16 Ukrainian Folk Tales

' '
C2 A>1V 4V4 B0 1010 V <0;8 A>1V 4>G:C. B> G8 4>23> ?>68;0 1010, G8 =V, B0 9 704C<0;0
2<5@B8. O: C<8@0;0, B> A2>T;>2V:>2V :070;0:
/: O C<@C, G>;>2VG5, 0 B8 1C45H 65=8B8AO, B> 3;O48 =5 15@8 B>W C4>28, I> 1V;O =0A
6825 7 4>G:>N, 1> 2>=0 B>1V 1C45 6V=:>N, 0 =0HV9 48B8=V =5 1C45 <0BV@'N!
>1@5, 2V4:0702 G>;>2V:, =5 1C4C 1@0B8 =5 B> WW, 0 9 =VO:>W, V 65=8B8AO =5 1C4C.
B 70E>202 4V4 101C V ?>E>@>= 2V4?@0282 B0 9 6825 A>1V A0<. B@>E8 73>4>< VH>2 @07
A5;>< B0 9 709H>2 4> BVTW C4>28, I> 6V=:0 =5 25;V;0 WW 1@0B8. "> G>;>2V: A:0702: =5 1C4C
65=8B8AO =V 7 O:>N, 0 B> 9 701C2, I> :0702, V 701V3, ?>10;0:02 V C4>2C 4> A515 ?@>A82.
">4V 24>20 7 25;8:8E @04>IV2 A:070;0:
/ 265 402=> FL>3> 640;0!
B CAN EC4>1C 701@0;0 V 4> 4V40 68B8 7 4>G:>N ?><0=4@C20;0.
B> 682CBL CAV 2:C?V 4V4>20 4>G:0 9 1018=0. C65 1010 =5 ;N18;0 4V4>2>W 4>G:8:
A:070=>, O: <0GCE0, CA5 3@875 3>;>2C, B0 9 4VB8 1>N G0AB> A20@OBLAO =04B> 7;0
1018=0 4>G:0: 728G09=>, O: 72545=OB0, C =8E =V:>;8 ;0A:8 =5<0.
F5, 1C;>, O: ?V4CBL =0 4>A2VB:8, B> 4V4>20 4>G:0 ?@O45, 0 1018=0 7=09 FV;C =VG 3C;OT 7
E;>?FO<8 B0 :@CB8BLAO, V =5 @07 B0: 1C20;>, I>, 30@FNNG8, V <8G:8 ?>?0;8BL. 94CBL
4>4> ?5@5;07C >B> 9 :065 1018=0 4>G:0 4> 4V4>2>W 4>G:8:
09, :065, <5=V ?>G8=:8, A5AB@8F5, O ?>45@6C, ?>:8 B8 ?5@5;V75H.
>1@5, :065, A5AB@8F5, =0!
B ?>:8 4V4>20 4>G:0 ?5@5;078BL, 0 1018=0 4>G:0, 27O2H8 ?>G8=:8, ?>1V68BL 4>4><0B5@V =01@5H5, I> 4V4>20 4>G:0 7 E;>?FO<8 FV;C =VG 3C;O;0 V <8G:8 ?>?0;8;0.
O ?@O;0 V 4>4>A?VH0;0. 0GB5, <0<>G:>, O:0 2>=0 ;540G0!
B 4V4>20 4>G:0 ?@8945 4>4> <0GCE0 9 ?>G=5 V 18B8 V 4V4>2V 28:07C20B8:
"2>O 48B8=0 ;540I> =5 E>G5 @>18B8, 0 B8 =5 E>G5H CG8B8!
)> 265 =5 @>18;0, O: 7 =5W =5 7=CI0;0AL, I> 4V4>2V =5 =03>2>@N20;0, 0 W9 CA5 1094C65:
@>18BL A>1V <>2G:8. C65 1C;> 101V 4>A04=> 7 4>G:>N 4828B8AO =0 =5W, I> 4V4 WW
60;CT, V ?>G0;8 242>E @048B8AO, O: 18 4V4>2C 4>G:C 28BC@8B8 7 4>1 WW =5 1C;>!
B> 9 ?>G0;0 1010 4V4>2V 3@87B8 3>;>2C:
"2>O 48B8=0 ;540I> =5 E>G5 =VG>3> @>18B8, BV;L:8 2A5 3C;OT B0 A?8BL B25@48<
A=><, 0 B8 I5 9 60;CTH, B8 1 ;CGG5, =V6 <02 18 60;C20B8 WW, =09=O2 45-=51C4L, B>, <>65,
I> 9 1C;> 1 7 =5W!
5 O =09 "0: 2548 :C48 E>G5H, 0 I>1 2>=0 4><0 =5 1C;0.
B> O: 4>:CG0;0 1010 A2>W<8 @5G0<8 4V4>2V, 06 4> 6828E ?5GV=>: 4>?5:;0, 1> I>4=O
>4=> B>2:;0: �548 B0 9 3>4V! VG>3> 1C;> @>18B8 4V4>2V: B@510 25AB8, E>G V 60;:>.
B 7V1@0;8AL V ?VH;8, V 709H;8 C 25;8:89 ;VA. B> 4>G:0 4V4>2V 9 :065:
5@=VBLAO, B0BC, 4>4>1V A;C61C.
>1@5, :065 4V4.
>?@>I02AO V 25@=C2AL, 0 4V2G8=0 ?VH;0 A>1V.
B> 945 B0 945 4C65 25;8:8< ;VA><, :>;8 AB>WBL O1;C=L:0, B0:0 70@>I5=0 1C@'O=><, I>
9 =5 284=>, B0 9 :065:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
B 4V4>20 4>G:0 70:>B8;0 @C:028, >1?>;>;0, >1E0=NG8;0 V ?VA>G:>< >1A8?0;0; O1;C=L:0
?>4O:C20;0, 4V2G8=0 ?VH;0 40;V.
B> AE>BV;>AL W9 ?8B8. >=0 709H;0 4> :@8=8FV, 0 :@8=8G:0 W9 3>2>@8BL:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
B 4V2G8=0 >1G8AB8;0, >1E0=NG8;0 V ?VA>G:>< >1A8?0;0; :@8=8G:0 W9 ?>4O:C20;0, 2>=0
?VH;0 40;V.
>;8 1V68BL B0:0 ?>30=0 A>10:0 B0 9 :065:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
B 4V2G8=0 70E>48;0AL, >1G8AB8;0, >1E0=NG8;0. !>10:0 9 A:070;0: �!?0A81V, 4V2>=L:>!
>=0 ?VH;0 40;V.
>;8 AB>WBL ?VG, V B0:0 >1;C?0=0, 0 1V;O =5W 3;8=0 ;568BL. B> 9 :065 ?VG:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1<06 <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
B 4V2G8=0 70;V7;0 C ?VG, >1G8AB8;0, >1<070;0: ?VG W9 ?>4O:C20;0,
4V2G8=0 ?VH;0 40;V.
B> 945 B0 945, 7CAB@VG0T WW 6V=:0 B0 9 :065:
><03091V B>1V, 4V2G8=>!
V2G8=0 2V4:070;0 W9:
>1@5 74>@>2'O!
C48 B8 945H, 4V2G8=>? A?8B0;0AL 6V=:0.
4V2G8=0 9 :065:
4C, BVB>G:>, I>1 45 =09=OB8AO.
09<8AL C <5=5, A:070;0 6V=:0.
>1@5, 2V4:070;0 4V2G8=0, =09 # <5=5, :065 6V=:0, =525;8:5 4V;>, 018 B8 218B8 B5, I> O A:06C.
G>:065B5, ?0=V<0B:>, 0 24@C35 V A0<0
7=0B8B> ?@89H;8 4>4> AL I>, 4V2G8=>: >F5 B>1V :070=8, B> B8 @0=> 9 C25G5@V =03@V9 >:@>?C V 28;89 C :>@8B>,
V 1>@>H5=FO BC48 2A8?, V 701 =5 30@OG5 1C;>, BV;L:8
B5?;5=L:5. B0 =5 1V9AO, I> 1 =5 10G8;0, I> 1 =5 GC;0, AB0=L =0 ?>@>7V, 42VGV A28A=8,
B> 4> B515 ?>7;07OBLAO 304N:8, OIV@:8, 6018 V 2AO:89 72V@, B> B8 =03>4C9 WE, B> 2>=8
?>@>7;07OBLAO, :C48 :>V2G8=0 A:070;0:
>1@5, ?0=V<0B:>, B0: 1C4C @>18B8, O: 28 <5=5 =02G8;8.
B ?>T4=0;8AL. 0@07 C25G5@V 70B>?8;0 ?VG, ?@8AB028;0 >:@>?C, =03@V;0 B@>E8,
?>28;820;0 2 :>@8B> V 1>@>H5=FO BC48 2A8?0;0 9 70@>7V, 42VGV
A28A=C;0, O: ?>G0;8 7;078B8AL 304N:8,
OIV@:8, 6018 V 2AO:89 72V@, B> :>6=5 4> :>@8B0, ?>=0W40;8AL CAV B0 9 ?>@>7;078;8AL.
B0: FV;89 @V: 4V4>20 4>G:0 B0< A;C68;0 V @>18;0 B5, I> W9 E07O9:0 :070;0, 0 O: :V=G82AO
@V:, B> B0 6V=:0 9 :065 4V2G8=V:
AL I>, 4V2G8=>: >F5 265 AL>3>4=V B>1V @V:, O: B8 2 <5=5; :>;8 E>G5H, B> 9 4@C389
1C4L, 0 =5 E>G5H, B> O: E>G5H: B8 <5=V 4>1@5 @>18;0, A?0A81V B>1V, =5E09 B>1V 1>3
?><030T =0 2A5 4>1@5!
V2G8=0 ?>4O:C20;0 E07O9FV 70 E;V1, AV;L V 70 2A5 V A:070;0:
%>GC 4>4>.
%07O9:0 :065 W9:
V48 6 2815@8 O:>3> E>G5H :>=O 9 2>70.
A0<0 =03>B>28;0 W9 ?>2=VAV=L:C A:@8=N 2AO:>3> 4>1@0 V 40;0 W9 V 28?@>2048;0 C ;VA BC
4V2G8=C, B>4V ?>?@>I0;8AO, A0<0 25@=C;0AL 4>4>WE0;0 A>1V, E20;OG8
1>30.
B> W45 4V4>20 4>G:0 ?>27 BC ?VG, I> 2>=0 E8B@C20;0, :>;8 3;O=5 06 ?>2=VAV=L:0 ?VG
?@>A:C@. B ?VG V :065:
V2>=L:>-3>;C1>=L:>, =0 B>1V >FV ?@>A:C@8 70 B5, I> B8 <5=5 ?@81@0;0, A?0A81V
B>1V!
V2G8=0 ?>4O:C20;0, V BV;L:8-=> ?V4'WE0;0, 0 ?@>A:C@8 B0: V ?>@>A=C;8 C 2>78:; ?VG
70A;>=8;0AL, 0 4V2G8=0 ?>WE0;0 40;V.
B> W45 B0 W45, :>;8 4828BLAO 06 1V68BL A>10:0 V =5A5 =0<8AB> 4>1@5, B>2AB5 B0 30@=5,
B0 I5 9 H;VD>20=5. B> BV;L:8-=> ?@81V3;0 4> 2>78:0, B0 9 :065:
0 B>1V, 4V2>=L:>-3>;C1>=L:>, 70 B5, I> B8 <5=V C 25;8:V9 ?@83>4V AB0;0!
V2G8=0 27O;0 9 ?>4O:C20;0, V ?>WE0;0 40;V, @04VNG8.
B W45 V B0: W9 AE>BV;>AO ?8B8, I> 3>A?>48! B ?>4C<0;0: �0W4C 4> BVTW :@8=8G:8, I> O
G8AB8;0, B>, <>65, B0< =0?'NAL. B> 70WE0;0, 4828BLAO 06 ?>2=VAV=L:0 :@8=8G:0
2>48, 06 G5@57 25@E ;;TBLAO, 0 1V;O =5W AB>WBL 7>;>B5 10@8;LF5 9 :CE;8:. :065
:@8=8G:0:
0?89AL V A>1V =015@8 10@8;LF5, B0 9 :CE;8: 2V7L<8! !B0;0 B0 4V2G8=0 ?8B8 06 =5
2>40, 0 28=>, V B0:5 4>1@5, I> 9 7@>4C B0:>3> =5 ?8;0. B =01@0;0 ?>2=VAV=L:5 10@8;LF5
4>4> ?>WE0;0 40;V.
>;8 AB>WBL O1;C=L:0 V B0:0 E>@>H0, I> =5 <>6=0 9 A:070B8: =0 =V9 O1;CG:0 A@V1=V B0
7>;>BV, V @OA=>-@OA=>! B> O1;C=L:0 9 :065:
V2>=L:>-3>;C1>=L:>, =0 B>1V FV O1;CG:0 70 B5, I> B8 <5=5 >1G8AB8;0, >1E0=NG8;0.
V2G8=0 A:070;0: �!?0A81V! B0 ?V4 WE0;0 ?V4 O1;C=L:C, 0 O1;CG:0 B0: V ?>@>A=C;8 C
2>78:.
B> ?@8WE0;0 B0 4V2G8=0 4>4> 4VBL, B0BC, 7018@09B5 EC4>1C!
B 289H>2 4V4 V7 E0B8, 4828BLAO 06 4>G:0 9>3>; 2V= 7@04V2, ?>1V3 4> =5W B0 9 :065:
5 6 B8, 4>G:>, 1C;0?
!;C68;0, B0BC, :065 4>G:0. =>ALB5 4>1@>!
4>1@0 6 B> ?>2=VAV=L:89 2V7, VI5 9 =0<8AB> B>2AB5! !B0;8 7=>A8B8 B> B> 30@=5, 0
B> I5 :@0I5!
B> ?>10G8;0 1010, I> ABV;L:8 4V4>20 4>G:0 =0257;0 CAO:>W 2AOG8=8, V =0?0;0AO =0 4V40:
548 B0 9 2548 V <>N 48B8=C, :C48 A2>N 2>482! B> O: 4>:CG8;0 4V4>2V, I>4=O F5
:06CG8, A:070=>, 7028ABL 101C 27O;0, B> 2V= A:0702:
5E09 C18@0TBLAO, ?>254C.
B> ?>?@>I0;8AL V ?VH;8 4V4 7 1018=>N 4>G:>N. 09H;8 C ;VA, 4V4 V :065:
48 B8, 4>G:>, 0 O 25@=CAL 4>4> >1@5, 2V4:070;0 1018=0 4>G:0.
@>7V9H;8AO: 4V2G8=0 C ;VA ?VH;0, 0 10BL:> 4>4>B> V45 1018=0 4>G:0 25;8:8< ;VA><, :>;8 AB>WBL O1;C=L:0 B0 9 :065:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, B> O B>1V C 25;8:V9 ?@83>4V AB0=C!
V2G8=0 2V4:070;0:
F5 G>@B =5 28402, 1C4C @C:8 :0;OB8. V:>;8 <5=V!
B V45 1018=0 4>G:0 40;V, :>;8 AB>WBL :@8=8G:0, B0:0 70@>I5=0, B0 9 :065:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, B> O B>1V C 25;8:V9 ?@83>4V AB0=C!
F5 ;8E0 3>48=0 @>7=>A8;0 20A 7 A2>W< G8ABV==O@5=L:>,
A:070;0 B0 4V2G8=0 B0 9 ?VH;0 40;V.
B> V45 ?>27 BC ?VG, 0 ?VG V :065:
V2>=L:>-3>;C1>=L:>, >1<06 <5=5, >1E0=NG <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
"0 =5E09 B515 ;8E0 3>48=0 <065, =5 O 1C4C <070B8AO! A:070;0 1018=0 4>G:0, 4C65
@>7A5@48;0AL V ?VH;0 40;V.
>;8 1V68BL A>10:0 B0:0 ?>30=0, I> 384:> 9 3;O=CB8, B0:
V2>=L:>-3>;C1>=L:>, >1G8ABL <5=5, >1E0=NG <5=5, O B>1V C 25;8:V9 ?@83>4V AB0=C!
V2G8=0 ?>3;O=C;0 B0 9 :065:
F5, 1VAV2 10BL:> B515 =5 28402, B0:0 ?>30=0, 0 I>1 O :>;> B515 @C:8 :0;O;0... I>1
B8 =5 4V640;0! V ?VH;0 1018=0 4>G:0 40;V, ;0NG8.
B> 7CAB@VG0T WW B0 A0<0 6V=:0, I> 4V4>20 4>G:0 C =5W A;C68;0, B0 9 :065:
4>@>20 1C;0, 4V2G8=>!
V2G8=0 2V4:070;0:
>1@5 74>@>2'O, BVB>G:>!
C48 B8 945H? A?8B0;0 6V=:0.
1018=0 4>G:0 9 :065:
"0 94C, BVB>G:>, I>1 45 =09=OB8AO.
6V=:0 :065:
09<8AL C <5=5, 4V2G8=>!
>1@5, BVB:>, :065 4V2G8=0. O:5 6 C 20A 4V;>?
"0 2 <5=5 4V;> =525;8:5, 4>G:>, 018 B8 7C18B8, A:070;0 6V=:0.
G>7:065B5, 0 24@C35 A0<0
7=0B8 AL I>, 4V2G8=>, :065 6V=:0, O:0 B2>O @>1>B0: >F5 B>1V :070=8, @0=> 9 C25G5@V
=03@V9 >:@>?8, B0 =5 30@OGV, I>1 BV;L:8 B5?;5=L:V; 28;89 C :>@8B>, 70@>H=><,
B>4V AB0=L =0 ?>@>7V, 42VGV A28A=8, BV;L:8 =5 1V9AO, B> 4> B515 ?>7;07OBLAO 2AO:V 72V@V,
V 304N:8, V 6018, 0 O: =0W4OBLAO, B> ?>@>7;07OBLAO, :C48 O:V9 B@510. I>, 7C7@>18B8, 4V2G8=>?
CB> ?>B>@3C20;8AL, 0 225G5@V 1018=0 4>G:0 70B>?8;0 ?VG, ?@8AB028;0 >:@>?8, 0 O:
70:8?V;8 :070=8 C :;NG, <>2 3@V< 703@8 :070=8 25;8:V 1C;8, B>4V 4V2G8=0
=01@0;0 1>@>H=0 , 0 ;5C :>@8B>, A0<0 AB0;0 =0 ?>@>7V, A28A=C;0 42VGV... B ?@8;V7;8 304N:8, 6018, OIV@:8 V
2AO:89 72V@. B> :>6=5 4> :>@8B0 B0 CE20B8BL B0 9 2825@=5BLAO. B0: CAV G8AB>
?>?5:;8AL.
">4V 1018=0 4>G:0 10G8BL, I> 2AV ?>=0W40;8AL V ?>2825@B0;8AL, B0 9 =5 2AB0NBL, B0 ?VH;0
4> E07O9:8 B0 9 :065:
)> F5 C 20A, ?0=V<0B:>, B0:0 GC4=0 A:>B8=0, I> =0W;8AL B0 ?>;O30;8 B0 9 =5 2AB0NBL?
/: =5 2AB0NBL? :@8:=C;0 E07O9:0 7 ;O:C, B0 AB@V<3>;>2 =042V@...
>10G8;0, I> =5682V, CE20B8;0AL 70 3>;>2C B0 2 :@8::
E 1>65 B8 =0@>18;0? "8 WE ?>?5:;0!
B ;0O;0 V ?;0:0;0, B0 =VG>3> =5 ?><>3;>AL. >BV< ?>A:;040;0 ?5G5=N 2 A:@8=N V
70<:=C;0; 0 O: A:V=G82AO 1018=V9 4>GFV @V:, B> 2>=0 30=GV@:0<8 ?@83=VB8;0 V 40;0 :>=O
H>;C482>3>, 2>70 ?>;0<0=>3>, ?>AB028;0 A:@8=N 7 304N:0<8 ?5G5=8<8 V 28?@>2048;0
C ;VA.
B ?>WE0;0 1018=0 4>G:0 4>4> <0B5@V 2575. B> W45 1018=0 4>G:0,
@04VNG8, I> 2 =5W 1C45 B5, I> 2 4V4>2>W 4>G:8 T.
>W748BL 4> BVTW :@8=8G:8, V 4C65 W9 AE>BV;>AO ?8B8. 828BLAO O: =0 B5 6 :@8=8G:0:
2>40 B0: V ;;TBLAO; 2>=0 BC48 AB@V<3>;>2 :8=C;0AL, 0 :@8=8G:0 70:@8;0AL B0 9 :065:
, 4V2>=L:>-3>;C1>=L:>, =5 E>BV;0 2 ?@83>4V AB0B8 <5=5 ?@8G5?C@8B8, B> =5 1C45H V
2>48 ?8B8!
0?;0:0;0 4V2G8=0 B0 9 ?>WE0;0 40;V.
B> 4>W748BL 4> O1;C=L:8, 0 =0 =V9 B0: @OA=> O1;C:, I> =V45 :C@FV :;N=CB8, B0 B0:V 30@=
V A@V1=V B0 7>;>BV. B 2>=0 :065 A>1V: �V4C, E>G O1;CG>: AB@CHC, <0B5@V 3>AB8=FO
?>257C. B> BV;L:8-=> ?V4V9H;0, 0 O1;CG:0 A:V: C3>@C, 06 =0 25@H>:, O1;C=L:0 9
:065:
, 4V2>=L:>-3>;C1>=L:>, =5 E>BV;0 <5=5 ?@81@0B8, =5 1C45H 7 <5=5 O1;CG>:
7@820B8!
0?;0:0;0 1018=0 4>G:0 B0 9 ?>WE0;0 40;V.
>;8 4828BLAO 06 1V68BL A>10:0 V =5A5 =0 H8W @07>: =0<8AB0 4>1@>3>, I5 9
H;VD>20=>3>. 8=C;0AL 4V2G8=0 70 BVTN A>10:>N, I>1 2V4=OB8 =0<8AB>, 0 A>10:0 9 :065:
, 4V2>=L:>-3>;C1>=L:>, =5 E>BV;0 <5=V C ?@83>4V AB0B8 =5 1C45H 2V4 <5=5 =0<8AB0
1@0B8!
"0 9 ?>1V3;0 A>1V. 1018=0 4>G:0 70?;0:0;0 B0 9 ?>WE0;0 4>4>B> ?@8WE0;0 C 42V@ 4> 10BL:0 B0 9 3C:0T:
4VBL, B0BC, 7015@VBL EC4>1C!
V4 V 1010 281V3;8 7 E0B8, 482;OBLAO 06 4>G:0 ?@8WE0;0, 4C65 >1>T 7@04V;8, AE>?8;8 WW
B0 2 E0BC, 2=5A;8 9 A:@8=N. B> 2V4G8=OBL, ?>482;OBLAO 06 B0< A0>=8 2 :@8::
>G:>, I> F5 B0:5? 1> 9 ?>;O:0;8AL >1>T. ">4V 1018=0 4>G:0 AB0;0 @>7:07C20B8,
I> W9 1C;>, 0 1010 7 4V4>< A;CE0NBL; 0 O: @>7:070;0 2>=0 2A5 B5, B> 1010 A:070;0
60;CNG8:
01CBL, B2>O B0:0 4>;O, I> :C48 =5 ?V45H, B> 7>;>BV 25@18 @>ABCBL! !848 ;CGG5 4><0
B0 =5 @8?09AO, 1> B0 4>1@0 ?@8257;0, 0 B8 304N:! I5 E20;8B8 1>30, I> E>G 6820
?@89H;0.
B0: 2>=8 A>1V 682CBL V E;V1 6CNBL, 0 O B0< 1C;0, <54-28=> ?8;0, ?> 1>@>4V B5:;>, 0 2
@>BV =5 1C;>, :>@><8A;>< AV=> 2>7OBL, >15@5<:>< 2>4C =>AOBL, 0 E07OW= =0 2AN 3C1C!
V4>20 4>G:0 ?VH;0 70AV 4V2CT B0 3>@4CT.
"
5AL-=5-45AL, 2 B@845AOB>V7 :=O38=5N, V 1C;> 2 =8E 420 A8=8. B :=O7L V :065 A2>W< A8=0<:
%>4V<> 7V <=>N 4> <>@O, ?>A;CE0T<, O: <>@AL:V ;N48 ?VA=V A?V20B8B 2>=8 V ?VH;8. 4CBL 30T<. =O7L V 70E>BV2 282V40BL C A2>WE A8=V2 ?@024V: :>B@89 7
=8E =0 2V4H81V 1C45, 0 :>B@V9 =0 9>3> F0@AB2V E07O9=C20B8<5. 4CBL 30T<, :>;8 6 AB>VBL
B@8 4C18. =O7L 3;O=C2 B0 9 ?8B0T A2>3> AB0@H>3> A8=0:
!8=C 1 V7 F8E B@L>E 4C1V2 1C;>?
I> 6, :065, 10B5G:C? C;0 1 V7 =8E 4>1@0 :><>@0, 0 O:18 ?>?8;OBL, B>
30@=V 4>H:8 1C;8 1.
C, :065, A8=:C, B8 1C45H E>@>H89 E07OW=.
">4V ?8B0T 9 <5=H>3>:
C, 2 B8, A8=:C, I> 1 V7 F8E 4C1V2 7@>182?
V= V :065.
0BL:> ;8 1 <5=V 1C;0 2>;O B0 A8;0, O 1 B@5BL>3> 4C10 7@C102 B0
?5@5:;02 =0 BV 420, B0 A:V;L:8 T :=O7V2 V ?0=V2, O 1 WE CAVE 282VH02.
=O7L ?>GCE02 3>;>2C V 70<>2:.
B ?@89H;8 4> <>@O, AB0;8 CAV 3;O4VBL, O: @810 3@0T, 0 :=O7L C7O2 B0 <5=H>3> A8=0
9 ?E=C2 C <>@5:
@>?0409 65, :065, ;CGG5 A0<, ;540I>!
"V;L:8 I> 10BL:> A8=0 C <>@5 ?E=C2, 9>3> :8B-@810 70@07 V 2E>?8;0. V= C =V9 V
E>48BL. 0209 B0 @810 E0?0B8 2>78 7 2>;0<8 V :V=L<8. %>48BL 2V= C @81V, ?5@5HC:CT, I> C
2>70E, B8< V E0@GCTBLAO. "0 O:>AL V 7=09H>2 C >4=>7V ;N;L:C, BNBN= V :@5A0;>. #7O2,
C ;N;L:C BNBN=C =0:;02, 28:@5A02 2>3=N V 40209 :C@8BL. 4=C ;N;L:C 28:C@82, =0:;02
4@C3C 28:C@82, =0:;02 V B@5BN 28:C@82. B B0 @810 >4 48
15@530 V 70A=C;0. ?> 15@57V E>48;8 <8A;82FV %>48;8-E>48;8, 0 >48= ?>10G82 B0 9
:065:
B65, 1@0BFO, ?> 30OE A:V;L:8 E>48;8, B0 =VG>3> =5 7=09H;8. '8 28 10G8B5, >=
O:0 @810 :>;> 15@530 ;568BL. 0209B5 WW AB@V;OBL!
B AB@V;O;8 WW, AB@V;O;8, ?>BV< ?>7=0E>48;8 A>:8@8 V 40209 WW @C10BL. C10;8-
@C10;8, :>;8 6 GCNBL :@8G8BL C =V9 CA5@548=V:
9, 1@0BFO, @C109B5 @81C, B0 =5 70@C109B5 E@8AB8O=AL:>W 4CHV.
>=8 7 ;O:C O: :8=CBLAO V ?>2BV:0;8. B 2V= C 4V@:C 28;V7, I> <8A;82FV ?@>@C10;8,
289H>2 =0 15@53 B0 9 A848BL. !848BL A>1V 3>;89 1> =0 =L> 1C;> C1@0==O,
?>3=8;> C65, <>65, 2V= FV;89 @V: 1C2 C @81V, V 4C<0T A>1V: �/: <5=V B5?5@ C A2VBV 68BL?
9>3> AB0@H89 1@0B 7@>182AL C65 A0< 25;8:8< ?0=><. 0BL:> 2<5@, B0: 2V= V
7>AB02AL E07OW=>< =0 2AV9 45@602V. >718@0;8AL AC44V, A5=0B>@8, ?@8AC48;8 9>65=8BLAO, B>;>4>1V 4@C618, 0 70 =8< 25;8:89 ?>W74.
45, :>;8 6 A848BL 3>;89 G>;>2V:. B V ?>A8;0T 2V= A;C3C:
V48 A?8B09, I> B> 70 G>;>2V:?
">9 ?@8E>48BL:
4>@>2!
4@0ABC9!
)>, :065, B8 B0:5?
/, :065, 20= >;8:. 28 EB> B0:VW?
8 7 B0:>W 9 B0:>W 75<;V, V45<> HC:0B8 A2>T V48 6 B8 A:068 A2>T V45 2V= A20B0BLAO, 40 157 <5=5 =5
?>A20B0TBLAO.
">9 25@=C2AO 4> :=O7O B0: V B0:. =O7L =0:0702 A;C30< 40B8 9>@>G:C,
HB0=8, 2A5, I> B@510. ">9 C 2>4C 2A:>G82, >1?>;>A:02AL, C1@02AL. @825;8 9>3> 4>
:=O7O, 2V= V :065 :=O752V:
#65 6 :>;8 <5=5 27O;8 7 A>1>N, B0: CAV <5=5 9 A;CE09B5. C45B5 A;CE0BL, B>
1C45< =0 CAV, 0 =5 1C45B5 ?@>?045<> 2AV.
=O7L A:0702 �4>1@5 V 725;V2 CAV< 9>3> A;CE0BL.
4CBL A>1V, :>;8 F5 <8H0G5 2V9AL:>. =O7L E>BV2 B0: ?> <8H0E V 9B8, 0 20= >;8::
- Hi, :065, ?V4>64VBL, 409B5 <8H0< 4>@>3C, I>1 =5 709=O;8 =V >4=VTW <8HV 9
H5@AB8=:>N.
"CB CAV =01V: 725@=C;8. 04=O <8H0 >15@=C;0AL B0 9 :065:
C, A?0A81V B>1V, 20=5 >;8:C, =5 402 B8 <>T?0AB8, =5 40< V O
B2>T4CBL 40;V, :>;8 F5 V45 :><0@ V7 A2>W< 2V9AL:><, I> =5 <>6=0 9 >G8<0 3;O=CBL.
0;VB0T :><0@AL:89 482V7V9=89 35=5@0;:
9, 20=5 >;8:C, 409 <>T2V =0?8BLAO! /: 40A8, B> <8 B>1V C
25;8:V9 ?@83>4V AB0=5<>: 0 =5 40A8, B0: =5 1C45H =0 CAV.
V= 70@07 A>@>G:C 7 A515 A?CAB82 V 25;V2 A515 72'O70BL, I>1 =5 218BL =V >4=>3>
:><0@0. ><0@V =0AA0;8AL V ?>;5BV;8.
4CBL ?>=04 15@53><, :>;8 G>;>2V: ?V9<02 42V IC:8 2 <>@V. 20= >;8: V :065
:=O752V:
C?8< >BV 42V IC:8 2 G>;>2V:0 B0 ?CAB8< C <>@5 =0704.
0I>?
5 ?8B09 =0I>, 0 :C?8<.
C?8;8 BV IC:8 V =0704 C <>@5 ?CAB8;8. >=8 >15@=C;8AL V :06CBL:
!?0A81V B>1V, 20=5 >;8:C, I> =5 402 =0< ?@>?0AB8. 8 B>1V C 25;8:V9 ?@83>4V
AB0=5<>.
=5 B0:-B> ECB:> 4VTBLAO, O: H284:> 2 :07FV :065BLAO. 4CBL 2>=8 B0<, <>65,
B8645=L, G8 I>, ?@8W6460NBL =0 V=HC 75<;N, =0 B@845AOB5 F0@AB2>, 2 V=H5 3>AC40@AB2>.
2 B> 25;8:V, 0 42V@ :@C3>< >1AB02;5=89
70;V7=8<8 ?0;O<8, V =0 :>6=V9 ?0;V CA5 ?>=0AB@><;N20=V @V7=>3> 2V9AL:0 3>;>28, 0 :>;>
A0<8E 2>@VB =0 420=04FOB8 ?0;OE =5<0 3>;V2. !B0;8 2>=8 4>E>48BL, AB0;0 :=O752V BC30
4> A5@FO ?@8ABC?0BL, V :065 :=O7L:
=0 FV ?0;V, 20=5 >;8:C, G8 =5 4>2545BLAO =0HV 3>;>28 =0AB@><;N20BL?..
>10G8<>! :065.
@8WE0;8 BC48, :>;8 6 71@89, ?@89=O2 70 3>AB59, 725;V2
C25AL ?>W74 =03>4C20BL, 0 :=O7O C7O2 7 A>1>N V ?>2V2 C 1C48=>:. C, B0< A>1V ?'NBL-
3C;ONBL, E>@>HV <8A;V <0NBL. 2 B>3> 7G>: O: >4=0. 282V2 WE 7
:=O7O, V @>7:0702, :>B@0 AB0@H0, 0 :>B@0 ?V4AB0@H0 V 4> ?>A;V4=L>W. "0: A0<0 <5=H0
1V;LH5 2AVE :=O752V ?V4 =>@>2 ?VH;0. C;O;8 2>=8 4> 25G>@0. #25G5@V 40209 ?@>I0BLAO,
9B8 A?0BL. B 7 C, :>B@0 4>G:0 :@0I0?
=O7L V :065:
5=H0 <5=V =09:@0I0, <5=HC 1C4C A20B0BL.
>1@5, BV;L:8 O 4>G:8 =5 >440<, ?>:8 =5 7@>18H CAL>3> B>3>, I> O B>1V 1C4C
=0:07C20BL. >@>18H CA5, B0: >440< 70 B515 4>G:C, 0 =5 ?>@>18H, B0: 703C18H A2>N V
>;>2C V ?>W74 B2V9 BCB C25AL ?>;O65. =0:07CT 9>:C B@8AB0 A:8@4
CAO:>3> E;V10. )>1 2V= 4> A2VB0 1C2 C25AL ?5@5<>;>G5=89 V I>1 1C;> B0:: A>;><0 4>
A>;><8, ?>;>20 4> ?>;>28, 75@=> 4> 75@=0.
B :=O7L V45 4> A2>3> ?>W74C ?>G820BL B0 9 ?;0G5. 20= >;8: ?>10G82, I> 2V=
?;0G5, B0 8 ?8B0:
'>3> B8, :=O7N, ?;0G5H?
/: 65 <5=V =5 ?;0:0BL? B5 V B5 7030402 <5=V 7 5 ?;0G, :065, :=O7N, ;O309 A?0BL, 4> A2VBC 2A5 1C45 7@>1;5=5.
/: 28945 20= >;8: =0 42V@, O: A28A=5 =0 <8H59! 5 BV <8HV ?>=018@0;8AL V
:06CBL:
0I> B8 =0A, 20=5 >;8:C, :;8G5H?
/: <5=V =5 :;8:0BL 20A? 030402 7 CAV A:8@B8, I> 2 =L>3> =0 B>:C, 4>
A2VBC ?5@5<>;>B8BL V I>1 A>;><0 4> A>;><8, ?>;>20 4> ?>;>28, 75@=> 4> 75@=0 1C;>.
/: 70?8I0BL BVW <8HV, O: H0B=C;8AL =0 BV:! V1@0;>AL WE ABV;L:8, I> 9 ABC?8BL =V45.
/: C7O;8AO @>18B8 VI5 V =0 A2VB =5 ?>1;03>A;>28;>AL, 0 2>=8 265 9 :V=G8;8. VH;8,
20=0 >;8:0 71C48;8. ">9 ?@89H>2 A:8@B8 O: AB>O;8, B0: V AB>OBL, ?>;>20 >AV1=>
;568BL, 0 75@=> B56 >AV1=>. 20= >;8: V ?@>A8BL WE, I>1 ?>4828;8AL, G8 =5<0 VI5 2
O:>;>A:C 75@=0. >=8 O: H0B=C;8AL, B0: =V >4=VTW <8HV V =5 ?>10G8H C A>;>>28;078;8 8 :06CBL:
V, =5<0 =V45, =5 1V9AO, =VEB> =5 7=0945 =V 75@=8=8. C, B5?5@ 65 <8 B>1V, 20=5
>;8:C, >4A;C68;8. @>I09!
V= AB02 V AB5@565, I>1 VI5 EB> H:>48 =5 =0@>182.
>;8 F5 :=O7L V45 HC:0BL 9>3>. 09H>2, 482CTBLAO, I> B0: 7@>1;5=> CA5, O: 7:0702; 4O:CT 20=C >;8:C V ?VH>2 4> 748BL C42>E V7 77:;8:02 4>G>: I>1, ?>HC:0;8 C A>;>;>A>:. B
4>G:8 HC:0;8-HC:0;8 =5<0. :065 7 C, 4>1@5, E>4V<; 4> 25G>@0 1C45< V 3C;OBL, 0 C25G5@V 7=>2 @>1>BC 703040N =0
702B@0.
B 4>3C;O;8 4> 25G>@0, 2V= V 70304CT:
!L>3>4=V 2@0=FV <5=H0 4>G:0 <>O C <>@V :C?0;0AL V 2?CAB8;0 ?5@AB5=L C 2>4C,
HC:0;0-HC:0;0 =5 7=09H;0. /: 7=0945H 702B@0 B0 ?@8=5A5H, ?>:8 AV40BL >1V40BL, B0:
1C45H 68289, 0 =5 7=0945H, B0: BCB 20< V :V=5FL.
=O7L V45 4> A2>WE B0 9 ?;0G5. 20= >;8: ?>10G82 9>3> 8 ?8B0T:
G>3>, :=O7N, ?;0G5H?
BB0:0 9 B0:0, :065, =0?0ABL.
20= >;8: V 3>2>@8BL:
@5H5 7G:8 ?5@AB5=L C7O2 V AL>3>4=V @0=> ?>=04 <>@5< ;VB02 V
?5@AB5=L C:8=C2. O309 A?0BL. / 702B@0 ?V4C 4> <>@O, <>65, 8 4VAB0=C.
0702B@0 2@0=FV ?@8E>48BL 20= >;8: 4> <>@O, O: :@8:=5 1>30B8@AL:8< 3>;>A><,
<>;>45FL:8< ?>A28AB><, B0: CA5 <>@5 8 701CHC20;>. "VW 42V IC:8 ?@8?;8;8 4> 15@530 V
:06CBL:
0I> B8 =0A, 20=5 >;8:C, :;8G5H?
/: <5=V 20A =5 :;8:0BL? 3>4=V @0=> ?>=04 <>@5< ;VB02 V 2:8=C2
?5@AB5=L. (C:09B5 2AN48. /: 7=0945B5, B0: 1C4C O 68289, 0 =5 7=0945B5, B0: 773C18BL <5=5 7V A2VBC.
>=8 9 ?>?;8;8, V 45 265 =5 28?;020;8 ?> <>@N, 45 265 =5 HC:0;8. 5<0!
>?;8;8 4> A2>TW <0B5@V V :06CBL, I> >B0:5 V B0:5 3>@5. 0B8 9 :065 W<:
5@AB5=L B>9 C <5=5. 0;L <5=V 9>3>, 0 20A VI5 1V;LH5 "0 9 28:8=C;0 7 A515
?5@AB5=L.
>=8 ?@8?;8;8 4> 20=0 >;8:0 V :06CBL:
B 65 B>1V 9 =0H0 >4A;C30. 0A8;C 7=09H;8.
20= >;8: B8< 42>< IC:0< ?>4O:C202 V ?VH>2. @8E>48BL, 06 :=O7L 7=>2 ?;0G5, 1>
710G82 20=0 >;8:0, B0: V ?V4A:>G82.
I>, ?5@AB5=L T?
, :065. B65, 7 5E09 B5?5@ V45!
@V3, 0 :=O7L V A>1V V 240@8;8AL ;>10<8. I>, ?5@AB5=L T?
B 2V=! "V;L:8 =5 2V4401V, 0 2V4403> B8 27O2.
A >1@5! %>4V< 65 >1V40BL, 1> 2 <5=5 T 3>ABV V 402=> B515 4>6840T<>AL.
VH;8. =O7L 2E>48BL C 1C48=>:, :>;8 748=04FOBL. V= 40209 V7 =8<8
74>@>2:0BLAO. ">4V ?V4V9H>2 4> 4>G>:, 289=O2 ?5@AB5=L V :065:
>B@>W ?5@AB5=L?
5=H0 ?>G5@2>=V;0 V :065:
V9.
>;8 B2V9, B0: 2V7L<8 1> O 2A5 <>@5 281@>482, 9>3> HC:0NG8.
AV 70A4O:C20;0.
?VH;8 CAV >1V40BL. 0 >1V4><, ?@8 3>ABOE, 7 C, :=O7L, ?>>1V402H8, A?>G8=5<, 0 B>4V ?@8E>4L. # <5=5 T ;C: C AB> ?C4. /:
28AB@V;8H ?@8 2AVE >F8E 3>ABOE, B0: >440< 4>G:C.
>>1V402H8, ?VH;8 CAV 2V4?>G820BL, 0 :=O7L A:>@VH5 4> 20=0 >;8:0 V 3>2>@8BL
9> B5?5@ ?@>?0;8: B0:0 8 B0:0 @VG!
C@=8FO! :065. 20= >;8:. /: ?@8=5ACBL B>9 ;C:, B0: B8 ?>4828AL =0 9>3> V
A:068 7 O F8< ;C:>< =5 E>GC A>@><8BLAO V I> 2 <5=5 :>6=89 A;C30 V7 =L>3>
28AB@V;8BL, B0 725;8 <5=5 ?>:;8:0BL. / 28AB@V;N B0:, I> 265 1V;LH5 =V:>703040NBL AB@V;OBL.
=O7L, ?>3>2>@82H8 7 =8<, ?VH>2 4> 7G:0<8 9 3C;OT. >;8 F5
=5 A:>@> 748BL V7 3VABL<8, V 70 =8< =5ACBL ;C:. =O7L O: 3;O=C2 V 7;O:02AO.
8=5A;8 B>9 ;C: =042V@, V 2AV ?>28E>48;8. =O7L :@C3>< ;C:0 >1V9H>2 B0 8 :065:
/ F8< ;C:>< =5 E>GC 9 A>@><8BLAO, 0 ?>:;8GC :>3>-=51C4L V7 A2>WE A;C3, B>
:>6=89 7 =L>3> 28AB@V;8BL.
"CB 748= =0 >4=>3> 73;O=C;8AL V :06CBL:
=C-=C, =5E09 A?@>1CT.
=O7L V 70:@8G02:
>H;VBL <5=V 20=0 >;8:0!
">9 ?@8E>48BL. =O7L V :065:
V7<8 >F59 ;C: B0 28AB@V;8.
20= >;8: ;C: ?V4=O2, AB@V;C 70:;02, O: 28AB@W;82 B0: H<0B>: C 4204FOBL ?C4 V
>4;><82AL >4 ;C:0.
=O7L B>4V, AB>OG8, 9 :065:
B 10G8B5? /:18 >F5 O 28AB@V;82, B0: 28 1<5=5 9 >A>@><8;8.
20= >;8: B>4V ?VH>2 4> A2>VE, 70AB@><82H8 H<0B>: ;C:0 70 E0;O2C, 0 :=O7L V7
7:. AB0;8AL =042>@V V 2A5 @048;8AL, I> 1 9>7@>18BL. >@048;8AL V ?V9H;8 2 1C48=>:. 2H8, I>AL H5?=C2 <5=HV9 4>GFV
=0 2CE>. >=0 ?VH;0, 0 2V= 70 =5 N. "0< 4>23> 3>2>@8;8, ?>BV< 28E>4OBL, 7 !L>3>4=V 265 =5@0=>; =5E09 702B@0 2@0=FV. # <5=5 T :V=L 70 4204FOBL<0
425@8<0, B> O: ?>W748H =0 =L>G:C.
B ?>3C;O;8 4> 25G>@0, ?>@>7E>48;8AL A?0BL; :=O7L ?@8E>48BL V @>7:07CT >;8:C.
">9, 28A;CE02H8, 9 :065 :=O752V:
B8 4C<0TH, =0I> O 27O2 B>9 H<0B>: ;C:0? / 265 7=02, I> B> 1C45. /: ?V4254CBL
B>1V :>=O, B> B8 ?>4828AL =0 =L>3> B0 9 A:068: 5 E>GC O =0 FL>=V W748BL, I>1 =5
>A>@><8BLAO, O: V7 ;C:><, 0 =5E09 ?>W45 =5 :V=L 1C45,0 9>3> <5=H0 4>G:0.
"8 =0 =5W 9 =5 AO45H, 0 O WW 4>1@5 ?@>2GC.
B CAB0;8 2@0=FV. @8E>48BL :=O7L C 1C48=>:, ?>74>@>2:02AO 7> 2AV<0, 4828BLAO
>48=04FOB5@> 4>G>:, 0 420=04FOB>W =5<0. 2>@8BL:
C, :=O7N, E>4V<> =042V@, 1> A:>@> 28254CBL :>=O, 1C45< 4828BLAO, O:
25AB8>28E>48;8 CAV, 482;OBLAO, 06 254CBL :>=O 42>T 7 7 25;8:>N A8;>N
B@8<0NBL B0: WE >1>E =0 3>;>2V 9 =>A8BL. @825;8 ?@54 @C=4C:; :=O7L >1V9H>2 :@C3><,
?>48282AL V :065:
)> 6 28 3>2>@8;8, I> :>=O ?@82545B5? B5?5@ ?@825;8 :>18;8FN. 0 FV9
:>18;8FV O W748BL =5 E>GC, I>1 =5 >A>@><8BLAO, B0: O: CG>@0 ;C:><, 0 ?>:;8GC A2>3>
A;C3C, =5E09 2V= ?>W45.
>1@5! 5E09 ?>W45.
=O7V ?>7202 20=0 >;8:0 V ?@8:07CT 9> !V409 =0 FN :>18;8FN B0 9 ?@>3C;O9AO.
20= >;8: O: AV2, 718;8FN 8 ?CAB8;8. /: ?>=5A;0 6 2>=0 9>3, B> 06 ?V4 E<0@C,
0 72V4B8 A?CAB8;0AL V 240@8;0AL >1 75<;N B0:, I> 06 75<;O 70AB>3=0;0. 20= >;8:
B>4V O: 289<5 7-70 E0;O28 4204FOB8 ?C4>289 H<0B>: ;C:0 V 40209 WW G8AB8BL. >=0
AE>?8;0AL V ?>=5A;0 9>3> 2AN48, 0 2V= WW 2A5 1 T ?@>A8;0 9>3>, =>A8;0,
40;V 10G8BL, I> =VG>3> =5 7@>18BL, 40209 ?@>A8BLAO:
20=5 >;8:C, =5 189 <5=5, 70304C9 <5=V I> E>G5H, CA5 4;O B515 7@>1;N.
5=V, :065, =VG>3> @>18B8 =5 B@510, 0 BV;L:8 O: ?@8W4C O 4> :=O7O, B> I>1
B8 :>;> 9>3> 2?0;0 V =>38 ?@>ABO3;0.
>=0 4C<0;0-4C<0;0:
C, =VG>3>, :065, 7 B>1>N @>18B8.
?>=5A;0 9>3> ?>=04 45@52><, :>;> :=O7O A?CAB8;0AL, =0 75<;N 2?0;0 V =>38
>4:840;0.
=O7L V 3>2>@8BL:
0GB5, O:89 AopoBV;8, I>1 O =0 FV9 :>18;8FV WE02.
@><=> AB0;> ?5@54 =8<, B0 @>18BL 1C;> =VG>3>. >E>48;8 ?> A04C V ?VH;8
>1V40BL. >;8 9 <5=H0 4>G:0 WE 7CAB@V;0, 40209 74>@>2:0BLAO. =O7L 4828BLAO =0 =5W, B0:
B> E>@>H0 1C;0, 0 B5?5@ VI5 ;CGH0 AB0;0. >AV40;8 >1V40BL, 7 C, :=O7N, C65 6 ?VA;O >1V4C 28254C O A2>WE 4>G>: =042V@. /: ?V7=0TH, 45 <5=H0,
B0: B>4V V 25AV;;O 1C45< 3C;OBL.
VA;O >1V4C 72V2 A2>WE 4>G>: >4O30BL, 0 :=O7L ?VH>2 4> 20=0 >;8:0 =0
?>@04C, I> 9>18BL.
>B I>, :065.
0@07 70A28AB02 :><0@ V ?@8;5BV2. V= 9>7:0702 CAN ?@83>4C. ><0@ V :065:
"8 =0< AB02 C ?@83>4V, V O B>1V AB0=C. /: 282545 7 =5E09 :=O7L
4828BLAO O 1C4C ;VB0BL =04 WW 3>;>2>N. 5E09 >1V945 WE :@C3>< >48= @07 O 1C4C
;VB0BL, V 4@C389 @07 >1V945 O ;VB0B81E>48BL, B> O AO4C C =5W
=0 =>AV, V 2>=0 =5 2B5@?8BL <>3> :CA0==O, <0E=5 ?@02>N @C:>N.
!:0702H8 F5, :><0@ ?>;5BV2 C 1C48=>:. >;8 ?@8A8;0T 7?@8E>48BL, :>;8 B0< AB>OBL CAV 420=04FOBL 4>G>:, V =0 =8E CA5 >4=0:>25, O: ;8F5, O:
:>A8, O: ?;0BBO. V= =0 =8E 48282AL-48282AL =VO: =5 ?V7=0T: 7>2AV< =5 BV ?0==>G:8
AB0;8, I> 1C;8. B 2V= C ?5@H89 @07 >1V9H>2 =5 ?>10G82 :><0@0; 4@C389 @07 ?>G02
>1E>48BL, :>;8 F5 ;VB0 =04 3>;>2>N. V= C65 9 >G59 =5 A?CA:0 7 B>3> :><0@0. /: ?>G02
B@5BV9 @07 >1E>48BL, B>9 :><0@ =0 =VA C =5W AV2 V 40209 :CA0BL. >=0 @C:>N <0E! :=O7L
70 =5W:
F5 <>O!
?@82V2 WW 4> 7 >;8 ?V7=02, :065, A2>N <>;>4C, B0: AL>3>4=V 70G=5<> 9 25AV;;O 3C;OBL.
>G0;>AL 25AV;;O. >2V=G0;8 WE C25G5@V. "CB 3C;O;8, V7 30@<0B AB@V;O;8 V G>3> =5
@>18;8? #65 >B A:>@> A?0BL 25AB8. ">4V 20= >;8: >4V7202 :=O7O B0 9 :065:
C, :=O7N, 3;O48 6, I>1 702B@0 =0< V 4>4> BCB =0< 4>1@0 =5
<8A;OBL. "0 I5 A;CE09: ?@>HC O B515, =5 4V9<09 6V=FV 2V@8 4> A5<8 @>:V2, E>G-B> O: 2>=0
4> B515 ;5AB8BLAO, 0 B8 W9 CAVTW ?@0248 =5 :068, 0 B> O: @>7:065H, B> 9 A0< ?@>?045H, V O
?@>?04C 7 B>1>N.
">9 :065:
>1@5, =5 1C4C 4V9<0B8 6V=FV 2V@8.
B =0 4@C389 45=L ?>>4O30;8AL <>;>4V V ?>28E>48;8 4> 7?@>A8B8 10BL:0, I>1 WE0BL 4>4> /: <>6=0 B0: A:>@> WE0BL?
#65 6 O: A>1V E>G5B5, 0 O ?>W4C AL>3>4=V 4>4>B, ?>>1V402H8, C7O;8 <>;>4V, AV;8 9 ?>WE0;8. C, ?@8WE0;8 C A2>T F0@AB2>. ">4V
265 :=O7L 4O:C202 20=C >;8:C 70 2A5 @07>< V =0AB0=>282 9>3> ?5@H8< A2>W< @04=8:><.
/: 20= >;8: A:065, B0: ?> 2AL>1V 9 304:8 =5 <0T
=V ?@> I>.
B 6825 <>;>489 :=O7L V7 A2>TN 6V=:>N @V: V 4@C389. 0 B@5BV9 ?@868;8 2>=8 A>1V
A8=0. >;>489 :=O7L CBVH0TBLAO. B >48= @07 C7O2 A8=0 =0 @C:8 B0 9 :065:
)> TABL ;CGH5 =0 A2VBV, O: <5=V >F5 48BO?
:=O38=O, 10G82H8, I> :=O7L B0: @>7=V682AL, 40209 9>3> FV;C20BL. "0
@>7?8BC20BL, 730402H8, O: 2V= A20B02AO, O: 2V= CAV WW 10BL:0 =0:078 28:>=C202. =O7L V
:065:
8:>=C202 18 O 4>AV B2>3> 10BL:0 =0:078 =0 70;V7=V9 ?0;V, O:18 =5 20= >;8:. &5
2V= CA5 @>182, 0 =5 O.
"CB 2>=0 =5 ?>:070;0 284C, I> @>7A5@48;0AL, V 70@07 :C48AL 289H;0.
20= >;8: A848BL A>1V 4><0, =V ?@> I> 9 =5 410T, :>;8 ;5B8BL 4> =L>3> :=O38=O.
0@07 289=O;0 7-?V4 ?>;8 @CH=8: 7 7>;>B8<8 :V=FO<8 B0 O: <0E=5 B8< 7@CH=8:><, B0: 9>3> =042>T 9 @>7@C10;0: =>38 >AB0;8AL BCB, 0 BC;C1 7 3>;>2>N V7=VA 40E C
1C48=:C V 2?02 70 AV< 25@AB 2V4 1C48=:C. ">4V, C?02H8, V :065:
E B8 ?@>:;OB89! 5 =04VO2AL O =0 B515, I>1 B8 ?@87=02AO! VI5 ?@>A82, I>1
=5 4V9<02 6V=FV 2V@8 4> A5<8 @>:V2! C, B5?5@ ?@>?02 O, ?@>?02 V B8!
V4=O2 3>;>2C V A848BL C ;VAV. >;8 F5 4828BLAO: 65=5 157@C:89 G>;>2V: 709FO.
65=5 O:@07 =0 20=0 >;8:0. ">9 70TFL 4>1V30T 20= >;8: V 2E>?82. B V 7025;8AL
18BLAO. ">9 :065: �V9 70TFL! B>9 :065: �V9! 8;8AL-18;8AL, B0: =V B>9 B>9
B>3> =5 7@>18BL. 57@C:89 V :065:
>4V =0< 18BLAO, 0 2825@=V< 4C10, V EB> 40;V :8=5, B>3> 1C45 70TFL.
57=>389 :065:
>1@5!
B 157@C:89 ?V4:>B82 157=>3>3> 4> 4C10: B>9 2825@=C2 V 402 157@C:>;V3 40 O: :8=C2 =>30<8, B0: 70 B@8 25@AB8 4C1 C?02. 157=>389 O: :8=C2, B0: 70 AV< 25@AB
C?02. ">4V 157@C:89 V :065:
5@8 709FO V 1C4L <5=V AB0@H8< 1@0B><.
B ?>1@0B0;8AL, 7@>18;8 2>7>:, ?@8G5?8;8 <>BC7:C V, O: :C48 B@510, B> 157@C:89
70?@O65BLAO B0 157=>3>3> 9 2>78BL. B @07 V ?>WE0;8 v O:89AL 3>@>4, 45 F0@ 6825, 4>
F5@:28, V ?>AB0282 157@C:89 :>;> AB0@FV2 157=>3>3> =0 2V7:C. !B>OBL V 4>6840NBL. >;8
F0@V2=0 V45. >W6460T 4> =8E V :065:
>409 F8< :0;V:0< >FV 3@>HV.
>=0 E>BV;0 28E>48BL ?>40BL, 0 157=>389 V :065:
/:18-B>, 20H5 4>1@>4V9AB2>, 28 =0< A2>W<8 @C:0<8 <8;>AB8=N ?>40;8.
B 2>=0 C7O;0 C D@59;V=8 3@>HV V 40T 157=>3> !:06VBL <5=V, :065, G>3> 28, =5 2> 3=V2 20<, =0 284C B0:V 6>2BV?
>=0 :065:
"0: <5=V 1>3 402! B0 9 7VBE=C;0.
V, :065, O 7=0N, G>3> 28 B0:V 6>2BV. /, :065, 18BL, I>1 28
=5 1C;8 B0:V.
>;8 =0 FN @>7<>2C =04'W6460T F0@. 0@07 V 2E>?82AL 70 B5 A;>2>. B B>3>
157=>3>3> B0 157@C:>3> V7 2>7:>< C 1C48=>:: @>18 I> 7=0TH!
2V= :065:
)> 6, F0@N! 5E09 F0@V2=0 ?@87=0TBLAO ?> ?@024V, G>3> 2>=0 B0:0 ?>30=0 AB0;0.
">4V 10BL:> 4> 4>G:8. >=0 9 ?@87=0;0AL:
"0: V B0:, :065, 4> <5=5 ;VB0T 72 BO3=5 V7 3@C459.
>1@0B8<8 9 ?8B0NBL:
:>;8 2V= ;VB0T?
!0<5 ?5@54 A2VB><, O: CAV AB>@>6V ?>A=CBL, B0: 2V= 4> <5=5 G5@57 :><8= V
2;5B8BL. O: EB> C2V945, B> ?V4 ?>4CH:0<8 E>20TBLAO.
>ABV9 65, :065 157=>389, <8 2 AV=5G:0E ?@8B0W<>AL, 0 B8, F0@V2=>,
:0E8:=8, O: 2V= ?@8;5B8BL.
B ?@8B0W;8AL 2>=8 2 AV=5G:0E. >;8 6 I>AL =0G5 VA:@0<8 ?V4 AB@VE>N 70A2VB8;>.
&0@V2=0 B>4V: �0E8! >=8 4> =5W, 0 7202AL ?V4 ?>4CH:8. B F0@V2=0
AE>?8;0AL V7 ?>AB5;V, 0 157@C:89 ;V3 =0 75<;V B0 157=>3>3> 8 :8=C2 =>30<8 =0 ?>4CH:8.
57=>389 O: C?V9<02 C @C:8 B>3> 7E 4CH8BL. ">9 7A8BLAO:
CABVBL <5=5! 5 1C4C =V:>;8 ;VB0BL V 45AOB>57=>389 V :065:
V, ?>=5A8 =0A BC48, 45 FV;NI0 2>40, I>1 C <5=5 1C;8 =>38, 0 C 1@0B0 @C:8.
5@VBLAO 70 <5=5, ?>=5AC, BV;L:8 =5 B V 2E>?8;8AL 70 =L>3> 157@C:89 =>30<8, 0 157=>389 @C:0<8. ">9 7;5BV2 V7
=8<8, ?@8;VB0T 4> :@8=8FV V :065:
F5 FV;NI0 2>40!
57@C:89 B0: V E>BV2 BC48 2A:>G8BL, 0 157=>389 :@8G8BL =0 =L>3>:
>ABV9, 1@0B5. AL ?>45@6 =>30<8 7<;N 2 :@8=8FN ACEC ?0;8G:C,
B>4V ?>10G8<>, G8 FV;NI0 2>40.
#AB@><82, B0: ?>:8 1C;> C 2>4V, 4>B8 9 >43>@V;>. /: C7O;8AL 65 B>4V 70 B>3> 70209 9>3> 4CH8BL. 8;8 9>3>, 18;8! V= V 40209 ?@>A8BLAO:
5 189B5, BCB T =540;5:> V FV;NI0 2>40.
>2V2 4> 4@C3>W :@8=8FV. >=8 B0< CAB@><8;8 ACEC ?0;8G:C, B0: 70@07 V
@>7?C:C20BLAO AB0;0. ">4V 157@C:89 CA:>G82 V 28A:>G82 2V4B8 7 @C:0<8. 157=>389
CA:>G82 V 28A:>G82 7 =>30<8. ">4V 71 1V;LH =5 ;VB02 4> F0@V2=8,
0 A04O:C20;8 >48= >4=> 4@C6=> 68;8, V @>7?@>I0;8AL.
20= >;8: ?VH>2 7=>2 4> A2>3> 1@0B0, 4> :=O7O: I> 7 =8< 7@>18;0 :=O38=O?
@8E>48BL ?V4 B5 F0@AB2>, :>;8 10G8BL =540;5:> >4 4>@>38 ?0A5 A28=0@ A28=V, A28=V
?0A5, 0 A0< A848BL =0 <>38;V. V= V ?>4C<02: � ?V4C >B>3> A28=0@O @>7?8B0N, O: BCB C WE
4VTBLAO?
@8E>48BL 4> A28=0@O, 4828BLAO 9>3> 1@0B0. B>9 4828BLAO V
?V7=0T 20=0 >;8:0. >23> 4828;8AL >48= >4=>9 =V 4@C389 =VG>3> =5
:06CBL. 20= >;8: >?0<'OB02AO V :065:
&5 B8, :=O7N, A28=V ?0A5H!.. 20@B89 B>3>!.. O 6 B>1V :0702, I> =5 4V9<09 6V=FV
2V@8 4> A5<8 @>:V2!
=O7L C?02 9>38 9 :065:
20=5 >;8:C! @>AB8 <5=5!
B 20= >;8: ?V4=O2 9>3> ?V4 @C:8 B0 9 :065:
>1@5, I> B8 I5 68289 =0 A2VBV >AB02AO. "5?5@ I5 ?>F0@AB2CTH B@>E8.
=O7L AB02 ?8B0BL C 20=0 >;8:0, O: 2V= 4>1C2 A>1V =>38, 1> 6V=:0 9>?>:07C20;0, O: ?5@5@C10;0.
B 20= >;8: B>4V 265 9 ?@87=02AL 9> 2V= 9>3> <5=H89 1@0B, V @>7:0702
9>T 68BBO. C, >1=O;8AL, ?>FV;C20;8AL. =O7L B>4V 9 :065:
>@0 6, 1@0B5, A28=V 3=0BL 4>4> :=O38=O A:>@> G09 ?8B8<5.
20= >;8: V :065:
"0: ?>65=V<> 65 242>E.
:=O7L :065:
"0 BCB, 1@0B5, 1V40! B0 ?@>:;OB0 A28=O, I> ?5@54 2545, O: BV;L:8 4V945 4> 2>@VB
=0 2>@>BOE AB0=5 O: C:>?0=0, V ?>:8 B@8GV ... =5 ?>FV;CTH, B> =5 ?V45 7 V7 720= >;8: V :065:
"0: B>1V 9 B@510! C, 265 6 AL>3>4=V FV;C9, 0 702B@0 =5 1C45H.
@83=0;8 A28=V 4> 2>@VB. 20= >;8: 4828BLAO, 06 B0:: ?'T :=O38=O G09 =0 @C=4CFV, V
7 =5N A848BL HVABL 7:;OB0 A28=O =0 2>@>BOE AB0;0, =>38 @>7AB028;0 V =5 945
2 42V@. :=O38=O 4828BLAO 40 9 :065:
= C65 ">9 1V4=89 =0E8;82AO, B@8GV ?>FV;C202, B>4V A28=O V ?VH;0 2 42V@ @>E:0NG8.
:=O38=O :065:
AL ?>482VBLAO, VI5 45AL V ?V4?0A8G0 A>1V 27O2.
B :=O7L 7 20=>< >;8:>< A28=V C E;V2 703=0;8. ">4V 20= >;8: V :065:
V7L<8 6, 1@0B5, C :;NG=8:0 :>=>?5;L 4204FOBL ?C4 V A<>;8 4204FOBL ?C4 B0 9
?@8=5A5H 4> <5=5 2 A04.
:=O7L :065:
"0: =5 4>=5AC.
20= >;8::
"0 948 ?@>A8, <>65, I5 9 =5 40ABL.
B :=O7L ?VH>2 4> :;NG=8:0, AB02 ?@>A8BL. ">9 4>23> =0 =L>3> 48282AO, 0 40;V 9
:065:
"0 @>18BL =VG>3> 7 20<8, B@510 40B8.
4V<:=C2 0<10@. 20= >;8: >420682 4204FOBL ?C4V2 :>=>?5;L V 4204FOBL ?C4V2
A<>;8, 2 >4=C @C:C 27O2 :>=>?;V, 0 2 4@C3C A<>;C, V ?VH;8. :;NG=8:C A:070;8, I>1
=V:>/: C7O2 20= >;8: ?;5AB8 ?C3C: >48= ?C4 28?;5B5 :>=>?5;L, 0 ?C4>< A<>;8
CA<>;8BL, V 28?;V2 4> ?V2=>GV C A>@>: ?C4 ?C3C. ">4V 9 ;V3 A?0B8. :=O7L 402=> 265 A?8BL
=0 A>;>;> E;V20.
#@0=FV @0=> ?>2AB020;8, V 40209 9>;8: :070BL:
C, 4> AL>3>4=VH=L>3> 4=O 1C2 B8 A28=0@5<, 0 AL>3>4=V B8 1C45H 7=>2 :=O75<.
E>4V< ?>65=5<> A28=V 2 ?>;5.
=O7L:
V, I5, <01CBL, :=O38=O =5 289H;0 =0 @C=4C: G0N ?8BL, 0 <5=V B@510 3=0B8 B>4V,
O: 28945 =0 @C=4C: B0 AO45 V7 71 2>=0 10G8;0, O: O 1C4C A28=N
FV;C20BL.
20= >;8: V :065 9> #65 6, O: 1C45< 3=0BL, B> B8 =5 FV;C9, 0 ?>FV;CN O.
:=O7L :065:
>1@5!
B ?@89H;0 ?>@0 3=0BL. =O38=O 289H;0, G09 ?'T. >=8 ?>2830=O;8 V7 E;V20 A28=59
V 65=CBL C42>E. "V;L:8 I> 4>3=0;8 4> 2>@VB A28=O =0 2>@>BOE AB0;0 9 AB>WBL. =O38=O V7
7;8: O: @>7?CAB8BL ?C3C, O: C40@8BL BCN A28=N, B0: V :VAB:8
@>7A8?0;8AL. "VW 74V :C48 EB> 2B@0?82. 2>=0, :;OB0, 9 =5 7;O:0;0AL, B0 9>3> 70
GC10. "0: 2V= B>4V WW 70 :>A8, B0 O: C7O2 ABL>10B8, B0 4>:8, ?>:8 2>=0 =574C60;0 9 ?> A2VBC
E>48B8. BB>4V 265 2>=0 ?>:8=C;0 A2>W 7@>28 B0 9 ?>G0;0 E>@>H5 68BL V7
G>;>2V:><. 82CBL B0 ?>AB>;>< 4>1@> 2>7OBL. >WE0;8 2 ;VA, 28@C18;8 :V2H, B> I5 1
:07:8 1C;> 1V;LH.
-#' !
82 :>;8AL 2 AB0@>28=C F0@ 7 F0@8F5N. # =8E 70<>;>4C =5 1C;> 4VB59, 0 ?@8
AB0@>ABV @>482AO >48= A8=. >=8 4C65 7@04V;8. C, 28@VA B>9 A8=, 28@VH8;8 2>=8 9>3>
>65=8B8. 2V= V :065:
>:8 =5 4VAB0=5B5 <5=V B0:>3> :>=O, I> 60@ WABL, ?>;C<'O ?'T, =0 420=04FOBL
25@AB 75<;O 3C45, O: 1V68BL, V ;8ABO =0 4C10E >A8?0TBLAO, B> O 4>2V:C 65=8B8AL =5
1C4C!
&0@ 7V7202 CAVE 1>30B8@V2, ?>G02 @>7?8BC20BL:
>65, 7 20A EB> 7=0T 01> GC2, 45 B0:89 :V=L T, I> 60@ WABL, ?>;C<'O ?'T, 0 O:
1V68BL, B> =0 420=04FOBL 25@AB 75<;O 3C45 V ;8ABO =0 4C10E >A8?0TBLAO?..
#AV :06CBL, I> =VEB> =5 10G82 V =5 GC2 B0:>3>, V 4VAB0BL =5 <>6CBL...
&0@ @>7VA;02 ?> 2AV9 75<;V 3075B8:
>65, EB> GC2 01> A0< 4VAB0=5, B> =5E09 4> <5=5 ?@8E>48BL.
>?0;0 >4=0 B0:0 3075B0 C O:CAL 2>;>ABL, ?@>G8B0;8. C68: ?@8E>48BL 4>4>E20;8BLAO 6V=FV:
B O:0 C =0HC 2>;>ABL 3075B0 ?@89H;0... /:18 B0:89 <>;>45FL 7=09H>2AO, B>
25;5=> 9> F0@O ?@8W6460BL.
C =L>3> 1C2 E;>?5FL, >B F59 E;>?5FL V :065:
O 7=0N, 45 B0:89 :V=L T!
10BL:> :065:
!848 B0<, :>;8 A848H. "8 28945H 70 2>@>B0, B0 9 B> B515 4VB8 1'NBL, 0 B> I5
?@> B0:>3> :>=O 10;0:0TH.
%;>?5FL >4O3AO V 3>2>@8BL:
%>4V<, B0BC, =042V@!
89H;8. V= >4=>N @C:>N 4C10 O: AE20B8BL =03=C2 06 4> 75<;V, ?>BV< ?CAB82.
10BL:> AB>WBL, >GV 28B@VI82 4828BLAO =0 =L>3>, 06 7;O:02AO A0<.
C B5?5@, A8=:C, 3>2>@8BL, ?>2V@N.
VH;8 C 2>;>ABL 10BL:> E;>?FO 70;8H82 =042>@V, 0 A0< ?VH>2 C E0BC V :065:
>72>;LB5, ?0=>25, <5=V V7 A2>W< A;>2>< 2B@CB8B8AO!..
>65H, 3>2>@8.
C <5=5 A8=, I> <>65 4VAB0BL B>3> :>=O.
2AV 9 70:@8G0;8:
# E>;>4=C 9>3> 27OBL, AO:>3>-B0:>3>, 7 9>3> E;>?F53> E;>?5FL 3>45=?
/: 2V= 28945 70 2>@>B0, B> 9>3> 2AV 4VB8 1'NBL!
>A048;8, 7=0G8BL, 9>3> 7 E;>?F5< C E>;>4=C. !84V;8-A84V;8 2>=8, 0 2>;>A=5
=0G0;LAB2> 9 3>2>@8BL:
01CBL, =0< =VG>3> =5 1C45, :>;8 2V= 71@5H5.
8?CAB8;8, 0 A0 F0@O 240@8;8 72VAB:C. &0@ ?@>G8B02 FN 72VAB:C V =5 ?>2V@82,
I>1 18B8, 0;5 2A5 6 A:0702 ?>A;0BL A2>WE A;C3 V :0@5BC 70 B8<
E;>?G8:><.
#7O;8 B>3> E;>?FO 4> F0@O. /: ?@8WE0;8, F0@ ?V47820T E;>?FO 4> A515:
>65H 4VAB0BL B0:>3> :>=O?
>6C!
)> 6 B>1V B@510?
"@510 <5=V :>=O E>@>H>3> B0 ?0;8FN 4>1@C.
0?8A02 F0@ 70?8A:C 4> A2>3> B01C=I8:0.
!BC?09, C ?>;V T B01C=I8:, 40A8 9>1V 40ABL :>=O.
">9 ?VH>2, ?>:0702 B01C=I8:C 70?8A:C.
V4>648, :065 B01C=I8:. >65=C =0?C20BL :>=59, 0 O: VB8 O:>3>
AE>G5H, B0:>3> 9 2815@5H.
!B02 B>9 2818@0BL, V 70 O:>3> =5 2V7<5BLAO 70 E2VAB B> E2VAB C @C:0E 7>AB0=5BLAO;
2V7L<5BLAO 70 3@82C 3@828 =5 AB0=5. =O2 420=04FOBL :>6, 0 :>=O =5 4>1@02 A>1V. 45
4>4>1V4@0=0 (B0< 1V4=0 101CAO 68;0), 0 BCB O:@07 E<0@0 =0 B>:C
718@0TBLAO. 01CAO V ?@>A8BL:
><>68 <5=V, G>;>2VG5, 0 B> 2AV <5=5, 1V4=C, <8=0NBL.
0:@82 2V= H:C@0<8 WW E0BC, I>1 2>40 =5 ?@>BV:0;0, 2>=0 9>4O:C20;0, 0 2V= V
?VH>2 A>1V.
8E>48BL F0@ V 482CTBLAO, I> B>9 :>=O A>1V =5 4>1@02.
48, 20= =NH=V. 818@09 A>1V :>=O, <>65, B01V :V=L.
">9 ?VH>2; =0 :>B>@>3> @C:C =5 ?>:;045 B0: :V=L 7 CAVE G>B8@L>E =V3 V 2?045. 5<0
:>=O, B0 9 3>4V. 0AB0;0 =VG, 0 E;>?5FL O: 289H>2 C AB5?, O: A28A=C2 A2>W< 1>30B8@AL:8<
?>A28AB><, >B V ?@81V30 >48= :V=L:
'>3>, E07OW=5 >@0 =0< 2 ?CBL-4>@>3C 28@CH0B8.
C, 4>1@5.
!B02 2V= 702>48BL FL>3> :>=O C F0@AL:V :>=NH=V, ?>;0<02 CAV 425@V 9 :>=NH=V
?>@>720;N202. @82'O702, 402 1V;>O@>W ?H5=8FV, 0 A0< ?VH>2 A?0BL.
&0@ CAB02 @0=:>< V ?>A;02 71C48BL 20=0 3> A8=0 G8 =5 10G82 C2V A=V
O:>3> :>=O.
">9 3>2>@8BL:
, 2 <5=5 265 T :V=L, =0 :>=NH=V AB>WBL...
89H;8, ?>4828;8AL, 0 F0@ 06 7;O:02AO, B0:89 25;8:89 :V=L.
C, B5?5@ 7@>1VBL <5=V ?0;8FN, ?@8257VBL 7 ;VAC =0 42>E ?0@0E 2>;V2 V
?>D0@1C9B5.
@8257;8. V= ?V4:8=C2 C3>@C, A0< ;V3 =0 ?V2B>@8 4>18 A?0BL. @>:8=C2AO ?0;8FO
;5B8BL =0704... V= ?V4AB0282 =0 C 4@C7:8 @>7A8?0;0AL.
@8257VBL, 3>2>@8BL, <5=V =0 G>B8@L>E ?0@0E 2>;V2, 1> FO =53>60.
>=8 7@C10;8 AB>;VB=L>3> 4C10, ?@8257;8 =0 G>B8@L>E ?0@0E 2>;V2. V= ?V4:8=C2
C3>@C A0< ;V3 =0 B@8 4>18 A?0BL. @>:8=C2AL, GCT ?0;:0 3C45. B ?V4AB0282 2V=
A5@54=V9 ?0;5FL ?0;:0 240@8;0AL V =0 ?V2B>@0 0@H8=0 2 75<;N 218;0AL.
C, F5, :065, 4>1@0 1C45.
&0@ V :065:
C, >B, O: 4VAB0=5H B0:>3> :>=O, B> O B>1V O:C AE>G5H =03>@>4C 2840< V =V:>;8
=VO:>W :@8248 =5 G8=8B82> <>T B25@45.
>WE02 2V=, 0;5 F0@ 2A5-B0:8 =5 2V@8BL, I>1 O:89AL-B> 20= :>=O B0:>3> A0< 4VAB02. C, V 402 I5 9>WE 1>30B8@V2 265 ?0=AL:>W, 0 =5 W
:@>2V.
030=O9B5, :065 W< F0@.
20= &5 01> 7 O:VAL 1>30B8@V W4CBL...
>W6460NBL, ?>74>@>2:0;8AL, 0 2V= V ?8B0:
%B> 28 B0:V?
&5 =0A ?>A;02 F0@ @07>< 7 B>1>N WE0BL.
/: 65 =0< 1CB8? "@510 :> B0: =VO:>3> ?>@O4:C =5
1C45. "@510, I>1 <8 :>4=>@O;8AL.
C, FV 1>30B8@V ?0=AL:>W :@>2V 7@07C 6 >48= =0?5@54 4@C3>3>:
/ 1C4C AB0@H8<, O 1C4C AB0@H8 20= V, =5 B0:. 0209B5 ?> 4>@>7V ?0;8FN :840BL: G8O 40;V 2?045, B>9 V 1C45
AB0@H8<.
8=C2 >48= ?0;8FN ?> H;OEC 2?5@54. 4CBL 45=L, W4CBL 4@C389 =5<0... 0 B@5BV9
45=L 10G0BL ?0;8FO ;568BL. 8=C2 4@C389, W4CBL 45=L, W4CBL B@8 ?0;8FV =5<0...
09H;8 06 G5@57 B8645=L. 8=C2 20= 48= B8645=L =5<0
?0;8FV, 4@C389 V B@5BV9 =5<0 ?0;8FV.
&5 45AL B2>N ?0;8FN ?@><8=C;8...
5 <>65 1CB8: <01CBL, <>O ?0;8FO 45AL C 3>ABOE.
@>WE0;8 I5 B8645=L, 10G0BL: AB>WBL 25;8:89 4V< 3>@>60 =02:>;>,
4>4>418;0. 2 FL><0 =5 1C;> 2>N20;8 45AL
40;5:>.
3>2>@8BL 20= >4=>3> 1>30B8@O ?0=AL:>W :@>2V:
!L>3>4=V B8 ?V45H =0 ;> :>=59,
0 O ;O6C 2 1C48=:C. =0:0702 B> =0 <>ABV: ;O48 6, 1@0B, =5 A?8, 0 AB5@568...
">9 E>482-E>482, 0 O: 2V= 1C2 7 4>@>38 ;V3 V 70A=C2 =0 <>ABC. ">4V 20=
:8=C2AO, 10G8BL ?V2=VG, ?>@0 9B8. 4O3AO V ?VH>2 =0 B>9 A?8BL; A;CE0T: 75<;O 4283B8BL 7;>289 ;5B8BL V 3>2>@8BL A2>T=N:
!BV9, =5 G<8E09, ?@>B8 =0H>W A8;8 =5<0 =VG>3>. BV;L:8 20= 0;5 AN48 9>3> V 2>@>= :>ABV =5 70=5A5, 1> 2V= VI5 <>;>489.
>@>= :>ABV =5 70=5A5, 0 4>1@89 <>;>45FL A0< 70945, :065 20= A8=.
'8 18BLAO, G8 <8@8BLAO ?@89H>2?
5 <8@8BLAO, 0 18BLAO O ?@89H>2.
C, 3>2>@8BL 7 V, 3>2>@8BL 20= (5AB83>;>289 7 20= 74283=C2AO, 0 B>4V O: 240@82 7TN ?0;8F5N, B> 70@07>< HVABL 3>;V2 7=VA.
>AV: 9>3>, A?0;82 :>ABV, V =0 2VB5@ ?>?V; ?CAB82 B0 9 ?VH>2 4>4>: V ?8B0
B>3>, I> =0 <>ABV 20@BC202:
I>, AB5@V3 2V@=>?
"0: AB5@V3, I> <8<> ?B8FO =5 ?@>;VB0;0, 3>2>@8BL.
0 4@C3C =VG 20= A;02 4@C3>3> AB5@53B8 =0 <>ABV, 0 B>3> =0
:>=NH=N.
B>9 70A=C2. 828BLAO 20= 2 V AB02 ?V4 <>AB><. 'CT
75<;O 3C45. &5 452'OB83>;>289 7 !BV9, 3>2>@8BL 7 A2>3> :>=O, ?@>B8 =0H>W A8;8 =5<0 4@C3>W C FV;>F0@AB2V. BV;L:8 20= @>= :>ABV 9>3> =5 70=5A5.
@5H5H, :065 20= 1@89 <>;>45FL A0< 70945.
'8 18BLAO, G8 <8@8BLAO 709H>2?
5 70 B8< 4>1@89 <>;>45FL 709H>2, I>1 <8@8BLAO, 0 70 B8<, I>1 18BLAO.
C, 189 B8!
V, 189 B8, B8 =0 ?>;>28=C A2VBC AB0@H89.
">9 7;>289 O: C40@82 B0: ?> :VAB>G:8 20=0-3> A8=0 9
C2V3=02. ;5 20= C40@82 7< AV< 3>;V2 >4@C102. @C389 @07 70<0E=C2 V
>AB0==V 42V 7@C102... >AV: 9>3> BV;>, A?0;82 :VAB:8 V ?>?V; 70 2VB@>< @>72VO2. VH>2 20=
A8?0BL. 0 @0=>: A?8B02 V B>3>:
I>, AB5@V3 4>1@5 <>AB0?
"0: AB5@V3, I> 9 <8H0 <8<> =5 ?@>;V7;0.
0 B@5BN =VG 7V1@02 2V= >1>E 1>30B8@V2, ?>2VA82 @C:028G:C =0 ABV=V V A:0702:
V4C O A0<, 1@0BFV, AB5@53B8 <>AB0, 0 28 3;O4VBL =0 <>N @C:028G:C: O: 1C45 ?VB,
B> 3C;O9B5, 0 O: 1C45 :@>2 7 @C:028G:8 :0?0BL, B0: ?CA:09B5 <>3> :>=O.
!B02 ?V4 <>AB><; >?V2=>GV GCT 75<;O 70 420=04FOBL 25@AB 3C45, ;8ABO =0 4C10E
>?040T. &5 265 =09AB0@H89 7=V, I> 60@ <>65 WAB8, 0 ?>;C<'O ?8B8.
5B8BL V 3>2>@8BL 4> A2>3> :>=O:
!BV9, =5 A?>B8:09AO, ?@>B8 =0H>W A8;8 =5<0 A8;8 =0 2AV< A2VBV. 45AL 20=
V 2>@>= :>ABV =5 70=5A5.
B>9:
>@>= :>ABV-B> =5 70=5A5, 0 4>1@89 <>;>45FL A0< ?@8945.
)>, 1C45< 18BLAO G8 <8@8BLAO?
5 70 B8< 4>1@89 <>;>45FL 709H>2, I>1 <8@8BLAO, 0 70 B8<, I>1 18BLAO.
89, 3>2>@8BL 7 V, B8 189, B8 =0 2AL>/: C40@82 7 20= 420=04FOB8 7>AB0;>AO 265 B@8 3>;>28. 20= A0<89 ?>OA C
75<;N 703=0=89, >B->B >E;O=5.
!;CE09, B8, 3>2>@8BL 7 1C2?
C2.
>;8 C 9>3> 1C;8?
C;8.
@02 2V=?
@02.
40202 >448E0BL?
0202.
C, 40209 V <8 >448E=5<.
20= 448E0BL, B0 9 :8=C2 A2>N ?0;:C =02V4<0H V @>7182
:>=NH=N. "CB 9>3> :V=L 28@202AL, ?@81V3 4> 9>3>, AB02 75<;N >4@820BL...
FV 1>30B8@V ?@>:8=C;8AL, 10G0BL :@>2'N ?>?V4?;820;8, B0 7 @C:028G:8 :@>2 V45,
0;5 1>OBLAO 9B8 28@CG0B8 20=0 3> A8=0, 4C<0NBL: 4;O G>3> =0< A2>W 3>;>28 70
=L>3> ?V4AB02;OB8?
;5 :V=L B8< G0A>< 75<;N >1182 :@C3 20=0, B>4V 9 3>2>@8BL 20= 4> 7 6 B5?5@ O B515 21'N.
2>@8BL:
C, 4>1@5, 0;5 O E>GC B>1V A:070B8 I5 ?5@54 A<5@BN: B8 E>G V 2V7L<5H 2 <5=5
FL>3> G0@V2=>3> :>=O, I> F0@52V ?>B@V1=89, 0;5 B8 =5 4>2545H 9>3> 4>4>I5 B@8 A5AB@8 V <0B8 B0 10BL:>, F0@ @>4. B 2>=8 V B515, V B8E 42>E 1>30B8@V2 2A5 @V2=> 7
A2VBC 7682CBL!
V4@C102 >AB0==V 3>;>28 20=, 0 A0< 704C<02AO, 0 B8< G0A>< B0 101CAO, I> 2V=
:V=AL:8<8 H:C@0<8 WW E0BC C:@82, ?>GC;0, I> =0 20=0 1V40 =0AC20TBLAO, 1> 2>=0 2A5
7=0;0, I> 2 A2VBV @>18BLAO, B0 ?>A;0;0 A2>3> ?5A8:0 4> 20=0, 0 ?5A8: V :065 9> C45B5 28 WE0BL 4>4>G5B5 B0: ?8BL, I> >48= 4> >4=>3> =5 7<>65B5
A;>20 ?@><>28BL: 1C45 20< ?> ?@02C @C:C :@8=8G:0, 2>40 O: A:;> G8AB0. 5 ?89B5 WW, 0
;8H 240@ ?> =V9 =02E@5AB ?0;:>N, ?>10G8H, I> 7 =5W 28945. V4'W45B5 40;V, 70E>G5B5
WAB8: AB>OB8<5 O2V@, ?V4 O2>@>< ABV;, B0< ;560B8=0W4:8. 5 W6B5, 0 B8 240@ =02E@5AB, ?>10G8H, I> 28945 7 B>3>. @8W45B5 40;V, 70E>G5B5
A?0BL ?V4 O2>@>< AB>OB8 =8E, ?>10G8H, I> 1C45.
8A;CE02 20=, ?>4O:C202 101CA8=>3> :>=O V @07>< 7 42><0
1>30B8@O<8 ?>WE02 4>4>BV;>AL W< ?8BL 06 A?@024V, =04 H;OE><
:@8=8G:0 ?@02>@CG. &V 420 1>30B8@V E>BV;8 =0?8BLAO.
V, ?V4>64VBL, 3>2>@8BL 20=, ?>482;NAO.
"0 B0: @C1>=C2 H01;5N =02E@5AB, 0 :@>2 B0: V ?>B5:;0 (0 F5 7?5@5:8=C;0AL :@8=8G:>N). >WE0;8 40;V 70@C102 VI5 42>E A5AB5@, I> 1C;8 C 283;O4V
W6V V ;V6>:. 0;V >3;O=C;8AL E<0@0 =0ABC?0 ?>?V4 =515A0<8. >;8 2>=8 ?@8482;ONBLAO
06 F5 AB0@0 7?V4 =515A0<8, 0 4@C30 ?>=04
75<;5N.
20= 2>@8BL:
E, 40209B5, 1@0BFV, 2B@L>E 18BLAO 7 =5N, 1> A0< O WW =5 ?>4C60N.
;5 FV 420 ?>;O:0;8AL V =5 E>GCBL 18B8AO BV:0NBL. C, 20= BCB 10G8BL, I> =VG>3>
=5 24VT A0<, 4>2545BLAO ?@>?040B8, 4C<0T. ;5 730402, I> BCB =540;5:>, 70 3>@0<8, 70
;VA0<8, T 25;8G57=0 :C7=O. B 2V= ?@8H?>@82 A2>3> :>=O B0 G8<4C6 4> FVTW :C7=V, =C, 0 FV
420 1>30B8@V B56 70 =8< 1> 6 =V:C48 1V;LH5 W< 4VB8AL.
V4;VB0NBL 4> BVTW :C7=V:
4G8=VBL.
>20;V >4G8=8;8 W< 420=04FOB5@> 425@59 70;V7=8E, 2>=8 C;5BV;8, 0 425@V A0A>1>N 9 70G8=8;8AL. 7;> :C7=V 9 40209 2>3=5==8< O78:>< 425@V
?@>;87C20B8.
20= =5 60@B8, B0 4> :>20;V2:
VBBN @>1VBL ?;C30, B0 B0:>3> 74>@>2>3>, I>1 06 ?V4 AB5;N :C7=V, V @>1VBL B0:V 6
25;8:V I8?FV.
C, :>20;V 2@07 C7O;8AL 70 @>1>BC, 0 7;87CT. 65 BV;L:8 B@>T
425@59 70;8H8;>AL, 0 BCB :>20;V 265 :V=G8;8 ?;C3 V I8?FV.
@>;870;0 2>=0 >AB0==V 425@V, 2AB@><8;0 3>;>2C, 0 BCB 20= 70 I8?FV B0 I8?FO<8
@>760@5=8<8 V 740282 WW 70 3C1C. 0:8=C2 =0 =5W ?;C30, 281V3 =042V@ V 40209 =5N >@0BL
75<;N B0:V A:818, O: E0B0, 7021V;LH:8. @5, V ;C?8BL WW, B0 2A5 I8?FO<8 @>760@5=8<8
70 3C1C B8A=5. @02->@02 7B8, 4>:8 2>=0 V =5 ;>?=C;0.
V= B>4V 28:8=C2 WW 2 <>@5, A2>3> :>=O ?CAB82 =0 ?0HC, 0 1>30B8@V2 F8E 4>4>?@>3=02.
4VBL, :065, 1>O3C78, 0 B> 7 20<8 BV;L:8 <>@>:0. I5, :065, ?0=AL:>W
:@>2V!
A0< ?>WE02 =0 FL>=V, I> 2 73>.
@>WE02 2V= 9>3> V =5 A:0702 �74>@>2. 40;V =030402:
)> 6 O, I5 <>;>489 E;>?5FL, V O 9>4402, =5 A:0702,
�74>@>2. "@510 25@=CBLAO, ?>74>@>2:0BLAO... 5@=C2AL.
4@0ABC9B5, 3>2>@8BL, 4V4CAN, 2810G09B5, I> O ?@>WE02 G5ABV 20< =5
>4402, =5 ?>74>@>2:02AO.
35, :065 4V4, =V:>;8 AB0@8E ;N459 =5 <8=09, 702648 ?>74>@>2:09AL...
E0B8<5H B8, 0 28A:>G5 4> B515 B0:89 :@8289 B0 :0?H8289 4V4 =0 45@52'O=FV V 1C45
3>2>@8BL 45 B515: �C, <>;>45FL, B0 9 :V=L 4>1@89, 0;5 B8 >4=0:>2> =5 28?5@548H
<5=5. "0: B8, 3>2>@8BL, =5 7@V7C9AO 7 =8< =0228?5@54:8. <>65, B>1V ?> ?CBV EB>
1C45 B@0?;OBLAO, ?@89<09, =5 >4:07C9AL...
>WE02... 0G5 =07CAB@VG H:C;L30 =0 45@52'O=FV B0:89 ?>30=89, A>?;8289 4V4...
C, 3>2>@8BL, <>;>45FL, B0 9 :V=L 65 C B515, 0;5 E>G O O:89 ?>30=89, B8
<5=5 >4=0:>2> =5 28?5@548H.
C, B0 O =5 AB0=C 7 B>1>N A?5@5G0B8AL, =V B> 9 =V...
"0 BV;L:8 A:0702 F5 20= 9 4V4 A>?;8289 A2>TN 45@52'O=:>N 2
AB@5<5=>, 0 20=0 <8BBN O:>NAL 3>AB@>N AB@V;>N 7182 7 AV4;0 B0 9 703C2 =0 :>=V. 20=
3;O=CB8AL =5 2AB83. F5 1C2 =5 EB> V=H89, O: A0< F0@ @>4 10BL:>
7 >7A5@482AO 20= C, :065, O 6 B>1V FL>3> =5 ?>40@CN, O 6 B515, @>40 ?@>:;OB>3>, V ?VH:8
7=094C.
"0 ?0;:C 2 @C:8, H01;N 4> 1>:C V ?VH0:0... 45 2V=, 0;5 2V4GC20T, I> B0 @0=:0 2V4
AB@V;8 F0@O @>40 2A5 @>71CE0T V @>71CE0T, 2A5 1V;LH>N @>18BLAO V 1V;LH>N, 265 B0:, I>
20= V 7=5<030B8 ?>G02.
�, F5 265 1V40, 4C<0T 20= 48BL, F0@ @>4 >B@CT=>N
AB@V;>N <5=5 240@82.
@>9H>2 I5 B@>E8 20= B0 265 9 7>2AV< >E;O2.
�&5, :065 2V= A0< 4> A515, B5?5@ =5 ?>18B8 <5=V F0@O @>40, B5?5@ 2V= <5=5
>4=8< ?0;LF5< ?>1>@5...
45 20= @>40 4> 75<;V.
>74>@>2:0;8AL, @>7?8B0;8AL EB>, :C48? V4 V :065:
V4C 9 O 7 B>1>N.
%B> 6 28 B0:89?
/ B>9, I> <>65 >4 A>10: >1>@>=8BL.
4283=C2 20= 20=> ?;5G8<0, 0;5 730402 ?>@04C AB0@>3> V
<>2G8BL.
V4V9H;8 40;V, O2;OTBLAO W< 4@C389 4V4, ?@8AB02 4> =8E:
/, :065, >@>7.
4CBL... "@5BV9 4V4... >7?8B0;8AL EB>, :C48? ">9 :065:
/ B>9, I> <>@5 28:>A8BL V 2 :>?8FV A:;045.
C, E>4V< V B8 7 =0<8!
0;V G5B25@B89, I> �WABL V =5 =0WABLAO. "0< ?'OB89, �I> ?'T 9 =5 =0?'TBLAO.
(>AB89 �1V6C 9 =5 =01V6CAO. !L><89 �O 70 4204FOBL 25@AB 18G5< C;CGC.
>AL<89 �O =0 4204FOBL 25@AB 10GC...
4CBL 2>=8 4> F0@O @>40, C 9>3> 3>AC40@AB2>. &0@ @>4 10G8BL, I> =VEB> 9 4>
3@0=8FV =5 ?V4E>482, 0 B> 2 75<;V 9>3> C2V9H;8... 25;V2 28?CAB8BL =0 =8E AV< B8AOG
7;8E-?@57;8E A>10:-3VT=, :>6=0 ?> 42V 3>;>28 <0T.
!>10:8 1V60BL O: E<0@0 A8=VT.
C, I> 6, 1@0BFV, :065 20= @>7@820NBL =0A A>10:8, O
A;0189, ;5425 =>38 ?5@5AB02;ON, =5 <>6C 1>@>B8AL 7 =8<8.
0 >AL O, I> >4 A>10: >41>@>=N, A:0702 A0<89 ?5@H89 4V4.
/: 70E20B82 WE... 8182 CAVE V =0 A:8@B8 ?>ABO302 CAVE A>10:-3VT=. &0@ @>4 10G8BL
9 A>10:8 =5 ?><>3;8, 945 FV;89 3C@B 2 9>3> 3>AC40@AB2>. @8E>4OBL 4> 9>3> 4>22V9H;8 2 42V@, ?V4 B0:5 25;8:5 70;V7=5 A:;5?V==O, 0 2>=>, F5 A:;5?V==O, @-@07, V
70:@8;> WE. >?8=82AO 20= W<8 AC?CB=8:0<8 =V18 C 25;8:V9 70;V7=V9
E0BV. 6 BCB F0@ @>4 =0:0702 A2>W< A;C30?8B8 ?V4 ABV=0<8 B0:, I>1 2AV ?>?5:;8AL.
020;8;8 2>=8 3>@C ;VAC ?V4 ABV=8 V =C 40209 B>?8BL. ;5 >@>7-4V4 O: ?>G02
?@860@N20BL, B> =0 70;V7=8E ABV=0E 06 V=V9 AB02. !?0;8;8 25AL ;VA A;C38 F0@O @>40, 0
@>4 V :065 W<:
V4G8=VBL 265 B0 283>@=VBL ;>?0B0<8 6C65;8FN 7 <>3> 2>@>30 20=0
3> A8=0:
V4G8=8;8 06 2>=8 2AV 682V, 0 20= V :065:
)> 6 B8, F0@N, B0:89 =5<8;>AB8289, C B0:C E>;>4=C :V<=0BC ?>A0482 =0A
B@>E8 =5 ?><5@7;8...
A5 >4=>, :065 @>4, 70@07 O B>1V 3>;>2C 2V4@C10N, 1> O 7=0N, I> B8
>B@CT=89 V =5 <>65H 2>N20B8 7V <=>N! A0< 4C<0T: �18B8 9>3> O I5 2AB83=C, 40209
?>1@5. "0 9 :065:
C, >B O 20< 7040< 7040GC; O: 7@>18B5 ?CIC 6828E, 0 O: =5 7@>18B5 3>;>28
2AV< ?>7@C1CN. 0 >4=C =VG <>@5 28ACHVBL, ?VA>: C :C?C 7;>6VBL, 0 =V, B>...
V3 @>4 A?0B8 =0 =VG, 0 B>9, �I> A8BL, 28:>A82 9>3> 70 =VG V 2 :C?8 ?>A:;0402.
@>:8=C2AO @0=:>< @>4, 10G8BL =5<0 2>48 9 :@0?;V =V45. � 70
GC40AVO. 040T 4@C3C 7040GC:
!:V;L:8 2 <5=5 T EC4>18 O ?@83>BCN >1V4, O: CA5 7'WAB5 682V 1C45B5, 0 O: =V,
B> 3>;>28 ?>AB8=0N.
20= @VH 18 @0=0 706820;0, A:>@VH 18, O 9>?>:06C, O: =0A 2 @>40 1C;0 ?>;>=5=0 >4=0, 4C65 :@0A820 4V2G8=0. B 2>=0 V 27O;0AL 20=0
;V:C20B8. =0;0 2>=0 2AO:V ;V:8. C, 0 B8< G0A>< =020@82 F0@ @>4 ABV;L:8 :>B;V2, I> 9 C
42>@V =5 2@V;:8 ?>=0;8202 :V;L:0 B8AOG 1>G>:. >AV40;8 2>=8 WAB8. 5
1V;LH V7'W;8, O: >4=>3> 2>;0, 0 20= :8 =5
7'W<>... >;8 BCB =03040;8, I> TABL >48= 4V4 �W< =5 =0W48= 4V4 �?'N =5
=0?'NAO. /: ?>G0;8 2>=8 >18420 B@>I8BL, B> :070;8, I> I5 9 <0;>, I5 1 W;8...
0G8BL F0@ @>4, I> =VG8< WE =5 2V7L<5H, E>BV2 C65 @V70BL, 0;5 @VH82 I5 ?> %B> 702B@0, :065 2V=, ?@8=5A5 @0=VH 2>48 7 <>@O, G8 <>O 4>G:0-A:>@>3>=:0,
G8 28? /: 28 682V 1C45B5, 0 =V, B>...
20= CA5 4C<0T: A:>@VH 18 @0=0 706820;0, A:>@VH 18... ?>;>=5=0 4V2G8=0 :065:
5 6C@8AL, A:>@> 265.
5@5=>GC20;8. >G:0-A:>@>3>=:0 GCBL A2VB =04V;0 G>1>B8-A:>@>E>48, H0?:C-
=52848<:C, 70 2V45@F5 9 ?>40;0AL 4> <>@O. >=0 ?>1V3;0, 0 2>=8 2AV A84OBL, 4C<0NBL
:>B>@> T �1V68BL =5 =01V68BLAO. >1V3 2V=, =01@02 2>48,
@0=VH @>4>2>W 4>G:8-A:>@>3>=:8 1V68BL, 0 2>=0 10G8BL F5, B0 27O;0 V A8?=C;0 9>=>38 A>==>3> ?>@>H:C, 2V= V 2?02 B0 70A=C2 1V;O 2V4@0.
0G8BL 20= 3> AC?CB=8:8, I> @>4>20 4>G:0 265 1V68BL, 0 B>3>
WE=L>3> �1V68BL =5 =01V68BLAO 9 =5 284=> =V45. ">9, I> =0 4204FOBL 25@AB 10G8BL,
?>48282AO V 10G8BL, I> �1V68BL =5 =01V68BLAO A?8BL. ">4V ">9, I> =0 4204FOBL 25@AB
18G5< C;CG0, @>7?CAB82 A2V9 18G B0 O: ?>BO3=5 B>3>, I> A?02, B>9 ?@>:8=C2AL 70
2V4@>, 1V68BL V ?@8=VA 2>4C @0=VH5, =V6 @>4>20 4>G:0-A:>@>3>=:0.
">4V @>4 10G8BL, I> 265 =VG>3> 4;O =8E 206:>3> =5<0, B0 9 28E>?82 <5G0 V =0:0702
BO3B8 20=0 V 9>3> AC?CB=8:V2 =0 70;V7=89 BV:. 82>4OBL 20=0, 0 4V2G8=0 ?>;>=5=0 V :065:
#65 7068;0 B2>O @0=0.
825;8 20=0, BV;L:8 E>BV2 F0@ @>4 @C10BL, 0 20= O: E20B=5 F0@O @>40, B0 O:
H?C@=5 =8< =0 3>AB@89 H?8;L 9>3> 70<:C, B0: F0@ @>4 V 4CE A?CAB82. C, 27O2 2V= B>4V
B>3> :>=O, I> @>4 2 =L>3> 28:@02, 4V2G8=0 ?>;>=5=0 B56 7 =8< 718@0TBLAO, 0 FV 4V48 V
:06CBL:
C, 0 <8 ?>A;C68;8 B>1V, 20= TN
4>@>3>N, V=H8< 4>1@8< ;N4O< A;C68B8.
>FV;C20;8AL 7 20=>< B0 9 ?VH;8.
@8W6460T 20= T F0@AB2> B0 9 >440T B0:, O: >1VFO2, 1>
702648 ;N182 A;>20 4>B@8=O B>3>, I> 60@ WABL, ?>;C<'O ?'T, 0 O:
1V68BL, B> =0 420=04FOBL 25@AB 75<;O 3C45 V ;8ABO 7 4C1V2 >A8?0TBLAO. ;5 BCB O:@07
AB>O;8 F8E 420-1>30B8@V ?0=AL:>W :@>2V, I> WE F0@ ?>A8;02 @07>< 7 20=><, B0 O:
?>10G8;8 2>=8 BC 4V2G8=C, I> 20= 7 ?>;>=C C F0@O @>40 2872>;82, B0 9 7@07C 4> F0@O:
"0: V B0:, =53>65 20=>2V ?@>AB>2V, >4@C6C20B8AL =0 B0:V9
:@0AC=V, 2>=0 <>65 1CB8 70 6V=:C BV;L:8 1>30B8@52V ?0=AL:>W :@>2V.
>;>4FV, ?@028;L=> 3>2>@8B5, :065 F0@ B0 4> 20=0: "8, 20=, T A8=, V =53>65 2V44020B8 70 B515 B0:C :@0AC=N, 2>=0 <>65 1CB8 6V=:>N BV;L:8 1>30B8@O
?0=AL:>W :@>2V.
>1;V4 20=- / WW 7 ?>;>=C 2872>;82, 2>=0 <5=5 ;N18BL, O WW ;N1;N V =V:> V, 2V440A8! :065 F0@.
">4V 20= A:8?V2 B0 4> F0@O:
"8 >1VFO2 <5=5 =03>@>48B8, G8< O 70E>GC, V =VO:>W =V:>;8 :@8248 <5=V =5 G8=8B8.
/ B@L>E 7@5 703=02, F0@O @>40 =0 B>9 A2VB ?5@52V2
B> :>;8 B8 <5=V 1C45H 70 <>N 4>1@VABL B0: ?;0B8B8 V B0: A;>2> A2>T ;0<0B8, B> O 9 B515 V
25AL B2V9 @V4 >4=8< <0E>< 7 A2VBC 7254C!
"0 O: 70<0E=5BLAO A2>TN ?0;:>N, B> 06 2AV 45@520 ?@83=C;8AL, 0 F0@AL:89
42>@5FL 06 70B@OAAO. C, B>4V F0@ 7;O:02AO B0 265 9 =V A;>20. 20= >4@C682AO 7 4V2G8=>N-:@0AC=5N B0 9 7068;8 I0A;82>. ;5 265 =V:>;8 =5 2V@82 =V
F0@AL:>2C.
".' ,
C2 A>1V 4V4 B0 1010, 0 2 =8E 1C;> B@8 A8=8: 420 @>7C<=8E, 0 B@5BV9 4C@=89.
>7C<=8E 65 2>=8 9 60;CNBL, 010 W=54V;V =>2V 1V;V A>@>G:8 40T, 0 4C@=8:0 2AV ;0NBL,
A3>, 0 2V=, 7=09, =0 ?5GV C ?@>AV A848BL, C G>@=V9 A>@>GFV. /: 404CBL, B> 9
WABL, 0 =V, B> 2V= V 3>;>4CT. 6 >AL ?@89H;0 GCB:0, I> B0: V B0:: ?@89H>2 B0:89 F0@AL:89
C:07, I>1 7V1@0;8AO 4> F0@O 2AV =0 >1V4, V EB> 7@>18BL B0:89 :>@015;L, I>1 ;VB02, V
?@8W45 =0 BV< :>@01;V, 70 B>3> F0@ 4>G:C 2V440T.
>7C<=V 1@0B8 9 @04OBLAO:
VB8 1 B>, <>65, B0< 45 =0H5 I0ABO 70:>B8;>AO!
>@048;8AL, ?@>AOBLAO 2 10BL:0 B0 2 <0B5@V:
V45<> <8, :06CBL, 4> F0@O =0 >1V4: 703C18B8 =VG>3> =5 703C18<>, 0 <>65,
B0< 45 =0H5 I0ABO 70:>B8;>AO!
0BL:> WE C<>2;OT, <0B8 WE C<>2;OT... V!
V45<>, B0 9 3>4V! ;03>A;>2VBL =0A =0 4>@>3C.
!B0@V, =VG>3> @>18B8, 27O;8 ?>1;03>A;>28;8 WE =0 4>@>3C, 1010 =04020;0 W<
1V;8E ?0;O=8FL, A?5:;0 ?>@>AO, ?VH;8 2>=8.
B@5BV9 ?0@C1>: A848BL =0 ?5GV B0 9 A>1V ?@>A8BLAO:
V4C V O BC48, :C48 1@0B8 ?VH;8!
C48 B8 ?V45H? :065 <0B8. 5AL B515 9 2>2:8 7'W4OBL!
V, :065, =5 7'W4OBL! !B0@V 7 =L>3> A?5@HC A 40209 ;0OB8. "0:
=V! >=8 10G0BL, I> =VG>3> =5 7@>18H, B0 9 :06CBL:
C 948, B0 I>1 265 9 =5 25@B02AO 9 I>1 =5 ?@87=0202AO, I> B8 =0H A8=!
010 40;0 9>@1C, =0:;0;0 BC48 G>@=>3> E;V10, ?;OH:C 2>48 40;0 9
28?@>2048;0 9>3> 7 4>2.
45 B0 9 V45, :>;8 7CAB@VG0T =0 4>@>7V 4V40: B0:89 A8289 4V4C30=, 1>@>40 7>2AV< 1V;0,
06 4> ?>OA0!
4>@>2V, 4V4C!
4>@>2, A8=C!
C48 945B5, 4V4C? B>9 :065:
%>46C ?> A2VBC, 7 1V48 ;N459 28@CG0N. B8 :C48?
> F0@O =0 >1V4.
%V10 B8, ?8B0T 4V4, C18B8 B0:89 :>@015;L, I>1 A0< ;VB02?
V, :065, =5 2 "> 9 G>3> 6 B8 945H?
EB> 9>3> 7=0T, :065, G>3>, 703C18B8 =5 703C1;N, 0 <>65, B0< 45 <>T
I0ABO 70:>B8;>AO.
!V409 65, :065 4V4, B0 A?>G8=5H B@>E8, ?>?>;C4=CT<>.89<09, I> B0< C
B515 2 B>@1V,
, 4V4CAN, =5<0 BCB =VG>3>, A0<89 G5@AB289 E;V1, I> 28 9 =5 2:CA8B5.
VG>3>, 289<09!
B 2V= 289<0T, 06 7 B>3> G>@=>3> E;V10 B0 B0:V AB0;8 ?0;O=8FV 1V;V, I> 2V= V7@>4C 9
=5 W2 B0:8E! !:070=>: O: A>=F5!
B 10G! :065 4V4.B 2>=8 ?>AV40;8, 40209 ?>;C4=C20B8. >?>;C4=C20;8
30@=5=L:>, ?>4O:C202 4V4 ?0@C1:>2V 70 E;V1 B0 9 :065:
C, A;CE09, A8=C: 948 6 B5?5@ B8 2 ;VA B0 ?V4V948 4> 45@520 B0 9 C40@ A>:8@>N 2
45@52>, 0 A0< <5@IV9 ?0409 =8FL V ;568, 06 ?>:8 B515 EB> =5 @>71C48BL; B>4V, :065,
B>1V :>@015;L 71C4CTBLAO, 0 B8 AV409 =0 =L>3> 9 ;5B8, :C48 B>1V B@510, B0 ?> 4>@>7V
15@8, :>3> 1 B0< =5 AB@V2.
0@C1>: ?>4O:C202 4V4>2V, V @>7?@>I0;8AO; 4V4 ?VH>2 A2>TN 4>@>3>N, 0 E;>?5FL
?VH>2 C ;VA.
B C2V9H>2 C ;VA, ?V4V9H>2 4> 45@520, FN:=C2 A>:8@>N, C?02 =8FL B0 9 70A=C2.
!?02-A?02... >;8 F5 70 O:89 B0< G0A GCT EB>AL 9>3> 1C48BL:
#AB0209, C65 B2>T I0ABO ?>A?V;>, 2AB0209!
0@C1>: ?@>:8=C2AL, :>;8 3;O=5 06 AB>WBL :>@015;L: A0< 7>;>B89, I>3;8 A@V1=V,
0 ?0@CA8 H>2:>2V B0: V ?>=048<0;8AL BV;L:8 ;5BVB8! B 2V=, =5 4>23> 4C<02H8, AV2 =0
:>@015;L, B>9 :>@015;L 7=O2AO 9 ?>;5BV2... /: ?>;5BV2 B0 9 ?>;5BV2 =86G5 =510, 28I5
75<;V 9 >:>< =5 73;O=5H!
5BV2-;5BV2, :>;8 4828BLAO: ?@8?02 G>;>2V: =0 H;OEC 4> 75<;V 2CE>< B0 9 A;CE0T.
V= 3C:=C2:
4>@>2V, 4O4L:C!
4>@>2, =51>65!
)> 28 @>18B5?
!;CE0N, :065, G8 265 ?>718@0;8AL 4> F0@O =0 >1V4 ;N48.
EV10 28 BC48 945B5?
"C48.
!V409B5 7> <=>N, O 20A ?V4257C.
">9 AV2. >;5BV;8.
5BV;8-;5BV;8, :>;8 482;OBLAO: V45 G>;>2V: H;OE>< >4=0 =>30 70 2CE>
?@82'O70=0, 0 =0 >4=V9 A:0G5.
4>@>2V, 4O4L:C!
4>@>2V!
'>3> 28 =0 >4=V9 =>7V A:0G5B5?
">3>, :065, I> :>;8 1 O 2V42'O702 4@C3C, B> 70 >4=8< ABC?=5< C25AL 18 A2VB
?5@5ABC?82.- O, :065, =5 E>GC...
C48 6 28 945B5?
> F0@O =0 >1V4.
!V409B5 7 =0<8.
>1@5.
">9 AV2, 7=>2 ?>;5BV;8. 5BV;8-;5BV;8, :>;8 482;OBLAO: AB>WBL =0 4>@>7V G>;>2V: V
?@8FV;OTBLAO 7 ;C:0, 0 =V45 =5 284=> =V ?B8FV, =VG>3>.
4>@>2V, 4O4L:C! C48 28 FV;8B5AO, I> =5 284=> =V ?B8FV, =VG>3>?
"> I>, I> =5 284=>? "> 20< =5 284=>, 0 <5=V 284=>!
5 28 WW 10G8B5?
B! :065. "0<, 70 AB> <8;L, A848BL =0 ACEV9 3@CHFV!
!V409B5 7 =0<8!
V= V AV2. >;5BV;8.
5BV;8-;5BV;8, :>;8 482;OBL AO: V45 G>;>2V: V =5A5 70 A?8=>N ?>25= : E;V10.
4>@>2V, 4O4L:C!
4>@>2V!
C48 28 945B5?
4C, :065, 4>1C20B8 =0 >1V4 E;V10.
"0 C 20A V B0: ?>25= :!
)> BCB FL>3> E;V10! 5=V 9 =0 >48= @07 ?>A=V40B8 =5 AB0=5.
!V409B5 7 =0<8!
>1@5.
!V2 V B>9. >;5BV;8.
5BV;8-;5BV;8, :>;8 482;OBLAO, E>48BL G>;>2V: :>;> >75@0, <>2 G>3>AL HC:0T.
4>@>2V, 4O4L:C!
4>@>2V!
'>3> 28 BCB E>48B5?
8B8, :065, E>G5BLAO, B0 =VO: 2>48 =5 7=094C!
"0 ?5@54 20<8 6 FV;VAV=L:5 >75@>, G> B, I> BCB FVTW 2>48! 5=V 9 =0 >48= :>2B>: =5 AB0=5.
"0: AV409B5 7 =0<8!
>1@5!
V= AV2, ?>;5BV;8.
5BV;8-;5BV;8, :>;8 3;O=CBL, 06 V45 G>;>2V: C A5;> 9 =5A5 :C;L A>;><8.
4>@>2V, 4O4L:C! C48 F5 =5A5B5 A>;> # A5;>, :065.
B>! %V10 2 A5;V =5<0 A>;><8?
, 3>2>@8BL, B0 =5 B0:0!
EV10 F5 O:0?
B0:0, :065, I> O:5 1 4CH=5 ;VB> =5 1C;>, 0 BV;L:8 @>7:8409 FN A>;>B> 70@07 45 =5 2V7L<5BLAO <>@>7 V A=V3.
!V409B5 7 =0<8! ">9 AV2, V ?>;5BV;8 40;V. 5BV;8-;5BV;8, :>;8 482;OBLAO: V45
G>;>2V: C ;VA V =5A5 2'O7:C 4@>2 70 ?;5G8<0.
4>@>2V, 4O4L:C!
4>@>2V.
C48 28 4@>20 =5A5B5?
# ;VA.
B>! %V10 2 ;VAV =5<0 4@>2?
'>2>@8BL, B0 =5 B0:V.
O:V 6?
"0<, :065, ?@>ABV, 0 F5 B0:V, I> O: BV;L:8 @>7:840B8 WE, B0: 70@07 65 45 =5
2V7L<5BLAO 2V9AL:> ?5@54 B>1>N!
!V409B5 7 =0<8!
B>9 73>482AO, AV2, B0 9 ?>;5BV;8.
'8 4>23> 2>=8 ;5BV;8, G8 =5 4>23>, 0 ?@8;VB0NBL 4> F0@O =0 >1V4. B0< A5@54
42>@C AB>;8 ?>=0AB02;5=V 9 ?>=0:@820=V, 1>G:8 <54C ?>28:>GC20=V ?89, 4CH5, W6,
4CH5, G>3> 701060TH! ;N459, A:070=>, ?V2F0@AB20 7V9H;>AL: V AB0@V, V <0;V, V ?0=8
1030BV, V AB0@FV C1>3V. /: =0 O@<0@:C.
0@C1>: ?@8;5BV2 V7 B>20@8AB2>< =0 BV< :>@01;V, A?CAB82AO 2 F0@O ?5@54 2V:=0<8,
?>28E>48;8 2>=8 7 :>@01;O 9 ?VH;8 >1V40B8.
&0@ 4828BLAO C 2V:=> 06 I>AL ?@8;5BV;> =0 7>;>BV< :>@01;V. V= ;0:5T2V 9 :065:
V48 A?8B09, EB> B0< 7>;>B8< :>@01;5< ?@8;5BV2!
0:59 ?VH>2, ?>48282AO, ?@8E>48BL 4> F0@O:
/:0AL, :065, 1V4@0=0!
&0@ =5 2V@8BL:
/:, :065, <>6=0, I>1 ;>BV< :>@01;V ?@8;5BV;8! "8, <01CBL, =5
4>?8B02AO.
7O2 B0 9 ?VH>2 A0< %B>, ?8B0T, BCB =0 FV< :>@01;V ?@8;5BV2? 0@C1>: 28ABC?82:
/! :065.
&0@ O: ?>48282AO, I> 2 =L>3> A28B>G:0 ;0B:0 =0 ;0BFV, HB0=FV :>;V=0
?>28;078;8, B> 06 70 3>;>2C 27O2AO: �/: B0:8, I>1 O A2>N 48B8=C B0 70 B0:>3> E;>?0
28402?
)> 9>3> @>18B8? 40209 9> V48, :065 =0 ;0:5O, A:068 9> E>G 2V= V =0 :>@01;V ?@8;5BV2, 0 O: =5
4>1C45 2>48 682CI>W 9 FV;NI>W, ?>:8 ;N48 ?>>1V40NBL, B> =5 B> F0@V2=8 =5 2V440<, 0
>F5 <5G 0 9>3> 3>;>20 7 ?;5G!
0:59 V ?VH>2.
!;CE0;>, B>9 A0<89, I> ?@8?02 4> 75<;V 2CE><, ?V4A;CE02, I> F0@ :0702, B0 9
@>7:0702 ?0@C1:>2V. 0@C1>: A848BL =0 ;02V (B0:V ;028 :@C3>< AB>;V2 ?>@>1;5=>) B0 9
6C@8BLAO: =5 WABL, =5 ?'T. !:>@>E>4 ?>10G82:
'> 5 265 <5=V WAB8! =0 4CHC =5 945.
@>7:0702 B0: V B0::
030402 <5=V F0@, I>1 O, ?>:8 ;N48 ?>>1V40NBL, 4>1C2 2>48 682CI>W 9
FV;NI>W!.. /: O WW 4>1C4C?
5 6C@8AL! / B>1V 4VAB0=C!
C, 3;O48!
@8E>48BL ;0:59, 40T 9> 7=0T, O: V I>.
!:068, 3>2>@8BL, I> ?@8=5AC!
B ;0:59 V ?VH>2.
!:>@>E>4 2V42'O702 =>3C 2V4 2CE0 B0 O: <0E=C2 B0: 2 >4=C <8BL V =01@02 2>48
682CI>W 9 FV;NI>W.
01@02, CB><82AL. �)5, 4C<0T, ?>:8 >1V4, 25@=CAO, 0 B5?5@ AO4C ?V4 <;8=><,
2V4?>G8=C B@>E8.
!V2 B0 9 70A=C2. N48 265
>1V4 :V=G0NBL, 0 9>3> =5<0. 0@C1>: A848BL =V 68289 =V <5@B- 289. �@>?02!
4C<0T.
!;CE0;> 27O2, ?@8AB0282 4> 75<;V 2CE> 40209 A;CE0B8. !;CE02-A;CE02.
5 6C@8AL, :065, ?V4 <;8=>< A?8BL, 2@0689 A8=!
)> 6 <8 1C45<> B5?5@ @>18B8, :065 ?0@C1>:, O: 18 9>3> 71C48B8?
!B@V;5FL :065:
5 1V9AO, O 71C46C! B O: =0?'O2 ;C:, O: AB@5;L=5 O: B>@>E=5 AB@V;0 2 <;8=,
06 B@VA:8 ?>;5BV;8... !:>@>E>4 ?@>:8=C2AL <5@IV9 BC48! N48 >1V4 BV;L:8 I>
:V=G0NBL, 0 2V= ?@8=>A8BL BC 2>4C.
&0@ I> @>18B8? C 70304C20B8 4@C3C 70304:C:
/: V7'WABL V7 A2>W20@8AB2>< 70 >4=8< @07>< HVABL ?0@ 2>;V2 A<065=8E V A>@>:
?5G59 E;V10, B>4V, :065, 2V440< <>N 48B8=C 70 =L>3>, 0 =5 7'WABL, B> >B 9>;>20 7 ?;5G!
!;CE0;> 9 ?V4A;CE02 B0 9 @>7:0702 ?0@C1:>2V.
)> <5=V B5?5@ @>18B8? / 9 >4=>W E;V18=8 =5 7'W:.
"0 9 7=>2 06 ?;0G5.
1'W409;> 9 :065:
5 ?;0G, O 70 20A 2AVE ?>W<, V I5 1C45 9 <0;>.
@8E>48BL ;0:59: B0: V B0:.
>1@5, :065, =5E09 40NBL!
B 70A<068;8 420=04FOBL 18:V2, =0?5:;8 A>@>: ?5G59 E;V10. 1'W409;> O: 70G02
WAB8 CA5 4>G8AB0 ?>W2, I5 9 ?@>A8BL:
E, :065, <0;>! %>G 18 I5 B@>H:8 40;8!..
&0@ 10G8BL, I> 2V= B0:89, 7=>2C 7030402 70304:C, I>1 A>@>: A>@>:>28E :CE;V2
2>48 28?82 70 >4=8< 4CE>< V A>@>: A>@>:>28E :CE;V2 28=0, 0 =5 28?'T �3>
3>;>20 7 ?;5G!.
!;CE0;> ?V4A;CE02 @>7:0702: ?0@C1>: ?;0G5.
5 ?;0G! :065 1?8209;>, O, :065, A0< 28?'N, I5 9 <0;> 1C45.
B 28=5A;8 W< ?> A>@>: A>@>:>28E :CE;V2 2>48 9 28=0.
1?8209;> O: C7O2 ?8B8, 2AV 4> :@0?;V 28?82 I5 9 ?V4A E, :065, <0;>! %>G 18 I5 B@>E8 I5 1 28?82.
&0@ 10G8BL, I> =VG>3> 7 =8< =5 24VT, B0 4C<0T: �"@510 9>3>, 2@06>3> A8=0, 7> A2VBC
725AB8, 0 B> 2V= <>N 48B8=C 70?0:CT! B V ?>A8;0T 4> ?0@C1:0 ;0:5O:
V48 A:068, I> :0702 F0@, I>1 ?5@54 2V=F5< C ;07=N AE>482.
4@C3>1 ?VH>2 A:0702, I>1 ;07=N G02C==C =0?0;8;8. �"0:
2V= AO:89-B0:89 7060@8BLAO! @C1=8: =0B>?82 ;07=N B0: V ?0H8BL.
!:070;8 ?0@C1:>2V. B 2V= V45 2 ;07=N, 0 70 =8< A;V4:>< V45 >@>7L:> 7 A>;><>N.
"V;L:8 I> 22V9H;8 2 ;07=N, 06 B0< B0:89 60@, I> =5 <>6=0! >@>7L:> @>7:8=C2 A>;> 9 2V4@07C B0: AB0;> E>;>4=>, I> ?0@C1>: =0A8;C >1<82AO, B0 H284:> =0 ?VG, B0 B0< V
70A=C2, 1> =0<5@7AO-B0:8 4>1@5! @0=FV 2V4G8=ONBL ;07=N, 4C<0NBL BV;L:8 7 =L>3>
?>?V;5FL 7>AB02AO, 06 2V= ;568BL =0 ?5GV; 2>=8 9>3> 9 71C48;8.
F5, :065, O: A?02!
"0 9 ?VH>2 V7 ;07=V.
>?>2V;8 F0@52V, I> B0:, <>2;O2, V B0:: =0 ?5GV A?02, V 2 ;07=V B0: E>;>4=>, =0G5
FV;C 78?;5=>. &0@ 70A 9>3> @>18B8? C<024C<02, 4C<02-
4C<02...
C, :065, O: 4VAB0=5 <5=V =0 @0=>: ?>;: 2V9AL:0, B> 265 40< A2>N 4>G:C 70
=L>3>, 0 =5 4VAB0=5, B> >B ;>20 7 ?;5G!
A0< 4C<0T: �5 B0:8 ?@>AB>2V ?>;: 2V9AL:0 4>1CB8? / F0@, B0 9 B>!..
B V 402 =0:07.
!;CE0;> 9 ?V4A;CE02 V @>7:0702 ?0@C1:>2V. 0@C1>: 7=>2C A848BL B0 9 ?;0G5:
)> <5=V B5?5@ @>18B8 =0 A2VBV? 5 O B>3> 2V9AL:0 4>1C4C?
45 =0 :>@015;L 4> B>20@8AB20:
9, 28@CGVBL, 1@0BFV! 8@CG0;8 =5 >48= @07 7 1V48 V B5?5@ 28@CGVBL! B> ?@>?02
O =0 A2VBV!..
5 ?;0G! :065 B>9, I> =VA 4@>20. / B515 28@CGC. @8E>48BL A;C30:
0702, :065, F0@, O: ?>AB028H 702B@0 =0 @0=>: FV;89 ?>;: 2V9AL:0, B>4V
B2>O F0@V2=0!
>1@5, 7@>1;N! :065 ?0@C1>:. "V;L:8, :065, A:068 F0@52V, O: =5
2V440ABL I5 9 B5?5@, B> O 9>3> 2V9=>N ?>2>NN 9 A8;>N F0@V2=C 2V7L#=>GV ?>2V2 B>20@8H ?0@C1:0 2 ?>;5 9 ?>=VA V7 A>1>N 2'O7:C 4@>2. /: ?>G02 BV 4@>20
@>7:840B8, B> I> :8=5 B> 9 G>;>2V:, I> :8=5 B> 9 G>;>2V:! B0:>3> 2V9AL:0
=01@0;>AL! 0@0=>: ?@>:840TBLAO F0@ 06 GCT: 3@0NBL.
V= ?8B0T:
)> B0< B0: 30@=> 3@0T?
">, :06CBL, B>9 A2>T 2V9AL:> =0 7>;>BV< :>@01;V ?@8;5BV2.
&0@ B>4V 10G8BL, I> =VG>3> =5 24VT, B0 725;V2 9>3> ?>:;8:0B8 4> A515.
... ?0@C1>: B0:89 AB02, I> 9>3> 9 =5 ?V7=0TH: >4560 =0 =L>G:0
7>;>B0, 0 A0< B0:89 30@=89, I> :C48! 545 2V= A2>T 2V9AL:>, A0< =0 2>@>=V< :>=V
?>?5@54C, 70 =8< AB0@H8=0... V4ABC?82 ?V4 ?0-;0F:
!BV9! :@8:=C2.
V9AL:> ;02C AB0;> O: ?5@5<8B5!
V= ?VH>2 C ?0;0F; F0@ 9>3> >1V9<0T, FV;CT.
!V409, 89H;0 9 F0@V2=0; O: ?>10G8;0 06 70A;>2V: 1C45!
B WE H284:> 9 ?>2V=G0;8, B0:89 15=:5B 7040;8, I> 06 4> =510 48< ?VH>2.
# '
C;> A>1V 420 1@0B8 >48= C1>389, 0 4@C389 1030B89. B 1030B89 :>;8AL
V7;0A:0282AO =04 1V4=8<, I> =5 <0T B>9 =V ;>6:8 <>;>:0 4VBO<, B0 9 402 9>:>@>2C, :065:
>B@>EC 2V4@>18H <5=V 70 =5W.
C, 1V4=89 1@0B 2V4@>1;O2 ?>B@>EC, 0 40;V B>40 AB0;> :>@>28, 2V= V
:065 21>3>2V:
V4409 <5=V :>@>2C =0704!
">9 :065:
@0B5! / 6 B>1V 70 =5W 2V4@>182!
)> B8 B0< 2V4@>182, O: :VB =0?;0:02 BVTW @>1>B8 1C;>, 0 B> B0:8 :>@>20! V4409!
V4=> 60;:> A2>TW ?@0FV, =5 AE>BV2 2V440B8. VH;8 2>=8 ?>7820B8AO 4>
?0=0.
@89H;8 4> ?0=0. ?0=>2V, <01CBL, =5 AE>BV;>AO @>74C<0B8AO, EB> 7 =8E ?@0289, 0
EB> =V, B> 2V= V :065 W<:
%B> 2V43040T <>N 70304:C, B>3> 9 :>@>20 1C45.
06VBL, ?0=5!
!;CE09B5: I> 2 A2VBV T A8B=VH, ?@C4:VH, <8;VH =04 CA5? 02B@0 ?@8945B5,
A:065B5.
VH;8 1@0B8. 030G V45 4>4>1V:
B 4C@=8FO, 0 =5 70304:0! )> 6 T A8B=VH =04 ?0=AL:V :010=8, ?@C4:VH =04 ?0=AL:V
E>@B8, 0 <8;VH =04 3@>HV! 5, <>O :>@>20 1C45!
V4=89 ?@89H>2 4>4>3> 1C;0 4>G:0
0@CAO. >=0 9 ?8B0TBLAO:
'>3> 28, B0BC, 706C@8;8AO? )> ?0= :0702?
"0 BCB, 4>G:>, B0:C ?0= 70304:C 7030402, I> O 9 =5 =04C<0N, I> 2>=> 9 T.
O:0 6 70304:0, B0BC? 0@CAO ?8B0T.
"0 B0:0: I> 5 2 A2VBV A8B=VH, ?@C4:VH, <8;VH =04 CA5?
, B0BC, A8B=VH =04 CA5 75<;O-<0B8, 1> 2>=0 2AVE 3>4CT 9 =0?C20T; ?@C4:VH
=04 CA5 4C<:0, 1> 4C<:>N 2@07 :C48 E>G ?5@5;5B8H; 0 <8;VH =04 CA5 A>=, 1> E>G O:
4>1@5 B0 <8;> G>;>2V:>2V, 0 2A5 ?>:840T I>1 70A=CB8.
'8 10, :065 10BL:>, 0465 9 A?@024V B0:! "0: 65 O 9 ?0=>2V :070B8@C3>3> 4=O ?@8E>4OBL >18420 1@0B8 4> ?0=0. B ?0= WE V ?8B0T:
=C, 2V43040;8?
V43040;8, ?0=5, :06CBL >18420. B 1030B89 70@07 28ABC?0T, I>1 A>1V
?>?5@54C ?>A?VH8-B8AL, B0 9 :065:
!8B=VH, ?0=5, =04 CA5 20HV :010=8, 0 ?@C4:VH =04 CA5 20HV E>@B8, 0 <8;VH
=04 CA5 3@>HV!
, 1@5H5H, 1@5H5H! :065 ?0=. ">4V 4> 21>3>3>: =C, B8!
"0 I> 6, ?0=5, =5<0 A8B=VH>3>, O: 75<;O-<0B8: 2>=0 2AVE 3>4CT 9 =0?C20T.
@0240, ?@0240! :065 ?0=. C, 0 ?@C4:VH I>?
@C4:VH, ?0=5, =04 CA5 4C<:0, 1> 4C<:>N 2@07 :C48 E>G ?5@5;5B8H.
"0:! C, 0 <8;VH? ?8B0T 2V=.
<8;VH =04 CA5 A>=, 1> E>G O: 4>1@5 B0 <8;> G>;>2V:>2V, 0 2A5 ?>:840T, I>1
70A=CB8.
"0: CA5! 3>2>@8BL ?0=. "2>O :>@>20. "V;L:8 A:068 <5=V, G8 B8 A0< F5
?>2V4304C202, G8 B>1V EB> A:0702?
"0 I> 6, ?0=5, :065 21>389, T 2 <5=5 4>G:0 0@CAO, B0: F5 2>=0 <5=5 B0:
=02G8;0.
0= 06 @>7A5@482AO:
/: F5? / B0:89 @>7C<=89, 0 2>=0 ?@>AB0 A>1V 4V2:0 B0 <>W 70304:8 ?>2V4304C20;0!
!B@8209 65! 0 B>1V >F59 45AOB>: 20@5=8E OTFL B0 ?>=5A8 WE A2>W9 4>GFV: =5E09 2>=0
?>A048BL =0 =8E :2>G:C, B0 I>1 B0 :2>G:0 70 >4=C =VG 28;C?8;0 :C@G0B0, 283>4C20;0, V
I>1 B2>O 4>G:0 70@V70;0 B@L>E, A?5:;0 =0 A=V40==O, 0 B8, ?>:8 O 2AB0=C, I>1 ?@8=VA, 1> O
4>6840B818BL, B> 1C45 ;8E>.
45 A5@45H=89 10BL:> 4>4>48BL, 0 4>G:0 9 ?8B0T 9>3>:
'>3> 28, B0BC, ?;0G5B5?
"0 O: 65 <5=V, 4>G:>, =5 ?;0:0B8: >AL ?0= 402 B>1V 45AOB>: 20@5=8E OTFL B0 :0702,
I>1 B8 ?>A048;0 =0 =8E :2>G:C, B0 I>1 2>=0 70 >4=C =VG 28;C?8;0 9 283>4C20;0 :C@G0B0,
0 B8 I>1 A?5:;0 WE 9>>G:0 27O;0 3>@I5G>: :0HV B0 9 :065:
>=5AVBL, B0BC, >F5 ?0=>2V B0 A:06VBL 9>@5, ?>AVT FN :0HC, V
I>1 2>=0 28@>A;0 ?@>A><, ?>A?V;0 =0 =82V, V I>1 2V= ?@>A> A:>A82, 7<>;>B82 V =0B>2:
?H>=0 3>4C20B8 BV :C@G0B0, I> W< B@510 28;C?8B8AL 7 F8E OTFL. @8=>A8BL G>;>2V: 4>
?0=0 FN :0HC, 2V440T B0 9 :065:
"0: V B0: 4>G:0 :070;0.
0= 48282AO, 48282AO =0 BC :0HC B0 27O2 V 2V4402 WW A>10:0<. >BV< 45AL 7=09H>2
AB51;8=:C ;L>=C, 40T G>;>2V:>2V 9 :065:
5A8 B2>W9 4>GFV F59 ;L>=, B0 =5E09 2>=0 9>3> 28<>G8BL, 28ACH8BL, ?>1'T,
?>?@O45 9 28BG5 AB> ;>:VB ?>;>B=0. =5 7@>18BL, B> 1C45 ;8E>.
45 4>4>9 G>;>2V: V 7=>2 ?;0G5. CAB@VG0T 9>3> 4>G:0 B0 9 :065:
'>3> 28, B0BC, ?;0G5B5?
"0 10G 65 G>3>! AL ?0= 402 B>1V AB51;8=:C ;L>=C, B0 I>1 B8 9>3> 28<>G8;0,
28ACH8;0, ?><'O;0, A?@O;0 V 28B:0;0 AB> ;>:VB ?>;>B=0.
0@CAO 27O;0 =V6, ?VH;0 9 28@V70;0 =09B>=HC 3V;>G:C 7 45@520, 40;0 10BL:>2V B0 9
:065:
5AVBL 4> ?0=0, =5E09 ?0= V7 FL>3> 45@520 7@>18BL <5=V 3@51V=L1[1], 3@51V=:C 9
4=8I52[2], I>1 1C;> =0 G>=.
@8=>A8BL G>;>2V: ?0=>2V BC 3V;>G:C 9 :065, I> 4>G:0 703040;0 7 =5W 7@>18B8. 0=
48282AL, 48282AL, C7O2 B0 9 ?>:8=C2 BC 3V;>G:C, 0 =0 4C1V: �&N >4C@8H! 01CBL,
2>=0 =5 7 B0:8E, I>1 >4C@8B8... >BV< 4C<02, 4C<02 B0 9 :065:
V48 B0 A:068 A2>W9 4>GFV: =5E09 2>=0 ?@8945 4> <5=5 2 3>ABV, B0 B0:, I>1 =V
9H;0, =V WE0;0; =V 1>A0, =V 27CB0; =V 7 3>AB8=F5<, =V 157 3>AB8=FO. O: 2>=0 FL>3> =5
7@>18BL, B> 1C45 ;8E>.
45 7=>2 10BL:> ?;0GCG8 4>4>2 B0 9 :065 4>GFV:
C I>, 4>G:>, 1C45<> @>18B8? 0= 7030402 B0: V B0:. @>7:0702 W9 CA5. 0@CAO
:065:
5 6C@VBLAO, B0BC, 2A5 1C45 30@074. V4VBL :C?VBL <5=V 682>3> 709FO.
VH>2 10BL:>, :C?82 682>3> 709FO. 0@CAO >4=C =>3C 21C;0 2 4@0=89 G5@528:, 0
4@C30 1>A0. ">4V ?V9<0;0 3>@>1FO, 27O;0 3@8=46>;8, 70?@O3;0 2 =8E F0?0. B C7O;0
709FO ?V4 @C:C, >4=C =>3C ?>AB028;0 2 A0=G0B0, 0 4@C3>N ?> H;OEC ABC?0T >4=C =>3C
F0? 2575, 0 4@C3>N 945. @8E>48BL >B0: 4> ?0=0 2 42V@, 0 ?0=, O: ?>10G82, I> 2>=0 B0:
V45, B0 9 :065 A2>W< A;C30<: �@8FL:C9B5 WW A>10:0<8!
"V O: ?@8FL:C20;8 WW A>10:0<8, 0 2>=0 9 28?CAB8;0 W< 709FO. !>10:8 ?>3=0;8AL 70
709F5<, 0 WW ?>:8=C;8. >=0 B>4V ?@89H;0 4> ?0=0 2 A2VB;8FN, ?>74>@>2:0;0AL B0 9 :065:
AL 20<, ?0=5, 3>AB8=5FL. "0 9 40T 9>@>1FO. 0= BV;L:8 E>BV2 9>3> 27OB8,
0 2V= ?C@E B0 9 28;5BV2 C 2V4G8=5=5 2V:=>! =0 B>9 G0A ?@8E>4OBL 42>T 4> ?0=0
AC48B8AO. B ?0= 289H>2 =0 @C=4C:3[3] V B0 9 ?8B0T: �'>3> 20<, ;N48 4>1@V?
48= :065:
"0 >AL G>3>, ?0=5: =>GC20;8 <8 >18420 =0 ?>;V, 0 O: C@0=FV ?>2AB020;8, B>
?>10G8;8, I> <>O :>18;0 ?@825;0 ;>H0.
4@C389 G>;>2V: :065:
V, 1@5E=O, <>O! >7AC4VBL =0A, ?0=5!
B ?0= 4C<02, 4C<02 B0 9 :065:
@8254VBL AN48 ;>H0 9 :>=59: 4> O:>W ;>H0 ?>1V68BL B0 9 ?@825;0.
1[1]
@51V=:0 45@52 O=89 3@51V=5FL 4;O @>7GVAC20==O ;L>=C, :>=>?;V, 2>2=8.
2[2]
=8I5 4>H:0, =0 >4=>W 70:@V?;OTBLAO 3@51V=L 7 :C65;5<
(28G5A0=8< ;L>=><, :>=>?;5N G8 2>2=>N); =0 4@C3>?@O4V2=8FO.
3[3]
C=4C: BCB: 30=>:.
B ?@825;8, ?>AB028;8 70?@O65=V :>=V, 0 ;>H0 ?CAB8;8. 2>=8, BV 420 E07OW=8, B0:
70A<8:0;8 B5 ;>H0, :>65= 4> A515 BO30NG8, I> 2>=> 265 =5 7=0T, :C48 9>27O;> B0 9 ?>1V3;> 35BL. 0@CAO :065:
8 ;>H0 ?@82'O6VBL, 0 <0B5@V2 ?>28?@O309B5 B0 9 ?CABVBL :>B@0 ?>1V68BL 4>
;>H0B8, B> B0 9 ?@825;0.
0@07 B0: V 7@>18;8. CAB8;8 WE B0: >4=0 9 ?>1V3;0 4> ;>H0B8, 0 4@C30 AB>WBL.
">4V ?0= ?>10G82, I> =VG>3> 7 4V2G8=>N =5 ?>@>18H, V 2V4?CAB82 WW.
/&- &
>;8AL 1C;0 ?B8FO 6092>@>=>: F0@5<, 0 F0@8F5N <8H0, V <0;8 2>=8 A2>T ?>;5.
>AVO;8 =0 BV< ?>;V ?H5=8FN. /: C@>48;0 W< B0 ?H5=8FO 40209 2>=8 75@=>< 4V;8B8AO.
B >4=5 75@=> 70925 1C;>. 8H0 :065:
5E09 <5=V 1C45!
6092>@>=>: :065:
5E09 <5=V!
C<0NBL 2>=8: I> BCB @>18B8? VH;8 1 ?>7820B8AO, B0 =5<0T AB0@H8E 70 =8E:
=5<0T 4> :>3> 9B8 ?>7820B8AO. >BV< <8H0 :065:
C, O ;CGG5 ?5@5:CHC.
&0@ =0 F5 4V;> 73>482AO. 8H0 BV;L:8 27O;0 75@=> 2 7C18 B0 2 =>@C 9 ?>1V3;0. "CB
F0@-6092>@>=>: 718@0T 2AVE ?B0EV2, I>1 72>N20B8 F0@8FN-<8HC, 0 F0@8FO A:;8:0T 2AVE
72V@V2 V ?>G0;8 2V9=C. /: 289H;8 2 ;VA, B> I> 72V@V E>GCBL O:C ?B8FN @>7V@20B8, B> 2>=0
=0 45@52>; 01> ?B8FO O: 2V7L<5, ;VB0NG8, 18B8 72V@V2, B> 2>=8 2 =>@C... "0: 18;8AO FV;89
45=L, 0 ?>BV< C25G5@V AV;8 2AV A?>G820B8.
>;8 F0@8FO >3;O4V;0AL, 06 =5<0T =0 2V9=V :><0H=V. ">4V 2>=0 725;V;0, I>1
:>=G5 1C;0 =0 25GV@ V :><0H=O. >;8 F5 ?@8E>48BL V :><0H=O.
&0@8FO 9 703040;0 W9, I>1 2>=0 2=>GV ?>;V7;0 =0 45@520 V
70 >4=C =VG ?>2V4:CHC20;0 ?B8FV ?V@'O :>;> :@8;.
0 4@C389 45=L, BV;L:8 I> @>7284=V;>AL, F0@8FO :@8G8BL:
=C, 2AB0209B5 2>N20B8AO!
B8FO I> ?V4V9<5BLAO, B> 9 C?045 =0 75<;N, B0: 72V@ WW 9 @>7V@25.
>@5; 10G8BL, I> ;8E>, A848BL =0 45@52V 9 =5 7;VB0T. >;8 BCB V45 AB@V;5FL,
10G8BL, I> >@5; A848BL =0 45@52V, O: =0FV;8BLAO =0 =L>3>, B>9 >@5; B0: ?@>A8BL 9>3>:
5 189 <5=5, 3>;C1G8:C, O B>1V C 25;8:V9 ?@83>4V AB0=C'
!B@V;5FL C4@C35 =0FV;82AL, 2V= I5 9>3> ?@>A8BL:
V7L<8 ;CGG5 <5=5 B0 283>4C9; B> ?>10G8H, 2 O:V9 O B>1V ?@83>4V AB0=C!
!B@V;5FL I5 =0@5; 7=>2 9>3> ?>G02 ?@>A8B8:
9, 3>;C1G8:C-1@0B8:C! 5 189 <5=5 B0 2V7L<8 4> A515, O B>1V C 25;8:V9
?@83>4V AB0=C!
!B@V;5FL ?>2V@82 9>;V7 B0 7=O2 7 45@520 B0 9 =5A5 9>3> 4>4> 2V= 9> @8=5A8 <5=5 4> A2>TW E0B8 B0 3>4C9 <5=5 <'OA>< 4>B8, ?>:8 2 <5=5 :@8;0
?>2V4@>AB0NBL.
2 B>3> G>;>2V:0 1C;> 42V :>@>28, 0 B@5BV9 1C309. V= 70@07 V 70@V702 9>4=C
:>@>2C. @5; BC :>@>2C 70 @V: V 7'W2 B0 9 :065 G>;>2V:>2V:
CAB8 <5=5, O ?>;VB0N, ?>10GC, G8 265 2V4@>A;8 :@8;0.
">9 G>;>2V: V 28?CAB82 9>3> 7 E0B8. @5; ;VB02, ;VB02 B0 9 ?@8;5BV2 >?V24=V =0704 4>
B>3> G>;>2V:0, :065 9> )5 2 <5=5 <0;0 A8;0, 70@V6 VI5 >4=C O;V2:C!
">9 G>;>2V: ?>A;CE02 9>3> B0 9 70@V702. @5; 7 W2 WW 70 @V:. "0 7=>2C O: ?>;5BV2...
@>;VB02 <0;> =5 FV;89 45=L, C25G5@V 7=>2C ?@8;VB0T B0 9 :065 9> 0@V6 VI5 9 1C30O!
">9 G>;>2V: 4C<0T: �)> BCB @>18B8 G8 70@V70B8, G8 =V? ?>BV< :065:
V;LH5 ?@>?0;>, =5E09 V F5 ?@>?040T!
#7O2 B0 9 70@V702 9>3> 1C30O, B0:8 70 @V:, 0 ?>BV< O: ?>;5BV2, B>
;VB02 B0: 28A>:> 06 ?V4 E<0@>N.
>;8 F5 ?@8;VB0T B0 9 :065 9> C, A?0A81V B>1V, G>;>2VG5: 283>4C202 <5=5, 0 B5?5@ AV409 =0 <5=5.
">9 G>;>2V: ?8B0TBLAO :
)> 7 B>3> 1C45?
2V= 9> !V409!
&59 V AV2.
@5; 9>3> ?>=VA 06 C E<0@C, 0 ?>BV< V ?CAB82 9>3> 4>4>;C.
">9 G>;>2V: ;5B8BL 4>4>;C, :>;8 F5 >@5; =5 402 9>;5-
BVB8 4> 75<;V, ?V4E>?82 9>3> B0 9 :065:
I>, O: B>1V 74020;>AL?
2V= :065:
"0:, =0G5 O 265 =568289 1C2.
">4V >@5; :065 9> B0: A0<5 V <5=V 1C;>, O: B8 =0 <5=5 =0FV;O2AO.
>BV< :065:
!V409 7=>2!
">;>2V:>2V 9 =5 E>BV;>AL AV40B8 =0 >@;0, =C, =5<0 I> @>18B8, B0:8 AV2. @5;
7=>2 9>3> O: ?>=VA, B0 06 C A03> 7 A515 B0 ?V4E>?82 9>3>
B0:, <>65, O: =0 420 A06=V 2V4 75<;V, B0 9 ?8B0TBLAO 9>3>:
I>, G>;>2VG5, O: B>1V 74020;>AL?
V= 9> "0: 7>2AV<, =0G5 265 :VAB:8 <>W @>7A8?0;8AL.
">4V >@5; 9> "0: A0<> 9 <5=V 1C;>, O: B8 24@C35 =0FV;82AL. C, I5 AV409.
">9 AV2.
@5; O: ?>=5A5 9>3> 06 70 E<0@C B0 72V4BV;L V ?CAB82 9>3> 4>4>;C, B0 ?V4E>?82 C65
06 :>;> A0<>W 75<;V, B0 B>4V ?8B0TBLAO 9>3>:
/: B>1V 74020;>AL, O: B8 ;5BV2 =0 75<;N?
V= 9> "0:, =0G5 <5=5 7>2AV< =5 1C;> 265 =0 A2VBV.
">4V >@5; 9> B0: 65 A0<> <5=V 1C;>, O: B8 2B@5BT =0FV;O2AL.
?>BV< :065:
C, B5?5@ C65 =VEB> =V:>1V. B5?5@ AV409 =0
<5=5, B0 1C45<> ;5BVB8 4> <>TW 3>A?>48.
B> ;5BOBL B0 9 ;5BOBL; ?@8;VB0NBL 4> 9>3> 4O4L:0. @5; V :065:
48 6 C E0BC, B0 O: 1C4CBL ?8B0B8AO B515, G8 =5 10G82 =0H>3> =51>60, B> B8
A:065H: O: 40AB5 O9F5-@09F5, B> 9 =0 2VGV ?@8254C.
V= ?@8E>48BL C E0BC, :>;8 F5 9> '8 ?> 2>;V, G8 ?> =52>;V?
2V= W< :065:
>1@89 :>70: CA5 ?> 2>;V E>48BL.
>=8 9>3> ?8B0NBLAO:
'8 =5 GC2 B8 B0< 70 =0H>3> =51>60? > 265 B@5BT ;VB>, O: ?VH>2 =0 2V9=C, B0 =V
GCB:8, =V 72VAB:8.
2V= W< :065:
/: 40AB5 O9F5-@09F5, B> 9 =0 2VGV ?@8254C. >=8 9> CGG5 =0< 9>3> =V:>;8 =5 10G8B8, O: 2V440B8 B>1V O9F5- @09F5.
">4V 2V= 28E>48BL V7 E0B8 B0 9 :065 >@;>2V:
070;8 B0:: ;CGG5 =0< 9>3> =V:>;8 =5 10G8B8, O: B>1V 2V440B8 O9F5-@09F5.
@5; 9> 5BV<> 40;V!
5BOBL B0 9 ;5BOBL B0 9 ?@8;VB0NBL 4> >@;>2>3> 1@0B0, B0 9 BCB G>;>2V: B5 A0<5
3>2>@82, I> 2 9>3> 4O4L:0, B0:8 9 BCB =5 74>1C2 O9FO-@09FO.
@8;VB0NBL 4> 9>3> 10BL:0, 0 >@5; 9> 48 2 E0BC, B0 O: 1C4CBL ?8B0B8AO 70 <5=5, B> A:065H, I> 10G82, 0 O: 404CBL
O9F5-@09F5, B> 9 =0 2VGV ?@82545H.
#2VE>48BL G>;>2V: C E0BC, 0 2>=8 9> '8 ?> 2>;V, G8 ?> =52>;V?
V= W< :065:
>1@89 :>70: CA5 ?> 2>;V E>48BL.
>=8 9>3> AB0;8 ?8B0B8AO:
'8 =5 10G82 =0H>3> A8=0? > 265 O: =5<0T G5B25@B5 ;VB>: 45AL ?VH>2 =0
2V9=C, B0, <01CBL, C18;8 9>3> B0<.
2V= W< :065:
/ 10G82, 0;5 O: 40AB5 O9F5-@09F5, B> O 9 =0 >GV ?@8254C.
0BL:> >@5; :065 9> 0I> 2>=> B>1V? CGG5 <8 B>1V 40<> 1030B> 3@>H59.
V= :065:
/ =5 E>GC 3@>H59, <5=V 409B5 O9F5-@09F5!
V48 6 ?@82>4L, 70@07 B>1V 40<>!
V= C2>48BL >@;0 2 E0BC, ">4V 9>3> 10BL:8 B0: 7@04V;8, I> 40;8 O9F5-@09F5 V
A:070;8:
"V;L:8 =5 @>718209 =V45 =0 4>@>7V, 0 O: ?@8945H 4>4> ?>3>@>48 703>@>48
25;8:V, 0 B>4V 9>3> V @>7V1'TH.
V= V45 B0 945, B0 B0: AE>BV;>AL ?8B8 9>;8 F5 =09H>2 :@8=8G:C. "V;L:8 I>
AB02 ?8B8 2>4C, B0 O:>AL >1 F51@8=C 9 @>7182 B5 O9F5-@09F5. /: C7O2 A:>B 25@=CB8 7 B>3>
O9FO! 5@=5 B0 9 25@=5. >=8BLAO 2V= 70 B8< A:>B><, B> I> 7 B>3> 1>:C ?V465=5, =0 4@C389
@>7V945BLAO...@8G8BL 1V4>;0E0, =VG>3> A0< =57@>18BL.
>;8 F5 V45 4> =L>3> 7 )> B8 <5=V 40A8, G>;>2VG5, O: O B>1V A:>B F59 265=C 2 B5 O9F5?
2V= W9 :065:
I> B>1V 40B8?
>=0 9> 0A8 B5, I> 157 B515 AB0;> 4><0?
2V= :065:
0B> 2>=0 9> 703=0;0 B>9 A:>B C O9F5, 70;V?8;0 A;02=> O9F5 V 40;0
9>V= ?@8E>48BL 4>4>3> A8= =0@>482AO. #40@82 2V= >1 ?>;8
@C:0<8:
&5 6 O B515, A8=C, 2V4402 7C >B> 6C@OBLAO 2>=8 7 6V=:>N. 0 40;V :06CBL:
5<0 I> @>18B8, 6C@1>N =5 ?><>65H. /:>AL B@510 68B8.
>3>@>482 2V= 703>@>48 25;8:V, @>7182 B5 O9F5, 28?CAB82 A:>B V 701030BV2.
82CBL 2>=8, 06 ?>:8 A8= ?V4@VA.
B A8= V :065:
&5 28 <5=5, B0BC, 2V440;8 7AL 1C45! B 2V= 70@07 V ?VH>2 4>
748BL 4> =5W, 0 2>=0 9> )>1 B8 70 >4=C =VG >B>9 ;C3 28:>@GC202, V I>1 B0< V7>@02, V ?H5=8FV =0AVO2,
V7602 WW, 2 A:8@B8 ?>:;02, V I>1 2 >4=C =VG 7 BVTW ?H5=8FV <5=V ?0;O=8FN A?V:: ?>:8 O
2AB0=C, I>1 2>=0 =0 AB>;V ;560;0.
V= V45 4> AB02:0 B0 9 706C @82AO. B0< 1;87L:> 1C2 20=89 AB>2?, V 2 BV<
AB>2?V 1C;0 7G:0 7020=0. V= ?@8E>48BL AN48 B0 9 ?;0G5. B0 4>G:0 9>3>
?8B0TBLAO:
. '>3> B8 ?;0G5H?
2V= :065:
/: 65 <5=V =5 ?;0:0B8, :>;8 7 O =V:>;8 9>3> =5 7@>1;N, 0
2>=0 A:070;0, I>1 70 >4=C =VG 7@>182.
>=0 9>3> A?8B0;0AL:
I> 6 B0V= W9 V @>7:0702. >=0 9> /: 2V7L<5H <5=5 70 6V=:C, B> O B>1V 2A5 7@>1;N B0:, O: 7V= :065:
>1@5.
>=0 9> O309 65 B5?5@ A?0B8, 0 702B@0 @0=> I>1 CAB02 B0 ?>=5A5H 7B ?VH;0 4>G:0 7 B>3> ;C3C B0 O: A28A=5: B>9 ;C3 B@VI8BL, ;CI8BL =0 BV<
@5BLAO, ?H5=8FO AVTBLAO... 4> A2VB0=:C A?5:;0 ?0;O=8FN, 40;0 9>4> 7;>682 =0 AB>;V,
:8=C;0AO, 289H;0 2 42V@ B0 9 4828BLAO =0 B>9 ;C3:
BV;L:8 A0<0 AB5@=O B0 A:8@B8 AB>OBL.
">4V 9> C, A?@0282AL! ;O48 6, I>1 V 4@C35 4V;> 7@>182!
"0 70@07 9> )>1 B8 >BC 3>@C @>7:>?02 V I>1 BC48 =V?@> 9H>2, 0 :>;> B>3> =V?@0 ?>1C4C9
:><>@8: I>1 10940:8 BC48 ?@8AB020;8 9 I>1 B8 BC ?H5=8FN ?@>402 =0 10940:8. /:
CAB0=C @0=>, B> I>1 F5 2A5 1C;> 3>B>25!
V= 7=>2 V45 4> B>3> AB>2?0 B0 9 ?;0G5. "0 4V2:0 9>3> ?8B0TBLAO:
'>3> B8 ?;0G5H?
V= W9 @>7:0702 B5 2A5, I> 9>=0 9> O309 A?0B8, O F5 2A5 ?>@>1;N.
A0<0 O: A28A=5, B> B0 3>@0 @>7:>?CTBLAO, =V?@> BC48 945, :>;> =L>3> :><>@8
1C4CNBLAO...
"V;L:8 ?@89H;0 2>=0 B0 71C48;0 9>3>, I>1 2V= ?H5=8FN 28402 :C?FO< =0 10940:8
7 B8E :><>@.
2A5 B0: V7@>1;5=>, O: 2>=0 9>">4V 70304CT 9> )>1 B8 FN =VG C;>282 7>;>B>3> 709FO V @0=5=L:> I>1 ?@8=VA <5=V 2 E0BC.
V= V7=>2 V45 4> B>3> AB>2?0 B0 9 ?;0G5, "0 4V2:0 ?8B0TBLAO 9>3>:
)> 2>=0 703040;0?
V= :065.
F5 265 =5 60@B8: EB> 9>3> 7=0T, O: 9>3> V 2;>28B8 7>;>B>3> 709FO. 4=0G5
E>4V< 4> BVTW A:5;V. !B0=L =04 =>@>N; B8 1C45H ;>28B8, 0 O 1C4C 3>=8B8 7 =>@8, V 3;O48 6:
I> BV;L:8 1C45 28E>48B8 7 =>@8, 15@8 9>3>: B> 7>;>B89 70TFL!
B> 2>=0 ?VH;0 B0 9 65=5.>;8 F5 28;078BL 7 =>@8 304N:0 B0 9 A8G8BL. V= WW V
?CAB82. V2G8=0 28E>48BL V7 =>@8 B0 9 ?8B0TBLAO 9>3>:
I>, =VG>3> =5 28;078;>?
2V= :065:
0 =V: ;V7;0 304N:0, 0 O ?>1>O2AO WW, I>1 =5 2:CA8;0, B0 9
?CAB82.
2>=0 9> I>1 B515: >B> V T A0<89 70TFL! C, 3;O48 6, O I5 @07
?V4C: B0 O: 1C45 EB> 28E>48B8 9 1C45 B>1V :070B8, I> BCB =5<0T 7>;>B>3> 709FO, B>
B8 =5 2V@, 0 45@68 9>3>!
>;V7;0 B0 9 65=5. >;8 28E>48BL B0:0 AB0@0 1010 B0 9 ?8-
B0TBLAO B>3> ?0@C1:0:
'>3> B8, H8=C, BCB HC:0TH?
2V= W9 :065:
>;>B>3> 709FO.
>=0 9>