1EIZI&MRGL]
1E]r .YHI61IGLI
1MWWSYVM7SYXLIVR7XEXI9RMZIVWMX]
&33/71]*MVWX&SSO(YFPMR-VMWL8MQIW
8LI'IRXVEP0MRI7XSVMIWSJ&MK'MX]0MJI0SRHSR5YEVXIX
(IITP]6IKVIXXIH&](YFPMR8YVSI
1EIZI
W (MEV] *VSQ 1EIZI &MRGL]
W 'SPYQR MR XLI l-VMWL
8MQIWz(YFPMR-VMWL8MQIW
:MGXSVME0MRI0SRHSR5YEVXIX7[SVHW-VIPERH;EVH
6MZIV4VIWW
0MKLX E 4IRR] 'ERHPI 0SRHSR 'IRXYV] 2I[
=SVO:MOMRK
(YFPMR7[SVHW-VIPERH;EVH6MZIV4VIWW
0SRHSR8VERWTSVXW0SRHSR'IRXYV]2I[=SVO
(IPPВ‹GSQTVMWIW8LI'IRXVEP0MRIERH:MGXS
VME0MRI
8LI0MPEG&YW7[SVHW-VIPERH;EVH6MZIV4VIWW
2I[=SVO(IPEGSVXI
)GLSIW 0SRHSR 'IRXYV] 2I[ =SVO :MOMRK
*MVIJP] 7YQQIV 0SRHSR 'IRXYV] 2I[ =SVO
(IPEGSVXI
7MPZIV ;IHHMRK 0SRHSR 'IRXYV] 2I[ =SVO
(IPEGSVXI
'MVGPISJ*VMIRHW0SRHSR'IRXYV]*VEROPMR'IR
XIV4E*VEROPMR0MFVEV]
8LI 'STTIV &IIGL 0SRHSR 3VMSR 2I[ =SVO
(IPEGSVXI
8LI+PEWW0EOI0SRHSR3VMSR2I[=SVO(IPE
GSVXI
(IEV1EIZI(YFPMR4SSPFIK
8LMW=IEV-X;MPP&I(MJJIVIRXERH3XLIV7XSVMIW%'LVMWXQEW
8VIEWYV]7X0ISREVHW2I[7SYXL;EPIW%PPIR
9R[MR2I[=SVO(IPEGSVXI
)ZIRMRK 'PEWW0SRHSR3VMSR 2I[ =SVO(IPE
GSVXI
8LI 6IXYVR .SYVRI] ERH 3XLIV 7XSVMIW 2I[ =SVO (IPE
GSVXI0SRHSR3VMSR
%GLIW ERH 4EMRW 8SVSRXS 1G%VXLYV (YFPMR
3VMSR2I[=SVO(IPEGSVXI
8EVE 6SEH 0SRHSR 3VMSR 2I[ =SVO (IPE
GSVXI
1EIZI&MRGL] TLSXSKVETLВ»0MEQ;LMXI4LSXSKVETL]
JVSQXLIHYWXNEGOIXJSV8LI0MPEG&YW
6MGLPERH'SYRX]4YFPMG0MFVEV]
7GEVPIX *IEXLIV 0SRHSR 3VMSR 2I[ =SVO (YX
XSR
5YIRXMRW 0SRHSR 3VMSR 2I[ =SVO (YXXSR
,IEPMRK ,ERHW 4ISTPI 6IQIQFIV 2YVWIW XI\X F] &MRGL]
TLSXSKVETLW F] %RR ,IRVMGO (YFPMR 2I[
-WPERH
2MKLXW SJ 6EMR ERH 7XEVW 0SRHSR 3VMSR 2I[
=SVO(YXXSR
38,)6 -VMWL +MVPW EFSYX 8S[R %R %RXLSPSK] SJ -VMWL
7LSVX 7XSVMIW F] &MRGL] 1EVMER /I]IW 'EXL]
/IPP]ERHSXLIVW 2I[=SVO 0SRHSR4SGOIX
&SSOW
(0&
1EIZI&MRGL]
1IPMWWEERH1EPGSPQLEZIFIGSQIEVYRRMRKNSOIJSV
XLI REVVEXSV ERH LIV JVMIRH %PMGI ERH XLI GSYTPI
W
REQIW EVI MRZSOIH [LIRIZIV E TIVWSR SV WMXYEXMSR
ETTIEVW lXSS TIVJIGXz ;LIR 1IPMWWE ERH 1EPGSPQ
MRZMXIXLIREVVEXSVSZIVJSVEVIYRMSRHMRRIVTEVX]WLI
FIGSQIW HMWXVEYKLX ERH NIEPSYW [LIR %PMGI FIKMRW XS
FSRH[MXLXLIQ8LMWNIEPSYW]QM\IW[MXLLSVVSV[LIR
XLIREVVEXSVVIEPM^IWXLEXWLIERH%PMGILEZIFIIRQMW
XEOIRJSVEPIWFMERGSYTPIF]XLIMVLSWXWERHXLISXLIV
HMRRIVKYIWXW8LVSYKLXLMWGSRJPEXMSRSJNIEPSYW]ERH
WI\YEP QMWMHIRXMJMGEXMSR LS[IZIV &MRGL]
W REVVEXSV
HMWGSZIVWXLIHITXLSJLIVJIIPMRKWJSVLIVJVMIRH%PMGI
&MRGL]
WJMVWXRSZIP0MKLXE4IRR]'ERHPI[EWTYF
PMWLIH MR ERH MRHMGEXIW XLEX EW E JMGXMSR [VMXIV
&MRGL]LEHEPVIEH]HMWGSZIVIHXLIXLIQIWERHGLEVEG
XIVMWXMGWXLEXLEZIQEVOIHLIVWYFWIUYIRXPMXIVEV]SYX
TYX0MKLXE4IRR]'ERHPIJSGYWIWSRJEQMP]ERHJEQMPMEP
VIPEXMSRW -R E PEVKIP] ITMWXSPEV] JSVQ MX WTERW X[IRX]
]IEVW FIKMRRMRK MR ERH GSRGPYHMRK MR -X
GIRXIVWSR)PM^EFIXL;LMXIERHLIV-VMWLJVMIRH%MWPMRK
3
'SRRSV[LSQIIX[LIR)PM^EFIXL
WQSXLIV:MSPIX
WIRHW)PM^EFIXLXS/MPKEVVIX-VIPERHXSPMZIHYVMRKXLI
&PMX^SJ;SVPH;EV--;LMPIXLIRSZIPMWGLEVEGXIVM^IH
F]WIRXMQIRXEPMX]&MRGL]WXIIVWGPIEVSJMHIEPMWXMGIRH
MRKWJSVLIVGLEVEGXIVW,IVTPSXWLEZIEJMHIPMX]XSVIEP
PMJI ERH LIV GLEVEGXIVW VIQEMR VIEP TISTPI [MXL VIEP
TVSFPIQW ,ETT] IRHMRKW EVI SRP] XIRXEXMZI EX FIWX
0MKLXE4IRR]'ERHPIERH&MRGL]
WWYFWIUYIRXRSZIPWERH
WLSVXJMGXMSRJSGYWTVIHSQMRERXP]SRJIQEPIGLEVEGXIVW
[LSQYWXREZMKEXIXLIHIQERHWSJXLIQSHIVR[SVPH
-RXLMW[SVPHVIPEXMSRWLMTWLEZIXLITS[IVFSXLXSWYW
XEMRERHGVMTTPI&MRGL]
WTVSXEKSRMWXW
-RGSRXVEWXXSXLIWLSVXWXSVMIWMR[LMGLXLIMRXM
QEXIHIXEMPWSJGLEVEGXIVW
PMZIWYRJSPHHYVMRKITMWSHIW
SJXVEZIP(YFPMRTSVXVE]WGLEVEGXIVWHYVMRKXLI
GSYVWISJIZIV]HE]PMJI;LMPIHMZYPKMRKIUYEPEQSYRXW
SJMRJSVQEXMSREFSYXLIVTVSXEKSRMWXWERHGLEVEGXIVWXS
XLSWI SJ LIV XVEZIP WXSVMIW XLMW GSPPIGXMSR JYRGXMSRW
XLVSYKLEKVEHYEPXIEWMRKSYXSJXLIGVYGMEPVIZIPEXMSRW
XLEX EHH GSRXI\X XS &MRGL]
W GLEVEGXIVW 8LI STIRMRK
WXSV] MR (YFPMR l(MRRIV MR (SRR]FVSSOz SJJIVW ER
I\EQTPI SJ XLMW WPS[ QSZIQIRX XS[EVH HMWGSZIV] EW
&MRGL]STXWXSPIEZIXLIGIRXVEPGLEVEGXIVSJXLIWXSV]
'EVQIP E Q]WXIV] YRXMP XLI IRHMRK ;LIR 'EVQIP
FIKMRWXLIEVVERKIQIRXWJSVEHMRRIVTEVX]JSVEPSGEP
EVXMWX XLI VIEHIV MW TVIWIRXIH [MXL XLI WTIGYPEXMSRW SJ
LIVJVMIRHWERHJEQMP]SZIVXLI[SQER
WQSXMZIW8LI
VIEHIV WPS[P] VIEPM^IW XLEX QSWX SJ LIV EGUYEMRXERGIW
ZMI[ 'EVQIP EW E JVEKMPI ERH WSQI[LEX ZYPRIVEFPI
[SQER 8LI VIEHIV EPWS PIEVRW SZIV XMQI LS[IZIV
XLEXXLIKYIWXSJLSRSVEXXLMWHMRRIVTEVX]MWEPSGEPEVX
MWX [MXL [LSQ 'EVQIP
W LYWFERH MW LEZMRK ER EJJEMV
8LIVIEHIVHSIWRSXHMWGSZIVYRXMPXLIGSRGPYWMSRSJXLI
WXSV] XLEX XLI TYVTSWI SJ XLI HMRRIV TEVX] MW XS GEYWI
-R XLI PEXI X[IRXMIXL GIRXYV] 1EIZI &MRGL]
FIGEQI SRI SJ XLI QSWX TSTYPEV PMZMRK -VMWL EYXLSVW
IRNS]MRK E [MHI VIEHIVWLMT WMKRMJMGERX WEPIW ERH
EGGPEMQ ,IV [SVOW VSYXMRIP] ETTIEVIH SR 8LI 2I[
=SVO 8MQIW FIWXWIPPIV PMWX ERH 8EVE 6SEH [EW
WIPIGXIH EW ER 3TVEL ;MRJVI] FSSOGPYF WIPIGXMSR
&MRGL]
WRSZIP'MVGPISJ*VMIRHW[EWEHETXIHMRXSE
QSXMSR TMGXYVI WXEVVMRK 'LVMW 3
(SRRIPP ERH 1MRRMI
(VMZIV&MRGL]
WWYGGIWWFSXLEFVSEHERHMR-VIPERHLEW
PIH XLI TSTYPEV [VMXIV XS SYXWIPP [LEX WLI GEPPW lXLI
KVIEXW SJ -VMWL PMXIVEXYVIz MRGPYHMRK 7EQYIP &IGOIXX
&VIRHER&ILERERH3WGEV;MPHI-RERMRXIVZMI[[MXL
.ERE 7MGMPMERS JSV &SSOVITSVXIVGSQ WLI HMWXMRKYMWLIH
FIX[IIRLIVWYGGIWWMRFSSOWEPIWERHXLIEGGSQTPMWL
QIRXWSJKVIEX-VMWL[VMXIVWl-[EWZIV]TPIEWIHSFZM
SYWP]XSLEZISYXWSPH WYGL KVIEX[VMXIVW &YX-
QRSX
MRWERIВ‹-HSVIEPM^IXLEX-EQETSTYPEV[VMXIV[LSTIS
TPI FY] XS XEOI SR ZEGEXMSR -
Q ER IWGETMWX OMRH SJ
[VMXIV%JXIVEPPMJ]SY[IVIKSMRKSREPSRKTPERI
NSYVRI] ERH ]SY LEH E GLSMGI FIX[IIR SRI SJ Q]
FSSOW ERH 9P]WWIW ]SY
H TVSFEFP] STX JSV SRI SJ Q]
FSSOWz
1EIZI &MRGL] [EW FSVR MR (EPOI] -VIPERH SR
1E]XS;MPPMEQ&MRGL]EPE[]IVERH1EY
VIIR&MRGL]ERYVWI1EIZILEWEFVSXLIVERHX[SWMW
XIVW7LIVIGSYRXWELETT]GLMPHLSSHPMZIHXIRQMPIWSYX
SJ(YFPMR7LIEXXIRHIHWGLSSPEX,SP]'LMPH'SRZIRX
MR/MPPMRI]'SYRX](YFPMR&MRGL]IEVRIHEHIKVIIMR
LMWXSV]EX9RMZIVWMX]'SPPIKI(YFPMRMR7LIXLIR
XEYKLX *VIRGLEXE KMVPW
WGLSSP JVSQ YRXMP ;LIR&MRGL]XSSOEXVMTXS-WVEIPMRLIVTEVIRXW
LEHSRISJLIVPIXXIVWTYFPMWLIHMRXLIPSGEPRI[WTETIV
8LIPIXXIVPIH&MRGL]XSETSWXEWE[VMXIVJSVXLI -VMWL
8MQIW EPXLSYKL JSV E [LMPI WLI GSRXMRYIH XS XIEGL
)\XVEGXWJVSQLIVGSPYQRJSVXLI-VMWL8MQIWJSVQIHXLI
FEWMWSJ1]*MVWX&SSO
&MRGL]
W GEVIIV EW E X[MGI[IIOP] GSPYQRMWX JSV
XLI-VMWL8MQIWXSSOLIVXS0SRHSR[LIVIWLIQIX+SV
HSR 7RIPP E &VMXMWL &VSEHGEWXMRK 'SVTSVEXMSR &&'
TVIWIRXIV[LSPEXIVFIGEQIEGLMPHVIR
W[VMXIV&MRGL]
ERH 7RIPP QEVVMIH SR .ERYEV] ERH WIXXPIH MR
(EPOI]&MRGL]RSXIWXLEXWLIVIQEMRWMRGPSWIGSRXEGX
[MXLLIVWMFPMRKWERHGSRXMRYIWXS[VMXI
&MRGL]
WJMVWXJSVE]WMRXSJMGXMSRGEQIMRXLIJSVQ
SJWLSVXWXSVMIW[LMGLLEZIWMRGIFIIRGSPPIGXIHMR8LI
'IRXVEP 0MRI ERH :MGXSVME 0MRI %W XLI
IQTLEWMWYTSRXVEZIPMRXLIXMXPIWWYKKIWXW&MRGL]
WWXS
VMIWEVIEXXIQTXWXSGETXYVIWPMGIWSJPMJIJVSQXLVSYKL
SYXXLIGMX]0MOI[MWILIVIQTLEWMWMWYTSRMRHMZMHYEPW
MWSPEXIH SV IWXVERKIH JVSQ XLIMV JIPPS[ 0SRHSRIVW %
VITVIWIRXEXMZI WXSV] MW l,SPPERH 4EVOz MR [LMGL ER
YRREQIHJIQEPIREVVEXSVI\TIVMIRGIWEVIZIPEXMSR8LI
WXSV]FIKMRWEWXLIREVVEXSVVIGSYRXWElTIVJIGXzGSYTPI
WLIIRGSYRXIVIHSREZEGEXMSRXS+VIIGI8LMWGSYTPI
1EIZI&MRGL]
(0&
RIX[SVOSJMRXIVVIPEXMSRWFIX[IIRXLITEWWIRKIVWEPSRK
XLI[E]8LI0MPEG&YWSJJIVWETSVXVEMXSJXLI-VMWLXLEXMW
FSXLVYVEPERHGSWQSTSPMXERFSXLERXMUYEXIHERHQSH
IVR %W XLIWI GLEVEGXIVW XVEZIP JVSQ XLI QIXVSTSPMW SJ
(YFPMRIZIV][IIOIRHXS[EVHXLIMVLSQIXS[RSJ6EXL
HSSR&MRGL]SJJIVWERMQEKISJTISTPI[LSVIQEMREX
LIEVX QSVI RSWXEPKMG ERH JIEVJYP SJ GSWQSTSPMXERMWQ
XLER XLI] TIVLETW WLSYPH FI 8LIWI WIZIR TEWWIRKIVW
GEVV]WYGLGSRGIVRWEWMPPMGMXEJJEMVWGPSWIXLSQSWI\YEP
MX]ERHXLIXVEJJMGOMRKSJMPPIKEPHVYKWFEGOLSQI[MXL
XLIQ8LI[IIOP]XVMTLSQIFIGSQIWWMQYPXERISYWP]
ERSWXEPKMGKIWXYVIERHEJYXMPIIJJSVXEXJPMKLXJVSQXLI
[SVPH XLEX E[EMXW XLIQ XLI JSPPS[MRK 1SRHE] *SV
WSQI SJ XLIWI TEWWIRKIVW &MRGL] SJJIVW WSQI[LEX
LETT]VIWSPYXMSRWJSVSXLIVWRSGPIEVGYXERW[IVMWMR
WMKLX
8LI XVERWMXSV] QIXETLSV XLEX &MRGL] SJJIVIH MR
8LI0MPEG&YWERHXLVSYKLXLITPEGIREQIWXSV]XMXPIWSJ
8LI'IRXVEP0MRIERH:MGXSVME0MRIGSRXMRYIWMRLIVGSPPIG
XMSR8LI6IXYVR.SYVRI]ERH3XLIV7XSVMIW%W[MXL
XLITVIZMSYWGSPPIGXMSR8LI6IXYVR.SYVRI]ERH3XLIV7XS
VMIW HITMGXW TVSXEKSRMWXW GEYKLX MR JPY\ 8LI XMXPI WXSV]
GSRGIVRWQSZIQIRXFEGOXS[EVHETSMRXSJSVMKMR-XMW
XSPHMRXLIJSVQSJEGSVVIWTSRHIRGIFIX[IIREQSXLIV
ERHHEYKLXIV*VIHEERH+MRE8LIITMWXSPEV]WXVYGXYVI
WMKRMJMIWEQEVOIHHIZIPSTQIRXJSV&MRGL]JVSQERIEV
PMIVITMWXSPEV]WXSV]l'LERGIV]0ERIzMR0SRHSR8VERW
TSVXW;LMPIXLIIEVPMIVWXSV]GSRGIVRWEJPMVXEXMSR
FIX[IIR .SLR ERH .MPP] XLEX HIZIPSTW MRXS E VSQERGI
ERH ER IZIRXYEP IRKEKIQIRX XLI PIXXIVW I\GLERKIH MR
l8LI 6IXYVR .SYVRI]z HMWGPSWI E [IMKLXMIV WYFNIGX
*VIHEER%QIVMGERГћQMKVГћJVSQ-VIPERHLEWXSPHLIV
HEYKLXIVPMXXPISJLIVPMJITVMSVXSEVVMZMRKMRXLI9RMXIH
7XEXIW +MRE GSRWIUYIRXP] LEW IQFEVOIH YTSR E XVMT
XS-VIPERHXSHMWGSZIVJSVLIVWIPJXLIHIXEMPWSJLIVJEQ
MP]SVMKMRW8LIPIXXIVWXLEXXLIX[S[VMXIFEGOERHJSVXL
EVI SJXIR XIVWI ERH FIXVE] XIRWMSRW FIX[IIR XLI X[S
[SQIR 8LIMV GSVVIWTSRHIRGI FIKMRW [MXL JVYWXVEXMSR
SZIVLS[+MREWLSYPHEHHVIWWLIVQSXLIVMRTVMRXRIM
XLIV l*VIHEz RSV l1SXLIVz WIIQW [LSPP] ETTVSTVMEXI
8LIX[SEPWSFMGOIVFIGEYWI*VIHEJIEVWXLEXLIVHEYKL
XIV[MPPLEWXMP]QEVV]EQER[LSMW[VSRKJSVLIVEW
*VIHEHMH8IRWMSRWQSYRXEW+MREQSZIWJYVXLIVMRXS
XLI PERHWGETI XLEX [EW *VIHE
W IEVP] PMJI ERH EW WLI
RIEVW XLI HIXEMPW SJ LIV QSXLIV
W QMWXEOIR VSQERGI
+MREERH*VIHEVIEGLWSQIWQEPPVIWSPYXMSRLS[IZIV
EW +MRE JMRHW ERH QIIXW LIV QSXLIV
W RYVWIQEMH ERH
JEQMP]WIVZERX4IKK]6IQMRHIHSJ4IKK]*VIHEVIEP
M^IWXLEXLIVIEVP]PMJILEHQSQIRXWSJLETTMRIWWEQMH
XLITEMRJYPITMWSHIWXLEXWLILEWXVMIHXSJSVKIXERHWLI
VIEPM^IWXLEX+MRE[MPPJMRHWMQMPEVNS]WMR[LEXIZIVTEXL
WLIGLSSWIW
;LMPI l8LI 6IXYVR .SYVRI]z SJJIVW ER I\EQTPI
SJLIEPMRKHIVMZIHJVSQENSYVRI]FEGOXSSRI
WVSSXW
(YWXNEGOIXJSVXLIJMVWX97IHMXMSRSJ&MRGL]
W
WLSVXWXSV]GSPPIGXMSR[LMGLGSQTVMWIWGLEVEGXIVWOIXGLIWSJ
WIZIRTISTPI[LSXVEZIPIZIV][IIOIRHJVSQ(YFPMR
[LIVIXLI][SVOXSXLIMVLSQIXS[RSJ6EXLHSSR
6MGLPERH'SYRX]4YFPMG0MFVEV]
HMWGSQJSVX XS LIV LYWFERH ERH LMW QMWXVIWW ERH XLEX
'EVQIP MW E GSQTIXIRX ERH MRXIPPMKIRX [SQER GETEFPI
SJKYMPI
-R l1YVQYVW MR 1SRXVSWIz &MRGL] SJJIVW
ERSXLIVWPS[P]HIZIPSTMRKTSVXVEMXSJETVSXEKSRMWX-R
XLMW WXSV] WLI GLVSRMGPIW XLI IZIRXW JSPPS[MRK +IVV]
W
PMJI EJXIV LI GSQTPIXIW LMW VILEFMPMXEXMSR VIKMQIR JSV
EPGSLSPMWQ%WMWXLIGEWIMRl(MRRIVMR(SRR]FVSSOz
XLIWXSV]JYRGXMSRWF]QEMRXEMRMRKWYWTIRWI%W+IVV]
VIWLETIWLMWPMJIERHEXXIQTXWXSVIWXEVXLMWGEVIIVEWE
TVSJIWWMSREPTLSXSKVETLIVLMWJEQMP][EMXWXSWIIMJLI
[MPPVIXYVRXSLMWTVIZMSYWPMJIEWEREPGSLSPMG
8LIMRXIVHITIRHIRG]SJTISTPIMW&MRGL]
WJSGYW
MRLIVWLSVXJMGXMSREW[IPPEWMRLIVRSZIPW-RXLIGSPPIG
XMSR8LI0MPEG&YWWLISJJIVWGLEVEGXIVWOIXGLIWSJ
WIZIR TEWWIRKIVW [LS XEOI E FYW XVMT JVSQ (YFPMR XS
6EXLHSSRIEGL[IIOIRH8LIGSPPIGXMSRI\EQMRIWIEGL
GLEVEGXIV
W GSRGIVRW ERH TVISGGYTEXMSRW [IEZMRK E
(0&
1EIZI&MRGL]
QER]SJXLISXLIVWXSVMIWMRXLMWGSPPIGXMSRHSRSX8LI
JPY\FVSYKLXEFSYXMRERXMGMTEXMSRSJENSYVRI]PIEHWXS
XIRWMSRWFIX[IIR EQERERH[MJIEWXLI]WIEVGLJSVE
LSYWIWMXXIVMRl8LI,SQI7MXXIVz%W1EYVEERH.EQIW
TPERJSVXLIMVI\XIRHIHWXE]MRXLI9RMXIH7XEXIWXLI]
LMVI%PPMIXSGEVIJSVXLIMVLSQI8LVSYKLSYXXLIMVWXE]
EFVSEH LS[IZIV 1EYVE HIZIPSTW E TIVWMWXIRX JIEV SJ
%PPMIERHFIGSQIWTVISGGYTMIH[MXLXLITSWWMFMPMX]XLEX
.EQIWQMKLXPIEZILIVJSV%PPMI0MOI[MWIXVEZIPVIZIEPW
RI[RSXIRXMVIP][IPGSQIHMQIRWMSRWSJTISTPI
WTIV
WSREPMXMIW MR l8LI &YWMRIWW 8VMTz -R XLMW WXSV] 0IRE
HIWMVIW E GPSWIV VIPEXMSRWLMT [MXL 7LE] E GS[SVOIV
4VMSV XS XLIMV FYWMRIWW XVMT XSKIXLIV 0IRE LEW PSRK
EHQMVIH 7LE] JVSQ EJEV HIWTMXI XLEX WLI ORS[W PMXXPI
EFSYX LMQ ;MXL XLI LIPT SJ LIV JVMIRH 1EKKMI [LS
LEW PMXXPI XVSYFPI KIXXMRK QIR
W EXXIRXMSR WLI YWIW XLI
FYWMRIWWXVMTEWERSTTSVXYRMX]XSKIXXSORS[7LE]ERH
XS KEMR LMW MRXIVIWX 1EKKMI LIPTW 0IRE [MPPMRKP] FYX
WLI EPWS [EVRW 0IRE XLEX l,I [MPP RSXMGI ]SY LI [MPP
JERG] ]SY 8VYXLJYPP] FYX ]SY QE] RSX JERG] LMQz
;LMPI0IREEXJMVWXWGSJJWEXLIVJVMIRH
W[EVRMRK1EK
KMI
WTVIHMGXMSRGSQIWXSTEWW%W7LE]FIGSQIWIREQ
SVIH [MXL 0IRE ERH XLI X[S KIX XS ORS[ IEGL SXLIV
FIXXIV 0IRE HMWGSZIVW XLEX 7LE]
W GLEVQW EVI TYVIP]
WYTIVJMGMEP &] XLI IRH SJ XLIMV FYWMRIWW XVMT 0IRE
W
MRXIVIWXMR7LE]LEWHMWWMTEXIHERHWLIQSZIWSR[MXL
LIVPMJI
-RQER]GEWIWXLVSYKLSYX8LI6IXYVR.SYVRI]ERH
3XLIV 7XSVMIW MRXMQEG] WIIQW XS EVMWI SYX SJ GLEVEGXIVW
LSQIPIWWRIWW7XVMTTIHSJXLIWIGYVMX]ERHGSQJSVXSJE
LSQIIRZMVSRQIRXGLEVEGXIVWJSVQXIQTSVEV]FYXWYV
TVMWMRKP]MRXMQEXIJVMIRHWLMTWHYVMRKXLIGSYVWISJXLIMV
NSYVRI]W 0EZIRHIV ERH 1EV] WLEVI WYGL ER MRXMQEG]
SREJIVV]JVSQ-VIPERHXS0MZIVTSSPMRl8LI'VSWWMRKz
1EV] XIPPW 0EZIRHIV SJ XLI XIRWMSRW FIX[IIR LIV ERH
LIVMRPE[W[LMPI0EZIRHIVGSRJMHIWXS1EV]XLEX0EZ
IRHIV
WHEYKLXIVLEWJSYRHELYWFERH[MXL[LSQ0EZ
IRHIV MW YRGSQJSVXEFPI %TTVSEGLMRK XLI HMJJMGYPXMIW
FIX[IIRMRPE[WJVSQFSXLXLITEVIRXW
ERHGLMPH
WTIV
WTIGXMZIWXLIX[S[SQIRSJJIVEHZMGIERHGSQJSVXXS
IEGL SXLIV QEOMRK FSXL JIIP QSVI STXMQMWXMG EFSYX
XLIMVJYXYVIW[MXLXLIMVVIPEXMSRW
&MRGL]
W8LMW=IEV-X;MPP&I(MJJIVIRXERH3XLIV7XS
VMIW%'LVMWXQEW8VIEWYV]VIZIEPWLIVTVSXEKSRMWXW
GLEVEGXIVWEWXLI]PMZIXLVSYKLXLIXIRWMSRWEWWSGMEXIH
[MXL XLI LSPMHE]W -R l8LI 8IR 7RETW SJ 'LVMWXQEWz
JSV I\EQTPI 1EYVE [SVVMIW SZIV LIV HMJJMGYPX HEYKL
XIV
WIQSXMSREPZSPEXMPMX]%WXLIQSXLIVVIWXWGSQJSVX
EFP]MRLIVFIPMIJXLEXLIVHEYKLXIV3VPEMWXLIJEQMP]
W
SRP]TVSFPIQ3VPETVSGIIHWXSHSGYQIRXLIVJEQMP]
W
XVSYFPIHPMJI[MXLLIV'LVMWXQEWKMJXE4SPEVSMHGEQIVE
-RXIRTLSXSKVETLWWLIVIGSVHWLIVQSXLIV
WHMJJMGYPXMIW
OIITMRKXLIXYVOI]SJJXLIJPSSVLIVJEXLIV
WEJJEMV[MXL
XLIJEQMP]
WEYTEMVEJEQMP]JVMIRH
WXLIJXSJLIVLSWX
W
(YWXNEGOIXJSV&MRGL]
WGSPPIGXMSRSJWXSVMIWEFSYXTISTPI
[LSJSVQMRXMQEXIJVMIRHWLMTWMRXLIGSYVWISJNSYVRI]W
6MGLPERH'SYRX]4YFPMG0MFVEV]
WMPZIV ERH LIV KVERHQSXLIV
W EPGSLSPMWQ %RSXLIV SJ
&MRGL]
W'LVMWXQEWWXSVMIWl%8]TMGEP-VMWL'LVMWXQEW
zVIGSYRXW&IR
WHMJJMGYPXMIWHIEPMRK[MXLXLILSPM
HE]WEJXIVXLIHIEXLSJLMW[MJI)PPIR-REFMHXSKIXSYX
SJLSPMHE]MRZMXEXMSRWTVSJJIVIHF]W]QTEXLIXMGGS[SVO
IVW&IRQEOIWTPERWXSZMWMX-VIPERHJSV'LVMWXQEW%W
LIEVVERKIWLMWXVMTLIQIIXW*MSRRYPEEXVEZIPEKIRX
(YVMRK XLI GSYVWI SJ LMWXVMT LI IEWIW LMWS[R PSRIPM
RIWWEWLITPE]WTIEGIQEOIVFIX[IIR*MSRRYPEERHLIV
IWXVERKIH JEXLIV 8LSYKL QSVI LIEVX[EVQMRK XLER
l8LI8IR7RETWSJ'LVMWXQEWzXLMWWXSV]EPWSSJJIVWE
GPIEVIVZMI[SJGLEVEGXIVWF]GEXGLMRKXLIQMRXLIQMHWX
SJLSPMHE]WXVIWW
(IWTMXILIVEHQMWWMSRSJLIVTSTYPEVVEXLIVXLER
PMXIVEV] WXEXYW &MRGL]
W [SVOW SJJIV E GSQTIPPMRK
MRWMKLXMRXS-VIPERHEXXLIGPSWISJXLIX[IRXMIXLGIRXYV]
,IVGLEVEGXIVWH[IPPMRE[SVPHQEHILSQSKIRISYWF]
QIHMEWEXYVEXMSRERHIEW]XVERWTSVXEXMSR&EWIHWSPIP]
YTSR LIV GLEVEGXIVM^EXMSRW XLI VIEHIV QMKLX EW IEWMP]
EWWYQI LIV -VMWL GLEVEGXIVW EVI %QIVMGER SV )RKPMWL
1EIZI&MRGL]
(0&
XLER IRXLYWMEWXMG ,IV VIPMERGI YTSR GSRZIRXMSREP
JSVQW ERH ,SPP][SSHWX]PI XVMGOW ERH GSMRGMHIRGIW MR
LIVTPSXWLEWPIHXSEPS[GVMXMGEPIWXMQEXMSRSJLIV[VMX
MRK%PXLSYKL&MRGL]LEWHVE[REXXIRXMSRJVSQWGLSP
EVW I\TPSVMRK -VMWL TST GYPXYVI SV -VMWL [SQIR
W
[VMXMRKWLI[MPPPMOIP]VIQEMRETVIHSQMRERXP]TSTYPEV
TLIRSQIRSR
8LMW WIRWI SJ GYPXYVEP LSQSKIRM^EXMSR MR &MRGL]
W
[SVOWMWLIMKLXIRIHF]XLIEYXLSV
WVIPMERGIYTSRXLI
JPY\ SJ XVEZIP EW E QIERW SJ KIWXEXMRK MRXMQEGMIW ERH
JSVKMRK QIIXMRKW ,IV WXSV] GSPPIGXMSRW EPQSWX EP[E]W
MRGPYHI XVEZIP SV QSZIQIRX GSRWIUYIRXP] XLI] VIWMWX
WXEXMGREXMSREPGLEVEGXIVM^EXMSRW
8LI-VMWLPERHWGETIXLSYKLJYRGXMSRWMRERMVSR
MGEPP]VSQERXMG[E]MRQER]SJ&MRGL]
W[SVOW7MRGI
1EXXLI[%VRSPHGMXIHXLIWYTTSWIHP]MRIWGETEFPIlWIR
XMQIRXEPMX]zSJXLI'IPXEYXLSVWLEZIGETMXEPM^IHYTSR
EWWYQTXMSRWEFSYXXLI-VMWLEWETVSXSX]TMGEPP]VSQER
XMG TISTPI *SV &MRGL] LS[IZIV XLI IZSGEXMZI XIVVEMR
SJXIR WIVZIW EW ER MVSRMG GSRXVEWX XS XLI GLEVEGXIVW MR
LIVRSZIPWERHWLSVXWXSVMIW;LMPIXLIQIRXMSRSJ-VI
PERH FVMRKW [MXL MX GSRRSXEXMSRW SJ VSQERGI XLIWI
I\TIGXEXMSRW EVI X]TMGEPP] HEWLIH EW &MRGL]
W TVSXEKS
RMWXWGSRJVSRXEQSHIVR[SVPHMR[LMGL3VPE
W4SPEVSMH
WRETWLSXW VITPEGI XLI WIRXMQIRXEP MQEKIW SJ ER -VMWL
'LVMWXQEW )ZIR EX XLIMV FIWX &MRGL]
W -VMWL GLEVEG
XIVWВ‹WYGL EW 0IRE ERH 7LE] JVSQ l8LI &YWMRIWW
8VMTzВ‹LEZI PMXXPI SV RS XMQI JSV VSQERGI SV VIZIEP E
KIRYMRIMRITXMXYHIJSVVSQERXMGVIPEXMSRWLMTW
;LMPILIVTVISGGYTEXMSR[MXLXLIQIWSJPSZIERH
VIPEXMSRWLMTW LEW KYEVERXIIH LIV E TSTYPEV EYHMIRGI
GVMXMGEPVIGITXMSRSJ1EIZI&MRGL]
W[SVOLEWFIIRPIWW
-RXIVZMI[W
l&IWX7IPPMRK-VMWL%YXLSV1EIZI&MRGL](MWGYWWIW,IV
'EVIIV EW E 2SZIPMWX ERH ,IV 2I[ &SSO 8LI
+PEWW0EOIz)YVSTI%TVMP
l% 'SRZIVWEXMSR [MXL 1EIZI &MRGL]z ;VMXIV *IFVYEV]
.ERE7MGMPMERSl1EIZI&MRGL]z&SSOVITSVXIVGSQ LXXT
[[[FSSOVITSVXIVGSQEYXLSVWEYFMRGL]
QEIZIEWT"
6IJIVIRGIW
l*IMWX] 1EIZI &MRGL] -VIPERH
W *EZSVMXI 7XSV]XIPPIV
,IEHW JSV +VIIRIV 4EWXYVIWz 4ISTPI ;IIOP] %YKYWX
'LVMWXMRI7X4IXIV'LERKMRK-VIPERH7XVEXIKMIWMR'SRXIQ
TSVEV] ;SQIR
W *MGXMSR &EWMRKWXSOI 9/ 1EG
QMPPER2I[=SVO7X1EVXMR
W4VIWW

q,YF EVKYQIRX# *VEROP] MXtW [VSRKr - New Statesman