N VF
GSQD [TCS GI HD]N OI R[GH C[G UZ[ZD GLLSJ PGO R]] CO PSJ] CO C[Z [QCF
OI RDQ[GN COFH []HQ OHJD ODC PL[HQC PL[DF OC[L X[CD UZ[ZO [DHJQ PGO [HNQO
H[L]G CO HO]D P[NQO [WC RHLN R[G [W HIG GUFG PUKH@ [HTC OHJD HOLWC D]N
>ROGOFN OHJD LTHL [O [HNQO []HQ QQ UZ[Z NCQ [DHJQD [HNQO
RLSUO Z[ HCO PC OC[LO ]OUH]H M[HY OLDD R]HS PC ZHOLJ RLC UZ[ZD GLSJ R]Q [HTLC RLSUOH
ODC HQYU ]DHK [HFD COH GSLSJG E[D COC HSLC RJ ]SL]S LN MND ZOJO L RJ ]SL]S [HTLC
UZ[ZG GSZ ONH PHZQG LSWO GCHS CLG RLSZD OC[L ]QFC OU IUU O ]HCLYQG UZ[ZD GLSJ
[NHQ RWHC OND MNOG RL[HULO G[H] GS]LS CO PEH X[CG UZ[Z OU GSHJ CHG L[G HO CLGH
FGT FHL LC RHIJ GD IJC]Q HSLC HSLSLU ]HC[ LWO PEG HCOD [DHU L[NSO
OZH H][HYD GI PLDNHN FDHU GCS GQN [QHO HOLWCH RJDD [WTO [HTC RNH RJ PGO R]] CO
MLSLUD RJ PGO GLGL CO PSJ] COH [QCS PGL[DFQ [DF DDJL HC HLUQ JDD [WTL [QHJH
FL PHNU PDQ[G RHO PLU[G HLUQQ FHQOOH HQU ZDFGO P[HE LSWQ
ZTHUD COC [HTLC RLC [WCH GQHFNH H]QNJ RN ONH H]HSQHC ]C JDO [HTC GC[S GI LWOH
GQHFNH DHK CWH[ HC DHK RQHC CHG HLOU [QHO ODC GI PHNU GCS GQN H[QC HQNH HJDD
[]HQ
H]HQ [JCO HGI GC[S CO RLHFZH EN ROGO DC FHDLND ELOWG OU GSL]S RD CQF ]C HJDL GIH
PL[HCDH PLHFJ LWU HLLJD Z[ MLL GIH HL[JC MQGO CHDL PHQ COC [HTLC RLCH
KHW [DF GC[SH PLHTQ CWH[ OU XLOQQH PL[JCO GYU R]HSD H]SHHN GC[S DHK CWH[ ][LQC RLSUO D]N GQ C
ROGO UUH RN GHU OC[L ]DHKO COC RJ ]SL]S RCN RLC []HQ CHG
OC PSJ] CO DL]N COGH HLDC ]C HFHDLN OU HLU ]C OIJ HJD UHFQ [CDO D]N E PLHFZ ZLFY L[W [WTD U D
RJ PGO R]]
FDHU HSLC L[NS ODC QQ IU LFDHUD COC GI [HTLC RLC HD]N L PSJ ]S]Q PGO R]] CO
RQ CHG ON CG D]N RCN L[LCQG L[DFQ GC[S RNH J CD[G ]HD [HWQ RN []HQ >LOCUQL RHEN@ IU
M[L PFC JOH H[QC [DNH LHC[H []HQ H[LNQ RLCD VC ZWT RLC ]HGOCD ]HFHQH ]H]FG LN[FD ]H[HFEG ]HQHCG
HN] MHSLJG L[DFQ QNH L[NSO
MH P UQTH KQ[ QHJ VTHL ]LD D]N LWN [HTC POHUO COC RN GSLC PLZTHWG ]U[NG POHCH
TH]G L[DFQ UQQ RNH P QHJD [HKGH CLE GS]QH GLNI PDQ[G L[DFQ ZLLFO L RNH JLZT CSZ FHL
LHOG KD ]H LWU [HTCO L MNO C]L[HCF ZWT LFLQ [DFG CYL CO PLSW ON OUH ]HQHZQ GQND
EL[ FJ
HHKYS JS LSD UFHL LN ]HHYQ UD [QH PEH ]HDIHN ]HUF HO RLCH OC[L ]SHQCD PO LQ POHCH
GC[S RN PSJ ]S]Q HO R]LO []HQ DH] [EN HODZO LHC[H ]HLG >LHSCG [HLG LSWQ Z[ COH@ RGD
[HTLCG OOND QQ DH] [E O GUS CO FHU ON PDQ[G ]KL GC[S POHCH FDC[G ]UF LWO
EGT FHL LC RHIJ LWU HNH ]HHYQ UD PLLZQ HOLWCH CHG
L[NSO [NQ
n HC ML[UD [C [EO C[ZD DL]NFN DH] [E HSSLC FHU ON [HTC PSJ ]S]Q RLSUO Z[ CQ ZW]TGO L
HU
N VF G[I GFHDU
U[ HSLC VC LHE ON UQQD L[NS L[G G[LNQD COC GSL]SD HSLC PLDHK HLUQ HOLWC DH] [E HSLC ON UQQ
U[D COC [HTC RLC PDQ[GO PE [WC RJ ]SL]S RLSUO ODC > CN PLJTW ]UF VTHLD CDHQD U J[NHQ HSLC [WCH@
CG PLU[G HLUQQ FHQOOH HQU ZDFGO P[HE LSWQ MLSLUD RJ PGO GLGL CO FL PHNU ZQSO PDQ[G VLTHG HGIH
OOND HSLC G[H]G ]SHQC PHQ COH LHSCG [HLG FYQ PC HOLWC [WCH DH] [E HSLC PEG ]HHYQ I [QH ON
RJ [HTLC
[CD]S GQ LWOH HI GNOG HCLDG CO PLZTHWG MN OU H[LUG [DNH PLU[ O RJDD [WTO [HTC H[QC DQ GKHTD GSGH
UUH PHNUD L[LLQF P G[HC R[ZDH C[GQD QNH U GW[U RD ]QEHFN L[NS U[ OU P [DHFQG DLLO L
PLSLU D UH PGL[DFQ [DF JDO [HTC RCN PDQ[G L[DFD GOHON HI GNOG L[G RN PCH OC[L COH CQ P NQD
HSLC [DF CLDGO PDQ[G O HN[F RLC COGH ZHTWD RJ ]HUQQN LHS RLSUO COC H[LNIG CO RCN L[G UF] KWQO
C[QEG L[DF PG PG HL[DF COC PGL[DFQ [DF DDJL HC HLUQ JDD [WTL [QHJH OZ VLTHG GI GQH C[QED [HWQ
[HQCNH U[D COC HSLC GI [HTLC ON HSUQ PL[DFG CYHQQH PLU[ O RJDD [WTO [HTC P
U[ GLG CO L[G DHLNH H]FLQ ]EOWG OU GSL]S RD GQF ]C HJD RDHQ GI LWOH
GFHGL [O HZG TH]G G[LNQD PLDNHN FDHUOH GSL]SD [EO RD]NN PL[DF [QHC GFHGL LD[
COH G[LNQ PD]NN PL[DF L[NSO [NQ
b HCQ ]CI PLFQO COG PSJ ]S]Q [HTCO PSJ] CO LO GQO
IU D]N PSJ ]S]QD HCO RLC GC[S PDQ[G L[DFQ RNC HCO HD R]LO M[YS HY[]H GSL]S
[HNQ HC GS]] [C [EO [QCS DH] [EO R]HS ODC PSLJ ]S]Q R]LO [HTC CLE GS]QH GLNI FL
L[NSO
CKLO E[DFOHE SI[EGQ PD]NN PL[DF [WO PSJ] CO Q HSFQO H]KLO [WCH
R]LO RLFG FHTL HGI LN [EO R]LO [WCN COC L[NSO R]LO [HTLC RLC [QHC L]LLG PSJ] CO COHO VLTHGO PHZQ L
PSJ ]S]Q L[NSO R]LO HQYU LSWD [HTLC CHG PSJ] CO OQZ L[NSO COH [EO
HOLWCH [HNQO COC HO R]LO RLC [E OOND HSLC ON UHQO L GODSD DH]NG RQ PSQC [QHO [WC G[HCNO GI LWOH
R]LO PSJ] CO PHQ [HTLC RLC LOHC HO R]LO [E RLC PC ODC [EO R]LO [WCN CZHF HGI MC U[ HSLCH PLDHK HLUQ
CO NCH TH]G NHQN ZOJO C[DT RLC LN ]HQHC [C RLFQO COC RLQQU ]UDD [QCS HCOG [ZLU L[G GIN L[NSO
PLU[H IU LFDHU RLQQU ]UDO GQHFD COC GI C[ZD HSUQ
MD CDHQH KQ[ QHJ VTHL ]LD U DH] [E OOND HSLC L[NS ONO G[HTC PSJ ]S]Q GC[S PLZTHW GQN L[DFQ POHCH
HELG PLSH[JC GQNH@ PSJ ]S]Q HO R]LO []HQ IU FDHU HSLC ON HD]N L[LCQGH CD[G [HQCN MC JLZT CSZ FHL
DH] [E HSLC PC PE ]HHYQ UD PLLZQ CHG PC PLFHQ ONG [WC MC CD[G ]DH]Q RLU PLOUG VTHL]LDG OU
>OSNH GI [HTLCD HSLC EGHS ODHLG RLC GIG RQID RHEN
N CJ LHOG ]LD H IO RGNG DH ]HD PDQ[G ]KLD UU
XWJ PFCO HO L PC LNH HZG TH]G PHNUF G[LNQO [EF GSL]S LQHFZCO CHGG [LCQ LD[H
CZHF HY[]H "MN OU GHHYQ HSLC OC[LO HOLWC COGH PLDNHN FDHUO HS[NQL PFHZ [EO HSS]L [HNQO
[CN GD[G GH CLG [EOH PGLSLD PLLHYQ PL[NS HLG CO OC[LO KUHQ [DF COC GH GSLC GOLDS
PLKUHQ PLQF [HDU L[NSO [HNQO COH [EO R]LO PLFZGO GHYQ MNO [D
[D]TQ PEH LC[ZCD HO GODS]SD COC ]HODS [JHTD RCN [DHFQ RLC LCFH >GLWSFQ@ EY EJ FHL GQ ]H[ECD D]N RNH
DH] [EO R]LO DLHJQ HSLC PLDH[Q PLQFD L[NSO [HNQO OHNL PC ODC PLKUHQ GLQFN Z[ [DHFQ
G[LNQ PE OOHN GI G[H]D ]HDH]NG [E O GSL]S ]HNOG OON PLFZGO CLG GSHHNG PL[WQ LH
FLTWGO DLLJ HSLC LCFH [QHON GSL]S PE ]OOHN L[NSO G[H]D G[HQCG G[LNQ O [LCQ [ ]UFO
IU
]UF VTHL
[EO [HNQO VLFUL NE H[NHQO CD PCH PHNUO [EG ]C PLFZL GS]QD HS]LO CD PC COC HSHQQ
U DL RCN DZUL ]HOGZD CDHQ PLJTW X[W HSD[ PHNUOQ
[WLT FYLN ED[F GUQQ C[QEG ]LHZ GC[ CDLZU [ VCH ED[D GUQ LDL]LQ
C]LL[DG PHLT CHG LN C[[E DEC CDLZU [F GUQ HCLDGH@ [WLT CO CDLZU [ ODC GJDD
[ PLLJ ][H] >ED[Q COC CLDQ HSLC LQOH[LDH
PEH RJ ]SL]S OOND GI PE D]N UFLHGL RD [WTD POHCH JD [HWLTN ]DJS GSLC LODF C[WH LCG OU H]LLND P]UFO
JDQ H]LNDD CYQS Z[H ZJ UHFQ G]U GOLE CO RHLN FL]UD [LLE]] CLG UFL WUCH HZG ZU[F GUQQ
FNU RJ GO R]HS CHG L[GH GL[NS GFHUD GLSWD GLWL ]C
]HSGO GSHHND CO PE G[HTC GLLC[ ON GIQ UQQ ]LHI R[Z X[]O HN[YHGH ED[Q HOC GQQ
FL U ]HJFO D]N LH Q CJ JHC GQ ]H[EC ]H CFLJGO PLSLU J]W QU RGNG Y[O PLHFZ OC[L U
EEL JHC HJ [QHC ULDL ]HD UH KUZ LNCOQ
HI GN[DD OON HEGS CO GIG RQID HQOHUD HO GNN MH[D [QHC ]HDHK ]HL[D GCH[G
JS ]HN[D ]UF VTHLD CDHQD UU DOZT GN[ G[H[D GSQ ]HNOQH P COO GN[DO RHNS PHZQ ONQH
PFC LLJ
[QHO G[HQJH [HQJD CO [QC COH GIO GI RLZZIS RQID G[HQJD COH [HQJD COH DU
UFLHGL RD [HTC PEHHLI RQID PGQ FJC GCH[ Z[ COC P[HDLJ PHZQ GCH[ HSLC HOLWC
]HNLQTQ H[F GOLOD GCQHK LFLO CHDLH PHLD PFC [G[GL CO U[ [DF ONQ ][QSH
PLLJ ][H] RSHCH [UD HSLYQ HQN GI OHZOZD ][DFQG U[ GOQGQ HC GOLO G[ZQ RLSUO PLDH]NG
POHUG LSLSU GIDQ CHG MH]Q G H S U GDJQD HOLWC ] H L Z S [LCL RD TJSW [ [QC
] H F L T J LFLO CD MN MH]QH DLHCG RQ C[LN HSQQ C[L CHG C K J ] C [ L LFLO CD GSQQH
PLQ PO HLUQ ON
ON ]HFLTJ HS[W HQN GHSU HO UQQ ROHNQ GOHFE GHSU [QC LHO RD UHGL LD[H
R[ PLQ PO HLUQ
QND PL[NIHQG ]HFLTJ H FLTJ RLSU OU KQ] HFGQD DL[ QU C ]HWTHG ]H[GK DZUL ]HOGZD RLLY GQD UU
OI[FD
FZG JH[ ]E[FQO PLNHI GFL OUH LQE VHSLKQ ] H L Z S [WQ HTZ] MHSLJG [WTD GC[S
RS]FN PNJ FLQO] O H]FQ CLG MN HLHDOQH VHEG ]HLZS ]HLZS OOND XDUL[ D]N GQHFNH
PG HLFED ]HLZS OU PE HJ H]QS ]HLZS OU HJG FLZ ]DD H[QC HQNH ]HCHZQF KWD
GQGDO GQFL CO PNJ PFC ]HLZSD EHGSO LON [DF CHGH GLKLN]
FCQ GDESH GSHLOU GOUQO GNIL UFLHGL RD [WTD PLLJ VTHL LD[ G[W P L ] Q G ] L J ] ]E[FQH
P]HC GLJQ CHGH PL]QN PLDJSG PLZHUG ]HWS PQ CLYHGOH ]HWLOZ PHZQO HWS JHOO ONHL
[HCD P FHU RLLUH GSQLG GOUQO RLC GOHFE GOUQ HIH >OIL[CG HSLD[ [QC HQN@ PQ PCLYHQN
]HE[FQG KH[LWH
JU
N VF G[I GFHDU
PLQUKH PLSLSU
FL[K GL]FLDUD
][WHWD OHJNQN PLULD[Q ]HQGD LOFEQD TD [QCS FL[K GL]FLDUDF ]SLJD LH
HO RSLC ]HQGDD ON]TGO [HTC CHG PE ODC HO ]HQGDD CZHF GI L[ [CD POHC
GL]FLDUF GF[K Z[H [HG[GQ OLYGO OLUHQ OE[GG RLC L[G OE[HG [DN PEG REHHLI ]UD
]CIO GOLUHQ
[DN [DFG ]HC[D [[HU]L MLCH CHGG [DFG ]C ]HC[O OE[HG PLSW ON OU L[G OC] PCH
"HFLJ ][HF GHC]G L[G HD OE[HG
CHG PFCG PGLSLD OHFE [WGH [LNIQG RLSU LH [[HUQG RLSU L HI GOCD ]HUK L ODC
ULEL [CN GIN PFC [DF GC[L CO PC HOLWC HDOQ ]HHC]D [G[GL HUDKD RG GHC] OUD
MHQT FQHU CHG LH [G[GLH [LNIQO HOLWC ML[Y RLC IC [HG[G LFLO HGCLDL HWHE [C DYQO
[DN CHG [DF HOLWC HG[LNIL [DF OND LF MC [LNIQO ML[Y PLSW ON OU IC [HG[GG DYQO
]TH[WD LF IC HLSHLU[O GOU CO HSHDU[ RLLFU MC H]OLNCO OLE[G RQIG [DU LQ HQN HD OE[HQ
HOYC HFLJ HSLC LCFHD PJOG VC HSHDU[ H[LNIGO PJO
GF[KG Z[H OE[G GIO OLUHQ RLC RN OUH PLSQIG DH[D ]HHC]G LDEO GI DYQD PG PFC LSD DH[H
OKDQ GOHFE GF[K MC [HG[GO GOLUHQ HI GCH[ GQ PU ]HNLLD CHG [JC RLSUD
QU FJ HGLOCQ D]NQ GCH[ GQ PU ]HNLL PH GO RLCN HOLWC [HG[GG
U[ [DF ONQ ][QSH
MDO [YS [QQ ONQ [QCS HQN DOD ]HOF]GG CHG [ZLUG OC[L LSD OYC ODC
]CF UFL CSC LO CDOH CSLU DLGL ]C LC LO MDO LSD GS] ZHTW OU GC ]HN[DF LQOH[LDH
VC GOLOD GCQHK LFLO CDLH PHLD PFC [G[GL CO U[ [DF ONQ ][QSH H[QC RN OUH LOF
OU SUS RLCH GOLOD MN [JCF GDJQ COD GUQD L[Z GCH[O ]W[KYQ GU[ GDJQG RLCF
F [C [ZLU CHG GC[LH DOD ]HFGLG [ZLUH CHG HLOU HDO ][LQ ]HYQ PHZQ ONQ GI
]HDDOG ]DHJ ON RNH RLC DOH ZHTW OU DU CQHLD H[QC HQNH DOD COC HSLC MQUQ OCH
MWLGGH DHK MC PG COLQQ PLUQG ON PFCG [HDL G[LG GFQG CHG DHK DOG [CN LN
MWLGD
CHG [ZLUG GOW] OHZH G[H] OHZD HGLWO PFCG OQU ONF PHLG ON PFCG ]FHDU [ZLU RN OUH
CHG RHLEGH GOLOH PQHL HD ]LEGH [QCS G[H]D RNH D ]LSU] DOD GFHDU C[ZS GOW]H DOD
RO CQLLZ PLQ ]HNOQ OHU ]ODZ [ZLU CHG UQ ]CL[ZD PEH LDO RHLEGH DH]N HQN DOD
J]W
RSL[Z GWOUD G[H] GW ]HNOQF VCH LQF [HDFN [HG[G DUT N ]HN[D [QCF RCQN
]FQ ]SLN [ZLUH GWH [HDFN DHJ L[G LQF [HDFN [HG[GF RHLN GWD ]HOE]GD H[ZLUF HGLOC
]HN[D PDQ[GH POHUO PLZOC LZOJH LDDO [HY [QCS HQN LOC[LG LC DOD CHG ]HNOQG
]HN[D H[QC HQN GN[D [JC PFC LSDO R]S X[CGF VCH DOD PE RLCYHL ]HN[DG ONF ZTW IC
X[CG CHG HDO ]HOE]GD GLGL LF OUWD ]HOE]G ]HLGO ML[Y GUQG POHU CHG GO
PFC LSDO R]S OC[L LSDF ]HDDOD PLSH]J]D ]L H]SLNH ]L H]HNOQ ]FQ GSHLOUG
QU GO RGNG Y[O PL[WHT L[DF MH]Q
KU
]UF VTHL
]HIL[I
FOHL ]HIL[IG RQ RN LQLSWG ]HKGO]GG ]FOH] CHG ]HIL[IG HQN FHU RSHD]G
GSHYLJG H]UHS] [GQQ CHG HQN GHYQG GUQD HQYU LE[Q LQ LN HSLLGH ]HKGO]GG
PC MC MOLH HD [DE]L XWJGH ZJGH RN HQN ]LQLSWG H]UHS] HD [UD] P[HE CHG GSG RN
PSQCH HGFLUL RHLTSG [DF GIH GDN]H UZ] HJH[ ]UHS] PE HL[DC ]UHS]D ]HFDND EGS]L
POHCH GQSG ]ZH]H DOG XWJ CHG HQ M[D]L C[HDG ]FHDUD []HL GY[SG ]UFL [DN
MQL LFN HSHY[D I[FIL HO CLG GDHK GYU LHC[N HD ]KGHO ]CIG GFQJG RLC [C PFCG
G[HTQ []HL LCHFDH ]LQLSWG ][[HUQ GSHYLJG GUHS]G LN UDKD GFQJG HD FOHL] GIQ
LN MQGD HFLD HSLC GQ PE GSZL HFLD GQQ Q]L PC MC ]LQLSWGQ GSHYLJG CLG HFLD
]OLTQ MH]Q RHY[D H]UHS]D KGO]Q CHG GQ JNQ GFQJGH XWJGH ]LQLSWG GJQG HD FLOH]
I PL[L
CN VF
RSD[ HGD H[IE CO L][] HGD ]LOF PL]D PL]D PGO RL[LNQ OC[L X[CD [QHC LTHL LD[
G[IE PHQ COC G[H]G RQ G[HTC GSLC OC[L X[CD PHNUO UZ[Z ][NG ONG L[DFO [CHDQ
]H[LN RCNQ JLNHGO [WC GLG G[HCNOH HCO PC CLSZ ]H[LN PCG C[QED HZW]TS HK OLUO GSGH
]HNI PGO GSZQ L[G [LNGO G[H]G RQ [HTC GLG GSHZ PC LN >P CSZTQG LWN@ GSHZ GSLC
UZ[ZD
GLG C[DTQH ODEHQ RQIO UZ[Z ][LNQD G[H] [HTLC RLC [QHO GC[S GLG RCNQ HJLNHG CO MNQH
HCO PC LQF VHEG RLSZN ]H[LW RLSZ PCG LZO L[H RSJHL [ ]ZHOJQD [DFG LHO] GC[S
]JSQ [WTD ZW]TS RNH G[H] [HTLC RQIO G[LNQD L JLNHGO D]N FHUH FGT FHL LCRHIJG POHCH
E ]HC JE ODHLH GKLQ L[IU LDC RLLUO LH HN] MHSLJ
L GWLZ] PFLNH RQIO RLSZN CLG L[G PGLSLFD PHNUO ]H[LN RCN C[G D]N GQ LWO HI GLC[O MDFS VLTHGO L
FHL CHIJD NQD UH PGLSLF [JC ]NOO L GWLZ] PFL RLCN HOLWC [LUG JLCSZ FHL C[EGH@ PGLSLF LWO MOLO
UYH [HTLCG OOND HSLC RQIO G[LNQ JNHQ COC LCD PL]D PGO [LNGO GNOGO PL[L]Q FYLN NC >JGT
[DFD L LZO L[O HOLWC PHNUO ]H[LW RLSZ D UZ[Z GSZQN [D]TQ D]N ELZ DJ JHC GQ ]H[EC ]HDH
OSG ]HLC[G JNQ DYH ]H[LNO GQHF HSLCH G[H] [HTLC
HK OLUO U GI HCOD PLSLF LZHOLJ
M]LD OC GDUH] CLD] CO [QCS
J RLKE ]UF VTHLD CDHQD U
FLJL HDLN
RLC GC[S POHCH FLDUZ GL]HTL[C CTL[C CQUK LCQ L[ PLDNHN FDHUO HGF ODC DU
HFJLQH HO GFG ON RHLN [HTC ]DD FHDUL TL[CO H[LWD [QHO MC CQ]TD COC []HQ
SNH KIUZ FHL LC RHIJ ]DO HFJLQ WUC []HQ ]HW]HD GF HJZO [CN Z[H ]DD FHDUO
POHCH R[G L[DFQ RN JLNHGO D]NH CQ JHC [IS LSDC ZOHJ LQ LH PUKOH GF FS FJ JHC GQ ]H[EC ]HD
ZHOLJG PUKD UH [HTC PLZTHWD [CHDQ ]HSODZD
W