PU L][DF [L]GO D]HN OLUHGO FQOQ [WTD [C RHLTW GSHNQG CHG USCICW PLC[ZSG ]HWHU [DFD
PGLOU ][HTQ HSO RLC LN PGLOU KHJO RLC RNOH HI GSLFQD GI VHU UHFL COH CKLO RLZSUG CL[EG
GID ISNCD H]OGZQ CHG [NHI PC HL]OCH ISNCD D[ GLG MCDOU[CZ LO]WS [[G PU L][DFH
[UQLLGTUFOLG D[G HD[ PD FLUQ OLUHGO FQOQ [WTD ODC RLONHC HLG GI HO UHFL CO [QCH
MHQTO RLOHNL PHZQ GILCD ][HTQ LD VC RNOH R]HC RLONHC RLC ]HOGZ L D]HN ODC [L]GO
PGO RLC PC CLZT DW FHL MD C]LCFN RLONHC PHZQD ][HTQG OU ][HTQ PGO RLC PHZQD PE
C[EG PE [DHT RNH RN UQQ IKGQ PEH LLU ][HTQGQ RLUFHLN VC [HTCO EGSQ
LHSL L PEH GI PD RN PE HC[ZS HO RLQHF L LOHCF MHQTO RLC LCFH FDO PG OU CG PHZQ ONQ
RLONHC CHG GI VHU RLU ]HULDKD H[LNLH HC[L PLFLUQG CZHF ML[Y COC ]HSLFQG RLD ]HQGD
D[G RLCH[ HSJSC L[GH ELGO GZ GI LQFFD H[QCL CO PLZFZFQ PLSC HLGLH CLGG GSLFQD H]HC
GD]NS OLUHGO FQOQ [WTD GDH]G VC R]HC HONC HO UHFL COH PO MHQTD D[ GLG MCDOU[CZ
]HULDKD H[LNL PLFU HCYQL CO LCFH RN PCH GOLNCO GLGL P VC LHYQ GLG COF CQOC HS]HJO
OLUHGO FQOQ [DJQG OUDH [UQLLGTUFOLG D[G O H]OGZD RLO[UDD HONC VHUG HGI [QHO RLU
PLSC P]T OU MHQTO RLC OHFE ZHFZF GIO ML[Y GI VHUO PLQHFG ]HWHU GD[G L K[WDH
HUKL CO P[L]GO CO LHC[GQ GLG GDHK ][HTQ G]LG PC VCH PKJHO RLCH ][HTQ GI DJS COH
FO CJ FHL GQ ]H[EC DHK EGSQ CHG P UQQFN PGO PLQHFG ]HWHUD
LWU GOLNCO RHLTWG ]C PL[L]QG PLWTHS PLZTHW PSL OSG OLUHGO FQOQ ]HD GYF[G ]DH] FDOQ RLLYO L
D Z[W CJ CKLO [ESLHO QL[O LJG RQ [N RHIQ [WTD U LHYQG RHLTW C[ZSG GI CZHFH ]HNQTHQ ]H[HTQ
O N D [W R[G "HGSLS CQK VHUF CQOLFH PHZQ OND PLDNHN LFDHUG RQ PLYLD RLJZHO
HZG HGIH ]HL[DFQ ]D[ZD RHEN PL[HGKG RQ PLDH[Q PLCQKG ]HWHUG ]HQHZQD HOLWC P H Z Q
[HGK LSHOW VHU O [QHC HY[]H CQK VHU LYLDO HJO RLC UHFQ
FT VF
X[G ]YLD CLG UHFLD GID GI RLD[HUQ RHDOJH RHDOJ GCQK PLSWDQ RHDOJH XHJDQ RHQOJ
FYD FQHU DHGYG RHQOJG COC RDOG ]C VKHU DHGYG ZOJG CO XHJDQ RHQOJ [WO GC[S
RDOG OUQ FQHU HOLCNH GYLDG
PH[Z RLC [QHON GID GI RL[HUQ PJH[L HSD[ L[DFN GSHHNG GC[SN GID GI RLD[HUQ RHQOJH RHDOJ H
FHUH RLOHJ ]JL GIQ GI RFL[WGO GZH ]HWHUG ]YLDD HQN PGLSLD OLFDQ
PLYLD PGQ RLJZHO RLC MNLWO G[UZD GWH[K RN PC COC PLDNHNFDHUO GW[K ]YLD RL[NHQ RLC
CLG GW[K O ]HWH[K PLYLD PGO [HNQO []HQ GFDHUG GC[S RHOG ]HKWQ G[UZD ]HWH[K
COHOLC RLFG [ZLU FYQ ODC OC[L HO G[NQ GW[K ]YLD CLG CQ PGQ PLJZHO RLC MNO GDLTG
JZLO []HQ GLG ]HWH[K PLYLD PGO PL[NHQ HLG
GTZ
]UF VTHL
CHG L[G LSHOW VHU O [QHC RHLN PL[QHC L "CHG CQK RLQ O CQ HJS CO UHFQ [QC] PCH
PLYLDGN HOLWCH RLQG H]HCQ PLYLDO GCHHG LU [DFG OU FHQUO [WC LSWQ [ZO C[L]Q
PLLJ ][H] CD[ LWU ]HSHN] [CD HC GC[QG LWO ]HGIO R]LS G[UZD ]HWH[K
OC[L PHQ Z[H []HQ RLFG RQ MNOG [HGK RLQQ PG PLYLDG DH[ ]HQHZQD [DHFQ [W R[GH
P[NQ OC[L ]HW[K PLYLD HOC CQ HJO L GW[K PGO PL[NHQ
[DFO PLOE[ G[UZD ]HWH[K PLYLD [HNQO M[FG RLC RHLN PUK HWLTHG PLSHC[ FHUH TH]GH
HJO RLC PLYLDD GDE OU PLJK ]W LSLQ RHEN LNG HCOD ODC GW[K RG LSWQ HO P[NQ OC[L
PHL OND PLUQH PF RGD L CQ PLHJ RLC PNH ]H[N PLYLDG DH[ L[G GW[K LYLDO
R]HC RLS]HSN PGD RLLUO HEGS GQH TH] ZFDLO ]HOHNL RLC WUC ]HOEOHEQ PLYLD PLONHC HSC
CD[ HEGS CLG GHFZH H[LQJG CHG [QHJ OLD]G MH]O
PLLHYQ PSLC PHZQD PLCQK PLSLQ PHQ L[NSG RQ PLYLD ]JLZOD HJO RLC PLZTHWG HZTW RNH
[DFD RLC RWHCD JZLO []HQ ]HWH[K PLYLD HOLWCH PF PHQ HC GW[KH GODS ]YLD PHQ CO RNH
D]N HQNH ]HCTWHZD ]HWH[K PLYLD [NHQG ]H[J ]LD RHEN HO P[NQ OC[L GJLNHQG C]HUL[
O DJ LHOG KD ]HD
H[L]G LWO COC GOLE[G M[FD CO ]HWH[K PLYLD HO [NHQ C]HUL[G ][DT COO PE [WO L UQQ R[G L[DFQ
[HTC GLG DH[G OU MQ]TGOH ]HSZO [L]S HOLC RHLN PL[HGK DH[ L WUCH ]HSZO [HTCO HSJ[N OU PGO [HNQO
GSHZG OC[LO PEG OC[LO H[NQL CQ GQO GW[K ]YLD PGO [HNQO [HTC PNH OC[LO GOZ] JQ PGO [HNQO
GLG CO RLFG RQH PLQNJ HSZ] CLG CQOUD GSZ] CYQSDH GF GY ROGO TH]G NHQNH GW[K GSLC [QHO DH[ L
FY ROGO RDQ[G GID DLJ[G RNH DH[G [JC MOLO L LN HJO ML[Y
OC[L RHQQ OU PLQNJ HTJ LWO OL "[HNQO [HTC]H ]HSZO [L]] ]HSZO [HTCOH [HNQO [L]GO ]LC[ GQ RN PC [QC] PCH
L[NSO GLYLD [HNQO GSZ] HO CG] GW[K ]OHES[] HO L LQ ONH
D[HU O PLYLD R]HC PHQ LNH GQL] GSHLFO LQFF CD[HUF CNLCF PGLOU MHQT] CO CQ]TD
"RG KHULQD KHULQ COGH ROHN ]C [HTCS GSHL OO ]HQHFG
PSLC PLWTHS PLSLQ PSL CQ [L]GO PLSQLTG OU MHQTS CO D[HU O HSCYQ RHLN H[QC MN COC
PLNQHT RLC MNOG LSLTQ GQO GNOGQ PSLC PLSQLT P]HC RHLN PL[HGKO PLQHF PG PLUHFL
HJO RLC D]N JOZ JT PLC[L G POHCH FHUH RDQ[ PGLSLQO PLCQKG ON UFLO HSO [WC LC PGLOU
GSHLH D[HU ]WOJGD COC
D]NH "PLCQK ]HWHU LYLDO ]HQHF RG COGH LSHOW RLQQ RG L[NSG ][LQC GOLUHQ GQ [QC] PCH
RLD [LNGO R]LS GZF GSJDG LFL OU [WC HW FHL LDD CDHGH INZ] CJ ]HDH RCN HLHFLJD CD[G
RG RNC PC GCHHG LU ZHFDS HJ CHG L[G RG RLQ GILCQ [QHCNH HFNH D[HU OO GSHL O
RLQG H]HCQ PLYLD
LSHOW VHUQ RG [QHC L[NSG PC NLWUC [HGKO CQK RLD RLJDGO RLC KHZSS PC PE [QHO [WC OSG RDQ[G L[DFOH
HOC RHEN ]HC[S HLYLD CQK RLQ POHUD PLLZ CQ HJO HSO RLC DH HOCO ]HGI RLQ H]HC O HLYLD HZFDO ]H[WC LH
FJ FJCH FN FJC RC[ PGQ L CQ PLCQK PLSLQ OONO HJO L CQ]TD ODC CKHULQF CKHULQH ZHJ[ J HGI
DLDTQ RHDOJGH
HNL[CG TH]G X[CG OU X[HG X[ PHQ GLOU GZHO GONCH GQZL[ PC CD[ [QC COC
HTZ
FT VF RLOHJ
ODC L[QEO []HQ UQQ PGL[DF ]HKW [HGK VHU ]YLD RLFN ][]HQ GQZL[ CO PC [CDO
COO PE D]N RDQ[G POHCH RSD[FQ [HTC ZLLFO PHZQ L TH]G L[DF HCLDGD CD[G RHOQ
PLZHO RLC COC CHG G[H] [HTLCH CQK CQKG RQ CYHLG ON PHQ G[HTC X[G ]YLD PHZL[
G[H]GQ PC [HWQ RLC MC G[HTC PHZL[ COO D]N L[ PEH R[GH CD[G NNH PHZL[D COC X[CG X[ PHQ
RSD[FQ HC
[W GSULG ]DQ ]CI H[FH G[H]G RQ G[HTC CQK VHU ]YLD DUD MHQTD H[QC GQD RNH
COO [DN HSUFL COG [HTLC ODC PLCQK ]HWHU O HCO PHQ GLOU PLZHO [QHO HSLLG RDQ[G
CQKG RQ CYHL PHQ ]FJHLQ G[F
CYHLG ON OONG HL[DFQ [CHDQH CQK VHU LYLD OU PLZHO RLC D]N KE ]H[HTC ]HONCQ PDQ[G POHCH
RDQ[GH TH]G L[DFQ GC[S HQN CQOUD C[DT GSLCH GSULG ]LD Q FQOS CWHE CQK CQKG RQ
CQ ZJYL [NI EZ HJ LHOG KD CW FHL ]UF ]HJ CQKG RQ CYHL RLSUD UUH
[CHDQ H GYLD ]NTQD CQOUD C]NQTC C[ZH RSD[FQ GZHO GONCH GQZL[ PC
HCO PC RSD[FQ [HTC PC PLQNJH LDC[ ]ZHOJQ PGLSLU HJ]WS CO PLJH[WC
[CHDQNH RSD[FQ [HTC POHUG [LHCO CYL CO FHU ON PLFHQ P PL[L]QG PLQNJ PE POHCH
JHW FHL UHD ZTWS RNH FHUH S EJ XD] CD[ KE ]H[HTC ]HONCQ PDQ[ LWU HS]LEHTD
GLG PHZL[ QQ GI GLG HOLC ]HQLQFC PH COO HE [DF VHU [D GC[QN GNH]D CYQS GYLDH
RZCD[UW RL[HZ GQ Z[ CHG GC[H G[]N RLLUH [DN GQFS Z[ RHLN ODC [HQCN RSD[FQ [HTCO
LLC
MH]Q GID ]HUKO CO DKLG RLLUO ML[Y ODC GI [HTCO RLC [DF PHZL[ HSLCH GLHWC GYLD
CT EJ JHC GQ ]H[EC
PLYLDGN H GKHTD GSDOD ]H[IHQG PLS HQN GLHHK RHO ]H[IHQ ]H[IHQ PLYLD DU
R[ KHJN PLHHKS PG L[GH ]H[NUSH ]HFTWS GDH[Q RQI ]HGH
HYZ] OD PHQ [DHU HD GYZ HWSH [DF ONHCG ON PONCL CO TLSKTC ODC PONC] GWL WS
RD H[WTD PLLJ VTHL LD[ NNH HKZT HT MD PLCDHQ PLSHC[ PLZTHW GQN HD]N RNH PLLJ ][H] PNL]HWS ]C
]HD P HL[DF OU [LUG GQ UH THCLQ PUKQ ]H[IHQ PLYLD OHNCO CO FFEDD EGSQG I ]H[GK [W LJ LC
JD FHL EJ [QHC ULDL
KY ]HJSQD CDHQD U
GWL G WS LHKLDG OU
CYQS RLF [QHO ML[Y [NI O RSLC ]H[IHQ PLYLD [W L[WO PF K[HZ GLOU CYQS
RHOQ UQQ RNH OON PHZL[ MLL RLC CU[CQ CSWTFD L[G CQOUF PLYLDO TJLL]Q PF K[HZ
PL[HZ PSLC PLSLF LS PG KE CNCQ PDQ[G
HFTWSH GDH[Q RQI HG PLYLD COC CU[CQ CSWTFD CZHF HCO ]H[IHQ [WQ R[GH
GO [Z OU CYQS CHGH GLQ[L [C [CG ]C ONHCH PFG ]C Z[HI PF K[HZ GLOU CYQS
RHQOJ OU CYQS ODC GO RHDOJ OU CYQS COC HS CO LZL[HKWC [F GHDC LC]THF [ LS]
GUHQG H[LWD ]HUFG HZOJS G[HTC GYLD HOLWC GO
ITZ
]UF VTHL
RHDOJD [ZG PHZQD CYQSG PF CHGH FJC GSZD PLOHU LC]THF [H GLQ[L [ L[DF L[WO
[HTC GI PF TH]D HFFYH [CG ]C ONHCH PFG ]C Z[HI PZ[]GO JH[WCG OLJ]Q HD PHZQ
VHUG PF PHQ G[IE RSD[FQ CQ HC HQYU JH[WC [DN C]L[HCFQ
PHZQQ CYL PC HC KW]S COH RHQOJD [ZG PHZQD P CHG HOLWC RHQOJG OU PFG CYQS PC ODC
OJG [DN G[HTC GOHN GYLDG PFG KW]S [DN RHLN RHDOJD ]HQHZQ [CO RHDOJD [ZG
GI LWO TH]G HD]NH CD[ JH[WCG PHZL[ OJG [DN L[G C]L[HCFQ GI [HTLCH GOHND PHZL[G
[QHO HWLTHGH OON PHZL[ PF GI RLC []HQ [ZG PHZQD C O H [JC PHZQD PF CYQS PC
[CG ]C ONHCH HZ[HI COC RLUG ]LC[Q PHQ PFG [HTCO FFLY R[GH []HQ HQYU PFG HOLWC
CD[G NNH
PHZQD COH [JC PHZQD PFG CYQS PC [QHO [L]GO CD GLQ[L [ HLWO VTHS H[LW HFFY TH]G
RLD CSLFO ZHOLJ RLC []HQ HQYU PFG HOLWC RHQOJD CYQS RLD RHDOJD PFG CYQS RLD [ZG
RHC[G H[LWO HOLCH []HQ [JC PHZQD PF C[QED [CHDQ GI H[LWO Z[ COC L[WO GI H[LW
OSN PLSHC[G HFFY HQNH RSD[FQ [HTC [WC
ZHOLJ RLC H]KLOH GLQ[L [ OU ZOHJ LC]THF [ PDQ[GH VL[G ]UF ]LC[S RNH H[W PLSHCEG
HZTW RNH []HQ [CGH HZ[HI RHDOJG OU PF CYQS ON COC [ZG PHZQO XHJH [ZG PHZQ RLD
G[HTC GYLDG ON RHQOJG OU PFG ONH KE CNCQ PDQ[GH VL[G
RHQOJG OUH G[HTC RHDOJG OU CYQS LLDC LSWO GS CS]G ]T[EN MWGO [ZLUO KZS GC[G
GUQO COC RHQOJG RQ COH RHDOJG RQ [YHS JH[WCG H]KL ZQLSH []HQ [CGH PFG Z[HI
OU RLD RHDOJG OU CYQS RLD RWHC OND [THC GLG MNOG PLSHCEG ]KLO PE HJO GC[G [LQJG
JU LTHT FHL [WHT P]J ]HD U HLOU PLZOHJG ]UFH GC[G L[DF [HCDD RHQOJG
CYQS [CN COC RHQOJG OU CYQSN H[TC CO [QHO FFY PLSHCEGN [WQ [DFG FHTLD R[GH
GYLDG RHQOJD PF CYQS LWUC HO [ZG K[WDH PO RHDOJG CYQS PC ODC PZH[Q RHDOJG
GUQO COH GNOGO GC[S GI ON GI H[LW OU D]N POHCH RHQOJD [YHS JH[WCG RLC L[G ][]HQ
L[N PC CLEHTG H[LWD ]U[NQ GLC[ HSFLD RLCH ]HLG HLHFLJD D]N DHLNH HQ GDH]D CD[G D]NH
GYLDG IC [ZG OU COH RHDOJG OU CYQSN COC [L]S COH [LQJGO PLWH] HSC VL[GN HC
[CG ]C ONHCH PFG ]C Z[HIH CQOU LOHNO ][]HQ
GYHJ CYL COH [ZG PHZQD PFG CYQS PC COG RHDOJD ODC RHQOJD HSLLG [ZG OU COH D]N GQ GC[S G[HCNO
HLHFLJD D]N HQNH CQOU LOHNO [CG ]C ONHCH [CG ]C Z[HI HO
GSLC CU[CQ CSWTFD ODC [NIQ GCDG GYLDD PL[HQC PL[DF GQD RCN HLHFLJD CD[G D]NH
]HKLG ONO RHNS GI RLF HL[DFD [CHDQH ][]HQ CLG POHUOH PHZL[ PF GI RLCH JH[WC ]OFEQ
]H[NISG
RQ CU[CQ CSWTFQ PG POHNN PDH[ H]SLFQD PLYLDG ]HFHC D]N CT EJ JHC GQ ]H[EC ]HDH
[LQJGO HEGS GUQO ODC [CG ]C OHNCOH PFG ]C ZH[IO []HQ GLGH P[THCO PHZQ PH RLC RLFG
]UQ RGD Q]GO CO [LQJGO EGHS LSC PGD GOD]S PLONGH [HTCO RLC ]DH[U]D POHCH
OLUEGO M[HY RLCH ]UO
Z[HI [NIQ O RSLC PLYLD PDH[ DH[ GDHS] LYLD ]HFHC ZTW D FHL EJ [QHC ULDL ]HDH
[CG ]C ONHCH PFG ]C
JTZ
GT VF RLOHJ
CO ]OHES[]G ]HCFHD UHFL RWHCD PF RGD CYQS PLYLD [L]GO ZTW HZ CJ ZJYL ]JSQ ]HDH
U PLYLD RUKLGO GO L[WCG RQIG MQ OND OHES[] P RLC [EHTQ OHOD G]G GUD[S
[HTLC CO PEH []G GID G[HG COH [NIQ PLYLD O [LUI KHULQ L PHZQD EHS FJD FHU OCSH
GIN RHFLSD OZGO FFY ]DH[U] RLSUO POHCH GID RHLU FHU ML[Y
PLYLD R]HCD DH[ ]QJQ []GG JN U[HG DH CU[CQ LSWTF PLYLDD PF CGL LHYQ RLC RHLN P D]N [HTCO FYG
EHT H]HCD DH[ ]HCYQLG OU UHFL CO RWHCD COC CDH[ GO U[]LC ][DT ]NLL RLC GC[S G[HCNOH PF RGD CYQS
CYQLL PC PEH CDH CYHL [NI RLCH PL[EHTQH PL[HET PLOHOG COG RFLF RHFLSD ODC IK ]HDH]NF CG RHEN U[]LC
DH[ RCN L DHH ]S]HS ]UFG RN PF RGD L PLYLDG [C ON FESN KHULQD PG RLLFU [NIQ PLYLD RGD ]HD[U]Q
U[]LC H]HCD HOLWC []GO
[L]GOH ]DG [HTCO ]D DH]NG [QCL LFN GQCQ ZHOJ GSLF CGL [QHON "GSULO GO L ]D LNH
PLOHFE COH PLSKZ DN OLUO H[F GSHL LSD Q RNH PCG
[NISN GSHL LSD Q PE H[F MNOH PLYLD PLOLKQG PLSLQH ]HWHUD ]D [QHO RLC PL[WQ LH
[LG [HC [WTD GDJ[GD FHU GC[H PLSHC[ LWU
GT VF
L]D P]G L[QC "HGSLS LQ L][]F LQS LNG L[]D C[WT HGO ZTWF [QHUO [FN G]UQ COC
RCNQH HGO ZLTW LQS RLKL LSD HOLWC CNG ODC HGO ZLTW CO RLKL LSD HGO ZLTW ]HDL]
]YZ PLZTHW [WC G[H G]HCD ODC ]H[H L]D GCG P HC LCG P PLZTHW RLC KE RLSUO
MH[U RJOD ZTWS RNH JQZ ]HTJHLQ D GDH]D CD[G NNH R[ [QHUO [FNO GQHFD RN PLODHT ]HQ
DOKNZ UGC
GD]NO [WCH RN]L GLFLFL RHEN GFDO GOQ ONO ]HUQQ L PLOQ L] ]HOUD ]HQ RLSUO GJNHG RCNQ RLC POHCH
DLF RLH[LE MOQG [UD GI RLSUD ]HNL[CD U LW PLJTWD U PLOQ L]Q DN[HQ GI P GJSGD ]H[H L]D
P PE COGH ]H[H L]D HD]NO RLC FJC P DJS GLG GSULG ]D PC CLEHTD [CHDQ COG HI C[DT OU [LUGO LH
HZOJO RLC FJC P CLG RHLN QQH [QHUO [FN N CO GI COD GI PLULWHQ PG PLQUWH F[WSD GOQ ONO ]HUQQ L
CHG GC[S G[HCNOH OHTW ZOLJ PCH ]H[H L]O HZOJO RLC GLFLFL RLSUO KNZ VTHL ]LDD D]N RNH ]H[H L]O
PLZTHWD DYH UD ]D HC RHLY RD O RLFG
]ZOHJ G[HTQG ]HQHZQ GQNDH ]JC GOQD [QHUO[FN G[HTQG LWU PLD]HN HSO G[H] L[WTD
ONQ CLDG PH DT[ ZLTWF GF JU FHL [WHT P]J ]H UUH CSZT KNZ UGC C[EG [HCD LWU C[QEG OU
]HD] L] CHG PL[QHCG ]UF TLWGO PGLSLD ]YZ PLZLTWQ PHZQ
G[HD GDL]G FHU ON PL]O GDL]G ZOJQH ]HCO ]HC RLD CYQSG JHL[ HS]LEHTQ MQT CLDG GNZ CJ XD]D U
OHTWO PL[WHT ]NTQ LWU D]N PDQ[G CLDG POHCH J RLC ]JC
RCNO PL]H RCNO PL] HLOE[ ]C ZOHJ PC GJLQ O KHJ HO RLJ]HQ [QHC ZHFY [D C[
PL[HGK PU CQK PLCQK PU RN PL[QHC PL[JC [HGK RCNO ]JCH RCNO O CQK
KTZ