GZ VF
CG LSHLI LUDF CG CLZ CO "[HKW RS]GH DLLJ PL] HFLD HOUH ]JC ]HC DH]NO RLHN]S
C]LL[DH PLSLLHIQ RLSLLIG LS HFLD HOUN [DHFQ ]DLLJQG C]LL[DD PL[WQ L LSHLI LUD COF
L[ L[DF KWQ QNH ICL[ RSLLI CON ][DFQ ][JCG
Z[IH PL] ZH[IO RLHN]SO LQF COH MN OD ZTU]Q DJS RLC [HUL LYJ CLG ]JC ]HCO COC RLHN]S CO LW OU VCH
][JC ]HC GLOC V[YO LHC[ ]JC ]HC ]DL]N NCQ JS XWJG [JCO VH[LYO PLLHC[ PSLC PL]G P LN [HKW UD[C
XLD[HG QC[
FDOD ]JC ]HC DH]NO RLHN]S L[G [HKW PLSZH]QH PLSLLHIQ HFLD HOU PC MWGO PL[WQ LH
GSHHND RD]N HOLCN DLLJ RSLLIH VLTHG PL] HFLD HOU GC[ [JCO PC ODC [HULNQ ]HJW CHG
FL[G TH] GOLJ]
][HYD PLDNUQ PLE]G ]HL]HCG LSHLI PCG GOCD ]H]LL[DG HZOJS ]LLO M[FD [W LQ LH
]LJ ]HCG L[G [HKW RLSLLI LS D]NH ]LJ DH]NO RLHN]SN IC LN PLE] COO OHTW [WTGH ]HCG
RLHN]S GOLJ]Q HOLWC GI LWOH@ GQO G[HY HI RLCH PLE] COO PLSLLI LS D]N CYQS ]ELLH]Q GSLC
DLLJ MNOG PLDNUQ PSLC PLE]G CQ HC > TH]G L[DFNH [HKW PLE] COO RD]NH PLSLLI LS DH]NO
PL[HDEG LKO LWU GLE] COO GFDO ]HCG OU
HFGQD FSZ GDH]DH KJI G[H] [WT H]KLO CHG MOHG LSWQ C[QED GI ZHOLJ CLDG CO PDQ[G PL[HDEG LKOD D]NH
Q G[H[DGSQG KZS RNH UU DNUQ PLE]G RH[TJ RLC EO[] QU DJ GS] ]OL ]CYHG PDQ[G ]H[EC HCOD
]HDL]N [CD RN ONH RLSHLID PLEGHS CO RLKED PEH CDHNLUO RSLC RLSHLI PLZTHW HSC GQ LWO PNTHQ [DFN DNZT
RHO ONDH D]N OND C]L[HCF GDL]N ]NCOQ RLSHLI LOD VC [HQE D]N CHG LCFH
]DD D]HN PHQ DLLJ HSLC RCU CO ONH PLDNUQ RLSHLIG C[QEG L[DF [LW PL[HDEG LKOD CDHQG CDL[G POHCH
JQ DZUL ]HOGZD UUH RSLLIO ML[Y RLKE RLSUO RCNQ FQO RNC
GQLLZ]S CO L[G [HKW RCU COH R]HUO GY[ PC PLDNUQ PLE]G RLC LW OU VC PL[DHT L MC
CN CZU[EG ]H LWU LJ[NG HSLC LWUC R]HUO G Y [ LSHLI LUDF C[QEG ]SHHNH H]DJQ
PDQ[G ]UFD
HI RHO CDHQ LWN@ RN C[ZS LHWLH KHLZ ON COC PLE]O CZHF H]HUQQ RLC LSHLI RCN J[ H[LWQ GC[S GIO GQHFDH
PLNHDSG G[HQD RNH E GUQG FHJL [UH G RHJKDG [UH F GSLJDG [U ]HDDOG ]HDHJ U PLSHC[G L[WTD ]HQHZQ GQND
]HCG KZO GY[ ONH >RLI ]HCO PSHLQF PHQ CZHF HCOH ]HCG ]C PLKZQ P OU RN PLC[ZS PLE]G CQH DLE
K CJ LHOG KD ]HD GID U H]DJQ GQLLZ]S CO KLZ CO RLLFUH
PHZQD ]QLLZ]Q H]NCOQ COG [KWLL UHFQH RSLLI COO PE ]HL]HC ]HDJS RG COGH HI G[DT OU GQ] DJQ DZUL ]HOGZDH
CDZD CILWZ ZJ HQNH [JC
RN ]HUO DLLJ HSLC LWUC RSLLIO GYH[ RN CLEHTG [LW HK] RLKE UH[I[HCGQ E[ [IS LSDC ]HD CLDG [DNH
]DJS ]HCG RLC PLE] COO [N LWUCH H]DJQ ]LUS CO HL[JCO CDH HLSWO CLYHGO RLHN]SO GQHF LWO PUKG [CDH
HLFUOD GQO
LWS ]C OHNLDN PNO L]]S G[H]G ]SL]S LFL OU ]LDGL ]DL]N LWS CSC RHZL[KHS LNSC
LWU GKQO DHK UW ONH ]HLJG PLNLQQ RGLFL OUH G[H]G O GL]HL]HCD G[H GD VHTRLC[HC
RSJ]CH [LQHKLI R[GC ]HFOH]
HK
F RSJ]CH HGLOFE [HC K H[]L [W G[H]G OU KUD UU
]UF VTHL
[HCDD
GL[QC RLSQCS GDL]N GDLGL U[WO L[NSC L[QCF CNLC GDLGL GDL]N GQLUS G[LQC L[QC RSD[
DN H[]L GQNJ MQ [WTD U ]HSHOG RLD ZHOLJG
G C [ L PL[WQ LH RH]CG G]C[ LHC[LG [DF G C [ L G]KS G]C[ GC[L LFESO M[FG K[L LN
ZOD GL[C [HE HT ]HJSQ [ U G]KSH G]C[ MN [JCH GF[J GLOU GOWS MCOQG G]C[ P[KD FHU
HT ]HJSQ ]UF VTHLD RHZL[KHS ]H[F ]HFHC UU
FESN HSJSC PLHFZ HSJSC PLNF HSJSC PL[HGK HSJSC PLZLFY HSJSC PLSHNS ZFKYS GQH
LSDD OHIOIH ]HL[U LJG RQ [DC PGLDC ]LDD PFHUD GO VTHL LFL OU HFJS PL[DF GQJ
H[QC M[FN PLOE[Q FESN P L S H N S PLDSEDH PLOE[QD G]U PFJ PL[DF LSH ]HJWG
LJG RQ [DC ]OLNC FES P L [ H G K PLDSE FESN P L Z L F Y PLOE[Q MLFDU HLG CO HSJSC PLSN
PLHFZ C[WTD CLS]FN P L H F Z ]HJWG LSDD PLOIOIQ FES P L N F GODSN CQKQ CHG
K G[UG DN ]HFGQ LL ]LD ]H[F ]HL[UG RQ PLH[W HHG HLG]
[U GO Z[W
LLDC [QC >RL[LSD@ LCQ DLLJ OTDH G[DND GWSD TH[LZD RL[LSD RL[LS L]D L] GHUG
C]LDHYQ D[ [QC TH[LZD LCQ TH[LZD C[LSD CFJH C[LS >]DD L]ND LDD LFD@ L]DD L][]
L]G LKHJ PL[DHU RN[F XLOG L[HJ PE ]HSHNQG ]HCOHO HC ]HUDK PG [ L S L ] D L[WO
LKHJ ON HOCN PL[HJ][H O ]HN[UQ L] ]HJWO ]HQLLZ PLE[HCG OHSD ]NTQG OU PLJH]QG
[HJD HO MHQTG KHJGH ]JC ]N[UQD [HJD [DHU FJCG KHJG HOOG PL[HJG M[F PL[DHU L]G
RNH GLSG ]N[UQD HO MHQTGH GSHC[ ]N[UQ O VTHS [HJD HO MHQTGH GLSG ]N[UQD
LEHI L]OD [WTQ ONH ]JC PL[HJ]N[UQD PLOJHQ L] LKHJ O LEHI [WTQ ON MN GCOG
GLSG ]N[UQD
P]LYJQ ]C ]HOUGOH FL[HGOH L]G LKHJ ]LYJQ ]C RLEH[LTO FL[HGOH ]HOUGO OZSD R]LS HI GKLD
PGLSLD D[UG KHJ ][DUG M[HYO
PLC[ZS HOC PLKHJ PLSZ ][ETQ OC PL[HZG PLKHJ LFL OU OHSD ]HTHW] ]HCOHO HC ]HUDK R]HC
PLYLO PE P L [ L S
PU PLKHJG ]C PLSHD RGLOU ]HF]L HD ]HUHZ] JHO@ PLYLO JHO OU F[WSD ]LUS ]HCOHOGH PLKHJG ]SZ]G
[JCO >G][DJ OC ]JC ]HOLDZQH ]HFLJC HLGL ]HCOHOG ON JLKDQ PEH PLYLOG ]LLSD OU OZLQ GI JHOD HQLG ]HCOHOG
OHSD ]SZ]HQG PL[LSG ][ETQ OC JHOGQ P]HC PL[LDUQ PL[LSG L]DH PL[LSG GI JHOD HSZ]HG
GEL[CG
]SSTQN HD PLQ]QH PLSH PLDLTQ LHUG Z[TQ RLUN LON CHG FHUH MH[UG PDQ[G H[LW LWO T H [ L Z G
PFHZG KHJG OC FJ D[U KHJ ON ZHJFO HFLZW]H L]G LKHJ ON PL[DHU HN[F MH[UG PLSH PL[DFO
ZJHFH GNQ TH[LZG DHH MHOG US D[UG KHJ PU [CLNHDG PUW OND VHWYH ZIJ FD [HYLO LFN HO
TH[LZG ]UHS] OCSSJ HSD[H L[WO Z F Z F Q ]NCOQ CLG HI GOHUW HQHZQO D[UG KHJ HZ ]C
GIO GI PLFQYSG L]G LKHJ ]C FL[W] PE
IK
GZ VF ]D
CDG KHJG ]J]QH FJC L]KHJ OUQ FLQ] [DHU D[UG KHJ GD GKHW GEL[C [C]Q OSG [HC]G
]CI ]QHUO PLZIJH PLZ PLDLTQ LHUG R]W ]EL[CO []HLD GQLC]Q HI GEL[C ]KL HL[JC
MH]D P L K H J L S ][DUG LFL OU ]LUS P]EL[C PLLQEH PLN[ ]HLGOH PQJO PL[HQCG [QY LFED
GQHF RWHCD ]KL GLSG ]N[UQD PL[HJD [DHU LLO KHJH ]JC ]N[UQ O XLO[HJ ON
HL[JC CDG JHH[QD LLO KHJH HO FJC JHH[QD L] LKHJ LS Z[TQD PLKHJG PLSH]S
CLEHTG [HCDO RCNQ ]HCLYQG [HC] RCN FU
L] LKHJ LS ][DUG OCSSJ HSD[H EU OLUOH RCN L[ H[LWO RL[LS L]D LS ]LLU ]NCOQ ]HGQ
OC PLYLOG JHOQ ]HUDK R]HC ][DUG FL[G H[LWO > TH[LZ D P][DUG RNH@ ]HUDK R]HC M[F
PL[LSG ]N[UQ ][ETQ
PL[LS P]HCO LHGLI ]OC COC ]DLLJQG GOHUWG OU GOC GSLC L[WO RL[LSD LCQ C[QEG ]OC
"PG GQ HS]SQD PLLHSG
KHJH C[LS L]DD L][] [HJG MH]D L] LKHJ LS HD TLSNQ E[HCG RZ]QG CHG LLDC [WQH
LWU C[LSD CFJ [HJG OUQ KHJG OU DNH XHJDQ HFYO RH]S ][JC PL[LS ]N[UQO OJHQG LLO
LZYLHHCZHE L[EO E[HC GUQ [WT
[S H C[LS ]D M[UD MH[UG OUD R]S LD[ O PLH[LW LS C[QEG L[DFD PLWTHS PLH[LW G U D P GSQ [WTG VHTD
UYQG RCN [YZH EHN PLON LC RHIJ DI HGLOC ]HSD C[EG IKK ]D GSQG ]DN[Q DHK PHL TH] L[LCQG H[LW
PHNLTO ]HDH]H ]HOCD CDHQDH DZ IJ LHOG KD ]HD UUH U[]GQ
GI RLD PLSHC[D CDHG LQOH[LD HZOLJ [DN GUL[Z LFL CYL ]DG ]C OOJQ LW OU VCH DU
[DFD H[QCS PLH[LW GQNH G[LDUD HO GCD CLG LWO H]HHYQ LFL CYL CO GOHIE GYQ ONHCG RLDH
PL[WQ LH HCO PC >GOHIE GYQ RHEN@ G[LDUD HO CD GHYQG O XWJG PC CHG UDHZG PL[WQ L
COO GHYQG PLLZO OHNL DYQ RLDH G[LDUG COO GHYQG PHLZO ]H[WCD RLC DYQ RLD ZHOLJG
G[LDUG
CLG GCYH]G COC GYQG ]OLNC RHEN GHYQG HQYUD GUL[ZG GUQ RLC [JC ZHOLJ PLZOJQ LH
DHK PHL ESHU RCN ]QC ]W FFS] JHCH Q FHL PLZTHWDH LQOH[LG L[WQD GI OND U UH[Z FEDG ]HLG GHYQG
QQ GF GY
PLSHC[G RQ GQN ]KL DLLJLQ LDHLJ CHG [N PFC LCH
GNHD HSLC LQH HLOU DHCFOH ]HNDO LHC[ COC PNJ HSLC [N PFC OU UH[ZO G[HQE GDHJ RLC
GUL[ZG RNOH DHK EGSQ EGHS HLOU U[HZGH H]HOLDCD [HUL RLC ODC SUS OON HLOU DCHN HSLCH
DH[Z OU GUL[Z HQN RHZL] ]DJS HLOU
CHGH HLOU UH[ZO PLDLLJ ZTW P UHG POHCH OZGO HEGS RN D]NH HQ FHL CQ[G KZS RNH
PL[HKW PLQNJ LFLQO]H GQS ]CLYL ]UD HLOU FQU CO LWUCH G[HDZO G]LQ RLD P FQHU
HI GUL[Z OOND PLQNJ LFLQO] PE C[GH FDC[G ]UFO CLDG MGH HI GUL[ZQ
U FLJ HL]HUHQQ PLUFHL RLCH HD[ HSLC [CN ]Q PNJ OU GUL[Z ]HFHC PLZTHWG HZOJS FHU
GLDC[ FHUH GC[G PD R[G LHFJ D U
I VLUTD
OZGO HEGS ]HUF CLDQ KFL PLLJG [E [WTD UH[ZO DLLJ GQS ]CLYL ]UD ]QG OU FQHUG
IL
]UF VTHL
]HNI CHG GQS ]CLYL ]UD FHQUOQ HUSQLL CO PLSC LFN GQS ]CLYL ]UD UH[ZO COH
UHHEO
CO OIJ HSLC[ L[GH QQ DHLJ OKDO HOZ PUK CHG D]N EU LTHT DJ QHJ GQ ]H[EC ]HDH
RLC P]HCD HJLQ CO MN OU COC [QCS CO GI PUKH RHQQ FTWGO []HLD HJ PEG MNO HJ
CWH[ HOLWCH RLFN UH[ZO ML[Y LCFHD ZLTG MNOH RN HEGSL PL[N PLSC PUK GI RLC ODC PLU[HZ
PFHZG U[ZG OU HGQ ]WTHGD GID LF MC [JC GOHJ OU DH UH[ZO ML[Y ]Q GOHJ OU U[Z
PLDH[ZD HQN COH FEDG LOHD GQS ]CLYL ]UD FQHUO HC [N PFC OUH PNJ OU U[ZG PHZQ
GC[S LQLSWG FYD GSKLDD U[Z PCH GKQOH [HDKGQ HSLLG PLOH H PLZTHW CZHF [CHYD U[HZ
GN ZHQ PL[HCDH PLHFJ LWU PHON HSLC
]HSHHU ON ]OLJQ HO GU FHDN OLDD HL]HSHU ON OU HO RLOJHQ [N PFC OU GNHDG ON
]HL]QCG OU GLLND CLG [N PFC OU GLLND PLCKJG LFL OU P[ES DOG PHKQK ZHOLT GSLSU
][DEG ]H[NG ]HZO]TG OU GNHD DOG ]H[N M[U LE[Q LQ Z[ POHUG RQ H[FUS ]H[NGH
]HL]LQCG M[U OFHED ]LQLSWG G[NGG LN R H Z L ] G G Q Y U C L G GLLND LFN FU HI GE[G
ML[UGO UFHL HO GU FHDN OLDD H[LW HGI DOG PHKQK ]C GLOJQH ][U[UQ ]H[NGH
QU EJ HGLOCQ D]NQ [N PFC ]FLDC OFHE ]C
RHUQ LD[ CLS]F DLLJLQ LDHLJ GQS ]CLYL ]UD LCZF LCH CHG [N PFC HCOF CNL[Y CO
G[H] [WTO GQHF GI GQO CG UH[ZO DLLJ GQS ]CLYL ]UD ]QG OU FQHUG [QHC [IUOC RD
PLDLLJ H]QS ]CLYL ]UD PLFQHUG G[LDU [DHU CHG [N HSLC PFC PE RCNQ GW[S
TLUNGO [QHQ HC G[I GFHDUO [QHQG CHG GIG OONG RQ CYHL POHCH V[S G[H] [WTN HLOU UH[ZO
KS LLO Z[W RKZ FUHQ C[D CDHQ E[HDSKH[Q P[GQ G[H]D ]HHYQG RQ ]JCO
MOLCH QU RLDG ]SZ] [WTD RLSUG [HCDD FHU GC[
LN [CD] HLISE ]LDD GJSGG HLISE ]LDD RJLSQH R[WHT GDZG [N PFC OU ]HUQF FL[HQG ON
DOD PH[G ]OHUW ]HL[DG OU [HL LN[F DLGCGOH DOG ]C MN[O ]HOUHW RG ]HUQFG RG CHO CO
QU GLC[G L[QCQ MH]Q PLFL[O PLLE[Q HSC FHDNGH GDGCG M[UD CLG GOHWN
UDKD [QHON LC[D L]D D CO ODC GDZG LSWO GLND L LCHHE L]D D G GELEJD H[QC GQ FESNH
GNHD GDZG P HLISE ]LDD RJLSQH R[WHT RN OUH EGHS HEGSQN POHUH OON E[GH LHSL RLC
LS LJLH GQNJ MQ LWU OHNLDN
F D O D PLQ ]C[L O [YHC C O C HLISE ]LDD GDZGO H O R L C OI HSL]HD[ H[QC [JC PHZQD
PLQ ]C[LH [N PFC OU GLLNDG J[NGD [N PFC OU ]HUQF O RQHZQ CHG HLISE ]LD RHLNH
]QCD PLQC[LG LN ]L]LQC PLQ ]C[L HO L LCFH [N PFC OU ]HUQF FL[HQG RG ]HGI
[ZLG TNSG CHGH ]HLQLSW LFL OU Z[ ]N[US ]HLQLSW DOG ]H[N ]C GSHNS ML[UGO OHNL ]HLQLSWD
PFCG ][LJD LFL OU ]N[S CLG LN PLQ ]C[LQ XHJ PLQ LFLD ONG L[G GDZG OYC []HLD
HGLOCQ D]NQ HLISE ]LDD RJLSQH H]HC PL[WHT DHJH [ZL [DF M[FN R[WHT GDZG MNO FDOD
[DFG [ZLU C[GQG D]N [DNH QU EJ
JL
GZ VF ]D
UHFQ CLHZG [LW L[ "L[ LQ CSHHE LCGNH H[YLO JH[ ]JS FLDUZF CHG RZ]Q LQS LCG
PDQ[G L[DFQ HOLCH TH]D QNH []HL H[YL ]C OLE[Q OZOZQ COC RZ]Q GI RLC COG DLLJ CHG
OHJD COH [DFD [HTLC L ]DD Z[ GC[S RHOG ]HUQQ OU COC RLFG OU CLHZ HI RLC GC[S
H]KOH [DFG []HQ PLSWHC L HY[]H RN ]HUO [HTC OHJD VC COGH >H]Q OU U[ZQF CLQHF@
OZOZQN RHFLS HSLC RWHC OND H]QJ MNO U[Z HC GQLC OLKGO LFN U[Z PC ZHOLJ RLC ]D RLSUO
RCN DLYSG LHFJD PE UH JJ GSQ FLEQG [LW RN
GFHGL D[F CG LN GL]LD LSLCC C]QLC CQ[LQO FLDU CZF
LSDH HLSD OU GQLC OLKGO GY[ PCH HLOU THUNO LHC[ [DF OU HOLWCH THUNL CO HQYU FQOLH
CHG PGLSWD HQYU GC[L DKHQO H[IJL LFN RGLOU THUNO GY[H TS[W GLG PC [HDLYG OU HC H]LD
CHGH HTUN ]UD TUHN GQFQ CHG PFCN HQYU RLDO HSLD ]DHLQ H]UF GLG]H P[TLLO LFN TUHN
ED ]HUF PDQ[ PLLJ PGLLJ RLC TUN LOUDH TUHN HSLC
TUN ]HC[GO L]N[YHG PLQUWO PC PE L ] L D M H ] D L]FWZG CO LQLQ N ]LSU]D H[QC GI OUH
[THQ LEGSQ HK ]H[L ]HEGSG LWU OON L]FWZG CO LWS ]HLQLSWD [QHON L]LD MH]D XHJ LWON
GCSOHWQ LL[O KUDGQ
PLQNJ GQN HEGS RNH H]LD LSC OU GQLC OLKGO LFN PLON [DO []HG LW OU VC L[LCQG D]NH
PLSEHGQ PSLC PLSC HSQQ HFQOL CQ MND HQYU OLE[L CO PNJ ONO LHC[
D[ VLTHG FHUH GQLC ]OKGO PLON [DO []HQ HI GNOG KLQG PDQ[G ]UF ]LC[S RN D]N PLFJ PLFEQ [WTD
UFL GFHGL D[ NUH H]LD MH]D G[L]L GQLC PFC OLKL OC POHUO [LGIG H RLKED HO HSLYQ HQYUD RN EGS GFHGL
MNQ USQLGO L GUQO MNOG PFC ON FLD HI GSJDG [HTQO [WC LC ODC G[L]L GQLC O GQLC RLD RLJDGO
[WQ MH[UGH TUHN CHG ]HC[GO FEDG RQ FEDG ][QLC VOH GLG [LW R[G C]LLDHYQ VLO
U PLSHC[ GQN L[DFQ UQQH PLZF PLSZ HC PLDLTQ LHUG OLUO [NIHQG C]LDHYQ TH[LZG CHG
C[QLCG ]WLO RHEN G]JG HD RLC RWHCD ]CI HU C[GQ KZS RNH GUZ ZQT KNZ] MHSLJG [WTD
[HTC LNG HCOD ODC M[U ]HJW LON CHG HC FJQ H[DJO R]LS RN]L TH[LZG RNH G[LIJGO OHNL
]LJ] OD PHQ [DFG
GF DO RLHFZ TH]D [CHDQ RN ]LNHSLJ ]OUH]O RN GHU RHLN []HQ XWJG FLTWQ HOLWC PL[DHT LH
NNH ]LJ] ODD [DHU PSJD H]QJD MLOQ PC PEG []HQ GL]LD LSLCC C]QLC CQ[LQO PLO ZS[C MLOQ PC GFHGL D[
E ]HC H PLNOQ OG ]HLSHQLLQ ]HGEGD
RCN PLFJ PLFEQ [WTD ]LJ] OD L[FEDH GI RLSUD PL[DF ]HNL[C GC[H
G]C G][WT LFHS [QCS HLISE ]LDD RJLSQH R[WHT GDZG [N PFC OU ]HUQF FL[HQG ON
RLC LNG HCOD LN ]QG OU GNHDD [DFQ GI C[ZQ HO UQQ M][WTD COG MFCSD L]UQF GQL
C[GQU ]HDNOH [UKYGO PFCO HO
]H[WC GOUG CIK ]HQ L[JC GQNJ MQ [WTD HLLJD H[DHZO LHC[ PNJ O HFWTGD OYU]QG ON
GSG LN GQHCQ HLOU G[WLN COH OYU]QG OU GOUW CO H]]LQ [QHON PNJG O H L L J D [WO
JQH ]HD[UD DNH[H PH[QO ZLFYG WS ]HOUD RHY[ ]U CLG IC ][WNQ PLZLFY ]]LQ H[QC
KL
]UF VTHL
H]HFZDH HN[UD [LNQH FZ C[ZQ HC[HZ LQO Z[ [WNQ PL[HWNG PHL RLUQ GI L[GH HLOC GCHDD
HQQH[QH HDLJQ PC ZO]TQ ZLFYD RN HQN PLQLG [CN HDLJQH WNGHLD KUDQD CO ODC
PHON HLOU [WLN CO HDOD HKUDQG ODC ][WNQ H]]LQ
RGLOU GWN G[H]G ]ODZD H[QC RLSUN RE[HGO [G RGLOU E[ FQOQ HLLJD H[DHZO LHC[
RLCNH ]HDH]NF DW[ U G]SL]SN G]OLKS LN PN][HDZ CG] P HODZ] CO PC ]LELEN [G
LWU GODZO PLYH[ HLG CO GOLJ]Q HOLCN PLSUS RNOH G]ODZD OHIOIN GI L[G G]OLKSD PLODC]Q
H[ QU EJ [THQ R[GC [ ]SQ GS LTHT ZYHOTQ L[ ]H
ML[CQ HSLC >FQ FHLHK PDQ[H C[ VL[U [N PFC O HFWTGD EL@ PNJ O HFWTGD OYU]QG ON
CHG GFQ FESN GFQ RLSUH HSZ]OH PFCG ]C FQOO LFN PLCD PLQ LSHU GFQ FESN GFQ PLQL
LFLO PFCG CHDL SHUG LFL OU LFN HD LHZO PFCG RLSU H]HC OU G[HQG [LL FHQLO SHUD CGL
CHKJO HO P[E RH[TJG ]C GOELH GSHNSG G[NGG
COC ]CI RLC H]QNJH PNJG M[U ]SJDG HO G[TJ LSWQ "PNJ O HFWTGD OYU]Q PFCG UHFQ
HSLC RNO CFL[E ]LQE CLG HOYC PLLJG ]HUQQ RLLFU HSLLJ CLG G[H]G GE[GG HOYC GLHZO
RHLN CHG HLLJO M[U RLC PLQQ HO PLC[Q MNLWO PNJG ]]LQ LFL OU GC[LGH G[H]G [FUGD J
C[GQUH QU EJ HGLOCQ D]NQ HLLJ OU PLQQ HHJL COH L]LQCG RNH]G ]C PL[TJ PG
PNJ O HFWTGD ]HOYU]G OU H[LQJG [QHJ [HCDD KN[JN[ EL[ QU EJ R[GC [ ]SQ UU
CKLO TLHH LF[O PLFJ PLFEQ H RGNG Y[O PL[WHT L[DF C[GQ UU
HNL[CG CO PLS HNL[CG PLQL
JDL GC[ JQ J ]HN[D
LSDQ FJC ROHN RLJCG ON HECFL ]Q PLJCG RQ FJC RSJHL LD[ [QC CDC [D CLLJ LD[ [QCH
]JC GUIUFIS RHLN PLSDC O GWLNO GQHF [DFG GQO GOHN G[HDJG ON ECF] ]Q G[HDJ
UU RCNQ GF IN RKZ FUHQ TH]D CDHQ LQOH[L ROHN HUIUFIS RGQ
C[GQ GD ]KOHG RLFG ]FQ FESN PLQJ[D ]HD[GO G[HDJG GNL[YH
ULEQG ZISGH [UYG PE LN RLFO PLFQHU HLFLFLH HLDH[Z PE GOUQ O RLF ]LDD PFC SUS [CN
L[G G[HDJG LSD ON HECFL G[HDJGQ FJC ]Q PC MN PHQ ZFY LSICQD OZSH RHDJD JZOS PGO
[KSOCT OC[L LD[ PD RLFD HDLLJ]S PG PE JLNHQ H]HQ
PSHONH PD]NN
G[H] [WTO GQHF GI GQO CG UH[ZO DLLJ GQS ]CLYL ]UD ]QG OU FQHUG DU
V[S ZHQD GW[S
LN[F ]C PFCG FQOL RGD ]HSNGGH ]HSHN]G RG G[H] [WTD ]HL]HCG G[H] [WT CHG PFCG
OI H[QC HQN ]HJ[HW ]HL]HCGH G[H] [WTD U[Z GUS HJ G[LDU PFC [DU ]L H]FHDU
N
GZ VF ]D
H]QEHF RLC RHJ[LT GCQHKG JH[ GCHY CLZ COQ]Q RQHZQH IW PLJTW ]HJHOG ][LDD
G[DS JH[ PLZOC LJDI [GID H[QC HQN GCHYG ]C XJH[ ]HLNDH DOG ]H[L[QH GDH]D
G[DS GCQHKG JH[
GHFZG ]HL]HC ]C [LIJQ LHFLHG LN ]HL]HC DND ]HLGO ML[Y LHFLH
OYI RLIHOHHQ J[EG ][FQ QU FJ HGLOCQ D]NQ
G[I GFHDU FHDU HO [QHC FU MN GU HO [QHC PHLG U[G [YL O H]HSQHC MN
U[G [YL GI PFC O HWHED L [I OC HGILC
][CW] G[HDE FTJ ]H[LWTD PGH UFHSN LUYQCH ]HHYZ D RLHZ EO ZOJ]Q [DF ON LN UF
][CW] CHGH LUYQC HZ CHG IU PLQF ]HNLW ]HL[U LHOLE G[I GFHDU GWLOZD PFESH
HO ]HQF]GO GY[L CYQS GLGL ]LG GY[ [HG CHG []NG RQ MQSG GWLOZF
FTJ H]HJCD [QCS GQ UFHSNH GU[ GDGCH GHC] CHG ]HL[U LHOLE LSLQLG GYZH IU HGIH
H][HDED LZS PF MHWO CHG GU[ G[HDEH
]DD FJCG HO [QHC FU PHLG U[G [YL O HN[F MN OI[ L[DFD PLQUW L] HSLYQH
HQYU CLDQ LDE EL GFLSD LSGH PLQF ]HNLWF HGLL[ILDC HSLLGF H]QJD HLON [DQ LDE GZ
HFL OUH VHEGQ PLWSU PG ]HFLGH ]HFLG GYZ PGH ]HL[U LHOLEF HGLL[ILDC CHG [HG[G LFLO
QU RGNG Y[O PLF ]JL MH]Q G[I GFHDU CHG VHEG FU GOUQO CHDL
U[G [YL PKHWN PL[DFG G [ I GFHDUO HCLDGO CLG H]HSQHCH PFCD [ I OC CHG [YLG
]HJNH ]HFLQ [LDEQH [HUL RLCO GFLQG OU IL[WQG TTH]G JNG GI PFCD ] H [ I O JN CHG
PFCG OU KO]Q CHG PC PFCD ]H[I O JN HGI QQ ]H[LDUO P]LTQH M[HYG PHZQD CO
G [ I GFHDU PLOLOC ]FHDU ]C[ZS PSJ OU CO HC[HDO [IH H]OHIO [I HQYUO [I GUS CHG
]H[ID PLLHTQ GLGS GO FDHUG
LN TUNG RQH ZHJG RQ ZJ[]LH FN PLLJ ]HJ[CD D]N C[G ]H[I L GU[ GFLQ OND
]HQYU DZ[H [QC GU MOQG GQO ]H[IG FHTQ CHG GI OHDOD PFC O H]UFH HJH[ ODODQ
L DHKG ]CH PL[JC OYC Z[ DHKG ]C GCH[ PL[JCD CSZQG HUQQN HKHW GIH GCSZ
VTN ]FQJ HL]HJN RHDZ[ FU HQYUO [I MN ON GUSH HD OIOIQ HC OON GCH[ HSLC HQYUD
GCSZGH L[QEO HQYUO [NS]Q FU H]UF OU PFCG ]C G[LDUQ FHDN ]WLF[H PLEHSU]H
ON GHCE OUD L]LQCG LQLSWG HQOHUQ HSLLG POHUG RQ PFCG ]C RLCLYHQ FHDNGH GHC]GH
]E[HQ []HLD ]QCD CHG GQ LWN HQYU ]C OON GCH[ HSLCH [LNQ HSLC FU HQYUO [I MN
HQYU OYC GLG CO TUNG ]UD MLC PFCG PGFS H]QJ GNN L[JC TUND ]H[NS]GG
HTUN ]UD [JCO MWGS QQ
ZDL GHC]O H]OHIO PE [I GUS CHG MN HQYUO [I PFCG GUS ]HU[ ]HFLQ LFL OU HQN
]LQUH [DJ ONQ PFCG ]C GFL[WQH PL[JCD ]UEHW GU[ GFLQ ON UOE]L GLH] OND F[WS
]HFLQ R]HC LN HC[HDQ H]HC ]HFL[WQ RG MN H]OHIQ PFCG ]C ]HFL[WQ ]HU[ ]HFLQ HQNH
HC[HDO [NS]Q PFCG GLGSH PHZQO PFC RLDH H[DJO PFC RLD ]HOUHW
E[ LOD QQ [I HC[HDOH H]OHIO HQYUO [I ]HLGO PFCG ]C MWHGG [I OCG CHG C[HS JN
GQN PFCD ]HSSZQ PC GQH GU[ GFLQ OND RHQK GI JNH GDGC LOD [Z LOD GSDG LOD
CN
]UF VTHL
OU KOH TUNG PLCH[N L[GH "HLOU ]HKOH RGH ]HTED COC ]HZFD COH ]HU[ ]HFLQ
FCQ DH[Z CHG FU ONGO [I MN ON CHG LN G[I GFHDU FDHUN QQ H]HC[O L HGLQ
JZ] JQ[ QUD GI RLSUD UU DW QU DJ [H LOU MH]Q G[I GFHDUO
GKQO DLO FJQ ]HYH[H GOUQO PLSG HDL G]U FU [C ]TSNG ]LDD HFHDN ]OUQ ]OC [DFD
CSLFO GID CFLWZ GILC L HC LQF [LW PC PLSCGO RSLD [HULN GYLJQ ZTWGD
GHD GKQO RN PE GLGL PLSG ]DLL [C ]TSNG ]LD ]HUO RL[]HQ VCF L]UF ]HLSUO RHNSG
[HWQ GIF VLFU GOUQO ]HDHL PLSGN LCFH ODC PLJWK JL GGHDE GYLJQ ZTWGD PLSCGO
ONQ OLUOFN [HTCO RLC LCFH VC RNOH C[ ]HOZ LFLO GID CDO [WC LC CS VF GNHT C[QED
G]U FU HEGS RNH SNGLDD ]HLGO ]HYH[ PLSG ONO GOUQO PHZQ ]TSNG ]LDD L RHLN PHZQ
ZTWG RLSUD OIOIO ]HYH[ [DFG [NLS K[WDH GYLJQ ZTWGD VC GKQO PHLGQ HDL ]HSO RLC
M[FN CHGH QQ ]HDH[U]D HDL VHTDO FU GYLJQG PE HZOTL VHTDOH OZ [DFD ]HOLJ]QH GYLJQG
L RNOH GZ VF ]DD C]LCFN MN GU HO [QHC [JQOH MN GU HO [QHC PHLG U[G [YLG ]YU
]HSOQ ]HJQO ]LG LC[LO
GSLCH GHOJ GSUK CLG GKQO DLO ]HYH[ GI ]QJQH ]HOUO RGLSWO GZ PLSG ]HSUHK GQH
RG ]LSWHE GCSG OLDD RSLIJFNH GLOUG RGLSWO GZ R]UFD G]OU CO G]U FU RSLIJFN ]QC
OHIOI OLDD CHG COC ]HOUOQ LHZ GID RLC PLQ FHDN OLDD RN ON ]HOUQ []HLD FHU ]HOHU
PLQG RQ HN[D]L SNGLD ]HFZ ]HNIDH ]HSO RHY[GDH GYLJQGD
H][Q DHIUL PC CHG RHFLSGH PHON OHUWO OHNL GLG COH H]ONLD GQ ON GU PC D[G RLSUO ODC
EQ DJ JHC GQ ]H[EC RLFN GYLJQ GLG] WNU [JCQ HDLLJO RLC H]TS[W CHG
PLHFZL[JC W[ HGLOFE [HC UU
HZ VF
LS] ZHW GLO [QC [LUDQH ODHJQ XHJ RL[HKW RLOZOZQG ON RSJHL LD[F GLQZ HGDC LD[ LS]
ML[YD [LUDQ HDONO ML[YD ODHJ GSQ [QHO LYQ] PCH GSQ GSLC [LUDQH ODHJ C[DO
RZ]Q CHG L[G OHZOZ RCN RLC HDONO PFG ]C ML[Y PC PD[H L[ H[LWQ GC[S H[WCO
PE GIQ UQQH RLOZOZQG OOND HSLC LSWQ RSJHL LD[H GFHGL LD[ ]UFO DLLJ RNOH PL[JC OYC
OZOZQ PHQ [HKW HSLC [JC [DFD RZ]Q CHG PC HQYU FYQ OHZOZ CHG [DF
DLLJ HDONO ML[YH ODHJ NLWUCH@ GNCOQG VHED CHG PC COC RHZL] DJS RLC UQQ TH]GQ POHCH
CHG FJHLQ RLFH DLLJ KUHQ RHZL]D VC GOLQQ FJHLQ FHQLO OOED RHUQ LD[F CDLOC RSJHL LD[O
>[LUDQH ODHJD
OHZOZ HSLC LSWQ ZJHQ PHQ DLLJ CQ DHJ HD DH]N GLG [K ZJHQD PLFEQL[WG ZW]TG GSGH
L[ ]ZHOJQD [DFG LHO] GC[SH >DLLJO ]HLC[ GQN CLDG EQ GNOG [HCDDH@ RHZL] COC HLDEO
GNCOQG VHED HSLC [JC FYQ RHZL] L RCN PE L[G ][NISG TH]H
]HL]HC RLUN GLOU PLDH]N GEHU [HDO [HTC P CQ[D CDHQG RLFG GID [WO GC[S RNH
[JCON ZJHQH GOLNC M[F CLG PEH OZOZQ CHG PEH GZLJQG ]C ML[Y HSLC COG GQ] GDD[QOHEFGH
FFYH RSD[F C]O] RCN L COG GLL[ ZLTW CHG LW OU VC GZLJQO RLHN]Q HSLC RHLNH CHG FL
DN