8"5D I6L0@4 L<D4
A6G I@G5DE3:1GNG9
8’ 25><5K5 <@ MAI9 -8?L 8LP2J B8=I 2AJ 8?C8B (2=I ?JL 7?8 8IJL8 !IDP79MC7?C:>+A2LL9DIB 9NI -EDILA8I
2@L?OH M5= O?8A8 -88A3C78I -EDILA8I J2BB8AC 2M9 7?8J8B /8: %8A76 MB ?=I8 1?8A8 MBRMJ8LR8CH
$0, <522,4 /5)/ /04’;8* "?8 ?8A8I #A?L8>!MIA8I?CC8C MB -@?E *8A2C?8 2I48R2L6 !2IDA8 &DP2A76 "2C?8A2 ,MEE MC7 (8CCQ +8II8L FODC A?C@JG J2BB8AC %8A76 MB 2C 78I -5=P8?>
!2IDA8 )2M8C8I
R8I *8?JL8IJ5=29L 78C .?L8A RM =DA8CH
ND?A8ND?N G8]]? 8LL?Y N8;G >?N -LdMSIH
Y;G?N 1SI?L?N _fR_ IN *PN>PNV "?X ]PSH
D?Y?]e]? ?XN?X $?;G]?X $8:I8N )8‘]?X
Y;G?I]?X]? :?X?I]Y IN >?N ;G]?LAIN8LYV
‘;G AaX >?N ?XAPLDX?I;G?N 1PLP]G‘XN?X
)8N‘]?N +IK? )‘X] DIND?N >I? +?>8ILH
L?N]X9‘M? Y;GN?LL :8;G8:V ?I>? 1SI]H
e?NYSPX]L?X IN ?IN?X 08N>YSPX]8X] Y;G?IH
]?X]?N AXaGV "I? $IN8NeI?X‘ND= ‘M a:?XH
G8‘S] 8N >?N 1SI?L?N ]?ILe‘N?GM?N= c8X
IM 4PXA?L> NI;G] IMM?X ?INA8;GV ?I>?
1SPX]L?X M‘YY]?N >8AaX K9MSA?NV ,8;G
>?M 4PX:IL> bPN 8‘YL9N>IY;G?N 4PXD9NH
D?XN= L8N;I?X]?N >I? :?I>?N ?IN?
!XPc>A‘N>INDH.L8]]APXM IN >?X 1;Gc?IeV
0‘N> ?IN?ING8L: (8GX? IY] ?Y G?X= Y?I]
>I? !XPc>A‘N>INDH.L8]]APXM >?X ec?I
1SPX]L?X MI] >?M ,8M?N E’ :?LI?b? IN
dP‘F PNLIN? DINDV "I? :?I>?N +I]DXaN>?X
YIN> MI] >?X #N]cI;KL‘ND bPN IGX?M .XPH
J?K] Y?GX e‘AXI?>?NV E4PX 8LL?M IN >?N
L?]e]?N ec?I :IY >X?I +PN8]?N G8] >I? NH
e8GL >?X .XPJ?K]? Y]8XK e‘D?NPMM?NV
"8Y AX?‘] ‘NY N8]aXLI;G Y?GXF= YP >?X )8H
N‘]? )‘X]V "I? K]IPN >?X :?I>?N G8:?
?IN? D‘]? "dN8MIK 8ND?NPMM?N< (?>?Y
N?‘? .XPJ?K] cIX:] AaX >I? .L8]]APXM ‘N>
’ ’6 cIX> IMM?X :?K8NN]?XV %?X8>? 8‘Y
>?M )8N]PN ?XN G8] ?Y L8‘] )‘X] bI?L?
.XPJ?K]?V 5?NID?X b?X]X?]?N 8‘A >?X
.L8]]APXM Y?I GIND?D?N >I? 5?Y]Y;Gc?Ie=
>8X8N 8X:?I]? M8N 8:?X N‘N 8K]IbV
22,4 ,04, /’4), .,(,4
‘;G 8‘Y >?M 1??L8N> Y8MM?LN bI?L?
1SPX]L?X MI]GILA? >?X .L8]]APXM %?L>= ‘M
IGX? 7I?L? e‘ X?8LIYI?X?NV 1P e‘M ?IYSI?L
>?X M?XI;8NH$PP]:8LLH)L‘: I?NN8
(?]YV 3M IGX?N (‘NIPX?N ?IN? PS]IM8L?
18IYPNbPX:?X?I]‘ND e‘ ?XMQDLI;G?N=
cPLL]?N >I? 4?X8N]cPX]LI;G?N ?IN M?GXH
]9DID?Y 2X8ININDYL8D?X b?X8NY]8L]?NV "8
>I? )PY]?N AaX 0?IY?= 3N]?XK‘NA] ‘N>
2X8ININDYMQDLI;GK?I]?N 8‘ADX‘N> >?Y
X?D?N 58;GY]‘MY >?Y )8>?XY ?NPXM D?H
Y]I?D?N YIN>= cPLL]? >?X 4?X?IN ?IN? +QDH
LI;GK?I] AIN>?N= >I? ‘YD8:?N SXP (‘NIPX
e‘ MINIMI?X?NV "‘X;G ?IN?N ?K8NN]?N=
>?X :?X?I]Y Y?L:Y] #XA8GX‘ND?N MI] ’ ’6
D?Y8MM?L] G8]]?= ?XA‘GX >?X (‘NIPX?NH
]X8IN?X +8XIP 2?>?Y;GI bPN >?X !XPcH
>A‘N>INDH.L8]]APXMV E%?X8>? AaX 4?XH
?IN? IN 08N>YSPX]8X]?N cI? cIX IY] >I?Y
?IN? Y?GX D‘]? 18;G?F= ?XKL9X] ?XV %XPYY?
1SPNYPX?N e‘ AIN>?N= Y?I NI;G] ?INA8;GV
3M >8Y .XPJ?K] ?XAPLDX?I;G >‘X;Ge‘AaGH
X?N= G8] >?X 4?X?IN K?IN?N ‘Ac8N> D?H
Y;G?‘]V 4PX 8LL?M IM SXIb8]?N 3MA?L>
G9]]?N 8LL? +I]DLI?>?X >8Y .XPJ?K] b?XH
:X?I]?]V E5IX c8X?N SPYI]Ib a:?XX8Y;G]=
>8YY 8LL?Y YP D‘] D?KL8SS] G8]F= ?XL9‘]?X]
2?>?Y;GI c?I]?XV (?]e] MaYY?N >I? (‘NIPH
X?N Y?L:Y] N‘X NP;G X‘N> ?IN?N "XI]]?L
>?Y 8NA9NDLI;G?N ?]X8D?Y Y?L:Y] a:?XH
N?GM?NV E1P G8:?N 8LL? ?IN? !G8N;?= >8H
:?I e‘ Y?INVF
$)/<,0=,7 #,08:,78)/’-: ’28 &0,2
"I? I?L?X !‘XL?XINN?N ‘M 1KIS +?L8NI?
8X:?e8] G8:?N Y?I] ?INID?N 5P;G?N
?:?NA8LLY ?IN .XPJ?K] 8‘A ’ ’6 8M *8‘A?NV
E+IX c8X >I? .L8]]APXM :?X?I]Y :?K8NN]=
8‘YY?X>?M K?NN?N ?INID? bPN ‘NY $8:I8N
)8‘]?XF= ?XKL9X] >?X I?L?X 1KISV LY X?L8H
]Ib N?‘?Y 2?8M LI?D?N AaX >I? I?L?XINN?N
K?IN? e‘ DXPYY?N 1SXaND? >XINV 1I? Y8MH
M?LN >8G?X AaX >I? 1;Gc?Ie?X +?IY]?XH
Y;G8A] IM KPMM?N>?N $?:X‘8XV Cfff
$X8NK?N YPLL?N IN >?N N9;GY]?N Cf 28D?N
e‘Y8MM?N KPMM?NV IY J?]e] YIN> ?Y 8:?X
?XY] X‘N> RC .XPe?N]V E"I? .L8]]APXM IY]
?IN? Y‘S?X 18;G?= 8:?X ?Y X?I;G] NI;G] YI;G
?INA8;G ?INe‘]X8D?NV 5IX MaYY?N >X8N
:L?I:?N ‘N> 8‘A ‘NY?X .XPJ?K] 8‘AM?XKH
Y8M M8;G?NF= YP 8X:?e8]V "I?Y?X ‘AH
c8N> c?X>? bI?L ‘N]?XY;G9]e]V 1PLL]?N >I?
!‘XL?XINN?N IGX 7I?L NI;G] ?XX?I;G?N ‘N>
L??X 8‘YD?G?N= YP c9X?N YI? ]XP]e>?M
NI;G] ‘NDLa;KLI;G< E5IX KPMM?N GI?X e‘
N?‘?N )PN]8K]?N= >I? ‘NY bI?LL?I;G] 8‘;G
YS9]?X 8N>?XY ‘N]?XY]a]e?N c?X>?NVF
1:054 <;7+, =;3 %4:,74,/3,4
’ ’0 > ’5= :A2M48 2C 7?5=
E’ :?LI?b? IN dP‘F T’ ’6U IY] ?IN?
!XPc>A‘N>INDH.L8]]APXM= c?L;G? YI;G
D8Ne 8‘A >I? $IN8NeI?X‘ND bPN 1;Gc?IH
e?X 1SPX]SXPJ?K]?N YS?eI8LIYI?X] G8]V "I?
.L8]]APXM >I?N] >?X 8K]Ib?N 1;Gc?Ie?X
1SPX]AQX>?X‘ND= >8MI] ]GL?]?N ‘N>
4?X?IN? IGX? 7I?L? ?XX?I;G?N KQNN?NV
’ ’6 A‘NK]IPNI?X] N8;G >?M LL?YH
P>?XH,I;G]YH.XINeISV 1;G8AA] ?Y ?IN ’NIH
]I8N] NI;G]= INN?XG8L: >?X :?Y]IMM]?N
7?I] >8Y 1S?N>?eI?L e‘ ?XX?I;G?N= :L?I:]
>8Y %?L> :?I >?N 3N]?XY]a]e?XNV 5IX>
>8Y 7I?L ?XX?I;G]= D?G?N 8LL? 3N]?XY]a]H
e‘NDY:?I]X9D? 8N >?N 1SPX]L?XV
1?I] >I? .L8]]APXM IM 1PMM?X _fR^
PNLIN? DIND= YIN> L8‘] ND8:?N >?Y
3N]?XN?GM?NY RZf .XPJ?K]? ?XAPLDX?I;G
AIN8NeI?X] cPX>?NV ’NYD?Y8M] c‘X>?N
M?GX 8LY @ff fff 1;Gc?Ie?X $X8NK?N
a:?X >I? -NLIN?H.L8]]APXM AaX 1;Gc?IH
e?X 1SPX]L?XINN?N ‘N> 1SPX]L?X 8‘Y a:?X
Zf b?XY;GI?>?N?N "IYeISLIN?N D?Y8MH
M?L]V "I? #XAPLDYW‘P]? :?L9‘A] YI;G 8‘A
X‘N> [B .XPe?N]V 58GLc?IY? KQNN?N >I?
’NI]I8N]?N ?IN .XPJ?K] AaX Bf P>?X @f
28D? 8‘A >?X .L8]]APXM 8‘AY;G8L]?N ‘N>
?IN D?caNY;G]?Y $IN8NeI?X‘NDYeI?L APXH
M‘LI?X?NV +I] ?IN?M S?XYQNLI;G?N 4IH
>?P ‘N> $P]PY K8NN >8Y .XPJ?K] 8NYSX?H
;G?N> D?Y]8L]?] c?X>?NV (?>?X 1S?N>?X
?XG9L] bPM .XPJ?K]INI]I8N]?N ?IN YS?H
eI?LL 8‘YD?c9GL]?Y= YdM:PLIY;G?Y "8NH
K?Y;GQN 8LY %?D?NL?IY]‘ND AaX >I?
1S?N>?V
’ ’6 Y]?G] 8LL?N PAA?N< #INe?LYSPX]L?X=
+8NNY;G8A]?N= $X?Ie?I]H= X?I]?NH P>?X
1SI]e?NYSPX]L?X= 4?X?IN?N P>?X D8X 4?XH
8NY]8L]?XNV "I? .XPJ?K]bI?LA8L] IY] Y?GX
DXPYY= >I? ’NI]I8N]?N X?I;G?N bPM
1;Gc?Ie?X ,?c;PM?X >?Y (8GX?Y= )8H
XI?M &‘YY?IN= a:?X >?N 1??L9N>?X
1;GcIND?X ‘N> 1SPX]L?X >?Y (8GX?Y= $LPH
XI8N %N9DI= :IY GIN e‘M 0?DIPN8LK8>?X
>?X 1SPX]KL?]]?X?XV LL >I?Y?N cIX> >I?
+QDLI;GK?I] D?D?:?N= IGX? .XPJ?K]? :?H
K8NN] e‘ M8;G?N ‘N> e‘ AIN8NeI?X?NV EJ
"8Y 3N]?XN?GM?N :?>?‘]?] >?M 1SI]H
e?NYSPX]L?X )‘X] Y?GX bI?LV E#Y IY] ?IN?
Y?GX ?MP]IPN8L? 18;G?= a:?X J?>?Y ?XAPLDH
X?I;G? .XPJ?K] AX?‘?N cIX ‘NY Y?GXVF +I]]H
L?Xc?IL? IY] 8‘Y >?X K]IPN >?X :?I>?N
1SPX]L?X ?IN 3N]?XN?GM?N D?cPX>?NV
E"8Y %8Ne? G8] ?IN? 8N>?X? "IM?NYIPN
8ND?NPMM?NF= YP )‘X]V $XaG?X c9X? ?X
AXPG D?c?Y?N= c?NN ?Y 8‘;G AaX IGN YP
?IN? +QDLI;GK?I] D?D?:?N G9]]?V E1I;G 8LY
]GL?] IN ?IN?X 08N>YSPX]8X] e‘ AIN8NeI?H
X?N= IY] NI;G] ?INA8;GVF 1P 8X:?I]?] )‘X]
N?:?N Y?IN?N 2X8ININDY= 4PX:?X?I]‘ND?N
‘N> 5?]]K9MSA?N 4PLLe?I] IM %?Y;G9A]V
LL?Y ‘N]?X ?IN?N &‘] e‘ :XIND?N= Y?I
a:?XG8‘S] NI;G] ?INA8;G= 8:?X )‘X]
NIMM] >I?Y MI] ?IN?M *9;G?LN< E"8Y IY]
IM 1SPX] J8 NP;G PA] YPVF ‘YY?X>?M Y?I
Y?IN? ‘AD8:? :?I ’ ’6 NI;G] X:?I] P>?X
?IN (P:= YPN>?XN ?IN? ?X‘A‘NDV E#Y IY]
?IN? DXPYY? &?X8‘YAPX>?X‘ND= 8:?X YI? :?H
X?I]?] MIX bI?L 1S8YY ‘N> I;G :IN MI] bI?L
+2J52A8 -8CC
*?I>?NY;G8A] >8:?IVF
"041* <<<6(0,2,7:’.(2’::6)/
*8=I RMB .=8B2 MCL8I 78B
-M5=48:I?99 ;’ 48A?8O8 ?C QDM<H