medici firma sovereign fund

8/16/2019 Medici Firma Sovereign Fund

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ONWARD PROSPERITY

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48:2;<A5C673 ;8=32>672=D 36??2=D E4 5= *F'G %? 318E:> 5:38 H6 89

2=?6763? ?8 48:2;<A5C673 2= ;8E=?7263 I1676 *F'3 576 5:765>< 2=

4:5;6J ?8 76K26I ?1627 6L23?2=D 48:2;263 5=> 84675?28=3G '2=5::<J 2?

899673 5= 84487?E=2?< ?8 2>6=?29< 57653 I1676 763657;1 2=

A5;786;8=8A2;3 5=> 92=5=;6 318E:> D2K6 9E7?167 5=3I673 53 ?8 ?165>6ME5;< 89 6L23?2=D 475;?2;6 76:5?6> ?8 ?16 36??2=D E4 5=>

A5=5D6A6=? 89 *F'3J 5= 5765 I1676 475;?2;5: ;8=32>675?28=3 89?6=

:65> ?16876?2;5: 763657;1G '87 2=3?5=;6J 48:2;<A5C673 318E:>

84?2A5::< ;8=32>67 H8?1 ?1627 38K6762D= 5336?3 5=> :25H2:2?263

?8D6?167 I2?1 ?1627 A5;786;8=8A2; 8HN6;?2K63J I16= 36??2=D E4 5=

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5=> >8 =8? =6;633572:< 7647636=? ?1836 89 ?16 "'% 87 "'% 48:2;<G

F87C2=D O54673 >63;72H6 763657;1 2= 478D7633 H< ?16 5E?187P3Q 5=> 576

4EH:2316> ?8 6:2;2? ;8AA6=?3 5=> ?8 9E7?167 >6H5?6G



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0123 45467 899673 5 48:2;< 5=> 84675?28=5: @785>A54B ?8

48:2;<A5C673 ;8=32>672=D 36??2=D E4 5 38K6762D= I65:?1 9E=> P*F'QG

%? 318E:> 5:38 H6 89 2=?6763? ?8 48:2;<A5C673 2= ;8E=?7263 I1676

*F'3 576 5:765>< 2= 4:5;6J ?8 76K26I ?1627 6L23?2=D 48:2;263 5=>

84675?28=3G '2=5::<J 2? 899673 5= 84487?E=2?< ?8 2>6=?29< 57653 I1676

763657;1 2= A5;786;8=8A2;3 5=> 92=5=;6 318E:> D2K6 9E7?167

5=3I673 53 ?8 ?16 5>6ME5;< 89 6L23?2=D 475;?2;6 76:5?6> ?8 ?16

36??2=D E4 5=> A5=5D6A6=? 89 *F'3J 5= 5765 I1676 475;?2;5:

;8=32>675?28=3 89?6= :65> ?16876?2;5: 763657;1G '87 2=3?5=;6J48:2;<A5C673 318E:> 84?2A5::< ;8=32>67 H8?1 ?1627 38K6762D= 5336?3

5=> :25H2:2?263 ?8D6?167 I2?1 ?1627 A5;786;8=8A2; 8HN6;?2K63J I16=

36??2=D E4 5= *F'G

016 45467 76:263 :57D6:< 8= ?16 6L46726=;6 89 6L23?2=D *F'3G (5?167

?15= NE3? H62=D 5 >63;724?28= 89 I15? *F'3 >8J ?16 45467 >75I3 8=

?16 ;8=323?6=;< 89 *F'3 6L46726=;6 I2?1 A5;786;8=8A2;

975A6I87C 5=> 2=K63?A6=? 8HN6;?2K63G %? 23 5:38 H536> 8= 8E7

6L46726=;6 I2?1 2=?67=5?28=5: 76367K63 A5=5D6A6=?J 53 3E;1

A5;786;8=8A2; 5=> 92=5=;25: ?1687<J I16= 5K52:5H:6J 3E4487? 8E7

76;8AA6=>5?28=3G

016 @785>A54B 3?57?3 H< ?5C2=D 53 5 D2K6= 48:2;<A5C673S H785>

8HN6;?2K63G 0<42;5::<J *F'3 576 36? E4 59?67 ;8AA8>2?< 472;6 H88A3

P87 A876 76;6=?:< 2= ?16 ;536 89 &12=5J :57D6 6L487? H88A3QG

'8::8I2=D ?1636 :57D6 5;;EAE:5?28= 89 2=?67=5?28=5: 5336?3J

48:2;<A5C673 36? E4 5 =EAH67 89 8HN6;?2K63 I12;1 ?16< >66A ?8 H6

@84?2A5:GB '87 2=3?5=;6J 48:2;<A5C673 A5< 52A 5? 6=15=;2=D

76?E7=3 8= 2=?67=5?28=5: 76367K63J A66?2=D 46=328= :25H2:2?263J

3?5H2:2X2=D 923;5: 76K6=E63 5=> 2=K63?2=D 5336?3 ?8 A66?

>6K6:84A6=? 8HN6;?2K63G



016 9273? 36? 89 233E63 ?15? 48:2;<A5C673 I2:: 95;6 23 ?8 >6?67A2=6

I16?167 87 =8? ?16< 318E:> 36? E4 5= *F' ?8 A66? ?1627 H785>

48:2;< 8HN6;?2K63G %= 475;?2;6J 5 C6< ME63?28= 23 ?8 >6?67A2=6

I16?167 ?16 ;8E=?7< 153 5= @5>6ME5?6B 87 @84?2A5:B :6K6: 89

2=?67=5?28=5: 76367K63G #K6= 29 ?16 ;8E=?7< 153 2=>66> 5= @5A4:6B

6=8ED1 :6K6:J 48:2;<A5C673 I2:: 15K6 ?8 >6;2>6 I16?167 ?16< I2::

E36 ?16 *F'3 5336?3 ?8 A66? H5:5=;6 89 45<A6=?3 =66>3J 318E:>

?16< A5?6725:2X6G ) 76:5?6> ME63?28= 23 ?15? 89 H6??67 5:?67=5?2K63 ?8

36??2=D E4 5= *F'G

*6;8=>J 8=;6 ?16< 15K6 D8=6 5165> 5=> 36? E4 5= *F'J

48:2;<A5C673 I2:: 15K6 ?8 >6;2>6 8= 5 =EAH67 89 84675?28=5:

ME63?28=3 I12;1 318E:> H6 ;8=323?6=? I2?1 ?1627 H785> 48:2;<8HN6;?2K63G +4675?28=5: 8HN6;?2K63 576 =66>6> ?8 >672K6 544784725?6

2=K63?A6=? 48:2;< 5=> 2=;:E>6 9E=>2=DJ I2?1>75I5:J 5=> 346=>2=D

7E:63G

0127>J 89?6= 8K67:88C6> HE? C6< 233E63 467?52= ?8 2=3?2?E?28=5:

5775=D6A6=?3G )= 5>6ME5?6 D8K67=5=;6 975A6I87C I2:: 15K6 ?8

D2K6 ;:657 2=>2;5?28=3 53 ?8 I12;1 2=3?2?E?28= >6?67A2=63 ?16 *F'S3

48:2;< 8HN6;?2K63 5=> 8K675:: 723C ?8:675=;6J 2?3 84675?28=5:8HN6;?2K63J 5=> 2?3 2=K63?A6=? DE2>6:2=63 P5=> I18 I2:: 6L6;E?6 ?16

:5??67QG

'2=5::<J D2K6= ?16 5H8K6J 48:2;<A5C673 I2:: 15K6 ?8 >6;2>6 I1676 ?8

2=K63? ?16 *F'3 5336?3J ?15? 23 2?3 3?75?6D2; 5336? 5::8;5?28=J 3?57?2=D

I2?1 ?16 6:5H875?28= 89 5= 2=K63?A6=? 48:2;<G 016 2=K63?A6=? 48:2;<

318E:> H6 5D52= ;8=323?6=? I2?1 H785> 48:2;< 8HN6;?2K63G 016

84675?28=5: 8HN6;?2K63 I2:: >72K6 ?16 2=K63?A6=? 1872X8=J ?16 723C?8:675=;6J 5=> ?16 2=K63?A6=? 6=K278=A6=? P2=;:E>2=D 5336? ;:53363

5=> ?1627 ;8776:5?28=J 5336? :25H2:2?< A5=5D6A6=? 5=> 8?167

;8=3?752=?3Q I12;1 2= ?E7=J I2:: >6?67A2=6 ?16 3?75?6D2; 5336?

5::8;5?28=G



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?8 2=K63? 5 31576 89 ?16 *F'3 5336?3 >8A63?2;5::<G %= ?123 ;536J ?123

>6;2328= 318E:> H6 ;8=32>676> 2= ?16 :2D1? 89 ?16 H785> 48:2;<

8HN6;?2K63 5=> ?16 ;8E=?7<S3 A5;786;8=8A2; 48:2;< 975A6I87CG '87

2=3?5=;6J 5K82>5=;6 89 ?16 $E?;1 $236536 A5< :65> ?8 ?16 >6;2328=

89 =8? 2=K63?2=D >8A63?2;5::<G )D52=J 2=3?2?E?28=5: 5775=D6A6=?3 576

2A487?5=? 2= ?16 ;8=?6L? 89 ?16 *F'S3 2=K63?A6=? 48:2;<G '87

2=3?5=;6J 48:2;<A5C673J 5:?18ED1 ?16< I2:: H657 ?16 76348=32H2:2?<

987 ?16 467987A5=;6 8= ?16 *F'3 5336?3J I2:: 15K6 ?8 ?5C6 5

4832?28= 76D57>2=D ?16 E36 89 6L?67=5: A5=5D673G

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*F'3 576 >692=6> 53 5 346;25: 4E74836 2=K63?A6=? 9E=> 87

5775=D6A6=?J 8I=6> H< ?16 D6=675: D8K67=A6=?GY &765?6> H< ?16

D6=675: D8K67=A6=? 987 A5;786;8=8A2; 4E748363J *F'3 18:>J

A5=5D6J 87 5>A2=23?67 92=5=;25: 5336?3 ?8 5;126K6 92=5=;25:

8HN6;?2K63J 5=> 6A4:8< 5 36? 89 2=K63?A6=? 3?75?6D263 I12;1 2=;:E>6

2=K63?2=D 2= 98762D= 92=5=;25: 5336?3G *F'3 576 ;8AA8=:<

63?5H:2316> 8E? 89 H5:5=;6 89 45<A6=?3 3E74:E363J 8992;25: 98762D=

;E776=;< 84675?28=3J ?16 478;66>3 89 472K5?2X5?28=3J 923;5: 3E74:E363J5=>Z87 76;624?3 763E:?2=D 978A ;8AA8>2?< 6L487?3G

F2?1 5 ;545;2?< ?8 84675?6 8K67 5 :8=DW?67A 2=K63?A6=? 1872X8=J

*F'3 576 :633 723C 5K6736 ;8A4576> ?8 5D6=;263 A5=5D2=D

?75>2?28=5: 98762D= 6L;15=D6 76367K63G 016 >692=2?28= 89 5= *F'

6L;:E>63J 2=?67 5:25J 98762D= ;E776=;< 76367K6 5336?3 16:> H<

A8=6?57< 5E?1872?263 8=:< 987 ?16 ?75>2?28=5: H5:5=;6 89 45<A6=?3

PU8OQ 87 A8=6?57< 48:2;< 4E748363J 84675?28=3 89 3?5?6W8I=6>6=?67472363 P*+#3Q 2= ?16 ?75>2?28=5: 36=36J D8K67=A6=?W6A4:8<66

46=328= 9E=>3J 87 5336?3 A5=5D6> 987 ?16 H6=692? 89 2=>2K2>E5:3G

F12:6 *F' 23 5= 5::W6=;8A45332=D ?67AJ 2? ;8K673 5 D78E4 89

16?678D6=68E3 9E=>3 ?15? 15K6 6L23?6> 987 <6573G F15? ?1636 9E=>3

15K6 2= ;8AA8= 23 ?16 4EH:2; 8I=673124 5=> ?16 95;? ?15? ?1636



9E=>3 576 89?6= 63?5H:2316> ?8 A66? 5 A5;786;8=8A2; 4E74836J

?18ED1 ?1636 4E748363 A5< 5? ?2A63 H6 AE:?24:6 2= =5?E76 P6GDGJ

35K2=D3 5=> 923;5: 3?5H2:2X5?28=QG

<<<? &KMH !C DM! J, EH D&:N

*8A6 ;8AA8>2?< 6L487?3 H536> 9E=>3 15K6 H66= 2= 6L23?6=;6 987

36K675: >6;5>63 I2?1 ?16 D85: 89 A5=5D2=D 5 487?28= 89 ?16

;8E=?7263S 98762D= 6L;15=D6 76K6=E63G "876 76;6=?:<J 5 =EAH67 89

;8E=?7263 15K6 5:38 36? E4 *F'3 E32=D 923;5: 3E74:E363 5=>

5;;EAE:5?6> 98762D= 6L;15=D6 76367K63G $6342?6 ?123 6L46726=;6J

?1676 576 =8 ?16876?2;5: A8>6:3 <6? 987 >6;2>2=D I16= ?8 36? E4 5=

*F'G

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2>65::<J ?16 D8K67=A6=? 318E:> 544785;1 2?3 H5:5=;6 3166? 2=

6=?276?<J 2>6=?29<2=D 5:: 92=5=;25: 5336?3 5=> :25H2:2?263J 2=;:E>2=D

;8AA8>2?< K5:E63 2= ?16 D78E=> 5=> 9E?E76 ?5L 76K6=E6G %? ;5= ?16=

84?2A2X6 2?3 5336? 5::8;5?28= ;182;63 H536> 8= 3E;1 5= 544785;1G

[8I6K67J 2= 475;?2;6J D8K67=A6=?3 544785;1 ?16 63?5H:231A6=? 89

5= *F' 2= 5 A876 5> 18; H5323 5=> I16= 5 ;72?2;5: A533 89

H5:5=;6 89 45<A6=? 87 923;5: 3E74:E363 23 765;16>G 0123 6L4:52=3J 2= 5

:57D6 457?J I1< *F'3 576 ?<42;5::< 36? E4 59?67 ;8AA8>2?< 472;6

H88A3J 3E;1 53 >E72=D ?16 36K6=?263 5=> 5D52= 2= ?16 :53? 96I <6573G

'78A 5 475;?2;5: K26I482=?J ?123 544785;1 ?5C6= H< ;8E=?7263 ;5= H6

6L4:52=6>J 4671543J H< ?16 ;8=;64? 89 A6=?5: 5;;8E=?2=DG &82=6>

H< (2;157> 015:67 P\]^_QJ A6=?5: 5;;8E=?2=D 23 8=6 89 ?16

533EA4?28=3 E=>6742==2=D H615K2875: 92=5=;6G &8A4576> I2?1 5?75>2?28=5: 2=K63?A6=? 544785;1J I12;1 533EA63 ?15? 2=K63?873

467;62K6 ?1627 5336?3 53 9E=D2H:6J H615K2875: 92=5=;6 533EA63 ?15?

2=K63?873 ?6=> ?8 D78E4 ?1627 5336?3 2= 5 =EAH67 89 =8=W 9E=D2H:6

5;;8E=?3J 5=> A5C6 >6;2328=3 >299676=?:< >646=>2=D 8= ?16 4E74836

987 36??2=D E4 ?16 5;;8E=?G



0123 ;8=;64? ;8E:> H6 544:26> ?8 E=>673?5=> 18I 5 ;8E=?7< >2K2>63

2?3 488: 89 38K6762D= 5336?3G '87 6L5A4:6J I16= 5 ;8E=?7< >23;8K673

5= 82: 76367K6J 2? A5< ?72DD67 5 478;633 89 ;8=32>672=D ?16

2A4:2;5?28=3 89 3E;1 5 =6I I65:?1G %? A5< ;8=32>67 I15? 23 ?16

@5>6ME5?6B :6K6: 89 76K6=E63 38 ?15? ?16 @6L;633B 76K6=E63 ;5= H6

36? 532>6G` T2C6I236J 29 5 ;8E=?7< 23 2= ?16 478;633 89 5;;EAE:5?2=D

98762D= ;E776=;< 76367K63J 2? A5< 657A57C ?16A 987 A66?2=D

:2ME2>2?< =66>3 I2?1 5 12D1 472872?< 987 3596?<J 32A2:57 ?8 5=

2=>2K2>E5:S3 5;;8E=? 36? E4 ?8 4E7;1536 =6;6332?263G O8:2;<A5C673

576 765>< 5=> I2::2=D ?8 ?5C6 A876 723C3 8=:< 59?67 38K6762D= 5336?3

765;1 5= 5>6ME5?6 :6K6: 5=> 576 ;8=32>676> ?8 H6 5A4:6G %? 23 5? ?123

3?5D6 ?15? 48:2;<A5C673 ?6=> ?8J 2= 475;?2;6J 5::8;5?6 6L;633

76367K63 2= 5 >299676=? 5;;8E=?J I2?1 5 12D167 723C ?8:675=;6J

98::8I2=D >299676=? 2=K63?A6=? 48:2;263G *8J ?16 ME63?28= H6;8A63

8=6 89 >6?67A2=2=D I16= ?16 76367K63 576 5>6ME5?6G

E? &"/* -(/ - @'0*3(OP$ F/$/(5/$ E2/Q0-3/N

0<42;5::<J 5A4:6 8992;25: 76367K63 576 5 32D=5: ?8 533633 29 76367K63

318E:> H6 A5=5D6> 5=> 2=K63?6> >299676=?:< 5=> 2?3 5:?67=5?6 E363G

[8I 318E:> ?123 533633A6=? 89 5A4:6 76367K63 H6 A5>6R )? I15?482=? ;5= 76367K63 H6 2=K63?6> >299676=?:<R *2=;6 ?1676 576

32D=292;5=? H6=692?3 ?8 76367K63J 6346;25::< 2= ?67A3 89 76>E;2=D

6L?67=5: KE:=675H2:2?< 5=> 478K2>2=D ;8E=?7< 2=3E75=;6J ?123 :6K6:

=66>3 ?8 H6 ;5769E::< 5336336>G 01E3J H69876 8?167 2=3?2?E?28=5:

;8=32>675?28=3 576 A5>6J ?16 @5>6ME5?6B 87 @84?2A5:B :6K6: 89

76367K63 318E:> H6 63?5H:2316> 5=> 5D766> H6?I66= ?16 ;6=?75:

H5=C 5=> ?16 D8K67=A6=?G

'78A 5 ;72323 476K6=?28= 467346;?2K6J ?16 A83? 76:6K5=? 2=>2;5?87

987 6A67D2=D A57C6? 6;8=8A263 23 ?16 75?28 89 2=?67=5?28=5:

76367K63 ?8 3187?W?67A 6L?67=5: >6H?Ga '87 ;8E=?7263 I2?1 E=;67?52=

5;;633 ?8 2=?67=5?28=5: A57C6?3J 5 32A4:6 H6=;1A57C 23 ?16 8=6 ?15?

?57D6?3 ?16 ;8K675D6 89 3187?W?67A 6L?67=5: >6H? 89 5:: 7632>6=?3



5=> 2= 5:: 2=3?7EA6=?3 5=> ;E776=;263 A653E76> H< 76A52=2=D

A5?E72?<G 0123 A65=3 ?15? 5 ;8E=?7< I2?1 5 H5:5=;6> ;E776=?

5;;8E=? 5=> =8 ;542?5: 9:2D1? I2:: 15K6 3E992;26=? 76367K63 ?8 ;8K67

2?3 8H:2D5?28=3 987 5 9E:: <657 6K6= 29 2? 23 ;E? 8E? 89 6L?67=5: ;542?5:

2=9:8I3G +?167 95;?873 15K6 5= 2A45;? 53 I6::G [2D167 :6K6:3 89

76367K63 I8E:> H6 4769675H:6 2= ;8E=?7263 I2?1 :57D6 6L?67=5:

;E776=? 5;;8E=? >692;2?3J 8K67K5:E6> 6L;15=D6 75?63J 12D1 :6K6:3 89

3187?W?67A 4EH:2; >8A63?2; >6H?J >672K5?2K6 4832?28=3 89 ?16 4EH:2;

36;?87J 5=> I65C H5=C2=D 3<3?6A3G

&8=32>675?28=3 ?15? :2A2? ?16 =66> 987 76367K63 2=;:E>6 5 9:6L2H:6

6L;15=D6 75?6 76D2A6J A5=5D6A6=? 89 ?16 5;?E5: 6L;15=D6 75?6

48:2;< 2= 5 A5==67 ?15? >23;8E75D63 12D1 98762D= 6L;15=D66L483E76 H< ?16 472K5?6 36;?87J 5 4EH:2; 36;?87 ?15? H8778I3 2=

>8A63?2; ;E776=;< 978A =8=W7632>6=?3J 38E=> 472K5?6 36;?87 723C

A5=5D6A6=?J 38E=> H5=C2=D 3E467K2328=J 5=> D8K67=A6=?S3 5H2:2?<

?8 H8778I ME2;C:< 5=> 2= :57D6 5A8E=?3 978A =8=W7632>6=?3G

%= 5>>2?28= ?8 ?16 6A4272;5: I87C H536> 8= 63?2A5?63 89 ?16 >64?1

89 5 ;72323J ?1676 576 2=3E75=;6 A8>6:3 ?15? ?7< ?8 5=3I67 ?16

ME63?28= 89 ?16 84?2A5: :6K6: 89 76367K63 2= 5 ;83?W H6=692?P84?2A2X2=DQ 975A6I87CJ 3E;1 53 ?16 b65==6W(5=;2676 PY__cQ 5=>

b65==6 PY__dQ A8>6:3G %= ?1636 975A6I87C3J 76367K6 5336?3 ;5=

16:4 76>E;6 ?16 478H5H2:2?< 5=> ;83? 89 5 ;72323 2= ?67A3 89 8E?4E?

:833 HE? ?16 ?<42;5::< :8I 76?E7= 89 ?1636 5336?3 2A4:263 5=

84487?E=2?< ;83? 89 18:>2=D ?16AG

R? &"-3 -(/ 3"/ C.3#'*$ #* @-$/ '7 E;.1/ F/$/(5/$N

016 =6L? 3?64 2= >6;2>2=D 8= I16?167 ?8 36? E4 5= *F' 23 ?8 76K26I

?16 872D2=3 89 ?16 5A4:6 76367K63J ?16 :8=D6K2?< 89 ?1636 38E7;63J

5=> ?16 8?167 5336?3 5=> :25H2:2?263 89 ?16 38K6762D= ?8 A5C6 5

NE>DA6=? 53 ?8 I16?167 ?1676 576 =8 H6??67 5:?67=5?2K63 ?15=

36??2=D E4 5= *F'G *8K6762D= 98762D= 5336? 5;;EAE:5?28= ?<42;5::<



;8A63 978A 5 96I A52= 38E7;63G

016 38E7;6 89 5A4:6 76367K63 ;5= H6 ;542?5: 2=9:8I3J A8446> E4

?178ED1 233E2=D ;6=?75: H5=C :25H2:2?263J 5=> 38A6 ?2A63 ?178ED1

233E5=;6 89 D8K67=A6=? 45467G %= ?123 ;536J ?16 ;6=?75: H5=C 5=> 87?16 A2=23?7< 89 92=5=;6 15K6 ?8 I62D1 ?16 :8=D6K2?< 89 ?1636 2=9:8I3

2= >6;2>2=D I16?167 ?16 3?765A 89 2=9:8I3 23 3E992;26=? ?8 2=K63?

5336?3 8K67 5 :8=D67 ?67A 5=> I2?1 D765?67 723CG

'8762D= 5336? 5;;EAE:5?28= ;8E:> 5:38 769:6;? ?16 D6=675: 923;5:

HE>D6? 3E74:E363J 472K5?2X5?28= 76;624?3 87 3E74:E363 76:5?6> ?8

76K6=E63 978A H88A2=D ;8AA8>2?< 6L487?3J 2= I12;1 ;536 ?16

2=2?25: 87 5=?2;245?6> 76367K6 HE2:>WE4 I2::J ?<42;5::<J 15K6 5;8E=?67457? 2= D8K67=A6=? >64832?3 I2?1 ?16 ;6=?75: H5=CGe U536>

8= ?1636 2=>2K2>E5: 38E7;63 89 9:8I3J 5= 533633A6=? ;5= H6 A5>6

I16?167 ?1636 576 8=6W899 5=> 3A5:: 87 :2C6:< ?8 ;8=?2=E6 8K67 ?2A6G

) 9273? 84?28=J 5=> ?123 544:263 2= 62?167 ;536J 89 76>E;2=D 87

A5?;12=D 6L?67=5: >6H? 8H:2D5?28=3 23 5 3?752D1?987I57> I5< 89

E32=D 5A4:6 76367K63 ?8 76>E;6 ;E776=;< A23A5?;163 5=> ;577<

;83?3G '87 2=3?5=;6J 478A4?6> H< =6D5?2K6 2=;8A6 763E:?3 2= Y__a

5=> Y__e 53 5 763E:? 89 H8?1 ?16 ;577< ;83? 5=> ;E776=;<

76K5:E5?28=J U5=;8 >6 "6L2;8 153 E36> 6L;633 76367K63 ?8 7645<

:85=3 978A ?16 %=?67W)A672;5= $6K6:84A6=? U5=C 5=> ?16 F87:>

U5=CJ 2= 6336=;6 3172=C2=D ?16 8K675:: H5:5=;6 3166?Gc

) 36;8=> 84?28= 23 ?8 3?57? A5=5D2=D 76367K63 8= ?16 ;6=?75: H5=C

H5:5=;6 3166? I2?1 5 :8=DW ?67A 467346;?2K6G +9?6= 76367K63 576

34:2? 2=?8 ?75=;163J 5=> ?16 2=K63?A6=? ?75=;16 ;8E:> H6 5A4:2926>

5=> 2?3 A5=>5?6 6L45=>6> ?8 5 :8=D67 1872X8=G '87 2=3?5=;6J ?16

[8=D V8=D "8=6?57< )E?1872?< 364575?63 98762D= 76367K63 2=?8 ?I8

487?98:283J U5;C2=D O87?98:28 5=> %=K63?A6=? O87?98:28Gd )336?3 2= ?16

U5;C2=D O87?98:28 576 2=K63?6> 2= 12D1:< :2ME2> 5=> 3187?W ?67A /G*G

>8::57W>6=8A2=5?6> 92L6> 2=;8A6 36;E72?263G F12:6 5336?3 2= ?16



%=K63?A6=? O87?98:28 576 2=K63?6> 2= 5 A876 ><=5A2; I5<J 2=;:E>2=D

2=K63?A6=? 2= 6ME2?263G 0<42;5::<J 18I6K67J ?16 :2A2?6> ?8:675=;6 987

76487?2=D :83363J ;8AH2=6> I2?1 A57C6>W?8WA57C6? 5;;8E=?2=D

3?5=>57>3J A5< :2A2? ?16 723C 5=> ?16 32X6 89 ?16 2=K63?A6=?

487?98:28G^

) ?127> 84?28= 23 ?8 36? E4 5= *F'J H6 2? 8= ?16 ;6=?75: H5=C H5:5=;6

3166?J 87 53 5 364575?6 2=3?2?E?28=G 0123 23 E3E5::< >8=6 I16= ?16

9273? 84?28=3 576 6L15E3?6> 87 I16= ?1676 23 5 ;:657 38E7;6 5=>

8HN6;?2K6 89 2=;76532=D 76367K63G '87 6L5A4:6J =6? ;8AA8>2?<

6L487?2=D ;8E=?7263 95;2=D 5 :57D6 5=> 478:8=D6> ;8AA8>2?< 472;6

H88A A5< 15K6 96I 8?167 38E=> 84?28=3 HE? ?8 36? E4 5= *F' 53

?16< ?<42;5::< 15K6 :2A2?6> 6L?67=5: D8K67=A6=? >6H? :69? 5=> 5=2A487?5=? A5;78 52A 23 ?8 76>E;6 ?16 K8:5?2:2?< 89 D8K67=A6=?

76K6=E63 5=> :2A2? $E?;1 $236536 6996;?3 89 ;78I>2=D 8E? ?16

472K5?6 36;?87 ?15? ;8A6 5H8E? 29 ;8AA8>2?< 76K6=E63 576 7542>:<

346=?G

@? &"-3 #7 R', @(#$/$ @-11 7'( B#Q0#2#3O D0..'(3 7('; 3"/ D&:N

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8HN6;?2K6 89 5 ;8E=?7<S3 8992;25: 98762D= ;E776=;< 76367K63J 5=> =8?

?15? 89 5 ?<42;5: *F'G &8=?2=D6=? ;5:: 987 :2ME2>2?< 3E4487? ;8E:>

48?6=?25::< 476K6=? ?16 *F' 978A 4E73E2=D :8=DW?67A 2=K63?A6=?

1872X8= 5=> 18:>2=D :633 :2ME2> 5336?3G %9 ?16 *F' =66>3 ?8 478K2>6

U8O 3E4487?J 5 ;:657 48:2;< 5=> 3E4487?2=D 7E:63 5=> 478;6>E763

318E:> H6 63?5H:2316> ;8=323?6=? I2?1 ?15? 4E74836G 0123 478A8?63

?75=34576=;< 5=> 5;;8E=?5H2:2?< 89 ?16 *F'G

*8A6 ;8E=?7263 >8 36? E4 38A6 5775=D6A6=?3 987 5336?3 2= *F'3 ?8

H6 E36> 987 U8O 4E748363G '87 6L5A4:6J ?16 OE:5 'E=> 2= U8?3I5=5

153 5D766> ?72DD67 482=?3 ?15? 5::8I ?16 9E=> ?8 H6 >75I= 978A 2=

?16 6K6=? ?15? A5;786;8=8A2; 48:2;< 5>NE3?A6=?3 15K6 478K6>

2=3E992;26=? ?8 3?5H2:2X6 ?16 76367K6 :6K6: 2= ?16 T2ME2>2?< O87?98:28G] %=



?16 ;536 89 V8765 %=K63?A6=? &874875?28= PV%&QJ 5336?3 576 ME5:2926>

53 76367K6 5336?3 5=> ;8E:> H6 E36> 987 U8O 4E748363G\_

0<42;5::<J ;8AA8>2?< 9E=>3 5:38 763E:? 2= >23HE736A6=?3 I16=

;8AA8>2?< 472;63 576 I65C 5=> ?1E3 ?6=> ?8 3E4487? H5:5=;6 8945<A6=?3 6K6= I16= ?16< 15K6 =8 6L4:2;2? H5:5=;6 89 45<A6=?3

3E4487? 9E=;?28=G

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5:8=D ?1627 8HN6;?2K63G 016 "'% H785>:< >23?2=DE23163 92K6 ?<463 89*F'3f P2Q 76367K6 2=K63?A6=? ;874875?28=3 ?15? 52A ?8 6=15=;6

76?E7=3 8= 76367K63 P22Q 46=328=W76367K6 9E=>3g P222Q 923;5:

3?5H2:2X5?28= 9E=>3g P2KQ 923;5: 35K2=D3 9E=>3g 5=> PKQ >6K6:84A6=?

9E=>3 ?15? E36 76?E7=3 ?8 2=K63? 987 >6K6:84A6=? 4E748363G\\

O6=328= 76367K6 9E=>3 366C ?8 HE2:> 5336?3 ?8 ;8K67 5= 2>6=?2926>

:25H2:2?< 89?6= 76:5?6> ?8 5= 5D2=D 484E:5?28=G )= 5D2=D 484E:5?28= 23

5 ;5E36 89 9E?E76 6;8=8A2; KE:=675H2:2?< 5=> 6L46=>2?E76J 89?6=76:5?6> ?8 6=?2?:6A6=?3 ?15? I676 9E=>6> H< 5 45<W53W<8E D8

3<3?6A 763E:?2=D 2= 12D1 6;8=8A2; 5=> 38;25: ;83?G ) 47E>6=?

76348=36 ?8 3E;1 ;15::6=D63 23 ?8 5;;EAE:5?6 5336?3 =8I 38 53 ?8

89936? ?16 478N6;?6> 12D167 :25H2:2?< 76:5?6> ?8 3E3?52=2=D 46=328=3

5=> 38;25: I6:9576 2= ?16 9E?E76G 0123 544785;1 ;5= H6 98E=>J 987

6L5A4:6J 2= )E3?75:25J %76:5=>J .6I h65:5=>J 5=> &12:6G\Y $646=>2=D

8= ?16 A5;786;8=8A2; 975A6I87CJ ?1636 5336?3 ;5= 89?6= H6

2=K63?6> 5H785>J 38 ?15? ?16< ;5= H6 >232=K63?6> 5=> E36> 9872A487?3 I16= ?16 >8A63?2; 484E:5?28= ;8A63 89 5D6G

'23;5: 3?5H2:2X5?28= 5=> 923;5: 35K2=D3 9E=>3 576 89?6= 76:5?6> ?8

;8AA8>2?< 76:5?6> I65:?1G 01676 576 9E=>5A6=?5::< ?I8 233E63

I2?1 ;8AA8>2?< I65:?1G '273?J 472;63 576 89?6= K67< K8:5?2:6



;8A4576> ?8 8?167 2=;8A6 3?765A3g 5=>J 36;8=>J ME5=?2?263 576

89?6= 12D1:< >23;8=?2=E8E3J 6346;25::< 2= 3A5::67 ;8E=?7263 I2?1

:2A2?6> 7638E7;6 ;545;2?<G

*5K2=D 9E=>3 D6=675::< 98;E3 8= 2=?67D6=675?28=5: 6ME2?< 5=>?75=39673G #346;25::< 987 ;8E=?7263 ?15? 15K6 :2A2?6> =5?E75:

7638E7;63 87 95;6 D765? E=;67?52=?< 53 ?8 ?16 9E?E76 32X6 89

;8AA8>2?< 3?765A3J 34765>2=D ?123 I65:?1 8K67 D6=675?28=3 5=>

3E3?52=2=D 9E?E76 2=;8A6 978A 6L?75;?28= 89 =8=W76=6I5H:6

7638E7;63 23 5 C6< 8HN6;?2K6 89 A5=< D8K67=A6=?3G

%=?67D6=675?28=5: 6ME2?< 98;E363 8= H6=692?2=D ?16 ;E776=? 5=>

9E?E76 D6=675?28=3 53 6ME5::< 53 48332H:6G 0123 A5< H6 >8=6 H<

36??2=D E4 5= 6=>8IA6=? ?<46 9E=> ?15? ;8=K67?3 5 92=2?6

\Y*66 1??4fZZIIIG9E?E769E=>GD8KG5EZ95M3J 1??4fZZIIIG=479G26Z18A6G1?A:J

1??4fZZIIIG=X3E4679E=>G;8G=XZJ 5=>

1??4fZZIIIG15;26=>5G;:Z4EH:2;5;28=63G414R84;i76>276;?j2>i\_Yc_j5;?E5:i]e 987

?1636 9E=>3S 48:2;< 8HN6;?2K63G

P6L?75;?2K6Q 5336? I2?1 5= 2=92=2?6 3?72=D 89 92=5=;25: ;531 9:8I3 ?8

H6=692? ?16 47636=? 5=> 5:: 9E?E76 D6=675?28=3G

&8AA8>2?< 6L?75;?2=D 6;8=8A263 A5< H6 5H:6 ?8 3?5H2:2X6 ?16 923;5:

2A45;? 89 9:E;?E5?2=D ;8AA8>2?< 472;63 K25 923;5: 3?5H2:2X5?28= 9E=>3

>632D=6> ?8 3A88?1 H88AZHE3? ;<;:63 P6GDGJ 072=2>5> 5=> 08H5D8\`QG

%= 38A6 6;8=8A263J 35K2=D 5336?3 5H785> 2= 5= *F' ;5= 53323? 2=

A2?2D5?2=D $E?;1 $236536 5=> 76:5?6> A5;786;8=8A2;

;8=36ME6=;63G )? ?2A63J 3?5H2:2X5?28= 9E=>3 D78I H6<8=> I15? 23

=66>6> 987 3?5H2:2X5?28= 4E748363J 6346;25::< I16= 472;63 576

6:6K5?6> 8K67 5 478:8=D6> 46728>J 5=> 576 ;8=36ME6=?:< 76>632D=6>

53 3?5H2:2X5?28= 5=> 35K2=D3 9E=>3 P6GDGJ (E3325\aQG

%=>66>J 53 366= 2= ?16 76;6=? 46728>J 8HN6;?2K63 987 36??2=D E4 *F'3

A5< H6 AE:?24:6J 87 ;15=D2=D 8K67 ?2A6G '87 6L5A4:6J 38A6

;8E=?7263 36? E4 9E=>3 987 H8?1 3?5H2:2X5?28=J 5=> 35K2=D3 8HN6;?2K63G



)3 ;27;EA3?5=;63 ;15=D6J ?16 8HN6;?2K63 89 ?16 9E=>3 A5< >8 38 53

I6::G 0123 23 6346;25::< ?7E6 987 =5?E75: 7638E7;6 6L487?2=D ;8E=?7263G

%=2?25::<J 5 3?5H2:2X5?28= 9E=> 23 63?5H:2316> ?8 3A88?1 923;5: 76K6=E6

87 3?672:2X6 98762D= ;E776=;< 2=9:8I3G )3 ?16 5336?3 2= ?16 9E=>

;8=?2=E6 ?8 D78I H6<8=> ?16 :6K6: =66>6> 987 ?16 4E74836 89

3?5H2:2X5?28=J ;8E=?7< 5E?1872?263 A5< 76K232? ?16 8HN6;?2K63 5=>

76>632D= ?16 3?7E;?E76 89 ?16 9E=> ?8 H785>6= ?16 8HN6;?2K6G

%? 23 2A487?5=? ?18ED1 ?8 76;8D=2X6 ?15? ?16 *F'S3 48:2;< 8HN6;?2K6

5=> 5;?2K2?263 318E:> H6 ;8=323?6=? I2?1 5 ;8E=?7<S3 8K675::

A5;786;8=8A2; 975A6I87CG 0123 23 H6;5E36 ?16 *F'3S 5336?3J 5=>

?16 76?E7=3 2? D6=675?63J 2A45;? 8= 5 ;8E=?7<S3 4EH:2; 92=5=;63J

A8=6?57< ;8=>2?28=3J ?16 H5:5=;6 89 45<A6=?3J 5=> ?16 8K675::H5:5=;6W3166?G 016< A5< 5:38 5996;? 4EH:2; 36;?87 I65:?1 5=>

2A45;? 472K5?6 36;?87 H615K287G 016769876J 544784725?6

;887>2=5?28= H6?I66= ?16 *F' 5=> ?16 923;5: 5=> A8=6?57<

5E?1872?263 23 ;72?2;5: ?8 5;126K6 5 ;8E=?7<S3 8K675:: 48:2;< 8HN6;?2K63

2= ?16 ;8=?6L? 89 I12;1 5= *F' 23 63?5H:2316>G

R? K'6 3' :'(;01-3/ C./(-3#'*-1 C4T/93#5/$ 3' E9"#/5/ ,'1#9O

C4T/93#5/$N

F12:6 ?16 H785> 48:2;< 8HN6;?2K63 89 *F'3 576 3E992;26=? ?8 A8?2K5?6

?1627 36?WE4J ?16< =66> ?8 3E44:6A6=?6> I2?1 5= 84675?28=5:

8HN6;?2K6 ?8 16:4 >672K6 5= 544784725?6 2=K63?A6=? 48:2;< 5=> 5336?

5::8;5?28= 3?75?6D<G

'87 3?5H2:2X5?28= 9E=>3 I2?1 ?16 48:2;< 8HN6;?2K6 89 3A88?12=D

D8K67=A6=? 76K6=E6J 5 ?<42;5: 987AE:5?28= ;5::3 987 35K2=D

;8AA8>2?< 76K6=E6 29 ?16 5;?E5: ;8AA8>2?< 472;6 6L;66>3 5

;67?52= 769676=;6 472;6J H536> 8= 5 :8=DW?67A ?76=>J 5=>

I2?1>75I2=D 978A ?16 9E=> 29 ?16 5;?E5: 472;6 >7843 H6:8I ?16

769676=;6 472;6 P6GDGJ ):D6725 5=> (E3325QG\e



'87 35K2=D3 9E=>J ?16 84675?28=5: 987AE:5?28= 89 ?16 8HN6;?2K6 ?8

34765> I65:?1 5;7833 D6=675?28=3 23 89?6= ?16 A83? ;8=;76?6G *E;1

9E=>3 D6=675::< 52A ?8 A5L2A2X6 ?16 765: 5==E5: 45<8E? 467 ;542?5

87 ?16 45<8E? 53 5 31576 89 D7833 >8A63?2; 478>E;? P-$OQG

$646=>2=D 8= ?16 32X6 89 484E:5?28= D78I?1 5=> 765: -$O D78I?1J

?16 K5725?28=3 2= 987AE:5?2=D ?16 E=>67:<2=D 8HN6;?2K6J ;5= 15K6

47898E=> 2A4:2;5?28=3G\c ) ;8E=?7< I2?1 5 >6;:2=2=D 484E:5?28= I12:6

-$O 23 D78I2=D 7542>:<J 38 ?75=39673 2= :2=6 I2?1 -$O 2A4:< 957 :57D67

>23?72HE?28=3 ?8 >23?5=? D6=675?28=3G #K6= A876 2A487?5=? ;5= H6

?16 533EA4?28=3 5H8E? ?16 >23;8K67< 89 9E?E76 I65:?1G %= 475;?2;6J

36K675: :57D6 6;8=8A263 15K6J 8K67 ?2A6J 98E=> =6I =5?E75:

7638E7;6 >64832?3 ?15? 764:5;6 ?1836 6L4:82?6>G %D=872=D ?123 H532;

95;? ;8E:> :65> ?8 ?16 5;;EAE:5?28= 89 ?88 12D1 5 3EA 89 92=5=;25:

5336?3J 53 ?16 ;8AA8>2?< I65:?1 23 A5332K6:< E=>6763?2A5?6>G

'E=>3 P87 76367K6 2=K63?A6=? ;874875?28=3Q ?15? 52A ?8 6=15=;6

?16 76?E7= 8= 9E=>6> 5336?3 ?6=> ?8 A5L2A2X6 76?E7=3 3EHN6;? ?8 5

D2K6= 723C ?8:675=;6G 016 6L46;?6> 5>>2?28=5: 76?E7= 23 5 9E=;?28= 89

?16 723C ?15? ?16 D8K67=A6=? 87 ?16 8I=67 23 I2::2=D ?8 ?5C6G 016

84675?28=5: 8HN6;?2K6 ;5= H6 987AE:5?6> 53 5 76?E7= 8HN6;?2K6 H536>

8= 5= 533633A6=? 89 123?872; >5?5 8= ?16 ?75>6 899 H6?I66=

6=15=;6> 76?E7= 5=> 723CG )3 ?16 :8=D6K2?< 89 ?1636 9E=>3 23 =8?

5:I5<3 ;:657J ?16 723C ?8:675=;6 5=> 2=K63?A6=? 1872X8= 89?6=

76A52= 2A4:2;2?G

016 84675?28=5:2X5?28= 89 ?16 8HN6;?2K63 89 46=328= 5=> 8?167

:25H2:2?< 98;E36> I65:?1 9E=>3 98::8I3 ?16 5336? :25H2:2?<

A5=5D6A6=? P)T"Q 544785;1 544:26> H< 46=328= 9E=>3G %= ;8=?753?

?8 76367K6 2=K63?A6=? ;874875?28=3J ?16 1872X8= 8K67 I12;1 ?16:25H2:2?263 A5?6725:2X6 23 89?6= I6:: 2>6=?2926>G 0123 5::8I3 987 ?16

6L4:2;2? A5L2A2X5?28= 89 ?16 =6? K5:E6 89 ?16 9E=> P2= 6336=;6 ?16

=6? 47636=? K5:E6 89 ?16 2=K63?A6=?3 A2=E3 6L46;?6> 45<A6=?3 987

?16 :25H2:2?263Q 8K67 ?16 2>6=?2926> ?2A6 1872X8= 3EHN6;? ?8 723C



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457?263 ?5C2=D 5 >2AA67 K26I 8= ?16 =66> ?8 35K6 987 9E?E76

D6=675?28=3J I12;1 E=;67?52=?263 76>E;6 ?16 2=K63?A6=? 1872X8=G

01636 57DEA6=?3 ;5= H6 769:6;?6> H< 5332D=2=D 5 :57D67 >23;8E=?

75?6 ?8 9E?E76 2=9:8I3 P6996;?2K6:< 5332D=2=D 5 :8I67 478H5H2:2?< ?8

?16AQJ 87 H< ?5C2=D 5 A876 5D=83?2; 544785;1 5=> 76>E;2=D ?16

2=K63?A6=? 1872X8=J ?1E3 76>E;2=D ?16 1872X8= 8K67 I12;1 8=6 23

A5L2A2X2=D ?16 76?E7=G

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016 723C ?8:675=;6 23 5 C6< ;8=3?752=? 8= ?16 A5L2A2X5?28= 89 ?16

6L46;?6> 76?E7= 8K67 ?16 2=K63?A6=? 1872X8=G 016 723C ;8=3?752=? 23

H536> 8= ?16 E:?2A5?6 3?5C618:>673S I2::2=D=633 5=> 5H2:2?< ?8 ?5C6

723CG %>65::<J ?16 723C 4769676=;6 98;E363 8= ?16 6=?276 2=K63?A6=?

1872X8=J 5=> ;5= ?5C6 ?16 987A 89 5 A5L2AEA 5;;64?5H:6 >6K25?28=

5? ?16 482=?3 89 I2?1>75I5:3 5=> ?16 723CZ76?E7= ?75>6 8993 5? ?1636

482=?3G %= 8?167 I87>3J ?1676 23 :633 89 5 =66> ?8 H6 ;8=;67=6>

5H8E? >52:< K8:5?2:2?< 29 ?16 2=K63?A6=? 1872X8= 23 5 <657G '87

6L5A4:6J ?16 K5:E6 89 ?16 2=K63?A6=? ;5= 2=;76536 5=> >6;76536

>52:< H< \_ 467;6=? HE? ?16 C6< 5346;? 23 ?16 K5:E6 2= 5 <657S3 ?2A6

I16= ?16 I2?1>75I5: ?5C63 4:5;6G

[8I6K67J 2= 475;?2;6J 2=K63?873 A5< P?16 ?<42;5: 6=> 3?5C6 18:>67Q

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;8=3?752=? 2= =6I *F'3 23 ?16769876 ?16 348=387S3 >63276 ?8

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X678 ?8:675=;6 987 =6D5?2K6 76?E7=3J 2= 62?167 =8A2=5: 87 765: ?67A3G

%9 987AE:5?6> I2?1 76D57> ?8 ?16 3?57? 89 ?16 'E=> ?123 ;8=3?752=?



153 5 ?2A6 >2A6=328=f 8K67 ?2A6 5 HE9967 23 HE2:? E4 ?8 5::8I A876

723CG %= 8?167 I87>3J 5>>2=D ?123 ;8=3?752=? 89 ;542?5: 476367K5?28=

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765: 2=K63?A6=? 1872X8=G %= ?123 76D57>J 5= 657:< 3?57? I2?1 2=K63?2=D

7638E7;63 ?8 HE2:> E4 5 HE9967J 15K2=D 5= 8K6732D1? H8>< I2?1

6L46726=;6> 5=> 76346;?6> 478963328=5:3J 5=> 6>E;5?2=D :5<

3?5C618:>673 ;5= 16:4 :2A2? ?16 ;83? 2A4836> H< ?123 5>>2?28=5:

;8=3?752=?G

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8=:< ?8 ?16 723C ?8:675=;6J HE? 23 5:38 ?8 6L46;?6> 5336? ;:53376?E7=3G 016 =EAH67 89 ;182;63 89 2=K63?A6=? 2=3?7EA6=?3 5=>

5336? ;:53363 23 K67< :57D6 5::8I2=D =657 2=92=2?6 487?98:28

;8AH2=5?28=3G 08 H6 84675?28=5:J 2=K63?873 2= 475;?2;6 :2A2?

?16A36:K63 ?8 2=K63?2=D 2= 346;292; 5336? ;:53363 H6;5E36 ?16<

H785>:< >234:5< ?16 35A6 478467?263G

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8HN6;?2K6 ?8 2=3E:5?6 ?16 HE>D6? 978A ;8AA8>2?< 472;6 K8:5?2:2?<

E3E5::< 15K6 5 3187?67 ?2A6 1872X8= H6;5E36 ?16 ;<;:6 8K67 I12;1

?16 3?5H2:2X5?28= 8HN6;?2K6 23 3187?67J 5=> 2? A5< H6 >2992;E:? ?8

63?2A5?6 ?16 32X6 89 ?16 84?2A5: 76ME276> HE9967 5=> I2?1>75I5:

5=> ?75=3967 7E:63 A5< =8? H6 5>1676> ?8k53 475;?2;6 318I3G )3 5

763E:?J ?16< 576 D6=675::< 76ME276> ?8 15K6 5 ;8=367K5?2K6 *)) I2?1

5 :8I 723CW76?E7= 47892:6G

[8I6K67J )T" ;8=32>675?28=3 P366 H6:8IQ A5< 2A4:< ?16 E36 89

38A6 :8=DW?67A 5336? ;:53363 I2?1 :8I 87 =6D5?2K6 ;8776:5?28= ?8

?16 6L483E76 P6GDGJ 5 A8>63? 478487?28= 89 :8=DW ?67A H8=>3 5=>

6ME2?< ?15? 23 2=K6736:< ;8776:5?6> I2?1 82: 472;63QG 'E=>3 I2?1 :8=D67



2=K63?A6=? 1872X8=3 5::8I 987 5 H785>67 5336? 5::8;5?28= ?8 A83?

5336? ;:53363G [8I6K67J 478467 E=>673?5=>2=D 89 5:: 6:2D2H:6 5336?

;:53363 23 2A487?5=?G *8A6 ;:53363 ;5= H6 K67< ;8A4:6LJ 5=> I12:6

A5=5D6A6=? 89 ?1636 5336?3 ;5= H6 >6:6D5?6>J ?16 I65:?1 9E=> 53

?16 472=;245: 8I=67 89 ?16 5336?3 I2:: 76A52= 6L4836> ?8J 5=>

76348=32H:6 987J ?16 2=K63?A6=? 723CG 0123 3?763363 ?16 =66> 987

38E=> 723C A5=5D6A6=? 3<3?6A 5=> 6ME2446> I2?1 76:5?6> 3<3?6A3

5=> 1EA5= 7638E7;63G )3 5 D6=675: 7E:6J 5336? ;:53363 ?15? 576 =8?

5>6ME5?6:< E=>673?88> 318E:> H6 6L;:E>6>G

#346;25::< 987 9E=>3 I1836 8I=67 23 6L4836> ?8 :57D6W3;5:6

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?16 D78E=>J I12;1 23 6ME2K5:6=? ?8 15K2=D 5 :57D6 82: 472;6 36=32?2K6

92=5=;25: 5336?G ) H5:5=;6> 487?98:28 I2:: ?16769876 E3E5::< 76ME276

15K2=D 5336?3 ?15? 576 2=K6736:< 76:5?6> I2?1 82: 472;63G 0123 A5< H6

346;292; 3?8;C3 P6GDGJ ;57 2=>E3?7< 87 527:2=63Q 87 5336? ;:53363 P:8=DW

?67A H8=>3 I12;1 A5< 2=;76536 2= 472;6 29 ?16 82: 472;63 95::J ?8 ?16

6L?6=? ?123 153 5 >5A46=2=D 6996;? 8= 2=9:5?28=QG

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723C ?8:675=;6 5=> 5336? ;:533 76?E7=3/ (6;8D=2X2=D =8? 8=:< 9E?E76

76K6=E63 P6GDGJ ;8AA8>2?< ?5L63Q HE? 5:38 9E?E76 :25H2:2?263 5::8I3

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53 8=6 2=4E? 2= ?16 487?98:28 84?2A2X5?28=3G *2A2:57:<J 2? 23 E369E: ?8

76;8D=2X6 5=< ;E776=? :25H2:2?263J =8?5H:< 987 76367K63 HE2:> ?178ED1

3?672:2X6> 2=?67K6=?28=J 29 ?16< 576 =8? <6? ;8K676> H< ?16 76367K63

?15? 76A52= 8= ?16 ;6=?75: H5=CS3 H88C3G



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?16 :25H2:2?< 3?7E;?E76 89 ?16 *F'G %= ?16 ;536 89 A5=5D2=D 38K6762D=

I65:?1 I2?1 5 3?5H2:2X5?28= 8HN6;?2K6J 5 31574 >784 2= ;8AA8>2?<6L487? 472;63 5=> 76K6=E63 A5< 76ME276 5 I2?1>75I5: 89 9E=> I12;1

6=?52:3 3187? 2=K63?A6=? 1872X8= 5=> 12D1 :2ME2>2?< ;8=3?752=?3G )3 5

763E:?J 38K6762D= I65:?1 I2?1 3?5H2:2X5?28= 8HN6;?2K6 2A4:263

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?16 ;8AA8>2?< 472;6G 0123 23 A83? :2C6:< ?8 I62D1 ?16 H53C6? 2=

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;8AA8>2?<G &8E=?7263 318E:>J 2= D6=675:J =8? 2=K63? ?16 5336?3 2=

?16 ;E776=;< ?8 I12;1 2?3 8I= ;E776=;< 23 46DD6>G 016 76538= 23?15? ?16 723C 23 ?16= 45336> 8= ?8 5=8?167 457? 89 ?16 38K6762D=S3

8I= H5:5=;6 3166? P?16 ;6=?75: H5=CQ 5=> ?1E3 =8? :52>W899G

"5=5D2=D 38K6762D= I65:?1 I2?1 :25H2:2?263 =66> ?8 ;8=32>67 ?16

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46=328= 5=> 923;5: 35K2=D3 9E=>3 576 >632D=6> ?8 3E4487? 9E?E76

2A487?3J ?16< ;5= H6 2=K63?6> 2= ;E776=;263 89 ;8E=?7263 978A I12;1

?16 *F' ;8E=?7263S ;2?2X6=3 8H?52= ?1627 2A487?3G [8I6K67J 8K67 5:8=D ?2A6 1872X8=J I16= 2A487? 45??67=3 3129?J D6=675:

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0123 D6=675::< 98::8I3 978A )T" ;8=32>675?28=3 2= I12;1 ?16

8E?9:8I3 576 366= 53 :25H2:2?263G



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576 =8? 5::8I6> ?8 2=K63? >8A63?2;5::< D2K6= ?16 48?6=?25: 2A45;?8= ?16 2=9:5?28= 5=> 6L;15=D6 75?6J 5=> 38A6 9E=>3 576 =8? 5::8I6>

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48?6=?25: 987 723C ?5C2=D 23 9E7?167 ;8=3?752=6> 29 5 ;542?5:

476367K5?28= 8HN6;?2K6 23 4E? 2=?8 :6D23:5?28=G

%>65::< :6D23:5?28= 23 D6=672; 5=> 98;E363 8= 8K675:: 8HN6;?2K63J

5::8I2=D 987 ?16 >672K5?28= 89 ?16 544784725?6 *)) H< ME5:2926> 5=>5E?1872X6> H8>263J 75?167 ?16= 346;29<2=D 346;292; 5336? ;:53363G 0123

23 6346;25::< 2A487?5=? 53 :6D23:5?28= 23 89?6= 36? E4 >E72=D 657:<

3?5D63 89 9E=>3J I16= ?1676 576 :2A2?6> HE99673 5=> ?1676 23 :2A2?6>

6L46726=;6 5A8=D ?16 3?5C6 18:>673G

R? &"-3 -(/ 3"/ @'*$#2/(-3#'*$ 7'( -* D&: 3' :#*-*9/ I';/$3#9

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8HN6;?2K6J 2? ;8E:> 2=K63? >8A63?2;5::<G [8I6K67J 2?3 84675?28= AE3?

3E4487? 5=> H6 ;8=323?6=? I2?1 ?16 ;8E=?7<S3 A5;786;8=8A2;

48:2;< 975A6I87CG /32=D 5336?3 2= *F'3 ?8 4E7;1536 >8A63?2;

2=4E?3 ;8E:> 3?2AE:5?6 >8A63?2; >6A5=>J 5=> 4E? E4I57> 47633E76

8= 472;63G 0123 A5< 763E:? 2= 5= 54476;25?28= 2= ?16 765: 6996;?2K6

6L;15=D6 75?6J I2?1 5>K6736 ;8=36ME6=;63 987 6L487?3 5=> D78I?1G

+= ?16 8?167 15=>J 3?672:2X5?28= 89 >8A63?2; 2=4E? 92=5=;2=D ;8E:>

:65> ?8 12D167 2=?6763? 75?63 5=> ;78I> 8E? 472K5?6 36;?87

2=K63?A6=?3G 01E3J I12:6 ?16 =6I >8A63?2; 478N6;? ;8E:> 5>> ?8

8E?4E?J 2? A5< 5:38 ?178ED1 ?16 765: 6L;15=D6 75?6 E=>67A2=6

472K5?6 6L487?3 5=> >8A63?2; 2=K63?A6=?J 89?6= ?16 765: 38E7;63 89



D78I?1G

#K6= 29 *F' 92=5=;2=D 23 E?2:2X6> 987 >8A63?2; 478N6;?3 I12;1 I8E:>

;:657:< 5EDA6=? D78I?1 478346;?3 I2?1 4832?2K6 6L?67=5:2?263J 2? 23

57DE5H:6 ?15? ?1636 478N6;?3 318E:> H6 987A6> 2= ?16 D8K67=A6=?923;5: 48:2;< 5=> HE>D6?G %9 346=>2=D 23 5::8I6> ?8 ?5C6 4:5;6 8E?32>6

?16 HE>D6?J 233E63 89 923;5: 5;;8E=?2=D 5=> ?75=34576=;< ;8E:>

6A67D6J I12;1 ;8E:> E=>67A2=6 HE>D6?57< ;8=?78:J 2A4:< E=6ME5:

?765?A6=? 89 >299676=? ?<463 89 346=>2=DJ 5=> ;8E:> :65> ?8

A23A5=5D6A6=? 89 9E=>3 5=> I53?6G

@? &"-3 -(/ 3"/ @'*$#2/(-3#'*$ 6"/* -* D&: K#(/$ MY3/(*-1 E$$/3

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#L?67=5: A5=5D673 ;8E:> H72=D 6L467?236 5=> 5;;633 ?8 =6I

A57C6?3G #L?67=5: A5=5D673 A5< 15K6 3C2::3 ?15? 5= *F' :5;C3J 87

?16< A5< 478K2>6 5 A65=3 89 :8I672=D 84675?28=5: 723C >E6 ?8 :5;C

89 5>6ME5?6 1EA5= 87 2=987A5?28= ?6;1=8:8D< 7638E7;63G 016< A5<

15K6 3C2::3 5=> 63?5H:2316> 3<3?6A3 987 E=>67?5C2=D 2=K63?A6=?

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>863 =8? I231 ?8 >6K6:84 5 ;545;2?< 87 153 84675?28=5: ;8=3?752=3G

"83? 2A487?5=?:<J >6:6D5?28= 89 ?16 6L6;E?28= 89 2=K63?A6=?3 ?8

6L?67=5: A5=5D673 5::8I3 ?16 *F' ?8 98;E3 8= ?16 *))kI12;1 23

?16 476>8A2=5=? 38E7;6 89 76?E7=k5=> A5=5D67 36:6;?28=G '87

5>K5=;6> 5336? ;:53363 ?16 5;ME232?28= 89 2= 18E36 6L467?236 ;5= H6

6346;25::< ;83?:< 5=> =8? 6992;26=? 6346;25::< 2= :8IW2=;8A6

;8E=?7263G #L?67=5: A5=5D673 ;5= 5:38 H6 3EHN6;? ?8 D765?67

;8A46?2?28= 5=> 1573167 76D2A63 987 6=>2=D A5=>5?63 ?16=

2=?67=5: A5=5D673G %9 5 32A2:57 487?98:28 23 5:765>< A5=5D6>2=?67=5::<J ?16 6L?67=5: A5=5D673 A5< 5:38 478K2>6 5= 5>>2?28=5:

H6=;1A57C 987 6K5:E5?2=D *F'S3 8I= 2=K63?A6=? 5;?2K2?<G '2=5::<J

6L?67=5: A5=5D673 ;5= 5:38 4:5< 5 78:6 2= ?16 ?752=2=D 89 ?16 *F'

3?599G



016 E:?2A5?6 76348=32H2:2?< 987 ?16 467987A5=;6 8= ?16 5336?3

A5=5D6> 6L?67=5::< 23 6=?276:< ?15? 89 ?16 *F'G 016 *F' 87 ?16

D8K67=A6=? 3?2:: H6573 5:: ?16 723CkA57C6?J ;76>2?J 5=> :2ME2>2?<

723C3k=8 A5??67 I16?167 5336?3 576 A5=5D6> 2=?67=5::< 87

6L?67=5::<G );;87>2=D:<J ?16 *F' 318E:> A5C6 3E76 ?15? ?16 723C3

?5C6= H< 6L?67=5: A5=5D673 576 I2?12= ?16 *F'S3 8K675:: ?8:675=;6

987 ?1636 723C3G %= 457?2;E:57J ?16 3?75?6D2; 5336? 5::8;5?28=J 769:6;?6>

2= ;:657 H6=;1A57C3 987 ?16 ;E776=;< ;8A4832?28= 5=> 2=K63?A6=?

723C 47892:6 P>E75?28=J ;76>2?J 6?;GQ 76A52=3 ?16 *F'3 8I=67S3

76348=32H2:2?<G

'E7?167A876J ?16 *F' =66>3 ?8 346;29< ?16 5::8I6> >6D766 89

>6K25?28= H< ?16 6L?67=5: A5=5D673 978A ?1636 H6=;1A57C3 2=?5C2=D 4832?28=3 ?8 ?7< ?8 8E?467987A ?16 H6=;1A57CG %= ?15?

76D57>J ?16 723C 4575A6?673 ?15? 576 ?8 H6 E36> ?8 A653E76 5=>

76487? 8= 723C3 318E:> H6 ;:657:< 346;2926>J 53 I6:: 53 ?16

2=3?7EA6=?3 ?15? ?16 6L?67=5: A5=5D673 576 5::8I6> ?8 E36G %? 23

;7E;25: ?15? ?16 723C3 2=K8:K6> 2= ?16 487?98:283 A5=5D6> 6L?67=5::<

576 6K5:E5?6> 2= ;8=NE=;?28= I2?1 ?16 723C3 8= 487?98:283 ?15? 576

2=?67=5::< A5=5D6>J 38 ?15? 5 D:8H5: K26I 89 ?16 723C3 89 ?16 *F' 23

8H?52=6>G

)=8?167 233E6 23 ?16 =EAH67 89 6L?67=5: A5=5D673 ?8 E363G F16=

5;?2K6 A5=5D6A6=? 23 4E73E6>J 2? 23 2= D6=675: 4769675H:6 ?8 6A4:8<

36K675: A5=5D673 ?8 >2K67329< 723C 5D52=3? 5 H5> 467987A2=D

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