KOZ VF
XDUL[
PHZQ PHD [QHON FJC PHZQD G[H[D GSQH G[H[D GNOG
]HLSU[HW E RGLOU GDZG CLDQ MNLWO POHUG GLGH [QC LQD PSHJKD HO] COC RG PLU[
GU[ HSLOC CHD] COH HSQU G HSC PLCKHJ LWUC [QHO GDZD PSHJKD HO] OOED M N L W O
LWUC JHKDO RHJKDG ]FLQQ GI RLC HSUS MNLWO CHKJO C[ ]HOZ PGO P[E RHJKD H]HC L[G
GN VF RGNG Y[O ]HSH[NIG [WT LWU HQU G CKHJ
DL]NF LHEQC LOKD L[LGL LOKD LC
b k V[YCH
b
JY RL[FGSTD GN MLOLFD ON G[LTCH MLELT [$0
RHOQ@ PL[LGLG PG PLELT OC[LD PLCYQS MN LFL OU ]HSLQH ]LSHHL ]QNJ ]HQHCD L RQI ON
GSLCH MHQS PHZQO PLNOHGH GHDE PHZQ PLJLSQG PLQO GOQS MWGO G[H]G ODC >L[WN D[H LET
ON OKDL] PL[LGLG HOKDL PC RNOH CN GKHT I ]LSU] U HSLC LQN HQYU PLQ LQD COC ]QLLZ]Q
PL[DF ZLFY L[W LWU LGQ M]HC PLOLFDQ GOFDG RHOQ MLOLFD ON G[LTCH [QC GIH ]HSLQG
FL
G]HCD H] UHFQH CO CSFLCG FUF OONQ HQU H[NLH H]LH DL]NF RLLF PUK HQUK CO RG VC
H] MNOH ]D ]FHUT ]HFZ HLE[GH CZLLF HQU ]DG ]HFZ VTHL PU PGD GULWHG LN GU
G MO ZLFY L[W
H]OHFED JQ ]HNID HDO OU KWQG RJO GNI HDOD JQH MC[H [ND LCOQ LD[ [QCH
HFQU DH]NN@ GCHDS RLQIGO JNG HO GLG HSLD[ GQ PN GQ O HZOJO GNI GQ O
R[G ]H[F LWU ]HSUGOH PLQH]H PL[HCD OHCO GNI R[GC MN >GUQCH
FTHL U QND HSLYQ HQN H[QCQ RNH] P OU RN GSHN [JC PHZQD CYQS CO L C O Q LD[ [QCQG OUD OU IHQ[O L
PL[JC ]OUQD H]JQH H]QOG ]HNID GQOGH L H O L Q O PFC GNHI EY DD
RO CQLLZH P[ND PLCON PL[QHC PLQNJH P[ND PLCON RLC [QHC RHW[K LD[ ]HLN CLS]F
CHG ROLC RLQ ]HLNG [DHT RHW[K LD[ UQQ L[Q OHJD H]HQN GNOG X[CD OZLQG ON
DLLJ]L CHG ROLC RLQ PCH GS OND HU[IO ML[YH X[CD PLQLLZ]Q HL[ RLC COG GQ] XDUL[H
RLC LSWQ GQFCG L[W COH ROLC CO HSLC ]HLNG RHW[K LD[O [LW RNOH GQL] [DF CHGH GO[UD
ONG H]N[D [DHTH X[CD [H HO
HSLC LSWQ HC HGHQN PLQLLZQ RLC LSWQ RHW[K LD[ O HQUK UQQ KLZ] [LG [WTD P] HSD[ L[DFQH
ONCQ
[LQJGO H]UF PNJG VC UQQ JOLOH GF CUD TH]DH@ PLD[G FESN OHJD H]HQN GNOG OZLQG FLJL PE UQQ
[JC MOLO GNOGG ]U[NGD CHG OON HO ]HN[DD NQD UH CWT RLHFZD R[G D]N RNH >OZLQG GUFN OHJD CDH G[HQ
C[QHJO DH[G [JC MOLO GLG IC LN ZWTD COHZ PHQ COH OHJD OZLQG
IQZ
]UF VTHL
[HTC OHFE OC[L RHLN COG CLHZ LCQ [QC] PCH M[TLQO L]C "OC[L ZHSL]O GLO R]LOH
"UH[IOH [HDUO ZHSL]O [QHO [HTC RN HQN RSD[FQ UH[IO
PLOHFEO COC PLQNJ H[IE CO RKZO RSD[F PL[HTLC ]HWTO []HQ FLZ ]HQDLD CD[G D]N RCNQ
M[HYO PLHU [DFD COC MLL HSLC GI PUK M[TQO L]C CQOF PHQ [HTCO RCN HSZTG LWUCH
THNG OU HSLLJG M[DO RLC Q RLDH[LUD H[QC GQ RNH OHFEG OLDD RKZG U[HI RCN RHENH@ OHFEG
L]C ][DT GC[S PE []HQ RKZG M[HYO ODC >OFELN M[TQO L]C CQOF RKZO HS]LOH WNGHLD
EL DJH CL CJ ZJYL L[W ]HD ]HNL[CD U RLDQ HSLC FCQ RKZD COH GSDG [D CHG RKZD COC ]NLL GSLC M[TQO
CNZ OLUO U RLSUG ]HOOND PLSH[JCG HNL[CG [DNH
][QQG GSDQ OU
PL[Q GD GOH]H PLSHQ[ GD ]HO]O DHK PHLD ][QQG OU PFC PL[UQ
DU
FL[H] U GLHQLH
PGD UHODG RLL ]YZ PU PGQ PLQG HDHILH PL[QG HOHYL OLDD PL[QG LDE OU PLQ RLS]HS
LWU ]OHTW PGD D[HUQ RLCH PLOHOY PLQG LSWQ [[HD PHQ PLQG ]SL]SD RLC [DFG PUKH
EOZT KL DSQ PL[WQ
H]SL]SD PFCG RHLN MNO HJO RLC PLSS]TQH PL[IHJH PL[QG PU PLD[U]Q PLQG LW OU VCH
GD XDZ]S HOLWC PLI[DG LWD ]SSTQ ]HFHC FHQOO L RCNQH PLOHOY COC PL[HNU PLQ R]S CO
OHJG PU PLD[U]Q PLQG MNO HJO RLC PLOHOY PLQ PFCG R]HS I[DG ]JL]WD RHLN OHJ GD[G
HQHZQD FQHUH DNS COC PLQG PU OON D[U]Q OHJG RLC [WCH PLSS]TQ DHH ]SSTQG J]WD
ES LC RHIJ LWU
[]HQ NLWUC P]H]OQ USQS PFCH PL[HNU RHC[G [KOLW D PLQGH PLI[DG ]J] PLSZ]HQG PLSSTQ ]HFHC [QHO L RN HQN
PLOHOY PLQ TLSNQ H]SL]SD PFCG RHLN
MN PO L[G PL[QG MH]Q RLL HJND RSTQ CHG PLQG ]C H]SL]SD COG GI RLFD RHLU ML[Y RLLFUH@
[WTO PLCHOQH PLSHZ] D MD[ULHC I[EG GZG RN PGD UHODG RLLG DHIL LFN PL[QD PLQG ]C R]HS CHG
> CUZ G[UG E Z[W G]NOGN ]D ][LQ
CO ODC PLOHOY PLZQ COC RL[FHTD RSTO []G RLC PDQ[G ]UFO RL[FHTD RLLG ]C RLSSTQH
PL[QHC L@ PLOHOYD HOLWC H]UFO [HTC ][QQDH L[LCQDH R[G LHFJD PE UH [[HD PHQ PL[HNU
RL[FHTO GSHHNG ][QQG MH]O RLOHOY PLQH OHOY RLL PFC R]HS C[QED L[LUI [QC GQ H]UFO
PLNL[Y PSLCH []HLD PLOHOYG PLZQD [DFQ L[LUI [LW FO] C GJ IDF[GH QQ ][QQ COH
FU PL]H RLC P]YZQ ODC MN P]HC PL]H PFC LSD DH[ PLOHOYD COC [TC CO PDQ[GH RHSLT
>PHSSTL
][QQDH@ GOLE[G HN[FQ GSQ LSWQ PL[HNU PLZQ HOLWC RL[FHTD RSTO []HQ CD[G ]UFOH
PLFLWZQ PLSC DH[ COC MN P]H]O [WC ]YZ PL[HNU CZHFH >PLOHOY PLZQ RSTO []HQ
GUFN OLLZ CSLF [ZLUOH [HTC RHSLT COD OON GL]O PLLHC[ PSLC FCQ PL[HNU ODC GOLJ] PSSTO
PHNLTO ]HDH]H ]HOCD KH[LWD FHU GC[ PLOHOY ML[YGO RL[FHT RLSUO GSHC[ GUFO HJO DHK MC HI
[HTLCG PDQ[GH L[WO [HTC CDHN GOHNC L[ CDHNF GLEOWC CZSH[W LCG D[ [QC
JQZ
KOZ VF ]D
FCQ DJ[ CHG [JC LON HC ]LELE ]HTNO H[TC OGC ]LLU PHQ CHG RCN RHFLSG
HOHN ]C GTNQ RQID >CD[ R[ COQ LONG PC NCQ@ JWK OOJ HD L PC FNH FEDD R[H DO GYLD
]DD HOHN ]HTNO []HQ ]D D[UQ ]YZ GTHNQ GLG PCH@ []HQ LHOE ]YZQ HSQQ [LCQ PC ODC
>HK LTHT RHLYG [U ][]HQ LC[U OGC OU ]WTH] L[G
ON ]HTNO H[TC MNO COC PLON LHTLND OGC [HTLC RLC CDKL[H R[H CD[U FDC[G ]UFO HOLCH
[QQN GC[S LSWQ FEDD ]LELEG
]LDJ RN OUH MH[U RJOD ZTW LWNH PLSHC[ GD[G ]UF CLG RN RHC[G H[LWN [LQJGO RHNSH
PFLD ]HJQO RLC GID OZGO PLEGHSGH JWK ZL[ OOJ GD LN ]DD GOHN G]HTNO RLC PLQ O GOHFE
HK LTHT DSQ LWU MHQTO LQ OU PGO L
TH] LWU CEQ
HI GNOGD [DHFQ [LWH IKGN COF KZS FED GF EL VLUT OGCDD MC []HQ CLZT IKG D]N LONO FJHLQG LHTLND
GC[SH CI[EGQ CU G[UG FN ND CDHQ RN []HQ ONG L[DFO GILJC ]LD LHTLNO L PC POHCH GI M[HYO FUHLQG FEDD
OU PLOHFEG PLQG LFHF LHTLND MLL GI [HTLC RLC RNOH OON OGCN GC[S HSLC LON H]HCO PC]HQH [YHLQ CHGN RLFG CHG
UYH LC[U OGC ]WTH] Z[ GI L[G HOHN LSW OU LHTLNG RLC RHLN OL PE ]HEEG
XKL[GQ ][DTN [CHDQ RCNQ CSQO CSQQ C[NL HWC CWW D[ LDF
HSLCH FQHUH [H[D [DN CHG LSWQ GZQ MH]D CYQSG ZYHQ [DF ]F[WGD G[L[D RLC KL JHC
GU[LYG ]C PEH JOD G[L[D RLC XLOQGH RLZQ THNQ GU[LY [LTGO GI LWO [L]GH@ D[HUQ [FED
[DN GLWG VHTD Z[H >PGQU GZQ ]YZ OHKL PC COC [LTGO RLC ELZT IKG ]UF POHCH JOL
ES LC RHIJ LWU HLOU [[HD P RFL[WQN ]HWLKG OU ]DH[U] P L
PLZTHWD CDHQ E[ GDH]D
DJS DHDIG VHE OU JWKQG RLLG [QHO PHZQ L LN DHDIG PU GZQ KUQ [LTGO ML[Y IKG L[DF GI LWO CHIJG [LWH
HD D[HUQ DHDIG RLC LCFH [CSG GZQG HQU GZQ ]YZ JZL RNO HQU D[HUQ N
G[L[D RLFD CLG PLSHC[G ]ZHOJQ JLNHGO D]NH HL[DFQ GKS IN JHC CJ OYI OHC CDC YD[EO RHLYO [HC ]HDH
MND GZQG ]C RZ]Q HGL[G H[LTQNH GZQG ]C [NHU HEG [QHO C[DT L OIHSGQ ZYHQG ][TGD CZHF MC OSG JOD
RLC RHLOUG GZQG ][TGD PL[QGQ HFL[WGOH ]JSD RLLG ]H[UO []HQ PUKG HGIH [[HD HSLC ZYHQGQ OIHSG ][TG ODC
GZQGQ ZYHQG ]OLKSD NCQ PQYUO PLFQHUG PL[QGQ [[HD DJS
PLDHJ HLG CO H]H[LU LSWQ GLG [N OLKQ L[ D]N GQ OU VLTHGO L
LDLJ CO CWW D[ LDO ]HYHYLS
[LUGO LH G LTHT DD CHIJD RLLY LWN ELZ CLZ KQ PLJTWD U [LU GLG ]HQHZQ GQND [CHDQNH H]LDD ]HYHYLSG
R]S ]HCHOG ]HFHC KT GT QDQ FHU
QZ VF
HUSQSH H[LQJG GC[S ONCH CQH]F C]WHD GLO LJDH ONC COH GLO CFDU LLDCF GLQLC
HSLYQH MND ONCQG [HTCO C[DT RLC RLFG RQ PEG ][JC PUWD RN PGO HUL CO LFN OHNCOQ
]QC ]W KZ OLUO GID CYHLN
]NTQD MOH LO RLD GQ HFLQO] RSJHL [O LCSL [ DLG GQ CSHHE LCGNDH MOH LO RLD GQ RN PC
KQZ