FFLY RN FHZD GSHC[ GOLDK PE OHDKO ML[Y C]L[HCFQ CLG GOLDKG CQHI RD ]UFO [QHO PHZQ L PGL[DF LWOH
L[DFN LSLTQ GQO GNOG ]HOLDK QJ [DHT HSLC GFHGL LD[ PGL[DFO [QHO M[KYS GZ MC@ L[ ]UFD ROGO CZU[EG
JNHQ OHJD GSHC[ GOLDK ODHK LSWQ [QHO RLCH GI [DFD ]ZHOJQ L [WO PJL[NG GQH L[H DO ROGO CFTJ LD[
L[LQE [W]L L[O [QHO ML[YH HS]SQ P]TN COF FHZD ODHK [HDTL CFTJ D[ [QHO GQL] RN PC GNOGQ GSLC
GNOGQ C]L[HCFQ RDHLJ ]HOLDKG ODC RSD[FQ GDHLJ GSHC[G GOLDKG PU QJ ]HOLDKG ON MT [QHON ]HOLDK QJ
PLSH[JC NNH ][HTQD ]ODHZQG GNOG COC LSLTQ GQO GNOG CZHF HCO L[LQE RHO OL PDQ[GOH UD[C COC RSLC GQO
IQE PLOON JF CGN WUDH] PLCLDS ][H] DODYZ [LCL ]HJ D POHU ]HNLOG UUH DLYSG LHFJD U H]UFD
> L[LQE RHO ]HFHC
LCGH HGO C[LDT CQHI RDN GFHGL LD[F GLOU LELOWF RSD[ CQLS VTHL D[O LLDC GLO [QC DU
LSC GLO [QC "GCQHKD LLFF U[HYQ LSC CQOLF HC GFHGL LD[F HJN MULFHGO U[HYQ LS]ZF
TSNSG P]KLO PL[DHT L PLQNJ ]UF H[LWD OI PL[WQG HZOJS GCQHKD LLFF U[HYQ
PLZOHJ PLQNJ CDKL[G LHFJD [HWQ RN GCQHKD OLE[ CHG U[HYQ FDOQ OON GOLDK ML[Y RLC G[IUO
FHUH GSQPJOG [LW RNH RL]LS]QF CSLF OU
RLCD PNTHQ CHG G[IUD TSNSO GOLDK DHLJ CLEHTG MOGQQ GC[SG LWN D]N ]HNOG LKHZOD ODC
LLFF U[HYQ FDOQ ]L[J TSNSN GOLDK ML[Y HSLC D[UDQ ODK PC PL[DHT PLQNJ COC ZOHJ
GCQHKD
RSD[FQ GOLDK ML[YQ GFHGL LD[ PE L[G GFHGL LD[Q CLYHGO HCD CO HGO C[LDT CQHI RDN H[QCN HD]N TH]G GSG
ODKN GOLDK ML[Y U[HYQG RLC FDOD M[T PHQ GOLDKG GFHGL LD[O COG [G GQ] LWN PGL[DFO RDHQ RLC G[HCNOH
PSLC PLQNJ CQ CHG C[QED ZWTG KHW [DFN HKZS TH]G GC[S MC CQHI RDN C[QED HKZS CZHFD RN PCH D[UDQ
HD]N HGIH CDKL[G ]SDGNH MHQTD L[H LH] RHO KWQ UQQ RNH D[UDQ ODK CO LQO PE OON GOLDK PLNL[YQ
GOLDK ML[Y PLFHQ ONG D[UDQ ODK CO RWHCD HSLLG GFHGL LD[ L[DFQ LZHWCO HCD CO ZWTD RHC[G FYG LWO
G[IUO TSNSG ONO GOLDK PLNL[YQG RL]LS]Q P]T OUH GFHGL LD[H CQHI RD OU PLZOHJ PLQNJ [QHO VTHL D[O HJL[NG GQH
RLC PFC ON [C UQQH PLODHK PLU[HYQ P PLU[HYQG ]NO ]C[ZS RSD[O RN UQQ ]HFQ ]SQ ]HKW LN
D[UDQ HODK CO C]OQF CQ]TH PLODHK
ON [C HOLCH GOLDK ML[Y D[UDQ ODHK PEG U[HYQ PLQNJO ]HNHWG ]H[DTD PLQNJH GFHGL LD[ HZOJS GI LWO [LUGO LH
D[UDQ ODK [DN GOLDK ML[Y HSLC U[HYQ MWGO RLFG GFHGL LD[O HOLCH QC HODK CO HOLWC GOLDK PLNL[Y PSLC PFC
MHQTD UUH GOLDK ML[Y D[UDQ ODK CO PFC ON [CH
CO VF
RCN FU GFHGL LD[F GLOU LELOWF RSD[O LUDL] KHJLH GNH[C RLNT GUL HGQ HGO CLUDLC
C[QEG L[DF ]HKWQ CO GFHDU FLDU CZF CNG ODC GFHDU FLDU CZ COF P]G RSD[ L[QCZ CO
UQQ [WHT ]HUK L[W ]DL] [LFGQG D]N PSJOH L[WQ RN CLDG DUT O CDKL[G RHHLN GIO GC[S L[H
RCNQH D[UDQ ODK CO PC PE FDHU HSLCH G[IUO TSNS [CN OON GOLDK PLNL[YQ PSLC PLQNJ
PLCQKDH GF CO PLJDID TH]G RHOQ ZFZFO L RNH OSN RN PL[QHCG PL[WQG ]UFO UHLT
GID PLFHQ PLQNJ PCG G[IUD FHDUO TSNSG PFC OND COC GNH[C RLNT COO ZW]TGO PLOHNL HLGH@
CW
]UF VTHL
>CQHI RDO ZWTG PLLZ GI RWHCD Z[ PHQ GNH[C RLNT HKZS [QHO ML[YH HCO PC GOLDK ML[YGO
H[QC GQH@ D[UDQ ODK RWHCD Z[ C[QEG ZWT [WO D]N OI JJO ]HNOG LKHZO [WTD POHCH
U[HYQ [KW GFHGL LD[ LWO MC [DFD ZW]TGO L G[HCNO GFHGL LD[O PE COG RSD[O LUDL]
HD]N HQN CLG GFHDU RLUN U[HYQG ]HSHGD ]TSNG L[G [HKW GFHDU FDHUN PE JNHQ GOLDKQ
>PL[WQG
ML[Y GCQHKD OLE[H OLCHG U[HYQG Z[ PLQNJN F G[WN L[THJQ ZTW PDQ[G L[DF PLSDHQ GIDH
GOLDK RHUK G[IUO TSNSG ON G][HYN GSQG G FZQ ]CLD CLDG MFLCQH D[UDQ ODK PEG GOLDK
D[UDQ ODKN Z[H PLQNJN COFH PFC ONO GOLDK ]N[YQG HS]SQ P]TN ZTW PDQ[G [QHO L GSHC[G GKLG LWOH
PLD[N GNOG PLD[H FLJL PHZQ OND [HQCG OONO HS[IJH PLQNJN COF GSQ P]TQ HSUQ CO GID PLQNJN ZTW
DLLJ FHDUO TSNS ODC U[HYQF CLQHF GFHDU COO TSNSN COC GOLDKQ H[KW CO PLQNJ PDQ[G ]KL [WO RN]L FHUH
RN CQHI RDN COF RSD[F VTHL D[ FQO GIQH G F H D U O G[IUO TSNS HS]SQ RHO ]ZLHFQ GIDH@ CQOU LOHNO GOLDK
RSD[ L[QCZ CO RCN FU RSD[O LUDL] C[QEG ]SHHN MNH XHJDQ KJHN COC C[QED HZW]TS COH >GSQG RHOQ UQQ
XHJDQ FQHUN RLFG CHG RN PCH ZWT COO ]QNTHQ GJSG LGHIH CO GFHDU FLDU CZF CNG ODC GFHDU FLDU CZ COF P]G
PLSWD FDHU PC ODC GOLDK ML[Y HSLC G[IUO TSNS [CO GH HSLF XHJDQ FQHUN [QHON CS CO CQOLF HC FDHUH
H[KW PLQNJ [QHOH ZHJFO M[HY RLC MFLCQH ]HNOG LKHZOD ZFZF PLZHLFG ON PLDL]Q GI H[LWOH OHDKO ML[Y KHW
D[UDQ ODKN Z[ GOLDKQ
HZL] D GOU C[QED ZWTG PHQ GOLDK ML[YGO ZTW FHDUO TSNSNH PLQNJN ZTW PDQ[G D]N ]QC]WGH
EED CYQSG PLQ GHZQD OHDKO [N RCN [CHDQ PLQG [U LDE OU OHJD G]LG GSHC[Q XHJ
LWU HUDZ VHTDOH HZZJ LON MH]D OHDKO CO ODC KLKH PLSDC O RLSDD LHUG RHEND CZHF MC
]] CJ CD[G ]H
LJ]WD U RN GC[S RLC PLSHC[G RHOQ PEG HZZJ VHTDOH HUDZ LOND VC OHDKOQ PLSH[JCG LOHFEQ GQN H[LQJG GUQOH
HT DD ]UF VTHLD CDHQDH ELD CSLS] ]HCHHZQ FKL PLON LC RHIJ UUH IC[ FHL GDH]
GI [HUL PC PLSHC[G ]ZHOJQ OU
]HQC E PH[D GQC OU GQC RG GQNH RGD GOHU HWHE ON PLQ
KZ PLJTWD CDHQD U HCO PC C[G ]C OOHN
GQ LWO [LUGO L RLLFUH ZJHFD OHDKL CO LFN X[L]H MHQSH DJ[ CQ CZHF ]HQC E PH[D GHZQG GLG RLSQ GZG LH]D
MOHG VTHL D[ HD[ ]KLD LLDC CQH ][I [HDKG RQ GOUQO LF COC GOLJ]NO VC E PH[ ML[Y RLC GFSD PLZTHWG HKZS
P NQD U PLQD G[CHY FU DLO GFSG GNL[Y JU [QC
HSLS EW]TS [QHO FFY D PL[HWNG PHL ]FHDU MOQOGSQG EW]TSH GOU ODKH F[L KW DU
]CI CLDG ZTHW CHG PDQ[G RN OUH CQOUD PL[DF [HWLT COH CHG RLF
HL[DF OU H[LUG [DNH HLFEDO H[D RLD PLYYHJ PLQG L[G DHK[ HWHEN DHO PC [W [DFG PUKH
]HOGZDH IO [HC LFHQU ]H RLOW] ]HNOG L[ VTHL LN[D U XYHJ HSLC JO [DF FHUH GT PLJTWD H[QC GQQ
[T CHGH [JCQ HLOU PLFLWZQ RLC LSWQ XYHJ HSLC JO [DF [DFG PUKD [QHO FFY JS ]H[GK DZUL
RCN RHEN HOHND HC HDH[D ]CYQS GYLYJG PC ODC XYHJ HSLC HKHULQD Z[ GI LWO D]NH ]HOZD
LF ILWOH RLSUG OND FHU ML[CGH FLWZQ HSLC HDH[D GYLYJ RLFN XYHJ FLWZQ HSLCH JO CHG PEG
VHEG DH[ EHWLTD
DW
CO VF CQHL
FEDG CGL PLQG LU CQ CHG JG MOQOGSQG L[DF KOZ CQHL PLKZHOQG PLD]ND [WO D]N FHUH
PLSGN RHEN ZLTWQ [LHC RLC RLSUD HSLLG XYHJ HSLC JO H[QC CQOUD HOLCH [DGQ ]YZ GDEHQ
GWY[D PLUEHSH PFG ]C PLZJHF PLOE[G PF GLOU L G[IUG ]WY[ LDE OU PLNOGQG
PLDESQ PG MND PLFEDG RQ GSGS [WC DES]Q HSLC PC EHWLTO [JC PUK P ]H[GKD [QHO FFY FHU
HOLWCH []HQ RLHN]Q HSLC PLKZHS HSC GQ LWO VCH@ FZGD OUHQH GSHGN LFEDQ GSGS GI L[GH ]HDLK[G ]C
HOLWC PLSHC[ FHUH R[G ]UFOH TH]D U J[HK LU COC [WC LC RCN DJS VC LOHCH HNGN PLJTW U [WCFD
>MND ]HSGLO RLHN]L CQ HJ [QHO L []HQ GLL[ ZLTW D
]C DLK[L CO LFN EHWLT ]N[YGO [JC PUK C FLQ] OC[L ][CW] L[JC [W GQNJ MQQ CLDG FHU
HZJ]LH PLFEDG
]QCD MC HOZOZ]L CO FJC PHLD L[GH PHLG VHTD GILSE PLNL[Y PLKZHS HSC GQ LWO RDO LFEDD MLL HSLC GI PUK G[HCNO
JL PLJDIDN PLZHJ COH PLFJ ]HLGO PLNL[Y GSHGN LFED LSWQ COC FEDG FTWG PHQ PUKG RLC GQNJMQD [CHDQ
P]LSHSDOH PHFLJ [THL EW]TL CO PC MNO ROGOFN FDD [JDHQD P]HYQ RDO LFED K[WDH
DHK[ VHE OU PDHON GSHGN LFED GIDQN CHG CQH VHEG OU PLDK[S PLFEDGN ][CW]OH FHDNO GLDO HI RLC OL LOHCH
PL[HCDH PLHFJD FFY RN
ZL[C Q[GQ FFY RN
HWHE OU PLQG ]SLYQ PL[HWNG PHLD GSGL CQ [DFD VTHS PUK LH
GFHDUGQ CYHLH CQKS RGN LDE GSQD [HQCG EW]TSH GOU ODKH F[L ]HFHC HN FLQ]D CDHQD UU
PFG ]C ODZO OHFEG RGNG ONHL LFN PL[WQG HD]N [DFG PUK HFL OU GKLJ [JC Z[LQH HY[Z
MNO JQ ROGO H[QC HQN [WG PF ON ]C ODZO ML[Y COGH HD COC ]H[N RSLC PHLG ]HFHDU ON
FHUH L[LCQ KN RLOHJDH GSQD L[ LWU [JC LFL OU COC HQYUD GKLJG Z[QQ HSLC
[FTQ HL[DFO MQT LH PLSD GUL] P]KLJ GSG LFLQ] OND CLG LSLTQ GQO GNOG FJ [DF RCN D]N PLZLOC HSD[@
PG[FHDCG OU GQ]H JTHSD ]HUK P L D]N CN[] VTHL]LDGH F[WT JTHSD EHGSG LTHL RD LTHLO ]SSHN G]C GFHDUG
D]NH LZTDHJSE F[G PLZLOC HSD[O [LFGQG LWU ZFZHFQ JTHSG PLZLOC HSD[ L[DF LWO RNC HI ]HUKO HDO P CO
GHYQ FDOD WNGHLD CTLE MFLCO PDQ[G L[DFQ PLZLLFQ L POHCH DLYSG LHFJD UH GN OLUOF C[QEGQ HI GKL TTDO
GKLJG ]OLJ]Q ODZ]S PF LF L MNOG PFG ]C ODZQG [JC L FLQ] LN PUKG [WCH GSG ]HQL [CD COH Z[QO
>G[H] OK LWU Z[QO GHYQ MNLWO FHDLCO MOHG GKLJG [QE FU PFG ON RN PC ODZQG CHG KJHG RGNG WNGHLD NCQ
[QHE [JC GLG [WG ]KLJD PE DHK PHL TH] FL[G PL[QHC L RNCH ]HSD[Z [CD PE MLL GI PUK
[N G[H]GQ FLQ] RD[ZD COC ]CI ]HUO HOZG CO PL[DHT L POHCH HFL OU GKLJG ]C
CO OHFE RGND COC ]H[N RSLC PHLG ]HFHDUD ODC FHUH RDQ[G L[DFN PLSC [CD PE H]HUO
RCN PL[HCDH PLHFJ DL OLUO [ LWU [JC LFL OU [HQEO HOZG
RDQ[G L[DFQ PL[DCG ]CH C[G ]C DL[ZGOH ][HKZ [LKZGO TSNS HZ[IH PFG ]C ODZ
GIH DHK PHL TH]D UQQ RNH OHFE RGN LFL OU ]LUS PL[HWNG PHLD JDIQO PL[DCG ]NOHG UQQ
]QC ]W LWU PL[DCG ]CH C[G ]C DL[ZGO D OONS
RGND ]LUS G]LG PLOJEG ]]JQ ]NOHG PN RGN OND [WC HC OHFE RGN GSHUK PCG ONLGD ][HKZO VNG ]NOHGD UYH
D]N G[HSQGH JDIQG RHLFO GQHFD GFHDUO [LNQ COC GSLC HI GNOHG OL C]WTH]G LWU RDQ[G D]N LWN [JC
OHFE RGN YC RDQ[G
EW
]UF VTHL
GI PQJO CO ODC CZHF GSLYG ELWGO R]SLY EHW] LFN RSHYG MH]O RLOLKQH RLQJ HO RLQJQ
JL JHC [WHT P]J ]H LWU ]HCYJ[Q ][IE PHQ PEH OHLD ]NCOQ PHQ [HTC
PLSHC[ H[W GLDOO GKLW LZQ L[DT RSD[H GLDOO GKLW LZQ [DT [LCQ LD[
[D]TQ RLC PLQNJO G[DTD CLG P]ZHOJQ [ZLU L[G RCNOH RCNO [FLGO PLOHNL ]HC[ZQGH ]HLG
G[IUD FZO ML[Y [LCQ LD[O PE PSQC@ GLDOG [JCO FZQ COC G[IUD PH[U CHGN FZL
[LCQ LD[OH >[DF PHD HQYU GTNL COC N PLJDIDH ROGO CDHQN PLSWDH ][ LOND COC HFLZ RLC
PLSL TH] LWU MWGO COH HFLZO ]Q[HE GKLWG LN FZO MN [JCH GOLJ] KHWO []HL [D]TQ
P]ZHOJQ [ZLU RCNOH RCNO [FLGO PLOHNL ]HC[ZQGH OLCHG Q ROGO PLQNJG ]ZHOJQD CDKL[G D]N DHLNH CDKL[H
DH]NG ][FD COH G[DTD LHO]
DO VF
LWU OI C[EG PD FHUH PFC ]QNJ [WT VHTD CDHQ
GI ZHTWQ XHJ [FTG OU G[QCS GOHN G[WG ON
[F UUH PLDH]NG [FTN GHU IC PL[HWNG PHLD CO PLSWOH LSWO TSNS [CN R[GCO [FTG OU G[QCS G[WG [FQG
L[JC [W GQ
C[ZQ O HKHW PU GI ZHTWO OI[ H[LW PCH] FYLN QU DJ ]HFUHQ LZ[W [WTD FHU GC[H
RHUK RLF HSLC GOLDK RHUK PHZQ HFLZ RHUK GOLDK RHUK RLC PHZQD GQH [QHJH OZ
GOLDK L[G HFLZ RHUK HSLC DH GOLDK RHUKH OLCHG ]S]HSG CLG GD[FC [QHO RLCH HFLZ
LWU HFLZ PHZQD GCD GOLDK RLC MNOG [HLNG RQ GLG HFLZG HQN PLFHZQ PLQD ]LUS GSLC
PLSL TH]
CFL[E HFLZQ GOLDK OU VTHSG HFLZ FHQOO RLC H]UFO LN GI [QHJHOZG H[FO [DHT HSLC LD[ RN]LH
[Q [QC HQN C]LL[DG [WO G]U [IHJ ]HOLDK QJO RLSQ GFHGL LD[ [QC
OHTW CGL OHNL [QCZ LNG COC [JCD GFHDU GLO GHG RN PC OHTW CGL Z[LQ CO OHNL DU
D]N RN LSG RQLTG O RH[JC KHULQD HUSN PE PLOTHW GKLJGLOHTW PL[DHT L RSD[FQ
LFL OU OHTWD RCN GUS RH[JCG KHULQG CYQS RN PC OHCO L GI LWOH HZL] GF O RLOHJD L[
"KHJO [N HSLC PFC
RSD[FQ COC OHTW RLC C[]D KHULQD PL[WC ]LD OUD RHCEG D]N GQO MQT RCNQ CLDGO L
OHTW L PLFZD PLKZHS HSLLG PC C[QED H[QC HQNH PLQNJ HOTW CO PL[HWLNG PHLD RN RHLNH
WNGHLD GKLJG Z[QO [JC PFCO []HQ GLG GKLJG [QE CON RSD[FQ
[HZLUH GQ[EG GFOJ GT[F GLLG PLOHTWG PLSWHC GQJQ FJCD C[]D KHULQ KJ RLD ZOJO L FHU
COC GKLJD H[QCS ]HNOG QJQ RSLC [QHQ HC LHE ]KLJ RHEN PL[JC PLOHTW RLDH OHTW
GEL[GNH OON GKLJ GSLC COC GOHTW GKLJ OOND PSLC HOC PLOHTW ]JDIHQ HFQOS ]HNOG
C[]D KHULQD GKLJG LHE [QED INZT D FHL MD RLLUH@ RH[JC KHULQD OTHW HSLC MNO LQF G[LJSH
> GKLJ [D HSLC PHNU PUKG [CD P PLFEQ L[WDH L[DH KL RLOHJ TD UQQ RN D]NH OTW CO
FW