IS VF
HSLYQ RNH@ HNG LCQF C]WTH]DH IO ]HN[DDH RCN CDLZU [ XWZ HI RHO HSLYQ PLQUW O
CDLZU [ XWZ
[D UDSH XWZ HSLYQ FHUH LEJ [ OU CQ ]HN[D LQOH[LD CDHQ RNH FE ]HOGC C]WTH]D UHGL [ OYC ]JC PUW
> DO ]HQDLD C[WZ [DH CLLJ
LSHLOE LOHD LWU PUKG ]C R]HSG COC JD]Q XWHZG ON CO HFLQO]O [QC C D L Z U [ DC PLDI C]WTH]D UH
U
COG HSFQOO CD GQ KW LW OU LN
RHIWJ ]U FU RHIWJD H]C P]ONCH [QCS [DN COGH DU
RLLYO RHIWJD H]C P]ONCH HGQH PNFLD PNOZQH PNLOE[D PNLOUS PL[EJ PNLS]Q H]C HONC] GNNH [QCS [DN
H]OLNC PHLTO RQI
HU CO GQH G[LDUG RQ ZLJ[GOH RSD[F CQOF C]L[HCFH GL[IU RD [IUOC [F LCQQH
HOLYGO COC H[IE CO [QHO L ]HYJ FU G[H] RLFQ [QC GL[IU RD [IUOC [ ]UFO GZJ[G PLQNJ
GUS [ZHDO FU UDC[O HOLWC ]HYJ [JC ONHCO RLC ][N DHLJH L[ D]N HQN ][N [HTLCQ
[]HS
G[HC R[Z GZJ[G PLQNJ HU CO GOLOG LYJ FU [YZ HSQI RHLN [QHO L FHUH
ODC UWL MN MH]DH GHYQG GJFL CQ PLHJ IC Z[ [ZHDG FU MH[C HSQIN Z[ GULW J RLC [WO GC[S C
]DD C[QED [HWQ RNH UQ ]CL[Z RLSUO ]HN[D L[ GSHL HSD[ L[DFD ][HWQ HI C[DTH [HIEO M[HY HC[ CO [YZ RQID
GJSQQ []HL OHFE GULW J L ]LD[U ]OW]D MNO L
H[]HHLH RLIL[I CQOU LOHN RLC L[G HS]SZ]D PHON OLUHS CO ]HYJQ [YZ RQI HUDZL PC CQ PLQNJ HJ GC[S FHUH
G[HCR[ZG L[DFD OHON GI ON GC[SH ]HYJ FU MQS GOLNCG RQI G]UQ PLJTW []HL
RLSUO PDQ[G ]UF [HCDD JOYG NNH H GYQH XQJ JHSQ HSD[ D]N RN ][N [HTLC LWON COC H[IE CO D]N GQ
D
GQ ][DTH@ ][N [HTLC P MLL RLC RHLN [HKGH C[G L[DFN COFH ]HYJ FU PLQNJ HSZ] HSLYQ CO GYQ ]HYQ
>IS] FHL [IS LSDCD D]N LWN GZJ[G ][IE RLSUO G[HQC GSLC ][N [HTLC LO GQ HCO [HTLC LO
HJ LWO ZOJO LH ]HN[D L[DN PLQNJ H[IE RQIG [JC G]CL[ZD [HTLC RLC PEG UQ ]CL[Z RLSUO NWUCH
ZTW Z RLSUO PDQ[GO ZHOLJ L PHZQ ONQH PHL OND LHYQG [DF CHGH LK[W RWHCD PFC ONO [HTQG [DFD []HL
NQN ]HYJ [JC HSQI RLC FDULFD HOLWC HL[DFQ GC[S JTW ]OLNCH PLDOJ [KZG RLSUO HOLCH ]HYJ [JC C[HZ FDULFD
[]HL P][IED PLQNJ H[LQJG ][N [HTLCD [QHO LH PLSH[JCG
E DJ ZJYL L[W ]HDH JN DJ OHDI ]LD ]HD HOC PLSLSUD ]HNL[CD U
R]LS C]LL[HCF LQS RCN VC C]LL[HCF P]G GQ P]G LN >COC@ ]HYJ FU COC LCQ RN PC
OKDL CO G]U ONCL [JC COH ]HYJ [DU PC G[LDUG RQ ZLJ[GO LFNH RSD[FQ GLG HOLC [WO
RLFG FDULFD PE UQQ ]HYJ OU COC ONCS HSLCH ]LKOJG RHOD GSQG G[QC MNQH H]HHYQ
G[H] RLF ]HYJ FU ][DHT HS]SQ JLNHQ GIQH RN
RN HL[DFQ UQQ RN LW OU VCH CHG RSD[FQ CDLZU [N ZTHW OI PDQ[G ]UF RN RLC POHCH
HFLQUG PLQNJ LN ]HYJ [JC ONCL CO FDULFD PE KC Z CQZ L[IU LDC UUH F CECG JLNHG
G[H]O ELLT ]HUO LFN G[H] O GHYQG RQ OKDLL PEG PGL[DF
FQZ
IS VF t PLJDI
GS ]CKJH GFH] RLSUO HSHOD CS]G GSL MNQ CHG ZHLFG H]KLO [WO ML[YH
]HYJ FU COC ONCS HSLCH GOLOD COC ONCS HSLCH GS JTWD HOLCH ]HYJ FU GOLOH PHLO PLONCSH
RLSUG OND UU CJN DJ OHDI ]LD LWU ]CKJDH GFH]DN CO G[H] RLF CHG HSULQGO CD
GS ES
RNH C[G PLNTG RNH VL[G ZTW RNH [HQCN CDLZU LD[N ZTW PDQ[G PLSHC[G HZOJS GNOGO
CN GOLEQDH RCN TH]GH NZ PLJTWD OCSSJ HSD[ HOLCH OLD[HZQ L[GH [HKLUG OUD FLEQG D[G ]UF
J[NHQ [DFG RLC HD]N PLJTWD TH]H ]HLSQ LQ]T GQN ]UF MN GL[IU RD [IUOC LD[N GNOG HD]N
IU] GNOG [HCDD CDHQN GNOG FYLN [DFD HZW]TS PLSHC[ GQNH
CHG PEG@ [H[Q ]OLNC RLSUO RNH RQHZLWC O ]LINH GYQ ]OLNC RQI RLSUO GUQO [DFG UEHSH
H[QC HQN JTW RD[Z ]OLNC RQIO OLDZQ PSQI ]HYJ FU PONCO FLWZGO L >GIG RQID RSD[FQ
RLSUO RNH GN[D COO MC CDLZU LD[ ]UFO HJO ]HYJ [JC ONCL FDULFDH GYQ RLSUO NZ PLJTWD
]HDH K ]HN[D CD[ LWU ]HYJ PFHZ HC[ZO GOLJ]NO [GILO L H]N[DH JTW OLOD OOGG ]CL[Z
JTWN HSLF LULD[ THN PHQ HSLLGF C[EGD UH P G[H[D GSQH CIU] CQ[ GYLDF DWH PLJTW VHT R[ GQ] CJ
OOGG ]CL[ZD [LQJGO RLC HD]N CN GOLEQD TH]GH
OHNCO H[TC CO LN PL[JC PL[DF ]HYJ [JCO OHNCO []HQ ]HYJ FU JTWG ]OLNC RQI UDC[O D]N [IS LSDC ]HD
]HYJ PFHZ RQHZLWC O GYQ ]LIN OHNCO OHNL H]FHUT MLQGO GYH[G D]N GI LWOH HSQI MH]D COC RQHZLWC ]OLNC [JC
MOHG ]HYJ [JCOH CFL[E ]H[ ]OLNC HI L[G CDLZU LD[N GNOG PCH H]HHYQ GID PLLZQ L[G UDC[N GNOG PC GS]LH
VHT LC[ DHK UU HI GYU OU PLZWZWQ LH CDLZU LD[O RQHZLWC N GYQ ]LIN ONHC VHTDOH PL[JC PL[DF ONHCH
PLJTW
PLOON
b JDIQ FHTL OU DL]NF ROSQ GWHE GOHUO
D]N FHTL GSHUK GDHJ ]OHU OU FQO GOUG
PL[DF [HYLZ RCN KZS COC OLUOFN [QHJH OZ Q ]CI PLFQO [DF O H]LQCO LN GDTS LFND L[
GIG C[ZQG RQ PLFQO HSLLG HZ G COHO VC [QHCN
[JC [HZQQ RLFG FQOS ]QCD RWHCD PLHTQ RLFO G[F ]CDHQ C[QEG RHOD GI RLUN FHU HSLYQH
OLUO CDHQD UUH P PLQJ[ CTN [WTDH EU EQ PH P RLHYQD UH L[DH DNH ONQ GLO CZWS FS RL[FGST U
JQ
P CDKL[ LN GF O P GDL]ND GF FN GNHT LSC GFT KQ CQHL LQO GF G G[ DUT EW PLJTW TH] UU
JT ]HQDL TH] CL]C GF EO GKHT TH] FN GKHT XSC TH]H C[H] CZWS GF J P TH] E ZHQ CDKL[ KN
FL[H] E RLHFZ RDQ[ O] GF CN RLKE TH] ZOLJ GQD FHU UH [DFO ]HCQEHF CLDG C[H]D UH LC GF
FO RL[FGST TH] HKZ P TH] IS P [H TH] L QD C[H] GI GFT IU PH ET ZD TH] IS P TH] IO P
]HCQEHF P]JSQ GF FQ ]HJSQ IT IU DQ ]HUHD TH] G ]HNQ CDKL[ IU P LCQ GF] HT PH DL]NFN GF
GKHG[G G[F KZHS QEG COC C[FQ COH C[DTQ RLFG [HZQ ]QCDH C[ZQGQ H[F P CLEHTGQ HCLDG RNH ]HD[
DHK GF FL ]H[HND TH] L[Q D[ GF VL[G LWFD DQ ELZ P R[ L[] GF FU RLOHJ TH] RLSQ GF] DU P RNH
COC GF J GOLUQ
GF[ OU L GELEJ ]QC ]W C]LC GF] OU I ]HUHD [ JO RLHFZ VTHL ]HQYU DD QGHTW GSQ VTN UUH
DEN VFO FNZ NHC CHIJ GOLUQ
GQZ
]UF VTHL
GFLQO GSHHNG ]QCDH ZLLHFQ RWHCD CO ]QLHTQ G[F ]KZHS C[QEG GIO GQHFN PE HSCYQH@
GD ][FS G[H]G ][JC
>GDN [HQC GQNJ MQ UUH ODC GF HKZ QD TH] O] GF CN RLKE TH] FHQO] GF FN GNHT TH]U
HFQO C[QED PEG PLDH]NG L[DFQ [HZQ CLDQ PL]UO OI PDQ[G OHFEG HSLD[ MOG HI M[FD
GSH [HZQQ
PDQ[G NHQN H[LD GUFO RLLY [DN P QOQD PSQC DEU ]HQDL UH EI ]HQH[] OG PDQ[ U
PDQ[GF GC[S MC ]HUQQG PYUQ COH GF C[H]LQ RSL[F QEDF [LUG C ]HQDL LGZ UH QQDH KH PHDL PDQ[
CY] GQNJ MQ UH IU LLHOEO CD [FGH ON GFT DJ ]HQDL TH]UH KWG ZQHUN KZS
DG P QJOD D RLFLQ] PDQ[
QTNDH DD RLFZHQG LOHTW
GU FQO RCNQ COC QED DH]N CO [F CLYQG PDQ[G OU H]LLHZ RLCH CL ]HQDL RDQ[ UH
PLFQOQ RLC MN DC RLSDD RLFQOQ RLC PN L[ D]N RLFQOQ RLC FJCN RLCDG RLDH]N LS
GH G[IED HOLWC
C[GQ RHLOE D FHU UH RCN L[O RLLY P TG RHLOEDH PLZOHJ UQQ CG GF FO RLHFZD TH]GH
PLCLYHQ PSLC FJCN PLCDG RLDH]N LS ]HQHZQG [C OND UQQ FT PLJTWD TH]D RNH EQ VFD
U GYJQO E RLC GHG[IE OONQ
[DFD HUES [DNH U MN OU PLZOHJ P PLQNJ [WCH ED FHQOO RLC ZU[O UQQ KQ ]H[HNDD CLEHTD HCNOH
P ]H[HND CWH CKL[GQ RCN R]S ZJ U PL[WQG
L GD[FCH GLQUKQ COH GL]HHN CLS] P HZLTG POHCH EQ PLCLYHQ PLD]HN LS [DHT CD[ UQQ FL RLN[UD RNH
[WTDH CLUDLC GF TH]D UUH FJCN PLCDG PLDH]N GQN P L LWUC ED FHQOO R]LS GLG C]LL[DGQ UHQO
OLH RLN[UD GCOWG
FT PLJTW OCHQ [DF L K H ZT ]HC DJ PLUH[G COQ POHCH UFH GF EDL PHNU MOQG [U UUH
MHWG FHQLON GI L[G HC PLFQOQ PSLC Z[ FJCN PLCDG RLDH]N LS PC GOCD HI ]ZHOJQ ]HO]O D]N RCN LDY [G D@
HSD[Z GF D RLN[U TH] DQ P [ COC GF GO RLHFZ TH]D HI GOCD U PHZQ OND COH RN RLFG RCN CZHF
RCNOH RCNO FQOQ HSLC PC MC GHG[IE FESN PE FQOQ [QHO L LNWG FHQLON CHG PC HZT JQ QHJ M
PLUQ]Q RLFQOQ RLC FQOH GF EQ RLHFZD HL[DF PU RCND L[ L[DF DLO ML[Y GI LWO MC ]FQHU GQHZQD EG
>GSH RLFG PHZQ OND PLFQOQ PLDH]N LS RLC G[HCNO
PLF[H ]SLE FO RLHFZ VTHL ]HQYU U
[QHJH OZ D FJCN PLCDG PLDH]N LSD FHQOO [WC PC RLSUOH
OZD FHQOO RLC UQQ L[GH GF KS CQHL TH]DH QU C OHFE [HC D OON PLUH[G COQ JL OON EQW OUDO
[QHJH
HNHK DJ OHDI ]LD ]H U
ZLG RLSUOH
CO ]D PLFZ [FT GI EO GLUL ]QNJ
OOED CHG MH[D HFZG LSLUD HN[U D[H PFCG O H]QHZ [HUL ]C ]UFO MWS ]C L PC
HQZ
IS VF t PLJDI
PNJH FQOH PLFZ [FT OC MO H][LYL ]OLJ]D C[HDG HLOU OLYCG [C H]QNJ
G GQ RLD] ICH GSHNS GN[UGD MQYU ]C UF MD PLLZ] HL[]TS LISED ]LSHLU ]HON]TGDH
MQQ [HF MLZOC
LWN GSHFLS HL]HOLOU OU PFCG ]HL[JC OD] ]HY[C OND PLKWQH PLZHJD CHG OHFE OON
]HSHD] LCO OLTNOH PNJO C[WOH ]HD[] RDO GH FJC KWQ RLC H]EG LWNH H]HLLC M[U
FJC UW GUQ OU DH]NH CH[Z UFHL L]OD LCH [WT UFHL LC FJL PKWGDH [UD LCOH
LCN DJS LSGH GZ HSHU JLFQH ]LTQN RLF CTN OU DHLG KWHG LSLUD DJS RHC[G
CHG D[ LN HSHU HO DHJL COH L]WH GEH
OYC ]HSHFIN PGO ]HUS ]HEE PLQNJ LFLQO] HOC PUW LQUO FEG H[QC HSLQNJ
]HEN PGO ]HUS ]HSHFI X[CG LQU HOC P]CKJ DZUL ]LDOH UW FLQ] P]HQN
COH HC[Z CO HL]HL[D PU CLSH[KD CD GDZG RLC EEH CHG CKJ Z[ FLQ] P]HQN OYC
HSUH CKJG [QHJ PGQ POUSH HS
VLTHQ LQH HI OC HI ]HOLDZQ GSLLG] H]HL[JCH H]ONG RLFD HFQUD PFCG ][H] CLG ]CI
]UFD LSU CHG PCH GEED PGD ONS PLOHNQ OU HOLWC H]HL[JC ]FQD VLTHQ CHG ]UF
RHFID LOLOW RHU H]HUD HOLWC GOHFE H]QC RLC
]C FQO G]C RCNQ DOG L[HG[G ][LDU OU COC GCD GOHUG RLC LCJHL [D RHUQ LD[ LS]
HC[ LOU PFC ]QS G [S O [LGDG [HC HOGD PFCD ZHDFG LGOCG ONG O GQ[G
GQHCQ ]HU LODQ HDO L[HG[G OU HOLWC LC[JC H]HC GHU ONG RHKOD PFCG ]HGDEH
G]CQHKQ ][GKS HWS RLC GDUH] O GDJQ HC RHU ]DJQ DJ PCH [DF [DF LODQH
HLOU [WNO HO GY[SH IC Z[ ICH GOHUD COC
GLG LCG CHG LQ DOG L[HG[G OU ][WNQ CLG GOHUG ][H] GS]S COQOC PNWSD HH
OU HFLQUGQ HJH[ [YZ] COH HD[ZQ GU[ GDJQ ON [UD JH[ HOLJD L H]UF OU GOUQ
"HLWU[ DH[DH HL]HSH]UD HOLWC FZG ][GK
[HYUQ HO RLCH VKH OJSN RHLU[GH PFCG CHG PL[D LC HZFYGD [QHC GLG CHG GD[FC
POHUQ ]HDJQ HDO OU ]HOUGQ H]HC OFJL LHSC OU JND KLO PFC RLCH PLLSWHEG HLHJD
GUQD CO ]HCYH] PGD RLC HDDO LUW OU HS[TL] LN HSC GQH RHLQFG POHUQH GUQG
"[HDFD COH
JH[ [C GOUQG PFCN HNL[UQ G[H]G HN[U OU PFCG JNHHL PLFZ [FTD HELEGD PSQC
PD ZDF]GO ]HCLDQG ]HONHQG ]HQOQ PFCG FLD GOHUG GNI GDJQ OUD ]HLG HO
G]UHS] ]HOZO RLU V[GN PFCG GSJNL CO [C HSLQL FL CHG HOLCN GOU]L
PLFZ [FT GI PFC ]QNJ
ULEGO HOLJDH PLLJG [HC GSL[ZQG H]QS ]LOU PFCO ]H[HGO OLUHGO FQOQ PHQ HD L
DOG LSHWYQD HOLWC ]HQLOG ]LON]O GFL OU
HSHU CSH PCH UFL COH GSU] CO [C G ]HYQ ONQ ]JC G]UH CKJ] ]JC WS PCH
HSHU CSH PCH UFL COH [QHC GFHGL RD LTLC GNHD GLG GI ZHTWO ULEQ GLGN CDLZU LD[
R]LO FL]U CHG GC FHOL OU ]OKHQG GOHFEG ]HL[JCG OU PLHHFG ON HHFL GI [DF OU
PLUFHL COD GU GQ ON OU RHDJH RLF
MN [JCH RQH ONHC CHG []HQG [DF ONHC CHG JHKDH MHQT HDOH H]JH[C ONHC PFC
IQZ
]UF VTHL
PL[HTLG LSWQ HLOU REGO LHO] PC CLDGO HLOU H][TC G[H]G DOJ ONC LOHC ZWT [[HU]S
ZHFDO HQYU OU [LQJQ GLG COH ]LSFWZ ]H[LGI LODQ ONC OLDD HLOU CHDOQ PDNUL
HLW MH]O P CHG ONHCG DLK OU ]HZLFDDH ]H[LZJD [HZJOH
CG MH]Q [GD M[D]L PG H]C [DF PLSWD PLSWH POHUG C[DS HOLDD OC[LQ PFC
LODQH GOLJ] GDJQ LODQ HQH] LWO JLTQNH FL [JCON [DF GUL CO PLZOCQ KUQ HG[TJLH
GWL ZFD HOLCH ZFZFOH ZHFDO HO GLG EEHG HL]HUHS]H HL]HOHUW OND VH[Y [JC VH[Y
GUL MN [JCH G[LZJH GL[FD J[K CO LWOH GEE LFLO CD GLG CO ]HOCD ZFZFH
CO GULFL GD HO RLC HLFZH FZQ ]CQHKD [C ]HEEG OU HOLC GIQ []HL G[WN ML[Y
PLOE[D ]CKJ L[LUD G[WN G[H] GUDZ G COC HD [LNQ RLC CKJ VHTD COH GOJ]D
PLFJ LC[D ]CKJ L[LUDH
HWS L[]TQD PFC O H]HFZ ]OHFE ]JSUWQ ]HSD[ZG ][W PLFZ [FT GI ]QNJ
HONGD PFCGH DOG L[HG[GD GD GUEW PC HOLWC RLOHJ LOHJ O GULEW PH ]ODHT GSLC
GDH]D D CHGH HSHU HO ][NIQ DOG L[HG[G OU ][WNQG GOHUG ][H] G[I GDJQD
GSHLOUG GSHD]G ]WHJ PEH RHNS JH[D H]HFZ ]HQFZ OC [IHJ CHG H]DH]DH GQO
]HDES ]H[HGK ]HDJQ Z[H MC DHJ G]H[WCD L PFCG WS ]HLNQD GLHDJG
[HF LHSCG ONG ]Y[UGD [FGH FHDN ]H[QHC ROHNH PFCG DO [YL L[W RSLC ]HOYCSH
PLZOC
FHTLDH GOUQOQ G]C[G ]LQLSW ]LON GE[G GQNJ HD PLFZ [FTD HD MWGH HD MWG
GLG] H]DJQ OEHTQ CHG H]QS [HD [C PFCG ]HFZ]G ]OHNL OU GHDE MHSLJ HFHTL
]QC LZOCD FLQ] GZHDF
L[EG [QCQ MH]Q
M][H]D HSZOJ R]H HSLQLD G[GQD FZQG ]LD GSDL G MLSWOQ RHY[ LGL
]HCHZQGFS C]WTH]G OU OCZIJL RHIJ CHDQD TWFS OC[L LSDH G[H]G OI LZTQ[DC
JT] QU RQ[KSHC LC[EO GFHGLQ KD [WTD U GQNJG [FT PLFZ [FT RLSUD FHU
JQZ