GSLN [ZLU PHZQ PLFZG FHZD RNOH PH[Q LQH[QD GSL GHFZG ON O KHULQ COC POHUO
RLGL LQH IUL LQH H[CLL KHULQ [FED GSLNG LCHS PLSHLOUD ]L]LQCG G]HFZ PLSH]J]D
O HKHULQ PLDH[NG PFC LSD LSWO HLGL G[KQNH CQEHFN ELLH PQH[]L GELGOH GLOC PQH[]GO
HQQH[]L MN LFN FU CO PC LOG CHGH []HLD OHFEG KHULQG MC PGDHED PG PLFZG FHZ
GKQO ]F[HL GSLNG RLCH RH]J]G POHUD GSLNO G[LF RLNGO PLOEHTQ PSLC PLDH[NG
VTHS PUK PLLJ ][H] UU
L VF
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[HKW [HD LSWQ CHG [HKWG PUKH [HDG ODGD UZWLGO PLLHC[ PSLC PLOND [DHFQ H[CLD LN GF G
HO LHC[ HSLC [DF OU
PSLC PLOND PE DLLJQ GFHGL LD[ LN [HDD PLON LZIS OU DLLJQF GFHGL LD[O MQGD GZQNH
UU GQO ]JSQ LWU PLONG ]C ]HD[O [HQJ HC ES H][FD HD[]S PG PE HO PLLHC[
]QGHQ HFQO LW OU VC HD]N ]HWTH]G [HDD NCQ RLFZHQG LOHTW [H HD DLLJ [HG
PEG PFC ]]LQD [HKWO FJHLQ KHULQ ML[Y ]CI OND HO PSLC RLFZHQG LOHTW KUQO HO GLGL
GID PLFFYQ LH [HTC CL] JGHYZG ]UF GCSGD [HTC PC ]Q FDU RLSUOH HO HSLCH GCSGD [HTC ]QG
KUQ]G CO [HD [DFQ DH]NG RHLN KL RL[FGST ]UF VTHL UUH GQO ]JSQ KW CJ DZUL ]HD U
PFC COH [H COC HD
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L RLZLIS O PLKWQG ON KUQNH ]LOON GKDG PGO L G[H]G LZHJF CNLC ZOJO C[DTF H[LW
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OUH FDO GKLJD GOLNC []LG COC HO RLC Z[ HDOJDH GFHDUH GILED [HTCF RLFZHQGLOHTW [H
[KW GQ GIH POHUG C[HD O ]LOONG GKDG DKHZ GI HKJO HO GLG H]HC GGL LCQOH GFWS GI
H]SHHN HO ]QG RLC [HD RSL[WQ MNOH GI MLL CO PFCD ODC LOON ZHJO GI ZZJH ZQGHTW
RLFZHQGLOHTWO
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LWU PLDLLJ POHN H][LQQ HSQYU PLZOTQ HSC PE [HQO GYH[ MSLC PC HO H[QC HC H]DLIUO
CLE ZD CHIJ MN OU ZOHJ RLCH C[G
POO PL[QHG [CO RLC PC RCN HSF CO ODC G[LQD CHG UHW PC FDOD ZLIQ RLFQ ZO]TS GI O HDHLJD RCN RHFLSG@
]C HO UH[WO HN[KYL MN [JC COC IOI PLD[U POHN PL[QHG LOHC LN ]HD[U RLFQ P[HDU POO DLLJ CHG [WC
>GQO ]JSQH Z[EG LHFJ IU LT L[ M U UW CO PC [KWS CHG LWO HQHO]
COIC HGLC HCODF COC CKLW COIC CO HGLC HCODF LC LQF LNLG GOLDJD GD[Q CNLC CGH
CLDGO LFN GQYU LSWD GD L HIN ]HQND GOLDJD GD[QG RLFD PLSHC[G HZOJS FLDU CZ LCQ
PL[QHC L ]W[HH PHZQ H]HCO GULEQ CG G]LG GI O HLHDL[ COO PE COC VH[OH CG ]C
FHUH ZQK U DLLJ RHC[G Z[ PL[QHC LH TH] PLDLLJ PGLS
GC[S DLLJ GD[QG CGL HSLYQ CO RHC[G O CD JHKD HSHLONH LFEG ZOFHG [DN PC PSQC
[JC CD G[U [HD ]QEHFNH HGHSLNG PGLS L[GH ZISG OJ]HG CO RLLFUN COC HZOJS CO
PGL]HOLDJ PLSC GQJ HJLSG RHEN ZISG OLJ]G [DN PC ODC PLDLLJ PGLS PL[UO HQLOGH
[JC CDH >]HOLDJG ZHOLT LFL OU GOLYGO [WC LC [DN RWHCD@ GJHKD [DN G]]LQH GQGD OU
EW QHJ UHD ZTWSN [HKW RH[JCG ]HOLDJ VLTHGH
CGQ OLYGO [WC GLG CO PC PE DLLJ ZLIGO LFN GD L C LHDL[D PLDLLJQG ]UFO GC[SH
]H[WC G]JW RLSUD VLTHG CO RQI ON@ OLYGO GLG R]LS PC PE [HKW PL[KHWG ]UFOH GSHC[G
>]USQ G]CH OLYQ L]LLG RHUKO RHC[G OHNL IC GOYGG
]HUF L RHLN CSLFO RHLU ML[Y LSG ]C PL[KHWG ]UFN UQQ MH[URJOG ]QL]T LW OU VCH
CLE ZD CHIJ LWU ZISD ]HW]H LO L LO PLZ [QHO RHC[G ONHL RN PC LSG ]C PE ]HDLLJQG
H GCL GG
]HDH IL ROGO GJQ [LCQ [ LHFJDH H[DH [JC PFZH LON OU XJ Z[I RLFO GLC[ RCNQ CLDG CY RJG ]HYZD UH
LONG OU XJ Z[HIO LQF COH [JC ZIG GUQ HSLCH RHC[G GUQO VLTHG L[G RCN HJF D QHJ R]SHGL RH[NIH KL [IULJC
]HYZG OU [LUG GQD P FHF ]OJSD UUH OZQD H[DH [JC PFZH
HSFQOO CWW D[ CD GQ [DFD HS]LS PLH[LW GQN CDC [D CWW RHEN CWW D[ [QC DU
HI CQEHFD
G]Q RLFN [HKW H[DH GLG OLE[ PFC PC PFC LSD ]DLLO LHU OTWT P]T LWO [WQ PD[
OHC OTWTG RLC GIN PFCO CQ]TQ H[DO OHOUG FJHLQD FDN PFC Z[H OCHG OYC GNCOQ ]QJQ
HO
HGH[DH GSQOC O FJC OTWT OU HDL PLSC GUD[C [HKWO G[HG MN MH]QH
[JG ]OLC GQO ]JSQ OC[ LHFLJ L UUH H[DH OTWT OU DL PFC ON DLLJO [DHTH MN OU ZOJ OCL[IU HSD[
GLG CO LN RH[JCG ]C DLLJO L PCG OLE[ PFC NJCH FDN PFC DL]S GOLJ]D MHWG RWHCD PD[ ]KLO RLLUO LH
HOLWC COC FDOD HI COH RHC[G FYN G[HCNO GC[SH UHW RHC[GH DL RLFN LSG CQ HC GI O HFDHN LSWQ ]DO HO
ILWOH CHG PE DLLJ]L FQU CO PCH FHQUO OLE[G DLLJ [DLGO G]U OHOUH HL[JC CDC [D CWW CDH DLH OLE[G PFZ
DL RHC[D LETF CZHF HCO HGOHNC LCZF TH]G NQ
PLDHL GQJ COGH PFC LSD GQJN OHZ GLG CDC [D CWW H]HC [D]TQ CO L[G FDHNG [HULD LHO] [DFG RLC GC[SH
RHLU ML[YH CQ]TD FUHLQ HSLC PFC LSD [CQ PLSHQG FJHLQD PLFDN PLSCO COC HOHND ]DO FUHLQ OTWTG PL[HKW
GI OND GZLFDH
C]QLZHCG LWN
FHQUOQ PUSQ FDN PFCD [DHFQ [QHO CDC [D CWW KZS ][ D]N [JC H[LW
HFQU CO OU PLDLLJ POHN HLG ]CI COHOH GSZTQD
FLDNG CHG COG PYUD [WO GC[S G[HCNOH ]CI HSULQGO ML[Y GLG COH KHW [DFG RLLFU GI H[W OU GZG C[G
>[DG GUS H]FDNGQ JNHQG RWHCD L[LLQF HGH[DH HC [DSH COH H[DH C]LL[DG RHOQ UQQFN@ H[DH HJND
COC FHQUOQ QQ PLTHSC PSLC PC PE [HDTO PHZQ L NCH LFDO H[DH L]LLG CO P]C CO PC PGLOC GSUKD CD COC
GSLC P]FQU CO UHFQ H]SUKH L[ZLUG ZLIQG CHG PYUD L[G PL[HKW HLGL IC PE PGLOUQ H]HJFO ]HYQC]GD PLOHNL HLG
PGO P[E HQYU CHG GQ OU PUD]O OHNL HSLCH HFQU CO MNO P[HEG CHG L[G GSUK
OC MN OUH HQU ]HQYU]GH ]HYQC]GD COC ]HOZD HONL CO GSHHNG HONL COH PLSHC[G HD]N GQ G[HCNO GC[SH
OSN HSULQGO PHZQ L LN C[G ]OC NN RDHQ CO GOCF HI C[DTO UHLT L HI CLHZQH CKLW C[G
CHG RNOH H[DHO OHOU HFDO CHG GLG [QHO FHF ]OJS [WTD D]N CDC [D CWW O LLO H[LW
CD COG POHNQ []HL DLLJ CHG UHFQ CWW D[ GZQG ][DT LWO RDHQ GLG CO PLH PLSCD ODC DLLJ
[D]LQ GHG CO LFLFD RH]C HCO LC ]SUKD PGLOC
[LCQ [ LHFLJD UUH C]HJLFDF LOQH ]HJY M[F COC RN [QCS CO HS]UFO PHZQ ONQH D]N L[LCQDH
ZTSLHHFQ GJQ
O LON [DHG HSULQGO ML[Y LNH PLSH[JCG HGQ] OQZ LQF HWHEN HCO HJN CQL]F HGQ
"DLLJ CKLW XJ Z[HI HOLWCH "DLLJ CHG HLFL JND H[DJ
LQF HWHEN HCO HJN C[DTG FYQ GOHN G[H]G ONDN CO RLZLISD RNC FLJ JU LL ]LD [WTD
G[UDG ]C [LUDQG Q FJHLQ FHQLO ML[Y MNOH ZLIQG PFCD RLD ZLIQG RHQQD RLD U CWW D[F CDLOC
HWHEN HC HLYJ
GU ]HU[ PL] PLDHLG OU H]NLQTD PFC H]HC RHLN [QHC L]LLG FFLY CLE ZD LCRHIJG
FDOD PHZOQ PUSHQ COC HJND FLDNQ GLG CO HOLCH FHQUOQ PUSQ D HJND OTWTG OU FLDNG C
GZG F[EHSLH L[G LDY [GD RLLU RNH GI G[ZQD DLLJ P CLDG C[EG ]KLN COF GIH CHG CQ[EF [HKW GLG
PUSHQ GLG COHO MFLCQH CI[EG ZW]TS RNH ZOJO P FFLYH H]LLHZD HO GFHGH PYQYQ RLFQ DLLJ]L CHIJO
]KLN COF GI PEH PLDLLJ POHN HLG RNOH P]DLL VH[LYD COC [DH GLG CO CQ FDO H]FDNGD
GQD CHIJG GQ] IU PEH DLLJ HFDO CHG G[LDO P[EH VHTD CDG GI HFQU COH FHQUO HONL VC H]KLO CLDG C[EG
"GSHC[ HDL MND HNI
P[HE N DJLL GFDNGGH DHNLUG ]HJN LSD Q]G PFC H]HC [QHO ]UFG OU GOHU GLG RNO
QQ PLFLD G[LDN ]DJS H]FDNG RO UQQZ DLLJ]Q HSLC HQYU LSWD GUQ ON OU L[G FDOD
HULLTQ PLSCG FDHN WUC
HDLO GZ C[QEG RHO RLLFU D]N MC
CW QD RDQ[G ]KLO CLUDLQ CO P]HC PE DLLJO DHJ L]LLG [WO D]N [JG ]OLC [WTDH
DLLJO PHZQ GLG PL[KHW IN ROGO ]HWTH]G ]KLO VC COC [HQE TSHCD HOLWC DLLJ ZLIQG PFC
PL[HKW PG PHZQ ONQH HFQU COH PFHZ FHQUO PLOHNL HLGH PGLOU MHQTO GI CD HLE[G PC P]HC PE
HWHEN HJN LWO HLOC TJLL]Q HOHN GUQG LN
QQ HO GUQN DJS GLG CO HJN HOLCH P[E CHG COC PHZOQ QQ PLTHSC PSLC GOUQO [NISG LWO [WO L HI M[FN
GSUK PGLOU RLC OSG H[DH ZHLFN HLOC TJLL]Q GUQG [ZLU G]U MC HQZ COH PHZO HONL OU PLDLLHJQ HLG PG PE
HI
P LC RHIJG PQNLT LWN ]HCYHLG ]HNOGG L[ZLU HOCH
[DS OTWTG GLG PC RLD DLLJ RH[JCG FHQUO PDHLJD HLE[G PFHZ FLQ [DSH RH[JCG DL PC
POHUO [DS GLG CO PC RLD RQI [JCO PLSHC[G LU
PLDLLJ POHN HFQU COH FHQUO LCSW PGO GLG
GU CO OTWTG OLYGOH FHQUO LCSW PGO GLG CO HLFUOD OTWTG [DS GLG GUD DLL]S
PHON
OTWTG OU FLDNG PCH [HKWH CQ[E COC HSLC OTWTG OU FLDNG CO PC FHQUOQ PDNLUH PGLOU MQT
PL[HKW PGH DLLJ
OI C[EG L[DF COHO
CSGN D[ GLO [QC HO GLGL ]QGH CNGQ [QC GLZIJ V[KL V[K PC CNGQ [QC CSGN D[
CSGN D[ OC RCN [QHO ML[Y PL[WQG HD]N HO GLGL ]QGH CSQJ[ D]NF CQUK COC D[O
CO PC CD[ FLQO] []HL [JHCQ PNJ COC OLUOF CSGN D[ H]HC HGI CO D [ O COH C D [ O
O COH CLDG HQYU CHG [HZQG ]C KHZSO HO GLG FHUH "HQYU L[DF ]C GZQH []HT COG RN
GT[EG CD[DH VL P[GQ DHFGQ C[GQ P[GQ PLLJ ][H] LWU C[D CT[EG ]CYQS RNH "GLZIJ
G D [ PLLQUW
GODSD PLOWKQ PLOUDG FQOQ ZIS LQHO] RSD[ HS]F CGO CSLS] HZIS LQHO]D L]DJ
UHLT GD RLC C]LL[D ON G]HJFO HSO RLC DH RN RHLNH C]LL[DD [NIS GQ GSQD HSLS [QHON
LD[H CLLJ LD[ LD CLLS]QF C]LL[D ON RSL[QCFN G]HJFO L GFL OU ][W]Q GSLCH GSQG RQ
OLSHOQ R]SHGL HSD[ CQLD GSUDK RL]LS]QQ GO CSKW COH CLUHC
PLLJ ][H] UUH CLG [ZLU C]LL[D CGF GSLQ UQH C]LL[DD []F CGO RL]LS]QD CSLS] FL ROGO L[ PE UH
[FG POL CO GQYU GW[K POL GW[K FU POL CO GW[KG FU HGCDL V[KL V[K PC
[HKWH TSHCD GW[KS PLFU CLDL C[ZQ O HKHW ZQHU OU COC FU D FU VHOLJ OU TTHDQ HSLC
GW[KG ]DL] [F []L C[ZQH PLQFD GJZL COC POL CO GW[KG QQ GULWD GW[KS HOLWCH
FDC[G LWU ][]HLQ
ZQHU OU TTHDQ [FG [DF O H]LQCO ODC RHO OU OWHSG RHO IQ[N G[FG RHO OI[ HKZS GID CYHLN GD[G L RNH
J ]HQDL ]UF VTHLD CDHQD U KWG
LC LLDC [QC "GLG MN CO LCQ GLG MN CO ][QC ZLIQO COC HSLC HC ZILSO [QHC G]C
Q LO GQO HO GLGL ]QGH ZH]LOH [HG ]J] [H CSQJ[ DH]NLO CLHG ZLIQF GOLDS FT
C[Z D]N CO HOLC PE GLG MN CO LNH ZLIQO ][QC PC GGLQ]D GLG MN CO H[LW HGIH ZILSO
PLLJ ][H] FT ROGO LLDC L[DF PL[W]Q GID CYHLNH " HO GLGL ]QGH
[HNQO [HG LOUDO GLG FLQ ]QN CZHF GI HD]N ]HWTH]G GOLDS ]JWO COC GN[YS CO
DYQ ]U[G OND CHS ZLIQG G]Q CO PC ODC CHG ZILSG ]HL[JC OU [YHS ]JWG RNOH GOLDSG
HDLLJO RLC PHQ >ZLIGO RLLFU GNLQQH HD G[HDZ [HG R[Z GLD C[LDZ M[H]F CS[Z @ GQGDG
CW[]] FU RL]QGO HO L LN G[NQO
CZHF COC "G]Q GQGDG D]NS M[HY GILCO GSQOL GQGD W S GNQH DH]NG RHO ZLHFQ GIDH
JLFN [HQC GQNJ MQ RLZILSD CO ODC GSLQOL GSQOL G]LQD IC
CL VF
ZILSF GOLDS ]JW [DT [QF LEOWLQZ CGD HCO LCQ RLF ]LDO GFHFU CLDL [QHC OHC CDC
CHG LN ZLIQO RLFD GFQUG FU ]JWG OHC CDC L[DFO UQQ RHOG ]HKWQ LN PC LHG
ML[Y RLC ZLIQO ]JWG [QHO OLUO H[QC L[G RN [DFG RLC RLF ]LDO GFHFUG ]C CLDQG GI
L[LW HQNH FJHLQ FHQLO
GLC[ CLDL HSLLG RLF ]LDO GFHFUG ]SUK CLDL COC PL[DF O PKHWN GFHFU CLDL GSHHNG RLC RNC
]UQ ]JWG ]C FLTWQ ZILSGH HZIS PHO]D GI PHNT ZILSO GOUQH GFQUG ]UD GH G]LG GQN
FL[ TH] G]LQG
GOLDS J[HKH GOLDS ]JW
[N ]C COC GOLDSD FLQ OWKO HO GLG ZILSO G]LQG ]UQ GOLDSG ]JW C[G D]N
PL[JCH OCH CDC ]UFO ZLIQG RQ U[WL [HDG RQ GCOUGG
]J[K PL[DHTH PLZOHJ L POHCH DZT E] UQTG ]SDG LWN [HKGH C[G L[DF ]HKW PG MN
ZLIQG EHCFO DLLJ HUFHHLGD FLQ ZILSG OU MNO ]HL[JCG COC ZLIQG OU ]OKHQ GQYU GCOUGG
PL[WC ]LDQ P GDH] LJ]W ]JWG ]HCYHGD CHS CHG G]COUGD O[]G ZILSG PCH [HDGQ GSOUL
GQO ]JSQD HI ]ZHOJQD QHQ UU RDQ[G LWU
LWO ]JWD DLLJ]Q ZLIQG MN OU UFL CO PC ODC ZILSO ZLIQG ULFHG PC CZHF C[G D]N FHU
P[K PE HQYU ZISG ]UQ ]JWG MN OU ZOHJ PDQ[G PLSH[JC HD]NH H]ULWD MNO P[E
EE] C[EGD L U ZILSO PLOUDO UFHS
[DFD UW COH MN OU UFL CO OIHG GOLDSG [LJQH HULFHG CON PLZTHWG HZOJS C[G ]KLO@
DE] QHJ CQ[ VTHL LZHQS U ZILSG OU HC ZLIQG OU GOIHGG FTWG PCG
G[NQO LFN PHZQO ULEGO PLOUDG ZLWTG CO FU GLG ]JWO RLFG CHG ]HWTH]D QNH C[G ]UFO G[HCNO GC[S
GQO ]JSQDH IFL CHIJG L[DF MH]Q [CHDQ RNH GLOC ULEGO ONL COH UFL LO GQ UFL CO LO GQF ZLIQO ]JWG FTWG H]HC
HNH ]DD RHEN G[NQO PLTHSC HLGN RLLUO L RNH C[GN COFH RN CO ]LC[S LHQSG ]UF LN PC KHW [DFN HKZS
[JCO ]JW L[G H[NQ COH HO[]GH ULEGO HONLH HULFHGN COC G[H] GFJ ZILSO GOLDS ]JW RLF OJNQ CO GI LWOH
CSLF [ZLU HGI GOLDSD RLOWKQ PLOUDG FQOQ C]LL[DG RHO DKLG RDHQH HQOH [DN C[Z YO P]H[O CLDG
>DLLJ ZILSG RLC P]HO[]G OD G]JW PCH G[NQOH GD OWKO OKHQ PGLOU GOLDS ]JW F
R L F GSLG GOLDSG ][IJG PCG H[FE GQ GOLDSD RLOWKQ PLOUDG RLFD H[ZJ PLSH[JCG
HFJ CQ HC ZISG O LZOJ RHU[WN GOLDSG ]DJS G]LQG ]UQ [DN G[H] GFJH R L Q H O ]
POHUQ GOLDSG ]L[CG ODC ]QO LJG [HG RLD [WGG COC HSLC H[ZLUQ ZISG MND CHG RLFG
ZISG OOND G]LG CO
[HQCG PHO]G DHLJQ ]CI JLNHGH CN CJ PL LZLWC RH[JCN HKZS LH LNF[Q HDO G RHC[G FYN HKZS L
]H]HZWS GQN [DFD HD]NH FO ROGO P] [HD
GOLDSG RLDG H]LHZD CSGN D[ L OLUO CD[ ]DH]H CSGN D[ ]OC ]C MND [LDTG P PL LZLWCD
[DF OND POO OHNL COG PLFJHLQG PLFHQLOG ]C PLNL[Y GQ PO GQ] RNOH RLQHO]N GHGQ
]JWG ON RN PC RLQHO] GI RLC HSLLG GOLDS ]JWO COC GN[YS CO CD[ X[L]H "RLDHTDN
C[ZLUQN PLOUDO G[CS GOLDSG GI RLF FHTL COC CHG ZLIQG RHDJ OU RLFD GFQUG FU GUS
ZILSG O HFTWG CHG ]JWG MNOH
PLOUDG ]ULFLO G]LQG RLD ]JWG PC OLUOF PLSHC[G ]ZHOJQD HI GOC ]HO]O D]N LQ L
ZISG OOND G]LG CO POHUQ GOLDSG CHG RLFG [FE GC[S ZILSO ]JWG ]HKLO ZLIQO HC ZILSO
C LFL[ ]H PHO] GI RLC MN OU UFL CO FHU ONH PHO] GHGQ GOLDSG ][IJG C[GO HOLCH
J[NHQ HSLC GC[SH DW EJ