D VF
KW L[HCD
CO PEG GNOG ]C[HGD LF GSHC[ GUFO C[G [W ]HUO P]C RL[]HQ P]C RL[]HQ
[WG PH RLC GUQO GOC PGLSWO GCD RNC PC ODC RLF ]LD LSWO CD LUQ RHFLS OU G[QCS
U R]S ZJ [WTD DHLNH HCO PC ]HUO H[QC PC P[HDLF RHSETD
[QHCN D FHQLO M[F PLFLQO]O FQOQ D[GN C GC[HGD L ]HFQ E DFL ]HL[HG CHIJG RHO HIH
GUQO GNOG [QHCN E RN GNOG HLFLQO]O D[G
GOE]Q PD[ ]UFH PFQLO ]HNOGG RQ GNOGD PD[ O H]UF OU CHG PLFLQO]G ]NLQT [ZLU GSGH
LNLG FHQLO M[F UQN VC HD[ ]UF OU MHQTO FLQO]G LC[H FHQLO M[F Z[ [QHCN VC PGO
[WC RQI ON PSQC D OZ DD PD[ D]N HQNH HD[ O H][LKW [JCO HC HOCO HD[ OYC HSLC
GUQO HD[ ]C OCL FU GUQ GUL CO GC[HGG ZHFZFQ GUQ ]UD HD[ LW ]C OHCO HO
P DD [QCFN
]C [HKWO GC[HG RLLFU L[ZLQ CO FHQLO M[F G[HGF [DT OCHQF FDD GOH] RLFD HZOJS CNGH
[QCD CZHFF [DT LQLF D[H GHUG [KWQO GC[HG L[ZQ GNOG RN [QHO VLTHG PC ODC FLQO]G
GLS PUW GOC LOD GUQ ]HUO ]H[ HO R]HS IC GUQO GNOG HO
LC[F EUC HD[ ]Q [JCO GU PC VC GHUG DLLJ GUQO GNOG HO [QC CO ONF GC[SH
COC HD[O TJL]Q OHNQG RLC GUQO HD[ HO [QC CO RHLN FDD GOH] L[ZQ CO QQ ]HUO
CGF FDD GOH] DLJF GC[SH FDD GOH] L[ZQ CO G[HG FD H]Q ONF [WCH GHUGO
FDD GOH] DLJ GUH P][IJG UQ CO GIH FD H[IJ HOLWC
GO H[L]G CO RD[ZD ]DLLJ GOZOZH GNOGH CSGO RLF ]LD GO H[HG CSLS] LQS RSC VC
UQQ ]DLLJ GOZOZ RLFG PYUQ COC CFL[E RHOG RQ GSSLC GLC[G PL[WQ L CSGO COC
HLG HOLCH C S G O COC GO H[L]G CO RCN VCH ] H U O H[HL PFCG ]OHUWO Z[ TJLL]Q []GG
CDHQ GQ[G LWU G[HKW G]LG GOZOZ PC PEH L[QEO UQQD GLG ]C ][]HQ P]T GO PL[QHC
DUD OCSSJ HSD[Q UQQ RNH C[H]D
GO H[QC PHQ Z[H []HQ ONG GLG LC ]C PHQ FDG []LG OOND PHZQ ONQ ]HSIO GO [HTC RWHC OND WUCH
FQHU CHG HQHZQD LC ]C [HTLC ]HSI LWON ODC RLCHLS COC P[]GD OONS CO CSGO
]DLLJ GOZOZH GNOG ]HUO PL[HQ PSLC VC UQQ L[ L[DFQ POHCH
RLC OHZOZ LDEOH []GD RLCHLS OU Z[ GLG RLFZTWG PHQ PC ]DLLJ RLFG PUKD PLSHC[G HZOJS G[HCNO GC[SH
]H[HGO ML[Y C[QEG ]LC[ GQYU HIH RLFG HC ]HCLYQG PYU OU COH PFCG GUQ OC TJLL]Q ZTWG LN G[L]GO FTW
OON ]HUO GQ GO PL[QHC PSLCH LC ]C GSLC HZTW FD RHLN G[HKW G]LG RN CO PC ]HUO
MNOG [HTLC G]U RHLN FDO GUQ TSHC ]SUKD GQYU [HKWO GOHNL GSLC PHQ CHG ]DLLJ PUKG [WC HC
]HUO GO [HTC GLG PHZQD TSHC ]SUK RLC QQ PFCG GUQ LWON TJLL]Q HSLC ZTWG PC HOLWC
FDC[G ]UFOH DY ]HQDL U ]HSI [HTLCD RCN [DHFQ PC VC GSHNS [HTLC GHU PHZQD TSHC ]SUK GO RLC HI C[DTH@
C]L[HCF LWON PE TSHC [HKW GO RLC DHH ]CI ]HUO GO GLG CO LN GTHSC GSLC QQ CHG RSD[F [HTLC ]HLC OG L[
[DHT P ]HQDLD RSJHL [ COC >QNCH DU[ GN GYLD TH]D DHLN LH CZHF GYHOJ PC ZW]TS ]HEE QOQD UH@
CZHF HCO GYHOJ F OY HL[DFOH P ]HQDL [SO MH[U UH G[HC R[ZD D]N HQN EGNO GSQOC [HTLCQ GI [HTLC GSH
Z[ HZTW LW OU VC RSJHL LD[O VC CL]C []G LCHLS OU Z[ OJ ZTWG J[GH C[G TH] ][DT CTLE MFLCO RNH
GFZ]S CO LFFY [HTLC PHQ ]HSIO G[HTC COC RWHC OND PFC ONO ][]HQ ZTWD OONS GI PE QQ RLCHLS OU
>G[HC R[ZD D]N HQN ZTW CNLO [HTLC LCHS OU OHFE RGNO GSQOC NCQ
DLLJ]] RHC[G PUKG LWOH FDD GOH] PHQ RD[ZQ [KW] [WC LSG PUKG LWO EEHD GOZOZD GSLQ CZWSH
G]U GIQ LQOH[LG ]UFD PUKG [CD GG ]HEE JQ [HC [WTD UH RLLUO LH CF RHEN OU []GG OJ CO QQ LN
P]C[HG COHOF [KWL] EEHD GOZOZ HQUK LWOH GCKJO PLQ[HEG PG RLCH ]CLS G]LG FDG ZTW COHO VC JNHQ [HTLC
]CKHJ G]LG CO
RLCYJO GC[HG RLC LN []GD RLCHLS OU Z[ ]TJLL]Q P]C[HG [QHO C[DT RLC FFL ]HL[HG LCRHIJG D]N POHCH
CO CU PLJTW DLYSG LHFJD HIN C[DT L]CYQ POHCH@ LC ]C FHU GSLC CLG GC[HG NU CSGO GH[L]G RHLNH
P ]HQDLD [DHTG ]UFQ GZG FHUH >[HZJO GO GLG [HTLCD ODC []GD ]CLSD COC DH[G OU MQ]TGO FD H[L]G
FLJLG [HKWO LFN LQLF D[ O HQUK [CLD RN OUH GLHSW ]HSIO GH[L]G CO PEG GOZOZ DJS CO GLHSW GI RLSUO
HSLC GI GUQ LN ]DLLJ GOZOZ PC CHG RLFD MNOG FLJLG [KWS IC Z[ RLF]LDO TJLL]L OHNQGH GUQG ML[Y
RCN PE L[GH PGLOC GUQG TJLLO ML[Y RLCH []HQ H[QC FD ]C[HGD GO]S Z[ LF OCHQO ODC P]C[HGO TJLL]Q
FD []LGD G]LLO] [ZLU GOZOZN
HONCH FLIQD DOJ OHNCO EGS L[G [QHQ GLOU C[ZS HQYUO G[L]G G[LDU ON [QHQO K[W
PHQ RCN RLCH GDH]D D [DN RD[Z DL[ZGO CDN G]U HOLWCH J[ RD[ZQ [HKW GEED PUW
IE ]HEE MOQO GSQD UUH C[H] LWU DHLJQ KUHQQ GLG CKJG ]UD QQ GDUH] PLU[ JDI
FCNZ MHSLJ ]JSQ [DFD ML[CG
UHQO FLJLG DLLJ [DF O H]LQCO LW OU VC PLQNJ L[DF UHQO GHYQD LUK CZF DU
]HHYQG [WTO HL]HEGD RDQ[G [W OCQ CHG RLQL OU [QHC HOLWC ]LIEG ]NOD FDO
GY[G CO PC ODC HL[DF HODZ COH PGLSWO RF [JCO Z[ GI IW RL[FGST R[G LHFJD CDHQH LS [
LWN EHGSO LC[ HSLC PL[THC PGH OZGO H]UF PC ODC@ H]UF LWN [LQJGO DLLJ PGLSWO HL[DF
GFL ]HL[HG CHIJDH CHIJG ]H[UGDH ENG MOLCH JF PL[WHT L[DF T[KSHZD UH >H]UF
HOLWC H[QC L[G OZGO VC PGO UQH PGLSWO HL[DF GY[G CO HOLWC [QHO FFY IKFL CHIJDH
RHLN H]EE OU ]CKJ CLDQ HUK [[DHG PC PHZQ ONQH OCQ CHG RLQLH RLQL CHG OCQ OU
EEH C[ZS MNO P[[DOH PGLOU ZIJ]L HO LHC[H HQYUO GUFL HO L
KUDQ >L[WN COF@ [WQ UQQ G GNOG VHT EL ]HEE PDQ[GQ GC[HGD KUDQ LLH]LCO
DLLJ []HQ GIG [DFG [DNQ HQYUQ [HDT FD ]C[HG LSWQ COH H]UFD GOH]G ON GC[HGD
]HNOG LKHZO LWU FLJL ]CKJ
CO H]LLQ LQ FD HGLL]FLDU LCQ RLF ]LD GC[HGD CO GUQ ]EED CQLOLC LCQD
]NTQG VHTD FHUH JDGH C[EG ]HGEG LWU OYN "GC[HGD
CKHULQ OU CL[D [FGS JD RN PCF GC[HGD HDLLJLQF GLO CQLLZ GC[HGD KHULQF OONQ HCO
FHQLO CLDGO M[YHL C]LL[DF CS] GSHHNG RLC CDH[ OU [FGLS VHTDOH GUQ ]EED DLLJLQF
]HWS GQNO RLFG CHG ]JC WS DH]N WUCH@ DH]ND CHG [HWQ L[G OGZ KHULQ OU FJHLQ
CL[D CS]G [IJ [DN RNC PLSGN][H]F C]LL[DF CL[ L[ CLDG GQ LWO FHUH TH] ]HFFHD
RLD ZHOLJ RLC [HKW FD ]C[HGD GU FLJL ML[DFN PC [QHO GSHHNG COC >KHULQ OU FHQOO
RD[Z CLDQ FLJLG RLC PGLSD COGH DH[Q []HL DHLJO KHULQ CS]O HO KHW UHFQH DH[O KHULQ
[DF POUGD [W PGD HSLYQ L[G DH[D DLLJO [D]TQ CTLE MFLCO [QHO L COG FHUH@ GC[HGD
RLF ]LD ]C[HGD GU KHULQG JNHQ LCFH COC > C[H] [W PGD HSLYQ CO RLKUHQG ]C [HKWOH
DH[ RLD ZHOLJ CGL GUQ ]EED RLFG CHG [QHO RL]UF CZOT MNOG PL[HKW DH[G HOLCH PLDLLJ
C[H] LWU L[ RHO [HCDD LGZG ]HSHLOED UH C[H]H J[ H[LWD GNH CT[LEG HSZL]H TH] LWU KHULQO
PL[HCDH PLSHLU
PGLW OU EEH GUH FLJLG MOGH G[H]D ]H[HQCG ]HYQ ONQ ]JC OU [HDUO RLF ]LD H[HG
OC[L ]FU PLSGN ][H]D H[F LWN GOHFE L[FGST OU [DHFQ TH]G HD]N RLF ]LDD GO] LSWQ [HKW
OC[LD ]FJHLQG GFU
RLSUO L[GH G[LUH GDNQ FLJLG [HKWD COC GID ]ZTHU GSLC HS]SQH [W DHLJ ][WD [QCS GI C[ZQ COG RLDGO LH
GO H[HG GFD TH]G HD]N HQNH OHFEG FDD M[HY RLC GC[S FLJLG [HKW
[CHDQ MN D]NH CZHF OHFEG FD ML[Y FD ]C[HGD GU FLJL RLF RLSUO PE D]N JUIL ZZHJQ ]ZOJ [WTD PSQC
FD ]C[HGD GU FLJL ZTW PDQ[G COG PDQ[D RN [CHDQ D]N GQH H]SHHN DYH PDQ[DH ]HL[HGD C[QED
DLLJ
RLC G[HCNOH >R]SHL LD[ L[DFN CO@ POHN H[HG CO HOLWC [W PLDLLJ FD RL]LS]QQ JLNHGO H[QC E C[QED ROGO GSGH
[HKW RLSUO PE CHIJG NNH JNHQH [W FDG DHLJO GI RLSU GQH [HQCN FLJLG [HKWD Z[ ]ZTHU HS]SQ COG RDHQ
HLGL WNU ML[Y P CLEHTG ]SZTQO GI LWOH [HDLYD [W ]DLLJQG ]CIN GC[HG ML[Y COC GOLE[ GC[HGD LF RLC FLJLG
[HCD ML[YH GLSLQ OLUOF CLQHF FLJLG [HKW RLSUO RG [W RLSUO RG [HQC GI RLF PE ]HKWD UQQ POHN P PLJNHS
]SHHN GC[S WNUH UYH L[ RHOD UH H[HG GO O RLF ]LDQ U[E CO RL[FGSTG ON HDL CON G[HCNO COG
OHFEG FD ML[Y D]N RN OUH [W DHLJO GC[HG RLFO FDD GOH] RLSUO GC[HGG LSLF GHQG CLEHT G]HCO ZZHJQ]ZOJG
CZHF
RLF ]LDD GLLO] RLFG [FE [WO LH DUD ROGOFN G]UD DH]NG RQ FQOS [HKW FD ]C[HGD GU FLJL RLF GSGH
FDD GOH] PLSHC[ [CH TH]G ]UFO EY ]DD RHUQ [O HSLYQ HQNH@ CHG THSCNH ]CKJ ]DLLJQG GEE GSLC
UHQO ML[Y GLG RLF LW OU RHLN THSCN HSLF G[H] G]OLE C[Z ML[YQ GFHGL LD[O RN HQN C[Z ML[Y RLCH CHG THSC
>PLNOQ OG L[ L[IU LDCD PE UH PGO
GC[HGD KUDQH@ [HTLC GUQ OON RCN RLC HQN GNL]JC []G ]HOJ OJ FD ]C[HGD GI RLFD OONS VTHS [FE [QHO LH
RD[ZG FDG []GD DL PLJDID C[QEG H[LWD L[ ]KL ][CD]Q GIDH >P]C[HG GOJ CO HLDEO GSH DLLJ
CYWJD [HTLCG ]UZWGN COC SHUQ PFCG OU [HKW Z[ HSLC LN HZOJ TH]D U LHJF GUS HQYU
GC[HGD GO] CO VHT VHT PEG [HKW RQHD DOJ HO VOJ]SH []HQ DOJ FD H[HG MHQTD D[ O HQUK HGI CQH
GNL]JC []G OJ P]C[HGD PHZQ ONQ OUHWD
THSCNF RHC[G PUKQ Z[ HGI [QHO L P][IJQ UQ CO FLJLG [HKW FD RGD H[IJ [JCO HOLWC E HSLS GQH
DLLJ]L H[IJ [JCO RQHD DOJ HO VOJ]SD GI LWOH VTHSG [FEG GID MLL RLC ODC CHG
GI OUH [W DHLJ RLSUO HQNH ]LIEG ]NOD OHFEG RLF ]LDD COC FJ]S CO []G ]HOJ GUS GI [FE [QHO L LOHCH
RLF ]LD OND MLL GI THSCN LHGF PUKG ODC POHN HLGL FU HC R]SHL LD[O POHN H[HL FU PLFJHLQG PLSLFG H[QCS
OSG TH]G HD]N HQNH RLFN POHZO UQH [JCQ
RLSUOH OHFEG RLF ]LDD ][DFQ CL[G PE UQQ C]JQ CFJD ONG [QCSH [W DHLJD VC ZTHU CS]G L[DF MQGH OLCHGH
GC[HG RLD GNOGO ]H]HZWS PEH RLFG FHTLD ZHOLJ L FLJLG [HKW RLSUO VC [HQCN LN P]C[HGD GNL]JC []G RLF OHJL
[DHFQ TH]G L[DF PL[CHDQ GIDH POHN H[HL ML[Y RLC C[QEG ZHLF GID RDHQH OHFEG FD ]C[HGO P]T FD O
UYH POHN H[HLH HLGL ML[Y RLC OLE[ FD ]C[HGD GU FLJL O LOONG RLFO RNC ILWOH OHFEG FDD HS]SQD
HO VOJ]SN LHGF PHQ ]DLLJ GOZOZH GNOGH CSGO GH[HG MNOF LQOH[LG L[DF [W GG ]HEE JQ [HC [WTD UH
PLQLHTQ PLCS]DH OHFEG FDD COC RQHD DOJ HO VOJ]S D[ [KW CO LN D[O VC [DFG DHLQ OSG LWOH RQHD DOJ
THSC HSLC EGND VOJ]SDH GOU RSL]CZ THSC RLFQH P]T FDD [DHFQ ]HQDL ]SQD HOLCH [HQCN
GOH] RLF RLCH GUQ ]EEN ]DJS >PLQNJO@ KD O FD LW OU ]HUK PLQNJH GF G RQZO L[D [CHDQ RNH
OHFEG FDD COC FDD
HL[DF V[H]H [DJQG RDQ HY FHL CSLS] GFHGLD UFHSD GGEGD PL[LCQ PL[DF GID D]N GQ LWU RLSUD L ][JC M[F
FD ]C[HGD GU FLJL RLFO CHDO PLNL[Y HSC ICH THSCN FLJLG DJS RLC RLFD FD HUK PHZQ ON PG MN G[HCNO
[HKW GO O FDD VCH THSC LHG FD OU MQHTG GID H[Z PLFUG COC ]QC RLF RLFGN ODC OHFEG FDD Z[ HGIH
GO O FDD VC [HQC GI RLF CSLGO GH[L]G RLSUD TH]G L[DFNH RD[ZQ
THSCN H]HC PLSF HSC GQ [QHO [WC GC[S MC DLLJ FD ]C[HGD GU FLJL FQO VC LHG CHG THSC GI H]KLOH
HCOF RD[ZD ]DLLJ DLLJ FDGDUL FQOF GKHWN ][W]Q ]HQDLF CLEHTG GI LWOH G]UD F C[ZQ FJ]SH FQOS
CLG GTHSC
G[LU HC GDN CLDGO RLDLLJ RQYU FD PC RHLU ML[Y HU RLD GF]
FQO ODC HCO PC FDD PLOH]N PLDJS HCKJ PG PCG [HKW FD ]C[HGD GU FLJL RFLF CS]O [HQC TH]G ZWT
PLDLLJ FD PE LCFH DLLJ FD ]C[HGD GU FLJL
PL[KWS HCKJ FD PC PE CQ]TQH@ [WD LF OGZ DH[ HCKJ PC UHFQ HCKJN FLJLRD[Z PLDLLJ FD FYG LWO OHCO LH
LCG LN HSLYQ POHCH@ PQYU PG H[WN]S GQD RN PCH GUQ ]EE OU COH GC[HG ]EE OU Z[ [WNQ [WG COG >[W H]HCD
>OLH HQYUD CKJH HQYUO G[HGN [WD DLLJ]QH GC[HGD COC CFL[E GUQ ]EE OU DLLJ HSLC JLQ RGN [WD CSHHE
CD CHG CQ HC P]C[HG [QHON P]HUK OU [WNO CD [WG PCG PLCLDQ FD [QCF RCQO [W ]CDG RLF FHTLD RLLUO LH
ROGO UH [HDLYG LCKJ OU [WNO
L[G [WO VTHSD P]EE OU G[LUH GDN FDG ]C DLLJO MLL RLC NUH ]LUKHQG GC[HGG OU >PE@ [WNQ [WG GC[SH
HLG G[HCNO OGZG CKJ OU Z[ [WNQ GLG [WG PC ODC FLJLD G[LUH GDNN LHG FD OU [WG DHLJH [WD H[WN]S [DN
[HQCN GEED HCKJ OU HN CLDGO HCKJ FDG PLNL[Y
COC [WLN CO [WG L[G G[LUH GDNQ P[KWS CO FD HCKJ PC [QHO PHZQ L [W RLCLDQ [HDLY [QCF RCQO RNC
L[IULDCG ][DTN KHZSS PC FDOQ GUQ ]EED PLCKHJG OU COH GQYU GC[HGG OU CO FDD GO] [HDLYG CKJ OU
LN MNO GJNHG RLC PGLFL PLNQHT PLSZIG GQQH@ FDG [HDU [WG CLDQ [HDLYG PLCLDQ [HDLY [QCF RCQO PE OYI
[JC FD G[HGH ]Q FD PC E ROGO H[QC GQQ UOL POHCH P]C[HG ]EE PHQ COH [HDLYG ]HJLOD PLNQHT OL
RLC ]Q [WN]QG RHLN COG FD [HDU CLDQ [HDLYG [QCS PCH L]LLQ [HDLY FQO COC MO LUDL] CO L]LLQ FD FQO
>HD PL[WN]Q PG PE RN]L COC FDO CZHF HCO G[WNG [ZLU JNHQH L]LLQ FD FQOQ CS LCQH G[WN HO
RHO ]HKW G[HQ RNH POHNO ]TJL]Q G[WNG PLCLDQ FD PC VC G[HCNO UQQ E C[G TH]D ZWTG VHEO
L[D UH OGZG CKJ OU [WNQ UQQ ][WN]Q GFUH [WNQ JLQH EL C[QEG
RLCLDQ FDF [LCQ [O PE ]NLL HGO L]LLQ CGH P C[QEG ]OC GFHGL [O RLD GF H L[ L[DFQ G[HCNO JNHQ RNH
LFLQ X[L] CO GI OUF FDG OU Q[O CLHZGF [QHO RLCH [WD [WN]Q [HDLYG L[G
LD[N GQZHSH L[ GO VLZ]Q FD GLOHN PLCZ CGF CLG [LCQ LD[ CS] RCQ P C[QEG L[DFQ GZ MC
COD PE [LCQ [O UQQ PL]Q [HDLY RLCF PLDLLJ [HDLYG RQ FJC ]Q [HDLYG PU FD [QCF RHUQ
CSZTQO ILWOH PLQLLZ ZOJN NCQ PL[WN]Q RLC H]Q POHNN OL CQH PLQLLZ FDG PHQ PL[HKW GI PUK
GULFL PFHZ H]QN CHG L[ D]N GQ CQH DYH RLQLLZ HLG CGF PL]Q [HDLY RLCF CWW D[F CGO ML[Y RLC [LCQ [O
COC GF E TH]UH RLCLDQ CO Q[O VC ICF
PC G[LU HC GDN FD PLDLJ >D[ ]UFO OGZG RQ ZOJO RQHD DOJ VOJ]S RHEN@ PLCKHJ DH[ LH [W RLC PHZQDH
RLLUO LH [WNQ [W RLCH PLEEH [CN PG L[G HCKJ
DH[ HCKJLH G[LU HC GDN DLLJ CSHHE LCGN FLJLF RSJHL [F CDLOC RQHD DOJ PLSLLFG RQ FJCO VOJ]SD RLLUO L FHU
[WD LF PCG OGZ
DW[ TH]U JLQ RGN ]C[HGO GQHFD PLD[O ZTW COD PQYUO []LG ]C[HGD LF PCG PQYU PG HCKJN LSZWHTQ FHU
GC[HGD OLUO [CD]S GQ LWO []HL RDHQH@ CZHF PLD[O GC[HG ML[Y CQ HC [HDLF LO GQ GZL] LO GQ LN P J[H
>[HKW GOH]G FLJL MNOH []G OJ
GOH]G RLF ]LD ]C[HG RCN L H]EE FDOQ RHLN CLG GZQG ][DT
H]ULFLQ D CO CG C]LC PCH
GOOED GEEG COHO PE PHQ HQUK [QHO [D]TQ RLC ODC PHON PLSQ H]ULFL HC H]EE RLC GI DYQD L[G [HKW GD
D N ][FEHQ GSLC GEE ON PHQ ]HEE L]D EEHG ]C [HKWO C[DT RLC ][JC GEE PHQ USQS GLG CO CKJ
KHW [DFN DD ]HEE MOQOGSQG NNH [HW GLG ONG UFHL GLG PC VHT VHT LN H]ULFLQ
COF RH[TJ RCN RLC GZQG ]UFN KHZSS PC VC RQHD DOJ HO VOJ]SH DLLJ FD ]C[HGD GU FLJL [QCF RCQO GI LWOH
]HEE L]D EE LQN GI L[GH CKHJO COC FDO ]TJL]Q GEEG RLC HI GUFO LN H]ULFLQ D
NNH@ PLQUK LSQ [HKWH H]ULFLQ D LHG COF ]QCF CDLOC [DHT D[ [QHO [WC RSJHL [ [DTZ CWW D[ RHOQH
[CHDQ RNH D[ O FLJLG HQUK HGI GC[S G[HCNO HL[DF ]KLG[Q COC W CQHLF CLEHTG LWU DD ]HEE MOQO GSQ
COC FDD GLO] RCN RLC COG [HDLY DH[O PLOQ HSLC [QHO C[Z ML[Y UHFQ RN PC DY GI FSUOH C DZUL ]HOGZD
[]G ]NL]J RLUN GO CLHQ GC[HGG OSN PUKG GC[SH FDD GOH] HDLJQ D[ JNHQ COC CFL[E GUQ ]EE
>OUHWD GLO] YCH
GDN RLCLDQ RLEEH HUH RLFLIQ F RS]F CG OU GZG H RQZO OCSSJ HSD[ L[DF ]HKWQ G[HCNO UQQ RN RNCH
HZOJS [QHO HJL[NG GQ MN ON RDHQ RLC MC ZOHJ D[ UQQH RSJHL [N RO CQLLZF X[L]H H]ULFLQ D CO L[G G[LUH
[N RO CQLLZF [QHO H]SHHN [D]TQH >[LW L]C OSG LGZ ]SDGOH@ CQOU LOHNN [LW L]CH GFHQ D[ PE [QCL [DFD
ELOW D[F [QHO OON [D]TQ CO CGF UF] GIO GFHL D[ PE ]QCDH H]ULFLQ D L[ZLQF C[DT LCG ]JNHQ MJ[N OUH RSJHL
RLEEH HUH RLFLIQF GSQ P]TC
H]ULFLQ D FLJLG DJS LNG HOLWC PG PLFLIQ L[G P]ULFLQ PLD PSLC FD PHZQD VC J[ L[DFQ HSUQH@
[FG GHGH PGLOU MQHT GLG CO PG PLFLIQ UFHL GLG HOLC FHUH HD [HIJL CHG PE PGD H[IJL FD HOLC RHLN JHL[O
>GLD
OHWL] [HDLY DH[O PLOQ HSLC FJHLQ FHQLOO PLN[YS UHFQ NC H]ULFLQ D GI RLC [DHT D[ KHZSS PC [QC] PCH
FLJL ]CKJD COC H]ULFLQ D ML[Y RLC D[ [DHT [WC P]ULFLQ PLDG [HDLY DH[ RCN RLC PHQ [W DHLJ RLC
P]ULFLQ PLD PLCKHJG PC [WG RLC CQ OLUO U GQYU GC[HGG OU CD [WG KHZSS PC [QHO L FHU GZLFD ML[YH
HCO PC
HGLSLD CNLC PFG OU RD[Z CLDGH DOJ ONC [QHQ DWD RQZO [QCH [ GF L[
GHG RN CO PC H]ULFLQ D RSLUDF [DT Z] PE COC RHUQ LD[F CDLOC Z[ CLG CLHZG [QCS CO GID [QHO GY[
[QHQ HSLCH H]ULFLQ D HSLCN HGLSLD CNLCF [QLQO GLO
RCQO G[LUH GDN POHN HCLDL GI RWHCD PCG RLLUO L
[HDLY DH[O PLOQ HSLC D[ GFHQ CD[ [QC
LWUCH PLFLJLG DHLJ UZWS CO [W ]CDG RLF ]HOJ RCN RLCH OLCHG PG ZWTG LFFYH DLLJ FD ]C[HGD GU FLJL [QCF
DH]NG CLYHG MNQ [DFG [HZQH GC[HGD HCKJ [HDLY DH[D FLJL ]CKJ ][H] OON G[QCS CO CQ HC [HDLY DH[ PG
OGZ DH[ RL]UF CZOT C[Z COHO [CHDQ DU ROGOF C]LL[DDH@ OI PLSH[JCG [DFD HSF [DNH [WD RHFLO PLD[G RLF
>GOLE GQ ZW]TGO L G]UQH PLDLLJ DH]NG GOLEH G[LUH GDNQ PL[HKW GUQ ]EED HCKJ
G[LUH GDN CLDGO PLDLLJ [CHDQ E OCSSJ HSD[ L[DFQH
POHN HLGL FU FHQLOG [QHO L GC[HGD [HDLY DH[D FLJL RD[Z ][H] RLC RH[JCG FYG LWN KHZSS PC VC GC[SH
FJC ON CLDQ RCN RN OUH GEE G]HCD HEE POHNN COC DH[N DHJ HSLC OGZ DH[ ][FEG PYUO TJL]Q ]JC GEED
G[LUH GDN
RLC LSWQ HC GC[HGD HCKJ [HDLY DH[ RCN RLC LSWQ HC HSSHFLSD G[LUH GDN DLLJO ]HL[WC ]H[DT L] HCYQS
FLJL RD[Z ONG PLDLLJ COLQQH [W DHLJ RCN
DH[O ]HW[KYG RLFD CHG ]JC GEE KHULQG PC RQHD DOJ VOJ]S FLJLOH GC[HG ]EED HCKJ [HDLY DH[N GSLQ CZWSH
[WG RCN [W ]CDG RLFD Z[ CHG KHULQG PC ODC HLOU [WNQ [WG RLC DH[G OOND HSLCH [JCQ DLLJ RCN PE [QHO L
GC[HGD GOH] CHG PE L[G >DLLJ FDGDUL FQO VC FLJL RD[ZQ [KWLH@ D[O HD [WN]L FLJLG VC RLFD G[HCNO D[Z
]C[HGD GU FLJL [QCF RCQOH OLCHG LN FLJL RD[ZQ [HDLYG [HKWO C[DT RLC [W DHLJ RLC RWHC OND GC[S POHCH
POHUO GUQ ]EED PLD[O FLJLG RLD ZHOLJ RLC PEH GC[HG ]EED CKHJO GUQ ]EED CKHJ RLD ZHOLJ RLC DLLJ FD
MQGD PL[CHDQG PLCS]G OND RNH@ RD[ZG RQ [KWLO GSH [HDLY O GC[HG ]EE FJO L]L] LGQ ]CKJ RD[Z PLDLLJ
POHN PLCLDQ [W PLCLDQ RLC PHZQ OND ]HLSQG H[LWDH OHFEG H[HDLJD PDQ[G D]N [W ]CDGO PLN[YSG Z[WG
L]D E C[QEG OU F OCSSJ HSD[ H[LWD PE UH FDD COWHQ RH[TJ RLSUO CUT I C[QED [CHDQ RNH G[LUH GDN
>E ROGO NQD UUH GC[HGD DH[ HCKJ PEG GDN FLJL ON DLLJ ]Q FJC FDN ]HL[HG
C[G TH]DH RLF ]LD DLLJLQ LC ]JC GEED ROHN LHGH PGO VOJ]S RLSUG GID HU [HDY DH[ PC TH]G HZW]TS GSGH
ZHLF RNH OGZC LCZ P]G LS]ZF RL[HKW HOC L[G H[WL TH]GH@ CSHHE LCG LND [W PLDLLJ [CHDQ RLEEH CG GF F
>PGLOU LCZ P C[QEG
FLJLH FLJL ONO RHLN ]JC GEE HI RLC [QHO [WC ]JC GEE HI L[G G[HCNO PEG [HKWO HFFY TH]G PUKDH
]JC GEE COC PLFLJL O ]HEE RCN RLC [DF POUG [W ]CDG RLFO PUKG CHGH@ RG ]HEE GD[GH RQHD DOJ VOJ]S
PL[DHT GC[S ]HKWDH RN UQQ NN CO TH]G RHOQ MC >RD[ZD RLDLLJ RLC GFD I ROGO L[ RHOD U [HDLYG OONO
PLCKHJ HLG PGLFUOD PE PC ODC PLOLNQG PGH PGD HO]S GEE OU COC PLDLLJ FD RLC GI RLFD G[H]G ]SHHN
PL[HKW
DHLJQ G[H] G[KW COC CLG ]JC GEE RCN L[G DH[G ]HW[KYGD KHULQ GI RLC TH]G ]UFO G[HCNO GC[S GI LWOH
[W DHLJ ]HOJ RCN RLCH OLCHG G[LUH GDN [HDLYG DLLJ]L GI LWO PE OLUO [HQCG LWO MC [W
FLQO] DH]NOF CLHZG [WO RLCH PLSLLFGQ FJCQ []HL FLQO]D HFLJ RLC HH[LW GC[S
LO GQO L][] DU
COG FHUH OLUOFN HI VC HI CO M[FD KZS RL]LS]QF CS]F PHQ CFJ CLHZ HI RLC RGQ FJC HZQ UFSH
FLIQO DH[Z HC FLIQ OOND HSLC UFL RGQ FJC HOLWC HFLJ L
"CHG FLIQ CSHHE LCG LN LLDC GLO [QC CQHI RD RHUQH LCIU RD RHUQ RHEN CD[ [QC
HUK HQYUD UFHL PFC ON [CO RLFG CHG COC GC[HGO ULEG FLQO] [C HC CQHI RDH LCIU RD RHEN CZHF HCO GC[S
FLIQN DJS GI L[G [DUH POHZD UHQO HO [HTC H]UF LWOH
UQH FDO H]UF OKDQ CHGN P]TD RNOH OON LNG [D HSLC L[G RLF ]LD ]ULFL FESN PHON H]ULFL RLC ]QCG LWO PSQCH
UHQO HO GLG ]QCD LN PLQNJ L[DF UHQO GHYQD GUHK HSLCH GU PGLW OU L[G [HKWH FDD GOH] DJS POHZD
[HTC [DTN POHC GEL ]HEE PDQ[G L[DF [WO L GI RWHCDH E J[D UQQFNH DLLJQ VZH] ON H]ULFLO RLCH PGO
GU FLJL [QCF RCQO HOLWCH ]HUKH GEE PH RCN RLC PGO COH ]QCO ]SHHNQ G]LG H]ULFL L[GH UHQO HO
GI L[GH UHQO HO []HQ GLG ]QCD WUC UHQO HO [HTC [DT LN P]C[HG LW OU GU CO L[G DLLJ FD ]C[HGD
GO] CO RCN VCH PGD GO] CO UHQO OLE[ HSLC OON M[FD RHLN POHZD UHQO DLLJ WUC GC[HGD KUDQ O GQHF
PGD
F ROGOFNH RCN C[G CLDG LQOH[LD UQQ RNH P J[ RHO ]HKWQ QNH ]NTQG L[ C[ TH]D [CHDQ RNH
DLLJ PL[L]Q HL]HD[ RHLN GUHKG CHG HDOD [HDT LWUC HUK UFL OGZGQ FJC ON HOLWC UQQ FL[G LZTWDH
> FJC UFL COC R G Q FJC UFLH GSQD PLT[HE RLC [QHO FFYH@
E VF
KW L[HCD
OU RD[Z PE HCLDL HFFYH HCLDL GQ HZG TH]G HGQ PLDNHN ]FHDUD KHULQH DOJD KHULQ
DJGO [JCG KHULQO ULLTQ KHULQ ON CLFL LCRHIJG KZS RNH PLDNHN ]FHDU OU PEH DOJ
DH[N
HELGH PLW[KYQ PHNUD KHULQ DOJD KHULQ FEL ]HEE ZTW@ PDQ[G ]UFD [W LHOG J[EGH
RD[Z ]CDG RLSUO C[QED HZW]TS CO >ZWTQ RD[Z HCLDL FYLNH CKWLC COF CLUD CLG COG FDC[G
[HDLY DH[ RCN L GI RLSUO Z[ OLUHL PWH[LY COC PGL]HSD[ZD PLZHOJH [JCQ [WC LC GI
PLCLDQ RLC CF RHEND VC J[EG KZS GQ LW OU GIH@ FLJL RD[Z PLCLDQ PSLCH GC[HGD PLCKHJG
>FLJL RD[Z ][H] RLC [W