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
UD[C CLH CFHECH CIHI CLH C[LDDF CQLOLC LLDC ]OC OU GZG LHW RJG ]HYZ [WTD
XHJD GODSO [HDD GODSG RLD M[UG [WG C[QED KHW UQQ J[K GLWSFD J[K LN
MLSWO JSHQ CHG GSG HO [QHO OHNL PLOHOY PLQO H[DJ O UDKQ Z[HIG H[QC COGH CHG ZLIQG OU
"[HDD GOLDSG OU RN HO [QCL LQS CNGH RLZILSD CQ[E COC GI RLC JY ROGO HGJZ
LC RLQHO] ][H]D NCH GODSG LU HDHJ POO CDH HZLIG L[G RCN GSH LC [L L[UD X[L]H
RLC RWHCD XWJ HO [LIJL FU HIN G[HYD DHJ UH[WO R]LS CO PN QQ HO R]HS PC COC [WC
]WTHS GCYHG HLOU
GODSG DLJS PC ODC P HL[DF ]KLG[Q UQQFN RLQHO] [FE HGI PL[DHTG ]KLO Z[ PLSN HL[DF GC[S G[HCNO
DLL GQO ]JSQDH MN OU GZGH ZOJO FFLY GQD JGHYZD UUH ]FQHU GQHZQD GLHZG C[ZLUQ ZISD GOHON GSLC
H]LHZ
[CN PE GFLQ G]HCD HLOU HLHHH HN[U UDKQ RLD ZOLJ FLZ DJDH HU LTHT CJ FHL GQ ]H[ECD
OUH PLO H[DJ X W J ZH[IL PC GUQO RHFO D]N RNCH ]JWS HLHH XWJ RLDH PLQD JSHQ CHG
]QCH [H[D PUK CHGH HLQF ]C ]JLW [WG H]HC O PHO]D DLLHJL ]HJW GH CHG MN LFL
GID C[QED PLY[H]Q PL[DF GQNH
CO ]Q LSWO@ CNGFN [HDD ]JWG ]C GQ[E CLG G]LQG DYQ RLD ZOLJ DLE ZD LC RHIJDH
LHSL COC HSLC ZISG ON PHZQ RLDH >[DFG JL[NG U [HDD [HO XHJD [H RLD [WG GLG
GQO ]JSQD UUH PHZQG
PLSHH PL[DG ]SL]SD PHO] OU CHG RHFLSG H[W RCN ]HWTH]H L[ DSEO CO RLQ RLC
RLUN OIE [C GOIEG ]C DLGH POL PLS PLLJ PGD [QCS LWO PLZLIQ [CQ ROIEGH DSEG
PL[DH PLYWJ [CD COH VTND GLQF POO ML[Y POHUD GSLC [DN GOIEG VCH [LIJL OIE
PLQF COH OIE HQN XWJ R]HS PLSHCEGH L[ ]UFO GC[S CD[DH
O GNQG GI [LW PL[WQG DH[ PD L[LCQG NNH FHUH RCN CEGDH HY QD TH]D CDHQ PD[G POHCH
OU HC ROIEG OU CHG PCG PL[DGH GODSG O GOIHGGH ]JWG OKLG OU CHG RHFLSGH OLUOF CLEHTG
ONN DSEGH ROIEG PE H]KLOH >RLZILSDN CO HQOQ ROIEG COC ]JWG ]C RLQ RLC @ PLOUDG
RLDHT HOLWC [DF ONQ POO PLOHNL RLZLIS ]HDC [C
]C DLGO ML[Y ICH DLGH F C[ZQ CHG PCG ROIEG O RLQHO] RLF FHTLD HZOJS [WO LH@
LQHO] RLF PD[O HC GU R]LS CO GF DT RLDH[LUDH F OLUO H]KLO L[H CZHFD HLQF ]C HC XWJG
>EW LL ]LD LWU GOLIE ][WO FJHLQG F[WS RLF HSLCH RLZLIS LQHO] RLFN CHG L[G DSEG
GZL]F FHQO]G OND DC GI RLQ Q ZL]H LNG CSLF D[O LTC D[H CSGN D[ GLO L[QCFQ
LHQSD CDHQ GQ[G RHO CLQF GCFHGN
ODC D[O PL[DJPLFLQO] HLG LTC D[H CSGN D[ RCN CZHF HD]N DT C[]D CDD ]HWTH]G POHCH
HDLGO J CO [WC HL[DF ]ODZO GJNHG H]ZL] RLC HFLQO] L[DF OU Z]HG D[
Z]HG D[ TH]GN OYH GCFHGN GSLC P Z] D[ GI P C[]D CDDD D]N HQYU GQ[G LN ]ZHOJQ RCN RLC GC[S
LSC HLFLQO]O
PHLD CZLWTZWT OU RCN HSF ]HWTH]G FOH COD CLO ]YZQ RLCF RHC[Q GO ][GKQ CZF
CQ LSD GCYL [QHO LYQ] HOLWCH GCQHK LQL HON [DNH RHC[D CYL CQ G[GKO L GFLOO HK
R]LS CQ PHLD L[]TF L][] D TT PL[QHC RLC HY[]H GUD [JCO G]CQHK LQL HON [NI FOHG
GDZS CQ RHC[D PC PEH G[GK LQL MH]D CLG RLLFUH LSD CYL CQ GS[GKOH MHWG TT ]HUO
PLSHQ PHL FU G][GK LQL PLNQSH CLG
FJC ZWT PC PE HC IOI PL[]HT ]HZWTG LSD CZHF GI OON PC PGL[DFD PLSH[JCG HSF [DNH
CNC [L L[U GQO ]JSQH DZUL U[I VL P[GQ DDO VF ]Q ]CQHK MOQG [U U []HT
PLZTHWG [DFD HZOJS [HTLC ]ZIJ FESN COHZO CZWT ZWT PL[QHC TH]G ]LHZQ JLNHGO PC HSF RNH
PLCHOLQD GQO ]JSQ DLD DJ [IULJC JO LTHT DJ LHOG ]LD U [LQJGO LZ FHL MG D]NH
PC PE RN PCH CQK [GKO ]HZWT GQN VC FLJLG ]H[D GCQHK ZWTD COG HOC TH]G RN HQN
HSLC RCN RHFLSG HY[]H "LG[D GCQHK ZWT GI L[G G[GKO HSO GLG CO FOH COD CLO ]YZQ GLG
GKHTQ GCQHK ZWT ON COG FHUH VL P[GQ U HGQ] [DNH GOUD OU G[THCO RLSUO COC GCQHK RLSUO
DLC C]]UQ D U
GOUDO [HTLC LWON RHFLSG P PEH HSFQO
GCQHK HC [HTLC GOUDO GFS RLF [FE OUH GI RLSUD PLSH[JC PLQNJ HNL[CGH
DKLZ HJ LHOG KD ]H GQO ]JSQ NCH GF CT CJ ZJYL [NI CN C]L[HCF RHH]C FL ELC [L L[U MOLCH
]HLGO [DFG [WC LC ]HCLYQD PHZQD PE CQK LG[D KT RCN P]KL JNHQ GSGF TH]G L[DF [WO PHZQ L@
ZWT PL[QHC RLC KL GFSDH PLJTWF ZDH IS [LISD TH]G ]UFH@ LSLQD PEH RHC[D PE GCQK CG] RCN RHEN HS][QHJN
]U[NG HSLSU LCFHN ZWT RLF ]QC ]HLGO OHNL [DFD [QHO PHZQ LH >]QC ]HLGO OHNL HSLC [DFD CQK LG[D GCQHK
LH [JCQ PLSHFLSG FL[WGO RLC GCQHK RLSUON RLFG GOUDO [HTLCG RLSUO PE COLQQ ICH U[C MN ]HO]O ]HCLYQD ZWTG
COC GU[NG RCN RLC QQ CQKO RSLWOL GI PE TH]GO OTF LGS ]QC ]HLGO OHNL RLCN NCQ ]HCLYQD GU[NG RLF RCN
MLL CO GEGSG RLFD [HTLCG OU RHLFO GCQHKG LSLF OU CHG RHLFG PC RLD ZOJO [WC GI RHFLSDH PFCG OU FDOD GEGSG RLF
>L[]TF L][]
[HND OU [DHFQ PCG ]HWTH]H L[ HZOJS H]HC RLFHW RLC PHL O MH]D V[KS [HND DU
H[LWO GZG DDO VF ]Q ]CQHK MOQG [UDH GWL[K LSQLT HD HCYQS HC PLO MH]D E[GS
RLNOHG RLC [QHCG ]UFO DH[D ]HO]O RLCH CHG GWL[K CQ [HND ON OU ZW]TS CO UHFQ ]HWTH]G
LSLFD VC DH[G [JC ]NOO RDG RHLFW ONQ FHQOO GC[SN CLHZG ]SHHN LCSWG ]UO RHLU ML[YH " DH[G [JC RHQQD
]HSHQQ
LWNH ]HSHQQ LSLFDN CO DH[G [JC ]NOO PHZQ L RDG RHLFW RLSUO RCN ZQKD CYQS [DNH
RLSUO RNOH PLQ LFL ]CYO GHYQ L RNC RHQQD DH[ OND VC IKG [L L[UD GI [DF [LDTG
U DH[ LN G[HQE GHYQ GOJ DGFW
CGL FLZWQG O HSHY[ RLC CQ H[TQO LC[ HSLC GOLJ]NO PEG [HKW [QHO [TQ [QH
RLKE LWU C[H TH] ]UF RDO [TQ LWO [IUOC [O GULW ]DJS GSLC FDULFD [JC FLD HSHFZW
KN
RDO [TQ L[G [HKW LQS H][LQO GLU[E LUH[E C]GF PSJ [QHO [TQ [N [QH HOLWC
RLFN COH CHG DLLJ]S HDHLJ LWN DLLJ GFDCH GDLSED ODC TSCS VHTDO PC CZHFH ]UF
GFDCH GDLSE RLUN GULWD H]OLJ] COG PLTSHC OU [HKW UHFQ RN PC [QC] PCH PSJ[QHG
TSHCD HWHTH >LSO H[TQD CHE LWON UW GI CYQS GFDCH GDSE ][LQD DLLJ]Q LSG RLCH OLCHG@
[HQL CO PSJ[QHG JLSGO HSO RLC LSWQ GJNHG HI RLC "[HKW GI RHEN ON RCNQ JLNHS PCG
PGLOU DLLJ HSLC PL[DF P]HCQ VC GD[G [HQO OLE[ ]UF RD P]T LN GFDCH GDSEQ
H]OLJ] OOND HSLCH [HKW TSCS VHTDO ON GULWQ [HKWH PSJ [QHO H[TQ HOLWC CQH
LC GF EY QD TH] LWU TSHCD HWHTH GULWD
DL VF
GSQ [DFD GUHKG RLLFN PDJ PL[WQ TH]G HNLLSFWCO HNO RSLDEQ CO LCH H[HFGC HOLI
D[ PGO G[HG RN OUH [IHJ RLFG RLC L]SF RLFN [QHC RLLFG RQI ON PL[QHC L [IHJ RLFG
LC[ PHQ HNO RSLDEQ CO LCH [QC GQH XN L[GQ PD ZQKL LWU PGD H[IJL PQYU PG RQJS
]H[ OKSH PGQ OHFE RQJS D[ LSWQH PLZLIQ PSG H]UF LWO RHLN PLSLLFG ]C RHQQ DLLJO GLG
LIK RL[FGST LC RHIJ LWU HSLFO PLWHWN PG L[G C]HOE L[Q
GOC HI RLC G[HCNO "GLO C[LDT RCQN [Q [IUOC LD[ CG COHU CG RQJS D[O CD[ GLO [QC
GSQ [DFD PLUHK P]DJG GQO GLG H]OC COC PLD[G ]UFN GSLC FLJLG ]UF ]HD[ PLQUW L[G
D[ GDJ CO [WS PCH@ ]UFG OHZLD COC ]HUK RCN RLCH RN PL[DHT PLD[ COG > TH]G L[DFN@
>H]HUK G[[DHG CO [DFN GI CGL CD[ ]OC [WS ]UFG OHZLD COC GSQ [DFD ]HUKN RQJS
P LC RHIJ
PLFDUD [YJ H DEC RLSZ RLFH LUZ[ZQN HC LOKOKQN LFDU ]LEHT PHNLT
RLOKOKQN HC ]HUZ[ZN PSLF PLFDU PCG PLC[HQC HZOJS