 15H5=AB25 <>@30O 2>4O=8ABK<8 3;07:0<8.
=5 254><0 ?@0240, A:070; O B8E>. "@0:B0B 0:AF5=8O 1K; =0<5@5==> ?>445;0=, => =5:>B>@K5 8=:2878B>@K C7=0;8 ?>4;8==K9 E>4 @8BC0;0 8 =0CG8;8AL ?@028;L=> ?@>87=>A8BL 70:;OB8O.
'- GB> B0:>5? = ?>4A:>G8; :> <=5 8 2?8;AO ?0;LF0<8 2 <>Q ?;5G>. "K 3>2>@8HL ?@024C? @024C? 8F> 10@>=0 >:070;>AL ?@O<> ?5@54 <>8<. 7 53> @B0 =5A;> 7;>2>=85< A3=82H59 :@>28. / A B@C4>< 2K45@60;, 2?@>G5<, 8 B0: =5 8<5O 2>7<>6=>AB8 >B25@=CBL 3>;>2C.
0, C20605<K9 3>A?>48=, >B25B8; O. %>GC :C?8BL A515 687=L. = >B?CAB8; <>Q ?;5G> 8 >BABC?8; =0 H03.
<>65B <=5 =5 =04> =8G53> ?>:C?0BL? = 3=CA=> C;K1=C;AO. >65B O A0< A515 2>7L<C, GB> 70E>GC? 1> :0:, A:065<, : ?@8<5@C, 8=:2878B>@K ?5@5=>AOB ?@86830=85 >3=Q<? ;8 2K@K20=85 7C1>2 8 =>3B59? ;8 ?@>BK:0=85 O8G5: @0A:0;Q==K< ?@CB><? ?
51;5ABOI5, @0AA<5O;AO O, 8 <>9 A<5E O2=> 53> C4828;. 5C6B> >= 4C<0;, GB> O =0G=C 3>;>A8BL, ?;0:0BL 8 <>;8BL > ?>I045? > E>B5; 1K 70<5B8BL, C20605<K9 3>A?>48=, GB> >4C@<0=5==K9 1>;LN 8 C25@5==K9 2 =587156=>9 A<5@B8 8=:2878B>@ <>65B A>25@H8BL =5>1@0B8<CN >H81:C. H81:C, :>B>@0O 4065 <>65B ?>2;5GL 70 A>1>9 A<5@BL 2> 2@5<O ?@>2545=8O @8BC0;0.
5A;8& = A=>20 ?@81;878;AO, 8 O A=>20 ?>GC2AB2>20; MB> 7;>2>=85 A3=82H59 :@>28. A;8 O A=0G0;0 ?@8:06C ?@>25AB8 >1@O4 =04 :5<- =81C4L 87 <>8E ?@842>@=KE 8 B>;L:> ?>B><, :>340 C40ABAO, A>3;0HCAL ?>2B>@8BL MB> =0 A515?
-B> E>@>H> 8<5BL : :><C- B> B0:>5 3;C1>:>5 4>25@85, GB>1K 25@8BL, GB> ?>;CG82 A8;C 8 15AA<5@B85 20<?8@0, >= =5 ?>94QB ?@>B82 B51O, A:070; O A 704C<G82>ABLN 2 3>;>A5. = ?@8:CA8; 3C1C 8, <8=CBC ?><>;G02, >BABC?8; =0 H03.
/ 4>25@ON A2>8< ;N4O<, >1JO28; >=. > 8<5==> O 4>;65= @8A:=CBL.
5 1C45B =8:0:>3> @8A:0, C25@8; O. 5A;8 @8BC0; =5 ?>;CG8BAO, B> <K 53> ?@>AB> ?>2B>@8<. 4=0:>, 40 ?@>AB8B 20H0 <8;>ABL, => GB>1K ?@>25AB8 2AQ :0: ?>;0305BAO, O =5 <>3C 1KBL A2O70==K< :0: :>;>40&
/ A;KH0;, GB> 8=:2878B>@K MB> 3@>7=K5 ;N48, C3@N<> ?@>87=QA >=. >?0A=> 8<5BL 8E 2@030<8. 0725 GB> >=8 A2O70=K 8 >157>@C65=K.
<5==> B0: > =0A 3>2>@OB, O ?>72>;8; A515 C;K1:C. 5 4C<05B 65 20H0 <8;>ABL, GB> O >1;040N :0:8<8- B> A25@EG5;>25G5A:8<8 A?>A>1=>ABO<8? A;8 1K B0: 1K;>, B> 2 :>=F5 :>=F>2 O =5 40; 1K A51O >3;CH8BL, A2O70BL 8 <=5 =5 ?@8H;>AL 1K 25AB8 ?5@53>2>@K > 687=8.
=5 2;57 1K 2 =0H5 C:@KB85 A A0<>9 A;>6=>9 AB>@>=K, C;K1=C;AO >=. ?@>AB> ?>8A:0; 1K 1>;55 C4>1=K9 2E>4 =0 B>9 AB>@>=5 A:0;.
= 4>;3> A<>B@5; =0 <5=O, 0 C <5=O 1K;> 2@5<O 704C<0BLAO =04 A>1AB25==>9 3;C?>ABLN, 0 A:>@55 =04 4>25@85< <>;8B25==><C 2845=8N, :>B>@>5 8 ?@825;> <5=O : C:@KB8N 10@>=5B0 :@0BG09H8< ?CBQ<, GB> =5 >7=0G0;> A0<K< 25@=K<.
'B> 6& %0CAB>DD5@ O2=> ?@>4>;60; >14C<K20BL 8 ?5@518@0; ?0;LF0<8, 1C4B> 157CAB0==> ?5@5AG8BK20O, B>G=> ;8 C =53> 8E 45AOBL?
-@=5AB, @O2:=C; >= 2 @57C;LB0B5 =0704, 8 O ?>=O;, GB> >= ?@8=O; @5H5=85. >AB02L ;N459 ?>;C:@C3><, ?CABL 70@O4OB 0@10;5BK 8 A;54OB 70 8=:2878B>@><.
"0: B>G=>! >;>2>@57 2 :>60=KE, ?>=>H5==KE 4>A?5E0E =0G0; @0AAB02;OBL >@C6=KE. 0>4=> @07>63;8 1>;LH5 D0:5;>2, 8 2 ?5I5@5 AB0;> 459AB28B5;L=> A25B;>.
072O68B5 53>, ?@8:070; 10@>=5B, 3;O4O =0 <5=O, 8 >BABC?8; =0 =5A:>;L:> H03>2. B>- B> A7048 ?5@5@570; <>8 C7K. / <54;5==> ?>4=O; @C:8 8 =0G0; @0AB8@0BL 70?OABLO.
528FK ?>=04>1OBAO? A?@>A8; A O2=K< 8=B5@5A>< 2 3>;>A5 <>;>4>9 %0CAB>DD5@.
C 3>A?>48=0 10@>=0 5ABL :>3> ?@54;>68BL? CGB82> A?@>A8; O.
5ABL! = E;>?=C; A51O ?> 1Q4@0< O2=> 4>2>;L=K9. 5@525=A:85 4520E8, => <>;>4K5 8 =5B@>=CBK5.
>60;C9AB0, 25;8B5 8E ?@825AB8.
= @0A?>@O48;AO, 8 2A:>@5 53> ;N48 ?@82>;>:;8 : MB><C 0;B0@N- =50;B0@N 42CE ?>B@Q?0==KE 8 >G5=L <>;>4KE 452CH5:. K;8 =0AB>;L:> >4C@52H8<8 8 =0?C30==K<8, GB> =8 2K@K20;8AL, =8 :@8G0;8. ">;L:> C >4=>9 87 =8E A;Q7K @CGLQ< 1560;8 ?> 87<070==><C 3@O7LN ;8FC. =5 MB8 452CH:8 1K;8 A>2A5< =5 =C6=K, 8 O =045O;AO, GB> <=5 =5 ?@84QBAO 8E C1820BL. > G5< 1>;LH5 2 MB>9 ?5I5@5 1C45B ?@51K20BL ;N459, B5< ;CGH5 4;O <5=O. A>15==>, :>340 =0G=QBAO ?5@5?>;>E. 1> O 2AQ 2@5<O @0AAG8BK20;, GB> <=5 =5 ?@84QBAO ?@81530BL : :@09=>ABO< 8 @5H0BLAO =0 8AE>4, :>B>@K9 1K; >?0A=K< 8 4;O <5=O A0<>3>. / =045O;AO, GB> <=5 C40ABAO 2K1@0BLAO 87 ?5@54@O38 A ?><>ILN A<5:0;:8 8 <KH5G=>9 A8;K, 0 =5 >1@0I0OAL : A25@EJ5AB5AB25==><C.
!5@51@O=K< A5@?>< 3>A?>48= 10@>=, :0: ?>;030N, 70?0AAO?
@028;L=> ?>;0305HL, >B25B8; >=, 0 >48= 87 53> >@C6=KE ?>40; 5<C ?@54<5B, 702Q@=CBK9 2 ?@><0A;5==CN B@O?:C. %0CAB>DD5@ >AB>@>6=> @0725@=C; B@O?:C, 8 O C2845; A5@51@O=K9 A5@? A 45@52O==>9, ?@028;L=>9 D>@<K 8 >B?>;8@>20==>9 @C:>OBLN. "0: =0 3;07, >= 1K; ?@>AB> =5G5;>25G5A:8 BC?K<, 8 ?5@5@570=85 8< 3>@;0 <>3;> >:070BLAO =5 >A>15==> ?@8OB=K< :0: 4;O B>3>, :B> @570;, B0: 8 4;O B>3>, :>3> @570;8 ( E>BO, =5A><=5==>, ?> @07=K< ?@8G8=0<) .
> ?>:0 <=5 =C6=0 20H0 :@>2L, 10@>=, A:070; O <O3:8< B>=>< 8 C2845;, GB> %0CAB>DD5@ 1;54=55B.
>O- O? ?@>87=QA, 708:0OAL, >=.
01K =0G5@B8BL 70I8B=CN ?5=B03@0<<C, 2 F5=B@5 :>B>@>9 20H0 25;L<>6=>ABL 2AB0=5B, >1JOA=8; O. / =5 <>3C 2 MB8E F5;OE 8A?>;L7>20BL :@>2L :>3>- B> 4@C3>3>.
30, A:070; >= 8 =5E>BO 7025@=C; @C:02 :C@B:8. !:>;L:> MB>9 :@>28 B515 =04>?
5<=>3>.
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
72>;8B ;8 3>A?>48= 10@>= 2AB0BL 2 F5=B@? A?@>A8; O.
72>;N, >B25B8; >=. > BK >B>948 BC40, ?@8:070;. IQ, 5IQ, >= ?>=C:0; <5=O, ?>:0 O =5 C?Q@AO A?8=>9 2 AB5=C.
! 3>@5GLN 4>;65= ?@87=0BL, GB> G5B25@> >@C6=KE 2AQ 2@5<O 45@60;8 <5=O ?>4 ?@8F5;><. >@48<5@ 0445@48= <>65B G5;>25: 8 B@5=8@>20==K9 2 @C:>?0H=>< 1>5, => >= 5IQ =5 >2;045; =5A><=5==> 70E20BK20NI8< 8A:CAAB2>< B0=F0 <564C AB@5;0<8. %0CAB>D5@ 2AB0; 2 :@>202>< :@C35.
#20605<K9 3>A?>48=, ?@>87=QA O. @5645 G5< <K ?@8ABC?8< A>1AB25==> : @8BC0;C, 4> ?@8=5A5=8O 2 65@B2C 4528F, ><>25=8O 2 :@>28 8 ?8B8O MB>9 682>B2>@=>9 684:>AB8, ?@5645 G5< <K =0G=Q< <038G5A:85 70:;OB8O, BK 4>;65= @07 8 =02A5340 >B@5GLAO >B >30 8 =35;>2. >340 O 4>3>20@820; MB8 A;>20, B> C2845; ;Q3:>5 15A?>:>9AB2> A@548 A>;40B 10@>=0.
# 0:A5=F8O =8G53> B0:>3> =5 1K;>. 0E<C@8; 1@>28 %0CAB>DD5@.
<5==>, ?>440:=C; O, ?>4G5@:820O. 0: <>6=> >1@5AB8 ?@8ACICN B>;L:> >3C 8 =35;0< 25G=>ABL, ?@5645 =5 >B@5:H8AL >B =8E? 54L MB> >=8 A45;0;8 =0A A<5@B=K<8&
C4C 15AA<5@B=K<? ">G=>?
A5340 5ABL >3@0=8G5=8O, 25;L<>6=K9 3>A?>48=, O =0<5@520;AO CA;>6=OBL, ?>B><C GB> 2AQ B>340 2KE>48;> ?@024>?>4>1=55. "51O <>6=> 1C45B C18BL >3=Q< 8;8 21820O 2 B2>Q A5@4F5 :>;. "K B0:65 1C45HL GC2AB2>20BL AB@0E 8 >B2@0I5=85 >B A2OI5==KE A8<2>;>2. = A:@828;AO.
?>;QB?
0: =0 :@K;LOE >@;0.
1@0I5=85 2 BC<0=?
>B@51C5B =5:>B>@>9 ?@0:B8:8.
'B> A >B@065=85< 2 75@:0;5?
=5 60;L. / @072Q; @C:0<8. !53>4=O C 10@>=0 5ABL 2>7<>6=>ABL C2845BL A2>9 >1;8: 2 ?>A;54=89 @07. -B> 53>, ?>E>65, =0:>=5F C1548;>.
'B> <=5 3>2>@8BL? A?@>A8; >= =5 >G5=L C25@5==K< 3>;>A><.
%>@>H>. 0G=Q<. C4C 3>A?>48=C 10@>=C 704020BL 2>?@>AK, 0 20H0 25;L<>6=>ABL >B25B8B =0 =8E ?>;=K<8 ?@54;>65=8O<8, A 15A?@545;L=>9 O@>ABLN, AB@0ABLN 8 GC2AB2><. ! O@>ABLN, AB@0ABLN 8 GC2AB2><, ?>2B>@8; >=. 5A?@545;L=>9&
B :>3> 3>A?>48= 10@>= >B@5:05BAO? B@5:0NAL >B, =0G0; >=. >30? = ?>A<>B@5; =0 <5=O 2>?@>A8B5;L=>, 0 O :82=C;.
?
=35;>2? ?>4A:070; O. / A=>20 A>3;0A=> A:;>=8; 3>;>2C.
B5?5@L 3@><:> 8 ?>;=K< ?@54;>65=85<! ?@8:070; O.
B@5:0NAL >B >30 8 =35;>2! @O2:=C; >=, 0 =5A:>;L:> 87 53> ;N459 =5@2=> >A<>B@5;>AL 2>:@C3. A>60;5=8N, 0@10;5BG8:8 ?>- ?@56=5<C F5;8;8AL ?@O<> 2 <5=O, ?>MB><C ?@8E>48;>AL BO=CBL MBC >?0A=CN 83@C.
>A?>48= 10@>= ?;NQB =0?
;NN =0 >30 8 =35;>2! 3> 3>;>A ?>=QAAO ME>< ?> ?5I5@5. = C;K1=C;AO.
@>:;8=05B 3>A?>48=&
@>:;8=0N >30 8 =35;>2!
1> :B> ACBL A>4><8G=K5, :@K;0BK5 2K?5@4KH8?
=35;K ACBL A>4><8G=K5, ?@>:;OBK5, :@K;0BK5 2K?5@4KH8, ?;NN =0 =8E 8 ?@>:;8=0N 8E! =018@0; @07153 %0CAB>DD5@.
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
>9 3>A?>48=, A:070; O. = <54;5==> >15@=C;AO 2>:@C3 A51O 8 A>A@54>B>G8; 273;O4 =0 10@>=5B5, GB> B>@G0; 2 :@>202>< :@C35 A @078=CBK< >B 87C<;5=8O @B><. / 2845;, :0: ?> ;1C %0CAB>DD5@0 AB5:0NB :@C?=K5 :0?;8.
=0G8B O A>4><8G=K9, :@K;0BK9 2K?5@4KH? B8E> A?@>A8; =35;, 0 O, CA;KH02 MB>B 3>;>A, ?>GC2AB2>20;, :0: <5=O >1;8205B ;54O=>9 ?>B. / C?0; =0 :>;5=8 8 A:;>=8; 3>;>2C B0: =87:>, GB> ;1>< 4>B@>=C;AO A:0;K. 4=0:> O 2=8<0B5;L=> A;548; 70 2A5<. >;>4>9 10@>=5B 1K; =5 2 A>AB>O=88 =8 A:070BL GB>- ;81>, =8 4065 274@>3=CBL. / =5 8<5; ?>=OB8O, B> ;8 =35; 53> ?0@0;87>20;, B> ;8 >= 1K; >15742865= >1KG=K<, B0:8< G5;>25G5A:8< AB@0E><.
@K;LO, =35; 2>7>?8;. B>340 %0CAB>DD5@ 70:@8G0;. Q2>< ?@>AB> =525@>OB=>9 1>;8 8 =525@>OB=>3> C60A0. = ?>- ?@56=5<C =5 <>3 A428=CBLAO A <5AB0, => 53> A?8=0 ;>?=C;0, 8 2 D>=B0=0E :@>28 >1=068;AO 3>;K9 ?>72>=>G=8:. 7 :>AB8 2K@>A;8 1>;LH85, BQ<=K5, 8AB5:0NI85 AC:@>28F59 ?5@5?>=:8, >B<5G5==K5 A5@51@O=K<8 =8BO<8 2>;>:>=. =35; <0E=C; @C:>9, 8 B>340 :0:0O- B> <>3CG0O A8;0 ?>4E20B8;0 MB> C65 =5G5;>25G5A:>5, 45D>@<8@>20==>5 B5;> 8 @0A?@>ABQ@;0 53> =0 AB5=5. 7 0@10;5B>2, :>B>@K5 45@60;8 AB@06=8:8, 2K;5B5;8 1>;BK 8 ?@818;8 10@>=5B0 : A:0;5. > >4=><C 2 :064>5 :@K;>, ?> >4=><C 2 :064CN =>3C. AB@8O 2>H;8 2 :0<5=L 06 ?> >?5@Q==K5 :>=FK. %0CAB>DD5@, >1@0IQ==K9 ;8F>< : A:0;5, 2K;, 1C4B> 2<5AB5 A MB8< 2>5< ?KB0;AO 2K?;N=CBL 2AN 1>;L.
!>4><8O! =35; A=>20 2>7>?8;. B>340 O C2845;, :0: ;560I89 =0 75<;5 >1;><>: A:0;K =0G8=05B <5@F0BL, B0OBL 2 2>74CE5 8 D>@<8@>20BLAO 2 3830=BA:89, 81> 25;8G8=>9 A <C6A:CN @C:C, D0;;>A. 0:>=5F, :>340 C65 AD>@<8@>20;AO, >= ?><G0;AO A >3@><=>9 A:>@>ABLN 8 2>B:=C;AO ?@O<> <564C =>3 %0CAB>DD5@0. / <>3 70:@KBL 3;070, => 60;5;, GB> =5 <>3C 70B:=CBL CH8.
:B> B5?5@L :@K;0BK9, A>4><8G=K9 2K?5@4KH? A?@>A8; <>9 =35; A 3;C1>:8< C4>2;5B2>@5=85< 2 3>;>A5, 0 53> 3;070 O@:> 70A8O;8 A>;=F5<.
5AA<5@B85! >= ?@>87=QA B0: <>I=>, GB> O CA;KH0;, :0: >AK?0NBAO A:0;K. >765 O 2845; B>;L:> 53> >A;5?8B5;L=CN C;K1:C, ?>A;5 G53> ?>GC2AB2>20; ;Q3:>ABL, A;01>ABL 8 C?;K; 2 ?CAB>BC. >340 O >G=C;AO, B> ;560; 2 B@025, 0 =35; A845; @O4>< 8 >?8@0;AO =0 :@K;LO. 0?520; GB>- B>, :0:CN- B> <5;>48N 157 A;>2. !:0;0 ?>4 =8< :8?5;0, => >=, ?>3@C6Q==K9 2 <KA;8, MB>3> 4065 =5 70<5G0;. / 2AB0;, E>BL C <5=O :@C68;0AL 3>;>20, 0 ?5@54 3;070<8 2845; 25@BOI85AO :@0A=K5 :@C38.
>@48<5@. =35; ?>4=O;AO 8 ?@8:>A=C;AO : <>5<C ?;5GC ?0;LF0<8, 0 O A B@C4>< A45@60; :@8:, ?>A:>;L:C 53> ?@8:>A=>25=85 ?@>63;> <=5 @0=C 4> A0<>3> <OA0. >;LH5 B0: =5 45;09.
= C1@0; ;04>=L 8 B>340 C2845;, GB> ?>GB8 >1C3;8; <=5 ?;5G>. 0:>9- B> <><5=B @074C<K20;, ?>A;5 G53> A=>20 ?@81;878; @C:C, => =0 MB>B @07 O ?>GC2AB2>20; ;8HL ;54O=>5 4C=>25=85, 8 @0=K ?>A;5 >6>30 70BO=C;8AL B0: 1KAB@> 8 B0: ?>;=>, GB> >B =8E =0 :>65 4065 A;540 =5 >AB0;>AL.
%>@>H5=L:>3> ?>=5<=>3C, >@48<5@, 4>1028; >=.
>;N > ?@>I5=88, ?@>H5?B0; O.
- 000, =5 <>;8. = >B@OE=C; @C:8. > :@09=59 <5@5, O =5<=>3> @072;Q:AO. B> MB> 1K;?
'5;>25:, 65;0NI89 ?@>25AB8 5@5B8G5A:85 @8BC0;K, 401K AB0BL 20<?8@><, <>9 3>A?>48=. 0<?8@>2 =5 ACI5AB2C5B, @0AA<5O;AO =35;. 'B> 70 <KA;L! / ?>4=O; 273;O4 8 C2845;, GB> B5?5@L >= ?@8=O; >1@07 EC4>3> G5;>25G:0 2 A5@>9 >45645 8 H8@>:>?>;>9 H;O?5. 8HL >A;5?8B5;L=> A25B;K5 2>;>AK, :0: 1K A>B:0==K5 87 A>;=5G=KE ;CG59, A?040;8 5<C 4> A0<KE ?;5G.
5@538AL, >@48<5@, A:070; >= 8 HCB;82> ?>3@>78; <=5 ?0;LF5<. 1> 4065 15A:>=5G=>5 B5@?5=85 8 15A:>=5G=>5 <8;>A5@485 =35;>2 8<55B A2>8 3@0=8FK. = 4>3>2>@8; MB8 A;>20, ?>A;5 G53> 2 >48= <83 8AG57 87 <>8E 3;07. ! <8=CBC 2 <5AB5, 345 >= B>;L:> GB> AB>O;, <5@F0;> >A;5?8B5;L=>5 A8O=85, => 8 >=> A:>@> 8AB0O;>. / A >1;53G5=85< 274>E=C;, 81> <>3 A:070BL, GB> C <5=O A=>20 1K;> 4C@0F:>5 2575=85. B0:65 A2>Q, >G5=L ;8G=>5 <=5=85 =0 B5<C B5@?5=8O 8 <8;>A5@48O. A>15==> > 15A:>=5G=>< B5@?5=88 8 15A:>=5G=>< <8;>A5@488. >4 8725AB:>2K<8 A:0;0<8 =5 1K;> 8 A;540 <>8E A?CB=8:>2, 8 O ;8HL =045O;AO, GB> >=8 ?>5E0;8 2 70<>:, GB>1K ?@825AB8 ?><>IL, 0 =5 GB>1K >?;0:0BL ?>B5@N :><0=48@0 8 CB>?8BL 3>@5 2 1CBK;:0E 28=0. %C65, GB> B0:65 ?@>?0;0 <>O ;>H04L, 0 MB> >7=0G0;>, GB> 4> @57845=F88 %0CAB>DD5@0 <=5 ?@84QBAO B0I8BLAO ?5H:><. > O 1K; AB>;L @07C<=K<, GB> <=5 4065 <KA;L 2 3>;>2C =5 ?@8H;0, 1C4B> =35; <>3 1K <5=O ?5@5=5AB8 : <5ABC, =0E>4OI5<CAO ?>1;865 : 70<:C. 48=AB25==>5, GB> O <>3 GC2AB2>20BL : 5<C, MB> 1;03>40@=>ABL 70 B>, GB> A?0A <5=O 87 154K 8 ?>AG8B0; <>8 8=B@838 8=B5@5A=K<8 8;8 65 70102=K<8. > O ?>;=>ABLN >B4020; A515 >BGQB, GB> A;54CNI0O ?>?KB:0 A?@>2>F8@>20BL 3> <>65B 70:>=G8BLAO 4;O <5=O C65 1>;LH5, G5< ?;0G52=>.
* * *
0@>= 1K; 87C<;Q=, GB> O 5IQ 682. "5< 1>;55, GB> >= =5 A>18@0;AO, :>=5G=>, ?>AK;0BL =8:0:>9 A?0A0B5;L=>9 M:A?548F88, G5<C, 2?@>G5<, B@C4=> C482;OBLAO. 07 =0=OBK9 8=:2878B>@ =5 ?@5>4>;5; >?0A=>AB59, GQ@B A =8<, 8=:2878B>@><!
0: A?@028;AO? = 2A<>B@5;AO 2 <5=O A 8=B5@5A><.
, ?>C1820; 8E 2A5E, >B25B8; O, 81> =5 A>18@0;AO @0AA:07K20BL > ?>4@>1=>ABOE 45;0 A 53> AK=>< 8 > B><, GB> B>B 2 :>=F5 :>=F>2 ?>;CG8; 2>645;5==>5 15AA<5@B85, 1;03>40@O 2A5<>3CI5<C ?>65;0=8N <>53> =35;0. %0CAB>DD5@ <>;G0; >G5=L 4>;3>.
86C, 8=:2878B>@K 2K;5?;5=K 87 ?@>G=>9 3;8=K, ?@>87=QA >=, =0:>=5F.
0H5 ?@540=85 3;0A8B, GB> >A?>4L 2K;5?8; ?5@2>3> 8=:2878B>@0 ?> >1@07C 8 ?>4>18N A2>5<C, A:070; O HCB;82K< B>=><. > A:068B5 <=5, ?>60;C9AB0, 70G5< 2AQ MB> 1K;> =C6=>? 54L 3>A?>48= 10@>= ?@5:@0A=> 7=0;, GB> 53> AK= =8:0:>9 =5 20<?8@.
<>3 8< AB0BL? A?@>A8; >=, =5 >B25B82 =0 <>9 2>?@>A.
5B, 3>A?>48= 10@>=. 5 ACI5AB2C5B B0:8E @8BC0;>2, 0 A:>@55, 40, ACI5AB2CNB, => 8E >?8A0=8O AB>;L 65 4>AB>25@=K, GB> 8 >?8A0=8O ?>;CG5=8O D8;>A>DA:>3> :0<=O 8;8 :@0A=>9 B8=:BC@K.
=5 =04> 1K;> 20A ?@5;LAB8BL, <038AB@, ?@>87=QA 10@>=. B>;L:> =5>1KG=>ABL 7040=8O 8 20H8 A><=5=8O <>3;8 40BL @57C;LB0B. A;8 1K O >B:@K;, GB> <>9 AK= 70=8<05BAO BQ<=K< 8A:CAAB2><, B> C65 G5@57 =5A:>;L:> =545;L BCB 1K :8H5;8 B2>8 A>1@0BLO 2 GQ@=KE <0=B8OE. BK A?@028;AO A0<. "K 2A5E C18;, 8 45;> 70:>=G5=>.
@028;0 =:2878F88 B@51CNB >B <5=O =0?8A0=8O ?>4@>1=>3> @0?>@B0, A:070; O.
0 ?8H8B5, ?@>87=QA >= A=8AE>48B5;L=>. 54L 2K =5 A>;6QB5, 3>2>@O, GB> A0<>AB>OB5;L=>, ?@8 ;8HL =57=0G8B5;L=>9 ?><>I8, 2K @07@5H8;8 ?@>1;5<C. C<0N, C 8=:2878B>@>2 =5B ?@8G8= 8=B5@5A>20BLAO <>59 A:@><=>9 >A>1>9, CG8BK20O, GB> O >B40; 2 20H8 @C:8 A>1AB25==>3> AK=0.
-B> 45O=85, 4>AB>9=>5 =5A:070==>9 ?>E20;K, A5@LQ7=> >B25B8; O.
O B0: 4C<0N. = :82=C;. / =8:>340 =5 8A?KBK20; A8<?0B88 : MB><C ?>30=FC, => B>, GB> >= B2>@8; ?>A;54=55 2@5<O, C65 ?5@525A8;> G0HC 25A>2. / =5 8A?KBK20N >A>1KE GC2AB2 : <C68GLN, => AG8B0N, GB> >25F A;54C5B AB@8GL, 0 =5 @570BL. 0: 4C<05B5?
0H0 <8;>ABL B0: 3>2>@8B5, 1C4B> G8B05B5 2 <>8E <KA;OE, >B25B8; O.
%>@>H> A:070=>. = C;K1=C;AO. B0:, ?5@594Q< : 2>?@>AC 2>7=03@0645=8O 70 E>@>H> 2K?>;=5==>5 7040=85. 0?><=8 <=5, :0: <K 4>3>2>@8;8AL?
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
GB>, 8=:2878B>@? 703>2>@8; >=, :>340 <>;G0=85 70BO=C;>AL. 0:>2K 1C4CB B2>8 ?>65;0=8O?
01>B0BL 4;O 20H59 <8;>AB8 1K;> 4;O <5=O =0AB>OI8< C4>2>;LAB285<, >B25B8; O CGB82> 8 157 708:0=8O. 48=AB25==>, G53> 65;0N, MB> 157>?0A=> 25@=CBLAO 2 %57, 0 GC2AB2> 2K?>;=5==>9 <8AA88 8 A>7=0=85 @0A?>;>65=8O 8 4>25@8O, :>8<8 20H0 <8;>ABL <5=O >40@8;0, 1C4CB 4;O <5=O 4>AB0B>G=>9 =03@04>9.
@5:@0A=> A:070=>, 70<5B8; %0CAB>DD5@ 8 2AB0;, 0 :0@B8=0 2 75@:0;5 ?>- ?@56=5<C =5 87<5=8;0AL. / ?>4=O; 3@0D8= 8 1>:0;, => :0@B8=0 2 75@:0;5 ?>- ?@56=5<C =5 87<5=O;0AL! @0D8= 8 1>:0; A>3;0A=> B><C, GB> >B@060;0 3;04L, ?>- ?@56=5<C AB>O;8 =0 AB>;5! / <>@3=C;. 07, 8 2B>@>9. ;8HL A?CABO 4>;3CN <8=CBC O A>@85=B8@>20;AO, =0A:>;L:> O =0825=. / <>3 ;8HL ;>:B8 :CA0BL, GB> 4>25@8;AO A2>8< ?@540B5;LA:8< GC2AB20<, 0 =5 =0B@5=8@>20==><C <=>3>;5B=8<8 C?@06=5=8O<8 @07C<C. 07 O 7=0;, GB> 20<?8@>2 =5B, <5=O =5 4>;6=0 >1<0=K20BL D0;LH820O :0@B8=0. 1> MB> 1K;0 8<5==> :0@B8=0, 0 =5 75@:0;>. 0@B8=0, A =5>1K:=>25==>9 B>G=>ABLN ?5@540NI0O 2A5 ?>4@>1=>AB8 >1CAB@>9AB20 :><=0BK. 04> ?@87=0BL, GB> 3>A?>48= 10@>= 8<5; GC2AB2> N<>@0, A2845B5;LAB2CNI55 :0: >1 >?@545;Q==>9 A:C:5, B0: 8 > 2>>1@065=88. "5< =5 <5=55, :>=5G=>, >= C=878; <5=O 8 AM:>=><8; A2>8 @0AE>4K. > >4=>2@5<5==> O ?>;CG8; >B =53> F5==K9 C@>:. / 3;C1>:> ?>:;>=8;AO.
@>I0NAL A 3>A?>48=>< 10@>=>< 8 >AB0NAL 53> A0<K< ?>:>@=K< A;C3>9, A:070; O.
@>I09B5, 3>A?>48= 0445@48=, ?@>87=QA >=. >7<>6=>, <K 5IQ :>340- =81C4L 2AB@5B8<AO, 8 C <5=O 1C45B 4;O 20A 4@C3>9 70:07?
5 7=0N, ?>72>;OB ;8 <>8 A:@><=K5 A?>A>1=>AB8 E>@>H> A?@028BLAO A ?>@CG5==K< 7040=85<, ?@>87=QA O, ?OBOAL. = 7045@60; <5=O 65AB>< ?>4=OB>9 @C:8.
/ 1K =5 E>B5;, GB>1K 2K >AB0;8AL ;8HL A <>59 1;03>40@=>ABLN 8 A>1AB25==K< C4>2;5B2>@5=85<. = A;53:0 C;K1=C;AO 8 ?>4>HQ; :> <=5. @>HC. = 70;57 70 ?07CEC 8 ?>40; <=5 1>;LH>9, BO6Q;K9 :>H5;L 87 B5;OGL59 :>68, 2KH8B>9 7>;>B><. 01K 2K A>E@0=8;8 >1> <=5 E>@>HCN ?0<OBL.
!?0A81>, 3>A?>48= 10@>=, O ?>:;>=8;AO 5IQ @07. 5 A:@>N, %CAB>DD5@ ?@>1C48; 2> <=5 C2065=85, 8 MB> A0<>5 C2065=85 2K@>A;> 5IQ 1>;LH5, :>340 O A@07C 70 ?>@>3>< 703;O=C; 2=CB@L <>H=K 8 C2845;, GB> >=0 ?>;=0 7>;>BKE 4C:0B>2.
* * *
> @0728;:8 4>@>3 =0A ?@>2>48; =>BB5. = 1K; A;53:0 ?LO=, 0 53> E>;>4=K5, 3>;C1K5 3;070 =0 MB>B @07 A<>B@5;8 4>1@>65;0B5;L=>.
2AQ- B0:8 2K 1K;8 ?@02K, 70A<5O;AO >=. 0<?8@>2 =5B. =5H=>ABL >1<0=G820, =5 ?@0240 ;8?
@87=0N, ?L5A0, ?@84C<0==0O 3>A?>48=>< 10@>=><, 1K;0 25AL<0 C1548B5;L=>9, >B25B8; O. O 4>2>;5=, GB> ?>4B25@48;8AL <>8 ?@54?>;>65=8O.
000, ?@>2>@G0; >=. >;4C=, >1KG=>5 45;>, 0 20<?8@ MB> 1K;> 1K GB>- B>, ?@0240? !>60;55B5? =5 ?@8H;>AL =54>;3> ?>4C<0BL =04 53> 2>?@>A><.
<8@5 A;8H:>< <=>3> GC4>28I, GB>1K O 65;0; 8E 87CG0BL, >?8AK20BL, 0 ?>B>< 8AB@51;OBL, ?@>87=QA O. > A 4@C3>9 AB>@>=K&
!B@0ABL ?5@2>>B:@K20B5;O, 0? = C;K1=C;AO, 0 O ?>60; ?;5G0<8.
025@=>5, 40. >2K5 2K7>2K, =>2K5 2>?@>AK, ?>8A: >B25B>2& :>=F5 :>=F>2, 8<5==> MB>, ?><8<> >E@0=K 2@0B =0H59 A2OB>9 25@K, O2;O5BAO <>59 ?@>D5AA859 8 <>8< ?@8720=85<.
%0! >?@>AK! A:070; >=. K =8:>340 =5 4C<0;8, 3>A?>48= 0445@48=, GB> >?0A=>ABL 2>?@>A>2 2 B><, GB> <>65B5 CA;KH0BL >B25B?
>A?>48= =>BB5, O @0AA<5O;AO. C<0N >1 MB>< 2A5340. ?@>G5<, ?@51K20O 2 >1I5AB25 10@>=0, 2K, =025@=>5, 8<55B5 <=>3> 2@5<5=8, GB>1K 704020BL A515 @07=>>1@07=K5 2>?@>AK.
%>BO <K 2A5 A;C68< 53> <8;>AB8 2A53> 420 3>40, => 2K ?@02K, 3>A?>48= 0445@48=: GB> B0< 3>2>@8BL, AB@0==K9 MB> G5;>25:.
K ?>?@>I0;8AL A8;L=K< @C:>?>60B85<, 0 C?@02;ONI89 :82=C; =0 ?@>I0=L5 <>8< A?CB=8:0<. K ?>5E0;8 <54;5==>, H03><, 2 AB>@>=C 1;8609H53> 3>@>4:0, B0:, GB>1K ?5@5=>G520BL A53>4=O =0 ?@8;8G=>< ?>AB>O;>< 42>@5 8 >1J5E0BL B@0:B8@, 2 :>B>@>< E@><>9 :>@G<0@L ?>4020; 8A:;NG8B5;L=> A:25@=>5 ?82> 8 8A:;NG8B5;L=> A:25@=CN 54C. / A:070; @51OB0<, A:>;L:> <K 70@01>B0;8, 0 >=8 70A8O;8 >B @04>AB8, 81> B0:>3> ?@81K;L=>3> 70:070 402=> C =0A =5 1K;>. !0<K< 4>2>;L=K< 1K, :>=5G=>, B>@>9, :>B>@K9 4>;65= 1K; ?>;CG8BL 42>9=CN 4>;N.
%57, 0? A?@>A8; !<5@BCE, 8 3;070 C =53> 703>@5;8AL.
0, !<5@BCE. 83>@=><C 4><C, H;NE0< 8 :010:0<, GB>1K BK <>3 :0: <>6=> 1KAB@55 2AQ A?CAB8BL, >B25B8; O.
5 B>, GB>1K O 1K; ;CGH5 53>. =0O <>8 ?@82KG:8, MB8E 7>;>BKE 4C1;>=>2 =04>;3> =5 E20B8B, 81> :>340 <>H=0 ?>;=0, 20H ?>:>@=K9 A;C30 =5 ?@82K: 60;5BL 45=53 =0 :@0A82KE 452>:, 4>@>3>5 28=> 8 @>A:>H=K5 ?8@K 2 :@C3C 4@C759. %>BO 1K E>@>H>, GB> O =5 <>3 83@0BL, 81> 70?@5B =0 070@B=K5 83@K 1K; >4=8< 87 :0?@87>2 <>53> =35;0- E@0=8B5;O. = =5 E>B5; ;Q3:>9 687=8 4;O <5=O, CGBO, GB> O ?>GB8 2A5340 2K83@K20; 8 ?>GB8 2A5340 <>3 @07>1;0G8BL ;N1>3> <>H5==8:0. A2O78 A MB8<, <>8 « :0@B>G=>- :>ABO=K5» @04>AB8 >3@0=8G820;8AL =528==>9 70102>9 A> !<5@BCE>< 8 1;87=5F0<8, 345 AB02:>9 1K;8 A0<K5 <5;:85 <54O:8. "0:, ?@>AB> 4;O @072;5G5=8O. %>BO @072;5G5=85< 1K;> A>1AB25==> =5 2K83@K20BL, 0 =01;N40BL 70 7;>ABLN ?@8OB5;59, ?@8E>4OI8E 2 15H5=AB2> >B B>3>, GB> =8G53> =5 <>3;8 ?>45;0BL A <>8< =5?@5:@0I0NI8<AO 2575=85<. >=8 2A5340 =045O;8AL, GB> 2 :>=F5 :>=F>2 2K83@0NB. %0, :0: 3>2>@8B AB0@0O ?>A;>28F0, « =5 70 B> >B5F 18;, GB> 83@0;, 0 70 B>, GB> >BK3@K20;AO» .
"0: GB> A=>20 <K 2K68;8, 274>E=C; 5@2K9.
:><?0=88 >@48<5@, :0: 1K, =5157>?0A=>, => MB>3> AB>8B, 70<5B8; B>@>9. !<5@BCE B>;L:> C;K1=C;AO A2>8< <KA;O<, 8 O 1K; C25@5=, GB> 2>>1@065=85 7025;> 53> C65 2 %57.
CGH5 1KBL, MB>, 682K<, G5< <Q@B2K<. 5@2K9 A C4>2;5B2>@5=85< ?>45;8;AO A =0<8 ?5@;0<8 A2>8E 4C<.
« <=5 ;8HL B> >AB0;>AL ;>65, 345 =>A>< :@>B B>;:05B E;04=K9 B@C?» , 70?5; B>@>9 =5 ?>?040O :0: 2 A;>20, B0: 8 2 <5;>48N. >@48<5@, ?>4C<0; O A 60;>ABLN, 154=K9, 154=K9 >@48<5@. 24@C3 =0BO=C; ?>2>4LO :>=O.
"@C?? ?>GB8 70>@0; O. "@C??
"K G53> MB>? 5E=C;AO? ?>A<>B@5; =0 <5=O 5@2K9. > O C65 ?>2>@0G820; 2 AB>@>=C 70<:0.
48B5 <5=O 2 :>@G<5! :@8:=C; O G5@57 ?;5G> 8 ?@8H?>@8; ;>H04L. / 7=0;, GB> ?>ABC?0N ?>A?5H=>. 'B> O 4>;65= 420, 0 <>65B 45AOBL @07 ?>4C<0BL, ?@5645 G5< ?>?@>A8BL %0CAB>DD5@0 > @073>2>@5. 4=0:> O B0:65 7=0;, GB> <=5 =04> 2KOA=8BL >4=>: :0: A;CG8;>AL, GB> B@C?K ?@8A;C38 10@>=0 1K;8 GC45A=> >G8I5=K >B 2AO:>9 :@>28, 5A;8 10@>=5B =5 1K; 20<?8@><? B> 8 ?>G5<C C18; B@>8E ;N459 B0:8< C4828B5;L=K< A?>A>1><, 5A;8 <>;>4>9 %0CAB>DD5@ E>B5; @0AA5GL 3>@;0 65@B2 A5@51@O=K< A5@?><, GB> =5A><=5==> >AB028;> 1K A>25@H5==> 4@C385 A;54K? / 4>;65= 1K; 7040BL MB>B 2>?@>A, E>BO =5 1K; C25@5=, GB> >B25B <=5 ?>=@028BAO.
-?8;>3
"K 25@=C;AO, A:070; >= 704C<G82> 8 ?@8?>4=O;AO =0 ?>4CH:0E. C45HL B0: ;N1575= 8 =0;LQHL <=5 28=0?
>=5G=>, >B25B8; O 8 ?>40; 5<C A5@51@O=K9 :C1>:.
0G5< BK 25@=C;AO, 8=:2878B>@?
01K 7=0BL. 01K 7=0BL, GB> A;CG8;>AL A ?@8A;C3>9. 0:8< >1@07>< 87 =8E C40;8;8 :@>2L AB>;L BI0B5;L=>, 8 =5 >AB0282 ?>GB8 =8:0:8E A;54>2 =0 B5;5.
01K 7=0BL, ?>2B>@8; >=. = >B?8; 3;>B>: 8 ?>AB028; :C1>: =0 AB>;8:.
=0=85 =5 5ABL 4>1@> A0<> 2 A515, >@48<5@. = =5?>4286=> ?>:>8;AO, 0 53> 15;K5 @C:8 ;560;8 =0 >45O;5, 1C4B> :@K;LO AB0@>9, <Q@B2>9 ?B8FK. 0 A59 @07 A=O2 A ?0;LF52 ?5@AB=8. >65B 1KBL 4>1@>5 7=0=85 8 7;>5 7=0=85. ?@>G5<, BK A0< C7=0; MB> ;CGH5 2A5E. 0: 8=:2878B>@. 4=0:> BK E>G5HL 7=0BL, =57028A8<> >B B>3>, :C40 MB> B51O 70254QB. = 2=8<0B5;L=> =0 <5=O A<>B@5;, => 2 53> 273;O45 O ?@>G8B0; GB>- B> 2@>45 ?>=8<0=8O. ">G=> E>G5HL?
">G=>, B8E> ?>4B25@48; O.
">340 ;04=>. 07 B0:. !<>B@8. = 2AB0; A ;>60 =5>6840==> ;53:> 8 27O; 2 @C:C 28AOI89 =0 AB5=5 :@5AB. >NAL ;8 O A2OI5==KE A8<2>;>2? !68305B ;8 @0A?OB85 <>Q B5;> 8;8 @0=8B 53> 4> :>AB59? = ?>25A8; :@5AB >1@0B=> 8 C;K1=C;AO. >=5G=>, C <5=O <>3;8 1KBL 2845=8O, => <=5 ?>:070;>AL, GB> 53> :;K:8 :0: 1K 1>;LH5, G5< C =>@<0;L=>3> G5;>25:0. E, 154=K9 >@48<5@, ?>4C<0; O. -B> 157C<85 8 B51O 70:;NG05B 2 A2>8 >1JOB8O.
02B@0 =0 @0AA25B5 O <>3 1K ?>9B8 A B>1>9 =0 ?@>3C;:C, E>BO ?@87=0NAL, ?@54?>G8B0N CB@C =>GL 8 25G5@. / <>3 1K CG0AB2>20BL 2 A2OB>9 <5AA5, >:@>?8BL A2>Q B5;> A2OB>9 2>4>9, 8 >=0 =8 >1>66QB <5=O, =8 ?@52@0B8BAO 2 ?0@. 0, O :064K9 45=L A<>B@N =0 A51O 2 75@:0;>, 401K ?@>25@8BL, E>@>H> ;8 <>9 1@04>1@59 2K?>;=8; @01>BC, 8 286C 2 3;048 A2>Q >B@065=85, 0 =5 ?CAB>BC.
5A><=5==>, MB> 87102;O5B 3>A?>48=0 10@>=0 >B <=>38E E;>?>B, CGB82> 70<5B8; O.
/ =5 <>3C ?@52@0B8BLAO 2 2>;:0 8;8 =5B>?K@O, =5 ?@>A:>;L7=C ?>4>1=> BC<0=C 8;8 4K<C ?>4 70:@KB>9 425@LN. 5=O =5 =04> ?@83;0H0BL, GB>1K O ?>;CG8; ?@02> 2>9B8 2 GC6>9 4><. >O :@>20BL MB> :@>20BL, 0 =5 3@>1, 2K;>65==K9 75<;Q9 87 A5<59=>3> A:;5?0. / ?>B@51;ON ?8IC 8 ?LN 28=>, E>BO ?@87=0NAL, : AB0@>AB8 <=5 =5 B@51C5BAO <=>3> =8 B>3>, =8 4@C3>3>. 0, O 4065 <>3C ?;>48BL 45B59, 0 A:>@55 <>3, :0: 284=> ?> <>5<C =5AG0AB=><C AK=C. "0: O2;ONAL ;8 O B5<, :>3> ;N48 =07K20NB 20<?8@><?
>=5G=>, =5B, 3>A?>48= 10@>=, >B25B8; O, ?>A:>;L:C >= O2=> >6840; >B25B0 =0 MB>B 2>?@>A.
>=5G=>, 40! :@8:=C; >= 8 2 B>B 65 <83 1K; C65 @O4>< A> <=>9. / =5 CA?5; =8G53> A45;0BL. !428=CBLAO E>BL =0 H03, 70A;>=8BLAO 8;8 >BB>;:=CBL 53>. / ?>GC2AB2>20; :0:CN- B> =525@>OB=CN A;01>ABL, 0 2A5< <>8< B5;>< >2;045; ?0@0;8G. / <>3 ;8HL AB>OBL 8 A<>B@5BL 2 53> 2AQ 1>;LH5 C25;8G820NI85AO 3;070, 87 :>B>@KE 2K?>;70;0 :@C60I0OAO BQ<=0O ?CAB>B0. 5@E=OO 3C10 10@>=0 ?@8?>4=O;0AL, 8 O C2845; 4;8==K5, >A;5?8B5;L=> 15;K5 8 >AB@K5, 1C4B> 83;K, :;K:8.
"5< =5 <5=55, 8< O2;ONAL, ?@>H8?5; >=. #65 <=>3>, <=>3> ;5B. / >1>60N :@>2L 8 B5 <3=>25=8O, :>340 >=0 BQ?;0O, ?C;LA8@CNI0O 687=LN 8 B0: 25;8:>;5?=> ?0E=CI0O AB5:05B 2 <>9 @>B 8 3>@;>.
48=AB25==>, GB> O 2 A>AB>O=88 1K; A45;0BL, MB> <>;8BLAO. A>60;5=8N, B>;L:> <KA;5==>, ?>A:>;L:C =5 <>3 ?>H525;8BL 4065 3C10<8, O B0:65 =5 GC2AB2>20; O7K:0. 0: 7038?=>B878@>20==K9, O A<>B@5; =0 :;K:8 10@>=0, =0E>4OI85AO ?@O<> ?5@54 <>8< ;8F><. =8 1K;8 4;8==>9 ?>GB8 2 ?>;>28=C C:070B5;L=>3> ?0;LF0, 8 C <5=O 1K;> 3@0=8G0I55 A C25@5==>ABLN GC2AB2>, GB> >=8 >AB@55 ;N1>9 1@8B2K.
-B> >=0 40QB <=5 A8;C, GB>1K 68BL, 68BL 8 68BL. #<8@0NB ?0?K 8 8<?5@0B>@K, 0 O 2AQ 682C! = >B?CAB8; <5=O 8 >B>428=C;AO =0 =5A:>;L:> H03>2. 3> :;K:8 A?@OB0;8AL >1@0B=> 70 25@E=NN 3C1C, :0: ?> <0=>25=8N 2>;H51=>9 ?0;>G:8 D>:CA=8:0.
<5=O MB> C65 :>H<0@=> ?@5AKB8;>, A:070; >= A?>:>9=K< 3>;>A><. 8@ B0:& 10=0;5=, <>9 4>@>3>9 8=:2878B>@, :>340 ?@8E>48BAO =01;N40BL 53> A>B=8 ;5B.
0@0;8G ?@>HQ;. / ?@>3;>B8; A;N=C. ! B@C4><, 81> 3>@;> 8 O7K:, :070;>AL, 2KA>E;8, :0: ?5A>:.
A:@K20BLAO A>B=8 ;5B, A B@C4>< A:070; O.
000, >=8 :82=C;. !:@K20BLAO >B ;N4A:>9 7028AB8, =5?>=8<0=8O, 7;>1K& KBL 2K=C645==K< C18BL A>1AB25==>3> AK=0, :>B>@K9 >B:@K; <>N B09=C 8 =5 E>B5; ?>25@8BL, GB> =5 ACI5AB2C5B G53>- B> B0:>3>, :0: 40@ BL<K& "0: ?8HCB >1 MB>< 7=0B>:8 2>?@>A0, >@48<5@? 0@ BL<K? >F5;C9 BL<K? %0, 5A;8 1K :><C- B> C40;>AL ?5@540BL 15AA<5@B85! >65B O 1K E>B5; @0745;8BL A :5<- B> MB> ?@>:;OB85 8;8 1;03>A;>25=85. > =5 C40ABAO. / 20<?8@. 0. / 20<?8@, ?>2B>@8; >= >BGQB;82>. > <>8E A2>9AB2 8 A?>A>1=>AB59 ?5@540BL :><C- B> O =5 2 A>AB>O=88. 065 AK=C, :>B>@K9 B0: A8;L=> E>B5; 1KBL <=>9. 065 65=5, :>B>@CN E>B5; C15@5GL >B AB0@>AB8 8 A<5@B8, 0 548=AB25==>5, GB> O 59 40;, MB> 157C<85.
= >?OBL A5; =0 :@>20B8, B0:8< ?;02=K< 8 7<58=K< 42865=85<, 1C4B> 1K; 381:8< F8@:0G><, 0 =5 AB0@K<, 60;CNI8<AO =0 =5<>I=>ABL G5;>25:><.
0G5< 3>A?>48= 10@>= <=5 2AQ MB> 3>2>@8B? '53> 20H0 <8;>ABL 64QB >B <5=O?
5 7=0N, 8A:@5==5 ?@>87=QA >=. >65B O B>;L:> GB> E>B5;, GB>1K BK C18; <5=O? > =5A<>B@O =0 2AQ C1>65AB2> <>59 687=8, O 70<5B8;, GB> 45@6CAL 70 =5Q @C:0<8 8 =>30<8. "0: A8;L=>, :0: <>3C. >65B @5GL H;0 >1 8A?>2548, >@48<5@? 65;0=88 ?>45;8BLAO =5AG0ABL5< A 1;86=8<?
0: MB> ?@>87>H;>? 3;CE> A?@>A8; O. ! G53> MB> =0G0;>AL?
2A?><=8; 5B@ A;>2>, A:070==>5 5<C 8ACA><: ?@5645 G5< ?5BCE ?@>?>5B 42064K, B@864K >B@5G5HLAO >B 5=O. =0G0; ?;0:0BL, >B25B8; >= 181;59A:>9 F8B0B>9.
0H0 <8;>ABL E>G5B <=5 A:070BL, GB> O2;O5BAO ?>AB>;>< 5B@><? A?@>A8; O ?>A;5 4>;3>9 ?0C7K. = @0AA<5O;AO.
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
"5< =5 <5=55, ?@0240, GB> O 1K; B0<, :>340 8ACA 2718@0;AO =0 >;3>DC A :@5AB>< =0 87@0=5==>9 A?8=5. / 1K;, :>340 53> @0A?8=0;8, 8 O A;KH0;, :0: >= :@8G0;, :>340 32>748 C3;C1;O;8AL 2 <O3:>5 B5;>. / =5 45;0; =8G53> ?;>E>3>. / =5 ?@>:;8=0; 3> 8 =0A<5E0;AO =04 8<, :0: 4@C385. / =5 1@>A0; :0<=8. / HQ; A :>@78=:>9, :>B>@CN ?@83>B>28;0 <=5 65=0, 5; D838 ?>?820; :8A;>5 28=> 87 D;O38& >= =04>;3> 70<>;G0;. > A8E ?>@ ?><=N 53> 2:CA.
!>H5AB285? HQ?>B>< A?@>A8; O. 0 3>@5 AB>O;8 B@8 :@5AB0, A:070; >=, 70A<>B@52H8AL 2 :0:CN- B> =52848<CN B>G:C 70 <>59 A?8=>9. 0;8;> O@:>5 A>;=F5 0;5AB8=K. K;> ACE>, 60@:>. #B><;Q==K9 4>;3>9 E>4L1>9, >4C@<0=5==K9 28=><, :>B>@>5 ?8; 2 15;K9 45=L& O ;Q3 8 CA=C;&
#A=C;? O ?>GB8 :@8:=C;. 0?8;AO, CA=C; 8 ?@>A?0; !>H5AB285 =0H53> >A?>40?
>340 O ?@>A=C;AO, 1K;0 C65 =>GL, 0 =0 GQ@=>< =515 O 2845; ;8HL 70@52> 3>@OI53> 5@CA0;8<0, 3>2>@8; >=, =5 >1@0I0O =0 <5=O 2=8<0=8O. / 2>72@0I0;AO A@548 B@C?>2, ;560I8E ?> >15 AB>@>=K 4>@>38. '5< 1;865 O ?>4E>48; : 3>@>4C, B5< 1>;LH5 8E 1K;>. :@>2L 2 B>B 45=L B5:;0 C;8F0<8, ?@>F8B8@>20; >= 8A0=85. O B>340 2 ?5@2K9 @07 ?>GC2AB2>20; 157C<=>5 65;0=85, =0@0AB0NI89 2 3>@;5 O@>AB=K9 2873, =5C45@68<CN 6064C 2K?8BL 2<5AB5 A> A;04:>9 :@>2LN 687=L 8 4CHC. 0, MB> 157C<85, A :>B>@K< 2@5<5=0<8 O =5 2 A>AB>O=88 A>2;040BL, >= =0 <8=CBC 70<>;G0;. >B>< O =0HQ; MB> =0 A2>Q< ?;5G5. = ?>4BO=C; @C:02 @C10H:8, >1=060O @C:C. 0 53> ?;5G5 1K;0 GQ@=0O B0BC8@>2:0, 87>1@060NI0O 7<5N 8 ;5BOI53> =04 5Q 3>;>2>9 3>;C1O.
>B, / ?>AK;0N 20A, :0: >25F A@548 2>;:>2: 8B0: 1C4LB5 <C4@K, :0: 7<88, 8 ?@>ABK, :0: 3>;C1:8, A:070; O. >B ?>G5<C 20H0 <8;>ABL 871@0; A515 MB>B 35@1& = 2AB@OE=C;AO >B ?>3@C6Q==>AB8 2 ?@>H;>5 8 >1@0B8; A2>9 27>@ =0 <5=O.
/ 4>;65= B51O C18BL, 8=:2878B>@, => 2AQ- B0:8 40< B515 H0=A. CABL AC4L10 @5H8B, GB> =0< A;54C5B 45;0BL. / =5 B0: A8;L=> 4>25@O; AC4L15, 8 :@><5 B>3>, =5 53> 687=L 4>;6=0 1K;0 AB0BL AB02:>9 2 83@5. 4=0:>, :0: 2K =025@=O:0 4>304K205B5AL, C <5=O =5 1K;> >A>1>3> 2K1>@0.
'B> 3>A?>48= 10@>= ?@54;0305B? A?@>A8; O.
>AB8, >B25B8; >=, 70;570O 70 ?07CEC 8 :;04O =0 AB>; B@8 :C18:0. =8 1K;8 >B<5G5=K 7>;>GQ=K<8 F8D@0<8 >B >4=>3> 4> H5AB8, A45;0=K 87 BO6Q;>3>, GQ@=>3> 45@520. / 27O; 8E 2 @C:C 8 ?>GC2AB2>20;, GB> >=8 >G5=L AB0@K5. > 2 =8E =5 1K;> =8:0:>9 <0388, B0:65 >=8 =5 1K;8 ?>445;L=K<8. / =045O;AO, GB> <>9 =35;- E@0=8B5;L ?@>AB8B <=5 MBC 83@C, E>BO =5A><=5==> AB02:0 1K;0 2KA>:>9.
07@5H8HL, O 1@>HC ?5@2K<? A?@>A8; >=. / ?>40; 5<C :>AB8, 0 >=, =5 3;O4O, 1@>A8; 8E =0 AB>;,
5AOBL, A:070; O.
5?;>E>. = A>1@0; :>AB8 A> AB>;0 8 ?>40; 8E <=5 =0 2KBO=CB>9 ;04>=8. / C;K1=C;AO A>1AB25==K< <KA;O< 8 1@>A8;.
"@8, A:070; >=, 4065 =5 ?>A<>B@52.
A>60;5=8N, =5B, 3>A?>48= 10@>=, 256;82> 2>7@078; O. >A5<=04F0BL. = 274@>3=C;, 1C4B> C40@5==K9 =>6><, 8 CAB028;AO =0 B@8 :>AB8. 0640O 87 3@0=59 ?>:07K20;0 H5ABQ@:C A ?>;=K< 682>B8:><.
52>7<>6=>, @O2:=C; >=.
%0, 2>7@078; O, 25@0 B2>@8B GC45A0.
= A<>B@5; =0 <5=O, 0 53> 25@E=OO 3C10 >?0A=> 4@>60;0. / 704C<0;AO, =5 C1LQB ;8 >= <5=O, =5A<>B@O =0 70:;NGQ==>5 A>3;0H5=85. :>=F5 :>=F>2, 5<C 1K MB> =8G53> =5 AB>8;>. 0725 AB0@0O ?>A;>28F0 =5 3>2>@8B: « =5 159AO >1 70:;04 A B5<8, :B> A8;L=55 B51O, 81> B>;L:> ?@>83@02, <>65HL A>E@0=8BL A515 687=L» ? =C 0 5A;8 AB02:>9 1K;0 8<5==> 687=L, GB> ?@>1;5<0 AB0=>28;0AL 5IQ 1>;55 A;>6=>9.
-B8 :>AB8 D0;LH82K5, ?@>H8?5; >=. / ?>4<5=8; :><?;5:B ?>A;5 A2>53> 1@>A:0. >;6=0 2K?0ABL B@>9:0. = 1K; B0: 7>;, GB> O @5H8; =5 2K@060BL A2>53>, =5A><=5==> :@8B8G5A:>3>, <=5=8O =0 B5<C >1<0=0 2> 2@5<O 206=>9 83@K. %0CAB>DD5@ E20B0; :>AB8 8 1@>A0; @07 70 @07><. 07 70 @07><. ?OBK9, 45AOBK9 8 ?OB=04F0BK9. A5340 2K?040;8 B@8 548=8G:8 A 3@CAB=> A:;>=Q==>9 ?5@5:;048=:>9.
@>AL 5IQ, @O2:=C; >=.
!<5=0 ?@028; ?@O<> 2 E>45 83@K? A?@>A8; O. >71C640NI5& / 27O; :>AB8 8 =51@56=> 1@>A8;. >A5<=04F0BL. %0CAB>DD5@ 3;C1>:> 274>E=C; 8 >?CAB8;AO =0 :@>20BL.
52>7<>6=>, A:070; >=. 0: MB> ?@>8AE>48B? >4=O; =0 <5=O 273;O4. / @072Q; @C:0<8.
065 5A;8 1K E>B5;, =5 O =5 2 A8;0E >B25B8BL =0 MB>B 2>?@>A. >3C ;8HL >B:@KBL 20H59 <8;>AB8, GB> 7=0N 1>;55 C4828B5;L=K5 A;CG08. / A;KH0; >1 >4=>< G5;>25:5, :>B>@K9 ?>;CG8; D0;LH82CN <>=5BC, 8<5NICN 420 @525@A0. > :>340 5Q 1@>A8;, ?>25@=C;0AL 025@A><.
745205HLAO!
5 >A<5;8;AO 1K, 3>A?>48= 10@>=, >B25B8; O A5@LQ7=>. C<0N B>;L:>, GB> <8@ ?>;>= 2>?@>A>2, =0 :>B>@K5 <K =5 C<55< =0E>48BL >B25BK.
>?@>A>2& ?>2B>@8; >=, 8 53> ;8F> :0: 1K =5A:>;L:> A<O3G8;>AL.
'B> 6, @5H8; >= ?>A;5 4>;3>3> <>;G0=8O. !;54C5B A>1;N40BL CA;>28O, B5< 1>;55, GB> O A0< 8E >?@545;8;& 5 A:@>N, GB> O 274>E=C; A >1;53G5=85<. > B>;L:> <KA;5==>, ?>B><C GB> A;>20 5IQ =8 > GQ< =5 A2845B5;LAB2>20;8. >- =0AB>OI5<C 157>?0A=> O ?>GC2AB2CN A51O ;8HL 40;5:>- 40;5:> >B 70<:0 3>A?>48=0 10@>=0.
0445@48=, O B515 4>25@NAL, 0 5A;8 8A?>;=8HL <>Q 65;0=85, =03@040 ?@52KA8B B2>8 A0<K5 A<5;K5 >6840=8O& / =5 C;K1=C;AO 874520B5;LA:8, O728B5;L=> 8;8 8@>=8G=>, => B>;L:> ?>B><C, GB> A2>N 687=L F5=8; 1>;LH5, G5< <83 A><=8B5;L=>3> C4>2;5B2>@5=8O. # <5=O B0:65 =5 1K;> =8 <0;59H53> A><=5=8O, GB> 10@>= <>3 1K AB5@5BL C;K1:C A <>53> ;8F0 1KAB@> 8 1>;57=5==>.
>- ?5@2KE, =5 4C<0N, GB> BK 4>;65= :><C- =81C4L @0AA:07K20BL > =0H5< <0;5=L:>< A5:@5B5. 1> O C25@5=, GB> MB> =5 ?>H;> 1K B515 =0 ?>;L7C, >= =0 <8=CBC 70<>;G0;. 5 ?>9<8 <5=O =5?@028;L=>, 0445@48=, O B515 =5 C3@>60N, 4>1028; >= >1JOA=ONI8< B>=><. 1> GB>1 O <>3 A45;0BL, 5A;8 1K AN40 AJ5E0;0AL F5;0O 0@<8O B2>8E A>1@0BL52? > C <5=O 2?5G0B;5=85, GB> B2>9 @0AA:07 <>3 1K =5 ?>=@028BLAO <=>38< ;N4O<& # <5=O 1K;> B0:>5 65 2?5G0B;5=85, ?>MB><C O 4065 =5 4C<0; ?@>B82>@5G8BL.
>- 2B>@KE, O E>GC, GB>1K BK 2KOA=8;, ?>G5<C O B0:>9, :0:>9 5ABL. 'B>1K BK <=5 A:070;, ?@>:;OBL5 ;8 MB> 8;8 1;03>A;>25=85, GLN A8;C O =5 AC<5; 8A?>;L7>20BL. >G5<C <=5 ?>40@8;8 25G=CN 687=L? >G5<C <5=O =5;L7O @0=8BL 65;57><? >G5<C O <>3C 2;0AB2>20BL =04 2>;59 4@C38E ;N459? B> O, >@48<5@? A?@>A8; >= A >BG0O=85<. 0948 4;O <5=O >B25B. / A<>B@5; =0 =53>, :0: A845; 2 ?>AB5;8 A 3>@OI8<8 3;070<8 8 B>A:>9, =0?8A0==>9 =0 ;8F5. > G5<C >= B>A:>20;? > >B25BC? > ?>=8<0=8N? > B><C, GB>1K AB0BL B0:8< 65 G5;>25:><, :0: 4@C385? / =5 7=0;. / B0:65 =5 7=0;, ?>G5<C <>9 =35; 2>725AB8;, GB> 20<?8@>2 =5 ACI5AB2C5B. >G5<C A>;30;? <>65B& =5 7=0;? <>65B @07=8F0 <564C D0;LHLN, ?@024>9 8 =57=0=85< 1K;0 B0: ABQ@B0, GB> >= =5 <>3 8;8 =5 E>B5; 8E @07;8G0BL? > ACI5AB2C5B ;8 GB>- B>, > GQ< =35;K <>3CB =5 7=0BL? !45;0N, :0: 20H59 <8;>AB8 C3>4=>, >B25B8; O, 7=0O, GB> ?>8A:8 <>3CB <5=O 7025AB8 BC40, 345 O =8:>340 =5 E>B5; 1K >:070BLAO.
3>=L A5@4F0
1> <=>385 ?>ABC?0NB :0: 2@038 %@8AB0. E AC4L10 ?>3815;L.
( !2. 025;. >A;0=85 : $8;8??89F0<)
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
>@48<5@ 0445@48=, :@8:=C; GCBL ;8 =5 @04>AB=> 8=:2878B>@. ?CA:09B5 53> 2=CB@L, 682>!
= ?>4A:>G8; :> <=5 8 ?>40; <=5 @C:C, :>340 O A>A:0:820; A A54;0.
>@48<5@, :0: 65 O @04, GB> BK C65 745AL. K 2A5 64Q< B51O, :0: 87102;5=8O.
7- ?>4 H8@>:8E ?>;59 H;O?K 2K3;O4K20;> ;8F>, :>B>@>5 O C7=0; =5 A@07C. # <5=O : A>60;5=8N =5B 8A:;NG8B5;L=>3> B0;0=B0 !<5@BCE0, :>B>@><C MB>B B0;0=B ?>72>;O5B 3>40<8 ?><=8BL :0: ;8F0, B0: 8 A>45@60=85 @073>2>@>2 8 4>:C<5=B>2. 4=0:> G5@57 <8=CBC O A2O70; ;8F> A D0<8;859. -B> 1K; <;04H89 <5=O =0 B@8 3>40 =4@50A 5??5;L. 0: A:2>7L 4K<:C O 2A?><8=0; 53> ?> 2@5<5=0< CGQ1K 2 :045<88.
@>254C B51O =0 ?>AB>9, ?@>87=QA >=, 3>@OG> ?>68<0O <=5 @C:C 8 B@OAO 5N. 5>1K:=>25==> @04CH=>5 ?@825BAB285 4;O 8=:2878B>@0. K ?@83>B>28;8 ;CGH85 :><=0BK 2 3>@>45. # B51O B>;L:> B@>5 ;N459? = 1@>A8; 273;O4 =0 1;87=5F>2 8 !<5@BCE0. / 4C<0;, BK ?@8545HL A 1>;LH59 A28B>9.
!<5@BCE 8 1;87=5FK A>H;8 A ;>H0459 8 2B@>Q< A<>B@5;8 =0 5??5;O A> 2AQ 2>7@0AB0NI8< 87C<;5=85<. 5 A:@>N, O B>65 2 MB>< 2AQ< =8G53> =5 ?>=8<0;. K >B>H;8 2 AB>@>=C, GB>1K =5 703>@06820BL ?@>E>4.
=4@50A, O ?@5@20; B8@04C =0 B5<C C4>1AB2 2 ?@83>B>2;5==>< 4;O <5=O 68;L5. 'B> BCB ?@>8AE>48B?
E, >@48<5@, ?>765 A?>:>9=> ?>3>2>@8<. GB> ?@>8AE>48B? 5G >A?>40, ?;>E>5 ?@>8AE>48B. "K G8B0; =0H5 ?8AL<>, 0 A59G0A 5IQ EC65, G5< 1K;>, :>340 <K ?8A0;8. 5 7=0N, :0: BK A> 2A5< MB8< A?@028HLAO, => 7=09, GB> <K&
=4@50A, ?@>87=QA O =5A:>;L:> @57G5. 'B> 2K BCB 45;05B5? >3> 64QB5? 1> B>G=> =5 <5=O. / ?>?0; 2 8BB8=35= ;8HL 87- 70 4C@0F:>3> A;CG0O&
= A <8=CBC <>;G0 A<>B@5; =0 <5=O, ?>:0 =0:>=5F =5 70<>@30;.
"8- H555, ?@>H8?5; >= 8 704C<G82> ?>BQ@ 25@E=NN 3C1C. "51O =5 5?8A:>? ?@8A;0;? A?@>A8; >= A =54>25@85<.
5B.
"K BCB =5 70B5<, GB>1K ?@8=OBL :><0=4>20=85?
5B.
=05HL, GB> ?@>8AE>48B 2 8BB8=35=5?
>65B B51O MB> C4828B, => >B25B 72CG8B B0: 65: =5B.
>B 74>@>2>, :>=AB0B8@>20; >= 15AF25B=K< 3>;>A><. ">340, A>1AB25==>, GB> BK BCB 45;05HL?
/ ?@>574><, A?>:>9=> >1JOA=8; O. %>B5; ?>A?0BL, ?>5ABL, 2K?8BL. 5E0BL 40;LH5.
C 8 =5 ?>545HL. = ?>4=O; =0 <5=O 3;070. # =53> 1K;> :@09=5 >701>G5==>5 ;8F>. "0: 8;8 8=0G5 O =094C B515 68;LQ 8 2AQ >1JOA=N.
!<5@BCE B>A:;82> ?>A<>B@5; 2 AB>@>=C 2>@>B. ;O =53> MB> =0G8=0;> ?;>E> ?0E=CBL, 8 O 7=0;, GB> >E>B=55 2A53> >= 1K ?>:8=C; 8BB8=35=. 5 A:@>N, O B>65 @0AA<0B@820; B0:CN 2>7<>6=>ABL. "5>@5B8G5A:8 =8:B> =5 8<5; ?@020 7045@6820BL ?@54AB028B5;O !2OB>9 !;C61K 157 ?@54JO2;5=8O 25A:8E ?@8G8=, =>& C4C G5AB=K<. >1548;> >1KG=>5 ;N1>?KBAB2>, B5< 1>;55, GB> :@05< 3;070 O 70<5B8; B@>8E 8=:2878B>@>2, 42830NI8EAO =0 2>@>=KE :>=OE A5@548=>9 C;8FK 8 @0A?;QA:820NI8E 2>:@C3 6Q;B>- :>@8G=52CN 3@O7L. 70 =8<8 B>;?C A;C65:, 2>>@C6Q==KE 3870@<0<8. @><5 B>3>, =0 C;8F0E 8BB8=35=0, ?>- <>5<C, 1K;> AB@0==> ?CAB>20B>, CG8BK20O ?>@C 4=O. 848B5 ;8, ;N157=K5 <>8, 2AB@5B8BL 8=:2878B>@0 2 A;C651=>< =0@O45 MB> =5G0AB>5 O2;5=85. 065 2 %57- E57@>=5, 345 =0E>48BAO 3;02=0O @57845=F8O !2OB>9 !;C61K, ?@>E>689 =5 =0BK:05BAO =0 :064>< H03C =0 B8?>2 2 GQ@=KE <0=B8OE A A5@51@O=K<8 :@5AB0<8. K ;N48 =5 3;0A=K5 8 A<8@5==>3> A5@4F0, 8 ?@54?>G8B05< AB>OBL 2 AB>@>=5, =01;N40O 70 <8@>< 87 3;C1>:>9 B5=8. 5B 2 =0A, 8;8 ?> :@09=59 <5@5, 2 1>;LH8=AB25 87 =0A, 3>@4K=8, 2KA>:><5@8O 8 =03;>AB8, 0 ;8HL 65;0=85 @52=>AB=> A;C68BL >A?>4C. !;C651=K5 =0@O4K <K =045205< 548=AB25==> B>340, :>340 MB>3> B@51C5B 70:>= 8;8 =5>1E>48<>ABL. 564C B5<, C65 2 ?5@2K5 <8=CBK <>53> ?@51K20=8O 2 8BB8=35=5 O 70<5B8; G5BK@QE 8=:2878B>@>2 2> 2A5>@C688. A;8 1KBL G5AB=K<, B> 3>@>4C MB> =8G53> E>@>H53> =5 AC;8;>.
">340 2548, ?@8=O; @5H5=85 O, >1@0I0OAL : =4@50AC.
* * *
# =0A 45;> > :>;4>2AB25, >@48<5@. A3>2>@5 A 4LO2>;><, > H010H5, >1 C189AB25 45B59 8 2KB0?;820=88 87 =8E 68@0, > ?>:;>=5=88 45<>=0< 8 A=>H5=88 A A0B0=>9 2 >1@075 :>7;0& = <0E=C; @C:>9. > GQ< B>;L:> 70E>G5HL. 5I0=5, <>=0H:8, 420 A2OI5==8:0, B@8 42>@O=8=0. A5 >AC645=K. MB> B>;L:> =0G0;>.
>9<0@:B, A:070; O =5<=>3> ?>3>4O.
0, >@48<5@, 274>E=C; =4@50A. # =0A BCB 2B>@>9 >9<0@:B. 7=05HL, :B> 2A5< C?@02;O5B? / ;8HL ?>4=O; 1@>28.
B5F :0=>=8: 5B@> "8=B0;;5@>, ?@>87=QA >= 8 A?;N=C; =0 ?>;. 0ABQ@ ?;52>: ?>4>H2>9. # =53> ?8AL<0 87 ?>AB>;LA:>9 AB>;8FK. 0A?>@O605BAO, :0: C A51O 4><0, ?@>2>48B A;54AB28O, 4>?@>AK. A<55B =0< ?@8:07K20BL, >= 3>2>@8; A?>:>9=55, => O 2845;, GB> 53> @0A?8@05B 7;>ABL. 065 BK =5 A<>65HL ?>:8=CBL 3>@>4 157 3@0<>BK >B =53>.
!;CG08 2AO:85 1K20NB, B8E> 70<5B8; !<5@BCE, => O 70<5B8;, GB> 53> 3;070 1;5A=C;8.
5@68 A2>8E ?A>2 =0 ?@82O78, >@48<5@! @O2:=C; 2 >B25B =4@50A, =5 15A?>:>OAL B5<, GB> !<5@BCE C?Q@AO 2 =53> 15H5=K< 273;O4><. -B> =5 :0:>9- B> 451>H 2 :>@G<5& / CA?>:0820NI5 ?>;>68; @C:C 5<C =0 ?;5G>.
K ?>A;0;8 2 %57, =5 A?@>A8;, 0 ?@>AB> :>=AB0B8@>20; O. BK 4C<0;, GB> 3> @5>A2OI5=AB2> ?@8A;0; 8<5==> <5=O, GB>1K O 27O; =0 A51O A;54AB285.
C 40, >B25B8; >=. > >:07K205BAO, GB> 5IQ ?>4>64Q<.
B> 87 =0H8E AB0@H89 G8=><? >65B MB> B51O @0725A5;8B, => O, >B25B8; =4@50A. 3>, ?>4C<0; O, ?>E>65, 45;> =0 A0<>< 45;5 A5@LQ7=>5, @07 BK A B0:8< >1;53G5=85< E>G5HL >B45;0BLAO >B AB0@H8=AB20. ! 4@C3>9 AB>@>=K, ;CGH5 8<5BL =0G0;L=8:>< >@48<5@0 >@48<5@0, :>;;53C ?> :045<88, G5< 157C<=>3> :0=>=8:0 "8=B0;;5@>. #482;O5B5AL, ?>G5<C O =0720; :0=>=8:0 157C<=K<? ?>B><C, GB> O A;KH0; > 53> =5A><=5==> A;02=KE A25@H5=8OE =0 =825 ?@5A;54>20=8O 5@5A8 8 :>;4>2AB20.
5B@> "8=B0;;5@>, !<5@BCE, A:070; O, GB>1K ?>;CGH5 2A?><=8BL. >9 A?CB=8: ?@8:@K; 3;070 8 GB>- B> 70H5?B0; A0< A515.
>9<0@:B, =0:>=5F ?@>87=QA >= 2A;CE. 25AB8 2>A5<L45AOB >AC64Q==KE, 425AB8 2>A5<L45AOB A>665==KE, >= >?@0240==K9.
0;LH5, ?@8:070; >=.
!0=- >;8. !B> A5<L45AOB B@8 >AC64Q=>, AB> B@8 A>665=>, H5ABL45AOB 452OBL 2 ?>@O4:5 >A>1>3> ?><8;>20=8O ?>25H5=>, >48= : ?>687=5==><C 2 <>=0ABK@5. '5BK@5 G5;>25:0 >?@0240=>.
6 AB>;L:> 8E 1K;>? >:@CB8; 3>;>2>9 5??5;L, 8 O 4>3040;AO, GB> >= 8<5; 2 284C >AC64Q==KE, 0 =5 >?@0240==KE.
>;=8F. 52O=>AB>&
%20B8B, >1>@20; O 53> 8 ?>A<>B@5; =0 5??5;O. 848HL B5?5@L, A G5< <K 8<55< 45;>, =4@50A.
/ MB> 286C C65 425 =545;8, A:070; >=. / 4C<0;, GB> MB>B 2K@>4>: 402=> 3=8QB 2 0<:5 =35;>2.
0A:>;L:> O ?><=8;, :0=>=8:0 459AB28B5;L=> >128=8;8 ?5@54 3> !2OB59H5AB2><, 81> A;8H:>< <=>38< >= =0ABC?8; =0 ;N18<K9 <>7>;L. 128=Q==K5 G0I5 2A53> >6840;8 AC40 2 >4=>9 87 :0<5@ 0<:0 =35;>2, 0 ?>A:>;L:C 3> !2OB59H5AB2C =5 E20B0;> 2@5<5=8, GB>1K ?@54A540B5;LAB2>20BL 2 AC45 ( 0 O A;KH0;, 5<C MB> 8 =5 =@028;>AL, >= ?@54?>G8B0; >E>BC 2 :><?0=88 <>;>4KE 42>@O=) , ?>MB><C 8< A;CG0;>AL 3>40<8 =8G53> =5 2845BL, :@><5 AB5= A>1AB25==>3> C78;8I0. >, :0: 284=>, :0=>=8: 4>640;AO AC40 8 =5 B>;L:>, >B45;02H8AL ;>6LN, CHQ; >B >B25BAB25==>AB8, => 8 ?>;CG8; >G5@54=>5 ?>GQB=>5 7040=85.
=5 >G5=L 60;L, >@48<5@, => B515 ?@84QBAO 4>;>68BLAO 5<C 8 A?@>A8BL > @0A?>@O65=8OE&
>;>68BLAO? ?>2B>@8; O A C40@5=85<. /? 8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0 4>;65= 4>:;04K20BL :0:><C- B> ?0@H82><C ?>?C? @028;L=> ;8 O ?>=O;, GB> BK A59G0A A:070;?
=5 60;L. = >?CAB8; 3;070. > ?>:0 O ?>:06C B515 68;LQ. = ?5@52Q; 273;O4 =0 1;87=5F>2 8 !<5@BCE0. ;O B2>8E ;N459 B>65 =094QBAO :0:>9- =81C4L C3>;.
K 25;8 :>=59, 84O ?> I8:>;>B:8 2 3CAB>9, E;N?0NI59 ?>4 ?>4>H20<8 6865. 8BB8=35=5 =5 1K;> :0=0;870F88, A;54>20B5;L=> =5G8AB>BK 2K;820;8 ?@O<> =0 C;8FC, GB> ?>@>640;> 2>=L, 7018202HCN <=5 =>A. !0<>5 >184=>5, GB>, :070;>AL, =8:B>, :@><5 <5=O, =5 >1@0I0; =0 MB> 2=8<0=8O. / >B?@K3=C;, :>340 87- 70 C3;0 2KA:>G8; 2A04=8:, >1@K730; =0A D>=B0=>< 3@O78 8, 5420 =5 @0AB>?B02 42CE B>@3>2F52, ?@>?0; 2 :>=F5 C;8FK. / >BQ@ ;8F> @C:>9.
5G >A?>40, A:070; O. 0G8=0N ?>GB8 <5GB0BL > =>GQ2:5 2 ;5AC.
0:>=5F <K 4>H;8 4> A:@KB>9 F5@:>2LN :>@G<K. -B> 1K;> 42CEMB06=>5, => 2<5AB8B5;L=>5 740=85 87 :@0A=>3> :8@?8G0, A :@KH59, :@KB>9 <54=>9, => C65 A8;L=> ?>75;5=52H59 :@>2;59. 0 2K25A:5 :>@G<K 1K; =0@8A>20= >3@><=K9 <54254L, =5ACI89 2 ;0?0E A25B;>2>;>ACN 65=I8=C. 04?8AL 3;0A8;0 « >4 52>9 8 5425<» . / C;K1=C;AO. =0< B>BG0A ?>41560;> 42>5 <0;LG8:>2- :>=NE>2, 8 O ?@8:070; !<5@BCEC 84B8 A =8<8. = 4>;65= 1K; ?@>A;548BL, GB>1K 682>B=K5 1K;8 E>@>H> @07<5I5=K, ?>;CG8;8 A256CN 2>4C, >2QA 8 8E BI0B5;L=> 2KG8AB8;8. / 7=0;, GB> ?>4 53> ?@8A<>B@>< :>=NE8 ?>E;>?>GCB, 1C4B> MB> 8E A>1AB25==K5 ;>H048. >B><C :0: =5<=>38E 2AB@5G0; ;N459, :B> 70E>B5; 1K 2K720BL 3=52 8;8 4065 =54>2>;LAB2> !<5@BCE0. !?CABO ?0@C ?0B5@>2 O C65 A845; A =4@50A>< 2 <0;5=L:>< M@:5@5, A?@OB0==K< 70 1C@K< 70=025A><. K AB@>3> ?@8:070;8 :>@G<0@N A;548BL, GB>1K =8:B> =5 <5H0; =0H5<C @073>2>@C. ?>A:>;L:C 5??5;L 1K; 2 A;C651=>9 D>@<5, <K 1K;8 1>;55 G5< C25@5=K, GB> E>7O8= 1C45B AB>@>68BL =0H M@:5@ CA5@4=55 A?0;L=8 A2>59 65=K. :>=F5 :>=F>2, 2 MB8 4=8 2 8BB8=35=5 1K;> 1K >?0A=> G5<- ;81> 2K7K20BL =54>2>;LAB2> 8=:2878B>@0. 0 AB>; ?5@54 =0<8 ?@875<;8;8AL =5A:>;L:> 1CBK;>: 28=0 8 >3@><=0O <8A:0 A D@C:B0<8, 20D;O<8 8 ?@O=8:0<8, ?>B><C GB> C =0A :0:- B> =5 1K;> 65;0=8O >1540BL. @5645 G5< @07;8BL 28=> ?> :C1:0<, O BI0B5;L=> >A<>B@5; A>AC4 87=CB@8 8 2K3@51 87 =53> ?@8;5?82H53>AO : AB5=:5 70A>EH53> B0@0:0=0. / 274>E=C; 8 >B?@028; 53> I5;G:>< =0 ?>;, ?>A;5 G53> =0?>;=8; :C1:8. K G>:=C;8AL.
0 GB> 2K?L5<? A?@>A8; =4@50A.
0 A>;840@=>ABL, A5@LQ7=> >B25B8; O.
K 2K?8;8 4> 4=0. %>BO O ?@54?>G8B0N 1>;5 2K45@60==K5 28=0, => C MB>3> 1K; ?@8OB=K9, ?@O=K9 0@><0B. / 27O; 87 <8A:8 ?@O=8: 2 D>@<5 A2OI5==8:0 A ?>A>E>< 5?8A:>?0 2 @C:5 8 >B:CA8; 5<C 3>;>2C. =4@50A @0AA<5O;AO. 80@@8F, A:070; O A =018BK< @B><. A;8 70E>G5BAO >B<5==KE ?@O=8:>2, ?@84QBAO ?>5E0BL 2 80@@8F. C40 745H=8< 4> B5E.
/ A;KH0; > :0:8E- B> @0AA;54>20=8OE 2 80@@8F5, 704C<0;AO >=. !59G0A- A59G0A, 0 =5 8<5; ;8 BK :0:>3>- B>&
<5;- 8<5;, ?@5@20; O 53>. > 2 @57C;LB0B5 :>=G8;>AL =8G5<. K A>63;8 B@>8E, 4> 42CE 45AOB:>2 4>?@>A8;8, =5A:>;L:8E A=O;8 A 4>;6=>AB8, =5<=>3> F5@:>2=KE ?>:0O=89, ?0@0 =545;L =0 ?>:0O==CN A;C61C 8 E>4. / ?>60; ?;5G0<8. 8G53> >A>15==>3>. > 254L<0 1K;0 =0AB>OI59.
0B> 745AL 5ABL :>5- GB> >A>15==>5. 0 MB>B @07 =4@50A =0?>;=8; =0H8 :C1:8. >15I05B 1KBL 5IQ 8=B5@5A=55. ">;L:> 2>B, >= A=878; 3>;>A 4> HQ?>B0, 5A;8 =094QHL 2 8BB8=35=5 254L<C, B> O 1C4C =545;N C3>I0BL B51O C68=>< 2 ;CGH5< B@0:B8@5.
0G=8 A =0G0;0, 1C4L 4>1@, ?>?@>A8; O.
%>@>H>. = ?>BQ@ ?0;LF5< :>=G8: =>A0. > A=0G0;0 2K?L5<. = ?>4=O; :C1>:. 0 GB> =0 MB>B @07?
0 A?@0254;82>ABL? ?@54;>68; O.
G5=L E>@>H89 B>AB, ?>445@60; <5=O =4@50A, 8 <K G>:=C;8AL :C1:0<8. K 2K?8;8 4> 4=0, 8 5??5;L A@07C 65 A=>20 =0;8; =0< 28=0 4> :@0Q2.
3>, <>9 2>;H51=K9 A>AC4, ?>HCB8; O. 0?>;=O5BAO, ?@5645 G5< CA?520N ?>4C<0BL.
>=0H:8. = ABC:=C; :>ABOH:0<8 ?0;LF52 > AB>;. / BCB 704C<0;AO, B> ;8 A MB>9 3>@>60=:8 =0G0;>AL, B> ;8 A <>=0H5:& > 2AQ 65 A <>=0H5:. %>@>H>. B0:, 45;> 2K3;O45;> A;54CNI8< >1@07><. <>=0ABK@L 8??>;8B0=>: ?@8E>48; >48= 10BNH:0- 8A?>254=8:. :0: MB> 1K205B A 10BNH:0<8- 8A?>254=8:0<8, ?>8<5; =5A:>;L:8E A5AB@Q=>: ?>:@0A8255.
5=L :0: 45=L, ?@>1>@<>B0; O.
C 40. > >4=0 87 4528F ?>60;>20;0AL 0110B8A5, B0 =0AB>OB5;N 8A?>254=8:0, 8 45;> 2 :>=F5 :>=F>2 4>H;> 4> <5AB=>3> 5?8A:>?0& = @07>7;8;0AL, GB> >= 5Q >B>4@0; 8;8 GB> =5 >B>4@0;? A?@>A8; O.
# 10BNH:8 1K;8 >A>1K5 ?@8AB@0AB8O. #;K1=C;AO 5??5;L. !:>@55 ?>4E>4OI85 : >1I5=8N A <>;>4K<8 ;N4L<8, G5< A 65=I8=0<8&
E, B0:.
C 40.
?@>G5<, G5<C C482;OBLAO. @8<5@ 84QB A 3>;>2K. :>=F5 :>=F>2 <K >10 7=05<, C :>3> BO30 : >E>B5 A <>;>4K<8 42>@O=0<8, ?>A;5 G53> >= G5@5AGC@ =56=> 701>B8BLAO > =8E 2 10=5&
>=5G=>, MB> 1K; =0<Q: =0 >1I58725AB=CN A;01>ABL 3> !2OB59H5AB20, ?@8 GLQ< 42>@5 :0@L5@0 45;0;0AL 8<5==> =0 >E>B5 8 10=5, 0 =5 2 F5@:28 8;8 :>=B>@5. 4=0:> O @5H8; A45;0BL 284, GB> =5 A;KH0; MB>3> 70<5G0=8O.
4>102>: C <>=0H:8 =0G0;8AL 2845=8O, ?@8ABC?K 157C<8O, ?@>4>;60; =4@50A. =0 :@8G0;0, GB> 1K;0 >A:25@=5=0 A0B0=>9, :>B>@>9 ?@>:@0;AO 2 <C6A:>< >1;8GL5& >= @0AA<5O;AO. C4B> A0B0=5 =04> ?@81530BL : B0:8< E8B@>ABO<, 0 >@48<5@? / :82=C; =8 : G5<C =5>1O7K20NI5.
4=0:> 2AQ 25@>OB=> :>=G8;>AL 1K =8G5<, 5A;8 1K =5 >4=0 <5I0=:0. @>AB8, =5 ?><=N D0<8;88, => MB> 65=0 8725AB=>3> 745AL :@0A8;LI8:0. =5AG0ABLN, 5Q 8A?>254>20; B>B 65 10BNH:0, 8 >=0 >128=8;0 53>, GB> >= >2;045; 5N 2> 8<O A0B0=K 8 A:;>=O; 5Q : 3@5E>2=K< >1@O40< 8 >B@5G5=8N >B >30.
, A:070; O. -B> C65 GB>- B>.
0G0;>AL A;54AB285. 0 =53> 27O;8AL <5AB=K5 8=:2878B>@K, ?>7=0:><8HLAO A =8<8, MB> G5AB=K5 @51OB0. =05HL, :0: MB> 1K205B, >@48<5@, 101L8 157C<AB20, 7028ABL, :>7=8, ?@>8A:8, 2AO:0O B0< 5@C=40, :>@>G5 3>2>@O. >65B 1KBL 8 70<O;8 45;>. 0BNH:C >B?@028;8 1K 2 <>=0ABK@L =0 ?>687=5==>5, 2 EC4H5< A;CG05 A>63;8 1K. 45;C 1K; 1K :>=5F. >&
>O28;AO >B5F :0=>==8:, 4>3040;AO O.
>B 8<5==>! = ?>4=O; :C1>:. 0 GB> 2 MB>B @07?
0 70:>=? ?>4A:070; O.
IQ ;CGH89 B>AB. K 2K?8;8, 8 O 70:CA8; 28=> 20D;59. 5??5;L ?@8ABC?8; : >B:@K20=8N 2B>@>9 1CBK;:8. -B>B B5<? =5 =0?C30; <5=O, 81> >A?>4L >3 2 <8;>AB8 A2>59 >40@8; <5=O :@5?:>9 3>;>2>9, 8 O =045;AO, GB> :>;;530 8=:2878B>@ ?5@5=5AQB 2K?82:C AB>;L 65 E>@>H>.
0 GQ< MB> O? 30, :0=>=8:. @85E0; 2 8BB8=35= A =5A:>;L:8<8 A5<8=0@8AB0<8, ;8G=>9 >E@0=>9 8 3@0<>B0<8 87 ?>AB>;LA:>9 !B>;8FK. 0G0; A B>3>, GB> 27O; ?>4 ?KB:8 =5 B>;L:> 8A?>254=8:0, => B0: 65 <>=0H5: 8 65=C :@0A8;LI8:0&
G5=L ?@028;L=>. :>=F5 :>=F>2, ?KB:8 >128=ONI8E 2A5340 ?@82>4OB : @0AH8@5=8N A?8A:0 >128=5=89, AJ5E84=8G0; O.
C. <5==> B0: 8 A;CG8;>AL. !59G0A <K 8<55< ?>GB8 AB> G5;>25: ?>4 0@5AB><, 70?@5B ?>:840BL 3>@>4 157 @07@5H5=8O :0=>=8:0, 4>?@>AK >B @0AA25B0 4> =>G8, 8, :@><5 B>3>, :064>4=52=K5 <5AAK, E>4K, A0<>8ABO70=85, 18G520=85& = <0E=C; @C:>9. !?;>H=>9 F8@:.
>3C ?@54AB028BL, A:070; O.
5 4C<0N, GB> BK <>65HL ?@54AB028BL. = A5@LQ7=> ?>A<>B@5; =0 <5=O. =5 4C<0N, GB> BK <>65HL ?@54AB028BL B0:>5 >B=>H5=85 : 8=:2878B>@0<. >E0= 8BB5;L, >= @C:>2>48; <5AB=>9 !;C61>9, >1JOA=8; =4@50A, 284O <>9 2>?@>A8B5;L=K9 273;O4, ?KB0;AO ?@>B5AB>20BL. C 8 1KAB@5=L:> ?>;CG8; 2K7>2&
%57, 1C@:=C; O.
5B, >@48<5@! 5 2 %57. ?>AB>;LA:CN !B>;8FC! K C7=0;8, GB> >= 64QB ?@8Q<0 C 3> !2OB59H5AB20. 0<:5 =35;>2. >=8<05HL B5?5@L, GB> =8:B> C65 1>;LH5 =5 ?@>B5ABC5B, 8 2A5 AB0@0NBAO C9B8 A 53> ?CB8.
>=8<0N, A:070; O. =5 ?>=8<0N.
C :0: 8 <K 2A5. = ?>60; ?;5G0<8 8 A=>20 ?>4;8;. 0 GB> B5?5@L? = A<>B@5; =0 <5=O, 8 3;070 53> 1;5AB5;8.
0 AG0AB;82>5 7025@H5=85, @5H8; O, 8 <K 70;?>< 2K?8;8.
#65 MB> 286C, >= 1@N73;82> ?>4KB>68; =0H B>AB. > ?CABL 1C45B. %>G5HL ?>A<>B@5BL =0 45O=8O >BF0 :0=>=8:0? >9<QHL =0AB>OI55 7=0G5=85 A;>2 =5:><?5B5=B=>ABL 8 >BACBAB285 ?@>D5AA8>=0;87<0.
5GB0N >1 MB><, 1C@:=C; O.
>H;8, ?>H;8. = ?>4=O;AO A <5AB0. 0?LQ<AO ?>B><. / A A>60;5=85< ?>A<>B@5; =0 1CBK;:8, :>B>@K5 5IQ >AB020;8AL =0 AB>;5, => ?>A;CH=> ?>4=O;AO. 5 A:@>N, <5=O 8=B5@5A>20;8 45O=8O :0=>=8:0, 0 :@><5 B>3>, O =045O;AO =09B8 :0:>9- =81C4L A?>A>1 ?>:8=CBL ?@5:@0A=K9 3>@>4 8BB8=35=. O ?>>15I0; A515 1;8609H55 2@5<O =5 60;>20BLAO =0 =>GQ2:8 ?>4 >B:@KBK< =51><, =0 :0?0NI89 =0 3>;>2C 4>64L 8 ;8HL 1K :0:CN 54C. 1>, :0: 284=>, 1K20;8 25I8 8 ?>EC65, G5< <5;:85 4>@>6=K5 =5C4>1AB20.
* * *
=05HL, GB> MB>B :010= ?@84C<0;? 5??5;L IQ;:=C; ?0;LF0<8. 48= 87 ?>:>52 =0 ?5@2>< MB065 @0BCH8 ?@52@0B8; 2 4>?@>A=CN :><=0BC. 25@EC 5Q, 24>;L AB5=K, 84QB 10;:>=, B0: B5 8=:2878B>@K, :B> =5 =0 A;C615, >1O70=K A<>B@5BL 8 A;CH0BL :0: ?@>E>4OB 4>?@>AK. 'B>1K, ?> A;>20< "8=B>@5;;>, « 70:0;OBL A2>N 2>;N 8 A<5:0;:C 2 >3=5 2>?@>A>2, 7040205<KE 5@5B8:0< 8 :>;C=0<» , =4@50A ?;N=C;. >60;C9AB0, ?>94Q< A> <=>9, >@48<5@, 8 O ?>:06C B515 MB>B F8@: 21;878.
%>@>H>, >B25B8; O. >G5<C =5B?
BN@L<5 8BB8=35=0 <5AB =5 E20B8;>, A;54>20B5;L=> 2 :0<5@K ?5@545;0;8 ?@>AB>@=K5 ?>420;K ?>4 @0BCH59. A2O78 A MB8< C 740=8O A=>20;> <=>65AB2> ;N459. >>@C6Q==0O 3870@<0<8 8 >18BK<8 65;57>< 4C18=:0<8 3>@>4A:0O AB@060, =5A:>;L:> 2>>@C6Q==KE B>?>@0<8 <C6G8= 87 F5E>2>9 AB@068, ?0@0 A5<8=0@8AB>2, <=>65AB2> A;C3 8 >B3>=O5<K5 >B 873>@>48 A5<L8 0@5AB0=B>2: 2>?OI85, 1@0=OI85AO, @K40NI85 8 :@8G0I85. >1I5<, F0@8; HC<, 30< 8 =5<0;K9 15A?>@O4>:. =4@50A ?@>@20;AO G5@57 A1>@8I5, GB> ?>;CG8;>AL C =53> B5< ;53G5, GB> =0:>=5F 70<5B8;8 53> A;C651=K9 =0@O4. C 8 B>BG0A : =0< ?>4A:>G8; AB@06=8: 8 =0G0; @074020BL B>;?5 :@5?:85 C40@K 4@52:>< 3870@<K.
@>HC, 25;L<>6=K5, ?@>HC. = ?@>:;04K20; =0< 4>@>3C, ?>:0 <K =5 >:070;8AL 70 873>@>4LN.
'B> MB> 70 ;N48? A?@>A8; O, 284O, GB> C 425@59 AB>8B 42>5 2KA>:8E 8 ?;5G8ABKE <C6G8= 2 ;0B0E 87 4C1;Q=>9 :>68. @C:0E >=8 45@60;8 A G5BK@5 DCB0 4;8=>9 >1=06Q==K5 <5G8.
8G=0O >E@0=0 C20605<>3> :0=>=8:0, >1JOA=8; >= A 874Q2:>9 2 3>;>A5. 848HL, >@48<5@, 4C18=K 8;8 B>?>@0 8< <0;>. =8 4>;6=K 8<5BL <5G8, :0: 1;03>@>4=>@>64Q==K5&
'B>1K ?>?0ABL 2=CB@L, 5??5;N ?@8H;>AL ?>:070BL 3@0<>BC 8 >1JOA=8BL, GB> O B>;L:> GB> ?@81K2H89 8=:2878B>@, 70 :>B>@>3> >= 15@QB >B25BAB25==>ABL. 48= 87 AB@06=8:>2 2=8<0B5;L=> ?>A<>B@5; =0 <5=O, ?>A;5 G53> <0E=C; @C:>9.
=CB@L, @O2:=C; >=.
7KA:0==K5 <0=5@K, 70<5B8; O, :>340 <K C65 >:070;8AL 2 ?5@54=59 @0BCH8.
AQ, 401K =0A C=878BL, A:070; =4@50A. 01K ?>:070BL =0<, GB> <K 7028A8< >B 4>1@>9 2>;8 8 :0?@870 >BF0 :0=>=8:0.
B0: ?@8=87LB5AL ?>4 :@5?:CN @C:C >68N, 401K 2>7=QA 20A 2 A2>5 2@5<O. >B25B8; O A;>20<8 8A0=8O.
5??5;L C;K1=C;AO 8 ?>E;>?0; <5=O ?> ?;5GC.
0: 286C, BK =58A?@028<K9 >?B8<8AB, 70<5B8; >=.
A53> ;8HL G5;>25: 3;C1>:>9 25@K, 2>7@078; O, >B25B82 5<C C;K1:>9.
K ?>4=O;8AL ?> ;5AB=8F5, 8 =4@50AC ?@8H;>AL A=>20 ?>:070BL 3@0<>BC 456C@OI8< ?@8 2E>45 =0 30;5@5N AB@06=8:0<.
53G5 ?>?0ABL : =0H5<C 5?8A:>?C, A:070; O.
>;57=L A:>@>1>30BKE :>=NE>2, 1C@:=C; 5?5;L. '5< 1>;LH5 BK =8:B>, B5< 1>;LH5 60645HL, GB>1K 25AL <8@ :@CB8;AO 2>:@C3 B51O.
K 70:@K;8 425@L 8 ?>4>H;8 : 10;NAB@045. 0 30;5@55, :@><5 =0A, =8:>3> =5 1K;>, :0: 284=>, 8=:2878B>@0< 1K;8 2<5=5=K 8=K5 >1O70==>AB8, 8;8 >=8 ?@>AB> @5H8;8AL =5 2K?>;=OBL C:070=89 :0=>=8:0. 0B> =86=85 ?>:>8 1K;8 459AB28B5;L=> ?5@5>1>@C4>20=K B0:, GB> >=8 <>3;8 A;C68BL 70 4>?@>A=CN :><=0BC. >4 A525@=>9 AB5=>9 =0 :0<5==>9 60@>2=5 B;5;8 C3;8, 2 A0<>< F5=B@5 AB>O;> 45@52O==>5 ;>65 A 1;5ABOI8<8 2 >3=5 A25G59 65;57=K<8 :@5?;5=8O<8, 0 2 ?>B>;>: 1K; 218B B>;ABK9 :@N:, A :>B>@>3> A28A0; :>=>?;O=K9 :0=0B. # 70?04=>9 AB5=K =0 :>7;0E CAB0=>28;8 ?@O<>C3>;L=K9 AB>; 8 ?@8 =Q< G5BK@5 ABC;0. 0 ?>25@E=>AB8 AB>;0 AB>O;> =5A:>;L:> 1CBK;>:, :C1:>2 8 1>:0;>2, 0 B0:65 1K;8 @0A:840=K 1C<038, 420 ?5@0 8 ?C70B0O 1CBK;:0 A BCHLN.
@8Q< BCB CAB@>8;8, 1C@:=C; O.
A5340 B0:&
>?@0H820NI8E ?>:0 =5 1K;>, 2848<> 1K; CAB@>5= ?5@5@K2. 0B> <K <>3;8 ?@5:@0A=> @0AA<>B@5BL ?0;0G0, :>B>@K9 ?5@518@0; @07;>65==K5 C 60@>2=8 8=AB@C<5=BK. = 1K; >45B 2 :>60=K9 D0@BC:, >B<5G5==K9 @K68<8 ?>BQ:0<8. K B0:65 >B;8G=> 2845;8 >128=O5<CN, :>B>@CN =03>9 ?@82O70;8 : AB>;C. # =5Q 1K;> ?>;=>ABLN >1@8B>5 B5;>, 401K 4LO2>; =5 <>3 A?@OB0BLAO 2 2>;>AO=>< ?>:@>25 ( 60;:89 ?@54@0AAC4>:, ;N157=K5 <>8, => G53> 5IQ <>6=> 640BL >B :0=>=8:0? ) , 0 B0:65 <=>3>G8A;5==K5 :@>2>B>G82K5 B>G:8 =0 :>65. / 4>3040;AO, GB> 59 2BK:0;8 A5@51@O=CN 83;C 2> 2AO:>3> @>40 @>48=:8 8 ?OB=0, 401K 2A?C3=CBL C:02>3>, :>B>@K9 <>3 2 =8E ?@OB0BLAO. G5@54=0O 3;C?>ABL, 5A;8 1K :B>- B> <5=O A?@>A8;, E>BO 8=>340 5Q =0 A0<>< 45;5 A CA?5E>< 8A?>;L7>20;8, 401K 4>?>;=8B5;L=> =0?C30BL 4>?@0H8205<>3>. @><5 B>3>, 2BK:0=85 83;K =5 AG8B0;>AL ?KB:>9, => 1>;L ?@8G8=O;> C60A=CN, >A>15==> :>340 C :>3>- B> @>48=:8 1K;8 =0 A0<KE GC2AB28B5;L=KE G0ABOE B5;0.
>?@0H8205<0O 65=I8=0 1K;0 <>;>4>9, EC45=L:>9, A <0;5=L:8<8 AB>?0<8, :8ABO<8 8 3@C4LN. / 2845;, :0: >=0 @0AH8@5==K<8 3;070<8 =01;N405B 70 ?0;0G><, ?5@518@0NI8< 8=AB@C<5=BK 2 60@>2=5, 8 ?KB05BAO ?@8?>4=OBL 3>;>2C, GB>1K 2845BL ;CGH5. "O65;> 4KH0;0, 0 5Q 2K4>E 565<8=CB=> ?@52@0I0;AO 2 ?>;=K9 >BG0O=8O 2AE;8?.
=05HL, :B> MB>? A?@>A8; O.
0:0O- B> <5I0=:0. = ?>60; ?;5G0<8. <>65B <>=0H:0. = ?>G5A0; 2 3>;>25. !59G0A C7=05<.
25@L 2=87C A:@8?=C;0, 8 2=CB@L 1KAB@K< H03>< 2>HQ; :0=>=8: "8=B0@5;;>, 0 70 =8< 42>5 >45BKE 2 GQ@=>5 A5<8=0@8AB>2 8 ?8A0@L, :>B>@><C :0: O 70<5B8; 1K;> B@C4=> A>E@0=OBL @02=>25A85.
065 =5B 8=:2878B>@0, 70<5B8; O.
0A =5 ?@83;0H0NB =0 4>?@>AK.
0;0G 2A:>G8; >B 60@>2=8 8 A:;>=8;AO ?5@54 :0=>=8:><. ">B <0E=C; 5<C @C:>9, ?>A;5 G53> A HC<>< ?>428=C; A515 ABC;. !5; A 3@><:8< >E0=L5<, 8 ;8HL ?>A;5 =53> A5;8 >AB0;L=K5 4>?@0H820NI85. 6Q;B>< 1;5A:5 A25G59 O ?@5:@0A=> 2845; ?5@30<5=B=>5, 2KA>EH55 ;8F> :0=>=8:0. 3> C7:89, A60BK9 @>B =0?><8=0; A:>@55 H@0< >B @0=K, G5< G5;>25G5A:85 3C1K, 0 >AB@K9 ?>41>@>4>: 8 =>A 2 D>@<5 2>@>=>20 :;N20 ?@84020;8 ;8FC 45<>=8G5A:89 284. "8=B>@5;;> 2K1@820; A515 G5@5? =03>;> 8 B>;L:> =0 <0:CH:5 >BAB028; GB>- B> 2@>45 BQ<=>3> ?CG:0 2>;>A. K3;O45;> MB> G5@5AGC@ A2>5>1@07=>, B5< 1>;55, GB> IQ:8 8 ;>1 C =53> 1K;8 >B<5G5=K @KB28=0<8 >B ?5@5=5AQ==>9 >A?K.
3> B>;L:> 2 F8@:5 ?>:07K20BL, ?@>H5?B0; O, 0 =4@50A 15772CG=> @0AA<5O;AO.
"0: GB> =0G8=05<, >1JO28; 72CG=K< 3>;>A>< :0=>=8:. <5=5< >30 8 2> A;02C =35;>2. >7=5AQ< <>;8B2C, 1@0BLO.
A5 A=>20 2AB0;8 ( ?8A0@L ?@8 MB>< ?>H0B=C;AO, 8 5<C ?@8H;>AL >?5@5BLAO > ?>25@E=>ABL AB>;0) , 8 "8=B0;;5@> =0G0; 4>;3CN <>;8B2C. 04> ?@87=0BL, >= >1;040; 0:BQ@A:8<8 A?>A>1=>ABO<8. 3> 3>;>A B> 3@><KE0; ?>4 A0<K< A2>4><, B> AB0=>28;AO ?@83;CHQ==K<, ?@O<>- B0:8 4> AB@0AB=>3> HQ?>B0. >B>< :0=>=8: 3@><:> A:070; « <8=L» 8 @07<0H8AB> ?5@5:@5AB8;AO.
0?><=8B5 =0<& >1@0B8;AO >= : ?8A0@N.
128=O5<>9 -<<5 C4>;LD& 8A0@L AB0@0;AO 3>2>@8BL >BGQB;82>, 2 A2O78 A G5< :064>5 A;>2> ?@>87=>A8; A ?>@O4>G=K< >BABC?>< >B 4@C3>3>. >:070=K 8=AB@C<5=BK 8 >1JOA=5=> 8E 459AB285. 128=O5<0O =5 ?@87=0QBAO 2 3@5E>2=KE 45O=8OE, :>8<8 O2;ONBAO&
0=>=8: 1K; C65 =5 2 A8;0E 2K=>A8BL B>3> B5<?0, 2 :>B>@>< G8B0; ?8A0@L, ?>MB><C =5B5@?5;82K< 42865=85< @C:8 2K@20; C B>3> 4>:C<5=BK 8 ?>25@=C; ;8AB : A25BC.
& CG0AB85 2 H010H0E, =02545=85 G0@, 2K7K20=85 4LO2>;0, >A:25@=5=85 A2OBK=L, >B@02;5=8O, C189AB20, ?@5;N1>45O=85 8 A>4><8O. = >B1@>A8; 4>:C<5=BK >B A51O. -<<0 C4>;LD, ?@>:;OB0O :>;4C=LO, BK ?@87=0QHLAO 2 =0720==KE 45O=8OE?
5B, C<>;ON 20A, O =528=>2=0, C<>;ON, 4>1@K9 >BG5, =5 <CG09B5 <5=O, O =8G53> =5 A45;0;0& 0;0G C40@8; 5Q ?> ;8FC BK;L=>9 AB>@>=>9 :8AB8, BCB- B> >=0 1C@=> @07@K40;0AL 8 70<>;G0;0. "5?5@L 1K; A;KH5= ;8HL 5Q B8E89, >BG0O==K9 ?;0G.
0G=Q< >B H010H59, <5@7:0O 1;C4=8F0, ?@>87=QA :0=>=8: AB@>38< B>=><. 0725 =5?@0240, GB> BK 3>B>28;0 A0B0=8=A:85 <078, :>B>@K<8 <070;0AL <564C =>3 8 ?>4<KH:0<8, :>B>@K<8 B0:65 <070;0 <5B;C 8;8 ;>?0BC, 0 ?>B>< ;5B5;0 =0 H010H =0 ?8: C?5@B0, :>B>@K9 2K, 254L<K, =07K205B5 KA>9 >@>9? >4 :>=5F 53> 3>;>A 2>7=QAAO 4> :@8:0.
5?@0240, =5?@0240! / =5 254L<0! # =5Q 1K; 2KA>:89, 45BA:89 3>;>A, 8 ?0;0GC A=>20 ?@8H;>AL 5Q C40@8BL, GB>1K ?5@5AB0;0 :@8G0BL.
/ 2845;, GB> 5Q 2AN B@OAQB >B AB@0E0 8 E>;>40. / ?>A<>B@5; =0 =4@50A0 8 ?>:@CB8; 3>;>2>9. 0=>=8: =8G53> =5 A<KA;8; 2 8A:CAAB25 4>?@0H820=8O. ! B0:>9 452CH:>9 A;54>20;> >1E>48BLAO ?@54C?@548B5;L=> 8 45;8:0B=>. 5@60BL 5Q 70 @C:C, >1@0I0BLAO ;0A:>2K< 3>;>A><, 3;O4O ?@O<> 2 3;070. 065 ?@8G8=OO 59 1>;L ;81> ?@8:07K20O ?@8G8=8BL 59 1>;L, A;54>20;> 1KBL ?>;=K< ;N128 8 A>GC2AB28O. ">340 >=0, @0=> 8;8 ?>74=>, >B:@K;0 1K 2A5 B09=K A5@4F0 A2>53> ?5@54 A;54>20B5;5<. :0=>=8:, A0<>5 1>;LH55, <>3 ?@8=C48BL 5Q A:070BL B>, G53> >= A0< 65;0;. B> 7=05B, <>65B, 2?@>G5<, 8<5==> MB> 5<C 1K;> =C6=>?
"0: BK CB25@6405HL, GB> =5 3>B>28;0 =8:0:8E <0759, 254L<0?
5B, 3>A?>48=!
0=>=8: ?>:>?0;AO 2 4>:C<5=B0E 8 2KB0I8; 87 AB>?:8 1C<03 :0:>9- B> ;8AB. !>IC@8; 3;070 8 ?@>G8B0;.
>7L<8 ?5?5; =5B>?K@O, A>66Q==>3> 2 ?>;=>GL, 4>102L : MB><C 45AOBCN G0ABL :20@BK <5AOG=KE 452AB25==8FK, 425 C=F88 ?5@5B>?;5==>3> 68@0 =5:@5I5=>3> <;045=F0, @0ABQ@BK9 :>@5=L <0=4@03>@K, O4 601K, ?>B GQ@=>3> :>7;0. 5@5<5H09 2AQ 2 3;8=O=>9 ?>AC45 =0 @0728;:5 4>@>3, ?>4 28A5;8F59, 345 2 MB>B 45=L ?>25A8;8 G5;>25:0. @>87=5A8 <>;8B2C =0>1>@>B 8 3@><:> A:068: « B0: ?><>38 <=5, !0B0=0, GQ@=K9 <>9 2;0AB8B5;L» . "K >B@8F05HL, GB> ?@>2>48;0 MB8 1>3>EC;L=K5 @8BC0;K?
52CH:0 O2=> =5 ?>=O;0 2>?@>A0 8 B>;L:> 70AB>=0;0 ?@>BO6=>, B0: GB> ?0;0GC A=>20 ?@8H;>AL C40@8BL, GB>1K 70<>;G0;0.
@87=0QHLAO? @O2:=C; :0=>=8: 8 =0?>;=8; A2>9 :C1>: 87 1CBK;8. '0ABL =0?8B:0 ?@>;8;0AL =0 AB>;.
!<8;C9B5AL, O =528=>2=0&
86C, BK 5A8 AB@>?B820, 0 B2>9 E>7O8=, !0B0=0, =5 ?>72>;O5B B515 ?@87=0BLAO 2 3@5E0E ?5@54 AC4LO<8, ?>AB02;5==K<8 <0B5@LN =0H59 &5@:>2LN 548=>9 8 2A5;5=A:>9. 0=>=8: 2AB0; A <5AB0 8 3@5<5; =0 25AL 70;. >A5<C 2@5<O =0< A:;>=8BL B51O 3>2>@8BL ?@024C <5B>40<8, :>8 1>;55 ?>4E>4OB B0:8< :0: BK, 3@5E>2=K< 8 1>3>EC;L=K< 4LO2>;LA:8< >B@>4LO<&
N1>2L, <8;>A5@485 8 A>GC2AB285. >B 2B>@K5 8<5=0 =0H53> :0=>=8:0, AJO728; O.
A;8 MB0 452:0 254L<0, B> O GQ@=K9 :>7Q;, 1C@:=C; 5??5;L, => B0: B8E>, GB>1K A;CG05< =8:B> 87 ;N459 2=87C MB>3> =5 CA;KH0;.
"@C4=> 1K;> A =8< =5 A>3;0A8BLAO, E>BO, :>=5G=>, O =5 7=0;, GB> 70 ?@8G8=K A:;>=8;8 :0=>=8:0 4>?@0H820BL 8<5==> MBC 452CH:C. ;N1>< A;CG05, C <5=O 1K;> =5?@5>4>;8<>5 >ICI5=85, GB> >= =5=02845; ;N459, :>B>@KE 4>?@0H820;. MB8< ?>:070; A51O B>;L:> EC65, ?>A:>;L:C 4065 A0<K9 BC?>9 8=:2878B>@ 7=0;, GB> ?> >B=>H5=8N : >128=O5<K< <K 4>;6=K 1KBL ?>;=K 1571@56=>9 8 A?>A>1=>9 =0 ;N1K5 65@B2K ;N128. 5 2A5340 MB> C4020;>AL, >A>15==> ?5@54 ;8F>< =081>;55 70:>@5=5;KE 3@5H=8:>2, 8 =5 2A5340 C 8=:2878B>@>2 E20B0;> B5@?5=8O 8 <8;>A5@4=>3> >3=O 2 A5@4F5, => 2 ;N1>< A;CG05 B0:>2 1K; 8450;, : :>B>@><C <K 4>;6=K AB@5<8BLAO, =5278@0O =0 BO3>BK.
0G=Q< A ?@86830=8O ?>4>H2. / 2845;, GB> >= A>IC@8; 3;070, 0 53> @>B @0ABO=C;AO 2 65AB>:>9 C;K1:5.
0;0G 2K=C; 87 60@>2=8 D0:5;, ?>A;5 G53> ?@81;878; 53> : AB>?0< 452CH:8. =0 70:@8G0;0, 0 5Q B5;> 87>3=C;>AL 2 ?@8ABC?5 1>;8. (=C@K 8 7068<K 2?8;8AL 2 >1=06Q==>5 B5;>.
5@68, 45@68, A:070; "8=B0@5;;>, :>340 ?0;0G ?>A<>B@5; =0 =53>.
52CH:0 2K;0 :0: >AC64Q==0O =0 25G=K5 <C:8. Q@30;0AL B0: A8;L=>, GB> :>60 =0 5Q 70?OABLOE 8 ;>4K6:0E ;>?=C;0, 8 ?>O28;8AL 103@>2K5 :@>2>?>4BQ:8. =0 ?@8:CA8;0 O7K:, 8 A59G0A :@>2L E;5AB0;0 59 =0 ?>41>@>4>: 8 3@C4L.
>A?>48888! 8740;0 >=0 87 A51O ?>A;54=89 3>@;>2>9 2873 8 >1<O:;0.
0;0G >B=O; D0:5; >B 5Q AB>?. ">;L:> A59G0A 4> <>8E =>74@59 4>=5A;0AL 2>=L 3>@5;>3> <OA0.
>7>28B5 ;5:0@O, ?@8:070; :0=>=8:. ?@82>48B5 5Q 2 A51O, ?@82>48B5, >A?>48!
K >B>4:8=C;8AL : AB5=5, =5 65;0O, GB>1K "8=B0@5;;> ( =5 70=OBK9 A59G0A 4>?@>A><) =0A C2845;.
5@6C ?0@8, ?>;CG8; 1K >B =5Q 2AQ, GB> 1K B>;L:> 70E>B5;, 4065 ?0;LF5< =5 B@>=C2, 274>E=C; 5??5;L. > >BG5 :0=>=8:C =025@=>5 =@028BAO MB> 70=OB85.
5A><=5==> 40, A:070; O 8 24@C3 <5=O GB>- B> =0AB>@>68;>. "K 70<5B8;, =4@50A, GB> :064K9 @07 C25;8G8205BAO G8A;> >AC64Q==KE? >9 A>B>20@8I =0G0; >1JOA=5=8O A >9<0@:B0, ?>A;54=53> 3>@>40. > ?5@54 MB8 1K; !0=- >;8, 0 5IQ ?5@54 MB8< >;=8F&
=4@50A ?>:820;, 2A?><8=0O G8A;0, C?><O=CBK5 !<5@BCE><.
"K ?@02, = :82=C;. >3 ?>E>65 =5 ;N18B 8BB8=35=.
=87C <K CA;KH0;8 ABC: 425@8, 8 2 70; 21560; ;5:0@L, A68<0NI89 2 @C:0E >E0?:C :0:8E- B> 10=>G5: 8 1CBK;>G5:.
K =5 A?5H8;8, ?@8OB5;L, 1@N73;82> 70<5B8; :0=>=8:.
@0G ?@>1>@<>B0; A;>20 8728=5=8O 8 A3810;AO 2 ?>:;>=0E. 7 53> @C: 2K?0;0 >4=0 87 10=>G5: 8 @0718;0AL =0 ?>;C. 5:0@L CAB028;AO =0 >A:>;:8 BC?K< 273;O4><, 0 "8=B0@5;;> @0AA<5O;AO 8 E;>?=C; A51O ?> 1Q4@0<.
C BK 8 ;>2:89, 1@0B>:! :@8:=C; >=. 0?><=8, GB>1K O =8:>340 =5 4020; B515 ?CA:0BL :@>2L. 10 A5<8=0@8AB0 @0AA<5O;8AL 3@><>3;0A=>, 0 =5<=>3> ?>3>4O A 45;0==K< 8 ?@8=C64Q==K< E8E8:0=L5< : =8< ?@8A>548=8;AO ?8A0@L.
C, ?@82>48B5 5Q 2 A51O, 0 =5 ?O;LB5AL B0:. 0=>=8: ?5@5AB0; A<5OBLAO. !<>B@8B5- :0, CAB028;AO :0: 10@0=&
@0G 2AB0; >:>;> ;560I59 =0 AB>;5 65=I8=K 8 =0G0; =0B8@0BL 5Q 28A:8 <07LN, :>B>@CN I54@> =018@0; 87 >4=>9 87 10=>G5:. >B>< >AB>@>6=> 2KB0I8; ?@>1:C C >4=>9 87 1CBK;>G5: 8 ?><070; 684:>ABLN 5Q =>74@8. 5=I8=0 2=570?=> 4Q@=C;0AL, 70:0H;O;0 8 70AB>=0;0. !@07C ?>A;5 MB>3> =0G0;0 >BG0O==> ?;0:0BL.
>65B =0<070BL 59 AB>?K CA?>:0820NI59 <07LN? B8E> A?@>A8; ;5:0@L.
5 C<=8G09, 1@0B>:. 0=>=8: =5B5@?5;82> 70<0E0; @C:>9. 48, AO4L B0< 2 C3;C, 81> =025@=O:0 A59G0A A=>20 ?>=04>18HLAO.
"8=B0@5;;> 4>?8; 4> :>=F0 28=> 87 :C1:0 8 2AB0;, A 3@><:8< HC<>< >B>42830O ABC;. >4>HQ; : 65=I8=5 8 2AB0; =04 =59.
GB>, <5@7:0O 254L<0? ?@>H8?5; >=. 0:- B> B2>9 E>7O8=, 4LO2>;, =5 E@0=8B B51O >B <C:. C45HL B5?5@L 3>2>@8BL 8;8 <=5 ?>720BL ?0;0G0?
5B, =5B, =5B, 70;5?5B0;0 >=0. #<>;ON 20A, =5 25;8B5 <5=O <CG8BL. / =528=>2=0. !;Q7K B5:;8 ?> 5Q I5:0E 8 ?>41>@>4:C. =0 2AO B@OA;0AL, :0: 2 ?@8ABC?5 ;8E>@04:8.
528=>2=0? 0=>=8: 27O;AO ?0;LF0<8 70 5Q A>A>: 8 70:@CB8; 53> B0: A8;L=>, GB> >=0 70:@8G0;0 >B 1>;8.
= 87<K20;AO =04 =59 :0:>5- B> 2@5<O, 23;O4K20OAL A 8=B5@5A>< 2 5Q ;8F>, ?>A;5 G53> >B?CAB8; 8 2KB5@ @C:C > :@09 ACB0=K.
KB05<K5 MB> <>8 ;CGH85 ?52FK, 70<5B8; >=, 1@>A82 273;O4 =0 A5<8=0@8AB>2, 0 B5 3@><:> 70A<5O;8AL. 07>3@59- :0 :;5I8, 1@0B <>9, ?@8:070; >= ?0;0GC.
">B CA5@4=> :82=C; 3>;>2>9 8 70725=5; 8=AB@C<5=B0<8 2 60@>2=5.
!8N <8=CBC, 20H5 ?@5?>4>185, ?@>1>@<>B0; >=.
/ A<>B@5; =0 @01>BC :0=>=8:0 A >B2@0I5=85<. "0:>9 G5;>25:, :0: >=, ?>7>@8; 25@C 8 ?>7>@8; ?@>D5AA8N AC451=>3> A;54>20B5;O. A;8 1K O C2845; 254CI53> A51O ?>4>1=K< >1@07>< 8=:2878B>@0, ?>25@LB5 <=5, ;N157=K5 <>8, A59G0A 65 70?@5B8; 1K 5<C 4>?@0H820BL 8 =0?8A0; 1K A>>B25BAB2CNI55 ?8AL<> 3> @5>A2OI5=AB2C.
0AA:065HL =0<, :0: BK A>68B5;LAB2>20;0 A !0B0=>9, @0A?CB=0O 452:0. 0=>=8: =0:;>=8;AO : 4>?@0H8205<>9, 0 53> @C:0 701@5;0 =0 5Q ?5@54>:. 0: >= 2?8E820; B515 BC40 A2>9 :>7;8=K9, 2>=NG89 A@0<&
4Q< >BAN40, @5H8; O. K C65 4>AB0B>G=> C2845;8.
/ ?>25@=C;AO 8 B8E> >B:@K; 425@L. =4@50A ?>A;CH=> =0?@028;AO 70 <=>9.
5=0286C ;8HL >4=>, A:070; O B8E>, => O2AB25==>. N459, :>B>@K5 8A?KBK20NL =0A;0645=85, ?@8G8=OO 1>;L 4@C38<.
0- 000. >:0G0; >= 3>;>2>9. / 5IQ 2 :045<88 A;KH0; 8AB>@8N > B2>59 A>10:5, :>3& = ?>4=O; 3>;>2C, => C28452 <>9 273;O4, >1>@20; =0 ?>;CA;>25. 0:@K; @>B GCBL ;8 =5 A> ABC:>< 8 =5@2=> 70<>@30;. / >1E20B8; ;52>5 70?OABL5 ?0;LF0<8 ?@02>9 @C:8, GB>1K >= =5 C2845;, :0: C <5=O 704@>60;0 @C:0.
@>AB8, ?>60;C9AB0, A:070; >=. / =5 E>B5; B51O 7045BL& 5C6B> O CA;KH0; AB@0E 2 53> 3>;>A5?
"K =5 7045; <5=O, A?>:>9=> 2>7@078; O. > O =5 ;N1;N MB> 2A?><8=0BL, ?>MB><C A45;09 <8;>ABL, =5 :0A09AO MB>3>.
>=5G=>, >@48<5@, A>3;0A8;AO >= ?>A?5H=>. ! 4@C3>9 AB>@>=K, O A;KH0;, GB> 8BCA ?;>E> :>=G8;. >2>@OB, >= ?>=878; 3>;>A, 53> ?>9<0;8 =0 ?@>?>254>20=88 5@5A8.
/ B>65 B0: A;KH0;, ?@>87=QA O 157@07;8G=>.
0725 MB> =5 AB@0H=>? 01;C640NI89AO 8=:2878B>@? =4@50A =525@OI5 ?>:@CB8; 3>;>2>9.
064>3> 87 =0A >B45;O5B ;8HL H03 >B 25G=>3> ?@>:;OB8O 8 =587<5@8<> 4>;30O 4>@>30 : A2OB>AB8, >B25B8; O, @07<KH;OO, 459AB28B5;L=> ;8 5??5;L =5 7=05B > <>Q< CG0AB88 2 @07>1;0G5=88 8BCA0 09>, 8;8 65 >= B>;L:> 87>1@0605B =52545=85.
K A?CAB8;8AL ?> ;5AB=8F5 2=87, 0 ?>B><, ?@>2>605<K5 148B5;L=K<8 273;O40<8 >E@0==8:>2, >:070;8AL 2> 42>@5. ">;?0 70 873>@>4LN 5IQ 1>;LH5 C25;8G8;0AL, 0 :@8:8, ?;0G, <>;L1K 8 ?@>:;OB8O ?@>AB> >3;CH0;8. K ?@>B8A=C;8AL =0@C6C. N48, A>1@02H85AO ?5@54 @0BCH59, :0: 1K AB@0E ?>B5@O;8 ?5@54 8=:2878B>@A:8<8 8=A83=8O<8. 1KG=> ?@8 2845 8=:2878B>@0 ;N48 AB0@0NBAO >:070BLAO >B =53> :0: <>6=> 40;LH5, 0 745AL >=8 ?@>AB> ;L=C;8 : =4@50AC. 5 4>E>48;8 4> B>3>, GB>1K 4Q@30BL 53> 70 @C:020 <0=B88, => 70ABC?0;8 =0< 4>@>3C, 3@><:> 2K:@8:820;8 :0:85- B> D0<8;88, C<>;O;8 > 70ABC?=8G5AB25, GB>- B> >1JOA=O;8 272>;=>20==K<8 3>;>A0<8, AB0@0;8AL 2AC=CBL 2 @C:8 4>:C<5=BK A ?@>H5=8O<8 8 ?@>AL10<8. 0:0O- B> BCG=0O <5I0=:0, 3@><:> ?@8G8B0O, @CE=C;0 ?5@54 =0<8 =0 :>;5=8, 0 =4@50A A?>B:=C;AO > 5Q 2KBO=CBK5 @C:8 8 GCBL =5 C?0;. 8HL MB> A?@>2>F8@>20;> 53> >B@5038@>20BL.
! 4>@>38! @O2:=C; >= 2> 25AL 3>;>A. <5=5< !2OB>9 !;C61K! @>GL! = E20B8; :C;0:>< 1;865 AB>OI53>, 0 53> ;8F> 8A:@828;>AL 2 3@8<0A5 15H5=AB20.
0< C40;>AL ?@>4@0BLAO G5@57 A0<CN 3CABCN B>;?C, 8 <K 2>H;8 2 1>:>2CN C;>G:C. ">;L:> B0< =0A =0AB83;0 452CH:0 2 A25B;>9, 70?0G:0==>9 5?0=G5, A @0AB@Q?0==K<8 2>;>A0<8 8 A8=52>9 ?>4 3;070<8 >B CAB0;>AB8 8;8 =54>AK?0=8O. =0 1K;0 EC4>I02>9 8 =52KA>:>9, 0 5Q >AC=C2H55AO ;8F> 1K;> 8A:065=> <C:>9.
#20605<K9 3>A?>48=, ?>60;C9AB0& 0: AB@0==>, >=0 >1@0B8;0AL :> <=5, E>BO MB> 254L 5??5;L I53>;O; 2 >D8F80;L=>< =0@O45, 0 O 1K; 157 8=:2878B>@A:8E 8=A83=89. 5Q A;01>< 3>;>A5 1K;> AB>;L:> >BG0O=8O 8 >4=>2@5<5==> =04564K, GB> O >AB0=>28;AO, E>BL =4@50A 8 4Q@=C; <5=O 70 @C:02.
'5< <>3C 20< ?><>GL? 256;82> A?@>A8; O.
>O A5AB@0, 3>A?>48=. 5 7=0N, GB> ?@>8AE>48B A <>59 A5AB@>9. Q 0@5AB>20;8 B@8 4=O =0704, 8 =8:B> =5 E>G5B =8G53> A:070BL& >=0 3>2>@8;0 B0: 1KAB@>, 1C4B> E>B5;0 A:070BL 2AQ, GB> 59 1K;> A:070BL, ?@5645 G5< O ?@5@2C 5Q ;81> >BB>;:=C.
0: 7>2CB B2>N A5AB@C? A?@>A8; O.
-<<0 C4>;LD, 3>A?>48=! -<<0 C4>;LD! =0 =528=>2=0, :;O=CAL, GB> >=0 =8 2 GQ< =5 28=>20B0. Q 701@0;8 CB@><&
/ ?>;>68; 59 @C:C =0 ?;5G>, 8 >=0 70<>;G0;0.
0: B2>Q 8<O, 48BO?
!8;L28O, 3>A?>48=, ?@>H5?B0;0 >=0.
>A;CH09 <5=O 2=8<0B5;L=>, !8;L28O. A;8 E>G5HL A>E@0=8BL 687=L, 1>;LH5 =5 @0AA?@0H8209 > A5AB@5, =5 ?KB09AO 5Q C2845BL 8 =5 E>48 2 @0BCHC. 9 =5 ?><>65HL, 0 <>65HL =02@548BL A515. >=O;0?
=0 A<>B@5;0 =0 <5=O, 8 5Q 3;070 =0?>;=O;8AL A;570<8, :>B>@K5 2A:>@5 =0G0;8 B5GL @CG59:>< ?> I5:0<.
8:>3> =8:>340 =5 >1845;0, 70@K40;0 >=0. A5340 1K;0 B0:>9 <8;>9 8 4>1@>9, 8 =528==>9. AQ 2@5<O ?><>30;0 ;N4O<, O 4065 3>2>@8;0 59: « -<<0, CA?>:>9AO, 81> :>340 B515 ?>=04>18BLAO, =8:B> =5 ?><>65B» . =0 2F5?8;0AL 2 @C:02 <>53> ?;0I0. #<>;ON 20A, ?><>38B5 59, 3>A?>48=. #<>;ON 20A 2> 8<O %@8AB0, >A?>40 =0H53> 548=>3> 8 2A5E A2OBKE!
"H- HHH, A:070; O. #A?>:>9AO, !8;L28O. 15I0N ?>A<>B@5BL, GB> <>6=> A45;0BL. > BK A848 4><0 8 709<8AL A2>8<8 45;0<8. >=O;0?
>=O;0. 0 1;03>A;>28B 20A >3, 3>A?>48=. -<<0 C4>;LD, =5 701C4LB5. -<<0 C4>;LD! >=0 ?@>4>;60;0 :@8G0BL =0< 2A;54, :>340 <K CE>48;8.
>B MB> A>2?045=85! ?@>2>@G0; =4@50A. 525@>OB=>, ?@0240?
>G5<C? 025@=O:0 ?@8AB020; :> 2A5<, :B> 2KE>48; 87 @0BCH8, ?>MB><C 1K;> 1K :0: @07 AB@0==>, 5A;8 1K =5 ?>?0;0 =0 =0A. >65HL 2K?>;=8BL <>N ?@>AL1C, =4@50A?
0?
5;8 C7=0BL, 345 682CB AQAB@K C4>;LD, 1C4L 4>1@.
0: ?>65;05HL, 1C@:=C; >=. > O =5 A>25BCN B515 2 MB> 2<5H820BLAO. BK 7=05HL, 8 O 7=0N, GB> 452CH:0 =528=>2=0. > 8 BK 7=05HL, 8 O 7=0N, GB> MB> =5 8<55B 7=0G5=8O.
K A <8=CBC AB>O;8 <>;G0, 0 ?>B>< >= >1@0B8;AO :> <=5.
A;8 =5 >1848HLAO, >@48<5@, B> O ?>72>;N 40BL B515 >48= A>25B.
">;L:> 3;C?5F =5 A;CH05B A>25B>2, =5206=>, E>@>H8E 8;8 ?;>E8E, ?>B><C GB> :064K9 =5AQB 2 A515 C@>:, >B25B8; O =@02>CG8B5;L=>, 0 >= C;K1=C;AO.
/ A;KH0;, GB> 2@5<5=0<8 BK 87;8H=5& >= ?@5@20;, O2=> 8I0 A;>20. 7;8H=5 <O3>: : >128=O5<K<.
@5G8 =5B > <O3:>AB8, @57:> >B25B8; O. >Q 45;> 8A:0BL 8AB8=C 8 A>7840BL 70:>= 8 ?@02>AC485. %>BO >1KG=>, : <>5<C ?@8A:>@18N, MB> ?>=OB8O 2708<>8A:;NG0NI85.
0. 728=8, 5A;8 O B51O >1845;.
"K =5 >1845; <5=O, 2>7@078; O.
/ 704C<0;AO, >B:C40 >= <>3 ?>;CG8BL B0:85 A2545=8O. 59AB28B5;L=>, O =5 1K; A:>@K< =0 AC4 G5;>25:>< 8 =5 2845; =C64K 4>25@OBL 2AO:8< 3;C?K< >128=5=8O<. ;K5 A>A548, 7028AB;820O A5<LO, >1<0=CBK5 ;N1>2=8:8 B0:85 ;N48 C6 A;8H:>< G0AB> ?@>1>20;8 8A?>;L7>20BL 25@C 4;O A2>53> ;8G=>3> :@5AB>2>3> ?>E>40. C6 A;8H:>< G0AB> !:0<L8 3>@>40 8 35@F>30 ?@8A;CH820;8AL : MB8< 3;C?>ABO<. > <5=O CG8;8 >B45;8BL ?;520 >B 7Q@5=, 8 ?>MB><C A;CG0;>AL =5 @07 8 =5 420, :>340 O 2KB0A:820; :>3>- B> 87 ?KB>G=>9 8;8 A :>AB@0. > 2A5340 B>;L:> B>340, :>340 O 1K; ?>;=>ABLN C25@5= 2 53> =528=>2=>AB8, 8;8 ?@028;L=55 A:070BL, 2 <0;>9 AB5?5=8 28=K.
:>=F5 :>=F>2, O ?><=8; A;>20 <>53> =35;0, :>B>@K9 :0:- B> A:070;, GB> 2 3;070E >30 <K 2A5 28=>2=K, 0 B09=>9 O2;O5BAO ;8HL 2@5<O 8 <5@0 =0:070=8O.
* * *
154 1K; B0:8< >18;L=K< 8 B0:8< 68@=K<, GB> <5=O B>H=8;> C65 >B >4=>3> 2840 !<5@BCE0, :>B>@K9 =5 >15A:C@065==K9 :>;8G5AB2>< 54K, ?>3;>I0; >G5@54=CN <8A:C =020@8AB>9 ?>E;Q1:8, >B:CAK20O ?5@8>48G5A:8 >B 8AB5:0NI59 3CAB>9 ?>4;82>9 A28=>9 =>38.
%>2>H>, 703>2>@8; >= A ?>;=K< @B><, 284O, GB> O A<>B@N =0 =53>. / >B2Q; 273;O4, :0: @07 2 B>B <><5=B, GB>1K C2845BL C 2E>40 2 M@:5@ 70?KE02H53>AO 8 ?>:@0A=52H53> >B 1530 5??5;O.
# <5=O ?;>E85 =>2>AB8, >@48<5@, B8E> ?@>87=QA >=. ?Q@AO > :>AO: 425@8. G5=L ?;>E85 =>2>AB8.
>2>@8, 274>E=C; O, 704C<02H8AL, GB> <>65B 1KBL EC65 ?@02;5=8O "8=B0@5;;> 2 3>@>45. = ?>4>HQ; :> <=5 8 2>?@>A8B5;L=> ?>A<>B@5; =0 6@CI53> :0: A28=LO 8 87<070==>3> 2 ?>4;825 !<5@BCE0.
>65HL 3>2>@8BL ?@8 =Q<, >1JOA=8; O.
>A;0==K9 3> @5>A2OI5=AB2>< 8=:2878B>@ C<5@ 2 :>@G<5 2 ?OB8 <8;OE >B 8BB8=35=0, HQ?>B>< A:070; 5??5;L. / 27O; :C2H8= 8 <54;5==>, >G5=L <54;5==> =0;8; 28=> 2 :C1>:.
3> C18;8? A?@>A8; O ?@83;CHQ==K< 3>;>A><.
5B, A:@828;AO >=. = 1K; 1>;5=, C65 :>340 2K5760; 87 %570. >2>@OB 4065, GB> >G5=L 1>;5=.
B> MB> 1K;?
>45@8: >BBAB0;L:, ?@>87=QA 5??5;L. "K 7=0; 53>?
<C 1K;> ?>4 2>A5<L45AOB, DK@:=C; O. C65 ;5B 45AOBL >= ;8HL ?@>A86820; 2 A04C =:2878F88 8 3@5;AO C :0<5;L:0 2 B@0?57=>9. =4@50A, MB>B G5;>25: GCBL ;8 =5 4204F0BL ;5B =5 ?@>2>48; =8:0:>3> A;54AB28O! K ?>A<>B@5;8 4@C3 =0 4@C30, 8 2 53> 8 2 <>8E 3;070E 1K;> :0: ?>=8<0=85, B0: 8 =54>C<5=85. =0 A0<>< 45;5 <=>3> AB@0E0, E>BO 2 MB>< <K 1K =5 ?@87=0;8AL 4065 A0<8 A515.
">B, :B> 53> ?>A;0;, 7=0;, GB> >45@8: =5 4>545B, A:070; <54;5==> 8 >G5=L, >G5=L B8E> 5??5;L. 5A;8 4065 4>545B, B> =5 2KAC=5B =>A0 87 :@>20B8. 5C65;8 :B>- B> E>G5B C=8GB>68BL 8BB8=35=?
5B, =4@50A, E>B5; O 5<C >B25B8BL, => A45@60; A51O 2 ?>A;54=89 <><5=B: :><C :0:>5 45;> 4> :0:>3>- B> 3>@>4:0? 0B> <=5 :065BAO, GB> :B>- B> CA8;5==> 65;05B C=8GB>68BL 02B>@8B5B =:2878F88.
>65B 1KBL, 2>7@078; O 2A;CE.
5??5;L 2K=C; 87- 70 ?07CE8 :>60=CN BC1C, 70?5G0B0==CN 5?8A:>?A:>9 ?5G0BLN. 74>E=C;, ?5@5:@5AB8;AO 8 @07;><0; AC@3CG. K=C; 87=CB@8 A2Q@B>: 4>:C<5=B>2, @0A?@028; ;8ABK. 4@C3 O C2845;, :0: >= >AB0=>28;AO 2 >4=>< <5AB5 8 ?>2B>@=> ?@>1560; B5:AB 3;070<8. >4=O; =0 <5=O 273;O4, 8 =5 A:@>N, B>, GB> O 2 =Q< C2845;, <5=O >15A?>:>8;>.
>@48<5@, A:070; >= <54;5==> 8 >G5=L B8E>. # <5=O BCB 4>:C<5=BK 87 %570, :>B>@K5 2Q7 >BBAB0;L:. A5 ?>;=><>G8O 8 ?@8:07K. =05HL ;8, =0 :>3> >=8 2K?8A0=K? / C65 E>B5; >B@8F0B5;L=> ?>:@CB8BL 3>;>2>9, :>340 24@C3 4>3040;AO. MB0 4>304:0 70<>@>78;0 <5=O 4> A0<KE :>AB59.
, >65, A:070; O. 0 ?@54JO28B5;O. / 2AB0;, A 3@>E>B>< >B>428=C2 ABC;.
5 C3>2>@8HL <5=O =0 MB>, 5??5;L, @57:> ?@>87=QA O. / <>3C ?>=OBL 8 ?@>AB8BL, GB> BK =5 F5=8HL <>59 687=8, 81> O A0< 8=>340 AG8B0N 5Q 8A:;NG8B5;L=> ?0A:C4=>9. > CG8BK20O B>, GB> >=0 C <5=O B>;L:> >4=0, =5 A>18@0NAL 5Q B5@OBL. 0:>9 1K =8 1K;0.
>60;C9AB0, >@48<5@, ?@8AO4L. 53> 3>;>A5 ?><8<> <>;L1K O B0:65 CA;KH0; =>B:C >BG0O=8O. >60;C9AB0& / A <8=CBC <>;G0;, ?>A;5 G53> ?@8428=C; ABC; >1@0B=> 8 A5;, :0: >= ?@>A8;.
"K =8 2 GQ< =5 =0@CH8HL 70:>=0, B8E>, => >BGQB;82> 3>2>@8; 5??5;L, B0:, 1C4B> GB>- B> >1JOA=O; =5 A;8H:>< A<KH;Q=><C @51Q=:C. 5 A:070; 1K, GB>1K <=5 =@028;AO ?>4>1=K9 B>=. >:C<5=B =0 ?@54JO28B5;O 8 <K =5 B@>=5< 53> 4065 ?0;LF5<. 5 D0;LA8D8F8@C5<, =8G53> =5 CB08205<, =5 ?>445;K205< ?>4?8A59. >A;CH09, >@48<5@: « C254><;O5BAO 2A5< 8 2AO, GB> <>9 ;8G=K9 8=:2878B>@ ?> ?@>AL15 <>59, ?@8:07C 8 C:070=8N 4>;65= 70=OBLAO 70I8B>9 25@K >6L59 2 25;L<8 ;N157=>< =0< 8 ;C:02K< 8A?KBK205<>< 3@045 8BB8=35=5& » 8 B0: 40;55 8 B0: 40;55. 5 =07K20NB ;8 20A 2A5E, A ;8F5=7859 %570, « ;8G=K5 8=:2878B>@K 3> @5>A2OI5=AB20» ? 07>94QHLAO ;8 BK A 8AB8=>9, ?@54JO2;OO MB8 1C<038?
@><5 B>3>, GB> 8E 2K40;8 =5 <=5, 0 2A53> ;8HL >BBAB0;L:C& ?@>1C@G0; O. >:068 >AB0;L=K5.
= 2@CG8; <=5 2A5 4>:C<5=BK, 8 O 2=8<0B5;L=> 8E 87CG8;. 59AB28B5;L=>, >=8 1K;8 AD>@<C;8@>20=K B0:, GB> 2>A?>;L7>20BLAO 8<8 <>3 ;N1>9, :B> >1;040; ;8F5=7859 87 %57- E57@>=0. / B0:65 ?@>25@8; ?>4?8A8 8 ?5G0B8, 8 2A5 ?>:070;8AL <=5 =0AB>OI8<8.
>G5<C 4>:C<5=BK 2K?8A0;8 =0 ?@54JO28B5;O? A?@>A8; O, =5 @0AAG8BK20O, GB> 5??5;L <>65B >B25B8BL =0 MB>B 2>?@>A. -B> ?>GB8 =8:>340 =5 ?@8<5=O5BAO. ?8A:>?A:0O :0=F5;O@8O >1KG=> B@OAQBAO =04 :064K< A;>2><& 5=O 2=570?=> >70@8;0 >4=0 <KA;L.
5??5;L, C =0A A59G0A A5=BO1@L, B0:?
0: =8 ?>A<>B@8.
3> @5>A2OI5=AB2> ?>4 :>=5F 023CAB0 8;8 2 =0G0;5 A5=BO1@O :064K9 3>4 2K57605B =0 <5AOF =0 3>@OG85 8AB>G=8:8. >2>@8B, MB> ?><>305B 5<C >B ?>403@K. >MB><C >= 2K?8A0; 4>:C<5=B =0 ?@54JO28B5;O, =0 A;CG09, 5A;8 1K >BBAB0;L: C<5@ 4> B>3> :0: >AB028BL %57. ">340 4>:C<5=BK ?>;CG8; 1K 4@C3>9 =07=0G5==K9 8=:2878B>@, 8 =5 =04> 1K;> 1K B@0B8BL 2@5<O =0 4>;385 ?>574:8 :C@L5@>2 BC40 8 >1@0B=>. =4@50A B>;L:> ?>60; ?;5G0<8.
>65B 8 B0:, A:070; >= @02=>4CH=>. 5206=> ?>G5<C, 206=>, GB> 87 MB>3> A;54C5B. >@48<5@, ?@>20;8AL >=>, BK =5 1C45HL >48= 2> 2AQ< MB><. A;8 <K @5H8<AO ?@54AB028BL MB8 1C<038, BK 65 ?>=8<05HL, GB> 2 A;CG05 =5C40G8, =8 4;O :>3> =5 1C45B B09=>9, 345 BK 8E 27O;.
5@54 ;8F>< =5A><=5==> 70E20BK20NI59 ?5@A?5:B82K ?>?0ABL 2 BN@L<C, <5=O A>2A5< =5 CB5H05B B>, GB> BK 1C45HL 2 A>A54=59 :0<5@5, A:070; O 1@N73;82>. 9, 4>?Q: 20A >B5F :0=>=8:, 4>1028; O GCBL ?>3>4O.
5 >B:@5ICAL >B ;8G=KE <>B82>2. = =5@2=> ?>60; ?;5G0<8.
!:>;L:> B515 ?@54;>68;8, A?@>A8; O, 0 >= ?>1;54=5;.
"- BK > GQ<?
C@3><8AB@? <>65B :B>- B> 2;8OB5;L=K9 87 3>@>4A:>3> A>25B0? 0:>9- B> 87 F5E>2? !:>;L:> >=8 40NB 70 ?@5:@0I5=85 MB>3> 157C<8O?
/ G5AB=> A B>1>9 ?>45;NAL, ?@>H5?B0; >= ?>A;5 ?0C7K.
30. :C?;N O A515 B>340 7>;>BK5 :0=40;K, 0 :0<5@C 2K;>6C <@0<>@><, AJO728; O.
!?0AQHL 3>@>4, ?@>87=QA >=, 8 687=8 A>B5= =528==KE ;N459&
=4@50A, >1>@20; O 53>. :>3> MB> 2>;=C5B? 5 A0< ;8 8ACA A:070; ?>AB>;0<: C18209B5 8E 2A5E, B5F >B;8G8B A2>8E! 0 :>3> BK <5=O ?@8=8<05HL? 0 848>B0? 0 @KF0@O ?5G0;L=>3> >1@070? ! B>G:8 7@5=8O <8@0 1KB85 8;8 =51KB85 MB>3> 3>@>40 O2;O5BAO AB>;L 65 206=K<, :0: 8 1KB85 70<:0 87 ?5A:0 =0 <>@A:>< 15@53C& O ?@5@20;AO =0 <83. 5=O 15A?>:>8B 4@C3>5, <>9 4>@>3>9 1@0B. C45;O9 BK <5=LH5 2=8<0=8O =01820=8N A2>59 <>H=K, <>65B B>65 MB> 1K ?>=O;. = ?>4=O; =0 <5=O 2>?@>A8B5;L=K9 273;O4 8 1K; =0AB>;L:> A:>=DC65==K<, GB> 4065 =5 >1845;AO.
"0: 2>B, ;N157=K9 =4@50A, 401K 2>71C48BL C60A, <>65HL :0@0BL 2A5E. 8=>2=KE 8 =528=>2=KE. 57@07;8G=>. > 5A;8 65;05HL 2>71C48BL A;04>AB=K9 AB@0E 1>689, >128=5=85 4>;6=> 8<5BL @50;L=K5 >A=>20=8O. AC645=85 ?OB8, H5AB8, 45AOB8 701>B;82> >B>1@0==KE ;N459 40AB ;CGH89 @57C;LB0B, G5< B5@@>@, @0A?@>AB@0=O5<K9 =0 A>B=8. 1> A;8H:>< <=>385 1C4CB B>340 7=0BL, GB> 8E A5<L8, 4@C759 8;8 A>A5459 >128=8;8 8 >AC48;8 =5A?@0254;82>. B>340, 7=0O > =528==KE 65@B20E, <>3CB =0G0BL A>GC2AB2>20BL 8 =0AB>OI8< :>;4C=0< A =0AB>OI8<8 5@5B8:0<8. >A:>;L:C :>340 2A5 28=>2=K, =8:B> =5 28=>25=. "K ?>=8<05HL, > GQ< O 3>2>@N?
=5 :065BAO, >= 3@><:> ?@>3;>B8; A;N=C. =5 :065BAO, 40.
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
0, >@48<5@. "> 5ABL =5B, >@48<5@. "K 87 CAB <>8E 2K=C; MB8 A0<K5 MB8 A;>20& >25@L <=5&
0B:=8AL, ?@8:070; O 5<C. / 5IQ =5 70:>=G8;. "@51CN >B B51O 8 4@C38E 01A>;NB=>3> ?>28=>25=8O, 0 >B B51O A>E@0=5=8O B09=K. "K =5<54;5==> ?@8:065HL >B>A;0BL ;N459 >BBAB0;L:0, => =5 2 %57. C40- =81C4L 2 4@C3>5 <5AB>. C40 C3>4=>, ;8HL 1K 40;5:> 8 ;8HL 1K =8:B> =5 7=0;, :C40 54CB.
>=5G=>, ?>440:=C; >=.
* * *
!<5@BCEC 8 1;87=5F0< O ?@8:070; 640BL A=0@C68, 0 2 @0BCHC 2>HQ; A =4@50A>< 8 42C<O 1@0BLO<8 8=:2878B>@0<8 87 <5AB=>3> >B45;5=8O !2OB>9 !;C61K. K;8 MB> >E0= 5=F5;L 8 5=@8E 0=30@4, >10 <>;>4K5, ?>;=K5, A25B;>2>;>AK5, 7=0G8B5;L=> 1>;LH5 ?>E>685 =0 :C?5G5A:8E AK=>259, G5< =0 8=:2878B>@>2. 4=0:> 2A5 <K >45;8AL >D8F80;L=>, ?>A:>;L:C 8 <8AA8O, A :>B>@>9 <K ?@81K;8, 1K;0 A0<>9 >D8F80;L=>9.
K 7=0;8, GB> :0=>=8:, :0: :064K9 45=L, CG0AB2>20; 2 A2OB>9 <5AA5 2 G0A>25=:5 =0 ?5@2>< MB065, 0 ?>B>< 702B@0:0; 2<5AB5 A 1;8609H8<8 A>B@C4=8:0<8 2 70;5 =0 2B>@><. / A;KH0;, GB> >= =5 A;8H:>< 15A?>:>8; A51O ?>AB0<8 8 C<5@I2;5=85< ?;>B8, ?>B><C GB> A;C38 5654=52=> ?@8=>A8;8 28=0 8 1;N40 87 A;K2CI53> 25;8:>;5?=>9 :CE=59 4><0 :C?F0 8;L451@0=4B0, 3;02K F5E0 B:0G59 10@E0B0. ">3> 8;L451@0=4B0, :>B>@K9 2<5AB5 65=>9 8 4>G5@LN ?@51K20; <=>3> 4=59 2 3>AB5?@88<=KE ?>420;0E @0BCH8, 2 B> 2@5<O :0: :0=>=8: =0A;0640;AO 70?0A0<8 53> :;04>2>9 8 ?>3@51:0, 0 B0:65 ?>;L7>20;AO =5>1K:=>25==K<8 C<5=8O<8 ?>20@0. # 425@59 AB>O;0 2>>@C6Q==0O <5G0<8 >E@0=0 >BF0 :0=>=8:0. 2>5 ?;5G8ABKE, ?@KI02KE ?0@5=L:>2, >45BKE 2 :>60=K5 ;0BK.
3> <8;>ABL 702B@0:05B, @O2:=C; >48= 87 =8E. >65B5 ?>4>640BL B0<, ?>4 AB5=>9. = ?@5=51@568B5;L=> <0E=C; @C:>9.
! :0:8E MB> ?>@ 45@525=A:85 E0<K C:07K20NB 8=:2878B>@0<, GB> >=8 4>;6=K 45;0BL? <O3:> A?@>A8; O. ! :0:8E ?>@ B0:85 >2F5Q1K, :0: 2K, 8<5NB =03;>ABL =>A8BL <5G8? ;8 ?@>I5 3>2>@O, ?>G5<C B0:85 AK=>2LO ?>B0A:CE 8 E@O:>2 5IQ E>4OB ?> A25BC >6L5<C?
=8 >AB>;15=5;8. 10 @078=C;8 @BK 8 A<>B@5;8 =0 <5=O B0:, 1C4B> O A ;C=K C?0;. 0;L, 81> O 4C<0;, GB> >=8 2KBO=CB <5G8, 0 B>340 <K A<>65<, =5 C@>=82 70:>=, @0A?>@>BL 8< 1@NE> 8E A>1AB25==K<8 >AB@8O<8. > @07 >=8 =5 2K@078;8 65;0=8O ?>18BLAO, O E;>?=C; 2 ;04>H8. > MB><C A83=0;C ?@8<G0;>AL G5B25@> 3>@>4A:8E AB@06=8:>2.
01@0BL C =8E >@C685 8 70:>20BL, ?@8:070; O. >A048BL 2 B5<=8FC. 02B@0 ?@54AB0=CB ?5@54 AC4><.
0102=>, => >=8 4065 =5 70I8I0;8AL, ?>:0 3>@>4A:85 AB@06=8:8 2K@K20;8 C =8E <5G8, 3@C1> 1@>A0;8 =0 :0<5==K9 ?>; 8 A2O7K20;8, ABO3820O 70?OABLO B0: A8;L=>, GB> 06 1@K7=C;0 :@>2L. >B :0:8E ?@>D5AA8>=0;>2 ?>418@0; A515 :0=>=8:. > 8 AB@06=8:8 =8 2 GQ< A515 =5 >B:07K20;8, 81> @0=55 ;N48 :0=>=8:0 ?><K:0;8 8<8 EC65, G5< A>10:0<8. / C;K1=C;AO :><0=4CNI5<C >B@O48:>< A5@60=BC.
:0<5@K 4>;6=K ?>?0ABL 682K<8, A:070; O. > 5A;8 1C4CB A>?@>B82;OBLAO, :C;0:>2 =5 60;59B5.
=0<> 45;>, 20H0 <8;>ABL, 2>A:;8:=C; >1@04>20==K9 A5@60=B.
AB0=LB5AL ?>:0 2 :>@84>@5, 1C4LB5 4>1@K, ?>?@>A8; O A2>8E A?CB=8:>2.
/ >B:@K; 425@8 8 2AB0; =0 ?>@>35 ?@O<>C3>;L=>9 :><=0BK. >; 1K; 2K;>65= <@0<>@><, 0 =0 AB5=0E 28A5;8 3>15;5=K 8 =5A:>;L:> M:75<?;O@>2 ?@5:@0A=> CE>65==>3> 8 C:@0H5==>3> >@C68O. !;520 >B <5=O BO=C;8AL H8@>:85, 2KA>:85 >:=0, 70AB5:;Q==K5 F25B=K<8 28B@060<8. >GQB=>5 <5AB> 70=8<0; 1>;LH>9 AB>;, 70 :>B>@K< A845; >45BK9 2 1C@CN @OAC :0=>=8: 8 ?OB5@> 53> :;8@8:>2. 0 AB>;5H=8F5 3@><>748;8AL 1;N40 8 :C1:8 A 28=>< 8 ?82><.
'53> E>B8B5? @O2:=C; :0=>=8:, 3;O4O =0 <5=O 8A?>4;>1LO. = >B@570; A515 A>;84=K9 :CA>: 3>2O6L53> >:>@>:0 8 70?8E=C; 53> 2 @>B. 5 D8B8B5, O A0DB@0:0N?
# <5=O 4>:C<5=BK, :>B>@K5 <>3CB 20A 708=B5@5A>20BL, >BG5 :0=>=8:, A:070; O 256;82K< B>=><.
"8=B0@5;;> 4>;3> 6520;, 0 ?>B>< ?@>3;>B8; 8 70?8; 28=><. / 70<5B8;, GB> >48= 87 :;8@8:>2 B>;:=C; 4@C3>3> 2 ?;5G> 8 ?>3;O4K20; =0 <5=O, 7;>@04=> CA<5E0OAL. /2=> >6840;8 =5?;>E>3> @072;5G5=8O. / =045O;AO, GB> >=8 =5 >1<0=CBLAO.
<5H05HL <=5 702B@0:0BL, 40? @K:=C; "8=B0@5;;>. >B><C GB> BK ?@82Q7 :0:85- B> 3;C?>AB8, 0? "0: 2AB0=L B0< ?>4 AB5=:>9 8 648, ?>:0 <K 4>548<. <>;8AL, GB>1K 2 MB8E ?8AL<0E 1K;> GB>- B> 4>AB>9=>5 2=8<0=8O, 81> 5A;8 =5B& = ?>3@>78; <=5 =0?>;>28=C >13;>40==K< <>A;><. ;8@8:8 @0AA<5O;8AL, 0 :0=>=8: ?>A<>B@5; =0 =8E A ?@87=0=85<, => >4=>2@5<5==> :0: 1K 87CG0NI5. >65B ?@>25@O;, :B> A<5QBAO <5=55 25A5;>?
5 C3>AB8HL <5=O 702B@0:><, 703>2>@8; O. / ?@81K; : 20< ?@O<> A 4>@>38 8 >E>B=> 1K G53>- =81C4L 2K?8; 8 GB>- =81C4L AJ5;.
;8@8:8 70<5@;8. 48= 4065 A ;>6:>9, ?>4=5AQ==>9 :> @BC. 0=>=8: @57:> >15@=C;AO.
0725 O @07@5H8; B515 3>2>@8BL?
>65B 1@>A8< 5<C ?0@C :>AB59? @8A:=C; ?>HCB8BL >48= 87 :;8@8:>2, => "8=B0@5;;> ?@>=78; 53> 273;O4><. /2=> B>;L:> C =53> 2 MB>9 :><?0=88 1K;0 <>=>?>;8O =0 HCB:8.
O 4>;65= 8<5BL =0 MB> 20H5 @07@5H5=85? A?@>A8; O. :>=F5 :>=F>2 >A?>4L >3 A5<>3CI89 40; <=5 CAB0, GB>1K O 3>2>@8;. @07 20< 40; CH8, B> =025@=O:0, 401K 2K A;CH0;8.
"8=B0@5;;> ?>4=O;AO =04 AB>;><, 0 53> 1;54=>5 8 :0: 1K 8AA>EH55 ;8F> ?>1;54=5;> 5IQ 1>;LH5.
'- GB>? 'B> 2K A:070;8?
/ A:070;, GB> AKB 20<8 8 20H59 :><?0=859. / ?>4>HQ; : AB>;C. 7O; AB>OI89 =0 =Q< :C1>:. >=NE0;. <5=O 2>@>B8B >B 20H53> 2:CA0, 81> 2K ?>72>;8;8 ?>4AC=CBL 20< EC4H89 A>@B 0;LE0<@K. C, MB>- B> =5 48:>28=0, 81> E0<, 4065 5A;8 C:@0A8BAO ?5@LO<8, 2A5340 E0<>< >AB0=5BAO.
/ ?5@525@=C; :C1>:, 8 AB@CO 103@O=F0 ?>;8;0AL =0 2KH8BCN A:0B5@BL. 48= 87 :;8@8:>2 1@>A8;AO =0 <5=O, => O @0725@=C;AO, AE20B8; 53> 70 @C:C, C40@8; 5N > AB>; B0:, GB> >= @0AB>?K@8; ?0;LFK, ?>A;5 G53> ?@818; 5<C :8ABL : AB>;C 28;:>9 A 42C<O 7C1LO<8. = 702K;, C <5=O GCBL CH8 =5 ;>?=C;8.
8;:8, A:070; O. 45 MB> 2840=>, GB>1K E0<K 5;8 28;:0<8.
E@0000=0! ! ! @07>@0;AO :0=>=8:.
> :>340 2=CB@L 70H;> G5B25@> <>8E 1@0BL52 8=:2878B>@>2, :@8: 70AB@O; C =53> 2 3;>B:5. @818BK9 : AB>;C :;8@8: ;8HL B8E> 2K;, 0KB0OAL ?0;LF0<8 ;52>9 @C:8 2K@20BL 28;:C 87 @0=K. / E20B8; 53> ?> 10H:5, GB>1K =5 <5H0; =0< 2 ?5@53>2>@0E. = >1<O:, C?0;, 8 28;:0 A0<0 >B>@20;0AL ?>4 BO65ABLN 53> B5;0.
5??5;L, GB> BCB ?@>8AE>48B? B> MB>B G5;>25:? B25BL <=5&
>;G8, ?@8:070; O. 1> O A59G0A 40< B515 =0AB>OI89 ?>2>4 :@8G0BL.
E@0- 0=0, B8E> A:070; >48= 87 :;8@8:>2.
#65 2 B5<=8F5, CA<5E=C;AO O. 'B> 3@>78B 70 A>?@>B82;5=85 8=:2878B>@C =0 A;C615? "8=B0@5;;>, : B515 >1@0I0NAL!
= A<>B@5; =0 <5=O A @078=CBK< @B>< 8 =5=028ABLN 2 3;070E.
5??5;L, 1C4L 4>1@, =0?><=8 MB><C 10;20=C.
!6830=85 ?@02>9 :8AB8 =0 >B:@KB>< >3=5, 2 ?@>F5AA5 ?><8;>20=8O 70<5=O5<>5 =0 >B@C10=85.
"0: GB> 1>;LH5 =5 ?>45@60B <5G0, 70<5B8; O 8 AC@>2> ?>A<>B@5; =0 42>8E :;8@8:>2, :>B>@K5 A60;8AL =0 >4=>< ABC;5. -B> 1K;0 HCB:0! @O2:=C; O, 0 >=8 3;C?> @0AA<5O;8AL.
/ 2K=C; 87- 70 ?07CE8 4>:C<5=BK, ?@83>B>2;5==K5 5?8A:>?A:>9 :0=F5;O@859, 8 ?@81;878;AO : :0=>=8:C. = >B>428=C;AO A> ABC;>< B0:, 1C4B> O =0<5@520;AO 53> C40@8BL, => O ;8HL 1@>A8; 1C<038 =0 A:0B5@BL ?5@54 =8<.
'8B09, ?@8:070; O.
= ?@>1560; B5:AB 3;070<8 8 A>E@0=8; 4>AB0B>G=> E;04=>:@>28O, GB>1K 2=8<0B5;L=> @0AA<>B@5BL ?>4?8A8 8 ?5G0B8.
>@48<5@ 0445@48=, 2>725AB8; O. 8F5=78@>20==K9 8=:2878B>@ 3> @5>A2OI5=AB20 5?8A:>?0 %57- E57@>=0. @8=8<0N 2;0ABL 2 3>@>45 8<5=5< !2OB>9 !;C61K, 2> A;02C >A?>40 >30 A5<>3CI53> 8 =35;>2.
"8=B0@5;;> ?>4=O; =0 <5=O 273;O4.
C GB> 6, A:070; >= <54;5==>. 5C40G=> =0G0;>AL MB> =0H5 7=0:><AB2>, => O ?>72>;N A515 =045OBLAO, GB> 40;L=59H55 A>B@C4=8G5AB2> ?>94QB&
0=>=8:, ?5@518; 53> O, 81> <=5 4065 =5 E>B5;>AL A;CH0BL MB>B ;5?5B. 0H5 A>B@C4=8G5AB2> 1C45B 78648BLAO =0 G5BK@QE A25@EA>;84=KE >?>@0E. >- ?5@2KE, 20< 8 20H8< ;N4O< :0B53>@8G5A:8 70?@5IQ= 4>ABC? 2 @0BCHC; 2>- 2B>@KE, 20< 8 20H8< ;N4O< 01A>;NB=> 70?@5I5=> ?@>2>48BL 4>?@>AK, A;54AB28O 8 @0AA;54>20=8O. B@5BL8E, 20< 8 20H8< ;N4O< :0B53>@8G5A:8 70?@5I5=> ?>:840BL 8BB8=35= 157 ?>4?8A0==>9 <=>N 3@0<>BK. 0:>=5F, 2 G5B2Q@BKE, 2K 4>;6=K =5<54;5==> A40BL 2A5 4>:C<5=BK 8 ?@>B>:>;K =0 @C:8 8=:2878B>@0 =4@50A0 5??5;O. A;8 :0:>9- ;81> 87 MB8E ?@8:07>2 1C45B =0@CH5=, 2K 1C45B5 0@5AB>20=K 8 >B>A;0=K ?>4 >E@0=>9 2 %57- E57@>=, : 3> @5>A2OI5=AB2C 5?8A:>?C. K E>@>H> <5=O ?>=O;8?
5 8<- <<<5B5& =0G0; >=.
<5N, 2>7@078; O. A59G0A 7018@09 A2>8E HCB=8:>2, 8 C18@09B5AL >BAN40.
= 2AB0;, 8 4>;65= ?@87=0BL, 2 =Q< 2AQ- B0:8 >AB020;>AL =5<=>3> E@01@>AB8, 0 <>65B 3>@4>AB8 8;8 2K720==>3> ?>@065=85< 157C<8O. ;N1>< A;CG05, >= ?>A<>B@5; <=5 ?@O<> 2 3;070 ( 0 2 53> 273;O45 ?K;0; :0;594>A:>? 04A:8E >3=59) 8 A:070;:
/ 70?><=N 20A, 8=:2878B>@ 0445@48=. / E>@>H> 20A 70?><=N. K 70?;0B8B5 B0:CN AB@0H=CN F5=C 70 :064>5 ?@>87=5AQ==>5 A53>4=O A;>2>, GB> 4> :>=F0 687=8 1C45B5 A ?;0G5< 2A?><8=0BL 2KAB02;5==K9 AGQB.
/ C40@8; 53> 2 ;8F> >B:@KB>9 ;04>=LN. !8;L=>. "0:, GB> >A:>;:8 7C1>2 2?8;8AL <=5 2 :>6C, 0 :@>2L 1@K7=C;0 =0 :0DB0=.
>102LB5 8 MB> : AGQBC, ?>?@>A8; O.
* * *
/ ?@8:070; AB@06=8:C ?@>2>48BL <5=O 2 :0<5@C -<<K C4>;LD. K H;8 <@0G=K<, AK@K< :>@84>@><, 0 87- 70 @5HQB>: O A;KH0; ;8HL AB>=K 1>;8 8 >ICI0; A<@04 :@>28, :0;0, <>G8 8 AB@0E0. 0, ;N157=K5 <>8, AB@0E0. # AB@0E0 5ABL A2>9 70?0E. AB@K9, C60A0NI89, ?@>=8:0NI89 2 A0<>5 A5@4F5. 45AL, 2 MB8E ?>420;0E @0BCH8, ?5@545;0==KE 2 B5<=8FC, >= 1K; 5IQ =5 B0:8< A8;L=K<. > 2>948 2K 2 ?>475<5;LO <>=0ABK@O <H8;0A 8;8 :075<0BK =:2878F88, ?>=O;8 1K, GB> >7=0G05B 70?0E AB@0E0, :>B>@K9 C65 =025G=> 2?8B0;AO 2 AB5=K MB8E AB@>5=89.
!B@06=8: >AB0=>28;AO ?5@54 :0<5@>9 -<<K. >;C=030O 452CH:0, 2 @20=>< ?;0BL5, 5420 ?@8:@K20NI5< B5;>, AJQ68;0AL =0 <>:@KE, E>;>4=KE :0<=OE. Q AB>?K ?@52@0B8;8AL GCBL ;8 =5 2 C3>;L, 0 B5;> 87>@20=> :;5I0<8 4> A0<KE :>AB59. 9 2K18;8 ?@02K9 3;07, :>B>@K9 1K; ?>:@KB 3=>OI8<AO 1C@K< A3CAB:><. 0;LFK 5Q ;52>9 @C:8 1K;8 @07<>765=K.
B:@K209, ?@>H8?5; O. 5:0@O. 5<54;5==>!
!B@06=8: ?@>3@5<5; :;NG0<8 8, >AB0282 <5=O 2 >B:@KBKE 425@OE :0<5@K, ?>1560; ?> :>@84>@C. / 2>HQ; 8 ?@82AB0; =0 :>;5=8 >:>;> 452CH:8. !=O; A ?;5G <0=B8N 8 >AB>@>6=> 5Q 70:CB0;, => >=0 ?>E>65 =5 ?>GC2AB2>20;0, ?>A:>;L:C 4065 =5 70AB>=0;0. =0 5IQ 68;0, 81> O A;KH0; 5Q 4KE0=85, => B5;> 5Q ?K;0;> 2 ;8E>@04:5.
@0G 2848<> 1K; 345- B> ?>1;87>AB8, ?>A:>;L:C AB@06=8: ?@82Q; 53> ?0@>9 ?0B5@>2 ?>765.
@81K;, <038AB@, ?@>1>@<>B0; >=, 8 =0 53> ;8F5 O 2845; AB@0E.
A<>B@8 5Q, ?@8:070; O.
= 2AB0; =0 :>;5=8 @O4>< 8 >AB>@>6=> A=O; <>N <0=B8N. 0H8?5;, :>340 C2845; B5;>. = ?@8;>68; CE> : 5Q 3@C48, 0 ?>B>< 0::C@0B=> 4>B@>=C;AO ?0;LF0<8 4> 70?OAB89.
/ 1>NAL 5Q 4065, >= A3;>B=C; A;N=C, ?>25@=CBL&
0AB>;L:> ?;>E>?
G5=L ?;>E>, 3>A?>48=. =0 C65 4>;6=0 C<5@5BL. / 2845;, GB> A =59 45;0;8. 5:0@L 1K; AB0@K<, A54K< 8 ?>E>65 5<C ?@8H;>AL <=>3>5 ?>2840BL 2 687=8, => O C2845;, GB> >= ?;0G5B 8 =5 ABK48BAO MB8E A;Q7, :>B>@K5 @CG59:>< A1530;8 C =53> ?> I5:0<.
'B> 45;0;8? 3;CE> A?@>A8; O.
848B5, 3>A?>48=, :0: >=0 2K3;O48B. > MB> =5 2AQ. >A;5 ?5@2>3> 4>?@>A0, ;5:0@L ?>=878; 3>;>A, >= ?@8:070; 5Q >15AG5AB8BL& 452CH:0 1K;0 =528==>9.
B>? @O2:=C; O. B> MB> A45;0;?
-B8 53>. > 53> ;8FC ?@>1560;0 3@8<0A0 >B2@0I5=8O. >B>@K5 E>48;8 A <5G0<8 8 AB>@>68;8, 2@>45 ;8G=0O >E@0=0. >= A<>B@5;. / A0< 2845;. > 2B>@>< 4>?@>A5 >= 4065 =5 E>B5; 5Q A;CH0BL. @8:070; 70B:=CBL 5Q :;O?>< @>B, 2K3=0; ?0;0G0 8 A:070;, GB> A0< ?>:065B, :0: ?@86830BL >3=Q<, GB>1K 65@B20 =5 C<5@;0 A;8H:>< 1KAB@>&
'B> A:070;? / >15@=C;AO : =5<C 8 >1E20B8; ;52>5 70?OABL5 ?@02>9 :8ABLN, GB>1K >= =5 70<5B8;, GB> C <5=O 704@>60;0 @C:0.
0: ?>445@6820BL >3>=L, GB>1K 65@B20 =5 C<5@;0 A;8H:>< 1KAB@>& 5:0@L A<>B@5; =0 <5=O :0: 702>@>6Q==K9, 0 53> 3;070 >B AB@0E0 1K;8 1>;LH8<8, 1C4B> 1;N4F0.
E, B0:, A:070; O 8 >B25@=C;AO, 81> O 254L =5 E>B5; ?C30BL MB>3> G5;>25:0.
>65B ?5@5=5AB8 5Q 2 ;070@5B? A?@>A8; O =5<=>3> ?>3>4O. # 20A 65 5ABL :0:85- B> ;5:0@AB20&
45AL =8G53> =5 ?><>65B, 3>A?>48=, >1>@20; O 53>. !;020 >3C, >=0 C65 A>2A5< =8G53> =5 GC2AB2C5B.
/ A=>20 =0:@K; 5Q <0=B859 8 2AB0;.
09B5 GB>- =81C4L, GB>1K, O A45;0; ?0C7C, >= 70A=C;0. K ?>=8<05B5 <5=O?
5 7=0N, ?@028;L=> ;8 O&
@028;L=>, >B25B8; O.
/ =5 2>71<C MB>3> =0 A2>N A>25ABL, =5C25@5==> ?@>87=QA >=.
/ A:;>=8;AO =04 =8<.
">340 2>7L<8B5 =0 <>N, ?@>H8?5; O. ?>B>< 709<8B5AL 4@C38<8 70:;NGQ==K<8. CABL 8E ;5G0B, 404CB 8< 5ABL 8 ?8BL. 0< 70?;0BOB 87 3>@>4A:>9 :07=K. >=O;8?
0, <038AB@. K 701K;8 <0=B8N, 4>1028; >= GCBL ?>3>4O.
5 701K;, >B25B8; O 8 2KH5; 87 :0<5@K.
5IQ >15@=C;AO 2 :>@84>@5 8 G5@57 @5HQB:C ?>A;54=89 @07 ?>A<>B@5; =0 C<8@0NICN 452CH:C. / 2A?><=8; A;>20 5Q A5AB@K, 0 ?>B>< ?@8254Q==K5 AB0@K< 2@0G>< A;>20 :0=>=8:0. !;>20, :>B>@K5 O 254L 7=0; 2 4@C3>< <5AB5, 2 4@C3>5 2@5<O 8 87 4@C38E CAB. / ?5@5:@5AB8;AO 8 2KB5@ 25:8, ?>A:>;L:C ?@54K4CI8< 4=Q< ?>;CG8; =0A<>@:, 8 A59G0A C <5=O A;578;8AL 3;070.
"8=B0@5;;>, A:070; O 2 ?CAB>BC. -B> C <5=O B515 AGQB : >?;0B5.
* * *
/ >6840;, GB> <>8 1@0BLO- 8=:2878B>@K 1C4CB A;53:0 >15A?>:>5=K B0:8< AC@>2K< >1E>645=85< A :0=>=8:><, => ?>E>65 >= 8E 8A:;NG8B5;L=> 4>?Q:, @07 >=8 =5 GC2AB2>20;8 =8:0:>3> >?0A5=8O >B=>A8B5;L=> <5AB8 ?>A;0=F0 ?>AB>;LA:>9 !B>;8FK. ?@>G5< 254L B>;L:> 5??5;L 7=0;, GB> =0 A0<>< 45;5 =5 O ?@54AB028B5;L 5?8A:>?0. AB0;L=K5 1@0BLO B>, GB> O ?@8=O; :><0=4>20=85 =04 3>@>4><, ?@8=O;8 70 G8ABCN <>=5BC 8 ?> MB><C ?>2>4C 8A:@5==5 @04>20;8AL. >=5G=> 2K <>65B5 A?@>A8BL, ;N157=K5 <>8, ?>G5<C 20H ?>:>@=K9 A;C30 AK3@0; B0: =5 CB>=GQ==>, E>BL MB> =5A><=5==> ?@8=5A;> 1>;LH>5 C4>2;5B2>@5=85. "0: 2>B, A A0<>3> =0G0;0, A <8=CBK, :>340 O @5H8;AO 2>9B8 2 1>;LHCN 83@C, O 7=0;, GB> =0 A25B5 =5B <5AB0 4;O =0A A :0=>=8:>< "8=B0@5;;>. >=OB=>, 53> C189AB2> =5 @0AA<0B@820;>AL. #159 O 53> =0 3;070E 4@C38E ;N459, 2K720; 1K 1C=B 8=:2878B>@>2, :>B>@K5 E>BL <>3;8 @0745;OBL <>8 GC2AB20, => =5 A<>3;8 1K A>3;0A8BLAO A B0:8< 15AABK4=K< =0@CH5=85< 70:>=0. A2>N >G5@54L B09=>5 C189AB2> B0:65 =5 1K;> ?@028;L=K< @5H5=85<. 0=>=8: E>48;, >:@C6Q==K9 >E@0=>9, 0 5A;8 1K O ?@8:070; MB8E >E@0==8:>2 0@5AB>20BL, 28=C 70 :064>5 ?>:CH5=85 2>7;>68;8 1K 8<5==> =0 <5=O. @><5 B>3>, A<5@BL "8=B0@5;;> 4>;6=0 1K;0 AB0BL ;8HL D8=0;>< A?5:B0:;O, AF5=0@89 :>B>@>3> A:;04K20;AO 2 <>59 3>;>25. 'B> 206=>, D8=0;><, :>B>@K9 A 2>>4CH52;5=85< ?@84QBAO ?>445@60BL :064><C G5AB=><C E@8AB80=8=C. > : MB><C D8=0;C 4>@>30 1K;0 5IQ 40;5:0. !F5=0 70 702B@0:>< B0:65 8<5;0 A2>Q 7=0G5=85. =0 A>74020;0 <=5=85 >1> <=5 :0: > G5;>25:5 2A?K;LG82>< 8 ?@>AB>4CH=><. 5A?>A>1=>< : CB>=GQ==>AB8, 0 ;8HL : 2K1820=8N 7C1>2 8 =570B59;82K< HCB:0<. >7<>6=>, 5A;8 O 1C4C 25AB8 A51O A :@09=59 >AB>@>6=>ABLN, <=5 C40ABAO A?0AB8 3>;>2C. 5A><=5==K9 CA?5E 8 ?>1540 ( 2@5<5==K9- B> 2@5<5==K9, => 2AQ- B0:8 ?>1540 =04 :0=>=8:>< "8=B0@5;;>) <K @5H8;8 >B?@074=>20BL 2 B@0:B8@5, 345 A3810NI89AO 2 ?>:;>=0E B@0:B8@I8: 2K45;8; =0< F5;K9 70; 2 <57>=8=5. ?@83>B>28; A0<K5 ;CGH85 :CH0=LO 8 A0<K5 ;CGH85 =0?8B:8, =0 :0:85 1K;0 A?>A>1=0 53> :CE=O.
K :0: @07 C40@O;8AL :C1:0<8, 2>7=5AQ==K<8 2 25AQ;>< B>AB5, :>340 O C2845;, :0: 2 =0H5< =0?@02;5=88 <G8BAO =5:0O 452CH:0. >@G<0@L BI5B=> ?KB0;AO 5Q 7045@60BL, BI5B=> ;0:59 AE20B8; 5Q 70 :@09 ?;0I0, >AB02H89AO C =53> 2 @C:5. >340 >=0 C65 >:070;0AL C =0H53> AB>;0, >E0= 5=F5;L <>;=85=>A=> >15@=C;AO 8 AE20B8; 5Q 2 ?>OA5.
:C40 MB>, 10@KH=O? A?@>A8; >= HCB;82> 8 ?>B>< 70<5B8; :8=60; 2 5Q @C:5. #;K1:0 <3=>25==> 8AG57;0 A 53> ;8F0. = 2K18; >@C685 87 5Q @C:8 8 C40@8; :C;0:>< 2 G5;NABL. 52CH:0 >B;5B5;0 =0704 8 C?0;0 =0 ?>;, @071820O B01C@5B.
>B 7<5O! @K:=C; >E0=.
=0N 5Q, A:070; O 8 42865=85< @C:8 ?@8:070; :>@G<0@N 8 ;0:5N =5 ?>:840BL 70;.
/ BI0B5;L=> 704Q@=C; 70=025A C M@:5@0.
=05HL 5Q? C4828;AO 0=30@4.
O 5Q 7=0N, A:070; 5??5;L, 23;O4K20OAL 2 ;8F> ?>B5@O2H59 A>7=0=85 452CH:8.
0AA:065B5 =0<? 703>3>B0; >E0=.
= ?>A<>B@5; =0 <5=O, 8 A<5E 70AB@O; C =53> 2 3;>B:5.
0=>=8: 4>?@0H820; 5Q A5AB@C, >1JOA=8; O. :0: 2K =025@=O:0 >B40QB5 A515 >BGQB, 452CH:0 1K;0 =528=>2=>9. / 2845; 5Q, 81> >=0 ?5@568;0 @0AA;54>20=85. >B B>;L:> O C65 =5 CA?5; ?@8:070BL 5Q >A2>1>48BL. 4065 5A;8 1K CA?5;& O ?>60; ?;5G0<8.
>=0, O ?>:070;0 42865=85< ?>41>@>4:0 =0 ?>B5@O2HCN A>7=0=85 65=I8=C, 25@=> 4C<05B, GB> A<5@BL A5AB@K <>O 28=0.
>7>2C AB@06=8:>2, 1C@:=C; 0=30@4. CABL 5Q 0@5ABCNB.
5B, @5H8; O.
/ ?>4>HQ; : :>@G<0@N.
015@8 5Q >BAN40 8 ?@82548 2 A51O, ?@8:070; O. CABL 2>72@0I05BAO 4><>9 8 ?CABL 1>;LH5 745AL =5 ?>:07K205BAO. > ?CABL =8:B> =5 ?@8G8=8B 59 2@540. ">;L:> O 27O; 53> 70 ?>41>@>4>: 8 ?>4=O; 53> 3>;>2C B0:, GB>1K >= ?>A<>B@5; <=5 ?@O<> 2 3;070, =8:B> =5 4>;65= 7=0BL > B><, GB> BCB ?@>87>H;>, ?>=O;? 5@68 @>B =0 70<:5 8 ?@8:068 MB> 65 ?0@=N. "0:?
!>3;0A=> 2>;5 20H59 A25B;>AB8, ?@>1>@<>B0; >= 8A?C30=> 8 A:;>=8;AO 2 3;C1>:>< ?>:;>=5.
* * *
=0 A845;0 =0 :@>20B8 8 ?;0:0;0. / 2845;, GB> @07;>68;0 ?5@54 A>1>9 :0:85- B> ?;0BLO, ?;0B:8, H0;8, ;0@G8: A> A:@><=K<8 C:@0H5=8O<8. 5@>OB=> MB8 25I8 ?@8=04;560;8 5Q A5AB@5, :>B>@CN 452CH:0 B5?5@L 2A?><8=0;0 8 >?;0:820;0.
/ 2AB0; 70 5Q A?8=>9 8 :>A=C;AO ?;5G0. =0 E>B5;0 :@8:=CBL, => O 70:@K; 59 @>B @C:>9.
"888E>, A:070; O ;0A:>2K< B>=><. / =5 E>GC ?@8G8=8BL B515 =8:0:>3> 2@540. %>GC B>;L:> ?>3>2>@8BL. "K =5 1C45HL :@8G0BL, B0:?
5<=>3> ?>4C<02, >=0 ?>B@OA;0 3>;>2>9, <>65B >1>4@Q==0O <>8< A?>:>9=K< 3>;>A><, 0 <>65B 7=0O, GB> C =5Q =5B 4@C3>3> 2KE>40. / >B?CAB8; 5Q 8 A5; =0 B01C@5B, AB>OI89 =0 ?0@C H03>2 40;LH5, C AB5=K.
=:2878B>@, A:070;0 >=0, 3;O4O =0 <5=O A =5=028ABLN 2> 273;O45.
KB5@;0 A;Q7K A> IQ:.
5=O B>65 E>B8B5 C18BL? !?@>A8;0 >=0, >B:8=C2 3>;>2C =0704, 1C4B> 4C<0;0, GB> O A59G0A 65 ?5@5@56C =>6>< 5Q >B:@KBCN H5N. 0;> 20< :@>28?
"K A;KH0;0, GB> ?@>8AE>48B 2 8BB8=35=5, !8;L28O? B><, GB> O ?@8:070; >B?CAB8BL 1>;LH8=AB2> C7=8:>2 87 B5<=8FK @0BCH8? 'B> =8:>3> C65 =5 4>?@0H820NB?
>59 A5AB@5 BK =5 ?><>3!
>A;CH09, GB> A:06C. >65HL <=5 25@8BL 8;8 =5B, => O =5 28=>25= 2 A<5@B8 -<<K. O ?>4=O; @C:C, 81> >=0 E>B5;0 ?5@518BL <5=O. >340 O ?@85E0; 2 8BB8=35=, 5Q C65 4>?@0H820;8. :>340 O ?@8=O; 2;0ABL =04 @0AA;54>20=8O<8, =5 68;0. =5 60;L.
0< 60;L, <@0G=> @0AA<5O;0AL >=0. 0G5< 2K ?@8H;8?
0BL B515 :>5- GB>&
8G53> >B 20A =5 E>GC!
E, MB> 70E>G5HL =5A><=5==>. 0< B515 <5ABL, !8;L28O. #=8GB>6C G5;>25:0, :>B>@K9 >1845; B2>N A5AB@C. >B>@K9 ?@8:070; =0A8;>20BL 5Q 8 ?KB0BL. >B>@K9 6Q3 5Q B5;> >B:@KBK< >3=Q< 8 @0748@0; 5Q :;5I0<8. >B>@K9 =0A<5E0;AO =04 5Q <C:0<8. > BK 4>;6=0 <=5 ?><>GL 1>3>C3>4=>< 45;5.
=0 4>;3> A<>B@5;0 =0 <5=O 3;070<8, ?>;=K<8 A;Q7, 8 =0 5Q ;8F5 1>@>;8AL AB@0E A =04564>9 8 =525@85<.
K >1<0=K205B5 <5=O, ?@>H5?B0;0 >=0. !:068B5, G53> 2K E>B8B5 =0 A0<>< 45;5?
%>GC :0=>=8:0 "8=B0@5;;>, A:070; O, A:;>=82H8AL. BK <=5 53> 40HL.
0:? >B>720;0AL >=0 GCBL ?>3>4O.
/ 2AB0; 8 ?>BQ@ @C:8, 81> 2 :><=0B5 1K;> E>;>4=>, 0 2 >ABK2H5< >G035 1K;8 @071@>A0=K ;8HL E>;>4=K5, ?>GB8 ?>;=>ABLN 2K3>@52H85 C3;8.
>A;5702B@0 : B515 ?@84QB <>9 G5;>25:. #7=05HL 53> A@07C, 81> C =53> 157>1@07=K9 H@0< =0 ;8F5. > =5 ?C309AO, ?>B><C GB> >= O28BLAO, GB>1K ?><>GL B515. = ?@>254QB B51O : ?0;0B:0< =0 O@<0@:5, 2>7;5 :>B>@KE :0=>=8: ?>O2;O5BAO :064K9 45=L >:>;> ?>;C4=O. B>340 B2>8< 7040=85< 1C45B B>;L:>&
& C18BL 53>, ?@>H5?B0;0 >=0.
8BO <>Q& / A=8AE>48B5;L=> C;K1=C;AO. #18BL 53>, O 8 A0< <>3C. 5 2 MB>< 1C45B B2>Q 7040=85. @>AB> =0;5B8 =0 =53>, :0: 1K 2 A?5H:5 8;8 >B =52=8<0B5;L=>AB8, C;K1=8AL 8 <8;> ?>?@>A8 ?@>I5=8O. 409 A>1KB8O< 84B8 A2>8< E>4><.
5 ?>=8<0N.
0A:>;L:> O 7=0N :0=>=8:0, >= ?>H;QB :>3>- =81C4L 70 B>1>9 8 ?@54;>68B B515 2AB@5B8BLAO. BK ;N157=> ?@8<5HL ?@54;>65=85. >3>2>@8HLAO A =8< =0 MB>B 65 45=L ?>A;5 70E>40 A>;=F0, 2 A04C ?@8 E@0<5 5G0 %@8AB>20. B>G=55 2 @>7>2>9 15A54:5.
%>@>H>, A:070;0 >=0 ?>A;5 4>;3>3> <>;G0=8O. !45;0N, :0: 2K 65;05B5. > >B25BLB5 <=5 =0 >48= 2>?@>A&
/ :82=C; 3>;>2>9.
'B> 2K A =8< A45;05B5?
#AB@>N B0:, GB> >= ?>60;55B > :064>9 <8=CB5 B>3> <0;>3> 2@5<5=8, GB> 5<C >AB0=5BAO, >B25B8; O 8 C;K1=C;AO 59.
?>E>65 8<5==> MB0 C;K1:0 C1548;0 5Q, GB> O 3>2>@N ?@024C.
=0 1K;0 B0:>9 <8;>9, A:070;0 >=0, 3;O4O :C40- B> =04 <>59 3>;>2>9. >G5<C MB> 4>;6=> 1K;> A =59 A;CG8BLAO?
A;8, :0: 3>2>@8HL, 1K;0 E>@>H59 65=I8=>9, B> 5Q AC4L10 ;CGH5 =0H59, A:070; O. 1> <K 4>;6=K AB@040BL 2 MB>9 =5AG0AB;82>9 N4>;8 ?5G0;8, 0 >=0 C65 @04C5BAO C =515A=>3> ?@5AB>;0 >A?>40 8 ?>QB « A0==C» 2<5AB5 A =35;0<8.
"5?5@L >=0 ?>A<>B@5;0 =0 <5=O. CABK<8 3;070<8, 157 2K@065=8O.
K =0 A0<>< 45;5 2 MB> 25@8B5?
G53> AB>8B 687=L 157 25@K? >B25B8; O 8 ?>?@>I0;AO A =59 :82:><. >340 O C65 ?>:840; MB>B ?5G0;L=K9 4><, 704C<0;AO =04 2>?@>A>< !8;L288. 5@8; ;8 O, GB> 5Q A5AB@0 1K;0 A?0A5=0, 0 =515A=K5 @04>AB8 A:@0H820NB 2>A?><8=0=8O > 1@5==>9 1>;8? 5 7=0N. > O 7=0; >4=>. 0=>=8: "8=B0@5;;> C65 A:>@> ?5@5682QB 04 =0 75<;5. 53> 703@>1=0O 687=L <5=O A>2A5< =5 8=B5@5A>20;0, E>BO O ?8B0; =5A<5;CN =04564C, GB> :>340 ?@84QB <>Q 2@5<O, =5 >:06CAL 2 B>< 65 A0<>< <5AB5, GB> 8 >=.
* * *
/ @0740; ?0@=O< 7040=8O, B0: :0: A0< 1K; 725@A:8 70=OB GB5=85< ?@>B>:>;>2 4>?@>A>2 8 =0E>645=85< E>BO 1K G0ABLN ?@024>?>4>1=KE ?@8G8= 4;O >A2>1>645=8O 1>;LH8=AB20 >128=O5<KE. ;87=5F0<, >1;040NI8< =5:>B>@K< EC4>65AB25==K< 2>>1@065=85<, O ?>AB028; 7040GC ?@83>B>28BL 8 C:@0A8BL >4=C :><=0BC. >?>;=8B5;L=> B>@>9 ?>;CG8; ?>@B=>2A:>5 7040=85, B0: :0: O 7=0;, GB> >= C?@02;O5BAO A 83;>9, =8B:>9 8 =>6=8F0<8 B0: 65 C<5;>, :0: 8 A 0@10;5B><. @0240 >= =5 1K; 2 2>AB>@35, => GB> ?>45;05HL& 53> 45;> 2K?>;=OBL ?@8:07K, 0 =5 :0?@87=8G0BL. !<5@BCE 65 ?>;CG8; ?>@CG5=85 ?> A1>@C =0 :;0418I5 =01>@0 :>AB59. B0: :0: @5GL H;0 > :>ABOE >A>1>3> @>40, B> >= 1K; 2 15H5=AB25, B0: :0: 5<C ?@84QBAO =5<0;> ?>8A:0BL.
:>=F5 :>=F>2 =0ABC?8; 45=L, :>340 2AQ 4>;6=> 1K;> A25@H8BLAO. !>1KB8O ?>H;8 A2>8< G5@54><. !8;L28O 2AB@5B8;0 :0=>=8:0, :0=>=8: ?@>3;>B8; =0682:C, ?@54;>68; 59 2AB@5B8BLAO 8 A>3;0A8;AO ?@81KBL 2 =07=0G5==>5 2@5<O 2 =07=0G5==>5 <5AB>. 'B> 6, O <>3 A51O ?>74@028BL, GB> ?@028;L=> ?@>G8B0; GC2AB20 "8=B0@5;;>. ;O4O =0 4>?@>A -<<K, O 1K; A2OB> C25@5=, GB> 452CH:0 2>71C6405B 2 =Q< =5 ?>4>10NI55 A2OI5==8:C 2>645;5=85. Q E@C?:>ABL, =528==>ABL, 273;O4, =56=K5 G5@BK ;8F0. > 2<5AB> >2;045=8O 5N, G53> :>=5G=> =5 <>3 A>25@H8BL, =5 @8A:CO A:><?@><5B8@>20BL A51O, >= ?@8:070; 5Q <CG8BL. ?>B>< A<>B@5;, :0: 5Q =0A8;>20;8, B5H0 A2>8 >B2@0B8B5;L=K5 8=AB8=:BK 8 GQ@=K5 D0=B0788.
:0: O 70<5B8;, !8;L28O GCBL ;8 =5 ?>@078B5;L=> ?>E>48;0 =0 A5AB@C, 8 O 1K; C25@5=, GB> :0=>=8:0 70E20B8B <KA;L C4>2;5B2>@8BL A =59 A2>N ?>E>BL. 5IQ 53> 2>71C48B D0:B >2;045=8O 65=I8=>9, GLN A5AB@C >= 70<CG8;. / 7=0; B0:8E, :0: >=, 8 ?@578@0; 8E >B 2A53> A5@4F0. A04, =0E>4OI89AO =0 7040E >3@><=>3> E@0<0 5G0 %@8AB>20, <K ?@>:@0;8AL 704>;3> 4> 70E>40 A>;=F0. >=5G=>, <K 1K;8 >45BK 2 >1KG=>5 B@O?LQ 3>@>60=, GB>1K =8:B> 4065 2 A0<KE A<5;KE 4>304:0E =5 <>3 =0A A2O70BL A> A2OB>9 !;C61>9. 5@54 MB8< <K 5IQ ?@>H;8 <8<> :@QAB=>3> E>40 18GCNI8EAO, 84CI53> >B E@0<0 : @K=:C. ">;?0, A>AB>OI0O 87 ;N459 >1>53> ?>;0, 3@O7=KE A25@E G5;>25G5A:>3> ?>=8<0=8O, :>A<0BKE, >:@>202;5==KE 8 >45BKE 2 @20=K5 >45O=8O, H0@0E0;0AL ?> C;8F5, 2>O ?5A=8 2 157C<88, 2>7=>AO <>;8B2K, :@8G0 8 G8B0O ;8B0=88. 5 1K;> 2 MB>< =8 ;04C =8 A:;04C, 8 =8 <5;>488, 0 B>;L:> >48= 682>B=K9 @K:, ?8A: 8 ?;0G. 064K9 87 ;N459 45@60; 2 @C:5 GB>- B>, G5< <>3 8ABO70BL A2>Q 8;8 A>A54A:>5 B5;>. =>340 ?0;:0 8;8 A2O70==K5 2 ?CG>: @>738, 8=>340 :>=>?;O=K9, A C7;0<8 H=C@. > =5:>B>@K5 ?@83>B>28;8AL, 2840BL, BI0B5;L=55, 81> O B0:65 70<5B8; 25@Q2:8 A 2?;5BQ==K<8 65;57=K<8 H0@8:0<8 8 4065 ?0;:8 A =018BK<8 65;57=K<8 H8?0<8, @>;L :>B>@KE, ?>E>65, A>AB>O;0 C65 =5 2 18G520=88, 0 ?@O<>- B0:8 2 ;><0=88 :>AB59 8 @0748@0=88 <KHF.
>?@>A8;8 1K, B0: <K A0<8 A =8<8, :0: 1K, >1@O4 ?@>25;8 1K, @0AA<5O;AO B>@>9.
! C4>2>;LAB285<, ?>445@60; 53> 1@0B.
!<5@BCE 70A<>B@5;AO =0 ?KH=K5 3@C48 >4=>9 87 65=I8= ( 2?@>G5< 2?>;=5 <>;>4>9 8 :@0A82>9) , :>B>@K5 >B @52=>AB=>3> 18G520=8O @>73>9 C65 =0?><8=0;8 @C1;5==CN :>B;5BC. '53> ;N459 BO=5B : C<5@I2;5=8N ?;>B8? ?>4C<0; O. ;8 >=8 4C<0NB, GB> >A?>4L 8A?KBK205B 1;065=AB2> >B 8E :@>28 8 1>;8? !:>@55 >=8 A0<8 8A?KBK20NB >B MB>3> C4>2;5B2>@5=85. >65B 4065 >B :0:>3>- B> 87 >A>15==> 1>;57=5==KE C40@>2 1;065==> :>=G0O 2 3@O7=K5 8 4@0=K5 ?>@B:8.
4Q<B5, ?@>1C@G0; O. 5 4;O =0A MB8 CB>=GQ==K5 70102K.
K A?@OB0;8AL 2 3CABKE @>7>2KE :CAB0E, :>B>@K<8 70@>A;8 BK;K 15A54:8. 0 A04>< O2=> 402=> =8:B> =5 CE06820;, ?>B><C GB> :CAB0@=8: @07@>AAO 3CAB> 8 2K@0AB0; <=>3> 2KH5 <>59 3>;>2K. 0@=8 ?@0240 =K;8, GB> 8A:>;>;8AL 8 GB> :B> MB> 2845; A845BL 2 70@>A;OE, ?>;=KE H8?>2, => O ;8HL ?@8:070; 8< 70B:=CBLAO 8 1;03>40@8BL >30, GB> C =0A =5B 7040=8O, :>B>@>5 70AB028;> 1K =0A C?>4>18BLAO CG0AB=8:0< 18GCNI53>AO :@5AB=>3> E>40. -B> >G5284=> ?>459AB2>20;> =0 8E 2>>1@065=85.
/ 1K; C25@5=, GB> :0=>=8: 4>AB0B>G=> >AB>@>65=, GB>1K =5 1@0BL A A>1>9 >E@0==8:>2, => C6 5A;8, B> >AB028B 8E C A04>2>9 :0;8B:8. ! 4@C3>9 AB>@>=K, >= 2AQ- B0:8 <>3 ?@8:070BL :><C- B> ?@>25@8BL, 459AB28B5;L=> ;8 452CH:0 64QB 8 =5 ?@83>B>2;5=> ;8 :0:>9- =81C4L =5>6840==>AB8.
!8;L28O ?>O28;0AL ?5@54 A0<K< 70E>4>< A>;=F0 8 ?@8A5;0 =0 ;02>G:5 2 15A54:5. / ?5@54 MB8< AB@>3> ?@8:070;, GB>1K >=0 =5 >3;O4K20;0AL 8 =5 8A:0;0 =0A 273;O4><, B0: :0: O =5 1K; C25@5=, 0 =5 ?>H;QB ;8 :0=>=8: :>3>- =81C4L 70 =59. 0:>=5F A>;=F5 A?@OB0;>AL 70 >3@><=>9 10H=59 :>;>:>;L=8, 0 O AC<5@:0E C2845; :0:CN- B> D83C@C. > MB> 1K; =5 :0=>=8:. %8B@K9 A2OI5==8H:0 ?>A;0; >4=>3> 87 A2>8E ?>4G8=Q==KE, GB>1K 87CG8; >1AB0=>2:C. C6G8=0 8740;8 1@>A8; 273;O4 23;C1L 15A54:8, >A<>B@5;AO =51@56=> 8 O2=> 4>2>;L=K9 A>1>9 25@=C;AO : :0;8B:5.
K?>@>; 1K 53> 4> :>AB59 70 B0:CN @07254:C, ?@>H5?B0; <=5 ?@O<> 2 CE> !<5@BCE, 0 O A:@828;AO, 81> 87 53> ?0AB8 4> <5=O 4>=5A;0AL E0@0:B5@=0O 2>=L 3=8NI8E >AB0B:>2.
;87=5F, ?@>:@048AL 7040<8 8 A=8<8 53>, 5A;8 >= 64QB C 2>@>B, ?@8:070; O B>@><C.
B>@>9 =54>2>;L=> A:@828;AO, B0: :0: 5<C =5 ?>=@028;0AL ?5@A?5:B820 ?>;7B8 G5@57 70@>A;8, => ?>A;CH=> 2K?>;=8; <>9 ?@8:07.
C 8 =0:>=5F ?>O28;AO A0< :0=>=8:. 45BK9 2 >1KG=K9 ?;0I A :@>;8GL8< 2>@>B=8:>< 8 2 H;O?5, =0BO=CB>9 =0 A0<K5 CH8. @81;878;AO : 15A54:5.
"K BCB, 3>;C1:0, 702>@:>20; >= =025@=O:0 2 53> ?@54AB02;5=88 >1>;LAB8B5;L=K< B>=><. 48 65 A:>@55, 81> E>GC C2845BL, GB> 70 45;8:0B5AK BK ?@OG5HL 4;O A2>53> :>7;8:0.
>7;8:0? 1C@:=C; !<5@BCE A ><5@75=85<.
7 15A54:8 4>=>A8;8AL >B3>;>A:8 2>7=8 8 @07@K205<>9 B:0=8.
0, 4CH5=L:0, A>?@>B82;O9AO, A>?@>B82;O9AO, BO65;> 4KH0 A:070; C20605<K9 A2OI5==8:.
C, E20B8B, A:070; O, 2K;570O 87 :CAB>2.
/ 1@>A8; 273;O4 23;C1L 15A54:8 8 C2845;, GB> ?>GB5==K9 :0=>=8: C65 ?@84028; !8;L28N B5;><, >AK?0O ?>F5;CO<8 5Q IQ:8, 0 ;52>9 @C:>9 AB0@0OAL A>4@0BL A =5Q N1:C. # 452CH:8 1K;> ?5@5:>H5==>5 >B >B2@0I5=8O ;8F> 8 ?5@5?C30==K5 3;070. / ?>=8<0;, GB> >=0 A59G0A =025@=O:0 4C<05B, 0 =5 >4C@0G5=0 ;8 >=0 8 =5 =01;N405< ;8 <K 2AN AF5=C >B:C40- =81C4L 87 C:@KB8O, AG8B0O 2AQ ?@5:@0A=>9 HCB:>9. / 40; !<5@BCEC 7=0:, GB>1K 2>HQ; ?5@2K<. >340 >= ?>O28;AO =0 ?>@>35, ;8F> !8;L288 ?@>A8O;> 2 =0AB>;L:> AG0AB;82>9 C;K1:5, GB> !<5@BCE 06 >AB>;15=5;. G5284=> >= =5 ?@82K:, GB>1K 53> 2=570?=>5 ?>O2;5=85 2AB@5G0;>AL A 157C45@6=>9 @04>ABLN. A>15==> ?@5:@0A=K< ?>;><. 4=0:> !<5@BCE 1KAB@> ?@8HQ; 2 A51O, A45;0; 420 H8@>:8E H030 8 C40@8; :0=>=8:0 :C;0:>< ?> 70BK;:C. >A;5 G53> 2=CB@L 2>H;8 8 <K. "8=B0@5;;> ;560; =0 75<;5 157 A>7=0=8O, 0 53> 3;070 70:0B8;8AL 2=CB@L G5@5?0. / >A25B8; ;0<?04>9 53> ;8F>.
>65, A?0A81> 20<, A?0A81> 20<, H5?B0;0 !8;L28O, B@OAOAL 2A5< B5;><, 0 !<5@BCE A>@20; ?;0I A :0=>=8:0 8 70:CB0; 5Q. / ?>4=O; 1@>28, => =8G53> =5 A:070;.
"K 53> =5 A;8H:>< ABC:=C;? A?@>A8; O GCBL ?>3>4O.
>@48<5@, !<5@BCE GCBL ;8 =5 >1845;AO. ">;L:> B@>=C;.
/ ?@8A5; =0 :>@B>G:8, 27O; A2>59 @C:>9 @C:C :0=>=8:0 8 ?@>25@8; C =53> ?C;LA.
0 B2>Q AG0ABL5, >B25B8; O. C E>@>H>, 2 :C;L 53> 8 84Q<.
425@F0E 15A54:8 ?>O28;AO B>@>9. # =53> 1K;> AB@0H=> 4>2>;L=0O @>60.
'8AB> ?> 3>@;KH:C, >1JO28; >=. 065, :0: 1K, =5 ?8:=C;. B@C? 2 :CABK.
C 8 E>@>H>, ?>4KB>68; O.
>=0? @O2:=C; 5@2K9, C:0702 =0 !8;L28N 42865=85< ?>41>@>4:0.
52CH:0 A845;0 =0 ;02>G:5 8 A<>B@5;0 =0 =0A ?>30AH8< 273;O4><.
"0:, 7=0G8B, A:070;0 >=0. 0 2AQ =04> ?;0B8BL, 40?
!45;0N MB> 1KAB@>, 1C@:=C; !<5@BCE. 065 =5 ?>GC2AB2C5HL.
/ ?>A<>B@5; =0 =53> C482;Q==>, 81> @54:> A;CG0;>AL, GB>1K >= ?>GC2AB2>20; : :><C- B> B0:CN 3>@OGCN A8<?0B8N, GB>1 ?>65;0; 871028BL 53> >B AB@0E0 8;8 1>;8.
8:><C =8G53> =5 A:06C, ?>>15I0;0 >=0 157 C15645=8O, 0 O C;K1=C;AO.
!:070;0 1K, ?@>87=QA O. >25@L <=5. AQ, > GQ< 1K B51O A?@0H820;8, 8 <=>3> G53>, > GQ< 1K B51O 4065 =5 A?@0H820;8.
025@=O:0 BK ?@02. / 5420 A;KH0; 5Q 3>;>A.
> O >15I0; B515 <5ABL, !8;L28O, 0 A59G0A BK 45@68HL 2 @C:5 ;8HL >15I0=85. 564C B5<, O 2A5340 A>1;N40N 4>3>2>@. 'B> 1K MB> 1K;0 70 <5ABL, 5A;8 1K BK =5 C2845;0, :0: 53> <8;>ABL :0=>=8: 3>@8B =0 :>AB@5, 40?
=0 ?>4=O;0 3>;>2C.
"51O ?@>254CB 2 @57845=F8N =:2878F88. K C2>;8;8 AB0@CN :CE0@:C, ?>MB><C BK 709<QHL 5Q <5AB>. 8:><C =5 >B:@>5HL A2>53> =0AB>OI53> 8<5=8, 2?@>G5<, =8:B> B51O > =Q< =5 1C45B A?@0H820BL. "K B0:65 =5 ?>:8=5HL 740=<O 157 @07@5H5=8O 8 157 A>?@>2>645=8O G5;>25:><, :>B>@>3> O =07=0GC ;8G=>. 5A;8 <K B51O ?>9<05< =0 ?>4>1=>9 ?>?KB:5, C<@QHL. >=O;0?
= :82=C;0, 0 2 5Q 3;070E O 2845; 1;03>40@=>ABL 8 A>10GLN ?@540==>ABL.
E, >@48<5@, B50B@0;L=> 274>E=C; B>@>9. 53>, :0: 1K, <8;>A5@4=>5 A5@45G:>. 0<5=L =0 H5N 452:5 8 2 :0=0;, 81> =0A 2K40AB!
0<5=L =0 H5N, O A59G0A B515 <>3C& !<5@BCE ?>25@=C;AO : B>@><C 8 =0 <5AB5 1;87=5F0, 284O 2K@065=85 53> ;8F0, 420 @070 1K ?>4C<0; =04 ?@>4>;65=85< 48A:CAA88 =0 B5<C C189AB20 !8;L288.
!<55HL ?>425@30BL A><=5=8N <>8 ?@8:07K? O E>;>4=> A?@>A8; B>@>3>. = 1@>A8; =0 <5=O 1KAB@K9 273;O4 8 :0: 1K AB0; <5=LH5 A51O.
5B, =5B, >= 1KAB@> 70?@>B5AB>20;, / B>;L:> HCB8;. 045NAL, =8:>3>, :0: 1K, =5 >1845;&
>:0 GB> =5B, A:070; O, 3;O4O 5<C ?@O<> 2 3;070. C ;04=>. / 1@>A8; 273;O4 =0 ;560I53> :0=>=8:0. @C78B5 MBC ?040;L 8 20;8<.
* * *
!B@06=8:, =5ACI89 D0:5;, HQ; 2 =5A:>;L:8E H030E ?5@54> <=>9, => :0=>=8: "8=B0@5;;> 70<5B8; <5=O >G5=L @0=>. / 2845;, GB> >= AB>8B A ;8F><, ?@860BK< : @5HQB:5, 0 :>340 C7=0; <5=O, B> =0G0; 2KBL. 5 :@8G0BL, 2>?8BL 8;8 A:C;8BL. @>AB> 2KBL 157C<=K<, 2>;GL8< 2>5<.
'53>, :>;4C=, AC:0, @O2:=C; AB@06=8: 8 ?@>HQ;AO 4C18=:>9 ?> ?@CBLOE. "8=B0@5;;> >1>@20; 2KBLQ 2 ?>;72C:0. >A<>B@8B5 =0 =53>, AB>8B :@5AB C2845BL 8 C65 2>5B&
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
@825BAB2CN, A:070; O, ?@81;860OAL : @5HQB:5, 8 5420 CA?5; >BA:>G8BL, ?>A:>;L:C :0=>=8: ?>?KB0;AO <5=O >?;520BL. = AB>O;, ?@8602H8AL ;8F>< : @5HQB:5, 0 ?0;LF0<8 2F5?8;AO 2 65;57=K5 ?@CBLO. ;0:0; >B 15AA8;L=>9 7;>1K.
@8E>6C : 20< :0: 4@C3, =0G0; O <O3:8< B>=><, 8 <=5 A=>20 ?@8H;>AL C:;>=8BLAO >B ?;52:0. > 286C, 2K =5 65;05B5 4CH52=>3> CB5H5=8O. 'B> 6, >1@0B8;AO O : AB@06=8:C, >B2548B5 C7=8:0 2 4>?@>A=CN :><=0BC. 0G=Q< A@07C. E, B>;L:> A=0G0;0 @0745=LB5 53>, 81> =5 2 MB>9 65 :>7;8=>9 >45645&
/ @0725@=C;AO 8 ?>:8=C; ?>475<5;L5, ?5@5E>4O 2 70;, 2 :>B>@>< <K 4>;6=K 1K;8 4>?@0H820BL :0=>=8:0. AQ C65 1K;> ?@028;L=> ?@83>B>2;5=>, 0 C AB>;0 A845;8 =4@50A 5??5;L, >E0= 5=F5;L 8 5=@8E 0=30@4, GB> 4>;65= 1K; 8A?>;=OBL @>;L ?@>B>:>;8AB0. 0;0G ?@>25@O; 25@Q2:C 4;O ?>425H820=8O, ?@8F5?;5==CN : :@N:C ?>4 ?>B>;:><, 0 53> ?><>I=8: =03@520; =0 60@>2=5 ?@CBLO 8 I8?FK. 0=>=8:0 ?@8H;>AL 22>48BL 42C< AB@06=8:0<, 81> =5A<>B@O =0 E8;K9 284, >= :840;AO :0: ?@>:;OBK9, >@0;, ?;520;AO 8 ?KB0;AO :CA0BLAO. 'B> 6, MB> 1K;> B@C4=> =0720BL 4>AB>9=K< ?>2545=85<. 4=0:> ?0;0G B>BG0A >G5=L ?@>D5AA8>=0;L=> ?5@52O70; 5<C 70?OABLO 25@Q2:>9 8 ?>4BO=C; 53> 2>@>B><. 0=>=8: 704>E=C;AO 8 C<>;:. !B>O; B5?5@L, =0BO=CBK9 :0: AB@C=0, ;8HL =0 :>=G8:0E ?0;LF52, 0 53> A2O70==K5 70 A?8=>9 @C:8 1K;8 ?>4=OBK ?>GB8 4> C@>2=O ?;5G. >:0 MB> 1K;> B>;L:> >G5=L =5C4>1=>5 ?>;>65=85, => =5 ?@8G8=ONI55 1>;8. / ?>A<>B@5; =025@E, =0 10;:>=, 345, >?5@H8AL =0 10;NAB@04C, AB>O;8 425 D83C@K. 4=>9 87 =8E 1K; !<5@BCE, ;8F> 2B>@>9 1K;> A:@KB> ?>4 3;C1>:8< :0?NH>=><. / =5 2845; MB>3> ;8F0, B0: :0: =5 <>3 53> @0AA<>B@5BL 2 A;01>< A25B5. > O 1K; C25@5=, GB> >=> =01;N405B 70 2A5< 2 @04>AB=>< =0?@O65=88, 0 O7KG5A:0O A5=B5=F8O, 3;0AOI0O, GB> « <5ABL 5ABL =0A;0645=85 1>3>2» , ?>4E>48B : =5<C B>GL- 2- B>GL.
0G=Q<, ;N157=K5 1@0BLO, A:070; O. 0?8H8, 5=@8, :0: ?>;>65=>. / >1@0B8;AO : 0=30@4C. 45=L B0:>9- B>, 3>40 >A?>4=O 8 B0: 40;55, 2 3>@>45 8BB8=35=, 8=:2878B>@A:89 AC4 2 A>AB025 B0:><- B> 8 B0:><- B>&
728=8, >@48<5@, =5 A?5H8, 1C@:=C; 5=@8E. "K <5=O A18205HL MB8< « B0:><- B> 8 B0:><- B>» .
& ?@8ABC?8; : 4>?@>AC :0=>=8:0 L5B@> "8=B0@5;;>, GLO ;8G=>ABL 1K;0 157 >H81:8 CAB0=>2;5=0 8 ?>4B25@645=0, 70:>=G8; O =51>;LH>3> ?5@5@K20. ?@>B>:>;0< ?@8>1IQ= >128=8B5;L=K9 0:B, A>AB02;5==K9 =0 B@QE ;8AB0E, CB25@64Q==K9 B0:- B> 8 B0:- B>. 0:>=G82 ?@>B>:>;L=>5 22545=85, <K 2AB0;8 8 ?@>87=5A;8 :@0B:CN <>;8B2C, ?>A;5 G53> O 2K1@0;AO 87- 70 AB>;0 8 ?>4>HQ; : :0=>=8:C.
5AG0AB=K9 L5B@> "8=B0@5;;>, A:070; O. >A?>4L >3 A5<>3CI89 >:070; B515 <8;>ABL, >B402 ?>4 AC4 !2OB>9 !;C61K. -B> 745AL BK A<>65HL >G8AB8BL >B 3@5E>2 A2>Q A5@4F5, 0 <K 2 A<8@5=88 8 A ;N1>2LN ?>72>;8<, GB>1K BK A=>20 2>7;N18; >A?>40. "0 =5 E>B5; 1K 2>7=5AB8 2<5AB5 A> <=>9 <>;8B2C?
/ 4CE>2=>5 ;8F>! 5=O =5;L7O ?>425@30BL ?KB:0<! "K A3=8QHL 2 BN@L<5! >= 70>@0; 8 A@07C ?>A;5 8740; AB>=, 81> :@8G0, 15AA>7=0B5;L=> 4Q@=C; @C:0<8. "51O A>63CB, ?@>AB>=0; >= 5IQ 2 :>=F5.
@0B 0=30@4, 70?8H8B5, GB> >128=O5<K9 =5 70E>B5; 2>7=5AB8 <>;8B2C 2<5AB5 A 4>?@0H820NI8< 8 C3@>60; 5<C A<5@BLN, A:070; O.
%>GC! A=>20 :@8:=C; "8=B0@5;;>. A5340 E>GC. BG5 =0H& =0G0; >=, 0 O 40; AB>OI5<C 70 53> A?8=>9 ?0;0GC =570<5B=K9 7=0:. 0;0G A;53:0 ?>4BO=C; 25@Q2:C, => MB>3> E20B8;>, GB>1K :0=>=8: 704>E=C;AO, 70:0H;O;AO 8 ?>4028;AO 2>74CE><.
@8 ?>?KB:5 2>7=5AB8 <>;8B2C >128=O5<K9 8A?KB0; =8G5< =5 A?@>2>F8@>20==K9 ?@8ABC? C4CHLO, 0 A2OBK5 A;>20 =5 ?@>H;8 C =53> G5@57 3;>B:C, ?@>48:B>20; O 0=30@4C. 5 1540, C;K1=C;AO O :0=>=8:C. >?@>1C5< ?>765. >4B25@6405HL ;8, L5B@> "8=B0@5;;>, GB> ?5@5>45BK< 2 :>7;8=K9 =0@O4 BK ?@8=8<0; ?>G5AB8 A0B0=8=A:>3> H010H0?
B@8F0N! B 2A59 4CH8 >B@8F0N!
">340 :0: >1JOA=8HL, GB> A;C38 !2OB>9 !;C61K 8 A>?@>2>640NI89 8E ?0B@C;L 3>@>4A:>9 AB@068, 0 B0:65 G;5=K F5E>2>9 AB@068 =0H;8 B51O 2 ?>475<5;LOE 4><0, ?@8=04;560I53> :C?FC 8;L451@0=4BC? > A2845B5;LAB2C, ?>4B25@64Q==><C ?>:070=8O<8 8 ?>4?8AO<8, BK A845; =0 >1BO=CB>< :@0A=>9 B:0=LN B@>=5 A :>7;8=K< G5@5?>< 2 @C:0E. 0 AB5=0E 1K;8 =04?8A8 « !0B0=0, !0B0=0, !0B0=0» . # B2>8E =>3 1K;8 =0945=K :>AB8, :>B>@K5 >?KB=K5 ;5:0@8 845=B8D8F8@>20;8 :0: :>AB8 <;045=F52 >1>8E ?>;>2. 0 ?>;C ;N4A:>9 :@>2LN 1K;8 =0@8A>20=K 5@5B8G5A:85 ?5=B03@0<<K&
5 7=0N! :@8:=C; >=. -B> B0 452:0! "0 @0A?CB=0O 452:0! 8G53> =5 ?><=N!
L5B@>, O ;53:> >?Q@AO @C:>9 > 53> ?;5G>. >9<8 <5=O ?@028;L=>, O 745AL, GB>1K ?><>GL B515. 'B>1K <K 2<5AB5 <>3;8 2AQ 2KOA=8BL, 8 5A;8 =C6=>, >?@>25@3=CBL MB8 3=CA=K5 >128=5=8O. >65B :B>- B>, 284O B2>Q A2OI5==>5 2>>4CH52;5=85, 65;05B B51O ?>3C18BL 2 ;N4A:8E 3;070E? > =5 1>9AO, 81> @CG0NAL, GB> 5A;8 =0 B515 =5B 28=K, BK 2K945HL >BAN40 A 2KA>:>?>4=OB>9 3>;>2>9. 54L 8A0=85 3;0A8B: 8B0: >E20G5==K5 AB@0E>< >6L8< C156405< <K ;N459, >3C 65 2 =0A 2AQ >B:@KB>. / 27O; 53> ;8F> 2 A2>8 @C:8. >25@LB5 <=5, >BG5 :0=>=8:, O 745AL ;8HL 70B5<, GB>1K A;C68BL 20< :0: <>6=> A<8@5==55. @87=0N, GB> <564C =0<8 =5:>340 ACI5AB2>20;8 @07=>3;0A8O, => A59G0A MB> 2AQ C65 ?@>H;>5. >;N 20A =0 :>;5=OE, 3>A?>48= "8=B0@5;;>, 409B5 20< ?><>GL, 1>@5<AO 65 2<5AB5 A !0B0=>9! / A<>B@5; 5<C ?@O<> 2 3;070 8 C2845;, GB> 2 53> 273;O45 GB>- B> 40;> B@5I8=C. = 70@K40;.
/ =8G53> =5 7=0N, ?@>AB>=0; >=. / 1K; 2 A04C, 0 ?>B>< =8G53> =5 ?><=N.
0AA:068B5 2AQ ?> ?>@O4:C, L5B@>. K 1C45< 20A B5@?5;82> A;CH0BL. B?CAB8- :0 25@Q2:C, ?@8:070; O ?0;0GC. CABL >BG5 :0=>=8: 2AB0=5B ?>C4>1=55.
@>AB8, >@48<5@, => <K =5 <>65< MB>3> A45;0BL, @57:> ?@>87=QA 5??5;L. 0:>= 3;0A8B OA=>, GB> 8 :0: =0< A;54C5B 45;0BL 8 2 :0:>< ?>@O4:5. / ?@54?>GQ; 1K, GB>1K BK ?@845@6820;AO ?@>F54C@. / 15AA8;L=> ?>60; ?;5G0<8.
@>AB8B5, >BG5. N@>:@0B8O. >60;C9AB0, 3>2>@8B5.
-B0 ?>B0A:CE0 =07=0G8;0 <=5 A2840=85 ?>A;5 70E>40 A>;=F0. A04C E@0<0 5G0 %@8AB>20, 1KAB@> A:070; >=. / >:070;AO A =59 2 15A54:5, 0 ?>B><& ?>B><C C65 =8G53> =5 ?><=N.
5< 1K;0 MB0 65=I8=0?
- =5 7=0N&
L5B@>, B>;L:> ?@0240 <>65B B51O A?0AB8. 5 ;38 ?@54 ;8F>< >A?>40 0H53> 8ACA0 %@8AB0. / ?>:070; 5<C 87>1@065=85 8ACA0, !E>4OI53> A @5AB0, :>B>@>5 70=8<0;> ?>GQB=>5 <5AB> =0 AB5=5 70 AB>;><, 70 :>B>@K< A845;8 8=:2878B>@K. = A<>B@8B =0 B51O. -B> 1K;0 5Q A5AB@0. = >?CAB8; 273;O4. !5AB@0 452G>=:8 C4>;LD&
-<<0 C4>;LD, >128=Q==0O 2 :>;4>2AB25, 5@5AL 8 <=>65AB25 4@C38E <5=LH8E ?@5ABC?;5=8OE, C<5@;0 ?>A;5 42CE 4>?@>A>2, ACE> >1JOA=8; 5??5;L.
A;8 :B> ?@8E>48B : 20<, ?@8=>AO 5@5AL, =5 ?@8=8<09B5 B>3> 2 4><5 8 =5 ?@825BAB2C9B5 53>. 1> :B> 53> ?@825BAB2C5B, AB0=>28BAO A>CG0AB=8:>< 53> 7;KE 45O=89, ?@>F8B8@>20; O A;>20 8A0=8O. 0G5< BK 2AB@5G0;AO A A5AB@>9 254L<K, 5L5B@>? 'B>1K ?@5;N1>459AB2>20BL A =59 ?>4 A5=LN E@0<>2>3> :@5AB0?
/ =5 ?>4C<0;, GB> MB> 2 A5=8& 70?=C;AO >=. >645;5=85 <5=O >A;5?8;>. = 24@C3 @0A?;0:0;AO, 8 A;Q7K B5:;8 @CGLQ< ?> 53> ?5@5:>H5==><C ;8FC. > O B>;L:> 2 MB>< 28=>25=, :;O=CAL >A?>4><! B>;L:> 2 <KA;OE, 81> O 4065 =5 CA?5; A>3@5H8BL 45O=85<! / >B25@=C;AO, 8 <K >1<5=O;8AL A 5??5;5< 25AQ;K<8 C;K1:0<8.
0?8H8B5, GB> >128=O5<K9 ?@87=0;AO 2 70=OB88 ?@5;N1>45O=85< A 65=I8=>9, ?@>8AE>4OI59 87 A5<L8 254L<, A:070; O.
/ @04, L5B@>, GB> <K >B18@05< B51O C !0B0=K. ><=8, 1@0B, A0< A2OB>9 >0== A:070;: 5 7=0N 1>;LH59 @04>AB8 :@><5 B>9, :>340 A;KHC, GB> 45B8 <>8 ?>ABC?0NB A>3;0A=> A 8AB8=>9. '5< >E>B=55 BK 45;8HLAO A =0<8 ?@024>9, B5< A8;L=55 >B40;O5HLAO >B B>3>, :B> 5ABL >BF>< 2A59 ;68.
/ ?@8=5AC ?>:0O=85, ?@>AB>=0; >=. C4C ?>AB8BLAO, E>48BL 2> 2;0AO=8F5, E;5AB0BL A51O 18G><.
"K 3@5H8;, L5B@>?
@5H8;, 3@5H8;, => E>GC 8A:C?8BL 28=C&
0725 MB> =5 BK, L5B@>, A:070;, 4>?@0H820O -<<C C4>;LD, GB> ?;0B0 70 3@5E A<5@BL, B0: : <5ABC F8B8@CO A;>20 A2OB>3> 02;0?
/?
L5B@>, <>9 ;CGH89 4@C3, A:070; O. @5645 G5< 4>94Q< 4> ?>:0O=8O, 5ABL 5IQ 2@5<O 8A?>2540BLAO 8 @0A:0OBLAO. 0AA:068 =0< > H010H5.
8G53> =5 7=0NNNN! >25@L <=5, =5 7=0N, =5 7=0N, =5 7=0N&
>@>3>9 L5B@>. / >BABC?8; >B =53> =0 420 H030, 0 <>9 3>;>A AB0; E>;>4=K< 8 B2Q@4K<. >72>;L, O >1JOA=N B515 459AB285 8=AB@C<5=B>2.
5B, ?>60;C9AB0! 70@K40; >=. 5 >AB02;O9 <5=O!
/ ?@O<> >:>;> B51O, L5B@>, ?@>87=QA O, 45;0O 3>;>A B5?;55. / : B2>8< CA;C30<, :>340 1K BK <5=O =5 ?>720;. 0AA:068 =0< > H010H5&
555 7=0NNN! >= @0A?;0:0;AO B0: 60;>AB=>, GB> =8:B> =5 ?>4C<0; 1K, GB> ?5@54 =8< :0B, :>B>@K9 ?@8:070; 70<CG8BL 45AOB:8 ?>4AC48<KE. = 1K; >4=8< 87 B5E, :><C ?@8G8=5=85 <C: 4@C38< ;N4O< 40QBAO B0: 65 ;53:>, :0: ?;52>:. 0B> A0<8 >=8 =56=K, 1C4B> E@C?:89 28=89A:89 E@CAB0;L, :>B>@K9 4065 ?@8 ;Q3:>< C40@5 >B7K205BAO ?;0GCI8< >B72C:>< @2CI53>AO A5@4F0.
>9 4>@>3>9 L5B@>. >AB0B>G=> ;8HL ?>BO=CBL 70 4@C3>9 :>=5F 25@Q2:8, GB>1K B2>8 A2O70==K5 70 A?8=>9 @C:8 =0G0;8 2K3810BLAO : 3>;>25. AQ 2KH5 8 2KH5. 0:>=5F, ACAB02K 2K25@=CBAO, :>AB8 B@5A=CB 8 ACE>68;8O ?>@2CBAO. "2>8 @C:8 >:06CBAO ?0@0;;5;L=> 3>;>25, GB> ?@8G8=8B B515 =52K=>A8<CN 1>;L. >4 3@C4=>9 :;5B:>9 >1@07C5BAO 3;C1>:0O 2?048=0, 2 :>B>@CN 3>;>20 2>94QB, 0 2A5 @Q1@0, :>AB8, ACAB02K 8 ACE>68;8O 2KABC?OB B0:, GB> 8E <>6=> 1C45B ?5@5AG8B0BL. #<5;K9 ?0;0G <>65B @0ABO=CBL B5;> B0:8< >1@07><, GB> G5@57 =53> 1C45B ?@>A25G820BL ?;0<O A25G8. / ?@5@20;AO =0 <8=CB:C, GB>1K ?>A<>B@5BL, ?@>872>4OB ;8 <>8 A;>20 2?5G0B;5=85 =0 >128=O5<>3>, 8 A C4>2;5B2>@5=85< C1548;AO, GB> ?@>8725;8. :>=F5 :>=F>2, =5 @07, =5 420 8 =5 45AOBL O A0< ?@8:07K20; ?@8<5=OBL MBC ?KB:C, ?>MB><C <>3 45B0;L=> C7=0BL MDD5:BK 5Q 459AB28O.
7 ?@8<5=O5<KE =0 4>?@>A5 MB> ?@>AB0O ?KB:0, => ?@>AB>B0 2 MB>< A;CG05 =5 ?@>B82>@5G8B 459AB25==>AB8, 4>1028; O.
/ ?>4>HQ; : ?0;0GC C 60@>2=8, 345 @>2=> C;>65==K<8 ;560;8 8=AB@C<5=BK, =5 B@51CNI85 =03@520=8O. >4=O; 425 65;57=K5 ?;0AB8=K, A>548=Q==K5 28=B0<8 8 CA065==K5 87=CB@8 B>;ABK<8, 70>AB@Q==K<8 2KABC?0<8. / ?@81;878;AO : :0=>=8:C, :>B>@K9 A C60A>< =01;N40; 70 <=>9.
>B MB> 65;57=K5 A0?>38, >1JOA=8; O. E =0:;04K20NB =0 3>;5=L 8 8:@K, 0 ?>B>< 70:@CG820NB 28=BK. ><5IQ==K5 2=CB@8 >AB@K5 2KABC?K @07<>760B :>AB8 B2>8E =>3, @07>@2CB <KHFK 8 B5;>. >A;5 7028=G820=8O ?0;0G <>65B >1ABCG0BL A0?>38 <>;>B:><, 401K CA8;8BL 1>;L, @07>3@5BL =0 60@>2=5 8;8 218BL <564C <5B0;;>< 8 B5;>< 70>AB@Q==K5 :;8=LO.
#<>;ON, ?@>H5?B0; >=.
-B> O B51O C<>;ON, L5B@>. 5 ?>72>;L =0< 2>A?>;L7>20BLAO MB8<8 8=AB@C<5=B0<8.
/ =528=>25=! E, ;N157=K5 <>8, :0: <=>3> @07 O A;KH0; MB8 3>@OG85 8 ?>;=K5 >BG0O=8O C25@5=8O. > =0 MB>B @07, 4065 5A;8 1K E>B5;, O =5 <>3 : =8< ?@8A;CH0BLAO.
>@>385 1@0BLO, >1@0B8;AO O : 8=:2878B>@0<. -B> ?> 2>;5 20H59 8;8 =52>;59?
> 2>;5, >B25B8; 70 2A5E 5??5;L, 8 O B>340 40; 7=0: ?0;0GC. 0B 4Q@=C; :>=5F 25@Q2:8, 8 A2O70==K5 A7048 @C:8 :0=>=8:8 @57:> ?>H;8 225@E, =0 C@>25=L 3>;>2K. "8=B0@5;;> 702K; B0:, GB> 703;CH8; E@CAB 2K;0<K205<KE ACAB02>2. 0;0G ?>4>HQ; 8 ?@8;>68; : >1=06Q==><C 1>:C :0=>=8:0 3>@OI89 A<>;O=>9 D0:5;. 5@60; 53> 4>AB0B>G=> 4>;3>, GB>1K B5;> 70H8?5;> 2 ?;0<5=8 8 ?>:@K;>AL GQ@=K<, ?>B@5A:02H8<AO =0;QB><. >B>< >= >BABC?8; 8 =5A:>;L:> >A;018; 25@Q2:C. 0=>=8: B5?5@L C65 <>3 AB>OBL 2A5<8 ABC?=O<8, 0 @C:8 25@=C;8AL 2 5AB5AB25==>5 ?>;>65=85. = ?5@5AB0; 2KBL, 3>;>20 53> C?0;0 =0 3@C4L, 8 >= ;8HL >BG0O==> ?;0:0;. 8F> 53> 1K;> ?>:@KB> ?>B><, A;87LN 8 :@>2LN 87 ?@>:CH5==KE 3C1 8 O7K:0. / ?>3;048; 53> ?> 3>;>25.
5 ?>72>;O9 ?@8G8=OBL B515 1>;L, L5B@>, ?@>H5?B0; O. >3 A5<>3CI89 A>740; A515 A2OBK=N 87 =0H8E B5;, 8 =5;L7O =0< C=8GB>60BL MBC A2OBK=N. B409AO 2>;5 >6L59, 4@C3. G8AB8AL 2 ?>B>:5 25@K 8 8AB8=K. >72>;L, O >:@>?;N B51O 8AA>?>< 8 ><>N, 401K 4CH0 B2>O 2K15;8;0AL G8I5 A=530.
/- O ;N1;- NNN >30- 000, 70?;0:0; >= <=5 2 ?;5G>.
"0: ?><>38 =0<, L5B@>. K =5 A?@028<AO 157 B2>59 25@K, 4>25@8O 8 ;N128. 0AA:068 =0< 2AQ, 4@C68I5, GB>1K <K 5IQ A53>4=O <>3;8 2<5AB5 ?@>87=5AB8 8A:@5==NN 1;03>40@AB25==CN <>;8B2C, 2>7=>AO =0H8 A5@4F0 >A?>4C.
/- O 254L <>3C ?@8- 7=0BLAO 2> 2- 2AQ<, => MB> =5 1C45B ?- ?@024>9&
L5B@>, @0725 =5 BK, ?@>2>4O 4>?@>A -<<K C4>;LD, A:070;, GB>: :B> ?@87=0QB 28=C, B>B 28=>25=, 81> G5;>25: ?@02K9 4> :>=F0 2K45@68B 4065 A0<K5 AC@>2K5 ?KB:8, ;N1O >A?>40 8 >B25@30O D0;LH82K5 >128=5=8O?
#65 =5 ?><=N- NNN&
5 ?><=8HL 8;8 =5 E>G5HL ?><=8BL, L5B@>? 0AA:068 =0<, ?>60;C9AB0, > H010H5. >G5<C >= ?@>E>48; 745AL 2 3>@>45, 0 =5 =0 01L5< ?8:5?
01L5< ?8:5, 2AE;8?=C; >=.
5@N, BK ;CGH5 <5=O 7=05HL <5AB0 H010H59, ?@87=0; O <O3:>. 0?8H8B5, 1@0B, >1@0B8;AO O : 0=30@4C, >128=O5<K9 @0A:@K;, 345 A>25@H0NBAO H010H8.
/ =5 7=0N 34555! B?CAB8B5 <5=O, O =8G53> =5 7=0NNN& / 40; 7=0: ?0;0GC, 8 :@8:8 :0=>=8:0 A<5=8;8AL ?@>BO6=K< 2>5<. 0B A=>20 ?@81;878;AO A D0:5;>< 2 @C:5 8 ?@8AB028; 53> : ?>4<KH:5 >128=O5<>3>.
0AA:068 =0< > H010H5, L5B@>, ?@>H5?B0; O :0=>=8:C ?@O<> 2 CE>, 0 :>340 ?0;0G >B>HQ; 8 >B?CAB8; 25@Q2:C, ?>2B>@8;:
(010H, L5B@>, H010H. 0: G0AB> BK ?@8=8<0; 2 =Q< CG0AB85? = ?>A<>B@5; =0 <5=O, 8 2 53> 3;070E 1K; ?0@0;87CNI89 AB@0E, 1>;L 8 =5?>=8<0=85.
5 ?><=N, ?@>87=QA >= A >BG0O=85<. 5 ?><=N, :0: G0AB>.
"K 2A?><=8HL. / ;0A:>2> 2>7;>68; @C:C =0 53> 87<070==CN :@>2LN IQ:C. AQ 2A?><=8HL&
-?8;>3
25@L 3@>E=C;0 > AB5=C, 8 O @57:> >15@=C;AO. #2845;, GB> =0 ?>@>35 AB>8B <>;>4>9, ?;5G8ABK9 A2OI5==8:. 0 =8< B>;?8;>AL =5A:>;L:> 2>>@C6Q==KE ;N459.
>@48<5@ 0445@48=? =:2878B>@? AC@>2> A?@>A8; >=, => O 1K; C25@5=, GB> >B25B >= ?@5:@0A=> 7=05B. / <54;5==> :82=C;.
K 0@5AB>20=K, ?@>87=QA >=. ?> ?@8:07C 3> !2OB59H5AB20, !2OB>3> BF0 02;0 X I I I , 2K 4>;6=K 1KBL =5<54;5==> ?5@52575=K 2 ?>AB>;LA:CN !B>;8FC. "0< 1C45B5 70:;NG5=K 2 0<>: =35;>2 8 4>?@>H5=K. "0< 65 1C45B5 >6840BL ?@83>2>@0.
GQ< O >128=ONAL? A?@>A8; O A?>:>9=>, 81>, 2 :>=F5 :>=F>2, 8<5==> B0:>3> E>40 45;0 <>6=> 1K;> >6840BL. = ?>A<>B@5; <=5 ?@O<> 2 3;070 8 7;>@04=> CA<5E=C;AO.
703>2>@5, ?>B2>@AB2>20=88 5@5A8, 40G5 ;>6=KE ?>:070=89, ?>445;:5 >D8F80;L=KE 4>:C<5=B>2, 2 70B>G5=88 8 ?KB:0E 85@0@E>2 F5@:28 157 D>@<5==KE 8 70:>==KE >A=>20=89, ?@5;N1>45O=88, A>4><88, ?>:;>=5=88 !0B0=5& 2 GQ< 5IQ B>;L:> 70E>G5HL, 81> 70 >4=> B>, GB> O C?><O=C;, 20A =04> A65GL =5 @07, 0 AB> @07.
= 1K; >G5=L C25@5= 2 A515 8 >G5=L =03;. / <>3 53> C18BL. 53>, 8 MB8E :><8G=KE AB@06=8:>2 70 ?>@>3>< 425@8, :>B>@K5 2AB0;8 B0:8< >1@07><, GB>, 2>- ?5@2KE, 4065 =5 A<>3;8 1K MDD5:B82=> ?@8<5=8BL >@C685, 0 2>- 2B>@KE, <5H0;8 1K 4@C3 4@C3C. ! <8=CBC O 4065 ;5=82> @074C<K20;, =5 70A048BL ;8 45@7:><C A2OI5==8:C =>6 ?>4 @Q1@0. / 1K >E>B=> C2845; 2K@065=85 87C<;5=8O =0 53> ;8F5 8 >E>B=> 1K A<>B@5; 2 53> 3;070, ?>:0 87 =8E CE>48;0 1K 687=L. > O ?>2Q; A51O B0:, :0: 25:0<8 254QB A51O 5420 ;8 =5 :064K9 =5A?@0254;82> >128=Q==K9. / ?>A;CH=> 2KBO=C; @C:8 8 40; A:>20BL A51O :0=40;0<8. 5@8; ;8 O, GB> ?>A;5 4>?@>A0 2 0<:5 =35;>2 0?0 25;8B A=OBL A <5=O >128=5=8O 8 >B?CAB8BL =0 A2>1>4C? 'B> C <5=O >AB0=5BAO 2>72@0IQ==0O ;8F5=78O? %>@>H0O HCB:0! >=5G=>, O =8 2> GB> MB> =5 25@8;. # <5=O 1K;0 =5A<5;0O 8 =5>1K:=>25==> A;010O =045640, GB> <>65B 1;03>40@O :0:><C- =81C4L AG0AB;82><C AB5G5=8N >1AB>OB5;LAB2, <=5 C40ABAO A>E@0=8BL 687=L. >65B O B8E> 8 =5A<5;> @0AAG8BK20; =0 2<5H0B5;LAB2> <>53> =35;0- E@0=8B5;O, > :>B>@>< 4C<0;, GB> >= AG8B0; <5=O ?>;57=K< >@C485<? > O B0:65 7=0;, GB> =35;K ?><>30NB A8;L=K<, 0 8E <KA;8 ?0@OB 2 ?@>AB@0=AB25, =54>ABC?=>< >1KG=><C A<5@B=><C. / =5 C1530; B>;L:> ?> >4=>9 ?@8G8=5. !45;02 MB>, O 1K ?@87=0;AO 2 A>25@H5=88 >H81:8. 564C B5<, O ?>ABC?0; B0:, :0: ?>4A:07K20;8 <=5 A2OBK5 >A=>2K 25@K, 0 <>65B A:>@55 B0:, :0: O ?>=8<0; 8E <>8< A:C4=K< C<><.
* * *
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
/ 4>;65= 25@=CBLAO 2 8BB8=35=, ?@>87=QA >= 2715HQ==K< B>=>< 8 ?>A<>B@5; B0:, 1C4B> 8<5==> <5=O 28=8; 2 B><, GB> >= >AB028; 2 3>@>45 4>:C<5=BK.
K 42>5, C:070; >= =0 AB@06=8:>2, 54CI8E AB@5<O 2 AB@5<O A> <=>9. AB0=>28B5AL 745AL =0 ?>;O=5 8 648B5. 8 ?>4 :0:8< 284><, >= AC@>2> ?>A<>B@5;, 20< =5;L7O @072O7K20BL C7=8:0. !=8<8B5 53> A ;>H048, => ?>B>< A2O68B5 5<C =>38 >1@0B=>. >=OB=>?
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
0:>=5F, :>340 >=8 C65 =06@0;8AL, O 70<5B8;, GB> =0G8=0NB ?>3;O4K20BL =0 <5=O A ;N1>?KBAB2>< <0;LG8H5:, :>B>@K5 =0H;8 >A>15==> 8=B5@5A=>3> G5@2O:0 8 ?>:0 5IQ =5C25@5==K, GB> A =8< =04> 1K A45;0BL.
!<>B@8, B0:0O 5@5B8G5A:0O ?040;L BCB ;568B, 0 <K =8G53>. 48= 87 >@C6=KE ?><5H0; ?0;:>9 2 C3;OE :>AB@0.
3> ?@8OB5;L 70A<5O;AO.
>65B ?>460@8BL 53>? A?@>A8; >= B8E>.
B5F =A5;L<> @0AA5@48BAO, 1C@:=C; ?5@2K9 8 2KB0I8; ?0;:C, 2A<0B@820OAL 2 A25BOI89AO :@0A=K< :>=5F.
"K B>;L:> B:=8 53>, 8=:2878B>@0, B0: 53> <0BL, C3>20@820; 2B>@>9.
@C6=K9 ?>4=O;AO >B :>AB@0 8 ?@81;878;AO :> <=5, 45@60 ?0;:C 2 2KBO=CB>9 @C:5. / A?>:>9=> ;560;, =01;N40O 70 =8< 87- ?>4 ?>GB8 70:@KBKE 25:. !25BOI89AO :@0A=K< :>=5F 70B0=F520; ?5@54 <>8<8 3;070<8. B>340 O >B4Q@=C; 3>;>2C 2 1>:, >4=8< ?@K6:>< 2A:>G8; =0 =>38 8 2@570; =0?02H5<C ;1>< ?@O<> 2 3@C4L. = C?0;, 0 O A @073>=C A20;8;AO =0 =53>. / C65 =5<=>3>5 <>3 A45;0BL, 8<5O A2O70==K5 70 A?8=>9 @C:8, => 5IQ C40@8; 53> 3>;>2>9 2 ;8F>. #A;KH0; E@CAB :>AB8 8 ?>GC2AB2>20;, :0: 53> :@>2L 70;8205B <=5 @>B.
"2>N 6, :@8:=C; 4@C3>9 AB@06=8:, 8 O :@05< 3;070 C2845;, GB> >= ?>4=8<05B <5G, GB>1K C40@8BL 8< <5=O ?> G5@5?C.
/ C25@5=, GB> >= ?>?0; 1K ?;0H<O, B0:, GB>1K B>;L:> >3;CH8BL, ?>B><C GB> 53> =5 ?>3;048;8 1K ?> 3>;>25 70 C189AB2> G5;>25:0, :>B>@>3> 257CB =0 AC4 : A0<><C !2OB><C BFC. 4=0:> ?@5645 G5< <5G A<>3 C?0ABL, O CA;KH0; A28AB 8 C2845; 1>;LHCN AB@5;C, 2BK:0NICNAO ?@O<> 2 3@C4L =0?0402H53>. = A E@8?>< 2BO=C; 2>74CE 2 3@C4L, 0 =0 53> :0DB0=5 @0AF25;> 103@O=>5 ?OB=>. = ?>25@=C;AO 2>:@C3 A51O, A45;0; 420 H030 8 C?0; ;8F>< ?@O<> 2 >3>=L. >:@C3 @0AAK?0;8AL 8A:@K.
/ >15@=C;AO 2 AB>@>=C, >B:C40 ?@8;5B5; A=0@O4, 8 C2845;, GB> 87- 70 45@52L52 2KE>48B ;2>5 0@10;5BG8:>2 8 >3@><=K9 G5;>25: 2 GQ@=>9 @OA5 A :0?NH>=><, ?>:@K20NI5< 3>;>2C. / 706<C@8; 3;070, ?>A:>;L:C 53> D83C@0 ?>:070;0AL <=5 7=0:><>9. :>340 >= ?@81;878;AO B0:, GB> >:070;AO 2 :@C3C >B1@0AK205<>3> :>AB@>< A25B0, O C65 7=0;, GB> MB> 8<5==> >=.
0@8CA 20== QM=20;L4, A:070; O 2A;CE. -B> 8AB8==0O @04>ABL 2845BL B51O 2 MB8E >1AB>OB5;LAB20E.
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
>GB8 2A5340, :0: B51O 286C, >@48<5@, BK A?CB0= ?>4>1=> 2>;C. = E;>?=C; 2 ;04>H8, 1C4B> <>9 284 A8;L=> 53> @0725A5;8;. 09<8B5AL 8<, ?@8:070; >= A2>8< ;N4O<. 2KB0I8B5 B5;> 87 >3=O, 81> 2>=O5B.
=8 @07@570;8 C7;K =0 <>8E =>30E 8 @C:0E, 0 O 2AB0;, <0AA8@CO >?CEH85 70?OABLO. 3;CHQ==K9 <=>9 AB@06=8: BO65;> 2A:0@01:820;AO A 75<;8 8 GB>- B> AB>=0; ?@> A51O. 48= 87 ;N459 0@8CA0 2AB0; 70 =8<, 4Q@=C; 53> 70 2>;>AK 8 ?5@5@570; 5<C 3>@;>. >B>< 157 A;>2 2KB5@ ;57285 > :0DB0= C18B>3> 8 A?@OB0; =>6 2 =>6=K.
345 >B5F =A5;L<>? 703>2>@8; 0@8CA, ?@8A06820OAL C :>AB@0 8 ?@>BO3820O @C:8 : >3=N. >72@0I09B5AL : ;>H04O<, ?@8:070; >= ;N4O<, 8 >=8 CH;8, 8 8AG57;8 2 B5<=>B5 ;5A0.
<C ?@8H;>AL 25@=CBLAO 70 1C<030<8 2 8BB8=35=, >1JOA=8; O.
5@0715@8E0, DK@:=C; >=. -E, MB8 >BFK. >4>64Q< 53>, >@48<5@, 40?
0: ?>65;05HL, >B25B8; O 256;82>.
/ =5 ?@54AB02;O;, ?>G5<C >= ?>O28;AO 8 G53> >B <5=O E>G5B. @81K; ;8 >= A?0AB8 <5=O, 8;8 65 A>18@0;AO ?>AB028BL <5=O ?5@54 AC4>< 2=CB@5==53> :@C30? A;8 2B>@>5, O <>3 ;8HL A>60;5BL, GB> =5 @5H8;AO =0 AE20B:C A ;N4L<8 A2OI5==8:0 8 ?>153. %>BO 0@8CA 20= QM=20;L4 8 B0: =0AB83 1K <5=O, :0: B>;L:> 1K 70E>B5;.
!B@06=8:8 4> MB>3> 2KE;5AB0;8 2AQ ?82>, => O >1KA:0; B5;0 8 C >4=>3> =0HQ; 1C@4N:. / >B:C?>@8; 53> ?>=NE0; A>45@68<>5.
>@8;:0, 274>E=C; O. CGH5 MB>, G5< =8G53>. / ?@>BO=C; @C:C 0@8CAC, => >= ;8HL ?>:@CB8; 3>;>2>9, >B:07K20OAL.
/ 65 A>;84=> 3;>B=C;. >@8;:0 1K;0 8A:;NG8B5;L=> :@5?:>9 8 8A:;NG8B5;L=>9 2>=NG59, => ?@8OB=> @07>3@520;0 B5;> 87=CB@8. / A@07C :0:- B> ?>25A5;5;, E>BO ?>- ?@56=5<C =5 7=0;, :0: 4>;3> 5IQ ?>682C 8 =5 1C45B ;8 A;CG05< 702B@0 8;8 ?>A;5702B@0 <>59 548=AB25==>9 <5GB>9 1KAB@0O A<5@BL.
"K 2848HL 8=>340 -=N? A?@>A8; O, ?>A:>;L:C A25B;>2>;>A0O C189F0, A :>B>@>9 O ?@>2Q; =5A:>;L:> GC45A=KE 4=59 8 =>G59, :@5?:> 2@570;0AL <=5 2 ?0<OBL.
5?;>ECN =5@0715@8EC BK CAB@>8; 2 8BB8=35=5, >@48<5@, A:070; >=, 4065 =5 ?KB0OAL ?@8B2>@OBLAO, GB> A>18@05BAO >B25G0BL =0 <>9 2>?@>A.
A<5;NAL 70<5B8BL, GB> O A:>@55 AB0@0;AO =025AB8 B0< ?>@O4>:, A:070; O.
!;>20, A;>20, A;>20, ?@>1C@G0; >=. 0=>=8: "8=B0@5;;> 2 @>;8 3;02K H010H0 8 ?@825@65=F0 LO2>;0, 0 B0:65 53> ?@81;86Q==K5 :0: CG0AB=8:8 B>3> 65 H010H0, =5 2A5< ?>=@028;8AL. !:06C 1>;LH5: =5:>B>@K5 ?>AG8B0;8 MB> ?@>AB> >A:>@1;5=85<. 4=0:> O 2>AE8I0NAL B2>8< GC2AB2>< N<>@0.
/ C;K1=C;AO A>1AB25==K< <KA;O<, ?>B><C GB> <=5 2A?><=8;>AL 2K@065=85 ;8F0 :0=>=8:0, :>340 >= ?@8HQ; 2 A51O 2 :0<5@5, >45BK9 ;8HL 2 :>7;8=K9 =0@O4. / B0:65 ?><=N, :0: >= C<8@0; 2 >3=5, 3@><:> 1;03>40@O !2OBCN !;C61C 70 B>, GB> =0AB028;8 A =525@=KE ?CB59 53> 687=8. / <>3 4>304K20BLAO, GB> 20== >QM=20;L4 7=0;, GB> MB> O 1K; @568AA5@>< 8=B5@5A=>3> A?5:B0:;O ?>4 =0720=85< « 045=85 8 A<5@BL :0=>=8:0 "8=B0@5;;>» . > =8G53> 4>:070BL <=5 1K;> =5;L7O. "5< 1>;55, GB> !<5@BCE0 8 1;87=5F>2 O >B?@028; ?>40;LH5 >B 8BB8=35=0 8AE>4O :0: 87 8E, B0: 8 A>1AB25==>9 157>?0A=>AB8.
= ?@87=0;AO 2> 2AQ, >B25B8; O. ?5@54 A<5@BLN 8A:@5==5 A>60;5; > 3@5E0E.
A;8 4>?@0H820NI89 70E>G5B, B> 4>?@0H8205<K9 ?@87=05BAO 4065 2 B><, GB> >= 75;Q=K9 >AQ; 2 >@0=652KE :@0?8=:0E, ?@>87=QA 0@8CA, A<5H=> :@82O ;8F>. B :>3> O <>3 A;KH0BL MBC B0:CN ?@5;5AB=CN HCB:C, 0, >@48<5@?
/ 4>;3> 2 <>;G0=88 =0 =53> A<>B@5; 8 24@C3 >A>7=0;, GB> >= F8B8@C5B <>8 A>1AB25==K5 A;>20, A:070==K5 2> 2@5<O 7=0<5=8B>3> 25G5@0 2 80@@8F. B:C40, >A?>48, >= <>3 7=0BL, GB> B>340 ?@>8AE>48;>? ;8 O =0E>48;AO ?>4 =0AB>;L:> ?;>B=K< :>=B@>;5< 8 =01;N45=85< 2=CB@5==53> :@C30 =:2878F88? 5A;8 B0:, B> ?> :0:>9 ?@8G8=5?
5206=>. = <0E=C; @C:>9. "K 7=05HL, GB> 4>;6=> 1K;> ?@>87>9B8 2 8BB8=35=5, >@48<5@? >;6=0 1K;0 @>48BAO =>20O 8=:2878F8O. >4G8=ONI0OAO B>;L:> !2OB><C BFC 8 @C:>2>48<0O =0H8< 4@C3><, :0=>=8:>< "8=B0@5;;>. 8BB8=35= 1K; 2A53> ;8HL ?5@2K< H03><, 8 O 7=0N, :0:85 3>@>40 4>;6=K 1K;8 AB0BL A;54CNI8<8&
-B> 157C<=0O <KA;L, >E=C; O, AB0@0OAL >E20B8BL >3@><=>5 :>;8G5AB2> >A;>6=5=89, 2>7=8:0NI8E 87 B>3>, GB> O B>;L:> GB> CA;KH0;.
40, 157C<=0O, ?>4B25@48; >=. 58<>25@=> 157C<=0O. B1@>A8BL !2OBCN !;C61C 1C4B> ?>=>H5==>5 B@O?LQ? BAB@0=8BL A0<KE 25@=KE A;C3 25@K? 0<5=8BL ?@>D5AA8>=0;87< 48;5B0=BA:8< M=BC7807<><, 0 2<5AB> :>=B@>;8@C5<>3> >3=O ?>=5AB8 :0B0:;87< ?>60@>2, 2 :>B>@KE 4>;65= 1K; 70:0;8BLAO =>2K9 :;8=>:? ;8=>:, :>B>@K9 @0=> 8;8 ?>74=>, 0 A:>@55 @0=>, >15@=C;AO 1K ?@>B82 B5E, :B> O2;O5BAO& >B 8<5==>, :5< O2;ONBAO, >@48<5@?
!;C30<8 >6L8<8, <>;>B>< 254L<, <5G>< 2 @C:5 =35;>2, >B25B8; O 15AA>7=0B5;L=>, 4065 =5 704C<K20OAL =04 B5<, GB> 3>2>@N.
<5==>. "0: GB> BK A>25@H5==> ?@02, >@48<5@. -B> 1K;0 01A>;NB=> 157C<=0O <KA;L. = 24@C3 ?>A<>B@5; =0 <5=O 8 @0AA<5O;AO.
5 ?>4C<09 B>;L:>, GB> BK 87<5=8; E>4 8AB>@88. "K A>E@0=8; <8@, =C, <>65B ;CGH5 A:070BL, >B=>A8B5;L=K9 <8@, 8BB8=35=, => AC4L10 MB>3> 157C<8O 1K;0 402=> ?@54@5H5=0. K, A<8@5==K5 A;C38 >6L8, 254L =5 ?@54JO2;O5< ?@02 =0 87<5=5=85 <8@0, 8 ;8HL 60645< A;C68BL =0H59 A2OB>9 25@5, 0 B0:65 70:>=C 8 A?@0254;82>AB8, B0:, :0: <K& = ?>A<>B@5; =0 <5=O 8 AB0; 640BL, ?>:0 O 70:>=GC ?@54;>65=85.
& ?>=8<05< 8E =0H8<8 A:C4=K<8 C<0<8, ?@>H5?B0; O.
= ?>:820;, A>3;0H0OAL A <>8<8 A;>20<8. K 4>;3> <>;G0;8, 8 A>B=8 <KA;59 25@B5;8AL 2 <>59 3>;>25.
E, 5IQ >4=>, 703>2>@8; >=, =0:>=5F. "K :>=5G=> E>B5; 1K 7=0BL, >@48<5@, GB> A B>1>9 1C45B?
>94Q< ?> ?82:C 8 : 452:0<? / >G=C;AO >B ABC?>@0, 2 :>B>@K9 <5=O 225;8 53> ?@54K4CI85 A;>20. / C;K1=C;AO =0E0;L=>, 81> <=5 C65 1K;> 2AQ @02=>.
0: O 3>2>@8;, <=5 =@028BAO B2>Q GC2AB2> N<>@0, ?@>87=QA >= ?>A;5 ?0C7K. > B515 =04> A;548BL, GB>1K G5@57 :0:>5- B> 2@5<O >=> =5 AB0;> >1@5<5=8B5;L=K<, >= 3;C1>:> 274>E=C;. ! B51O A=8<CB >128=5=8O 8 =0:070=85, 0 B2>O ;8F5=78O 1C45B 2>72@0I5=0.
%0, A:070; O, ?>A:>;L:C =8G53> 4@C3>3> <=5 2 3>;>2C =5 ?@8H;>. !?0A81>, 0@8CA.
"2>9 4>;3 <=5 >?0A=> @0ABQB, ?@>87=QA >= HCB;82K< B>=><, => ?@5:@0A=> >A>7=020;, GB> @0=> 8;8 ?>74=> 20== QM=20;L4 ?@54JO28B <=5 AGQB.
BCB <K CA;KH0;8 HC< @073>2>@0 8 ;>H048=>5 @60=L5. !B>OI85 =5?>40;Q:C ;>H048 <Q@B2KE AB@06=8:>2 E0@60;8 2 >B25B. :@C35 A25B0 ?>O28;AO >B5F =A5;L<> 8 53> 42>5 A>;40B. = 1KAB@K< 273;O4>< >E20B8; A8BC0F8N 8 :@8:=C;: « >@C68N! » . > ?@5645 G5< 53> ;N48 A>A:>G8;8 A AQ45;, ?@>?5;8 AB@5;K, 8 >10 A20;8;8AL =0 75<;N A 4@52:0<8, B>@G0I8<8 87 3@C48. 10 65 C<5@;8 B0: 1KAB@>, GB> =5 CA?5;8 >E=CBL. 0@8CA <54;5==> ?>4=O;AO >B >3=O 8 ?>4>HQ; : >H5;><;Q==><C A2OI5==8:C.
!>948B5 A A54;0, ?@8:070; >= A?>:>9=>.
=A5;L<>, 1;54=K9 :0: A<5@BL, A>A:>G8; =0 75<;N. 0= QM=20;L4 2KB0I8; 87- 70 ?07CE8 :0:>9- B> 4>:C<5=B 8 ?>4AC=C; B><C ?>4 =>A.
'8B09B5, ?@>87=QA >=. 'B>1K 2K 7=0;8, :B> O.
!2OI5==8: ?@81;878;AO : :>AB@C, GB>1K 8<5BL 1>;LH5 A25B0, 8 ?@>1560; 3;070<8 ?> B5:ABC. 065 2 @>7>20B>< >B1;5A:5 ?;0<5=8 O C2845;, GB> 53> ;8F> AB0=>28BAO 5IQ 1;54=55. %>BO <8=CBC =0704 ?>4>1=0O <5B0<>@D>70 <=5 :070;0AL C65 =52>7<>6=>9. = 0::C@0B=> A;>68; ;8AB 8 >B40; 53> 0@8CAC A> A:;>=Q==>9 3>;>2>9. / 2845;, GB> C =53> 4@>60B @C:8.
0:85 C 20A 4;O <5=O ?>@CG5=8O? A?@>A8; >= A;01K< 3>;>A><.
>:068B5 <=5 20H8 ?@8:07K.
!2OI5==8: 70;57 70 ?07CEC 8 2K=C; A;>65==K5 2G5B25@> ;8ABK.
-B> B>G=> 2AQ? A?@>A8; 0@8CA.
84O ?>4B25@640NI89 65AB A2OI5==8:0, >= C;K1=C;AO, @07>@20; 4>:C<5=BK 8 >AB0B:8 1@>A8; 2 >3>=L. !<>B@5; =0 =8E B0: 4>;3>, ?>:0 2AQ =5 ?@52@0B8;>AL 2 ?5?5;.
>65HL 2>72@0I0BLAO 2 8BB8=35=, >BG5, @02=>4CH=> ?@8:070; >=. "0< ?@540HL A51O 2 @0A?>@O65=85 <5AB=>3> >B45;0 =:2878F88.
=A5;L<> 3@><:> A3;>B=C; A;N=C, :070;>AL, GB> E>G5B GB>- B> A:070BL, => ?>B>< ;8HL =87:> ?>:;>=8;AO, @0725@=C;AO 8 A5; =0 ;>H04L. '5@57 <8=CBC ?@>?0; 2 B5<=>B5.
"K A<>3 @07>@20BL 4>:C<5=BK 87 ?>AB>;LA:>9 !B>;8FK? A?@>A8; O B0: B8E>, GB> <=5 :070;>AL, 1C4B> 5420 A;KHC A2>9 3>;>A. @8:07K A0<>3> !2OB>3> BF0?
!2OB>3> BF0? = 1@>A8; =0 <5=O 273;O4. 0:>3>?
/ ?>A<>B@5; =0 =53>, ?KB0OAL ?>=OBL, 2 A2>Q< ;8 >= C<5. ?@>G5<, C65 ?@8 ?@54K4CI59 2AB@5G5 C <5=O 1K;8 =0AGQB MB>3> A><=5=8O. >B>@KE OA=>5 45;> O =5 2K@060;, ?>B><C GB> >?0A=>, ;N157=K5 <>8, A><=520BLAO 2> 2<5=O5<>AB8 G5;>25:0, 8<5NI53> 2;0ABL =04 20H59 AC4L1>9.
3> !2OB59H5AB2> 025; X I I I ?>381 >B =5AG0AB=>3> A;CG0O =0 >E>B5, >1JOA=8; 3@CAB=K< B>=>< 0@8CA. >65, 409 25G=>5 87102;5=85 53> 4CH5.
/ <0H8=0;L=> ?5@5:@5AB8;AO.
1>;LH8=AB2> 45:@5B>2 1K;> =5<54;5==> >B<5=5=> ?@55<=8:>< !2OB>3> BF0 =0 B@>=5 !B>;8FK %@8AB>2>9, =0H8< =>2K< 0?>9, 3> !2OB59H5AB2>< 02;>< X I V . >65, E@0=8 53>.
/ A=>20 ?5@5:@5AB8;AO, 0 2 3>;>25 C <5=O 1K;0 ?CAB>B0.
>340 MB> A;CG8;>AL? A?@>A8; O A;01K< 3>;>A><.
!2OB>9 B5F 025; X I I I ?>381 =545;N =0704, 0 2G5@0 :>=:;02 ?@8=O; @5H5=85 >1 871@0=88 ?@55<=8:0&
G5@0, ?5@518; O 53>. BK 7=05HL, GB> ?@>87>H;> 2G5@0 2 ?>AB>;LA:>9 !B>;8F5? -B> :0:0O- B>& HCB:0, 0@8CA?
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
"K E>G5HL > GQ<- =81C4L A?@>A8BL, >@48<5@? 703>2>@8; 20= QM=20;L4 <O3:8< B>=><.
5B, 1KAB@> >B25B8; O. > O 8A:@5==5 1;03>40@5=, GB> BK ?@54>AB028; <=5 B0:CN 2>7<>6=>ABL, 0@8CA.
= A<>B@5; =0 <5=O 8 A=8AE>48B5;L=> C;K10;AO. >;>68; <=5 @C:C =0 ?;5G>.
> O 2AQ- B0:8 >B25GC =0 B2>9 2>?@>A, 4@C68I5, =5A<>B@O =0 B>, GB> BK 53> =5 7040;. 7=05HL ?>G5<C?
/ >B@8F0B5;L=> ?>:@CB8; 3>;>2>9.
>B><C GB>, :0: 2 B2>Q<, B0: 8 2 <>Q< A5@4F5 3>@8B >3>=L 8AB8==>9 25@K, >@48<5@, >B25B8; >=. 8<5==> >= ?>72>;O5B =0< A>25@H0BL 45;0, :>B>@K5 2 8=>< A;CG05 1K;8 1K ?@5ABC?;5=85<.
= C;K1=C;AO, ?>A;5 G53> ?>B@5?0; <5=O ;53:>, GCBL ;8 =5 701>B;82>, ?> I5:5. 0725@=C;AO 8 CHQ; BO6Q;K< H03>< ?> =0?@02;5=8N : ;N4O<, GB> 640;8 53> C ;>H0459.