Vous êtes sur la page 1sur 301

!F >?M=O<LCGC?HNI =C?

HNg@C=I
>? F;M %MF;M ;H;LC;M

&IMj ) +FCP?L S F<?LNI .?F;H=CI ?>M

"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;


-2,2H7 &IMj ) +FCP?L "L;>? S F<?LNI .?F;H=CI )?HjH>?T
2<.I8 A 6*:>.=*,2H7 -.5 27=.;28; ) ] (OCM; $?LHlH>?T ILL?;
2<.I8 -. 5* ,>+2.;=* )CF; .OCT ,;=B?=I

F . 5* .-2,2H7 "OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F;


C?H=C;
F . 58< =.@=8< FIM ;ONIL?M
F . 5*< 26L0.7.< MOM JLIJC?N;LCIM

"
.9H<2=8 5.0*5

>7-*,2H7 *7*;2* ;8=*?* -. 2<=8;2* -. 5* 2.7,2*


;FP;LCI (; +LIN;P; /;HN; LOT >? 0?H?LC@?
#.5K/878
*@
6*25 @OH>ILI N?LL; ?M
&.+ BNNJ QQQ AI<C?LHI>?=;H;LC;M ILA ?>O=;=CIH @OH>ILI
,L?lG<OFI

!
MN? FC<LI M? CHM=LC<? ?H ?F JLIS?=NI .;.?6.@ <A?. :6?.1. C6.72?<@
2E=9<?.1<?2@ F ;.AB?.96@A.@ KO? <;DI F; >CL?==CdH >? )CAO?F $?LHlH>?T
#IHTlF?T &IMj ) +FCP?L "L;>? S F<?LNI .?F;H=CI )?HjH>?T M? B;
>?M;LLIFF;>I AL;=C;M ; OH =IHP?HCI MOM=LCNI ?HNL? F; A?H=C; ;H;LC; >?
%HP?MNCA;=CdH %HHIP;=CdH S /I=C?>;> >? F; %H@ILG;=CdH ;HN?LCILG?HN?
+@C=CH; >? C?H=C; 0?=HIFIAg; ? %HHIP;=CdH >?F #I<C?LHI >? ;H;LC;M S F;
"OH>;=CdH ;H;LC; #?<A.C. >? $CMNILC; >? F; C?H=C;
(; ?D?=O=CdH >? ?MN? JLIS?=NI M? B; FF?P;>I ; =;<I ?H ?F G;L=I >? FIM
NL;<;DIM KO? PC?H?H L?;FCT;H>I ?F ?B=< 646A.9 >? F; =CN;>; "OH>;=CdH S FIM
GC?G<LIM >?F ,LIS?=NI >? %HP?MNCA;=CdH $1) >?F ,F;H *;=CIH;F
>? % KO? @CH;H=C; ?F )CHCMN?LCI >? !>O=;=CdH S C?H=C; =IH F; J;LNC=CJ;=CdH
>?F "IH>I !OLIJ?I >? ?M;LLIFFI .?ACIH;F
IH ?MN? JLIS?=NI M? JL?N?H>? CH=C>CL ; NL;PjM >? >CMNCHN;M ;=NCPC>;>?M S
JO<FC=;=CIH?M ?H ?F L?F?P;HN? J;J?F KO? >?M?GJ?e;LIH F;M %MF;M ;H;LC;M
>?HNLI >?F =IHN?RNI =C?HNg@C=I ?OLIJ?I ; FI F;LAI >? FIM MCAFIM 42%%% 4%4 ?
CHC=CIM >?F 44 !MN; ;JLIRCG;=CdH ?H F; KO? F;M =C?H=C;M H;NOL;F?M M? >;H F;
G;HI =IH INL;M >CM=CJFCH;M BOG;HgMNC=;M KOC?L? =IHNLC<OCL ;Mg ; ;LLID;L OH
JI=I GlM >? FOT MI<L? >?N?LGCH;>;M @;=?N;M >? F; BCMNILC; >?F L=BCJCjF;AI
JI=I =IHI=C>;M ;bH S >? ?MN; G;H?L; I@L?=?L OH; PCMCdH >C@?L?HN? S
=IGJF?G?HN;LC; >? F; GCMG;
sH>C=?

,L?M?HN;=CdH

.OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM


5+.;=8 !.5*7,28 .7K7-.B

(; CG;A?H CHMOF;L ?H FIM N?RNIM CHAF?M?M >? FIM MCAFIM 42% ; 42%%%
?HNL? ?F =IG?L=CI S FIM CHN?L?M?M B?A?GdHC=IM ?HNL? ?F GCNI S F; =C?H=C;
;*7,2<,8 *<=2558

(IOCM "?OCFFj? JCIH?LI >? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H ;H;LC;M


;2<=27* -. $;2*;=. 8<K 52?.; 5*;* >;.55 A .;=* 2,8

(; ?MN;H=C; ?H 0?H?LC@? >? H>Lj ,C?LL? (?>LO


8<K 87=.<278<

(; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M


;2<=27* -. $;2*;=.

ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;


.;=* 2,8 5*;* >;.55 ;2<=27* -. $;2*;=. A 8<K 52?.;
F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;
.5K7 *<=;8 8;*5.<

(; ;=NCPC>;> J?MKO?L; =;H;LC; M?AbH #F;M S ?LNB?FIN


(*2B* "*7=8< K;.B

(IOCM IL>C?L S FIM CHC=CIM >? FIM ?MNO>CIM A?IFdAC=IM ?H ;H;LC;M


8<K 52?.; 5*;* >;.55 .;=* 2,8 A ;2<=27* -. $;2*;=.

!F PC;D? >?F H;NOL;FCMN; HILO?AI BLCMN?H /GCNB ; ;H;LC;M


;2<=27* "25?2* *7<.7 !>2B

(?IJIF> PIH O=B ?H ;H;LC;M


5+.;=8 !.5*7,28 .7K7-.B

(; JIFC@;=jNC=; @CAOL; >? /;<CH ?LNB?FIN


5+.;=8 !.5*7,28 .7K7-.B

/;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;


8<K >*7 *=2<=* !8-;J0>.B

,BCFCJ ;LE?L 3?<< S MO F?A;>I <INlHC=I


;785-8 "*7=8<

!F L;MNLI >?F ?HCAGlNC=I >C<OD;HN? & & 3CFFC;GM


25* !>2B *,1.,8

!F JLgH=CJ? >? FIM JLCH=CJCIM /CL B;LF?M (S?FF


*<> !8-;J0>.B
$?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M
8<K >*7 *=2<=* ->*;-8 >=2K;;.B A *;,8< "*;62.7=8

(IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B
8<K >*7 *=2<=* !8-;J0>.B

;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ; F; ILHCNIFIAg; >? ;H;LC;M


*;,8< "*;62.7=8 K;.B

OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM


F;M GIGC;M =IGI I<D?NIM PC;D?LIM ?H ?F NLl@C=I ;H;LC;M !OLIJ;
.;7*7-8 <=K?.B

)lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M


8<K 52?.; A 5*;* >;.55

(IM ILgA?H?M >?F NOLCMGI Gj>C=I ?H ;H;LC;M


%J,=8; *;,J* 2.=8 A ><=8 .;7L7-.B

(; =IHNLC<O=CdH >? $?HLS ! $;LLCM ; F;M CHP?MNCA;=CIH?M >? F; ILHCNIFIAg; CHMOF;L


;*7,2<,8 *<=2558

&IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44
5*;* >;.55 A 8<K 52?.;

(; CHN?FCA?H=C; >? FIM MCGCIM S ?F ,O?LNI >? F; LOT


5+.;=8 !.5*7,28 .7K7-.B

.?F;=CdH >? ;ONIL?M


,L?M?HN;=CdH

;H;LC;M B; MC>I >?M>? F;M JIMNLCG?Lg;M >? F; !>;> )?>C; OH JdLNC=I ?HNL?
=IHNCH?HN?M OH ?H=F;P? ?OLIJ?I ;H=F;>I ?H OH G;L A?IALl@C=;G?HN? ;@LC
=;HI J?LI JLIS?=N;>I B;=C; OH BILCTIHN? KO? ;HOH=C; NC?LL;M ;bH JIL
>?M=O<LCL S ?RJFIL;L ? ;Bg KO? FIM H;P?A;HN?M ;P?HNOL?LIM =IG?L=C;HN?M GCFC
N;L?M L?FCACIMIM =C?HNg@C=IM FCN?L;NIM I MCGJF?M PC;D?LIM KO? ?H ?FF;M L?=;F;LIH M?
B;S;H M?HNC>I ?H OH N?LLCNILCI ?H =C?LNI GI>I @;GCFC;L S MCH ?G<;LAI CAHINI
!H OH JLCG?L GIG?HNI ?F CHN?LjM JIL ?MN? ?MJ;=CI CHMOF;L ?L; ?GCH?HN?
G?HN? JLl=NC=I S ?MN;<; FCA;>I MI<L? NI>I ; F; ILC?HN;=CdH S F; H;P?A;=CdH
G;LgNCG;M ?F 0?C>? ?L; OH @;LI ACA;HN?M=I KO? FIM <;L=IM IN?;<;H >?M>? GOS
F?DIM =IGI L?@?L?H=C; >? MO LOG<I S F;M %MF;M L?JL?M?HN;<;H FIM bFNCGIM J?>;TIM
>? NC?LL; ?H ?MN; TIH; >?F NFlHNC=I KO? J?LGCNg;H P?LC@C=;L MC F; LON; ?L;
=ILL?=N; ,IL INL; J;LN? F;M @;=CFC>;>?M J;L; ?F ;<;MN?=CGC?HNI >? ;AO; PgP?L?M S
INL;M JLIPCMCIH?M KO? I@L?=g; ?F L=BCJCjF;AI ;H;LCI BC=C?LIH KO? MI<L? NI>I
?H FIM MCAFIM 42%%% S 4%4 M? =IHPCLNC?L; ?H OH; ?M=;F; =;MC I<FCA;>; ?H F;M =IGO
HC=;=CIH?M G;LgNCG;M =IH FIM >?GlM =IHNCH?HN?M S ;F GCMGI NC?GJI ?H ?F
JLCG?L FOA;L >? ?RJFIL;=CdH >? OHIM PC;D?LIM KO? M;<CjH>IM? NI>;Pg; ?H FIM
=IH@CH?M >?F 2C?DI )OH>I >?M=O<Lg;H ;MIG<L;>IM OH; NC?LL; ?RdNC=; S FF;G;
NCP; GOS >C@?L?HN? >? F; >? MOM J;gM?M >? ILCA?H
Mg FIM G;LCHIM S =C?HNg@C=IM ;JLIP?=B;Lg;H F;M <L?P?M ?M=;F;M Nj=HC=;M KO?
N?Hg;H FOA;L ?H FIM >CMNCHNIM JO?LNIM =;H;LCIM J;L; L?=ILL?L ?F N?LL?HI L?=IA?L
JF;HN;M L?;FCT;L I<M?LP;=CIH?M >? >CMNCHN; gH>IF? S MC H;>; FI CGJ?>g; B;=?L F;
=IHM;<C>; ;M=?HMCdH ;F PIF=lH NCH?L@?eI !M @l=CF =IGJL?H>?L JO?M KO? MC ; MO
JLCPCF?AC;>I ?GJF;T;GC?HNI S ; MO >I<F? =IH>C=CdH >? NjLGCHI ? CHC=CI M? ;e;>?H
MOM J?=OFC;LC>;>?M A?IFdAC=;M <INlHC=;M I =FCGlNC=;M F;M %MF;M M? B;S;H ?LCAC>I ?H
OH; ?MJ?=C? >? F;<IL;NILCI >? JLO?<;M J;L; FIM H;NOL;FCMN;M KO? @ILG;<;H J;LN?
>? F;M AL;H>?M ?RJ?>C=CIH?M =C?HNg@C=;M NL;HMI=?lHC=;M ? ?MN? GI>I M? B;H C>I
>?MP?F;H>I J;OF;NCH;G?HN? FIM N?MILIM >? ?MN? N?LLCNILCI ;NFlHNC=I
12 ,L?M?HN;=CdH

(; L?F;=CdH >? N;H CFOMNL?M PCMCN;HN?M MOJ?L; P;LCIM =?HN?H;L?M >? HIG<L?M KO?
B;H >?D;>I =IHMN;H=C; >? MO ?RJ?LC?H=C; CHMOF;L ?H OH =IHMC>?L;<F? HbG?LI >?
FC<LIM L?F;NIM >? PC;D? >C;LCIM CH@ILG?M G?GILC;M =;LN;M B?L<;LCIM GO?MNL;LCIM
G;J;M >C<ODIM I @INIAL;@g;M !MN? F?A;>I KO? B; =IHNLC<OC>I ?H HI JI=IM =;MIM
;F ;P;H=? >? F; C?H=C; ?H >CP?LMIM lG<CNIM =IHMNCNOS? MCH HCHAOH; >O>; OH;
@O?HN? >I=OG?HN;F >? JLCG?L IL>?H KO? HI MdFI B; J?LGCNC>I CHN?LJL?N;L WS ?H
J;LN? L?=IHMNLOCLW F; BCMNILC; L?=C?HN? >? F;M %MF;M S F; C>CIMCH=L;MC; >? MOM B;<C
N;HN?M MCHI KO? N;G<CjH B; JLI=OL;>I OH G?DIL =IHI=CGC?HNI >? MO MCHAOF;L
G?>CI H;NOL;F S @gMC=I I >? MOM >CMNCHN;M L?;FC>;>?M MI=CI?=IHdGC=;M
,IL NI>I ?FFI HIM B; J;L?=C>I >? CHN?LjM F; JO<FC=;=CdH >? ?MN? PIFOG?H ?H ?F
G;L=I >?F JLIS?=NI .;.?6.@ <A?. :6?.1. C6.72?<@ 2E=9<?.1<?2@ F ;.AB?.96@A.@ S
=IGI =IGJF?G?HNI ; F; ?RJIMC=CdH S >?GlM ;=NCPC>;>?M KO? FF?P; ;J;L?D;>;M !F
=IHDOHNI >? =IHNLC<O=CIH?M KO? ;KOg M? L?bH? HI JL?N?H>? HC GO=BI G?HIM
I@L?=?L OH J;HIL;G; =IGJF?NI S ?RB;OMNCPI MI<L? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H
?F L=BCJCjF;AI MCHI JIH?L ;F ;F=;H=? >?F Jb<FC=I HI ?MJ?=C;FCT;>I OH; J?KO?e; S
P;LCIJCHN; GO?MNL; >? >?N?LGCH;>IM ;MJ?=NIM >? ?MN; NL;M=?H>?HN;F J;L=?F; >?F
J;M;>I >? ;H;LC;M ;Mg =IGI MI<L? F; F;<IL >? ;FAOHIM >? MOM JLIN;AIHCMN;M
OHKO? HI JI=IM >? FIM ;MOHNIM KO? M? ;<IL>;H S; B;H MC>I NL;N;>IM =IH GlM
JLI@OH>C>;> ?H NL;<;DIM S GIHIAL;@g;M ?MJ?=C;FCT;>;M B;S KO? M?e;F;L KO?
N;G<CjH M? JL?M?HN;H INLIM N?G;M S ;MJ?=NIM KO? B;H J;M;>I GlM >?M;J?L=C<C>IM
I KO? ;J?H;M B;H MC>I ?MNO>C;>IM !M JL?=CMI L?=IHI=?L ;MCGCMGI KO? P;LCIM >?
FIM NL;<;DIM KO? M? CH=FOS?H ?H ?MN? PIFOG?H @O?LIH JO<FC=;>IM JL?PC;G?HN? ?H ?F
MOJF?G?HNI %2C6@A. @2:.;.9 12 62;06. F B9AB?. >?F J?LCd>C=I NCH?L@?eI .
#=6;6S; >?HNLI >? F;M ;=NCPC>;>?M >? >C@OMCdH FF?P;>;M ; =;<I JIL F; "OH>;=CdH
;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; ?HNL? FIM ;eIM S (;M >?GlM
;JILN;=CIH?M M? JO<FC=;H ;KOg JIL JLCG?L; P?T S MIH @LONI >? F; F;<IL KO? >?M>?
B;=? S; P;LCIM ;eIM PC?H?H L?;FCT;H>I >CMNCHNIM ?MNO>CIMIM =;H;LCIM N;HNI ?H ?F
G;L=I >?F ,LIS?=NI $OG<IF>N WKO? NON?F; F; =CN;>; "OH>;=CdH DOHNI =IH ?F
%HMNCNONI );R ,F;H=E >? $CMNILC; >? F; C?H=C; >? ?LFgHW =IGI ?H ?F M?HI >? >C@?
L?HN?M ALOJIM >? CHP?MNCA;=CdH >? F; 1HCP?LMC>;> >? (; (;AOH;
;>; OHI >? FIM =;JgNOFIM KO? WIL>?H;>IM =LIHIFdAC=;G?HN?W =IGJIH?H
?MN; I<L; =IF?=NCP; NL;N; >? >;L OH; PCMCdH A?H?L;F J?LI MO@C=C?HN? >?F N?G; I
J?LMIH;D? KO? ?H =;>; =;MI M? ;<IL>; BOS?H>I >? OH NIHI >?G;MC;>I
?LO>CNI >? ;Bg KO? M? B;S; JL?M=CH>C>I >? L?=;LA;L FIM N?RNIM =IH HIN;M S M?
B;S; IJN;>I JIL CH=FOCL ;F @CH;F >? =;>; ;JILN;=CdH OH; M?F?==CdH <C<FCIALl@C=;
,L?M?HN;=CdH 13

?H F; KO? ?F F?=NIL GlM =OLCIMI JO?>; B;FF;L HI MdFI F;M L?@?L?H=C;M >? F;M
@O?HN?M JLCH=CJ;F?M MCHI N;G<CjH F;M >? ;FAOHIM ?MNO>CIM GlM J;LNC=OF;L?M
KO? F? J?LGCN;H ;BIH>;L ?H ?F ;MOHNI ?H =O?MNCdH
!H =O;FKOC?L =;MI ?MN? FC<LI H;=? =IH OH; PIFOHN;> ?GCH?HN?G?HN? >CPOFA;
>IL; S JL?N?H>? ;HCG;L ;F Jb<FC=I F?=NIL ; ;=?L=;LM? ; F;M >CMNCHN;M I<L;M KO? HIM
B;H F?A;>I N;H CHMCAH?M PCMCN;HN?M J;L; ;F GCMGI NC?GJI =IGJL?H>?L G?DIL MO
CGJILN;HN? =IHNLC<O=CdH ;F JLIAL?MI >? F; C?H=C; AL;=C;M ?H GO=BIM =;MIM ; FIM
?MNO>CIM KO? L?;FCT;LIH ?H ?MN? N?LLCNILCI CHMOF;L IH@C;GIM ;>?GlM ?H KO? ?MN?
G;N?LC;F JO?>; M?L >? ONCFC>;> J;L; ?F JLI@?MIL;>I S ?F ;FOGH;>I >? FIM >C@?L?HN?M
lG<CNIM S HCP?F?M ?>O=;NCPIM >?F L=BCJCjF;AI
"CH;FG?HN? KO?L?GIM B;=?L =IHMN;L HO?MNLI GlM MCH=?LI L?=IHI=CGC?HNI ;
F;M J?LMIH;M KO? B;H =IGJ;LNC>I =IH HIMINLIM FIM ;P;N;L?M >? ?MN; JO<FC=;=CdH
S ?H <O?H; G?>C>; B;H =IHNLC<OC>I ; >;LF? @ILG; !H JLCG?L FOA;L FdAC=;
G?HN? >?<?GIM =CN;L ; FIM ;ONIL?M >? FIM =;JgNOFIM JIL B;<?L ;=?JN;>I =IF;
<IL;L ?H ?MN; ?GJL?M; S MI<L? NI>I JIL ?F ?M@O?LTI >? MgHN?MCM KO? B;H >?<C>I
L?;FCT;L MCGCMGI G?L?=?H NI>; HO?MNL; AL;NCNO> FIM =IGJ;e?LIM S =IGJ;
e?L;M >?F $?<F20A< 646A.9 12 <0B:2;A.06S; 62;AV360. # >? F; "OH>;=CdH
;H;LC; #?<A.C. >? $CMNILC; >? F; C?H=C; )CF; .OCT );MO .I>LgAO?T )C=B;?F
L??H ;PC> !MNjP?T S ?H ?MJ?=C;F 5;CT; /;HNIM KO? B; M?F?==CIH;>I GO=B;M
>? F;M CGlA?H?M KO? CFOMNL;H F; I<L; S >?F ALOJI >? CHP?MNCA;=CdH ?.; .; >?
F; 1HCP?LMC>;> >? (; (;AOH; F;L; OL?FF LCMNCH; # >? 1LC;LN? S ?LN; ,C=I
JIL MO ;SO>; S MOM ;NCH;>;M S HOG?LIM;M MOA?L?H=C;M ?H ?F JLI=?MI >? ?>C=CdH
>? ?MN? FC<LI %AO;FG?HN? KO?L?GIM G;HC@?MN;L HO?MNLI GlM JLI@OH>I ;AL;>?=C
GC?HNI ; &OFCI LCNI S ; &ILA? .;GIM >CL?=NIL A?H?L;F S D?@? >? M?==CdH L?MJ?=NC
P;G?HN? >? F; +@C=CH; >? C?H=C; 0?=HIFIAg; ? %HHIP;=CdH >?F #I<C?LHI >?
;H;LC;M ;Mg =IGI ; LCMNCH; #IHTlF?T >? F; "? JIL F; <O?H; ;=IAC>; S ?F
L?MJ;F>I KO? B;H JL?MN;>I ;F JLIS?=NI .;.?6.@ <A?. :6?.1. C6.72?<@ 2E=9<?.
1<?2@ F ;.AB?.96@A.@
*I JI>?GIM ;=;<;L MCH ?RJL?M;L HO?MNLI GlM JLI@OH>I ;AL;>?=CGC?HNI ;
)CAO?F $?LHlH>?T GC?G<LI >? F; "OH>;=CdH #?<A.C. KO? >?M>? ?F JLCG?L
GIG?HNI B; =IGJ;LNC>I =IH HIMINLIM NI>;M F;M PC=CMCNO>?M >? ?MN; ;P?HNOL;
S MCH =OSI =IHMN;HN? S >?=CMCPI ;JISI ?MN; ?RJ?>C=CdH HI BO<C?M? FF?A;>I ;
<O?H JO?LNI
8<K 52?.; A 5+.;=8 !.5*7,28
;H;LC;M HIPC?G<L? >?
15

!>6+8 * *7*;2*< %2*3.< A .@958;*,287.<


-. 7*=>;*52<=*< A ,2.7=J/2,8< .>;89.8<

5+.;=8 !.5*7,28 .7K7-.B

!
F >?M=O<LCGC?HNI =C?HNg@C=I >? ;H;LC;M M? >?M;LLIFFd JIL OH F;>I =IH ?F ;OA?
>? FIM PC;D?M >? ?RJ;HMCdH A?IALl@C=; S =IFIHC;F >? F;M JIN?H=C;M ?OLIJ?;M B;=C;
NC?LL;M =;>; P?T GlM F?D;H;M S JIL INLI =IH ?F ;P;H=? >? F; =C?H=C; ?H !OLIJ; S
MOM ;JFC=;=CIH?M JLl=NC=;M ; J;LNCL >?F MCAFI 42%%
HN?M >?F MCAFI 42%%% MdFI M? JO?>?H ?H=IHNL;L MI<L? ;H;LC;M ;FAOH;M L?@?
L?H=C;M =IH =C?LNI CHN?LjM =C?HNg@C=I ?H ?F N?LL?HI >? F; <INlHC=; W?F >L;AI ?F
A;LIj ?MJ?=C?M FF?P;>;M S =OFNCP;>;M ?H D;L>CH?M ?OLIJ?IMW I HINC=C;M ?H F;M
KO? M? >; =O?HN; >? F; ;>GCL;=CdH KO? MOM=CN; ?F 0?C>? WXF; GIHN;e; GlM ;FN;
>?F GOH>I ?F N?GC<F? PIF=lHXW S >?F ?GJ?eI JIL ;M=?H>?L ; F; =CG;
G?T=F;>;M =IH OH; LC=; GCNIFIAg; >? PC?D; S HO?P; @;=NOL; ?RJ;H>C>; JIL FIM
H;P?A;HN?M S PC;D?LIM >? J;MI JIL ?F L=BCJCjF;AI
/?Ll ?H ?F MCAFI >? F; %FOMNL;=CdH =O;H>I ;H;LC;M J;M? ; CH=ILJIL;LM? ; F;M
=;LN;M KO? G;L=;H ?F CNCH?L;LCI >? F;M ?RJ?>C=CIH?M ?OLIJ?;M !H ?FF;M L?=;F;H
P;LCIM >g;M JIL GINCPIM JLl=NC=IM >? >CP?LM; gH>IF? S >OL;HN? ?M? NC?GJI FIM
H;NOL;FCMN;M I PC;D?LIM =C?HNg@C=IM ;JLIP?=B;H J;L; CH>;A;L FI HIP?>IMI >?F
N?LLCNILCI CHMOF;L /CH ?G<;LAI M?Ll MdFI ; J;LNCL >?F MCAFI 4%4 =O;H>I JO?>;
>?=CLM? KO? F;M %MF;M M? =IHPC?LN?H JIL Mg GCMG;M ?H >?MNCHI =C?HNg@C=I PIF=lH
>IM? ?HNIH=?M F; =C?H=C; ?OLIJ?; ?H ?MNO>CIM MCMN?GlNC=IM S ?H JLI@OH>C>;>
>? F; J?=OFC;L H;NOL;F?T; =;H;LC; ?H =IHDOH=CdH =IH MO A?IAL;@g; ? BCMNILC; MO
?NHIAL;@g; S MI=C?>;> ?N=
!H F;M JlACH;M MCAOC?HN?M ?HM;S;L?GIM >? @ILG; H?=?M;LC;G?HN? GOS
MCHNjNC=; OH; J?LCI>CT;=CdH >? F;M >C@?L?HN?M ?N;J;M ?H F; BCMNILC; >? FIM PC;D?M
S ?RJ?>C=CIH?M >? =;Ll=N?L =C?HNg@C=I KO? J;M;LIH I PCHC?LIH ?RJL?M;G?HN? ;
;H;LC;M >?M>? ?F MCAFI 42%% B;MN; F; ,LCG?L; #O?LL; )OH>C;F
16 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

;26.;* .=*9*

!F CHC=CI >? OH; JLCG?L; ?N;J; >? PC;D?LIM WI >? CH>CPC>OIM ;M?HN;>IM JIL
N?GJIL;>;M ?H F;M %MF;MW KO? N?HA;H ;FAbH NCJI >? CHN?LjM =C?HNg@C=I JI>Lg;
B;=?LM? =ICH=C>CL =IH F; JO<FC=;=CdH ?H JIL CHC=C;NCP; >?F =;HdHCAI
0BIG;M /JL;N ?H F;M $569<@<=560.9 '?.;@.0A6<;@ >? OH ;LNg=OFI KO? H;LL; F;
;M=?HMCdH ;F 0?C>? >? OHIM G?L=;>?L?M S JI>Lg; =?LL;LM? =IGI P?L?GIM ?H
NILHI ; FIM ;eIM =CH=O?HN; >?F MCAFI 42%%%
/? JO?>?H =CN;L =C?LN;G?HN? ;HN?=?>?HN?M ; ?MN; @?=B; >? =;MC NI>IM
L?F;=CIH;>IM =IH F; MO<C>; ;F G;D?MNOIMI 0?C>? ,I>Lg; ;Mg NL;?LM? ; =IF;=CdH ?F
N?MNCGIHCI >?F =IG?L=C;HN? >? ;Tb=;L CHAFjM 0BIG;M *C=BIFM ?H MO $92.@.;A
2@0?6=A6<; <3 A52 3<?AB;.A2 9.;12@ JO<FC=;>; ?H I F; GlM JL?=CM; L?F;=CdH
MI<L? F; MO<C>; ;F 0?C>? >?F CHA?HC?LI CN;FC;HI (?IH;L>I 0ILLC;HC ?H F; 2@0?6AA6<;2
2A 56@A<?6. 129 ?24;< 12 9 6@<92 .;.?62 46. 12AA2 92 3<?AB;.A2 I F;M
#/@2?C.A6<;@ MI<L? 0?H?LC@? S MO ,C=I >? /CL !>GOH> /=ILS INLI =IG?L
=C;HN? CHAFjM KO? L?MC>Cd ?H 0?H?LC@? ?HNL? @CH;F?M >?F MCAFI 42% S JLCH=CJCIM >?F 42%%
*I I<MN;HN? HIM J;L?=? GlM ;>?=O;>I JIL MO L?F;NCPI CGJ;=NI ONCFCT;L =IGI
BCNI =IHP?H=CIH;F >? CHC=CI >? ?MN; JLCG?L; ?N;J; >? CHP?MNCA;=CIH?M =C?HNg@C=;M
MI<L? ;H;LC;M ?F ;LNg=OFI JO<FC=;>I ?H ?F dLA;HI >? ?RJL?MCdH >? F; .IS;F /I=C?NS
>? (IH>L?M F;M $569<@<=560.9 '?.;@.0A6<;@ >IH>? M? L?F;N; OH; MO<C>; ;F 0?C>? JIL
OH ALOJI >? VG?L=;>?L?M S BIG<L?M >CAHIM >? =Lj>CNIX !F CHN?LjM >? N;H JL?M
NCACIM; CHMNCNO=CdH JIL ?F 0?C>? S F;M ;H;LC;M HI M? FCGCNd ; ?MN? =;MI ;CMF;>I S;
KO? OH;M >j=;>;M GlM N;L>? ?H ;J;L?=?Ll JO<FC=;>I ?H F;M GCMG;M
$569<@<=560.9 '?.;@.0A6<;@ S @CLG;>I JIL & !>?HM OH ;LNg=OFI =IH OH N;F;HN? GlM
=C?HNg@C=I NCNOF;>I V.?F;NI >? OH PC;D? >?M>? ?F JO?LNI >? (; +LIN;P; ?H F; %MF; >?
0?H?LC@? B;MN; F; =CG; >?F ,C=I >? ?M; %MF; ?H ;AIMNI J;M;>I =IH I<M?LP;=CIH?M
B?=B;M ;FFgX *I M?Lg; N;GJI=I ?MN; F; bFNCG; P?T ?H KO? ?RJ?LC?H=C;M O I<M?LP;
=CIH?M KO? NC?H?H =IGI ?M=?H;LCI ?F 0?C>? I=OJ?H F;M JlACH;M >? F; JL?MNCACIM;
JO<FC=;=CdH =C?HNg@C=; JO?M ; G?>C;>IM >?F MCAFI ?H =IH=L?NI ?H S FIM
B?LG;HIM 3CFFC;G S 0BIG;M $?<?L>?H ?M=LC<CLlH M?H>IM ;LNg=OFIM >;H>I =O?HN;
>? MOM I<M?LP;=CIH?M >OL;HN? F; MO<C>; ;F ,C=I ;Mg =IGI MI<L? ?F B;FF;TAI >? OH;
M;F KO? ?FFIM FF;G;H ;.A?<; S FIM FOA;L?eIM @.96A?<; ?H=IHNL;>; ?H ?F =LlN?L
F<?LNI .?F;H=CI )?HjH>?T 17

2IFPC?H>I ;F MCAFI 42%% M? JI>Lg; L?M?e;L ?F CHN?L?M;HN? CH@ILG? MI<L? OH;


?R=OLMCdH S MO<C>; ;F 0?C>? JO<FC=;>; JIL .I<?LN $IIE? ?H =IH ?F
NgNOFI ; .00<B;A <3 . <B?;2F :.12 A< A52 56452@A =.?A <3 A52 2.?A5 /F :F
;42;6<B@ ?62;1 !? ' (; ;M=?HMCdH >? NL?M CHAF?M?M S OH FOA;L?eI ;F ,C=I
?M HIN;<F? HI MdFI JIL ?F CH@ILG? ?H Mg MCHI JIL FIM =IG?HN;LCIM >? $IIE?
=C?HNg@C=I >? JLCG?L; FgH?; MI<L? F; @ILG;=CdH >? F; =ILN?T; N?LL?MNL? MOM
=;G<CIM ; FI F;LAI >?F NC?GJI S MO BCJdN?MCM >? F; @ILG;=CdH >? F;M %MF;M
G?>C;HN? ?LOJ=CIH?M MO<G;LCH;M AL;H>?M =;N;=FCMGIM ; =;OM; >? FIM
=O;F?M M? B;<Lg; FF?A;>I ; @ILG;L F; V=CG; GlM ;FN; >? F; NC?LL;X $IIE?
;e;>? ;>?GlM OH L?F;NI JILG?HILCT;>I MI<L? F; ?LOJ=CdH >?F PIF=lH >?
"O?H=;FC?HN? ?H (; ,;FG; ?H
,IL INLI F;>I =IGI ;HN?=?>?HN? >? FIM CHC=CIM >? F; <INlHC=; =;H;LC; ?M
I<FCA;>I =CN;L F; $5FA<4?.=56. >?F CHAFjM (?IH;L> ,FOE?H?N JO<FC=;>; ?H FIM
bFNCGIM ;eIM >?F MCAFI 42% >IH>? ;J;L?=? OH; >?M=LCJ=CdH WF; G;SIL L?;FCT;>;
;HN?M >? F; I<L; >? (CHH?IW >? OH; M?LC? >? ?MJ?=C?M P?A?N;F?M =;H;LC;M ?H>j
GC=;M ,;L?=? KO? ,FOE?H?N ?MNOPI >? @ILG; ;==C>?HN;F ?H (; ,;FG; >IH>?
JO>I L?=IF?=N;L JF;HN;M KO? FF?P;Lg; =IHMCAI ; %HAF;N?LL;
*I I<MN;HN? ?F BCNI =LO=C;F =IH ?F KO? M? CH;OAOL;H F;M ?RJ?>C=CIH?M
=C?HNg@C=;M ; ;H;LC;M NC?H? =IGI JLIN;AIHCMN; ;F J;>L? GgHCGI (IOCM
"?OCFFj? ?RJ?LNI ?H ;MNLIHIGg; S =IH GO=B; ?RJ?LC?H=C; ?H J?LCJFIM
G;LCHIM KOC?H ?H ;LLC<d JIL M?AOH>; P?T ; ;H;LC;M W>IH>? S;
B;<g; L?=;F;>I ?H >OL;HN? OH PC;D? ; GjLC=;W =IH ?F =IG?NC>I >?
>?N?LGCH;L =IH ?R;=NCNO> JIL ?H=;LAI >? F; =;>?GC; >? C?H=C;M >? ,;LgM
?F G?LC>C;HI >? !F $C?LLI KO? FIM @L;H=?M?M ONCFCT;<;H ?HNIH=?M =IGI G?LC
>C;HI =?LI J;L; G?>CL F;M FIHACNO>?M "?OCFFj? ;JLIP?=B;Lg; MOM NL?M G?M?M S
G?>CI >? ?MN;H=C; ?H ;H;LC;M J;L; I<M?LP;L FIM M;NjFCN?M >? &bJCN?L
=;F=OF;L F;M FIHACNO>?M S F;NCNO>?M >? P;LC;M FI=;FC>;>?M >? !F $C?LLI S
0?H?LC@? S FF?P;L ; =;<I ;OHKO? =IH ?M=;M; @ILNOH; F; JLCG?L; G?>C=CdH
=IH <;M? =C?HNg@C=; >?F 0?C>? ,IL INLI F;>I N;G<CjH ?M GjLCNI >?F J;>L?
"?OCFFj? =IGI ;>?F;HN;>I >? F;M ?RJ?>C=CIH?M =C?HNg@C=;M ?H ;H;LC;M F;
>?M=LCJ=CdH >? P;LC;M JF;HN;M ?H>jGC=;M ?H MO JLIJCI G?>CI ?HNL? ?FF;M F;
PCIF?N; >?F 0?C>? KO? M?Lg; L?>?M=O<C?LN; S ?MNO>C;>; >? GI>I GlM LCAOLIMI
18 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

C<ODI >? OH J?L?HKOjH JIL "?OCFFj?

JIL IHJF;H> S $OG<IF>N FAI MCGCF;L M? JI>Lg; >?=CL J;L; ;FAOH;M ?MJ?
=C?M >? ;HCG;F?M KO? ;OHKO? GOS FCGCN;>;M CH;OAOL;H ?F JLCG?L CHN?HNI
>? >?M=LCJ=CdH TIIFdAC=; CHMOF;L
?MJOjM >? "?OCFFj? ?F MCAOC?HN? H;NOL;FCMN; KO? JO>I L?=IF?=N;L JF;HN;M
?H ?F L=BCJCjF;AI AL;=C;M ; OH; ?M=;F; Nj=HC=; >? I=BI >g;M ?H 0?H?LC@? ?H
@O? )C=B?F >;HMIH !MN? PC;D;<; ; /?H?A;F J;gM ?H ?F KO? BCTI L?F?
P;HN?M CHP?MNCA;=CIH?M MI<L? @FIL; S @;OH; S ?H MO ?MN;H=C; NCH?L@?e; ?M=LC<Cd OH;
<L?P? >?M=LCJ=CdH >? CHN?LjM =C?HNg@C=I MI<L? F; CMF;
,?LI ?MNI MdFI M?Lg; ?F ;HOH=CI >? FI KO? C<; ; M?L F; jJI=; >IL;>; >?F
J;MI >? F;M AL;H>?M ?RJ?>C=CIH?M JIL ;H;LC;M

".0>7-* .=*9*
1H; M?AOH>; ?N;J; ?H ?F >CM=OLLCL >? FIM PC;D?M =C?HNg@C=IM ; F;M %MF;M ;H;LC;M
CLg; >?M>? FIM ;eIM M?M?HN; >?F MCAFI 42%%% B;MN; @CH;F >? MCAFI S ?M >OL;HN? ?M?
J?LCI>I =O;H>I M? JLI>O=? ?F J;MI >? F; AL;H>?M ?RJ?>C=CIH?M ?OLIJ?;M JIL
;H;LC;M =IGI F;M >? IIE (; ,jLIOM? !HNL?=;MN?;OR I ;O>CH !F =IHN?HC>I
F<?LNI .?F;H=CI )?HjH>?T 19

=C?HNg@C=I >? ?MN;M ?L; G;SIL ?H ?MN;


jJI=; >?<C>I ; KO? F; ?RJ;HMCdH >?
F;M JIN?H=C;M ?OLIJ?;M CGJOFM;<; ?F
>?M;LLIFFI >? F; =C?H=C; J;L; ?F >?M=O
<LCGC?HNI Fj;M? ;JLIJC;=CdH S ?R
JFIN;=CdH >?F GOH>I S ?FFI M? HIN;Lg;
?H FIM <L?P?M ?MNO>CIM S ?RJFIL;=CIH?M
KO? =C?HNg@C=IM >? L?F?P;H=C; B;=g;H
?H F;M %MF;M ; F; M;TdH MI<L? NI>I ?H
0?H?LC@? GC?HNL;M >OL;<; MO ?MN;H=C;
"CAOL; NLCAIHIGjNLC=; >? F;L?N >? "F?OLC?O J;L;
?H F;M GCMG;M =;F=OF;L F; >CMN;H=C; >? FIM <;L=IM L?MJ?=NI ;F 0?C>?
!H=IHNL;GIM ;Mg ?RJ?>C=CIH?M
@L;H=?M;M KO? ?MNO>C;H ?H ?F NFlHNC=I FIM L?FID?M G;LCHIM KO? =;LNIAL;@g;H
=IMN;M ? CMF;M KO? @CD;H S =ILLCA?H F;M JIMC=CIH?M ?H FIM G;J;M
(;M JLO?<;M >? FIM L?FID?M G;LCHIM J;L; G?>CL =IH JL?=CMCdH F; FIHACNO> ?H
?F G;L L?MOFN;<;H <lMC=;M J;L; F; H;P?A;=CdH JILKO? =IH ?FFIM M? MIFO=CIH;<;
OH JLI<F?G; M?=OF;L $;<Lg; KO? M?e;F;L ?H ?M? =IHN?RNI F; ?RJ?>C=CdH >?
F;L?N >? "F?OLC?O KO? J;Md JIL ;H;LC;M ?H F; @L;A;N; @6@ >IM P?=?M ?HNL?
S S KO? ?HNL? MOM I<D?NCPIM N?Hg; JLI<;L P;LCIM GI>?FIM >? L?FID?M
S @CD;L F; JIMC=CdH >? F;M %MF;M >?HNLI >? F; =;LNIAL;@g; >?F NFlHNC=I KO? FIM @L;H
=?M?M ?MN;<;H L?;FCT;H>I MCGCMGI F; =;>?GC; >? C?H=C;M >? ,;LgM G;H>d
OH; HO?P; ?RJ?>C=CdH J;L; =IGJLI<;L FIM =LIHdG?NLIM G;LCHIM ?H
=IG;H>;>; JIL &?;H B;LF?M IL>; F?R;H>L? #OS ,CHALj S &?;H .?Hj
2?L>OH >? F; L?HH? KO? FF?A;LIH ; /;HN; LOT ?H F; @L;A;N; . 9<?2 ?H F;
PgMJ?L; >? *;PC>;> J?LG;H?=C?H>I >I=? >g;M ?H F; CMF; >IH>? ;JLIP?=B;LIH
J;L; B;=?L OH; ?R=OLMCdH ;F 0?C>? S FF?P;L ; =;<I OH; G?>C=CdH >? MO ;FNOL;
IL>; L?AL?M;Lg; ?H ; 0?H?LC@? J;L; ?@?=NO;L OH; HO?P; G?>C=CdH >?F
0?C>? KO? L?=NC@C=;<; F; ;HN?LCIL WFIM GlM JL?=CMIM G?NLIMW S KO? M?
=IHMC>?L; F; JLCG?L; G?>C=CdH ?R;=N; >?F ,C=I
,?LI F;M AL;H>?M ?GJL?M;M G;LgNCG;M @LONI MI<L? NI>I >? F; =IGJ?N?H=C;
?HNL? "L;H=C; ? %HAF;N?LL; JIL GINCPIM =IFIHC;F?M S >? ?RJFIL;=CdH N?Hg;H
=IGI >?MNCHI bFNCGI ?F sH>C=I OMNL;FC; S ?F ,;=g@C=I ;H;LC;M M? =IHPCLNCd
20 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

?HNIH=?M ?H ?M=;F; B;<CNO;F =IGJCNC?H>I =IH );>?CL; >? ?MN;M AL;H>?M


?RJ?>C=CIH?M >? =CL=OHH;P?A;=CdH
(; =jF?<L? ?RJ?>C=CdH @L;H=?M; >? IOA;CHPCFF? HI NIGd
JO?LNI ?H ;H;LC;M =IGI N;GJI=I FI B;Lg;H F;M >IM JLCG?L;M ?RJ?>C=CIH?M
>?F @;GIMI =;JCNlH IIE /g FI B;Lg; ?H =;G<CI F; N?L=?L; <;DI MO G;H>I
J?LG;H?=C?H>I =O;NLI >g;M ?H ?F JO?LNI >? /;HN; LOT ?H ;AIMNI >?
MO =ICH=C>?H=C; =IH IL>; S F; ?RJ?>C=CdH @L;H=I ?MJ;eIF; >IH>? ?MN?
PC;D;<; JIMC<CFCN;Lg; ?F CHN?L=;G<CI >? CH@ILG;=CdH ?HNL? ;G<;M NLCJOF;
=CIH?M IIE L?=IG?H>;Lg; ?F JO?LNI >? /;HN; LOT =IGI ?M=;F; >? ;PCNO;
FF;GC?HNI JIL GINCPIM JLl=NC=IM =IGI FIM JL?=CIM GlM <;L;NIM >?F PCHI KO?
?H );>?CL; S ?FFI CH@FOCLg; ?H INLIM H;P?A;HN?M KO? >?M>? ?HNIH=?M FI
CH=ILJIL;Lg;H ; MO LON;
(IM @L;H=?M?M JIL MO J;LN? JF;HN?;LIH MO GlM ;G<C=CIMI PC;D? ?H
=IG;H>;>I JIL &?;H "L;H`ICM #;F;OJ =IH>? >? (; ,jLIOM? !MN? PC;D? KO? >;Lg; F;
PO?FN; ;F GOH>I =IH @CH?M =C?HNg@C=I JIFgNC=IM J;NLI=CH;>I JIL (OCM 42% S ;JIS;>I
JIL F; =;>?GC; >? C?H=C;M >? ,;LgM FF?P;<; ; <IL>I >? MOM >IM @L;A;N;M .
<B@@<92 S @A?<9./2 OH P?L>;>?LI ;LM?H;F >? CHMNLOG?HNIM =C?HNg@C=IM S OH;
<C<FCIN?=; ?MJ?=C;FCT;>; );H?D;<;H NI>I ?MNI OH ;GJFCI ALOJI >? H;NOL;FCMN;M
;MNLdHIGIM KOgGC=IM GCH?L;FIACMN;M A?dAL;@IM <INlHC=IM @gMC=IM G;N?GlNC=IM
=;LNdAL;@IM S >C<OD;HN?M !F >g; >? ;AIMNI >? FF?A;<;H ; /;HN; LOT >?
0?H?LC@? >IH>? J;M;Lg;H ;FL?>?>IL >? >C?T >g;M %HMN;F;LIH OH I<M?LP;NILCI ?H
NC?LL; BC=C?LIH G?>C=CIH?M S OH ALOJI >? H;NOL;FCMN;M L?;FCTd OH; ?R=OLMCdH ;F 0?C>?
>OL;HN? F; =O;F ;JLIP?=B;LIH J;L; B?L<ILCT;L JIL ?F =;GCHI !H ?F ,C=I BC=C?LIH OH;
>?M=LCJ=CdH >?F =LlN?L G?>C=CIH?M <;LIGjNLC=;M S N?LGIGjNLC=;M P;LC;M ?RJ?LC?H
=C;M KOgGC=;M S FF?P;LIH ; =;<I OH; L?=IAC>; >? =LCMN;F?M PIF=lHC=IM
(; ?RJ?>C=CdH >? (; ,jLIOM? >?M;J;L?=Cd GCMN?LCIM;G?HN? ?H ?F ,;=g@C=I
JIL FI KO? ?H ?H JF?H; ?@?LP?M=?H=C; L?PIFO=CIH;LC; M? @F?Nd OH; HO?P;
?RJ?>C=CdH ;F G;H>I >?F =;<;FF?LI >? !HNL?=;MN?;OR =IH ?F @CH >? FI=;FCT;L ?H
F; TIH; >? *O?P; $IF;H>; 0;MG;HC; ? CMF;M =CL=OH>;HN?M FIM <;L=IM ?RNL;
PC;>IM !F >? I=NO<L? FF?A;LIH ; /;HN; LOT FIM <;L=IM >? !HNL?=;MN?;OR
J?LG;H?=C?H>I ?H 0?H?LC@? KOCH=? >g;M J;L; JLI=OL;LM? PgP?L?M S >?M=;HM;L !F
H;NOL;FCMN; (;<CFF;L>ChL? >?Dd OH L?F;NI >? F; ?MN;H=C; =IH >?M=LCJ=CIH?M >? F;
F<?LNI .?F;H=CI )?HjH>?T 21

);J; >? F;M %MF;M ;H;LC;M );>?CL; S ,O?LNI /;HNI JIL F;L?N >? "F?OLC?O

=CO>;> >? MO LON; JIL ?F HILN? >? F; CMF; >? MOM B?L<ILCT;=CIH?M ?H F; ;M=?H
MCdH ;F 0?C>? ;Mg =IGI >? MOM I<M?LP;=CIH?M A?IFdAC=;M S POF=;HIFdAC=;M (;
?RJ?>C=CdH M?AOCLg; FO?AI MO LOG<I ; OMNL;FC; S ?F ,;=g@C=I >IH>? HI
JO>C?LIH ?H=IHNL;L L;MNLI >? (; ,jLIOM?
!H ?M L?M?e;<F? ?F J;MI JIL 0?H?LC@? >? OH; @FIN; CHAF?M; =IH
L?=FOMIM >?MNCH;>IM ; F; =IFIHC; J?HCN?H=C;LC; >? IN;HS ;S ?H *O?P; #;F?M
>?F /OL ; FIM KO? ;=IGJ;e;<; OH CH=CJC?HN? ?DjL=CNI ?F Gj>C=I >? F; ?RJ?>C
=CdH &IBH 3BCN? >?Dd OH L?F;NI >? MO J;MI JIL F; CMF; !H L?=;Fd ?H
/;HN; LOT F; ?RJ?>C=CdH CHAF?M; >? F; <B;AF KO? ;F G;H>I >?F =;JCNlH
FCAB N?Hg; KO? NL;MF;>;L =IGI OH D;L>gH @FIN;HN? I=BI=C?HN;M G;=?N;M >?
22 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

JF;HN;M >?F J;H >?M>? 0;BCNg ; F;M HNCFF;M <LCNlHC=;M M? JL?N?H>g; KO? @O?L;
=IGC>; J;L; ?M=F;PIM S NL;<;D;>IL?M >? F;M JF;HN;=CIH?M ;TO=;L?L;M !M?
GCMGI ;eI J;Md JIL ;H;LC;M F; ?RJ?>C=CdH >? );F;MJCH; F; GlM CGJIL
N;HN? >? F;M ?MJ;eIF;M D;GlM @F?N;>; =IH ;GJFCIM @CH?M JIFgNC=I =C?HNg@C=IM ?H
MO J?LCJFI ;FL?>?>IL >?F GOH>I 5 ?H ;LLC<d ;MCGCMGI ; /;HN; LOT
>? 0?H?LC@? ?F >CJFIGlNC=I (IL> );=;LNH?S ?H ?G<;D;>; ?RNL;IL>CH;LC; ; F;
BCH; #?ILA? /N;OHNIH GC?G<LI >? F; .IS;F /I=C?NS S M?=L?N;LCI >? ?MN;
?G<;D;>; >?Dd OH L?F;NI >? MO J;MI JIL F; CMF; ?H MO L?F;=CdH >?F PC;D?
1H =;MI =OLCIMI ?H ?F =IHN?RNI =;H;LCI FI =IHMNCNOS? ?F G;LCHI S
=IG?L=C;HN? ?M=I=jM #?ILA? #F;M /CH M?L OH =C?HNg@C=I JLI@?MCIH;F FF?Pd ;
=;<I GCHO=CIM;M I<M?LP;=CIH?M MI<L? LON;M G;LCH;M S JO?LNIM JL;=NC=;
<F?M ;Mg =IGI ;GJFCIM ?MNO>CIM MI<L? F;M JIMC<CFC>;>?M KO? I@L?=g; F;

)?>C=CdH >?F 0?C>? JIL IL>; pF?I >? ,C?LL? +T;HH? )OM?I >? ;R
F<?LNI .?F;H=CI )?HjH>?T 23

J?M=; ?H ?F L=BCJCjF;AI =IHPCLNCjH>IM? >?M>? ?HNIH=?M ?H OH ;ONIL


GOS =CN;>I JIL FIM PC;D?LIM /OM H?AI=CIM L?F;=CIH;>IM =IH F;M %MF;M S F;
=IMN; ;@LC=;H; ;Mg =IGI MO LI=;G<IF?M=; GO?LN? FI NL;HM@ILG;LIH ?H OH
J?LMIH;D? >? F?S?H>;
?HNLlH>IHIM HO?P;G?HN? ?H ?F =;GJI =C?HNg@C=I B;<Lg; KO? M?e;F;L F;
?R=?J=CIH;FC>;> >? F; JLCG?L; ?RJ?>C=CdH >?F =;JCNlH @L;H=jM *C=IF;M ;O>CH
/O ;LLC<;>; ; ;H;LC;M =IGI =IHM?=O?H=C; >? OH; NILG?HN; ?H MO LON;
;NFlHNC=; F? B;Lg; J?LG;H?=?L GlM >? =O;NLI G?M?M ?H F;M %MF;M S ?FFI J?LGC
NCLg; KO? FIM H;NOL;FCMN;M KO? PC;D;<;H ; <IL>I ?MNO>C;L;H =IH =C?LNI >?N;FF?
;MJ?=NIM >? F; BCMNILC; H;NOL;F >? F;M GCMG;M ;Mg =IGI >? F; A?IAL;@g; @gMC=;
S ?=IHdGC=; N;F S =IGI M? L?@F?D; ?H ?F CHN?L?M;HN? CH@ILG? >?F H;NOL;FCMN;
H>Lj ,C?LL? (?>LO >IH>? >; =O?HN; >? MO ?MN;H=C; ?F )<F.42 .BE 992@ 12
'Y;Y?6332 9. '?6;6AY &.6;A '5<:.@ &.6;A2 ?<6E 2A $<?A< %600< JO<FC=;>I ?H
!H jF M? B;=? OH ;GJFCI L?=ILLC>I JIL F; A?IAL;@g; F; BCMNILC; ?F
=IG?L=CI F; ;ALC=OFNOL; I F; MI=C?>;> >? F;M %MF;M ;H;LC;M ; FI KO? (?>LO
;e;>? P;LC;M JlACH;M MI<L? ;PC@;OH; ?H =IF;<IL;=CdH =IH ?F TIdFIAI
);OA?L WF;M JLCG?L;M L?;FCT;>;M ?H ?F L=BCJCjF;AIW S MI<L? INLIM ;HCG;F?M
;>?GlM >? OH J?KO?eI CH@ILG? MI<L? <INlHC=; S GCH?L;FIAg;
(; M?AOH>; ?RJ?>C=CdH >? ;O>CH KO? J;M; JIL ;H;LC;M ; @CH;F?M >?
WM?LlH >g;M FIM KO? J?LG;H?T=;H ?H 0?H?LC@?W >CI FOA;L ; OH; AL;H =;HNC>;>
>? CH@ILG?M L?F;NIM S FC<LIM ,I>Lg;H >?MN;=;LM? ?F >?F >C<OD;HN? H;NOL;FCMN;
)CF<?LN ?F >?F H;NOL;FCMN; "L;H`ICM ,jLIH S MI<L? NI>I F; PIFOGCHIM; GIHI
AL;@g; >? ILS >? /;CHN 2CH=?HN @@.6@ @B? 92@ @92@ <?AB;Y2@ 2A 9 .;A6>B2
A9.;A612 ;GJFC; MgHN?MCM >? >;NIM A?IALl@C=IM BCMNILC; >? F;M %MF;M
BCMNILC; H;NOL;F <INlHC=; A?IFIAg; TIIFIAg; F?S?H>;M AO;H=B?M GCNIFIAg;
MI<L? F; NFlHNC>; JO?MN; ;F >g; ?N= CGJIMC<F? >? L?MOGCL ;KOg !H =O;FKOC?L
=;MI OH ;LM?H;F >? @O?HN?M ?M=LCN;M S ALl@C=;M MI<L? ;H;LC;M
IH NI>I ?F JOHNI >? CH@F?RCdH KO? =C?LL; ?MN; ?N;J; ?M F; ?RJ?>C=CdH >?
F?R;H>?L PIH $OG<IF>N S CGj IHJF;H> KO? J?LG;H?=?Lg; ?H 0?H?LC@?
>OL;HN? JI=I GlM >? M?CM >g;M >?F G?M >? DOHCI >? ?H NLlHMCNI B;=C; F;M
=IFIHC;M ?MJ;eIF;M >? GjLC=; J?M;L >? MO =ILN; ?MN;H=C; ?H F;M %MF;M
;H;LC;M $OG<IF>N ONCFCT;Ll ?MN;M =IGI GI>?FI >? L?@?L?H=C; J;L; L?;FCT;L
24 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

=IGJ;L;=CIH?M =IH INLIM FOA;L?M KO? CLl PCMCN;H>I ?H NC?LL;M ;G?LC=;H;M F;


P?A?N;=CdH ?F 0?C>? F;M @ILG;=CIH?M PIF=lHC=;M F; A?HN? JO?M HI ?H P;HI
0?H?LC@? JLI<;<F?G?HN? JIL M?L F; JLCG?L; NC?LL; MO< NLIJC=;F @O?L; >? !OLIJ;
KO? PCMCN;<; >?Dd ?H jF OH; CH>?F?<F? ?MJ?=C? >? CGJLIHN; H;NOL;FCMN; ,IL INL;
J;LN? $OG<IF>N M? >;Lg; =O?HN; >? KO? KOCTlM JIL B;<?L MC>I PCMCN;>;M F;M %MF;M
JIL N;HNIM H;NOL;FCMN;M M? B;<g; >;>I JIL MOJO?MNI KO? ?L;H S; <C?H =IHI=C>;M
=C?HNg@C=;G?HN? =O;H>I ?M? HI ?L; ?F =;MI (;M CHP?MNCA;=CIH?M =C?HNg@C=;M MdFI
B;<g;H MC>I I=;MCIH;F?M S MOJ?L@C=C;F?M S ; MO DOC=CI ?L; ?F GIG?HNI >?
?RN?H>?L S JLI@OH>CT;L ?H F;M GCMG;M HCG;Ll JO?M ; FIM =C?HNg@C=IM ?OLIJ?IM
; P?HCL ; ;H;LC;M ; CHP?MNCA;L MO H;NOL;F?T; S >CPOFA;Ll ?H MOM I<L;M =OS; @;G;
S >C@OMCdH ?H !OLIJ; @O? GOS AL;H>? FIM ;MJ?=NIM =C?HNg@C=IM >?F L=BCJCjF;AI
MI<L? NI>I F; A?IFIAg; ?F 0?C>? ;F KO? ;M=?H>Cd S F; A?IAL;@g; >? F;M JF;HN;M
!D?L=Cd ;Mg OH; CH@FO?H=C; >CL?=N; ?H ;ONIL?M =IGI (?IJIF> PIH O=B I B;LF?M
;LQCH ;OHKO? ?MN? bFNCGI HI JO>C?L; <;D;L ; NC?LL; ?H ?H?LI >? >?<C>I
; OH; =O;L?HN?H; J?L>CjH>IM? ;Mg J;L; F; BCMNILC; >? F; =C?H=C; ?H F;M %MF;M F;M
CHN?L?M;HN?M JlACH;M KO? ?F DIP?H H;NOL;FCMN; KO? ?F;<IL;Lg; F; N?ILg; >? F; M?F?=
=CdH H;NOL;F JL?MOGC<F?G?HN? B;<Lg; ?M=LCNI
,OHNI S ;J;LN? ?H ?MN? MIG?LI L?=ILLC>I =IH ?F KO? KO?L?GIM >?D;L =IHMN;H=C;
>? F; JL?M?H=C; S ;=NCPC>;>?M >? FIM H;NOL;FCMN;M S PC;D?LIM KO? HIM PCMCN;LIH MIH
FIM =;MIM >? >IM <INlHC=IM "L;H=CM );MMIH S OAOMN? LIOMMIH?N
!F JLCG?LI >? ?FFIM M?Lg; =IGCMCIH;>I JIL FIM L?MJIHM;<F?M >? FIM '?Q
#;L>?HM FIH>CH?HM?M 3CFFC;G CNIH S &IM?JB ;HEM ; /O>l@LC=; TIL?M
);>?CL; S ;H;LC;M =IGI L?=IF?=NIL JIL OH J?LCI>I >? OHIM MC?N? O I=BI
G?M?M ?M>? ;KOg ?HPC;Lg; ?MJ?=gG?H?M >? JF;HN;M =;H;LC;M ; N;H CGJIL
N;HN? CHMNCNO=CdH CHAF?M;
!F M?AOH>I OAOMN? LIOMMIH?N @O? =dHMOF @L;H=jM ?H ;H;LC;M >IH>?
PCPCd GlM >? NL?M ;eIM ?HNL? S JL?M?HN; CHN?LjM JIL P;LC;M
L;TIH?M JIL MO ?HPgI >? M?GCFF;M S JF;HN;M =;H;LC;M ; P;LCIM <INlHC=IM ?OLI
J?IM >? F; jJI=; JILKO? J;L?=? KO? =IGJ;LNCd MOM =IHI=CGC?HNIM <INlHC=IM
=IH ?RJ?>C=CIH;LCIM =IGI ILS >? /;CHN 2CH=?HN I $OG<IF>N KO? J;M;LIH
JIL ?F L=BCJCjF;AI S JILKO? =IGI JCIH?LI ?H FIM ?MNO>CIM <INlHC=IM 6; @6AB
?H ;H;LC;M JLIS?=Nd ;OHKO? HI FF?Ad ; JO<FC=;L P;LC;M I<L;M ?HNL? ?FF;M ?F
F<?LNI .?F;H=CI )?HjH>?T 25

9<?69246B: 0.;.?62;@2 =OSI G;HOM


=LCNI M?AOL;G?HN? @O? ; J;L;L ;
)IHNJ?FFC?L

#.;,.;* .=*9*

(; N?L=?L; ?N;J; ;<;L=;Lg; F; JLCG?L;


GCN;> >?F MCAFI 4%4 S ?MN;Lg; =;L;=N?
LCT;>; JIL PC;D?LIM KO? NIG;H LOG<I
; F;M ;H;LC;M =IGI >?MNCHI =C?HNg@C=I
S HI =IGI G?LI FOA;L >? J;MI IM
BCNIM @OH>;G?HN;F?M ?M H?=?M;LCI
M?e;F;L ?H ?MN? J?LCI>I ?F PC;D?
JLCP;>I >? (?IJIF> PIH O=B S
BLCMN?H /GCNB S F; G;AH; I<L;
L?;FCT;>; JIL ?F <INlHC=I CHAFjM
,BCFCJ ;LE?L 3?<< ?F =OFNI S >CF? F?R;H>?L PIH $OG<IF>N
N;HN? /;<CH ?LNB?FIN S MOM =IF;<I
L;>IL?M =IH ?F NgNOFI A?HjLC=I >? 6@A<6?2 ;.AB?2992 12@ ^92@ .;.?62@
HN?M >? =IG?HN;L ?MNIM >IM BCNIM ?M >? LCAIL HI I<MN;HN? B;=?L OH;
;JOHN? MI<L? ?F GCH?LdFIAI @L;H=jM (IOCM IL>C?L S MO PC;D? ; 0?H?LC@? ?H
IL>C?L ?MNOPI ?H F; CMF; ;FAI GlM >? OH G?M ?RJFIL;H>I (;M ;e;>;M
>?F 0?C>? S ?F PIF=lH >?M=O<LC?H>I F; CGJILN;HN? @OH=CdH >?F B;BILL; ?H F;
=IH@ILG;=CdH A?IFdAC=; >? (;M ;e;>;M .?;FCTd ;>?GlM HOG?LIM;M I<M?L
P;=CIH?M MI<L? GCH?L;F?M S OH; G?>C=CdH GOS JL?=CM; >?F 0?C>? ;F KO? MO<Cd
?H >IM I=;MCIH?M
/CH ?G<;LAI ; J?M;L >?F CHN?LjM >?F NL;<;DI JCIH?LI >? (IOCM IL>C?L ?F
JLCG?L NL;<;DI ?H JLI@OH>C>;> MI<L? A?IFIAg; >? ;H;LC;M @O? L?;FCT;>I JIL
?F ;F?GlH (?IJIF> PIH O=B !MN? ;GCAI >? $OG<IF>N >?M>? MO J?LCI>I >?
?MNO>C;HN?M PC;Dd ?H ; F;M %MF;M DOHNI =IH ?F <INlHC=I HILO?AI BLCMN?H
/GCNB J?LG;H?=C?H>I ;G<IM =O;NLI G?M?M S G?>CI L?=ILLC?H>I 0?H?LC@?
#L;H ;H;LC; (; ,;FG; S @CH;FG?HN? (;HT;LIN?
26 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

0IGI CFOMNL;>I >? F; $5FA<4?.=56. >? F; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ >? 3?<< S ?LNB?FIN

BLCMN?H /GCNB HI NOPI NC?GJI >? JO<FC=;L H;>; MI<L? F; <INlHC=; =;H;LC;
>?<C>I ; MO GO?LN? ?H ?H F; ?RJFIL;=CdH >?F LgI IHAI ?H w@LC=; MO
G;HOM=LCNI @O? NL;HM=LCNI JIL " 'C;?L ?H S L?>?M=O<C?LNI JIL F;
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; AL;=C;M ;F ?MJ?=C;FCMN;
HILO?AI ?H <INlHC=; G;=;LIHjMC=; ,?L /OH>CHA JLI=?>CjH>IM? ;Mg ; MO
NL;>O==CdH S >CACN;FCT;=CdH ?H ?F G;L=I >?F ,LIS?=NI $OG<IF>N >?M;LLIFF;>I
JIL ?M; "OH>;=CdH
(?IJIF> PIH O=B JIL MO J;LN? JO<FC=d OH; I<L; >?=CMCP; $5F@60.96@052
2@05?26/B;4 12? .;.?6@052; ;@29; WKO? M?Lg; GlM =IHI=C>; JIL MO
P?LMCdH @L;H=?M; JIMN?LCIL W ?H F; KO? >?MJOjM >? ?RJFIL;L JIL JLCG?L;
P?T F; A?IFIAg; >? (; ,;FG; #L;H ;H;LC; S (;HT;LIN? W;>?GlM >? F; >?
0?H?LC@?W >;<; OH; CHN?LJL?N;=CdH A?H?L;F >?F POF=;HCMGI =;H;LCI JLIJI
HC?H>I MO N?ILg; >? FIM =LlN?L?M >? F?P;HN;GC?HNI J;L; ?RJFC=;L F; @ILG;=CdH
F<?LNI .?F;H=CI )?HjH>?T 27

>? (;M ;e;>;M >?F 0?C>? F; =;F>?L; >? 0CL;D;H; ?H #L;H ;H;LC; S F; =;F>?L;
>? 0;<OLC?HN? J;FG?L; ?F JLIJCI NjLGCHI V=;F>?L;X M? =IHPCLNCd ?H ?MN; I<L;
?H OH N?=HC=CMGI A?IFdAC=I
!F INLI BCNI >? ?MN? J?LCI>I ?M F; AL;H MgHN?MCM MI<L? FIM ?MNO>CIM >? F;M =C?H
=C;M H;NOL;F?M W; FI KO? B;<Lg; KO? ;e;>CL FIM ;HNLIJIFdAC=IM A?IALl@C=IM ?
BCMNdLC=IMW MI<L? ;H;LC;M F; S; =CN;>; 6@A<6?2 ;.AB?2992 12@ ^92@ .;.?62@ >?
3?<< S ?LNB?FIN
?LNB?FIN =IHNLC<OSd ; F; 6@A<6?2 ".AB?2992 ?H JLCG?L NjLGCHI ?M=LC<C?H>I
F; A5;<4?.=562 2A ;;.92@ 12 9. <;>BXA2 OH NL;<;DI JCIH?LI MI<L? FIM
AO;H=B?M ?H ?F =IHN?RNI >? F; ;HNLIJIFIAg; @gMC=; >? NL;>C=CdH @L;H=I
;F?G;H; =IHPCLNCjH>IFIM ?H OH NL;MOHNI >?F GCNI >?F /B2; @.9C.72 >? NL;>C=CdH
LIOMMIHC;H; MCGCMGI M?Lg; ?F ;LNg@C=? >? F;M !6@029.;Y2@ .;.?62;;2@ ?H F;M
KO? >; =O?HN; >? @ILG; FCN?L;LC; S ;G?H; N;HNI >? MO ?MN;H=C; ?H ;H;LC;M
?H FIM ;eIM P?CHN? >?F MCAFI 4%4 =IGI >? MO PC;D? >? ?RJFIL;=CdH =IH 3?<< ?H
FIM ;eIM ; ?LNB?FIN @O? OH; @CAOL; MCHAOF;L KO? J;Md GlM >? F;
GCN;> >? MO PC>; ?H ;H;LC;M ? @ILG;=CdH ;ONI>C>;=N; @O? OH CHN?F?=NO;F
>?MN;=;>I ?H F; PC>; >? F;M %MF;M ?H MO M?AOH>; ?N;J; >? L?MC>?H=C; CHMOF;L
>IH>? ?D?L=Cd =IGI =dHMOF >? MO J;gM "L;H=C; >?M>? B;MN;
0L;<;Dd S ?M=LC<Cd MI<L? J?M=; S J?MKO?Lg;M C=NCIFIAg; S ILHCNIFIAg; <INlHC=;
A?IFIAg; A?IAL;@g; @gMC=; S BOG;H; ?MN;>gMNC=; ;HNLIJIFIAg; ? BCMNILC; S
INLIM ;MOHNIM G?HIL?M N?G;M KO? @O? ;JL?H>C?H>I S ;<MIL<C?H>I ; FI F;LAI
>? MO PC>; !M=LC<Cd P;LCIM FC<LIM S GO=BIM ;LNg=OFIM J;LNC=CJ;H>I ?H NI>;
G;HC@?MN;=CdH =OFNOL;F >? CHN?LjM ?H ?F L=BCJCjF;AI S ?D?L=C?H>I >? G?>C;>IL
>? J?LMIH;FC>;>?M =C?HNg@C=;M KO? J;M;LIH JIL F;M %MF;M =IGI OGIHN
1LPCFF? I ;LF IFF? *I I<MN;HN? ?F B?=BI ?M?H=C;F J;L; MO =;LL?L; @O?
MCH >O>; ?F ?H=O?HNLI S F; ;GCMN;> M;FJC=;>; >? ;FNC<;DIM =IH ,BCFCJ
;LE?L 3?<<
!MN? ;LCMNd=L;N; CHAFjM KO? @CH;H=Cd F; 6@A<6?2 ".AB?2992 S NOPI ; ?LNB?FIN
=IGI ;M;F;LC;>I >OL;HN? ;eIM ?H ,;LgM @O? OHI >? FIM <INlHC=IM GlM >?MN;
=;>IM >? MO NC?GJI ;>?GlM >? M?L A?dFIAI ?MNO>CIMI >? FIM =FlMC=IM
W?M=LC<Cd OH; I<L; MI<L? 0LIS;W S =IHMOG;>I JIFgAFIN; (; $5FA<4?.=56.
.;.?62;@6@ @O? MO AL;H =IHNLC<O=CdH DOHNI =IH OH; JFjS;>? >? =IF;<IL;
28 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

>IL?M ; F; <INlHC=; =;H;LC; /O B?L<;LCI S LC=; =ILL?MJIH>?H=C; FIM >IHd ;F


#L;H OKO? >? 0IM=;H; =IHM?LPlH>IM? BIS ?H F; C<FCIN?=; S ?F )OM?I >?
C?H=C;M *;NOL;F?M >? F; 1HCP?LMC>;> >? "FIL?H=C; !H ?F $?L<;LCI 3?<< M?
?H=O?HNL; ;FL?>?>IL >? OH N?L=CI >? FIM NCJIM <INlHC=IM ONCFCT;>IM J;L; >?M=LC<CL
FIM ?H>?GCMGIM >? F;M ;H;LC;M S ?H F; <C<FCIN?=; =C?HNIM >? GCMCP;M ?HPC;>;M
JIL FIM JLCH=CJ;F?M <INlHC=IM >? F; jJI=; S <ILL;>IL?M >? MOM JLIJC;M =;LN;M
(; 6@A<6?2 ".AB?2992 @O? CGJILN;HN? HI MdFI >?M>? ?F JOHNI >? PCMN;
N?RNO;F MCHI N;G<CjH >?M>? ?F ALl@C=I ,IL OH F;>I JIL FIM =C?HNIM >? FlGCH;M
KO? CFOMNL;H ;HCG;F?M S MI<L? NI>I ?MJ?=gG?H?M >? JF;HN;M S ?MJ?=C?M P?A?
N;F?M JI=I =IHI=C>;M I HO?P;M J;L; F; =C?H=C; >? MO jJI=; 5 JIL INLI JIL FIM
J;CM;D?M >? FOA;L?M =;H;LCIM KO? ;OHKO? ?H GO=BIM =;MIM I@C=C;<;H =IGI
CFOMNL;=CIH?M >? J;CM;D?M P?A?N;F?M V=O;>LIM >? F; H;NOL;F?T;X =IGI >CLg;
$OG<IF>N @OH=CIH;LIH S FI MCAO?H B;=C?H>I =IGI ?MN;GJ;M >? F; ;H;LC;M
NL;>C=CIH;F NgJC=; !MN;M ?MN;GJ;M M? GO?P?H ?HNL? F; PCMCdH L?;FCMN; >? ?MNCLJ?
=C?HNg@C=; S F; LIGlHNC=; >? ?MNCLJ? ;LNgMNC=; !F JLCH=CJ;F ;LNg@C=? DOHNI ; INLIM
=IGI ?F JLIJCI ?LNB?FIN >? ?MNIM >C<ODIM @O? ?F CHAFjM & & 3CFFC;GM =OSI
NL;<;DI >? AL;H =;FC>;> ? CGJLIHN; ;LNgMNC=; MCHAOF;L M?LPCLg; >? <;M? J;L; F;M
FCNIAL;@g;M L?;FCT;>;M ?H ,;LgM
0;G<CjH >OL;HN? ?MN; N?L=?L; ?N;J; B;S ?RJ?>C=CIH?M >? J;MI JIL ?F
L=BCJCjF;AI 0;F ?M ?F =;MI >? F; JLCG?L; ?RJ?>C=CdH >? =CL=OHH;P?A;=CdH LOM;
KO? =IG;H>;>; JIL ?F =;JCNlH 'LOM?HMN?LH L?=;F; ?H ;H;LC;M ?H S ?H F;
KO? PC;D;<; ?F H;NOL;FCMN; # $ PIH (;HAM>IL@@ I F; ?RJ?>C=CdH >? +NNI PIH
'INT?<O? KO? ?RJFILd ?F HILN? >?F +=j;HI ,;=g@C=I ?HNL? S
B;=C?H>I ?M=;F; ?H 0?H?LC@? ?H ?F PC;D? >? C>; S MI<L? F; KO? >?F<?LN PIH
B;GCMMI ?M=LC<CLg; OH =jF?<L? FC<LI !HNL? F;M ?RJ?>C=CIH?M CHMNCNO=CIH;F?M
@L;H=?M;M >? ?MN; jJI=; M? JO?>?H >?MN;=;L F;M >? "L?S=CH?N WKO? BCTI ?M=;F;
?H S OHI >? MOM NLCJOF;HN?M &;=KO?M L;AI ?M=LC<CLg; OH; L?F;=CdH >?F
PC;D?W F; >? OGIHN > 1LPCFF? ?H MO PC;D? ; +=?;Hg; ?H S >?F GCMGI
;eI F; ?M=;F; =C?HNg@C=; >? M?CM >g;M ?H MO PC;D? ; GjLC=; G?LC>CIH;F >?
F=C>?M +L<CAHS 1H =;MI MCHAOF;L ?M F; FF?A;>; ; 0?H?LC@? >?M>? F;M HNCFF;M
@L;H=?M;M >? /;CHN F;CL? ?PCFF? ?H =IH ?F JLIJdMCNI >? CHP?MNCA;L F;
?MNLO=NOL; A?IFdAC=; >? F;M ;e;>;M S ?F 0?C>?
F<?LNI .?F;H=CI )?HjH>?T 29

(;M GIHN;e;M >?F MOLI?MN? >? BCF?AO; ?F CMNGI S =IL>CFF?L; >? &;H>g; JIL #?ILA $;LNOHA

>*;=* .=*9*
!H M? N?LGCHd >? JO<FC=;L F; 6@A<6?2 ".AB?2992 >? 3?<< S ?LNB?FIN
J;LNCL >? ?M; @?=B; =IGC?HT; OH HO?PI J?LCI>I ?H F; BCMNILC; >? FIM PC;D?M =C?H
Ng@C=IM S >? F;M ?RJFIL;=CIH?M ?H F; A?IAL;@g; CHMOF;L =;L;=N?LCT;>; JIL OH;
G;SIL ?MJ?=C;FCT;=CdH S JIL F; ?HNL;>; ?H ?F J;HIL;G; =C?HNg@C=I >? F;M %MF;M >?
HO?P;M L;G;M >? F; =C?H=C; F; ;MNLIHIGg; ?F >?M;LLIFFI >? F; ;HNLIJIFIAg;
KO? S; =O?HN; =IH ?F CFOMNL? JL?=?>?HN? >? ?LNB?FIN KO? =IHNCHO;Ll ;BIL;
MO F;<IL FIM ?MNO>CIM Gj>C=IM ;MI=C;>IM ;F NOLCMGI I F; JMC=IFIAg; ;HCG;F
!MN; ?N;J; bFNCG; >? HO?MNLI L?=ILLC>I JO?>? FF?P;LM? ;JLIRCG;>;G?HN?
B;MN; F; ,LCG?L; #O?LL; )OH>C;F =OFG?H >?F @649< + + 9.?4<
(; G;SIL J;LN? >? FIM PC;D?M >? =C?HNg@C=IM >?F J?LCI>I MIH J;LNC=OF;L?M S
PC?H?H S; M?; MCAOC?H>I OH; NL;>C=CdH S ?MNO>CIM JL?PCIM W$OG<IF>N 2IH
O=B 3?<< ?LNB?FINW <C?H ;NL;g>IM JIL CHP?MNCA;=CIH?M =C?HNg@C=;M HO?P;M
WF; ;MNLIHIGg; >? GIHN;e;W I ;F BCFI >? HO?P;M H?=?MC>;>?M WNOLCMGI >?
M;FO> S ?MNO>CIM Gj>C=IM (;M ?RJ?>C=CIH?M =C?HNg@C=;M CHMNCNO=CIH;FCT;>;M ;
>C@?L?H=C; >? FI KO? MO=?>Cd ?H F; ?N;J; JL?=?>?HN? MIH ?M=;M;M ;OHKO? B;S
;FAOH;M MCAHC@C=;NCP;M =IGI F;M >?F 5.992;42? KO? L?;FCT; ?MNO>CIM I=?;HI
30 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

!F N?F?M=IJCI >? &?;H );M=;LN ?H F; GIHN;e; >? #O;D;L;

ALl@C=IM ?H F;M ;AO;M >? ;H;LC;M >OL;HN? P;LCIM >g;M >? I F; ;OMJC=C;>;
JIL F; MI=C;=CdH %HN?LH;=CIH;F =IHNL; F; 0O<?L=OFIMCM S >CLCAC>; JIL ?F ;F?GlH
#INNBIF> PIH ,;HHQCNT =OSI JLCH=CJ;F I<D?NCPI ?L; L?;FCT;L ?RJ?LCG?HNIM >?
NCJI Gj>C=I S @CMCIFdAC=I ?H F;M =IH>C=CIH?M >? ;FN; GIHN;e; >? F;M ;e;>;M
>?F 0?C>? !H ?FF; J;LNC=CJd N;G<CjH ?F ;MNLdHIGI @L;H=jM &?;H );M=;LN =IGI
CHPCN;>I KO? M? ?RJL?M; ?H ?MNIM NjLGCHIM ;=?L=; >? MOM I<D?NCPIM V,IL
HO?MNL; J;LN? N?Hg;GIM KO? L?;FCT;L I<M?LP;=CIH?M >?F =IG?N; $;FF?S ?H F;
JLIRCGC>;> >? MO J?LCB?FCI S ?R;GCH;L F;M =IH>C=CIH?M G?N?ILIFdAC=;M S ;MNLI
HdGC=;M JLIJC=C;M >? F; TIH;X
?MJOjM >? F; I<L; >? (?IJIF> PIH O=B =CN;>; ?F ?MNO>CI >? F; A?IFIAg;
>? ;H;LC;M J;M; ; JLCG?L JF;HI =IH F; PCMCN; ; F;M CMF;M ?H >?F =L?;>IL
>? F; A?IFIAg; GI>?LH; /CL B;LF?M (S?FF ? MO ?MN;H=C; >?Dd ?M=LCN;M P;LC;M
HIN;M CH@ILG?M S =;LN;M MI<L? ;MOHNIM >? MO ?MJ?=C;FC>;> ?HNL? ?FF;M B;S ?MNO
>CIM MI<L? =IH=B;M @dMCF?M >? #L;H ;H;LC; I MI<L? ?F ILCA?H >? F; =;F>?L; >?
0;<OLC?HN? ?H (; ,;FG; ;MOHNI ?MN? bFNCGI KO? F? MCLPCd J;L; L?@ON;L F; N?ILg;
F<?LNI .?F;H=CI )?HjH>?T 31

>? FIM =LlN?L?M >? ?F?P;=CdH >? (?IJIF> PIH O=B );HNOPI =IHN;=NI ?JCMNIF;L
=IH J?LMIH;D?M CMF?eIM @OH>;G?HN;FG?HN? =IH );@@CINN? >OL;HN? ;eIM S
NOPI ?H MO J?HM;GC?HNI JO<FC=;L OH; I<L; ?MJ?=g@C=; MI<L? F; A?IFIAg;
=;H;LC; HOH=; L?;FCT;>; ;OHKO? Mg B;=? GbFNCJF?M L?@?L?H=C;M ; F;M %MF;M ?H MOM
G;HO;F?M A?H?L;F?M >? A?IFIAg; L??>CN;>IM >OL;HN? >j=;>;M
/CAOC?H>I MOM J;MIM MO >CM=gJOFI S =IGJ;e?LI >? L?=ILLC>IM JIL );>?CL; S
;H;LC;M ?F A?dFIAI ;F?GlH #?ILA $;LNOHA S FIM =IGJ;NLCIN;M >? ?MN? bFNCGI
';LF PIH "LCNM=B S &IB;HH .?CMM JO<FC=;LlH I<L;M >? AL;H CGJILN;H=C; MI<L? F;
A?IFIAg; >? F;M %MF;M ?H F; >j=;>; >? FIM M?M?HN; Mg $;LNOHA ;GCAI >? (S?FF
M? IJIH? ; F; N?ILg; >? FIM =LlN?L?M >? F?P;HN;GC?HNI >? PIH O=B S I@L?=?
OHIM G;J;M CGJ?=;<F?M >? (;HT;LIN? S "O?LN?P?HNOL; ?H MO 62 42<9<46@
052; )2?5\9A;6@@2 12? ;@29; .;G.?<A2 F B2?A2C2;AB?. &OHNI =IH
PIH "LCNM=B S .?CMM ?M=LC<Cd '2;2?632 42<9<46@05 A<=<4?.=56@05 1.?42@A299A
,IL MO J;LN? PIH "LCNM=B OHI >? FIM GlM CGJILN;HN?M A?dFIAIM KO?
PCMCNd ;H;LC;M JO<FC=;Lg; ?MN? GCMGI ;eI FIM %26@2/6912? 12? .;.?6@052;
;@29; OH FC<LI >? PC;D?M =IH F; GCL;>; =OLCIM; ? CHN?L?M;>; >? OH =C?HNg@C=I
;F?GlH S ;F ;eI MCAOC?HN? ?H =IF;<IL;=CdH =IH .?CMM F; 2<9<46@052
2@05?26/B;4 12? ;@29 '2;2?632
!H ?F =;GJI >? F; <INlHC=; B;<Lg; KO? =CN;L ; ;ONIL?M ;F?G;H?M =IGI ;LF
IFF? KO? JO<FC=; OH <O?H HbG?LI >? ;LNg=OFIM >?M>? B;MN; @CH;F >? MCAFI
W;>?GlM >? L?;FCT;L ?MNO>CIM ?H ?F =;GJI >? F; ILHCNIFIAg;W I F;M =IHNLC<O=CIH?M
>? $?LG;HH BLCMN )?HIM =IHI=C>I ?M ?F <INlHC=I $?LG;HH /=B;=BN S MO I<L;
!.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; JO<FC=;>; ?H S KO? @O? MOJ?LPC
M;>; JIL IFF? CH=FOS?H>I =IGI ;JjH>C=? OH; CHN?L?M;HN? V L?P? >?M=LCJ=CdH >?
GC PC;D? S GC ?MN;H=C; ?H F;M %MF;MX !HNL? FIM ;ONIL?M CHAF?M?M S @L;H=?M?M G?HIM
;=NCPIM ?H ?MN; jJI=; B;S KO? B;=?L L?@?L?H=C; ; & $IIE?L KO? ?M=LC<Cd GlM >?
OH; >I=?H; >? ;LNg=OFIM ?H ?MN? J?LCI>I S N;G<CjH ; &IM?JB ,CN;L> ;ONIL >?
P;LCIM ;LNg=OFIM ;Mg =IGI >? OH; I<L; >? MgHN?MCM WS; ?H FIM JLCG?LIM ;eIM >?F MCAFI
44W NCNOF;>; 2@ 92@ .;.?62@ 9<?2 12 9 .?056=29 !MN; I<L; @O? ?M=LCN; =IH MO
=IGJ;e?LI >? PC;D? ?F >CJON;>I (IOCM ,LIOMN =IH KOC?H L?=ILL?Lg; ;H;LC;M ?HNL?
?H?LI S G;SI >? JO<FC=;H>I ;MCGCMGI OH JLCG?L NIGI =IH OH; >?M=LCJ
=CdH A?H?L;F >?F L=BCJCjF;AI NCNOF;>I 2@ 92@ .;.?62@ 2@0?6=A6<; 12 9 .?056=29
32 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

!H ?F lG<CNI >? F; TIIFIAg; CGJILN; M?e;F;L KO? F; G;SIL J;LN? >? FIM
NL;<;DIM B;=?H L?@?L?H=C; ; ;LNLdJI>IM N?LL?MNL?M S G;LCHIM W=LOMNl=?IM ;Ll=
HC>IM GCLClJI>IM ?N= W S <;MN;HN?M G?HIM ; ;P?M /IH L?M?e;<F?M ?H ?M?
=;GJI N;HNI ?F CHP?HN;LCI >? ;GCF $?FF?L =IH ?MJ?=C?M >? =LOMNl
=?IM =IGI ?F NL;<;DI >? ';LF 'I?F<?F !H FI KO? M? L?@C?L? ; F; ?HNIGI
FIAg; ?M I<FCA;>I HIG<L;L ; 0BIG;M 2?LHIH 3IFF;MNIH <LCNlHC=I KO? JO<FC=;
NL?=? CGJILN;HN?M G?GILC;M ?HNL? S S ;F ;F?GlH $ .?<?F =IH
P;LCIM NL;<;DIM ?HNL? S
>?GlM >? FIM >C@?L?HN?M ?MNO>CIM >? <INlHC=; A?IFIAg; A?IAL;@g; I
BCMNILC; H;NOL;F ?H A?H?L;F ;H;LC;M ?GJ?T;Lg; ; =IHP?LNCLM? ?H OH =?HNLI >?
I<M?LP;=CIH?M ;MNLIHdGC=;M ; J;LNCL >?F PC;D? >?F ;MNLdHIGI ?M=I=jM B;LF?M
,C;TTC /GSNB ?H ?F P?L;HI >? (; ?MN;H=C; >? P;LCIM G?M?M ?H F;M %MF;M @O?
M?AOC>; =IH AL;H ?RJ?=N;=CdH ?H ;H;LC;M ?H %HAF;N?LL; S ?H GO=B;M INL;M
J;LN?M >?F GOH>I JIL FIM ;MNLdHIGIM S ?F Jb<FC=I ;@C=CIH;>I ?H A?H?L;F (;M
=LdHC=;M >? FIM J?LCd>C=IM S MO FC<LI '2;2?6332 ; @A?<;<:2? @ E=2?6:2;A <?
&=206.96A62@ <3 . %2@612;02 ./<C2 A52 9<B1@ ;J;L?=C>I ?H =;N;JOFN;LIH
; 0?H?LC@? =IGI FOA;L JLCPCF?AC;>I J;L; L?;FCT;L I<M?LP;=CIH?M ;MNLIHdGC=;M
#L;=C;M ; ?FFI F; CMF; ?GJ?Td ; M?L =IHI=C>; ?H =gL=OFIM ;MNLIHdGC=IM S INLIM
PC;D?LIM =IGI +ME;L /CGIHS ;HC?F 3 !>A?=IG< I 'HON vHAMNLcG MCAOC?LIH
FIM J;MIM >? /GSNB ; @CH;F?M >?F MCAFI 4%4
!H INL; ?RJ?>C=CdH ; 0?H?LC@? F; ;HN?M G?H=CIH;>; >? ,;HHQCNT N?H>Ll
;GJFC; S >CF;N;>; L?J?L=OMCdH ?HNL? INL;M L;TIH?M JIL F; JL?M?H=C; >?F ;MNLdHIGI
@L;H=jM &?;H );M=;LN S F; >CPOFA;=CdH >;>; ; MOM B;FF;TAIM (;M I<M?LP;=CIH?M KO?
>?F =IG?N; $;FF?S S >? INLIM @?HdG?HIM ;MNLIHdGC=IM S G?N?ILIFdAC=IM L?;FCTd
>?M>? (;M ;e;>;M @O?LIH GOS <O?H;M S ?F ?HNOMC;MGI =IH KO? M? L?@C?L? ; ?FF;M
V ?MJ?L;GIM KO? HO?MNL; ?RJ?LC?H=C; MCLP; J;L; KO? M? =L?? ?H ?F @ONOLI OH
=?HNLI >? I<M?LP;=CdH >CAHI >? ?MN;M =IH>C=CIH?M ?R=?J=CIH;F?M JLIJC=C;M J;L; F;M
GlM P;LC;>;M CHP?MNCA;=CIH?M =C?HNg@C=;MX N?LGCH;Lg;H =IHPCLNC?H>I ?F FOA;L ?H OH
?GJF;T;GC?HNI ;MNLIHdGC=I >? GlRCG; =;FC>;>
OL;HN? ?MN; jJI=; M? FF?P;H ; =;<I N;G<CjH ?MNO>CIM L?F;=CIH;>IM =IH
?F =O?LJI BOG;HI S MOM ?H@?LG?>;>?M KO? P;H ; ;=;<;L CHC=C;H>I OH; ;=NC
PC>;> KO? M? =IHP?LNCLl ?H ?M?H=C;F J;L; F;M CMF;M ?F NOLCMGI
F<?LNI .?F;H=CI )?HjH>?T 33

!H ?@?=NI ?F CHC=CI >?F NOLCMGI ?H ;H;LC;M ?H F; M?AOH>; GCN;> >?F MCAFI 4%4
?MNl FCA;>I ; F; I<L; >? Gj>C=IM S =C?HNg@C=IM KO? PC?H?H ; F;M %MF;M J;L; B;=?L ?MNO
>CIM MI<L? ?F =FCG; F;M =IH>C=CIH?M ;NGIM@jLC=;M FOA;L?M >? GIHN;e; ?N= KO?
MCLP;H J;L; =OL;L ?H@?LG?>;>?M =IGI F; NO<?L=OFIMCM ?F ;MG; S F;M ;@?==CIH?M
L?MJCL;NILC;M ?H A?H?L;F S ;Mg ;FCPC;L ; FIM ?H@?LGIM !MNIM M?LlH ?H bFNCG;
CHMN;H=C; FIM KO? L?=IGC?H>?H F;M %MF;M
=IGI FOA;L >? =OL;=CdH L?JIMI S JIL
KOj HI =IGI FOA;L JLCPCF?AC;>I >?
I=CI JF;=?L S ?R=OLMCIH?M (IM PC;D?LIM
;=O>CLlH ;Mg ; F;M %MF;M ;NL;g>IM JIL OH
=FCG; <?HCAHI S =OL;NCPI ;P;F;>I JIL
?MNO>CIM >? Gj>C=IM S =C?HNg@C=IM !MNIM
NOLCMN;M ?H GO=BIM =;MIM ?H@?LGIM
;OHKO? HI MC?GJL? MIH J?LMIH;M =OFNC
P;>;M WJ?LCI>CMN;M JIFgNC=IM =C?HNg
@C=IM ;LNCMN;M ?N= W KO? ?M=LC<?H ;LNg
=OFIM ?H L?PCMN;M I J?LCd>C=IM >? MOM
L?MJ?=NCPIM J;gM?M I N;G<CjH FC<LIM >?
MO ?MN;H=C; ?H OH; I P;LC;M >? F;M %MF;M
.?=IGC?H>;H ;H;LC;M S >?M=LC<?H MOM
J;CM;D?M MOM A?HN?M F;M =IH>C=CIH?M >?
PC>; >? FIM MCNCIM KO? PCMCN;H F;M G;L;PC
#L?AILCI BCF S *;L;HDI ?H ?F )OM?I ;H;LCI
FF;M S F;M GCM?LC;M >?F L=BCJCjF;AI ?H F;
M?AOH>; GCN;> >?F MCAFI 4%4
!M ?H ?MN? G;L=I >?F JLCG?L NOLCMGI =;H;LCI WGOS F?DIM >?F NOLCMGI >?
G;M;M KO? =IGC?HT; ; G?>C;>IM >?F MCAFI 44W >IH>? JIL JLCG?L; P?T M?
GIHN;H ?GJL?M;M ?MJ?=C;FCT;>;M ?H ?F GCMGI ;MN? L?=IL>;L BIN?F?M =IGI ?F
#L;H $IN?F 0;ILI ?F $IN?F );LKO?M; ?F );LNClH?T ?F +LIN;P; #L;H $IN?F ?F
;G;=BI ?F /;HN; ;N;FCH; S GO=BIM GlM !H ?MN? =IHN?RNI M? JO<FC=;H I<L;M
>? Gj>C=IM L?F;=CIH;>;M =IH ?F ?MNO>CI >?F =FCG; S >? F; ;NGdM@?L; =IH F;M
G?>C>;M >? N?GJ?L;NOL;M S ?F ;CL? >? F; =IMN; S F; GIHN;e; ?H F;M CMF;M ;NFlHNC=;M
WB;<Lg; KO? L?=IL>;L ; J?LMIH;D?M =IGI &;G?M F;LE 3CFFC;G );L=?N !LH?MN
34 .OG<I ; ;H;LC;M 2C;D?M S ?RJFIL;=CIH?M >? H;NOL;FCMN;M S =C?HNg@C=IM ?OLIJ?IM

$;LN 3CFFC;G 3CF>? S GO=BIM INLIM ,?LI N;G<CjH P?H F; FOT I<L;M ?LO>CN;M >?
>?M=LCJ=CdH >? F;M %MF;M JIL J;LN? >? PC;D?LIM S PC;D?L;M >? AL;H =OFNOL; W<;MN?
=CN;L ; +FCPC; /NIH? !FCT;<?NB )OLL;S %M;;= S "L;H=?M (;NCG?L &IBH 3BCN@IL>W
DOHNI ; F;M CH?PCN;<F?M ?H ?MN? =IHN?RNI JLCG?L;M AOg;M NOLgMNC=;M >? ;H;LC;M
WF; GlM =IHI=C>; >? F;M =O;F?M ?M F; >? F@L?> /;GF?L LIQH =IH ?>C=CIH?M
?HNL? S
+NLI =;GJI >? ?MNO>CI KO? M? >?M;LLIFF; >? @ILG; @OFAOL;HN? ; @CH;F?M >?F MCAFI
4%4 S KO? P; ; ?H=IHNL;L =;GJI ;<IH;>I ?H ;H;LC;M ?M F; ;HNLIJIFIAg; @gMC=; >?
NL;>C=CdH @L;H=?M; ?MJOjM >? F; JCIH?L; I<L; >? ?LNB?FIN ;H;LC;M ?HNL; ?H F;
=C?H=C; ?OLIJ?; ; NL;PjM >? F; ;HNLIJIFIAg; AL;=C;M ; F; ?M=O?F; >? ,;OF LI=; S
GlM ?H =IH=L?NI JIL ?F NL;<;DI >? .?Hj 2?LH?;O 2?LH?;O >CM=gJOFI >? LI=; S
-O;NL?@;A?M @O? ?HPC;>I JIL ?F )OM?I >? $CMNILC; *;NOL;F >? ,;LgM ?H GCMCdH =C?H
Ng@C=; JIL JLCG?L; P?T ?H J;L; ?MNO>C;L FIM =LlH?IM >? FIM ;HNCAOIM JI<F;
>IL?M =;H;LCIM WM? B;<g;H >?N?=N;>I M?G?D;HT;M NCJIFdAC=;M ?HNL? ?F BIG<L? >?
LI );AHIH S FIM AO;H=B?MW S L?AL?M;Lg; ; ;H;LC;M ?H HOG?L;M I=;MCIH?M ;
L?;FCT;L MOM ?MNO>CIM >? ;HNLIJIFIAg; @gMC=; ?H AL;H G?>C>; JIL MO L?F;=CdH =IH ?F
)OM?I ;H;LCI L?=CjH CH;OAOL;>I ?H 1H ;eI ;HN?M /;<CHI ?LNB?FIN B;<g;
JO<FC=;>I MOM ;A6>B6AY@ .;.?62;;2@ I<L; KO? G;H>d ; LI=; J;L; KO? F;
JL?M?HN;M? ?H F; /I=C?>;> HNLIJIFdAC=; >? ,;LgM S KO? =IHNCHO;<; MO
A5;<4?.=562 JO<FC=;>; ;eIM ;HN?M 0;G<CjH ?H ?MIM ;eIM ?F Gj>C=I #L?AILCI
BCF S *;L;HDI W@ILG;>I ?H "L;H=C;W ?GJ?T;<; ; JO<FC=;L MO I<L; @AB16<@ 56@AS
?60<@ 096:.A<9S460<@ F =.A<9S460<@ 12 9.@ @9.@ .;.?6.@
5 JIL bFNCGI S; ?H JF?H; ,LCG?L; #O?LL; )OH>C;F F; JMC=IFIAg; ;HCG;F
?OLIJ?; NIG; =IGI =?HNLI >? IJ?L;=CIH?M F; CMF; >? 0?H?LC@? J;L; L?;FCT;L OHI >?
FIM ?MNO>CIM ?RJ?LCG?HN;F?M GlM =CN;>IM B;MN; BIS ?H >g; >? F; FCN?L;NOL; JMC=IFd
AC=; (; ;M; G;LCFF; ?H ?F ,O?LNI >? F; LOT M? =IHP?LNCLl ; J;LNCL >? ?H ?F
JLCG?L =?HNLI JLCG;NIFdAC=I >?F GOH>I !H ?FF; 3IF@A;HA 'cBF?L L?;FCT;Ll MOM
=jF?<L?M ?RJ?LCG?HNIM MI<L? F; CHN?FCA?H=C; >? FIM MCGCIM =IH OH ALOJI >? =BCG
J;H=jM ;>?GlM >? INLIM G?HIM =IHI=C>IM MI<L? J?L=?J=CdH 'cBF?L OHI >? FIM
@OH>;>IL?M >? F; ?M=O?F; JMC=IFdAC=; >? F; #?MN;FN JO<FC=;Ll P;LC;M G?GILC;M
MI<L? MOM ?RJ?LCG?HNIM ?HNL? S >IM >? F;M =O;F?M @ILG;LlH MO FC<LI '52
!2;A.96AF <3 =2@ KO? JLIHNI M? =IHPCLNCd ?H OH =FlMC=I >? F; JMC=IFIAg;
F<?LNI .?F;H=CI )?HjH>?T 35

/0%((+ "L;H=CM=I &;PC?L . 6@9. 129 $60< 2; 9.@ ?29.06<;2@ 12 9<@ =?6:2?<@
C6.72?<@ 6;492@2@ /;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;

# . s ,u.!6 &IMj (OCM )6.72?<@ 6;492@2@ 2; .;.?6.@ 1B?.;A2 29 @649< + +


/;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;

#+*6w(!6 (!)1/ *C=IFlM )6.72?<@ ;.AB?.96@A.@ F 2@0?6A<?2@ 12 5./9. .92:.;.


2; .;.?6.@ /;HN; LOT >? 0?H?LC@? ;CF? >?F /IF

$!..!. ,%-1u F@L?>I $.@6S; F C2;AB?. 2; 9. 62;06. 12 9.@ B02@ (;M


,;FG;M >? #L;H ;H;LC; ;<CF>I %HMOF;L >? #L;H ;H;LC;

+(%2!. ". ! &IMj ) V!RJFIL;=CIH?M @L;H=?M;M ?H ;H;LC;M PC;D? =C?H=C;


FCN?L;NOL;X F<?LNI .?F;H=CI S )CF; .OCT =IIL> .;.?6.@ A2??6A<?6< 12 2E=9<?.
06<;2@ 062;AV360.@ );>LC> IHM?DI /OJ?LCIL >? %HP?MNCA;=CIH?M C?HNg@C=;M S
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;

,% + ?LN; S IFIL?M +. !(( 7>CL 8 )6.72?<@ 3?.;02@2@ . 9.@ @9.@ .;.?6.@


%2=2?A<?6< /6< /6/96<4?]360< F @292006S; 12 A2EA<@ (; (;AOH; %HMNCNONI >?
!MNO>CIM ;H;LCIM

/ .)%!*0+ ,u.!6 );L=IM .@ @9.@ .;.?6.@ 2; 9<@ A2EA<@ .92:.;2@


(;M ,;FG;M >? #L;H ;H;LC; HLI;LN
37

* 26*0.7 27<>5*; .7 58< =.@=8< 2705.<.< -. 58< <2058<


'% * '% .7=;. .5 ,86.;,28 A 58< 27=.;.<.< 1.0.6H72,8<
.7=;. .5 62=8 A 5* ,2.7,2*

;*7,2<,8 *?2.; *<=2558

(
IM CHAF?M?M GIMNL;LIH >?M>? <C?H JLIHNI OH G;HC@C?MNI CHN?LjM
JIL ?F JLCPCF?AC;>I ?GJF;T;GC?HNI KO? F;M ;H;LC;M N?Hg;H J;L;
MOM ;P?HNOL;M ;NFlHNC=;M S ; ?FFI B;S KO? MOG;L F;M CHN?HM;M
L?F;=CIH?M =IG?L=C;F?M KO? >?M>? <C?H JLIHNI M? ?MN;<F?=C?LIH
?HNL? F;M %MF;M S FIM JLCH=CJ;F?M JO?LNIM <LCNlHC=IM ,IL NI>I ?FFI
%HAF;N?LL; NOPI OH N?GJL;HI =IHI=CGC?HNI >?F L=BCJCjF;AI =IHI=C
GC?HNI KO? =IH ?F NC?GJI @O? A;H;H>I ?H JLI@OH>C>;> S KO? ?RJFC=; KO?
?H=IHNL?GIM L?@?L?H=C;M MI<L? ;H;LC;M ?H F; JLI>O==CdH >L;GlNC=; >?
/B;E?MJ?;L? ?H F; JLIM; =C?HNg@C=; >? "L;H=CM ;=IH S ?H ?F P?LMI JI>?LIMI
>? )CFNIH ?HNL? OH ;GJFCI =IHDOHNI >? ;ONIL?M 0;G<CjH ?MNI ?RJFC=; KO?
F; JLCG?L; GIHIAL;@g; JO<FC=;>; MI<L? ?F L=BCJCjF;AI M? ?M=LC<; ?H CHAFjM
S P?; F; FOT ?H (IH>L?M *IM L?@?LCGIM =IGI ?M <C?H M;<C>I ; F; <L?P?
J?LI MCH >O>; L?F?P;HN? ;JILN;=CdH >? 0BIG;M *C=BIFM $92.@.;A
2@0?6=A6<; <3 A52 3<?AB;.A2 9.;12@ 0.9921 A52 9.;1@ <3 .;.?6. D6A5
A526? @A?.B;42 3?B6A@ .;1 0<::<16A62@ JO<FC=;>; ?H IH=? ;eIM
;HN?M KO? F; I<L; >? FIHMI >? !MJCHIM; 29 <?642; F :69.4?<@ 12 9. &.;A.
:.42; 12 ;B2@A?. &2T<?. 12 .;129.?6. >B2 .=.?206< 2; 9. @9. 12
'2;2?632 0<; 9. 12@0?6=06S; 12 2@A. @9. CGJL?M; ?H /?PCFF; ?H S KO?
?M F; JLCG?L; =IHNLC<O=CdH >?>C=;>; ?R=FOMCP;G?HN? ; F;M %MF;M KO? M;F? >?
F; JL?HM; ?H ?F lG<CNI BCMJlHC=I
!MN? =IHI=CGC?HNI >? ;H;LC;M FF?A;<; ; F; %HAF;N?LL; >? FIM 0O>IL?M S
>? FIM !MNO;L>IM JIL >IM Pg;M ,IL OH; J;LN? M? JLI>O=g; >? GI>I CH>C
L?=NI ?MNI ?M ; NL;PjM >? F;M L?@?L?H=C;M >? ;ONIL?M ?RNL;HD?LIM =IGI ?F
38 (; CG;A?H CHMOF;L ?H FIM N?RNIM CHAF?M?M >? FIM MCAFIM 42% ; 42%%%

@L;H=jM H>Lj 0BjP?N FIM CN;F


C;HIM FOCM? >; ;>;GIMNI S
#CIP;HHC IN?LI FIM JILNOAO?M?M
#;FP;I S #IG?M !;HH?M >? TOL;L;
?HNL? INLIM ,?LI N;G<CjH M? JLI>ODI
>? @ILG; >CL?=N; AL;=C;M ; F;M CGJL?
MCIH?M S L?F;=CIH?M KO? G;LCH?LIM
PC;D?LIM S ;P?HNOL?LIM CHAF?M?M L?>;=
N;LIH MI<L? F;M @ILNOH;>;M OH; J;LN?
>? F;M =O;F?M @O?LIH L?=IAC>;M JIL
.C=B;L> $;EFOSN ?H MO =IF?==CdH =LIHgM
NC=; '52 $?6;06=.9 ".C64.A6<;@ )<F.42@
.;1 6@0<C2?62@ <3 A52 ;496@5 ".A6<; S
JIL /;GO?F ,OL=B;M ?H MOM I<L;M
.89BFAB@ $<@A5B:B@ <? $B?05.@ 56@
$694?6:2@ 0<;A.F;6;4 . 6@A<?F <3 A52
!F 0?C>? ?H OH FC<LI >? +FCP?L ;JJ?L *<?91 6; &2. )<F.42@ .;1 .;1
'?.B299@ /F ;496@5:2; .;1 <A52?@
;J;L?=C>; ?H S $B?05.@ 56@ $694?6:.42 <? %29.A6<;@ <3 A52 *<?91
.;1 A52 %29646<;@ #/@2?C21 6; 99 42@ .;1 $9.02@ 16@0<B2?21 3?<: A52 ?2.A6<;
B;A< A56@ $?2@2;A >? F; KO? M? JO<FC=;LIH =O;NLI ?>C=CIH?M ?H
S Mg ?H ?HNL? FIM ;GJFCIM G;N?LC;F?M KO? $;EFOSN L?bH? ?H ?F
M?AOH>I PIFOG?H >? MOM $?6;06=.9 ".C64.A6<;@ P? HO?P;G?HN? F; FOT ?F <L?P?
J?LI L?F?P;HN? N?RNI >? 0BIG;M *C=BIFM =92.@.;A 12@0?6=A6<; <3 A52 3<?AB;.A2
9.;12@ KO? M? B;<g; JO<FC=;>I >C?=CMjCM ;eIM ;NLlM ,OL=B;M JIL MO J;LN?
CH=FOS? ?H F; =O;LN; ?>C=CdH >? MO $694?6:.42 (IH>L?M F;M L?F?P;HN?M I<M?L
P;=CIH?M >? !>GOH> /=ILS MI<L? 0?H?LC@? <;DI ?F NgNOFI >? EA?.0A@ A.82; <BA <3
A52 #/@2?C.A6<;@ <3 A52 %645A *<?@56=3B99 &6? 1:<;1 &0<?F ;645A <3 A52 $682 <3
'2;.?6332 .;1 <A52? ?.?6A62@ D5605 522 </@2?C21 A52?2
(; H;NOL;F?T; >? ?MN? =IHI=CGC?HNI =IGI ?M FdAC=I NC?H? GO=BI KO? P?L
=IH ?F N;F;HN? S FIM I<D?NCPIM >? FIM PC;D?LIM S ;P?HNOL?LIM KO? HIM PCMCN;H IGI
L?MOFN;>I >? F;M L?F;=CIH?M BIMNCF?M KO? ?H F; M?AOH>; GCN;> >?F MCAFI 42% M?
"L;H=CM=I &;PC?L ;MNCFFI 39

>;H ?HNL? %HAF;N?LL; S !MJ;e; OH; J;LN? >? F; JL?M?H=C; CHAF?M; ?H ?F L=BCJCjF;AI
M? JLI>O=? JIL MILJL?M; =IH GjNI>IM PCIF?HNIM S =IH NL?M I<D?NCPIM JL?=CMIM
1HI >? ?FFIM ?M CHN?HN;L I<N?H?L ?H ;AO;M >? ;H;LC;M ?F P;FCIMI =;LA;G?HNI
KO? FIM <OKO?M >? F; =ILIH; ?MJ;eIF; NL;HMJILN;H >?M>? F;M =IFIHC;M >?
GjLC=; ; F; G?NLdJIFC +NLI >? FIM I<D?NCPIM ?M =;?L MI<L? FIM <OKO?M G?HIL?M
>?F NLl@C=I CHMOF;L >? FIM KO? M? ;JLIJC;H ; G?HO>I J;L; ;AL;H>;L MOM ?RJ?>C
=CIH?M S ?H =OS;M <I>?A;M ?H=O?HNL;H @L?=O?HN?G?HN? ;>?GlM >? INL;M
G?L=;H=g;M MC?GJL? ;JLIP?=B;<F?M OH; =;LA; HI G?HIM P;FCIM; KO? ?F ILI S F;
JF;N; >? %H>C;M ?F PCHI CMF?eI (IM ;N;KO?M HI M? FCGCN;H ; F;M ;AO;M >?F
L=BCJCjF;AI MCHI KO? N;G<CjH B;=?H CH=OLMCIH?M ?H F;M JI<F;=CIH?M S JO?LNIM
=;H;LCIM >?MJLIN?AC>IM S =IH ?M=;MIM G?>CIM >? >?@?HM; >? >IH>? I<NC?H?H
OH <INgH H;>; >?M>?e;<F?
@ILNOH;>;G?HN? HI NI>IM FIM IDIM <LCNlHC=IM P?H F;M %MF;M >? F; GCMG; @ILG;
S ;Mg INLIM >? FIM CHAF?M?M KO? FF?A;H G?HIM ;G<C=CIMIM KO? FIM ;HN?LCIL?M S
JIM??>IL?M >? OH;M CHN?H=CIH?M GlM
J;=g@C=;M S =CPCFCT;>;M =IHI=?H
<;MN;HN? <C?H F; JLCPCF?AC;>; MCNO;
=CdH KO? F;M ;H;LC;M NC?H?H J;L; ?F
=IG?L=CI JIL ?F NFlHNC=I S M;<?H F;M
JIMC<CFC>;>?M KO? NC?H?H F;M %MF;M J;L; F;
?=IHIGg; S JIL ?FFI ?MN;<F?=?H ?H
?FF;M ?MJ?=C;FG?HN? ?H F;M >?
0?H?LC@? (; ,;FG; S #L;H ;H;LC;
>CP?LM;M @;=NILg;M L?JL?M?HN;=CIH?M S
=;M;M =IG?L=C;F?M =OS;M ;=NCPC>;>?M M?
=?HNL;H JLCGIL>C;FG?HN? ?H L?=C<CL ;LNg
=OFIM G;HO@;=NOL;>IM >? %HAF;N?LL;
MI<L? NI>I J;eIM >? (IH>L?M S ?H
?RJILN;L N;HNI ; !OLIJ; =IGI ; F;M
%H>C;M FIM ;Tb=;L?M S FIM PCHIM KO? F;M
%MF;M JLI>O=?H
?M;@ILNOH;>;G?HN? GlM L?>O
=C>I ?M ?F HbG?LI >? FIM CHAF?M?M wL<IF #;LIj >? !F $C?LLI
40 (; CG;A?H CHMOF;L ?H FIM N?RNIM CHAF?M?M >? FIM MCAFIM 42% ; 42%%%

);J; >? F; %MF; >? /;H ILIH>dH =;

KO? ;D?HIM ; FIM ;@;H?M G?L=;HNCF?M S ; F;M =O?MNCIH?M J?=OHC;LC;M J;L?=? KO?
PC?H?H ;NL;g>IM JIL FIM CAHIL;>IM ILgA?H?M >?F L=BCJCjF;AI S JIL F; H;NOL;
F?T; >? F; =OFNOL; JL?BCMJlHC=; OH; =CPCFCT;=CdH >? F; KO? ?H ;KO?FFIM
GIG?HNIM JI=I I H;>; M? M;<g; =IH =?LN?T; !H ?MN? M?HNC>I B;S KO? N?H?L
?H =O?HN; KO? ?F L;=CIH;FCMGI JL?MC>? F; PC>; ?MJCLCNO;F S G;N?LC;F >?F
BIG<L? L?H;=?HNCMN; OH BIG<L? ?HNL?A;>I >? GI>I JF?HI ; F; <bMKO?>;
>?F =IHI=CGC?HNI S >? F; P?L>;> G;HC@C?MN;G?HN? CHN?L?M;>I JIL F; I<M?LP;
=CdH S @;M=CH;>I >? @ILG; NIN;F JIL F; CHP?H=CdH OH BIG<L? J;L; ?F KO? FIM
;MJ?=NIM CLL;=CIH;F?M S =IHNL;>C=NILCIM HI NC?H?H L;TdH >? M?L ,IL ?FFI HI ?M
>? ?RNL;e;L KO? ?MNIM PC;D?LIM KO? FF?A;H ; ;H;LC;M KOC?L?H =IGI BIG<L?M
>? MO jJI=; S B?H=BC>IM >? =OLCIMC>;> =C?HNg@C=; =IHI=?L >? G;H?L; >CL?=N;
F; L?;FC>;> N;GCT;L ?GJgLC=;G?HN? ?F ;GJFCI G;N?LC;F ?H <O?H; G?>C>; >?
"L;H=CM=I &;PC?L ;MNCFFI 41

=;Ll=N?L F?A?H>;LCI KO? M? B; C>I ;=OGOF;H>I >OL;HN? MCAFIM MI<L? F;M


@ILNOH;>;M S I<N?H?L MI<L? ?F N?LL?HI M;NCM@;=NILC; L?MJO?MN; ; MOM JL?AOHN;M
;=?L=; >? F; A?IFIAg; F; P?A?N;=CdH S F; @;OH; >? F;M %MF;M ;Mg =IGI MI<L? F;M
=;L;=N?LgMNC=;M S JLI=?>?H=C; >? F; JI<F;=CdH JLCGCNCP; KO? F;M B;<CN;<; ; F;
FF?A;>; >? FIM =IHKOCMN;>IL?M S =IFIHCT;>IL?M ?OLIJ?IM ; J;LNCL >? FIM CHC=CIM
>?F MCAFI 42 /IH BIG<L?M KO? M;<?H KO? ?H F;M @ILNOH;>;M M? ?H=O?HNL; ?F
GgNC=I lL<IF M;HNI >? !F $C?LLI KO? =IH MO ;AO; PCPC@C=;HN? B;=? JIMC<F? F; PC>;
S N;G<CjH B;H Ig>I KO? ?M ?H ?MN;M %MF;M >IH>? M? S?LAO? F; CGJIH?HN? ?F?P;
=CdH >?F 0?C>? =ILIH;>; >? OH; HC?P? J?L?HH? KO? >?MIS? F; F;NCNO> S F;
N?GJF;HT; =FCGlNC=; /IH J?LMIH;M KO? NC?H?H =IHI=CGC?HNI >? KO? ?H
;H;LC;M M? ?H=O?HNL; F; CMF; >? /;H ILIH>dH OH; CMF; KO? M? ?M=IH>? ; FIM
IDIM >? FIM BIG<L?M S KO? ;J;L?=? =;JLC=BIM;G?HN? ?H F; >CMN;H=C; J;L;
=;ONCP;L >? F; GCMG; @ILG; KO? M;<?H >? F; ?RCMN?H=C; >? F; L;T; ;<ILCA?H OH
JO?<FI ;HNCAOI KO? MCNO;>I ?H ?F ?RNL;LL;>CI >?F 2C?DI )OH>I PCPg; NI>;Pg; ?H
?F *?IFgNC=I N;L>gI =O;H>I +==C>?HN? S; M? B;<g; ;MIG;>I ;F .?H;=CGC?HNI S ;F
$OG;HCMGI
0BIG;M *C=BIFM S !>GOH> /=ILS =IHMNCNOS?H FIM ?D?GJFIM GlM L?JL?M?H
N;NCPIM >? FIM CHAF?M?M KO? PC?H?H J;=g@C=;G?HN? ; ;H;LC;M ?H ?MN; ?N;J; S
MOM L?F;=CIH?M JIM??H OH; MCHAOF;L CGJILN;H=C; JILKO? =IHMNCNOS?H MCH
>O>; ;FAOH; F; N;LD?N; >? JL?M?HN;=CdH >? F;M ;H;LC;M ; F; %HAF;N?LL; >?F
bFNCGI N?L=CI >?F MCAFI 42% S JLCG?L;M >j=;>;M >?F 42%% >?GlM >? F;M =IHI
=C>;M S MCHAOF;L?M >?M=LCJ=CIH?M >? ?MNIM >IM PC;D?LIM ?RCMN?H INLIM N?RNIM S
INL;M PI=?M KO? B;<F;H >? F;M @ILNOH;>;M =IGI M? JO?>? P?L ?H ?F ;GJFCI
=IHDOHNI >? L?F;=CIH?M >? gH>IF? G?HIL KO? N;HNI $;EFOSN =IGI ,OL=B;M
CH=FOS?H ?H MOM =LdHC=;M S KO? MIH =F;L;G?HN? >C@?L?HN?M ?H ;GJFCNO> S ?H
=;Ll=N?L J?LI KO? NC?H?H ?H MO =IHDOHNI OH J;LNC=OF;L P;FIL JILKO? =IHMNC
NOS?H N?M?F;M L?P?F;>IL;M KO? =IGJIH?H OH =IGJF?NI GIM;C=I >? F;M L?F;
=CIH?M ;HAFI =;H;LC;M ?H ?MNIM GIG?HNIM !HNL? ?MNIM ;JOHN?M >?MN;=;H F;
>?M=LCJ=CdH >? F?AL;HT; KO? B;=? .I<?LN $;L=IOLN S KO? ;MIG<L; JIL FI
=IGJF?N; S ?R;=N; F; >?N;FF;>; L?F;=CdH KO? MI<L? F; PCFF; >? 0?AOCM? S ?F
=;MNCFFI >? #O;H;J;S ?M=LC<? &IBH (;S@C?F> M?=L?N;LCI S =;J?FFlH >?F =IH>?
>? OG<?LF;H> FIM P;FCIMIM >;NIM L?=IAC>IM JIL ?F JLIJCI $;EFOSN MI<L? FIM
CHC=CIM >?F =IG?L=CI CHAFjM ?H ?F L=BCJCjF;AI KO? =IGC?HT; N?GJL;H;
42 (; CG;A?H CHMOF;L ?H FIM N?RNIM CHAF?M?M >? FIM MCAFIM 42% ; 42%%%

G?HN? ?H F;M JLCG?L;M >j=;>;M >?F MCAFI 42% F;M L?@?L?H=C;M >? .C=B;L>
$;QECHM MI<L? ?F 0?C>? S ?F wL<IF /;HNI I F;M KO? &IBH /J;LE?\ OHI >? FIM
BIG<L?M >? &IBH $;QECHM\ >?D; >? MO J;MI JIL F; =;M; @O?LN? >? >?D? S
?H F;M KO? M? L?@C?L? ?HNL? INL;M =IM;M ; F; CMF; >? /;H ILIH>dH S ; F;
JL?M?H=C; >?F =;G?FFI ?H ?F J;CM;D? >?F MOL >? 0?H?LC@? F; =IGJF?N; >?M=LCJ
=CdH >?F L=BCJCjF;AI KO? L?>;=N; ?F JLIJCI ,OL=B;M ONCFCT;H>I >CP?LM;M
@O?HN?M >? F; jJI=; ?F N?RNI >? H>L?Q ;LE?L KO? ?M J;LNC=OF;LG?HN?
L?JL?M?HN;NCPI >? F;M >C@C=OFN;>?M KO? ?H=O?HNL;H FIM @;=NIL?M CHAF?M?M ?H
;H;LC;M >IH>? MIH GIF?MN;>IM =IHMN;HN?G?HN? JIL F;M ;ONILC>;>?M =CPCF?M
S ?=F?MClMNC=;M S FIM ;JOHN?M MI<L? FIM =IHMN;HN?M ?H=O?HNLIM ?HNL? <;L=IM
CHAF?M?M S ?MJ;eIF?M ?H ;AO;M >?F L=BCJCjF;AI KO? JI>?GIM P?L ?H FIM
N?RNIM >? 'CHA (;H=;MN?L S O>F?S (; F?=NOL; S ?F ;HlFCMCM >? ?MNIM N?RNIM
HIM J?LGCN? P?L KO? ?H OH JLCH=CJCI B;S =O;NLI ?F?G?HNIM KO? ;NL;?H ?MJ?
=C;FG?HN? F; ;N?H=CdH F; CMF; >O?H>? >? /;H ILIH>dH ?F F?A?H>;LCI wL<IF
/;HNI >? !F $C?LLI ?F 0?C>? S F; L;T; ;<ILCA?H IH ?F J;MI >? FIM ;eIM
?MNIM ?F?G?HNIM M? CLlH >?MJID;H>I >? MO =;LA; GgNC=; J;L; M?L =IHN?G
JF;>IM >?M>? ?F L;=CI=CHCI S F; =C?H=C;
1H; >? F;M @O?HN?M CHAF?M;M >?F MCAFI 42%% KO? =IHI=?Ll OH; J;LNC=OF;L >C@O
MCdH ?M V .?F;NCIH I@ NB? ,C=I 0?H?LC@? L?=?CP > @LIG MIG? =IHMC>?L;<F?
G?L=B;HNM ;H> G?H QILNBS I@ =L?>CN QBI Q?HN NI NB? NIJ I@ CNX JO<FC=;>; ?H
JIL 0BIG;M /JL;N ?H MO 6@A<?F <3 A52 %<F.9 &<062AF S KO? M? L?@C?L? ; F;
;M=?HMCdH B?=B; ?H NILHI ;F >? ;AIMNI >? JIL FIM =IG?L=C;HN?M <LCNl
HC=IM ,BCFCJ 3;L> &IBH 3?<<?L &IBH IQFCHA 0BIG;M LC>A?M #?ILA? IP?
S OH M?RNI ;J?FFC>;>I F;JJ;G (; F?=NOL; >? ?MN? CHN?L?M;HN? N?RNI >?
G?>C;>IM >?F MCAFI 42%% L?P?F; KO? =IHNC?H? G;N?LC;F?M KO? JLI=?>?H >? @?=B;M
>C@?L?HN?M ? OH F;>I N?H?GIM F; L?F;=CdH >? F; JLCG?L; MO<C>; KO? FIM G?L=;
>?L?M FF?P;H ; =;<I ?F >? ;AIMNI >? MC B?GIM >? N?H?L ?H =O?HN; F;
;HIN;=CdH ?H ?MN? M?HNC>I KO? @CAOL; ?H F; @O?HN? 0;G<CjH M? B;<F; >? OH;
MO<C>; JIMN?LCIL >? ;FAOHI >? FIM KO? J;LNC=CJ;LIH ?H F; JLCG?L; S KO? GOS
<C?H JO>I =IGJF?N;L ;FAOHIM ?RNL?GIM >? F; JLCG?L; L?>;==CdH 5 FO?AI ?MNl F;
;GJFC; L?F;=CdH MI<L? 0?H?LC@? KO? JLIJIL=CIH; OH Gj>C=I CHAFjM KO? ?F N?RNI
>?M=LC<? =IGI VM?HM;NI S I<M?LP;>ILX S KO? PCPCd ?H 0?H?LC@? >OL;HN? P?CHN?
;eIM ?H =;FC>;> >? Gj>C=I S =IG?L=C;HN? /? NL;N; >? !P;H ,C?OAB N;G<CjH
"L;H=CM=I &;PC?L ;MNCFFI 43

ILNIAL;@C;>I ,C?Q ILCACH;LCI >? #;F?M S KO? FF?A; ; 0?H?LC@? J?LMO;>C>I JIL
);LG;>OE? .;Q>IH KO? F? JL?MN; >CH?LI J;L; KO? M? JLIP?S?L; >? NI>I FI
KO? H?=?MCN;<; NL;?LM? /O L?F;=CdH MI<L? 0?H?LC@? >?<? B;<?LM? JLI>O=C>I ?H
NILHI ; JILKO? M? =CN; OH PIF=lH >? (; ,;FG; I=OLLC>I >I=? ;eIM ;HN?M
S KO? ?M F; ?LOJ=CdH >?F );LNgH KO? NOPI FOA;L ?H FIM bFNCGIM G?M?M >?
,;LNC=OF;L CHN?LjM NC?H?H F;M L?@?L?H=C;M >? ?MN? Gj>C=I MI<L? ?F ?HN?LL;GC?HNI
>? FIM ;<ILgA?H?M S F; JLl=NC=; >?F ?G<;FM;G;GC?HNI ?MJ?=C;FG?HN? F; NL;>C
=CdH L?=IAC>; >? OH ;H=C;HI >?
=C?HNI >C?T ;eIM >? KO? N?Hg;H >?M>?
GOS ;HNCAOI OH; =;MN; >? BIG<L?M
KO? ?L;H FIM bHC=IM KO? =IHI=g;H F;
Nj=HC=; >?F ?G<;FM;G;GC?HNI S KO?
F; =IHM?LP;<;H =IGI MC @O?L; ;FAI
M;AL;>I S HI J;L; =IGOHC=;LFI ;F
JO?<FI KO? ?MNIM HI M? G?T=F;<;H
=IH ?F L?MNI >? FIM B;<CN;HN?M HC
=IHNL;g;H G;NLCGIHCI @O?L; >? MO
JLIJC; =;MN; KO? ?L;H ;F GCMGI
NC?GJI MOM M;=?L>IN?M S GCHCMNLIM L?FC
ACIMIM S KO? >OL;HN? F; =IHKOCMN; F;
G;SIL J;LN? >? ?FFIM J?L?=C?LIH S =IH
?FFIM F; Nj=HC=; JIL FI KO? ?H ;KO?FF;M
@?=B;M MIFI M? AO;L>;<; NL;>C=CdH >?
OHIM JI=IM CHAL?>C?HN?M KO? M? ONCFC
T;<;H ?H ?MN; JLl=NC=; S KO? M? >?N; ,ILN;>; >?F ;LNg=OFI >? !>?HM ?H F;M $569<@<=560.9

FF;H ; =IHNCHO;=CdH =IH F; >?M=LCJ=CdH '?.;@.0A6<;@


>?F JLI=?MI >? ?G<;FM;G;GC?HNI
IGI JI>?GIM P?L NI>;Pg; ?M GOS JLIHNI J;L; B;<F;L >? ?RJ?>C=CIH?M
=C?HNg@C=;M CHAF?M;M KO? N?HA;H =IGI I<D?NCPI ?F ?MNO>CI >? F;M J;LNC=OF;LC>;>?M
>? F;M %MF;M !F ?MJgLCNO =C?HNg@C=I =;L?=? ?H ?MNIM GIG?HNIM >? F; @O?LT; KO?
N?H>Ll =IH JIMN?LCILC>;> S MC?GJL? ?M OH CHN?LjM =F;L;G?HN? MO<MC>C;LCI >?F
=IG?L=C;F ,IL ?FFI NC?H? ?MJ?=C;F NL;M=?H>?H=C; S; ?H FIM JLCG?LIM ;eIM >?F
MCAFI 42%%% V H ==IOHN I@ ; &IOLH?S @LIG NB? ,ILN I@ +L;N;P; CH NB? %MF;H> I@
44 (; CG;A?H CHMOF;L ?H FIM N?RNIM CHAF?M?M >? FIM MCAFIM 42% ; 42%%%

0?H?LC@? NI NB? 0IJ I@ NB? ,CE? CH NB;N %MF;H> CH OAOMN F;MN QCNB
+<M?LP;NCIHM NB?L?IH <S )L & !>?HMX OH; @O?HN? JO<FC=;>; ?H F;M
$569<@<=560.9 '?.;@.0A6<;@ >? F; .IS;F /I=C?NS ?H ?F PIFOG?H =ILL?MJIH>C?HN? ;
!MN;GIM ;HN? OH N?RNI L?>;=N;>I =IH OLA?H=C; N;F S =IGI M? JO?>?
P?L JIL F;M FgH?;M @CH;F?M >? F; L?F;=CdH !M ?F L?MOFN;>I >? OH; HI=B? >? P?F; S ?F
;ONIL HI B; N?HC>I NC?GJI >? L?PCM;LFI JIL FI KO? M? >CM=OFJ; ;HN? FIM F?=NIL?M
,?LI F; OLA?H=C; ?H KO? M? B; A?MN;>I HI >?MG?L?=? ?H H;>; ; ?MN; @O?HN? KO?
HIM L?P?F; KO? !>?HM ?M MCH >O>; ;FAOH; OH BIG<L? >? MO NC?GJI KO? KOC?L?
F??L ?F FC<LI >? F; H;NOL;F?T; >?M>? ?F ?GJCLCMGI S F; =C?H=C; KO? I<M?LP; S KO?
<OM=; ?RJFC=;=CIH?M L;=CIH;F?M ; MOM I<M?LP;=CIH?M !FFI B;=? KO? ?MN; =IHNLC<O
=CdH N?HA; OH ?MJ?=C;F JLIN;AIHCMGI ?H F; N;L?; >? >?MG?HNCL NI>;M F;M ?R;A?L;
=CIH?M KO? M? B;<g;H B?=BI MI<L? ?F 0?C>? ?H FIM >IM MCAFIM ;HN?LCIL?M +NLI P;FIL
;e;>C>I >? ?MN? N?RNI ?M MO ?MNCFI KO? ?M NgJC=I >? F; %FOMNL;=CdH =F;LI S ?RJIMCNCPI
MCH =IH=?MCIH?M ; OH; ?LO>C=CdH MOJ?L@FO; >?GlM >? I<M?LP;=CIH?M A?IFdAC=;M
=FCG;NIFdAC=;M S <INlHC=;M F; L?F;=CdH >? !>?HM =IHNC?H? L?@?L?H=C;M S >?N;FF?M >?
CHN?LjM MI<L? F; @ILG; ?H KO? M? FF?P;<; ; =;<I ?H ;KO?FFIM GIG?HNIM F; MO<C>; ;F
0?C>? ? OH F;>I P?GIM KO? F; @CAOL; >?F JLl=NC=I S; ?MNl J?L@?=N;G?HN? ?MN;<F?
=C>; >? INLI F;>I F; @?=B; >? F; ;M=?HMCdH M? JLI>O=? ?H JF?HI P?L;HI KO? ?M ?F
GIG?HNI ;=IHM?D;>I S KO? #?ILA? #F;M ?RJFC=CN; G?>CI MCAFI >?MJOjM S
N;G<CjH JI>?GIM =IGJLI<;L KO? FIM A;MNIM MIH CGJILN;HN?M S I<FCA;H ;F ILA;HC
T;>IL ; =IHM?AOCLM? P;LCIM ;=IGJ;e;HN?M J;L; L?>O=CL F; =C@L;
IGI JI>?GIM P?L F;M I<M?LP;=CIH?M >? !>?HM =IHMNCNOS?H OH NgGC>I JL?=?>?HN?
>? F;M ?RJ?>C=CIH?M =C?HNg@C=;M CHAF?M;M KO? M? >?M;LLIFF;H ; FI F;LAI >?F MCAFI 4%4 F; >?
,BCFCJ 3?<< ?H F; >? B;LF?M (S?FF ?H S >IM ;eIM >?MJOjM F; >?
B;LF?M ,C;TTC /GSNB F; >? 0BIG;M 2 3IFF;MNIH ?H S ?HNL? INL;M

/0%((+"L;H=CM=I &;PC?L V!F N?RNI >? /CL !>GOH> /=ILS MI<L? 0?H?LC@?X
'./<;. 2%%%
/0%((+"L;H=CM=I &;PC?L V(IM ;JOHN?M CHMOF;L?M >?F =IH>? >? OG<?LF;H> S
&IBH (;S@C?F>X %2C6@A. 12 69<9<4V. 12 9. (;6C2?@61.1 12 . .4B;.
"L;H=CM=I &;PC?L ;MNCFFI 45

"L;H=CM=I &;PC?L
/0%((+ V(;M ;H;LC;M ?H F;M =LdHC=;M >? .C=B;L> $;EFOSN
S /;GO?F ,OL=B;MX %2C6@A. 12 69<9<4V. 12 9. (;6C2?@61.1 12 . .4B;.

/0%((+"L;H=CM=I &;PC?L V JLIJdMCNI >? F; L?F;=CdH >? 0BIG;M *C=BIFM


*IN;M ; >IM P?LMCIH?M ?H ?MJ;eIFX ;LG?H g;T F;SdH S );L=C;F )IL?L;
?>M <:2;.72 . ?.;06@0< ".C.??< ?A692@ =;>?GC; ;H;LC; >? F; (?HAO; S
;<CF>I %HMOF;L >? "O?LN?P?HNOL;
/0%((+ "L;H=CM=I &;PC?L V/I<L? F; !MJ;e; CHMOF;L ?H F; FCN?L;NOL; >?
PC;D?M >?F MCAFI 42%%% #?ILA? #F;M S MO 2@0?6=A6<; <3 A52 .;.?F
@9.;1@X );Lg; HNIHC; (dJ?T OLAIM >?F ;LLCI S &IMj .OCT );M ?>M
0A.@ 12 9.@ $?6:2?.@ <?;.1.@ ;A2?;.06<;.92@ )6.72?<@ /?6A];60<@ 6?9.;
12@2@ F ;<?A2.:2?60.;<@ 2; @=.T. 2@0?6A<?2@ =6;A<?2@ F :P@60<@ 2
*6996.: ?<:92F . ?;2@A 2:6;4D.F #L;H;>; 1HCP?LMC>;> >? #L;H;>;
%+. *!/ 1 F?D;H>LI '5<:.@ "605<9@ :2?0.12? 12 .GP0.? 56@=.;6@A. F
52?272 (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
#( / #?ILA? '52 56@A<?F <3 A52 16@0<C2?F .;1 0<;>B2@A <3 A52 .;.?F
@9.;1@ A?.;@9.A21 3?<: . &=.;6@5 :.;B@0?6=A 9.A29F 3<B;1 6; A52 6@9.;1 <3
$.9:. D6A5 .; ;>B6?F 6;A< A52 <?646; <3 A52 .;062;A 6;5./6A.;A@ A< D5605 6@
.1121 . 2@0?6=A6<; <3 A52 .;.?F @9.;1@ 6;09B16;4 A52 :<12?; 56@A<?F <3 A52
6;5./6A.;A@ .;1 .; .00<B;A <3 A526? :.;;2?@ 0B@A<:@ A?.12 (IH>L?M
,LCHN?> @IL . ;H> & I>MF?S ;H> 0 OLB;G
#( /#?ILA? 2@0?6=06S; 12 9.@ @9.@ .;.?6.@ 0L;>O==CdH >?
IHMN;HNCHI TH;L /;HN; LOT >? 0?H?LC@? %HMNCNONI >? !MNO>CIM ;H;LCIM S
#IS; !>C=CIH?M
)+. (!/ (!6 *+ 2g=NIL V.?F;=CdH >?F ,C=I >? 0?H?LC@? NL;HMGCNC>; JIL OHIM
?MNCG;<F?M G?L=;>?L?M S BIG<L?M >CAHIM >? =Lj>CNI KO? MO<C?LIH ; F; =CG;X
%2C6@A. 12 6@A<?6. .;.?6. 444
)+. (!/ (!6 *+ 2g=NIL %29.06<;2@ :2?0.;A692@ 2;A?2 ;49.A2??. F 9<@ .?056
=6Y9.4<@ 129 A9];A60< 6/Y?60< (; (;AOH; %HMNCNONI >? !MNO>CIM
;H;LCIM
47

8>2< .>255K. 9287.;8


-. 5*< .@958;*,287.< ,2.7=J/2,*< .7 *7*;2*<

;2<=27* -. $;2*;=. 8<K 52?.; 5*;* >;.55 A .;=* 2,8

!
F ;MNLdHIGI S L?FCACIMI (IOCM "?OCFFj? M? @ILGd S ;@C;HTd MO
=;LL?L; =C?HNg@C=; ?H P;LCIM =IHP?HNIM @L;H=CM=;HIM >?F MOL >? "L;H=C; ?H
FIM KO? L?;FCT;Lg; ?MNO>CIM MI<L? >C@?L?HN?M =O?MNCIH?M L?F;NCP;M ; FIM
?=FCJM?M FIM =IG?N;M F;M ?MNL?FF;M F;M G;H=B;M MIF;L?M S ?H ?MJ?=C;F ; FIM
M;NjFCN?M >? &bJCN?L !HNL? S =O;H>I S; AIT;<; >? JL?MNCACI CHN?L
H;=CIH;F M? ?G<;L=d JIL JLCG?L; P?T =IH ?F I<D?NCPI >? L?=NC@C=;L F; FIHACNO>
>?F )?>CN?LLlH?I ILC?HN;F 0L?M ;eIM GlM N;L>? ; <IL>I >? OH <;L=I @CFC<OM
N?LI M? >CLCACd ; F;M HNCFF;M S INLIM JO?LNIM ;G?LC=;HIM >IH>? J?LG;H?=Cd
OH; F;LA; N?GJIL;>; FI KO? F? J?LGCNCd L?OHCL OH; CGJILN;HN? =IF?==CdH >?
JF;HN;M G?>C=CH;F?M ;>?GlM >? NL;T;L HOG?LIMIM G;J;M S >C<ODIM MO
L?AL?MI ; ,;LgM ?H S ?H L?=IHI=CGC?HNI ; MOM NL;<;DIM @O? ?F?AC>I
GC?G<LI >? F; =;>?GC; .?;F >? C?H=C;M S HIG<L;>I G;N?GlNC=I >?F L?S
F ;eI MCAOC?HN? >? HO?PI ?H OH; H;P? =;JCN;H?;>; JIL OH =ILM;LCI
?GJL?H>Cd OH; ?RJ?>C=CdH ; GjLC=; >?F /OL >OL;HN? F; =O;F =IHMCAOCd @CD;L
F; JIMC=CdH ?R;=N; >? FIM JLCH=CJ;F?M JO?LNIM >? BCF? S >? ,?Lb 1H; >? F;M
?M=;F;M >? ?MN? PC;D? NOPI FOA;L ?HNL? ?F >? G;SI S ?F >? DOHCI >?
?H 0?H?LC@? N;F S =IGI M? L?@F?D; ?H OH; >?=?H; >? JlACH;M >?F >C;LCI KO?
JO<FC=;Lg; ?H
5; ?H "?OCFFj? B;<g; JLIS?=N;>I PIFP?L ;F L=BCJCjF;AI ;H;LCI J;L;
FF?P;L ; =;<I >CMNCHN;M G?>C=CIH?M >? CGJILN;H=C; J;L; F; H;P?A;=CdH ?H ?F
NFlHNC=I MCH ?G<;LAI F; AO?LL; ?HNL? !MJ;e; S "L;H=C; ;Mg =IGI OH;
?JC>?GC; >? J?MN? KO? ;MIFd );LM?FF; ?H NLOH=;LIH MO JLIJdMCNI ,IL
@CH ?H F; =;>?GC; >? C?H=C;M @L;H=?M; JO>I ?H=IG?H>;LF? F; L?;FC
48 (IOCM "?OCFFj? JCIH?LI >? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H ;H;LC;M

T;=CdH >? >CP?LM;M I<M?LP;=CIH?M =C?HNg@C=;M ?H ;H;LC;M KO? M? >?<?Lg;H


=IGJF?N;L =IH INL;M KO? ?@?=NO;Lg; ?H ?F +<M?LP;NILCI >? ,;LgM ? ?MN?
GI>I ?GJL?H>Cd H;>; G?HIM KO? ; FIM M?M?HN; S =O;NLI ;eIM >? ?>;> MO
bFNCG; GCMCdH I@C=C;F =OFGCH;H>I ;Mg OH; >CF;N;>; ? CGJILN;HN? NL;S?=NILC;
=C?HNg@C=; S PC;D?L; =IH F; KO? M?Lg; F; JLCG?L; ?RJFIL;=CdH >? ?MN; H;NOL;F?T;
KO? NOPI JIL >?MNCHI ?MJ?=g@C=I ?F L=BCJCjF;AI ;H;LCI
!MN? PC;D? >?F J;>L? "?OCFFj? M? B; L?P?F;>I >? OH; AL;H CGJILN;H=C; J;L;
F; BCMNILC; >? F; =C?H=C; ?H ;H;LC;M JO?M MOJOMI ?F CHC=CI >? OH; ?RN?HM;
M?LC? >? ?RJFIL;=CIH?M KO? B; J?LGCNC>I =IHI=?L S ?MNO>C;L F;M J?=OFC;LC
>;>?M >? HO?MNL; @FIL; >? HO?MNL; @;OH; >? HO?MNLI J;CM;D? ?H >?@CHCNCP;
>? HO?MNLI ?HNILHI H;NOL;F IGI ?L; B;<CNO;F ?H ?MN? NCJI >? ?RJ?>C=CIH?M
F; =;GJ;e; =C?HNg@C=; N;G<CjH ?H=?LL;<; OH =C?LNI CHN?LjM ?MNL;NjAC=I >?
=;Ll=N?L JIFgNC=I =IG?L=C;F ;OHKO? ?FFI HI CGJC>Cd KO? M? JL?MN;L; OH;
GCHO=CIM; ;N?H=CdH ; F;M CHMNLO==CIH?M >?F PC;D? KO? ?MNOPC?LIH ; =;LAI >?
FIM ;MNLdHIGIM ;MMCHC S );L;F>C !HNL? FIM JLCH=CJ;F?M =IG?NC>IM ?MN;<;H ?F
>? @CD;L F; JIMC=CdH ?R;=N; >? F; CMF; >? !F $C?LLI W>IH>? (OCM 4%%% G?>C;HN? MO
IL>?H;HT; >?F >? DOFCI >? B;<g; ?MN;<F?=C>I ?F G?LC>C;HI >? ILCA?HW
S =;F=OF;L F; >C@?L?H=C; >? FIHACNO> ?RCMN?HN? ?HNL? ?F =CN;>I G?LC>C;HI S ?F
+<M?LP;NILCI MNLIHdGC=I >? ,;LgM ;GjH >? ?MN;<F?=?L F; JIMC=CdH >?
0?H?LC@? G?>CL F; ;FNOL; >?F 0?C>? W>?F KO? M? >?M=IHI=g;H F;M =IIL>?H;>;M
L?;F?MW S >?N?LGCH;L ?F ?RNL?GI I==C>?HN;F >?F )?>CN?LLlH?I ,;L; JI>?L
FF?P;L ; <O?H NjLGCHI ?MN; ?GJL?M; =OS; >OL;=CdH CHC=C;FG?HN? JL?PCMN; ?L;
>? I=BI G?M?M "?OCFFj? MIFC=CNd OH ;SO>;HN? J;L; =OSI JO?MNI @O? ?F?AC>I
?F DIP?H B;LF?M 2?LAOCH BCDI >? OH =;JCNlH >? F; );LCH; .?;F S >CM=gJOFI >?F
;MNLdHIGI S G;N?GlNC=I HNICH? (;P;F
0L;M OH J?KO?eI CH=C>?HN? ?H ?F JO?LNI >? );LM?FF; S >?MJOjM >? F;M
MO=?MCP;M ?M=;F;M ?H FC=;HN? )lF;A; S l>CT "?OCFFj? S MO =IF;<IL;>IL ;LLC
<;LIH ; <IL>I >?F "2=AB;2 ; /;HN; LOT >? 0?H?LC@? ?F >? DOHCI >?
? ;=O?L>I =IH ?F JLIAL;G; NL;T;>I ?F =C?HNg@C=I M? >?MJF;Td ?H
JLCG?L FOA;L ; (; (;AOH; >IH>? FF?Pd ; =;<I >CP?LM;M I<M?LP;=CIH?M =IH F;
;AOD; CG;HN;>; S ?F <;LdG?NLI ?H ?F >IGC=CFCI >?F =dHMOF @L;H=jM uNC?HH?
,ILFC?L ,I=I >?MJOjM ?F >? DOFCI M? NL;MF;>d ; (; +LIN;P; ;FFg JLIMCAOCd
MOM ?MNO>CIM ?H F; L?MC>?H=C; >?F G;LKOjM >? F; "FILC>; =Oe;>I >?F =dHMOF S
LCMNCH; # >? 1LC;LN? &IMj ) +FCP?L F;L; OL?FF S ?LN; ,C=I 49

!F ,C=I >? 0?H?LC@?

GC>Cd F; ;FNOL; >?F ,C=I =IH OH =O;LNI >? =gL=OFI !F >? ;AIMNI "?OCFFj?
?GJL?H>Cd F; ;M=?HMCdH ;F 0?C>? S OH; M?G;H; GlM N;L>? M? >CLCACd ;F JO?LNI
>? (; ,;T ;=NO;F ,O?LNI >? F; LOT =IH ?F JLIJdMCNI >? ?G<;L=;L =IH
>?MNCHI ; INL;M CMF;M >?F L=BCJCjF;AI 0L;M OH; <L?P? ?M=;F; >? OH >g; ?H (;
,;FG; FF?Ad ; !F $C?LLI ?F >? ;AIMNI >IH>? J?LG;H?=Cd I=BI >g;M
FF?P;H>I ; =;<I ;FAOH;M B?L<ILCT;=CIH?M S =;F=OF;H>I F; JIMC=CdH >? F; CMF;
F;<IL KO? NOPI KO? L?;FCT;L =IH GjNI>IM >C@?L?HN?M ; FIM JL?PCMNIM ; =;OM; >?
F; LINOL; >? FIM >IM N?LGdG?NLIM KO? FF?P;<; =IHMCAI S >? F;M >C@C=OFN;>?M
I=;MCIH;>;M JIL F;M J?LMCMN?HN?M HC?<F;M ? L?AL?MI ; 0?H?LC@? ?F <;L=I ?H ?F
KO? PC;D;<; "?OCFFj? M? >?NOPI ?H (; #IG?L; S ?F >? ;AIMNI F; H;P? ?=Bd
50 (IOCM "?OCFFj? JCIH?LI >? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H ;H;LC;M

;H=F;M ?H ?F JO?LNI >? #;L;=BC=I ? ;FFg ?F L?FCACIMI M? >CLCACd HO?P;G?HN? ;


(; +LIN;P; ?H >IH>? J?LG;H?=Cd B;MN; ?F >? M?JNC?G<L? L?;FCT;H>I >C@?
L?HN?M G?>C=CIH?M S ;FAOH;M B?L<ILCT;=CIH?M ; J?M;L >? KO? F; jJI=; >?F
;eI HI ?L; F; GlM ;JLIJC;>; S GO=B;M JF;HN;M ?MN;<;H M?=;M /?AOC>;G?HN?
M? ?H=;GCHd ; (; (;AOH; J;L; =IHNCHO;L MOM CHP?MNCA;=CIH?M JIL ?MJ;=CI >?
OH G?M B;MN; KO? NOPI =IHI=CGC?HNI >? KO? OH H;PgI CHAFjM M? >CMJIHg; ;
T;LJ;L LOG<I ; l>CT !F >? I=NO<L? "?OCFFj? ;<;H>IHd >?@CHCNCP;G?HN?
?F L=BCJCjF;AI S >?M?G<;L=d ?H 0IOFIH ?F >? >C=C?G<L? >?
IGI S; M? B; M?e;F;>I OHI >? FIM JLCH=CJ;F?M ?H=;LAIM >? F; GCMCdH >?
"?OCFFj? ?H F;M %MF;M @O? F; G?>C=CdH >? F; ;FNOL; >?F 0?C>? J;L; FI =O;F ONCFCTd JIL
P?T JLCG?L; JLI=?>CGC?HNIM A?I>jMC=IM KO? F? FF?P;LIH ; ;NLC<OCL ;F ,C=I
NI?M;M G?NLIM *I I<MN;HN? =IGI NI>;Pg; >OL;HN? <O?H; J;LN? >?F MCAFI
F; =OG<L? NCH?L@?e; @O? =IHMC>?L;>; F; GlM ?F?P;>; >?F AFI<I INLIM =C?HNg@C=IM
)C=B?F >;HMIH F;L?N >? "F?OLC?OY L?;FCT;Lg;H HO?PIM =lF=OFIM M?AbH M? C<;
>CMJIHC?H>I >? CHMNLOG?HNIM GlM
JL?=CMIM !F G;N?GlNC=I S ;MNLdHIGI
&?;H B;LF?M IL>; @O? KOC?H ?H
I<NOPI ?F L?MOFN;>I GlM ;DOM
N;>I ?MNI ?M NI?M;M
G?NLIM /CH ?G<;LAI GlM ;FFl >? F;
G;SIL I G?HIL ?R;=NCNO> >? MOM
?P;FO;=CIH?M F; CGJILN;H=C; >? F;
GCMCdH >? "?OCFFj? ?H ?F 0?C>? L;>C=;
?H KO? @O? F; JLCG?L; ;M=?HMCdH L?;F
G?HN? =C?HNg@C=; >?GlM F;M JLIFCD;M
CH@ILG;=CIH?M F?A;>;M ?H MO >C;LCI
;=?L=; >?F =;GCHI KO? =IH>O=? ;F
,C=I MCLPC?LIH >? AOg; J;L; FIM PC;D?LIM
KO? ?H FI MO=?MCPI PCMCN;LIH 0?H?LC@?
B;=C?H>I KO? F; ?R=OLMCdH ; F;
=OG<L? M? =IHPCLNC?L; ?H OH; JLl=NC=;
I<FCA;>; OHKO? OH; =;g>; ?H ?F
L;AI >? ;H;LC;M ,;H >? Tb=;L CGJC>Cd ;F L?FCACIMI
LCMNCH; # >? 1LC;LN? &IMj ) +FCP?L F;L; OL?FF S ?LN; ,C=I 51

2CFF; >? !F $C?LLI

@L;H=jM FF?A;L B;MN; F; =CG; ; jF M? >?<? F; GCHO=CIM; >?M=LCJ=CdH >?F CNCH?L;LCI


KO? J;LNC?H>I >?M>? (; +LIN;P; J;M; JIL !F ILH;DCNI !F )IHN?P?L>? S (IM
B;LKOCNIM J;L; FF?A;L ; F; TIH; <IM=IM; >?F ,CHI >? F; )?LC?H>; S >?M>? ;FFg
=IHNCHO;L B;=C; !F ,ILNCFFI S (; !MN;H=C; >? FIM %HAF?M?M
(;M CHP?MNCA;=CIH?M FF?P;>;M ; =;<I JIL "?OCFFj? ?H F;M %MF;M =IGJL?H>C?LIH
CAO;FG?HN? F; <INlHC=; S F; TIIFIAg; Mg HI MIFI ?F;<ILd ?F CHP?HN;LCI >? OH;
NL?CHN?H; >? ?MJ?=C?M P?A?N;F?M ?HNL? F;M KO? @CAOL;H ?H>?GCMGIM =IGI F;
PCIF?N; >?F 0?C>? F; IL=BCFF; WKO? S; ;J;L?=? G?H=CIH;>; ?H FIM N?RNIM GlM ;HNC
AOIM MI<L? ;H;LC;MW F; G;FDOL;>; ?F <?D?KO? F; M?LL;D; I ?F >L;AI MCHI KO?
N;G<CjH L?;FCTd >C<ODIM >? <O?H; J;LN? >? ?FF;M ,IL FI KO? L?MJ?=N; ; F;
TIIFIAg; B;S KO? >?MN;=;L F;M >?N;FF;>;M ?RJFC=;=CIH?M S F;M P;FCIM;M CFOMNL;
=CIH?M >?F F;A;LNI >? 0?H?LC@? S >?F J?L?HKOjH
/O ?MN;H=C; ?MNl L?=IAC>; ?H ?F >C;LCI )<F.42 .BE @92@ .;.?62@ <B <B?;.9
12@ </@2?C.A6<;@ $5F@6>B2@ !.A5Y:.A6>B2@ <A.;6>B2@ 2A 6@A<?6>B2@ 3.6A2@
=.? <?1?2 12 &. !.72@AY =.? 92 % $ <B6@ 2B699Y2 ?296462BE :6;6:2 :.A5Y
:.A6062; 2A /<A.;6@A2 1B %<F ,;LgM !MN? G;HOM=LCNI >? JlACH;M
=IHNC?H? N;G<CjH OH; V$CMNICL? ;H=C?HH? ?N GI>?LH? >?M %MF?M ;H;LC?MX >?
JlACH;M KO? =IGI MO NgNOFI CH>C=; ;<IL>; F; BCMNILC; >? FIM ;HNCAOIM B;<C
N;HN?M >?F L=BCJCjF;AI ;>?GlM >? MO ?MN;>I V;=NO;FX B;=C?H>I ?MJ?=C;F
BCH=;JCj ?H FIM JLCH=CJ;F?M L?=OLMIM >? FIM CMF?eIM ?MNI ?M ?F =IG?L=CI >?F
PCHI F; ;ALC=OFNOL; S F; J?M=; J;LN? >? FIM S; G?H=CIH;>IM >C<ODIM MI<L? F;
@;OH; S F; @FIL; ;ONd=NIH;M ?F >I=OG?HNI CH=FOS? OH G;J; >? F;M %MF;M S
>CP?LM;M ?MN;GJ;M >? ;FAOH;M =CO>;>?M =;H;LC;M S >?F 0?C>?
52 (IOCM "?OCFFj? JCIH?LI >? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H ;H;LC;M

!296@@. '2;2?632?. 3<966@ 2E64B6@ Hj<C>; )6<9. '2;2?632?. %.1602 36/?<@. PCIF?N; >?F 0?C>?

!F J;>L? "?OCFFj? KO? L?MJ?N; ?M=LOJOFIM;G?HN? ?F IL>?H =LIHIFdAC=I


;FN?LH; ?H ?F N?RNI FIM >?N;FF?M <;LIGjNLC=IM FIM =lF=OFIM G;N?GlNC=IM S F;M
?RJFC=;=CIH?M <INlHC=;M =IH F;M L?@?L?H=C;M ; ;=NCPC>;>?M =INC>C;H;M I ; >C@?
L?HN?M ;Hj=>IN;M ;=;?=C>;M >OL;HN? MO ?MN;H=C; ;OHKO? MC?GJL? =IH OH
=F;LI JL?>IGCHCI >?F >CM=OLMI =C?HNg@C=I !H >?@CHCNCP; M? NL;N; >? OH F;LAI
G;HOM=LCNI >? ?M=LCNOL; =F;L; MCH N;=B;>OL;M =IH ;FAOH;M ;HIN;=CIH?M ;F
G;LA?H S KO? L?MJIH>? ; F; >?=F;L;=CdH >? CHN?H=CIH?M KO? ?F JLIJCI ;ONIL
B;=g; ;F =IGC?HTI >? MO I<L; OLCIM;G?HN? ?MN? PC;D? ; ;H;LC;M =OSI
I<D?NCPI ?L; >? PCN;F CGJILN;H=C; J;L; F; H;P?A;=CdH S F; A?IAL;@g; B;
J?LG;H?=C>I CHj>CNI JO?M F; =;>?GC; .?;F >? C?H=C;M IJNd JIL JO<FC=;L
MIF;G?HN? OH L?MOG?H =IH F;M JLCH=CJ;F?M IJ?L;=CIH?M L?;FCT;>;M !M >?
L?M;FN;L N;G<CjH KO? F;M JLCG?L;M L?J?L=OMCIH?M >? FIM NL;<;DIM ?@?=NO;>IM
LCMNCH; # >? 1LC;LN? &IMj ) +FCP?L F;L; OL?FF S ?LN; ,C=I 53

JIL "?OCFFj? NOPC?LIH FOA;L P?CHN? ;eIM >?MJOjM >? B;<?L =IH=FOC>I MO
GCMCdH IH NI>I ?F J;MI >?F NC?GJI HI B; >CMGCHOC>I F; CGJILN;H=C; >?
F;M I<M?LP;=CIH?M KO? ?F =C?HNg@C=I @L;H=jM FF?Pd ; =;<I ?H ?F L=BCJCjF;AI
;HN?M <C?H MO =IHNLC<O=CdH ;F JLIAL?MI >? F; ;MNLIHIGg; S >? F; BCMNILC;
H;NOL;F >? F;M %MF;M B; MC>I JO?MN; >? L?FC?P? JIL NI>IM ;KO?FFIM KO? M? B;H
CHN?L?M;>I JIL ?MN;M =O?MNCIH?M

"!1%((u! (IOCM )<F.42 .BE @92@ .;.?62@ <B <B?;.9 12@ </@2?C.A6<;@
$5F@6>B2@ !.A52:.A6>B2@ <A.;6>B2@ 2A 6@A<?6>B2@ 3.6A2@ =.? <?1?2 12
&. !.72@AYK ,;LgM )OMjOG *;NCIH;F > $CMNICL? *;NOL?FF? GM

,1%# / ),!. )CAO?F w S "L;H=CM=I ,!( 5+ 9 )6.72 129 .@A?S;<:< F


;.AB?.96@A. <B6@ 2B699Y2 . 9.@ @9.@ .;.?6.@ @24B61< 12 9. A?.;@
0?6=06S; F A?.1B006S; 129 :.;B@0?6A< H 6@A<?6. .;A64B. F :<12?;. 12 9.@
@9.@ .;.?6.@J ?21.0A.1< =<? <B6@ 2B699Y2 (; (;AOH; ?HNLI >? F;
OFNOL; ,IJOF;L ;H;LC;

# ! 1.% .0! LCMNCH; 6A2?.AB?. 12 C6.72@ F .;.?6.@ '2;2?632 2; 9<@


?29.A<@ 12 C6.72?<@ 3?.;02@2@ 129 @649< '% );>LC> IHM?DI /OJ?LCIL >?
%HP?MNCA;=CIH?M C?HNg@C=;M

$!..!. ,%-1u F@L?>I $.@6S; F C2;AB?. 2; 9. 62;06. 9.@ B02@ (;M


,;FG;M >? #L;H ;H;LC; ;<CF>I %HMOF;L >? #L;H ;H;LC; PIFM
55

* .<=*7,2* .7 #.7.;2/. -. 7-;K 2.;;. .-;>

8<K 87=.<278<

H>Lj ,C?LL? (?>LO H;=Cd ?H B;HN?H;S "L;H=C; ?H ?MJOjM


>? L?;FCT;L <LCFF;HN?M ?MNO>CIM M? IL>?Hd M;=?L>IN? ?H
J;MCIH;>I JIL F; <INlHC=; JLIHNI =IG?HTd ; =IHMNLOCL MOM B?L<;
LCIM S ; =IF;<IL;L =IH ?F .?16; 1B %<6 >? ,;LgM !H (?>LO M? OHCd ; FIM
C>?;F?M >? F; .?PIFO=CdH "L;H=?M; S M? =IHPCLNCd ?H OH =OL; =IHMNCNO=CIH;F
KO? JL?>C=;<; F;M HO?P;M C>?;M !H >?Dd FIM Bl<CNIM I<FCA;>I JIL F;
JIFgNC=; ;HNCLL?FCACIM; >? .I<?MJC?LL? S PIF=d NI>;M MOM ?H?LAg;M ?H FIM B?L<;
LCIM S ?H ?F HO?PI )OM?I *;=CIH;F >? $CMNILC; *;NOL;F =?JNd J;LNC=CJ;L ?H
F; ?RJ?>C=CdH >?F =;JCNlH ;O>CH ; F; CMF; >? 0LCHC>;> KO? J;LNCLg; >?F JO?LNI
>? (? $;PL? ?F >? M?JNC?G<L? >?
O;H>I F; AIF?N; . 2992 ;4Y96>B2 ;F G;H>I >?F =;JCNlH ;O>CH >?
=;GCHI ; F;M HNCFF;M MO@L? >?MJ?L@?=NIM AL;P?M =IGI =IHM?=O?H=C; >? OH
N?GJIL;F >?<? J?LG;H?=?L GlM >? =O;NLI G?M?M ?H L?J;L;=CdH ?H 0?H?LC@?
(; ?MN;H=C; ?H F; CMF; ?M ;JLIP?=B;>; JIL FIM H;NOL;FCMN;M >? ; <IL>I J;L;
B;=?L ?F JLCG?L CH@ILG? ?RN?HMI >? =;Ll=N?L A?H?L;FCMN; MI<L? ;H;LC;M
!M GOS CFOMNL;NCPI ;H;FCT;L ?F N?RNI >? >I=? JlACH;M KO? =IH@ILG;H F;M
V%HMNLO==CIH?MX KO? HNICH? (;OL?HN >? &OMMC?O >CL?=NIL >?F
)OM?I *;=CIH;F >? $CMNILC; *;NOL;F >? ,;LgM L?>;=N; J;L; F; ?RJ?>C=CdH >?
;O>CH F; =O;F N?Hg; =IGI JLCH=CJ;F I<D?NCPI L?=OJ?L;L OH; M?LC? >? G;N?
LC;F?M >? CHN?LjM J;L; F;M =C?H=C;M H;NOL;F?M KO? ?F JLIJCI =;JCNlH B;<g;
N?HC>I KO? >?D;L ?H OH ;HN?LCIL PC;D? ?H F; CMF; >? 0LCHC>;>
!F =CO>;>;HI &OMMC?O >? OH; @;GCFC; >? <INlHC=IM CFOMNL;>IM >?N;FF;
=IH AL;H JL?=CMCdH F;M N;L?;M S I<FCA;=CIH?M >? =;>; OHI >? FIM =C?HNg@C=IM
>? F; ?RJ?>C=CdH ;>?GlM >? >;L OH; M?LC? >? =IHMCAH;M I =IHM?DIM >?
H;NOL;F?T; JIFgNC=; &OMMC?O M? ?RNC?H>? =IH JLI@OMCdH >? >?N;FF?M ?H F;M
56 (; ?MN;H=C; ?H 0?H?LC@? >? H>Lj ,C?LL? (?>LO

CHMNLO==CIH?M >? FIM NL;<;DIM =C?HNg@C=IM KO? M? >?<g;H L?;FCT;L MCAOC?H>I F;


=F;MC@C=;=CdH FCHH?;H; >? FIM M?L?M S I<D?NIM H;NOL;F?M KO? =IH@ILG;H FIM NL?M
L?CHIM >? F; H;NOL;F?T; 6A5<9<460. <A.;60. -<<9<460. ; JLCILC>;> ;F
L?CHI P?A?N;F S >?N;FF; F; @ILG;=CdH S =F;MC@C=;=CdH >? FIM B?L<;LCIM =IH ?MJ?
=C;F CHN?LjM ?H ;KO?FF;M JF;HN;M KO? JO?>;H M?L bNCF?M J;L; F; ;ALC=OFNOL; !F
<INlHC=I (?>LO S ?F D;L>CH?LI .C?>Fj >?<?LlH L?MJIHM;<CFCT;LM? >?F G;HN?HC
GC?HNI >? F;M =IF?==CIH?M ?H ?F F;LAI PC;D? >? PO?FN; S >?F =OC>;>I >? F;M
JF;HN;M PCP;M B;MN; MO FF?A;>; ; F;M GCMGgMCG;M JO?LN;M >?F )OM?I
!F FC<LI KO? MI<L? ?F PC;D? ?M=LC<Cd H>Lj ,C?LL? (?>LO =IHMN; >?
JlACH;M S =IHMNCNOS? OH <O?H ?D?GJFI >? F; FCN?L;NOL; >? PC;D?M ?H ?M?
J?LCI>I /? NL;N; >?F )<F.42 .BE ^92@ 12 '2;2?632 . '?6;6AY &.6;A '5<:.@
&.6;A2 ?<6E 2A $<?A< %60< KO? P?Lg; F; FOT ?H S ?H ?F KO? MO ;ONIL
JLIJIL=CIH; OH; J;HILlGC=; A?H?L;F >? F; CMF; >? 0?H?LC@? >?M=LC<C?H>I MOM
=CO>;>?M S B;=C?H>I I<M?LP;=CIH?M MI<L? ?F =FCG; ?F MO?FI F; JI<F;=CdH >?
F;M %MF;M S ?F =;Ll=N?L =IMNOG<L?M S =IG?L=CI >? MOM B;<CN;HN?M 2C;D; =IH ?F
G;LKOjM >? 2CFF;HO?P; >?F ,L;>I B;MN; (; +LIN;P; >?M>? >IH>? B;Ll F;
NL;>C=CIH;F ;M=?HMCdH ;F ,C=I >?F 0?C>? F CAO;F KO? ?F PC;D?LI $OG<IF>N NL?M
;eIM >?MJOjM KO?>; GOS CGJL?MCIH;>I JIL F; PCMCdH >?F ?HNIH=?M J;L;>C
Mg;=I P;FF? >? (; +LIN;P;
(; JLIM; >? (?>LO ?M <?FF; S >; =IGI L?MOFN;>I OH ;G?HI FC<LI >? PC;D?M
>?F KO? NL;N;L?GIM >? B;=?L OH L?MOG?H ?H FI KO? MCAO? IG?HT;L?GIM
JIL OH ?RNL;=NI >? F; =;LN; KO? (?>LO ?M=LC<? ; MO G;>L? >?M>? ?F JO?LNI >?
(? $;PL? >g;M ;HN?M >? MO J;LNC>; ?F >? M?JNC?G<L? >?

7 8 !H ?F GIG?HNI ?H KO? OMN?> F?; ?MN; =;LN; ?MN;Lj MC?H>I FF?P;>I JIL FIM
PC?HNIM S F;M IF;M B;=C; ?F HO?PI GOH>I J;L; JI>?L =OGJFCL ;FFg F; GCMCdH KO? ?F
#I<C?LHI G? B; ?H=;LA;>I 7 8 *I M? G? I=OFN;H ?H ;<MIFONI F;M @;NCA;M ?
CH=FOMI FIM J?FCALIM CHM?J;L;<F?M >? OH; F;LA; H;P?A;=CdH 7 8 /C ?M=;JI ; F;M
N?GJ?MN;>?M M?Lj KOCTlM Pg=NCG; >?F ;L>C?HN? =FCG; <;DI ?F KO? >?<I PCPCL P;LCIM
G?M?M HI I<MN;HN? GC lHCGI HI M? P? KO?<L;HN;>I JIL ?FFI Mj KO? OH =CO>;
>;HI >?<? M;=LC@C=;L MO L?JIMI MO M;FO> MO PC>; GCMG; =O;H>I NL;<;D; ?H JLI
>? F; ONCFC>;> Jb<FC=; S >?F JLIAL?MI >? FIM =IHI=CGC?HNIM BOG;HIM
&IMj ( )IHN?MCHIM 57

F CAO;F KO? ?H FIM jJC=IM PC;D?M


>? >?M=O<LCGC?HNI >? JILNOAO?M?M S
?MJ;eIF?M ?H FIM MCAFIM 42 S 42% ?H
FIM KO? FIM LC?MAIM ;MOGC>IM ?L;H
;OH G;SIL?M F;M GINCP;=CIH?M CH>CPC
>O;F?M >? GO=BIM >? FIM ?M@ILT;>IM
PC;D?LIM ?L;H C>?;FCMN;M S ;F M?LPC=CI >?
OH; =;OM; KO? NL;M=?H>g; FIM CHN?
L?M?M J?LMIH;F?M /C <C?H ?H FIM MCAFIM
42%%% S 4%4 F; =C?H=C; S ?F JLIAL?MI ?H
F; 0C?LL; B;H MOMNCNOC>I ; F; L?FCACdH S
; F; M;FP;=CdH ?H FIM =C?FIM
,I=IM >g;M >?MJOjM >? M?L ?M=LCN;
?M; =;LN; =IGC?HT; F; ;P?HNOL; S .
2992 ;4Y96>B2 F?P; ;H=F;M ?F >?
M?JNC?G<L? H>Lj ,C?LL? (?>LO

7Y8 (; L;JC>?T >? HO?MNL; G;L=B;


>? I=NO<L? S F; M?L?HC>;> >? F; ;NGdM@?L; G? J?LGCNCd ;>GCL;L OH
?MJ?=Nl=OFI MO<FCG? KO? HI M? JO?>? I<M?LP;L <C?H MCHI ?H JF?H; G;L F;
IM=CF;=CdH ;J;L?HN? >? FIM =C?FIM I=;MCIH;>; JIL ?F =;<?=?I ?M >?=CL JIL ?F
GIPCGC?HNI >? F; H;P? >? JIJ; ; JLI; )C?HNL;M IF;M ?HILG?M F?P;HN;H F;
JLI; MI<L? MO >ILMI ?F?PlH>IF; =IH ?FF;M OH; J;LN? >?F =C?FI J;L?=? JL?=CJC
N;LM? MI<L? ?F ;<CMGI 7Y8 (; HI=B? S MI<L? NI>I FIM ;MNLIM F; (OH; S F;M
HO<?M J;L?=?H >?M=LC<CL ;FL?>?>IL >?F H;PgI OH; ?FCJM? CH=FCH;>; NI>I ?F
=C?FI ;J;L?HN; ?MN;L ?H GIPCGC?HNI !H ?M? GIG?HNI ?M =O;H>I FIM
BIG<L?M M?HMC<F?M ; F;M <?FF?T;M >? F; *;NOL;F?T; ?F?P;H MO ;FG; ; F;
CPCHC>;>

!@?=NCP;G?HN? ?H ?F G;L S ?H ;KO?FFIM NC?GJIM M? J?HM;<; GO=BI ?H F;


>CPCHC>;> S ;Mg MO=?>Cd KO? ?F >? I=NO<L? =O;H>I ?F <;L=I ?MN;<; ?HNL?
F;M %MF;M TIL?M S F; CMF; >? );>?CL; M? >?M;Nd OH; N?LLC<F? N?GJ?MN;> KO?
?MNOPI ; JOHNI >? B;=?L H;O@L;A;L ; . 2992 ;4Y96>B2
58 (; ?MN;H=C; ?H 0?H?LC@? >? H>Lj ,C?LL? (?>LO

!MNOP? ?H =O<C?LN; >?M>? ?F =IGC?HTI >? F; N?GJ?MN;> S J?LG;H?=g ;FFg >OL;HN?


M?M?HN; BIL;M DOHNI ;F =;JCNlH ;O>CH =IH ?F =O?LJI ;G;LL;>I ; OHI >? FIM
I<?HKO?M J;L; L?MCMNCL FIM GIPCGC?HNIM PCIF?HNIM S =IH F; =;<?T; =?eC>; >? OH;
NLCJF? P?H>; J;L; ?PCN;L FIM AIFJ?M JLIP?HC?HN?M >? F; =;g>; >? FIM GINIH?M I >?
F;M D;L=C;M !H ?MN; MCNO;=CdH I<M?LPj ?F ?MJ?=Nl=OFI >? FIM BIG<L?M ?H FO=B;
=IHNL; FIM ?F?G?HNIM 1H; G;HCI<L; G;F ?D?=ON;>; OH; HO?P; Pg; >? ;AO; ?H F;
=;F; I ?F GlM FCA?LI CH=C>?HN? JI>g; M?L M?e;F >? HO?MNL; J?L>C=CdH 7 8 2;LCIM >?
GCM =IGJ;e?LIM ;=OLLO=;>IM ?H F;M B;G;=;M MO@Lg;H ;ACN;=CIH?M G;M PCIF?HN;M
KO? F;M Gg;M /C >?<g;GIM J?L?=?L HO?MNL; MO?LN? ?L; =IGbH ,?LI MC ?F =C?FI M?
>CAH;<; FF?P;LHIM ; <O?H JO?LNI D;GlM G? BO<C?M? J?L>IH;>I HI B;<?LG?
;NL?PC>I ; P?L ?M? BILLC<F? ?MJ?=Nl=OFI

0?GJ?MN;> ?H ?F G;L

. 2992 ;4Y96>B2 MCH GlMNCF?M MCH F;M AL;H>?M P?F;M MCH NCGdH ?L;
CH=;J;T >? FF?A;L ; GjLC=; S ?F =;JCNlH >?=C>Cd PCL;L ;F MO>?MN? B;=C; F;M %MF;M
;H;LC;M !F >? I=NO<L? >CPCM;H F; CMF; >? (; ,;FG;

(; HC?<F; KO? =ILIH;<; ?MN; CMF; S KO? F; ;OLIL; =IFIL?;<; >?F ?H=;LH;>I
GlM <?FFI >?M;J;L?=g; JI=I ; JI=I =IH FIM JLCG?LIM L;SIM >?F MIF 7Y8 !L;H
F;M =CH=I S G?>C; >? F; G;e;H; 7Y8 S ;OHKO? (; ,;FG; HI @O?M? HO?MNL;
G?N; F; P?=CH>;> >? ?MN; CMF; S F; ?MJ?L;HT; >? B;=?L ?M=;F; ?H 0?H?LC@? HIM
BC=C?LIH >?LL;G;L FlALCG;M >? ;F?ALg;
&IMj ( )IHN?MCHIM 59

0I>;Pg; N?H>LlH KO? FO=B;L =IHNL; =ILLC?HN?M S PC?HNIM >?M@;PIL;<F?M S HI


?=B;LlH ?F ;H=F; ?H ?F JO?LNI >? /;HN; LOT >? 0?H?LC@? B;MN; F; G;e;H; >?F
>? HIPC?G<L? V!H F; L;>; >? /;HN; LOT =IHNj IH=? H;PgIM G?L=;HN?M ;
M;<?L =O;NLI ;G?LC=;HIM NL?M ?MJ;eIF?M OHI >;HjM S NL?M CHAF?M?M !MNIM
bFNCGIM B;<g;H MC>I =IH@CM=;>IM JIL IL>?H >? F; ILN? >? );>LC> ; J;LNCL >?
F; >?=F;L;=CdH >? AO?LL;X
(IM H;NOL;FCMN;M >? ; <IL>I M? CHMN;F;H ?H OH; =;M; >? /;HN; LOT S
MCAOC?H>I F;M CHMNLO==CIH?M >?F =;JCNlH ;O>CH M? >CMJIH?H ; PCMCN;L S
?MNO>C;L F; ;<LOJN; H;NOL;F?T; >? F; CMF; (?>LO >? =;Ll=N?L ;@;<F? S
<IH>;>IMI JLIHNI B;=? ;GCMN;> =IH FIM HIN;<F?M >? F; CMF; KO? ?H
A?H?L;F M?HNg;H OH; AL;H ;>GCL;=CdH
JIL F; =OFNOL; @L;H=?M; !H /;HN; LOT
=IHI=? ; FIM =IG?L=C;HN?M ;M;FIH S
;G<L?F?HA 2C;D; ; (; (;AOH; S M?
CHMN;F; ?H ?F J;F;=CI >?F G;LKOjM >?
2CFF;HO?P; >?F ,L;>I 0IGlM >? *;P; S
#LCGdH HI<F? CFOMNL;>I S GC?G<LI >?
F; .?;F /I=C?>;> !=IHdGC=; >?
GCAIM >?F ,;gM 2CMCN; F; =CO>;> >? FIM
>?F;HN;>IM S KO?>; GOS CGJL?
MCIH;>I =IH FIM @;MNIM ?=F?MClMNC=IM
KO? JL?M?H=C; ?H F; CAF?MC; >? F;
IH=?J=CdH ?F >g; >? >C=C?G<L?
,F;N; L;MI LIDI =CLCIM S M?M?HN; =OL;M
=IH=?F?<L;H>I F? B;=?H ?R=F;G;L
KO? HI B;<g; PCMNI HOH=; H;>;
=IGJ;L;<F? ?H FIM N?GJFIM @L;H
=?M?M (?>LO ;JL?=C; F; <O?H; G?M;
>?F G;LKOjM S MO ?R=?F?HN? <C<FCIN?=; ,ILN;>; >?F FC<LI >? (?>LO
.?=ILL? FIM <;LL;H=IM S GIHN;e;M >?
F; TIH; J;L; B?L<ILCT;L /O FOA;L JL?@?LC>I ?M F; )?M; )IN; >?M>? >IH>?
>CPCM; FIM =;GJIM >? 0;=ILIHN? S ?F ,C=I >?F 0?C>? V?F?P;H>I MO =;<?T;
B;MN; F;M HO<?MX
60 (; ?MN;H=C; ?H 0?H?LC@? >? H>Lj ,C?LL? (?>LO

2CMCN; 0?AO?MN? S 0?DCH; ;H>?F;LC; S #agG;L S ?H F; G;e;H; >?F >?


@?<L?LI >? J;LN? ; =;<;FFI =IH ?F G;LKOjM S INLIM ;GCAIM B;=C; (;
+LIN;P; $;=?H OH ;FNI ?H OH <IMKO?=CFFI MCNO;>I ?H AO; #;L=g; S LI>?;>I >?
F;OL?F?M S >? <L?TIM >;H =O?HN; >? MO=OF?HNIM G;HD;L?M KO? FIM MCLPC?HN?M
>CMJIH?H MI<L? BID;M >? B?F?=BI IHNCHb;H ?F PC;D? S S; ;P;HT;>; F; HI=B?
FF?A;H ; (; +LIN;P; !H MO =O;>?LHI >? PC;D? ;HIN;
!HNL? ?F JO?LNI >? (; +LIN;P; S F; =CO>;> >?F GCMGI HIG<L? ?F G;LKOjM >?
2CFF;HO?P; JIM?? OH; =;M; JL?=CIM; FF;G;>; V!F OL;THIX FFg ?M >IH>? HIM
;FID;GIM F; G;e;H; MCAOC?HN? ; F; M;FC>; >?F MIF L?=ILLg MOM ;FL?>?>IL?M S HI
JO>? >?D;L >? ;>GCL;L F; <?FF?T; >?F J;CM;D? U-Oj =C?FI U-Oj =FCG; 1H =;FIL
N?GJF;>I PCPC@C=;<; ?F =;GJI ;KOg M? P?g;H PCe?>IM <C?H =OFNCP;>IM KO? ;N?MNC
AO;<;H F; LCKO?T; S F; CH>OMNLC; >? MOM B;<CN;HN?M ;FFl FIM D;L>CH?M FF?HIM >?
D;TGCH?M LIM;F?M AL;H;>IM ;FG?H>LIM ?H @FIL FCGIH?LIM S H;L;HDIM ?H @FIL S
=IH @LON;M ?MJ;L=g;H ?H F; ;NGdM@?L; OH J?L@OG? >?FC=CIMI

5 ?M KO? (?>LO PCPg; =IH JF;=?L F;M >?FC=C;M >? OH =FCG; >OF=?G?HN? N?GJ?
L;>I JIL F; F;NCNO> ?F G;L S FIM PC?HNIM ;FCMCIM KO? A?H?L; OH; LC=; P?A?N;=CdH
;ONd=NIH; ;F NC?GJI KO? J?LGCN? ?F >?M;LLIFFI >? FIM =OFNCPIM G?>CN?LLlH?IM

(; H;NOL;F?T; B; B?=BI NI>I J;L; ?FFIM HI ?RCMN? ?H ?F GOH>I G?DIL =FCG; HC


N?GJ?L;NOL; GlM MO;P? 0I>;M F;M =;M;M =IHMNLOC>;M ?H ;H@CN?;NLI MI<L? OH
N?LL?HI CH=FCH;>I AIT;H >? OH; J?LMJ?=NCP; ?H=;HN;>IL; S >IGCH;H OH FF;HI
@jLNCF =O<C?LNI >? PCe?>IM P?L>OL;M S D;L>CH?M

!F ;AO; PCPC@C=;HN? S H?=?M;LC; KO? L?JIM; ?H ?F M?HI >? F;M ;FN;M =OG<L?M
KO? LI>?;H ?F P;FF? M? B;=? >?M=?H>?L =IH J?LC=C; JIL F;M ;N;LD?;M J;L; >;L PC>;
; F;P;>?LIM GIFCHIM M?LL?Lg;M S =OFNCPIM
1H ;AO; JOL; KO? >?M=C?H>? >? F;M GIHN;e;M =IH>O=C>;M JIL OH =;H;F >?
JC?>L; LC?A; F;M JLCH=CJ;F?M =;FF?M >? F; +LIN;P; !MN; ;AO; GO?P? P;LCIM
GIFCHIM ?H F; GCMG; 2CFF; S M? >CLCA? ; =IHNCHO;=CdH ?H OH ;=O?>O=NI >?
G;>?L; B;MN; ?F &;L>gH INlHC=I ?MN;<F?=C>I ?H !F OL;THI ;F KO? ;JILN; FIM
LC?AIM H?=?M;LCIM IHIT=I <?FFIM J;L;D?M ?H "L;H=C; S ?H F;M =IMN;M G?LC>CI
H;F?M >? %HAF;N?LL; B? L?=ILLC>I F;M ILCFF;M >?F .BCH jFAC=; S $IF;H>; B? PCPC>I
>OL;HN? OH ;eI ?H ?F MO?FI @?=OH>I >? F;M HNCFF;M J?LI MC NOPC?L; KO? ;<;H
&IMj ( )IHN?MCHIM 61

2CMN; >?F &;L>gH INlHC=I >?F ,O?LNI >? F; +LIN;P; CMNIH

>IH;L FIM FOA;L?M KO? G? PC?LIH H;=?L S <OM=;L INL; J;NLC; M?Lg; ?H F;M %MF;M
@ILNOH;>;M M?Lg; ?H F; +LIN;P; ;>IH>? CLg; ; N?LGCH;L ?F =OLMI >? GC PC>;

KOg PCMCN; ?F &;L>gH INlHC=I ?H =IGJ;eg; >?F >CL?=NIL >?F GCMGI ?F <INl
HC=I (? #LIM D;L>gH >? ;=FCG;N;=CdH >? JF;HN;M =IHMNLOC>I S G;HN?HC>I AL;=C;M
; F; A?H?LIMC>;> >? MO ;H@CNLCdH ?F G;LKOjM >? 2CFF;HO?P; >?F ,L;>I
!F &;L>gH .?;F >?F INlHC=I =IHMNLOC>I B;=? >C?T ;eIM ?H !F OL;THI ?M ?F ?MN;
<F?=CGC?HNI GlM bNCF >? F; CMF; +=OJ; OH ?MJ;=CI >? M?CM B?=NlL?;M 7 8
JLIJO?MN; >? ?MN? M?eIL B? L?>;=N;>I ?F =;NlFIAI >? F;M JF;HN;M KO? M? =OFNCP;H
;FFg S NL;T;>I MI<L? ?F N?LL?HI >? =IGbH ;=O?L>I =IH ) (? #LIM ?F JF;HI >?
=F;M?M >?F MCMN?G; M?RO;F >? (CHH?I O;H>I F;M JF;HN;=CIH?M B?=B;M L?=C?HN?
G?HN? B;S;H ;>KOCLC>I OH =L?=CGC?HNI HIN;<F? !F OL;THI JI>Ll MOGCHCMNL;L ;
F;M L?ACIH?M N?GJF;>;M >? !OLIJ; FIM P?A?N;F?M JL?=CIMIM KO? F; *;NOL;F?T;
J;L?=? B;<?L =IH=?>C>I ?R=FOMCP;G?HN? ; FIM =FCG;M ;@ILNOH;>IM >? FIM NLdJC=IM

!F =I=IN?LI ?F J;FGCNI ?F ;AO;=;N? S ?F J;J;SI S; =L?=?H ?H JF?H; NC?LL;


>?GlM >? ?MNIM lL<IF?M M? =OFNCP;H INL;M =C?H ?MJ?=C?M >? JF;HN;M S ;L<OMNIM
62 (; ?MN;H=C; ?H 0?H?LC@? >? H>Lj ,C?LL? (?>LO

0IG; <O?H; HIN; >? NI>;M F;M P;LC?>;>?M KO? ;Bg M? ?H=O?HNL;H S ;JLI
P?=B; J;L; B;=?L MC?GJL? ?H MO =O;>?LHI >? PC;D? OH; ?H=?H>C>; >?@?HM; >?
F; ALC=OFNOL; VF; @O?LT; CHN?LCIL >? FIM !MN;>IMX .?=ILL? CH=;HM;<F? F;M
=OG<L?M >? (; );N;HT; S >? /;HN; nLMOF; S NC?H? NC?GJI N;G<CjH J;L; J;LNC
=CJ;L ?H F; =?F?<L;=CdH >? FIM =;LH;P;F?M ?H ?F ?HNIH=?M ,O?LNI >? (; +LIN;P;
;FFg =IHI=? ; FIM M?eIL?M (CNNF? S dFIA;H CFOMNL;>IM L?MC>?HN?M KO? F? CH@ILG;H
>? F; >OL; L?;FC>;> MI=C;F KO? ?H ;KO?FFIM NC?GJIM ?RCMNg; ?H ;H;LC;M
!H OH; G;e;H; >? @?<L?LI (?>LO >?=C>? B;=?L =IH (? #LIM F; NL;>C=CIH;F S
I<FCA;>; ;M=?HMCdH >?F ,C=I >?F 0?C>? J;L; FI KO? >? <O?H; G;e;H;
?GJL?H>?H ?F =;GCHI B;=C; F;M =OG<L?M B;=C; ?F )IHN? 2?L>? F;M NL?M >?
F; N;L>? MdFI B;<g;H =IHM?AOC>I ?M=;F;L FIM >IM N?L=CIM >? F; GIHN;e; S
>?=C>?H L?AL?M;L ;F GlM =lFC>I S M?AOLI L?@OACI >? !F OL;THI
,LIMCAO? =IH MO F;<IL >? ?MNO>C;L S ?RJFIL;L F; H;NOL;F?T; >?F L?MNI >? F;
CMF; S PCMCN; (IM .?;F?DIM #;L;=BC=I S O?H;PCMN; 0;A;H;H; >?D? S 2CF;@FIL
>? NI>I FI =O;F >; =O?HN; ?H MO CH@ILG? "CH;FG?HN? ?H MO FC<L?N; >?
;JOHN?M =IHP?LNC>; JIMN?LCILG?HN? ?H MO L?F;NI >? PC;D? (?>LO >?>C=; OH
=;JgNOFI ; F; GCH?L;FIAg; ?H ?F KO? >?M=LC<? F;M MOMN;H=C;M GCH?L;F?M KO? B;
L?=IAC>I ?H F;M GIHN;e;M <;LL;H=IM S =IMN;M >? F; CMF; HN?M >? =IHNCHO;L
?F PC;D? J;L; 0LCHC>;> F? >?D; ;F M?eIL ;G<L?F?HA >IM =;D;M FF?H;M >? GCH?
L;F?M WKO? jMN? ?HPg; JIMN?LCILG?HN? ; ,;LgMW S KO? BIS M? =IHM?LP;H ?H ?F
)OM?I >? $CMNILC; *;NOL;F ?>C=; N;G<CjH OH =;JgNOFI ; F; TIIFIAg; ?H ?F
KO? >; =O?HN; >? FIM G;Gg@?LIM L?JNCF?M JlD;LIM GIFOM=IM =LOMNl=?IM
;Ll=HC>IM ? CHM?=NIM
1H;M M?M?HN; ?MJ?=C?M >? ;PC@;OH; GCAL;NILC; S M?>?HN;LC; CHMOF;L ;J;L?=?H
=CN;>;M JIL (?>LO ?H MO L?F;NI >?F PC;D? MC <C?H @O? );OA?L ?F TIdFIAI >? F;
?RJ?>C=CdH KOC?H F;M L?=IJCF;Lg; G;H>;H>I ;FAOH;M >? ?FF;M =IHP?HC?HN?
G?HN? JL?J;L;>;M ;F )OM?I >? $CMNILC; *;NOL;F >? ,;LgM "O? ?MN? ?F JLCG?L
CHP?HN;LCI JO<FC=;>I ?H OH; I<L; =C?HNg@C=; MI<L? ;PC@;OH; >? F;M %MF;M
eIM >?MJOjM >? MO L?AL?MI ; "L;H=C; (?>LO M? CHMN;Fd ?H F; =CO>;> >? (?
);HM >IH>? >;Lg; =F;M?M >? @gMC=; ? BCMNILC; H;NOL;F ?H MO JLIJCI >IGC=CFCI
/O =;M; =IHN;<; =IH OH; AL;H <C<FCIN?=; OH D;L>gH <INlHC=I S OH B?L<;LCI
>? ;FL?>?>IL >? ?MJ?=C?M KO? ;=;<;Lg; F?A;H>I ; F; =CO>;> !MN?
B?L<;LCI M? ?H=O?HNL; BIS ?H >g; ?H JIM?MCdH >?F )OMj? 2?LN >? >C=B;
&IMj ( )IHN?MCHIM 63

=CO>;> @L;H=?M; S =IHNC?H? JFC?AIM =IH JF;HN;M >? F; @FIL; =;H;LC; L?=I
AC>;M >OL;HN? MO PC;D? >? KO? B;H MC>I >CACN;FCT;>IM JIL ?F ,LIS?=NI
$OG<IF>N S ?H =OSI JILN;F Q?< M? JO?>?H =IHN?GJF;L
Mg JO?M ?F =CO>;>;HI (?>LO H;NOL;FCMN; CFOMNL;>I ?M@ILT;>I PC;D?LI S
?R=?F?HN? J?LMIH; HIM >?Dd OH PC<L;HN? FC<LI >? PC;D?M OH P;FCIMI >I=O
G?HNI KO? I@L?=? OH; J?LMJ?=NCP; >? F; CMF; >? 0?H?LC@? ; @CH;F?M >?F MCAFI
42%%% S KO? MCLP? ;F ;HNLIJdFIAI S ;F A?dAL;@I ;F BCMNILC;>IL S ;F H;NOL;FCMN;

$!..!. ,%-1u F@L?>I .@ @9.@ .;.?6.@ 2@0.9. 062;AV360. 2; 29 A9];A60<


)6.72?<@ F ;.AB?.96@A.@ 2; 29 @649< +) );>LC> !>CNILC;F .O?>;

(! .1 H>Lj ,C?LL? )<F.42 .BE ^92@ 12 '2;2?632 . '?6;6AY &.6;A '5<:.@


&.6;A2 ?<6E 2A $<?A< %60< #BC?.42 .00<:=.4;Y 12 ;<A2@ 2A 1 .116A6<;@ =.?
! &<;;6;6 ,;LgM LNBOM ?LNL;H>

(! .1 H>Lj ,C?LL? )6.72 . 9. @9. 12 '2;2?632 0L;>O==CdH >? &IMj


?FA;>I /;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;

)+*0!/%*+/ &IMj S &aLA?H .!** V!RJ?>C=CIH?M =C?HNg@C=;M ; F;M %MF;M


;H;LC;M ?H ?F J?LCI>I LIGlHNC=I X &IMj )IHN?MCHIM &;PC?L
+L>de?T S /?LACI 0IF?>I ?>M 62;06. F %<:.;A606@:< (; +LIN;P;
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;

)+.!( *C=IF;M V%NCHjL;CL? M=C?HNC@CKO? >O <IN;HCMN? H>Lj ,C?LL? (?>LOX


F<?LNI .?F;H=CI S )CF; .OCT =IIL> .;.?6.@ A2??6A<?6< 12 2E=9<?.06<;2@
062;AV360.@ );>LC> IHM?DI /OJ?LCIL >? %HP?MNCA;=CIH?M C?HNg@C=;M S
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;
65

* ,*69*I* -. *>-27 * =2.;;*< *><=;*5.<

;2<=27* -. $;2*;=.

;FC@C=;>I JIL ?F =jF?<L? &OMMC?O =IGI ?F G;SIL H;P?A;HN? S H;NOL;F


CMN; >? NI>IM FIM NC?GJIM *C=IF;M ;O>CH B; MC>I S MCAO? MC?H>I OH
>?M=IHI=C>I J;L; F; G;SIL J;LN? >? MOM =IGJ;NLCIN;M /C <C?H ?M
=C?LNI KO? MO NL;S?=NILC; JLI@?MCIH;F M? PCI GOS JLIHNI ?=FCJM;>; JIL MO
L?JON;=CdH >? J?LMIH; ;ONILCN;LC; =LO?F S I<MNCH;>; W; F; KO? =IHNLC<OSd F;
PCMCdH KO? >? jF ;JILN;<;H N;HNI ?F L?F;NI I@C=C;F >? F; ?RJ?>C=CdH ; NC?LL;M
;OMNL;F?M =IGI FIM N?MNCGIHCIM >? ;FAOHIM H;NOL;FCMN;MW HI FI ?M G?HIM KO?
F; C>?; KO? M? N?Hg; >? jF M? MIFg; FCGCN;L ; F; >?F ?RJFIL;>IL KO? B;<g; ?H=IH
NL;>I JIL ;T;L ;F N;G<CjH H;P?A;HN? );NNB?Q "FCH>?LM =?L=; >? >?F;C>;
GC?HNL;M ?@?=NO;<; ?F L?=IHI=CGC?HNI >? F; =IMN; ;OMNL;FC;H; ,IL ;KO?F
?HNIH=?M ; JOHNI >? @CH;FCT;L ?F MCAFI 42%%% M? CAHIL;<;H ;bH >?N?LGCH;>IM
;MJ?=NIM >?F =IHNCH?HN? O<C=;>I ?H ?F ,;=g@C=I =OS; <bMKO?>; B;<g; GIPC
FCT;>I ; AI<C?LHIM G;LCHIM S BIG<L?M >? =C?H=C; S B;<g; ;FCG?HN;>I HI
JI=;M F?S?H>;M S @;<OF;=CIH?M "O? JL?=CM;G?HN? ;O>CH KOC?H =IGJF?Nd
MO =;LNIAL;@g; ? C>?HNC@C=d OH ?F?P;>gMCGI HbG?LI >? ;HCG;F?M S JF;HN;M
F CAO;F KO? B;<g; I=OLLC>I =IH ?F L?MJIHM;<F? >? F; =;GJ;e; >OL;HN?
GO=BI NC?GJI FIM ?MNO>CIM MI<L? F; ?RJFIL;=CdH >?F =IHNCH?HN? ;OMNL;F I@L?
=C?LIH OH; F?=NOL; M?MA;>; >? FIM ;=IHN?=CGC?HNIM S HI M?Ll B;MN; F;
M?AOH>; GCN;> >?F MCAFI 44 =O;H>I P?;H F; FOT NL;<;DIM I<D?NCPIM S LCAO
LIMIM )lM L?=C?HN?G?HN? =ICH=C>C?H>I =IH ?F M?AOH>I =?HN?H;LCI >? F;
?RJ?>C=CdH M? B;H MO=?>C>I N;HNI ?H "L;H=C; =IGI ?H OMNL;FC; ?RJIMC
=CIH?M =IHG?GIL;=CIH?M S L?OHCIH?M =C?HNg@C=;M ; F;M KO? B;S KO? ;e;>CL F;
?>C=CdH ; =;LAI >? &;=KO?FCH? IHH?G;CHM >?F >C;LCI J?LMIH;F >? ;O>CH
=OSI G;HOM=LCNI @ILG;<; J;LN? >? FIM @IH>IM >? FIM L=BCPIM *;=CIH;F?M >?
"L;H=C; !MN? >I=OG?HNI ;OHKO? CH;=;<;>I @O? >C=N;>I JIL ;O>CH ; F;M
66 (; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M

J?LMIH;M KO? ?H >C@?L?HN?M I=;MCIH?M BC=C?LIH F;M P?=?M >? M?=L?N;LCIM S ?M


=IGJF?G?HN;LCI >?F >C;LCI >? ; <IL>I ?M=LCNI ?MN; P?T JIL ?F JLIJCI G;LCHI
KO? =OLCIM;G?HN? B; MC>I ?>CN;>I =IH JIMN?LCILC>;> ; F; NL;>O==CdH ;F
CHAFjM L?;FCT;>; JIL BLCMNCH? ILH?FF ?H
,IL FI KO? L?MJ?=N; ; MO PC>; M;<?GIM KO? *C=IF;M 0BIG;M ;O>CH H;=Cd
?H F; CMF; >? .j ?F >? @?<L?LI >? ?H ?F M?HI >? OH; @;GCFC; HOG?LIM;
S KO? MO J;>L? M? >?>C=;<; ;F =IG?L=CI J?LI =;L?=?GIM >? >;NIM L?F;NCPIM ;
MO CH@;H=C; %HAL?Md GOS DIP?H ?H F; );LCH; .?;F >IH>? J;LNC=CJd ?H P;LC;M
=;GJ;e;M ?HNL? ?FF;M F; AO?LL; >? %H>?J?H>?H=C; >? FIM !MN;>IM 1HC>IM
;OHKO? MO >?M;=O?L>I =IH ;FAOH;M L?MIFO=CIH?M ;>IJN;>;M JIL F;M ;ONILC
>;>?M F? FF?P;LIH ; JL?M?HN;LM? PIFOHN;LCI ; F; );LCH; >?F ?GJ?L;>IL >?
OMNLC; &IMj %% KO? JIL ?HNIH=?M ?MN;<; L?=FON;H>I I@C=C;F?M ? ?MN? GI>I
?H ?GJL?H>Cd ; <IL>I >? . $2=6A. OH; =;GJ;e; @CH;H=C;>; JIL ?F
?GJ?L;>IL S =OSI >?MNCHI ?L; ?F I=j;HI sH>C=I OL;HN? OH; ?M=;F; CGJL?
PCMN; ?H ?F ;<I >? O?H; !MJ?L;HT; NOPI FOA;L OH B?=BI KO? L?MOFN;Lg;
=LO=C;F J;L; ?F H;P?A;HN? @L;H=jM S >?N?LGCH;Lg; ?F @ONOLI >? MO =;LL?L;
ILC?HNlH>IFI B;=C; F; <INlHC=; ?F ?H=O?HNLI =IH "L;HT IIM D;L>CH?LI D?@?
>?F ?GJ?L;>IL ;OMNLC;=I KO? S; B;<g; =IH=FOC>I MOM B?L<ILCT;=CIH?M S
?MN;<; ?MJ?L;H>I F; IJILNOHC>;> >? ?G<;L=;L >? HO?PI "O? ;O>CH KOC?H
FF?Pd ;F =C?HNg@C=I S MOM =IF?==CIH?M >? L?AL?MI ; !OLIJ;
!H FIM ;eIM MCAOC?HN?M =IGJ;ACHd MO ;=NCPC>;> G?L=;HNCF ?H >CMNCHNIM FOA;L?M
>?F GOH>I =IH ?F ?MNO>CI >? F; BCMNILC; H;NOL;F ;>KOCLC?H>I OH; CGJILN;HN?
HINILC?>;> =IGI G;LCHI S =C?HNg@C=I O;H>I ?H "L;H=C; >?=F;Ld F; AO?LL;
; OMNLC; ;O>CH >?=C>Cd L?CHN?AL;LM? ; F; );LCH; @L;H=?M; !M? GCMGI ;eI ?H=;
<?Td OH; ?RJ?>C=CdH ; F;M HNCFF;M ; <IL>I >? . 2992 ;4Y96>B2 =OSI I<D?NCPI
=IHMCMNg; ?H L?=OJ?L;L OH; =IF?==CdH >? BCMNILC; H;NOL;F >?JIMCN;>; =IH ;HN?LCI
LC>;> S L?=IA?L GO?MNL;M ?H INLIM FOA;L?M (IM AL;P?M >;eIM KO? OH @O?LN?
N?GJIL;F =;OMd ; F; AIF?N; I<FCA;LIH ;F =;JCNlH ; L?;FCT;L OH; ?M=;F; ?H 0?H?LC@?
KO? ; MO J?M;L M? JLIFIHAd ;FAI GlM >? =O;NLI G?M?M J;L; FIM H;NOL;FCMN;M KO?
FI ;=IGJ;e;<;H MCH ?G<;LAI ?MN; ?MN;H=C; @ILTIM; M?Lg; >? AL;H JLIP?=BI
,I=IM ;eIM >?MJOjM ?H ;O>CH ?GJL?H>Cd F; KO? M?Lg; F; =;GJ;e; GlM
JLIFg@C=; >?F GIG?HNI ?H ?F ,;=g@C=I S KO? F;G?HN;<F?G?HN? HI JO>I =IH=FOCL
JO?M @;FF?=?Lg; ?H ?F NILH;PC;D? =IH=L?N;G?HN? ?H %MF; );OLC=CI
LCMNCH; # >? 1LC;LN? 67

OHKO? ?F JF;H ILCACH;LCI >?F PC;D?


>? ?RJFIL;=CdH ; NC?LL;M ;OMNL;F?M
B;<g; MC>I L?>O=C>I ?F JLIJdMCNI
JLCGIL>C;F M?AOg; MC?H>I GOS ;G<C
=CIMI H;>; G?HIM KO? ?@?=NO;L ?F
L?=IHI=CGC?HNI >?F FCNIL;F ;OMNL;
FC;HI S MOM ;FL?>?>IL?M ?MNI ?M
GlM >? F?AO;M >? =IMN;M B;MN;
?HNIH=?M >?M=IHI=C>;M I =;MC >?M=I
HI=C>;M ,?LI ?F JLIAL;G; >?@CHCNCPI
CH=FOg; ;>?GlM >?F F?P;HN;GC?HNI
=;LNIALl@C=I >?F N?LLCNILCI S >? F;
=L?;=CdH >? =IF?==CIH?M <INlHC=;M S
@lOHC=;M ?F ;HlFCMCM >? F;M L?F;
=CIH?M =IH F;M %H>C;M H??LF;H>?M;M
JO?MNI KO? J;L; "L;H=C; L?JL?M?H
N;<; F; bFNCG; IJILNOHC>;> J;L;
?MN;<F?=?LM? ?H OH N?LLCNILCI >?F KO? *C=IF;M ;O>CH
M? M;<g; GOS JI=I S >?F KO? S; FIM
CHAF?M?M I<N?Hg;H <?H?@C=CIM ?=IHdGC=IM ? ;Bg KO? F;M =IHPOFMCIH?M JIFgNC=;M
S MI=C;F?M KO? ;TIN;<;H ?F J;gM ?H ;KO?F GIG?HNI HI CGJC>C?L;H KO?
IH;J;LN? >C?L; ?F PCMNI <O?HI J;L; F; L?;FCT;=CdH >? F; =;GJ;e; KO? =IHNd
;>?GlM =IH =IHMC>?L;<F?M G?>CIM ?=IHdGC=IM S BOG;HIM !MN? bFNCGI
;MJ?=NI @O? OHI >? FIM KO? GlM FF;Gd F; ;N?H=CdH S; KO? J;L; FF?P;L ; =;<I F;M
I<M?LP;=CIH?M >? GCH?L;FIAg; TIIFIAg; S <INlHC=; @O?LIH >?MCAH;>IM GlM >?
P?CHN? =C?HNg@C=IM !MN; =C@L; N;H ?F?P;>; =IH F; KO? N;GJI=I ?MN;<; >? ;=O?L>I
;O>CH HI MIFI =IHMNCNOSd OH; >?=CMCdH CHOMO;F MCHI N;G<CjH =IGI >?GIMNLd
F; ?RJ?LC?H=C; >?M;@ILNOH;>; S; KO? @O? F; >?M?H=;>?H;HN? >? HI JI=IM
=IH@FC=NIM >?M>? FIM JLCG?LIM GIG?HNIM >? F; H;P?A;=CdH
!H INLI IL>?H >? =IM;M N;HNI ?F =;JCNlH =IGI FIM BIG<L?M =IH ;FAOH;
L?MJIHM;<CFC>;> ?H F; ?RJ?>C=CdH N?Hg;H F; I<FCA;=CdH >? L?=IA?L JIL ?M=LCNI
?F >?N;FF? >? MOM ;=NCPC>;>?M !H OH; =;LN; >?F GCHCMNLI >? );LCH; ; ;O>CH M?
CH>C=; =F;L;G?HN? KO? FIM >C;LCIM MIH JLIJC?>;> >?F #I<C?LHI S KO? ;F
68 (; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M

NjLGCHI >? F; =;GJ;e; HCHAbH NLCJOF;HN? JI>Ll >?M?G<;L=;L MCH ?HNL?A;LFIM


; MO =;JCNlH !MN; >I=OG?HN;=CdH ; F; KO? B;S KO? ;e;>CL F;M L?F;=CIH?M >?
PC;D? JO<FC=;>;M JIL P;LCIM H;NOL;FCMN;M =IHMNCNOS? OH; CH@ILG;=CdH
P;FCIMgMCG; KO? J?LGCN? =IHI=?L ?F >?M;LLIFFI >? OH; >? F;M =;GJ;e;M GlM
CGJILN;HN?M >? F; BCMNILC; >? F; H;P?A;=CdH
!H OH ;G<C?HN? >? @?MNCP; =OLCIMC>;> ;PCP;>; JIL F; @;H@;LLC; GCFCN;L S F;M
M;FP;M >? =;edH F; =IL<?N; .9.AY2 S F; A;<;LL; . !2;.N.;A2 L?<;ONCT;>;M
=IH FIM HIG<L?M >? 2 Y<4?.=52 S 2 ".AB?.96@A2 L?MJ?=NCP;G?HN?
T;LJ;LIH >? !F $;PL? ?F >? I=NO<L? >? !F >? HIPC?G<L? NL;M
=;NIL=? >g;M >? H;P?A;=CdH F; =IL<?N; <;DI F;M dL>?H?M >? ;O>CH S F;
A;<;LL; ;F G;H>I >? $;G?FCH ?@?=NO;LIH OH; JLCG?L; ?M=;F; Nj=HC=; ?H
/;HN; LOT >? 0?H?LC@? =IH ?F bHC=I @CH >? ;<;MN?=?LM? >? ;AO; PCHI S
JLI>O=NIM @L?M=IM (; JLIRCGC>;> >? F;M =IMN;M =;H;LC;M >?MJ?LNd ?H FIM =C?H
Ng@C=IM OH; ?HILG? ?RJ?=N;=CdH ?H F; KO? M? @OH>g;H FIM ?=IM >? F?=NOL;M
JL?PC;M =IH F;M CFOMCIH?M ;FCG?HN;>;M >OL;HN? F; NL;P?Mg; !F >C<OD;HN?
)CF<?LN KO? ;<;H>IHd F; =;GJ;e; ?H %MF; );OLC=CI S ; KOC?H J?LN?H?=? ?F
N?MNCGIHCI GlM FgLC=I S ;J;MCIH;>I >? ?MN; ?RJ?LC?H=C; PC;D?L; >?M=LC<? ;Mg ?F
CHMN;HN? ?H ?F KO? M? J?L=C<?H JIL JLCG?L; P?T F;M %MF;M

(; PCMN; >? ?MN;M NC?LL;M N;H >?M=IHI=C>;M J;L; Gg MO L?JON;=CdH ?M;


GIHN;e; N;H =jF?<L? JIL MO ;FNOL; ?M? PIF=lH KO? ;L>? >?M>? B;=? N;HNIM
MCAFIM S KO? J;L?=? ?H=IHNL;L JLIPCMCIH?M CH;AIN;<F?M NI>I ?MI G?
JLIG?Ng; OH ?MJ?=Nl=OFI ?MJFjH>C>I S MO<FCG?

!H ?MN; JLCG?L; ?M=;F; >?M?G<;L=;LIH ;FAOHIM BIG<L?M FI KO? HI


MOJOMI OH =IHNL;NC?GJI CGJILN;HN? JO?M OHIM ?MN;<;H ?H@?LGIM S INLIM
VHI M?LPg;H J;L; H;>;X M?AbH MO =;JCNlH IGI ?L; B;<CNO;F H;>; GlM
@IH>?;L F; ?G<;L=;=CdH ;O>CH L?=C<Cd F; PCMCN; >?F AI<?LH;>IL S >? FIM
I@C=C;F?M >? /;HC>;> S M? JOMI ?H =IHN;=NI =IH ?F =dHMOF >? "L;H=C; OAOMN?
LIOMMIH?N =IH KOC?H F;M L?F;=CIH?M @O?LIH ?MJ?=C;FG?HN? =IL>C;F?M "O? jF
KOC?H M? ?H=;LAd >? L?;FCT;L F;M A?MNCIH?M L?F;NCP;M ; F; ;>KOCMC=CdH >?F PCHI
=C?H JCJ;M J;L; FI KO? ;O>CH B;<g; L?=C<C>I >? MO #I<C?LHI
@L;H=IM /CH ?G<;LAI ?F ?F?P;>I JL?=CI KO? ?RCAg;H FIM =IG?L=C;HN?M JIL
OH; J;LN? S F; JI=; =;HNC>;> >CMJIHC<F? JIL INL; I<FCA;LIH ;F =;JCNlH ;
LCMNCH; # >? 1LC;LN? 69

=IH@ILG;LM? bHC=;G?HN? =IH P?CHN? JCJ;M JIL FI KO? >?=C>Cd =IGJL;L ;FAI
>? =?LP?T; 0;GJI=I @O? N;L?; @l=CF =IHM?AOCL FIM ;FCG?HNIM H?=?M;LCIM J;L;
JLIM?AOCL F; NL;P?Mg; JO?MNI KO? HI MIFI BO<I KO? ?MJ?L;L GlM NC?GJI >?F
JL?PCMNI ; KO? FF?A;L; ?F J?>C>I JLI=?>?HN? >? #L;H ;H;LC; MCHI KO?
;>?GlM ?MN;<; CH=IGJF?NI @ILNOH;>;G?HN? F;M JLIPCMCIH?M KO? @;FN;<;H
JO>C?LIH MOJFCLM? =IH F;M KO? B;<g; ?HPC;>I ?F G;LKOjM >? *;P; ; KOC?H
;O>CH =IGI GO?MNL; >? ;AL;>?=CGC?HNI I<M?KOCd =IH OH; >? F;M G?>;
FF;M =IHG?GIL;NCP;M >? F; ?RJ?>C=CdH !MNIM =IHNL;NC?GJIM ; FIM KO? M?
MOG;LIH INLIM =IGI ?F B?=BI >? KO? MC?N? NLCJOF;HN?M =IHNL;D?L;H ?H@?LG?
>;>?M P?HjL?;M JLIFIHA;LIH CHH?=?M;LC;G?HN? F; >OL;=CdH >? F; ?M=;F; S
=;OM;LIH OH JLI@OH>I G;F?MN;L ?H ;O>CH KO? N?Gg; HI JI>?L ;F=;HT;L %MF;
);OLC=CI ?H ?F NC?GJI ?MNCJOF;>I
)C?HNL;M N;HNI S ; J?M;L >? FIM =IG?HN;LCIM >?F =IG;H>;HN? >? F; ?RJ?
>C=CdH ;=?L=; >? F; CHONCFC>;> >? L?;FCT;L I<M?LP;=CIH?M ?H OH FOA;L N;H =IHI
=C>I =IGI ?F L=BCJCjF;AI FIM =C?HNg@C=IM M? >CMJOMC?LIH ; ;JLIP?=B;L ?F
NC?GJI >CMJIHC<F? Mg JIL ?D?GJFI ,jLIH S ILS >? /;CHN 2CH=?HN B?L<ILC
T;LIH DOHNIM ;F CAO;F KO? )C=B;OR KO? ;=IGJ;e;>I JIL LIOMMIH?N
N;G<CjH ?RJ?LNI <INlHC=I M? ;>?HNLd ?H FIM <IMKO?M F;AOH?LIM (?PCFF;CH
JIL MO J;LN? L?AL?Md OH >g; =IH ?F MIG<L?LI =O<C?LNI >? CHM?=NIM =IH ;F@C
F?L?M VFI KO? F? >;<; OH ;MJ?=NI GOS =dGC=IX ?JO=B S ;CFFS L?=IAC?LIH
GO?MNL;M GCH?L;F?M S FIM ;MNLdHIGIM FF?P;LIH ; =;<I MOM ?MNO>CIM ?H ?F
I<M?LP;NILCI KO? CHMN;F;LIH ?H ?F >IGC=CFCI >?F M?eIL ;LN; IH NI>I FIM

2CMN; >? F; =IMN; >? H;A; >?M>? OH;M =O;NLI F?AO;M G;LCH;M
70 (; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M

);HOM=LCNI >? ;O>CH =IH OH >C<ODI >? F; =IMN; >? (; ,;FG;

L?MOFN;>IM >? F; ?M=;F; ?H 0?H?LC@? @O?LIH >?MCAO;F?M ; N?HIL >? FIM =IG?H
N;LCIM KO? L?;FCT;LIH P;LCIM H;NOL;FCMN;M )C?HNL;M ?F D;L>CH?LI D?@? .C?>Fj
W=OSI ;@lH JIL =IHM?AOCL OH ?D?GJF;L >? ?.;A52:B: @.9@<9<612@ JOMI ?H
J?FCALI MO PC>;W S ?F TIdFIAI (?PCFF;CH L?=IAC?LIH HOG?LIM;M GO?MNL;M KO?
?HPC;LIH ; NL;PjM >? OH; ?G<;L=;=CdH ?MJ;eIF; ;F )OM?I >? $CMNILC; *;NOL;F
>? ,;LgM INLIM =IGI ILS >? /;CHN 2CH=?HN M? F;G?HN;LIH >? F;M =IH>C
=CIH?M >? F; ?M=;F; S >? MO =ILN; >OL;=CdH IH=L?N;G?HN? ?MN? H;NOL;FCMN;
PCI NLOH=;>IM MOM JF;H?M >? ?@?=NO;L F; ;M=?HMCdH ;F 0?C>? >?<C>I JLCH=CJ;F
G?HN? ; F; CH=?LNC>OG<L? ?H =O;HNI ;F GIG?HNI >? J;LNC>; ;HOH=C;>I
MC?GJL? J;L; ?M? GCMGI >g; I J;L; F; G;e;H; MCAOC?HN? /g FIALd MCH
?G<;LAI ?F;<IL;L OH =;NlFIAI =IH ?MJ?=C?M P?A?N;F?M KO? ;OHKO?
CH=IGJF?NI B; =IHMNCNOC>I OH L?@?L?HN? I<FCA;>I J;L; CHP?MNCA;=CIH?M
JIMN?LCIL?M
LCMNCH; # >? 1LC;LN? 71

F G;LA?H >? F;M =O?MNCIH?M =C?HNg@C=;M FIM H;NOL;FCMN;M N;G<CjH ?GJF?


;LIH F; ?M=;F; J;L; PCMCN;L ;FAOHIM JOHNIM >? F; CMF; /C F; =IMN; >? /;HN; LOT
>? 0?H?LC@? =IH <;LL;H=IM JLI@OH>IM S ?MNjLCF?M I@L?=? OH ;MJ?=NI >?MI
F;>IL J;L; FIM PC;D?LIM F; J;LN? M?JN?HNLCIH;F >? F; CMF; BbG?>; S @LIH>IM;
?M HI I<MN;HN? G?L?=?>IL; >? NI>IM FIM ?FIACIM FFg OH; >? F;M =CO>;>?M
GlM ;JL?=C;>;M @O? (; +LIN;P; >?<C>I ?HNL? INL;M =IM;M ; F; JLIRCGC>;>
>?F &;L>gH INlHC=I ;F KO? ;O>CH ?HNL?Ad OH;M M?GCFF;M KO? B;<g; NL;g>I >?
"L;H=C; (; JL?@?L?H=C; >? ?MNIM PCMCN;HN?M JIL FIM FOA;L?M LC=IM ?H P?A?N;=CdH
?M N;H ;=OM;>; KO? ; G?HO>I F;M >?N;FF;>;M >?M=LCJ=CIH?M >? FIM
?F?G?HNIM KO? =IGJIH?H F; H;NOL;F?T; JL?>IGCH;H MI<L? INL;M L?;FC>;>?M
,IL ?MN; L;TdH F; =CO>;> >? (; +LIN;P; MCNO;>; ?H OH ?H=F;P? >? ?MJ?=C;F
<?FF?T; ?M MC?GJL? ;<IL>;>; ?H @OH=CdH >? MO FI=;FCT;=CdH S F? MCLP? ;
)CF<?LN >? JL?N?RNI J;L; L?=L?;L OH ?M=?H;LCI JLdRCGI ; F; FCN?L;NOL; GCNIFd
AC=;

!F?P;>;M GIHN;e;M =O<C?LN;M >? HC?P? KO? JLIJIL=CIH;H ;AO; ?H ;<OH


>;H=C; >?M=C?H>?H MO;P?G?HN? B;=C; ?F G;L @ILG;H>I =IFCH;M LCMO?e;M
=O<C?LN;M >? OH; P?A?N;=CdH PCAILIM; 1H =C?FI JOLI S M?L?HI PC?HNIM
@L?M=IM >g;M =;MC C>jHNC=IM ; F;M HI=B?M @FIL?M NI>I ?F ;eI S lL<IF?M ;>IL
H;>IM =IH OH ?N?LHI @IFF;D? !MNIM MIH FIM ?H=;HNIM >? (; +LIN;P; >IH>?
MIFI L?CH;H JIL ;Mg >?=CLFI >IM ?MN;=CIH?M F; JLCG;P?L; S ?F INIeI

?M>? ?MN; FI=;FC>;> M? >CPCM; ?F 0?C>? OHI >? FIM ?F?G?HNIM GlM L?JL?
M?HN;NCPIM >?F L=BCJCjF;AI HI MIFI JIL MO >CG?HMCdH MCG<dFC=; MCHI
N;G<CjH JIL B;<?L =IHMNCNOC>I OH I<D?NI >? ?MNO>CI =IHMN;HN? J;L; >C@?
L?HN?M L;G;M >? F; =C?H=C; OFGCH;L MO ;M=?HMCdH =IHMNCNOSd OHI >? FIM
L?NIM CH?FO>C<F?M J;L; FIM H;NOL;FCMN;M WV1H PC;D?LI =O;H>I B; J?LG;H?=C>I
IH=? >g;M ?H 0?H?LC@? >?<? N?G<F;L ;F =IH@?M;L KO? HI B; PCMCN;>I FI GlM
>?MN;=;>I >? F; %MF;X ILS >? /;CHN 2CH=?HN W S HCHAOHI KO?>d >?@L;O>;>I
=IH ?F ?MJ?=Nl=OFI KO? =IHN?GJF;<;H MOM IDIM /O ?GJF;T;GC?HNI MO
MCFO?N; MO H;NOL;F?T; PIF=lHC=; S JIL MOJO?MNI MO ;FNOL; JLIPI=;LIH J;F;
<L;M >? ;>GCL;=CdH S >C?LIH FOA;L ; FIM J;M;D?M GlM ?MJIHNlH?IM S ;J;MCI
H;>IM >? FIM L?F;NIM V$? ;KOg ?F @;GIMI ,C=I ?H NI>; MO :.72@A.1 U-Oj
?MJ?=Nl=OFI U-Oj CGJIH?HN? S MO<FCG? -O?>j >?MFOG<L;>I S NOP? KO?
72 (; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M

N;J;LG? FIM IDIM =IH F; G;HIX )CF<?LN ,jLIH JIL MO J;LN? KO? >CM=L?J;
>? F;M >?=F;L;=CIH?M >? ;KO?FFIM KO? ;@CLG;H KO? M? NL;N; >? F; =OG<L? GlM
?F?P;>; >?F AFI<I Mg ?H=O?HNL; ?H =;G<CI ;LAOG?HNIM KO? DOMNC@C=;H MO
MOJ?LCILC>;> @L?HN? ; INL;M GIHN;e;M

!MN; GIHN;e; MCH >O>; HI ?M F; GlM ;FN; >?F AFI<I =IGI ; G?HO>I B;H
L?J?NC>I PC;D?LIM >?G;MC;>I ?HNOMC;MN;M I >?G;MC;>I CAHIL;HN?M 7Y8 J?LI
B;S KO? L?=IHI=?L KO? ?F ;CMF;GC?HNI >? ?MN? JC=I ?H G?>CI >?F G;L F;
JL?M?H=C; >? F;M CMF;M @;GIM;M KO? ;HOH=C; >?M>? F?DIM FIM L?=O?L>IM KO?
NL;? ; F; G?GILC; F;M AL;H>?M =;NlMNLI@?M KO? JLI=F;G; S >? F;M KO? jF
GCMGI ?M OH; JLI>CACIM; =IHM?=O?H=C; NI>I =IHNLC<OS? ; >;LF? OH; CGJIL
N;H=C; KO? HI JI>Lg;H N?H?L F;M INL;M GIHN;e;M >?F AFI<I

,IL FI KO? L?MJ?=N; ; F; >?M=LCJ=CdH >? F; JI<F;=CdH ?H FgH?;M A?H?L;F?M


HI ?M GOS B;F;Aa?e; S ?HNLIH=; =IH ?F ;LKO?NCJI >?F =;H;LCI G;L=;>I JIL
MO HI<F?T; S BIMJCN;FC>;> ?HNL?G?T=F;>I JIL FI A?H?L;F =IH NdJC=IM MI<L?
F; JI<L?T; F; MO=C?>;> F; G?H>C=C>;> I F; JLIMNCNO=CdH /IH @L?=O?HN?M F;M
L?@?L?H=C;M ;F ?MJ?=Nl=OFI >?JFIL;<F? KO? MOJIH? F; JL?M?H=C; ?H F;M =;FF?M
>? G?H?MN?LIMIM JLIMNCNON;M S HCeIM ?H JIM >? OH;M JI=;M GIH?>;M !
CH=FOMI ?M JIMC<F? ?H=IHNL;L OH =C?LNI NIHI DI=IMI ?H ;FAOHIM =IG?HN;LCIM
=IGI ?F >? )CF<?LN KO? ;@CLG;<; B;<?L PCMNI ; OH;M JLIMNCNON;M ?H=;GCH;LM?
; F; CAF?MC; =IH OH LIM;LCI ?H F; G;HI !MN;M >?=F;L;=CIH?M ?L;H ; G?HO>I
>?G;MC;>I MOJ?L@C=C;F?M ? CAHIL;<;H F; MCNO;=CdH >? J?HOLC; ?=IHdGC=; KO?
PCPg; F; L?ACdH ;AL;P;>; JIL F; ?GCAL;=CdH G;M=OFCH; ; GjLC=; S F; =IHMC
AOC?HN? MCNO;=CdH >? >?M;GJ;LI >? F; GOD?L KO? MCH ;J?H;M L?=OLMIM ?=IHd
GC=IM >?<g; M;=;L ;>?F;HN? ; MOM BCDIM MCGCMGI MIH GOS HOG?LIM;M F;M
L?@?L?H=C;M ; F; GOD?L =;H;LC; S ; MO <?FF?T; KO? L?MC>? JLCH=CJ;FG?HN? ?H ?F
=IFIL H?ALI >? MOM IDIM S >? MO =;<?FFI S ?H F; <F;H=OL; >? MOM >C?HN?M
!F >? HIPC?G<L? >? F;M H;P?M JOMC?LIH LOG<I ; %MF; );OLC=CI
KO? MIF;G?HN? ;F=;HT;Lg;H ?F >? G;LTI >? ,;L; ;FAOHIM PC;D?LIM
?HNL? ?FFIM ,jLIH F; LON; ?F?AC>; JIL ;O>CH GOS JLdRCG; ; F;M =IMN;M ;@LC
=;H;M HI @O? F; GlM ;>?=O;>; S L?NL;Md =IHMC>?L;<F?G?HN? F; G;L=B; >? F;M
H;P?M !H %MF; );OLC=CI KO?>d >?GIMNL;>I OH; P?T GlM ?F ;G<C?HN? ?HL;
LCMNCH; # >? 1LC;LN? 73

%NCH?L;LCI >? F; =;GJ;e; ; NC?LL;M ;OMNL;F?M

L?=C>I S N?HMI KO? M? PCPg; ; <IL>I JO?M H;>; G?HIM KO? >C?T =C?HNg@C=IM S
OHIM =O;L?HN; G;LCH?LIM ;<;H>IH;LIH F; ?RJFIL;=CdH ;>O=C?H>I GO=BIM
>? ?FFIM GINCPIM >? M;FO> !F >? ;<LCF NL;M OH; ?MN;H=C; KO? N;G<CjH M?
B;<g; JLIFIHA;>I GlM NC?GJI >? FI JL?PCMNI T;LJ;LIH >? F; CMF; S ; @CH;F?M
>? G;SI ;PCMN;LIH F;M =IMN;M ;OMNL;FC;H;M (;M =IH>C=CIH?M =FCG;NIFdAC=;M
FIM =;G<CIM ?H FIM JF;H?M JL?PCMNIM W>? FIM KO? ;O>CH HI CH@ILG;<; ; MO
=IGJ;e?LI $;G?FCHW S F;M >C@?L?HN?M =O;FC>;>?M >? G;L=B; >? F;M H;P?M
@O?LIH F; =;OM; >? MO M?J;L;=CdH ?H P;LC;M I=;MCIH?M Mg JIL ?D?GJFI ?F
>? ;AIMNI >? 2 Y<4?.=52 ?=Bd ?F ;H=F; ?H ?F JO?LNI >? 'OJ;HA ?H
0CGIL GC?HNL;M KO? 2 ".AB?.96@A2 HI JI>Lg; B;=?LFI B;MN; OH G?M >?MJOjM
F =;<I >? NL?M G?M?M F; ?RJ?>C=CdH ;FTd P?F;M S M? >CLCACd B;=C; 0;MG;HC;
$;G?FCH >? HO?PI M?J;L;>I >?F Y<4?.=52 FF?Ad ; /C>H?S ?H ;<LCF >?
GC?HNL;M ;O>CH ?RJFIL;<; F; J;LN? ILC?HN;F >? F; =IMN; MOL ;OMNL;
FC;H; F; G?HIM =IHI=C>; ; F; KO? <;ONCTd V0C?LL; *;JIF?dHX ,IL @CH ?F
74 (; =;GJ;e; >? ;O>CH ; NC?LL;M ;OMNL;F?M

>? DOHCI >? ;O>CH FF?Ad ; ,ILN &;=EMIH /C>H?S ;OHKO? MCH ;AO; HC
;FCG?HNIM S =IH GO=BIM BIG<L?M ?H@?LGIM >? ?M=IL<ONI (; JL?=;LC; M;FO>
>? P;LCIM NLCJOF;HN?M S ?F =IHP?H=CGC?HNI >? KO? OH; ?G<;L=;=CdH >? G?HIL
NIH?F;D? F? M?Lg; GlM bNCF >?=C>Cd ;F =IG;H>;HN? ; ?HPC;L ; "L;H=C; 2
".AB?.96@A2 WKO? ;LLC<d ; !F $;PL? ?F >? DOHCI >? =IH FIM BIG<L?M
?H@?LGIM F;M =IF?==CIH?M >? BCMNILC; H;NOL;F FIM G;J;M S F;M I<M?LP;=CIH?M
L?>;=N;>;MW S ; ;>KOCLCL F; AIF?N; CHAF?M; . .@B.?6;. =OSI G;H>I L?=;Sd
?H (IOCM "L?S=CH?N !H HIPC?G<L? >? ;O>CH ;<;H>IHd /C>H?S J;L;
JLIM?AOCL F; ?RJFIL;=CdH >?F FCNIL;F !F JLIAL?MCPI ;AL;P;GC?HNI >?F ?MN;>I >?
M;FO> >? FIM BIG<L?M S F; @;FN; >? ;AO; S G?>C=;G?HNIM F? FF?P;LIH ; IL>?H;L
?F L?AL?MI ; !OLIJ; ?F >? DOFCI >? /CH ?G<;LAI MO M;FO> F? I<FCAd ;
>CLCACLM? >? HO?PI ; %MF; );OLC=CI ;>IH>? FF?Ad ?F >? ;AIMNI J;L;
?H@?LGI >? NO<?L=OFIMCM @;FF?=?L JI=I >?MJOjM ?F >? M?JNC?G<L? >?
FFg >IH>? N;G<CjH M? =IHM?LP; ?F N?MN;G?HNI >?F =;JCNlH .
.@B.?6;. @O? >?M;LG;>;
"CH;FG?HN? ?H G;LTI >? =IH=FOSd OH; ?RJ?>C=CdH >C@g=CF S J?HIM; ?H
?RNL?GI ?H F; KO? GlM >? F; GCN;> >? F; NLCJOF;=CdH B;<g; J?L?=C>I *I
I<MN;HN? >?M>? ?F JOHNI >? PCMN; =C?HNg@C=I @O? =IHMC>?L;>; >OL;HN? GO=BI
NC?GJI GI>jFC=; Mg FI ;N?MNCAO;H FIM NL?CHN; S >IM G;J;M >? =IMN;M ;OMNL;
FC;H;M F;M =;D;M >? BCMNILC; H;NOL;F KO? =IHNC?H?H GlM >? GO?M
NL;M F;M HO?P;M ?MJ?=C?M >? ;HCG;F?M ?HNL? ?FFIM FIM =;HAOLIM S FIM
>C<ODIM S JCHNOL;M >? ;HCG;F?M PCPIM L?;FCT;>IM JIL *C=IF;M ,?NCN S
B;LF?M F?R;H>L? (?MO?OL %AO;FG?HN? @O?LIH >? AL;H L?F?P;H=C; FIM ?MNO>CIM
>? G?N?ILIFIAg; I=?;HIAL;@g; ? BC>LIAL;@g; ;Mg =IGI F; P;FCIM; =IF?==CdH >?
I<D?NIM J?LMIH;F?M J?H>C?HN?M ;HTO?FIM >? Hl=;L ?N= KO? @O? ?HNL?A;>; ;
&IM?@CH; IH;J;LN? (;M ;HIN;=CIH?M >?F >C;LCI >? ; <IL>I >? ;O>CH J?LGC
NC?LIH ;>?GlM I<N?H?L L?MOFN;>IM L?F?P;HN?M J;L; ?F ?MNO>CI >? F;M =ILLC?HN?M
G;LCH;M FIM =;G<CIM >? =IFIL ?H ?F ;AO; I F; <CIFOGCHCM=?H=C;
IGI S; M?e;F;GIM =IH ;HN?LCILC>;> >? ?MN? J?LCJFI M? =IHM?LP;H
HOG?LIMIM >I=OG?HNIM >?GlM >?F L?F;NI I@C=C;F >?F PC;D? >? =OS; L?>;=
=CdH M? ?H=;LAd ,jLIH S NL;M MO GO?LN? "L?S=CH?N P;LCIM GC?G<LIM >? F;
=;GJ;e; L?>;=N;LIH MO ?RJ?LC?H=C; CH=FOMI ;KO?FFIM KO? F; ;<;H>IH;LIH
=IGI ILS >? /;CHN 2CH=?HN )CF<?LN I )CFCOM MC <C?H ?MN? bFNCGI M? L?CH=IL
LCMNCH; # >? 1LC;LN? 75

JILd ; F; ?GJL?M; >?M>? %MF; );OLC=CI S ; F; GO?LN? >? ;O>CH ;MOGCd ?F


G;H>I >? 2 Y<4?.=52 ,IL FI KO? =IH=C?LH? ; FIM G;HOM=LCNIM M?
=IHM?LP;H JLCH=CJ;FG?HN? ?H ?F )OM?I >? $CMNILC; *;NOL;F >? !F $;PL? ?H
FIM L=BCPIM *;=CIH;F?M >? "L;H=C; S ?H ?F )OM?I *;=CIH;F >? $CMNILC;
*;NOL;F >? ,;LgM
!HF;T;H>I =IH FI KO? ;JOHN;GIM ;F JLCH=CJCI >? ?MN? NL;<;DI ?H FI L?@?
L?HN? ;F =IHI=CGC?HNI GlM I G?HIM L?MNLCHAC>I >? F; ?RJ?>C=CdH ; NC?LL;M
;OMNL;F?M S MOM JLIN;AIHCMN;M ?H OH @ONOLI JLdRCGI P?LlH F; FOT P;LCIM
JLIS?=NIM KO? MCH >O>; =IHNLC<OCLlH ; F; >CPOFA;=CdH >? ?MN; =;GJ;e; ?H
OH Jb<FC=I ;GJFCI *IM L?@?LCGIM ?H J;LNC=OF;L ; F; JO<FC=;=CdH >?F =dGC=
92E 9 E=9<?.A2B? %HMJCL;>I ?H F; @CAOL; >?F >C<OD;HN? F?R;H>L? (?MO?OL FIM
;ONIL?M >? F; I<L; W ICMN?FF? B;<;HH?M S .CHMG;W NC?H?H JL?PCMNI P;LCIM
NIGIM =IH F;M ;P?HNOL;M >? ?MN? PC;D?LI ?HNL? ?FF;M F;M I=OLLC>;M >OL;HN? MO
PC;D? >? >?M=O<LCGC?HNI ;F =IHNCH?HN? ;OMNL;F

+**!) %*/ &;=KO?FCH? !<; C<F.42 .BE '2??2@ B@A?.92@ <B?;.9


=2?@<;;29 1B 0<::.;1.;A .B16; ,;LgM %GJLCG?LC? *;NCIH;F? u>CNCIHM
# ! 1.% .0! LCMNCH; 6A2?.AB?. 12 C6.72@ F .;.?6.@ '2;2?632 2; 9<@
?29.A<@ 12 C6.72?<@ 3?.;02@2@ 129 @649< '% );>LC> IHM?DI /OJ?LCIL >?
%HP?MNCA;=CIH?M C?HNg@C=;M
& *#+14 )C=B?F V!H F; LON; B;=C; F;M 0C?LL;M OMNL;F?M F; ?M=;F; ?H
0?H?LC@? >? F;M H;P?M >?F =IG;H>;HN? ;O>CHX &IMj ) +FCP?L F;L;
OL?FF LCMNCH; # >? 1LC;LN? S ?LN; ,C=I ?>M @0?6AB?.@ F ?22@0?6AB?.@ 129
C6.72 !6?.1.@ =9B?.92@ . A?.CY@ 129 A62:=< F 12 9.@ 0B9AB?.@ ?LH; ,?N?L
(;HA
,% + ?LN; S IFIL?M +. !(( 7>CL 8 )6.72?<@ 3?.;02@2@ . 9.@ @9.@
.;.?6.@ %2=2?A<?6< /6< /6/96<4?]360< F @292006S; 12 A2EA<@ (; (;AOH;
%HMNCNONI >? !MNO>CIM ;H;LCIM
77

8;A -. "*27= %27,.7= 8 5* 9*<2H7 98; 5* 7*=>;*5.B*

.;=* 2,8 5*;* >;.55 ;2<=27* -. $;2*;=. A 8<K 52?.;

ILS >? /;CHN 2CH=?HN ?M <C?H =IHI=C>I ?H ;H;LC;M =IGI ?F ;ONIL >? FIM
@@.6@ @B? 92@ @92@ <?AB;Y2@ 2A 9 .;A6>B2 A9.;A612 <B $?Y06@ 12 9 6@A<6?2
4Y;Y?.92 12 9 ?056=29 12@ .;.?62@ WF;M VJLCGC=C;M >? MO JFOG;XW
=IGI N;G<CjH FI ?M ?H F; CMF; >? (; .?OHCdH JIL FIM >C?=CMC?N? =;JgNOFIM KO? F?
=IHM;AL; ?H MO )<F.42 1.;@ 92@ >B.A?2 =?6;06=.92@ U92@ 12@ :2?@ 1 3?6>B2
=O;H>I =IH P?CHN? ;eIM ?F ;ONIL @ILGd J;LN? >? F; AL;H ?RJ?>C=CdH >?
;O>CH ; NC?LL;M ;OMNL;F?M ?MN;M >IM I<L;M >? DOP?HNO> MCAOC?LIH HOG?LIMIM
NL;<;DIM =C?HNg@C=IM >? =;LNIAL;@g; I >? >CP?LM;M L;G;M >? F; BCMNILC; H;NOL;F
A?IFIAg; S POF=;HIFIAg; ;HNLIJIFIAg; ;HCG;F?M GC=LIM=dJC=IM L?JNCF?M ;FA;M
=LCJNdA;G;M ?N= /C <C?H HI @O? OH H;NOL;FCMN; >? JLCG?L IL>?H ILS @O?
>CL?=NIL >? OHI >? FIM >C==CIH;LCIM >? BCMNILC; H;NOL;F GlM CGJILN;HN?M >?F
GIG?HNI >CL?=NIL >? F; M?==CdH =C?HNg@C=; >? F; AL;H ?RJ?>C=CdH ; )IL?; S
=IHNLC<OSd HIN;<F?G?HN? ;F >?M;LLIFFI S POFA;LCT;=CdH >? F;M =C?H=C;M H;NOL;F?M
/OM =IF?A;M <INlHC=IM <;ONCT;LIH ?H MO BIHIL >CMNCHN;M ?MJ?=C?M >? JF;HN;M
KOCTlM F; GlM =IHI=C>; ?F 6/6@0B@ /<?F.;B@ ;Mg =IGI P;LCIM B?F?=BIM AL;Gg
H?;M ILKOg>?;M GOMAIM S ?HNL? F; @FIL; @C=IFdAC=; HI ?M L;LI ?H=IHNL;L ?F
AjH?LI /<?F.;. ?H ;FAOH;M ?MJ?=C?M >? ;FA;M >?GlM >? FIM NL;<;DIM =C?HNg
@C=IM ILS N;G<CjH @O? ;ONIL >? I<L;M FCN?L;LC;M G?HIL?M S M? =IHM?LP;H =?HN?
H;L?M >? =;LN;M >? MO CHN?HM; =ILL?MJIH>?H=C; =IH >CP?LMIM =IHN?GJILlH?IM
?HNL? ?FFIM 3?<<
IH NI>I MILJL?H>?HN?G?HN? ?F HIG<L? >? ILS >? /;CHN 2CH=?HN J?LG;
H?=Cd ?H ?F IFPC>I J;L; FIM L?>;=NIL?M >? I<L;M A?H?L;F?M >? =IHMOFN; S HI NOPI
?HNL;>; ?HNL? FIM J?LMIH;D?M >? F; ;0F09<=216. (;6C2?@.96@ I >?F $2A6A .?<B@@2
>? HIG<L?M JLIJCIM S F;M ?M=;M;M FgH?;M KO? F? >?>C=; ?F $2A6A %</2?A >?
HIG<L?M JLIJCIM =IHNC?H?H ?LLIL?M <CIALl@C=IM !M? IFPC>I JO?>? >?<?LM? ?H
78 ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;

<O?H; G?>C>; ; F; AL;H CGJILN;H=C; >? INLIM H;NOL;FCMN;M =IHN?GJILlH?IM


MOSIM >? F; N;FF; >? (;G;L=E OPC?L I /;CHN $CF;CL? J?LI FF;G; F; ;N?H=CdH KO?
CH=FOMI ?H ?F L?MOG?H >?F JLIS?=NI >? OH; N?MCM >I=NIL;F KO? M? >?@?H>?Lg; ?H
?H F; /IL<IH; =IHM;AL;>; ?HN?L;G?HN? ; jF M? F? G?H=CIH? =IGI OH
VH;NOL;FCMN; >? M?AOH>I IL>?H BIS =IGJF?N;G?HN? IFPC>;>IX MCH ?G<;LAI ?F
;ONIL >? F; N?MCM >?M=O<LCLg; F; ;<OH>;HN? <C<FCIAL;@g; >? S MI<L? ILS S MO ?HNO
MC;MGI JIL ?F J?LMIH;D? F? B; FF?P;>I ; =L?;L L?=C?HN?G?HN? OH V<FIAX ?H
CHN?LH?N >?>C=;>I ; jF C?LN;G?HN? F; J?LMIH;FC>;> >? ILS >? /;CHN 2CH=?HN
HI >?D; CH>C@?L?HN? ; KOC?H CHP?MNCAO? MI<L? jF S N?HA; ;==?MI ; F; ?M=LCNOL; ?H
JLCG?L; J?LMIH; >? MO =ILL?MJIH>?H=C; >? G;H?L; KO? JLIHNI F; =OLCIMC>;>
JO?>? >?D;L J;MI ; F; @;M=CH;=CdH S; KO? =IGI L?T; ?F NgNOFI >? OH; I<L; MI<L?
MO PC>; NOPI OH V>?MNCHI @O?L; >? M?LC?X S =IGI M?e;Fd ?F KO? @O?L; M?=L?N;LCI
J?LJ?NOI >? F; =;>?GC; >? C?H=C;M ?F ?GCH?HN? POF=;HdFIAI F@L?> (;=LICR
VJ;L; DOTA;L ?=OlHCG?G?HN? MO I<L; HI B;S KO? >CM?=;LF; ;F G;LA?H >? F;
BCMNILC; >? MO PC>; S ?M; PC>; @O? N?LLC<F?G?HN? ;NILG?HN;>;X
ILS >? /;CHN 2CH=?HN H;=Cd ?H A?H ?F >? DOFCI >? BCDI >? #jL;O> >?
ILS S >? );A>?F?CH? >? &IOLHO MO F;LAI HIG<L? =IGJF?NI &?;H ;JNCMN?
#?H?PChP? );L=?FCH ILS >? /;CHN 2CH=?HN L?=IA? ?F >? MO G;>LCH; #?H?PChP?
> O<?LN >? &IOLHO S ?F >? MO J;>LCHI &?;H ;JNCMN? ILS >? /;CHN 2CH=?HN /O
@;GCFC; J;N?LH; >?M?GJ?ed OH J;J?F CGJILN;HN? ?H F; =CO>;> >? A?H ?H F;
G;ACMNL;NOL; ?F ?DjL=CNI S F; @OH=CdH GOHC=CJ;F S MO @;GCFC; G;N?LH; ?MN;<F?=C>;
?H OL>?IM J;LNC=CJd ?H ?F =IG?L=CI >? OFNL;G;L F JLI>O=CLM? F; .?PIFO=CdH MOM
J;>L?M M? L?@OAC;LIH ?H OL>?IM S >?M>? ?HNIH=?M F; ?>O=;=CdH >? ILS ?MNOPI ;
=;LAI >? MO NgI G;N?LHI ?LH;L> &IOLHO O<?L LC=I S =OFNI ;LG;>IL ;J;MCIH;>I
JIL F; BCMNILC; H;NOL;F KO? JIM?g; OH; CGJILN;HN? =IF?==CdH >? JF;HN;M GCH?L;F?M
S ;HCG;F?M >? >CMNCHNIM FOA;L?M >?F GOH>I KO? F? C<;H JLIJIL=CIH;H>I FIM =;JC
N;H?M >? <;L=I !F ;G<C?HN? CFOMNL;>I F;M ;@C=CIH?M >? MO NgI S ?F =IHN;=NI
@L?=O?HN? =IH (;=jJh>? >CM=gJOFI >?F =IH>? >? O@@IH S ;GCAI >? F; @;GCFC;
ILC?HN;Lg;H ; ILS B;=C; F; F?=NOL; >? I<L;M =C?HNg@C=;M =IGI &F@A2:. ".AB?.2 >?
(CHH?I 2;2?. $9.;A.?B: >? &OMMC?O I FIM NL;<;DIM >?F AL;H H;NOL;FCMN; O@@IH S
JLIHNI DOHNI ; MOM ?MNO>CIM >? G?>C=CH; >?M;LLIFFd F; ;@C=CdH JIL F; BCMNILC;
H;NOL;F S F; A?IAL;@g; !H=;L=?F;>IM MO NgI S MO J;>L? >OL;HN? ?F 0?LLIL M? L?@OACd
?H F;M (;H>;M ?H >IH>? ?MNO>C;<; FIM CHM?=NIM S =IG?HT;<; OH
?LN; ,C=I F;L; OL?FF LCMNCH; # >? 1LC;LN? S &IMj ) +FCP?L 79

B?L<;LCI S ; FIM ;eIM S; ?HPCd ; F;


=;>?GC; >? OL>?IM >IM NL;<;DIM
OHI ?H ?F KO? =IH@LIHN;<; MOM I<M?L
P;=CIH?M MI<L? FIM AjH?LIM <;32?C. S
F@@B@ =IH F;M >? (CHH?I S INLI MI<L? F;
?RJFIN;=CdH >? F;M (;H>;M #L;=C;M ; F;
CH@FO?H=C; >? (;=jJh>? ILS KO?
B;<g; ?HNL;>I ?H ?F ?DjL=CNI NL;M GILCL
MO J;>L? S M? ?H=IHNL;<; >?MN;=;>I ?H
L?N;e; ?H ?F @O?LN? >? ?FF? rF? ?H
)?L @O? HIG<L;>I <INlHC=I J;L;
J;LNC=CJ;L ?H ?F AL;H PC;D? =C?HNg@C=I
CGJOFM;>I JIL IH;J;LN? =IH >?MNCHI
;F =IHNCH?HN? ;OMNL;F (; ?RJ?>C=CdH
M;FCd >? !F $;PL? ?F >? I=NO<L? >?
CHN?AL;>; JIL F; =IL<?N; 2
ILS >? /;CHN 2CH=?HN JIL (;M;FF?
Y<4?.=52 ;F G;H>I >? *C=IF;M
;O>CH S F; A;<;LL; 2 ".AB?.96@A2
=OSI G;H>I @O? =IH@C;>I ; !GG;HO?F $;G?FCH ;F JOLI ?MNCFI <IH;J;LNCMN; ?H FIM
<;L=IM PC;D;<;H =;MC >IM=C?HNIM BIG<L?M =IH OH ?MN;>I G;SIL >? I@C=C;F?M >? jFCN?
S OH ?KOCJI >? =C?HNg@C=IM ?HNL? ?FFIM ILS >? /;CHN 2CH=?HN L?=CjH =;M;>I
(; JLCG?L; ?M=;F; NOPI FOA;L ?H 0?H?LC@? >?F ;F >? HIPC?G<L? (IM >?M?IM
>? ILS >? PCMCN;L ?F 0?C>? M? P?H @LOMNL;>IM JIL ;O>CH >? FI KO? M? F;G?HN; =IH
;G;LAOL;

O;H>I OH PC;D?LI B; J?LG;H?=C>I >OL;HN? IH=? >g;M ?H 0?H?LC@? NC?H? KO?


?=B;LM? ; N?G<F;L ;F =IH@?M;L KO? HI B; PCMCN;>I FI GlM CGJILN;HN? >? F; CMF; 7 8
J;L; Gg FIM bFNCGIM >g;M >? F; ?M=;F; ?MNOPC?LIH JLl=NC=;G?HN? J?L>C>IM *I
JO>? J?LGCNCLG? B;=?L ?R=OLMCIH?M B;=C; ?F CHN?LCIL HC ;F?D;LG? >?F <;L=I =IHNC
HO;G?HN? HIM >?=g;H KO? J;LNg;GIM MC?GJL? g<;GIM ; CT;L P?F;M >?MJOjM >?
=IG?L I ; F; G;e;H; MCAOC?HN? I HI B;<g; <IN?M I ?N= ?N= ,IL INL; J;LN? ?F
=IG;H>;HN? >CI ; ?HN?H>?L KO? =IHMC>?L;<; CHbNCF FI KO? M? JO>C?L; B;=?L JIL
F; =C?H=C; ?H OH; NC?LL; KO? M?AbH jF ?L; J?L@?=N;G?HN? =IHI=C>;
80 ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;

!F ;G<C?HN? ; <IL>I M? @O? B;=C?H>I =;>; P?T GlM =IH@FC=NCPI S BIMNCF B;=C;
;O>CH KO? ;F CL =IMN?;H>I w@LC=; N;L>d =O;NLI G?M?M ?H FF?A;L ; %MF; );OLC=CI
?HNIH=?M rF? >? "L;H=? ?F >? G;LTI >? !M; H;P?A;=CdH ;AIN;>IL; ?F
;ONILCN;LCMGI >? ;O>CH S FIM JLI<F?G;M >? M;FO> @O?LIH F; =;OM; >? KO? OHIM
=O;L?HN; BIG<L?M M? H?A;L;H ; JLIM?AOCL ?F PC;D? ILS S INLIM >IM <INlHC=IM OH
;MNLdHIGI OH TIdFIAI NL?M JCHNIL?M FI KO? JLI<;<F?G?HN? F?M L?MOFNd JLIPC
>?H=C;F S; KO? >? ?M; ?RJ?>C=CdH MdFI L?AL?M;LIH ; "L;H=C; M?CM =C?HNg@C=IM S >IM
>? ?FFIM GOLC?LIH GOS JI=I >?MJOjM
(;M J;F;<L;M KO? >?>C=d ILS ; *C=IF;M ;O>CH ?H OH; =;LN; ;F H;NOL;FCMN;
IM= MIH <C?H ?FI=O?HN?M MI<L? F; G;F; CG;A?H KO? N?Hg; >?F G;LCHI

/O <16; ?M OH GCM?L;<F? OH P?L>;>?LI CHNLCA;HN? KO? B; ?HA;e;>I ; NI>I ?F


GOH>I S ;F #I<C?LHI S ;J;LN? >? ?MI ?M >? OH; CAHIL;H=C; P?LAIHTIM; S
JL?N?H>? =L?S?H>I ;Mg JLIN?A?LM? OMOLJ;L FIM @LONIM >? FIM NL;<;DIM ;D?HIM
;@ILNOH;>;G?HN? OH; ;@?==CdH >? J?=BI KO? JLI<;<F?G?HN? G? =;OM;Ll F;
GO?LN? G? B; L?N?HC>I ;KOg S B; ?GJ?IL;>I JIL FIM ?M@O?LTIM KO? BC=? J?LI
MC N?HAI ?F =IHMO?FI >? >?M?HG;M=;L;L F; CHGIL;FC>;> S >? KO? GCM I<M?LP;
=CIH?M M?;H bNCF?M G? >;Lj JIL M;NCM@?=BI

!H INL; =;LN; ; /;CHN G;HM ?RJFC=;<; KO? ;F HI B;<?L JI>C>I MIJILN;L ?F


G;L HC F; >?F?TH;<F? =IGC>; M;F;>; =IH F; KO? B;<g; MC>I ;FCG?HN;>I >OL;HN?
P;LCIM G?M?M FF?Ad ?H N;H G;F ?MN;>I ; rF? >? "L;H=? KO? NOPI KO? CHAL?M;L ?H ?F
BIMJCN;F ?H >IH>? ?MNOPI >OL;HN? >IM G?M?M S =O;H>I JO>I M;FCL F; <INlHC=;
@O? MO M;FP;=CdH

!HNIH=?M @O? =O;H>I F; <INlHC=; F; KO?LC>; <INlHC=; G? =OLd Mg GC KO?LC>I


M?eIL S; N?Hg; GO=BI =;LCeI JIL ?MN; =C?H=C; J?LI ;BIL; G? I=OJ;Lj >? ?FF;
JIL AL;NCNO> 7 8 /;Fg >? F; =CO>;> JlFC>I FgPC>I S >j<CF J?LI ;J?H;M G? ?H=IHNLj
?H FIM =;GJIM HO?PIM ; F; MIG<L; >? lL<IF?M >?M=IHI=C>IM G? M?HNg L?H;=?L
7 8 ?GJC?TI ; CL ; F;M GIHN;e;M KO? G? I@L?=?H NI>; =F;M? >? LCKO?T;M

!H =O;HNI ?MNOPI NIN;FG?HN? L?MN;<F?=C>I PC;Dd ; F; CMF; >? (; .?OHCdH JIL


?HNIH=?M IOL<IH MCHNC?H>I KO? ?MN;<; I<FCA;>I ; FF?P;L ; =;<I F; GCMCdH >?
H;NOL;FCMN; KO? M? F? B;<g; ?H=IG?H>;>I S ;FFg J?LG;H?=Cd OHIM =O;NLI G?M?M
?LN; ,C=I F;L; OL?FF LCMNCH; # >? 1LC;LN? S &IMj ) +FCP?L 81

!F <;F;H=? >? F; ?M=;F; ?H 0?H?LC@? S


>? F; ?MN;H=C; ?H F;M >IM CMF;M >?F sH>C=I
HI JO>I M?L GlM @LO=Ng@?LI J?M? ; F;
<L?P? ?MN;H=C; ?H F; CMF; =;H;LC; ?F
DIP?H ILS B;<g; L?;FCT;>I I<M?LP;
=CIH?M S >C<ODIM KO? F? M?LPCLg;H >?
<;M? J;L; FF?P;L ; =;<I MO JLCG?L FC<LI
@@.6@ @B? 92@ @92@ <?AB;Y2@ 2A 9 .;A6>B2
A9.;A612 =OSI JF;H ?MN;<; JLl=NC=;
G?HN? N?LGCH;>I ; @CH;F?M >? S
KO? M?Lg; JO<FC=;>I ?H >?>C=;>I
;Mg ; MO NgI ?F V=CO>;>;HI &IOLHO
O<?L /?H;>ILX V!MN;M MIH F;M JLCGC
=C;M >? GC JFOG; N? I@L?T=I ?MN?
GI>?MNI BIG?H;D? >? GC =;LCeI HI
JO?>I JLI<;LFI >? INL; @ILG; ; KOC?H
G? ?>O=d =IH MOM BCDIM S ;F KO? C<ODI >?F GI=lH JIL ILS >? /;CHN 2CH=?HN
MC?GJL? L?MJ?Nj =IGI OH J;>L?X
!M M;<C>I KO? ?H ?MN? ?MNO>CI
MI<L? ?F L=BCJCjF;AI ILS ;<IL>; ;MJ?=NIM L?@?LC>IM ;F JO?<FI AO;H=B? ; F;
=IHKOCMN; >? F;M %MF;M ; MO BCMNILC; H;NOL;F ?MJ?=C;FG?HN? @FIL; A?IFIAg; GCH?
L;FIAg; ; F; A?IAL;@g; F; ?NHIAL;@g; S F; GCNIFIAg; >?GlM >? ;JIS;LM? ?H MOM
I<M?LP;=CIH?M J?LMIH;F?M FI B;=? ?H >CMNCHNIM ?M=LCNIM JL?=?>?HN?M ?HNL? ?FFIM
F; 6@A<?6. 12 .;.?6.@ >? 2C?L; S F;PCDI ?F N?RNI P; ;=IGJ;e;>I JIL CFOMNL;
=CIH?M S G;J;M I<L; >?F JLIJCI ILS ?HNL? ?FFIM OH G;J; BCJINjNC=I >? F;
NFlHNC>; S; KO? C>?HNC@C=; F;M ;H;LC;M =IH F;M $?MJjLC>?M S F;M CMF;M
@ILNOH;>;M S J;L; jF ?M CH>O>;<F? KO? ?F 0?C>? ?M ?F P?L>;>?LI GIHN? NF;M >?
F; ;HNCAa?>;> /O P?L>;>?L; ;JILN;=CdH ILCACH;F ?M ?F =;NlFIAI >? ?MJ?=C?M
>? JF;HN;M =;H;LC;M
);SIL L?J?L=OMCdH S GO=BI GlM CHN?LjM =C?HNg@C=I NOPI F; JO<FC=;=CdH ;F ;eI
MCAOC?HN? >?F )<F.42 1.;@ 92@ >B.A?2 =?6;06=.92@ U92@ 12@ :2?@ 1 3?6>B2
JLI>O=NI >? MO ?MN;H=C; ?H F;M %MF;M );OLC=CI S (; .?OHCdH IH OH <;A;D? JOL;
G?HN? N?dLC=I MI<L? PIF=;H?M ?H (; .?OHCdH NC?H? F; IJILNOHC>;> >? ;JLIRC
82 ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;

G;LM? ; F; POF=;HIFIAg; ;=NCP; ;F ;MCMNCL ; >IM ?LOJ=CIH?M >?F ,CNIH >? F;


"IOLH;CM? S JI>?L =IH@LIHN;L MOM I<M?LP;=CIH?M =IH F;M IJCHCIH?M >? FIM ?H=C=FI
J?>CMN;M S >? FIM A?dFIAIM >? MO NC?GJI W?H ?F KO? M? ?H@L?HN;H VH?JNOHCMN;MX S
VJFONIHCMN;MXW S FIM =;JgNOFIM MI<L? ?M; CMF; =IHMNCNOS?H ?F JLCG?L ?MNO>CI
=IGJF?NI S JL?=CMI >? MO H;NOL;F?T; (; I<L; @O? OH P?L>;>?LI jRCNI J;L; ILS
F? P;FCd F; ?MNCG; >? IH;J;LN? S MO HIG<L;GC?HNI =IGI GC?G<LI =ILL?MJIH
>C?HN? >? F; =;>?GC; >? C?H=C;M ?H ?F ;@A6ABA @CH;F?M >?F MCAFI ;bH M?
JO?>?H F??L =IG?HN;LCIM =IGI ?F >?F <INlHC=I ?MJ?=C;FCMN; ?H F; @FIL; >? (;
.?OHCdH !OAhH? &;=I< >? IL>?GIS

!MN; I<L; >?HIN; ?H ?M? H;NOL;FCMN; >? ;eIM OH; J?LMJC=;=C; S OH; JL?=CMCdH
>? DOC=CI JI=I =IGOH?M /OM I<M?LP;=CIH?M MI<L? F; @ILG;=CdH >? F; CMF; S FIM
=;L;=N?L?M >? MO @FIL; MIH P?L>;>?L;G?HN? HIN;<F?M !MN? FC<LI >?<? M?L F?g>I
JIL NI>; J?LMIH; KO? M? I=OJ? >? F; BCMNILC; H;NOL;F >? F;M );M=;L?e;M

/CH ?G<;LAI F; @;G; >? ILS CHG?>C;N;G?HN? >?MJOjM >? F; JO<FC=;=CdH >?F
)<F.42 >?MJC?LN; FIM =?FIM >? INLIM H;NOL;FCMN;M ; FIM KO? ?MNCG;<; MI<L? NI>I
>?F <INlHC=I GC?G<LI >?F ;@A6ABA OJ?NCN 0BIO;LM FI KO? F? JLIPI=; OH;
JLI@OH>; =LCMCM =IGI M? L?@F?D; ?H OH; =;LN; ; (jIH O@IOL

(;M =C?H=C;M HI >OF=C@C=;H F; =IH>O=N; N;F =IGI >C=?H !H HCHAOH; J;LN? P?I
N;HNIM =?FIM I>CI S >OJFC=C>;> =IGI ?HNL? FIM KO? M? >?>C=;H ; ?FF;M 7 8
L?HOH=CI ; OH; =;LL?L; ?H F; KO? HI JI>Lg; FO=B;L =IH ?MIM G?>CIM !MNO>C;Lj
J;L; Gg J;L; GC =IHMO?FI S J;L; ;>KOCLCL FIM G?>CIM >? ?>O=;L <C?H ; GCM BCD;M
,?LI S; HI CGJLCGCLj H;>; GlM -O? M? G? =C?LL?H J;L; MC?GJL? F;M JO?LN;M >?F
;@A6ABA 7 8 /?AOCLj INL; =;LL?L; G? KO?>;Lj =IGI MIF>;>I S M?Lj <O?H
MIF>;>I ;JL?=C;>I JIL GCM D?@?M ?MNIS =;MC M?AOLI >? NLCOH@;L S >? JI>?L
<OLF;LG? ?HNIH=?M >? F;M JL?N?HMCIH?M FIM I>CIM S FIM =?FIM >? ?MIM BIG<L?M
KO? HI L?=IA?H FIM ?MN;G<L?M >? F;M JF;HN;M J;L; I<N?H?L GC?F =IGI F;M ;<?D;M
MCHI J;L; >?MNCF;L BC?F

/C <C?H ?H F; =ILL?MJIH>?H=C; >? ?M? ;eI MCAO? B;=C?H>I JLIS?=NIM S


>?=F;L; VMC HI JO?>I ;NL;P?M;L ; JC? F; GjLC=; G?LC>CIH;F MC; S w@LC=; MIS
BIG<L? GO?LNIX 7; O@IOL 8 FI =C?LNI ?M KO? M? L?CHN?AL; ?H ?F ?DjL
=CNI S >? ; J;LNC=CJ; ?H NI>;M F;M =;GJ;e;M <jFC=;M >? *;JIF?dH ?H
?LN; ,C=I F;L; OL?FF LCMNCH; # >? 1LC;LN? S &IMj ) +FCP?L 83

OMN?LFCNT ,LOMC; ,IFIHC; I !MJ;e; DOHNI ; ;PION *?S S MI<L? NI>I ;F F;>I
>?F G;LCM=;F /IOFN D?@? >?F !MN;>I );SIL >? *;JIF?dH /O =;LL?L; GCFCN;L
JLIAL?M; ?H ?M =;JCNlH >? L;AIH?M ?H D?@? >? ?M=O;>LdH =;<;
FF?LI >? F; F?ACdH >? BIHIL S N?HC?HN? =ILIH?F =O;H>I M? JLI>O=? F;
.?MN;OL;=CdH (OCM 42%%% =IH@g; ?F GCHCMN?LCI >? F; AO?LL; ;F G;LCM=;F /IOFN KO?
FF;G; DOHNI ; jF ; ILS FI HIG<L; =ILIH?F S F? INILA; F; D?@;NOL; >?F >?JdMCNI >?
G;J;M S ;L=BCPIM >? MO GCHCMN?LCI
OL;HN? ?MIM ;eIM ?F H;NOL;FCMN; M?AOg; PCPC?H>I >?HNLI >?F GCFCN;L S ?H
NI>IM FIM FOA;L?M =IHNCHO;<; =IH F;M I<M?LP;=CIH?M MI<L? F;M LCKO?T;M >? F;
BCMNILC; H;NOL;F %H=FOMI FF?Ad ; >?=CLF? ;F <INlHC=I ;F?GlH 3CF>?HIQ WKO? FI
;=IAg; ?H ?LFgH =IH FIM <L;TIM ;<C?LNIM ; J?M;L >? M?L OH I@C=C;F ?H?GCAI S
KO? HI =IH=?<g; KO? M? >?>C=;M? ; F; GCFC=C;W KO? FI bHC=I KO? JL?N?H>g; ?L;
;M=?H>?L J;L; JI>?L AL;=C;M ; MO L;HAI =IHM?AOCL M?L D?@? >? OH; <O?H;
?RJ?>C=CdH J;L; CL ; <OM=;L JF;HN;M ; *O?P; $IF;H>; I ; ,?Lb S ?H 2;LMIPC;
>C=? KO? JI>Lg; ?R=F;G;L V+B (CHH?I (CHH?I ZKOj ?MNIS B;=C?H>I ;KOg X
J?LI ;OH ;Mg ?M? J?LCI>I ?M ?MJ?=C;FG?HN? @?=OH>I ?H FI KO? =IH=C?LH? ; F;
=;LNIAL;@g; ILS S; M? B;<g; GIMNL;>I =IGI OH ?R=?F?HN? =;LNdAL;@I =IH
MOM G;J;M >? ;H;LC;M (; .?OHCdH I /;HN; !F?H; S =IHNCHOd ?D?L=CNlH>IM?
=IH INLIM F?P;HN;GC?HNIM >? G;J;M =IGI FIM >? /O;PC; I "L;H=IHC; >OL;HN?
MO ?MN;H=C; ?H F?G;HC; S OMNLC; (; J?LG;H?H=C; ?H F; ,?HgHMOF; %<jLC=; >?
; G?L?=? OH; G?H=CdH ?MJ?=C;F JO?M BIS M? L?=IHI=? KO? ?H MO
NL;<;DI ?M GOS CHHIP;>IL S ?M ?F JLCG?LI KO? CHN?HN; MCMN?G;NCT;L F; ILA;HC
T;=CdH ILIALl@C=; J?HCHMOF;L >? @ILG; GI>?LH; JO?M ; F; NIJIAL;@g; ;e;>?
OH; CHN?LJL?N;=CdH A?IGI@IFdAC=; S OH F?HAO;D? =;LNIALl@C=I HIP?>IMI OH;
M?LC? >? G;J;M CH=FOC>IM ?HNL? INL;M I<L;M ?H V%NCHjL;CL? >? IH -OC=BINN?
>? (; );H=B;X B612 1B C<F.42B? 2; @=.4;2 S %Y@B:Y 4Y<4?.=56>B2 12
9. $Y;6;@B92 /Y?6>B2 ;N?MNCAO;H MO ILCACH;FC>;>
(IM V C?H g;MX >? *;JIF?dH ; MO L?AL?MI >? !F<; >?F >? G;LTI ;F >?
DOHCI >? =;G<C;LIH F; PC>; >? ILS >?<C>I ; MO ;>B?MCdH ;F ?GJ?L;>IL ?H
KOC?H P?g; GlM KO? ?F ;ONd=L;N; ?F =IHNCHO;>IL >? F; .?PIFO=CdH S ?F L?MN;O
L;>IL >? F;M FC<?LN;>?M Jb<FC=;M ,;LNC=CJd ?HNIH=?M ?H JIFgNC=; =IGI FC<?L;F S @O?
?F?AC>I >CJON;>I JIL A?H >?MN;=lH>IM? ?H F; lG;L; >? L?JL?M?HN;HN?M JIL
MO J;NLCINCMGI S JIL CHMCMNCL ?H F; OLA?H=C; >? ?F;<IL;L OH; IHMNCNO=CdH VbHC=I
84 ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;

=IHNL;NI I<FCA;NILCI ?HNL? F; H;=CdH S ?F JLgH=CJ? S @L?HI M;FO>;<F? ; NI>I ;<OMI


>? ;ONILC>;>X 0L;M F; =;g>; >?F ?GJ?L;>IL ?H 3;N?LFII S F; >?@CHCNCP; L?MN;OL;
=CdH >? (OCM 42%%% ILS HI JO>I ?PCN;L KO? MO HIG<L? @CAOL;L; ?HNL? F; FCMN; >?
=IH>?H;>IM ; =CH=I ;eIM >? ?RCFCI ?H DOFCI >? ?M? ;eI >? H;>; F? MCLPCd >CLC
ACLM? ;F JL?@?=NI ?=;T?M ;HNCAOI =IGJ;e?LI MOSI ?H OL>?IM ?RJIHCjH>IF?
KO? MC?GJL? B;<g; MC>I OH ;G;HN? ;J;MCIH;>I >? F; FC<?LN;> J?LI KO? >?MJOjM
>? FIM ;=IHN?=CGC?HNIM L?HOH=C;<; J;L; MC?GJL? ; J;LNC=CJ;L ?H JIFgNC=; =IGI
N;GJI=I F; JO<FC=;=CdH ?HNIH=?M >? OH; ?RN?HM; B@A6360.A6<; >? MO =IH>O=N; S
IJCHCIH?M 0?LGCH;>; F; JIFgNC=; F? KO?>;<; F; =C?H=C; KO? M?AOCLg; MC?H>I ?F
G;SIL =IHMO?FI >OL;HN? ?F L?MNI >? MO PC>; O?H; GO?MNL; >? MO J;MCdH =C?HNg
@C=; ?M KO? =O;H>I BOg; >? "IO=Bj <;DI @;FM; C>?HNC>;> JIL $IF;H>; ?H FIM
JLCG?LIM >g;M >? MO ?RCFCI M? L?@OACd ?H F;M =;P?LH;M CH?RNLC=;<F?M >? /;H ,?>LI
=?L=; >? );;MNLC=BN S ?F L?MOFN;>I >? ?M; V?R=OLMCdHX >? >IM >g;M @O? OH
?MNO>CI A?IFdAC=I S NIJIALl@C=I =IH P;LCIM >C<ODIM >?F CHN?LCIL >?F FOA;L KO? F?
M?LPCLg;H J;L; F; JO<FC=;=CdH >?F )<F.42 @<BA2??.6;
OL;HN? ?F >?MNC?LLI ?H =IGJ;eg; >? F; ;=NLCT );Lg; #LIM =IH F; KO? ?MN;Lg;
B;MN; S >? F; KO? N?H>Lg; >IM BCD;M AL;=C;M ;F ;JISI >? $OG<IF>N ILS
@O? ;=IAC>I JIL ?F L?S >? ,LOMC; ; @CH;F?M >? L?MC>C?H>I ?H ?LFgH S ?H
KOCMALlH ?H >IH>? L?;FCTd ?F JF;HI >? F; =CO>;> S M? =IHM;ALd MIFI ; F; BCMNILC;
H;NOL;F ,?LM?AOC>I >? HO?PI CHN?HNd ?H P;HI =IHM?AOCL OH J;M;JILN? J;L;
GjLC=; S M? L?@OACd ?H jFAC=; JLCG?LI ?M=IH>C>I S MCH I=OFN;LM? >?M>?
?H LOM?F;M *O?P;G?HN? F; <INlHC=; ?M MO L?@OACI S MO bHC=I L?=OLMI JO?M
DOHNI =IH FIM =C?HNg@C=IM <?FA;M ,C?LL? OAOMN? &IM?JB L;JC?L S &?;H ;JNCMN?
2;H )IHM @OH>; FIM ;;.92@ 4Y;Y?.92@ 12@ @062;02@ =5F@6>B2@ S ?H JI=I
NC?GJI JO<FC=; I=BI PIFbG?H?M
(; ;GHCMNg; PIN;>; JIL F;M lG;L;M J;L; FIM ?RCFC;>IM KO? ;F CAO;F KO?
ILS L?=B;T;<;H =O;FKOC?L G?>C>; >? =F?G?H=C; S ?RCAg;H DOMNC=C; F? J?LGCNCd ?F
L?AL?MI ; "L;H=C; S ?F >? ?H?LI >? ILS M? CHMN;Fd HO?P;G?HN? ?H ,;LgM
MO L?AL?MI =IGC?HT; OH J?LCI>I >? ?RNL;IL>CH;LC; @?=OH>C>;> S DOHNI ; FIM JLCH
=CJ;F?M M;<CIM >? F; jJI=; @OH>d ?F AL;H 60A6<;;.6?2 09.@@6>B2 1 56@A<6?2 ;.AB
?2992 MC?H>I ?F ;ONIL >? =?L=; >? F; GCN;> >? FIM ;LNg=OFIM >? FIM >C?T JLCG?LIM
PIFbG?H?M N;G<CjH ;MCMNCd L?AOF;LG?HN? ; F;M M?MCIH?M >?F ;@A6ABA ?H >IH>?
F?Sd HOG?LIM;M G?GILC;M >? <INlHC=; ,?LI ; J?M;L >? MOM jRCNIM >? FC<L?Lg; ?F
?LN; ,C=I F;L; OL?FF LCMNCH; # >? 1LC;LN? S &IMj ) +FCP?L 85

);J; BCJINjNC=I >? F; NFlHNC>; JIL ILS >? /;CHN 2CH=?HN

CGJ;AI >? MO MO?F>I >?F ?DjL=CNI F;M >?O>;M S F;M >C@C=OFN;>?M J;L; ;@LIHN;L FIM
;<OMCPIM CHN?L?M?M >? FIM OMOL?LIM B;=?H KO? ILS M?; ?H=;L=?F;>I ?H ?H
F; JLCMCdH >? /;CHN? ,jF;AC? >OL;HN? NL?M ;eIM FFg F?g; S L?>;=N;<; S >? FI bHC=I
KO? M? F;G?HN;<; ?L; >? HI JI>?L B?L<ILCT;L CH=FOMI B; MC>I L?=IAC>; F; ;Hj=
>IN; >? KO? =O;H>I F? @O? H?A;>I ?F J?LGCMI J;L; CL ; P?L F; JLCG?L; DCL;@; KO?
FF?A;<; ;F .?16; 12@ $9.;A2@ =?L=;HI ; F; =lL=?F MOM ;GCAIM =IHI=C?H>I MO
86 ILS >? /;CHN 2CH=?HN I F; J;MCdH JIL F; H;NOL;F?T;

J;MCdH JIL NI>I FI L?F;=CIH;>I =IH F;M L?ACIH?M NLIJC=;F?M BC=C?LIH MO<CL ;F ;HCG;F
; OH; TIH; ?F?P;>; >? GI>I KO? ILS JLIPCMNI >? JLCMGlNC=IM MI<L? ?F N?D;>I >?
/;CHN? ,jF;AC? JO>C?L; P?LFI J?M;L >? MO LINOH>; H?A;NCP; MO >?O>; @O?
M;F>;>; ; ?M=IH>C>;M JIL ?F JLIG?NC>I >? OH; >? MOM BCD;M WKO? B;<g; ;HOH=C;>I
KO? MIFI CLg; ;F ;FN;L ;=IGJ;e;>; >? MO J;>L?W S ?M? GCMGI ;eI >? ?F
PCT=IH>? >? );LNCAH;= )CHCMNLI >?F %HN?LCIL =IH ?F ;=O?L>I >?F ;@A6ABA F? JLIJIL
=CIH; F; CHG?HM; ;F?ALg; >? HIG<L;LFI >CL?=NIL >? F; M?==CdH >? BCMNILC; H;NOL;F >?
F; GCMCdH >? ?RJFIL;=CdH =C?HNg@C=; KO? ?F AI<C?LHI >? ;LFIM 4 JL?J;L;<; =IH
>?MNCHI ; #L?=C; FFg M? ?HNL?A; >? @?<L?LI ; HIPC?G<L? >? ; OH; @?<LCF
;=NCPC>;> VMCH J?L>?L OH CHMN;HN? MC?GJL? JIL GIHN?M S P;FF?M ;=;GJ;H>I I ;
=C?FI L;MI S I<N?HC?H>I GlM L?MOFN;>IM >? FIM ?MJ?L;>IMX FF?P; J?L@?=N;G?HN? ;
=;<I MO GCMCdH S ; MO PO?FN; JIH? JIL ?M=LCNI F; ?RJ?LC?H=C; ?H E=Y16A6<; @062;A6
36>B2 2; !<?Y2 KO? =IGJF?Nd ?H =IH F; %29.A6<; 1B C<F.42 12 9.
<::6@@6<; @062;A636>B2 12 !<?Y2 1.;@ 92 $Y9<=<;W@2 92@ F09.12@ 2A 9 AA6>B2
(; )IH;LKOg; >? &OFCI FI L?CHN?ALd ; MO AL;>I >? =ILIH?F >? !MN;>I );SIL S
; MO ;HNCAOI JO?MNI ?H ?F Y=RA >?F )CHCMN?LCI >? F; AO?LL; =IGI D?@? >? ?M?
M?LPC=CI BCMNdLC=I >?F ?DjL=CNI .?=C<Cd F; (?ACdH >? $IHIL S F; JO<FC=;=CdH >? FIM
L?MOFN;>IM >? F; ?RJ?>C=CdH ; #L?=C; F? P;FCd M?L ?F?AC>I JIL @CH GC?G<LI >? F;
=;>?GC; >? C?H=C;M >?F ;@A6ABA ?M?;<; OH; GCMCdH F?DIM >? ,;LgM KO? F?
J?LGCNC?L; PC;D;L HO?P;G?HN? S M? PCI L?=IGJ?HM;>I =IH F; D?@;NOL; >? OH;
=IGCMCdH =C?HNg@C=; J;L; V?MNO>C;L S JIJOF;LCT;LX F; HO?P; =IFIHC; >? LA?FC; ?H
>IH>? L?MC>Cd >? ; S ?H >IH>? M? ?RN;MC;<; ;HN? F; <?FF?T; >?F J;gM S
M?AbH >?=g; M? M?HNg; L?DOP?H?=?L >C?T ;eIM ? ?M; ?MN;H=C; N;G<CjH MOLACLg;H
P;LC;M JO<FC=;=CIH?M =IH ?MJ?=C;F ;N?H=CdH ; F; @FIL;
!H @CH FIM =O;NLI bFNCGIM ;eIM >? MO PC>; NL;HM=OLLC?LIH ?H MO JCMI J;LCMCHI
?H ?F KO? ?H@?LGI >?F =IL;TdH MIFg; L?OHCL ; MOM ;GCAIM S GIMNL;LF?M MOM
N?MILIM <INlHC=IM ?HNL? FIM KO? M?HNg; P?L>;>?L; J;MCdH JIL ?F B?L<;LCI KO? F?
L?=IL>;<; MOM ;eIM DdP?H?M S ;=NCPIM ";FF?=Cd >? OH ;N;KO? ;F =IL;TdH ?F >?
>C=C?G<L? >? ?H ?F =OLMI >? OH; ;HCG;>; =IHP?LM;=CdH
0?LGCH;<; ;Mg F; >?HM; NL;S?=NILC; PCN;F >? OH <INlHC=I ?H;GIL;>I >?F ;CL?
FC<L? >?F MIF >? F;M L?ACIH?M NLIJC=;F?M S >? FIM N?MILIM CH;AIN;<F?M >? F; H;NOL;
F?T; HIN;<F? =;LNdAL;@I KO? MdFI NL;<;Dd MI<L? ?F N?LL?HI GCFCN;L <IH;J;LNCMN;
JIFgNC=I FC<?L;F FC<L?J?HM;>IL PC;D?LI S NL;<;D;>IL CH@;NCA;<F?
?LN; ,C=I F;L; OL?FF LCMNCH; # >? 1LC;LN? S &IMj ) +FCP?L 87

+.5 ! / %*0 2%* !*0 & @@.6@ @B? 92@ @92@ <?AB;Y2@ 2A 9 .;A6>B2 A9.;A612
<B $?Y06@ 12 9 6@A<6?2 4Y;Y?.92 12 9 ?056=29 12@ .;.?62@ ,;LgM ;O>IOCH

+.5 ! / %*0 2%* !*0 & )<F.42 1.;@ 92@ >B.A?2 =?6;06=.92@ U92@ 12@ :2?@
1 3?6>B2 3.6A =.? <?1?2 1B <BC2?;2:2;A =2;1.;A 92@ .;;Y2@ + 2A + 12 9.
%Y=B/96>B2 .C20 9 56@A<6?2 12 9. A?.C2?@Y2 1B 0.=6A.6; .B126;
7B@>B .B $<?A <B6@ 12 9 U92 !.B?602 ,;LgM " OCMMIH

+.5 ! / %*0 2%* !*0 & 60A6<;;.6?2 09.@@6>B2 1 6@A<6?2 ;.AB?2992


,;LgM .CAIOR

+.5 ! / %*0 2%* !*0 & B612 1B C<F.42B? 2; @=.4;2 .C20 12BE 0.?A2@
0<9<?6Y2@ ,;LgM (IOCM &;H?N

+.5 ! / %*0 2%* !*0 & %Y@B:Y 4Y<4?.=56>B2 12 9. $Y;6;@B92 /Y?6>B2


0<;A2;.;A 92@ ?<F.B:2@ 12 $<?AB4.9 2A 1 @=.4;2 ,;LgM OJIHN 1L<;CH ;H?F
7(; I<L; =IH G;J;M @O? L?CGJL?M; ?H =IH ?F NgNOFI >? %Y@B:Y 12 9.
4Y<4?.=562 =5F@6>B2 56@A<?6>B2 2A =<96A6>B2 12 9. $Y;6;@B92 /Y?6>B28

+.5 ! / %*0 2%* !*0 & ;@.F<@ @</?2 9.@ @9.@ 3<?AB;.1.@ F 9. .;A64B.
A9];A61. < 0<:=2;16< 12 9. 6@A<?6. 2;2?.9 129 ?056=6Y9.4< .;.?6<
0L;>O==CdH >? &IMj ?FA;>I (OCM (; +LIN;P; !>M & (

/0 qp* w(2 .!6 & " -1%.p/ (%* .!/ V(; =IHNLC<O=CdH >? ILS >? /;CHN
2CH=?HN ;F L?=IHI=CGC?HNI A?IALl@C=I >? F; ,?HgHMOF; %<jLC=;
.?>?M=O<LCGC?HNI >? OH; I<L; =;LNIALl@C=; S ILIALl@C=; IFPC>;>;X ?6.

"!..%t.! $?LPj <?F 12 &.6;A )6;02;A ".AB?.96@A2 C<F.42B? 2A


:696A.6?2 2;A?2 %YC<9BA6<; 2A !<;.?0562 12 B6992A 7N?MCM >I=NIL;F >CLCAC>; JIL
,C?NLI .IMMC >?@?H>C>; ?H F; 1HCP?LMC>;> ,;HNBjIH /IL<IHH?8

.+(! H>Lj (; 12@A6; 5<?@ @Y?62 9. C62 .C2;AB?2B@2 1 B; @.C.;A <?F 12


&.6;A )6;02;A ,;LgM (; J?HMj? OHCP?LM?FF?
89

5.@*7-.; ?87 >6+85-= ,2.7,2* K=2,* A .<=K=2,* -. <>


=;*?.<J* *=5L7=2,*

.5K7 *<=;8 8;*5.<

!
F >? DOHCI >? ?F JIFC@;=jNC=I <;LdH JLOMC;HI F?R;H>?L PIH
$OG<IF>N S ?F =CLOD;HI S <INlHC=I @L;H=jM CGj
IHJF;H> CHC=C;<;H MO NL;P?Mg; B;=C; F;M JIM?MCIH?M
?MJ;eIF;M >? 1FNL;G;L >?M>? ?F JO?LNI >? (; ILOe; ; <IL>I >? F; @L;A;N;
,CT;LLI !F >? DOHCI NI=;LIH JO?LNI ?H /;HN; LOT >? 0?H?LC@? S NL;M
L?=ILL?L F; P?LNC?HN? HILN? >? F; CMF; S ;M=?H>?L B;MN; ?F ,C=I >?F 0?C>?
MCAOC?LIH PC;D? B;MN; OG;Hl 2?H?TO?F; !H FIM =CH=I ;eIM >? ?RJFIL;=CdH
L?=ILLC?LIH ?RN?HMIM N?LLCNILCIM >? FIM PCLL?CH;NIM >? *O?P; #L;H;>; >?F
,?Lb S >? F; *O?P; !MJ;e; ?H OH; LON; KO? CH=FOg; F;M ;=NO;F?M 2?H?TO?F;
O<; IFIG<C; !=O;>IL ,?Lb )jRC=I S FIM !MN;>IM 1HC>IM >? GjLC=;
>IH>? @O?LIH L?=C<C>IM JIL ?F JL?MC>?HN? &?@@?LMIH
!F >? ;AIMNI >? ; <IL>I >? . .C<?6A2 PIFPg;H ; NI=;L NC?LL; @L;H=?M;
IH MO HOG?LIMI ?KOCJ;D? @ILG;>I JIL =;D;M >? JF;HN;M ;HCG;F?M GCH?L;F?M
FC<LIM >C;LCIM S =O;>?LHIM >? =;GJI KO? ?H=?LL;<;H F; ?RJ?LC?H=C; CHj>CN; >?
OH GOH>I CAHIL;>I $OG<IF>N S IHJF;H> >?=C>C?LIH ?MN;<F?=?LM? ?H ,;LgM
J;L; CHC=C;L F; L?>;==CdH >? FIM L?MOFN;>IM >? MO ?RJ?>C=CdH NLlM KO?>;<; OH
GOH>I @;M=CH;HN? ;ACN;>I JIL FIM PIF=;H?M S JIL ?F G;F?MN;L MI=C;F >IH>?
J?M? ; F;M L?@ILG;M <IL<dHC=;M L?CH;<; ?F ;NL;MI CGJO?MNI JIL ?F GIHIJIFCI S
M? J?LJ?NO;<;H F; ?M=F;PCNO> >?F H?ALI F; BOGCFF;=CdH >? FIM CH>gA?H;M F;M
>?MCAO;F>;>?M S F; CH=OFNOL; !MN; MCNO;=CdH KO? IM=OL?=g; F;M <?FF?T;M >? F;
VTIH; NdLLC>;X S @L?H;<; MO JLIAL?MI G;N?LC;F S MI=C;F ?M=;H>;FCTd ; FIM
PC;D?LIM ?>O=;>IM ?H F;M C>?;M @CF;HNLdJC=;M S G;MdHC=;M A;H;>IM JIL F;
.?PIFO=CdH "L;H=?M; S >?@?HMIL?M >?F H;=C?HN? FC<?L;FCMGI
90 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

!F GCMGI ;eI >? MO L?AL?MI $OG<IF>N S IHJF;H> =IHI=C?LIH ?H OHI


>? FIM M;FIH?M J;LCMCHIM >IH>? M? F?M ;=F;G;<; =IGI ; BjLI?M ; OH DIP?H
GCFCN;L FF;G;>I /CGdH IFgP;L /? =L?? KO? ?M? ?H=O?HNLI @O? >?=CMCPI J;L;
?F @ONOLI ;G?LC=;HI ,I=I >?MJOjM ?H FIM =gL=OFIM G;MdHC=IM >? ,;LgM S >?
(IH>L?M ?GJ?T;<; ; JL?J;L;LM? F; %H>?J?H>?H=C; S FIM H;NOL;FCMN;M F;
JLIJC=C;LIH S ;JIS;LIH >? >CMNCHN;M G;H?L;M GC?HNL;M MCGOFNlH?;G?HN?
?GJL?H>g;H F; ?M=LCNOL; >? OH; I<L; >IH>? GjLC=; ;J;L?=g; N;G<CjH FC<?
L;>; >? FIM JL?DOC=CIM M?=OF;L?M KO? FIM ?H=C=FIJ?>CMN;M B;<g;H L?@ILT;>I
=IH MO >IAG;NCMGI ? CFOGCH;>; JIL OH; GCL;>; =C?HNg@C=; KO? ?GJ?T;<;
; L?P?F;L MO P?L>;>?L; H;NOL;F?T; S ?F P;FIL >? MOM =OFNOL;M
(IM L?P?F;>IL?M >C;LCIM >? PC;D? KO? $OG<IF>N @O? L?>;=N;H>I MI<L? ?F
N?LL?HI S =OS; ?>C=CdH >? ?HILG? P;FIL >I=OG?HN;F M? CHC=Cd ?H JIL
);LAIN ";;E @O?LIH F; <;M? J;L; ?F >?M;LLIFFI >? MO AL;H I<L; ;G?LC=;H;
!MN; =IHMNCNOS? OH CGJL?MCIH;HN? 0<?=B@ L?>;=N;>I =;MC gHN?AL;G?HN? ?H
@L;H=jM S ?F;<IL;>I ; FI F;LAI >? =CH=O?HN; ;eIM NL;M CH=ILJIL;L F;M
?RB;OMNCP;M F?=NOL;M S L?MOFN;>IM >? =IHMOFN;M ; INLIM =C?HNg@C=IM KO?
$OG<IF>N >?MJF?Ad ?H PCLNO> >? MO J;MCdH JIL F; ?R;=NCNO> S >? MO M?HNC>I
=IIJ?L;NCPI >? F; =C?H=C; !F M;<CI F; ILA;HCTd ?H F; V?>C=CdH GIHOG?HN;FX
>? NL?CHN; PIFbG?H?M KO? =IGJIH?H ?F )<F.42 .BE %Y46<;@ Y>B6;<E6.92@
1B "<BC2.B <;A6;2;A ,;LgM S JO<FC=d ;J;LN? FIM GOS >CPOF
A;>IM ;@605A2; 12? ".AB? ;GJFC;>IM ?H S ?F @@.6 =<96A6>B2
@B? 9 92 12 B/. JIL MdFI =CN;L F;M I<L;M G;SIL?M KO? ;HNC=C
J;<;H F; AL;H MgHN?MCM ?H F; KO? $OG<IF>N NL;<;Dd CH@;NCA;<F?G?HN? B;MN;
MO GO?LN? <@:<@ ;ADB?3 26;2? =5F@6@052; *29A/2@05?26/B;4 ?H =CH=I
NIGIM W?F bFNCGI JdMNOGIW JO<FC=;>IM ?HNL? S
(; CGJILN;H=C; >? ?MN; ?RJ?>C=CdH B; G;L=;>I OH BCNI ?H F; BCMNILC; >?
FIM PC;D?M =C?HNg@C=IM HI MdFI JILKO? $OG<IF>N S IHJF;H> BIFF;<;H JIL P?T
JLCG?L; GO=BIM ?H=F;P?M =?FIM;G?HN? P?>;>IM JIL F;M ;ONILC>;>?M =IFI
HC;F?M ; FIM =C?HNg@C=IM ?RNL;HD?LIM MdFI (; IH>;GCH? S ?F >?M>C=B;>I
);F;MJCH; M? F?M B;<g;H ;HNC=CJ;>I MCHI N;G<CjH S MI<L? NI>I JILKO?
MOJOMI ?F 12@0B/?6:62;A< 062;AV360< >? GjLC=; S F; <;M? J;L; ?F >?M;LLIFFI
>? OH HO?PI GI>?FI >? =IHI=CGC?HNI >?F GOH>I F; 062;06. 5B:/<91A6.;.
?FjH ;MNLI )IL;F?M 91

5 +*0*3. 27=.5.,=>*5

0I=;>I JIL ?F G;F LIGlHNC=I >? F;


G?F;H=IFg; JIL ?F ;HMC; >? PC;D;L B;=C;
INL;M F;NCNO>?M S >? =IHI=?L FIM
M?=L?NIM >?F AFI<I $OG<IF>N B;<g;
>?=C>C>I ;<;H>IH;L !OLIJ; ?H <OM=;
>? OH; FC<?LN;> KO? J;L; jF ?MN;<; ?H
?F ?MNO>CI >? F; H;NOL;F?T; ?HNL? FIM
JO?<FIM JLCGCNCPIM I ?H F;M =OG<L?M
MIFCN;LC;M >? F;M GIHN;e;M ,?LI HI ?L;
OH NOLCMN; HC OH ;P?HNOL?LI MCHI OH
=C?HNg@C=I =IGJ?N?HN? ?H @gMC=; S
KOgGC=; ?H @CNIA?IAL;@g; A?IFIAg; S
A;FP;HCMGI ;MNLIHIGg; S TIIFIAg;
=IH ?RJ?LC?H=C; ?H ?F ?MNO>CI >? F; F?R;H>?L PIH $OG<IF>N
G?N?ILIFIAg; S ?H F; G?>C=CdH >? FIM
=IGJIH?HN?M >? F; ;NGdM@?L; !HNL? INL;M GINCP;=CIH?M @O? >?N?LGCH;HN? ?F
PC;D? KO? L?;FCTd ?H =IH ?F ?RJFIL;>IL S H;NOL;FCMN; #?ILA "ILMN?L KO? F?
J?LGCNCd NIG;L =IHN;=NI ?H (IH>L?M =IH =C?HNg@C=IM PC;D?LIM ? CFOMNL;>IL?M >?
FC<LIM >? PC;D?M KO? =IGI ?F JLIJCI "ILMN?L B;<g;H ;=IGJ;e;>I ;F =;JCNlH
IIE ?H MOM PC;D?M >? =CL=OHH;P?A;=CdH !M? =IHN;=NI CHN?HMC@C=d MO CHN?LjM
JIL F; BCMNILC; H;NOL;F S MOM >?M?IM >? PC;D;L >?F GCMGI GI>I KO? MO L?AL?MI
JIL ?F ,;LgM >? F; .?PIFO=CdH "L;H=?M; ;J;MCIHd ;F <;LdH <?LFCHjM KO? M?
=IHPCLNCd ?H OH N?H;T >?@?HMIL >? FIM ?L?=BIM >?F $IG<L? S >?F CO>;>;HI
JLI=F;G;>IM ?F ;eI ;HN?LCIL
&OHNI =IH FIM ;J;L;NIM >? G?>C=CdH GlM GI>?LHIM S ?F ?MJgLCNO LIGlH
NC=I KO? MOM ;GCAIM #I?NB? S /=BCFF?L >CPOFA;<;H ?H 3?CG;L PC;D;<;
N;G<CjH MO MdFC>; @ILG;=CdH BOG;HgMNC=; MO =IHI=CGC?HNI >? F;M F?HAO;M
=FlMC=;M S GI>?LH;M FIM ?MNO>CIM MI<L? ?=IHIGg; S ;>GCHCMNL;=CdH
.:2?.96@A68 ?F =;O>;F >? F?=NOL;M MI<L? PC;D?M >? ?RJFIL;=CdH S MO CHN?LjM
JIL INL;M =OFNOL;M S F?HAO;M ?HNL? ?FF;M F;M >?F ;HNCAOI !ACJNI ? B?=BI
N;G<CjH B;<g; ;>KOCLC>I HI=CIH?M MI<L? >?M=C@L;GC?HNI >? D?LIAFg@C=IM
92 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

2CMN; >?F CHN?LCIL >?F =LlN?L >?F ,C=I >?F 0?C>?

J?HM;H>I ?H MOG;LM? ; OH; ?RJ?>C=CdH ; !ACJNI KO? @L;=;Md !MIM =IHI=C


GC?HNIM C<;H ; =IH>C=CIH;L MO ?MNO>CI >? F; ;LKO?IFIAg; ;G?LC=;H; S >? FIM
=d>C=?M ;TN?=;M =O;H>I L?MJ;F>;>I JIL F; B?L?H=C; KO? L?=C<Cd ;F @;FF?=?L
MO G;>L? ?H S >?MJOjM >? B;<?L PCMNI @L;=;M;L MOM CHN?HNIM >?
MOG;LM? ; F; ?RJ?>C=CdH I@C=C;F >? IOA;HPCFF? S >? ;O>CH JIL @CH M?
>?=C>Cd ; ?GJL?H>?L ; NgNOFI J;LNC=OF;L ? CH>?J?H>C?HN? MO ?RJ?>C=CdH
=;H;LCI ;G?LC=;H; =IH ?F DIP?H IHJF;H> ;F KO? B;<g; =IHI=C>I ?F ;eI
;HN?LCIL ?H ,;LgM !F PC;D? FIM MCNO;Lg; ;HN? ?F FC<LI NI>;Pg; CH>?M=C@L;>I >? F;
H;NOL;F?T; =;H;LC; S ;G?LC=;H;
NLlM >?D;<; MO N?>CIMI =;LAI >? %HMJ?=NIL &?@? >? )CH;M ?H ,LOMC; ;F
KO? B;<g; FF?A;>I AL;=C;M ; MOM ?MNO>CIM ?H F; !M=O?F; >? )CH;M >? "L?C<?LA
?FjH ;MNLI )IL;F?M 93

>IH>? MO JL?MNCACIMI G;?MNLI 3?LH?L A?dFIAI >? F; N?H>?H=C; H?JNOHCMN;


>?@?H>g; =IHNL; FIM POF=;HCMN;M I JFONIHCMN;M F; N?MCM ?HNIH=?M NLCOH@;HN? >?
F; @ILG;=CdH M?>CG?HN;LC; >? F; NC?LL; ?H >CMNCHN;M =;J;M MOJ?LJO?MN;M /CH
?G<;LAI MOM =IHI=CGC?HNIM >? GCH?Lg; S GCH?L;FIAg; M?Lg;H @OH>;G?HN;F?M
J;L; I<N?H?L ?H !MJ;e; ?F >C@g=CF J;M;JILN? J;L; PC;D;L ; F;M %H>C;M JO?M ?F
<;DI L?H>CGC?HNI >? F;M GCH;M ;G?LC=;H;M ?L; JL?I=OJ;HN? S OLAg; MO
GI>?LHCT;=CdH
)lM ;FFl >? FIM CHHOG?L;<F?M >?M=O<LCGC?HNIM J;LNC=OF;L?M KO? L?;FC
T;LIH >OL;HN? ?F PC;D? FIM L?MOFN;>IM I<N?HC>IM P?Hg;H ; =IH@CLG;L F; BCJd
N?MCM KO? GINCPd ?F PC;D? S KO? $OG<IF>N B;<g; ?RJO?MNI ;F L?S ;LFIM %2
?H L;HDO?T ?MNO>C;L VF; IHMNLO==CdH >?F #FI<I G?>CL F;M =;J;M KO? FI
=IGJIH?H S L?=IHI=?L F;M L?F;=CIH?M A?H?L;F?M KO? ?HF;T;H ; FIM M?L?M
ILA;HCT;>IMX $OG<IF>N CHNOg; KO? F;M @O?LT;M J;LNC=OF;L?M >? F; H;NOL;
F?T; M? ?H=O?HNL;H ?HNL?N?DC>;M ?H OH; L?> >? GbFNCJF?M CHN?LL?F;=CIH?M ?
CH@FO?H=C;M L?=gJLI=;M F; =IH=?J=CdH JCN;AdLC=; >? OH IMGIM ;LGIHCI
M;G?HN? ILA;HCT;>I KO? L?MOLAg; ?HNIH=?M ?H F; @CFIMI@g; >? F; H;NOL;F?T;
;F?G;H; $OG<IF>N OHCd F;M HI=CIH?M GI>?LH;M S G;N?LC;FCMN;M >? >CH;
GCMGI S NL;HM@ILG;=CdH ;Mg =IGI F; ;MJCL;=CdH CFOMNL;>; >? ;F=;HT;L OH;
=C?H=C; OHCP?LM;F

C * ;.?.5*,2H7 ,*7*;2*D

!H MO GIHIAL;@g; 927.;1?< 12 B:/<91A 2; '2;2?632 F?D;H>LI CIL;H?M=O


M? L?@?Lg; ; F; ?RJ?LC?H=C; >?F M;<CI ?H F; CMF; =IGI VF; L?P?F;=CdH =;H;LC;X
!M; L?P?F;=CdH =IHMCMNCd =IGI ?RJFC=;<; ?F CHP?MNCA;>IL LOG;HI ?H ?F
=IHI=CGC?HNI >? OH; HO?P; L?;FC>;> KO? ;F CHC=CI >? MO PC;D? ; F;M L?ACIH?M
?KOCHI==C;F?M JOMI ; JLO?<; MOM HI=CIH?M ;JL?H>C>;M ?H !OLIJ; F? ;SO>d
; ;@C;HT;L MO HO?P; =IH=?J=CdH >?F IMGIM S ; >;L OH HIN;<F? ;P;H=? ; F;M
=C?H=C;M >? F; H;NOL;F?T; (; CMF; F? I@L?=Cd F; JIMC<CFC>;> >? ?MNO>C;L ?F
JLCG?L PIF=lH >? MO LON; ;NFlHNC=; S >? >?M=O<LCL F; >CMNLC<O=CdH >? FIM P?A?
N;F?M M?AbH F; ;FNCNO> S FIM GC=LI=FCG;M ?MN;<F?=C?H>I ;Mg FIM VJCMIM >?
P?A?N;=CdHX KO? ?H MO ;GCAI (?IJIF> PIH O=B N?LGCH;Ll >? >?@CHCL
94 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

=IH G;SIL ?R;=NCNO> 0;G<CjH ?F BCMNILC;>IL );HO?F $?LHlH>?T >?M=LC<g;


?H MO JLCG?L; ?>C=CdH >? F;M JlACH;M =ILL?MJIH>C?HN?M ;F )6.72 . .;.?6.@ F;
JLI@OH>; NL;HM@ILG;=CdH >? F; =C?H=C; KO? MOJOMC?LIH FIM =IHI=CGC?HNIM
I<N?HC>IM JIL ?F PC;D?LI ?H FI L?@?L?HN? ; MO ?RJ?LCG?HN;FCMGI S ; MO JLI=?
>CGC?HNI =IGJ;L;NCMN; KO? F? J?LGCNCd AFI<;FCT;L FIM L?MOFN;>IM J;LNC=O
F;L?M S =L?;L ;Mg FIM =CGC?HNIM >? F; A?IFIAg; S F; A?IAL;@g; GI>?LH;M !H
?@?=NI ;F ?MNO>C;L F; ;=NCPC>;> PIF=lHC=; ?H ?F 0?C>? S FO?AI ?H FIM PIF=;H?M
;G?LC=;HIM =IGJ;L;H>I F; @ILG;=CdH A?IFdAC=; ?OLIJ?; =IH F; ;G?LC
=;H; $OG<IF>N C<; ; =IGJLI<;L ?F @L;=;MI >? F; N?ILg; H?JNOHCMN; >?
3?LH?L W?H F; KO? B;MN; ?HNIH=?M =L?g;W =IHNLC<OS?H>I ; F; =IH@CLG;=CdH
>? F; N?ILg; JFONIHCMN; !H @?=B;M GlM L?=C?HN?M F; BCMNILC;>IL; >? F; =C?H=C;
);LC? *IiFF? IOLAO?N B; >?GIMNL;>I B;MN; KOj JOHNI MO ;M=?HMI ;F ,C=I
>?F 0?C>? KO?>d ?H F; JLl=NC=; =C?HNg@C=; S ?H F; I<L; >?F H;NOL;FCMN; =IGI
OH; =IHMN;HN? L?@?L?H=C; >?HNLI >?F MCMN?G; =IGJ;L;NCPI KO? @OH>;G?HN;
MO GjNI>I >? =IHI=CGC?HNI S >? ?M=LCNOL;
(F?A;L ; F;M ;H;LC;M MOJOMI J;L; $OG<IF>N MO CHAL?MI ?H ?F OG<L;F >?
F; M;FO>;<F? VTIH; NdLLC>;X S ;Mg FI ?RJL?M;<; >?M>? ?F ,O?LNI >? (;
+LIN;P; ?H OH; =;LN; ; MO B?LG;HI 3CFB?FG >IH>? N;G<CjH ;e;>g; V5;
?H 0?H?LC@? B?GIM =IHI=C>I KOj BIMJCN;FC>;> L?CH; ?H NI>;M F;M =IFIHC;MX
!F P;FIL ;HNC=CJ;NILCI >? ?MN;M J;F;<L;M ?M CGJILN;HN? J;L; =IGJL?H>?L F;
PCMCdH OHCN;LC; KO? $OG<IF>N NOPI >? FIM N?LLCNILCIM ?MJ;eIF?M >? 1FNL;G;L
HI MdFI JILKO? ?F B?=BI >? F; =IFIHCT;=CdH ?MJ;eIF; FIM BO<C?L; OHC@C=;>I
JIFgNC=; S MI=C;FG?HN? MCHI N;G<CjH JILKO? ?F =FCG; MO H;NOL;F?T; MO
POF=;HCMGI I F; JL?M?H=C; =;MC @;HN;MG;F >? OH JO?<FI JLCGCNCPI =IGI ?F
AO;H=B? ;=?L=;<;H ?MN;M CMF;M ;@LC=;H;M ; GjLC=; !MN; =IHMC>?L;=CdH >?F
H;NOL;FCMN; M? B;=? ?PC>?HN? =O;H>I ?H ?F )6.72 =IGJ;L; ;MJ?=NIM >? F;
=OFNOL; >? FIM AO;H=B?M =IH F;M >? FIM ;TN?=;M I FIM CH=;M I =O;H>I L?JLI
>O=? ?F AL;<;>I >? F;M =L?MN;M >? F;P; >?F ,C=I >?F 0?C>? S ?F >?F >L;AI >? (;
+LIN;P; ?H OH; I<L; NCNOF;>; A9.@ =6AA<?2@>B2 1B C<F.42 I )B2@ 12@
0<?1699W?2@ 2A :<;B:2;A@ 12@ =2B=92@ 6;164W;2@ 12 9 :Y?6>B2
!MN; J?L=?J=CdH >? F; OHC>;> =;H;LCI ;G?LC=;H; M? =IGJL?H>? G?DIL
=O;H>I ;H;FCT;GIM MO ?JCMNIF;LCI S MOM CGJL?M=CH>C<F?M >C;LCIM >? PC;D?
?FjH ;MNLI )IL;F?M 95

!F >L;AI >? (; +LIN;P;

JO?M GO?MNL;H FIM >CMNCHNIM ?MNL;NIM >? F; @ILG;=CdH >? MO =IHI=CGC?HNI S


>?F JLIJCI L?F;NI MI<L? F;M %MF;M ;H;LC;M ,I>?GIM =IGJLI<;L JIL
?D?GJFI KO? $OG<IF>N MCAOCd L?=;<;H>I CH@ILG;=CdH MI<L? F;M %MF;M
>OL;HN? ?F PC;D? JIL GjLC=; S >?MJOjM >? B;<?LM? CHMN;F;>I ?H ,;LgM S KO?
HI MdFI L?=OLLCd ; INLIM =C?HNg@C=IM =IGI IL>; LGMNLIHA LIOMMIH?N
+ IH?FF I 2IH O=B MCHI KO? N;G<CjH CHN?LLIAd ; FIM ?GCAL;HN?M =;H;LCIM
KO? B;<g; C>I ?H=IHNL;H>I ?H 1FNL;G;L ,IL ;FAOH;M ;HIN;=CIH?M >?F >C;LCI
96 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

M;<?GIM N;G<CjH KO? @O? ?H S >OL;HN? MO ?MN;H=C; ?H )jRC=I


S >OL;HN? MO NL;P?Mg; B;=C; "CF;>?F@C; =O;H>I $OG<IF>N F?Sd S ?RNL;DI F;
G;SIL J;LN? >? MOM HIN;M >? F; 6@A<?6. 12 .;.?6.@ >?F CFOM
NL;>I =;H;LCI &IMj 2C?L; S F;PCDI NL;PjM >? F; dJNC=; >? ?MN? BCMNILC;>IL S
>? F;M ?RJ?LC?H=C;M S; PCPC>;M ?H F;M %H>C;M $OG<IF>N L?>;=Nd JIMN?LCIL
G?HN? MOM JlACH;M MI<L? ;H;LC;M =IGI OH ?MJ;=CI PCIF?HN;>I JIL F;
=IHKOCMN; KO? B;<g; N?LGCH;>I =IH FIM AO;H=B?M S KO? J?LJ?NO;<; ?F
AI<C?LHI N?I=LlNC=I S @?O>;F >?F HNCAOI .jACG?H =IGI ?H F; GjLC=;
G?LC>CIH;F )C?HNL;M FIM =IHKOCMN;>IL?M S ?F =F?LI ?L;H >OL;G?HN?
;N;=;>IM ?H ?M;M HIN;M F; ;FN; MI=C?>;> CFOMNL;>; S =IMGIJIFCN; KO? FI
L?=C<Cd ?H (; +LIN;P; G?L?=Cd =IGI F; >? ;L;=;M (; $;<;H; S INL;M
=CO>;>?M ;G?LC=;H;M MOM G;SIL?M ;F;<;HT;M /O JLCG?L =IHN;=NI ?H
);>LC> =IH =;H;LCIM CFOMNL;>IM =IGI F;PCDI S ";D;L>I FI JL?>CMJIHg;H ;
?M; P;FIL;=CdH
OL;HN? ;eIM $OG<IF>N L?OHCd CH@ILG;=CdH MI<L? FIM AO;H=B?M MO
N?I=L;=C; MOM GIGC;M S MO JLI=?>?H=C; CHN?HN;H>I >?MGCNC@C=;L MO ILCA?H
F?A?H>;LCI S MCNO;LFIM =IGI ; FIM CH>gA?H;M ;G?LC=;HIM ?H F; >CG?HMCdH
BCMNdLC=; Mg FIM L?MNIM >?F FjRC=I AO;H=B? ;JILN;>IM JIL 2C?L; S F;PCDI S
JIL INLIM ?MNO>CIMIM JIMN?LCIL?M $ILH?G;H );LM>?H S 2?HNOL? FI CH>O
D?LIH ; H?A;L MO ILCA?H ?ACJ=CI S ; CH=FCH;LM? JLCG?LI B;=C; F; BCJdN?MCM >?
F; JLI=?>?H=C; <?L?<?L S FO?AI ?H <@:<@ B;=C; OH JIMC<F? ILCA?H
@?HC=CI JbHC=I

* ,2.7,2* 1>6+85-=2*7* A <> ;.9;.<.7=*,2H7

(; CGJILN;H=C; >?F J?HM;GC?HNI BOG<IF>NC;HI W=IGJ;L;NCMN; S L?F;=CIH;F


M? ?H=O?HNL; ?H F; CHOMCN;>; =IH=C?H=C; S =IGJF?DC>;> >? MOM JF;HN?;
GC?HNIM N?dLC=IM N;HNI ?H ?F HCP?F ?JCMN?GIFdAC=I =IGI ?H ?F HCP?F >? F;
L?JL?M?HN;=CdH S >CPOFA;=CdH >?F =IHI=CGC?HNI =C?HNg@C=I !H ?F JLCG?L
JF;HI S ?H PCLNO> >? MO =IH=?J=CdH BIFgMNC=; KO? BIS =IHMC>?L;GIM 20<9S
460. ?F PC;D?LI M? JL?I=OJd JIL >?@CHCL FIM I<D?NCPIM S F;M G?NI>IFIAg;M >?
F;M >CMNCHN;M ?MJ?=C;FC>;>?M KO? =OFNCPd ;Mg =IGI JIL JIH?LF;M ?H L?F;=CdH S
?FjH ;MNLI )IL;F?M 97

B;=?LF;M =IHP?LA?L ?H MO =;GJI >? ?MNO>CI 5 HI MdFI CGJOFMd >CM=CJFCH;M


KO? ;bH HI B;<g;H FF?A;>I ; L?;FCT;LM? =IGI =C?H=C;M GI>?LH;M F;
A?IAL;@g; >? <;M? N?dLC=; E;HNC;H; F; A?IFIAg; F; POF=;HIFIAg; F;
<CIFIAg; F; <INlHC=; F; =;LNIAL;@g; F; G?N?ILIFIAg; F; GCH?L;FIAg; F;
?MN;>gMNC=; ?N= MCHI KO? F;M BCTI =IH=OLLCL >? @ILG; CHN?L>CM=CJFCH;L =IH
INL;M H;=C?HN?M =C?H=C;M BOG;H;M =IGI F; ;LKO?IFIAg; F; ?NHIAL;@g; F;
?NHIFCHAagMNC=; F; >?GIAL;@g; F; MI=CIFIAg; F; ?=IHIGg; I F; =C?H=C; JIFg
NC=; KO? ; MO P?T CHN?ALd =L?;NCP;G?HN? ?H OH; HO?P; =C?H=C; F; ;HNLIJI
FIAg; GI>?LH; F =IHMC>?L;L KO? ?F M?L BOG;HI GI>C@C=;<; ?F G?>CI S
N;G<CjH ?L; GI>C@C=;>I JIL ?MN? $OG<IF>N N;G<CjH JL?MNd AL;H ;N?H=CdH
; F;M MI=C?>;>?M ;F ?HCAG; >? MO ILCA?H ; MOM GCAL;=CIH?M ; MO ?PIFO=CdH
BCMNdLC=; ; MO ILA;HCT;=CdH JLI>O=NCP; S ; MO ?RJL?MCdH ?MNjNC=; ,IL ?MI jF
GCMGI M? =IHMC>?L;<; OH VBCMNILCdAL;@IX >? GjLC=;
HN? OH GOH>I KO? HI ?L; N;H HO?PI CHM;FO<L? =?H;AIMI ? CHG;>OLI
=IGI FI JL?MOJIHg;H O@@IH S FIM CFOMNL;>IM ?OLIJ?IM $OG<IF>N @O?
=;J;T >? LIGJ?L ?F =?LL;>I ?OLI=?HNLCMGI >? MO NC?GJI J;L; =IHMC>?L;L
W>? OH; G;H?L; KO? jF GCMGI =;FC@C=d =IGI VL?PIFO=CIH;LC;XW ?F P;FIL >?
INL;M =OFNOL;M KO? MC <C?H M? ?H=IHNL;<;H ?MN;H=;>;M I G?HIM >?M;LLI
FF;>;M N?H>g;H ; ;P;HT;L FC<L?G?HN? B;=C; ?F JLIAL?MI V0I>;M ?MNlH ?H
MCGCF;L AL;>I =IH=?<C>;M J;L; F; FC<?LN;>X ?M=LC<CLl ?H <@:<@ !MN;M C>?;M
;<Lg;H OH =;GCHI ;F L?F;NCPCMGI =OFNOL;F S; ?M<IT;>I ?H F; 69<@<3V. 12 9.
6@A<?6. >? $?L>?L =O;H>I !OLIJ; ?GJ?T;<; ; ?MNO>C;L INL;M AL;H>?M
=OFNOL;M ?RNL; ?OLIJ?;M (; ;=NCPC>;> =IGJ;L;NCMN; >? $OG<IF>N M? ?H@L?H
N;<; ;KOg =IH ?F JLI<F?G; >? =IGJ;L;L =OFNOL;M B?N?LIAjH?;M ?MN;<F?
=C?H>I ;H;FIAg;M J?LI N;G<CjH =IGJL?H>C?H>I S L?MJ?N;H>I WHI MCH
;FAOH;M =IHNL;>C==CIH?MW MOM >C@?L?H=C;M
!M; ;J?LNOL; >? J?LMJ?=NCP;M F? J?LGCNCd >?M;LLIFF;L OH; ;P?HNOL; =C?HNg
@C=; KO? +NNG;L !NN? B; >?HIGCH;>I A?.;@16@06=96;.? ? 6;A2?0B9AB?.9 KO?
;MOG? =IH NI>;M MOM CGJFC=;=CIH?M jNC=;M F; JFOL;FC>;> >? F;M =OFNOL;M S ?H
=IHM?=O?H=C; F; >?M=?HNL;FCT;=CdH >?F M;<?L ?OLI=jHNLC=I ?H V?F =IHN?RNI
>? OH =IH=?JNI GOFNCJIF;L >? F; )I>?LHC>;>X >?GlM ?F ?MNO>CI >? F;M
@O?HN?M ;G?LC=;H;M >? MO I<L; W?M=LCN;M O IL;F?MW L?P?F; B;MN; KOj JOHNI
98 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

#?IAL;@g; >? F;M JF;HN;M MI<L? ?F ,C=I >? 0?H?LC@?

F; =IHMNLO==CdH >?F M;<?L BOG<IF>NC;HI CH=FOS? N;G<CjH >? OH GI>I


CHj>CNI B;MN; ?HNIH=?M ?F M;<?L >? FIM ;G?LC=;HIM MI<L? MO JLIJCI
GOH>I JIL FI KO? MO ?M=LCNOL; ;F CH=FOCL FIM =IHI=CGC?HNIM >? FIM M;<CIM
=LCIFFIM ? CH=FOMI F; CH@ILG;=CdH >? FIM CH>gA?H;M JL?M?HN; OH =;Ll=N?L
JIFC@dHC=I S >C;FdAC=I
!H ?F JF;HI >? F; L?JL?M?HN;=CdH >? FIM L?MOFN;>IM =C?HNg@C=IM >? MO PC;D?
$OG<IF>N G;HC@?MNd OH; P?L>;>?L; I<M?MCdH JIL J?L@?==CIH;L MOM G?>CIM
?RJL?MCPIM OM=;H>I F; G;H?L; >? NL;HMGCNCL S >CPOFA;L ?H MgHN?MCM =IGJL?HMC
<F?M FIM L?MOFN;>IM >?F ;HlFCMCM =C?HNg@C=I MO I<L; JO?>? F??LM? =IGI OH AL;H
?RJ?LCG?HNI M?GCdNC=I ?H ?F KO? ?H=IHNL;GIM F; CHP?H=CdH >? MCMN?G;M >?
MCAHIM =IHP?H=CIH;F?M M? F? >?<? F; CHP?H=CdH >? F;M FgH?;M CMIN?LG;M S OH
MCMN?G; >? J;MCAL;@g; J;L; FIM ;FOGHIM >? A?IFIAg; ?H )jRC=I ?F >C<ODI >?
J?L@CF?M NIJIALl@C=IM J;L; =IGJ;L;L L?FC?P?M I MOM V=O;>LIM @gMC=IMX >IH>?
GO?MNL; ?MKO?GlNC=;G?HN? F; >CMNLC<O=CdH S F; <CI>CP?LMC>;> >? F;M JF;HN;M ?H
L?F;=CdH =IH F; ;FNCNO> MOJ?L;H>I ;Mg F;M >?M=IHN?RNO;FCT;>;M N;RIHIGg;M <INl
?FjH ;MNLI )IL;F?M 99

HC=;M >? (CHH?I 0;G<CjH M? CHM=LC<? ?H ?M? ?RJ?LCG?HN;FCMGI ?F =OC>;>I JIL


?MN;<F?=?L ?F >ClFIAI ?HNL? MO N?RNI S FIM AL;<;>IM ?H )B2@ 12@ 0<?1699W?2@K
>IH>? @CDd VPCMN;MX H;NOL;F?M >? GjLC=; S ;H;LC;M ;Mg =IGI I<D?NIM ;LKO?I
FdAC=IM >?M=IHI=C>IM ?H !OLIJ; !H FIM V=O;>LIMX >? ;@605A2; 12? ".AB?
<OM=;H>I VOH; G;H?L; ?MNjNC=; >? NL;N;L F;M =C?H=C;M H;NOL;F?MX S >? NL;HMGCNCL
?F M?HNCGC?HNI >? F; H;NOL;F?T; MCHNCd KO? MO ?M=LCNOL; =C?HNg@C=; 1242;2?./. ?H
JLIM; JIjNC=; ? ;Bg F; L?CN?L;>; FF;G;>; >?F PC;D?LI J;L; KO? FIM ;LNCMN;M L?=L?
;L;H =IH FIM G?>CIM MCHNjNC=IM >? MO ;LN? ?F ;OL; ?MNjNC=; KO? ?HPO?FP? FIM
I<D?NIM KO? F; =C?H=C; >?<? ;H;FCT;L Mg CH@FOSd >CL?=N;G?HN? ?H ?F >?M;LLIFFI >?
F; FCN?L;NOL; >?M=LCJNCP; S >? F; JCHNOL; >? J;CM;D? GC?HNL;M JIN?H=C;<; =IHM=C?H
N?G?HN? OH 12@0B/?6:62;A< 2@AYA60< >? F; H;NOL;F?T; =;H;LC; S ;G?LC=;H; KO?
>;Lg; MOM @LONIM <;DI F; HO?P; M?HMC<CFC>;> LIGlHNC=;

E( 26K 8795*7-

KO?F IFPC>;>I =CLOD;HI S <INlHC=I


@L;H=jM ; KOC?H $OG<IF>N =IHMC>?Ld
CGJL?M=CH>C<F? J;L; ?F jRCNI >? MO ?RJ?
>C=CdH ;G?LC=;H; =IF?==CIHd OH B?L
<;LCI =IH OH;M JF;HN;M =IH
GCF?M >? ?D?GJF;L?M B;MN; ?HNIH=?M
>?M=IHI=C>IM ?H !OLIJ; *I B;=?
GO=BI M? B; JI>C>I ?MNO>C;L MO
<B?;.9 /<A.;6>B? OH =IHDOHNI >?
MC?N? =O;>?LHIM >? =;GJI L?>;=N;>IM
?H @L;H=jM S ?H F;NgH ;Mg =IGI F; =IF?=
=CdH >? CGJL?MCIH?M >CL?=N;M >? JF;HN;M
NCHN;>;M MI<L? J;J?F KO? ;F GI>I
>? GIHINCJIM C>?;LIH FIM H;NOL;
FCMN;M J;L; @CD;L MO ;MJ?=NI JL?I=O
J;>IM JIL FIM ?MNL;AIM >?F =FCG;
BbG?>I ?H MOM B?L<;LCIM CGj IHJF;H>
100 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

IHJF;H> MdFI NL;<;Dd >CM=IHNCHO;G?HN? B;MN; ?H F; L?>;==CdH >?


F;M >IM JLCG?L;M J;LN?M >? F; V INlHC=;X S >? F;M "<C. 42;2?. 2A @=2062@
=9.;A.?B: J;L; ?F )<F.42 J?LI F;M >?Dd CH=IH=FOM;M !HNL? S
?MNOPI ;<MIL<C>I JIL MO =;LAI >? CHN?H>?HN? S <INlHC=I >?F D;L>gH >?
JF;HN;M ?RdNC=;M >? &IM?@CH; IH;J;LN? S ?H =O;H>I FIM IL<dH
I=OJ;LIH ?F NLIHI >? "L;H=C; >?=C>Cd L?AL?M;L ; GjLC=; !H MOM @L?=O?HN?M
PC;D?M ; (IH>L?M ?F <INlHC=I B;<g; =IF;<IL;>I ;=NCP;G?HN? =IH )CL;H>; S
FIM FC<?L;F?M =LCIFFIM KO? ILA;HCT;<;H >?M>? ;FFg F; CH>?J?H>?H=C; >? F;M
=IFIHC;M S ?H ;=?JNd F; CHPCN;=CdH >? MOM ;GCAIM .CP;>;PC; /;LL;N?; S
?FAL;HI JLd=?L?M >? F; CH>?J?H>?H=C; ;LA?HNCH; =IHMOG;>; ?M? GCMGI
;eI ?G<;L=;H>I B;=C; O?HIM CL?M =IH F; GCMCdH >? @OH>;L ?F &;L>gH
INlHC=I S ?F )OM?I >? $CMNILC; *;NOL;F
$OG<IF>N NOPI KO? L?=OLLCL ?HNIH=?M ; INLIM <INlHC=IM =IGI MO ;GCAI
3CFF>?HIQ KO? JLIHNI @;FF?=Cd S @CH;FG?HN? ; ';LF / 'OHNB J;L; N?LGCH;L
FIM NIGIM MI<L? <INlHC=; =IH ?F ;AL;P;HN? >? KO? IHJF;H> M? B;<g;
FF?P;>I MO B?L<;LCI S FIM =O;>?LHIM >? =;GJI OHKO? 'OHNB FIALd L?=O
J?L;L ?F <B?;.9 /<A.;6>B2 =O;H>I IHJF;H> S; M? ?H=IHNL;<; ?H ?F JO?LNI
>? (? $;PL? >CMJO?MNI ; ?G<;L=;L HI NOPI ?F GCMGI jRCNI =IH ?F B?L<;LCI
JIL FI KO? MO NL;<;DI M? >?M;LLIFFd =IH AL;H>?M =;L?H=C;M S >C@C=OFN;>?M
B;MN;
IGI F; ;ACN;>; MCNO;=CdH JIFgNC=; ;LA?HNCH; L?NL;M;<; MOM JLIS?=NIM
IHJF;H> NL;<;Dd ?H O?HIM CL?M =IGI Gj>C=I S >CPOFA;>IL >? =O?M
NCIH?M <INlHC=;M ?H F; H;=C?HN? JL?HM; =C?HNg@C=; JILN?e; S FO?AI >?M>?
=IGI JLI@?MIL >? $CMNILC; *;NOL;F >? F;M ,LIPCH=C;M 1HC>;M !H
L?=B;Td ?F HIG<L;GC?HNI >? =;N?>LlNC=I >? )?>C=CH; >?F %HMNCNONI
)j>C=I )CFCN;L S M? >?>C=d ; B?L<ILCT;L S ; =IF?==CIH;L ;HCG;F?M S @dMCF?M
?H P;LC;M TIH;M >?F J;gM FF?A;H>I B;MN; ,;L;AO;S ?MI<?>?=C?H>I FIM
NjLGCHIM >?F J?LGCMI =IH=?>C>I >?=C>Cd HI L?AL?M;L ; O?HIM CL?M S
?MN;<F?=?LM? ?H ILLC?HN?M /? =IHPCLNCd ?HNIH=?M ?H OH ;LLC?MA;>I
J?LMIH;D? >? F; @LIHN?L; KO? ?H F; TIH; =IH@FC=NCP; >? )CMCIH?M >CMJO
N;>; JIL ?F >C=N;>IL J;L;AO;SI ?GJL?H>Cd OH; ?RJFIN;=CdH >? G;N?
<;DI F; JLIN?==CdH >?F =;O>CFFI .;GgL?T >? !HNL? .gIM (IM MIF>;>IM >?F
?FjH ;MNLI )IL;F?M 101

>C=N;>IL J;L;AO;SI &IMj #;MJ;L .I>LgAO?T >? "L;H=C; ;F J;L?=?L J?LDO


>C=;>I ?H MOM CHN?L?M?M G?L=;HNCF?M JIL F; =IGJ?N?H=C; >? IHJF;H>
;LL;M;LIH F; JF;HN;=CdH ?H S M? FI FF?P;LIH JL?MI ;=OM;>I =IGI
MIMJ?=BIMI >? ?MJCIH;D? I =IHMJCL;=CdH OL;HN? FIM HO?P? ;eIM >?
M?=O?MNLI ?H ?F JO?<FI >? /;HN; );Lg; ;D?HI ; FIM P;HIM CHN?HNIM >?
FC<?L;=CdH ?GJL?H>C>IM JIL $OG<IF>N IFgP;L S INLIM ;FNIM G;H>;N;LCIM
?OLIJ?IM S ;G?LC=;HIM ?F <INlHC=I JO>I CHP?MNCA;L MI<L? JF;HN;M ;ONd=
NIH;M S MI<L? MO OMI ?H F; @;LG;=IJ?; CH>gA?H; ?D?L=?L F; G?>C=CH; W; F;
KO? @O? CH=ILJIL;H>I =IHI=CGC?HNIM FI=;F?MW S OHCLM? ; F; BCD; >?F
=;=CKO? #O;=BCLj =IH F; KO? NOPI >IM BCDIM
!H =O;H>I JIL @CH PIFPCd ; F; LA?HNCH; M? ?MN;<F?=Cd OH NC?GJI
?H O?HIM CL?M S @CH;FG?HN? L?AL?Md ; /;HN; H; ?H )CMCIH?M >?M>?
>IH>? ?HPC;<; GO?MNL;M ; FIM D;L>CH?M <INlHC=IM ?OLIJ?IM S ;FAOH;M =IF;
<IL;=CIH?M ; 9 $9.A. 62;A6360< F 6A2?.?6< /O ;=NCPC>;> GlM CGJILN;HN?
?HNIH=?M @O? F; J;LNC=CJ;=CdH ?H F; L?MCMN?H=C; ;F =;O>CFFI &O;H );HO?F >?
.IM;M ;F KO? =IG<;NCd =IH ,;T S (;P;FF? /IFI S ?HNL?A;>I ; MOM CHP?MNC
A;=CIH?M @;FF?=Cd ; F; ?>;> >? ;eIM GC?HNL;M H;P?A;<; JIL ?F LgI
1LOAO;S ?M>? MO @LIHN?L; KO? ?L; N;G<CjH OH; @LIHN?L; >?F =IHI=C
GC?HNI >?Dd KO? NI>IM FIM @I=IM >?F jRCNI CFOGCH;L;H ; $OG<IF>N S M?
GIMNLd CH>C@?L?HN? ; FIM BIHIL?M KO? F? >CMJ?HM;<;H F;M CHMNCNO=CIH?M
@L;H=?M;M S ;F?G;H;M
$OG<IF>N HI L?AL?Md ; GjLC=; =IGI B;<g; JLIS?=N;>I S ;LLOCH;>I
JIL F; ?>C=CdH >? MOM I<L;M ?HNLd ;F M?LPC=CI >?F GIH;L=; JLOMC;HI ,?LI
HOG?LIMIM NIJdHCGIM ;G?LC=;HIM OH; =ILLC?HN? G;LCH; CHMNCNO=CIH?M S
B;MN; OH G;L >? F; (OH; FF?P;H MO HIG<L? )C?HNL;M FIM GIHOG?HNIM S FIM
BIG?H;D?M KO? M? F? B;H >?>C=;>I >OL;HN? >IM MCAFIM L?@O?LT;H MO >CG?H
MCdH ACA;HN?M=; INLIM B;H PCMNI ?H ?F H;NOL;FCMN; ; OH CHPIFOHN;LCI >CPOF
A;>IL >? F;M LCKO?T;M ;G?LC=;H;M KO? F;M JIN?H=C;M H?I=IFIHC;F?M M?
F;HT;LIH ; M;KO?;L )C?HNL;M N;HNI F; CHP?MNCA;=CdH MCAO? L?P?FlH>IHIM F;M
CH;AIN;<F?M @;=?N;M >? OH =C?HNg@C=I BOG;HCMN; >? AL;H CH@FO?H=C; KO?
J?HMd ?F GOH>I ; ?M=;F; JF;H?N;LC; S KO? >?@CHCd ?F P;FIL =IHMNLO=NCPI S
JLIAL?MCMN; >? F; =C?H=C; =IGI OH; >? VF;M ;LN?M >? F; J;TX
102 F?R;H>?L PIH $OG<IF>N =C?H=C; jNC=; S ?MNjNC=; >? MO NL;P?Mg; ;NFlHNC=;

+ % .+) qw $ F@L?>I :.1< <;=9.;1 .?.6 ?.;1B


MOH=CdH !F (?=NIL

+00%*# IOAF;M B:/<91A F 29 <@:<@ )61. </?. F C6.72@ 12 B;


5<:/?2 B;6C2?@.9 ;L=?FIH; !>C=CIH?M >?F /?L<;F

+1.#!0 );LC? *IiFF? V!F GOH>I PCMNI >?M>? FI ;FNI >?F 0?C>?
F?R;H>?L PIH $OG<IF>N ?H 0?H?LC@?X & )IHN?MCHIM & +L>de?T S /
0IF?>I ?>M 62;06. F ?<:.;A606@:< );MJ;FIG;M "OH>;=CdH ;H;LC;
+LIN;P; >? $CMNILC; >? F; C?H=C;

/0.+ )+. (!/ ?FjH V F?R;H>?L PIH $OG<IF>N S FIM JO?<FIM


J?L>C>IM FIM AO;H=B?M ; NL;MFOTX &IMj ) +FCP?L ?N ;F ?>M @0?6AB?.@ F
?22@0?6AB?.@ 129 C6.72 !6?.1.@ =9B?.92@ . A?.CY@ 129 A62:=< F 12 9.@
0B9AB?.@ ?LH; ,?N?L (;HA

%+. *!/ 1 F?D;H>LI B:/<91A 2; '2;2?632 /;HN; LOT >? 0?H?LC@?


OF; >? OFNOL; >?F ;<CF>I %HMOF;L >? 0?H?LC@? ] ?>

!00! +NNG;L >CL 92E.;12? C<; B:/<91A 6: "2AG B:/<91A 2; 9. %21


.?PCMN; >CACN;F >?F %HMNCNONM @aL .IG;HCMNCE >? F; 1HCP?LMC>;> >? ,INM>;G S
>?F %HMNCNONI >? C?H=C;M >? ?LFgH BNNJ QQQ OHC
JINM>;G >? O LIG;HCMNCE BOG<IF>N

$1) +( 0 F?R;H>?L PIH )<F.42 .BE %Y46<;@ Y>B6;<E6.92@ 1B


"<BC2.B <;A6;2;A .6A 2; 2A =.?
9 2 B:/<91A 2A <;=9.;1 ,;LgM /=BI?FF O@IOL );T? ?N #OC>?
7!>C=CdH GIHOG?HN;F ?H PIFbG?H?M8

$1) +( 0 F?R;H>?L PIH <@:<@ ;@.F< 12 B;. 12@0?6=06S; 3V@60.


129 :B;1< 0L;>O==CdH >? ?LH;L>I #CH?L S &IMj >? "O?HN?M );>LC>
%GJL?HN; >? #;MJ;L S .ICA
?FjH ;MNLI )IL;F?M 103

$1) +( 0 F?R;H>?L PIH )6.72 . 9.@ ?246<;2@ 2>B6;<006.92@ 129 ;B2C<


0<;A6;2;A2 . 0L;>O==CdH >? (CM;H>LI FP;L;>I ;L;=;M
)CHCMN?LCI >? !>O=;=CdH

$1) +( 0 F?R;H>?L PIH )6.72 . 9.@ @9.@ .;.?6.@ 0L;>O==CdH >?


(CM;H>LI FP;L;>I !>C=CdH >? );HO?F $?LHlH>?T #IHTlF?T (; (;AOH;
"L;H=CM=I (?GOM !>CNIL ] ?> ;OG?HN;>; $2?:.;2;06. 2; '2;2?632
/;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;

$1) +( 0 F?R;H>?L PIH ;@.F< =<9VA60< @</?2 9. @9. 12 B/. !> >?
)CAO?F wHA?F ,OCA /;GJ?L IHMO?FI *;L;HDI +LIPCI S LG;H>I #;L=g;
#IHTlF?T );>LC> !>C=CIH?M I=? ;FF?M S &OHN; >? ;MNCFF; S (?dH

$1) +( 0 F?R;H>?L PIH B.1?<@ 12 9. ;.AB?.92G. 0L;>O==CdH >?


?LH;L>I #CH?L !>C=CdH >? )CAO?F wHA?F ,OCA /;GJ?L S /;H>L; .?<IE
);>LC> (IM (C<LIM >? F; ;N;L;N;

$ +(( "L;HE 7?> 8 927.;1?< 12 B:/<91A B;. ;B2C. C6@6S; 129


:B;1< 7 ;NlFIAI >? F; ?RJIMC=CdH8 );>LC> (OHQ?LA !>CNIL?M

)%*#1!0 B;LF?M 927.;1?< 12 B:/<91A 56@A<?6.1<? F 42S4?.3< 12 9.


:Y?60. @=.T<9. 0L;>O==CdH >? &ILA? ,;>gH 2C>?F;
)jRC=I 1* )

,1%# / ),!. )CAO?F wHA?F 7=IIL> 8 927.;1?< 12 B:/<91A F 29


:B;1< 56@=];60< . :<12?;61.1 F 9. 6;12=2;12;06. .:2?60.;. 2/.A2
F =2?@=20A6C.@ H^ "OH>;=CdH $CMNdLC=; 0;P?L; );>LC>

.! +'/;H>L; S )CAO?F wHA?F ,1%# / ),!. 7?>M 8 927.;1?< 12


B:/<91A 646A.9 7 2 8 );>LC> "OH>;=CdH %AH;=CI (;LL;G?H>C
105

* *,=2?2-*- 9.<:>.;* ,*7*;2* <.0G7 5*< A .;=1.58=

(*2B* "*7=8< K;.B

(
; JLIRCGC>;> A?IALl@C=; >?F <;H=I M;B;LC;HI B; =IHP?LNC>I >OL;HN?
MCAFIM F; J?M=; ?H ;H;LC;M ?H OH; >? F;M ;=NCPC>;>?M ?=IHdGC=;M GlM
CGJILN;HN?M !MN? ;@FIL;GC?HNI =IMN?LI >? ?RNL;IL>CH;LC; LCKO?T; S
AL;H P;LC?>;> >? J?=?M B; J?LGCNC>I ?F >?M;LLIFFI >? OH =;F;>?LI ?R=?F?HN?
J;L; HO?MNLIM <;L=IM J?MKO?LIM
!H ?F MCAFI 42%%% ?F CHG?HMI G;L >?MJ?LNd ?F CHN?LjM >? FIM H;NOL;FCMN;M
KOC?H?M >OL;HN? MOM NL;P?Mg;M JIL FIM I=j;HIM ?MNO>C;LIH HI MdFI MO @FIL; S
MO @;OH; MCHI N;G<CjH MO >CHlGC=; F?R;H>?L PIH $OG<IF>N ?H MO PC;D? ;
F; =IMN; I==C>?HN;F ;G?LC=;H; >?M=LC<Cd F; =ILLC?HN? G;LCH; KO? BIS ?H >g;
FF?P; MO HIG<L? ?F;<IL;H>I S; OH ?M<ITI >? N?ILg; MI<L? ;@FIL;GC?HNIM
=IMN?LIM N;F S =IGI M? ;JOHN; ?H OH; =;LN; >? >? M?JNC?G<L? >?
?HPC;>; ;F N;G<CjH H;NOL;FCMN; B;LF?M ;LQCH

)? BO<C?M? AOMN;>I B;<F;L =IH 1> GlM ;=?L=; >? F; =ILLC?HN? >? ;AO; @Lg;
KO? <IL>?; F;M =IMN;M >?F ,?Lb MI<L? F; =O;F SI G? I=OJj N;HN;M P?=?M
JILKO? SI =L?I KO? GI>C@C=; ?F =FCG; >? F; =IMN; 7Y8 1> >?<? B;<?L PCMNI
F; =;LN; >? =ILLC?HN? >? ;AO; >?F =;JCNlH OJ?LL?S KOC?H =L?? KO? OH LgI >?
;AO; @Lg; @FOS? >?M>? ?F MO>I?MN? S AIFJ?; F; =IMN; >? BCF? ?H F;NCNO> ;
^ / S?H>I B;=C; ?F HILN? S MOL >? FIM BIHIM ; FI F;LAI >? F; =IMN; >?F
,?Lb 7Y8 -O? ?F G;L MC?GJL? M?; @LgI ?HNL? F;M CMF;M #;FlJ;AIM ?M HIN;<F?
S; KO? ?F ;L=BCJCjF;AI ?MNl ;F HILN? >? F; FgH?; >IH>? =?L=; >?F =;<I ,;LCe;
=?L=;HI ; F; J;LN? =IHP?R; >? /O>;GjLC=; F; =ILLC?HN? @Lg; =;G<C; MO
=OLMI B;=C; ?F I?MN? !HNL? F;M CMF;M LI=IM;M ;Mg =IGI MI<L? FIM <IL>?M >? FIM
<;H=IM OHI ?H=O?HNL; ;FAOHIM LC;=BIM >? ;AO; @Lg; KO? JLIPC?H?H >? F;
JLI@OH>C>;> >?F I=j;HI !MN;M MIH =ILLC?HN?M ;M=?H>?HN?M ;F CAO;F KO? F;M
=ILLC?HN?M >?M=?H>?HN?M >? ;CL? KO? OHI MC?HN? ;F JC? >? F;M =IL>CFF?L;M
106 (; ;=NCPC>;> J?MKO?L; =;H;LC; M?AbH #F;M S ?LNB?FIN

?LA;HNgH =;H;LCI J?M=;H>I ?H F; =IMN; ;@LC=;H;

$OG<IF>N =IHMC>?L;>I J;>L? >? F; I=?;HIAL;@g; @gMC=; HIM CHNLI>O=? ;Mg


?H FIM @?HdG?HIM >? ;@FIL;GC?HNIM =IMN?LIM KO? ; J?M;L >? MO =IGJF?DC>;>
?MNlH <C?H ?MNO>C;>IM BIS ?H >g; S =IHMCMN?H @OH>;G?HN;FG?HN? ?H F; ?F?P;
=CdH >? ;AO;M JLI@OH>;M >? G?HIL N?GJ?L;NOL; GOS LC=;M ?H HONLC?HN?M
KO? =IHPC?LN?H JIL ?FFI ;FAOH;M TIH;M >?F I=j;HI ?H lL?;M >? ;FN; JLI>O=NC
PC>;> J?MKO?L; =IGI ?M ?F =;MI >?F <;H=I =;H;LCI M;B;LC;HI
!F JLCG?L PC;D?LI KO? BCTI OH; >?M=LCJ=CdH >?N;FF;>; >? F; J?M=; =;H;LC;
?H F; =IMN; >? ?L<?Lg; @O? ?F G;LCH?LI S =IG?L=C;HN? ?M=I=jM #?ILA? #F;M
?H MO FC<LI '52 56@A<?F <3 A52 16@0<C2?F .;1 0<;>B2@A <3 A52 .;.?F @9.;1@
!MN? NOPI F; IJILNOHC>;> >? I<M?LP;L >CL?=N;G?HN? F; ;=NCPC>;> >?
FIM J?M=;>IL?M =;H;LCIM S F; >?M=LC<? ?H >?N;FF? ?H MO I<L; V!F HbG?LI >?
<;L=IM ?GJF?;>I ?H ?MN; J?M=; ?M >? NL?CHN; NC?H?H >? KOCH=? ; =CH=O?HN;
NIH?F;>;M >? =;J;=C>;> ?F GlM J?KO?eI NC?H? OH; NLCJOF;=CdH >? KOCH=?
BIG<L?M S ?F G;SIL >? =CH=O?HN; !MNlH =IHMNLOC>IM ?H F;M CMF;M S NLCJOF;>IM
JIL CMF?eIMX
(IM <;L=IM M? >CLCAg;H ; F; =IMN; >? ?L<?Lg; S J?M=;<;H JLCG?LI ?MJ?=C?M
KO? F?M MCLPC?L;H >? =?<I =IGI ?F N;M;LN? S F; ;HDIP; !H ;AO;M >? G;SIL
JLI@OH>C>;> =?<;<;H FIM ;HTO?FIM =IH F; =;LH;>; =;JNOL;>; S J?M=;<;H
5;CT; /;HNIM ,jL?T 107

M?AbH MOM J;F;<L;M VM;G;M I /?2.: =IGI FIM FF;G;GIM HIMINLIM S


=B?LH? I ;<;>?DI I <;=;F;IX #F;M B;=? BCH=;JCj ?H ?F GjNI>I >? M;F;TdH
>? FIM J?M=;>IL?M =;H;LCIM S MOAC?L? M;F;L OH; M?AOH>; P?T J;L; G?DIL;L
>C=B; JLl=NC=; ;F ?MNCFI >? FIM @L;H=?M?M ?H 0?LL;HIP; =OSIM J?M=;>IM M?
=IHM?LP;<;H >OL;HN? GlM >? M?CM M?G;H;M ? CH=FOMI B;MN; >IM G?M?M
?MN;=; ;MCGCMGI ?F ;LN? >? <;LFIP?HN?;L >? FIM <?LA;HNCH?M =;H;LCIM S B;<F;
N;G<CjH >? F;M L?F;=CIH?M ?HNL? FIM J?M=;>IL?M S FIM ;@LC=;HIM JLIBC<C>;M JIL
?F AI<C?LHI ?MJ;eIF ; J?M;L >? =IHMNCNOCL OH <?H?@C=CI GONOI ?H =O;HNI ;
CHN?L=;G<CI >? bNCF?M ;J;L?DIM S ;FCG?HNIM /?AbH #F;M V?F NC?GJI ;KOg S
NI>I FI >?GlM =IH=OLL? ; KO? M?;H F;M G?DIL?M J?MKO?Lg;M >?F OHCP?LMIX
0;H =IHP?H=C>I ?MN;<; >? ?MN? @ILGC>;<F? JLIP?=BI KO? M? ?MN;<F?=Cd ?H F;
=IMN; ;@LC=;H; J;L; CGJOFM;L S A?MNCIH;L OH; @;=NILg; J?MKO?L; =IG?L=C;F
W,ILN $CFF<ILIOABW ?H /;HN; LOT >? F; );L ,?KO?e; <;Bg; >? ,O?LNI
;HM;>I ; OHIM EG ;F *! >? ;<I &O<S
,IL >?MAL;=C; #F;M B;<g; MC>I ;=OM;>I >? ?MJCIH;D? S @O? @CH;FG?HN?
;JL?M;>I JIL ?F AI<C?LHI ?MJ;eIF 0L;M MO ?H=;L=?F;GC?HNI OH; P?T FC<?
L;>I JOMI LOG<I ; %HAF;N?LL; DOHNI ; MO @;GCFC; !H ?MN? ;=C;AI PC;D? >?
PO?FN; jF MO GOD?L S MO BCD; GOLC?LIH >? @ILG; NLlAC=; NL;M ILCACH;LM? OH
GINgH J;L; LI<;LF?M
(;G?HN;<F?G?HN? F;M =IHMC>?L;=CIH?M >? #F;M MI<L? F; AL;H LCKO?T; >?F
<;H=I ;@LC=;HI @O?LIH CAHIL;>;M JIL ?F AI<C?LHI ?MJ;eIF KO? HI CHPCLNCd ?H
G?DIL;M N?=HIFdAC=;M J;L; ?MN;
J?MKO?Lg; J?LG;H?=C?H>I ?RJFIN;>;
MdFI JIL FIM =;H;LCIM S MOM ;LN?M NL;>C
=CIH;F?M
J;LNCL >?F NL;N;>I >? 1NL?=BN ?H
M? =IHMIFC>d F; MI<?L;Hg; <LCNl
HC=; MI<L? 0?LL;HIP; S MOM <;H=IM
J?MKO?LIM IGI =IHM?=O?H=C; >?
?MNI =IG?HT;<; F; <bMKO?>; @L;H=?M;
>? =;F;>?LIM J;L; MO @FIN; S M? CH=L?
G?HN;LIH FIM ?H=;LAIM >? NL;<;DIM %FOMNL;=CdH >? OH; M;G; I &2??.;B@ .0BA6?<@A?6@
=C?HNg@C=IM =IH ?F @CH >? ;@LIHN;L @CAOL; CH@?LCIL
108 (; ;=NCPC>;> J?MKO?L; =;H;LC; M?AbH #F;M S ?LNB?FIN

!MNO>CI MI<L? ?F ?GJF;T;GC?HNI >? OH; @;=NILg; M;F;>IL; ?H (; #L;=CIM;

CHP?MNCA;=CIH?M L?F;NCP;M ; F; J?M=; ?H >C@?L?HN?M J;LN?M >?F GOH>I !M ?F


=;MI >?F H;NOL;FCMN; S =dHMOF @L;H=jM ?H 0?H?LC@? /;<CH ?LNB?FIN ; KOC?H
?H M? F? ?H=IG?H>d ?F ?MNO>CI >? F; J?M=; ?H ?F )?>CN?LLlH?I
>?<C>I ?H AL;H J;LN? ; MOM ;HN?LCIL?M CHP?MNCA;=CIH?M J?MKO?L;M ?H ?F
<;H=I M;B;LC;HI
?LNB?FIN B;<g; JO<FC=;>I ?H FIM @LONIM >? MOM ?MNO>CIM S I<M?LP;
=CIH?M MI<L? F; J?M=; ?H F; =IMN; I==C>?HN;F ;@LC=;H; ?H OH; I<L; KO? M?
NCNOFd 2 9. =X052 @B? 9. 0RA2 <00612;A.92 1 3?6>B2 2A YA./96@@2:2;A@ 92@ =9B@
BA692@ .BE =?<4?W@ 12 02AA2 6;1B@A?62 >IH>? ;H;FCT;<; FIM >C@?L?HN?M ;MJ?=NIM
>? F; J?MKO?Lg; =;H;LC; ?RJFC=;<; F;M GCAL;=CIH?M >? J?=?M S I@L?=g; OH LC=I
=;NlFIAI >? ?MJ?=C?M >? CHN?LjM J?MKO?LI !MN? FC<LI >? ?LNB?FIN L?MOFN;
CAO;FG?HN? CFOMNL;NCPI JIL MOM >?M=LCJ=CIH?M >? F; =IMN; >? ?L<?Lg; JIL MOM
?MNO>CIM >? FIM GI>IM >? J?M=; S JIL F;M =IGJ;L;=CIH?M ?HNL? F; ;=NCPC>;>
J?MKO?L; ?H w@LC=; S ?H 0?LL;HIP; >? F; KO? >?MN;=; F;M P?HN;D;M >? F;
JLCG?L; L?MJ?=NI ; F; M?AOH>; %H>C=; JIL ?D?GJFI KO? F;M =IH>C=CIH?M
;G<C?HN;F?M >? F; =IMN; ;@LC=;H; MIH GO=BI G?DIL?M KO? F;M >? 0?LL;HIP;
JIL FI KO? M? @;=CFCN; F; H;P?A;=CdH S ?F NL;<;DI ,IL ?MI >C=? ?LNB?FIN KO?
VFIM =;H;LCIM JL?MOG?H >? HI B;<?L J?L>C>I D;GlM OH MIFI <;L=IX ,IL INLI
5;CT; /;HNIM ,jL?T 109

F;>I ;@CLG; KO? F; =IMN; ;@LC=;H; I@L?=? G;SIL HbG?LI >? ?MJ?=C?M ;>?=O;>;M
J;L; F; M;F;TdH KO? F;M ;AO;M >? 0?LL;HIP; S ;>PC?LN? >? F; CGJILN;H=C; >?
G?DIL;L ?F GjNI>I >? M;F;TdH ?H ;H;LC;M
IHP?H=C>I >? F; JLIMJ?LC>;> >? F; CH>OMNLC; J?MKO?L; ?H F;M CMF;M S
N?HC?H>I ?H =O?HN; FIM CHN?L?M?M @L;H=?M?M =IH=FOS? MO I<L; JLIJIHC?H>I F;
O<C=;=CdH >? ?GJL?M;M >? M;F;TdH L?J;LNC>;M JIL >C@?L?HN?M JOHNIM >? F;
=IMN; =;H;LC; S ;@LC=;H; >? F;M KO? OH; >? F;M GlM =IHI=C>;M ?M F; >? (;
#L;=CIM; IGI =CN; ?LNB?FIN V(;M ?GJL?M;M KO? SI JLIJIHAI >?J?H>?H
?H AL;H J;LN? >? F; JLIN?==CdH >?F AI<C?LHI 7Y8 (; J?M=; ?H F; =IMN; I==C
>?HN;F >? w@LC=; ?M MOM=?JNC<F? >? OH >?M;LLIFFI CFCGCN;>IX

!.0$!(+0 /;<CH 2 9. =X052 @B? 9. 0RA2 <00612;A.92 1 3?60. 2A 12@ YA./96@


@2:2;A@ 92@ =9B@ BA692@ .BE =?<4?W@ 12 02AA2 6;1B@A?62 ,;LgM jNBOH? ?N ,FIH
!.0$!(+0 /;<CH _AB12@ @B? 92@ =X052@ :.?6A6:2@ 1.;@ 9. !Y16A2??.;Y2 2A
9 #0Y.; ;L MOL O<? )G? &;L>?;OR .;S
!.0$!(+0 /;<CHI %20B2?1<@ F =6@A<9.?6< 0L;>O==CdH S
JLdFIAI >? (OCM C?AI OM=IS (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
#( / #?ILA? '52 56@A<?F <3 A52 16@0<C2?F .;1 0<;>B2@A <3 A52 .;.?F
@9.;1@ A?.;@9.A21 3?<: . &=.;6@5 :.;B@0?6=A 9.A29F 3<B;1 6; A52 6@9.;1 <3
$.9:. D6A5 .; ;>B6?F 6;A< A52 <?646; <3 A52 .;062;A 6;5./6A.;A@ A< D5605
6@ .1121 . 2@0?6=A6<; <3 A52 .;.?F @9.;1@ 6;09B16;4 A52 :<12?; 56@A<?F
<3 A52 6;5./6A.;A@ .;1 .; .00<B;A <3 A526? :.;;2?@ 0B@A<:@ A?.12
(IH>L?M ,LCHN?> @IL . ;H> & I>MF?S ;H> 0 OLB;G
#( / #?ILA? 2@0?6=06S; 12 9.@ @9.@ .;.?6.@ 0L;>O==CdH >?
IHMN;HNCHI TH;L /;HN; LOT >? 0?H?LC@? %HMNCNONI >? !MNO>CIM ;H;LCIM
S #IS; !>C=CIH?M
111

8>2< 8;-2.; A 58< 272,28< -. 58< .<=>-28< 0.85H02,8<

8<K 52?.; 5*;* >;.55 .;=* 2,8 A ;2<=27* -. $;2*;=.

(
; CH?FO>C<F? ;NL;==CdH KO? >?M>? MC?GJL? B; MOM=CN;>I ?F 0?C>? DOHNI =IH F;M
J?=OFC;L?M =;L;=N?LgMNC=;M >?F MO?FI >? F;M %MF;M ;H;LC;M JLIJC=Cd KO? F;
G;SILg; >? FIM H;NOL;FCMN;M ?OLIJ?IM KO? PCMCNd ?F L=BCJCjF;AI JL?MN;L; OH;
?MJ?=C;F ;N?H=CdH ; MO A?IFIAg; (IM JLCG?LIM ?MNO>CIM ?RB;OMNCPIM ?H ?MN? lG<CNI
M? >?<?H ; (?IJIF> PIH O=B KO? ?H ?F JLCG?L N?L=CI >?F MCAFI 4%4 L?=ILLCd F;M CMF;M
S FIALd >;L OH; ?RJFC=;=CdH MdFC>; ;=?L=; >?F ILCA?H S @ILG;=CdH >?F L?FC?P? CHMOF;L
(;M N?ILg;M KO? M? >?MJL?H>C?LIH >? F;M I<M?LP;=CIH?M ?@?=NO;>;M JIL ?MN?
A?dFIAI ;F?GlH M? =IHP?LNCLg;H ?H ?F JOHNI >? J;LNC>; >? F;M ?RJFIL;=CIH?M KO?
L?;FCT;Lg;H ; FI F;LAI >? F; M?AOH>; GCN;> >?F MCAFI 4%4 INLIM =C?HNg@C=IM W=IGI
MOM =IGJ;NLCIN;M ';LF PIH "LCNM=B #?ILA $;LNOHA S 3CFB?FG .?CMM I ?F ?M=I=jM
B;LF?M (S?FFW =OS;M I<L;M B;H MC>I =IHMC>?L;>;M L?@?L?H=C; CHMIMF;S;<F? J;L;
NI>IM ;KO?FFIM KO? JIMN?LCILG?HN? M? B;H >?>C=;>I ;F ?MNO>CI >? F; =IH@CAOL;
=CdH A?IGIL@IFdAC=; >? ?MN;M NC?LL;M
/CH ?G<;LAI MC ;FAOC?H ?GJL?H>C?L; ;FAbH >g; F; BCMNILC; >? F; A?IFIAg;
=;H;LC; WFI KO? HI ?M HC GO=BI G?HIM ?F JLIJdMCNI >? ?MN;M JlACH;MW MCH FOA;L ;
>O>;M N?H>Lg; KO? CHC=C;L MO L?=ILLC>I =IH (IOCM IL>C?L V?F JLCG?L PCMCN;HN? =C?HNg
@C=I >? F; GI>?LHC>;>X ?H J;F;<L;M >? INLI CFOMNL? PC;D?LI ?F <LCNlHC=I .C=B;L> "
OLNIH S ; KOC?H NI>IM FIM A?dFIAIM ;HN?M =CN;>IM HI >?D;H >? ;=O>CL J;L; CHC=C;L
MOM CHN?HMCP;M J?MKOCM;M ?H F;M %MF;M
,C?LL? (IOCM HNICH? IL>C?L H;=Cd ?F >? G;LTI >? ?H <<?PCFF? S
@;FF?=Cd ?H ,;LgM F; PgMJ?L; >? MO =OGJF?;eIM !H M? NL;MF;>d ; F; =;JCN;F
@L;H=?M; J;L; CHAL?M;L ?H F; !M=O?F; >? )CH;M >IH>? NOPI F; MO?LN? >? =IHN;L =IH
?F G;ACMN?LCI >? ?MJ?=C;FCMN;M N;H L?F?P;HN?M =IGI $;aS 2;OKO?FCH S MI<L? NI>I
IFIGC?O >? KOC?H M? =IHP?LNCLg; ?H ?F G?DIL S GlM @C?F ;FOGHI S <;DI =OS; >CL?=
=CdH L?;FCT;Lg; NL;M =IHM?AOCL ?F NgNOFI >? CHA?HC?LI >? GCH;M ; JLCH=CJCIM >?
MO JLCG?L PC;D? =C?HNg@C=I JIL FIM FJ?M
112 (IOCM IL>C?L S FIM CHC=CIM >? FIM ?MNO>CIM A?IFdAC=IM

O?H; J;LN? >? F; PC>; >? IL>C?L


?MNOPI G;L=;>; JIL F; L?F;=CdH =IH MO
G;?MNLI KO? ?H F? CHPCNd ;
@ILG;L J;LN? >? F; =jF?<L? ?RJ?>C=CdH ;
!ACJNI ILA;HCT;>; JIL *;JIF?dH
IH;J;LN? S KO? M? M;F>;Lg; =IH OH;
CHIFPC>;<F? ?RJ?LC?H=C; J;L; ;G<IM
=C?HNg@C=IM N;HNI ?H ?F JF;HI JLI@?
MCIH;F P;FCIM;M L?=IF?==CIH?M S I<M?LP;
=CIH?M ?H ?F 2;FF? >?F *CFI =IGI ?H
?F J?LMIH;F ?H@?LG?>;>?M JLCMCdH
CH;HC=CdHY ? IFIGC?O N;G<CjH
;JL?H>Cd ; HI M?L OH =C?HNg@C=I >? A;<C
H?N? FI KO? F? >?N?LGCHd ; L?;FCT;L =IH
OH; J?LCI>C=C>;> =;MC ;HO;F >CP?LMIM
PC;D?M JIL NI>; "L;H=C; S <O?H; J;LN?
(IOCM IL>C?L
>?F L?MNI >? !OLIJ; =IH ?F JLIJdMCNI >?
L?=IA?L GO?MNL;M GCH?L;FdAC=;M S ?@?=NO;L >CMNCHNIM ;HlFCMCM A?IFdAC=IM
/O F;LA; S ;=NCP; PC>; ;Mg =IGI MO N?MdH S MO =IHMN;HN? >?M?I >? >;LF? OH
M?HNC>I JLl=NC=I ; MO JLI@?MCdH FI FF?Pd ; >?M?GJ?e;L OH =IHMC>?L;<F? HbG?LI >?
@OH=CIH?M (; JLCH=CJ;F ;=NCPC>;> >? IL>C?L M? =?HNLd ?H F; >I=?H=C; S F; CHP?MNCA;
=CdH MC <C?H MOJI =IGJ;ACH;LF; =IH OH; ;L>O; F;<IL ?H ?F IHM?DI #?H?L;F >?
)CH;M JLCG?LI =IGI CHMJ?=NIL A?H?L;F S FO?AI =IGI JL?MC>?HN? FIM ;eIM
S; ?L; JLI@?MIL ;>DOHNI >? )CH?L;FIAg; ?H F; !M=O?F; >? )CH;M >IH>? M?Lg;
HIG<L;>I =;N?>LlNC=I >? #?IFIAg; ?H J;L; J;M;L KOCH=? ;eIM GlM N;L>? ;
M?LFI ?H ?F )OM?I *;=CIH;F >? $CMNILC; *;NOL;F >?F KO? FF?Ad ; M?L >CL?=NIL ?H
=O;NLI I=;MCIH?M B;=C?H>I KO? MOM @IH>IM GCH?L;F?M J;M;L;H >? GO?MNL;M
; GlM >? /OM MCHAOF;L?M Nj=HC=;M >? ;HlFCMCM >? FIM G;N?LC;F?M GCH?L;F?M
KO? OPC?L >?HIGCHd VGCH?L;FIAg; GC=LIM=dJC=;X MOJOMC?LIH OH; JLI@OH>;
L?HIP;=CdH >? FIM GjNI>IM ;JFC=;>IM B;MN; ?F GIG?HNI ;F NC?GJI KO? F? P;FC?LIH
?F L?=IHI=CGC?HNI >? MOM =IF?A;M FIM =O;F?M FI ;HCG;LIH ; @OH>;L ?H F;
/I=C?>;> #?IFdAC=; >? "L;H=C; >? F; KO? M?Lg; JL?MC>?HN? >OL;HN? P;LC;M >j=;>;M
MCGCMGI MO JL?MNCACI F? P;FCd F; >?MCAH;=CdH =IGI GC?G<LI >? P;LC;M =IGCMCIH?M
&IMj ) +FCP?L F;L; OL?FF ?LN; ,C=I S LCMNCH; # >? 1LC;LN? 113

?MN;N;F?M L?F;=CIH;>;M HI MdFI =IH ;MOHNIM >? MO ?MJ?=C;FC>;> MCHI =IH INLIM
PCH=OF;>IM ; F; CGJF;HN;=CdH >? F;M HO?P;M N?=HIFIAg;M >? F; jJI=; GlKOCH;M >?
P;JIL ;FOG<L;>I JIL A;M @?LLI=;LLCF ?N= !HNL? MOM HOG?LIM;M >CMNCH=CIH?M =;<?
>?MN;=;L F;M >? GC?G<LI >?F %HMNCNONI >? "L;H=C; >? F; =;>?GC; >? C?H=C;M S >?F
IHM?DI >? !MN;>I ;>?GlM >? FIM NgNOFIM >? IG?H>;>IL S #L;H +@C=C;F >? F;
(?ACdH >? $IHIL S ,;L >? "L;H=C;
F ?RN?HMI NL;<;DI >? =;N;FIA;=CdH KO? FF?Pd ; =;<I ?H ?F )OM?I *;=CIH;F
>? $CMNILC; *;NOL;F B;<Lg; KO? ;e;>CL FIM HOG?LIMIM ;LNg=OFIM G?GILC;M S
?HM;SIM KO? ?M=LC<Cd ?HNL? FIM KO? MI<L?M;F?H FIM >?>C=;>IM ; F; =F;MC@C=;=CdH >?
F;M LI=;M ; F; N?GJ?L;NOL; CHN?LCIL >? F; NC?LL; I ; F;M LI=;M PIF=lHC=;M ,IL
>?MAL;=C; HI M? JL?I=OJd GO=BI JIL ?>CN;LFIM >?<C>;G?HN? N;L?; KO? ; MO
GO?LN? ?GJL?H>?Lg; MO >CM=gJOFI B;LF?M > +L<CAHS
?F GlM >? G?>CI =?HN?H;L >? =;GJ;e;M =C?HNg@C=;M KO? ?GJL?H>Cd
IL>C?L F; MjJNCG; FI FF?Pd ?H ;<LCF >? ; 0?H?LC@? NL;M B;<?L L?=ILLC>I
F; ,?HgHMOF; %<jLC=; >? FIM ,CLCH?IM ; #C<L;FN;L (IM GINCPIM S JILG?HIL?M >?
?MN? PC;D? ; ;H;LC;M @O?LIH JF;MG;>IM ?H OH >C;LCI CHj>CNI S ?H >IM =;LN;M
OH; L?GCNC>; >?M>? 0?H?LC@? ?F >? G;SI ;F V=CO>;>;HI ?PCFFC?LM BCDIX GOS
JLI<;<F?G?HN? M? NL;N? >? u>IO;L> >? 2CFFC?LM >O 0?LL;A? OH DIP?H CHA?
HC?LI KO? J;LNC=CJd ?H F; =;GJ;e; >? !ACJNI S INL; ?HPC;>; >?M>? );>?CL;
?F >? DOHCI ; &?;H F;O>? ?F;GjNB?LC? >CL?=NIL >?F <B?;.9 12 $5F@6>B2
L?PCMN; >IH>? @O?LIH JO<FC=;>;M GlM N;L>?
!H ;G<;M =;LN;M M? JO?>? ;JL?=C;L ;>?GlM >? OH =OC>;>I ?MNCFI >?F KO? S;
B;<g; >;>I GO?MNL;M ?H MO ?N;J; ?MNO>C;HNCF OH; HIN;<F? M?HMC<CFC>;> KO? ?F
DIP?H IL>C?L M;<? =IGJ;ACH;L =IH F; ?RJIMC=CdH JL?=CM; >? MOM ;HlFCMCM S I<M?L

C<ODIM >?F >C;LCI >? (IOCM IL>C?L ?F ,C=I >?F 0?C>? S MOM NL?M <I=;M CTKOC?L>; S (;>?L;M >? #;L;=BC=I
>?L?=B; C<FCINBhKO? >? F %HMNCNON >? "L;H=?
114 (IOCM IL>C?L S FIM CHC=CIM >? FIM ?MNO>CIM A?IFdAC=IM

P;=CIH?M !F ?MJgLCNO LIGlHNC=I KO?


?GJC?T; ; =IHN;AC;LM? ?H "L;H=C; ?H
?MN? JLCH=CJCI >? MCAFI S; M? B;=?
J;N?HN? ?H F;M L;TIH?M KO? GO?P?H
; IL>C?L ; >?MJF;T;LM? ; OH; CMF; ?H
F; KO? =IH@FOS?H ?F <;A;D? GgNC=I S ?F
CHN?LjM =C?HNg@C=I
)? KO?>;<; JIL PCMCN;L OHI >? ?MIM
M;HNO;LCIM >IH>? 7F; H;NOL;F?T;8 B;
J?LG;H?=C>I ?H =C?LNI GI>I L?F?A;>;
>?MJOjM >? B;<?L N?LGCH;>I MO I<L; S
?H F; KO? MO ;=NCPC>;> M? >?MJC?LN; >?
P?T ?H =O;H>I S >; MO@C=C?HN?M JLO?<;M
>? MO ?RCMN?H=C; J;L; JLIPI=;L ?F
?MJ;HNI S F; >?MIF;=CdH 7Y8 (; ?MJ?
L;HT; >? I<N?H?L ;FAOH;M C>?;M MI<L?
F; NFlHNC>; G? B; =IHP?H=C>I MdFI
>?M>? ?F ,C=I >? 0?H?LC@? JI>Lg; ;NL?
P?LG? ; B;=?L ;FAbH NCJI >? =IHD?NOL;
,lACH; >?F >C;LCI >? (IOCM IL>C?L MI<L? F; ?RCMN?H=C; >? ?M; NC?LL; N;H
@;GIM; S ; F; P?T N;H JLI<F?GlNC=;

OL;HN? MO ?MN;H=C; KO? M? JLIFIHAd ;FAI GlM >? OH G?M L?;FCTd >IM ;M=?H
MCIH?M ;F 0?C>? S L?=ILLCd FIM FOA;L?M GlM MCAHC@C=;NCPIM >?F L?FC?P? CHMOF;L JO>C?H>I
FF?P;L ; =;<I OH GlM KO? =IHMC>?L;<F? HbG?LI >? ?RJ?LCG?HNIM S B;FF;TAIM KO? F?
FF?P;LIH ; ;@CLG;L KO? jMN? ?L; OHI >? FIM PC;D?M KO? GlM M;NCM@;==CIH?M F? B;<g;
JLIJIL=CIH;>I !H ?@?=NI FIM GjLCNIM =C?HNg@C=IM >? F; =;GJ;e; NCH?L@?e; >?
IL>C?L M?Lg;H CHG?>C;N;G?HN? >?MN;=;>IM JIL INLIM ?GCH?HN?M H;NOL;FCMN;M =IGI
FIM S; =CN;>IM PIH O=B I MO <O?H ;GCAI F?R;H>?L PIH $OG<IF>N G<IM L?=I
HI=?H F; P;FC>?T >? >CP?LM;M G?>C=CIH?M S I<M?LP;=CIH?M >?F A?dFIAI @L;H=jM ;Mg
=IGI MOM ;JILN;=CIH?M HIP?>IM;M ?H =O;HNI ; F; =IGJIMC=CdH GCH?L;FdAC=; >?F
=LlN?L ?F GCMGI GI>I =ICH=C>?H ;F L?M;FN;L >? G;H?L; ?MJ?=C;F KO? @O? jF KOC?H
L?P?Fd ?F J;J?F JLCH=CJ;F KO? >?M?GJ?ed ?F PIF=lH >? B;BILL; ?H ?F JLI=?MI ?LOJ
NCPI >? (;M ;e;>;M Mg >?M=LC<? N;F >?M=O<LCGC?HNI ?F JLIJCI IL>C?L
&IMj ) +FCP?L F;L; OL?FF ?LN; ,C=I S LCMNCH; # >? 1LC;LN? 115

(; bFNCG; ?LOJ=CdH NOPI FOA;L ?H (;M HO?P;M <I=;M KO? MIH NL?M M?
;<LC?LIH ; NI?M;M MI<L? ?F HCP?F >?F G;L ?H F; F;>?L; >? OH; ?HILG? JLIFIH
A;=CdH >? F; <;M? >?F ,C=I B;=C; ?F MOLI?MN? 7 8 O;H>I >?MJOjM >? NL?M BIL;M
>? ;J;=C<F? ?M=;F;>; FF?AOj ; F;M NI?M;M G? ?H=IHNLj ?H FIM FgGCN?M >? OH
CHG?HMI =LlN?L KO? HI M? JO?>? =IGJ;L;L =IH HCHAOHI >? FIM KO? =IHI=?GIM
NC?H? =;MC OH; F?AO; S G?>C; >? =CL=OH@?L?H=C; S ;OHKO? ?M GOS ;HNCAOI MO CHN?
LCIL MCAO? MC?H>I GOS ?M=;LJ;>I 7Y8 !F ,C=I M? F?P;HNd ?H FIM <IL>?M >? ?MN; <I=;
GIHMNLOIM; (; CGJIMC<CFC>;> >? LI>?;L F; =CG; >?F ,C=I I G?DIL >C=BI F;
=IMNOG<L? KO? NC?H?H FIM PC;D?LIM >? M?AOCL ?R;=N;G?HN? F; BO?FF; >? MOM JL?>?
=?MIL?M ?M JLI<;<F?G?HN? F; =;OM; >? KO? ?MN? =OLCIMI B?=BI B;S; MC>I CAHI
L;>I B;MN; ;BIL;

IL>C?L =IGI F; CHG?HM; G;SILg; >? FIM ?RJFIL;>IL?M PC;D?LIM HI JO?>? MOMNL;
?LM? ; M;FJC=;L MO N?RNI =C?HNg@C=I =IH F; ?RJL?MCdH >? F;M M?HM;=CIH?M KO? ?RJ?LC
G?HN; ;HN? F; AL;H>CIMC>;> >?F J;CM;D?
(; HI=B? ?L; G;AHg@C=; MCH HO<?M S =;MC ?H =;FG; !F =C?FI JL?M?HN;<; OH =IFIL
H?ALI JLI@OH>I FIM >?MN?FFIM >? F;M ?MNL?FF;M N?Hg;H OH; FOT N;H PCP; KO? HIM
J?LGCNg; J?L=C<CL P;A;G?HN? F; P;JILIM; IM=OLC>;> KO? I=OFN;<; NI>I =O;HNI M?
B;FF;<; ; HO?MNLIM JC?M ;>; P?T KO? G? F?P;HN;<; ; I<M?LP;L ?F N?LGdG?NLI
;JLIP?=B;<; J;L; >CM@LON;L FIM ?H=;HNIM >? OH ?GJF;T;GC?HNI N;H B?LGIMI S N;H
MCHAOF;L !F?P;>I ; ?M;M ;FNOL;M >?F =C?FI M?HN;>I ;J;=C<F?G?HN? MI<L? ;KO?F
GIHNdH >? LOCH;M BOG?;HN?M ;CMF;>I ?H ?F I=j;HI PCACF;HN? MIFCN;LCI ?H G?>CI
>?F MCF?H=CI >? F; H;NOL;F?T; ;>GCL;<; =IH >?PI=CdH F; G;D?MNOIMC>;> >? MO
MO?eI ?PI=;<; L?=O?L>IM S ;AO;L>;<; J;=C?HN?G?HN? ?F GIG?HNI ?H ?F KO? C<;
; M;NCM@;=?L F; =OLCIMC>;> KO? G? B;<g; NL;g>I >?M>? N;H F?DIM ; OHI >? FIM PIF=;H?M
GlM ;HNCAOIM >? F; 0C?LL;

V(?NNL? >? ( IL>C?L F? G;C X <B?;.9 12 $5F@6>B2 12 56:62 1 6@A<6?2


;.AB?2992 2A 12@ ?A@ ;eI %4 7 8 N (2%%
,% + ?LN; S IFIL?M +. !(( 7>CL 8 )6.72?<@ 3?.;02@2@ . 9.@ @9.@ .;.?6.@
%2=2?A<?6< /6< /6/96<4?]360< F @292006S; 12 A2EA<@ (; (;AOH; %HMNCNONI >?
!MNO>CIM ;H;LCIM
117

5 ?2*3. -.5 7*=>;*52<=* 78;>.08 1;2<=.7 "62=1 * *7*;2*<

;2<=27* "25?2* *7<.7 !>2B

BLCMN?H /GCNB H;=? ?H ?H OH; AL;HD; >? L;GG?H ;F MOL >?


*ILO?A; JLCH=CJCIM >?F MCAFI 4%4 M? NL;MF;>; ; IJ?HB;AO? J;L; ?MNO
>C;L G?>C=CH; ;OHKO? JLIHNI M? MC?HN? ;NL;g>I JIL F; <INlHC=; ?H J;LNC
=OF;L ; NL;PjM >? F;M =F;M?M >?F JLI@?MIL & 3 $ILH?G;HH KOC?H FI ;HCG; ;
J;LNC=CJ;L ?H ;FAOH;M CH=OLMCIH?M <INlHC=;M JIL F; A?IAL;@g; ?M=;H>CH;P;
J?M;L >? B;<?L I<N?HC>I MO FC=?H=C;NOL; ?H G?>C=CH; S >? =IHM?AOCL
?GJF?I ?H OH BIMJCN;F >? IJ?HB;AO? /GCNB =IHNCHb; J?HM;H>I ?H
>?>C=;L MO PC>; ; F; <INlHC=; 0;F ?M MO ?GJ?eI KO? =O;H>I ?H GO?L?
MO J;>L? ONCFCT; F; J?KO?e; @ILNOH; B?L?>;>; J;L; PC;D;L JIL !OLIJ; S
;OG?HN;L MOM =IHI=CGC?HNIM >? F;M JF;HN;M !H DOHCI >? ?M HIG<L;>I
JLI@?MIL >? <INlHC=; S ?=IHIGg; >? F; OHCP?LMC>;> HILO?A; >? BLCMNC;HC; S
;>?GlM I<NC?H? J?LGCMI S L?GOH?L;=CdH J;L; OH PC;D? >? @ILG;=CdH JIL
!OLIJ; KO? ?GJL?H>? CHG?>C;N;G?HN?
/GCNB FF?A; ; %HAF;N?LL; PCMCN; FIM D;L>CH?M <INlHC=IM >? (IH>L?M 2D
.?12;@ S >? !>CG<OLAI S B?L<ILCT; ?H F;M GIHN;e;M ?M=I=?M;M /? NL;M
F;>; JI=I >?MJOjM ; %LF;H>; >IH>? ?MN;<F?=? HOG?LIM;M L?F;=CIH?M =IH
H;NOL;FCMN;M >? F; jJI=; ?HNL? ?FFIM =IH ?F G?=?H;M CHAFjM /CL &IM?JB ;HEM S
?F A?dFIAI ;F?GlH (?IJIF> PIH O=B (; ;GCMN;> =IH PIH O=B @O? >?=CMCP;
N;HNI ?M ;Mg KO? ?GJL?H>?H DOHNIM OH; ?RJ?>C=CdH =C?HNg@C=; ; ;H;LC;M !H
OH; >? F;M bFNCG;M =;LN;M KO? ?M=LC<? ; $ILH?G;HH JI>?GIM F??L

)C JLCG?L JF;H @O? >?D;L %HAF;N?LL; ?H ?F G?M >? G;LTI CL ; "L;H=C; ; J;M;L
;FAbH NC?GJI ?H ,;LgM S ?H ?F /OL ?F L?MNI >?F P?L;HI ?H /OCT; S ?F HILN? >?
%N;FC; ?F MCAOC?HN? CHPC?LHI ?H F?G;HC; S FO?AI P?L >? HO?PI F; PC?D;
IJ?HB;AO? ,?LI L?=C?HN?G?HN? S ;HN?M >? KO? F; AO?LL; M? ?RN?H>C?L;
118 !F PC;D? >?F H;NOL;FCMN; HILO?AI BLCMN?H /GCNB ; ;H;LC;M

INL; P?T JIL ?F =IHNCH?HN? G? PCHC?LIH ;@ILNOH;>;G?HN? INLIM J?HM;


GC?HNIM KO? ; OMN?> KOCTlM F? J;L?T=;H ;FAI ?R=jHNLC=IM =O;H>I F? =O?HN?
KO? ?MNIS ; JOHNI >? ;<;H>IH;L FIM ?M=?H;LCIM >? !OLIJ; KO? HO?P;G?HN?
=IGC?HT;H ; M?L M;HALC?HNIM J;L; >CLCACLG? ; FIM J;=g@C=IM D;L>CH?M >? F;M
$?MJjLC>?M F;M %MF;M ;H;LC;M !F =IHI=C>I <;LdH >? O=B G? B;<g; Ig>I
G?H=CIH;L FI CHN?L?M;HN? KO? JI>Lg; M?L J;L; Gg N;F ?R=OLMCdH S =O;H>I G?
JLIJOMI B;=?LG? =IGJ;eg; GCM NgGC>IM >?M?IM M? =IHPCLNC?LIH ?HM?AOC>;
?H L?MIFO=CdH );e;H; P;GIM ; ,ILNMGIONB >IH>? ?F <;L=I ?MNl JL?J;L;>I
J;L; T;LJ;L >?M>? KO? B;A; ?F JLCG?L PC?HNI ,IL ?F =;GCHI B;L?GIM ?M=;F;
?H );>?CL; >OL;HN? OH J;L >? >g;M /C?GJL? B; MC>I OHI >? GCM JI=IM
;HB?FIM ?F JI>?L P?L F; H;NOL;F?T; ?H MO GlRCGI ?MJF?H>IL NLIJC=;F
OHKO? F; P?A?N;=CdH >? F;M ;H;LC;M B; MC>I CHP?MNCA;>; =IH <;MN;HN?
>?N;FF? =L?I KO? B;<Ll <;MN;HN?M =IM;M JIL B;=?L L?MJ?=NI >? F;M =LCJNd
A;G;M S >? F;M =IHMC>?L;=CIH?M A?H?L;F?M

BLCMN?H /GCNB FF?A; ; ;H;LC;M ?F


>? G;SI >? ?H =IGJ;eg; >?
(?IJIF> PIH O=B IH <;M? ?H 0?H?
LC@? S MCH N?H?L JF;HC@C=;>I OH CNCH?L;LCI
JL?PCI ?MNIM H;NOL;FCMN;M L?=ILL?H
;>?GlM #L;H ;H;LC; >?F >? DOHCI
;F >? ;AIMNI (; ,;FG; >?F >?
M?JNC?G<L? ;F >? I=NO<L? S (;HT;LIN?
>?F >? I=NO<L? ;F >? HIPC?G<L?
FOA;L ?MN? bFNCGI >?M>? ?F KO? J;LN?H
>? L?AL?MI B;=C; %HAF;N?LL;
/CAOC?H>I F; =IMNOG<L? >? FIM
PC;D?LIM =C?HNg@C=IM >?F MCAFI 4%4 =;>;
OHI >? ?FFIM ?M=LC<? MO JLIJCI >C;LCI
>? PC;D? /GCNB HI FF?Ad ; JO<FC=;L
?F MOSI J?LI PIH O=B Mg JO<FC=;
MO $5F@60.96@052 2@05?26/B;4 12?
&A6=. A<?A696@ L?=IAC>; ?H (; +LIN;P; S =IHM?LP;>;
?H ?F B?L<;LCI J?LMIH;F >? $ILH?G;HH >? F; .;.?6@052; ;@29; ?H FC<LI
<92006S; 12 =9.;A.@ 12 5?6@A2; &:6A5 >?=CMCPI MI<L? ;H;LC;M S G;HO;F >?
LCMNCH; /CFPC; $;HM?H .OCT 119

2CMN; >?F ,C=I >? 0?H?LC@? >?M>? ?F ,O?LNI >? F; +LIN;P; JIL (?IJIF> PIH O=B

?MNO>CI J;L; HOG?LIMIM =C?HNg@C=IM =OSIM N?RNIM MI<L? @FIL; =;H;LC; @O?LIH >?M;
LLIFF;>IM JLCH=CJ;FG?HN? JIL ?F ;F?GlH $?CHLC=B "LC?>LC=B (CHE S F;M =IF;<IL;=CIH?M
>? FIM MOCTIM &;=KO?M ?HSM BICMS S OAOMNCH , >? ;H>IFF?
/GCNB HI >?M;LLIFF; ?F NL;<;DI >? <INlHC=; CHC=C;>I ?H ;H;LC;M >?<C>I ; MO
JL?G;NOL; GO?LN? ?H ?F IHAI ?H ;J?H;M OH ;eI >?MJOjM >? MO PCMCN; ; F;M
%MF;M ? ;Bg F; CGJILN;H=C; >? MO >C;LCI JO?M M? HIM >?MP?F; =IGI N?MNCGIHCI
bHC=I >? MO PCMCdH MI<L? F; A?IAL;@g; =;H;LC; MI<L? MO <INlHC=; F; =IGJ;L;=CdH
?HNL? F; P?A?N;=CdH CMF?e; S F; ?OLIJ?; F; ?=IHIGg; >? F; NC?LL; F;M N?ILg;M A?IFd
AC=;M FIM OMIM S =IMNOG<L?M >? FIM >CMNCHNIM ?MN;G?HNIM MI=C;F?M /? NL;N; >? OH
=O;>?LHI >? <IFMCFFI >? OH;M JlACH;M G;HOM=LCN;M FgH?;M ;JL?N;>;M =IH OH;
F?NL; JI=I =F;L; S =;MC CF?AC<F? =IH OH; JLIM; ?HNL?=ILN;>; S FF?H; >? ;<L?PC;NOL;M
=IH PI=;<FIM >?F CHAFjM >?F ;F?GlH >?F @L;H=jM >?F ?MJ;eIF >?F F;NgH S >?F
CN;FC;HI /GCNB FI ?M=LC<Cd ?H HILO?AI S JLI<;<F?G?HN? JIL ?MNI M? F? =IHMC>?Ld
OH L?=O?L>I @;GCFC;L S HI OH ?M=LCNI >? =;Ll=N?L =C?HNg@C=I O;H>I /GCNB GOLCd
120 !F PC;D? >?F H;NOL;FCMN; HILO?AI BLCMN?H /GCNB ; ;H;LC;M

?N;FF? >?F G;J; >? (;HT;LIN? >? (?IJIF> PIH O=B

&IM?JB ;HEM WKO? F? B;<g; =IHP?H=C>I ?H MO >g; J;L; PC;D;L ; ;H;LC;M S ;F


IHAIW >?PIFPCd ?F >C;LCI ; F; @;GCFC;
!H M?N?HN; S NL?M ;eIM >?MJOjM >? F; GO?LN? >? /GCNB ?F A?dFIAI
HILO?AI " 'C_L L?=OJ?L; JIL JLCG?L; P?T ?F >C;LCI S FI JO<FC=; <;DI ?F NgNOFI
$?<32@@<? 5?6@A2; &:6A5@ .4/<4 =.. %26@2; A69 12 .;.?6@82 M2? 6 ?H F;M
6@0B@6<;2@ 12 9. 0.12:6. 12 62;06.@ >? BLCMNC;HC; J?M;L >? F;M >C@C=OF
N;>?M J;L; >?M=C@L;L ?F >C;LCI 'C_L ?D?L=? OH; ?RNL;IL>CH;LC; F;<IL >? NL;HM=LCJ
=CdH ? CHN?HN; ?H NI>I GIG?HNI G;HN?H?LM? FI GlM @C?FG?HN? JIMC<F? ;F N?RNI
ILCACH;F >?GlM CH=FOS? AL;H HbG?LI >? HIN;M ?H F;M KO? =IHNL;MN; ?F N?RNI
=IH ?F FC<LI >? PIH O=B
!F >C;LCI JO<FC=;>I JIL JLCG?L; P?T ?H ?MJ;eIF ?H =IHMNCNOS? OH MOJF?
G?HNI CGJILN;HN? ; F; I<L; MI<L? ;H;LC;M >?F A?dFIAI (?IJIF> PIH O=B S;
KO? ?RCMN? =C?LN; =ILL?F;=CdH ?HNL? FIM =IHN?HC>IM >? ;G<IM ?M=LCNIM (IM >IM
;ONIL?M ;H;FCT;LIH HI MdFI =O?MNCIH?M >? <INlHC=; S >? A?IFIAg; MCHI N;G<CjH
;<IL>;LIH INLIM ;MJ?=NIM >? F; BCMNILC; H;NOL;F =IGI ?F =lF=OFI >? ;FNCNO>?M S F;
LCMNCH; /CFPC; $;HM?H .OCT 121

G?>C=CdH >? N?GJ?L;NOL;M >? G;H;HNC;F?M /GCNB L?NL;N; GCHO=CIM;G?HN? MOM


?RJ?LC?H=C;M S =;GCH;N;M ?H F;M %MF;M S =dGI HI NL;N; =IH =?FI F;M J?=OFC;LC>;>?M
>? F; P?A?N;=CdH =;H;LC; %H=FOMI L?=NC@C=; S =IGJF?N; ?F ?MKO?G; >? F;M TIH;M >?
P?A?N;=CdH KO? B;<g; ?GJ?T;>I $OG<IF>N ;HNC=CJlH>IM? ; NL;<;DIM JIMN?LCIL?M
=IGI FIM >? /;<CHI ?LNB?FIN S $?LG;HH BLCMN /GCNB ?M ?F
JLCG?LI ?H =;L;=N?LCT;L S >;L HIG<L? ;F $6;B@ 0.;.?62;@6@ S >?M=LC<? ;>?GlM P;LC;M
?MJ?=C?M HO?P;M J;L; F; =C?H=C; =IGI F;M J?LN?H?=C?HN?M ; F; @;GCFC; L<;6B: >?
B?=BI ?F L<;6B: @:6A566 >?M=O<C?LNI ?H ?F 0?C>? ?H FF?P; MO HIG<L?
(; JO<FC=;=CdH S NL;>O==CdH ;F ?MJ;eIF >?F >C;LCI >? BLCMN?H /GCNB JO?>? ;<LCL
=C?LN;G?HN? HO?P;M FgH?;M >? CHP?MNCA;=CdH ?H <INlHC=; A?IFIAg; ? BCMNILC; >? F;
=C?H=C; ?H ;H;LC;M

1 $ (?IJIF> PIH $5F@60.96@052 2@05?26/B;4 12? .;.?6@052; ;@29;


?LFgH 'I?HCAFC=B? E;>?GC? >?L 3CMM?HM=B;@N?H

1 $ (?IJIF> PIH 2@0?6=06S; 3V@60. 12 9.@ @9.@ .;.?6.@ 0L;>O==CdH 7>?


F; ?>C=CdH @L;H=?M; >? 8 >? &IMj ?FA;>I (OCM /;HN; LOT >?
0?H?LC@? & (

1 $ (?IJIF> PIH 2@0?6=A6<; =5F@6>B2 12@ 92@ .;.?62@ @B6C62 1 B;2


6;160.A6<; 12@ =?6;06=.BE C<90.;@ 1B 49</2 0L;>O==CdH 7>?F ;F?GlH8 >?
F;O>? IOF;HA?L ,;LgM " # (?PL;OFN

'% !. " $?<32@@<? 5?6@A2; &:6A5@ .4/<4 =.. %26@2; A69 12 .;.?6@82
#2? 6 +MFI BLCMNC;HC; 2C>?HME;<M /?FME;<M "ILB;H>FCHA?L 7!>
>CACN;F BNNJ BOG<IF>N GJCQA <?LFCH GJA >? /GCNB9(C/? CH>?R BNGF 8

/)%0$ BLCMN?H 6.?6< 129 C6.72 . 9.@ @9.@ .;.?6.@ 2; 0L;>O==CdH


>? LCMNCH; / $;HM?H !MNO>CIM JL?FCGCH;L?M >? ,?L /OH>CHA S LHIF>I
/;HNIM (; +LIN;P; "OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;
123

.8985- ?87 >,1 .7 *7*;2*<

5+.;=8 !.5*7,28 .7K7-.B

(
?IJIF> PIH O=B J?LN?H?=Cd ; OH; ;HNCAO; @;GCFC;
JLOMC;H; S ?MNO>Cd ?H F; !M=O?F; >? )CH;M >? "L?C<?LA =IH F?R;H>?L
PIH $OG<IF>N KO? FF?A;Lg; ; >?=CL >? jF KO? @O? ?F G?DIL A?dFIAI >?
MO jJI=; 2IH O=B M?AOCLg; MOM ?MNO>CIM ?H F; OHCP?LMC>;>?M >? $;FF? S
#INCHA; !H PIH O=B L?=ILL?Lg; =IH $OG<IF>N F;M @ILG;=CIH?M
A?IFdAC=;M >? /NSLC; OMNLC; S FIM FJ?M (O?AI B;Lg; PC;D?M ; %N;FC; S ;F
2?MO<CI ?H P;LC;M I=;MCIH?M JO>C?H>I P?L 6; @6AB =IH $OG<IF>N S #;S
(OMM;= MOM ?LOJ=CIH?M ?H N;G<CjH JO>I ?RJFIL;L FIM PIF=;H?M
?RNCHNIM >? F; L?ACdH @L;H=?M; >? F; OP?LHC; (IM L?MOFN;>IM =C?HNg@C=IM >?
?MN;M CHP?MNCA;=CIH?M M? JO<FC=;LIH ?H MO 2<4;<@A6@052 2</.05AB;42;
.B3 %26@2; 1B?05 2BA@059.;1 B;1 A.962; )lM N;L>? ?MNOPI
>IM ;eIM ?H F;M CMF;M ?M=;H>CH;P;M B;=C?H>I I<M?LP;=CIH?M MI<L? A?IFIAg;
=FCG;NIFIAg; S A?IAL;@g; >? F;M JF;HN;M KO? JF;MG;Lg; ?H MO %26@2 1B?05
"<?D242; B;1 .==9.;1
0;HNI PIH O=B =IGI $OG<IF>N @O?LIH M?AOC>IL?M >? F; ?M=O?F; A?IFd
AC=; >? <L;B;G 3?LH?L =IHI=C>; =IGI VH?JNOHCMGIX W>;>I ?F J;J?F
JL?>IGCH;HN? KO? >;<;H ;F ;AO; >? FIM I=j;HIM =IGI =;OM; JLCGIL>C;F >?
F; =IH@ILG;=CdH >? F; =ILN?T; N?LL?MNL?W >? F; KO? CLg;H M?J;LlH>IM? JI=I ;
JI=I ?H @;PIL >?F VJFONIHCMGIX =ILLC?HN? KO? JIHg; =IGI JLCH=CJCI A?IFd
AC=I <lMC=I ?F @O?AI ?F =;FIL CHN?LHI >? F; 0C?LL; S MO M;FC>; ;F ?RN?LCIL ;
NL;PjM >? FIM PIF=;H?M
5; ; J;LNCL >? >?MJOjM >? PCMCN;L FIM ;FL?>?>IL?M >? .IG; ?F
2?MO<CI S F; OP?LHC; NOPI KO? L?=IHI=?L ?F JI>?L >? F;M @O?LT;M PIF=l
HC=;M S >?MN?LL;L ;FAOH;M >? F;M N?MCM >? F; #?IAHdMNC=; >? 3?LH?L ;=?J
N;H>I JIL ?D?GJFI ?F ILCA?H PIF=lHC=I >?F <;M;FNI /OM NL;<;DIM JIMN?LCIL?M
124 (?IJIF> PIH O=B ?H ;H;LC;M

?H !M=;H>CH;PC; ?HNL? S
BC=C?LIH KO? MO JIMC=CdH M? ;=?L=;L;
=;>; P?T GlM ;F VJFONIHCMGIX
;OHKO? MCH FF?A;L ; L?=IHI=?L ;<C?L
N;G?HN? MO >?O>; =IH $ONNIH I MOM
M?AOC>IL?M >?GlM FIM ?MNO>CIM
FF?P;>IM ; =;<I GlM ;>?F;HN? ?H
;H;LC;M FIM FJ?M S INLIM FOA;L?M F?
=IHP?H=C?LIH >? F; CGJILN;H=C; >?F
VPOF=;HCMGIX ?H F; AjH?MCM >? F;M
GIHN;e;M
!H =IHI=?Lg; ?H (IH>L?M ;F
<INlHC=I HILO?AI BLCMN?H /GCNB
=IH ?F KO? >?=C>CLg; PC;D;L ; F;M %MF;M
;H;LC;M ;F ;eI MCAOC?HN? CGJOF
,ILN;>; >? F; I<L; $5F@60.96@052 2@05?26/B;4
M;>IM JIL F; L?=IG?H>;=CdH >?
12? .;.?6@052; ;@29;
$OG<IF>N ;G<IM L?=ILL?Lg;H P;LC;M
CMF;M ?HNL? ?F >? G;SI S ?F >? I=NO<L? >? !F @LONI >? ?MN;M ?RJFIL;
=CIH?M M?Lg; MO CGJILN;HN? ? CH@FOS?HN? I<L; $5F@60.96@052 2@05?26/B;4 12?
.;.?6@052; ;@29; JO<FC=;>; ?H ;F?GlH ?H S KO? M?Lg; NL;>O=C>; ;F
@L;H=jM ?H JIL IOF;HA?L
,IMN?LCILG?HN? PIH O=B B;Lg; CHP?MNCA;=CIH?M ?H F;M $j<LC>;M ?H
!M=I=C; ? %LF;H>; MI<L? J;F?IHNIFIAg; >? =?@;FdJI>IM <L;KOCdJI>IM S INLIM
AjH?LIM M?e;F;H>I MO CGJILN;H=C; ?MNL;NCALl@C=; N;G<CjH @O?LIH L?F?
P;HN?M MOM CHP?MNCA;=CIH?M MI<L? ?F &OLlMC=I !H >CI ; F; FOT MO G;AHg
@C=I 2<9<46@052 .?A2 C<; 2BA@059.;1 /CAOCd B;=C?H>I MOM ?R=OLMCIH?M
A?IFdAC=;M ; JC? B;MN; OHIM G?M?M ;HN?M >? GILCL ?H IGI B;<g;
B?L?>;>I OH; @ILNOH; >? MO J;>L? S HOH=; M? =;Md HI NOPI KO? JL?I=O
J;LM? ; FI F;LAI >? MO PC>; JIL ?F >CH?LI HC JIL =;LA;M @;GCFC;L?M "O?
GC?G<LI >? F; =;>?GC; >? C?H=C;M >? ?LFgH >?F %HMNCNONI >? "L;H=C; >?
F; .IS;F /I=C?NS S INL;M CHMNCNO=CIH?M /OM I<L;M =IGJF?N;M M? JO<FC=;LIH ?H
?LFgH ?HNL? S B;LF?M ;LQCH >?=FCH;Lg; ?F BIHIL >? L?;FCT;L OH;
H?=LIFIAg; >? PIH O=B KO? F? B;<g; MIFC=CN;>I ?F N?MIL?LI >? F; .IS;F /I=C?NS
F<?LNI .?F;H=CI )?HjH>?T 125

J?LI =CN;Ll ;F A?dFIAI ;F?GlH ?H ?F


JL?@;=CI >? '52 #?646; <3 &=2062@
=IGI OHI >? FIM JL?=OLMIL?M KO?
MIMNOPI C>?;M >? =;Ll=N?L ?PIFO=CI
HCMN; JL?PC;M ; MO N?ILg; >? F; M?F?=
=CdH H;NOL;F >? F;M ?MJ?=C?M VCH BCM
?R=?FF?HN 2@0?6=A6<; =5F@6>B2 12@
@92@ .;.?62@X =IH=L?N; ;LQCH
(; ?RJ?>C=CdH JLCP;>; >? (?IJIF>
PIH O=B S BLCMN?H /GCNB ; ;H;LC;M
?H @O? OH BCNI ?H F; BCMNILC;
>? F;M ?RJ?>C=CIH?M =C?HNg@C=;M ; F;M
%MF;M !H JLCG?L FOA;L JIL ?F B?=BI
>? KO? PCHC?LIH ;F L=BCJCjF;AI
=IGI OH >?MNCHI =C?HNg@C=I ?R=FO
MCPI S HI >? J;MI B;=C; HCHAbH INLI (?IJIF> PIH O=B
FOA;L "?OCFFj? @O? OH F?D;HI S MCHAOF;L
JL?=?>?HN? S >OL;HN? OH J?LCI>I >? =;MC M?CM G?M?M !H M?AOH>I FOA;L
JILKO? L?=ILLC?LIH ? BC=C?LIH OH ?MNO>CI =C?HNg@C=I WA?IFdAC=I <INlHC=I
JLCH=CJ;FG?HN?W JIL JLCG?L; P?T >? F;M CMF;M >? #L;H ;H;LC; (; ,;FG; S
(;HT;LIN? ; FI KO? B;<Lg; KO? ;e;>CL OH L?=ILLC>I ?RB;OMNCPI >? 0?H?LC@?
CH=FOC>I ?F MOL >? F; CMF; 5 ?H N?L=?L FOA;L JILKO? PIH O=B BCTI ?F JLCG?L
?MNO>CI >? =IHDOHNI MI<L? F; A?IFIAg; >?F L=BCJCjF;AI <;MlH>IM? ?H
;GJFCIM L?=ILLC>IM >? =O;NLI >? F;M CMF;M @OH>;G?HN;F?M ?H ?MN? =;GJI S ?H
=IH=L?NI >?F POF=;HCMGI )C?HNL;M JIL MO J;LN? BLCMN?H /GCNB B;=g; N;F S
=IGI L?=IA? ?F JLIJCI PIH O=B ?H MOM I<L;M ?F JLCG?L =;NlFIAI >? CGJIL
N;H=C; MI<L? P?A?N;=CdH =;H;LC; =IH F; >?M=LCJ=CdH S =F;MC@C=;=CdH >?
GO=B;M ?MJ?=C?M ?H>jGC=;M B;MN; ?HNIH=?M >?M=IHI=C>;M >? F; @FIL; >?F
L=BCJCjF;AI
!H MO JLCG?L; ?MN;H=C; ?H 0?H?LC@? MO<C?LIH ;F 0?C>? >IM P?=?M S >?M>? F;M
=IG;L=;M >? B;MH; #agG;L S #L;H;>CFF; @O?LIH JIL ?F MOL B;MN; (IM
LCMNC;HIM MO<C?H>I FO?AI JIL >?D? B;=C; #Og; >? %MIL; BgI S 2;FF?
/;HNC;AI J;L; FF?A;L ; %=I> >? FIM 2CHIM S GlM N;L>? ;F ,O?LNI >? F; LOT 5
126 (?IJIF> PIH O=B ?H ;H;LC;M

2CMN; >? F;M GIHN;e;M >? 0?H?LC@? >?M>? (; (;AOH;

OHIM >g;M GlM N;L>? M? >?>C=;LIH ; L?=ILL?L F; TIH; >? (; (;AOH; >IH>?
=IHI=C?LIH ;F >C<OD;HN? @L;H=jM (IOCM (? #LIM ; FIHMI >? *;P; S #LCGdH S
;F >I=NIL IGCHAI /;PCedH )lM N;L>? ?H /;HN; LOT ?HN;<F;Lg; L?F;=CdH
=IH "L;H=CM=I !M=IF;L KO? ?MN;<; L?;FCT;H>I F; ?MN;>gMNC=; A?H?L;F >? F;M
%MF;M S ; F; J;L B;=C?H>I JIL MO =O?HN; ?MNO>CIM A?IFdAC=IM JO?M B;<g;
?MNO>C;>I ?H "L?C<?LA =IH 3?LH?L S ?L; M?AOC>IL >?F VH?JNOHCMGIX 3?<< S
?LNB?FIN ONCFCT;LlH MOM G;HOM=LCNIM J;L; AOC;LM? ?H MO CNCH?L;LCI A?IFdAC=I
JIL F;M CMF;M ;HN?M >? >CMJIH?L >? F; NL;>O==CdH @L;H=?M; >?F FC<LI >? PIH
O=B S <LCH>;LlH OH J?KO?eI BIG?H;D? ?H MO 6@A<6?2 ".AB?2992 ; !M=IF;L
L?JLI>O=C?H>I ?F ILCACH;F >? OHI >? MOM G;HOM=LCNIM A?IFdAC=IM
/GCNB S PIH O=B M? NL;MF;>;Lg;H FO?AI ; #L;H ;H;LC; >IH>? L?=ILL?
Lg;H F; CMF; >OL;HN? OH G?M S NL?M M?G;H;M NIG;H>I =IGI <;M? (;M
,;FG;M $C=C?LIH L?=ILLC>IM JIL 0?F>? 2;FM?KOCFFI ?F ,ITI >? F;M *C?P?M
/;H );N?I J;L; M?AOCL FO?AI JIL 0?LIL GIHN? >? IL;G;M S )IS; L?M;F
F<?LNI .?F;H=CI )?HjH>?T 127

N;H>I F; ;<OH>;H=C; >? ;AO; >? FIM P;FF?M >? F; CMF; S MO LCKO?T; ;ALg=IF; ;
F; P?T KO? PCMCN;H MOM @O?HN?M ?H INLI L?=ILLC>I @O?LIH JIL AaCG?M
0?GCM;M S F; TIH; >? 0CL;D;H; WPIH O=B =L?Sd L?=IHI=?L ?H 0CL;D;H; F;
AL;H =;F>?L; >? F; %MF;W S @O?LIH ;M=?H>C?H>I ; F;M =OG<L?M >? F; CMF; JIL
?F .IKO? *O<FI B;MN; FF?A;L ; 0?D?>; S LN?H;L; J;L; FO?AI =IHNCHO;L
B;=C; ?F MOL )IAlH LAOCH?AOgH );MJ;FIG;M &O;H #L;H>? B;MN; MO
L?AL?MI >? HO?PI ; (;M ,;FG;M
F L?NILH;L ; 0?H?LC@? PIFP?Lg;H ; L?=ILL?L H;A; (;M ;e;>;M S B;BILL;
S INLIM FOA;L?M >OL;HN? GlM >? OH G?M ?H NIN;F ?MNOPC?LIH ?H 0?H?LC@? =?L=;
>? NL?M G?M?M S PC;D;LIH >?M>? ;KOg ; (; ,;FG; (; ;F>?L; >? 0;<OLC?HN?
@O? ?F AL;H ?MJ?=Nl=OFI KO? FIM PC;D?LIM JO>C?LIH =IHN?GJF;L S KO? MCAHC@C=d
J;L; PIH O=B ?F J;L;>CAG; >? OH; =;F>?L; PIF=lHC=; F; J;F;<L; M? ONCFCT;Lg;
; J;LNCL >? ?HNIH=?M =IGI OH N?=HC=CMGI A?IFdAC=I ?MJOjM >? >IM
M?G;H;M ?H (; ,;FG; WOH; >? ?FF;M ?H /;HN; LOTW PIFPC?LIH ; 0?H?LC@? J;L;
M;FCL P;LCIM >g;M >?MJOjM >? L?AL?MI ; %HAF;N?LL; ,?LI ?F <;L=I BCTI J;L;>; ?H
(;HT;LIN? W>?<C>I ;F =IG?L=CI >? <;LLCFF; @FIL?=C?HN? JIL ;KO?F ?HNIH=?MW S
>OL;HN? OHIM >C?T >g;M JO>C?LIH L?=ILL?L FIM J;CM;D?M PIF=lHC=IM S FIM FOA;L?M
GlM L?F?P;HN?M >? F; CMF;

2CMN; >?F ,C=I >?F 0?C>? S >? B;BILL;


128 (?IJIF> PIH O=B ?H ;H;LC;M

IGI >?=g;GIM GlM ;LLC<;


(?IJIF> PIH O=B JO<FC=;Ll ?H FIM
;eIM MCAOC?HN?M P;LCIM NL;<;DIM MI<L?
F;M %MF;M WMI<L? @FIL; ?F =FCG; >?
;H;LC;M F; ?LOJ=CdH >? (;HT;LIN? >?
W KO? FO?AI L?OHCLl ?H MO >?=C
MCP; I<L; 2@0?6=06S; 3V@60. 12 9.@ @9.@
.;.?6.@ >?GlM >? L?JLI>O=CL ?H
jMN; NI>IM FIM CNCH?L;LCIM >? MOM GbFNC
JF?M ?R=OLMCIH?M JIL F;M >C@?L?HN?M
%MF;M W>?M=LC<C?H>I MO A?IAL;@g; MOM
@O?HN?M MO ILIAL;@g; MOM JO?<FIM MO
?HNILHI BOG;HI MOM J;CM;D?MW MO
GCL;>; =C?HNg@C=; F; =IHPC?LN? ?H OH;
I<L; ?MJ?=C;FCT;>; ?H ?F =;GJI A?IFd
);J; @gMC=I >? F; CMF; >? (; ,;FG; JIL PIH O=B
AC=I S <INlHC=I CH=FOS?H>I ?H ?FF;
L?ACMNLIM >? N?GJ?L;NOL;M >? >C@?L?HN?M
FOA;L?M >? F; N?GJ?L;NOL; >?F ;AO; >? F;M @O?HN?M >?F ;HlFCMCM >? FIM PC?HNIM >? F;
;FNCNO> >? JOHNIM ?MNL;NjAC=IM ?N=
$CTI JIL ?D?GJFI OH L?=ILLC>I ?RB;OMNCPI >?F 0?C>? S MO ?HNILHI L?=I
HI=C?H>I MCAOC?H>I ;F @L;H=jM (IOCM IL>C?L F; CGJILN;H=C; >?F PIF=lH >?
B;BILL; S JLIJIHC?H>I J;L; ?RJFC=;L F;M ;e;>;M MO N?ILg; >? FIM =LlN?L?M
>? F?P;HN;GC?HNI

7Y8 F;M LI=;M J;L?=?H @ILG;L OH M?GC=gL=OFI KO? LI>?; =IH OH; L?AOF;LC>;>
GOS HIN;<F? ?F =IHI PIF=lHC=I >?M>? F; J;LN? MOL B;MN; ?F ?MN? ?H @L?HN?
>? (; #IG?L; !MN? ?M ?F =CL=I KO? HI ?M INL; =IM; KO? OH; J;LN? >?F =LlN?L
>? F?P;HN;GC?HNI ?H G?>CI >?F =O;F JLI<;<F?G?HN? M? ?F?Pd ?F GCMGI
,C=I (IM @F;H=IM >? ?MN? =LlN?L B;<Lg;H MC>I >?MNLOC>IM B;=C; ?F HILN? S ?F
I?MN? JIL F;M ?LOJ=CIH?M >?F PIF=lH S ?H ?@?=NI ?H NI>; ?MN; J;LN? F; F;>?L;
>? F; GIHN;e; ?MNl L?=O<C?LN; JIL OH AL;H HbG?LI >? =IF;>;M

!MN; N?ILg; M?Lg; L;NC@C=;>; JIL jF ?H 0CL;D;H; ?H #L;H ;H;LC; S MI<L?


NI>I ?H (; ,;FG; ?H F; ;F>?L; >? 0;<OLC?HN? KO? M? =IHP?LNCLg; ?H ?F J;L;
F<?LNI .?F;H=CI )?HjH>?T 129

>CAG; >? OH =LlN?L >? F?P;HN;GC?HNI ?M >?=CL >? OH; ?F?P;=CdH JLI>CACIM;
>?F N?LL?HI JLI>O=C>I JIL F;M @O?LT;M PIF=lHC=;M S JIL F; JL?MCdH >?F CHN?LCIL
>? F; 0C?LL; KO? FO?AI M? >?MJFIG; S M? BOH>? MI<L? Mg GCMG; @ILG;H>I
?MN;M ACA;HN?M=;M =;F>?L;M (j;M? F; @O?LN? CGJL?MCdH KO? =;OMd ?H PIH O=B
F; ;F>?L; >? 0;<OLC?HN?
2CMN; >?M>? ;LLC<; F; ;F>?L; JL?M?HN; OH; J?LMJ?=NCP; HI G?HIM CGJL?MCI
H;HN? KO? >?M>? ;<;DI /O ?MJ;HNIM; JLI@OH>C>;> KO? ?HNIH=?M M? JO?>?
;<;L=;L ?H MO NIN;FC>;> F? >; ?F ;MJ?=NI >? OH ;<CMGI N;H CHG?HMI KO?
M?Lg; GOS L;LI KO? M? ?H=O?HNL? INLI CAO;F ?H F; MOJ?L@C=C? >? F; 0C?LL; 7 8
Z dH>? M? JO?>? ?H=IHNL;L ;FAI N;H JLI>CACIMI Z dH>? ?RCMN? OH =LlN?L
=IH OH =gL=OFI N;H ACA;HN?M=I

/CH ?G<;LAI F; >CM=OMCdH >? ?MN; N?ILg; M? JLI>O=CLg; ?H F;M MCAOC?HN?M


>j=;>;M ?HNL? INLIM JIL ?F A?dFIAI B;LF?M (S?FF KO? N;G<CjH P?H>Lg; ;
;H;LC;M W?H FIM ;eIM S W ;NL;g>I JIL MOM @?HdG?HIM PIF=lHC=IM S
F; =IH@ILG;=CdH A?IFdAC=; >?F L=BCJCjF;AI
,IL INL; J;LN? PIH O=B ?H MO J?LCJFI =IH /GCNB NOPI F; IJILNOHC>;> >?
B;=?L F; JLCG?L; >?M=LCJ=CdH A?IFdAC=; >? (;HT;LIN? ? CH=FOSd ?H MO I<L; ?F
L?F;NI G;HOM=LCNI >?F =OL; >? 5;CT; >IH H>LjM (IL?HTI OL<?FI MI<L? F;
?LOJ=CdH >?F 0CG;H@;S; ?H WOH; >?M=LCJ=CdH =LIHIFdAC=; >? F;M ?LOJ
=CIH?M >?M>? ?F >? M?JNC?G<L? >? B;MN; >C=C?G<L? >?
!H INLI IL>?H >? =IM;M N;G<CjH PIH O=B ?H F; M?H>; ;<C?LN; JIL
$OG<IF>N S =IH F; =IF;<IL;=CdH >? MO =IF?A; BLCMN?H /GCNB >?>C=; OH;
J;LN? >? MO I<L; ; F; @FIL; >? F;M %MF;M ;H;LC;M S ; MO >CMNLC<O=CdH JIL JCMIM
>? P?A?N;=CdH ;>?GlM >? =IHM;AL;L P;LC;M JlACH;M ; F; @FIL; CHNLI>O=C>; ?H
F;M %MF;M .?MJ?=NI ; F; A?IAL;@g; <INlHC=; PIH O=B NIG;H>I =IGI L?@?
L?H=C; F; CMF; >? G;SIL ;FNOL; 0?H?LC@? B;=? F; MCAOC?HN? >CMNLC<O=CdH @CNIMNl
NC=; ?H =CH=I L?ACIH?M

.?ACdH MO<NLIJC=;F I >? @ILG;M ;@LC=;H;M


!RN?HMCdH ?M>? F;M =IMN;M B;MN; JC?M
0?GJ?L;NOL; G?>C; ^ ; ^
FCG; ;HlFIAI ;F >? !ACJNI I ?L<?Lg;
,F;HN;M =;L;=N?LgMNC=;M JF;N;H?L;M S J;FG?L;M
130 (?IJIF> PIH O=B ?H ;H;LC;M

.?ACdH G?>CN?LLlH?; I >? =OFNCPIM ?OLIJ?IM


!RN?HMCdH ?M>? ; JC?M
0?GJ?L;NOL; G?>C; ^
FCG; ;HlFIAI ;F >?F :616 @L;H=jM S >? %N;FC; =?HNL;F
,F;HN;M =;L;=N?LgMNC=;M PCe?>IM S NLCA;F?M CGJILN;>IM

.?ACdH MC?GJL? P?L>? I >? <IMKO?M


!RN?HMCdH >? JC?M B;MN;
0?GJ?L;NOL; G?>C; ^
FCG; ;HlFIAI ;F >? (SIH S (IG<;L>g;
,F;HN;M =;L;=N?LgMNC=;M (;OL?F <;L<OT;HI NCF PCe;NCAI <L?TI @;S;Y

.?ACdH >?F JCH;L I >? JCHIM >? ;H;LC;M


!RN?HMCdH >?M>? JC?M B;MN;
0?GJ?L;NOL; G?>C; ^
FCG; ;HlFIAI ;F >?F HILN? >? "L;H=C; >? !M=I=C; I >?F HILN? >? F?G;HC;
,F;HN;M =;L;=N?LgMNC=;M $6;B@ 0.;.?62;@6@

.?ACdH >? F; OG<L? I >? L?N;G;M <F;H=;M


!RN?HMCdH ?HNL? JC?M B;MN;
0?GJ?L;NOL; G?>C; ; F; ;FNOL; >? O JC?M ^
FCG; ;HlFIAI ;F >?F HILN? >? !M=I=C; S >? LIHNB?CH *ILO?A;
,F;HN;M =;L;=N?LgMNC=;M .?N;G; <F;H=;

(IM GCF JC?M MCNO;>IM JIL >?<;DI >?F ,C=I HIM >C=? PIH O=B =;L?=?H >?
P?A?N;=CdH 5 F;M >IM bFNCG;M L?ACIH?M ?MNlH ?H OH; =;MC J?LG;H?HN? M?KOg;
!H L?MOG?H F; I<L; >? PIH O=B MI<L? ;H;LC;M MOJIH? OH BCNI >?
JLCG?L; G;AHCNO> ?H F; ?RJFIL;=CdH =C?HNg@C=; MI<L? ?F L=BCJCjF;AI NL;M FIM
J;MIM >? $OG<IF>N S INLIM J?LMIH;D?M L?F?P;HN?M KO? jF GCMGI =CN; #F;M
2C?L; );MMIH LIOMMIH?N S N;G<CjH IL>C?L I ILS >? /;CHN 2CH=?HN KO?
;<L? ?F =;GCHI ; FIM ?MNO>CIM ?MJ?=g@C=IM S MCMN?GlNC=IM MI<L? ;H;LC;M ?H ?F
MCAFI 4%4
F<?LNI .?F;H=CI )?HjH>?T 131

1 $ (?IJIF> PIH $5F@60.96@052 2@05?26/B;4 12? .;.?6@052; ;@29;


?LFgH 'I?HCAFC=B? E;>?GC? >?L 3CMM?HM=B;@N?H
1 $ (?IJIF> PIH 2@0?6=06S; 3V@60. 12 9.@ @9.@ .;.?6.@ 0L;>O==CdH
7>? F; ?>C=CdH @L;H=?M; >? 8 >? &IMj ?FA;>I (OCM /;HN; LOT >?
0?H?LC@? & (
1 $ (?IJIF> PIH 2@0?6=A6<; =5F@6>B2 12@ 92@ .;.?62@ @B6C62 1 B;2
6;160.A6<; 12@ =?6;06=.BE C<90.;@ 1B 49</2 0L;>O==CdH 7>?F ;F?GlH8 >?
F;O>? IOF;HA?L ,;LgM " # (?PL;OFN
$!..!. ,%-1u F@L?>I $.@6S; F C2;AB?. 2; 9. 62;06. 12 9.@ B02@ (;M
,;FG;M >? #L;H ;H;LC; !>C=CIH?M >?F ;<CF>I >? #L;H ;H;LC;
2%(( ( )+.!*+ !OMN;KOCI 9 '2612 B;. :6?.1. 56@AS?60. );>LC>
+LA;HCMGI ONdHIGI >? ,;LKO?M *;=CIH;F?M
133

* 9852/*,K=2,* /20>;* -. "*+27 .;=1.58=

5+.;=8 !.5*7,28 .7K7-.B

/
;<CH ?LNB?FIN B; >?D;>I OH; JLI@OH>; BO?FF; ?H F; BCMNILC; S F; =OFNOL;
=;H;LC;M $IS ?H >g; ?M L?=IL>;>I =IGI OH; @CAOL; M?e?L; KO? >;
HIG<L?M ; =;FF?M CHMNCNONIM I ;MI=C;=CIH?M =OFNOL;F?M >? F;M %MF;M
;H;LC;M ;OHKO? ?H MO J;NLC; ?H "L;H=C; M?; JLl=NC=;G?HN? >?M=IHI=C>I
CH=FOMI ?H MO );LM?FF; H;N;F
?LNB?FIN L?MC>Cd ?H 0?H?LC@? =O;L?HN; S NL?M ;eIM !H OH; JLCG?L; ?N;J;
?HNL? S S ?H OH M?AOH>I S F;LAI J?LgI>I >?MJOjM >? >C?=CMC?N?
;eIM ?H ,;LgM >?M>? B;MN; MO GO?LN? ?H F;JMI ?H ?F KO?
I=OJ;Lg; F; G;SIL J;LN? >?F NC?GJI ?F =;LAI >? =dHMOF @L;H=jM ?H F; CMF;
,I>Lg;GIM >?=CL KO? J;Md FIM G?DIL?M ;eIM >? MO PC>; ?H ;H;LC;M =IGI jF
L?=IHI=? S ;OHKO? HOH=; J?L>Cd MOM F;TIM S MO ?HL;CT;GC?HNI =IH "L;H=C;
M? CG<LC=d NIN;FG?HN? ?H F; PC>; CMF?e; "O? ?H PC>; ?F CHN?F?=NO;F GlM JL?MNC
ACIMI >?HNLI S @O?L; >? F;M @LIHN?L;M =;H;LC;M >?>C=;H>I GO=BIM ;eIM ;
?MNO>CIM MI<L? ?NHIAL;@g; ? BCMNILC; >?F L=BCJCjF;AI S J;LNC=CJ;H>I ?H NI>I
;=NI S MI=C?>;> =OFNOL;F KO? NOPC?L; OH; =C?LN; L?F?P;H=C;
(IM <CdAL;@IM MC?GJL? M? B;H ;MIG<L;>I >? MOM ;GJFCIM M;<?L?M S GlM
;bH >? =dGI JO>I ;>KOCLCLFIM JO?M ?M GOS >C@g=CF ;P?LCAO;L ?H GO=BIM
=;MIM =OlH>I S =dGI @O? =;J;T ?LNB?FIN >? I<N?H?L MOM =IHI=CGC?HNIM
MI<L? N;H >CP?LM;M G;N?LC;M (IM JlLL;@IM KO? MCAO?H JL?N?H>?H B;=?L OH
<L?P? L?=ILLC>I JIL MOM =;GJIM >? CHN?LjM CHN?F?=NO;F
?MJOjM >? MOM JLCG?LIM ?MNO>CIM ?H ?F (C=?I %GJ?LC;F >? );LM?FF; WM?AO
L;G?HN? FIM bHC=IM ?MNO>CIM I@C=C;F?M KO? B;Lg; ?H MO PC>;W MO ;>IF?M=?H=C; S
DOP?HNO> ?MNlH FCA;>;M ;F G;L *I MdFI JIL PCPCL ?H OH; =CO>;> =IMN?L; MCHI
JILKO? ?HNL? S FI ?H=IHNL;GIM =IGI ;MJCL;HN? ; G;LCH?LI S
GlM N;L>? =IGI G;LCH?LI GCMGI JLCG?LI ?H F; );LCH; >? AO?LL; S FO?AI
134 (; JIFC@;=jNC=; @CAOL; >? /;<CH ?LNB?FIN

?H F; G?L=;HN? !MNI F? J?LGCNCd PC;D;L


S =IHI=?L ;>?GlM >? F; GlM =?L=;H;
!OLIJ; FOA;L?M =IGI O<; WS M?AO
L;G?HN? 2?H?TO?F;W ?H MOM L?=ILLC>IM
JIL ?F ;LC<?
IGI G;LCH?LI >? J;MI FF?A;Ll
JIL JLCG?L; P?T ; 0?H?LC@? ?H
S ;OHKO? >?M>? ?HNIH=?M ;<;H
>IH; MO NL;<;DI ?H ?F G;L WJO?M MO
I=;MCIH;F J;L;>; ?H ;H;LC;M M?
=IHPCLNCd ?H >C?T ;eIM >? L?MC
>?H=C;W MOM ?MNO>CIM MI<L? F; J?M=;
?H ?F <;H=I M;B;LC;HI FI FF?P;LlH ;
JO<FC=;L ?H OH ;LNg=OFI MI<L?
J?MKO?Lg;M ?H ?F <IF?NgH >? F;
/;<CH ?LNB?FIN JIL (;M;FF?
/I=C?>;> #?IALl@C=; >? ,;LgM IM
;eIM >?MJOjM ?H ;J;L?=? MO FC<LI 2 9. =X052 @B? 9. 0RA2 <00612;
A.92 1 3?6>B2 2A 12@ YA./96@@2:2;A@ 92@ =9B@ BA692@ .BE =?<4?W@ 12 02AA2
6;1B@A?62 OH NL;<;DI KO? F? G?L?=Cd ?F ?H=;LAI JIL J;LN? >?F AI<C?LHI
>? "L;H=C; ?HNL? S >? OH; I<L; MI<L? FIM >C@?L?HN?M GjNI>IM
>? J?M=; S MOM JIMC<F?M G?DIL;M ; FI F;LAI >? F;M =IMN;M G?>CN?LLlH?;M
@L;H=?M; CN;FC;H; ?MJ;eIF; S >?F HILN? >? w@LC=; ?LNB?FIN ?HPCd ;F
AI<C?LHI @L;H=jM HOG?LIM;M G?GILC;M MI<L? ?MN? ;MOHNI S JO<FC=d
GO=BI GlM N;L>? ?H ?F FC<LI _AB12@ @B? 92@ =X052@ :.?6A6:2@ 1.;@
9. !Y16A2??.;Y2 2A 9 #0Y.; ;F KO? B;<Lg; KO? ;e;>CL ;F G?HIM INLIM
=CH=I ;LNg=OFIM L?F;=CIH;>IM =IH F; J?M=; ; J;LNCL >? ?HNIH=?M GlM
;FAOH;M P?LMCIH?M ?MJ;eIF;M >? MOM NL;<;DIM
/CH ?G<;LAI >?MJOjM >? MO FF?A;>; ; 0?H?LC@? ?H=IHNL;GIM ; OH ?LNB?FIN
?HNOMC;MG;>I B;=C?H>I ?R=OLMCIH?M JIL F; CMF; ? CHN?L?MlH>IM? JIL F;M JF;HN;M
0;HN; @O? MO ;@C=CdH S MO JLIJC; ;ONI@ILG;=CdH WHI M? F? =IHI=?H G;?MNLIM
?MJ?=g@C=IMW KO? ?H ?MNIM ;eIM ?H=IHNL;GIM ; ?LNB?FIN >CLCAC?H>I ?F &;L>gH >?
=FCG;N;=CdH >? (; +LIN;P; JIL ?H=;LAI >?F G;LKOjM >? *;P; OHI >? MOM
;GCAIM S G?HNIL?M JIL ?HNIH=?M
F<?LNI .?F;H=CI )?HjH>?T 135

,IL ;KO?FFIM ;eIM ?LNB?FIN PCPg; ?H F; =;M; M?eILC;F >? "L;H=BS >IH>?
>CM@LON;<; >? OH;M PCMN;M JL?=CIM;M >?F 2;FF? S JI>g; =IHN?GJF;L ?H ?F >?M=OC
>;>I D;L>gH ?F @;GIMI >L;AI >? (; +LIN;P; S; ;FAI G;FNL?=BI JIL OH L;SI KO?
F? B;<g; =;g>I ?H 1HI >? MOM JLCG?LIM NL;<;DIM JO<FC=;>IM M?Lg; JL?=CM;
G?HN? MI<L? ?F >L;AI V+<M?LP;NCIHM MOL F? ?.0.2;. ?.0<X 0;G<CjH
JIL ?MNIM ;eIM M? F? ;NLC<OS? OH ?M=LCNI MI<L? ?F CHN?LjM >? F; CHNLI>O==CdH >? F;
=I=BCHCFF; ?H ;H;LC;M M?AOL;G?HN? ; J?NC=CdH >? F; /I=C?>;> !=IHdGC=; >?
GCAIM >?F ,;gM >? 0?H?LC@? =OSIM GC?G<LIM M;<g;H >? MOM =IHI=CGC?HNIM
<INlHC=IM ?H J;LNC=OF;L MI<L? FIM HIJ;F?M S MOM CHM?=NIM J;LlMCNIM
*I >?D; >? M?L =OLCIMI KO? ?F @LONI >? MOM B?L<ILCT;=CIH?M ?H ;H;LC;M
>OL;HN? OH; >j=;>; WMO B?L<;LCI =;H;LCIW @O?L; =IGJL;>I JIL MO ;GCAI
,BCFCJ ;LE?L 3?<< ;F CHC=C;L FIM JL?J;L;NCPIM >? F; JO<FC=;=CdH >? MO
=IHDOHN; S G;AH; I<L; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ !H ?MN; I<L;
KO? M?Ll MO JLCH=CJ;F NL;<;DI >OL;HN? ;eIM ?H ,;LgM ;HN?M >? L?AL?M;L ;
;H;LC;M ?LNB?FIN HI J;LNC=CJ; ?H F; GOS ;F;<;>; $5FA<4?.=56.
.;.?62;@6@ bFNCG; J;LN? >? F; 6@A<6?2 ".AB?2992 ?HM;FT;>; ?H !OLIJ;
=IGI GI>?FI >? ?MNO>CIM <INlHC=IM S L?;FCT;>; JIL OH =IHDOHNI >? FIM
G?DIL?M ?MJ?=C;FCMN;M >? F; jJI=; =IIL>CH;>IM JIL 3?<< ;ONIL >? OH;
J;LN? =IHMC>?L;<F? >? F; GCMG;
*I I<MN;HN? ?LNB?FIN Mg KO? M? I=OJ;Ll >? ?M=LC<CL ?H MIFCN;LCI ?F
PIFOG?H >?>C=;>I ; F; A?IAL;@g; <INlHC=; ?H >IH>? MCAOC?H>I FIM J;MIM

&;L>gH >? =FCG;N;=CdH >? (; +LIN;P; 2@ !6@0299.;Y2@ .;.?62;;2@


136 (; JIFC@;=jNC=; @CAOL; >? /;<CH ?LNB?FIN

>? $OG<IF>N S >? MOM M?AOC>IL?M (?IJIF> PIH O=B S BLCMN?H /GCNB
NL;T; OH; J;HILlGC=; >? F; A?IAL;@g; >? F;M JF;HN;M >?F L=BCJCjF;AI
JLIJIHC?H>I OH; HO?P; >CMNLC<O=CdH >? FIM JCMIM >? P?A?N;=CdH S B;=C?H>I
OH; >?M=LCJ=CdH >? F; P?A?N;=CdH =;H;LC; ?H J;LNC=OF;L >? F; LCKO?T; S
>CMNLC<O=CdH >? MOM <IMKO?M
?MJOjM >? HO?MNLI G;LM?FFjM M?AOCLl I=OJlH>IM? >? =O;H>I ?H
=O;H>I >? JO<FC=;L ;LNg=OFIM MI<L? F; <INlHC=; =;H;LC; 2;FA;H FIM
MCAOC?HN?M =IGI GO?MNL; V*IN? MOL F? :<0.; ;L<L? >?M fF?M ;H;LC?MX
V/OL F?M ?MM?H=?M @IL?MNChL?M >?M ;H;LC?M ?N F; L?ILA;HCM;NCIH >O
&;L>CH > ==FCG;N;NCIH > +LIN;P;X I MO =?F?<L;>I FC<LCNI `?/<92@ F
<@>B2@ P?LMCdH ?MJ;eIF; >? OH; I<L; GlM ;GJFC; CHj>CN; KO? P?Lg; F; FOT
?H MCAOC?H>I FIM J;MIM >? F; =CN;>; Y<4?.=562 /<A.;6>B2
,?LI >IH>? ?LNB?FIN >?M;LLIFF; OH; P?L>;>?L; =;LL?L; CHN?F?=NO;F S ;FAI
CHOMCN;>I ?H MO PC>; FF?A; ; >?M?GJ?e;L OH L?F?P;HN? JO?MNI CHMNCNO=CIH;F
?M ?H ?F =;GJI >? F; A?IAL;@g;
?LNB?FIN ?MNOPI PCH=OF;>I ; F; /I=C?>;> #?IALl@C=; >? ,;LgM ;F G?HIM
>?M>? J;L; F; KO? JO<FC=d M?CM ;LNg=OFIM ;HN?M >? M?L ?F?AC>I ?H
M?=L?N;LCI A?H?L;F =;LAI KO? G;HN?H>Ll B;MN; G?>C;>IM >? HN?M >?
FF?A;L ; ,;LgM HI I<MN;HN? S; B;<g; JO<FC=;>I ?H ?H ?F IF?NgH >? F;
CHMNCNO=CdH @L;H=?M; OH ?RNL;=NI >? OH; ?R=OLMCdH ;F 0?C>? =IH ?F =dHMOF
<LCNlHC=I );=#L?AIL
? B?=BI F; CHNLI>O==CdH ;F PIFOG?H >? F; 2<4?.3V. J?LN?H?=C?HN? ; F;
6@A<6?2 ".AB?2992 NCNOF;>; V IOJ > I?CF MOL F; BILIAL;JBC? >?M rF?M
"ILNOHj?@J @O? F?g>; JIL ?LNB?FIN ?H F; ;M;G<F?; A?H?L;F >? F; /I=C?>;> ?F
>? HIPC?G<L? >? !H ?MN? ;LNg=OFI ;J;L?=g; OH; HIN; ; JC? >?
JlACH; ;@CLG;H>I KO? M? NL;N;<; >? OH NL;<;DI J?LN?H?=C?HN? ; F; 6@A<6?2
".AB?2992 12@ ^92@ .;.?62@ =OS; JLCG?L; ?HNL?A; ;=;<;<; >? M?L JO?MN; ; F;
P?HN; ?H ,;LgM +NLIM =O;NLI =;JgNOFIM GlM W=ILL?MJIH>C?HN?M ; F;M >?M=LCJ
=CIH?M L?MJ?=NCP;M >? F;M CMF;M >? (; ,;FG; !F $C?LLI "O?LN?P?HNOL; S
(;HT;LIN?W ;J;L?=C?LIH @CLG;>IM JIL ?LNB?FIN ?H NL?M ;LNg=OFIM >? >C=B;
/I=C?>;> ?H ?F ;eI !MNIM N?RNIM @O?LIH FO?AI L?NI=;>IM J;L; CH=FOCLFIM
?H F; G;AH; I<L; KO? @CLG;Lg; =IH 3?<<
F<?LNI .?F;H=CI )?HjH>?T 137

);J; NIJIALl@C=I >? F; CMF; >? 0?H?LC@? L?;FCT;>I JIL ?LNB?FIN

?LNB?FIN ?M=LC<CLg; =IGI ;ONIL bHC=I NI>; F; J;LN? >? F; A?IAL;@g;


>?M=LCJNCP; >? ?MN; P?L>;>?L; 2;0609<=216. 062;AV360. ;<;L=;H>I FIM =;GJIM
>? F; A?IAL;@g; @gMC=; A?IAL;@g; >?F N?LLCNILCI S F; =;LNIAL;@g; KO? =IGJF?
G?HN;Ll =IH =OC>;>IMIM G;J;M JO<FC=;>IM ?H ?F A9.@ KO? =IGJF?N; F; I<L;
5 ;e;>CLl OH V JjH>C=? ?MN;>gMNC=IX ?H ?F KO? ;AFONCH; >;NIM NIG;>IM >?
=IHMOF;>IM S >? FC<LIM ? CH@ILG?M >? P;LC;>; JLI=?>?H=C; KO? >?M=LC<?H F;
A?IAL;@g; =IG?L=C;F JIFgNC=; S BOG;H; >?F L=BCJCjF;AI
!MN? NL;<;DI =IHM;AL;>I ; F; A?IAL;@g; M? =IHNCHO;Ll >?M>? MO =;LAI >?
M?=L?N;LCI >? F; /I=C?>;> #?IALl@C=; J;LCMCH; WS =IIL>CH;>IL >? MO IF?NgHW
?H F; L?>;==CdH >? OH <O?H HbG?LI >? ;LNg=OFIM J;L; ?MN; JO<FC=;=CdH DOHNI
138 (; JIFC@;=jNC=; @CAOL; >? /;<CH ?LNB?FIN

=IH F;M G?GILC;M ;HO;F?M KO? >;<;H =O?HN; >? FIM NL;<;DIM L?;FCT;>IM JIL F;
CHMNCNO=CdH MI<L? FIM JLIAL?MIM >? F; =C?H=C; A?IALl@C=; /? I=OJd >? F;M
G?GILC;M >? FIM ;eIM S JO?M >?F?Ad F; >? S
S; HI FF?Ad ; B;=?L F; >? ;F >?D;L ?F =;LAI ?H ?M? ;eI !MNIM F;LAIM
CH@ILG?M >;<;H =O?HN; >? NI>I NCJI >? PC;D?M >? ?RJFIL;=CdH ; FI F;LAI S
;H=BI >?F GOH>I ?M=LCJ=CIH?M >? FIM FOA;L?M GlM L?GINIM S >? FIM
JO?<FIM ?RdNC=IM KO? FIM B;<CN;<;H ;Mg =IGI >? ;MOHNIM GlM N?dLC=IM I
Nj=HC=IM L?F;=CIH;>IM =IH ?F =;GJI A?IALl@C=I W=;LNIAL;@g; H;P?A;=CdH
=O?MNCIH?M ?=IHdGC=;M ?N= >?GlM M? I=OJ;<; >? =IG?HN;L F; <C<FCIAL;@g;
?MJ?=g@C=; KO? L?=C<g; F; /I=C?>;>
J?M;L >? NI>I ?MNIM ?MNO>CIM A?IALl@C=IM >? ?LNB?FIN HI B;H N?HC>I F;
CH@FO?H=C; ?H HO?MNLIM >g;M KO? B;H N?HC>I MOM CHP?MNCA;=CIH?M MI<L? F; ?NHI
AL;@g; S FIM ILgA?H?M >? FIM ;HNCAOIM JI<F;>IL?M >? F;M %MF;M @ILNOH;>;M
?LNB?FIN @O? OH JCIH?LI ?H ?F ?MNO>CI >? F; FCN?L;NOL; BCMNdLC=; S MI<L?
NI>I JL?BCMNdLC=; >?F L=BCJCjF;AI ; F; KO? >?<Cd >?>C=;L GO=BI NC?GJI ?H
MO JLCG?L; ?MN;H=C; ?H F;M %MF;M ;JLIP?=B;H>I F;M <C<FCIN?=;M >? MOM HI<F?M S
?LO>CNIM ;GCAIM >? ?HNIH=?M ?H 0?H?LC@? J?LI N;G<CjH INL;M =IGI F;M >?F
BCMNILC;>IL S <C<FCd@CFI $?HLC 0?LH;OR IGJ;HM M?=L?N;LCI >? ?G<;D;>;
?LO>CNI PC;D?LI S L?>;=NIL >? FIM JLCG?LIM PC;D?M >? ?RJFIL;=CdH MI<L? NI>I
?H L?F;=CdH =IH GjLC=;
? ?MNI KO?>; =IHMN;H=C; ?H FIM ?MNO>CIM <C<FCIALl@C=IM KO? @ILG;H ?F
JLCG?L =;JgNOFI >? MO A5;<4?.=562 2A .;;.92@ 12 9. 0<;>BXA2 12@ ^92@
.;.?62@ FC<LI JCIH?LI MI<L? ?F N?G; JO<FC=;>I ?HNL? S >IH>?
L?J;M; NI>; F; <C<FCIAL;@g; ?RCMN?HN? ?H MO GIG?HNI MI<L? F; JL?BCMNILC; >?
;H;LC;M !H ?MN; I<L; L?M=;N; >?F IFPC>I ;FAOHIM CGJILN;HN?M G;HOM=LCNIM S
FC<LIM CGJL?MIM /OM N?MCM MI<L? ?F ILCA?H >? FIM AO;H=B?M S FIM =ILL?MJIH
>C?HN?M ;HlFCMCM ?NHIFdAC=IM N?H>LlH OH; CH@FO?H=C; =IHMC>?L;<F? ?H F; FCN?L;
NOL; JIMN?LCIL MI<L? ?F N?G; FF?A;H>I B;MN; HO?MNLIM >g;M
?LNB?FIN ?MNOPI FCA;>I ; F; /I=C?>;> !NHIALl@C=; >? ,;LgM >?M>? MO
@OH>;=CdH ?H J;L; F; KO? ?M=LC<? >IM ;LNg=OFIM ?H FIM >IM ;eIM
MCAOC?HN?M ?RNL;=N;>IM >? MO FC<LI @OH>;G?HN;F MI<L? F; ?NHIAL;@g; AO;H=B?
)lM ;>?F;HN? =O;H>I JO<FCKO? ?H FIM bFNCGIM ;eIM MO CGJILN;HN? FC<LI
F<?LNI .?F;H=CI )?HjH>?T 139

;A6>B6AY@ 0.;.?62;;2@ <B .;;<A.


A6<;@ @B? 9 <?646;2 12@ =2B=92@ >B6
<00B=W?2;A 92@ ^92@ <?AB;Y2@ 12=B6@
92@ =?2:62?@ A2:=@ 7B@>B [ 9 Y=<>B2
12 92B? 0<;>BXA2 M? FI ?HPg; ; ,;OF
LI=; JL?MC>?HN? >? F; /I=C?>;> >?
HNLIJIFIAg; >? ,;LgM >? F; KO?
?LNB?FIN ?M GC?G<LI J;L; KO?
B;A; F; JL?M?HN;=CdH >? F; I<L;
?FF; CH=ILJIL; ?HNL? INL;M =IM;M ?F
>?M=O<LCGC?HNI >? F;M JLCG?L;M
CHM=LCJ=CIH?M F;JC>;LC;M >? FIM ;HNC
AOIM B;<CN;HN?M =;H;LCIM ?H=IH
NL;>;M ?H !F $C?LLI S >? F;M KO?
B;<g; >;>I HINC=C; ?H >IM ;LNg=OFIM
?HPC;>IM ; F; /I=C?>;> #?IALl@C=;
>? ,;LgM ?H S
,LO?<; >?F CHN?LjM KO? >?MJ?LNd F;
A5;<4?.=562 ?M MO N?GJL;H; NL;>O=
=CdH ;F ?MJ;eIF ?H JIL &O;H
LNOLI );FC<LlH ?H F; C<FCIN?=;
%MF?e; >? /;HN; LOT >? 0?H?LC@?
!MN; I<L; N?Hg; MO =IGJF?G?HNI ?H
F;M !6@0299.;Y2@ 0.;.?62;;2@ KO?
DOHNI =IH ;KO?FF; @ILG;<;H ?F JLCG?L
NIGI >? F; 6@A<6?2 ".AB?2992 12@ ^92@
.;.?62@ JO<FC=;>; DOHNI =IH ,BCFCJ
;LE?L 3?<< (;M !6@029];2.@ MIH OH
JL?=CIMI L?NL;NI ; =;<;FFI ?HNL? >C;LCI
>? PC;D?M >?M=LCJ=CIH?M ?NHIALl@C=;M
LlH?IM M?F?==CIH;>IM JIL ?LNB?FIN >? NCJI
S =LdHC=;M BCMNdLC=I MI=CIFdAC=;M >? =;H;LCI S B;<CN;HN? >? #L;H ;H;LC; >?M=?H
F; MI=C?>;> CMF?e; LOL;F S OL<;H; >? >C?HN? >? ;<ILgA?H?M
140 (; JIFC@;=jNC=; @CAOL; >? /;<CH ?LNB?FIN

FIM ;eIM P?CHN? >?F MCAFI 4%4 !MNlH ?M=LCN;M ?H OH ?MNCFI lACF S ;G?HI S
NOPC?LIH OH =C?LNI jRCNI ?H "L;H=C; ?H MO >g; WM? JO<FC=;LIH ?H NILHI ;
W =IGI HIM =O?HN; ?F JLIJCI ?LNB?FIN
Z ? KOj INL;M >CM=CJFCH;M M? I=OJd ?LNB?FIN *O?MNLI ;ONIL HI MdFI M?
>?>C=d ; L?;FCT;L ?MNO>CIM MI<L? J?M=; <INlHC=; A?IAL;@g; @gMC=; S BOG;H;
?NHIAL;@g; ? BCMNILC; MCHI KO? N;G<CjH BCTI CHP?MNCA;=CIH?M MI<L? ILHCNI
FIAg; ? C=NCIFIAg; ;>?GlM >? MO ?MNO>CIM =IGI .:.A2B? ?H ?F =;GJI >? F;
A?IFIAg; WL?>;=Nd >? B?=BI F; >? F; 6@A<6?2 ".AB?2992I MCH IFPC>;L KO? @O?
OH <O?H >C<OD;HN? S ;@C=CIH;>I ; F; JCHNOL;
?LNB?FIN JO<FC=d P;LCIM ?MNO>CIM MI<L? ;P?M =IGI >?=g;GIM >? FIM KO?
=CN;L?GIM FIM GlM CGJILN;HN?M MOM FC<LIM #6@2.BE C<F.42B?@ 2A =<6@@<;@ 12
=.@@.42 _AB12 0<:=.?Y2 1 <?4.;6@:2 12 :<2B?@ 2A 1 6;@A6;0A S
!2@ #6@2.BE 5.;A2B?@ ;>?GlM >? ;LNg=OFIM MI<L? GCAL;=CdH >? ;P?M
S A?IAL;@g; ILHCNIFdAC=;
,IL INLI F;>I N;G<CjH M? PIFPCd ; I=OJ;L >? FIM J?=?M J?LI HI >?M>? ?F
JOHNI >? PCMN; JLl=NC=I W?F >? F; CH>OMNLC; J?MKO?L;W MCHI N?dLC=I ? ;Bg MO
=IHNLC<O=CdH ; F; J;LN? >? C=NCIFIAg; >? F; 6@A<6?2 ".AB?2992 ?H F; KO?
;OHKO? HI @CAOL; =IGI ;ONIL J;LNC=CJd >? B?=BI =IGI M;<?GIM JIL MO
=ILL?MJIH>?H=C; + MO FC<LI >? P?D?T NCNOF;>I )6A.96AY 12@ !2?@
/I<L? MOM ;@C=CIH?M S B;<CFC>;>?M ;LNgMNC=;M B;<Lg; KO? >?=CL KO? @O? OH
<O?H >C<OD;HN? FI KO? M? JO?>? ;JL?=C;L ?H FIM >C<ODIM KO? BCTI J;L; F;
6@A<6?2 ".AB?2992 WJ;L; F;M !6@0299.;Y2@ S ?F A9.@I MI<L? FIM KO? FO?AI M?
B;Lg;H FIM AL;<;>IM =ILL?MJIH>C?HN?M S KO? NOPI =C?LN; =OFNOL; ;LNgMNC=;
@L?=O?HN;H>I ; P;LCIM ;GCAIM JCHNIL?M !FFI ?RJFC=; KO? @O?L; GC?G<LI
BIHIL;LCI >? F; =;>?GC; >? ?FF;M LN?M >? /;HN; LOT ; F; KO?
JL?MNd MO ;JISI !HNL? MOM ;@C=CIH?M ;LNgMNC=;M ?MN;<; F; >? B;=?L G;KO?N;M
?H NL?M >CG?HMCIH?M L?;FCT;H>I P;LC;M >? F; CMF; >? 0?H?LC@? S >?F
L=BCJCjF;AI KO? M? B;H >;>I JIL J?L>C>;M B;=? GO=BI NC?GJI
!MN? JIFC@;=jNC=I CHN?F?=NO;F /;<CH ?LNB?FIN HIG<L;>I BCDI ;>IJNCPI >?
/;HN; LOT >? 0?H?LC@? S ?HN?LL;>I ?H ?MN; =CO>;> MCAO? ?MN;H>I ?HNL?
HIMINLIM =IH MOM I<L;M =IGI L?T; OH; J;LN? >? MO ?JCN;@CI V OHKO? >C=?H
KO? B? GO?LNI PCPI ;KOgX
F<?LNI .?F;H=CI )?HjH>?T 141

!.0$!(+0 /;<CHI %20B2?1<@ F =6@A<9.?6< 0L;>O==CdH S


JLdFIAI >? (OCM C?AI OM=IS (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
!.0$!(+0 /;<CHI !6@029];2.@ 0.;.?6.@ 0L;>O==CdH >? );HO?F /OlL?T S
?MNO>CI =LgNC=I >? );HO?F $?LHlH>?T (; (;AOH; "L;H=CM=I (?GOM
B992A6; 12 9. &<06YAY 12 Y<4?.=562 @;M=g=OFIM >?M>? B;MN; >IH>? M?
JO?>?H ?H=IHNL;L HOG?LIMIM ;LNg=OFIM JO<FC=;>IM JIL /;<CH ?LNB?FIN >?M>?
B;MN; ?H BNNJ A;FFC=; <H@ @L ;N;FIAO? HINC=?M%H> ". *" BNG
%+. *!/ 1 F?D;H>LI V1H ?LO>CNI ?H ;H;LC;M /;<CHI ?LNB?FINX
<:2;.72 . &./6;< 2?A529<A 2; 29 02;A2;.?6< 12 @B 3.99206:62;A<
(; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
.+1%* &?;H );L= V/;<CH ?LNB?FIN ?N F; AjIAL;JBC? <IN;HCKO? >;HM
9 6@A<6?2 ;.AB?2992 12@ U92@ .;.?62@ X F<?LNI .?F;H=CI S )CF;
.OCT =IIL> .;.?6.@ A2??6A<?6< 12 2E=9<?.06<;2@ 062;AV360.@ );>LC> /% S
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;
(! ((+ ?LH;L>
$ V/;<CH ?LNB?FIN AjIAL;JB? >?M fF?M ;H;LC?MX
0A. 2<4?.=560.
.!( * %+ F<?LNI S )C=B;?F .!!* H 6@A<?6. ;.AB?.9 12 9.@ @9.@ .;.?6.@J
12 *2// F 2?A529<A B;. 6;A?<1B006S; (; +LIN;P; "OH>;=CdH ;H;LC;
+LIN;P; >? $CMNILC; >? F; C?H=C;
.+ .s#1!6 )!/ );HO?F V (; JLCG?L; jJI=; >? /;<CHI
?LNB?FIN ?H 0?H?LC@?X <:2;.72 . &./6;< 2?A529<A 2; 29 02;A2;.?6< 12
@B 3.99206:62;A< (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM

6!.+(+ !Fg;M "<A606. /6<4?]360. 12 &./6; 2?A529<A 567< .1<=A6C< 12 &.;A.


?BG 12 '2;2?632 /;HN; LOT >? 0?H?LC@? OF; >? OFNOL; >? 0?H?LC@?
143

"*+27 .;=1.58= 5* 6.-2*,2H7 -. 5* ,>5=>;* /;*7,.<*

8<K >*7 *=2<=* !8-;J0>.B

?M>? ?F =IGC?HTI >? HO?MNL; BCMNILC; F; =OFNOL; @L;H=?M; MC?GJL? B;


?MN;>I JL?M?HN? ?H ;H;LC;M &?;H >? jNB?H=IOLN S #;>C@?L >? (; /;FF?
KO? ?GJ?T;LIH F; =IHKOCMN; ?H CHC=C;H N;G<CjH F; FCMN; CHN?LGC
H;<F? >? @L;H=?M?M KO? ;LLC<;LIH ; F;M %MF;M S >?D;LIH JLI@OH>; BO?FF; "CAOL;M
J;L;>CAGlNC=;M >? FIM MCAFIM 4%4 S 44 MIH ?HNL? INLIM GO=BIM /;<CH ?LNB?FIN
.?Hj 2?LH?;O S H>Lj L?NIH
!H ?MN; I=;MCdH HIM I=OJ;L?GIM >? /;<CH ?LNB?FIN G;LM?FFjM >? H;=C
GC?HNI ? BCDI ;>IJNCPI >? /;HN; LOT >? 0?H?LC@? KOC?H L?J;LNCd ; J;LN?M
CAO;F?M MOM I=B?HN; S M?CM ;eIM >? PC>; ?HNL? MO J;gM >? H;=CGC?HNI S 0?H?LC@? F;
CMF; ?H KO? GOLCd V*O?MNLIX /;<CHI MCLPCd >? ;ONjHNC=I H?RI ?HNL? ;H;LC;M S
!OLIJ; JOMI ?H =IHN;=NI ; GO=BIM INLIM ?RNL;HD?LIM =IH HO?MNL; L?;FC>;> S
FF?Pd ;>?F;HN? ?H =I;ONILg; =IH ?F CHAFjM ,BCFCJ ;LE?L 3?<< F; JO<FC=;=CdH >?
F; GIHOG?HN;F 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ I<L; KO?
G?L?=Cd ?F ;JISI >? OH CHN?F?=NO;F GCHCMNLI >I<F;>I ?H BCMNILC;>IL >? F; N;FF;
>? ,C?LL? #OCTIN S L?JL?M?HN; ?F ?D?GJFI GlM =F;LI >? F; G?>C;=CdH =OFNOL;F @L;H
=?M; ?H F;M %MF;M F<?LNI .?F;H=CI S )C=B;?F L??H B;H ?M=LCNI OH; <O?H; S
M?H=CFF; CHNLI>O==CdH ; ?MN? ;ONjHNC=I <=B@ :.4;B: MI<L? F;M %MF;M >IH>?
;>?GlM >? F;M I<FCA;>;M HINC=C;M <CI <C<FCIALl@C=;M MI<L? FIM ;ONIL?M ?RJIH?H S
L?MOG?H =IH =F;LC>;> F;M >CP?LM;M J;LN?M >? F; I<L; ?MNO>C;H>I ?HNL? INL;M
=O?MNCIH?M FIM CHN?L?M;>IM S =IGJFC=;>IM JLI<F?G;M >? ;ONILg; KO? ; P?=?M M?
MOM=CN;H S KO? >? ;FAOH; G;H?L; >?N?LCIL;LIH F; B?LGIM; S F;LA; ;GCMN;>
?HNL? 3?<< S ?LNB?FIN
!H FI KO? MCAO? HIM =?HNL;L?GIM ?H P;LCIM ?D?GJFIM >? F; F;<IL >? G?>C;
=CdH =OFNOL;F >?LCP;>; >? F;M L?F;=CIH?M KO? G;HNOPI ?LNB?FIN =IH ;FAOHIM
=C?HNg@C=IM S JIFgNC=IM >? F?HAO; ;F?G;H; ?HNL? S N;HNI JIL MO
144 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

=;FC>;> >? L?JL?M?HN;HN? =IHMOF;L >?


"L;H=C; ?H 0?H?LC@? =IGI MI<L? NI>I
JIL ?F jRCNI I<N?HC>I JIL F; 6@A<6?2
".AB?2992 MC <C?H HO?MNLI ;ONIL S;
B;<g; B?=BI A;F; >? F; GCMG; ;=NC
PC>;> S MI=C;<CFC>;> >OL;HN? MO
JLCG?L; >j=;>; ?H F; %MF; ?HNL?
S
HN?M >? F; JLCG?L; ?MN;H=C; >?
?LNB?FIN ?H 0?H?LC@? B;<g;H J;M;>I
JIL F; CMF; >IM JLOMC;HIM ; KOC?H?M
HO?MNLI ;ONIL NC?H? GOS ?H =O?HN;
F?R;H>?L PIH $OG<IF>N S (?IJIF>
PIH O=B 5 ;OHKO? ?H JLCH=CJCI
HO?MNLI ;ONIL HI JO>I G?>C;L ?HNL?
?MNIM =C?HNg@C=IM ;F?G;H?M ? CHN?F?=
,ILN;>; >? F; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ NO;F?M ?MJ;eIF?M JO?M MdFI GlM N;L>?
=IHI=Cd J?LMIH;FG?HN? ;F M?AOH>I
=IGI P?L?GIM HI >?D; >? L?MOFN;L =OLCIMI KO? GO=B;M P?=?M ?H KO? ?LNB?FIN
M? L?@C?L? ; $OG<IF>N I ; PIH O=B MO?F? HIG<L;L N;G<CjH ;F M;<CI MILC;HI
"L;H=CM=I !M=IF;L S /?LL;HI

0L?M BIG<L?M CAO;FG?HN? L?=IG?H>;<F?M JIL FIM M?LPC=CIM KO? B;H JL?MN;>I
; F; =C?H=C; S ; FIM KO? M? >?<? MCNO;L ?H ?F JLCG?L L;HAI >? FIM @OH>;>IL?M
>? F; A?IFIAg; GI>?LH; $OG<IF>N IL>C?L S PIH O=B B;H PCMCN;>I F;M
%MF;M ;H;LC;M ?H S L?MJ?=NCP;G?HN? 7Y8 ? FIM A?dFIAIM
KO? HIM B;H JL?=?>C>I ?H ;H;LC;M >?<?GIM B;=?L G?H=CdH ?MJ?=C;F >?
>IH "L;H=CM=I !M=IF;L ?LO>CNI GI>?MNI S GCHO=CIMI =OSIM NL;<;DIM J?LG;
H?=?H CHj>CNIM S MOM G;HOM=LCNIM IFPC>;>IM ?H F;M M;F;M >?F )OM?I >?
$CMNILC; *;NOL;F >? );>LC> OL;HN? HO?MNL;M ?RJFIL;=CIH?M HIM MCLPCd >?
AOg; F; =IJC; >? OH =;NlFIAI MOSI KO? =IHNC?H? F; >?M=LCJ=CdH >? F;M GO?M
NL;M >? LI=;M KO? ?MN? I<M?LP;>IL B;<g; L?=IAC>I ?H F;M %MF;M )lM >? OH;
P?T N?H>L?GIM I=;MCdH >? =CN;LFI
&IMj &O;H ;NCMN; .I>LgAO?T 145

?LNB?FIN HIM =O?HN; ?H MOM %20B2?1<@ KO? =IHI=Cd J?LMIH;FG?HN? ;


PIH O=B ?H =;M; >?F @;GIMI <INlHC=I ACH?<LCHI OAOMNCH >? ;H>IFF?

0I>;Pg; JI>Lg; =IHN;L GO=BI GlM >? ;KO?FFIM NL?M ;eIM >? PC;D?M ;HN?M >?
KO? =IG?HT;L;H HO?MNL;M JO<FC=;=CIH?M 7Y8 "O? >OL;HN? OH; >? ?M;M ?RJ?
>C=CIH?M =O;H>I HIM ?H=IHNL;GIM ?H #CH?<L; ?H =;M; >?F CFOMNL? ;H>IFF?
=IH ?F <;LdH >? O=B KO? M?AbH MO =IMNOG<L? ;=;<;<; >? FF?A;L >? ?LFgH
; JC? VMCAOC?H>IX M?AbH =IH@?MCdH JLIJC; VOH; @ILG;=CdH A?IFdAC=; KO?
?MN;<; ?MNO>C;H>IX ,;L; ?MN? CHNLjJC>I ;H>;LgH KO? B;<g; L?=ILLC>I
!M=;H>CH;PC; B;MN; ;F=;HT;L ?F ;<I *ILN? >? !OLIJ; ?F =;GCHI KO?
;=;<;<; >? L?=ILL?L HI >?D;<; >? M?L OH MCGJF? J;M?I U-Oj ;AL;>;<F?M
GIG?HNIM J;M;GIM >OL;HN? HO?MNL; ?MN;H=C; ?H #CH?<L; DOHNI ;F AL;H
<INlHC=I ?H MO L?MC>?H=C; >?F F;AI =IH ?F <;LdH JLOMC;HI S B;N?;O<LC;H>
KO? ; F; M;TdH PC;D;<; JIL /OCT;

/CH ?G<;LAI ?H GO=B;M I=;MCIH?M ?LNB?FIN JL?@C?L? FIM >;NIM >?


!M=IF;L ; FIM >? PIH O=B N;F S =IGI M? ;JL?=C; ?H MO L?=B;TI >?F G;J;
>? 0?H?LC@? =IHN?HC>I ?H ?F A9.@ >?F JLOMC;HI

-OCMCGIM 7Y8 ?PCN;L B;<F;L >?F G;J; >? PIH O=B ,?LI JO?MNI KO? FI B;H
ONCFCT;>I J;L; ;JIS;L ;@CLG;=CIH?M KO? >?<?GIM L?<;NCL HIM P?GIM I<FCA;>IM
; PIFP?L MI<L? ?MN? ;MOHNI ; J?M;L HO?MNLI 7Y8 F KO?L?L JL?M?HN;L MdFI ?F
=IHDOHNI >? F;M @ILG;M >? F; %MF; PIH O=B ;>IJN; ?F NL;T;>I >? IL>; KO?
PO?FP? MO ?M<ITI GlM @l=CF MCH I<FCA;LFI ; ?HNL;L ?H >?N;FF?M MOJ?L@FOIM MI<L?
?F MCMN?G; PIF=lHC=I KO? N?Hg; KO? >?M;LLIFF;L S F;M M;<C;M =IHMC>?L;=CIH?M KO?
>? jF B;<g; >?>O=C>I F L?=ILL?L 0?H?LC@? GlM =IGI A?dFIAI KO? =IGI
A?dAL;@I >C<OD; ; AL;H>?M NL;TIM ?F :.=. 3V@60< !F NgNOFI >? :.=. A<=<4?]
360< KO? B?GIM >;>I ; HO?MNL; JF;HCG?NLg; HIM CGJIHg; INL; F;<IL KO?Lg;GIM
>;L ; =IHI=?L ?F J;gM <;DI MOM >C@?L?HN?M ;MJ?=NIM HO?MNL;M CHP?MNCA;=CIH?M
;<;L=;<;H NI>; MO BCMNILC; FIM JLI>O=NIM >?F MO?FI F; JIMC=CdH >? FIM FOA;L?M
F; >CMNLC<O=CdH A?IALl@C=; >? F;M JF;HN;M ?H OH; J;F;<L; F; ?MN;>gMNC=; A?H?L;F
>?F L=BCJCjF;AI (IM G;J;M ;HN?LCIL?M HI ?L;H MO@C=C?HN?M JO?M J;L; ?F I<D?
NCPI KO? HIM JLIJIHg;GIM S ?F >? PIH O=B ; J?M;L >? F;M =IM;M ?R;=N;M KO?
HIM I@L?=g; HI HIM JLIJIL=CIH;<; MO@C=C?HN?M >?N;FF?M
146 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

);J; >? F; CMF; >? 0?H?LC@? M?AbH IL>; S PIH O=B

5 NL;M L?=IL>;L F;M >C@C=OFN;>?M KO? jF GCMGI ?H=IHNLd J;L; NL;T;L ?F G;J; >?
0?H?LC@? ?LNB?FIN HIG<L; ; !M=IF;L ; IGCHAI /;PCedH S ; IGCHAI )?M;

(;M ?RJFIL;=CIH?M >? PIH O=B @O?LIH JL?=?>C>;M S M?AOC>;M JIL F;M >? P;LCIM
H;NOL;FCMN;M KO? N;G<CjH JLIJIL=CIH;LIH HI=CIH?M CHN?L?M;HN?M MI<L? F; ILIAL;@g;
>? F; %MF; 70?H?LC@?8 7Y8 ?MJOjM >? ?MN; ?RJIMC=CdH >? F;M I<M?LP;=CIH?M KO? B;H
P?HC>I ; ;OG?HN;L HO?MNLIM =IHI=CGC?HNIM MI<L? F; A?IAL;@g; >? 0?H?LC@? 7Y8
?HNL;L?GIM ?H ;FAOHIM >?N;FF?M MI<L? FIM NL;<;DIM G?HIM =IHI=C>IM -O?L?GIM
&IMj &O;H ;NCMN; .I>LgAO?T 147

B;<F;L >? FIM >? !M=IF;L )?M; S /;PCedH MI<L? FIM =O;F?M B?GIM <;M;>I HO?MNLI
G;J; >? 0?H?LC@? A9.@ FlGCH; %% ,IL ?MN; J;LN? >? HO?MNLI ;HlFCMCM M? JI>Ll
DOTA;L ?F AL;>I >? =IH@C;HT; KO? G?L?=?H F;M CH@ILG;=CIH?M KO? B?GIM M?F?==CI
H;>I 7Y8 )CM G;J;M JLI=?>?H >? >CP?LMIM <I=?NIM B?=BIM ?H ?F N?LL?HI S >?
F;M CH@ILG;=CIH?M >? !M=IF;L /;PCedH S )?M;

5 ;OHKO? S; PIH O=B B;<g; >;>I =OGJFC>; =O?HN; >?F ;JISI KO?
L?=C<Cd JIL J;LN? >? !M=IF;L S /;PCedH ?LNB?FIN PO?FP? ; L?J?NCLFI

F FF?A;L ; 0?H?LC@? (?IJIF> PIH O=B ?H=O?HNL; ?H ?MN; %MF; ; OHIM =IF;<I
L;>IL?M FF?HIM >? CHN?LjM ; FIM KO? M? OH? J;L; >?N?LGCH;L F; ;FNOL; >?F
JOHNI =OFGCH;HN? (;M I<M?LP;=CIH?M B?=B;M MCGOFNlH?;G?HN? ?F >?
;AIMNI >? ; F;M >? F; G;e;H; JIL PIH O=B ?H F; JOHN; >?F ,C=I
JIL !M=IF;L ?H /;HN; LOT S JIL ?F JLI@?MIL /;PCedH ?H (; (;AOH; =;F=O
F;>;M >?MJOjM JIL jMN? bFNCGI ?GJF?;H>I F; @dLGOF; <;LIGjNLC=; >? (;JF;=?
S ?F =I?@C=C?HN? >? .;GIH> >C?LIH

?LNB?FIN =IHI=Cd ; !M=IF;L S @O? ;GCAI >? /;PCedH ? !M=IF;L NL;Td


CH=FOMI OH; J?KO?e; <CIAL;@g;

IH "L;H=CM=I !M=IF;L BCTI MOM ?MNO>CIM ?H F; 1HCP?LMC>;> >? #INCHA; S GOS


JLIHNI M? >?=C>Cd JIL F;M =C?H=C;M H;NOL;F?M !F #I<C?LHI ?MJ;eIF FI ?HPCd ;
;H;LC;M ?H ?H=;LAlH>IF? KO? F? CH@ILG;L; >? F; =IHMNCNO=CdH @gMC=; >?F
MO?FI >? MOM JLI>O=NIM >?F JLIAL?MI >? F; ;ALC=OFNOL; S >?F ?MN;>I >? F; JI<F;
=CdH ?H OH; J;F;<L; >? ?R;GCH;L NI>I FI KO? JO>C?L; =IHNLC<OCL ; F; JLIMJ?LC>;>
>?F J;gM S ; CH=L?G?HN;L MOM L?=OLMIM OHKO? M? MCHNC?L; GlM CH=FCH;>I ;
I=OJ;LM? >? F; A?IFIAg; KO? >? F; ?=IHIGg; JIFgNC=; !M=IF;L HI >?M=OC>d F;
GCMCdH KO? F? B;<g; MC>I =IH@C;>; S MO L?F;NI ?MN;>gMNC=I I<NOPI ?F ?FIACI A?H?L;F
JIL ?F CHN?LjM >? MOM >?N;FF?M S F; ?R;=NCNO> >? MOM L?MOFN;>IM !MN? L?MOG?H
A?H?L;F =IHI=C>I ?H ;H;LC;M =IH ?F HIG<L? >? F; @A.1V@A60. 12 @0<9.? ?M
=IHMC>?L;>I ?F G?DIL >I=OG?HNI >? MO AjH?LI !MN? H;NOL;FCMN; ?MNO>Cd =IH
=OC>;>I F; NIJIAL;@g; >? F;M %MF;M MO G;J; >? 0?H?LC@? KO? S; B?GIM N?HC>I
I=;MCdH >? =CN;L HIM MCLPCd >? AOg; ?H HO?MNL;M JLCG?L;M ?R=OLMCIH?M /I<L? ?MN?
<I=?NI NL;Td NL?M AL;H>?M >CPCMCIH?M N?LLCNILC;F?M <;M;>;M ?H FIM FgGCN?M H;NOL;F?M
148 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

S >?MCAH;>;M =IH FIM HIG<L?M >? =IG;L=;M >?F HIL?MN? >?F MOL S >?F I?MN? ,?LI
?MN; J;LN? >? MOM NL;<;DIM J?LG;H?=? ?H ?M<ITI JO?M FIM ;=IHN?=CGC?HNIM JIFg
NC=IM >? FI ;J;LN;LIH >? F;M CHP?MNCA;=CIH?M JIL F;M KO? M?HNg; N;HNI =;LCeI
J;L; F;HT;LFI ; OH; =;LL?L; KO? ;=ILN;Lg; MOM >g;M )OLCd ?H =IH AL;H J?M;L
>? NI>IM FIM KO? F? B;<g;H =IHI=C>I $?GIM N?HC>I F; <O?H; MO?LN? >? =IHM?AOCL
OH; =IJC; >?F >C;LCI >? MOM ?RJFIL;=CIH?M

5 ;F @CH;F >? ?MN? FC<LI ?F GCMGI ?LNB?FIN G;HC@C?MN; KO? IGCHAI


/;PCedH F? JLIJIL=CIHd ?M=LCNIM >? !M=IF;L

$?GIM N?HC>I I=;MCdH >? =CN;L P;LC;M P?=?M ?F =;NlFIAI >? >IH "L;H=CM=I !M=IF;L
7Y8 ,;L; =IGJF?N;L >? ;FAOH; G;H?L; ?MN; J;LN? CHN?L?M;HN? >? F; BCMNILC; H;NOL;F
>? F;M ;HNCAO;M @ILNOH;>;M 7Y8 ?M JIL FI KO? JO<FC=;GIM ; =IHNCHO;=CdH >?
HO?MNLI NL;<;DI ?F G;HOM=LCNI >?F A?dFIAI ?MJ;eIF !MN? =;NlFIAI M?Ll bNCF ; FIM
PC;D?LIM KO? PCMCN?H >?MJOjM >? HIMINLIM F;M FI=;FC>;>?M CH>C=;>;M =IH N;HN;
?R;=NCNO> JIL !M=IF;L !MN? M;<CI GI>?MNI =IHM;ALd MO PC>; ;F ?MNO>CI >? F; H;NO
L;F?T; S GOLCd CAHIL;>I ?H ?MN;M %MF;M =OS; ?MNLO=NOL; B;<g; =IGJL?H>C>I N;H
<C?H S ; F;M KO? >?>C=d MOM CHP?MNCA;=CIH?M >OL;HN? GO=BIM ;eIM -O? ?F BIG?
H;D? KO? L?H>CGIM ;KOg ; MO G?GILC; M;FP? >?F IFPC>I ?MN? =;NlFIAI ?H KO?
=IHMCAH; =IH ?MNCFI MCGJF? S =IH=CMI NI>IM FIM L?MOFN;>IM >? MOM =IH=C?HTO>;M
I<M?LP;=CIH?M $?GIM CGJL?MI ?MN? G;HOM=LCNI MCH NL;>O=CLFI =IH ?F @CH >?
=IHM?LP;L MO =;Ll=N?L ILCACH;F 7Y8 !MN? =;NlFIAI B; MC>I =IJC;>I >? OH G;HOM
=LCNI KO? HIM ?HM?ed ?H 0?H?LC@? ?F M;<CI =;H;LCI >IH IGCHAI /;PCedH JLI@?MIL
>? @gMC=; >? F; 1HCP?LMC>;> >? /;H "?LH;H>I >? (; (;AOH;

*IM >?N?H>L?GIM ;BIL; ?H GIMNL;L =dGI ?LNB?FIN MCLPCd >? G?>C;>IL ?HNL?
!M=IF;L S /;PCedH >? OH F;>I S P;LCIM ;ONIL?M ;F?G;H?M >? INLI 5 ?GJ?T;L?GIM
JIL "L;H=CM IF?G;H );= #L?AIL =dHMOF <LCNlHC=I ?H 0?H?LC@? J?LI H;=C>I ?H
$;G<OLAI KO? JO<FC=d ?H OH FC<LI MI<L? ;H;LC;M ;JLIP?=B;H>I AL;H
HbG?LI >? FIM >;NIM S G;N?LC;F?M KO? ?LNB?FIN B;<g; L?OHC>I J;L; F; 6@A<6?2
".AB?2992 KO? ?GJ?Td ; ?>CN;LM? I=BI ;eIM >?MJOjM /?AOL;G?HN? ?MN? B?=BI
>CMAOMNd ;F @L;H=jM KOC?H HI =CN; D;GlM F; I<L; >? );= #L?AIL =OS; ?RCMN?H=C;
=IHI=g; MCH FOA;L ; >O>;M JO?M ?H F; 1HCP?LMC>;> >? (; (;AOH; M? =IHM?LP; ?F
?D?GJF;L >?>C=;>I JIL ?F ;ONIL ;F JL?<?H>;>I ,?L?CL; ,;=B?=I ;GCAI =IGbH >?
&IMj &O;H ;NCMN; .I>LgAO?T 149

;G<IM J?M;L >? ?FFI ?LNB?FIN HIG<L; ;F =dHMOF <LCNlHC=I ?H MOM !6@0299.;Y2@
0.;.?62;;2@ L?@CLCjH>IM? ; >IM ?R=OLMCIH?M KO? ?GJL?H>C?LIH DOHNIM S ;F >CH?LI
KO? =IHMCAOCd L?=;O>;L );= #L?AIL J;L; ;SO>;L ; FIM >;GHC@C=;>IM NCH?L@?eIM
>?F @;GIMI N?GJIL;F >? ,?LI J;L?=? KO? ?F =dHMOF HI ;=NOd =IH F;
JLI<C>;> >?<C>; L?MJ?=NI ; CH@ILG;=CIH?M KO? B;<g; I<N?HC>I >? ?LNB?FIN
;J;L?=C?H>I ?H MO I<L; >?M>? >;NIM JLI=?>?HN?M >? "L;H=CM=I !M=IF;L S IGCHAI
/;PCedH B;MN; ;Hj=>IN;M ;=;?=C>;M ;F JLIJCI ?LNB?FIN KO? M? H;LL;H =IGI MC F?
BO<C?L;H I=OLLC>I ; );= #L?AIL ? CH=FOMI L?@L;H?M V ? 0OCH?D? ; ?L<?Lg; M? P;
S M? PC?H? ?H OH >g;X 0;H MdFI FIM >;NIM A?IFdAC=IM S NIJIALl@C=IM >? !M=IF;L
I<N?HC>IM ; NL;PjM >? ?LNB?FIN MOJIH?H F; @O?HN? >CL?=N; >? ;F G?HIM OH N?L=CI
>? F; I<L; >? );= #L?AIL
?F GCMGI GI>I KO? ?LNB?FIN =IHI=? S JO<FC=; OH G;HOM=LCNI >? !M=IF;L
=IGI =Y;1602 ; MO 2<9<4V. N;G<CjH ?MNO>C; NI>;M FIM >I=OG?HNIM ;NCH?HN?M ;
F; BCMNILC; >? ;H;LC;M L?OHC>IM ?H MO G;SIL J;LN? JIL 2C?L; S FIM JF;MG; ?H
A5;<4?.=562 2A ;;.92@ 12 9. <;>BXA2 NL;MGCNCjH>IFIM ;Mg ; INLIM ;ONIL?M
;F?G;H?M KO? =IHI=C?LIH ; 2C;H; <L?O #;FCH>I *be?T >? F; ,?e; #F;M S ;F
JLIJCI 2C?L; ; NL;PjM >? ?LNB?FIN !D?GJFI >? ?FFI L?MOFN; ?F ;GJFCI =;JgNOFI

2CMN; >? F; ?LOJ=CdH >?F 2IF=lH >? B;BILL; JIL ?F L /;PCedH ?F >? DOFCI >?
150 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

2CMN; >? OH <;LL;H=I ?H F; O?P; >? FIM "L;CF?M ?H #L;H ;H;LC; ?H F;M !6@0299.;Y2@ 0.;.?62;;2@

KO? &OFCOM PIH )CHONIFC =dHMOF JLOMC;HI ?H !MJ;e; S ,ILNOA;F >?>C=; ; F; BCMNILC;
>? ;H;LC;M KO? =IH@ILG; =;MC F; N?L=?L; J;LN? >? MO I<L; MI<L? F;M %MF;M S HI ?M
INL; =IM; KO? OH; NL;>O==CdH ;F ;F?GlH >?F =CN;>I JLCG?L PIFOG?H >? F; 6@A<6?2
;.AB?2992 !H ?MN? =;MI )CHONIFC Mg KO? =CN; =IHNCHO;G?HN? ;F JIL ;KO?F ?HNIH=?M
=IF?A; =IHMOF;L @L;H=jM MCH ?G<;LAI M;<?GIM KO? ?H ?MN? =;MI ?LNB?FIN @O?
N;G<CjH ?F H?RI >? OHCdH ?HNL? )CHONIFC S ?F AL;H=;H;LCI "L;H=CM=I );Lg; >? (?dH
S ";F=dH ?H =OS; B;=C?H>; >? F; 2?A; >? FIM )I=;H?M M? B;<g; ;FID;>I HO?MNLI
;ONIL ?H =IGJ;eg; >? 3?<< ?H ;AIMNI >?

!MNl<;GIM CGJ;=C?HN?M JIL PCMCN;L ?F CHN?LCIL >? F; %MF; 7Y8 !F AOg; HIM FF?Pd JIL
F; >?L?=B; S HIM CH>C=d OH; =IFCH; P?L>? =IGI NjLGCHI >? HO?MNLI L?=ILLC>I /?
NL;N;<; >? F; 2?A; >? FIM )I=;H?M B?LGIM; B;=C?H>; =OSI >O?eI HIM B;<g;
J?LGCNC>I KO? F; >CM@LONlL;GIM JIL ;FAOHIM >g;M /O JLIJC?N;LCI ?M >IH
"L;H=CM=I );Lg; >? (?dH >? =OS; CHN?FCA?H=C; S <O?H AOMNI >;H N?MNCGIHCI F;
>CMNLC<O=CdH S ?F IL>?H KO? M? ;>PC?LN?H ?H ?MN; <?FF; @CH=; 7Y8 JLIP?=B;GIM
F; ;G;<F? CHPCN;=CdH >? >IH "L;H=CM=I J;L; J?LG;H?=?L NI>; OH; M?G;H; ?H MO
<?FF; L?MC>?H=C; =;GJ?MNL?
&IMj &O;H ;NCMN; .I>LgAO?T 151

,O?M <C?H OH; !2:<?6. >? (?dH S ";F=dH JO<FC=;>; ?H ?F IF?NgH +@C=C;F >?F
)CHCMN?LCI >? "IG?HNI @O? NL;>O=C>; JIL )CHONIFC S =IHP?LNC>; ?H ?F =O;LNI =;Jg
NOFI >? MO I<L; MI<L? ;H;LC;M !H MOG; F; G?>C;=CdH >? ?LNB?FIN PO?FP? ; M?LPCL
; OH A?LG;HI J;L; =IGJIH?L =;MC F;M NL?M =O;LN;M J;LN?M >? MO I<L;
(; GCMG; BCMNILC; M? L?JCN? =IH ?LNB?FIN S MO G?DIL ;GCAI ;GCAI ;F?GlH ?F
N;G<CjH JLOMC;HI ;LF IFF? =IH KOC?H M? =;LN?; S ; KOC?H HIG<L; ?H HOG?LIM;M
I=;MCIH?M ?H MOM %20B2?1<@ F 2=6@A<9.?6<
1H; =;LN; >CLCAC>; ;F NCH?L@?eI IGCHAI ?FFI S !MJCHIM; L?MOG? GOS <C?H MO
L?F;=CdH =IH IFF?
5I JI>Lg; M?LF? bNCF L?=IG?H>lH>IF? ; OH >? GCM G?DIL?M ;GCAIM ?F L ;LF IFF?
>? ?LFgH ?F JLOMC;HI GlM @L;H=jM KO? =IHIT=I IFF? ?M OHI >? FIM GlM >?MN;
=;>IM H;NOL;FCMN;M >? F?G;HC; B;<F; S ?M=LC<? ?F @L;H=jM =IGI MC BO<C?L; H;=C>I
?H ,;LgM ?F ?MJ;eIF HI F? ?M ?RNL;eI FI GCMGI KO? ?F CN;FC;HI ?M =;MC OH JIFgAFIN;
$? G;HN?HC>I =IH jF >?M>? B;=? =;MC NL?CHN; ;eIM OH; @L;N?LH;F ;GCMN;> B; L?=I
LLC>I ?MN;M CMF;M P;LC;M P?=?M S F? B? PCMCN;>I ?H ?LFgH 2C;D?LI JIL CH=FCH;=CdH S JIL
=IMNOG<L? NOLCMN; >I<F;>I >? >I=NI PC;D?LI =IHI=? F; G;SIL J;LN? >? !OLIJ;
0?HAI >? jF @;DIM >? =;LN;M KO? =IHM?LPI =IGI L?=O?L>IM P;FCIMIM S KO? JI>LlH
@ILG;L OH L?J?LNILCI ?H=C=FIJj>C=I GI>?FI >? ?MNCFI =IFIKOC;F INlHC=I S ILHC
NdFIAI @O?L; >? M?LC? FIM ;LNg=OFIM KO? B; JO<FC=;>I ?H OH; >? F;M G?DIL?M L?=IJC
F;=CIH?M >? F?G;HC; MIH GOS MIFC=CN;>IM

IFF? N;G<CjH GOS ;GCAI >? 3?<< =ILL?MJIH>Cd ; ?MN? ;@?=NI >? ?LNB?FIN
>? GO=B;M G;H?L;M HIM FCGCN;L?GIM ; L?=IL>;L KO? FI BIMJ?>d ?H MO =;M; >?
?LFgH S KO? >CI MO HIG<L? ; OH; HO?P; ?MJ?=C? >? <CM<CN; V!F HIG<L? KO? F?
INILAI >?HIGCHlH>IFI ;A5B@ /2?A529<A6 ?H G?GILC; >? GC ;JL?=C;>I ;GCAI
/;<CH ?LNB?FIN G? FI B;H >C=N;>I FIM M?HNCGC?HNIM >?F =IL;TdH ;F NC?GJI KO? OH
;AL;>?=C>I L?=IHI=CGC?HNI ; MO AL;H GjLCNI =C?HNg@C=IX
!H MOM HOG?LIMIM NL;<;DIM MI<L? ;H;LC;M IFF? =CN; =IH @L?=O?H=C; ;
?LNB?FIN MCAOCjH>IFI GOS >? =?L=; ?H FIM =O;NLI ;LNg=OFIM KO? ;J;L?=C?LIH =IH ?F
NgNOFI >? 62 .;.?6@052; ;@29; B@ 2642;2? ;@05.BB;4 /2@05?62/2; ?H FIM
KO? M? MCLP? >? F; G?>C;=CdH >?F @L;H=jM J;L; ;==?>?L ; F;M "<A606.@ >? 2C?L; S
F;PCDI Mg JIL ?D?GJFI ?F M?AOH>I >? ?MIM =O;NLI ;LNg=OFIM V JLIRCG;=CdH ; F;
BCMNILC; >? F;M %MF;MX ?M ?H AL;H G?>C>; OH; NL;>O==CdH >? FI KO? B;<g;H ?M=LCNI
2C?L; S ?LNB?FIN
152 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

MO P?T IFF? NL;MGCNCd <;MN;HN? >? F; CH@ILG;=CdH KO? B;<g; L?=;<;>I >?
?LNB?FIN ; $?LG;HH /=B;=BN ; KOC?H M? B; =IHMC>?L;>I ?F JLCG?L
NOLCMN; ;F?GlH >? M;FO> ?H F;M %MF;M !H !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<;
/=B;=BN JL?=CM; KO? >?<C>I ; MO =ILN; ?MN;H=C; ?H 0?H?LC@? >?F >? ;<LCF
;F >? G;SI >? >?J?H>Cd >? ;LF IFF? ?H NI>I FI L?@?L?HN? ; MOM CH@IL
G;=CIH?M MI<L? F; P?A?N;=CdH =;H;LC; 5 ;OHKO? /=B;=BN =CN? OH; MIF; P?T ;
?LNB?FIN ?F F?=NIL ;>P?LNC>I MC?HN? F; JL?M?H=C; >?F @L;H=jM ?H GO=B;M J;LN?M >?
F; I<L; Mg JIL ?D?GJFI HI B;S >O>; >? KO? F;M CHP?MNCA;=CIH?M >? ?LNB?FIN ?H
?MN? =;MI ; NL;PjM >? IFF? M? B;FF;H >?NLlM >? F;M NL?M HIN;M F; F; S F; >?
/=B;=BN KO? G?H=CIH;H F;M =LdHC=;M >? F; =IHKOCMN; S KO? >C=?H FI MCAOC?HN?

!F L IFF? NC?H? ;F =;MN;eI JIL OH lL<IF KO? FIM ?MJ;eIF?M NL;D?LIH ; ;H;LC;M
JO?M FIM =LIHCMN;M G?H=CIH;H KO? M? JF;HNd ?H NC?GJIM >? F; =IHKOCMN; J?LI
HOH=; M? L?@C?L?H ;F GCMGI =IGI ;ONd=NIHI
IHNC?L HIG<L; ?F NLCAI 3<?:2;A7MC=8 J?LI FIM >?GlM ?M=LCNIL?M B;<F;H >?
=?<;>; 0;G<CjH G?H=CIH;H OH @LONI >? P;CH; .?C27.@ & >? ?NB?H=IOLN BCTI
NL;?L NLCAI >?F =IHNCH?HN? ;@LC=;HI ; (;HT;LIN?
5; HI ?RCMN? ?F @;GIMI NCFI >? !F $C?LLI G?H=CIH;>I JIL ,FCHCI S KO? M?AbH F;
F?S?H>; JLIJIL=CIH;<; ;AO; JIN;<F? ; MOM B;<CN;HN?M ?H F; %MF; M? B; J?L>C>I
CH=FOMI MO L?=O?L>I MCH >?D;L L;MNLI &O;H >? <L?O #;FCH>I I@L?=? OH; ?RB;OMNCP;
>?M=LCJ=CdH >? ?MN? lL<IF ?H MO 6@A<?6. 12 9. 0<;>B6@A. 12 9.@ @62A2 6@9.@ 12 ?.;
.;.?6. JJ )OS ;HN?LCIL?M ; jF ,?>LI IHNC?L S &O;H (? 2?LLC?L
BCMNILC;>IL?M S =;J?FF;H?M >? &O;H >? ?NB?H=IOLN B;<F;H ?GJ?LI >? P;LCIM
lL<IF?M KO? ;F J;L?=?L JLIJIL=CIH;<;H F; GlM ?R=?F?HN? ;AO; JIN;<F? F; =O;F
N?Hg; F; JLIJC?>;> >? @;=CFCN;L F; >CA?MNCdH >? N;F GI>I KO? OH; BIL; >?MJOjM >?
=IG?L S; M? PIFPg; ; M?HNCL B;G<L? 6@A<?6. 129 =?6:2? 12@0B/?6:62;A< F
0<;>B6@A. 12 9.@ .;.?6.@ J

!GJ?=?GIM =IG?HN;H>I F; bFNCG; HIN; ,;L?=? >C@g=CF =L??L KO? >OL;HN? MO


=ILN; ?MN;H=C; ?H F; %MF; /=B;=BN B;S; JI>C>I F??L >CL?=N;G?HN? ; <L?O
#;FCH>I HI I<MN;HN? S >?D;H>I >? F;>I F;M MOJIMC=CIH?M FI KO? Mg MILJL?H>? ?M
?F B?=BI >? KO? ;J;L?T=; =CN;>; ?H ?MJ;eIF OH; I<L; @L;H=?M; =IGI 2
.;.?62; =;MN?FF;HCT;>IM FIM HIG<L?M >? MOM ;ONIL?M =IGI $21?< IHNC?L S
&IMj &O;H ;NCMN; .I>LgAO?T 153

B.; (?P?LLC?L ;>?GlM >?F >? &O;H >? ?NB?H=IOLN ? CH>C=;>I ?F ;eI
=IGI @?=B; >? =IGJIMC=CdH >? OH; I<L; KO? HI M? ;=;<d B;MN; <;MN;HN?M ;eIM
>?MJOjM !PC>?HN?G?HN? /=B;=BN HI =IHI=g; <C?H F; BCMNILC; >? ;H;LC;M S
=IH@OH>? ?F =IGC?HTI >? F; =IHKOCMN; HILG;H>; ?H =IH ?F MIG?NC
GC?HNI >? 0?H?LC@? JIL FIM ?MJ;eIF?M ?H ,IL INL; J;LN? ?M N;G<CjH
?PC>?HN? KO? F; @?=B; >? HI JO?>? =ILL?MJIH>?L GlM KO? ;F CHC=CI >? F;
H;LL;=CdH >?F G;HOM=LCNI HI ; MO @?=B; >? N?LGCH;=CdH ?H HCHAbH =;MI ;HN?
LCIL ; /CH ?HNL;L ?H F; =O?MNCdH >?F ;LKO?NCJI J?L>C>I S F;M >IM =IJC;M
KO? =ILL?MJIH>?H ; F;M P?LMCIH?M >?
jNB?H=IOLN S #;>C@?L >? (; /;FF?
L?MJ?=NCP;G?HN? B;S KO? JL?=CM;L
KO? ?MN; I<L; S MdFI F; P?LMCdH >?
jNB?H=IOLN HI M? CGJLCGCd B;MN;
S BO<I >? ?MJ?L;L B;MN; G?
>C;>IM >?F MCAFI 4%4 J;L; L?CGJLC
GCLM? GC?HNL;M KO? F; P?LMCdH >?
#;>C@?L >? (; /;FF? M? >CI JIL JLCG?L;
P?T ; F; CGJL?HN; ?H !H MOG;
J;L?=? ?PC>?HN? KO? F; =CN;>; @?=B;
>? @ILG;<; J;LN? >?F NgNOFI >?
OH; NL;>O==CdH ?MJ;eIF; KO? ;LF
IFF? =IGOHC=d ; /=B;=BN !H ?@?=NI ,CHTdH ;TOF >?M=LCNI JIL )IKOCH 0;H>IH ?H F;
M;<?GIM KO? IFF? N?Hg; HINC=C; >? F; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@
NL;>O==CdH >? 2 .;.?62; L?;FCT;>;
JIL /?LP;H #L;P? OH @L;H=jM L?MC>?HN? ?H (; ,;FG; ;F G?HIM >?M>? JIL
OH; =IJC; KO? ONCFCTd 2C?L; S KO? BIS M? =IHM?LP; ?H F; C<FCIN?=; >? F;
1HCP?LMC>;> >? (; (;AOH; /?AbH FIM bFNCGIM ?>CNIL?M >? F; =LdHC=;

1H; >? F;M =IJC;M G;HOM=LCN;M GlM ;HNCAO;M >? ?M; P?LMCdH ?MJ;eIF; ?M MCH
>O>; F; KO? M? ?H=O?HNL; ?H F; C<FCIN?=; 1HCP?LMCN;LC; >? +PC?>I 7Y8 !H ?F
@IFCI M?AOH>I M? ?MJ?=C@C=; NL;M ?F NgNOFI 6@A<?6. 12 9. =?6:2?. 12@0B/62?A. F
0<;>B6@A. 12 9.@ @9.@ 12 .;.?6. 5205. 12@12 29 .T< 12 =<? 29 &2T<? B.;
12 2A52;0<B?A 42;A695<:/?2 12 9. ]:.?. 129 %2F 12 ?.;06. .?9<@ )
154 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

@0?6A. 2; 29 :6@:< A62:=< =<? 3?.F $21?< <;A62? ?29646<@< 12 9. #?12; 12


&.; ?.;06@0< F B.; 2C2??62? 09Y?64<Y KO? B; MC>I VNL;>O=C>; >? F?HAO;
@L;H=?M; ?H =;MN?FF;H; JIL G;H>;>I >?F M?eIL >IH (OCM "?LHlH>?T >?
dL>I<; S L=? =;<;FF?LI >? F; +L>?H >? /;HNC;AI Y JL?MC>?HN? >? F; .?;F
O>C?H=C; >? ;H;LC;MX 7Y8 (; M?AOH>; =IJC; >? F; P?LMCdH =;MN?FF;H; M?
?H=O?HNL; ;=NO;FG?HN? ?H F; 7Y8 1HCP?LMC>;> >? (; (;AOH; GM +NL;
HIP?>;> >?MN;=;<F? ?M KO? ?F NgNOFI KO? JL?=?>? ; FIM >IM JLCG?LIM N?RNIM
6@A<?6. 129 =?6:2? 12@0B/?6:62;A< F 0<;>B6@A. 12 9.@ .;.?6.@ =<? !<;@
B.; 12 2A.;0<B?A ;</92 0./.992?< 3?.;0Y@ @0?6A. 2; @B 616<:. =<? 29 &?
$21?< <;A62? 3?.;06@0.;< F =<? B.; 2 2??62? 09Y?64<Y =ILL?MJIH>? ; F;
F?NL; >?F CFOMNL;>I =;H;LCI &IMj >? 2C?L; S F;PCDI MC <C?H NI>; F; =IJC; JIMN?
LCIL ?M >? OH ;G;HO?HM? >CMNCHNI 7Y8 (; P?LMCdH =ICH=C>? =;MC J;F;<L; JIL
J;F;<L; =IH F; KO? HIM I@L?=? ?F G;HOM=LCNI IP?N?HM? ;HN?M >?M=LCNI Y
1H; bFNCG; =IJC; =IGJF?N; >? F; NL;>O==CdH M? JO?>? =IHMOFN;L ?H FIM
@IH>IM >? F; C<FCIN?=; )OHC=CJ;F >? /;HN; LOT >? 0?H?LC@? GM !H
?FF; M? JO?>? F??L =F;L;G?HN? ?F HIG<L? >?F NL;>O=NIL KO? B;<g; MC>I ?FCGC
H;>I >? FIM G;HOM=LCNIM ;HN?LCIL?M 7Y8 '?.1B061. 12 92;4B. 3?.;02@. 2;
0.@A299.;. =<? 29 0.=6A]; &2?C.; ?.C2 12 ;.06S; 3?.;02@. F C206;< 12 9. 6@9.
12 . $.9:.

!MNl =F;LI JO?M >? >dH>? NIG; /=B;=BN ?F NgNOFI ?MJ;eIF FIM HIG<L?M
@L;H=?M?M =;MN?FF;HCT;>IM S F; @?=B; >? F; I<L; >? 2C?L; ; NL;PjM >? IFF? S
?LNB?FIN ,IL F; GCMG; L;TdH N;G<CjH J;L?=?H JLI=?>?L >? IFF? F;M HIN;M
S >IH>? KOCTl FI bHC=I KO? L?@F?D? F; G;HI >? /=B;=BN M?; F; ?LL;N;
>? 3<?:2;A JIL 3?<:2;A
?LNB?FIN N;G<CjH =IHI=Cd ;F A?dFIAI ';LF PIH "LCNM=B KOC?H ?H ?F
P?L;HI >? B;<g; P?HC>I ; );>?CL; S ;H;LC;M J;L; CLM? ;=FCG;N;H>I ;
;<I 2?L>? /CH ?G<;LAI MO JLIJdMCNI CHC=C;F M? PCI NLOH=;>I JIL F;
?JC>?GC; >? @C?<L? ;G;LCFF; KO? M? >?=F;Ld ?H /;HN; LOT >? 0?H?LC@? ?H
I=NO<L? >? ?M? ;eI S KO? FI ;=;<d L?N?HC?H>I =;MC OH ;eI ?H F;M %MF;M IH
GINCPI >? ?MN? PC;D? ;J;L?=C?LIH ?H MOM %26@2/6912? 12? .;.?6@052;
;@29; >IH>? HIM =O?HN; KO? ?F PC;D? >? PO?FN; ; F; ,?HgHMOF; FI B;=? JL?=C
M;G?HN? ?H =IGJ;eg; >? ?LNB?FIN
&IMj &O;H ;NCMN; .I>LgAO?T 155

);J; >? F; CMF; >? !F $C?LLI M?AbH ';LF PIH "LCNM=B

?M>? ;FFg 7(; +LIN;P;8 ?F >g; >? DOHCI >? HIM ?G<;L=;GIM =IH
>CL?==CdH ; l>CT ?H =IGJ;eg; >? /;<CHI ?LNB?FIN ?LO>CNI <INlHC=I >?F
L=BCJCjF;AI ?HNIH=?M =IHP;F?=C?HN? >? @C?<L? ;G;LCFF; S BIS =dHMOF @L;H=jM
?H /;HN; LOT ;F KO? ?MNIS GOS ;AL;>?=C>I

+=BI ;eIM GlM N;L>? S >?MJOjM >? F; AO?LL; @L;H=I JLOMC;H; >?
?LNB?FIN ?M=LC<? ; OAOMN? ?;OGC?L =dHMOF @L;H=jM ?H )IA;>IL F;M FgH?;M
MCAOC?HN?M CHN?HN;H>I FC<?L;LFI >? JL?DOC=CIM =IH L?MJ?=NI ; PIH "LCNM=B

/g NC?H? 2> L;TdH KO?LC>I =IF?A; =O;H>I B;<F; >? OH GI>I A?H?L;F >? F;
H;=CdH ;F?G;H; BIL; <C?H CH>CPC>O;FG?HN? B;S KO? B;=?L GO=B;M ?R=?J
=CIH?M !F <;LdH "LCNM=B KO? B? L?=IG?H>;>I ; 2> ?M OH; >? ?FF;M (? =IHIT=I
>?M>? B;=? I=BI ;eIM =O;H>I FF?Ad JIL JLCG?L; P?T ; ?RJFIL;L F;M %MF;M /C?GJL?
M? GIMNLd ;AL;>?=C>I B;=C; Gg CH=FOMI G? B; N?MNCGIHC;>I MO ;@?=NI S =IHM?L
156 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

P;>I ?F L?=O?L>I >? J?KO?eIM M?LPC=CIM KO? F? JL?MNj =IH GCM CH@ILG;=CIH?M S
L?=IG?H>;=CIH?M 0I>;Pg; HI B;=? GO=BI NC?GJI G? L?=IL>;<; ?MN? >CMNCH
AOC>I <;LdH WFF?HI >? ?HNOMC;MGI S AL;NCNO> F; <O?H; ;=IAC>; >? KO? @O?
I<D?NI JIL J;LN? >? OHI >? GCM ;HNCAOIM MCLPC?HN?M BIS >g; >O?eI >? OH;
J?KO?e; JLIJC?>;> ?H F; J;LN? GlM GIHN;eIM; S M;FP;D? >? F; CMF; >?F $C?LLI 5
?M GlM ?F L?=IHI=CGC?HNI >?F <;LdH B;=C; NI>IM ;KO?FFIM KO? B;H N?HC>I
I=;MCdH >? =IHI=?LF? S >? B;=?LF? ;FAbH @;PIL M? B; B?=BI J;N?HN? >? F; G;H?L;
GlM A?H?LIM; ?H F; CGJILN;HN? S <?FF; I<L; KO? SI JIM?I 7Y8 !MN? BIG<L?
?GCH?HN? J?LN?H?=? ; OH; >CMNCHAOC>; @;GCFC; >? "LlH=@ILN (; I<L; KO? B;
JO<FC=;>I ?M OH; ?>C=CdH >? FODI ?H =O;LNI ;=IGJ;e;>; >? OH LC=I ;NF;M ,IL
?H=;LAI >?F <;LdH B? >CMNLC<OC>I ?H F;M %MF;M OHIM KOCH=? ?D?GJF;L?M >?MNCH;>IM
; ;KO?FF;M J?LMIH;M KO? F? @;=CFCN;LIH MO NL;<;DI >? CHP?MNCA;=CdH 7Y8 !F KO?LC>I
<;LdH S MO =IGJ;e?LI >? PC;D? & # .?CH ;G<IM >I=NIL?M ?H @CFIMI@g; MIH
;AL?A;>IM ?H F; 1HCP?LMC>;> >? "LlH=@ILN OHI ?H =;FC>;> >? JLI@?MIL >?
A?IFIAg; S ?F INLI >? TIIFIAg; 7Y8 *I B? B;<F;>I >? JIFgNC=; =IH ?F <;LdH MCH
?G<;LAI N?HAI GINCPIM J;L; =L??L KO? =IGJ;LN? F;M C>?;M FC<?L;F?M >? GO=BIM
CHN?F?=NO;F?M >?F INLI F;>I >?F .CH KO? >?JFIL;H F; @;N;F ILC?HN;=CdH KO? ,LOMC;
B; M;<C>I >;L ;F M?HNCGC?HNI H;=CIH;F ?RJFINlH>IFI ?H JLIP?=BI >? MO ;G<C
=CdH

/OJIH?GIM KO? ?LNB?FIN ?MN;<; M?HMC<CFCT;>I @L?HN? ; ?MNIM L?=?FIM


H;=CIH;F?M I H;=CIH;FCMN;M KO? jF GCMGI B;<g; N?HC>I I=;MCdH >? MO@LCL ?H
F;M %MF;M M?AbH ?RJL?M;<; ;F NL;N;L >? #F;M S G;HC@C?MN; =F;L;G?HN? B;<F;H>I
>? Mg GCMGI

IGI ?RNL;HD?LI =O;FKOC?L IJ?L;=CdH N?H>?HN? ; NL;T;L ?F JF;HI >? F; %MF;


G? ?MN;<; JLIBC<C>; JO?M BO<C?M? J;L?=C>I MIMJ?=BIM; ; F; ;ONILC>;>
GCFCN;L 5; GCM F;LA;M ?RJFIL;=CIH?M B;<g;H FF;G;>I F; ;N?H=CdH Jb<FC=; S
B;<g;H >;>I FOA;L ; @;FM;M MOJIMC=CIH?M 0?Hg; KO? B;=?L AL;H>?M ?M@O?LTIM
J;L; =IHP?H=?LFIM >? KO? ?F bHC=I I<D?NCPI >? GCM CHP?MNCA;=CIH?M ?L;H GC
;GIL S GC CHN?LjM JIL F; =C?H=C; ; GC J?M;L M? I<MNCH;<;H ?H P?L ?H GCM
NL;<;DIM GlM CGJILN;H=C; >? F; KO? N?Hg;H )? ?L; H?=?M;LCI JO?M B;=?L
A?IAL;@g; MCH ;J;L?HN;L B;=?LF; S FCGCN;LG? bHC=;G?HN? ; G?>CIM ?RJ?>C
&IMj &O;H ;NCMN; .I>LgAO?T 157

NCPIM (; G;SILg; >? F;M P?=?M B;=g; ?F NL;T;>I ; MCGJF? PCMN;

J;LN? >? FIM >;NIM KO? PIH "LCNM=B NIG; >CL?=N;G?HN? >? F; 6@A<6?2
".AB?2992 N;G<CjH J;L?=? M?AOLI KO? =IHI=Cd JIL G?>CI >? ?LNB?FIN ?F
6006<;.?6< >? ,?>LI >? +FCP? S FI ONCFCTd J;L; L?=;<;L NI>IM FIM >;NIM ?MN;
>gMNC=IM KO? =IHNC?H?H MOM B.1?<@ 12 C6.72 "gD?GIHIM JIL ?D?GJFI ?H FIM
>;NIM =ILL?MJIH>C?HN?M ; F; ?JC>?GC; >? @C?<L? ;G;LCFF; KO? N;HNI ;@?=Nd ;
PIH "LCNM=B =IGI ; ?LNB?FIN

? F;M CHN?L?M;HN?M I<M?LP;=CIH?M ?@?=NO;>;M JIL ,?>LI >? +FCP? ?H MO


6006<;.?6< 2@A.1V@A60< JJ MI<L? F; ?JC>?GC; >? @C?<L? ;G;LCFF;
KO? M? >?=F;Ld ?H /;HN; LOT >? ; ?HNL?M;=;GIM FI MCAOC?HN?
O;H>I <LINd F; ?JC>?GC; PCPg;H ?H /;HN; LOT J?LMIH;M CH=FOC>IM
MIF>;>IM >? F;M =O;F?M BOS?LIH CHG?>C;N;G?HN? >? G;H?L; KO?
KO?>;LIH ?RJO?MN;M ;F =IHN;ACI ?HNL? ?FF;M GO=B;M KO? ?H O<; S
INL;M J;LN?M B;<g;H S; J;>?=C>I F; ?H@?LG?>;> S HI N?Hg;H H;>; KO? N?G?L
.?MOFN;LIH CH@?=N;>;M J?LMIH;M BIG<L?M S GOD?L?M I M?; ?F
>? F;M KO? BIG<L?M S GOD?L?M GOLC?LIH Mg KO? >?
FIM ;N;=;>IM JIL F; ?H@?LG?>;> GOLCd ?F I M?; ?F >?
GOD?L?M S ?F >? BIG<L?M (; G;SILg; >? FIM KO? ?H@?LG;LIH ?MN;<;H
=IGJL?H>C>IM ?HNL? F;M ?>;>?M >? ; ;eIM S >? ; ;eIM ? FIM HCeIM
?H@?LGIM B;MN; ;eIM >? ?>;> GOLC?LIH G?HIM >?F ?HNL? FIM S FIM
;eIM GOLCd ?F S ?HNL? FIM S FIM ;eIM F; GILN;FC>;> @O? =;MC >?F
MC <C?H @O? GO=BI G?HIL ?HNL? F;M GOD?L?M JO?M ;J?H;M MOJ?Ld ?F
7Y8 *I M? ?=B; >? P?L ; J;LNCL >? F;M I<M?LP;=CIH?M G?N?ILIFdAC=;M =IHMCA
H;>;M JIL +FCP? KO? ?F PC?HNI F; JL?MCdH ;NGIM@jLC=; I ?F ?MN;>I >?F =C?FI
B;S;H CH@FOC>I ?H ?F >?M?H=;>?H;GC?HNI I ?H F; ?RNCH=CdH >? F; ?JC>?GC; MCH
?G<;LAI ?F HbG?LI >? @;FF?=CGC?HNIM J;L?=? B;<?L >?M=?H>C>I MCAHC@C=;NCP;
G?HN? >?M>? @CH?M >? >C=C?G<L? =IH F; FF?A;>; >?F @LgI G?HIM >? ^ ;F
G?>CI>g; (IM ?RJ?LCG?HNIM ITIHIGjNLC=IM L?;FCT;>IM W=OSIM >;NIM JIL
>?MAL;=C; HI ?MNlH =IGJF?NIMW GO?MNL;H ?H ?F J?LgI>I =IGJL?H>C>I ?HNL? ?F
>? HIPC?G<L? S ?F >? >C=C?G<L? J?LgI>I ?H KO? =;Sd ?H@?LG; S GOLCd
GO=B; A?HN? P;FIL?M GlM <;DIM >? ; KO? >?MJOjM >? ; OH; P?T
158 /;<CH ?LNB?FIN F; G?>C;=CdH >? F; =OFNOL; @L;H=?M;

KO? M? BO<I ;JF;=;>I F; @OLC; >? F; ?JC>?GC; *I J;L?=? B;<?L B;<C>I =IHN;
ACIM @O?L; >? F; =;JCN;F

FAI J;L?=C>I F??GIM ?H ?LNB?FIN KOC?H ?M=LC<? FIM MCAOC?HN?M JlLL;@IM


?H OH; =;LN; KO? >CLCA? ; )IKOCH 0;H>IH ?HNL? @?<L?LI S G;LTI >?
>?MJOjM >? L?<;M;L F; ?H@?LG?>;>

)? JC>? 2> GlM CH@ILG;=CdH MI<L? F; @C?<L? ;G;LCFF; NIGI JO?M F; JFOG;
J;L; B;<F;L >? N;H @OH?MNI N?G; !MN; ?JC>?GC; F; CHNLI>ODI ?H F; %MF; OH; H;P?
FF?A;>; >? (; $;<;H; M?AbH OHIM I >? "?LH;H>I ,II M?AbH INLIM U-OCjH FI
M;<? "O? ; JLCH=CJCIM >? I=NO<L? =O;H>I ?MN? N?LLC<F? ;TIN? M? >?M;Nd ?H /;HN;
LOT 7Y8 ? OH; JI<F;=CdH >? GlM >? >C?T GCF ;FG;M GlM >? F; GCN;> ;<;H
>IHd F; =CO>;> B;=C; ?F =;GJI J;L; <OM=;L L?@OACI ?H ?F CHN?LCIL >? F; %MF; F;
@C?<L? ;G;LCFF; HOH=; M? >CI ?H F;M TIH;M ;FN;M S ;F?D;>;M >?F G;L
? F;M =CH=I I M?CM GCF J?LMIH;M KO? KO?>;LIH ?H F; =CO>;> ;FL?>?>IL >? >IM
GCF NL?M=C?HN;M HI N?Hg;H H;>; KO? N?G?L JO?M B;<g;H J;M;>I F;M ?JC>?GC;M
>? S (IM >IM N?L=CIM L?MN;HN?M =IHNL;D?LIH F; ?H@?LG?>;> S GlM
>? F; GCN;> GOLCd
,/ >? G;LTI >? ,IL @CH 0?H?LC@? M? B; PCMNI FC<L? >? F; ?JC>?GC;
F;M L?MN;HN?M CMF;M >?F L=BCJCjF;AI HI B;H MC>I ;@?=N;>;M !F ;G<C?HN? ;
J;LNCL >? FIM bFNCGIM >g;M >? @?<L?LI M? B; JOLC@C=;>I S; KO? FIM PC?HNIM B;H
MIJF;>I =IHMN;HN?G?HN? >?F HILN? S ?F N?LGdG?NLI B; >?M=?H>C>I ; ^
$IS B;=? OH JI=I >? @LgI >?G;MC;>I ;=OM;>I J;L; ?MN; NC?LL; 7Y8 !MJ?LI
F; FF?A;>; >? F; JLCG;P?L; J;L; ;=;<;L >? L?MN;<F?=?LG? ?H "L;H=C;

!MJ?L;GIM KO? =IH ?MN;M JlACH;M B;S; KO?>;>I =F;L; F; ?PC>?HN? F;<IL >? G?>C;=CdH
>? F; =OFNOL; @L;H=?M; S >? OHI >? MOM JLCH=CJ;F?M ?RJIH?HN?M ?H ?F MCAFI 4%4 ?H F;M %MF;M

6* . !>O;L>I IFIL?M +. !(( ?LN; ,% + S HNIHCI 0!&!. 2


.;.?62; %2A?.A< 12 1<@ :B;1<@ '2EA<@ (; (;AOH; %HMNCNONI >? !MNO>CIM
;H;LCIM ] ?>
&IMj &O;H ;NCMN; .I>LgAO?T 159

!.0$!(+0 /;<CHI %20B2?1<@ F =6@A<9.?6< 0L;>O==CdH S


JLdFIAI >? (OCM C?AI OM=IS (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
!.0$!(+0 /;<CHI !6@029];2.@ 0.;.?6.@ 0L;>O==CdH >? );HO?F /OlL?T S
?MNO>CI =LgNC=I >? );HO?F $?LHlH>?T (; (;AOH; "L;H=CM=I (?GOM
!.0$!(+0 /;<CHI 6@A<?6. ;.AB?.9 12 9.@ @9.@ .;.?6.@ 2<4?.3V. 12@0?6=
A6C. 2@A.1V@A60. F 42<9<4V. 0L;>O==CdH >? &IMj ?FA;>I (OCM S ?MNO>CI
=LgNC=I >? );HO?F $?LHlH>?T (; +LIN;P; & ( S SOHN;GC?HNI >? (;
+LIN;P;
".%0/ $ ';LF PIH %26@2/6912? 12? .;.?6@052; ;@29; #INB; &OMNOM ,?LNB?M
".%0/ $ ';LF PIH .@ @9.@ .;.?6.@ B.1?<@ 12 )6.72 0L;>O==CdH ?MNO>CI
CHNLI>O=NILCI S HIN;M >? &IMj &O;H ;NCMN; .I>LgAO?T S !H=;LH;=CdH 0;<;L?M
,F;M?H=C; (; (;AOH; ?HNLI >? F; OFNOL; ,IJOF;L ;H;LC;
) #.!#+. "L;H=CM IF?G;H 62 .;.?6@052; ;@29; $;HHIP?L
$;BH M=B? $I@<O=BB;H>FOHA
) #.!#+. "L;H=CM IF?G;H .@ @9.@ .;.?6.@ @24P; @B 2@A.1< .0AB.9 F
0<; 2@=206.9 ?232?2;06. . 9. A<=<4?.3V. 2@A.1V@A60. 6;1B@A?6. 0<:2?06< F
0<@AB:/?2@ 0L;>O==CdH ?MNO>CI CHNLI>O=NILCI S HIN;M >? &IMj &O;H ;NCMN;
.I>LgAO?T (; (;AOH; ?HNLI >? F; OFNOL; ,IJOF;L ;H;LC;
)%*10+(% &OFCOM PIH 62 .;.?6@052; ;@29; 65?2 )2?4.;42;526A B;1
-B8B;3A ?LFCH /?ACMGOH> 3IF@@
.!( * %+ F<?LNI S )C=B;?F .!!* 6@A<?6. ".AB?.9 12 9.@ @9.@ .;.?6.@ 12
*2// F 2?A529<A (; +LIN;P; "OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F;
C?H=C;
/ .)%!*0+ );L=IM .@ @9.@ .;.?6.@ 2; 9<@ A2EA<@ .92:.;2@
(;M ,;FG;M >? #L;H ;H;LC; HLI;LN
/ $ $0$?LG;HH !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; ?LFgH
# 3 " )aFF?L
/ $ $0 $?LG;HH )242A.06S; 12 !.126?. F '2;2?632 0L;>O==CdH
?MNO>CI CHNLI>O=NILCI S HIN;M >? &IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S
);L=IM /;LGC?HNI (; (;AOH; ?HNLI >? F; OFNOL; ,IJOF;L ;H;LC;
161

12529 *;4.; &.++ A <> 5.0*-8 +8=L72,8

;785-8 "*7=8<

!
H ?F ;eI ,BCFCJ ;LE?L 3?<< ;LCMNd=L;N; JIFgAFIN; ;LKO?dFIAI LC=I S
;AL;=C;>I <INlHC=I M? ?H=O?HNL; ?H ?F <;LL;H=I >?F O@;>?LI H;A;
0?H?LC@? =IH ?F H;NOL;FCMN; S JIFC@;=jNC=I G;LM?FFjM /;<CH ?LNB?FIN KOC?H
>?MJOjM >? OH; JLCG?L; ?MN;H=C; L?AL?Md ; 0?H?LC@? >IH>? ?D?L=Cd >?
=dHMOF CHN?LCHI >?M>? S =dHMOF >? JLCG?L; ; J;LNCL >? (; J;MCdH JIL ?F
GOH>I P?A?N;F S F; ;GCMN;> MOLAC>; >?F ?H=O?HNLI =;G<C;H ?F >?MNCHI >? 3?<<
>?MCMNC?H>I >? MO JLIS?=N;>I PC;D? ; L;MCF S >?>C=;H>I AL;H J;LN? >? MOM
?M@O?LTIM JIMN?LCIL?M ; >?M;LLIFF;L S FF?P;L ; =;<I DOHNI ; HOG?LIMIM =IF;<IL;
>IL?M F; L?>;==CdH >? F; GIHOG?HN;F I<L; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ F;
I<L; =OG<L? >?>C=;>; ; F; H;NOL;F?T; =;H;LC; J;LN? >? F; =O;F @O? ?M=LCN; JIL ?F
JLIJCI ?LNB?FIN C=B; ?GJL?M; M? =IIL>CH; >?M>? ,;LgM ;<;L=;H>I MO ?D?=O=CdH
>?M>? ; JO<FC=lH>IM? ?H NIN;F NL?M NIGIM =IH >CP?LM;M M?==CIH?M S
J;LN?M DOHNI ; OH CHN?L?M;HN? NF;M
,IL ;P;N;L?M >?F >?MNCHI FIM G;N?LC;F?M KO? MCLPC?LIH >? <;M? J;L; ?F ?MNO>CI >?
F; @FIL; =;H;LC; W?F B?L<;LCIW ;=IGJ;e;LIH ;F L?MNI >? F;M J?LN?H?H=C;M KO? 3?<<
F?Ad ?H MO N?MN;G?HNI ;F OKO? >? 0IM=;H; CH=FOS?H>I MO =;M; >? ,;LgM S MO
?MJFjH>C>; <C<FCIN?=; JIMC<F?G?HN? >?<C>I ; F; CH@FO?H=C; >? MO ;GCMN;> =IH ?F
<INlHC=I CN;FC;HI "CFCJJI ,;LF;NIL? ?MJOjM >? ;FAOH;M PC=CMCNO>?M ?MIM G;N?LC;F?M
@O?LIH ; J;L;L ; %N;FC; ;F CAO;F KO? ?F L?MNI >? MO B?L<;LCI ?HLCKO?=C>I AL;=C;M ;
CHN?L=;G<CIM S =IGJL;M >? INLIM @;GIMIM =IGI FIM >? O=B?L ?M@IHN;CH?M
(;<CFF;L>ChL? I ,;PdH !MN;M =IF?==CIH?M J?LN?H?=?H ?H F; ;=NO;FC>;> ; F;
1HCP?LMCNk >?AFC /NO>C >C "CL?HT? ?MN;H>I >?JIMCN;>;M ?H ?F !B@2< 16 &A<?6.
".AB?.92 ;H?DI ;F ;HNCAOI &;L>gH >? /CGJF?M BIS ?H >g; +LNI INlHC=I >?GlM
N;F >IH;=CdH M? PCI ;=IGJ;e;>; JIL OH; J;LN? >? F; =ILL?MJIH>?H=C; KO? 3?<<
G;HNOPI =IH ;FAOHIM >? MOM =IF;<IL;>IL?M KO? ;OHKO? J?KO?e; =IHNC?H?
162 ,BCFCJ ;LE?L 3?<< S MO F?A;>I <INlHC=I

GCF?M >? JlACH;M CHj>CN;M L?F;NCP;M ; >CP?LMIM ;MJ?=NIM >? F; BCMNILC; >? F; CHP?MNCA;
=CdH MI<L? F; @FIL; =;H;LC; S INLIM ;MOHNIM ?H J;LNC=OF;L ;=?L=; >? F; A?MN;=CdH S
JO<FC=;=CdH >? F; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@
?M>? F; "OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; S N?HC?H>I ?H
=O?HN; ?F P;FIL BCMNdLC=I S =C?HNg@C=I >? >C=BI J;NLCGIHCI M? C>?d OH JLIS?=NI J;L;
MO L?=OJ?L;=CdH @CH;FG?HN? =OGJFC>I ?H NI>IM MOM I<D?NCPIM /? L?;FCT;LIH
A?MNCIH?M =IH F; CHMNCNO=CdH CN;FC;H; J;L; FF?P;L ; =;<I F; =IHMOFN; S M?F?==CdH >? F;
J;LN? GlM CGJILN;HN? >? >C=B;M =IF?==CIH?M KO? ?H OH JIL=?HN;D? ;FNI M? B;H
JO?MNI S; ; >CMJIMC=CdH >?F Jb<FC=I G?>C;HN? MO >CACN;FCT;=CdH ? CH=ILJIL;=CdH ;
F; L?> ; NL;PjM >? F; JlACH; Q?< >?F ,LIS?=NI $OG<IF>N =IIL>CH;>I JIL >C=B;
"OH>;=CdH ,;L; ?FFI M? FF?Pd ; =;<I OH; M?F?==CdH >? A6=<@ ?F G;N?LC;F ILCACH;F KO?
MCLPCd >? <;M? J;L; F; JLCG?L; >?M=LCJ=CdH >? GO=B;M JF;HN;M ?H>jGC=;M >?
;H;LC;M KO? M? >CACN;FCT;LIH ;F CAO;F KO? F; =ILL?MJIH>?H=C; =;MC ?H MO NIN;FC>;>
IH ?MN; ;JILN;=CdH >C=B; JlACH; Q?< ?HLCKO?=? HIN;<F?G?HN? ?F =IHDOHNI >?
>CP?LM;M I<L;M S; >CMJIHC<F?M @OH>;G?HN;F?M J;L; ?F =IHI=CGC?HNI >? F;M ?RJFIL;
=CIH?M FF?P;>;M ; =;<I ?H ;H;LC;M ?H >CP?LM;M lL?;M =C?HNg@C=;M ?H J;LNC=OF;L
>OL;HN? FIM MCAFIM 42%%% S 4%4 !MNl J?H>C?HN? ?F ?MNO>CI >? >C=B; >I=OG?HN;=CdH
J;L; FF?P;L ; =;<I F;M =ILL?MJIH>C?HN?M JO<FC=;=CIH?M ?H =IF;<IL;=CdH =IH F;
&2G6<;2 <A.;60. >?F )OM?I >C /NILC; *;NOL;F? =OSIM L?MJIHM;<F?M F; L; BC;L;
*?JJC INlHC=; S ?F L .?HTI *?FFC IIL>CH;>IL >? F; M?==CdH INlHC=; >? F;
C<FCIN?=; >? C?H=C;M >? F; 1HCP?LMC>;> >? "FIL?H=C; B;H B?=BI F;M A?MNCIH?M
IJILNOH;M J;L; @;=CFCN;L F; =IHM?=O=CdH >? FIM I<D?NCPIM JLIJO?MNIM >? GI>I KO?
;H;LC;M S; JO?>? >CMJIH?L J;L; MO ?MNO>CI >? OH; J;LN? CGJILN;HN? >? MO J;NLC
GIHCI =OFNOL;F S =C?HNg@C=I KO? B;MN; ;BIL; MdFI ?L; ;==?MC<F? >? @ILG; JOHNO;F S
=IH >C@C=OFN;>?M ; OH L?>O=C>I HbG?LI >? CHP?MNCA;>IL?M =;H;LCIM
!HNL? ?F G;N?LC;F >? B?L<;LCI KO? CH=FOS? =OLCIMIM S L;LIM JFC?AIM >?
LIOMMIH?N S IFF? M? B;H @INIAL;@C;>I OH NIN;F >? JFC?AIM =ILL?MJIH>C?HN?M
; ?MJ?=C?M S P;LC?>;>?M I @ILG;M ?H MO G;SILg; ?H>?GCMGIM >? ;FAOH;
>? F;M %MF;M J;L; MO >CACN;FCT;=CdH ?H ;FN; =;FC>;> FI KO? J?LGCN? OH <O?H ?MNO>CI
>? FIM GCMGIM ,IL INL; J;LN? F; >I=OG?HN;=CdH KO? ;N;e? ; F; =ILL?MJIH>?H=C;
CH=FOS? ;>?GlM >? F;M =;LN;M >? ?LNB?FIN INL;M >? >CP?LMIM <INlHC=IM S TIdFIAIM
=IGI / CJIHNCHOM ? ;H>IFF? )IKOCH 0;H>IH )IHN;AH? >[+L<CAHS
2;F?H=C?HH?M ?N= !MN; =IF?==CdH M? =IGJF?N; =IH FIM G;N?LC;F?M L?GCNC>IM JIL
LHIF>I /;HNIM 163

>IM J?LMIH;D?M >? MCHAOF;L CGJILN;H=C;


>IM @;GIMIM L?=IF?=NIL?M @L;H=?M?M
J;A;>IM S ?HPC;>IM ; F;M %MF;M JIL 3?<<
J;L; ?RJFIL;L MCNCIM JI=I CHP?MNCA;>IM
>IH>? JI>?L B?L<ILCT;L !MNIM J?LMI
H;D?M @O?LIH & ) ?MJL?;OR KO? PCMCN;
?F L=BCJCjF;AI >?M>? ; S
!OAhH? IOLA?;O KO? L?;FCT; MOM >IM
PC;D?M ?H FIM ;eIM S
B;=C?H>I ;=IJCI >? HOG?LIMI G;N?
LC;F KO? M?Lg; L?J;LNC>I JIL F;M GlM
CGJILN;HN?M CHMNCNO=CIH?M S GOM?IM >?
F; jJI=; =IGI FIM &;L>CH?M INlHC=IM
>? '?Q ,;LgM I ?LFgH
3?<< S ?LNB?FIN =IGJF?N;H ;Mg
OH; F;LA; NL;S?=NILC; >? CHP?MNCA;=CdH
MI<L? F; CMF;M KO? ?H MOM ;MJ?=NIM
<INlHC=IM M? CHC=C; =IH ;FAOHIM JL?FCH
H?;HIM =IGI (?IH;L> ,FOE?H?N =IH &612?6A6@ 16@0<9<? 3?<< JFC?AI >?F $?L<;LCI 3?<<
I<L;M ?>CN;>;M ; @CH?M >?F MCAFI 42%%
>?M=LCJ=CdH ? C=IHIAL;@g; >? =;MC OH =?HN?H;L >? JF;HN;M =;H;LC;M I F;M ;JILN;
=CIH?M >?F J;>L? "?OCFFj? KO? PCMCN; ;H;LC;M ?H >?D;H>I CHj>CN;M F; >?M=LCJ
=CdH ? C=IHIAL;@g; >? >CP?LM;M JF;HN;M ?HNL? F;M KO? M? ?H=O?HNL; F; PCIF?N; >?F
0?C>? !MN;M CHP?MNCA;=CIH?M M? =IHNCHb;H >OL;HN? ?F MCAFI 42%%% =IH F;M JO<FC=;
=CIH?M >? FIM (CHH?I J;>L? ? BCDI KO? >;H ; =IHI=?L ;FAOH;M >?=?H;M >? ?H>?
GCMGIM >?F ;L=BCJCjF;AI S FIM L?MOFN;>IM >? ?RJFIL;=CIH?M =IH >?MNCHI I >? J;MI
JIL ;H;LC;M =IGI F;M >? "L;H=CM );MMIH ?H ?MNO>CI DOHNI ;F L "L;H=CM=I
+LN?A; S &;G?M IIE >? G;SIL CHN?LjM J;L; F; CMF; >? );>?CL; GC?HNL;M KO? ;
@CH?M >?F GCMGI MCAFI NOPI FOA;L F; FF?A;>; JIL =;OM;M @ILNOCN;M J?LI ;@ILNOH;>;M
J;L; ;H;LC;M >? F; JLCG?L; ?RJ?>C=CdH ; F;M %MF;M >?F =;JCNlH ;O>CH ; KOC?H
;=IGJ;e;<;H (? #LIM H>Lj ,C?LL? (?>LO S HM?FG? .C?>Fj KO? ;JILN;H ?F
JF;HI S JLCG?L =;NlFIAI >?F &;L>gH >? =FCG;N;=CdH >? (; +LIN;P; ;>?GlM >? MOM
B?L<ILCT;=CIH?M ?H 0?H?LC@? /? =C?LL; ?F MCAFI =IH F; PCMCN; >? F?R;H>?L PIH
164 ,BCFCJ ;LE?L 3?<< S MO F?A;>I <INlHC=I

;LN; >? ;AL;>?=CGC?HNI >? >IH );HO?F ,;>CFF; ;F=;F>? >? (; +LIN;P; ; ,BCFCJ ;LE?L 3?<< JIL F; >?PI
FO=CdH >? FIM >IM <;MNIH?M >? G;H>I >? FIM ;HNCAOIM AO;H=B?M

$OG<IF>N KO? JO<FC=; ;eIM G;M N;L>? OH; JLCG?L; >?M=LCJ=CdH >? F; TIH;=CdH
P?A?N;F ?H 0?H?LC@? S L?;FCT; F; >?M=LCJ=CdH L?AF;G?HN;LC; =IH C=IHIAL;@g; >? F;
PCIF?N; >?F 0?C>? /? CHC=C; ?F MCAFI 4%4 =IH F; I<L; >? ILS >? /;CHN 2CH=?HN KO?
CH=FOS? ?F GlM =IGJF?NI =;NlFIAI @FILgMNC=I L?;FCT;>I B;MN; ?M;M @?=B;M S MCAO?
=IH F;M =IHNLC<O=CIH?M >? (?IJIF> PIH O=B S BLCMN?H /GCNB L?MOFN;>I >? MO
PC;D? ; P;LC;M %MF;M ?H =IH HOG?LIM;M ;JILN;=CIH?M ; F; >?M=LCJ=CdH >? FIM
J;CM;D?M =;H;LCIM S MOM >?M=O<LCGC?HNIM <INlHC=IM >CP?LMIM KO? CH=FOS?LIH ?F
B;FF;TAI >? HOG?LIM;M ?MJ?=C?M HO?P;M J;L; F; =C?H=C; IGI M? P? ?MIM =IHI=C
GC?HNIM JLI=?>g;H ?H MO =;MC NIN;FC>;> >? ?RNL;HD?LIM =IH F; M;FP?>;> >? F;M ;JIL
N;=CIH?M >? 2C?L; S F;PCDI =OSI 6006<;.?6< 12 6@A<?6. ".AB?.9 CH=IGJF?NI P? F;
FOT JIL JLCG?L; P?T ?H
!H F; ;=NO;FC>;> >?MJOjM >? F;M HOG?LIM;M ;JILN;=CIH?M >OL;HN? F; M?AOH>;
GCN;> >?F MCAFI 4%4 BLCMN S ?MJ?=C;FG?HN? >?F 44 ILGa?FF?L OL=B;L> ,CN;L>
S ,LIOMN /P?HN?HCOM ?<;FFIM S +LNOeI ? CHC=CIM >?F ;=NO;F M? FF?A; ; =IHN;L =IH
OH =;NlFIAI @FILgMNC=I >? GlM >? ?MJ?=C?M J;L; ?F L=BCJCjF;AI KO? CH=FOS?
LHIF>I /;HNIM 165

GlM >? CHNLI>O==CIH?M ?RdNC=;M S ?MJ?=C?M ?H>jGC=;M ?R=FOMCP;M >?


HO?MNLI N?LLCNILCI FI KO? MOJIH? OH ;FNI JIL=?HN;D? =?L=; >?F KO? MCNb;H ;
HO?MNL;M %MF;M ?H OH FOA;L ;FNI ; HCP?F GOH>C;F ?H =IH=?HNL;=CdH >? LCKO?T; @FILgM
NC=; !MN; HINILC; >CP?LMC>;> B; M?LPC>I >? <;M? J;L; B;=?L BIS L?;FC>;> ?F MO?eI
CGJIMC<F? >? ;LQCH KO? ;H;LC;M M? =IHPCLNC?L; ?H OH FOA;L JLCPCF?AC;>I >IH>?
FF?P;L ; =;<I FIM ?MNO>CIM >? ?PIFO=CdH S M?F?==CdH H;NOL;F $IS JI>?GIM ;@CLG;L
KO? F;M %MF;M MIH ?F FOA;L >?F JF;H?N; >IH>? G?DIL M? =IHI=?H FIM JLI=?MIM ?PIFO
NCPIM ;bH HI >?F NI>I >?M=C@L;>IM ?H ?=IMCMN?G;M CHMOF;L?M I=?lHC=IM !MNI ?M
>?<C>I ;F OMI >? >CP?LM;M Nj=HC=;M GIF?=OF;L?M KO? JO?>?H ?RJFC=;L ?F ILCA?H >?
F;M ?MJ?=C?M ?H N?LLCNILCIM CHMOF;L?M =IGI MC >? OH; P?L>;>?L; HIP?F; =C?HNg@C=; M?
NL;N;L; !MN; CGJL?M=CH>C<F? 920AB?. MCLP? J;L; =IGJL?H>?L FIM ?MNO>CIM ;P;HT;>IM
S M?G?D;HN?M ?H INLIM N?LLCNILCIM CHMOF;L?M I=?lHC=IM ?H J;LNC=OF;L $;Q;C =OSIM
L?MOFN;>IM AFI<;F?M MIH CAO;FG?HN? ;JFC=;<F?M ; F; CHN?LJL?N;=CdH S =IGJL?HMCdH
>? FIM JLI=?MIM ?PIFONCPIM KO? ?MNlH N?HC?H>I FOA;L ?H ;L=BCJCjF;AIM =IHNCH?H
N;F?M S ;OH ?H FIM JLIJCIM =IHNCH?HN?M

! !/ #%*+2u/ &O;H .;GdH V!F B?L<;LCI >? 3?<< ?H "FIL?H=C;X +=N;PCI


.I>LgAO?T ?FA;>I ?> <:2;.72 . *2// 2; 29 02;A2;.?6< 12 @B ;.06
:62;A< (; (;AOH; %HMNCNONI >? !MNO>CIM ;H;LCIM
*!,% BC;L; V%F F?A;NI >C ,BCFCJ ;LE?L 3?<< ; "CL?HT? IPP?LI C @LONNC >C OH;
JL?TCIM; ;GC=CTC;X F<?LNI .?F;H=CI S )CF; .OCT =IIL> .;.?6.@ A2??6A<?6< 12
2E=9<?.06<;2@ 062;AV360.@ );>LC> IHM?DI /OJ?LCIL >? %HP?MNCA;=CIH?M
C?HNg@C=;M S "OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C;
, .( 0+.! "CFCJJI 9<46< 16 696==< .?82? *2// @0?6AA< 1. 696==< $.?9.A<?2
"FIL?H=C; (? )IHHC?L 72?LMCdH >CACN;F ?H BNNJ BOG<IF>N GJCQA <?LFCH
GJA >? J;LF;9?FIAC9CN9 9 CH>?R BNGF8
, .( 0+.! ,BCFFCJ? 2@ 0<9920A6<;@ /<A.;6>B2@ 1B !B@Y2 %<F.9 12 =5F@6>B2 2A
1 6@A<6?2 ".AB?2992 12 9<?2;02 "FIL?H=C; /O==?MM?OLM (? )IHHC?L
, .+5! 0+ $ 1) +( 0 ?> <??2@=<;12;06. 12 $5696= .?82? *2//
BNNJ BOG<IF>N GJCQA <?LFCH GJA >? >I=OG?HNIM BNG =ILL?M
167

5 ;*<=;8 -.5 .7206L=2,8 -2+>3*7=. &2552*6<

25* !>2B *,1.,8

$
;<F;L >?F ;LNCMN; & & 3CFFC;GM ?M >?N?H?LM? ;HN? OHI >? FIM >C<OD;HN?M
GlM L?F?P;HN?M KO? @CAOL;H ?H F; 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@
>? ,BCFCJ ;LE?L 3?<< S /;<CH ?LNB?FIN J?LI ?M N;G<CjH ?HNL;L ?H
OH =;GJI ;<IH;>I ; F; ?MJ?=OF;=CdH >;>; F; ?M=;M?T >? >;NIM =IHMN;N;<F?M
KO? HIM ;SO>?H ; >?M=C@L;L KOCjH ?L; =OlF ?L; MO ;=NCPC>;> ;LNgMNC=; S =OlF
MO L?F;=CdH =IH ;H;LC;M Mg M? B; ?M=LCNI KO? M? NL;N;<; >? OH AL;<;>IL
CHAFjM ?H=?LL;>I ?H MO N;FF?L FIH>CH?HM? KO? HOH=; JCMd ;H;LC;M I NI>I
FI =IHNL;LCI KO? PCPg; ?H F; =;FF? >? F; $IS; >?F ,O?LNI >? F; LOT I
MCGJF?G?HN? KO? HI ?RCMNCd S KO? <C?H JI>Lg; B;<?L MC>I ?F JLIJCI
?LNB?FIN ?F KO? ;Mg @CLG;L; $;S ;>?GlM =C?LN; =IH@OMCdH ;F ;<IL>;L F;
H;NOL;F?T; Nj=HC=; >? MOM CGlA?H?M ?H I=;MCIH?M jLLIH?;G?HN? L?@?L?H
=C;>;M =IGI FIM VAL;<;>IM >? 3CFFC;GMX IH F;M FgH?;M KO? MCAO?H HIM
AOMN;Lg; =IHNLC<OCL ;F G?HIM ; ?M=F;L?=?L ?MNIM JOHNIM
& & 3CFFC;GM HI MdFI ?RCMNCd MCHI KO? ;>?GlM L?MC>Cd N?GJIL;FG?HN?
?H 0?H?LC@? S JIL ?H=;LAI >? 3?<< S ?LNB?FIN ;JILNd ; F; 6@A<6?2
".AB?2992 OH JL?=CIMI N?MNCGIHCI >I=OG?HN;F >? =;MC M?N?HN; >C<ODIM ;
J;LNCL >? FIM =O;F?M M? ?F;<IL;LIH F;M B?LGIM;M FCNIAL;@g;M CHM?LN;M ?H F;M
!6@0299.;Y2@ 0.;.?62;;2@ S ?F A9.@ !H F; JF;H=B; >? F;M !6@0299.;Y2@
V2CMN; >? OH; J;LN? >?F P;FF? >? (; +LIN;P;X OH >?N;FF? ?FI=O?HN? HI
J;M; CH;>P?LNC>I ;F JC? >? F; =;M; >? F; >?L?=B; JO?>? F??LM? !.6@<; 12
*6996.:@ =;M; >? 3CFFC;GM Z ?G;MC;>; =ICH=C>?H=C;
"LONI >?F =IHP?HCI >? =IF;<IL;=CdH ?HNL? F; "OH>;=CdH ;H;LC; +LIN;P;
>? $CMNILC; >? F; C?H=C; S F; C<FCIN?=; >C /=C?HT? >? F; 1HCP?LMC>;> >?
"FIL?H=C; OH ?KOCJI >?F $?<F20A< B:/<91A M? NL;MF;>d ; F; =CO>;> CN;FC;H;
J;L; >CACN;FCT;L J;LN? >? F; =ILL?MJIH>?H=C; CHj>CN; >? 3?<< ;BIL; >? FC<L?
168 !F L;MNLI >?F ?HCAGlNC=I >C<OD;HN? & & 3CFFC;GM

2CMN; >? OH; J;LN? >?F P;FF? >? (; +LIN;P; !6@0299.;Y2@ 0.;.?62;;2@

;==?MI ?H F; Q?< >?F ,LIS?=NI $OG<IF>N !F B;FF;TAI >? OH; =;LN; ?HNL? F;M
GlM >? ?M=;H?;>;M ?M=LCN; JIL ?LNB?FIN S >CLCAC>; ; 3CFFC;GM HIM
=IH@CLG; ?F L;MNLI CH?KOgPI=I >? HO?MNLI ?HCAGlNC=I J?LMIH;D?
IH @?=B; >? DOFCI >? S ?HPC;>; ; /;HN; LOT >? 0?H?LC@?
?LNB?FIN ?H ?MJ;eIF =IGC?HT; MO =;LN; V/L IH C?AI 3CFFC;GM )OS ?MNC
G;>I M?eIL GgI HO?MNL; FF?A;>; ; ,;LgM )L 3?<< ? SI B?GIM L?=C<C>I
JIL ?F =IH>O=NI >? F; =;M; >? FIM LO=? ;FAOHIM >? FIM >C<ORIM KO? F? ?H=;L
A;GIM ; 2> S; B;=? NC?GJIX Mg M? HIM >?MP?F; ?F MCAHC@C=;>I >? OH; >? F;M
GCMN?LCIM;M JIL .:2@ ?KOCP;F?HN? CHAFjM >? C?AI
(IM >C<ODIM ; FIM KO? M? B;=? G?H=CdH J?LN?H?=?H ;F A9.@ S M?AbH M?
>?MJL?H>? >? F; =;LN; HI FF?A;LIH ; ,;LgM NI>IM FIM KO? M? B;<g;H MIFC=CN;>I
; 3CFFC;GM (; L?=F;G;=CdH S >?M=LCJ=CdH JILG?HILCT;>; >? >C=BIM >C<ODIM
L?MOG? ?F =IHN?HC>I ?M?H=C;F >? F; =;LN; J?LI HI M? HIM ?M=;J; OH; J;LNC=O
F;LC>;> KO? JIH? >? G;HC@C?MNI ?F =IHI=CGC?HNI >CL?=NI S =IHNCHO;>I >?
3CFFC;GM MI<L? F; H;NOL;F?T; =;H;LC; JF;MG;>; ?H MOM >C<ODIM 0L;M JL?=CM;L
)CF; .OCT ,;=B?=I 169

?H >?N;FF? F; JF;HN; ?LNB?FIN F? ?M=LC<? ;FO>C?H>I ;F >C<ODI ;OM?HN? >?F


=;L>dH V?H@CH OMN?> FI B;PLl PCMNI GCF P?=?M S S; FI N?H>Ll >C<OR;>I ?H
GO=B;M >? MOM PCMN;MX $IS M;<?GIM JILKO? M? B;H =IHNL;MN;>I =IH F;M
JF;H=B;M >?F A9.@ KO? FIM >C<ODIM J?L>C>IM @O?LIH @?FCTG?HN? L?=OJ?L;>IM
!H GlM >? OH ?MNO>CI M? B; G?H=CIH;>I KO? 3CFFC;GM ;=IGJ;ed ; 3?<<
S ; ?LNB?FIN ?H ;FAOH;M >? MOM ?R=OMCIH?M JIL F; CMF; ,;L?=? FdAC=I MC
;>?GlM ;=?JN;GIM =IGI L?@?L?H=C; F; ?M=?H; =;JN;>; JIL ?F ;LNCMN;
CHAFjM >?F CHN?LCIL >?F <IMKO? >? AO; #;L=g; >IH>? 3?<< S ?LNB?FIN
;J;L?=?H L?NL;N;>IM JF;H=B; >? F;M !6@029];2.@
/C ?HNIH=?M G;HN?Hg;H I HI OH; L?F;=CdH ?MNL?=B; ?M ;FAI >C@g=CF >? P?LC
@C=;L J?LI FI KO? Mg JO?>? ;@CLG;LM? ?M KO? MOM L?F;=CIH?M N?LGCH;LIH >?N?
LCILlH>IM? ?H ?F NL;HM=OLMI >? F; ?F;<IL;=CdH >? FIM >C<ODIM NL;PjM >? F;
=ILL?MJIH>?H=C; >? FIM JLCG?LIM G?M?M >? ?HNL? 3?<< S ?LNB?FIN M?
JO?>? L;MNL?;L ; J?KO?e;M JCH=?F;>;M OH G;F?MN;L =L?=C?HN? >? ?LNB?FIN
B;=C; 3CFFC;GM FCA;>I ; =O?MNCIH?M GIH?N;LC;M ? CH=OGJFCGC?HNI ?H F;M

"L;AG?HNI >? F; =;LN; >? /;<CH ?LNB?FIN ; & & 3CFFC;GM


170 !F L;MNLI >?F ?HCAGlNC=I >C<OD;HN? & & 3CFFC;GM

?HNL?A;M JIL J;LN? >?F >C<OD;HN? KO? FI FF?P;H ; >?=CL >? jF VGCM I=OJ;
=CIH?M HI G? J?LGCN?H ?M=LC<CL MCH H?=?MC>;> ; J?FG;TIM =IGI & &
3CFFC;GMX 7Y8 V*I P?I F; BIL; >? ;=;<;L =IH ?M? >C;<FI >? ;LNCMN;X 7Y8
V/lKO?F? =O;HNIM >C<ODIM JO?>; S N?LGCH? =IH ?M? G;D;>?LIX
!F $?<@=20AB@ JO<FC=;>I ?H =IGI JLIAL;G; JO<FC=CN;LCI >? FI
KO? C<; ; =IHMNCNOCL F; CHA?HN? I<L; >? 3?<< S ?LNB?FIN L?@CLCjH>IM?
;F JLCG?L PIFOG?H >?D; <C?H ?RJFg=CNI KO? V1H G;J; A?H?L;F S
=CH=O?HN; <?FF;M FCNIAL;@g;M ?D?=ON;>;M M?AbH FIM >C<ODIM ILCACH;F?M >?
) & & 3CFFC;GM ;LNCMN; CHAFjM KO? PC;Dd =IH ?FFIM ILH;G?HN;LlH ?MN;
J;LN? >? MO I<L;X
5; ,BCFCJ ;LE?L 3?<< S /;<CH ?LNB?FIN ;F ;HOH=C;L F; JO<FC=;=CdH >? FIM
L?MOFN;>IM >? MOM NL;<;DIM ?H ;H;LC;M B;<g;H B?=BI ?MJ?=C;F BCH=;JCj ?H F;
=;FC>;> S <?FF?T; >? F;M FlGCH;M CFOMNL;>;M <OM=;H>I J;L; ?FFI ; FIM G?DIL?M
;LNCMN;M AL;<;>IL?M S FCNdAL;@IM >?F ,;LgM >? F; jJI=; ?HNL? INLIM GO=BIM /;CHN
OF;CL? 0CLJ?HH? 2C?FF? (jIH IO@@;L> uGCF? (;M;FF?Y =;J;=?M >? FF?P;L =IH
G;?MNLg; ; F; JF;H=B; FIM P;FCIMIM >C<ODIM L?;FCT;>IM >?F H;NOL;F JIL & &
3CFFC;GM F@L?> CMNIH I ?F JLIJCI ?LNB?FIN J;L; F; J;LN? BCMNdLC=; I JIL FIM
HOG?LIMIM >C<OD;HN?M ?MJ?=C;FCT;>IM =IGI ;LNCMN;M <INlHC=IM >? F; N;FF; >?
$?SF;H> WKO? L?;FCTd GlM >? =C?H >C<ODIM J;L; F; J;LN? >? F; @CNIAL;@g;W
.CI=L?OR .IM;FC; #;S )G? /J;=B )FF? (?A?H>L? B;T;F 0BCIF;N JIL =CN;L
MdFI ;FAOHIM HIG<L?M
/CH >O>; ?F JLI>O=NI @CH;F L?MJIH>? =IH =L?=?M ; F;M ?RJ?=N;NCP;M >? MOM
;ONIL?M OH =IHDOHNI >? GlM >? G;AHg@C=;M JF;H=B;M =IHMNCNOS? OH
F?A;>I ALl@C=I MCH JL?=?>?HN?M J;L; ;<IL>;L F; MCHAOF;LC>;> >? F;M %MF;M ,IL
INLI F;>I HI IFPC>?GIM WS ?MNI ?M CGJILN;HN?W KO? F; 6@A<6?2 ".AB?2992 M?
?>CN; ?H OH; jJI=; >? CGJL?MCdH JL?@INIALl@C=; S F; L?JLI>O==CdH >? FIM
>C<ODIM M? FF?P; ; =;<I G?>C;HN? JLI=?>CGC?HNIM FCNIALl@C=IM !M =C?LNI KO? F;
;J;LC=CdH >? F; @INIAL;@g; =ICH=C>? ?H ?F NC?GJI =IH F; JO<FC=;=CdH >? F; GIHO
G?HN;F I<L; W>? B?=BI >CI JC? ; KO? ?LNB?FIN M? P;FC?L; >?F >;AO?LLINCJI J;L;
F; A5;<4?.=562W J?LI FIM JLI=?>CGC?HNIM @INIM?HMC<F?M =;J;=?M >? L?JLI>O=CL
@C?FG?HN? >C<ODIM I =O;FKOC?L INL; CG;A?H >? F; L?;FC>;> HI @O?LIH PC;<F?M
B;MN; <C?H ?HNL;>; F; M?AOH>; GCN;> >?F MCAFI 4%4 CH=FOMI FIM >;AO?LLINCJIM
@O?LIH =IJC;>IM MI<L? F; JC?>L; FCNIALl@C=; J;L; =IHP?LNCLM? ?H CG;A?H M?LC;>;
)CF; .OCT ,;=B?=I 171

;L>dH I B=5<?/6. .;.?62;@6@ A9.@ >? F; 6@A<6?2 ".AB?2992

!F >C<ODI NIG;>I >?F H;NOL;F JIL ?F ;LNCMN; ?M OH; I<L; bHC=; KO? H?=?
MCN; >? F; FCNIAL;@g; J;L; =IHP?LNCLM? ?H CG;A?H GbFNCJF? Mg M? =IHMN;N; ;F
JC? >? F;M JF;H=B;M ?H OH ?RNL?GI ;J;L?=? ?F HIG<L? >?F >C<OD;HN?
*6996.:@ 129 S ?H ?F INLI ?F >?F FCNdAL;@I I AL;<;>IL JIL ?D?GJFI &A
B9.6?2 96A5 3CFFC;GM >C<ODd >?F H;NOL;F S MOM >C<ODIM @O?LIH =IJC;>IM ?H
FIM N;FF?L?M J;LCMCHIM MI<L? F; JC?>L; FCNIALl@C=; J;L; M?L ?MN;GJ;>IM ;
=IHNCHO;=CdH MI<L? ?F J;J?F !H F; G;SILg; >? FIM =;MIM FIM FCNdAL;@IM
@L;H=?M?M ?HNL;<;H ?H =IHN;=NI =IH ?F J;CM;D? S F;M A?HN?M =;H;LC;M MdFI ;
NL;PjM >? FIM >C<ODIM J?LGCNCjH>IM? N;G<CjH ;FAOH; FC=?H=C; CHN?LJL?N;
NCP; !F GCMN?LCIMI & & 3CFFC;GM M? HIM PO?FP? GlM CH;MC<F? MC =;<? JO?M F;
172 !F L;MNLI >?F ?HCAGlNC=I >C<OD;HN? & & 3CFFC;GM

G;HI >?F FCNdAL;@I B; G?>C;NCT;>I HO?MNLI =IHN;=NI >CL?=NI =IH MOM


>C<ODIM Z.?@F?D;H F;M FCNIAL;@g;M @C?FG?HN? S HIM NL;MGCN?H OH L;MNLI @C;<F?
>? FIM >C<ODIM >? 3CFFC;GM
0?H?GIM ?F ?D?GJFI >? F;M CGlA?H?M L?;FCT;>;M JIL CMNIH J;L; F;
GCMG; I<L; KO? uGCF? (;M;FF? L?>C<ODd S FCNIAL;@Cd (;M >C@?L?H=C;M ?HNL?
;G<IM MIH HIN;<F?M ,?LI HI J;L?=? M?L ?MN? ?F =;MI >? 3CFFC;GM 1H;
JLO?<; >? F; =;FC>;> >? MOM >C<ODIM MIH F;M J;F;<L;M >?F JLIJCI ?LNB?FIN
?H F; =CN;>; =;LN; V(IM B?GIM ?HM?e;>I ; P;LCIM JCHNIL?M <INlHC=IM S HIM
;F?AL;GIM ?H >?=CLF? KO? B;H L?=C<C>I ?F ;JF;OMI >? NI>IMX
F PCMCN;L ?F >L;AI >? F; +LIN;P; ?H 3CFFC;G . 3CF>? J;>L? >?
+M=;L 3CF>? M? ;>GCLd >? KO? ;bH ?MNOPC?L; N;H J;L?=C>I ;F >C<ODI KO?
3CFFC;GM B;<g; B?=BI >?F GgNC=I lL<IF
+NL; =F;P? F; B;FF;GIM JL?=CM;G?HN? ; NL;PjM >? F@L?> CMNIH CMNCHN;M
@O?HN?M =ICH=C>?H ?H ?MN;<F?=?L OH; L?F;=CdH ?HNL? ;G<IM CHAF?M?M HI MdFI
J?LMIH;F MCHI N;G<CjH S MI<L? NI>I >? =;Ll=N?L ;LNgMNC=I >;>I KO? 3CFFC;GM
CH@FOSd MCAHC@C=;NCP;G?HN? ?H CMNIH >?DlH>IF? ;FAOHIM >? MOM >C<ODIM J;L;
KO? FIM =IJC;L; ?H MO G;SILg; ;HN?M >? KO? @O?L;H ?>CN;>IM ?H ,;LgM !MN?
>;NI ?M L?F?P;HN? JO?M ;Mg >CMJIH?GIM >? >IM P?LMCIH?M <;M;>;M ?H FIM
>C<ODIM ILCACH;F?M >? 3CFFC;GM F; =IJC; >? CMNIH S F; FCNIAL;@g; ?F;<IL;>; ?H
,;LgM IH@LIHN;H>I ;G<;M M? ?PC>?H=C;H F; >C@?L?H=C;M >? @;=NOL; Nj=HC=; S
F;M P;LC;=CIH?M ?H ?F?G?HNIM ;==?MILCIM J?LMIH;M I ;HCG;F?M J?LI B;S ;FAI
CH;FN?L;<F? S =ICH=C>?HN? F; GCL;>; M?F?=NCP; >? 3CFFC;GM ?F @L;AG?HNI >?
L?;FC>;> H;NOL;F I OL<;H; ;JL?M;>I J;L; MC?GJL? ?H MOM >C<ODIM ?M; JIL=CdH
>? BCMNILC; KO? M? B; =IHP?LNC>I ?H OH >I=OG?HNI >? P;FIL CH?MNCG;<F? J;L;
;==?>?L ;F J;M;>I >? F;M %MF;M
)CF; .OCT ,;=B?=I 173

!.0$!(+0 /;<CH !6@029];2.@ 0.;.?6.@ 0L;>O==CdH >? );HO?F /OlL?T .IM;F?M


!MNO>CI =LgNC=I >? );HO?F $?LHlH>?T #IHTlF?T (; (;AOH; "L;H=CM=I (?GOM !>CNIL
! ,! .+ HNIHCI ! 9 16@2T< 062;AV360< &649<@ +) + + );>LC> E;F
,1%# / ),!. )CAO?F wHA?F S /;H>L; .! +' V%HNLI>O==CdH F?D;H>LI >?
$OG<IF>N S FIM B.1?<@ 12 9. ".AB?.92G.X F?D;H>LI >? $OG<IF>N B.1?<@ 12 9.
".AB?.92G. );>LC> (IM (C<LIM >? F; ;N;L;N;
2!# !( .+/ ;LG?FI V(;M FlGCH;M >? F; 6@A<6?2 ".AB?2992 >? ;LE?L 3?<<
S ?LNB?FIN I FIM ILgA?H?M >? F; CG;A?H ALl@C=; >? ;H;LC;MX 0A.@ 129 + <9<>B6<
12 6@A<?6. 0.;.?6< .:2?60.;. (;M ,;FG;M !>C=CIH?M >?F ;<CF>I %HMOF;L >?
#L;H ;H;LC;
3! ,BCFCJ ;LE?L S /;<CH !.0$!(+0 6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@
2?LMCdH >CACN;F BNNJ BOG<IF>N GJCQA <?LFCH GJA >? >I=OG?HNIM BNG
3! ,BCFCJ ;LE?L S /;<CH !.0$!(+0 6@A<6?2 ;.AB?2992 12@ ^92@ .;.?62@ A9.@
(;M ,;FG;M >? #L;H ;H;LC; "OH>;=CdH ;H;LC; );J@L? #O;H;LN?G?
175

5 9;J7,29. -. 58< 9;27,2928< "2; 1*;5.< A.55

*<> !8-;J0>.B

?M>? B;=? GlM >? =C?H ;eIM ; B;LF?M (S?FF W M? F? =IHI=?


=IGI ?F J;>L? >? F; A?IFIAg; GI>?LH; ?MN;=d MI<L? NI>I JIL MO CH;AI
N;<F? =OLCIMC>;> CHN?F?=NO;F S JIL MO G?HN? ;<C?LN; KO? F? BCTI ;JL?=C;L
MC?GJL? ?F NL;<;DI >? FIM GlM DdP?H?M /C?H>I BCDI >? @;GCFC; LC=; NOPI KO? CL ; F;
?M=O?F; J?LI HI @O? OH <O?H ?MNO>C;HN? !M JLI<;<F? KO? ?H MOM JLCG?LIM ;eIM
@O?L; GlM ?@C=;T ?F CH@FODI >? MO J;>L? OH H;NOL;FCMN; ;G;HN? >? F;M =C?H=C;M
JIM??>IL >? OH; AL;H <C<FCIN?=; S NL;>O=NIL ;>?GlM >? F; )6A. "B<C. S >?F
<;C6A< >? ;HN? ? DIP?H ; B;LF?M (S?FF F? AOMN;<; =IF?==CIH;L CHM?=NIM
;@C=CdH KO? J?L>OLd GO=BIM ;eIM !MN; ;=NCPC>;> KO? N;G<CjH =IGJ;LNg; ?F DIP?H
;LQCH ;OG?HNd MO =;J;=C>;> J;L; F; I<M?LP;=CdH GCHO=CIM; >? FIM ?F?G?HNIM
H;NOL;F?M ,;L;>dDC=;G?HN? KO?>;Lg; =C?AI =CH=I ;eIM ;HN?M >? GILCL S >OL;HN?
NI>; MO PC>; MO@LCd OH; M?P?L; GCIJg; KO? CGJLCGg; ?H MO LIMNLI OH; GCL;>; NL;M
=?H>?HN? =IGI MC @CD;L; MO ;N?H=CdH GlM ;FFl >?F I<D?NI >? PCMCdH
!MNO>Cd >?L?=BI J?LI HI ?D?L=Cd F; JLI@?MCdH #L;=C;M ; MO ;NL;==CdH JIL F;
BCMNILC; H;NOL;F S ; F; CH@FO?H=C; >?F JLI@?MIL 3CFFC;G O=EF;H> W ;<;H
>IHd F;M F?S?M J;L; =IHM;AL;LM? ;F ?MNO>CI >? F; A?IFIAg; ?H F; 1HCP?LMC>;> >?
+R@IL> (; CH@FO?H=C; >? #?ILA?M OPC?L S >? F?R;H>L? PIH $OG<IF>N W; FIM KO?
=IHI=Cd ?H ,;LgM ?H W @O? >?=CMCP; S MO PCMCdH >? F; H;NOL;F?T; S; HI JO>I
?M=CH>CLM? >? F; >? ?MNIM BIG<L?M IGJ;LNCd ;>?GlM MO CHN?LjM JIL ?F
L=BCJCjF;AI ;H;LCI =IH =IF?A;M S =IF;<IL;>IL?M ?OLIJ?IM KO? N;G<CjH PCMC
N;LIH F;M %MF;M #?ILA $;LNOHA &IM?JB $IIE?L S 0BIG;M 2 3IFF;MNIH
(S?FF HI ?L; OH L;NdH >? <C<FCIN?=; HC >? F;<IL;NILCI ?M>? MOM JLCG?LIM ;eIM
?H FIM <IMKO?M =?L=;HIM ; MO =;M; ?H !M=I=C; ;JL?H>Cd A?IFIAg; I<M?LP;H>I S
;H;FCT;H>I >CL?=N;G?HN? FIM @?HdG?HIM H;NOL;F?M (;M ?R=OLMCIH?M @O?LIH OH;
;=NCPC>;> =IHNCHO; ?H MO PC>; ? CH=FOMI ;F @CH;F S; =;MC =C?AI M?AOg; J?L?ALCH;H>I
JIL <;LL;H=IM =O?P;M F;>?L;M GlLA?H?M >? LgIM S F;AIM Mg @O? =dGI ?HN?H>Cd
176 !F JLgH=CJ? >? FIM JLCH=CJCIM /CL B;LF?M (S?FF

FIM GIPCGC?HNIM >? F; 0C?LL; MO =IGJILN;GC?HNI S MOM ?>;>?M ;GCHd !OLIJ; S


GjLC=; !M=I=C; *ILO?A; /O?=C; CH;G;L=; ;H;>l !MN;>IM 1HC>IM ? ;Bg
P; MOLAC?H>I MO @;M=CH;HN? N?ILg; A?IFdAC=;
(S?FF MIMJ?=Bd >?M>? GOS JLIHNI KO? F;M N?ILg;M A?IFdAC=;M CGJ?L;HN?M ?H MO
NC?GJI ?L;H N?H>?H=CIM;M ;F ?MN;L <;M;>;M ?H ?F #jH?MCM -O?Lg; >?MN?LL;L J;L;
MC?GJL? F; =L??H=C; ?H F;M =;NlMNLI@?M A?IFdAC=;M L?J?HNCH;M J;L; ;@C;HT;L OH
MCMN?G; GlM @C;<F? >? I<M?LP;=CdH >? F; L?;FC>;> /OM PC;D?M S MO CHNOC=CdH =C?HNg@C=;
F? J?LGCNC?LIH =IHMNLOCL OH HO?PI J;L;>CAG; A?IFdAC=I ?F OHC@ILGCMGI KO?
>?M;LLIFFd ?H FIM $?6;06=92@ <3 2<9<4F S =OSI MO<NgNOFI ;HOH=C;<;
OH; N?ILg; L?P?F;>IL; V1H CHN?HNI >? ?RJFC=;L FIM =;G<CIM ;HNCAOIM JIL =IGJ;L;
=CdH =IH F;M =;OM;M ;=NO;FG?HN? IJ?L;HN?MX Bg >CI JIL M?HN;>I KO?

(; BCMNILC; A?IFdAC=; JO?>? ?HN?H>?LM? G?DIL I<M?LP;H>I >CL?=N;G?HN? FIM


JLI=?MIM H;NOL;F?M ;=NO;F?M ?LIMCdH M?>CG?HN;=CdH ;==CdH PIF=lHC=; N?LL?
GINIMY (; =F;P? >?F J;M;>I ?M ?F JL?M?HN? S ?F @dMCF >? BIS ?M F; JCMN; J;L;
;H;FCT;L ?F J;M;>I
!F =;G<CI ?H F; MOJ?L@C=C? >? F; 0C?LL; ?M =IHMN;HN? F?HNI S AL;>O;F GlM KO?
LlJC>I S Mb<CNI !MNIM JLI=?MIM AL;>O;F?M MIH FIM KO? ILCACH;H FIM AL;H>?M
=;G<CIM A?IFdAC=IM
(;M F?S?M H;NOL;F?M MIH =IHMN;HN?M S ?N?LH;M S B;H ;=NO;>I GlM I G?HIM =IH
F; GCMG; CHN?HMC>;> ?H ?F J;M;>I S ?H ?F JL?M?HN? (;M =;OM;M KO? GI>C@C=;LIH
F; 0C?LL; ?H ?F J;M;>I MIH F;M GCMG;M KO? ;@?=N;H ; F; 0C?LL; ;=NO;FG?HN? S
;=Nb;H =IH F; GCMG; CHN?HMC>;>

(S?FF =IGJL?H>Cd GOS <C?H F;M ?>;>?M A?IFdAC=;M /C @CD;<; F; ;N?H=CdH ?H =O;F
KOC?L JOHNI >? F; H;NOL;F?T; JLIHNI >?M=O<Lg; KO? NI>IM FIM >?GlM J;L?=g;H
?MN;L =IH?=N;>IM =IH jF /O CHNOC=CdH S MOM CHP?MNCA;=CIH?M =IH FIM @dMCF?M =IGI
CH>C=;>IL?M >?F NC?GJI F? FF?P;LIH ; ;M?AOL;L KO? F; ?MJ?=C? BOG;H; >?<g; >;N;L
>? GO=BI ;HN?M >? FI KO? ;JOHN;<;H F;M N?ILg;M >? MO jJI=; ?@?H>g; JO?M
KO? F; 0C?LL; ?M GOS ;HNCAO; S B; C>I =;G<C;H>I GOS F?HN;G?HN? AL;=C;M ; @?Hd
G?HIM =IGI F; ?LIMCdH IH=FOSd KO? F;M LI=;M GlM ;HNCAO;M N?Hg;H OHIM
GCFFIH?M >? ;eIM S =L?Sd H?=?M;LCI ?MN;<F?=?L ;GJFC;M ?M=;F;M N?GJIL;F?M J;L;
;H;FCT;L F; A?IFIAg; >?F #FI<I (IM HIG<L?M ?HNL? INLIM >? F;M M?LC?M >?F 0?L=C;LCI
!I=?HI )CI=?HI S ,FCI=?HI ;JILN;>IM JIL jF =IGI >CPCMIL?M >?F NC?GJI A?IFd
AC=I MCAO?H PCA?HN?M BIS ?H >g;
);MO .I>LgAO?T 177

(S?FF PCMCNd ;H;LC;M S );>?CL; =IH ?F


JLIJdMCNI >? ?MNO>C;L MO A?IFIAg;
;H;FCT;L F; @ILG;=CdH >? FIM =IHIM PIF=l
HC=IM ;=OGOF;L ?PC>?H=C;M ;=?L=; >? F;
?>;> >? FIM F?=BIM >? F;P; S L?=IA?L @FIL;
S @;OH; PCP; S @dMCF ?M>? FO?AI HI B;<g;
IFPC>;>I FIM <O?HIM L?MOFN;>IM KO? MO
;GCAI B;LF?M ;LQCH B;<g; I<N?HC>I
?H F;M CMF;M >?F ,;=g@C=I I<M?LP;H>I FIM
@dMCF?M S =IGJ;LlH>IFIM =IH ?D?GJF;L?M
PCPIM /;<g; KO? F;M CMF;M PIF=lHC=;M
>?D;<;H MC?GJL? BO?FF;M CH>?F?<F?M
=;J;=?M >? I@L?=?L L?MJO?MN; ; GO=B;M
JL?AOHN;M MI<L? ?F J;M;>I A?IFdAC=I
,?LI JIL ?H=CG; >? NI>I ?MN;<; ?GJ?
B;LF?M (S?FF
e;>I ?H >?GIMNL;L F; @;FM?>;> >? F;
N?ILg; >? FIM =LlN?L?M >? ?F?P;=CdH
>?@?H>C>; ?HNL? INLIM JIL (?IJIF> PIH O=B ?H MO $5F@60.96@052 2@05@?26/B;4 12?
.;.?6@052; ;@29; FC<LI KO? FF?Pd =IHMCAI ?H MO PCMCN; ; F; =;F>?L; >?
0;<OLC?HN? !GJF?d =;NIL=? >g;M ?H F; ?RJFIL;=CdH >? F; CMF; >? (; ,;FG; S L?@ONd >?
G;H?L; MdFC>; >C=B; N?ILg; bH ;Mg ;eIM GlM N;L>? B;LF?M ,C;TTC /GSNB ?H MO
FC<LI >? '2;2?6332 .; @A?<;<:2? @ E=2?6:2;A <? &=206.96A62@ <3 . %2@612;02
./<C2 A52 9<B1@ M?AOg; >?@?H>C?H>I ?F ILCA?H MO<G;LCHI >? 0?H?LC@? ;F?A;H>I
KO? HI MdFI M? JI>g;H ?MN;<F?=?L ;H;FIAg;M =IH FIM ?MNL;NIM @IMCFg@?LIM >? #L;H
;H;LC; S (; ,;FG; MCHI KO? L?=C?HN?G?HN? M? B;<g;H >?M=O<C?LNI =IH=B;M @dMCF?M
?H FIM >?=FCP?M >?F =LlN?L >?F 0?C>? (S?FF ?M=LC<Cd ; /GSNB JL?AOHNlH>IF? >dH>? S ;
KOj ;FNOL; MI<L? ?F HCP?F >?F G;L S ?H KOj =CL=OHMN;H=C;M jF I MOM CH@ILG;HN?M
B;<g;H B;FF;>I ;KO?FF;M =IH=B;M JO?M M;<g; KO? ?MN;M MdFI M? B;<g;H PCMNI ?H FIM
F?=BIM ;L?HIMIM >? F; JF;S; >?F HIL>?MN? >? /;HN; LOT S ?L;H CH>?J?H>C?HN?M
>?M>? ?F JOHNI >? PCMN; A?IALl@C=I S A?IFdAC=I HI MdFI >?F ,C=I >?F KO? >CMN; GlM
>? GCFF;M MCHI >? MOM @F;H=IM !H =O;HNI ; @dMCF?M ?H (; ,;FG; HC jF HC HCHAbH
PC;D?LI FIM B;<g;H ?H=IHNL;>I B;MN; ?HNIH=?M /GSNB =IH@?Md ?HNIH=?M KO?
B;<F;<; JIL L?@?L?H=C; S HI JIL MOM JLIJC;M I<M?LP;=CIH?M
178 !F JLgH=CJ? >? FIM JLCH=CJCIM /CL B;LF?M (S?FF

(S?FF ?MN;<; ;HMCIMI JIL >?GIMNL;L F; @;FM?>;> >? F; N?MCM >? !>Q;L> "IL<?M
KO? ?H MOA?Lg; F; ?RCMN?H=C; >? OH =IHNCH?HN? J?L>C>I F; NFlHNC>; >?F KO?
?F L=BCJCjF;AI M?Lg; MdFI OH L?>O=NI (I KO? PCI (S?FF ?H MO PCMCN; N;HNI ?H FI
A?IFdAC=I =IGI ?H FI L?@?L?HN? ; F;M ?MJ?=C?M PCP;M F? >?=g; KO? );>?CL; S
;H;LC;M B;<g;H MC>I MC?GJL? N?LLCNILCIM M?J;L;>IM JIL ?F I=j;HI KO? NOPC?LIH
KO? ?RCMNCL =IGI N;F?M ;F G?HIM >?M>? ?F )CI=?HI ,I>g; >?GIMNL;L KO? ?F ILCA?H
>? F;M CMF;M >? @ILG;=CdH PIF=lHC=; >;N;<; >? OH NC?GJI ?H ?F KO? ?F G;L KO? F;M
LI>?;<; ?MN;<; JI<F;>I MdFI JIL OH; N?L=?L; I =O;LN; J;LN? >? F;M ?MJ?=C?M KO?
;BIL; FI B;<CN;<;H /?AbH MOM JLIJC;M J;F;<L;M HOH=; B;<g; ?MN;>I ?H OH FOA;L
>IH>? F; P?A?N;=CdH @O?L; N;H J?=OFC;L S N;H JI=I ?OLIJ?; !F AL;H HbG?LI >?
?MJ?=C?M ?R=FOMCP;M >? =;>; N?LLCNILCI CHMOF;L MOA?Lg; KO? F;M CMF;M B;<g;H N?HC>I
KO? ?MN;L ;CMF;>;M >OL;HN? GO=BI NC?GJI =IGI F;M #;FlJ;AIM =;>; CMF; S =;>;
LI=; B;<CN;>; JIL ?MJ?=C?M >C@?L?HN?M ,IL INL; J;LN? N;G<CjH ?L; MCAHC@C=;NCP; F;
;OM?H=C; >? G;Gg@?LIM ;ONd=NIHIM ; ?R=?J=CdH >? FIM GOL=CjF;AIM (; F?D;Hg; >?F
=IHNCH?HN? JI>g; ?RJFC=;L N;F ;OM?H=C; J?LI N;G<CjH CGJFC=;<; KO? FIM G;Gg@?LIM
HI MOLAg;H ?H =O;FKOC?L TIH; >IH>? JO>C?L;H PCPCL =IH jRCNI
!F >? @?<L?LI >? ; <IL>I >?F P;JIL &2C2?; (S?FF FF?A;<; ; /;HN;
LOT $;<g; J;LNC>I >? "OH=B;F S P?Hg; ;=IGJ;e;>I JIL MO GOD?L );LS MO
=Oe;>I ?F <INlHC=I B;LF?M & "IR OH<OLS MO =Oe;>; "L;H=?M OH<OLS F; ;MCM
N?HN; HNIHC; /=BGC>N S #?ILA $;LNOHA !F >? @?<L?LI ?F G;NLCGIHCI (S?FF
HNIHC; S $;LNOHA M? NL;MF;>;H ; #L;H ;H;LC; .?AL?M;LIH ?F >? G;LTI ;
/;HN; LOT S >IM >g;M >?MJOjM (S?FF S $;LNOHA J;LNC?LIH >?M>? ?F ,O?LNI >? (;
+LIN;P; B;=C; (; ,;FG; "O?LIH >IM M?G;H;M >? CHN?HMI NL;<;DI A?IFdAC=I ?
PO?FN; ; 0?H?LC@? ?F >? G;LTI BC=C?LIH OH; ?R=OLMCdH ; =;<;FFI JIL ?F =CL=I
>? (;M ;e;>;M "CH;FG?HN? ?F >? ;<LCF J;LNC?LIH NI>IM J;L; %HAF;N?LL; >?M>?
/;HN; LOT >? 0?H?LC@?
$;LNOHA S (S?FF M? B;<g;H =IHI=C>I ?H );>?CL; >IM G?M?M ;HN?M S ; J;LNCL >?
?HNIH=?M NL;<;D;LIH =IHDOHN;G?HN? 1H ;eI S G?>CI >?MJOjM >?F PC;D? ;
;H;LC;M ?H HIPC?G<L? >? L?NIG;LIH JIL JLCG?L; P?T ?F ;HlFCMCM >? FIM
L?MOFN;>IM >? MOM ?RJFIL;=CIH?M ?H );>?CL; S ;H;LC;M >?MJOjM >? KO? $;LNOHA
PC;D;L; JIL M?AOH>; P?T ; (;HT;LIN? S "O?LN?P?HNOL; ?H G;SI S DOHCI >? ?M?
GCMGI ;eI ?MN; P?T ;=IGJ;e;>I JIL ?F GCH?LdFIAI &;G?M 0?HH;HN (; I<L; 62
42<9<46@052; )2?5\9A;6@@2 12? ;@29; .;G.?<A2 B;1 B2?A2C2;AB?. @O?
);MO .I>LgAO?T 179

@LONI >? ?MN;M CHP?MNCA;=CIH?M S >? F;


?MNL?=B; =IF;<IL;=CdH =IH (S?FF
(; =IH?RCdH >? ?MN? =IH ;H;LC;M
HI N?LGCH; =IH ?M? bHC=I PC;D? L?;FC
T;>I ; G?>C;>IM >? MCAFI );HNOPI
OH; =ILL?MJIH>?H=C; JLIFIHA;>; =IH
?F NCH?L@?eI ,?>LI );@@CINN? H;NOL;
FCMN; CHA?HC?LI S JLI@?MIL !H
);@@CINN? JO>I F??L F; HIP?H; ?>C=CdH
>? FIM $?6;06=92@ <3 2<9<4F S MO ;>GC
L;=CdH JIL (S?FF F? FF?Pd ; =IF;<IL;L ;=NC
P;G?HN? S >OL;HN? GlM >? OH; >j=;>;
?H FIM ?MNO>CIM >? ?MN? MI<L? A?IFIAg;
=;H;LC; #L;=C;M ; );@@CINN? (S?FF
;OG?HNd =IHMC>?L;<F?G?HN? F; =IF?=
=CdH >? GO?MNL;M @dMCF?M =IH=B;M S !MNLO=NOL;M A?IFdAC=;M
GCH?L;F?M L?=IAC>;M ?H ;H;LC;M S ?H
MOM =;LN;M ;@CLG;<; JIM??L G;N?LC;F >? MI<L; J;L; ;@LIHN;L OH; AL;H I<L; MI<L?
?F L=BCJCjF;AI );@@CINN? ;KO?FF; C>?; F? ?HNOMC;MG;<; S =IH @L?=O?H=C; F?
JL?AOHN;<; ?H MOM =;LN;M JIL ?F ?MN;>I >? ?M; I<L; KO? ;M?AOL;<; ?MN;L L?>;=
N;H>I );@@CINN? M? MCHNCd GOS >?=?J=CIH;>I ;F P?L KO? ?F =C?HNg@C=I CHAFjM HI
;@LIHN;<; HOH=; =IH M?LC?>;> F; ?>C=CdH >? ?M? NL;<;DI F @CH S ;F =;<I B;<g;
>?>C=;>I GO=BI NC?GJI S ?M@O?LTI ; M?AOCL F;M CHMNLO==CIH?M S ; =OGJFCG?HN;L
FIM J?>C>IM KO? (S?FF F? ?H=;LA;<; >?M>? %HAF;N?LL; 0I>I ?MI M? BO<C?L; PCMNI
=IGJ?HM;>I =IH OH; JO<FC=;=CdH KO? >C?L; ; FOT FIM ?MNO>CIM >?F JL?MNCACIMI
A?dFIAI MI<L? F;M CMF;M *I JO>I M?L S ?H );@@CINN? HI >O>d ?H ?H@LC;L F;M
L?F;=CIH?M =IH MO =ILL?MJIHM;F
/?AbH (S?FF F; I<L; MI<L? );>?CL; S ;H;LC;M @O? OH >?M?I HI =OGJFC>I OH;
;MCAH;NOL; J?H>C?HN? KO? F;G?HN;<; HI B;<?L L?NIG;>I 5 ?M KO? FIM $?6;06=92@
<3 2<9<4F NOPC?LIH N;HNI jRCNI >?M>? MO JLCG?L; ?>C=CdH KO? F;M L??>C=CIH?M M?
GOFNCJFC=;LIH S MO ;ONIL >?>C=d ;eIM ; =ILL?ACL S ;OG?HN;L F;M HIN;M >? =;>;
HO?P; ?>C=CdH S HI MdFI >? ?M; I<L; MCHI N;G<CjH >? FIM 92:2;A@ <3 2<9<4F
!MNI F? LI<;<; OH NC?GJI JL?=CIMI S JIL MC @O?L; JI=I ?MN;<; NL;<;
180 !F JLgH=CJ? >? FIM JLCH=CJCIM /CL B;LF?M (S?FF

/I<L? >? OH; >? F;M =;LN;M ?HPC;>;M JIL ,?>LI


);@@CINN? ; B;LF?M (S?FF &OHCI >?

);J; >? F; CMF; >? (; ,;FG; =IH HIN;M >?N;FF;H>I ,lACH; >?F G;HOM=LCNI MI<L? #L;H ;H;LC; %H=FOS?
FIM =;G<CIM KO? B;<Lg; KO? B;=?L ?H jF OH >C<ODI NCNOF;>I F; 2?A; >?F )?>CI

D;H>I ?H MO I<L; 2<9<460.9 C612;02@ <3 A52 ;A6>B6AF <3 !.; >IH>?
;H;FCT;<; F;M CGJFC=;=CIH?M >? F; N?ILg; >;LQCHC;H; L?MJ?=NI ; F; ?MJ?=C? BOG;H;
/?AbH MOM JLIJC;M J;F;<L;M HI N?Hg; NC?GJI J;L; GlM ,LI<;<F?G?HN? ;FL?>?>IL
>?F ;eI (S?FF N?Hg; S; F; =?LN?T; >? KO? MdFI JO<FC=;Lg; >? G;H?L; J;L=C;F I
=CL=OHMN;H=C;F W; GI>I >? HIN;M I =IG?HN;LCIM CHM?LNIM ?H MOM FC<LIMW FIM ?MNO>CIM
MI<L? );>?CL; S ;H;LC;M
/OM GjNI>IM S MO ?MNCFI CH@FOS?LIH ?H AL;H HbG?LI >? BIG<L?M >? =C?H=C; ?H
F; %HAF;N?LL; PC=NILC;H; S JLI<;<F?G?HN? ?F GlM @;GIMI >? ?FFIM @O? B;LF?M
;LQCH >? KOC?H @O? <O?H ;GCAI ;G<IM L?PIFO=CIH;Lg;H F; =C?H=C; >? MO NC?GJI
(S?FF F? I<M?MCIH;<;H F;M CGJFC=;=CIH?M >? F;M N?ILg;M ?PIFO=CIHCMN;M !H MOM
$?6;06=92@ ;H;FCTd N;H ;GJFC;G?HN? F;M N?MCM >? JLIAL?MI S ?PIFO=CdH TIIFdAC=;M >?
);MO .I>LgAO?T 181

&?;H ;JNCMN? (;G;L=E KO? @O? F; Pg; J;L; >C@OH>CL FIM JOHNIM >? PCMN; F;G;L=
EC;HIM ?H ?F GOH>I ;HAFIJ;LF;HN? F; $569<@<=562 G<<9<46>B2 >? HI M?
NL;>ODI ;F CHAFjM B;MN;
;LQCH FF?P;<; ?H MO J?HM;GC?HNI ; (S?FF =CH=I ;eIM ;HN?M >? =IHI=?LFI J?LMI
H;FG?HN? ?H (I B;<g; F?g>I =IH P?L>;>?L; ;PC>?T S >?M>? ?HNIH=?M L?=I
HI=Cd MC?GJL? MO CH@FO?H=C; !H ?M=LC<? VJC?HMI KO? GCM FC<LIM M? A?H?L;H
?H AL;H J;LN? ?H F; G?HN? >? (S?FF /C?GJL? B? J?HM;>I KO? ?F AL;H GjLCNI >? FIM
$?6;06=92@ L?MC>? ?H KO? B; =;G<C;>I ?F NIHI >? GC J?HM;GC?HNI S KO? JIL FI
N;HNI =O;H>I P?I ;FAI D;GlM PCMNI JIL (S?FF FI P?I ;bH ; NL;PjM >? MOM IDIM X
(S?FF M? NIGd MO NC?GJI ;HN?M >? >?@CHCL MO JIMNOL; MI<L? F; =O?MNCdH ?PIFONCP;
O;H>I F?Sd ; (;G;L=E ;bH M? JF;HN?;<; MC F;M ?RJFC=;=CIH?M L?FCACIM;M MI<L? F;
H;NOL;F?T; M?Lg;H MdFI OH; @l<OF; 5 ;HN?M >? F??L ; ;LQCH =L?g; KO? F;M ?MJ?=C?M
>? JF;HN;M S ;HCG;F?M B;<g;H J?LG;H?=C>I GlM I G?HIM CH;FN?L;<F?M >?M>? MO
ILCA?H "O? ?H =O;H>I F?Sd F; N?ILg; >;LQCHC;H; >? F; ?PIFO=CdH S MO ?HNO
MC;MGI @O? N;F KO? ?H MO I<L; '52 ;A6>B6AF <3 !.; ;HOH=C; MO ;>B?MCdH ;<MIFON;
; F; N?ILg; >?F ILCA?H >? F;M ?MJ?=C?M JIL M?F?==CdH H;NOL;F

!*s0!6 HM?FGI . 56@A<?6. 12 9.@ @9.@ .;.?6.@ 21606S; 69B@A?.1. /;HN;


LOT >? 0?H?LC@? !>C=CdH >? HM?FGI ?HgN?T 7=IHNC?H? F; =ILL?MJIH>?H=C;
?HNL? (S?FF S );@@CINN?8
(5!(( B;LF?M 92:2;A<@ 12 42<9<4V. 0L;>O==CdH >? &I;KOgH !TKO?LL; >?F
;SI );>LC> %HMNCNONI #?IFdAC=I S )CH?LI >? !MJ;e;
,.+5! 0+ $1) +( 0 ?> );HOM=LCNIM >? B;LF?M (S?FF MI<L? MO PCMCN; ; ;H;LC;M S
);>?CL; BNNJ BOG<IF>N GJCQA <?LFCH GJA >? >I=OG?HNIM BNG G;HOM
2%.#%(% ;LGCH; 9 36; 12 9<@ :6A<@ 42<9S460<@ F299 );>LC> !>CNILC;F *CPIF;
3%(/+* (?IH;L> # &6? 5.?92@ F299 @ @062;A6360 7<B?;.9@ <; A52 @=2062@ >B2@
A6<; *?Q $;P?H 5;F? 1HCP?LMCNS ,L?MM
183

.;6*77 ",1*,1= >7 +8=L72,8 .7=;. *-.2;* A *7*;2*<

8<K >*7 *=2<=* ->*;-8 >=2K;;.B A *;,8< "*;62.7=8

$
?LG;HH /=B;=BN H;=Cd ?H +=BM?HQ?L>?L =?L=; >? $;G<OLAI ?F >g;
>? DOFCI >? !H ?GJC?T; =IGI ;JL?H>CT >? @;LG;=jO
NC=I ?H FNIH; I@C=CI KO? ?D?L=Cd >OL;HN? ;FAOHIM ;eIM !H FNIH;
=IHI=Cd ;F L?HIG<L;>I <INlHC=I ;LF )ILCNT #INNM=B? ?MJ?=C;FCMN; ?H <LCI
@CN;M KOC?H FI ?MNCGOFd ; ?MNO>C;L <INlHC=; S GlM =IH=L?N;G?HN? F;M JF;HN;M
B?JlNC=;M ,?LI ; J?M;L >? KO? /=B;=BN >?=C>Cd ?MNO>C;L =C?H=C;M H;NOL;F?M
?H F; 1HCP?LMC>;> >? &?H; D;GlM M? ?MJ?=C;FCTd ?H F;M <LCI@CN;M JO?M FI KO?
L?;FG?HN? F? AOMN;<;H ?L;H F; ;H;NIGg; @CNINIGg; S F; @CMCIFIAg; P?A?N;F?M
5 >? B?=BI M? >?>C=d =IH J;MCdH ; F; @?=OH>;=CdH >? F;M JF;HN;M =;GJI ?H
?F KO? ?GJ?Td >?@?H>C?H>I F;M C>?;M >? MO G;?MNLI );NNBC;M &;=I<
/=BF?C>?H <INlHC=I B;G<OLAOjM S OHI >? FIM @OH>;>IL?M >? F; N?ILg;
=?FOF;L /CH ?G<;LAI M? ;J;LN;Lg; >? N;F?M C>?;M >C?T ;eIM GlM N;L>? ; L;gT
>? MO ?MNO>CI MI<L? ?F 9.16<9B@ @242AB: G;>?CL?HM?
!H P?g; F; FOT MO JLCG?L FC<LI OH; BCMNILC; MI<L? ?F >?M;LLIFFI >? FIM
?G<LCIH?M P?A?N;F?M KO? @O? JL?GC;>I S JO<FC=;>I JIL ?F .?;F %HMNCNONI
$IF;H>jM >? C?H=C;M !MN? GCMGI ;eI PC;Dd ; ?LFgH S ?HN;<Fd ;GCMN;> =IH
F?R;H>?L PIH $OG<IF>N !H ;<;H>IHd >?@CHCNCP;G?HN? ?F ?D?L=C=CI >?
F; @;LG;=C; S J;Md ; I=OJ;L ?F JO?MNI >? ;MCMN?HN? >? /=BF?C>?H ?H F;
1HCP?LMC>;> >? &?H; >IH>? M? >I=NILd ?H
/? F? B; ;NLC<OC>I ?F GjLCNI >? ;JFC=;L ?F GC=LIM=IJCI ;F ?MNO>CI >? F;
<INlHC=; ,L?=CM;G?HN? =IH ?F I<D?NCPI >? CHC=C;L ; FIM JLCH=CJC;HN?M ?H
>C=BI OMI JO<FC=d ?H MO M?AOH>I FC<LI .@ !68?<@8<= B;1 @26;2
;D21B;4K 1H ;eI GlM N;L>? S MC?GJL? =IH ;@lH >CPOFA;NCPI ;J;L?=Cd MO
G;HO;F MI<L? <INlHC=; @CMCIFdAC=; $5F@6<9<46@052 <A.;68 62 $39.;G2;G2992
184 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

,F;N;H?L;M =OFNCP;>;M ?H 0?H?LC@? (lGCH; >? F; =;e; >? ;Tb=;L =IH >?N;FF?M <INlHC=IM

12? 6;;2?2 .B B;1 1.@ 2/2; 12? 2D\@052 5 ?H JL?M?HN; FIM L?MOF
N;>IM >? ;eIM >? ?MNO>CI MI<L? FIM lL<IF?M ;F?G;H?M 2? .B:K >?MNC
H;>I ; JLIJIL=CIH;L =IHI=CGC?HNIM JLl=NC=IM ; FIM JLI@?MCIH;F?M KO? NL;<;
D;<;H =IH ?F <IMKO? 0I>;Pg; ?H ?M=LC<? INL; I<L; MI<L? F; ;JFC=;=CdH
>?F GC=LIM=IJCI ; FIM N?DC>IM =IG?L=C;F?M 5 ?H JO<FC=; MOM =IHNLC<O
=CIH?M ; F; ;H;NIGg; S @CMCIFIAg; P?A?N;F?M KO? CGJOFM;H MO @;G; S FIAL;H
MO HIGCH;=CdH ; GC?G<LI >? F; 2<=<916;. F; =;>?GC; F?G;H; >?
*;NOL;FCMN;M OH; >? F;M GlM ;HNCAO;M >? !OLIJ;
,?LI >?<C>I ; ?MN; @?<LCF ;=NCPC>;> M? L?MCHNCd MO M;FO> ?H ?MNIM JLCG?LIM
;eIM >? F; >j=;>; >? FIM =CH=O?HN; S ;=;<d ?H@?LG;H>I AL;P?G?HN? >?F
JOFGdH JIL FI KO? =IH ?F L?MJ;F>I ?=IHdGC=I >?F .?S F; =;>?GC; >?
C?H=C;M S P;LCIM )CHCMN?LCIM JLOMC;HIM L?MIFPCd L?=OJ?L;LM? ?H );>?CL;
;>IH>? FF?Ad ?H I=NO<L? >? 5 ;FFg M? KO?>d GlM >? ;eI S G?>CI MCH
KO? F; ?H@?LG?>;> F? CGJC>C?L; M?AOCL ?MNO>C;H>I >OL;HN? MO =IHP;F?=?H=C;
?H >C=B; CMF; S MO =ILN; ?MN;H=C; ?H ;H;LC;M IHM?=O?H=C; >? ?FFI @O? F;
JO<FC=;=CdH ?H S ?H F; 9B@A?62?A2 -26AB;4 >? ?LFgH >? MO <L?P? L?F;NI
&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 185

MI<L? ?F PC;D? S F; ?MN;H=C; ?H F;M %MF;M KO? ;F ;eI MCAOC?HN? ?H M?LPCLg;


>? JjH>C=? ; !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; I<L; KO? GlM HIM
CHN?L?M; S KO? M? JL?M?HN; =IGI OH CH@ILG? >CLCAC>I ;F )CHCMN?LCI >?
ALC=OFNOL; >? ,LOMC;
!H ?M? GCMGI ;eI >? JO<FC=d N;G<CjH MO ?B;1?6@@ 12? ;.A<:62
B;1 12? $5F@6<9<462 12? 2D\@052 =IH KO? =OFGCHd MO ;=NCPC>;> =C?HNg@C=;
?H @CNINIGg; S F? MOJOMI ?H ?F HIG<L;GC?HNI >? =;N?>LlNC=I ?H F;
1HCP?LMC>;> >? IHH S >CL?=NIL >?F &;L>gH INlHC=I >? ?MN; =CO>;>
Mg JO?M ?H ?MN; I<L; B;S >IM J;LN?M OH; JLCG?L; KO? M? I=OJ; >? F;
P?A?N;=CdH >? );>?CL; S 0?H?LC@? S OH; M?AOH>; KO? =IHNC?H? F; L?F;=CdH
>?F PC;D? S F; ?MN;H=C; >?F ;ONIL ?H );>?CL; 0?H?LC@? S (;M ,;FG;M !MN;M >IM
J;LN?M HI MIH MCGjNLC=;M JO?M F; M?==CdH <INlHC=; I=OJ; ?F >I<F? >? ?MJ;=CI
KO? F; H;LL;=CdH >?F PC;D? S F; ?MN;H=C;

5 27/8;6. <8+;. 5* ?.0.=*,2H7 -. *-.2;* A #.7.;2/.

!H ?MN? CH@ILG? M? >?M=LC<?H F;M JF;HN;M MCFP?MNL?M S MI<L? NI>I F;M >? =OFNCPI
NgJC=;M >? );>?CL; S 0?H?LC@? >?DlH>IHIM =F;LIM ?F ;ONIL MO JLIJdMCNI S MOM
FgGCN?M N;HNI ?H ?F $?S9<4< =IGI ?H F; <;09B@6S;

$;<C?H>I N?HC>I F; JIMC<CFC>;> >? L?;FCT;L OH; F;LA; ?MN;H=C; ?H );>?CL; S


0?H?LC@? 7Y8 ;HN? NI>I >CLCAg GC ;N?H=CdH ; F;M JF;HN;M >? =OFNCPI >? ;G<;M
CMF;M =OS;M J;LNC=OF;LC>;>?M S GjNI>IM >? F;<IL G? ?M@IL=j ?H =IHI=?L
N;HNI =O;HNI G? J?LGCNC?LIH ?F NC?GJI S F; I=;MCdH 7Y8 !H F; JL?M?HN? I<L;
B? B?=BI OH <L?P? L?MOG?H >? FIM JLCH=CJ;F?M L?MOFN;>IM >? GCM ?MNO>CIM
=IH F; ?MJ?L;HT; >? KO? JO?>; M?L >? CHN?LjM HI MdFI J;L; F; =C?H=C; ?H
A?H?L;F MCHI N;G<CjH S ?H ?MJ?=C;F J;L; F; ;ALC=OFNOL; *I B? JI>C>I
?HNL;L ;KOg ?H F;M =;L;=N?LgMNC=;M ;H;NdGC=I @CMCIFdAC=;M ?MJ?=C;F?M >? F;M
JF;HN;M NL;N;>;M MCH ?G<;LAI GlM ;>?F;HN? ?MJ?LI CL ?MNO>C;H>I ; @IH>I
?H >CMNCHN;M GIHIAL;@g;M ?F ;<OH>;HN? G;N?LC;F KO? B? L?=IJCF;>I

!MN? CH@ILG? M? >CPC>? ?H NL?M ;J;LN;>IM JLCH=CJ;F?M <;@612?.06<;2@


42;2?.92@ $9.;A.@ :<;<0<A6921S;2.@ S )242A.92@ 160<A6921S;2<@ !F JLCG?L
;J;LN;>I =IHMN; >? ?JgAL;@?M S @OH=CIH; =IGI OH; <L?P? CHNLI>O==CdH ;
186 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

F; MCNO;=CdH A?IALl@C=; A?IFIAg; =FCG; @FIL; @;OH; B;<CN;HN?M S ;ALC=OF


NOL; >? FIM ;L=BCJCjF;AIM >? );>?CL; S ;H;LC;M MC <C?H B;S N;G<CjH
?JgAL;@?M KO? NL;N;H >? F;M =IH>O==CIH?M >? ;AO; S FIM MCMN?G;M >? LC?AI I
>? F; JLIJC?>;> >? NC?LL; >? G;SIL;TAIM S ;J;L=?LIM !F M?AOH>I ;J;L
N;>I M? I=OJ; >? NL?=? JF;HN;M GIHI=INCF?>dH?;M ?HNL? F;M KO? >?MN;=;H
F;M AL;GgH?;M JCN;M J;FG?L;M >L;AIM =;e; >? ;Tb=;L JF;N;H?L;M S
e;G?M IHNC?H? >IM RCFIAL;@g;M KO? GO?MNL;H ?F @;GIMI >L;AI >? "L;H=BS
S OH;M JF;N;H?L;M L?MJ?=NCP;G?HN? !F N?L=?L AL;H ;J;LN;>I ?M ?F GlM F;LAI
S ?HDOH>CIMI !MNl CFOMNL;>I JIL NL?M RCFIAL;@g;M KO? L?JL?M?HN;H OH <L?TI
OH NCFI S OH =;L>dH L?MJ?=NCP;G?HN? ?MN;=;H FIM ?JgAL;@?M >?>C=;>IM ;
F; PC> S ?F :691VB F; NOH?L; S F; =I=BCHCFF; F; <;N;N; F; BCAO?L; F; H;L;HD;
F; ;HIH; ?F G;HAI F; J;J;S; ?F ;LlH>;HI G;>?CL?HM? S ?F G;>LIeI
=;H;LCI ?F GIHN? <;DI F;M F;OLl=?;M FIM B?F?=BIM ?F JCHI S F;M ?O@IL<Cl
=?;M 0;G<CjH M? H;LL;H ;KOg =IH <;MN;HN? >?N;FF? NL?M ?R=OLMCIH?M ?H
<OM=; >? JF;HN;M F;M >IM JLCG?L;M ?H );>?CL; ;AIMNI >? S F;
N?L=?L; ?H 0?H?LC@? ;<LCF >?
(F?A;>IM ; ?MN? JOHNI HI JI>?GIM >?D;L >? G?H=CIH;L ;F N;G<CjH <INl
HC=I JLOMC;HI ;LF IFF? KO? JIL ;KO?F ?HNIH=?M B;<g; S; J;M;>I >IM ;eIM
?H F;M %MF;M S L?MOFNd >? AL;H ;SO>; ; /=B;=BN JILKO? L?PCMd MO I<L;
=IGJF?Nd GO=B;M HIN;M =IH I<M?LP;=CIH?M >? JLCG?L; G;HI S MI<L? NI>I
L?;FCTd P;FCIM;M ;JILN;=CIH?M ;F ;HlFCMCM S F; >?M=LCJ=CdH >? FIM P?A?N;F?M =;H;
LCIM KO? =IGI =IH@C?M; /=B;=BN ?H ?F $?S9<4< MdFI JO>I =IHI=?L GlM <C?H
>? G;H?L; MOJ?L@C=C;F

IGI SI MdFI JO>? >CM@LON;L >? OH; ?MN;H=C; L?F;NCP;G?HN? =ILN; ?H


0?H?LC@? ?F L ;LF IFF? KO? B; J;M;>I P;LCIM ;eIM ?H F;M %MF;M ;H;LC;M S
?H ;<I 2?L>? NOPI F; <IH>;> >? I@L?=?LG? ?F N?MILI >? F;M ?RJ?LC?H=C;M
KO? ;FFg B;<g; ;=OGOF;>I S >?<I ;AL;>?=?LF? N;HNI G?DIL;M ?M?H=C;F?M ?H GC
N?RNI =IGI GO=B;M ;>C=CIH?M CHN?L?M;HN?M ? ?MN? GI>I G? ;NL?PI ;
<IMKO?D;L OH =O;>LI >? F;M =;L;=N?LgMNC=;M P?A?N;F?M >? ;G<;M CMF;M KO? ;
J?M;L >? JL?M?HN;L OH; MCNO;=CdH S OH; H;NOL;F?T; >?F MO?FI GOS MCGCF;L?M
GO?MNL;H >C@?L?H=C;M GOS AL;H>?M
&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 187

%FOMNL;=CdH >? F; F;OLCMCFP; >? 0?H?LC@?

>?GlM >? MOM >IN?M >? <INlHC=I HO?MNLI ;ONIL ;JOHN; G;H?L;M =IGI
FCHAaCMN; S >C<OD;HN? Mg ?H HOG?LIM;M I=;MCIH?M L?JLI>O=? HO?MNLI ;ONIL
J;F;<L;M ?MJ;eIF;M S JILNOAO?M;M MI<L? NI>I HIG<L?M >? bNCF?M JF;HN;M
;HCG;F?M =IGC>;M ? CHMNCNO=CIH?M NgJC=;M >? F;M %MF;M ?H GO=B;M >? F;M =O;F?M
;JL?=C;GIM F; CH@FO?H=C; JILNOAO?M; ?H ?F >C;F?=NI =;H;LCI /.6E< KO? >?MCAH;
FI GCMGI KO? HO?MNL; /.7. =;H;LC; :J?e; ?H ?F G;L =<1Z< =<1<;. :AL;H
=O=BCFFI =ILPI :.;4?. :.;49. :BIHAI KO? ?H@?LG; F; PC> 4.?.=.
4B.?.=< :DOAI >? F; =;e; >? ;Tb=;L I >? F; J;FG; AO;L;J?L; 6;5.:2
T.:2 @.6/?< NjLGCHI KO? >?@CH? =IGI =21?. :<992 S =IH F; GCMG; ?NCGI
FIAg; >? HO?MNLI 7./92 :;L?H; I C2;1.@ NjLGCHI =IAH;>; >? F;M C2;A.@
=;H;LC;M S KO? ?RJFC=; =IGI MCAO? V(; C2;1. ?M OH; MO?LN? >? >?MJ;=BI >?
<?<C>;M S ;F GCMGI NC?GJI >? PgP?L?M >IH>? FIM JI<L?M >?F FOA;L =IGJL;H
FIM ;LNg=OFIM >? =IHMOGI >C;LCIX
188 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

,;L;F?F;M MIH N;G<CjH MCH >O>; F;M GO=B;M >?HIGCH;=CIH?M G;>?CL?HM?M S


=;H;LC;M >? <;MN;HN?M lL<IF?M KO? L?=IA? /=B;=BN A69 A69 A69< 3<95.1< 3<99.1<
=.< /?.;0< =.9< /9.;0< .12?;< .12?;< C6;5.A60< C6T]A60< S C6T]A64< 9<B?<
9<?< /.?/B@.;< /.?/B@.;< ?N=
!H =O;HNI ; MO F;<IL =IGI >C<OD;HN? =IGJF?G?HN;LC; >? F; =C?HNg@C=; /=B;=BN
;=IGJ;e; ; MO !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; >? >C?=CMjCM JF;H=B;M
>C?T RCFIAL;@g;M S M?CM FCNIAL;@g;M (IM AL;<;>IM ?H G;>?L; B;<g;H ;J;L?=C>I S; ?H
CFOMNL;H>I FIM ;LNg=OFIM >? V);>?CL;X V0?H?LC@?X S V#L;H ;H;LC;X KO?
B;<g; JO<FC=;>I F; 99B@A?62?A2 -26AB;4 >? ?LFgH /C?N? >? ?MNIM >C<ODIM =ILL?M
JIH>?H ; GINCPIM =;H;LCIM M?CM >? 0?H?LC@? S OHI >? #L;H ;H;LC; ; M;<?L ?F
PC?DI >L;AI ?H ?F D;L>gH >?F );LKOjM >?F /;OT;F 2B3<?/6. 0.;.?62;@6@ ?H FIM
<;LL;H=IM >? FIM ;FL?>?>IL?M >? /;HN; LOT <IMKO? >? F;OLCMCFP; ?H 0?H?LC@? F;
9.:21. S F; =;FF? >?F ,O?LNI ?H /;HN; LOT F; ;HNCAO; ;M; >? >O;H;M ?H ?F
,O?LNI >? (; +LIN;P; ?F ,C=I >?F 0?C>? >?M>? %=I> >? FIM 2CHIM S PCMN; >? F; J;LN?
;FN; >? (;M ,;FG;M >?M>? ?F #OCHCAO;>; (IM INLIM NL?M MIH >? );>?CL; OH; PCMN;

(; F;G?>; S F; =;FF? >?F GO?FF? ?H /;HN; LOT >? 0?H?LC@?


&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 189

>? "OH=B;F S >IM J;CM;D?M P?A?N;F?M OH <L?TI ?H ,;OF >; /?LL; S OH NCFI >? =B;>I
>I &O>?O 0I>IM ?FFIM >?GO?MNL;H ; HO?MNLI GI>?MNI ?HN?H>?L MO =IGJ?N?H=C;
=IGI >C<OD;HN?
(; I<L; =IHNC?H? N;G<CjH M?CM JF;H=B;M FCNIAL;@C;>;M =IH GO=B;M CFOMNL;
=CIH?M KO? =ILL?MJIH>?H ; F; =;e; >? ;Tb=;L F; JF;N;H?L; F; ;HIH; ?F G;HAI
OH <L?T;F >? );>?CL; S OH <IMKO? >? F;OLCMCFP; NCH?L@?eI L?MJ?=NCP;G?HN? C=B;M
FCNIAL;@g;M M? ;=IGJ;e;H >? OH ;J;LN;>I >?>C=;>I ; ?RJFC=;LF;M KO? MCLP? >?
=IFI@dH ;F CH@ILG? <INlHC=I

5 ;.5*=8

/=B;=BN PCHI ; );>?CL; S ;H;LC;M J;L; L?MN;<F?=?L MO JL?=;LC; M;FO> >? G;H?L;
KO? ?M ?F JLCG?L NOLCMN; ;F?GlH ?H ;H;LC;M >?F KO? N?H?GIM L?@?L?H=C; JL?=CM;
.?MC>Cd GlM >? ;eI S G?>CI ?H );>?CL; >?M>? ?F >? I=NO<L? >? ;F ;<LCF
>? J?LI JLI<;<F?G?HN? JIL HI ?H=IHNL;L J;M;D? ?H FIM <;L=IM KO? C<;H >?
);>?CL; ; %HAF;N?LL; >?=C>Cd L?AL?M;L >?M>? 0?H?LC@? ;>IH>? FF?Ad ?F >? ;<LCF
>? S J?LG;H?=Cd B;MN; ?F >g; >? G;SI >g; ?H KO? M? ?G<;L=d J;L;
l>CT ?H OH P?F?LI KO? BCTI OH; ?M=;F; >? NL?M >g;M ?H (;M ,;FG;M >?F ;F >?
G;SI >? 5 ;OHKO? MO ?MN;H=C; ?H ;H;LC;M MOJIH? G?HIM >? F; >j=CG;
J;LN? >? MO L?MC>?H=C; ?H );>?CL; ?F =Y;1602 >?>C=; GlM >?F >I<F? >? JlACH;M ;
0?H?LC@? S #L;H ;H;LC; KO? ; );>?CL;
Mg ?H ?F P;JIL KO? B;=g; F; LON; B;MN; w@LC=; I==C>?HN;F FF?Ad ; /;HN; LOT >?
0?H?LC@? ?H F; G;e;H; >?F &O?P?M /;HNI S ;JLIP?=Bd ?F NC?GJI J;L; NIG;L
;JOHN?M >? F; @FIL; S B;=?L ;FAOH; ?R=OLMCdH =IHN?HNI JIL B;<?LM? FC<L;>I NIN;F
G?HN? >?F ;MG; KO? ;bH FI ;KO?D;<;

!F BbG?>I CHPC?LHI >? "OH=B;F G? I=;MCIHd GO=B;M GIF?MNC;M ;MGlNC=;M GC?H


NL;M KO? F; ?MN;H=C; ?H 0?H?LC@? G? FC<Ld >? ?MN? J?HIMI G;F JIL FI KO? MOJIHAI
>?<I ;AL;>?=?LF? ?F L?MN;<F?=CGC?HNI >? GC G;FNL?=B; M;FO> !H /;HN; LOT M?
JO?>?H NIG;L <;eIM >? G;L >OL;HN? NI>I ?F CHPC?LHI F; JF;S; >? F;P; JLIJIL
=CIH; CH=FOMI OH;M JCF;M H;NOL;F?M KO? F;M IF;M >?F G;L <;e;H =IH MO ?MJOG;
0;G<CjH (; @92A. ?H (;M ,;FG;M >? #L;H ;H;LC; I@L?=? OH; JF;S; >? ;L?H; =IH
>OH;M ,IL ?F =IHNL;LCI ?H "OH=B;F MdFI JO?>?H <;e;LM? F;M J?LMIH;M KO? M;<?H
H;>;L GOS <C?H
190 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

!H ?MN? M?HNC>I S ; J?M;L >? KO? F;M CHMN;F;=CIH?M BIN?F?L;M >? /;HN; LOT S
(;M ,;FG;M ?L;H GOS CH@?LCIL?M ; F;M >? "OH=B;F HO?MNLI ;ONIL P? AL;H JILP?HCL
NOLgMNC=I ; HO?MNL;M %MF;M S ;F;<; ?F =;Ll=N?L >? FIM =;H;LCIM ; J?M;L >? KO? JI=;
A?HN? B;<F;<; CHAFjM ; >C@?L?H=C; >? );>?CL; S B;<g; KO? M;<?L ?MJ;eIF J;L;
=IGOHC=;LM?

/CH JLI<F?G;M >? J;M;JILN? I ;>O;H; JO?M /;HN; LOT ?M JO?LNI @L;H=I S
MdFI >?M=;L;>;G?HN? ?MN;@;>I =IGI ?H NI>;M J;LN?M JIL <;LKO?LIM S GITIM
>? ?KOCJ;D? FF?AOj ; F; <;1. 6;492@. F; bHC=; BIMJ?>?Lg; J;M;>?L; >?F FOA;L
;OHKO? CH@?LCIL ; FIM ;FID;GC?HNIM GlM GI>?MNIM >? "OH=B;F 7Y8 /;HN; LOT
?M F; M?>? >?F #I<C?LHI >? ;H;LC;M ,I=IM ?RNL;HD?LIM PC?H?H ;KOg ; J?M;L >?
KO? ?H GO=BIM =;MIM L?MOFN;Lg; MCH >O>; JL?@?LC<F? ; "OH=B;F =IGI M;H;NILCI
J;L; ?H@?LGIM JOFGIH;L?M JIL MO ?R=?F?HN? =FCG; ?F ;CL? >? /;HN; LOT ?M
GO=BI GlM M?=I MC <C?H HI N;H FC<L? >? JIFPI HOH=; FFO?P? >? G;H?L; J?LMCM
N?HN? ?H CHPC?LHI S N;HNI ?H CHPC?LHI =IGI ?H P?L;HI F; N?GJ?L;NOL; G?>C;
MOJ?L; ?H OHIM ^ F; >? "OH=B;F /?AbH ( PIH O=B F; N?GJ?L;NOL; GgHCG;
;M=C?H>? JIL NjLGCHI G?>CI ; ^ ?H ?H?LI S F; GlRCG; ; ^ ?H ;AIMNI
!H ?F MOL >? 0?H?LC@? F; jJI=; >? P?L;HI KO? ;<;L=; >?M>? G;LTI B;MN;
M?JNC?G<L? NL;HM=OLL? JLl=NC=;G?HN? MCH FFOPC; S ?F MIF ?M ;<L;M;>IL ?H
=;G<CI ?F L?MNI >?F ;eI B;=? OH NC?GJI =IGI ;J?H;M JI>Lg; >;L C>?; ?F GlM
B?LGIMI P?L;HI ;F?GlH !H ?MN; jJI=; =IH ?F =C?FI HO<F;>I >OL;HN? ?F >g; ?F
MIF =;FC?HN; MdFI OH JI=I MCH FF?A;L ; GIF?MN;L GC?HNL;M KO? >? HI=B? <LCFF;H
=F;LgMCG;M F;M ?MNL?FF;M ?H OH =C?FI IM=OLI S >?MJ?D;>I ,IL MO =FCG; CH=IGJ;
L;<F? N;HNI 0?H?LC@? =IGI #L;H ;H;LC; G?L?=?Lg;H M?L GlM PCMCN;>;M J?LI JIL
>?MAL;=C; B;MN; ;BIL; FIM ;FID;GC?HNIM MIH >? G;F; =;FC>;> S M? H?=?MCN;H
N;G<CjH =C?LNIM =IHI=CGC?HNIM >? F; F?HAO; ?MJ;eIF; J;L; JI>?L =IGOHC=;LM?

!H MO =IH>C=CdH >? NOLCMN; NL;N; >? >CM@LON;L >? F; PC>; >?F FOA;L =IG<C
H;H>I ;=NCPC>;>?M =OFNOL;F?M =IH ?R=OLMCIH?M Mg ?H ?F N?;NLI >? /;HN; LOT
;MCMN? ; OH =IH=C?LNI >;>I JIL OH; =IGJ;eg; >? dJ?L; CN;FC;H; KO? C<; >? PC;D?
; L;MCF 5 ?H INL; I=;MCdH J;LNC=CJ; ?H OH <;CF? ?H ?F =;MCHI bHC=I FOA;L >?
>CP?LMCdH >? F;M =F;M?M ;FN;M >IH>? NOPI I=;MCdH >? ;>GCL;L ;FAOH;M <?FF?T;M
&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 191

;M; >? F; >O;H; >?F ,O?LNI >? (; +LIN;P; =IH OH; =IF;>; >? F;P; KO? N?LGCH; ?H ?F G;L

!H ?MN? N?;NLI L?JF?NI >? A?HN? ?M=O=Bj ?F =IH=C?LNI >? OH; =IGJ;eg; CN;FC;H;
>? dJ?L; KO? M? >CLCAg; ; .gI @O? <;MN;HN? G?>CI=L? J?LI NOP? MI<L;>; I=;MCdH
>? ;>GCL;L N;HNI F; <?FF?T; =IGI F; M?H=CFF; S ?F?A;HN? =IGJIMNOL; >? F;M >;G;M
>? /;HN; LOT (; 9.:21. J;M?I Jb<FC=I >? =<?A.9 LI=I=d S ;F F;>I >?F JO?LNI
L?MOFN; J?KO?e; S JI=I =IH=OLLC>; 5 ; OH; M?AOH>; 9.:21. L?=C?HN?G?HN?
=IHMNLOC>; ?H F; J;LN? ;FN; >? F; =CO>;> @;FN;H NI>;Pg; FIM lL<IF?M ,IL N;F L;TdH ;F
=;?L F; HI=B? F; A?HN? <C?H JL?@C?L? L?OHCLM? ?H F; $9.G. 12 9. <;@A6AB06S; !F
bHC=I FOA;L >? L?=L?I >? F;M =F;M?M ;FN;M ?M OH 0.@6;< ;F KO? N;G<CjH JO?>?H
;=O>CL FIM ?RNL;HD?LIM S >IH>? NOP? F; IJILNOHC>;> >? ;MCMNCL ; OH <;CF?
(; A?HN? HI FF?Ad B;MN; J;M;>;M F;M >C?T /? <;CF;<;H =IHNL;>;HT;M S LCAI>IH?M ;F
MIH >?F JC;HI OH P;FM F?HNI =IHMNCNOSd OH; JC?T; L;L; S HI BO<I <;CF?M NgJC=;
G?HN? ?MJ;eIF?M (;M >;G;M C<;H ;N;PC;>;M =IH ?F?A;HN?M P?MNC>IM >? <;CF?
<F;H=IM I >? =IFIL ;FAOHIM CH=FOMI >? M?>; H?AL; ?F KO? JL?@C?L?H F;M ?MJ;eIF;M
KOg M? =IHM?LP;H F;M >;G;M GOS <C?H ?M; HI=B? PC P;LC;M <?FF?T;M >? ;F G?HIM
;eIM KO? NI>;Pg; JI>g;H =IHMC>?L;LM? N;F?M ,IL ?F =IHNL;LCI F;M @OH=B;F?HM?M
>? ;eIM MIH S; G;NLIH;M @?;M ;D;>;M S =IH ;LLOA;M
192 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

OHKO? /=B;=BN L?MC>? ?H /;HN; LOT F; G;SIL J;LN? >?F NC?GJI KO?
J;M; ?H 0?H?LC@? ?GJL?H>? OH PC;D? >? OH; M?G;H; >?F ;F >? ;<LCF
J;L; PCMCN;L ?F HILN? >? F; %MF; ?MJOjM >? J;M;L JIL (; (;AOH; 0;=ILIHN? S
!F /;OT;F FF?A; ;F ,O?LNI >? F; LOT =OSIM ;FL?>?>IL?M F? ?HM?e; ?F >I=NIL
2g=NIL ,jL?T #IHTlF?T ;F KO? /=B;=BN M? L?@C?L? MCGJF?G?HN? =IGI V L
, X MI<L? NI>I (; +LIN;P; >IH>? ;>GCL; ?F @;GIMI >L;AI S ?F &;L>gH
INlHC=I GOS >?M=OC>;>I ?M>? ;FFg MCAOC?H>I F; =IMN; P; ; %=I> JO?M
FF?P;<; OH; =;LN; >? L?=IG?H>;=CdH J;L; ?F );LKOjM >? /;HN; (O=g;
KOC?H F? ?HM?e; ?F JO?<FI S F; =IHI=C>; O?P; >? %=I> >IH>? L?=IACd
P;LCIM BO?MIM >? AO;H=B?M ;>?GlM >? ;=IGJ;e;LFI ?H OH; ?R=OLMCdH
B;MN; !F ,CH;L KO? /=B;=BN L?ACMNLd ?H MO >C;LCI S F? MCLPCd J;L; P?L ?F 0?C>?
>? =?L=; ,;L; PIFP?L ;F ,O?LNI ?M=IA? ;BIL; ?F INLI =;GCHI ?F >? ;LLC<;
KO? F? J?LGCNCd >CM@LON;L >? OH; >? F;M PCMN;M GlM B?LGIM;M >? 0?H?LC@? S
KOCTl >?F GOH>I ?HN?LI

$;MN; ?HNIH=?M HI B;<g; PCMNI ?F 0?C>? =IH =F;LC>;> J?LI ;F >g; MCAOC?HN?
GOS >? G;e;H; FI ;>GCLj ?H NI>; MO AL;H>?T; S >?MJOjM >? NL;T;L OH
<IMKO?DI @C?F >?F GCMGI G? >?MJ?>g >? %=I> S >? MOM ;G;<F?M B;<CN;HN?M
J;L; L?AL?M;L ;F $B2?A< 12 . #?<A.C. JIL ?F INLI =;GCHI ?F >? ;LLC<; 5
>?M>? F; ;FN; 0B:/?2 >CM@LONj >? OH; >? F;M PCMN;M GlM B?LGIM;M >? 0?H?LC@?
KOCTl CH=FOMI >? F; 0C?LL; ;FFl ;<;DI ; F; CHN?HMgMCG; FOT >?F G?>CI>g; G?LC
>CIH;F ?MN;<; =IGI ?H OH G;J; ?F ;H=BI S @?L;T P;FF? >? F; +LIN;P; =IH
MOM >IM J?KO?e;M =CO>;>?M S ?F ?RN?H>C>I S ;AL;>;<F? JO?<FI >? (IM
.?;F?DIM FCGCN;>I >? OH F;>I JIL F; ?F?P;>; B:/?2 J;L=C;FG?HN? =O<C?LN;
>? <IMKO? S <;e;>I >?F INLI JIL ?F I=j;HI ;TOF 5 ; G?>C>; KO? C<;
>?M=?H>C?H>I JIL ?F =;GCHI =IH G;SIL =F;LC>;> P?g; =dGI >?MJF?A;<; MO
?H=;HNI CH=IGJ;L;<F? F >g; MCAOC?HN? L?AL?Mj >? (; +LIN;P; ; /;HN; LOT

0L;M PCMCN;L AO; #;L=g; S (;M )?L=?>?M JC?HM; S; ?H >?MJ?>CLM? >? /;HN;
LOT S L?AL?M;L ; %HAF;N?LL; Pg; l>CT J;L; >?M>? ;FFg PIFP?L ; F?G;HC; /?
>?=C>? ; NIG;L ?F <C2; '2:2?.?6< OHI >? FIM P?F?LIM >?F #I<C?LHI ?MJ;eIF
KO? PC;D;H ?HNL? l>CT S F;M %MF;M =;>; >IM M?G;H;M S KO? B;=g;H OH; ?M=;F;
>? NL?M >g;M ?H (;M ,;FG;M =IM; KO? B;=? ?F >g; >? G;SI >?
&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 193

?M>? %HAF;N?LL; M? PC;D; ; /;HN; LOT =IH FIM GCMGIM P;JIL?M KO? NI=;H
JO?LNI ?H );>?CL; 0;G<CjH M? JO?>? CL >?M>? );LM?FF; =IH ?F P;JIL A?HIPjM
KO? P; ; L;MCF S HI B;=? ?M=;F; ?H "OH=B;F I >?M>? l>CT <C?H =IH ?F P;JIL
?MJ;eIF KO? P; ; O<; J?LI KO? HI NI=; JO?LNI ?H /;HN; LOT ?H ?F PC;D? >?
PO?FN; <C?H =IH FIM J?KO?eIM P?F?LIM >?F #I<C?LHI ?MJ;eIF KO? =;>; >g;M
P;H >? l>CT ; ;H;LC;M

OHKO? ?F P?F?LI HI ?L; AL;H>? S ?F =;G;LIN? JI=I =dGI>I ?F PC;D? HI


>?<?Lg; M?L F;LAI JO?M M? T;LJ;<; ;F ;HI=B?=?L J;L; (;M ,;FG;M S M? FF?A;<; ;F >g;
MCAOC?HN? S F; NL;P?Mg; >?M>? (;M ,;FG;M B;MN; l>CT HI MIFg; >OL;L GO=BIM >g;M

!F J?KO?eI <OKO? MdFI JI>g; ;=IA?L J;M;D?LIM ?H OH; =;G;L?N; GOS


?MNL?=B; =OSIM =CH=I =;G;LIN?M >I<F?M ?L;H ;bH GlM L?>O=C>IM ?H JLIJIL=CdH
/? G? ;MCAHd OH; FCN?L; >? ;LLC<; S ;J?H;M JI>g; >;LG? F; PO?FN; MCH JIH?L ?H
J?FCALI GCM BO?MIM ;MC NI>;M F;M JF;T;M ?MN;<;H I=OJ;>;M ;J;LN? >? FIM J;M;
D?LIM >? =lG;L; S >? >IM GOD?L?M DdP?H?M =IH HCeIM ;=IGI>;>;M ?H F; =O<C?LN;
>? JIJ; B;<g;H ?G<;L=;>I N;G<CjH GOD?L?M >?FCH=O?HN?M KO? N?H>Lg;H
NC?GJI S I=;MCdH >? L?A?H?L;LM? Z ?H OH =ILL?==CIH;F >? F; ,?HgHMOF;

2CMN; >? OH; J;LN? >? F; =CO>;> >? (;M ,;FG;M >?M>? ?F JO?HN? >? #OCHCAO;>;
194 $?LG;HH /=B;=BN OH <INlHC=I ?HNL? );>?CL; S ;H;LC;M

!H (;M ,;FG;M MdFI J?LG;H?=? /=B;=BN NL?M >g;M >?M>? ?F G;LN?M


B;MN; ?F DO?P?M >? G;SI >? >g; >? F; M=?HMCdH J?LI ;JLIP?=B; ;F
GlRCGI ?MN; =ILN; ?MN;H=C; ?H F; %MF; J;L; L?;FCT;L ?F JLCG?L >g; OH L?=ILLC>I
JIL F; =CO>;> ?F M?AOH>I OH; ?R=OLMCdH ; =;<;FFI JIL 0;@CL; ?F ,C=I S F;
;F>?L; >? ;H>;G; S (; N;F;S; S ?F N?L=?LI J;L; ;MCMNCL ; OH <;CF? ?H ?F
,O?LNI >? F; (OT GC?HNL;M ?MJ?L;<; KO? FI PCHC?L; ; L?=IA?L OH <IN? J;L;
FF?P;LFI ;F <C2; '2:2?.?6<
!F M?AOH>I >g; MCAOC?H>I F; GCMG; LON; KO? B;<g; B?=BI (?IJIF> PIH
O=B ?H HIM >?M=LC<? FIM PCe?>IM >?F )IHN? (?HNCM=;F >? FIM KO? >C=?
KO? HI ?MNlH ;@?=N;>IM JIL ?F GCF>gO >?<C>I ; MO @ILG; >? =OFNCPI JIL NC?LL;
S HI ?H ?GJ;LL;>IM F; ;F>?L; >? ;H>;G; S ?F JI<F;>I NLIAFI>CN; >? (;
N;F;S; >? /;HN; LgAC>;

?M>? F; .912?. 12 .;1.:. =OS; ?F?P;=CdH I@L?=? ;GJFC;M PCMN;M MI<L? F; %MF;
S ?F G;L HO?MNLI =;GCHI MCAOCd B;MN; ?F JO?<FI >? . A.9.F. >IH>? NI>IM FIM
P?=CHIM PCP? ?H F;M =O?P;M >? OH; =dHC=; GIHN;e; >? NL;KOCN; !H ;H@CN?;NLI
?MNlH F;M =O?P;M OH;M MI<L? INL;M ;>; OH; >? ?FF;M @ILG; OH L?=CHNI GlM I
G?HIM ;GJFCI S @L?M=I KO? L?=C<? MdFI F; FOT KO? ?HNL; JIL F; ;GJFC; <I=; >? F;
=O?P; F; =O;F MO?F? ?MNL?=B;LM? =IH G;GJIMN?Lg; S =?LL;LM? =IH OH; JO?LN; >?
G;>?L; KO?FF; N;L>? HO<F;>; ?MN;<; NI>I ?F P?=CH>;LCI ; F; JO?LN; >? MOM
=;M;M F;M GOD?L?M IPCFF;<;H M?>; FIM HCeIM =ILL?N?;<;H DOA;H>I NI>IM J;L?
=g;H =IHN?HNIM =IH MO M?H=CFF; S GI>?MN; PCPC?H>;

!H =IH=FOMCdH !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; JO?>? =IHMC>?


L;LM? OH <O?H ?MNO>CI MI<L? F;M JF;HN;M >? ;G<IM ;L=BCJCjF;AIM *I B;S
>O>; >? KO? /=B;=BN ?L; OH <INlHC=I GOS =IGJ?N?HN? S jF GCMGI HIM >C=?
KO? M? ;JFC=d =IH J;MCdH S LCAIL ;F ?MNO>CI >?F L?CHI P?A?N;F >? ?MN;M %MF;M
%HN?L?M;H GO=BI MOM =IG?HN;LCIM MI<L? =OFNCPIM KO? B;<g;H MC>I ?L;H ? C<;H
; M?L GOS CGJILN;HN?M J;L; );>?CL; S ;H;LC;M =IGI F; =;e; >? ;Tb=;L F;
PC> F;M JF;N;H?L;M >CP?LM;M @LON;M NLIJC=;F?M ?N= ?MN;=; N;G<CjH MO ?RJIMC
=CdH >? JF;HN;M ;ONd=NIH;M =IGI F;M J;FG?L;M FIM >L;AIM F;M F;OLl=?;M FIM
B?F?=BIM FIM JCHIM FIM =;L>IH?M S N;<;C<;M ?N= ; FI KO? ;SO>;H FIM IH=?
AL;<;>IM >?>C=;>IM ; L?JLI>O=CL ? CFOMNL;L >C=B;M JF;HN;M
&IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S );L=IM /;LGC?HNI 195

,IL FI KO? L?MJ?=N; ; F; H;LL;=CdH >? FIM JILG?HIL?M J?LMIH;F?M >? MO


PC;D? S ?MN;H=C; L?MOFN;H >? MOGI CHN?LjM MOM =IGJ;L;=CIH?M ?HNL? );>?CL; S
;H;LC;M =IM; KO? L?J?NCLlH >? @ILG; L?=OLL?HN? N;HNIM PC;D?LIM >?=CGIHd
HC=IM "OH=B;F ?M >?M=LCN; =IGI OH; =CO>;> JILNOAO?M; >? ;CL? CHAFjM S ?>C@C
=CIM ;FNIM S ;GJFCIM =IH N?=BIM CH=FCH;>IM S >? N?D; !H MOM =;FF?M M? P?H ; FIM
CHAF?M?M ; =;<;FFI S ; FIM JILNOAO?M?M ?H =;LLIM NCL;>IM JIL <O?S?M ;>?GlM
>? GO=BIM ?H@?LGIM JOFGIH;L?M FF?P;>IM ?H B;G;=; I J;F;HKOgH ,IL MO
J;LN? /;HN; LOT ?M OH; =CO>;> NgJC=;G?HN? ?MJ;eIF; ?H F; KO? M? P? JI=;
A?HN? ; =;<;FFI J?LI GO=BIM >LIG?>;LCIM GOFIM S <OLLIM =;LA;>IM >?
@LON; S =IH>O=C>IM JIL MOM >O?e;M GC?HNL;M KO? (;M ,;FG;M F? J;L?=? OH;
=CO>;> <OFFC=CIM; S PCP; >? ;MJ?=NI ILC?HN;F KO? ;F<?LA; HI I<MN;HN? OH;
MI=C?>;> =IG?L=C;F S OL<;H;

/ $ $0 $?LG;HH !.126?. B;1 '2;2?632 :6A 65?2? )242A.A6<; ?LFgH


# 3 " )aFF?L
/ $ $0 $?LG;HH )242A.06S; 12 !.126?. F '2;2?632 0L;>O==CdH
?MNO>CI CHNLI>O=NILCI S HIN;M >? &IMj &O;H ;NCMN; !>O;L>I #ONCjLL?T S
);L=IM /;LGC?HNI (; (;AOH; ?HNLI >? F; OFNOL; ,IJOF;L ;H;LC;
/ .)%!*0+ ,u.!6 );L=IM .@ @9.@ .;.?6.@ 2; 9<@ A2EA<@ .92:.;2@
(;M ,;FG;M >? #L;H ;H;LC; HLI;LN
197

8<
-. *;5 ?87 ;2=<,1

8<K >*7 *=2<=* !8-;J0>.B

!
H ;J;L?=C?LIH ?H F; =CO>;> ;F?G;H; >? #INB; FIM %26@2/6912? 12?
.;.?6@052; ;@29; >?F <;LdH ';LF PIH "LCNM=B H;=C>I ?F >? HIPC?G<L? >?
?H 3?CG;L S GO?LNI ?F >? ?H?LI >? ?H )?LM?<OLAI $;<g;
PCMCN;>I F;M %MF;M ;H;LC;M JIL P?T JLCG?L; =CH=I ;eIM ;HN?M L?=CjH >I=NIL;>I
J;L; CLM? ;=FCG;N;H>I JLIAL?MCP;G?HN? ; F;M =IH>C=CIH?M G?>CI;G<C?HN;F?M >?
;<I 2?L>? =OS; A?IFIAg; J?HM;<; CHP?MNCA;L !H ?MNIM B.1?<@ 12 C6.72 =IH OH
NgNOFI ; CGCN;=CdH >? $?CH? KO? N;HNI @O? CGCN;>I ?H F?G;HC; L?=IACd F;M CGJL?
MCIH?M >? MO PC;D? ; );>?CL; S ;H;LC;M G?T=F;H>I =IH MI<LC?>;> HI ?R?HN; >?
AL;=C; FIM >;NIM A?IFdAC=IM S <INlHC=IM =IH F;M BCMNILC;M >? HO?MNL; A?HN? N;HNI
>?F JO?<FI FF;HI =IGI >? FIM CHN?F?=NO;F?M >? F; jJI=; uF GCMGI HIM B;<F; >? MO
L?F;=CdH =IH ?LNB?FIN =IH 3CF>JL?N =IH BCF S *;L;HDI KOC?H FI =CN;Ll ?H MOM
@AB16<@ .;A?<=<9S460<@ 096:]A60<@ 2 56@AS?60<@ S =IH N;HNIM INLIM >?=F;L;H>I
=IH NI>; BIH?MNC>;> MOM @O?HN?M ?HNL? F;M KO? >?<?H G?H=CIH;LM? INLIM >IM
;F?G;H?M KO? HI B;H L?=C<C>I F; ;N?H=CdH JLIJIL=CIH;F ; MO CGJILN;H=C; ?H HO?M
NL;M %MF;M ;LF IFF? S $?LG;HH /=B;=BN
';LF PIH "LCNM=B ?MNO>Cd A?IFIAg; ?H F; 1HCP?LMC>;> >? #INCHA; >IH>? M?
>I=NILd ?H F L?AL?M;L >? ;H;LC;M ; !OLIJ; I=OJd MO JLCG?L JO?MNI
>I=?HN? ?H F; 1HCP?LMC>;> >? 6bLC=B S >? B?=BI ?H MOM %26@2/6912? M? L?@C?L?
;FAOH; KO? INL; P?T ; ?MN? J;gM FI =O;F B; GINCP;>I KO? ;FAOHIM FI B;S;H =IHMC
>?L;>I MOCTI ?LLdH?;G?HN? !H M? B;<CFCNd ?H 6bLC=B >IH>? MCAOCd ?HM?
e;H>I B;MN; ;eI ?H KO? >?Dd /OCT; J;L; I=OJ;L OH; NCNOF;LC>;> >? GCH?L;
FIAg; S A?IFIAg; ?H F; 1HCP?LMC>;> >? "LlH=@ILN >?F )?HI 1H ;eI ;HN?M ?H
B;<g; ?MN;>I ?H F; CMF; ALC?A; >? /;HNILgH F; ;HNCAO; 0?L; J;L; ?MNO>C;L F; ;=NC
PC>;> >? MOM PIF=;H?M 5 ?H ;J;L?=C?LIH >IM FC<LIM MOSIM MI<L? ;H;LC;M FIM
198 (IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B

S; =CN;>IM %26@2/6912? 12? .;.?6@052; ;@29; I<D?NI >? ?MN; JL?M?HN;=CdH S F;


'2;2?632 42<9<46@05 A<=<4?.=56@05 1.?42@A299A ?H >IM PIFbG?H?M OHI >? ?FFIM
OH ;NF;M S ?H =I;ONILg; =IH INLIM >IM =C?HNg@C=IM ;F?G;H?M =IHI=C>IM 3CFB?FG
.?CMM S #?ILA $;LNOHA !MN? bFNCGI B;<g; JO<FC=;>I S; P;LC;M I<L;M MI<L?
A?IFIAg; >? FI KO? ?H ?MN? MCAFI 4%4 M? P; ; FF;G;L );=;LIH?MC; 62 42<9<46@
052; )2?5\9A;6@@2 12? ;@29; .;G.?<A2 F B2?A2C2;AB?. 2A?.05AB;42;
O/2? ?52/B;4@8?.A2? \9A2?2 B;1 ;2B2?2 ?B=A6C:.@@2; ;2/@A 26;2?
&056912?B;4 12? 42<9<46@052; )2?5\9A;6@@2 12? ;@29 ?.; .;.?6.
;>?GlM >? >IM ?MNO>CIM MI<L? );>?CL; S TIL?M /dFI OH ;eI >?MJOjM S ?H ?MN;
I=;MCdH ?H =IF;<IL;=CdH bHC=;G?HN? =IH .?CMM MO =;MC ?MNLC=NI =IHN?GJI
LlH?I JO<FC=;Ll PIH "LCNM=B MO =IGJF?NgMCG; 2<9<46@052 2@05?26/B;4 12?
;@29 '2;2?632 !H ?MN;M I<L;M S =IGI MO?F? L?J?NCLM? HO?MNLI ;ONIL >?M=O<LCd F;M
N?@LCN;M S F;M <;M;HCN;M =IGI HO?PIM GCH?L;F?M !H PIFPCd ; ;H;LC;M S
?MNO>Cd N;G<CjH ?F NF;M G;LLIKOg F ;eI MCAOC?HN? @O? HIG<L;>I =;N?>LlNC=I
>? F; 1HCP?LMC>;> >? $;FF? >IH>? M? @O? >?>C=;H>I =;>; P?T GlM ; F; J;F?IHNI
FIAg; )C?G<LI >? F; 2<=<916;. F; ;=;>?GC; ;F?G;H; >? =C?H=C;M H;NOL;F?M
>?M>? M? =IHPCLNCd ?H MO >CL?=NIL ?H =;LAI KO? >?M?GJ?ed B;MN;
MO GO?LN? IH=? ;eIM GlM N;L>?
=IHNCHO;=CdH FI ;=IGJ;e;L?GIM ?H MO JLCG?L; PCMCN; ; F;M %MF;M N;F =IGI
F;M >?M=LC<? ?H MOM %26@2/6912? >?D;H>I F; J;F;<L; ; HO?MNLI ;ONIL !F >?
M?JNC?G<L? >? ';LF PIH "LCNM=B ;LLC<d ; /;HN; LOT >? 0?H?LC@? JLI=?
>?HN? >? );>?CL; CMF; ?H F; KO? B;<g; J?LG;H?=C>I OH G?M S KO? >?M=LC<? ?H
?F JLCG?L ;J;LN;>I >? MO I<L; 0I>;Pg; ?H ?F <;L=I FI JLCG?LI KO? F? FF;G; F;
;N?H=CdH ?M F; J?M=; HI=NOLH; >?F =BC=B;LLI FO?AI ;F >?M?G<;L=;L S =IGI
B;LlH N;HNIM INLIM JCIH?LIM >?F NOLCMGI ?H ?F MCAFI 4%4 MOLA? F; CH?PCN;<F?
=IGJ;L;=CdH =IH );>?CL;
(IM M?=IM ;FL?>?>IL?M >? /;HN; LOT =;MC NIN;FG?HN? >?MJLIPCMNIM >? F; GgHCG;
<LCTH; >? BC?L<; ?H ?F JL?=CMI GIG?HNI >? GC FF?A;>; ?H JF?HI P?L;HI HI M?
JO?>?H =IGJ;L;L >?M>? FO?AI =IH FIM >? "OH=B;F JIL FI >?GlM MOM BO?LNIM S
J;M?IM Jb<FC=IM ?MNlH >CMJO?MNIM =IH G?HIM ;LN? S AOMNI KO? FIM >? "OH=B;F /CH
?G<;LAI S ; J?M;L >? =C?LNIM @?HdG?HIM ?RNL;eIM KO? FF;G;H F; ;N?H=CdH >?F
L?=CjH FF?A;>I OHI M? MC?HN? =IGI ?H OH; =CO>;> ?OLIJ?; GlM ?H /;HN; LOT
KO? ?H "OH=B;F
&IMj &O;H ;NCMN; .I>LgAO?T 199

!MN;GJ; >? (; +LIN;P; ?H F; I<L; >? "LCNM=B $;LNOHA S .?CMM

!H 0?H?LC@? M? KO?>; B;MN; ?F bFNCGI >g; >? ?MN? G?M L?=ILLC?H>I F; CMF; ;
JC? S ;HIN;H>I N;HNI MOM J;LNC=OF;LC>?M A?IFdAC=;M =IGI MOM NL;>C=CIH?M GlM
HIN;<F?M =IGI M? ;JL?=C; ?H MO ;>GCL;=CdH ;HN? ?F 0?C>? F; =O;F L?=O?L>;
<;MN;HN? ; F; N;H =IHI=C>; >? $OG<IF>N

*CHAbH PC;D?LI B; >?D;>I ;NLlM MCH ;MIG<LI FIM ;FNIM >? /;HN; nLMOF; >IH>?
M? ;<L? F; PCMN; ;F ;GJFCI P;FF? >? (; +LIN;P; ?M? 2;FF? 0;ILI MI<L? ?F KO? M?
F?P;HN; F; ;H=B; JCLlGC>? >?F 0?C>? S ;F KO? JL?MN;H OH ?H=;HN;>IL ;NL;=NCPI
N;HNI MOM ;LGIHCIM;M @ILG;M =IGI FIM ;AO>IM =IHNL;MN?M JIL OH F;>I >?
F;M >?MC?LN;M S J?F;>;M =OG<L?M =IH FIM @FIL?=C?HN?M JO?<FIM S ;F>?;M S JIL
INLI >?F G;L ;TOF =IH F; =;G<C;HN? >CMNLC<O=CdH >? MIG<L;M >? FIM =;GJIM S
<IMKO?M >? =;MN;eIM S F;OL?F?M

@CH >? G?M T;LJ; J;L; (; ,;FG; J?LI PIFP?Ll >? HO?PI ; 0?H?LC@? ?H
G;SI >? S J;M;Ll ;KOg NI>;Pg; GlM >? OH G?M ;HN?M >? ?G<;L=;LM?
=IH >CL?==CdH ; l>CT
!F JLCG?LI >? I=NO<L? S; ?MNl ?H /;HN; LOT >? (; ,;FG; S >IM >g;M
>?MJOjM =IGC?HT; MOM ?R=OLMCIH?M JIL F; %MF;

!F >g; >? I=NO<L? ?GJL?H>CGIM S; HO?MNL; ?R=OLMCdH ; JC? B;=C; ?F CHN?


LCIL >? F; CMF; >CLCACjH>IHIM ?H JLCG?L FOA;L B;=C; F; .;1. HIG<L? KO?
L?=C<? ?H ;H;LC;M F; M?=; P?LNC?HN? MOLI==C>?HN;F !H F; J;LN? ;FN; >? F;
?M=;LJ;>; J?H>C?HN? ?H KO? M? ;MC?HN; /;HN; LOT FF;G;>; ?R=FOMCP;
G?HN? 9. 06B1.1 M? ;<L? >?M>? F; ?BG 12 9<@ 9</<@ S B;=C; F;
B:/?2 OH; ;H=B; JF;HC=C? KOg M? <C@OL=;H FIM >IM =;GCHIM JLCH=CJ;F?M
200 (IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B

KO? =IH>O=?H B;MN; F; .;1. ?F GlM ;HNCAOI S =dGI>I J;M; JIL F;


B:/?2 )627. MCNO;>; ;F MOL S ?F GlM L?=C?HN? S ?GJCH;>I FI B;=? JIL F;
B:/?2 "B2C.

? (; ,;FG; F? FF;G;H F; ;N?H=CdH F; ;F>?L; >? 0;<OLC?HN? >?M>? ?F JOHNI >?


PCMN; A?IFdAC=I S =C?LNIM P?MNCACIM JL?BCMJlHC=IM L?=C?HN?G?HN? >?M=O<C?LNIM ?H
=O?P;M >?M>? ?F JOHNI >? PCMN; ?NHIFdAC=I S =OFNOL;F Mg >? F; JLCG?L; HIM >C=?

(; .912?. =IHMNCNOS? F; =OLCIMC>;> GlM HIN;<F? >? (; ,;FG; !M OH; ?HILG?


=O?H=; ?FgJNC=; =LOT;>; ?H MO CHN?LCIL JIL HOG?LIMIM ;LLISIM S <;LL;H=IM S
=?L=;>; >? J;L?>?M LI=IM;M =;MC P?LNC=;F?M GOS ?LIMCIH;>;M S JIFg=LIG;M !MN;M
J;L?>?M =;?H ; JC=I OHIM G?NLIM J?LI >?MJOjM MOM =ILN;HN?M JLIGC
H?H=C;M M? P;H ?HM;H=B;H>I B;MN; @ILG;L OH;M FIG;M G?HIM JLIHOH=C;>;M
KO? M? BOH>?H ?HNL? FIM <;LL;H=IM (; G;SILg; >? ?MN;M FIG;M ?MNl JI<F;>; >?
P?A?N;=CdH ONCFCTlH>IM? ;FAOH;M J;L;
KO? J;MN? ?F A;H;>I FFg ?HNL? jMN;M
bFNCG;M =C?LN;M =O?P;M MCLP?H >? GIL;>;
P?L;HC?A; ; FIM J;MNIL?M S >? =ILL;F ;F
A;H;>I MCH ?G<;LAI HI B;S HC OH;
MIF; =;M; J?LG;H?HN?G?HN? B;<CN;>;
?H NI>; ?MN; CGJL?MCIH;HN? =;F>?L;
?L=; >? FIM L?@OACIM >? FIM J;MNIL?M S
?H INLIM JI=IM FOA;L?M =L?=?H BCAO?L;M
(;M =;M=;>;M >? ;AO; =IHMNCNOS?H F;
LCKO?T; GlM bNCF S ;JLIP?=B;<F? >? F;
;F>?L; OH; J;LN? >? ?MN;M ;AO;M M?
=IH>O=? ; NL;PjM >? P;LCIM =;H;FIH?M
B;=C; F;M FI=;FC>;>?M >? F; .;1.

G?>C;>IM >? ?MN? G?M F? FF?A; F;


HINC=C; >? KO? M? B;<g; >?=F;L;>I OH
<LIN? >? @C?<L? ;G;LCFF; ?H /;HN; LOT
,;L;D? >? F; ;F>?L; >? 0;<OLC?HN? >? 0?H?LC@? !MN; =CL=OHMN;H=C; B;Ll KO?
&IMj &O;H ;NCMN; .I>LgAO?T 201

MO ?MN;H=C; ?H F;M %MF;M M? >?GIL? HO?P? G?M?M GlM B;MN; ?F >? DOHCI >?
,IL FI JLIHNI S >OL;HN? =;MC >IM G?M?M M?AOCLl L?=ILLC?H>I (; ,;FG; ; JC? S ;
GOF; !H ?M? NC?GJI >?M=LC<? NI>I ;KO?FFI KO? FF;G; MO ;N?H=CdH CH=FOC>; F;
F?S?H>; >? F; %MF; >? /;H ILIH>dH
@CH;F?M >? HIPC?G<L? >? ?MNl S; ?H (; #IG?L; >IH>? J;M;Ll ?F @CH >?
;eI PCMCN; F;M JLCG?L;M @;=NILg;M ;NOH?L;M S M? ?HN?L; >? ;FAOH;M F?S?H>;M NL;>C=CI
H;F?M 1H; >? F;M =IM;M KO? GlM F? FF;G; F; ;N?H=CdH ?M ?F F?HAO;D? MCF<;>I >? F; CMF;

)lM N;L>? ?H ?F =;GCHI ?HNL? F;D?Ld S /;HNC;AI NOP? F; IJILNOHC>;> >? =IHI=?L
OH; @ILG; MCHAOF;L >? ?HN?H>?LM? ; AL;H >CMN;H=C; OH F?HAO;D? =IHP?H=CIH;F
KO? FIM AIG?LIM ONCFCT;H =O;H>I FIM CHN?LFI=ONIL?M ?MNlH ;F?D;>IM F; =IGOHC=;
=CdH JIL MCF<IM (IM J;MNIL?M AIG?LIM B;H M;<C>I CGJLCGCL ;F MCF<I ?GCNC>I =IH
;SO>; >? FIM >?>IM N;HN;M GI>OF;=CIH?M KO? MIH =;J;=?M >? FF;G;LM? OHIM ;
INLIM B;<C?H>I JLI@OH>IM <;LL;H=IM >? JIL G?>CI S >? ?RJL?M;L JL?AOHN;M S
L?MJO?MN;M >CP?LM;M !H ?MN? M?HNC>I J?LMIH;M >CAH;M >? =Lj>CNI G? B;H =IHN;>I
KO? ?GJF?;H>I ?MN? G?>CI B;H ?H=;LA;>I F?=B? ; J;MNIL?M KO? ;J;=?HN;<;H
MOM L?<;eIM F?DIM >? ;FFg 1H =IG;H>;HN? >?F ?DjL=CNI ?MJ;eIF ; KOC?H N;F =IM; F?
J;L?=g; CH=L?g<F? BCTI =IFI=;L ; >IM AIG?LIM ; =IHMC>?L;<F? >CMN;H=C; OHI >?F
INLI G;H>;H>I JL?AOHN;L JIL MCF<IM MC &IMj =IHI=g; ;F CHAFjM * >? (; +LIN;P;
(? NL;>OD?LIH F; MCAOC?HN? L?MJO?MN; V*C FI B? PCMNI HC FI =IHIT=IX !HNIH=?M ?F
I@C=C;F M? ;=?L=d ;F JL?AOHN;>I G;H>lH>IF? L?J?NCL P?L<;FG?HN? F; JL?AOHN; S F;
L?MJO?MN; /? >C=? KO? ?MN? G?>CI >? =IGOHC=;=CdH NgJC=I >? (; #IG?L; KO?
JIL MOJO?MNI MdFI =IGJL?H>?H FIM CHC=C;>IM B; L?JILN;>I ;FAOH;M P?=?M
P?HN;D;M ; FIM ?MJ;eIF?M ?H NC?GJIM >? AO?LL; HN?LCILG?HN? FIM CMF?eIM
MCF<;<;H M;FGIM >? ;F?ALg; ?H F; CAF?MC; >OL;HN? F; =?F?<L;=CdH >? F; *;PC>;> J?LI
B;<CjH>IM? >?LCP;>I ;<OMIM >? ?FFI ?H ?F ;eI >?F /?eIL >? ?F M;=?L>IN?
JLIBC<Cd >C=BIM MCF<IM MI J?H; >? AL;P?M =;MNCAIM /CH ?G<;LAI HI M? B;<Lg;
B?=BI =OGJFCL N;F JLIBC<C=CdH MC FIM JLd=?L?M >? F; PCFF; >? /;H /?<;MNClH HI M?
BO<C?L;H L?J;LNC>I JIL F; CAF?MC; S =?LL;>I F;M JO?LN;M ?H F; )CM; >?F #;FFI /CH
?G<;LAI ;HN?M S >?MJOjM MCF<;LIH ?H F;M =;FF?M GlM ;FNI MC =;<?

!MN; L?@?L?H=C; F; JLCG?L; >? OH =C?HNg@C=I ?RNL;HD?LI @O? GOS =CN;>; JIL
NI>IM FIM KO? ?MNO>C;LIH ?F MCF<I AIG?LI >?MJOjM >? PIH "LCNM=B
202 (IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B

$?GIM PCMNI F; CGJL?MCdH KO? F? JLI>OD?LIH F;M CMF;M >? 0?H?LC@? (; ,;FG; S (;
#IG?L; ; ';LF PIH "LCNM=B OHI >? FIM A?dFIAIM ;F?G;H?M GlM CGJILN;HN?M >?F
MCAFI 4%4 >? N;FF; =IGJ;L;<F? ; (?IJIF> PIH O=B .?=IL>?GIM MCGJF?G?HN?
KO? @LONI >? MOM =O;NLI ;eIM >? ?MN;H=C; ?H /OCT; @O?LIH OH G;J; S OH FC<LI
MI<L? F; L?ACdH >?F #IN;L>I KO? MCLPC?LIH >? <;M? ;F NbH?F KO? M? ?R=;Pd ;FFg JIMN?
LCILG?HN? uMN; ?M N;G<CjH F; @O?HN? >? MOM =IGJ;L;=CIH?M >? FIM GIHN?M =;H;
LCIM =IH FIM FJ?M MOCTIM ";GIMIM @O?LIH N;G<CjH FIM INLIM >IM A?dFIAIM
;F?G;H?M =IH FIM KO? =IGJ;LNCd MO CHN?LjM JIL HO?MNL;M %MF;M S F; ;ONILg; >? FC<LIM
#?ILA $;LNOHA S 3CFB?FG .?CMM !F JLCG?LI M? IJOMI ; F; N?ILg; >? FIM =LlN?L?M >?
F?P;HN;GC?HNI >? PIH O=B S ?F M?AOH>I L?;FCTd OH F;LAI PC;D? JIL /O>;GjLC=;
CH;OAOL;H>I F;M GI>?LH;M ?R=;P;=CIH?M =C?HNg@C=;M ,?LI MCA;GIM
=IH F;M ?MN;GJ;M KO? >? ;H;LC;M HIM I@L?=? PIH "LCNM=B

);J; >? F; CMF; >? (; #IG?L; JIL "LCNM=B


&IMj &O;H ;NCMN; .I>LgAO?T 203

!F >? ?H?LI >? T;LJ; >? (; #IG?L; =IH >CL?==CdH ; !F $C?LLI >?
=OSIM B;<CN;HN?M HIM >C=?

(IM B;<CN;HN?M >? !F $C?LLI MIH FIM =;H;LCIM GlM ;GCA;<F?M BIMJCN;F;LCIM S
GI>?MNIM *I M? P? JIL HCHAbH F;>I ; A?HN? P?MNC>; =IH B;L;JC?HNI >?M;FCeI
=IGI I=OLL? ; P?=?M ?H (; #IG?L; (IM B?LL?eIM PCMN?H OH =OLCIMI NL;D? >?
F;H; G;LLdH MO =;FT;>I ?M GOS JLCGCNCPI S M? NI=;H =IH OH AILLI JOHNC;AO>I
N?DC>I S >? =IFIL G;LLdH NC?H?H N;G<CjH OH <;CF? =OLCIMI ?F 3.;1.;4< 52??2T<
(IM AIG?LIM HI JL?M?HN;H H;>; =;L;=N?LgMNC=I ?H MO P?MNCG?HN;

!MNl =F;LI KO? PIH "LCNM=B =IH@OH>? ?F NgJC=I <;CF? ?MJ;eIF =IH ?F A.;4<
B?LL?eI *IM B;<F; ?HNL? INL;M =IM;M >? FIM F;A;LNIM >? /;FGIL

DOTA;L JIL F; L?J?NC>; JL?AOHN; KO? G? >CLCAC?LIH FIM 52??2T<@ >? MC HI B;<g;
PCMNI ; N;F?M ;HCG;F?M J;L?=? KO? MI<L? NI>I ?H F; J;LN? ILC?HN;F >? F; CMF; S ?H
?F .IKO? >? /;FGIL KO? MOLA? >?F G;L ;CMF;>I JIL ?M; TIH; NI>;Pg; B;S
;KO?FFIM AL;H>?M F;A;LNIM 0.:.92<;2@ J;L; FIM CMF?eIM KO? G?H=CIH;LIH ?H
F; !>;> )?>C; FIM =;J?FF;H?M >? ?NB?H=IOLN V>?M FjT;L>M AL;H>M =IGG? >?
=B;NM ?N BC>?ORX S KO? MIH GOS >C@?L?HN?M >?F F;A;LNI =;H;LCI =ILLC?HN? KO?
GC>? OHIM =G >? F;LAI

0L;M GlM >? OH G?M ?H !F $C?LLI PIH "LCNM=B M? >CLCA? ; #L;H ;H;LC;
;>IH>? FF?A; ?F >? @?<L?LI >? ?MJOjM >? MO@LCL F; =O;L?HN?H; >?
LCAIL >?<C>I ; F; @C?<L? ;G;LCFF; ?GJC?T; MOM ?R=OLMCIH?M JIL F; %MF; ? MO
=;JCN;F >C=? FI MCAOC?HN?

!H (;M ,;FG;M ?H=IHNLj F; GlM ;GCA;<F? =ILN?Mg; N;HNI ?HNL? FIM H;NOL;F?M
=IGI ?HNL? FIM L?MC>?HN?M ?RNL;HD?LIM S G? J;L?=Cd KO? ;FFg B;<g; G;SIL @ILG;
=CdH CHN?F?=NO;F KO? ?H F;M L?MN;HN?M =CO>;>?M =;H;LC;M (IM BIN?F?M MIH ;=?JN;
<F?M S F;M NC?H>;M ?MNlH <C?H JLIPCMN;M !F ;MCHI ?MNl MOM=LCNI ; GO=BIM J?LCd
>C=IM S L?PCMN;M ?MJ;eIF?M @L;H=?M?M ? CHAF?M?M S ?H MO <C<FCIN?=; M? ?H=O?HNL;
N;G<CjH F; I<L; KO? MI<L? ;H;LC;M ?M=LC<C?LIH ;LE?L 3?<< S ?LNB?FIN 7Y8
L?I KO? =IH GOS JI=I ?M@O?LTI JI>Lg; (;M ,;FG;M ;P?HN;D;L ; "OH=B;F =IGI
=?HNLI >? L?JIMI J;L; ?H@?LGIM S ?MN;=CdH N?LG;F JO?M ;>?GlM >? JIM??L
#L;H ;H;LC; F;M @O?HN?M ;ALC;M >? "CLA;M 0?LIL 0?F>? ?N= =IH OH ;AO; GOS
204 (IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B

L?@L?M=;HN? S >? ?R=?F?HN? M;<IL N;G<CjH M? JO?>?H NIG;L <;eIM >? G;L
=dGI>;G?HN? S MCH J?FCALI ;FAOHI CH=FOMI J;L; FIM KO? HI M;<?H H;>;L ?H F;
JF;S; NL;HKOCF; S MCH JLI@OH>C>;> >?F CMNGI >? #O;H;LN?G? S ?H GlM MCNCIM

*O?MNLI ;ONIL KO? B;<g; =IHI=C>I ?H /;HN; LOT >? 0?H?LC@? ; /;<CH
?LNB?FIN B;=? ;GCMN;> ?H (;M ,;FG;M =IH !GCFC;HI );LNgH?T >? !M=I<;L S
#L?AILCI BCF S *;L;HDI =IH KOC?H?M NL;Nd ?HNL? INL;M =IM;M >?F GCNI JF;NdHC=I
>? F; NFlHNC>;
0L;M OH G?M F;LAI >? ?MN;H=C; ?H F; %MF; ?F >? G;LTI M? ?G<;L=d J;L;
"O?LN?P?HNOL; V GCN;> >? G;LTI >? J;LNg >? (;M ,;FG;M J;L; B;=?L MdFI
OH; PCMCN; @OA;T ; F;M >IM CMF;M GlM ILC?HN;F?M >?F L=BCJCjF;AI =;H;LCI JO?M ?F
JLI@OH>I ?MNO>CI KO? ?F M?eIL #?ILA $;LNOHA B;<g; L?;FCT;>I >? ?FF;M B;=g;
CHH?=?M;LCI KO? G? >?NOPC?L; ;FFg GO=BI NC?GJIX ? "O?LN?P?HNOL; >?MN;=; ?F
MCAOC?HN? =O;>LI

(IM ;FL?>?>IL?M >? HNCAO; =IHMNCNOS?H F; J;LN? GlM ;HCG;>; S PCP; >?
"O?LN?P?HNOL; ?M>? ?F <IL>? >? F; =;F>?L; >? #;CLg; JO>CGIM AIT;L >? OH;
J;HILlGC=; MI<L? ?MN; TIH; !H NILHI ; HIMINLIM M? ?RN?H>g;H F;M FI=;FC>;>?M
GlM LC=;M >? F; CMF; HNCAO; GJOS?HN; AO; >? O?S?M 0CM=;G;HCN; S
0OCH?D? =IH F;M J?KO?e;M ;F>?;M ;F?>;e;M F;M J;FG?L;M S lL<IF?M @LON;F?M FIM
JITIM S MOM HILC;M ; F;M KO? B;=?H ACL;L =;G?FFIM J;L; I<N?H?L ;AO; =IH KO?
L?A;L FIM =;GJIM F;M ?L;M ?H F;M KO? ?F A;H;>I JCMIN?; @;NCAIM;G?HN? ?F
=?L?;F J;L; NLCFF;LFI HO?MNLIM JC?M ?H G?>CI >? F; AL;H FF;HOL; >? :.9=.V@
>?MN;=;<;H F;M NL?M H?AL;M 0.912?.@ >? 0?AOCN;L ;F ?MN? JIL ?F F;>I >?F G;L OH;
=;>?H; >? ALCM?M GIHN;e;M <;MlFNC=;M LI>?; ?MN? ?RN?HMI P;FF? F;M LID;M
=OG<L?M L?>IH>?;>;M >? F; =IL>CFF?L; =?HNL;F >? F; CMF; CGJC>?H P?L ?F G;L KO?
<;e; F; =IMN; I==C>?HN;F J?LI B;=C; ?F MOLI?MN? JIL ?H=CG; >? F; ;<LOJN;

2CMN; J;HILlGC=; >? "O?LN?P?HNOL; >?M>? AO; >? O?S?M


&IMj &O;H ;NCMN; .I>LgAO?T 205

!<;A.T. 129 .?1S; M? JO?>?H L?=IHI=?L FIM JC=IM >? F; J?HgHMOF; >? &;H>g;
$;=C; ?F HILN? M? >CPCM;H F;M GIHN;e;M KO? GCL;H B;=C; (; +FCP;

>?GlM >?F J;CM;D? S F; A?IFIAg; >?M=LC<? N;G<CjH F; @;OH; =;L;=N?LgMNC=; >?


F; %MF; ;Mg ;>?GlM >? F;M =;<L;M M;FP;D?M >? &;H>g; G?H=CIH; FIM =;G?FFIM S >IM
;P?M GOS =;L;=N?LgMNC=;M

O;H>I ?H G?>CI >? F;M >OH;M >? ;L?H; HIM NLIJ?Tl<;GIM OH L?<;eI >?
=;G?FFIM KO? J;MN;<;H ?H G?>CI >? ;KO?FF; =IG;L=; MCH A?HN? I CHN?HNl<;GIM
M?AOCL =IH F; PCMN; F; =;LL?L; I ?F PO?FI >? JlD;LIM KO? >C@g=CFG?HN? M? ?H=O?H
NL;H ?H F;M INL;M %MF;M =IGI ?F $A2?<092@ .?2;.?6B@ 4.;4. I ?F B?@<?6B@ 6@./2
996;B@ 2;4.T.:B05.05<@ ?H ?M? GIG?HNI ?F ?RNL;eI S ;NL;=NCPI J;CM;D? >?
HO?MNLI ?HNILHI HIM NL;MF;>;<; G?HN;FG?HN? ;F /lB;L; MCNI ; OH;M JI=;M
GCFF;M ;F ?MN?

ILLC?HN? >? F;P; KO? >?M?G<I=; ?H ?F G;L JIL ?F ,O?LNI >? LL?=C@?
206 (IM B.1?<@ 12 C6.72 12 9.@ @9.@ .;.?6.@ >? ';LF PIH "LCNM=B

!F >? ;<LCF S; ?MNl ?H ?F JO?LNI >? LL?=C@? =OS; ;=NCPC>;> =IG?L=C;F


?H=IGC; *;NOL;FG?HN? M? CHN?L?Md JIL F; TIH; >?P;MN;>; JIL F;M >IM AL;H>?M
?LOJ=CIH?M BCMNdLC=;M KO? ;MIF;LIH F; %MF; ; M;<?L F; >? S F; >? S M?
GO?MNL; @;M=CH;>I JIL ?F J;CM;D? KO? >?D;LIH =IGI M? ;JL?=C; ?H ?F MCAOC?HN?
?D?GJFI OHI >? N;HNIM

?M>? !<;A.T. 9.;0. =IHNCHO;GIM MC?GJL? ?H >CL?==CdH MOLI?MN? B;MN; &.;


)602;A2 F; P?LNC?HN? G?LC>CIH;F >? F; BCF?L; >? PIF=;H?M ?H KO? M? ?H=O?HNL;
!<;A.T. 9.;0. ;FFg JL?=CM;G?HN? JIL >IH>? ?H OH; F?HAO; >? F;P;
;<LCd OH <IKO?N? ?H ?MN; =;>?H; ;NL;P?M;GIM HIMINLIM J;L; FF?A;L ; F; TIH;
>? F;M ?LOJ=CIH?M GlM GI>?LH;M 1H; ?MJ?M; =;J; >? H?AL;M =?HCT;M PIF=l
HC=;M =O<L? ?F MO?FI S FIM J;MIM >?F =;GCH;HN? JLIPI=;H OH =LODC>I MCHAOF;L ?H
?MN; G;M; >?MGILIH;>CT; S JILIM; J?M;L >? HI N?H?L ?H=CG; HC OH; JCT=;
>? NC?LL; ?MN;M =?HCT;M =IHMNCNOS?H ?F MO?FI GlM @jLNCF >? F; CMF; JO?M MCLP?H
J;L; G;HN?H?L BbG?>; >OL;HN? GO=BI NC?GJI F; NC?LL; ;L=CFFIM; S =;FCT; KO?
B;S <;DI ?FF;M /? =OFNCP;H MI<L? NI>I PCe;M ? BCAO?L;M ?H JLI@OH>;M @IM;M
=IH @ILG; >? ?G<O>I =;P;>;M ?H G?>CI >? ?MN;M HO?P;M =?HCT;M PIF=lHC=;M
!H ?F =;GCHI M? ?H=O?HNL;H F;M =;M;M >? =;GJI >? LC=IM JLIJC?N;LCIM F;M
=O;F?M JCHN;>;M >? <F;H=I =IHNL;MN;H PCP;G?HN? =IH ?F NLCMN? J;CM;D? H?ALI
$;LNOHA NC?H? L;TdH ;Mg >?<?Lg; >? FO=CL ?F J;CM;D? >? INLIM FOA;L?M MC F; HC?P?
@O?L; H?AL; HO?MNL; >?L?=B; ?MNl ?F ?HILG? =;GJI >? F;P; >?F MCAFI
J;M;>I =;MC JIL ?HN?LI >?MJLIPCMNI >? P?A?N;=CdH ; HI M?L ;FAOHIM FgKO?H?M
S OH JI=I GlM F?DIM M? ?F?P;H FIM HO?PIM =IHIM PIF=lHC=IM ?HNL? FIM KO?
FF;G; ?MJ?=C;FG?HN? F; ;N?H=CdH F; !<;A.T. 129 B24< JIL MOM G;H=B;M >?
PCPIM =IFIL?M LIDI ;G;LCFFI S <F;H=I =?L=; >? F; =CG; =IHM?=O?H=C; >? F; ;=NC
PC>;> >? F;M @OG;LIF;M !H =;G<CI ;L<OMNIM ?O@IL<Cl=?IM NCe?H >? P?L>? FIM
=IHIM >? ?LOJ=CdH GlM ;HNCAOIM KO? MOLA?H ;CMF;>;G?HN? ?HNL? F;M G;M;M >?
F;P; >? G;H?L; KO? jMNIM =IHNL;MN;H >? @ILG; GOS =;L;=N?LgMNC=; =IH FIM
=IHIM PIF=lHC=IM GlM L?=C?HN?M

,IL MOJO?MNI FIM &;G?IM S F; O?P; >? FIM 2?L>?M N;G<CjH F? L?MOFN;H ?MJ?=N;
=OF;L?M
(; I<L; =IH=FOS? =IH >IM ;JjH>C=?M !F JLCG?LI =IHMCAH; F;M ;FNOL;M GlM
CGJILN;HN?M >? F;M %MF;M ?R=?JNI 0?H?LC@? JO?M =IGI HIM >C=? ?F JLIJCI ;ONIL
&IMj &O;H ;NCMN; .I>LgAO?T 207

V(IM >;NIM MI<L? F; ;FNCG?NLg; >? 0?H?LC@? M? JO<FC=;LlH ?H MO GIG?HNI >?HNLI


>? F; I<L; MI<L? F; A?IFIAg; >? ?MN; CMF; KO? ?MNIS JL?J;L;H>I ?H =I;ONILg; =IH
FIM >I=NIL?M .?CMM S $;LNOHAX I<L; ; F; KO? S; M? B; ;FO>C>I !F M?AOH>I ;JjH
>C=? I@L?=? FIM G;J;M GlM =IGJF?NIM S ?R;=NIM B;MN; ?M? GIG?HNI S B;MN;
GO=BI >?MJOjM >? #L;H ;H;LC; (; #IG?L; S !F $C?LLI
!H MOG; F; N;L?; KO? L?;FCTd PIH "LCNM=B ?H HO?MNL;M %MF;M @O? >? F; G;SIL
CGJILN;H=C; MdFI =IGJ;L;<F? ; F; >? (?IJIF> PIH O=B S ; F; >? MO =IF?A;
#?ILA $;LNOHA *I MdFI M? I=OJd =IH ?F G;SIL LCAIL >? F; A?IFIAg; >?
;H;LC;M MCHI KO? I<M?LPd S ;HINd =OC>;>IM;G?HN? NI>I FI KO? F? J;L?=Cd
>CAHI >? G?H=CdH >?M>? FIM P?MNCACIM JL?BCMJlHC=IM B;MN; F; =IHN;<CFC>;>
JIJOF;L >?M>? F; =IH@?==CdH >?F AO;L;JI B;MN; F; ONCFCT;=CdH >? =O?P;M =IGI
PCPC?H>;M 5 FI BCTI =IH ?F ?MJgLCNO =C?HNg@C=I S =IHMNLO=NCPI KO? N?MNCGIHC;H
N;HNI MO ?M=LOJOFIM; G?H=CdH >? F;M @O?HN?M KO? B;<g; ONCFCT;>I =IGI MO
;J?AI JIL F; I<M?LP;=CdH >CL?=N; S J?LMIH;F ;OM?HN? ?H INLIM ?RNL;HD?LIM KO?
?M=LC<C?LIH MI<L? ?F L=BCJCjF;AI ,IL ?FFI MO CH@FO?H=C; M? >?Dd M?HNCL F;LAI
NC?GJI N;HNI ?HNL? FIM =;H;LCIM S =IGI ?HNL? FIM ?MNO>CIMIM ?RNL;HD?LIM KO? M?
I=OJ;LIH >? F;M %MF;M Mg ;>?GlM >? F;M L?@?L?H=C;M >? BCF S *;L;HDI FI
G?H=CIH; =IH GO=B; @L?=O?H=C; ?F MOCTI $?LG;HH BLCMN ?H 6;2 ?O596;4@3.5?A
;.05 12; .;.?6@052; ;@29; JO<FC=;>; ?H 5 ;F ;eI MCAOC?HN? FI =CN;
);R -O?>?H@?F>N ?H MO =IGOHC=;=CdH ; F; /I=C?>;> ?LFCH?M; >? HNLIJIFIAg;
=OSI JL?MC>?HN? JIL =C?LNI ?L; ?HNIH=?M 3CFB?FG .?CMM ;=?L=; >?F MCF<I
AIG?LI ,IL bFNCGI N?LGCH;L?GIM L?=IL>;H>I KO? ?H S N;G<CjH ?H L?F;
=CdH =IH ?F MCF<I AIG?LI FI PO?FP? ; HIG<L;L .?Hj 2?LH?;O

".%0/ $ ';LF PIH %26@2/6912? 12? .;.?6@052; ;@29; #INB; &OMNOM


,?LNB?M

".%0/ ';LF PIH


$ .@ @9.@ .;.?6.@ B.1?<@ 12 )6.72 0L;>O==CdH ?MNO>CI
CHNLI>O=NILCI S HIN;M >? &IMj &O;H ;NCMN; .I>LgAO?T S !H=;LH;=CdH 0;<;L?M
,F;M?H=C; (; (;AOH; ?HNLI >? F; OFNOL; ,IJOF;L ;H;LC;
209

*;5 855. A <> 2698;=*7=. *98;=*,2H7 * 5* +8=L72,* A


8;72=8580J* -. *7*;2*<

*;,8< "*;62.7=8 K;.B

!
HNL? FIM H;NOL;FCMN;M ;F?G;H?M KO? PCMCN;LIH ;H;LC;M ; G?>C;>IM >?F
MCAFI 4%4 ?F <INlHC=I S ILHCNdFIAI <?LFCHjM ;LF IFF? I=OJ; OH FOA;L
GOS >?MN;=;>I /C ?R=?JNO;GIM ; "L;H=CM );=#L?AIL ?M ?F ;ONIL
;F?GlH KO? GlM NC?GJI J;M; B;MN; ?HNIH=?M ?H F;M %MF;M >IM ;eIM S ?F
JLCG?LI KO? F;M PCMCN; NI>;M !F PIFOG?H >? MO I<L; MI<L? ;H;LC;M ?M
MILJL?H>?HN?G?HN? ;GJFCI S P;LC;>I <INlHC=; ILHCNIFIAg; BCMNILC; S
=OFNOL; S =CPCFCT;=CdH %H=FOMI HIM >?D; ?F CNCH?L;LCI >? ?R=OLMCIH?M KO? L?=I
GC?H>; ; FIM PCMCN;HN?M >? 0?H?LC@?
;LF OAOMN IFF? H;=Cd ?H /=BcH?<?LA >CMNLCNI >? ?LFgH ?F >?
HIPC?G<L? >? S GOLCd ?H ?M; GCMG; =CO>;> ?F >? @?<L?LI >?
!MNO>Cd =C?H=C;M H;NOL;F?M ?H F; 1HCP?LMC>;> >? ?LFgH ?H F; >? IHH M?AbH
INL;M CH@ILG;=CIH?M /O BIFA;>; MCNO;=CdH ?=IHdGC=; F? J?LGCNCd >?>C=;LM?
JIL ?HN?LI ; MOM CHP?MNCA;=CIH?M !H ;>KOCLCd ?H =;FC>;> >? ?H@CN?ON;
F; CMF; >? /=B;L@?H<?LA MCNO;>; ?H ?F F;AI 0?A?F >? ?LFgH KO? B;<g; ?MN;>I
;HN?LCILG?HN? ?H G;HIM >? F; @;GCFC; $OG<IF>N !H ?MN; CMF; =IHMNLOSd OH;
=;M; L?OHCd OH; =IF?==CdH >? GlM >? JF;HN;M F?eIM;M =OFNCPd JF;HN;M
?RdNC=;M S FF?Pd ; =;<I CHP?MNCA;=CIH?M >?H>LIALl@C=;M ?M>? ;FFg L?=C<C?LIH
GO=BIM D;L>CH?M <INlHC=IM M?GCFF;M J;L; =OFNCPI !HNL? FIM GO=BIM H;NOL;
FCMN;M S ;GCAIM KO? PCMCN;LIH ; IFF? ?H ;KO?FF; CMF; =;<? >?MN;=;L ; /;<CH
?LNB?FIN KO? ?M=LC<CLg; ;F L?MJ?=NI V!MNIM L?=O?L>IM G? ?GI=CIH;H S
D;GlM M? <ILL;LlH .?=O?L>I MO ;G;<F? L?=C<CGC?HNI MO A?H?LIM; S @L;H=;
=IL>C;FC>;> S NI>I FI KO? B? JI>C>I P?L S ;>GCL;L AL;=C;M ; F;M ;N?H=CIH?M
>? KO? @OC I<D?NIX
210 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

J;LN? >?F ?MNO>CI >? F; <INlHC=; S F; ILHCNIFIAg; >? F; );=;LIH?MC;


?MN? <INlHC=I CHP?MNCAd F; G;L=; >? L;H>?H<OLAI !HNL? MOM HOG?LIM;M
;=NCPC>;>?M >?MN;=d MO J;LNC=CJ;=CdH ?H F;M MI=C;=CIH?M >? C?H=C;M
*;NOL;F?M >? ?LFgH ?MJ?=C;FG?HN? ?H F; >? F; JLIPCH=C; >? L;H>?H<OLAI
?H F; KO? FF?Ad ; >?M?GJ?e;L F; JL?MC>?H=C; S ?H =OS; L?PCMN; JO<FC=d
;LNg=OFIM 0;G<CjH @O? >CJON;>I >? FIM =CO>;>;HIM >? F; IGCMCdH >?
&;L>CH?Lg; ?H S J;LNC=CJd ?H F; =L?;=CdH >? TIH;M P?L>?M ?H F; =;JCN;F
JLOMC;H; ;JIS;H>I F; C>?; >? KO? FIM AL;H>?M J;LKO?M >?<g;H J;L?=?LM?
; F; H;NOL;F?T; L?;F =IGI B;<g; B?=BI jF GCMGI ?H /=B;L@?H<?LA ,IL
bFNCGI N;G<CjH =IF;<ILd =IGI =IHM?D?LI ?H F; @OH>;=CdH >?F )OM?I >?
F; G;L=; >? L;H>?H<OLAI ?H =OS;M JO<FC=;=CIH?M ;J;L?=?H P;LCIM >? MOM
NL;<;DIM IFF? JIM?g; OH ;GJFgMCGI =gL=OFI >? =IHI=C>IM S ;GCAIM S
;>?GlM >IGCH;<; P;LCIM C>CIG;M ?MN? L?MJ?=NI ?=LC<CLg; ?LNB?FIN V!M
OHI >? FIM GlM >?MN;=;>IM H;NOL;FCMN;M >? F?G;HC; B;<F; S ?M=LC<?
@L;H=jM =IGI MC BO<C?L; H;=C>I ?H ,;LgM ?F ?MJ;eIF HI F? ?M ?RNL;eI FI
GCMGI KO? ?F CN;FC;HI ?M =;MC OH JIFgAFIN;X
/O JLIFg@C=; JLI>O==CdH FCN?L;LC; M? =IGJIH? >? NL;<;DIM ?HNL? FIM
KO? @CAOL;H P;LC;M NL;>O==CIH?M ;F ;F?GlH S JO<FC=;=CIH?M =IHDOHN;M =IH
P;LCIM ;ONIL?M =IGI JIL ?D?GJFI ?F >?MN;=;>I ILHCNdFIAI >? ;KO?F
GIG?HNI ! L?BG !H MO ;JILN;=CdH ; F; =C?H=C; IFF? HI MdFI >?M=O<LCd
?MJ?=C?M B;MN; ?HNIH=?M >?M=IHI=C>;M MCHI KO? L?>?M=O<LCd INL;M =OS; FI=;
FCT;=CdH HI M? B;<g; CH>C=;>I ?H MO GIG?HNI I M? B;<g; J?L>C>I !H
?>CNd ?F JLCG?L HbG?LI >? F; L?PCMN; >? <INlHC=; 2BA@052? .?A2;
(;G?HN;<F?G?HN? OH; J;LN? CGJILN;HN? >? MO =IF?==CdH >? JF;HN;M L?MOFNd
=IHMC>?L;<F?G?HN? >;e;>; >OL;HN? F; /?AOH>; #O?LL; )OH>C;F
!HNL? F;M GINCP;=CIH?M >? ?MN? <INlHC=I S ILHCNdFIAI J;L; P?HCL ;
;H;LC;M ;>?GlM >? MO JLIJCI CHN?LjM =C?HNg@C=I =IHNd ?F ?MNgGOFI >?
$OG<IF>N S O=B ; KOC?H?M =IHI=Cd J?LMIH;FG?HN? V*O?MNLI ?R=?FMI
M;<CI (?IJIF> PIH O=B G? JLIBC<Cd L?AL?M;L ; ?LFgH MCH B;<?L PCMCN;>I F;
AL;H>CIM; ;F>?L;X ,IL INLI F;>I MC <C?H HI >C=? ?RJL?M;G?HN? KO? PCHC?M?
JIL GINCPIM >? M;FO> W=IGI S; ?GJ?T;<; ; JIH?LM? >? GI>; ?HNL?
J?LMIH;M ;>CH?L;>;M >? !OLIJ; S =IGI @O? ?F =;MI >?F <INlHC=I $?LG;HH
/=B;=BNW Mg ;FO>? ;F L?MJ?=NI V$;<Lg; JI>C>I L?H>CL GO=BgMCGI GlM MC MOM
);L=IM /;LGC?HNI ,jL?T 211

@O?LT;M @gMC=;M BO<C?M?H ?MN;>I ; F;


;FNOL; >?F ;@lH KO? F? ;HCG;<; S MC OH
?MN;>I >? M;FO> J?LNOL<;>I HI M?
BO<C?M? CHN?LJO?MNI ?H MO =;GCHI
=IHPCLNCjH>IM? =IH >?G;MC;>; @L?
=O?H=C; ?H OH I<MNl=OFIX
;LF IFF? HI ?M=LC<Cd OH CH@ILG?
JILG?HILCT;>I >? MO ?MN;H=C; ?H
HO?MNLI L=BCJCjF;AI S MO >C;LCI ;F KO?
M? L?@C?L? =IH @L?=O?H=C; HI M? FF?Ad ;
JO<FC=;L ,;L; B;=?L OH; L?=IHMNLO==CdH
G?>C;H;G?HN? =IGJL?HMC<F? B?GIM
ONCFCT;>I F;M ;FOMCIH?M @?=B;M ? CH@IL
G;=CIH?M KO? ;J;L?=?H ;KOg S ;FFl ?H
MOM HOG?LIMIM NL;<;DIM F;M =;LN;M KO?
?M=LC<? ; ?LNBIF> /??G;HH S ;F !@CAC? >? ;LF IFF? ?H ?F &;L>gH INlHC=I V2C?L; S
F;PCDIX >? #L;H ;H;LC;
L?>;=NIL >? F; L?PCMN; <;=9.;16. F;M
KO? L?=C<Cd >? ?LNB?FIN S FIM NL;<;DIM
>? / /;FCHA?L S $ /NL?BFIQ (; CH@ILG;=CdH AFI<;F HIM F; JLIJIL=CIH; jF GCMGI
V,IL FI KO? ;F JLIJCI ;ONIL >? ?MN;M FgH?;M M? L?@C?L? ?H >IM ?MN;H=C;M ?H F;M %MF;M
F; JLCG?L; G;SILCN;LC;G?HN? ?H S F; INL; ?H MOG;H>I ?HNL? ;G<;M
OH NIN;F >? =;MC >IM ;eIM M? >?>C=d =IH ?MJ?=C;F JL?>CF?==CdH ; ?MNO>CIM >?F
=;GJI >? F; ILHCNIFIAg; ?H F; G?>C>; ?H KO? F;M =CL=OHMN;H=C;M M? FI J?LGCNC?LIHX
!H MO JLCG?L PC;D? HO?MNLI ;ONIL FF?A; ; 0?H?LC@? JLI=?>?HN? >? ;<I
2?L>? ?H FIM JLCG?LIM >g;M >? HIPC?G<L? >? S J?LG;H?=? ;FFg B;MN;
G;LTI >? (IM G?M?M >? ;<LCF S G;SI FIM J;M; ?H (;HT;LIN? S
"O?LN?P?HNOL; @CH;F?M >? G;SI PCMCN; (I<IM .?AL?M; ; 0?H?LC@? S >?M>?
;FFg PC;D; ; @CH;F?M >? ;AIMNI ; (; ,;FG; >IH>? J?LG;H?=? NI>I M?JNC?G<L?
!F >? I=NO<L? L?AL?M; ; ;<I 2?L>?
(; M?AOH>; P?T IFF? FF?A; ; /;HN; LOT >? 0?H?LC@? ?F >? @?<L?LI >?
JLI=?>?HN? >? (IH>L?M $;MN; =IGC?HTIM >? G;SI J?LG;H?=? ?H
0?H?LC@? );SI DOHCI S DOFCI FIM J;M; ?H #L;H ;H;LC; S ?F >? ;AIMNI
L?AL?M; ; F; CMF; >?F 0?C>? !HNL? M?JNC?G<L? S I=NO<L? MCH KO? JI>;GIM
212 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

JL?=CM;L F;M @?=B;M ?MNl NL?M M?G;H;M ?H (; #IG?L; V"O? ?H I=NO<L? >?
=O;H>I ;=IGJ;e;>I MdFI JIL OH AOg; G? ;>?HNLj ?H jF 7?F <IMKO?8X
*O?MNLI ;ONIL M? >?MJF;T; =IH @L?=O?H=C; ?HNL? F;M %MF;M ; <IL>I >? CH=d
GI>IM <;L=IM >? =;<IN;D? !H NC?LL; M? GO?P? ?H GOFI ?H =;<;FFI ?H
0?H?LC@? N?Hg; ?F MOSI I ?H =;G?FFI "O?LN?P?HNOL; S (;HT;LIN? (; CH@ILG;
=CdH MI<L? F; ?MN;H=C; ?H =;>; OH; >? F;M %MF;M ?M >?MCAO;F ; 0?H?LC@? S ; (;
#IG?L; F?M >?>C=; JIL M?J;L;>I OH NL;<;DI GIHIALl@C=I !M >? MOJIH?L
KO? NOPC?L; F; CHN?H=CdH >? B;=?LFI =IH ?F L?MNI >? F;M %MF;M J?LI F; C>?; HI
FF?Ad ; L?;FCT;LM? !H 0?H?LC@? @O? >IH>? J;Md GlM NC?GJI OH CHPC?LHI
=IGJF?NI S J;LN? >?F INLI V)? BIMJ?>I ?H OH; B;<CN;=CdH AL;H>? S GOS
MCGJF? ?H OH; @IH>; ?MJ;eIF; KO? S; M? ?GJC?T; ; >?=IL;L =IH NLI@?IM
<INlHC=IM S >? INLI NCJI ?MJIF?I GC GOFI ; NL;PjM >? FIM <;LL;H=IM S ;FCPCI
GC =IL;TdH =IH MIHIL;M =;L;G<;M =O;H>I ?F JO=B?LI >?F ;FGO?LTI ;J;L?=?
?H F; G?M; G;F =I=CH;>I I =O;H>I ?F PCHI =;N;FlH M;<? >?G;MC;>I ;ALCIX
? MO ?MN;H=C; ?H ?MN; CMF; =;<? MO<L;S;L F; ?MJ?=C;F ;GCMN;> KO? G;HNOPI
=IH ?LNB?FIN ?H =OS; @CH=; >? #?H?NI J;M;LIH AL;NIM GIG?HNIM (;M
;FOMCIH?M ;F ;@?=NI KO? JLI@?M;<; ; MO ;GCAI @L;H=jM MIH =IHMN;HN?M ; FI
F;LAI >? MO I<L; >?MN;=;H>I >? jF MO ?FI=O?H=C; S AL;H ;GIL JIL F; H;NOL;
F?T; =;H;LC; !HNL? F;M =IMNOG<L?M KO? >? 0?H?LC@? HIM G?H=CIH; HO?MNLI
;ONIL >?MN;=;GIM F;M J?F?;M >? A;FFIM V/? FIM =Lg; =IH AL;H ?MG?LI M? FIM
G;HNC?H? ?H D;OF;M >? =;e; S M? FIM ?=B; ; J?F?;L OHIM =IH INLIM ?H A;F?Lg;M
=IHMNLOC>;M ?RJL?M;G?HN? J;L; N;F @CH ?H JL?M?H=C; >? OH Jb<FC=I KO? M?
;LLOCH; B;=C?H>I ;JO?MN;MX
!H #L;H ;H;LC; =;FC@C=;>; JIL IFF? =IGI F; GlM @?=OH>; >? F;M
;H;LC;M J;Md FIM G?M?M >? G;SI DOHCI S DOFCI >? (;M CH@ILG;=CIH?M
MI<L? ?MN; ?MN;H=C; MIH N;G<CjH ?M=;M;M ;Hj=>IN;M HINC=C;M <L?P?M I L?@?
L?H=C;M ; FIM FOA;L?M >IH>? ?H=IHNLd JF;HN;M O I<M?LPd ;P?M FAOHIM >? FIM
J;CM;D?M >? F; CMF; =IH ;<OH>;HN?M S B?LGIM;M J;FG?L;M F? L?=O?L>;H ;
/B?B?L;T;>? F; B?LIgH; >? .@ :69 F B;. ;<052@ !H ?F /OL J;Md <;MN;HN?
NC?GJI S JLI<;<F?G?HN? >?<C>I ; MOM =;LN;M >? L?=IG?H>;=CdH M? ;FIDd
?H F; .062;1. !.@=.9<:.@ KO? G?H=CIH; ?HNL? INL;M I=;MCIH?M ;F
L?@?LCLM? ;F JlD;LI J;FG?LI V7Y8 MCNO;>; ?H ?F ?RNL?GI MOL >? #L;H ;H;LC;
HI NC?H? J;FG?L;M J?LI Mg P;MNIM =;GJIM >? NLCAI ? CHG?HM;M ?L;M ?H F;M KO? M?
);L=IM /;LGC?HNI ,jL?T 213

NLCFF; F; JLI>O==CdH >? ?R=?F?HN?M


=IM?=B;M MCAOC?H>I F; ;H=?MNL;F
=IMNOG<L? J;NLC;L=;F =IH <O?S?M
=;<;FFIM S GOFIM ; FIM KO? ;N;>IM
>? OH; =O?L>; M? B;=? >;L PO?FN;M
JCM;H>I ?F NLCAI =IH FIM JC?MX
?M>? ;FFg L?;FCTd OH; ?R=OLMCdH ; F;
B;L=; >? );MJ;FIG;M ;=IGJ;e;>I
JIL >IM GO=B;=BIM KO? FI AOC;LIH
S KO? C<;H JLIPCMNIM >? =?MNIM J;L;
L?=IA?L BO?PIM V O;H>I L?AL?
M;GIM ; =;M; S =IHN;GIM FIM BO?PIM
B;<g; GlM >? J;LN? >? ?FFIM
HIM FIM =IGCGIM =IH <O?H ;J?NCNI
;KO?FF; GCMG; HI=B? S FIM L?MN;HN?M
;F >g; MCAOC?HN? JL?J;L;>IM ?H >C@?
L?HN?M JF;NIM >? =O;L?MG; JLCH=CJ;F
G?HN? ?H ?RKOCMCN;M NILNCFF;MX !H INLI
J;M;D? HIM L?F;N; KO? ?H FIM MIFCN;LCIM
P;FF?M >?F MOL FIM J;MNIL?M F? I@L?=g;H
>?MCHN?L?M;>;G?HN? F?=B? >? MOM
=;<L;M 0;G<CjH J;Md ;FAbH NC?GJI
?H (;M ,;FG;M ; =OSI L?MJ?=NI >C=?
>? (; F;G?>; V KOg MO?F? L?OHCLM?
NI>IM FIM >g;M ;F ;HI=B?=?L F; A?HN?
>CMNCHAOC>; J;L; J;M?;L S >CM@LON;L >?F
@L?M=I !MJ;eIF;M FF?H;M >? AL;=C;
P?MNC>;M >? =LODC?HN? M?>; H?AL; S
?HPO?FN;M ?H ?H=;D?M <F;H=IM =;<;
FF?LIM ?F?A;HN?M S HCeIM >? ;AL;>;
<F?M M?G<F;HN?M >?;G<OF;H >? ;=l
J;L; ;FFl 7Y8X ,IL F;M @L?=O?HN?M 2<;6B: D2//66 ?H>?GCMGI >? ;<I 2?L>?
G?H=CIH?M ; FI=;FC>;>?M N;HNI >? F; >?M=LCNI JIL ;LF IFF?
214 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

=IMN; =IGI >?F CHN?LCIL M? >?MJL?H>? KO? IFF? L?=ILLCd NI>; F; CMF; S ?HNL? F;M
J?LMIH;M KO? HIG<L; =IGI ;GCAIM MOSIM @CAOL;H ?F =;JCNlH #?ILA? "CHF;S >IH
"L;H=CM=I ;MNCFFI S >IH AOMNgH ,?HC=B?N
.?MJ?=NI >? !F $C?LLI MdFI >CMJIH?GIM >? >IM ?M=O?N;M L?@?L?H=C;M ; F;
PCMCN; >?F <INlHC=I <?LFCHjM ?H OH; =;LN; KO? ?HPg; ; ,BCFCJ ;LE?L 3?<<
?H ;AIMNI >? S =O;H>I HIM CH>C=; KO? J;Md OH; HI=B? ?H F; =;M; >?
OH N;F #?LP;MCI -OCHN?LI KO? F? M?LPg; =IGI AOg; !M GOS JLI<;<F? KO? M?
NL;N;L; MdFI >? OH; ?MN;H=C; =ILN; ;JLIP?=B;H>I OH; ?M=;F; >?F <;L=I ?H
?F KO? PC;D;<;
0;GJI=I MI<L? (; ,;FG; B?GIM ?H=IHNL;>I GlM KO? ;FAOH;M ;FOMCIH?M
!H OH J;M;D? M? L?@C?L? ; ?FF; =IGI V;KO?FF; CMF; CHIFPC>;<F?X ? MO PCMCN; ;
(; ;F>?L; HIM =O?HN; ?HNL? INL;M =IM;M KO? M? B;<g; ?H=IHNL;>I =IH
ALOJIM >? DdP?H?M KO? W;F?AL?M S >? <O?H BOGIL J?M? ; F; N?H>?H=C; >? FIM
J;FG?LIM ; F; G?F;H=IFg;W L?=IF?=N;<;H L;g=?M >? B?F?=BIM J;L; ?F CHPC?LHI S
KO? F? B;<F;LIH >? >IM =F;M?M OH; =IG?MNC<F? S INL; GOS ;G;LA; KO? M?
>C@?L?H=C;<;H HI JIL MO ;MJ?=NI ?RN?LHI MCHI JLI<lH>IF;M 5 N;G<CjH HIM
L?F;N; KO? PCPCd GIG?HNIM >? HIMN;FAC; JIL ?D?GJFI =O;H>I M?HN;>I <;DI
?F .IKO? >? %>;@? =IHN?GJF;H>I ?F JCH;L S IS?H>I ?F <;LL;H=I L?=IL>d ;F
S; ;H=C;HI (?IJIF> PIH O=B S ; MO J;N?LH;F ;GCAI ?LNB?FIN KO? N;G<CjH
B;<g;H ?MN;>I ?H ;KO?F FOA;L S ?H MO MIF?>;> N;L;L?d FIM P?LMIM >?F JI?N;
;F?GlH $?CHLC=B $?CH? >?>C=;>IM ;F JCHI >?F *ILN? KO? MO?e; =IH OH;
J;FG?L; >? +LC?HN?
/C <C?H IFF? HIM >?D; ;GJFC; CH@ILG;=CdH MI<L? F;M =;L;=N?LgMNC=;M <INl
HC=;M S A?IFdAC=;M >? F;M $B?=B?.?6.@ F; L?@?LC>; ; MO PC;D? S ?MN;H=C; ?M
?M=;M; /;<?GIM KO? ?MNOPI ?H ?FF;M ?H ;<LCF S G;SI >? S KO? CHC=C;F
G?HN? >?M?G<;L=d ?H #L;H 0;L;D;F JLCH=CJCIM >? ;<LCF J;M?d L?J?NC>;M
P?=?M ; FI F;LAI >? F; =IMN; >? &;H>g; S JIMN?LCILG?HN? L?=ILL?Lg; NI>; F; CMF;
S (I<IM ,;LN? >?F NC?GJI M? ;FIDd ?H F; =;M; >? F; @;GCFC; );HLCKO? >? (;L;
?H (; +FCP; !H P;LC;M I=;MCIH?M M? L?@C?L? ;F =ILIH?F =IGI MO ;JL?=C;>I
;GCAI >IH "L;H=CM=I );HLCKO? >? (;L; S ,IHN? S ?H INL;M HIM G?H=CIH; MOM
J;LNC>;M >? =;T; ?H =IGJ;eg; >? MO DIP?H ;GCAI LCMNI<;FCNI );HLCKO? >?
(;L; !H INLI J;M;D? G?H=CIH; ; INLI >? MOM ;GCAIM ?H F; CMF; >IH ;LFIM
-OCHN;H; S N;G<CjH L?F;N; B;<?L ?MN;>I ?H F; =;M; >?F L 0IGlM )?H;
);L=IM /;LGC?HNI ,jL?T 215

"CLG; >? ;LF IFF? ?RNL;g>; >? OH; =;LN; ?M=LCN; ; ,BCFCJ ;LE?L 3?<<

!H =O;HNI ; MOM ?R=OLMCIH?M JIL ;KO?FF; CMF; =;<? >?MN;=;L F; L?;FCT;>; ;


F; 2CFF; >? ?N;H=OLC; ?H =;G?FFI S ;=IGJ;e;>I JIL >IM G;DIL?LIM FF;G;>IM
/;HNC;AI ;LL?NI S H;MN;MCI AOCF;L !F ;F=;F>? FIM ;FIDd ?H MO =;M; S F?M
JLIJIL=CIHd OH AOg; KO? FIM =IH>ODI B;MN; .gI ,;FG;M =OSI ?RN?HMI S
B?LGIMI I;MCM >? J;FG?L;M L?MJIH>g; J?L@?=N;G?HN? M?AbH IFF? ; F;
>?M=LCJ=CdH >? IHNC?L S (?P?LLC?L !H L?F;=CdH =IH F; =IMNOG<L? >? FIM G;DI
L?LIM >? =IHN;L BCMNILC;M HIM L?JLI>O=? OH; KO? NOPI FOA;L >OL;HN? OH; >?
F;M J;L;>;M J;L; =IG?L V!F bFNCGI ?H ?GJ?T;L @O? H;MN;MCI KO? B;MN;
?HNIH=?M B;<g; J?LG;H?=C>I ?H MCF?H=CI ;J;LNlH>IM? ?F J?FI >? F; @L?HN?
:Z2? 1MN?> =;<;FF?LI ;FFl ;<;DI ?H ?F P;FF? ;KO?F INLI ALOJI >? J;FG?L;M
!HNL? ?FF;M B;S OH; =OSIM >lNCF?M HI NC?H?H BO?MI MIH >OF=?M S =dGI>IM >?
=IG?L 7Y8 Z,?LI M;<? OMN?> N;F P?T =dGI MOLAC?LIH ?MNIM >lNCF?M HN? GC
L?MJO?MN; H?A;NCP; ?F DIP?H MIHLCd =IH ;MNO=C; S JLIMCAOCd ?M OH; BCMNILC;
;HNCAO; 7Y8X IFF? ;FO>? ;MCGCMGI ; F; JLl=NC=; >? >;L ; FIM L?=CjH
H;=C>IM OH; CH@OMCdH >? ;OF;A; =IGI NdHC=I I =IGI JLIN?==CdH =IHNL;
JI>?L?M I=OFNIM V.C=I I JI<L? HI M?Lg; OH ;ONjHNC=I G;DIL?LI ?F KO? >?
HCeI HI BO<C?M? JLI<;>I ?MN; <?<C>; ;G;LA; >? F; ;OF;A;X
? MO ?MN;H=C; ?H (;HT;LIN? J?M? ; B;<?LF; ;NL;P?M;>I >? ,;J;A;SI ;
$;Lg; ;J?H;M HIM >?D; HINC=C;M ;<? >?MN;=;L ?F =IG?HN;LCI MI<L? F; ?RCM
N?H=C; ?H INLI NC?GJI >? OH; L?ACdH >? <IMKO? MC?GJL? P?L>? >?F KO?
?LNB?FIN B;<g; FF?A;>I ; P?L ;bH L?MNIM >? MdFC>IM NI=IH?M S >?F M? B;=?
216 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

,;L;>; ?H OH; =IFCH; ?HNL? HNCAO; S ?N;H=OLC; "O?LN?P?HNOL;

G?H=CdH ?H F; =LdHC=; >? F; =IHKOCMN; =O;H>I M? L?F;N; KO? ;F P?H=C>I L?S >?
F; CMF; #O;>;L@C; F? =ILL?MJIH>C?LIH SOA;>;M >? N?LL?HIM >? =OFNCPI S
>? <IMKO? IFF? =IHMC>?L; KO? JO>C?L; NL;N;LM? >?F GIHN? >? F;OL?F?M S
B;S;M =?L=; >? F; =CG; >? F; ?LGCN; >? F;M *C?P?M ?H F;M ,?eCN;M >?F B;=B?
!H =O;HNI ; ;FAOH;M =IMNOG<L?M >? F; CMF; ?RJFC=; F; >C@?L?H=C; ?HNL?
VN?LL?HIM ;L?H;>IMX S VN?LL?HIM MCGJF?MX S L?F;N; =dGI M? MIFg; =;T;L F;
J;FIG; <9B:/. 96C6. ( AIFJ?lH>IF; =IH J;FIM ?H F; IM=OLC>;> ?H F;M
=O?P;M >IH>? J;M;<; F; HI=B? NL;M N;JIH;L F; ?HNL;>;
(I<IM F; PCMCN; IFF? >?M>? "O?LN?P?HNOL; ; @CH;F?M >? G;SI V1H; =;HI; FCA?L;
HIM >?Dd ?H OH; JF;S; >? F; ;L?H; GlM <F;H=; S @CH; KO? M? JO?>; CG;ACH;LX
? (; #IG?L; >IH>? ?F <INlHC=I <?LFCHjM ?MNOPI NL?M M?G;H;M HIM >?D;
OH ;GJFCI L?F;NI GIHIALl@C=I IM ;MJ?=NIM F? CGJL?MCIH;LIH ?MJ?=C;F
);L=IM /;LGC?HNI ,jL?T 217

G?HN? F; BCMNILC; >? F; CMF; S ?F <IMKO? PCLA?H V!F JLI@OH>I S GCMN?LCIMI


MCF?H=CI >? ?MN? G;L;PCFFIMI <IMKO? ?H ?F KO? J;Mj P;LCIM >g;M CHN?LLOGJC>I
MdFI JIL ?F GOLGOFFI >? FIM G;H;HNC;F?M S ?F MOMOLLI >?F PC?HNI ?H F;M =IJ;M
GCF?H;LC;M >?Dd ?H Gg OH L?=O?L>I CG<ILL;<F? KO? ;OHKO? M? G? =IH=?
>C?M? PCPCL ;bH GO=BIM ;eIM S GC ;eIL;HT; JIL PIFP?L ; P?LFI HI M? PC?M?
M;NCM@?=B; FI =IHM?LP;Lg; ?H NI>; MO @L?M=OL; B;MN; ?F bFNCGI GIG?HNIX
,I=;M M?G;H;M >?MJOjM >? MO ?MN;H=C; ?H (; #IG?L; IFF? L?AL?M; ;
F?G;HC; >?M>? 0?H?LC@? MCH M;<?L KO? S; HI PIFP?Lg; ;F L=BCJCjF;AI
(; I<L; >? ?MN? ;ONIL MI<L? ;H;LC;M M? =IGJIH? >? NL;<;DIM WKO?
@O?LIH PC?H>I F; FOT ?HNL? S W MI<L? <INlHC=; ILHCNIFIAg;
S =OFNOL; S =CPCFCT;=CdH IFF? ?M?H=C;FG?HN? <INlHC=I FF?Pd ; =;<I OH;
CGJILN;HNgMCG; CHP?MNCA;=CdH >? F; @FIL; =;H;LC; L?=IAC>; ?H ;JILN;
=CIH?M .@ =.9:2?.@ 2; 9.@ @9.@ .;.?6.@ "<C6A6.2 39<?.2 0./<C2?160.2
.;.?6.?B: @A6?=6B:K 02?0. 12 1<@ ;B2C<@ 529205<@ @=92;6B:
;2D:.;6 F 5269.;A52@ 4B.;0560. 1<@ ;B2C.@ 2@=2062@ 12 529205<@ 9
0B9.;A?699< B; 529205< 12 :.;.;A6.92@ F 1<:Y@A60< F 9. F2?/. A<@A<;2?. 9
529205< 52:/?. F 29 =.; 12 529205<@ .@ 9<0.96G.06<;2@ 12 9<@ 529205<@ 2;
9.@ @9.@ .;.?6.@ F ) .@ 2@0?<3B9.?6.@ 12 9.@ @9.@ .;.?6.@ %BA52.
B; ;B2C< 4Y;2?< 12 B:/29V32?.@ 9<?. 12 9.@ 6@9.@ 2; <A?< A62:=< 12;<:6
;.1.@ $B?=B?.?6.@ F 5<F .;G.?<A2 F B2?A2C2;AB?. 0<; 9.@ 6@9.@ :2;<?2@
@92A. 12 </<@ F . ?.06<@. 112;1. .1 39<?.: A9.;A616@ =?.206=B2 6;@B
9.?B: .;.?62;@6B: <?4.1B:>B2 ) F ) F ;]96@6@ /<A];60<
?2A?<@=20A6C< 12 9.@ 6@9.@ 12 .;G.?<A2 F B2?A2C2;AB?.
!F H;NOL;FCMN; <?LFCHjM >?M=O<LCd HO?P;M ?MJ?=C?M ?HNL? F;M KO? =;<?
>?MN;=;L 5269.;A52@ 4B.;0560. IFF? @=92;6B: ;2D:.;6 & 9.;42.;.
;LF IFF? & .;.4.2 ;LF IFF? HIP MJ & /2?A529<A66 ;LF IFF? HIP MJ
%BA52. 52?/.;60. IFF? #;<;6@ 05?6@A66 <992 HIP MJ <AB@ 0?FA5?<?56GB@
<992 HIP MJ B=92B?B: 49.B0B: $9.;A.4< .@052?@<;66 <992 HIP
MJ S 2<;6B: :.;?6>B2<?B: IFF? 2;LC;M >? F;M JF;HN;M >?M=O<C?LN;M
JIL jF F;M >?>C=d ; J?LMIH;MFC>;>?M >?MN;=;>;M >?F GIG?HNI !F @=92;6B:
;2D:.;6 FF?P; ?F ;J?FFC>I >? MO ;GCAI !>Q;L> *?QG;H ;ONIL >? F; I<L;
6@A<?F <3 ?6A6@5 2?;@ IH F; >?HIGCH;=CdH >? F; %BA52. 52?/.;60. >?Dd
=IHMN;H=C; >? F; J;NLC; >? F; JF;HN; 2?/.;6. S ?RJL?Md MO ;@?=NI ;F
218 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

,LI@?MIL & " .ONB? >?M=O<LC>IL >?F ).006;B: 6;A2?:216B: S =IH KOC?H
IFF? G;HNOPI OH <L?P? J?LI CG<ILL;<F? ?H=O?HNLI ?H V!MN;<;
M?HN;>I ?H OH MI@l MI<L? ?F KO? =IFA;<; ?F AL;H G;J; @gMC=I >? 0?H?LC@? >?
(?IJIF> PIH O=B 2;FA; ?MN; =CL=OHMN;H=C; =IGI ?R=OM; >? KO? M?; JL?=C
M;G?HN? OH AjH?LI >? JF;HN; =;H;LCI ?F KO? F? >?>C=IX (; #;<;6@ 05?6@A66
<992 HIP MJ F; >?>C=; ;F <INlHC=I MOCTI $?LG;H BLCMN KO? N;G<CjH
B;<g; CHP?MNCA;>I F;M JF;HN;M =;H;LC;M F; @;GCFC; );HLCKO? >? (;L; F?
I<M?KOCd F; 2<;6B: :.;?6>B2<?B: IFF? V/? B; >?>C=;>I ; F; HI<F?
@;GCFC; =;H;LC; );HLCKO? >? (;L; ; F; KO? JLI@?MI AL;H ;@?=NI S >? =OS;
NC?LL; JLIPC?H? HO?MNL; JF;HN; 7Y8X ? F; .C.;1B9. :6;BA<966 IFF? M?
HIM >C=? V/? F? B; >;>I ?MN? HIG<L? ?H BIHIL >?F %FOMNLgMCGI &OFCOM
"L?CB?LL PIH )CHONIFC 7Y8 ?<C>I ; MO ?RNL;IL>CH;LC; BOG;HC>;> S ;@;<C
FC>;> >? =;Ll=N?L >?Dd AL;N; S >OL;>?L; G?GILC; ?H ;KO?FF;M %MF;M ; F;M
KO? JLI@?M; MCH=?LI ;@?=NIX
? @ILG; A?H?L;F IFF? CH=FOS? CH@ILG;=CdH MI<L? P;LCIM ;MJ?=NIM
;ONIL?M ;HN?LCIL?M ; jF HIG<L? >? F; JF;HN; ;HN?M >? (CHH?I HIG<L?
=IGbH ?H ?MJ;eIF S ; P?=?M ?H F?HAO; ;<ILCA?H =;H;LC; S JILNOAOjM
FOA;L?M >IH>? @O? ?H=IHNL;>; I F;M =;L;=N?LgMNC=;M A?IFdAC=;M >?F MO?FI
>IH>? =L?=? ? ;FAOH;M >; F; >C;AHIMCM ?H F;NgH S MIH @L?=O?HN?M F;M
;FOMCIH?M ;F 6006<;.?6< 12 6@A<?6. ".AB?.9 >? 2C?L; >?F KO? >CMJOMI >?
OH; =IJC; >?F G;HOM=LCNI KO? FO?AI M? ?>CN;Lg; JIL JLCG?L; P?T ?H
!H I=;MCIH?M M? CH>C=; =dGI M? JLI>ODI ?F >?M=O<LCGC?HNI S F;M L;TIH?M
=IHMC>?L;>;M J;L; MO >?HIGCH;=CdH
(;M FI=;FCT;=CIH?M KO? M?e;F; L?MOFN;H ?MJ?=C;FG?HN? CGJILN;HN?M JO?M
>?<C>I ;F =;G<CI =FCGlNC=I ; F; >CHlGC=; CHN?LH; >? FIM ?=IMCMN?G;M S MI<L?
NI>I ; F;M ;=NCPC>;>?M BOG;H;M ;FAOH;M JF;HN;M B;H >?M;J;L?=C>I >? FOA;L?M
>IH>? ;HN;eI ?L;H =IGOH?M IGI ?D?GJFI JI>?GIM L?@?LCLHIM ;F
F:2;<=5F99B: AB;/?642;@2 KO? S; HI M? B; PO?FNI ; ?H=IHNL;L ?H F; =;<?=?L;
>?F ;LL;H=I >? LAOCH?AOgH #L;H ;H;LC; S >?F KO? IFF? HIM >C=? KO?
?MJL?;OR FI B;<g; >?M=O<C?LNI ;FFg ?H
?F NL;<;DI MI<L? F;M J;FG?L;M WJLCG?L;M L?JL?M?HN;HN?M >? F; @FIL; >? FIM
0LdJC=IM KO? FIM PC;D?LIM =IHN?GJF;<;H ;F FF?A;L 0?H?LC@?W ?M=LC<CLg; MO
=IGJ;NLCIN; S <INlHC=I ?LNBIF> /??G;HH V0;G<CjH M? >O>;<; >? KO? F;
);L=IM /;LGC?HNI ,jL?T 219

J;FG?L; >;NCF?L; @O?M? ;ONd=NIH;


>? F;M ;H;LC;M ?H ;>?F;HN? S; HI
M?Ll ;Mg JO?M ?F L ;LF IFF? B;
L?MO?FNI >?@CHCNCP;G?HN? ?MN; =O?M
NCdH N;HNI ; NL;PjM >? FIM >I=O
G?HNIM BCMNdLC=IM =IGI >? MOM
JLIJC;M I<M?LP;=CIH?MX IFF? ;<IL>;
;MJ?=NIM BCMNdLC=IM MI<L? ?MN;
JF;HN; S M?e;F; KO? ?H (; ,;FG;
>? @ILG; ?RNL;e; M? ?H=IHNL;<;H
J;FG?L;M >;NCF?L;M ?HNL? FIM JCHIM
;FAI KO? (?IJIF> PIH O=B B;<g;
JO?MNI ?H >O>; (; M?AOH>; ;JIL
N;=CdH ?MNl ?M=LCN; ?H F;NgH S L?=IA?
?MJ?=C?M >? B?F?=BIM >? ;<I
2?L>? >? F;M =O;F?M M? >;<;H
N;G<CjH ?H F;M ;H;LC;M
.@ 9<0.96G.06<;2@ 12 9<@ 5292
05<@ 2; 9.@ @9.@ .;.?6.@ NL;<;DI
,F;H=B; >? F; %BA52. 52?/.;60. >? ;LF IFF?
?H ?F KO? M? =;N;FIA;H ?MJ?
=C?M @O? JO<FC=;>I ?H J;LN?M /?
>?MN;=; KO? FIM B?F?=BIM B;<g;H KO?>;>I =IGI NCJIM ILCACH;F?M >? OH;
P?A?N;=CdH L?;FG?HN? ;ONd=NIH; N?MNCAIM >? jJI=;M J;M;>;M V7Y8 ?F
HbG?LI >? MOM ?MJ?=C?M JLI<;<F?G?HN? HI B;S; ;OG?HN;>I HC >CMGCHOC>I
>?M>? KO? ?F JLCG?L P?F?LI @?HC=CI BC=C?L; MO ;J;LC=CdH ?H ;AO;M =;H;LC;MX
!H ?F ;LNg=OFI MI<L? .@ 2@0?<3B9.?6.@ W>? F;M KO? HO?MNLI ;ONIL B;<g;
>?M=O<C?LNI HO?P;M ?MJ?=C?MW ;<IL>; F;M ?MJ?=C?M =IHI=C>;M B;MN;
;KO?F GIG?HNI ?H ?F L=BCJCjF;AI
9<?. 12 9.@ 6@9.@ 2; <A?< A62:=< 12;<:6;.1.@ $B?=B?.?6.@ F 5<F .;G.?<A2 F
B2?A2C2;AB?. 0<; 9.@ 6@9.@ :2;<?2@ @92A. 12 </<@ F . ?.06<@. L?=IA? OH
FCMN;>I MCMN?GlNC=I >? F;M JF;HN;M >? F;M CMF;M ILC?HN;F?M ?H ?F KO? M? =;N;FIA;H
?MJ?=C?M W=O;NLI >? ?FF;M >?M=O<C?LN;M JIL ?F JLIJCI IFF? #;<;6@ 05?6@A66
<992 HIP MJ <AB@ 0?FA5?<?56GB@ <992 HIP MJ B=92B?B: 49.B0B: S
220 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

$9.;A.4< .@052?@<;66 <992 HIP MJ W ;ALOJ;>;M ?H @;GCFC;M !F J?HbFNCGI >?


FIM NL;<;DIM ?M=LCNI ?H F;NgH S JO<FC=;>I ?H =CH=I J;LN?M L?=IA? ?MJ?=C?M
"CH;FG?HN? ?H ;]96@6@ ?2A?<@=20A6C< 12 9. /<A];60. 12 9.@ 6@9.@ 12
.;G.?<A2 F B2?A2C2;AB?. IFF? ;H;FCT; F; @FIL; >? ?MN;M >IM CMF;M S >? F;M
CMF?N;M /O =;NlFIAI =IHNC?H? S; ?MJ?=C?M >? @;H?LdA;G;M S =LCJNdA;G;M
GlM >? F;M L?=IAC>;M JIL #?ILA $;LNOHA ;eIM ;NLlM *O?MNLI ;ONIL
=IHMC>?L; KO? F; >?M?LNCT;=CdH >? F;M $B?=B?.?6.@ M? B;<g; >?<C>I ; FIM
PIF=;H?M ; F;M =;<L;M S MI<L? NI>I ;F BIG<L? JO?M ?H ?FF;M >?<Cd >? ?RCMNCL
OH >?HMI <IMKO? >? ;L<OMNIM CHN?LLOGJC>I JIL ?MJ;=CIM >?>C=;>IM ; FIM
J;MNIM KO? ?H >?N?LGCH;>IM JOHNIM JL?M?HN;<; G;SIL ;FNOL; V7Y8 SI
GCMGI PC ?H F; F;>?L; HILN? >? F; =OG<L? >? &;H>g; CGJL?MCIH;HN?M L?MNIM ?H
?MN;>I >? >?MGILIH;GC?HNI >? NLIH=IM >? F; .A5. 0.@@6;<612@ CH=FOMI ?H
F; jJI=; ?H KO? SI ?MNOP? ;FFg M? G;HN?Hg; ;bH PCPI ?F L?=O?L>I >? FIM IFCPIM
MCFP?MNL?M KO? B;<g;H >;>I HIG<L? ; F; J?KO?e; =CO>;> >? (; +FCP;X !H
=O;HNI ; F; %<00299. A6;0A<?6. IL=BCFF; S ; F; $.?:296. =2?9.A. =B WGOMAI
KO? M? ?RJILN;<; ; %HAF;N?LL; .;.?F :<@@ J;L; F; CH>OMNLC; N?RNCFW ?F <INl
HC=I <?LFCHjM MO<L;S; ?F CGJILN;HN? J;J?F >?M?GJ?e;>I JIL ;G<;M JF;HN;M
?H INLI NC?GJI V"O?LIH ?MNIM FgKO?H?M FIM KO? BC=C?LIH =jF?<L?M ?MN;M %MF;M ?H
F; HNCAa?>;> S F? JLI=OL;LIH ?F HIG<L? >? ,OLJOL;LC;M ?H F; jJI=; LIG;H;
Z*I B;<F; ;=;MI ?F JLI@?N; !T?KOC?F GOS PCH=OF;>I ; FIM ;MOHNIM @?HC=CIM >?
G;HNIM =IFIL?;>IM =IH F; JbLJOL; >? F;M CMF;M !FCM; X !HNL? F; G;M; AFI<;F >?
JF;HN;M IFF? =IHMC>?L; =IHP?HC?HN? >CMNCHAOCL FIM ?H>?GCMGIM >? F;M JF;HN;M
=IH OH G;L=;>I =;Ll=N?L FI=;F JO?M MOM IJILNOHC>;>?M >? MOJ?LPCP?H=C; MIH
G?HIL?M KO? F;M >? INL;M <;MN;H>I OH; MO<C>; ?R=?MCP; >? F; G;L?; OH
>?MJL?H>CGC?HNI >? NC?LL; I OH; ?LOJ=CdH PIF=lHC=; J;L; <;LL?LF;M >? F;
MOJ?L@C=C? >?F JF;H?N; !F FCMN;>I KO? M? CH=FOS? ;KOg L?=IA? ?MJ?=C?M >?
JF;HN;M =;H;LC;M I J?LN?H?=C?HN?M ; ?MN? NCJI M;B;LC;H;M I M;B;LIC>?M
?H>jGC=;M >? JF;HN;M >? =;Ll=N?L G;L=;>;G?HN? FI=;F JF;HN;M FCGCN;>;M
S JIL bFNCGI >? JF;HN;M MOJO?MN;M KO? ?LNB?FIN B;<g; CH=FOC>I ?H MO
6@A<6?2 ".AB?2992 12@ ^92@ .;.?62@ J?LI KO? FO?AI HI L?=IACd ?H FCMN;M JIMN?
LCIL?M S KO? HCHAbH INLIM =C?HNg@C=I B;<g; PCMNI
,?M? ; KO? IFF? ?L; <INlHC=I N;G<CjH F; ILHCNIFIAg; I=OJd OH FOA;L CGJIL
N;HN? ?H MO ;JILN;=CdH =C?HNg@C=; V*I B;<g; C>I ;FFg JL?=CM;G?HN? J;L; I=OJ;LM?
);L=IM /;LGC?HNI ,jL?T 221

>? F; +LHCNIFIAg; HI I<MN;HN? FI


BCTI JILKO? ?MN;<; ;FFg S ; =;>;
J;MI KO? >;<; M? F? ;<Lg;H HO?PIM
BILCTIHN?M JILKO? MO CHN?LjM M?
PIFPCd JIL ?HN?LI S MCH L?M?LP;M ;
?MN; L;G; >? F; 6IIFIAg; N;H MOG;
G?HN? CHN?L?M;HN?X (;G?HN;<F?
G?HN? F; =IF?==CdH >? ;P?M KO?
HO?MNLI ;ONIL FF?P;<; J;L; ?F )O
M?I >? ?LFgH M? J?L>Cd ?H ?F G;L ;
=;OM; >? OH N?GJIL;F ;OHKO? M?
JO>C?LIH M;FP;L ;FAOHIM =;H;LCIM
MCFP?MNL?M S OH JCHTdH L?;F >? "O?LN?
P?HNOL; /O ;JILN;=CdH ; F; ILHCNI
FIAg; =;H;LC; F; =IH@ILG;H NL;
<;DIM <;@612?.06<;2@ .02?0. 12
9.@ .C2@ 12 9.@ @9.@ .;.?6.@ % S %%
!6 @24B;1. .=<?A.06S; . 9. #?;6A<
9<4V. 12 9.@ @9.@ .;.?6.@ % S %% 9
0.;.?6< @.9C.72 129 :<;A2 B;.
/6<4?.3V. ;3<?:.06S; @B=92:2;
A.?6. 2; ?29.06S; 0<; 29 :B;1< 12
9.@ .C2@ ;A5B@ /2?A529<A66 B;.
;B2C. 2@=2062 12 /6@/6A. &</?2 9.
&A.A602 5B:/<91A66 ;=N 6:<;6B: =20A6;.AB:
;A5B@ 12 9.@ .;.?6.@ ?20<;<061. ?MJ?=C? >? MC?GJL?PCP; >?M=LCN; JIL ;LF IFF?
0<:< 2@=2062 ;B2C. F 12;<:6;.1.
;A5B@ /2?A529<A66 S 9. @<:/?.
129 $60< 12 '2;2?632
!H A?H?L;F IFF? JLIJIL=CIH; ;<OH>;HN? CH@ILG;=CdH MI<L? F;M ;P?M KO?
=;N;FIA; HIG<L? =C?HNg@C=I S ; P?=?M ?F POFA;L FI=;FC>;> BIL; I G?M >?F
;eI ?H KO? F;M PCI >dH>? ;HC>;H MC M? F;M P? =IH @L?=O?H=C; MC F;M B;S ?H
NI>;M I MdFI ?H ;FAOH;M >? F;M CMF;M I MC F;M =;Td jF GCMGI I=;MCIH;FG?HN?
>?M=LC<? FIM GjNI>IM S NLO=IM >? =;T; ,IL INLI F;>I L?MOFN; MOG;G?HN?
222 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

CHN?L?M;HN? ?F MCHHbG?LI >? ;Hj=NI>;M BCMNILC;M >C=BIM I =L??H=C;M JIJO


F;L?M KO? L?=IA? ?H L?F;=CdH =IH ?F GOH>I >? F;M ;P?M JIL ?D?GJFI ;F
B;<F;L >?F =O?LPI L?F;N; KO? FIM J;MNIL?M ?H &;H>g; FI FF;G;<;H V?F JlD;LI
GlM J?LLIX JILKO? F? M;=;<; FIM IDIM ; =;<LCNIM S =IL>?LIM J;L; =IGjL
M?FIM
!F HbG?LI >? ;P?M =;N;FIA;>;M ?H FIM >IM JLCG?LIM FCMN;>IM FI =C@L; ?F
JLIJCI IFF? ?H >? NC?LL; S ;=OlNC=;M (;M ?MJ?=C?M @L?HN? ;
F;M >? F; #?;6A5<9<462 0.;.?62;;2 >? ?LNB?FIN KO? ?F ;ONIL =IHMC>?L;
I<M?LP;>;M B;MN; ;KO?F GIG?HNI F;M >CMNLC<OS? HOGjLC=;G?HN? ?H
@OH=CdH >? F;M @;GCFC;M
,;L; =O;H>I HO?MNLI ;ONIL JO<FC=; ?F JLCG?LI >? FIM ;LNg=OFIM W?H ?F KO?
=;N;FIA; ;P?MW S; B;<g; J;M;>I MO JLCG?L ;eI ?H F;M %MF;M S M? ?H=IH
NL;<; >? PO?FN; ?H F?G;HC; !H FgH?;M CGJL?AH;>;M >? HIMN;FAC; L?G?
GIL; MO ?MN;H=C; ?H ?F L=BCJCjF;AI S ?MJ?=C;FG?HN? MO ?HNL;e;<F?
;GCMN;> =IH /;<CH ?LNB?FIN =IH ?F KO? >OL;HN? GO=BIM G?M?M M;FCd >?
=;=?Lg; ? BCTI ?R=OLMCIH?M <INlHC=;M V jF ;AL;>?=?GIM F; G;SIL J;LN? >?
FI KO? M;<?GIMX
!H ?F N?L=?L NL;<;DI KO? P? F; FOT DOMNI >?MJOjM >? F; M?AOH>; ?MN;H=C;
>? IFF? ?H ?F L=BCJCjF;AI M? >?MN;=; ?F =;Ll=N?L ?OLIJ?I >? F; ILHCNI
FIAg; >? F;M ;H;LC;M S M;FPI F; ?MJILl>C=; JL?M?H=C; >? ;FAbH ;P? NLIJC=;F
;@LC=;H; >?<C>; ; F; =;MO;FC>;> I ; @O?LN?M =ILLC?HN?M >? ;CL? GOS JI=I
B;S KO? ?PC>?H=C? F; =?L=;Hg; >?F w@LC=; NLIJC=;F /? MO<L;S; KO? ;>?GlM
>?F NCJI ?OLIJ?I B;S INLIM >IM ?F ?ACJ=CI Fg<C=I S ?F ;NFlHNC=I ;ONjHNC=;
G?HN? CHMOF;L KO? =ILL?MJIH>?H ;F >O;FCMGI CMF;M ILC?HN;F?M ?MJ?=C?M
?H F;M KO? ;J;L?=?H F;M ;P?M L?;FG?HN? >?F >?MC?LNI ? CMF;M I==C>?HN;F?M
?MJ?=C?M
(O?AI ?H OH ?RN?HMI ;LNg=OFI IFF? ;<IL>; GIHIALl@C=;G?HN? ?F
=;H;LCI M;FP;D? >?F GIHN? G?HIM =IHI=C>I KO? ?F GI>C@C=;>I JIL ?F
BIG<L? V/CH >O>; H;>; HIM BCTI L?=IL>;L GlM ; HO?MNL; J;NLC; HC HIM
;SO>d GlM ; ;F?D;L F; M?HM;=CdH >? M?L ?RNL;eIM ?H F;M %MF;M KO? JL?=CM;
G?HN? ?F =;HNI >?F =;H;LCI KO? ;G;<F?G?HN? HIM M;FO>;<; JIL >IKOC?L S
KO? ?H ;KO?FF; NC?LL; MO?H; GlM I G?HIM =IH F; GCMG; =;>?H=C; KO? ?F
JCHTdH ?H F?G;HC;X .?MOFN;H GOS CHN?L?M;HN?M F;M CH@ILG;=CIH?M L?F;
);L=IM /;LGC?HNI ,jL?T 223

NCP;M ; MO =;JNOL; ?GJF?;H>I OH; NL;GJ; FF;G;>; V@;FM?N?X ?H F; KO? M?


MIFg;H CHNLI>O=CL =IGI L?=F;GIM JCHNIM S MCFF?LIM V2CGIM =dGI M? =;JNO
L;<;H >? ?MN? GI>I OHI >?MJOjM >?F INLI >? ; ?D?GJF;L?M ?H
JI=;M BIL;MX
!H ?F M?RNI NL;<;DI ?F H;NOL;FCMN; <?LFCHjM ;e;>? ;FAOH;M ;P?M ?RNL;g>;M
>? F; I<L; >? );=#L?AIL ,IMN?LCILG?HN? I@L?=? N;G<CjH OH ?MNO>CI MI<L?
OH; HO?P; ?MJ?=C? >? <CM<CN; V!F HIG<L? KO? F? INILAI >?HIGCHlH>IFI
;A5B@ /2?A529<A66 ?H G?GILC; >? GC ;JL?=C;>I ;GCAI /;<CHI ?LNB?FIN
G? FI B;H >C=N;>I FIM M?HNCGC?HNIM >?F =IL;TdH ;F NC?GJI KO? OH ;AL;>?
=C>I L?=IHI=CGC?HNI ; MO AL;H GjLCNI =C?HNg@C=IX
!F bFNCGI >? FIM ;LNg=OFIM MI<L? F; ILHCNIFIAg; >? ;H;LC;M W 9. @<:/?.
129 $60< 12 '2;2?632W ?M ?F N?RNI >? OH; =IH@?L?H=C; JLIHOH=C;>; ?F >?
G;SI >? ;KO?F ;eI =IH GINCPI >? F; DOHN; ;HO;F >? F; /I=C?>;> >?
+LHCNdFIAIM ?H ?LFgH >? F; KO? IFF? ?L; PC=?JL?MC>?HN? ,;L; ?HNIH=?M
N?Hg; ;eIM S ?H FgH?;M CGJL?AH;>;M >? HIMNlFAC=IM L?=O?L>IM I@L?=?
OH; PCMCdH AFI<;F MI<L? ?F GOH>I >? F;M ;P?M >?F L=BCJCjF;AI V(; NC?LL; ;
>IH>? HIM FF?Pd ?MN? ?MNO>CI ?M OH; NC?LL; >? MIF ? <O?H; A;H; M? <OM=;
;FFg F; MIG<L; F; >?F <IMKO? >? @LON;F?M CGJL?AH;>IM >?F ;LIG; >?F ;T;B;L
F; IM=OL; >?F <IMKO? >? F;OLCMCFP; 7Y8 ,?LI NO MIG<L; KO? MI<L?M;F? JIL
?H=CG; >? NI>I Nb ;HNCKOgMCG; S ACA;HN? GIHN;e; >? @O?AI 7Y8 H;>C?
H?=?MCN; <OM=;LF; ?FF; ?HPO?FP? JIL MO JLIJC; PIFOHN;> ?H MO HO<? PCIF?N;
; F;M MC?N? CMF;M ;F GOH>I >? F;M A?HN?M KO? F;M B;<CN;H ; MOM JF;HN;M S
;HCG;F?M S JIL ?H>? N;G<CjH ; HO?MNL;M KO?LC>;M ;P?M ? ?MN; MIG<L;
HIM M?J;L;GIM ;F?AL?M S NLCMN?M ; OH NC?GJI JIL FIM L?=O?L>IMX
(; N?L=?L; J;LN? >? F; I<L; >? IFF? M? =IGJIH? >? NL;<;DIM MI<L?
>CP?LMIM ;MJ?=NIM >? F; =OFNOL; S =CPCFCT;=CdH >? F;M %MF;M <;@612?.06<;2@
42;2?.92@ @/<G< 56@AS?60< '2;2?632 S . <:2?. NI>IM ?FFIM L?=IAC>IM
<;DI ?F ?JgAL;@? A?H?L;F .@ @9.@ .;.?6.@ 12@12 :6 =?<=6. 2E=2?62;06. !H
?F JLCG?LI M? ?RJIH?H CHC=C;FG?HN? ;FAOH;M =IHMC>?L;=CIH?M >? NCJI
A?IALl@C=I S M? >?MN;=; F; G?L?=C>; L?JON;=CdH >?F =FCG; V ;>; F; JLl=
NC=; CH?RCMN?H=C; >? ?@?=NIM J?LDO>C=C;F?M HOH=; M?Ll MO@C=C?HN?G?HN? L?=I
G?H>;>I J;L; J?LMIH;M =IH >IF?H=C;M JOFGIH;L?M I H?LPCIM;MX *O?MNLI
;ONIL HIM >?D; N;G<CjH =IG?HN;LCIM MI<L? F; JI<F;=CdH CMF?e; L;MAIM @CMI
224 ;LF IFF? S MO CGJILN;HN? ;JILN;=CdH ; F; <INlHC=; S ILHCNIFIAg; >? ;H;LC;M

HdGC=IM F?HAO; ;<ILCA?H GIL;F S =IMNOG<L?M =F?LI P?MNCG?HN; ?HM?


e;HT; G;SIL;TAIM CGJO?MNIM ?GCAL;=CdH NL;HMJILN?M J?M=; CH>OMNLC;
=IG?L=CI ?DjL=CNI ;Mg =IGI =;LNIAL;@g; >?F L=BCJCjF;AI .?MJ?=NI >? F;
GIL;F >? FIM =;H;LCIM M? MO<L;S; ?F ?F?P;>I AL;>I >? BIHL;>?T @C>?FC>;>
G?MOL; @C;<CFC>;> S M?HNCGC?HNIM >? BIHIL J?LI CAO;FG?HN? >? MO >CM@LON?
>? FIM JF;=?L?M >? F; PC>; V/IH ?H ;FNI AL;>I ?HNL?A;>IM ; FIM >?F?CN?M
M?HMO;F?M JIL FI KO? ?H F; G;SIL J;LN? >? FIM =;MIM FIM G;NLCGIHCIM M?
P?H <?H>?=C>IM JIL HOG?LIM; >?M=?H>?H=C;X
(; M?AOH>; ;JILN;=CdH I@L?=? OH ;GJFCI L?=ILLC>I JIL F; BCMNILC; >? F;M
%MF;M F; HNCAa?>;> F; IHKOCMN; S FIM ;=IHN?=CGC?HNIM GlM L?F?P;HN?M
CHG?>C;N;G?HN? JIMN?LCIL?M ; jMN; =IH=FOS?H>I =IH F;M MCAOC?HN?M J;F;
<L;M V!F =IGC?HTI >?F MCAFI 42%%% B;<g; PCMNI ?RNCHAOCLM? F; F?HAO; AO;H=B?
?H FIM P;FF?M >? #agG;L >IH>? B;<g; ?H=IHNL;>I MO bFNCGI L?@OACI CH;>
P?LNC>; S MCH KO? ;bH F; =C?H=C; F? BO<C?M? JL?MN;>I ;N?H=CdHX
(;M JlACH;M >?>C=;>;M ; 0?H?LC@? WCMF; KO? IFF? =IHI=g; GOS <C?H S ;
F; KO? >?HIGCH; V=;L;P;M;L >? H;P?A;HN?MXW =IHMCNOS?H ; HO?MNLI DOC=CI
F; G?DIL AOg; ?M=LCN; B;MN; ?M; @?=B; JIL OH ;ONIL ;F?GlH !H MOM L?@F?
RCIH?M @CH;F?M M? >?MN;=; F; BIMJCN;FC>;> >? FIM NCH?L@?eIM V F @ILlH?I HI
M? FI GCL; =IGI ;FAI G;L;PCFFIMI J?LI MO JL?M?H=C; JLI>O=? ;F?ALg; ;F
=IHMC>?L;LFI OH; ?MJ?=C? >? <O?H; @ILNOH; KO? ;JILN; ;F ;CMF;GC?HNI ;FAI
>? P;LC?>;> S ;FAOH;M =IHP?LM;=CIH?M MI<L? ?F GOH>I >? ;@O?L;X
!MN? N?L=?L ;J;LN;>I >? F; I<L; >?F H;NOL;FCMN; <?LFCHjM FI =C?LL; OH
=;JgNOFI >?>C=;>I ; (; #IG?L; F; CMF; KO? GlM F? CGJ;=Nd JIL F; AL;H
>CIMC>;> >? MO GIHN? S JIL ?F >?P?HCL BCMNdLC=I >? FIM AIG?LIM =OSI LO>I
=;Ll=N?L FF?P; F;M BO?FF;M >? FIM ;=IHN?=CGC?HNIM BCMNdLC=IM KO? PCPC?LIH
V(;G?HN;<F?G?HN? =O;H>I GCL;GIM MO BCMNILC; FI B;=?GIM MdFI ; NL;PjM
>?F JLCMG; >? FIM PC=CIM S >?<CFC>;>?M >? MOM M?eIL?M 7Y8 IH>;>IMIM S
?HNL?A;>IM J?LI N;G<CjH CLLCN;<F?M S J?H>?H=C?LIM HI M? ;N;<;H ;
HCHAOH; F?S HC >CPCH; HC BOG;H;X ?MN? L?MJ?=NI IFF? JILG?HILCT; F;
BCMNILC; >?F ;M?MCH;NI >? $?LHlH ,?L;T; ?H ; G;HIM >? ;<ILgA?H?M
=O;H>I M? ?H=IHNL;<; ?H OH; =O?P; BIS FF;G;>; >?F IH>? =IH F; <?FF;
JLCH=?M; %<;FF; S =IGJ;L; ;KO?F ;=IHN?=CGC?HNI S MOM =IHM?=O?H=C;M =IH
F; <g<FC=; BCMNILC; >? /;HMdH S ;FCF; *I I<MN;HN? =IH=FOS? >C=C?H>I KO?
);L=IM /;LGC?HNI ,jL?T 225

>?MJOjM >? B;<?L =IHI=C>I J?LMIH;FG?HN? ; FIM AIG?LIM ?MN;<; =IHP?H


=C>I >? KO? ?H A?H?L;F L?bH?H F;M ?R=?F?HN?M J?=OFC;LC>;>?M >?F =;Ll=N?L
>? FIM CMF?eIM
"CH;FG?HN? MIH >? >?MN;=;L F; I<M?LP;=CIH?M >? IFF? ?H FIM lG<CNIM >?
F; FCHAagMNC=; S >?F NOLCMGI /O <O?H =IHI=CGC?HNI >?F ?MJ;eIF S F; JLIFIH
A;>; ?MN;H=C; ?H ?F L=BCJCjF;AI ?RJFC=;H KO? ; FI F;LAI >? MO ?RN?HM;
I<L; L?=ID; >C=BIM JIJOF;L?M I J;F;<L;M ?H MO OMI >C;F?=N;F Mg ;F NL;N;L ?F
;<?D;LLO=I !2?<=@ .=6.@A2? ( L?F;N; KO? ?M >? ?MIM JlD;LIM KO?
=IAC>IM >? G;SIL?M HI M? ;>;JN;H ; F; =;ONCPC>;> VM? F?M >; OH;
NIHNOL; S M? GO?L?H >? L;<C;X S L?@CLCjH>IM? ;F G;L ?H =;FG; >? F; TIH;
>? );MJ;FIG;M B;<F; >? F;M V ;FG;M >?F /OFX 7JIL /OL8 ,IL INLI F;>I
?M >? MOJIH?L KO? ?F =IHDOHNI >? F; I<L; >?F H;NOL;FCMN; <?LFCHjM ?MNCGO
F;L; ; FIM F?=NIL?M >? F?HAO; ;F?G;H; N;HNI =C?HNg@C=IM =IGI ;KO?D;>IM >?
>CP?LM;M >IF?H=C;M J;L; P?HCL ; F;M %MF;M /O >?@CHC=CdH >?F =FCG; >?F
L=BCJCjF;AI =IGI ?F GlM ;AL;>;<F? S M;FO>;<F? >?F GOH>I F;M CH@ILG;
=CIH?M >? FIM =C?HNg@C=IM KO? B;<g;H MO<C>I ;F 0?C>? F;M JIMC<CFC>;>?M >?
;FID;GC?HNI ?H 0?H?LC@? FIM =IHM?DIM KO? >; ; FIM NOLCMN;M S F;M ?R=OLMCIH?M
KO? JLIJIH? ; FIM CHN?L?M;>IM ?H FIM B?F?=BIM ; );>L? >?F AO; ?H ?F
<IMKO? >? AO?L? S ;F <IMKO? >? AO; #;L=g; >?<C?LIH >? MOLNCL OH
CGJILN;HN? ?@?=NI JLIJ;A;H>gMNC=I
/O P;FCIMgMCG; =IHNLC<O=CdH ; F; CHP?MNCA;=CdH =C?HNg@C=; >?=CGIHdHC=; >?F
L=BCJCjF;AI F? BC=?LIH G?L?=?>IL >? OH JO?MNI ?H F; "O?HN? >? FIM /;<CIM
>?F &;L>gH INlHC=I >? #L;H ;H;LC;

/ .)%!*0+ ,u.!6 );L=IM (;M %MF;M ;H;LC;M ?H FIM N?RNIM ;F?G;H?M


(;M ,;FG;M >? #L;H ;H;LC; HLI;LN
227

>;28<2-*-.< .<9.,26.7.< <8>?.72;< 5*< 6862*< ,868


8+3.=8< ?2*3.;8< .7 .5 =;L/2,8 *7*;2*< >;89*

.;7*7-8 <=K?.B 87BL5.B

!
H MCHNIHg; =IH ?F B?=BI >? KO? ?F NOLCMGI S JIL FI N;HNI ?F PC;D? ?M OH; >? F;M
JLl=NC=;M MI=C;F?M GlM ?RN?H>C>;M >? F;M MI=C?>;>?M =IHN?GJILlH?;M F; FCN?L;NOL;
>? PC;D?M HI B; B?=BI MCHI ?RJ;H>CLM? ?H ?F M?=NIL >?F =IHMOGI =OFNOL;F >?M>? F;
=IHNCHO;>; L??>C=CdH >? VPC;D?M =jF?<L?MX ; FIM GOS JIJOF;L?M PC;D?M >? @C==CdH
$?L?>?LIM ?M =C?LNI >? OH; F;LA; NL;>C=CdH ?H F; BCMNILC; >? F; FCN?L;NOL; GlM L?=C?HN?
G?HN? ?MN? S; GOS L?=IHI=C>I AjH?LI FCN?L;LCI M? B; PCMNI L?HIP;>I JIL FIM ?H@IKO?M
>?=IHMNLO=NCPCMN;M ?H F; =LgNC=; FCN?L;LC; S ?H F; @CFIFIAg; J?LI N;G<CjH ?H NI>;M F;M >CM=C
JFCH;M >? F;M =C?H=C;M MI=C;F?M S F;M BOG;HC>;>?M
!H ?MN? =IHN?RNI S >;>I KO? ?H <O?H; G?>C>; FIM PC;D?M W>?M>? F; J?LM
J?=NCP; >? +==C>?HN?W M? B;H L?;FCT;>I <OM=;H>I ;F V+NLIX L?;F I CG;ACH;>I
F; ;HNLIJIFIAg; B; ?MN;>I J;LNC=OF;LG?HN? ;NL;P?M;>; =IH F;M >CMNCHN;M GI>;FC
>;>?M >?F PC;D? ? N;F GI>I KO? >?M>? FIM PC;D?M >? =IHKOCMN; >? >?M=O<LC
GC?HNI >? ?RJFIL;=CdH B;MN; ?F PC;D? NOLgMNC=I F; ;HNLIJIFIAg; MC?GJL? B;
?MN;>I PCH=OF;>; ; NI>;M F;M >C@?L?HN?M =OFNOL;M PC;D?L;M >?M>? F;M JLCG?L;M >?
F?ACNCG;=CdH >? F; ?RJ;HMCdH OFNL;G;LCH; B;MN; F;M GlM L?=C?HN?M FCA;>;M ; F;M
=LgNC=;M JIM=IFIHC;F?M
/CH ?G<;LAI ?H MO AL;H G;SILg; FIM ?MNO>CIM >?>C=;>IM ; FIM L?F;NIM >?
PC;D?M M?;H ?MNIM =C?HNg@C=IM I NOLgMNC=IM ?F jH@;MCM M? =IFI=; ?H F; JLIJC; @CAOL;
>?F PC;D?LI ?H MOM C>?;M S ?H F; G;NLCT MI=CI=OFNOL;F ?H F; KO? M? CHM?LN; ,?LI
;OHKO? ?H ;FAOH; I=;MCdH ;J;L?=?H L?M?e;>;M F;M J?LN?H?H=C;M S ;>KOCMC
=CIH?M >?F PC;D?LI S M? B;S;H L?;FCT;>I NL;<;DIM >?>C=;>IM ; F; CHMNLOG?HN;=CdH
J;L; ?F =;MI >? FIM PC;D?M =C?HNg@C=IM S >? ?RJFIL;=CdH F; ;OM?H=C; >? FIM I<D?NIM
>? FIM PC;D?LIM >?MN;=; @L?HN? ; NI>; MO?LN? >? >?N;FF?M MI<L? MOM GINCP;=CIH?M
S PC=CMCNO>?M ,?LI FIM PC;D?LIM HI PC;D;H MIFIM NL;?H S M? FF?P;H I<D?NIM ,?M? ; MO
228 OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM F;M GIGC;M =IGI I<D?NIM PC;D?LIM

I<PC?>;> >?=CL ?MNI HI ?KOCP;F? ; F; =IHMN;N;=CdH >? OH; ?PC>?H=C; MCAHC@C=; HI


J?L>?L >? PCMN; F; L;>C=;F CGJILN;H=C; >?F B?=BI >? KO? ?M CGJIMC<F? PC;D;L MCH
I<D?NIM !F PC;D? ?H F; GCMG; G?>C>; KO? =O;FKOC?L INLI ;MJ?=NI >? F; PC>;
MI=C;F ?M CGJ?HM;<F? MCH F; JL?M?H=C; ;=NCP; >? =IM;M S ;LN?@;=NIM OHKO? ?M
GOS L?=OLL?HN? F; CG;A?H >?F PC;D? =IGI FC<?L;=CdH >? F;M =;LA;M >? F; PC>; S
AOMN;GIM >? PC;D;L VFCA?LIM >? ?KOCJ;D?X HI B;S PC;D?LI MCH G;F?N;
,?LI FIM I<D?NIM >?F PC;D?LI =OGJF?H ;>?GlM >? B;=?L JIMC<F? ?F PC;D? OH;
JLCGIL>C;F @OH=CdH >? P?LC@C=;=CdH Z dGI >?GIMNL;L KO? M? ?MNOPI ;FFg
Z dGI >?GIMNL;L KO? ?@?=NCP;G?HN? ?F PC;D? @O? L?;F KO? HI @O? OH; @C==CdH
.?AL?M;H>I =IH OH; JLO?<; G;N?LC;F =IH ;FAI N;HAC<F? OH I<D?NI OH; JF;HN;
OH; @INI OH; JIMN;F OH MIOP?HCL !MN; JLl=NC=; B; MC>I OH; =IHMN;HN? ?H F;
=OFNOL; ?OLIJ?; >?F PC;D? >?M>? ?F =IGC?HTI >? F; ?RJ;HMCdH =IFIHC;F B;MN; ?F
NOLCMGI =IHN?GJILlH?I (IM NLI@?IM >? =IHKOCMN; F;M =OLCIMC>;>?M H;NOL;F?M S
?NHIALl@C=;M S FIM MIOP?HCLM NOLgMNC=IM MIH =C?LN;G?HN? >CMNCHNIM ?H H;NOL;F?T;
J?LI NI>IM =IHMNCNOS?H JLO?<;M >? KO? ;FAOC?H =OFGCHd OH PC;D? *I I<MN;HN?
F; IGCMCdH >? FIM I<D?NIM >? FIM PC;D?LIM HI ?M OH; J;LNC=OF;LC>;> >? FIM ?MNO>CIM
MI<L? F; FCN?L;NOL; >? PC;D?M F =IHNL;LCI ?M ?F L?MOFN;>I >?F A?H?L;FCT;>I IFPC>I
>? F; =OFNOL; G;N?LC;F S >?F >?M>jH KO? M? B; >CMJ?HM;>I ;F GOH>I >? F;M =IM;M
?H <O?H; J;LN? >? F;M =C?H=C;M MI=C;F?M S F;M BOG;HC>;>?M
!H =IHNL; >? ?MN; N?H>?H=C; >?M;LLIFFIM L?=C?HN?M ?H N?LL?HIM N;H ;F?D;>IM
=IGI FIM ?MNO>CIM >? =OFNOL; G;N?LC;F GOM?IFIAg; N?ILg; >?F =IHMOGI S ?MNO
>CIM >? =C?H=C; S N?=HIFIAg; B;H JLIJC=C;>I HO?PIM ?H@IKO?M MI<L? F; H;NOL;
F?T; >? FIM I<D?NIM S ;LN?@;=NIM MO J;J?F ?H ?F >?M?HPIFPCGC?HNI >? F;M L?F;
=CIH?M MI=C;F?M MOJ?L;H>I F; NL;>C=CIH;F =IH=?J=CdH >? F;M =IM;M =IGI CH?LN?M
I ?H ?F G?DIL >? FIM =;MIM =IGI =IH>C=CIH;HN?M >? F;M JLl=NC=;M MI=C;F?M !H
INLIM NjLGCHIM F;M =IM;M NC?H?H PC>; MI=C;F S HI MIH G?LIM =ILL?F;NIM G;N?LC;F?M
>? F;M C>?;M >? F; A?HN? !H ?F GOH>I >? PC;D? JIL N;HNI HI MdFI PC;D; ?F PC;D?LI
MCHI FIM I<D?NIM S ?H @OH=CdH >? ?MNIM N?H>L?GIM >C@?L?HN?M NCJIM >? PC;D?LIM S
>CMNCHNIM NCJIM >? PC;D?M ?M>? ?MN;M HO?P;M J?LMJ?=NCP;M FI KO? NL;g;H S M?
FF?P;<;H FIM PC;D?LIM B; =IG?HT;>I ; M?L ;H;FCT;>I =IGI OH ;MJ?=NI =?HNL;F >?
FIM JLI=?MIM >? ?RINCT;=CdH ;JLIJC;=CdH =OFNOL;F S >IGCH;=CdH KO? =;L;=N?LC
T;LIH ; F; ?RJ;HMCdH =IFIHC;F ?OLIJ?;
,?LI B;S =C?LN;G?HN? GO=BIM NCJIM >? PC;D?LIM 5 OH; >? F;M =;N?AILCT;=CIH?M
"?LH;H>I !MNjP?T #IHTlF?T 229

)IGC;M >?F )OM?I ;H;LCI

GlM MI=ILLC>;M ?M F; >? ?MN;<F?=?L OH; =F;L; >C=INIGg; ?HNL? FIM KO? PC;D;H JIL
GINCPIM =C?HNg@C=IM S FIM KO? PC;D;H JIL I=CI ? ?MN; >C=INIGg; MC?GJL? B; L?MOF
N;>I KO? FIM PC;D?LIM =C?HNg@C=IM MIH PCMNIM =IGI J?LMIH;D?M CHN?L?M;HN?M S >CAHIM
>? ?MNO>CI GC?HNL;M KO? ; FIM INLIM FIM NOLCMN;M A?H?L;FG?HN? M? F?M JL?M?HN;
=IGI M?L?M ;HI>CHIM >? FIM KO? HI P;F? F; J?H; CH>;A;L ?H MOM GINCP;=CIH?M S
=IGJILN;GC?HNIM IGI L?MOFN;>I >? ?MN; L;>C=;F >CMNCH=CdH FIM =ILL?F;NIM G;N?
LC;F?M >? OHIM S INLIM ?MNI ?M F;M =IF?==CIH?M =C?HNg@C=;M >? I<D?NIM L?=IF?=N;>IM
?H F;M ?RJ?>C=CIH?M S FIM MIOP?HCLM ;>KOCLC>IM JIL FIM NOLCMN;M MIH JL?M?HN;>IM
=IGI >IM =F;M?M >? I<D?NIM MOMN;H=C;FG?HN? >C@?L?HN?M ,?LI ?M >C@g=CF G;HN?H?L
230 OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM F;M GIGC;M =IGI I<D?NIM PC;D?LIM

OH; =F;L; FgH?; >CPCMILC; ?HNL? ;G<IM S; KO? >? B?=BI L?GCN?H ; FIM GCMGIM
NCJIM >? H;LL;NCP;M S L?NdLC=;M >?F PC;D? S >? ;JLIJC;=CdH =OFNOL;F Mg FIM I<D?NIM
L?=IF?=N;>IM ?H F;M ?RJ?>C=CIH?M =C?HNg@C=;M WKO? L?MJIH>?H ; FIM JL?MOJO?MNIM
N?dLC=IM ? C>?IFdAC=IM >? FIM =C?HNg@C=IMW MIH N;G<CjH MIOP?HCLM >? PC;D? GC?HNL;M
KO? FIM MIOP?HCLM W>?NLlM >? MO ;J;L?HN? <;H;FC>;>W ?H=;LH;H F;M JLIS?==CIH?M
JIFgNC=;M C>?IFdAC=;M S ?MNjNC=;M >? F; =OFNOL; >?F NOLCMN;
!MJ?=gG?H?M =C?HNg@C=IM S MIOP?HCLM NOLgMNC=IM =IH@ILG;H OH 0<;A6;BB:
L?@F?D;H>I ;G<IM GlM F; =OFNOL; >? KOC?H?M FIM L?=IF?=N;LIH I FIM ;>KOCLC?LIH
KO? FIM FOA;L?M S F;M A?HN?M ; F;M KO? J?LN?H?=C?LIH I L?JL?M?HN;H !M MCAHC@C=;
NCPI KO? ?F GOM?I S MOM =IF?==CIH?M B;S;H M?LPC>I ?H F; GI>?LHC>;> J;L; F?AC
NCG;L F; @LIHN?L; ?HNL? L?=IF?==CdH =C?HNg@C=; >? FOA;L?M S =OFNOL;M ?RdNC=;M S FIM
<;H;F?M MIOP?HCLM KO? FIM NOLCMN;M ;>KOC?L?H ?H ?MIM FOA;L?M S >? ?M;M =OFNOL;M

LlH?I NCJI AO;H=B? >?F )OM?I ;H;LCI


"?LH;H>I !MNjP?T #IHTlF?T 231

!MNI ?M GlM KO? HINILCI ?H F;M =IF?==CIH?M >? FIM GOM?IM >? BCMNILC; H;NOL;F S
FIM ?NHIALl@C=IM =L?;>IM JL?=CM;G?HN? ;F =;FIL >? ?M; I<M?MCdH JIL >?GIMNL;L
?F PC;D? =IH JLO?<;M N;HAC<F?M >? F; ?MN;H=C; ?H INLIM FOA;L?M (IM ?MJ?=gG?H?M
V;ONjHNC=IMX >? INLIM FOA;L?M S =OFNOL;M ?MNlH =OMNI>C;>IM ?H FIM GOM?IM
JL?M?HN;>IM =IGI L?MOFN;>I >? F; L?=IF?==CdH =IH=C?HTO>; S MCMN?GlNC=; CHMJC
L;>; ?H =LCN?LCIM >? =F;MC@C=;=CdH =C?HNg@C=IM /IH FIM KO? FIM NOLCMN;M P;H ; P?L
,IL ?F =IHNL;LCI FIM MIOP?HCLM KO? L?JL?M?HN;H ?MIM INLIM FOA;L?M S =OFNOL;M I
KO? MIH LjJFC=;M >? FIM V;ONjHNC=IMX =IHM?LP;>IM ?H FIM GOM?IM MIH F;M <;L;
NCD;M =IGJL;>;M JIL FIM NOLCMN;M J;L; >?GIMNL;L ?F GCMGI @CH B;<?L ?MN;>I ;FFg
,?LI ?MNI HI B; B?=BI MCHI M;HNC@C=;L F; BCMNdLC=; >CMNCH=CdH ?HNL? ;FN; S <;D;
=OFNOL; KO? =;L;=N?LCTd F; )I>?LHC>;>
/CH ?G<;LAI ?F ;HlFCMCM >? F;M JLIJC;M H;LL;NCP;M >? FIM GOM?IM J?LGCN?
OH; PCMCdH GlM L?@F?RCP; MI<L? F;M @OH=CIH?M KO? B;H >?M?GJ?e;>I F;M =IF?=
=CIH?M >? GOM?IM ?H F; =IH@ILG;=CdH >? F; =OFNOL; GI>?LH; S ?H =IHM?
=O?H=C; ?H F;M =OFNOL;M >?F NOLCMN; KOg FdAC=;G?HN? FIM GlM L?F?P;HN?M
MIH FIM @IH>IM S =IF?==CIH?M >? FIM GOM?IM >? BCMNILC; H;NOL;F S ?NHIALl
@C=IM KO? MIH FIM KO? NL;>C=CIH;FG?HN? M? B;H HONLC>I >? FIM ?MJ?=gG?H?M
>? JF;HN;M S ;HCG;F?M >? FOA;L?M L?GINIM S >? NI>I NCJI >? I<D?NIM >? FIM
JO?<FIM HI ?OLIJ?IM !MNO>CIM L?=C?HN?M GO?MNL;H =dGI OH; ?F?P;>;
JLIJIL=CdH >? MOM @IH>IM JLI=?>?H >? ;>KOCMC=CIH?M L?;FCT;>;M JIL ;@C=CI
H;>IM MCH KO? L?MJIH>C?L;H ; JLIS?=NIM >? CHP?MNCA;=CdH S >? L?=IF?==CdH
MCMN?GlNC=IM )O?MNL;H ;MCGCMGI KO? F; G;SILg; >? F;M =IF?==CIH?M >? ?MNIM
GOM?IM HOH=; B;H MC>I ?MNO>C;>;M )lM LCAOLIM;G?HN? #?ILA? /NI=ECHA
JL?M?HNd B;=? S; ;FAOHIM ;eIM OH; MdFC>; S J?LMJC=;T ;JLIRCG;=CdH ; F;
H;NOL;F?T; >? FIM I<D?NIM ?H FIM GOM?IM ?NHIALl@C=IM KO? ?M GOS J?LNCH?HN?
J;L; OH; ;>?=O;>; =IHN?RNO;FCT;=CdH >? FIM I<D?NIM PC;D?LIM (; I<PC;
L?;FC>;> J?LI HI N?HC>; ?H =O?HN; >? KO? FIM I<D?NIM >? ?MNIM GOM?IM MIH
JIL FI A?H?L;F NLC>CG?HMCIH;F?M I<FCA; >? ?HNL;>; ; =IHMC>?L;L KO? F;M ?RJI
AL;@g;M >? ?MNIM I<D?NIM MIH GOS >C@?L?HN?M ; F;M >? FIM I<D?NIM >? FIM
GOM?IM >? ;LN? A?H?L;FG?HN? <C>CG?HMCIH;F?M ,?LI DOHNI ; ?MNI HI M?
JO?>? MIMF;S;L KO? ?MIM I<D?NIM B;H >?M?GJ?e;>I OH J;J?F =?HNL;F ?H F;
=IHMNLO==CdH >? F; GI>?LH; =OFNOL; I==C>?HN;F
!H JLCG?L FOA;L FIM I<D?NIM >? ?M;M =IF?==CIH?M MIH I<D?NIM BCMNdLC=IM "O?LIH
232 OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM F;M GIGC;M =IGI I<D?NIM PC;D?LIM

?F;<IL;>IM S ONCFCT;>IM ?H ;FAbH J;LNC=OF;L J?LCI>I JIL >?N?LGCH;>;M A?HN?M /CH


?G<;LAI MIH JL?M?HN;>IM =IGI ;BCMNdLC=IM MCH >;N;=CdH MCH ;ONILg; >CG?HMCIH?M
KO? MIH DOMN;G?HN? F;M KO? INILA;H BCMNILC=C>;> ; FIM I<D?NIM >? FIM ?OLIJ?IM
KO? B;=?H KO? FIM I<D?NIM >? FIM JO?<FIM ?OLIJ?IM J?LN?H?T=;H ; F; BCMNILC;
N?HA;H BCMNILC; GC?HNL;M KO? FIM >? FIM INLIM KO?>;H @O?L; >? ?FF; ?H F; JL?BCM
NILC; !H M?AOH>I FOA;L ?RJL?M;H L?F;=CIH?M >? JI>?L F L?=IFI=;LFIM ?H FIM
GOM?IM ;F >?M=IHN?RNO;FCT;LFIM ?MJ;=C;F S N?GJIL;FG?HN? FIM I<D?NIM I<N?HC>IM
G?>C;HN? ?RJLIJC;=CdH I M;KO?I HI MIH ?H ?F @IH>I MCHI OH; G;HC@?MN;=CdH >?F
JI>?L >? FIM =IF?=NIL?M S @CH;FG?HN? >? FIM =IHM?LP;>IL?M >? FIM GOM?IM !H
N?L=?L FOA;L ?RJL?M;H LCKO?T; F;M =IF?==CIH?M >? ?MIM GOM?IM B;H MC>I >?M>? MOM
CHC=CIM OH; GO?MNL; >?F J;NLCGIHCI H;=CIH;F >? F; JLIJC?>;> =OFNOL;F >? FIM J;gM?M
KO? FIM JIM??H S HI >? F; >? FIM KO? JLI=?>?H ,IL bFNCGI FIM I<D?NIM >? ?MNIM
GOM?IM B;H MO@LC>I OH JLI=?MI >? ?MN?NC@C=;=CdH >?<C>I ; F; OHCP?LM;FCT;=CdH >? FIM
J;NLIH?M >?F ;LN? I==C>?HN;F?M S ; F; L?=IHN?RNO;FCT;=CdH >? F; JLI>O==CdH >? F;
=OFNOL; G;N?LC;F NL;>C=CIH;F (IM I<D?NIM >? INL;M =OFNOL;M @O?LIH ;Mg L??MJCLCNO;FC
T;>IM ?H FIM NjLGCHIM >? +==C>?HN? ?H I<D?NIM >? ;LN? 1H JLI=?MI JIL ?F KO?
@CH;FG?HN? ?F ;LN? HI I==C>?HN;F M? =IHPC?LN? ?H ;LN?M;Hg; F; GbMC=; ?H @IFEFIL? S F;
JIFgNC=; ?H =IMNOG<L?
;H;LC;M OHI >? FIM JLCH=CJ;F?M ?H=F;P?M NOLgMNC=IM CHN?LH;=CIH;F?M ?M
N;G<CjH ?H =IHMIH;H=C; OH L?F?P;HN? L?@?L?HN? ?H F; FCN?L;NOL; >? PC;D?M ?MNI
?M OH FOA;L >? ?H=O?HNLI OH; JLCPCF?AC;>; TIH; >? =IHN;=NI J;L; NI>I NCJI >?
=OFNOL;M PC;D?L;M S JIL N;HNI J;L; ?F NL;MC?AI >? I<D?NIM PC;D?LIM ,IL OH; J;LN?
BCMNdLC=;G?HN? @O? OH N?LLCNILCI ?H ?F KO? B;H L?=;F;>I OH MCH@gH >? ?GJL?M;M
=C?HNg@C=;M N;HNI NIG;H>I ; F;M %MF;M =IGI >?MNCHI JLCH=CJ;F =IGI =IHMC>?LlH
>IF; OH; ?N;J; ?H ?RJ?>C=CIH?M G;SIL?M ,IL INL; >?M>? MOM CHC=CIM ?H ?F MCAFI
4%4 F;M %MF;M M? B;H G;HN?HC>I =IGI OH ?H=F;P? CHN?LH;=CIH;F >? JLCG?L IL>?H
>?HNLI >? F; CH>OMNLC; NOLgMNC=; /C?H>I ;Mg ?H ?F =LO=? >? NI>;M ?M;M =OFNOL;M
PC;D?L;M ?H ;H;LC;M M? JO?>?H ?H=IHNL;L GO=BIM ?D?GJFIM >? ?M; HI >CM=IHNC
HOC>;> >? F; CGJIMC<F? M?J;L;=CdH L;>C=;F ?HNL? F; L?=IF?==CdH >? ?MJ?=gG?H?M
>? =IF?==CdH =C?HNg@C=; S ?F MIOP?HCL + FI KO? ?M FI GCMGI F; N?HO? >C@?L?H=C;
?HNL? ?F PC;D?LI =C?HNg@C=I S ?F NOLCMN; 1HI S INLI @ILG;H J;LN? >? OH GCMGI
JLI=?MI >? L?NLI;FCG?HN;=CdH ?F PC;D?LI =C?HNg@C=I JO?>? M?L PCMNI =IGI OH
NOLCMN; KO? =IF?==CIH; OH J;LNC=OF;L NCJI >? MIOP?HCL ;HCG;>I ;OHKO? G?HIM
"?LH;H>I !MNjP?T #IHTlF?T 233

>? FI KO? M? =L?? A?H?L;FG?HN? JIL


OH =LCN?LCI >? L?=IF?==CdH MCMN?Gl
NC=I S ?F NOLCMN; =IGI OH PC;D?LI
KO? ;>KOC?L? MIOP?HCL G?>C;NCT;>I
?H <O?H; G?>C>; JIL FIM ?MN?L?INCJIM
S ;LKO?NCJIM ?F;<IL;>IM JIL FIM =C?HNg
@C=IM
*I ?M JIMC<F? ;H;FCT;L ;KOg MCKOC?L;
OH; GO?MNL; >?F NLl@C=I >? I<D?NIM
PC;D?LIM HC JIL MOJO?MNI >? MOM J;LNC=O
F;L?M <CIAL;@g;M ?M>? FIM AL;<;>IM >?
FIM H;NOL;FCMN;M ; F; JIMN;F NOLgMNC=; I
>?M>? FIM JLI>O=NIM ;LN?M;HIM ; FIM
MIOP?HCLM >? G;HO@;=NOL; CH>OMNLC;F F;
P;LC?>;> >? F; =OFNOL; G;N?LC;F ;MI=C;>;
;F PC;D? ?H F; BCMNILC; >? ;H;LC;M ?M (lGCH; >? F; I<L; >? /;<CH ?LNB?FIN ;A6>B6AY@
?HILG? S =OS; N;RIHIGg; ?M JIN?H=C;F 0.;.?62;;2@
G?HN? CFCGCN;>; ,?LI B;S OH NCJI >?
I<D?NIM PC;D?LIM WFIM L?MNIM BOG;HIMW KO? JL?=CM;G?HN? JIL MO HI =IHMC>?L;=CdH
=IGI N;F?M JLIJIL=CIH;H OH LC=I S =IGJF?DI ?M=?H;LCI >? F; FCGCH;FC>;> ?HNL? F;M
=OLCIMC>;>?M ?MJ?=gG?H?M S MIOP?HCLM ?H F; BCMNILC; >? F;M =OFNOL;M PC;D?L;M >?
;H;LC;M
(IM L?MNIM BOG;HIM >? FIM ;<ILgA?H?M =;H;LCIM L?JL?M?HN;H JIL ;HNIHIG;MC;
; NI>; F; P;LC?>;> >? I<D?NIM ;LKO?IFdAC=IM S ?NHIALl@C=IM KO? N;HNI B;H ;J;MCI
H;>I ; ?RJFIL;>IL?M =C?HNg@C=IM S NOLCMN;M (IM L?MNIM >? FIM ;<ILgA?H?M S >? GI>I
J;LNC=OF;LG?HN? MCAHC@C=;NCPI F;M GIGC;M B;H MC>I FIM VI<D?NIMX GlM P;FIL;>IM
=IGI ?MJ?=gG?H?M >? =IF?==CdH S >? FIM KO? GlM B;H M?LPC>I >? P?Bg=OFI >? F;
@;M=CH;=CdH >? FIM PC;D?LIM ? N;F GI>I KO? F;M GIGC;M AO;H=B?M B;H L?MJIH
>C>I ; GOS >C@?L?HN?M JLIJdMCNIM ?H >CMNCHN;M jJI=;M =IGI L?G?>CIM G?>C=C
H;F?M L;L?T;M S =OLCIMC>;>?M ?D?GJF;L?M ;HNLIJIFdAC=IM ?PC>?H=C;M =C?HNg@C=;M
JC?T;M >? GOM?I (;M GIGC;M AO;H=B?M L?J;LNC>;M JIL GO=BIM GOM?IM >?
!OLIJ; S GjLC=; S ?H OH CH>?N?LGCH;>I HbG?LI >? =IF?==CIH?M JLCP;>;M B;H
MC>I MO=?MCP; I MCGOFNlH?;G?HN? NLI@?IM >? =IHKOCMN; =IFIHC;F L?G?>CI G?>C
234 OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM F;M GIGC;M =IGI I<D?NIM PC;D?LIM

=CH;F L?A;FI ?MJj=CG?H !H >?@CHCNCP; OHI >? FIM AL;H>?M MIOP?HCLM >? ;H;LC;M
0I>; ?M; F;LA; BCMNILC; >? F;M GIGC;M AO;H=B?M =IGI I<D?NI PC;D?LI JO>C?L; KOCTl
MCHN?NCT;LM? J;L; ;JL?=C;L LlJC>;G?HN? ?M; CHM?J;L;<F? ;MI=C;=CdH ?HNL? ?F PC;D?LI
W=IH MOM GINCP;=CIH?M S ;MJCL;=CIH?MW S MOM I<D?NIM 0L?M J?LMIH;D?M /;<CH
?LNB?FIN #L?AILCI BCF S *;L;HDI S .C=;L>I )?F=BCIL *;P;LLI <C?H ;F?D;>IM
BCMNdLC=;G?HN? NC?H?H MCH ?G<;LAI OH H?RI >? OHCdH ; NL;PjM >? FIM L?MNIM AO;H
=B?M W?MJ?=C;FG?HN? F;M GIGC;MW ?H N;HNI KO? I<D?NIM PC;D?LIM
?LNB?FIN ?F H;NOL;FCMN; S ;A?HN? @L;H=jM KO? S; M? B;<g; ;>?F;HN;>I CHNLI>O
=C?H>I F; L;=CIFIAg; ?H ;H;LC;M ?HPCd ; LG;H> >? -O;NL?@;A?M ?H L?M?
e;>I JIL jF GCMGI ?H MOM ;A6>B6AY@ 12@ ^92@ .;.?62@ OH; =;D; KO? DOHNI =IH
INLIM I<D?NIM ;HNCAOIM =IHN?Hg;

H^ 1H =LlH?I J;L?=C>I ; FIM KO? M? ?H=O?HNL;H =IGbHG?HN? ?H F;M ;HNCAO;M


=O?P;M M?JOF=L;F?M H^ +NLI =IH OH; AL;H B?LC>; =C=;NLCT;>; H^ +NLI GIGC
@C=;>I ?H J;LN? =IH F;M G;H>g<OF;M S PjLN?<L;M >?F =O?FFI H^ IM JC?LH;M >?
GOD?L KOCTlM GIGC@C=;>;M !MN;M =O;NLI JC?T;M JLI=?>g;H >? OH; =O?P; ?RJFI
L;>; B;=? OHIM P?CHN? ;eIM KO? NI>;Pg; ?MNl FF?H; >? IM;G?HN;M ?MNl MCNO;>; ?H
?F <;LL;H=I >?F AO; >? CIM =?L=; >? 0?AO?MN? ?H 0?H?LC@? H^ 1H =LlH?I
?RNL;g>I >? OH NbGOFI >? F; %MF?N; #L;H ;H;LC; H^ +NLI >? F; =O?P; >? FIM
$O?MIM =?L=; >? 0;@CL; #L;H ;H;LC; H^ IM @jGOL?M >? F; GCMG; =O?P; H^
S H^ IM =LlH?IM OHI >? ?FFIM =IH MOM G;H>g<OF;M =O?P; >?F <;LL;H=I >?
#O;S;>?KO? #L;H ;H;LC; H^ S 0L?M =LlH?IM >? F; =O?P; >? (IM
(?NL?LIM %MF; >? $C?LLI

!F I<D?NCPI >? ?MN? ?HPgI @O? ?F >? JLIJIL=CIH;L ; FIM ;HNLIJdFIAIM @L;H=?M?M
G;N?LC;F ;HNLIJIFdAC=I J;L; =ILLI<IL;L F; BCJdN?MCM >? F; >C@OMCdH >?F BIG<L? >?
LI );AHIH ,?LI FI KO? ?M L?F?P;HN? ;KOg ?M KO? NI>I ?M? G;N?LC;F HOH=;
L?AL?Md ; ;H;LC;M S FIM L?MNIM GIGC@C=;>IM KOCTlM @ILG;LIH J;LN? JIMN?LCIL
G?HN? >? F;M =IF?==CIH?M >?F )OM?I >?F $IG<L? >? ,;LgM
,IL MO J;LN? BCF S *;L;HDI ?F @OH>;>IL S JLCG?L >CL?=NIL >? !F )OM?I
;H;LCI ;OHKO? =IGJ;LNC?H>I =IH ?LNB?FIN MOM JL?MOJO?MNIM L;=CIFdAC=IM
WS JIL N;HNI L;=CMN;MW FF?Pd N;G<CjH I<D?NIM >? FIM ;<ILgA?H?M =;H;LCIM
CH=FOS?H>I G;N?LC;F ;HNLIJIFdAC=I ?H ?MN; I=;MCdH ; F; !RJIMC=CdH
1HCP?LM;F >? ,;LgM 5 ;OHKO? FIM JL?M?HNd >?HNLI >?F J;<?FFdH @L;H=jM WJ;L;
"?LH;H>I !MNjP?T #IHTlF?T 235

>CMAOMNI >? F;M ;ONILC>;>?M ?MJ;


eIF;MW FI BCTI =IH F; CHN?H=CdH >?
GIMNL;L F; L?F?P;H=C; >? ?MIM G;N?
LC;F?M =IGI GO?MNL; >? FIM HI<F?M
;H=?MNLIM >? FIM =;H;LCIM =OS;
BCMNILC; WH;=CIH;FW ?MN;<; ?GJ?
e;>I ?H ?F;<IL;L !H ?M? I<D?NCPI
BCF S *;L;HDI L?AL?Md =IH FIM L?MNIM
;<ILgA?H?M S FIM =IFI=d >? HO?PI ?H
F;M PCNLCH;M >? !F )OM?I ;H;LCI J;L;
KO? @O?L;H ;JL?=C;>IM ?H F;M %MF;M
JIL FI=;F?M S ?RNL;HD?LIM
$; J;M;>I GO=BI NC?GJI ?HNL? F;
jJI=; ?H F; KO? ?LNB?FIN L;JCe;<;
BO?MIM =LlH?IM S GIGC;M J;L; <C?H
>? F; =C?H=C; S BCF S *;L;HDI ?RBC<g;
#L?AILCI BCF S *;L;HDI
FIM L?MNIM AO;H=B?M J;L; <C?H >? F;
H;=CdH =;H;LC; S F; ;=NO;FC>;> >IH>?
F;M JIFgNC=;M >? L?MNCNO=CdH =OFNOL;F B;H A;H;>I GO=B; ;M=?H>?H=C; MI=C;F S
JIFgNC=; S ?H F; KO? M? ?RCA? F; >?PIFO=CdH >? FIM J;NLCGIHCIM =OFNOL;F?M
LI<;>IM I CH>?<C>;G?HN? ;JLIJC;>IM JIL =IF?==CIHCMN;M S GOM?IM >? NI>I ?F
GOH>I !H ?MN? HO?PI =IHN?RNI M? CHM=LC<? F; CHC=C;NCP; >?F ;<CF>I %HMOF;L >?
0?H?LC@? J;L; KO? OH; GIGC; AO;H=B? =IHM?LP;>; ?H ?F )OM?I !NHIFdAC=I
*;=CIH;F >? );>LC> M?; NL;MF;>;>; ; 0?H?LC@? (; GIGC; KO? B; N?HC>I >C@?
L?HN?M ?GJF;T;GC?HNIM ?H @OH=CdH >? MO =IHMC>?L;=CdH =IGI =OLCIMC>;> I
=IGI ?MJj=CG?H ;HNLIJIFdAC=I @O? FF?P;>; ; );>LC> =IGI L?A;FI ; ;LFIM
%%% !MN; JLIJIMC=CdH ?M =IHMC>?L;>; JIL F;M ;ONILC>;>?M CHMOF;L?M =IGI F;
>?PIFO=CdH >? OH I<D?NI >? MCHAOF;L P;FIL BCMNdLC=I ; MO FOA;L >? ILCA?H ?
N;F @ILG; KO? ;F G;LA?H >? =IHMC>?L;=CIH?M DOLg>C=;M F; CHC=C;NCP; ?H=;<?
T;>; JIL ?F ,L?MC>?HN? >?F ;<CF>I >? 0?H?LC@? .C=;L>I )?F=BCIL J?LMCAO?
KO? F; GIGC; ?GJL?H>; OH PC;D? >? L?AL?MI ?H N;HNI S; HI >?<? M?L =IHMC
>?L;>; OH I<D?NI PC;D?LI ,?LI ?MN? PC;D? >? PO?FN; M? CHM=LC<? ?H OH G;L=I
=C?LN;G?HN? GlM =IGJF?DI
236 OLCIMC>;>?M ?MJ?=gG?H?M MIOP?HCLM F;M GIGC;M =IGI I<D?NIM PC;D?LIM

IM GIGC;M AO;H=B?M

*I M? JO?>? J?L>?L >? PCMN; KO? F;M ;=NO;F?M JIFgNC=;M >? L?MNCNO=CdH
=OFNOL;F =ICH=C>?H ?H ?F NC?GJI =IH F; =LgNC=; L;>C=;F HI MdFI ; F;M @ILG;M >?
;JLIJC;=CdH =OFNOL;F MCHI MI<L? NI>I ; F;M @ILG;M >? L?JL?M?HN;=CdH >? F;M
INL;M =OFNOL;M ?H FIM GOM?IM I==C>?HN;F?M !H OH GOH>I GOFNC=OFNOL;F
GOFNCjNHC=I FIM GOM?IM I==C>?HN;F?M ?MNlH VF?P;HN;H>IX NI>;M F;M PC?D;M
?RJIMC=CIH?M S L?HOH=C;H>I ; ;ONIINILA;LM? ?F >?L?=BI >? L?JL?M?HN;L ; FIM
VINLIMX !F L?MOFN;>I JLIPCMCIH;F ?M F; L?NCL;>; JLIAL?MCP; >? F;M =IF?==CIH?M
?NHIALl@C=;M S MO L?=IHN?RNO;FCT;=CdH M?F?=NCP; >? MdFI ;KO?FFIM I<D?NIM KO?
>?M>? F; J?LMJ?=NCP; I==C>?HN;F NC?H?H OH; >CG?HMCdH ?MNjNC=; (; L?=C?HN?
=L?;=CdH >?F GOM?I >?F -O;C L;HFS ?H ,;LgM KO? MdFI ;F<?LA; FIM I<D?NIM >?
;LN? >? F;M ;HNCAO;M =IF?==CIH?M >?F )OM?I >?F $IG<L? ?M KOCTlM F; GlM
A?HOCH; ?RJL?MCdH >? ?MN; N?H>?H=C; Mg KO? BIS FIM GCFFIH?M >? I<D?NIM >?
F;M =OFNOL;M >? NI>I ?F GOH>I ;N?MIL;>IM ?H FIM GOM?IM M? B;H =IHP?LNC>I ?H
OH; @;MNC>CIM; =;LA; NL;M ?F F;LAI J?LCI>I GI>?LHI ?H KO? @O?L;H F; ?RJL?
MCdH >?F >IGCHCI F; LCKO?T; S ?F J;NLCGIHCI >? F;M G?NLdJIFCM =IFIHC;F?M S
MCLPC?L;H J;L; ?F >CM@LON? >? MO Jb<FC=I /IH GlM KO? HOH=; I<D?NIM GO?LNIM
*I ?M =;MO;F ?HNIH=?M KO? M?; ;BIL; S HI B;=? OH;M >j=;>;M =O;H>I F;M
>?G;H>;M >? L?MNCNO=CdH >?F J;NLCGIHCI =OFNOL;F WHI ;LNgMNC=IW M?;H ;=IAC>;M
=IH GlM MCGJ;Ng; S GlM LlJC>;G?HN? ;N?H>C>;M
Mg KO? F; GIGC; PC;Dd ; F; C>; =IGI MIOP?HCL =IFIHC;F S >? PO?FN; L?AL?M;
=IGI MgG<IFI C>?HNCN;LCI /? @O? FF?PlH>IM? F; >C@?L?H=C; FI ?RdNC=I S PIFP?Ll
J;L; ONCFCT;L OH; ?RJL?MCdH >? LDOH JJ;>OL;C =IGI OH; VL?J;NLC;=CdH >? F;
"?LH;H>I !MNjP?T #IHTlF?T 237

>C@?L?H=C;X =IGI OH P?Bg=OFI J;L; JLIJC; ;ONI?RINCT;=CdH >? FIM =;H;LCIM


(;M GIGC;M AO;H=B?M B;H ?MN;>I ?RJO?MN;M ?H FIM GOM?IM >? !OLIJ; S
GjLC=; =IGI OH; GO?MNL; >? FI ?RdNC=I >? ;H;LC;M J?LI S; HI M? F;M
JI>Ll M?AOCL PC?H>I ?H ?MIM GOM?IM KO? B;H L?HOH=C;>I ; JL?M?HN;L FI
?RdNC=I ,IL ?F =IHNL;LCI M?LlH FIM GOM?IM =;H;LCIM FIM KO? J;L;>dDC=;G?HN?
?RJIHA;H F;M GIGC;M J;L; GIMNL;L ; FIM NOLCMN;M KO? ?@?=NCP;G?HN? MIGIM
?RdNC=IM
/IH ?HNIH=?M F;M GIGC;M W?MIM I<D?NIM PC;D?LIMW F;M KO? HIM J?LGCN?H
;MI=C;L ; ?LNB?FIN OH H;NOL;FCMN; S ;A?HN? =IFIHC;F @L;H=jM ; BCF S *;L;HDI
OH JLd=?L >? F; GI>?LH; H;=CdH =;H;LC; S ; .C=;L>I )?F=BCIL OH JIFgNC=I
H;=CIH;FCMN; ?H F; ,IMGI>?LHC>;> !F JLCG?LI M? FF?P; F;M GIGC;M ?F M?AOH>I
F;M FF?P; S F;M NL;? S ?F N?L=?LI F;M JL?N?H>? NL;?L !HNIH=?M ?MN;M GIGC;M HI
MIH JL?=CM;G?HN? I<D?NIM CH?LN?M IHP?LNC>;M ?H ?MJ?=gG?H?M =C?HNg@C=IM
>?MJOjM >? M?L =IHMC>?L;>;M G?L;M =OLCIMC>;>?M FO?AI ?H=;LH;=CdH >? FIM
ILgA?H?M S GlM N;L>? MgG<IFI >? C>?HNC>;> F;M GIGC;M NC?H?H ;A?H=C; ?MNI
?M HI MdFI F;M OM;GIM J;L; =IHM?AOCL HO?MNLIM JLIJdMCNIM MCHI KO? ;F OM;LF;M
=IGI I<D?NIM >CMNCHNIM ?FF;M HIM =IHMNCNOS?H =IGI MOD?NIM >C@?L?HN?M

!.0$!(+0 /;<CHI ;A64O21.12@ 0.;.?6.@ /;HN; LOT >? 0?H?LC@?


#IS; !>C=CIH?M
(%""+. &;G?M A6;2?.?6<@ '?.;@0B9AB?.92@ ;L=?FIH; #?>CM;
/0+ '%*# #?ILA? 3 &L #/720A@ .;1 #A52?@ @@.F@ <; !B@2B:@ .;1
!.A2?6.9 B9AB?2 );>CMIH 0B? 1HCP?LMCNS I@ 3CM=IHMCH ,L?MM
1..5 &IBH S BLCM .+&!' 7?>M 8 '<B?6;4 B9AB?2@ '?.;@3<?:.A6<;@ <3
'?.C29 .;1 '52<?F (IH>IH .IONF?>A?
22 !<:6.@ <@ @20?2A<@ 129 =.@.1< /;HN; LOT >? 0?H?LC@? )OM?I
LKO?IFdAC=I S !NHIALl@C=I >? 0?H?LC@? + ) ;<CF>I >? 0?H?LC@?
239

L< *55L -. 5*< 7>+.< 9;26.;*< 8+<.;?*,287.<


*<=;87H62,*< .7 *7*;2*<

8<K 52?.; A 5*;* >;.55

(
;M CMF;M >? 0?H?LC@? S (; ,;FG; =IHMNCNOS?H ?H F; ;=NO;FC>;> OH L?@?L?HN?
<C?H =IHI=C>I ?H ?F =;GJI >? F; ;MNLI@gMC=; JIL ;F<?LA;L ?H MOM =OG<L?M
>IM >? FIM GlM CGJILN;HN?M I<M?LP;NILCIM >?F GOH>I KO? =O?HN;H =IH
CHMNLOG?HN;F >? OH;M M?N?HN; CHMNCNO=CIH?M =C?HNg@C=;M J?LN?H?=C?HN?M ; >C?=C
HO?P? J;gM?M >C@?L?HN?M !MN; CH@L;?MNLO=NOL; OHC>; ;F MIJILN? =C?HNg@C=I Nj=HC=I
S BOG;HI KO? <LCH>; ?F %HMNCNONI >? MNLI@gMC=; >? ;H;LC;M =IH@ILG; ?F
FF;G;>I B?<=2.; "<?A52?; #/@2?C.A<?F KO? =;>; ;eI =IHAL?A; ; GlM >?
?MJ?=C;FCMN;M P?HC>IM >? NI>IM FIM LCH=IH?M >?F JF;H?N; J;L; >?M;LLIFF;L
MOM CHP?MNCA;=CIH?M ?H ?MN; ?R=?J=CIH;F VL?M?LP; ;MNLIHdGC=;X
,?LI MC GCL;GIM ;NLlM S HIM L?GIHN;GIM ;F MCAFI 42%%% M? JO?>?H ?H=IHNL;L
S; ;FAOH;M ?RJ?LC?H=C;M >? ?MN; H;NOL;F?T; ?H NC?LL;M =;H;LC;M !H ?@?=NI =IH
I=;MCdH >? MO ?MN;H=C; ?H F;M %MF;M ?H ?F P?L;HI >? ?F J;>L? (IOCM "?OCFFj?
CHC=C;>IL >? F;M ?RJFIL;=CIH?M =C?HNg@C=;M ?H ?F L=BCJCjF;AI NOPI F; I=;MCdH >?
L?;FCT;L >CP?LMIM ?MNO>CIM ;MNLIHdGC=IM S <;LIGjNLC=IM ;Mg =IGI >? =IHN?GJF;L
FIM ?=FCJM?M >?F JLCG?L M;NjFCN? >? &bJCN?L O;L?HN; ;eIM GlM N;L>? ?F =IG?L
=C;HN? <LCNlHC=I #?ILA? #F;M HIM JLIJIL=CIH;Lg; ?F JLCG?L N?MNCGIHCI KO? JIH?
>? G;HC@C?MNI F;M P?HN;D;M KO? I@L?=? ?F 0?C>? J;L; FF?P;L ; =;<I I<M?LP;=CIH?M ;
AL;H ;FNCNO> S ?H =IH>C=CIH?M =FCGlNC=;M @;PIL;<F?M

7 FFg8 F; FOH; S F;M ?MNL?FF;M <LCFF;<;H =IH OH ?MJF?H>IL JI=I =ILLC?HN? *I B;S
FOA;L ?H ?F GOH>I GlM ;JLIJC;>I J;L; OH I<M?LP;NILCI KO? (; !MN;H=C; 7>?
FIM %HAF?M?M8 S MC M? =IHMNLOS?L; ;FFg OH; =;M; =;FC?HN? S =dGI>; I J;L;
CHMN;F;L ;MNLdHIGIM =O;H>I >OL; ?F <O?H NC?GJI I M?; NI>I DOFCI ;AIMNI S
M?JNC?G<L? JI>Lg;H B;=?L MOM I<M?LP;=CIH?M NIG;L HIN; ;=?L=; >?F PC?HNI
S >?F NC?GJI JIL ?H=CG; >? F;M HO<?M S I<M?LP;L MO H;NOL;F?T; S JLIJC?
>;>?M 2@0?6=A6<; <3 A52 .;.?F @9.;1@
240 )lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M

%AO;FG?HN? ?H ?M; GCMG; jJI=;


;FAOHIM ?LO>CNIM FI=;F?M ?RJL?M;LIH
MO CHN?LjM JIL F; ;MNLIHIGg; S ;<OH
>;LIH ?H ?MN;M =IHMC>?L;=CIH?M
=IGI ?M ?F =;MI >? &IMj >? H=BC?N;
S F;L=dH I >? &IMj >? 2C?L; S F;PCDI
/CH ?G<;LAI @O?LIH MI<L? NI>I FIM
=C?HNg@C=IM ?RNL;HD?LIM KO? L?=;F;LIH
?H F;M %MF;M KOC?H?M JOMC?LIH >?
L?FC?P? ;>?GlM >? F; =IHP?HC?HN?
MCNO;=CdH A?IALl@C=; S >? F;M JLIJC
=C;M =;L;=N?LgMNC=;M =FCG;NIFdAC=;M F;
<IH>;> >? FIM =C?FIM =;H;LCIM J;L;
FIM ?MNO>CIM >? ?MN; >CM=CJFCH; !HNL?
?FFIM JI>?GIM =CN;L ; F;L?N >?
B;LF?M ,C;TTC /GSNB "F?OLC?O =C?HNg@C=I S I@C=C;F >? F;
);LCH; @L;H=?M; KO? ?H CHMN;Fd
OH J?KO?eI I<M?LP;NILCI ?H F; =;M; >?F =dHMOF ;M;FIH ?H /;HN; LOT >?
0?H?LC@? >?M>? >IH>? =IHMCAOCd P?L ?F JLCG?L M;NjFCN? >? &bJCN?L ?H ;AIMNI >?F
;eI MCAOC?HN? >OL;HN? MO M?AOH>; PCMCN; ; F; CMF; 0;G<CjH ?M JL?=CMI
G?H=CIH;L F;M G?>C=CIH?M ;MNLIHdGC=;M KO? JIL IL>?H >?F L?S (OCM 42
?@?=NO;LIH ?H FIM @L;H=?M?M IL>; ,CHALj S 2?L>OH >? F; L?HH? =IH
?F @CH >? L?MIFP?L >CMNCHN;M =O?MNCIH?M L?F;NCP;M ; F; F;NCNO> S F; FIHACNO>
+<M?LP;=CIH?M MCGCF;L?M L?;FCT;Lg;H ;eIM GlM N;L>? ;FAOHIM >? FIM ?RJ?LNIM
KO? CHN?AL;<;H F;M ?RJ?>C=CIH?M =;JCN;H?;>;M JIL !HNL?=;MN?;OR ;O>CH
"L?S=CH?N OGIHN > 1LPCFF? I O ,?NCN 0BIO;LM
*I I<MN;HN? F; JLCG?L; ?RJ?>C=CdH ; ;H;LC;M =IH OH I<D?NCPI ?MJ?=g@C=;
G?HN? ;MNLIHdGC=I F; JLIN;AIHCTd ?H ?F <LCNlHC=I B;LF?M ,C;TTC /GSNB
=OSIM ?RJ?LCG?HNIM ?H F; GIHN;e; >? #O;D;L; =IHMNCNOS?LIH F; JLCG?L;
>?GIMNL;=CdH BCMNdLC=; >? F;M CH>CM=ONC<F?M P?HN;D;M >? F; >?HIGCH;>; ;MNLI
HIGg; >? GIHN;e;
B;LF?M ,C;TTC /GSNB H;=Cd ?F >? ?H?LI >? ?H *lJIF?M >IH>? MO
J;>L? ?F ;FGCL;HN? >? F; .IS;F *;PS 3CFFC;G $?HLS /GSNB ?MNOPI >?MNCH;>I
&IMj ) +FCP?L S F;L; OL?FF 241

B;MN; (; AL;H ;@C=CdH ; F; ;MNLIHIGg; KO? JLI@?M;<; ?MN? G;LCHI F?


FF?Pd ; <;ONCT;L ; MO BCDI =IH OH M?AOH>I HIG<L? ?H BIHIL ; MO J;>LCHI ?F
;MNLdHIGI MC=CFC;HI #COM?JJ? ,C;TTC F L?AL?M;L ; %HAF;N?LL; ?F ;FGCL;HN?
/GSNB CHMN;Fd ?H MO =;M; >? ?>@IL> OH I<M?LP;NILCI >IH>? ?F J?KO?eI
B;LF?M ?GJ?T;Lg; ; >?M;LLIFF;L MO J;MCdH JIL ?MN; =C?H=C; ,I=I >?MJOjM S
=IH N;H MIFI ;eIM =IHM?AOCLg; OH JO?MNI >? ;ORCFC;L ?H ?F I<M?LP;NILCI
;MNLIHdGC=I >?F ;<I >? O?H; !MJ?L;HT; ?H /O>l@LC=; J;gM ?H ?F KO?
J?LG;H?=Cd >C?T ;eIM ?MNO>C;H>I ?F J;MI >?F =IG?N; $;FF?S S INLIM @?Hd
G?HIM OL;HN? ?MN? NC?GJI MO JL?MNCACI =IGI ;MNLdHIGI S G?N?ILdFIAI
@O? =IHMIFC>lH>IM? >? N;F GI>I KO? ?H ; MO PO?FN; ; #L;H L?N;e;
@O? HIG<L;>I MNLdHIGI .?;F >? !M=I=C; =;LAI KO? >?M?GJ?e;Lg; ; FI
F;LAI >? ;eIM S KO? =IGJ;ACH;Lg; =IH MOM N;L?;M >? JLI@?MIL ?H F;
1HCP?LMC>;> >? !>CG<OLAI /OM <CdAL;@IM =ICH=C>?H ?H L?M;FN;L KO? @O? OH
;>?F;HN;>I ?H ?F GOH>I >? F; ?MJ?=NLIM=IJC; MIF;L ;F NC?GJI KO? >?MN;=;H
MO CHN?LjM JIL INL;M =O?MNCIH?M =IGI F; @INIAL;@g; F; G?NLIFIAg; ;Mg =IGI
MO ;@C=CdH ; F; JCHNOL; I ; FIM PC;D?M
,?M? ; ?FFI MO G?L?=C>I ? CH>CM=ONC<F? L?HIG<L? =C?HNg@C=I M? PCI ?H =C?LN;
@ILG; G?LG;>I =IGI =IHM?=O?H=C; >?F @;H;NCMGI L?FCACIMI KO? G;HC@?MNd ?H
MO G;>OL?T ;F ;<L;T;L F;M N?ILg;M >? F; JCL;GC>IFIAg; (; =IHPC==CdH >? KO? F;
#L;H ,CLlGC>? >? #CT?B ?L; OH; MO?LN? >? JLI@?=g; =I>C@C=;>; FI FF?Pd ; PC;D;L ;
!ACJNI ?H =IH ?F I<D?NCPI >? =IGJLI<;L F; =?LN?T; >? ?MN; =L??H=C; "LONI
>? ?MN? PC;D? @O? F; JO<FC=;=CdH >? F; I<L; #B? ;52?6A.;02 6; A52 ?2.A $F?.:61
?H F; KO? M? ;P?HNOLd ; L?;FCT;L OH;M =OLCIM;M CHN?LJL?N;=CIH?M >? >;NIM
HOGjLC=IM KO? F? FF?P;LIH ; JLI=F;G;L KO? FIM <LCNlHC=IM >?M=?H>g;H >CL?=N;
G?HN? >? F; NLC<O J?L>C>; >? %ML;?F /C <C?H MO CH=ILJIL;=CdH ;F GIPCGC?HNI
;HAFICML;?FCN; F? AL;HD?d ;FAOH;M ?H?GCMN;>?M S FI ;F?Dd >?F GOH>I ;=;>jGC=I
?MN? CH@;NCA;<F? =C?HNg@C=I M?AOCLg; L?;FCT;H>I CGJILN;HN?M ?RJ?LCG?HNIM ;MNLI
HdGC=IM S G?N?ILIFdAC=IM N;HNI ?H MO J;NLC; =IGI ?H INLIM FOA;L?M >? !OLIJ;
/O F;LA; S @LO=Ng@?L; NL;S?=NILC; M? PCI L?=IHI=C>; =IH MO HIG<L;GC?HNI =IGI
GC?G<LI BIHIL;LCI >? >CP?LM;M MI=C?>;>?M =C?HNg@C=;M S =OFNOL;F?M ;Mg =IGI =IH
F; >CMNCH=CdH >? KO? M? <;ONCT;L; OH =LlN?L >?F G;L %G<LCOG >? F; (OH; =IH MO
HIG<L? (IM bFNCGIM ;eIM >? MO PC>; FIM J;Md ?H ?F HILN? >? %HAF;N?LL; ?H MO
L?MC>?H=C; >? .CJIH >IH>? @;FF?=?Lg; ?F >? @?<L?LI >?
242 )lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M

,?LI L?NLI=?>;GIM ; =O;H>I F; IGCMCdH >? (IL?M >?F FGCL;HN;TAI


<LCNlHC=I F? =IH@gI OH; GCMCdH =C?HNg@C=; ;F ,C=I >? 0?H?LC@? =IH ?F I<D?NI >?
L?;FCT;L I<M?LP;=CIH?M ;MNLIHdGC=;M >?M>? F; =OG<L? >? OH; >? F;M GlM ;FN;M
GIHN;e;M =IHI=C>;M JIL ?H=CG; >? F; =;J; >? HO<?M >IH>? F; ;NGdM@?L; ?M
GlM M?L?H; S ?MN;<F? NL;N;H>I >? P?LC@C=;L ;Mg F; BCJdN?MCM KO? S; ?H
B;<g; ?RJL?M;>I %M;;= *?QNIH ?H MO I<L; #=A608@
IH ?F L?MJ;F>I >? F;M JLCH=CJ;F?M CHMNCNO=CIH?M =C?HNg@C=;M >? MO J;gM S
NL;M B;=?LM? =IH OH P;FCIMI G;N?LC;F ;MNLIHdGC=I S @INIALl@C=I ?F >?
DOHCI B;LF?M ,C;TTC /GSNB ?G<;L=d ?H /IONB;GJNIH DOHNI ; MO @F;G;HN?
?MJIM; &?MMC? OH=;H LOG<I ; 0?H?LC@? >IH>? FF?Ad ?F >? DOFCI ?MJOjM
>? J?LNL?=B;LM? ;>?=O;>;G?HN? S >? =IHNL;N;L ; OH <O?H HbG?LI >? FOA;
L?eIM KO? F? ;SO>;Lg;H ?H MO ?GJL?M; ?F G;NLCGIHCI /GSNB S MO F;LA; =;L;
P;H; CHC=C;LIH F; ;M=?HMCdH ; (;M ;e;>;M >?M>? (; +LIN;P; >?M?IMIM >?
CHMN;F;L FI ;HN?M JIMC<F? MO =;GJ;G?HNI *;>; GlM FF?A;L ?GJL?H>C?LIH F;
=IHMNLO==CdH >? OH L?@OACI B;<CN;<F? =IH ALO?MIM GOLIM >? JC?>L; ?H F;
GIHN;e; >? #O;D;L; ; G?NLIM >? ;FNCNO> OH;M M?G;H;M >?MJOjM
?MN;<F?=?Lg;H OH; M?AOH>; ?MN;=CdH >? I<M?LP;=CdH ?H FN;PCMN; ;
G?NLIM GOS =?L=; >?F ,C=I
(IM ?MNO>CIM KO? ?F ;MNLdHIGI <LCNlHC=I FF?Pd ; =;<I >OL;HN? MO ?MN;H=C;
KO? M? JLIFIHAd ;FAI GlM >? >IM G?M?M F? J?LGCNC?LIH =IHMN;N;L ?HM?AOC>;
KO? F; I<M?LP;=CdH >? FIM ;MNLIM M? ?@?=NO;<; ;Bg ?H dJNCG;M =IH>C=CIH?M

*I B;=g; @;FN; PCPCL GO=BI NC?GJI ?H FN;PCMN; J;L; N?H?L F; =?LN?T; >? KO?
?MN? FOA;L MCNO;>I ?HNL? =ILLC?HN?M >? F;P; KO? FI JLIN?Ag;H >? FIM PC?HNIM
>?F *ILN? +?MN? S /OL KO? =IHN;<; =IH OH; J?L@?=N; PCMCdH =?HCN;F S >CM@LO
N;<; >? F; GlM >Cl@;H; >? F;M ;NGdM@?L;M I G?DIL >C=BI >? F; =;MC HI ?RCM
N?H=C; >? ;NGdM@?L; ?L; MCH >CM=OMCdH ?F JOHNI >IH>? >?<g;GIM CHMN;F;L ?F
AL;H !=O;NILC;FY

!M? ?R=?J=CIH;F G;L=I H;NOL;F MCNO;>I GlM ;FFl >? F;M HO<?M HI MIFI F?
@;=CFCNd F; L?;FCT;=CdH >? >CMNCHN;M G?>C=CIH?M G?N?ILIFdAC=;M S >? I<M?LP;
=CIH?M >? F; FOT TI>C;=;F >? F; (OH; S >? INLIM JF;H?N;M MCHI KO? N;G<CjH F?
MCLPCd >? CHMJCL;=CdH J;L; ?D?L=?L MOM B;<CFC>;>?M ;LNgMNC=;M ;Mg =IGI J;L; >;L
LC?H>; ; MO PIT FgLC=;
&IMj ) +FCP?L S F;L; OL?FF 243

.?@OACI >? GOLIM >? JC?>L; ?H #O;D;L;

F;M MC?N? >? F; G;e;H; >? ?M? >g; <IMKO?D;GIM OH; ;=O;L?F; KO? L?JL?
M?HN; ?F G;L >? HO<?M ;F !MN? =IGI OH; >?HM; FF;HOL; <F;H=; KO? M? ;F?D; ?H
F; >CMN;H=C; S MI<L? F; KO? ?F MIF M? L?@F?D; =IH OH L?MJF;H>IL >? HC?P? 7Y8
,IL >?<;DI >? ?MN? =O;>LI M? P? ?F G;L >? HO<?M NL;g>;M JIL ?F ;FCMCI I=OF
N;H>I ?F P?L>;>?LI S >CMN;HN? I=j;HI S @ILG;H>I ?F BILCTIHN? JIL ?MN? F;>I
=IGI JIL NI>IM FIM INLIM ? OH >?FC=;>I ;TOF ALCMl=?I F;M HO<?M =IHMNC
NOS?H OH; FF;HOL; N;H JF;H; KO? MC M? JO>C?L; =IFI=;L OH JC? ?H ?F <IL>? KO?
?MNl N;H =?L=;HI ; 0?H?LC@? OHI JI>g; @;HN;M?;L =IH OH @l=CF J;M?I B;MN; (;
,;FG; KO? M? F?P;HN; ?H ?F FgGCN? >?F <LCFF;HN? BILCTIHN?

0L;M @CH;FCT;L F;M N;L?;M KO? M? B;<g;H JLIJO?MNI L?;FCT;L ?H (;M ;e;>;M
/GSNB S MO ?MJIM; M? L?A;F;LIH OH;M ;J;=C<F?M P;=;=CIH?M ?H ?F ,O?LNI >? (;
+LIN;P; >IH>? JO>C?LIH L?JIH?LM? >? F;M J?H;FC>;>?M MO@LC>;M S >? J;MI
L?=;<;L >CMNCHN;M CH@ILG;=CIH?M ;=?L=; >? ;FAOH;M ?MJ?=C?M <INlHC=;M JIL
?H=;LAI >? MO ;GCAI MCL &IBH $?LM=B?F !F >? M?JNC?G<L? =O;H>I ?F S;N?
KO? FIM FF?P;<; >? L?AL?MI ; %HAF;N?LL; <IL>?;<; F; =IMN; HILN? >? F; CMF; ?F
;MNLdHIGI <LCNlHC=I >CLCACd OH; bFNCG; GCL;>; ;F 0?C>? KO? F? BCTI ?RJL?M;L
FI MCAOC?HN?
244 )lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M

)C?HNL;M ;P;HT; ?F ;N;L>?=?L <;DI ?F FgGCN? ;TOF >?F I=j;HI M? JC?L>?H ?F


,O?LNI S F;M =IFCH;M >? ?M=ILC;M PIF=lHC=;M S F; 2CFF; (;M HO<?M M? ?RNC?H>?H
N;G<CjH ; FI F;LAI >?F HCP?F >? FIM G?NLIM >? ;FNCNO> J?LI JIL ?H=CG; >?
NI>I M? P? ;bH ?F #L;H ,C=I F?P;HNlH>IM? MI<L? F; P;MN; FF;HOL; >?F =LlN?L >?
?F?P;=CdH S ?F?PlH>IM? ?H F; NL;HKOCF; AL;H>?T; >? MO ;FNOL; MI<L? F; ;ACN;
=CdH >? ?MN? GOH>I CHN?LCIL ,IL @CH =O;H>I F; HI=B? =;? S HO?MNL; bFNCG;
PCMCdH >?F ,C=I J?LG;H?=? ;bH ;FN; ?H ?F =C?FI HIM JL?AOHN;GIM JIL =OlHNI
NC?GJI ?F GOH>I CFOMNL;>I L?NL;M;Ll F; CHMN;F;=CdH ;FFg >? OH; ?MN;=CdH KO?
N;HNI JLIG?N? J;L; ?F G;SIL ;P;H=? >? F; GlM MO<FCG? >? NI>;M F;M C?H=C;M

!H ?MN; >?MJ?>C>; M? JO?>? I<M?LP;L OH CGJFg=CNI FF;G;GC?HNI ; F; =IGO


HC>;> =C?HNg@C=; J;L; KO? M? JF;HN?;L; M?LC;G?HN? F; O<C=;=CdH ?H N;H JLCPCF?
AC;>I FOA;L >? OH I<M?LP;NILCI J?LG;H?HN?
B;LF?M ,C;TTC /GSNB M? MCHNCd N;H M;NCM@?=BI >?F L?MOFN;>I >? MOM NL;<;DIM S
>? F;M @;=CFC>;>?M KO? F? JLIJIL=CIH;LIH F;M ;ONILC>;>?M ?MJ;eIF;M KO? JF;H?d
PIFP?L ; F; CMF; ;OHKO? HOH=; FI FF?A;Lg; ; B;=?L !H I=NO<L? >? JL?M?HNd
F;M =IH=FOMCIH?M >? MOM ?RJ?LC?H=C;M ?H OH <L?P? CH@ILG? S JI=I >?MJOjM F;M
?RJOMI =IH GlM >?N;FF? ;HN? FIM GC?G<LIM >? F; .?;F /I=C?>;> ?M=I=?M; )lM
N;L>? S ; J?NC=CdH >? ;FAOHIM ;GCAIM JO<FC=d OH ?RN?HMI L?F;NI >? MO
?MN;H=C; ?H ;H;LC;M =IH ?F NgNOFI >? '2;2?6332 .; @A?<;<:2? @ E=2?6:2;A <?
&=206.96A62@ <3 . %2@612;02 ./<C2 A52 9<B1@ KO? CFOMNLd =IH OH; M?LC? >?
@INIAL;@g;M ?MN?L?IM=dJC=;M KO? jF GCMGI B;<g; NIG;>I #L;=C;M ; ?MN?
PIFOG?H WKO? L?=IAg; N;HNI MOM PCP?H=C;M J?LMIH;F?M =IGI ;FAOHIM L?MOF
N;>IM KO? HI B;<g;H N?HC>I =;<C>; ?H F; G?GILC; JL?M?HN;>; ;HN? MOM
=IF?A;MW S ; F;M =LdHC=;M >? FIM J?LCd>C=IM KO? MCAOC?LIH MO =;GJ;e; 0?H?LC@?
L?@ILTd MO @;G; =IGI >?MNCHI =C?HNg@C=I ?H ?MJ?=C;F ?H FIM =gL=OFIM ;MNLIHd
GC=IM Mg M? ?RJFC=; KO? ?H ?F <LCNlHC=I 3CFFC;G .;>=FC@@ CLN <;ONCT;L;
OH; ?RN?HM; =IL>CFF?L; >? F; (OH; =IH ?F HIG<L? >? V)IHN?M >? 0?H?LC@?X I
KO? JIMN?LCILG?HN? =C?HNg@C=IM >? >CP?LM;M H;=CIH;FC>;>?M >?=C>C?L;H M?AOCL
FIM J;MIM >? /GSNB ?H ;H;LC;M ? ?MN; @ILG; ?H ;AIMNI >? ?F
;OMNLC;=I +ME;L /CGIHS J;Md >IM M?G;H;M ?H ?F L?@OACI >? FN;PCMN; =IH ?F
I<D?NCPI >? ?MNO>C;L F;M P;LC;=CIH?M >?F ?MJ?=NLI MIF;L =IH ?F ;OG?HNI >? F;
;FNOL; S ?H ?F HILN?;G?LC=;HI ;HC?F 3?<MN?L !>A?=IG< M? >?MJF;Td ;
&IMj ) +FCP?L S F;L; OL?FF 245

0?H?LC@? =IH JLIJdMCNIM MCGCF;L?M


FAI GlM N;L>? >OL;HN? FIM P?L;HIM
>? S ?F MO?=I 'HON
vHAMNLcG FF?Pd ; =;<I G?>C=CIH?M >?
F;M L;>C;=CIH?M MIF;L?M ?H ?F ,O?LNI >?
F; LOT /;HN; LOT #agG;L S ?H ?F
0?C>? >?M>? F; CHMN;F;=CdH KO? /GSNB
=IHMNLOSd ?H FN;PCMN; (IM L?MOFN;>IM
>? ?MN;M I<M?LP;=CIH?M M? JO<FC=;Lg;H
?H S M?Lg;H >? AL;H ONCFC>;> J;L;
KOC?H L?=IAC?H>I ?F N?MNCAI >? /GSNB
M? =IHP?LNCLg; OHIM ;eIM >?MJOjM ?H OH
>?=C>C>I P;F?>IL >? F; =L?;=CdH >? OH
=?HNLI CHN?LH;=CIH;F >? I<M?LP;=CdH ?H (; M?eIL; /GSNB ?H ?F L?@OACI >? #O;D;L;

(;M ;e;>;M >?F 0?C>? &?;H );M=;LN


!MN? ;MNLdHIGI @L;H=jM BCDI >?F @gMC=I !F?ONBhL? );M=;LN WOHI >? FIM
JCIH?LIM >? F; N?ILg; >? F; L?F;NCPC>;>W H;=Cd ?H ,;LgM ?F >? G;LTI >?
?MJOjM >? =OLM;L ?MNO>CIM ?H F; !M=O?F; *ILG;F /OJ?LCIL >? MO =CO>;>
H;N;F ?H M? >I=NILd ?H C?H=C;M S NL?M ;eIM GlM N;L>? @O? =IHNL;N;>I
JIL F; 1HCP?LMC>;> >? ,;LgM J;L; JIH?L ?H G;L=B; OH F;<IL;NILCI ;MNLIHdGC=I
,IL F; GCMG; jJI=; I<NOPI OH; JF;T; >? ;MNLdHIGI ?H ?F +<M?LP;NILCI >?
,;LgM >IH>? NL;<;Dd B;MN; MCH >?D;L JIL ?FFI >? M?AOCL ?D?L=C?H>I MOM
N;L?;M >I=?HN?M J;LNCL >? ?MN; @?=B; S B;MN; MO DO<CF;=CdH ?H >CLCACd
?F +<M?LP;NILCI >? (SIH ILC?HNlH>IFI B;=C; HO?PIM NL;<;DIM >? gH>IF? G?N?
ILIFdAC=; KO? F? >C?LIH OH; HIN;<F? JLIS?==CdH /O @LO=Ng@?L; F;<IL =C?HNg@C=;
M? PCI L?=IGJ?HM;>; =IH F; JLIJO?MN; >? HIG<L;GC?HNI >? ;<;FF?LI >? F;
(?ACdH >? $IHIL S =IH F; =IH=?MCdH >? P;LCIM A;F;L>IH?M >? F; =;>?GC; >?
C?H=C;M =IGI ?F ,LCR CHIOR KO? F? @O? INILA;>I ?H JIL MO FC<LI .
C62 2A 92@ A?.C.BE 1B 052C.962? 2.; 5.?92@ 12 <?1. I ?F ,LCR
(IONL?OCF KO? I<NOPI ?H S J;L; =IMN?;L F; JO<FC=;
=CdH >? >CP?LM;M >? MOM CHP?MNCA;=CIH?M 1HI >? ?MNIM NL;<;DIM "<A2@ @B? 9.
C.?6./696AY 12@ 096:.A@ =IHPCLNCd ; );M=;LN ?H OH ;>?F;HN;>I ?H FIM
246 )lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M

?MNO>CIM MI<L? ?F =;G<CI =FCGlNC=I


";FF?=Cd ?H ,;LgM ?F >? G;LTI >?

/O PC;D? ; 0?H?LC@? NOPI FOA;L ?H


F; JLCG;P?L; >? =IGI CHN?
AL;HN? >? OH; GCMCdH =C?HNg@C=;
ILA;HCT;>; JIL ?F JLI@?MIL ;F?GlH
#INNBIF> ,;HHQCNT <;DI FIM ;OMJC
=CIM >? F; MI=C;=CdH %HN?LH;=CIH;F
=IHNL; F; 0O<?L=OFIMCM =OSI I<D?
NCPI @OH>;G?HN;F ?L; F; L?;FCT;=CdH
>? CHP?MNCA;=CIH?M >? =;Ll=N?L
@CMCIFdAC=I ?H ?MJ?=C;F ?F ;HlFCMCM
>? F; CH@FO?H=C; >?F MIF S >? F;
;FNCNO> ?H >CMNCHNIM dLA;HIM >?F
&?;H );M=;LN ?H MO L?@OACI >? #O;D;L; =O?LJI BOG;HI ;>I KO? J;L;
;KO?FF;M @?=B;M M? JL?P?g; OH;
;J;LC=CdH >?F =IG?N; $;FF?S ;FAOHIM ;MNLdHIGIM W?HNL? FIM =O;F?M
N;G<CjH M? =IHN;<;H FIM ;F?G;H?M #OMN;P )aFF?L S !LC=B 'LIHW M?
MOG;LIH ; F; ?GJL?M; =IH ?F =IG?NC>I ?MJ?=g@C=I >? ?MNO>C;L MO J;MI
>?M>? OH; ?MN;=CdH >? GIHN;e; S >? >?N?LGCH;L MC F;M =IH>C=CIH?M =FCGl
NC=;M >? F; CMF; ?L;H JLIJC=C;M J;L; I<M?LP;=CIH?M G?N?ILIFdAC=;M @gMC=;M S
;MNLIHdGC=;M
.?=IL>?GIM KO? J;L; F; =C?H=C; ;MNLIHdGC=; F; I=;MCdH ?L; ?R=?J=CIH;F
JO?MNI KO? ?F =IG?N; $;FF?S =IH OH L?NILHI =g=FC=I >? ;eIM HI C<; ;
JI>?L I<M?LP;LM? >? HO?PI B;MN; (;M L;TIH?M KO? JLIJC=C;LIH F; ?F?=
=CdH >? F; CMF; >? 0?H?LC@? @O?LIH >CP?LM;M ,;L; FIM @CMCdFIAIM @O? >?N?LGC
H;HN? F; JIMC<CFC>;> >? FF?P;L ; =;<I >CMNCHNIM ?RJ?LCG?HNIM >OL;HN? P;LC;M
M?G;H;M ; GlM >? G?NLIM >? ;FNOL; S ?H =IH>C=CIH?M =FCG;NIFdAC=;M
@;PIL;<F?M L?KOCMCNIM ?MNIM KO? HI L?OHg;H INL;M =CG;M ?OLIJ?;M =O<C?LN;M
JIL AF;=C;L?M >OL;HN? NI>I ?F ;eI ?H =O;HNI ; FIM ;MNLdHIGIM @O? >?=CMCP;
F; AL;H JOL?T; S =;FC>;> >?F =C?FI =;H;LCI >? F;M KO? S; M? N?Hg; HINC=C; MI<L?
NI>I ; J;LNCL >? F; I<L; >? B;LF?M ,C;TTC /GSNB
&IMj ) +FCP?L S F;L; OL?FF 247

);M=;LN S MOM ;=IGJ;e;HN?M FF?A;LIH ; F; CMF; ?F >? G;LTI S ; FIM


JI=IM >g;M ?GJL?H>C?LIH F; ?R=OLMCdH ; #O;D;L; =IH ?F lHCGI >? CHMN;F;L MO
=;GJ;G?HNI ?H ?F GCMGI FOA;L ?H ?F KO? /GSNB FF?Pd ; =;<I MOM ?RJ?LC
G?HNIM =CH=O?HN; ;eIM ;NLlM OL;HN? MO ?MN;H=C; ?F =C?HNg@C=I @O? ?HPC;H>I
J?LCd>C=;G?HN? ;LNg=OFIM ; >CMNCHN;M JO<FC=;=CIH?M @L;H=?M;M ?MJ?=C;FG?HN?
;F >C;LCI 2 64.?< >?F KO? ?L; =ILL?MJIHM;F >;H>I =O?HN; >?N;FF;>; >? F;
G;L=B; >? MO CHP?MNCA;=CdH S >? MO ?RJ?LC?H=C; J?LMIH;F ,I=I >?MJOjM >? MO
PO?FN; ; "L;H=C; JO<FC=d OH ;GJFCI L?F;NI NCNOF;>I :=?2@@6<;@ 2A </@2?C.
A6<;@ 1.;@ B; C<F.42 [ '2;2?632 M @ 7 8 >?GlM >? L?=IA?L MOM PCP?H
=C;M S FIM JLCH=CJ;F?M L?MOFN;>IM >? FIM ?RJ?LCG?HNIM @CMCIFdAC=IM ;MNLIHd
GC=IM S G?N?ILIFdAC=IM L?;FCT;>IM ?F FC<LI =IHNC?H? OH; >? F;M GO?MNL;M
@INIALl@C=;M GlM LC=;M KO? HIM JLIJIL=CIH; F; FCN?L;NOL; PC;D?L; L?F;NCP; ;
;H;LC;M =IGJO?MN; JIL GlM >? CHMN;HNlH?;M
F CAO;F KO? MO=?>? =IH F; =LdHC=; KO? HIM F?Ad /GSNB FIM ?JCMI>CIM GlM
ILCACH;F?M MIH ;KO?FFIM KO? M? M;F?H >?F ?MNCFI I<D?NCPI S >?F NIHI H?ONL;F J;L; <LCH
>;LHIM F;M M?HM;=CIH?M S J?HM;GC?HNIM >? );M=;LN >OL;HN? MO J?LG;H?H=C; ?H
0?H?LC@? /IH >? >?MN;=;L ?MJ?=C;F
G?HN? MOM =IG?HN;LCIM ;HN? ?F CHGC
H?HN? J;MI >?F =IG?N; KO? FI B;<g;
;NL;g>I ; F; CMF; JL?PCMNI J;L; F; HI=B?
>?F ;F >? G;SI *I >?<?GIM
IFPC>;L KO? >?M>? F; ;HNCAa?>;> FIM
=IG?N;M >?<C>I ; FI CGJL?PCMC<F? >?
MOM ;J;LC=CIH?M M? =IHMC>?L;<;H
MCAHIM >CPCHIM KO? ;HOH=C;<;H =;F;GC
>;>?M S KO? ; FI F;LAI >? F; BCMNILC;
CGJILN;HN?M =;NlMNLI@?M =ICH=C>C?LIH
=IH >CMNCHN;M PCMCN;M >?F $;FF?S 0I>I ?FFI
J?L>OL;<; ?H F; G?GILC; =IF?=NCP; S HC
MCKOC?L; F; G?HN? =C?HNg@C=; S L;=CIH;F
>? FIM =C?HNg@C=IM F?M CGJ?>g; M?L JL?M;
>? OH; =C?LN; M?HM;=CdH >? ;HAOMNC;
;HN? F; JLIRCGC>;> >?F ;=IHN?=CGC?HNI &?;H );M=;LN @L?HN? ;F 0?C>? =IH MO ?=O;NILC;F
248 )lM ;FFl >? F;M HO<?M JLCG?L;M I<M?LP;=CIH?M ;MNLIHdGC=;M ?H ;H;LC;M

!MN? =IG?N; ?M ?M<?FNI S <LCFF;HN? =;JLC=BIMI S =;G<C;HN? *CHAOHI >? HIMI


NLIM JO?>? =IHN?H?L MO ;>GCL;=CdH ?MN;GIM ?G<?F?M;>IM S N;F P?T ?H ?F
@IH>I ;FAI N?G?LIMIM U,?LI ?F J?FCALI ;=?=B; /? ;=?L=; F; HI=B? @;Ng>C=;
!H F; CMF; >? 0?H?LC@? GOS JI=IM >ILGCLlH NL;HKOCFIM

(; CHKOC?NO> >? FIM FOA;L?eIM ;=L?=?HN;>; JIL F; MOJ?LMNC=CdH S ?F >?M=IHI


=CGC?HNI BCTI KO? HI JI=IM >? ?FFIM M? ;=?L=;L;H B;MN; F; )IHN;e; >? #O;D;L;
J;L; =OLCIM?;L S MI<L? NI>I J;L; CH>;A;L ;HN? N;H CFOMNL?M ?RNL;HD?LIM MC C<; ;
JLI>O=CLM? OH =;N;=FCMGI @CH;F );M=;LN FI L?=IL>;Lg; ;Mg ?H MO FC<LI

,IL GlM KO? F?M ?HM?e? ; GCM PCMCN;HN?M @INIAL;@g;M >?F =IG?N; JIL GlM KO?
;@CLG? ZKOj JO?>I M;<?L SI KO? NC?H? OH; ;J;LC?H=C; NIN;FG?HN? CHI=?HN?
G? ?H@L?HNI ; >IM I<D?=CIH?M ,LCG?LI HI N?HAI ;ONILC>;> MO@C=C?HN? J;L;
=;FG;L ; F; GOFNCNO> >? ?MI HI =;<? F; G?HIL >O>; >?GlM JIL GO=BI KO?
SI >CA; JC?HM;H KO? OH =IF?N;TI PCIF?HNI JI>Lg; B;=?L KO? F; 0C?LL; J?L>C?L; ?F
?KOCFC<LCI PIF=;L; S M? >?MJFIG;L; U0I>I ?F GOH>I =;?Lg; .9 3<;1< J

/CH ?G<;LAI F; HI=B? @;Ng>C=; KO? M? ;OAOL;<; HI NOPI FOA;L HC MCKOC?L; M?


JLI>ODI ;FAOHI >? FIM @?HdG?HIM KO? JI>g;H ?MJ?L;LM? =IGI ?MNL?FF;M
@OA;=?M I OH; ?MJ?=C;F =IFIL;=CdH >?F =C?FI ?F J;MI >?F $;FF?S JIL ?MN;M F;NCNO>?M
MIFI >?Dd NL;M >? Mg OH; MCHAOF;L FOT TI>C;=;F
1H; P?T =OGJFC>IM JO?M FIM I<D?NCPIM >? F; ?RJ?>C=CdH ?F ;MNLdHIGI J;LC
MCHI B;=? <;F;H=? >? MO ?MN;H=C; ?H F; CMF; =ICH=C>C?H>I ?H <O?H; G?>C>; =IH
FI KO? S; B;<g; MOA?LC>I /GSNB =CH=I >j=;>;M ;HN?M

7Y8 !MJ?L;GIM KO? HO?MNL; ?RJ?LC?H=C; MCLP; J;L; KO? M? =L?? ?H ?F @ONOLI OH
=?HNLI >? I<M?LP;=CdH >CAHI >? ?MN;M =IH>C=CIH?M ?R=?J=CIH;F?M S JLIJC=C;M
J;L; F;M GlM P;LC;>;M CHP?MNCA;=CIH?M =C?HNg@C=;M 5; ?RJIH>L?GIM ;FAbH >g; ?F
JF;H >?N;FF;>I ;Mg =IGI FIM G?>CIM H?=?M;LCIM J;L; MO L?;FCT;=CdH 0?H?GIM F;
gHNCG; =IHPC==CdH >? KO? =IH ?FFI M? JL?MN;Ll OH M?LPC=CI ?RNL;IL>CH;LCI ; F;
=;OM; >?F JLIAL?MI >? F;M =C?H=C;M >? I<M?LP;=CdH

!@?=NCP;G?HN? &?;H );M=;LN JOMI NI>I MO ?GJ?eI ?H KO? M? ?MN;<F?=C?L; ?MN?


I<M?LP;NILCI ?H (;M ;e;>;M J;L; FI KO? FF?Pd ; =;<I CHN?HM;M A?MNCIH?M >CJFIGl
NC=;M S =C?HNg@C=;M N;HNI ?H "L;H=C; S F?G;HC; =IGI ?H !MJ;e; (;G?HN;<F?G?HN?
?F =IGC?HTI >? F; ,LCG?L; #O?LL; )OH>C;F ?=Bd JIL NC?LL; MO JLIS?=NI
&IMj ) +FCP?L S F;L; OL?FF 249

IH NI>I F; M?GCFF; KO? JF;HN;LIH /GSNB S );M=;LN FIAL;Lg; A?LGCH;L ;eIM


GlM N;L>? WAL;=C;M ;F CGJOFMI >? >CMNCHNIM CHP?MNCA;>IL?M ?MJ;eIF?M S ;F ;JISI
>? P;LC;M CHMNCNO=CIH?M ?MJ;eIF;M S =;H;LC;MW =IH F; =L?;=CdH >?F +<M?LP;NILCI
MNLIHdGC=I >?F 0?C>? ?H ;HN?=?>?HN? >?F ;=NO;F %HMNCNONI >? MNLI@gMC=;
>? ;H;LC;M

.m $ $ S)0 .m $ '52 $2?6=.A2A60 @A?<;<:2? LCMNIF $CFA?L


1.!(( F;L; V FAOH;M =IHMC>?L;=CIH?M ?H NILHI ; F;M :=?2@@6<;@ 2A
</@2?C.A6<;@ 1.;@ B; C<F.42 [ '2;2?632 >? &?;H );M=;LNX &IMj ) +FCP?L
=IIL> @9. /62?A. @AB16<@ 3?.;02@2@ 2; :2:<?6. 12 927.;1?<
6<?.;2@0B (; (;AOH; /?LPC=CI >? ,O<FC=;=CIH?M >? F; 1HCP?LMC>;> >? (;
(;AOH; PIF %
) / .0 &?;H M @ 7 8 :=?2@@6<;@ 2A </@2?C.A6<;@ 1.;@ B; C<F.42 [ '2;2?632
,;LgM "F;GG;LCIH
) / .0 &?;H :=?2@6<;2@ F </@2?C.06<;2@ 12 B; C6.72 . '2;2?632
%HNLI>O==CdH NL;>O==CdH S HIN;M >? F;L; OL?FF LCMNCH; # >? 1LC;LN? S
);LSM? ,LCP;N ,LdFIAI >? "L;H=CM=I /lH=B?T (; (;AOH; ?HNLI >? F;
OFNOL; ,IJOF;L ;H;LC;
/)50$ B;LF?M ,C;TTC '2;2?6332 .; @A?<;<:2? @ E=2?6:2;A <? &=206.96A62@
<3 . %2@612;02 ./<C2 A52 9<B1@ (IH>L?M (IP?FF .??P?
/)50$ B;LF?M ,C;TTC !]@ 02?0. 129 0629< '2;2?632 9.@ 2E=2?62;06.@ 12 B;
.@A?S;<:< < $<?:2;<?2@ 12 B; =2?V<1< 12 2@AB16<@ =<? 2;06:. 12 9.@ ;B/2@
0L;>O==CdH HIN;M S L?M?e;M <CIALl@C=;M >? !GCFCI <;> .CJIFF %HNLI>O==CdH >?
&IMj ( #;L=g; ,jL?T ,LdFIAI >? (OCM IF;
/ w* $!6 "L;H=CM=I V MNLIHIGS CH NB? ;H;LS %MF;H>MX )6@A.@ 6;
@A?<;<:F PIF
251

8< 8;J0.7.< -.5 =>;2<68 6K-2,8 .7 *7*;2*<

%J,=8; *;,J* 2.=8 A ><=8 .;7L7-.B

0
;F P?T F; =IHN?GJF;=CdH >?F NOLCMGI G;MCPI KO? =;>; ;eI CHP;>? HO?MNLI
L=BCJCjF;AI HIM B;S; B?=BI IFPC>;L OH CGJILN;HN? B?=BI ?F NOLCMGI NC?H?
MO ILCA?H ?H F; )?>C=CH; !H ?@?=NI >?M>? NC?GJI CHG?GILC;F FIM
?H@?LGIM JO>C?HN?M ;=IHM?D;>IM JIL MOM Gj>C=IM =;G<C;<;H >? FOA;L ;CL?M S
=FCG; =IH ?F @CH >? ?H=IHNL;L OH; G?DIL; ; MOM G;F?M (; MI=C;FCT;=CdH >?F NOLCMGI
?H HO?MNL; jJI=; S; HI B;=? J?HM;L ?H MO ILCA?H Gj>C=I J?LI ;F JLCH=CJCI @O? ;Mg
?M>? F; M?AOH>; GCN;> >?F MCAFI 42%%% FIM J;=C?HN?M CHAF?M?M FIM GlM ;@?=
N;>IM JIL VF;M ?H@?LG?>;>?M >? F; =CPCFCT;=CdH OL<;H;X CHC=C;LIH FI KO? JI>Lg
;GIM >?HIGCH;L VPC;D?M >? M;FO>X !HNIH=?M M? J?HM;<; KO? FI G?DIL J;L; L?=O
J?L;L F; M;FO> ?L;H F;M ;AO;M N?LG;F?M (IM ?H@?LGIM 6;C.961@ ;=O>g;H ; FIM
<;FH?;LCIM CHAF?M?M ;NB /=;L<ILOAB J?LI N;G<CjH FIM >? F; ;FN; <OLAO?Mg;
MIFg;H PCMCN;L FIM >?F =IHNCH?HN? O<C=;>IM ?H /J; jFAC=; KOCMALlH F?G;HC; I
FICM "L;H=C; 1H; IJCHCdH ;FN?LH;NCP; >? FIM Gj>C=IM >? FIM CFOMNL?M PC;D?LIM
MIMN?Hg; KO? N;H <?H?@C=CIM;M =IGI F;M ;AO;M >? FIM <;FH?;LCIM ?L;H F;M =IH>C
=CIH?M =FCGlNC=;M ?MJ?=C;FG?HN? ?F ;CL? @L?M=I S ?F =FCG; N?GJF;>I %HC=C;FG?HN?
FIM =?HNLIM NOLgMNC=IM >?MNCH;>IM ; L?=OJ?L;L F; M;FO> WFI KO? FIM CHAF?M?M FF;G;LIH
2.9A5 %2@<?A@W M? L;>C=;LIH ?H F; =O?H=; G?>CN?LLlH?; >? "L;H=C; ? %N;FC; =IGI
*CT; );LM?FF; /;H .?GI #jHIP; .IG; ,;F?LGI I *lJIF?M *I I<MN;HN? FIM
?@?=NIM N?L;JjONC=IM >?F =FCG; >? ?M;M JI<F;=CIH?M ?L;H GOS P;LC;>IM FI KO? M?
;NLC<Og; ; F;M <;D;M N?GJ?L;NOL;M >?F CHPC?LHI ?OLIJ?I 5; >?M>? @CH;F?M >?F MCAFI
42%%% S MI<L? NI>I ?H ?F MCAFI 4%4 FIM Gj>C=IM ?GJ?T;LIH ; >CLCACL MOM GCL;>;M ;F
=FCG; <?HCAHI S N?GJF;>I >OL;HN? F; G;SIL J;LN? >?F ;eI >? F;M CMF;M >?F
NFlHNC=I );>?CL; S ;H;LC;M "O? CH?PCN;<F? F; =IHNLIP?LMC; MI<L? KOj =FCG; ?L;
GlM <?H?@C=CIMI MC ?F >? OHI O INLI ;L=BCJCjF;AI S GlM N;L>? =IGI HI JI>g; M?L
252 (IM ILgA?H?M >?F NOLCMGI Gj>C=I ?H ;H;LC;M

>? INL; @ILG; ; GI>I >? OH; HO?P; @;=?N; >?F JF?CNI CHMOF;L MI<L? MC ?L; GlM
;>?=O;>I ?F =FCG; >? 0?H?LC@? I ?F >? #L;H ;H;LC;
"O?LIH CHAF?M?M FIM JLCG?LIM Gj>C=IM KO? ?MNO>C;LIH F; <?HCAHC>;> >?F =FCG; S
F;M =IH>C=CIH?M dJNCG;M >? ;FAOHIM JOHNIM >? F; CMF; /CL &;G?M F;LE PCMCNd
0?H?LC@? ?HNL? S L?=IAC?H>I MOM =IH=FOMCIH?M ?H ?F FC<LI '52 @.;.A6C2
6;39B2;02 <3 096:.A2 ?>CN;>I ?H (IH>L?M ?H !H MO N;<F; >? N?GJ?L;NOL;M
=IGJ;L;NCP;M M? L?=IA? F; MOJ?LCILC>;> >? /;HN; LOT MI<L? INLIM FOA;L?M S ?H
J;LNC=OF;L MI<L? "OH=B;F
+NLI CHN?L?M;HN? FC<LI MI<L? ?F N?G; ?M ?F ?M=LCNI JIL ?F Gj>C=I CHAFjM 3CFFC;G
.I<?LN 3CF>? =;N?>LlNC=I >? I@N;FGIFIAg; S INILLCHIF;LCHAIFIAg; J;>L? >?F
=jF?<L? ?M=LCNIL +M=;L 3CF>? =IH GINCPI >? MO PCMCN; ; 0?H?LC@? ?H HIPC?G<L? >?
!F N?RNI @O? ?>CN;>I ?H O<FgH ?H =IH ?F NgNOFI >? ".??.A6C2 <3 .
C<F.42 A< !.126?. '2;2?6332 .;1 .9<;4 A52 @5<?2@ <3 A52 !216A2??.;2.; !MN?
Gj>C=I PC=NILC;HI =IHMC>?L;<; KO? ?F =FCG; >? F; CMF; ?L;

FN;G?HN? <?H?@C=CIMI J;L; F;M ;@?==CIH?M <LIHKOC;F?M =IH GO=B; ?RJ?=NIL;


=CdH I J;L; ;KO?FFIM ?MN;>IM >? >CMN?HMCdH >? F; GO=IM; >? F; A;LA;HN; N;H
=IGbH ?H HO?MNLI ?HNILHI B;=? ;FAOHIM ;eIM S; M?; =IGI M?=O?F; >? F; >C@N?LC;
S ;@?==CIH?M MCGCF;L?MY !F ?H=;HN;>IL 2;FF? >? (; +LIN;P; L?bH? =IH>C=CIH?M
CHMOJ?L;<F?M J;L; F; L?=OJ?L;=CdH >? =O;FKOC?L ?H@?LGI S; KO? ?F ;G<C?HN? ?M
M?=I S =lFC>I N;G<CjH ?M FI MO@C=C?HN?G?HN? AL;H>? =IGI J;L; KO? ?F ;CL? JO?>;
=CL=OF;L FC<L?G?HN? ?MNl ILC?HN;>I ;F G;L S ;>?GlM ?MNl LI>?;>I >? GIHN;e;M
KO? FI JLIN?A?H >? F;M CH=F?G?H=C;M >?F CHPC?LHI S MO;PCT;H ?F /CLI=I JLIJCI >? F;
?MN;=CdH ?MNCP;F

MCGCMGI M? =IHI=? F; PCMCN; >? 3CFFC;G 3BCN? IIJ?L ; /;HN; LOT >?
0?H?LC@? ?H ?H?LI >? /OM ?MNO>CIM MI<L? F; =;JCN;F ;J;L?=C?LIH ?H ?F FC<LI
'52 6;C.961 @ 4B612 A< !.126?. D6A5 . 12@0?6=A6<; <3 '2;2?632 6@/<; 6;A?.
!.3?. 2A0 JO<FC=;>I ?H (IH>L?M
+NL; JO<FC=;=CdH >?>C=;>; ; AFIM;L F;M ;JNCNO>?M =OL;NCP;M >?F =FCG; >?F 2;FF? >?
(; +LIN;P; MI<L? NI>I ?H =O;HNI ; F;M ?H@?LG?>;>?M L?MJCL;NILC;M @O? F; >?F
@L;H=jM #;<LC?F >? ?F=;MN?F ?M=LCN; ?H !F ;ONIL >?MJOjM >? OH; ;GJFC; CHNLI
>O==CdH A?H?L;F L?=O?L>; KO? F; N?GJ?L;NOL; VG?>C; ;HO;FX >? (; +LIN;P;
^ ?M MOJ?LCIL ; F; >? );>?CL; .IG; *CT; ,;O ,;LgM S (IH>L?M !F =FCG;
2g=NIL #;L=g; *C?NI S &OMNI $?LHlH>?T 253

,F;T; >? F; %AF?MC; ?H ,O?LNI >? F; LOT =IH FIM ;=NO;F?M BIN?F?M );LKO?M; IH>?M; S )IHIJIF

N?GJF;>I >? HO?MNL; JI<F;=CdH M? L?@F?D; ?H F; ?M=;M; P;LC;<CFC>;> ?HNL? F;M N?GJ?
L;NOL;M G?>C;M GgHCG;M G?HMO;F?M @?<L?LI ^ S GlRCG;M DOFCI ^
>?GlM ?F PC;D?LI A;FI ?M=LC<? KO? F; N?GJ?L;NOL; G?>C; ?H FIM G?M?M >? CHPC?LHI
HIPC?G<L? G;LTI ?M >? ^ ?H (IH>L?M >? ^ ?H ,;O >? ^ ?H *CT; >?
^ ?H .IG; >? ^ ?H );>?CL; S >? ^ ?H (; +LIN;P; ?MJOjM >?
INL;M =IHMC>?L;=CIH?M MI<L? F; N?GJ?L;NOL; F; BCALIG?NLg; S F; ;NGdM@?L; ?F ?HM;
SCMN; =CN; KO? VF; GILN;FC>;> ?H ?F ,O?LNI >? (; +LIN;P; ?M >? JIL =;>; B;<C
N;HN?M ?H !F .?;F?DI INL; FI=;FC>;> >?F GCMGI P;FF? MIF;G?HN? >? JIL =;>;
GC?HNL;M KO? ?H "L;H=C; ?M >? JIL =;>; S ?H .IG; >? JIL =;>; X /O
=;LCeI JIL F; NC?LL; NCH?L@?e; F? B;=? ?M=LC<CL KO? V!RCMN? OH; M;FO<LC>;> =;MC MCH
CAO;F S B;S KO? L?GIHN;LM? ; J;L; ?H=IHNL;L OH; ?JC>?GC;X UKOj F?DIM
?MN;<; >? =IHI=?L KO? ;F ;eI MCAOC?HN? F; CMF; S MI<L? NI>I /;HN; LOT C<; ;
J;>?=?L OH; N?LLC<F? ?JC>?GC; >? @C?<L? ;G;LCFF; !F N?RNI ;=;<; =IH FIM >IM
MCAOC?HN?M ;RCIG;M V!F G?DIL L?G?>CI =IHNL; F;M ?H@?LG?>;>?M JOFGIH;L?M I >?
F;LCHA? ?M ?F =FCG; OH =FCG; ?MN;<F? S MO;P? ? NI>IM FIM =FCG;M =IHI=C>IM S >?@?H
>C>IM B;MN; ;BIL; ?F G?DIL ?M ?F >?F P;FF? >? (; +LIN;P; ?H F; CMF; >? 0?H?LC@?X
254 (IM ILgA?H?M >?F NOLCMGI Gj>C=I ?H ;H;LC;M

(; >j=;>; >? FIM >?F J;M;>I MCAFI 4%4 ?M JLd>CA; ?H ?MNO>CIM >?>C=;>IM ;
L?;FT;L ?F =FCG; >? F; CMF; S ; =LCNC=;L ?H F; G;SILg; >? F;M I=;MCIH?M F;M =IH>C=CIH?M
>? BIMJ?>;D? >? FIM PCMCN;HN?M
!F >I=NIL &;==IO> =;N?>LlNC=I >? ,;NIFIAg; )j>C=; >? F; ";=OFN;> >? )?>C=CH;
>? ,;LgM PCMCNd F; CMF; ?H I=NO<L? >? J?M;L >? F; ?R=?F?H=C; >?F =FCG; F;M
=IH=FOMCIH?M >?F JLI@?MIL HI @O?LIH GOS B;F;Aa?e;M

IHI=C?H>I F; N?H>?H=C; >? HO?MNLIM =IGJLI@?MIL?M CHAF?M?M B? PCMCN;>I ?MN;


CMF; J;L; ;JL?=C;L MO P;FIL =IGI L?MC>?H=C; Gj>C=; S G? P?I I<FCA;>I l L?BOM;LF?
;<MIFON;G?HN? N;F =;Ll=N?L (; <?FF?T; >?F 2;FF? >? (; +LIN;P; ?M P?L>;>?L;G?HN?
;>GCL;<F? $OG<IFN> B; >?=F;L;>I KO? ?M FI KO? B;S >? GlM B?LGIMI ?H ?F
GOH>I ?H FI KO? >C@C?LI >? jF JIL JI=I KO? ?MNI CGJILN? J?LI ?F JIFPI S FIM
GIMKOCNIM L?CH;H =IGI >O?eIM J?LG;H?HN?M ?H ?MN; G;L;PCFFIM; L?ACdH S JIL
INL; J;LN? HI B;S ?H NI>; F; CMF; HC ?H (; +LIN;P; HC ?H INLI JOHNI OH; MIF;
CHMN;F;=CdH =IHP?HC?HN? J;L; ?H@?LGIM FIM L?=OLMIM ;FCG?HNC=CIM MIH =IGJF?N;
G?HN? >?@?=NOIMIM <;DI ?F JOHNI >? PCMN; >? MO =;FC>;> S HI B;S L;TdH HCHAOH;
J;L; ?MJ?L;L KO? ?MNI =;G<C? JILKO? FIM CH>gA?H;M L?=B;T;H =IH OH; BIMNCFC>;>
=?L=;H; l F; CH>CAH;=CdH F; C>?; >? ;>;JN;L MO J;gM J;L; L?MC>?H=C; >? FIM NgMC=IM

$IN?F /;HN; LgAC>; ?H #L;H ;H;LC;


2g=NIL #;L=g; *C?NI S &OMNI $?LHlH>?T 255

(;M =IH>C=CIH?M >? ;=IAC>; C<;H ; G?DIL;L !F >? M?JNC?G<L? >?


;<LCd MOM JO?LN;M ?H ?F ,O?LNI >? F; LOT ?F #?<A.C. ?.;1 <A29 >IN;>I >?
>IM JF;HN;M P?CHN? >ILGCNILCIM J;L; BOjMJ?>?M S =IH =IG?>IL?M V=OSI GI<C
FC;LCI S =IH@ILN ?L;H =IGI OH; >? ?M;M CGJL?MCIH;HN?M G;HMCIH?M >? HO?MNL;
HI<F?T; CHAF?M;X !H FIM ;eIM MCAOC?HN?M M? CH;OAOL;Lg;H >CP?LMIM ?MN;<F?=C
GC?HNIM BIN?F?LIM ?H /;HN; LOT .:.05< ;496@5 <A29 $6;< 12 #?<
)60A<?6. ?H (; (;AOH; 4B2?2 ?H #agG;L B2; %2A6?< ?H %=I> ;496@5
<A29 ?H (; +LIN;P; '2612 &B6G< 2@=Y?612@ S ?H ?F JLIJCI ,O?LNI >? F; LOT
B;. !.?>B2@. <;1. !.?6;. B2;.C6@A. ?.; <A29 !.?A6];2G S H;NOL;F
G?HN? ?F '.<?< ?.;1 <A29 CH;OAOL;>I ?H
-OCTlM F; @CAOL; GlM L?F?P;HN? MI<L? NI>I JIL MO ;FN; =;J;=C>;> >? >CPOFA;
=CdH @O? F; >?F JL?MNCACIMI Gj>C=I FIH>CH?HM? !LH?MN <L;B;G $;LN >CL?=NIL
>?M>? ; >?F ?6A6@5 !2160.9 <B?;.9 =IGJ;e;>I >? INLI =jF?<L?
Gj>C=I PC=NILC;HI /CL 0BIG;M /J?H=?L 3?FFM FF?Ad ; 0?H?LC@? ?H G;LTI >?
J;L; ?R;GCH;L MO L?=C?HN? &.;.A<?6B: ?F #?<A.C. ?.;1 <A29 /O PC;D? HI @O?
MdFI >? JF;=?L Mg ?H F; JL?HM; >?F GIG?HNI JO?>? L?=IA?LM? ?F MCAOC?HN? N?RNI
V/J?H=?L 3?FFM =CLOD;HI >? F; .?CH; >? %HAF;N?LL; L?;FCTd OH; IP;LCINIGg; ; F;
DIP?H Ie; HNIHC; ILN; J?LN?H?=C?HN? ; OH; =IHI=C>; S ;JL?=C;<F? @;GCFC; >?
?MN; CMF; B;<C?H>I =IH=OLLC>I ; F; IJ?L;=CdH ?F GCMGI /?eIL 6?LIFI S MOM >CAHIM
=IGJ;e?LIM /?eIL?M /IF?L ,?L>CAdH S #IHTlF?T );LN?FX (; =;>?GC; ?MN;<; ;F
N;HNI >? F; PCMCN; >? N;H CFOMNL?M >I=NIL?M VF; =;>?GC; )j>C=I -OCLbLAC=; B;
;=IL>;>I ?RJ?>CL NgNOFIM >? MI=CIM =ILL?MJIHM;F?M ; FIM L?JON;>IM JLI@?MIL?M
Gj>C=IM /CL /J?H=?L 3?FFM S )L !LH?MN $;LN =IGCMCIH;H>I J;L; KO? F?M M;FO>?H
L?MJ?NOIM;G?HN? S ?HNL?AO?H l FIM CHN?L?M;>IM FIM L?@?LC>IM NgNOFIM l FIM @;=OFN;
NCPIM IH 2g=NIL ,jL?T S IH );HO?F ,?MN;HIX (IM >IM CFOMNL?M PCMCN;HN?M ;=L?>C
N;LIH ?F ,O?LNI >? F; LOT =IGI ?F G?DIL =?HNLI >? M;FO> >?F /OL J?LI @O?LIH >?@C
HCNCPIM MI<L? NI>I FIM ;LNg=OFIM JO<FC=;>IM JIL ?F I=NIL $;LN ?H ?F ?6A6@5 !2160.9
<B?;.9 !F JLCG?LI >? ?FFIM @O? NL;>O=C>I S JO<FC=;>I JIL ?HNL?A;M ?H ?F 6.?6< 12
'2;2?632 ?F GCMGI ;eI >? !F =IHDOHNI >? FIM ;LNg=OFIM @O? L?=IAC>I GlM
N;L>? =IGI FC<LI =IH ?F NgNOFI D6;A2? A?6= A< A52 <?AB;.A2 @9.;1@
,?LI =IGI >CDCGIM ;F JLCH=CJCI ?F JF?CNI CHMOF;L N;G<CjH C<; ; ?MN;L JL?M?HN?
?H F; ?F?==CdH >?F 2.9A5 %2@<?A GlM ;>?=O;>I )IL>?S IOAF;M N;G<CjH
Gj>C=I <LCNlHC=I =IHI=g; ?F ,O?LNI >? F; LOT S (;M ,;FG;M Mg M? B;=g;H ?=I
?H 0?H?LC@? >? MO IJCHCdH
256 (IM ILgA?H?M >?F NOLCMGI Gj>C=I ?H ;H;LC;M

/O >?@?HM; >? #L;H ;H;LC; J;L; F; =IHP;F?=?H=C; >? FIM 6;C.961@ ?H >?NLCG?HNI
>?F ,O?LNI >? F; LOT S ?F ;N;KO? ; $OG<IF>N JIL F; >?@?HM; >?F P;FF? >? (;
+LIN;P; KO? BCTI ?H F; M?MCdH ;HO;F >? F; ?6A6@5 !2160.9 @@<06.A6<; ?H O<FgH
?H ;AIMNI >? JLIPI=d OH ?HILG? G;F?MN;L ?H 0?H?LC@? /CH B;=?L ;HlFCMCM
=C?HNg@C=I ;FAOHI ;@CLG; KO? ?F ;CL? >? F; =;JCN;F AL;H=;H;LC; ?M GlM FCGJCI GlM
JOLI GlM GI>?L;>;G?HN? M?=I !F ;FCMCI ?M GlM ;AL;>;<F? GO=BI GlM L?@L?M
=;HN? S ?MNCGOF;HN? KO? ?F >?F P;FF? >? (; +LIN;P; KO? ?M GlM >?JL?MCPI <I=BIL
HIMI S ?H?LP;HN? >?GlM >? ?MN;M P?HN;D;M H;NOL;F?M =O?HN; =IH OH B?LGIMI
GO?FF? KO? ?MN;<; MC?H>I =IHMNLOC>I JIL /Q;HMNIH ;H> I OH <O?H ?G<;L=;
>?LI /;HN; ;N;FCH; OH; ;AL;>;<F? =?<:2;.12 OH; ?MNOJ?H>; JF;S; >? ;L?H;
@CH; N?;NLI GOM?I ?N=

(;M =IH=FOMCIH?M >?F Gj>C=I CHAFjM @O?LIH JO<FC=;>;M ?H 9 6/2?.9 >? (;M
,;FG;M S =IHN?MN;>;M >? @ILG; GIL>;T ?H F; JL?HM; NCH?L@?e; V;F L?=IG?H>;L 9
6/2?.9 >? (;M ,;FG;M l MOM JgIM F?=NIL?M ?F ;LNg=OFI KO? OH N;F )CMN?L IOAF;M B;
JL?M?HN;>I ; F; ?6A6@5 !2160.9 @@<06.A6<; >? O<FgH NCNOF;>I ?.; .;.?6. 2@A.
06S; @.;6A.?6. =.?. 9<@ 2;32?:<@ 12 0<;@B;06S; F <A?<@ >C=? JIL MO JLIJC; =O?HN;
KO? VF;M =IH>C=CIH?M =FCG;NIFdAC=;M >? ;H;LC; F; =IHPC?LN?H l HI >O>;LFI ?H F;
JLCG?L; ?MN;=CdH M;HCN;LC; >?F GOH>IX !F >I=NIL OF=;G;L; >?=g; KO? MO HIG<L?
?L; =IHI=C>I ?H NI>I ?F OHCP?LMI S ?H INLIM J;gM?M ? MO?LN? KO? MC 9 6/2?.9 HI
G?DIL; F; @L;M? FIM ?H@?LGIM >? =IHMOH=CdH =IGJL;LlH ?F ?FCRCL >? OF=;G;L; =IH
JL?@?L?H=C; l F; =;N;JF;MG; >? 9 6/2?.9X
0;GJI=I @O?LIH GOS ?FIACIM;M F;M J;F;<L;M >?>C=;>;M ; 0?H?LC@? JIL ?F F;LCH
AdFIAI FIH>CH?HM? /CL )IL?FF );=E?HTC? GOS =IHI=C>I ?H ?F
GOH>I Gj>C=I JIL F; CHN?LP?H=CdH >?F =lH=?L >? F;LCHA? KO? L?;FCTd ;F JLgH=CJ?
B?L?>?LI GlM N;L>? ?GJ?L;>IL "?>?LC=I %%% >? ,LOMC; !F ;LNg=OFI '2;2?632 F .
!.12?. 0<:< 2@A.06<;2@ @.;6A.?6.@ JO<FC=;>I ?H F; L?PCMN; "6;2A22;A5 2;AB?F
?H &OFCI >? @O? NL;>O=C>I JIL ?F I=NIL /IF?L S JO<FC=;>I ?H F; JL?HM;
FI=;F VS ?H =O;HNI ;F <?H?@C=CI KO? 0?H?LC@? JI>Lg; JL?MN;L l FIM ?H@?LGIM
?MN;<; N;H F?DIM >? B;<?L MC>I CH=FOC>; ?MN; CMF; ?HNL? F;M ?MN;=CIH?M M;HCN;LC;M
=IGI JO>C?L; ?MN;LFI 0CG<O=NII (; CMF; >CM@LON;<; HI B;=? ;bH GO=BI
NC?GJI >? =C?LN; CGJILN;H=C; =IG?L=C;F JO?M B;=g; AL;H>?M ?RJILN;=CIH?M >?
PCHIM S >? =I=BCHCFF; !F IC>COG 7BIHAI KO? ;@?=N; ; F;M PC>?M8 ;=;<d =IH FIM
2g=NIL #;L=g; *C?NI S &OMNI $?LHlH>?T 257

$IN?F 0;ILI

JLCG?LIM S F; CHNLI>O==CdH >? F; ;HCFCH; G;Nd F; M?AOH>; F JLCH=CJCI MOLNg; ;


!OLIJ; >? GIGC;M AO;H=B?M S ; F;M @;LG;=C;M >? M;HAL? >? >L;AI F; M;PC; >?F
L;AI KO? ?H BILLC<F?M =I=CGC?HNIM FI OM;<;H =IGI CHAL?>C?HN? >? GgMNC=I
JI>?LX ?MJOjM B;=? L?@?L?H=C; ; (; (;AOH; VF; =CO>;> MC <C?H CHN?L?M;HN?
J;L; FIM ?RNL;HD?LIM JIL MOM L?=O?L>IM BCMNdLC=IM S JIL F; <?FF; S ?RNL;e; ;LKOC
N?=NOL; >? MOM ?>C@C=CIM ?M OH; >? F;M GlM NLCMN?M S FbAO<L?M >?F GOH>I I@L?
=C?H>I OH ;MJ?=NI N;H >?MC?LNI KO? =;MC JI>Lg; NIG;LM? JIL F; =CO>;> >? FIM
GO?LNIM !MN? >?MIF;>I ;MJ?=NI >? F;M =;FF?M >? 0?H?LC@? ?M >?<C>I JLCH=CJ;F
G?HN? l F; =;MC NIN;F ;OM?H=C; >? GIPCGC?HNIM >? =;LLO;D?M ,;L; ;FAOHIM
?H@?LGIM ?MN; =;FG; S ?MN? MCF?H=CI JLI>O=?H OH >?FC=CIMI ?@?=NI KO? MCH >O>;
;FAOH; >?M?GJ?e; CGJILN;HN? J;J?F ?H FIM <?H?@C=CIMIM L?MOFN;>IM I<N?HC>IM
JIL ?F =;G<CI >? =FCG;X )lM N;L>? M? L?@C?L? ; (; +LIN;P; V?M F; bHC=; JI<F;
=CdH ?H 0?H?LC@? KO? =O?HN; =IH OH BIN?F =;J;T J;L; I@L?=?L ;FAOH;M =IGI>C
>;>?M l FIM ?H@?LGIM S ;bH ?M? >CMN; >? FF?H;L NI>;M F;M ;MJCL;=CIH?M (; FI=;
FC>;> B; MO@LC>I CH>CL?=N;G?HN? OH HIN;<F? J?LDOC=CI JIL ?F ?RO<?L;HN?
?HNOMC;MGI >? )L !LH?MN $;LN l =OS; IJCHCdH ?GCNC>; >?MJOjM >? MO PCMCN;
?@?=NO;>; ?H F; JLCG;P?L; >? M? =IH=?>Cd =IH DOMNC=C; OH AL;H P;FIL
?M=LC<Cd ?F =FCG; F;M J?LMJ?=NCP;M FIM JLI>O=NIM P?A?N;F?M S ;HCG;F?M S ?F
258 (IM ILgA?H?M >?F NOLCMGI Gj>C=I ?H ;H;LC;M

=IH@ILN J;L; F; J?LG;H?H=C; >? FIM ?H@?LGIM =IH OH FODI NLIJC=;F >? ?JgN?NIM
KO? ;F CHPC?LHI MCAOC?HN? F; CMF; M? PCI G;N?LC;FG?HN? CHP;>C>; JIL GOFNCNO> >?
J;=C?HN?M L?;F?M j CG;ACH;LCIM ;=IGJ;e;>IM >? MOM ;GCAIM S >? F;M J?LMIH;M
KO? F?M ;MCMNg;HX
!H F; >j=;>; >? FIM N;G<CjH ?RCMN?H L?@?L?H=C;M >? F;M PCMCN;M ; F;M CMF;M >?
;FAOHIM Gj>C=IM CHAF?M?M =IGI 3;FN?L B;JG;H S &;MJ;L L?;AB ; 0?H?LC@? I
&IBH F?;M<S 0;SFIL S LC;H )?FF;H> ; #L;H ;H;LC; !MNIM bFNCGIM JO<FC=;LIH
'2:=2?.AB?2 ?.6;3.99 .;1 @B;@56;2 .@ ?20<?121 1B?6;4 A52 =.@A 36C2 F2.?@ .A 9.@
$.9:.@ S 96:.A60 A?2.A:2;A 6; ?.;1 .;.?F L?MJ?=NCP;G?HN?
*I >?D;H >? M?L =OLCIM;M F;M L?=IG?H>;=CIH?M KO? B;=g; ?F Gj>C=I PC=NI
LC;HI LNBOL 3;LLS MI<L? F;M ?R=?F?H=C;M >? (; (;AOH; J;L; F; =IHP;F?=?H=C; >?
F; NO<?L=OFIMCM S >? #agG;L W>IH>? ?MNOPI =IHNL;N;>I =IGI Gj>C=I ?H ?F
$IN?F B2; %2A6?<W J;L; ?F NL;N;GC?HNI >? F;M ?H@?LG?>;>?M JOFGIH;L?M ?H
CHPC?LHI S; KO? ; N?HIL >? FIM J;LlG?NLIM >? F; G?>C=CH; ;=NO;F HI MIH H;>;
L?=IG?H>;<F?M >C=BIM FOA;L?M J;L; ?M;M ?H@?LG?>;>?M
!H @CH ?H =O;HNI ; FIM Gj>C=IM FI=;F?M ;>?GlM >?F >CM=OLMI >?F I=NIL
0IGlM 6?LIFI >? =IHN;GIM =IH ?F ;LNg=OFI JO<FC=;>I ?H JIL ?F
I=NIL &ILA? 2g=NIL ,jL?T ?H ?F ?6A6@5 !2160.9 <B?;.9 !H ?F NL;<;DI ;>?GlM >?
F;M L?@?L?H=C;M FdAC=;M ; F;M G;AHg@C=;M =IH>C=CIH?M =FCGlNC=;M >? (; +LIN;P; S MO
<?H?@C=CI ?H F;M ?H@?LG?>;>?M <LIHKOC;F?M S ?H F; NO<?L=OFIMCM JOFGIH;L ?F
;ONIL L?M;FN; F; ?M=;M; GILN;FC>;> >? MO JI<F;=CdH ;ONd=NIH; S FIM <?H?@C=CIM
KO? JI>g;H =IHM?AOCLM? ?H INL;M ?H@?LG?>;>?M =IGI F;M L?OGlNC=;M S F; ;F<O
GCHOLC; =LdHC=; S ?H F; =IHP;F?=?H=C; >? F; 6;39B2;G. ALCJ? I >? F; G;F;LC;

!( /0!( #;<LC?F >? . #?<A.C. F 9. :.46. 12 @B 096:. !MNO>CI CHNLI>O=


NILCI S NL;>O==CdH >? LCMNCH; # >? 1LC;LN? S F;L; OL?FF /;HN; LOT >?
0?H?LC@? !>C=CIH?M %>?;
2g=NIL #;L=g; *C?NI S &OMNI $?LHlH>?T 259

+( !*s0!6 (OCM &.;A. ?BG /.;12?. .:.?699. =612:6.@ F 0.9.:61.12@


/;HN; LOT >? 0?H?LC@? +LA;HCMGI ONdHIGI >? OFNOL; >?F
SOHN;GC?HNI >? /;HN; LOT >? 0?H?LC@?
# . s *%!0+ 2g=NIL V0?H?LC@? ?H ?F ?6A6@5 !2160.9 <B?;.9X 0A. !Y160.

#+*6w(!6 (!)1/ *C=IFlM .@ 6@9.@ 12 9. 69B@6S; ?6A];60<@ 2; '2;2?632


(;M ,;FG;M >? #L;H ;H;LC; !>C=CIH?M >?F ;<CF>I %HMOF;L >? #L;H
;H;LC;
#+*6w(!6 (!)1/ *C=IFlM )6.72?<@ C60A<?6.;<@ 2; .;.?6.@ :]42;2@ 12 9.
@<0621.1 6@92T. 2; 9. =?<@. 12 C6.72@ (;M ,;FG;M >? #L;H ;H;LC; !>C=CIH?M
>?F ;<CF>I %HMOF;L >? #L;H ;H;LC;
$ .0 !LH?MN V1H; ?R=OLMCdH ?H CHPC?LHI l F;M %MF;M @ILNOH;>;M ;LN;
N?L=?L;X 6.?6< 12 '2;2?632 S >? DOFCI S >? ;AIMNI >?
$!.*w* !6 #+*6w(!6 &OMNI S 2g=NIL # . s *%!0+ $]46;.@ :Y160.@ 0.;.?6.@
12 .F2? /;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;
) '!*6%! )IL?FF V0?H?LC@? S (; );>?L; =IGI ?MN;=CIH?M M;HCN;LC;MX
6.?6< 12 '2;2?632 >? @?<L?LI S >? G;LTI >?
)! 3 ( + !>GOH> #OMN;POM
! V(CMN I@ CL>M +<M?LP?> CH NB? ;H;LS
%MF;H>MX 0B? %<CM M?LC?M ,u.!6 #?ILA? 2C=NIL
V*IN?M IH B?;FNB L?MILNM %4 +LIN;P;X ?6A6@5 !2160.9 <B?;.9
.!% /;PCF? V*IN?M IH NB? CL>M I@ 0?H?LC@?X %<CM
.!% /;PCF? V*IN?M IH NB? CL>M I@ 0?H?LC@?X %<CM JJ
0.%/0. $ ) V+LHCNBIFIAC=;F *IN?M IH NB? %MF;H> I@ #L;H ;H;LC;X 0B?
%<CM M?LC?M
0.%/0. $ ) V*IN?M IH NB? %MF;H> I@ ,;FG; CH NB? ;H;LS #LIOJX 0B?
%<CM M?LC?M
3%( ! 3CFFC;G .I<?LN ".??.06S; 12 B; C6.72 . '2;2?632 0L;>O==CdH >? &IMj
?FA;>I (OCM (; +LIN;P; ;<CF>I %HMOF;L >? 0?H?LC@?
261

* ,87=;2+>,2H7 -. .7;A *;;2< * 5*< 27?.<=20*,287.<


-. 5* 8;72=8580J* 27<>5*;

;*7,2<,8 *?2.; *<=2558

!
H M? JO<FC=; ?H (IH>L?M F; I<L; >? $?HLS ! $;LLCM &<:2 6?1@ <3 A52
.;.?F @9.;1@ .;1 &<BA5 3?60. KO? =IHMNCNOS? OH; JC?T; >? FCN?L;NOL;
=C?HNg@C=; JIL MOM I<D?NCPIM JLCGIL>C;F?M F; I<M?LP;=CdH >? F;M ;P?M =;L;=N?
LgMNC=;M >? >IM TIH;M A?IALl@C=;M JL?=CM;M S ?F ?GJF?I >? F; N?=HIFIAg; @INIALl@C=;
>?F GIG?HNI J;L; L?=IA?L F; PC>; S FIM Bl<CNIM >? F;M ?MJ?=C?M /? NL;N; >? OH;
;JILN;=CdH KO? M? JLI>O=? ?H ?F M?HI >? OH; FgH?; >? CHP?MNCA;=CdH F; >? F; ILHC
NIFIAg; CHMOF;L KO? ?H ?F bFNCGI N?L=CI >?F MCAFI 4%4 GO?MNL; OH HIN;<F? >?M;LLIFFI
?H ?F lG<CNI <LCNlHC=I MI<L? NI>I ; J;LNCL >? FIM NL;<;DIM >? " >O ;H? #I>G;H
?F =;JCNlH /;PCF? .?C> $ 0LCMNL;G S >? @ILG; J;LNC=OF;L !>GOH> #OMN;POM
)?;>? 3;F>I /CH ?G<;LAI ?M JL?=CMI >?MN;=;L KO? F; JO<FC=;=CdH >? $;LLCM HI
?M ?F L?MOFN;>I >? OH JLIS?=NI >? AL;H>?M JL?N?HMCIH?M @OH>;G?HN;>I ?H OH
;GJFCI NL;<;DI >? =;GJI S KO? ;=IJC; OH HIN;<F? PIFOG?H >? CH@ILG;=CdH KO?
M? >?M?; JIH?L ; >CMJIMC=CdH >? FIM F?=NIL?M CHN?L?M;>IM !MN;GIM ;HN? OH; I<L;
J;LNC=OF;L KO? HIM GO?MNL; ?H NI>I GIG?HNI JIL F; L?=IAC>; N;H J;L=C;F >?
G;N?LC;F?M S JIL ?F ?MKO?G;NCMGI KO? F; =;L;=N?LCT; KO? HO?MNLI ;ONIL FF?P; ;
=;<I ?F PC;D? MCH ?F I<D?NCPI CHC=C;F >? JF;MG;LFI ?H OH; JO<FC=;=CdH !MN; =CL=OHM
N;H=C; F; ;>GCN? ?F JLIJCI $;LLCM ?H ?F JLdFIAI >IH>? L?=IA? KO? GC?HNL;M ?MN;<;
>?>C=;>I ; B;=?L F;M @INIAL;@g;M >? F; @;OH; ?MJ?=g@C=; KO? F? CHN?L?M; HI N?Hg; F;
CHN?H=CdH >? JO<FC=;LF;M ?H @ILG; >? FC<LI J?LI KO? M? B; >?=C>C>I ; >;LF;M ;
=IHI=?L ;F Jb<FC=I JILKO? B;H MC>I GO=B;M F;M J?LMIH;M KO? F? B;H JL?AOHN;>I
KOj P; ; B;=?L =IH ?FF;M
!MNI ?RJFC=; F; H;NOL;F?T; >? F; I<L; F; ?M=;M?T >? G;N?LC;F?M S >? >;NIM
KO? M? >; ; NI>IM FIM HCP?F?M S F; JLIJC; JIMC=CdH >?F ;ONIL KO? =IHM=C?HN?
>?F =;Ll=N?L >?F NL;<;DI >? =;GJI L?;FCT;>I S >? F; CH?RCMN?H=C; >? OHIM I<D?
262 (; =IHNLC<O=CdH >? $?HLS ! $;LLCM ; F;M CHP?MNCA;=CIH?M >? F; ILHCNIFIAg; CHMOF;L

NCPIM CHC=C;F?M @CD;>IM S ;G<C=CIMIM F? HC?A; ; MO JO<FC=;=CdH NI>I ;F=;H=?


=C?HNg@C=I KO? P;S; GlM ;FFl >? F; P?L;=C>;> >? FIM >;NIM KO? =IHNC?H? !H
?MN? M?HNC>I N;G<CjH B;S KO? M?e;F;L KO? $;LLCM =IHMNLOS? MO I<L; =IH MOM
I<M?LP;=CIH?M S MOM ?RJ?LC?H=C;M =IH FI KO? ?F ;JLIP?=B;GC?HNI >? F;
<C<FCIAL;@g; MI<L? F; J;L=?F; KO? F? CHN?L?M; ?M GgHCG; JIL HI >?=CL CH?RCM
N?HN? S ?MNI MOJIH? OH L;MAI JLIJCI =IH L?MJ?=NI ; F; G;SILg; >? F;M JO<FC
=;=CIH?M >?F AjH?LI ?H ;KO?FFIM GIG?HNIM !FFI B;=? KO? ?F L?MOFN;>I @CH;F
KO? M? HIM I@L?=? M?; OH N?RNI ?M=O?NI S >?MHO>I >?MJLIPCMNI >?F ;J;L;NI
=C?HNg@C=I =IHP?H=CIH;F S >? F; ?LO>C=CdH <C<FCIALl@C=; S =OS;M ?M=;M;M
CH?R;=NCNO>?M JLI=?>?H >?F JLIJCI ;ONIL 1H; >? ?FF;M ?M F; ;@CLG;=CdH KO? M?
B;=? MI<L? ?F PIF=lH >? #;L;=BC=I ?H ?H ?F M?HNC>I >? KO? M? NL;N; >?F
bFNCGI ?JCMI>CI PIF=lHC=I >? F; CMF; KOg M? B;=? J;N?HN? KO? $;LLCM CAHIL;
F; ?LOJ=CdH >?F ,C=I 2C?DI I B;BILL; KO? NOPI FOA;L >?F >? DOHCI >?
;F >? M?JNC?G<L? MCAOC?HN? S KO? B; MC>I F; GlM F;LA; >? F;M I=OLLC>;M ?H
jJI=; BCMNdLC=; ?H 0?H?LC@?
!H =O;FKOC?L =;MI ;F G;LA?H >? ?MN;M FCGCN;=CIH?M F; I<L; HI >?D; >?
N?H?L =C?LNI CHN?LjM JIL >CMNCHN;M L;TIH?M 1H; >? ?FF;M ?M F; JLIJC; H;NOL;
F?T; >? F; JO<FC=;=CdH ?H F; KO? P?GIM OHIM I<D?NCPIM =C?HNg@C=IM JL?=CMIM
J?LI KO? N;G<CjH L?@F?D; L;MAIM ?MJ?=g@C=IM >? FIM N?RNIM >? PC;D?M !FFI B;=?
KO? ?MN?GIM ;HN? OH; @O?HN? >? CHN?LjM J;L; ;H;LC;M JIL =O;HNI ?H FIM
M?CM =;JgNOFIM CHC=C;F?M L?=IA? >;NIM MI<L? OH; J;L=?F; >? HO?MNL; @;OH; S
JILKO? N;G<CjH ;JILN; G;N?LC;F?M MI<L? F; PC>; ?H F;M %MF;M ; @CH;F?M >?F
MCAFI 4%4 S KO? ;OHKO? @L;AG?HN;LCIM HI =;L?=?H >? P;FIL S G?L?=?H ;FAI
>? ;N?H=CdH ?F ?MN;>I >? F;M Pg;M S =;GCHIM FIM NL;HMJILN?M G;LgNCGIM S
N?LL?MNL?M F; P?MNCG?HN; >? FIM =;GJ?MCHIM F; ;FCG?HN;=CdH >? F;M =F;M?M
JIJOF;L?M S F;M @C?MN;M ?HNL? INL;M =O?MNCIH?M ? @ILG; J;LNC=OF;L MI<L?
"O?LN?P?HNOL; HIM >?D;Ll ;JOHN?M MI<L? F; ONCFCT;=CdH >?F =;G?FFI =IGI
;HCG;F >? =;LA; S >? ;L;>I F;M =;L;=N?LgMNC=;M >? F; PCPC?H>; NL;>C=CIH;F F;M
=?LCFF;M >?F J;gM S F; BIMJCN;FC>;> >? FIM G;DIL?LIM (;M HIN;M L?F;NCP;M ;
0?H?LC@? NC?H?H KO? P?L ?HNL? INL;M =O?MNCIH?M =IH F;M J;LNC=OF;LC>;>?M
A?IFdAC=;M S <INlHC=;M >? (;M ;e;>;M ?F ?MN;>I >?F GO?FF? >?F ,O?LNI >?
F; LOT FIM G;H;HNC;F?M S JCH;L?M >? 2CF;@FIL S F; CGJILN;HN? JLI>O==CdH
JF;N;H?L; >?F HILN? >? F; CMF; ? GI>I ?MJ?=C;F F? FF;G;LlH F; ;N?H=CdH F;M
"L;H=CM=I &;PC?L ;MNCFFI 263

;GJ?MCHIM >? "O?LN?P?HNOL;

;F@IG<L;M >?F ILJOM >? (; +LIN;P; N;F S =IGI JO?>? P?LM? ?H F;M HIN;M
KO? L?=IA? S KO? CH=FOS?H >?N;FF?M JL?=CMIM MI<L? FIM G;N?LC;F?M ?GJF?;>IM
S ?F JLI=?MI >? ?F;<IL;=CdH +NLI >? FIM P;FIL?M KO? ?H=C?LL; F; I<L;
?M F; JLIM; ?H KO? ?MNl ?M=LCN; KO? <OM=; F; ;G?HC>;> S KO? =IHMCAO?
?@?=NIM MILJL?H>?HN?M =IGI =O;H>I ?F ;ONIL >IN; >? PIT ; P;LC;M >? F;M
?MJ?=C?M ILHCNIFdAC=;M S >? INL; =F;M? KO? >?M=LC<? =IGI JI>?GIM P?L =IH
?F =O?LPI S ?F T;LT;F?LI
$;LLCM HI HIM JLIJIL=CIH; OH L?F;NI JILG?HILCT;>I >? F;M L?@?L?H=C;M
N?GJIL;F?M KO? ?HG;L=;H MO J?KO?eI J?LCJFI CHMOF;L J?LI F;M KO? HIM >?D;
HIM P;F?H J;L; B;=?LHIM OH; C>?; ?H ?MN? M?HNC>I *I N?H?GIM >;NIM JL?=CMIM
264 (; =IHNLC<O=CdH >? $?HLS ! $;LLCM ; F;M CHP?MNCA;=CIH?M >? F; ILHCNIFIAg; CHMOF;L

>? MO FF?A;>; ; 0?H?LC@? J?LI KO? >?<? >? JLI>O=CLM? B;=C; ?H?LI >?
0;F S =IGI L?=IA? ?H ?F JLdFIAI MO ?MN;H=C; ?HNL? HIMINLIM M? ?RNC?H>? ; FI
F;LAI >? M?CM G?M?M S =IH=FOS? ?H ?F G?M >? DOHCI M?AbH B;=? =IHMN;L ?H ?F
=;JgNOFI 2% ;F B;<F;L >?F JCHTdH >?F 0?C>? /;<?GIM KO? =IH ;HN?LCILC>;> ;F
PC;D? ; "O?LN?P?HNOL; B;=? OH; ?R=OLMCdH ; #agG;L (O?AI NC?H? FOA;L ?F
PC;D? ; "O?LN?P?HNOL; KO? M? CHC=C; ?F >? G;LTI >? ; <IL>I >?F 2S; F
.@A699< OHI >? FIM >IM P;JIL?M KO? ?H ;KO?FFIM GIG?HNIM N?Hg;H ; MO
=;LAI F;M =IGOHC=;=CIH?M G;LgNCG;M CHN?LCHMOF;L?M NL;M NI=;L ?H (;M ,;FG;M
?F >g; FF?A; ; ,O?LNI ;<L;M ?MJOjM >? J;M;L =O;NLI >g;M ?H (; +FCP;
<;MN;HN? CH@LO=Ng@?LIM J;L; MOM CHN?L?M?M ILHCNIFdAC=IM HO?MNLI PC;D?LI >?=C>?
CL ; =IHNCHO;=CdH ; 0OCH?D? ; =;M; >? >IH .;GdH >IH>? J;M; OHIM >C?T
>g;M =IH FI KO? F; ?MN;H=C; G;DIL?L; ;F=;HT; OH;M >IM M?G;H;M @CH;F?M >?
G;LTI $;LLCM S; >?<? >? ?MN;L >? L?AL?MI ?H 0?H?LC@? *I =IHI=?GIM MOM
;=NCPC>;>?M ?H ?F G?M >? ;<LCF J?LI J;L?=? ; F; FOT >? FI KO? M? L?=IA? ?H F;
I<L; KO? B; ?MN;>I <;MN;HN? CH;=NCPI !H G;SI M? JLI>O=? F; ?MN;H=C; ?H
2CF;@FIL S ?H DOHCI NI>;Pg; M? ?H=O?HNL; ?H F; CMF; JILKO? >?M=LC<? FIM ;=NIM
>?F ILJOM >? (; +LIN;P;
(IM G;N?LC;F?M L?F;NCPIM ; "O?LN?P?HNOL; FF?H;H <O?H; J;LN? >?F =;JgNOFI % S
FIM NL?M MCAOC?HN?M !F %% M? >?>C=; ; F; ?MN;H=C; ?H (; +FCP; JLCG?L; FI=;FC>;> ?H
F; KO? M? >?NC?H? ?F %%% CH=FOS? F; M;FC>; >? (; +FCP; S F; FF?A;>; ; 0OCH?D? S ?F %2
M? L?@C?L? ; FIM bFNCGIM >g;M ?H 0OCH?D? S F; PO?FN; ; 0?H?LC@? IH J?KO?eIM
L?N;TIM ;FAOHIM >? ?FFIM N;H <L?P?M KO? J;M;H CH;>P?LNC>IM $;LLCM HIM I@L?=?
OH; =IGJF?N; JCHNOL; >? "O?LN?P?HNOL; ; @CH;F?M >?F MCAFI 4%4 ? ?MN; JCHNOL;
@ILG;H J;LN? F; ;NIHg; ?=IHdGC=; ?F =IHMN;HN? J?FCALI >? F; M?KOg; S >? F;
B;G<LOH; F; ?GCAL;=CdH F; JI<L?T; A?H?L;FCT;>; ?H >?@CHCNCP; OH GOH>I
=?LL;>I MI<L? Mg GCMGI ,?LI N;G<CjH M? L?@F?D; KO? M? NL;N; >? OH GOH>I
?M=;MI ?H PC>; ?H ?F KO? >?N;FF?M B;<CNO;F?M >? INL;M L?;FC>;>?M MIH ;KOg
I<D?NIM >? ;MIG<LI =IGI F; H;L;HD; KO? (IL?HTI F? I@L?=? ; HO?MNLI PC;D?LI I
?F A?L;HCI KO? jMN? P? ?H ,O?LNI ;<L;M S KO? =IHMNCNOS? F; bHC=; @FIL KO?
JO?>? =IHN?GJF;L ?H F; CMF; 1H GOH>I KO? NC?H? =IGI G?Nl@IL; ;F =;G?FFI
KO? N;HNI FF;G; F; ;N?H=CdH ; HO?MNLI PC;D?LI
&OHNI ; ?MNI F;M L?@?L?H=C;M MI<L? 0?H?LC@? F;M ?H=IHNL;GIM ?H FIM
JlLL;@IM CHC=C;F?M >?F =;JgNOFI % >IH>? JI>?GIM P?L >?HNLI >? FIM JLIF?Ad
"L;H=CM=I &;PC?L ;MNCFFI 265

G?HIM >?F PC;D? ; "O?LN?P?HNOL; >CMNCHNIM >?N;FF?M MI<L? F; <;H>; >?F HILN?
F; @IH>; >? (; );N;HT; S (; (;AOH; !F L?F;NI L?@F?D; KO? HI M? >?NC?H? ?H
?MN; =CO>;> ;FAI KO? ?M >? ?MJ?L;L ?H ;KO?FF;M =CL=OHMN;H=C;M S FIM ;JOHN?M
KO? =CN; ?H ?MN? M?HNC>I MIH FIM B;<C
NO;F?M >? HO?MNL; FCN?L;NOL; >? PC;D?M
?F >L;AI F;M FlGJ;L;M >? JF;N; >? F;M
CAF?MC;M F; C<FCIN?=; ,LIPCH=C;F S ?F
J;NCI >?F ?R =IHP?HNI >? FIM ;AOM
NCHIM )lM ;GJFC;M MIH F;M L?@?L?H=C;M
>? FIM >IM =;JgNOFIM @CH;F?M ?F 2 M?
>?>C=; GIHIALl@C=;G?HN? ; F; FI=;
FC>;> >? 2CF;@FIL S M? >?NC?H? ; B;<F;L
>? F;M ?MJ?=C?M >? F; TIH; =IGI ?F
@L;CF?M=I ?F PCFF;HI ?F NLCAO?LI ?F
BILH?LI S ?F =;LJCHN?LI S ?F 2% F?
=ILL?MJIH>? ; NI>; F; ;LCMN; HILN? >?
F; CMF; ?MJ?=C;FG?HN? ; F; J;LN? I==C
>?HN;F =IH L?@?L?H=C;M ?MJ?=C;F?M ;F
,O?LNI >? F; LOT %=I> #;L;=BC=I S
(; +LIN;P; S NI>I ?FFI JF;A;>I >?
L?@?L?H=C;M JIMCNCP;M MI<L? FIM J;CM;D?M
S F; H;NOL;F?T; OL;HN? MO ?MN;H=C;
?H 0?H?LC@? $;LLCM L?MC>CLl ?H ?F #L;H ,ILN;>; >? &<:2 /6?1@ <3 A52 .;.?F @9.;1@ .;1
$IN?F 0;ILI ?H ;KO?FFIM GIG?HNIM F; &<BA5 3?60.
CHMN;F;=CdH BIN?F?L; >? G;SIL HCP?F
KO? B;MN; ?HNIH=?M B;<g; =IHI=C>I ;H;LC;M /CNO;>I ?H OH FOA;L JLCPCF?AC;>I
?L; OH FOA;L >IH>? M? >;<;H F; G;HI F; MOHNOIMC>;> S ?F =IH@ILN =IH F;
JL?M?H=C; >? F; H;NOL;F?T; =;H;LC; ?H FIM D;L>CH?M ; FIM KO? HO?MNLI ;ONIL M?
L?@C?L? ?H P;LC;M I=;MCIH?M
1H; >? F;M L?@?L?H=C;M GlM >?MN;=;>;M ?M ?F J;CM;D? >?F KO? HIM >?D;
HOG?LIM;M >?M=LCJ=CIH?M >?M>? F; >?MHO>?T >?F MO?FI G;DIL?LI ; FIM JCHIM
>? 2CF;@FIL S ?F F?=NIL ;N?HNI ;>PC?LN? MCH >C@C=OFN;> KO? OH; J;LN? CGJILN;HN?
>? F; >?M=LCJ=CdH >?F J;CM;D? FI =IHMNCNOS? ?F =LIG;NCMGI ? CAO;F @ILG; S
266 (; =IHNLC<O=CdH >? $?HLS ! $;LLCM ; F;M CHP?MNCA;=CIH?M >? F; ILHCNIFIAg; CHMOF;L

F=;O>dH L?;F ?H MO HC>I

=IGI INLI >? FIM ;MJ?=NIM >?MN;=;<F?M >? FIM =;JgNOFIM KO? HIM ;N;e?H B;S
KO? L?M;FN;L ?F CHN?LjM KO? HO?MNLI $;LLCM NC?H? JIL ?F ?MJ;eIF >? ;H;LC;M
IHPC?H? L?=IL>;L ?H ?MN? M?HNC>I KO? F; JL?M?H=C; >? G;N?LC;F?M FCHAagMNC=IM
CHMOF;L?M HI ?M OH B?=BI HIP?>IMI ?H HO?MNL; FCN?L;NOL; >? PC;D?M JILKO?
MIH HOG?LIMIM FIM ;ONIL?M KO? HI M? FCGCN;H ; ;JILN;L >;NIM L?F;NCPIM ; F;
A?IAL;@g; F; ?=IHIGg; S F; ?NHIAL;@g; MCHI KO? N;G<CjH M? JL?I=OJ;H JIL
F; F?HAO; ? CHN?HN;H L?JLI>O=CLF; J;L=C;FG?HN? ; NL;PjM >? =IG?HN;LCIM I >?
L?ACMNLIM !H FI KO? M? L?@C?L? ; F;M @O?HN?M CHAF?M;M =IHMNCNOS? OH; =IHMN;HN?
KO? M? >; >?M>? F;M @O?HN?M GlM N?GJL;H;M S $;LLCM N;G<CjH M? OH? ; ?MN;
=IHMN;HN? =IH OH;M JIMC=CIH?M JL?=CM;M ?H ?MN? M?HNC>I N;F S =IGI M?e;F;
?H ?F JLdFIAI !MN; JIMC=CdH FI FF?P; ; L?=IA?L ?H MO I<L; G;N?LC;F?M FCHAagM
NC=IM >? >CP?LM; H;NOL;F?T; ? OH; J;LN? FI P?GIM L?@?LCLM? ; F;M J;LNC=OF;LC
>;>?M >?F ?MJ;eIF >? FIM =;H;LCIM KO? NC?H? F; IJILNOHC>;> >? ?M=O=B;L
"L;H=CM=I &;PC?L ;MNCFFI 267

=IGI =O;H>I M? L?@C?L? ; F; ONCFCT;=CdH S FIM P;FIL?M >?F MO@CDI 699< S ;F B;<F;
>? F;M GOD?L?M KO? ?H=O?HNL; ?H FIM F;P;>?LIM >? 2CF;@FIL ? INL;
J;LN? P?GIM KO? L?JLI>O=? P;LCIM @L;AG?HNIM >? F;M =IHP?LM;=CIH?M KO?
>CMNCHN;M J?LMIH;M MIMNC?H?H =IH jF ? ?MN? GI>I L?=IA? J;F;<L;M >?
(C<ILC; ;HI F; GOD?L ?H =OS; =;M; J;M;H FIM >g;M >? F; ?MN;H=C; ?H 2CF;@FIL
V*I B;S MIF M?eIL HI Mj KOj BIL; ?MX N;G<CjH CH=FOS? F;M PI=?M =IH
F;M KO? ?F AOg; ;LL?; ; FIM =;G?FFIM KO? FIM FF?P;H B;MN; (; +FCP; V;LLj
=;G?FFI ;LLj =;G?FX S INLI N;HNI I=OLL? =IH FIM =IG?HN;LCIM >?F
B?LG;HI >? >IH .;GdH V!HNC?H>? ?HNC?H>?X S =IH FIM M;FO>IM >?
FIM =;GJ?MCHIM ?H FIM ;FL?>?>IL?M >? 0OCH?D? ?F >g; JL?PCI ;F L?AL?MI
V O?H;M N;L>?M M?eIL?MX 1H <O?H HbG?LI >? ?MNIM @L;AG?HNIM KO?
M? L?JLI>O=?H ?H ?F N?RNI =ILL?MJIH>?H =IGI ?M FdAC=I ; (IL?HTI #;L=g;
=OSIM M;FO>IM ?RJL?MCIH?M S =IG?HN;LCIM ;J;L?=?H ;KOg S ;FFl ; FI F;LAI >?
NI>; F; I<L; V O?HIM >g;M M?eILX V)OS N?GJ?MNOIMIX V OC>;>I M?eIL
?F J?LLIX V-Oj FlMNCG; M?eILX VT;J;NIM >?F =;<;FF?LIX V*I KOC?LI
M?eIL HI KOC?LIX V ;LH? >? =;LH?LIX ?MN?
L?MJ?=NI =IHPC?H? >?MN;=;L KO? L?MOFN; ?PC>?HN? KO? ?H I=;MCIH?M $;LLCM
L?JLI>O=? F;M @L;M?M ?RJL?MCIH?M S J;F;<L;M ?MJ;eIF;M >? OH; @ILG; JI=I
?R;=N; KO? >C@g=CFG?HN? M? JO?>? =ILL?MJIH>?L =IH F; L?;FCT;=CdH >? FIM
L?MJ?=NCPIM B;<F;HN?M =IGI =O;H>I HIM >C=? KO? (IL?HTI FF;G; VG;FI
GO=B;=BIX ;F =BCKOCFFI G;DIL?LI KO? ?H=O?HNL;H ?H OH; >? F;M ?R=OL
MCIH?M JIL FIM ;FL?>?>IL?M >? (; +FCP; S KO? ;>GCN? KO? JI=IM >g;M ;HN?M
B;<g; JCM;>I >IM BO?PIM >? ?HA;e; KO? B;<g; B;FF;>I S =O;H>I L?@F?D;
CAO;FG?HN? KO? =O;H>I J;L;H ?H (; HNCAO; =;GCHI >? 0OCH?D? NIG;H
OH JI=I >? PCHI KO? (IL?HTI =;FC@C=; >? VG;FI PCHIX !H ?MNIM >IM
=;MIM F; ;HN?JIMC=CdH >?F ;>D?NCPI ?M G;HC@C?MN;G?HN? ;HdG;F; S J;L?=?
>?<?LM? GlM ; F; CH@FO?H=C; >? F; HILG; CHAF?M; ?H ?MN? M?HNC>I
1H N?L=?L ;JILN? >? G;N?LC;F FCHAagMNC=I FI =IHMNCNOS? ?F ;GJFCI =IHDOHNI
>? PI=?M KO? M? L?=IA?H (; G;SIL J;LN? >? ?FF;M M? L?@C?L?H =IGI ?M >?
?MJ?L;L ; F;M >?HIGCH;=CIH?M JIJOF;L?M >? F;M ;P?M NL;N;>;M =IGI ?M ?F
=;MI >? .90.6?S; .90.?.C]; 0.:6;2?< 0.;.?6< 0.=6?<A2 2;4.T. 3?.692@0<
4.;4. 4B6??2 5<?;2?< 5B/.?. =]7.?< 12 &.; ;A<;6< =21?< 9B6@ A./</<
A?64B2?< C699.;< S G.?G.92?< FAOHIM >? FIM L?ACMNLIM KO? JLIJIL=CIH; $;LLCM
268 (; =IHNLC<O=CdH >? $?HLS ! $;LLCM ; F;M CHP?MNCA;=CIH?M >? F; ILHCNIFIAg; CHMOF;L

; ?MN? L?MJ?=NI NC?H?H OH J;LNC=OF;L


CHN?LjM JILKO? HI ;<OH>;H F;M L?@?L
?H=C;M N?GJL;H;M =IGI MO=?>? =IH
4.;4. OH; PIT KO? 2C?L; S F;PCDI
L?=IA? ?H MO 6006<;.?6< 12 6@A<?6.
".AB?.9 M P J?LI KO? HI ?H=IHNL;GIM
?H F;M @O?HN?M >?F MCAFI 4%4 0;G<CjH
@CAOL;H NjLGCHIM L?@?LC>IM ; ?MJ?=C?M
>? F; @FIL; CHMOF;L .7B9.4. A.0.?<;A699.
?2A.:. S ; INLIM =;GJIM 3<;1. =.A6<
/.??.;0< =2@2A. A2;12?< 36;0. 1H;
>? F;M @ILG;M KO? GlM ;J;L?=? ?M
4<36< !H ;FAbH =;MI N;G<CjH M? L?@C?L?
>? GI>I ;=?LN;>I ; F; >CMNLC<O=CdH
?MJ;=C;F >? ;FAOH;M PI=?M ? CH=FOMI
;F ILCA?H >? ;FAbH NjLGCHI =IGI
6;LT;F?LI ?H ?F HILN? >? 0?H?LC@?
=O;H>I M?e;F; KO? HI B; JI>C>I
;P?LCAO;L ?F MCAHC@C=;>I >? F; J;F;<L;
.90.6?S; J?LI M;<? KO? ?M >? ILCA?H lL;<? IGI M? JO>? P?L HO?MNLI ;ONIL
CAHIL; KO? M? NL;N; >? OH; P;LC;HN? >?F ?MJ;eIF .90.B1S; J?LI ;@ILNOH;>;
G?HN? HI M? ;FCH?; =IH ;FAOHIM ;ONIL?M >?F MCAFI 4%4 =IGI ?M ?F =;MI >? /
?LNB?FIN S ,CT;LLIMI KO? =IHMC>?L;H KO? .90.6?S; ?M OH; PIT KO?
JLI=?>? >?F MCMN?G; >? =IGOHC=;=CdH >? FIM ;<ILgA?H?M =;H;LCIM ? CAO;F
@ILG; L?=IA? KO? .CBA.?1. MCAHC@C=; OH NCJI >? JlD;LI J?M;>I S F?HNI FI
KO? GO?MNL; KO? =IHI=? ?F P;FIL KO? ?MN? NjLGCHI NC?H? ?H ?MJ;eIF S F;
?RJFC=;=CdH ?NCGIFdAC=; KO? F? =ILL?MJIH>? IHMCAH; ;>?GlM KO? FIM
=;GJ?MCHIM G;DIL?LIM FF;G;H ;F ;F=;L;PlH >? ?MN; @ILG; GC?HNL;M KO? ?H
0?H?LC@? N;G<CjH L?=C<? ?F HIG<L? >? $21?< B6@ S ;e;>? KO? M? NL;N; >?
>IM >?HIGCH;=CIH?M >? =F;LI ILCA?H IHIG;NIJjSC=I KO? L?@F?D;H ?F =;HNI
J?=OFC;L >? ?MN? JlD;LI /CH ?G<;LAI HI NC?H? F; GCMG; @ILNOH; =IH F;
@ILG; 4.;4. KO? ?M OH; PIT CGCN;NCP; >?F ALCNI >? ?MN; ;P? =IGI ?H FIM
=;MIM ;HN?LCIL?M S KO? $;LLCM CHN?HN; ?RJFC=;L >C=C?H>I KO? MCAHC@C=; VOH
JI=I >? <O?H; MO?LN?X FAI MCGCF;L MO=?>? =O;H>I ;F B;<F;L >? F; ;<O<CFF;
"L;H=CM=I &;PC?L ;MNCFFI 269

?H ?F =;JgNOFI % L?=IA? KO? ?MN? JlD;LI L?=C<? ?F HIG<L? JIJOF;L >? A./</<
S ;e;>? KO? A./</< MCAHC@C=; ?MNbJC>I ,?LI HI M? B; >;>I =O?HN; >? KO? ?H ?F
=;MI >? F; >?HIGCH;=CdH JIJOF;L >? F; (=B=. 2=<=@ M? NL;N; >? OH; @ILG;
IHIG;NIJjSC=;
!F CHN?LjM >? F; =IHNLC<O=CdH >? $;LLCM HI M? FCGCN; ;F HCP?F N?RNO;F MCHI KO?
N;G<CjH =IGJL?H>? OH =IHDOHNI >? P?CHNC=CH=I @INIAL;@g;M (; G;SIL J;LN? >?
?FF;M =IGI ?M >? ?MJ?L;L L?@F?D;H F;M ;P?M =IG?HN;>;M S ; F;M =;L;=N?LgMNC=;M >?
MOM HC>IM ,?LI B;S MC?N? CGlA?H?M KO? M? L?@C?L?H ; INLIM ;MJ?=NIM >? F; L?;FC>;>
CHMOF;L ? F;M =O;NLI KO? =ILL?MJIH>?H ; "O?LN?P?HNOL; OH; >? ?FF;M ?M OH; PCMN;
>? (; +FCP; ?H F; KO? >?MN;=; F; CAF?MC; >? F; ;H>?F;LC; S F;M INL;M NL?M L?=IA?H
>CMNCHNIM GIG?HNIM >? F; PC>; ;ALg=IF; F; ONCFCT;=CdH >?F =;G?FFI J;L; ?F ;L;>I
WCG;A?H KO? MCLP? >? @LIHNCMJC=CI ;F FC<LIW ?F OMI >? F; HILC; S ?F >?M=;HMI KO?
OH ALOJI >? =;GJ?MCHIM B;=?H ; G?>CI>g; (;M NL?M @INIAL;@g;M L?MN;HN?M =ILL?M
JIH>?H ; 0?H?LC@? FIM @;GIMIM =CJL?M?M >? 2CF;@FIL F;M ;F@IG<L;M >? (; +LIN;P;
S F; JLI=?MCdH >?F ILJOM M;FC?H>I >?F N?GJFI >? F; IH=?J=CdH

#+ ) * " >O ;H? V*IN?M IH NB? .?MC>?HN ;H> )CAL;NILS CL>M I@


);>?CL; ;H> NB? ;H;LC?MX /6@
$ ..%/$?HLS ! &<:2 6?1@ <3 A52 .;.?F @9.;1@ .;1 &<BA5 3?60.
(IH>L?M . $ ,ILN?L
)! ! 3 ( + !>GOH> #OMN;POM V(CMN I@ CL>M +<M?LP?> CH NB? ;H;LS
%MF;H>MX '52 /6@ M?LC?M
.!% /;PCF? V*IN?M IH NB? CL>M I@ 0?H?LC@?X /6@
.!% /;PCF? V*IN?M IH NB? CL>M I@ 0?H?LC@?X /6@ JJ
0.%/0. ) $ V+LHCNBIFIAC=;F *IN?M IH NB? %MF;H> I@ #L;H ;H;LC;X
'52 /6@ M?LC?M
0.%/0. ) $ V*IN?M IH NB? %MF;H> I@ ,;FG; CH NB? ;H;LS #LIOJX
'52 /6@ M?LC?M
271

8<.91 2=*;- >7 .<=>-28<8 -. 5* +8=L72,* ,*7*;2* .7


58< *5+8;.< -.5 <2058 ''

5*;* >;.55 A 8<K 52?.;

1
H I > ? F I M C F O M N L? M ? M N O > C I M I M > ? F ; @ F I L ; = ; H ; L C ; K O ? B ;
M C > I G ? L? = ? > I L > ? M ? L L? J L? M ? H N ; > I ? H F ; " O ? H N ? > ? F I M
/ ; < C I M > ? F & ; L> g H I N l H C = I V 2 C ? L ; S F ; P C D I X > ? # L ; H
; H ; L C ; ? M ? F @ L ; H = j M B ; L F ? M & I M ? J B , C N ; L> ; F K O ? M ? F ? > ? < ?
O H ; I < L ; > ? I < F C A ; > ; L? @ ? L? H = C ; ? H ? F l G < C N I > ? F ; < I N l H C = ;
;NFlHNC=; 2@ ^92@ .;.?62@ 9<?2 12 9 ?056=29
!MN? H;NOL;FCMN; H;=C>I ?F >? I=NO<L? >? ?H F; FI=;FC>;> >? (;P;F
(ICL; I==C>?HN;F M? FC=?H=Cd ?H C?H=C;M *;NOL;F?M JIL F; 1HCP?LMC>;> >?
OL>?IM ?H F; KO? CHC=C;Lg; ?H OH; <LCFF;HN? =;LL?L; >I=?HN? ? CHP?MNC
A;>IL; !H DOHCI >? =IH OH ?MNO>CI MI<L? ;H;NIGg; P?A?N;F =IGJ;
L;>; I<NOPI ?F AL;>I >? >I=NIL JIL F; 1HCP?LMC>;> >? ,;LgM S >IM ;eIM GlM
N;L>? AL;=C;M ; OH; HO?P; N?MCM >?@?H>C>; ?MN; P?T ?H F; ";=OFN;> >?
)?>C=CH; S ";LG;=C; <IL>?F?M; ;==?>Cd ; F; =;N?AILg; >? @;LG;=jONC=I MOJ?
LCIL !H @O? =IHNL;N;>I =IGI ;SO>;HN? ?H F; ";=OFN;> >? )?>C=CH; S
";LG;=C; >? 0IOLM ?H F; KO? =IHM?AOCLg; JI=I >?MJOjM F; NCNOF;LC>;> >? F;
=lN?>L; >? C?H=C;M *;NOL;F?M
?M>? GOS DIP?H ,CN;L> G;HC@?MNd OH AL;H CHN?LjM JIL ?F G?>CI
H;NOL;F ?MJ?=C;FG?HN? JIL F; <INlHC=; JIL FI KO? HI ?M >? ?RNL;e;L KO?
; FIM ;eIM >CMJOMC?L; S; >? =IF?==CIH?M >? @dMCF?M S G;LCJIM;M S KO?
BO<C?L; ?GJ?T;>I ; L?OHCL MOM JLCG?LIM B?L<;LCIM 1H; P?T ;F=;HT;>; F;
?>;> ;>OFN; >?>C=d NI>IM MOM L;NIM FC<L?M ; B?L<ILCT;L JLCG?LI ?H MO
L?ACdH H;N;F >?MJOjM ?H INLIM FOA;L?M >? "L;H=C; S GlM N;L>? @O?L; >?
F;M @LIHN?L;M @L;H=?M;M ? ?M? GI>I =IHI=Cd >CMNCHNIM J;L;D?M ?OLIJ?IM
=IGI /OCT; %N;FC; ?F FNI L;AdH I H>;FO=g; PC;Dd B;MN; ?F HILN? >?
272 &IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44

w@LC=; S NOPI F; IJILNOHC>;> >? PCMCN;L ?H >IM I=;MCIH?M ?F L=BCJCjF;AI


;H;LCI IGI L?MOFN;>I >? NI>;M F;M ?RJFIL;=CIH?M KO? FF?Pd ; =;<I ?HNL?
S S >?F CHN?L=;G<CI >? ?D?GJF;L?M =IH INLIM <INlHC=IM M? BCTI =IH
OH; =IF?==CdH >? P;LC?>;>?M P?A?N;F?M >? GlM >? ?D?GJF;L?M W>? F;M
KO? =ILL?MJIH>?H ; ;H;LC;MW KO? M?AbH MO PIFOHN;> M? =IHM?LP; ?H
?F )OM?I *;=CIH;F >? $CMNILC; *;NOL;F >? ,;LgM
J?M;L >? KO? F; AL;P? >IF?H=C; KO? J;>?=g; >?M>? MO DOP?HNO> BCTI KO?
MO ;@lH ?RJFIL;>IL M? PC?L; AL;>O;FG?HN? >CMGCHOC>I ;JLIP?=Bd F;M L?=I
G?H>;=CIH?M @;=OFN;NCP;M >? BOCL >?F @LgI =IHNCH?HN;F J;L; >?MJF;T;LM? ;
L?ACIH?M GlM =lFC>;M S JI>?L >? ?MN; @ILG; JLIM?AOCL MOM CHP?MNCA;=CIH?M
/OM JLCG?LIM PC;D?M JIL GINCPIM >? M;FO> @O?LIH JL?=CM;G?HN? FIM KO? BCTI
; F;M %MF;M >OL;HN? FIM CHPC?LHIM >? S >? ; FIM KO? F?M MCAOC?LIH FIM
MC?N? KO? L?;FCTd ;F HILN? >? w@LC=; 0bH?T (C<C; );LLO?=IM S LA?FC; B;MN;
"LONI >? ?MN;M ?RJ?>C=CIH?M MIH FIM >IM ?MNO>CIM JIL FIM KO? ?M GlM
=IHI=C>I MO ?RN?HM; GIHIAL;@g; MI<L? F; P?A?N;=CdH =;H;LC; S MO
<;A?6/BA6<; [ 9 YAB12 12 9. 39<?2 1B !.?<0 J;LNCL >? ?MN; @?=B; MOM CHP?M
NCA;=CIH?M M? ILC?HN;LIH GlM <C?H B;=C; F; <INlHC=; MCMN?GlNC=; >?>C=;H>I
FIM bFNCGIM =;NIL=? ;eIM >? MO PC>; ; =IF;<IL;L =;MC ?H ?R=FOMCP; ?H F; GIHO
G?HN;F 9<?2 Y;Y?.92 12 9 ;1< 56;2 >? F; KO? L?>;=Nd OH <O?H HbG?LI
>? @;M=g=OFIM
/O @LO=Ng@?L; NL;S?=NILC; =C?HNg@C=; M? PCI L?=IGJ?HM;>; =IH >CMNCHN;M =IH>?
=IL;=CIH?M >? CHMNCNO=CIH?M @L;H=?M;M S ?RNL;HD?L;M ;Mg =IGI =IH F; >?MCAH;
=CdH >? GC?G<LI =ILL?MJIH>C?HN? >?F )OM?I *;=CIH;F >? $CMNILC; *;NOL;F >?
,;LgM IH NI>I F; >CMNCH=CdH KO? ?F CHMCAH? <INlHC=I @L;H=jM GlM ;JL?=Cd @O?
MCH >O>; F; KO? F? I@L?=Cd MO =IF?A; &OF?M CGj ;NN;H>C?L ;F <;ONCT;L OH
HO?PI AjH?LI >? JF;HN;M =IH ?F HIG<L? >? $6A.?16. (; JLIJO?MN; >? MO
HIG<L;GC?HNI =IGI =;<;FF?LI >? F; (?ACdH >? $IHIL KO? BO<C?L; MCAHC@C=;>I
?F <LI=B? >? ILI ; MO =;LL?L; HI FF?Ad ; JLIMJ?L;L >?<C>I ; MO @;FF?=CGC?HNI
I=OLLC>I ?F >? >C=C?G<L? >? ?H #L;MM? ,LIP?HT;
(; L?F;=CdH >? ,CN;L> =IH ;H;LC;M M? CHC=Cd =IGI S; M? B; M?e;F;>I ; JLCH=C
JCIM >? =O;H>I M? F? JL?M?HNd F; I=;MCdH >? PCMCN;L ?MN;M NC?LL;M JIL P?T
JLCG?L; /? >?M=IHI=? F; L;TdH ?R;=N; >? MO >?MJF;T;GC?HNI ;OHKO? HI =;<?
>O>; >? KO? ?H MO ?F?==CdH @O? >?N?LGCH;HN? F; <IH;HT; >?F =FCG; =;H;LCI KO?
F;L; OL?FF S &IMj ) +FCP?L 273

S; =IHI=g; JIL FIM CH@ILG?M KO? B;<g;


JI>C>I F??L >? PC;D?LIM ;HN?LCIL?M
=IGI #;<LC?F >? ?F=;MN?F
!>GIH> INN?;O I #
2?LM=BOOL ? ?MN? GI>I
=O;H>I MO Gj>C=I F? JL?M=LC<Cd OH;
?MN;H=C; N?L;JjONC=; ?H OH FOA;L =OS;M
=IH>C=CIH?M =FCGlNC=;M @O?L;H <?H?@C
=CIM;M J;L; MO >?FC=;>; M;FO> F? J;L?=Cd
KO? ?F L=BCJCjF;AI L?OHg; NI>IM FIM
L?KOCMCNIM JO?MNI KO? ;>?GlM F? <LCH
!@CAC? >? &IM?JB ,CN;L> ?H ?F &;L>gH INlHC=I
>;<; F; IJILNOHC>;> >? ?MNO>C;L MO
V2C?L; S F;PCDIX >? #L;H ;H;LC;
J;LNC=OF;L P?A?N;=CdH >? F; KO? =IH
NI>; =?LN?T; N?Hg; N;G<CjH HINC=C;M ,;L; JI>?L MO@L;A;L ?F PC;D? M? >CLCACd ;F
)CHCMN?LCI @L;H=jM >? %HMNLO==CdH ,b<FC=; KO? F? =IH=?>Cd OH; ;SO>; S GOS JLI<;
<F?G?HN? FI JOMI ?H =IHN;=NI =IH ?F KO? M? =IHP?LNCLg; ?H MO =IGJ;e?LI >? LON;
?F DIP?H G;ACMNL;>I S @ONOLI JIFgNC=I (IOCM ,LIOMN CHN?L?M;>I ?H =IHI=?L F;
L?;FC>;> MI=CI?=IHdGC=; =;H;LC;
Mg NL;M =LOT;L F; ,?HgHMOF; ?MNIM >IM =OLCIMIM CHN?F?=NO;F?M FF?A;LIH ;
l>CT J;L; ?G<;L=;L ?H ?F P;JIL 2@=Y?612@ KO? =O<Lg; F; FgH?; =IH
;H;LC;M ?MJOjM >? B;<?L =IMN?;>I >OL;HN? P;LCIM >g;M ?F =IHNCH?HN?
;@LC=;HI ?F >? ?H?LI >? ;PCMN;LIH 0?H?LC@? FI KO? BCTI ;@FIL;L >?
CHG?>C;NI NI>I ?F <;A;D? GgNC=I =IH ?F KO? MIFg;H FF?A;L =;LA;>IM N;HNIM
PC;D?LIM CFOMCIH;>IM

? L?J?HN? OH; <LCM; NC<C; HIM MILJL?H>? ;AL;>;<F?G?HN? S HIM B;=?


L?MJCL;L FIM =lFC>IM J?L@OG?M >?F B?FCINLIJI S >?F H;L;HDI *IM ;=?L=;GIM
; ?MN;M CMF;M :;@ILNOH;>;M N;H =?F?<L;>;M JIL FIM ;HNCAOIM >IH>? ?F ;CL?
7Y8 MC?GJL? ?M >? OH; CH@CHCN; JOL?T; S >IH>? FIM LCAIL?M >?F CHPC?LHI
HOH=; M? FF?A;H ; J;>?=?L

FI F;LAI >? =O;NLI G?M?M ,LIOMN S ,CN;L> M? >?>C=;Lg;H ; L?=ILL?L NI>IM FIM
LCH=IH?M >?F L=BCJCjF;AI >?M>? F;M CMF;M =;JCN;FCH;M B;MN; ?F GlM J?KO?eI >?
FIM CMFIN?M !F <;F;H=? >? MO ?MN;H=C; @O? N;H M;NCM@;=NILCI WHI MdFI >?M>? ?F
274 &IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44

;LL;H=I >? (;M )?L=?>?M 0?H?LC@? X

JOHNI >? PCMN; =C?HNg@C=I MCHI N;G<CjH =IGI ?RJ?LC?H=C; J?LMIH;FW KO? MC?N?
G?M?M GlM N;L>? HO?MNLI <INlHC=I PIFP?Lg; ; 0?H?LC@? ?MN; P?T ?H =IGJ;eg; >?
INLI =IGJ;NLCIN; ?F Gj>C=I $?HLC );NNL;CM ;>I KO? >OL;HN? MO ;HN?LCIL PC;D?
S; B;<g; FF?P;>I ; =;<I ?F ?MNO>CI >? F; P?A?N;=CdH >? FIM N?LLCNILCIM GlM ILC?H
N;F?M ?H ?MN; I=;MCdH >CLCACd MOM ?M@O?LTIM ; F;M L?ACIH?M GlM @LIH>IM;M =IH ?F
JLIJdMCNI >? =IGJF?N;L ?F =;NlFIAI >? F; @FIL; CHMOF;L KO? B;<g; CHC=C;>I =IH
,LIOMN ? ?MN? GI>I ?GJF?d ?F G?M >? ?H?LI >? ?H PCMCN;L 0?H?LC@? ; FI
F;LAI >? @?<L?LI JLIMCAOCd MOM NL;<;DIM ?H #L;H ;H;LC; ?H G;LTI ?RJFILd (;
,;FG; S N?LGCHd MO L?=ILLC>I L;MNL?;H>I (; #IG?L; S !F $C?LLI >OL;HN? <O?H;
J;LN? >?F G?M >? ;<LCF
(;M JLCH=CJ;F?M PCP?H=C;M S I<M?LP;=CIH?M I<N?HC>;M ?H ;G<IM PC;D?M
KO?>;Lg;H L?@F?D;>;M ?H >IM GIHIAL;@g;M KO? ,CN;L> @CLGd =IHDOHN;G?HN?
=IH (IOCM ,LIOMN 2@ ^92@ .;.?62@ 2@0?6=A6<; 12 9 ?056=29 S F; S; G?H=CI
F;L; OL?FF S &IMj ) +FCP?L 275

H;>; 2@ ^92@ .;.?62@ 9<?2 12 9 ?056=29


!F JLCG?LI >? FIM FC<LIM ?H FIM KO? >?D;LIH =IHMN;H=C; >? MO ?RJ?LC?H=C;
CHMOF;L ?M OH NgJC=I L?F;NI >? PC;D?M >? F; jJI=; ?H ?F KO? F; I<M?LP;=CdH
>CL?=N; S F;M =IHMC>?L;=CIH?M =C?HNg@C=;M M? =IG<CH;H =IH >?N;FF?M ? CGJL?
MCIH?M MI<L? F; P;LCIJCHN; L?;FC>;> =;H;LC; ? ?MN? GI>I >?>C=;LIH OHIM
=;JgNOFIM CHC=C;F?M ; =O?MNCIH?M A?H?L;F?M MI<L? F; A?IAL;@g; @gMC=; S JIFg
NC=; ;Mg =IGI ;=?L=; >? MO BCMNILC; S MOM B;<CN;HN?M =IHM;AL;H>I FIM
MCAOC?HN?M ; =;>; OH; >? F;M CMF;M ?H J;LNC=OF;L ,I>?GIM P?L ;Mg KO? FIM
>;NIM GlM I<D?NCPIM =I?RCMN?H =IH PCP?H=C;M J?LMIH;F?M DOC=CIM >? P;FIL ?
CH=FOMI ;FAbH KO? INLI =IG?HN;LCI DI=IMI

(;M GOD?L?M M? PCMN?H ; F; ?OLIJ?; ;OHKO? NC?H?H F; ILCACH;F =IMNOG<L? >?


?HPIFP?LM? F; =;<?T; =IH =?FIMI =OC>;>I 1H JLCG?L J;eO?FI KO? M? ;N;H
JIL >?<;DI >? F; <;L<CFF; F?M =O<L? ?F =?HNLI >? F; =;<?T; ?H=CG; >? jMN?
INLI GlM AL;H>? F?M LI>?; =IGJF?N;G?HN? F; =;<?T; ?H @ILG; >? NOL<;HN?
J?LI >? N;F G;H?L; KO? F;M JOHN;M =;?H JIL >?NLlM @CH;FG?HN? MI<L? NI>I
?MNI M? JIH?H OH AILLCNI >? J;D; I >? @C?FNLI KO? ?PI=; MCH HCHAbH AjH?LI
>? >O>; ?F MIG<L?LI KO? FO=?H FIM J;S;MIM >? HO?MNLIM =CL=IM

,?LI ;>?GlM FIM ;ONIL?M ;MJCL;<;H ; KO? MO ?MNO>CI @O?L; VFI MO@C
=C?HN?G?HN? >CAHI =IGI J;L; M?LPCL >? AOg; ;F PC;D?LI KO? >?M?? L?=ILL?L
NI>I ?F L=BCJCjF;AI ;H;LCI ?H OH; GCMG; N?GJIL;>;X JIL FI KO?
CH=FOS?LIH NI>; OH; M?LC? >? CH>C=;=CIH?M >? =IHM?DIM JLl=NC=IM S >?
CNCH?L;LCIM KO? ?@?=NCP;G?HN? ;=?L=;<;H MO =LdHC=; ;F ?MNCFI >? F;M
JLCG?L;M AOg;M NOLgMNC=;M Mg JIL ?D?GJFI

!H ?F ,O?LNI >? F; LOT JI>?GIM ?H=IHNL;L NI>;M F;M =IGI>C>;>?M


<O?HIM BIN?F?M ; JL?=CI GOS GI>?L;>I J?KO?e;M L;G<F;M ?H F; PCFF; S
?H F;M ;@O?L;M CHN?L?M;HN?M ?R=OLMCIH?M 1H; >? jMN;M =IHMCMN? ?H CL; JC?
JIL OH M?H>?LI KO? <IL>?; ?F G;L >?M>? ?F JO?LNI B;MN; ?F ?MNO;LCI >?F
/.??.;0< >?F .?;F?DI ;DI MIH OHIM >C?T ECFdG?NLIM KO? M? JO?>?H B;=?L
NL;HKOCF;G?HN? ?H =O;NLI I =CH=I BIL;M

!F M?AOH>I >? FIM >IM PIFbG?H?M S N;G<CjH ?F GlM =IHI=C>I JIL FIM
?MJ?=C;FCMN;M ?M F; 9<?2 12 9 ?056=29 KO? ; J?M;L >? ;J;L?=?L @CLG;>;
276 &IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44

N;G<CjH JIL (IOCM ,LIOMN W=OS; ;JILN;=CdH M? FCGCNd ; ;FAOHIM ;JOHN?M >?
=;Ll=N?L A?IALl@C=IW @O? =IH=?<C>; S L?>;=N;>; ?H MO =;MC NIN;FC>;> JIL
HO?MNLI <INlHC=I IH ?MN; GIHIAL;@g; &IM?JB ,CN;L> M? JLIJIHg;
VI@L?=?L OH J;HIL;G; FI GlM =IGJF?NI JIMC<F? >? F; P?A?N;=CdH >? NI>;M
F;M %MF;M ;H;LC;MX M?e;F;H>I MO ?PIFO=CdH ? CHPIFO=CdH MO FI=;FCT;=CdH
MOM P;LC;=CIH?M MOM ;@CHC>;>?M =IH ?MJ?=C?M >? INL;M F;NCNO>?M ?F HbG?LI
>? ?H>?GCMGIM FIM gH>C=?M >? ?RN?HMCdH S ?RNCH=CdH ?N= 0L;M OH ;GJFCI
?MNO>CI CHNLI>O=NILCI MI<L? F;M =IH>C=CIH?M @gMC=;M A?IFdAC=;M ;G<C?H
N;F?M ;NGIM@jLC=;M S KOgGC=;M >?F L=BCJCjF;AI F; J;LN? JLCH=CJ;F >?F FC<LI
F; =IHMNCNOS? OH =;NlFIAI L;TIH;>I >? JlACH;M KO? ?MNl >CPC>C>I ?H
>IM AL;H>?M M?==CIH?M F; JLCG?L; >?>C=;>; ; F;M JF;HN;M P;M=OF;L?M @;H?
LdA;G;M >C=INCF?>dH?;M @;H?LdA;G;M GIHI=INCF?>dH?;M @;H?LdA;G;M
ACGHIMJ?LG;M S =LCJNdA;G;M S F; M?AOH>; ; F;M JF;HN;M =?FOF;L?M
GOMAIM S B?JlNC=;M 0I>I ?MN? L?J?LNILCI M? IL>?H; ;F@;<jNC=;G?HN? ?H
OH; ?RN?HM; N;<F; KO? >; =O?HN; >? F;M @;GCFC;M AjH?LIM S ?MJ?=C?M
>?M=LCN;M !F PIFOG?H M? =C?LL; =IH OH ;H?RI KO? =IHNC?H? @INIAL;@g;M
>? >CMNCHNIM J;L;D?M >? 0?H?LC@? #L;H ;H;LC; (; ,;FG; S !F $C?LLI F;
G;SILg; >? ?FF;M JLI<;<F?G?HN? NIG;>;M JIL ,CN;L>
OHKO? ?F GCMGI ,CN;L> L?=IHI=? ?H F;M JLCG?L;M JlACH;M >?F FC<LI
KO? BO<C?M? H?=?MCN;>I ;F G?HIM OH ;eI GlM J;L; =IGJF?N;L MO ;G<C
=CIMI JLIAL;G; ?F N?GIL WKO? L?MOFNd FO?AI CH@OH>;>IW ; KO? ?F <INl
HC=I ;F?GlH &IB;HH $?CHLC=B /=B?HE JO<FC=;L; OH; G?GILC; MCGCF;L BCTI
KO? =IH=FOS?L; MO I<L; >? @ILG; OH N;HNI JL?=CJCN;>; Mg JIL ?D?GJFI
J;L; F; J;LN? >?>C=;>; ; F;M JF;HN;M B?JlNC=;M S GOM=gH?;M L?JLI>ODI
gHN?AL;G?HN? ?F ;LNg=OFI KO? OH ;eI ;HN?M B;<g; JO<FC=;>I =IH (IOCM
IL<ChL? S #CIP;HHC *?ALC ?H ?F B992A6; 12 9. &<06YAY <A.;6>B2 12
?.;02 GC?HNL;M KO? F? @;FNd NC?GJI J;L; L?>;=N;L ?F =;JgNOFI L?@?L?HN? ;
FIM FgKO?H?M @ILNOH;>;G?HN? ?H P?Lg; F; FOT MO V IHNLC<ONCIH k
F jNO>? >?M (C=B?HM >?M fF?M ;H;LC?MX @CLG;>; =IH &OFC?H $;LG;H> KO?
B; MC>I =IHMC>?L;>; OH; >? F;M GlM =IGJF?N;M ;JILN;=CIH?M ;F ?MNO>CI
>? ?MN? NCJI >? JF;HN;M
,?M? ; F;M >?@C=C?H=C;M >?LCP;>;M >? F;M JLCM;M J;L?=? CH>O>;<F? KO? F;
9<?2 12 9 ?056=29 MOJOMI ?H MO GIG?HNI OH; G?NC=OFIM; L?HIP;=CdH
F;L; OL?FF S &IMj ) +FCP?L 277

(;M M;<CH;M >? (; ?B?M; ?H !F $C?LLI

>?F CHP?HN;LCI >? F; @FIL; =;H;LC; ;F =;N;FIA;L ?MJ?=C?M >? F;M KO?
M? M?e;F;LIH =IGI HO?P;M ,IL INL; J;LN? MO P;FC>?T MCAO? MC?H>I
CHH?A;<F? JO?M M? B; L?P?F;>I =IGI OH; ?R=?F?HN? AOg; ; F; KO? =IHNC
Hb;H ;=O>C?H>I FIM ?MNO>CIMIM >? F; P?A?N;=CdH ;NFlHNC=;
*I KO?L?GIM =IH=FOCL ?MN;M JlACH;M MCH >?>C=;L OHIM JlLL;@IM ; INL;
>? MOM I<L;M OH J?KO?eI S =OLCIMI N?RNI KO? B; J;M;>I >?M;J?L=C<C>I
?HNL? FIM ?MJ?=C;FCMN;M >? FIM ?MNO>CIM =;H;LCIM /? NL;N; >? &B? 9 A9.;A612
OH IJbM=OFI >? >C?=CMjCM JlACH;M KO? L?=IA? OH; =IH@?L?H=C; KO? ?F <INl
HC=I @L;H=jM CGJ;LNCd ?H F; @;=OFN;> >? )?>C=CH; S ";LG;=C; >? 0IOLM ?F
>? >C=C?G<L? >? ?M >?=CL JI=;M M?G;H;M ;HN?M >? ?GJL?H>?L MO
M?AOH>I PC;D? ;F L=BCJCjF;AI
!H ?MN? >CM=OLMI ?F JLI@?MIL ,CN;L> M?e;F;<; KO? OHI >? FIM JLI<F?G;M
GlM ;J;MCIH;HN?M KO? M? B;<g; JLIJO?MNI ?MNO>C;L =O;H>I JIL JLCG?L; P?T
278 &IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44

M? JF;HN?d PCMCN;L F;M %MF;M ?L; F; =IHNLIP?LNC>; =O?MNCdH >? F; ?RCMN?H=C; >? F;
F?A?H>;LC; NFlHNC>; ; F; KO? M?AbH jF S NL;M FIM CHN?HNIM @;FFC>IM >? INL;M
>CM=CJFCH;M A?IAL;@g; BCMNILC; TIIFIAg; FCHAagMNC=; I=?;HIAL;@g; S
A?IFIAg; MdFI F;M =C?H=C;M H;NOL;F?M S ?H J;LNC=OF;L F; <INlHC=; JI>g;H
>;L MIFO=CdH ? ?M? GI>I >?@?H>Cd ;HN? MO ;O>CNILCI KO? AL;=C;M ; F;M
CHP?MNCA;=CIH?M ?@?=NO;>;M ?H ?F NL;HM=OLMI >? MO ?MN;H=C; M? B;FF;<; ?H
>CMJIMC=CdH >? ;@CLG;L KO? ?M;M CMF;M =IHMNCNOg;H MCH HCHAbH AjH?LI >?
>O>; FIM P?MNCACIM >? ;KO?F >?M;J;L?=C>I =IHNCH?HN?

(; NFlHNC>; M? B;FF; ;=NO;FG?HN? L?JL?M?HN;>; JIL OHIM =O;HNIM LIKO?M


>CMJ?LMIM ?H ?F M?HI >? F;M ;AO;M 7>?F +=j;HI8 S FIM ;NF;HN?M JIL OHIM
=O;HNIM J;MNIL?M KO? B;H J?L>C>I B;MN; ?F L?=O?L>I >? MO J;M;>; AFILC;
J?LI ; KOC?H?M F; @ILNOH; F?M B; J?LGCNC>I =IHM?LP;L ?F GlM CH;JL?=C;<F?
>? FIM N?MILIM >;>IM ; FIM BIG<L?M UF; FC<?LN;>

!F H;NOL;FCMN; <;M;<; MO N?ILg; ?H F;M ?MNL?=B;M MCGCFCNO>?M KO?


JL?M?HN;<; <O?H; J;LN? >? F; @FIL; ?H>jGC=; =;H;LC; =IH F; >? INL;M
L?ACIH?M >? +LC?HN? w@LC=; >?F /OL S MI<L? NI>I >?F )?>CN?LLlH?I
,?LI ;>?GlM M? GIMNL;<; J?LMO;>C>I >? KO? ?F B;FF;TAI >? OHIM
@dMCF?M ?H F;M J;L?>?M >?F ;LL;H=I /?=I >? #L;H ;H;LC; =IHMNCNOg; JIL
MO ;HNCAa?>;> VUF; N;H ;HMC;>; JLO?<; >? F; ?RCMN?H=C; S; CH>CM=ONC<F?
>? ?MN; G;L;PCFFIM; NFlHNC>; X /O M?AOH>I PC;D? ; F;M %MF;M @ILN;F?=?Lg;
;bH GlM MC =;<? MO =IHPC==CdH B;MN; ?F JOHNI >? FF?P;LFI ; L?JLI>O=CL
MO ;LAOG?HN;=CdH S <O?H; J;LN? >?F N?RNI >? ?MN; =IH@?L?H=C; ?H F;M
>IM ?RN?HM;M GIHIAL;@g;M KO? L?=IA?H MO ?RJ?LC?H=C; =;H;LC; ; F;M KO?
S; B?GIM ;FO>C>I
!H ?MN? <L?P? J?LI CHN?HMI N?RNI MOM MdFC>;M ?RJFC=;=CIH?M =C?HNg@C=;M
M? P?H ; G?HO>I ?HNL?P?L;>;M >? GO?MNL;M >? OH ;J;MCIH;>I ?HNOMC;MGI
KO? >?MP?F; MOM =O;FC>;>?M FCN?L;LC;M >? F;M KO? N;G<CjH B;Lg; A;F; ?H MOM
I<L;M JIMN?LCIL?M 2;FA; =IGI ?D?GJFI ?F MCAOC?HN? @L;AG?HNI ?H ?F KO?
FgLC=;G?HN? >?M=LC<? ?F N;H =?F?<L;>I P;FF? >? (; +LIN;P;

?M>? MO OG<L;F F; GCL;>; ;<;L=; NI>I ?F P;FF? >? (; +LIN;P; U?F GlM
B?LGIMI >? F; 0C?LL; F; CTKOC?L>; ?F AL;H>CIMI 0?C>? ;FT; >?MFOG
F;L; OL?FF S &IMj ) +FCP?L 279

);HNI >? HO<?M ?H F; OG<L? *O?P; (; ,;FG;

<L;HN? ?H G?>CI >? FIM =C?FIM MO H?P;>; =OG<L? .gIM >? ;@CF;>; F;P; M?
JL?=CJCN;H ;LLID;>IM CGJ?NOIM;G?HN? >?M>? ?F =LlN?L S M? @L;AO;H ?H
(;M ;e;>;M ?H @ILG;M @;HNlMNC=;M )lM ;FFl ?H F;M ?GJCH;>;M F;>?L;M M?
?M=;FIH;H >?HMIM <IMKO?M >? F;OL?F?M S ; FIM JC?M >?F ACA;HN? F;M JF;N;
H?L;M S FIM ;FNCPIM J?H;=BIM >? J;FG?L;M =?HN?H;LC;M =CG<L?;H <;DI F;
<LCM; !H F; =IMN; ILF;>; >? HOG?LIMIM JLIGIHNILCIM ?F ,O?LNI >? F;
LOT CHOH>;>I >? FOT FO?AI >C@OGCH;>IM JIL OH; CGJL?=CM; F?D;Hg; (IM
.?;F?DIM /;H &O;H FIM >IM %=I> J?L>C>IM ?H F; <F;H=OL; >? F;M D;L;M ,IL
@CH ; F; >?L?=B; ?F P?FI ;TOF;>I >?F G;L KO? J;L?=? OHCLM? ;F CH@CHCNI ;eCF
>?F =C?FI JIL G?>CI >? HI M? M;<? KOj GCMN?LCIM; =IMNOL;

,;L; =IH=FOCL ?MN; <L?P? M?G<F;HT; KO?L?GIM B;=?LHIM ?=I >? OH


L;MAI KO? M?AbH KOC?H?M FI =IHI=C?LIH S NL;N;LIH G;L=d F; J?LMIH;FC>;>
>? &IM?JB ,CN;L> S >?Dd BO?FF; ?H MO I<L; =;H;LC; MO A?H?LIM; >CMJIMC=CdH
280 &IM?JB ,CN;L> OH ?MNO>CIMI >? F; <INlHC=; =;H;LC; ?H FIM ;F<IL?M >?F MCAFI 44

(;M ;e;>;M S ?F ,C=I 0?C>?

J;L; =IGJ;LNCL MOM B;FF;TAIM 1H; JLO?<; >? ?FFI L?MC>? ?H KO? N;HNI ?H MO
JLCG?L; ?MN;H=C; =IGI ?H F; M?AOH>; M? JL?I=OJd JIL L?=IF?=N;L S ?HPC;L GlM >?
GO?MNL;M >? JF;HN;M ; P;LCIM <INlHC=IM S ; >CMNCHNIM GOM?IM I D;L>CH?M >?
!OLIJ; ,;LgM #jHIP; #CH?<L; O>;J?MN #LIHCHA; S (?S>?H >? w@LC=; CO>;>
>?F ;<I >? GjLC=; /;CHN (IOCM ?H )CMMIOLC S >? OMNL;FC; /C>H?S NI>I ?FFI
=IH ?F @CH >? =IHNLC<OCL ; ;GJFC;L ?F =IHI=CGC?HNI >? F; @FIL; =;H;LC; S =IH ?F lHCGI
>? KO? MOM =IF?A;M =IGJF?N;L;H I GI>C@C=;L;H F;M ?NCKO?N;M KO? F;M ;=IGJ;e;<;H
+NLI >?N;FF? CFOMNL;NCPI ?M ?F B;<?L ?F?AC>I ?F ;J?FFC>I >? MO ;GCAI S =IGJ;e?LI >?
PC;D? (IOCM ,LIOMN J;L; >?HIGCH;L ?F ?H>?GCMGI =IHI=C>I =IGI VAOTGlHX I
VF?=BOAOCFF;X '<9=6@ =?<B@A66 S KO? jF L?=IACd ?H FIM .CM=IM >? /;<CHIM;
F;L; OL?FF S &IMj ) +FCP?L 281

.%-1!0 & S "L;H`ICM 2%((%!. V B;LF?M &IM?JB ,CN;L>


*INC=? <CIAL;JBCKO? ,Lj=j>j? > OH BIGG;A? k F; GjGICL? >? &
,CN;L> J;L .;IOF )?L=C?LX .;1<992 %2

$ *!( 0%//! 1 !/ !/ +0 %/ &IM?NN? V FAOHIM >;NIM ;=?L=; >? F; I<L;


>? (IOCM ,LIOMN S B;LF?M &IM?JB ,CN;L> CHNCNOF;>; .@ @9.@ .;.?6.@X ?H
0A.@ 129 ) <9<>B6< 12 6@A<?6. .;.?6< :2?60.;. (;M ,;FG;M
>? #L;H ;H;LC; ;<CF>I %HMOF;L >? #L;H ;H;LC; ? %HMNCNONI >?
IIJ?L;=CdH %<?LI;G?LC=;H; N %%

+(%2!. ". ! &IMj ) V*O?PIM >;NIM MI<L? F; L?F;=CdH >? &IM?JB ,CN;L>
S (IOCM ,LIOMN =IH ;H;LC;MX %2C6@A. 12 69<9<4V. 12 9. (;6C2?@61.1 12 .
.4B;.

,%0 . &IM?JB &B? 9 A9.;A612 0IOLM %GJLCG?LC? 0IOL;HA?FF?

,%0 . &IM?JB S (IOCM ,.+1/0 M ; 7 8 2@ ^92@ .;.?62@ 9<?2 12 9 ?056=29


,;LgM ,;OF 'FCH=EMC?=E

,.+1/0 (IOCM S &IM?JB ,%0 . M ; 7 8 2@ ^92@ .;.?62@ 2@0?6=A6<; 12


9 ?056=29 ,;LgM ,;OF 'FCH=EMC?=E

,.+1/0 (IOCM S &IM?JB ,%0 . .@ @9.@ .;.?6.@ 2@0?6=06S; 12


'2;2?632 !MNO>CI CHNLI>O=NILCI NL;>O==CdH S HIN;M >? &IMj ) +FCP?L "L;>?
/;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;
283

* 27=.520.7,2* -. 58< <2628< A .5 >.;=8 -. 5* ;>B

5+.;=8 !.5*7,28 .7K7-.B

OL;HN? >j=;>;M FIM FC<LIM >? JMC=IFIAg; B;H =CN;>I =IGI OHI >? FIM BCNIM
@OH>;G?HN;F?M >? MO BCMNILC; FIM ?RJ?LCG?HNIM KO? M? L?;FCT;LIH ?H
0?H?LC@? ?HNL? S MI<L? F; CHN?FCA?H=C; >? FIM =BCGJ;H=jM JIL ?F
CHP?MNCA;>IL ;F?GlH 3IF@A;HA 'cBF?L !MNIM NL;<;DIM KO? L?PIFO=CIH;LIH F;
JMC=IFIAg; ;HCG;F ;JILN;H>I >;NIM MI<L? =IGJILN;GC?HNIM CHN?FCA?HN?M ?H FIM
MCGCIM MIH =IHMC>?L;>IM BIS ?H >g; =FlMC=IM ?H FIM ?MNO>CIM >? JLCG;NIFIAg; S
?NIFIAg; S MCLPC?LIH CAO;FG?HN? >? @OH>;G?HNI ; F; JIL ?HNIH=?M HO?P;
=ILLC?HN? >? F; JMC=IFIAg; >? F; 2@A.9A JMC=IFIAg; >? F; @ILG; I >? F; =IH@CAOL;
=CdH OH; >? F;M ?M=O?F;M GlM CGJILN;HN?M >?F MCAFI 44 ?H ?MN? =;GJI =C?HNg@C=I
(IM CH@ILG?M S FC<LIM KO? M? L?>;=N;LIH ?H ?F ,O?LNI >? F; LOT S (; +LIN;P; S
KO? B;H N?HC>I >?M>? ?HNIH=?M OH; ?HILG? CH@FO?H=C; MIH OH BCNI ?H F; BCMNILC;
>? F; JMC=IFIAg; ?RJ?LCG?HN;F
(; !MN;=CdH >? HNLIJIC>?M >? 0?H?LC@? =IGI M? F; >?HIGCHd @O? OH; CHC=C;
NCP; >? F; =;>?GC; ,LOMC;H; >? C?H=C;M >? ?LFgH S ?H J;LNC=OF;L >?F Gj>C=I S
H?OLI@CMCdFIAI );R .INBG;HH !F JLIS?=NI =C?HNg@C=I @O? MOJ?LPCM;>I S MO@L;
A;>I JIL F; "OH>;=CdH F<?LN /;GMIH /NC@NOHA ;>?GlM >? JIL F;M "OH>;=CIH?M
/?F?HE; S ,F;ON S ?H =IH=L?NI JIL ?F ;H;NIGCMN; 3CFB?FG 3;F>?S?L S JIL ?F
>CL?=NIL >?F %HMNCNONI >? ,MC=IFIAg; >? F; 1HCP?LMC>;> >? ?LFgH ;LF /NOGJ@
!F KO? M?Lg; ?F JLCG?L =?HNLI JLCG;NIFdAC=I >?F GOH>I @O? OH; JLIJO?MN; >?F
H?OLI@CMCdFIAI S JLI@?MIL >? F; !M=O?F; >? )?>C=CH; HCG;F >? F; 1HCP?LMC>;> >?
?LFgH );R .INBG;HH KOC?H JL?M?HNd ?H OH; JIH?H=C; JO<FC=;>; ?M?
GCMGI ;eI VMI<L? ?F ?MN;<F?=CGC?HNI >? OH; ?MN;=CdH J;L; CHP?MNCA;=CIH?M
JMC=IFdAC=;M S @CMCIFdAC=;M =?L?<L;F?M >? ;HNLIJIC>?MX >IH>? DOMNC@C=;<; JIL
GINCPIM N?dLC=IM S JLl=NC=IM ?MN;M CHP?MNCA;=CIH?M ?MJOjM >? @OH>;G?HN;L ?F
J;L?HN?M=I ?PIFONCPI >? FIM MCGCIM ;HNLIJIGIL@IM =IH FIM M?L?M BOG;HIM ?H FIM
284 (; CHN?FCA?H=C; >? FIM MCGCIM S ?F ,O?LNI >? F; LOT

@dMCF?M >? BIGgHC>IM ?H FIM ;HlFCMCM


=IGJ;L;NCPIM >? F; M;HAL? S ?H F; MCGC
FCNO> >? F; ?MNLO=NOL; G;=LIM=dJC=; S
GC=LIM=dJC=; >?F =?L?<LI >? ;G<IM M?
JL?AOHN;<; VZ-Oj M? B; B?=BI J;L;
KO? FIM ;HNLIJIC>?M PCPIM M?;H bNCF?M
?H HO?MNL;M CHP?MNCA;=CIH?M MI<L? F;
?PIFO=CdH >? F;M @OH=CIH?M =?L?<L;F?M
BOG;H;M S FIM JLCG?LIM =IGC?HTIM >?
F; JMCKOCM BOG;H; X
/? KO?D;<; .INBG;HH ?H MO ;LNg
=OFI >? KO? FIM ?MNO>CIM MI<L? F;M
=;L;=N?LgMNC=;M JMgKOC=;M >? FIM ;HNLI
JIC>?M MIH GOS >?@C=C?HN?M <;MlH
>IM? ?H CH@ILG?M >? GCFCN;L?M I ;P?H
NOL?LIM I <C?H >? ;HCG;F?M =IH@CH;>IM
3IF@A;HA 'cBF?L
?H D;L>CH?M TIIFdAC=IM S MdFI I=;MCI
H;FG?HN? M? ;JIS;<;H ?H NL;<;DIM
G?Nd>C=IM 5 ;OHKO? F; @CMCIFIAg; =?L?<L;F ?H ;HNLIJIC>?M ?MN;<; GlM
;>?F;HN;>; JIL ?HNIH=?M =L?g; ?MN? KO? M?Lg; >? AL;H CHN?LjM >?M>? ?F JOHNI >?
PCMN; >? F;M J;NIFIAg;M BOG;H;M B;=?L ?MNO>CIM MI<L? F; ;@;MC; S ;JL;RC; ?H FIM
MCGCIM S ?H A?H?L;F ?MNO>CIM ;=?L=; >?F F?HAO;D? S MO FI=;FCT;=CdH =?L?<L;F
? ;Bg F; JLIJO?MN; OLA?HN? >? .INBG;HH >? ?MN;<F?=?L OH =?HNLI J;L; F;
?RJ?LCG?HN;=CdH =IH MCGCIM ;HNLIJIGIL@IM ?H F; );=;LIH?MC; S ?H =IH=L?NI ?H
?F L=BCJCjF;AI ;H;LCI KO? J?LGCNC?L; ; FIM CHP?MNCA;>IL?M ?OLIJ?IM OH NL;M
F;>I @l=CF ;F GCMGI NC?GJI KO? I@L?=C?M? <O?H;M =IH>C=CIH?M >? ?MN;H=C; J;L;
?MNIM S KO? NOPC?L; JIL INL; J;LN? =IH>C=CIH?M =FCGlNC=;M ;>?=O;>;M J;L; FIM
MCGCIM FIM =O;F?M M?Lg;H GlM <;L;NIM >? ;>KOCLCL S NL;MF;>;L KO? ?H !OLIJ;
;>?GlM >? JI>?L N?H?L DOHNIM ; ;HCG;F?M ;@LC=;HIM S ;MClNC=IM J;L; ?MNO>CIM >?
JMC=IFIAg; =IGJ;L;>; V!H F;M %MF;M ;H;LC;M W>C=?W ?M ?M?H=C;FG?HN? (;
+LIN;P; F; KO? J;L?=? CH>C=;>; ?H PCMN; >? MOM =IH>C=CIH?M =FCGlNC=;MX !MN;Lg; ;
M?CM >g;M >? PC;D? >?M>? !OLIJ; S M? JI>Lg;H FF?P;L MCGCIM W=BCGJ;H=jM S AILCF;MW
>?M>? ;G?LbH ?HNIH=?M =IFIHC; ;F?G;H; =IH @;=CFC>;> S >?M>? MC; WIL;HAO
F<?LNI .?F;H=CI )?HjH>?T 285

N;H?MW Pg; 0lHA?L F JLCH=CJCI JLIJIHg; ?F H?OLI@CMCdFIAI ;F?GlH M? L?;FCT;Lg;H


?RJ?LCG?HNIM MI<L? JMC=IFIAg; ;HCG;F S GlM N;L>? N;G<CjH MI<L? @CMCIFIAg; =?L?
<L;F 5 =IH=FOg; .INBG;HH MO ;LNg=OFI =IH ?MN; JL?GIHCNILC; @L;M? V=IH ?F
;P;H=? >? F; =CPCFCT;=CdH FIM ;HNLIJIC>?M M? ;JLIRCG;H ; F; ?RNCH=CdH !M JIMC<F?
KO? S; >?HNLI >? =C?H ;eIM ; FIM BIG<L?M F?M M?Ll >C@g=CF CG;ACH;LM? KO? OHIM
M?L?M N;H JLdRCGIM ;F BIG<L? =IHPCPC?LIH ;bH =IH HIMINLIMX
.INBG;HH ?GJ?Td ; ILA;HCT;L F; !MN;=CdH >? HNLIJIC>?M >?M>? F; JLCG;
P?L; >? =O;H>I PCMCNd 0?H?LC@? L?OHCjH>IM? S; ?H M?JNC?G<L? I=BI =BCG
J;H=jM KO? M? G;HN?H>Lg;H ?H D;OF;M ?H OHI >? FIM J;NCIM >?F $IN?F );LNClH?T
!L;H NL?M G;=BIM W'IHMOF /OFNlH S #L;H>?W S =O;NLI B?G<L;M W0M=B?AI
0?L=?L; .;H; S BC=;W NL;g>IM M;FPI OHI >?F ;G?LbH OHI GlM GO?LNI
JL?G;NOL;G?HN? HI FF?Ad ; N?H?L HIG<L? /? NL;N;<; >? @ILG;L OH ALOJI >?
;HCG;F?M ?H ?F KO? FIM =BCGJ;H=jM JO>C?L;H >?M;LLIFF;L MOM =;J;=C>;>?M MI=C;F?M
@CH;F?M >? M? =IHNL;Nd ; NI>; JLCM; ;F AL;>O;>I !OA?H 0?O<?L ?RJ?LNI
?H F?HAO;D? S >CM=gJOFI >? 3CFB?FG 3OH>N ?F =L?;>IL >? F; JMC=IFIAg; ?RJ?LC
G?HN;F J;L; >CLCACL F; !MN;=CdH >? HNLIJIC>?M FF?A;H>I ?MN? =IH MO GOD?L ;
0?H?LC@? ?H ?H?LI >? S JIHC?H>I ?H G;L=B; F; !MN;=CdH
!H @?<L?LI 0?O<?L ;FKOCFd OH; =;M; NgJC=; =;H;LC; ?H !F ,O?LNI >? F; LOT ?H
(; IMN; V=IH =O;NLI B;<CN;=CIH?M =I=CH; S D;L>gH S =IH OH N?LL?HI >?
G?NLIM =O;>L;>IM (; =;M; M? ?H=O?HNL; ;F !MN? ; G?>C; BIL; >? =;GCHI >?F
=?HNLI >? F; =CO>;> J?LN?H?=? ;F <;LLCI >? (; ,;T S M? O<C=; ?H GCN;> >? OH;
JF;HN;=CdH >? JFlN;HIM !F =IHNL;NI ?M JIL MC?N? ;eIM J;A;H>I G;L=IM ;F
;eI =IH >?L?=BI ;F ;AO; S ; OM;L ?F N?Fj@IHIX
!H ?M? ?MJ;=CIMI N?LL?LI M? ;=IGI>d >?M>? G;LTI >? ; FIM =BCG
J;H=jM ?H F; FF;G;>; 5B2?A. 12 9<@ :.05.;4<@ L?=CHNI =?LL;>I =IH OH; ;F;G
<L;>; MIMN?HC>; JIL OH JIMN? >? =CH=I G?NLIM >? ;FNI OH =;GJI >? DO?AI I
J;NCI FI MO@C=C?HN?G?HN? ;GJFCI J;L; KO? FIM ;HCG;F?M NOPC?L;H M?HM;=CdH >?
FC<?LN;> =IH P;LCIM =O;LNIM ; OH F;>I KO? B;=g;H F;M P?=?M >? >ILGCNILCIM J;L;
FIM ;HCG;F?M S >IH>? FO?AI M? =IHMNLOCLg; OH J?KO?eI F;<IL;NILCI J;L; L?ACMNL;L
@CFG;L S @INIAL;@C;L ; FIM ;HCG;F?M /? =IHNL;Nd ; OH FOA;L?eI );HO?F #IHTlF?T
S #;L=g; WV);HO?F ?F >? FIM G;=B;HAIMX =IGI M? F? FF?Ad ; =IHI=?LW J;L;
?H=;LA;LM? >? F; ;FCG?HN;=CdH FCGJC?T; S =OC>;>I >? FIM ;HCG;F?M KO? ;OHKO?
?L; ;H;F@;<?NI ?L; OH; J?LMIH; L?MJIHM;<F? S =IH B;<CFC>;> G;HO;F
286 (; CHN?FCA?H=C; >? FIM MCGCIM S ?F ,O?LNI >? F; LOT

0?O<?L L?;FCTd ?MNO>CIM V?RB;OMNCPIM J?LI ;MCMN?GlNC=IM >?F L?J?LNILCI >?


=IH>O=N;M >? FIM =BCGJ;H=jM PI=;FCT;=CIH?M A?MNIM DO?AI MI=C;F DO?AI =IH
I<D?NIM ?RBC<C=CIH?M ?GI=CIH;F?M =IJLI@;AC; OMI >? JC?>L;M ?N= 5 >?>C=;
?MJ?=C;F ;N?H=CdH ; F;M =IH>O=N;M CHN?FCA?HN?M =IGI F; CGCN;=CdH I F; =;J;=C>;>
>? OM;L CHMNLOG?HNIM GIMNL;>; JIL ;FAOHIM ;HCG;F?MX !F CHP?MNCA;>IL ;F?GlH
=IHN;Lg; ;>?GlM =IH F; ;SO>; >? MO GOD?L .IM? S >? F; N?=HIFIAg; >? ?HNIH=?M
OH =LIHdG?NLI OH NI=;>CM=IM OH; =lG;L; >? @INIAL;@g; OH =CH?G;NdAL;@I S OH
@IHdAL;@I >? !>CMIH
!H >C=C?G<L? >? >?MJOjM >? F; >?=CMCdH >? 0?O<?L >? L?AL?M;L ;
F?G;HC; FF?A; ; 0?H?LC@? 3IF@A;HA 'cBF?L =IH MO GOD?L ? BCDIM KOC?H M?Lg; ?F
M?AOH>I S >?@CHCNCPI >CL?=NIL >? F; !MN;=CdH >? HNLIJIC>?M ,LI=?>g; >?F
%HMNCNONI >? ,MC=IFIAg; >? F; 1HCP?LMC>;> >? "L;HE@OLN S ;eIM ;NLlM ?H
B;<g; J;LNC=CJ;>I =IH 'OLN 'I@@E; S );R 3?LNB?CG?L ?H FIM ?RJ?LCG?HNIM
@OH>;=CIH;F?M >? F; ?M=O?F; JMC=IFdAC=; >? F; 2@A.9 =OSIM JL?MOJO?MNIM JMC=IFd
AC=IM CHN?HN;Lg; JIH?L ?H JLl=NC=; ?H F; !MN;=CdH ?M>? KO? M? BCTI =;LAI >?
?MN; ; JLCH=CJCIM >? 'cBF?L =IG?HTd ; L?;FCT;L >? @ILG; MCMN?GlNC=; OH;
M?LC? >? ?RJ?LCG?HNIM MI<L? J?L=?J=CdH ? CHN?FCA?H=C; >? FIM =BCGJ;H=jM KO?
>C?LIH FOA;L ; =O;NLI GIHIAL;@g;M KO? @O?LIH JO<FC=lH>IM? ?H F;M )?GILC;M >?
F; =;>?GC; ,LOMC;H; >? C?H=C;M ?H FIM ;eIM S
.INBG;HH S 0?O<?L S; B;<g;H JO<FC=;>I OH; JLCG?L; GIHIAL;@g; ?H =IH
FIM JLCG?LIM ?MNO>CIM L?;FCT;>IM ?H F; !MN;=CdH
(; N?L=?L; >? ?MN;M GIHIAL;@g;M V,LO?<;M >? CHN?FCA?H=C; ?H FIM =BCG
J;H=jMX KO? M? JO<FC=;Lg; ?H =IGI FC<LI CH>?J?H>C?HN? @O? F; GlM
CGJILN;HN? JO?M ?H ?FF; 'cBF?L >?M=LC<g; GCHO=CIM;G?HN? NI>; OH; M?LC? >?
N;L?;M >? L?MIFO=CdH >? JLI<F?G;M =IH FIM ;HNLIJIC>?M W I<N?H=CdH >? =IGC>;
LI>?;H>I P;FF;M ;JCF;H>I =;D;M >CMJ?LM;M ONCFCT;H>I JjLNCA;M ;<LC?H>I JO?LN;M
;LL;MNLlH>IF; =IH J;FIM ;=IJF;H>I =;e;M >? >C@?L?HN? ALIMIL J;L; ;F=;HT;LF;
<OM=lH>IF; ?H OH ?M=IH>CN? >?MJOjM >? OH NC?GJIW KO? F? FF?P;<; ; =IH=FOCL
KO? VFIM =BCGJ;H=jM ?RBC<?H OH; =IH>O=N; CHN?FCA?HN? >?F GCMGI NCJI KO? F;
KO? =IHI=?GIM ?H ?F BIG<L?X (;M JLCH=CJ;F?M FCGCN;=CIH?M ?H ?MN? =IHN?RNI JIL
J;LN? >? FIM MCGCIM M?AbH 'cBF?L M?Lg;H F; =;L?H=C; >? OH F?HAO;D? ;LNC=OF;>I
=IGI ?H ?F M?L BOG;HI ?F G;L=I N?GJIL;F L?MNLCHAC>I ?H ?F KO? PCP? ?F =BCG
J;H=j S MO FCGCN;>; =;J;=C>;> J;L; JIM??L L?JL?M?HN;=CIH?M G?HN;F?M
F<?LNI .?F;H=CI )?HjH>?T 287

.?MC>?H=C; >? 'cBF?L ?H 0?H?LC@? =IHI=C>; =IGI V(; ;M; G;LCFF;X

!MN; GIHIAL;@g; DOHNI =IH F; KOCHN; S bFNCG; KO? M? ?F;<IL;Lg; ?H 0?H?LC@?


NCNOF;>; V/I<L? F; JMC=IFIAg; >?F =BCGJ;H=jX S JO<FC=;>; ?H P?Lg;H F; FOT
?H CHAFjM ?H S W?H MO ?>C=CdH CHAF?M; S ;G?LC=;H; L?MJ?=NCP;G?HN?W
?H @ILG; >? FC<LI =IH ?F NgNOFI '52 !2;A.96AF <3 =2@ !MN; I<L; M? =IHP?LNCLg; ?H
OH =FlMC=I >? F; JMC=IFIAg; N?HC?H>I OH; ?HILG? CH@FO?H=C; ?H NI>I ?F GOH>I S
>;H>I OH; AL;H @;G; ; MO ;ONIL 'cBF?L N;G<CjH @CFGd OH; J?Fg=OF; MI<L? MOM
?RJ?LCG?HNIM =IH FIM MCGCIM ;F J;L?=?L F; GlM ;HNCAO; KO? M? =IHM?LP; ?H
;H;LC;M ?RBC<C>; L?CN?L;>;G?HN? S KO? >?D;<; =IHMN;H=C; PCMO;F >? MO NL;<;DI
(;M INL;M >IM GIHIAL;@g;M L?;FCT;>;M JIL 'cBF?L ?H ;H;LC;M P?LM;LIH MI<L?
?RJ?LC?H=C;M >? J?L=?J=CdH ?H FIM =BCGJ;H=jM ONCFCT;H>I I=;MCIH;FG?HN? >?
=IHNL;MN? A;FFCH;M OH J?LLI S ; OHI >? MOM BCDIM S ;OHKO? G?HIM =IHI=C>;M
NOPC?LIH >? CAO;F @ILG; AL;H L?J?L=OMCdH ?H JMC=IFIAg; (; JLCG?L; =IHMN;N;<;
288 (; CHN?FCA?H=C; >? FIM MCGCIM S ?F ,O?LNI >? F; LOT

?H FIM JLCG;N?M @?HdG?HIM >? =IHM


N;H=C; >?F N;G;eI I >? J?L=?J=CdH
<CHI=OF;L >? F; JLI@OH>C>;> KO? F;
JMC=IFIAg; NL;>C=CIH;F B;<g; ;NLC<OC>I ;
DOC=CIM CH=IHM=C?HN?M S ?H F; M?AOH>;
M? >?M=LC<g;H V?RJ?LCG?HNIM >? NL;HM
JIMC=CdHX >IH>? ?H =IHNL; >? F;
JMC=IFIAg; ;MI=C;=CIHCMN; CGJ?L;HN?
?HNIH=?M FIM ;HCG;F?M L?MJIH>g;H ;
=IH@CAOL;=CIH?M 2@A.9A2; >? ?MNg
GOFIM S HI ; MCGJF?M ?MNgGOFIM CH>CPC
>O;F?M WJIL ?D?GJFI MC M? F?M ?HM?
e;<; ; FIM ;HCG;F?M ; ?F?ACL ?F =IFIL
VGlM IM=OLIX >? OH; ?M=;F; HI
?F?Ag;H OH =IFIL =IH=L?NI ;CMF;>I
MCHI KO? ;F =;G<C;L FIM =IFIL?M >? F;
1MI >? OH; JjLNCA; S =;D;M >? G;>?L; J;L; ;F=;HT;L ?M=;F; ?F?Ag;H ?F VGlM IM=OLIX >?
OH I<D?NI
FIM JL?M?HN;>IM (; G?NI>IFIAg; ?H
?MNIM ?RJ?LCG?HNIM >? JMC=I@gMC=; S F;M I<M?LP;=CIH?M MI<L? ?F ;JL?H>CT;D?
NOPC?LIH OH; CH@FO?H=C; =IHMC>?L;<F? ?H ?RJ?LCG?HN;>IL?M JIMN?LCIL?M
(IM ;=IHN?=CGC?HNIM BCMNdLC=IM JIL INL; J;LN? NL;M@IH>I >? FIM NL;<;DIM
>?M=LCNIM G;L=;LIH F; ?MN;H=C; >? F; @;GCFC; 'cBF?L ?H F;M %MF;M ;H;LC;M 1HIM
G?M?M >?MJOjM >? KO? ?MN; M? CHMN;F;L; ?H 0?H?LC@? ?H ?F G?M >? ;AIMNI ?MN;FFd
F; ,LCG?L; #O?LL; )OH>C;F S NI>IM FIM JF;H?M >? F; !MN;=CdH >? HNLIJIC>?M M?
NL;MNI=;LIH 'cBF?L B;<g; J?HM;>I ;F;LA;L MO ?MN;H=C; OHIM G?M?M >OL;HN?
=IH F; CHN?H=CdH >? ;=;<;L MOM ?RJ?LCG?HNIM J;L; FO?AI M?L MOMNCNOC>I JIL
OH HO?PI >CL?=NIL J?LI F; AO?LL; CGJC>Cd KO? jF S MO @;GCFC; M;FC?L;H >? ;H;LC;M
N?HC?H>I KO? J?LG;H?=?L ?H ?F L=BCJCjF;AI B;MN; ?F @CH;F >? F; GCMG; >?
B?=BI MdFI M? @O?LIH ?H =O;H>I >?<C>I ;F >?LLOG<? ?=IHdGC=I >?
F?G;HC; M? >?MGIHNd >?@CHCNCP;G?HN? F; !MN;=CdH
(; !MN;=CdH >? HNLIJIC>?M M? B;<g; CHMN;F;>I ?H ?H F; .@. :.?699. S
MOM N?LL?HIM ;>S;=?HN?M J?LI NOPI KO? NL;MF;>;LM? ?H ; INLI ?GJF;T;
GC?HNI !F HO?PI ?H=F;P? ?L; F; @CH=; 9 6=?Y@ ?H (; +LIN;P; KO? JIM?g; OH;
F<?LNI .?F;H=CI )?HjH>?T 289

!F =BCGJ;H=j /OFNlH =IHMNLOS? OH; B?LL;GC?HN;

=;M; =IH D;L>CH?M S KO? =IH?=N;<; =IH ?F =;GCHI Jb<FC=I FF;G;>I !F OL;THI ?F
=O;F OHg; (; +LIN;P; =IH ?F ,O?LNI >? F; LOT 'cBF?L >?M=LC<g; 9 6=?Y@ =IGI
;JLIJC;>I S ?MJ;=CIMI (; ;FNCNO> >? G?NLIM MI<L? ?F HCP?F >?F G;L @;PIL?=g;
M?AbH ?MN? F; M;FO> S ;=NCPC>;> >? FIM ;HCG;F?M S ?F GOLI KO? LI>?;<; ?F
N?LL?HI F?M ;J;LN;<; >? GIF?MNC;M S LOC>IM ,?LI ; FIM JI=IM G?M?M >?F NL;MF;>I M?
JF;HN?d JIL JLCG?L; P?T ?F >?MG;HN?F;GC?HNI >? F; !MN;=CdH S ?F L?AL?MI >?
'cBF?L ; MO J;NLC;
(; AO?LL; ;MCGCMGI CGJC>Cd KO? OH HILN?;G?LC=;HI FF;G;>I .I<?LN
5?LE?M KO? M? B;<g; =;LN?;>I =IH FIM L?MJIHM;<F?M >? F; !MN;=CdH >? 0?H?LC@?
PCHC?L; =IGI CHP?MNCA;>IL ; F; CMF; !HNL? 5?LE?M S 'cBF?L BO<I OH >?M;AL;>;<F?
CH=C>?HN? L?F;=CIH;>I =IH F; JLCILC>;> >? MOM NL;<;DIM /C <C?H ?F JLCG?LI F?
B;<g; JL?MN;>I FC<LIM ;F ;F?GlH S L?P?F;>I F;M J?Fg=OF;M B?=B;M JIL ?MN? JO<FC=d
OH FC<LI ?H NCNOF;>I '52 !2;A.9 632 <3 !<;82F@ .;1 =2@ >IH>? GCHCGC
T;<; F;M =IHNLC<O=CIH?M >? 'cBF?L KO? >CDI >?M=IHI=?L ?H >?N;FF? S ;M?AOL;<;
290 (; CHN?FCA?H=C; >? FIM MCGCIM S ?F ,O?LNI >? F; LOT

KO? MO I<L; ?L; F; JLCG?L; MI<L? ?F


?MNO>CI MCMN?GlNC=I >? ;HNLIJIC>?M S
MOM JLI=?MIM >? 612.06S; =IGI ?MN?
FIM >?HIGCHd /OM ?RJ?LCG?HNIM =IH
GIHIM S OH IL;HAONlH FF;G;>I &OFCOM
?H ?F P?L;HI >? ?H OH TII
J;LNC=OF;L >? OH ;GCAI MOSI ?MN;<;H
=?HNL;>IM @OH>;G?HN;FG?HN? ?H FIM
JLI=?MIM >? ;JL?H>CT;D? MC <C?H ?M
=C?LNI KO? N;G<CjH L?;FCTd ;FAOHIM
MCGCF;L?M ; FIM >? 'cBF?L G?HIM MCMN?
GlNC=IM J?LI =IH L?MOFN;>IM MCGCF;L?M
; FIM >? ?MN?
IGI ?M M;<C>I 5?LE?M =IHM?
AOCd @OH>;L ?H ?H !MN;>IM
!F =BCGJ;H=j =IFI=; S M? MO<? ; OH;M =;D;M J;L; 1HC>IM OH =?HNLI >? ?MNO>CIM JLCG;
;F=;HT;L =IGC>;
NIFdAC=IM ?F JLCG?LI J?LG;H?HN? ?H
?F GOH>I =OSI ;HN?=?>?HN? =F;LI
@O? ?F >? 0?H?LC@? 5?LE?M INILAd OH A?H?LIMI L?=IHI=CGC?HNI ; FIM NL;<;DIM
>? 'cBF?L ?H MOM I<L;M JIMN?LCIL?M $IS ?H >g; F;M >IM CHMNCNO=CIH?M >IGC
H;HN?M ?H ?F =;GJI >?F ?MNO>CI >?F =IGJILN;GC?HNI S >? F; CHN?FCA?H=C; >?
FIM AL;H>?M MCGCIM >?HNLI >?F =IHN?RNI >? F; JMC=IFIAg; =IGJ;L;>; MIH ?F
6C6;4 6;8@ 2;A2? >?F ,2?82@ ".A6<;.9 $?6:.A2 %2@2.?05 2;A2? >? F;
1HCP?LMC>;> >? !GILS NF;HN; >CLCAC>I JIL ?F BIF;H>jM "L;HM >? 3;;F S ?F
*<934.;4 Q592? $?6:.A2 %2@2.?05 2;A2? PCH=OF;>I ;F !.E $9.;08 ;@A6ABA2
3<? C<9BA6<;.?F ;A5?<=<9<4F >? (?CJTCA >CLCAC>I JIL ?F ?MN;>IOHC>?HM?
)C=B;?F 0IG;M?FFI (; B?L?H=C; >? FIM >IM AL;H>?M JCIH?LIM ?H ?MN? =;GJI
?MNl @O?L; >? NI>; >O>;
Z-Oj B; I=OLLC>I JIL INL; J;LN? =IH ?F FOA;L >IH>? M? ?MN;<F?=Cd ?F ,LCG?L
?HNLI ,LCG;NIFdAC=I >?F )OH>I $;S KO? >?=CL MCHN?NCT;H>I ;F GlRCGI KO?
?H M? =IHMNCNOSd ?H 0?H?LC@? F; @<06.06S; *<934.;4 Q592? KO? B;
FF?P;>I ; =;<I >OL;HN? ;eIM OH; CH@CHC>;> >? CHC=C;NCP;M F?A;F?M J;L; CHN?HN;L
JL?M?LP;L F; .@. :.?699. >?F ,O?LNI >? F; LOT KO? ;bH M? =IHM?LP; ;OHKO?
F<?LNI .?F;H=CI )?HjH>?T 291

GOS >?N?LCIL;>; S MOM N?LL?HIM ;>S;=?HN? WFOA;L ?H ?F KO? 'cBF?L L?;FCTd MOM
?RJ?LCG?HNIM =IH FIM MCGCIMW S MO =IHP?LMCdH ?H OH )OM?I >?>C=;>I ; MO @CAOL;
S MOM NL;<;DIM JCIH?LIM ?H JMC=IFIAg; ?MJOjM >? GO=BIM ;P;N;L?M F?A;F?M S >?
OH; =;GJ;e; >? >CPOFA;=CdH >? F; I<L; >?F JMC=dFIAI ;F?GlH W=IH ;LNg=OFIM ?H
JL?HM; FC<LIM S 2 M =OLMIM ?N= W =IHMCAOC?LIH ?H KO? F; .@. :.?699.
@O?L; >?=F;L;>; JIL ?F #I<C?LHI >? F; IGOHC>;> ONdHIG; ;H;LC; 62; 12
;A2?Y@ B9AB?.9 =IH =;N?AILg; >? &6A6< 6@AS?60< CH=FOS?H>I FIM N?LL?HIM >IH>?
M? L?;FCT;LIH F;M JLO?<;M MI<L? ?F =IGJILN;GC?HNI S F; CHN?FCA?H=C; >? FIM =BCG
J;H=jM S >IH>? ?MNIM PCPg;H
/CH ?G<;LAI S ; J?M;L >? ;J;L?=?L =;LN;M ?H F; JL?MNCACIM; L?PCMN; ".AB?2
I =IHN;L =IH ?F ;JISI >? F; GlM CGJILN;HN? ?NdFIA; >? =BCGJ;H=jM >?F
GOH>I &;H? #II>;FF S >? INL;M J?LMIH;FC>;>?M ?MNl JIL P?L KO? ?F F?A;>I
>? 3IF@A;HA 'cBF?L ?H 0?H?LC@? M? =IHPC?LN; ?H OH; I<L; =OFNOL;F N;HAC<F?
WOH !B@2< Q592? I ;FAI MCGCF;LW GlM ;FFl >?F ?M@O?LTI JIL L?=OJ?L;L F;
BCMNILC; >? F; =C?H=C; CHMOF;L >? OH ALOJI >? ?HNOMC;MN;M >? F; BCMNILC; >? F;
JMC=IFIAg; ;HCG;F

$!.*w* !6 &IMj )?F=BIL . .@. :.?699. =?6:2? 02;A?< =?6:.A<9S460< 129


:B;1< /;HN; LOT >? 0?H?LC@? IF?ACI +@C=C;F >? ,MC=dFIAIM >? /;HN; LOT >?
0?H?LC@?
$!.*w* !6 &IMj )?F=BIL V(; @OH>;=CdH >?F JLCG?L =?HNLI JLCG;NIFdAC=I >?F
GOH>IX .A5.?B:
'o$(!. 3IF@A;HA '52 !2;A.96AF <3 =2@ (IH>IH .IONF?>A? ] ?>
'o$(!. 3IF@A;HA E=2?6:2;A<@ @</?2 9. 6;A29642;06. 12 9<@ 056:=.;0Y@
2?LMCdH =;MN?FF;H; ? CHNLI>O==CdH >? &O;H ;LFIM #dG?T );>LC> !>CNILC;F
?<;N?
) /);HO?F S &OMNI $!.*w* !6 <@ :<;<@ 12 '2;2?632 29 =?6:2? 9./<?.A<?6<
=?6:.A<9S460< /;HN; LOT >? 0?H?LC@? !>C=CIH?M %>?;
.?F;=CdH >? ;ONIL?M
294 .?F;=CdH >? ;ONIL?M

"N $ # "# ! !M $ )
I=NIL ?H "CFIFIAg; FlMC=; S FC=?H=C;>I ?H "CFIFIAg; $CMJlHC=; S ?H ?L?=BI
,LI@?MIL 0CNOF;L >? "CFIFIAg; #LC?A; >? F; 1HCP?LMC>;> >? (; (;AOH; S ,LI@?MIL
2CMCN;HN? >? 0L;>O==CdH &OLg>C=; ?H F; 1HCP?LMC>;> >? (?CJTCA ONIL >? P;LC;M
NL;>O==CIH?M S ?MNO>CIM MI<L? PC;D?LIM ;F?G;H?M >?F MCAFI 4%4 L?F;=CIH;>IM =IH
;H;LC;M

! " "#
I=NIL ?H "CFIFIAg; ,LI@?MIL 0CNOF;L >? "CFIFIAg; %HAF?M; >? F; 1HCP?LMC>;> >? (;
(;AOH; >IH>? >CLCA? F; lN?>L; OFNOL;F V F?R;H>?L PIH $OG<IF>NX ONIL
>? P;LCIM FC<LIM S NL;>O==CIH?M ;Mg =IGI >? OH <O?H HbG?LI >? ;LNg=OFIM MI<L?
F; FCN?L;NOL; >? PC;D?M CHAF?M; L?F;=CIH;>; =IH ?F L=BCJCjF;AI ;H;LCI

N "#! ! "
I=NIL; ?H "CFIFIAg; ;N?>LlNC=; >? (CN?L;NOL; !MJ;eIF; >? F; 1HCP?LMC>;> >? (;
(;AOH; !MJ?=C;FCMN; ?H FCN?L;NOL; BCMJ;HI;G?LC=;H; G;N?LC; MI<L? F; KO? B;
JO<FC=;>I HOG?LIMIM FC<LIM S ;LNg=OFIM .?=C?HN?G?HN? B; >CLCAC>I ?F JLIS?=NI
>? CHP?MNCA;=CdH V$O?FF;M >? F?R;H>?L PIH $OG<IF>N ?H F; L?JL?M?HN;=CdH
?MNjNC=; >? F; H;NOL;F?T; S >? F;M =OFNOL;M ;H;LC;M ? %<?LI;GjLC=; MCAFIM 4%4 S
44 X KO? B; @CH;H=C;>I ?F ,F;H *;=CIH;F >? % =IH ?F "! !. S ?H ?F KO? M?
?HG;L=; MO =IHNLC<O=CdH ?H ?MN; I<L;

! $!
I=NIL; ?H "CFIFIAg; S FC=?H=C;>; ?H ?L?=BI ,LI@?MIL; >? "CFIFIAg; "L;H=?M; >?
F; 1HCP?LMC>;> >? (; (;AOH; S GC?G<LI >?F ALOJI >? CHP?MNCA;=CdH ?.; .;
.?F;=CIH?M CHN?L=OFNOL;F?M @L;H=I=;H;LC;M MCGCMGI J;LNC=CJ; ?H ?F 0;FF?L >?
0L;>O==CdH (CN?L;LC; >? F; =CN;>; OHCP?LMC>;> $; JO<FC=;>I OH <O?H HbG?LI >?
NL;>O==CIH?M FC<LIM S ;LNg=OFIM MI<L? F?HAO; S FCN?L;NOL; @L;H=?M;M

! "#N% )
I=NIL ?H "CFIMI@g; S ;HNLIJdFIAI ,LI@?MIL 0CNOF;L >? HNLIJIFIAg; OFNOL;F >?
F; 1HCP?LMC>;> >? (; (;AOH; /OM =;GJIM >? CHP?MNCA;=CdH MIH F; BCMNILC; S F;M
N?ILg;M ;HNLIJIFdAC=;M C>?HNC>;>?M NOLCMGI S J;NLCGIHCI =OFNOL;F S ;HNLIJI
FIAg; >?F =O?LJI S F; ;FCG?HN;=CdH G;N?LC;M MI<L? F;M KO? B; JO<FC=;>I P;LCIM
FC<LIM S OH <O?H HbG?LI >? ;LNg=OFIM ,IM?? OH; >CF;N;>; ?RJ?LC?H=C; ?H
GOM?IM S B; MC>I =IGCM;LCI >? >CP?LM;M ?RJIMC=CIH?M !H F; ;=NO;FC>;> >CLCA? OH
JLIS?=NI >? >CACN;FCT;=CdH S ;JFC=;=CdH >? G?N;>;NIM ; L?ACMNLIM >?F J;NLCGIHCI
=OFNOL;F >? ;H;LC;M
.?F;=CdH >? ;ONIL?M 295

! "# " % " !$ )


(C=?H=C;>; ?H C?H=C;M "gMC=;M 0L;<;Dd J;L; F; "OH>;=CdH ;H;LC; +LIN;P; >?
$CMNILC; >? F; C?H=C; ?H ?F $?<F20A< B:/<91A S ?H FIM CHC=CIM >?F $?<F20A<
646A.9 12 <0B:2;A.06S; 62;A6360. =NO;FG?HN? >?M;LLIFF; N;L?;M L?F;=CI
H;>;M =IH F; >C>l=NC=; >? F; MNLIHIGg; ?H ?F %HMNCNONI >? MNLI@gMC=; >?
;H;LC;M

! "# $! !#
I=NIL; ?H "CFIFIAg; ,LI@?MIL; >? "CFIFIAg; "L;H=?M; >? F; 1HCP?LMC>;> >? (;
(;AOH; S GC?G<LI >?F ALOJI >? CHP?MNCA;=CdH ?.; .; .?F;=CIH?M CHN?L=OFNO
L;F?M @L;H=I=;H;LC;M ,;LNC=CJ; CAO;FG?HN? ?H ?F 0;FF?L >? 0L;>O==CdH (CN?L;LC;
>? F; =CN;>; OHCP?LMC>;> !M ;ONIL; >? OH <O?H HbG?LI >? NL;>O==CIH?M FC<LIM S
;LNg=OFIM MI<L? F; FCN?L;NOL; @L;H=?M; >? PC;D?M

%M # ! ! M #
)j>C=I >DOHNI >?F ?J;LN;G?HNI >? ,?>C;NLg; >?F $IMJCN;F *O?MNL; /?eIL; >?
(; ;H>?F;LC; 0?H?LC@? S JL?MC>?HN? >? F; M?==CdH NCH?L@?e; >? F; /I=C?>;>
;H;LC; >? ,?>C;NLg; IGI CHP?MNCA;>IL ?H $CMNILC; >? F; )?>C=CH; =;H;LC; B;
L?;FCT;>I OH; HIN;<F? F;<IL KO? M? B; G;N?LC;FCT;>I ?H >CP?LM;M JO<FC=;=CIH?M
=C?HNg@C=;M S >? >CPOFA;=CdH

$ ! $# N!! )
(C=?H=C;>I ?H "CFIFIAg; #?LGlHC=; ,LI@?MIL AL?A;>I >? F?GlH >? !HM?
e;HT;M )?>C;M =NO;FG?HN? =OLM; ?MNO>CIM >? >I=NIL;>I ?H F; 1HCP?LMC>;> >?
(; (;AOH; ? CHP?MNCA; MI<L? PC;D?LIM >? F?HAO; ;F?G;H; ?H ;H;LC;M

$"# ! O )
I=NIL ?H )?>C=CH; S CLOAg; ,LI@?MIL >? $CMNILC; >? F; )?>C=CH; >? F;
1HCP?LMC>;> >? (; (;AOH; !H F; ;=NO;FC>;> JL?MC>? F; /I=C?>;> ;H;LC; >?
$CMNILC; >? F; )?>C=CH; /OM JLCH=CJ;F?M FgH?;M >? CHP?MNCA;=CdH ACL;H ?H NILHI ;
F; G?>C=CH; >?F .?H;=CGC?HNI S ; F; G?>C=CH; =;H;LC;

"N # " "


$; MC>I ;N?>LlNC=I >? );N?GlNC=;M >? !HM?e;HT;M )?>C;M S JLI@?MIL ?H F;M
OHCP?LMC>;>?M >? (; (;AOH; S >? );>LC> ,LIGINIL >? F; "OH>;=CdH ;H;LC;
+LINIP; >? $CMNILC; >? F; C?H=C; >? F; KO? B; MC>I >CL?=NIL >OL;HN? I=BI ;eIM
S =IH F; KO? MCAO? PCH=OF;>I !M ;ONIL >? >CP?LM;M JO<FC=;=CIH?M MI<L?
);N?GlNC=;M ? $CMNILC; >? F; C?H=C; G;N?LC;M MI<L? F;M KO? B; ILA;HCT;>I
296 .?F;=CdH >? ;ONIL?M

P;LCIM =OLMIM S MCGJIMCIM CHN?LH;=CIH;F?M

"N % !
I=NIL ?H "CFIFIAg; ,LI@?MIL 0CNOF;L >? "CFIFIAg; "L;H=?M; >? F; 1HCP?LMC>;> >?
(; (;AOH; IIL>CH;>IL >?F ALOJI >? CHP?MNCA;=CdH ?.; .; .?F;=CIH?M CHN?L
=OFNOL;F?M @L;H=I=;H;LC;M S L?MJIHM;<F? >? P;LCIM JLIS?=NIM >? CHP?MNCA;=CdH
MI<L? ?MN? N?G; KO? B; @CH;H=C;>I ?F ,F;H *;=CIH;F >? % =IH ?F "! !.
MCGCMGI ?M ;ONIL >? OH <O?H HbG?LI >? JO<FC=;=CIH?M MI<L? F?HAO; S FCN?L;
NOL; @L;H=?M;M

!#
I=NIL; ?H "CFIFIAg; ;N?>LlNC=; >? "CFIFIAg; "L;H=?M; >? F; 1HCP?LMC>;> >?
(; (;AOH; S GC?G<LI @OH>;>IL >?F %HMNCNONI 1HCP?LMCN;LCI >? !MNO>CIM
)?>C?P;F?M S .?H;=?HNCMN;M >? ?MN; CHMNCNO=CdH 0;G<CjH @ILG; J;LN? >?F
ALOJI >? CHP?MNCA;=CdH ?.; .; $; >CLCAC>I P;LCIM JLIS?=NIM >? CHP?MNCA;
=CdH MI<L? N?G;M >? MO ?MJ?=C;FC>;> F;<IL KO? M? B; L?@F?D;>I ?H GbFNCJF?M
FC<LIM ;LNg=OFIM S INL;M JO<FC=;=CIH?M !H FIM bFNCGIM ;eIM MO N;L?; CHP?MNCA;
>IL; ?MNl =?HNL;>; JLCH=CJ;FG?HN? ?H FIM N?RNIM >? PC;D?LIM @L;H=?M?M ;
;H;LC;M S ?H F;M =LdHC=;M ;NFlHNC=;M

( !.0+ .!( * %+ )!*u* !6


,LI@?MIL AL?A;>I >? "CFIMI@g; ?H ?F % ! / .?;F?DIM 0?H?LC@? "O? =IIL>CH;>IL
>?F $?<F20A< B:/<91A ?H S ;=NO;FG?HN? ?M =IIL>CH;>IL >?F $?<F20A<
646A.9 12 <0B:2;A.06S; 62;AV360. ?H F; "OH>;=CdH ;H;LC; +LIN;P; >?
$CMNILC; >? F; C?H=C; $; CGJ;LNC>I =IH@?L?H=C;M S ?M=LCNI >CP?LM;M JO<FC=;
=CIH?M MI<L? $CMNILC; >? F; C?H=C; ;Mg =IGI MI<L? PC;D?LIM ?OLIJ?IM ?H
;H;LC;M

"$ ! !M $ )
(C=?H=C;>; ?H "CFIFIAg; $CMJlHC=; ?M>? @ILG; J;LN? >?F $?<F20A<
B:/<91A S ;=NO;FG?HN? ?MNl CHN?AL;>; ?H ?F #LOJI CACN;F >? F; "OH>;=CdH
;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; >IH>? M? ?H=;LA; >? N;L?;M L?F;=CI
H;>;M =IH <;M?M >? >;NIM S G;N?LC;F?M >C>l=NC=IM >?HNLI >?F $?<F20A< 646A.9
12 <0B:2;A.06S; 62;AV360.

!$ )
I=NIL; ?H ?FF;M LN?M ?M>? J?LN?H?=? ;F #LOJI >? CACN;FCT;=CdH >? F;
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; L?;FCT;H>I NL;<;DIM >?
.?F;=CdH >? ;ONIL?M 297

>CM?eI ALl@C=I NL;N;GC?HNI >? CGlA?H?M S @INIAL;@g; J;L; ?F $?<F20A<


B:/<91A S ?F $?<F20A< 646A.9 12 <0B:2;A.06S; 62;AV360.
! " # "
I=NIL ?H C?H=C;M CIFdAC=;M S FC=?H=C;>I ?H #?IAL;@g; ? $CMNILC;
=NO;FG?HN? ?M D?@? >? F; 1HC>;> >? INlHC=; >?F %HMNCNONI ;H;LCI >?
%HP?MNCA;=CIH?M AL;LC;M S L?MJIHM;<F? =C?HNg@C=I >?F &;L>gH >? =FCG;N;=CdH >?
(; +LIN;P; $; JO<FC=;>I OH <O?H HbG?LI >? FC<LIM S ;LNg=OFIM MI<L? <INlHC=;
;NFlHNC=;

( ) " # " N! )
(C=?H=C;>; ?H CIFIAg; $; NL;<;D;>I ?H ?F %HMNCNONI );R ,F;H=E >? $CMNILC; >? F;
C?H=C; >? ?LFgH ?H ?F G;L=I >?F $?<F20A< B:/<91A IGI GC?G<LI >? F;
"OH>;=CdH ;H;LC; +LIN;P; >? $CMNILC; >? F; C?H=C; ;=NO;FG?HN? >?M;LLIFF; MO
F;<IL ?H ?F G;L=I >?F $?<F20A< 646A.9 12 <0B:2;A.06S; 62;AV360.

! "" ! # N! )
I=NIL ?H "CFIFIAg; #?LGlHC=; ,LI@?MIL 0CNOF;L >? "CFIFIAg; F?G;H; >? F;
1HCP?LMC>;> >? (;M ,;FG;M >? #L;H ;H;LC; !H F; ;=NO;FC>;> ?M PC=?JL?MC>?HN?
>?F %HMNCNONOG ;H;LCOG >? 2C?H; S J?LN?H?=? ; F; >CL?=NCP; >?F )OM?I ;H;LCI
!M ;ONIL >? P;LC;M NL;>O==CIH?M S ?MNO>CIM MI<L? F; JL?M?H=C; A?LG;H; ?H ?F
L=BCJCjF;AI

Vous aimerez peut-être aussi