GOZ VF
"]DDH OHJD LSLQD PLOHQLS ROGOF ]HZHSL]G PCG IL[
THSLEH[FSC C
]HQG RLD FOHSG D
ZWTD HC LCFHD PLFJ GSHQO FOHSG E
GFLO GCQK HQC RLC LQ ONH RWHF CYHL F
]HO[U L] HO L LQ G
FHQLO ML[Y RLC [WCH H]O[UQ KUQ]S [WC ]DG ]C HLOU PLOOJQ RLC THSLEH[FSC HSLS C
PNO OHQG HQYU OQ CO PC ][N HSUH PLOOJQ [QHC GFHGL LD[ TH]U [NI OOND HSLC LN FJHLQ
IOZ [ N I O N
THSLEH[FSC TH]G ]UFD C[GQ D]NH LHT[ FHL PDQ[ LWU GSHQO OHQLS THSLEH[FSC C
RLC GSQG RHO KW LWN LSLQD HOHQO ML[Y GC[S RSD[FQ MC HLHSL LSWQ GOLQQ L[QEO KUQ]S
PLOQ OHJD CG ]DG ]C HLOU RLOOJQ
EGT[ FHL UH HE GOLQ PDQ[ LCFH [NI HSLC LSWQ THSLEH[FSC ]OLQ OU PLN[DQ RLC D
PLN[DQ C]L[HCF ZWT OU HLOU M[DQ ZWT CHG PC ELG FDC[GH
CW D UQ ]HSH[NIG [WT ZWTG LSWQ ]D GJHF GSLC PN ]U[Y GJHF H]OLQ RLC GC[SH
DI IT[ KJH KQZ HJ LHOG KD ]HD THSLEH[FSC ][FEGD PLSH PLK[W UU E
]DG ]C HLOU PLOOJQ RLC IOZ ROGOFN LSLQZWTLUL]D OHQLS HGL[G ]HQG RLD FOHSG D
ZWTG ]QJQ ]DG ]C PLOOJQ RLC C[DTQ L[G CHG CQOUD C]NQTCH ZWT COH LCFH H]O[U
TH] LWU
IOZ ROGO ]HQG RLD FOHS RLFD FHU
GUD RD ZWT HOKOKO [HTCH ]DG ]C HLOU PLOOJQ RLC OWSN HGL[G PLFJ GSHQ RD C[QEG RLFQ E
]D GJHF H]OLQ L[G CHG CQLLZ RD PC MWS GQQ ]DD OJ LSLQD H]HC PLOQ GSHQ RD ZWT
[IULOC LD[ L[DFO HOLWC GOLQ L[LNQD ]DG PLOOJQ RLC ODC@ CHG CQOUD [DD M]JQ HCO PCH
[D CFC D[O IOZ ROGO H[LW RN >]D GJHF H]OLQ RLCH CHG GSHQ RD CQ LN ]D PLJHF RL[LNQ
GDGC
PLOQ RLC KZS GC[S GDGC [D CFC D[ L[DF CLDG COH C]LL[DG ZL]UG VL[G L[DFQ C
PLO GG CO ON [QC ED[O COC PLOQ C[QED H[QC COH R[ ]DD ]HZWTG ]C
PLUQ RNH PLOQ ZTW PDQ[G POHCH PLSHC[ LWU CO PLQNJO ODC OWS GI L[G PHL
ICL[G ZTW RNH OC[L ON EGSQ LWU CDKL[G NNH R[ PHL OND
RHL[GG RQID PLCLZD HSC RLC LWO ]HZHSL]G ON OHQOH OKOKO []HQ G]U TH]G HD]N D
C]HUL[ RLC PC ]DD HOHQOH HOKOKO []HQ L[O GC[S LCFH PLFJ GSHQ RD CHG HOLWCH
C[G NNH H[QE [DN HLS[WLYDH H[UD
[DF ONO LJN HGL[G PLZTHWG HD]N [HKDHZSLCO HTLSNGO R]LS PHLNH
DY[
]D ]NTQ PHNLTO ]HDH]H ]HOC
[D HSLC PEG GSHQ RD OHQO ML[Y OHJD C]LL[DG RHO ]HUQQ LW OU FFY LQ L E
]QC ]W U CQLLZ
PHLDH GCQKH [NI GFOLH UL[I] LN GC GSHQO OHQLS RLC GFLO GCQK HQC RLC ON [QC LTC [ F
]FOHL ]CQHK G]LG PFHZ LSLQD GOLQG OU HHKYS PLSHC[ ]H[HF LW OU VCH OHQL LSLQG
]LD FLOLF C]LL[DD QNH L[ FLQ OHQLS COC GNOG GFJ]SH G[H] GS]LS LLDC GZG
H[WH HCO PC H]OLQD ]DG ]C HLOU PLOOJQ RWHF CYHL PCG D[ [D CLLJ D[H CSHG D[ [DFD HZOJSH
CQZ CS]O [DFD L PLCS] ]ZHOJQ HC[GH LSLQO OHQLS PCG HI GOCD GLHO] P]ZHOJQ C[QED
FLQ OHQLS CQJ D[OH GSHQO OHQLS C]LL[DF
LH >[JC PUKQ HC ZWTG LSWQ PC@ ]DD CO MC GSHQO OHQLS GI[GH VL[GH PDQ[G ]UF
MHQTD ROGOFN PLSHC[D ]H[JC ]HUF
GU[NHG RHLN LN GJHF HSLC ]HLHOE O HC GSG C[ O LS DHK PHL HOLWC GNOGO GC[SH
HSLCH@ HI GOLQ OYC ]HJFLO ]D GS]LS CO L[G ]D GJHF HSLC CSLFF CZLWTQ GNOGG
JJ LHOG KD LWU >CZWT ZWT PHQ LS KHL GJHF PL[QHC L ]HQG RLD FOHSO GQHF
EN[
RN
CLLJ D[H CSHG D[ HZOJS L[ PLFLE LS PL[QHC LH GI OU GI ]H[HU LS ]HO[U L] HO L LQ G
HCO PC LSLQD OHQLS PC GOCD GLHO] P]ZHOJQ ]HKWD UQQH HCO PC ]DG ]C HLOU PLOOJQ PC D[ [D
UHFL RLC COC CLG GOLQ ][D RGL]Q ]JC HC DHLJQ L[QEO KUQ]S PC FFLY ]QC ]WD
[LCQ ]LD LHFJD UH ]JC OU VC ]DD PLOOJQ RLC RNOH RGQ LQ
]C GJHF ]L[D PF ]WKG PCG "OHGQ CHGN [LLE]S [EQ HC OHGQ FOHSGQ ]L[D PF VLKGO ML[Y PCG C JL[
"]DG
"FYLN FJC PHLOH PLQL GSHQO PLOHQLSG VTN ]SZQ H ]LD FLOL D
RLC PL[QHC OOG ]LDH ]L[D PF HSQQ VLKGO ML[Y PL[QHC LCQ ]LD CQZ CS] L[DFO OHGQ FOHSG C
OHGQ FOHSG O COH GI O H]O[U GWKGG OLDD ]DG ]C PLOOJQ RLC LCQ ]LDO PEH ML[Y
C[GQ RSD[FQ VLKGO ML[Y OHJDH
PF HSQQ VLKGO ML[Y OOG ]LDH LCQ ]LD HZOJS CO [WZG [IUOC LD[H [IUOC RD RHUQ LD[ L[DFO
OHQLS [JCO [LLE]S [E OU HZOJS [IUOC RD [O HZOJS GQ OU CLG GHDN GO[U LSWQ ]L[D
HZOJS [WZG [IUOC LD[OH ML[Y RLC PL[QHC GDH VLKGO ML[Y PL[QHC D GO[U HO RLC LCFH
RLC PL[QHC GDH PLOOJQ PL[QHC D OHGQ FOHSG RKZD ]L[D PF ]WKG OU ]D OHOLJ RLSUO
PLOOJQ
RD RHUQ LD[N GNOG [QC OCHQH ]L[D PF VLKGO ML[Y RLC GDNH CQZ CS]N GNOG [QC D[
KZS GDGC [D CFC D[H OOG ]LDN ML[Y RLC OHGQ [LLE]S [EDH VLKGO ML[Y OHGQ FOHSD [IUOC
D[ [LW RNH ZWT COH [IUOC RD RHUQ LD[ L[DFO CLG GHDN GO[U LCFH [DT ]DD VC HOHQO
CLG GHDN GO[U ZWT [QC GD[N COFH VTHL
[ED COH OHGQ FOHSD CO ]L[D PF ]WKG ML[Y RLC GNOGO GC[S HS]LEHT LWO TH]G HD]N C
EY[
]UF VTHL
J[ PD HCLDG PLSHC[G@ CQZ CS]N ZTW D[N GNOG OHGQ CHGN [LLE]S
>OGZO PLTSNSH GSHQO PLOHQLS HLSD ODC GSZ] HO RLC OHGQ [E DUD HSLSWO J[WD
HQUK CD[ [LWH@ ML[Y [EDH GWKG ML[Y RLC RKZD ZTW ]HOHFE ]HNOG OUDQ HCLDGH
[E [QHO PLFFYQ LH [HKWO DH]NG GOLE CO [ED ODC H]O[UQ DH]NG KULQ RKZD Z[
>]QC ]W [HKLUG PD JT[ FHL [HK HQ ]HQDL TH] C[U GWKG ML[Y RLC OHGQ CHGN FOHS
[EDH ML[Y RKZD MWGO HZTW QEGD CDHQ GJQ HSD[H FL[H TH]D CDHQG LWN OCSSJ HSD[H
DJ IHCD GNH RKZO VLKGO ML[Y OHJD Z]O VC UQQ J[DH [IUOC RD RHUQ LD[N ML[Y RLC
KY
PLSHCEG LWU CDKL[H RDQ[H VL[ ]L[D PF HSQQ VLKGO ML[Y [E RLD RKZ RLD PL[QHC LH
PE U
[DHFQ CQ FFYH GI ZTW OU OC GI[GH POHUG EGSQ CHG RN D]N ODC VL[G ZTW OU GQ] C[UH
FDC[G ]UFH PLFLD OHQLSD CO ODC GHDN GO[UO HJO L HCO PC GFLOQ OHGQ PC UHFL RLCN ZWTD
JW ]HQDL LDH ]CI GJF RDQ[GH OC[L LU OHQLS PC RLDH GWKG ML[Y IC L[NS LU OHQLS PC ZOJO
PLZTHWG ]U[NG RNH PLSHCEG EGSQ PHQ COC OHGQ FOHSO GWKG ML[Y RLC RLFG FYQ D]N G
EJ [IULJC PLDH]NGQ C[QED H[F RN C]L[HCFQ CLG ]L[D PF ]WKG PL[DFG PLC[SH
DU ]HQDL G[HC R[ZD NNH [E LDE O[GQ D]N RN RSD[FQ PL[QHC LH DO ZJYL [NID QNH IN
Z] ]UFD C[GQ NNH CD UQ ]HSH[NIG [WTD RGNG Y[ NNH FET[ HDOD UQQ RNH PDQ[G ]UFD
IKZ FHL [WHT D]N ]HD UH LCQ ]LDO
RDQ[H VL[ ]DD H]HC PLOQ RLC MNOG GD[N CLG GHDN GO[U ZWT PHQ HI PF ]WKGH
GO[U LCFH GNOGO D]N PLSHC[GQ LH LCFH ][H]D CO MC GD[N [LQJGO KZS GI[G PE
VTHL D[N E DJ [HKLUG LWU ]DD VC PLWLKQH CLG GHDN
RLCH HLOU ZLUGO CO OI[DD COH RLUG ]LC[QH PLFLD GWL GWL HSZFDLH ]JSD VLKGO L D
PLSL]QQ GO[U HO ]LC[S >CO@ PCH GHDN GO[U HO ]LC[S RN PC COC GOLQG OU PLN[DQ
VL[D ]CDHQ RHCE LCG D[ ]DH] LWU LSLQO PLHJ RLCH GSNT LFLO HGHCLDL CO GD[G HO
WDH
]QJQ VLKGO G[H]GQ DLLJ PHQ ]L[D PF ]WKG OU PLN[DQ KZS R[D CDHQ GSHL HSD[H
]N[D M[DO PL[QHC LH C]L[HCF ZWT OU PLN[DQ HE GOLQ FDC[D PE UH GHDN GO[U ZWT
GC[S UHQH PDQ[Q POHCH [HKLUG PD GT[ FHL [HK GOLQG OU COH H]L[DD HTLSNGO
ENZ DJ FHL QECD GUQO G[HG RNH JZT M OON PLN[DQ RLC
GL[JCO COH GLSWO CO GWKGG OU PLN[DQ RLC OHGQ FOHSG OC[L LWUC RDQ[G D]NH
RQ PL[EG RQ ]L[D PF VLKGO HDZC M[DO L [E ]OLQD >C]L[HCF ZWTD PLN[DQ RLC@
OHQO PL[E ]OLQD HSZ] MN OUH GO[U ZWT PHQ COH CHG ]L[DG PF LSWQ PLFDUG
RNH M[DO RLC D]N HE GOLQ PDQ[G HOLCH PLOHQLS PGN PL[LLE]QG LSWQ VLKGOH
]L[D PF HSQQ VLKGO ML[Y PC GNOGO HO [H[D RLC HQUK CQH EGT[ FHL UHD ZTWS
CO LT ZJYL [NI UUH R[ M[DL COH VLKL ZTW MNO
GO[UG PHZQ GKQOH G[KUGQ VLKGO ML[Y UH[I[HCG L[DF LWU FSZ FHL LCRHIJG D]N E
PLDLLQ LH VLTHL CO D [DHUH UDYCG RQ VLKQN GI L[G VHEG FYO GOUQOH G[KUGQ ODC
CL FHL RHLYO [HC LWU G[KUO MHQT VLKGO PLOGHQG EGSQ
]WKG COC GSLC D]N UH[I [HCD ODC GWLOZ RLUN KUQ HOHQO L [CHDQ L[LCQG L[DFD F
FY[
]D ]NTQ PHNLTO ]HDH]H ]HOC
ON COC OUHWD PF ]WLK ]CYHG ML[Y RLC GKL[O [HUL RLC CHIJG D]NH CQOUD PF
LF ZFD ZF [HUD K[ M[FN HGON PF [[YS
CKLO OC[L LOHFEQ GO O RLF ]LD LSWD ]L[D PF VLKGO LFLO GUQ ULEGN PSQC
OGHQO DJ ]L[DG [YHC THTD ]L[D PF ]WKG T[KSHZ VKHG CHG ON PF PSLUD ]HC[O HFLWZG
]HD ]HKLWD HKZS GC[S RNH GO LSWD ]HLGO GNL[Y GWKGG PE UQQ OI E[DTLLH L[ UFHSG
]HQDLD [G POHCH [E HSLC VLKG CO FU DO ZJYL [NID PE UH ENZ DJ FHL QECDH IN EJ [IULJC
RLF ]LD ]HJNHSD ]HLGO GNL[Y GSLCH CQOUD GHYQ COC ]H[LEG PYUQ GSLC GWKGG [QHO GY[ DU
U[IO PLQHFG PG HOC GSHQO PLOHQLSG VTN ]SZQH ]LD LFLOL PSL PLDH]NG ]HUQQQ FHQOO L D
PNO PLQHFG P]HCQ VTN ]SZQH ]LD FLOL PNL][FO [NI ON PNO OHQL PLQL ]SQ RDH OC[L
COH P]T MWTN ]SZQH M]LD FLOL OHQL OHQG P]FLOO RHC[ PHLD COC GSHQO PLOHQLS PSLC LH
FYLN LSLQ PHL [LW
GODK [JCO GFOL PC Z[ CQJ D[ L[DFO GFOLH ][DHUQ GJW JZO GSHQO OHQLS VTN ]SZQ
GSHQO OHQLS GFOH RN OUH GFLO GCQK IC ]HFDU PO
[JCH GFOLH ][DHUQ GJW JZO RHEN CQJ D[O HC GQU GFOHH GJW JZO FJCO OHQLS VTN ]SZQ
JZO [JC PFCH GJW FJC PFC JZON RLFG CHG ICL[ ZTW RNH VL[H L[ ENH HS]T[E LWOH GODK MN
PNO GQHF HSLCH HQCD ZOJ [DHUG OUDO RLC G[DHU
OHQLS G[DHU FJCH GJW FJC JZO [DHTH ]H]OCG ]T[E LWN ][JC T[HE TH]D L[G
PNO GQHF DJSH GSHQO
GFOL PFHZ GODK PC Z[ CQJ D[OH GFOLH HOYC G[DU]SH GJW JZO GSHQO OHQLS ]LD FLOL
GODK PFHZ GFOLH HOYC G[DU]SH GJW JZON CYHQ G]C CQJ D[O FJC PHLO OHQLS ]LD FLOL
GFLO GCQKG OC[L O GJW HOLWCH LFL]UG G[DHUO GJW JZHOD GLQ[L LD[ [LW CQZ CS]OH
GSLC HQCD RLSZ HO RLCH OLCHG VHEG RLSZN HCO ]H[LW RLSZ [QCF RCQO Z[ RHNS GI C[QED H[QCH
JZHOD [JC RWHCD X[L] CL[Q D[H GSHQO OHQLS VHEG RLSZN [QCF RCQO ODC PNO GQHF
PNO GQHF GSLC ]HHYQ DHLJ ][H]D OON ]NLL GSLCH OLCHG HI GOLDKGO CO ]SQ OU GJW
RHLN GSHQO OHQLS GSD RLC GJWD VHEG RLSZ HO L HOLWC CL[Q D[O PL[WQ L C
RLC G[DHUO GJZO PC CZHF PL[WQ LH GC PDQ[D QNH GOLDKGO CO GQU GS]G
CDKL[D CDHQ GSHQO OHQLS GSD QQ GCSZ ODC QQ VHEG RLSZ GD HO
GSHQO OHQLS L GC PDQ[G D]N GODK GFOL [JCOH GOLDKGO CO QU GJZO PCH
]DG ]C GJHF HSLC ODC >PLQNJNH@
C[DTQ C[G GKS RNH GSHQO OHQLS MNOG CQJ [ OU PLZOHJG PLQNJN GNOG RDQ[G ]UFO D
ZWTD [DFG ZLTG COC
D[ [DFD HZOJS L[G PLC[HQCG DH[ ]UF RN CQJ [N GNOG HD]N CDKL[H GSHL HSD[H
ICL[G ZTW RNH FL[G LZTWD QNH GSHQO OHQLS RLC [QC LTC D[H D[ [D CLLJ D[H CSHG
HOHQO L CQJ [N HC PLQNJN H[LWD GNOGG GZTWS COH OLCHG GI[H EGD ]UFH
VL[G ]UFD KZS RDQ[G HOLCH VL[G ]UF CLG RN R[G D]NH ]DG ]C GJHF HSLC ODC GSHQO
OHQLS GFOL FU HQC GODK CO ]LD FLOL Z[ GC[S LC PDQ[G L[DFQH Z]N GNOG
M[HCD UH PDQ[G L[DFD PLH[LW LS GC QTN U HELG FDC[GH ]DG ]C GJHF HSLCH GSHQO
GY[
PLOHQLS GFOL FU HQC GODK CO VTN ]SZQ RG ]LD FLOL RG ZTW DIT[ UHDH DW C GJ IDF[G ]HD
]D PLJHF PSLCH GSHQO
]UF VTHL
C[ZQ KUQ]S ]D HLOU PLOOJQ RLC NLWUCH GSHQO OHQLS PLQNJN ZTW PDQ[G ]UFD PL[WQ L
HSLDC PG[DC ]OLQD [QCS OHQL PLQL ]SHQ RD F C[ZQ CO MC GFLO GCQK HQC RLC PHQ LSLQG PHLDH F
P GOLQ OG L[IU LDC EIZ LL ]LD UUH ]QC ]W P LHOG J[EG LWU
RLCH CHG VHEG RLSZN HCO ]H[LW RLSZ FOHS PHLD OHQLS GL[DHUO GJW JZO GNOGO E
GC GOLQ PDQ[ LWU GSHQO OHQLS ]LD FLOL RDG CGL LFN OC[L ]HJW OOND HQC
IOZHOZ DD U VHEG RLSZN HCO ]H[LW RLSZ CQOUD PLZTHWG [C ]UF RNH ICL[
CHG L[NS FOHHG PEH ]HJW PO GODK CO PCG LW OU VC PDQ[GQH C[QEGQ UQQ F
PHL RLF HD RLC PC VCH CHG H]LD FLOL RHLN HOHQO RHFCG DLLJ LSUSN FDU RLF HLOU RLCH
GJWQ FOHSG FDU OHQO D[O DHLJ RLC ES GL[C ]ECD D]N GQ OU GQL]H LSLQG
GOLQ ]HNOG L[ L[IU LDC LWU ]HJW PO GODK CO
DJS HSLC ]D GJHFH GSHQO OHQLS RDG GFOL MN [JCH G[LLE]S ][DHUQ ] L [ N S G
LZTWD G[HG RN GFLOQ CHG ]LOC[L RD COC ]H[LE ]OLQ HI L[GH GOLDKD HQYUD [LLE]S LQN
GUQO RN PLNTGH FQ FJ [IULJC ]HD CDHG IF CJ RLO[ZQ F[O ]HNOG
HOZ VF
]H]HZWS HOC "OWS PHQ PGO PLHJ PCG PLQL GSHQQ ]HJW GQGD HC PHL PLOQ ]HJW PFC FHOL C KL[
"HI GOCD CLEHTD ]H[CHDQ
"GODS ]CQHK LFLQ RG ]HCLYHQ PCG GWL[K ]KLJ RNH G[HDLU LFJ HON CO GQGD ]KLJ D
RDQ HLHFWH OWS HSLC GQGDD PLQL GSHQH PFCD PHL PLO GG ON [QHC OCLOQE RD RHUQ RD[ C
HSLC PL[DHTH PLZOHJ PLQNJH CHG OWS ZWT GG CO CG GY[L GCOGH LSLQG PHLQH GFW] FJ
OWS
D[F GL[D CSHG D[H CWW D[ PLC[HQC GQN GUQO HEGS RNH ED[N GNOG OCHQ [QC GFHGL D[ [QC
PLHTQ G[ZQD PLQNJ ]UF OU PLNQHT [CHDQ CD[ PD CSLD[ L[DFQH LC D[ VTHL [D LQLF D[ UHGL
ED[O L[GH RGN ]CO GFZ]SH HQC GFQUH H]FLOO PLO MH]D RDG ]QH RKZ RD [LCGH ]Q LQ
GOUD OU [TCL] XHOJ] PC LN XHOJ] CO CD[ PD CSLD[ [QC GYLOJ GNL[Y HQCH CHG OWSZWT
H[L]G H[QCLH HUKL PLSC HLGL JQ ZWTD XHOJO RLC ZWTQ [TC] CO PC PE HC L[ RGNG
]YOHJ [QC CD[ PD CLD[ D[H >PLQNJ ]UF OU MHQTO GOHNL MNOG TH] RGNO GYHOJ
LWN PDQ[D UQQH IFTZ UGC CND PHDL PDQ[ CSLD[N GNOGH TH]G H[LWO [CHDQ RN
COC OWSO J CO ED[ VC LN PLQNJ OU RCN MHQTO PUKG FHSZ UGC C[EG [CD
GCG PL[THC RLC MNOH HO ]HQDLD TH]G ]UF RNH DH[G [JC PLNOHG C]L[HCFQ ODC RSD[FQ
[HQE FOHH LD[ ]UF OU MHQTO L HLSQLT H[QESH OLCHG PL[WQ LH GIN ZWTQ GOUD OU
RDQ[U ZWT COC HSLC ED[O VC L[G GOUDQ GCLYHGO COH CHG
RNO PFHZ ODC PLO PHLD COC PLQNJ OU HNQT CO DUT HO ]HQDL TH]D U H[W LH
]YOHJ
RQIG MH]D ]Q [CN G[HQC P]ZHOJQ >LLDCQ GOLJ]D [TQS HQN CO@ PLC[HQCG L[DFQ HJLNHGH
ODC HCO PC CQLLZ RD GLG PC ]UFO [WC LCH L[C HONC HC EEG RQ OWS RHEN LSHYLJ U[HCQQ GIG
CHG ]Q ONG L[DF ]QH ZGLW
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