&2C2 6G:E2C A6C56C 6= 4@?EC@= C@>A6C =2D 4F49:==2D @
52`2C 6= >2E6C:2= BF6 D6 G2 2 4@CE2C E6?82 D:6>AC6
=2 >RI:>2 AC642F4:a? 4F2?5@ 9282 4@CE6D 4@? 6764E@
EC@?K25@C2 $@ D6 C64@>:6?52 6= 4@CE6 56 6764E@
EC@?K25@C2 6? @EC@ >2E6C:2= BF6 ?@ D62 >256C2
#2CBF6 4=2C2>6?E6 =2 =]?62 56 4@CE6 6? =2 A:6K2 56
EC232;@
DE23=6K42 6= R?8F=@ 56 4@CE6 6? i
?4=:?6 =2 D:6CC2 924:2 256=2?E6 A2C2 BF6 56D42?D6
D@3C6 6= 3@C56 7C@?E2= 56 =2 32D6 J =2 4F49:==2 ?@
6?EC6 6? 4@?E24E@ 4@? =2 A:6K2 56 EC232;@ 4F2?5@ D6
6?4:6?52 =2 D:6CC2
D68fC6D6 56 BF6 =2 9@;2 6DER 56?EC@ 56= RC62 BF6
G2 2 4@CE2C
?4:6?52 =2 D:6CC2 FE:=:K2?5@ F?2 G6=@4:525 2=E2 J 32;6
56DA24:@ =2 4F49:==2D 924:2 =2 A:6K2 56 EC232;@ 92DE2
BF6 =2 4F49:==2 4@CE6 =2 >256C2
):82 32;2?5@ =2 9@;2 924:2 =2 A:6K2 EC232;252 92DE2
BF6 =2 32D6 6DEY 56 A=2?@ 4@?EC2 =2 A:6K2 J 56DA=246
=2 D:6CC2 924:2 256=2?E6 A2C2 24232C 6= 4@CE6 :?E6C:@C
+E:=:46 Da=@ 4F49:==2D 56 5:6?E6D A@C AF=8252 A2C2
6DE6 E:A@ 56 4@CE6
&F656 4@CE2C >F49@D E:A@D 56 >6E2=6D 4@? DF D:6CC2
*6?82 4F:525@ 56 ?@ C6E@C46C @ 5@3=2C =2D 9@;2D *6?82
4F:525@ 56 ?@ 7@CK2C =2 =:;25@C2
): =2 9@;2 9246 56>2D:25@ CF:5@ @ G:3C2 6? 6I46D@ FE:=:46
F?2 9@;2 56 5:6?E6D >RD ?@D @ F?2 G6=@4:525 DFA6C:@C
): =2 9@;2 D6 42=:6?E2 6? 6I46D@ FE:=:46 F?2 G6=@4:525
>6?@C ): =@D 5:6?E6D 56 =2 9@;2 D6 ==6?2? @ D6 2E2D42?
2= 4@CE2C >6E2=6D 3=2?5@D 4@>@ 6= 2=F>:?:@ FE:=:46 F?2
9@;2 56 5:6?E6D >RD 8CF6D@D @ F?2 G6=@4:525 :?76C:@C
)6 C64@>:6?52 6= FD@ 56 246:E6 A2C2 4@CE2C >6E2=6D J2
BF6 >2?E:6?6 7C]2 =2 4F49:==2 2F>6?E2 =2 244:a? 56 4@CE6
J AC@=@?82 =2 G:52 56 =2 4F49:==2 )F;6E6 C>6>6?E6 =2
A:6K2 56 EC232;@ J 4@CE6 46C42 56= AF?E@ 56 DF;64:a? A2C2
6=:>:?2C =2D G:3C24:@?6D 56 =2 A:6K2 2 4@CE2C
= 4@CE2C 4@?5F4E@D EF36C]2D @ 9:6CC@ 2?8F=2C ;6 =2 A:6K2
56 EC232;@ 6? F? E@C?@ 56 32?4@ D: 6D A@D:3=6 J D:6CC6
46C42 56= E@C?@ &2C2 4@CE2C 492A2D ?2D DF;YE6=2D 6?EC6
5@D E23=2D 56 >256C2 @ 56 4@?EC2492A25@ J 4@CE6 E@5@
2= >:D>@ E:6>A@ A2C2 6G:E2C G:3C24:@?6D @ 56D82CC@D 56=
>2E6C:2= @? 6DE6 >YE@5@ D6 AF656 =@8C2C F? 4@CE6 >RD
=:>A:@ J ?6E@ :D6`6 DF A2ECa? @ =]?62 56 4@CE6 6? =2 A2CE6
DFA6C:@C 56= sD2?5H:49t
$
85&Q41
= 4@CE2C >6E2= >2?E6?82 =2 A2CE6 6IAF6DE2 56 =2
D:6CC2 =:>A:2 J =:3C6 56 C6DE@D >6ER=:4@D =:>A:R?5@=2
4@? 7C64F6?4:2 4@? F? A2`@ 246:E@D@ IEC6>6 =2
AC642F4:a? 2= 56D6492C 6= A2`@ 246:E@D@ EC2D ?2=:K2C 6=
EC232;@ A2C2 6G:E2C F? A@D:3=6 C:6D8@ 56 :?46?5:@
h
& )&
:DA@?6 56 F?2 8F]2 56 3@C56 A2C2 DF FD@ 4@? =2 D:6CC2 J
D6 AF656 FE:=:K2C A2C2 9246C 4@CE6D EC2?DG6CD2=6D J 4@CE6D
2= 9:=@
6D6?49F76 =2 D:6CC2
): =2 =:;25@C2 ?@ 6DER 56D6?49F7252 A@5C]2 A@?6CD6
6? >2C492 :?25G6CE:52>6?E6 J AC@G@42C 96C:52D
4@CA@C2=6D 8C2G6D
?D6CE6 6= 3C2K@ 56 =2 8F]2 56 3@C56 6? =2D 5@D C2?FC2D
BF6 92J 6? =2 32D6 56 =2 D:6CC2
;FDE6 =2 8F]2 56 3@C56 2 =2 2?49FC2 56D6252 J 7];6=2
4@? 6= E@C?:==@ 56 8F]2 56 3@C56
+E:=:46 D@=@ A:6K2D 56 C642>3:@ :5Y?E:42D 4F2?5@ 6DEY
C62=:K2?5@ =23@C6D 56 >2?E6?:>:6?E@ 56 =2 >RBF:?2 =
FD@ 56 @EC2D A:6K2D AF656 @42D:@?2C C:6D8@D @ 52`@D
6? 6= AC@5F4E@
"
j
6D6?49F76 =2 96CC2>:6?E2
): =2 D:6CC2 ?@ 6DER 56D6?49F7252 A@5C]2 A@?6CD6
6? >2C492 :?25G6CE:52>6?E6 J AC@G@42C 96C:52D
4@CA@C2=6D 8C2G6D
@?64E6 =2 3@BF:==2 56= D:DE6>2 56 C64@=644:a? 56
A@=G@ 2= AF6CE@ 56 A@=G@
`25479&39*