CQ
VF
PLSHLYH ]H[UG
ML[Y FHUH IQ CQHL U H[QC GQO G[L]T RCNQ RLCH ZLOT LN CG ]LJS LN CG CLZ CO
H]LLOU RLD L ZHOLJ GQ RN PCH HGCH[ PFC RLCH PL[FJ L[FJD CHG [CN PE HWHE ]HTNO PFC
]LDO ]UD RHEN VHEG ]HOEO ML[YQ HSLC DYQ RLD ZOJO L LN [GSO H]FL[LO PUG LWON
DYQ RLDH HFHDN X[CG ON COQ L[G HQU PFC RLC HOLWC ]HULSYD EHGSO ML[Y IC PLFEDG
GID HQYU GTNQH ZJHF CHGH HWHE ]HTNO RLSU RLC IC HQYU ]HOEO M[YS XHJ[O F[HL
GGEGD CW RLOHJ ]NTQ GO LWU HSLDC PG[DC O H]L[DD [WHNN GC[S H[QC
HSLYQ L[G RN GNOG RLCH GUD [DHU OC[L X[CO ODDQ GOHUG ON GFHGL D[ [QCF
C[LI LD[ RHEN OC[L X[CO ODDQ HOU PLC[HQC GD[GO
MC HCDHL GODD PHQ [HTC GWT PLNOQ PDQ[D [CHDQ ]HY[C [CO ODDQ ]CYO PSQCH
P GSQVTNGN COF GIH PDQ[G D]N ]HY[C [C OOND OC[L X[C RLC GC[S
RSL HSSQID RN ONH GDHLH OC[L X[CO GLOUD GHYQ L GIG RQID PE PLZTHWG HZTW RNH
GO CLSTNC OU ][IHJ G[H]GH OC[L X[CD ]HDLL GD[G
X[CO GYHJO OC[L X[CQ ]CYO [HTC PNH D]N CLZ ]HDH]ND L[LCQG L[DFQ JNHQ RNH
OC[L X[CN HSLF P RLLHYQ CKJ ]C[LH GQNJ PHZQ ON ]HY[C [CO ODDQ ]CYO [HTC MN
LSWQ COC H[QC CO GID H[QC GQ ON OC[L X[CD [F HOLCN ODDD [FG ON H[QC HQNH
X[C P]TH ]HLHOEG OHUH ]H[YG DH[O OC[LO GD PLLHYQ CKJ ]C[LH GQNJ RLC OHJ P]T
HLIQ ]HSLGO PLNHIH PC[HD FHDN PLELQ PNH]Q FU PGD PLLHYQ CKJ ]C[LH GQNJ OC[L
HSLSLU RNH CDG POHUG ]D CLG ]JKDHQ OC[L X[CD GJW HOLWC H[QC GI OUH GSLNG
OC[L [HCQ MH]Q OC[L X[CO ODDQ HOU HS[HFD PLSD[ GQNO ]HCH[G
EQ ]HN[DD CDHQD U
[DU LSCD LDF CLQQ H]CH CODG HZLWCH HNLLQHW HJ]W Z[TQ LO HCLDG []S LO HCLDG
XLD[HG QC[ ]HCL[D ]HEGSG PFQOO PUG [C OC [DLF MOLCH RCNQ LN ]LQ[C RHOO
XJ[QG ]LDD [HDLFD KUQO X[C M[F ]FQQ PL[WTD CDHQ PEG
MND XJ[QG ]LDD VC ]UF ]HL[DG ]C FQOO XWJ RQJS D[ GLG H ]HDC FTJ [YHS X[C M[F
L[DF [WTD CDHQ M[FNH ]HHYQ COD FQHU CHGN HI GUD VC PLFTJ ]HOLQE ]HYQ PLLZQ CHG
ROLCGO XJ[QG ]LDO ]HZ[TQ GQN HQU ]JZO GLG HEGSQ RLODHOQ HFZG D[G OU S GJ G[H]
CSOLHQ RQOI LD[ RHCEG OU I PFC ]FOH] [WTD [WHTQ RNH ]HHYQ COD FHQUL CO PFC LSDO
PLFJ PLFEQ LWU XJ[QG ]LD LCDO PLQLUSH PLD[U PL[HWLT [WTQ GLG XJ[QD H]HLGD
Z[W VHT GQNJ ]LC[ U
RCN PLFJ PLFEQ D GDJ[GD U JO PL[FS XJ[QG ]LD O THN OU
GNZ
]UF VTHL
[WQ L[ GSQLG RL]H RLC GWH[E WUC LNLKSC ]DD HSQLG RL]H VH[EG [CLOHQ
VH[E HSLC PC PLQ ]HGGO [HTC [CLOHQD ]D D[UQ PNH]D PLQ ]LLG RLSUO CHG RHFLSG
ODG VLTHQH OLCHG RWHC OND [HTC LNLKSCDH
PLQG ]C EHIQO [HTC RLL PU PNH]D PLQG ]ELIQ RLSUO CHG RHFLSG PL[WQH PLZOHJ TH]GH
RLLG OHLDO J PHQ GWH[E HOLWC LNLKSCDH VH[E HSLC [CLOHQD
R[ PH[E HSD[ PD FL[ TH] LWU ]DD PNH]O PLSSHY PLQ ]TSNG RLSUO RHFLSG PL[WQ LH
RQ HGH[LDUG PC PE ODQ CHG RHC[ LON N HSLF RLC [CLOHQG CS]G HSULQQ R[G D]NH
PLQJ HNH]O R]LO []HQ VH[E CHG [CN RNOH HFYO COC HL]J]Q PLOJEG RLCH OLCHG CG
DQ ROGO HSLS RN VH[E CHGN PE RLQJ HNH]O R]LO [HTC GLG RHC[ LON N HSLF GLG HOLCH
RLOD] HNH]O R]LO RLC CG RQ HGH[LDUG HOLWC RHC[ LON
LON RLF GO CGL CO GLOUQ CO CG FYO ]FQHUG G[FZ HSUQ CO POHUQ H[LUG [DNH
GID VH[EG [CLOHQ RHENH CG OUQ G H [ L D U G G[FZ RLF RLSUO Z[ R[G ]SHHN COC RHC[
G]LG PC ODC GH[LDUG [JCO PE ]ODQ LGL[G D[ GQHJH CG LDE OU G]LG PC ZHOLJ L
GQ]H FNDL GWHC OK LOEC G OUD R[G L[DFD RLDG RN GH[LDUG [JCO ]ODQ GSLC CG FYO
GH[LDUGH CG FYO GFQU G[FZO RHC[ LON RLF RLC HOOG R[G L[DF PLZTHWG HKLQG OU
TJLD RKZ PLOJEG OHDLZ ]LD [CLOHQD Z[ COC OONN HL[DF R[G [QC CO PL[WQ L MC
CG PC PE HSO ]H[FZ RHEN ODC PLOJEG ZHOLT [JCO MN ON [QS CO PLQG PHJH PLQO
IW CJ LHOG KD LWU CG RQ PZHOLT [JCO RHC[ LON RLF PGD L RFYO
GI L[WO PLOJEG LSDH PLQG PLCYQS PGQ FJCD PLFHF LSQ DN[HQG LON LFHF LD
PGLSLD LON MH]D LON RLUN HSLLGF PL[WQ L GI FYD GI HL]HD[ H[LWOH GIQ GOUQO
FJC FYD Z[ PLOJEG HD [CLOHQG RQ GSHH PLOJEG PLSH]S
RLC TH]G HD]N []HQ RLHN]Q RLC [DF [QCF CLG RHUQ LD[ "V[YQ COGH DU
V[YL CO CQ LN [HTC RHUQ LD[ HD GFHQ ]HQL COH GLL[ ZLTW O DYQ RCN
VH[LY HD MLL ]CIN PHJ ]FLQO ULEG CO CQ R[G [WH PJLQG
GI L[G RN PCH PJ OI[DG CQ GHGG DYQD ZWT RCN L L[G GLL[ ZLTW ZWT N ]CI DJS CO UHFQ OHCO LH@
CHG ZWTG RLHN]Q HSLC [DF ONO GQHF GI RLCH OON V[YLL COH MN ON PJ HSLC CQ HC V[YLL GLL[ ZLTW
IW FHLD CZU[EG ZOLJ M[FNH GHGG DYQD COH HCO PC XL[J GUL H][L[ED PCG RHEN ]HLGO FL]U GQD
PLFHYLSG PLLJ LOUD GNH]D L CQ ZWT L GDL] ][LETD PLSH[JCG RHFLSNH
COFH GLL[ZLTW HSLC [DUOF ZWTD PE [DHT IKG ]UFO RCNQ GLC[ CLDG IK GNOG [HCDD L]LC[ DH
ZLTW DJS HSLC [DUOF ZWT RDQ[G ]UF RCNQ CLDG LN[ FHL CS[ JHC [IS LSDC ]HD RNH CZU[N
CHZD IU[ I[EG UHD GI RLSUD UUH PLSHC[G ]ZHOJQD LHS [DFG P D]NH GLL[
]NCOQD FD PL[HWNG PHL ]FHDU GSQ PJO CDL ]D GSQ FLEQ U PL[DHTG ]KL LWO DLO PHZQ LH
ZWTD [QHO L MNOG RSD[FQ COC G[H] [HTLC GID RLC GLL[ ZLTW CHG PC HOLWC RLHN]Q HSLCN LKWD GNQ
HI GNCOQD OZGO L GLL[ZLTW
ULEG CO CQ LN GLL[ ZLTW [FED GI RLC OSG R[G L[DF HCLDG NLWUCH MND PLZOJQ PSLC PLZTHWG [C RNC
VH[LY LFLO
HNZ
CQ VF ]D
RHUK GLG CO LONG CQ HCO PC GNCOQ RCN G]LG PC ]HCFHD [DFG UFHHL CO MN [JC PE RWHCD [QHO L LOHCH
CDGOC ZWTN [DFG DJSH GLL[ ZLTW GI RLC PLFHQ ONG OON VH[LY
GI RLCH CDGOF ZWTO GQHF OL GID PFC PHO UHFL CO CHG ZWTO OZSD H[[DO [WC ZWT RLD ZOJO L FHU
UFHL GLG HOLC PEG GLL[ ZLTW HSLC S ROGO [CHDQ OHJH []SD ]H[U ]WLWJ RLSUO OL RNH@ GLL[ ZLTW
HSLC GIN ZWT COC ]H[U H[SL PC ]UFO OHNL GLG HL]H[U DYQ ZIHJ ]CH HD VWHJ [QHJG ZIHJ ]C H[HCO
>UYH > GLL[ ZLTW ZWT N HSLCH OON ]UN UHFL
[WO ML[Y RLC [HTC GFHGL LD[OH []HQ RHUQ LD[O GLO CJLS COF GLL[ ZLTW MH[UG ]UFOH
CJLS COF PHQ RHUQ LD[O []HQ RN LW OU VCH GLL[ ZLTW D RCN [DHFQ COC TH]G L[DFN
IS CHIJD D]N RN GLO
JQ [HCH MOQG [U U DQ ROGO GC[ RSD[F HC C]L[HCF [HTLC CHG PC PLSHC[G ]HKLD V[YQ RLSUD FHU
HQ GQ EJ LHOG KD ]H J I ZT S CHIJ CDL ]D
]H CDL ]D MOQG [UDH GSQ PJOD U OHFE RGNO GHZQO ]LU ]OKG RLSUD PDQ[G L[DF [HCDD
GN JHC CJ RHLYO [HC ]H RCN OC[L [HCQ O DJ PL[LQ DDHF
HD]N TH]D U
"LS]Z HGSLW PJLQ LS]Z PLQ HSQQ GSLW PJLQ LFLQ LLDC GO VLZ]Q
GSLJDQ LLDC ZHFZF [HCDD FHU GC[H HNH]D GQ OU HC HQYU HLOU PLSW L]D [W]GO OHNL PYU OU LHSLW RHO
DDQ DJ TLESD [I[EG LHFJDH RCN XLD[HG QC[ ]HGEGD ]LSHO
RLKUHQ PLQ HNH]O R]L CO RLQJ PLQ HD LH HGSLW PJLQG [QCZ LNG LLDC [QC COC
L CLG GFHGL LD[H V[YQ LSWQ [ZLU ON PLQ HNH]O R]L CO PLQ HSQQ GSLW PJLQH
GFHGL LD[N HS]SQ FLQUGO M[YHG MN PHQH PLQ HSQQ GSLW PJLQH VLTHG GQ PO OHCO
COGH TH]G HJLNHG HQN RHUQ LD[N GNOG ZTW [D]TQ HQYU LLDCH H]HQN GNOG RLC
COC PLKUHQ PLQ HD R]LO RLC HNH]D PLQGH CG RQ HGSLW PJLQD GKHWN ][W]Q GSQG
PLDH[Q
FU MN ON PLDH[Q PLQ R]LO ODC H[WL LFN CZHF UQQ R[LWGO LFN HSLS LSWQ [WC
HGSLW PJLQ CS]G KZS MNQ ZLLFO L PE HC V[YQ PHQ [HTC HSSKYL HNH]D PLQG
FHUH RDQ[G LHFJ LWU RWHC OND [HTC IC GSH RLFG PLQ HSQQ GSLW PC UQQ
[THQ LJZOH ]HEGSG
]DZ[Q H]OLNC ]HQC F MOG COH ONC
GHYQ GLG PUW COH FCQO CLG GOHFE ]HCL[DG ][LQ ]HYQ [QHC GLG OI PLLJ XWJ G
GLGH RHLO PLFLQO]G HNOL RUQO GOLOD ][JHCQ GUD GDLLD ]H[HSQG ]C ]HDNO
P]FQ]GO ]HFHG PLFLQ]QG HOJL RUQO [YLG ]YUQ CHG GI PE LN GLQHWD COE[Q
XULLQ U[G [YLG PC HOLWC [QHC GLG MNH G[H]G FHQOQ L[QEO MN [JC HOKDLH GI[WSG
GLHY[ H]SHHN RLC LN HO UQ] OCH GDC] OC FHQOO MO
]NOO ]CI OND XQC]Q GLG HLOU GZ GNLOGG G]LG H]OHJ ]QJQ ]HSH[JCG HL]HSD
INZ
]UF VTHL
USHHC[ [LUD PLSD[G ]WTCD H]C FJL L]HLGDH OI P[QCQ PLLZO ONHCG [JC ]HQC F
RQ ZJ[]GH ZIJ]G RHIQG ]N[D [JCH H]OHJ LOE[O H]KQ OU HDLD D[UG ]JH[C ONC
DLHJQ LSLC []HL L]DHJ LFL L]CYL GSGH ]HQC F [DN L LSQHFQN [QCH ]HQC FN GKQG
RSJ]CH ][W RQSLL[E [O MOQO LUQ MH]Q RHLO DNH H]KQO [IJH
]HULSYD EGS]LH ]HLZSDH GTHNQ ]HLGO ML[Y GHFZD [DFO TLTD CHG RJOG [JCQH
JL[ GC GO GLG RD[ZG PNH GNIG H]SHHND PLDHKG HLUQD FL[HQ GHFZG FHDNO
CQZ GQH[] ][W [GHID H[LW PLF[WH PL[DCD PLSHYLJG ]YZ PLSGS MN [JCH JHJLS
GWLOZG CLG GCHY CLZ HLOUQ ZLJ[L RJOD EGS]L RN RHWY FYO PZU]Q GLG RUG
HLDZSO M[YSG DW RLL CLYHQG Z[WDH G[LN Z[WD H[QC HQN GOLNCG PFHZ ]HSWO ML[YH
[QHO HSHY[ COC QQ M[YS CZHF HCOH H[WC LDE OU HGHZLTG [HS]O GQHF ONCH
[GID RNH [WCF GQ OND ]HSWO PLLZS HLUQ LSD HLGL ]HC[O ML[Y LN MN [JC M[YS CGL
RJOG ]QEHF CHG LWO VHEG RHLZSD GOLNC PFHZ ]HSWO FCQ [LQJG FSZ GQH[] ][W
COC LNG HCOD LET COF PDQ[D UQQ RNH GCHY CLZ P DL[ZL CO LHC[H G LSWO [C
HQYU ZHFDL FU ONCL COH HSHO HI DF ]HUF ]HNOGD UFQG [WTD D]N ]HSWO J[NHQ
GWLOZG ]LJFSH GHFZD CHG L[G ONU HLDZSO ML[Y GLGL CQ GWL GWL
GSZ ]HL]HCG [U GO MH]Q
DQ
VF
XU O ]OJE CO ODC PLD[ GD HZHIL CO OLDD PLD[G ]H[D ]N]Q O ]OJE RLDNQ
GC[S RDQ[G L[DFQ HOLCH GDNQ PHQ [HTC ]N]Q O ]OJE LHDLN GC[S L[ L[DFQ
PLD[G ZIS PHZQD []HG MNOH RSD[F [HTLC CHGH VH[LY PHQ COC LHDLN PHQ GID RLC
EGD PD R[ FO CQHL H]U@ C]L[HCFQ CHG VH[LY [HTLC PCG HI GOCD PLSHC[ HZOJS [DNH
]FOH] PHQ HC JQ [HC D UH CDL ]D OG FDC[ L[ LKWD GNQ ]NCOQ PHQ CDL PDQ[
CDKL[ U RSD[FQ [HTC VH[LY CQ HC PDQ[ LHDLN LFL OU PLQJW ]LLU RLUN CHG GDNQ
PSLCH OI[DG PL[[ZQ PLQG GIN VH[LY RLD HC ]LU VH[LYO LON VH[LY RLD PLZOJQ LH FHUH
RSD[FQ H[HTLC GI VH[LY PL[HW PLUSH PLQQJ]Q PLQ RLDH C]L[HCFQ CHG PL[HW PLUS
RDQ[ U
[]HG UHFQ ]HZGO L >LON GSLC ]LUD VC@ G[H]G RQ [HTC VH[LYG PL[DHTG ]UFOH
HQN GLL[ ZLTW O DYQ RCN RLCH VH[LYO RLHN]Q HSLC LWO [WCH "]N]Q O ]OJE ]HDNO
RSD[FQ [HTC GDNQ PHQ Z[ OON [HTLC RLC VH[LY PHQ MNOG PJLQ GF CQ OLUO TH]G HD]N
HQ EJ LHOG KD ]H CQ OLUO ]QC ]W UUH UU JS LC RHIJ LWU
LFL OU COH GQHFNH OHJ ]SL]S LFL OU HSLLG ]HDNO H[L]G GI C]L[HCF VH[LY ]HKL R]HCO [WO [WC G[HCNO
FLQUGOH ZHJFO ML[Y RLCH OON VH[LY RLSU RCN RLCH >P CHIJ U PLW[YQ PSLC PL[JC PLZQ LFL OU HC@ PLQ
VH[LY PHQ GD L LCFH FCQ GQJ CLG UQQ ]OJE L[G GLL[ ZLTW HSLC RWHCD
L[W HQN PLON O ]OHTWD [DHFQ LWUC C]L[HCF VH[LY ]HKLG LWO OCHQO [HTC PLQ ]NLWD GI LWOH
GLOU DLLJ GWHEO GNL[Y GSLC GNCOQ OCHQO COG GWH[LYO ML[Y HSLC
JNZ