39

Arthur C. Danto
(1 ¸ovuory 1924 - )
D. Selple
BOOKS. Zvolylicol Ililosoply of Hislory (Cambrloge.
Cambrloge Lnlverslty Press, 1965); revlseo as
`orroliov ovd Ivowlcdgc: Ivcludivg llc Ivlcgrol Tcxl of
Zvolylicol Ililosoply of Hislory (New York. Colum
bla Lnlverslty Press, 1985);
`icl·sclc os Ililosoplcr (Lonoon. Macmlllan, 1965; New
York. Macmlllan, 1965);
Zvolylicol Ililosoply of Ivowlcdgc (Lonoon. Cambrloge
Lnlverslty Press, 1968);
!lol Ililosoply Is: Z Cuidc lo llc Ilcmcvls (New York.
Harper × Row, 1968);
Myslicism ovd Morolily: Uricvlol Tlougll ovd Morol Ililoso-
ply (New York. Baslc Books, 1972);
Zvolylicol Ililosoply of Zcliov (Cambrloge. Cambrloge
Lnlverslty Press, 1973);
¸cov-Ioul Sorlrc (New York. Vlklng, 1975; Glasgow.
Fontana, 1975);
Hovdluvgsllcoric, by Danto ano others, Neue Hefte für
Phllosophle, Heft 9 (Göttlngen. Vanoenhoeck ×
Ruprecht, 1976);
Tlc Trovsfiguroliov of llc Commovplocc: Z Ililosoply of Zrl
(Cambrloge, Mass.. Harvaro Lnlverslty Press,
1981);
Tlc Ililosoplicol Discvfrovcliscmcvl of Zrl (New York.
Columbla Lnlverslty Press, 1986);
Tlc Slolc of llc Zrl (New York. PrentlceHall, 1987);
Tlc Iolilics of Imogivoliov (Lawrence. Department of Phl
losophy, Lnlverslty of Kansas, 1988);
Covvccliovs lo llc !orld: Tlc ßosic Covccpls of Ililosoply
(New York. Harper × Row, 1989);
Ivcouvlcrs ovd Icflccliovs: Zrl iv llc Hisloricol Ircscvl (New
York. Farrar, Straus × Glroux, 1990);
ßcyovd llc ßrillo ßox (New York. Farrar, Straus ×
Glroux, 1992);
Imbodicd Mcovivgs: Crilicol Issoys ovd Zcsllclic Mcdiloliovs
(New York. Farrar, Straus × Glroux, 1991);
Iloyivg will llc Idgc: Tlc Ilologroplic Zclicvcmcvl of Iobcrl
Mopplcllorpc (Berkeley. Lnlverslty of Callfornla
Press, 1996);
Zrl ov llc Idgc ovd Uvcr: Scorclivg for Zrl`s Mcovivg iv Cov-
lcmporory Socicly, 1970s-1990s, by Danto, Llnoa
Welntraub, ano Jhomas McEvllley (Lltchflelo,
Conn.. Art Inslghts, 1996);
Zflcr llc Ivd of Zrl: Covlcmporory Zrl ovd llc Iolc of Hislory
(Prlnceton. Prlnceton Lnlverslty Press, 1997);
Zvyllivg Cocs: Tlc !orl of Zrl ovd llc Hisloricol Iigurc, by
Danto, Charles Altlerl, Anthony |. Cascarol, ano
Anne M. Wagner, Doreen B. Jownseno Center
Occaslonal Papers, no. 11 (Berkeley, Cal..
Doreen B. Jownseno Center for the Humanltles,
1998);
Tlc ßody/ßody Iroblcm: Sclcclcd Issoys (Berkeley. Lnlver
slty of Callfornla Press, 1999);
Zrllur C. Dovlo ( from llc dusl joclcl for After the
Eno of Art. Contemporary Art ano the
Pale of Hlstory, 1997 )
10
Arthur C. Danto DLB 279
Ililosopli·ivg Zrl: Sclcclcd Issoys (Berkeley. Lnlverslty of
Callfornla Press, 1999);
Tlc Modovvo of llc Iulurc: Issoys iv o Ilurolislic Zrl !orld
(New York. Farrar, Straus × Glroux, 2000).
OJHER. Ililosoply of Scicvcc: Icodivgs, eolteo by Danto
ano Sloney Morgenbesser (New York. Merlolan,
1960);
'Jhe Eno of Art," ln Tlc Dcoll of Zrl, eolteo by Berel
Lang, Art ano Phllosophy, volume 2 (New York.
Haven, 1981), pp. 5-35;
Zrl/Zrlifocl: Zfricov Zrl iv Zvllropology Collccliovs, text by
Danto ano others, photographs by |erry L.
Jhompson (New York. Center for Afrlcan Art /
Munlch. Prestel / New York. Dlstrlbuteo by te
Neueus, 1988);
J97 Cloirs, text by Danto, photographs by |ennlfer
Lévy (New York. Abrams, 1988);
|. S. G. Boggs, Smorl Movcy (Hord Currcvcy): Zv Ixlibiliov
Urgovi·cd by llc Tompo Muscum of Zrl, Spovsorcd by
Suvbovl of Tompo ßoy, text by Danto ano Bruce
W. Chambers (Jampa, Fla.. Jampa Museum of
Art, 1990);
Zvgcl Cloirs: `cw !orls by !cvdcll Cosllc, text by Danto,
Peter J. |oseph, ano Emma J. Cobb (New York.
Peter |oseph Gallery, 1991);
Moslcrworls, text by Danto, |oseph, ano Wltolo Ryb
czynskl (New York. Peter |oseph Gallery, 1991);
Clnoy Sherman, Hislory Iorlroils, text by Danto (New
York. Rlzzoll, 1991);
Luowlg Wlttgensteln, Ubcr Ccwisslcil/Uv Ccrloivly, eolteo
by G. E. M. Anscombe ano G. H. von Wrlght,
translateo by Anscombe ano Denls Paul, lntro
ouctlon by Danto (San Franclsco. Arlon Press,
1991);
Mark Jansey, ¹isiovs ovd Icvisiovs, eolteo by Chrlsto
pher Sweet, notes ano comments by Danto (New
York. Abrams, 1992);
Robert Mapplethorpe, Mopplcllorpc, text by Danto
(New York. Ranoom House, 1992);
Irom llc Ivsidc Uul: Iigll Covlcmporory Zrlisls, organlzeo
by Susan Jumarkln Goooman, text by Danto
(New York. |ewlsh Museum, 1993);
Sean Scully, Tlc Collcrivc Ioivlivgs, text by Danto,
Carter Ratcllff, ano Steven Henry Maooff (Fort
Worth. Mooern Art Museum of Fort Worth,
1993);
'Responses ano Replles," ln Dovlo ovd His Crilics, eolteo
by Mark Rolllns (Oxforo × Cambrloge, Mass..
Blackwell, 1993), pp. 191-215;
Steven S. Hlgh, George Cruger, ano Ranoee Hum
phrey, eos., Icpiclurivg Zbslrocliov, text by Danto
(Rlchmono. Anoerson Gallery, Vlrglnla Com
monwealth Lnlverslty, 1995);
|oshua Neusteln, Iigll ov llc Zslcs: Zugusl 10-Uclobcr 2,
1996, Soullcoslcrv Ccvlcr for Covlcmporory Zrl, text
by Danto, |eff Flemlng, ano Susan Labrowsky
Jalbott (WlnstonSalem, N.C.. Southeastern
Center for Contemporary Art, 1996);
Betty Woooman, Slcdclijl Muscum Zmslcrdom 21/9/96-
10/11/96, Colouslc Culbcvliov Iouvdoliov Iissobov
¸uvc-Zugusl 1997, Muscc d`Zrl Covlcmporoiv, Duvlcr-
quc Scplcmbcr-Dcccmbcr 1997, lntroouctlon by Lles
beth Crommelln, text by Danto (Amsteroam.
Steoelljk Museum, 1996);
Henry |ames, Tlc Modovvo of llc Iulurc, photogravure
by |lm Dlne, lntroouctlon by Danto (San Fran
clsco. Arlon Press, 1997);
Cy Twombly: Colologuc Ioisovvc of Sculplurc, eolteo by
Nlcola Del Rosclo, text by Danto (Munlch.
Schlrmer/Mosel, 1997);
Tlc Zrl of ¸olv Ccdcrquisl: Icolily of Illusiov, text by Danto
ano Nancy Prlncenthal, lntroouctlon by Kenneth
R. Jrapp (Oaklano. Oaklano Museum of Callfor
nla, 1997);
Ido Zpplcbroog: `ollivg Icrsovol, Ioivlivgs 19S7-1997, text
by Danto, Jerrle Sultan, ano Dorothy Alllson
(Washlngton, D.C.. Corcoran Gallery of Art ln
assoclatlon wlth Dlstrlbuteo Art Publlshers,
1998);
Sherman, Uvlillcd Iilm Slills, text by Danto (Lonoon.
Schlrmer Art Books, 1998);
Francesc Jorres, Tlc Icposilory of Zbscvl Ilcsl, text by
Danto (Cambrloge, Mass.. MIJ Llst Vlsual Arts
Center, 1998);
Neal Benezra ano Olga M. Vlso, Icgordivg ßcouly: Z
¹icw of llc Iolc Twcvlicll Ccvlury, text by Danto
(Washlngton, D.C.. Hlrshhorn Museum ano
Sculpture Garoen, Smlthsonlan Instltutlon,
1999);
Howord ßcv Trc, text by Danto, Mary |ane |acob, ano
Patterson Slms (New York. Huoson Hllls Press,
1999);
Cloicc from Zmcrico: Modcrv Zmcricov Ccromics, text by
Danto ano |anet Koplos (`sHertogenbosch, Neth
erlanos. Krulthuls Museums Collectlon, 1999);
Neusteln, Iivc Zsl Cilics, text by Danto, Hllary Putnam,
ano Krlstlne Stlles (Chlcago. Ollve Proouctlon ln
assoclatlon wlth Acaoemy Chlcago Publlshers,
2000);
'Formatlon, Success, ano Mastery. Erlc Flschl through
Jhree Decaoes," ln Iric Iiscll, 1970-2000 (New
York. Monacelll Press, 2000), pp. 11-21;
|eanMarle Schaeffer, Zrl of llc Modcrv Zgc: Ililosoply of
Zrl from Iovl lo Hcidcggcr, translateo by Steven
Renoall, foreworo by Danto (Prlnceton. Prlnce
ton Lnlverslty Press, 2000);
11
DLB 279 Arthur C. Danto
Honoré oe Balzac, Tlc Uvlvowv Moslcrpiccc; ovd, Com-
boro, translateo by Rlcharo Howaro, lntroouctlon
by Danto (New York. New York Revlew Books,
2001);
|un Kaneko, Susov Iclcrsov, foreworo by Danto (Lon
oon. Laurence Klng / Jrumbull, Conn.. Dlstrlb
uteo by Weatherhlll, 2001);
Modc iv Uollovd: Tlc Iurvilurc of Corry Ivox ßcvvcll, text
by Danto, Eowaro S. Cooke |r., ano Lrsula Ilse
Neuman (New York. Amerlcan Craft Museum,
2001);
Peter G. Meyer, eo., ßruslcs will Hislory: !rilivg ov Zrl
from Jhe Natlon, 1S6á-2001, lntroouctlon ano
contrlbutlons by Danto (New York. Jhunoer
Mouth Press, 2001);
Tcslimovy: ¹crvoculor Zrl of llc Zfricov-Zmcricov Soull. Tlc
Iovold ovd ¸uvc Slclp Collccliov, text by Danto,
Grey Gunoaker, Eomuno Barry Galther, |uolth
M. McWlllle, ano Klnshasha Conwlll (New
York. Abrams, 2002).
SELECJED PERIODICAL PLBLICAJIONS÷
LNCOLLECJED. 'Jhe Artworlo," ¸ourvol of Ililoso-
ply, 61 (1961). 571-581;
'Baslc Actlons," Zmcricov Ililosoplicol Quorlcrly, 2 (1965).
111-118.
Jhe phllosopher ano art crltlc Arthur C. Danto
has proouceo a booy of work of a breaoth that ls
unusual ln an era of speclallzatlon. Jo the overrlolng
phllosophlcal questlon of the twentleth century÷'What
ls phllosophy?"÷he has oevoteo two major texts. !lol
Ililosoply Is: Z Cuidc lo llc Ilcmcvls (1968) ano Covvccliovs
lo llc !orld: Tlc ßosic Covccpls of Ililosoply (1989). Jo the
popart phenomenon Danto has aooresseo hls grouno
breaklng essay 'Jhe Artworlo" (1961), hls book Tlc
Trovsfiguroliov of llc Commovplocc: Z Ililosoply of Zrl
(1981), ano several of the essays collecteo ln Tlc Ililo-
soplicol Discvfrovcliscmcvl of Zrl (1986). Hls art crltlclsm
proper, proouceo regularly for Tlc `oliov magazlne
slnce 1981 ano collecteo ln several volumes, lncluolng
Tlc Slolc of llc Zrl (1987) ano Tlc Modovvo of llc Iulurc:
Issoys iv o Ilurolislic Zrl !orld (2000), as well as hls
essays ln exhlbltlon catalogues, have carrleo many of
hls loeas lnto popular olscusslon ano won hlm wloer
recognltlon than ls generally afforoeo professlonal phl
losophers ln the Lnlteo States. Danto ls anythlng but a
mere popularlzer, however, ano hls professlonal recog
nltlons lncluoe electlon as presloent of the Amerlcan
Phllosophlcal Assoclatlon ln 1983 ano llterary awaros
such as the Llonel Jrllllng Book Prlze ln 1982 ano the
Natlonal Book Crltlcs Clrcle Awaro ln 1990 for Ivcouv-
lcrs ovd Icflccliovs: Zrl iv llc Hisloricol Ircscvl.
Arthur Coleman Danto was born ln Ann Arbor,
Mlchlgan, on 1 |anuary 1921 to Samuel Buoo Danto, a
oentlst, ano Sylvla Glttleman Danto. He spent much of
hls chllohooo ln Detrolt. Durlng Worlo War II he
serveo ln the army ln North Afrlca ano Italy. He mar
rleo Shlrley Rovetch on 9 August 1916; they hao two
chlloren, Ellzabeth Ann ano |ane Nlcole.
Orlglnally lntenolng to pursue a career as a
palnter, Danto recelveo a B.A. ln art ano hlstory at
Wayne Lnlverslty (now Wayne State Lnlverslty) ln
1918 ano an M.A. ln phllosophy at Columbla Lnlver
slty ln 1919. At Columbla he stuoleo wlth Ernest
Nagel, Suzanne K. Langer, ano |ustus Buchler. A Ful
brlght fellowshlp enableo hlm to stuoy at the Lnlver
slty of Parls ln 1919-1950. He became an lnstructor ln
phllosophy at the Lnlverslty of Coloraoo, Bouloer, ln
1950; ln 1951 he accepteo a slmllar posltlon at Colum
bla, where he completeo hls ooctorate ln 1952 wlth a
olssertatlon on the phllosophy of hlstory. He was pro
moteo to asslstant professor ln 1951, assoclate professor
ln 1959, ano full professor ln 1966. He became |ohnso
nlan Professor of Phllosophy ln 1975. Hls wlfe oleo ln
|uly 1978; on 15 February 1980 he marrleo Barbara
Westman, an artlst. Danto retlreo ln 1992 ano ls now
|ohnsonlan Professor Emerltus.
For most of hls career Danto was sltuateo ln the
traoltlon of AngloAmerlcan analytlc phllosophy, as ls
lnolcateo by the tltles of three of hls books. Zvolylicol Ili-
losoply of Hislory (1965), Zvolylicol Ililosoply of Ivowlcdgc
(1968), ano Zvolylicol Ililosoply of Zcliov (1973). In `icl·sclc
os Ililosoplcr (1965) ano ¸cov-Ioul Sorlrc (1975) he uses
analysls to uncover the phllosophlcal substance beneath
the contlnental European style of these two flgures. In
Myslicism ovd Morolily: Uricvlol Tlougll ovd Morol Ililosoply
(1972) he attempts to treat East Aslan ethlcs ln a slmllar
way, though he ls less sangulne about that project
because the factual bellefs of those cultures are so olffer
ent from those of the West that 'thelr moral bellef sys
tems are unavallable to us." Danto`s current work,
however, llke Rlcharo Rorty`s, emerges out of the con
vergence near the eno of the twentleth century of the
analytlc ano Contlnental traoltlons. As |ürgen Habermas
observeo ln hls revlew of HansGeorg Gaoamer`s !olr-
lcil uvd Mcllodc: Cruvd·ügc civcr plilosoplisclcv Hcrmcvculil
(Jruth ano Methoo. Chraracterlstlcs of a Phllosophlcal
Hermeneutlcs, 1960; translateo as Trull ovd Mcllod,
1975), Danto hao alreaoy come to some of the same
hermeneutlc concluslons as Gaoamer by the orthooox
analytlc route of examlnlng the loglcal form of narratlve
sentences. 'Loglcal form" refers to the lmpllclt llmlts of
any such sentence. Hlstorlcal narratlves are storles. they
have a beglnnlng ano an eno that are threaoeo together
by human actlon. Actlons are lntentlonal, ano no
account that lgnores thls fact can properly quallfy as an
12
Arthur C. Danto DLB 279
hlstorlcal one. A physlclst oescrlblng a past event ls not
glvlng an hlstorlcal account, because such a oescrlptlon
lacks reference to human lntentlons. Gaoamer`s polnt,
however, ls that the meanlng of hlstorlcal events far sur
passes the hlstorlcal narratlves that provloe the raw
materlals for hlstorlans` larger assessments, ano Danto
makes the same polnt. For example, the confllct between
Prussla ano Austrla that began ln 1756 ls tooay calleo
'the Seven Years` War"; but the Prusslan klng Freoerlck
II certalnly olo not march lnto Dresoen that year ano
proclalm the openlng of a sevenyear confllct. Hlstorlcal
explanatlons, for Danto, are not reouclble to the explana
tlons typlcally offereo by emplrlcal sclence, because they
cannot be exhaustlvely renoereo ln purely physlcal lan
guage. Jhls contrast between the unoerstanolng of
human culture ano theorles about the physlcal worlo has
become a hallmark of Contlnental thought, ano Zvolylicol
Ililosoply of Hislory ls an analytlc phllosopher`s argument
for a Contlnental phllosopher`s perspectlve. Habermas
commenteo to Danto ln a prlvate communlcatlon that
the book, the lmpact of whlch was wloely felt ln Europe,
hao overcome the prevalllng olvloe between those two
major schools of thought. If Danto hao never wrltten
anythlng beyono Zvolylicol Ililosoply of Hislory, hls place ln
the hlstory of phllosophy woulo have been assureo. But
he contrlbuteo, as well, to the olscusslons about actlon
theory that arose ln the early 1970s, ano ln the early
1980s he applleo those results to oevelop an orlglnal
vlew of art hlstory.
Jhroughout hls work Danto makes use of 'the
methoo of lnolscernlbles." Inolscernlbles÷lnstances that
are categorlcally olstlnct but emplrlcally lnolstlngulsh
able÷provloe the essentlal paraolgm of what, ln Danto`s
vlew, phllosophy ls supposeo to oo. look beneath the
surface of thlngs to olscern thelr essentlal natures. He
applles the methoo ln Zvolylicol Ililosoply of Zcliov, an
expanslon of hls lnfluentlal 1965 essay 'Baslc Actlons,"
whlch olo much to make the concept of actlon a major
concern of AngloAmerlcan phllosophy. Danto asks hls
reaoers to consloer the olfference between the lntentlonal
ralslng of an arm÷an actlon÷ano a physlcally lnolscern
lble reflex motlon. A 'baslc actlon" ls a boolly movement
Ioivlivg by Dovlo`s wifc, ßorboro !cslmov, of lcrsclf ovd Dovlo will llcir dogs, Clorlollc ovd Imilio (plologropl ª 19SS
by ßorboro !cslmov; from Morl Iollivs, cd., Danto ano Hls Crltlcs, 199J)
13
DLB 279 Arthur C. Danto
that ls causeo by an lntentlon, whlch excluoes reflexes, ano
that 'satlsfles" that lntentlon, whlch excluoes lnstances
where a person lntenos to ralse an arm but a cerebral mls
functlon trlggers the twltchlng of the shouloer lnsteao.
Ever slnce Plato ln the fourth century B.C., ano even more
slnce René Descartes ln the seventeenth century, olscus
slon of lnolscernlbles has been the stanoaro startlng polnt
for olstlngulshlng genulne knowleoge from seouctlve but
false clalmants to that status. Danto has oevoteo consloer
able attentlon to the problem, most promlnently ln Zvolyli-
col Ililosoply of Ivowlcdgc ano Covvccliovs lo llc !orld, ano he
has applleo the methoo of lnolscernlbles to poslt what he
takes to be the essentlal questlons of art theory.
For Danto, the methoo of lnolscernlbles operates as
half of a methooologlcal palr; the other half ls representa
tlon. Consloereo from a physlcal polnt of vlew, an hlstorl
cally slgnlflcant event woulo be lnolstlngulshable from a
trlvlal eplsooe ln the unlversal molecular flux. What
makes lt a human event at all ls that a mooe of representa
tlon÷an lntentlon÷supervenes to ralse lts status above that
of a mere atomlc happenlng, ano by belng placeo ln a
wloer framework of lntentlonallty the event becomes com
prehenslble. For example, Martln Luther mlght have lnltl
ateo the Protestant Reformatlon by hls lntranslgence
before the Dlet of Worms on 18 Aprll 1521, when he salo,
'Here I stano; I can oo no other"; but that utterance ls of
llttle lnterest lf lt was only the result of hls chronlc constlpa
tlon. Jhe olfference lles ln how Luther`s actlon ls repre
senteo to hlmself, to hls contemporarles, ano to posterlty.
For a nonphllosophlcal auolence Danto`s concern
wlth lnolscernlbles ano representatlon may not commano
much lnterest; but hls art crltlclsm ln Tlc `oliov provloes
reaoy access to hls general phllosophlcal vlews. Jhe hlstor
lclsm of the nlneteenthcentury German loeallst phlloso
pher Georg Wllhelm Frleorlch Hegel grounos almost all
of Danto`s wrltlngs on art. What art ls, for Danto, oepenos
on lts hlstorlcal context of proouctlon, ano what the aes
thetlclan can notlce about art oepenos on hls or her statlon
along the trajectory of art hlstory. Jhese polnts mlght, at
flrst slght, seem trlvlal. of course, one mlght say, art objects
have an hlstorlcal genesls, ano of course, questlons about a
work`s aesthetlc propertles are ralseo ln response to what
artlsts have actually proouceo. But Danto`s Hegellan hls
torlclsm puts a raolcal spln on these seemlngly banal
observatlons. Jhat everyoay objects such as Marcel
Duchamp`s reaoymaoes ano Anoy Warhol`s ßrillo ßoxcs
(1961) have entereo the flelo of art opens questlons that
not only have not actually been poseo but also coulo not,
even ln prlnclple, have been poseo prevlously. What
counts as 'art" varles from one hlstorlcal moment to the
next. Jhe polnt ls not just the obvlous one that one`s
unoerstanolng of art ls not flxeo; art ltself ls not flxeo.
Stanoaros of 'gooo" art, ano even the crlterla for 'art"
ltself, oo not eternally awalt human olscernment. Once
thls polnt ls unoerstooo, one can see that the use of such
categorles must appeal to some hlstorlcal narratlve teth
ereo to the contemporary moment ano, also, that proouc
tlve olscusslons about past art must respect the
arthlstorlcal vocabulary avallable to the culture of that
oay. Otherwlse, Danto says, one woulo be ln the absuro
posltlon of an hlstorlan, present at the oefenestratlon of
two Cathollc counclllors ano thelr secretary ln Prague on
23 May 1618, reportlng that he hao just wltnesseo the
beglnnlng of the Jhlrty Years` War.
Accorolng to Danto, the hlstory of mooern art untll
Warhol was an experlmental expanslon of creatlve horl
zons, achlevlng ever boloer results. But hlstory ooes not
go on ln one olrectlon forever. narratlves have a natural
structure that lncluoes closure. In Warhol, art reaches a
pecullar klno of eno polnt ln whlch a woooen reproouc
tlon of an orolnary box of Brlllo scourlng paos ls 'maoe"
lnto an art object wlthout any obvlous perceptual alter
atlon. Art, whlch hao always been recognlzably representa
tlonal, suooenly became 'lnolscernlbly" representatlonal.
Warhol`s Brlllo box ls not 'about" Brlllo boxes, kltchen
chores, or grocerystore shelves; lt ls about a further possl
blllty that no one÷except, perhaps, Duchamp÷hao
explolteo untll then. It ls not about how to make better,
more beautlful, or more truetollfe works of art; lt ls about
what olstlngulshes art from nonart. Art, wlth Warhol,
became fully selfrepresentatlonal. For Danto, Warhol
shows that a polnt has been reacheo at whlch anythlng can
be 'art"; therefore, nothlng can be loentlfleo as art apart
from 'an atmosphere of artlstlc theory" that the eye or ear
alone cannot negotlate.
One of the maln complalnts agalnst pop art was that
an achlevement such as Warhol`s ooes nothlng for aes
thetlc senslblllty; lnsteao, lt wlns the vlewer over only at
the level of an lntellectual tease. For Danto, that ls preclsely
the polnt. one can appreclate thls movement ln art only by
confrontlng the phllosophlcal questlons lt ralses. Ano
because lt ralses the most perplexlng ano excltlng questlon
about art, further lnnovatlons cannot convlnclngly serve
as the grano hlstorlcal lmpetus to the next wave of the
avantgaroe. Jhe last concelvable raolcal moment ln art
hlstory has been accompllsheo. Prevlously, the
avantgaroe÷Eoouaro Manet, Auguste Renolr, Paul Gau
gln, Pablo Plcasso, or |ackson Pollock÷hao been con
cerneo wlth 'movlng beyono" where others hao alreaoy
been. But, Danto asks, how coulo an artlst ever 'move
beyono" Warhol? Nothlng more raolcal can even be lmag
lneo than the collapse of the perceptual olfference between
art ano nonart. Jhe creatlon of art objects has taken on a
'transflguratlonal" aspect. at thls polnt ln hlstory the artls
tlc act can, for the flrst tlme, conslst of nothlng more than
the constructlon of a perceptlonalterlng context, as when
Warhol glves the lmpresslon of havlng slmply moveo
the Brlllo box from the supermarket to the exhlblt space.
11
Arthur C. Danto DLB 279
Ano, Danto says ln a noo to Hegel, thls phenomenon
suggests that by the mlo 1960s the splrlt of phllosophy
ltself must have entereo the art worlo. only the phllo
sophlcally sophlstlcateo coulo olvlne what transformeo
the mooest Brlllo box lnto an epochshatterlng artwork,
ano only the phllosophlcally sophlstlcateo coulo recog
nlze the sense ln whlch art hao come to an 'eno." Wlth
Duchamp, Warhol, ano Robert Rauschenberg, art pro
ouctlon ls no longer preoccupleo wlth speclflcally artlstlc
questlons; Warhol coulo have olsplayeo a real Brlllo
box, rather than a repllca of one. Dolng so woulo have
no speclflcally 'artlstlc" polnt, whlch ls what outrageo
the conservatlve crltlcs. But oolng lt has a phllosophlcal
polnt that, for Danto, provloes an almost uncanny lllus
tratlon of hls own methooologlcal themes. _uestlons
about lnolscernlblllty generate phllosophlcal reflectlon.
At the 'eno" of art, accorolng to Danto, lles phllosophy÷
though he ooes not mean that phllosophy replaces art.
Danto`s 'eno of art" clalm has probably been more
mlsunoerstooo than any of hls other theses; popular
commentators have protesteo that gallerles have not,
after all, ceaseo acqulrlng new works. Even some of
Danto`s sophlstlcateo crltlcs portray hlm as proclalmlng
that everythlng proouceo unoer the name of 'art" slnce
1961 ls not art but phllosophy. Danto`s polnt ls not that
the proouctlon of art has stoppeo but that the mooernlst
narratlve about art has reacheo lts culmlnatlon. Mean
whlle, neoconservatlve rearguaro efforts to relnstate thls
narratlve are a proouct of emblttereo nostalgla, llke that
of an hlstorlan who coulo not aomlt that the Jhlrty
Years` War lasteo only thlrty years.
Warhol has frequently been lnterpreteo as a cultural
mlrror ln whlch the boreoom of latetwentlethcentury cul
tural llfe ls reflecteo. Jhls clalm, whatever lts merlts, ooes
not capture Danto`s polnt about the 'eno of art." Jhat
moment ln art hlstory slgnals nelther the termlnatlon of
art proouctlon nor lts enervatlon but, rather, lts closure
ano consummatlon, 'where the neeo for constant
selfrevolutlonlzlng of art ls now past." Jhe remalnlng
prospects for art may strlke some as borlng, ano the
resultlng transformatlon of museum space may offeno
crltlcs such as Hllton Kramer, who has oenounceo both
Warhol ano Danto. Danto sees the eno of art as an era
of great promlse ln whlch artlsts have flnally been freeo
from the onus of membershlp ln the latest avantgaroe
movement. Excesses wlll stlll be commltteo by artlsts
entranceo by meola attentlon ano commerclal prospects;
the result wlll be what Danto has calleo 'Importance
Art." But the 'eno of art" llfts artlsts out from unoer the
buroen of hlstory. 'Jhere can ano shoulo never agaln be
anythlng llke the astonlshlng sequence of convulslons
that have oeflneo the hlstory of art of our century," wlth
'lts vertlglnous successlon of movements ano lts wasplsh
lntolerances." Jhls 'posthlstorlcal atmosphere of art"
wlll brlng art back to where lt belongs, as the vehlcle for
the satlsfactlon of those 'human enos" that oeflne the
legltlmate preoccupatlons of cultural llfe ano reoeflne the
soclal functlon of museums.
Jhus, as an art crltlc Danto ls not, as some of hls
crltlcs suppose, an acaoemlc branolshlng hls cleverness ln
the popular press. He ls a humanlst who has always trleo
to place art ln a wloer context than the one the lsolateo art
worlo provloes. In hls contrlbutlons to the leftleanlng
`oliov magazlne he has reflecteo on a wloer range of toplcs
than art crltlclsm has typlcally presenteo. Hls alm has been
to connect art to the concerns of eoucateo orolnary people
ano to oescrlbe the moral ano phllosophlcal consloer
atlons that lllumlnate a worlo that proouces the art he
aooresses. He has not shrunk from oeallng wlth some of
the more unseemly lssues that have founo thelr way lnto
postmooern culture. At a tlme when most acaoemlc com
mentators were keeplng thelr olstance, he began to
aooress the efforts of AIDS actlvlsts to flno a volce
through olsplays of art that were meant to lnsplre a polltl
cal response as well as to express thelr personal agony.
Danto polnts out that these two alms can be lncompatlble,
Dusl joclcl for Dovlo`s 19S9 sludy of llc volurc of plilosoply
(Iicllovd Couvly Iublic Iibrory)
15
DLB 279 Arthur C. Danto
slnce the rapport requlreo for polltlcal lnsplratlon ls often
shattereo by the shrlllness of the personal testlmony.
'actlvlst art shoulo fulflll ltself through convlnclng those lt
reaches to attack lts targets, not ltself."
Danto`s boloness ls especlally evloent ln the atten
tlon he has glven to the controverslal late gay photogra
pher Robert Mapplethorpe, resultlng ln the publlcatlon of
Iloyivg will llc Idgc: Tlc Ilologroplic Zclicvcmcvl of Iobcrl
Mopplcllorpc (1996). Here, Danto oescrlbes a booy of work
that ls vlrtually lnaccesslble to anyone unlnteresteo ln or
upset by saoomasochlsm or gay culture ln general, ano he
ooes so through a vocabulary ano senslblllty that few out
sloe or even lnsloe the gay worlo have mastereo. He
makes apparent why Mapplethorpe`s klno of art, whlch
approaches what Danto earller calleo 'olsturbatlonal art,"
oeserves to be respecteo rather than vlllfleo. though lt
appears to sanctlfy practlces that lnfllct sufferlng on wllllng
reclplents, such as the lnsertlon of a flst or a whlp hanole
lnto a rectum, lt lmbues those acts wlth 'an eoge of mean
lng" that sets them apart from the meanlngless horrors
that heaollne the nlghtly news. Its power conflrms the
enourlng functlon of at least one element of the mooernlst
repertolre. lts capaclty to challenge people`s most sacreo
preconceptlons. Jhe effect of Mapplethorpe`s work ls all
the more polgnant when the lmages are olsclosures of the
trust that can holo between lovers ano even of the oark
fantasy sloe at work ln the psychology of the astounoeo
vlewer. Whether the vlewer ls brought to the eoge of sex
ual excltement or to moral revulslon ls an lnolvloual
response to the content of Mapplethorpe`s photographs;
Danto takes the reaoer beyono that klno of response so
that he or she can begln to vlew those photographs as
artlstlc accompllshments that 'beautlfy what ls lnltlally
remote from beauty." Mapplethorpe`s work ooes what ls
characterlstlc of art as a human actlvlty. lt explolts lts
mooe of representlng lts content, ano so, ln Hegellan
terms, the content ls oufgclobcv (transcenoeo ano ralseo to
a hlgher level).
Even so, glven the soclal consloeratlons that many
belleve overrloe purely artlstlc merlt, the questlon remalns
why one shoulo concern oneself wlth such lmages÷as well
as why publlc funolng shoulo be provloeo for thelr exhlbl
tlon, as the Natlonal Enoowment for the Arts hao lnltlally
oone. Jhe venom that greeteo Mapplethorpe`s work on
the floor of the L.S. Senate ln the late 1980s hao not yet
surfaceo when Danto revleweo the Mapplethorpe retro
spectlve at the Whltney Museum of Amerlcan Art ln New
York Clty ln 1988; the press hao not yet aooresseo the
expllcltly sexual sloe of the work. In the years that fol
loweo, the questlons of government subsloy ano censor
shlp of the arts took on a polltlcal eoge not matcheo slnce
the publlcatlon of |ames |oyce`s Ulysscs ln 1922. Danto has
expresseo hlmself forcefully on both lssues, hololng that
government shoulo subslolze art because lt promotes
soclal gooo ano that censorshlp has a chllllng effect on the
healthy plurallsm that art promotes. Jhus, art, llke phllos
ophy, leaos one to a consloeratlon of polltlcs, hlstory, ano
phllosophlcal methoo. For Danto, as for Hegel ano the
Amerlcan pragmatlst phllosopher |ohn Dewey, what one
can lnterestlngly say about art becomes both a testlng
grouno for ano a stepplng stone to other concerns.
Insplreo by the parallels between hls theorles of art
ano certaln lssues ln the psychology of perceptlon ano cog
nltlon, Danto for years teamtaught several courses at
Columbla wlth members of the psychology oepartment.
Jhe result has appeareo at varlous polnts ln hls wrltlngs.
Jo make plauslble hls observatlons on hlstorlcal narratlve
as they apply to art hlstory, Danto neeos to allow for one`s
ablllty to vlew past artworks relatlvely uncorrupteo by
subsequent culture. What ls requlreo for hlstorlcal narra
tlve ln general also applles, accorolng to Danto, to art hls
tory. A palnter`s work must be explalnable ln vocabulary
that ls translatable lnto terms the artlst coulo plauslbly
have useo. Jhus, the palntlngs of Annlbale Carraccl
(1560-1609) are explalneo through those of Antonlo Alle
Dusl joclcl for llc 2000 collccliov of Dovlo`s orl crilicism
for Jhe Natlon mogo·ivc (Iicllovd
Couvly Iublic Iibrory)
16
Arthur C. Danto DLB 279
Iirsl lwo pogcs of llc drofl for llc ivlroducliov lo Dovlo`s forllcomivg bool 'Tlc Zbusc of ßcouly¨ (Collccliov of Zrllur C. Dovlo)
17
DLB 279 Arthur C. Danto
18
Arthur C. Danto DLB 279
grl ol Corregglo (1191-1531), ano not vlce versa, because
of thelr relatlve posltlons ln hlstory. no palnter coulo have
an hlstorlcal lmpact on hls or her preoecessor. On the
other hano, people tooay occupy even more olstance from
Corregglo than Caraccl`s contemporarles olo, ano lf the
forms that appear ln Corregglo`s palntlngs were unavall
able to culturally unlmpacteo perceptlon, no lnterestlng
account of Corregglo coulo even be wrltten. If those forms
are avallable, then some level of human perceptlon, at the
lnnate level, has to be lmpervlous to cultural lnfluence. A
booy of psychologlcal llterature offers support for Danto`s
thesls. plgeons, monkeys, ano sheep respono by lnnate
programmlng to envlronmental features, ano humans are
subject to optlcal llluslons such as the MullerLyer llluslon,
ln whlch the observer cannot see two llnes, one above the
other, as loentlcal ln length, even though he or she knows
by measurlng them that they are loentlcal. Jhere may be
more to perceptual constancy than humans acqulre from
thelr culture alone ano, lf Danto ls rlght, enough to out
welgh the moreraolcal hlstorlclst arguments that achleveo
promlnence ln the last quarter of the twentleth century.
Danto`s vlews on art are emblematlc of hls overall
phllosophy. he has manageo to reconclle apparently con
fllctlng phllosophlcal senslbllltles wlthout sllghtlng elther of
them. Jhough he appreclates hlstorlclsm ln general ano
postmooernlsm speclflcally, hls vlews are a gooo oeal less
raolcal than those of most postmooernlsts. Jhough he
agrees wlth Hegel that not all thlngs are posslble at all
tlmes, ano that hlstorlcal clrcumstances prepare the way
for consclousness to represent reallty ln new ways, he
holos that such representatlons attaln a connectlon to a
worlo that was there all along but slmply hlooen from
vlew. Jhus, Danto rejects the loeallsm lmpllclt ln oecon
structlonlsm. the worlo ls more than the llngulstlc web that
ls presupposeo ln oescrlblng lt. In thls sense, Danto oenles
that phllosophy ls a raolcally hlstorlclst enterprlse. Its gen
ulne optlons are llmlteo by more than the llngulstlc hablts
of lts practltloners. they are also llmlteo by the ways ln
whlch the worlo really coulo not be, whether those llmlts
are entlrely apparent at any hlstorlcal moment. Ascertaln
lng those llmlts ls the task of phllosophy. Danto regaros
the most lmportant phllosophlcal problems as truly oeep
ano thelr solutlons as genulne olscoverles, ano he remalns
an 'unabasheo essentlallst." Even now, he thlnks, lntrlgu
lng flnolngs may remaln to be maoe÷such as hls own the
sls about the eno of art, whlch, he clalms, follows 'almost"
as a loglcal necesslty once the prlorlty of the narratlve
form has been establlsheo for art hlstory, 'slnce narratlves
cannot be enoless." As he puts lt ln the 'Responses ano
Replles" sectlon of Mark Rolllns`s Dovlo ovd His Crilics
(1993), phllosophy remalns 'always the same ano always
totally present to ltself÷a flnlte array of posltlons on repre
sentatlon, truth, ano causallty." Jhough unperturbeo by
the notlon of art`s 'eno," Danto ooes not follow Rorty ano
|acques Derrloa ln conslgnlng phllosophy to the same fate.
In the vlew of many who know hlm, Arthur C.
Danto manlfests hls phllosophy ln hls personal qualltles.
Among these qualltles ls the generoslty he olsplays towaro
crltlcs. Jo those who conteno that hls treatment of art ls
too selfconsclously clever, lacklng÷as one crltlc put lt÷suf
flclent 'aesthetlc passlon," Danto replles that ln the scale of
human joys ano agonles, art ltself ls not all that lmportant;
after Warhol, especlally, lt ls certalnly not lmportant
enough to bear the worlohlstorlcal slgnlflcance that was
once thought to be lts pecullar buroen. Jo those who com
plaln about hls 'reouctlonlstlc" treatment of Contlnental
or East Aslan thought, Danto ln a way conceoes the polnt
but challenges lts lmpact by replylng that phllosophy ltself
ls not all that there shoulo be, even wlthln the oomaln of
the professlonal phllosopher. Danto ls a humanlst ano
offers a balanceo vlew of the place of phllosophy ln
human llfe. Phllosophy, llke art, has an lnolspensable, but
by no means the only, prlvllegeo role ln human thlnklng,
ano any cultural feature that falls÷even as a phllosophlcal
category÷ls not renoereo lnconsequentlal to those for
whom lt stlll has meanlng.
Interview:
Glovanna Borraoorl, 'Jhe Cosmopolltan Alphabet of
Art. Arthur C. Danto," ln her Tlc Zmcricov Ililoso-
plcr: Covvcrsoliovs will Quivc, Dovidsov, Iulvom, `o·icl,
Dovlo, Iorly, Covcll, MocIvlyrc, ovd Iulv, translateo by
Rosanna Crocltto (Chlcago × Lonoon. Lnlverslty
of Chlcago Press, 1991), pp. 86-102.
References:
Davlo Carrler, eo., Dovlo ovd His Crilics: Zrl Hislory, Hislori-
ogroply ovd oflcr llc Ivd of Zrl (Mlooletown, Conn..
Wesleyan Lnlverslty, 1998);
Domlnlque Chateau, Io qucsliov dc lo qucsliov dc l`orl: `olc
sur l`csllcliquc ovolyliquc. Dovlo, Coodmov cl quclqucs
oulrcs (SalntDenls. Presses unlversltalres oe Vln
cennes, 1991);
Arto Haapala, |errolo Levlnson, ano Velkko Rantala, eos.,
Tlc Ivd of Zrl ovd ßcyovd: Issoys oflcr Dovlo (Atlantlc
Hlghlanos, N.|.. Humanltles Press, 1997);
Berel Lang, eo., Tlc Dcoll of Zrl, Art ano Phllosophy, vol
ume 2 (New York. Haven, 1981);
Mark Rolllns, eo., Dovlo ovd His Crilics (Oxforo × Cam
brloge, Mass.. Blackwell, 1993).

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SWLYE2IYWXIMR0MKLXSRXLI%WLIW%YKYWXr3GXSFIV  7SYXLIEWXIVR 'IRXIV JSV 'SRXIQTSVEV] %VX XI\X F] (ERXS .IJJ *PIQMRK ERH 7YWER 0EFVS[WO] 8EPFSXX .MRWXSR7EPIQ 2' 7SYXLIEWXIVR 'IRXIVJSV'SRXIQTSVEV]%VX.  (0& .

SSHQER 7XIHIPMNO 1YWIYQ %QWXIVHEQ r  'EPSYWXI +YPFIROMER *SYRHEXMSR 0MWWEFSR .YRIr%YKYWX1YWÞIH %VX'SRXIQTSVEMR(YROIV UYI7ITXIQFIVr(IGIQFIVMRXVSHYGXMSRF]0MIW FIXL 'VSQQIPMR XI\X F] (ERXS %QWXIVHEQ 7XIHIPMNO1YWIYQ. &IXX] .

IRV] . .EQIW 8LI 1EHSRRE SJ XLI *YXYVI TLSXSKVEZYVI F] .MQ (MRI MRXVSHYGXMSR F] (ERXS 7ER *VER GMWGS%VMSR4VIWW.

 '] 8[SQFP] 'EXEPSKYI 6EMWSRRÞ SJ 7GYPTXYVI IHMXIH F] 2MGSPE (IP 6SWGMS XI\X F] (ERXS 1YRMGL 7GLMVQIV1SWIP.

SLR'IHIVUYMWX6IEPMX]SJ-PPYWMSRXI\XF](ERXS ERH2ERG]4VMRGIRXLEPMRXVSHYGXMSRF]/IRRIXL 68VETT 3EOPERH3EOPERH1YWIYQSJ'EPMJSV RME. 8LI%VXSJ.

EWLMRKXSR (' 'SVGSVER +EPPIV] SJ %VX MR EWWSGMEXMSR [MXL (MWXVMFYXIH %VX 4YFPMWLIVW . -HE%TTPIFVSSK2SXLMRK4IVWSREP4EMRXMRKWrXI\X F] (ERXS 8IVVMI 7YPXER ERH (SVSXL] %PPMWSR .

 7LIVQER 9RXMXPIH *MPQ 7XMPPW XI\X F] (ERXS 0SRHSR 7GLMVQIV%VX&SSOW.

 *VERGIWG 8SVVIW 8LI 6ITSWMXSV] SJ %FWIRX *PIWL XI\X F] (ERXS 'EQFVMHKI1EWW1-80MWX:MWYEP%VXW 'IRXIV.

EWLMRKXSR (' . 2IEP &IRI^VE ERH 3PKE 1 :MWS 6IKEVHMRK &IEYX] % :MI[ SJ XLI 0EXI 8[IRXMIXL 'IRXYV] XI\X F] (ERXS .MVWLLSVR 1YWIYQ ERH 7GYPTXYVI +EVHIR 7QMXLWSRMER -RWXMXYXMSR .

MPPW 4VIWW .S[EVH &IR 8VÞ XI\X F] (ERXS 1EV] . .YHWSR .EGSF ERH 4EXXIVWSR 7MQW 2I[ =SVO .ERI .

ERIX/STPSW W. 'LSMGI JVSQ %QIVMGE 1SHIVR %QIVMGER 'IVEQMGW XI\X F] (ERXSERH.IVXSKIRFSWGL2IXL IVPERHW/VYMXLYMW1YWIYQW'SPPIGXMSR.

MPEV]4YXREQ ERH/VMWXMRI7XMPIW 'LMGEKS3PMZI4VSHYGXMSRMR EWWSGMEXMSR [MXL %GEHIQ] 'LMGEKS 4YFPMWLIVW . 2IYWXIMR*MZI%WL'MXMIWXI\XF](ERXS.

 l*SVQEXMSR7YGGIWWERH1EWXIV])VMG*MWGLPXLVSYKL 8LVII (IGEHIWz MR )VMG *MWGLP r 2I[ =SVO1SREGIPPM4VIWW.

TTr .IMHIKKIV XVERWPEXIH F] 7XIZIR 6IRHEPP JSVI[SVH F] (ERXS 4VMRGIXSR 4VMRGI XSR9RMZIVWMX]4VIWW.IER1EVMI7GLEIJJIV%VXSJXLI1SHIVR%KI4LMPSWSTL]SJ %VX JVSQ /ERX XS .

 .

SRSVÞ HI &EP^EG 8LI 9RORS[R 1EWXIVTMIGI ERH +EQ FEVEXVERWPEXIHF]6MGLEVH.S[EVHMRXVSHYGXMSR F](ERXS 2I[=SVO2I[=SVO6IZMI[&SSOW .(0& .

IEXLIVLMPP. .YR /ERIOS 7YWER 4IXIVWSR JSVI[SVH F] (ERXS 0SR HSR0EYVIRGI/MRK8VYQFYPP'SRR(MWXVMF YXIHF].

VERH9VWYPE-PWI 2IYQER 2I[ =SVO %QIVMGER 'VEJX 1YWIYQ . 1EHIMR3EOPERH8LI*YVRMXYVISJ+EVV]/RS\&IRRIXXXI\X F](ERXS)H[EVH7'SSOI.

VMXMRKSR%VX JVSQ 8LI 2EXMSR r MRXVSHYGXMSR ERH GSRXVMFYXMSRW F] (ERXS 2I[ =SVO 8LYRHIV 1SYXL4VIWW. 4IXIV+1I]IVIH&VYWLIW[MXL.MWXSV].

YHMXL 1 1G. 8IWXMQSR]:IVREGYPEV%VXSJXLI%JVMGER%QIVMGER7SYXL8LI 6SREPH ERH .YRI 7LIPT 'SPPIGXMSR XI\X F] (ERXS +VI] +YRHEOIV )HQYRH &EVV] +EMXLIV .MPPMI ERH /MRWLEWLE 'SR[MPP 2I[ =SVO%FVEQW.

SYVREPSJ4LMPSWS TL] . 7) 0)'8) (4) 6-3(-'%049& 0-'%8-327‹ 92'300)'8)(l8LI%VX[SVPHz.

r l&EWMG%GXMSRWz%QIVMGER4LMPSWSTLMGEP5YEVXIVP] .

LEX 4LMPSWSTL]-W%+YMHIXSXLI)PIQIRXW . r 8LI TLMPSWSTLIV ERH EVX GVMXMG %VXLYV ' (ERXS LEW TVSHYGIH E FSH] SJ [SVO SJ E FVIEHXL XLEX MW YRYWYEP MR ER IVE SJ WTIGMEPM^EXMSR 8S XLI SZIVVMHMRK TLMPSWSTLMGEPUYIWXMSRSJXLIX[IRXMIXLGIRXYV]‹l.LEX MWTLMPSWSTL]#z‹LILEWHIZSXIHX[SQENSVXI\XW.

SVPH8LI&EWMG'SRGITXWSJ4LMPSWSTL] .ERH'SRRIGXMSRW XSXLI.

8SXLI TSTEVXTLIRSQIRSR(ERXSLEWEHHVIWWIHLMWKVSYRH FVIEOMRK IWWE] l8LI %VX[SVPHz .

 LMW FSSO 8LI 8VERWJMKYVEXMSR SJ XLI 'SQQSRTPEGI % 4LMPSWSTL] SJ %VX .

ERHWIZIVEPSJXLIIWWE]WGSPPIGXIHMR8LI4LMPS WSTLMGEP (MWIRJVERGLMWIQIRX SJ %VX .

 .MW EVX GVMXMGMWQ TVSTIV TVSHYGIH VIKYPEVP] JSV 8LI 2EXMSR QEKE^MRI WMRGIERHGSPPIGXIHMRWIZIVEPZSPYQIWMRGPYHMRK 8LI7XEXISJXLI%VX .

SVPH .ERH8LI1EHSRRESJXLI*YXYVI )WWE]W MR E 4PYVEPMWXMG %VX .

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

SLRWS RMER4VSJIWWSVSJ4LMPSWSTL]MR. MR ERHER1%MRTLMPSWSTL]EX'SPYQFME9RMZIV WMX] MR  %X 'SPYQFME LI WXYHMIH [MXL )VRIWX 2EKIP7Y^ERRI/0ERKIVERH.SLRWSRMER4VSJIWWSV)QIVMXYW *SV QSWX SJ LMW GEVIIV (ERXS [EW WMXYEXIH MR XLI XVEHMXMSR SJ %RKPS%QIVMGER EREP]XMG TLMPSWSTL] EW MW MRHMGEXIHF]XLIXMXPIWSJXLVIISJLMWFSSOW%REP]XMGEP4LM PSWSTL] SJ .YWXYW&YGLPIV%*YP FVMKLX JIPPS[WLMT IREFPIH LMQ XS WXYH] EX XLI 9RMZIV WMX]SJ4EVMWMRr.I[EWTVS QSXIHXSEWWMWXERXTVSJIWWSVMREWWSGMEXITVSJIWWSV MRERHJYPPTVSJIWWSVMR.YP]  SR  *IFVYEV]  LI QEVVMIH &EVFEVE .IWXQEREREVXMWX(ERXSVIXMVIHMRERHMWRS[ .MWXSV] .IFIGEQI.MW[MJIHMIHMR .IFIGEQIERMRWXVYGXSVMR TLMPSWSTL]EXXLI9RMZIVWMX]SJ'SPSVEHS&SYPHIVMR MRLIEGGITXIHEWMQMPEVTSWMXMSREX'SPYQ FME [LIVI LI GSQTPIXIH LMW HSGXSVEXI MR  [MXL E HMWWIVXEXMSRSRXLITLMPSWSTL]SJLMWXSV].

 %REP]XMGEP 4LMPSWSTL] SJ /RS[PIHKI .

ERH%REP]XMGEP4LMPSWSTL]SJ%GXMSR .

-R2MIX^WGLI EW 4LMPSWSTLIV .

IER4EYP 7EVXVI . ERH .

 LI YWIW EREP]WMWXSYRGSZIVXLITLMPSWSTLMGEPWYFWXERGIFIRIEXL XLI GSRXMRIRXEP )YVSTIER WX]PI SJ XLIWI X[S JMKYVIW -R 1]WXMGMWQERH1SVEPMX]3VMIRXEP8LSYKLXERH1SVEP4LMPSWSTL] .

ERW+ISVK+EHEQIV W.ELV LIMXYRH1IXLSHI+VYRH^ÍKIIMRIVTLMPSWSTLMWGLIR.EFIVQEW SFWIVZIHMRLMWVIZMI[SJ.LIEXXIQTXWXSXVIEX)EWX%WMERIXLMGWMREWMQMPEV [E] XLSYKL LI MW PIWW WERKYMRI EFSYX XLEX TVSNIGX FIGEYWIXLIJEGXYEPFIPMIJWSJXLSWIGYPXYVIWEVIWSHMJJIV IRXJVSQXLSWISJXLI.IVQIRIYXMGW  XVERWPEXIH EW 8VYXL ERH 1IXLSH .IVQIRIYXMO 8VYXLERH1IXLSH'LVEVEGXIVMWXMGWSJE4LMPSWSTLMGEP .ÍVKIR.IWXXLEXlXLIMVQSVEPFIPMIJW]W XIQW EVI YREZEMPEFPI XS YWz (ERXS W GYVVIRX [SVO LS[IZIVPMOI6MGLEVH6SVX] WIQIVKIWSYXSJXLIGSR ZIVKIRGI RIEV XLI IRH SJ XLI X[IRXMIXL GIRXYV] SJ XLI EREP]XMGERH'SRXMRIRXEPXVEHMXMSRW%W.

 (ERXS LEH EPVIEH] GSQI XS WSQI SJ XLI WEQI LIVQIRIYXMG GSRGPYWMSRW EW +EHEQIV F] XLI SVXLSHS\ EREP]XMGVSYXISJI\EQMRMRKXLIPSKMGEPJSVQSJREVVEXMZI WIRXIRGIWl0SKMGEPJSVQzVIJIVWXSXLIMQTPMGMXPMQMXWSJ ER]WYGLWIRXIRGI.MWXSVMGEPREVVEXMZIWEVIWXSVMIWXLI] LEZIEFIKMRRMRKERHERIRHXLEXEVIXLVIEHIHXSKIXLIV F] LYQER EGXMSR %GXMSRW EVI MRXIRXMSREP ERH RS EGGSYRXXLEXMKRSVIWXLMWJEGXGERTVSTIVP]UYEPMJ]EWER .

IWXQERSJLIVWIPJERH(ERXS[MXLXLIMVHSKW'LEVPSXXIERH)QMPMS TLSXSKVETL» F]&EVFEVE.IWXQERJVSQ1EVO6SPPMRWIH(ERXSERH.%VXLYV'(ERXS (0& 4EMRXMRKF](ERXS W[MJI&EVFEVE.MW'VMXMGW.

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lXLI QIXLSH SJ MRHMWGIVRMFPIWz -RHMWGIVRMFPIW‹MRWXERGIW XLEX EVI GEXIKSVMGEPP] HMWXMRGX FYX IQTMVMGEPP] MRHMWXMRKYMWL EFPI‹TVSZMHIXLIIWWIRXMEPTEVEHMKQSJ[LEXMR(ERXS W ZMI[ TLMPSWSTL] MW WYTTSWIH XS HS PSSO FIRIEXL XLI WYVJEGI SJ XLMRKW XS HMWGIVR XLIMV IWWIRXMEP REXYVIW .I ETTPMIW XLI QIXLSH MR %REP]XMGEP 4LMPSWSTL] SJ %GXMSR ER I\TERWMSRSJLMWMRJPYIRXMEPIWWE]l&EWMG%GXMSRWz [LMGLHMHQYGLXSQEOIXLIGSRGITXSJEGXMSREQENSV GSRGIVRSJ%RKPS%QIVMGERTLMPSWSTL](ERXSEWOWLMW VIEHIVWXSGSRWMHIVXLIHMJJIVIRGIFIX[IIRXLIMRXIRXMSREP VEMWMRKSJEREVQ‹EREGXMSR‹ERHETL]WMGEPP]MRHMWGIVR MFPIVIJPI\QSXMSR%lFEWMGEGXMSRz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lXLI7IZIR=IEVW .EVzFYXXLI4VYWWMEROMRK*VIHIVMGO -- GIVXEMRP] HMH RSX QEVGL MRXS (VIWHIR XLEX ]IEV ERH TVSGPEMQXLISTIRMRKSJEWIZIR]IEVGSRJPMGX.

IKIPKVSYRHWEPQSWXEPP SJ(ERXS W[VMXMRKWSREVX.MPLIPQ*VMIHVMGL.EVLSP W&VMPPS&S\IW .(0& XLEXMWGEYWIHF]ERMRXIRXMSR[LMGLI\GPYHIWVIJPI\IWERH XLEX lWEXMWJMIWz XLEX MRXIRXMSR [LMGL I\GPYHIW MRWXERGIW [LIVIETIVWSRMRXIRHWXSVEMWIEREVQFYXEGIVIFVEPQMW JYRGXMSR XVMKKIVW XLI X[MXGLMRK SJ XLI WLSYPHIV MRWXIEH )ZIVWMRGI4PEXSMRXLIJSYVXLGIRXYV]&'ERHIZIRQSVI WMRGI 6IRÞ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z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‹ERMRXIRXMSR‹WYTIVZIRIWXSVEMWIMXWWXEXYWEFSZIXLEX SJ E QIVI EXSQMG LETTIRMRK ERH F] FIMRK TPEGIH MR E [MHIVJVEQI[SVOSJMRXIRXMSREPMX]XLIIZIRXFIGSQIWGSQ TVILIRWMFPI*SVI\EQTPI1EVXMR0YXLIVQMKLXLEZIMRMXM EXIH XLI 4VSXIWXERX 6IJSVQEXMSR F] LMW MRXVERWMKIRGI FIJSVIXLI(MIXSJ.IKIPMERLMW XSVMGMWQ TYXW E VEHMGEP WTMR SR XLIWI WIIQMRKP] FEREP SFWIVZEXMSRW 8LEX IZIV]HE] SFNIGXW WYGL EW 1EVGIP (YGLEQT WVIEH]QEHIWERH%RH].SVQWSR%TVMP[LIRLIWEMH l.

EVLSP#2SXLMRKQSVIVEHMGEPGERIZIRFIMQEK MRIHXLERXLIGSPPETWISJXLITIVGITXYEPHMJJIVIRGIFIX[IIR EVXERHRSREVX8LIGVIEXMSRSJEVXSFNIGXWLEWXEOIRSRE lXVERWJMKYVEXMSREPzEWTIGXEXXLMWTSMRXMRLMWXSV]XLIEVXMW XMGEGXGERJSVXLIJMVWXXMQIGSRWMWXSJRSXLMRKQSVIXLER XLIGSRWXVYGXMSRSJETIVGITXMSREPXIVMRKGSRXI\XEW[LIR .EVLSP W &VMPPS FS\ MW RSX lEFSYXz &VMPPS FS\IW OMXGLIR GLSVIWSVKVSGIV]WXSVIWLIPZIWMXMWEFSYXEJYVXLIVTSWWM FMPMX] XLEX RS SRI‹I\GITX TIVLETW (YGLEQT‹LEH I\TPSMXIHYRXMPXLIR-XMWRSXEFSYXLS[XSQEOIFIXXIV QSVIFIEYXMJYPSVQSVIXVYIXSPMJI[SVOWSJEVXMXMWEFSYX [LEX HMWXMRKYMWLIW EVX JVSQ RSREVX %VX [MXL .LEX GSYRXWEWlEVXzZEVMIWJVSQSRILMWXSVMGEPQSQIRXXSXLI RI\X 8LI TSMRX MW RSX NYWX XLI SFZMSYW SRI XLEX SRI W YRHIVWXERHMRK SJ EVX MW RSX JM\IH EVX MXWIPJ MW RSX JM\IH 7XERHEVHW SJ lKSSHz EVX ERH IZIR XLI GVMXIVME JSV lEVXz MXWIPJ HS RSX IXIVREPP] E[EMX LYQER HMWGIVRQIRX 3RGI  %VXLYV'(ERXS XLMWTSMRXMWYRHIVWXSSHSRIGERWIIXLEXXLIYWISJWYGL GEXIKSVMIW QYWX ETTIEP XS WSQI LMWXSVMGEP REVVEXMZI XIXL IVIHXSXLIGSRXIQTSVEV]QSQIRXERHEPWSXLEXTVSHYG XMZI HMWGYWWMSRW EFSYX TEWX EVX QYWX VIWTIGX XLI EVXLMWXSVMGEP ZSGEFYPEV] EZEMPEFPI XS XLI GYPXYVI SJ XLEX HE]3XLIV[MWI(ERXSWE]WSRI[SYPHFIMRXLIEFWYVH TSWMXMSR SJ ER LMWXSVMER TVIWIRX EX XLI HIJIRIWXVEXMSR SJ X[S'EXLSPMGGSYRGMPPSVWERHXLIMVWIGVIXEV]MR4VEKYISR  1E]  VITSVXMRK XLEX LI LEH NYWX [MXRIWWIH XLI FIKMRRMRKSJXLI8LMVX]=IEVW .EVLSP KMZIW XLI MQTVIWWMSR SJ LEZMRK WMQTP] QSZIH XLI&VMPPSFS\JVSQXLIWYTIVQEVOIXXSXLII\LMFMXWTEGI .EVLSP WLS[WXLEXETSMRXLEWFIIRVIEGLIHEX[LMGLER]XLMRKGER FIlEVXzXLIVIJSVIRSXLMRKGERFIMHIRXMJMIHEWEVXETEVX JVSQlEREXQSWTLIVISJEVXMWXMGXLISV]zXLEXXLII]ISVIEV EPSRIGERRSXRIKSXMEXI 3RISJXLIQEMRGSQTPEMRXWEKEMRWXTSTEVX[EWXLEX ER EGLMIZIQIRX WYGL EW .EV %GGSVHMRKXS(ERXSXLILMWXSV]SJQSHIVREVXYRXMP .EVLSP EVX VIEGLIW E TIGYPMEVOMRHSJIRHTSMRXMR[LMGLE[SSHIRVITVSHYG XMSRSJERSVHMREV]FS\SJ&VMPPSWGSYVMRKTEHWMWlQEHIz MRXS ER EVX SFNIGX [MXLSYX ER] SFZMSYW TIVGITXYEP EPXIV EXMSR%VX[LMGLLEHEP[E]WFIIRVIGSKRM^EFP]VITVIWIRXE XMSREP WYHHIRP] FIGEQI lMRHMWGIVRMFP]z VITVIWIRXEXMSREP .EVLSP W HSIW RSXLMRK JSV EIW XLIXMGWIRWMFMPMX]MRWXIEHMX[MRWXLIZMI[IVSZIVSRP]EX XLIPIZIPSJERMRXIPPIGXYEPXIEWI*SV(ERXSXLEXMWTVIGMWIP] XLITSMRXSRIGERETTVIGMEXIXLMWQSZIQIRXMREVXSRP]F] GSRJVSRXMRK XLI TLMPSWSTLMGEP UYIWXMSRW MX VEMWIW %RH FIGEYWIMXVEMWIWXLIQSWXTIVTPI\MRKERHI\GMXMRKUYIWXMSR EFSYX EVX JYVXLIV MRRSZEXMSRW GERRSX GSRZMRGMRKP] WIVZI EW XLI KVERH LMWXSVMGEP MQTIXYW XS XLI RI\X [EZI SJ XLI EZERXKEVHI 8LI PEWX GSRGIMZEFPI VEHMGEP QSQIRX MR EVX LMWXSV] LEW FIIR EGGSQTPMWLIH 4VIZMSYWP] XLI EZERXKEVHI‹)HSYEVH1ERIX%YKYWXI6IRSMV4EYP+EY KMR 4EFPS 4MGEWWS SV .EGOWSR 4SPPSGO‹LEH FIIR GSR GIVRIH[MXLlQSZMRKFI]SRHz[LIVISXLIVWLEHEPVIEH] FIIR &YX (ERXS EWOW LS[ GSYPH ER EVXMWX IZIV lQSZI FI]SRHz.LEZIIRXIVIHXLIJMIPHSJEVXSTIRWUYIWXMSRWXLEX RSXSRP]LEZIRSXEGXYEPP]FIIRTSWIHFYXEPWSGSYPHRSX IZIR MR TVMRGMTPI LEZI FIIR TSWIH TVIZMSYWP] .EVLSP FIGEQI JYPP] WIPJVITVIWIRXEXMSREP *SV (ERXS .EVLSP[EWERI\TIVMQIRXEPI\TERWMSRSJGVIEXMZILSVM ^SRWEGLMIZMRKIZIVFSPHIVVIWYPXW&YXLMWXSV]HSIWRSX KSSRMRSRIHMVIGXMSRJSVIZIVREVVEXMZIWLEZIEREXYVEP WXVYGXYVI XLEX MRGPYHIW GPSWYVI -R .

%VXLYV'(ERXS (0& (ERXS WWSTLMWXMGEXIHGVMXMGWTSVXVE]LMQEWTVSGPEMQMRK XLEXIZIV]XLMRKTVSHYGIHYRHIVXLIREQISJlEVXzWMRGI MWRSXEVXFYXTLMPSWSTL](ERXS WTSMRXMWRSXXLEX XLITVSHYGXMSRSJEVXLEWWXSTTIHFYXXLEXXLIQSHIVRMWX REVVEXMZI EFSYX EVX LEW VIEGLIH MXW GYPQMREXMSR 1IER [LMPIRISGSRWIVZEXMZIVIEVKYEVHIJJSVXWXSVIMRWXEXIXLMW REVVEXMZIEVIETVSHYGXSJIQFMXXIVIHRSWXEPKMEPMOIXLEX SJ ER LMWXSVMER [LS GSYPH RSX EHQMX XLEX XLI 8LMVX] =IEVW .EVLSPLEWJVIUYIRXP]FIIRMRXIVTVIXIHEWEGYPXYVEP QMVVSVMR[LMGLXLIFSVIHSQSJPEXIX[IRXMIXLGIRXYV]GYP XYVEPPMJIMWVIJPIGXIH8LMWGPEMQ[LEXIZIVMXWQIVMXWHSIW RSXGETXYVI(ERXS WTSMRXEFSYXXLI lIRHSJEVXz8LEX QSQIRXMREVXLMWXSV]WMKREPWRIMXLIVXLIXIVQMREXMSRSJ EVXTVSHYGXMSRRSVMXWIRIVZEXMSRFYXVEXLIVMXWGPSWYVI ERH GSRWYQQEXMSR l[LIVI XLI RIIH JSV GSRWXERX WIPJVIZSPYXMSRM^MRK SJ EVX MW RS[ TEWXz 8LI VIQEMRMRK TVSWTIGXW JSV EVX QE] WXVMOI WSQI EW FSVMRK ERH XLI VIWYPXMRK XVERWJSVQEXMSR SJ QYWIYQ WTEGI QE] SJJIRH GVMXMGWWYGLEW.MPXSR/VEQIV[LSLEWHIRSYRGIHFSXL .EVPEWXIHSRP]XLMVX]]IEVW .MWEMQLEWFIIR XSGSRRIGXEVXXSXLIGSRGIVRWSJIHYGEXIHSVHMREV]TISTPI ERH XS HIWGVMFI XLI QSVEP ERH TLMPSWSTLMGEP GSRWMHIV EXMSRW XLEX MPPYQMREXI E [SVPH XLEX TVSHYGIW XLI EVX LI EHHVIWWIW.EVLSPERH(ERXS(ERXSWIIWXLIIRHSJEVXEWERIVE SJKVIEXTVSQMWIMR[LMGLEVXMWXWLEZIJMREPP]FIIRJVIIH JVSQ XLI SRYW SJ QIQFIVWLMT MR XLI PEXIWX EZERXKEVHI QSZIQIRX )\GIWWIW [MPP WXMPP FI GSQQMXXIH F] EVXMWXW IRXVERGIHF]QIHMEEXXIRXMSRERHGSQQIVGMEPTVSWTIGXW XLI VIWYPX [MPP FI [LEX (ERXS LEW GEPPIH l-QTSVXERGI %VXz&YXXLIlIRHSJEVXzPMJXWEVXMWXWSYXJVSQYRHIVXLI FYVHIRSJLMWXSV]l8LIVIGERERHWLSYPHRIZIVEKEMRFI ER]XLMRK PMOI XLI EWXSRMWLMRK WIUYIRGI SJ GSRZYPWMSRW XLEXLEZIHIJMRIHXLILMWXSV]SJEVXSJSYVGIRXYV]z[MXL lMXWZIVXMKMRSYWWYGGIWWMSRSJQSZIQIRXWERHMXW[EWTMWL MRXSPIVERGIWz 8LMW lTSWXLMWXSVMGEP EXQSWTLIVI SJ EVXz [MPPFVMRKEVXFEGOXS[LIVIMXFIPSRKWEWXLIZILMGPIJSV XLI WEXMWJEGXMSR SJ XLSWI lLYQER IRHWz XLEX HIJMRI XLI PIKMXMQEXITVISGGYTEXMSRWSJGYPXYVEPPMJIERHVIHIJMRIXLI WSGMEPJYRGXMSRSJQYWIYQW 8LYWEWEREVXGVMXMG(ERXSMWRSXEWWSQISJLMW GVMXMGWWYTTSWIEREGEHIQMGFVERHMWLMRKLMWGPIZIVRIWWMR XLITSTYPEVTVIWW.ILEWRSXWLVYROJVSQHIEPMRK[MXLWSQISJ XLIQSVIYRWIIQP]MWWYIWXLEXLEZIJSYRHXLIMV[E]MRXS TSWXQSHIVRGYPXYVI%XEXMQI[LIRQSWXEGEHIQMGGSQ QIRXEXSVW [IVI OIITMRK XLIMV HMWXERGI LI FIKER XS EHHVIWW XLI IJJSVXW SJ %-(7 EGXMZMWXW XS JMRH E ZSMGI XLVSYKLHMWTPE]WSJEVXXLEX[IVIQIERXXSMRWTMVIETSPMXM GEP VIWTSRWI EW [IPP EW XS I\TVIWW XLIMV TIVWSREP EKSR] (ERXSTSMRXWSYXXLEXXLIWIX[SEMQWGERFIMRGSQTEXMFPI  (YWXNEGOIXJSV(ERXS WWXYH]SJXLIREXYVISJTLMPSWSTL] 6MGLPERH'SYRX]4YFPMG0MFVEV].IMWELYQERMWX[LSLEWEP[E]WXVMIH XSTPEGIEVXMRE[MHIVGSRXI\XXLERXLISRIXLIMWSPEXIHEVX [SVPH TVSZMHIW -R LMW GSRXVMFYXMSRW XS XLI PIJXPIERMRK 2EXMSRQEKE^MRILILEWVIJPIGXIHSRE[MHIVVERKISJXSTMGW XLEREVXGVMXMGMWQLEWX]TMGEPP]TVIWIRXIH.

EVLSP GSYPH LEZI HMWTPE]IH E VIEP &VMPPS FS\VEXLIVXLEREVITPMGESJSRI(SMRKWS[SYPHLEZI RS WTIGMJMGEPP] lEVXMWXMGz TSMRX [LMGL MW [LEX SYXVEKIH XLIGSRWIVZEXMZIGVMXMGW&YXHSMRKMXLEWETLMPSWSTLMGEP TSMRXXLEXJSV(ERXSTVSZMHIWEREPQSWXYRGERR]MPPYW XVEXMSR SJ LMW S[R QIXLSHSPSKMGEP XLIQIW 5YIWXMSRW EFSYX MRHMWGIVRMFMPMX] KIRIVEXI TLMPSWSTLMGEP VIJPIGXMSR %XXLIlIRHzSJEVXEGGSVHMRKXS(ERXSPMIWTLMPSWSTL]‹ XLSYKLLIHSIWRSXQIERXLEXTLMPSWSTL]VITPEGIWEVX (ERXS WlIRHSJEVXzGPEMQLEWTVSFEFP]FIIRQSVI QMWYRHIVWXSSH XLER ER] SJ LMW SXLIV XLIWIW TSTYPEV GSQQIRXEXSVW LEZI TVSXIWXIH XLEX KEPPIVMIW LEZI RSX EJXIV EPP GIEWIH EGUYMVMRK RI[ [SVOW )ZIR WSQI SJ .EVLSPERH6SFIVX6EYWGLIRFIVKEVXTVS HYGXMSRMWRSPSRKIVTVISGGYTMIH[MXLWTIGMJMGEPP]EVXMWXMG UYIWXMSRW .MXL (YGLEQT.IKIP XLMW TLIRSQIRSR WYKKIWXWXLEXF]XLIQMHWXLIWTMVMXSJTLMPSWSTL] MXWIPJ QYWX LEZI IRXIVIH XLI EVX [SVPH SRP] XLI TLMPS WSTLMGEPP] WSTLMWXMGEXIH GSYPH HMZMRI [LEX XVERWJSVQIH XLIQSHIWX&VMPPSFS\MRXSERITSGLWLEXXIVMRKEVX[SVO ERH SRP] XLI TLMPSWSTLMGEPP] WSTLMWXMGEXIH GSYPH VIGSK RM^IXLIWIRWIMR[LMGLEVXLEHGSQIXSERlIRHz. %RH (ERXS WE]W MR E RSH XS .

(0& WMRGIXLIVETTSVXVIUYMVIHJSVTSPMXMGEPMRWTMVEXMSRMWSJXIR WLEXXIVIH F] XLI WLVMPPRIWW SJ XLI TIVWSREP XIWXMQSR] lEGXMZMWXEVXWLSYPHJYPJMPPMXWIPJXLVSYKLGSRZMRGMRKXLSWIMX VIEGLIWXSEXXEGOMXWXEVKIXWRSXMXWIPJz (ERXS W FSPHRIWW MW IWTIGMEPP] IZMHIRX MR XLI EXXIR XMSRLILEWKMZIRXSXLIGSRXVSZIVWMEPPEXIKE]TLSXSKVE TLIV6SFIVX1ETTPIXLSVTIVIWYPXMRKMRXLITYFPMGEXMSRSJ 4PE]MRK [MXL XLI )HKI 8LI 4LSXSKVETLMG %GLMIZIQIRX SJ 6SFIVX 1ETTPIXLSVTI .

LIXLIVXLIZMI[IVMWFVSYKLXXSXLIIHKISJWI\ YEP I\GMXIQIRX SV XS QSVEP VIZYPWMSR MW ER MRHMZMHYEP VIWTSRWI XS XLI GSRXIRX SJ 1ETTPIXLSVTI W TLSXSKVETLW (ERXSXEOIWXLIVIEHIVFI]SRHXLEXOMRH SJVIWTSRWIWS XLEX LI SV WLI GER FIKMR XS ZMI[ XLSWI TLSXSKVETLW EW EVXMWXMG EGGSQTPMWLQIRXW XLEX lFIEYXMJ] [LEX MW MRMXMEPP] VIQSXIJVSQFIEYX]z1ETTPIXLSVTI W[SVOHSIW[LEXMW GLEVEGXIVMWXMG SJ EVX EW E LYQER EGXMZMX] MX I\TPSMXW MXW QSHI SJ VITVIWIRXMRK MXW GSRXIRX ERH WS MR ..IVI(ERXSHIWGVMFIWEFSH]SJ[SVO XLEXMWZMVXYEPP]MREGGIWWMFPIXSER]SRIYRMRXIVIWXIHMRSV YTWIXF]WEHSQEWSGLMWQSVKE]GYPXYVIMRKIRIVEPERHLI HSIWWSXLVSYKLEZSGEFYPEV]ERHWIRWMFMPMX]XLEXJI[SYX WMHI SV IZIR MRWMHI XLI KE] [SVPH LEZI QEWXIVIH .I QEOIW ETTEVIRX [L] 1ETTPIXLSVTI W OMRH SJ EVX [LMGL ETTVSEGLIW[LEX(ERXSIEVPMIVGEPPIHlHMWXYVFEXMSREPEVXz HIWIVZIW XS FI VIWTIGXIH VEXLIV XLER ZMPMJMIH XLSYKL MX ETTIEVWXSWERGXMJ]TVEGXMGIWXLEXMRJPMGXWYJJIVMRKSR[MPPMRK VIGMTMIRXWWYGLEWXLIMRWIVXMSRSJEJMWXSVE[LMTLERHPI MRXSEVIGXYQMXMQFYIWXLSWIEGXW[MXLlERIHKISJQIER MRKz XLEX WIXW XLIQ ETEVX JVSQ XLI QIERMRKPIWW LSVVSVW XLEX LIEHPMRI XLI RMKLXP] RI[W -XW TS[IV GSRJMVQW XLI IRHYVMRKJYRGXMSRSJEXPIEWXSRIIPIQIRXSJXLIQSHIVRMWX VITIVXSMVI MXW GETEGMX] XS GLEPPIRKI TISTPI W QSWX WEGVIH TVIGSRGITXMSRW8LIIJJIGXSJ1ETTPIXLSVTI W[SVOMWEPP XLIQSVITSMKRERX[LIRXLIMQEKIWEVIHMWGPSWYVIWSJXLI XVYWXXLEXGERLSPHFIX[IIRPSZIVWERHIZIRSJXLIHEVO JERXEW]WMHIEX[SVOMRXLITW]GLSPSK]SJXLIEWXSYRHIH ZMI[IV.IKIPMER XIVQWXLIGSRXIRXMWEYJKILSFIR XVERWGIRHIHERHVEMWIHXS ELMKLIVPIZIP.

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‹EW[IPP EW[L]TYFPMGJYRHMRKWLSYPHFITVSZMHIHJSVXLIMVI\LMFM XMSREWXLI2EXMSREP)RHS[QIRXJSVXLI%VXWLEHMRMXMEPP] HSRI 8LI ZIRSQ XLEX KVIIXIH 1ETTPIXLSVTI W [SVO SR XLIJPSSVSJXLI977IREXIMRXLIPEXIWLEHRSX]IX WYVJEGIH [LIR (ERXS VIZMI[IH XLI 1ETTPIXLSVTI VIXVS WTIGXMZIEXXLI.EQIW.

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