9PKQWSKT]X FYKYNSNTY
s[[[[ \d]kbrl jikmbifei peff ibbak
lechebe_]hm kaoahna ckipmd ]h`
o]fna _ka]meih mdkincd ^k]h`l eh
mda _igehc qa]kl [[[[t
*D=ELH=I =I@
*DEAB ,RA?ONEPA
.JIT=C= < 1 3E
}LNEMN EHKLAMMEJI JB NDA KLJKJMA@ -ALLEM <DAAG =N NDA =KLJI JB 6?A=I :ALHEI=Gy
9CEDCE8G; E;FH@GF
zFI K?< P<8I <E;<; x<:<D9<I nlh mkkkh {IFLG
GIF=@K 8KKI@9LK89C< KF J?8I<?FC;<IJ N8J |*bmhosk
D@CC@FEj 1KI@GG@E> FLK K?< GI<M@FLJ P<8ITJ <O:<GR
K@FE8C @K<DJh I<:LII<EK GIF=@K @E =8:K @E:I<8J<; 9P
lk G<I :<EKj y8IE@E>J G<I J?8I< N<I< |*bljklj
uE @EK<I@D ;@M@;<E; F= ms :<EKJ G<I J?8I< N8J G8@;
@E -FM<D9<I mkkkh 8E; K?< x@I<:KFIJ I<:FDD<E;
8 =@E8C ;@M@;<E; F= pk :<EKJ G<I J?8I< KF 9< 8GGIFM<;
8K K?< =FIK?:FD@E> uEEL8C {<E<I8C ,<<K@E>j
9CEDCE8G; >?=>@?=>GF
2?< {IFLG 8:?@<M<; 8 lo G<I :<EK @E:I<8J< @E KLIER
FM<I =IFD |*blkjp 9@CC@FE KF |*blmjk 9@CC@FEj
zFI K?< =@IJK K@D<h EFEiGIFG<IKP FG<I8K@E> I<M<EL<
<O:<<;<; GIFG<IKP I<M<EL<h 8E; >IFN@E> 9P
8GGIFO@D8K<CP lr G<I :<EK G<I 8EELDj
1
2?< 9FIIFN@E> :FJKJ =FI mkkl J?FLC; I<;L:< @E C@E<
N@K? @EK<I<JK I8K< I<;L:K@FEJj
M8CL< :I<8K@FE K?IFL>? 9I8E;J @E K?< :FD@E>
P<8IJj
{IFLG E<K FG<I8K@E> GIF=@K @E:I<8J<; 9P ml G<I :<EKj
DECD;EGJ
2JQGJJI 7JEIN U ;=GOA *LA=NEJI
5@K? K?< I<:FM<IP F= K?< |FE> *FE> <:FEFDP 8E;
K?< 89JFIGK@FE F= K?< GI<M@FLJ FM<I JLGGCPh K?<
I<EK8C D8IB<K @E I<C8K@FE KF :FDD<I:@8C JG8:<
?8J J@>E@=@:8EKCP @DGIFM<; 8E; N@CC >8K?<I DFD<ER
KLD N@K? K@D<h G8IK@:LC8ICP @E I<C8K@FE KF {I8;< u
=8:@C@K@<Jj
2?< {IFLG ;@M<JK<; @KJ @EK<I<JK @E v<8L=FIK<
}EM<JKFIJ wFIGFI8K@FE +@D@K<; @E .:KF9<I mkkk
8E; @E 2?< wIFJJi|8I9FLI e|FC;@E>Jf +@D@K<; @E
,8I:? mkklj
9CEDCE8G; FGEH9GHE;
2?< 5?8I= {IFLGTJ J@DGC< JKIL:KLI< @J 8E:?FI<; 9P
GIFG<IKP @EM<JKD<EK N@K? *FNCFFE /F@EK I<GI<J<EKR
@E> 89FLK ?8C= F= K?< {IFLGTJ 8JJ<KJj .K?<I GIFG<IK@<J
K8B< LG mp G<I :<EKj 2?< {IFLG @J :FDGC<K<; 9P
KNF FK?<I GI@E:@G8C @EM<JKD<EK 8IDJh E8D<CP w,y
e:FDDLE@:8K@FEJh D<;@8 8E; <EK<IK8@ED<EKf 8E;
+F>@JK@:J e:FEK8@E<I 8E; 8@I :8I>F K<ID@E8CJfj 2?@J
GFIK=FC@F F==<IJ J@>E@=@:8EK I<M<EL< >IFNK? 8E;
uIFLE; ?8C= F= K?< {IFLG 8JJ<KJ @J :<EKI<; 8K
*FNCFFE /F@EKh 9I8E;<; 8J |8I9FLI w@KPj zIFD
K?< GI<iltsk KFK8C F= 89FLK pjro D@CC@FE JHL8I<
=<<Kh 8=K<I K?< I<;<M<CFGD<EK F= {8K<N8PJ } 8E;
}}h K?< KFK8C JHL8I< =FFK8>< ?8J EFN >IFNE KF JFD<
sjmp D@CC@FE JHL8I< =<<Kh DFI< FI C<JJ <HL@M8C<EK
KF 8 :@KP 9CF:B @E ,8E?8KK8Eh -<N 7FIB w@KPj
2?< E<N I<K8@C <OK<EJ@FE LE;<IE<8K? K?< {8K<N8P
}} KFN<IJ :FDGC<K<; @E ltts ?8J JKI<E>K?<E<; K?<
GIFD@E<EK N@EE@E> GFJ@K@FE F= |8I9FLI w@KPh
N?@:? <EAFPJ ?<8MP KI8==@: =CFN N@K? ?@>? 9I8E;
E8D<J JKFI<J @E:CL;@E> +8E< wI8N=FI;h w@KPT1LG<Ih
~FP:< vFLK@HL<h ,8IBJ d 1G<E:<I 8E; 8 ?FJK F=
FK?<I @EK<IE8K@FE8C 9I8E;Jj 1L9JK8EK@8C 8JJ<K M8CL<
?8J K?<I<=FI< 9<<E 8;;<;j
w8EKFE 0F8; @J JL9JK8EK@8CCP M@K8C@Q<; 8E; K?@J N@CC
9< =LIK?<I <E?8E:<; N@K? K@D<j 5@K? JKI<<K =IFEK
D8AFI ;<CLO< I<K8@C<IJ JL:? 8J +FL@J 4L@KKFEh {L::@
8E; z<II8>8DFh K?@J ?8J @E =8:K >I<8KCP <E?8E:<; K?<
CFFB F= K?< w8EKFE 0F8; GIFD<E8;< FE K?< |8I9FLI
w@KP J@;<j +FL@J 4L@KKFE I<:<EKCP JL>><JK<; K?8K @K
@J K?< Uw?8DGJ yCPJ<<JV F= *FNCFFEj
1L9JK8EK@8C GI<D@J<J @DGIFM<D<EKJ 8I< 9<@E>
GC8EE<; 9P 8;;@E> M8CL< KF .:<8E 2<ID@E8C 8E;
2
9PKQWSKT]X FYKYNSNTY
8 I<M8DG@E> F= K?< ,8I:F /FCF |FE>BFE> |FK<C
I<K8@C 8I:8;<j /C8EJ 8I< 8CJF 9<@E> 8:K@M<CP :FEJ@;R
<I<; KF <E?8E:< K?< HL8C@KP 8E; CFFB F= K?< .:<8E
2<ID@E8C IFF= KFG 8J N<CC 8J K?< GI8P8 =IFD .:<8E
2<ID@E8C KF K?< :FE:FLIJ< F= U1K8IV z<IIPj
u V7JQAL 9DJKKALN=EIHAIN *AINLAW J?FGG@E> :FE:<GK
N@CC 9< @EKIF;L:<; 8K .:<8E 2<ID@E8C KF GIFM@;<
J?FGG<IJ N@K? 8 =I<J? 8E; <EK<IK8@E@E> J?FGG@E> <OR
G<I@<E:<j 2?< :FE:<GK =FCCFNJ K?< JL::<JJ=LC /FN<I
w<EKI< I<K8@C :FE:<GK @E K?< 3E@K<; 1K8K<J 8E; ~8G8Ej
}E ;@I<:K I<JGFEJ< KF K?< w?@<= yO<:LK@M<TJ lttt
/FC@:P u;;I<JJ J<KK@E> FLK K?< M@J@FE F= D8B@E>
9<KK<I LJ< F= FLI N8K<I=IFEKh K?< {IFLG ?8J
JL9D@KK<; 8 GI<C@D@E8IP GC8EE@E> JK8K<D<EK KF
K?< 2FNE /C8EE@E> vF8I; KF ;<M<CFG 8 rpiD<KI<
z<II@J 5?<<C 8K K?< <E; 8GIFE F= .:<8E 2<ID@E8Cj
2?< z<II@J 5?<<C N@CC 9<:FD< 8 C8E;D8IB F= FLI
GI@;< 8E; 8 DLJKiM@J@K KFLI@JK 8KKI8:K@FE =FI |FE>
*FE>h 8E; N@CC :FDGC<D<EK K?< UxI8>FEV K?<D<
:DA PEN=GETA@ *=INJI 8J=@ x
NDA X*D=HKM ,GSMAAMY JB 2JQGJJIy
v<8LK@=@:8K@FE /IFA<:K 8CFE> 2J@DJ?8KJL@ /IFDR
<E8;< :LII<EKCP GIFDFK<; 9P K?< {FM<IED<EK
8E; |FE> *FE> 2FLI@JK uJJF:@8K@FEj
*FNCFFE /F@EK ;FD@E8K<J 2J@DJ?8KJL@ 8J K?<
:<EKI< F= >I8M@KP =FI 9FK? 9LJ@E<JJ 8E; C<@JLI<
8:K@M@K@<Jh N@K? KI8EJGFIK C@EBJ N?@:? @E:CL;<J @KJ
ALOK8GFJ@K@FE KF K?< 9LJ K<ID@ELJh U1K8IV z<IIPh
w?@E8 z<IIP 2<ID@E8Ch K?< KLEE<CJh K?< <8JP 8::<JJ
KF K?< 8@IGFIKh 8E; 0FLK< n KF K?< 9FI;<Ih I<:F>E@Q@E>
8CJF K?8K nt G<I :<EK F= K?< |*1u0TJ ?FK<C IFFDJ 8I<
N@K?@E lk D@ELK<J F= |8I9FLI w@KPj
zLIK?<I @;<8J FE K?< I<;<M<CFGD<EK F= |8I9FLI
w@KP 8I< 9<@E> <O8D@E<; 8K 8 GI<C@D@E8IP JK8>< =FI
mkko FI mkkp KF K8B< 8;M8EK8>< F= K?< @DGIFM<;
I8@C C@EB8>< 8K 2J@DJ?8KJL@ :LII<EKCP 9<@E> GC8EE<;
9P *w0wj 5@K? 8E <OG<I@<E:<; 8E; :8G89C<
*FNCFFE /F@EK K<8D F= 8:K@M< D8E8><IJh |8I9FLI
w@KP @J 8 :FEK@EL8C M8CL< :I<8K@FE <O<I:@J<j
6NDAL 7LJKALNEAM U .LJQND
.K?<I GIFG<IK@<J ?<C; 9P K?< {IFLG 8I< LE;<I 8:K@M<
D8E8><D<EKj /IFG<IKP ;<M<CFGD<EK GIFA<:KJ 8I<
GIF>I<JJ@E> 8J GC8EE<;j 2?< {IFLGTJ /<8B /FIK=FC@F
@J 8KKI8:K@M< 9<:8LJ< F= K?< J:8I:@KP F= CLOLIP 8::FDR
DF;8K@FE JLGGCP 8E; I<;L:@E> @EK<I<JK I8K<Jj 2?<
;<M<CFGD<EK F= U1FII<EKFV e*FNCFFE 1K8K@FE
/8:B8>< }}f 8E; Uv<CC8>@FV e1?8D 2J<E> J@K<f
KFK8CC@E> FM<I =@M< D@CC@FE JHL8I< =<<K N@CC 9< :FD@E>
FE JKI<8D @E mkklj 2?<J< ;<M<CFGD<EK GIFA<:KJ
I<GI<J<EK ?@>? I<M<EL< >IFNK?j
zLIK?<Ih K?< {IFLG N@CC :FE:<EKI8K< FE GIFG<IKP
;<M<CFGD<EKJ @E 1?8E>?8@h =F:LJ@E> FE ;FD<JK@:
8E; I<J@;<EK@8C 8J GIFG<CC<; 9P 52. GFK<EK@8CJj
2@D<J 1HL8I< |FE> *FE> @J 8EFK?<I D8AFI GIFG<IKP
8JJ<K LE;<I 8:K@M< D8E8><D<EK KF 8;; M8CL< 9P
@E:I<8J@E> D<I:?8E;@J< ;@JKI@9LK@FE :8G89@C@K@<J
=F:LJ@E> FE J8C<J KLIEFM<Ij 5@K? 8 JKIFE> 9I8E;
I<:F>E@K@FEh 2@D<J 1HL8I< @J FE< F= K?< KFG lk
KFLI@JK 8KKI8:K@FEJ EFD@E8K<; 9P |FE> *FE> 2FLI@JK
uJJF:@8K@FEj }K @J K?< DFJK JFL>?Ki8=K<I <O?@9@K@FE
M<EL< =FI :FEJLD<I GIF;L:KJ @E |FE> *FE>j
2?< 9I8E;@E> @E@K@8K@M<J F= w?@E8 U2@D<J 1HL8I<JV
8I< LE;<IN8P N@K? v<@A@E> 8E; 1?8E>?8@ 8CI<8;P
FG<I8K@FE8Ch 8E; w?FE>H@E> LE;<I :FEJKIL:K@FEj
2?@J N@CC 8::<EKL8K< K?< 9I8E;@E> JL::<JJ F=
2@D<J 1HL8I<J @E ;@JKI@9LK@FE F= D<I:?8E;@J<
KF B<P :@K@<J @E w?@E8 @E 8CC@8E:< N@K? K?< {IFLGTJ
8==@C@8K< :FDG8EPh +8E< wI8N=FI;j
/JNAGM x .LJQND
}E FI;<I KF JKI<E>K?<E K?< U,8I:F /FCFV 9I8E;
@;<EK@KPh K?< K?I<< ?FK<CJ @E |FE> *FE> 8CFE>
w8EKFE 0F8; ?8M< 8CC 9<<E I<E8D<; N@K? K?< GI<=@O
U,8I:F /FCFVj 2?@J 9I8E; LE@=@:8K@FE N@CC <E89C<
K?< :?8@ETJ CFP8C :LJKFD<IJ KF I<:F>E@Q< K?< 9I8E;
DFI< I<8;@CPj 2F><K?<I N@K? ,8I:F /FCFTJ 6@8D<Eh
,8I:F /FCF x8M8Fh ,8I:F /FCFTJ .DE@ 18@>FE 8E;
K?< JFFEiKFiFG<E ,8I:F /FCF v<@A@E>h K?< {IFLG
+*
9PKQWSKT]X FYKYNSNTY
?8J 8 GFIK=FC@F F= J<M<E GIFG<IK@<J @E uJ@8h 8E; K?<
JKI8K<>P @J KF <OG8E; @EKF FK?<I G8IKJ F= uJ@8 8E;
G8IK@:LC8ICP @E w?@E8j
9A; 49USSZTQLKYQUTX6 ANMQK KTM
;TYNWYKQTSNTY5 7 =WU[YP
mkkk N8J 8 D@C<JKFE< >IFNK? P<8I =FI K?< {IFLGTJ
w,y 9LJ@E<JJj 2?@J ;@M@J@FE @J >IFN@E> JKIFE>CP
;<JG@K< 8 :FDG<K@K@M< D8IB<K 8I@J@E> =IFD N?8K @J
8 I<>LC8KFIP ;I@M<E 9LJ@E<JJj 2?< KFL>? <EKIP 98II@<I
?8J 9<<E FM<I:FD<j 2?< ;@M@J@FE @J <JK89C@J?@E>
@KJ B<P 9I8E;J 8E; 9<>@EE@E> KF GIF;L:< GIF=@KJj
}KJ ?@>? FG<I8K@E> C<M<I8>< N@CC F==<I 8 M<IP 8KKI8:K@M<
@E:I<D<EK8C GIF=@K D8I>@E >IFNK? =IFD K?< @E:I<8J<
F= I<M<EL<j
Ex*}~3,
wuv+y 24 JK8IK<; KF I<GFIK 8 ?<8CK?P E<K GIF=@K @E
K?< J<:FE; HL8IK<I F= K?< P<8Ih 8K C<8JK 8 P<8I <8IC@<I
K?8E ?8; 9<<E <OG<:K<;j 2?@J @J DFJK >I8K@=P@E>
9<:8LJ< EF K<C<M@J@FE 9IF8;:8JK<I @E |FE> *FE>h
FK?<I K?8E K?< ;FD@E8EK FG<I8KFIh ?8; 9<<E GIF=@Ki
89C< @E K?< ?@JKFIP F= K<C<M@J@FE J@E:< @K 9<:8D< 8
D8JJ D<;@LD CF:8CCPj
2?< ,LCK@D<;@8 ;@M@J@FE C8LE:?<; 8 vIF8;98E;
}EK<IE<K 8::<JJ J<IM@:< LE;<I K?< 9I8E; F= @iwuv+y
@E ,8I:? C8JK P<8I 8E; JK8IK<; KF I<GFIK GFJ@K@M<
yv}2xu 9<=FI< K?< <E; F= K?< P<8Ij 2?< 9LE;C@E>
F= J<IM@:<J KF :LJKFD<IJ K?IFL>? K?< U2I@GC< /C8PV
JKI8K<>P <E89C<J K?< <E?8E:<D<EK F= K?< K?I<< <8IER
@E>J JKI<8DJ =IFD M@;<Fh ;8K8 8E; MF@:<j x<C@M<IP
F= MF@:< J<IM@:< @J 9<@E> JL::<JJ=LCCP K<JK<; J@E:<
x<:<D9<I mkkkh LJ@E> MF@:<iFM<Ii}/ K<:?EFCF>Pj
2?@J E<N K<:?EFCF>P @J ;I@M@E> :8G@K8C :FJKJ ;FNE
JL9JK8EK@8CCP KF D8B< K?< 9LJ@E<JJ DF;<C DFI<
8KKI8:K@M<j
++
z@IJK FI <8ICP DFM<I 8;M8EK8>< ?8J <E89C<; K?<
:FDG8EP KF IFCC FLK J<IM@:< 8E; G<E<KI8K< K?< D8IB<K
DL:? =8JK<Ih DFI< JL::<JJ=LCCP 8E; GIF=@K89CP
K?8E @KJ :FDG<K@KFIJj 2?< :LII<EK wuv+y 24
JL9J:I@9<I 98J< ?8J I<8:?<; FM<I pnkhkkkh 8E; K?<
vIF8;98E; }EK<IE<K JL9J:I@9<I 98J< ?8J JLIG8JJ<;
rphkkkj
:<IE@E> 8E; CFP8Cj 5?<I<8J =@O<; C@E<J I<GI<J<EK<;
FECP lk G<I :<EK F= KFK8C I<M<EL< @E lttsh @K >I<N
KF mr G<I :<EK @E lttt 8E; pk G<I :<EK @E mkkkj }E
;F@E> JFh -<N 2d2 ?8J :FEJFC@;8K<; @KJ 9I8E;
GFJ@K@FE 8J K?< =8JK<JK >IFN@E> 8E; DFJK JL::<JJ=LC
:FDG<K@KFI KF K?< =FID<I DFEFGFCP @E =@O<; K<C<:FD
E<KNFIB J<IM@:<Jj
-<N 2d2TJ >IFNK? N8J 8:?@<M<; GI@E:@G8CCP 9P
>IFN@E> @KJ @EJK8CC<; 98J< F= =@O<; C@E<J 8K 8 :FDR
GFLE; I8K< F= 89FLK sk G<I :<EK =FI KNF :FEJ<:LK@M<
P<8IJ KF <O:<<; lokhkkk 8K K?< <E; F= mkkkj .M<I
tk G<I :<EK F= K?<J< C@E<J 8I< 9LJ@E<JJ =@O<; C@E<Jh
N?@:? >8M< -<N 2d2 8 D8IB<K J?8I< N@K?@E K?<
J<:KFI F= DFI< K?8E <@>?K G<I :<EK FM<I8CCh 8E;
:CFJ< KF mk G<I :<EK @E K?< U8;;I<JJ89C< D8IB<KVj
,FJK @DGFIK8EKCPh @KJ @EM<JKD<EK @E ?@>? M8CL<
98:B?8LCh }/+wh ;8K8 8E; 9IF8;98E; GIF;L:KJ ?8J
JK8IK<; KF ;<C@M<I I<JLCKJj
Ex*}~3, ~LJ=@>=I@ 0INALIAN =??AMM MALPE?A LAKJLNA@ KJMENEPA
,~0:+} >ABJLA NDA AI@ JB {zzzy
.E :FEJFC@;8K@FEh 8 E<K GIF=@K 8KKI@9LK89C< KF J?8I<R
?FC;<IJF= |*bmk D@CC@FE N8J I<GFIK<;h I<GI<J<EK@E>
8E @DGIFM<D<EK F= |*bmpr D@CC@FE FM<I ltttj 2?@J
@J FE< P<8I 8?<8; F= D8IB<K <OG<:K8K@FEj 2?<
:FDG8EP @J :8J?=CFN GFJ@K@M<h ?FC;@E> @E <O:<JJ F=
|*bljp 9@CC@FE @E :8J?j
5AQ :v:
.M<I K?< G8JK =<N P<8IJh -<N 2d2 ?8J I8G@;CP
KI8EJ=FID<; @KJ :FI< 9LJ@E<JJ =IFD }xx KF ?@>? M8CL<
=@O<; C@E<Jh N?<I< K?< E8KLI8C <EKIP 98II@<IJ 8I<
DL:? ?@>?<I 8E; :LJKFD<IJ 8I< DL:? DFI< ;@JR
mkkk I<M<EL< N8J mp G<I :<EK ?@>?<I K?8E ltttj
vP D8E8>@E> M8I@FLJ :FJKJ 8K 9<CFN K?< lttt C<M<Ch
-<N 2d2 I<GFIK<; 8E @DGIFM<D<EK @E yv}2xu
F= FM<I |*bmkk D@CC@FE 8E; :8D< :CFJ< KF 9I<8BR
@E> <M<E 8K K?< 9FKKFD C@E<j
@C=?FG?9F 7 =WU[YP
2?< {IFLG @J @EMFCM<; @E +F>@JK@:J 9LJ@E<JJ @E K?<
8I<8J F= :FEK8@E<I 8E; 8@I :8I>F K<ID@E8C FG<I8K@FEJh
9FK? F= N?@:? J?FLC; 9<E<=@K J@>E@=@:8EKCP =IFD
w?@E8TJ @DG<E;@E> <EKIP @EKF 52.j
4J@ALI :ALHEI=GM
uJ JL>><JK<; @E K?< ,8:IF y:FEFD@:J /IFJG<:KJ
J<:K@FEh w?@E8 KI8;< @J <JK@D8K<; KF ;FL9C< N@K?@E
K?< =FCCFN@E> =@M< P<8IJ 8=K<I 52.j |FE> *FE> ?8J
KI8;@K@FE8CCP J<IM@:<; :CFJ< KF ok G<I :<EK F= w?@E8
KI8;< 8E; K?@J JG<8BJ N<CC =FI K?< :FEK8@E<I K<ID@E8C
9LJ@E<JJ GFK<EK@8C 8K ,F;<IE 2<ID@E8CJh EFN 8 ppjno
G<I :<EK JL9J@;@8IP F= K?< {IFLG N@K? JK89C< >IFNK?
F= <8IE@E>Jj
y==@:@<E:P F= :LJKFDJ :C<8I8E:< 8K FLI 9FI;<I @J
:I@K@:8C 8J FE< :FEK8@E<I 8IK@:LC8K<; M<?@:C< G8JJ<J
K?IFL>? K?< 9FI;<I <M<IP op J<:FE;Jj }E uL>LJK
mkkkh NFIB@E> :CFJ<CP N@K? @KJ :LJKFD<IJh ,F;<IE
2<ID@E8CJ I<GFIK<; 8 E<N 8CCiK@D< DFEK?CP I<:FI;
?@>? @E K?IFL>?GLKh N@K? 8 NFIC; I<:FI; ?8E;C@E>
JG<<; F= qr DFM<J G<I ?FLI G<I :I8E<j ,F;<IE
2<ID@E8CJ ?8J 8 JKIFE> 9I8E; I<:F>E@K@FE 9L@CK FE
<O:<CC<EK :LJKFD<I J<IM@:< =F:LJj 2?< ,F;<IE
2<ID@E8CJ =8:@C@K@<Jh <JG<:@8CCP K?< 9L@C;@E>h 8I<
GIFD@E<EKCP M@J@9C< N?<E KI8M<CC@E> KF 8E; =IFD
K?< 8@IGFIKj
2?< wFEK8@E<I 2<ID@E8C t ;<M<CFGD<EK N@CC ><ER
<I8K< <OKI8 :8G8:@KP =IFD njo D@CC@FE 2y3J KF ojp
D@CC@FE 2y3J K?8K ;I@M<J =LIK?<I I<M<EL< >IFNK?j
2?< 8>>I<>8K< K<ID@E8CJ N@K?@E K?@J :FDG8EP N@CC
F::LGP JFD< tjp D@CC@FE JHL8I< =<<K F= C8E;j
,F;<IE 2<ID@E8CJ @J :FEJ<IM8K@M<CP C<M<I8><; 8E;
8CC =@E8E:@E> @J EFEiI<:FLIJ< KF K?< {IFLGj 2?@J
JFC@; =@E8E:@8C GFJ@K@FE N@CC :FD=FIK89CP <E89C<
,F;<IE 2<ID@E8CJ KF <OG8E; N@K? wFEK8@E<I
2<ID@E8C t 8E; @EKF FK?<I 8I<8Jh G8IK@:LC8ICP 8K
5<JK<IE 1?<EQ?<E GFIKJ @E 1FLK?<IE w?@E8j
1?FLC; @K 9<:FD< 8 I<8C@KP K?8K 52. N@CC ;FL9C<
KI8;< @E w?@E8 8E; |FE> *FE> K8B<J 8 ok G<I
:<EK GIFGFIK@FE K?<I<F=h K?<E K?IFL>?GLK >IFNK?
9IFL>?K 9P K?@J @E:I<8J<; KI8;< J?FLC; FLKJKI@G
:LII<EK K<ID@E8C JLGGCP @E 1FLK?<IE w?@E8j 2?<
|*1u0 {FM<IED<EKTJ @E@K@8K@M< KF I<M@M< ;@J:LJR
J@FEJ FE KI@>><I@E> wFEK8@E<I 2<ID@E8CJ lk 8E; ll
K?<I<=FI< I<M<8CJ K?< ;PE8D@:J F= K?< J@KL8K@FEj
+,
9PKQWSKT]X FYKYNSNTY
/}*:3
1@D@C8I KF ,F;<IE 2<ID@E8CJh |FE> *FE> u@I
w8I>F 2<ID@E8CJ +@D@K<;h ?<C; lmjp G<I :<EK 9P
K?< {IFLGh N@CC <EAFP K?< 9<E<=@KJ F= @E:I<8J<;
K?IFL>?GLK >IFNK? 8I@J@E> =IFD 52.j |uw2+TJ
GI<D@LD =8:@C@KP 8E; FLKJK8E;@E> J<IM@:< KFFB 8
D8IB<K J?8I< F= FM<I sm G<I :<EK @E mkkkj
2?< :FDG8EP 8CJF @EKIF;L:<; 1LG<IC@EB w?@E8
x@I<:K J<IM@:< JF K?8K :8I>F<J ;<JK@E<; KF w?@E8
9P IF8; ?8E;C<; 9P |uw2+ :8E 9< :FEM<E@<EKCP
GIF:<JJ<; K?IFL>? :LJKFDJj 2?< :FDG8EP @J 8CJF
8 ot G<I :<EK J?8I<?FC;<I @E 8 :FEJFIK@LD N@K? 8
C@:<E:< KF FG<I8K< 8 ,8I@E< w8I>F 2<ID@E8C 8K
K?< |FE> *FE> }EK<IE8K@FE8C u@IGFIKj
5?@CJK K?< uKC8EK8 8@IGFIK @J K?< 9LJ@<JK G8JJ<E><I
8@IGFIK @E K?< NFIC; N@K? 8E 8EEL8C K?IFL>?GLK
F= sk D@CC@FEh K?< |FE> *FE> }EK<IE8K@FE8C u@IGFIK
@J K?< 9LJ@<JK @E K<IDJ F= 8@I :8I>F 8E; FLI G8JJ<E><I
:8G8:@KP @J tk D@CC@FEj
=ECHD <?B8B9;
|@>? C@HL@;@KP N8J JLJK8@E<; @E K?< 98EB@E> D8IB<K
@E mkkkj 2?< {IFLG I<=@E8E:<; D8EP F= @KJ J<:LI<;
;<9KJ 9P LEJ<:LI<; CF8E =8:@C@K@<J N@K? CFE><I
D8KLI@KP G<I@F;J 8E; JL9JK8EK@8C I<;L:K@FE @E
@EK<I<JK :?8I><Jj
5@K? K?< >I8;L8C I<;L:K@FE F= @EK<I<JK I8K<J
8E; JKIFE> >IFLG I8K@E>J =IFD :I<;@K 8><E:@<Jh
9FIIFN@E> :FJK J?FLC; =LIK?<I I<;L:< @E mkklj
=C?B= <CEI8E:
u P<8I 8>Fh } I<GFIK<; K?8K K?< {IFLG N8J FE 8
=@ID<I =FFK@E> K?8E 8K 8EP K@D< ;LI@E> K?< =@M<
P<8IJ GI<M@FLJj 2?< :LII<EK <:FEFD@: :C@D8K<
+-
8E; K?< {IFLGTJ =LE;8D<EK8CJ C<8; D< KF I<GFIK
K?8K N< ?8M< D8;< =LIK?<I GIF>I<JJj
8APAIOA .LJQND
uG8IK =IFD EFEiI<:LII<EK <8IE@E>Jh K?< I<M<EL<
>IFNK? GIFJG<:KJ F= K?< K?I<< GI@E:@G8C 9LJ@E<JJ<J
CFFB GIFD@J@E>j z@M< P<8IJ 8>Fh {IFLG I<M<EL<
N8J 8GGIFO@D8K<CP |*bqjr 9@CC@FEj {IFLG @EM<JKR
D<EK GIFG<IKP 8E; ?FK<C I<M<EL< J?FLC; 8GGIF8:?
|*bp 9@CC@FE 9P 89FLK mkknj ,F;<IE 2<ID@E8CJT
8EEL8C I<M<EL<J J?FLC; 8:?@<M< :CFJ< KF |*bo
9@CC@FE 8=K<I 2<ID@E8C t @J @E =LCC J<IM@:<j 5@K?
@iwuv+yTJ KLIEFM<I D<<K@E> }/. GC8E 8E; -<N
2d2 9@CC@E>J I@J@E> =8JKh K?< 8EK@:@G8K<; 8>>I<>8K<
KLIEFM<I F= K?< w,y ;@M@J@FE J?FLC; 8GGIF8:?
|*bq 9@CC@FE 9P 89FLK mkkoj u>>I<>8K@E> K?<J<
=@>LI<J FE 8 {IFLG 98J@Jh K?< I<:LII<EK 8EEL8C
I<M<EL< =IFD K?<J< K?I<< GI@E:@G8C :FI<J 8E; K?<@I
9I8E;J J?FLC; 8GGIF8:? |*blp 9@CC@FE >I8;L8CCP
@E K?< E<OK K?I<< KF =FLI P<8IJj
:A=H }KKLJ=?D
2<8D 8GGIF8:? 8E; K?< ;<;@:8K@FE F= >IFLG D8ER
8><D<EK 8E; JK8== 8I< 8CC @DGFIK8EK @E>I<;@<EKJ
E<:<JJ8IP KF D<<K K?< :?8CC<E><J 8E; FGGFIKLE@K@<J
8?<8;j 2<8D /IFG<IKPh 2<8D w,yh 8E; 2<8D
,F;<IE 2<ID@E8CJ 8CC ?8M< <O:<CC<EK D8E8><D<EK
8E; C<8;<IJ?@Gj .E 9<?8C= F= FLI J?8I<?FC;<IJ
8E; =<CCFN ;@I<:KFIJh } N@J? KF I<:FI; DP ?<8IK=<CK
K?8EBJ KF K?<D 8CCj
w?8@ID8E d w?@<= yO<:LK@M<
|FE> *FE>h ,8I:? mqh mkkl
:DA OKCL=@A@
X.=NAQ=S
~JOGAP=L@Y EM = B=L
?LS BLJH NDA JG@
Q=NALBLJIN KL=S=
EIDALENA@ BLJH NDA
@=SM QDAI
2JQGJJI 7JEIN Q=M
= @J?F =LA=y
+.
© Copyright 2026 Paperzz