PDQ[G ]UFD GSQ FLEQ LWU
GLL[ ZLTW D G[H]GQ ]H[HTC ]HNCOQ [CO GQHF HSLCH OON GNCOQ
DDHF ]H CQ ]D OC[L [HCQ ]HNL[CD MOQG [UDH GSQ PJOD U CLEHTG [HCDDH PDQ[G ]UFD FHU CDL ]D
]DD CDHQD U RQ ]C G[LFEQ R]SHHNH R][KQ ]HNCOQ DHLNO ]HWTHS ]HCQEHF GN CJ RHLYO [HC O DJ PL[LQ
>GQZ QZ EOZ ILZ
GWHEO GNL[Y GSLC GNCOQ CLGH OLCHG [HTC CHG RSD[FQ GI VH[LY [WQ OCSSJ HSD[H
COC [HTC HSLC GLO CJLS COH RLHN]Q HSLCN [QHO L "GWHEO YC GNCOQ OU DLLJQ HQYU GFHGL LD[ COG [QC] PCH
TH]D HOLCH FL[G [WQ RNH FZQD H[L]G MNOG HO GSLC ]LUG VH[LYD C]HJLS PH RGNO HO RLC RCNH RSD[FQ
GID [HTCO HFFY PLSL
CL LTHT LL ]LD IS JHC LC RHIJ UUH DLYSG LHFJD CLEHTD VTHS H[LW GC[H
[QCH "LO GQO C[Z GD RSLHGH GLCL LD[ L[DF XHZL ][GD P L PHZQD HOLWC H]O[U [D
[HTCO L RHUQ LD[O PE [DF O H]LQCO [HTC RLHN]Q RLC [DF [QCF GFHGL LD[O LLDC
GOLJ]D COC ][GD ]YLYZO RLHN]Q HSLC PEG [HTC ]HQL COH GLL[ ZLTW D GFHQ LN >G[H]GQ@
EOZ ]D LWU GLL[ ZLTWD RHUQ LD[ GFHQ [DT CO LLDC
EOZ ]DD ]HNL[CD U CHG RLHN]Q HSLC [DF GOLQG OLDD ][GDG ]YLYZ C[QED [CHDQ GQ OU
GO VF
VHLN LFL OU HI GNO GSD VNQ H]HC PL[WQ L CHEQC VTHL D[ [QC GH[W LCQ
LFL OU GUSG RLSD FHZD HQLLZL MN OU GQ] DHK PHL TH]DH EG ]HFQ C[HSK[DQ GLFDHU LD[ H[LWD
]C ]HOUGO GCOWS ]HSQHCD GCSD COC QQ VHLNO GSHHNG RLC OC[L ][CW]D [WH VHLN
]C PO GOUG HOLCN ]HL[DG LSLUD [DFG GC[S FU ]H[HSLYG [NG COO PLO]NG LDHU MH]D PLQG
VHLND PLQG
HSOH PNO CO [QCS FZQD [DF PLSHD PSLC PL[NSG@ OC[LQ GLG VNQ H]HC L[LCQG D]NH
GDH]D DH >HSLZOC ]LD ]HSDO
CDHQ RN
KL OLUO UU
PLFZG FZ ]LDQ CYHL [CN DHO DGI LFEDO GQHFD RGQ RLDHJ PL[JC HCO LCQ DU
LQH[QD UUH LH] C[H] C]HLOUQO PHL H]HC O PLFED LLHSL ON HLGL RN KHW RDO LFEDQ PLDHJG
GF
CKLW [HDLYO GS[TQL FDODH FLJL ]FHDU GD FDHUH GDHO ]SH]N HQC HO G]U RGN
"FLJL ]FHDUO [HDLY ]FHDU RLD ZOJO PUK GQ [HDLYO G[THQ RHLN [QC] PCH
[HDLY ]FHDUD PE FLJL LFEDD FHDUO [WC RLFG FYQ JJ FZQG LON PDQ[G L[DFQ UQQ RNC
PLCDG PLFEDD COC RGNG FHDUL CO FLWZQ [HDLYG PHQ HSLLG FLJL ]FHDU GD FDHU H[QC GQH
LWU ZTW PDQ[G D]N MOQOGSQGH >FHUH MOQOGSQD ]CDHQ G[DTG [ZLUH@ ]HNOG LKHZO LWU [HDLYG LOZQ
GF LQH[QD GI RLUNH [HDLYO P[TQ FLJL LFEDD ]HFHDUG ON FHDUO [WC HL[DFOH HS]LEHTN COF ]H[JC ]HLEHT
CY
]UF VTHL
D[GH GSQG H[LWD PDQ[G HD]NH VLTHQ HOQ VLTHGO GY[ PC GSQD HSLS GQ RDHQ GI LWOH
PEG FLJL OD Q]GO H[L]G CO [HDLY ]FHDUD COGH [HDLYO GWL [HTQO ML[Y C[HSK[DQ
PHQ COC GWL P[TQ CO CQ JG LSWQ HSLC H[L]G CO GQ [HQCG LWO MC "[HDLYO [THQ
LWU HOQ VLTHL PC GFWZG ON RLC RN PCH PGLOZQ PLCDG PLFEDD RGNG FHDUL XWJ [HDLYG
HF PLOZ MOQG [U
[ZLUH [JCQ ]WTH]G G]HCD [HDLYO G[LTQD M[HY RLC [QHO [WC GLG DU[GH PDQ[G L[DF COHO P MOQG [UD [LUGH
FDODH HS CO MNQ FDODH GF L[ L[DFQ RN UHQO L D]NH HOQ VLTHQ GQO HJO RLCH [HDLYGQ CD FEDG
ML[Y RLC UQQ [HTQL
[HDLYO G[LTQ ML[Y HOQ VLTHQN PCG [DFD ZW]TGO D]N FNHNZ LCRHIJDH
GD FDHUH GDHOH GSQ GCQ O ]SH]N HQC HO G]U LDCW RD OCUQL LD[ OU HLOU H[QC
[]HL PLCS HLGL PLNL[Y L[G ]L[J LFED OU PE VLTHG [QHO ML[Y [HDLYO G[THQH FLJL ]FHDU
GFH] JDI ]L[J OQ []HL D[U LFED [CWO OHNL HOQ VLTHQ [CN [QHO ZJHFH FNHNZ LC RHIJ ]LD[U OQ
PLFLJL O ]HSD[Z ]FHDU HSLLG FLJL ]FHDU H GSG ]HQL [CD COC RCN [DHFQ RLC PL[DHT LH
RN [LW L[LCQGQ PE CLDGH GFH] JDI LWU
HSLF ]OLJ] RLC G[H]D ]ZTU CO GQ LSWQ HO PL[QHC LSUO RLFO RLCD U[H [LUH LSU
PLSHC[ G[H] L[DF OU COC PFC O
DO] E XLDOCHQ J[EGO [THQ ]HJLD GDJ[GD FHU GC[
]LD [QHO R]HS GLG HLYJ ZLUW[KD [N]QH GHU GLG PHLH PHL OND RZIG OOG OU HLOU H[QC
H]TS[WO HLYJH [FQG
PFCGF GIQ JNHQ FHUH G[H]O PL]U UHDZO DLLJ RN PE []HLD LSU CHG LQ HOLWCF GIQ JNHQ GSGH
GNCOQQ JLH[GO J[NHQ LSU LC CHGH GIO FQOQ GILC [HNO J[NHQH HQYUD FHQOO OHNL HSLC
HGFQOL FJC [HNOH D[ PHYQYD ]HLJOH H]H[LNQ PYQYO ML[Y RN LW OU VC PL[JC OD GHU
F ][H]
G[H] RLSUO CO ODC GZFY RLSUO Z[ HGI QHJQ []HL IDIDL OC IDIDQG RSL[QCF CGO GQHF HSLCH
OU HO [TJLH ]H[]HQ OU HLTNS [IWO LC[ HSLC RN ONH JYSO HLLJ CLGH G]HC UFLO DLHJQ CHG
PLLJXWJG OUDO ]HNOG LKHZO MH]Q G[H]G ]ULFL GI LFL
]HDH]N
VTN ]HUQ O [SLF LYJ CHG Z L U W [ K G ZLUW[KD [N]QH GHU GLG PHLH PHL OND
FT
ET P GSQ GFHGL LD[ L[DFO ]DD RLZLUW[K GUD G]DH]NQ GO PL]JHW GOUD OU ]F[HQG MNO PUKG HGI RN]L
PHLO ZLUW[K LSUG O UYHQQ [N [HUL HGI
LLJ HO H[QC G[H] FHQOO MOCH LSHJLSG PNQ GZDD RGO [QC CL[ESC HD HUH HLFDU HGHCYQ
FHDNQ ]HSGLO GY[ CO CHG GI LN PGO [QC COH M]HC RLJLSQ RLC PHT[J RD [IUOC LD[
LSWQH HGHC[ CO POHUQ L[G HO PLSLQCQ HLG CO LWO [LW C[GQH QU CJ HGLOCQ D]NQ G[H]G
[DFG UFHHL FU DNU]GO GY[ CO G[H] OHKLD
DY
GO VF CQHL
VTHL ]QCDH SHU COH [N ]ODZ PHZQ HSLSU PHZQ OND C D G P O H U CDG POHUO GQU ]HLGO
]OH GSQQ HO CYL FZG JH[D ]CI GC[ CHGH VTHL RD JLQH OC[LD KD CYL PGQH G]D CS
HOLWC OON PLU[ PU [DJ]GO PFCO RLC CDG POHUO HOLWC GQU ]HLGO GY[ CO Z[ HIN GOHFE
PFC GF C[ZLH DJ JHOG LQ QU PLHFZ OC[L UUH JQ ZLFYG ]ZFY LWU GHYQ ]HUO
RLFG PHL GQU ]HLGO GT[EG GN[D ]H]OCD RLHYL
CS]G [C]Q [CN CS [WN PG CSC MLSWO L]CKJ L]UW L]LHU PG CSC [QHC GLG MNH
[HWLT HGI LSWQ GFHDUG [FTD PL[QHC HSC PE RNH PG CSC KZHS OHFE RGN O H]OLW] ]C
HI G[LQC PE LN PC ]HSFC P PLCKDQ HSC RGNG [QC H[GK] G LSWO PL[LNIQN POHCH PL[DF
PLNCOQG JD PL[C]Q HSC ]H[HCQG ]N[DD RNH@ G[H]GQ ZHTW CHG LSWQ RGNG L[DF [HC] CLG
>ZHTW CHG LSWQ JD COC HSLC PEG ]HSFC P PLCKDQH G HFZ HFZ HFZ PL[QHC
PLCKDQ HSC ]CIG GSG CG] G MLSWOQ RHY[ LGL OHFEG RGNG ]OLW] ]C PL[QHCN MFLCQH
>RN EGSQG RLC MC PG RCN PE [QHO LHC[ D]N JDGH@ ]HSFC P
]HSFC PLCKDQ RLCH PG PL[QHC HSC MNO [HWQG P ]C CKDQ RGNG GLG LHFLHDH OLCHG [WO L
[QHC GLG MN [JC OOW]Q GLG GOLW]D POHCH GLHG P COC ]HSFC [LNIG CO OHFEG RGNG ]H[HGO
HS][LQCD LSWQ GOKDO PLQ PO HJO RLCH CHG [QC HQN PL[QHC HSC PE RNO ]HSFC P RGNG
HI GOLW]D PLOOHN HSC L[G UF]@ ]U PLNL[Y HSC GQO PLSHHNQH PLOOW]QH PL[[HU]Q HSC
PLTLSNQ HSC COC OC[L X[CD DL LN ]CI [QC CO OHFEG RGNG COGH HSY[CO GJQD HSOU]
DZT CN[] JHC IK LWU >HSO M[YSG LWN HOC PLOQ
PD HD]NQN HC[HZ GLG RGNG LSWQ PG RCN GSNQ CS]G MNO PL[HWN JQZG FN LLJD HSD[H R]SHGL HSD[ HD]N [DN
KLH]H PLZLOC HSD[ H[LWD PE UH [HWQG
RGNG O HSHO KKYO []HL FLWZG RCN [QHO L G[HCNO PGO GS COH ]CKJ GO CS]G GS KO ROGO LW OU VCH
P VLTHGO M[YHG O G ]WTH] PHQ RN]L PE ZHLFD HSHO KKLY CO P HOLCH ZHLFD UQQ [QHC GLG MNH [QC PHQ
DZULO ]QC LWU GDL]N O PO GCL[Z O PG RLD GS]Q GLHKLDH
HGI GC[S PD CSC [QHC RGNG GLG [HWQG P H[LNIG COH ZLFYG RHUQ ]QQ PLZLOC HSD[ D]N GQ LWO GC[S FHUH
DH]NG ]C OHZD IL[NQN COC HSLC HQYU O[HED DH]N GLG LWN QQ G P C[HZ GLG O[HEG ]LLOUD ODC PLLHFLHD CZHF
GFHDUG [FT JTHSQ GC[S MNH GO COC PO CS]G [QC CO MNO ]HSFCD [QHC GLG ZLFYG RHUQ ]QQ VCH O[HED
GO PL[QHC HSC GO[EGD HOLCH ZLFYG RHUQ ][LKW [JCO [QHC RGNG GLG LWN PD PG PL[QHC PLLHFLHD HSO
P I[EG UHH IKH CEQ U ]CKJ PO HC RN [QHO L PC PLSH[JCG HZOJS [DNH ]CKJ
[LNIQ RGNG GLG GID PE LN > G LSWO HSEGSQN CO@ H[GK] P G LSWO [QHO HEGS PLSHQFZGQ L
UD[C RD P ][NIG COO PG PL[QHC MNO [U GFD P PLSL TH]DH KO ROGO U [HWQG PG ]C
]HCE YL[O PL[U GCQ [WTD CDHQ FHUH RHCE GLFUT D[ ]UF RN RN [QHC GLG [HWQG PD ]H[HGO ]HL]HC
PL[HWN JQZG FN KL[ DL[G ]HDH WNGHL ]HNOG
GLGNH HLHSLND COC [HWQG PD [LNIQ GLG CO L]CKJ G CSC RGNG [QHCN ][DHTG GUF LH
PD CSC RCN [QHO PLSIJG PLEGHS RNOH [HWQG P [LNIQ GLG IC CS [WN G CSC OOW]Q
HU]] GQ GKQD GNH IL WNGHL OL[GQ D]N RN [HWQG PD [QHON
OND O [HWQG PG ]C OHFEG RGNG [LNIQ PLQUW [U KO ROGO H[QC L[G MN OU GZG FCN[] PLLJ [HZQDH
LHFLH
EY
]UF VTHL
KLH] U QLH CS [WN PD CSC GLSDH L]CKJ PG CSC [QHC GSHC[G PUWD HD LQOH[LD H[QC PHZQ ONQH
PGLS OL POHUOH [WNL GIG PD [QHO GSHHNG GLSDH HLSWO ]HFHH]GO LFN ]LGO GCL[Z CLG GSHC[G LSWQ DH
[HWQG PD
HO VF
PLFZ LFZ ]FHDUO RHWY RLFD PLSLSUH PLQUK
HSLC PLOE[ O O CTNH GDDHTQ GSLC ]LSHWY JH[ OI[ H[FH GSHWY JDIQG M[L OU
L]N[L RHLY [G JQ PLOG] [QHC DH]NG RNH POHUG OE[ ]HSD[ZG MNOH LULD[ OE[ M[KYLH FQHU
RHWY
PH[F POHUO CYHL [HCG PQ J[IQ POHUD HC[DS ]HJH[ UD[C [IULOC [ LZ[WDH
[HZH F[D ]H[YHCH EO ]H[YHC PQ D[UQ POHUO RLCYHL GN[D LQEH GN[D LOOK PQ
[QC H[QE COH HC[D RHWY JH[H POHUO CYHL MJG PQ RHWY POHUO RLCYHL PLQEH PHJH
CLC C[ZLH LLJD HSD[ ]CIG GSWG [HQELH CDL GHOC LSC [QCL LQ ON GDZG
HOLCN GOHUD RHWY ]KLJO ]CKJ DH]NG GO] ]CKJG KJ] GOHUG KJ] [C PHZQD
"GQOH GOHUO RHWY [ZLU GLG
GCD GOHU LN GOHUD RHWY ]KLJ PUK GGOOYI [HQFC LDC ZNQ L]UQ GQ LW OU GC[SH
GQJGQ RHWYQD CHG LSWQ RHWY P [IES RHWYD HQHZQ RN OU RHWYQD CHG DOG [HG[G OU
F]NU C[IURDCG D]N HQN
LOD ]LOES G[LDU GUQ OU GCD ]CKJ LN RHWY GSHUK ]CKJ UHFQ RLDGO L GI LWO MC
"GOHUG MHWLG CKJO GDJQ
]UF LOD HLOU [HDUO LOC[L LCO RQFIG EEHG RLSU [JC PHZQD HSD]N LW OU GC[SH
LG LHHLY ]QJQ H]HUOQ [LGI GLG VC [DF H]HCO ZZH]G [DNQ LCFHD ]QJQ CHG
[HDUO GIG [DFG HLOC RQFIQ RN OUH [DFG GIO [HDLJ HO L L[G GIO ZZH]G [JCQ QQ
CKJG [H OU G[WNG DH RN PCH [DN HLOC ZZH]G GQ OU CLG G[WNGH EEHD HLOU
]CKJG LN ]H[HGO GOHUD GLHO] GIH RHWY RN PE GSHUK RN OU GDJQG CLGH GIO HCLDG
GOHU HQN DOG [HG[G OU G[WNG LQS
[QCL CO PLHFZ W VHT PLSGN][H]D C]LCF CGQ HI GJSG OU GZL G[HCNO LN PSQHCG
CYL PDQ[G ]UF UHFLH LOU [IE PLQD LDCH LWC COC [LIJ [D OHNCO LWC LC PFC
CO F HCOD C[IURDCG L[DF LW OU H[LWG LFLFOH ]HLULQGO ]HLONG ]H[LDUG RLD ZHOJO
CHG GIO OQ R]SH HLSLUO FQJSH GWL [DFO FHQJL CO PFC [WC MLC HGQ] PLD[ FQJ]
UDKG HO GHC]L CO USQSG [DFO LN GOUQO VHUO PLWSN HO ]HLGO LCG GHC]L CO HQN
PLWSN HQN OON HLOC MLL CO PLQG RQ HO R]LS CO [DF ON UFLO LOC[LG LC ML[Y GNN
VCH JJWFH OON HO GHC]L CO RN OU HSQQ USQS CHGH HL]HOHDJ]D H]JZO OHNL COH LCO
OI H[QC GQH GOLNCO RLQJWQ USQS []HL FHU CLG G[H] G[TC [DF RN ON [QCS HSC
FY