CDEFGHIJKLIMEJKL NEOIPKGOQCDFRLSETDKIUFGOVW XYLIJKZI[FGO\]LRL^DKOINEOIMDEFLSKOI_^DZRJS FGHIJKLMNOIPQRSMTUVOIWNXIYIUMVIZK[[V[I\VM[VNIJV]V[N
`XabMcdIe fKFI_^DFKRIgGFIROIJKFIhFVKHIKROVKLTKFFSi cFILRFFSKIROIJKOIhFVKHTjKRjKOIYOJIDGHHSKIROIJKFIVGO\KOI`RF^DK gRJKFiI UKJ;ZTjSiI fYZTjiI cOSF<^=SiI dREOKHI `GLJGOI ZG^DSK JFKRI _^DFRSSKI YOJI NKFDGFFSKI ROI JKFI >;DKI JKFI ?FKOOKOJKO `KF\KOiI cFI ?KSFG^DSKSKI JKOI ZKOL^DKOHKKFKOI CDEF@I JRK AGFZEFL;YHKO@I JRKI ZRSI JYO=KHI DRZ?KKFFESKZI `YOLSHKJKF ?K\EVKOKOI_S
EGSSKFRKI DG=KSKOgKFjKFI ROI JKFI ARSSKI GYj@I g;DFKOJI LR^DI JGL JGNEOIVKSFKOOSKIAGOYGHKIFK^DSLI?KjROJKSiI`GLJGOIVROVIESKOG?HGVKIR^DSLI KZTjROJKO g
KYVRKFI GYjI JKO MEJIKOSgR^=KHS@IKROKIXFSIZGVOKSRL^DKIXOVK\EVKODKRSi cOJHR^DI[FRKJKOi
fGLI_^DgKRVKOILKROKFIROOKFKOIf;ZEOKOi X?VKLKDKOI NEOI JKZI EHYSjHK^=I VG?I KLI =KROKFHKRI XO\KR^DKO jYZZKFOiI EKRI NKJKZI XOFYj KF=GOOSKI ZGOI LKROKI _SRZZKiI PKJKLI AGHI KFDRKHSI KFI JRK XOSgEFSFI Bh=GOiCI GRS\KI ROI LKROKOI XJKFOiI cFI gGFI GHLEI OR^DS SESiI>R^DSIVGO\i cFIJG^DSKIGOIJKOI[RHZI \O]OP^V_OQ`T NEOIXHjFKJIGRS^D^E^=@
KROKFI JRKLKFI _^DgGF\QLKRPQ[RHZK@I JRKI KFI LR^DI OG^DZRSSGVL \YZIKKRSNKFSFKR?IROIJKOI`ROELIJKLIQYGFSRKFIHGSROIGOLGDiIKgKR _TREOKI KOSJK^=SKOI KROKOI dKR^DOGZ@I JKFI ROI KROKFI =HKROKO L^DgKR\KFRL^DKOI `RF^DKI NEFI JKZI AGOYGHKI KROKFI hFVKHI LGP@ JRKI[ROVKFIKFLSGFFSIROIKROKZIJRL=EFJGOSKOIX==EFJi cFI VROVI \YFI EGHYLSFGJKI YOJI ?KSFG^DSKSKI JKOI _GGHI \YI LKROKO [
JKLI
`FRLSGHHSFETjKOiI
DKRHRVKOI fKFI
PEDGOOKLiI
VEHJKOKI
`FEOHKY^DSKFI
XHSGFNEFDGOViI
ZRS
aYFTYFOK
MKTTR^DKiI cLI gGFI VKOGYI JRKI VHKR^DKI _\KOKI gRKI ROI JKZ GRS^D^E^=Q[RHZ@IGHHKFJROVLIROIKROKFIGFZKORL^DKOI_TRKHGFSi BLGLIZG^DKOI_RKIJGMC `GLJGOI JFKDSKI LR^DI YZiI cROI HO?K=GOOSKFI ZRSI jHG^DKFI _SRFO YOJI Z;^DSRVKOI XYVKO?FGYKOI LSGOJI GYjI JKFI _^DgKHHKI JKF MFKTTKiI bZI GGH?JYO=KHI VHR^DI KFI KROKFI ZRSI L^DgGF\KZ [RH\LSRjSIVK\KR^DOKSKOI`GFR=GSYFiIcFIL^DRKOI\EFORVi _SGSSI\YIGOSgEFSKO@IZG^DSKI`GLJGOIKROIKROJKYSRVKLIKKR^DKOF BaLSRCIcFIgEHHSKIgKRSKFDROIJGLIajKRjKOID]FKO@IJGLI=GYZIOE^D
gGDFOKDZ?GFI gGFiI XHLI JKFI MEOI KFHEL^DKOI gGF@I VROVI KFI GYj JKOI>KYGO=]ZZHROVI\YF BdREOKHI`GLJGO@I`EZZRLLGFI?KRIJKFIAEFJ=EZZRLLREOiC fKFIAGOOIgRF=SKIE^DIRZZKFIRZIfRKOLSMC fRKI[FGVKILGVSKIGHHKLiI`GLJGOIZG^DSKILR^DI=KROKIbHHYLREOKO ZKDFiI ARSI LKROKFI LGOJjGF?KOKOI fFRHHR^DNG^=K@I LKROKOI =YF\ VKL^DORSSKOKOI VFGYKOI GGGFKO@I LKROKZI YZI JKOI GGHL VKgR^=KHSKOIMYF?GOL^DGHIYOJILKROKOIJFKRYOJLK^D\RVIPGDFKO GYjI JKZI EY^=KHI VHR^DI KFI ZKDFI KROKZI _]HJOKF@I JKFI GYj KROKZI _GYZTjGJI RZI ML^DGJI EJKFI RZI PKZKOI NKFVKLLKO gEFJKOIgGF@IGHLIKROKZIG=SRNKOIaEHR\RLSKOi fKFI GOJKFKI gGFI JGLI VKOGYKI UKVKOSKRHFI NYOV@I =F;jSRV@ LKH?LSLR^DKFiI cROI AYL=KHTG=KSI ROI KROKFI L^DRZZKFOJI VFYFI ROI RDFKFI _SGSYFI VHR^DKOI LRKI KROGOJKFiI KgKR
BEHKR?KOI _RKI LSKDKOC@I LGVSKI `GLJGO@I BLEOLSI NKFgRL^DKO _RKIJRKI_TYFKORC BGGYTSZGOOI cFR^I UKFOEYVC@I KFgRJKFSKI JKFI aEHR\RLS@I BcFLSK `FRZROGHTEHR\KRJRFK=SREOiILKFIDGSI_RKIGOVKFYjKOMC MFES\I LKROKFI cFFKVYOVI LTFG^DI KFI HKRLK@I GHLI D;SSKI KFI XOVLS@ KROKIAKLLKI\YILS]FKOi BfKFIKDFg
Bb^DI gGFI L^DEOI JGiI bZI UKFgGHSYOVLVK?;YJKI GYjI JKF GOJKFKOI _KRSKI JKLI GEjLiI XHLI UGSKFI _GF=RLI JKOI dKR^DOGZ KOSJK^=SK@I DGSI KFI ZR^DI VKDEHSiI UGO\I KROjG^DiCI cFI DE?I LKROK G;OJKiI Bb^DI DG?KI ROI ZKROKZI XYSEI OG^DI GGOJL^DYDKO VKLY^DSI YOJI JGOOI JRKI `RF^DKI JYF^DI JGLI GGYTSTEFSGH ?KSFKSKOiILRKI_RKiC BHOJI _RKI DG?KOI OR^DSLI VKD]FSMI b^DI ZKROK@I NEFDKFi UKF;YL^DK@IJRKIGYjIKROKOI`GZTjIDROJKYSKOMC B>KRO@I RZI UKFgGHSYOVLVK?;YJKI D]FSI ZGOI OR^DS@I gGLI LR^DI RO JKFI`RF^DKIG?LTRKHSiC UKFOEYVI VFRjjI ZRSI JKFI GGOJI ROI LKROKOI EHEYLEOI YOJI \EVI KRO GGOJOI DKFGYLiI `GLJGOI LSGFFSKI GYjI JGLI UHRKJKFGFZ?GOJI YOJ JKOI_RKVKHFROViIcROIK^DSKFIaEHR\RLSiIaHYZTiIUYHV;FiIfKOOE^D F
BLGLMC Bb^DIDG?KIGY^DIZKROKIMKGZLINKFLS;OJRVSiCIBbDFKIMKGZLMC fFGYPKO@I ROI JKFI DYKI UEYNEO@I DKYHSKOI _RFKOKOiI XYjI KROKO _^DHGVI j
KROKFI
JKFI
HKRSKOJKOI
EKGZSKOI
JKF
_TYFKOLR^DKFYOVF B`GLJGO@IJYI?RLSIgRF=HR^DIOR^DSISES\Y=FRKVKORC BfRKI dKR^DKI DGSI OE^DI WOKOI _SKRjKOC@I ZKROSKI JKFI XFZKORKF L^DZYO\KHOJiI BAG^DLSI JYI ZRFI JGLI DYOJYZTG=KSMCI BUKDS =HGFRC UKFOEYVWI EHR^=I gGOJKFSKI \gRL^DKOI JKZI AGOOI NEZ cF=KOOYOVLJRKOLSI YOJI JKZI cVaEHR\RLSKOI DROI YOJI DKFiI cF gRF=SKINKF?H<jjSi BUKDKOI gRFI FYOSKFRI GRKFI VR?SWLI OR^DSI VKOYVI aHGS\I j
ZKROSKI`GLJGOi hDOKI JRKI XOSgEFSI G?\YgGFSKO@I LSRKVI KFI JRKI MFKTTKI DROYOSKF YOJI =KDFSKI \YF<^=I ROLI `RF^DKOL^DRjj@I g;DFKOJI MK^DOR=KF ?KFKRSLI \gRL^DKOI JKOI _S
UESSKLDGYLI=KROKICI`YHSVKVKOLS;OJKi `GLJGOI ZYLSKFSKI JKOI UKRLSHR^DKOI L^DgKRVKOJiI fKFI GHSK AGOOI
DGSSKI
L^DEOI
KRORVKLI
JYF^DVKZG^DSiI
_KROK
NKFL^DHKRKFSKOI L^DgGF\KOI XYVKOI NKFFRKSKOI KROKOI SRKjKO [GSGHRLZYL@I JKFI ORKZGHLI jKFOI RLS@I gKOOI ZGOI KROKZI UEH= GOVKD]FS@IJGLI\gKRSGYLKOJIPGDFKIHGOVINKFjEHVSIgYFJKiILKOO ZGOI LKH?LSI RZI cVRHI VKHK?SI DGS@I gKOOI JRKI KRVKOKO UKFgGOJSKOIKROKZIU]H=KFZEFJI\YZIhTjKFIjRKHKOIQIYOJIgKOO JRKI HFDK?KFI JRKLKLI U]H=KFZEFJLI RDFKI UKF?FK^DKOI OR^DS KROZGHI\YVK?KOIgEHHKOi cFI JFKDSKI LR^DI YZiI UKFOEYV@I JKFI KRORVKI AKSKFI KOSjKFOSI ZRS JKZID<^=KOI\YIRDZILSGOJ@IgRLTKFSKIROILKROIGGOJOi `GLJGOIO;DKFSKILR^DIRDZIYOJILTRS\SKIJRKIhDFKOF Bb^DIgKRPIOR^DS@IgGLIKFIDRKFISFKR?SIiiiIPGIiiiILRKIL^DFKR?SIZGO JGLMI`KROKIXDOYOViILRKI`GLSKO@IEJKFM fKFI XFZKORKFI DROSKFI RDZI HG^DSKI HGYSI GYjFI B>KRO@I gRK CGLLGSGRC
`XabMcdIJ fGLIKFLSKIUKZ;HJKI\KRVSKIJRKIGFZKORL^DKOIXOjEFZGHKFgKRLKI OKDZKOI JRK ZKRLSKOI PYOVKOI GOI JKFI CDEFTFE?KI SKRHiI cRVKOSHR^DI D;SSKI LRK L^DEOI?KVROOKOIZ
JRKI`ROJKFIJE^DIVKOGYLEIVYSIDRKFILTRKHKO@IEJKFIOR^DSMC fKFI`FRTEQEKGZSKIOR^=SKIgKORVIKROiI fRKI XFZKORL^DKI XTELSEHRL^DKI `RF^DKI RLSI KROK GYSE=KTDGHKIEFSDEJEVKIhLS=RF^DKiI_RKIVKD]FSI\YIJKOI`RF^DKO JKFIJFKRI`EO\RHKiCIUKFOEYVWIXYVKOIgKRSKSKOILR^Di BGRLSEFRL^DI VKLKDKOC@I jYDFI `GLJGOI jEFS@I gE?KRI KFI JRK _SRZZKI KFDE?@I YZI JRKI _^DFKRKI JKFI `ROJKFI \YI GSYFiC
UKFOEYVIL^DgRKViI`GLJGOIH;^DKHSKiIcLI?KHYLSRVSKIRDOIRZZKF gRKJKF@IgKH^DKLIEKjFKZJKOIJRKIGFZKORL^DKILKHSIGYLH]LSKIQ RDFKI
DKVKHO@I
RDFKI
FKHRVR]LKOI
\?KF\KYVYOVKO@I
RDFK
XOJKFLGFSRV=KRSiI fKFI aEHR\RLSI \EVI NKF;FVKFSI LKROI >ESR\?Y^D DKFGYLiIcFIDGSSKIKLILGSS@I?KHKDFSI\YIgKFJKOi BUYSiI
fGLI
hTjKFI
DRKPI
iiiCcFI
LSYJRKFSKI
LKROK
XYj\KR^DOYOVKOiIBLRHDKHZIU]S\@IOR^DSIgGDFMC _GF=RLIOR^=SKIZRSINKFL^DF;O=SKOIXFZKOiIBLGFIKFIXFZKORKFMC B>KRO@ICDRHKOKiCIBCDRHKOKMC BLRHDKHZI VKD]FSKI OR^DSI YOLKFKFI UKZKROL^DGjSI GOiI UEFI JFKR PGDFKOI RLSI YOLKFI hFVGORLSI ROI LKROKI GKRZGSI \YF<^=VK=KDFSi LRFI DG?KOI OG^DI KROKZI cFLGS\I VKLY^DSiI b^DI D]FSKI NEOI U]S\@ KROKZI hFVGORLSKOI YOJI AYLR=gRLLKOL^DGjSHKFiI cFI DGSSK ?KFKRSLIZKDFKFKICD]FKIROIaGFRLIVKHKRSKSiC BU]S\I iiiC@I gRKJKFDEHSKI UKFOEYVI ROI \gKRjKHOJKZI MEO@I BD]FS LR^DIOR^DSIVKFGJKI^DRHKORL^DIGOIiiiC BcROI JKYSL^DKFI >GZKC@I ZRL^DSKI LR^DI `GLJGOI KRO@I BKRO
VFEPKFI MKRHI JKFI ^DRHKORL^DKOI EKN]H=KFYOVI RLSI JKYSL^DKF X?LSGZZYOViCIfKFIaEHR\RLSIFYO\KHSKIJRKI_SRFOFIB>G\RLMC B>KROC@I GOSgEFSKSKI _GF=RLI H;^DKHOJ@I BJRKI UEFjGDFKOI NEO U]S\I DG?KOI LR^D@I VHGY?KI R^D@I XOjGOVI JKLI J]iI PGDFDYOJKFSL ROICDRHKIORKJKFVKHGLLKOiC fKFI GGYTSZGOOI =HETjSKI ZRSI LKROKZI [RH\LSRjSI GYjI LKRO >ESR\?Y^DFI Bb^DI ?HR^=KI JGI OR^DSI JYF^DiI CDRHKOK@I XFZKORKFI Q gGLINKF?ROJKSILRKMCIBfRKIAYLR=C@IGOSgEFSKSKI_GF=RLi BfRKIAYLR=IYOJIJGLIcVRHC@IKFV;O\SKI`GLJGOiIBLRFIXFZKORKF gRLLKO@I gGLI KLI DKRPS@I KROI [H<^DSHROVI \YI LKROiI LRHDKHZI gGF _E\RGHRLSiI cFI RLSI YOSKFI JKZI aROE^DKSQDKVRZKI NKFjEHVS gEFJKOiIGRKFI?KRIYOLIDGSIKFIKROKIOKYKI[GZRHRKIVKjYOJKOiC UKFOEYVI ZG^DSKI LR^DI >ESR\KOiI cFI GDOSK@I JGLLI KFI LR^DI JG KRORVKLI GYjVKDGHLSI DGSSKiI HOJI JE^DI LT
KROC@I KOSVKVOKSKI _GF=RL@I BJGLI =GOOI R^DI ZRFI OR^DS NEFLSKHHKOiC B`KROKI TEHRSRL^DKOI aFE?HKZKMI hJKFI KDKZGHRVKI [KROJKI RO CDRHKMC BaROE^DKSIDGSILR^DIeZ[^IGOIJRKIAG^DSIVKTYSL^DSiIU]S\I=GZ ROI JKOI G^DS\RVKFI PGDFKOI OG^DI [FGO=FKR^DiI fGI RLSI gEDHI GHHKL
NKFN;DFSiIbZI\?FRVKOIgRFJICDRHKIL^DEOILKRSIPGDFKOINEOI=KROKF ARHRS;FNYOSGI ZKDFI FKVRKFSiI HOJI aROE^DKSI RLSI =EFZGHKFgKRLKI
g
JKFI
_SGGSLGOgGHSI
JRK
AEFJ=EZZRLLREOI ZRSI JKOI cFZRSSHYOVKOI ?KSFGYKO@I KLI LKR JKOO@I UKFOEYVI
BHZIgRKINRKHIHDFIVKOGYMC BeIieTI HDFiI b^DI DG?KI RDOI JGI E?KOI VKjYOJKOI YOJI LEjEFS dREOKHI GOVKFYjKO@I JKFI jF
BLRFI EFVGORLRKFKOI VKFGJKI JRKI DKRLKI GFZKORL^DKFI `ROJKF@ JRKI
[FGO\]LRL^DI
HKFOKOI
YOJI
RZI
[K?FYGFI
\YZ
LEDHS;SRV=KRSL=EO\KFSI NEOI CDGFHKLI X\OGNEYFI RZI aGHGRL UGFORKFI=EZZKOILEHHKOiILRFIOKOOKOILRKI_NYOVKIEESL^DGjSKO YOJIiiiCI` _KROIGGOJOIH;YSKSKi BcOSL^DYHJRVKOI_RKI?RSSKiC `GLJGOISFGSI\YFI_KRSKi BGGHHEMC BAKOJK\iC BLEI?RLSIJYMC BLGLIVHGY?LSIJYMC Bb^DI=EZZKiC `GLJGOI KOSL^DYHJRVSKI LR^DI KROI gKRSKFKLI AGHI ?KRI _GF=RLI YOJ UKFOEYVI YOJI L^DH
`RF^DKOL^DRjjI j
KROI
GHSKFI
[Y^DLI
=Y?GORL^DKF
X?LSGZZYOViIEKRIJKFIAEFJ=EZZRLLREOIOGOOSKOIRDOIGHHKIOYF BAKOJK\Q[FGO^KCi fKFIUKFR^DSLZKJR\ROKFI=GZIVKFGJKIJRKIMFKTTKIDKFYOSKF@IGHL `GLJGOI JKOI NEOI `KF\KOI KFDKHHSKOI GGYTSKROVGOVI KFFKR^DSKi fRKI?KRJKOIA;OOKFIVF
OKROiI`KROKI\KFFRLLKOKI`HKRJYOViCIBHOJIEHYSMC BcLIVR?SIEHYS@IG?KFI=KROKILYOJKiCIBGGLSIJYIKROKIcF=H;FYOV JGjGLK@I hDFKOiI hJKFI KROKI UKFHKS\YOV JKFI `ETjDGYS@I LEH^DKI LYOJKOI ?HYSKOI RZZKFI LSGF=iI X?KFI ?RL NKS\SIRLSIZRFIOR^DSLIGYjVKjGHHKOiC B`]OOSKI LKROI MEJI KROKI OGS
B`HGFEiILRKLEIFKJIR^DI
UKL;OVKOIYOJILKRDFGY^DIKFj
JRKI XYLKROGOJKFLKS\YOVI \gRL^DKOI JKZI hFVGORLSKOI YOJ LKROKZI A]FJKFI DROKROiI UKFLSK^=SI LR^DI DROSKFI JKO hFVKHTjKRjKOI YOJI L^DHKR^DSI LR^DI JGOO@I RZI _^DE^=\YLSGOJ@ LSRHHIYOJIDKRZHR^DIgRKJKFIJRKIMFKTTKIDROYOSKFi `GLJGOI VFRjjI OG^DI LKROKZI GGOJOI YOJI FRKjI GEDNGOOKL@I JKO `KROiC BfGO=KiI `KROI LEFSI \YI UKFOEYV@I JKZI MOTKOI NEOI JKFI `FRTEi b^DIZKROKFIOR^DSIVHKR^DRC
Bb^DIgKFJKIZKROKOIEKFR^DSIL^DFKR?KOiC B_R^DKFiIUKFOEYVIgRFJIGHLEIKFLSINEOIJKZIX?JFY^=IKFjGDFKO@ gKOOIJYIRDZIJKOIEKFR^DSIVR?LSiIfGLIVR?SIZRFI\gKRIEJKFIJFKR _SYOJKOIUEFLTFYOViI`GOOLSIJYIJGLIj
`XabMcdI^ BLRKIDKRPSIJYMC BEKONGZRO@IEKONGZROIKGFZGORGOiC BLRKIGHSI?RLSIJYMC BKg]HjiC BLEIgEDOLSIJYMC BDYKIJYICEZZKF^KISY@IRZIeTiI XFFEOJRLLKZKOSiC `GLJGOI OESRKFSKI LR^DI JRKI XOVG?KOiI aYOjKFFGSI DGSSKI RDZ
gKRSKFKI cRO\KHDKRSKOI ZRSVKSKRHSiI _KROKLI cFG^DSKOLI TGLLSK JGLI AYLSKFI JKLI X?JFY^=LI \YI KROKZI EGL=KS?GHHL^DYDI JKF AGF=KI CEONKFLKiI Bb^DI SFGVKI JRKI VHKR^DKOC@I DGSSKI JKF MK^DOR=KFIDRO\YVKj
`ROJKFI
GYjVKSFRK?KO@I
JRKI
GHHKI
\gKRjGF?RVK
EGL=KS?GHHL^DYDKI GODGSSKOiI hjjKOLR^DSHR^DI gGFI JGLIZOW _^DYDIJKLILROSKFLIJ]]Ii BbOIgKH^DKI`HGLLKIVKDLSIJYMC BbOIJRKIjR^=KOiI cLI gGFI JKFI JFRSSKI PYOVK@I JKOI KFI ?KjFGVSK@ YOJI KFI KFDRKHSI OYFI KROLRH?RVKI XOSgEFSKO@I \gRL^DKOI JKOKOI KL
HGOVKI aGYLKOI VG?iI `GLJGOI KFgGFSKSKI =KROKI LTEOSGOK KKYVKOGYLLGVKiI cFI DRKHSI NRKHZKDFI XYLL^DGYI OG^D XO\KR^DKOI NEOI >KFNELRS;SI EJKFI KROKLI LKKHRL^DKOI _^DE^=L ?KRIJKZIKKYVKOIJKLIUKF?FK^DKOLiIERLHGOVINKFVK?HR^Di BLGLIjKRO@IR^DIVHGY?K@IKLIRLSINEOI_^DY?KFSiC LRJKFLSFK?KOJI DGSSKI _GF=RLI JRKLKOI UKFLSEPI VKVKOI JRK
hFSDEJEVRKIVKOKDZRVKOIZR^DSI?KLEOJKFLiC BLGLIZG^DSIJRFIJGOOI_TGPMC cFI \Y^=SKI gRKJKFI ZRSI JKOI _^DYHSKFOiI _RKI ?KjGOJKOI LR^DI RO JKFI `<^DK@I YOSKFDGH?I JKFI UKFgGHSYOVI JKFI UKZKROJKiI fRK GOJKFKOI `ROJKFI gGFSKSKOI RZI >K?KOFGYZ@I JKFI ER?HRESDK=i fKFI XFZKORKFI gEHHSKI JKOI \KRSHR^DKOI X?HGYjI JKFI cFKRVORLLK =H;FKOF BLEDROI?RLSIJYIOG^DIJKZIDKHRVREOLYOSKFFR^DSIVKVGOVKOMC BbOIJKOIGEjiIb^DIDG?KIVKLTRKHSiC BLGLMC B[YP?GHH@IZRSIJKOIGOJKFKOiC BERLSIJYIOR^DSIROIJRKI`RF^DKI\YF<^=VKVGOVKOMC
B>KROiC BGGLSIJYIOR^DSIGKFFOIU]S\IGYjVKLY^DSMC B>KROiC B_R^DKFMC Bb^DI?ROI=KROI_^DHKRZKFiC fKFI PYOVKI DGSSKI JGLI ZRSI KROKFI FGYKO@I j
X?KFI GY^DI JGLI gG^DI LKROKF EKjFGVYOVI DGSSKI `GLJGOI GYjI LKROKOI KKSSKHI VKL^DFRK?KOF Q O P Q [TfKFI \gKRSK@I `KNROI fGNSRGO@I KHjI PGDFK@I gGF gRJKFLTKOLSRVKFI VKgKLKOiI `F;jSRVKI _SGSYF@I ?FKRSKI _SRFO@I =YF\ VKL^DEFKOKLI L^DgGF\KLI GGGFiI XYjI JRKI [FGVKOI `GLJGOL DGSSKI KFI OYFI ZRSI KRO\KHOKOI dGYSKOI VKGOSgEFSKSiI X?KFI =KROK XO\KR^DKOINEOI>KFNELRS;SiINOPQ[ cLI =HETjSKiI fKFI NRKFSKI PYOVKI SFGSI KROiI cROI LTRHHKFRVKFI MOTI ZRS \KF\GYLSKZI GGGFiI cROI KOVKFI L^DgGF\KFI aGF=G@I KROI gKRPKL GKZJ@I JKLLKOI `FGVKOI \gKRI ?HGLLKI [RSSR^DKI GYjI LKROK _^DYHSKFOI \KR^DOKSKiI cFI VHR^DI JKZI XOj
fGNRJI _RZEORGO@I \g]HjI PGDFK@I gEDODGjSI ROI JKFI DYKI JWXLLGL J[@IIiIXFFEOJRLLKZKOSiIbOIJKFI\gKRSKOI`HGLLKIRZIAEOSGRVOKQ UOZOGLRYZiIXHSiI_^DYDVF]PKI^[i BfYI ?RLSI JKFI _EDOI JKLI UOO;=EHEVKOI aRKFFKI _RZEORGOMC BPGiC `GLJGOI=GOOSKIJKOIUGSKFIJKLIPYOVKO@IJKFILKROKIaFGVRLIGZ EEYHKNGFJI DGLTGRHI RZI eYiI XFFEOJRLLKZKOSI DGSSKiI >G^DI JKF EKjFGVYOVIL^DgRKVIKFIYOJI?KE?G^DSKSKIJKOIPYOVKOIGYLIJKO XYVKOgRO=KHOiI >E^DI KROZGHI NKFLY^DSKI KF@I KROKI NKF?EFVKOK DKVYOVI NEOI XOVLSI GYj\YLTR^DSLiI cFI TFE?RKFSKI KL GOJKFLF BLGFIAEOLRKYFIU]S\ILOZTGSDRL^DMC BcLIVKDSiC B_SFKOVMC B>GNGiI cFI gGFI iiiCI fKFI PYOVKI L^DRKOI OG^D\YJKO=KOiI BcF gGFILEIgRKILKROKIaGFSRSYFKOiCIBfGLIDKRPSMC
BcFI FKJKSKI gRKI KROI DE?ESKFiI _G^DKOI gRKI _DGHSKI JKROKO MEOb@I _JKROKI dYjSLSF]ZYOVb@I _LROVI =HGFI YOJI JKYSHR^Db@ RZZKFIJGLLKH?KiIcFIVG?IYOLILEVGFIaYO=SKiCIBaYO=SKMC BaYO=SKI jG^D NKJKZI `EO\KFSI VG?I KFI YOLI KKOLYFKOiI X?KFI JGZRSI =EOOSKI KF YOLIZGHiC `GLJGOILSKHHSKILR^DINEF@IgRKIU]S\IJKOI`OG?KO^DEFIJRFRVRKFSK@ ?KLKLLKOI NEOI fKSGRHL@I JRKI OYFI RDOI ROSKFKLLRKFSKOiI LGL =EOOSKI NKZGOJKOI JG\YI NKFGOHGLLKO@I KROKOI LEI DGFZHELKO@ NKFL^DFE?KOKOIAGOOIYZ\Y?FROVKOM BGGSI KFI GYPKFDGH?I JKLI UKLGOVLYOSKFFR^DSLI ZRSI KY^D VKLTFE^DKOMC B>KROiC BGGSIKFIORKILKROIGKRZGSHGOJICDRHKIKFg;DOSMCIB>KROiC BLKRPSIJY@IgEICDRHKIHRKVSMC B>R^DSI VKOGY@I OKROiI bOI UKEVFGTDRKI OKDZKOI gRFI VKFGJK
cYFETGIJYF^DiC BGGLSIJYINEFDROIRZIGEjIVKLTRKHSMC BPGiILRKINKJKOIARSSgE^DIOG^DIJKZIDKHRVREOLYOSKFFR^DSiC BbLSIJRFIOR^DSLIHOVKg]DOHR^DKLIGYjVKjGHHKOMC BKYZIEKRLTRKHMC BLRF=SKI KROKFI JKROKFI `GZKFGJKOI NRKHHKR^DSI NKF;OVLSRVSMI GGS KROKFI
VKgKROSMCI
fKFI
PYOVKI
gGFjI
RDZI
KROKO
NKFLS;OJORLHELKOI EHR^=I \YiI Bh=GO@I LGVI JKZI >;^DLSKO@I KF LEHHIFKRO=EZZKOiC `GLJGOI LSGFFSKI GYjI JGLI `FKY\I GOI JKFI AGYKFI
fRKI M iiiI KROKI AYHSRZKJRGQUKOKFGSREO@I KFNELRS;SiI `GLJGOI NKFLY^DSKI KLI ZRSI KRORVKOI ROJRFK=SKO [FGVKO@I GYjI JRKI KFI NKJE^DI OYFI OR^DSLLGVKOJKI XOSgEFSKO KFDRKHSiIeOWTNfg]S`O[ cHHGI `GFKOGO@I KHjI PGDFKiI DYKId GIEFYOcFK@I^YiI bOI JKFI _KVSG JKLI CEOJEF^KSQUOZOGLRYZLiI EGLLiI _^DYDVF]PKI ^Ii EKLEOJKFKI AKF=ZGHKFI UKRVKFI YOJI PYJE=GiI DKJKSKI gRKI KRO
LGLLKFjGHHiI PKJKOI ARSSgE^DI OG^DI JKZI UKLGOVLYOSKFFR^DS ?KSFRK?IKFI`GZTjLTEFSi GKYSKI DGSSKI KFI gKVKOI BJRKLKFI _G^DKCI JKOI `YFLI NKFTGLLSi _EI g
fRKI`<^DKOS
`XabMcdIY fRKI AGFZEF?
bOLSRSYSLI
LSGOJKOI
ROI
JKF
cROVGOVLDGHHKI JKLI UK?;YJKLiI hFjRHGI deSeZQeSJJe@I MGFJRKY deSIeQeS[Ze@I EFEYGFJKHI deS[ZQeZ]Ie@I MDEROESI deZ]IQeZeSe iiiIBhjjKOIVKLGVS@IJYIgRFLSIH;LSRViC `GLJGOI JFKDSKI LR^DI YZFI DR^GFJEI AKOJK\I RZI VF
KROKI aHG=KSSKI ZRSI JKFI XYjL^DFRjSI BUAbCI YZI JKOI GGHL@I gGF VKFGJKIKFL^DRKOKOiIbOIJRKLKZIXYj\YVIgRF=SKIKFILE@IGHLIg;FK KFI GYLI KROKFI LTGORL^DKOI hTKFKSSKI JRFK=SI ROI KROKI [EHVKI NEO h^OW_OQgiT
jYY^T NKFLKS\SI gEFJKOiI X?KFI ZRSI LKROKZ
JYO=HKOI MKROSI ?KgGDFSKI KFI KSgGLI _EOORVKL@I JKOI CDGFZK JKFI`GFR?R=i `GLJGOI\gRO=KFSKIRDZI\YIYOJI\KRVSKIGYjIJRKI_SGSYKOF BUHGY?LSI JY@I JGLLI KROKLI MGVKLI JKROKI E
VKDKFNKOL;VKiCI AKOJK\I \EVI LKROK GGOJL^DYDKI GYLI YOJI LSETjSKI LRKI ROI JRKI MGL^DKI LKROKL `RSSKHLiIB[
dK^EZSK@I
JKFI
fRFK=SEFROI
JKL
UKFR^DSLZKJR\RORL^DKOI bOLSRSYSL@I ROI KROKOI EHYZKOVGFSKO NKFgGOJKHSI gEFJKOiI cROI hFSI JKFI XOJG^DS@I NKF\RKFSI ZRS EY^DL?;YZKO@I
AGRVH]^=^DKO@I
hLSKFVHE^=KOI
YOJ
[HRKJKF?
fRKI ?KRJKOI LK^D\RVN;DFRVKOI A;OOKFI HRKPKOI LR^DI GYjI KROKF EGO=I ORKJKF@I JRKI LEI GYLLGD@I GHLI g;FKI LRKI ROI KROKZ ]jjKOSHR^DKOI UGFSKOI VKLSEDHKOI gEFJKOiI `GLJGOI \EVI RO XHYjEHRKIKROVKL^DHGVKOKI=HKROKIa;^=^DKOIDKFGYLiIUEFLR^DSRV ]jjOKSKIKFIKROKLIJGNEOIYOJIZYFZKHSKF kl V]d VbVST QI ZRSI GEORVI YOJI >
ZGOI
_^DOKHHLSFGPK@I
JKOI JRKI
JYZTjKOI DROSKFI
UKF=KDFLH;FZI JKZI
NEOI
JKF
dKR^DKOL^DGYDGYL
KOSHGOVjG^DFR^DSKOI VKLKDKOMC@I jFGVSKI `GLJGO@I YZ
NEOI LKROKZI KRVKOSHR^DKOI XOHRKVKOI G?\YHKO=KOiI BbOI JKF >GSREOGHNKFLGZZHYOVISYSILR^DIKSgGLIROIYOLKFKZI_ROOKiI_RK ?KFGSKOI
ajGOO=Y^DKOFI B_ROJI VYS@I JKROKI dK^=KFKRKOiI GGLSI JYI LRK LKH?LSI VKZG^DSMCI B>KRO@I KROKI EK=GOOSK@I KROKI LRSgKI GYL XHjEFSNRHHKiCIBcROKIXjj;FK@IgRKMCIBcROKIaYTTKiC fRKIGE^D?GDOI=FKRL^DSKI
JRKLKFI[H;^DKIYZjGLLSiCIBLGLIRLSIZRSIJKZIDKLSITGLLRKFSMC BfKOI DGSI LR^DI DGYTSL;^DHR^DI JRKI MGZKOI ;OJKFOI YOJI JRKI UFKO\KI OG^D XOGSEHRKOIGZKOI;OJKFOMC BLKRHI JYI L^DR=GORKFSI gRFLS@I gKOOI JYI ROI JRKI MGZKI GYjI _GObI KOJKSiI HOJI gKOOI JYI JGOOI OE^D JKOI EKFVI XFGFGSI ?KLSKRVKOI gRHHLS@I JF;OVKOI LRKI JRFI KROK ZRHRS;FRL^DKI cL=EFSKI GYj@I YOJI JYI =GOOLSI ORKI LR^DKFI LKRO@I E? JYI\YF<^==EZZLSiC BLGLIgRHHLSIJYIJGIYOSKOIZG^DKOMC BfRKI;HSKLSKOI`RF^DKOIJKFILKHSI?KLR^DSRVKORIXHLIJRKICDFRLSKO OE^DIROIF]ZRL^DKOIKRF=YLLKOI\KFjHKRL^DSIgYFJKO@I?GYSKOIgRF XFZKORKFI ?KFKRSLI YOLKFKI `RF^DKOiI b^DI Z]^DSKI JKFI DEYSK JRKLKFI _S;SSKOI jEHVKO@I JRKI G?I JKZI j
gYFJKOiIXVW`iWP VT QI AGYLEHKKO@I ROI JKOKOI JRK
LSKF?HR^DKOI \?KFFKLSKI NEOI A;FSOFKFOI HRKVKO@I ROI [KHLg;OJK VKL^DHGVKOKI `GTKHHKO@I _SKHKOI iiiI XOL^DHRKPKOJI gKFJKI R^D ZRFI JRKI EGLRHR=KOI JKLI LRK?SKOI PGDFDYOJKFSLI JKLI UEHJKOKO KKRSGHSKFL@IGOLKDKOiIb^DIDG?KIZKROKIDEYSKI?KFKRSLIVKTHGOSiC
AKOJK\IOGDZIOE^DIKROKOIajGOO=Y^DKOF BLRF=HR^DIVYS@IJKROKI_^DgKROKFKRKOIiiiC `GLJGOI H;^DKHSKiI cFI gGFSKSKI JGFGYj@I JGLLI JRKI _TKRLKOI RDFK LRF=YOVI SGSKOiI fKFI GEORV@I JRKI >;DFLSEjjKI ROLI EHYSI JKLI `Y?GOKFLI VKHGOVSKO@I g
BGGSIZGOIRDZIJRKIMFEZZKHjKHHKIJYF^DLSE^DKOMC BfRKIMFEZZKHjKHHKIYOJIJKOIDKLSIJKLIUKD]FEFVGOL@INGiIcROK G>hQ_TK\RGHRLSROIRLSIVK=EZZKO@IYZIGHHIJRKLI\YI
_TRS\KI
DGSI
JGLI
MFEZZKHjKHHI
JYF^D?EDFS@I
JRK
UKD]F=O]^DKH^DKOI \KFLS]FSI YOJI RLSI ROI JRKI _^DOK^=K KROVKJFYOVKOiI HZI LEI SRKjI NEF\YLSEPKO@I ZYLLI ZGO NKZGOJKOI gRF=HR^DI DGLLKOiI fKROI CDRHKOKI DGSSKI =KROK CDGO^KiI_KROIGKF\IRLSITH]S\HR^DILSKDKOIVK?HRK?KOiC BbLSIJGLILEIL^DZKF\DGjSMC BGGLSI JYI L^DEOI ZGHI KROKI hDFKOKOS\KFNKO?GDOKOiC
L;DFKOJI LKROKFI NRKF\RVN;DFRVKOI dGYj?GDOI GHLI aEHR\RLSI gGF `GLJGOIOE^DIORKIKROKILEH^DKIUKL^DR^DSKIYOSKFVK=EZZKOi B`GOOI ZGOI SGSL;^DHR^DI NEFI _^DZKF\KOI LSKF?KOMI bLSI JGL =KROKIdKVKOJKMC BcLI g;FKI \YI =EZTHR\RKFS@I JRFI GHHKLI RZI fKSGRHI \YI KFH;YSKFO@ G?KFI JKFI AKOL^DI ?KLRS\SI \gKRI >KFNKOLOLSKZK@I JGL LOZTGSDRL^DKI YOJI JGLI TGFGLOZTGSDRL^DKiI XHHI YOLKFK URSGHjYO=SREOKOI ?GLRKFKOI GYjI JKZI UHKR^DVKgR^DSI \gRL^DKO JRKLKOI ?KRJKOI _OLSKZKOFI GKF\L^DHGV@I EHYSJFY^=@I XSZYOVi _SGF=KFI _SFKLLI =GOOI JRKLKLI UHKR^DVKgR^DSI LS]FKOI YOJ VFGNRKFKOJKI [EHVKOI jKRO@I JKFI _SFKLLI gGFI gRF=HR^DI LSGF=iI fGLI UHKR^DVKgR^DS
gYFJKI GYVKO?HR^=HR^DI \KFLS]FSiI HOJI JGLI GKF\I DGSI NKFLGVSi fKFI A]FJKFI gEHHSK@I JGLLI JGLI hTjKFI NEFI _^DZKF\KOI LSRF?Si fGLI gGFI JGLI KRKHI JKFI \?YOViI LGLI DGSSKI U]S\I VKSGO@I JGLL RDOINKZGOJIJKFGFSIDGLLSKMC BLGLI=GOOLSIJYIZRFIGJKH@I\gKRjKHHEL GYLIAKSGHHiIAEFVKOIgKFJKOIgRFIZKDFIgRLLKOiC BLGFSKLSIJYIGYjIJRKIcFVK?ORLLKIJKFIXOGHOLKOMC BPGiI LRFI DG?KOI `OE^DKOI GYLI JKZI [KHLKO?KROI KOSOEZZKO@ JGLI JRKI _^DOK^=KI KOSD;HSiI LRFI DG?KOI JRKI aFE?KI \YZ >G^DgKRLI NEOI AKSGHHFKLSKOI ROLI dG?EFI jhQ_TK\RGHRLSROiC
BLRKIDKRPSILRKMC BUKFVRLLI KLiI b^DI =KOOKI JR^DiI fYI gRFLSI LRKI ZRSSKOI ROI JKF >G^DSIGOFYjKOiCIBLRKIDKRPSILRK@IAKOJK\MC DR^GFJEI LKYj\SK@I g;DFKOJI KFI KROKOI KRVGFRHHEI GYLI LKROKF MGL^DKI \EVFI B[FGO^KI XYJYLLEO@I G>hQ`HROR=I RZI `HROR=YZ MFEYLLKGYiC `GLJGOIL^DFRK?IJKOI>GZKOIROILKROI>ESR\?Y^DiI_KRSIKRORVKO PGDFKOIHRKPILKROIUKJ;^DSORLIOG^Di BHOJIJRKISEVR=EHEVRL^DKOIXOGHOLKOMC BbOI \gKRI MGVKOiI X?KFI ZGOI gRFJI OR^DSLI jROJKOiI fKFI [GHHI RLS =HGF@I`GLJGOiI>R^DSI?GOGH@IG?KFI=HGFiC BLGLI=GOOLSIJYIZRFI
BUHGY?LSIJY@IJGLLIKFIGOGSEZRL^DKI`KOOSORLLKI?KLRS\SMC B>KRO@IG?KFIKFIRLSIVKL^DR^=SIYOJIDGSIFR^DSRVIVK\RKHSiC B`GOOLSI JYI KSgGLI KRO@IOYFIXQXOGHOLK NEFOKDZKOI=]OOSKMC B[KDHGO\KRVKRIfKFIA]FJKFIDGSILKROIhTjKFIOR^DSI?KF
B>R^DSLI\YIJGO=KOiIb^DIVK?KIJRFIOE^DIKROKOIVYSKOIDGSFIdGLL JRKI [ROVKFI JGNEOiI fGLI RLSI OR^DSLI ZKDFI jKFNKOL;VKiC `GLJGOIL^DKO=SKIRDZILKROIL^D]OLSKLId;^DKHOF Bb^DIHGLLIJRFIJRKIajGOO=Y^DKOiC
`XabMcdIT LRHDKHZIU]S\IgEDOSKIROIJKFI DYKIUG\GOIeTQe[@IVKVKO
`GLJGOI
RDOI ROI LKROKZI DKjYVRYZI DKRZVKLY^DSI DGSSK@I gGFI KRO KKR^DKOiIcFIZYLLSKIJKOI[GHHIH]LKOiIfGOOIG?IJYF^DIJRKIARSSKi fRKIVFEPKIDKRLKiIfRKIYF^DFRLSHR^DKOI`RF^DKOiIfRKILSKROKFOKO `FKY\KiIfRKIjFESR\KOIDRO\YVKj
aROE^DKSiI U]S\I gGFI NKFDGjSKSI YOJI NKFD]FSI gEFJKOiI fGOOI KRO L^DgGF\KLI dE^DiI eZS[I SGY^DSKI U]S\I GHLI GOKF=GOOSKF TEHRSRL^DKFI[H<^DSHROVIgRKJKFIROI[FGO=FKR^DIGYji bOI \gGO\RVI PGDFKOI DGSSKI LR^DI JKFI CDRHKOKI KROKI cVRLSKO\I RO aGFRLI
GYjVK?GYSgI
KFI
gGFI
hFVGORLSI
ROI
KSHR^DKO
`RF^DKOVKZKROJKOI VKgKLKOI YOJI DGSSKI KRORVKI CD]FK VKHKRSKSiI GRO\YI =GZI TFRNGSKFI `HGNRKFYOSKFFR^DSiI >R^DSI VKFGJK YZgKFjKOJ@IG?KFIKLIVKOR^DS XFZKORKFIiii
fKFI cVQaEHR\RLSI NKFL^DKY^DSKI JRKLKI YONKFZRSSKHSI ROI RDZ GYjL^DRKPKOJKOI FGLLRLSRL^DKOI UKJGO=KOiI bDZI gYFJKI =HGF@ gRKI gKORVI ARSVKj
KROKI YOJI
_SRjSHGZTKIDOVWg]dP_]`R KROI
_S<^=I
NEOI
KROKF
D]OSVKOGYjOGDZKiIcFILSRKVIGYLIJKZILGVKO@INKFFRKVKHSKIRDO YOJI ZYLSKFSKI RZI UEF?KRVKDKOI JRKI `GFELLKFRKiI UEFLR^DSRV =FGS\SKI KFI KROI =HKROKLI G;Yj^DKOI UEVKHJFK^=I G?I YOJ ?KSFG^DSKSKI
GOL^DHRKPKOJI
NEHHKFI
KYjFRKJKODKRSI
JGL
[GDF\KYViI_KRSIj
fG?KRIGSZKSKIKFIJRKI?KLEOJKFKIXSZELTD;FKIJRKLKL URKFSKHLI KRO@I JGLI GOI JGLI eYiI XFFEOJRLLKZKOSI GOVFKO\Si DYDKiI _SRHHKiI L;FKI JGI OR^DSI JKFI jKFOK@I JYZTjKI d;FZI NEZ EEYHKNGFJI PEYFJGOI VKgKLKO@I D;SSKI ZGOI VHGY?KOI =]OOKO@ LR^DIROIKROKFIaFENRO\LSGJSI\YI?KjROJKOi XOI JRKLKZI JJiI fK\KZ?KFI gGFI JRKI dYjSI ?KYOFYDRVKOJI ZRHJi fRKLKI YOKF=H;FHR^DKI ARHJKI JKLI PGDFKLI J]]I@I JRKI GHHKO AKOL^DKOI XOVLSI KROjH]PSK@I JGI LRKI ROI JKFI ZKDFI EJKFI ZROJKF jKFOKOIKY=YOjSIJGLIcOJKIJKFILKHSIGO=GFROKiI cROI _SR^DI RZI EGY^DiI LEI gGFI fGNRJ DKYSKMI EKjGOJI KFI LR^DI OE^DI RZZKFI ROI cFRgGOI ROI JKF DKTY?HR=I XFZKORKOMI XHLI KFI jEFSVKVGOVKOI gGF@I DGSSKI KF GOVK=
AGOIDGSSKIRDZIGHHKL VKOEZZKOI QI LKROKI [GZRHRKI YOJI ZRSI RDF JRKI A]VHR^D=KRS@I NKOKI ARLLREOI \YI L^D<S\KO@I JRKI LKROI dK?KO jGLSIJFKRPRVIPGDFKIHGOVI?KLSRZZSIDGSSKiIG;SSKILR^DILKROIKEFO OYFIVKVKOIJKOIGRZZKH@IVKVKOIJGLI_^DR^=LGHIVKFR^DSKSRIX?KF KFI FR^DSKSKI LR^DI RZI UFYOJKI VKVKOI RDOI LKH?LSiI LRKI DGSSKI KF LKROKOI_EDOIOYFIgKVVKDKOIHGLLKOI=]OOKOMILRKIDGSSKIKFIKL \YHGLLKOI =]OOKO@I JGLLI _SEH\@I KEFOI YOJI _SGFFLROOI LRK GYLKROGOJKFVK?FG^DSIDGSSKOMIcFIDGSSKIjFiI eTQe[I ?KjGOJI LR^DI KRORVKI GGYLOYZZKFOI gKRSKFI FK^DSL@ KROKFI JRKLKFI D;LLHR^DKOI G;YLKF?HE^=LI GYLI JKOI LK^D\RVKF PGDFKO@IJKFKOIXO?HR^=IL^DEOIVKO
XFZKORKFI DGSSKI NGDFKHGOVI ROI KROKZI UK?;YJKI JRKLKFI XFS VKgEDOSiI UK?;YJK@I JRKI j
gEI
UKOKFGSREOKOI
NEOI
AKOL^DKOI
JGLLKH?K
VHKR^Dj]FZRVKIdK?KOIjGZKOI JKFI ARKSKFI YOJI RDFK LEDOYOVLOYZZKFOI GOVKVK?KOI gGFKOiI U]S\I gEDOSKI RZ \gKRSKOI _SE^=@I LEDOYOVI J]YiI _SYZZI LSRKVI `GLJGOI JRK MFKTTKI DROGYjI YOJI HRKPI JKOI EHR^=I RKZGOJiI >YFI JGLI VKJ;ZTjSKI UKF;YL^DI KROKLI [KFOLKDKFL gGFI \YI D]FKOiI cFI O;DKFSKI LR^DI JKFI >YZZKFI J]YiI cROK HG^=RKFSKI ?FGYOKI _TKFFDEH\SR^DSLI \YI D]FKOiI cFI \EV JGLI [FGVZKOSI JKFI D]OSVKOGYjOGDZKI DKFGYL@I JGLI KFI RO
LKROKFIMGL^DKI\YLGZZKOVKFEHHSIDGSSK@IYOJI\EVIKLI\gRL^DKO M
`GLJGOILTFGOVIGYjIJKOIEGH=EOi cROIAGOOIHRKjIGZIcRLKOVRSSKFIJKLIaGF=LIKOSHGOVi LRKI DGSSKI JKFI MOTI GYLI JKZI \gKRSKOI _SE^=I LTFROVKO =]OOKOMIfGOOIKF?HR^=SKIJKFIXFZKORKFIJKOIdRKjKFgGVKO@IJKF JRFK=SIYOSKFIJKZIEGH=EOILSGOJiI_KROIfG^DIgGFIGOIJKFI_SKHHK JKLI XYjTFGHHLI KROVKJKHHSiI hDOKI gKRSKFI OG^D\YJKO=KO@ =HKSSKFSKI`GLJGOIG^DJKZI KFI LR^D GYjVKFGTTKHSI DGSSK@I ?FGY^DSKI KFI KRORVKI _K=YOJKO@I YZI LR^D \YI EFRKOSRKFKOFI JRKI _SFGPK@I JRKI UK?;YJK@I JRKI UKLSGHS@I JRK KROKOI DY^=LG^=I SFYVI YOJI ?KFKRSLI OG^DI HRO=LI ROI JRKI XNKOYK DKRHHKIKRO?EVi `GLJGOIL^D;YZSKINEFILYSF BUKFJGZZSKFIARLSRC cFI FGOOSKI HELiI _KROKI S;VHR^DKI fRL\RTHROI QI GHHZEFVKOJHR^DKL
PEVVKO@I AYL=KHSFGROROV@I LSFKOVKI fR;SI QI g
KOSHGOVI
JKZI
MFRO=gGLLKFLTKR^DKFI
NEO
AEOSLEYFRLiI `GLJGOI gK^DLKHSKI LKROKFLKRSLI GYjI JRKI GOJKFK _SFGPKOLKRSKiI cFI =GZI O;DKFiI >YFI OE^DI DYOJKFSI AKSKFiI fRK _^DFRSSKI JKFI ?KRJKOI d;YjKFI DGHHSKOI ROI JKFI jROLSFKOI _SFGPKI GO JKFI XYPKOZGYKFI JKLI FRKLRVKOI UK?;YJKLI gRJKF@I KROKI XFS VRVGOSRL^DKFIAGOGQMKZTKHIZRSIX?JG^DYOVKOi
>E^DIj
gGVKOiI KYZGHI gKJKFI JKFI ajELSKOI OE^DI JGLI _^DRHJI LKROKO DYOJKFSI `RHEI LSGOJDGHSKOI gG^DSDRZZKHI HGYjKOJK _^DGSSKO@I KROVKFGDZSI NEOI JKOI ?KRJKOI XYLLR^DSLSKFFGLLKO@ JRKIRZIAEOJHR^DSIVH;O\SKOi hDOKI OG^D\YJKO=KO@I KRHSKI `GLJGOI JRKI _SKROLSYjKOI DROGYj@ L^DgGOVI LR^DI
YOJILSR^DSLi `GLJGOI HRKjI gRKJKFI HEL@I L^DOGYjKOJ@I GZI DGOJI JKF hDOZG^DSiI cFI DGSSKI NKS\SI _KRSKOLSK^DKOI YOJI _^DZKF\KOI RO JKOI `ORKOiI cFI G^DS@I LT
aH]S\HR^DIDRKHSIJKFIMOTIROOKiIcROIVH;LKFOKFIaRH\IFGVSKINEFIRDZ GYjiI cFI ?KYVSKI LR^DI DKFG?@I DE?I KROKI aHGSSKI DE^D@I JRKI RZ AEOJHR^DSIGYj?HRS\SK@IYOJINKFL^DgGOJi fKFIAGOOIgGFIROIJKOI_TKR^DKFINEOIAEOSLEYFRLIVKLTFYOVKOi
`XabMcdII fKFIXFZKORKFIVKHGOVSKI\YIJKFIfG^DHY=K@IJRKIEjjKOILSGOJiIcL gGFI LE@I gRKI KFI NKFZYSKSI DGSSKFI fKFI [H<^DSRVKI =GOOSKI LR^D DRKFI ?KLSKOLI GYLiI cLI gGFI RDZI VKHYOVKO@I JGLI `HGTTjKOLSKF ?HRS\L^DOKHHI \YI ]jjOKOiI GGSSKI KFI JRKI _^DH
fFRSSKHI JKLI MFRO=gGLLKFL@I JGLI JRKI aGFRLKFI S;VHR^D NKF?FGY^DSKO@I gYFJKI DRKFI VKLTKR^DKFSiI MGYLKOJKI NEO GK=SEHRSKFOIQYKHHgGLLKF@INEOIZKDFKFKOI[HG^DSLSYOJKI LSGOJI JGLI LGLLKFI ROI JKOI EK^=KO LKDFIDE^DiIhjjKOLR^DSHR^DIOR^DSIJRKIKKRS@IYZIKROKIfYL^DKI\Y OKDZKOiI `GLJGOI \EVI LKROKI dGZTKI DKFGYLI YOJI LKO=SKI JKO dR^DS=KVKHIGYjIJRK LGLLKFjH;^DKiI XYjI JKZI EEJKOI JKLI EK^=KOLI KF=GOOSKI KF KGDHKO@I JRKI gRKI NKFLYO=KOKI GOSR=KI AELGR=KOI ROI JRKI [
LKHSLGZKOI SRKjKOI LRJKFDGHHiI LEI gGFI JKFI [H<^DSRVKM cOSgKJKFI L^DEOI RL^DK@ JRKIKFIL^DEOI?GHJIKOSJK^=KOIg
[EFKHHKOI ELSGHVRKi >E^DI RZZKFI =KROI dGYSiI cFI g
LRKJKFIKROIGYFIOE^DIKROITGGFI_^DFRSSKi `GLJGOIH;^DKHSKiIfRKLKLI=FGjSHELK@I=F;O=HR^DKIGGLKiI cFI ;OJKFSKI LKROKOI MEOjGHHFI B`EZZI FGYLRI b^DI ?RO ?KgGjjOKSiCI>G^DIKROITGGFI_K=YOJKOFIBGRKFIiiiC `GLJGOI L^DGHSKSKI LKROKI MGL^DKOHGZTKI KROI YOJI FR^DSKSKI LRK GYjIJRKI_SKHHK@INEOIJKFIJGLIG
LKROKFI fFEDYOVI >G^DJFY^=I \YI NKFHKRDKOiI fKFI MOTI JY^=SK LR^DIOE^DISRKjKFiI`GLJGOID]FSKIJGLI`HGTTKFOILKROKFIK;DOKIQ JGLI gGFI gKORVKFI JRKI `;HSK@I LEOJKFOI XOVLSiI dGOVLGZ ZYLSKFSKI KFI LKROKI ROI JRKI cOVKI VKSFRK?KOKI EKYSK@I ROJKZI KF JKOI dR^DSLSFGDHI NEZI UKLR^DSI
`GLJGOITG^=SKIRDO@I\EVIRDOIGYLILKROKZIUKFLSK^=IYOJILSKHHSK RDOI GYjI JRKI EKROKiI _K^D\RVI `RHE@I SESGHI JYF^DO;LLSiI BLcD Eb_MIfHMC Bb^DI DKRPKI iiiCI fKFI PYOVKI DYLSKSKI YOJI jYDFI JGOOI jEFSFI Bb^D DKRPKI >GLKKFYJROI _GFG=FGZGDGSGiI X?KFI GHHKI OKOOKOI ZR^D >GLKKFiCIBfYI
Bb^DI ?ROI KROI [FKYOJI NEOI LRHHOI iiiI R^DI ZKROKI NEOI LRHDKHZiC `GLJGOIHE^=KFSKILKROKOIUFRjjiIBfGLIDKRPSMC B_KROI[FKYOJIiiiIGHLEILKROI EYiFWPOQZ[c `GLJGOI ZYLSKFSKI LKROKOI UKjGOVKOKOiI _^DHGO=KI [RVYF@ L^DZGHKI YOJI \GFSKI GGOJVKHKO=K@I DROVKI YOJI XFZ?;OJKF@ PKGOLIZRSISRKjKFIMGRHHKiIXHHKLIL^DRKOI\YITGLLKOi fRKI`GFSKOIgYFJKOIOKYIVKZRL^DSiIfKFIXFZKORKFIZYLLSKILKRO _TRKHI
_^DHGVKL@I
JKFI
LKROKI
LKVYKHHKOI
>KRVYOVKO
NKFDKRZHR^DSK@IgKRHIKFILR^DIRDFKFIL^D;ZSKi `GLJGOILEVIJRKIjKY^DSKIdYjSISRKjIKROIYOJI?KjGDHIJKZIPYOVKOF BcF\;DHRC BLGLIiiiIgGLIgEHHKOI_RKIgRLLKOMC
BXHHKLiC
`XabMcdI[ Bb^DI DG?KI LRHHOI GYjI JKFI aEHR\KRTF;jK=SYFI =KOOKOVKHKFOSiI LRF LSGOJKOIgKVKOIYOLKFKFIXYjKOSDGHSLVKOKDZRVYOVKOIGOiC XHLI KFI OE^DI aEHR\RLSI gGF@I DGSSKI `GLJGOI LEH^DKOI XYLLGVKO RZZKFI UHGY?KOI VKL^DKO=SiI PKI G?LYFJKFI LR^DI KROK UKL^DR^DSKI GOD]FSK@I JKLSEI VF]PKFI JRKI LGDFL^DKROHR^D=KRS@ JGLLILRKILSRZZSKi BLRFIgGFKOI?KRJKITEHRSRL^DKI[H<^DSHROVKiCIBfYIKROIXLOHGOSM C B_KRSI JKZI LGDHLRKVI JKFI aGFSKRI XYCbO^OQ`T DYgPVdPS`O XVCWPgPOQTYOJI XOKFEEJI PYVOGYSDLI D<^==KDFI GOI JRKI AG^DS ?ROIR^DIiiiCIBfKROKIaGTRKFKRC fKFI AGYFRSRKFI SGLSKSKI LKROKOI EHEYLEOI G?I YOJI \EVI KROK EFRKjSGL^DKI DKFGYLiI `GLJGOI FRLLI LRKI RDZI GYLI JKFI GGOJi [ESELI NEOI JKFI bOLKH@I NEOI U]S\@I NEOI KROVK]HSKOI NYOVKO A;OOKFOiI`EOJEZKiIfKZIXFZKORKFIgYFJKI
VKVKOILKROKOIc=KHIYOJIJKOILTEOSGOKOIbZTYHL@IJKZIPYOVKO KROKIFYOSKF\YDGYKOi _^DHRKPHR^DI jGOJI KFI JKOI XYLH;OJKFGYLgKRLI YOJI JKO DKRLKTGLLiI `GLJGOI LSK^=SKI JRKI fE=YZKOSKI KROI YOJI gGFj JKZINYOVKOIAGOOIJKOIDKLSIGOIJKOI`ETjF BcROVK\EVKORC BX?KFIiiiC BGGHSI JRKI `HGTTKiI LGOOI DGLSI JYI RDOI =KOOKOVKHKFOSMC BJ]]YiI
LRFI
DG?KOI
EHR^=KI
VKgK^DLKHSiiiI
YOJI
YOL
NKFLSGOJKOiCIfRKI=HKROKIMYOSKILTFG^DIZRSIO;LKHOJKFI_SRZZK YOJI ROI YOVKFKROiC
BcF\;DHIZRFI=KROKIA;F^DKORC fKFI PYOVKI FK=KHSKI LR^DI GjjK=SRKFSiI `GLJGOLI >KFNKOI gGFKO \YZIKKFFKRPKOIVKLTGOOSiIcFIFKGVRKFSKIGHHKFVRL^DIGYjIMYOSKOi Bb^DI SFKjjI ZR^DI ZRSI GOJKFKOI A;OOKFO@I NGiCI BEK\GDHKOI LRK JR^DMC fKFI KVESRL^DKI UEVKHI GOSgEFSKSKI OR^DSiI `GLJGOI FR^DSKSKI JRK dGZTKI GYjI LKROI UKLR^DSI YOJI ZYLSKFSKI RDOI KROVKDKOJiI cRO JYO=HKLI `GS\KOVKLR^DSI ZRSI NEFLSKDKOJKOI `ROO?G^=KOiI cROK =YF\KI >GLK@I =HKROKI FYOJKI >GLKOH]^DKF@I JRKI gRKI aRKF^ROVL GZI >GLKOF<^=KOI =HK?SKOiI _ROOHR^DKI dRTTKO@I JRKI DKHHKF gGFKOI GHLI JRKI GGYSiI HOJI DKHHKI XYVKO@I JRK@I YZFGDZSI NEO HKR^DSI VKL^DgEHHKOKOI EEVKFHRJKFO@I GYLI JRKLKZI F]SHR^D ?FGYOKOI UKLR^DSI LSFGDHSKOiI [
BPGiC BLGFYZI DGLSI JYI GYLVKFK^DOKSI DKYSKI X?KOJI JKROKI _G^DKO VKDEHSMCI Bb^DI iiiCI cFI DYLSKSKI KROI gKRSKFKLI AGHI YOJI LTY^=SK JGOOIGYLiIBb^DIgRHHI=KROKI_^DgRKFRV=KRSKOiC BLRKLEILEHHSKLSIJYI_^DgRKFRV=KRSKOI=FRKVKOMC >GLKKFI gGFjI RDZI KROKOI L^DZG^DSKOJKOI EHR^=I \YiI MF;OKO NKFLS;F=SKOIJKOIUHGO\ILKROKFIXYVKOi Bb^DI gKRPI
BLEDKFIDGLSIJYIJRKIMKHKjEOOYZZKFIJKFI`GSDKJFGHKMC BLRHHOI DGSSKI ZRFI KROKOI MKFZRO=GHKOJKFI VKVK?KO@I KROKI XFS _SYOJKOTHGOiI fRKI hFSK@I JRKI KKRSKO@I XJFKLLKOI YOJ MKHKjEOOYZZKFOI JKFI `RF^DKOI YOJI JKFI [GZRHRKO@I gEI KF YOSKFFR^DSKSKiIfGDKFIgYLLSKIR^DIRZZKF@IgEIKFIgGFIiiiC cFIH;^DKHSKI=YF\iIKY^=KFLGLKKFI LKROKOI DY^=LG^=I G?@ ]jjOKSKI JRKI MGL^DKI GOI JKFI UEFJKFLKRSKI YOJI \EVI KRO VKjGHSKSKLI EHGSSI DKFGYLiI `GLJGOI OGDZI KLI YOJI GZKOI YOJI JRKI XJFKLLKOI JKFI ajGFFVKZKROJKO@I j
cFILSK^=SKIJRKIdRLSKIKROIYOJIgGOJSKILR^DIgRKJKFIJKZI=HKROKO bOJKFI\YF BfGLIL^DKROSIJR^DIOR^DSILEOJKFHR^DI\YIKFL^D<SSKFOiC BcFL^D<SSKFSI ?ROI R^DI L^DEO@I G?KFI OR^DSI GLKKFLI UKLR^DSiI X?KFI JRKLZGH
gRF=SKI KLI HKR^DSI NKF;^DSHR^DiI `GLJGOI NKFVFY?I JRKI [;YLSKI RO JKOIMGL^DKO@IYZIRDOIOR^DSI\YIL^DHGVKOi BLRLLKOI_RKIJKOOIOR^DS@IJGLLIJRKI[EHSKF=OK^DSKINEOIJGZGHL DKYSKI VKFR^DSHR^DI NKFjEHVSI gKFJKOMI bOI CDRHKMI bOI _TGORKOMI bO UFEP?FRSGOORKOMIbOI[FGO=FKR^DMC Bb^DIDG?KIJGNEOIVKD]FS@IJE^DiC BLRHHOI gEHHSKI VKVKOI JRKLKI fFK^=L=KFHKI GYLLGVKOiI X?KFI KF DGSSKIJGLIUKj
NEFIgKORVKOIMGVKOIJGLIKKRSHR^DKIVKLKVOKSi BGGSIKFI>GZKOIVKOGOOSMC Bb^DI LGVKI bDOKOI OE^DI KROZGH@I JGLLI KFI OR^DSLI VKLGVSI DGSR X?KFIKFIDGSSKIXOVLSiC BfRKLKIdKYSKIgYLLSKOIGHLE@IJGLLIKFIFKJKOIgEHHSKMC BPGiC BHOJIJYIDGLSI=KROKIXDOYOV@IgGLIKFIKOSDGLKKFISFES\RViIBLRHHOI=;ZTjSKIVKVKOIdKYSKIgRKI_RKiC
BLGLIRLSIJRKIhTKFGSREOICEOJEFMC fKFIAGYFRSRKFIDEHSKIdYjSF BARSSKI
JKFI
LRK?\RVKFI
PGDFKI
?KL^DHELLKOI
JRK
HGSKROGZKFR=GORL^DKOI fR=SGSYFKO@I LR^DI \YLGZZKO\YSYO@I YZ JRKI hTTELRSREOI ROI RDFKOI d;OJKFOI GYL\YL^DGHSKOiI EFGLRHRKO@ CDRHK@I XFVKOSRORKO@I EEHRNRKO@I aGFGVYGOI YOJI HFYVYGOI DG?KO KROKI
XFSI
ROSKFOGSREOGHKI
ARHR\I
VKL^DGjjKO@I
JRKI
JRK
dRO=LKVSFKZKOI ROI RDFKZI cVRHI NKFjEHVKOI LEHHSKiI _RKI gGFKO KOSL^DHELLKO@ILRKIGLKKFIDRO\YF BPKJKFI=KOOSIJRKLKIUKL^DR^DSKiC BLRKLEI?KLGPIU]S\IbOjEFZGSREOKOI
hJKFI NRKHHKR^DSI =EOOSKI KFI JRKI A;OOKF@I JRKI RDOI VKjEHSKFS DGSSKO@I GY^DI KROjG^DI gRKJKFKF=KOOKOiI fRKI MOTKO@I JRKI ?KR JRKLKFIhTKFGSREOIZRSVKZG^DSIDGSSKOiIb^DIgKRPIKLIOR^DSiiiC BLGOOIgEHHSKIKFILKROKIXYLLGVKIZG^DKOMC Bb^DI gKRPI KLI OR^DS@I G?KFI KFI DGSSKI LR^DI KROKOI XOgGHS VKOEZZKOiC BLKRPIJY@IgRKIKFIDKRPSMC B>KROiC `GLJGOI JG^DSKI JGFGO@I JGLLI ZGOI JRKI XYjHRLSYOVI LKROKF MKHKjEOGSKIJYF^DVKDKOIZYLLSKIQIKLILKRIJKOO@IJKFIGHSKIGEZE D;SSKI LR^DI NEFVKLKDKOI YOJI NEOI KROKFI MKHKjEO\KHHKI GYL GOVKFYjKOiI cFI LSKHHSKI LR^DI U]S\WI dK?KOI NEF@I JGLI NEO UKFjEHVYOVL;OVLSKOI VKTF;VSI gGFgI KFI ZYLLSKI GHHKZI YOJ NKJKZIZRLLSFGYKOiIUHKR^D\KRSRVIKFROOKFSKIKFILR^DIJGFGO@IJGLL LKROKI LEDOYOVLS
BGGSSKLSIJYIJRKI_^DHR^DSI KROKI _K=YOJKI HGOV NKFJ;^DSRVSIDGSSKi BLRKIgGFIKYKFIdK?KOI\YI\gKRSMC >GLKKFI \Y^=SKI ZRSI JKFI _^DYHSKFI YOJI gG^=KHSKI ZRSI JKO
G<jSKOi BLRFI SFGjKOI YOLI DKRZHR^DiI LRHHOI gEHHSKI OR^DS@I JGLLI KL DKFGYL=GZiI b^DI JYFjSKI OYFI ROI JKOI >G^DSLSYOJKOI \YI RDZ =EZZKOiI cFI DGSSKI NEFI GHHKZI XOVLSiI b^DI VHGY?K@I JGLLI JRK NGDFKHGOVKI[EHSKFIRDOISFGYZGSRLRKFSIDGSSKiC BGGSSKIKFIOE^DIGOJKFKIdRK?DG?KFMC B>KRO@ILRHHOIgGFI\YIL^DKYiI GCT[[[T FKROiIcFIgGFIZKROI[FKYOJi AKROI K^DSKFI [FKYOJ@I GY^DI gKOOI YOLKFKI EK\RKDYOV L^DgRKFRVIgGFiIcFIgEHHSKIOR^DS@IJGLLIR^DIOK?KODKFIiiiIcFIgGF ZRSI LR^DI LKH?LSI OR^DSI RZI DKROKOiI cFI G=\KTSRKFSKI LKROK >KRVYOVKOIOR^DSIiiiI_KROIUHGY?KIHRKPIKLIOR^DSI\Y@INKFLSKDKO _RKMCIBAKDFIEJKFIgKORVKFiI`KROKI[FGYKOMC >GLKKFIVHY^=LSKiI`GLJGOIjYDFIjEFSF BUHGY?LSI JY@I JGLLI KF@I G?VKLKDKOI NEOI LKROKFI TEHRSRL^DKO UKFVGOVKODKRS@IRFVKOJgKH^DKI[KROJKIDGSSKMC B>KRO@I KFI gGFI LGOjSZ<SRV@I FYDRVI YOJI VFEP\
aGLLREOFILKROKICD]FKiIcFI=EOOSKIVYSIZRSI`ROJKFOIYZVKDKOi cFI gEHHSKI KROKI `HGLLKI jGLKKFILGDIRDOIYOVH;Y?RVIGOi BLEDKFIiiiMC BUKFVRLLI KLiI XHLI JYI NEFDROI GYjI JKFI [HY^DSI gGFLS@I ?RLSI JY VKFGJKgKVLI\YZILGLLKFLTKR^DKFIVKHGYjKOiI`KOOLSIJYIJR^D DRKFIGYLMC BPG@IR^DI?ROIZRSILRHDKHZIEjSIDRKFDKFVK=EZZKOiILKRHIgRFIDRKF YOVKLS]FSI gGFKOI YOJI GYPKFJKZI iiiCI cFI VHY^=LSKI G?KFZGHLi BiiiIgKVKOIJKLI>KFNKO=RS\KHLIiiiC `GLJGOI =EOOSKI LR^DI JGLI HK?DGjSI NEFLSKHHKOiI fRKI ?KRJKO A;OOKF@I JRKI KROGOJKFI
BUR?IZRFIJKROIGGOJORC >GLKKFI=GZIJKFIXYjjEFJKFYOVIOG^DiIARSIKROKZI[ROVKFISRTTSK `GLJGOILKROKIMKHKjEOOYZZKFIKROiIcFIOGOOSKILR^DIBEYHHKCi BAKROKI >YZZKFiI [GHHLI JRFI OE^DI KSgGLI KROjGHHKOI LEHHSK@I FYj ZR^DI GOiI b^DI DKRPKI `GLJGOiI dKR^DSI \YI ZKF=KO@I EJKFMI GGLS JYIKROKIEYJKMC BPG@IKROKIfG^D=GZZKFiC BfKROKIXJFKLLKMC BEEYHKNGFJIAGHKLDKF?KLIe^[iC `GLJGOI L^DFRK?I JRKI XJFKLLKI GYjI YOJI LTKR^DKFSKI JGOOI JRK >YZZKFINEOI>GLKKFLIGGOJOiIKYZIX?L^DRKJITG^=SKIKFIJKO DY^=LG^=I JKLI PYOVKO@I JFKDSKI RDOI YZI YOJI HKKFSKI JKOI bODGHS GYjI JKOI L^DHGZZRVKOI EEJKOiI cROKI KGDO?
fKFI XFZKORKFI KZTjGOJI ARSHKRJ@I G?KFI LKH?LSI JRKLKLI ARSHKRJ K=KHSKIRDOIGOiIHOgRHH=GLKKFI\;FSHR^DIOG^DILKROKFIGGOJF BEKL^D<S\KOI _RKI ZR^DiI _EOLSI ?FROVKOI LRKI ZR^DI NRKHHKR^DS GY^DIOE^DIYZiIb^DIgKFJKISYO@IgGLI_RKIgEHHKOIiiiC `GLJGOI\EVIDGLSRVILKROKIGGOJI\YF<^=F BUKF\RKDIJR^DRC BHOJIZKROKIaGTRKFKMC BfRKI?KDGHSKIR^DiC BLGOOI?K=EZZKIR^DILRKIgRKJKFMC BLKOOIKLIZRFITGLLSiIUKFL^DgROJKRC fKFI bOJKFI F
`XabMcdIS _^DgRZZKOJKFI[YP?EJKOi fGLIgGFIJGLITGLLKOJKILEFSiIfKFIEEJKOIJKFILEDOYOVIVG? YOSKFILKROKOI_^DFRSSKOIOG^DIYOJINKFZRSSKHSKIRDZIJGLIUKjYOI =EOOSKI RDOI ORKZGOJI NEO GYPKOI LKDKOiI cROI `FEOHKY^DSKFI KFDKHHSKI KROI ;FZHR^DKL LEDO\RZZKFiI cROI JYF^DVKLKLLKOKLI _EjG@I KROI E<^DKFFKVGH GYLI _TKFFDEH\@I \YLGZZKOVKg
OR^DSINRKHIUKHJIjRTTKLI GYjI JKOI DKVGHKOi cROKI cROFR^DSYOVI EDOKI TKFL]OHR^DKI >ESKiI fGLI UGO\K KFROOKFSKI KDKFI GOI KROI ?RHHRVI Z]?HRKFSKLI KRZZKFiI `GLJGOI SFGS GOLIE<^DKFFKVGHFIaGFSRSYFKO@IEREVFGTDRKOINEOI`EZTEORLSKO@ KRORVKIE<^DKFIROI_TGORL^DiIU]S\WIfRL=FKSREOI\KRVSKILR^DIOE^D ROI JKFI cROFR^DSYOVI LKROKFI LEDOYOV@I YOJI `GLJGOI gGFI LR^D jGLSILR^DKF@IJGLLIKFIDRKFIOR^DSLIjROJKOIg
FGJR=GHI ZRSI LKROKFI UKFVGOVKODKRSI VK?FE^DKO@I LKH?LSI RO LKROKZI =YHROGFRL^DKOI UKL^DZG^=iI HOJI OR^DSLI gRKLI GYjI JRK EKLY^DKI JKLI =HKROKOI >GLKKFI DROFI >R^DSI KROZGHI JGLI A
>G^=SKI
L;OJKiI
X?VKSFGVKOK@I
LSYZTjK
`HKRJYOVLLS<^=KI ROI KROKZI LGOJL^DFGO=iI >R^DSI JGL VKFROVLSKI fKSGRH@I JGLI KSgGLI GLKKF@I OGSKRVYOVKOIVG?iILEIDGSSK JKFIAYLR=KFILKROKIUKDKRZORLLKINKFLSK^=SM
EGJK\RZZKFiI XYjVKF;YZS@I ZKDFI OR^DSiI U]S\I ZG^DSKI LKROK LEDOYOVI LKH?LSI LGY?KFI YOJI NKF?ESI >GLKKF@I RFVKOJKROKL LKROKFI ajHKVKTFEJY=SKI ZRS\Y?FROVKOiI `KROKI AKJR=GZKOSKi [RL^DKOI GOI JKFI fK^=KI gGFjKOI \GDHHELKI _^DGSSKO@ JRKIKROKLIUKZ;HJKLINEOIUGLGFKHOIg
DGYZIYOJI
DRZZHRL^DKFIdGYSKIiii `GLJGOI ]jjOKSKI JGLI CfQ[G^DI YOJI LGDI OG^D@I E?I JRK KROVKHKVSKI CfI SGSL;^DHR^DI JGLIXPSOWOWOTgGFiI ARSI KROKF ?KDGOJL^DYDSKOIGGOJIOGDZIKFIJKOI`ETjD]FKFINEZI`HGNRKF YOJI L^DHELLI RDOI GOI JKOI UKFLS;F=KFI GOiI >G^DJKZI KFI JRK dGYSLTFK^DKF?EVKOIGYLVKL^DGHSKSIDGSSK@ILSGFSKSKIKFIJKOICfQ _TRKHKFi cLIgGFIKROI_^DE^=i cFI DGSSKI L^DEOI CDEFgKF=KI VKD]FSiI PKJKOI _EOOSGVI DGHHSKO GFZKORL^DKIXQ^GTKHHGQUKL;OVKIJYF^DIJRKI`GSDKJFGHKI_GROSQ PKGOQEGTSRLSKiI X?KFI JGI LGOVKOI SRKjKI YOJI ZGFSRGHRL^DK A;OOKFLSRZZKOiI GRKFI gGFI KLI KSgGLI VGO\I GOJKFKLiI fGL XPSOWOWOTL^DRKOI j
`GLJGOI LKS\SKI LR^DI ZRSI JKZI `ETjD]FKFI GYjI JKOI EEJKOi L;DFKOJI KFI \YD]FSK@I GZKOIJKL LKF=KL@IXPSOWOWORTYOJI JKZI JKLI `EZTEORLSKO@I XHHKVFR@I JKF GOI[FKYJK@I[KLSHR^D=KRSIYOJIdK?KOLHYLSIJKO=KOIHRKPi aH]S\HR^DI KFS]OSKI KROKI LKDFI DEDKI _SRZZKI GYLI JKO dGYSLTFK^DKFOiI
cROKI
_SRZZKI
NEOI
LEI
LKHSLGZKF@
KROJFROVHR^DKFI _GOjSDKRS@I JGLLI LRKI KSgGLI RZI bOOKFOI JKL G]FKFLI \KF?FK^DKOI HRKPI YOJI RDZI JRKI `KDHKI \YL^DO
UESS@I KFI gG^DZRSSGVI RZI PGDFI eZSZ JRKLKIaYGLRIV]SSHR^DKIXYjOGDZKIN]HHRVIYOKFgGFSKSI VKL^DKO=S gYFJKiI cRORVKI AROYSKOI \YNEFI LTRKHSKOI JRKI _;OVKF=OG?KO OE^DI [YP?GHHI ROI JKOI U;FSKOI JKFI `RF^DKI _GROSQcYLSG^DKI RO _GROSQUKFZGROQKOQdGOK@I gEI JRKI MEOGYjOGDZKI VKZG^DS gKFJKOI LEHHSKiI fGOOI DGSSKI JKFI _EHRLS@I KROI PYOVKI OGZKOL DKVRLI AG\EOKF@I JRKI `ORKI OE^DI HKDZNKFL^DZRKFS@I L^DEOI ?KR JKFI KFLSKOI XYjOGDZKI LKROKOI UKLGOVI GOVKLSRZZSiI fG VKL^DGDIROIJKFIKRL=GHSKOI`GTKHHKIJGLILYOJKFiIfRKIDKFFHR^DK _SRZZKIDGHHSKIYOSKFIJKOIUKg]H?KOIJKLI`RF^DKOL^DRjjLIgRJKF iii LRKJKFI NKFL^DgGZZKOI JRKI KKRHKOiI cFROOKFYOVKOI \EVKOI GO `GLJGOLI ROOKFKZI XYVKI NEFGFROKiI fGNRJiI aH]S\HR^D
JE^DI ORKI NKFL^DKY^DKOI =EOOSKiI fGLI gGFI JRKI AG^DSI JRKLKL =HKROKOI_;OVKF=OG?KO@IJRKLKLIDKVRLIAG\EOKFiIXHHKROIJYF^D LKROKI _SRZZKI VKHGOVI KLI RDZ@I JRKI JYO=KHLSKI _^DgKFZYS DKFNEF\YDEHKO@I JRKI UKFLSEF?KOKOI ROI JKFI cFROOKFYOV gRKJKFGYjKFLSKDKOI \YI HGLLKOiI fRKNKORVKO@I JRKI KROKOI ORKI RO [FRKJKOIHGLLKOi `GLJGOIJF<^=SKIJRKI_SETTSGLSKiIcFIL^DGHSKSKIJRKIXOHGVKIGYL YOJI OGDZI JRKI _SRHHKI gGDFI \gRL^DKOI JRKLKOI DKVGHKOI ZRS _^DGHHTHGSSKOI YOJI CfLI YOJI JKFI ZRSI cRKFL^DG^DSKHO SGTK\RKFSKOI fK^=KiI fGI LT
`EOSEGYL\
UKFLR^DKFYOVLNKFSF;VK@
GEOEFGFG?FK^DOYOVKOI JRNKFLKFI UKFKROKI YOJI ajGFFKRKOiI fKF XFZKORKFI LR^DSKSKI JRKI fE=YZKOSKI =YFLEFRL^DiI >R^DSL bOSKFKLLGOSKLiI XYPKFJKZI gGFI KFI OR^DSI ROI JKFI _SRZZYOV@ KGDHKOI\YITF<jKOi fGOOI jRKHI RDZI TH]S\HR^DI KSgGLI KROiI >GLKKFI DGSSKI VKLGVSF BLRHHOIj
GYjI
SFGJRSREOKHHKI
LKRLK@I
ZRSI
KROKFI
RZ
MKHKjEOD]FKFI NKFLSK^=SKOI LGO\KMI fKFI XFZKORKFI L^DFGY?SK JGLI MKHKjEOI GYjiI cFI NKFjGS
XY^DI JGI VG?I KLI OR^DSLI j
VKgKLKOiI
fGLI
KF]jjOKSKI
KROKI
OKYK
A]VHR^D=KRSFI KROI UKF?FK^DKOI GYLI dKRJKOL^DGjSiI >R^DS >GLKKF@ILEOJKFOIKROIGOJKFKFIdRK?DG?KF@IJKOIKFIOK?KOIJKZ =HKROKOI AGYFRSRKFI DGSSKiI cROI UKFF<^=SKF@I JKFI JKZI CDRHKOKO GYLI JRKLKZI EJKFI NKOKZI UFYOJI KSgGLI OG^DSFYVI YOJI RDOI GYj aYGHNEHHKI
LKRLKI
YZVK?FG^DSI
DGSSKiI
hJKFI
KROK
NKFD;OVORLNEHHKI KYjGHHL?K=GOOSL^DGjSMI UKFVK?HR^DI =;ZTjSK `GLJGOIVKVKOILKROKIUEFYFSKRHK@Ij
VFEPKOI[KOLSKFiIcFI\EVIKROKOI_SYDHIDKFGOIYOJILSRKVIDROGYji cFI?KSFG^DSKSKIJKOIEKFKR^DI\gRL^DKOIJKFI[KOLSKFS
KZTjGOVKOKLIUKF;YL^DIKROKIVKgRLLKIdGYSLS;F=KIKFFKR^DSKIQ ?KRLTRKHLgKRLKIJGLIKYL^DHGVKOIJKFILEDOYOVLS
ARHR\I
EJKFI
NEOI
L<JGZKFR=GORL^DKO
UKDKRZTEHR\RLSKOiI cFI gYFJKI NEOI JKFI `FRTEI ?KHGYL^DSI EJKF NEZI
bOHGOJLVKDKRZJRKOLSI
?K\RKDYOVLgKRLKI
NEZ
UKFjGLLYOVLL^DYS\iI PKJKOjGHHLI KROKI SOTRL^DI jFGO\]LRL^DK UKL^DR^DSKi `GLJGOI ?KSFG^DSKSKI JGLI CEFTYLI fKHR^SRI YOJI JGOOI JGL LSGSREO;FKI MKHKjEOiI fKFI HZLSGOJ@I JGLLI KFI RZI G]FKFI =KRO AR=FEjEOI VKjYOJKOI DGSSK@I ?KgRKLI VGFI OR^DSLiI GKYS\YSGVK
AR=FEjEOKiI cROKLI RZI _^DHGj\RZZKF@I KROKLI ROI JKFI `<^DKI YOJ KROKLI RZI EGJiI >YFI JKFI AYLR=LGHEOI gGFI OR^DSI NKFgGO\S gEFJKOiI `GLJGOI HRKPI JRKI NRKFI LGO\KOI ROI LKROKZ ?KDGOJL^DYDSKOI GGOJSKHHKFI DG^DSIDGSSKIKFIVKOYVi
`XabMcdIZ fKFI_^DFKRIjYDFIJYF^DILKROKOIVGO\KOI`]FTKFi
>R^DSI KF@I CKJFR^I UEHE=ROK@I DGSSKI VK?F
UGHHKOjHKROCIDGHSKOi fKFI XOjGHHI jHGYSKI G?iI cFI LT
JGLLI ZGOI OR^DSI =FGO=I gGFiI hJKFI gKORVLSKOL@I JGLLI JRK `FGO=DKRSI OR^DSI YODKRH?GFI gGFiI AGOI =EOOSKI JGZRSI jKFSRV gKFJKOiI cFI gYLLSKI KLiI cFI DGSSKI JGNEOI VKD]FSiI bOI LKROKF aLO^DK@I JRKI NEOI JKOI cOS\YVLKFL^DKROYOVKOI VKZGFSKFS gYFJK@I =HGOVI JRKLKFI UKJGO=KI gRKI KROI A;F^DKOI gRJKFiI cRO UKF<^DS@IJGLIZGOIOR^DSIOG^DTF<jKOI=EOOSKi cFIFR^DSKSKILR^DIgRKJKFIGYj@IHRKPILR^DIGYjIJKOIGROSKFOIjGHHKO@ ZRSI JKZI D<^=KOI \YFI LGOJ@I JKOI HRO=KOI XFZI GYjI JKF `HELKSS?FRHHK@I JKOI FK^DSKOI GYLVKLSFK^=S@I gRKI ROI cFgGFSYOV KROKLI _^DYLLKLiI cFI ?HR^=SKI DROG?I GYjI JRKLKOI XFZ@I JKFI RDZ gRKI G?VKSFKOOSI NEOI LKROKZI `]FTKFI KFL^DRKOI QI VKH?@I ?HGY@ ?H;YHR^DIFESIYOJILEIJ
dG^DKOI
GYLiIeCT xPS`T QPg]`T _OWVZOT PQ
yYg]FYW^RTzYdY[[[TdGOVLGZIZGLLRKFSKIKFILR^DIJKOIHOSKFGFZ@ LT
LRKI GYjVKSGY^DS@I YOJI OYOI FGOVI KFI LKRSI \gKRI _SYOJKOI ZRSI RDF@ gRKIKROIGOSR=KFIGKHJi UEHE=ROKIL^DHGOVIJRKI?KRJKOIXFZKIYZILKROKI_^DYHSKFOIYOJ NKFLY^DSK@I JGLI KRSSKFOI \YI YOSKFJF<^=KOiI _KROKI K;DOK =HGTTKFSKO@IJRKI`HELKSS?FRHHKIOK?KOIRDZI?K?SKiILRKJKFILTG^DJKZI KFI =F;jSRVI VKF
_R^DIROILKROKOIfGYOKOL^DHGjLG^=I=YL^DKHOi fKOI_^DHGjIDKF?KRjHKDKOi XHLI KFI GYjgG^DSK@I \KRVSKI LKROKI HDFI YiJ]I HDFiI \?KFI \gKR _SYOJKOI DGSSKI KFI ?KgYLLSHELI JGVKHKVKOiI cFI gGFI GYjI JKZ `G^DKH?EJKOIJKLI`HELIEDOZ;^DSRVIVKgEFJKOi cFOKYSI LKS\SKI KFI LR^DI ROI EKgKVYOV@I RZI _^DOK^=KOSKZTEi LRKIKROKIDGYTKI=F
YOJI LEI gKRSKFiI bOI NKJKZI KRZZKFI KFGDOSKI KFI VKZGFSKFSK _^DR^=LGHLVKj;DFSKO@I NKF=FG^DSKI cVRLSKO\KOI gRKI KF@I GHHKI GYj cOS\YVIiii cROKIMG^DSLSYOJKOIRZ UGOVINKF?FG^DSi cFI?KLGOOILR^DIGOJKFLi cLIHEDOSKILR^DIOR^DSIZKDFI\YIL^DHGjKOiI hPQTkVFFOORTCQZTVCF _O]`lSm ARSI KROKZI YOVKgEDOSI =HGFKOI `ETjI ZYLSKFSKI KFI KROVKDKOJ NKJKLI fKSGRHI LKROKLI KRZZKFLiI fKFI JYF^DVKL^DKYKFSK@I NEO [HK^=KOI
fGYOKOL^DHGjLG^=iI fKFI MRL^DI ZRSI LKROKFI b=KGQdGZTKiI fGL UK=FRS\KHI GYjI JKFI MGTKSKiIfGLI [KOLSKF@I DROSKFI JKZI KRO FYPNKFL^DZRKFSKFIMGVIVFGYSKi cROI`FGZTjIFRLLIRDOIGYLILKROKOIUKJGO=KOi cFI L^DHESSKFSKiI fRKI HKS\SKOI ?KRJKOI MGVKI gGFKOI KROI KRO\RVKL aKOJKHOI \gRL^DKOI JRKLKOI VH
JRKI
cOS\YVLKFL^DKROYOVKOI
KROKFI
SFETRL^DKO
`FGO=DKRSiI bFVKOJKROI jRKLKFI cFFKVKF@I JKOI KFI LR^DI ROI KROKZ jKFOKO@I DKFYOSKFVK=EZZKOKOI dGOJI KROVKjGOVKOI DGSSK@I JGL KFIOYFI\YIVYSI=GOOSKFIJRKI_KL^GjK@I LGLLKFiI cFI VROVI \YZ _T
_SFKR^DDEH\IGOIYOJINKFDGFFSKIFKVHEL@IDOTOESRLRKFSINEOIJKF ?H;YHR^DKOI [HGZZKiI cFLSI JKFI LSK^DKOJKI EFGOJL^DZKF\I FRKj RDOI \YFI hFJOYOViI cFI KOS\KL^GjKiI L;DFKOJI JGLI LGLLKFI RZI METj ?KFKRSLI GYjgGHHSK@I DRKHSI KFI G?KFZGHLI ROOKiI fKFI MKKH]jjKHiI fGL aYHNKFiI bDZI gYFJKI =HGF@I JGLLI KFI GYjI JRKLKI UKFFR^DSYOVI KROK ?KLEOJKFKI_EFVjGHSINKFgKOJKSK@IGHLIDGOJKHKIKLILR^DIYZIJGL DRSYGH@IJGLIKFINKFVKLLKOIgEHHSKi cFI LSFKYSKI JGLI aYHNKFI ROLI UHGLiI EKRZI XO?HR^=I JKL LRKJKOJKOI LGLLKFLI gYFJKI KFI KFOKYSI EDOZ;^DSRViI fRK UHE^=KOI H;YSKSKOiI cROKI gKRSKFKI _SYOJKI gGFI NKFVGOVKOiI fRK KKRSI L^DRKOI LR^DI j]FZHR^DI GYL\YJKDOKOiI _RKI VHR^DI KROKF gKR^DKOI _Y?LSGO\I gRKI GYjI JKOI UKZ;HJKOI fGHRL@I gEI JRK HDFKOILR^DIgRKIdG=FRS\LSFKRjKOI?RKVKOi cFILSFKRjSKIJKOIhFZKHI
KROKFI ?F;YOHR^DKOI [HG^DSI DGSSKI KFI KROKOI XOFYj KFDGHSKOi cROIKKR^DKOIROIJKFI[ROLSKFORLIiii cFI H;^DKHSK@I GHLI KFI GOI JGLI [KFOL^DFKR?KOI JG^DSK@I JGLI ZGO j
`XabMcdIe] LRKI NKJKLI AGHI g;H\SI LR^DI JKFI AGOOI RZI _SGY?iI bZI FESKO _SGY?IJKFIGjFR=GORL^DKOIcFJKi
cFI DGSI LR^DI ROI LKROKFI fL^DKHHG?GI NKFjGOVKOI YOJI NKFLY^DS gRKJKFI GYj\YLSKDKO@I G?KFI JKFI DGOVKFI NKFLKS\SI RDZI KROKO _^DHGVI ROI JRKI AGVKOVFY?K@I JGOOI GYjLI `ROOiI fKFI AGOO ?;YZSI LR^DI GYj@I ?FR^DSI \YLGZZKOiI MFRSSKI ROLI UKLR^DS@I ROI JKO AGVKOI YOJI \gRL^DKOI JRKI EKROKiI fRKI ZRSI cRLKO ?KL^DHGVKOKOI_^DYDLTRS\KOIjROJKOIJRKIEG^=KO=OE^DKO@IJRK DRTTKO@I
JRKI
\KF?FK^DHR^DKOI
`OE^DKOI
GOI
JKF
`]FTKFE?KFjH;^DKiI fKFI AGOOI FGLK@I dRTTKO@I XYVKOi fRKI GGYSI FKRPSI GYjI YOJI KOS?H]PSI AYL=KHOI YOJI [GLKFOI RO KROKZIHKDZNKFL^DZRKFSKOI?HYSRVKOIAGSL^Di G;OJKI VFKRjKOI OG^DI JKZI EKO\RO=GORLSKFiI fKFI UKFY^DI OG^D EKO\ROI HKVSI LR^DI
hFZKHOIJKFIfL^DKHHG?GIHYVKOIiii dREOKHI `GLJGOI L^DFG=I GYj@I \YI MEJKI KFL^DFE^=KOiI >E^D RZZKFI DGSSKI KFI JKOI UKFY^DI JKLI NKF?FGOOSKOI _SEjjLI LEgRK JKOI L^DKYPHR^DKOI UKLSGO=I NEOI VKF]LSKSKZI [HKRL^DI YOJ NKFLKOVSKZIGGGFIROIJKFI>GLKiIcFLSIOG^DIKRORVKOI_K=YOJKO ?KVFRjjI KF@I JGLLI JGLI GKYHKOI JKFI [HGZZKOI OYFI JGLI d;YSKO JKLIMKHKjEOLIgGFi BGGHHEMC Bb^DI?ROWLiC DR^GFJEI AKOJK\@I JKFI jRLSKHOJKI UKFR^DSLZKJR\ROKFiI BGG?I R^D JR^DIVKgK^=SMC BPGRCI `GLJGOI gGFjI KROKOI EHR^=I GYjI LKROKI HDFFI SieTI HDFi BHOJI JGLI RLSI VYSI LEiCI BdGYSI _SGSRLSR=I L^DH;jSI KROI GHSKF AKOL^DINRKFI_SYOJKOIH;OVKFIGHLIKROIAKOL^DIZRSSHKFKOIXHSKFLi C BQYGSL^DIOR^DSRC
B_^DHK^DSKI dGYOKI RLSI GY^DI KROKI cRVKOGFSI GHSKFI AKOL^DKOi _^D]OiI b^DI HKVI ZR^DI NKS\SI GYjLI hDFiI GG?I JRKI >G^DSI ZRS JKROKZI CDRHKOKOI NKF?FG^DSiI LRHHLSI JYI JRKI KOJVKYKI RLS@I JGLLI KROK UEFKF=FGO=YOVINEFHGViC BLGLILEHHIJGLIDKRPKOMC BHOLKFI AGOOI DGSSKI GKF\TFE?HKZKiI _KROI GKF\I gKRLS VFGNRKFKOJKI _^D;JRVYOVKOI ROjEHVKI NEOI bOjGF=SKOI GYjiI fKF GKF\ZYL=KHI \KRVSI YOFKVKHZ;PRVKI F]SHR^DKI _SFKRjKOiI b^D KFLTGFKI JRFI JRKI cRO\KHDKRSKOiI _KROKI aYZTKI DGSI GYLVKLKS\S@ ZKDFZGHLIROILKROKZIdK?KOiC
BfGLIDKRPSMC B>EFZGHKFgKRLKI NKFF;SI KROI LEH^DKLI GKF\I KROKI YOVKLYOJK dK?KOLgKRLKFIKRVGFKSSKO@IXH=EDEH@I\?KFVKgR^DSiiiIX?KFIU]S\ DGSSKI JRKI UKj;PKI KROKLI NYOVKOI AGOOKLiI `KROKFHKR XODGHSLTYO=SKI
j
JKOI
`EOLYZI
NEO
UKOYLLVRjSKOiC BXHLEMC Bb^DI OKRVKI \YI JKFI XOOGDZK@I JGLLI KFI =YF\KI GKF\LSRHHLS;OJK@ `F;ZTjKI JKFI GKF\=FGO\VKj;PKI KFHRSSKOI DGS@I DKFNEFVKFYjKO JYF^DI LSGF=KOI _SFKLLiI cVSFKZKI XOVLS\YLS;OJKiI GKjSRVLSK _^DZKF\KOiC `GLJGOI FRK?I LR^DI JGLI UKLR^DSiI XHHZ;DHR^DI =EOOSKI KFI gRKJKF =HGFI JKO=KOiI fKFI XH?SFGYZI YOJI JKFI UKFY^DI OG^D NKF?FGOOSKZI[HKRL^DINKF?HGLLSKOi BU]S\IVKFRKSIROIJRKIG;OJKIJKFI^DRHKORL^DKOIPYOSGiIcFIgYFJK VKjEHSKFSiC BfGLI =]OOSKI JRKLKI _^D;JRVYOVI JKLI GKF\ZYL=KHLI KF=H;FKOi
HOJIOE^DIKSgGLIGOJKFKLiC BLGLMC B>GF?KOiI
XYjI
JKZI
UHRKJ@I
JKZI
h?KF=]FTKF@I
JKO
cVSFKZRS;SKO@IG?KFINEFIGHHKZIJKZIUHRKJiIb^DIZYLLIJGLIOE^D VKOGYKFI YOSKFLY^DKOiI fRKI >GF?KOI YOSKFI JKZI AR=FEL=ET ?KSFG^DSKO@I YZI LRKI KVG=SI \YI JGSRKFKOI YOJI DKFGYL\YjROJKO@ GYjIgKH^DKILKRLKILRKIRDZI\YVKj
BfGZRSI H;LLSI LR^DI GZKOI ROI [FGO=FKR^DI KROVKFKRLSI RLSiCI AKOJK\ HG^DSKIGYjiIBEKRIcROgGOJKFKFOIZYLLIZGOIRZZKFIGYjIJKFIGYS LKRORC BfYI DGLSI NEOI gKRSKFKOI HOSKFLY^DYOVKOI JKLI G]FEFVGOLI RO AEOJEFIVKLTFE^DKOIiiiC B>E^DI=KROKIEKjYOJKIKFDGHSKOiC BHOJIJKROKIcVTKFSROIRZI`HROR=YZIMFEYLLKGYMC B>E^DI OR^DSI KFFKR^DSiI fYI gRFLSI ZRSI JKROKFI `ROJKFL^DFK^=Q URLGVKI JE^DI DEjjKOSHR^DI OR^DSI GYjI JRKI bJKKI =EZZKO@I JEFS GYj\YSGY^DKOMI fGLI RLSI KROKI `HROR=@I ROI JKFI SGY?KI `ROJKF ?KDGOJKHSIgKFJKO@Ij
NEOI [FKYJiI cFI =GOOSKI JRKI gR^DSRVLSKOI AK^DGORLZKOI JKF MFGYZGF?KRSFI UKFJR^DSYOV@I UKFL^DRK?YOV@I HZgGOJHYOVI RO ERHJKFiI HOJI JKOI KOSLSKHHSKO@I NKFjFKZJKSKOI MFGYZ?RHJKFOI HGV RZZKFI KROKI LKVYKHHKI EKVRKFJKI \YVFYOJKiI LGLI NKF?GFVI LR^D DROSKFI JRKLKFI ?KLSRGHRL^DKOI GROFR^DSYOV@I JRKI RDOI LKRS PGDF\KDOSKOI NKFjEHVSKMI fKFI XFZKORKFI L^D<SSKHSKI JKOI `ETji MFES\I LKROKLI XHSKFLI ?KHEVI KFI LR^DI OE^DI RZZKFI LKH?LSiI cFI SGS LE@I GHLI LKRI KLI OYFI KROI XH?SFGYZ@I gEI KLI LR^DI JE^DI RO LRF=HR^D=KRSIYZIKROKIcFROOKFYOVIDGOJKHSKi EGJK\RZZKFiIfKFIXFZKORKFIgEDOSKILKRSIJFKRIPGDFKOIROIKROKF [HY^DSI KDKZGHRVKFI fRKOLS?ESKOF;YZK@I JRKI LR^DI ROI JKZ UK?;YJKI GOI JKFI c^=KI DYKI _GROSQXZ?FERLKI YOJI EEYHKNGFJ UEHSGRFKI ?KjGOJKOiI fRKI KFLSKI EYJKI DGSSKI KFI eZZ[I jG^D?GF\RZZKFI GOVK?ESKOiI cFI DGSSKI LRKI VK=GYjSI YOJ FKOENRKFS@I YZI LRKI LT;SKFI \YI NKFZRKSKOI YOJI ZRSI JKO cROOGDZKOILKROKIaKOLREOIGYj\Y?KLLKFOi fGLI _^DR^=LGHI DGSSKI RDZI KROKOI _SFR^DI JYF^DI JRKI DK^DOYOV VKZG^DSiI_KROKI[FGYI>GFROKIgGFIVKLSEF?KOiI_KROI_EDOIgGF jEFSVKVGOVKOiIaH]S\HR^DILGPIKFIGHHKROIROIJKFILEDOYOVIGOIJKF
aHG^KIEGRGFJ@IROIJKFIKFI\gGO\RVIPGDFKIHGOVIVKHK?SIDGSSKiIHZ JRKI UKFVGOVKODKRSI DROSKFI LR^DI \YI HGLLKO@I gGFI KFI ROI JRKLK D;YZKI DRKFI KROVK\EVKO@I JRKI OE^DI OG^DI jFRL^DKFI [GF?K FE^DKOiIbJKGHIj
>G^DZRSSGVLI
gRJZKSKI
KFI
LKROKO
BXOVKHKVKODKRSKOCI QI JKOI NKFL^DRKJKOKOI GFZKORL^DKO UKFKROKO@I JRKI KFI ?KSFKYSKiI fG?KRI VROVI KLI YZI fROVK@I JRK ORKZGOJKOI ROSKFKLLRKFSKO@I OR^DSI KROZGHI RDOI LKH?LSi
_^DHRKPHR^D@I YZI eIi]]I HDF@I NKFJF<^=SKI KFI LR^DI ROLI QYGFSRKF HGSRO@I ZRSIlVWPSgYnOTROI JKFI MGL^DK@I GYjI JKFI _Y^ DKI OG^D KROKZI VYSKOI GHSKOI [RHZiI AGO^DZGHI JKDOSKI KFI LKROKO EYZZKHI ?RLI \YFIoPQO^V`]OpCOTGYL@I JKFKOI dKRSYOVI JRK L^DHK^DSKI bJKKI VKDG?SI DGSSK@I GOI JKOI _SGJSFGOJI NEOI aGFRL@ OG^DIEKF^O@IYZ\Y\RKDKOi cFINKFHRKPIJRKIfYL^D=G?ROKIYOJI?KSFG^DSKSKILR^DIRZI_TRKVKHi fGLI =YF\I VKL^DEFKOKI VFGYKI GGGFI NKFLS;F=SKI OE^DI LKROKO DGFSKOI UKLR^DSLGYLJFY^=iI _^DFEjjKI KGLK@I KROKI FKVKHFK^DSKI [KHL=YTTK@I NEO JKFI [YF^DKOI JKFI UKF?RSSKFYOVI GYLVROVKOiI bOI JRKLKFI =GFVKO dGOJL^DGjSI VG?I KLI OYFI KROKI _G^DK@I JRKI ZRSI JKZI DKLS =EOSFGLSRKFSKFI \gKRI VFGYKI XYVKO@I JRKI \gKRI LGLLKFHG^DKO VHR^DKOiIfRKIhGLKOILKROKFIL
gEHHKO@I gRKI GHHI JRKI _Y?LSGO\KO@I JRKI KFI L^DHY^=SK@I KRVKOSHR^D gRF=SKOiI bZZKFDROI DGSSKI KFI NKFLSGOJKO@I JGLLI fKTG=ESKI KRO LSRZZYOVLGYjDKHHKOJKLI AKJR=GZKOSI RLS@I g;DFKOJI CRTFGHKV KROI XOSRJKTFKLLRNYZI JKFI OKYKLSKOI UKOKFGSREOI gGFiI fRK `EZ?ROGSREOI
JRKLKFI
?KRJKOI
_Y?LSGO\KOI
DRKHSI
RDO
YOKF=H;FHR^DKFgKRLKIGYjIJKOIEKROKOi ARSI JFKRYOJLK^D\RVI PGDFKOI VKOELLI `GLJGOI JRKLKI FKHGSRNK DYDKiI cFI DGSSKI GYjI JKZI UK?RKSI JKFI TLO^DRGSFRL^DKO cF=FGO=YOVKOI
GHHKLI
JYF^DVKZG^DSI
QI
fKTFKLLREOKO@
GGHHY\ROGSREOKO@I LGDO\YLS;OJKI iiiI HOJI GY^DI GYjI JKZ UK?RKSI JKFI MDKFGTRKOiI cFI gGFI KROI K^DSKFI URJGHiI MKFGHRSDK YOJI XOGjFGORHI ROI JKOI LRK?\RVKFI PGDFKOiI fKTGZRJKI YOJ [HYEVKSROIROIJKOIG^DS\RVKFIPGDFKOiIUGO\IG?VKLKDKOINEOIJKO >KYFEHKTSR=G@I JRKI KFI g;DFKOJI LKROKFI ZGORL^DQJKTFKLLRNKO aDGLKOI DGSSKI KROOKDZKOI Z
DGSSKO@I
YOJI
\gGFI
LE@I
JGLLI
KFI
DKYSK
ZGPVKL^DOKRJKFSKI AKJR=GZKOSKI EDOKI >K?KOgRF=YOVKO KFDRKHSiIfGLIgGFI=KROIdYVYLi
cFI ?KFKRSKSKI LR^DI KROKOI `GjjKKI \Y@I GYjI GHSZEJRL^DKI XFS@I ZRS aYHNKFI YOJI [RHSKFiI XYjI KROKI OKYKI `GjjKKZGL^DROKI ZRS `GTLKHOI DGSSKI KFI NKF\R^DSKS@I GHLI ZGOI RDOI ROI KROKZI UKL^D;jS ZRSI gGFZKOI [GF?S]OKOI YOJI H;^DKHOJKOI UKF=;YjKFROOKO VK?KSKOI DGSSK@I KROI [EFZYHGFI ZRSI [FGVKOI OG^DI LKROKO ROSRZLSKOIUEFHRK?KOIGYL\Yj
GYLL^DHRKPHR^DI
ZRS
UKL^DKO=VYSL^DKROKOI \YI ?K\GDHKOiI cFI H;^DKHSKiI bZI UFYOJ VROVI RDZI GHHKLI GYjI JRKI >KFNKOiI AKOJK\I DGSSKI FK^DSF _^DHK^DSKI dGYOKI gGFI KROKI BgKRSKFKI _^DFYHHRV=KRSI GHSKF AKOL^DKOCi `GLJGOI
OGDZI
LKROKOI
`GjjKK?K^DKFI
ZRSI
ROI
LKRO
XF?KRSL\RZZKF@I LKS\SKI LR^DI GOI JKOI _^DFKR?SRL^DI YOJI L^DHYV JGLI fE=YZKOSI GYj@I JGLI KFI GHLI cFLSKLI YOSKFI JRKI dYTK
OKDZKOI gEHHSKFI JKOI _SYOJKOTHGO@I JKOI U]S\I jESFKQfGZKQJYQDELGRFKI ROI JKFI DYK DGOZEOJQdELLKFGOJI RZI eYiXFFEOJRLLKZKOSgI >ESFKQfGZKQ JKQdEFKSSK@I DYKI [HK^DRKFI RZI ZiIXFFEOJRLLKZKOS@I YOJI JRK `RF^DKI
_GROSQMDEZGLQJWXaYRO@I
aHG^KI
_GROSQMDEZGLQ
JWXaYRO@I RZI [iIXFFEOJRLLKZKOSiI `GLJGOI ZGF=RKFSKI GHHK MKHKjEOOYZZKFOI YOJI XJFKLLKOI ZRSI LKROKZI _SG?RHEQ[RH\LSRjSi KgKRjKHHELI YZI LKROKOI UKHRK?SKOI \YI ?KFYDRVKO@I DGSSKI U]S\ JRKI >GZKOI JKFI `ESjGHHCI `EOSG=SI GYjOKDZKO =EOOSKiI `GLJGOI ZYLLSKI OYFI OE^DI \YZI MKHKjEOI VFKRjKOI YOJ GOIJKOIMKROiIcFIgR^DSI KROZGHI KROI GOLS]PRVKLI UKFD;HSORLI \Y
KROKZI_^DR^DSLI>KYKLIKROiI fRKI [ROVKFG?JF<^=KI GYjI JKZI EGH=EOI LSGZZKOI GHHK NEZI hTjKFiI _EOLSI DG?KOI gRFI OR^DSLI VKjYOJKOiI fRKI KRO\RVK >KYRV=KRSI DG?KI R^DI JRFI VKLSKFOI VKLSK^=SFI JKFI X?JFY^=I KROKL CEONKFLKQ_^DYDLiCI cFI DRKHSI ROOKI YOJI ?H;SSKFSKI FGL^DKHOJ LKROKOIEKFR^DSIJYF^DiIBX^DINGIiiiIJGIRLSIOE^DIKROIfKSGRHiILRF DG?KOI GYjI JKFI cZTEFKI GEH\LTHRSSKFI VKjYOJKOiCI BLEDKF LSGZZKOIJRKMCIC BfGLIH;LLSILR^DIOE^DIOR^DSILGVKOiIb^DIDG?KILRKI\YFIgKRSKFKO HOSKFLY^DYOVI OG^DI dOEOI ROLI dG?EFI VKL^DR^=SiI AKROKF AKROYOVI OG^DI DGOJKHSI LR^DI YZI _THRSSKFI NEOI JKFI hFVKHiI U]S\ DGSILR^DIROIJKZIGGOJVKZKOVKIRFVKOJgEIjKLSVK=HGZZKFSiC
`GLJGOI
NKFVKVKOg;FSRVSKI
LR^DI
JKOI
MGSEFSiI
fGL
hFVKHVKD;YLK@I JGLI AGOYGHKiI aYOjKFFGSI RFFSKI LR^DiI fRK h?KFjH;^DKOI gGFKOI GYLI >R^=KHiI `KROKI _TYFI NEOI `FGS\KFO@ JRKINEOI>;VKHOILSGZZKOI=]OOSKOiIfRKIGEH\LTHRSSKFIZYLLSKO gEGOJKFLIDKF=EZZKOi BGGLSIJYIJKROKOIEKFR^DSIG?VKVK?KOMC BUKDSINKS\SIFGYLiC BaKFIcQAGRHMC BaKFIcQAGRHIYOJITKFIaELSiC _KROIUEFLTFYOVIVKVKOKROiI UKFOEYVI g
B`KROI aFE?HKZiI UKLSKFOI >G^DSI DG?KI R^DI KROKOI SEHHKOI LRS\ VKD]FSiI_YTKFZGOILRKDSILEOJKFgEZGOIGYjIJKZIfG^DIKROKL UK?;YJKLIYOJIiiiCIBfKOI=KOOIR^DiIDYjIZR^DIGOiC `GLJGOI
g;DHSKI
JRKI
>YZZKFI
JKFI
cROLGS\\KOSFGHK
MK^DORL^DKI HOSKFLS<S\YOVI dcKMHeiI cROI MKGZI NEOI \KDO [G^DHKYSKO@I JRKI j
\YLS;OJRVI
gGFKOiI
A;OOKF@I
JRKI
KDKF
ARSGF?KRSKFOIKROKF I`G?KHjKFOLKDVKLKHHL^DGjSI GHLI ARSGF?KRSKFO KROKFI GRVDSK^DQX?SKRHYOVI VHR^DKOiI fRKI KKOSFGHKI ?KjGOJI LR^D ROICDKLOGO@IKROKFI`HKROLSGJSIRZIfKTGFSKZKOSIiNKHROKLi `GLJGOIDGSSKI\Yj;HHRVIKROKOIHGOVN;DFRVKOIEK=GOOSKOIGOIJKF _SFRTTKFI>R^EHGLIdEOVDEi BLEFYZIVKDSWL@IXHSKFMC BcROKI X?D]FZGPOGDZKiILRHDKHZI U]S\@I DYKI UG\GOI eTQe[@ eYiIXFFEOJRLLKZKOSiCIBLGLIgRHHLSIJYIgRLLKOMC BfKFI MOTI RLSI SESiI b^DI DG?I ROI LKROKFI LEDOYOVI KYFKI LGO\KO VKjYOJKO@INKFLSK^=SI
BfGLILGVSIZRFIOR^DSLiC BfGLI RLSI JE^DI KYFKI AKSDEJKiI cROI UKFLS;F=KF@I KROVKTGLLSI RO JRKIX^DLKIJKFIUGFJROKOLSGOVKiC BLKLDGH?ILSK^=LSIJYIJKROKI>GLKIJGIDROKROMC BfKFI AGOOI gYFJKI SESI ROI JKFI `RF^DKI ZKROKFI ajGFFKR@I JKF GFZKORL^DKOI`GSDKJFGHK@IGYjVKjYOJKOiC BbLSIKFIXFZKORKFMC B>KRO@I CDRHKOKiI fRKI LGO\KOI ?KHKVKO@I JGLLI VKVKOI RDO KFZRSSKHSI gYFJKiI b^DI Z]^DSKI gRLLKO@I gRKLE@I YOJI D;SSKI VKFO JKOI>GZKOIJKLIDR^DSKFL@IJKFIJRKI\?KFgG^DYOVIGOVKEFJOKS DGSiC BHOJIgKFIDGSIJR^DIJGFGYjIGOVKLKS\SMC Bb^DI ?ROI LKRSI j
Bb^DIgKFJKIZRSIJKOI`EHHKVKOIJGF
KLI KROKI CDRHKOKI RLS@I g
UKFjGLLYOVLL^DYS\I
EJKFI
?KRZI
ZRHRS;FRL^DKO
XYLHGOJLOG^DFR^DSKOJRKOLSIGOFYjKOiC dEOVDEI
DGSSKI
FK^DSiI
UKFZYSHR^DI
DGSSKI
JKF
XYLHGOJLOG^DFR^DSKOJRKOLSI LKROKI [ROVKFI RZI _TRKHiI cROK L^DHK^DSKI >G^DFR^DSiI L;DFKOJI LKROKLI EKFYjLHK?KOLI gGFKO RDZI JRKLKI dKYSKI D;YjRVI YZZKFiIcROIGHSKFI`YZTKH@IJKFIROIKROK OKYKI X?SKRHYOVI KROVKSFKSKOI gGF@I JRKI >GSREOGHKI fRKOLSLSKHHK j
BUKOGYI JKLDGH?I FYjI R^DI JR^DI GOI QI gKVKOI KROKLI VFEPKO [RL^DLiCI B_GVI ?HEPI OR^DS@I JGLLI JYI OE^DI RZZKFI JKO _^DO<jjHKFILTRKHLSiC B>YFIKROKIXYL=YOjSiIfKROKIOKYKIX?SKRHYOVIGF?KRSKSIROI?KRJK DR^DSYOVKOMCIBLGLIZKROLSIJYIZRSI_?KRJKIDR^DSYOVKObMC BbDFI LY^DSI [FGO\ELKO@I JRKI LR^DI ROLI XYLHGOJI G?VKLKS\S DG?KO@I G?KFI GY^DI XYLH;OJKF@I JRKI LR^DI ROI [FGO=FKR^D NKFLSK^=KOMC BPG@I gRFI DG?KOI UKFKRO?GFYOVKOI ZRSI JKOI GOJKFKO KYFET;RL^DKOIaEHR\KR?KD]FJKOiCIBGGLSIJYI`FRKVLNKF?FK^DKF ROIJKROKFI_GZZHYOVMC BLRFI LROJI KDKFI j
BCDRHKI RLSI KROI ?RLL^DKOI gKRSI gKVI NEOI _^DKOVKOiI b^DI gKRP OR^DSIKROZGH@IE?IgRFIDK^DSLDRHjKG?=EZZKOIZRSIJRKLKZIdGOJ DG?KOiC BURKHHKR^DSI gKFJKOI LRKI OR^DSI NEOI JKFI ^DRHKORL^DKOI PYLSR\ VKLY^DSiI fKFI GGjS?KjKDHI =GOOI ROI GOJKFKOI d;OJKFO GYLVKLSKHHSI gEFJKOI LKRO@I ROI _TGORKO@I UFEP?FRSGOORKO@ [FGO=FKR^DI iiiI fRKI `HGVKOI gYFJKOI ROI JKOI GKF=YOjSLH;OJKFO JKFI UKL^D;JRVSKOI KROVKFKR^DSiI URKHKI JKFI hTjKFI ROI CDRHK LSGZZSKOIGYLIcYFETGiC BfGO=KIjG^DDRHjK@IZKROIdRK?KF@IG?KF@IKDFHR^DIVKLGVS@ RLSI JGLI OE^DI L^DgRKFRVKFiI LKRHI JKROKI MOTKOI CDRHKOKO ?HKR?KOIYOJIgKRHIgRFIOYFIJGOOIOG^DIRDOKOIjGDOJKOI=]OOKO@ gKOOIgRFIKROIX?=EZZKOIZRSIRDFKZIGKRZGSHGOJIDG?KO@IOR^DS ZRSIJKZIJKFI`H;VKF@I=GTRKFSMC BX?KFIJYI=GOOLSIKLIJE^DIGZKOMC B>KROiC
BIaKFLEOKO?KL^DFKR?YOVKOMICIB[KDHGO\KRVKRC BUHGY?LSIJY@IR^DIDG?IOR^DSLIGOJKFKLI\YISYO@IGHLIaDGOSEZKO OG^D\YNGVKOMC BUKLSKFOI gYFJKI KROI CDRHKOKI YZVK?FG^DSiI cROI TEHRSRL^DKF [H<^DSHROViI hjjKO?GFI gEHHSKI KFI VKVKOI JRKNKORVKOI GYLLGVKO@ JRKI RDOI VKjEHSKFSI DG?KOiI b^DI ?RSSKI JR^DI OYFI JGFYZ@ OG^D\YLKDKO@I E?I KROKFI EJKFI ZKDFKFKI JRKLKFI ARLS=KFHKI GYj JKROKOIdRLSKOILSKDKOiC B_KHSLGZ@IJGLLIJYINEOICDRHKILTFR^DLSIiiiC BLRKLEMC BcROI `EHHKVKI DGSI NEFI =OGTTI KROKFI _SYOJKI KROKI XOjFGVKI RO EK\YVIGYjIJRKLKLIdGOJIKFDGHSKOiIEHKR?IJFGOiC `GLJGOI
_G^DKI\YLS;OJRVIRLSiIDYjLSIJYIZR^DILEjEFSIGOMC Bb^DI LTFK^DKI ZRSI ZKROKOI `EHHKVKOiI LRFI gKFJKOI JRK bOjEFZGSREOKOIRZIdGYjIJKLIMGVKLIGYjSFKR?KOiC B`]OOSKIR^DILRKINEFIUKFOEYVIKFjGDFKOMC BMFKR?WLIOR^DSI\YIgKRS@I`GLJGOiC cFI HKVSKI GYjiI fKFI >GZKI JKLI aEHR\RLSKOI NEOI JKFI `FRTE ?KJKYSKSKI \gKRKFHKRiI KYZI KROKOI DGSSKI UKFOEYVI JKOI [GHH ?KDGHSKOiI KYZI GOJKFKOI DRKHSI JKFI aEHR\RLSI ZRSI JKF EEZ?KFNG^=KI gKRSKFDROI GOI LKROKFI GOTESDKLKI jKLSI QI JKF TEHRSRL^DKOI_TYFi fKFIXFZKORKFILSGOJIGYjIYOJI\EVILKROKIfFRHHR^DNG^=KIGOi cLI gGFI GOI JKFI KKRS@I JGLLI KFI LKROKOI ERHJYOVLDEFR\EOS KFgKRSKFSK@I?KNEFIKFIJRKI`RF^DKOIG?=HGTTKFSKi
`XabMcdIee ePOTa`OTlPQYg]O`[
eVST\YdZTZOWTeP`V`CWOQ[ ePOT CQVCFFPQZxVWOT VC`YWP`fWOT eO^YWV`PO[T lPQYg]O`T CQZT ZPO SnVQPSg]OT 5CS`Pm[T 6(T 5V]WOT D`WVFFWOP]OP`[T \O]OP^YnOWV`PYQ oYQZYW[[[ CDRHKI YOJI JRKI TEHRSRL^DKOI HZg;H\YOVKOI ROI JRKLKZI dGOJ j
?KjGOJI
LR^DI
RZI
HOSKFVKL^DELLI
LKROKF
dRK?HROVL?Y^DDGOJHYOVIyVW^V``VQTROI JKFI DYKI JKLI c^EHKL eIiI cROKI EY^DDGOJHYOV@I JRKI NEFI GHHKZI GYjI XjFR=G LTK\RGHRLRKFSI gGFI YOJI SGSL;^DHR^DI OYFI GYLI E<^DKFOI \Y ?KLSKDKOIL^DRKO@ILEIjH;^DKOJK^=KOJIgGFKOIJRKIL;OJKINEO DKVGHKOI
LR^DI GZI cOJKI JKFI DYKI JKLI c^EHKL@I JRKI JKOI X?L^DHYLLI JKL QYGFSRKFIdGSROI?RHJKSiIfGDROSKFI HGVKOIJRKIDYKIAEOVK@IJRKIROL HO?K=GOOSKI GYjLSKRVS@I JGLI `HGNRKFVKL^D;jSIyV^^RTJGLI gRK JKFI EYVI KROKLI aGLLGVRKFL^DRjjLI DKFNEFLSKDS@I JRKI HKS\SKO jb^SjEOQ`ROELi fKFI XFZKORKFI TF<jSKI LKROI GGOJOiI cROKI >G^DFR^DSI JKL KDFgKROI NEZI fK\KFOGSI iiiI R^DI gKRPI OR^DSI ZKDFI VKOGY@ RFVKOJKSgGLIZRSI_PYVKOJbIiiiC BPYVKOJL^DYS\JK\KFOGSMC BUKOGYiC `GLJGOI NKF\EVI JGLI UKLR^DSiI fKFI EKFR^DSI NEOI aYOjKFFGS@I RO JKZI JKFI X?JFY^=I JKLI EGL=KS?GHHL^DYDLI KFg;DOSI gYFJK@ DGSSKI UKFOEYVI VKVKOI OKYOI HDFI KFFKR^DSiI GGSSKI LR^DI JKF
GGYTSZGOOI GOLI PYVKOJL^DYS\JK\KFOGSI VKgGOJS@I ZRSI JKF ERSSK@I JRKI UKFOKDZYOVI JKFI _;OVKF=OG?KOI \YI
`GLJGOIKF=GOOSKIJGLIdRKJF k)P_]`T^iTFPWOT NEOIJKOIeYYWS[c BPG@INRKHHKR^DSiC `GLJGOI NKFLY^DSKI LR^DI JKOI aEHR\RLSKOI NEF\YLSKHHKOiI cRO YOVKTjHKVSKFI
NYOVKFI
MOT@I
JKFI
GOI
KROKZI
MGSEFS
DKFYZSFGZTKHSKI YOJI ROI BLKROKFCI `RF^DKI KROI dRKJI JKFIeYYWS LTRKHSKiI>R^DSIVKFGJKIGHHS;VHR^Di BGGSIKFIJRFILKROKOI>GZKOIVKOGOOSMC BPG@IR^DIDG?KIRDOIGYjVKL^DFRK?KOIiiiICKJFR^IUEHE=ROKiC B`KOOIR^DIOR^DSiIGGSIKFIJRFILKROKOIXYLgKRLIVK\KRVSMC BPG@IEDOKI\YI\]VKFOiC BLGLIVKOGYIDGSIKFIJR^DIVKjFGVSMC BcFI gEHHSKI VKOGYKFKI XOVG?KOI JGF
gEHHSKI KFI JRKI PYOVKOI ?KjFGVKOiI LRKI JYiI fRKI PYOVKO@I JRK CEONKFLKQEGL=KS?GHHL^DYDKISFGVKOiC `KROIKgKRjKHFIUKFOEYVIDGSSKIJRKI_G^DKIGYLVKTHGYJKFSiIX?KF gRKLEMI [KYKLMC BfKFIaEHR\RLSINEOIVKLSKFO@IUKFOEYV@IDGSIGOVKFYjKOiIXY^DIKF gRHHIJRKI`ROJKF I?KjFGVKOiIbDFI=]OOSIJE^DIOR^DSIGHHKIiiiC bFVKOJKSgGLI LSRZZSKI OR^DSiI LKOOI UKFOEYVI JRKI EYFL^DKO K?KOjGHHLI NKFOKDZKOI gEHHSK@I JGOOI gGFI JKFI DE^=KFQaEHR\RLS NEOI NKZGOJI GOJKFKZI VKL^DR^=SI gEFJKOiI LRKI DGSSKI KFI NEO JKZIUKF?FK^DKOIKFjGDFKOM BGGLSI JYI UKFOEYVI VKLGVS@I JGLLI R^DI LRKI ?KFKRSLI NKFD]FS DGSSKMC Bb^DIZYLLSKIJE^D@IdREOKHiC
BLRKIDGSIKFIFKGVRKFSMC BcFIDGSIJR^DIKROKOIGHSKOIMFESSKHIVKOGOOSiC Bb^DIFYjIJR^DIgRKJKFIGOiIAG^DIJRFI=KROKIUKJGO=KOiC `GLJGOI VROVI \YI LKROKZI LGVKOiI >G^DJKZI KFI aHGS\ VKOEZZKOI DGSSK@I g;DHSKI KFI JRKI >YZZKFI JKLI GGYTSZGOOL JKFI KFLSKOI `FRZROGHTEHR\KRJRFK=SREOiI UKFOEYVI HRKPI RDOI VGF OR^DSIKFLSI\YILEFSI=EZZKOF BLGLI RLSI JKOOI JGLI jG^DI =YF\KZI _^DgKRVKOI jYDFI UKFOEYVI RO
VKJ;ZTjSKFKZI MEOI jEFSFI BGG?KOI JRKI PYOVLI bDOKOI gGL VKLGVSMCIB>KROiC BARLSRI LGLI jKRO@IKLIZYLLIKROKIGOJKFKIcF=H;FYOVIVK?KOiIHOJIgRKIgKRS LROJI _RKMCI BLEHHKOI _RKI KROKOI YOSKF\KR^DOKSKOI EKFR^DSMI b^D DG?KI bDOKOI OR^DSLI \YI LGVKOiI HOJI DGHSKOI _RKI LR^DI GYL JRKLKZI [GHHI DKFGYLRCI _KROKI _SRZZKI ?K?SKI gRKJKFI NEFI LYSi BLRKI=EOOSKOI_RKIJRKLKIPYOVKOIKROjG^DILEINKFD]FKO@IEDOK UKOKDZRVYOV@IEDOKINKJKIUEF?KFKRSYOVMC `GLJGOIGOSgEFSKSKIOR^DSiIEKRINKJKZI_GS\IKFgGFSKSKIKF@IJGLL JRKI dGYSLS;F=KI YOJI ZRSI RDFI GY^DI JRKI LYSI LRO=KOI g
_^DHRKPHR^DILGVSKIKFF BcROKI
HKS\SKI
[FGVKFI
PYVKOJL^DYS\JK\KFOGSI
GG?KOI
_RKI
LR^DI
VKgGOJSMCI
GOL BfGL
PYVKOJL^DYS\JK\KFOGSMI LRKLEI D;SSKI R^DI JGLI SYOI LEHHKOMC `GLJGOIVG?I=KROKIXOSgEFS@ILEOJKFOIgK^DLKHSKIJGLIMDKZGF BG]FKOI _RKiI b^DI NKFLSKDK@I JGLLI _RKI LGYKFI LROJiI _RKI gKFJKO LR^DI LGVKO@I JGLLI _RKI KROKOI GHSKOI hTGI gRKI ZR^DI OR^DS ?FGY^DKOiI X?KFI NKFVKLLKOI _RKI KROKLI OR^DSFI _RKI DG?KOI OYF KROKILE^DK@IYZIJKOI[GHHI\YIH]LKOiC BcROKILE^DKMC BPGiI
fRKI
TEHR\KRHR^DKI
HOSKFLY^DYOVLjFRLSI
?KRI
jFRL^D
?KVGOVKOKOI _SFGjSGSKOiI XOL^DHRKPKOJI gRFJI KROI DR^DSKF KFOGOOS@IYOJIJRKIHDFKOIgKFJKOIGYjIOYHHI\YF<^=VKLSKHHSiIfGOO Z
cFZRSSHYOVL?KjYVORLLKiI fRKI ZRSI JKFI HOSKFLY^DYOVI ?KSFGYSKO EKGZSKOI ?KO]SRVKOI jGZKOIVKDG?SiC B_RKI ?KOYS\KOI JGLI aKFjK=SI QI JGLI TGLLKOJKI MKZTYLiI GG?S RDFIJRKIcFZRSSHYOVKOIRZIHZjKHJIJKLIMGSEFSLIG?VKL^DHELLKOM C BPG@I gRFI DG?KOI JRKI XOgEDOKFI ?KjFGVSiI >RKZGOJI DGS RFVKOJKSgGLIVKLKDKOiIfRKIDYKIUEYNEOIRLSIZKOL^DKOHKKFiC BHOJIJRKIh?JY=SREOMC
UKFOEYVI SKRHSKI RDZI ZRS@I gGLI KFI ?KFKRSLI gYLLSKiI XYjI JRKLK LKRLKI =EOOSKI `GLJGOI LR^DI KROI ERHJI NEOI LKROKFI hjjKODKRS ZG^DKOiIfRKLKFIaEHR\RLSIgGFIOR^DSI
HOJI
KLI
VR?SI
ROI
aGFRLI
=KROKO
UKF?ROJYOVL?KGZSKOI j
BLRKLEIVKVKOIU]S\MI>KROiIb^DIJKO=KIGOI[EHSKF=OK^DSK@IJRK dKYSK@I JRKI jGSREOGHKOI fRKOLSLSKHHKI jYFI j
KFjGLLSKiI cROKI VGO\I OKYKI GZKFR=GORL^DKI AKSDEJK@I NEOI JKF `GLJGOI L^DEOI VKD]FSI DGSSKiI KYZROJKLSI ZYLLSKI ZGOI LGVKO@ JGLLIUKFOEYVILR^DIZ;^DSRVIROLIKKYVIHKVSKi BHOJI_RKMC `GLJGOIJFKDSKIJKOIK
`GLJGOI
JRKI
DYKI
JKLI
[ELLKLQ_GROSQEKFOGFJ
DROYOSKFVROV@IGOIJKFIJRKIHORNKFLRS;SIPYLLRKYIHRKVS@IJG^DSKIKF KROI gKRSKFKLI AGHI GOI JKOI DKFYOSKFVK=EZZKOKOI aEHR\RLSKO@ JKFIGOIJKFIhFVKHINEOI_GROSQPKGOQEGTSRLSKIVKLTRKHSIDGSSKiIcL VG?I
OYFI
KROKI
cF=H;FYOVFI
fKFI
[
JKF
UKOJGFZKFRKIDGSSKIRDOIKROVKL^DGHSKSiIEKRINKJKFI?KJKYSKOJKO _SFGjLG^DKI gRFJI KROI EKFR^DSI j
GHHKI
UEF=EZZORLLKI
ROjEFZRKFSiI
LKF
YOSKFFR^DSKSKIRDOM bOIJRKLKFIfRKOLSLSKHHKIGF?KRSKSKOIKRORVKI[FGYKO@IJRKILR^DIJKO NRKFYOJ\gGO\RVLS
EKFKRSL^DGjSLJRKOLSI
SKRHSKOi
LEZ]VHR^DIgGFINGIKROKIJKFIaEHR\RLSROOKOIROIJKOIGYjL;LLRVKO `EHHKVKOI NKF=OGHHSiI _KH?LSI _GF=RLI gGFI JRKI XSSFG=SRNRS;SI JKL NYOVKOI AGOOKLI GYjVKjGHHKOiI X?KFI gEDKFI gYLLSKI UEHE=ROK NEOI JKZI _^DYDG?JFY^=MI `GLJGOI FRKjI aYOjKFFGSI GOiI fKF MK^DOR=KFI ZKHJKSKI LR^DI YZVKDKOJFI BAKOL^D@I `GLJGO@I JGL RLSIEKH;LSRVYOV@IgGLIJYIJGIZG^DLS@IR^DIiiiC BGGSI
JR^DI
DKYSKI
AEFVKOI
KROI
EKGZSKFI
PYVKOJL^DYS\JK\KFOGSIgKVKOIU]S\IGOVKFYjKOMC
NEZ
BPG@I VHKR^DI OG^DI YOLKFKZI UKLTF;^D@I =YF\I NEFI OKYOI HDFiC BGGLSIJYIRDZINEOIJKZI_^DYDG?JFY^=IKF\;DHSMC Bb^DIgKRPIOR^DSIZKDFIiiiIb^DIVHGY?KIL^DEOiIX?KFIKFIgGFIJE^D ?KFKRSLIGYjIJKZIdGYjKOJKO@IEJKFMIcFILKH?LSIDGSIZRFINEOIJKO PYOVLIKF\;DHSIiiiC cROKI UKFgK^DLHYOViI UEHE=ROKI DGSSKI JRKI `EHHKVKOI NEOI JKF _TYFKOLR^DKFYOVI OYFI GOVKFYjKO@I YZI LRKI
`GLJGOI ?HR^=SKI GYjI LKROKI HDFFI KHjiI cFI VKHGOVSKI GOLI cOJK JKLIQYGRIJWXYLSKFHRS\@IgEIJRKIGE^D?GDOIJKOILKVINKFLTKFFSKi dRO=KFI GGOJ@I GZI VKVKOhQ_TK\RGHRLSROI RZI `HROR=YZI MFEYLLKGYI \Y ?KjFGVKOiI fRKI cFVK?ORLLKI JKFI HOSKFLY^DYOVKOI GZ G]FEFVGOI NEOI LRHDKHZI U]S\I ZYLLSKOI RDFI ZRSSHKFgKRHK NEFHRKVKOi
`XabMcdIeJ fGLI
`HROR=YZI
EKFVGF?KRSKFJEFj@I
XFZGOJQMFEYLLKGYI JKLLKOI
VHR^DI
KROKZ
EG^=LSKROD;YL^DKOI
NKFLKS\S
gEFJKOIgGFKO@IYZIGOIRDFKFI_SKHHKIKROKI[EHVKIaYGJFGSRL^DKF bOOKOD]jKI GO\YHKVKOiI bOI NKJKZI OKYKOI aGSREI L^DRKOKOI JRK VFGYKO@I
FELGQI
YOJI
^FKZKjGF?KOKOI
[GLLGJKO
\YLGZZKO\YF<^=KO@I YZI KROKOI \YI \KFaYKSL^DKOiI ARSI JKZ XYSEI ?KgKVSKI ZGOI LR^DI JYF^DI JRKLKOI bFFVGFSKOI gRKI KROK DGSSKIROIKROKZI`;jRVi `GLJGOI NKFG?L^DKYSKI `FGO=KOD;YLKFiI _KROI VGO\KLI dK?KO
HGOVIDGSSKIKFIROIFKVKHZ;PRVKOIX?LS;OJKOIGOIJRKLKOIJKYRHHOQLYFQAGFOKI YOJ aGYHIUYRFGYJIROIURHHKNYRjiiiIbZI_^DYS\IJRKLKFI`HROR=KOIDGSSKIKF LKROKOITKFL]OHR^DKOI`FRKVIVKjGFROKiI `GLJGOI DGSSKI LRKI GYjI KROKF GFZKORL^DKOI
GE^D\KRSI
=KOOKOVKHKFOSiI
fGZGHL@I
ZRS
\gKRYOJJFKRPRV@IgGFIKFIKROKFIJKFIGKHJKOIJKLIfK\KFOGSLI\YF EK=;ZTjYOVI JKLI EFVGORLRKFSKOI UKF?FK^DKOLI VKgKLKOi KYKFLSI DGSSKI KFI LRKI HKRJKOL^DGjSHR^DI VKHRK?S@I JGOOI OYFI OE^D VKL^D;S\SIYOJIL^DHRKPHR^DIFKVKHFK^DSIVKDGLLSiIXZIcOJKIgGF LRKI \YI KROKZI ?HEPKOI h?NK=SI VKgEFJKO@I JGLI \YI LKROKZ dK?KOIVKD]FSKIgRKILKROI_^DGSSKOIEJKFILKROKIfRKOLSgGjjKiIcF
D;SSKI JRKLKI jGFROKiIHOJIJGLIVGHSIGY^DIYZVK=KDFSiI_RKIDGSSKOI\YLGZZKO GHHKIdK?KOLGHSKF@IGHHKIG]DKOIYOJIGHHKIMRKjKOIJYF^DVKZG^DSi fE^DI gKOOI KFI LR^DI DKYSKI GOI LRKI KFROOKFSK@I LGDI KFI OYFI OE^D KROKI _\KOK@I KROKI KRO\RVK@I RZZKFI JRKLKH?KiI _KROI HKS\SKF EKLY^DI ROI RDFKZI `FGO=KO\RZZKFI ROI JKFI >K^=KFQ`HROR=@ gKORVKI_SYOJKOINEFIRDFKZIMEJi fRKLKI [FGYI DGSSKI OR^DSLI ZKDFI ZRSI JKZI AKOL^DKOI VKZKRO@ ZRSI JKZI KFI LKROI _^DR^=LGHI VKSKRHSI DGSSKiI HOVKL^DZRO=SI YOJ EDOKIaKF<^=KIVHR^DILRKIKROKFIGYLVKZKFVKHSKOIEFEO\KLSGSYK ROI KROKZI `HKRJI GYLI VF
dR^DSI JKFI >KEOF]DFKOI L^DRHHKFOJI gRJKFLTRKVKHSKiI fRKLK bOLSFYZKOSK@I JRKLKI bOjYLREOLVKF;SKI KFROOKFSKOI RDOI GOI JGL VGO\I
TKFL]OHR^DKI
DRSYGHI
KROKLI
fFEVKOL<^DSRVKOI
Q
GKFEROL^DYLLI EJKFI hTRYZTjKRjKiI fRKLKI XTTGFGSKI YOJI JRK FKVKHZ;PRVKOI UKLSKO@I JRKI LRKI KFjEFJKFSKO@I DGSSKOI KSgGL X=FR?RL^DKL@IA]FJKFRL^DKLiIcLIVROVIGHLEILEI\YIcOJK@IgRKIKL ?KVEOOKOI DGSSKI QI RZI KKR^DKOI NEOI DGYL^DVRjSKOiI fKOOI GHL `GLJGOI \YZI KFLSKOI AGHI JKOI UEFOGZKOI LKROKFI =GFROKILTFG^DIOE^DIRZZKFiIHOJIRDFKILROOHELKOILEFSKIDRKHSKO RDOIGYjIX?LSGOJiIGRKFILTFG^DIKROIUKLTKOLS@IJGLI?KFKRSLINEZ MEJI JYF^DJFYOVKOI gGFiI cFI KFROOKFSKI LR^DI GOI KROI cFKRVORL@ JGLI LKDFI gKRSI \YF<^=HGViI `GZKFYOI eZIJiI cROKLI X?KOJL DGSSKOI fEFj?KgEDOKFI KROI [KLSI EFVGORLRKFSiI MFEZZKHO@ aGHZgKRO@I OG^=SKI [
=EO\KOSFRKFSKFI EHR^=@I JKFI ROI KROKI YOKFVFG^DSi >GFROKI KFROOKFSKI RDOI GOI JRKLKI M;O\KFROiI bDFKI LEFSK L^DgK?SKOIRZI_^DGSSKOiIbDFIEHR^=IgGFIGYjIKROKOIGOJKFKOIhFS VKFR^DSKS@I GYjI KROI OGZKOHELKLI PKOLKRSLiI XOI JRKLKZI X?KOJ DGSSKI `GLJGOI GYjI LKROKOI LGVKOI NKF\R^DSKSiI cFI gGFI \YI [YP RZI URKFSKHI fYFE^I DKFYZVKRFFSiI cFI gGFI GOJKFKOI EHROJKO ?KVKVOKSI QI JGLI bOLSRSYSI jK^=KFQ`HROR=IKOSjKFOSiIcFIDGSSKIJKO cROJFY^=@I LR^DI ROI KROKFI LKHSI NEOI KEZ?RKLI \YI ?KgKVKO@I RO JKFIKFIJKFIKRO\RVKIOE^DIHK?KOJKIAKOL^DIgGFi XHLIKFIL^DHRKPHR^DIOG^DIGGYLKIVK=EZZKOIgGF@IKFgGFSKSKIRDO KROKI >G^DFR^DSFI >GFROKI gGFI VKLSEF?KO@I g;DFKOJI KF YZDKFVKRFFSI gGFiI fGI ?KVFRjjI KF@I JGLLI KFI LR^DI RZZKFI GOI JGL ?R\GFFKI UKL^D]TjI KFROOKFOI g
GHHKIGOJKFKOIERHJKFIhQ_TK\RGHRLSROiI_KROKIcFZRSSHYOVKOi XYjI JKFI D<^=LKRSKI KROKLI bOOKODEjLI ZG^DSKI KFI JKOI aGNRHHEO XOJFKQdKZGFRKOI GYLjROJRViI cROI UK?;YJKI GYLI DKHHKO KRKVKHLSKROKO@I ZRSI JYO=KHI VKj;F?SKOI DKVKOgGLLKFL^DHRKFKOi XOI JKFI ajEFSKI >FiI II gGFKOI JRKI NKFL^DRKJKOKOI [G^DVK?RKSK JKLIMFG=SLIGYjVKjhQX?SKRHYOVi _^DEOIRZI[EOKFIgYFJKIJKFIMEOINEFVKVK?KOiIXOIJRKIL;OJK VK=HK?SKI >GLD]FOKF@I d]gKOI YOJI URFGjjKOiI GEH\NKFL^DH;VK@ aYGJFGSRL^DI GOVKEFJOKSKI ?YOSKI _RS\?;O=KiI cROKI AKOVK _TRKH\KYVKI iiiI `GLJGOI KFROOKFSKI LR^DI GOI JRKI LEFSKI NEO AKOJK\FI BcROKI `HROR=@I ROI JKFI SGY?KI `ROJKFI ?KDGOJKHS gKFJKO@I j
bOI JKFI ARSSKI JKLI DGYZKLI ?GYSKOI `FGO=KOL^DgKLS KFOI ZRS VF
`GLJGOI \<^=SKI JKOI ?HGYQgKRPQFESKOI XYLgKRL@I JKOI KF DKRZHR^DI ?KDGHSKOI DGSSKiI LRKI GHHKI L^DgKFZ<SRVKOI aEHR\RLSKO DGSSKI KFI LKROKOI XYLgKRLI LK^DLI AEOGSKI NEFI LKROKF aKOLREORKFYOVI GHLI NKFHEFKOI VKZKHJKSiI fGFGYjI KFDRKHSI KFI KRO OKYKLI fE=YZKOS@I JGLI KFI ?KRI LKROKFI UKFG?L^DRKJYOV \YF<^=VKVK?KOI DGSSKiI _KROKOI GHSKOI XYLgKRLI JGVKVKOI DGSSK KF@IgRKIKROKOI[KSRL^D@ILR^DKFINKFgGDFSi Bb^DIVKD]FKI\YIJKOIaEHR\RLSKO@IJRKIRZIAEFJjGHHILRHDKHZIU]S\ KFZRSSKHOC@ILGVSKIKFIL^DHRKPHR^Di [FGO^KI XYJYLLEOI \EVI JRKI `GTTKI GYL@I JKFKOI _^DKHHKO ?RZZKHSKOF Bb^DIDG?KIDKYSKIAEFVKOIJRKIHOSKFLY^DYOVLKFVK?ORLLKIGYL AEOJEFIKFDGHSKOiI`EZZKOI_RKIZRSiC HOSKFI JKOI NKFJYS\SKOI EHR^=KOI JKFI GOJKFKOI GHLI `E?EHJK NKF=HKRJKSKOI `FGO=KOL^DgKLSKFOI jEHVSKI KFI RDFI GYjI JKZI [YPi _RKIVROVKOIGOIZKDFKFKOIGEH\INKFL^DHGVKOIKOSHGOV@IYOJIKFLS OG^DI KROKFI VGO\KOI LKRHKI ?KVFRjjI JKFI cVQaEHR\RLS@I JGLLI KL LR^DI YZI K^DSKI E
fRKI G>hQ_TK\RGHRLSROI L^DHELLI JRKI NEFHKS\SKI M
NEOI
MFEZZKHjKHHL^DORSSKO@I
CMQXYjOGDZKOiI
ARSI
LKROKOI
ZRSI
>GJKHO
DYOJKFS\KDO
`RHEVFGZZIgGVSKILR^DI`GLJGOI=GYZI\YIFKDZKOI _RKI JE^DI aHGS\C@I ?ESI LRKI RDZI GO@I g;DFKOJI LRK KROKOIX=SKOLSGTKHINEOIJKZI_KLLKHIFK^DSLIgKVF;YZSKi UEFLR^DSRVI =GZI KFI JKFI cROHGJYOVI OG^D@I g;DFKOJI JRKI [FGY JRKI MF;VKFI RDFKLI `HKRJKFFE^=LI G?LSFKRjSKI YOJI LR^DI GYLI RDFKF UKF=HKRJYOVI L^D;HSKiI _RKI SFYVI KROKOI HOSKF\RKDTYHHENKFI YOJ L^DgGF\KIPKGOL@IJRKIKOVIGOIRDFKZIJFGHHKOIdKR?IGOHGVKOiI_RK DGSSKIL^DgKFKI EF
_^DFRSSiIfGLIUKjR^DSLiI fRKI dKYSKI ROI AEOJEFI DG?KOI [KROL^DORSSKI JKL [KHLKO?KROLIYOSKFIJKZIcHK=SFEOKOZR=FEL=ETI?KSFG^DSKSiI_RK DG?KOI^DKZRL^DKIMKLSLIJYF^DVKjR^DS JKFI=HKROLSKI_THRSSKF@I=KROI_TGO@IOR^DSLiC BLGLI?KJKYSKSIJGLMC BfRKI ?KRI JKFI MGSI NKFgKOJKSKI >GJKHI ZYLLI GYLI KROKF dKVRKFYOVI?KLSKDKO@IJRKILEIDGFSIRLS@IJGLLILRKI?KRZIXYjSFKjjKO GYjI JKOI `OE^DKOI OR^DSI VKLTHRSSKFSI RLSiI fGLI RLSI gRF=HR^D LKHSLGZiI
fKOOI
JRKI
>GJKHI
RLSI
\gRL^DKOI
JKO
UKD]F=O]^DKH^DKOI ?RLI \YFI _^DOK^=KI NEFVKSFRK?KOI gEFJKOi cLI VG?I GHLEI KROKI DKR?YOViI fE^DI JGLI bOLSFYZKOSI DGS =KROKFHKRI_TYFKOIDROSKFHGLLKOiC
BLRKIZYLLIZGOILR^DIJRKI>GJKHINEFLSKHHKOMC B_KDFI HGOViI _RKI DGSI LR^DI gRKI KROKI LKDFI LSGF=KI _^DGHHgKHHK JYF^DI JGLI UKD]FEFVGOI ?KgKVSiI fRKI _TRS\KI DGSI JRK GGGF\KHHKOI JKFI _^DOK^=KI \KFLS]FS@I ROI JKFI LR^DI JGLI CEFSRQ hFVGOI ?KjROJKSiI b^DI gKFJKI bDOKOI JRKI XYjOGDZKOI ZRSI JKZ cHK=SFEOKOZR=FEL=ETI\KRVKOiC _RKI ?FKRSKSKI GYjI RDFKZI _^DFKR?SRL^DI _^DgGF\QLKRPQX?\
`GLJGOI LGDI GYjiI _KROI EHR^=I jRKHI G?KFZGHLI GYjI JRKI EFKROiIfRKI>GJKHLTRS\KIRLSINRKHIJ
fRKI
>GJKHI
RLSI
ROI
JRKLKOI
KgRL^DKOFGYZ
KROVKJFYOVKOiI fGLI KFjEFJKFSI KROKI KVSFKZI JGJKHIZRSIKROKZIUFRjjINKFLKDKOiIXHHKL GYLI JKFLKH?KO@I LKDFI DGFSKOI dKVRKFYOVI VKVELLKO@I YZI OR^DS \YI?FK^DKOiC [FGO^KI XYJYLLEOI LKS\SKI LR^DI gRKJKFI DROiI `GLJGOI =GZ TH]S\HR^DIKROIUKJGO=KiIcROKIG?KOSKYKFHR^DKIbJKKF
B`]OOSKI JRKLKI >GJKHI GYLI cRLI ?KLSGOJKOI DG?KOMI fGL VKjFEFKOKILGLLKFID;SSKI=KROKI_TYFKOIDROSKFHGLLKOIiiiC BcROKILEIJ
JKOI hFVKHTjKRjKOI gRJKFiI LRHDKHZI U]S\I ZYLLI KROKO YOVHGY?HR^DKOI_^DFKRIGYLVKLSEPKOIDG?KOiIDR^GFJEIAKOJK\ VHGY?S@IJGLLIKFINEFI_^DZKF\KOIVKLSEF?KOIRLSiIGGHSKOI_RKIJGL j
UKFHKS\YOVI
ROjEHVKI
KROKFI
TH]S\HR^DKO
dYjSJFY^=NKF;OJKFYOV@I KSgGI ?KRI MGY^DV;OVKOI EJKFI GYj [H
XFZKORKFI
KFDE?I
LR^DI
?KDYSLGZ@I
YZI
OR^DSL
DKFYOSKF\YgKFjKO@I YOJI LGVSKI JGOOI ZRSI LKROKFI JYO=HKO _SRZZKF BfGO=K@I fE=SEFiI `GOOI R^DI JRKI X?\
fRKIhF\SROIKFLSGFFSKiI_RKIgGFjIRDZIKROKOIGFVg]DORL^DKOIEHR^= \Yi Bb^DI gGS
`XabMcdIe^ >G^DI JKZI X?LSK^DKFI ROI JRKI `HROR=I MFEYLLKGYI?KLY^DSK `GLJGOI JRKI JFKRI ajGFFVKZKROJKO@I ROI JKOKOI U]S\I K?KOjGHHL GHLIhFVGORLSIYOJICDEFHKRSKFIVKGF?KRSKSIDGSSKiIbOI>ESFKQfGZKQ
JYQDELGRFKI RZI eYiIXFFEOJRLLKZKOSISFGjI KFI ORKZGOJKOI GO@ JKFI RDZI D;SSKI XYL=YOjSI VK?KOI =]OOKOiI fKFI ajGFFKFI gGF KF=FGO=SI YOJI LKROI _SKHHNKFSFKSKFI OR^DSI JGiI bOI >ESFKQfGZKQJKQ dEFKSSKI ROI JKFIDYKI [HW^DRKFI ?KjFGVSKI JKFI XFZKORKFI aGSKF AR^DKH@I JKFI RDZI U]S\I LEI ?KL^DFRK?@I gRKI KFI RDOI ?KFKRSL =GOOSKFI YOGYjj;HHRVI YOJI LSRHHiI `GLJGOI jYDFI \YFI `RF^DKI _GROSQ MDEZGLQJWXaYROIROIJKFI>;DKIJKLIEEYHKNGFJI_GROSQUKFZGRO@ gEI KFI G?KFZGHLI aK^DI DGSSKFI fRKI UKRLSHR^DKOI gGFKOI jKYVRKFiI cFI gEHHSKI JKO `EO=YFFKOSKOISGVRKFKOi >G^DJKZI KFI LKROI _GOJgR^DI ZRSI gKORVKOI ERLLKO DROYOSKFVKL^DHYOVKOI DGSSK@I ZG^DSKI KFI LR^DI OE^DI KROKO
`GjjKKIYOJI?KVG?ILR^DIROILKROIXF?KRSL\RZZKFiIcFIg;DHSKIJRK >YZZKFI NEOI PKGOQdEYRLI UFKL^DR@I KROKZI KDKZGHRVKO `EHHKVKOI
?KRI
JKFI
AEFJ=EZZRLLREO@I
JKFI
ROL
PYVKOJL^DYS\JK\KFOGSIVKgK^DLKHSIgGFi BLRKI VKDSWLMC@I jFGVSKI JKFI `EZZRLLGF@I BEKRPSI JYI JRFI OE^D RZZKFIJRKIK;DOKIGYLMC BPG@INEFIGHHKZIGOIJKFIEFES=FYZKiC BLKH^DKZIHOVH<^=INKFJGO=KIR^DIJKROKOIXOFYjMC B`KOOLSIJYICKJFR^IUEHE=ROKMC BcROKFIZKROKFI?KLSKOIARSGF?KRSKFiILRKLEMC BfKFI MOTI L^DKROSI ROI KROKZI AEFJjGHHI \YI KFZRSSKHO@I JKFI ZKROK `RF^DKOVKZKROJKI ?KSFRjjSiI cROI AEFJI ROI JKFI GFZKORL^DKO `GSDKJFGHKiC BHOZ]VHR^DiI cFI RLSI GYjI YO?KLSRZZSKI KKRSI ?KYFHGY?SiC BLKLgKVKOMC
UFKL^DRI\]VKFSKiIfGOOILKO=SKIKFIJRKI_SRZZKFIBUEHE=ROKIDGS KROIaFE?HKZiC BLGLIjKRO@I R^DI DG?I JGLI G?VK?EVKOiI ARSI JKZI XHSKFI gKFJKI R^D LKOSRZKOSGHiCIBLEIZG^DSIKFIJRKIcOS\RKDYOVL=YFMC BbZI fKTGFSKZKOSI hRLKiI fGLI GKRZI DKRPSI 5OCQOSSOT 9 jOSSYCWgO[TX?KFIGHHKIOKOOKOIKLI oYdZTjCWOi[c BLGLIDKRPSIJGLMC BfGLI RLSI JKFI KOVHRL^DKI XYLJFY^=I j
_SEjjKiI
hjjKO?GFI
LKS\KOI
LRKI
JEFSI
GYj
UKLTF;^DLSDKFGTRKI YOJI _TEFSiI XHSG^DSYOJLK^D\RVKF@I JRK
cF?KOIJKFIXOSRTLO^DRGSFRKiC `GLJGOI ?F<SKSKI GFVRHKDLIRZIKRLRVKO DKVKOIbLSGO?YHLiIfGOOI?KVFRjjIKF@IJGLLIKFIGYjIJKZIGEH\gKV g G F iIj CWOiT ?K\KR^DOKSKI OR^DSI JGLI dGOJ@I LEOJKFOI JRK UKjH
jCWOiT ?KJKYSKSKI L^DHR^DSI B=GHSKF
MFYSDGDOC@I gGLI EjjKOLR^DSHR^DI GYjI JRKI cOS\YVLLOZTSEZK GOLTRKHSKFI=GHSKI_^DgKRPGYL?F<^DKIYOJIU;OLKDGYSiii BG;HSLSIJYIKLIjG^DjEFL^DYOVKOI
ROI
PYFGI
YOJI
aDRHELETDRKI
GOI
JKF
aEHR\KRDE^DL^DYHKI CGOOKLQc^HYLKiI cROI DKHHKFI `ETj@I G?KF GY^DI KROI DKFNEFFGVKOJKFI _^D<S\KiI XYPKFJKZI gGFI KF
jFGO\]LRL^DKFI AKRLSKFI ROI KROKFI GLRGSRL^DKOI `GZTjLTEFSGFS@ gKRPIG?KFIOR^DSIZKDF@IgKH^DKFiC BHOJIgRKILGDILKROKIdGYj?GDOI?KRIJKFIaEHR\KRIGYLMC BKYKFLSI\gKRIPGDFKI?KRZIfFEVKOJK\KFOGSiIb^DIVHGY?K@IJGLL KFIJEFSIZRSIJKZIfETKIROI`EOSG=SIVK=EZZKOIRLSiC BHOJIJGOOIDGLSIJYIRDOIROIJKROIfK\KFOGSIVKDEHSMC BcFI DGSSKI OR^DSI 5CQPOT GYjI JKFI _SRFOI LSKDKOiI HOJI KFI gEHHSK gK^DLKHOiIPKZGOJKOIZRSILEIWOKFIXYL?RHJYOVIHKDOLSIJYIOR^DS G?iI bZI fFEVKOJK\KFOGSI DGSSKI KFI KROKI XYj=H;FYOVLaYESKI NEO G^DSYOJOKYO\RVI aFE\KOSiI fKFI `KFHI VKD]FSI ROLI UYROOKLLQ EY^DIJKFIDK=EFJKiC B_EOLSIOE^DIgGLMC BAYLR=KFiI_TRKHSI`HGNRKF@IVHGY?IR^DiC `GLJGOI j
BUKFDKRFGSKSMC B>KRO@I G?KFI KROI K^DSKFI [FGYKODKHJiI XHHKI A;JKHLI LROJ NKFF<^=SI OG^DI RDZiI fRKI HGYjKOI LEH^DKOI MOTKOI DROSKFDKFI Q GSSFG=SRN@I VKSFRK?KO@I YOVFKRj?GFiI cFI \RKDSI JRKI MYLLRLI GOI gRK KROIAGVOKSIcRLKOjKRHLT;OKiC `GLJGOI DGSSKI GHLEI FR^DSRVI VKHKVKOiI EKRI NKJKFI UKHKVK ODKRS DGSSKI UEHE=ROKI KROKZI JKFIA;J^DKOI RZI [
BcROI?RLL^DKOI\YIKROjG^D@IEJKFMC BPKI KROjG^DKF@I JKLSEI D]DKFI JRKI LGDFL^DKROHR^D=KRS@I JGLLI KL LSRZZSiIfGLIgKRPSIJYIVKOGYLEIVYSIgRKIR^D@I`GLJGOiC `GLJGOIL^DgRKViI_KROKINRKF\RVIPGDFKI?KRIJKFIaEHR\KRIDGSSKO RDOI VKHKDFS@I JGLLI JRKI AKOL^DKOI ROI JKFI MGSI jGOSGLRKHEL gGFKOiI PKJKOI AEFVKOI ?KgGDFDKRSKSKI LR^DI RZI dK?KOI KROKL aEHR\RLSKOIJGLIUKLKS\IJKFI`HRL^DKKLi BPKJKOjGHHLC@I jYDFI UFKL^DRI jEFS@I BNKFHRKFSI KFI L^DEOI ZGHI JRK EKDKFFL^DYOViI UEFI =YF\KZI DGSI KFI KROKOI a;JETDRHKO \YLGZZKOVKL^DHGVKOiI LRFI DG?KOI JRKI _G^DKI YOSKFI JKO MKTTR^DI VK=KDFSI YOJI JKZI `ROJKFL^D;OJKFI =HGFVKZG^DS@ JGLLI gRFI RDOI ROI KROKI KKHHKI ZRSI A]FJKFOI LSK^=KO@I gKOOI KF XO\KRVKIKFLSGSSKSiIX?KFIR^DIDG?IZRFIJKOIPYOVKOINEFVK=O]TjSi LRFI LROJI OR^DSI JG\YI JG@I UKFJ;^DSRVKI \YI NKFJFKL^DKOiI XY^D gKOOI KROKZI ?KRI YOLI L^DOKHHI ZGHI JRKI GGOJI GYLFYSL^DKO =GOOiC `GLJGOI ZG^DSKI LR^DI KROI ERHJI NEOI JKZI NYOVKOI DK?KHHKOF ?KVG?S@IROSKHHRVKOS@IYO?KFK^DKO?GFiILKLDGH?IROSKFKLLRKFSKIKF LR^DI j
?KSFEjjKOIgGFKOM UFKL^DRILTFG^DIgKRSKFF BX?KFILKROIVFEPKLIMGHKOSIZG^DSIGHHKLIgKSSiI_KROI[KKHROVIjG^DSi AGOI KF\;DHSI LR^DI RZI _^DKF\I
fKFI XFZKORKFI jFGVSKI LR^DI TH]S\HR^D@I E?I KFI JGI OR^DS I KROKO TESKO\RKHHKOI UKF?
JKFI AGOOI gRKJKFI GZI XTTGFGSiI BXYPKFVKg]DOHR^DK EKVG?YOViI EKLSKFI LKROKLI PGDFVGOVLiI GKFNEFFGVKOJK KKOLYFKOIROIGHHKOI[;^DKFOiIHOJIKROIAGOOIZRSIAYZZiIAYSRV@ DGFSO;^=RV@ILTEOSGOiC BLRKIGHSIgGFIKF@IGHLIKFIJRKI_^DYHKIRZIPYORIJ]]eINKFHRKPMC BfFKRYOJ\gGO\RVI PGDFKiI cFI gYFJKI RZI _KTSKZ?KFI eZ[S VK?EFKOiC BLEMC BaGFRL@IZiIXFFEOJRLLKZKOSiC BdGYSIZKROKOIXYj\KR^DOYOVKOIRLSIKFIOG^DIJKZIEKLY^DIJKF GE^DL^DYHKIROLIaGFRLKFIfFEVKOJK\KFOGSIKROVKSFKSKOiC BcLI gGFI LKROI LYOL^DiI EKRI LKROKOI dKRLSYOVKOI D;SSKOI RDZ GHHKIM
BEYZZKFI JKLI PYVKOJQI YOJI _E\RGHGZSLiI UEHE=ROKLI HKR?HR^DK cHSKFOIgGFKOIOR^DSIYO?K=GOOSiIcFIgGFIGY^DIOR^DSINEOIUK?YFS GOI LGRLKiI XYLVKLKS\SKI `ROJKFI SFGVKOI RZZKFI >GZKO@I JRK LR^DI GYLI UEFOGZKOI \YLGZZKOLKS\KOI QI PKGOQaRKFFKI XHGRO@ _OHNRKI XOJFWiIXYPKFJKZI gRFJI RDFKI UK?YFSI RZZKFI JKZ PYVKOJQI
YOJI
_E\RGHGZSI
VKZKHJKS@I
JGLI
RZI
eYi
XFFEOJRLLKZKOSILKROKOI_RS\IDGSiILGLIJGFGYIDROJKYSKS@IJGLL JRKLKI `ROJKFI YOSKFI KROKZI YOV
>G^DJKZI `GLJGOI ZRSI ZKDFKFKOI aKFLEOKOI VKLTFE^DKO DGSSK@IYOSKFDRKHSIKFILR^DIZRSIKROKFIGHSKOI[FGY@IJRKILR^DIGOIJKO PYOVKOI KFROOKFSKiI fKFI XFZKORKFI ?KDGYTSKSK@I JGLLI KFI KROKO XFSR=KHIj
R^DIOKDZKiC BLRFIDG?KOICWJFR^IGYjVKOEZZKO@IGHLIKFIjR^DSLOYS\@IJKFILR^DILEIJYF^DL^DHYViC BHOJIJRKIAYSSKFMC B_RKI SFGO=I K?KOjGHHLiI XYPKFJKZI gGFI LRKI TLO^DRL^DI =FGO=i >G^DI
JKFI
UK?YFSI
NEOIC W J F R ^IKOSgR^=KHSKI LRKI LR^D
VKgRLLKFZGPKOI \YF<^=iI XHLI ZGOI RDFI JGLI `ROJI gKVOGDZ@ =EOOSKILRKIOR^DSIZKDFIHKLKOIYOJIOR^DSIZKDFIL^DFKR?KOiC BLKLDGH?IDGSIJKFIUFEPNGSKFIJGLI`ROJIOR^DSI?KDGHSKOMC BLKRHI KFI OR^DSI ZKDFI SGYVSKI GHLI LKROI _EDOiI cFI gGFI DYLLKi cROIgRJKFHR^DKFI`KFHiCIBGGSIKFIRDOIRZIGKRZI?KLY^DSMC BGROI YOJI gRKJKFiI cROI L^DHK^DSKFI AKOL^DiI UKF?RSSKFS@ DGLLKFj
fRKI [FGYI LKO=SKI JRKI _SRZZKFI BfGFjI R^DI bDOKOI ZKROK AKROYOVILGVKOMC B>GSESR\KOiIUEHE=ROKIZYLLSKI?RLI\YILKROKF UEHHN;DFRV=KRSI KROKI FKVKHFK^DSKI hJOLLKKI KFHK?SI DG?KO@I NEO KROKZI GKRZI ROLI GOJKFKiI LRKI DGSSKI KFI LKROI _SYJRYZ jROGO\RKFSMI GGSSKI RDZI JGLI _E\RGHGZSI VKDEHjKO@I JGLI LGRLKO KROKI=HKROKIDKOSKIGYL\GDHSM
fKFIXFZKORKFIJGO=SKIJKFIGHSKOIfGZKIYOJI\EVIERHGO\iILKOO UEHE=ROKI JGLI X?RSYFI NEFI LKROKZI G^DS\KDOSKOI dK?KOLNGDF VKZG^DSIDGSSK@I?KJKYSKSKIJRKL@IJGLLIKFIJRKIaF<jYOVIRZIPYOR WZII ?KLSGOJKOI DGSSKiI XOL^DHRKPKOJI ZYLLSKI KFI LR^DI GOI JKF _EF?EOOK@I GOI JKFI HORNKFLRS;SI XLLGLI EJKFI >GOSKFFK KROVKL^DFRK?KOI DG?KO@I YZI PYFGI \YI LSYJRKFKOiI _EHHSKI KF `EOSG=SI \YI LKROKOI aFEjKLLEFKOI GYjOKDZKOMI >KROiI `GLJGO gEHHSKI LR^DI HRK?KFI LKROKOI LTEFSHR^DKOI _TRS\KOHKRLSYOVKO \YgKOJKOiIURKHHKR^DSIjGOJKOILR^DIRZIbOSKFOKSIOE^DIGROgKRLK JGFGYji cFI ZYLLSKI OR^DSI HGOVKI LY^DKOiI XYjLI UKFGSKgEDHI KOSL^DRKJ KFILR^DIj
bOI JKFI `GSKVEFRKI BOKYO\RVKFI PGDFKCI jGOJI `GLJGOI EDOK aFE?HKZKIKROKIXYjHRLSYOVIJKFILTEFSHR^DKOIcFjEHVKIUEHE=ROKL@ JG\YIKROIaYGHRSGSRNIL^DHK^DSKLI[ESEF ohej
B_ROJI_RKINEOIJKFIaEHR\KRMC hjjKO?GFI gGFI JKFI AGOOI KROKI DGFSKI >YLLiI `GLJGOI LTFG^DI RO JKZINKF?ROJHR^DLSKOIMEO@IJKFIRDZIZ]VHR^DIgGFF B>KROiIcLIDGOJKHSILR^DIYZIKROKIFKROIGJZRORLSFGSRNKIXOjFGVKi LRFI ?FGY^DKOI JKOI VKOGYKOI XYL?RHJYOVLVGOVI YOLKFKF ?KLSKOIARSGF?KRSKF iIHZIcOSL^DKRJYOVKOI
BPKS\SI =EZZKOI _RKI L^DEOiI _RKI LROJI gKJKFI XF\SI OE^D XOgGHSiIb^DID]FKiCIB>KRO@IJGLIRLSIKROIEKFYjLVKDKRZORLiC `GLJGOI F;YLTKFSKI LR^DiI cLI gGFI KKRS@I LSGSSI JKLI KY^=KF?FESL JRKIaKRSL^DKIDKFGYL\YDEHKOi BG]FKOI _RKI \YiI XHHI JRKLI ?KSFRjjSI KROKOI [GHH@I JKFI NRKHHKR^DS gR^DSRVKFI RLSI GHLI JGL@I gGLI R^DI bDOKOI LGVKOI gEHHSKiI XHLE KOSgKJKFIgRFIYOSKFDGHSKOIYOLINKS\SIGZIMKHKjEOIYOJIGHHKLIRLS ROI JFKRI AROYSKOI NEF?KR@I EJKFI _RKI KFDGHSKOI ZEFVKOI jF
\YZI
QYGRI
JKLIh F j c N F K LI^II ZRSI GHHKO
HOGOOKDZHR^D=KRSKO@IJRKIJGZRSINKF?YOJKOILROJIiiiC BGGSIJGIOR^DSIJRKIAEFJ=EZZRLLREOIRDFKOI_RS\MC B>R^DSIOYFiC BEKRIgKH^DKZIfK\KFOGSIGF?KRSKOI_RKMC Bb^DI LSKHHKI DRKFI JRKI [FGVKOiI HOJI R^DI gGFSKI OE^DI RZZKFI GYj bDFKIXOSgEFSiC
Bb^DIDG?IJKOI[GJKOINKFHEFKOC@IZYFZKHSKIJKFIMFGROKFi BLKLDGH?I DGSI UEHE=ROKI GOI =KROKOI gKRSKFKOI LKSS=;ZTjKO SKRHVKOEZZKOMC BcLI VG?I KROI aFE?HKZC@I F;YZSKI JKFI MFGROKFI KRO@I B?KRI KROKF fETROV=EOSFEHHKIeZZ[iC BGGSSKILR^DIUEHE=ROKIVKJETSMC B>KRO@IG?KFILKROKIHFROTFE?KOIgGFKOIOR^DSILGY?KFiC BLGLIDGSIZGOIJGFROIVKjYOJKOMC cFOKYSKLIK]VKFO@IJGOOF B_TYFKOINEOIhTRGSKO@IGKFEROiC `GLJGOIJGO=SKIJKZICEG^DIYOJIHKVSKIGYjiIfRKLKIbOjEFZGSREO gGFI NEOI VF]PSKFI LR^DSRV=KRSI YOJI HRKPI JRKI _G^DKI ROI KROKZ N]HHRVIOKYKOIdR^DSIKFL^DKROKOiIAGOIDGSSKIUEHE=ROKIGHLIKROKO NEF?RHJHR^DKOI
NYOVKOI
AGOOI
DROVKLSKHHS@I
JKFI
ZRS
j
fFEVKOG?D;OVRVKOILKH?LSIJKZIDGYL^DVRjSINKFjGHHKOIgGFi X?KFILEIgGFIKLIOR^DSiI\?KFDGYTSIOR^DSi _^DEOI HGOVKI NEFI LKROKZI cROSFRSSI ROLI fFEVKOJK\KFOGSI gGF UEHE=ROKI
JFEVKOG?D;OVRVI
VKgKLKOiI
`GLJGOI
LGD
ZRSSHKFgKRHKI JGLI ERHJI KROKLI PYOVKOI NEFI LR^D@I JKFI LR^D GYjVFYOJILKROKFISFGYZGSRL^DKOIcFHK?ORLLKISESGHINKFL^DHELLKO DGSSKiI cROI PYOVK@I JKFI L^DEOI LKDFI jF
GYjI
JKFI
UFYOJHGVKI
NEOI
CKJFR^I
UEHE=ROKL
[
KFI
ROI
JKFI
DYKI
MFEO^DKSI
JS@I
KROKF
fFKR\RZZKFgEDOYOVI ZRSI DYOJKFSI QYGJFGSZKSKFOI ROI JKF >;DKI JKFI AGJKHKROKiI >RKJFRVI VKL^D;S\SI KROKI ARKSKI NEO \gGO\RVSGYLKOJI[FGO^LIiii eOVdOW[ `GLJGOI jFGVSKI OG^DI JKZI XYSE@I JGLI UEHE=ROKI JGZGHLI jYDFi cLIJGYKFSKIKRORVKI_K=YOJKO@I?RLIJKFICEZTYSKFIJRKIXOSgEFS GYLLTY^=SKiIbZIPGDFIeZZSIDGSSKIKFIKROKOIAKF^KJKLI^]]ICc JYI VK=GYjSiI fGZGHLI JRKI SKYKFLSKI YOJI GOVKLGVSKLSKI `RLSKi fGLISESGHKIXOVK?KFGYSEiIUEHE=ROKIgGFIVKFGJKI\gGO\RVi eOVdOW[ _^DHRKPHR^DI ?GSI KFI YZI KROKI \?KFTF<jYOVI RZI KHK=SFEORL^DKO _SFGjFKVRLSKFI QI JKFI fGSKO?GO=@I ROI JKFI NEZI aFESE=EHHI ?RLI \YF [FKRDKRSLLSFGjKI GHHKLI VKLTKR^DKFSI gYFJKiI `KROI MFKjjKFiI fGL DGSSKI OR^DSLI \YI ?KJKYSKOiI LEZ]VHR^DI DGSSKI UEHE=ROK
=HKROKFKI fKHR=SKI ?KVGOVKOI YOJI JGOOI NEOI JKFI XZOKLSRK GOH;LLHR^DI JKFI JGZGHRVKOI aF;LRJKOSL^DGjSLgGDHKOI TFEjRSRKFSi bOI JRKLKZI [GHHI gYFJKI GHHKLI VKH]L^DS@I YOJI ZGOI ?KVGOOI NEO OKYKZIiii `GLJGOI HKVSKI GYjI YOJI LSKHHSKI LR^DI JRKI MGYLKOJQcYFEQ[FGVKF LGLI =EOOSKI KROKOI JFEVKOL<^DSRVKOI fKGHKFI ROI JKOI ?KLSKO PGDFKOI JG\YI NKFGOHGLLKO@I LR^DI ROI JKFI aEHR\KRDE^DL^DYHK KRO\YL^DFKR?KOI YOJI \gKRI PGDFKI HGOVI JRKI HORjEFZ GO\Y\RKDKOMI fRKI XOSgEFSI gGFI =HGFI YOJI LKHSLGZI \YVHKR^Di UEHE=ROKIDGSSKILKROKI_RSYGSREOIJYF^DL^DGYSiIcFIgYLLSK@IJGLL ZGOIRDZIKROKLIMGVKLIGYjIJRKI_^DHR^DKI=;ZKIQIYOJIJGLLIKF RZI `OGLSI GHHZ;DHR^DI GOI JKOI cOS\YVLKFL^DKROYOVKO \YVFYOJKI VKDKOI g
GOVK\EVKO@IJKFIZRSIJKZIdK?KOIVKLTRKHSIDGSSK@IYOJI\gGFILE DKjSRV@IJGLLIKFIJRKIhFRKOSRKFYOVINKFHEFKOIDGSSKiIfKFI XFZKORKF GDOSKI OE^DI KSgGLI GOJKFKLFI fKFI fFEVKO=EOLYZI YOJI JKF cROSFRSSIROLIfFEVKOJK\KFOGSILSKHHSKOIjG^DI \gKRI PGDFKOI gGFI KFI ROLI PYVKOJL^DYS\JK\KFOGS VKgK^DLKHSIYOJIDGSSKILR^DIJEFSIZRSIYOVHGY?HR^DKZIcROLGS\IRO JRKI XF?KRSI VKLSESR\KOIJYF^DVROV@IDGSSKIKFIJKOIcROJFY^=@ JRKI EREVFGTDRKI KROKLI _YTKFDKHJKOI \YI HKLKO@I gRKI KFI LRK jF
EEVKO@I DEDKI MFKjjLR^DKFDKRSI ?KRZI _^DRKPKOiI fE^DI KFI DGSSK GY^DI KROKI _^DgG^DLSKHHK@I KROKI X^DRHHKLjKFLKFI gRKI bFEOI AGO ZRSI LKROKZI \KF?FK^DHR^DKOI GKF\I EJKFI _YTKFZGO@I JKFI LE KZTjROJHR^DIGYjI`FOTSEORSIFKGVRKFSKIiii [GZKOFI fETKiI cROI aFE?HKZ@I JGLI KFI OR^DSI ROI JKOI UFRjj ?K=GZ@I gRKI LKROI VKVKOg;FSRVKFI XYjKOSDGHSI ROI KROKF cOS\RKDYOVL=HROR=I\KRVSKi `GLJGOIH;^DKHSKi L;DFKOJI LKROKLI VGO\KOI EKFYjLHK?KOLI gGFI RDZI OYFI KRO aEHR\RLSI YOSKFVK=EZZKO@I JKFI NEOI ;DOHR^DI ZKF=g
`XabMcdIeY fKFI EjjR\RKHHKI cFZRSSHYOVL?KGZSK@I cFR^I UKFOEYV@I LSKHHSKI =KRO aFE?HKZIJGFi cLI gGFI JKFI GOJKFK@I JKFI XFZKORKF@I JKFI RDZI GYjI JKOI LK^=KF VROViI >G^DJKZI UEHE=ROKI JRKI `GSDKJFGHKI _GROSQPKGOQ
EGTSRLSKI GYjVKLY^DSI DGSSK@I FRKjI KFI JRKI [GZRHRKOI JKFI LK^DL PYOVKOIGO@IJRKICEONKFLKQ_^DYDKISFYVKOiIfE^DIKFIDEHSKILR^D KROKI X?jYDFiI fRKI `ROJKFI gGFKOI ?KFKRSLI NEOI `EZZRLLGF dREOKHI `GLJGOI ?KjFGVSI gEFJKOiI UEHEI DGSSKI OR^DSI gKRSKF ROLRLSRKFSiI fKFI KDFg
PGDFKOI
GGYTSZGOOI
?KRI
JKFI
cFLSKO
`FRZROGHTEHR\KRJRFK=SREO@I NEOI LKROKOI UEFVKLKS\SKOI VYS
?KYFSKRHSiI _EI S<^DSRV@I JGLLI KFI JKOI _SGGSLGOgGHSI JG\Y ?KgKVKOI=EOOSK@IRDOIZRSIJKOIcFZRSSHYOVKOI\YI?KSFGYKOiIcRO OR^DSI gRF=HR^DI KFOLSI \YI OKDZKOJKFI aKJGOS@I JKFI GHHKL JGFGOLKS\KOI gGZKOI L^DEOI ZGHI VKD]FSiI fKFI XFZKORKFI DGSSKI JKZ fK\KFOGSI \YFI EK=;ZTjYOVI JKLI EFVGORLRKFSKOI UKF?FK^DKOL GOVKD]FS@I GHLI JRKLKL@I YOSKFI dKRSYOVI NEOI EFEYLLGFJ@I LKROK VFEPKIKKRSIKFHK?SKiIXYPKFJKZIDGSSKIKFIKROKIKKRSHGOVI?KRIJKF _EOJKFKRODKRSI
\YFI
MKFFEFRLZYL?K=;ZTjYOVI
dDXbfe
VKGF?KRSKS@I KDKI KFI LKROKI dGYj?GDO@I DE^DI VKKDFS@I ?KRI JKF AEFJ=EZZRLLREOI ?KKOJKSK@I gEI KFI GOI ?KF
GF?KRSKSK@IKSgGIJKZINEOIUYOIUKEFVKi LGLI`GLJGOLIGOVK?HR^DKIGKHJKOSGSKOI?KSFGj@IDGSSKIUEHEIOYF
GGFSO;^=RV=KRS@I
`GZKFGJL^DGjSHR^D=KRSiI
LKROKOI XHHI
AYSI JRKLKI
YOJI
LKROK
H;^DKFHR^DKO
LKFSNEFLSKHHYOVKO@I ZRSI JKOKOI KF@I UEHE@I OR^DSLI GZI GYSI DGSSKi LKFSNEFLSKHHYOVKOI GHSZEJRL^DKFI aEHR\RLSKO@I JRKLKFI HKR^DS jGL^DRLSRL^DIGOVKDGY^DSKOIKDFKOgKFSKOIbJRESKOiIXHLIKFIJRKLK UKL^DR^DSKOI D]FSK@I GF?KRSKSKI KFI RZI fFEVKOJK\KFOGSI Q \gRL^DKOI _TFRS\KI YOJI GGOJL^DKHHKO@I gRKI ?KLKLLKOI NEO
LKROKZI S;VHR^DKOI _^DYLLI YOJI JKZI XYj?GYI LKROKF >KS\gKF=KiIdREOKHI`GLJGOIZGFL^DRKFSKI\YIJKOI`H;OVKOIJKF XVWSOPddVPSO[TUEHEI ?KNEF\YVSKI >KRHI iEYOVFI kG^DZRSSGVLI LY^DSKI KFI JGLI XF^DRNI JKFI aEHR\KRTF;jK=SYFI GYj@ gEI JRKI aKFLEOGHG=SKI NKJKLI aEHR\RLSKOI GYj?KgGDFSI gRFJiI fRK fGSKOI gGFKOI JG@I L^DgGF\I GYjI gKRPiI HOJI JRKI MGSLG^DKO gRJKFHKVSKOIJRKIdKVKOJKIOR^DSi eZYYFIUK?YFSIROIdRHHK@IZRSIRFGORL^DKZIaGLLiIeZTZFIGKRZIYOJ _SRTKOJRYZI
ROI
XFFGLiI
cFD;HSI
JRKI
jFGO\]LRL^DK
_SGGSL?
BMKFFRSEFRGHKIEFRVGJKCIRZIeSiIXFFEOJRLLKZKOSIKROi fKOI AGOO@I JKFI JKOI `FRKVI VKgEDOSI RLS@I ZYLLI KLI SESGH GO]JKO@I GYjI JKFI _SFGPKI _SFKRjKI \YI VKDKOiI X?KFI \YI JRKLKZ KKRSTYO=SI DEHSI RDOI JKFI `FRKVI GYjI JKFI _SFGPKI KROiI AGRI eZISi L;DFKOJIJKFIcFKRVORLLKI\RKDSI`GLJGOIJRKIHORjEFZIGYLIYOJ SGY^DSI ROI JRKI AGLLKI KRO@I YZI GOI JKFI VFEPKOI _^DHG^DS SKRH\YOKDZKOiI XOI JRKLKFI _SKHHKI JKFI dK=S
EK=;ZTjYOVIJKLIEFVGORLRKFSKOIUKF?FK^DKOLIKROSFRSS@IKFROOKFS KFI LR^DI GOI JKOI KDKZGHRVKOI _EHJGSKOiI bZI PGDFI eZ[JI gRFJ BCGLLKQJKOSLC@I JKFI OG^DI JKZI VHKR^DOGZRVKOI GFZKORL^DKO bOLSFYZKOSI GY^DI BfEYJEY=CI VKOGOOSI gRFJ@I ROI JRKI X?SKRHYOV \YFIEK=;ZTjYOVI=FRZROKHHKFIUKFKRORVYOVKOINKFLKS\SiIcLILROJ JRKI DKVRKFYOVLNGDFKI NEOI URL^GFJI JWcLSGROViI fRKI PGDFKI JKF _^DgKF=FRZROGHRS;SFIAKLFROK@I
JRKI
UK?F<JKFI
KKZEYF@
[FGO^ERLI EKLLK@I ?KgGjjOKSKI \?KFj;HHKI ROI VFEPKFI KGDH@ UKRLKHOGDZKOI iiiI fEYJEY=I RLSI ESK@INEO cROLI ?RLI _RK?KO@I LTRKHSI KROKI _^DH
\KDOZGHILEIVKORGHIgRKIfEYJEY=IgGFi fKFI DYLLKI DGSSKI ROI JKFI X=SKI GY^DI JRKI [ESE=ETRKI KROKL X?L^DORSSLI GYLI JKOI dK?KOLKFROOKFYOVKOI NEOI EFEYLLGFJ GYjVKLS]?KFSiI fKFI `EZZRLLGFI DGSSKI VKL^DFRK?KOFI BdREOKH `GLJGOIgGFIKROKFIJKFID;FSKLSKOIA;OOKFIJKLIfK\KFOGSLiIcRO AGOOI JKFI [;YLSKI YOJI JKFI bJKKOiI _KROKI [;YLSKI ?KDRKHSI KF JKOIUGOVLSKFOINEFiI_KROKIbJKKOI?KDRKHSIKFIj
PEYFOGHRLSI KROKOI _^DKROgKFjKFI GOiI fKFI UKRLKHOKDZKF KF?HR^=SI `GLJGOLI _TRKVKH?RHJI ROI JKFI UHGLS
VKFKSSKSiI
fFKRZEOGSRVKI
UH<^=gYOL^DL^DFKR?KOI
JKLI
UKOKLYOViI
fG\YI
KRO
bOOKOZRORLSKFLI
YOJI
JRK
UKFHKRDYOVI JKLI UKFJRKOLSEFJKOLI QI JKOI ZGOI j
fRKI [FGVKI H;LLSI LR^DI OR^DSI =H;FKOiI fGLI UKFjGDFKOI VKVKO `GLJGOIgRFJIKROVKLSKHHSiIeZ[Zi fEYJEY=I NKFL^DgROJKSI j
CDFRLSRGOI
_TK\RGHKRODKRSI
aFEYSKGY@I
JKFI
MKFFEFRLZYL?K=;ZTjYOVI
JKFI
UF
UKOJGFZKFRKI dUbU>e@I
DGSI
VKFGJKI
JKF \YF LKROK
AGOOL^DGjSI GYjVKLSKHHSiI cFI Z]^DSKI `GLJGOI j
JGLI_EOJKFKROLGS\=EZZGOJEIJKFIaEHR\KRIdDXbfeIROLIdK?KOi EFEYLLGFJI HKRSKSI JRKLKI X?SKRHYOViI cFI KFROOKFSI LR^DI gRKJKFI GO GGYTSZGOOI `GLJGOiI fKFI XFZKORKFI RLSI jGLSI NRKF\RVI PGDFKI GHSi cFIDGSIKROKI[FGYIYOJIKROKOIj
\YI
GOGHOLRKFKO@I
AELGR=LSKRO^DKO
\YLGZZKO\Yj
\YI?KgKVKO UEHE=ROKI KF=YOJRVSKI LR^DI ?KRI KROKZI `EHHKVKOI NEOI `GLJGO
?Kj]FJKFSI
YOJI
QKOSLTFK^DKOJI
JKO
fRKOLSNEFL^DFRjSKOIQIZRSILRK?KOYOJj
_KRSDKFIDGSSKIZGOI?KRIJKFI`FRTEIOR^DSLIZKDFINEOIRDZIVKD]FSi cFI DGSSKI LKROKOI [YPI ORKI ZKDFI ROI JRKI KKOSFGHKI JKFI aGFRLKF `FRTEI VKLKS\SiI HOJI KFI DGSSKI ORKI GYLI YOTGLLKOJKFI >ELSGHVRK RFVKOJNKZGOJKOI?KH;LSRVSi `GLJGOIDGSSKIgRF=HR^DIKROKOI_^DHYLLLSFR^DIVK\EVKOi HZI eIi]]I HDFI NKFHRKPI UEHE=ROKI JGLI XF^DRN@I gE?KRI KFI JRK EKJRKOLSKSKOI ZRSI JKFI GOVKLSFKOVSKOI ARKOKI JKLI aEHR\RLSKO VFR^DSI KROKLI JRKLKFI LKR^DKRKF@I JKOKOI ZGOI RO `FRZRLI ?KVKVOKSKI YOJI JRKI GZI LE^DKOKOJKI UKRVKI LTRKHSKO EJKFILR^DIjKS\
GYLjROJRVI
ZG^DKOiI
KKRSYOVLGFSR=KH@I
ARSGF?KRSI
?KR
GFZKORL^DKOI hFVGORLGSREOKO@I GE^D\KRSLGOLTFG^DKOI iiiI cVGH gGL@IGGYTSLG^DK@IKLIgGFInWPbV`OWT >GSYFi cRORVKI`HR^=LILT;SKFISFGYSKIUEHE=ROKILKROKOIXYVKOIOR^DSi cFI gGFI GYjI KROKI YOKFgGFSKSKI QYKHHKI VKLSEPKOiI fRK UKL^DR^DSKI JKLI GFZKORL^DKOI aEHR\RLSKO@I NEOI RDZI LKH?LS NKFjGLLSRI
`KROI
NKFHKVSKLI
LKF=@I
OR^DSI
KROZGHI
KRO
^DFEOEHEVRL^DI VKEFJOKSKFI MKVS@I LEOJKFOI KROKI DKRDKI NEO XFSR=KHO@I JRKI ROIaWVWV`RTKROKZI AGVG\ROI JKFI GFZKORL^DKO UKZKROL^DGjS@I
NKF]jjKOSHR^DSI
gEFJKOI
gGFKOiI
fRKLK
AEOGSL\KRSL^DFRjSIgYFJKI NEOI JKZI UKFKROI HUXI dHOREO UWOWFGHKI XFZWORKOOKeIDKFGYLVKVK?KO@I JKFI LKROKOI _RS\I RO XHjEFSNRHHKIDGSSKiI_KRSIZKDFKFKOIPGDFKOIL^DFRK?I`GLJGOINKJKO AEOGSIKROKOIXFSR=KHI
`HELSKFI _GOI dG\\GFE@I JGLI GYjI KROKFI bOLKHI NEFI UKOKJRVI HGVi fRKI DEZGOKI NEOI LRHHRGZI _GFEOGOiI fRKI `GFFRKFKI NEOI GKOFR UKFOKYRH@I KROKZI jFGO\]LRL^DKOI [RHZFKVRLLKYF@I JKFI KRVKOSHR^D X^DGJI AGHG=RGOI DRKPiI `GLJGOI DGSSKI LEVGFI KROKOI MKVSI
GZKFR=GORL^DKI
>KgQAKSGHQUFYTTKI
VKL^DFRK?KO@
DiS`O^TY F TV TZYUQRTJKFKO ARSVHRKJKFIGHHKIGFZKORL^DKFIGKF=YOjSIgGFKOiIfGLINK F ?H<jjSK UEHE=ROKiI_KRSIPGDFKOID]FSKIKFIJRKIAYLR=IJRKLKFIUFYTTKIGYL dELIXOVKHKLIQIYOJIjGOJIKLIL^DgKFINEFLSKHH?GF@IJGLLIJKFIGHSK G KFFIo]YnèDCOiT EJKFI a``VgT D]FSK@I L^DFRHHKI GRSLI ZRSI NRKH UK?FG^DI LKROKFI D<^==KDFI GYLI `GZKFYOI RZI PGDF
eZIYIDGSSKILR^DI`GLJGOIGYjIJRKLKIbOLKHI\YF<^=VK\EVKO@IJRK GYLL^DHRKPHR^DI NEOI GFZKORL^DKOI A]O^DKOI ?KgEDOSI gYFJKi fEFSI DGSSKI KFI LR^DI ROI JRKI GFZKORL^DKI `YHSYFI NKFSRKjSI YOJ LKROKI`KOOSORLLKIJKFIGFZKORL^DKOI_TFG^DKINKF?KLLKFSiIfRK XFS@I gRKI `GLJGOI LKROI G?VKL^DRKJKOKLI dK?KO@I LKROKO ROOKFKOI
[FRKJKOI
?KL^DFRK?@I
gK^=SKI
ROI
UEHE=ROK
cFROOKFYOVKOiI XY^DI KFI DGSSKI LR^DI \KRSgKRHRVI ROI JRK cROLGZ=KRSI \YF<^=VK\EVKOI YOJI JRKLKOI [FRKJKOI VKOELLKOI Q GYjI JKFI [HY^DSI NEFI JKZI CDGELI LKROKLI dK?KOL@I JGLI NEO UKgGHSIYOJIfFEVKOIVKTF;VSIgGFi cLIVG?IOE^DIKROKOIgKRSKFKOI?KZKF=KOLgKFSKOIXFSR=KHFI
AGHKF@I
XFZGOI
MGSKELI
AGOEE=RGO@I
KROKO
S
LKROKOIUKZ;HJKOIYOJIJRKI[ROLSKFORLIROIRDZILKH?LSiIUEHEIHRKP LR^DI OR^DSI S;YL^DKOiI `GLJGOI L^DRHJKFSKI JRKI fKTFKLLREOIVCS ZOWT
PKGOIUG?ROIROI)VC`dYSTUPOTZPOTNVg]`[ UEHE=ROKI NKFHRKPI JGLI bOSKFOKS^GjKI YZI eSi]]I HDFiI bOI JKF cOS\YVL=HROR=I g
OR^DSI ROI GHHKI GRZZKHLFR^DSYOVKOI VKL^DHKYJKFSI DGSSK@I LE GHHKROI gKVKOI LKROKFI XF?KRSI GHLI aEHR\RLS@I JRKI RDOI TLO^DRL^D LSG?RHRLRKFSIDGSSKIYOJIjYO=SREORKFKOIHRKPi UEHE=ROKI ]jjOKSKI JGLI MEF@I EDOKI \YI H;YSKO@I YOJI L^DHR^DI
EH;SS^DKOI
KRVGFKSSKOTGTRKFiI
fGL
QYRKSL^DKOI JKLI MEFLI HRKPI RDOI JRKI XYVKOI DK?KOI QI YOJI KF KFLSGFFSKi fYF^DIJRKIURSSKFS
RDOI\Yi _GOJjGF?KOKFI fFRHHR^DGO\YVI YOJI KROI YZI JKOI GGHL VKgR^=KHSKFIHGOVKFIMYF?GOL^DGHi UEHEIVFROLSKi cFIDGSSKIZRSIJRKLKZIEKLY^DIVKFK^DOKS@IgKOOIGY^DIOR^DSILE ?GHJi
`XabMcdIeT BGGHHERC@ILGVSKI`GLJGOiI`KROKIXOSgEFSi BfYIgKRPS@IgKFIR^DI?RO@IEJKFMCI_^DgKRVKOi bZI _^DKROI JKFI dGZTKI GOI JKFI URSSKFS
KROI jKROI VK\KR^DOKSKF@I LROOHR^DKFI AYOJ@I JKFI GOI NYOVK DE^=L;OVKFIKFROOKFSK@IcF?KOIJKLI\WCQ_O[ BGGSI KLI JRFI JRKI _TFG^DKI NKFL^DHGVKOMC@I jYDFI KFI jEFSi B`EZZIL^DEO@IHGLLIJGLIMDKGSKFiC UEHE=ROKI \Y^=SKI OR^DSI KROZGHI ZRSI JKFI LRZTKFiI fRKI X?L;S\K VKVKOI JRKI L;OJKI JKFI _^DY?=GFFKI VKLS<S\S@I LSGFFSKI KFI GYj KROKOIjKFOKOIaYO=SiIfKOI>RKLKHFKVKO@IJKFIRDZIJRKI_SF;DOKO JYF^DSF;O=SK@IL^DRKOIKFIVGFIOR^DSIgGDF\YOKDZKOi fKFI XFZKORKFI LGDI LR^DI YZFI KGYOHGSSKO@I JRKI GYjI E]^=KO HGVKOiI cFI KOSL^DRKJI LR^DI j
`RHEI YOJI LKROKF I NKFZKROSHR^DKOI `FGjSI GYjI JKFI _SKHHKI D;SSK KFHKJRVKOI=]OOKOi Bb^DILKDK@IJGLLIJRKIDKjHKVKI\YF<^==EZZKOiC UEHE=ROKI OR^=SKiI fKFI DKHHKI MG?G=@I JKOI KFI GYjI KROKZ EH;SS^DKOI ROI JKOI [GHSKOI LKROKLI PG^=KSSLI NKFSKRHSI DGSSK@I DGSSK LR^DIOR^DSI?KgKVSiIB_RKILROJI?KLLKFIGHLIJKROK@IhTGRC `GLJGOI SFGSI KROKOI _^DFRSSI \YF<^=I YOJI ?KjFKRSKI LR^DI GYLI JKZ UFRjjiIcFIgGFjIJRKIdGSSKIGYjIJKOIEEJKOi BfGFGOI \gKRjHKI R^DI OR^DS@I ZKROI PYOVKiI X?KFI KLI g;FKI ZRF HRK?KF@I gKOOI JYI JRFI JRKI YOjFKYOJHR^DKOI _TRS\OGZKO NKF=OKRjKOIg
ARSSKHOI LRSgKO@I LGRLKOI YOJI HOL^DYHJRVKI \YI NKFSKRJRVKOI iii NEFIGHHKZIgKOOILRKIGYLILKROKFIGKRZGSILSGZZKOiC BLRKIDGLSIJYINEOIJKZIAEFJIKFjGDFKOMC BfKFI [KROiCI UEHE=ROKI JFKDSKI LKROKI KRVGFKSSKI jKFSRV@I JRKI KFI NKS\S GHHKFJROVLI OR^DSI Bg
UKFVHKR^DI \YI RDZI LSFGDHSKI JRKLKFI L^DHK^DSI FGLRKFSK@ G?VK\KDFSKINYOVKIAGOOIKROKINKFj
fKFI DYLLKI ?KJG^DSKI RDOI ZRSI NKOKZI LSFGDHKOJKOI d;^DKHO@ JGLI VKgRLLI JRKI _K=FKS;FROOKOI ?KRI JKFI aEHR\KRTF;jK=SYF JGDROL^DZKH\KOIHRKPi B`GLJGO@I _RKI gRLLKOI JE^DI R^DSIOYFiIHZI\YI?KVFKRjKO@IgEFYZIKLIROIJRKLKZI[GHHIVKDSi C `GLJGOIHG^DSKIDKHHGYji
B_KRILEIOKSSIYOJIVR?IZRFIKROKOIGROgKRLiC fKFI NYOVKI aEHR\RLSI OGDZI KROKOI HGOVKOI KYVI YOJI gGFjI KROKO EHR^=I GYjI JKOI GHSKOI aFEjRiI _KROKI XYVKOI jYO=KHSKOI ROI JKZ LS;F=KFI gKFJKOJKOI DKVKOI gRKI \gKRI `FRLSGHHKiI DKVKOSFETjKO TKFHSKOI NEOI LKROKOI LRZTKFOiI `GLJGOI ?KVFRjjiI fRKI XTGSDRK@ JRKI DKR\?GF=KRSI KROKLI MOTKO@I JKFI LR^DI ZRSSKOI RZI cOS\YV ?KjROJKS@I
GHHI
JGLI
gGFI
FKROKI
MGFOYOVI
QI
M;YL^DYOVLZGO]NKFi GROSKFIJKZILFG^=INKF?GFVILR^DIKROIUKORKi cROI_EHJGS@IJKFIKROIKROLGS\jFKYJRVKFIaGFSOKFILKROI=EOOSKi BfRKIX?JF<^=KIJKFIEGL=KSS?GHHL^DYDKiC BLGLIRLSIJGZRSMC B_RKILSGZZKOIOR^DSINEOIKROKZIKKYVKOiCIBLRKMC B_RKILSGZZKOINEZIM;SKFiC fRKIDKHHKOIXYVKOI?EDFSKOILR^DIROIJRKIaYTRHHKOI`GLJGOLi
KRO
BfKFIA]FJKFIRLSIKROI`ROJ@I`GLJGOiC BcROI`ROJMC@IgRKJKFDEHSKIJKFIXFZKORKFIZK^DGORL^Di Bb^DI NKFZYSK@I JGLLI U]S\I T;JETDRHI gGFiI cROKFI JKFI `OG?KO JKLICDEFLIDGSIZRSIRDZIG?VKFK^DOKSiIfGLIRLSIJRKIUKL^DR^DSKi fRKI
DG^DKI
KROKLI
ZRLL?FGY^DSKOI
`OG?KOiI
cROK
UKFL^Dg]FYOVINEOI`ROJKFOiC
`XabMcdIeI XYjI JKZI D<^=gKVI VROVI RDZI KROI _GS\I JYF^DI JKOI `ETjiI cROK ?KF
BfKFI
A]FJKFI
RLSI
KROI
`ROJiCI
X?LYFJi
_^DE^=RKFKOJiI _^DgG^DLROORViI L;DFKOJI LKROKLI VKLGZSKO NRKF\RVN;DFRVKOI EKFYjLHK?KOLI DGSSKI `GLJGOI OE^DI ORKI NEO KROKZI AEFJI VKD]FS@I JKOI KROI `ROJI ?KVGOVKOI D;SSKI QI KROZGH
G?VKLKDKOI NEOI LKDFI LKHSKOKOI AKHJYOVKOI ROI JKFI DY?FR= BUKFZRL^DSKLCiI fGLI GHLEI gGFI LKROKI XYL?KYSKiI cFI gGF j
GGOJOIH;YSKSKi BGRKFIAKOJK\iC BUR?SWLIgGLI>KYKLMC B>KROI YOJI NGiI fRKI SEVR=EHEVRL^DKOI MKLSLI LROJ@I gRKI KFgGFSKS@ OKVGSRNI GYLVKjGHHKOiI X?KFI KLI VR?SI KSgGLI GOJKFKLiCI fKF DK^DSLZKJR\ROKFI DYLSKSKI YOJI jYDFI JGOOI jEFSFI BcRO ZKF=gGF?KOI G?VKL^DHELLKOI QIROL?KLEOJKFKI JKFI >GF?KOI GZ aKORLiIb^DIDG?KILRKIYOSKFIJKZIAR=FEL=ETI?KSFG^DSKSiC BHOJMC B_RKI LSGZZKOI OR^DSI GYLI JKOI LRK?\RVKFI PGDFKOiI ARS _R^DKFDKRSI OR^DSiI cRORVKI KOSDGHSKOI LEVGFI G;ZELRJKFRO@ _TYFKOI NEOI cRLKO@I GHLEI NEOI EHYSiI fGLI ?KJKYSKS@I JGLLI LRK LR^DIVKFGJKIKFLSIVKL^DHELLKOIDG?KOIiiiC BfYIZKROLS@IKFIgYFJKIROIJRKLKZIPGDFIVKjEHSKFSMC B>R^DSI VKjEHSKFS@I OKROiI AKROKFI AKROYOVI OG^DI RLSI KLI KSgGL
_TK\RKHHKFKLIiiiCIBLRKLEMC BcFI DGSI LR^DI LKH?LSI NKFLSGF?KOI GOI LKROKZ UHRKJILROJISOTRL^DIj
UHRKJI
G?@I
YZI
VKgRLLKI
cFFKVYOVL\YLS;OJK
DKF?KR\YjGLKKF@I JKOI =HKROKOI _^DgYHKOiI h?I KF U]S\WI aGFSOKFI ?KRI JRKLKOI TKFNKFLKOI _TRKH^DKOI VKgKLKO gGFMI cFI JG^DSKI GOI RDFKI KFESRL^DKOI aFG=SR=KOI RZ
LGLLKFLTKR^DKFiI fRKLI jKRO@I GY^DI JRKI aFESDKLKI VR?SI D;SLKHI GYjiCI BLGLI jYZZKFI JKFI aFESDKLKI D;SSKI R^DI KRVKOSHR^D DKFGYLjROJKOIZ
BLRKIKF=H;FLSIJYIJRFIJGLMC BhjjKO?GFI RLSI LRKI KVTEFSRKFSI gEFJKOiI X?KFI JGOOI V;?KI KL ?KRZIKEHHIKOSLTFK^DKOJKIHOSKFHGVKOiIfKZIRLSIG?KFIOR^DSILEi _RKIDGSI[FGO=FKR^DINKFHGLLKO@IEDOKIKROKIUFKO\KITGLLRKFSI\Y DG?KOiIcROID;SLKHiC `GLJGOIgYLLSKIOR^DS@IgGLIKFIJGNEOIDGHSKOILEHHSKiIURKHHKR^DS OYFI KROI [KDHKFI ?KRI KROKFI EKD]FJKiI bZI XYVKO?HR^= ROSKFKLLRKFSKI JKOI XFZKORKFI JRKI GOJKFKI cOSJK^=YOVI QI JRK Z]VHR^DKOI_AQaFG=SR=KOIJKLICDRHKOKOi `GLJGOIJGO=SKIAKOJK\IQIOE^DIKROIHOSKFLY^DYOVLKFVK?ORL@ JGLI KFI KRORVKI _SYOJKOI NEFI UKFOEYVI KFjGDFKOI DGSSKI QI YOJ HKVSKIGYji X?jGDFSI NEOI JKFI DROVGYSE?GDOiI cFI ?EVI ROI JRKI DYKI JKI HG CDGTKHHKI KROI YOJI jFKYSKI LR^DI EFZGHKFgKRLKI gGFI JRKLKI _SFGPKI RZZKFI NKFLSETjSiI XY^DI JRK dR^DSKFI YOJI JRKI dK?KOJRV=KRSI JKLI O;^DSHR^DKOI aGFRLI RZ DKVKOIKFjFKYSKOIRDOiIURKF\RVIPGDFKIHGOVIDGSSKIKFILKROKI_SGJS ?KRI >G^DSI =FKY\I YOJI aYKFI JYF^DjGDFKO@I YOJI JE^DI gGFI KFI KL OE^DIRZZKFIOR^DSIHKRJiIcROIgKRSKFKFIXOFYji
`GLJGOI DE?I G?@I g;DFKOJI KFI ROI JRKI DYKI AGFVQfEFZEO KRO?EViIBAEOLRKYFI`GLJGOMC BPGC@ILGVSKIKF@IEDOKIJRKI_SRZZKI\YIKF=KOOKOi Bb^DI ?ROI aGSKFI _SGORLHGLiI b^DI HKRSKI JRKI ajGFFKRI >ESFKQfGZKQ JYQDELGRFKIRZIeYiIXFFEOJRLLKZKOSiC cROKFI JKFI aFRKLSKF@I JRKI KFI DKYSKI OR^DSI GOVKSFEjjKOI DGSSK@I GHL KFIJRKI`RF^DKOIG?VK=HGTTKFSIDGSSKi Bb^DI DG?KI VKD]FS@I gGLI ZRSI LRHDKHZI U]S\I TGLLRKFSI RLSiI cLI RLS L^DFK^=HR^DiIHOjGLL?GFiCIBLKFIDGSIKLIbDOKOIVKLGVSMC BUGSKFI _GF=RLiI cFI DGSI ZRFI KROKI >G^DFR^DSI DROSKFHGLLKOiI LRF LROJI VYSI ZRSKROGOJKFI ?K=GOOSiI _ROJI _RKI JKFI bOLTK=SEF@I JKF ZRSIJKOIcFZRSSHYOVKOI?KSFGYSIRLSMC BbOLTK=SEFCFI LRKI NRKHKI PGDFDYOJKFSKI g
BPG@IJGLI?ROIR^DC@IGOSgEFSKSKI`GLJGOi BLGLI=GOOIR^DIj
JKFI
AYLR=HRK?DG?KFiI
XYLI
TYFKZ
LRJKFLTFY^DLVKRLSIgGFjI`GLJGOIKROFIBLYLLSKOI_RK@IJGLLIKF DEZELKVYKHHIgGFMCIBPG@IR^DIDG?KIKLIVKGDOSiCIBGGSI_RKIJGL OR^DSIVKLS]FSMC BLRKLEI D;SSKI ZR^DI JGLI LS]FKOI LEHHKOMI _RKI L^DKROKOI JRK fROVKILKDFIKOVI\YILKDKO@IbOLTK=SEFiC BGGHSKOI _RKI KLI j
BhJKFI
ZRSI
KSgGLI
GOJKFKZiI
ARS
YOVKg]DOHR^DKO@I TKFNKFLKOI _KVYGHTFG=SR=KOI iiiCI `GLJGO FK^DOKSKIZRSIKROKFIKZT]FSKOIDKG=SREOIQIKFIVROVI?KgYLLSIKRO ?RLL^DKOI \YI gKRSiI X?KFI KFI KFOSKSKI HKJRVHR^DI _^DgKRVKOiI fKF aFRKLSKFI
L^DRKOI
OG^D\YJKO=KOiI
BbLSI
bDOKOI
KSgGL
GYjVKjGHHKOMC@I ?EDFSKI JKFI XFZKORKFI OG^DiI BfGI RLSI KSgGL GOJKFKLIiiiCIBLGLIgRLLKOI_RKMC BURKHHKR^DSI DGSI JGLI OR^DSLI JGZRSI \YI SYOI iiiI X?KFI gRFI DGSSKO KROIaFE?HKZiCIBLGLIj
>ESR\?Y^DIDKFNEFi BLRKI DKRPSI JKFI PYOVKMC@I jFGVSKI KFI GSKZHEL@I g;DFKOJI KFI JRK _^DYS\=GTTKINEOILKROKZI[RH\LSRjSIOGDZi BMGOVYOIURKLKHiC BLGFIKFIPYJKMC B>KRO@I `GSDEHR=iI URKHHKR^DSI RLSI KFI N<JRL^DKFI X?LSGZZYOV@I R^D gKRPIKLIOR^DSiI_KROI[GZRHRKOOGZKIgRFJIZRSIUIVKL^DFRK?KOiC BLRKIGHSIgGFIKFMC fRKI_SRZZKIJKLIaGSKFLI=HGOVIOYOIL^D;FjKFF B_RKI LTFK^DKOI ROI JKFI UKFVGOVKODKRSiI >R^DSLI JKYSKS JGFGYjDRO@IJGLLIKFISESIRLSiC BLRKIGHSIgGFIKF@IGHLIKFINKFL^DgGOJMCIBcHjiC BHOSKFIgKH^DKOIHZLS;OJKOIRLSIKFINKFL^DgYOJKOMC B>G^DI KROKFI aFE?KiI LRKI JRKI GOJKFKOI `ROJKFI DGSI KFI JRK `RF^DKI GOI KROKZI fRKOLSGVG?KOJI YZI LK^DLI HDFI NKFHGLLKOi
cFIRLSIORKIROIJKFILEDOYOVILKROKFIcHSKFOIGOVK=EZZKOiC BLGOOIgGFIJGLMC BKYI EKVROOI JKLI _^DYHNGDFKL@I RZI h=SE?KFI J]]YiCI BUG?I KL KROI cFZRSSHYOVLNKFjGDFKOMCI B_KH?LSNKFLS;OJHR^D@I G?KFI KL NKFHRKjIKFVK?ORLHELiC BcFROOKFOI_RKILR^DIOE^D@IgKH^DKLIfK\KFOGSIJRKIcFZRSSHYOVKO JYF^DjKROiC BfKOI >GZKI JKLNKORVKO@I JKFI JRKI cFZRSSHYOVKOI HKRSKSKMC B>KROiC BLGFIKLINRKHHKR^DSIJGLIPYVKOJL^DYS\JK\KFOGSMCIB>KROiC BLKLDGH?I DG?KOI _RKI ZRFI JRKLKI UKL^DR^DSKI KF\;DHSMI LGF LRHDKHZIU]S\ISGSNKFJ;^DSRVMC B>GS
?KNEFLSGOJiI BGE^DgR^DSI OYFiI LRHDKHZI ?KKOJKSKI JRKI aFE?KI YOJI NKFHRKPI JRK `RF^DKiIfGDKFIVROVIKFIKROI_S<^=^DKOILKVKLI\YLGZZKOIZRS KRORVKOI _^D
`GLJGOIOESRKFSKILR^DIJRKIXOL^DFRjSIYOJIjYDFIjEFSF BbLSIJGLIGHHKL@IgGLI_RKIZRFIYFI =KROKI _EFVK@I R^DI DG?KI NKFLSGOJKOiI b^DI gKFJKI ZEFVKO ?KRIbDOKOINEF?KRL^DGYKOiC BLKLDGH?MC EKROGDKI D;SSKI `GLJGOI VKGOSgEFSKSFI BHZI ROI JKROKOI XYVKO \YI HKLKO@I gGLI JYI ZRFI NKFL^DgRKVKOI DGLSiCI fE^DI KF ?KVOG^DJKZIKF GYjVKHKVSI
DGSSK@I
RDOI
KROI
_^DGYJKFiI
fGL
UKFL^DgROJKOI JKLI PYOVKOI YOJI JKFI AEFJI GOI U]S\I =EOOSKO JYF^DGYLIZRSKROGOJKFI\YLGZZKOD;OVKOi `GLJGOI LSK^=SKI LKROI >ESR\?Y^DI YOJI LKROKOI [RH\LSRjSI KROI YOJ DKjSKSKI JKOI EHR^=I KROKOI AEZKOSI GYjI JRKI DEDKO ?EVKOj]FZRVKOI EGYSKOI JKFI GE^D?GDOiI cFI JG^DSKI GOI JRK
cOSDKRVYOViI HOJI NKS\SI JRKLKLI UKFL^DgROJKOI KROKL `ROJKLI iiiI `GLJGOI jFGVSKI LR^D@I E?I U]S\I gRF=HR^DI LE YOL^DYHJRVI gGFI iiiI cLI =ELSKSKI RDOI A
`XabMcdIe[
CWJFR^IUEHE=ROKIDGSSKILR^DIDKFGYLVKTYS\Si _^DgGF\KFI XO\YV@I OR^DSI ZKDFI VGO\I jFRL^DiI LKRPKLI GKZJ GYLI \YI JR^=KFI EGYZgEHHK@I ZRSI G?LSKDKOJKZI `FGVKOi KKF=ORSSKFSKI JYO=HKI `FGgGSSK@I gRKI LRKI GY^DI `ROJKFI SFYVKO@ JKFKOI YOK^DSKFI `OESKOI KROKOI UYZZRI YOSKFI JKZI `FGVKO NKF?GFViIfGF
>GRNKLiI
UGO\I
G?VKLKDKOI
NEOI
JKO
EGL=KS?GHHL^DYDKO@I JRKI OR^DSI \YZI DKLSI TGLLSKOiI h?KOJFKRO OE^DI KROI CEONKFLKQAEJKHHRI `GLJGOI LGDI JGFROI JKO L^DHGVKOJKOI EKgKRLI j;DKI UEHE=ROKLI \YI JKO CDEF=OG?KOIJKFI`GSDKJFGHKi fKFI DYLLKI gGFSKSKI gRKI KROI XODGHSKFI NEFI JKZI cRLKOVRSSKF NEOIoYdZT jCWOi[T _E?GHJIKFI`GLJGOLIUEHNEIO;DKFI=EZZKO LGD@I VFRjjI KFI OG^DI LKROKFI MGL^DKI YOJI HRKjI RDZI KOSVKVKOi B>G@IhTG@IDGLSIJYIKLIJRFIGOJKFLI
fKGHI gGFI KROjG^DFI KROI MGV@I YZI JRKI `ROJKFI KFOKYSI \Y ?KjFGVKOI YOJI RFVKOJgRKI \YI ?KgKRLKO@I JGLLI LKROK GOTESDKLKIFR^DSRVIgGFiI`GLJGOIDGSSKIUFKL^DR@IJKZICDKjIJKL PYVKOJL^DYS\JK\KFOGSL@I KF]jjOKS@I JGLLI KFI UEHEI GYLI JKF UKFLKO=YOVI DKFNEFDEHKOI YOJI BGHLI aFG=SR=GOSCI YOSKFI LKROK [RSSR^DKI OKDZKOI gKFJKiI fKFI `EZZRLLGFI gRF=SKI G^DI KSgGI \KDO AROYSKOI LKS\SKI JKFI NYOVKI AGOOI JGLI _TRKH^DKOI NEZI UEFSGV jEFSiIKRVGFKSSKOTGTRKF@IDKHHKFIMG?G=Iiii BLGLIZG^DLSIJYMC BLGLI VHGY?LSI JYMI fKFI fRFK=SEFI JKFI XOLSGHSI VR?SI YOLI JKO
_DRSiI cFI ?KDGYTSKS@I KFI g;FKI ?REiI bZI _TKRLKLGGHI LSKDSI GYj KROKZI_^DRHJFI_cLIHK?KIJKFIGGOjRbI_KDKOI_RK@IgGLIJGLIjKFNKO\KHHKOI RLSMCI UEHE=ROKI j
?KLLKFI LEiCI UEHE=ROKI TjFRKZKHSKI NEFLR^DSRVI KROI _S<^= CGOOG?RLI GYLI LKROKFI XHYZRORYZI UKFTG^=YOViI ARSI KROKZ [KYKF\KYVINKFLKOVSKIKFIKROKIJKFIc^=KOIYOJ \KF=FESFKQfGZKQJYQDELGRFKMC BLKH^DKFIPYOVKMILKH^DKFICDEFMC `GLJGOI gGFjI UEHE=ROKI KROKOI =YF\KOI EHR^=I \YI QI JKFI NYOVK AGOOIgGFIVKFGJKIJG?KR@ILKROKOIPEROSI\Y\Y=HK?KOi
BfYIDGLSIOR^DSLIVKgYLLSMC Bb^DI L^Dg]FK@I cYKFI cDFKOC@I GOSgEFSKSKI UEHE@I g;DFKOJI KF JRKIFK^DSKIGGOJIZRSIJKZIPEROSIKZTEFDE?i `GLJGOI L^DGHSKSKI DKFYOSKFI YOJI ?EVI ROI JKOI XYSE?GDOQ KY?FROVKFI KROiI bOI JKFI >G^DSI DGSSKI KFI DKFGYLVKjYOJKO@ gKH^DKI X?SKRHYOVI ZRSI JKOI cFZRSSHYOVKOI RZI [GHHI JKL NKFL^DgYOJKOKOI MGOVYOI ?KSFGYSI gEFJKOI gGFFI cLI gGFI JRK fFRSSKI `FRZROGHTEHR\KRJRFK=SREO@I XNKOYKI JYI AGROK@I YOJI OR^DS JGLI PYVKOJL^DYS\JK\KFOGSiI URKHHKR^DSI gGFI JKFI DYLLK gRF=HR^DIOR^DSIGYjIJKZIdGYjKOJKOi cFIF<^=SKIZRSIKROKFI=OGTTKOIcF=H;FYOVIDKFGYLF BUEFI \gKRI PGDFKOI RLSI KROI PYOVKI NKFL^DgYOJKOiI cFI VKD]FSK KROKZI JKFI CD]FKI GO@I JRKI U]S\I HKRSKSKiI >ESFKQfGZKQJYQ DELGRFKiC Bb^DI DG?KI OR^DSI KROZGHI VKgYLLS@I JGLLI U]S\I ZKDFKFKI CD]FK HKRSKSKiIHOSKFIgKH^DKOIHZLS;OJKOIRLSIKFINKFL^DgYOJKOMC BfKFI`OG?KIDGSIKROKLIX?KOJLIJRKI`RF^DKINKFHGLLKOIYOJIRLS
ORKIROIJKFILEDOYOVILKROKFIcHSKFOIGOVK=EZZKOiC BURKHHKR^DSIRLSIKFIGYLVKFRLLKOiC BcFIL^DKROSISGSL;^DHR^DIKROKIMGL^DKIVKTG^=SI\YIDG?KOiIfRK cFZRSSHYOVKOI NKFHRKjKOI KFVK?ORLHELiI MGOVYOI URKLKHI RLS LTYFHELINKFL^DgYOJKOiC BfGLI =]OOSKI ZKROKI GOTESDKLKI KROKLI T;JETDRHKOI M;SKFL KFD;FSKO@IJE^DIZGOILEHHSKI=KROKINEFKRHRVKOI_^DHYOI FE^DI KLI RZI XYSE OE^DI LS;F=KFI OG^DI GGL^DRL^DiI `GLJGOI DGSSKI JRKLKOI fYjS RZZKFI VKZE^DSiI cFI KFROOKFSKI RDOI GOI XjFR=GiI bDZI jRKHI JKF UKVKOLGS\I \gRL^DKOI JKZI KVESRL^DKO@I GYjFKR\KOJKOI UKFY^D YOJI JKFI G?LEHYSI SFELSHELKOI XYLLR^DSI GYjFI L^DgGF\KI [KHJKF@ L^DZYS\RVKI cROjGZRHRKOD;YLKF@I KROI UKgKF?KVK?RKSI ZRS VFKHHKOI[GF?KOi
Bb^DI DG?KI JRKI >G^DSI JGZRSI NKF?FG^DS@I ROI JRNKFLKO fGSKO?GO=KOI \YI FK^DKF^DRKFKOC@I jYDFI KFI jEFS@I BYZ DKFGYL\YjROJKO@I E?I U]S\I KROKI =FRZROKHHKI UEFVKL^DR^DSK DGSSKiI[KDHGO\KRVKiCIcFIZG^DSKIKROI=ORFL^DKOJKLIUKF;YL^D@ ROJKZI KFI GYjI LKROKOI fGYZKOOGVKHI ?RLLiI Bb^DI DG?KI JGL _KVYGHLSFGjFKVRLSKFI JYF^DjEFLSKSiI b^DI DG?KI JGLI XF^DRNI JKL PYVKOJL^DYS\JK\KFOGSLI =EOLYHSRKFSiI b^DI DG?KI ROI JKF fGSKO?GO=I
JKFI
KKOSFGHLSKHHKI
\YFI
EK=;ZTjYOVI
NEO
UKgGHSJKHR=SKOI FK^DKF^DRKFSiI X?KFI JKFI >GZKI NEOI U]S\ SGY^DSI ORFVKOJLI GYjiI fKFI MOTI DGSI KROKI G?LEHYSI LGY?KFK LKLSKiC UEHE=ROKI ?HRKLI JKOI DGY^DI HGOVLGZI JYF^DI JRKI >GLKOH]^DKF GYLF BhjjKO?GFILROJI_RKILR^DIJGIOR^DSILEILR^DKF@ILEOLSID;SSKOI_RK ZR^DI OR^DSI G?VKDEHSiCI cFI OGDZI KROKOI gKRSKFKOI SRKjKOI KYVi BbZI \?FRVKOI JGFjI ZGOI ?KRI a;JETDRHKOI OR^DSI GHH\YI NRKHI GYj fGSKO?GO=KOI VK?KOiI b^DI =KOOKI KSHR^DKI a;JEL@I JKOKOI KL VKHYOVKOI RLSI NGDFKHGOVI JYF^DI JRKI AGL^DKOI JKLI >KS\KLI \Y L^DH
G?VKLSYZTjSKOI UKF?FK^DKFO@I ZRSI JKOKOI _RKI \YI SYOI DGSSKOi cROI a;JEI RLSI OR^DSI OYFI GYjI JKFI GYSI NEFI aEHR\RLSKO@I KF ZRLLSFGYSI GHHKZI YOJI NKJKZ@I LKH?LSI UESSiI cFI LSKDSI GYPKFDGH? JKFI UKLKHHL^DGjSiI cFI gKRP@I JGLLI JGL@I gGLI KFI SYS@ YOVKDKYKFHR^DI RLSiI fGLLI ORKZGOJI UKFLS;OJORLI jGLKKFI DG?KI R^DI OR^DSLI DKFGYLVKjYOJKOiC BLKOMC BfKOI dYLS=OG?KOI NEOI U]S\iI LYLLSKLSI JYI OR^DS@I JGLLI JKF CDRHKOKIL^DgYHIgGFMCIB>KROiC fKFIXFZKORKFILKYj\SKF B>GLKKFI RLSI KROI KSgGI \gGO\RVN;DFRVKFI AGYFRSRKFI ROJRL^DKF GKF=YOjSiI U]S\I gGFI LKRSI ZKDFKFKOI PGDFKOI LKROI AG^=KF@I YOJ KFI VKDSI DKRZHR^DI GYjI JKOI _SFR^DiI bZI \?FRVKOI KFLSGYOSI KL ZR^D@IJGLLIR^DI?KRZIPYVKOJL^DYS\JK\KFOGSI=KROKIX=SKI
RDOI GYjSFKR?KOI =EOOSKiI fKFI MOTI RLSI GOI JKFI aHG^KI fGYTDROK@ RZI AGFGRLI EJKFI ROI JKOI XYPKO?K\RF=KOI ?KLSRZZSI L^DEOI ZGH jKLSVKOEZZKOIgEFJKOiIXYPKFJKZIgGFIKFIZROJKFN;DFRViC BfGLIGHHKLIDG?IR^DIOR^DSIVKgYLLSiC BfYIL^DKROLSINGI=KROKIXDOYOVINEOIOR^DSLI\YIDG?KOiC `GLJGOI LTFG^DI KLI OR^DSI GYL@I G?KFI JRKLKI HO=KOOSORL NKFLS;F=SKI OE^DI LKROKI EKgYOJKFYOVI j
BfGLI LSRZZSC@I VG?I `GLJGOI \YiI BfKFI UKFR^DSLZKJR\ROKFI DGS ZR^DI VKLSKFOI X?KOJI GOVKFYjKOiI U]S\I DGSSKI >GF?KOI GO LKROKZI `]FTKFI YOJI NEFI GHHKZI GOI LKROKZI _^DgGO\iI KYKFLS DG?IR^DIVKVHGY?S@IKLIg;FKOIXOJKO=KOIGYLIaROE^DKSLICDRHKi X?KFIJRKLKIUKFHKS\YOVKOILROJIjFRL^DiIU]S\IDGSILR^DIEjjKO?GF LKH?LSINKFLSKROiIcLILROJIJFKRIN]HHRVIYOSKFL^DRKJHR^DKIfROVKiC BcROI _^DgYHKFI RLSI =KROI a;JETDRHKF@I E=GOiI X?KFI U]S\W aKFL]OHR^D=KRSI gRF=SI GYjI ZR^DI RZZKFI KRVKOGFSRVKFiI HOJI LKRO =HKROKFI _^DGS\@I >GLKKF@I KFL^DKROSI ZRFI GY^DI OR^DSI GYjFR^DSRVi cROI _SFR^DKF@I JKFI KLI VKgEDOSI RLS@I JRKI KRVKOGFSRVLSKO L
LYF\KHVKgRFFiI fRKI L^DgGF\KOI MYOOKH]jjOYOVKOI KFROOKFSKO GOI JRKI gKRSI GYjVKLTKFFSKOI DG^DKOI NEOI HOVKDKYKFOiI AGO ZYLLSKI JRKI [ROLSKFORLI JYF^DaYKFKO@I YZI ROI JRKI _SGJSI \Y VKHGOVKOi UEHE=ROKIJFKDSKILR^DIKROKOIOKYKOIPEROSiI`GLJGOIjFGVSKILR^D@ E?I KFI ROI JRKLKZI DDOSDZYLI gKRSKFZG^DKOI gR^DSLiI PKJKOjGHHLI gKFJKOI gRFI NEOKROGOJKFI HKFOKOiI LRF
ZG^DKOILE\YLGVKOIKROIaFG=SR=YZ@IR^DI?KRIbDOKOIYOJI_RKI?KR ZRFiC `GLJGOI ]jjOKSKI ZRSI KROKFI GGOJI JGLI GGOJL^DYDjG^D@ g;DFKOJIKFIJRKIGOJKFKIGZIdKO=FGJIHRKPi B[
hDOKI LKROKOI PEROSI G?\YHKVKO@I LSK^=SKI UEHE=ROKI JRKI aRLSEHK ROI LKROKOI U
BUEZIfETKIVGFIOR^DSI\YIFKJKOiCIBb^DI?ROI^HKGO@I`GLJGOiC BXHHKI UKF?FK^DKF@I JRKI R^DI =GOOSK@I gGFKOI YOL^DYHJRViI XHHK PYO=RKLIgGFKOILGY?KFiI_EHHSKIR^DIJR^DISGVLG^DjEFL^DYOVKOI OR^DSI LS;OJRVI \YVKJF]DOSI LKROI g
B>KROiC B`KROKI DKVKHOI JKROKFLKRSLMCI B>KRO@I JGLI ZG^DSI ZKROK _S;F=KIGYLiC UEHE=ROKI gKJKHSKI ZRSI JKFI GGOJ@I YZI JKOI DGY^DI NEFI LKROKO XYVKOI\YINKFSFKR?KO@IYOJBI?KSFG^DSKSKIJRKI_^DRHJKFIE?KFDGH? JKFI _SFGPKiI `GLJGOI DGSSKI VKFGJKI JRKI XYLjGDFSI aEFSKI JK URO^KOOKLIVKOEZZKOi BLEDROIjGDFKOIgRFMC BLRFI jGOVKOI ZRSI JKOI cFZRSSHYOVKOI gRKJKFI ?KRI OYHHI GOiI fY NKFORZZLSI JRKI CDEF=OG?KO@I KROKOI OG^DI JKZI GOJKFKOiI LRF gKFJKOI LKDKO@I gRKI gKRSI KLI ZRSI JKROKOI HKVKOJ;FKO [;DRV=KRSKOI DKFI RLSiI LKOOI JYI FK^DSI DGLSI YOJI KROKFI JKF PYOVKOIJKFIA]FJKFIRLS@IgRFJIKLIJRFIOR^DSIL^DgKFjGHHKO@IRDOI\Y
GOVK\EVKOI DG?KiCI BUYSI VKZG^DSiI b^DI DEjjKI OYF@I JGLL UKFOEYVIOE^DIOR^DSIGYjIJKFIERHJjH;^DKIKFL^DRKOKOIRLSiILKOO NG@I=]OOKOIgRFIKLINKFVKLLKOiC
`XabMcdIeS BLRKIDKRPSIJYMC B`KNROiC BEFROVSI JRFI JKFI LKRDOG^DSLZGOOI JRKI LRRQ`EOLEHKI NEO >ROSKOJEMCI BAKROI UGSKFI RLSI JKFI LKRDOG^DSLZGOOiI LRFI LROJ \YLGZZKOI\YI_^EFKIUGZKLIVKVGOVKOiC BERLSIJYIJRFILR^DKFMI_SKDLSIJYIgRF=HR^DIGYjIJKFIdRLSKMCIBfRK KFLSKI XYLHRKjKFYOVC@I VFROLSKI JKFI PYOVKiI Bb^DI ?ROI LKRS _KTSKZ?KFIKROVKL^DFRK?KOiC BKKHJG@I >KKJI jEFI _TKKJI CGF?EO@I _THROSKFI CGHHI fEY?HK XVKOSIQIGYjIgGLIj;DFLSIJYIGZIZKRLSKOIG?MC B>KKJI jEFI _TKKJI CGF?EOiI fRKIUKFLREOILRRI=EZZSI\YIjF
UKFLREOIj
JRKI
?KRJKOI
ROI
JKZI
HKKFKOI
`HGLLKO\RZZKF
VKVKO
UEHE=ROKI=GZI\YZI`KFOIJKFI_G^DKF BLGFIU]S\ILOZTGSDRL^DMC B_OZTGSDRL^DING@IG?KFIZKDFIOR^DSiC BLKOOIJYIRDOIROIgKORVKOILEFSKOI?KL^DFKR?KOILEHHSKLS@IgGL g
JKZI aEFSGHI \YiI >E^DI RZZKFI =KROI cZTjGOViI cFI SFGSI YZZKFIKROKLIKDKZGHRVKOI`EHHKVKO@IJKOIKFI?GS@I?KLSRZZSK fGSKO?GO=KOI\YIJYF^DLS]?KFOi [GHHLI JKFI AEFJI SGSL;^DHR^DI NEOI KROKZI `ROJI ?KVGOVKO gEFJKOI gGF@I gGZKOI GYjI JKFI dRLSK R^DSLI VKDSI NKFHEFKOiI >R^DSLI gRFJI NKFVKLLKOi _^DHRKPHR^DIVKHGOVIKLI`GLJGO@IJKOIMOTKOIGZIGOJKFKOIcOJK JKFI dKRSYOVI \YI
JRKLKIfGSKO?GO=QDK^DKF^DKINEF?KRVKDKOIgG^DI KROKFI DGH?KOI _SYOJKI DGSSKI KFI OR^DSLI VKjYOJKOiI >R^DS JRKI _TYFI KROKLI UKF?FK^DKOL@I =KROKI cROgKRLYOVI ROI KROK TLO^DRGSFRL^DKI `HROR=iI `GLJGOI LSK^=SKI LKROKI EFRHHKI KROI YOJ ?KJGO=SKILR^DI?KRIJKZIAGOO@IJKFIRDZILKROKFLKRSLIKF]jjOKSKF Bb^DI gKRPI OR^DS@I gGLI JYI RZI _^DRHJKI jR^DSLiI cFI gKRPI OR^DSL@I YOJI R^DI =GOOI ZRFI OR^DSI NEFLSKHHKO@ JGLLIKFIJKOIhFVGORLSKOIGHHKIVKZG^DSIDGSiC fKFI XFZKORKFI =EOOSKI KROI d;^DKHOI OR^DSI YOSKFJF<^=KOiI fKF DYLLKIjYDFIjEFSFIBLKFIRLSIJKFI>;^DLSKMC BLRFI gK^DLKHOI GYjI JGLI HRO=KI _KROKQHjKFiI fGNRJI _RZEORGO@ \KDOIPGDFK@IAEOSGRVOKQUOZOGLRYZIRZIIiIXFFEOJRLLKZKOSiC _RKI jYDFKOI \YFI aHG^KI JKI HGI >GSREOI YOJI gKRSKFI
EEYHKNGFJI fRJKFESI ?RLI \YZI aEOSI JWXYLSKFHRS\iI XYjI JKF GOJKFKOI _KRSKI JKFI _KROKI OGDZKOI LRKI JRKI HjKFLSFGPK DR^DSYOVI>ESFKQfGZKiI fRKI LSKROKFOKOI UK?;YJKI DGSSKOI JRK [GF?KIJKLIGRZZKHLgIJRKIX?VGLKISGY^DSKOIGHHKLIROIKROI]JKL UFGYiI bOI LEH^DKOI AEZKOSKOI L^DRKOI VGO\I aGFRLI GYLI KROKZ _SEjjIVK?GYSI\YILKROFIdGOVKgKRHKi `GLJGOI ?EVI HRO=LI G?I YOJI jYDFI JRKI DYKI _GROSQPG^aYKL DROGYjiI XYjI JKFI `YTTKI L^DgKO=SKI KFI FK^DSLI ROI KROKI =HKROK _SFGPKI KRO@I JRKI DYKI JKI eWX??KQJKQHWcTKK@I
XHLI `GLJGOI JKOI DE^DI GYjVKL^ DELLKOKOI PYOVKOI ZRSI JKZ _SFY??KH=ETjI gRKJKFLGD@I jRKHI RDZI JRKI hDOHR^D=KRSI ZRSI UEHE ROLI XYVKiI _RKI L^DRKOKOI JKFLKH?KOI DE^=?GOJI GO\YVKD]FKOi cFI HRKPI JRKI ?KRJKOI GHHKROiI cFI gEHHSKI KSgGLI GOJKFKL GYLTFE?RKFKOiILKOOIU]S\ISGSL;^DHR^DIT;JETDRHIgGF@IgKOOIKF KSgGLI VKSGOI DGSSK@I gGLI KROI `ROJI SFGYZGSRLRKFKOI =EOOSKI YOJ DG^DKVKjESFKQfGZKQJYQDELGRFKM `GLJGOI?KVGOOIgRKJKFI?KRIOYHHIYOJIFRKjIaGSKFI_SGORLHGLIGOi cFIDGSSKILR^DIVKL^DgEFKO@IRDOITKFL]OHR^DIGYj\YLY^DKO@IG?KF KFI gEHHSKI UEHEI OR^DSI RZI _SR^DI HGLLKOI QI KFI g
KF=H;FSK@I
j
RDOI
JRKI
DK^DKF^DK
JYF^D\YjG^DJKZIJKFIXFZKORKFIJRKI>GZKOI
GYjIJRKIDKLYHSGSKIJKFI_Y^DGOjFGVKOIYOJIg
XHLIKFIZRSIJKOI_GOJgR^DKLI\YF<^==KDFSK@I=GZIRDZIUEHE=ROK ?KFKRSLI GYLI JKZI `HGLLKO\RZZKFI KOSVKVKOiI LRKJKF [KDHGO\KRVKiI bOLVKDKRZI jFKYSKI LR^DI `GLJGOI R^DSLi `GLJGOIYOSKFLS<S\SKI NKS\SI UEHE=ROKI ?KRI NKJKFI EKjFGVYOViI cF NKFLSGOJI=KROILEFSINEOIRDFKFIHOSKFDGHSYOVI
ROI
[KFOLKDLKFRKOI
EJKFI
JRKI
OKYKO
`EZZYOR=GSREOLgKRLKOiI fRKLI L^DRKOI JGLI YONKF\R^DS?GFK aF;HYJRYZI \YI KROKZI K^DSKOI fRGHEVI \gRL^DKOI KROKZ KFgG^DLKOKOI AGOOI YOJI KROKZI GGH?g<^DLRVKOI \YI LKROi fE^DI JRKLKI UKZKROLGZ=KRSI ?FG^DSKI OR^DSLiI >R^DSI JRKI _TYF KROKFI HOLR^DKFDKRSiI >R^DSI KROI LEFS@I JGLI GYjI KROI UKDKRZORL
DROJKYSKSKi eIiYTIHDFFIcHHGI`GFKOGOi CEOJEF^KSQUOZOGLRYZ@IDYKIJYIGGNFKi bZI GKF\KOI JKLI URKFSKHLI YZI JKOI EGDODEjI _GROSQdG\GFK gYFJKI JKFI UKF=KDFI RZZKFI JR^DSKFiI bZI dGYjI JKLI >G^DZRSSGVL KFj
L^DHK^DSKI
dGYOKI
gGFI
EJKFI
E?I
LR^DI
JRK
cOS\YVLKFL^DKROYOVKOI?KZKF=?GFIZG^DSKOi XOI JKFI aEFSKI JKI EGVOEHKSI NKFLY^DSKI `GLJGO@I LKROKZ aGFSOKFIGYjIJKOIKGDOI\YIjR^DSLiI_RKILROJIL^DgKFI\YV;OVHR^DIEJKFIYOL^DYHJRV@IVGO\ KROjG^DiC _RKI jYDFKOI =FKY\I YOJI aYKFI JYF^DI EGVOEHKSiI cROI SFELSHELKF@ J
UEFEFSiI
MRZESDKKI
XNKJR=RGOI
DGSSKI
JRK
UGO\SGVLL^DYHKI ?KFKRSLI NKFHGLLKOiI `GLJGOI DGSSKI LKROK XJFKLLKiI_RKIVKHGOVSKOI\YIJKZIcROjGZRHRKODGYLIROIJKFIDYK aGYHQUGRHHGOSQCEYSYFRKFi >G^DJKZILRKILR^DI?KRIJKOIcHSKFOINEFVKLSKHHSIDGSSKO @I?KVGOO UEHE=ROKIJKOIPYOVKOI\YI?KjFGVKOi fKFI XFZKORKFI LKS\SKI LR^DI JKFgKRHI GYjI KROKI =HGTTFRVKI GHSK GEHHOgEEJL^DGY=KHI RZI UGFSKO@I JKOOI KFI j
ZRKLKI _SRZZYOVI DGSSKI GYjI RDOI G?VKj;F?SiI LGLI ZG^DSKI KF DRKFMI cFI gGFI KROKOI VGO\KOI MGVI HGOVI KROKZI aDGOSEZ DROSKFDKFVKHGYjKOiI dKR^DSjKFSRVKFgKRLKI DGSSKI KFI JKFI bOSYRSREO KROKLI FGYL^DVRjSL<^DSRVKOI NYOVKOI aEHR\RLSKOI UKFSFGYKO VKL^DKO=SI YOJI JGJYF^DI gKFSNEHHKI _SYOJKOI NKFHEFKO@I ?KR JRKLKOI cFZRSSHYOVKOI GYjI KRVKOKI [GYLS@I JRKI KROI LKSSHGYj VKVKOIJRKIKKRSIgGFKOi `GLJGOI gGFI YZLEI g<SKOJKF@I GHLI KFI OE^DI KROKI GOJKFKI _TYF DGSSKI QI JRKI TEHRSRL^DKI [;DFSKiI LRHDKHZI U]S\I gGFI G?VKD]FS gEFJKOiI
fKFI
bOHGOJLVKDKRZJRKOLSIjOQSOP_QO^OQ`S
\ñQñWVC9TEJKFI JKFI UKFjGLLYOVLL^DYS\I f_MI DGSSKOI LR^DI jYZZKFI JKLI XOgGHSL DKFGYL\YjROJKO@IGOIJKOILR^DIJKFICDRHKOKIVKgGOJSIDGSSKiIcF D;SSKI GY^DI JRKI [GZRHRKOI GOFYjKOI LEHHKO@I ?KRI JKOKOI U]S\ TFRNGSKI`HGNRKFLSYOJKOIVKVK?KOIDGSSKiIfGLIGHHKLIg
?KLKLLKOKFIa;JETDRHKON;VKFIgGFi bZI UFYOJKI gYLLSKI KF@I gGFYZI KFI GYjI JKOI PYOVKOI VKD]FS DGSSKiI cROKI GHSKI LYOJKI DGSSKI RDOI VKHKRSKSiI fKFI LKVVGOV LKROKLI _EDOKLiI >YOI DGSSKI RDZI JKFI GRZZKHI KROKOI aGFSOKF VKL^DR^=S@IJKFIVKOGYLEIGHSIgGFIgRKIfGNRJiIcROINYOVKFIAGOO@ JKFILKROKZI_EDOIVHR^D@IG?KF IOE^DINRKHIZKDFIRDZILKH?LSiIcRO aEHR\RLS@I KROI AGOOI JKFI _SFGPKiI `GLJGOI gYLLSKFI fKFI gGDFK UFYOJI JKLI KKFg
\YI NKF?FROVKO@I JKFI RDZI LOZTGSDRL^DI gGF@I JKFI RDOI GOI LKROK L^D]OKOI PGDFKI KFROOKFSKI YOJI LKROI UKFLGVKOI VKVKOKRO@I JGLI LSRZZSKI GY^DI OR^DSiI cLI gGFI OR^DSI OYF [GL\ROGSREOI VKgKLKOiI cFI DGSSKI JKOI DYLLKOI GYLI JKFI `HROR= VKDEHS@I JGZRSI KFI JRKI _;OVKF=OG?KO@I JRKI =GYZI NR^DSL BfYIZYLLSINRKHHKR^DSIJKROKIMDKEFRKI=EFFRVRKFKO@IEJKFMC B>KRO@IR^DI=GOOIZR^DIOR^DSIVKRFFSIDG?KO@IOR^DSILEILKDFiC BfRKI_SYFDKRSIRLSIJKFIL^DHRZZLSKI[KROJIJKLIaEHR\RLSKOIiiiC
fKFI DYLLKI ?HR^=SKI GYjI YOJI LSGFFSKI `GLJGOI GOiI _KROK aYTRHHKOIVHR^DKOI\gKRIdKY^DS=;jKFOIROIJKFIfYO=KHDKRSiIcFI\EV LR^DI KROKI CFGNKOI DKFGYLI YOJI \K?KOI RDZI DGSSKI KFI JKOI cROJFY^=@I JRKI >YZZKFI LK^DL JKL
cFZRSSHYOVLSKGZLI \YI LKROiI fKFNKORVK@I JKFI JRKI KKYVKO ?KjFGVS@I JRKI OR^DSLI VKLKDKOI DG?KO@I YOJI JKFI JRKI hFSK GYjLY^DS@IJRKIKROKOI`RHEZKSKFINEZIMGSEFSIKOSjKFOSIHRKVKOi BLGLIjKRO@ JKOICEZTYSKFIOR^DSiIb^DI=KOOKIZR^DIJGIOR^DSIVKOYVIGYLIiiiC BXHLEIHELiC `GLJGOI?GYSKILR^DINEFIRDZIGYjF BG]FI \Y@I U]S\I gGFI KROI VFEPKFI UKDKRZORL=F;ZKF@I KROI K^DSKF aGFGOER=KFiI cFI D;SSKI ORKZGHLI KSgGLI `EZTFEZRSSRKFKOJKL DROSKFHGLLKO@IgKJKFIGYjILKROKZICEZTYSKFIOE^DILEOLSgEiC KYZI KFLSKOI AGHI LKRSI JKZI jFG^DZRSSGVI H;^DKHSK UEHE=ROKFIBfRKIa;JETDRHKOILROJIgRKI_^DOK^=KOiIXY^DIgKOO LRKI LR^DI OE^DI LEI NRKHI A
C
`XabMcdIeZ BcROIAXCIahLcDIaCIUYC@IZYFZKHSKIUEHE=ROK@IGHLIKFIJKO DK^DOKFI ROI JKFI ROI fYO=KHIVKSGY^DSKOI LEDOYOVI KOSJK^=SK@ B?K=GOOSKFI YOSKFI JKZI >GZKOI UYiI cROI GHSKLI AEJKHHiCI cF L^DGHSKSKI JGLI UKF;SI GO@I OG^DJKZI KFI JKOI DEHHHGJKOI RZ KRZZKFI DKFYOSKFVKHGLLKOI DGSSKiI BLRFI HGLLKOI RDOI LKROK aFEVFGZZKI HGJKOiCI BbLSI KROI AG^ROSELDI KROI aFE?HKZI jKRO@I aCI EJKFI AG^@I JGLI RLSI j
JRKI _^DYHKI VKVGOVKOI QI JKOI MOTKOI NEZI CDGELI CEZTYSKF CHY?iC BLGLILROJIJGLIj
UKZKROL^DGjS@I
JRKI
LR^DI
j
JRK
bOjEFZGSREOLjFKRDKRSI KROLKS\SbiI _RKI j
JYF^D@I
JRKI
JRKI
UKjGDFKOI
JKF
bOjEFZGSREOLSK^DOEHEVRKI j;^DSKI JGZRS NKF ?FG^DS@I ZRSI GRHjKI NEOI aKKFQSEQaKKF QaFEVFGZZKOI [ESEL
YOJI URJKELI RZI >KS\I GYj\YLT
MGLSGSYFiI ARSI LKROKZI \YI KOVI LRS\KOJKOI L^DgGF\KOI XO\YV@ LKROKZI\YIJR^=KOIGKZJIYOJILKROKFIYOK^DSKOI`FGgGSSKIVHR^D KFI KROKZI EFE=KF@I JKFI GHHKI HLGO^KOI LKROKFI LKHS@I NEFI GHHKZ JGLI UKLKS\I JKFI SKYFKOI AGF=KOGFSR=KH@I NKFVKLLKOI DGSiI cF KFROOKFSKI GOI KROKOI YOVKDE?KHSKOI NYOVKOI EYFL^DKOI RZ _EOOSGVLLSGGS@I JKFI KROKFI >ENKHHKI AGYTGLLGOSLI KOSLSRKVKO L^DRKOi `GLJGOILGDIRDZI\YiIKYIEKVROOILKROKLIDYDKLSGOJKLIDGSSKIKF KROKI aGLLREOI jYGO^RKFYOV@ NKJKFI UKFSRKjYOVI G?DEHJiIhPQOT XVSg]PQOT ZOWT hQ`FWO^ZCQ_R gRKI JRKI AGFVRLSKOI LGVSKOiI GKYSKI ?KVO
BfRKI _TFG^DKI JKLI EKSFRK?LLOLSKZLiI [
>KYK@I JGOOI gYFJKI ZGOI GYjI JKZI ERHJL^DRFZI KFOKYSI \YF cROVG?KI KROKLI aGLLgEFSLI GYjVKjEFJKFSiI fRKLZGHI SRTTSKI JKF DYLLKI KRORVKI EY^DLSG?KOI KROiI XYjI JKFI EKOYS\KFE?KFjH;^DK SGY^DSKOIJRKIERHJ\KR^DKOIJKFIaFEVFGZZKIGYji Bb^DI VKDKI NKS\SI \YF<^=I ROLI GGYTSN KF\KR^DORLiIfRKI DK^DOKF LROJI gRKI _SGZZ?;YZKI GYjVK?GYSiI AGOI ZYLLI JKFI `KSSKI JKF HOSKFNKF\KR^DORLLKI jEHVKO@I JRKI ROKROGOJKFI KROVK?KSSKSI LROJF _OLSKZ@IXOgKOJYOVKO@IfGSKRKOIiiiC PKJKIAKOVKIKKRHKOIZRSI>GZKOISGY^DSKOIGYji BfRKI NEOI U]S\I KFLSKHHSKOI YOJI VKLTKR^DKFSKOI fE=YZKOSKi MKVSK@IERHJKF@ IAYLR=JGSKRKOIiiiC \?KFI
JKOI
ERHJL^DRFZI
HRKjKOI
ZRSI
GSKZ?KFGY?KOJKF
UKL^DgROJRV=KRSI_RVKHO@IKRjjKFOIYOJIEY^DLSG?KOiIfRKIKKRHKO =F
JRKLKI dRLSKI JYF^DI KROI aFEVFGZZI HGYjKO@I JGLI R^DI GYLI JKZ bOSKFOKSIRZTEFSRKFSIDG?KiIcROKIXFSI>KS\@IJGLIQIGY^DI=EJRKFSKIQ _^DH
UEHE=ROKIHRKPIKFOKYSIJRKIMGLSKOI=HRZTKFOF Bb^DI gKFJKI ZRFI NKS\SI JRKI bOSKFOKSNKF?ROJYOVKOI NEF=O]TjKOi >EFZGHKFgKRLKIRLSIJGLIKROKIUEHJVFY?KiC B[GHHLI U]S\I SGSL;^DHR^DI T;JETDRHKI LK?LRSKLI ?KLY^DSI DGS@ gRFJIKFIJE^DIL;ZSHR^DKI_TYFKOIJGNEOIVKH]L^DSIDG?KOiC B`HGFiI X?KFI GYjI KROKZI CEZTYSKFI H;LLSI LR^DI OR^DSLI H]L^DKOi fGLIRLSIYOZ]VHR^D@INKFLSKDKOI_RKMC B>KROiC BLKOOI ZGOI JKOI HLKFOI JRKLKI hTSREOI KROF;YZKOI g
fGSKOIH]L^DKO@I G?KFI JGLI RLSI OYFI KROI KYVKLS;OJORLI GOI LKROK ?KL^DF;O=SKI ZKOL^DHR^DKI dEVR=iI bOI JKFI LKHSI JKF XHVEFRSDZKO@I ROI JKOI MRKjKOL^DR^DSKOI JKFI ?RO;FKOI _SFY=SYFKO ?HKR?SIGHHKLIKFDGHSKOiIbZZKFiC BXY^DI jH<^DSRVKI KYVFRjjKI GYjI LK?LRSKL@I JRKI OYFI =YF\ GOVK=HR^=SIgYFJKOMC UEHE=ROKI H;^DKHSKI YOJI JFKDSKI JKOI ERHJL^DRFZI \YI JKZ XFZKORKFIDROF BXHHKLiI EKRI NKJKZI KYVFRjjI KFLSKHHSI JKFI CEZTYSKFI KROK LEVKOGOOSKI SKZTEF;FKI fGSKRiI cF I LTKR^DKFSI JRKI GYjVKLY^DSK LK?LRSKI YOJI FK=EOLSFYRKFSI LRKI GYjI JKZI ERHJL^DRFZiI _EI DGS ZGOI\gGFIJKOIcROJFY^=@IGYjIKROKOI_KFNKFI\Y\YVFKRjKO@IG?KF ROI LRF=HR^D=KRSI DGSI JRKI AGL^DROKI JGLI ERHJI ?KFKRSL VKLTKR^DKFS@I YOJI ZGOI VFKRjSI GYjI JRKLKLI JEgOVKHEGJKSKI ERHJ \YiC cFISRTTSKIgRKJKFIGYjIJKFIMGLSGSYFIDKFYZi BfRKLKI SKZTEF;FKOI fGSKRKOI gKFJKOI ROI KROKFI LEVKOGOOSKO aGFSRSREOI QI KROKZI G?VKSFKOOSKOI EKFKR^DI QI JKLI _TKR^DKFL
GF^DRNRKFS@I YOJI ZGOI =GOOI NKJKF\KRSI GYjI LRKI \YVFKRjKO@I LEjKFO ZGOIJRKIKGY?KFjEFZKHOI=KOOSiC BfRKI_DKHHQ_TFG^DKMC B>KROiI GRKFI ZYLLI ZGOI ZRSI JKZI CEZTYSKFI ROI LKROKZ LTK\RjRL^DKOI XHTDG?KSI LTFK^DKOFI JKZI X_CbbQCEJKiI fGLI RLS KROKIGOJKFKIc?KOKiIfGLID]FSILR^DI=EZTHR\RKFSIGO@IG?KFIZGO =GOOI JRKLKOI CEJKI HKR^DSI =OG^=KOiI `GLJGO@I YZI DK^DOKFI \Y ?KjFGVKO@IZYLLIZGOIRDFKI_TFG^DKILTFK^DKOIYOJIRDFKFIdEVR= jEHVKOiC cFOKYSKLI `HRZTKFOI NEOI MGLSKOiI >KYKI _OZ?EHKI GYjI JKZ ERHJL^DRFZi BfRKI SKZTEF;FKOI fGSKRKOiI UKLTKR^DKFSI OG^DI JKFI G;YjRV=KRS JKFI XYjFYjKiI fRKI LK?LRSKL@I GYjI JRKI ZGOI GZI D;YjRVLSKO \YVFKRjS@I LSKDKOI E?KOI GYjI JKFI dRLSKI YOJI LROJI HGYj?KFKRSiI b^D gKFJKI JRKLKI OKYKOI fGSKRKOI JYF^DI ZKROI _Y^DTFEVFGZZ HGYjKOI HGLLKOiI MGYLKOJKI NEOI T;JETDRHKOI LK?LRSKLI gKFJKO RJKOSRjR\RKFSI YOJI VKLTKR^DKFSiI LRFI =KOOKOI RDFKI baQXJFKLLKO@ RDFKOICEJK@IRDFKI_^DH
BLGLIRLSMC B[KDHGO\KRVKiI >R^DSI KROZGHI KROKI L^DgYHKI _KRSKI EJKFI KROK URGVFGQEKLSKHHYOViIfGLIVR?SWLIOR^DSiCIBLRKLEMC BGG?KOI_RKIOE^DIORKIaEFOEQ_RSKLI?KLY^DSMC `GLJGOI GOSgEFSKSKI OR^DSiI >GZKOI JRNKFLKFI LK?LRSKLI VROVKO RDZI JYF^DI JKOI `ETjiIEP_TNV`CWVdTjP`S[TEP_TEYYxPOSTyOVbOQ[ cLI D;SSKI RDZI OR^DSI VKjGHHKO@I gKOOI UEHE=ROKI ROI LKROKZ AG^ROSELDIDKFYZVKL^DO<jjKHSID;SSKi Bb^DI?ROIZRSIZKROKZIdGSKROIOE^DIOR^DSIGZIcOJKiIcLI?HKR?KO OE^DIJRKIbOEJKOiC BLGLIRLSIJGLIL^DEOIgRKJKFMC BcROI DK^DOKFI RLSI gRKI KROKI _SGJSiI PKJKI fGSKRI RLSI KROI GGYL ZRSI KROKFI KRO\RVGFSRVKOI XJFKLLKiI fGLI OKOOSI ZGOI bOEJKiI b^D gKFJKIJRKIfE=YZKOSKIGZKO@I JRKI OYFI JRKI [GLLGJKI LROJ@I KOSL^DHGZKOI SFGVKO@
YZI RDFKI _TYFKOI \YI NKFgRL^DKOiI fKYSHR^DI LR^DS?GFKI HKKFK GE^DI RZZKFI FGLSKOI KKR^DKOI
BARLS@IARLS@IARLSRC B>R^DSLMC B[KDHGO\KRVKiI U]S\I ZYLLI NEOI _TK\RGHRLSKOI GYLVK?RHJKS gEFJKOILKROiIcFIRLSIOR^DSI\YIVFKRjKOiC BfYI
aFEVFGZZ@IJGLIZGOI?KRIJKFINEFH;YjRVKOI[KLSOGDZKINEOIMGS NKFJ;^DSRVKOIGOgKOJKSiC fKFI CEZTYSKFI ?FYZZSKI OE^DI RZZKFI gRKI KROI AESEFiI >KYK KKRHKOISGY^DSKOIGYjIJKZIERHJL^DRFZIGYjiIPKJKIKKRHKI?KVGOO ZRSIKROKZI[FGVK\KR^DKOF ðCi`OCòT
ëåäãäåãófQôT
kfìåáäåáäåágëlbî]_î]bT
`QPOWnCi_FT
ð]_ZFãâêm
ðî]_Fî]_Z_âêéâêéêéêâT
ð
PCi`PCiõãêâãâêãâjoTðiC`Ci`iC`mF`bgCi`CiU UEHE=ROKI jH
JRKLKZI `GYJKFgKHL^DI RFVKOJKSgGLI jROJKOI =EOOSK@I G?KFI JKF DYLLKI L^DRKOI LKROKFI _G^DKI LR^DKFI \YI LKROiI fRKI _K=YOJKO NKFVROVKO@IL=GOJRKFSINEOIJKZIAESEFi fKFIXFZKORKFIjFGVSK@IK?KOjGHHLIZRSIVKJ;ZTjSKFI_SRZZKF BLGLIDGLSIJYIVKjYOJKOMC BbZZKFI JKFI VHKR^DKI DGFZHELKI ARLSiI U]S\I RLSI JKFI DKRHRVK LRHDKHZiC BfGLIRLSIJE^DIZ]VHR^D@IEJKFMIURKHHKR^DSIDGSIU]S\ILKROKIKKRS gRF=HR^DIZRSICDEFTFE?KOIYOJIcFROOKFYOVKOIGOILKROKIGKRZGS NKF?FG^DSiI XY^DI gKOOI KFI ZRSI LKROKZI UKHRK?SKOI ?R\GFFK _G^DKOIGOVKLSKHHSIDGSiC B`GLJGO@I _RKI LROJI ;HSKFI GHLI R^DiI _RKI =KOOKOI JRK ZKOL^DHR^DKI>GSYFiILRHDKHZIU]S\IgGFIDEZELKVYKHHiI>GLKKF gGFI OR^DSI LKROI KFLSKFI MOTiI HOJI GY^DI OR^DSI JKFI KRO\RVKiI fRK _^DgYHKOILROJIDKRPIgRKI[FRSSKO?YJKOiIX?KFIKLIVR?SI=KROKFHKR _TYFKOI RFVKOJgKH^DKF I `EOSG=SKiI fGj
UEHE=ROKIOGDZILKROKICfIGYLIJKFIAGL^DROKIYOJILSRKPIKROKO HGOVKOI_KYj\KFIGYLi BhJKFI U]S\I ?KNEF\YVSKI JRKI AKSDEJKI JKFI MKFFEFRLSKOFI JKO JRFK=SKOI
\gRL^DKOZKOL^DHR^DKOI
`EOSG=SiI
`KROK
MK^DOEHEVRK@I =KROKI _TYFKOiI bOI JRKLKZI [GHHI DGSI KFI LKROK UKDKRZORLLKIZRSIROLIUFG?IVKOEZZKOiC fKFINYOVKIaEHR\RLSILTRKHSKIgKRSKFDROIGYjIJKOIMGLSKOiI`GLJGO NKFZYSKSK@IJGLLIKFIJRKI_TYFKOILKROKFIfYF^DLY^DYOVISRHVSKi _^DHRKPHR^DIL^DGHSKSKIUEHE=ROKIJKOICEZTYSKFIGYLi BLEDKFI DGLSI JYI JRKLKI LYSI GYjI JRKI a;JETDRHKOMC@I jFGVSK `GLJGOi Bb^DI gKRP@I gEFGYjI _RKI DROGYLgEHHKOC@I LGVSKI JKFI DYLLK H;^DKHOJiI BLKOOI R^DI LEI DGFSO;^=RVI DROSKFI JRKLKOI ARLS=KFHKO DKFI ?RO@I JGOOI ZYLLI R^DI ZRSI RDOKOI OE^DI KROKI DK^DOYOVI \Y ?KVHKR^DKOI DG?KOiI fKFI =HKROKI LGRLKONYOVK@I JKFI ROI LKROKF `ROJDKRSIZRLL?FGY^DSIgYFJKIiiiC
BbLSIKLIOR^DSILEIVKgKLKOMC B>KRO@IR^DIZYLLI_RKIHKRJKFIKOSS;YL^DKOiIEKRIJKOIaGSFKLIgGF OR^DSI NKJKFI MGVI KRSKHI _EOOKOL^DKRO@I G?KFI LEH^DKI aFE?HKZK DG?KI
R^DI
ORKI
VKDG?SiCI
UEHE=ROKI
ZG^DSKI
LKROK
HZD;OVKSGL^DKI\YIYOJILSGOJIGYji Bb^DI gKFJKI bDOKOI JRKI UKFHKS\YOVKOI OKOOKO@I JRKI ZR^D KFL^D<SSKFSI
DG?KOiI
_RKI
XOGHjRLLYFKO@I
[EHSKFYOVKO@I
_KH?LSZEFJKiI
_RKI
S
DKRPKOFI
UKFVKgGHSRVYOV@
bOjK=SREOKO@I LR^DI
RZI
AEFJKI
YOJ
XF^DRNI
JKL
PYVKOJL^DYS\JK\KFOGSLiI AKROKI UKFHKS\YOVKO@I JGLI LROJI GHH JRKI=HKROKOI`ROJKFI
YOJI_KKHKISYS@IKROKOIROOKFKOIUFYOJIJGjGLKKF@I JKZI UKLTRKHKOI NEOI U]S\@ KROKOIEKLY^DIG?LSGSSKOI g
`XabMcdIJ] >GLKKFYJROI
_GFG=FGZGDGSGI
gEDOSKI
RZI
EEYHKNGFJ
AGHKLDKF?KLI >YZZKFI e^[@I OR^DSI gKRSI NEZI aGF=I AEO^KGY KOSjKFOSiIcROIUK?;YJKIGYLIJKFIKKRSIGGYLLZGOOL@IRZTELGOS@ JRKI
[GLLGJKI
ZRSI
LGTTKOL^DRHJKOI
YOJI
`GFOGSRJKO
VKL^DZ<^=SiI `GLJGOI KFROOKFSKI LR^D@I JGLLI JKFI AGYFRSRKF VKLGVSI DGSSK@I KFI gEDOKI RZI E?KFLSKOI _SE^=gKF=I JKL UK?;YJKL@IJEFS@IgEILR^DIJRKIfRKOLS?ESKO=GZZKFOI?KjROJKOi HORNKFLGHL^DH
_TYFKOI \YI DROSKFHGLLKOiI _SYZZI HKDOSKOI LR^DI JRKI ?KRJKO A;OOKFI
GOI
JRKI
VKVKO
L;OJKI
JKF
cROVGOVLDGHHKiI _RKI KOSLTGOOSKOI LR^DI RZI GGH?JYO=KHI JKL DGYZKLiI _RKI ZYLLSKOI OYFI OE^DI JGFGYjI gGFSKO@I JGLLI KRO EKgEDOKFIDKRZ=GZIEJKFIJGLIGGYLINKFHRKPi >G^DIKRORVKOI_K=YOJKOIH;^DKHSKI`GLJGOF BfGLI KFROOKFSI ZR^DI GOI ZKROKI PYVKOJ@I ZKROKI KFLSKOI PGDFK ?KRZI fK\KFOGSI \YFI EK=;ZTjYOVI JKLI EFVGORLRKFSKO UKF?FK^DKOLiC BbOI ZKROKFI PYVKOJI DG?KI R^DI OR^DSI JGFGYjI VKgGFSKS@I JGLL ZGOI ZRFI JRKI M
_SKDKOI =GZiI cROKI [FGYI ROI aKH\ZGOSKHI YOJI ZRSI KROKFI KJHKO `HKZZSGL^DKI ]jjOKSKI JRKI UHGLS
NEOI
?KRJKOI
?KS;SRVSKI
JKOI
_^DGHSKFI
JKF
MFKTTKODGYL?KHKY^DSYOVi BLRFIgKFJKOIJE^DIOR^DSIGOIGHHKIMKROC@ILGVSKI`GLJGOIYOJI\EVILKROIMKHKjEOIDKFGYLi fKFIXFZKORKFIg;DHSKIJRKI>YZZKFI>GLKKFLiIbOIJKFI_SRHHKIJKL [HYFLI DGHHSKI KROI L^DgG^DKLI d;YSKOI gRJKFiI ARSI KROKZ `ETjOR^=KOIjEFJKFSKI`GLJGOIUEHE=ROKIGYj@IRDZI\YIjEHVKOiI_RK
L^DHR^DKOI JYF^DI JRKI [ROLSKFORL@I YOSKFI \gKRI fG^DjKOLSKFO NEF?KRiI _RKI D]FSKOI JGLI VKJ;ZTjSKI UKF;YL^DI KROKL [KFOLKDKFLI YOJI KROKI _SRZZK@I JRKI ROI KROKFI GLRGSRL^DKO _TFG^DKISKHKjEORKFSKi HOJIOE^DIRZZKFIJGLId;YSKO@IJGLIRDOKOIJKOILKVIgRKLIiii >GLKKFIVROVIOR^DSIJFGOi _RKI JFGOVKOI gKRSKFI NEFiI fRKI ?H;YHR^DKOI dR^DSLSFKRjKOI JKF >G^DS@I JRKI JYF^DI JRKI =HKROKOI fG^DjKOLSKFI KROJFGOVKO@ VHR^DKOI dG^=LSFR^DKOI GYjI KROKZI JYO=HKOI UKZ;HJKi _^DHRKPHR^DI KFFKR^DSKOI LRKI JRKI MGLKKF@IZG^DIGYjiIGRKFIRLSI`GLJGOiC `KROKIDKG=SREOiIcLIH;YSKSKIgKRSKFDROi BAG^DIGYj@INKFJGZZS@IEJKFIR^DISFKSKIJRKIM
KgKRI aDRHRTTROKFROOKOI KFL^DRKOKOI ROI KROKFI MGLKKFLiI bOI LKROKZI `ETjI gRF=SKI JRKLKI _SRZZKI gRKI KRO _RVOGHi hDOKI LR^DI G?\YLSRZZKO@I \EVKOI JRKI ?KRJKOI A;OOKFI RDFK LGjjKOiI `GLJGOI LSKHHSKI LR^DI NEFI JRKI M
GYLVKLSFK^=SKOIGGOJiIUEHE=ROKIJRFK=SIDROSKFIRDZi fGLI cFLSK@I gGLI KFI LGD@I gGFKOI JRKI _^DFRjS\
cROIZEOLSF]LKFICHEgOi XHLIURKFSKLI?KZKF=SKIKFIJKOIJGLKKFLI `ETjI gGF HKR^DSI \YFI _KRSKI VKOKRVSiIcROI KFLSGFFSKLI GGH?TFEjRH@I JGLI JRK YODKRZHR^DKI `HGFDKRSI JKFI KF=GHSKSKOI GGYSI GYjgRKLiI fKF _SFR^DKFIgGFIGYjIJRKIVHKR^DKILKRLKIVKS]SKSIgEFJKOIgRKILKRO [FKRKFiI ARSI KROKZI LTRS\KOI UKVKOLSGOJ@I JKFI JGLI MFEZZKHjKHH JYF^D?EDFSKiI `GLJGOI ?KVFRjj@I JGLLI LRKI KLI ZRSI KROKZ _KFRKOZ]FJKFI QI `ROJI EJKFI OR^DSI QI \YI SYOI DGSSKO@I JKFI JRK >GZKOIGYjIKROKFIdRLSKIJYF^DLSFR^D@IJRKIOYFIKFI=GOOSKi BEKgKVKOI_RKILR^D@I`GLJGOiIAGOI=FRKVSIDRKFI=KROKIdYjS@IYOJ gRFILEHHSKOI?GHJINKFL^DgROJKOiC fKFI XFZKORKFI ?HR^=SKI ROI JRKI DYOJKiI UEHEI DGSSKI FK^DSiI fGL KRZZKFI gGFI D]^DLSKOLI j
CDRFYFVKODGOJL^DYDKI \YiI `GLJGOI LSFKRjSKI LRKI GLKKFLi cLIVKHGOVIRDZ@IJRKIHKR^DKOLSGFFKOI[ROVKFIGYj\Y?RKVKOi bZIbOOKFOIEHYSiIcROIEHYSVKFROOLKHi ARSI JKZI KKRVKjROVKFI ?KjKRO@I=KROIUKFROOLKH@IKROIhFVGOi `GLJGOI KFVFRjjI JGLI h?NK=SI YOJI ?KSFG^DSKSKI KLI ROI LKROKZ ?KDGOJL^DYDSKOIGGOJSKHHKFiIcLIgGFIJRKIG?VKSFKOOSKIKYOVK >GLKKFLiI`GLJGOI?HR^=SKIGYji fRKI EY^DLSG?KOI gGFKOI OR^DSI ZRSI KROKZI aROLKHI VKZGHS gEFJKO@ILEOJKFOIZRSIJKFIKYOVKi EOFWOPT^Pg]TbYQTEdC`Sg]CdZRTyOWWRTZCT\Y``T^OPQOSTyOPdOSR ZVQQTUPWZT^OPQOTGCQ_OTîCxOdQTïxOWTZOPQOT\OWOg]`P_OP`[
`XabMcdIJe A^fEOGHJWLIROIJKFIXNKOYKIJKILGVFGZ@IJei]]IHDFi cRORVKI_^DFRSSKINEOIJKFIaHG^KIJKIHWcSERHKIKOSjKFOSi UEHE=ROKIZG^DSKILR^DIYVVKSLI LEgRKI KROI A^_YOJGKI ZRSI `GFGZKHHLGY^KI YOJI KRO GGYjKOI `KS^DYTQI YOJI AGOEOOGRLKQEKYSKH^DKOiI bOI JKFI ARSSK SDFEOSKI KROI VFEPKFI EK^DKFI CEHGI HRVDSiI fKFI DYLLKI TGSL^DSK GYjIJKZIMG?HKSSIDKFYZIgRKIKROI[KF=KHIROILKROKZI[YSSKFSFEVi _TFG^DHELI ?KSFG^DSKSKI `GLJGOI JGLI MG?HKSSiI cFI DGSSKI OYF KROKOI `GjjKKI VKOEZZKOiI fKFI XFZKORKFI DGSSKI KROI JR^=KL [KHH@I G?KFI KLI gGFI RDZI ORKI VKHYOVKO@I LR^DI ?KRZI XO?HR^=I NEO dKR^DKOI KROKLI HO?KDGVKOLI \YI KFgKDFKO@I KROKFI [
fKFIDYLLKIjROVILKROKOIEHR^=IGYji BLRKLEI LROJI _RKI KRVKOSHR^DI LEI KROI AYL=KHTG=KS@I gKOOI _RK OR^DSLIKLLKOMC `GLJGOIRVOEFRKFSKIJRKIEKZKF=YOVIYOJILGVSKF Bb^DI DG?KI VKOYVI KKRSI ZRSI JRFI NKFHEFKOiI fKROKI _^DR^DSI RLS ?KKOJKSiI LRFI DG?KOI OR^DSLI VKjYOJKO@I YOJI JKFI AEFJI GO >GLKKFI?KgKRLS@IJGLLIGOIJKROKOIGRFOVKLTROLSKOIOR^DSLIJFGO RLSiC BLRKLEMC BfKROKI GOTESDKLK@I JGLLI JKFI AEFJI NEOI KROKZI `ROJ ?KVGOVKOI gYFJK@I KFL^DRKOI ZRFI G?LYFJ@I G?KFI R^DI =EOOSKI ZRF VKFGJKI OE^DI KROKOI ZRLL?FGY^DSKO@I NEHH=EZZKOI DGHSHELKO PYOVKOI NEFLSKHHKO@I JKFI LKROKOI UKFVKgGHSRVKFI YZVK?FG^DS DGSiI fG?KRI ZYLLSKI ZGOI GHHKFJROVLI L^DEOI GYL?HKOJKO@I gRK JKFIAEFJI?KVGOVKOIgEFJKOIgGFiIARSIKROKFIAKSDEJK@IJRKIjG^DI JRKLKZI \gKRSKOI AEFJ LSKDSIjKLS@IJGLLIKLIKROKIjGHL^DKI_TYFIgGFiC
BLKRHI JKFI PYOVKI KROKOI UKFVKgGHSRVKFI YZ?FROVKOI =]OOSK@ OR^DSIG?KFI\gKRMC Bb^DI =GOOI ZRFI =KROKOI PYOVKOI NEFLSKHHKO@I JKFI GYjI KRVKOK [GYLSI cFZRSSHYOVKOI GOLSKHHS@I JKOI dRK?DG?KFI NEOI U]S\ GYjLT
BfYI ZG^DLSI KROKOI [KDHKFiI LRFI DG?KOI JRKI CDEF=OG?KOI KRO \gKRSKLI AGHI ?KjFGVSiI hDOKI cFVK?ORLiI fRKLKI PYOVKOI DG?KO OR^DSLIZRSIJKOIAEFJKOI\YISYOiC fKFI DYLLKI ]jjOKSKI JRKI _^DG^DSKHI ZRSI JKOI >YVVKSLI YOJI JGL f]L^DKOIZRSIJKFIEGF?K^YKQ_EPKF BfRKLKI PYOVLI NRKHHKR^DSiI X?KFI U]S\I HKRSKSKI OE^DI gKRSKFK CD]FKiC BXYPKFJKZI DG?KI R^DI JGLI UEFHK?KOI JKFI _;OVKF=OG?KOI JKL CDEFKLI NEOI >ESFKQfGZKQJYQDELGRFK@I JKZI JKFI =HKROK MGOVYOI URKLKHI GOVKD]FSK@I JYF^DHKY^DSKSiI `KROKFI NEOI RDOKO RLSI NEF?KLSFGjSI EJKFI TLO^DRGSFRL^DI GYjj;HHRVI VKgEFJKOiI LRF DG?KOI KLI ZRSI NEHH=EZZKOI OEFZGHKOI PYOVKOI ROI KROKF NEHH=EZZKOI OEFZGHKOI LKHSI \YI SYOiI AGOO@I gRFI ZK?KOFGYZI VKLKS\S@I OGDKI GOI KROKZI A
KROKLI [GLSjEEJQDKLSGYFGOSLiI fGLI KRO\RVKI hFRVROKHHKI gGFI JRK LKRDOG^DSLJK=EFGSREO@I
JRKI ZGSSI
jYO=KHSKI
YOJI
JKZ
GLKTSRL^DKOIhFSIKSgGLIMFELSHELKLINKFHRKDi BfKROKI VGO\KI MDKEFRKI LSKDSI YOJI j;HHSI ZRSI JKFI XOOGDZK@ JGLLI U]S\I T;JETDRHI gGFC@I jYDFI `GLJGOI jEFSiI Bb^DI DG?KI KROK VGO\KI>G^DSIJGZRSINKF?FG^DS@IROILTK\RKHHKOIfGSKO?GO=KOI\Y FK^DKF^DRKFKOiI _KROI >GZKI RLSI ORFVKOJgEI GYjVKSGY^DSiI LRF DG?KOI LKROKOI CEZTYSKFI GYjI JKOI `ETjI VKLSKHHS@I EDOKI JKO VKFROVLSKOI XODGHSLTYO=SI \YI jROJKOiI U]S\I gGFI DEZELKVYKHHi h=GOiI cFI DGSSKI KROKOI [FKYOJI YOJI \gKRjKHHELI ?R\GFFK >KRVYOVKOiIcRONKFLSGOJKOiIX?KFIJGLIRLSIGHHKLiIdKS\SHR^DI?RLS JYIJKFNKORVK@IJKFIUEFYFSKRHKIDGSiIAGOI=GOOIL^DgYHILKROIEJKF GYjI_AILSKDKO@IEDOKIKROI`ROJKFL^D;OJKFI\YILKROiC UEHE=ROKILSKHHSKILKROIA^_YOJGKIZRSI`GFGZKHHLGY^KINEFILR^DF Bb^DINKFSFGYKIZKROKZIbOLSRO=S@I`GLJGOiC `GLJGOI LSKHHSKI JRKI _^DG^DSKHOI YOJI JRKI
B_RKIGOL^DKROKOJIOR^DSRC@IZKROSKIUEHE=ROKIH;^DKHOJi fKFI XFZKORKFI ?HR^=SKI JKZI NYOVKOI aEHR\RLSKOI jKLSI ROI JRK XYVKOF BfGLI _^DHRZZLSKI RLS@I JGLLI R^DI JKOI AEFJI GOI >GLKKFI D;SSK NKFDROJKFOI =]OOKO@I gKOOI R^DI jF
BcLIRLSIKROIXYL\YVIGYLIJKZI XPSOWOWO[cTBfKZICDEFgKF=MC BfGLIXPSOWOWOTRLSI JRKI UKFSEOYOVI KROKLI aLGHZLI QI aLGHZI Te EJKFI T]@I NKI OG^DJKZ@I gKH^DKI K;DHYOVI ZGOI DKFGO\RKDS@I JRK DK?F;RL^DKIEJKFIJRKIF]ZRL^DKiIbOIJKFI^DFRLSHR^DKOIdRSYFVRKIRLS JRKLKLI UK?KSI KROI AYLLiI cLI gRFJI ZKRLSKOLI ROI JKF AEFVKOZKLLKI VKLTFE^DKOiI cLI RLSI JGLI _
BKKDOIPGDFKIHGOVKI=GSDEHRL^DKIbOSKFOGSKiILRFIDG?KOIJGLI?RL \YZIX?gRO=KOIVKTGY=SiC aH]S\HR^DI KFROOKFSKI LR^DI `GLJGOI GOI JRKI YOKF=H;FHR^DK UKgRLLDKRS@IJRKIRDOI\gKRIMGVKI\YNEFIGLKKFI \Y NKFVK?KOiIfKFIA]FJKFIRLSIKROIjFEZZKFIAKOL^DiIcFIVHGY?SIGO JRKI VKRLSHR^DKI `FGjSI JKFI LEFSKiI [RKJKFL^DFKR?KOI JRKLKF L]FSKFIRLSIgRKIJKFIEKVROOIJKFIUKFVK?YOVIiiiC
BLKLDGH?I VG?I KLI JEFS@I gEI U]S\I VKjYOJKOI gYFJK@I =KROK L^DFRjSHR^DKIEESL^DGjSMC BURKHHKR^DSI gYFJKI JKFI A]FJKFI VKLS]FSiI cFI DGSI OR^DSI JRKI KKRS VKDG?S@I JRKI XF?KRSI \YI cOJKI \YI jGLKKFI JGVKVKOI L^DEOiI fRKI G]HHKI j
B_RKI DG?KOI JGLI ?KRI _GROSQPKGOQEGTSRLSKI YOJI >ESFKQfGZKQ JYQDELGRFKI VKSGOiI LKOOI R^DI ZR^DI FR^DSRVI KFROOKFK@I ?HKR?KO GHLEI OE^DI _GROSQMDEZGLQJWXaYROI YOJI >ESFKQfGZKQJKQ dEFKSSKI R^DSLI RLSI LEI KFVRK?RVI gRKI KROKI VFKROiI b^DI g
BbZI[G^DI`FRZROGHRLSR=iI`ROJKF@IJRKIVKZEFJKSIDG?KOiI_Y^DKO _RKI RZI bOSKFOKSiI _RKI gKFJKOI LKDKO@I JGLLI KLI VGFI OR^DSI LE LKHSKOINEF=EZZSiIb^DI?ROIJFKRPRVIPGDFKIGHS@IG?KFI_RKILROJIJKF UFG^DSIYOJIKROKOIgKRSKFKOIMGVi dGLLKOI_RKIZR^DIbDOKOI?KgKRLKO@IJGLLIR^DIFK^DSIDG?KiIfRK ?KRJKOI AEFJETjKFI DG?KOI VKL
bFVKOJNKZGOJI
AGHKLDKF?KLIGYjF;YZKOiC
ZYLLI
NGI
GZI
EEYHKNGFJ
`XabMcdIJJ UKFZRLLSKOJRKOLS@I
fK\KFOGSI
\YFI
EK=;ZTjYOVI
NEO
aKFLEOKOJKHR=SKOiIDYKI JYI CD;SKGYQJKLQDKOSRKFL@I e^i XFFEOJRLLKZKOSi bZI bOOKFOI JRKLKLI KRVKOGFSRVKOI UK?;YJKL@I JGLI JRKI [EFZ KROKLI GGH?=FKRLKLI DGSSK@I ?KgKVSKI LR^DI UEHEI gRKI KRO KROLGZKFI P;VKFiI cFI HRKPI LKROKOI EHR^=I
MKRHI LKROKLI UKDRFOLI =EO\KOSFRKFSKI LR^DI GYjI JRKI XF?KRS@ g;DFKOJIJKFIGOJKFKIG?L^DgKRjSKi LKRSKFKINRKFYOJ\gGO\RVI_SYOJKOIEDOKIfETKiIPKJKFI_^DFRSS@ NKJKIAROYSKI?FG^DSKIRDOIKROI_S<^=IgKRSKFINEZIX?VFYOJIgKV QIJKZI=HGjjKOJKOIdE^DIRZIbOOKFOILKROKLI`]FTKFLi cFI FYJKFSKI YOJI FYJKFSKI ROI LKROKZI L^D;?RVKOI EEES@I YZI LR^D NEOI JKZI FRKLRVKOI LGLLKFjGHHI \YI KOSjKFOKO@I JKFI RDO YOGYjD]FHR^DIGO\EViIcROKIEFGOVKQL^DgGF\KI`YVKH@IJRKIRDOIRO LKROKFI ARSSKI NKFLKOVSKI YOJI RDZI YOG?H;LLRVI \YFRKjFIk[[[ ObOWiîCQPOlS TdPOTVTSO``PQl TSCQT[[[c L;DFKOJI
JKLI
MGVKLI
cOS\YVLKFL^DKROYOVKOI
DGSSKI
VKDG?SiI
KgKRI
KFI
\gKRZGH
NKFL^DRKJKOK
UKLR^DSKFI JKLI cOS\YVLiI fGLI KFLSKI AGH@I GYjI JKZI LKVI OG^D EGVOEHKS@IJYF^DHRKjI RDOI KROI jKYFRVKFI `FGZTjI NEZI _SKRP?KRO ?RLI \YZI >G^=KOiI cFI DGSSKI VKVHGY?S@I LKROKI ROOKFKOI hFVGOK gKFNKOiI cFI DGSSKI KROKOI _^DFKRI RZI DG^DKOI KFLSR^=SiI cFI DGSSK LKROI [KOLSKFI VK]jjOKS@I SRKjI KROVKGSZKSI YOJI JRKI _K=YOJKO
VK\;DHSi fKFI \gKRSKI XOjGHHI KFKRVOKSKI LR^DI GYjI JKFI D<^=jGDFSiI MESGHK XTGSDRKiI EHKRKFOKI >KFNKOiI cROKI cFLSGFFYOV@I GHLI E?I jFRL^DKF EKSEOI RZI bOOKFOI LKROKLI `]FTKFLI BGYLD;FSKSKCiI bOI JRKLKO XYVKO?HR^=KOI gGFI KLI RDZI YOZ]VHR^D@I JRKI GGOJI \YI DK?KOi PKVHR^DKFI UKJGO=KI GOI JRKI KY=YOjSI L^DRKOI G?LYFJiI cRL=GHSKF _^DgKRPI FGOOI NEOI LKROKOI _^DH;jKOiI cROI jGLKIHRKj@IE?gEDHIRDZIZKDFjG^DI
XYjZYOSKFOJKLiIfE^DINEFIGHHKZILTRKZGHLI KFL^DRKOI KFI TRK DRKHSI KFI LKROI LEFSiI cROI KEZ?RK@I JKZI ZGOI OR^DSI SFGYKO =EOOSKiI cROI `KFH@I JKFI OYFI KROKOI _S;OJKFI ?K=GZ@I gKOOI KF KROKOI fKGHKFI LGDiI bOI JRKLKFI GROLR^DSI YOSKFL^DRKJI KFI LR^DI RO OR^DSLI NEOI JKONKORVKO@I JRKI KFNGVSKiI X?L^DGYZ@UKF?FK^DKF@ NKF=EZZKOKI _Y?NK=SKI GHHKFI XFSiI AKOL^DKOI ZRSI KROKF JYO=HKO@I G?GFSRVKO@I =FRZROKHHKOI _KRSKiI cFI =EOOSKI RDFK DKG=SREOKOI YOJI UKJGO=KOI NEFDKFLKDKOI YOJI RDFKI dEVR= JYF^DL^DGYKOiI LKRHI KFI gRKI LRKI gGFiI fRKLKFI MGSLG^DK
NKFJGO=SKI KFI LKROKI ?KRLTRKHHELKI XYj=H;FYOVLaYESKiI cFI gGF KROI`FRZROKHHKFIYOSKFI`FRZROKHHKOiIcFIgYLLSK@IgRKILRKISR^=SKO@ YOJIJKLDGH?IVROVKOILRKIRDZIROLI>KS\i UEHEI LR^DSKSKI OE^DI RZZKFI JRKI `GFSKR=GFSKOI QI KROI MKRHI LKROKL EKgYLLSLKROLI FKVRLSFRKFSKI NKJKLI fGSYZ@I NKJKI XHSKFLGOVG?K@ NKJKIaKFLEOKO?KL^DFKR?YOViI UHKR^D\KRSRVI\EVKOILKROIdK?KO GHLI PYO=RKI YOJI LKROKI GH?SFGYZDGjSKOI cFROOKFYOVKOI NEF LKROKZIROOKFKOIXYVKINEF?KRi XZLSKFJGZIeZZTiIbOIKROKZI?KLKS\SKOIGGYLiIXHLIJRKIGOJKFKO [RVKFI?KZKF=SKO@IJGLLILR^DIKROKFINEOIRDOKOIKROKI\?KFJELRL NKFTGLLSI DGSSK@I DGSSKOI LRKI OYFI OE^DI KROKLI RZI _ROOFI JKO dKR^DOGZI KOSLEFVKOiI `KROKI dKR^DK@I =KROKI aFE?HKZKiI fE^D JGLIgGFIKROIYOGYLVKVEFKOKFIUKJGO=KiIcROKISOTRL^DKI[RVKFQ bJKKiI h?gEDHI KF@I UEHE@I OE^DI YOSKFI JKOI LRF=YOVKOI JKL GKFEROLI SGYZKHSK@I DGSSKI KFI LR^DI JG\YI ?KFKRSI KF=H;FSiI bZ E?KFLSKOI UKL^DELLI JKLI dGVKFDGYLKLI DGSSKI KFI KROK aHGLSR=THGOKI VKjYOJKOiI cFI DGSSKI JRKI dKR^DKI JGFRO KROVKgR^=KHSI YOJI LRKI JGOOI ROI JGLI L^DgGF\KI LGLLKFI JKL [HYLLKLI YOSKFI JKZI [YOJGZKOSI JKLI ?KLKS\SKOI GGYLKL VHKRSKOIHGLLKOi
PKJKI>G^DSILGDIKFIJRKLKOI?R\GFFKOI_GF=ETDGVINEFILR^D@IJKF ROI JKFI [ROLSKFORLI SFRK?iI cFI D]FSKI JGLI HKRLKI aH;SL^DKFOI JKL LGLLKFLI YOJI JGLI _^DgKRVKOI JKFI GOJKFKOI [FKG=L@I JRK \YLGDKO@I gRKI RDFI `YZTKHI ROI JKFI _SF]ZYOVI G?SFRK?iI fRKLKF KF?;FZHR^DKI dKR^DKO\YVI KFgGFSKSKI LRKI GHHKiI cROI GOEOOZKF@ JG^DFR^DS@I JRKI ZGOI LR^DI RZI _EY=I DROSKF NEFVKDGHSKOKFIGGOJIKF\;DHSK@INEOIGOJKFKOIPYO=RKLIKFjGDFKOi cLI gGFI KROI UKF<^DS@I ZKDFI OR^DSiI UEHEI LY^DSKI JGL `FGO=KODGYLI GYjI YOJI jGOJI JGLI A;J^DKOiI MFKTGORKFSiI fRK G;HjSKI RDFKLI _^D;JKHLI gGFI FGLRKFSiI XHLI KFI JGLI KRZZKF
?KSFKSKOI DGSSK@I DGSSKI LRKI RDOI OR^DSI KF=GOOSiI fGI gGFI KF TH]S\HR^DILR^DKFiIAGOIDGSSKIRDFINKOKIGRFOD;HjSKIKOSOEZZKO@IRO JKFI KFI FKTF;LKOSRKFSI gGFiI [ESGF\SI ZRS?FROVKOiI cFI gGFSKSI GYjI LRK@I ZRS j
fRKI [RVKFiI _RKI ?KZ
YO?KL^DgKFSKI
EK\RKDYOVKOI
\YI
GOJKFKO
AKOL^DKOiI _RKI NKFLY^DKOI RDFI UKVKO
JGNEOI
\YI
JGLLI
KL
UKZKROLGZ=KRSKOI \gRL^DKOI RDOKOI VR?SiI X?KFI OR^DSLI RLS gKRSKFI NEOI JKFI LGDFDKRSI KOSjKFOSiI cROI DGYL^DVRjSL<^DSRVKF DGSI =KROI K^DSKLI bOSKFKLLKI GOI GOJKFKOI AKOL^DKOiI _KROK [FGVKO@I LKROKI \?KFHKVYOVKOI VKDKOI ORKZGHLI
GYjI KROKZI `ORKI GYj@I g;DFKOJI RDZI GYjI VKLSEPKOKI UGHHKI gRK KROI_TFRS\KFI>GTGHZIJKOIGGHLINKF;S\SKi cFI H;^DKHSKiI cROI MESKO=ETjH;^DKHOiI >RKZGHLI gGSYF VKgKLKOIiiiIcVGHiIDYDK@IUKHGLLKODKRSI?KjGOJKOILR^DIGOIJKF >GJKHLTRS\KiI AG^DSKI ZGOI KLI JKOI fRG?KSR=KFOI \YZI UEFgYFj@ JGLLI LRKI LR^DI bOLYHROI LTFRS\SKOMI fKOI fKTFKLLRNKO@I JGLLI LRK XOSRJKTFKLLRNGIOGDZKOM _KROKIGGOJI=HGZZKFSKILR^DIGOIJRKIEjjKOKOI_^DY?HGJKOiIcL VKHGOVI RDZ@I GYj\YLSKDKOiI h?gEDHI KFI ROI LKROKZI XO\YV L^DHESSKFSK@I VG?I KFI LR^DI KROI UKFLTFK^DKOiI cFI g
JRKLKOI PYOVKOI VKjGLLSI D;SSKiI >R^DSI YZI RDOI \YI NKFDGjSKO@ LEOJKFOIYZIRDOI\YIWO``OQT[[[
`XabMcdIJ^ `ROJKF@IJRKIZEFJKOi UFGYLGZK@ITLO^DETGSDRL^DK@ITOFEZGORL^DKI`ROJKFi GGH?g<^DLRVK@I ?RLI GOI JRKI K;DOKI ?KgGjjOKSKI _KFRKOZ]FJKFi `GLJGOI LGPI ZRSSHKFgKRHKI LKRSI KS\D;YSK LKROKFIXYVKOiIJ]]YFIXO^EYFSKNRHHK@I_KROKQAGFRSRZKi aRKFFKI [EHHRES@I NRKF\KDOI PGDFK@I KFL^DRKPSI LKROKI AYSSKF@I LKROK _^DgKLSKF@ILKROKOI=HKROKOIEFYJKFIYOJIGOL^DHRKPKOJILKROKO UGSKF@I gE?KRI KF@I \gRL^DKOI NKJKZI AEFJ@I KROKI URJKE=GLLKSSK ZRSIJKZI[RHZID]WOT GOLRKDSi eZZZFIdRSSHKSEO@IH_QEYOJKLLSGGSICEHEFGJEi cFR^IGGFFRLIYOJIfOHGOI`HK?EHJINKFLKS\KOIdKDFKFIYOJI_^D
gGDHHELI ROI JRKI `HGLLKO\RZZKFI L^DRKPKOiI _RKI S]SKOI KROKO dKDFKFI YOJI \g]HjI _^DKgIiEF=i cFR^I _ZRSD@I JFKR\KDOI PGDFK@I KFL^DH;VSI YOJI KFJFELLKHSI JKO NRKFN;DFRVKOI fKFFR^=I DE?RKI ROI KROKZI ]jjKOSHR^DKOI aGF=i XOL^DHRKPKOJI j
eZSZFI`GHRjEFORKOi cFR=I YOJI dOHKI AKOKOJK\I KFZEFJKOI RDFKOI UGSKFI YOJI RDFK AYSSKFI ZRSI ZKDFKFKOI _^D
ZG^DKOi cFI jGOJI RZI bOSKFOKSI GYjI XODRK?I TLO^DRGSFRL^DKI EKFR^DSK@ TLO^DEHEVRL^DKI XOGHOLKOI YOJI UYSG^DSKOI QI JRKI ZKRLSKO JGNEOI GYjI cOVHRL^DI Q@I JKFKOI ?KVFRjjHR^DKI HOL^DGFjKI YOJ LRJKFLTF<^DHR^D=KRSI RDOI NKJE^DI KOSS;YL^DSKOiI cRORVK LTFG^DKOI NEOI VKOKSRL^DKFI UKFGOHGVYOVFI cLI VK?KI KROI UKO j
VG?I =KROI SOTRL^DKLI aFEjRHI jRKZGOJI DGSI RFVKOJKSgGLI VKLKDKOC@I ?KFR^DSKSKI UKFOEYVi BAKOJK\I ZG^DSI JRKI XYSETLRKiI HOJI R^DI gGFSKI GYjI JRKI KFLSKO cFVK?ORLLKI JKFI XOGHOLKOI JKLI cF=KOOYOVLJRKOLSKLiI X?KF gRKI KLI L^DKROS@I VR?SI KLI =KROKI _TYFKOiI fRKI _^DFRjS\
GOVK?FG^DS@I YOJI JGLI hFVGOI gYFJKI ZRSI GGOJL^DYDKO GOVKjGLLSiI XOLEOLSKOI =KROI GGGF@I =KROI ?RLL^DKOI _TKR^DKHi fKFI A]FJKFI RLSI KROI aFEjRiI HOJI RZZKFI JRKLKI ?R\GFFKI AKSDEJK JKLI fYF^DLSK^DKOLI JKFI MFEZZKHjKHHKiI LYLLSKOI _RK@I JGLL JRKI _Y^DKI OG^DI AKSGHHFKLSKOI RZI G]FEFVGOI NEOI U]S\I OR^DSL KFVK?KOIDGSMC `GLJGOI GOSgEFSKSKI OR^DSiI UKFOEYVI LTFG^DI gKRSKFiI fKFI AEFJ GOI >GLKKFI L^DRKOI RDZI \YVKLKS\SI \YI DG?KOiI PKS\SI gEHHSKI KF JRKIKYLGZZKOGF?KRSiI_RKIZYLLSKOIRDFKI`F;jSKIVKVKOIJRKLKO [KROJI?
gGFiI cFI gRKJKFDEHSKI OYFI JGL@I gGLI UEHE=ROKI \YI RDZI VKLGVS DGSSKiI X?KFI KFI HRKPI OR^DSLI
BGGSI LR^DI U]S\I ROI HKS\SKFI KKRSI OR^DSI ZRSI KROKZI DK^DSLGOgGHS ROIUKF?ROJYOVIVKLKS\SMCIBLRKLEILEHHSKIKFMC Bb^DI gKRPI OR^DSC@I GOSgEFSKSKI `GLJGOI GYLgKR^DKOJi BURKHHKR^DSIjYZZKFOiI X?KFI YOLI RLSI OR^DSL GYjVKjGHHKOiC UKFOEYVILTFG^DIOR^DSI
FGYL^DVRjSL<^DSRV@I
TKFNKFL@I
NEHH=EZZKO
G?VKLSYZTjS@I JRKI LR^DI gRKI KROKI `FK?LVKL^DgYHLSI KROiIUR?SIKLIgGLI>KYKLMC
BHOJIE?iIb^DI?ROIJG?KR@IZKROKOIEKFR^DSIGLKKFI \YI L^DFKR?KOI iiiI fYI NKFLSKDLS@I gGLI R^D LGVKOIgRHHIiiiCIBb^DINKFLSKDKiC Bb^DI DG?KI gKRSKFKI _^DYDG?JF<^=KI VKjYOJKOiI ARSI ?HEPKZ XYVKI gGFKOI LRKI OR^DSI LR^DS?GF@I G?KFI R^DI DG?KI EEJKOI YOJ L;OJKIZRSIdYZROEHI?KLTF
JFKRPRVIPGDFKIGHS@IG?KFI_RKILROJIJKFIUF
_^DYDKOiI LKOOI R^DI DRVDI g;FK@I gGSREOGHKI `FRZROEHEVRL^DKI [EFL^DYOVLROLSRSYS JKFI UKOJGFZKFRKI ROI DELOOQLEYLQEERLI VKL^DR^=SiI _RKI DG?KO UKF\KR^DORLLKI jKRO@IJKOOIJGLIAYLSKFIRLSIOR^DSIVKOGYIJGLIVHKR^DKi C BARLSiIb^DINKFjEHVKIGHLEILKRSI\gKRIMGVKOIKROKIjGHL^DKI_TYFMC BhjjR\RKHHI NKFjEHVLSI JYI VGFI OR^DSL@I fEYJEY=iI cLI RLSI L^DEO LKDFIOKSSINEOIZRF@IJGLLIR^DIJR^DIKRO@IgRFIDG?KOIG?KFZGHLIGEH\LTHRSSKFIKOSJK^=SiC `GLJGOI DGSSKI JRKI _THRSSKF@I JRKI GYjI JKFI cZTEFKI JKF
`GSDKJFGHKIVKjYOJKOIgEFJKOIgGFKO@IN]HHRVINKFVKLLKOi BGGOJKHSIKLILR^DIYZIJGLLKH?KIGEH\IgRKI?KRZIHKS\SKOIAGHMC BcLI RLSI \YI jFR^DSLI\YIJGO=KO@IGHSKFIPYOVKiC fKFI XFZKORKFI VHGY?SKI JRKI LRF=YOVI JKFI lGOGVI \YI LT
cROIGOJKFKLIUKF;YL^DIDGHHSKIgRJKFi
`XabMcdIJY cROIjKFOKL@IL^DgG^DKL@IZEOSEOKLIUKF;YL^Di `GZI KLI NEOI KROKZI `
JKZI G;DKFSKI LR^DI JKFI cROVGOVLSE^D ?KDYSLGZKFI JFKDSKI KFI GOI JKFI _SKHHL^DFGY?KI JKFI E?KFKO UKFFRKVKHYOViI cFI ]jjOKSKI JRKI MG^D?GF@I JKF
VKFGJKIOG^DIGGYLKI=GZIiiiIcROI_^DH
cOJKIJKLI[HYFLi cROI_^DFRSS@I\gKRI_^DFRSSK@IYOJIOE^DIRZZKFI=KROI_^DGHSKFi XJFKOGHROLS]PKIROILKROKZI`]FTKFi `GLJGOIDGSSKIJGLIUKj
fRKI _SRZZK@I JRKI RDZI VKFGJKI VKGOSgEFSKSI DGSSK@I gGFI JRK _SRZZKIKROKLI`ROJKLi
`XabMcdIJT fGLI d;YSKOI JKLI MKHKjEOLI HRKPI RDOI GYLI JKZI _^DHGj GYjjGDFKOiI_KROIGKF\I=HETjSKiI_KROIUKLR^DSIVHKRO@I KLI gGFI OR^DSI JGLI MKHKjEOI iiiI cLI gGFI GOI JKF LEDOYOVLSG^D?GFOI H;YSKSKI ?KRI RDZI GHLEI ORKZGOJI JRFK=SI GOI JKF LEDOYOVLS
JRKLKOIJ
BHOJIgRKIDGLSIJYIJRKI_TFK^DGOHGVKIGYLVKSFR^=LSMC BXYjIJRKIVHKR^DKILKRLKiC B`EZZIFKROIYOJIZG^DIJRKIMR^DSIL^DHK^DSI?KRIbDOKOiILRKIGYjIKROKZIdGLS=GDOiCIB[KDHS OYFIJKFI[HYLLiI`GjjKKMCIBPG@IJGO=KiIUYSIVKL^DHGjKOMC _^DgKRVKOJI VFRjjI `GLJGOI OG^DI KROKZI [RHSKF@I JKOI KFI ZRS ?FGYOKZI aYHNKFI j
JRKI
ZEFJKOiI
b^DI
DG?I
ZRFI
ZRSI
JRKLKO
_^DKYPHR^D=KRSKOI KROKOI MKRHI JKFI >G^DSI YZI JRKI hDFKO VKL^DHGVKOiCIBcF?GYHR^D@IOR^DSIgGDFMC `GLJGOI gGFjI UEHE=ROKI KROKOI EHR^=I \YiI XOI JKOI M
?FGY^DSKI=KROKIOKYKOIXH?SF;YZKIQIKFIDGSSKILKROKIKRVKOKOi fRKLZGHI gGFI KFI KROKFI _SFGjKVTKJRSREOI RZI GjFR=GORL^DKO EYL^DI GYjI JKOI [KFLKOiI _=FYTKHHELKI _EHJGSKO@I JKOKOI JRK ZRHRS;FRL^DKIKY^DSIYOJIhFJOYOVIN]HHRVIG?DGOJKOIVK=EZZKO gGFiI LKRPKI ARLS=KFHK@I JRKI THG^DI KRORVKO _K=YOJKOI ?KVGOOI LRKI \YI =OGSSKFO@I YOJI KROI J
BLEMC BbZI XF^DRNI JKFI fRKOLSLSKHHKI jYFI\YiIcLIJGYKFSIOE^D@I?RLIJKFI`GjjKKIJYF^DVKHGYjKOIRLSiC BfGO=KiCIU E H EI\EVI KROKI JR^=KI X=SKOZGTTKI GYLI LKROKF HZD;OVKSGL^DKiI BGRKFiI fRKI XYL?KYSKI JKFI NKFVGOVKOKO >G^DSiI b^DI DG?KI JRKI fE=YZKOSKI ZRSI ZKROKFI fRVRSGH=GZKFG GYjVKOEZZKOIYOJIDKYSKIAEFVKOIGHHKLIROIKROKZICETOQ_DET GYLVKJFY^=SiC BLGLI DGLSI JYI VKjYOJKOMC@I jFGVSKI `GLJGO@I g;DFKOJI KFI JRK CFERLLGOSLIROIKROKIaEF\KHHGOL^DGHKIHKVSKi
BcROKOI gKRSKFKOI UKFZRLLSKOiI LRKJKFI KROI _;OVKF=OG?KiI bZ PGDFI J]]TiI UKD]FSKI JKZI CDEFI NEOI _GROSQMDEZGLQJWI XaYRO GO@IJKFIK?KOjGHHLINEZILKHRVKOILRHDKHZIU]S\IVKHKRSKSIgYFJKi C BDKJI=KROKOI_SYLLRC BLRFI DG?KOI ARLSI VK?GYSiI LRFI D;SSKOI JGLI GHHKLI \YKFLS
fKFI XFZKORKFI HKVSKI UEHEI JGF@I gGLI KFI ROI JKFI >G^DSI KFjGDFKO DGSSKiI fRKI _^DYDG?JF<^=KI ?KgRKLKO@I JGLLI KLI OR^DSI KROKO A]FJKF@ILEOJKFOIZKDFKFKIVG?iIAKDFKFKIPYOVKOi fKOIDYLLKOIL^DRKOIJGLIOR^DSI\YIG^DS
KF\;DHKOiIöOWT PS`T ZVRT bOWZV^^`ðT GGSSKIKFIVKSF;YZSMIGGSSK LR^DIGZIcOJKIJKLI[HYFLISGSL;^DHR^DIKROIPYOVKINKFLSK^=S@IJKF ZRSIKROKZID]H\KFOKOI_SE^=IGYjIJKOIEEJKOIVK=HETjSIDGSSKM fRKI XOVG?KOI KYKLiIfGI JRKI cFZRSSHYOVKOI JKFI `EHHKVKO NEZI eYiI XFFEOJRLLKZKOSI KFVK?ORLHELI NKFHGYjKOI gGFKO@ DGSSKOI LRKI JRKI X=SKI GOI JRKI fRKOLSLSKHHKI j
JGLI
fK\KFOGSI
\YFI
EK=;ZTjYOVI
NEO
aKFLEOKOJKHR=SKO@I KROKI fRKOLSLSKHHK@I JRKI GYLL^DHRKPHR^DI j
DKVREOImH KQJKQ[FGO^KI \YLS;OJRVI gGF@I YOVKj;DF
JFKRSGYLKOJIUKFZRLLSKOGO\KRVKO@IVGO\IG?VKLKDKOINEOIJKO \gKRDYOJKFSj
fRKI HZLS;OJK@I YOSKFI JKOKOI JKFI \gKRSKI PYOVK@I JKF \g]HjN;DFRVKI GYVEI AEOKLSRKFI GYLI JKZI TiIXFFEOJRLLKZKOS@ NKFL^DgYOJKOIgGF@IVHR^DKOIJKOKOIRZI[GHHIMGOVYOiIcFIDGSSK LR^DI GYjI JKZI LKVI \YFI _^DYHKI VKgRLLKFZGPKOI ROI dYjS GYjVKH]LSiI fGI KFI TKFL]OHR^DKI _G^DKOI ZRSVKOEZZKOI DGSSK@ HGVI JRKI UKFZYSYOVI OGDK@I JGLLI KFI K?KOjGHHLI NEOI JGDKRZ gKVVKHGYjKOIgGFiIfRKIZKDFg]^DRVKOIcFZRSSHYOVKOINKFHRKjKO RZI _GOJiI fRKI aEHR\RLSKOI DGSSKOI JRKI ?KRJKOI [;HHKI NKFVHR^DKO YOJI JRKI aGFGHHKHKOI FKVRLSFRKFSFI \gKRI _;OVKF=OG?KO@I \gKR _ETFGOK@I \gKRI CD]FK@I JRKI NEOI LRHDKHZI U]S\I VKHKRSKS gYFJKOiIfKFICDRHKOKIgGFINKFOEZZKOIgEFJKO@IJE^DI?KRIJKF EKjFGVYOVI DGSSKOI LR^DI =KROKFHKRI UKFJG^DSLZEZKOSKI VKVKO RDOIKFVK?KOi fKFIXFZKORKFIHRKPIJRKIEH;SSKFIjGHHKOIYOJISFGO=IKROKOI_^DHY^= `GjjKKiI HOgRHH=YZZKFIJKFIajGFFKRIQIJGLILGLLKFIROIJKFIfYL^DK FGYL^DSKIOE^DIRZZKFi
EKRZINRKFSKOId;YSKOIgYFJKIG?VKOEZZKOiI`GLJGOINKFHGOVSK JKOIaGSKFi BXZI
XTTGFGSC@I
KFgRJKFSKI
KROKI
EGFRSEOLSRZZKI
ZRS
>G^DJFY^=i `GLJGOI LSKHHSKI LR^DI NEFI YOJI =GZI GYjI JKOI [GHHI GYVE AEOKLSRKFI\YILTFK^DKOi Bb^DIDG?KIJGZGHLIL^DEOIGHHKLIVKLGVSiC BXYjVFYOJIOKYKFIcF=KOOSORLLKIgRFJIJKFI[GHHIOKYIGYjVKFEHHSiC BLGLIj
DGSIZRFIKROKI>G^DFR^DSIDROSKFHGLLKOiILRKIL^DFK^=HR^DiC _GF=RLI DGSSKI ROI JKFI MGSI L;ZSHR^DKI ajGFFKRKOI NKFLS;OJRVSiI fKF aFRKLSKFI LTFG^DI ROI KROKZI KFOLSKO@I HGOVLGZKOI MEOI ZRS =EFLRL^DKZIX=\KOSi `GLJGOIjYDFIjEFSF Bb^DI TF;\RLRKFKI ZKROKI [FGVKFI GGHSKOI _RKI KLI j
B`GZIKLI\YI=KROKFHKRI\?KFVFRjjKOIVKVKOKRO@I KFI NKFDRKHSI LR^DI N]HHRVI =EFFK=SiI HOJI KFI gGFI OR^DSI OYF KROI VFEPKFI AYLR=KF@I LEOJKFOI GY^DI KROI ?KVOGJKSKF a;JGVEVKiI LKOOI R^DI _RKI g;FK@I g
Bb^DI KFgGFSKI _RKI ROI JKFI _G=FRLSKRiI _RKI jROJKOI YOLI GOI JKF aHG^KI _GROSQMDEZGLQJWXaYROI ROI JKFI >;DKI JKLI EEYHKNGFJ _GROSQUKFZGROiC fKFIXFZKORKFIHKVSKIGYj@Ig;DFKOJIUEHE=ROKIVK=;ZZS@IFGLRKFS YOJILSFGDHKOJIgRKIKROIjFRL^DIVK?GJKSKLIEG?OIROIJKFIM
JKFI
fRKOLSLSKHHKI
j
UKFZRLLSKI
YOJI
?KRZ
PYVKOJL^DYS\JK\KFOGSiI HZI DKFGYL\YjROJKO@I E?I OR^DSI OE^D gKRSKFKI_;OVKF=OG?KOINKFL^DgYOJKOILROJiC
BEKRICD]FKO@IJRKIOR^DSINEOIU]S\IVKHKRSKSIgYFJKOMC B>YFILEIKROKIbJKKiILRFI=EO\KOSFRKFKOIYOLIGYjIJKOICDRHKOKOi X?KFI JRKI GOJKFKI UKZKROLGZ=KRSI JRKLKFI PYOVKOI ?KLSKDS JGFRO@I JGLLI LRKI FKROK@I =HGFK@I YOL^DYHJRVKI _SRZZKOI DG?KOi b^DI gKRP@I gENEOI R^DI LTFK^DK@I JKOOI R^DI DG?KI LKH?LS VKLYOVKOiI fGLI RLSI KROKI UG?K@I JRKI ZGOI GHLI `ROJI OR^DSI \Y g
DGSSKiI
cFI
NKFL^DKY^DSKI
cZTjROJYOVIYOJILGVSKIZRSIjKLSKFI_SRZZKF
JRKLKI
RFFGSREOGHK
Bh=GO@ISKRHKOIgRFIYOLIJRKIXF?KRSiIb^DIjGDFKI\YFIajGFFKRI_GROSQ MDEZGLQJWXaYROIYOJILTFK^DKIZRSIJKZIajGFFKFiIb^DIDG?KIJKO cROJFY^=@IJGLLIKFIZRFIKSgGLI\YILGVKOIDGSiC UEHE=ROKIOGDZIKROI\gKRSKLICFERLLGOSF Bb^DI L^DGYKI ZR^DI ZGHI ROI >ESFKQfGZKQJKQdEFKSSKI RZI Zi XFFEOJRLLKZKOSIYZiIEKNEFIR^DIDKYSKIAEFVKOIDKFVK=EZZKO ?RO@I DG?KI R^DI ZRFI JRKI dRLSKOI JKFI _;OVKFI GHHKFI NRKFI CD]FK ?KL^DGjjSiI XOL^DHRKPKOJI DG?KI R^DI JRKI X=SKOI NEZ PYVKOJL^DYS\JK\KFOGSI ESFKQfGZKQ JYQDELGRFKIDG?KIR^DIJGLI?KFKRSLIGZKOI VKLSEPKOiI _OHNGROI [FGO^ERL@I \g]HjI PGDFKiI cROI `ROJ@ JGLINEZIPYVKOJQIYOJI_E\RGHGZSI?KSFKYSIgRFJiIcFIgYFJKIGYL ARHJS;SRV=KRSI YOJI gKVKOI LKROKFI DKFNEFFGVKOJKOI _SRZZKI RO JKOI CDEFI NEOI >ESFKQfGZKQJKQdEFKSSKI GYjVKOEZZKOiI _RK
DG?KOI JGLI VFEPKI dELI VK\EVKOiI fKFI PYOVKI L^DKROSI KRO K^DSKLI [F<^DS^DKOI \YI LKROFI fRK?LSGDH@I GGOJVFKRjHR^D=KRSKO@ XYLFKRPKOiIGKYSKIAEFVKOITFE?KOILRKIROINEHHKFIEKLKS\YOVIj
`XabMcdIJI fRKI `RF^DKI _GROSQMDEZGLQJWXaYROI gGFI FRKLRVI YOJI TFYO=NEHH GYLVKLSGHSKSiI
cROI
SOTRL^DKLI
EGYgKF=I
JKLI
KgKRSKO
`GRLKFFKR^DLiI HOSKFI RDFKOI DKHHKOI UKg]H?KOI DROVKOI JYO=HK YOJI VEHJ?FGYOKI UKZ;HJKI gRKI ROI KROKZI AYLKYZiI fRK cFDG?KODKRSI YOJI JRKI RZTKFRGHKI UF]PKI TF;VSKOI DRKFI JRK HRSYFVRL^DKIXSZELTD;FKi `GLJGOI
VROVI
JYF^DI
JGLI
ARSSKHL^DRjjI
OG^DI
NEFOi
UKFROVL^D;S\RVI ?KSFG^DSKSKI KFI JRKLKIGHH\YI
XYLLSGSSYOViI
cROI
XFZKORKFI
gGFI
=GFVK@
L^DZY^=HELKI `RF^DKOI VKgEDOS@I ROI JKOKOI JRKI ?RHJHR^DK fGFLSKHHYOVIUESSKLINKF?ESKOIRLSiIEKRIJKOI`GSDEHR=KOIj;DKI JKLI XHSGFLiI fKFI KROKI gGFI =HKROI YOJ DGSSKIKROKOIVFGYKOILYL^DKH=ETjiIfKFIGOJKFKIgGFI=F;jSRVIYOJ =GDH=]TjRViI LKOOI ZGOI LRKI LGD@I DGSSKI ZGOI JGLI UKjENKHHKOLGZZHYOV EWPOFOTVCST^OPQOWTXï]dOT KOSLTFYOVKOi BPG@IJGLI?ROIR^DiIdREOKHI`GLJGOiI_ROJI_RKIUGSKFIaGEHRORMC cFI DGSSKI JKOI =HKROKFKOI JKFI ?KRJKOI GOVKLTFE^DKO@I JE^D ?KRJKI A;OOKFI GOSgEFSKSKOI VHKR^D\KRSRVI ZRSI BPGCiI `GLJGOL UKFgYOJKFYOVIO]SRVSKIRDOKOIKROI_^DZYO\KHOIG?F
BLRFILROJIEF<JKFiCIBLRKI?RSSKMC _RKIVFROLSKOiIfGOOILGVSKIJKFI`HKROKFIBbOIJKFIL;=YHGFKOILKHS LROJI gRFI EF<JKFiCI fKFI \gKRSKI KFV;O\SKFI BbOI JKFI LKHSI UESSKL LROJIgRFIU;SKFiC EKRJKIHG^DSKOIL^DGHHKOJ@I\YjFRKJKOI
LSFGDHKOJKLI
UK?RLLiI
fKFI
UFEPKI
H;^DKHSKI
ZRS
VKL^DHELLKOKOI dRTTKOI YOJI \EVI KROKI DKRSKFKI ARKOKi HOVKG^DSKSI RDFKFI YOSKFL^DRKJHR^DKOI UF]PKI YOJI [FRLYF ;DOKHSKOI LR^DI JRKI ?KRJKOI EF<JKFiI fKFI VHKR^DKI EHRNKI MKROSi fRKI VHKR^DKI >GLKI ROI [EFZI KROKLI MY=GOL^DOG?KHLiI fKF VHKR^DKI =EFLRL^DKI X=\KOSiI fGVKVKOI ?KgKVSKOI LRKI LR^D YOSKFL^DRKJHR^DI L^DOKHHiI fKFI `HKROKFKI DGSSKI JRKI MF;VDKRS KROKLI dKR^DKO\YVLiI fGLI UF]PKFKI gGFI GVRHI gRKI KROI M;O\KFi _KROI =GDHKFI `ETjI KFROOKFSKI GOI KROKI _SFYZTjZGL=KiI `GLJGO JG^DSKIGOIJKOI?KF
B`EZZKOI_RKIZRSC@ILGVSKIUFGYDGGFi BbOI YOLKFKZI UKZKROJKLGGHI RLSI KLI ?KaYKZKFC@I j
NKFHRKPKOI
JRKI
`RF^DKI
YOJI
JKO
ZKOL^DKOHKKFKOI aHGS\@I JKFI LR^DI GZI EEYHKNGFJI _GROSQ UKFZGROI KOSHGOV\RKDSiI fKFI =HKROKI aGEHRORI L^DHELLI KROKI M
KF=KOO?GFKLI AESRNI YOJI =KROKOI MGSNKFJ;^DSRVKOI VK?K@ =EO\KOSFRKFKI LR^DI JRKI aEHR\KRI GYjI JGLI hTjKFI YOJI LKRO aKFL]OHR^D=KRSLTFEjRHi BGG?KOI_RKILR^DIVYSIZRSILRHDKHZIU]S\INKFLSGOJKOMC BAKDFIGHLIVYSC@IGOSgEFSKSKIUFGYDGGFiIBXY^DIR^DI?ROIaRGORLSi LRFIDG?KOI\YLGZZKOIVKLTRKHSiC Bb^DI K?KOLEC@I jESR\?Y^DI DKFGYLI YOJ LKS\SKILKROKIEFRHHKIGYjF Bb^DI g
BhJKFIG?KFC@IZKROSKIJKFIUFEPK@IBKLIgGFIKROIKYjGHHiC BcROIKYjGHHMC BU]S\I gYFJKI NEOI KROKZI UKRLSKL=FGO=KOI YZVK?FG^DS@I JKF gGDHHELI\YL^DHYViCIBGGSSKIKFILR^DIbDFKFIAKROYOVIOG^DIOR^DSL NEF\YgKFjKOMI`]OOSKIKFI[KROJKIVKDG?SIDG?KOMC UFGYDGGFIKFgRJKFSKI?KJ;^DSRVF BU]S\I gGFI KROI GHSKFI AGOO@I JKFI VH<^=HR^DKI PGDFKI RZI fRKOLSK JKLI GKFFOI NKF?FG^DSI DGSiI HOGYjj;HHRV@I DKRSKF@I ZKOL^DHR^Di >G^DI LKROKOI L^DFK^=HR^DKOI cFjGDFYOVKOI ROI CDRHKI DGSSKI KF LKROKOIDYDKLSGOJIgEDHINKFJRKOSiC BLYLLSKOI_RK@IJGLLIKFIDEZELKVYKHHIgGFMC BPG@IgRFIDG?KOIKLINEOIXOjGOVIGOIVKgYLLSiC >YFI ROI JKFI `RF^DKI _GROSQPKGOQEGTSRLSKI DGSSKI ORKZGOJI KSgGL NEOIJKZIdK?KOLgGOJKHIJKLIhFVGORLSKOIVKGDOSi BLRKLEMC
BcROKI XDOYOViI [KROiC BLGLIDGSI_RKIJGOOI\YIJRKLKFIEKZKF=YOVINKFGOHGLLSMCIBcF gRF=SKI OKFN]L@I YOFYDRViI fGLI RLSI GHHKLiCI _GOSEI KFV;O\SKI RO HK?DGjSKZIMEOjGHHF BcROZGHI DGSI KFI YOLI VKjFGVS@I E?I LR^DI NKZGOJI ?KRI YOLI OG^D RDZIKF=YOJRVSIDG?KiCIBLKFMC BfGLIDGSIKFIOR^DSIVKLGVSiCIB[
fKFIXFZKORKFILT
fGLI GHHKLI DGSI OR^DSLI VK?FG^DSiCI BfKO=KOI _RKI OE^D ZGO^DZGHIJGFGOMCIBPG@INKJKOIMGViC BLRFI?KSKOIjKFNKOI \Y VKDKOiI `GLJGOI jYDFI jEFSFI Bb^DI DG?KI NEOI KROKZI gKRSKFKO PYOVKOI VKD]FS@I JKFI J]]YI LTYFHELI NKFL^DgYOJKOI RLSI YOJI RO KROKZICDEFILGOV@IJKFIK?KOjGHHLINEOIU]S\IVKHKRSKSIgYFJKiC BLRFI DG?KOI GY^DI JGNEOI VKD]FSiI LRFI gYFJKOI NEOI aEHR\RLSKO JG\YI NKFOEZZKOiI _RKI L^DRKOKOI LRHDKHZI \YI NKFJ;^DSRVKOi X?KFI gRLLKOI _RK@I gRKI NRKHKI AROJKFN;DFRVKI NKJKLI PGDF NKFL^DgROJKOMC B[GLSILK^DLDYOJKFSiIfGLIRLSIZKROI[G^DVK?RKSiC BfGOOI =]OOSKI KLI LR^DI JE^DI YZI KROI \Yj;HHRVKL KYLGZZKOSFKjjKOIDGOJKHO@IEJKFMC fGLI DRKFI gGFI FKROKI KKRSNKFL^DgKOJYOViI `GLJGOI JG^DSKI GO UEHE=ROK@I JKFI \YFI VHKR^DKOI KKRSI KROKOI LSFGjj;HHRVKO GKFGOgG^DLKOJKOI?KjFGVSK@IYZIDKFGYL\YjROJKO@IE?IKFIOR^DS
GYLIFKHRVR]LKOIUF
DG?KOIZKDFKFKI_KFRKOZ]FJKFIRZIUKj;OVORLI?KLY^DSI!!!" BUH<^=gYOL^DiI X?KFI DRKFI DG?KOI gRFI KLI ZRSI =KROKZ _KFRKOZ]FJKFI\YISYOiC B_ROJI _RKI LR^DKFMI UR?SI KLI HOSKFL^DRKJKI \gRL^DKOI JKO AEFJKOMC fKFI XFZKORKFI GOSgEFSKSKI OR^DSI VHKR^DiI fE^DI GYLI KROKZ bOLSRO=SIDKFGYLI?KLGOOIKFILR^DIGOJKFLIYOJISKRHSKIJKOI?KRJKO aFRKLSKFOI KRORVKI cRO\KHDKRSKOI ZRSiI cFI LTFG^DI NEOI JKO JYF^DLSE^DKOKOI
MFEZZKHjKHHKO@I
JKOI
HOSKFL^DRKJKO
\gRL^DKOI JKZI KFLSKOI YOJI JKZI \gKRSKOI AEFJ@I NEZ BSYOKLRL^DKOI d;^DKHOC@I NEOI JKFI G?VKL^DORSSKOKOI KYOVK YOJIGY^DINEOIJKZIKRSGSIGYLIJKZIXPSOWOWOT GZIMGSEFSi fGFGYjDROI H;^DKHSKOI RDOI JRKI ?KRJKOI EF<JKFI ROI JKFI VHKR^DKO LKRLKIGOi BLRFI DG?KOI KROKI MDKEFRKI YFI\YRC
B`KOOKOI_RKIJRKI ePVxOddPèzVWPV`PYQOQðcT B>KROiC BcROKLI
JKFI
L^D]OLSKOI
LKF=KI
EKKSDENKOLiI
_KRO
AKRLSKFgKF=iI cRORVKI ZKROKOI LEVGF@I KLI LKRIZ V STAKRLSKFgKF= JKFI `HGNRKFZYLR=I ESKOL^DFRjSI jKS\@I KROI _TRKHI NEOI c^DEL@I NEO
UKFgKRLKO@IJKZIKROKIVKDKRZKIhFJOYOVI\YVFYOJKIHRKVSIiiiC Bb^DILKDKIOE^DIRZZKFI=KROKOIKYLGZZKODGOViC UFGYDGGFIL^DZYO\KHSKF BAGOI=GOOIKROKIAEFJLKFRKIGHLIUGFRGSREOKOIYGO^KO@IJRKIHOSKFL^DRKJKI\gRL^DKOIJKO KRO\KHOKOI UKF?FK^DKOiI XHHZ;DHR^DI \KR^DOKSI LR^DI JGOOI JGL MDKZGI G?iCI fKFI XFZKORKFI LSGOJI GYjI YOJI ZKROSK LGF=GLSRL^DFI BUKF\KRDKOI _RK@I G?KFI _RKI
EKjYVORLLKiCIBGG?KOI_RKIEKFOGOELIVKHKLKOMCIBUEFIHGOVKF KKRSiC BfKO=KOI _RKI GOI JKOI HKS\SKOI _GS\I RZI jV_OxCg]T OPQOS )VQZnFVWWOWSçT_LGLIZG^DSIJGLIL^DEOMIXHHKLIRLSIUOGJKIiiIib QIXHHKLIRLSIUOGJK@I`EZZRLLGFiI_KH?LSI?KRIbDFKZIA]FJKFiIfKO MGSKOI HRKVSI RZZKFI KROKI aGFSRSYFI \YVFYOJKiI \?KFGHHI gRF=SI JKF LRHHKIUESSKLiI_RKIZ
`XabMcdIJ[ fRKLKI?KL^DKYKFSKOIgKRDOG^DSHR^DKOIdR^DSKF=KSSKOi _RKIDROVKOIGJKHOIROIJRKIXYVKOi UEHE=ROKI DROVI RZI MGVRI LKROKOI UKJGO=KOI OG^DiI fRK dGZTREOL@IJRKI_SKFOK@IJRKIVHRS\KFOJKOI`YVKHOIQIGHHIJRKLIVROV RDZI GYjI JRKI >KFNKO@I gRKI GHHKL@I gGLI ZRSI [KLSKOI RZ XHHVKZKROKOIROIKYLGZZKODGOVILSGOJIYOJIZRSI`ROJKFjKLSKO RZI EKLEOJKFKOiI UHKR^D\KRSRVI VG?I KLI KROKOI MKRHI ROI RDZ@I JKF LKRDOG^DSKOI OG^DI gRKI NEFI ZE^DSKiI cSgGLI ROI RDZI gGFI JG
OE^DIOR^DSIN]HHRVIG?VKLSYZTjSi fKFI LGVKOI YZFYOJKSKI JRKI hTKFGI UGFORKFI YOJI ZYLLSKI GO JKFI `FKY\YOVI \YZI EEYHKNGFJI GGYLLZGOOI LSKDKOI ?HKR?KOi fRKI UGHKFRKLI dGjGOKSSKI GZI J^iI fK\KZ?KF@I KROKZI _GZLSGVi LGLI JGLI UKF=KDFLGYj=EZZKOI ?KSFGj@I =EOOSKI KLI =GYZ L^DHRZZKFIgKFJKOi UEHE=ROKI ?KSFG^DSKSKI JRKI _^DGYjKOLSKFiI cROI FRKLRVKF@I JK?RH gRF=KOJKFIE;FIHGVIGYLVKLSFK^=SIJG@I
KROVKL^DHELLKOI
YOJI
VHR^DKO
GYjVKD;OVSKOI []SKOiI fG^D=EZZKOI GOI JKFI GGOJ DRKHSKO@I GHLI g;FKOI KLI RDFKI KRVKOKOI NKFHEFKOKOI MF;YZK@I YOJ JRKI GOVKLR^DSLI JRKLKFI Z;F^DKODGjSKOI _\KOKOI ROI cOS\<^=KO GYL?FG^DKOiI _^DGYjKOLSKF@I JRKI LRKI OYFI JGFGOI KFROOKFSKO@
JGLLI JRKI KKRSI NKFLSFR^D@I RDFKI `ROJDKRSI \YI cOJKI gGFI YOJI JKF [FRKJDEjI O;DKFI F<^=SKiI B`ROJKFI gG^DLKOI GYjI UF;?KFOC@ LGVSKIGKVKHi HOVKG^DSKSI LKROKLI KEFOLI YOJI LKROKFI UKFG^DSYOVI KZTjGOJ UEHE=ROKI GY^DI OE^DI JGLI GOJKFKI UKj;DK@IGYj IJKFIXOD]DK NEOI aRVGHHKI YOJI ROI JKFI DYKI EHGO^DK@I =GOOSKI KFI ZROJKLSKOL JFKRI fKGHKFiI cROI XOFYj@I KROI HZgKV@I EDOKI JGLLI NKZGOJ KSgGLI ZRS?K=GZ@I YOJI JKFI _^DFGY?LSE^=I JKFI XOVLSI gGLK@I ?KO;LLSKI LKROK
dRTTKOI ZRSI KROKZI LGH\RVKOI AKKFVKL^DZG^=iI cFI JG^DSKI GO LKROKI gG^=HRVKOI K;DOK@I GOI LKROKOI JFEVKONKFLKY^DSKO `]FTKFIRZIcOS\YVIQIYOJILKROKIMF;OKOIjH]LLKOIOE^DILS;F=KFi BUKDSWLIbDOKOIOR^DSIVYS@IAWLRKYFMC fKFIMGVRjGDFKFIZYLSKFSKIRDOIRZID<^=LTRKVKHi BUKDSI L^DEOiI bLSI gKVKOI LKRDOG^DSKOiI b^DI jROJWL YOKFSF;VHR^DiC BX^DILE@IZRFIVKDSWLIVKOGYLEiIARSIGHHIJKOIbJRESKO@IJRKIiiiC fKFI [GDFKFI L^DRZTjSKI ESFKQfGZKQJKQ dEFKSSKiI _^DHRKPHR^DI DRKHSI KFI ROI JKFI DYKI JKI CD;SKGYJYO@ YOgKRSIJKFIDYKI[HK^DRKFi
UEHEI \GDHSKI YOJI =HKSSKFSKI GYLI JKZI MGVR@I gE?KRI KFI LR^DI JRK XYVKOI SFE^=OKSKiI cFI LSRKVI JRKI _SYjKOI DROGYjI YOJI JF<^=SK VKVKOI JRKI fFKDS;DKIKROKI_SRZZKIKFDE?F
BLGLIDG?KOI_RK@IZKROI_EDOMIb^DI?ROIaGSKFIAR^DKHiC cROI aFRKLSKFI LSGOJI ZRSI DGH?I VKL^DHELLKOKOI XYVKOI NEFI RDZ@ gRKI KROKI `GS\K@I JRKI VHKR^DKI KROJ]LSiI fKFI aEHR\RLSI NKFLTGLKiIfRK UKF?H<jjYOVI JKLI aFRKLSKFLI gGFI gRKI EGHLGZI j
Bb^DIZYLLIRDOI?KjFGVKO@IJGLIRLSIGHHKLiC fKFI aFRKLSKFI KF?HGLLSKiI UEHE=ROKI HRKPI LR^DI \YI KROKF cFH;YSKFYOVI DKFG?FI BfGLI LROJI JRKI UEFL^DFRjSKOiI LRFI Z
JKFI
AEFJ=EZZRLLREO@I
LEOJKFOI
?KRZ
PYVKOJL^DYS\JK\KFOGSiI _RKI DG?KOI ZR^DI DKFVKL^DR^=S@I gKRH R^DI cFjGDFYOVI JGFROI DG?K@I NYOVKI EYFL^DKOI \YI NKFOKDZKO@ NEFI GHHKZI JRKI FKORSKOSKOiI UK?KOI _RKI ZRFI GHLEI KROI TGGF AROYSKOIZRSI_OHNGRO@IYOJIGHHKLIRLSIROIEYSSKFiC Bb^DI iiiI L^D]OiI _KDFI VYSiI X?KFI NEFVKLSKFOI gGFI L^DEOI KRO GOJKFKFIaEHR\RLSIDRKFIiiiC Bb^DIgKRPiIdREOKHI`GLJGO@IgRFIGF?KRSKOI\YLGZZKOiC
EKFYDRVSI gRKLI JKFI AGOOI ZRSI GYLVKLSFK^=SKZI XFZI GYjI JKO DROSKFKOI MKRHI JKFI `RF^DKiI bZI f;ZZKFHR^DSI VKgGDFSKI JKF DYLLKI KROKI _^DHGOVKI NEOI PYOVKO@I JRKI JRKI MFKTTKI NEOI JKF cZTEFKI DROYOSKFLSRKVKOiI XYjI XODRK?I KF=GOOSKI KFI _OHNGRO [FGO^ERLIQIEJKFIVHGY?SKIRDOI\YIKF=KOOKOi fKFI PYOVKI DGSSKI LKDFI =YF\I VKL^DORSSKOKLI FESKLI GGGFI YOJ gGFI KROKOI `ETjI VF]PKFI GHLI JRKI GOJKFKOiI cFI gRF=SKI ;HSKFI GHL LRK@I VKOGYKFI VKLGVSFI L^DOKHHKFI VKGHSKFSI GYjVFYOJI KROKL YOLSKSKOIdK?KOLgGOJKHLi B_OHNGROIRLSIJKFNKORVK@IJKFIiiiC B_^DEOI VYSC@I YOSKF?FG^DI UEHE@I BR^DI DG?KI RDOI KF=GOOSiI LE =]OOKOIgRFIYOVKLS]FSITHGYJKFOMC cRORVKI AROYSKOI LT;SKFI LGPI CKJFR^I UEHE=ROKI JKZI DESL^DETj ROI
KROKZI
=HKROKOI
E
VKVKO
JGLI
KROKF
MKHKVFGjRLSKO=G?ROKI \YI EKVROOI JKLI J]iI PGDFDYOJKFSLI VHR^Di cROKIOG^=SKIUH
XYVKO?HR^=I
fKFI PYOVKI SGSI KROKOI HGOVKOI KYVI GOI LKROKFI KRVGFKSSKi UEHE=ROKI ?KSFG^DSKSKI LKROKOI UKLTF;^DLTGFSOKFI VKOGYKFi _^DgGF\KIXYVKO@IJKFIgKRPKIMKROSIJKLIDESDGGFRVKO@I_TYFKO NEOI X=OK@I JRKI RDZI KSgGLI HOJYF^DLR^DSRVKLI VG?KOiI fKF E
GRFOGFKGHKI
GHHKOjGHHLI
VGO\I
NKF=
GYLVK?RHJKSI gGFKOiI URKHZKDFI D;SSKI JRKI `GFSEVFGTDRKI LKROKL UKDRFOLI gKRSVKDKOJI ZRSI JKFI JKLI LEHjLI
gYFJKiI MKLSLI LKROKLI UKFY^DLLROOLI D;SSKOI KFVK?KO@I JGLL LR^DI ROI LKROKFI GRFOFROJKI KROI LKDFI VFEPKLI XFKGHI j
B[
BfYIDGLSIOR^DSI\Yj;HHRVIgGLIDR^DSRVKLI\YIFGY^DKOMC UEHE=ROKI HKVSKI KROI ROI _RH?KFTGTRKFI VKgR^=KHSKLI \KDO KKOSRZKSKFI HGOVKLI _S;?^DKOI _DRSI GYjI JKOI MRL^DiI HOSKFI JKF OG^=SKOI UH
BfKOI
B`KROKIXDOYOViIcFILEWOI_SYLLIVKFKJKS@IR^DIL^Dg]FWLiIcFIDGS NEOIWOKZIAKOL^DKOjFKLLKFIVKjGLKHS@IJKFIYOLIYZZKFi BU]S\I DGSI gKRSKFI
gKRSKFVKZG^DSiI fGOOI DGSI U]S\I LKROKI GGOJI GYjI ZKROK _^DYHSKFI VKHKVS@I YOJI JGI DG?I R^DI VKgYLLS@I JGLLI R^DI FK^DS DG?iI fGLI ZRSI JKFI GGOJ@I JGLI gGFI j
JKZIDESL^DETjFIBXjVDGOKiIfGLIEKLSKIGYjIJKZIAGF=SiC fKFI PYOVKI LSFK^=SKI JRKI GGOJI GYLiI UEHEI L^DHELLI JRKI LKROK JGF
RDOKOI
JKROKOI
>GZKOI
YOJI
JKROK
aKFLEOKO?KL^DFKR?YOVI VK?KOiI _EHHSKI ZRFI RFVKOJKSgGLI \Y hDFKOI =EZZKO@I gKFJKI R^DI JRF I JRKI _^DOGY\KI TEHRKFKOiI X? DKYSKIDG?IR^DIKROIXYVKIGYjIJR^D@IZKROI[FKYOJiC _OHNGROI [FGO^ERLI ?HRO\KHSKiI [YF^DSI \KR^DOKSKI LR^DI ROI LKROKO XYVKOI G?iI UEHE=ROKI VFROLSKI RDOI GOiI cFI gYLLSK@I gRKLEI JKF PYOVKI XOVLSI DGSSKiI cFI DGSSKI ROI JKOI XYVKOI JKLI aEHR\RLSKO@ gRKI ROI KROKZI _TRKVKH@I JGLI c?KO?RHJI LKROKFI KRVKOKO BUKDRFOGF^DRSK=SYFCI GYjL^DKROKOI LKDKOiI HOVKg]DOHR^D VFEPKIXFKGHK@IJRKIGYLL^DHRKPHR^DIj
\RKHVKFR^DSKSK@I
DKFNEF?FG^DSKi
KjjR\RKOSK@I
YOKF?RSSHR^DKI
EFYSGHRS;S
fRKIUKDRFOGF^DRSK=SYFIKROKLILEHjL=ROJKLi
`XabMcdIJS `GLJGOI gGFSKSKI LKRSI KROKFI DGH?KOI _SYOJKI NEFI >ESFKQfGZKQ JKQdEFKSSKiI_KROILGVKOIgGFIROIJKFI=FKRLj]FZRVKOI_SFGPK@IJRK YZIJRKI`RF^DKIDKFYZjG^DFR^DSI GYjI JKFI AGRH?EVI JKLI DYLLKO DROSKFHGLLKOIYOJIRDZIZRSVKSKRHS@IJGLLIKFIRDOIG?DEHKOIgKFJKi `KROKI XOSgEFSiI cROKI \gKRSKI >G^DFR^DS@I YZI RDOI gRLLKOI \Y HGLLKO@IJGLLIKFINEFIJKFI`RF^DKIgGFiILRKJKFI=KROKIXOSgEFSi UKFGJKI gEHHSKI KFI KROI gKRSKFKLI AGHI GOFYjKO@I GHLI UEHE=ROK DKFGYLVKLSEHTKFSI =GZiI ARSI LKROKFI fFRHHR^DNG^=KI YOJI LKROKF HZD;OVKSGL^DKI VHR^DI KFI KROKZI UHE?GHRLRKFYOVLVKVOKF@I JRK MGL^DKI NEHHKFI [HYV?H;SSKF@I ?KFKRS@I LKROKI MFYTTKOI NEFI JKO `RF^DKOI\YILGZZKHOi fKFI NYOVKI QYKF=ETjI LTFGOVI JRKI _SYjKOI ROI VFEPKOI _;S\KO DROYOSKFiI XHLI KFI GYjI JKZI EKRjGDFKFLRS\I aHGS\I VKOEZZKO DGSSK@IFGYO\SKI`GLJGOIRDOIGOF BG]FLSIJYIORKIJKROKIAGRH?EVIG?MC
B_EFFO@I hTG@I VFEPKI EKLTFK^DYOViI GG?I LRKI VKFGJKI KFLS G?VKD]FSiCIBLGLI>KYKLMC BPG@IG?KFIOR^DSIJGL@IgGLIR^DIKFgGFSKSIDG?KiCIB>;ZHR^DMC B_OHNGROI [FGO^ERLI RLSI OR^DSI YOLKFI M;SKFiI XYPKFJKZI DGSI KF _^DYDVF]PKIY]IEJKFIYJiC BHOJIgKRSKFMC UEHE=ROKI VG?I RDZI KROKI KYLGZZKOjGLLYOViI fRKI XOVLSI NEO U]S\iIhdT =_WY[T fRKLKI bJKKI NEOI KROKZI HOVKDKYKF@I JGLI JRK `ROJKFI gKVKOI RDFKFI _SRZZKI KOSjR^DSLIGHLIARLS@IgRKMC UEHE=ROKI DEHSKI LKROI PEROSQ_KSI DKFGYLiI `GLJGOI ZYFFSKF B`GOOLSI JYI JR^DI OR^DSI KROI ?RLL^DKOI GZI DRKZKOI FKRPKOMC BfGLI TGLLSI VYS@I iiiI [GDFKOI _RKI L^DEOiI GRKFI gRZZKHSWLI NEO EYHHKOiCI`GLJGOIjYDFIGOiIXYSEjGDFKOIKOSLTGOOSKIRDO@IYOJIKF DGSSKI cOSLTGOOYOVI O]SRViI BHOJI _RKMC@I jFGVSKI UEHE=ROK@I JRK
XYVKOI GYjI JRKI EH;SS^DKOI VKLKO=SiI Bb^DI DG?KI JRKI gKHSgKRS gEDHI KRO\RVKOI ?KRJKOI `FRZROEHEVKOI =KOOKOVKHKFOS@I JRK \YVHKR^DIaFRKLSKFILROJiC BLGLIDGSWLIVK?FG^DSMC I"% BX?KOSKYKFHR^DK@IG?KFIGOLSK^=KOJKIMDKEFRKOiCIBLRKIKSgGM C `GLJGOIGOSgEFSKSKI OR^DSiI cFI jYDFI JRKI DYKI JKI CDn SKGYJYO ?RLI \YFI AKSFELSGSREOI CGJKSI DROGYj@I ?EVI OG^DI FK^DSLI ROI JRK DYKI_GYHORKFIKROiIcFIDGSSKIKROIKRKHiIAKDFKFKIGYOJKFSIAKSKF jYDFI KFI JRKI DYKI JKI aFENKO^KI ROI NKF=KDFSKFI DR^DSYOV@I GHL D;SSKI KFI KROI EHGYHR^DSI YOJI KROKOI V
fKFI DYLLKI OR^=SKI YOJI \
FRK^DKOJKOI
DGY^DLTRFGHKOI
?FKRSKSKOI
LR^DI
RZ
[GDFVGLSFGYZI GYLiI bOI LRF=HR^D=KRSI gGFI KLI KROKI TKFL]OHR^DK LGHHjGDFSI `GLJGOLiI cOJKI JKFI LK^D\RVKFI PGDFKI DGSSKI KFI LR^D ROI KROKI M;O\KFROI JKFI [EHRKLIE K FV c FKINKFHRK?SiI fRKLK cFROOKFYOVI DGSSKI RDOI ORKI HELVKHGLLKOiI fGLI LGFSKOI RO HORjEFZI ROI LKROKZI L^DgGF\QgKRPKOI aEHR\KRGYSEiI fRKI [FGY@ JRKI OG^DI JKFI UEFLSKHHYOVI GYjI JKOI EKRjGDFKFLRS\I LTFGOV@I JRK EF
fGLI
VGO\KI
LGVKOROOKFKI
gGFI
JR^DS
KROVKaYGHZSiI AGOI LGDI =GYZI j
B`KROI aFE?HKZC@I LGVSKI JKFI DYLLKI YOJI =GZI JKF XYjjEFJKFYOVIOG^DiIBLGLILROJIJGLINKS\SIj
LRKI KROKOI LEI =EZTHR\RKFSKOI AEJYLI hTKFGOJRI g;DHKOiI fRK UKFLSE^DI VKLSKFOI gEHHSKOI _RKI OR^DSLI JGNEOI gRLLKO@I JGLL `ROJKFIVKgGHSS;SRVILKROI=]OOKOiC BXOTGLLYOVLj;DRV=KRSiI fGL@I gEFGYjI KLI j
VKZG^DSiI fRKI UKF?FK^DKOI jEHVKOI KROKZI DRSYGHiI cROKZ DRSYGH@I JGLI LR^DI gKRSKFKOSgR^=KHSiI fGLI MFEZZKHjKHHI YOJI JRK _^DZKF\KOI jGLKKF@I ZRSI KRORVKO \YL;S\HR^DKOI UF;YKHOiI fGLI _SYOKLRL^DKI d;^DKHObiI fRK G?VKL^DORSSKOKI KYOVKiI fKFI ZRSI EHYSI VKL^DFRK?KOK _^DFRjS\YViI fKFI EJKFI JRKI A]FJKFI gEHHKOI YOLI KSgGLI LGVKOi bDFKIEESL^DGjSINKF;OJKFSILR^DiC UEHE=ROKILSRKPIKROKIHGOVKIDGY^DjGDOKIJYF^DLI[KOLSKFIOG^D JFGYPKOi B[GDFKOI_RKIjEFSiC BbOIKROKZIJKFINRKFICD]FK@IJRKIU]S\IHKRSKSK@IVR?SIKLI\gKRIEJKF JFKRI`ROJKF@IJRKIL^DKRO?GFIJKOIGOJKFKOIVHKR^DKO@ISGSL;^DHR^D G?KFI KKRS?EZ?KOI LROJiI cROI _RVOGHI H]LSI RDFKOI XOjGHHI NEO AEFJHYLSI GYLiI bFVKOJKSgGLI ?KRI U]S\I ZG^DSI JRKLKI `ROJKFI \Y A]FJKFOiI fRKLKLI _cSgGLbI RLSI LKDFI gR^DSRV@I JKOOI KLI \gROVS YOLIJG\Y@IU]S\IOE^DIKROZGHIVKOGYKFIYOSKFIJRK dYTKI \YI OKDZKO@I ?RLI gRFI ?KRI RDZI JGLI jROJKO@I gGLI JRKLKO AEFJRZTYHLI DKFNEFVKFYjKOI DGSiI bOI JKFI aKFL]OHR^D=KRS@I RZ EKFYj@IRZIUKFDGHSKOIJKLICDRHKOKOINKF?RFVSILR^DIKROIKKR^DKO@
KROI fKSGRH@I JGLI JKOI =FRZROKHHKOI MFRK?I JKFI `ROJKFI GYLVKH]LS DGSiILKOOIgRFIJRKLKLIKKR^DKOIVKjYOJKOIDG?KO@ILROJIgRFIJKO M;SKFOIVGO\IJR^DSIGYjIJKFI_TYFiCIBHOJI>GLKKFMC BURKHHKR^DSI SF;VSI KFI JGLI VHKR^DKI KKR^DKOiI hJKFI JKFI AGYFRSRKF gGFI GYLI RFVKOJKROKZI UFYOJ@I JKOI gRFI OE^DI OR^DSI =KOOKO@ MKRHI JKFI =FRZROKHHKOI UKFL^Dg]FYOViI hJKFI >GLKKFI gYFJK YZVK?FG^DS@I gKRHI KFI KSgGLI VKLKDKOI DGSSKiI X?KFI NKS\SI jEHVKO JRKIA]FJKFIRDFKZILKViIfRKI_G^DKIVKDSIgKRSKFiC B`]OOSKI JRKLKLI _RVOGHI KROI UKFVKDKO@I KROI L^DYHJDGjSKLI MYO LKROMI bOI JRKLKZI [GHHI gYFI JGLLI gRFI ROI \gKRI MGVKOI =KROKOI EKgKRLI j
BXHLI U]S\I VKS]SKSI gYFJK@I LTRKHSKI KFI VKFGJKI hFVKHiI URKHHKR^DS DGSIKROKI?KLSRZZSKIAKHEJRKIJRKI`ROJKFI\YFIMGSIVKJF;OVSiC B_ROJI_RKILR^DKF@IJGLLI_RKIOR^DSLIKROVKL^DZRLLKOIDG?KOMC `GLJGOIgGOJSKILR^DILKROKZIaGFSOKFI\YiIARSI>G^DJFY^=IjYDF KFIjEFSF BcLI RLSI NRKFI HDFI OG^DZRSSGVLiI fRKI `ROJKFI LTRKHKOI RZI GEj DROSKFI JKFI `GSDKJFGHKI _GROSQPKGOQEGTSRLSKiI aH]S\HR^DI DGHHKO JRKI hFVKH=H;OVKI HKRLKI gRJKFiI bOI JKZI d;FZI D]FKOI YOLKFK `ROJKFI JRKI AKHEJRKiI _RKI \RKDSI LRKI GO@I LGYVSI LRKI FKVKHFK^DS GOiI fRKI `ROJKFI NKFL^DgROJKOI ROI JKZI UKg]H?K@I JGLI ROL `RF^DKOROOKFKIj
B f G LIXP S O WO WOT NEOI UFKVEFREI XHHKVFRiCI BfGLI RLSI KRO UKLGOVLgKF=iC BAGOIZYLLIKLIGY^DIGYjIJKFIhFVKHILTRKHKOI=]OOKOiC BLKLDGH?I LEHHSKI U]S\I JGLI GYLVKFK^DOKSI GOI JRKLKZI MGV LTRKHKOMC Bb^DI gKRPI KLI OR^DSiI X?KFI R^DI ?ROI ZRFI LR^DKF@I JGLLI JGL XP SOWOWOTROI JRKLKZI [GHHI KROKI DEHHKI LTRKHSiI dGLLI ZR^D jEFSjGDFKOiIfRKIAKHEJRKIKF=HROVSiIfRKI?KF
fKFIDYLLKI\EVIgRKJKFIGOILKROKZIGGL^DRL^DS<S^DKOF BXHHKI X^DSYOVI iiiI _RKI LEHHSKOI =KROKI fFEVKOI GOFGLKKFI JGLI ROOKFLSKI LKLKOI JKFI A]FJKFiI fRK UKFLSG^DI JKFI MGSI j
BUKFOEYViILEILROJI_RKIVKFGJKMC BI[GY?EYFVIAEOSZGFSFKiC Bb^DI?ROIROIJKFI`RF^DKI _GROSQXYVYLSRO@IRZISiIXFFEOJRLLKZKOSi `EZZKOI_RKIDKF@IYOJI?KKRHKOI_RKILR^DiCIBLGFYZMC BLRFIDG?KOIOE^DIKROKOiCIBLGLI OE^DIKROKZMC B>E^DIKROKOIAEFJ@INKFJGZZSRIXHHKILROJIJGiC
`XabMcdIJZ >G^DJKZI LRKI RDFKI XYLgKRLKI NEFVK\KRVSI DGSSKO@I VROVKOI LRK JYF^DI JGLI `RF^DKOL^DRjjI OG^DI NEFOiI cROI VFEPKFI JYFI L^DgG^DKLI dR^DSI jRKHI JYF^DI JRKI `RF^DKOjKOLSKF@ NKFLY^DSKI LR^DI NKFVK?HR^DI ROI JKFI LSKROKFOKOI [ROLSKFORL GYL\Y?FKRSKOiI
fG\YI
OE^DI
JKFI
LKRDFGY^DJYjS@I
KRO
LSK^DKOJKF@I ?RSSKFKF@I G?gKRLKOJKFI UKFY^D@I JKFI JYF^DI JGL fYO=KHI =FE^DiI h?KFDGH?I JKFI LKRDgGLLKF?K^=KOI LTGOOSKO aEHR\RLSKOI ROI HORjEFZI KROI X?LTKFF?GOJiI fRKI ?KRJKOI aGFSOKF \<^=SKOIKROIgKRSKFKLIAGHIRDFKIXYLgKRLKIYOJIL^DFRSSKOIJYF^D
JKOIARSSKHVGOVi XHLI KDKZGHRVKFI BXYLDRHjLL;OVKF=OG?KCI =GOOSKI UEHE=ROK \GDHFKR^DKI `RF^DKOI ROI aGFRL@I G?KFI KFI gGFI OE^DI ORKI ROI _GROSQ XYVYLSROIVKgKLKOiIfRKI`RF^DKIgGFIFRKLRViI_^DEOINEOIGYPKO DGSSKOI RDOI JRKI `YTTKHI YOJI RDFKI `FKY\K@I JRKI RDFI KRO ?O\GOSRORL^DKLI XYLLKDKOI NKFHRKDKO@I ?KKROJFY^=SiI PKS\S KVGSRNKI _^DgROVYOVKO@I KROKI NKFD;OVORLNEHHK XYFGIKFj
cOJKI
JKLI
UGOVLI
LSKHHSKOI
JRKI
MOTKOI
NEZ
cF=KOOYOVLJRKOLSI RDFKI _^DKROgKFjKFI GYjiI XYLI JKFI [KFOK VHR^DI KLI KROKFI VKFGJK\YI jKLSHR^DKOI EKHKY^DSYOViI cRO YOVKg]DOHR^DI VHKRPKOJKLI dR^DS@I JGLI KSgGLI _KOLGSREOKHHKL NKFDRKP@I gRKI gKOOI ZGOI GHLI aGLLGOSI ?KRI fFKDGF?KRSKOI RO KROKFI_SFGPKINEF?KR=EZZSiIfE^DIUEHE=ROKIGDOSK@IJGLLIJEFS@ ROI JKFI >;DKI JKLI XHSGFL@I NKZGOJI HGV@I JKFI OR^DSI jKLSHR^D VKLSRZZSIgGFIiii fKFI UGOVI gRF=SKI KOJHELI HGOViI UEHE=ROKI ?HR^=SKI jH<^DSRVI YZ LR^DiI fRKI `RF^DKI L^DRKOI GYLI dGNGI EJKFI EFGYO=EDHKI KF?GYS
gEFJKOI \YI LKROiI XHLI LSGZZKI LRKI GYLI VFGYKFI UEF\KRSiI hJKF GYLI JKOI MRKjKOI JKFI _KKHKiI cOSLSGOJKOI GYLI KROKZI J
PGDFDYOJKFSLiIXY^DIJRKIdKY^DSKFIDGSSKOIKSgGLINEOIJKFIEKHHK cTEaYKiI `YVKHO@I JRKI ROI [EFZI NEOI MFGY?KOI GOVKEFJOKS gGFKOI YOJI GYjI KRLKFOKOI _;YHKOI FYDSKO@I gKH^DKI GO VGL?KSFRK?KOKI_SFGPKOHGSKFOKOIKFROOKFSKOi BUKFJGZZSKFIARLSiC cROI G
BLKOOIJGLIOE^DILEIKROKFINEOIbDFKOIMFR^=LIRLSiiiC Bb^DI?FGY^DKIRDOC@INKFLR^DKFSKI`GLJGOiIBUKFSFGYKOI_RKIZRFiC UEHE=ROKI gGFjI KROKOI EHR^=I ?RLI GOLI cOJKI JKLI UGOVLiI fRK `ELZEOGYSKOI JKLI cF=KOOYOVLJRKOLSKLI gGFKOI GYjI JKO XHSGFLSYjKOI \YVGOVKiI EHRS\HR^DSVKF;SKI =OGSSKFSKOiI fGF
>G^=SDKRSI gRF=SKI GOLS]PRV@I YOJI \YVHKR^DI DGSSKI JRKLKF L^DGZHELI KOS?H]PSKI `]FTKFI KSgGLI HOgRF=HR^DKLiI fGL [HKRL^DIL^DRKOILR^DIRZIdR^DSIGYj\YH]LKOiIUEHE=ROKIZYLLSKIGO KROKI _=YHTSYFI GYLI gKRPKZI AGFZEFI JKO=KO@I KSgGI JRKIlPO`8 NEOI AR^DKHGOVKHEiI cROKI _=YHTSYF@I JRKI ROI JRKLKFI `RF^DKI GYL JYO=HKZIEGLGHSIYOJIEHKRIgRKIKROI[FKZJ=]FTKFIgRF=SKi BLRLLKOI_RK@IgKFIJGLIRLSMC@IjFGVSKI`GLJGOi BcROKFI JKFI aFRKLSKFI JKFI ajGFFKRiI aGSKFI hHRNRKFiI _KROK `HKRJYOVI DG?KOI gRFI KROI _S<^=I KOSjKFOSI VKjYOJKOiI cFI gYFJK OG^DIcROSFRSSIJKLIMEJKLIKOS=HKRJKSIYOJINKFLS
BcFI ZYLLI RZI dGYjKI JKLI >G^DZRSSGVLI VKS]SKSI gEFJKOI LKROC@ KF=H;FSKI UKFOEYViI BcLI VR?SI =KROKI KKYVKOiI fGLI ZYLLI ZGO KFLSI ZGHI jKFSRV?FROVKOiI cROI LEH^DKLI EHYS?GJI ROI KROKFI `RF^DK@ YOJI ORKZGOJI DGSI KSgGLI VKLKDKOiI hjjKO?GFI H;LLSI LR^DI DRKF SGVLGLKKFiI DYOJ@I FKVKHZ;PRV@I OGRNiI fRKI _^DFRjSI KROKL
`ROJKLi BcLIRLSIKROKI_KFRKIiiiC@I?FYZZSKIUKFOEYVIOG^DIDROSKOiIBcROK NKFJGZZSKI_KFRKIiiiC `GLJGOIJFKDSKILR^DIYZIYOJIjFGVSKIRDOF BLRKIgKRSILROJI_RKMC B>R^DSLI>KYKLiIX?KFIKLI=EZZSIOE^DIL^DHRZZKFiC UEHE=ROKI =GZI O;DKFiI cFI gEHHSKI D]FKO@I gGLI BL^DHRZZKFC ?KJKYSKSKi Bb^DI DG?KI XOFYjKI KFDGHSKOC@I ZYFZKHSKI UKFOEYV@I BZGOI
cRONKFLS;OJORLLKLFIJRKIAR=FEjEOKi B_RKI gKFJKOI ZRFI JKOI [GHHI KOS\RKDKOC@I jYDFI UKFOEYVI ZRS =GHSKFI LYSI jEFSiI BHOJI NKFJGZZS@I R^DI gKRPI OR^DSI KROZGH@ gRKLEiI PKJKOjGHHLI HGVI R^DI NEOI XOjGOVI GOI FR^DSRVFI fGDROSKF NKF?RFVSILR^DIKSgGLIaEHRSRL^DKLiC BfGLILRKDSIZRFIKDKFIOG^DIDRSYGHZEFJKOIGYLC@IgGFjIUEHE=ROK KROi UKFOEYVIgGFjIRDZIKROKOIEHR^=I\YiIfGOOIjYDFIKFILR^DIZRSIJKF GGOJIJYF^DLIUKLR^DSIYOJIgGOJSKILR^DIGOI`GLJGOF BfGLI RLSI NGI JGLI UKFF<^=SKiI cROI _KFRKOZ]FJKF@I YOJI \YVHKR^D LSK^=SIgGLIaEHRSRL^DKLIJGDROSKFiIfGI?ROIR^DIZRFILR^DKFRC BLGLIgRLLSIRDFI
DKVKOZGOSKHI KROVKgR^=KHSI gGFiI HOSKFI LKROKZI XFZI SFYVI KF KROKI X=SKOZGTTKiI cROKI XFSI bOLTK=SEFI CEHYZ?E@I JKFI LR^DI RO JRKLKZI UKZKS\KHI VGO\I YOJI VGFI gEDHI \YI j
gGFI
GHLEI
MFEZZKHjKHHKMCIBPG@INKFZYSHR^DiC
JGLI
fYF^DLSK^DKOI
JKF
fKFI XF\SI LTFG^DI ZRSI LTGORL^DKZI X=\KOSI YOJI LSRKPI KROKI XFS hTKFKSSKODGjSKLIURFFKOIGYL@IJGLILR^DI=EZRL^DIGOD]FSK@IG?KF `GLJGOIH;^DKHSKIOR^DSiIBHOJIJRKIUKFLS
KFI KSgGLI `ROJHR^DKL@I CHEgOKL=KLI ROI KROKFI VFYLKHRVKO UKFLREOi BLGLI =GOOLSI JYI ZRFI KRO@I R^DI DG?KI KROKI VYSKI >G^DFR^DSI jKRO@I RZI AYOJiI EKRZI X?SFKOOKOI JKFI KYOVKI =GZI KLI \Y ZR=FEL=ETRL^DI =HKROKOI X?LTHRSSKFYOVKOiI AKSGHHFKLSK@I JRK VKVKOg;FSRVI YOSKFLY^DSI gKFJKOiI b^DI ?K=EZZKI JRK cFVK?ORLLKIDKYSKIX?KOJiI_T;SKLSKOLIZEFVKOIjF
B_YTKFiId;LLSIJYINEOIJRFID]FKOMC B`HGFE@I ZKROI _TGS\iI X?KFI JYI ZYLLSI ZR^DI DKYSKI X?KOJ gRKJKFI NKF=]LSRVKOI iiiCI cOJHR^DI DYL^DSKI KROI d;^DKHOI
BHOJIGZIMGSEFSIJKLIAEFJKLIGOIJKZIbOJKF@ILKROKFILEDOYOV GZI EEYHKNGFJI AGHKLDKF?KL@I DGLSI JYI GY^DI gKH^DK VKjYOJKOMC BPG@IGYjIJKZI[HYFiC BfGLIVHKR^DKIGEH\MC BfGLILGVIR^DIJRFIROIKROITGGFI_SYOJKOiC fKFI
MK^DOR=KFI
]jjOKSKI
LKROKI
GGOJiI
cFI
SFYV
dGSKVDGOJL^DYDKiIKgRL^DKOIVF
dR^DS?HRS\I L^DRKOKOI JRKLKI gKRPKOI UKLTKOLSKFI NEOI KROKZ aELRSRNI \YI KROKZI >KVGSRNI \YI gKFJKOiI _RKI gYFJKOI =YF\\KRSRV N]HHRVI L^DgGF\@I YZI JGOOI VHKR^DI gRKJKFI RDFKI YFLTFDPi fRKI AKYSKI gGFI GHLEI \YFI _SKHHKiI cOJHR^DiI fRKI PEYFOGHRLSKO
NKFLY^DSKO@IJYF^DIJRKIX?LTKFFYOVI\YIVKHGOVKOIYOJI?KFRKjKO LR^DI JG?KRI HGYSLSGF=I GYjI JRKI BaFKLLKjFKRDKRSCI YOJI JGL BDK^DSIGYjIbOjEFZGSREOCi UEHE=ROKIj
`XabMcdI^] B>YFIjGHHLIKLIbDOKOIKOSVGOVKOILKROILEHHSKFIfKFI_^DFRjS\YVIGZ EEJKOIJKFI`RF^DKIRLSIK?KOjGHHLIKROIKRSGSIGYLIaLGHZITe@IJKZ MKVSIJKLIXPSOWOWO[c `GLJGOI GOSgEFSKSKI OR^DSiI cFI DGSSKI LR^DI GZI UEFSGVI OR^DS KROZGHIJRKIA
BfRKLKFIMKVSIRLSIJKFI_^DH
CE^GQCEHGI
HRVDSI
\gRL^DKOI
LKROKOI
?KRJKO
GGOJSKHHKFOiI `GLJGOI ?KVGOOI LR^DI GOI LKROKI TH]S\HR^DKO _SRZZYOVLYZL^Dg
NEOI `]ORVI fGNRJI TKFL]OHR^DI VKL^DFRK?KOI gEFJKOI LKROi fGNRJ@I JKFI OR^DSI OYFI `]ORV@I LEOJKFOI GY^DI aFETDKSI YOJ fR^DSKFIgGFIiiiC BPGIYOJMC BfGNRJI RLSI JRKI aKFLEORjR=GSREOI NEOI _
LKROKFIUK?YFSIVK\KR^DOKSiCIBLRKIKOJKSIJRKIUKL^DR^DSKMC BfGNRJI jHKDSI UESSI YZI UKFVK?YOVI GO@I YOJI UESSI VKg;DFSI LRK RDZiI cFI gRFJI gRKJKFI _gKRPKFI GHLI _^DOKKb@I gRKI KLI RZ XPSOWOWOT DKRPSiC BfGO=KIjG^DDRHjKLSYOJKiILEFGYjIgRHHLSIJYIDROGYLMC BbZZKFI GYjI JGLI UHKR^DKiI bOI JRKLKOI XYL\YHHi B[
BbZI KRNRHHK?KOI DRKPI JKFI `KFHI XHGROI AGOEYFOiI b^DI DG?I RDO LEjEFSIgRKJKFKF=GOOSiIcROIGHSKFIEK=GOOSKFINEOIYOL@IgRKIZGO LEI L^D]OI LGVSiI EKRZI PYVKOJL^DYS\JK\KFOGS@I gRHHI R^DI JGZRS LGVKOiC BEK=GOOSIgKLgKVKOMC Ba;JETDRHRK@I cVDR?RSREORLZYL@I =]FTKFHR^DKI EKH;LSRVYOV@ \?KFVFRjjKIQIJRKIVGO\KIaGHKSSKiIJ]]]IYOJIJ]]^IgYFJKIVKVKO RDOI KFZRSSKHSiI cLI gYFJKI KOVI j
ZR^DINEOIEHYSL^DYHJ@IGKFF@IJYIUESSIZKROKLIGKRHKL@IJGOOIgRFJ ZKROKIKYOVKINY?KHOIGLKKFI JRKI KYOVKI DKFGYLVKL^DORSSKOiI fKFI \gKRSK _^DFRjS\YVIHGYSKSFI_UKVKOIJR^DIGHHKROIDG?KIR^DIVKL
bOjEFZGSREOKOI
MGSLG^DKiI
cFI
gYFJKI
G?VKD]FS@I
gKRHI
LKROK
KKYVKOGYLLGVKIV C g ]T JRKI jFGO\]LRL^DKI DKVRKFYOVI ?KSFRjjSi KgKRSKI MGSLG^DKiI bZI \?FRVKOI VR?SI KLI KROKOI JYO=HKOI [HK^= ?KRI U]S\iI _KH?LSI gKOOI KFI =KROI `ROJKFL^D;OJKFI RLS@I DGSI KF LR^DIVKVKO
DG?KO@I
LKROKI
_^DYHJiI
URKFSKI
MGSLG^DKi
XOJKFKFLKRSLI VHGY?KOI _RKI GOI KROKOI _KFRKOZ]FJKFiI HOJI GYj JRKI KROKI EJKFI GOJKFKI LKRLKI DG?KOI _RKI FK^DSiI fRKI `ROJKF@ JRKI ROI JRKLKI MGSKOI NKFgR^=KHSI LROJ@I LROJI TLO^DRL^DI VKLS]FS@ NEOIKROKZIFKVKHFK^DSKOILGDOI?KLKLLKOiI_RKIVHGY?KO@IJGLL RDFI=FRZROKHHKFIbZTYHLIJYF^DIJRKIAYLR=IGYLVKH]LSIgRFJMIXY^D JGIJKO=KIR^D@IJGLLI_RKIFR^DSRVIHRKVKOiI UFYOJL;S\HR^DI ?ROI R^D jKLSI JGNEOI
_SRZZK@I
JKFI
_SRZZKI
NEOI
`ROJKFO
\YLGZZKOD;OVKOiI _^DHRKPHR^DI VR?SI KLI DROSKFI GHHI JKZI OE^D KSgGLI GOJKFKLiI cROKI EKJFEDYOViI fRKI aKFLEO@I JRKI U]S\Ihd = _ W YTOGOOSKiI fGLI RLSI YOLKFI aFE?HKZ@I `GLJGOFI XHHKLI RLS gGDFiI XOJKFLI GHLI LEOLSI
JRKLKIXLTK=SKINKFKROSiC fKFI XFZKORKFI L^DgRKVI gKRSKFDROiI cFI LSGOJI GYj@I VFRjjI OG^D LKROKZI
GGOJOI
YOJI
ZK^DGORL^DI
LKROK
>G^DFR^DSKOiI EKRZI EKSFKSKOI JKFI `RF^DKI DGSSKI KFI KL GYLVKL^DGHSKSiI UKFGJKI DGSSKI KFI KROKOI XOFYjI NEOI aYOjKFFGS KFDGHSKOi ARSI KROKZI `OETjJFY^=I FRKjI KFI JKOI AGOOI NEOI JKF _TYFKOLR^DKFYOVIGOi B`EZZI DKFC@I LGVSKI aYOjKFFGS@I GHLI KFI `GLJGOLI _SRZZK KF=GOOSKi BLEDROMC BbOI JKOI PGFJROI JKLI aHGOSKL@I JGLI MFKR?DGYLiI UKDI JYF^DI JGL URSSKFSEFIROIJKFIDYKIEYjjEOiIcLIgRFJIEjjKOILKROiCIBLKLDGH?M C B`EZZIDKFiIfYIgRFLSIKLIOR^DSI?KFKYKOiC
`XabMcdI^e
DYKIEYjjEOIeSIGi `GLJGOI
TGF=SKI
GYjI
JKZI
gRO\RVKOI
UKDLSKRVI
JKF
VKFGJHRORVLSKOI _SFGPKI NEOI aGFRLiI fGLI HOgKSSKFI gGF HELVK?FE^DKOiIfKFIDKVKOIgGFILEIDKjSRV@IJGLLIJRKI[ROLSKFORL DROSKFI JKZI jHYFI Z
fFRHHR^DNG^=KI VKL^D<S\SI DGSSK@I HRKPI JRKI PG^=KI GYjI LKROK _^DYHSKFOILRO=KOiIcFI\KSKFSKF BPKS\SIKF=H;FIZRFIZGH@IgGLIJGLIDRKFILEHHRC fKFI
MK^DOR=KFI
H;^DKHSKiI
cFI
DGSSKI
L^DZGHK@
\YLGZZKOVK=ORjjKOKI dRTTKO@I gRKI VKL^DGjjKO@I YZI ajKRjKI \Y FGY^DKOiIB>YFIFYDRVIEHYS@IZKROI_^DGS\iC cFI FYO\KHSKI JRKI EFGYKO@I GHLI KFI UEHE=ROKI KF?HR^=SKiI fRKLZGH LSKHHSKI`GLJGOIJRKI?KRJKOIKROGOJKFINEFF BCKJFR^I
UEHE=ROK@I
PYVKOJL^DYS\JK\KFOGSiI
aYOjKFFGS@
cF=KOOYOVLJRKOLSiC fRKI ?KRJKOI A;OOKFI VG?KOI LR^DI JRKI GGOJiI `GLJGO ?KSFG^DSKSKI ?KFKRSLI JRKI [HEFG@I JRKI LRKI YOSKFI JKZI UHGLJG^D KFgGFSKSKiI cROI YFIGOIKRORVKOI_SKHHKO LGDI ZGOI RDFKI ?KDGGFSKI DROJK@I RDFKI NEOI dRGOKO YZL^DHYOVKOKOI HZFRLLKiI cROI YO?KL^DFKR?HR^DKL@I LSR^=RVKL@ EFVGORL^DKLI LRFFgGFF@I JGLI YOSKFI JKFI FRKLRVKOI UHGLVHE^=K
?KJ;^DSRVIGSZKSKi aYOjKFFGSI L^DHYVI KROKOI ZRSI aHGSSKOI ?KHKVSKOI LKVI ROI JRKLKO =
OR^=SKIRZIGROSKFVFYOJiIBUYSKOIX?KOJiI_ROJI_RKIEESGOR=KFROM C B>KRO@I aFEjKLLEFROI j
cZTEFKI NEOI _GROSQPKGOQEGTSRLSKI YOJI GYjI JKZI [HYFI NEF >GLKKFLIfRKOLS?ESKO\RZZKFIVKjYOJKOIDG?KOiIHZIVKOGYI\Y LKROFIfGL@IgGLIR^DIjKVKNIYOJIGYjIJKZ _ROGR@IROIbLFGKHiC B_RKIg;^DLSIOR^DSIROIcYFETGMC B>KROiI fRKLKI X=G\RKI ?FGY^DSI L;FZK@I _EOOKI YOJI KROKO ZOLSRL^DKOIGGY^DIiiiC BLRKLEIZOLSRL^DMC fRKI[FGYIKFVFRjjIJGLILEFSF BfRKLKI EGYZGFSI LTRKHSI ROI JKFI ER?KHI KROKI VFEPKI DEHHKiI X?KF NEFI GHHKZI =]OOSKI KLI LR^DI YZI JKOI EGYZI DGOJKHO@I GYL JKLLKOIKgKRVKOIJRKIfEFOKO=FEOKICDFRLSRIDKFVKLSKHHSIgYFJKi fRKI dKVREO;FKI LEHHKOI KgKRVKI JRKLKLI EGYZKLI ?KOYS\S
DG?KO@IYZIPKLYLI\YI_=F]OKObIYOJI\YINKFLTESSKOiC fRKI aFEjKLLEFROI LTFG^DI ZRSI RFGORL^DKZI X=\KOSI YOJ ZEJYHRKFSKI RDFKI _SRZZKI =GYZ@I LEJGLLI LRKI KSgGL GOTOESRL^DKLI DGSSKiI `GLJGOI JG^DSKI GOI JRKI _^DHGOVKI `GG GYLIJKZIeSg]CQ_OdxCg][ BMGSL;^DHR^DC@I jYDFI JRKI cVTKFSROI jEFS@I BgKRPI ZGOI OR^DS VKOGY@I GYLI gKH^DKFI ajHGO\KI JRKI fEFOKO=FEOKI CDFRLSR VKjKFSRVSI gYFJKiI cLI VR?SI ZKDFKFKI AKROYOVKOiI bOI cFg;VYOV VK\EVKOI gKFJKOI JKFI UKZKROKI _SK^DJEFO@I JRKI fEFORVK ER?KFOKHHK@I JKFI _OFRL^DKI CDFRLSYLJEFO@I aYFVRKFQ`FKY\JEFO YOJI LEVGFI JKFI CDFRLSYLJEFOiI fE^DI gGLI JRK I HKS\SVKOGOOSK ajHGO\KI
GOVKDS@I
LEI
RLSI
JRKLKI
>GZKOLVK?YOV
ZRLLNKFLS;OJHR^D@I JKOOI JRKLKFI EGYZI gRFJI gKVKOI LKROKF fEFOKOIYOJILKROKFIFESKOIEH<SKO@IJRKIGOIEHYSjHK^=KOIKFROOKFO@ LEI VKOGOOSiI MGSL;^DHR^DI gGFI KFI \YFI JGZGHRVKOI KKRSI RO aGH;LSROGI YO?K=GOOSiI >KRO@I ZKROKLI cFG^DSKOLI gYFJKO KgKRVKI JKFI _KOGHQX=G\RKI NKFgKOJKSiI bZI GK?F;RL^DKOI RLS OE^DI DKYSKI JKFI aHYFGHID]P``P^T VK?F;Y^DHR^D@I gKVKOI JKF fEFOKO@I JRKI KROI JR^DSKLI UKgRFFI ?RHJKOI iiiCI `GLJGOI gGOJSK LR^DIaYOjKFFGSI\Y@IJKFIH;^DKHOJIjEFSjYDFF
Bh=GOiI b^DI gKFJI `HGFSKVSI ZRSI JRFI FKJKOiI fGFGYLI H;LLSI LR^D ZROJKLSKOLI\gKRKFHKRIjEHVKFOiIcFLSKOL@IJRKLKIEGYZGFSIDGSIRO aGFRLI OR^DSLI NKFHEFKOiI LRFI LSKDKOI DRKFI GOI JKZI KRO\RVKOI hFS ROIJKFIGGYTSLSGJS@IgEIZGOILRKIjROJKSiIfGLIKgKRSKIQIG?KFIJGL DGLSI JYI gEDHI L^DEOI
`ETjiI cFI D]FSKI NKS\SI VGO\I JKYSHR^DI JGLI MR^=QMR^=QMR^=@I JGL GZI UEFSGVI RZI [HYFI NEFI LKROKFI LEDOYOVI gRJKFVKDGHHSI DGSSKi cROI _SE^=iI cROI _SG?iI fKFI A]FJKFI DGSSKI KROKOI _SE^=@I JKOI KF gRKI KROI EHROJKFI ?KOYS\SK@I YZI JKOI EEJKOI NEFI RDZ BG?\YSGLSKOCiI HOJI JRKLKFI _SE^=I gGFI GYLI JKZI VHKR^DKO GEH\IVKL^DORS\SIgRKIJRKIfEFOKO=FEOKICDFRLSRIiii cROKIGOJKFKIbJKKISGY^DSKIROIRDZIGYjiIcROKIDYSKiIcROKIDYSK@ ZRSI JKFI ZGOI LR^DI VKRPKHSiI fKFI XFZKORKFI KFROOKFSKI LR^DI GO JRKLKLI fKSGRHFI fGLIXPSOWOWOT RLSI JGLI UK?KS@I JGLI JRKI HKS\SKO A]O^DK@I JRKI JRKI UKRPKHYOVI TFG=SR\RKFKO@I ?KRI RDFKZI DRSYGH FK\RSRKFKOiI cLI VKHGOVI RDZI OR^DS@I JRKLKI cHKZKOSKI \YI EFJOKO@ G?KFIKLIgGFKOIAELGR=LSKRO^DKOIKROKLIERHJKLiIfGLIXPSOWOWO[ fRKI UKRPKHYOViI fRKI fEFOKO=FEOKI CDFRLSRiI fRKI _SFGjKiI fRK UKFVK?YOVIiii aYOjKFFGSIKFVFRjjIgRKJKFIJGLILEFSF BfGLI EKLSKI DG?KI R^DI ?RLI \YZI _^DHYLLI GYjVKDE?KOiI EKNEF R^DI ZR^DI ZKHJKSK@I gEHHSKI R^DI JRKLKI GEH\LTHRSSKFI OE^DI KSgGL KROVKDKOJKFIGOGHOLRKFKOiILKRPSIJY@IgGLIaGHOOEHEVRKIRLSMC B>KROiC
BfRKI LRLLKOL^DGjSI NEOI JKFI UKFSKRHYOVI EFVGORL^DKF _SGY?SKRH^DKO@I JRKI GOI KROKZI h?NK=SI VKjYOJKOI gKFJKOI Q aEHHKO@I _TEFKOI iiiI ARSI GRHjKI JRKLKFI LRLLKOL^DGjSI =GOOI ZGO JRKI DKVREOKOI RJKOSRjR\RKFKO@I ROI JKOKOI LR^DI KROI h?NK=S ?KjYOJKOI DGSiI AGOI JF<^=SI KROI _S<^=I `HK?K?GOJI GYjI JGL h?NK=S@I \RKDSI KLI gRKJKFI G?I YOJI YOSKFLY^DSI JGOOI JRKI JGFGO DGjSKOJKOI _SGY?SKRH^DKOI YOSKFI KROKZI AR=FEL=ETiI bOI [EFSI JK DELOOI
VR?SI
KLI
KROKI
X?SKRHYOV@I
ROI
JKFI
LEH^DK
HOSKFLY^DYOVKOI JYF^DVKj
UKFLREO@IgEDHVKZKF=SiiiC fKFI XFZKORKFI ?KSFG^DSKSKI UEHE=ROK@I JKLLKOI XYVKO jYO=KHSKOiI
fKFI
DYLLKI
L^DRKOI
NEOI
JRKLKOI
OKYKO
bOjEFZGSREOKOI gRKI KHK=SFRLRKFSI \YI LKROiI aYOjKFFGSI ?KKOJKSK LKROKIXYLj
Bb^DI ?KVHKRSKI KY^DI \YF<^=iI b^DI gGFSKI OE^DI GYjI JRK cFVK?ORLLKIJKFIXOGHOLKIJKFI_^DYDG?JF<^=KiC Bb^DI\;DHKIGYjIJR^DiIUR?IZRFIEKL^DKRJ@ILE?GHJIJYILRKIDGLSiC LRKJKFI JR^DSKLI EHGSSgKF=iI LRKJKFI DGL^DKHOiI XYjI JKF _^DgKHHKIJKLIUHGLDGYLKLIDRKHSIaYOjKFFGSI`GLJGOIGZIhFZKH \YF<^=I YOJI gGFSKSK@I ?RLI UEHE=ROKI GYPKFI G]FgKRSKI gGFFI BbLS KFIRZIfRKOLSMC BEKYFHGY?SiCIaYOjKFFGSIH;^DKHSKF BcYKFIMKGZIRLSIgRF=HR^DIJRKIXFZKKIJKLI`EOVEiC
`XabMcdI^J _RKI HRKjKOI \YZI UEHNE@I RDFKI fFRHHR^DNG^=KOI ;DK@I GZI XOjGOVI JKFI DYKI EYjjEOI VR?SI KLI KRO A^fEOGHJWLiC
BfYIVKDLSIZRFIZRSIJKROKOIA ^fEOGHJWLIGYjIJKOI`K=LiC BGKRIGKRILEDHIL^DHK^DSIJFGYj@IEJKFIgRKMC BGG?IJE^DIGHHKOIUFYOJIJG\YRILRFILSK^=KOI?RLI\YZIGGHLIRZ _^DHGZGLLKHiI HOJI NKI gKRSKFI gRFI NEFGO=EZZKO@I YZLEI SRKjKF LRO=KOIgRFIKROiC UEHE=ROKILGVSKIOR^DSLiI`GLJGOIgGFjIRDZIKROKOIEHR^=I\YIQIJKF NYOVKI _SKTTKOgEHjI VFROLSKI RDOI YOSKFI LKROKOI SFRKjKOJKO GGGFKOI GOiI cFI ZG^DSKI LR^DI GI=HGFiC BfRKI VYSKI [FGYI DGSSKI FK^DSiI cLI RLSI JGLI GEH\@I GYLI JKZI JRK fEFOKO=FEOKI CDFRLSRI DKFVKLSKHHSI gYFJKI YOJI JGLI LKROK dKRJKOLVKL^DR^DSKILOZ?EHRLRKFSiIX?KFIKLIRLSIKROIdKRJKO@IJGL KFH]LSiI CDFRLSYLI RLSI VK=EZZKO@I YZI JRKI _^DYHJI JKF
AKOL^DKOI _\YI SRHVKObiI _RKI GYjI LR^DI \YI OKDZKO@I JGZRSI LRK NKFVK?KOI gRFJiI cLI RLSI KROKI UKFgGOJHYOVFI PKLYLI DGSI JRK RFJRL^DKOI _GLKKFI YOJI aGSKF hHRNRKFIgYFJKOI?KLSFGjSIYOJI\YVHKR^DIKFH]LSiIHOJIJRKIG;OJK@ JRKI JRKLKLI LKF=I NEHH?FG^DSKO@I LROJI JRKI G;OJKI gGDFKF cOVKHiIUEHH=EZZKOIFKROKFILKLKOiIfKFIiiiC Bb^DIDG?KIKROKI>G^DFR^DSINEOIUKFOEYViC `GLJGOI L^DHELLI LKROI GGOJOI GOI JKOI dGYSLTFK^DKFI JKL LGVKOLIGOIYOJIg;DHSKIJRKI>YZZKFF
BGGHHEMC fRKI _SRZZKI UKFOEYVWI DGHHSKI RZI LGVKOI gRJKF@I GHHKFJROVL NKF\KFFSIJYF^DIJGLIfF]DOKOIJKLIDKVKOLi BGRKFI`GLJGOiIUR?SWLIgGLI>KYKLMC BPKS\SI RLSI KLI GZSHR^DFI AGOI DGSI ZRFI JKOI [GHHI KOS\EVKOiI fRK AEFJ=EZZRLLREOIKYRV=KRSiI fKFI XSSG^DW JKFI ^DRHKORL^DKOI EESL^DGjS@I JKOI R^DI =KOOK@I RLSI \YF<^=iI cF DKRPSI_RZEOIUKHGL^EiIb^DIDG?KIVKFGJKIZRSIRDZIVKLTFE^DKOi
cFI DGSI LR^DI =GTYSSVKHG^DS@IGHLI R^DI RDZI NEOI YOLKFKZI [GHH KF\;DHSI DG?KiI UEZI AEFJI GOI KROKZI hTjKFI JKLI aROE^DKSQ DKVRZKLiC BLRKLEMC BLKRHI LRHDKHZI U]S\I LKROKFI fGFLSKHHYOVI OG^DI YOSKFI JRKLKZ DKVRZKI ORKI VKjEHSKFSI gYFJKiI bZI UKVKOSKRH@I KFI LEHHI GYjI JKF GOJKFKOI_KRSKIVKLSGOJKOIDG?KOiCIBLX_MC BLRKIR^DIKLIbDOKOILGVKiIU]S\IRLSIOG^DI[FGO=FKR^DIVKjHEDKO@ gKRHI LR^DI cOJKI JKFI G^DS\RVKFI PGDFKI JKFI LROJI RZI dGOJ JFKDSKiI cFZRSSHYOVLNKFjGDFKOI VKVKOI JRKI _^DKFVKOI JKL DKVRZKLI gYFJKOI KROVKHKRSKSiI `HGVKOI NEOI [GZRHRKO@I JRKI GYL CDRHK@I G?KFI GY^DI GYLI GOJKFKOI d;OJKFOI LSGZZKOiI fRK TEHRSRL^DKI _TYF@I `GLJGORI b^DI DG?KI NEOI XOjGOVI GOI VKgYLLS@ JGLLIDRKFIJKFI_^DH
KROI TGGFI _SYOJKOI UEFLTFYOViI b^DI DG?KI AGF^DKHRKFI OR^DSL VKLGVSiC BLKLDGH?IVK?KOI_RKIYOLIJRKLKOIMRTTMC Bb^DI gKRPI OR^DSiI UKFZYSHR^DI _EHRJGFRS;SI YOSKFI JKO XYLVK?EESKSKOiIURKHIUH<^=iC >YFI JGLI UKF;YL^DI JKLI DKVKOLI JYF^D?FG^DI JRKI _SRHHKI RZ LGVKOiI`GLJGOIjRKHIKLIgRKI_^DYTTKOINEOIJKOIXYVKOFIXHHKL@ gGLI LRKI G^DIKRORVKOI_K=YOJKOIjFGVSKIKFFIB_EHHIR^DIGOjGOVKOMC B>YFI \YiI b^DI DG?KI ZRFI L^DEOI JKOI AYOJI
`EHHKVKOI GYL\YLGVKO@I gGFI LKROKI XYLLGVKI NEOI VFEPKZ UKgR^DSiI ERLI NKS\SI gYLLSKI R^DI OR^DS@I gGLI KFI D;SSKI KF\;DHKO LEHHKO@IOG^DJKZIKFIZRSINKF?YOJKOKOIXYVKOIROIKROKZI`KHHKF VKjEHSKFSI gEFJKOI gGFiI X?KFI gKOOI KFI LKH?LSI \YI JKO fFK^=L=KFHKOI VKD]FSK@I JGOOI ;OJKFSI JGLI GHHKLiI >R^DSLI RLS VKj;DFHR^DKFIGHLIKROIFKYRVKFIUKF?FK^DKFiIfKLDGH?IgEHHSKIZGO RDOI\YZI_^DgKRVKOI?FROVKOIiiiC BKgKRIAESRNKILROJIKROKLI\YINRKH@I`GLJGOiC BfYI DGLSI FK^DSiI X?KFI R^DI VHGY?K@I JGLLI gRFI \YFI LKH?KOI _KRSK SKOJRKFKOiCIfRKIaGFSOKFIL^DgRKVKOi EKRJKOI VROVI JKFI VHKR^DKI UKJGO=KI JYF^DI JKOI `ETjiI bOI aGFRL DGSSKI JRKI KKRSI JKFI EKLSFGjYOVI ?KVEOOKOiI HOJI cOVKHI ZRS FKROKOIG;OJKOIKFHKJRVSKOIJRKIXF?KRSi
&'() * +(' ,'(-(.'/ `XabMcdI^^ B>R^DSLIj
fR=SGSYFIVKDGHSKOIDG?KOiC `GLJGOI YOJI UEHE=ROKI LGDKOI LR^DI GOiI bDFKI GKRSKF=KRSI DRKHS LR^DIROIUFKO\KOi BLRFILROJI=KROKIcVTKFSKOC@IKFgRJKFSKIJKFIXFZKORKFi BcLI D;SSKI VKO
`RF^DKI
bOjEFZGSREOKOI
VKjEHSKFSK@
NKFL^DgYOJKOKI EJKFI DROVKFR^DSKSKI AKOL^DKOI VKLGZZKHS YOJIX=SKOIGOVKHKVSiIfRKIXOg;HSKIJKFIhFVGORLGSREOI_UR=GFRGS JKFI _EHRJGFRS;SbI \YZI EKRLTRKHI DG?KOI VYSKI XF?KRSI VKHKRLSKSi
fRKI KFLSKOI _SFGjGO\KRVKOI gYFJKOI L^DEOI XOjGOVI JKF G^DS\RVKFI PGDFKI KFLSGSSKSiI LKVKOI cOSj;DK
VKLKDKOIDGSSKi fKFIAGOOI?ESIRDOKOIKROKIKRLVK=
LKROKZI
E
KZTjGOVKOI
QI
HG^=RKFSKLI
GEH\@
ZGDGVEORjGF?RVKLI dKJKF@I KRVGFFKOJYjSiI bZI GGH?JYO=KHI DGSSK `GLJGOI JRKI VEHJ?FGYOKOI cRO?;OJKI JKFIEPxdPY`]÷pCOTZOT )V ldñPVZOTGYLVKZG^DS@I LR^DI JRKI EFRHHKI GYjI JRKI >GLKI VKLKS\S YOJI JRKI >GZKOI JKFI XYSEFKOI VKHKLKOFI AEOSGRVOK@I EGH\G^@ A G Y T G L L G O S @IA E O S D K F H G O S iIcROI
GYLVKLTFE^DKOKF
[FGO=ETDRHKFi >G^DJKZI KFI JRKI UH;LKFI VKj
LEFSI
_[EHSKFbI
OR^DSI
KROZGHI
RZI
^DRHKORL^DKO
_SFGjVKLKS\?Y^DI NEFiI XYjI JKOI KFLSKOI EHR^=I L^DRKOKOI JRK
ARHRS;FLI OR^DSLI \YI ?Kj
UKFKRORVSKOI
_SGGSKOI
YOSKFLS<S\SKOI
JRK
L<JGZKFR=GORL^DKOI fR=SGSYFKOI OR^DSI ZKDFI LEI EjjKOiI fRK [FGVKI LTRS\SKI LR^DI GHLEI \YFI LR^DSIVGO\iIaROE^DKSIDGSSKIUKLYOJDKRSLTFE?HKZKiIcFIDGSSK KROKI dYZ?GHDKFORKI YOJI jYDFI OG^DI dEOJEO@I YZI LR^D ETKFRKFKOI \YI HGLLKOiI fGLI gGFI YONEFLR^DSRViI MGSL;^DHR^DI HGV ROI cOVHGOJI =KROKI _SFGjGO\KRVKI VKVKOI RDOI NEF@I G?KFI JKZ
AGJFRJKFI DR^DSKFI EGHSGLGFI UGF\]OI gGFI KLI VKHYOVKO@I KROKO LTGORL^DKOI _SFGj?KjKDHI ROI UFEP?FRSGOORKOI VKHSKOJI \Y ZG^DKOiI cLI VR?SI DK^DSLDRHjKG?=EZZKOI \gRL^DKOI _TGORKO YOJIJKZIUKFKRORVSKOI`]ORVFKR^DiIaROE^DKSILGPIROIJKFI[GHHKi cFI VKOELLI =KROKI bZZYORS;SI ZKDFiI X?VKLKDKOI NEOI LKROKZ XHSKFI YOJI LKROKFI GOVK?HR^DKOI _KORHRS;SiI fGZRSI DGSI KFI LR^D JG