FQ VF
H[QC LW OU VCH ]HFHEC ]HFHEC OC[L ]HUO CO [WQ L[ LJF CO LQS HGFLFO L[QC
EGSQG LHSL OU [DHFQ RCN HFFHE]] CO PHQ PLEGSQ LZHOLJO HJO RLC ]H[LLU L]D FL ]HQDLD
]HQHZQG RLD PLSQ PC ]H[H] L]N [DFG GC[LL RNOH PLQNJG ]QNTGD GOLJ]NOQ
PSLC LSWQ ]D HJF CO X[CO XHJD ]HOGZ GQN HLG ]LDG RQID PE COG GI PUK LWO ]HZGO LH
[ZLU GLG ]LDG RD[HJ [JCO [JC PUK [WO GC[SH HJF OC[L X[CD HOLCH FHJG HFLZD PLUFHL
NCQ ]D GJHF GSLC RNOH OC[L OON EGSQ [JC X[CG LDHL PL[[ES X[CO XHJD OC[L DHL
DLYSG OC[L X[CD GLG DHLG [ZLU RD[HJG PFHZ
X[GQ HEY] CEQ PL[Q] ]HWN U GOCG [ZLUDH RHC[ GF GFH] JDI UUH JNGY JHC [IS LSDCD D]N HI C[DT RLUN
FL ]HQDL ]HLJ
CLHZ HI RLC MNOH ]H[H] L]N GC[S PHQ GSZ]G ]DLT [LW COC QQ HFFHE]] CO PHQ L[ ]SHHN RLC GC[SH
OHJD ]HQHZQ KUQD PC X[CD DHLG [ZLU RQI ON ]H[H] L]N GC[S RLC [WC FHUH PLSHC[ ]H[HF RN HSZ] CO PC
]H[H] L]N GC[S [DN GD[G HOEN ODC ][JC PLEGHS
FZQO [NI GUD ON PLOKHS HLGH HI GSZ] GSZ]S CO RLLFU LCNI RD RSJHL RD[ LQLD CGL GF GFH] JDI ]HNOG LKHZOD UH
OC[L X[CD VC ]DD OHKLO PLQNJ H[TC HL[JCO ]H[HFD Z[H
EGSQO VCH LNG RSLFDU CZ COF PHL OND PLUQ CGH GLO GDEQ [FGH GLO GDEQ CZF CQL] LNH
XLD[HG QC[ GSHC[G GOLKSG PLNL[CQ COC PLLQUW PLGLDEQ HLG CO PHLG ON GOLKSD PLOH[L LSC
]QC ]WD UH
FZQD LSWQ GD[UO LULD PHL HUDZ PUKGH FZQO [NI GUD GO RSLFDU CO RSD[F GD[U
]OKLS G]LG ]DD LULD OJ PC PLQLG [CQ GHFZ ]WTH]H GD[UD PLHTQ FHJL PHL H]HCD GLG
CO PLQUW UD GD[UD PLWLZQ HLG GI PHLD PEH GSQD HSLS HQN PLQL [CD NCQ FZQD
LWU PHL H]HCO HUDZ GD[U ]OLKSO FJC PHL RLOHDED UHDZO PLQNJ HY[N MNLWO PLQLG [CN
FT[] JHC IKH JD VTHL ]LD
RSLFDU CO RSD[F GD[U FZQO [NI GUD GLO RSLFDU RLOHDED G[H]G RQ [ZLU GLO ]LCF DOHO
HSLF FYQ OKLS L[G FJC PHL FZQO [NI H]HUO [WC LC DOHO H[LW FZQO [NI GUD GO
GD[U ODC GUD PLHU FJC PHLD LF RLC RHLNH OON FZQO [NI RCN CGL COH RLOHDED G[H]GQ
CDKL[H R[ FJC PHLD FZQO [NI GD PLLZ]Q L[G RLOHDED G[H]GQ OON ]OKLS GSLC
PLOKHS RLC DOHOQ []HL GD HOZG MNO G[H]D ][HWQ GSLC GD[UGH OLCHG [JC PUK R]S PDQ[GH
G[H]G RQ [ZLU GLO ]LCF DOHO MN C[QEG L[DF [WO L GI LWOH FJC PHL COC GIG RQID G]HC
[SO MH[U LWU >GOUQO COH MQGO ]TJLL]Q RLOHDED ]DL]@ GUD GLO RSLFDU RLOHDED MNLWO
C[QEG L[DFQ HZG QJOH QQDH
K[WDH ]IQ[S COC ][HWQ GSLC QQ OL MC GUD [NI GO ]HUO GLG RLFD DH]NG RQ ][FS GD[U OHC CDCO ILWOH
UYH S DJ GQO ]JSQ UH [F PE GO L COC GNOGQ CLG OHC CDCO VC PL[Q] ]HWN [WTD D]N GQ LWO
ELZ
]UF VTHL
VC RCNQ JLNHGO L DOHOD GD[UD H]DHJ LFL CYHL PFC ZJYL LD[ [QC CFTJ D[H DU
PLSLQG [CD PE IJHC GI L[G GYLYJ PHQ HJO RLC GD[UO FLG RLD [JC [DF HFLD L LW OU
[U LWU >GYLYJ PHQ CO MC GD[U ]HYQO GOKHS [NLG RLC PHQ COC ZOHJ HSLC LQC LD[ PEH@
UHG L[DF [HCDD HKFT[] RHLYG
P CLDG DZULL[HNDG NHQN COFH [N GD[UD ]UEHS GSLC HFL DH[ HOLWC ILWO GC[SH
ML[Y RLC DOHO GNOGO PLKZHS HSC LWO HQUK HGI GC[S RLJO RLOU LFD GO RQJS D[ [QC
]OKLS GSLC H[QC GQ LN@ DOHOD GD[UG PU GD[U ]HYQD ]CYO GY[L PFC PLQUW RN PC FEC
ML[Y GUF LH OLCHGH >[]HQ GFLEC COO ODC [JC RLQ PU GFHEC CG] CO HSLLG GQYU LSWD COC
GD[U ]HYQ PO [NLS CGL LFN ]HD[U O GD[U ]HYQO RQJS D[ ML[YG DOHOO ]HD[U L]
R[ DOHOD GD[U PO COH G]HC OKHS
HZTW PLSHCE FHUH PDQ[G POHCH GD[U ]HYQ PLLZO LFN HLSLQH DOHOG PU GD[U LFD O JZLO []HQ HL[DFQ UQQ
PC PE DOHOD ]HD[UG L] OU VLTHGO [HTC FEC ML[Y RLC DOHO RO CQLLZF RHLNH VLTH] ODD [DHU ]HD[U L] OU VLTHQG
VLTH] OD PHQ H]HHYQO HOKHS GUD DOHOG PU GD[UG OHKLO RLC I GDH]D D[G D]N RN GD[U ]HYQO RLHN]Q
ZT CS[] CEQG D]N HL[DFOH GSHHN ]HNL[Y ]HHYQ ZTHW C[G [LUGO LH C[G ]UFD G ]HC OCS]SRD[ZG NNH
RN KZS CO P LDG POHCH GHYQ PO RLHNQN COC VLTH] OD PHQ PL[DHU RLC PLZTHW FHUH IN
COH GD[U PO H[LWD RLHNQ RHLN >GSHHN ]HNL[Y RLC ]HHYQ EW G[D [ZLUO KZS GC[S LWUC@ R[G ]UFO [WCH
RLDH[LUD CDHQD U VLTH] OD RLSUO ]LNWG GSHHN GOLUHQ PC [H[D [DFG RLCH VLTH] OD PHQ [DFD RLC DOHO ]HYQ PO
LCZ GLFHJO LCGH LCZ GLFHJO LCGF FEC ML[Y RLC DOHO RO CQLLZF LCQO VLTH] OD OON RLC R[G [DHT [WC FHUH GY
FT[] JHC JDH LDDH LNF[QD ]CDHQG PL[WC HSD[ ]KLNH
SLC [D L]LQJ COH RLS Q CFG CU[CD L[LLF L]LHG HFN [QC OLICH GLO ZLD CZ GHG
[IUOC LD[ HJD MNO GLO [QC "FDULQ LCQ GLO [QCH L]CH [FG RLFN RSZ]F RJ[CD MOGQ
GLG FU HCKJ ]C[L GULEG MN LFN FU OHZOZG ]C DNUO FLQ MOG OLDD PFC H]HCO ZHFY [D
U QU DJ HGLOCQ D]NQD CDHQ [KSOT L[EG LWU GUL GQ OHCO LFN HOLWC UE[ FHU ML[CGOQ C[L
CHQ] JHC ]HLOE[Q [[O GLJ WS [WTD RHHLN RNH
PLSHLU
PLEGSQ OU ]HHYQG ]N[D
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RDHLJ R]HC RG G[H]G RQ RDHLJ ]HHYQ RG ]HHYQG RQ GHYQ ]LU LSWO GO M[DO HSZ] OI HSLQNJ
G PO HSLUQ ON FJLLO GN[DG LSLSUQ ]HHYQG ]HN[D ]HC[ZSG RG HOC ]HN[D PL[WHT L[DFQ
GO GLFHGH JD ]SL]S GSHNS GSHHNDH G[NGD ]UFD Z[ GFQHOQ PLSC ]HYQ HS]HHYQ CG] CO
[LG [[O D[HJ D ZLFYG ]ZFY I PLJTW LWU R]HUO HSHLYH HL]HHYQD HSFZ [C
FLZ
FQ VF GNHT
RCN [DHFQ RLC PLEGSQ OU GHYQG ]N[D PLN[DQ PCG PLSHC[G OYC RHFS RLSU [CDO GTSS ROGO
LFL OU HEGSHG PLEGSQ OU COC R]UO HC RQHZQO ]HQLHTQ ]HOLGZD HC ]HFUD HEGS PLEGSQD
POHU ]H[HFO OC[L OONO PLQNJG
L[ PLCLDS FHTL GD[U [QC FJ EJ O LULDD GD[U ]OLKS OU HS]LEHTD PLC[HQC HZOJS
FJH GOHFEG ]TSN LSCD OC[L ]HSZ] LSZ]QQ HLG LNCOQH GL[NI LEJ PLSH[JC PLCLDS ]SZ]
HEGS PLCLDSG H[W PLSHC[G RQ GQNH L[ PGO HSZ] COH PUG ]C HELGSG PLCLDS EGSQ [QC
FL ]HN[D GC[ RDDL[H OLSHOQ L[ L[LCQ CDKL[U H]UFQ PUG EGS PGL[JCH PQYUD RN
]UFO GD[UG ]OLKS OU GN[DG CHG E G S Q O F H T L RLD LUQG ZHOLJG [CHDQ CLEHTG MQGD
CNLO [HT] CO OOND HOLWCF H S H Y H [QLQO CNLOF L[ [WQH HLOU RLN[DQ RLC EGSQ [QHCG
PHQ HGI HSHYH RGD PL[QHCH RSD[F ]HHYQ OU RLN[DQ GI HQ C[QED ROGO [CHDQG LW OU H]SHHNH
[HT] CO F HCO RLC L[ ]UFO PLEGSQG OU ODC MFELH MLDC OC DH]NGQ HC [HT] CO
PLEGSQ OU RLN[DQ RLC PLSHC[GQ GD[G FHUH E GNHSJ I DOHO IKCL ]HN[D PDQ[G HFQO HI CLEHTQ
MH[U RJOG ZTW RNH EGSQ COC HSLC PLFJ LC[D OOG OU RLN[DQ RLC PDQ[G ZTW RNOH
GLC[ RLC H FJC[D OOGG OU M[DO HZTW PLSHC[ ODJ HQU H]CH P] HSD[ POHC HL]HDZUD
GO UDZLQO CDLJ CO CEGSQ COC CLG C]SZ] HCOF RHLNH OHKOK COC GSLC GD[UF OOGO GD[UQ
JN ]LSU]DH RCN TH]D UU ISNC LOHFE HZTW RNH G[H]D C[HZQ U[E CO OOGG ]CL[Z ODC GN[D
HSLC FLJLD GUSG EGSQ RLD ]ZOJQG GKL LH P ]HN[D OG FDC[H FN JW CQHLH G DW ]HN[D C[DH FL ]HN[DDH
[HKLUG OUD ]UFD FFT[] JD U [HDLYD GUSG GIO HQYUO GN[D UDHZ
CO [HTLC HSL PL[QQ ]HNOG L[DH GSQO H]QFZGD H]UFO L[G PDQ[G O HQUKD RSHD]GO L PSQC
]HSZ]H ]HHYQ RLD PLQNJG L[DF UHQO DHLJG VZH]D ZHOLJ RLC H]KLO NCH PLEGSQD VC [HT]
[WTD GZG RNH "PLEGSQ OU PLN[DQ RLC H]KLO PUKG HGQ RN PCH HELGSG PLEGSQO PGL[DFQ
UY D [CSH HO VF PL[QQ OG L[ ZLFYO UH[I [HC
OFHED RLJDQ GC[S PL[DFG ]HKWQ [H[LD RHUK J[D OOGO GD[U EGSQ RLD ][ O HZHOLJ RNH
"PLEGSQG ]HDLJD ZOJO ULZ[ RCQH RLWT RCQF UQGO R]LS CO [DF GIH EGSQ ON O H]HDLJ
PLHFZG HL[DFD L ][JC GSHHN LCFHH
OU PLN[DQ HSJOD ZTW VTHL ]LD G R[Q GI CHSD ]HFJC ]H[L]T OU PLSH[JCG HFQU RN HQN
NWUC EGSQ COC HI GZOFG RLC VC [LDTG GOHEG [CD DH ]TSNG ]LDD GNHSJ ]H[S ]ZOFG
RLC PDQ[G ]KLD MOHG HQYU MH[URJOG COG IW LDY PNJ ]HD GQ] [DNH EGSQ OU RLN[DQ
"PLEGSQ [C OUH J[D OOG OU RLN[DQ
M[DO RLC ZTW FJC FYQ CQHL VHTD C[G L[DFD G[L]T OU KYZ FHL [WHT P]J ]HD [LUG RNH
ZLOFGO PLEGHSG P]HC D]N MFLCQH EGSQ COC GSLC LWO PL[HWLNG PHL D[U ]OLDK OU
EGSQD GLHO] WNHLUD [SG ]ZOFG COGH ]D]H[S ]ZOFG ONDN HLOU RLN[DQ PL[HWLNGPHL[S
"GLOU M[DO ZTW MLCH GSQD C]LCFN ]HQHZQG
M[DO RLC C[QED [CHDQ GI CHG MN RH[JCG [HFG LOHFE H[LDTG LWN PL[DF O R[ZLU COC
HKZ
]UF VTHL
]N[D LSWQ PLEGSQG PHLZH ][LQ O GDHJG ]HGQO PDQ[G ]KLO OON [HZ HSLC EGSQ OU
GUQO L ONH G Q Y U D G H Y Q G ] H G Q O COC GHYQG L H H L Y H ] D H J O G[HZ GSLC ]HHYQG
]HHYQG ]N[D HD HSZ] CO EGSQ ][H] COC HLOU RLC ONH GN[D HD L GHYQ P GUSG
L G[H]D C[HZQ U[E CO L[G CLG GHYQ GQYUD OOGG ]CL[Z RHLN ][ [DHT MN PHQ
RLD PDQ[G ]UFO OON OFDG RLC COG CEGSQQ COC HSLC J[D HI GHYQ PHLZ WUCH GLOU M[DO
OHKOK COC HSLC HQYUON GUQG GD[U ]OLKS NCQ EGSQ ]QJQ HC GHYQ ]QJQ GCDG GDHJ
ONN PGL[DFQ GHYQ ][H] HO HS]S PLCLDS FHTL [DHTG ]UFO NCQ GHYQ P HLOU RLCH GD[U
HNH LKSH GNHSJ [S OIJ ]HSZ]
]C ZL]UQH DLJ[Q COC GD[U ]OLKSN L[QEO [DF FJQ HSLC EGSQ ON GI LWO DKLG RDHQH
GN[D HD L ]TSNG ]LDD GNHSJ [S ]ZOFG ]QEHFN PLWTHS ]HQHZQO HC PLSQIO ]QLLZG GHYQG
RNC C[G ]UFO WNGHL [S ]ZOFGD RLFG CHGH GUQG PYU OU GHYQ P ]HOJ GSL PHQ
GI RLC HD PLEGHSG LWO MC ]HQHZQG EGSQD LHO] [DFG LW OU VC PLZOHJ C[EGH FJ L[W G
R[Q LHFJ FL[H] U DHK PHLH ]D [S ]ZOFG O ]LOONG GHYQG ][ETQD GOONG COC FHJQ EGSQ
GWZ CJ LHOG KD GNHT ZL YLDHOHT FL[EG L[HULQ ]HQL[ ]HN[D ]HNOG LHOG IL[
]QEHF CHG HS[QC HQNH GHFZD ]HOLNCG ON HLGL PLSZ]Q GHYQ ]OLNC ON LFL OU RNH
PLEGHS RNOH J ]HC ONHCG ]U T[KSHZD [CD]S HQN PLSGN ]OLNC ONO OLUHG PLSWG PJO
G[H] CHG OC[L EGSQ LFL OU HSLLGH KDD HK GI PHLD ]H[LW LSLQ ONQ PHUKO OC[L
GHFZD HLGL ]HOLNCG ON PLSZ]Q GI LFL OUH GOLNCGO GHFZ RLTLSNQ
]HUO HHLY CO PG HSLLGH ML[D COH KLDJ KLDJ PLCLDS EGSQ CHG GD[UD HSLYQ RLUNH
HD RLC GD[U VC RZ]O OLUHQ GIH OC[L ON RGL[JC HEGS NJCH HUFL PUKO HEGS Z[ RN
RGNF O GD[ C[ZLHD H[QC HQN PLDHK PLUQ COH G[H] HD RLC LQO IQ[QH JL[ COH PUK CO
LFL OU RZ]LS GIH GQYUD GD[UG RZ]LS RCNH IN ]HJSQ QNH HOC OU HOC RLY[Q ]JC GFHECD
EGSQ GHGH HT PLJTWD QN PG PLCLDS LSD PLCLDS RSLC PC CLG G[H] OC[L EGSQ RNH EGSQ
XUF C[KTQ Z[ GLGL ]H[LW LSLQ OND GHFZ OC[L EGSQ LFL OU TLSNGO PLOHNLH PLCLDS
D KDD HKO ZLFY L[W MH]Q GHFZD HLGL ]HOLNCG ON RZH]LH PLLJG
GQ VF
JDIQG ]C RLWLZQ PHLG H]CH CS GULHG G CSC PL[QHCH ]JC PUW JDIQG ]C RLWLZQ PHL OND
RLSUN@ PGQ HSULHLH HSL]H[YQ DLDTQ OCG HS[QL OI C[GQ [LW GWZGG IQ[ PLQUW UD
UD LULDDH ]JC PUW PHL OND HJL[L ]WZG RLSU HQYU CHGH >PYOJLH HLC[LO DLDT G MCOQ GSJ
PLDLHCG ]OWQO PLQUW
GI VZGD [QHON RHNOG]L PLU[ DLDT DH]NG P OU PLU[G HOQS GD GD[UD PLWLZQ RNOH
KHDLJ LFL OU GON HI GD[U HQN PLU[G HSLDLHC HONL
IKZ