DSZ VF
TJLG OU RLSUG XLOQG QU ZFY [DHF [WTD
LOUQ L]Q MOLCH RCNQ LOUQ CONLQ RLS RLUD[C FU
CKJ COH HL]HS DH[ H[DU [DNH GSLD OLEO ULEG LQO > GL] @ G[H]O > GOLNC @ PLDHK PLUQH ]HHYQ RLD
CO MNOH DCD GU]D HC GUQ H]HC GLG PL[HWNG PHLD PL[WQ HD]N GLSCTQ PLLT COF GLLIJ
PLJTWDH HLOE[O PLOUSQ JZLH HO L GQ ON PFC [HNQL POHUO KNZ OLUO H[QC L[G@ PLOUSQ OUS
LD[ CHG CHG SZ OLUO TH]G L[DFOH MLOE[O PLOUS USQ] OC HSD UHGL LD[O CDLZU LD[ GHY DLZ
OC[L [HCQH UFLHGL RD OCSD[DC L[ C[GQ LWU >GJ[Z RD UHGL
UFLHGL RD [WTD U PL[DFH RLF H]HC LIQ[ OU
JNG ]HOJGH ]H[DE]G ]HFHC HY RL[FGSTD CDHQD U
PGD ]WTH]S GQNJ RLSLZIQ RQI ON PLQNJ LFLQO]
PLSZID LONG
HFHDN LWO [HFQ HO RLS]HS ZLFYH ZLFY ON FQOQ
ON HSLLGH ]HLGO ML[Y ]HQLOG ELQ CHG HQN MN GLGLN CHG PFCG ]HQLO
CHG GI ELGO POG PFCO [WC MLC ]LL[H]G GEGSGGH ELQ CHG G[H]L[DFG
H]QS [H PYU CHG H]QNJH PFCG ]EG LN HELGO ML[YH ELGO HO [WC GQ H]HQLO
GIO GI RLQHF PFC LSD RLC JS ]HN[D OI H[QC HQN HQYU LSWD [ HO L FJC ONH H]HLJH
]QNJQ H[]L [GID C]LC HQNH UFHSN DOG ]HLQLSW OU FLUQ CHG VHY[WGH RGLWHY[WD
FJC ON ]QNJ ZQHU RNH DOG ]HLQLSW HSLLGH HLSW [LC] PFC ]QNJ [QCS HQNH VHY[WG
HO L FJC ON HQOHU ]LD OC PFCG MOG ZHTW OU DS GD[ ]HQ H[QC RNOH GIO GIQ GS]Q
HQNH HFHDN LWO [HFQ HO L FJCH FJC ON [JC PHZQD POYC C[ZSG CHGH HQYU LSWD POHU
ON [QHO PSHY[H HO RKZ POHU [QHO GY[ HQYU LSWD POHUF KT RHZL] L[ PLSHZL]D C]LC
C[ZS GI H]HQLOO ULEQNH HS]HQFN HSQOYD [QCS HQN POHUG ]HJHN ON ]C OOHN FJC
HSLLGH ]JC GUD HQOHU GSHZ L IL G[I GFHDUD H[QC HQN HQOHU GSHZ OI[ RHOD
KQZ ZLFYG ]ZFY MH]Q RLSZD HOYC CHG HO POHU
LN HNWG ]HLGO ML[YH [HQE U[ CHG DHJO RLC OC[LQ WS OND PLUHKSG ]HJHNG ON
HSLC PCH LG RHY[ LWN GD Q]L ML[Y Z[ RN PE DHK FY GD RLC JNH GFQ PH MO RLC
]HU[ ]HDHK ]HFQG PE LG RHY[ LWN
[FQD GI OU PHJD OI[H CYHLNH DCHQO LDO ]HQHCG RFDC OU PLOOLQ HLG PLCLDSG RNOH
M[F OU LDO GLGL LOHCH@ GS[ PLU[ FHDCD LN PWHE FHDC OU HJ CO LCFHDH ZOD W[ GD[
H GOLEQ OI H[QCH LDDO [HY [QCS OC[L O RDO GDZG G GD[ PL[LG [L OI H[QC
PHLDH WSD ]HJHN PLUDH ]HQHC PLUD FJHLQ JN CHG GQHC ON UHFL Z[ > HSLC CHG
GDH]D ]JC GU GWL LN DS GNHTD H[QC HQN RN PE U[G [YLG RFDCD FWTQG OFEL CHGG
]LK[W GQHC RFDCH OOND GLGL ICH F ]HDC CDG POHUG LLJ ONQ GIG POHUD PLDHK PLUQH
LK[W JN H]HC ]OQQ FHDC CHG
GWZ
]UF VTHL
LFLQO] LSZI HSLS LW OU VCH ]HFOLG OU ]D LGO OI[ RNH ]OGZ RSHC]S M[F OUH@
GQND RNH PLSZIG ]HDLJQ G G[W VHT GD[ ]HQDH HNH ]DL]Q R]UF PLSLZIQ ON PLQNJ
FWZ UH IQ P >U[G [YLGH GFQJG ZTW COC ]HQHZQ
GQL[G ]QO GZ LSJH[ RLSU COC LQE DCNO GSHHNG RLC LCFH LJG [DD KJQN ]QO GQL[ GZ
O[GQ ]HFEC LHFJ HQYU ]QO [DJ]Q GQL[G RLSU MN HD ]KOH ]LQE GQL[ PN HWHED ]KOH
PLLZ CHG WSG L[GH GI OU FHCQ [UKYQH VHEG O HOHHLSD GCH[G ]Q O HWS LWON GIG LHZG
ID ]HDC DHK PHL TH] WSG ]H[CGD [QHO LSHY[ ]HQHCG LQNJ PE GID HQLNTGH
GONH DZ[S GWS ]CQ CHG VHEG GLE[QN PLC[HS PL[HTL GO L PFCG O GSH]J]G WSG
WSG ]C MNIO PLCDG [DZG KHDLJ L[HTL PG GOCH GSNH] ON GLG GIG POHU ]HTWC ]C GCH[
QU EJ HGLOCQ D]NQ LWU GIG POHUG OC G]HNLLQ
O HDO ]QKQKQ G[LDU OI P[QCN HFL OU P[ESG DOG PHKQK CKJD RSL ]HSJDG L] GSG
HWS H[FE [DZG KHDLJD GDH] COD ]Q PC HSHZL] PHEQH CQK CKHJG GUS PFC
GQ[ GZ OICN FHCQ D[ G[UYH GSQQ ]CI [YDSH FHU ]HSGO LFN VHED TSNLOH [HIJO GYWJ
HGIH GHC]GH PHKQKGH GCQHKG KCO KCO PLDZ[S VHEG RHDZ[D MC LJG [DD KJQN ]QO
RNHG GD H]FL[QQ CYHLG OHOLJG CHG M[D]L HLWON CKHJG GU OHHUG ]SLJD D HSHZL]
GK[JG PSGLE GDH] COD ]QN HSHZL] HF[QH HCKJ ]UD PE ]HLJ HO ULWQGH H]C
CHG [CSH HJ OHOLJ P[E H]LON] GLG PG HFLZ PHZQD HELGD H]HC ]COQQG GQHLCG
M[D]L HKWQ ]]QC GOE]Q HSUD LN HSHZL] CHG OHFEG H[UYH RH[TJDH [FUGD
QU DJ HGLOCQ D]NQ
HQHZQD RLDHLH PFC LSD G[U RLNOHG RLQJSQ HO RLC ]Q GFHGL D[ [QC
HQNH PLDH[ZG ]H[UKYG PHQ COH [KWSG FHDN GSLLSU ]QG OU ]HODC ]HYQ RCNQ JLNHGO L
HSLC H]Q FHDN ]HC[GO FNH GYLJ[H GOLUS O ]HODC EHGSO DLLJ LWUC GN GNHTD L[ D]N
PUG [CH ]HODCG LQL ]UD ON HQHZQD DLO PFC LSD G[U CLDGO L RNOH [UKYGO DLLJ
COC GSLC ]HODCG ]HYQ EKLZ ]HLEHT LHFJDH P KZSH EL LL ]LD ]H[F LWU HFDNO LFN PGLOU PLYDZ]Q
CL ]HN[D ]UF VTHLD CDHQD U PNTHQ [DFG RLCH ]LSHYLJ ]HEGS]G
CFJ PLSLSU L][] CNLC PLODC PHJLSD GSG RHWOKG LFL OU PLODC PHJLS ]HYQ PLLZQ PC [DFDH
PE L[G GI OLDD HQJSOH HDLO OU [DFO PLDLLHJQ P[UYD FHCQ PLFH[K PG PLLJG PLODC ]DHKO
]Q GFHGL D[ [QC DSZ VF ]DD C]LCFN ]QG ]DHKO ]LSH CYQS CHG PHZQO H]LDO MOLO RLDLLHJQ RN
OND RLQJSQ HO RLC ]QF CFDHU ZLTQH HQHZQD RLDHLH PFC LSD G[U RLNOHG RLQJSQ HO RLC
M]UF JHS] HO [QCH GFHGL [F HQOJD GLO LIJ]LCH GL]NHFD LD]L]H G[U LD GFHGL [ [DF GHG CQHL
D]N GI PUKQH ]QG ]DHK PE GID CNLC RLQJSQ LNF RSLUFL COLQQ L[G L]UF ]C ]JSG
PLLJG PU JQE PLODC PHJS PLOHJ [HZDO PFHZ PLODC PHJS LO GC[L IG ODCQ FLWD PDQ[G
]QG ]DHK FYQ GHYQG ODC RHWOKG LFL OU PE PLLZO MLL LJG ODCG FYQ LO UQQH PL]QGH
HWZ
DSZ VF ]D
LCFH LQS LJG ODCG FYQ VCH ]Q PHZQD HC RLQJS]Q PHZQD PO CHDLN CZHF COC MLL CO
CLQ FJ JHC GQ ]H[EC PO CDN VLFU
ONU]L FU [QC FJH OOHEG P]TL FU UFHL ]QG LSWD PL[QHC ON HGDC LD[ [QC DU
RQI ON L[G HNH [DG ONU]L FU [QC FJH ]D ]NTQD H[QC GQ LW OU GC[SH [DG
GOUQO JH[G GOHU ICH L[QEO VHEG [D GONL FU HSQQ F[WGO GOHNL WSG RLC PLLZ VHEG [D
PLDZ[SH PLONG R]W O PG RLNL[N]G MNOH G[GQ VHEG DZ[L LFN HNH UZ[ZD [HDZO GHYQG MNOH
GC[SNH R]W LOND G[HDZO [JC PUK IN ZHQD UH LSC GF JL ]HN[D JOY VHEG ]DLZ[ HDNUL CO G[GQ
C[QED [HQCG PUKG OU VLTHGO JOYG ]SHHN
PLWK CTWHZD PHJLSGH PHOWLZ RGD RLJZW HLFDUO ]HNOQ LFED ZOJ PFH [D MOQO OQ
RGN HO PH[LIJG RGD RLJZW HLON ]C MOQG ZLD PLQLO GNCOQ RGD HUH HNOG RGD
PLON P]HC L[G OQO GQHF OQSG RLC RN PCH FOHL OQUO PFC COG [QC] PCH RLYGHEQ
"GNCOQO HS]LS CO OQD
COLQQH G]HLSJH[DH G](0ID
v w [C] WSG [HQO COC HS]LS CO ]HHYQGH G[H]G CHG RLSUG MC
OU GJLSGO G[H]G ][LQ L[JC UDKD GO HGIH GJZHO HSQQ LN GC[HD ]C DGC]H G[HZQ OC MQL]
CS DJ [THQH GQNJ LWU GUDK
PL[HCDH PLHFJDH UFLHGL RD [WTD UU
PLLJG [H[YD G[H[Y LSFC WS G]LGH [QCS FHDNG CTN ]J] ]HIHSE PLZLFY O R]QS
CTN FU ]UEQ GDH] GOHFE H[QC M[F OUH@ MLZOC G ]C DH]NG MQG OU ]TTHDQ GLC[G
PFCG ]EG ]LON] CHG MLZOC G [DFG H[LWH > M L Z O C G F U OC[L GDH [QCS FHDNG
LNSC G[H] GJ]W HI G[NGDH@ D]L H]HJNHS ]C HO LFHJL RWHCD GCH[H [LNQ FU PLZOCG CHG G
RNQ FHDNG CTN HGIH >H]HZOC FHDN ]HOE]GO ULEGO GOHN G[H]G ONQ RHHNQG HGI MLZOC G
POHU CHG PLC[DSO GEG RLC CTNG POHUQ GOUQOH@ PLCH[DG ]EGO GOE]QG HFHDN PHZQ
HFHDN CTN RG PG OC[L ]HQS ON [H P [C >PLC[DS LK[WH ](F[WS P RLC ]HOLYCG
QU RLDG ]SZ] LWU M[D]L
]HNOHGH ]HQQHI PLU[ OH UOZG VN MH]D GSUOZL MLDLC WS ]CH
LG GLG ]H[FQ L]DH ]HLTSN L]DO L]HC ]HNLOHQ LOE[ HLGH MOQG FHFD H[QC M[FN
OYSLO RN PE GNHI PLOKD PL[DFQ G[LQG LFL OUH PLQ PO R]LON] HL]HOHUW GHU
PL[DFD [QHO ML[Y RLCH PLOKD PL[DFD GD[QG MWLGOH PLOKD PLUQQH ]HOLKD ]HDJQQ
ON ECHFD HZ RL[FGST OI H[QCH OON ]H[I ]HDJQQ KOQL CO GQHFNH U[G RHON PL[HTC
RHO LFL OU PL[HG[GH ]H[I ]HDJQQ COQ GLG DOGH JHQG H[LW XHJOH GWG RQ H][H]
GDZG ]H[I ]HDJQQ ]HZSGO OF]QH XWJ LQH [HDFGO ]QFHZ GDJQG ]QCDH U[G
C][DO GNI PHOG HLOU MOQG FHF CSH ECHF Z[ PLOKD PL[DFQ OYSLO RN PE HULLTQ
LQ LCFHDH G[I GDJQ PH POHUO HO GLG CO HSLLGH H]E[FQ HI C]HOY CF CNOQF
OLUO [NISN ]H[I ]HDJQ COQF MWLGO QQ CHG HSLLGH DHK [DF H]HCO CSH L[G HCSH
IWZ
]UF VTHL
WS ]CH [QCS RNOH PLOKD PLUQ PEH U[G RHO MQS GIQH XHJOH GWG RQ H][H] ONF
HSLLGH LG ]FHDUO PSLC PLUQ OU CHGF KS JOD [GIDH UOZG VN MH]D GSUOZL MLDLC
CHG HSLSUH HJN [ PHOG HLOU MOQG FHF LDLHC H[LW MLDLC WS GIH PLOKD PLUQ
GUQG GQSH JH[ WS L LN UFHSF HSLLG WS H GI MWLG QQ PGH ]H[I ]HDJQG [FUG
GIH PLOKD PLUQD PE OUHWO CYLN HSLLG GSUOZL H GQSQ GDJQH JH[Q [HDFH WSQ
PLUQQ JH[ ]HU[H ODG ONG GSGH PLUQG ON ]C L]LC[ ZHTW OU [GIG P [F
]HNOHGH ]HQQHI PLU[ O RGL]HQS ]DD [WQH GSUOZL ICH FHJLD ODG GUS PLOKD
GUQG OLUO PL[NISG GOKDF GQSH JH[ WS ]HDO]Q Y[ ]HNOHG H ]HDJQ H[LW
HQN HOHN POHUG OND ]HNOHGH ]HDJQH GLDOGO GQSH JH[ GDJQH [HDFH WSH VHE CHG
HGI ODG O ]HOHUWG P]HC ]HOUHW HOLCNH FHDNH GHC] GCSZ O ]HSHLQFG P]HCD PLLJD
]HLJ PGD RLC ODG ]HDJQ MHWLG CHG PLLJG [H[YD ]H[H[Y MWLG CHG UOZG VN H[LW
HGIH GSW] [WC OND H]DJQ ]HKKH]G Z[ CQLLZH ULDZ GDJQH UHDZ [DF HSLCH OON
LSW OU ]KKHQH ]NOHG GSLCH RQCS PHZQD F]LN UHDZ ]QC ]DJQ ODC ]HNOHGH ]HQQHI
PL[DFD Z[ RSHD]GOH DHJO CO PLLJG [ZD G[HZH G[H[Y Z[ GDJQG ]HKW]G LDJ[
FO[ P HLSWO H]OHUWH GFQ FESN GFQ H[N RNH POHU LLJ PG
HWS FO[ ]HC OLUO [NISG UOZG VN RLF GI ]HNOHGH ]HQQHI R]HWS [C OC[L LU[ ON
UFHSN ]HQHZQ R]HCD GIG POHUD ]KKHQH MN [JC PE ]H[I ]HDJQ R]HCD ]DHOQ
PG [LHCD ]HKKHQ [CNH WSG RNH ]LSJH[ GDJQG LN [LHCD ]KW]Q HI R]DJQ
[NISG RLSU GIH DOD PL[HG[G TLSNQ [LHCGF G[ ]HC OLUO [NISNH PFCG DOO PE ]HKW]Q
GILCQ [HG[GH G[I GDJQ HD FOHS [CN H[LW PSZ]O [HFG LQNJO ]HWS ]CLD PL[WTD
PLLJG HOYC PLD[HZQG RQ CO PEH OON H]HQYUQ HSLC UFHL GQHFNH FHDNH GCSZ HC GHC]
H]HQYUO RN PE MLL PLD[HZQGQ CHG GQ LN KL[ ]HC OLUO [NISN PSZ]O HD PLFLOHQ PG PE
]QHUO GI MN [HCD VLZQ RLSUN HLDLDT ]HKW]G HO L PHZQ ONQ ODC HDOQ KOWS [DN Z[
H]HQYU PU ]HNLL PH GO RLC CQOUD G[DUG M[F GCD G[I GDJQG ODC MJD GI
LCFH LZS HDO RLC LQOF PEG ]HNOHGH ]HQQHIG ]HWS FYQ Z[ VLZQG FYQ HSLC HSLLGF OON
HSLC L[QEO LZS RDO R]HCO [HULSH HSLQ ]C RLQ CYQF GIO RN PE HDOD RHY[ VNL] FLOHQ GI PE
OON PH[ GHUH ][NLS GSLCH COLQQ H]DJQD [DHU Z[ GQLO GQHZ OON FLOHQ
COLQQ IC E[ ]HC OLUO [NISN HD IHSEG G[H]L[DFGH DHKG XLOJGH VNL] GI OU [[HU]S PCH
Z[ G[H] L[DFDH GHFZD FJHLQ JNH ]QCD GHFZG FYQ CLG WS H]HC RN PE RZ]Q
U[G POUS COLQQ HD IHSEG DHKG CYQH UEL CHG [CNH HLDOQ HLLJD HO ]H[I ]HDJQG
PLNL GSLG LFL OU ]HLGO ONHL IC VNL] HSZ] CO PCH GHFZD OONS WSG H]HCH OKD]SH
CQHLF C[HG[GH ]H[I ]HDJQG LFL OU HD [DU]S U[G [ H]HCN ]QCD U[D HQYU CYQLH
RNH CU RL[FGST POHUO U[H PGO U[ PLZLFYO GSL OU OI L[CG PUKQ UHFLN HSZ] CO
OU KN ]HN[D LZHFY GUS VHTDOH GOHFE GSHGND GS PLSHQ QL OHFE RGN RSJHLD GLG
CSQJ[ GLDOQG U[G VZH]Q CLG PLQUW GSZ] COH HD GUEWN HSLLGH U[ ]QS [HDLU LFL
CYHLNH TUN HC GHC]F CH ]H[I ]HFQJ VZH]D GLQL ON GD[G PLLJD GUHZ G]LG ROYLO
PFCD HI GDJQ UEHWNH MN [JC HWS HJ LDOQ CHG RNH HWHE LZOJ ON ]HDGO]GH JND
JWZ
DSZ VF ]D
GQ PUK GIH PFC CHG GQ LWO ONGH GSQQ IHESG WSG CHG DHKG XLOJGO JN ML[Y
CD GDZG RLCH COLQQ GI LWOH UFHSN []HLD PLQHEW ]HWS RZ]O GOHFE GSNT LN HD]N
PHOH TJ H]ULWD CO PC@ PSZ]O HJHND ]HDJQ COC PFCO RLQIQ RLC LCFH CLSH[KD
HSLC UE[ OND HDDO L[FJD ZFHD HSLC LQ Z[ PFC OND ]EGHS GFQ CHGH >OHFE RGN RSJHL RLSUN
G]HC RHZL]D LN GI LFL OU HO CHG OHFE ]HNI PHZQ ONQH H]UFD CO CHGH OON GI UFHLH FQHU
HQYU O H]QS [S OU VTHS HO [LCGOH HQU ]HHO]GO GHFZD GJHND GNHI CHG WSG
POHNQ []HL LFLQO]QH FZ RL[FGSTD C]LC HQN CDC GNIQ C[DF FLQO]H RD HQN HO GUS
KO[ P
PGD KO CO PLZLFY GQN HSLYQ GQ RLJDL ]CIG GSLJDG RLSUQH GLCL [D LCJC CSC
LD[H OI HSL]HD[ H[QC [CN RHUQ [D [IUOC [ HSLYQ C]LL[DD [NIS P]HC FDOQH GQ[
OI HSL]HD[ H[WFN GLCL [D LCJC PLC[HQCG RQID RNH [GHID JNHQFN GU
XHJ [KWS FJC FLTJ GUQG GLG MNH HD CYHLN GUQ U[LC TCW ]HNOQD HSSQID HOLWCH
FLTJ H]HC LSD HNOG PLS GQN [JCO P [DZSH PLQL LS HC PHL MOGQ FJC [WND H]SLFQQ
FDO ]JC OE[ PC LN H[DQ ONU]S CO HGHCYQH H]JWQ LSD PU [DZL HL]HQYU CLDGO
KHOL CQ [UKYQ GLGH CHGG OE[G ONU]S GDLT GILCQ [DFG OU [UKYQ OHFEG HSD GLGH
CHGG OE[D PC LN GQ[ HD KO CO LN UF HO [QCH PHOJD HLDC HO CDH GSU]GH GQ[ FHU HD
POHUO HD KHOL COH GQ[ HD KO CO HD CKJ CO HWHE [CH G[H] OUDD HD KUD LSWQ
PLLJD HSD RLLFUH [NISG FLTJG O HSD LWQ HOCG PL[DFG UQ RZI PNJQ L]UQ MN
S HW GQNJ ]LC[
KHULQ L PC HOLWC GUOH]H GQL[ P H Z Q O MOHG G]C RCO ]HDCD H[QC MNO PLLJXWJG D]N
GUOH]H GQ[ CHG P][HDZ PHZQ ]CI OND GUOH]H GQL[ PLUS PSLCH PLQO PL[CS
ESZ VF
KWZ
PHL HGILC UFHL PFC LNH C[ ]C HLFLQO] HOC M]]LQ LSWO FJC PHL DH [QHC [IULOC LD[
]OUW]Q FLQ] CO GDH]D HLQL ON CYQSH [JQO ]HQL CQ PHLG DHL RN ONH RGO [QC "]HQL
PL[JC PLUYQCD Q]GO ML[Y WSD ]HSHN] ]HSO LFNH LON RLSUQ WSG
PFCG [[HU]L LFND M]]LQ LSWO FJC PHL DH H[QCQD [IULOC LD[ ]SHHN G]LG HI GC[SH
F J C P H L M]]LQ LSWO FJC PHL DH GI RLSU FLQ] HQYUO RSO HLOU PLDHK PLUQH GDH]O
GDH]D [[HU]Q HSLC GI CHG LQ HLLJQ PLSH[JCG PLUE[D DHO GY[L CO UHWGH U[G CHG LQ
GILCD UFHL LNH ]H[LZJD TSNLL LODQ GI RLSU FLQ] HQYUO RSQ PFC [CN HFES VJ[Q ]HQG ]UD
KUQ HWS OUW]] GI LFL OU FDO ]HLJKD Z[ GQNJH ON PH LODQ DHL RN ON H ]HQL PHL
]LON] O ULEGO ONHL MN LFL OU HSH[NID HOYC CYQS CGL FLQ]H HLSLU FESO DYLS CGL G]LQG PHL KUQ
VC ON LFL OU RWHC PHD MNO ULEGO ONHL CO GQ IL ]HN[D PLDHK PLUQH GDH] GQNJ
EHL CO ]LON]G ODC PHLG DHL RN ON O CSZTQG LFLO RN PE CHDLH UFHL PFC LNH [HZJLN
Q PH JO CJ [THQH GQNJ ]UF LWU G[LZJ PH COO ]HKWD PL[DFG RHSLD COC GID