CYQSD RLC PC GI LWOH ]LJ] ODD [DHU PLQOD Q]Q PC RNO ]HJWD PLZHFT PLON ELGO OHNL PHQ [WO [WC
[HTCH G]JG O GUQ RCN L PHZQ ONQ RN]L MC ZHSL]O [DFG OLUHQ L[G G]JG RCN RLC CQ PL[ZL PLON COC
DYH RWHC OND
GL]H GOLNC HOLWC GJHF WS JHZLW [DFG KHW COG GZ []HQ D[ZU ]SNT ]QJQ PC
DLOH USQLGO ML[Y HSLCH OUSQ OHUSOH PLD[ZU PGD PLLHYQ ]HQHZQO MOLO LC[ GSHHNG [WCH
FL[] LTHT [HKG L[DFQ UHQO GC[S RNH ]QC ]W H]LDD
KU VF
RLU[EG PU ]D]HND PL[UQ PC CHG ZWTG L[WO G]SLU[E COD HC G]SLU[ED H[QC ]D]HNN
HC GHQN [WO UQQD RLCH G]SLU[ENH GHQN GSQG RHOQ MN OU HZG TH]GH HLFUOD HC
>GSLU[EH@ ]D]HND PL[UQ PCG ZWTG H[WH PGLSD RKZG [HULG ]C KHZSO L LN G]SLU[EN
GI HSLLG G]SLU[ENH H HCO PC VTHS [JC RLU[E HSLLG HSLS G]SLU[ENH H VTHS RLU[E PU
GNH]D
GTEG ]D]HNN GSQG KW PCG ZWTG [WO L CQH VTHS RLU[E OHONO GTE Q LC D[O UQQ RNLG [HCD ML[Y GI H[LWO
GTEG ]D]HN CQ HC VTHS RLU[E PU G O L E [ ]D]HNN HSLLG >VTHS RLU[E COD@ GTEG ]D]HN [W]Q G]SLU[ENH GHQN
HGIH >GNH]D RLU[E HSLLG G]SLU[ENH GHQN H@ GI [HULQ G]HJW COC VTHS RLU[E PU ]LSHSLD [HULN MN ON GOHFE GSLC
]HJW COH RLU[E FHUH ]LSHSLDN CLG GTEO LOQLTZQ [HUL R]LO [D]TQ [QHON GTEF GQN ON [Q]LC GTE LC D[ [QC
HSLU[E PU LSHSLD ]LIQ []HL OHFE RLU[E COD OHFE ]LI [HUL KO ]HN[DD ILUN HSLYQH
GTEG ]D]HNN [HYLZD HC RLU[E FHUH GTEG ]D]HNN []HL G[H[D RHO CS]G KZS CO UHFQ > TH]G H[LW OU@ GZ CO ILWOH
GTEG ]D]HND VTHS RLU[E VLTHGO RLC ]QCD LN G]SLU[EH
LTC D[ [WH RLU[E FHUH ]LSHSLDO HC RLU[E FHUH GTEO CLG GSHHNG G]SLU[ENH GHQN HSLSN PCG ZWTG [WO L FHU
G]SLU[ENH GHQN [QC CS]G [DLF GTE ]D]HN G]HC OU [Q]LC GTE RHOG ]HUQQQ
]C OOHN GI [HUL L[GH RLU[EG PU GQO CLG ]HQN G]HC PL[UQ G]SLU[ED PL[WQ LH
RLU[E PU RLU[E GNH]D RLC GNHUQ ]D]HND PL[UQ G]SLU[E COD HC RLU[EO [DG RLD OOJG
PL[HCDH PLHFJDH ]QC ]WD [WO HSHHLN RNH [HKLUGH L[LCQG H[W RN [HULG OOND GOOJ RLC GI LWOH F[WS
L[ ]UFD RN [LW DLYSGH
GQ ZFZF ]QC]W [WTD GL]UF CD]LQ CO LNGQ [LYD GL]UF CD]LQ LNGDF RSD[O HGO PLZH
RHLN D]NH LSLTQ GQO GNOG [TQS ]D]HN [HUL COGH ]N[YS CLG GQ POH HI ]WTH] O GSLSU
DHLD LHO] [HULG [QHO G[DTG ]N[YS MNO HCO PC G]SLU[ED PC GI [HULD OLUO HZW]TS
GTEF GQN ON [Q]LC GTE LC D[ KW MN PHQH ]UFG
GOLNC HSLLGF GSHU] CO [FE ][WQ GNOGGH@ ]UFG DHL [HULD LHO] WNGHL DHLJ GODZ]S GNOGG [WO L G[HCNO
MC >ETZ DL[G ]HD [HWQ RNH LSLTQ GQO GNOGQ WNGHLF ]D]HN H GNHTD C[QED UQQNH ]UFG DHL GD L
UEL FU PGD DS [LISD H[QC PLY[D UEQ ]CQHK [HUL RLSUO [QHO L RNH@ GI [HUL CHG GQN GNOGD [TQS CO
PLQNJ HSLH W ROGO RLONHC ]CQHKO GYLDN RLSUO PE HSLYQ GQHF RHOH GFUND P L Q N J H [ U L H ROHNN CHG R]YZQD
CL[
][JC M[F W ROGO ]HLJ X[GQ ]HGEGD UUH >UYH R[HULD
]UF VTHL
[HULO PLW[KYQ PSLC GL]H GOLNC MNO CW ROGO RQJS D[H RSJHL LD[ L[DFO ]UFG DHL O GI PUKD C]HZWS L FHU
MND PFC O H]UF ]DL]Q RLC LN DHLJ
JO PLJTWD CDHQD U LSLTQ GQO GNOGD PLQUK ]SL]S OU FHU
G]SLU[EH GTEG ]D]HN GYLDN HHG CO R]SLU[E COD ]HD]HN L] RLC GLQ[L LD[ [QC DU
JL[TH C]LLZF CDZ FJ L[Q]F LDZ L[] LSLC L[QCF HSLLG CWW D[ [QC GYLDNQ G[L]L LHG
RN [DFG RLC ]HCH[ HSLSLU COG GHQ]H L[WG [DQ OHFE G[Q]G RLU[E POHUO UQQ G[HCNO
]HLSHSLD ]HD]HN L]Q []HL GOHFE G]SLU[E PU GTEG ]D]HNG [QHO C[QEG ]SHHN GC[S RNO
O PLSLU[EG ]FLQQ ]HJW PG PLQUW PLSHSLD PL[Q] O PLDZ LS PUG PE]W [W]Q PE MNH
]QC ]W GTEG]D]HN DZ
GI OU COH GTEG ]D]HND RLD ]HOLE[ ]HD]HND RLD RLU[EGQ GD[G GOHFE ]D]HNG LCFH VTHS H[LW
L GTE ]D]HN VCH GYLDNQ GD[GD ]HSKZ ]HD]HN P]T RHLN G]LG GOCG COC C[QED RHFLSG
OHOUG [HUL R]S GYLDNQ OHFE CHG [HUL [HTQO HCHDD CS]G UHFQ RN PC GYLDNQ ]H]HJW
]HSKZ >]HTE PE@ ]HD]HN GD[G COG MC GYLDNQ []HL CLG HIN ]D]HN CYQL] PSQC LN ]HUKGO
[JD PC CQL] HI RLC GLQ[L LD[ [QC GI OUH GYLDNQ []HL H[LWD [QHO CS]O HO GLGH GYLDNQ
[QHO PLOLE[ PLSC MNQ CWW D[ HULLTH GYLDNQ []HL OU G]SLU[EH GTEG ]D]HN ]HSO CS]G
CS]G OHNL GI PFC LSD RHO OZQ OU RCN VC RN HSLC LCFHD LWUC ]D]HNG RQ OHFE RLU[EG
PLHFJ RSLU[E COO ]HD]HN L]Q G[]L ]HQN OU G]SLU[EH GTEG ]D]HN O GFLQD Q]GO
PL[HCDH
UYH [DG OU VFHU RLU[EG HKHWN [WO UQQ FHUH PLZLOC [H L[ L[DF ]HKWQ [LUGO L
HY RL[FGSTD PLSLHYQG ]HQHZQD U PUG LWD PL[HEG PLOQH PLQE]W CLDGO TD PLD[ ]HQHZQD CWW D[ O HN[F RN
QZ ]DD RLHYQ GLG [NL [YLLQ H]HSQHC RLSUQ [NLOH PL[Q]O PLNLLG PL[QCQ GQN CWW D[O HSLYQ RNH
GNHT HUD CO L[LWH L[LW GLO HHGF PHQ CQUK HSLLG P]G [QC CD[ GNHT LUD GYLDN CG
]WF LC[U ]OLNCN HGFLF UDZF CQHLF C[]D Z[WD RSLZTQFN GNHT LUD CO L[LW ODC ]W CZHFH
GNHT LUD L[LWF CSLO LCGN [LQJGO [DHT GLG LN GNHTO XHJ ]H[LW OHNCOQ [GIS GLG [LCQ HSLD[H
RSLUHQCH ]H[LW ]OLNCO HQYU UDHZN HSLLG GNHT LUD L[LW LC HOLWCF P]G JNHQF GC[S HGLQH
DW GNHT C[G RHO [TCF RCQ CNLO L[LWF LC[U ]OLNCD ODC ]WF LC[U ]OLNCN LHG HGFLF UDZF
EL
XHJ LC[U ]OLNC PHSONCH MQGD H[QC GQQ CLG GLC[G GC[S ]H[LWG OU UDHZD Z[ [DHFQ HS]LEHTQ JLNHGO D]N GQ
HO UQQ COH GNHT HUD L[LW PC PE [HKW ONG L[DFO LC[U ]OLNCD UQQ CO UDZ ]OLNC RLC LC[U ]OLNC GNHTO
LC[U M[F GD[G HOLWC UQQ CQ]TQ LN GYLDND LC[U ]OLNC [WO
PL[HKW MNOH LC[U ]OLNCD [DHFQ FLQUL OLD]G ]C PHUKO IDL[O HCLDG GUQQ C[QEG GZQ GQ NC [QC] PCH
[ OYC GLG MN E[H IDL[ OYC [DHFQ RWHC H]HCD GSQD PLUQG ]HNLQTQ GZQO UQQ GLG CQH GNHTO ]HOUOQ
G[HQ OLD]G ]C PHUKO COG DY MC ]HD]HN L]D PL[KHW RCN HOLCH UDZFD MJ[N OUH GYLDND DLLJO UQQ PH ZHFY
PLDLLJ DHH UDZ HGHCU GNHTO PHOUG H[QC MND [QHO L CQH ILUN GZG HZT KO[] CEQDH LC[U ]OLNC OU
M[DQ FJC RLSUO GFHUT ]HULDZ HI L[G ROW MHFD GQJO OHNLSH OLILS L[QCF RHEN DQ ]HN[DD H[QC RLSUN@ GNHTD RLFG RQ
>POHNO
DL[
W VF CQHL
KQ ]HN[DD [CD]S
GL] HI ]UDH GOLNC HI ]ONCH
W VF
ONHC ON DH]NO HO GLG R[HULD PLQNJ HSLH RUQQD DH]NG GSL RLONHC ]CQHKQ XHJ
PHZQ OND [HULGQ CLYHGO HD GSL O N C L [ C ONCG
f b ONQ D]NH CQKL PLQ HLOU CDL [C
J[ LWU
POHCH DH]NG ][FQ COC LSLTQ GQO GNOGQ RG RL[HUL [CN HSLC RLONHC ]CQHKO GYLDN [HUL G[HCNO UQQ
[FEH ]UF DHL [HUL ][WQ GNOGG OLH DH]NG RHO LHSL OU CHG PE TTHDQ LWUC H GNHT U GNOGQ CHG WNGHLD
GILCD [WO HC HGDC [O ]JC ]DD ONCSG ONHC [HUL ][WQ GNOGG RLONHC ]CQHKD VC OL NCH KU OSN GSHU] CO
ZJYL JL UUH [IUOC [O [DHFQ ONHCG RQ CDG ONHC
G[F OU PLNQTS COC CFL[E GNOG PSLC GCQHK L[HULQ GD[G LN QQOG R L S H U O PL[HUL H[QC MNO OL CQH
O H]LL[D ]OLJ] CHG H[QC GODS OH ]QG RQ ]LINH PF ]LULD[ RLSUO RNH PLONHC ]CQHKO GYLDND HQN HGON PUK HC
[HUL POHCH DD ]HOGC PDQ[O QGLW UUH DD QHK PDQ[ DE ]HOGCH ]LULD L[ C]WTH] U GQGD O HC PFC
GSQG H[LWO PDQ[G ]QFZGDH DOZ ]D H GNHT U C[ZQG OU ]NQTS GSLCH CLG QQOG G[HUN PYU
CQKO RLSUO Z[ [QCS PC PLONC ]CQHKO GYLDN [HULD PLSHC[G ]HKL KH[LW
ROSQ GYLDN RLONHC ]CQHK
HZ CO PLJDID CDHQD U PLFZDH RLOHJD RSD[FQH C]L[HCFQ HQYUD GCQHK ODZO PE HC PL[JC
]KL OU GZG MH[D ]JSQ [WTD ]OHES[] ]YLDQ []HL ZLIJQ GULODG ]LD RLC PLQNJ H[ULH
]LD RN]L FYLN C[QEG RQIQ ]LYJQD HSKZ]S HSSQID PLYLDG FHUH [WHT P]JG JOYG PLSH[JCG
HSSQID PLYLD L] ZLIJQ GULODG
GOHFE RLD ZHOLJ RLCH G]WLOZ COD CLG GYLDG GSG LKO JHC PL[HULG T[KSHZ LCRHIJG MN OU D]NH
]WTH]D G]HQN OWNS DZHUQG UDKNH GJK OND ]OFE]Q GOHFEG GYLD LSWQ KUQ COC GSKZO
PUWD UODS ON ]JC ]D L[ZQH ]NQS GUODGGH ZTH[Q GULODG PE PH[GH M[HCG DJ[G O KUQ
CQL] RCN RLCH ]JC
L RL[HULD GD[LH [JC RLF ]LD CDL CQ [HUL HO DH]NL ML[Y GIG RQID DOJ ONHCG
RLC PLUKHQ PG [[D]LH FL]UD HS]L HSO PLUHDZG PL[HULG CQ G]U HJO RLC LCFH [CDO
CLDQ FZQG RQID DOJ ]LIN ONHCG RNOH@ OI[ H[F HQN MLQLD KWHG LWO COC MOLO MO
GYQ ONHC PFC RN HQNH DHLJ [HULN ONC CO [[D]LH [HULG GS]L CQ HJ HSLCH ]CKJ
]HNOGG RLSUO MC >[HULG GS]L CQ JQ GOLNCD ]HD[GO ML[Y HSLCH LSHSLD ]LIN [HULD
G]HCD CQ HJO PHZQ L HOCD FZQG GSDLLNO RD[Z ]CDG M[HYO GDL]N RHEN FL]UO ]HUEHSG
UU [H ]QC ]W LWU [JC [HUL RLF ]LD HZTWL GU
HLOU PLDLLJ [DFD EEHD G[LDU [DHUG PLZTHWG HD]N RNH ]HQHZQ GQND C[QED UQQ
VCH@ HCKJ OU RD[Z CLDGO UFL HLQLD FZQG GSDLL PC LFN HTZSW OU ]CI DH]NO ML[Y ]CKJ
EL[