HL[USQ U[ PFCG DO [YL LN
COH JEL LN DL]NF [HKW JES RLFKYCG [H CQZ CDD ]NTQD OI P[QC M[F OU H[LW
[USSQ U[G HSQFZL DHKD [HJDOH U[D THCQO RLJDL PFHZ HL[HUSQ PFCG RGH HGHJLEL
GJLESG HULDKG HQN U[G HD ULDKG [DN OFEL LN GLGH H]SLJDD HNL[FQ U[GH HQC LUQQ
HSSLC [C OU SUL HSU PLSW ON OU ODC ][NGD HSF ODO OLUHL GI PUKH RLFKYCG [HD
U[D THCQO GQGDG RQ PFCG []HQ CHG LN FQO]QG [HQ GS]LH PLZOCG OHZD UQH
CLOWG GC[S MN ON HLOU G TUN]L CO HL[HUSQ U[ ]SUK OLUHGH DHKD [HJDOH H[LNGD
CNJ JS PLLJG [HC HL[HUSQ HFHQLO FYO UL[GO GDLT HO L LN ]HUO
Q VF
RLQOQ COH GLOUG RQ RLQOQ KZS [WHN RLQOQ RLCH GLLOUG RQ RLQOQ PLTHWH[KHWC
]HDEO P]O THWH[KHWC PLFLQUQ RLC THNQHTN CS] LCG [DTH GKL P]D COH [DHFQ FUHQD [QHO RLZLIS
HWHEQ
MNO OL RN FJS PCH GSL]S GLD CDL]NF PEG RLZLIS [CDN DKLQQ POO ML[Y RLC CQ G[WN C[WHNF RHLN UOL
GNH LKHUQO GF G TH]D POHCH HLTNSD GOHUQGQ POQ HSLC [WHN GID HSFQLO [WHN H GLLOUG RQ CS]G FLESG
DKLQQ PO]Q [WHNG KHW [DFN HKZS GC[S ]HSZH]QG ]H[HFGQD CD[D
LSD HCO LQ]LH G[WN C[WHN CS] RCQ [WHN RLQOQ RLCH GLLOUG RQ RLQOQ PLTHWH[KHWC
UHWG CHG L[G PLQH]LG ]C COH [WHND THWH[KHWCG ]C DLLJO LHC GLG LW OU VC HGSLS G[WN
HSLC C[Q GS]HG HOLCN HDLJGH LFDU COH LUSQLQ RN PCF PLQNJ HGHDLLJ CO [HG ][LQD
GI RLSUO G[LQ HLOU ODZQ
RLSUO RN H[QC HQN THWH[KHWCO HQOL PLQH]LG HOFELNOH G]U THWH[KHWCG POL H[QC COH
FHU GFT Y GQO ]JSQ GQO O PL GC[G LWU OON [WHND PLNLL PSLC PLQH]LG L[G RLZIS
POHUG RHZL] LSWQ PGQ U[WLGO FHDUD PLQH]LG LTNS ]C TLSNGO PLQNJ HN[YHG RLZISD FHUH
THWH[KWHCG ]C PEH PDLLJO PHZQ RLC G[WNO COC POHUG RHZL]O HDHLJ ]DLT RLC [WHND ODC
[LCQ ]LD LWU [HQCN LFDU COH LUSQLQ NCF [HKWO HN[YHG
HSZ] C[ZLUQ COC DLLJ C]L[HCFQ ODC [ZWG RLF ]LD [ZWG JNQ HSLC THWH[KHWCG ]C H[KW GI GC[S G[HCNO C
HUSQLL RLLFU [WC RN [QCS CO PC ML[Y HSLC GC[S PLQ LFL ]CYO VCH GI RLSUO ]HL[JCH G[LQD TSNS HSLC HO
U RN GC[S RLC DL CJ QHJ QEC ]HD POHC [HG ]EL[G OU PLQ LSLFD PLC[JC ]HLGO THWH[HKWC ]HSQLGOQ
CO P[H VHT VHT LN G[WN LSD HCO LQ]L ][DTO HSC PLNL[Y THWH[KHWCG COC PHON HUW CO PLQH]LG LWUC D
D OLUO [CD]S HQNH ZLIGH [HQ GLG
HLOUDO ULEQ MN OU ZOHJ HSLC CSHQQ C[WHN [QHCG PE LCFH CSHQQ C[WHN G[WN C[WHN
GQNQ [CHDQH JNHQ COC HWS RHLFW CHG G[H] H]DLLJ PHO]GH DH]NN PLQ LFLD G]LQ SHU
JZ
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CLG GOCG RN PCH RLQHO]D COC G]LQD CGL CO HSHUH HSLF [ZLU ]C GWLOJG G[H]G ]HQHZQ
[JCQ ]HSD[ZG RLSUN PSLSU HC RHQQ DHLJN L[QEO G[H] P]CU PCG RLQHO] P]HC O P[FED
LQHO]D H[ZLUQ VOJHQ G]LQ SHU ]HD[ ]HLC[D ML[CGH Y GQO ]JSQ LWU G]LQ ][HQ] PLCD PG VHT VHTH
RHLU ML[Y D [CSH GI FHTL OU ]HQHZQ GQNQ GZG RQLTG VHTD RNC OI[O HGO PLZ LNGF [WHN
CSQJ[ [QC FJC [WHN [WHN LCGH [WHN LCG POQ [WHN RLQOQ FYLN RLW]H LS O [H
PL[WQG HZLLF C[QEG RHO ]HUQQQ CSQJ[ [QC PO [WHN [WHN LYJ LCGH [WHN LYJ LCG
PCG PLQOQ FYLN Z[ CLG GOCGH [WHN PLQOQ LCFH JFL LC RHIJ CD[GQ GL GSQ FLEQ U
[JG ]OLCD UUH RN UQQ CO GQOGG [WTD POHC LYJ HC PO [WHN FJC ON POQ
ONN GI L[G CSHQQ [QHCO ODC G[WN C[WHN [QCF RCQO Z[ CLG GOCG PLSHC[ HD]N FHU
FJC PHO]D PLW]]Q FJLD PGLS RHQQ LDHLJ
RLW]HG LS PLQOQ ZLIQ LQF PC ODC ZILS LQF [WHN [DHTG ]UFO Z[ CLG GOCG HD]N LH
HOC HL[DFD RHHLNH LZYSLQZ L[EO DZULO ]QC U OHFE FJC ZLIQN PLSHFLS COC PLS GI RLCH PGLS LQFN
FHUH OCN PLKWQ PLLJG[HCG L[DFO
HZOJL GH [HD P]HW]HH OLCHG PL[QHC RLCH HWS RHLFW HLQF LWN FJC ON POQ ZLIQ LQF [QHCG ]UFO [D]TQH
PO [WHN FYG LWO L[G ZLIQ LQF [QHCO PE MLL C[QEG ZWT RLLFU COG RN [QHC G]C LC PCH PGLS LQF MTQ GHD
OOHNG MTGQ [WHN LYJD FJC ON DLLJO R]LS CO LYJ COH
GLSHNQ LUD COH GLHOLU [LQJ [QJQ LQF PCH ]CKJN CHG G[WNF RHLN LCQ RL[WHN LDLLJ
OI PLSHC[G HZOJS GNOGO C]QLLZD [E]TC RZD GLO [QC GLSHNQ LUDH CQOF HC
D]N RNH H]HC PLSNQQ RLC ZWTQ D]N D ]HNQ CDKL[GH PLSNQQ FL RHQQ LZIS ZTW PDQ[G
RLWHN RLCH H[DJ LWON DHLJ HSLCH PLQG RLDO HSLD RLSU ]HSD[ZN CHG [WHN DHLJ RDQ[G P
RLC LWO ]HL [WN PC DL]N RNO PLKWQ G[H]G H[LWD D]N RNH RCN ICL[G ZTW RNH HLOU
P GFQJ LOND HOC HL[DFD ML[CGH HLOU RLSNQQ HC RLWHN
COH FD RHNLQ OU [DFQ PDQ[G >CD[GH TH]G LWU@ D]N QQG PDQ[G ]UF [HCDD@
RHFLS G[WN ZWT HD]N GSQ PJOH O[GQH PLSNQQ LCFH FD ODC PL[HLD COC C[QED HZW]TS
RL[HTLC ZWTN GI L[GH >L[LCQD GC[S RNH@ RLF ]LD OU CHG ZWTG [WQ PDQ[G OLH C[QHJO
CLUDD ROGO DHLNH C]L[HCF ZWT ONDN C[QHJO ZTWH GI OU GLWN DHLJ RLF ]LD OU OKHQ PCG
> D ]HNQ ]UF VTHLD CDHQD UUH [WHN POQ FJC ON C[QHJO PDQ[G ZTW RLW]HF
]HSD[ZDH [WHND RHNLQ RLSUO CN RLN[UD CDHQD UU
CO P] GLG HOLC FJCG PLSWHC LSD GSUKG [WO L LOLC CO CL[C LOLC C[H] GLO CQLO
PL[WC GSJQ HD]N RN OCHG DLLJ]L H]HUK ]QJQ UDHS HSLC [DF U[C RNC PC GI H[WO JEHS GLG
CCY[ KWQG [U EL PL[QH
JSZ ZL[GQ [W RN
[QH LDHLJ ONQ CHG [HKWH G]LG ]HUKD C[ZLUQ H][LQ ]ODZ [WO L HC
[HCD JLNHG RNH FCY[ QHJ CQ[G HCLDGH [QH LDHLJQ L[QEO [KWS ]HUK PHZQD GID CYHLNO GNOG RCNQ CLYHGH
CLF RHQQ LZIS OG JQ
KZ
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HQYU DLLJ COH TSZD GFHQG OU PLC[HQC HZOJS GU ROGO CSL[KWQH CSLFHQ GHG P] PC DU
GCFHG RLC >GNOG RNH@ CSHSQG D[H RSJHL LD[ ]UFH CO PC H]CFHGD [KWS PCG PHOND
G[HCNOH R[Z LQHO]D HQYU ]C DLLJ MNDH DSE GFHG RHEN H]CFHGD HQYU DLLJ PC COC ][KHW
PHOND HQYU DLLJQ HSLC P] [H O GJLES ]CFHGD L[G ]ZOHJG GUFN ]KZHS HS]LEHT [QHO ML[Y
G]U HCHDL PC COC H]CFHG MQT OU HDLLJO [WC LC PE MC CZHF ][KHW @ ][KHWG GCFHG HI RLCH
>HGHDLLJL PLFU
TSZD GTLW] GOLUHQ CO LN VC PL[QHC L ]HTSZ [CO CTSZ CZIS CEOW RLD ZOJO L POHC
THW]L ZILSG HOLC L[G H]CFHGD HQYU DLLJQ C[ZS [WC RNOH GTLW] GOLUHQ P] O ZIS LYJD
IDU ZJYL ]OJS PE UH DLLOH GF IKG PLFDU MOQG [U LWU HFLQ CLYHS CO GI O H]CFHG MQT OU
UGC CSLS] GFHGLD UFHS LWU ]HJLES L] JEL PC HLW OU FUHQ GULL MND HQYU DLLJQ HC GGEGD
PLOUDG LWU FUHQ GUS [HG PC PNTHQ [DFG RLC MC FHUH EN
[CO FHELSD P] [H O ZIS LYJD HK VFO PLQHNLTDH GO OLUO UH EO OLUO CD[D CDHQ FDC[G ]KL
JZT C RHJG ]HYZD UH HS]LEHTQ HLOU HZGH H]CFHGD [KWS HSLC ]HTSZ
[O ODC [HD V]H GUS ZILSG CDLZU LD[F CDLOC COC FDC[G [QC CO D]N LQ L
[F CDLOC Z[ CHG CLEHTD R]QHCQG RCN PLSHC[G HD]N [DNH ]HTSZ [CN GI L[G OCUQL
OLUO PLQHNLTD RLHYQD UU GS CJ TLESUD [I[EG LHFJ H]CFHGD [KWLL HOC RN PC RDHQH OCUQL
HK
[HG O HWHEQ CHG POO DHLJG COG H[KWO OCHG ]CFHG OLUH] FYLN RH[JCG [HFG LQNJ HZG
LWON COH PLOUDG LWON COC HSLC OCHG O HDHLJ G[HCNO NCH HLOUD O COC HO HSLC [HG L[GH
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PL[QHC LH KI ZD LC RHIJ PL[KWS PGLS HLGH CHG GFHL PLOUDO [QHC GLG GSHHNG PL[WQ L
L[G PLQFD DLLJ OCHG RHLNH LIHID HZOTO OHNL FDOD OCUQL [F CDLOC C[QEG ]LHZ RNC
JF RHQQ LZIS JQ [HC HQYU ]C UL[Q GI
LHFJD UUH DNI [L L[UDH FEO WCZ [EG L[HU FF RHQQ LZIS OG LHOG J[EG LHFJD ]HZHQU PLN[F UUH
HKZ ZD POG KS[EG
OHIEO HJND GLG HI CLG GSUK HILC ]HWTH]D HGQ] [DN CQECO GLO CSZL[UQ GHG CHG P] LC
L[DFQ CLYHGO GOLOJ LN O[GQG D]NH HQU [W]GO OHNL GLG HOOG ]HL[WC ]HSUKD H[LWH
GSH RCN COC HQU [W]GO GOG ]HCL LFN H[DJO GOHHU ]HSUK RHUKO PFCO HO []HQ ]HWTH]G
PEG M[HYG ON H][LQD [GIS COH FUHQ CHG UFL CO LSWQ OLCQG OU ]QHU[] OCHO HO L
[QHC GQ GHU GLG HOLC RWHCD HI GSUKD HD ]HJQO [WC LC RN RHLNH RJES [HG HD [LNG
[GIL PLQ C[L LNG HOLWCH PECO GJ[DG RHEN HLUQ PLOLUHQ HLG
FLTWGO []HQ GI PHQ LNH ]QHU[] RCN L CGL HO H][DT OU GQ] HWZ FJ LHOG KD ]HDH
U O[GQG O GI HFLJ UHGH PLZTHWG ]KQG OU P [LUGH "HIN G[HYD H[DJ ]C
L]LLG NLUH P]HUO GLG LFLD [QHO GSUK HO L QQ Z[ ]HOHDJ] P]HC ]HUO HO []HQ [QC CO O[GQ PE PSQC
[DF ]HUO OHNL GLG GSUKD HLFL ]C ZLIJGO HSO RLC HIN GSUK ODZO FDO GLG CO ]QHU[]G COHOLC COC@ [W]Q
>[HTCG
LZ
Q VF CQZ CDD
L PHZQ ONQ RHLN MC RN ]HUO [HTC VC OU P]SHHND KHW GC[S COG TH]GQ JLNHGO RHFLSG [ZLU OND UY MC
U OIHE L]LLG [QHO ML[DF ODZO CO LSC LC[ HFESN GOG RUKL RN PC@ QQ OIE HSLC PEH GHU GLG HIN GSUK HO
HLOU ODZO RNHQ GLG CO [WC ]HUKD G[LQ ]SUK RCN ][IHJ L[G NC >]HWTH]G ]LHZ ]SHHN HIH ZQKD C[D
L ]HUKD GODZ THTH RN GHU GLG ]CI OND CQ CHG [HTC LN VCH ]HUO HFLD GLG G[WG ]QJQ P] COC FUHQ
RCN
GLO [QCF PHQ "CQECO GLO CSZL[UQ GHG LOGLS OYS GLOGLS GL][FGC LC GLO CQLSH
GLO ]LOF CNLG PL[DFG MQG OU MQT H]LHZD GZQG LQO]Q HHG GLLOUQ HCO VHT VHT
X[W HSD[ [W RNH GKL ]QFHZG CLHZG [HCD COC ]F[WS CLHZ HI RLCH [QLQO CNLC LCQ LTNS
[JC RWHCD [LW P FDC[GH LOLC CO FUHQ LOLC P] GLO CQLOH OLUO C[QEG ]LHZD
FDC[
HSONHCH GUSYD HSCLDCH HSKJC PH CQECO GLO CSZL[UQ GHG
OU [HG ]C RLF ]LD HTW] RHLN GSHC[G CLHZG PE GID X[]Q GLTW]H CSLF LD PLFZCF RHEN
JZT C RHJG ]HYZD UH FHUH L[LCQG LWU [KWGOH ]HFHGO HO [WC LC DH PLFU LW
GLG OHNL MC GI G[ZQD G[T CSZL[UQ ]SUK PSQC LN ZILSG HTW] H[QC COH CSLF LD HKZS RNOH
PLLJ ][H] RLF ]LD ]U[G RCN RLCH [JCQ [KWGOH ]HFHGO RLLFU
CO FD ]TLW]D KZHS@ [KWLGOH ]HFHGO OHNL GLG PLTWH] HLG FD HOLC MWGO KZSH HTW] RLF OUD T[E GC[G POHCH
CO RLSUO TSZD GTLW] GOLUHQ HFLJ HGI@ H]CFHGD [KWS GOG RLC DH HTW] ZILSG G]UH > RHUL[L [C GLD RSL[Z
>[QCZ P] [HD CZHF CQH HK OLUO RDQ[H FDC[U H]CFHGD GOG [KWLL
GLG H[LW TH]G GLFGD CSLF LLHU]CF CSLYQ COF RCQ CFLD LC[H]O GL]TW]C GLO CQLS
PKTOD RHEN RLTSHCD DLLJ OCHGH OLCHG [LWH MN OU GQ] PLLJ ][H]DH FUHQ GLG CQ HJO HO
HI GTLW]D OON UHW HSLC PEG DLLJ OLCQG LFLO H[LIJG CO ON MNOG HOKS RLHIQ
HLOU ][Q CO G]C LWO L]H[O [IHJN FUHQN HSHFO LC[H]O GLO ]FULLQF MSLQN ON HCO
PLFLUQ THWH[KHWCQ U[E CO OCHG LN PLOUDD GCFUG RCN RLC PUKQ CO MC@ M]H[D HFHUD GWL
GC[H CD[ LWU >HLSWD
HFLUG CWLT ODC HOKD]S CO HLOUD OYC HFLUG ]HCFUGGH HLOU HLOUD P MOHG PHZQ ONF
ZQKLD CLQ[EQ C[ POHUO FULL]S CO OLCQ LDEOH HOKD]S ]HCFUGG R]HC OCHD
ZILSFD RCN VC ZILSFD ROGO GQ
P PE FZG RHOD GCOG RHO CHGH@ [JC PHZQD P PLQNJ RHOD G]HUQQ ROGO GOQG
PLFQHO RCN HQN RQZO
HSLSWO COH >[JC PHZQO [HT GCOG E H[QCLH HQN RN HUQQ
RCN G[HQCG G]L O R N O P F H Z G[HQCG G]L Q
CLZ
]UF VTHL
[QCSG [DF OU ROGO D HQ]G HOC OND FHUH JO ]HDH]N FN ]HQDL CL GELEJ IN GNHT G GSG C[ HY PLJTWD RNH
PHLN ODHZQG HQLN RN L[JC COH RNO PFHZ
CQ VF
VC [QC] PCH RLQQHI LQQHI HQIHG RHEN GO ]JNQ LNLG FUHQ GLO RSLOKZ P]QF [JCQ LNH
JES FU HSLF [HQEO HZLWTG COH [HG OU FLUGO FJL ]H]N O HCD RHEN CYHQ G]C GQIG COD
]LULD[ GJLES
HGHOKS CO FU JES PCH [HG ]C CLDGO PLJOH RLF ]LD RLFG [QESN FLQH OLCHG [QHO LH
H[QO HLOU OKHG CO RLLFUH HLSWD FLUGO LFN RLF ]LDD CYQS L[G PO ZISQ [HKW [HG OUD
JES PC PE GQIG O RWHCD ODC PO ZIS DLLJ]LH ]LULD[ GJLES JEL CYHQ G]C LC NCH FUHQN
W[H] LWU ]HSHC[G ]HLHFUD PLQUW O FUHG [DNH [JCQ DLLJ HLOUD ]LDD HFHUD
[HIJO ZWLT GLG CO FHU ON W[H]D [CHDQ QQ FUHQQ GOHUQG G[LQ VC FQ FJOH G[LQD DLHJQ P] [H LWUC
LWUC CZHF PLOUDG LSWD GCFUG ML[Y HQNH@ ]HFUHQ O GULW RCN RLC PO ZIS DLLJ HSLC FUHG [JCO H[QOH
H[QOH H[HO ULEGOQ THSC GLG PC RLFG CHG [D]TQH >[Q CON CHG [HQE UHWH G[LQD DLHJQ P] PE
H[H ZLIJGOH PLQLIQO RLQCGO HO GLG RLFD PEG FDQ CYL CO FU DLLJ RLQQHI LQQHI HQIHGD MNO PUKG HGI GC[SH
PFHZQ FUHG [DN COG ]QCG FYQH [HKW ]SUK PH HO RLC GOHUQ G[LQ ML[Y P] VC RHLN PYUD MC P]N
LFHULO [QCF RCQNH PLOUDG LSWD ]HCFUG O PLLZO LFN COC RN FLQUGO HN[YHG CO PL[QHC LH
RLC ]HJLESD JNHS GLG [HG OUDN HFLQUG CSZTQO RNH C[H] LFHULO [QHCG ]UFO ODC C[DE
ZQKLD ]HWTH] RHLOE LWU ]JC PUWD PLFU L]N O HCD COC CZHF GQIGD FLQUGO ML[Y
CD[GH FDC[G M[ZD LOHN L[HKS MO LUDLC [HG ]C RL[LNQ RLCH [HG OUD ]C RL[LNQD
L[DFD POHCH ]HQFHZG ]HJLESG O ]C JES GI CHG [NHG ]LULD[G GJLESD H[W FL[GH
HFUHGH OLCHG [WHND DLLJ LNG HOLWCH [H H]HC HGI PC UHFL RLC [CHDQ EL RHQQ LZIS PDQ[G
H[Q CO [JCQH P]QGD ON [HQO PGO GLG PLQUW O E[G [H P[ZDD PGO L PLOUDG
[WHNG ]C RLQOQ
HSLC P] L[GH CHG P] G]U JES GIH PLQUW O JES [HG H]HC GI RLC [WC LW OU VCH
GI CHG [HG H]HC P]TG RQ GJSGG PHQ PUKG RLC UQQ PDQ[G O HZHQLSQH@ [WHN POQ
">DH JES
H[ZLU [WHNG LN RLZLIS PHO] RLSUO GCFUGGQ G]HGQD GSH [WHN DHLJ RLSUO GCFUGG FJO L
PE PL[]HQ PLOUDG RHLNH [HF GLDHLJ [H LZILSH PLOUDF GLDHLJ [WHN FQ ROGO U P L O U D G DHLJ
HQYU RHQQO MLL DHLJG RLZLIS PHO]D NCQ [WHND PLDLLJ FHJLD G[]HQ HSLC GI [H PC
KZ KS[EG P]QCH PLOUDG ]ULW CO DLLJQG [ZLU CHG ZLIQ
RLD HOC OND ZOJO L RLZLIS LDE NCQ PFCO FUHQ LHG GQGDO FUHQ D]N [WHN RLSUO PDQ[G LZTW DLL GID
RLZISO [WHN DHLJ
PEG P] CHG G]U JES [HG UFHS PC L[G [WHN DHLJO ]ZWTQ GSLC PLOUDG ]C[]G FDO HI C[DT GC[S MC
DYH DLLJ UHFL RLCN Z[H PO ZIS DLLJO HSUQ CO ]CI HUFL CO PLOUDG
DLZ