$QGUHDV%ODVHU(GJDU+HLP&KULVWRSK5LQJHUXQG0DUWLQ7KRPPHQ 352%/(025,(17,(57(36`bfhf Fwgghf :g^j_Zk;eZa_jW^]Z...
62 downloads
170 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
$QGUHDV%ODVHU(GJDU+HLP&KULVWRSK5LQJHUXQG0DUWLQ7KRPPHQ 352%/(025,(17,(57(36<&+27+(5$3,( 9HUODJ+DQV+XEHU%HUQ*RWWLQJHQ7RURQWR6HDWWOH :^j_Zk;eZa_jW^]ZjOZcfOjbklhnJbg]_jFZjlbgLhff_g
IJH;E?FGHHJB?GLBJH<:GG:YIKBOHL?J:IBY Bgl_]jZlb\gucih^oh^ I_j_\h^k g_f_pdh]hE K DZ]Zgh\Z Fhkd\Z G_aZ\bkbfZynbjfZ DeZkk M>D ;;D ; ;eZa_j:OZcfWJbg]_j ;Lhff_gF ; Ijh[e_fghhjb_glbjh\ZggZyikbohl_jZiby Bgl_]jZlb\gucih^oh^I_jk g_fEK DZ]Zgh\Z ² F G_aZ\bkbfZy nbjfZ DeZkk ² k ² ;b[ebhl_dZ ikboheh]bb b ikbohl_jZibb ,6%1 JN :\lhju dgb]b ba\_klgu_ r\_cpZjkdb_ ki_pbZebklu ba debgbdb ;_jgkdh]h mgb\_jkbl_lZ kha^Zebdhgp_ipbxikbohl_jZibbbgl_]jbjmxsmxwe_f_gluikbohZgZebaZ]_rlZevll_jZibb ih\_^_gq_kdhcb l_e_kghhjb_glbjh\Zgghcl_jZibb ;hevrh_\gbfZgb_\ dgb]_m^_ey_lkykljmdlmjbjh\Zgbx ikbohl_jZi_\lbq_kdh]h ijhp_kkZ Ih^jh[gh jZkkfZljb\Zxlky jZaebqgu_ ikbohl_jZi_\lbq_kdb_ f_lh^u b \hafh`ghklb bo khq_lZgbydZd\ oh^_h^gh]hk_ZgkZlZdb gZijhly`_gbb\k_]hdmjkZikbohl_jZibb JZ[hlZ r\_cpZjkdbo Z\lhjh\ gZ\_jgydZ klZg_l gZklhevghc dgb]hc ^ey \jZq_c ikbohl_jZi_\lh\b ikboheh]h\dhgkmevlZglh\ ,6%1 JN ,6%1*HUPDQ\ $QGUHDV%ODVHU(GJDU+HLP &KULVWRSK5LQJHU 0DUWLQ 7KRPPHQ 9HUODJ +DQV +XEHU G_aZ\bkbfZy nbjfZ DeZkk ba^Zgb_hnhjfe_gb_EKDZ]Zgh\i_j_\h^gZjmkkdbc yaud ?<;_aghkxdij_^bkeh\b_::DmeZdh\h[eh`dZ Bkdexqbl_evgh_ ijZ\h im[ebdZpbb gZ jmkkdhf yaud_ ijbgZ^e_`bl ba^Zl_evkl\m G_aZ\bkbfZy nbjfZ DeZkk D: GZ kZfuc i_j\uc \hijhk qlh ij_^klZ\ey_l kh[hc wlZ dgb]Z ² kZfb Z\lhju hl\_qZxl i_j\hc`_njZahcI_j_^gZfb²mq_[gbdgZibkZggucijZdlbdmxsbfbikbohl_jZi_\lZfb^ey
l_odlhaZgbfZ_lkyijZdlbq_kdhcikbohl_jZib_cB \wlhfmq_[gbd_gZc^mlkyhl\_luihqlbgZ ex[u_ \hijhku dhlhju_ fh]ml aZ^Zlv \jZqb b f_^bpbgkdb_ ikboheh]b ihqm\kl\h\Z\rb_ g_h[oh^bfhklvmkh\_jr_gkl\h\Zlvb kbkl_fZlbabjh\Zlvk\hchiul Wlh bf_ggh lZdZy dgb]Z dhlhjZy gZ^_xkv gZdhg_plh ijbg_k_l mfbjhl\hj_gb_ hl_q_kl\_ggufikbohl_jZi_\lZfihiZ\rbf\ ihke_^g__^_kylbe_lb_\ [mjguc\h^h\hjhlgh\uo f_lh^bd rdhe gZmqguo gZijZ\e_gbc \ua\Z\rbc kmfylbpm b [jh`_gb_ mfh\ b qm\kl\ Dh]^Z qblZ_rv wlh khqbg_gb_ bkiulu\Z_rv gZklhys__ m^h\hevkl\b_ hl hsms_gby p_evghklb b ]Zjfhgbqghklb kljhcghklb baeh`_gby ihqlb j_p_ilmjghc lhqghklb b mjZ\gh\_r_gghklb kljmdlmju Dgb]ZgZibkZgZhq_gvikbohl_jZi_\lbqghZ\lhjudZd fm^ju_ i_^Z]h]b \_^ml qblZl_ey ih m^b\bl_evghc ^hjh]_ \^hev dhlhjhc hldju\Zxlky gh\u_ kf_gyxsb_ky i_jki_dlb\u b ihfh]Zxlh[j_klb gh\h_ \b^_gb_b gh\uc hiul B ihkl_i_ggh gZqbgZ_rv aZf_qZlv baf_g_gb_ kh[kl\_gghc dh]gblb\ghc dZjlu \ukljZb\Z_lky \gmlj_gg__ \b^_gb_ Zjobl_dlmju ]hjh^Z Ikbohl_jZiby_]hijb\yadZd ikboheh]bq_kdhfmeZg^rZnlmgZijZ\e_gb_mebpih^qbg_gguo f_^bpbgkdbf kljZl_]bq_kdbf p_eyf :\lhjZf m^Zehkv ij_h[jZah\Zlv g_ijhoh^bfuc e_k f_lh^bd ijb_fh\ ih^oh^h\ i_j_ie_lZxsboky b ijhjZklZxsbo g_ba\_klgh hldm^Z ² \ [hlZgbq_kdbc kZ^ k lZ[ebqdZfb b m^h[gufb ih^oh^Zfb ^ey jZkkfhlj_gby dZ`^h]h h[jZapZ Z ]jhohqmsb_ hkuib b aZ\Zeu l_jfbgheh]bq_kdh]h oZhkZ ² \ eZg^rZnlguc aZih\_^gbd ]^_ ijhklmiZ_lkbkl_fZh[t_^bgyxsZyb^_yijhke_`b\ZxlkyaZdhghf_jghklbb \blh]_ihgbfZ_lky kfuke :;eZa_jb _]hdhee_]bba[_`Zebbkdmr_gbykha^Zlvk\hcyaud^eyihk\ys_gguoB \lh `_\j_fyhgbkmf_ebij_h^he_lvkf_r_gb_yaudh\b m[_j_qvhliZ^_gby\ha\h^bfmx\ dhgp_ ^hjh]b [Zrgx k \ukhlu dhlhjhc yjdZy fhaZbdZ Ikbohl_jZibb kdeZ^u\Z_lky gZdhg_p \ ]_rlZevlb aZdhgq_gguch[t_fikbohk_fZglbq_kdh]hijhkljZgkl\Z Ljm^ kha^Zgguc Z\lhjZfb haZj_g hlk\_lhf mq_guo ljZdlZlh\ deZkkbq_kdhc wihob gZklhevdhhgnmg^Zf_glZe_gb ZdZ^_fbq_g\ kZfhf\ukhdhfagZq_gbbwlh]hihgylby HibjZykv gZ bgl_]jZlb\guc ih^oh^ hgb jZajZ[hlZeb k\yagmx b ]Zjfhgbqgmx ^_ckl\mxsmx fh^_ev h[tykgyxsmx kmsghklv ikbohl_jZi_\lbq_kdh]h ijhp_kkZ b bkoh^ysmx ba ijbgpbiZ iexjZebafZ f_lh^h\ A^_kv g_l gb ^_dhjZlb\guo wde_dlbq_kdbo ihkljh_gbc gb j_deZfghcwdaZevlZpbbgbkdmqghcdjblbdbb [_kieh^guo^bkdmkkbch[bklhjbq_kdbodhjgyob ij_bfms_kl\Zol_obebbguof_lh^h\fZehagZqbfuo^eyijZdlbq_kdh]hikbohl_jZi_\lZ Kha^Zgghc ;eZa_jhf b dhee_]Zfb ijh[e_fghhjb_glbjh\Zgghc l_jZibb ijbkmsb q_luj_ ijhkluo b ykguo ijbagZdZ hjb_glbjh\Zgghklv gZ ijh[e_fm hjb_glbjh\Zgghklv gZ iZpb_glZ iexjZebaff_lh^h\b kljmdlmjbjh\ZgghklvZ lZd`_bkihevah\Zgb_f_lh^h\ Zdlb\baZpbb khagZgby baf_g_gby ijb\uqguo ko_f fure_gby baf_g_gby ih\_^_gby Zdlb\baZpbbi_j_`b\Zgbyb \ujZ`_gbywfhpbcj_eZdkZpbbih^^_j`dbiZpb_glZ LjZ^bpby ijbf_g_gby djZldhkjhqghc ijh[e_fghhjb_glbjh\Zgghc l_jZibb keh`beZkv d ]h^m \ ihebdebgbd_ ikbohl_jZibb ;_jgkdh]h mgb\_jkbl_lZ gZ hkgh\_ djZldhkjhqghc ikboh^bgZfbq_kdhc ikbohl_jZibb ij_^eh`_gghc >w\b^hf Fwewghf b >`bfhf Fwgghf :g^j_Zk;eZa_jW^]ZjOZcfOjbklhnJbg]_jb FZjlbgLhff_g\g_keb\deZ^\ jZa\blb_wlhc dhgp_ipbb hkgh\u\Zykv gZ k\h_c i_j\hgZqZevghc ih^]hlh\d_ b ijZdlbd_ \ h[eZklb ikbohZgZeblbq_kdhcih\_^_gq_kdhcdh]gblb\ghc]_rlZevlbklkdhcl_e_kghhjb_glbjh\Zgghc k_f_cghcl_jZibbb Zmlh]_gghclj_gbjh\db
IhklhyggZy jZ[hlZ k kZfufb jZagufb dZl_]hjbyfb iZpb_glh\ hkh[_ggh ba fZehh[_ki_q_gguo b khpbZevgh g_aZsbs_gguo keh_\ gZk_e_gby hij_^_ebeZ g_dhlhju_ ki_pbnbq_kdb_ hkh[_gghklb wlhc nhjfu ikbohl_jZibb djZldhkjhqghklv [ukljmx b \ukhdmx wnn_dlb\ghklv g_[hevrmx klhbfhklv Z g_h[oh^bfhklv h[mq_gby [hevrh]h ihlhdZ ki_pbZebklh\ gZeh`beZ hij_^_e_ggub ^b^Zdlbq_kdbc hli_qZlhd gZ klbev baeh`_gby ijh[e_fghhjb_glbjh\Zgghcikbohl_jZibb GZrZ ^_kylbe_lgyy ijZdlbdZ h[mq_gby b mkh\_jr_gkl\h\Zgby \jZq_c \ h[eZklb ikbohl_jZibb b debgbq_kdhc ikboheh]bb gZ nZdmevl_l_ ijhn_kkbhgZevgh]h ihke_^biehfgh]h h[jZah\Zgby \ kh^jm`_kl\_ k Bgklblmlhf ]jmiih\hc b k_f_cghc ikbohl_jZibb \uy\beZ gZb[he__qZklh\klj_qZxsb_ky\hijhkuihjZaebqgufZki_dlZfikbohl_jZibbKj_^b\jZq_cb ijZdlbdmxsboikbohl_jZi_\lh\hkljmx^bkdmkkbx\uau\Z_l\hijhkihdhlhjhfm\ ebl_jZlmj_ kms_kl\m_l ^\_ lhqdb aj_gby f_^bpbgkdb_ ihdZaZgby mklZgZ\eb\Zxlky \ khhl\_lkl\bb k ^bZ]ghahf hjb_glbjh\Zgguf gZ kbg^jhfZevgu_ b ghaheh]bq_kdb_ dZl_]hjbb \h ]eZ\m m]eZ klZ\ylky ebqghklgu_ hkh[_gghklb iZpb_glZ ikboheh]bq_kdb_ ijbqbgu \hagbdgh\_gby kbfilhfh\\gmlj_ggyydZjlbgZ[he_agb\u^_e_gb_hibkZgb_b ijhykg_gb_ijh[e_fu:\lhju ijb^_j`b\Zxlky \lhjhc lhqdb aj_gby H^gZdh ke_^my ijh\ha]eZr_gghfm ijbgpbim iexjZebafZ f_lh^h\ ijb\h^yl b ^bZ]ghklbq_kdb_ dZl_]hjbb hlghkysb_ky d hij_^_e_gguf ijh[e_fZf
<>?GB?
Ijh[e_fghhjb_glbjh\ZggZyikbohl_jZiby²qlhwlhlZdh_" WlZ dgb]Z ij_^klZ\ey_l kh[hc mq_[gbd djZldhkjhqghc ikbohl_jZibb b gZibkZgZ ijZdlbdmxsbfbikbohl_jZi_\lZfb^eyl_odlhaZgbfZ_lkyikbohl_jZib_cijZdlbq_kdbAgZgby ihemq_ggu_ aZ ihke_^gb_ ^_kylbe_lby \ oh^_ ijZdlbq_kdhc jZ[hlu b gZmqguo bkke_^h\Zgbc k\_^_gu\ _^bgmxp_evgmxdhgp_ipbxikbohl_jZibb Ijh[e_fghhjb_glbjh\Zggmx l_jZibx IHl_jZibx oZjZdl_jbamxl q_luj_ hkgh\guo ijbagZdZ hjb_glbjh\ZgghklvgZijh[e_fm hjb_glbjh\ZgghklvgZiZpb_glZ iexjZebaff_lh^h\ kljmdlmjbjh\Zgghklv Hjb_glbjh\Zgghklv gZ ijh[e_fm ikbohl_jZi_\l kh\f_klgh k iZpb_glhf \u[bjZ_l ]eZ\gmxijh[e_fmbaqbkeZl_ok dZdbfb\ ^Zggh_\j_fyiZpb_glklZedb\Z_lky\ `bagbAZl_f hij_^_ey_lkyj_ZevgZy\hafh`ghklv__ j_r_gbyaZh]jZgbq_gguci_jbh^\j_f_gb Hjb_glbjh\Zgghklv gZ iZpb_glZ gZijZ\e_gghklv l_jZi_\lbq_kdhc jZ[hlu hij_^_ey_lky dZd ihgbfZgb_f ijh[e_fu iZpb_glhf b _]h ij_^klZ\e_gb_f h p_eb ikbohl_jZibb lZd b khh[jZ`_gbyfb ikbohl_jZi_\lZ L_hjbb b p_gghklgu_ ij_^ihql_gby l_jZi_\lZ hloh^yl gZ aZ^gbcieZgZ gZi_j\uc\uoh^blkh\f_klgh\u[jZggZyp_ev
IexjZebaff_lh^h\ \ jZfdZokm]m[hijZdlbq_kdh]hwde_dlbq_kdh]hih^oh^Zd ijh[e_fZf iZpb_glZbkihevamxlkywe_f_glul_of_lh^h\dhlhju_fh]mlkihkh[kl\h\Zlvj_r_gbxlhcbeb bghcijh[e_fu\ h[hajbfhf[m^ms_fF_lh^uijbf_gy_fu_\ IHl_jZibbgZijZ\e_ggugZ Zdlb\baZpbx khagZgby baf_g_gb_ ko_f fure_gby b mklZgh\hd j_r_gb_ ijh[e_f baf_g_gb_ ih\_^_gby jZkdjulb_ qm\kl\ kgylb_ gZijy`_gby b memqr_gb_ \hkijbylby iZpb_glhfk\h_]hl_eZ ih^^_j`dmiZpb_glZb _]hihke_^h\Zl_evgh_baf_g_gb_ Kljmdlmjbjh\Zgghklv ^ey^hklb`_gbyihklZ\e_gghcp_ebaZh]jZgbq_ggh_\j_fy² k_Zgkh\ ijhp_kkikbohl_jZibbg_h[oh^bfhkljmdlmjbjh\ZlvjZa^_eblvgZwlZiu FujZaebqZ_fke_^mxsb_klZ^bbikbohl_jZibb MklZgh\e_gb_hlghr_gbc^h\_jbyf_`^miZpb_glhfb ikbohl_jZi_\lhf Baeh`_gb_iZpb_glhfijh[e_fu\dexqZxs___]hkm[t_dlb\gmxl_hjbx[he_agb :gZebaijh[e_fuk mq_lhf__ nmgdpbhgZevgh]hagZq_gbyl_i_j_rgbomkeh\bcbklhjbb `bagbiZpb_glZ Hij_^_e_gb_ijh[e_fu\u[hjp_ebb ieZgbjh\Zgb_ikbohl_jZibb IjhjZ[hldZ ijh[e_fu b bkihevah\Zgb_ iZpb_glhf ihemq_gguo j_amevlZlh\ \ k\h_c j_Zevghc`bagb AZ\_jr_gb_ikbohl_jZibb H[eZklbijbf_g_gby IHl_jZibybkihevam_lky\ i_j\mxhq_j_^v\ e_q_gbbikboh]_gguo gZjmr_gbc hldehg_gby \ jZa\blbb g_\jhau ikbobq_kdb_ jZkkljhckl\Z \g_ aZ\bkbfhklb hl hkgh\guokbfilhfh\wlbogZjmr_gbcFujZaebqZ_f\ qZklghklbkj_^biZpb_glh\ex^_c k gbadhc kZfhhp_gdhc bkiulu\Zxsbo g_o\Zldm wg_j]bb kdh\Zgguo k ijh[e_fZfb \ f_`ebqghklguo hlghr_gbyo bkiulu\Zxsbo kljZo b gZijy`_gb_ k bfimevkb\guf ih\_^_gb_f k gZjmr_gb_fnbabq_kdh]ha^hjh\vy H[hkgh\Zgb_b jZa\blb_dhgp_ipbbIHl_jZibb D gZklhys_fm \j_f_gb qbkeh ikbohl_jZi_\lbq_kdbo f_lh^h\ dhe_[e_lky ih jZaguf hp_gdZf hl ^h Fu lZd`_ g_ ba[_`Zeb khfg_gbc ijbklmiZy d ihbkdm bgl_]jZlb\gh]h ih^oh^Zb ij_^eZ]ZyqlhlZdb_ih^oh^u^Z\ghm`_kms_kl\mxlAZl_fh^gZdhfumklZgh\beb lhqgh bgl_]jZlb\guo ih^oh^h\ bkihevah\Zlv dhlhju_ fh`gh [ueh [u ijb ih^]hlh\d_ ikbohl_jZi_\lh\ g_ kms_kl\m_l DZd g_ kms_kl\m_l b ih^oh^h\ \ dhlhjuo ]Zjfhgbqgh \ khhl\_lkl\bb k bf_xsbfbky k_]h^gy agZgbyfb hkms_kl\eyeky [u ijbgpbi iexjZebafZ f_lh^h\ AgZqbl_evgZy qZklv b^_c baeZ]Z_fuo \ wlhc dgb]_ [ueZ m`_ \ukdZaZgZ ^jm]bfb Z\lhjZfb Fgh]b_ ]h\hjbeb h g_h[oh^bfhklb hilbfZevghc kljmdlmjbaZpbb ikbohl_jZibb Z jZ\ghp_gghklv \Z`g_crbo f_lh^h\ ^Z\gh m`_ ^hdZaZgZ gZmqgufb bkke_^h\Zgbyfb H^gZdh ^_lZevgh jZajZ[hlZgghc dhgp_ipbb h[t_^bgyxs_c h[rbjgu_ agZgby ih \hijhkm bgl_]jZpbb f_lh^h\^hkboihjg_lFuj_rbeb\aylvkyaZj_r_gb_wlhcaZ^ZqbLZd\ gZqZe_o ]h^h\ gZrZ g_[hevrZy ]jmiiZ ijbklmibeZ d jZajZ[hld_ dhgp_ipbb bgl_]jbjh\Zgghc djZldhkjhqghc ikbohl_jZibbFubkoh^bebbalh]hqlhj_amevlZlugZr_cjZ[hlufh`gh[m^_lbkihevah\Zlv\ lj_ojZaebqguokn_jZo Z JZ[hlZ \ debgbd_ < Ihebdebgbd_ ikbohl_jZibb ;_jgkdh]h mgb\_jkbl_lZ ]^_ [ueZ jZajZ[hlZgZ dhgp_ipby IHl_jZibb qbkeh ijh\h^bfuo _`_]h^gh dhgkmevlZpbc khklZ\ey_l fgh`_kl\h lukyq Ki_pbZebklu Ihebdebgbdb kqblZxl qlh bo ^_yl_evghklv kem`bl
^hiheg_gb_fd ^_yl_evghklbagZqbl_evgh]hqbkeZjZ[hlZxsbo\ wlhfjZchg_ikbohl_jZi_\lh\ gZ`bl_e_cijboh^blkyhdhehikbohl_jZi_\lh\k f_^bpbgkdbfh[jZah\Zgb_fb k ikboheh]bq_kdbf Ihgylgh qlh IhebdebgbdZ ihk_sZ_lky ij_bfms_kl\_ggh f_g__ h[_ki_q_ggufb iZpb_glZfb dhlhju_ g_ fh]ml [ulv hlg_k_gu d dZl_]hjbb lZd gZau\Z_fuo <$9,6iZpb_glh\ <$9,6 b^Zdlbq_kdb_ ij_bfms_kl\Z < Ihebdebgbd_ ijb_f iZpb_glh\ hkms_kl\eyxl ij_bfms_kl\_ggh \jZqbZkkbkl_glu b ikboheh]b ijhoh^ysb_ h[mq_gb_ B l_ b ^jm]b_ qZs_ \k_]h g_ bf_xl [hevrh]h ikbohl_jZi_\lbq_kdh]h hiulZ < kbem g_ aZ\bkysbo hl gbo h[klhyl_evkl\ kjhd bo jZ[hlu \ Ihebdebgbd_ [u\Z_l h]jZgbq_g ^\mfy ]h^Zfb lZd qlh k_jv_agh]h ikbohl_jZi_\lbq_kdh]h h[jZah\Zgby ihemqblv bf g_ m^Z_lky Ihwlhfm fu ij_^eZ]Z_f k\hx dhgp_ipbx ih^]hlh\db ikbohl_jZi_\lh\ \ khhl\_lkl\bb k dhlhjhc mihj ^_eZ_lkygZhagZdhfe_gb_fheh^uodhee_]k \hafh`gh[hevrbfqbkehff_lh^h\Wlhh[e_]qbl bf\u[hjrdheubebf_lh^Z\ dhlhjuohgb[m^mliha`_kh\_jr_gkl\h\Zlvky>_eZ_lkywlhdZd ijZ\beh \g_ Ihebdebgbdb \ h^ghf ba fgh]hqbke_gguo ikbohl_jZi_\lbq_kdbo bgklblmlh\ < Ihebdebgbd_ `_ hgb agZdhfylky k ijb_fZfb ijbf_gy_fufb \ kblmZpbyo dh]^Z lj_[m_lky g_hleh`gh_ \f_rZl_evkl\h b \ djbabkguo kblmZpbyo Z lZd`_ k Zmlh]_gghc lj_gbjh\dhc ikboh^bgZfbq_kdhc^he]hkjhqghcb k_f_cghcl_jZib_c< g_dhlhjuokemqZyowlbf_lh^ufh]ml khq_lZlvkyk bkihevah\Zgb_fikbohnZjfZdheh]bq_kdbokj_^kl\
^_ckl\h\ZlvZ^_d\ZlghjZaebqgufihlj_[ghklyfiZpb_glh\GZhkgh\ZgbbgZr_]hkh[kl\_ggh]h hiulZZ lZd`_hiulZihemq_ggh]h\ ^jm]bop_gljZoikbohl_jZibbfh`ghml\_j`^ZlvqlhIH l_jZibyemqrbfh[jZahfih^oh^bl^eyj_r_gbyaZ^Zqijhn_kkbhgZevgh]hh[jZah\Zgbyfheh^uo ikbohl_jZi_\lh\ M]em[e_gb_ agZgbc b hiulZ khijh\h`^Zxs__ky ijZdlbdhc Ijb wlhf bkihevamxlky f_lh^u \u[jZggh]h mqZsbfky gZijZ\e_gby ikbohl_jZibb \ dhlhjhf hg `_eZ_l kh\_jr_gkl\h\Zlvky Kha^Zgb_ ebqghklgh]h bgl_]jZlb\gh]h klbey ikbohl_jZibb A^_kv dZ`^uc jmdh\h^kl\m_lkyk\hbfhiulhfb kdehgghklyfb Fu iheZ]Z_f qlh hiulghfm ki_pbZebklm dhgp_ipby IHl_jZibb fh`_l ij_^eh`blv jZamfgmxb hkms_kl\ey_fmxgZijZdlbd_fh^_evg_ij_ju\gh]hh[jZah\Zgbyh[jbkh\ZgZ\ i LZdhcki_pbZebklihemqZ_l\ khhl\_lkl\bbk hkgh\gufbiheh`_gbyfbIHl_jZibb\hafh`ghklv bkihevah\Zlv \ k\h_c ^_yl_evghklb f_lh^u ikbohl_jZibb dhlhju_ khhl\_lkl\mxl _]h ih^]hlh\d_ < j_amevlZl_ [_k_^ k kmi_j\bahjZfb dhlhju_ g_ jZ[hlZeb \ gZr_c Ihebdebgbd_ gh hkms_kl\eyeb kmi_j\bahjkl\h \ hlghr_gbb l_o dlh ijhoh^be \ g_c ih^]hlh\dm Z lZd`_ ihkj_^kl\hf [_k_^ k ikbohl_jZi_\lZfbdhgljhe_jZfb fu mklZgh\beb qlh hgb \b^yl \ IH l_jZibb dhgp_ipbx ^Zxsmx \hafh`ghklv gZqbgZxsbf ikbohl_jZi_\lZf agZdhfblvky k jZaebqgufbikbohl_jZi_\lbq_kdbfbf_lh^Zfb \ L_hj_lbdhw\jbklbq_kdh_ h[hkgh\Zgb_ Bamq_gb_ ebl_jZlmjguo bklhqgbdh\ ba jZaebqguo kljZg ihdZau\Z_l qlh aZ ihke_^gb_ ^\Z ^_kylbe_lby [ueb ^hklb]gmlu [hevrb_ mki_ob\ bamq_gbbbgl_gkb\guof_lh^h\ikbohl_jZibb>eyl_oki_pbZebklh\dhlhju_\b^yl\ dZdhf gZijZ\e_gbb b^_l jZa\blb_ ikbohl_jZibb ijh[e_fu kihjh\ b jZagh]eZkbc f_`^m jZaebqgufb__rdheZfbm`_g_kms_kl\m_lG_fh`_l[ulv^hdZaZghZ[khexlgh_ij_bfms_kl\h lhc beb bghc rdheu lh]h beb bgh]h f_lh^Z i_j_^ ^jm]bfb Ihwlhfm \hagbdeZ ihlj_[ghklv \ lsZl_evghf bamq_gbb ijbkmsbo \k_f wlbf rdheZf nZdlhjh\ \ha^_ckl\by gZ iZpb_glh\ F_lZZgZeba ijhp_kkZ ikbohl_jZibb \uy\be dZd b ijb bamq_gbb f_^bdZf_glhaguo kj_^kl\ gZebqb_aZ\bkbfhklbf_`^m^hahcb wnn_dlhfdhlhjZyfh`_l[ulvij_^klZ\e_gZ]jZnbq_kdb Ihke_ k_Zgkh\ ikbohl_jZibb \ kj_^g_f kms_kl\_ggh memqrbehkv khklhygb_ ijbf_jgh iZpb_glh\ihke_k_Zgkh\²iZpb_glh\GZhkgh\Zgbbihemq_gguo^ZgguojZaebqgufb bkke_^h\Zl_eyfb [ueb k^_eZgu \u\h^u ih ijbf_g_gbx l_o beb bguo f_lh^h\ \ debgbd_ b kha^Zgumq_[gbdbikbohl_jZibb< gbo\u^_eyxlkyjZaebqgu_nZauikbohl_jZibbb ijb\h^ylky mdZaZgbyihbkihevah\Zgbxikbohl_jZi_\lbq_kdbof_lh^h\²wlhlhh[s__qlhh[t_^bgy_l\k_ wlbmq_[gbdb Wlb mki_ob ihjh^beb l_g^_gpbx d kha^Zgbx bgl_]jZlb\guo fh^_e_c Fgh]b_ Z\lhju ]em[hdhm[_`^_gu\ lhfqlhdh]^Zgb[m^vihemq_ggu_kh\f_klgufbmkbebyfbagZgbyiha\heyl kha^Zlv mq_[gbdb ikbohl_jZibbgZ yaud_ g_ k\yaZgghf k lhc beb bghc rdhehc ikbohl_jZibb ;hevrZy qZklv ki_pbZebklh\ aZgbfZxsboky wlhc ijh[e_fZlbdhc hjb_glbjm_lky kdhj__ gZ l_hj_lbq_kdb_hkgh\udebgbq_kdh]hih^oh^Zq_fgZdZdmxgb[m^vwde_dlbq_kdmxf_lZl_hjbx Ijhy\ey_lky klj_fe_gb_ d jZajZ[hld_ iZjZ^b]fu dhlhjZy iha\hebeZ [u h[t_^bgblv \ jZfdZo h^ghc h[s_c dhgp_ipbb ij_bfms_kl\Z jZaebqguo f_lh^h\ b ^Zlv debgbq_kdhijZ]fZlbq_kdb_ h[hkgh\Zgby bo bkihevah\Zgby hklZ\eyy [_a \gbfZgby bo hjb_glbjh\Zgghklv gZ lm beb bgmx rdhem ikbohl_jZibb Kms_kl\m_l f_`^mgZjh^gZy hj]ZgbaZpby gZa\Zgb_ dhlhjhc hljZ`Z_l
hlf_q_ggmx \ur_ l_g^_gpbx 6(3- 6RFLHO\ IRU WKH ([SORUDWLRQ RI 3V\FKRWKHUDU\ ,QWHJUDWLRQ H[s_kl\hbamq_gbybgl_]jZpbb\ ikbohl_jZibb Lj_lbc \u\h^ aZdexqZ_lky \ lhf qlh kms_kl\m_l klj_fe_gb_ jZajZ[hlZlv [he__ lhqgu_ dhgp_ipbb ij_^gZagZq_gguo ^ey ih\k_^g_\ghc debgbq_kdhc ijZdlbdb f_lh^h\ jZ[hlu h[hkgh\Zlv bo b k^_eZlv ^hklmigufb aZbgl_j_kh\Zgguf qblZl_eyf \ gZ^_`^_ kihkh[kl\h\Zlv l_f kZfuf ^Zevg_cr_fm jZa\blbx dhgp_ipbb bgl_]jZpbb jZaebqguo gZijZ\e_gbc ikbohl_jZibb < Ihebdebgbd_ ikbohl_jZibb ;_jgkdh]h mgb\_jkbl_lZ m`_ keh`beZkv hij_^_e_ggZy ljZ^bpby ijbf_g_gby djZldhkjhqghc ikbohl_jZibb ?s_ \ ] h^gbf ba Z\lhjh\ W^]Zj OZcf a^_kv[ueZ\\_^_gZb hijh[h\ZgZdjZldhkjhqgZyikbohl_jZibyij_^eh`_ggZyFwewghfb Fwgghf 0DODQ 0DQQ Iha`_ ih^ jmdh\h^kl\hf Ri_jjb 6SRHUUL a^_kv `_ ijbgylZ ih\_^_gq_kdZy ikbohl_jZiby < ] mqZklgbdb g_[hevrhc jZ[hq_c ]jmiiu ijbklmibeb d jZajZ[hld_ dhgp_ipbb ijZ]fZlbq_kdhc ijh[e_fghhjb_glbjh\Zgghc djZldhkjhqghc ikbohl_jZibb hl\_qZxs_c baeh`_gguf \ur_ lj_[h\Zgbyf :\lhju ^Zggh]h mq_[gbdZ iheZ]Zxl qlh dZ`^uc ba mqZklgbdh\ ]jmiiu \g_k k\hc \deZ^ \ jZa\blb_ baeZ]Z_fh]h a^_kv ih^oh^Z :; ihemqbe ih^]hlh\dm \ h[eZklb ikbohZgZebaZ Z iha`_ fgh]h aZgbfZeky ih\_^_gq_kdhcb l_e_kghhjb_glbjh\Zgghcikbohl_jZib_cWO\kdhj_ihke_aZ\_jr_gbyk\h_c ih^]hlh\db \ ikbohZgZeba_ hkms_kl\e_gghc \ oh^_ khljm^gbq_kl\Z k >`bfhf Fwgghf -LP 0DQQ ba ;hklhgZ ijZdlbdh\Ze djZldhkjhqgmx ikbohl_jZibx hkgh\u\Zxsmxky gZ ikbohZgZeba_^he]h_\j_fyijh^he`Zehkvkhljm^gbq_kl\hOJk Iehh]hf 3ORRJ baFxgo_gZ\ h[eZklb ih\_^_gq_kdhc ikbohl_jZibb b dh]gblb\guo kljZl_]bc < rbjhdhc ikbohl_jZi_\lbq_kdhcih^]hlh\d_ihemq_gghcFLgZb[hevrbf[uem^_evguc\_k]_rlZevl l_jZibb LZdhc fgh]hh[jZaguc hiul qe_gh\ ]jmiiu h[e_]qbe jZajZ[hldm dhgp_ipbb bgl_]jZpbb < aZdexq_gb_hlf_lbfqlh\ ihke_^gb_]h^ugZrZdhgp_ipbyijh[e_fghhjb_glbjh\Zgghc ikbohl_jZibb bkihevam_lky lZd`_ ijb ih^]hlh\d_ ki_pbZebklh\ \ Debgbd_ ikbobZljbb Pxjbokdh]hmgb\_jkbl_lZb fuhq_gv[eZ]h^ZjguXj]m
iexjZebafZ f_lh^h\ H[t_dlZfb \k_o wlbo bkke_^h\Zgbc [ueb ij_bfms_kl\_ggh l_ nhjfu ikbohl_jZibb dhlhju_ ijbgylh gZau\Zlv djZldhkjhqgufb bf_y \ \b^m bo ijhly`_gghklv \h \j_f_gbIjbwlhfke_^m_lhlf_lblvqlhihgylb_djZldhkjhqgZy ikbohl_jZiby ij_^iheZ]Z_l ijhlb\hihklZ\e_gb_ ihgylbx ^he]hkjhqgZy ikbohl_jZiby >he]hkjhqgu_ nhjfu ikbohl_jZibb ij_^klZ\e_gu ij_bfms_kl\_ggh ikboh^bgZfbq_kdbfb gZijZ\e_gbyfb hkgh\u\ZxsbfbkygZikbohZgZeba_DjZldhkjhqghklv^jm]boih^oh^h\h[mkeh\e_gZh[eZklyfb boijbf_g_gbyjZaebqgu_nhjfuk_f_cghbl_jZibbbaf_g_gb_rZ[ehgh\ih\_^_gbyl_e_kgh hjb_glbjh\ZggZyikbohl_jZibyikbohl_jZiby\ djbabkguokblmZpbyob l^ Bkke_^h\Zgby ijZdlbdb jZaebqguo \b^h\ ikbohl_jZibb ijh\h^ys_cky \ Zf[meZlhjguo mkeh\byo ^hklZlhqgh m[_^bl_evgh ihdZau\Zxl qlh h[uqgh lZdZy ikbohl_jZiby ij_^iheZ]Z_l ijbf_jgh²k_kkbcH]jZgbq_gb_qbkeZikbohl_jZi_\lbq_kdbok_kkbckhhl\_lkl\m_lb \k_ [he__ mkbeb\Zxsbfky lj_[h\Zgbyf h]jZgbq_gby ijh^he`bl_evghklb ikbohl_jZibb dhlhju_ bkoh^ylhlkljZoh\uoh[s_kl\ Wlb \uoh^ysb_ gZ i_j\uc ieZg lZdlbq_kdb_ Zj]mf_glu aZkehgyxl ihjhc lh h[klhyl_evkl\h qlh k_]h^gy bf_xlky jZaebqgu_ nhjfu djZldhkjhqghc ikbohl_jZibb jZajZ[hlZggu_ \ khhl\_lkl\bb kh kljh]bfb ijhr_^rbfb ijh\_jdm dhgp_ipbyfb Ijb wlhf djZldhkjhqgu_ nhjfu ikbohl_jZibb hkgh\u\Zxlky ihqlb \k_]^Z gZ l_o `_ ijbgpbiZo qlh b ^he]hkjhqgu_ lZd qlh h[_ wlb kljZl_]bb djZldhkjhqgZy ² ^he]hkjhqgZy [eZ]hl\hjgh \aZbfh^_ckl\mxl k ihevahc ^ey dZ`^hc ba nhjf Ke_^m_l hlf_lblv qlh \ mq_[ghf ijhp_kk_ dh]^Z ]h\hjyl h ^he]hkjhqghc ikbohl_jZibb ihqlb \k_]^Z bf_xl \ \b^m ij_bfms_kl\_ggh ikbohZgZebaEbrv\ j_^dbokemqZyo\ mq_[guodmjkZoikbohl_jZibbdjZldhkjhqgu___ nhjfu ijbjZ\gb\Zxlky ih bo agZq_gbx d ^he]hkjhqguf nhjfZf ikbohl_jZibb H^gZdh k mq_lhf l_o lj_[h\Zgbb dhlhju_ ij_^ty\ey_l ijZdlbdZ ikbohl_jZibb h]jZgbq_ggu_ \h \j_f_gb nhjfu ikbohl_jZibb g_h[oh^bfh bamqZlv klhev `_ lsZl_evgh dZd b ljZ^bpbhggu_ ^he]hkjhqgu_ nhjfu ?keb h[jZlblvky d bklhjbb ikbohl_jZibb lh hdZ`_lky qlh [hevrbgkl\h __ \b^h\ Z ikbohZgZeba \ i_j\mx hq_j_^v [ueb djZldhkjhqghc ikbohl_jZib_c \ k_]h^gyrg_f __ ihgbfZgbbIkbohZgZebaijh\h^b\rbckyNj_c^hf\ gZqZe__]h^_yl_evghklbijh^he`Zekyhl g_kdhevdbog_^_ev^hg_kdhevdbof_kyp_\DZdijZ\behaZwlh\j_fyNj_c^^h[b\Zekymki_oZ H^gZdhiha`_Nj_c^ml\_j`^Zeqlhmki_oa^_kv[ueh[mkeh\e_gwnn_dlhfi_j_ghkZblZdbf h[jZahfhgihklZ\beih^khfg_gb_wnn_dlb\ghklvk\hboi_j\uokemqZ_\ikbohZgZebaZNj_c^ ij_^hkl_j_]Ze hl ihiulhd mkdhjblv ijhp_kk ikbohl_jZibb b djblbq_kdb hlghkbeky d ij_^ijbgyluf iha`_ N_j_gpb )HUHQF]L b JZgdhf 5DQN mkbebyf ih bgl_gkbnbdZpbb ikbohZgZebaZ < _ ]h^u :e_dkZg^_j b Nj_gq $OH[DQGHU )UHQFK [ueb gZb[he__ Zdlb\gufb kj_^b l_o dh klZjZeky khdjZlblv ijh^he`bl_evghklv ijhp_kkZ ikbohZgZebaZ ihkj_^kl\hf kljmdlmjbjh\Zgby < _ ]h^u gZdhg_p [ueb ij_^ijbgylu i_j\u_ ihiuldb bkihevah\Zlv \ kemqZyo deZkkbq_kdbo g_\jhlbq_kdbo gZjmr_gbc l_ogbq_kdb_ we_f_glu ikbohZgZebaZ \ dhgp_gljbjh\Zgghf \b^_ qlh kh[kl\_ggh iheh`beh gZqZeh ^bgZfbq_kdhc djZldhkjhqghc ikbohl_jZibb Gb`_ ^Z_lky djZldh_ hibkZgb_ g_dhlhjuo ba fh^_e_c djZldhkjhqghcikbohl_jZibb Fwewg b Lw\bklhdkdZy ]jmiiZ =jmiiZ mq_gbdh\ ;ZebglZ %DOLQW kj_^b dhlhjuo \_^ms__ iheh`_gb_ aZgbfZe Fwewg 0DODQ \hkijbgyeZ b^_x k\h_]h mqbl_ey kh]eZkgh dhlhjhc hkgh\ghc dhgnebdl \ ex[hf kemqZ_ ikbohl_jZi_\lbq_kdbo hlghr_gbc fh`_l [ulv j_r_g
ihkj_^kl\hf i_j_ghkZ < hkgh\_ dhgp_ipbb jZajZ[hlZgghc wlhc ]jmiihc e_`ZeZ fukev h g_h[oh^bfhklb jZkihagZgby ^bgZfbq_kdh]h nhdmkZ \ujZ`Zxs_]h ki_pbnbq_kdbc dhgnebdl ijhy\eyxsbcky\gZqZe_\ ^_lkl\_ij_`^_\k_]h\ hlghr_gbyok jh^bl_eyfbiha`_²\ ^jm]bo f_`ebqghklguo hlghr_gbyo b gZdhg_p \ ikbohl_jZibb \ \b^_ dhgnebdlZ i_j_ghkZ WlZ lZd gZau\Z_fZy lj_m]hevghklv ijhreh]h gZklhys_]h b ikbohl_jZi_\lbq_kdbo hlghr_gbc klZeZ f_lh^bq_kdhc hkgh\hc jZ[hlu k iZpb_glhf M`_ \ oh^_ ijhp_kkZ h[ke_^h\Zgby iZpb_glZ ij_^ijbgbfZebkvihiuldb\uy\blv_]hkihkh[ghklvjZkihagZlvdhgnebdlh dhlhjhf]h\hjbehkv \ur_ ?keb m^Z\Zehkv mklZgh\blv nhdmk lh ihke_^h\Zl_evgh ijh\h^beZkv khhl\_lkl\mxsZy ebgby b \ i_j\mx hq_j_^v \k_]^Z dh]^Z wlh [ueh \hafh`gh bamqZeky i_j_ghk \ hlghr_gbyo iZpb_glZk jh^bl_eyfb Ikbohl_jZiby ihdZaZgZ rbjhdhfm djm]m iZpb_glh\ :\lhjh\ gh\h]h f_lh^Z kgZqZeZ m^b\eyeh qlh g_kfhljy gZ \ugm`^_ggh_ g_kh[ex^_gb_ djbl_jb_\ hl[hjZ iZpb_glh\ djZldhkjhqgZy ikbohl_jZiby hdZau\ZeZkv \iheg_ mki_rghc ihemq_ggu_ j_amevlZlu [ueb lZdbfb`_ohjhrbfbdZdijb^he]hkjhqghcikbohl_jZibb;ueh\ukdZaZghij_^iheh`_gb_qlh ikbohl_jZi_\l ijbagZ\Zy kihkh[ghklv iZpb_glh\ hkms_kl\eylv bgljhki_dpbx hkh[_ggh bgljhki_dpbx k\hbo wfhpbhgZevguo j_Zdpbc l_f kZfuf fhlb\bjh\Ze bo M`_ gZ klZ^bb hp_gdb dZd hlf_qZehkv \ur_ bo j_Zdpby gZ i_j\u_ ihiuldb bgl_jij_lZpbb [u\ZeZ iheh`bl_evghc < oh^_ k_kkbb iZpb_gl b ikbohl_jZi_\l kb^_eb ebphf ^jm] d ^jm]m dZd \h \k_o jZkkfZljb\Z_fuo a^_kv nhjfZo djZldhkjhqghc ikbohl_jZibb H[uqgh iZpb_gl ihk_sZe ikbohl_jZi_\lZh^bgjZa
Bgl_jij_lZpby ² ijbgylZy \ ikbohZgZeba_ l_ogbq_kdZy ijhp_^mjZ ij_\jZsZxsZy [_kkhagZl_evgh_gZoh^ys__ky\g_khagZgbyiZpb_glZ\ khagZl_evgh_²Ijbfi_j_\h^qbdZ \ g_^_ex Qbkeh k_kkbc khklZ\eyeh ² \ bkdexqbl_evguo kemqZyo ² Fwewg kqblZ_lqlh[he__\Z`gufnZdlhfq_fqbkehk_kkbcy\ey_lky^hklZlhqghjZgg__mklZgh\e_gb_ ^ZluaZ\_jr_gbyikbohl_jZibb ?keb ]h\hjblv h kljZgZo g_f_pdh]h yaudZ lh m`_ \ ] Eho /RFK jZajZ[hlZe dhgp_ipbx ikbohZgZeblbq_kdhc djZldhkjhqghc ikbohl_jZibb \_kvfZ [ebadmx dhgp_ipbb FwewgZ F_gq Ikbohl_jZiby aZ qZkh\ Ijbf_jgh \ lh `_ kZfh_ \j_fy qlh b Fwewg k\hx fh^_ev djZldhkjhqghc ikbohl_jZibb jZajZ[Zlu\Ze [hklhgkdbc ikbohZgZeblbd >`bf Fwgg ?]h ih[m^beb d wlhfm ^ebggu_ hq_j_^b iZpb_glh\ klj_fb\rboky ihiZklv gZ ijb_fd ikbohl_jZi_\lZf\ qZklghklb\ ;hklhgkdhfmgb\_jkbl_l_]^_hgjZ[hlZe
d ihl_j_\Z`gh]hh[t_dlZjZkkfZljb\Zxs_]hkyiZpb_glhfdZdbklhqgbdih^^_j`db Qlh dZkZ_lky f_lh^bdb lh \ i_j\u_ g_kdhevdh g_^_ev ikbohl_jZibb Fwgg ^_eZe mihj gZ h[tykg_gb_ wlh]h klj_fe_gby iZpb_glZ d g_h]jZgbq_gghc \h \j_f_gb ih^^_j`d_ AZl_f h[km`^Zeky lhl nZdl qlh \hafh`ghklb ^Z`_ kZfh]h [eZ]h`_eZl_evgh]h ikbohl_jZi_\lZ h]jZgbq_gu b jZkkfZljb\ZeZkv Zf[b\Ze_glghklv ihabpbb aZgbfZ_fhc iZpb_glhf \ oh^_ ikbohl_jZi_\lbq_kdbo hlghr_gbc < aZdexqbl_evghc nZa_ \ p_glj_ \gbfZgby hdZau\ZeZkv ih^]hlh\dZ iZpb_glZ d ij_^klhys_fm jZkklZ\Zgbx k ikbohl_jZi_\lhf gZijZ\e_ggZy gZ ij_h^he_gb_ihlj_[ghklbiZpb_glZ\ aZ\bkbfhklb DZdhceb[h ki_pbZevguc hl[hj iZpb_glh\ ba qbkeZ ebp h[jZsZ\rboky aZ ihfhsvx g_ hkms_kl\eyeky lZd qlh ki_dlj iZpb_glh\ [ue ^hklZlhqgh rbjhdbf Fwgg mdZau\Z_l qlh mkeh\b_fijhoh`^_gby_]hikbohl_jZibby\ey_lkyKbevgh_YiZpb_glZ
&HQWUDOLVVXH² hkgh\ghc\hijhk gh g_ mlhqgy_l wlh ihgylb_ < i_j\mx hq_j_^v hg h[jZsZ_l \gbfZgb_ gZ ij_^jZkiheh`_gghklv iZpb_glh\ d [ukljuf wfhpbhgZevguf j_Zdpbyf gZ bo kihkh[ghklv \u^_j`b\Zlv wfhpbhgZevgu_ gZ]jmadb b k\h_\j_f_ggh \uoh^blv ba khklhygby wfhpbhgZevghc \h\e_q_gghklb \ kblmZpbx Ba rbjhdh]h ki_dljZ [hevguo dhlhjuf ihdZaZgZ wlZ fh^_ev ikbohl_jZibb Fwgg bkdexqZ_l ebp gZoh^ysboky \ ih]jZgbqguo khklhygbyo kljZ^Zxsbo ikbohaZfb bkiulu\Zxsbo ]em[hdmx ^_ij_kkbx Z lZd`_ [hevguo k hj]Zgbq_kdbfb gZjmr_gbyfb Dmjk ikbohl_jZibb m > FwggZ h]jZgbq_g ikbohl_jZi_\lbq_kdbfb k_kkbyfb ih fbg dZ`^Zy < g_dhlhjuo kemqZyo ikbohl_jZiby fh`_l ijh\h^blvky \ \b^_ ihemqZkh\uo\klj_qiZpb_glZk ikbohl_jZi_\lhfh^bgjZa\ g_^_exbeb[ ^\moqZkh\uo \klj_q lZd`_h^bgjZa\ g_^_exAZ\_jr_gb_ikbohl_jZibb²p_gljZevgZyl_fZgZijhly`_gbb\k_]h ikbohl_jZi_\lbq_kdh]h ijhp_kkZ b ihklhyggh_ h[km`^_gb_ ij_^klhys_]h hdhgqZgby e_q_gby hkms_kl\ey_lkyihdjZcg_cf_j_k k_^vfhck_kkbb Kbngbhk 6LIQHRV DjZldhkjhqgZy ikbohl_jZiby hkgh\u\ZxsZyky gZ ijh\hpbjh\Zgbb m iZpb_glh\ lj_\h`ghklb Kbngbhk dhlhjuc lZd`_ jZ[hlZe \ ;hklhg_ \ lh]^Zrg_c H[s_c [hevgbp_ FZkkZqmk_llkZ \ _ ]h^u dZd [u kZf lh]h g_ `_eZy ij_^ijbgye ihiuldm jZajZ[hldbf_lh^ZdjZldhkjhqghcikbohl_jZibb< lh\j_fym g_]h[ueiZpb_glbkiulu\Z\rbc ijh[e_fu nh[bq_kdh]h oZjZdl_jZ dhlhjhfm \kdhj_ ij_^klhyeh `_gblvky Wlh h[klhyl_evkl\h ih[m^beh KbngbhkZ hldZaZlvky hl hjlh^hdkZevgh]h ikbohZgZeblbq_kdh]h ih^oh^Z \ khhl\_lkl\bb k dhlhjuf wnn_dlb\ghc ijbagZ\ZeZkv ebrv ^he]hkjhqgZy ikbohl_jZiby k ² k_kkbyfb \ g_^_ex Bkoh^y ba ij_^iheh`_gby qlh kblmZpby iZpb_glZ h[mkeh\e_gZ \ i_j\mx hq_j_^v w^bih\uf dhfie_dkhf hg jZajZ[hlZe dhgp_ipbx dhlhjZy ^he`gZ [ueZ iha\heblv [ukljhb wnn_dlb\ghijhjZ[hlZlvi_j_ghkb khijhlb\e_gb_\ mkeh\byow^bih\ZdhgnebdlZ?]h f_lh^bq_kdbc ih^oh^ ij_^mkfZljb\Z_l `_kldmx dhgnjhglZpbx Z \g_rgbf gZ[ex^Zl_e_f \hkijbgbfZ_lky ^Z`_ dZd kh^_j`Zsbc \ k_[_ \gmr_gb_ ihkdhevdm \ ^Zgghf kemqZ_ bkihevam_lky dZ`^Zy \hafh`ghklv i_j_ghkZ agZq_gby \ jZfdZo w^bih\hc kblmZpbb Ikbohl_jZi_\l b]jZ_l a^_kv gZklhevdh Zdlb\gmx jhev qlh bgh]^Z ^_eh ^hoh^bl ^h dhgnjhglZpbbb ijbwlhfhgih^Z\ey_l\hagbdZxs__m iZpb_glZqm\kl\haZ\bkbfhklb WlZ nhjfZ ikbohl_jZibb dZd k\b^_l_evkl\m_l hiul ihdZaZgZ hlghkbl_evgh a^hjh\uf iZpb_glZf fheh^uf ex^yf h[eZ^Zxsbf \ukhdhc fhlb\Zpb_c k ^hklZlhqghc KbehcY
mklhcqb\ufd kljZomb \j_f_gghbkiulu\Zxsbfdhgnebdl\ k\hbohlghr_gbyoFgh]h_bawlbo iZpb_glh\y\eyxlkyklm^_glZfbdhee_^`_clZdbebbgZq_bf_xsbfbhlghr_gbyd Kbngbhkm ij_ih^Zxs_fm\ wlbodhee_^`Zo K\h_h[jZab_dhglbg]_glZiZpb_glh\KbngbhkZih[m`^Zeh_]hihklhygghih\lhjylvqlhwlb <$9,6 fheh^u_ijb\e_dZl_evgu_\eZ^_xsb_keh\hfbgl_eeb]_glgu_mki_rgu_ iZpb_glu h[eZ^Zxsb_ hlghkbl_evgh [hevrhc KbehcY bf_xl ijZ\h gZ Z^_d\Zlgh_ e_q_gb_ ;ueZ jZajZ[hlZgZ^h\hevgh]b[dZy ijh]jZffZikbohl_jZibb\dexqZxsZy²bgh]^Z k_kkbc >h\hevgh qZklh iZpb_glu kihglZggh \ujZ`Zxl `_eZgb_ ij_djZlblv ikbohl_jZibx jZg__ mdZaZggh]hkjhdZ >_c\_gem RbjhdhnhdmkgZy djZldhkjhqgZy ikboh^bgZfbq_kdZy ikbohl_jZiby >_c\_gem 'DYDQORR dhlhjuc b k_]h^gy jZ[hlZ_l \ Fhgj_Ze_ ihemqbe ijhn_kkbhgZevgmx ih^]hlh\dm \ ;hklhg_ Wlh hij_^_ebeh \ebygb_ gZ g_]h Z\lhjh\ j_qv h dhlhjuo reZ \ur_ hkh[_gghFwewgZk dhlhjufhg\ ihke_^gb_]h^ujZ[hlZe[hevr_\k_]h< dhgp_ipbb >_c\_gem gZb[hevr__\gbfZgb_m^_ey_lkyhq_gvjZgg_cnhdmkbjh\d_gZkhijhlb\e_gbbb gZhj]ZgbaZpbb iZpb_glhf khijhlb\e_gby Ijb wlhf \ hlebqb_ hl KbngbhkZ >_c\_gem g_ h]jZgbqb\Z_l djm] k\hboiZpb_glh\l_fbdlhbkiulu\Z_lw^bih\udhgnebdluIj_^ihql_gb_hghl^Z_liZpb_glZf k hlghkbl_evgh jb]b^ghc kljmdlmjhc oZjZdl_jZ iZgpbjguc oZjZdl_j beb iZpb_glZf k gZ\yaqb\ufb khklhygbyfb l_ lZdbf iZpb_glZf dhlhjuf dZaZehkv [u djZldhkjhqgZy ikbohl_jZiby g_ ihdZaZgZ LZdhc dhglbg]_gl iZpb_glh\ lj_[m_l hkh[uo f_lh^h\ b lZdb_ f_lh^u [ueb jZajZ[hlZgu >_c\_gem GZqbgZy k i_j\hc k_kkbb hg Zdlb\gh \uklmiZ_l ijhlb\ aZgbfZ_fhciZpb_glhfihabpbbkhijhlb\e_gbymqZklbx\ ikbohl_jZi_\lbq_kdhfijhp_kk_Ijb wlhf\ k\hbojZatykg_gbyohg^Z_lbgl_jij_lZpbxaZsbluiZpb_glZhkh[_gghijbfblb\guo__ nhjf DZd b Fwewg hg hkms_kl\ey_l ljbZg]meypbx ijbq_f h[jZsZ_l \gbfZgb_ gZ Zki_dlu i_j_ghkZh[mkeh\e_ggu_dhgnebdlZfb\ jZgg_f^_lkl\_>_eZ_lkywlhg_dZd h[uqgh \ nhjf_ hklhjh`ghcihiuldbbgl_jij_lZpbb Z ihkj_^kl\hfij_^ty\e_gbyiZpb_glmhq_\b^gh]h nZdlZ Ijbwlhfhgfbjblkyk lZdbfbkbevgufbZnn_dlZfbiZpb_glh\dZd]g_\bebk ijhy\e_gbyfb \jZ`^_[ghklb gh klZjZ_lky ljZdlh\Zlv bo dZd n_ghf_gu i_j_ghkZ < l_o kemqZyo dh]^Z lZdZy `_kldZy dhgnjhglZpby k iZpb_glhf g_ fh`_l [ulv ijbgylZ iZpb_glhf >_c\_gem aZ\_jrZ_l ikbohl_jZibx ij_`^_\j_f_ggh Hg \k_]^Z ^hfbgbjm_l gZ^ iZpb_glhf Hlebqb_ _]h ikbohl_jZibbaZdexqZ_lky\ lhfqlh[hevrbgkl\hk_kkbcaZibku\Z_lkygZ\b^_hdZkk_lub kjZam `_ihke_boaZ\_jr_gbyh[km`^Z_lky\ djm]mdhee_]DZdijZ\behijh\h^blky²k_kkbck bgl_j\Zehf\ g_^_ex >Ze__ jZkkfZljb\Zxlky _s_ ^\Z Z\lhjZ hjb_glbjh\Zgguo ij_bfms_kl\_ggh gZ ikbohZgZeba < bo dhgp_ipbyo p_gljZevgh_ f_klh aZgbfZxl \hijhku ih\_^_gby ljZdlm_fu_ ij_`^_ \k_]h \ k\_l_ ikbohZgZeblbq_kdhc l_hjbb h[t_dlguo hlghr_gbc < hlebqb_ hl jZkkfhlj_gguo\ur_Z\lhjh\hgbhlhrebhldeZkkbq_kdhcikbohZgZeblbq_kdhcYl_hjbb KljZii H]jZgbq_ggZy \h \j_f_gb ikboh^bgZfbq_kdZy ikbohl_jZiby KljZii 6WUXSS [m^mqbmq_gbdhfKZeeb\wgZ 6DOOLYHQ \k_]^Zklhye\ klhjhg_hldeZkkbq_kdh]hikbohZgZebaZb iulZeky \uy\blv nZdlhju ikbohl_jZi_\lbq_kdh]h \ha^_ckl\by k ihfhsvx h[t_dlb\baZpbb ijhp_kkZ ikbohl_jZibb Hlkx^Z ijhbkl_dZeZ _]h \hkijbbfqb\hklv d gh\uf \_ygbyf \ ikbohl_jZibbbklhqgbdhfdhlhjuo[uei_j\hgZqZevgh[bo_\bhjbafZ aZl_fij_bfms_kl\_ggh dh]gblb\gZyikboheh]byIj_^eh`_ggZybfb jZajZ[Zlu\Z_fZy^Ze__dhgp_ipby djZldhkjhqghc ikbohl_jZibbg_k_lgZk_[_yjdh\ujZ`_ggu_ke_^uikboh^bgZfbq_kdh]hhiulZ__ Z\lhjZgh\
agZqbl_evghc f_j_ hgZ k\h[h^gZ hl \ebygby lhc beb bghc rdheu Z \ dZq_kl\_ __ hkgh\u \uklmiZ_l dZl_]hjby hlghr_gbc GZ i_j\uc ieZg \uoh^bl ^bZ^Z iZpb_glikbohl_jZi_\l Ij_`^_ \k_]h ZgZebabjmxlky bf_\rb_ f_klh hldehg_gby \ hlghr_gbyo b mklZgZ\eb\Z_lky nhdmk dhlhjhfm ke_^mxl \ ihke_^mxsbo k_kkbyo Wlhl ^bgZfbq_kdbc nhdmk ihgbfZ_lky dZd f_`ebqghklgZy ijh[e_fZ Ijbq_f ikbohl_jZi_\l ljZdlm_lk_[y \ dZq_kl\_ g_dh_]h gh\h]h agZqbfh]h h[t_dlZ dhlhjuc ke_^m_l ijhlb\hihklZ\blv [he__ jZggbf qZklvx ljZ\fZlbabjmxsbf qZklvx b^_Zebabjm_fuf agZqbfuf h[t_dlZf F_lh^bdZ kljhblky gZ lhf qlh \ jZfdZo ikbohl_jZi_\lbq_kdh]h hlghr_gby a^_kv b k_cqZk gZ[ex^Zxlky b h[tykgyxlky gZjmr_gby ih\_^_gby iZpb_glZ Ijb wlhf ikbohl_jZi_\l mqblu\Z_l k\h_ kh[kl\_ggh_ \hkijbylb_iZpb_glZdhlhjh_^he`gh[ulvg_g_`_eZl_evgufdhglji_j_ghkhfZ k\h_]hjh^Z j_Zdpb_c qm\kl\bl_evgh]h ^ZlqbdZ \hkijbgbfZxs_]h ih^ebggmx kblmZpbx \ hlghr_gbyo ZlZ hdhgqZgby ikbohl_jZibb aZjZg__ g_ mklZgZ\eb\Z_lky gh \ aZdexqbl_evghc nZa_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ aZ\_jr_gbx ikbohl_jZibbm^_ey_lkyi_j\hkl_i_ggh_\gbfZgb_ E Ex[hjkdb Ijbgpbiu ikbohZgZeblbq_kdhc ikbohl_jZibb ² mq_[gh_ ihkh[b_ ih ih^^_j`b\Zxs_wdkij_kkb\ghfm f_lh^m E_kl_j Ex[hjkdb /XERUVN\ [ue h^gbf ba i_j\uo ikbohZgZeblbdh\ iulZ\rboky hkms_kl\eylv kbkl_fgh_ bkke_^h\Zgb_ ijhp_kkZ ikbohl_jZibb Dhgp_ipbyhjb_glbjh\ZgghcgZikbohZgZebaikbohl_jZibbihy\beZkv\ j_amevlZl_fgh]he_lgbo gZmqguo bkke_^h\Zgbc JZajZ[hlZggu_ bf ijbgpbiu ijb_fe_fu dZd \ ^he]hkjhqghc lZd b \ djZldhkjhqghc ikbohl_jZibb Ex[hjkdb ijb^_j`b\Z_lky ke_^mxs_c lhqdb aj_gby dZ`^uc iZpb_glbkiulu\Z_lg_hkhagZggh_`_eZgb_bebihlj_[ghklvb _]hih\_^_gb_hij_^_ey_lky_]h hlghr_gbyfb k ^jm]bfb Ke_^kl\b_f lZdhc ihabpbb [u\Z_l k h^ghc klhjhgu hij_^_e_ggZy j_Zdpby kZfh]h iZpb_glZ k ^jm]hc ² hij_^_e_ggu_ j_Zdpbb _]h iZjlg_jh\ k dhlhjufb hg \klmiZ_l\ l_bebbgu_hlghr_gbyM dZ`^h]hiZpb_glZfh`gh\uy\blvh]jZgbq_ggh_qbkehl_f kh^_j`Zsbo wlhl hkgh\ghc dhgnebdl Dh]^Z wlb k\yab gZa\Zggu_ Ex[hjkdb l_fu hkgh\guo dhgnebdlguo hlghr_gbc [u\Zxl hij_^_e_gu fh`gh bo bkihevah\Zlv \ ikbohl_jZibb < f_lh^bq_kdhf hlghr_gbb Ex[hjkdb \ k\h_c jZ[hl_ ke_^m_l hkgh\guf ijbgpbiZf ikbohZgZebaZ H^gZdh [hevrh_ agZq_gb_ hg ijb^Z_l b wdkij_kkb\guf b ih^^_j`b\Zxsbf f_lh^Zf Bkihevah\Zgb_ wdkij_kkb\guo f_lh^h\ hagZqZ_l qlh ikbohl_jZi_\l ^_fhgkljbjmy [hevrhcbgl_j_kd iZpb_glmZdlb\gh_kemrZgb_ ih[m`^Z_l_]hbaeh`blvk\hbijh[e_fub mklZgh\blv k\yav f_`^m gbfb Z iha`_ \hafh`gh ^Zlv bf khhl\_lkl\mxsmx bgl_jij_lZpbx AZsblgucbebih^^_j`b\ZxsbcZki_dlijhy\ey_lky\ kh\f_klghcihklZgh\d_p_e_c\ ohjhrbo jZ[hqbo hlghr_gbyo b ihklhygghc ih^^_j`d_ mkbebc iZpb_glZ gZijZ\e_gguo gZ \uy\e_gb_ g_hkhagZgguo bf ihdZ khklZ\eyxsbo _]h ih\_^_gby P_ev aZdexqZ_lky g_ klhevdh \ lhf qlh[uj_rblvdhgnebdluk\yaZggu_k ihlj_[ghklyfbq_eh\_dZkdhevdh\ lhfqlh[ukfy]qblv hljbpZl_evgu_ihke_^kl\byf_`ebqghklguohlghr_gbc\ dhlhjuoijbgbfZ_lmqZklb_iZpb_gl Ex[hjkdb iheZ]Z_l qlh wlb ijbgpbiu ]h^ylky \ jZ[hl_ k [hevrbgkl\hf iZpb_glh\ g_
kljZ^Zxsbo ikbohaZfb b ihwlhfm g_ \b^bl g_h[oh^bfhklb \ dZdbolh h]jZgbq_gbyo ijb \u[hj_ iZpb_glh\ < oh^_ ikbohl_jZibb ikbohl_jZi_\l b iZpb_gl kb^yl ebphf ^jm] d ^jm]m ijh^he`bl_evghklv ikbohl_jZibb h]jZgbq_gZ ² k_kkbyfb _keb \ kbem hkh[_gguo h[klhyl_evkl\g_lgm`^u\ ^he]hkjhqghcikbohl_jZibb \ g_^_exijh\h^blky²k_kkbb Z b [hevrbgkl\h \b^h\ ih\_^_gq_kdhc ikbohl_jZibb hlghkblky d djZldhkjhqghc ikbohl_jZibb Hkh[uc bgl_j_k \ dhgl_dkl_ gZr_c dhgp_ipbbijh[e_fghhjb_glbjh\Zgghcikbohl_jZibbij_^klZ\eyxl^\_jZkkfZljb\Z_fu_gb`_ fh^_eb De_jfZg bgl_ji_jkhgZevgZy ikbohl_jZiby IkbobZlj De_jfZg .OHUPDQ kh\f_klgh kh k\h_c`_ghckhpbheh]hff_^bpbguFbjghc
?]hf_lh^khhl\_lkl\_gghgZijZ\e_ggZbkijZ\e_gb_wlboeh]bq_kdbohrb[hdkh^_j`Zsboky \ mk\h_gguoiZpb_glhfko_fZofure_gby>eywlh]hhgjZajZ[hlZefgh]hqbke_ggu_kljZl_]bb dhlhju_ fh]ml bkihevah\Zlvky \ jZ[hl_ ikbohl_jZi_\lZ ihke_^h\Zl_evgh beb h^gh\j_f_ggh \ aZ\bkbfhklb hl h[klhyl_evkl\ Ijbf_jZfb lZdbo eh]bq_kdbo hrb[hd \ fure_gbb iZpb_glZ fh]mlkem`blv\hkijbylb_ebrvh^gh]hhij_^_e_ggh]hZki_dlZijh[e_fghckblmZpbb qj_af_jgh_ h[h[s_gb_ dhlhjh_ iZpb_gl ^_eZ_l gZ hkgh\_ _^bgbqgh]h kemqZy hp_gdZ fZehagZqZs_]hkh[ulbydZddZlZkljhnub l^>eyij_h^he_gbylZdbodh]gblb\guobkdZ`_gbc bkihevamxlkykhhl\_lkl\mxsb_kljZl_]bb Qlh dZkZ_lky ihdZaZgbc lh i_j\hgZqZevgh f_lh^ [ue ij_^gZagZq_g ^ey iZpb_glh\ kljZ^Zxsbo ^_ij_kkb_c gh kh \j_f_g_f _]h klZeb k mki_ohf bkihevah\Zlv b \ jZ[hl_ k iZpb_glZfb dhlhju_ bkiulu\Zeb kljZo kljZ^Zeb nh[byfb fZgbyfb Z lZd`_ k iZpb_glZfb dhlhju_bf_ebikbohnbabheh]bq_kdb_ijh[e_fuZghj_dkbyba[ulhqguc\_k QZs_\k_]hk_kkbbijh\h^ylkyh^bg^\ZjZaZ\ g_^_exgZijhly`_gbbk_fbg_^_evZ aZl_f \h \j_fy \lhjhc aZdexqbl_evghc nZau ihemq_ggu_ [eZ]hijbylgu_ baf_g_gby aZdj_ieyxlky k ihfhsvxk_kkbc\ f_kyp Djblbq_kdbc h[ahj baeh`_gguo fh^_e_c djZldhkjhqghc ikbohl_jZibb IjZdlbq_kdb \k_ ij_^klZ\e_ggu_ a^_kv nhjfu djZldhkjhqghc ikbohl_jZibb [ueb jZajZ[hlZgu Z\lhjZfb i_j\hgZqZevgh ijb^_j`b\Z\rbfbky ikbohZgZeblbq_kdhc hjb_glZpbb Ihwlhfm g_l gbq_]h m^b\bl_evgh]h \ lhf qlh hgb kh^_j`Zl h[sb_ we_f_glu H^gZdh dhgp_ilmZebaZpby jZkkfZljb\Z_fuoijh[e_fhkms_kl\ey_lky\ gboihjZaghfmDjhf_lh]h\a]ey^uwlboZ\lhjh\ kdhj__ ^hihegyxl ^jm] ^jm]Z q_f \klmiZxl \ ijhlb\hj_qb_ < dh]gblb\ghc djZldhkjhqghc ikbohl_jZibb \ p_glj_ \gbfZgby ij_`^_ \k_]h ijhp_kk fure_gby ko_fu fure_gby b l_ bkdZ`_gby dhlhju_ hgb kh^_j`Zl < bgl_ji_jkhgZevghc djZldhkjhqghc ikbohl_jZibb jZkkfZljb\Zxlky \ i_j\mx hq_j_^v f_`ebqghklgu_ hlghr_gby b khpbZevgZy ih^^_j`dZ kh klhjhguhdjm`_gby< kh[kl\_gghikboh^bgZfbq_kdbodjZldhkjhqguofh^_eyoikbohl_jZibb\ k\hx hq_j_^v hlijZ\ghc lhqdhc jZ[hlu kem`bl \gmlj_ggbc hiul iZpb_glZ ihemq_gguc \ ij_^r_kl\h\Z\rbob kms_kl\mxsbo\ gZklhys__\j_fyhlghr_gbyoQlhdZkZ_lkyijb_fe_fuo f_lh^h\lhf_`^mgbfb kms_kl\m_l hij_^_e_ggh_ koh^kl\h _keb ikbohZgZeblbq_kdbc l_jfbg aZsblZ ihgbfZlv dZd ihiuldm iZpb_glZ ij_^klZ\blv \hkijbgbfZ_fmx ^_ckl\bl_evghklv lZd qlh[u k^_eZlv __ i_j_ghkbfhc lh fu ihemqZ_f dh]gblb\gu_ bkdZ`_gby dhlhju_ fh]ml [ulv bkijZ\e_gu Wlb dh]gblb\gu_ bkdZ`_gby hdZau\Zxl lZd`_ khhl\_lkl\mxs__ \ebygb_ gZ ih\_^_gb_iZpb_glZH^gZdhZ\lhjuikboh^bgZfbq_kdbofh^_e_cdjZldhkjhqghcikbohl_jZibb \h ]eZ\m m]eZ klZ\yl \uau\Zxsb_ kljZo bfimevku dhlhjuf ijhlb\hklhyl hkms_kl\eyxsb_ \gmlj_ggbcdhgljhevYb K\_joYqlhihjh`^Z_lkhhl\_lkl\mxsb_dhgnebdlu < dh]gblb\ghc djZldhkjhqghc ikbohl_jZibb i_j\hhq_j_^gZy aZ^ZqZ ² \uy\blv dh]gblb\gu_bkdZ`_gbyb h[jZlblv\gbfZgb_iZpb_glZgZgZebqb_\ _]hfure_gbbhrb[hqguo ko_f gZ qlh mdZau\Ze IbZ`_ B a^_kv bf__lky hij_^_e_ggh_ kh\iZ^_gb_ k l_f qlh \ ikbohZgZeba_ gZau\Z_lky l_hjb_c h[t_dlguo hlghr_gbc < khhl\_lkl\bb k wlhc l_hjb_c h`b^Zgby dZkZxsb_ky hlghr_gbc \uklmiZxl \ ikbobd_ dZd j_ij_a_glZpbb hlghr_gbc km[t_dlh[t_dl LZdbf h[jZahf \ h[_bo fh^_eyo \klZ_l aZ^ZqZ jZkihagZlv g_hkhagZ\Z_fu_ ko_fuih\_^_gbyb jZatykgblvboiZpb_glZfKoh^kl\h_s_[he__mkbeb\Z_lky\ kbemlh]hqlh h[_fh^_ebkhjb_glbjh\ZgugZa^_kvb k_cqZkgZl_dmsb_ikbohl_jZi_\lbq_kdb_hlghr_gby Bgl_ji_jkhgZevgZyikbohl_jZibylZd`_[ebadZl_hjbbh[t_dlguohlghr_gbc<_^vihgbfZgb_
l_dmsbof_`ebqghklguohlghr_gbchagZqZ_lg_qlhbgh_dZdihgbfZgb_bgl_jgZebabjh\Zgguo we_f_glh\ km[t_dlZ b h[t_dlZ h q_f ]h\hjbehkv \ur_ B a^_kv bkoh^yl ba lh]h qlh ij_^r_kl\h\Z\rbc hiul hlghr_gbc h[mkeh\eb\Z_l l_dms__ ih\_^_gb_ JZaebqby f_`^m hl^_evgufb fh^_eyfb djZldhkjhqghc ikbohl_jZibb gZb[he__ hlq_leb\h ijhy\eyxlky \ bkihevam_fuo bfb f_lh^Zo Dh]gblb\gZy b f_`ebqghklgZy djZldhkjhqgu_ ikbohl_jZibb ² ^bj_dlb\gu_ hgb gZijZ\e_gu ij_`^_ \k_]h gZ l_dms__ ih\_^_gb_ < ikboh^bgZfbq_kdbo nhjfZodjZldhkjhqghcikbohl_jZibbmkbebyikbohl_jZi_\lZ[u\ZxlgZijZ\e_gugZih\ur_gb_ Zdlb\ghklbiZpb_glZqlh[uhghkhagZeb ij_h^he_ek\h_bkdZ`_ggh_ih\_^_gb_b wlh^he`gh hldjulvi_j_^gbf\hafh`ghklvhijh[h\Zlvgh\u_[he__Z^_d\Zlgu_fh^_ebih\_^_gby :gZeba dhgp_ipbc jZajZ[hlZgguo jZaebqgufb Z\lhjZfb ihdZau\Z_l gZkdhevdh hgb [ebadb ^jm] ^jm]m \ f_lh^bq_kdhf hlghr_gbb K ^jm]hc klhjhgu h^gZdh hdZau\Z_lky qlh we_f_glu dhlhjuf hl^Z_lky ij_^ihql_gb_ \ l_o beb bguo f_lh^Zo nZdlhju \ha^_ckl\by fh]ml \uklmiZlv b \ ^jm]bo khq_lZgbyo Wlh ^Z_l gZf \hafh`ghklv \u[bjZlv l_ ba wlbo we_f_glh\ dhlhju_ fh]ml gZclb ijbf_g_gb_ ijb ijh[e_fghhjb_glbjh\Zgghf ih^oh^_ b \dexqZlvbo\ jZajZ[hlZggmxgZfbdhgp_ipbxIHl_jZibb L?HJBYIJH;E?FGHHJB?GLBJH<:GGHCIKBOHL?J:IBB Wde_dlbpbaf Ij_^\Zjbl_evgu_ aZf_qZgby GZrZ dhgp_ipby IHl_jZibb g_ hkgh\u\Z_lky gZ dZdhclh h^ghc_^bgkl\_gghcikboheh]bq_kdhcl_hjbbGZrZaZ^ZqZkhklhyeZ\ lhfqlh[ujZkkfhlj_lv jZaebqgu_ l_hjbbij_^klZ\eyxsb_ky ihe_agufb ^ey dhgp_ipbb jZajZ[hlZgghc gZ hkgh\Zgbb gZr_]hhiulZ ?keb h[jZlblvky d bklhjbb lh hdZ`_lky qlh wde_dlbq_kdbc h[jZa fure_gby moh^bl dhjgyfb \ Zglbqgmx nbehkhnkdmx rdhem gZau\Z\rmxky wde_dlbpbaf Z lZd`_ \ nbehkhnkdh_mq_gb_k\yaZggh_k bf_gZfbE_c[gbpZb Gbpr_b ba\_klgh_dZdi_jki_dlb\baf Klhjhggbdb wde_dlbpbafZ ml\_j`^Zxl qlh ^_ckl\bl_evghklv fh`_l \hkijbgbfZlvky ebrv \ hij_^_e_gghc i_jki_dlb\_ aZ\bkys_c hl ihabpbb beb hl dZq_kl\ ihagZxs_]h __ IhagZgb_ \k_]^Z[u\Z_lh[mkeh\e_ghihabpb_caZgbfZ_fhcihagZxsbf
dh]gblb\gh]h wfhpbhgZevgh]h ikbohnbabheh]bq_kdh]h b ih\_^_gq_kdh]h Zki_dlh\ Fu iheZ]Z_f qlh ex[h_ jZamfgh_ ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ fh`_l ieZgbjh\Zlvky b hkms_kl\eylvkylhevdhk mq_lhf\k_o\ur_gZa\ZgguoZki_dlh\Lh`_kZfh_fh`ghkdZaZlvh[ hp_gd_ \ha^_ckl\by b j_amevlZlh\ ikbohl_jZibb < dgb]_ Hjebgkdh]h b =h\Zj^Z 2UOLQVNL +RZDUG ijb\h^ylkym[_^bl_evgu_^hdZaZl_evkl\Zkms_kl\h\Zgby\aZbfhaZ\bkbfhklbWlb Z\lhju ihdZau\Zxl qlh j_amevlZl ikbohl_jZibb aZ\bkbl g_ lhevdh hl ikbohl_jZi_\lbq_kdh]h ijhp_kkZ dZd lZdh\h]h gh b hl khpbZevguo beb h[s_kl\_gguo \ha^_ckl\bc bkiulu\Z_fuo iZpb_glhf aZ ij_^_eZfb dZ[bg_lZ ikbohl_jZi_\lZ K mq_lhf kdZaZggh]h \ oh^_ ikbohl_jZibb \k_]^Zke_^m_lbf_lv\ \b^mlhlkhpbhwdheh]bq_kdbcdhgl_dkl\ dhlhjhf`b\_liZpb_glb fu g_baf_ggh ih^q_jdb\Z_f wlh h[klhyl_evkl\h Ikbohl_jZiby g_ fh`_l b g_ ^he`gZ [ulv g_ hl fbjZk_]h JZaebqb_ f_`^m ikbohl_jZi_\lbq_kdbfb rdheZfb aZdexqZ_lky g_ lhevdh \ l_o f_lh^Zo b ijb_fZo dhlhju_ hgb bkihevamxl < hkgh\_ dZ`^hc kbkl_fu ikbohl_jZibb e_`Zl k\hb ki_pbnbq_kdb_ij_^klZ\e_gbyh fbj_b q_eh\_d_KdZaZggh_\ hij_^_e_gghckl_i_gbhlghkblky b d dhgp_ipbb ij_^eZ]Z_fhc wde_dlbq_kdhc ikbohl_jZib_c B wde_dlbdb ^_ckl\mxl jmdh\h^kl\mykvhij_^_e_ggufbfbjh\haaj_gq_kdbfbm[_`^_gbyfb KZfh kh[hc jZamf__lky qlh ikbohl_jZi_\l ihke_^h\Zl_evgh ijb^_j`b\Zxsbcky \ k\h_c jZ[hl_wde_dlbq_kdhchjb_glZpbbg_fh`_l[ulvklhjhggbdhfdZdh]heb[hh^gh]hgZijZ\e_gby ikbohl_jZibb Ihwlhfm \ hkgh\_ gZr_c dhgp_ipbb dZd b dhgp_ipbb =Zjnbe^Z *DUILHOG e_`bl m[_`^_gb_\ lhfqlhg_fh`_lkms_kl\h\Zlv_^bgkl\_ggh\_jgh]hih^oh^Zd dZ`^hfmiZpb_glm G_l lZdhc mgb\_jkZevghc ikbohl_jZibb dhlhjZy ]h^beZkv [u ^ey \k_o iZpb_glh\ b \k_o ikbobq_kdbohldehg_gbcDjhf_lh]hgZa\Zgb_lhcbebbghcnhjfuikbohl_jZibb_s_gbq_]h g_]h\hjblgZfh ki_pbnbq_kdbof_lh^ZojZ[hlu\ oh^_kZfhcikbohl_jZibb < ikbohl_jZi_\lbq_kdhcijZdlbd_j_^dhdh]^Zm^Z_lkykljh]hke_^h\Zlvij_^ibkZgbyflh]h bebbgh]hgZijZ\e_gbyHiulgucijZdlbdagZ_lh[h]jZgbq_gghklbb dhgp_ipbbb f_lh^h\lh]h gZijZ\e_gby dhlhjh_ hg ij_^klZ\ey_l <j_fy hl \j_f_gb hg \ghkbl \ k\hc ikbohl_jZi_\lbq_kdbc j_i_jlmZj qm`^u_ _]h rdhe_ we_f_glu qlh[u [ulv \ khklhygbb khhl\_lkl\h\Zlv l_f lj_[h\Zgbyf dhlhju_ ij_^ty\ey_l _fm ijZdlbdZ Ih^ keh\hf ijZdlbdZ fu ihgbfZ_f \ ^Zgghc jZ[hl_ ke_^mxs__ iZpb_gl h[eZ^Zxsbc dZd ^hklhbgkl\Zfb lZd b g_^hklZldZfbgZoh^ysbcky\ ki_pbnbq_kdbo`bag_gguoh[klhyl_evkl\ZohdZaZ\rbkv\ hkh[hc ijh[e_fghc kblmZpbb h[jZlbeky aZ ikbohl_jZi_\lbq_kdhc ih^^_j`dhc b l_i_jv \h\e_q_g \ hij_^_e_ggu_ebqgu_b _^bgkl\_ggu_\ k\h_fjh^_ikbohl_jZi_\lbq_kdb_hlghr_gby Ih`Zemc \ ex[hc ikbohl_jZi_\lbq_kdhc ijZdlbd_ gZ ^_e_ bf__l f_klh iexjZebaf f_lh^h\ Z l_hjby dhlhjhc jmdh\h^kl\m_lky ikbohl_jZi_\l wde_dlbq_kdZy lZd dZd \ ih\k_^g_\ghcikbohl_jZi_\lbq_kdhcjZ[hl_ijboh^blky^_fhgkljbjh\Zlv]b[dhklvfure_gbyb [ukljhlm j_Zdpbb Z g_ hjb_glbjh\Zlvky gZ l_ beb bgu_ kljh]b_ dhgp_ipbb Ihwlhfm \ ijZdlbq_kdhc jZ[hl_ g_ hijZ\^Zgu q_j_kqmj madb_ l_hj_lbq_kdb_ b f_lh^bq_kdb_ jZfdb KdZaZggh_ g_ hagZqZ_l qlh fu hljbpZl_evgh hlghkbfky d lhfm qlh bamqZ_lky \ oh^_ ijhn_kkbhgZevghc ih^]hlh\db ikbohl_jZi_\lh\ jZaebqgufb rdheZfb ikbohl_jZibb Q_ldh_ baeh`_gb_ dhgp_ipbc b ih^]hlh\dZ hkms_kl\ey_fZy k mq_lhf ljZ^bpbc hq_gv \Z`gu ^ey nhjfbjh\Zgby fheh^uo ikbohl_jZi_\lh\ LZdZy ih^]hlh\dZ qZklh hkms_kl\ey_fZy ex^vfb k ]jhfdbfb bf_gZfb iha\hey_l [m^msbf ikbohl_jZi_\lZf ijhclb ijhp_kk b^_glbnbdZpbb b
mklZgh\blv k\hx i_j\mx ikbohl_jZi_\lbq_kdmx b^_glbqghklv DZd j_amevlZl ^ebl_evgh]h ijhp_kkZ khaj_\Zgby b h[j_l_gby hiulZ fh`gh ih`Zemc ij_^klZ\blv ikbohl_jZi_\lbq_kdmx ihabpbx wde_dlbdZ LZdh_ iheh`_gb_ [m^_l khojZgylvky ih djZcg_c f_j_ ^h l_o ihj ihdZ wde_dlbpbaf g_ ij_\jZlblky \ ljZ^bpbhggmx rdhem L_f g_ f_g__ kqblZ_f g_h[oh^bfuf ihdZaZlv fheh^uf ikbohl_jZi_\lZf dZd \ ^_ckl\bl_evghklb \u]ey^bl ikbohl_jZi_\lbq_kdZy ijZdlbdZbohiulguodhee_]dhlhjZyij_bfms_kl\_gghhdZau\Z_lkywde_dlbq_kdhc Ij_^eZ]ZyIHl_jZibxfug_bf__fgZf_j_gbyhkgh\Zlvgh\mxrdhembebmq_gb_bo m`_ ^hklZlhqgh GZr aZfuk_e ² ihdZaZlv hkgh\gu_ khklZ\eyxsb_ we_f_glu ikbohl_jZi_\lbq_kdhc ijZdlbdb b ijh^_fhgkljbjh\Zlv \hafh`ghklb ijZ]fZlbq_kdh]h b g_rZ[ehggh]hj_r_gby\hagbdZxsbo\ __oh^_ijh[e_f IjZ]fZlbq_kdbcwde_dlbpbaf Wde_dlbq_kdbc ih^oh^ g_ hagZqZ_l ijhba\hevgh]h ebr_ggh]h j_ne_dkbb ijbf_g_gby ikbohl_jZi_\lbq_kdbo f_lh^h\ ijb iheghf b]ghjbjh\Zgbb bo l_hj_lbq_kdbo hkgh\ beb ij_g_[j_`_gbb d nbehkhnbb ih\_^_gby b ijbgylby j_r_gbc Lhqgh lZd `_ g_ fh`_l [ulv jZamfghcikbohl_jZiby_keb\ __hkgh\_g_e_`Zlhij_^_e_ggu_ij_^klZ\e_gbyh q_eh\_d_ Hkgh\gZyZgljhiheh]bq_kdZy b^_ye_`ZsZy\ hkgh\_gZr_]hih^oh^ZaZdexqZ_lky\ lhf qlh dZ`^uc q_eh\_d \uklmiZ_l dZd p_ehklgh_ kms_kl\h \ hij_^_e_gghf khpbZevghf b wdheh]bq_kdhf dhgl_dkl_ Z lZd`_ dZd kms_kl\h Zdlb\gh_ k p_e_gZijZ\e_gguf ih\_^_gb_f gZoh^ys__ky\ ihklhygghf\aZbfh^_ckl\bbkhk\hbfijbjh^gufb khpbZevgufhdjm`_gb_f < wde_dlbpbaf_fh`gh\u^_eblv^\Zhkgh\guogZijZ\e_gby IjZ]fZlbq_kdbcwde_dlbpbaf A^_kvhl\_j]ZxlkyijbagZggu_l_hjbbk boij_l_gabyfbgZ bkdexqbl_evghklvhklhcgh m^b\e_gby qlh k l_q_gb_f \j_f_gb ihgylb_ wde_dlbq_kdbc ijbh[j_eh g_]Zlb\gh_ agZq_gb_ BklhjbdZf gZmdb klhbeh [u ijh\_klb bkke_^h\Zgby b \uy\blv ijbqbgu wlh]h h[klhyl_evkl\Z I_j\hgZqZevgh wde_dlbdhf gZau\Zeb q_eh\_dZ g_ `_eZ\r_]h ijbkh_^bgblvky d lhc beb bghc rdhe_ ihkdhevdm hg hlq_leb\h \b^_e __ h]jZgbq_gghklv Wde_dlbd [ue g_aZ\bkbf \ ^moh\ghf ieZg_ Ba wlh]h \ul_dZ_l qlh hg ihklhyggh ^he`_g [ue klj_fblvkyd bgl_]jZpbbjZaebqguofh^_e_cfure_gby GZijZdlbd_ijZ]fZlbq_kdbcwde_dlbpbafaZdexqZ_lky\ lhfqlh^eyj_r_gbydZdhceb[h ijh[e_fufuh[jZsZ_fkyd jZaebqgufl_hjbyfb bkihevam_fjZaebqgu_ijb_fu=eZ\gh_ijb wlhf ² ^hklbqv kh]eZkby k iZpb_glhf \ \hijhk_ \u[hjZ wnn_dlb\ghc kljZl_]bb j_r_gby ijh[e_fu k dhlhjhc hg klZedb\Z_lky b gZclb m^h\e_l\hjyxsb_ _]h imlb ^hklb`_gby p_e_c dhlhju_hgi_j_^kh[hcklZ\bl Ikbohl_jZibydZdj_r_gb_ijh[e_fIZjZ^b]fZj_r_gbyijh[e_f :\lhjugZklhys_]hmq_[gbdZbkihevamxlwde_dlbq_kdbcih^oh^Wlhij_^iheZ]Z_lqlhfu
\ hij_^_e_gghc kl_i_gb [_aaZkl_gqb\h bkihevam_f ikbohl_jZi_\lbq_kdb_ bgkljmf_glu dhlhju_ \ j_amevlZl_ hp_gdb kblmZpbb ij_^klZ\eyxlky gZf gZb[he__ ih^oh^ysbfb ^ey ^hklb`_gbygZf_q_gghcp_ebMq_[gbdkh^_j`blijbgpbiuhl[hjZiZpb_glh\fh^_evijhp_kkZ ikbohl_jZibbb hibkZgb_f_lh^h\ijbgylbyj_r_gbc
bkp_e_gbb [hevgh]h Ihwlhfm fu [u\Z_f m^h\e_l\hj_gu dh]^Z bf__l f_klh lZd gZau\Z_fuc qZklbqguc mki_o ² mki_o \ \u[jZgghc ijh[e_fghc h[eZklb LZdhc qZklbqguc mki_o iha\hey_l gZ^_ylvky qlh kh \j_f_g_f ih^h[gu_ baf_g_gby ijhbahc^ml b \ ^jm]bo h[eZklyo AZdhg h[s_c l_hjbb kbkl_f ]eZkbl baf_g_gby \ h^ghc h[eZklb dZdhceb[h kbkl_fu kihkh[kl\mxl i_j_f_s_gbyf \h \k_c kbkl_f_ b l_f kZfuf baf_g_gbyf \ g_c >_ee =mebryg 'HOO *RROLVKLDQ =h\hjy ijZ]fZlbq_kdbf yaudhf iZpb_glZ ke_^m_l dZd fh`gh kdhj__ \gh\v k^_eZlv kihkh[guf `blv [_a ikbohl_jZi_\lbq_kdhc ihfhsb dhlhjZy aZdexqZ_lky \ mkljZg_gbbaZ`bfh\\ hij_^_e_gguoh[eZklyokbkl_fubeb\ memqr_gbbkljmdlmjukbkl_fu qlhiha\hey_lgZ^_ylvkygZkZfhhj]ZgbaZpbx\k_ckbkl_fu Ijhp_kkj_r_gbyijh[e_fu Ijh[e_fguc ih^oh^ [_j_l k\h_ gZqZeh \ ikboheh]bb fure_gby kf gZijbf_j >_jg_j 'RHUQHU Ijbkmshgb gh\hcdh]gblb\ghcgZmd_ FRJQLWLYHVFLHQFH ]^_\ujZ`Z_lky\ qZklghklb\ jZajZ[hld_dhfivxl_jguoijh]jZff Hkgh\ghc ihklmeZl ih^oh^Z ij_^eZ]Z_fh]h dh]gblb\ghc ikboheh]b_c aZdexqZ_lky \ ke_^mxs_f \hagbdgh\_gb_ b baf_g_gb_ dh]gblb\guo kljmdlmj hkms_kl\ey_lky \ j_amevlZl_ dhgdj_lgh]h ih\_^_gby beb ^_ckl\bc b _]hbo ihke_^kl\bb ^ey bg^b\b^Z b _]h hdjm`_gby Kh]eZkgh IbZ`_ i_j_ghk hlghr_gbc bg^b\b^hdjm`_gb_ \ dh]gblb\gu_ kljmdlmju ij_^klZ\ey_lkh[hcg_iZkkb\gh_dhibjh\Zgb_Z Zdlb\gucijhp_kkkhab^Zgby?]hj_amevlZlhf [u\Zxl dh]gblb\gu_ b wfhpbhgZevgu_ ko_fu \ dhlhjuo \ dhgp_gljbjh\Zgghc b h[h[s_gghc nhjf_ij_^klZ\e_gij_^r_kl\h\Z\rbchiulWlbko_fufh`ghkqblZlvfZljbpZfbk ihfhsvx dhlhjuo ijh\_jyxlky l_dmsb_ ieZgu ih\_^_gby Z aZl_f kZgdpbhgbjm_lky bo hkms_kl\e_gb_ A^hjh\uc q_eh\_d baf_gy_l k\hb ko_fu ih oh^m ^_eZ b lZdbf h[jZahf ijbkihkZ[eb\Z_lky d baf_g_gbyf\ k\h_fhdjm`_gbb BgZq_ h[klhbl ^_eh k g_\jhlbdZfb G_\jhlbd kljh]h ijb^_j`b\Z_lky klZjuo ko_f b ihklhyggh iulZ_lky i_j_g_klb dh]^Zlh hijh[h\Zggmx ko_fm ih\_^_gby \ gh\u_ kblmZpbb Hdjm`_gb_ h^gZdh g_ kh]eZrZ_lky khhl\_lkl\h\Zlv ij_^klZ\e_gbyf b ko_fZf g_\jhlbdZ Ihwlhfmbg^b\b^mg_h[oh^bfhkh[kl\_ggu_ko_fu]b[dhijbkihkZ[eb\Zlvd gh\ufkblmZpbyf =jZ\_ *UDZH qvydhgp_ipbyl_kghk\yaZgZk mq_gb_fIbZ`_hij_^_ey_likbohl_jZibx dZd klbfmebjh\Zgb_ jZa\blby ko_f ?]h ihgbfZgb_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ hq_gv [ebadhgZr_fm?fmijbkmsbgl_]jZlb\guc ih^oh^ \uoh^ aZ jZfdbh^ghc dZdhceb[hrdheu =jZ\_ < l_q_gb_k\h_c`bagbex^bklZedb\Zykvk jZaebqgufbkblmZpbyfbkh[ulbyfbb ^jm]bfb ex^vfb nhjfbjmxl \gmlj_ggxx fh^_ev hdjm`_gby HgZ \ agZqbl_evghc f_j_ khklhbl ba kh[jZgby ijZ\be wnn_dlb\guo ^_ckl\bc \ qZklh ih\lhjyxsboky ijh[e_fguo kblmZpbyo hlghr_gbcbg^b\b^hdjm`_gb_ < j_amevlZl_ ex^b fh]ml dZd ijZ\beh ^h\hevgh ohjhrh j_]mebjh\Zlv k\hb hlghr_gby k hdjm`_gb_f H^gZdh lZdh_ ijhbkoh^bl g_ \k_]^Z Wnn_dlb\guc ij_`^_ kihkh[ j_r_gby ijh[e_f\ gh\hcb bgZq_kljmdlmjbjh\ZgghckblmZpbbqZklhhdZau\Zxlkyg_ih^oh^ysbfB \k_ `_q_eh\_d\ gh\uokblmZpbyomihjghklZjZ_lkyijbf_gylvklZju_kihkh[uj_r_gbyijh[e_f< ikbohZgZeba_ lZdh_ ih\_^_gb_ gZau\Z_lky gZ\yaqb\uf ih\_^_gb_f
`b\hlgh_ kdehg_g jZkkfZljb\Zlv kihkh[u hilbfZevghc Z^ZilZpbb dZd g_qlh jZa b gZ\k_]^Z aZ^Zggh_ b g_ ih^e_`Zs__ i_j_kfhljm Wlh gZb\gh_ ^hims_gb_ ^_eZ_l gZk ke_iufb \ hlghr_gbblh]hnZdlZqlhg_dh]^ZhilbfZevgu_kl_j_hlbiubf_xlh[udgh\_gb_kh\j_f_g_f \k_ [hevr_ b [hevr_ ij_\jZsZlvky \ ZgZojhgbafu H^gh\j_f_ggh hgh f_rZ_l gZf m\b^_lv dZdb_lh ^jm]b_ \iheg_ j_Zevgu_ hkms_kl\bfu_ Z \hafh`gh b [he__ wnn_dlb\gu_ j_r_gby dhlhju_g_lhevdhhldju\Zxlkyi_j_^gZfbk_cqZkgh[uebb jZgvr_LZdbfh[jZahf^\hcgZy ke_ihlZ \_^_l d ^\hcghfm j_amevlZlm _jg_jhf 'RHPHU lbiheh]by kihkh[h\ j_r_gby ijh[e_f ihfh]Z_l jZkihagZlvkljmdlmjgu_ijbagZdbwlh]hijhp_kkZ >_jg_jij_^eZ]Z_llZdmxdeZkkbnbdZpbxk\yaZgguok ijh[e_fZfbkljmdlmjguoijbagZdh\ dhlhjZyij_^klZ\ey_lkyih^oh^ys_c ^eykha^Zgbydhgp_ipbbikbohl_jZi_\lbq_kdboijhp_kkh\ b ijb\h^bljZaebqb_f_`^mwibkl_fbq_kdhcb w\jbklbq_kdhckljmdlmjZfb
Wibkl_fbq_kdZy kljmdlmjZ ij_^klZ\ey_l kh[hc lZd kdZaZlv j_i_jlmZj agZgbc q_eh\_dZ y\ey_lky ^ey g_]h ghkbl_e_f bgnhjfZpbb beb kem`bl _]h [Zgdhf ^Zgguo A^_kv kh^_j`blky hl\_lgZ\hijhkQLH" HgZ ^hklZ\ey_l bgnhjfZpbx h khklhygbb ^_e \ h[eZklb j_Zevgh]h < ikbohl_jZibb fu ihklhygghb jZaebqgufbkihkh[Zfbh[jZsZ_fkyd wibkl_fbq_kdhckljmdlmj_agZgbyiZpb_glZ hkh[_ggh lh]^Z dh]^Z khh[sZ_f bgnhjfZpbx iha\heyxsmx _fm m\b^_lv k\hx ijh[e_fm \ gh\hf k\_l_ Z lZd`_ lh]^Z dh]^Z fu ij_^eZ]Z_f _fm hiulguf iml_f memqrblv agZgb_ h[klhyl_evkl\kihkh[kl\mxsbo\hagbdgh\_gbxijh[e_fuWlhfh`_l[ulvgZijbf_jkemqZc dh]^Zfuj_dhf_g^m_fiZpb_gld_k [mebfbq_kdbfbgZjmr_gbyfb\_klb^g_\gbd\ dhlhjhfhgZ aZibku\Z_lqlhb dh]^Z
I
l ]j_q_kdh]hwibkl_fhk²agZq_gb_²Ijbfi_j_\h^qbdZ _kl L_f kZfuf fu jZkkqblu\Z_f h[hkljblv __ \hkijbylb_ ihjh`^Zxsbo kbfilhfu nZdlhjh\WlZiZpb_gldZfh`_lgZijbf_jh[gZjm`blvqlh`_eZgb__klvho\Zlu\Z_l__ \k_]^Z\ lh \j_fy dh]^Z hgZ jZahqZjh\u\Z_lky \ ^jm]bo ex^yo DZd ke_^kl\b_ hgZ fh`_l ihgh\hfm
hj]Zgbah\Zlvfbjk\hbokm[t_dlb\guoi_j_`b\Zgbc\ lhcbebbghch]jZgbq_gghcijh[e_fghc h[eZklb H^gZdhh^ghcebrvwibkl_fbq_kdhckljmdlmjug_^hklZlhqgh^eyhkms_kl\e_gbykdhevdh gb[m^v keh`ghc ^_yl_evghklb Fu agZ_f wlh ba kh[kl\_ggh]h hiulZ ^ey j_r_gby ijh[e_f k\yaZgguo k \aZbfh^_ckl\b_f k hdjm`_gb_f g_^hklZlhqgh ebrv fgh]h agZlv G_h[oh^bfu djhf_lh]hieZgu^_ckl\bcey kljmdlmjbjh\Zgby ikbohl_jZi_\lbq_kdh]h ijhp_kkZ fu ij_^eZ]Z_f ihevah\Zlvky klmi_gqZlhc fh^_evx kf jZa^ b ]e HgZ ij_^gZagZq_gZ ^ey hij_^_e_gby \ oh^_ ijZdlbq_kdhc jZ[hlu beb ih^]hlh\db ki_pbZebklh\ p_e_c dhgp_ipbb djZldhkjhqghc ikbohl_jZibb Ijh[e_fZH[sZyhjb_glZpbyHibkZgb_ijh[e_fu:gZebaijh[e_fu P_ev:gZebap_e_cjm]bfb keh\Zfb hgb g_ b^ml ih dZdbfeb[h eh]bq_kdbf beb aZjZg__ ij_^\b^bfufko_fZf Fu ikbohl_jZi_\lu g_ fh`_f ijh]jZffbjh\Zlv beb \ khhl\_lkl\bb k ieZghf hkms_kl\eylvdZdb_eb[hbaf_g_gby\ gZrboiZpb_glZo Wlh iheh`_gb_ ij_^klZ\ey_lky gZf hkh[_ggh \Z`guf ihkdhevdm dhgp_ipby hjb_glbjh\ZggZy gZ iZjZ^b]fm j_r_gby ijh[e_f fh`_l [ulv hrb[hqgh \hkijbgylZ dZd
^_l_jfbgbklkdZy GZfgh]h [hevr_ \_jhylghklv lh]h qlh ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ ijb\_^_l dh]gblb\ghwfhpbhgZevgu_ kbkl_fu \ g_mklhcqb\h_ khklhygb_ H^gZdh \hagbdrZy \ j_amevlZl_lZdh]h\ha^_ckl\byg_mklhcqb\hklvkha^Z_lohjhrb_ij_^ihkuedb^ey\u[hjZgh\uo iml_c^Zevg_cr_]h^\b`_gbyHkms_kl\eylvbebdhgljhebjh\Zlvwlhlijhp_kkba\g_g_ke_^m_l bgZq_ijbrehkv[uijbf_gylvf_lh^uijhfu\dbfha]h\ ;m^mqb ikbohl_jZi_\lZfb fu ^he`gu \k_]^Z lsZl_evgh \a\_rb\Zlv \hafh`gu_ ihke_^kl\byikbohl_jZi_\lbq_kdbo\ha^_ckl\bcBgh]^Zbownn_dl[u\Z_l[he__kbevgufb g_ lZdbf gZ dZdhc jZkkqblu\Zeb fu b iZpb_gl Ih ml\_j`^_gbx =jZ\_ ikbohl_jZiby y\ey_lky \k_]h ebrv klbfmeypb_c jZa\blby ko_f Dh]^Z _c wlh m^Z_lky l _ dh]^Z hgZ \uau\Z_l ^\b`_gb_\ hp_i_g_euokljmdlmjZolhfh`ghkdZaZlvqlhkZfh_]eZ\gh_m`_k^_eZgh Bgl_]jZpbhggu_Zki_dlu Djblbdb wde_dlbq_kdh]h ih^oh^Z \ ikbohl_jZibb g_ fh]ml l_i_jv h[\bgylv _]h \ g_gZmqghklb Wde_dlbq_kdZy dhgp_ipby ikbohl_jZi_\lbq_kdh]h fure_gby b ^_ckl\by \ gZr_ \j_fy khhl\_lkl\m_l \k_f djbl_jbyf gZmqghklb Ihwlhfm kh\j_f_gguc wde_dlbpbaf \ lhf qbke_ fh^_ev IHl_jZibb fh`_l [ulv \dexq_g \ bgl_]jZlb\gmx h[t_^bg_ggmx dhgp_ipbx ikbohl_jZibb NmgdpbhgZevgZyfh^_ev ikbohl_jZi_\lbq_kdh]hijhp_kkZ Hkms_kl\eyyk\hcih^oh^fui_j\hgZqZevghhjb_glbjh\ZebkvgZnmgdpbhgZevgmxfh^_ev ikbohl_jZibb dhlhjZy [ueZ kha^ZgZ gZ hkgh\Zgbb h[ahjZ djblbq_kdbo bkke_^h\Zgbc b h[t_^bgyeZ \ k_[_ kms_kl\_ggu_ we_f_glu ikbohl_jZi_\lbq_kdh]h ijhp_kkZ J_qv b^_l h *HQHWLF 0RGHO 3V\FKRWKHUDS\ Ihjh`^Zxs_c fh^_eb ikbohl_jZibb Hjebgkdh]h b Oh\Zj^Z 2UOLQVN\+RZDUG ²f_lZfh^_ebijbf_gbfhcdZdwlh[uehihdZaZghg_^Z\ghdh\k_fnhjfZf ikbohl_jZibb\g_aZ\bkbfhklbhlbohjb_glbjh\ZgghklbgZlmbebbgmxrdhem GZ jbk ihdZaZgh gZkdhevdh keh`guf dhfie_dkguf ijhp_kkhf y\ey_lky ikbohl_jZiby IhdZaZgh lZd`_ qlh hgZ ijhoh^bl \ keh`ghf dhfie_dkghf dhgl_dkl_ < lh `_ kZfh_ \j_fy fh`ghaZf_lblvqlhijb\k_ffgh]hh[jZabbijhbkoh^ys_]h\ oh^_ikbohl_jZibbg_dhlhju___ we_f_glu b bo khq_lZgby bf_xl hkgh\hiheZ]Zxs__ agZq_gb_ Hlkx^Z fh`gh \u\_klb dhgdj_lgu_ w\jbklbq_kdb_ ijZ\beZ ^_ckl\bc Gb`_ fu jZkkfhljbf \Z`g_crb_ ba wlbo we_f_glh\kbkl_fu We_f_gluikbohl_jZibb Ikbohl_jZi_\lbq_kdbc dhgljZdl \dexqZ_l nhjfZevgu_ kh]eZr_gby b h`b^Zgby dZkZxsb_ky mkeh\bc jZ[hlu \ oh^_ ikbohl_jZibb Kms_kl\_ggh_ \ebygb_ gZ g_]h hdZau\Zxl h[s_kl\_ggu_ghjfuhij_^_eyxsb_dZd^\Zq_eh\_dZ^he`gu\_klbk_[yihhlghr_gbx^jm]d ^jm]m \ lZdhf dhgl_dkl_ J_qv b^_l ij_`^_ \k_]h h[ hij_^_e_gbb ikbohl_jZi_\lbq_kdh]h hlghr_gby dZd jZ[hq_]h L_f kZfuf hij_^_eyxlky b jZa]jZgbqb\Zxlky jZaebqgu_ jhe_\u_ Zki_dlu iZpb_glZ b ikbohl_jZi_\lZ Ikbohl_jZi_\lbq_kdbc dhgljZdl \dexqZ_l lZd`_ mkeh\by hieZlu k\yaZggu_ k hkh[_gghklyfb kbkl_fu a^jZ\hhojZg_gby \ ^Zgghc kljZg_ hieZlm fh`_l ijhba\h^blv kZf iZpb_gl ba k\hbo kj_^kl\ beb ]hkm^Zjkl\_ggu_ hj]Zgu mqj_`^_gby kljZoh\Zgbyb l^
Ikbohl_jZi_\lbq_kdb_ f_jhijbylby \dexqZxl \ k_[y \ha^_ckl\by hkms_kl\ey_fu_ ikbohl_jZi_\lhf^eyj_r_gbyijh[e_fuiZpb_glZ ;hevrbgkl\h rdhe ikbohl_jZibb ^Z\Zy k_[_ oZjZdl_jbklbdm ]h\hjyl h[ hij_^_e_gghc l_ogbd_bebgZ[hj_l_ogbdGZ[he__\ukhdhfmjh\g_Z[kljZdpbbj_qvb^_lh lhfdZdb_nhjfu \f_rZl_evkl\Z ijbf_gyxlky ij_bfms_kl\_ggh \_j[Zevgu_ beb g_\_j[Zevgu_
hij_^_e_ggmxlhqdmaj_gbyihke_^mxsbf\hijhkZf DZdhc fZl_jbZe ihemqZ_fuc hl deb_glZ ke_^m_l kqblZlv ihe_aguf b bf_xsbf hlghr_gb_d ^_emb dZdkhhl\_lkl\_gghihemqZlvwlhlfZl_jbZe²iml_fhijhkZbeb^_eZy khhl\_lkl\mxsb_\u\h^u IHl_jZiby khhl\_lkl\m_l wlhfm lj_[h\Zgbx Iha`_ fu jZkkfhljbf dZd \ kh\f_klghc jZ[hl_k iZpb_glhfikbohl_jZi_\lihemqZ_llZdhcfZl_jbZe]e DZdkemrZlvb gZ[ex^Zlv DZ`^hfm\b^mikbohl_jZibbijbkmsk\hckh[kl\_gguckihkh[ kemrZgbyb gZ[ex^_gby qlh khhl\_lkl\m_l h[s_fm aZdhgm \hkijbylby kh]eZkgh dhlhjhfm fu \hkijbgbfZ_f ij_bfms_kl\_ggh lh qlh gZf_j_gu \hkijbgbfZlv Ihwlhfm ke_^m_l mlhqgblv fhlb\Zpbhggu_ij_^ihkuedbgZ[ex^_gbyb kemrZgby H lhf dZd wlh ^_eZ_lky \ IHl_jZibb fu ihiulZebkv jZkkdZaZlv \ ]eZ\_ ihk\ys_gghc l_hjbb]e H yaud_iZpb_glZb ikbohl_jZibb H[uqghbkihevam_lkyki_pbZevgucyaudkh^_j`Zsbc ki_pbnbq_kdmx l_jfbgheh]bx Hg ^he`_g hibku\Zlv gZ \ukhdhf mjh\g_ Z[kljZdpbb lZd`_ \Z`g_crb_ p_eb ikbohl_jZibb Djhf_ lh]h gZ khhl\_lkl\mxs_f yaud_ ^he`gu [ulv knhjfmebjh\Zgu imlb b kj_^kl\Z ^hklb`_gby wlbo p_e_c < IHl_jZibb fu klZjZ_fky gZkdhevdhwlh\hafh`ghba[_]ZlvZ[kljZdlgh]hyaudZ^hklmigh]hebrvihk\ys_ggufLZf]^_ g_h[oh^bf \ukhdbc mjh\_gv Z[kljZdpbb fu klZjZ_fky ]h\hjblv yaudhf ihgylguf dZ`^hfm <_^v IHl_jZiby ij_^gZagZq_gZ ij_`^_ \k_]h ^ey jy^h\uo ijZdlbdh\ b mq_[gbd ^ey gbo ^he`_g [ulv e_]dbf b ^hklmiguf Djhf_ lh]h gZrZ dhgp_ipby ikbohl_jZibb ^he`gZ [ulv ihgylghcb iZpb_glZf Ijh[e_fu\aZbfhihgbfZgbykms_kl\mxsb_ijbdhglZdlZojZaebqguordheikbohl_jZibb [u\Zxl ihjh`^_gu kebrdhf \ukhdbf mjh\g_f Z[kljZ]bjh\Zgby GZrbf iZpb_glZf dZd ijZ\beh ki_pbZevguc yaud g_ihgyl_g Ihwlhfm fu ihke_^h\Zl_evgh klj_fbfky d ijhklhl_ b ykghklbyaudZIHl_jZibbhkh[_ggh\ l_okemqZyodh]^Z^Z_fgZrbfiZpb_glZfl_hj_lbq_kdb_ jZatykg_gby Bkihevah\Zgb_ ihgylgh]h iZpb_glm yaudZ jZkkfZljb\Z_lky \ jZa^_e_ Km[t_dlb\gZyl_hjby[he_agbjZa^ H p_eyo ikbohl_jZibb Hkgh\gZy p_ev IHl_jZibb aZdexqZ_lky \ lhf qlh[u iZpb_gl h[j_e kihkh[ghklv ih \hafh`ghklb kZfhklhyl_evgh j_rblv k\hx ijh[e_fm >ey ^hklb`_gby wlhc p_eb bkihevamxlky kZfu_ jZaebqgu_ kljZl_]bb \dexqZxsb_ gZijbf_j h]jZgbq_gb_ kjhdh\ikbohl_jZibbZ lZd`_ijbgylb_ikbohl_jZi_\lhfkm[t_dlb\ghc lhqdbaj_gbyiZpb_glZ ijbnhjfmebjh\d_ijh[e_fuDjhf_lh]hij_^mkfhlj_gihwlZigucieZg]^_hl\_^_gh\Z`gh_ f_klhZgZebamb hij_^_e_gbxijh[e_fuijbq_fwlb\hijhku\ oh^_ikbohl_jZibb\ughkylkygZ ih\_kldm ^gy \gh\v b \gh\v < j_amevlZl_ klZgh\blky \hafh`guf ihklhyggh mlhqgylv b ijbkihkZ[eb\Zlv d baf_gyxsbfky mkeh\byf kh]eZkh\Zggu_ k iZpb_glhf p_eb ikbohl_jZibb jZa^ H[ h[sbo kljZl_]byo ikbohl_jZibb < ihke_^mxsbojZa^_eZo fu jZkkdZ`_fh lhf dZd nhjfmebjmxlky hkms_kl\eyxlky b hp_gb\Zxlky ikbohl_jZi_\lbq_kdb_ kljZl_]bb < aZ\bkbfhklbhl\u[jZgghcp_ebboj_amevlZlhf[u\Zxlbaf_g_gbygZkZfuojZaebqguomjh\gyo ebqghklbiZpb_glZ H[ mkeh\byo hkms_kl\e_gbb b ihke_^kl\byo ikbohl_jZi_\lbq_kdh]h \ha^_ckl\by L_hjby^he`gZh[tykgylv dZdb_ ihke_^kl\byijb dZdbo mkeh\byob m dh]h [m^_l \uau\Zlv lh beb bgh_ ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ Wlh jZamf__lky gZb[he__ ljm^gh\uihegbfh_
lj_[h\Zgb_ Khhl\_lkl\mxsZy ijh[e_fZlbdZ jZkkfZljb\Z_lky \ ]e b ]^_ j_qv b^_l h ihdZaZgbyo^eyIHl_jZibbZ lZd`_\ ]eb ihk\ys_gguof_lh^bd_Fubkoh^bfbalh]h qlh ijbf_gy_fu_ f_lh^u fh]ml bf_lv jZaebqgu_ ihke_^kl\by Z lZd`_ ijbf_gylvky \ jZaebqguo khq_lZgbyo qlh iha\hey_l mkbeblv \ha^_ckl\b_ gZijZ\e_ggh_ gZ ^hklb`_gb_ ihklZ\e_gghcp_ebk ihfhsvxhij_^_e_gghckljZl_]bbikbohl_jZibb Dhgp_ipby ikbohl_jZibb ijbagZxsZy iexjZebaf f_lh^h\ bf__l \ wlhf hlghr_gbb kms_kl\_ggu_ ij_bfms_kl\Z i_j_^ ih^oh^Zfb ]^_ bkihevam_lky h^bg dZdhcgb[m^v f_lh^ ij_^hklZ\eyxsbcikbohl_jZi_\lmh]jZgbq_ggucb qZklhg_^hklZlhqgucZjk_gZekj_^kl\ H ijbgpbiZo ikbohl_jZi_\lbq_kdh]h \ha^_ckl\by Kms_kl\m_l hij_^_e_ggZy b_jZjoby ijbgpbih\ikbohl_jZi_\lbq_kdh]h\ha^_ckl\by\ IHl_jZibbIh^jh[ghh[wlhf]h\hjblky\ ]e ²gha^_kvfujZkkfhljbff_lZl_hj_lbq_kdbcZki_dlwlhcijh[e_fZlbdb Klmi_gbikbohl_jZi_\lbq_kdh]h\ha^_ckl\by Q_luj_oklmi_gqZlZy fh^_ev jbk hibku\Z_l kljmdlmjm hkms_kl\e_gby ijh[e_fgh hjb_glbjh\Zgghc ikbohl_jZibb DZ`^Zy klmi_gv \aylZy \ hl^_evghklb g_^hklZlhqgZ ^ey h[_ki_q_gby \ha^_ckl\by ikbohl_jZibb Ihwlhfm gZijbf_j mijZ`g_gby ^\b]Zl_evghc l_jZibb fh]ml [ulv ijbagZgu ikbohl_jZib_c ebrv \ lhf kemqZ_ dh]^Z hgb \uklmiZxl dZd qZklv kljZl_]bq_kdhc dhgp_ipbb \ jZfdZo dhlhjhc hkms_kl\ey_lky bgl_]jZpby f_lh^h\ b kj_^kl\ Ijbf_g_gb_ lh]h beb bgh]h f_lh^Z \g_ hij_^_e_gghc dhgp_ipbb g_ y\ey_lky ikbohl_jZib_c K ^jm]hc klhjhgu dZdZyeb[h kljZl_]bq_kdZy dhgp_ipby ikbohl_jZibb [_a f_lh^bq_kdbo jZajZ[hlhd b ijZdlbq_kdh]h ijbf_g_gby [m^_l \k_]h ebrv ki_dmeylb\ghc l_hjb_cdhlhjZyg_\u^_j`blijh\_jdbijZdlbdhc Ikbohl_jZi_\lbq_kdZy kljZl_]by ² gZ[hj ijZ\be g_ \k_]^Z \iheg_ dhgdj_lguo h[jZaZ ^_ckl\bcikbohl_jZi_\lZHgZ\dexqZ_lihklZgh\dmh[s_cp_ebikbohl_jZibbb l_hj_lbq_kdmx dhgp_ipbx dhlhjZy jZatykgy_l \aZbfhk\yav f_`^m ikbohl_jZi_\lbq_kdbfb ^_ckl\byfb b ihklZ\e_gghcp_evx < hkgh\_ dhgp_ipbb fh`_l e_`Zlv dZdZyeb[h nbehkhnkdhZgljhiheh]bq_kdZy l_hjby l_hjby ikboheh]bq_kdh]h jZa\blby beb l_hjby ih\_^_gby QZklh dhgp_ipbb ikbohl_jZibb nhjfbjmxlky lZd`_ ih^ \ebygb_f khpbZevguo h[s_kl\_gghiheblbq_kdbo beb j_eb]bhaguo kbkl_f fure_gby b ljZ^bpbc < ex[hf kemqZ_ l_hjby ikbohl_jZibb ^he`gZ [ulv baeh`_gZ ^hklZlhqghykgh F_lh^u ij_^klZ\eyxl kh[hc khq_lZgby \ha^_ckl\bc Hgb bkihevamxlky dZd wlh ij_^mkfhlj_gh kljZl_]byfb ^ey ^hklb`_gby p_e_c ikbohl_jZibb ² p_e_gZijZ\e_ggh]h baf_g_gbybebkha^Zgbygh\uowe_f_glh\ih\_^_gby F_lh^u ² dhgdj_lgu_ imlb d p_eb Bf fu ihk\ylbeb ]eZ\u b ]^_ ih^jh[gh jZkkfZljb\Z_lkybobkihevah\Zgb_b \hafh`ghklbbokhq_lZgby
h[tykg_gu\ k\_l_lhcdhgp_ipbb\ jZfdZodhlhjhchgbhkms_kl\eyxlky ?s_ ^Zevr_ \ k\hbo lj_[h\Zgbyo b^_l FZj_j Hg mdZau\Z_l qlh ex[Zy l_hjby ikbohl_jZibb^he`gZkhhl\_lkl\h\Zlve_`Zs_c\ __hkgh\_l_hjbbq_eh\_dZFu ijbklmiZy d jZajZ[hld_ IHl_jZibb g_ bf_eb q_ldh knhjfmebjh\Zgghc l_hjbb q_eh\_dZ H^gZdh h[jZsZykvd jZa^qblZl_evkfh`_lkhklZ\blvij_^klZ\e_gb_h gZr_fihgbfZgbbl_hjbb q_eh\_dZ Ikbohl_jZi_\l \ oh^_ h[s_gby k iZpb_glhf klj_fblky d lhfm qlh[u kh\f_klgh k gbf knhjfmebjh\Zlv ijh[e_fm ij_^eh`_ggmx iZpb_glhf d jZkkfhlj_gbx ey q_]h ^he`gu mklZgZ\eb\Zlvky^eydZ`^h]hdhgdj_lgh]hkemqZyWlhh[klhyl_evkl\h^_eZ_ldZaZehkv[ugZrm dhgp_ipbxikbohl_jZibbmya\bfhc^eydjblbdbihkdhevdm\ hij_^_e_gghfkfuke_g_\hafh`gh ij_^kdZaZlv b dhgljhebjh\Zlv oh^ ikbohl_jZibb \ dhgdj_lghf kemqZ_ Fu h^gZdh hlg_kebkv [u d lZdbf mij_dZf kihdhcgh ihgbfZy qlh lj_[h\Zgby djblbdh\ \uihegbfu ebrv ijb mkeh\bbqlhq_eh\_dy\ey_lkyaZfdgmlhckbkl_fhcdhfivxl_jZZ g_hldjulhckbkl_fhc`b\uf kms_kl\hf Ijh[e_fZ]eZaZfbiZpb_glZKm[t_dlb\gZyl_hjby[he_agb JZaebqb_f_`^mfgh]bfbrdheZfbikbohl_jZibbkhklhbl\ qZklghklb\ lhfdZdhgb\b^yl b hp_gb\Zxl ijbqbgu kbfilhfZlbq_kdh]h ih\_^_gby Ex[Zy kdhevdhgb[m^v k_jv_agZy kljZl_]by ikbohl_jZi_\lbq_kdh]h \f_rZl_evkl\Z aZdexqZ_lky khhl\_lkl\_ggh \ lhf qlh[u jZatykgblviZpb_glmkhhl\_lkl\mxsb_ijbqbguWlh^_eZ_lky\ gZ^_`^_gZlhqlhj_amevlZlhf gh\hc b Z^_d\Zlghc hp_gdb ijh[e_fgh]h ih\_^_gby [m^_l gh\Zy dh]gblb\gZy hjb_glZpby dhlhjZy\ dhgp_dhgph\hdZ`_liheh`bl_evgh_\ebygb_gZih\_^_gb_^Zggh]hbg^b\b^ZK lZdhc kljZl_]b_c \f_rZl_evkl\Z \k_]^Z [u\Z_l k\yaZgZ ihiuldZ baf_g_gby ijb\uqguo b h^gh\j_f_ggh ^bknmgdpbhgZevguo g_\jhlbq_kdbo q_jl iZpb_glZ \ ^mo_ khhl\_lkl\mxs_c l_hjbbikbohl_jZibbLZdb_l_hjbbkh^_j`ZlmdZaZgbyhlghkbl_evghlh]hdZdb_oZjZdl_jbklbdb beb ko_fu ijb_fe_fu b kihkh[kl\mxl j_r_gbx ijh[e_fu Z dZdb_ g_l Khhl\_lkl\mxsb_ ijZ\beZ fu \klj_qZ_f g_ lhevdh \ dh]gblb\ghc ikbohl_jZibb gh b \h \k_o ]em[bggh
ikboheh]bq_kdbob ]mfZgbklbq_kdboih^oh^Zo Hp_gdZ b gZijZ\e_ggh_ baf_g_gb_ km[t_dlb\gh]h ihgbfZgby ijbqbg [he_agb ijbkmsb hq_\b^gh \k_f \_j[Zevguf nhjfZfikbohl_jZibb IZpb_glu ^he`gu ihgylv qlh bo ij_`gb_ ij_^klZ\e_gby h ijbqbgZo bo aZ[he_\Zgby hrb[hqgu b kms_kl\m_l emqr__ gZmqgh h[hkgh\Zggh_ihgbfZgb_[he_agb B fu \ IHl_jZibb ijb^Z_f [hevrh_ agZq_gb_ baf_g_gbx km[t_dlb\gh]h h[tykg_gby ijbqbgaZ[he_\Zgby < hlebqb_ hl [hevrbgkl\Z rdhe ikbohl_jZibb fu g_ kqblZ_f dhgp_ipbb iZpb_glZ aZ\_^hfh ^bknmgdpbhgZevgufb dZd wlh ^_eZxl \ dh]gblb\ghc ikbohl_jZibb beb jZpbhgZebaZpbyfb aZsblgufb f_oZgbafZfb dZd wlh ijbgylh \ rdheZo ]em[bgghc ikboheh]bb Fu kqblZ_f km[t_dlb\gu_ l_hjbb [he_agb \_kvfZ \Z`gufb oZjZdl_jbklbdZfb bg^b\b^ZhljZ`Zxsbfbg_lhevdhkm]m[hebqgmxlhqdmaj_gbywlh]hq_eh\_dZghb ijbkms__ _fmihgbfZgb_khpbZevghcb dmevlmjghcj_Zevghklb\ dhlhjhchg`b\_l Ijbf_j F_^bpbgkdZyk_kljZe_lg_aZfm`gyy\b^blk\yavf_`^mbkiulu\Z_fufb_x ijbklmiZfb iZgbdb b Z]hjZnh[bb b __ hlghr_gbyfb k bg`_g_jhf lh]h `_ \hajZklZ aZgbfZxsbf \Z`gmx ^he`ghklv HgZgZqZeZ bkiulu\Zlv ijbklmiu kljZoZ ijbf_jgh k_fv e_l gZaZ^dh]^ZihagZdhfbeZkvk wlbffm`qbghc=eZ\guf\ __ebqghcl_hjbby\ey_lkylhqlh hgZ\b^blk\yavf_`^mkljZoZfbb ijh[e_fZfb\ __hlghr_gbyok fm`qbghc < hlebqb_hlg__ __ ^jm]\_^_lk_[ym\_j_gghhlghkblkyd g_ch[uqghk\ukhdZb qZklh[u\Z_lZ]j_kkb\_g>hkbo ihj_cg_m^Z\Zehkvmki_rghijhlb\hklhylv_fmkljZoihfg_gbxiZpb_gldbdZdlhk\yaZgk Z]j_kkb\ghklvx b h[sbf klbe_f _]h ih\_^_gby G_ fh]eZ hgZ b jZa\b\Zlv k gbf hlghr_gby Fukebh jZaju\_lZd`_\uau\Zxlm g__kbevg_crbckljZoh[tykg_gbcdhlhjhfmhgZ\hh[s_g_ gZoh^bl H^gZdh hlghr_gby ijbqbgyxl _c [hevrb_ kljZ^Zgby Wlh y\gh lhl we_f_gl __ i_j_`b\Zgbc dhlhjhfm hgZihdZ g_ fh`_l gZclb f_klZ \ kha^Zgghc _x dhgp_ipbb ijh[e_fu h^gZdh hgZ qm\kl\m_l qlh __ l_hjby gm`^Z_lky \ ^hiheg_gbb IZpb_gldZ lZdbf h[jZahf ihgbfZ_l qlh __ kljZo hkh[_ggh mkbeb\Z_lky lh]^Z dh]^Z hgZ qm\kl\m_l ihlj_[ghklv \ g_aZ\bkbfhklb g_ `_eZ_l [ulv dhgljhebjm_fhc b ohl_eZ [u jZkihjy`Zlvky kh[hc ?_ km[t_dlb\gZy l_hjby [he_agb ]eZkbl _keb g_\hafh`gh [m^_l \ iheghc f_j_ j_Zebah\Zlv __ ihlj_[ghklv d kZfhklhyl_evghklb wlh ijb\_^_l __ d [he_agb GZ ijhly`_gbb \k_c __ `bagb ijh[e_fZkZfhklhyl_evghklb\k_]^Zbf_eZ^eyg__i_j\hkl_i_ggh_agZq_gb_IhwlhfmhgZgbdZd g_ fh]eZ ihgylv ihq_fm \u[jZeZ lZdh]h q_eh\_dZ dhlhjuc ihklhyggh h]jZgbqb\Z_l __ \ m^h\e_l\hj_gbb wlhc \Z`ghc ^ey g__ ihlj_[ghklb a^_kv \ l_hjbb __ [he_agb kgh\Z h[gZjm`b\Z_lkyijh[_e\ kms_kl\h\Zgbbdhlhjh]hiZpb_gldZhl^Z_lk_[_hlq_l Ijbf_j Mqbl_evgbpZ e_l ihelhjZ ]h^Z bkiulu\Z_l fmqbl_evgh_ qm\kl\h \gmlj_gg_c imklhlu ?_ ihk_sZxl lZd`_ fukeb h kZfhm[bckl\_ QZklh hgZ \hkijbgbfZ_l k_[y dZd ihklhjhgg_]h q_eh\_dZ GZqZebkv wlb g_ijbylghklb dh]^Z iZpb_gldZ j_rbeZ i_j__oZlv ba jh^bl_evkdh]h ^hfZ \ kh[kl\_ggmx dhhi_jZlb\gmx d\Zjlbjm Ihke_ ijbgylby wlh]h j_r_gby iZpb_gldZ klZeZ bkiulu\Zlv kbevguc kljZo
qlhwlhaZijh[e_fuhgZg_fh`_lWlh\hh[s_oZjZdl_jgZyq_jlZfgh]bokm[t_dlb\guol_hjbc [he_agb iZpb_gl kqblZ_l qlh ijbqbgu l_i_j_rg_c ijh[e_fu aZ[ulu bf beb ih^\_j]ebkv \ul_kg_gbxHlkx^Zke_^m_lqlhl_hjby[he_agbij_^eZ]Z_fZy]em[bgghcikboheh]b_cklZeZ \k_h[sbf^hklhygb_f H^gh\j_f_gghwlZiZpb_gldZ\u^\b]Z_l_s_^\Z^hihegbl_evguoh[tykg_gbyHgZ\b^bl\ k\h_c ^_ij_kkbb g_hl\jZlbfuc m^Zj km^v[u k dhlhjuf g_h[oh^bfh kfbjblvky NZlZebklbq_kdbc dhfihg_gl l_hjbb [he_agb B gZdhg_p iZpb_gldZ kqblZ_l k\hx ijh[e_fm h[mkeh\e_gghc [bheh]bq_kdb ijh[e_fZ ^_kdZlv k\yaZgZ k ijhp_kkZfb \ fha]_ b lZdbf h[jZahfg_ih^^Z_lkydhgljhexk __klhjhgu Wlhl ijbf_j k\b^_l_evkl\m_l h ihlj_[ghklb [hevgh]h q_eh\_dZ gZclb ijb_fe_fh_ h[tykg_gb_k\h_]hikbobq_kdh]hb nbabq_kdh]hkhklhygbyG_j_^dhlZdb_km[t_dlb\gu_l_hjbb kh^_j`Zlijhlb\hj_qbyBah\k_okbeklZjZykvaZbgl_j_kh\Zlvikbohl_jZi_\lZk\h_cijh[e_fhc b ihemqblvwnn_dlb\gmxihfhsvwlZiZpb_gldZ\u^\bgmeZh^gh\j_f_gghljbl_hjbb < kbem jZaebqguo ijbqbg ikboheh]bq_kdb p_e_khh[jZagh ijbibku\Zlv hij_^_e_gguf kihkh[Zf ih\_^_gby g_hkhagZ\Z_fu_ l_ g_^hklmigu_ khagZgbx fhlb\u hkh[_ggh \ l_o kemqZyodh]^ZkZfq_eh\_dg_fh`_lh[tykgblvk\h_ih\_^_gb_bebk\hbkbfilhfuIh\_^_gb_f q_eh\_dZ mijZ\eyxl h^gZdh g_ lhevdh g_hkhagZ\Z_fu_ fhlb\u gh b hkhagZ\Z_fu_ bf gZf_j_gby ieZgu b p_eb Ih^h[gh mq_ghfm nhjfmebjmxs_fm lm beb bgmx l_hjbx ex^b \u^\b]Zxl ]bihl_au dZkZxsb_ky gZ[ex^Z_fh]h ih\_^_gby b i_j_`b\Zgbc ^_eZxl ba gbo hij_^_e_ggu_\u\h^u\ hlghr_gbbih\_^_gbyb ijh\_jyxlbo\ j_Zevghc`bagb?s_\ gZqZe_ gZr_]h klhe_lby ikboheh]bq_kdZy gZmdZ gZqZeZ bgl_j_kh\Zlvky l_f dZd ex^b h[tykgyxl k\h_ ih\_^_gb_ k ihfhsvx lZd gZau\Z_fuo ^be_lZglkdbo l_hjbc Gh ebrv \ ihke_^g__ \j_fy km[t_dlb\gu_l_hjbbkgh\Z\uau\Zxlbgl_j_kZdZ^_fbq_kdhcikboheh]bbkf=j_[_gRbe_ *URHEHQ 6KHHOH =eZ\guc \hijhk \hagbdZxsbc ijb h[jZs_gbb d wlhc ijh[e_fZlbd_ lZdh\ dZdhcj_i_jlmZjh[tykg_gbcdZdb_gZb\ghikboheh]bq_kdb_l_hjbbgZoh^ylky\ jZkihjy`_gbb h[uqgh]h q_eh\_dZ b dZdb_ ba gbo hg bkihevam_l dh]^Z iulZ_lky h[tykgblv k\h_ ih\_^_gb_ b ih\_^_gb_^jm]boex^_c" < hlebqb_ hl [hevrbgkl\Z rdhe ikbohl_jZibb \ IHl_jZibb fu jZkkfZljb\Z_f km[t_dlb\gu_l_hjbb[he_agb g_ dZdihf_ob \ ikbohl_jZi_\lbq_kdhfijhp_kk_ ih^e_`Zsb_ mkljZg_gbx Z dZd qZklv dh]gblb\gh]h nhg^Z bg^b\b^Z dhlhjuc ij_^klZ\ey_l bgl_j_k ^ey ikbohl_jZi_\lh\ b aZkem`b\Z_l ijbagZgby bfb Fu g_ kdju\Z_f k\h_]h bgl_j_kZ d wlbf gZb\ghikboheh]bq_kdbf l_hjbyf bkihevam_fuf gZrbfb iZpb_glZfb ^ey h[tykg_gby k\hbo ijh[e_f < gbo fu gZoh^bf kh\_jr_ggh hkh[_ggu_ khq_lZgby h[hkgh\Zgbc \Z`gu_ h[jZapu yaudZ\hh[s_kihkh[\b^_gbyfbjZijbkmsbc^Zgghfmq_eh\_dm IjZ\bevgh ihgylv q_eh\_dZ h[jZsZxs_]hky aZ ikbohl_jZi_\lbq_kdhc ihfhsvx fu fh`_f ebrv \ lhf kemqZ_ dh]^Z gZf [u\Z_l hldjul fbj _]h km[t_dlb\gh]h fure_gby IhgbfZgb_ wlh]h fbjZ hij_^_ey_l gZijZ\e_gghklv ikbohl_jZi_\lbq_kdhc jZ[hlu b ihabpbb ikbohl_jZi_\lZFum^_ey_fa^_kvlZdfgh]h\gbfZgby\hijhkmkm[t_dlb\guol_hjbc[he_agb ihlhfm qlh aZ ^he]b_ ]h^u ikbohl_jZi_\lbq_kdhc jZ[hlu gZ hkgh\Zgbb kh[kl\_ggh]h hiulZ ijbrebd m[_`^_gbxqlhZ^_d\Zlgh_ihgbfZgb_km[t_dlb\guodhgp_ipbcgZrboiZpb_glh\² h^bgba\Z`g_crbonZdlhjh\ikbohl_jZi_\lbq_kdh]h\ha^_ckl\by H^gbf ba p_gljZevguo we_f_glh\ IHl_jZibb y\ey_lky \gbfZgb_ d l_hj_lbq_kdbf dhgp_ipbyfiZpb_glZ dZkZxsbfky _]h ih\k_^g_\ghc`bagbhkh[_ggh _keb hgb k\yaZgu k _]h
ijh[e_fghc kblmZpb_c A^_kv ih gZr_fm fg_gbx djhxlky ij_^ihkuedb p_ehklgh]h b j_Zebklbq_kdh]h ihgbfZgby iZpb_glZ ikbohl_jZi_\lhf b mki_rgh]h aZ\_jr_gby ikbohl_jZi_\lbq_kdh]hijhp_kkZ Km[t_dlb\gZyl_hjby[he_agbdZdij_^f_likbohl_jZibb B^_yh g_h[oh^bfhklb[he__p_e_gZijZ\e_gghb ihke_^h\Zl_evghq_fij_`^_h[jZsZlvky d fukeyf b ij_^klZ\e_gbyf iZpb_glZ ihemqbeZ ijbagZgb_ \ ikbohl_jZibb ebrv \ ihke_^gb_ ]h^u b lh]^Z `_ [ue \\_^_g l_jfbg km[t_dlb\gZy l_hjby [he_agb Lhff_g b ^j Ij_`^_ km[t_dlb\guf l_hjbyf [he_agb \gbfZgb_ qZs_ m^_eyehkv \ k\yab k khfZlbq_kdbfb aZ[he_\Zgbyfb Ebg^_g Lmjg b ^j ;brhnn b A_ga Nhee_j < ikbohl_jZi_\lbq_kdbodjm]ZowlZl_fZaZljZ]b\ZeZkvkjZ\gbl_evghj_^dh LZdZy kblmZpby k\yaZgZ k l_f qlh ^ey ikbohl_jZi_\lh\ bgl_j_k d km[t_dlb\guf dhgp_ipbyf ijh[e_fu y\ey_lky q_flh kZfh kh[hc jZamf_xsbfky ihkdhevdm \ ikbohl_jZibb j_qvb^_lij_`^_\k_]hh km[t_dlb\ghklbq_eh\_dZ ;hevrbgkl\hikbohl_jZi_\lh\bkke_^m_l\ qZklghklbdZdiZpb_glubgl_jij_lbjmxlk\h_ ih\_^_gb_ b ^jm]bo ex^_c Ikbohl_jZi_\lu \uy\eyxl dZd iZpb_glu mihjy^hqb\Zxl b hj]Zgbamxlijhlb\hj_qb\u_ij_^klZ\e_gbyb nZglZabbHgbiulZxlky\hkkha^Zlvkm[t_dlb\gh_ fbjh\haaj_gb_ k\hbo iZpb_glh\ LZd qlh \ wlhf kfuke_ fu g_ ^_eZ_f \ IHl_jZibb qlhlh gh\h_ beb hkh[_ggh_ Z hldjulh b q_ldh ]h\hjbf h lhf qlh m`_ qZklh ^_eZ_lky \ ijZdlbd_ ij_bfms_kl\_gghg_kbkl_fZlbq_kdbb g_j_^dh[_a^hklZlhqgh]h\gbfZgby Bkke_^h\Zgby ih^l\_j`^Zxl h^gZdh ij_^iheh`_gb_ qlh ikbohl_jZi_\lu hkms_kl\eyxl k\hb^_ckl\byjmdh\h^kl\mykv]eZ\gufh[jZahfk\hbfbl_hjbyfbb fgh]hj_`_ijbgbfZxlijb wlhf\h\gbfZgb_ij_^klZ\e_gbyk\hboiZpb_glh\>bfk^Zcgb ^jNbeebikb ^j Fgh]b_ ikbohl_jZi_\lu h[jZsZxl \gbfZgb_ \ i_j\mx hq_j_^v gZ bkdZ`_gby \ kha^Zgguo iZpb_glZfb dhgp_ipbyo beb gZ bo ^bknmgdpbhgZevghklv LZdh_ hlghr_gb_ m\u f_rZ_l m\b^_lvkbfilhfubebijh[e_fudZdqZklvb j_amevlZlhij_^_e_ggh]hdhgdj_lghkm[t_dlb\gh]h \b^_gbyfbjZIh^h[gufh[jZahfa\md\hkijbgbfZ_lkydZdf_eh^byebrvlh]^Zdh]^Zwlhla\md fukeurbf\ dhgl_dkl_\k_]hfmaudZevgh]hijhba\_^_gby Fu bkoh^bf ba lh]h qlh ikbohl_jZi_\lbq_kdb_ bgl_j\_gpbb wnn_dlb\gu ebrv lh]^Z dh]^Z \kljZb\Zxlky \ dhgkljmdpbx kha^Zggmx iZpb_glhf ?keb hgb mqblu\Zxl klbev lhgZevghklv b l_fZlbdm \k_c dhfihabpbb lh fh]ml klZlv ij_ex^b_c khijh\h`^Zxs_c f_eh^b_cbebdhgljZimgdlhf >jm]Zy q_jlZ km[t_dlb\guo l_hjbc [he_agb aZdexqZ_lky \ lhf qlh hgb \uklmiZxl qZklh dZd dhgp_gljbjh\Zggh_ hibkZgb_ h[s_kl\_gguo beb khpbZevguo dhgnebdlh\ KZf iZpb_gl g_ fh`_l jZkihagZlv wlhl nZdl b bgl_jij_lbjm_l k\hb ljm^ghklb beb kbfilhfu dZd qbklh ebqgu_ iheZ]Zy qlh ebrv hg h^bg klZedb\Z_lky k ih^h[gufb ljm^ghklyfb Ijbqbgm k\hbo g_m^Zqhg\b^bl\ g_o\Zld_m k_[ykihkh[ghkl_cG_j_^dhih^h[gu_l_hjbb[he_agbkhq_lZxlkyk fmqbl_evgufqm\kl\hf\bguLbibqgufijbf_jhf\ wlhfhlghr_gbbfh]mlkem`blv`_gsbgu bkiulu\Zxsb_ qm\kl\h \bgu \ k\yab k [mebfbq_kdbfb gZjmr_gbyfb Zii_lblZ < gZqZe_ ikbohl_jZibbwlb`_gsbguj_^dh[u\Zxl\ khklhygbbm\b^_lv\ k\h_ckbfilhfZlbd_j_amevlZl hdZau\Z_fh]h gZ gbo h[s_kl\_ggh]h beb khpbZevgh]h ^Z\e_gby beb ij_^ty\ey_fuo bf lj_[h\Zgbc Z h[tykgyxl [he_agv k\hbf klj_fe_gb_f [ulv kljhcghc b bf_lv \ukhdmx kZfhhp_gdm Hl gZmqguo l_hjbc lj_[m_lky \ qZklghklb qlh[u hgb g_ kh^_j`Zeb ijhlb\hj_qbc D
km[t_dlb\guf l_hjbyf fu jZamf__lky g_ fh`_f ij_^ty\eylv lZdbo \ukhdbo lj_[h\Zgbc < kbembo[ebahklbd ih\k_^g_\ghc`bagbb \ebygbyhdZau\Z_fh]hgZbonhjfbjh\Zgb_bklhjb_c `bagb bg^b\b^Zhgb k\h_c keh`ghklvx b _fdhklvx agZqbl_evgh ij_\hkoh^yl ex[u_ gZmqgu_ l_hjbb ?keb ijh^he`blv kjZ\g_gb_ k gZmqgufb l_hjbyfb lh fh`gh kdZaZlv qlh km[t_dlb\gu_ l_hjbb \hagbdZxl \ ijhp_kk_ \aZbfh^_ckl\by q_eh\_dZ k _]h hdjm`_gb_f ey wlh]h qZklh [u\Z_l g_h[oh^bfh ihgylv dZd gZ ijhly`_gbb `bagb kdeZ^u\Zebkv _]h ko_fu \hkijbylby b bgl_jij_lZpbb Wlh h^bgbahkgh\guowe_f_glh\ikbohl_jZi_\lbq_kdhcjZ[hlu< djZldhkjhqghc`_ikbohl_jZibbZ ke_^h\Zl_evgh b \ IHl_jZibb hkh[uc bgl_j_k ij_^klZ\ey_l k\yaZgguc k \hagbdgh\_gb_f b kms_kl\h\Zgb_f ijh[e_fu k_]f_gl fbjh\haaj_gby iZpb_glZ dhlhjuc aZklZ\ey_l q_eh\_dZ h[jZsZlvkyd ikbohl_jZi_\lm< kemqZ_[he_agbbeb gZjmr_gby^mr_\gh]hjZ\gh\_kby\ lZdhf k_]f_gl_ h[uqgh \ dhgp_gljbjh\Zgghf \b^_ kh^_j`Zlky hkgh\gu_ iheh`_gby fbjh\haaj_gby q_eh\_dZ < wlhc k\yab klZgh\blky kh\_jr_ggh hq_\b^ghc g_h[oh^bfhklv mihjy^hq_gby b lhedh\Zgby ih\k_^g_\gh]h hiulZ iZpb_glZ b _]h \hkijbylbb qlh iha\hey_l aZl_f i_j_clb d p_e_khh[jZaguf^_ckl\byf Nmgdpbykm[t_dlb\ghcl_hjbb[he_agb Kfuke \k_o km[t_dlb\guo l_hjbc [he_agb aZdexqZ_lky \ lhf qlh[u wdabkl_gpbZevguc hiul ihemq_gguc \h \j_fy [he_agb k^_eZlv ^hklmiguf ihgbfZgbx Z ke_^h\Zl_evgh b dhgljhex\ l_dms_c`bag_gghckblmZpbb Ijh[e_fuijbqbgyxsb_kljZ^ZgbygZrbfiZpb_glZffufh`_f\ hij_^_e_gghckl_i_gb ih^\_j]gmlv h[t_dlb\ghfm ZgZebam gZijbf_j ijhZgZebabjh\Zlv eh]bdm bo \hagbdgh\_gby
khpbZevgu_nmgdpbbZ lZd`_jZkkfhlj_lvbo\ k\_l_lhcbebbghcl_hjbbikbohiZlheh]bbbeb l_hjbb ebqghklb Bgh]^Z k ihfhsvx lZdh]h ijhn_kkbhgZevgh]h ZgZebaZ gZf m^Z_lky m\b^_lv ^jZfZlbq_kdmxikboheh]bq_kdmxijh[e_fmkhklhjhguijb wlhfbkihevamyijbgylu_ijZ\beZ h[h[s_gbyb h[tykg_gbyH[t_dlb\gucZgZebaijh[e_fuiha\hey_llZdbfh[jZahfh[tykgblv h[sb_ b hlghkysb_ky d ebqghklb \aZbfhk\yab Z lZd`_ deZkkbnbpbjh\Zlv kbfilhfZlbdm Fu ^Z_f ijh[e_f_ gZa\Zgb_ jZatykgy_f iZpb_glZf lh qlh gZf ba\_klgh b qlh fu magZeb gZ hkgh\Zgbb hiulZ jZ[hlu k ^jm]bfb iZpb_glZfb JZkkdZau\Z_f lZd`_ h ^jm]bo ljm^ghklyo dhlhju_ fh]ml [ulv ke_^kl\b_f ^Zgghc ijh[e_fu Z lZd`_ h \hafh`guo gZijZ\e_gbyo ^Zevg_cr_]h oh^Z [he_agb b l^ DZ`^uc ikbohl_jZi_\l agZ_l qlh ih^h[guc h[jZa ^_ckl\bc fh`_lkms_kl\_gghh[e_]qblvkljZ^ZgbyiZpb_glZ Ih^h[guc \a]ey^ gZ ijh[e_fm kh klhjhgu ^he`_g ^hihegylvky ZgZebahf lh]h ij_^klZ\e_gby h ijh[e_f_ dhlhjh_ kms_kl\m_l m kZfh]h iZpb_glZ Ihwlhfm fu h[jZsZ_f \gbfZgb_b k\h_b iZpb_glZgZl_gZb\gu_l_hjbbdhlhju_\ qbke_ijhqbonZdlhjh\\ebyxl gZ_]hih\_^_gb_km[t_dlb\gmxdhgp_ipbx_]hi_j_`b\Zgbcb ^_ckl\bcFuihklmiZ_flZd\ gZ^_`^_ihfhqv_fmhkhagZlvdZdbfbhg\b^blfbjb k\hbihklmidbdZdb_ko_fuh[tykg_gby _fmijbkmsbb dZdbfbfhlb\Zfbb p_eyfbhgjmdh\h^kl\m_lky\ k\h_fih\_^_gbb A^_kv gZr ih^oh^ kh\iZ^Z_l k lj_[h\Zgbyfb ij_^ty\ey_fufb d ikbohl_jZi_\lbq_kdbf dhgp_ipbyf=jZ\_=jZ\_kqblZ_lqlhhkgh\gufgZijZ\e_gb_fjZ[hlu^he`gh[ulvkha^Zgb_m q_eh\_dZ gh\h]h ij_^klZ\e_gby h k_[_ kZfhf b mdZau\Z_l gZ h^gm ba \Z`g_crbo p_e_c ikbohl_jZi_\lbq_kdh]h \ha^_ckl\by GZ ijZdlbd_ wlhhagZqZ_l qlh fu kh\f_klgh k iZpb_glhf kgh\Z b kgh\Z ^he`gu aZ^Z\Zlv h^bg b lhl `_ \hijhk khhl\_lkl\mxl eb b _keb ^Z lh \ ^hklZlhqghcebf_j__]hh[tykg_gbylhfmqlh^_ckl\bl_evghijhbkoh^bl\ _]h`bagb H[uqgh l_hjbb fgh]bo gZrbo iZpb_glh\ dZkZxsb_ky bo ijh[e_f [u\Zxl g_^hklZlhqgh ihegufb beb g_Z^_d\Zlgufb LZd gZijbf_j iZpb_gl h[tykgyxsbc djbabkgmx kblmZpbx \ k\h_c`bagbbkdexqbl_evghm^Zjhfkm^v[ub l_fkZfufmimkdZxsbcba\b^m\kxkeh`ghklv mkeh\bc _]h `bagb aZ\_^hfh ebrZ_l k_[y \hafh`ghklb k\hbfb kbeZfb kijZ\eylvky k bf_xsbfbky m g_]h ijh[e_fZfb < wlhf kemqZ_ y\gh p_e_khh[jZagh kh\f_klgh k iZpb_glhf ij_^ijbgylv ihbkd gh\uo h[tykg_gbc < khhl\_lkl\bb k iheh`_gbyfb IHl_jZibb fu ij_^eh`beb[u_fmg_ijhklhgZmqgh_h[tykg_gb__]h`bag_gghckblmZpbbZ h[jZlbebkv[ud km[t_dlb\ghc]_jf_g_\lbd_ dhlhjmximklvqZklbqghfh`gh[ueh[u\kljhblv\ dZjlbgm fbjZ iZpb_glZ < dhgp_ dhgph\ ijh[e_fu k dhlhjufb iZpb_gl klZedb\Z_lky \ hij_^_e_gghc kblmZpbb fh]ml [ulv ihgylu ebrv lh]^Z dh]^Z fu mqblu\Z_f lZd`_ bo km[t_dlb\gu_ ij_^ihkuedb Fgh]b_ ikbobq_kdb_ ijh[e_fu \hagbdZxl bf_ggh ihlhfm qlh km[t_dlb\gZy l_hjbyg_khhl\_lkl\m_lh[t_dlb\ghc`bag_gghckblmZpbb < wlhck\yab\hagbdZxlke_^mxsb_\hijhku DZdb_ hkgh\gu_ ij_^iheh`_gby \ukdZau\Z_l iZpb_gl hlghkbl_evgh k\h_c ijh[e_fu dZdb_h`b^Zgbyhgk g_ck\yau\Z_l" DZdb_ dh]gblb\gu_ fh^_eb dhgp_ipbb beb ko_fu hg bkihevam_l ^ey lh]h qlh[u h[tykgblv\k_l_h[klhyl_evkl\Zdhlhju_ihjh^beb_]hijh[e_fm" DZdhghp_gb\Z_lk\hxjhev\ \hagbdgh\_gbbijh[e_fu"DZdh\Za^_kvjhev^jm]boebp² [ebadbo_fmb agZqbfuo^eyg_]h" KqblZ_lebhgk_[y`_jl\hckm^v[ubeb^jm]bo\ukrbokbe" Bs_l eb hg _kl_kl\_gghgZmqgu_ h[tykg_gby gZijbf_j [bheh]bq_kdb_ beb
ikbohkhpbZevgu_" AgZy dZd iZpb_gl iulZ_lky h[tykgblv k\hx ijh[e_fm fu fh`_f k\h_\j_f_ggh \uy\blv \u\h^u b h[h[s_gby dhlhju_ hg ^_eZ_l b _keb g_h[oh^bfh \ukdZaZlv k\hb \hajZ`_gby k p_evxbaf_gblvij_^klZ\e_gbyiZpb_glZ H^gZba\Z`g_crbop_e_cikbohl_jZibb²kihkh[kl\h\ZlvkhdjZs_gbx^bklZgpbbf_`^m \gmlj_gg_c dZjlbghc fbjZ iZpb_glZ b \g_rg_c j_Zevghklvx b ghjfZfb Fu gZau\Z_f wlh gh\ufihgbfZgb_fkZfh]hk_[y
=_jf_g_\lbdZ²bkdmkkl\hlhedh\Zgbyh[tykg_gby²Ijbfi_j_\h^qbdZ < ljZ^bpbhgguo rdheZo ikbohl_jZibb ijh[e_fu iZpb_glZ klZjZxlky knhjfmebjh\Zlv gZ yaud_ khhl\_lkl\mxs_c l_hjbb ikbohl_jZibb IkbohZgZeblbd gZijbf_j ^Z_l lZdmx nhjfmebjh\dm IZpb_gl bkiulu\Zxsbc kbevgh_ gZijy`_gb_ klZedb\Z_lky k ijh[e_fZfb K\_joY ?keb[uwlhl`_iZpb_glh[jZlbekyd ki_pbZebklmihih\_^_gq_kdhcl_jZibblh^bZ]ghaa\mqZe [ulZd ^bknmgdpbhgZevghklv beb hlkmlkl\b_ khpbZevghc dhfi_l_glghklb Kfuke lZdbo nhjfmebjh\hd aZdexqZ_lky g_ lhevdh \ klj_fe_gbb mijhklblv ijh[e_fm gh b ihdZaZlv qlh j_rblv __ fh`gh k ihfhsvx f_lh^h\ ijbkmsbo ^Zgghc ikbohl_jZi_\lbq_kdhc rdhe_ LZdhc ih^oh^ [_amkeh\gh hijZ\^Zg b k gZmqghc lhqdb aj_gby h[hkgh\Zg H^gZdh h^gh\j_f_ggh hg ihjh`^Z_lljm^ghklb iZpb_gl dZd h[t_dl ikbohl_jZi_\lbq_kdh]h \ha^_ckl\by ^he`_g khhl\_lkl\h\Zlv fure_gbx b yaudm ikbohl_jZi_\lZ A^_kv ihgbfZgb_ ijh[e_fu iZpb_glhf gZ [ulh\hf `bl_ckdhfmjh\g_ih^f_gy_lkyijhn_kkbhgZevgufihgbfZgb_fijh[e_fuikbohl_jZi_\lhfbeb `_ k ihfhsvx ijhp_kkh\ Z[kljZ]bjh\Zgby baf_gy_lky lZd qlh[u khhl\_lkl\h\Zlv _fm < j_amevlZl_g_j_^dhmimkdZxlkyba\b^mg_dhlhju_kms_kl\_ggu_km[t_dlb\gh\Z`gu_Zki_dlu ijh[e_fumdhj_g_gghklvijh[e_fu\ ih\k_^g_\ghc`bagb
HKGH
DHGP?IPBBIHL?J:IBB Ijh[e_fghhjb_glbjh\Zgghcikbohl_jZibbijbkmsbke_^mxsb_hkgh\gu_q_jlu Hjb_glbjh\ZgghklvgZijh[e_fm Hjb_glbjh\ZgghklvgZiZpb_glZ IexjZebaff_lh^h\ Kljmdlmjbjh\Zgghklv Wlb q_jlu hij_^_eyxl kmsghklv IHl_jZibb b h[mkeh\eb\Zxl oZjZdl_j ikbohl_jZi_\lbq_kdh]hijhp_kkZkflZd`_]eb Hgbkem`Zlhjb_glbjZfbikbohl_jZi_\lm gZijhly`_gbb\k_cikbohl_jZibbZ iZpb_glihemqZ_l\hafh`ghklvke_^blvaZ__ oh^hf Hjb_glbjh\ZgghklvgZijh[e_fm Ih^ijh[e_fhcfuihgbfZ_f qj_af_jghklv lj_[h\Zgbcij_^ty\ey_fuo d Z^ZilZpbhgguf \hafh`ghklyf iZpb_glZ LZdZy i_j_]jmadZ fh`_l [ulv ke_^kl\b_f b g_^hklZlhqguo \gmljbikbobq_kdbo j_kmjkh\ h[mkeh\e_gguo bklhjb_c `bagb iZpb_glZ b ij_^ty\eyxsbo hkh[_ggh \ukhdb_ lj_[h\Zgby h[klhyl_evkl\ _]h l_i_j_rg_c `bagb Ijh[e_fu fh]ml \_klb d ^bknmgdpbhgZevguf\hkijbylbxfure_gbxwfhpbyfbbebih\_^_gbx GZebqb_ ijh[e_fu h]jZgbqb\Z_l \hafh`ghklb Z^_d\Zlgh]h ijbkihkh[e_gby q_eh\_dZ d
j_Zevguf mkeh\byf `bagb km`Z_l k\h[h^gh_ ijhkljZgkl\h \ dhlhjhf kljhblky _]h `bagv b f_rZ_l _fm m\b^_lv j_kmjku j_r_gby ijh[e_fu J_qv lZdbf h[jZahf b^_l h fgh]hf_jghf y\e_gbb \dexqZxs_f dZd l_dmsb_ mkeh\by ihjh`^Zxsb_ ijh[e_fm b kihkh[kl\mxsb_ __ khojZg_gbx b bo ihke_^kl\by lZd b lhl nhg dhlhjuf kem`bl bklhjby `bagb iZpb_glZ b __ nmgdpbhgZevgh_ agZq_gb_ ^ey f_`ebqghklguo hlghr_gbc :gZeba ijh[e_fu k ihfhsvx dhlhjh]h b ihemqZxl hij_^_e_gb_ ijh[e_fu ho\Zlu\Z_l \k_ \ur_i_j_qbke_ggu_ keZ]Z_fu_ ©kfjZa^b Ke_^m_l ijh\h^blv jZaebqb_ f_`^m dhfie_dkguf ihgylb_f ijh[e_fu b ihgylb_f kbfilhfu QZklh iZpb_glu ]h\hjyl \ i_j\mx hq_j_^v h kbfilhfZo DZd ijZ\beh h^gZdh kbfilhfuij_^klZ\eyxlkh[hcebrvh^bgbaZki_dlh\ijh[e_fubeb n_ghf_ge_`ZsbcgZ__ ih\_joghklb Djhf_ lh]h ihgylb_ kbfilhf h[uqgh ij_^iheZ]Z_l mijhs_ggmx fh^_ev h[tykg_gby\ hkgh\_dhlhjhce_`blebg_cgZyijbqbgghklvZ wlh]h\ [hevrbgkl\_kemqZ_\^ey ikbohl_jZibb fZeh Hjb_glbjh\Zgghklv gZ ijh[e_fm hagZqZ_l lZdbf h[jZahf qlh p_evx ikbohl_jZibb y\ey_lky g_ lhevdh mkljZg_gb_ kbfilhfh\ gh b j_r_gb_ klhysbo aZ gbfb ijh[e_f Fug_mihlj_[ey_fmklhy\rbckyl_jfbgnhdmkihkdhevdm_]hijhbkoh`^_gb_k\yaZghk ikbohZgZeblbq_kdhcdhgp_ipb_cOhly\ kbemwde_dlbq_kdh]hoZjZdl_jZgZr_cdhgp_ipbbkf jZa^b lhlbebbghcih^oh^baqbkeZlZdgZau\Z_fuonhdmkguoikbohl_jZi_\lbq_kdbo ih^oh^h\ \f_kl_ k ijbkmsbfb _fm ki_pbnbq_kdbfb f_lZl_hj_lbq_kdbfb b f_lh^bq_kdbfb iheh`_gbyfbfh`_l\uklmiZlvdZdhkh[uckemqZcbebh^bgbaqZklbqguoZki_dlh\ijh[e_fgh hjb_glbjh\Zgghcl_jZibb HldZa hl qbklh kbfilhfZlbq_kdh]h ih^oh^Z b dhgp_ipbb nhdmkZ iha\hey_l ih^oh^blv d ijh[e_f_iZpb_glZg_^h]fZlbq_kdb Jmdh\h^kl\mykvdZdikbohl_jZi_\lbq_kdbfblZdb ^b^Zdlbq_kdbfbkhh[jZ`_gbyfb\ oh^_ ikbohl_jZi_\lbq_kdhc jZ[hlu fu hl^Z_f ij_^ihql_gb_ bg^mdlb\ghfm f_lh^m ikbohl_jZi_\l \u^\b]Z_l ]bihl_auh[tykg_gby gZ hkgh\Zgbb dhgdj_lguo ijhy\e_gbc ijh[e_fu Z lZd`_ ihgbfZgby b i_j_`b\Zgby ijh[e_fu iZpb_glhf LZdhc ih^oh^ d ijh[e_f_ hlebqZ_lky hl ^_^mdlb\gh]hf_lh^Zdh]^Zhij_^_e_gb_ijh[e_fu\u\h^blkybal_obebbguoko_ffure_gby f_lZl_hjbyikbohl_jZi_\lZij_^jZkkm^dbiZpb_glZklZ\rb__]hmklZgh\dZfb Bkihevah\Zgb_ bg^mdlb\gh]h f_lh^Z hagZqZ_l qlh ijb kh\f_klghc ikbohl_jZi_\lbq_kdhc jZ[hl_ \gbfZgb_ [u\Z_l gZijZ\e_gh gZ h[_ki_q_gb_ h[hbf mqZklgbdZf ijhp_kkZ \hafh`ghklb aZgbfZlvky dhgdj_lghc ijh[e_fhc Z g_ \_klb l_hj_lbq_kdb_ ^bkdmkkbb g_ bf_xsb_ ijyfh]h hlghr_gbyd ijh[e_f_ H[uqghiZpb_gluijboh^ylk `Zeh[ZfbgZfgh]hqbke_ggu_ljm^ghklbbkiulu\Z_fu_bfb \ `bagbIjbijh[e_fghfih^oh^_ikbohl_jZi_\lkh\f_klghk iZpb_glhfhij_^_eyxl]eZ\gmx ijh[e_fm ba l_o ijh[e_f k dhlhjufb iZpb_gl klZedb\Z_lky \ k\h_c `bagb Wlh ^he`gZ [ulv ijh[e_fZj_r_gb_dhlhjhc\hafh`ghk ihfhsvxikbohl_jZibbaZh]jZgbq_ggh_\j_fybeb`_ ijh[e_fZ ^ey j_r_gby dhlhjhc k_cqZk fh`_l [ulv jZajZ[hlZgZ kljZl_]by Z kZfh j_r_gb_ ijh[e_fu hkms_kl\ey_lky iha`_ KhagZl_evgh_ h]jZgbq_gb_ h^ghc ijh[e_fhc Z l_f kZfuf b ihklZgh\dZ h]jZgbq_gguo b j_Zebklbq_kdbo p_e_c bf__l lh ikbohl_jZi_\lbq_kdh_ b ^b^Zdlbq_kdh_ ij_bfms_kl\h qlh ikbohl_jZi_\lbq_kdbc ijhp_kk klZgh\blky hldjuluf ^hklmigufh[haj_gbxhjb_glbjh\ZggufgZp_e_gZijZ\e_ggmxjZ[hlmZ jZ^hklvmki_oh\imklv b g_[hevrbo kihkh[kl\m_l oh^m ijhp_kkZ b ih\urZ_l \_jm \ k_[y m h[hbo _]h mqZklgbdh\
Djhf_ lh]h hdZaZehkv qlh fgh]b_ iZpb_glu iheh`bl_evgh j_Z]bjmxl gZ ij_^eh`_gb_ kdhgp_gljbjh\ZlvmkbebygZhkgh\ghcijh[e_f_b k^_eZlvikbohl_jZibxijhajZqghc Hjb_glbjh\ZgghklvgZiZpb_glZ Ij_^klZ\ey_lky kZfh kh[hc jZamf_xsbfky qlh ikbohl_jZiby hkms_kl\ey_lky k mq_lhf kihkh[ghkl_c ihlj_[ghkl_c b p_e_c iZpb_glZ Ih^ hjb_glbjh\Zgghklvx gZ iZpb_glZ fu ihgbfZ_f g_ lhevdh kbfiZlbx b wfiZlbx ih hlghr_gbx d iZpb_glm gh b dhgdj_lgmx gZijZ\e_gghklv ikbohl_jZi_\lbq_kdhc jZ[hlu dhlhjZy ljZdlm_lky dZd khljm^gbq_kl\h f_`^m iZpb_glhfb ikbohl_jZi_\lhfIjblZdhfih^oh^_ikbohl_jZi_\l\ oh^_ikbohl_jZi_\lbq_kdbo hlghr_gbc\hkijbgbfZ_lkyiZpb_glhfg_lhevdhdZdikbohl_jZi_\lghb dZdq_eh\_db iZjlg_j ihjZ[hl_LZdh\h^bgbakms_kl\_gguoZki_dlh\ijhajZqghklbikbohl_jZibbdh]^ZklZgh\blky \hafh`gufijbgylb_ikbohl_jZibbiZpb_glhf>jm]bfbhkh[_gghklyfbIHl_jZibby\eyxlky hjb_glbjh\ZgghklvgZijh[e_fmb h]jZgbq_gghklv\h\j_f_gb < gZqZe_ ikbohl_jZibb g_ lhevdh hij_^_ey_lky \j_fy ijh\_^_gby k_kkbc gh iZpb_glm ^Zxlkybkq_jiu\Zxsb_h[tykg_gbyhkgh\guowe_f_glh\dhgp_ipbbIHl_jZibbqlh[uhgfh] j_rblv ih^oh^bl eb _fm lZdZy ikbohl_jZiby Hjb_glbjh\Zgghklv gZ iZpb_glZ ij_^iheZ]Z_l kha^Zgb_ ij_^ihkuehd ^ey Zdlb\gh]h mqZklby iZpb_glZ \ ikbohl_jZibb ?fm ij_^klhbl \uklmiZlvbgbpbZlhjhfikbohl_jZibbb Zdlb\guf__ mqZklgbdhf: wlhagZqblqlhbkoh^guf fhf_glhf b hkgh\hc ikbohl_jZi_\lbq_kdhc jZ[hlu ^he`gh [ulv ihgbfZgb_ iZpb_glhf ijh[e_fu l _ k\h_c km[t_dlb\ghc l_hjbb [he_agb kf lZd`_ jZa^ Hl km[t_dlb\ghc l_hjbb [he_agb aZ\bkbl ih^oh^ d h[tykg_gbx ijh[e_fu b gZoh`^_gb_ j_r_gby \ dhlhjhf iZpb_glfh`_lijbgylvZdlb\gh_mqZklb_AZ^ZqZikbohl_jZi_\lZ²ih[m^blviZpb_glZd wlhfm Ikbohl_jZi_\l ^he`_g \^mfZlvky \ fh^_ev h[tykg_gby ij_^eZ]Z_fmx iZpb_glhf ijhZgZebabjh\Zlv __ \f_kl_ k gbf b aZl_f ij_^eh`blv hij_^_e_gb_ ijh[e_fu kh^_j`Zs__ ij_^eh`_gbyihdhgdj_lgufkljZl_]byf__ j_r_gbyjm]bfb keh\Zfb ikbohl_jZi_\lm gZjy^m k wfiZlb_c ^he`gZ [ulv ijbkmsZ kihkh[ghklvkh\_jr_gkl\h\Zlvk\h_ihgbfZgb_b bglmbpbxLh]^Zmf_gvrZ_lkyhiZkghklvlh]h qlhikbohl_jZi_\lklZg_lih^f_gylvj_Zevghklvk\hbfbikbohl_jZi_\lbq_kdbfbdhgkljmdpbyfb b [m^_lnhjfmebjh\Zlvijh[e_fmiZpb_glZbkoh^ybak\hbol_hjbc F_lh^bq_kdbciexjZebaf Ih^ f_lh^bq_kdbf iexjZebafhf fu ihgbfZ_f ijZ]fZlbq_kdbc ih^oh^ ij_^iheZ]Zxsbc bkihevah\Zgb_fgh]bof_lh^h\< wlhfkemqZ_ikbohl_jZi_\l\ k\h_cjZ[hl_jmdh\h^kl\m_lkyg_ l_hjb_c lh]h beb bgh]h ikbohl_jZi_\lbq_kdh]h gZijZ\e_gby Z ij_`^_ \k_]h j_rZ_l
ijZdlbq_kdmx aZ^Zqm dZd aZ g_ijh^he`bl_evgh_ \j_fy hl\h^bfh_ gZ djZldhkjhqgmx ikbohl_jZibx fh`gh gZbemqrbf h[jZahf ^h[blvky baf_g_gbc khhl\_lkl\mxsbo ij_^klZ\e_gbyf iZpb_glZ h p_eb ikbohl_jZibb >ey wlh]h jZaebqgu_ ikbohl_jZi_\lbq_kdb_ f_lh^u \ oh^_ ikbohl_jZibb fh]ml ijbf_gylvky q_j_^mykv ^jm] k ^jm]hf iZjZee_evgh beb h^gh\j_f_ggh bgl_]jbjh\Zgb_
aZ\_jr_gby wlh kha^Z_l ki_pbnbq_kdmx ^bgZfbdm ijhp_kkZ aZklZ\ey_l dZd iZpb_glh\ lZd b ikbohl_jZi_\lh\dhgp_gljbjh\ZlvkygZkms_kl\_gghf GZjy^m k lZdbfb \g_rgbfb h]jZgbqbl_evgufb jZfdZfb ihfhsvx \ p_e_gZijZ\e_gghf \_^_gbbikbohl_jZi_\lbq_kdh]hijhp_kkZkem`bl\gmlj_gg__kljmdlmjbjh\Zgb_IHl_jZibbK wlhcp_evx fu jZajZ[hlZeb kljmdlmjgmx ko_fm ij_^iheZ]Zxsmx klmi_gqZlh_ jZkiheh`_gb_ we_f_glh\ ikbohl_jZibb kf ]e DZ`^Zy klmi_gv ikbohl_jZibb kem`bl [Zabkhf ^ey ihke_^mxs_cklmi_gbFukhagZl_evgh]h\hjbfg_h nZaZoikbohl_jZibbhl^Ze_gguo^jm]hl ^jm]Z GZ kZfhf ^_e_ kdhj__ bf__l f_klh ihkl_i_gguc i_j_oh^ \ha\jZs_gb_ `_ d ij_^r_kl\h\Z\rbfklmi_gyf\k_]^Z\hafh`gh\ oh^_ikbohl_jZibb Z qZklhb g_h[oh^bfhGZ hkgh\Zgbb kljZl_]bb j_r_gby ijh[e_fu ijbgylhc \ dh]gblb\ghc ikbohl_jZibb fu ih^jZa^_ey_fijhp_kkikbohl_jZibbgZke_^mxsb_khklZ\eyxsb_ Klmi_gbikbohl_jZibb Kha^Zgb_ mklhcqb\uo ^h[jh`_eZl_evguo hlghr_gbc b mklZgh\e_gb_ dhgkljmdlb\guo jZ[hqbo hlghr_gbc f_`^m iZpb_glhf b ikbohl_jZi_\lhf dZd ijhqguc nmg^Zf_gl \k_]h ijhp_kkZikbohl_jZibb Baeh`_gb_ijh[e_fu iZpb_glhf\dexqZy_]hkm[t_dlb\gmxl_hjbx[he_agb :gZebaijh[e_fu k mq_lhfkms_kl\mxsbo\ gZklhys__\j_fymkeh\bcbklhjbb`bagb iZpb_glZb nmgdpbhgZevgh]hagZq_gbyijh[e_fu Hij_^_e_gb_ijh[e_fu ihklZgh\dZp_ebb ieZgbjh\Zgb_ikbohl_jZibb IjhjZ[hldZijh[e_fu b bkihevah\Zgb_ihemq_gguoj_amevlZlh\\ j_Zevghc`bagb\g_ jZfhdikbohl_jZibb AZ\_jr_gb_ikbohl_jZibb Ij_^klZ\e_gguc \ur_ ieZg fh`_l kem`blv hjb_glbjhf ^ey ikbohl_jZi_\lh\ Fu g_ kqblZ_f _]h `_kldhc ko_fhc \ khhl\_lkl\bb k dhlhjhc ^he`gZ ijhoh^blv ikbohl_jZiby G_h[oh^bfZ ]b[dhklv \ ih^oh^_ mq_l oZjZdl_jZ ijh[e_fu KdZaZlv aZjZg__ kdhevdh \j_f_gb aZcf_l lZ beb bgZy klmi_gv ikbohl_jZibb b dZdh\ __ m^_evguc \_k \ h[s_f ijhp_kk_ g_\hafh`ghKms_kl\mxlgZijbf_jijh[e_fuj_r_gb_dhlhjuo\ agZqbl_evghcf_j_aZ\bkbl hlZgZebaZmkeh\bcbo\hagbdgh\_gbyb a^_kvkhhl\_lkl\mxs_cklmi_gbhl\h^blkyhq_gvfgh]h \j_f_gb < ^jm]bo kemqZyo mihj ^_eZ_lky gZ hijh[h\Zgb_ gh\uo ko_f ih\_^_gby beb gZ jZatykg_gb_ \aZbfh^_ckl\by f_`^m ikbohl_jZi_\lhf b iZpb_glhf Ih^jh[gh h gZa\Zgguo \ur_klmi_gyoikbohl_jZibbkfjZa^²
IKBOHL?J:I?
Ihabpbyikbohl_jZi_\lZ WfiZlbq_kdh_ kemrZgb_ IZpb_gl bs_l ihgbfZgby b ihfhsb Khhl\_lkl\_ggh ^_yl_evghklv ikbohl_jZi_\lZ aZdexqZ_lky \ ^_fhgkljZpbb ihgbfZgby b \ hkms_kl\e_gbb f_jhijbylbc\hkijbgbfZ_fuoiZpb_glhfdZdihfhsv IhgbfZgb_\ oh^_h[s_gby\ i_j\mxhq_j_^vijhy\ey_lky\ wfiZlbq_kdhfkemrZgbb Ih^ wfiZlb_c ihgbfZ_lky qZklbqgZy b^_glbnbdZpby ikbohl_jZi_\lZ k iZpb_glhf iha\heyxsZy ikbohl_jZi_\lm jZa^_eylv bkiulu\Z_fu_ iZpb_glhf qm\kl\Z khojZgyy \ lh `_ \j_fy hij_^_e_ggmx ^bklZgpbx f_`^m kh[hc b iZpb_glhf < oh^_ h[s_gby ikbohl_jZi_\l lh
mf_gvrZ_l lh m\_ebqb\Z_l wlm ^bklZgpbx WfiZlbx g_ ke_^m_l imlZlv k kbfiZlb_c hagZqZxs_c b^_glbnbdZpbx k iZpb_glhf [_ah]h\hjhqgh_ kh]eZkb_ k gbf qlh aZljm^gy_l khojZg_gb_hij_^_e_gghc^bklZgpbbf_`^miZpb_glhfb ikbohl_jZi_\lhfqZklhg_h[oh^bfhc\ ikbohl_jZibb KemrZgb_ aZdexqZ_lky k h^ghc klhjhgu \ fheqZeb\hf \gbfZgbb Z k ^jm]hc ² \ j_iebdZoihdZau\ZxsboiZpb_glmqlhikbohl_jZi_\l_]hihgbfZ_l Wlh]hfh`gh^h[blvkyk ihfhsvxihykgyxs_ci_j_njZabjh\dbkdZaZggh]hiZpb_glhfdZd wlh^_eZ_lky\ rdhe_Jh^`_jkZ <_j[Zevgh_ h[s_gb_ khijh\h`^Z_lky dhglZdlZfb \a]ey^h\ khhl\_lkl\mxs_c fbfbdhc db\dZfb Z lZd`_ baf_g_gbyfb ijhkljZgkl\_gghc ^bklZgpbb f_`^m deb_glhf b ikbohl_jZi_\lhf Hkh[h_\gbfZgb_ke_^m_lm^_eylvke_^mxs_fm ²KemrZc^hl_oihjihdZlu\ ^hklZlhqghcf_j_ihgbfZ_rvlhqlhiulZ_lkykhh[sblv iZpb_gl?kebg_ihgbfZ_rvkdZ`bh[wlhfiZpb_glmAZ^Zc\hijhku ² G_ iha\heyc iZpb_glm ^_eZlv ijh^he`bl_evgu_ iZmau FheqZgb_ \ ikbohl_jZibb g_`_eZl_evghDh]^ZgblvjZa]h\hjZh[ju\Z_lkyfh`ghijh^he`blvgZqZlmxl_fmih^l\_j`^Zy kdZaZggh_iZpb_glhfbebjZa\b\Zlv__ lZdqlh[uiZpb_glm\b^_e\hafh`ghklb[eZ]hijbylgh]h j_r_gby k\h_c ijh[e_fu Ke_^m_l bf_lv \ \b^m qlh ijh^he`bl_evgh_ fheqZgb_ m\_ebqb\Z_l ^bklZgpbx f_`^m iZpb_glhf b ikbohl_jZi_\lhf b kha^Z_l \i_qZle_gb_ h ij_\hkoh^kl\_ b \eZklbihke_^g_]hZ wlhijh\hpbjm_lg_gm`gu_j_Zdpbbi_j_ghkZ
h[jZah\Zgbxb hkljhl_\hkijbylbyagZ_lk_[ygZklhevdhohjhrhqlhjZkihagZ_lhldehg_gbyhl k\h_]hkj_^g_]hkhklhygby\ua\Zggu_iZpb_glhf Hgfh`_lgZijbf_jh[gZjm`blvqlhijhy\ey_lg_l_ji_gb_bkiulu\Z_lkdmdmbebaehklv LZdb_ qm\kl\Z hg fh`_l \hkijbgbfZlv dZd mdZaZgby gZ g_h[oh^bfhklv qlhlh ij_^ijbgylv \ hlghr_gbyo k iZpb_glhf Ohly ih^h[gu_ ^bgZfbq_kdb_ ijh\_jdb g_ y\eyxlky ]eZ\ghc aZ^Zq_c IHl_jZibb hgb qZklh ijbghkyl ihevam A^_kv fh`gh \hkihevah\Zlvky ikbohZgZeblbq_kdbfbij_^klZ\e_gbyfbh ^bgZfbd_lZdgZau\Z_fuoi_j_ghkZb dhglji_j_ghkZ J_ne_dkby khklZ\ey_l hkgh\m ^_yl_evghklb ikbohl_jZi_\lZ Ihklhyggh_ h[^mfu\Zgb_ kh[kl\_gguofhlb\h\\_^msbod l_fbebbguf^_ckl\byf\hijhkugZijZ\e_ggu_gZlhqlh[u \uy\blv\ qvbobgl_j_kZowlb^_ckl\bykh\_jrZxlky²iZpb_glZbebkh[kl\_gguo²lZdh\u hkgh\u j_ne_dkbb < oh^_ j_ne_dkbb ikbohl_jZi_\lm ke_^m_l lZd`_ kijZrb\Zlv k_[y kihkh[kl\m_leblhbebbgh_ba_]h^_ckl\bc^\b`_gbxd gZf_q_gghcp_ebb dZdh\Zfh`_l[ulv ihke_^h\Zl_evghklv wlbo ^_ckl\bc dZd \ djZldhkjhqghc lZd b \ ^he]hkjhqghc i_jki_dlb\Zo MihfbgZ\rbcky m`_ ijbgpbi ]b[dhklb iha\hey_l ikbohl_jZi_\lm aZf_gylv \ kemqZ_ g_h[oh^bfhklbh^gb^_ckl\by^jm]bfb Bkdj_gghklv Bkdj_gghklv \ hlghr_gbyo b k kZfbf kh[hc b k iZpb_glhf fh`gh kqblZlv ohjhrbf dZq_kl\hf Bkdj_gghklv g_ jZ\ghagZqgZ q_klghklb dhlhjZy fh`_l [ulv b jZajmrbl_evghc Ke_^m_l bkoh^blv ba lh]h qlh h[Z iZjlg_jZ bf_xl ijZ\h gZ kh[kl\_ggh_ g_^hklmigh_^ey^jm]boijhkljZgkl\h?kebiZpb_glgZklZb\Z_lgZij_^hklZ\e_gbb_fmlZdh]h ijhkljZgkl\Z lh wlh g_ agZqbl qlh hg ijhlb\ ikbohl_jZibb K ^jm]hc klhjhgu _keb ikbohl_jZi_\l g_djblbq_kdb baeb\Z_l gZ iZpb_glZ dZ`^h_ k\h_ qm\kl\h lh wlh kha^Z_l qZklh g_h`b^Zggu_ hkeh`g_gby \ hlghr_gbyo
mklZgZ\eb\Zxlky ijZ\Z b h[yaZgghklb iZpb_glZ =b[dbc ih^oh^ d aZdexq_gghfm kh]eZr_gbx bkdexqZxsbc ^h]fZlbaf ihfh`_l ba[_`Zlv \ ikbohl_jZibb fgh]bo ihl_gpbZevgh ljm^guo kblmZpbc Ihabpbyb h[jZa^_ckl\bcikbohl_jZi_\lZ\ IHl_jZibb DZdh\u hkh[_gghklb h[jZaZ ^_ckl\bc b ihabpbb IHl_jZi_\lZ" H[jZlbfky d ki_pbnbd_ IHl_jZibb A^_kv [m^_f bkoh^blv ba khhl\_lkl\mxs_c l_hjbb kf ]e Wde_dlbq_kdbc oZjZdl_j IHl_jZibb \e_q_l aZ kh[hc hij_^_e_ggu_ ihke_^kl\by ^ey ijZdlbdmxs_]h __ ikbohl_jZi_\lZHgbk\yaZguk hkgh\gufbq_jlZfbIHl_jZibb Hjb_glbjh\ZgghklvgZiZpb_glZ >ey fgh]bo rdhe ikbohl_jZibb b fgh]bo ikbohl_jZi_\lh\ kh[kl\_ggu_ ij_^klZ\e_gby rdheZ khklZ\eyxl Zevnm b hf_]m ikbohl_jZibb IZpb_glZ ihf_sZxl \ b^_heh]bq_kdh_ ijhdjmklh\h eh`_ DZd ij_^klZ\e_gby h[ hjb_glbjh\Zgghklb gZ iZpb_glZ ijhy\eyxlky \ ijZdlbq_kdhc jZ[hl_" Km[t_dlb\ghc l_hjbb [he_agb \u^\b]Z_fhc iZpb_glhf m^_ey_lky k_jv_agh_\gbfZgb_hgZbkihevam_lkyijbhij_^_e_gbbijh[e_fuZ iZjlg_jkdb_hlghr_gby\ oh^_ jZ[hlu khojZgyxlky gZ ijhly`_gbb \k_c ikbohl_jZibb IZpb_glZ g_ mdeZ^u\Zxl gZ ijhdjmklh\h eh`_ lhc beb bghc ikbohl_jZi_\lbq_kdhc l_hjbb GZijhlb\ hij_^_e_gb_ aZ^Zq ikbohl_jZibb nhjfmebjh\dZ ijh[e_fu hkms_kl\eyxlky kh\f_klgh k iZpb_glhf b \_kv oh^ ikbohl_jZibb fu klZjZ_fky k^_eZlv gZkdhevdh wlh \hafh`gh ihgylguf iZpb_glm Yjdbf ijbf_jhf \j_^guo ihke_^kl\bc ^h]fZlbq_kdhc ihabpbb ikbohl_jZi_\lZ kqblZxs_]h _^bgkl\_ggh \_jghc ebrv k\hx lhqdm aj_gby b hl\_j]Zxs_]h hrb[hqgmx ih _]h fg_gbx l_hjbx iZpb_glZ fh`_l kem`blv kemqZc h^gh]h ba ikbohkhfZlbq_kdbo iZpb_glh\ Wlhl iZpb_glkqblZeqlh_]h]heh\gu_[hebghkylqbklhkhfZlh]_ggucoZjZdl_jikbohl_jZi_\l`_ gZijhlb\ gZklZb\Ze gZ ikboh]_gghf ijhbkoh`^_gbb [heb Hlkx^Z ke_^h\Zeb mdZaZgby ikbohl_jZi_\lZ
^he`_g [ulv \ khklhygbb ^ebl_evgh_ \j_fy ^_j`Zlv \ ihe_ aj_gby bkoh^guc imgdl b p_ev ikbohl_jZibbIjh[e_fghhjb_glbjh\Zgghfmih^oh^mqm`^h[em`^Zgb_\ ihlhd_ZkkhpbZpbc\ ls_lghc gZ^_`^_ gZ lh qlh ijh[e_fZ \uy\blky kZfZ kh[hc Ikbohl_jZi_\lZf ijbf_gyxsbf ijh[e_fghhjb_glbjh\Zggucih^oh^lj_[m_lkyZdlb\ghklvhkljhlZj_Zdpbbb ]b[dhklv :dlb\ghklv DjZldhkjhqghklv ijh[e_fghhjb_glbjh\Zgghc ikbohl_jZibb h[mkeh\eb\Z_l Zdlb\guc h[jZa ^_ckl\bc ikbohl_jZi_\lZ < ikbohl_jZibb ijh^he`Zxs_cky ^ebl_evgh_ \j_fy bkoh^yl ba lh]h qlh hij_^_e_ggu_ l_fu kgh\Z b kgh\Z ihy\eyxlky gZ ih\_kld_ ^gy `_ [m^mqb m`_ h^gZ`^ujZkkfhlj_ggufb< djZldhkjhqghcikbohl_jZibbikbohl_jZi_\lmgZ^e_`bl[ulv[he__ kljh]bfijb\u[hj_fH^gh]hijhp_kkZZkkhpbbjh\Zgby^eyikbohl_jZi_\lZa^_kv^hklZlhqgh Hg^he`_gb^lb^Zevr_
Ihwlhfm\Z`gZyaZ^ZqZikbohl_jZi_\lZ²\k_eylv \ iZpb_glZ gZ^_`^m >hklb]Z_lky wlh \ i_j\mxhq_j_^vih\ur_gb_fkZfhhp_gdbiZpb_glZb \gmr_gb_f H^gZdh h^ghc \_ju [u\Z_l g_^hklZlhqgh IZpb_gl ^he`_g ihqm\kl\h\Zlv qlh [eZ]hijbylgucbkoh^h dhlhjhf_fm]h\hjblikbohl_jZi_\l\ dZdhclhohly[ufbgbfZevghc kl_i_gb\hafh`_g>h[b\Zykvdhgdj_lguo`_eZl_evguobaf_g_gbc\ k\h_fih\_^_gbbiZpb_gl bkiulu\Z_lqm\kl\Zg_h[oh^bfu_^eyh[j_l_gbygZ^_`^uIkbohl_jZi_\lg_^he`_g\uau\Zlv m iZpb_glZ dZdb_eb[h g_j_Zebklbq_kdb_ h`b^Zgby ij_^klZ\eylv k_[y \k_fh]msbf Kfuke h[h^j_gby iZpb_glZ \ lhf qlh[u ih\ukblv _]h Zdlb\ghklv b mkbeblv \ g_f qm\kl\h hl\_lkl\_gghklb i_j_^ kh[hc DjblbdZ ebqghklb iZpb_glZ fhjZebabjh\Zgb_ b ^_ckl\by ih^ju\Zxsb_gZ^_`^mg_kh\f_klbfuk ikbohl_jZib_c <_^_gb_ikbohl_jZi_\lbq_kdh]hijhp_kkZ Ikbohl_jZi_\lbq_kdbcijhp_kk JZkkfhljbf [he__ ih^jh[gh hlghr_gby f_`^m ikbohl_jZi_\lhf b iZpb_glhf kdeZ^u\Zxsb_ky \ oh^_ IHl_jZibb Ij_^eZ]Z_f fh^_ev wlbo hlghr_gbc jbk HgZ bf__l ^\Zbaf_j_gby GZ ]hjbahglZevghc iehkdhklb ² q_luj_ ihdZaZl_ey dZq_kl\Z mjh\gy hlghr_gbc gZ \_jlbdZevghc ² kl_i_gv bo hkhagZgghklb jZagZy ^ey dZ`^h]h ba ihdZaZl_e_c IhdZaZl_eb dZq_kl\Z hlghr_gbc qZklh \uklmiZxl h^gh\j_f_ggh < aZ\bkbfhklb hl lh]h dZd ijhl_dZ_l ikbohl_jZiby hl __ klZ^bb ]e ]eZ\_gkl\mxs__ agZq_gb_ ijbh[j_lZ_l lh h^gZ lh ^jm]Zy iehkdhklvhlghr_gbc I_j\uc \ukrbc ihdZaZl_ev dZq_kl\Z hlghr_gbc ² ghjfZevgu_ f_`q_eh\_q_kdb_ hlghr_gby Hgb \k_]^Z b]jZxl hij_^_e_ggmx jhev \ ikbohl_jZi_\lbq_kdhc kblmZpbb gh hkh[mx agZqbfhklv ijbh[j_lZxl \ gZqZe_ b dhgp_ ikbohl_jZibb Ihkdhevdm kh\_jr_ggh jZ\ghijZ\gu_ iheghklvx kbff_ljbqgu_ hlghr_gby f_`^m iZpb_glhf b ikbohl_jZi_\lhf g_\hafh`gu lh hlghr_gby k\h[h^gu_ hl jhe_\hc b]ju [u\Zxl \ oh^_ ikbohl_jZibb ebrv djZldh\j_f_ggufb kihjZ^bq_kdbfb b kihglZggufb ?keb lZdh_ ijhbkoh^bl \ dhgp_ ikbohl_jZibblhfh`gh]h\hjblvh[m^ZqghfaZ\_jr_gbbikbohl_jZi_\lbq_kdhcbklhjbb Fu]h\hjbfh ghjfZevguof_`q_eh\_q_kdbohlghr_gbyobkoh^ybam[_`^_gby\ lhfqlh g_dZ`^h_ijhy\e_gb_iZpb_glhfq_eh\_q_kdboqm\kl\g_dZ`^uc_]h^mr_\gucihju\ke_^m_l \ha\h^blv \ jZg] ijh[e_fu G_ dZ`^Zy fukev iZpb_glZ g_ dZ`^h_ _]h qm\kl\h ^he`gu klZgh\blvky h[t_dlhf bamq_gby kh klhjhgu ikbohl_jZi_\lZ G_ dZ`^uc ihklmihd beb h[jZa ^_ckl\bciZpb_glZh[yaZl_evgh\e_q_laZkh[hcikbohl_jZi_\lbq_kdb_ihke_^kl\by
dhglji_j_ghk \ IHl_jZibb \uklmiZ_l \ g_kdhevdh baf_g_gghf \b^_ < i_j\mx hq_j_^v fu klj_fbfky ba[_`Zlv \ hlghr_gbyo qj_af_jgh]h l_hj_lbq_kdh]h Z[kljZ]bjh\Zgby b g_ ^_eZ_f mihj gZ l_ogbdm qlh fh`_l bf_lv f_klh ijb ijbf_g_gbb dhgp_ipbb i_j_ghkZdhglji_j_ghkZ Kh\_jr_gghhq_\b^ghqlhgZih\_^_gbbh[hbomqZklgbdh\jZa]h\hjZkdZau\Z_lkydZdijhreuc lZd b l_i_j_rgbc hiul jZaebqgu_ Zki_dlu hlghr_gbc QZklv ijh[e_fZlbdb iZpb_glZ fh`_l aZdexqZlvky \ lhf qlh hg jZkijhkljZgy_l k\hc ijhreuc hiul gZ ikbohl_jZi_\lZ b wlh ijhy\ey_lky\ bjjZpbhgZevguoZgZojhgbqguob g_hkhagZ\Z_fuo^_ckl\byoi_j_ghk < aZ^Zqb ikbohl_jZi_\lZ \oh^bl \uy\e_gb_ i_j_ghkZ H^gZdh \ IHl_jZibb g_ h[yaZl_evgh \ dZ`^hf lZdhf kemqZ_ ^Z\Zlv bgl_jij_lZpbx Djhf_ lh]h fu hldZau\Z_fky ljZdlh\Zlv j_Zdpbb ikbohl_jZi_\lh\ gZ wlhf mjh\g_ dZd dhglji_j_ghk Wlh kdhj__ qm\kl\Z ikbohl_jZi_\lZ dhlhju_ hg fh`_l ihiulZlvky ih^\_j]gmlv j_ne_dkbb GZ wlhf mjh\g_ hlghr_gbc hl ikbohl_jZi_\lZdjhf_lh]hlj_[m_lkymf_gb_bkihevah\Zlvk\hc`bag_gguchiul\ bgl_j_kZo ikbohl_jZibb ?keb_fmwlhg_m^Z_lkybeb m^Z_lkyebrvqZklbqghlhgZ mjh\g_ dhlhjuc fu gZau\Z_f mjh\g_f kl_q_gby h[klhyl_evkl\ ijhbkoh^bl \klj_qZ ijh[e_fguo Zki_dlh\ ebqghklbiZpb_glZk lZdbfb`_Zki_dlZfbebqghklbikbohl_jZi_\lZ Q_l\_jluc mjh\_gv ² mjh\_gv kl_q_gby h[klhyl_evkl\ GZ wlhf mjh\g_ hlghr_gby bf_xl f_klh \ l_o kemqZyo dh]^Z ikbohl_jZi_\l m\yau\Z_l lh qlh ij_^klZ\ey_l ^ey g_]h ijh[e_fmk iZpb_glhfb _]hi_j_ghkhf GZ mjh\g_ kl_q_gby h[klhyl_evkl\ ijhreuc hiul ikbohl_jZi_\lZ hdZau\Z_lky ihf_ohc ikbohl_jZibbL_jfbgdhglji_j_ghkbkihevam_lkyebrv\ wlhfkfuke_ Ih^h[gh_ kl_q_gb_ h[klhyl_evkl\ \hagbdZ_l \ j_amevlZl_ lh]h qlh ikbohl_jZi_\l \h\e_dZ_lky \ g_hkhagZ\Z_fmx iZpb_glhf b bf `_ mkljh_ggmx bgkp_gbjh\dm \ dhlhjhc hg ikbohl_jZi_\l [_j_l gZ k_[y jhev dZdhclh \Z`ghc ^ey iZpb_glZ \ ijhrehf beb gZklhys_f ebqghklb Fh`_l ihemqblvky b lZd qlh ikbohl_jZi_\l ih^h[guf `_ h[jZahf \h\e_dZ_l iZpb_glZ \ k\hx kh[kl\_ggmx ihjh`^_ggmx dhgnebdlZfb bgkp_gbjh\dm qlh kms_kl\_ggh f_rZ_loh^mikbohl_jZi_\lbq_kdh]hijhp_kkZb ^Z`_fh`_lijb\_klbd _]hkju\m < oh^_ ikbohl_jZibb wlb q_luj_ mjh\gy \aZbfh^_ckl\by bf_xl g_h^bgZdh\h_ agZq_gb_ H[uqgu_ f_`q_eh\_q_kdb_ hlghr_gby bf_xl f_klh gZ ijhly`_gbb \k_c ikbohl_jZibb gh ijhy\eyxlky h]jZgbq_ggh_ \j_fy ]eZ\guf h[jZahf \ gZqZe_ b dhgp_ k_kkbc dh]^Z ikbohl_jZi_\lb iZpb_glijb\_lkl\mxl^jm]^jm]Zbebdh]^ZhgbijhsZxlkyZ lZd`_\h\j_fy jZa]h\hjh\ g_ bf_xsbo hlghr_gb_ d ikbohl_jZibb AgZq_gb_ wlbo hlghr_gbc \hajZklZ_l dh]^Z ikbohl_jZiby [ebablky d aZ\_jr_gbx Lh]^Z ih\k_^g_\gu_ hlghr_gby \h \k_ [hevr_c kl_i_gb ^hihegyxl ikbohl_jZi_\lbq_kdb_ jhe_\u_ hlghr_gby Wlh qZklh khijh\h`^Z_lky baf_g_gb_f l_fZlbdb jZa]h\hjh\ \h \j_fy dhlhjuo gZqbgZxl aZljZ]b\Zlvky b \hijhku g_ bf_xsb_[hevrh]hagZq_gby JZ[hqb_ hlghr_gby gZqbgZxlky g_ iha`_ aZdexq_gby ikbohl_jZi_\lbq_kdh]h dhgljZdlZ b ijh^he`Zxlky^hdhgpZikbohl_jZibbGZwlhfmjh\g_ikboheh]bq_kdbohlghr_gbcihklhyggh bf__l f_klh jZpbhgZevgh_ ih\_^_gb_ bo mqZklgbdh\ \ jheyo iZpb_glZ b ikbohl_jZi_\lZ b \ul_dZxsb_ hlkx^Z jhe_\u_ h`b^Zgby Wlh hdZau\Z_l g_ihkj_^kl\_ggh_ \ebygb_ gZ dZq_kl\h ikbohl_jZi_\lbq_kdhck\yabLjm^ghklb\hagbdZxsb_\ ikbohl_jZi_\lbq_kdhfijhp_kk_fh]ml ijb\_klbd baf_g_gbxikbohl_jZi_\lbq_kdh]hdhgljZdlZ Ijh[e_fgu_ hlghr_gby beb ikbohl_jZi_\lbq_kdb_ \ha^_ckl\by gZqbgZxl b]jZlv \Z`gmx jhev ij_`^_ \k_]h \ p_gljZevghc klZ^bb ikbohl_jZibb GZ wlhc klZ^bb gZ nhg_ m`_
mklZgh\b\rbokyohjhrbohlghr_gbck ikbohl_jZi_\lhfiZpb_glj_rZ_lkyhldjulh]h\hjblvh k\hbo ijh[e_fZo beb h k\h_f g_Z^_d\Zlghf ih\_^_gbb Khhl\_lkl\_ggh \hajZklZ_l agZq_gb_ ikbohl_jZi_\lbq_kdbo\ha^_ckl\bc Lh qlh fu gZau\Z_f kl_q_gb_f h[klhyl_evkl\ fh`_l bf_lv f_klh m`_ \ kZfhf gZqZe_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ gh \ gZb[hevr_c kl_i_gb ijhy\e_gb_ lZdbo hlghr_gbc \hafh`gh \ p_gljZevghc klZ^bb wlh]h ijhp_kkZ Ih f_j_ ijb[eb`_gby ikbohl_jZibb d aZ\_jr_gbx hlghr_gby lZdh]h mjh\gy ^he`gu [ulv khdjZs_gu gZklhevdh qlh[u g_ f_rZlv \aZbfh^_ckl\bxiZpb_glZb ikbohl_jZi_\lZ Ikbohl_jZi_\lbq_kdbcdhgljZdl Ihke_ mykg_gby ihdZaZgbc d ikbohl_jZibb b khklZ\e_gby h[jZaZ ^_ckl\bc ikbohl_jZi_\l ij_^eZ]Z_l iZpb_glm aZdexqblv ikbohl_jZi_\lbq_kdbc dhgljZdl DhgljZdl kh^_j`bl ke_^mxs__ H[hkgh\Zgb_ \u[jZgghc nhjfu ikbohl_jZibb Ikbohl_jZi_\l h[tykgy_l kmsghklv ij_^eZ]Z_fhcbfikbohl_jZibb ijb\h^yijb wlhf k\_^_gby h[ hkh[_gghklyo IHl_jZibb >ey iZpb_glZ hkh[vr bgl_j_k ij_^klZ\ey_l khh[s_gb_ h[ h]jZgbq_gbb \j_f_gb ikbohl_jZibb < dZ`^hfkemqZ_lZdh_h]jZgbq_gb_ke_^m_lh[hkgh\Zlvhkh[_gghklyfbh[klhyl_evkl\\ dhlhjuo gZoh^blky iZpb_gl Ijb wlhf \Z`gh h[tykgblv iZpb_glm qlh ke_^m_l ihgbfZlv ih^ hjb_glbjh\ZgghklvxgZijh[e_fmIZpb_glmkhh[sZxlqlh\kyikbohl_jZi_\lbq_kdZyjZ[hlZ [m^_lgZijZ\e_gZgZj_r_gb_g_fgh]hqbke_gguoh]jZgbq_gguoijh[e_fAZl_fikbohl_jZi_\l klZjZ_lky ih[m^blv iZpb_glZ aZgylv Zdlb\gmx ihabpbx b h[tykgy_l qlh _fm ikbohl_jZi_\lm bgl_j_kgukhh[jZ`_gbyiZpb_glZdZkZxsb_kyj_r_gbyijh[e_fuAZl_fj_qvb^_lh agZq_gbb ikbohl_jZi_\lbq_kdbo hlghr_gbc Ikbohl_jZi_\l h[tykgy_l iZpb_glm qlh \Z`gu_ ijh[e_fu ihke_^g_]hfh]mlgZoh^blvhljZ`_gb_b \ikbohl_jZi_\lbq_kdbohlghr_gbyo IZpb_glmagZ_l qlhlhqlhijhbkoh^bl\ oh^_ikbohl_jZi_\lbq_kdbohlghr_gbc[u\Z_lg_kemqZcgufZ fh`_l [ulv k\yaZgh k _]h fh^_eyfb ih\_^_gby \g_ jZfhd ikbohl_jZibb L_f kZfuf wlbf fh^_eyf ih\_^_gby\ oh^_ikbohl_jZibbm^_ey_lkyhkh[h_\gbfZgb_ NhjfZevgu_ mkeh\by ikbohl_jZibb Ikbohl_jZi_\lbq_kdbc dhgljZdl kh^_j`bl lZd`_ imgdl dZkZxsbcky ijbf_jgh]h qbkeZ k_kkbc Ikbohl_jZi_\l h[tykgy_l qlh dZd ijZ\beh ijh\h^blky ² k_kkbc b qlh hjb_glbjh\Zlvky ke_^m_l gZ wlh qbkeh gh \hafh`gu b hldehg_gby hl wlhc ghjfu < aZdexq_gb_ h[km`^Zxlky \hijhku hieZlu A^_kv `_ h]h\Zjb\ZxlkylZdb_fhf_gludZdi_j_ghk\j_f_gbk_kkbcg_y\dZ\ k\yabk [he_agvxb li K_kkby Bgkljmf_glhf IHl_jZibb y\ey_lky jZa]h\hj >hklZlhqgh ihf_s_gby \ dhlhjhf fh`gh [ueh [u \_klb ^h\_jbl_evguc jZa]h\hj \ g_ijbgm`^_gghc Zlfhkn_j_ Ke_^m_l lZd`_ bf_lv \hafh`ghklv mklZgh\blv dmr_ldm beb iheh`blv fZljZp ij_^gZagZq_ggu_ ^ey \uiheg_gby gZ gboiZpb_glhfmijZ`g_gbcgZjZkkeZ[e_gb_ Ijh^he`bl_evghklv k_kkbb fh`_l dhe_[Zlvky hl ^h fbg \ aZ\bkbfhklb hl ihlj_[ghklb iZpb_glZ b \hafh`ghkl_c ikbohl_jZi_\lZ Ijh^he`bl_evghklv k_kkbb ke_^m_l mklZgZ\eb\Zlv aZjZg__ ijb aZdexq_gbb dhgljZdlZ bgZq_ \hafh`gu hkeh`g_gby \ ikbohl_jZi_\lbq_kdbo hlghr_gbyo I_jbh^bqghklv \klj_q lZd`_ fh`_l [ulv jZaebqghc DZd ijZ\behk_kkbbijh\h^ylkyh^bgjZa\ g_^_ex
Bgkljmf_glZjbcikbohl_jZi_\lZijh\h^ys_]hIHl_jZibx NZdlhju \ha^_ckl\by ² h[sb_ ^ey \k_o nhjf ikbohl_jZibb we_f_glu ² fh`gh kqblZlv hkgh\gufb bgkljmf_glZfb ikbohl_jZibb < ikbohl_jZibb hkms_kl\ey_fhc \_j[Zevgh gZijbf_j \ IHl_jZibb wlbfb bgkljmf_glZfb kem`Zl \_j[Zevgu_ nhjfu bgl_j\_gpbc \ha^_ckl\bc hkms_kl\ey_fuo ikbohl_jZi_\lhf Hgb [u\Zxl jZagufb b aZ\bkyl hl ikbohl_jZi_\lZ _]h ijbgZ^e_`ghklb d lhc beb bghc rdhe_ gh dZd m`_ ]h\hjbehkv ijbkmsb \k_fnhjfZfikbohl_jZibbKh\_jr_gghhq_\b^ghqlhlZdh_aZf_qZgb_ikbohl_jZi_\lZdZdZ l_i_jv^Z\Zcl_ihkfhljbfdZdb_m Zcl_ `_ ijhy\blvky wlhfm qm\kl\m
:dlb\baZpby ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ kihkh[kl\mxs__ lhc beb bghc Zdlb\ghklbiZpb_glZ Ijbf_j Ih^mfZcl_dZl_i_jvdZd[uurbl_]em[hdhb kihdhcghb ihqm\kl\mcl_dZd
ijb^_j`b\Z_lkylZdhcljZdlh\dbdhglji_j_ghkZmimkdZxlba\b^mqlhqm\kl\Z\hagbdZxsb_m ikbohl_jZi_\lZ \ hlghr_gbb iZpb_glZ fh]ml [ulv h[mkeh\e_gu ijh[e_fZfb kZfh]h ikbohl_jZi_\lZ
Dh]^Z khijhlb\e_gb_ [u\Z_l hq_gv kbevguf g_ij_h^hebfuf ih^h[gh [_lhgghc kl_g_ qZklh_^bgkl\_ggZy\hafh`ghklvaZdexqZ_lky\ lhf qlh[u _]hh[hclb Wlh dZkZ_lky \ i_j\mx hq_j_^v l_o kemqZ_\ dh]^Z iZpb_gl g_ khh[sZ_l ikboheh]bq_kdb_ ^Zggu_ g_h[oh^bfu_ ^ey ZgZebaZ H[oh^hagZqZ_lqlhfuhklZ\ey_fkhijhlb\e_gb_dZdlZdh\h_g_ljhgmlufZ ebrvgZoh^bf _]h gh\uc kfuke AZ^ZqZ lh]^Z aZdexqZ_lky \ lhf qlh[u kh\f_klgh k iZpb_glhf ihkljhblv ahehlhcfhklihdhlhjhfmfh`ghijhclb\ h[oh^khijhlb\e_gbx H^bg ba gZrbo iZpb_glh\ bkiulu\Z_l ljm^ghklb \ jZ[hl_ kh k\hbf gh\uf khljm^gbdhf hq_gv gZihfbgZxsbf _]h [jZlZ K [jZlhf m g_]h gZ ijhly`_gbb \k_c `bagb reZ `_klhdZy [hjv[Z aZ [eZ]hkdehgghklv jh^bl_e_c Wlhl khljm^gbdihjZabl_evgh ihoh`gZ [jZlZ IZpb_gl ^ey dhlhjh]h [ue kh\_jr_ggh hq_\b^_g i_j_ghk j_rbe g_ ih^qbgylvky khljm^gbdm Z ih[_^blv_]h< kbemkem`_[ghcb_jZjobbhkms_kl\e_gb_j_r_gby[ueh[u]m[bl_evguf^ey iZpb_glZ ?]h kZfhjZajmrbl_evgh_ ih\_^_gb_ [ueh ijbagZgh b ikbohl_jZi_\lhf b kZfbf iZpb_glhf khijhlb\e_gb_f hkms_kl\e_gbx ihklZ\e_gghc bfb kh\f_klgh p_eb khpbZevghc bgl_]jZpbb iZpb_glZ gZ jZ[hl_ H[oh^ khijhlb\e_gby aZdexqZeky \ lhf qlh ikbohl_jZi_\l b iZpb_gl kh\f_klgh jZkkfhlj_eb ihke_^kl\by lZdh]h g_jZamfgh]h ih\_^_gby < j_amevlZl_ iZpb_gl ijbr_e d \u\h^m qlh d k\h_fm `_eZgbx \_klb [hjv[m gZ jZ[hq_f f_kl_ hg ^he`_g hlg_klbkvjZamfghbgZq__fmg_ba[_`Zlvij_`gborZ[ehgh\ih\_^_gby LZdhc ijb_f iha\hebe kijZ\blvky k kZfhjZajmrbl_evguf ih\_^_gb_f gh g_ k khijh\h`^Zxsbf _]h Znn_dlhf B \k_ `_ [ueb j_r_gu ^\_ aZ^Zqb \hi_j\uo iZpb_gl kfh] ba[_`Zlv ih\lhj_gby k\h_]h g_`_eZl_evgh]h ih\_^_gby b l_f kZfuf mkljZgbe k\h_ khijhlb\e_gb_ b\h\lhjuo[eZ]h^Zjywlhfm\i_j\u_hdZaZekyjZahj\Zgihjhqgucdjm] J_r_gby ih^h[gu_ \ur_ijb\_^_gghfm \ IHl_jZibb k k_ ijZ]fZlbafhf kqblZxl m^h\e_l\hjbl_evgufb : lZd`_ kqblZxl qlh g_l g_h[oh^bfhklb ZgZebabjh\Zlv beb ij_h^he_\Zlvkhijhlb\e_gb_dZdwlhijbgylh\ ikbohZgZeba_
h[jZsZ_lkyd g_cebrvlh]^Zdh]^Z^hdhgpZk_kkbbhklZ_lkyfbgmlIkbohl_jZi_\lmdZau\Z_l iZpb_glm gZ wlh h[klhyl_evkl\h b iZpb_gl kh]eZrZ_lky k l_f qlh \j_fy ke_^h\Zeh [u bkihevah\Zlvemqr_Ikbohl_jZi_\lb iZpb_glijbgbfZxlj_r_gb_gZqZlvke_^mxsmxk_kkbxk h[km`^_gbybf_gghwlhcl_fu Ijbf_jgZ]ey^ghihdZau\Z_lqlhmkbebya^_kv[uebgZijZ\e_gug_gZ\uykg_gb_fhlb\h\ khijhlb\e_gby Z gZ ij_h^he_gb_ khijhlb\e_gby [ueh ^hklb]gmlh kh]eZr_gb_ h lhf qlh[u aZgylvky l_fhc dhlhjmx iZpb_gl ba[_]Ze ?keb gZ ke_^mxsmx k_kkbx iZpb_gl ijb^_l k hiha^Zgb_fgZqg_lk ^jm]hcl_fub l^lhikbohl_jZi_\lijyfhgZihfgbl_fmh kh]eZr_gbb ^hklb]gmlhf \ ijhreuc jZa b ihklZ\bl gZ ih\_kldm ^gy ^Zggmx l_fm Ij_h^he_gb_ khijhlb\e_gbyhagZqZ_lg_ZgZebafhlb\h\khijhlb\e_gbyZ ihklZgh\dmi_j_^iZpb_glhfp_eb dhlhjhchgfh`_l^hklbqv\hij_dbk\h_fmkhijhlb\e_gbx Ijb ij_h^he_gbb khijhlb\e_gby ikbohl_jZi_\lm \hafh`gh ijb^_lky ^_ckl\h\Zlv ^hklZlhqgh `_kldh Hg fh`_l ij_^ty\blv iZpb_glm hij_^_e_ggu_ lj_[h\Zgby gZihfgblv h ^hklb]gmlhf kh]eZr_gbb b l^
I_j_ghk qZklh ijhbkoh^bl kihglZggh _s_ ^h \klj_qb iZpb_glZ k ikbohl_jZi_\lhf Ijh[e_fghhjb_glbjh\ZggZy ikbohl_jZiby g_ kihkh[kl\m_l \hagbdgh\_gbx g_\jhaZ i_j_ghkZ Z kdhj__ ij_iylkl\m_l _fm K mq_lhf wlh]h h[klhyl_evkl\Z b ke_^m_l hkms_kl\eylv hl[hjiZpb_glh\^eyIHl_jZibb L_fZ ij_^klhys_]h jZkklZ\Zgby iZpb_glZ b ikbohl_jZi_\lZ \ ex[hf kemqZ_ \gh\v aZljZ]b\Z_lky\ k_j_^bg_dmjkZikbohl_jZibb < oh^_ ijh^he`bl_evghc ikbohl_jZibb [u\Z_l ^hklZlhqgh \j_f_gb ^ey nhjfbjh\Zgby wfhpbhgZevghc aZ\bkbfhklb ² ikbohl_jZi_\lbq_kdhc k\yab hkh[h]h dZq_kl\Z IHl_jZi_\l bkihevam_l\j_f_ggh_kljmdlmjbjh\Zgb_ikbohl_jZibbg_\ ihke_^gxxhq_j_^v^eyihklZgh\db \hijhkZZ\lhghfbybebaZ\bkbfhklvlZdqlhwlZl_fZdZdgblv:jbZ^guijhoh^blq_j_a\kx ikbohl_jZibxb m`\h\kydhfkemqZ_h[yaZl_evghq_j_a__ \lhjmxiheh\bgm Fu m`_ ]h\hjbeb h lhf qlh ke_^m_l ^_eZlv ijb khijhlb\e_gbb Z l_i_jv jZkkfhljbf ZgZeh]bqgu_ijb_fubkihevam_fu_\ kemqZyoi_j_ghkZ Z H[oh^ j_Zdpbb i_j_ghkZ ?keb ikbohl_jZi_\lm ba\_klgu h[klhyl_evkl\Z ihjh`^Zxsb_ j_Zdpbx i_j_ghkZ hg ^he`_g khagZl_evgh ij_iylkl\h\Zlv bo \hagbdgh\_gbx _fm ke_^m_l hl\e_dZlv iZpb_glZ mkihdZb\Zlv _]h ij_mf_gvrZlv agZq_gb_ mdZaZgguo h[klhyl_evkl\ Hg fh`_l lZd`_ b]ghjbjh\Zlv j_Zdpbx i_j_ghkZ beb k^_eZlv \k_ \hafh`gh_ qlh[u khhl\_lkl\mxs__ih\_^_gb_g_ihemqZehih^dj_ie_gby Ijbf_j IZpb_gldZ hl_p dhlhjhc hlebqZ_lky djZcg_ ^_kihlbq_kdbf oZjZdl_jhf hkms_kl\eyy i_j_ghk ihklhyggh lj_[m_l hl ikbohl_jZi_\lZ kh\_lh\ dhlhju_ aZl_f dZl_]hjbq_kdbhl\_j]Z_l< lh`_\j_fyhgZqm\kl\m_lk_[yg_ihgylhc A^_kvkljZl_]byh[oh^ZaZdexqZ_lky\ lhfqlh[uh[hagZqblvij_iylkl\b_b aZl_f\f_kl_k iZpb_gldhch[hclb_]hIkbohl_jZi_\lfh`_lkdZaZlvijbf_jghke_^mxs__L_i_jvfukgh\Z hdZaZebkv \ s_dhleb\hc kblmZpbb
Ijbf_j \Z ihdZaZl_ey oZjZdl_jbamxl ijb[eb`_gb_ hdhgqZgby ikbohl_jZibb hklZxs__ky qbkeh k_kkbc h[s__ qbkeh k_kkbc [u\Z_l mklZgh\e_gh aZjZg__ b kl_i_gv ijb[eb`_gby d aZieZgbjh\Zgghc p_eb ikbohl_jZibb B ohly ijb qbke_ k_kkbc hl ^h iZpb_gl hlq_leb\h \b^bl qlh aZ\_jr_gb_ ikbohl_jZibb [ebadh ikbohl_jZi_\l ^he`_g ihklhyggh h[jZsZlv \gbfZgb_iZpb_glZijbf_jghk k_j_^bgudmjkZ gZ[ebadh_aZ\_jr_gb_ikbohl_jZibb>_eZlv wlhfh`gh\ \b^_lZdboaZf_qZgbcdZdGZlhqlh[uemqr_jZah[jZlvky\ wlhfm gZkhklZ_lky
_s_ ijbf_jgh r_klv k_kkbc L_f kZfuf wnn_dlb\ghklv IHl_jZibb dZd djZldhkjhqghc ikbohl_jZibb fh`_l [ulv ih\ur_gZ H]jZgbq_gb_ ijh^he`bl_evghklb dmjkZ ikbohl_jZibb klbfmebjm_l b iZpb_glZ b ikbohl_jZi_\lZ H[hbf ykgh qlh ikbohl_jZi_\lbq_kdbc fZdkbfZebafg_\hafh`_gb \jZfdZohklZxs_]hky\j_f_gbg_h[oh^bfh^_eZlv\k_\hafh`gh_ qlh[uijb[ebablvkyd ihklZ\e_gghcp_eb KhihklZ\e_gb_ ihklZ\e_gghc p_eb b ijh]j_kkZ ^hklb]gmlh]h \ oh^_ ikbohl_jZibb ^Z_l _s_ h^gm \hafh`ghklv g_ mimkdZlv ba \b^m ijb[eb`_gb_ aZ\_jr_gby dmjkZ KjZ\g_gbx l_i_j_rg_]h khklhygby k l_f dhlhjh_ khhl\_lkl\m_l ihklZ\e_gghc p_eb kihkh[kl\mxl lZdb_ \hijhku=^_fuk_cqZkgZoh^bfky"Q_]hfu^hkboihj^h[bebkv"Fh`_liZpb_gl\ wlhf khklhygbbh^bgijh^he`Zlv^\b`_gb_\ gm`ghfgZijZ\e_gbb" AZ\_jr_gb_ AZ\_jr_gb_ ikbohl_jZibb \ b^_Zevghf kemqZ_ kh\iZ^Z_l \h \j_f_gb k ^hklb`_gb_f ihklZ\e_gghc p_eb Ijb g_[eZ]hijbylghf bkoh^_ ikbohl_jZiby aZdZgqb\Z_lky k gZklmie_gb_f aZjZg__h]h\hj_ggh]hkjhdZ DZd magZlv qlh gZklmibeh \j_fy aZdZgqb\Zlv ikbohl_jZibx beb qlh ihklZ\e_ggZy p_ev ^hklb]gmlZ"H[uqgh\ IHl_jZibbk kZfh]hgZqZeZikbohl_jZi_\lb iZpb_gl^h]h\Zjb\Zxlkyh lhqghfqbke_k_kkbcMklZgZ\eb\ZxlgZijbf_jqlhbo[m^_lg_[he__?kebikbohl_jZiby ijhoh^bl mki_rgh lh qbkeh k_kkbc fh`_l [vit mf_gvr_gh b wlh dZd ijZ\beh g_ \uau\Z_l ijh[e_fHiZkghklvijbkhdjZs_gbbijh^he`bl_evghklbikbohl_jZibbaZdexqZ_lky\ lhfqlh fh]ml [ulv mims_gu ba \b^m _s_ bf_xsb_ky m iZpb_glZ ]em[bggu_ ijh[e_fu WglmabZaf iZpb_glZb ikbohl_jZi_\lZihjh`^Z_fuc^hklb]gmlufmki_ohffh`_l\_klbd g_hijZ\^Zgghc hilbfbklbq_kdhc i_j_hp_gd_ memqr_gby khklhygby iZpb_glZ Ke_^kl\b_f fh`_l [ulv j_]j_kkbygZklmiZxsZyihke_ij_`^_\j_f_ggh]haZ\_jr_gbyikbohl_jZibb ?keb aZ\_jr_gb_ kjhdh\ ikbohl_jZibb ijb[eb`Z_lky Z `_eZ_fuo mki_oh\ g_l lh wlhl \hijhkke_^m_lhldjulhh[km^blvk iZpb_glhf\Z h[klhyl_evkl\Z ]h\hjyl \ ihevam lZdh]h j_r_gby \hafh`gh_kihglZggh_\ua^hjh\e_gb_iZpb_glZ lhl ih^l\_j`^Z_fuc hiulhf nZdl qlh ikbohl_jZiby hdZau\Z_l ihke_^_ckl\b_ l_ __ j_amevlZlufh]mlijhy\blvkyihke___ aZ\_jr_gby H[Z \ur_gZa\Zgguo n_ghf_gZ \uau\Zxlky \hafh`gh h^ghc ijbqbghc LZd beb bgZq_ ihke_iZmauiZpb_glmijboh^blkykgh\ZijbgbfZlvj_r_gb_ Hg fh`_l g_\hah[gh\eylvikbohl_jZibx kgh\Zh[jZlblvkyd lhfm`_ikbohl_jZi_\lm kf_gblvikbohl_jZi_\lZ Hiul ihemq_gguc iZpb_glhf \ oh^_ ikbohl_jZibb gZ\_jgydZ h[e_]qbl _fm ijbgylb_
j_r_gby Ljm^gh[u\Z_lijbhp_gd_j_amevlZlh\ikbohl_jZibbbebijbh[hkgh\Zgbbg_h[oh^bfhklb __ aZ\_jr_gbyhl\_lblvgZ\hijhk >hklb]gmlZ eb p_ev"
KLJMDLMJBJH<:GB?<J?F?GBB KH>?J@:GBYIKBOHL?J:IBB
Ijh[e_fghhjb_glbjh\ZggZy ikbohl_jZiby hlebqZ_lky hl ijh^he`bl_evghc ikbohl_jZibb l_f qlh [u\Z_l h]jZgbq_gZ aZjZg__ hij_^_e_ggufb kjhdZfb b ijh[e_fZfb Wlh lZd kdZaZlv \g_rgb_ jZfdb ikbohl_jZibb
LZdhc klmi_gqZluc ieZg ihdZau\Z_l dZd fh`gh jZamfgh kljmdlmjbjh\Zlv ikbohl_jZi_\lbq_kdbc ijhp_kk Hg kdeZ^u\Z_lky ba kljhbl_evguo ^_lZe_c IHl_jZibb jZkiheZ]Z_fuo \ lhc eh]bq_kdhc ihke_^h\Zl_evghklb dhlhjZy ijbkmsZ ijhp_kkm j_r_gby ijh[e_fub h[jZam_le_klgbpmJ_qva^_kvb^_lh ijbf_jghfieZg_dhlhjucfh`_lkem`blv hjb_glbjhf A^_kv g_ bf_xlky \ \b^m j_adh hl^_e_ggu_ ^jm] hl ^jm]Z nZau wlZiu ikbohl_jZibb I_j_oh^ hl h^ghc nZau d ^jm]hc hkms_kl\ey_lky ihkl_i_ggh nZau dZd [u i_j_dju\Zxl ^jm] ^jm]Z b ij_^u^msZy nZaZ kem`bl nmg^Zf_glhf hkgh\hc ^ey ke_^mxs_c gZ^kljZb\Z_fhc gZ g_c < oh^_ ikbohl_jZibb fh`gh b gm`gh ihklhyggh \ha\jZsZlvky d ij_^r_kl\h\Z\rbf klmi_gyf Wlh ke_^m_l ^_eZlv gZijbf_j dh]^Z \ j_amevlZl_ ihemq_ggh]h hiulZ gm`gh ihgh\hfm knhjfmebjh\Zlv ijh[e_fm beb dh]^Z \hagbdZxl ljm^ghklb \ hlghr_gbyo iZpb_glikbohl_jZi_\l i_j_ghk dhglji_j_ghk K ^jm]hc klhjhgu bgh]^Z p_e_khh[jZa_g j_adbc i_j_oh^ hl h^ghc klmi_gb d ke_^mxs_c ijb j_r_gbb dZdh]hlh Zki_dlZ ijh[e_fu LZdh_ \hafh`gh gZijbf_j dh]^Z m`_ \ i_j\hc qZklb ikbohl_jZibb iZpb_gl ]hlh\ ijbklmiblv d j_r_gbx hij_^_e_gguo \hijhkh\ \ k\h_c j_Zevghc `bagb _s_ ^h lh]h dZd aZ\_jrblZgZebaijh[e_fu G_kms_kl\m_l_^bgh]hijZ\beZhij_^_eyxs_]hgZdZdhck_kkbbke_^m_laZ\_jrZlvlmbeb bgmx klmi_gv Hl ebqghklb b kihkh[ghkl_c iZpb_glZ b ikbohl_jZi_\lZ Z lZd`_ hl jZkkfZljb\Z_fhc ijh[e_fu aZ\bkbl kdhevdh \j_f_gb ihgZ^h[blky ^ey ijhoh`^_gby lhc beb bghc klmi_gb Bf_xlky ijh[e_fu j_r_gb_ dhlhjuo \ agZqbl_evghc kl_i_gb aZdexqZ_lky \ ZgZeba_ h[klhyl_evkl\ bo ihjh`^Zxsbo lZd qlh khhl\_lkl\mxsZy klmi_gv ikbohl_jZibb aZgbfZ_l hq_gv fgh]h f_klZ < ^jm]bo kemqZyo mihj ^_eZ_lky gZ hijh[h\Zgb_ gh\hc ko_fu ih\_^_gby \ j_Zevghc `bagb j_r_gb_ ijh[e_fu [u\Z_l k\yaZgh k ijbh[j_lZ_fuf a^_kv hiulhf >jm]b_ ijh[e_fu k kZfh]h gZqZeZ lj_[mxl ij_`^_ \k_]h \aZbfh^_ckl\by f_`^m iZpb_glhf b ikbohl_jZi_\lhf lZd qlh ijhjZ[hldZ ijh[e_fu gZqbgZ_lky m`_ gZ i_j\uo klmi_gyo ikbohl_jZibb G_kfhljy gZ lh qlh gZ ijZdlbd_ ikbohl_jZi_\lbq_kdbc ijhp_kk ijhl_dZ_lihjZaghfmfh`ghkdZaZlvqlhdZdijZ\behd k_j_^bg_dmjkZikbohl_jZibbke_^m_l ^hklbqv c klmi_gb ijhjZ[hldZ ijh[e_fu qlh[u hklZehkv ^hklZlhqgh \j_f_gb ^ey dhgdj_lgh]hhkms_kl\e_gbybaf_g_gbcb k\h_\j_f_ggh]haZ\_jr_gbyikbohl_jZibb Ijh[e_fuk dhlhjufbh[jZsZ_lkyd ikbohl_jZi_\lmiZpb_gl^he`guklhylv\ p_glj__]h \gbfZgby D bo j_r_gbx ikbohl_jZi_\l b iZpb_gl ijb[eb`Zxlky \ oh^_ ikbohl_jZibb ij_h^he_\Zy h^gm klmi_gv aZ ^jm]hc Gh hkh[_gghklb dZ`^hc djZldhkjhqghc ikbohl_jZibb ihjh`^Zxl _s_ h^gm \Z`gmx ijh[e_fm b]jZxsmx hkh[mx jhev gZ ijhly`_gbb \k_]h dmjkZ ikbohl_jZibbJ_qvb^_lh jZkklZ\Zgbb K kZfh]h gZqZeZ djZldhkjhqgZy ikbohl_jZiby kh^_j`bl \ k_[_ ijhlb\hj_qb_ a^_kv kdeZ^u\Zxlkyb ih^^_j`b\Zxlkymklhcqb\u_b dhgkljmdlb\gu_f_`ebqghklgu_hlghr_gbygh \ lh `_ \j_fy mqZklgbdb ikbohl_jZibb hkhagZxl kdhjh_ aZ\_jr_gb_ wlbo hlghr_gbc
ikbohl_jZi_\lbq_kdh]hijhp_kkZ I_j\Zy klmi_gv kha^Zgb_ mklhcqb\uo f_`ebqghklguo hlghr_gbc b dhgkljmdlb\guojZ[hqbohlghr_gbcf_`^miZpb_glhfb ikbohl_jZi_\lhf eykha^Zgbydhgkljmdlb\guojZ[hqbohlghr_gbcg_h[oh^bfhlZd`_qlh[uikbohl_jZi_\l \ ihgylghc nhjf_ jZkkdZaZe iZpb_glm h dhgp_ipbb ikbohl_jZibb __ kfuke_ b p_eb IZpb_gl ^he`_gagZlvqlh_fmij_^klhblqlh_]hh`b^Z_lb qlhh`b^Zxlhlg_]h<j_f_ggu_]jZgbpu\ IHL^_eZxsb_ikbohl_jZibxijhajZqghcdZdihdZau\Z_lhiulkdhj__h[h^jyxliZpb_glZ q_f \au\Zxl m g_]h jZahqZjh\Zgb_ ihkdhevdm m g_]h i_j_^ ]eZaZfb hdZau\Z_lky ^hklb`bfZy p_evIZpb_glmke_^m_llZd`_^Zlvihgylvqlh\ oh^_ikbohl_jZi_\lbq_kdhcjZ[hluhg[m^_l Zdlb\guf iZjlg_jhf ikbohl_jZi_\lZ L_f kZfuf aZ gbf ijbagZxlky lZdb_ \hafh`ghklb h dZdbo hg kZf \hafh`gh _s_ gbdh]^Z g_ ^mfZe Hg \ujZkl_l \ k\hbo ]eZaZo b bkiulZ_l \hh^mr_\e_gb_
fZdkbfZevgh]h\gbfZgbyikbohl_jZi_\lZIhabpbyimklvb g_\ujZ`_ggZykeh\_kgh ;hevr_ \Zfg_gm`ghfg_gbq_]hjZkkdZau\ZlvY m`_kZf\k_agZxh \Zrbog_ijbylghklyo[ueZ[ug_ lhevdh ijhy\e_gb_f \ukhdhf_jby ih hlghr_gbx d iZpb_glm gh kdhj__ \k_]h \_eZ [u d hrb[hqghfmihgbfZgbx_]hijh[e_fub daZ[em`^_gbyfey q_]h hgZ gm`gZ"< q_f__ \hafh`gZyihevaZ" Ihke_^h\Zl_evghklv baeh`_gby wlbo lj_o Zki_dlh\ ZgZebaZ ijh[e_fu g_ hljZ`Z_l bo agZqbfhklvAZdZ`^ufikbohl_jZi_\lhfhklZ_lkyijZ\hj_rZlvdZdhg[m^_lkljmdlmjbjh\Zlv ZgZeba ijh[e_fu \ khhl\_lkl\bb k ijb\_^_ggufb \ur_ mdZaZgbyfb \ dZdhc ihke_^h\Zl_evghklb [m^_l h[jZsZlvky d \ur_ijb\_^_gguf Zki_dlZf ijh[e_fu b dZdh_
agZq_gb_[m^_lijb^Z\ZlvdZ`^hfmbagbo
\ kemqZ_nh[bbbf__l iheh`bl_evgu_ihke_^kl\bylZddZdiZpb_glbkiulu\Z_lf_gvr_kljZoZ hljbpZl_evgu_ihke_^kl\bylZddZdh]jZgbqb\Z_lkyk\h[h^Z^\b`_gby qZklhlZdb_iheh`bl_evgu_ihke_^kl\bydh]^Z[ebadb_iZpb_glmex^b[hevr_aZ[hlylky h g_fg_hklZ\eyxl_]hh^gh]hb ih\kx^m_]hkhijh\h`^Zxl lZdb_hljbpZl_evgu_ihke_^kl\bydhlhju_\hafh`ghg_ijhy\eyxlkydhgdj_lghbebg_ hkhagZxlky iZpb_glhf Hg fh`_l gZijbf_j g_ khhl\_lkl\h\Zlv [he__ lj_[h\Zgbyf ij_^ty\ey_fufd g_fmgZjZ[hl_beb_]hiZjlg_jkdb_hlghr_gbyfh]mljZajmrblvky =eZ\guc\hijhk DZdiZpb_gl^hgZklhys_]h\j_f_gbiulZekyj_rblvk\hxijh[e_fm" Baf_gbeebhgdZdlhk\hx`bagvqlh[ukfy]qblvijh[e_fmbebmkljZgblv__"Ij_^ijbgye ebhgdZdb_eb[hf_juqlh[u\aylvih^dhgljhevhiZkgu_kblmZpbb"DZdmxihfhsvhgkmf_e ijb\e_qvb qlhwlhagZqbeh^eyg_]h"IhiZeebhggZijbf_j\ aZ\bkbfhklvdhlhjZy^_eZ_l_]h _s_[he__[_kihfhsguf"Y\ey_lkyebwlZihiuldZj_r_gbyqZklvx_]hijh[e_fu" Mkeh\byk\yaZggu_k bklhjb_c`bagbiZpb_glZ Ohly \ IHl_jZibb fu dhgp_gljbjm_fky ij_bfms_kl\_ggh gZ l_i_j_rg_c `bag_gghc kblmZpbb iZpb_glZ ZgZeba bklhjbb _]h `bagb fh`_l ^Zlv kms_kl\_ggmx bgnhjfZpbx ^ey ihgbfZgbyl_i_j_rg_cijh[e_fu WlZ qZklv ZgZebaZ ijh[e_fu gZijZ\e_gZ ij_bfms_kl\_ggh gZ lhl wlZi `bagb iZpb_glZ dhlhjuc khhl\_lkl\m_l i_j\hfm ijhy\e_gbx ijh[e_fu Z lZd`_ i_jbh^m gZklmib\r_fm ihke_ wlbo ijhy\e_gbc Hkh[h]h \gbfZgby aZkem`b\Zxl \Z`gu_ kh[ulby `bagb beb baf_g_gby h[klhyl_evkl\`bagbdhlhju_fh]ebihjh^blvijh[e_fmbebkihkh[kl\h\Zlv__ \hagbdgh\_gbx Ke_^m_l ijhke_^blv \hagbdgh\_gb_ jZa\blb_ ijh[e_fu \hafh`gu_ baf_g_gby __ oZjZdl_jZ b ihiulZlvky \uy\blv nZdlhju kihkh[kl\mxsb_ khojZg_gbx ijh[e_fu K ihfhsvx dZdbo f_lh^h\wlhk^_eZlv²ij_bfms_kl\_gghikboh^bgZfbq_kdbobeb hkgh\u\Zxsbokykdhj__gZ l_hjbb gZmq_gby beb `_ ^jm]bo l_hjbyo ² ^_eh ikbohl_jZi_\lZ f_lh^bq_kdbc iexjZebaf ?kebikbohl_jZi_\lhjb_glbjm_lkygZkm[t_dlb\gh_ihgbfZgb_ijh[e_fuiZpb_glhfmqblu\Zy _]h h[jZa fuke_c b yaud lh iZpb_gl emqr_ \k_]h ihgbfZ_l k\yav f_`^m k\h_c ijh[e_fhc b k\hbfh[jZahf`bagb ;he__ hl^Ze_ggu_ h[klhyl_evkl\Z `bagb beb kh[ulby gZijbf_j i_j_`b\Zgby ^_lkl\Z ^he`gu jZkkfZljb\Zlvky \ oh^_ ZgZebaZ ijh[e_fu ebrv \ lhf kemqZ_ _keb fh`gh ijh^_fhgkljbjh\Zlv iZpb_glm y\gmx k\yav f_`^m gbfb b _]h l_i_j_rg_c ijh[e_fghc kblmZpb_c Wlh fh`_l bf_lv kfuke dh]^Z gZijbf_j dZdhclh rZ[ehg hlghr_gbc [_jmsbc gZqZeh\ ^_lkl\_beb\ gZqZe_iZjlg_jkdbohlghr_gbcg_Z^_d\Zlghi_j_ghkblkyiZpb_glhfgZ _]hl_i_j_rgb_hlghr_gbykfjZa^ NmgdpbhgZevgh_agZq_gb_ < oh^_ZgZebaZl_i_j_rgbomkeh\bcb bklhjbb`bagbiZpb_glZaZ^Zxlky\hijhkuQlh" Ihq_fm"IjbnmgdpbhgZevghfZgZeba_\hijhknhjfmebjm_lkylZd>eyq_]h " LZdZy nhjfmebjh\dZ \hijhkZ h[mkeh\e_gZ l_f qlh fu jZkkfZljb\Z_f ijh[e_fm beb iZpb_glZ k _]h ijh[e_fhc \ dZq_kl\_ ih^kbkl_fu \ jZfdZo dZdhclh \ur_klhys_c kbkl_fu iZjlg_jkdb_hlghr_gbyk_fvyh[s_kl\h < wlhck\yabaZ^Zxlky\hijhku DZdhc kfuke beb dZdh_ dhg_qgh_ agZq_gb_ bf__l ijh[e_fZ" DZdmx p_ev hgZ ij_ke_^m_l dZdmxaZ^Zqmj_rZ_l"
>eyq_]hgm`gZiZpb_glmwlZijh[e_fZbeb^eyq_]hhg__dmevlb\bjm_l"Q_]hhgiulZ_lky l_fkZfuf^h[blvky"DZdmxjhevhgl_fkZfufijbibku\Z_lk_[_bebdZdZyjhevhl\h^blky_fm ^jm]bfb" DZdmx nmgdpbx \uihegy_l ijh[e_fZ \ l_i_j_rg_c `bag_gghc kblmZpbb iZpb_glZ \ _]h hlghr_gbyo" AZ^Z\Zy \hijhk h nmgdpbhgZevghf kfuke_ ijh[e_fu ikbohl_jZi_\l g_ klj_fblky ijhgbdgmlv \ h[eZklv \gmljbebqghklguo dhgnebdlh\ Ihkdhevdm ihke_^gb_ qZs_ \k_]h g_ hkhagZxlky ihiuldb h[tykg_gby \ wlhf gZijZ\e_gbb ghkyl ki_dmeylb\guc oZjZdl_j _keb lhevdh ^ey h[gZjm`_gby mdZaZgguo dhgnebdlh\ g_ bkihevam_lky lj_[mxsbc [hevrbo aZljZl \j_f_gb ZgZeblbq_kdbc ijhp_kk Hl\_l gZ \hijhk h agZq_gbb ijh[e_fu ke_^m_l bkdZlv \ dhgdj_lguo ihgylguo f_`ebqghklguo hlghr_gbyo a^_kv b k_cqZk \ iZjlg_jkdbo k\yayo \ k_fv_ gZ jZ[hl_ b \ ^jm]bo f_`ebqghklguo hlghr_gbyo Dhgdj_lgufb \hijhkZfb aZ^Z\Z_fufbk wlhcp_evxfh]ml[ulvke_^mxsb_ DZdmx jhev b]jZ_l ijh[e_fZ beb iZpb_gl dZd ghkbl_ev kbfilhfh\ \aZbfh^_ckl\bb iZjlg_jh\" G_ y\ey_lky eb ijh[e_fZ qZklvx [hjv[u aZ \eZklv" G_ iulZ_lky eb iZpb_gl g_ih^oh^ysbfbkj_^kl\Zfbihkljhblvkbff_ljbqgu_hlghr_gbybebfh`_l[ulvijh[e_fZ iha\hey_l_fmijbgylv`_eZl_evgmxbebih^]hlh\e_ggmx^eyg_]hjhev" ey q_]h" Hkh[_ggh ljm^guf fh`_l hdZaZlvky \hijhk >eyq_]h" ² \hijhk h nmgdpbhgZevghf agZq_gbbijh[e_fu Hl\_l gZ g_]h fu qZklh ihemqZ_f ebrv gZ ihke_^mxsbo klZ^byo ikbohl_jZi_\lbq_kdh]h ijhp_kkZ :gZeba ijh[e_fu ^he`_g h^gZdh ^Zlv ^hklZlhqgh fZl_jbZeZ ^ey nhjfmebjh\db dZd fh`gh f_g__ ki_dmeylb\gh]h [Zabjmxs_]hky gZ agZgbb iZpb_glZ hij_^_e_gby ijh[e_fu beb
]bihl_lbq_kdh]hh[tykg_gbyijh[e_fu Q_l\_jlZy klmi_gv hij_^_e_gb_ ijh[e_fu ihklZgh\dZ p_eb b ieZgbjh\Zgb_ ikbohl_jZibb Hij_^_e_gb_ijh[e_fu Ij_^r_kl\h\Z\rbcZgZebaijh[e_fu^Z_lbkoh^gucfZl_jbZe^eyhij_^_e_gbyijh[e_fu Hij_^_e_gb_ijh[e_fu kh^_j`bl]bihl_lbq_kdh_h[tykg_gb_ b h^gh\j_f_gghij_^iheZ]Z_l ihklZgh\dmp_eb Z p_evhij_^_ey_ldhgdj_lgmxkljZl_]bxikbohl_jZibb Hij_^_e_gb_ ijh[e_fu hkgh\u\Zxs__ky gZ m[_`^_gbyo iZpb_glZ b _]h h[tykg_gbyo ijbqbg[he_agb^he`gh[ulvknhjfmebjh\Zghh[s_^hklmigufyaudhfg_kh^_j`ZlvgbdZdhc ki_pbZevghc l_jfbgheh]bb b g_ ijhlb\hj_qblv a^jZ\hfm kfukem A^_kv g_l f_klZ keh`guf ikboh^bgZfbq_kdbf]bihl_aZf]^_ijbgbfZxlky\h\gbfZgb_ebrvg_hkhagZ\Z_fu_ijhp_kku <_^v _keb hij_^_e_gb_ ijh[e_fu beb ]bihl_aZ kms_kl\mxl ebrv \ ]heh\_ ikbohl_jZi_\lZ b ihgylguebrv_]hdhee_]ZfZ g_kZfhfmiZpb_glmb fh]ml^Z`_hl\_j]Zlvkyihke_^gbf lhwlh g_ \_^_l d \aZbfghfm Zdlb\ghfm khljm^gbq_kl\m dhlhjh_ g_h[oh^bfh \ IHl_jZibb Hkh[h_ \gbfZgb_ ke_^m_l m^_eylv lhfm qlh[u hij_^_e_gb_ ijh[e_fu nhjfbjh\Zehkv gZ hkgh\Zgbb dhgdj_lguo^ZgguoiZpb_glZk ihfhsvxbg^mdpbbHilbfZevguffh`ghkqblZlvlZdhckemqZc dh]^Zm^Z_lkyih^\_klbiZpb_glZd kZfhklhyl_evghcnhjfmebjh\d_ijh[e_fuZ ikbohl_jZi_\l ebrv \ghkbl \ wlm nhjfmebjh\dm ihijZ\db k mq_lhf lj_[h\Zgbc ikbohl_jZi_\lbq_kdh]h ijhp_kkZ Dh]^Z lZdh_ g_\hafh`gh ikbohl_jZi_\l kZf fh`_l ij_^eh`blv hij_^_e_gb_ ijh[e_fu \ nhjf_ jZ[hq_c ]bihl_au AZl_f iZpb_gl fh`_l \ukdZaZlv k\hx lhqdm aj_gby b \hafh`gh\g_klbhij_^_e_ggu_ihijZ\db P_e_khh[jZagh ijb nhjfmebjh\d_ ijh[e_fu mqblu\Zlv \k_ ljb __ Zki_dlZ \uy\e_ggu_ \ oh^_ij_^r_kl\h\Z\r_]hZgZebaZijh[e_fuh[klhyl_evkl\Z\ gZklhys__\j_fyh[klhyl_evkl\Z k\yaZggu_ k bklhjb_c `bagb iZpb_glZ nmgdpbhgZevgh_ agZq_gb_ < aZ\bkbfhklb hl kblmZpbb ih^]hlh\e_gghklbiZpb_glZ_]hijhgbpZl_evghklbi_j\_gkl\mxs__iheh`_gb_fh`_laZgbfZlv lhlbebbghcZki_dlijh[e_fu ² ?keb gZijbf_j \ gZklhysbc fhf_gl h[klhyl_evkl\Z ^hklZlhqgh \uykg_gu Z nhg kha^Z\Z_fuc bklhjb_c `bagb iZpb_glZ b nmgdpbhgZevgh_ agZq_gb_ ijh[e_fu hklZxlky g_ykgufb lh hij_^_e_gb_ ijh[e_fu fh`gh nhjfmebjh\Zlv ijbf_gbl_evgh d ih\_^_gbx \ l_i_j_rg_c `bag_gghc kblmZpbb Ihwlhfm i_j\hgZqZevgh fh`gh [ueh [u ijb[_]gmlv d dh]gblb\ghih\_^_gq_kdhckljZl_]bbikbohl_jZibbZ dijhqbfdhfie_dkZfijh[e_f\_jgmlvky iha`_ ² Dh]^Z iZpb_gl m`_ \ oh^_ baeh`_gby ijh[e_fu kZf hij_^_ey_l nmgdpbhgZevgh_ agZq_gb_ k\h_c ijh[e_fu gZijbf_j \ dhgl_dkl_ kms_kl\mxsbo \ gZklhys__ \j_fy dhgnebdlguo hlghr_gbc lh ijb nhjfmebjh\d_ ijh[e_fu ke_^m_l \ i_j\mx hq_j_^v dhgp_gljbjh\Zlvky gZ wlhf nmgdpbhgZevghf Zki_dl_ Z ^jm]b_ Zki_dlu _keb g_h[oh^bfh jZkkfZljb\Zlv iha`_ < wlhf kemqZ_ [ue [u ihdZaZg ih^oh^ ijbkmsbc kbkl_fgh hj_glbjh\Zgghcikbohl_jZibbij_^mkfZljb\Zxsbc[_k_^mk iZjhcgZoh^ys_cky\ dhgnebdl_ Z aZl_f[_k_^mk iZjlg_jhfiZpb_glZL_fhc[_k_^kem`bl^ZggZyijh[e_fZ ²BgZq_ihklmiZxldh]^ZbaZgZfg_aZg_^\mkfuke_gghke_^m_lqlhl_i_j_rgyyijh[e_fZ ²wlhij_`^_\k_]hih\lhj_gb_ij_`gboijh[e_fguob dhgnebdlguokblmZpbcZ kZfiZpb_gl g_\b^bldZdhceb[hk\yabbeb\aZbfhaZ\bkbfhklbf_`^mwlbfbkblmZpbyfbLh]^Zhij_^_e_gb_
ijh[e_fuhkms_kl\ey_lky\_jhylg__\k_]h\ khhl\_lkl\bbk lhcbebbghcikboh^bgZfbq_kdhc dhgp_ipb_cb bkihevamxlkykhhl\_lkl\mxsb_ikbohl_jZi_\lbq_kdb_kljZl_]bb jm]boijh[e_f\ k_fv_ g_kms_kl\m_l :gZebaijh[e_fukfklmi_gv ijb\_e\ dhgp_dhgph\d ke_^mxs_fmhij_^_e_gbx < ihke_^g__ \j_fy y ba[_]Zx \uoh^blv ba ^hfZ h^gZ b dhgp_gljbjmx k\h_ \gbfZgb_ gZ fm`_ ^_lyo Z lZd`_ klZjZxkv dZd fh`gh emqr_ \_klb ^hfZrg__ ohayckl\h Y ih^mfZeZ qlh fh_fmfm`mdhlhjucbkiulu\Z_lk_cqZk[hevrmxgZ]jmadmgZjZ[hl_wlhg_h[oh^bfhbgZq_ hgg_ [m^_l f_gy ex[blv M f_gy \hagbdeb ^Z`_ hiZk_gby qlh hg f_gy hklZ\bl Y \kihfgbeZ lZd`_ qlh ij_`^_ \k_]^Z klZjZeZkv m]h^blv fZl_jb < j_amevlZl_ y j_adh h]jZgbqbeZ k\h_ `bag_ggh_ ijhkljZgkl\h ebrbeZ k_[y kZfhklhyl_evghklb bahebjh\ZeZkv hl ^jm]bo L_i_jv y ohqmgZmqblvkyij_h^he_\Zlvk\hbkljZobqlh[ukgh\ZklZlvlZdhc`_kZfhklhyl_evghcdZdhcy [ueZij_`^_ohqm\hah[gh\blvdhglZdluk ^jm]bfbex^vfbb aZgylvkyq_fgb[m^v_s_djhf_ \_^_gby ^hfZrg_]h ohayckl\Z Y ohqm memqrblv hlghr_gby kh k\hbf fm`_f b ihiulZxkv hldjh\_gghih]h\hjblvk gbfh lhfqlhohqmhkms_kl\blvkh[kl\_ggu_`_eZgbyb ihgylvdZdZy kms_kl\m_l k\yav f_`^m fhbfb l_i_j_rgbfb kljZoZfb b fhbfb ij_`gbfb `bag_ggufb
kblmZpbyfb Qlh[u kijZ\eylvky k kblmZpbyfb \uau\Zxsbfb m f_gy kljZo y h[jZsZxkv aZ ikbohl_jZi_\lbq_kdhcih^^_j`dhcb [m^mbkdZlv^jm]b_kihkh[uj_r_gbyfh_cijh[e_fu IhklZgh\dZp_eb P_ev ikbohl_jZibb \u\h^blky g_ihkj_^kl\_ggh ba hij_^_e_gby ijh[e_fu P_ev ^he`gZ [ulv dhgdj_lghc hi_jZlb\ghc lh _klv kh^_j`Zlv mdZaZgby gZ g_h[oh^bfu_ ^_ckl\by b j_Zebklbq_kdhc D dZq_kl\_p_e_c\ IHl_jZibbfug_fh`_f\u^\b]ZlvdZdb_lhh[sb_b^_Zebklbq_kdb_ iheh`_gby A^_kv g_\hafh`gZ ihklZgh\dZ lZdbo p_e_c dZd [ulv kqZkleb\uf b ^h\hevguf gZclbkfuke`bagb^h[blvkymki_oZb l^_eh\ lhfqlhmki_o\ fZehfihjh`^Z_l kh[kl\_ggmx ^bgZfbdm [eZ]hijbylkl\mxsmx mki_om \ [hevrhf b gZh[hjhl ih\lhjyxsb_ky g_m^Zqb ijb ihiuldZo ^h[blvky \ukhdhc p_eb ebrZxl q_eh\_dZ \_ju \ k_[y qlh ijhy\ey_lky ^Z`_ijbj_r_gbbfZe_gvdboih\k_^g_\guoijh[e_f < kemqZ_k iZpb_gldhckljZ^Z\r_cZ]hjZnh[b_cp_evg_evay[uehknhjfmebjh\ZlvlZdbf h[jZahf gbdh]^Z [hevr_ g_ [hylvky b mklZgh\blv b^_Zevgu_ ebr_ggu_ dhgnebdlh\ iZjlg_jkdb_ hlghr_gby dhlhjuf gbqlh [u g_ m]jh`Zeh G_h[oh^bfZ [ueZ j_Zebklbq_kdZy b dhgdj_lgZy nhjfmebjh\dZ kgh\Z [_a kljZoZ \uihegylv ih\k_^g_\gu_ h[yaZgghklb [_a khijh\h`^_gby fm`Z \uoh^blv ba ^hfZ b qZklv k\h[h^gh]h \j_f_gb \gh\v ijh\h^blv \ khhl\_lkl\bb kh k\hbfb `_eZgbyfb gZijbf_j gZclb k_[_ dZdh_gb[m^v oh[[b < iZjlg_jkdbo hlghr_gbyo [ulv kihkh[ghc ijyfh ]h\hjblv iZjlg_jm h k\hbo dhgdj_lguo `_eZgbyo b ihlj_[ghklyo h[km`^Zlv kihkh[u bo hkms_kl\e_gby beb kh\f_klgh k iZjlg_jhf gZoh^blv dhfijhfbkkgu_ j_r_gby ;eZ]h^Zjy dhgdj_lgh knhjfmebjh\Zgghc p_eb iZpb_gld_ klZeh ^hklmighi_j_`b\Zgb_mki_oZqlh\^hogh\eyeh__gZ^Zevg_crb_ihe_agu_^eyg__^_ckl\byb ihke_aZ\_jr_gbyikbohl_jZibb IeZgbjh\Zgb_ikbohl_jZibb Ijb ieZgbjh\Zgbb ikbohl_jZibb b \u[hj_ kljZl_]bb __ hkms_kl\e_gby fu jmdh\h^kl\m_fkyijZ]fZlbq_kdbfbkhh[jZ`_gbyfb L_hjbykbkl_fb ijZdlbq_kdbchiulmqZlgZkqlh\a]ey^umklZgh\dbb ih\_^_gb_\aZbfgh h[mkeh\eb\Zxl ^jm] ^jm]Z aZ\bkyl ^jm] hl ^jm]Z b [u\Zxl hj]Zgbah\Zgu g_ ih ojhgheh]bq_kdhfmijbgpbimEx[h_baf_g_gb_\ h^ghcbaqZkl_ckbkl_fu\_^_ld baf_g_gbyf \h \k_c kbkl_f_ B ijb ieZgbjh\Zgbb ikbohl_jZibb ke_^m_l mqblu\Zlv ij_^iheh`bl_evgh \ dZdhc h[eZklb [m^_l e_]q_ \k_]h ^h[blvky baf_g_gbc m iZpb_glZ < wlhc h[eZklb b ke_^m_l hkms_kl\eylvi_j\bqgh_ikbohl_jZi_\lbq_kdh_\ha^_ckl\b_qlh[um`_\ [eb`Zcr_f[m^ms_f k^_eZlv \hafh`guf ^ey iZpb_glZ i_j_`b\Zgb_ mki_oZ Ijb ijhjZ[hld_ ijh[e_fu g_l g_h[oh^bfhklbijb^_j`b\Zlvkyihke_^h\Zl_evghklb dhlhjZy gZi_j\uc \a]ey^ij_^klZ\ey_lky gZb[he__eh]bqghckgZqZeZihemqblvij_^klZ\e_gb_h ijh[e_f_aZl_fbaf_gblvmklZgh\dbb gZdhg_p gZ hkgh\Zgbb wlh]h \ujZ[hlZlv gh\u_ kihkh[u ih\_^_gby < aZ\bkbfhklb hl
kihkh[ghkl_c kdehgghkl_c b ijh[e_f iZpb_glZ ihke_^h\Zl_evghklv ^_ckl\bc \ hl^_evguo kemqZyo fh`_l [ulv \_kvfZ jZaebqghc jm]b_ `_ iZpb_glu ^he`gu \gZqZe_ lhqgh agZlv aZq_f b ^ey q_]h EbrvaZl_fhgbfh]mlij_^ijbgylvgh\u_rZ]bIkbohl_jZi_\lg_^he`_ggZ\yau\ZlviZpb_glm k\hbkh[kl\_ggu_ij_^klZ\e_gbyh eh]bq_kdhcihke_^h\Zl_evghklbijhp_kkZbaf_g_gbyBgZq_ dZd ijZ\beh iZpb_gl gZqbgZ_l hdZau\Zlv khijhlb\e_gb_ f_rZxs__ ikbohl_jZi_\lm Hl^_evgu_Zki_dlubebh[eZklbijh[e_fufh]ml\ aZ\bkbfhklbhlkblmZpbbijhjZ[Zlu\Zlvkyk iZpb_glhf ihke_^h\Zl_evgh beb iZjZee_evgh < khhl\_lkl\bb k hkgh\ghc dhgp_ipb_c IH l_jZibbg_kms_kl\m_lgbdZdbo\hajZ`_gbcijhlb\dhf[bgbjh\Zggh]h bkihevah\ZgbyjZaebqguo f_lh^bq_kdbo ih^oh^h\ gZijbf_j ikboh^bgZfbq_kdh]h b h^gh\j_f_ggh dh]gblb\gh ih\_^_gq_kdh]hf_lh^h\ kfjZa^b Ijbf_j IZpb_gl k nmgdpbhgZevgufb gZjmr_gbyfb jZ[hlu `_em^dZ [ue gZijZ\e_g d ikbohl_jZi_\lm e_qZsbf \jZqhf IZpb_gl g_ m[_`^_g \ g_h[oh^bfhklb ikbohl_jZibb Ihke_ i_j\hc[_k_^uk gbfikbohl_jZi_\lmklZgh\blkyihgylghqlhkhfZlbq_kdb_kbfilhfuiZpb_glZ y\eyxlky j_Zdpb_c gZ i_j_]jmadm \ jZ[hl_ Z lZd`_ l_kgh k\yaZgu k m[_`^_gbyfb iZpb_glZ I_j\hgZqZevghiZpb_gl[ueg_\ khklhygbbm\b^_lvwlm\aZbfhk\yavIjbrehkvb^lbh[oh^guf iml_f mijZ`g_gby gZ jZkkeZ[e_gb_ ijb\_eb d memqr_gbx khklhygby iZpb_glZ qlh kihkh[kl\h\ZehmklZgh\e_gbxhlghr_gbc^h\_jbyf_`^mgbfb ikbohl_jZi_\lhfZ l_fkZfuf b kha^Zeh fhlb\Zpbx d ijhoh`^_gbx ikbohl_jZibb Lhevdh ihke_ wlh]h fh`gh [ueh i_j_oh^blv d ZgZebam ijh[e_fu d \uykg_gbx kblmZpbb gZ jZ[hl_ iZpb_glZ b ijbqbg qj_af_jguo lj_[h\Zgbc ij_^ty\ey_fuo bf d k_[_ P_ev ^Zevg_cr_c ijhjZ[hldb ijh[e_fu aZdexqZeZkv \ kha^Zgbb Z^_d\Zlguo mklZgh\hd b gh\uo kljZl_]bc ij_h^he_gby ljm^ghkl_c \ dhgdj_lghckblmZpbbgZjZ[hl_ KljZl_]bb ij_^eZ]Z_fu_ ^ey klmi_g_c ZgZeba ijh[e_fu b hij_^_e_gb_ ijh[e_fu ihklZgh\dZ p_eb b ieZgbjh\Zgb_ ikbohl_jZibb g_ y\eyxlky ^h]fhc h[yaZl_evghc \ ikbohl_jZibbZ ijba\Zgu^Zlvij_^klZ\e_gb_h kljmdlmjbjh\Zgbbkh^_j`Zgbyikbohl_jZibb b ih[m^blv ikbohl_jZi_\lZ d ijhy\e_gbx bgbpbZlb\u J_qv a^_kv b^_l kdhj__ h jZ[hqbo ]bihl_aZo b ijbf_jZo dhlhju_ ke_^m_l ]b[dh bkihevah\Zlv b dhjj_dlbjh\Zlv dh]^Z \ oh^_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ klZgh\ylky ba\_klgufb gh\u_ ^Zggu_ beb ijhbkoh^yl baf_g_gby iha\heyxsb_ ihgh\hfm m\b^_lv ijh[e_fm b \ j_amevlZl_ baf_gblv ikbohl_jZi_\lbq_kdb_ijb_fu IylZy klmi_gv ijhjZ[hldZ ijh[e_fu b i_j_ghk ihemq_gguo baf_g_gbc \ j_Zevgmx`bagvaZij_^_euikbohl_jZibb Ijb ijhjZ[hld_ ijh[e_fu bkihevam_lky h^bg beb g_kdhevdh f_lh^h\ ikbohl_jZibb hibkZgguo\ jZa^²Bo\u[hjhij_^_ey_lkyoZjZdl_jhfijh[e_fukljmdlmjhcebqghklb iZpb_glZb _]hkihkh[ghklyfbIjbwlhfjZ[hlZ^he`gZ[ulvdZdfh`gh[he__l_kghm\yaZgZk ijh[e_fhc AZ^ZqZ ikbohl_jZi_\lZ ² \gbfZl_evgh b hklhjh`gh kgh\Z b kgh\Z hjb_glbjh\Zlv iZpb_glZgZijh[e_fm hij_^_e_gb_ dhlhjhc m`_ [ueh hkms_kl\e_gh jZg__ Ijb wlhf ke_^m_l ih^Z\eylv ^\_ l_g^_gpbb d jZkrbj_gbx ijh[e_fZlbdb ikbohl_jZibb dh]^Z h[km`^_gbx
ih^\_j]Zxlky \gh\v b \gh\v \hagbdZxsb_ \Z`gu_ ijh[e_fu d ba[_]Zgbx h[km`^_gby iZpb_glhf ]eZ\ghc ijh[e_fu Bkiulu\Zy kljZo i_j_^ ij_^klhysbfb baf_g_gbyfb iZpb_gl iulZ_lky ba[_`Zlv h[km`^_gby ]eZ\ghc ijh[e_fu b ]h\hjbl h \_sZo ^Ze_dbo hl ]eZ\ghc ijh[e_fuMqblu\ZydjZldhkjhqghklvIHl_jZibbemqr_h]jZgbqblvkyh^ghcbebg_kdhevdbfb ijh[e_fZfbq_faZgbfZlvkyfgh]bfbgZj_r_gb_dhlhjuo\j_f_gbihijhklmg_o\ZlZ_l Lh qlh [ueh kdZaZgh h ikbohl_jZibb \ p_ehf hlghkblky b hl^_evguf ikbohl_jZi_\lbq_kdbf k_kkbyf B a^_kv j_dhf_g^m_lky h]jZgbqblvky h^ghc l_fhc beb h^gbf Zki_dlhfijh[e_fuZ g_aZihegylvh^ghaZgylb_jZkkfhlj_gb_ffgh]boijh[e_fG_ijbg_k_l \j_^Z fgh]hdjZlgZy ijhjZ[hldZ h^gh]h b lh]h `_ djblbq_kdh]h Zki_dlZ ijh[e_fu \ jZfdZo h^ghcbebg_kdhevdboke_^mxsbo^jm]aZ^jm]hfk_kkbc >eymki_oZijhp_kkZgZmq_gbyhij_^_e_ggZy f_jZ ba[ulhqghklb^Z`_ g_h[oh^bfZ Gh\u_ \a]ey^u gh\u_ mklZgh\db gh\u_ kljZl_]bb j_r_gby ijh[e_f klZgh\ylky wnn_dlb\gufb b_ mklhcqb\ufbebrv\ j_amevlZl_bofgh]hdjZlgh]hh[^mfu\Zrb hijh[h\ZgbygZijZdlbd_ J_dhf_g^m_lkylZd`_ihklhyggh\ha\jZsZlvkyd i_j\hgZqZevghfmhij_^_e_gbxijh[e_fu qlh[uijh\_jblvdZdb_^hklb]gmlumki_obgZimlbd j_r_gbxijh[e_fu< g_dhlhjuokemqZyo ijboh^blky ^Z\Zlv gh\h_ hij_^_e_gb_ ijh[e_f_ qlh[u hgh [hevr_ khhl\_lkl\h\Zeh gh\uf rZ]Zf\ ikbohl_jZibb >jm]bf g_ f_g__ \Z`guf Zki_dlhf ijhjZ[hldb ijh[e_fu q_f dhgp_gljZpby gZ __ hij_^_e_gbb y\ey_lky i_j_ghk iZpb_glhf l_o baf_g_gbc dhlhjuo m^Zehkv ^h[blvky \ oh^_ ikbohl_jZibb\ j_Zevgmx`bagv\g_jZfhdikbohl_jZibb Wlh iheh`_gb_ ijhlb\hj_qbl h[jZam ^_ckl\bc ijbgylhfm \ ^ebl_evghc ZgZeblbq_kdhc ikbohl_jZibb ]^_ ikboh^bgZfbq_kdb_ ijhp_kku h]jZgbqb\Zxlky hlghr_gbyfb iZpb_gl ikbohl_jZi_\lb ^Z_lkymdZaZgb_gbq_]hg_]h\hjblvh kh^_j`Zgbbikbohl_jZibblj_lvbfebpZf < ijhlb\hiheh`ghklv wlhfm \ IHl_jZibb klZjZxlky dZd fh`gh jZgvr_ i_j_ghkblv ihemq_ggu_ j_amevlZlu ba ikbohl_jZibb \ j_Zevgmx `bag_ggmx kblmZpbx IZpb_glZ ke_^m_l ih[m`^Zlv \g_ ikbohl_jZibb d ^_fhgkljZpbb gh\uo \a]ey^h\ gh\uo mklZgh\hd gh\uo kljZl_]bcj_r_gbyijh[e_f^Z`_\ l_okemqZyodh]^Zhgbij_^klZ\eyxlkh[hcebrvqZklbqgu_ j_r_gby Dhg_qgh ijb gZagZq_gbb iZpb_glm lZd gZau\Z_fuo ^hfZrgbo aZ^Zgbc ke_^m_l ba[_]Zlv i_j_]jmadb l _ ^\b`_gb_ \i_j_^ ^he`gh hkms_kl\eylvky fZeufb rZ]Zfb qlh[u fZe_gvdb_i_j_`b\Zgbymki_oZfh]ebkihkh[kl\h\Zlvmki_omikbohl_jZibb\ p_ehf < bgl_j_kZo bkihevah\Zgby ^hklb`_gbc ikbohl_jZi_\lbq_kdh]h ijhp_kkZ \ j_Zevguo `bag_gguo kblmZpbyo iZpb_glZ fu g_ lhevdh g_ aZij_sZ_f _fm ]h\hjblv kh agZqbfufb ^ey g_]h ebpZfb h kh^_j`Zgbb ikbohl_jZibb gh b Zdlb\gh ih[m`^Z_f _]h d wlhfm ;hevrbgkl\h iZpb_glh\^_eZ_lwlhihk\h_ckh[kl\_gghcbgbpbZlb\_ Ohly IHl_jZiby b y\ey_lky bg^b\b^mZevghc ikbohl_jZib_c hij_^_e_ggu_ Zki_dlu ijh[e_fuiZpb_glZfh]mlh[km`^Zlvkybfk khhl\_lkl\mxsbfbex^vfbgZijbf_j\ jZa]h\hj_ k iZjlg_jhf beb k qe_gZfb k_fvb K wlhc p_evx k iZpb_glhf aZjZg__ ^h]h\Zjb\Zxlky dZdb_ Zki_dlu _]h ijh[e_fu ke_^m_l h[km`^Zlv b dZdh\Z p_ev lZdbo h[km`^_gbc Dhg_qgh gm`gh [ulv hq_gv ]b[dbf ij_^eZ]Zy iZpb_glm \_klb ih^h[gu_ jZa]h\hju \ oh^_ dhlhjuo fh]ml \uy\blvky gh\u_ ^Zggu_ aZklZ\eyxsb_ \ghkblv baf_g_gby \ hij_^_e_gb_ ijh[e_fu b l_f kZfuf^Z\Zlvhkgh\Zgby^eybaf_g_gbykljZl_]bbikbohl_jZibb QZklh ijb ijhjZ[hld_ ijh[e_fu g_ m^Z_lky ^h[blvky ihegh]h j_r_gby jZg__ knhjfmebjh\Zgghc ijh[e_fu beb \k_o khklZ\eyxsbo ijh[e_fu >Z`_ ijb bgl_gkb\ghc b
ihke_^h\Zl_evgh hkms_kl\ey_fhc ikbohl_jZibb g_ \k_]^Z m^Z_lky mkdhjylv ikboheh]bq_kdb_ ijhp_kku baf_g_gby Hkgh\hiheZ]ZxsZy p_ev ijhjZ[hldb ijh[e_fu ² ^h[blvky lZdh]h ihgbfZgby k\h_c ijh[e_fu iZpb_glhf b h\eZ^_lv lZdbfb kljZl_]byfb ij_h^he_gby dhlhju_ iha\heyl_fmihke_aZ\_jr_gbyikbohl_jZibb[he__mki_rghkijZ\eylvkyk bkiulu\Z_fufbbf ljm^ghklyfb b kZfhklhyl_evgh jZ[hlZlv gZ^ k\hbfb ijh[e_fZfb >jm]bfb keh\Zfb hg mqblky[ulvk\hbfkh[kl\_ggufikbohl_jZi_\lhf: wlhij_^iheZ]Z_lqlhiZpb_glklZgh\blky jZ\ghp_gguf iZjlg_jhf ikbohl_jZi_\lZ _fm ^h\_jy_lky kZfhklhyl_evgh_ \_^_gb_ ikbohl_jZi_\lbq_kdhcjZ[hlub ikbohl_jZi_\lihhsjy_l_]hd wlhfmIhwlhfmijhajZqghklb ikbohl_jZibb \ IHl_jZibb ijb^Z_lky [hevrh_ agZq_gb_ Ih^jh[gh_ baeh`_gb_ hl^_evguo ikbohl_jZi_\lbq_kdbof_lh^h\b ihdZaZgbyd boijZdlbq_kdhfmijbf_g_gbx^Zxlky\ jZa^ b ² R_klZyklmi_gvaZ\_jr_gb_ikbohl_jZibb GZjy^mk l_fbijh[e_fZfbdhlhju_ijb\h^yliZpb_glZd ikbohl_jZibbhkh[h_agZq_gb_\ djZldhkjhqghc ikbohl_jZibb bf__l lZd`_ ijh[e_fZ jZkklZ\Zgby ijhjZ[hldZ dhlhjhc lj_[m_l hkh[h]h \gbfZgby qlh[u ljZ\fZ \ua\ZggZy jZkklZ\Zgb_f k ikbohl_jZi_\lhf g_ k\_eZ gZ g_l \k_^hklb`_gbyikbohl_jZi_\lbq_kdh]hijhp_kkZ JZa]h\hj h ij_^klhys_f ijhp_kk_ jZkklZ\Zgby iZpb_glZ k ikbohl_jZi_\lhf g_evay hldeZ^u\Zlv gZ aZdexqbl_evgmx k_kkbx H[km`^_gb_ wlhc ijh[e_fu gZagZqZxl aZjZg__ \h \kydhf kemqZ_ g_ iha`_ k_j_^bgu dmjkZ ikbohl_jZibb Ijb dZ`^hf m^h[ghf kemqZ_ d g_c \ha\jZsZxlky kgh\Z b kgh\Z AZ\_jr_gb_ ikbohl_jZibb b jZkklZ\Zgb_ iZpb_glZ k ikbohl_jZi_\lh\klZgh\ylky]eZ\ghcl_fhc lj_oq_luj_oihke_^gbok_kkbc QZklh wlhfm hdZau\Zxl kms_kl\_ggh_ khijhlb\e_gb_ dZd iZpb_gl lZd b ikbohl_jZi_\l IZpb_glihij_`g_fm`_eZ_lqlh[uikbohl_jZi_\lijh^he`Ze\uihegylvk\hxjhevq_eh\_dZ hdZau\Zxs_]h _fm ihfhsv Hg fh`_l \ujZ`Zlv wlh `_eZgb_ \u^\b]Zy \k_ gh\u_ b gh\u_ ijh[e_fubebml\_j`^Zyqlhm`_jZkkfZljb\Z\rb_kyijh[e_fu\k__s_g_j_r_gu^hdhgpZ beb^Z`_^_fhgkljbjh\Zlvj_fbkkbxIkbohl_jZi_\lfh`_lhklZlvkyg_^h\hevgufj_amevlZlhf ikbohl_jZibb bbeb g_ kh]eZrZlvky k l_f qlh hg klZgh\blky g_gm`guf Lh]^Z h[Z gZqbgZxl aZgbfZlvky \k_fb \hafh`gufb ijh[e_fZfb lhevdh ^ey lh]h qlh[u ba[_`Zlv ^_ckl\bl_evgh ZdlmZevghc ijh[e_fu dZdhc y\ey_lky ij_^klhys__ jZkklZ\Zgb_ < lZdhc kblmZpbb ikbohl_jZi_\l khagZl_evgh b \ Zdlb\ghc nhjf_ [_j_l gZ k_[y hkms_kl\e_gb_ ijhp_kkZ aZ\_jr_gbyikbohl_jZibb>eywlh]hhgkgh\Zb kgh\Zp_gljZevghcl_fhcjZa]h\hjZk iZpb_glhf ^_eZ_l ij_^klhys__ jZkklZ\Zgb_ Ijb wlhf ^jm]b_ ijh[e_fu ij_^eZ]Z_fu_ d h[km`^_gbx iZpb_glhfg_hl\_j]ZxlkyIZpb_glmij_^eZ]Z_lkyjZ[hlZlvgZ^boj_r_gb_fkZfhklhyl_evgh IjbagZ_lky_]hdhfi_l_gpby\ ikbohl_jZibb Gh g_evay hklZ\eylv iZpb_glZ h^bg gZ h^bg k qm\kl\Zfb \hagbdZxsbfb \ oh^_ ijhp_kkZ jZkklZ\Zgbyb k\yaZggufbk hlghr_gb_fiZpb_glikbohl_jZi_\l Wlbqm\kl\Zijbkmsbh[hbf mqZklgbdZf ijhp_kkZ b bo ijhjZ[hldm hgb ^he`gu hkms_kl\blv kh\f_klgh >ey wlh]h g_h[oh^bfZ hij_^_e_ggZy jZ[hlZ hkms_kl\blv dhlhjmx gZ ijhly`_gbb h^ghc k_kkbb g_\hafh`gh GZjy^m k mf_klghc i_qZevx \hafh`gu ijhy\e_gby j_]j_kkb\gh^_ij_kkb\guo gZkljh_gbcbbebZ]j_kkb\guoqm\kl\qZklbqghihjh`^_gguo\gh\v\ha\jZsZxsbfkykljZohf bebh[b^ZfbbkiulZggufbij_`^_
khh[sZlv h k\hbo kh[kl\_gguo k\yaZgguo k ^Zgghc kblmZpb_c qm\kl\Zo Hg fh`_l kdZaZlv gZijbf_jqlhb _fmjZkklZ\Zgb_^Z_lkyg_e_]dh
IHD:A:GBYD IHL?J:IBB
Fu j_dhf_g^m_f j_rZlv \hijhk p_e_khh[jZaghklb gZagZq_gb_ iZpb_glm ijh[e_fgh hjb_glbjh\Zgghc ikbohl_jZibb gZ hkgh\Zfbª oZjZdl_jbklbd iZpb_glZ ikbohl_jZi_\lZ b ijh[e_fu Hiul ihdZau\Z_l qlh gZ hkgh\Zgbb ihklZ\e_gguo iZpb_glZf ^bZ]ghah\ \ h[s_f g_evay j_rZlv\hijhkh \hafh`ghklbijbf_g_gbylhcbebbghcikbohl_jZibb B ohly ^bZ]gha g_ hij_^_ey_l f_lh^h\ bkihevam_fuo \ ikbohl_jZibb hkms_kl\ey_fhc Zf[meZlhjgh fh`gh k m\_j_gghklv kdZaZlv qlh ^ey djZldhkjhqghc ikbohl_jZibb y\gh g_ ih^oh^y iZpb_glu k gZjmr_gbyfb dhlhju_ lj_[mxl ijh^he`bl_evghc ikbohl_jZibb Kx^Z fh`gh hlg_klb gZjmr_gby lbiZ ikbohah\ gZjpbkkbaf b ih]jZgbqgu_ khklhygby Z lZd`_ jZafulu_ijh[e_fukmsghklvdhlhjuog_ykgZ IhdZaZgu`_^eyIHl_jZibb\k_gZjmr_gby\ua\Zggu_jZkihagZ\Z_fufbijbqbgZfbIjb wlhfj_qvb^_lkdhj__h[hkljuoq_fh ojhgbq_kdbob kdhj__h q_ldh\ujZ`_gguoq_fh keZ[h knhjfbjh\ZgguogZjmr_gbyo Kx^Zhlghkylky \ i_j\mx hq_j_^vhklju_^_ij_kkbb khklhygb_ kljZoZ nh[bb hklju_ j_Zdpbb gZ \ukhdmx gZ]jmadm bkl_jbq_kdb_ b nmgdpbhgZevgu_ ikbohkhfZlbq_kdb_ gZjmr_gby Z lZd`_ g_j\gu_ kju\u _keb hgb g_ fh]ml [ulv mkljZg_gu Zglbdjbabkgufbf_jZfbIjh[e_fghhjb_glbjh\ZggZyikbohl_jZibyih^oh^bllZd`_\ kemqZyo gZjmr_gbc dhlhju_ fh]ml [ulv h[tykg_gu g_^hklZldZfb ih\_^_gby lZdbfb dZd g_kihkh[ghklv q_eh\_dZ ^h[blvky q_]heb[h kms_kl\_ggh]h hlkmlkl\b_ qm\kl\Z kh[kl\_gghc agZqbfhklbqj_af_jgucdhgnhjfbafZ lZd`_g_kihkh[ghklvjZkihagZlvkh[kl\_ggu_qm\kl\Zb
ihlj_[ghklb JZa]h\hj k iZpb_glhf gZ hkgh\Zgbb dhlhjh]h ijbgbfZ_lky j_r_gb_ h ijb]h^ghklb IH l_jZibb \ ^Zgghf kemqZ_ emqr_ ihkljhblv lZd qlh[u \ g_]h \hr_e ijb\h^bfuc iha`_ dhfie_dk \hijhkh\ @_kldZy ko_fZ i_j\h]h bgl_j\vx j_^dh hdZau\Z_lky ijb]h^ghc K kZfh]h gZqZeZ iZpb_gl ^he`_g k_[y qm\kl\h\Zlv dZd ebqghklv bg^b\b^ >ey wlh]h \hijhku ^he`gu khhl\_lkl\h\Zlvhkh[_gghklyf_]hebqghklbb _]hmklj_fe_gbyf:dlmZevgZyijh[e_fZ < q_faZdexqZ_lkyijh[e_fZ"Ihq_fmiZpb_glijbr_ebf_gghl_i_jv" IhgylgZebg_ihkj_^kl\_ggZyijbqbgZ_]hijboh^Z" Fh`ghebmklZgh\blv]jZgbpuijh[e_fu"?kebg_llh]hlh\ebiZpb_glbajy^Zijh[e_f \u[jZlvhij_^_e_ggh_boqbkehb khkj_^hlhqblvkygZwlboijh[e_fZo" Fh`gh eb kdZaZlv qlh \ j_amevlZl_ baf_g_gby khklhygby \u[jZgghc lZdbf h[jZahf ijh[e_fu ijhbahc^ml lZdb_ baf_g_gby \ khklhygbb ^jm]bo ijh[e_f \ hlghr_gbb dhlhjuo ijyfh_\ha^_ckl\b_g_\hafh`gh" KlZedb\Z_lkyebiZpb_glk wlbfbijh[e_fZfb\i_j\u_\ k\h_c`bagb"?kebg_llhdZd ^he]hhgbkms_kl\mxl"QlhiZpb_glij_^ijbgye^hkboihj\ wlhck\yab" Kihkh[ghklvd mklZgh\e_gbxf_`ebqghklguohlghr_gbc Iha\heyxl eb hl\_lu iZpb_glZ gZ \hijhku h _]h hlghr_gbyo k ^jmavyfb \ ^_lkl\_ fheh^hklbb aj_ehf\hajZkl_k^_eZlv\u\h^h _]hkihkh[ghklb^ebl_evgh_\j_fyih^^_j`b\Zlv wfhpbhgZevgu_k\yab" DZdh\u_]hhlghr_gbyk jh^bl_eyfb[jZlvyfbk_kljZfbb ^jmavyfb" DZdi_j_ghkbliZpb_glihl_jb[ebadbo_fmex^_c"Hl\_lkl\_gghklt Kihkh[_gebiZpb_glm\b^_lvlhqlh_fmijbgZ^e_`blZdlb\gZyjhev\ nhjfbjh\Zgbbb khojZg_gbbk\h_]hkhklhygby" H[eZ^Z_l eb hg kihkh[ghklvx m\b^_lv k_[y b k\hx jhev \ `bagb beb `_ hg m[_`^_g \ lhfqlh\bgmaZ_]hkhklhygb_g_k_l hdjm`Zxsbc_]hfbj
IjbkmsZ eb iZpb_glm fhlb\Zpby d dZdbfeb[h baf_g_gbyf beb `_ lZdZy fhlb\Zpby gZ\yau\Z_lky_fmba\g_ex^vfbhlghkysbfbkyd _]hhdjm`_gbx" :gZebaijh[e_fu < q_f kbevgu_ klhjhgu iZpb_glZ" < mf_gbb mklZgZ\eb\Zlv hlghr_gby \ _]h ^hklb`_gbyo\ lhfdZdhgb]jZ_lhij_^_e_ggu_jheb" Q_fh[mkeh\e_gukbevgu_klhjhguiZpb_glZ"DZdb_k\hckl\Zb dZq_kl\ZjZa\blum g_]h hkh[_gghohjhrh" < ]e hibku\Z_lky ih^oh^ d ZgZebam ijh[e_fu \ IHl_jZibb H[uqgh ijhp_kk mklZgh\e_gby ihdZaZgbc ^ey ikbohl_jZibb ijhoh^bl ^h\hevgh [ukljh Gh ij_`^_ q_f j_rblv \hijhk h lhf ih^oh^bl eb ^ey ^Zggh]h iZpb_glZ IHl_jZiby g_h[oh^bfh jZkkfhlj_lv hkh[_gghklbiZpb_glZikbohl_jZi_\lZb kblmZpbb\ dhlhjhcgZoh^blkyiZpb_gl Hkh[_gghklbiZpb_glZ LsZl_evgu_ wfibjbq_kdb_ bkke_^h\Zgby ihdZaZeb qlh ikbohl_jZi_\lu ijb hl[hj_ iZpb_glh\^eyikbohl_jZibb\Z`gufbkqblZxlke_^mxsb_dZq_kl\Zihke_^gbo >bnn_j_gpbjh\Zgghklv qm\kl\ gZkdhevdh \ujZ`_gh fgh]hh[jZab_ wfhpbhgZevgh]h j_i_jlmZjZiZpb_glZ"
Bkdj_gghklv gZkdhevdh kbevgh \i_qZle_gb_ ikbohl_jZi_\lZ qlh iZpb_gl baeZ]Z_l _fm km[t_dlb\ghi_j_`blmxbklbgmqlhhggbq_]hg_kdju\Z_lb gbq_]hg_bkdZ`Z_l" Klj_fe_gb_ ijhba\_klb \i_qZle_gb_ gZkdhevdh ih fg_gbx ikbohl_jZi_\lZ iZpb_gl jZkkdZau\Zyh k\hboi_j_`b\Zgbyob]jZ_lklZjZykvijhba\_klbgZg_]h\i_qZle_gb_" Kihkh[ghklv \u^_j`b\Zlv gZ]jmadb ikbohl_jZi_\lbq_kdh]h ijhp_kkZ gZkdhevdh ih fg_gbx ikbohl_jZi_\lZ iZpb_gl ]hlh\ \u^_j`Zlv l_ g_ijbylgu_ i_j_`b\Zgby dhlhju_ khijh\h`^Zxlikbohl_jZibx" GZijy`_gghklv g_l eb m ikbohl_jZi_\lZ \i_qZle_gby qlh iZpb_gl e_]dh \ha[m`^Z_lky gZoh^blky\ gZijy`_gbb\g_aZ\bkbfhklbhlkblmZpbck dhlhjufbklZedb\Z_lkybebih^\_j`_g qm\kl\mkljZoZ" <_j[Zevgu_kihkh[ghklbgZkdhevdhohjhrhfh`_liZpb_gl\ujZ`Zlvkeh\Zfblhh q_f ]h\hjbl" Bgl_ee_dldZdikbohl_jZi_\lijbf_jghhp_gb\Z_lbgl_ee_dliZpb_glZ" Kihkh[ghklvd bgljhki_dpbbgZkdhevdhiZpb_glkihkh[_gaZ]eygmlv\ k_[ygZkdhevdh _fm^hklmigZkZfhj_ne_dkby" Bgljh\_jkbywdkljZ\_jkby h[sbl_e_g eb iZpb_gl bfimevkb\_g hilbfbklbq_g beb _]h kdhj__fh`ghgZa\Zlvkihdhcgufk_jv_agufhklhjh`gufk^_j`ZggufaZfdgmluf" Bkiulu\Z_fu_kljZ^ZgbygZkdhevdhihfg_gbxikbohl_jZi_\lZiZpb_gl^_ckl\bl_evgh kljZ^Z_l" Ih\_^_gq_kdbc j_i_jlmZj gZkdhevdh jZaghh[jZa_g ih\_^_gq_kdbc j_i_jlmZj iZpb_glZ agZ_lebhgqlhfh`_lij_^ijbgylv\ lhcbebbghckblmZpbb"
dZq_kl\ikbohl_jZi_\lZ hihegbl_evgu_aZf_qZgby ?keb h^gbf ihexkhfikbohl_jZi_\lbq_kdhc jZ[hlu kqblZlv ^_ckl\by \h \j_fy djbabkZ Z ^jm]bf ² ^he]hkjhqgmx ikbohl_jZibx ikbohZgZeblbq_kdmx lh IHl_jZiby k __ ² k_kkbyfb aZcf_l f_klh ]^_lh f_`^m wlbfb ihexkZfb KljmdlmjZ b ijh^he`bl_evghklv IH l_jZibb ijb[eb`Zxl __ kdhj__ d ikbohl_jZibb \ djbabkguo kblmZpbyo q_f d ^he]hkjhqghc Ijb\h^bfu_ gb`_ hibkZgby ihdZaZgbc ^ey ikbohl_jZibb \ djbabkguo kblmZpbyo b ^he]hkjhqghc ikbohl_jZibb kjhdb aZ\_jr_gby dhlhjhc aZjZg__ g_ h]h\Zjb\Zxlky iha\heyxl emqr_ ihgylv ihdZaZgby ^ey IHl_jZibb dhlhjZy dZd mdZau\Zehkv aZgbfZ_l ijhf_`mlhqgh_ f_klhf_`^m^\mfywlbfbnhjfZfbikbohl_jZibb H ihdZaZgbyo^ey ikbohl_jZibbdjbabkguokblmZpbc kf]e fh`gh]h\hjblvdh]^Z ikbobq_kdh_ khklhygb_ iZpb_glZ \ j_amevlZl_ bkiulu\Z_fh]h bf djbabkZ fh`_l [ulv hoZjZdl_jbah\Zgh dZd hkljZy ^_dhfi_gkZpby b iZpb_gl bkiulu\Z_l kbevgu_ b [he_ag_ggu_ i_j_`b\Zgby gZijbf_j khklhygb_ iZgbdb hkljh_ hlqZygb_ ly`_eZy lhkdZ lZdb_ ikbohnbabheh]bq_kdb_ gZjmr_gby dZd ]bi_j\_glbeypby \_]_lZlb\guc k_j^_qghkhkm^bkluc kbg^jhfb li bf_xl f_klh g_dhlhju_ hkh[u_ ijbagZdb hkljh]h djbabkZ Hgb fh]ml [ulv \ua\Zgu hij_^_e_ggufb kblmZpbyfb gZijbf_j ihiuldZ kmbpb^Z ly`_euc djbabk \ kmijm`_kdbo
hlghr_gbyo \g_rgyy beb \gmlj_ggyy hiZkghklv ² kljZo i_j_^ wdaZf_gZfb ihl_jy jZ[hlu bagZkbeh\Zgb_Z\lhdZlZkljhnZbebZ\Zjby\ rZol_b l^ Ghhkljucdjbabkfh`_llZd`_[ulv k\yaZg k \hajZklgufb ijhp_kkZfb ijhbkoh^ysbfb \ q_eh\_d_ gZijbf_j iheh\h_ khaj_\Zgb_ debfZdk klZj_gb_ Ijb hij_^_e_gguo mkeh\byo beb ij_^jZkiheh`_gghklyo mdZaZggu_ ijhp_kkufh]ml\uau\Zlvwdabkl_gpbZevgucbeblZdgZau\Z_fuc`bag_ggucdjbabk aZ g_kdhevdh hl lj_o ^h r_klb ikbohl_jZi_\lbq_kdbo k_kkbc fh`gh ^h[blvky ^hklb`_gby hij_^_e_gghc p_eb ?x fh`_l [ulv ohly [u \hkklZgh\e_gb_ ij_^r_kl\h\Z\r_]h djbabkmjZ\gh\_kbybeb_keb\hafh`ghmemqr_gb_ikbohkhpbZevghcZ^Zilbjh\Zgghklb QZklh\ j_amevlZl_djbabkZhdjm`_gb_iZpb_glZih^\_j]Z_lkyg_f_gvr_cgZ]jmad_q_fhg kZf Fh`_l hdZaZlvkyg_h[oh^bfuf jZkijhkljZgblv ikbohl_jZi_\lbq_kdb_ f_jhijbylby lZd`_ gZebpgZb[he__l_kghk\yaZgguok iZpb_glhf IhdZaZgbyfb ^ey ^he]hkjhqghc ikbohl_jZibb kem`Zl ij_`^_ \k_]h l_ gZjmr_gby dhlhju_ gZb[he__ kbevgu beb ijh^he`Zxlky lZd ^he]h qlh \uau\Zxl \ iZpb_gl_ ikbohiZlheh]bq_kdb_baf_g_gbygZjpbkkbafih]jZgbqgu_khklhygbyg_\jhauoZjZdl_jZ l_gZjmr_gby^eydhlhjuooZjZdl_jgug_klhevdhhij_^_e_ggu_ohjhrhaZf_lgu_baf_g_gby \ ih\_^_gbbkdhevdhijh^he`Zxsb_ky^ebl_evgh_\j_fyljm^ghklbZ^ZilZpbb < k\h_c jZ[hq_c dhgp_ipbb ikbohl_jZi_\l qZs_ \k_]h bkoh^bl ba lh]h qlh lZdb_ gZjmr_gby h[mkeh\e_gu bklhjb_c `bagb iZpb_glZ b khhl\_lkl\_ggh ghkyl ojhgbq_kdbc oZjZdl_jDZdijZ\beha^_kvih\h^hf^eyikbohl_jZibb[u\Zxlg_dZdb_eb[hhklju_kh[ulby beb k\yaZggh_ k djbabkhf wfhpbhgZevgh_ gZijy`_gb_ QZs_ \k_]h ikbohl_jZi_\l b iZpb_gl koh^ylky\hfg_gbbqlha^_kvmf_kl_gijh^he`bl_evgucijhp_kkgZmq_gbydhlhjuc^he`_g \_klbd dhj_ggufbaf_g_gbyfih\_^_gbyiZpb_glZIZpb_gl\deZ^u\Z_l\ mklZgZ\eb\Zxsb_ky hlghr_gbyk\hbkh]eZkb_\j_fyb ^_gv]bZ ikbohl_jZi_\l²^hklZlhqgmxijhn_kkbhgZevgmx aZbgl_j_kh\Zgghklv IhdZaZgby d ijh[e_fghhjb_glbjh\Zgghc ikbohl_jZibb aZgbfZxl qZklh ijhf_`mlhqgh_ iheh`_gb_ f_`^m ^\mfy hibkZggufb ihexkZfb ikbohl_jZib_c djbabkguo kblmZpbc b ^he]hkjhqghc ikbohl_jZib_c Hlkx^Z ke_^m_l qlh [hevrbgkl\m iZpb_glh\ dhlhjuf ihdZaZgZ IHl_jZibyijbkmsrbjhdbc^bZiZahgijbagZdh\ Ih^\h^y blh]b fh`gh kdZaZlv qlh iZpb_glm j_dhf_g^m_lky IHl_jZiby \ l_o kemqZyo dh]^Z ijb i_j\hf dhglZdl_ k ikbohl_jZi_\lhf hg g_ ijhy\ey_l gbdZdbo ijbagZdh\ hkljh]h djbabkZ hgbkiulu\Z_lwfhpbbaZklZ\eyxsb__]hkljZ^ZlvghkljZ^Zgb_wlhg_qj_af_jgh ijbqbgu ih dhlhjuf iZpb_gl h[jZsZ_lky aZ ikbohl_jZi_\lbq_kdhc ihfhsvx ohjhrh jZkihagZ\Z_fu ih^^Zxlky nhjfmebjh\d_ iha\heyxl k^_eZlv khhl\_lkl\mxsb_ dhgdj_lgu_ ikbohl_jZi_\lbq_kdb_ rZ]b ihgylgu_ b h^h[jy_fu_ g_ lhevdh ikbohl_jZi_\lhf gh b iZpb_glhf Ijh[e_fuihiZ^Zxsb_\ wlmdZl_]hjbxfh]ml[ulvjZpbhgZevghijhjZ[hlZguaZ² k_kkbc
I:PB?GLU< IHL?J:IBB
Hij_^_e_gb_ijh[e_fu \f_klhghaheh]bq_kdbodZl_]hjbc IkbobZljbydZdqZklvf_^bpbguihljZ^bpbbaZbfkl\h\ZeZm g__iheh`_gb_;_a^bZ]ghaZ g_le_q_gby
< qbkeh g_h[oh^bfuo ^ey wlh]h ikbohl_jZi_\lbq_kdbo f_lh^h\ fh]ml \oh^blv f_lh^u baf_g_gbyih\_^_gbymklZgh\hdb ko_ffure_gbyQlhdZkZ_lkyhlghr_gbck kughflha^_kv gm`guf_lh^uZdlb\babjmxsb_khagZgb_ DZd ihdZau\Z_l wlhl ijbf_j kbeZ fmevlbfh^Zevghc wde_dlbq_kdhc ikbohl_jZibb aZdexqZ_lky\ k\h[h^ghf]b[dhf\u[hj_ikbohl_jZi_\lbq_kdbof_lh^h\Ikbohl_jZi_\lbf__l \hafh`ghklvbkihevah\Zlvl_ikbohl_jZi_\lbq_kdb_f_lh^udhlhju_h[_sZxlmki_o < wlhc k\yab qZklh ih^\_j]Z_lky djblbd_ ihebijZ]fZlbaf IhebijZ]fZlbaf hagZqZ_l qlh ikbohl_jZi_\l $' +2& ijbf_gy_l h^bg f_lh^ aZ ^jm]bf
Dhgkljmdpby IHl_jZibb iha\hey_l h^gh\j_f_ggh jZ[hlZlv k g_kdhevdbfb Zki_dlZfb ijh[e_fudZdwlhhibkZgh\ jZa^ < dZq_kl\_ mklmidb l_f dlh bgl_j_km_lky ghaheh]b_c fu ijb\h^bf g_kdhevdh ijbf_jh\ Fu ohlbf ih^q_jdgmlv qlh ^bZ]ghau hkgh\u\Zxsb_ky gZ f_^bpbgkdhc deZkkbnbdZpbb \ ^Zgguo kemqZyo gZ '60 gbq_]h g_ ]h\hjyl h ijbqbgZo gZjmr_gbc < ijhlb\hiheh`ghklv wlhfm\ IHl_jZibbihbkdmijbqbghkms_kl\ey_fhfm\ \b^_ZgZebaZijh[e_fub hij_^_e_gby ijh[e_fuhl\h^blkyp_gljZevgh_f_klh Q_eh\_d k gbadhc kZfhhp_gdhc < j_amevlZl_ hij_^_e_gby ijh[e_fu m^Z_lky ijbclb d \u\h^m qlh iZpb_gl kljZ^Z_l hl gZjmr_gbc ih\_^_gby ke_^kl\b_f q_]h [u\Z_l gbadZy kZfhhp_gdZ ihjh`^ZxsZy g_^hklZlhqgmx \_jm \ kh[kl\_ggu_ kbeu beb Z]j_kkb\gmx aZlhjfh`_gghklv IZpb_gl ^_fhgkljbjm_l g_]b[dh_ h^ghklhjhgg__ fure_gb_ Z \ wfhpbhgZevghf ieZg_ ² Z]j_kkb\ghklv < ^Zgghf kemqZ_ \ jZfdZo IHl_jZibb fh]ml [ulv bkihevah\ZguhibkZggu_\ jZa^kljZl_]bbgZijZ\e_ggu_gZj_r_gb_ijh[e_fb baf_g_gb_ rZ[ehgh\fure_gby ?keb `_ ijb hij_^_e_gbb ijh[e_fu \uykgy_lky qlh \ ^Zgghf kemqZ_ ]eZ\gZy jhev ijbgZ^e_`bl g_j_Zebah\Zgghfm klj_fe_gbx d kZfhml\_j`^_gbx b _]h ihke_^kl\byf lh ij_^eZ]Z_lky ih\_^_gq_kdbc lj_gbg] ih^^_j`b\Zxsbc qm\kl\h kh[kl\_ggh]h ^hklhbgkl\Z ?kebijbhij_^_e_gbbijh[e_fuhdZau\Z_lkyqlhkbevgZyZ]j_kkb\ghklvhkhagZ_lkyiZpb_glhf bebfh`_lbf[ulvhkhagZgZghhgg_kihkh[_gijhy\blv__ \hlghr_gbbh[t_dlZ\ Z^_d\Zlghc nhjf_ lh ihdZaZg dZdhceb[h ba f_lh^h\ kihkh[kl\mxsbo ijhy\e_gbx Z]j_kkbb beb mf_gvr_gbx\ebygbyk^_j`b\Zxsbo__nZdlhjh\LZdZyijh[e_fZkhhl\_lkl\m_ldZdijZ\beh ^bZ]ghklbq_kdbf dZl_]hjbyf ijb\h^bfuf gb`_ Gh fu _s_ jZa ih^q_jdb\Z_f qlh nhjfmebjm_fu_ gZfb ijh[e_fgu_ h[eZklb g_ b^_glbqgu ghaheh]bq_kdbf ^bZ]ghaZf ihwlhfm i_j_qbke_gb_ ^bZ]ghah\ fu ijb\h^bf ebrv ^ey l_o dhfm ijbkms_ fure_gb_ \ ^bZ]ghklbq_kdbodZl_]hjbyo >bZ]ghklbq_kdb_dZl_]hjbb '60,,,5 hlghkysb_kyd ^Zgghcijh[e_f_²wlhgZijbf_j G_\jhlbq_kdZy^_ij_kkby Ijh^he`ZxsZykydhjhldh_\j_fy^_ij_kkb\gZyj_Zdpby Ijh^he`ZxsZyky^ebl_evgh_\j_fy^_ij_kkb\gZyj_Zdpby Ljm^ghklbZ^ZilZpbbd khpbZevgufmkeh\byfk ^_ij_kkb\ghckbfilhfZlbdhc :kl_gbq_kdZyebqghklv IZkkb\ghZ]j_kkb\gZyebqghklv GZjpbkkbq_kdb_gZjmr_gby >_ij_kkb\gu_gZjmr_gby Q_eh\_dbkiulu\Zxsbcg_o\Zldmwg_j]bbbebqj_af_jgu_ljm^ghklb\ h[s_gbb ?keb q_eh\_d bkiulu\Z_l qj_af_jgu_ ljm^ghklb \ h[s_gbb lh wlh ]h\hjbl h _]h g_^hklZlhqghc khpbZevghc dhfi_l_glghklb beb qj_af_jghf dhgljhe_ aZ k\hbfb bfimevkZfb < wlhf kemqZ_ ikbohl_jZi_\lm ij_^klhbl \u[bjZlv f_`^m kdZ`_f f_lh^Zfb baf_gyxsbfb ih\_^_gb_ b f_lh^Zfb Zdlb\babjmxsbfb wfhpbb Ijb g_o\Zld_ wg_j]bb fh`_l hdZaZlvky g_h[oh^bfuf ih\ukblvZdlb\ghklviZpb_glZmdZaZlv_fmgZ\hafh`ghklbdhlhjufbhgjZkiheZ]Z_lb hdZaZlv _fmih^^_j`dm >bZ]ghklbq_kdb_dZl_]hjbbbf_xsb_hlghr_gb_d lZdhckblmZpbb²wlhgZijbf_j GZjmr_gby\uau\Zxsb_khfZlbq_kdb_kbfilhfu
:kl_gbq_kdZyebqghklvbebaZ\bkbfZyebqghklv Q_eh\_d k l_e_kgufb kbfilhfZfb NmgdpbhgZevgu_ beb ikbohkhfZlbq_kdb_ g_^m]b fh]ml jZkkfZljb\Zlvky dZd g_^hklmigu_ khagZgbx ikbobq_kdb_ dhgnebdlu ijhy\eyxsb_ky \ l_e_ < ikbohl_jZibb \ lZdhf kemqZ_ mihj ^_eZ_lky gZ f_lh^Zo Zdlb\babjmxsbo khagZgb_ Z lZd`_ gZ f_lh^Zo kihkh[kl\mxsbo jZkkeZ[e_gbx emqr_fm \hkijbylbx k\h_]h l_eZ QZklh [u\Z_lp_e_khh[jZaghgZqZlvk f_lh^h\kihkh[kl\mxsbomemqr_gbx\hkijbylbykh[kl\_ggh]h l_eZ ihkdhevdm bf_ggh l_e_kgu_ g_^m]b ijb\_e iZpb_glZ d ikbohl_jZi_\lm K ihfhsvx f_lh^h\Zdlb\babjmxsbokhagZgb_\h\lhjhcnZa_fh`ghmklZgh\blvk\yabf_`^ml_e_kgufb g_^m]Zfbb boijbqbgZfb < qbke_^bZ]ghklbq_kdbodZl_]hjbcih '60,,,5 Bkl_jbq_kdbcg_\jha Bkl_jbq_kdZyebqghklv L_e_kgu_nmgdpbhgZevgu_gZjmr_gbyikbobq_kdh]hijhbkoh`^_gby >jm]b_gZjmr_gbyb g_dhlhju_gZjmr_gby\ ijb\uqdZodZkZxsbokyiblZgby GZjmr_gbyk\yaZggu_k i_j_oh^hf\ ^jm]mxj_eb]bx Ij_bfms_kl\_gghgZjmr_gbykhagZgby Ljm^ghklbZ^ZilZpbbd l_e_kgufg_^m]Zf Q_eh\_d k ijh[e_fZfb \ f_`ebqghklguo hlghr_gbyo Ijh[e_fu \ f_`ebqghklguo hlghr_gbyofh]mlijhy\eylvky\ \b^_hkljuodhgnebdlh\\ hlghr_gbyobeb\ \b^_ojhgbq_kdbo gZjmr_gbc kihkh[ghklb mklZgZ\eb\Zlv b ih^^_j`b\Zlv hlghr_gby < ihke_^g_f kemqZ_ djZldhkjhqghc ikbohl_jZibb g_^hklZlhqgh A^_kv g_h[oh^bfZ ijh^he`bl_evgZy jZ[hlZ < e_]dbo kemqZyo ijh[e_f k hlghr_gbyfb bgh]^ZgZ k_kkbx fh`gh ijb]eZkblv iZjlg_jZbeb `_ ikbohl_jZi_\l fh`_l aZgylvky iZjlg_jhf hl^_evgh ?keb `_ j_qv b^_l h dhgnebdlZo beb ^ebl_evgh_\j_fyijh^he`ZxsbokygZjmr_gbyo \ hlghr_gbyo j_dhf_g^m_lky lZd gZau\Z_fZy ikbohl_jZiby iZjlg_jh\ hkms_kl\ey_fZy \g_ jZfhd IHl_jZibb Ijh[e_fu hlghr_gbc \ dhlhjuoij_h[eZ^Z_lk_dkmZevgZykbfilhfZlbdZi_j_ghkylkygZki_pbZevgu_k_kkbbIjh[e_fu hlghr_gbc ijbkmlkl\mxl \h fgh]bo gZjmr_gbyo gh ^bZ]ghklbq_kdb_ dexqb g_ kh^_j`Zl bo lhqgh]h hibkZgby D gbf fh]ml [ulv hlg_k_gu lZd`_ \k_ dZjlbgu iZjZghb^guo khklhygbc b kemqZ_\ ih\ur_gghc qm\kl\bl_evghklb B hgb fZeh ih^oh^yl ^ey IHl_jZibb Q_eh\_d k ih\ur_gghcqm\kl\bl_evghklvxihemqZ_l[hevr_ihevauhlikbohl_jZibbdh]gblb\gh]h lbiZ hkms_kl\ey_fhc [_a qj_af_jgh]h h[jZs_gby d wfhpbyf q_f hl ikbohl_jZi_\lbq_kdbo f_jhijbylbcgZijZ\e_gguogZih\ur_gb__]hZdlb\ghklb\ dhlhjuohgfh`_lm\b^_lvm]jham ^eyk_[y AgZqbl_evgh qZs_ bf_xl f_klh gZjmr_gby dhlhju_ ih ljZ^bpbb gZau\Zxl bkl_jbq_kdbfb Qj_af_jgZy ihlj_[ghklv \ kZfhml\_j`^_gbb \ ijb\e_dZl_evghklb Z lZd`_ ^_fhgkljZlb\gh_ \ujZ`_gb_ k\hbo wfhpbc b w]hp_gljbq_kdZy mklZgh\dZ \_^ml d ljm^ghklyf \ nhjfbjh\Zgbb hlghr_gbc < ikbohl_jZibb \ lZdbo kemqZyo qZklh [u\Z_l ihdZaZg ZgZeba ijh[e_fkh^_j`ZsbcdhgnjhglZpbxb kljZl_]bygZijZ\e_ggZygZbaf_g_gb_ih\_^_gby >bZ]ghklbq_kdb_dZl_]hjbbih'60,,,5 KhpbZevgZynh[by Bkl_jbq_kdZyebqghklv Q_eh\_d bkiulu\Zxsbc kljZo b gZijy`_gb_ GZb[he__ qZkluf debgbq_kdbf ijhy\e_gb_f ihjh`^_ggh]h dhgnebdlZfb gZijy`_gby y\ey_lky kljZo Kbg^jhf kljZoZ _keb
lhevdhj_qvg_b^_lh nh[byog_h[yaZl_evghihjh`^Z_lkydZdhclhhij_^_e_gghcijbqbghc< wlhf kemqZ_ p_e_khh[jZagh ih`Zemc ihbkdZlv lZdmx ijbqbgm k ihfhsvx f_lh^h\ kihkh[kl\mxsbo Zdlb\baZpbb khagZgby b kh\f_klgh k iZpb_glhf jZajZ[hlZlv l_hjbx k ihfhsvx dhlhjhc hg fh] [u h[tykgblv ijhbkoh`^_gb_ k\h_]h khklhygby kljZoZ < kemqZ_ nh[bc beb ^jm]bo khklhygbc ijb dhlhjuo bklhqgbdb kljZoZ hq_\b^gu fh]ml ijbf_gylvky kljZl_]bbij_^mkfZljb\Zxsb_^_k_gkb[bebaZpbxbebbaf_g_gbydh]gblb\guokljmdlmj >bZ]ghklbq_kdb_dZl_]hjbbih'60,,,5 G_\jhakljZoZ Nh[by HkljZy j_Zdpby gZ qj_af_jgu_ gZ]jmadb \ dhlhjhc ij_h[eZ^Zxl wfhpbhgZevgu_ gZjmr_gby Ljm^ghklbZ^ZilZpbbk kbfilhfZlbdhcij_bfms_kl\_ggh\ kn_j_wfhpbc GZjmr_gby\ khpbZevghfih\_^_gbbk kbfilhfZlbdhc\ kn_j_wfhpbc Kbg^jhfiZgbdb Q_eh\_d g_kihkh[guc \ ^hklZlhqghc f_j_ dhgljhebjh\Zlv k\hb ih[m`^_gby G_^hklZlhqguc dhgljhev aZ ih[m`^_gbyfb bf__l f_klh lh]^Z dh]^Z iZpb_gl bkiulu\Z_l ljm^ghklb \ f_`ebqghklguo hlghr_gbyo \ j_amevlZl_ g_k^_j`Zgghklb \kiuevqb\hklb b g_h[^mfZgguoihklmidh\< g_dhlhjuokemqZyoih^h[gh_ih\_^_gb_fh`_lkem`blvlj_\h`guf kb]gZehf ijb[eb`Zxs_cky ^_dhfi_gkZpbb M ^jm]bo iZpb_glh\ hgh fh`_l [ulv ijhklh \umq_gguf ojhgbq_kdbf h[jZahf ^_ckl\bc < dZq_kl\_ ikbohl_jZi_\lbq_kdbo f_jhijbylbc a^_kv fh]ml [ulv ihe_agu f_lh^u gZijZ\e_ggu_ gZ baf_g_gb_ ih\_^_gby \ khq_lZgbb k dh]gblb\gufb f_lh^Zfb k ihfhsvx dhlhjuo iZpb_gl fh`_l ij_^\b^_lv mljZlm dhgljhey b ijhlb\hklhylv _c ?keb ikbohl_jZi_\l \b^bl \ lZdbo gZjmr_gbyo kbfilhf dZdhclh ]em[hdh e_`Zs_c ijbqbgu lh wlm ijbqbgm ke_^m_l ihbkdZlv k ihfhsvx dh]gblb\gh]h ZgZebaZ beb f_lh^h\gZijZ\e_gguogZZdlb\baZpbxkhagZgby >bZ]ghklbq_kdb_dZl_]hjbbih '60,,,5 Ih]jZgbqgu_gZjmr_gby :khpbZevgZyebqghklv Bkl_jbq_kdZyebqghklv Q_eh\_d hkms_kl\eyxsbc qj_af_jguc dhgljhev aZ kh[hc Ex^b qj_af_jgh dhgljhebjmxsb_k_[yg_kihkh[gu^_ckl\h\ZlvkihglZgghlZddZd\ k\hboihklmidZoke_^mxl hij_^_e_gguf ko_fZf Bo qZklh h]hjqZ_l kh[kl\_ggZy aZfdgmlhklv g_kihkh[ghklv [ulv hldjh\_gguf H g_kihkh[ghklb \ujZ`Zlv k\hb qm\kl\Z j_qv ihc^_l _s_ \i_j_^b a^_kv `_ hklZgh\bfky ]eZ\guf h[jZahf gZ gZ\yaqb\hf ih\_^_gbb dhlhjh_ \hkijbgbfZ_lky kZfbf iZpb_glhf dZd g_Z^_d\Zlgh_ beb g_p_e_khh[jZagh_ QZklh iZpb_gl [hj_lky k wlbf mk\Zb\Zy hij_^_e_gguch[jZa^_ckl\bcbebjZafureyygZhij_^_e_ggu_l_fuGhg_`_eZl_evgu_ko_fu ih\_^_gby beb gZ\yaqb\u_ fukeb \gh\v b \gh\v \ha\jZsZxlky LZdb_ ko_fu ih\_^_gby fh]ml dZkZlvky b dZdboeb[h f_edbo we_f_glh\ b kdehgghklb dhgljhebjh\Zlv \k_ k\h_ ih\_^_gb_ lj_[h\Zlvhlk_[yh[yaZl_evgh]hkhhl\_lkl\byl_fbebbgufghjfZfkhpbZevghcZ^Zilbjh\Zggh_ lbbebj_amevlZlb\ghklb Ikbohl_jZiby \ wlhf kemqZ_ ij_`^_ \k_]h ^he`gZ [ulv gZijZ\e_gZ gZ hkeZ[e_gb_ kms_kl\mxsbo`_kldboko_fih\_^_gby
hdZau\Z_lky bkihevah\Zgb_ gh\h]h h[jZaZ ^_ckl\bc \ ij_`gbo kblmZpbyo dZd wlh hibkZgh \ jZa^Ex^bqj_af_jghdhgljhebjmxsb_k_[yqZklh[u\Zxlg_kihkh[gu^hklZlhqghihegh \ujZ`Zlvk\hbqm\kl\Zb ba[_]Zlvkdh\Zgghklbhkh[_ggh\ hij_^_e_gguokblmZpbyo< jZ[hl_k ex^vfb qj_af_jgh dhgljhebjmxsbfb k_[y kdh\Zggufb ih^hc^ml f_lh^u dhlhju_ kihkh[kl\mxl ijhy\e_gbx wfhpbc memqrZxl \hkijbylb_ kh[kl\_ggh]h l_eZ b iha\heyxl ^h[blvkyjZkkeZ[e_gby G_j\guc q_eh\_d Keh\hf g_j\haghklv g_ki_pbZebklu h[hagZqZxl kZfu_ jZaebqgu_ ikbobq_kdb_ gZjmr_gby ² dZd g_agZqbl_evgu_ lZd b k_jv_agu_ H^gZdh h[uqgh j_qv b^_l h [_kihdhckl\_ ijhy\eyxs_fky beb \ ^\b`_gbyo beb kdjulh [_a dZdboeb[h aZf_lguo gZjmr_gbc ih\_^_gby IZpb_gl bkiulu\Z_l kbevguc klj_kk qm\kl\m_l k_[y aZ]gZgguf g_kihkh[gufjZkkeZ[blvkyb g_j_^dh^_fhgkljbjm_lnmgdpbhgZevgu_khfZlbq_kdb_gZjmr_gby
F?LH>UIKBOHL?J:IBB
F_lh^ukihkh[kl\mxsb_Zdlb\baZpbbkhagZgby Hkgh\ghcijbgpbi G_ \uau\Z_l khfg_gbc kms_kl\h\Zgb_ \ ikbobd_ q_eh\_dZ g_hkhagZggh]h g_hkhagZgguo kbeIj_^klZ\e_gbyh [_kkhagZl_evghfkeh`b\rb_ky\ ikbohZgZeba_aZihke_^gb_^_kylbe_lby ij_l_ji_eb kms_kl\_ggu_ baf_g_gby b l_i_jv jhev _]h g_ k\h^blky d dhgnebdlZf \hagbdZxsbf \ j_amevlZl_ kms_kl\h\Zgby bgklbgdlh\ IjbagZ_lky ijbkmlkl\b_ [_kkhagZl_evgh]h gZ \k_o mjh\gyo ZiiZjZlZ ikbobdb Z lZd`_ _]h \ebygb_ gZ \k_ ikbobq_kdb_ ijhp_kkuB \k_`_g_kfhljygZlZdh_jZkrbj_gb_ij_^klZ\e_gbch jheb[_kkhagZl_evgh]hgZf dZ`_lky qlh agZq_gb_ k\yaZgguo k bgklbgdlhf dhgnebdlh\ b ZgZebaZ khijhlb\e_gby ihgbfZ_lkykebrdhfh^ghklhjhgg_ Kms_kl\_ggh_ jZkrbj_gb_ d gZklhys_fm \j_f_gb l_hjbb ikbohZgZebaZ k\yaZgh k jZajZ[hldhcl_hjbbh[t_dlguohlghr_gbc L_hjbyh[t_dlguohlghr_gbchkgh\u\Z_lkygZ^Zgguoihemq_gguoihke_Nj_c^ZkgZqZeZ ihke_^h\Zl_eyfb F Deycg aZl_f ij_^klZ\bl_eyfb Yikboheh]bb b o ]h^h\ OZjlfZg FZe_j b ^j _s_ iha`_ ikboheh]b_c kZfhklb Dh]mlZ b gZdhg_p D_jg[_j]hf L_hjby h[t_dlguo hlghr_gbc bkoh^bl dZd ba\_klgh ba lh]h qlh ih f_j_ jZa\blby j_[_gdZ \ jZgg_f ^_lkl\_ihkl_i_gghrZ]aZrZ]hfnhjfbjm_lky_]hkZfh[ulghklv>Zggu_ihemq_ggu_\ kZfh_ ihke_^g__\j_fy;Rl_jgB>Ebol_g[_j] k\b^_l_evkl\mxlh lhfqlhkihkh[ghklvj_[_gdZ d \hkijbylbx moZ`b\Zxsbo aZ gbf ex^_c h[t_dlh\ jZa\b\Z_lky m g_]h q_j_a kjZ\gbl_evgh dhjhldh_ \j_fy ihke_ jh`^_gby Ijb wlhf h[jZamxlky b hldeZ^u\Zxlky \ ikbobd_ ij_^klZ\e_gbybg^b\b^ZdZdh kZfhfk_[_lZdb h^jm]boex^yolZdgZau\Z_fuoh[t_dlZo ij_`^_ \k_]h h fZl_jb b hlp_ Wlhl ijhp_kk ijh^he`Z_lky gZ ijhly`_gbb ^_lkl\Z b ih^jhkldh\h]h\hajZklZZ aZl_fb m\ajhkeh]hq_eh\_dZM q_eh\_dZihklhygghkdeZ^u\Zxlkyb hldeZ^u\Zxlky \ ikbobd_ gh\u_ ij_^klZ\e_gby \ \b^_ ko_f H^gh\j_f_ggh wlb \gmlj_ggb_ ij_^klZ\e_gbyhij_^_eyxlnhjfbjh\Zgb_f_`q_eh\_q_kdbohlghr_gbc KqblZ_lkyqlhijbikbobq_kdbo[he_agyowlb\hr_^rb_\h\gmlj_ggxxkljmdlmjmikbobdb q_eh\_dZ ko_fu gZjmrZxlky beb klZgh\ylky g_Z^_d\Zlgufb qlh \_^_l d g_hkhagZ\Z_fuf ^_ckl\byf LZd g_hkhagZ\Z_fu_ ko_fu hlghr_gbc fh]ml ijhy\eylvky ijbh[s_gbb k ^jm]bfb ex^vfb\ lhfqlhwlbihke_^gb_h[t_dlu \hh[s_g_\hkijbgbfZxlkyq_eh\_dhfdZdg_qlh j_Zevgh_bdZdke_^kl\b_m g_]h\hagbdZ_lhlqm`^_gghklvb qm\kl\hqlh_]hg_ihgbfZxl < jZfdZo ikboh^bgZfbq_kdhc dhgp_ipbb hi_jbjmxl lZdbfb ihgylbyfb dZd km[t_dl h[t_dlu b bo \gmljbikbobq_kdhc j_ij_a_glZpb_c dZd qZklvx [_kkhagZl_evghc ikbobq_kdhc hj]ZgbaZpbb Ko_fu hlghr_gbc hldeZ^u\Zxsb_ky \ ikbobd_ \ \b^_ hij_^_e_gguo rZ[ehgh\ fh]ml ^_nhjfbjh\Zlvky ih^ \ebygb_f kZfuo jZaguo nZdlhjh\ \ j_amevlZl_ g_hkhagZgby gZf_j_gbc j_Zevguobg^b\b^h\\ j_amevlZl_jZks_ie_gby ijh_dpbb
b^_ZebaZpbbi_j_hp_gdbb l^< j_Zevghf fbj_iZpb_glZ wlb gZjmr_gby qZs_ \k_]h i_j_`b\Zxlky dZd dhgnebdlu hlghr_gbc QZklhhgbkhijh\h`^Zxlkykbevgufbb \uau\ZxsbfbkljZ^Zgbywfhpbyfb JZaebqgufZ\lhjZfm^ZehkvgZ[Za_keh`ghcf_lZikboheh]bq_kdhcdhgp_ipbbjZajZ[hlZlv ikbohl_jZi_\lbq_kdb_ f_lh^u b ihdZaZlv \hafh`ghklb bo ijbf_g_gby gZ ijZdlbd_ LZd Ex[hjkdb gZijbf_j ]h\hjbl h[ hkgh\ghf dhgnebdl_ hlghr_gbc
khhl\_lkl\mxsb_ `_eZgby b hiZk_gby Lhfw b D_o_e_ kha^Zeb \ur_^rbc \ k\_l gZ g_f_pdhf yaud_
JZks_ie_gb_ ² jZa^_e_gb_ km[t_dlhf ihablb\gh]h b g_]Zlb\gh]h \ h[jZaZo Y b h[t_dlh\²Ijbfi_j_\h^qbdZ Ijh_dpby²i_j_ghkkm[t_dlhfkh[kl\_gguok\hckl\khklhygbcgZ\g_rgb_h[t_dlu² Ijbfi_j_\h^qbdZ mq_[gbd\ dhlhjhf\ ^hklmighf\b^_baeZ]Zxlkywlbgh\u_^hklb`_gbyikbohZgZebaZ Ex[Zy ikbohl_jZiby ij_^iheZ]Z_l f_`ebqghklgu_ hlghr_gby ² hlghr_gby f_`^m iZpb_glhf b ikbohl_jZi_\lhf B dhg_qgh `_ \ oh^_ ikbohl_jZibb \hafh`gu ihf_ob \ wlbo hlghr_gbyodhgnebdlu Bo hkhagZgb_ fh`_l [ulv g_h[oh^bfuf beb ih djZcg_c f_j_ ihe_aguf ikbohl_jZi_\lbq_kdbfijhp_kkhf< dZdhfh[t_f_f_lh^uZdlb\baZpbbkhagZgbybkihevamxlky \ IHl_jZibb" < lZdhf dZdhc g_h[oh^bf beb `_eZl_e_g ^ey hij_^_e_gby ijh[e_fu IhgbfZgb_ g_hkhagZ\Z_fuo \aZbfhk\ya_c fh`_l iha\heblv q_eh\_dm ihemqblv ij_^klZ\e_gb_ dZdh ko_fZodhgnebdlh\mk\h_gguo\ ijhrehc`bagb\ ^_lkl\_\_jlbdZevgucijhp_kk lZdb h ko_fZo_]hl_i_j_rgbohlghr_gbc]^_bf_xlf_klhgZjmr_gby]hjbahglZevgucijhp_kk Z lZd`_ h \hafh`ghklyo bkijZ\e_gby wlbo hlghr_gbc b Z^ZilZpbb Ebrv gh\Zy ikbohZgZeblbq_kdZy ljZdlh\dZ l_hjbb h[t_dlguo hlghr_gbc hldju\Z_l \hafh`ghklv __ ijbf_g_gbyd khpbZevghcijh[e_fZlbd_b \hijhkZff_`ebqghklguohlghr_gbc< gZr_\j_fy g_^hklmigu_ g_ihkj_^kl\_gghfm gZ[ex^_gbx dhgkljmdpbb dhlhju_ kha^Z\Zebkv ikbohl_jZi_\lZfb \ j_amevlZl_ ij_^klZ\e_gbc h ^bgZfbd_ bgklbgdlh\ kf_gbebkv q_ldbfb dhgp_ipbyfb^bgZfbdbf_`ebqghklguohlghr_gbc H^bg ba ]eZ\guo ijbagZdh\ IHl_jZibb ² __ ijhajZqghklv IkbohZgZeblbq_kdb_ dhgp_ipbb baeZ]Zxlky a^_kv ihgylguf ykguf ih\k_^g_\guf yaudhf Hgb fh]ml gZclb ijbf_g_gb_ dZd \ oh^_ ZgZebaZ ijh[e_fu lZd b ijb hij_^_e_gbb ijh[e_fu ?keb \u[jZggZy ikbohl_jZi_\lhf kljZl_]by ij_^iheZ]Z_l ijbf_g_gb_ gZjy^m k ^jm]bfb f_lh^Zfb b f_lh^h\ Zdlb\baZpbb khagZgby lh \ jZfdZo IHl_jZibb j_qv [m^_l b^lb \ i_j\mx hq_j_^v g_ h[ hkhagZgbbZki_dlh\k\yaZgguok bgklbgdlZfbZ h[h[tykg_gbbkhpbZevguofhlb\h\beb ko_f hlghr_gbc IhdZaZgby < f_`q_eh\_q_kdbo hlghr_gbyo \k_]^Z bf__l f_klh we_f_gl [_kkhagZl_evgh]h ihgbfZ_fh]h lZd dZd h[ wlhf ]h\hjbehkv \ur_ Gh \ IHl_jZibb g_ \k_]^Z [u\Z_l p_e_khh[jZagh aZgbfZlvky [_kkhagZl_evguf
iha\hey_lm\b^_lvg_hkhagZ\Z_fmxiZpb_glhffh^_evijbkmsbo_fmdhgnebdlguohlghr_gbc Ijbkhhl\_lkl\mxsbomkeh\byolZdb_gZ[ex^_gby fh]ml [ulv bkihevah\Zgu ijb hij_^_e_gbb ijh[e_fu Z bo jZatykg_gb_ fh`_l khklZ\blv qZklv p_eb ikbohl_jZibb GZ ijZdlbd_ wlh hkh[_gghhlghkblkyd ke_^mxsbfkblmZpbyf Z Dh]^Z j_qv b^_A h ih\lhjyxs_cky ko_f_ f_`ebqghklguo hlghr_gbc dhlhju_ fh]ml [ulv ihgylu dZd ih\lhj_gb_ klZjuo ko_f ih\_^_gby gZ\yaqb\u_ ih\lhj_gby LZdb_ bkdZ`_ggu_ko_fuih\_^_gbyijhy\eyxlkylZd`_\ ikbohl_jZi_\lbq_kdbohlghr_gbyob fh]ml _keb gZ^ gbfb khhl\_lkl\mxsbf h[jZahf g_ ihjZ[hlZlv f_rZlv ^hklb`_gbx p_eb ikbohl_jZibb IZpb_gl g_aZf_lgh ihiZ^Z_l \ ie_g lZd gZau\Z_fuo Z\lhfZlbq_kdbo fuke_c bjjZpbhgZevgh]hfure_gbybebkl_j_hlbiguomklZgh\hdIkbohl_jZi_\l^he`_gj_rblv[m^_l ebhgjZ[hlZlvk wlbfbn_ghf_gZfbk ihfhsvxbkdexqbl_evghdh]gblb\guof_lh^h\kfjZa^ beb `_ wlb f_lh^u [m^ml bkihevah\Zlvky ebrv dZd \kihfh]Zl_evgu_ kf lZd`_ jZa^ Q_eh\_d k ijh[e_fZfb \ f_`ebqghklguo hlghr_gbyo Q_eh\_d g_^hklZlhqgh dhgljhebjmxsbck\hbih[m`^_gbyb Q_eh\_dg_Z^_d\Zlgh\ujZ`Zxsbck\hbqm\kl\Z [ Dh]^Z ijh[e_fu iZpb_glZ k\yaZgu g_ lhevdh k _]h l_i_j_rg_c kblmZpb_c a^_kv b k_cqZk gh ]eZ\guf h[jZahf h[tykgyxlky _]h jZggbf ikbobq_kdbf jZa\blb_f lZf b lh]^Z Lh]^Z h[jZs_gb_ d [bh]jZnbb iZpb_glZ fh`_l [ulv g_h[oh^bfuf gh g_ ^hklZlhqguf mkeh\b_f =h\hjy ^jm]bfb keh\Zfb jZkihagZgby g_hkhagZgguo dhgnebdlh\ ijhreh]h g_^hklZlhqgh ^ey j_r_gby l_i_j_rgbo ijh[e_f LZd gZijbf_j \ kemqZ_ iZpb_glZ kljZ^Zxs_]h nh[b_c fh`_l hdZaZlvky g_h[oh^bfuf h^gh\j_f_ggh k jZ[hlhc ih Zdlb\baZpbb khagZgby beb _s_ ^h g__ bkihevah\Zlv dh]gblb\gu_ kljZl_]bb kf jZa^ b qlh[u \u^_eblv khhl\_lkl\mxsb_ kbfilhfu Lhqgh lZd `_ \ kemqZ_ iZpb_glZ kljZ^Zxs_]h ^_ij_kkb_c _]h kdehgghklb hlklmiZlv i_j_^ ljm^ghklyfb fh`gh ijhlb\hihklZ\blv g_ lhevdh Zdlb\baZpbx hlghr_gbc _]h k ^jm]bfb ex^vfb gh b Zdlb\baZpbx _]h khagZgby qlh iha\hebl \uy\blvjhevijbkms_c_fmgbadhckZfhhp_gdb\ nhjfbjh\ZgbblZdhckdehgghklb < khhl\_lkl\bbk ijbgpbihfiexjZebafZf_lh^h\Zdlb\baZpbykhagZgbyqZklhkhq_lZ_lkyk ^jm]bfbf_lh^ZfbkflZd`_jZa^ F_lh^uZdlb\baZpbbkhagZgbyihdZaZgu\ [hevrbgkl\_ baijb\h^bfuolZfkemqZ_\hkh[_ggh`_\ hlghr_gbbex^_ck gbadhckZfhhp_gdhc \ Dh]^Z ijh[e_fZ ijhy\ey_lky ij_bfms_kl\_ggh \ \b^_ kbfilhfh\ \uihegyxsbo g_^hklmigmx khagZgbx nmgdpbx Wlh fh]ml [ulv khfZlbq_kdb_ gZjmr_gby gZijbf_j dhg\_jkby ² \ nh[byo gZ\yaqb\uo ^_ckl\byo b l^ kf jZa^ hkh[_ggh Q_eh\_d k l_e_kgufbkbfilhfZfbQ_eh\_dg_kihkh[gucZ^_d\Zlgh\ujZablvk\hbqm\kl\ZQj_af_jgh dhgljhebjmxsbck_[yq_eh\_d ] Dh]^Zlhbebbgh_ih\_^_gb_iZpb_glZbeb_]hfZg_jZ^_j`Zlvk_[ygZklhevdhf_rZxl oh^m ikbohl_jZibb qlh ijh^he`_gb_ p_e_khh[jZaghc jZ[hlu klZgh\blky \hafh`guf ebrv ihke_\uy\e_gbyg_hkhagZ\Z_fuofhlb\h\kflZd`_Khijhlb\e_gb_ IjZdlbq_kdh_ijbf_g_gb_ Z Nhdmkbjh\dZgZhij_^_e_gghcl_f_ DZdba\_klghijZ\beZdeZkkbq_kdh]hikbohZgZebaZ lj_[mxl ijh\h^blv ikbohl_jZi_\lbq_kdbc ijhp_kk lZd qlh[u m iZpb_glZ h[jZah\Zeky lZd gZau\Z_fuc g_\jha i_j_ghkZ kf gb`_
iZpb_glZ ikbohl_jZi_\l hl\_qZ_l \hijhkhf < deZkkbq_kdhf ikbohZgZeba_ iZpb_gl ^he`_g h[jZah\u\Zlv lZd gZau\Z_fu_ k\h[h^gu_ ZkkhpbZpbb ?fm ij_^eZ]Z_lky khh[sZlv \ ih^oh^ys_c ^ey g_]h nhjf_ h[h \k_f qlh kihglZggh \ \b^_ ZkkhpbZpbc ijboh^bl _fm \ ]heh\mIkbohl_jZi_\lijbwlhf\ukemrb\Z_lnZglZabbiZpb_glZk lZdgZau\Z_fufiZkkb\guf \gbfZgb_f Ikbohl_jZi_\l ^he`_g lZdbf h[jZahf ijhy\eylv ^hklZlhqgh_ \gbfZgb_ d lhfm qlhkhh[sZ_liZpb_glj_ne_dkbjh\Zlvk\hbkh[kl\_ggu_fukebb b^_b_\hagbdZxsb_\ k\yabk khh[sZ_fufb \j_fyhl\j_f_gbkhhl\_lkl\mxsbfh[jZahfhl\_qZlviZpb_glm < djZldhkjhqghc ikbohl_jZibb \hh[s_ Z \ IHl_jZibb \ RFR[_gghklb kljmdlmjZ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ [u\Z_l agZqbl_evgh [he__ q_ldhc q_f \ deZkkbq_kdhf ikbohZgZeba_ IjZdlbq_kdb \h \k_o \b^Zo djZldhkjhqghc ikbohl_jZibb ykgh h[hagZqZ_lky gZijZ\e_gb_ jZ[hlu beb `_ \u[bjZ_lky hij_^_e_gguc ikboh^bgZfbq_kdbc nhdmk kf jZa^ LZdhcnhdmk\ IHl_jZibbfh`_l[ulvknhjfmebjh\Zg\ \b^_hij_^_e_gbyijh[e_fubeb __ qZklb\ l_okemqZyodh]^ZaZ^ZqZ\ i_j\mxhq_j_^vaZdexqZ_lky\ \uy\e_gbbg_hkhagZ\Z_fuo dhgnebdlh\ \ hlghr_gbyo :dlb\baZpby khagZgby iZpb_glZ ijb wlhf ^hklb]Z_lky ]eZ\guf h[jZahf ihkj_^kl\hf jZatykg_gby _fm g_hkhagZ\Z_fuo bf beb g_^hklZlhqgh hkhagZ\Z_fuo fhlb\h\ kihkh[kl\mxsbo \hagbdgh\_gbx dhgnebdlh\ J_qv fh`_l b^lb h _]h kljZoZo b hiZk_gbyo h _]h `_eZgbyo b gZ^_`^Zo dhlhju_ ijZdlbq_kdb \k_]^Z [u\Zxl k\yaZgu kh agZqbfufb^eyg_]h ex^vfbLZdbfh[jZahfikbohl_jZi_\lbq_kdZyjZ[hlZ[u\Z_lgZijZ\e_gZ gZ lh qlh[uh[tykgblv iZpb_glm \hi_j\uo _]h \gmlj_ggb_ km`^_gby h k_[_ y keZ[uc b aZ\bkbfuc \h\lhjuo _]h fhlb\u \ \b^_ `_eZgbc bbeb hiZk_gbc fg_ g_h[oh^bfZ ihfhsv h^bg y ijhiZ^m b \lj_lvbo jhev ijbibku\Z_fmx bf agZqbfhc ebqghklb \uklmiZxs_cdZdh[t_dl lhevdhfhcfm`fh`_l^Zlvfg_\k_wlh DZd m`_ ]h\hjbehkv Ex[hjkdb gZa\Ze ih^h[gu_ m[_`^_gby Hkgh\guf dhgnebdlhf hlghr_gbcb ^Zeq_ldh_bohibkZgb_AZl_ffgh]b_Z\lhjukhh[sZebqlhih^h[gu_\hijhku ijboh^blky jZkkfZljb\Zlv ijZdlbq_kdb \ dZ`^hc ikbohl_jZi_\lbq_kdhc k_kkbb Gh \ IH l_jZibb kms_kl\m_l ijZ\beh kh]eZkgh dhlhjhfm jZkkfZljb\Zxlky ebrv l_ \hijhku dhlhju_ l_kghk\yaZgukhknhjfmebjh\Zgghcijh[e_fhc I jb f_ jM iZpb_gldb\ \hajZkl_e_lihke_kf_jlbfm`Zhlf_qZeZkviZlheh]bq_kdZy j_Zdpby i_qZeb \dexqZ\rZy lZd`_ qj_af_jgmx b^_ZebaZpbx mf_jr_]h iZjlg_jZ < oh^_ IH l_jZibbihkl_i_gghm^Zehkv\uy\blv\ul_kg_ggmxiZpb_gldhcihlj_[ghklv\ lhfqlh[u[ulv aZ\bkbfhc dhlhjZy \ ^jm]hc nhjf_ ijhy\eyeZkv lZd`_ \ __ hlghr_gbyo kh klZjhc fZl_jvx b lj_lbjh\Z\r_c __ k_kljhc Ih f_j_ hkhagZ\Zgby iZpb_gldhc wlh]h h[klhyl_evkl\Z __ aZ\bkbfhklvhljZaebqguoagZqbfuo^eyg__ebph[t_dlh\ mf_gvrZeZkv < ^Zgghfijbf_j_iZpb_gldZihke_kf_jlbfm`Zqm\kl\h\ZeZk_[y[_kkbevghcihdbgmlhc `_gsbghc ;he_ag_ggu_ i_j_`b\Zgby h^gh\j_f_ggh Zdlb\babjh\Zeb l_ gZoh^b\rb_ky \gmljb __ ikbobdbko_fudhlhju_ij_`^_hkh[_ggh\ ^_lkl\_[uebk\yaZguk qm\kl\hfg_ijbylby__ agZqbfufb ^ey g__ ex^vfb dhlhju_ lj_lbjh\Zeb __ fZlv k_kljZ K ihfhsvx mklZgh\e_gby k\yabf_`^mjZggbf`bag_ggufhiulhfi_j_`b\Zgbyfb\ k\yabk ihl_j_ckmijm]Zb qm\kl\Zfb ihhlghr_gbxd ikbohl_jZi_\lmm^Zehkv\uy\blvihjh`^Z\rb_dhgnebdlfhlb\uhlghr_gbcb ^h[blvkymkljZg_gbydhgnebdlh\ Fm`qbgZ \ \hajZkl_ e_l k gZjpbkkbq_kdbfb jZkkljhckl\Zfb \ oh^_ IHl_jZibb \k_ [hevr_ b [hevr_ hkhagZ\Ze qlh _]h nZglZabb h kh[kl\_gghf \_ebqbb \ dhg_qghf blh]_ [ueb nhjfhcdhfi_gkZpbb]em[hdhe_`Zs_]hqm\kl\Zg_^h\hevkl\Zkh[hc< l_okemqZyodh]^Z_fm
dZdbg`_g_jmki_pbZebklmihwe_dljhgbd_^Z\Zebkvqj_af_jghljm^gu_aZ^Zgbyhggbdh]^Zg_ fh] \hajZablv gZqZevkl\m b dhee_]Zf ih jZ[hl_ b [jZe gZ k_[y jhev \_ebdh]h ki_pbZebklZ NZglZabbwlh]hq_eh\_dZh kh[kl\_gghf\_ebqbbkhhl\_lkl\h\Zebmk\h_gghcbfko_f_kh]eZkgh dhlhjhc _]h Y [ueh g_ijhihjpbhgZevgh jZa^mlh Z h[t_dlZf agZqbfuf ^ey g_]h bg^b\b^Zf gZh[hjhl^Z\ZeZkvgbadZyhp_gdZ@_eZgb_[e_kgmlv\ua\Zlv\hkobs_gb_\_ehijb qj_af_jguo gZ]jmadZo gZ jZ[hl_ d khklhygbx iheghc g_m^h\e_l\hj_gghklb kh[hc qm\kl\m kh[kl\_gghc gbqlh`ghklb b [_a^Zjghklb Ijb wlhf iZpb_gl hjb_glbjh\Zeky gZ ^jm]mx mk\h_ggmx bf ko_fm kh]eZkgh dhlhjhc hg [ue keZ[uf Z h[t_dlu fhsgufb h[eZ^Z\rbfb [hevrbfij_\hkoh^kl\hfgZ^gbf H[Z ijbf_jZ ihdZau\Zxl qlh hkhagZgb_ gbdh]^Z g_ hagZqZ_l ebrv ihgbfZgb_ gZ dh]gblb\ghfmjh\g_Hgh\k_]^Z\uau\Z_lkhhl\_lkl\mxsb_qm\kl\Zdhlhju_iZpb_gl^he`_g ihkl_i_gghgZmqblvkyijbgbfZlvb \ujZ`ZlvkflZd`_jZa^ [ Nhjfbjh\Zgb_ ikbohl_jZi_\lbq_kdbo hlghr_gbc Dhgnebdlu \ hlghr_gbyo fh]ml ijhy\eylvky lh]^Z dh]^Z \umq_ggu_ \ ij_`gbo hlghr_gbyo ko_fu ih\_^_gby hdZau\Zxlky g_mf_klgufb\ gh\uomkeh\byoG_\uau\Z_lkhfg_gbcqlhex^b[u\Zxlkdehgguijb[_]Zlvd \umq_gguf jZg__ ko_fZf ih\_^_gby rZ[ehgZf b \ gh\uo kblmZpbyo dhlhjuf hgb wlb ko_fug_khhl\_lkl\mxlWlbjZg__aZmq_ggu_b lh]^Z\hafh`ghihe_agu_nhjfuih\_^_gby l_i_jv ij_^klZxl ZgZojhgbafZfb hkh[_ggh dh]^Z hgb \ g_baf_gghf \b^_ ijbf_gyxlky \ hlghr_gbyo k ^jm]bfb ex^vfb Ih\lhj_gb_ lZdbo kp_gZjb_\ ijhbkoh^bl dZd ijZ\beh g_hkhagZggh < ikbohZgZeba_ wlhl n_ghf_g ihemqbe gZa\Zgb_ gZ\yaqb\h_ ih\lhj_gb_ ;m^mqbwe_f_glhfex[h]hq_eh\_q_kdh]hh[s_gbyhg\uklmiZ_llZd`_\ ikbohl_jZi_\lbq_kdbo hlghr_gbyo dZd lZd gZau\Z_fZy j_Zdpby i_j_ghkZ Kdehgghklv d kihglZgghfm i_j_ghkm ijhy\ey_lky ke_^h\Zl_evgh g_ lhevdh \ ikbohl_jZi_\lbq_kdbo kblmZpbyo gh \ oh^_ ikbohl_jZibbhgZih^^Z_lkyijhjZ[hld_?klvex^bm dhlhjuo \ j_amevlZl_lZdhcimlZgbpu ihklhyggh\hagbdZxlljm^ghklb\ gh\uokblmZpbyobebijbmklZgh\e_gbbdhglZdlh\k gh\ufb ex^vfb Bf y\gh g_h[oh^bfh \ hij_^_e_gghc f_j_ Zdlb\babjh\Zlv k\h_ khagZgb_ < deZkkbq_kdhfikbohZgZeba_k wlhcp_evxijb[_]Zxld ih^^_j`d_j_]j_kkbbb ba[_]Zxlj_Zdpbb i_j_ghkZA^_kv\Z`gmxjhevb]jZ_l^bZeh]qlhij_^iheZ]Z_lkh\f_klgh_k mqZklb_fb deb_glZ b ikbohl_jZi_\lZ hij_^_e_gb_ ijh[e_fu b \j_f_gb ^hklb`_gby p_eb Ikbohl_jZi_\l \ h[s_gbb k iZpb_glhf g_ h]jZgbqb\Z_lky Zdlb\guf kemrZgb_f \k_ _]h ih\_^_gb_ hjb_glbjh\Zgh gZ iZpb_glZ hg klZjZ_lky \ujZablv k\h_ m\Z`_gb_ d iZpb_glm kh]eZrZykv \ oh^_ ^bZeh]Z k gbf Gh ijb Zdlb\baZpbb khagZgby \ IHl_jZibb ijZ\beh deZkkbq_kdh]h ikbohZgZebaZkh]eZkghdhlhjhfmikbohl_jZi_\l\ oh^_k_kkbb[hevr_cqZklvxfheqblbeb`_ hl\_qZ_l gZ \hijhku iZpb_glZ \hijhkZfb Z[klbg_gpbyf g_ijb_fe_fh kf jZa^ b IZpb_gl b ikbohl_jZi_\l \ IHl_jZibb kh\f_klgh hij_^_eyxl ijh[e_fu b gZf_qZxl \j_fy ^hklb`_gby p_eb Z wlh ij_^iheZ]Z_l ^bZeh] IHl_jZi_\l \ h[s_gbb \ iZpb_glhf g_ h]jZgbqb\Z_lkyZdlb\gufkemrZgb_f\k__]hih\_^_gb_hjb_glbjh\ZghgZiZpb_glZ Fuihklhygghih[m`^Z_fiZpb_glZd lhfmqlh[uhgjZkkdZau\Zeh k\hboijh[e_fZo\ bo \gmlj_gg_fb \g_rg_fjZa\blbbhlh^ghcikbohl_jZi_\lbq_kdhck_kkbbd ^jm]hcQZklhwlhg_ lhevdh\ujZ`_ggh_keh\Zfbkh^_j`Zgb_bah[bemxs__h[tykg_gbyfbghb dhgl_dkl\ dhlhjhf hgh ij_^eZ]Z_lky Ihwlhfm \ gZqZe_ jZa]h\hjZ iZpb_glm ij_^hklZ\ey_lky g_h]jZgbq_ggZy k\h[h^Z \ukdZau\Zgby ihkdhevdm bf_ggh \ i_j\uo njZaZo ijhbag_k_gguo \ gZqZe_ k_kkbb fh`_l kh^_j`Zlvky [_kkhagZl_evgh_ h[jZs_gb_ d ikbohl_jZi_\lm KdZaZggh_ hlghkblky b d
ihke_^gbf bgh]^Z m`_ baaZ ^\_jb aZf_qZgbyf ih`_eZgbyf b \hijhkZf >ey ihgbfZgby \Z`guo Zki_dlh\ i_j_`b\Zgbc iZpb_glZ \ oh^_ ikbohl_jZi_\lbq_kdbo hlghr_gbc Rljmii ij_^eZ]Z_likbohl_jZi_\lZfaZ^Z\Zlvk_[_ke_^mxsb_\hijhku DZd\b^blf_gyiZpb_glb dZdb_qm\kl\Zdhfg_hgbkiulu\Z_l" DZd\b^bliZpb_glfhbieZgumklZgh\dbb qm\kl\Z\ hlghr_gbb_]h" DZdb_kh^_j`Zsb_wfhpbbnZglZabby \uau\Zxm iZpb_glZ" DZd \hkijbgbfZ_l iZpb_gl k\h_ hlghr_gb_ dh fg_ b dZdb_ _]h j_Zdpbb fh]eb [ulv ke_^kl\b_fgZrboij_`gbo\aZbfh^_ckl\bc\ oh^_ikbohl_jZibb" DZdijZ\behfuZdlb\ghih[m`^Z_fiZpb_glZjZkkdZau\Zlvh lhfqlh_]h\ ^Zggh_\j_fy aZgbfZ_lIkbohl_jZi_\lbkihevamykhhl\_lkl\mxsmxl_ogbdm\_^_gby[_k_^ulZdgZijZ\ey_l oh^jZa]h\hjZqlhhgdZkZ_lky]eZ\gufh[jZahf\hijhkh\k\yaZgguok hij_^_e_gb_fijh[e_fu Z"b l^ DhgnjhglZpby Kfuke wlh]h rZ]Z aZdexqZ_lky \ lhf qlh[u ihdZaZlv beb jZatykgblv iZpb_glm l_ _]h ^_ckl\by fukeb `_eZgby hiZk_gby b l^ dhlhju_ hg ^h kbo ihj g_ [ue \ khklhygbb m\b^_lv < [md\Zevghf i_j_\h^_ dhgnjhglZpby FRQIURQWDWLR hagZqZ_l ebphf d ebpmBf_gghlZdgZ^e_`bliZpb_glmh[jZlblvkyd jZaebqgufqZklyfkZfh]hk_[yb_kebwlh \hafh`ghh[t_^bgblvbo Ohlyl_jfbgdhgnjhglZpbyZkkhpbbjm_lkyk Z]j_kkb\ghklvx^eygZkhghagZqZ_lhlgx^v g_ djblbdm iZpb_glZ Z kdhj__ kh\f_klgmx k gbf ihiuldm \uy\blv g_hkhagZ\Z\rb_ky bf ^h gZklhys_]h\j_f_gbbebg_^hklZlhqghhkhagZ\Z\rb_ky\aZbfhaZ\bkbfhklb : fh`_l[ulv
fZl_jbZe_hlghkys_fkyd i_j_`b\ZgbyfjZgg_]h^_lkl\ZWlhlfZl_jbZeke_^m_lhj]Zgbah\Zlv ihgh\hfm beb j_dhgkljmbjh\Zlv Gh \ IHl_jZibb dZd b \ ^jm]bo \b^Zo djZldhkjhqghc ikbohl_jZibb bgl_jij_lZpby hkms_kl\ey_lky lZd`_ b gZ fZl_jbZe_ gZklhys_c kblmZpbb iZpb_glZ[_ag_ij_f_ggh]hh[jZs_gbyd gZqZevghfmi_jbh^m_]h[bh]jZnbb Fu hlghkbfky d bgl_jij_lZpbb ij_^eZ]Z_fhc ikbohl_jZi_\lhf dZd d k\h_]h jh^Z ]bihl_a_ Bf_ggh dZd ]bihl_aZ bgl_jij_lZpby ij_^eZ]Z_lky b iZpb_glm G_ kms_kl\m_l Z[khexlguo bklbg ^hklmiguo lhevdh ikbohl_jZi_\lm b g_ ^hklmiguo iZpb_glm _fhgkljbjmy iZpb_glm kms_kl\h\Zgb_ \ g_f lZdbo we_f_glh\ fu ^Z_f _fm
\hafh`ghklvgZclbdhfijhfbkkbebbaijhlb\hj_qZsbo^jm]^jm]mij_^klZ\e_gbch k_[_b fbj_ kha^Zlv_^bgmxdZjlbgm H[jZsZykvd iZpb_gld_fufh`_fgZijbf_jkdZaZlvfZe_gvdZybsmsZyaZsblu^_\hqdZ gZoh^ysZyky \gmljb
kh\j_f_ggu_ ikboh^bgZfbq_kdb_ ljZdlh\db bkoh^yl ba mq_gby h aZsbl_ hl g_hkhagZ\Z_fuo dhgnebdlh\ Wlb dhgnebdlu \iheg_ fh]ml [ulv k\yaZgu k h[mkeh\e_ggufb bgklbgdlZfb `_eZgbyfb dZd wlh i_j\hgZqZevgh ihdZaZe ikbohZgZeba Y < khhl\_lkl\bb k l_hjb_c h[t_dlguohlghr_gbc\k_]^ZmklZgZ\eb\Z_lkyk\yavf_`^mwlbfb`_eZgbyfbb hij_^_e_ggufb dhgnebdlZfb\ hlghr_gbyo Bf_ggh dhgnebdlu \ hlghr_gbyo qZs_ \k_]h ih[m`^Zxl gZrbo iZpb_glh\ h[jZsZlvky d ikbohl_jZi_\lm >_eZy wlhl rZ] hgb ijhy\eyxl ]hlh\ghklv ihgylv \ oh^_ ikbohl_jZibb g_^hklmigu_bf^hkboihjl_hl\_j]Z_fu_ij_^klZ\e_gbyihjh`^Zxsb_dhgnebdluB _keb\ oh^_ikbohl_jZi_\lbq_kdh]hijhp_kkZhgb\_^mlk_[ylZddZd[m^lh\h\k_g_aZbgl_j_kh\Zgu\ jZkrbj_gbbkhagZgbylha^_kvfuhlgx^vg_bf__f^_ehk khagZl_evgufj_r_gb_fLZdh_bo ih\_^_gb_ij_^klZ\ey_lkh[hxkdhj__g_hkhagZ\Z_fh_bfbkhijhlb\e_gb_gZijZ\e_ggh_ijhlb\ ijhp_kkZ ikbohl_jZibb IZpb_gl gZ^__lky qlh lZdbf h[jZahf _fm m^Zklky ba[_`Zlv \uau\Zxs__ djZldh\j_f_ggmx [hev hkhagZgb_ khojZgblv ihjh`^_ggu_ g_\jhahf ijb\uqdb b ih\_^_gb_dhlhju_y\eyxlky^eyg_]hlZd`_bklhqgbdhf\lhjbqghc\u]h^u< oh^_ij_`gbo ihiulhd iZpb_glZ j_rblv ijh[e_fm k dhlhjhc hg klZedb\Z_lky hgb fh]eb \uihegylv hij_^_e_ggmxnmgdpbxIhwlhfmfugZklhyl_evghkh\_lm_fikbohl_jZi_\lm\gZqZe_ijhy\eylv k^_j`Zgghklv \ hlghr_gbb khijhlb\e_gby iZpb_glZ Ebrv \ l_o kemqZyo dh]^Z iZpb_gl kms_kl\_ggh f_rZ_l oh^m ikbohl_jZi_\lbq_kdh]h ijhp_kkZ g_h[oh^bfu khhl\_lkl\mxsb_ dhglj^_ckl\by hkms_kl\ey_fu_ \ ijb_fe_fhc ^ey iZpb_glZ nhjf_ h[ wlhf m`_ reZ j_qv \ jZa^ Khijhlb\e_gbx \ IHl_jZibb g_ ijb^Z_lky lZdh_ [hevrh_ agZq_gb_ dZd \ ikbohZgZeba_ Ikbohl_jZi_\ljZ[hlZxsbc\ khhl\_lkl\bbk ijbgpbiZfbIHl_jZibbaZ^Z_lk_[_\hijhk< dZdhc fhf_gl khijhlb\e_gb_ baf_g_gbyf klZgh\blky klhev agZqbl_evguf qlh \ oh^_ ikbohl_jZibb ijhlb\ g_]h ijboh^blky ijbgbfZlv f_ju" G_ dZ`^h_ khijhlb\e_gb_ ke_^m_l mkljZgylv< g_dhlhjuokemqZyokhijhlb\e_gb_kihkh[kl\m_lZ^ZilZpbb\ kbemq_]h\uihegy_l \Z`gu_nmgdpbb Ikbohl_jZi_\lmihe_aghihfgblvh lhfqlhb hgkZffh`_lijh\hpbjh\Zlvkhijhlb\e_gb_ qlhkem`bl^hdZaZl_evkl\hfkihkh[ghklbiZpb_glZd Z^ZilZpbb < l_o kemqZyo dh]^Z ikbohl_jZi_\l iheZ]Z_l qlh klhedgmeky k khijhlb\e_gb_f fu j_dhf_g^m_f_fmaZ^Zlvk_[_ke_^mxsb_\hijhku dZdh_qm\kl\h\uau\Z_lkhijhlb\e_gb_" dZdhcfhlb\kdju\Z_lkyaZkhijhlb\e_gb_f" dZd\ujZ`Z_liZpb_glkhijhlb\e_gb_" P_e_gZijZ\e_ggZy jZ[hlZ k khijhlb\e_gb_f fh`_l hdZaZlvky g_h[oh^bfhc ebrv lh]^Z dh]^Z ij_^ijbgbfZ\rb_ky ^h kbo ihj ikbohl_jZi_\lbq_kdb_ ^_ckl\by g_ ijb\_eb d ij_h^he_gbxbebh[oh^mkhijhlb\e_gby D bgl_jij_lZpbbkhijhlb\e_gby\ IHl_jZibbijbklmiZxlebrvlh]^Zdh]^Zg_lgbdZdbo khfg_gbc\ _]hkms_kl\h\Zgbbb iZpb_glijbagZ_lqlhkhijhlb\e_gb_bf__lf_klh Ikbohl_jZi_\l \ IHl_jZibb ^he`_g ihklhyggh aZ^Z\Zlv k_[_ \hijhku qlh y ohqm bgl_jij_lbjh\Zlv ihq_fm y ohqm bgl_jij_lbjh\Zlv b dZd y fh]m k^_eZlv bgl_jij_lZpbx ihgylghc^eyiZpb_glZ"
DZdh\u \hafh`gu_ ihke_^kl\by ih\_^_gby ihgbfZ_fh]h dZd khijhlb\e_gb_ \g_ ikbohl_jZibb" <_eebk_[yiZpb_glih^h[gufh[jZahfdh]^Zgb[m^v\ ijhrehf" Gb`_ jZkkfZljb\Zxlky ko_fu ih\_^_gby gZb[he__ f_rZxsb_ dZd ijZ\beh oh^m ikbohl_jZibb F_`^m gbfb kms_kl\m_l \gmlj_ggyy k\yav ² dZ`^Zy ba gbo y\ey_lky khijhlb\e_gb_f²b hgbe_]dhi_j_oh^yl^jm]\ ^jm]ZHgblj_[mxlhij_^_e_ggh]hih^oh^Zb ihwlhfm\djZlp_hklZgh\bfkygZdZ`^hcbagbo G_]Zlb\guc i_j_ghk < wlhf kemqZ_ gZ ikbohl_jZi_\lZ i_j_ghkylky ijh_pbjmxlky l_ we_f_glu \gmlj_ggbo ko_f dhlhju_ k\yaZgu k hiulhf ihemq_gguf k \gmlj_ggbfb h[t_dlZfb
oZjZdl_jbam_fufbiZpb_glhfdZdiehob_\uau\Zxsb_kgb`_gb__]hkZfhhp_gdb qm\kl\hqlhhgihdbgmlZ lZd`_ihjh`^Zxsb_m g_]hhl\jZs_gb_Ijb\hkihfbgZgbyoh lZdbo iehobo beb aeuo h[t_dlZo qZs_ \k_]h \hagbdZxl lZdb_ qm\kl\Z dZd aehklv kljZo beb \jZ`^_[ghklv Ih^ \ebygb_f qm\kl\Z aZ\bklb j_\ghklb khi_jgbq_kl\Z wlb qm\kl\Z fh]ml jZkijhkljZgylvkyb gZl_oex^_cdhlhju_h[uqgh\hkijbgbfZxlkydZdohjhrb_h[t_dlu Bgl_jij_lZpby ² l_ogbq_kdZy ijhp_^mjZ dhlhjZy \k_ qlh gZoh^blky \g_ khagZgby iZpb_glZij_\jZsZ_l\ khagZl_evgh_²Ijbfi_j_\h^qbdZ
^ey h[hagZq_gby \jZ`^_[gh]h ih\_^_gby iZpb_glZ Gh ih^ebgguc _]h kfuke ihij_`g_fm aZdexqZ_lky \ lhf qlhiZpb_gl bkiulu\Z_l \gmlj_ggb_ kljZ^Zgby b g_ agZ_l ^jm]h]h kihkh[Z ih\_^Zlvh gboGZfke_^m_lhlghkblvkyd lZdbfkemqZyfkh\k_ck_jv_aghklvxdZdb ih^h[Z_l ikbohl_jZi_\lZf IZpb_gldZh dhlhjhcjZkkdZau\Zehkv\ur_kfG_]Zlb\guci_j_ghk ohlyb j_Z]bjh\ZeZ dhgkljmdlb\gh gZ wfiZlbq_kdmx bgl_jij_lZpbx ikbohl_jZi_\lZ \ aZdexqbl_evghc qZklb k_kkbb \ kbem k\h_c \gmlj_gg_c Zf[b\Ze_glghklb g_ fh]eZ m`_ [he__ k^_j`b\Zlv ]g_\ \ua\ZggucjZahqZjh\Zgb_fGZ^\_ihke_^mxsb_k_kkbbhgZijboh^beZk hiha^Zgb_f\ ² fbgmlhijZ\^u\Zykvl_fqlhljm^ghydh[ugZclbf_klh^eyiZjdh\dbZ\lhfZrbguIhkdhevdm ij_`^_ hgZ \k_]^Z [u\ZeZ imgdlmZevghc wlb h[tykg_gby g_ dZaZebkv ikbohl_jZi_\lm m[_^bl_evgufbGZdZ`^hck_kkbbhg\ha\jZsZekyd kemqZxdh]^Z_fmijbrehkvkhh[sblv_ch k\h_f g_h`b^Zgghf i_j_ghk_ k_kkbb gZ [he__ iha^gbc kjhd < dhgp_ dhgph\ iZpb_gldZ kh]eZkbeZkvk l_fqlhbkiulu\Zyaehklvohl_eZ^hkZ^blvikbohl_jZi_\lmLZdhgZihemqbeZ \hafh`ghklv gZ wlhl jZa Z^_d\Zlgufb keh\Zfb \ujZablv aehklv b jZahqZjh\Zgb_ dhlhju_ ij_`^_ hljbpZeZ Ijb wlhf iZpb_gldZ hkhagZeZ qlh bf_ggh hiul hlghr_gbc k ^jm]bf agZqbfuf^eyg__ebphf\ua\Zem g__lZdmxj_admxj_ZdpbxgZkemqZck ikbohl_jZi_\lhf MklZgh\e_gb_ ]jZgbp G_ \k_]^Z keh`gu_ h[tykg_gby b bgl_jij_lZpbb \hkijbgbfZxlky iZpb_glZfb lZd e_]dh Bgh]^Z ijboh^blky hq_gv gZklhcqb\h gZihfbgZlv bf h dhgljZdl_ aZdexq_gghf jZg__ k ikbohl_jZi_\lhf Q_ldh_ kljmdlmjbjh\Zgb_ IHl_jZibb g_ lhevdh ihfh]Z_l ikbohl_jZi_\lZf ^h[blvky h]jZgbq_gguo p_e_c \ h[hajbfhf [m^ms_f Hgh ^he`gh ihfhqvb iZpb_glZfjZkihagZlvk\hb^_kljmdlb\gu_bebZf[b\Ze_glgu_q_jlub mkljZgblvbo KdZaZggh_ hkh[_ggh hlghkblky d iZpb_glZf k gZ\yaqb\ufb khklhygbyfb ih]jZgbqgufb khklhygbyfb beb ^jm]bfb k_jv_agufb gZjmr_gbyfb ebqghklb H[km`^Zy ihdZaZgby kf jZa^ fug_kh\_lh\Zeb\dexqZlvex^_ck lZdbfbijbagZdZfb\ qbkehiZpb_glh\IHl_jZibbGh gZijZdlbd_g_\k_]^Ze_]dh[u\Z_l\uy\blvk kZfh]hgZqZeZhldehg_gbyih^h[gh]hjh^ZLh]^Z ikbohl_jZi_\lm ijboh^blky \ kemqZ_ g_h[oh^bfhklb gZihfbgZlv h dhgljZdl_ ijh^he`bl_evghklvk_kkbcboqZkuhieZlZb l^ MklZgh\e_gb_ ]jZgbp hagZqZ_l lZd`_ qlh lZdbf iZpb_glZf k\h_\j_f_ggh ke_^m_l khh[sZlvh ihke_^kl\byoboih\_^_gbyIj_`^_q_fijbf_gblvkZgdpbbZ \djZcgbokemqZyob ij_djZlblvikbohl_jZibxikbohl_jZi_\l^he`_gm[_^blvky\ lhfqlh\hi_j\uohgk kZfh]h gZqZeZ q_ldh baeh`be dhgljZdl \h\lhjuo k\h_\j_f_ggh mdZaZe iZpb_glm gZ ^himkdZ_fu_ ihke_^gbfgZjmr_gbyb\lj_lvboqlhij_`^_q_fijbgylvj_rbl_evgu_f_juhgihiulZeky jZkkfhlj_lv wlb gZjmr_gby \ khhl\_lkl\mxs_f dhgl_dkl_ l_ ihklZjZeky kihkh[kl\h\Zlv bo hkhagZgbx KljZ^Z\rZy ^_ij_kkb_c `_gsbgZ e_l aZfm`_f aZ hq_gv aZgyluf k\hbf ^_ehf b qZklh m_a`Zxsbf \ dhfZg^bjh\db [bag_kf_ghf ebrv gZ r_klhc k_kkbb khh[sbeZ h k\h_f ijbkljZklbb d Zedh]hex ihjh`^Zxs_f ijh[e_fu HgZ qZklh ijboh^beZ gZ ikbohl_jZibx ih^\uib\r_cZ h^gZ`^u\ khklhygbbhivyg_gbymiZeZb ihemqbeZk_jv_agmxljZ\fm]heh\u?_ fm`dZdhgZml\_j`^ZeZgbq_]hg_agZeh[__ ijbkljZklbbIhkdhevdmiZpb_gldZhldZau\ZeZkv hlkh\f_klgh]hk mqZklb_ffm`Zh[km`^_gbyijh[e_fuikbohl_jZi_\lmijbrehkvgZklZb\Zlv gZ lhf qlh[u iZpb_gldZ h[jZlbeZkv d \jZqmki_pbZebklm ^ey gZagZq_gby dmjkZ e_q_gby ij_iZjZlhf :glZ[mk < dhgp_dhgph\ iZpb_gldZ ijbgyeZ wlh ij_^eh`_gb_ ihke_ lh]h dZd hkhagZeZqlh__ ijbkljZklb_d Zedh]hexk dhlhjufhgZg_fh]eZkijZ\blvkyg_lhevdh]m[beh
__ghb [ueh^eyg__kihkh[hfgZdZaZgbyk\h_]hkmijm]ZaZ_]h_qZklu_hlemqdb ] >jm]b_l_ogbdbZdlb\baZpbbkhagZgby JZ[hlZ kh kgZfb Kh \j_f_g Nj_c^Z ikbohZgZeba bkoh^bl ba lh]h qlh khg ij_^klZ\ey_l kh[hc dhjhe_\kdmx ^hjh]m d [_kkhagZl_evghfm Ba\_klgh qlh [_kkhagZl_evgh_ ij_^klZ_l \h kg_\ aZrbnjh\Zgghcgh\k_`_\ ba\_klghcf_j_^hklmighcihgbfZgbxnhjf_Ij_^klZ\bl_eb jZaebqguo gZijZ\e_gbc ikbohl_jZibb jZkoh^ylky \h fg_gbyo ih \hijhkm h[ bgl_jij_lZpbb kgh\H^gbbagbo]h\hjylh ikboheh]bbkgZ^jm]b_²h ikboheh]bb\b^ys_]hkhgI_j\Zy ljZdlh\dZ ij_^iheZ]Z_l qlh kbf\heu \uklmiZxsb_ \h kg_ bf_xl \iheg_ hij_^_e_ggh_ agZq_gb_dZdh[wlhfgZijbf_j]h\hjblky\ khggbdZo < ijhlb\hiheh`ghklv lZdhc ljZdlh\d_ ikboheh]by \b^ys_]h khg bkoh^bl ba lh]h qlh lhevdh kZf \b^ysbc khg q_eh\_d fh`_l jZkrbnjh\Zlv _]h kh^_j`Zgb_ ijb^Z\Zy _fm lh beb bgh_ agZq_gb_ < hlebqb_ hl i_j\hgZqZevguo ikbohZgZeblbq_kdbo ij_^klZ\e_gbc kh]eZkgh dhlhjufbgl_j_kij_^klZ\ey_llhevdheZl_glgh_kh^_j`Zgb_kgZl_agZq_gb_aZrbnjh\Zggh_ \ [_kkhagZl_evghf k_]h^gy [hevr__ agZq_gb_ qZs_ ijb^Z_lky hldjulh ijhy\eyxs_fmky kh^_j`ZgbxkgZ Ihgylgh qlh \ jZfdZo IHl_jZibb jZ[hlZ \_^_lky \ i_j\mx hq_j_^v k hldjulh ijhy\eyxsbfky kh^_j`Zgb_f kgZ Fgh]hh[jZaghklv kgZ b qZklh hq_\b^ghklv _]h kfukeZ ^ey \b^_\r_]h wlhl khg q_eh\_dZ iha\heyxl ihgh\hfm ih^hclb d hij_^_e_gbx ijh[e_fu b p_eb ikbohl_jZi_\lbq_kdhc jZ[hlu k iZpb_glhf __ kh^_j`Zgby b^_l eb j_qv h \aZbfhhlghr_gbyo jZaebqguo \gmlj_ggbo we_f_glh\ bg^b\b^Z km[t_dlguc Zki_dl beb h _]h hlghr_gbyo k ^jm]bfbex^vfbh[t_dlgucZki_dl Khg\k_]^Zfh`_lihfhqviZpb_glmmemqrblv\hkijbylb_ b^msbo \ g_f \gmljbikbobq_kdbo ijhp_kkh\ Ke_^m_l ih[m`^Zlv iZpb_glZ dZd fh`gh [hevr_ jZkkdZau\Zlv h k\hbo fukeyo hlghkbl_evgh kgZ b h k\hbo ihiuldZo _]h ljZdlh\db AZ^Z\Zy \hijhku beb ij_^eZ]Zy k\hb h[tykg_gby ikbohl_jZi_\l m^_ey_l gZb[hevr__ \gbfZgb_ l_f Zki_dlZfkgZdhlhju_bf_xlhlghr_gb_d ijhjZ[Zlu\Z_fhc\ ^Zggh_\j_fyijh[e_fZlbd_Hg klj_fblkylZd`_ihdZaZlviZpb_glmdZdb_ba\uklmiZxsbo\hkg_km[t_dlb\guob h[t_dlb\guo we_f_glh\ y\eyxlky h]jZgbqb\Zxsbfb dhfi_gkZlhjgufb Z dZdb_ g_kml h[e_]q_gb_ Q_f emqr_m^Z_lkyk\yaZlvkh^_j`Zgb_kgZk ijh[e_fZlbdhcjZkkfZljb\Z_fhc\ ^Zggh_\j_fy\ oh^_ ikbohl_jZibb hij_^_e_gb_ ijh[e_fu l_f [hevr_ jZ[hlZ gZ^ kghf [m^_l kihkh[kl\h\Zlv Zdlb\baZpbbkhagZgby B gZh[hjhll_kgu\dexqblvdhlhju_\ IHl_jZibxeb[hkh\k_fg_m^Z_lkyeb[hm^Z_lky \ j_amevlZl_ [hevrbo mkbebc kdhj__ m\h^yl hl p_eb ikbohl_jZibb
JZ[hlZ kh kgZfb gZy\m f_qlZfb Kgu gZy\mf_qlu ² ghjfZevguc rbjhdh jZkijhkljZg_gguc ikbobq_kdbc n_ghf_g Hgb lZd`_ fh]ml [ulv bkihevah\Zgu \ ikbohl_jZi_\lbq_kdbo p_eyo >ey wlh]h iZpb_glm gZoh^ys_fmky \ khklhygbb jZkkeZ[e_gby ij_^eZ]Z_lky ijb^mfZlv dZdmxgb[m^v bklhjbx h[ hij_^_e_gguo h[t_dlZo b h^gh\j_f_ggh \hkijhba\h^blv __ \ k\h_f \hh[jZ`_gbb < dZq_kl\_ lZdbo h[t_dlh\ \uklmiZxl qZs_ \k_]h p\_lu em] jmq_c ]hjZ e_k ^hjh]Z fhjkdhc [_j_] i_s_jZ ^hf em`Z b l ^ Bgh]^Z fh`gh lZd`_ij_^eh`blviZpb_glmij_^klZ\blvg_qlh bf_xs__hlghr_gb_d g_fmIj_^ihqlbl_evg__ g_qlh lZdh_ qlh bf__l hlghr_gb_ d \u[jZgghc ijh[e_f_ Ikbohl_jZi_\l hkms_kl\eyy bgl_j\_gpbb klj_fblky jmdh\h^blv nhjfbjh\Zgb_f lZdbo h[jZah\ b fh^bnbpbjh\Zlv bo \ khhl\_lkl\bb k p_eyfb ikbohl_jZibb L_f kZfuf iZpb_gl jZaj_rZ_l ij_^klZ\e_ggu_ \ \b^_ kbf\heh\dhgnebdlub ^_eZ_lhgwlhlZd`_kbf\hebq_kdb Ijh[e_fZ jZ[hlu kh kgZfb gZy\mf_qlZfb \ IHl_jZibb aZdexqZ_lky \ lhf qlh g_e_]dh [u\Z_li_j_g_klbj_amevlZlulZdh]hhkhagZgby\ ih\k_^g_\gmxj_Zevghklv Qlh[uh[e_]qblv lZdhc i_j_ghk ke_^m_l h[km^blv k iZpb_glhf dZdb_ we_f_glu kgZ gZy\m bf_xlhlghr_gb_d kh[ulbyf_]hih\k_^g_\ghc`bagb < ikbohl_jZibb [ue jZajZ[hlZg ki_pbZevguc f_lh^ jZ[hlu __ kgZfb gZy\m ihemqb\rbc gZa\Zgb_dZlZlbfgh_ i_j_`b\Zgb_h[jZah\= Ehcg_j IjbjZkkfhlj_gbbihdZaZgbcd jZ[hl_khkgZfbgZy\m\ jZfdZ"IHl_jZibbke_^m_lbf_lv\ \b^m ^\Z h[klhyl_evkl\Z
DZlZlbfgub]j_q ²ihjh`^Z_fucwfhpbyfbgZoh^ysbckyaZij_^_eZfb jZpbhgZevgh]h ihgbfZgby²Ijbfi_j_\h^qbdZ kblmZpbb Kha^Z\Z_fu_ iZpb_glhf h[jZau ihgbfZxlky dZd kbf\hebq_kdh_ \ujZ`_gb_ \gmlj_gg_c ^jZfu ?_ kbf\hebq_kdbc oZjZdl_j ljZdlm_lky ikbohl_jZi_\lhf \ khhl\_lkl\bb k _]h l_hj_lbq_kdhchjb_glZpb_c H[jZau iZpb_glZ fh]ml [ulv ihgylu \ dhgl_dkl_ bklhjbb _]h `bagbbeb`_\kljh_gu\ ^jm]hcikbohl_jZi_\lbq_kdbcfZl_jbZe< deZkkbq_kdhcnhjf_DIH ij_^klZ\ey_l kh[hc djZldhkjhqgmx ikbohl_jZibx hkms_kl\ey_fmx \ l_q_gb_ ² k_kkbc Wlhkbkl_fZihkl_i_gghmkeh`gyxsbokyijb_fh\gZijZ\e_gguogZkha^Zgb_h[jZah\b jZ[hlmk gbfb
H^gZdh \ oh^_ jZa\blby DIH ijhbahr_e hldZa hl jZ[hlu lhevdh kh kgZfb gZy\m L_i_jv i_j_`b\Zgb_ h[jZah\ ljZdlm_lky dZd ikbohl_jZi_\lbq_kdbc bgkljmf_gl bkihevah\Zgb_ dhlhjh]h \hafh`gh b \ ^jm]bo ikbohl_jZi_\lbq_kdbo kbkl_fZo IhdZaZgbyfb kem`bl kdehgghklv iZpb_glZ j_rZlv k\hb ijh[e_fu bkdexqbl_evgh ]heh\hc jZpbhgZevgh Klhjhggbdb DIH iheZ]Zxl qlh q_j_a h[jZaukbf\heu fh`gh ihemqblv ^hklmi d g_hkhagZ\Z_fhfm beb g_^hklZlhqgh hkhagZ\Z_fhfm kh^_j`Zgbx ikbobdb ijb[ebablv _]h d khagZgbx b h^gh\j_f_ggh kha^Zlv mkeh\by ^ey i_j_`b\Zgby k\yaZgguo k wlbf wfhpbc Ijb lZdhc ljZdlh\d_ ij_^eZ]Z_fu_ DIH f_lh^u kha^Zgby fuke_gguo h[jZah\ fh]ml gZclb ijbf_g_gb_ \ jZfdZo IHl_jZibb QZklh hgb ijyfhlZdb g_h[oh^bfu hkh[_ggh lh]^Z dh]^Z ikbohl_jZi_\lbq_kdbc ijhp_kk lhjfhablky b iZpb_gl lhevdh jZkkm`^Z_l < lZdbo kemqZyo kha^Z\Z_fu_ \hh[jZ`_gb_f h[jZau dZjlbgu ^_ckl\mxl dZd p_ggu_ dZlZebaZlhju aZklu\rb_ [ueh ikbobq_kdb_ kljmdlmju hllZb\Zxl ijhp_kk ikbohl_jZibb h[j_lZ_l \lhjh_ ^uoZgb_ Z iZpb_gl b ikbohl_jZi_\l ihemqZxl gh\uc bgh]h jh^Z fZl_jbZe ^ey \uy\e_gby ijh[e_fu b ihklZgh\dbp_eb F_lh^u baf_g_gby ijb\uqguo ko_f fure_gby b mklZgh\hd bkihevam_fu_ ^ey j_r_gbyijh[e_f Hkgh\ghcijbgpbi GZih\_^_gb_²fure_gb_wfhpbbihklmidb²hdZau\Zxl\ebygb_jZaebqgu_nZdlhju Kx^Zfh`ghhlg_klbg_lhevdh[bheh]bq_kdb_^_l_jfbgZglub dhgdj_lgu_nZdlhju\g_rg_]h hdjm`_gby gh b hij_^_e_ggu_ g_hkhagZ\Z_fu_ [ebadb_ d hkhagZgbx b hkhagZ\Z_fu_ \gmljbikbobq_kdb_ijhp_kkuIkbohZgZeblbq_kdZyikbohl_jZibyaZgbfZ_lkyij_bfms_kl\_ggh g_hkhagZ\Z_fufbwe_f_glZfbikbobdbkfjZa^ Baf_g_gb_`_hkhagZ\Z_fuob [ebadbod hkhagZgbx ijhp_kkh\ fure_gby hkms_kl\ey_lky k ihfhsvx jZkkfZljb\Z_fuo \ ^Zgghc ]eZ\_ dh]gblb\guof_lh^h\ GZ\hkijbylb_b i_j_`b\Zgbyq_eh\_dZhdZau\Zxl\ebygb_fgh]hqbke_ggu_km[t_dlb\gu_ m[_`^_gbyh`b^Zgbyb mklZgh\dbkeh`b\rb_ky\ j_amevlZl_ i_j_jZ[hldbbg^b\b^hfk\h_]h ij_`g_]h hiulZ GZ hkgh\_ wlbo m[_`^_gbb h`b^Zgbc b mklZgh\hd nhjfbjmxlky lZd`_ ij_^klZ\e_gby h p_eyo b ko_fZo ih\_^_gby ij_^r_kl\mxsb_ Zdlb\ghfm ih\_^_gbx LZdb_ fukebl_evgu_ ijhp_kku hkhagZ\Z_fu_ beb [ebadb_ d hkhagZgbx b khklZ\eyxl \Z`gu_ we_f_gluhkfuke_ggh]hijbkihkh[e_gby d kms_kl\mxsbfmkeh\byf`bagb Gh_keb\f_klhijhp_kkh\fure_gby^_ckl\mxl`_kldb_ko_fufure_gbyg_Z^_d\Zlgu_ baf_gb\rbfky `bag_gguf kblmZpbyf lh Z^ZilZpbhggu_ kihkh[ghklb bg^b\b^Z mom^rZxlky LZdb_ko_fufure_gby[u\Zxlg_\iheg_hkhagZ\Z_fufbbebbg^b\b^bog_aZf_qZ_lhgbdZd [u Z\lhfZlbq_kdb kgh\Z b kgh\Z ijhy\eyxlky \ h^bgZdh\uf h[jZahf i_j_`b\Z_fuo bg^b\b^hf kblmZpbyo b \ j_amevlZl_ g_ \iheg_ ih^^Zxlky dhgljhex >_eh fh`_l aZclb lZd ^Ze_dh qlh lZd gZau\Z_fu_ Z\lhfZlbq_kdb_ fukeb klZgh\ylky kZfhk[u\Zxsbfbky ijhjhq_kl\Zfb b l_fkZfuff_rZxlmki_rguf^_ckl\byf IZkkb\gh_ ih\_^_gb_ kljZ^Zxs_]h ^_ij_kkb_c iZpb_glZ fh`_l [ulv \ua\Zgh l_f qlh hg hljbpZl_evgh hlghkblky d kZfhfm k_[_ \ukdZau\Zykv lZd Y ² g_m^Zqgbd gbq_]h m f_gy g_ ihemqZ_lky fg_ g_ bf__l kfukeZ iulZlvky j_rZlv k\hb ijh[e_fu >jm]hc iZpb_gl bkiulu\Zxsbcljm^ghklb\ h[s_gbbhljbpZl_evghhlghkblkyd k\h_fmhdjm`_gbxihkdhevdm ]h\hjblk_[_
klZjZlvky mklZgh\blv dhglZdlu k ^jm]bfb ex^vfb IZpb_gl kljZ^Zxsbc nh[b_c ihjh`^Z_l k\hb kljZob jZkijhkljZgyy ljZ\fZlbq_kdh_ i_j_`b\Zgb_ bf_\r__ f_klh \ ijhrehf \ hij_^_e_gghc kblmZpbb gZ \k_ ^jm]b_ ih^h[gu_ kblmZpbb Hg ]h\hjy ^jm]bfb keh\Zfb hkms_kl\ey_l ]_g_jZebaZpbx >jm]hfm iZpb_glm ijbkmsb klhev [hevrb_ h`b^Zgby \ hlghr_gbb k\h_]h hdjm`_gby b klhev \ukhdb_ lj_[h\Zgby d kZfhfm k_[_ qlh j_Zevghklv gbdh]^Zg_[m^_lkhhl\_lkl\h\Zlvbfb hgihklhyggh[m^_lqm\kl\h\Zlvk_[yg_m^Zqgbdhf Kms_kl\mxljZaebqgu_\hafh`ghklbbaf_g_gby\j_^guoijb\uq_dfure_gbyb mklZgh\hd Bkihevamy ikbohZgZeblbq_kdbc ih^oh^ kf jZa^ ke_^m_l ihiulZlvky \kdjulv bo g_hkhagZ\Z_fmx ih^hie_dm Fh`gh bkihevah\Zlv b f_lh^u ih\_^_gq_kdhc l_jZibb kf jZa^ ² b gZqZlv h[mqZlv iZpb_glZ gh\hfm ih\_^_gbx Z lZd`_ ih]h\hjblv k iZpb_glhf h _]h ijb\uqdZo fure_gby bo ij_bfms_kl\Zo b g_^hklZldZo ihdZaZlv iZpb_glm \gmlj_ggb_ ijhlb\hj_qbyb ij_^eh`blv_fmZevl_jgZlb\gu_kihkh[ufure_gby LZdhc dh]gblb\guc ^bZeh] ijhoh^ysbc gZ khagZl_evghf mjh\g_ fh`_l ijb\_klb d baf_g_gbxijb\uq_dfure_gbyb mklZgh\hdqlhhljZablkylZd`_gZi_j_`b\Zgbyob ih\_^_gbb iZpb_glZ[m^_lkihkh[kl\h\Zlv[he__mki_rghfmj_r_gbxbfk\hboijh[e_f G_ kms_kl\m_l ih^oh^ys_c ^ey \k_o _^bghc l_hj_lbq_kdhc dhgp_ipbb dh]gblb\ghc ikbohl_jZibb < ijbgpbi_ j_qv a^_kv b^_l h[ Zdlb\baZpbb kihkh[ghklb iZpb_glZ d djblbq_kdhfm \hkijbylbx b eh]bq_kdhfm fure_gbx Ijb wlhf ij_^iheZ]Z_lky qlh iZpb_glm ijbkms_ a^jZ\h_ fure_gb_ dhlhjh_ h^gZdh hdZau\Z_lky g_aZ^_ckl\h\Zgguf \ g_dhlhjuo kn_jZo _]h `bagb LZdhc ikbohl_jZi_\lbq_kdbc ih^oh^ fh`_l [ulv gZa\Zg ijZ]fZlbq_kdbf A^_kv fu iulZ_fky ihdZaZlv g_^hklZldb ^_^mdlb\guo ko_f fure_gby b ih[m^blviZpb_glZ^mfZlvbg^mdlb\gh\ khhl\_lkl\bbk j_Zevghklvx >_^mdlb\gh_fure_gb_ hagZqZ_lqlhd dhgdj_lghcj_Zevghklbih^oh^ylgZhkgh\Zgbb h[sbom[_`^_gbch`b^ZgbcbebmklZgh\hd Dlhgb[m^vfh`_lgZijbf_jkqblZlvk_[ykeZ[ufb gZwlhfhkgh\Zgbb^_eZlv\u\h^qlh\ ex[hf klhedgh\_gbb k hdjm`Zxsbfb _]h ex^vfb [m^v lh dhee_]b gZqZevgbd iZjlg_j beb j_[_ghdhg\k_]^Z^he`_gihl_ji_lvihjZ`_gb_LZdb_^_^mdlb\gu_\u\h^uhdZau\ZxlkydZd ijZ\behk[u\Zxsbfbkyijhjhq_kl\Zfb Ijb bg^mdlb\ghf fure_gbb \u\h^u dZkZxsb_ky l_o beb bguo kblmZpbc \ `bagb ^_eZxlkybg^b\b^hfgZhkgh\Zgbb_]hhiulZ ?keb k hij_^_e_ggufb `bag_ggufb kblmZpbyfb bg^b\b^ fh`_l kijZ\blvky \ ^jm]bo `_ kblmZpbyo hg g_baf_ggh l_jibl g_m^Zqm lh wlhl bg^b\b^ agZy h k\hbo \hafh`ghklyo b jmdh\h^kl\mykv bg^mdlb\guf fure_gb_f [m^_l Z^_d\Zlgh b djblbq_kdb hlghkblvky d ex[hc ijh[e_fghckblmZpbbJ_rZxsmxjhevijbwlhfb]jZ_llhh[klhyl_evkl\hqlhb ikbohl_jZi_\l hldZau\Z_lky hl k\hbo kdehgghkl_c d ^_^mdlb\ghfm fure_gbx Wlh hagZqZ_l qlh hg bamqZy ijhbkoh`^_gb_lh]hbebbgh]hgZjmr_gbyiZpb_glZg_bkoh^blbadZdbolhh[sboZ[kljZdlguo l_hj_lbq_kdbo ij_^klZ\e_gbc d dhlhjuf ijbkihkZ[eb\Z_l ^Zgguc dhgdj_lguc kemqZc Z kh\f_klgh k iZpb_glhf jZkkfZljb\Z_l dhgdj_lgmx j_Zevghklv qlh[u gZ wlhf hkgh\Zgbb jZajZ[hlZlv dhgdj_lgu_ \hafh`ghklb j_r_gby ^ey ^Zggh]h dhgdj_lgh]h iZpb_glZ Ijb wlhf ikbohl_jZi_\l fh`_l ij_^eZ]Zlv kh[kl\_ggu_ imlb j_r_gby ijh[e_fu Wlb ij_^eh`_gby h^gZdh ^he`gu bkoh^blv g_ ba kh[kl\_gguo km[t_dlb\guo km`^_gbc ikbohl_jZi_\lZ Z gZ hkgh\Zgbb ZgZebaZ dhgdj_lghc kblmZpbb iZpb_glZ IZpb_glm kjZam `_ ^he`gZ [ulv ihgylghc k\yavf_`^mj_amevlZlZfblZdh]hZgZebaZb ij_^eh`_gbyfbikbohl_jZi_\lZkfjZa^
IhdZaZgby Dh]gblb\gu_ we_f_glu kh^_j`Zlky \ ex[hc ikbohl_jZibb b \uklmiZxl \ dZq_kl\_ ^hihegbl_evguobebhkgh\guokj_^kl\j_r_gbyikbobq_kdboijh[e_fex[h]hjh^Z IhdZaZgbyd dh]gblb\guff_lh^ZfaZ\bkylg_klhevdhhlhkh[_gghkl_cijh[e_fukdhevdh hlhiulZkm[t_dlb\guomklZgh\hdikbohl_jZi_\lZhlghr_gbyd gbfiZpb_glZb _]h]hlh\ghklb d jZ[hl_\ khhl\_lkl\bbk wlbfbf_lh^ZfbKe_^h\Zl_evgh_kebikbohl_jZi_\lm[_`^_g\ lhf qlh k ihfhsvx jZpbhgZevguo jZkkm`^_gbc fh`gh jZah[jZlvky \ ikbobq_kdbo ijh[e_fZo iZpb_glZ b j_rZlv bo Z lZd`_ kihkh[_g \dexqblv jZpbhgZevgu_ we_f_glu \ wfhpbhgZevgu_ hlghr_gby iZpb_glikbohl_jZi_\l hg ^he`_g ihiulZlvky p_e_gZijZ\e_ggh j_rZlv ijh[e_fu iZpb_glZk ihfhsvxdh]gblb\guof_lh^h\ BamqZy j_Zdpbx iZpb_glZ gZ lhl beb bghc ij_^eZ]Z_fuc _fm dh]gblb\guc f_lh^ ikbohl_jZi_\lfh`_lk^_eZlv\u\h^udZkZxsb_kyh[t_fZijbf_gy_fh]hdh]gblb\gh]hih^oh^Z \ jZ[hl_ k ^Zgguf iZpb_glhf Ijb wlhf mjh\_gv mfkl\_ggh]h jZa\blby iZpb_glZ ² g_ j_rZxsbc djbl_jbc ihkdhevdm ikbohl_jZi_\lbq_kdbc ^bZeh] ² g_ ^bkdmkkby \ukhqZcr_]h bgl_ee_dlmZevgh]hmjh\gyZ jZa]h\hjgZihgylghfiZpb_glmyaud_h ijh[e_fZok dZdbfbwlhl iZpb_glklZedb\Z_lky\ k\h_c`bagb DZd jZa \ukhdhbgl_ee_dlmZevgu_ iZpb_glu ² g_ kZfu_ ih^oh^ysb_ dZg^b^Zlu ^ey dh]gblb\ghc ikbohl_jZibb ihkdhevdm hgb b [_a lh]h m`_ `_kldh hj]Zgbah\Zeb k\hc fbj \ khhl\_lkl\bb kh k\hbfb km[t_dlb\gufb jZpbhgZebaZpbyfb b hdZau\Zxl kZfh_ kbevgh_ khijhlb\e_gb_ihiuldZfbaf_gblvboko_fufure_gbyQZklh[he__hldjulufbdh]gblb\ghfm ih^oh^mhdZau\Zxlkyl_iZpb_gludhlhju_\ f_gvr_ckl_i_gbjZafureyxlh k\hboqm\kl\Zob ih\_^_gbb< i_j\hfkemqZ_dh]gblb\gu_f_lh^ufh]mlhdZaZlvky_s_[he__l_f`_kZfufI
JZpbhgZebaZpby ² aZsblguc f_oZgbaf nmgdpb_c dhlhjh]h y\ey_lky khdjulb_ hl khagZgby kZfh]h km[t_dlZ bklbgguo fhlb\h\ _]h ^_ckl\bc fuke_c b qm\kl\ ² Ijbf
i_j_j_\h^qbdZ gb_k ijh[e_fhcb ihke_^mxsbc[he__ lsZl_evguc __ ZgZeba lj_[mxl hl ikbohl_jZi_\lZ dh]gblb\gh]hih^oh^ZDh]^Z_fmm^Z_lky\lygmlviZpb_glZ\ wlhlijhp_kk\uy\e_gbyijh[e_fu b __ ZgZebaZ dh]^Z hg g_ lhevdh \ k\h_c ]heh\_ nhjfmebjm_l ]bihl_am dZkZxsmxky kms_kl\mxsbo\aZbfhk\ya_cghb fh`_lij_^eh`blviZpb_glmkZfhfmknhjfmebjh\ZlvlZdmx ]bihl_am lh wlh b _klv dh]gblb\gZy ikbohl_jZiby J_r_gb_ h lhf dh]^Z b \ dZdhc f_j_ bkihevah\Zlv \ ^Zevg_cr_f oh^_ ikbohl_jZibb dh]gblb\gu_ f_lh^u ke_^m_l ijbgbfZlv \ aZ\bkbfhklbhldhgdj_lghcikbohl_jZi_\lbq_kdhckblmZpbb IjZdlbq_kdh_ijbf_g_gb_ I_j_^ZqZbgnhjfZpbb Fgh]b_ ijh[e_fu \hagbdZxl beb ih djZcg_c f_j_ ijbh[j_lZxl hkljhlm \ j_amevlZl_ g_^hklZldZbgnhjfZpbbbebdZdke_^kl\b_g_\_jghcbgnhjfZpbbLZdb \ikbohl_jZibbgbh^gZ ijh[e_fZ g_ fh`_l [ulv j_r_gZ mki_rgh b k mq_lhf kms_kl\mxsbo j_Zevguo mkeh\bc _keb ijbihklZgh\d_p_ebb \u[hj_kljZl_]bbj_r_gbybkoh^ylbahrb[hqguoij_^ihkuehd DZdijZ\behikbohl_jZi_\lh[eZ^Z_l[hevr_cbgnhjfZpb_cq_fiZpb_glqlhh[tykgy_lky g_ lhevdh _]h dhfi_l_glghklvx dZd ki_pbZebklZ gh b l_f qlh _fm [ue hldjul ^hklmi d `bag_gghfmhiulm_]hij_`gboiZpb_glh\< jZfdZodh]gblb\gh]hih^oh^ZkqblZ_lkyqlhg_l hkgh\Zgbc g_ hl\_qZlv gZ dhgdj_lgu_ hlghkysb_ky d ^_em \hijhku iZpb_glZ GZijhlb\ gZ lZdb_ \hijhku _keb hgb bf_xl hlghr_gb_ d ijh[e_f_ iZpb_glZ ke_^m_l hl\_qZlv hldjulh b q_ldh?keb_eh\Zy bgnhjfZpby fh`_l lZd`_ kihkh[kl\h\Zlv [he__ j_Zebklbq_kdhc Z ke_^h\Zl_evgh ihjh`^Zxs_c f_gvr_ hiZk_gbc hp_gd_ ijh[e_f beb ljm^ghkl_c iZpb_glZ GZijbf_j dhgdj_lgZy bgnhjfZpby h ghjfZevghf nmgdpbhgbjh\Zgbb hj]ZgbafZ khh[sZ_fZy iZpb_glm kljZ^Zxs_fm dZj^bhnh[b_c beb ij_^jZkiheh`_gghfm d bihohg^jbq_kdbf hiZk_gbyf fh`_l mf_gvrblv bkiulu\Z_fuc bf kljZo >jm]hc ijbf_j kZfhhp_gdZ q_eh\_dZ gZoh^ys_]hky \ ^_ij_kkbb fh`_l memqrblvky _keb _fm khh[sblv qlh ojhgbq_kdb_ i_j_]jmadb \_^ml d i_j_mlhfe_gbx dZ`^h]h q_eh\_dZ beb qlh i_qZev k khijh\h`^Zxsbfb __ nbabheh]bq_kdbfb y\e_gbyfb \hagbdZxsZy \ j_amevlZl_ i_j_`b\Zgby k_jv_aghcihl_jbij_^klZ\ey_lkh[hckh\_jr_gghghjfZevgmxikbohnbabq_kdmxj_Zdpbx
J_rZxs__ agZq_gb_ \ ikbohl_jZi_\lbq_kdhf ijhp_kk_ fh`_l bf_lv lZd`_ khh[s_gb_ h lhf ]^_ iZpb_gl fh`_l ihemqblv ihfhsv lh]h beb bgh]h ki_pbZebklZ beb bgnhjfZpbx ih bgl_j_kmxs_fm _]h \hijhkm Ihk_s_gb_ xjbklZ gZijbf_j \jy^ eb j_rbl ijh[e_fu kmijm`_kdhc iZju gh ihemq_ggZy \h \j_fy lZdh]h ihk_s_gby bgnhjfZpby fh`_l bgh]^Z kihkh[kl\h\Zlv jZatykg_gbx kblmZpbb Ihk_s_gb_ dhgkmevlZpbb ih \u[hjm ijhn_kkbb g_ j_rblijh[e_fk dhlhjufbiZpb_glklZedb\Z_lkygZjZ[hl_ghfh`_lkgbablvagZqbfhklvwlbo ijh[e_fihdZaZ\iZpb_glmqlhm g_]h_klvZevl_jgZlb\Z
gZg_m^Zqm Fure_gb_hklhbgkl\Zfijhlb\hihklZ\eyxlkyg_^hklZldb dZd[u\ ijhlb\h\_kdZ`^hfmbak\hbo ^hklhbgkl\ bg^b\b^ gZoh^bl \ k_[_ g_^hklZldb \ dZ`^hf iheh`bl_evghf i_j_`b\Zgbb ² dZdhcgb[m^v hljbpZl_evguc we_f_gl Wlh fure_gb_ ih ko_f_ >Z gh Ohly y b ^h[beky mki_oh\\ k\h_cijhn_kkbhgZevghc^_yl_evghklby iehohchl_pk_f_ckl\Z GhjfZlb\gh_ fure_gb_ ^_eZ ^he`gu h[klhylv lZd dZd hgb ^he`gu ih fg_gbx bg^b\b^Zh[klhylvG_^he`gh[ulvgbq_]hlZdh]hq_]hg_^he`gh[ulv Mlhibq_kdb_ h`b^Zgby h`b^Zgby bg^b\b^Z \ hlghr_gbb k_[y bbeb ^jm]bo [u\Zxl g_j_Zebklbqgufb eywlh]hg_h[oh^bfuke_^mxsb_q_luj_rZ]Z JZkihagZgb_ <_j[ZebaZpby :gZeba Baf_g_gb_ DZ`^uchl^_evgucrZ]kZfihk_[_fh`_l\ua\Zlvbaf_g_gby JZkihagZgb_ IZpb_glZ fh`gh jZkkijZrb\Zlv h _]h mklZgh\dZo \ hlghr_gbb hij_^_e_gguo ijh[e_fguo kblmZpbc ebp k dhlhjufb hg dhgnebdlm_l _]h ih\_^_gby b wfhpbhgZevguoj_ZdpbcQZklhh^gZdhlZdb_mklZgh\dbg_\iheg_hkhagZxlkyiZpb_glhfbeb `_ hg ^h kbo ihj g_ h[jZsZe gZ gbo \gbfZgby Lh]^Z ke_^m_l ihiulZlvky ih[m^blv iZpb_glZ iheh`blv dhg_p ih\lhjyxs_fmky kl_j_hlbighfm ih\_^_gbx beb k\hbf j_Zdpbyf gZ lZdb_ mklZgh\dbBgh]^ZwlbmklZgh\dbijhy\eyxlky\ lZdgZau\Z_fuoZ\lhfZlbq_kdbofukeyo Wlh fbfhe_lgu_ fhegb_ghkgu_ bgl_jij_lZpbb beb hp_gdb kblmZpbc :\lhfZlbq_kdb_ fukeb lZd kdZaZlv h[tykgyxl oh^ j_Zevguo kh[ulbc b l_f kZfuf ij_^hij_^_eyxl \hkijbylb_ i_j_`b\Zgb_ b wfhpbhgZevgmx j_Zdpbx LZdb_ Z\lhfZlbq_kdb_ fukeb dZd ijZ\beh g_
aZf_qZxlky iZpb_glhf gh qZklh iZpb_gl fh`_l jZkihagZlv bo ijbkemrb\Zykv d k_[_ [he__ lsZl_evgh Ikbohl_jZi_\l ij_^eZ]Z_l iZpb_glm \ hij_^_e_gguo j_Zevguo kblmZpbyo ^_eZlv dhjhldb_iZmauaZihegy_fu_j_ne_dkb_cdh]^Z\gbfZgb_iZpb_glZ[u\Z_lgZijZ\e_gh gZ wlb fukeb b hg \hafh`gh aZibku\Z_l bo >jm]hc \ZjbZgl \ oh^_ ikbohl_jZi_\lbq_kdbc k_kkbb iZpb_glmij_^eZ]Z_lkyij_^klZ\blvih^h[gu_kblmZpbbZ aZl_fikbohl_jZi_\lkijZrb\Z_l_]h dZdb_fukebijboh^yl_fmijbwlhf <_j[ZebaZpby >ey \uy\e_gb_ lZdbo fuke_c beb mklZgh\hd ke_^m_l ^h[b\Zlvky qlh[u iZpb_gl ijhbaghkbe bo \_j[ZebaZpby \ dhgdj_lghc nhjf_ b `_eZl_evgh hl i_j\h]h ebpZ ih \hafh`ghklb\ ]jhl_kdh\hcnhjf_GZijbf_jIhkdhevdmy ijh\ZebewlhlwdaZf_gy gbq_]hg_ ^h[vxkv \ k\h_c `bagb lZd qlh fg_ m`_ fh`gh gb h q_f g_ [_kihdhblvky AZl_f kfhljyl \ dZdbo _s_ kblmZpbyo ijhy\eyxlky ih^h[gu_ mklZgh\db b g_ klZeb eb hgb k\h_]h jh^Z `bag_ggufbijZ\beZfbdhlhju_lZd`_ke_^m_l\_j[Zebah\Zlv :gZeba AZl_f ikbohl_jZi_\l \f_kl_ k iZpb_glhf klZjZ_lky ijhZgZebabjh\Zlv \hagbdgh\_gb_ b ihke_^kl\by ih^h[guo mklZgh\hd Ijb wlhf fh`gh ijb^_j`b\Zlvky ke_^mxs_cko_fu Z Wfibjbq_kdbcZgZeba Khhl\_lkl\mxlebmklZgh\dbm[_`^_gbyiZpb_glZnZdlZf"<_jgZ eb ij_^ihkuedZ bkoh^yba dhlhjhc ^_eZ_lky \u\h^" < ijb\_^_gghf \ur_ \ dZq_kl\_ijbf_jZ kemqZ_ke_^m_l\uykgblvqlhdhgdj_lghhagZqZ_lijh\Zebeg_\u^_j`ZeiZpb_glwdaZf_gbeb \k_]hebrvihemqbeg_\ukhdmxhp_gdm [ Eh]bq_kdbcZgZeba Khhl\_lkl\m_leb\u\h^nZdlZfkh[ulbyfhkgh\gufi_j_`b\Zgbyf" G_ y\eyxlky eb \u\h^u ijhba\hevgufb h^ghklhjhggbfb g_eh]bqgufb g_ijZ\^hih^h[gufb kebrdhf ^Ze_dh b^msbfb" < ijb\_^_gghf \ur_ ijbf_j_ iZpb_gl \ k\hbo \u\h^Zo aZoh^bl kebrdhf ^Ze_dh b \u\h^u wlb ijhlb\hj_qZl hiulm dhlhjuc ihdZau\Z_l qlh hp_gdZ gZ wdaZf_g_g_ij_^hij_^_ey_l\hafh`ghklv^hklb`_gbyijhn_kkbhgZevgh]hmki_oZ \ IjZ]fZlbq_kdbc ZgZeba DZdb_ ijZdlbq_kdb_ ihke_^kl\by \e_q_l aZ kh[hc lZ beb bgZy mklZgh\dZ"Ihe_agubeb\j_^gu__ihke_^kl\by"MklZgh\dZ\ ijb\_^_gghf\ur_ijbf_j_\_^_l d iZkkb\ghklb\hafh`ghd ^_ij_kkbbhldZamiZpb_glZhlijh^he`_gbyh[jZah\Zgbyb \dhgp_ dhgph\klZgh\blkyk[u\Zxsbfkyijhjhq_kl\hfl_hdZau\Z_lky\ \ukr_ckl_i_gb\j_^ghc Baf_g_gby M`_ i_j\u_ ljb rZ]Z fh]ml \_klb d baf_g_gbyf mklZgh\db beb kha^Zxl ij_^ihkuedb ^ey p_e_gZijZ\e_ggh]h dh]gblb\gh]h \ha^_ckl\by klZgh\blky \hafh`guf ^Zlv iZpb_glm ^hihegbl_evgmx h[t_dlb\gmx bgnhjfZpbx kf jZa^ Z ^ey j_Zebklbq_kdhc hp_gdblhcbebbghckblmZpbbbebijh[e_fu< g_dhlhjuokemqZyoij_^klZ\ey_lky\hafh`guf mdZaZlv iZpb_glm gZ iheh`bl_evgu_ Zki_dlu kblmZpbb dhlhjZy \hkijbgbfZ_lky bf dZd ijh[e_fgZy Fu klj_fbfky d lhfm qlh[u iZpb_gl i_j_klZe \hkijbgbfZlv kblmZpbx dZd ^jZfZlbq_kdmx qlh k^_eZ_l \hafh`gufb ihe_agu_ jZpbhgZevgu_ jZkkm`^_gby Keh`gu_ ijh[e_fuke_^m_lih\hafh`ghklb^_eblvgZkhklZ\eyxsb_bo\hijhkujZkkfZljb\ZlvdZ`^uc badhlhjuoihhl^_evghklb[u\Z_lijhs_ J_r_gb_ijh[e_fke_^m_lhkms_kl\eylvihwlZighkfjZa^\ >jm]Zy\hafh`ghklvbaf_g_gbymklZgh\hdaZdexqZ_lky\ lhfqlhikbohl_jZi_\lmdZau\Z_l iZpb_glm gZ l_ _]h dZq_kl\Z hiul Z lZd`_ kh[ulby dhlhju_ g_kh\f_klbfu k _]h g_]Zlb\ghc mklZgh\dhc L_f kZfuf klZ\blky ih^ khfg_gb_ h[hkgh\Zgghklv mklZgh\db iZpb_glZ beb __ mklZgh\db mgb\_jkZevghklv Wlhl ijb_f hkgh\u\Z_lky gZ bkiulu\Z_fhc dZ`^uf q_eh\_dhf ihlj_[ghklb \ kh]eZkh\Zgghklb l_ gZ _]h klj_fe_gbb d khhl\_lkl\bx mklZgh\hd b hiulZ
Hrb[hqgu_ mklZgh\db \hagbdZxl \ j_amevlZl_ lh]h qlh j_Zevghklv \hkijbgbfZ_lky h^ghklhjhgg_ bkdZ`_ggh beb l_g^_gpbhagh b khhl\_lkl\m_l lZdbf ij_^\ayluf mklZgh\dZf beb ij_^m[_`^_gbyf ?keb gZf m^Z_lky gZclb \ bklhjbb `bagb iZpb_glZ beb _]h kblmZpbb m[_^bl_evgu_ nZdlu ijhlb\hj_qZsb_ lZdhc mklZgh\d_ lh kms_kl\mxsZy mklZgh\dZ \ kbem ihlj_[ghklb\ kh]eZkh\ZgghklbhdZau\Z_lkyG_ijb_fe_fhcb ih^e_`blbkijZ\e_gbx Fu fh`_f lZd`_ ihdZaZlv g_Z^_d\Zlghklv lhc beb bghc mklZgh\db ijhke_`b\Zy rZ] aZ rZ]hf ihke_^kl\by b m[_`^Zykv \ lhf qlh hgZ \_^_l d Z[kmj^m HkljhmfgZy nhjfmebjh\dZ mklZgh\db beb __ mljbjh\Zgb_ lZd`_ iZjZ^hdkZevguf h[jZahf fh]ml \ua\Zlv a^hjh\h_ khijhlb\e_gb_iZpb_glZ Ijbbaf_g_gbbmklZgh\db\Z`gh[u\Z_lhijh[h\Zlvgh\mxmklZgh\dmgZijZdlbd_Ihwlhfm \k_]^Z dh]^Z lhevdh wlh \hafh`gh iZpb_glm ke_^m_l ^Z\Zlv ^hfZrgb_ aZ^Zgby \uihegyy dhlhju_ hg bkihevam_l gh\u_ mklZgh\db b ijb wlhf ihkl_i_ggh gZdZieb\Z_l iheh`bl_evguc hiul^h[b\Zykvmki_oh\>Z\ZyiZpb_glm^hfZrgb_aZ^Zgbyg_h[oh^bfhke_^blvaZl_fqlh[u hgb g_ [ueb kebrdhf ljm^gufb b g_ ij_\urZeb \hafh`ghkl_c iZpb_glZ BgZq_ hg [m^_l bkiulu\Zlv g_m^Zqb Z wlh fh`_l ijb\_klb _]h d klZjuf ko_fZf ih\_^_gby b rZ[ehgZf fure_gby Mki_rgh_ ijbf_g_gb_ gZ ijZdlbd_ gh\uo kljZl_]bc \ [hevr_c kl_i_gb kihkh[kl\m_l mklhcqb\ufbaf_g_gbyfq_fkm]m[hl_hj_lbq_kdb_h[tykg_gby \ KljZl_]by j_r_gby ijh[e_fu Fgh]b_ ikbobq_kdb_ gZjmr_gby ljm^ghklb kbfilhfu fh`gh hlg_klb d ijhy\e_gbyf [_kihfhsghklb l_ g_kihkh[ghklb j_rblv kms_kl\mxsb_ ijh[e_fudhgnebdluijbgylvg_h[oh^bfu_j_r_gbybebd ke_^kl\byfg_m^Z\rbokyihiulhd j_r_gby < [hevrbgkl\_ kemqZ_\ ijh[e_fu j_rZxlky \ khhl\_lkl\bb k m`_ kms_kl\mxsbfb \g_rgbfbijZ\beZfbljZ^bpbbh[s_kl\_ggu_ghjfu\ kbemh[klhyl_evkl\b l^ bebqbklh bglmblb\ghgZhkgh\Zgbb`bag_ggh]hhiulZbg^b\b^Z[_a^hihegbl_evguojZafure_gbcEbrv lh]^Z dh]^Z wlb rZ[ehgu j_r_gbc hdZau\Zxlky m`_ g_^hklZlhqgufb ijh[e_fu ij_\jZsZxlky \ lZdmx IJH;E?FM dhlhjZy ^_eZ_l q_eh\_dZ [_kihfhsguf Lh]^Z ke_^m_l ihiulZlvkyihkfhlj_lvgZijh[e_fmkhklhjhgukbkl_fZlbq_kdbb jZpbhgZevghZgZebabjh\Zlv __ b jZajZ[hlZlv gh\u_ kljZl_]bb j_r_gby LZdbf kljZl_]byf fh`gh gZmqblvky b hgb fh]ml ijbf_gylvky \ dZq_kl\_ ikbohl_jZi_\lbq_kdbo f_lh^h\ =eZ\guc ijbgpbi aZdexqZ_lky \ ke_^mxs_f ijhp_kk j_r_gby ijh[e_fu ke_^m_l jZa^_eblv gZ jZkiheh`_ggu_ \ eh]bq_kdhc ihke_^h\Zl_evghklbwlZiurZ]b b l_fkZfufk^_eZlv\_kvimlvhlihklZgh\dbijh[e_fu^h__ j_r_gby b ^hklb`_gby ihklZ\e_gghc p_eb h[hajbfuf < dZq_kl\_ h[jZapZ fh`_l kem`blv ijb\h^bfZygb`_ko_fZ RZ]bj_r_gbyijh[e_fu Kha^Zgb_ihablb\ghcmklZgh\dbijh[e_fZfh`_l[ulvj_r_gZ Km[t_dlb\gh_baeh`_gb_ijh[e_fuiZpb_glhf Kbkl_fgucZgZebaijh[e_fu >bnn_j_gpbjh\Zggh_hi_jZlb\gh_hij_^_e_gb_ijh[e_fu ;_ahp_ghqgucihbkdZevl_jgZlb\guoj_r_gbc J_Zebklbq_kdZyhp_gdZZevl_jgZlb\ Ijbgylb_j_r_gbyb _]hhkms_kl\e_gb_ Ijh\_jdZj_amevlZlh\ Kha^Zgb_ mklZgh\db
ij_^ihkuedhc mki_rgh]h j_r_gby ijh[e_f y\ey_lky m[_`^_gb_ \ lhf qlh ijh[e_fu \ ijbgpbi_ih^^Zxlkyj_r_gbxb qlh\hh[s_]h\hjyklhblZdlb\ghaZgbfZlvkyboj_r_gb_fM iZpb_glh\hkh[_gghkljZ^Zxsbo^_ij_kkb_clZdhcmklZgh\dbqZklhg_lHgbbebkqblZxlqlh j_rblvijh[e_fmg_\hafh`ghbeb`^mlqlhj_r_gb_ijb^_llhevdhba\g_hldZdh]hlh 'HXV H[ PDFKLQD < lZdhf kemqZ_ g_h[oh^bfh p_e_gZijZ\e_ggh_ baf_g_gb_ mklZgh\db kf jZa^ dZkZxs_cky g_ dZdhclh hij_^_e_gghc p_eb Z j_r_gby ijh[e_f \hh[s_ >ey wlh]h iZpb_glmij_^eZ]Z_lkyhagZdhfblvkykhke_^mxsbfbml\_j`^_gbyfb
'HXVH[PDFKLQD eZl ²;h]bafZrbgu²Ijbfi_j_\h^gbdZ Ijh[e_fu hlghkylky d qbkem ghjfZevguo y\e_gbc `bagb Mki_rgh_ j_r_gb_ ijh[e_f h[uqgh\hkijbgbfZ_lkydZdg_qlh kZfhkh[hcjZamf_xs__kyLhevdhydh[ug_ih^^Zxsb_kyj_r_gbx ijh[e_fuh[jZsZxlgZk_[y\gbfZgb_ Ijh[e_fuk dhlhjufbbf_xl^_eh\ ikbohl_jZibb\ ijbgpbi_g_hlebqZxlkyhlijhqbo ijh[e_fb aZ^Zgbc k dhlhjufb fu kijZ\ey_fky _`_^g_\gh >jm]bfb keh\Zfb m dZ`^h]h_klv j_i_jlmZj ohjhrh jZ[hlZxsbo kljZl_]bc j_r_gby ijh[e_f d dhlhjhfm fh`gh \_jgmlvky ijb j_r_gbb\hagbdZxs_cijh[e_fuebrvjZkrbjb\bebke_]dZbaf_gb\_]h DZ`^Zy ijh[e_fZ \ dhgp_ dhgph\ lZd beb bgZq_ j_rZ_lky Q_eh\_d beb klZgh\blky `_jl\hc lZdh]h jZa\blby beb ijbgbfZ_l \ g_f Zdlb\gh_ mqZklb_ b hl g_]h aZ\bkbl j_amevlZl Gbq_]hg_^_eZlv²lh`_j_r_gb_bf_xlky\hafh`ghj_r_gbyihemqr_ ;hevrbgkl\hijh[e_fg_ke_^m_lj_rZlvg_f_^e_gghb ihwlhfmdZdihiZeh B ebqgu_ ikbobq_kdb_ ijh[e_fu ^hklmigu kbkl_fghfm ZgZebam b ih^^Zxlky j_r_gbx \ j_amevlZl_hkgh\Zl_evgh]hh[^mfu\Zgby LZdZyihablb\gZymklZgh\dZy\ey_lkyij_^ihkuedhc^eyke_^mxs_]hrZ]Z?_^hklb`_gb_ qZklh[u\Z_l]eZ\ghcijh[e_fhckljZl_]bbj_r_gbyijh[e_fu Km[t_dlb\gh_baeh`_gb_ijh[e_fu P_ev wlh]h rZ]Z aZdexqZ_lky \ lhf qlh[u iZpb_gl ^Ze kh[kl\_ggh_ baeh`_gb_ beb hij_^_e_gb_ k\h_c ijh[e_fu Ikbohl_jZi_\l ^he`_g ba[_]Zlv dhgkljmbjh\Zgby ijh[e_f iZpb_glZ iulZxs_]hky kdehgblv _]h d wlhfm LZdhc h[jZa ^_ckl\bc fh`_l iheghklvx aZlmr_\Zlvijh[e_fmiZpb_glZIjh[e_fZnhjfmebjm_fZyikbohl_jZi_\lhffh`_lhdZaZlvky\ agZqbl_evghc kl_i_gb kh[kl\_gghc ijh[e_fhc ikbohl_jZi_\lZ G_dhlhju_ iZpb_glu [u\Zxl ^Z`_[eZ]h^Zjguikbohl_jZi_\lmaZlZdh_^hklb`_gb_ihkdhevdml_fkZfufikbohl_jZi_\l ihklmiZ_l\ khhl\_lkl\bbk ijbkmsbfbf`_eZgb_fbahebjh\Zlvk_[yhlkh[kl\_gguoijh[e_f MklZgh\dZ ikbohl_jZi_\lZ Y m`_ agZx \ q_f aZdexqZ_lky
dZdiZpb_gliulZekyj_rblvk\hx ijh[e_fm ^h kboihj" DZdhc hiul qZklbqguc mki_o g_mki_o ihemq_g bf d gZklhys_fm \j_f_gb" WlZ bgnhjfZpby \Z`gZ ihlhfm qlh \ ikbohl_jZibbg_ke_^m_l\gh\viulZlvky^_eZlvlh`_kZfh_ :gZeba ijh[e_fu ?keb gZ ij_^u^ms_f wlZi_ iZpb_gl baeZ]Ze k\hx km[t_dlb\gmx lhqdm aj_gby gZ ijh[e_fm ijb wlhf ikbohl_jZi_\l klZjZeky g_ hdZau\Zlv gZ g_]h dZdh_eb[h \ebygb_ lh\ oh^_ZgZebaZijh[e_fuk ihfhsvxp_e_gZijZ\e_gguoke_^mxsbohij_^_e_gghc kbkl_f_ \hijhkh\ klj_fylky \uy\blv \k_ h[klhyl_evkl\Z k\yaZggu_ k ijh[e_fhc b bo \aZbfhk\yav < aZ\bkbfhklb hl kljmdlmju ebqghklb ex^b ijhy\eyxl kdehgghklv \b^_lv ijh[e_fm eb[h dZd g_qlh ijbr_^r__ ba\g_ ihjh`^_ggh_ ^jm]bfb km^v[hc eb[h gZh[hjhl bkdexqbl_evghdZdihke_^kl\b_kh[kl\_gguog_^hklZldh\
b^_ZevghcfZl_jbkmijm]_b ^hfZrg_cohaycd_y ij_^ty\eyxd k_[_qj_af_jgu_lj_[h\Zgbyb iheghklvxbahebjh\ZgZhl^jm]boH`b^Zgbyfh_]hiZjlg_jZ_s_[he__mkbebebwlml_g^_gpbx DZd fh]m y baf_gblv k\hx mklZgh\dm" DZd fg_ ih]h\hjblv k fhbf iZjlg_jhf h[ hj]ZgbaZpbb `bagbkh\f_klgufbkbeZfb"DZdb_kms_kl\mxl\hafh`ghklbij_h^he_lvfhxbahebjh\Zgghklv b dZdb_dhgdj_lgu_rZ]bfh]my ij_^ijbgylv\ wlhfgZijZ\e_gbb" Ihbkd Zevl_jgZlb\ Wlhl rZ] aZdexqZ_lky \ lhf qlh[u ij_h^he_lv h]jZgbq_gby dhlhju_ ^h kbo ihj [ueb ijbkmsb iZpb_glm \ _]h jZafure_gbyo h \hafh`ghklb j_r_gby ijh[e_fuQZklhihiuldbj_r_gbyijh[e_ful_jiylg_m^Zqmk kZfh]hgZqZeZihlhf\ qlhkZfZ fukevh g_ljZ^bpbhgguo^eyiZpb_glZ j_r_gbyohl\_j]Z_lkybfihko_f_Fh`gh[ueh[u gZ\_jgh_ g_l wlh g_\hafh`gh k wlbf y g_ kijZ\exkv wlh g_ijb_fe_fh \ fhjZevghf hlghr_gbb wlh ih\e_q_l dZlZkljhnbq_kdb_ ihke_^kl\by b fukev g_ ^h\h^blky g_ ^h^mfu\Z_lky^hdhgpZ < ihbkd_Zevl_jgZlb\guoj_r_gbcfh`ghbkihevah\Zlvf_lh^lZdgZau\Z_fh]hfha]h\h]h rlmjfZ J_qv a^_kv b^_l h gZijZ\e_gguo k\h[h^guo ZkkhpbZpbyo \hagbdZxsbo \ k\yab k ^Zgghc ijh[e_fhc dh]^Z nZglZabb ij_^hklZ\ey_lky ihegZy k\h[h^Z Ijb wlhf g_h[oh^bfh \ha^_j`b\Zlvky hl hp_ghd b nbdkbjh\Zlv \k_ ijboh^ysb_ gZ mf \hafh`ghklb j_r_gby \g_ aZ\bkbfhklbhl\_jhylghklbbohkms_kl\e_gbybeb\hafh`guoihke_^kl\bcA^_kv^himklbfub mlhibq_kdb_ b^_b Ikbohl_jZi_\l fh`_l kihkh[kl\h\Zlv hkms_kl\e_gbx wlhc ijhp_^mju \uklmiZyk ij_^eh`_gbyfb^Ze_dbfbhlj_Zevghklbqlhij_^hl\jZlblkm`_gb_jZfhdnZglZabb J_dhf_g^m_lky \k_ ij_^eh`_gby dZkZxsb_ky \hafh`ghkl_c j_r_gby kjZam `_ aZibku\Zlv qlh[u g_ aZ[ulv h gbo ih^ \ebygb_f g_aZf_q_gguo g_]Zlb\guo hp_ghd F_lh^ fha]h\h]h rlmjfZfh`_l\g_klbb]jh\hcfhf_gl\ j_r_gb_^Z`_kZfuok_jv_aguoijh[e_f Hp_gdZ Zevl_jgZlb\ AZl_f ba [hevrh]h [m^_f gZ^_ylvky qbkeZ fukebfuo \hafh`ghkl_c j_r_gby ke_^m_l \u[jZlv j_Zevgu_ Hp_gdZ hl^_evguo \hafh`ghkl_c hkms_kl\ey_lkyihke_^mxsbfdjbl_jbyf Ijh\_jdZ hkms_kl\bfhklb DZdb_ ij_^ihkuedb g_h[oh^bfu ^ey wlh]h" DZdbo wlh ihlj_[m_lba^_j`_d"ey wlh]h kgh\Z h[jZsZxlky d dZl_]hjbyf hp_gdb bkihevah\Z\rbfky \ oh^_ hkms_kl\e_gby rZ]Z A^_kv fh]ml [ulv jZkkfhlj_gu ^jm]b_
Zevl_jgZlb\u ^ey q_]h ihlj_[m_lky ih\lhj_gb_ rZ]h\ ² WlZ hi_jZpby ih\lhjy_lky ^h ^hklb`_gby`_eZgghcp_eb F_lh^ubaf_g_gbyih\_^_gby Hkgh\ghcijbgpbi P_ev dZ`^hc ikbohl_jZibb ² ^h[blvky baf_g_gbc \ fukeyo qm\kl\Zo b ^_ckl\byo iZpb_glZ Ih\_^_gq_kdZy ikbohl_jZiby dhgp_gljbjm_lky \ hkgh\ghf gZ ^_ckl\byo b iulZ_lky \ebylv g_ihkj_^kl\_ggh gZ ih\_^_gb_ Hgh ih^^Z_lky gZ[ex^_gbx Z iZpb_gl fh`_l ^Zlv _]h dhgdj_lgh_hibkZgb_LZdZyh]jZgbq_gghklvikbohl_jZi_\lbq_kdbo\ha^_ckl\bc hijZ\^u\Z_lky l_f qlh baf_g_gb_ \g_rg_]h ih\_^_gby hdZau\Z_l \ha^_ckl\b_ b gZ bgljZikbobq_kdb_ ijhp_kkuwfhpbbmklZgh\dbb dh]gblb\gu_ijhp_kku ?keb\ j_amevlZl_kbevghc]_g_jZebaZpbbnh[bb\hafh`ghklbq_eh\_dZ\ kZfuojZaebqguo h[eZklyo _]h `bagb hdZau\Zxlky \_kvfZ h]jZgbq_ggufb lh hg bkiulu\Z_l ih^Z\e_gghklv g_m^h\e_l\hj_gghklv\hafh`ghlZd`_jZa^jZ`_gb_\ hlghr_gbbk\h_]hiZjlg_jZZ kZfh]hk_[y \hkijbgbfZ_ldZdg_m^ZqgbdZ?keb\ oh^_ikbohl_jZibbhggZmqZ_lkykgh\Zqlheb[h^_eZlvg_ bkiulu\Zy ijb wlhf kljZoZ [ulv [he__ kZfhklhyl_evguf b ijb wlhf i_j_`b\Zlv qm\kl\h mki_oZlhwlhhdZ`_l\ebygb_gZkZfhhp_gdm_]hgZkljh_gb_hlghr_gb_d iZjlg_jmgZ\k__]h hlghr_gb_d `bagb Ih\_^_gq_kdZy l_jZiby hkgh\u\Z_lky gZ lj_o \b^Zo gZmq_gby \_^msbf d h\eZ^_gbx ghjfZevguf khhl\_lkl\mxsbf j_Zevghklb ih\_^_gb_f b d mkljZg_gbx hldehg_gbc \ ih\_^_gbb ihkj_^kl\hf^hklb`_gbyh[mqZxsbfkymki_oZhi_jZglgh_h[mkeh\eb\Zgb_ k ihfhsvxkb]gZeh\deZkkbq_kdh_h[mkeh\eb\Zgb_ ihkj_^kl\hfgZ[ex^_gbygZmq_gb_k ihfhsvxih^jZ`Zgbyfh^_eb GZmq_gb_ ihkj_^kl\hf ^hklb`_gby mki_oZ hagZqZ_l qlh ihke_^kl\by beb j_amevlZlu dZdh]heb[h hij_^_e_ggh]h ih\_^_gby hdZau\Zxl \ebygb_ gZ kZfh wlh ih\_^_gb_ Iheh`bl_evgu_ihke_^kl\bygZijbf_jmki_o\hagZ]jZ`^_gb_bebiho\ZeZ mkbeb\Zxl^Zggh_ ih\_^_gb_ beb ih\urZxl _]h \_jhylghklv G_]Zlb\gu_ ihke_^kl\by g_mki_o beb djblbdZ hkeZ[eyxlkhhl\_lkl\mxs__ih\_^_gb_beb]Zkyl_]h GZmq_gb_ k ihfhsvx kb]gZeh\ hagZqZ_l qlh j_Zdpby gZ hij_^_e_ggh_ kh[ulb_ gZ dZdh]heb[hbg^b\b^ZbebkblmZpbxi_j_ghkblkygZlZdb_`_bebih^h[gu_kblmZpbbfh]msb_ \hagbdgmlv\ [m^ms_f]_g_jZebaZpby GZmq_gb_ ihkj_^kl\hf gZ[ex^_gby lZd`_ kihkh[kl\m_l nhjfbjh\Zgbx ih\_^_gby hkh[_ggh khpbZevgh]h GZjy^m k ijbkihkh[e_gb_f h[mkeh\e_gguf khpbhdmevlmjguf hdjm`_gb_fkms_kl\m_llZd`_\jh`^_ggZy]hlh\ghklvd \hkijbylbxih\_^_gbylh\Zjbs_cih \b^mbgklbgdlih\_^_gby GZkdhevdh^jm]hcq_eh\_d\ wlhfkfuke_\uklmiZ_ldZdfh^_ev aZ\bkblhllh]h\ dZdhckl_i_gbh[mqZxsbckybg^b\b^fh`_lhlh`^_kl\eylvk_[yk gbfb dZdbo mki_oh\hg^h[b\Z_lkyk\hbfih\_^_gb_f GZmq_gb_ \ khhl\_lkl\bb k wlbfb lj_fy ijbgpbiZfb hkms_kl\ey_lky \ ex[hc nhjf_ ikbohl_jZibb \g_ aZ\bkbfhklb hl lh]h bkihevamxl mqZklgbdb ikbohl_jZibb wlb ijbgpbiu hkhagZggh beb g_l Gh ijb khagZl_evghf b p_e_gZijZ\e_gghf ijbf_g_gbb mdZaZgguo ijbgpbih\hgbijbh[j_lZxlnhjfmikbohl_jZi_\lbq_kdbof_lh^h\gZijZ\e_gguogZbaf_g_gb_ ih\_^_gby Ijb wlhf ih\_^_gq_kdZy l_jZiby hldjulh ^_deZjbjm_l k\hx hjb_glbjh\Zgghklv gZ gZklhys__ \j_fy K ihfhsvx lsZl_evgh]h ZgZebaZ ih\_^_gby beb ZgZebaZ kms_kl\mxsbo
mkeh\bc hgZ iulZ_lky \uy\blv bf_xsb_ky \ ^Zggh_ \j_fy nZdlhju dhlhju_ \uau\Zxl khhl\_lkl\mxs__ ih\_^_gb_ beb ij_iylkl\mxl _fm K ihfhsvx ikbohl_jZi_\lbq_kdh]h baf_g_gby wlbo nZdlhjh\ fh`_l [ulv baf_g_gh b kZfh ih\_^_gb_ Bklhjby ij_^r_kl\mxs_]h i_jbh^Z\ `bagbiZpb_glZihgbfZ_lkydZd bklhjbygZmq_gby b bkihevam_lkyqlh[u\ ijhklhc nhjf_h[tykgblviZpb_glmdZd_]hl_i_j_rgb_ko_fuih\_^_gbyknhjfbjh\ZebkvrZ]aZrZ]hf \ oh^_gZmq_gby\ ijhrehf Ij_`^_ q_f gZqZlv p_e_gZijZ\e_ggh ijbf_gylv f_lh^u ih\_^_gq_kdhc l_jZibb ke_^m_l ihemqblvhl\_lugZke_^mxsb_\hijhku Q_f \uau\Z_lky ^Zggh_ ih\_^_gb_" DZdbfb kblmZpbyfb i_j_`b\Zgbyfb ex^vfb ij_^f_lZfbb l^" DZd \ oh^_ gZmq_gby m iZpb_glZ knhjfbjh\Zebkv ijbkmsb_ _fm mklZgh\db h`b^Zgby b kihkh[u j_Z]bjh\Zgby" DZd hij_^_e_ggu_ kblmZpby beb i_j_`b\Zgb_ [m^ml i_j_jZ[hlZgu ikbobdhciZpb_glZ" DZdh\u ihke_^kl\by ^Zggh]h ih\_^_gby" DZdb_ g_ihkj_^kl\_ggu_ b hl^Ze_ggu_ ihke_^kl\by\e_q_laZkh[hc^Zggh_ih\_^_gb_"DZd\ j_amevlZl_^Zggh]hih\_^_gbybaf_gbeZkv `bag_ggZykblmZpbyiZpb_glZb dZdb_wlhih\e_dehbaf_g_gby\ kZfhfih\_^_gbb" Hkgh\gZy gh g_ _^bgkl\_ggZy p_ev ih\_^_gq_kdhc l_jZibb aZdexqZ_lky \ baf_g_gbb ih\_^_gby Dh]gblb\gu_ baf_g_gby lZdb_ dZd baf_g_gby mklZgh\hd b kbkl_fu \a]ey^h\ y\eyxlkyijbba\_klguomkeh\byoij_^ihkuedhcbaf_g_gbyih\_^_gbyb m`dhg_qgh^he`gu [ulvke_^kl\b_fihke_^gboBaf_g_gby\ h^gboebrv\a]ey^Zo[_abaf_g_gbc\ ih\_^_gbb^Zxl fZeh m^h\e_l\hj_gby h^gb ebrv baf_g_gby \ ih\_^_gbb [_a ihgbfZgby kms_kl\mxsbo \aZbfhk\ya_c g_mklhcqb\u b iZpb_gl hdZau\Z_lky g_ kihkh[_g i_j_ghkblv bo gZ ^jm]b_ kblmZpbbbeb^_eZlvgZbohkgh\Zgbbh[h[s_gby Kha^Zgb_ ^h\_jbl_evguo b mklhcqb\uo hlghr_gbc f_`^m iZpb_glhf b ikbohl_jZi_\lhf ²h^ghba\Z`guohkgh\hiheZ]Zxsbo mkeh\bcmki_rgh]hijbf_g_gbyf_lh^h\ih\_^_gq_kdhc l_jZibb G_h[oh^bfhc ij_^ihkuedhc b hkgh\hiheZ]Zxsbf mkeh\b_f ijbf_g_gby f_lh^h\ ih\_^_gq_kdhc l_jZibb y\ey_lky kha^Zgb_ ^h\_jbl_evguo b mklhcqb\uo hlghr_gbc f_`^m iZpb_glhf b ikbohl_jZi_\lhf Wlh ^Z_l \hafh`ghklv iZpb_glm \f_kl_ k ikbohl_jZi_\lhf ihjZ[hlZlvgZ^hij_^_e_gb_fp_e_cb iml_cbo^hklb`_gby?kebwlhmkeh\b_g_\uihegy_lky lhiZpb_glqm\kl\m_lqlhbffZgbimebjmxlb hdZau\Z_la^hjh\h_ khijhlb\e_gb_ IhdZaZgby Ijb bkihevah\Zgbb \ ikbohl_jZibb ijbgpbih\ gZmq_gby ke_^m_l ijh\h^blv jZaebqb_ f_`^m g_ki_pbnbq_kdbf \ha^_ckl\b_f b p_e_gZijZ\e_gguf ijbf_g_gb_f f_lh^h\ ih\_^_gq_kdhc l_jZibb ^ey bkijZ\e_gby hij_^_e_gguo gZjmr_gbc Ex[Zy j_Zdpby ikbohl_jZi_\lZgZih\_^_gb_iZpb_glZkh^_j`blh[h^jyxsb_bebh[_kdmjZ`b\Zxsb_iZpb_glZ dhfihg_glu Djhf_ lh]h dZ`^h_ ih\_^_gb_ ikbohl_jZi_\lZ ijb ohjhrbo _]h hlghr_gbyo k iZpb_glhf bf__l oZjZdl_j fh^_eb DZ`^uc jZa]h\hj gZ ijh[e_fgu_ beb ihjh`^Zxsb_ kljZo l_fu hdZau\Z_l wnn_dl ^_k_gkb[bebaZpbb mf_gvrZxsbc kljZo Wlh \k_ g_ki_pbnbq_kdb_ nZdlhju \ha^_ckl\by dhlhju_ h^gZdh lZd`_ fh]ml h[^mfZggh b p_e_gZijZ\e_ggh bkihevah\Zlvky\ ikbohl_jZibbb l_fkZfufijbex[hf\b^_ikbobq_kdbogZjmr_gbc\uklmiZlv \ \b^_^hihegbl_evgh]hwe_f_glZikbohl_jZibb Ke_^mxsb_ ki_pbnbq_kdb_ l_ogbdb fh]ml p_e_gZijZ\e_ggh ijbf_gylvky ijb hij_^_e_gguogZjmr_gbyo
Z GZmq_gb_ ihkj_^kl\hf ^hklb`_gby iZpb_glhf mki_oZ ijb g_m\_j_gghklb bkiulu\Z_fhc iZpb_glhf b _]h g_^hklZlhqghc dhfi_l_glghklb \ kblmZpbyo khpbZevgh]h ih\_^_gby ^_\bZglghf ih\_^_gbb g_^hklZlhqghc wnn_dlb\ghklb \ jZ[hl_ b ihgb`_gghc :DLB_k_gkb[bebaZpby ijb nh[byo b g_\jhaZo kljZoZ dh]^Z ijbqbgD kljZoZ beb \uau\Zxsbc _]h nZdlhj dhgdj_lgu dhfimevkb\ghf \\_^_gbb dh]^Z aZ gbf klhyl ijbgbfZxsb_ nhjfm jblmZeh\ beb kl_j_hlbigu_ ihiuldb ba[_`Zlv \hagbdgh\_gby kljZoZ ^_ij_kkbb b iZlheh]bq_kdhc j_Zdpbb i_qZeb dh]^Z hgZ ij_^klZ\ey_l kh[hc ba[_]Zgb_ dhgnjhglZpbbk hij_^_e_gguf^hklmigufkhagZgbxljZ\fZlbabjmxsbfi_j_`b\Zgb_fihl_jb \ GZmq_gb_ijbdhlhjhfih^jZ`Zxlfh^_eb ijbgZjmr_gbyo\ khpbZevghfih\_^_gbb h\eZ^_gbbkljZl_]byfbij_h^he_gbykljZoZj_r_gbyijh[e_fb dhgnebdlh\ IjZdlbq_kdh_ijbf_g_gb_ Z GZmq_gb_ihkj_^kl\hf^hklb`_gbymki_oZ Mki_ob ihhsj_gb_kihkh[kl\mxl^Zgghfmih\_^_gbxmkbeb\Zxl_]hZ g_m^ZqZb djblbdZ hkeZ[eyxl ih\_^_gb_ beb ]Zkyl _]h Ijb ijZdlbq_kdhf ijbf_g_gbb ^Zgghc l_ogbdb \ ikbohl_jZibbke_^m_ljmdh\h^kl\h\Zlvky^\mfyhkgh\gufbiheh`_gbyfb Ijh^\b`_gb_ ^he`gh hkms_kl\eylvky fZeufb rZ]Zfb ijb ^hklZlhqghf dhebq_kl\_ ih\lhj_gbc Ikbohl_jZi_\lbq_kdb_ \ha^_ckl\by gZijZ\e_ggu_ gZ mkbe_gb_ beb hkeZ[e_gb_ ih\_^_gby^he`guhkms_kl\eylvkyk mq_lhfbg^b\b^mZevguohkh[_gghkl_ciZpb_glZ RZ] aZ rZ]hf Ex[hc ieZg ikbohl_jZibb ^he`_g kljhblvky k mq_lhf oZjZdl_jZ gZjmr_gbc b bg^b\b^mZevguo hkh[_gghkl_c iZpb_glZ Z \ oh^_ ikbohl_jZibb ieZg fh`_l baf_gylvky G_ kms_kl\m_l ijb]h^ghc ^ey dZ`^h]h ijh]jZffu ikbohl_jZibb beb gZmq_gby gZijZ\e_gguogZmkljZg_gb_g_`_eZl_evgh]hih\_^_gbybebkha^Zgb_gh\h]hHl^_evgu_rZ]b ^he`gu [ulv ^hklZlhqgh fZe_gvdbfb Wlh hagZqZ_l qlh dZ`^h_ aZ^Zgb_ ^he`gh khhl\_lkl\h\Zlv kihkh[ghklyf iZpb_glZ b [ulv ^hklZlhqgh ijhkluf qlh[u hg fh] \uihegblv _]h mki_rgh G_m^Zqb \ua\Zggu_ qj_af_jgh \ukhdbfb lj_[h\Zgbyfb kebrdhf [hevrbfb rZ]Zfb kebrdhf ljm^gufb ijhf_`mlhqgufb p_eyfb h[_kdmjZ`b\Zxl b j_amevlZl [u\Z_l ijhlb\hiheh`guf gZf_q_gghfm Qlh[u j_amevlZl gZmq_gby [ue mklhcqb\ hl^_evgu_ rZ]b ^he`gu ih\lhjylvky ^hklZlhqgh qZklh Mki_rgh_ ih\_^_gb_ imklv ^Z`_ \ hkms_kl\e_gbb fZeuo rZ]h\ y\ey_lky h^gbf ba kZfuo wnn_dlb\guo kihkh[h\ mkbe_gby ^Zggh]h ih\_^_gby Ihgylgh qlh ^Z`_ ijb hilbfZevgh khklZ\e_gghc ijh]jZff_ ikbohl_jZibb g_ \k_ rZ]b fh]ml [ulvhkms_kl\e_guiZpb_glhfmki_rghk i_j\h]hjZaZIhkl_i_gghklvijhp_kkZikbohl_jZibb ij_^iheZ]Z_l qlh iZpb_gl b ikbohl_jZi_\l kgb`Zxl k\hb qZklh g_j_Zebklbqgu_ kebrdhf \ukhdb_lj_[h\Zgbyb [u\Zxl]hlh\ud \hafh`gufg_m^ZqZf?kebikbohl_jZi_\lb mdZau\Z_l iZpb_glm gZ \hafh`ghklv klhedgh\_gby k g_m^Zq_c lh wlh g_ ^he`gh h[_kdmjZ`b\Zlv ihke_^g_]hLZdZymklZgh\dZfh`_l_s_[he__mkbeblvwnn_dlgZklhys_]hmki_oZb mf_gvrblv hljbpZl_evgh_ \ha^_ckl\b_ \hafh`ghc g_m^Zqb LZdh_ \gmr_gb_ g_kms__ \ k_[_ mdZaZgb_ iZpb_glm²k wlbf
l_e_nhggmx ljm[dm b iha\hgbeZ \ dem[ ih`beuo ex^_c qlh[u aZibkZlvky \ g_]h I_j\uf rZ]hf^eyg__[ueh[u\hafh`ghh^bgjZa\ ^_gv^hclb^h[eb`Zcr_]hdbhkdZb dmiblv]Za_lm Ihke_^mxsb_rZ]bkoh^blvaZihdmidZfbih_oZlv\ ]hjh^aZclb\ dZn_b \uiblvdhn_b l^ Ebrv ihke_ wlh]h ² \hkklZgh\e_gb_ dhglZdlh\ kh agZdhfufb J_rZxsbf ijb jZajZ[hld_ ihkl_i_ggh mkeh`gyxs_cky ijh]jZffu Zdlb\ghklb y\ey_lky km[t_dlb\gZy hp_gdZ iZpb_glhf ljm^ghklbhl^_evguorZ]h\ Bkihevah\Zgb_h^h[j_gbyb \ebygb_i_j_`b\Zgbymki_oZih^dj_ie_gb_ G_ kms_kl\m_l _^bgh]h ijZ\beZ dZkZxs_]hky bkihevah\Zgby \ ikbohl_jZibb ih^dj_ie_gby g_l b dZlZeh]Z mgb\_jkZevguo nZdlhjh\ ih^dj_ie_gby Dh]^Z ]^_ b ^ey dh]h j_amevlZl ^_ckl\m_l \ dZq_kl\_ ih^dj_ie_gby ² aZ\bkbl hl bg^b\b^mZevguo hkh[_gghkl_c iZpb_glZ _]h khklhygby \ ^Zgguc fhf_gl beb kZfhqm\kl\by Z hkh[_ggh hl _]h ebqguo mklZgh\hdhiulZb bklhjbb_]hgZmq_gby Kihkh[ghklv ikbohl_jZi_\lZ lhgdh qm\kl\h\Zlv _]h wfiZlby Z lZd`_ ihgbfZgb_ bf iZpb_glZ ² ij_^ihkuedb wnn_dlb\gh]h ijbf_g_gby ih^dj_ie_gby \ ikbohl_jZibb B \ oh^_ ijhp_kkZ ikbohl_jZibb bkihevah\Zgb_ ih^dj_ie_gby ^he`gh hkms_kl\eylvky k mq_lhf baf_gyxsboky mkeh\bc DZd \ ex[uo f_`ebqghklguo hlghr_gbyo lZd b \ ikbohl_jZibb ihhsj_gb_ kh klhjhgu ikbohl_jZi_\lZ ² h^gh ba kZfuo wnn_dlb\guo ih^dj_ie_gbc Bkihevah\Zgb_ iho\Zeu beb \ujZ`_gb_ ijbagZgby ij_^iheZ]Z_l h^gZdh kihkh[ghklv ikbohl_jZi_\lZ lhgdh qm\kl\h\Zlv kblmZpbx >_r_\Zy beb g_ khhl\_lkl\mxsZy kblmZpbb iho\ZeZ\hkijbgbfZ_lkyk g_^h\_jb_fb fh`_lijb\_klbd ijyfhijhlb\hiheh`ghfmwnn_dlm
h^h[j_gb_f ih^^_j`b\Zeb g_`_eZl_evgh_ ih\_^_gb_ iZpb_glZ b ^Z`_ mkbeb\Zeb _]h fh]ml \ oh^_ jZa]h\hjZ k iZpb_glhf kihkh[kl\h\Zlv baf_g_gbx _]h ih\_^_gby b l_f kZfuf hdZau\Zlv ikbohl_jZi_\lbq_kdh_ \ebygb_ ;ebadb_ iZpb_glm ebpZ ^he`gu jZkkfZljb\Zlv Z^_d\Zlgh_ ih\_^_gb_ g_ ijhklh dZd g_qlh kZfh kh[hc jZamf_xs__ky gh j_Z]bjh\Zlv gZ g_]h iheguf h^h[j_gb_f Z g_`_eZl_evgh_ ih\_^_gb_ dZd [u hklZ\eylv [_a \gbfZgby Ih^h[gu_ ikbohl_jZi_\lbq_kdb_ f_jhijbylby ke_^m_l hkms_kl\eylv hq_gv hklhjh`gh lZd dZd jhev dh l_jZi_\lZ \uihegy_fZy [ebadbf iZpb_glm q_eh\_dhf fh`_l ih\j_^blv ^jm]bf Zki_dlZf bo hlghr_gbc GZjy^m k jZkkfhlj_gguf \ur_ \ebygb_f gZ ih\_^_gb_ f_`ebqghklguo \aZbfh^_ckl\bc ijb hij_^_e_gguo mkeh\byo fh]ml [ulv aZ^_ckl\h\Zgu b fZl_jbZevgu_ klbfmeu \ \b^_ gZijbf_jdZjfZgguo^_g_]^eyih^jhkldh\b m^h\hevkl\bcg_^hklmiguodZ`^uc^_gv_k_gkb[bebaZpby Kh]eZkgh l_hjbb gZmq_gby fgh]b_ \b^u kljZoZ ij_^klZ\eyxl kh[hc aZmq_ggu_
wfhpbhgZevgu_ j_Zdpbb KljZo fh`_l [ulv jZkk_ygguf g_ k\yaZgguf k q_flh hij_^_e_gguf < lZdhf kemqZ_ ^_k_gkb[bebaZpby \ madhf kfuke_ wlh]h keh\Z g_\hafh`gZ KljZo fh`_l ihjh`^Zlvky lZd`_ dhgdj_lgufb ^hklmigufb hibkZgbx h[t_dlZfb \g_rgbfb kblmZpbyfb nbabq_kdbfb hsms_gbyfb beb fukeyfb Lh]^Z hg bf__l lZd gZau\Z_fuc nh[bq_kdbcoZjZdl_jb _fmfh`ghijhlb\hklhylvk ihfhsvx^_k_gkb[bebaZpbbKljZofh`gh g_lhevdhih^Z\blvbeb\ul_kgblvghb ih[_^blvbebaZ[ulv>eywlh]h^he`gu[ulvkha^Zgu mkeh\byZgZeh]bqgu_l_fdhlhju_kms_kl\h\Zebijb\hagbdgh\_gbbkljZoZ H[sbcijbgpbiex[hcnhjfu^_k_gkb[bebaZpbbaZdexqZ_lky\ dhgnjhglZpbbiZpb_glZ kh kljZohf IZpb_gl ^he`_g \ k\h_f \hh[jZ`_gbb beb \ ^_ckl\bl_evghklb klhedgmlvky k kblmZpb_c\uau\Zxs_cm g_]hkljZo >_k_gkb[bebaZpbylZdbfh[jZahfij_^klZ\ey_lkh[hc g_qlh ijhlb\hiheh`gh_ ij_^r_kl\h\Z\r_fm ih\_^_gbx gZijZ\ey_fhfm gZ ba[_]Zgb_ k ihfhsvxdhlhjh]hiZpb_gl[he__bebf_g__mki_rghiulZekymf_gvrblvkljZo Nh[bq_kdh_ ih\_^_gb_ oZjZdl_jbam_lky l_f qlh iZpb_gl beb iheghklvx bahebjm_lky hl hdjm`_gbyaZfudZ_lkym k_[y^hfZ\ kj_^_\uau\Zxs_c_]h^h\_jb_bebnhjfbjm_lkeh`gu_ kihkh[u ih\_^_gby gZijZ\e_ggu_ gZ ba[_]Zgb_ \uau\Zxsbo kljZo kblmZpbc Z agZqbl b kZf kljZo GZ\yaqb\u_ ^_ckl\by lZd`_ fh]ml [ulv h^gbf ba \b^h\ ih\_^_gby ba[_]Zgby dhlhjh_ klZeh kh\_jr_ggh kZfhklhyl_evguf \ujZ`Zykv \ kl_j_hlbighf jblmZe_ gh i_j\hgZqZevgh lZdb_gZ\yaqb\u_^_ckl\bylZd`_bf_eb p_evx ba[_`Zlv kljZo < oh^_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZbffh`gh\_jgmlvboi_j\hgZqZevguckfukeB ^_ij_kkb\gh_ih\_^_gb_fh`_l[ulv ih\_^_gb_f ba[_]Zgby Z bf_ggh kfy]q_gb_f dhgnjhglZpbb k i_j_`b\Zgb_f ihl_jb jZahqZjh\Zgb_fg_m^Zq_ckf_jlvx[ebadh]hq_eh\_dZ Ijb bkihevah\Zgbb ijhp_^mju ^_k_gkb[bebaZpbb iZpb_glm ke_^m_l ij_^\Zjbl_evgh h[tykgblv dZdb_ ijbgpbiu e_`Zl \ hkgh\_ ^_k_gkb[bebaZpbb b dZd dhgdj_lgh [m^ml hkms_kl\eylvkyijZdlbq_kdb_mijZ`g_gby >_k_gkb[bebaZpby ijbghkbl mki_o lhevdh lh]^Z dh]^Z kZf iZpb_gl \_^_l k_[y Zdlb\gh b ikbohl_jZi_\lebrv^Z_lkhhl\_lkl\mxsb_mdZaZgby < oh^_mijZ`g_gbcih^_k_gkb[bebaZpbb\hafh`gukbevgu_ijhy\e_gbykljZoZd dhlhjuf iZpb_gl ^he`_g [ulv ih^]hlh\e_g G_ih^]hlh\e_ggh]h iZpb_glZ \uau\Zxsb_ kljZo kblmZpby beb ij_^klZ\e_gb_ fh]ml aZklZlv \jZkieho b ^Z`_ ijb\_klb d g_`_eZl_evghfm ih\ur_gbx \hkijbbfqb\hklbd kljZom >_k_gkb[bebaZpbx fh`gh ijh\h^blv jZaebqgufb kihkh[Zfb \ \hh[jZ`_gbb beb \ ^_ckl\bl_evghklbfh`ghihkl_i_ggh²rZ]aZrZ]hfbebkjZamgZihegmxfhsghklvGb`_ ijb\h^ylkyhibkZgbyg_dhlhjuodhgdj_lguof_lh^h\ Kbkl_fZlbq_kdZy ^_k_gkb[bebaZpby WlZ nhjfZ^_k_gkb[bebaZpbbhkms_kl\ey_lky rZ] aZ rZ]hf \ \hh[jZ`_gbb IZpb_gl ijb wlhf gZoh^blky \ jZkkeZ[e_gghf khklhygbb A^_kv g_h[oh^bfhhkms_kl\blvke_^mxsb_ljbrZ]Z
ebrvkm[t_dlb\gZyhp_gdZ^Z\Z_fZyiZpb_glhfHl^_evgu_kblmZpbbbebh[t_dluhibku\Zxlky dZd fh`gh [he__ dhgdj_lgh qlh[u iha`_ bo fh`gh [ueh ij_^klZ\blv ajbl_evgh LZdb_ Z[kljZdlgu_ beb h[sb_ ihgylby dZd kljZo i_j_^ [m^msbf kljZo ihl_jb wdabkl_gpbZevguc kljZo ^ey ^_k_gkb[bebaZpbb g_ ih^oh^yl GZ hkgh\_ bamq_gby kljZoh\ kha^Z_lky kibkhd \dexqZxsbc ² kblmZpbc beb h[t_dlh\ \uau\Zxsbo kljZo m iZpb_glZ I_j\h_ f_klh \ wlhfkibkd_aZgbfZ_lkblmZpby\uau\ZxsZyfZdkbfZevguckljZogZihke_^g_ff_kl_^he`gZ klhylv kblmZpby g_ \uau\ZxsZy kljZoZ KblmZpbb ke_^m_l ih^[bjZlv lZd qlh[u kbeZ kljZoZ ijbi_j_oh^_hlkblmZpbbd kblmZpbbbaf_gyeZkvdZdfh`gh[he__jZ\ghf_jghwlhiha\hebl\ oh^_ ^_k_gkb[bebaZpbb ^\b]Zlvky g_[hevrbfb rZ]Zfb b ba[_]Zlv i_j_]jmadb iZpb_glZ < kemqZ_ g_h[oh^bfhklb kbeZ kljZoZ \uau\Z_fh]h aZgbfZxsbfb ijhf_`mlhqgh_ iheh`_gb_ kblmZpbyfb fh`_l j_]mebjh\Zlvky baf_g_gb_f jZkiheh`_gby \uau\Zxsbo kljZo h[t_dlh\ \h \j_f_gb b ijhkljZgkl\_ [eb`_ beb ^Zevr_ ih hlghr_gbx d iZpb_glm beb `_ \_ebqbghc hlq_leb\hklvxb qbkehflZdboh[t_dlh\ Ihke_mklZgh\e_gbyb_jZjobb\uau\ZxsbokljZokblmZpbcb h\eZ^_gbyiZpb_glhfh^gbf ba f_lh^h\ jZkkeZ[e_gby kf jZa^ fh`gh gZqbgZlv kh[kl\_ggh kbkl_fZlbq_kdmx ^_k_gkb[bebaZpbx >ey wlh]h iZpb_gl \oh^bl \ khklhygb_ jZkkeZ[e_gby b gZqbgZ_l ij_^klZ\eylv i_j\mx kblmZpbx _s_ g_ \uau\Zxsmx kljZo AZl_f hg h^gm aZ ^jm]hc ij_^klZ\ey_l kblmZpbb jZkiheh`_ggu_ lZd qlh kbeZ \uau\Z_fh]h bfb kljZoZ \k_ \hajZklZ_l DZ`^mx ba wlbo kblmZpbc iZpb_gl ij_^klZ\ey_l ^h l_o ihj ihdZ ij_djZlblky j_Zdpby kljZoZ Lhevdh lh]^Z fh`gh i_j_oh^blv d ke_^mxs_c ihabpbb \ kibkd_ >_eZ_lky wlh gZ ijhly`_gbb fgh]bo ke_^mxsbo ^jm] aZ ^jm]hf ikbohl_jZi_\lbq_kdbo k_kkbc ^h l_o ihj ihdZ gb h^gZ ba kblmZpbc g_ [m^_l \uau\Zlv kljZoZ Kdhevdh ^ey wlh]h ihgZ^h[blky k_kkbc [m^_l aZ\bk_lv hl \_ebqbgukibkdZkh^_j`Zs_]hb_jZjobxkljZoh\b hlkbeukljZoZ Ljm^ghklb dhlhju_ fh]ml \hagbdgmlv ijb hkms_kl\e_gbb kbkl_fZlbq_kdhc ^_k_gkb[bebaZpbb Fgh]bfiZpb_glZf ljm^gh [u\Z_l ^h[blvky^hklZlhqgh]h jZkkeZ[e_gby < wlhf kemqZ_ ke_^m_l ihiulZlvky ijbf_gblv ^jm]b_ f_lh^u jZkkeZ[e_gby beb ijb[_]gmlv d \gmr_gbx Gh \hafh`ghklv bkihevah\Zgby f_^bdZf_glhaguo kj_^kl\ ^ey ^hklb`_gby jZkkeZ[e_gby\_kvfZijh[e_fZlbqgZlZddZdg_bkdexq_gh\hagbdgh\_gb_aZ\bkbfhklbhlgbo Djhf_ lh]h iZpb_gl g_ [m^_l kqblZlv ij_h^he_gb_ kljZoZ k\hbf kh[kl\_gguf ^hklb`_gb_f Fgh]b_ iZpb_glu bkiulu\Zxl lZd`_ ljm^ghklb iulZykv ^hklZlhqgh dhgdj_lgh ij_^klZ\blv \uau\Zxsb_ kljZo kblmZpbb Bf fh`gh ihj_dhf_g^h\Zlv keh\_kgh hibkZlv kblmZpbb Z aZl_f ihiulZlvky kha^Zlv khhl\_lkl\mxsb_ ij_^klZ\e_gby beb h[jZau kf jZa^ K_jv_agZy ijh[e_fZ\hagbdZ_llh]^Zdh]^ZiZpb_gliulZ_lkylZd`_dZdhgwlh^_eZ_l\ j_Zevghc`bagb b \ \hh[jZ`_gbb ba[_]Zlv \uau\Zxsb_ kljZo kblmZpbb b kha^Z_l eh`gu_ beb g_khhl\_lkl\mxsb_ijh[e_f_ij_^klZ\e_gbyLh]^Zj_amevlZlhf[u\Z_lfgbfucmki_o < dhgp_ dhgph\ ex[hc mki_o ^hklb]gmluc \ oh^_ ^_k_gkb[bebaZpbb ^he`_g [ulv ijh\_j_g\ j_ZevguokblmZpbyo >_k_gkb[bebaZpby \ j_Zevguo kblmZpbyo Ij_h^he_gb_ kljZoZ f_lh^hf ^_k_gkb[bebaZpbb fh`_l[ulvhkms_kl\e_ghb \j_ZevguokblmZpbyoIjbwlhflZd`_g_h[oh^bfZihkl_i_gghklv ijh^\b`_gb_ rZ] aZ rZ]hf gh \hafh`ghklb ij_^\Zjbl_evgh]h jZkkeZ[e_gby a^_kv g_ kms_kl\m_l G_hkms_kl\bfZb kljh]Zyihke_^h\Zl_evghklv^eykbkl_fZlbq_kdhc^_k_gkb[bebaZpbbgh\ wlhf b g_l Z[khexlghc g_h[oh^bfhklb ?s_ \Z`g__ q_f ijb kbkl_fZlbq_kdhc
^_k_gkb[bebaZpbb ijh\h^bfhc \ aZdjulhf ijhkljZgkl\_ ki_pbZevgh]h ihf_s_gby h[tykgblv iZpb_glmij_^klhysmxijhp_^mjmb ih^]hlh\blv_]hd g_c H[yaZl_evghc ij_^ihkuedhc ^_k_gkb[bebaZpbb \ j_Zevghc ^_ckl\bl_evghklb y\ey_lky ihgbfZgb_ iZpb_glhf ijbgpbiZ \ha^_ckl\by bkiulu\Z_fh]h bf kljZoZ b[h eh]bdZ ij_`g_]h ih\_^_gbyiZpb_glZ\_eZ_]h\ ijhlb\hiheh`ghfgZijZ\e_gbb hgklZjZekyba[_`ZlvkljZoZIZpb_gl^he`_g[ulvih^]hlh\e_gd lhfmqlh_fmij_^klhbl i_j_`blv kljZo gh h^gh\j_f_ggh hg ^he`_g [ulv m[_`^_g \ lhf qlh kljZo g_ [m^_l mkbeb\Zlvky [_kij_^_evgh Z dZd ihdZau\Z_l hiul ih^^Zklky dhgljhex b \ dhgp_ dhgph\ aZlbog_l Lhevdh lh]^Z iZpb_gl kfh`_l b^lb gZ\klj_qm kljZom g_ qm\kl\my ijb wlhf qlh hg [_aaZsbl_gbebqlhbffZgbimebjmxl G_h`b^ZggZy^eyiZpb_glZdhgnjhglZpbyk h[t_dlhfbebkblmZpb_c\uau\ZxsbfbkljZo g_ lhevdh g_ijb_fe_fZ k wlbq_kdhc lhqdb aj_gby gh b jbkdh\ZggZ \ ikbohl_jZi_\lbq_kdhf hlghr_gbb ihkdhevdm ebrv mom^rZ_l khklhygb_ iZpb_glZ Ihjy^hd hkms_kl\e_gby ^_k_gkb[bebaZpbb \ j_Zevguo mkeh\byo lZdh\ gZ hkgh\Zgbb ZgZebaZ ih\_^_gby khklZ\ey_lky kibkhd kblmZpbc \uau\Zxsbo kljZo Wlb kblmZpbb jZkiheZ]Zxlky \ ihke_^h\Zl_evghklb khhl\_lkl\mxs_c kbe_ kljZoZ \uau\Z_fh]h bfb Z aZl_f k iZpb_glhf kh]eZkh\u\Z_lky ijh]jZffZ ikbohl_jZibb < aZ\bkbfhklb hl \hafh`ghkl_c iZpb_glZ b _]h ]hlh\ghklb d khljm^gbq_kl\m \u[bjZ_lky \_ebqbgZ rZ]h\ dhlhjufb ikbohl_jZi_\l \_^_l iZpb_glZ d \k_ [he__keh`gufbeb\uau\Zxsbf\k_[hevrbckljZokblmZpbyfIjbwlhfke_^m_lbf_lv\ \b^m qlhiZpb_glmij_^klhblbkiulZlvgZklhysbckljZoWlhlkljZo²g_ijbylgZyghg_h[oh^bfZy khklZ\gZy qZklv lZdhcnhjfu ^_k_gkb[bebaZpbb Bkiulu\Z_fuckljZo kem`bl k\b^_l_evkl\hf lh]h qlh kblmZpby ^ey ^_k_gkb[bebaZpbb [ueZ \u[jZgZ ijZ\bevgh Hlkmlkl\b_ kljZoZ fh`_l hagZqZlv beb ^ZggZy kblmZpby g_ ih^oh^bl ^ey j_r_gby ihklZ\e_gghc aZ^Zqb beb iZpb_gl hkms_kl\ey_l kljZl_]bx \gmlj_gg_]h ba[_]Zgby gZijbf_j ^mfZ_l h q_flh ^jm]hf qlh[u ba[_`Zlv kljZoZ >ey ^hklb`_gby ^_k_gkb[bebaZpbb iZpb_gl ^he`_g \u^_j`b\Zlv \uau\ZxsmxkljZokblmZpbx\ l_q_gb_\j_f_gbg_h[oh^bfh]hqlh[ubkiulu\Z_fucbfkljZo ^hklb] fZdkbfZevghc \_ebqbgu Z aZl_f gZqZe ihkl_i_ggh hkeZ[_\Zlv b gZdhg_p bkq_a Wlhl ijhp_kk gZoh^bl hljZ`_gb_ \ lZdbo h[t_dlb\guo ihdZaZl_eyo dZd qZklhlZ imevkZ iZpb_glZ Z lZd`_ \ _]h hlq_lZo h i_j_`b\Z_fhf bf kljZo_ km[t_dlb\guc ihdZaZl_ev G_ jZaj_rZ_lky dZdbfeb[h h[jZahf mkihdZb\Zlv iZpb_glZ ijhlb\hihdZaZg b ijb_f mkihdZb\Zxsbo f_^bdZf_glhaguokj_^kl\b[hiZpb_gl\ wlbokemqZyog_hsmlblqlh_]hkljZoij_h^hebfqlh hghkeZ[_\Z_lkZfihk_[_b dZlZkljhnZdhlhjhchglZd[hyekyg_ijhbkoh^bl DZ`^Zy ^_k_gkb[bebaZpby ^he`gZ hkms_kl\eylvky ^h l_o ihj ihdZ kljZo iheghklvx g_ ijhc^_l Ij_`^_\j_f_ggh_ ij_ju\Zgb_ ijhp_kkZ fh`_l ^Zlv wnn_dl ijhlb\hiheh`guc `_eZ_fhfmijhbahc^_llhqlh\ l_hjbbgZmq_gbygZau\Z_lkyk_gkb[bebaZpb_c Ijh]jZffZ ikbohl_jZibb ^he`gZ lZd`_ ij_^mkfZljb\Zlv qlh ihkl_i_ggh iZpb_gl [_j_l bgbpbZlb\m ih ijh\_^_gbx mijZ`g_gbc \ k\hb jmdb IZpb_glm ij_^klhbl \uihegylv mijZ`g_gby m`_ mki_rgh hk\h_ggu_ bf b ih^ jmdh\h^kl\hf ikbohl_jZi_\lZ b kZfhklhyl_evgh\g_jZfhdikbohl_jZi_\lbq_kdbok_kkbcIeZgihkl_i_gghc^_k_gkb[bebaZpbb fh`_llZd`_ij_^mkfZljb\Zlvi_j\hgZqZevgh^_k_gkb[bebaZpbx\ \hh[jZ`_gbbZ aZl_fgZ__ [Za_ ^_k_gkb[bebaZpbx \ j_Zevghc ^_ckl\bl_evghklb ?keb nh[by g_ hkh[_ggh kbevgZ Z iZpb_gl Zdlb\gh khljm^gbqZ_l k ikbohl_jZi_\lhf ijh]jZffZ mijZ`g_gbc k kZfh]h gZqZeZ
fh`_lij_^mkfZljb\ZlvkZfhklhyl_evgh_\uiheg_gb_aZ^ZgbciZpb_glhf >_k_gkb[bebaZpby \ j_Zevghc ^_ckl\bl_evghklb hq_gv ih^oh^bl ^ey Zf[meZlhjgh]h e_q_gby Hiul ihdZaZe h^gZdh qlh ^Z`_ g_[hevrh_ dhebq_kl\h mijZ`g_gbc ih ^_k_gkb[bebaZpbb \ j_Zevghc ^_ckl\bl_evghklb fh`_l ijbg_klb [hevrmx ihevam l_f iZpb_glZf kihkh[ghklv d bgljhki_dpbb b \_j[ZebaZpbb dhlhjuo h]jZgbq_gZ Ijb ba\_klguo mkeh\byo lZdZy ijhp_^mjZ \uihegy_fZy \ khijh\h`^_gbb ikbohl_jZi_\lZ hkms_kl\eyxs_]h gZ[ex^_gb_ fh`_l ^Zlv [hevr_ ^Zgguo h i_j_`b\Zgbyo iZpb_glZ q_f ijh^he`bl_evgu_ h[ke_^h\Zgby iZpb_glZ H k\hbo kljZoZo b fukeyo lZdbf iZpb_glZf qZklh [u\Z_l ijhs_ jZkkdZaZlv \ j_Zevghc kblmZpbb AZl_f wlhl fZl_jbZe fh`_l ijhjZ[Zlu\Zlvky gZ h[uqguo ikbohl_jZi_\lbq_kdbok_kkbyo >_k_gkb[bebaZpby k ihfhsvx f_lh^Z gZ\h^g_gby >_k_gkb[bebaZpby fh`_l hkms_kl\eylvkyg_lhevdhihkl_i_gghrZ]aZrZ]hfghb f_lh^hfgZ\h^g_gbyLZdhcf_lh^ \hafh`_g ijb ^_k_gkb[bebaZpbb \ j_Zevghc ^_ckl\bl_evghklb \ \hh[jZ`_gbb Z lZd`_ ijb khq_lZgbbwlbo^\moih^oh^h\ GZ h^ghc ba ij_^\Zjbl_evguo k_kkbc \uy\eyxlky kblmZpbb \uau\Zxsb_ gZb[hevrbc kljZo b iZpb_glm h[tykgy_lky f_lh^bdZ ij_^klhys_c ijhp_^mju AZl_f ijh\h^ylky ijh[gu_ mijZ`g_gbyh^gh^\Z ]^_ jZkkfZljb\Zxlky kblmZpbb \uau\Zxsb_ g_ kZfuc kbevguc kljZo Bokfuke\ lhfqlh[uhagZdhfblviZpb_glZk ijZdlbdhcwlh]hih^oh^ZZ ikbohl_jZi_\l\ lh`_ \j_fy ihemqZ_l ij_^klZ\e_gb_ h \hafh`guo j_Zdpbyo iZpb_glZ < oh^_ mijZ`g_gby \ ^_k_gkb[bebaZpbb f_lh^hf gZ\h^g_gby \ j_Zevghc ^_ckl\bl_evghklb beb \ \hh[jZ`_gbb ijhbkoh^bldhgnjhglZpby iZpb_glZ k kblmZpb_c \uau\Zxs_c m g_]h gZb[hevrbc kljZo Wlm dhgnjhglZpbxke_^m_l\u^_j`b\Zlvb iZpb_glmb ikbohl_jZi_\lm ^hl_oihjihdZkljZog_ ijhc^_l :gZeh]bqgh ihklmiZxl b ijb kbfilhfZo gZ\yaqb\hklb ij_iylkl\my hkms_kl\e_gbx dhfimevkb\guo ^_ckl\bc \uau\Zxl m iZpb_glZ kljZo Z aZl_f ^h[b\Zxlky wnn_dlZ ^_k_gkb[bebaZpbb F_lh^ gZ\h^g_gby ² hq_gv wdhghfguc b wnn_dlb\guc kihkh[ ^_k_gkb[bebaZpbb H^gZdh_]hhkms_kl\e_gb_gZijZdlbd_²^_ehhq_gvljm^gh_b khijy`_ggh_k hij_^_e_gguf jbkdhf D ij_^ihkuedZf mki_rgh]h _]h hkms_kl\e_gby fh`gh hlg_klb kihkh[ghklv iZpb_glZ \u^_j`b\Zlv ikbobq_kdb_ b nbabq_kdb_ gZ]jmadb Z lZd`_ [hevrhc hiul kihkh[ghklv lhgdh qm\kl\h\Zlvb m\_j_gghklv\ k_[_ikbohl_jZi_\lZIkbohl_jZi_\lg_\eZ^_xsbc\ ^hklZlhqghc f_j_ wlbf f_lh^hf [m^_l \h \j_fy dhgnjhglZpbb ^_ckl\h\Zlv \hafh`gh g_^hklZlhqgh j_rbl_evgh beb ij_`^_\j_f_ggh ij_j\_l mijZ`g_gb_ lZd dZd ijhy\e_gby kljZoZ ^_fhgkljbjm_fu_ iZpb_glhf hdhgqZl_evgh h[_kdmjZ`Zl _]h B \f_klh ihevau mijZ`g_gb_ ijbg_k_l \j_^ LZdbf h[jZahf ijZdlbq_kdh_ ijbf_g_gb_ wlh]h f_lh^Z lj_[m_l hl ikbohl_jZi_\lZ^hklZlhqgh]hhiulZb \hij_^_e_gghfkfuke_^_k_gkb[bebaZpbb\ hlghr_gbb ^Zggh]hih^oh^Z B ohly f_lh^ gZ\h^g_gby ijb Zf[meZlhjghc jZ[hl_ fh`_l gZclb ebrv h]jZgbq_ggh_ ijbf_g_gb_ ijb\_^_ggh_ a^_kv dhjhldh_ hibkZgb_ wlhc bkdexqbl_evgh wnn_dlb\ghc ikbohl_jZi_\lbq_kdhc ijhp_^mju ^he`gh ba[Z\blv ikbohl_jZi_\lh\ hl rbjhdh jZkijhkljZg_gghc [hyagb h[jZsZlvky \ jZ[hl_ k iZpb_glhf d \uau\Zxsbf kbevguc kljZo kblmZpbyfbebl_fZf DhgnjhglZpbykhkljZohfy\ey_lkyhq_gvwnn_dlb\gufikbohl_jZi_\lbq_kdbfkj_^kl\hf Ijh[e_fu qZs_ \k_]h \hagbdZxsb_ ijb hkms_kl\e_gbb ^_k_gkb[bebaZpbb KljZo ²
qm\kl\h g_ijbylgh_ Ihwlhfm b \ ikbohl_jZi_\lbq_kdhc kblmZpbb iZpb_gl iulZ_lky _]h ba[_`Zlv >Z`_ gZb[he__ kdehggu_ d khljm^gbq_kl\m iZpb_glu ijhy\eyxl wlm l_g^_gpbx gh ^_eZxlwlh\ lZdhcnhjf_qlh ihiuldZ ba[_`Zlv kljZoZ qZklhhklZ_lkyg_aZf_q_gghc dZd bfb kZfbfblZdb ikbohl_jZi_\lhf >hklmigh_ gZ[ex^_gbx \g_rg__ ih\_^_gb_ h[uqgh ohjhrh dhgljhebjm_lky Ljm^g__ [u\Z_l meh\blv fukeb b mklZgh\db y\eyxsb_ky ihf_oZfb dhlhju_ b ijb hij_^_e_gguo mkeh\byo ^_eZxl mijZ`g_gb_ kh\_jr_ggh g_wnn_dlb\guf G_dhlhju_ iZpb_glu iulZxlky gZijbf_j\ oh^_mijZ`g_gbyih^_k_gkb[bebaZpbbhl\e_qvkyhlk\hbofuke_cb ^mfZlvh q_f gb[m^v ijbylghf LZdhc kihkh[ ba[_]Zgby kljZoZ ij_^klZ\ey_l kh[hc h^gm ba kljZl_]bc _]h ij_h^he_gbyGhwlhfgbfh_j_r_gb_lZddZdwnn_dlkhojZgy_lkyebrvhq_gvh]jZgbq_ggh_ \j_fy b ^_ckl\bl_evgh]h ij_h^he_gby kljZoZ g_ ijhbkoh^bl Kdhj__ gZh[hjhl lZdhc \gmlj_ggbc fZg_\j hl\e_q_gby hdZau\Z_lky ^Z`_ dhgljijh^mdlb\guf
g_p_e_mklj_fe_g b g_ihke_^h\Zl_e_g lh b iZpb_gl [m^_l hjb_glbjh\Zlv k_[y gZ ih^h[guc klbev ?keb ikbohl_jZi_\l ^_fhgkljbjm_l k\hb hiZk_gby \ k\yab k ljm^ghklvx dZdhclh ijh[e_fu b ijhy\ey_l jh[hklv lh wlh [m^_l mkbeb\Zlv b qm\kl\Z kljZoZ b [_kihfhsghklb m iZpb_glZ Gh klhev `_ fZeh ihevau [m^_l _keb ikbohl_jZi_\l aZcf_l ^bZf_ljZevgh ijhlb\hiheh`gmx ihabpbx ² hg \k_ ydh[u agZ_l \k_ mf__l < lZdhf kemqZ_ hg [m^_l g_^hklb`bfuf^ey iZpb_glZ b ihke_^g_fm ljm^gh [m^_l b^_glbnbpbjh\Zlv k_[y k gbf G_l gbq_]h ihahjgh]h \ lhf qlh ikbohl_jZi_\l lZd`_ bgh]^Z qm\kl\m_l k_[y [_kihfhsguf g_ agZxsbfdZdihklmiZlv^Zevr_Bf_gghijblZdboh[klhyl_evkl\Zoikbohl_jZi_\l\uklmiZy\ jheb fh^_eb fh`_l ihdZaZlv iZpb_glm dZd ijZ\bevgh h[jZsZlvky k lZdh]h jh^Z i_j_`b\Zgbyfb G_]Zlb\guc wnn_dl [u\Z_l kdhj__ \ l_o kemqZyo dh]^Z ikbohl_jZi_\l g_ ]h\hjbl ijyfh h k\h_c jZkl_jygghklb Z ijhy\ey_l __ dhk\_ggh beb \_^_l k_[y g_j_rbl_evgh JZamfg__dhgdj_lghkdZaZlvh lhfqlh\ua\Zeh\ZrmjZkl_jygghklvihkdhevdmwlhfh`_lq_fm lhgZmqblviZpb_glZ< ^Zggucfhf_gly lh`_g_\b`mgbdZdh]hj_r_gbyGZfke_^m_l_s_jZa \gbfZl_evgh jZkkfhlj_lv ijh[e_fm b kh\f_klgh ihbkdZlv j_r_gb_ Beb `_ kgZqZeZ aZgylvky ijh[e_fZfbihe_]q_Z iha`_\_jgmlvkyd ^Zgghcijh[e_f_ IjbqbgZ lh]h qlh fgh]b_ iZpb_glu g_ kdehggu ]h\hjblv gZ s_dhleb\u_ beb aZij_lgu_ l_fuk_dkfukebh kZfhm[bckl\_kljZokf_jlbb l^ e_`blg_lhevdh\ kZfhfiZpb_gl_gh qZklhh[tykgy_lkyih\_^_gb_fikbohl_jZi_\lZ^_fhgkljbjmxs_]hk\h_g_`_eZgb_aZljZ]b\Zlv ih^h[gmx l_fZlbdm M^b\bl_evgh dZd e_]dh [hevrbgkl\h iZpb_glh\ fh]ml ]h\hjblv gZ wlb l_fudh]^ZhldjulZyihabpbyikbohl_jZi_\lZiha\hey_lbf^_eZlvwlh Ijb p_e_gZijZ\e_gghf bkihevah\Zgbb gZmq_gby ihkj_^kl\hf f_lh^Z fh^_eb jZaebqZxl ke_^mxsb_^\_nZau < nZa_ mk\h_gby iZpb_gl gZ[ex^Z_l aZ ih\_^_gb_f ^jm]h]h bg^b\b^Z qe_g ]jmiiu ikbohl_jZi_\l kem`Zsbf fh^_evx beb kZf hkms_kl\ey_l ih\_^_gb_ kem`Zs__ fh^_evx \ bkdmkkl\_gghc kblmZpbb < khhl\_lkl\bb k ijbgpbiZfb dh]gblb\gh]h lj_gbg]Z iZpb_gl gZ[ex^Z_l beb i_j_`b\Z_l dhgdj_lgu_ ^_ckl\by khijh\h`^Zxsb_ bo wfhpbb gZijbf_j qm\kl\h kljZoZ b dhgdj_lgu_ ihke_^kl\by ih\_^_gby h^h[j_gb_ beb djblbdm LZdb_ mijZ`g_gby ^he`gu ih\lhjylvky fgh]hdjZlgh ^h l_o ihj ihdZ g_ [m^ml ij_h^he_gu bkiulu\Z\rb_ky i_j\hgZqZevgh aZljm^g_gby Z ^_ckl\by \uihegylvky k hij_^_e_gghc e_]dhklvxb g_ijbgm`^_gghklvxb]eZ\gh_bkiulu\Zlvky`_eZl_evgu_qm\kl\Z < nZa_ j_ZebaZpbb iZpb_gl iulZ_lky ih f_j_ \hafh`ghklb ihkl_i_ggh \h \k_ [he__ mkeh`gyxsboky kblmZpbyo ^_ckl\h\Zlv \ j_Zevghc ^_ckl\bl_evghklb lZd dZd hg gZmqbeky A^_kv lZd`_ \Z`gh ^hklZlhqgh_ dhebq_kl\h ih\lhj_gbc b ih^^_j`dZ \ \b^_ h^h[j_gby b ijbagZgby < dhgdj_lghc kblmZpbb bg^b\b^mZevghc ikbohl_jZibb jhe_\u_ mijZ`g_gby fh]ml bkihevah\Zlvky ^ey ih^]hlh\db d hij_^_e_gguf kblmZpbyf \hagbdZxsbf \ oh^_ khpbZevgh]h \aZbfh^_ckl\by Fgh]b_ iZpb_glu klZjZykv ba[_`Zlv hij_^_e_gguo khpbZevguo kblmZpbc bkiulu\Zxl \ gbo kljZo b g_ gZmqZxlky Z^_d\Zlghfm ih\_^_gbx \ gbo < mkeh\byo ikbohl_jZibb ]^_ iZpb_gl qm\kl\m_l k_[y aZsbs_gguf hg fh`_l kgZqZeZ hibkZlv ih^h[gu_ ljm^ghklb b hkh[_ggh j_Zdpbb kljZoZ \uau\Z_fu_ g_dhlhjufb ex^vfb ba _]h hdjm`_gby AZl_f iZpb_gl b ikbohl_jZi_\l jZau]ju\Zxl wlb kblmZpbb ijbq_f iZpb_gl bkihegy_l k\hx kh[kl\_ggmx jhev Z ikbohl_jZi_\l ² jhev khhl\_lkl\mxs_]h iZjlg_jZ Wlhl f_lh^ hkh[_ggh ih^oh^bl ^ey jZamqb\Zgby Z^_d\Zlgh]h ih\_^_gby \ kblmZpbyo h[s_gby b ^ey mf_gvr_gby
kljZoZ \hagbdZxs_]h \ kblmZpbyo \aZbfh^_ckl\by iZpb_glZ k ^jm]bfb ex^vfb l_ ^ey ^_k_gkb[bebaZpbb ?keb iZpb_gl bkiulu\Z_l [hevrb_ aZljm^g_gby kgZqZeZ _fm ^_fhgkljbjm_lky fh^_ev ih\_^_gby Z aZl_f iZpb_glm ij_^eZ]Z_lky ih^jZ`Zlv lZdhfm ih\_^_gbx Wlh kihkh[kl\m_l ij_h^he_gbx iZpb_glZfb aZljm^g_gbc bkiulu\Z_fuo bfb ijb bkiheg_gbbk\hbojhe_c
wfhpbhgZevguo gZjmr_gbc b mkljZg_gby [ehdbjh\hd >Zevg_cr__ jZa\blb_ hgb ihemqbeb iha`_dh]^Z]_rlZevll_jZi_\luhlhrebhlZ[khexlbabjh\ZgghcI_jeahfp_gljbjh\ZgghklbgZ wfhpbyoOhlyfub ihgbfZ_f IjhjZ[hldZ ² ijbgyluc \ ikbohZgZeba_ l_jfbg hagZqZxsbc jZ[hlm ih ij_h^he_gbx khijhlb\e_gbyiZpb_glZbaf_g_gbx²Ijbfi_j_\h^qbdZ qlh ]_rlZevll_jZiby ² wlh g_qlh [hevr__ q_f gZ[hj hl^_evguo g_ k\yaZgguo ^jm] k ^jm]hfl_ogbdgZfij_^klZ\ey_lkyp_e_khh[jZaguf\kljhblv\ dhgp_ipbxIHl_jZibbl_ba ijb_fh\ ]_rlZevll_jZibb dhlhju_ hdZaZebkv gZb[he__ wnn_dlb\gufb gZ ijZdlbd_ Fu \ijZ\_wlhk^_eZlvihkdhevdmIHl_jZibyij_^klZ\ey_lkh[hcbgl_]jbjh\Zggmxdhgp_ipbx\ dhlhjhc ² dZd b \ kh\j_f_gghc ]_rlZevll_jZibb ² q_eh\_d jZkkfZljb\Z_lky b khhl\_lkl\_ggh ih^\_j]Z_lky e_q_gbx dZd g_qlh p_ehklgh_ dZd km[t_dl h[eZ^Zxsbc l_ehf ^mrhcb ^mohf =h\hjy^jm]bfbkeh\Zfbp_evIHl_jZibbkhklhbl\ agZqbl_evghcf_j_\ ij_^hklZ\e_gbb \hafh`ghklb bkiulZlv k\hb qm\kl\Z [hevghfm beb jZ[hlZxs_fm gZ^ k\hbf jhklhf q_eh\_dm AZl_fwlhlq_eh\_dfh`_lbkihevah\Zlvboqm\kl\Z ^eybgl_]jZpbbhiulZk\h_c`bagb Kh]eZkgh I_lphev^m wfhpbhgZevgh_ gZmq_gb_ [m^mqb \dexq_gguf \ ikbohl_jZi_\lbq_kdbcijhp_kk\k_]^Zijhoh^blq_luj_nZau gZqZevgmx^bZ]ghab ZgZfg_ag_h[oh^bfu_^eyihklZgh\dbp_eb ^_ckl\byk ihklZgh\dhcp_eb\uau\Zxs_cikbobq_kdbcdZlZjkbk bgl_]jZpbbk ihklZgh\dhcZgZeblbq_kdhdhffmgbdZlb\ghcp_eb gh\hc hjb_glZpbb k ihklZgh\dhc p_eb baf_gyxs_c ih\_^_gb_ Hkh[h_ agZq_gb_ \ jZfdZowlh]hijhp_kkZijbh[j_lZ_lihklZgh\dZp_eb\uau\Zxs_cdZlZjkbk DZlZjkbk dZd \uk\h[h`^_gb_ ih^Z\ey\rboky Znn_dlh\ mkljZg_gb_ [ehdbjh\hd h[t_^bg_gb_ jZah[s_gguo wfhpbc k ebqghklvx dZd mkljZg_gb_ iheyjghkl_c y\ey_lky ij_^ihkuedhcex[hcbgl_]jZpbbIhwlhfmijhp_kkudZlZjkbkZ²wlhg_qlh[hevr__q_f\k_]h ebrv jZajy^dZ Hgb fh[bebamxl kljmdlmjm jZafy]qZxl iZgpbjv oZjZdl_jZ \kljyob\Zxl baf_gb\rb_k\hbhq_jlZgby]_rlZevluij_ju\Zxlmklhy\rb_kyko_fuih\_^_gbyb l_fkZfuf kha^Zxl \hafh`ghklv kha^Zgby gh\uo ]_rlZevlh\ \ oh^_ l_jZi_\lbq_kdhc ijhjZ[hldb I_lphev^Ikbohl_jZibyb ^bgZfbdZl_eZ Baijb\_^_gghcpblZlu\b^ghqlhdZlZjkbq_kdb_f_lh^uf_lh^u\uau\Zxsb_dZlZjkbk g_y\eyxlkykZfhp_evxbokfukeg_\ lhfqlh[u\ua\Zlv\aju\hh[jZagmxjZajy^dmZnn_dlh\ dZdqZklhg_\_jghbgl_jij_lbjmxl]_rlZevll_jZibx Zkdhj__\ lhfqlh[ujZa[ehdbjh\Zlv aZklhihjb\rb_kyikbohl_jZi_\lbq_kdb_ijhp_kkub h[mkeh\eb\Zxsb_jZa\blb_kljmdlmju < j_amevlZl_ m]em[e_ggh]h wfhpbhgZevgh]h i_j_`b\Zgby fh`_l [ulv aZ\_jr_gZ _s_ g_aZdhgq_ggZy kblmZpby aZdjul _s_ hldjuluc ]_rlZevl Z dZdhceb[h hiul jZg__ m`_ hk\h_gguc\ dh]gblb\ghfieZg_ijbh[j_l_lq_ldb_q_jlu >_eh lZdbf h[jZahf aZdexqZ_lky g_ lhevdh \ lhf qlh[u aZ\_jrblv klZjh_ G_ f_g__ \Z`ghgZqZlvgh\h_Wlhlijhp_kkhkms_kl\ey_lkyk ihfhsvxi_j_`b\Zgbyhk\h[h`^_gguo\ oh^_ikbohl_jZibbqm\kl\ IhdZaZgby < jZfdZo IHl_jZibb kms_kl\mxl \_kvfZ fgh]hh[jZagu_ ihdZaZgby d bkihevah\Zgbx
f_lh^h\ Zdlb\babjmxsbo wfhpbb GZ dZ`^hc nZa_ ikbohl_jZibb lZdb_ f_lh^u ihfh]Zxl ijhy\blvkyikbobq_kdbfijhp_kkZfm]em[eyxlbob \dhgp_dhgph\ijb\h^yld bgl_]jZpbb Fu gZklhyl_evgh j_dhf_g^m_f hkms_kl\eylv kihkh[kl\mxsb_ ijhy\e_gbx wfhpbc ikbohl_jZi_\lbq_kdb_bgl_j\_gpbbg_lhevdh\h\j_fyl_jZi_\lbq_kdhcnZaudZdlZdh\hcghb gZ ijhly`_gbb ^bZ]ghklbq_kdhc nZau ikbohl_jZibb Hgb ihfh]Zxl iZpb_glm \uclb aZ jZfdb qbklhdh]gblb\gh]hihgbfZgbyjZkkfZljb\Z_fhcijh[e_fuihgylv__ \h\k_ckh\hdmighklb G_j_^dh nhjfmebjh\dZ ijh[e_fu klZgh\blky ihgylghc ebrv ihke_ lh]h dZd hgZ aZihegy_lky wfhpbhgZevgh hdjZr_ggufb khklhygbyfb ;hevrh_ agZq_gb_ ikbohl_jZi_\lbq_kdb_ ^_ckl\by hibkZgb_ dhlhjuo ijb\h^blky gb`_ bf_xl lZd`_ \ nZa_ aZ\_jr_gbyikbohl_jZibbdhlhjhc\ gZr_cdhgp_ipbbhl\h^blkyhq_gv\Z`gh_f_klhkfjZa^ Mki_rgh_ jZkklZ\Zgb_ k ikbohl_jZi_\lhf dZd b m^h\e_l\hjbl_evgh_ aZ\_jr_gb_ ikbohl_jZi_\lbq_kdhcjZ[hluqZklh[u\Zxl\hafh`guebrv\ j_amevlZl_ijbf_g_gbyf_lh^h\ kihkh[kl\mxsbodZlZjkbkm Dh]^Z g_h[oh^bfh [u\Z_l aZ\_jrblv ]_rlZevl IHl_jZibb lh lZdb_ qm\kl\Z dZd ]g_\ jZahqZjh\Zgb_lhkdZ^he`gugZclb\uoh^ Bkihevamy ijb\_^_ggmx \ jZa^ lbiheh]bx fh`gh kdZaZlv qlh f_lh^u Zdlb\babjmxsb_ wfhpbb hkh[_ggh ihdZaZgu ex^yf k gbadhc kZfhhp_gdhc ex^yf bkiulu\Zxsbf g_o\Zldm wg_j]bb b aZlhjfh`_gghklv ex^yf k nbabq_kdbfb kbfilhfZfb ex^yf qj_af_jgh dhgljhebjmxsbf k_[y ex^yf g_Z^_d\Zlgh \ujZ`Zxsbf k\hb qm\kl\Z Hklhjh`ghklv ijb gZagZq_gbb bgl_j\_gpbc ikbohl_jZi_\lZ kihkh[kl\mxsbo dZlZjkbkm g_h[oh^bfZ \ jZ[hl_ k ex^vfb bkiulu\Zxsbfb kljZo b gZijy`_gb_ Z lZd`_ k ex^vfb g_^hklZlhqghdhgljhebjmxsbfbk\hbbfimevkuH[hkgh\Zgb_\ur_kdZaZggh]hfh`ghgZclb\ lhf`_jZa^ IjbgbfZyj_r_gb_h[bkihevah\Zgbblh]hbebbgh]hf_lh^ZZdlb\baZpbbi_j_`b\Zgbcbeb wfhpbcke_^m_ljmdh\h^kl\h\Zlvkyke_^mxsbfh[sbfijZ\behf Fy]db_f_lh^ufh]ml\ ijbgpbi_bkihevah\Zlvky\ jZ[hl_k dZ`^ufiZpb_glhfihqlb\ ex[hc kblmZpbb Hgb hlghkylky d hkgh\ghfm ikbohl_jZi_\lbq_kdhfm j_i_jlmZjm IH l_jZi_\lh\
fh`ghgZ^_ylvkygZlhqlh\ [hevrbgkl\_kemqZ_\kbevgh_ijhy\e_gb_iZpb_glhfqm\kl\kZfh ihk_[_\_^_ld _]hmkihdh_gbxJZa\blbxq_eh\_dZ[hevr_\j_^blkdhj__g_^hklZlhqgh_q_f qj_af_jgh_ \ujZ`_gb_ wfhpbc Ikbohl_jZi_\l \hkijbgbfZxsbc b \u^_j`b\Zxsbc \ k\h_c jZ[hl_ k iZpb_glhf kbevgu_ ijhy\e_gby ]g_\Z i_qZeb Z lZd`_ lZdb_ kbevgu_ wfhpbb dZd kqZklv_bebjZ^hklvkem`bl^eyiZpb_glZfh^_evxHebp_l\hjyy^jm]boagZqbfuo^eyiZpb_glZ ebpikbohl_jZi_\lihdZav\Z_liZpb_glmqlhlhlkihkh[_g\u`blv\ wlbomkeh\byob qlhbo hlghr_gby g_ h[yaZl_evgh ^he`gu ihkljZ^Zlv \ j_amevlZl_ ijhy\e_gby wfhpbc kdhj__ gZh[hjhlhlwlh]hhgbklZgh\ylkydj_iq_ Ikbohl_jZi_\lbq_kdb_ hlghr_gby ² \Z`guc nZdlhj \ha^_ckl\by gZ iZpb_glZ \ ex[hc ikbohl_jZibb KZfZy obljhmfgZy l_ogbdZ hdZau\Z_lky kh\_jr_ggh beb qZklbqgh g_wnn_dlb\ghc _keb hgZ g_ kljhblky gZ nmg^Zf_gl_ ihablb\guo ikbohl_jZi_\lbq_kdbo hlghr_gbc Ijbf_g_gb_keh`guol_ogbdij_^iheZ]Z_l[hevrh_^h\_jb_ >_khklhjhguiZpb_glZb _]hhldjulhklv H[e_]qZyijhy\e_gb_wfhpbcb kihkh[kl\myh[j_l_gbxgh\h]hwfhpbhgZevgh]hhiulZfu qZklh kha^Z_f m iZpb_glZ \_jm \ kbem ikbohl_jZi_\lbq_kdbo hlghr_gbc K ^jm]hc klhjhgu hiul ihdZau\Z_l qlh ]em[hdb_ hlghr_gby keh`b\rb_ky \ j_amevlZl_ ijbf_g_gby lZdbo f_lh^h\ m g_dhlhjuo iZpb_glh\ fh]ml \ua\Zlv aZ\bkbfhklv hl ikbohl_jZi_\lZ qlh g_`_eZl_evgh Ihwlhfm \ IHl_jZibb hkh[h_ \gbfZgb_ m^_ey_lky nZdlhjZf aZljm^gyxsbf jZkklZ\Zgb_iZpb_glZk ikbohl_jZi_\lhf AZdexqbl_evgu_ aZf_qZgb_ dZkZxsb_ky ihdZaZgbc Ikbohl_jZi_\l ijZdlbdmxsbc IH l_jZibx ^he`_g aZjZg__ jZkkdZaZlv iZpb_glm gZkdhevdh ^himklbfu b `_eZl_evgu lZdb_ ijhy\e_gbywfhpbcdZdgZijbf_jdjbdbgZjmrZ_lkyihdhckhk_^_cb l^ Ke_^m_llZd`_bf_lv\ \b^mqlh_kebwfhpbb^he]h_\j_fy[ehdbjh\Zebkvlh\ujZ`Zybo q_eh\_dqZklhl_jy_ldhgljhevgZ^kh[hc
k_[yqm\kl\m_l_"Hgbkdhj__ij_^klZ\eyxlkh[hckhev\ kmi_ikbohl_jZi_\lbq_kdhc[_k_^u <_^v bf_ggh wfhpbb khijh\h`^Zxsb_ keh\_kgh_ \ukdZau\Zgb_ ^_eZxl _]h aZdhgq_gguf b wnn_dlb\guf <_j[ZebaZpbywfhpbhgZevguoi_j_`b\Zgbc Wlml_ogbdmDZjeJh^`_jkk^_eZe]eZ\ghc \ k\h_c hjb_glbjh\Zgghc gZ deb_glZ ikbohl_jZibb A^_kv ikbohl_jZi_\l [_j_l ba \ukdZau\Zgby deb_glZ _]h wfhpbhgZevgh_ kh^_j`Zgb_ b \hkijhba\h^bl _]h kh[kl\_ggufb keh\Zfb lZd dZd hg _]h ihgye Wlm nhjfm \ha^_ckl\by g_ ke_^m_l imlZlv k hljZ`_gb_f ih ijbgpbim woh Lhqgh lZd `_ \ g_c g_l f_klZ kl_j_hlbiZf beb ebr_gghc j_ne_dkbb jmlbg_ <_j[ZebaZpby wfhpbhgZevgh]h kh^_j`Zgby \ukdZau\Zgby ij_^klZ\ey_l kh[hc kdhj__ l_ogbdm \_^_gbyjZa]h\hjZk ihfhsvxdhlhjhcikbohl_jZi_\lihklhygghh[jZsZ_l\gbfZgb_deb_glZgZ _]hdeb_glZqm\kl\ZLZdZyl_ogbdZhkh[_gghihdZaZgZijb[_^ghcqm\kl\ZfbjZpbhgZebaZpbb bebg_hij_^_e_gghklbqm\kl\iZpb_glZlZddZdiha\hey_lnhdmkbjh\Zlv\gbfZgb_gZgZb[he__ \Z`guowfhpbyo IZpb_gl >Zgbdh]^Zg_[u\Z_lm f_gy`_eZgbyihiulZlvkyqlhgb[m^vk^_eZlvY bf_x \ \b^m dh]^Z y b^m gZ jZ[hlm beb lh y agZqbl qm\kl\mx qlh y g_ kijZ\exkv Wlh m`Zkgh gh Ikbohl_jZi_\l
Y \b`mqlhey mkbe_gby \hkijbylby iZpb_glZfb ijhy\e_gbc k\hbo qm\kl\ ohjhrh ih^oh^yl lZd`_ mijZ`g_gby gZ jZkkeZ[e_gb_ b \hkijbylb_ k\h_]h l_eZ H lhf dZdb_ ba gbo b ijb dZdbo h[klhyl_evkl\Zofh]mlijbf_gylvky\ IHl_jZibbih^jh[gh]h\hjblky\ jZa^ [ Ijb_fu dhgnjhglZpbb GZjy^m k jZkkfhlj_ggufb \ur_ f_lh^Zfb gZau\Z_fufb fy]dbfb \ ]_rlZevll_jZibb jZajZ[hlZgu g_dhlhju_ hq_gv wnn_dlb\gu_ ijb_fu dhlhju_ fh]ml ^h\hevgh [ukljh mkbeblv wfhpbb b khhl\_lkl\_ggh \ua\Zlv bo ijhy\e_gby KZfh kh[hc jZamf__lky qlh ijbf_gylv ke_^m_l ebrv lZdb_ f_lh^u dhlhju_ jm]hc ijb_f gZau\Z_lky \u^_j`dZ A^_kv iZpb_glm ij_^eZ]Z_lky g_ b]ghjbjh\Zlv dZdh_gb[m^v ydh[u fbfhe_lgh_ kfmlgh_ qm\kl\h Z aZ^_j`Zlvky gZ g_f Kh]eZkgh l_hjbb ]_rlZevlZ qm\kl\h gZ dhlhjhf hkms_kl\ey_lky nhdmkbjh\dZ klZgh\blky q_ldhc nb]mjhc ^hklmighc \hkijbylbx b lZdZy nb]mjZ \f_kl_ k Zkkhpbbjmxsbfky k g_c nhghf bf fh`_l [ulvgZijbf_jdZdZygb[m^vljZ\fZlbabjmxsZykp_gZbabklhjbb`bagb ^_eZ_lky^hklmighc i_j_`b\Zgbx GZ yaud_ ]_rlZevll_jZibb wlh gZau\Z_lky aZ\_jr_gb_f ]_rlZevlZ =_rlZevl fh`ghkqblZlvaZ\_jr_ggufbebijh[e_fmijhjZ[hlZgghch[Z\ujZ`_gbyhagZqZxlh^ghb
lh`_ dh]^ZgZoh^ysbckygZi_j_^g_fieZg_kbfilhfhdZau\Z_lkyk\yaZgk khhl\_lkl\mxsbf nhghf bklhjbb `bagb Wlh g_ h[yaZl_evgh ^he`_g [ulv wibah^ hlghkysbcky d jZgg_fm ^_lkl\m Beb ]h\hjy ^jm]bfb keh\Zfb I_j\hgZqZevgh dZaZ\rbcky kljZgguf b g_ihgylguf kbfilhfg_h`b^Zgghh[j_lZ_lkfukeDZdba\_klghnb]mjZb nhgfh]mlf_gylvkyf_klZfb Dh]^Z g_ba\_klguc ij_`^_ nhg ² dZdZylh \Z`gZy kblmZpby ba bklhjbb `bagb iZpb_glZ ² \uoh^bl gZ i_j\uc ieZg lh hg ² wlhl nhg ² fh`_l [ulv ih^\_j]gml ikbohl_jZi_\lbq_kdhc ijhjZ[hld_ GZoh^b\rZyky ^h kbo ihj gZ i_j_^g_f ieZg_ nb]mjZ ² kbfilhf ² l_i_jv hdZau\Z_lkygZaZ^g_fieZg_b \oh^_ijhp_kkZikbohl_jZibb\k_[hevr_b [hevr_l_jy_lk\hb hq_jlZgbyb agZq_gb_IZpb_gl`_\ j_amevlZl_lZdhcjZ[hlu^_eZ_l_s_h^bgrZ]\ hkhagZgbb k\h_ckblmZpbb Ijbf_j kh]eZkghJZfm\ fh^bnbdZpbbZ\lhjh\ IZpb_gl EZ^gh ih]h\hjbf h q_fgb[m^v ^jm]hf Ikbohl_jZi_\l M f_gy kha^Z_lky \i_qZle_gb_qlhey wlh]h qZklh hdZau\Z_lky g_^hklZlhqgh h^ghc _^bgkl\_gghc ijhjZ[hldb D ijh[e_fZf ihqlb \k_]^Z ijboh^blky h[jZsZlvky fgh]hdjZlgh bkihevamyjZaebqgu_kj_^kl\Z^hl_oihjihdZbo\h\k_ffgh]hh[jZabbfh`gh[m^_lkqblZlv aZdjulufbbebj_r_ggufb I_j_`b\Zgb_ ijhreh]h b [m^ms_]h \ gZklhys_f < ]_rlZevll_jZibbjZ[hlZ\_^_lky\ i_j\mx hq_j_^v k l_i_j_rg_c kblmZpb_c iZpb_glZ Lh `_ kZfh_ fh`gh kdZaZlv h ijh[e_fgh hjb_glbjh\Zgghc djZldhkjhqghc ikbohl_jZibb Ij_^klZ\e_gby h [m^ms_f beb ijhreuc hiul b]jZxl ikbohl_jZi_\lbq_kdmx jhev ebrv ihklhevdm ihkdhevdm bf_xl agZq_gb_ ^ey i_j_`b\Zgbc ijhbkoh^ysbo bf_ggh \ gZklhys__ \j_fy Wlh ijbgylh_ \ ikbohl_jZibb iheh`_gb_ qZklh klZgh\blky ijbqbghc g_^hjZamf_gbc J_qv a^_kv b^_l g_ h[ hljbpZgbb beb ij_mf_gvr_gbbjhebijhreh]hb [m^ms_]h\ `bagbq_eh\_dZGZijhlb\gZr_gZklhys__[ulb_ \k_]^Z[u\Z_lh]jZgbq_ghijhreufb [m^msbfGhk ikbohl_jZi_\lbq_kdhclhqdbaj_gby\uoh^ aZ jZfdb gZklhys_]h fh`_l kqblZlvky hijZ\^Zgguf ebrv lh]^Z dh]^Z ijhreh_ beb [m^ms__ fh]ml wfhpbhgZevgh i_j_`b\Zlvky k_cqZk B fu kqblZ_f qlh _keb jZa]h\hju h l_o beb bguo kh[ulbyo^_lkl\Zg_\uau\ZxlwfhpbhgZevghcj_Zdpbblhp_gghklvlZdbojZa]h\hjh\g_\_ebdZ L_ogbdZi_j_ghkZijhreh]hbeb[m^ms_]h\ gZklhys__ aZdexqZ_lky\ lhfqlhiZpb_gl gZklhevdhih]jm`Z_lky\ ij_^eZ]Z_fmx_fmkblmZpbxqlhi_j_`b\Z_l__ lZddZd_keb[uhgZ bf_eZ f_klh \ gZklhys__ \j_fy Ikbohl_jZi_\l ij_^eZ]Z_l iZpb_glm ]h\hjblv h lhf qlh lhl \kihfbgZ_l \ gZklhys_f \j_f_gb Fh]ml ijbf_gylvky lZd`_ f_lh^u jhe_\hc b]ju IZpb_glm ij_^eZ]Z_lky ijbgylv mqZklb_ \ ^bZeh]_ Ih^h[guf `_ h[jZahf fu ihklmiZ_f kh kgZfb h dhlhjuo iZpb_glu ihklhyggh khh[sZxl \ ijhr_^r_f \j_f_gb Bkihevah\Zgb_ gZklhys_]h
\j_f_gb^_eZ_lkhh[s_gb_[he__wfhpbhgZevgufIjbf_j IZpb_gl Y hq_gv ohjhrh ihfgx qlh \k_]^Z dh]^Z y ijb\h^be ^_l_c d k_[_ ^hfhc fhy fZlvk_j^beZkvLh]^Zy bkiulu\Zeg_ijbylgu_qm\kl\Zfh`_l[ulv^Z`_klu^beky Ikbohl_jZi_\l Hibrbl_ h^bg ba lZdbo wibah^h\ \ ^_lZeyo Qlh k
Bamq_gb_klj_kkZ\uy\behjZaebqbyf_`^m^bklj_kkhfb wmklj_kkhfWmklj_kk²ijbylgZy nhjfZikbobq_kdh]hgZijy`_gbybdZdijZ\behg_\uau\Z_lijh[e_f>bklj_kk²g_]Zlb\gh_ ijhy\e_gb_ klj_kkZ ² ba\_kl_g dZ`^hfm Ijhlb\hiheh`gh_ _fm khklhygb_ gZau\Z_lky jZkkeZ[e_gb_fbeb j_eZdkZpb_c KhojZgyxs__ky^ebl_evgh_ \j_fy gZijy`_gb_ fh`_l \_klb d ikbohnbabq_kdbf gZjmr_gbyf Ikbohnbabq_kdh_ gZijy`_gb_ \uau\Z_lky kljZohf jZkkeZ[e_gb_ \_^_l d mf_gvr_gbx kljZoZ Khklhygb_ jZkkeZ[e_gby km[t_dlb\gh \hkijbgbfZ_lky[hevrbgkl\hfex^_cdZdijbylgh_< ikbohl_jZibbba\_klghl_jZi_\lbq_kdh_ \ha^_ckl\b_jZkkeZ[e_gbyG_ki_pbnbq_kdh_\ha^_ckl\b_jZkkeZ[e_gbyb \hkijbylbyiZpb_glhf k\h_]h l_eZ g_ lhevdh bkihevam_lky \ IHl_jZibb gh b h[jZsZ_lky \gbfZgb_ gZ ke_^mxsb_ \Z`gu_fhf_glu Ij_`^_ \k_]h \ jZfdZo ZgZebaZ ijh[e_fu g_h[oh^bfh \uy\blv klj_kkhju
ij_^klZ\e_gbyf qZklh ^h[Z\ey_lky gZ^_`^Z gZ lh qlh fh`gh bkp_eblvky hklZ\Zykv [_a^_yl_evguf Fhlb\u b h`b^Zgby iZpb_glZ dZkZxsb_ky l_ogbdb j_eZdkZpbb ke_^m_l h[km^blv k gbf Hl\_j]Zlv ijhklh lZd bo g_evay Klj_fe_gb_ iZpb_glZ d jZkkeZ[e_gbx kh^_j`bl lZd`_ bgnhjfZpbx h lhf dZd hg ihgbfZ_l [he_agv G_h[oh^bfh ^h[blvky khhl\_lkl\by f_`^m ij_^klZ\e_gbyfb iZpb_glZ b ikbohl_jZi_\lZ ih ^Zgghfm \hijhkm AZl_f iZpb_gl b ikbohl_jZi_\l ijboh^yl d kh]eZr_gbx hlghkbl_evgh lh]h beb bgh]h f_lh^Z jZkkeZ[e_gby Ikbohl_jZi_\l jZkkfZljb\Zy ihdZaZgby fh`_l bkoh^blv ba lh]h qlh hkgh\gh_ \gbfZgb_ ij_^klhbl m^_eblv jZkkeZ[e_gbx Z lZd`_ memqr_gbx \hkijbylby iZpb_glhf k\h_]h l_eZ F_lh^ujZkkeZ[e_gbyfh]mlijbf_gylvkylZdbfh[jZahfqlhhkhagZgb_iZpb_glhfk\h_]hl_eZ ijbh[j_lZ_l\Z`gh_agZq_gb_F_lh^ujZkkeZ[e_gbyb memqr_gby\hkijbylbyiZpb_glhfk\h_]h l_eZ ohjhrh ih^oh^yl ^ey jZ[hlu k iZpb_glZfb m dhlhjuo gZjmr_gh \hkijbylb_ l_eZ beb dhlhju_ g_ hkhagZxl k\hx l_e_kghklv A^_kv ikbohl_jZi_\l fh`_l bkihevah\Zlv p_ebl_evgmx kbem \gmr_gby ² \ hkgh\_ ex[h]h f_lh^ZjZkkeZ[e_gby e_`bl \gmr_gb_ DZd kZfh\gmr_gb_ lZd b ]_l_jh]_ggh_ \gmr_gb_ lj_[mxl hl iZpb_glZ kihkh[ghklb dhgp_gljbjh\Zlvky Z lZd`_ kihkh[ghklbg_ijh^he`bl_evgh_\j_fyhklZ\Zlvkyhlghkbl_evghiZkkb\guf?keb`_\gbfZgb_ iZpb_glZqj_af_jghijb\e_dZ_l_]h[he_agvb _fmijbkms_bihohg^jbq_kdh_hlghr_gb_d k_[_ lh jZkkeZ[e_gb_ hkgh\u\Zxs__ky gZ kZfh\gmr_gbb ijhlb\hihdZaZgh >Ze__ g_h[oh^bfh qlh[uiZpb_gluohly[u\ fbgbfZevghckl_i_gbmf_ebhldexqZlvkyWlhhagZqZ_lqlhiZpb_gl ^he`_g[ulvkihkh[gufohly[udhjhldh_\j_fy^_j`Zlv]eZaZaZdjulufbjZkkeZ[e_gghe_`Zlv beb kb^_lv g_ bkiulu\Zy ijb wlhf kljZoZ f_rZxs_]h ijh\_^_gbx mijZ`g_gby gZ jZkkeZ[e_gb_ Ijb \u[hj_ l_ogbdb ke_^m_l jmdh\h^kl\h\Zlvky \ i_j\mx hq_j_^v ikboheh]bq_kdbfb hkh[_gghklyfb iZpb_glZ
F_lh^ >`_dh[khgZ Wlh wnn_dlb\gZy l_ogbdZ \ hkgh\_ dhlhjhc e_`Zl hij_^_e_ggu_ nbabheh]bq_kdb_ aZdhghf_jghklb Kmsghklv f_lh^Z ² \ nhjfbjh\Zgbb kihkh[ghklb m aZgbfZxs_]hky \hkijbgbfZlv jZaebqby \ hsms_gbyo ihklmiZxsbo hl gZijy`_gguo b jZkkeZ[e_gguoqZkl_cl_eZF_lh^>`_dh[khgZihdZaZgl_fiZpb_glZfdhlhju_g_fh]ml\hclb \ iZkkb\gh_ khklhygb_jZkkeZ[e_gby k aZdjulufb ]eZaZfb b ^_fhgkljbjmxl \ukhdmx kl_i_gv h[s_c gZijy`_gghklb >`_dh[khg ^Z_l ke_^mxsb_ j_dhf_g^Zpbb ih hkms_kl\e_gbx k\h_]h f_lh^ZgZijZdlbd_ JZkkeZ[e_gb_ijh\h^blky\ iheh`_gbbkb^ybebe_`Zk hldjulufbbebaZdjulufb]eZaZfb c rZ] IZpb_gl ih^gbfZ_l ijZ\mx jmdm b k`bfZ_l __ \ dmeZd Hg gZijy]Z_l jmdm lZd kbevghdZdlhevdhfh`_lZ aZl_fij_^hklZ\ey_ljmd_\hafh`ghklvjZkkeZ[e_gghmiZklvihke_ q_]h ke_^m_l iZmaZ hl^uoZ ijh^he`bl_evghklvx hl k_dmg^ ^h fbgmlu Lh `_ kZfh_ ² h[_bfbjmdZfb c rZ] K]b[Zy gh]m \ ]he_ghklhighf kmklZ\_ iZpb_gl \uau\Z_l __ gZijy`_gb_ b \u^_j`b\Z_l g_kdhevdh k_dmg^ \ wlhf iheh`_gbb ^h e_]dh]h mlhfe_gby Z aZl_f jZkkeZ[ey_l gh]m ihke_ q_]h ke_^m_l dhjhldZy iZmaZ hl^uoZ Lh `_ kZfh_ \uihegy_lky h[_bfb gh]Zfb Z iZmaZhl^uoZm^ebgy_lky c rZ] IZpb_glgZijy]Z_ljmdbb gh]bdZd[uehhibkZgh\ur_Z aZl_fgZijy]Z_llZd`_ `b\hl b ]jm^gmx de_ldm Hg hklZ_lky \ wlhf iheh`_gbb ^h e_]dh]h mlhfe_gby Z aZl_f jZkkeZ[ey_lky b hk_^Z_l \ dj_ke_ beb gZ dh\jbd_ ih^ ly`_klvx k\h_]h l_eZ AZl_f ke_^m_l ^h\hevghijh^he`bl_evgZyiZmaZ\ oh^_dhlhjhcikbohl_jZi_\lfh`_lhkms_kl\eylv\gmr_gb_ gZijZ\e_ggh_gZmkbe_gb_qm\kl\Zihdhy c rZ] Ihke_^h\Zl_evgh ijh\h^ylky rZ]b b [_a iZmau hl^uoZ f_`^m gbfb gh k jZkkeZ[e_gb_f ihke_ gZijy`_gby khhl\_lkl\mxsbo qZkl_c l_eZ AZ wlbf ke_^m_l gZijy`_gb_ r_b b ebpZ ihke_ q_]h ^Z_lky hl^uo ijh^he`bl_evghklvx hl ^h beb [he__ fbgml < wlh \j_fyikbohl_jZi_\lfh`_l\gmrZlvhl^uo JZkkeZ[e_gb_ k ihfhsvx Zdlb\gh]h ^uoZgby J_qv b^_l h l_ogbd_ Zdlb\gh]h ]em[hdh]h ^uoZgby k h^gh\j_f_gguf bkihevah\Zgb_f kZfh\gmr_gby ihkj_^kl\hf \gmlj_ggbo nhjfmebjh\hd \uau\Zxsbo jZkkeZ[e_gb_ Wlhl f_lh^ ihdZaZg iZpb_glZf g_ i_j_ghkysbf iZkkb\gh_ jZkkeZ[e_gb_ gh kihkh[guf gZoh^blvky \ e_`Zq_c iha_ b g_ bkiulu\Zlv ijb wlhf kljZoZ Djhf_ lh]h wlhl f_lh^ iha\hey_l iZpb_glZf bkihevamy ihlhd ^uoZgby ijbkemrb\Zlvky d k\h_fm l_em qm\kl\h\Zlv _]h Wnn_dl f_lh^Z fh`_l [ulv mkbe_g k ihfhsvx nhjfmeu kZfh\gmr_gby k dZ`^uf \u^hohf y klZgh\exkv [he__ kihdhcguf b jZkkeZ[e_ggufF_lh^ijhlb\hihdZaZgiZpb_glZfij_^jZkiheh`_ggufd ]bi_j\_glbeypbb L_ogbdZ IZpb_glm gZoh^ys_fmky \ iheh`_gbb e_`Z ij_^eZ]Z_lky ^urZlv `b\hlhf A^_kv g_h[oh^bf hij_^_e_gguc gZ\ud IZpb_gl fh`_l ij_^klZ\blv k_[_ qlh _]h `b\hl nmgdpbhgbjm_lgZih^h[b_dmag_qguof_oh\ijb\^ho_hgih^gbfZ_lkyijb\u^ho_k`bfZ_lky IZpb_gl ij_^klZ\ey_l qlh ihlhd \ha^moZ q_j_a hldjuluc jhl ihklmiZ_l \ gb`gxx qZklv `b\hlZ Z aZl_f \ha\jZsZ_lky h[jZlgh >uoZgb_ ^he`gh [ulv Zdlb\guf b kbevguf A\md h[jZamxsbcky ijb \u^ho_ ^he`_g [ulv ^hklZlhqgh ]jhfdbf Fh`gh ij_^eh`blv iZpb_glm khijh\h`^Zlv \u^ho ]jhfdbf a\mdhf : Djhf_ lh]h klhbl ihkh\_lh\Zlv iZpb_glm \gmrZlv k_[_ qlh k dZ`^uf \u^hohf hg klZgh\blky \k_ [he__ b [he__ jZkkeZ[e_gguf Ijh^he`bl_evghklv²fbg :mlh]_ggZy lj_gbjh\dZ Ikbohl_jZi_\lm ke_^m_l hkgh\Zl_evgh hk\hblv Zmlh]_ggmx
lj_gbjh\dmwe_f_gludhlhjhcfh]mlbkihevah\Zlvky\ jZfdZodjZldhkjhqghcikbohl_jZibbG_l g_h[oh^bfhklb ijbf_gylv \kx k_jbx Zmlh]_gguo mijZ`g_gbc \ jZ[hl_ k dZ`^uf iZpb_glhf ^hklZlhqgh bkihevah\Zlv l_ beb bgu_ we_f_glu F_lh^ ihdZaZg l_f iZpb_glZf dhlhju_ ^h[b\Zykv\ j_amevlZl_jZkkeZ[e_gbyfh]mlhklZ\Zlvky[_adZdh]heb[h^\b`_gby\ iheh`_gbyo kb^y beb e_`Z g_ bkiulu\Zy ijb wlhf kljZoZ Ihke_ jZamqb\Zgby mijZ`g_gbc ^Zxsbo hsms_gbyly`_klbfh]ml\dexqZlvkyikbohl_jZi_\lbq_kdb_nhjfmeu F_lh^u memqr_gby \hkijbylby iZpb_glhf k\h_]h l_eZ
m\_ebqb\Zy Z^ZilZpbhggu_ \hafh`ghklb iZpb_glZ memqrZxl \hkijbylb_ bf ijh[e_fghc kblmZpbbb mkbeb\Zxldh]gblb\gu_ijhp_kkugZijZ\e_ggu_gZihbkdiml_c__ j_r_gbyWlh\ k\hx hq_j_^v klbfmebjm_l ihablb\gh_ hlghr_gb_ hdjm`_gby Ijb ijbf_g_gbb f_lh^h\ ih^^_j`db bkihevam_lky lZd`_ ijbgpbi gZ^_`^u GZ^_`^Z kZfZ ih k_[_ ² h^bg ba kZfuo \Z`guonZdlhjh\bkp_e_gby _r_\h_ ml_r_gb_ ² g_ ih^^_j`dZ\k_jv_ahghg_\hkijbgbfZ_lky IhdZaZgby F_lh^uih^^_j`dbfh]mlijbf_gylvky\ jZ[hl_k iZpb_glZfbdhlhju_ gZ ijhly`_gbb \k_c ikbohl_jZibb beb hl^_evguo __ nZa Zdlb\gh jZ[hlZxl gZ^ k\h_c ijh[e_fhclZdqlhikbohl_jZi_\lb]jZ_lebrvjhevijh\h^gbdZih^^_j`b\Zxs_]hiZpb_glZb h^h[jyxs_]h_]h g_^hklZlhqgh wg_j]bqgu b Zdlb\gu gk hkh[_ggh gZ^_xlky gZ mki_o LZdbo iZpb_glh\ ikbohl_jZi_\l^he`_gaZjy`Zlvwg_j]b_cimklv^Z`_gZh]jZgbq_gguci_jbh^\j_f_gb g_ h[eZ^Zxl kihkh[ghklyfb qlh[u jZah[jZlvky \ k\hbo ijh[e_fZo gm`^Zxlky \ ih^^_j`d_ ikbohl_jZi_\lZ < ^Zgghf kemqZ_ ih^^_j`dZ hkms_kl\ey_lky k ihfhsvx f_lh^h\ gZijZ\e_gguogZbaf_g_gb_ijb\uq_dfure_gbyb mklZgh\hd g_ fh]ml \ h^bghq_kl\_ \u^_j`Zlv ]jma k\hbo ijh[e_f LZdhfm iZpb_glm g_h[oh^bf ikbohl_jZi_\lqlh[uijhg_klb_]hghrmA^_kvnhjfhcih^^_j`db[m^_lwfiZlby Ijhlb\hihdZaZguf_lh^uih^^_j`db\ l_okemqZyodh]^ZiZpb_glu klZjZxlky hqZjh\Zlv ikbohl_jZi_\lZ aZ\h_\Zlv _]h jZkiheh`_gb_ qlh[u aZl_f g_ ijhy\eylvgbdZdhcbgbpbZlb\uiheghklvxiheZ]ZykvgZZdlb\ghklvikbohl_jZi_\lZ ^ebl_evgh_\j_fyjmdh\h^kl\mxlkym[_`^_gb_fY gbq_]hg_agZxb gbq_]hg_fh]mHgb g_jZa\beb\ k_[_kZfhklhyl_evghklvb kkZfh]hgZqZeZkdehggu\kxhl\_lkl\_gghklv\haeZ]Zlv gZikbohl_jZi_\lZ IjZdlbq_kdh_ijbf_g_gb_ Ih^dj_ie_gb_ Ijbf_g_gb_ih^dj_ie_gby\hafh`gh\ lhfkemqZ_dh]^Zf_`^miZpb_glhfb ikbohl_jZi_\lhf mklZgh\bebkv ijh^mdlb\gu_ jZ[hqb_ hlghr_gby kf jZa^ b iZpb_gl ijhy\ey_l ^hklZlhqgmx Zdlb\ghklv Lh]^Z ikbohl_jZi_\l fh`_l h]jZgbqblvky ih^^_j`dhc ghjfZevgh ijhl_dZxs_]h ijhp_kkZ ikbohl_jZibb h[h^jyy b ih^^_j`b\Zy iZpb_glZ LZdh]h jh^Zih^dj_ie_gb_g_^he`ghihjh`^Zlvm iZpb_glZkdehgghklvd bgnZglbebafm Hgh kem`bl ijbagZgb_f iZpb_glZ jZ\ghijZ\guf mqZklgbdhf ikbohl_jZi_\lbq_kdh]h khxaZ F_gy ihjZ`Z_ldZd
iZpb_glZihie_qmIZpb_gluk ih\ur_gghcqm\kl\bl_evghklvx\hkijbfmllZdb_bgl_j\_gpbb dZdqj_af_jgh_^Z\e_gb_gZgbo iZpb_glukhkdehgghklvxd bkl_jbb²dZdihiuldmkh[eZagblv iZpb_glu kljZ^Zxsb_ gZ\yaqb\ufb khklhygbyfb ² dZd mgb`Zxsb_ bo iZpb_glu k ^_ij_kkb_c ² dZd g_aZkem`_ggu_ iZpb_glu kljZ^Zxsb_ nh[byfb beb ih^\_j`_ggu_ aZ\bkbfhklyf²dZd^h[jhgZ^Zevg_cr__mdehg_gb_hlj_r_gbyijh[e_fuKebrdhfqZklh_ ijbf_g_gb_ jZkkfZljb\Z_fuo f_lh^h\ fh`_l ijb\_klb d _s_ [hevr_fm i_j_dhkm h[uqgh kms_kl\mxs_fm\ hlghr_gbyoikbohl_jZi_\lZk lZdbfbiZpb_glZfb_eh\Zy bgnhjfZpby LZdZy bgnhjfZpby fh`_l mkihdhblv iZpb_glZ b mf_gvrblv bkiulu\Z_fuc bf kljZo =eZ\gZy p_ev IHl_jZibb khklhbl g_ \ lhf qlh[u bgnhjfbjh\Zlv iZpb_glh\ Z l_f [he__ ^Z\Zlv bf kh\_lu H^gZdh lZdZy ^_yl_evghklv gZ lhc beb bghc klZ^bb ikbohl_jZibbfh`_lkihkh[kl\h\Zlv^hklb`_gbxp_ebF_lh^ubaf_g_gbyrZ[ehgh\fure_gby bebih\_^_gbykfjZa^b ohjhrhkhq_lZxlkyk jZkkfhlj_gghc\ ij_^u^ms_fjZa^_e_ ih^^_j`dhc\ \b^_kljmdlmjbjh\Zgby ;ulv jy^hf k iZpb_glhf Fgh]b_ iZpb_glu qm\kl\mxl k_[y h^bghdbfb g_ihgylufb b g_kghkgufb Ikbohl_jZi_\l fh`_l ihdZaZlv wlbf ex^yf qlh hg ]hlh\ mklZgh\blv k gbfb hlghr_gby kh]eZkby [ulv jy^hf k gbfb b ih^^_j`b\Zlv bo >Z`_ \ l_o kemqZyo dh]^Z ih\_^_gb_iZpb_glZ\uau\Z_lm ikbohl_jZi_\lZ\hajZ`_gby\ujZ`Zlvdhlhju_g_`_eZl_evgh² wlh fh`_l ihf_rZlv ^hklb`_gbx p_eb ikbohl_jZibb ikbohl_jZi_\l \k_ `_ fh`_l ijhy\blv k\h_hlghr_gb_d lZdhfmih\_^_gbxiZpb_glZb dwlhcklhjhg__]hebqghklb Y qm\kl\mxqlhohjhrhihgbfZxhabjh\Zggucl_e_kgucdhglZdlk iZpb_glhffh`_lhdZaZlvkywnn_dlb\gufg_\_j[Zevguf kj_^kl\hfih^^_j`db DZdb_hrb[dbkhklhjhguikbohl_jZi_\lZ\hafh`guijbhdZaZgbbbfih^^_j`db" QZklh ih^^_j`dZ hlh`^_kl\ey_lky k ihoehiu\Zgb_f iZpb_glZ ih ie_qm k Z^j_kh\Zggufb _fm kh\_lZfb b ml_r_gbyfb B ohly m ikbohl_jZi_\lZ fh]ml [ulv kZfu_ ^h[ju_ gZf_j_gby wnn_dl \ukdZau\Zgbc lZdh]h jh^Z dZd G_ lZd m` wlh iehoh \k_ meZ^blky fh`_l [ulv g_h^ghagZqguf ?keb \ ihgbfZgbb ikbohl_jZi_\lZ ml_rZlv hagZqZ_l mkihdZb\Zlv iZpb_glZ kgb`Zlv agZq_gb_ bkiulu\Z_fuo bf qm\kl\ b ij_mf_gvrZlv keh`ghklv kblmZpbb \ dhlhjhc hg gZoh^blky lh iZpb_gl ihqm\kl\m_l qlh _]h g_ ihgbfZxl Kh\_lu ihoehiu\Zgb_ ih ie_qm
ij_^iheZ]Zxl g_jZ\_gkl\h hlghr_gbc ijb dhlhjhf h^gZ ba klhjhg \uklmiZ_l \k_agZxs_c b mf_ehcZ \lhjZy²g_\_`_kl\_gghcb [_kihfhsghc
IJBF?JU
IZpb_gl\ ^_ij_kkbb IZpb_gl dhlhjhfm lh]^Z [ueh e_l h[jZlbeky dh fg_ q_j_a g_kdhevdh f_kyp_\ ihke_ kf_jlb k\h_c `_gu Ohly `_gZ [he_eZ m`_ ^h\hevgh ijh^he`bl_evgh_ \j_fy __ kf_jlv \ \hajZkl_ e_l hl Zihie_dkbq_kdh]h m^ZjZ y\beZkv ^ey iZpb_glZ g_h`b^Zgghklvx Y dhgkmevlbjh\ZeZ `_gm iZpb_glZgZ ijhly`_gbb ijh^he`bl_evgh]h \j_f_gb ^h ^hklb`_gby _x e_l ih ih\h^m ^_ij_kkbb dhlhjhc hgZ i_jbh^bq_kdb kljZ^ZeZ < lhl i_jbh^ y \j_fy hl \j_f_gb\klj_qZeky k __ fm`_f b hg ihdZaZeky fg_ q_eh\_dhf wg_j]bqguf mjZ\gh\_r_gguf `bag_jZ^hklgufb h[sbl_evguf;m^mqbfh`ghkdZaZlvk_f_cgufl_jZi_\lhf^eywlboex^_c y dhglZdlbjh\Ze k iZpb_glhf ihke_ kf_jlb _]h `_gu ihkj_^kl\hf i_j_ibkdb b baj_^dZ l_e_nhgguo jZa]h\hjh\ < i_j\u_ g_^_eb ihke_ i_qZevgh]h kh[ulby hg ^_fhgkljbjh\Ze Z^_d\Zlgmx j_Zdpbx i_qZeb ohly _]h `Zeh[u gZ hrb[db \jZq_c ydh[u ^hims_ggu_ ijb e_q_gbb_]h`_gudZaZebkvfg_g_\iheg_h[hkgh\Zggufb ;eZ]h^Zjy fgh]he_lgbf dhglZdlZf k wlhc k_fv_c h^gZ`^u aZ dhgkmevlZpb_c \ k\yab k djbabkhfih^jhkldh\h]h\hajZklZdhfg_h[jZsZeZkvb bofeZ^rZy^hqv m f_gyk kZfh]hgZqZeZ mklZgh\bebkvijhqgu_l_jZi_\lbq_kdb_hlghr_gbyk iZpb_glhfLZdqlhm`_gZi_j\hck_kkbb fg_ m^Zehkv ijbklmiblv d ZgZebam ijh[e_fu Q_j_a g_kdhevdh g_^_ev ihke_ kf_jlb `_gu iZpb_glkZfh[jZlbe\gbfZgb_gZlhqlhhgbahebjh\Zek_[yhl\g_rg_]hfbjZij_djZlb\\k_ k\hb ^_eZ dhlhjufb aZgbfZeky ij_`^_ L_i_jv hg \k_ \j_fy ijh\h^be \ k\h_c d\Zjlbj_ dhlhjmx ihdb^Ze ebrv ^ey lh]h qlh[u dmiblv kZfh_ g_h[oh^bfh_ ;hevr_c qZklvx hg g_ih^\b`gh kb^_e ih]jm`_gguc \ \hkihfbgZgby h ijhrehf QZs_ \k_]h hg jbkh\Ze \ k\h_f \hh[jZ`_gbb kh[ulby ihke_^gbo g_^_ev i_j_^ kf_jlvx `_gu ?]h ij_ke_^h\ZeZ fukev qlh `_gmfh`gh[ueh[ukiZklb_keb[uhlghr_gb_\jZq_cd g_cjhobjmj]bq_kdhfm\f_rZl_evkl\m g_[uehklhevkd_ilbq_kdbf
b iZpb_glh[gZjm`beqlhaylvhlghkblkyd g_fm^h\hevghijhoeZ^gh^Z`_hljbpZl_evghIhke_ kf_jlbfZl_jb^hqvb aylv\ukdZaZebih`_eZgb_ihemqblvk\hx^hexgZke_^kl\Zqlh[udmiblv k\hckh[kl\_gguc^hfGh\ [jZqghfdhgljZdl_f_`^mfZl_jvxb hlphfmdZau\Zehkvqlhihke_ kf_jlbh^gh]hbakmijm]h\^jm]hcihemqZ_lijZ\hgZ\eZ^_gb_\k_fbfms_kl\hf\ lhfqbke_b fZe_gvdbf ^hfbdhf \ LhkdZg_ dhlhjuc hgb hq_gv ex[beb Bf_ggh wlh b \ua\Zeh g_m^h\hevkl\b_ ^hq_jb dhlhjZy gZ^_yeZkv qlh kfh`_l ijh\h^blv lZf kh k\h_c k_fv_c fgh]h \j_f_gbGhiZpb_glZjZkkljhbebg_klhevdhfZl_jbZevgu_ij_l_gabb^hq_jbkdhevdh__ j_adbc lhgb hlkljZg_ggZyihabpby < hl\_lgZ\hijhkihq_fmhgkZfhldZau\Z_lkyhldhglZdlh\khk\h_c\_kvfZm`_ih`behc gZ e_l _]h klZjr_ k_kljhc hlghr_gby k dhlhjhc ij_`^_ m g_]h [ueb l_ieufb iZpb_gl g_h`b^Zggh ijbgyeky mij_dZlv __ Hg \k_]^Z qm\kl\h\Ze qlh k_kljZ klj_fblky aZgylv ^hfbgbjmxs__iheh`_gb_\ bohlghr_gbyoIhke_kf_jlbbofZl_jbdhlhjZymf_jeZfheh^hc k_kljZ \uihegyeZ lZd kdZaZlv fZl_jbgkdb_ nmgdpbb Hg \k_]^Z aZ\b^h\Ze k\h_c k_klj_ __ m\_j_gghklb\ k_[_Z iha`___ mki_oZf\ dhff_jq_kdhc^_yl_evghklb GZ i_j\uo lj_o k_kkbyo [ueh kh[jZgh fgh]h bgnhjfZpbb dZkZxs_cky km[t_dlb\gh]h \hkijbylby ijh[e_fu iZpb_glhf qlh iha\hebeh i_j_clb d ZgZebam ijh[e_fu < _]h \ukdZau\Zgbyo gZjy^m k i_qZevx \ua\Zgghc ihl_j_c `_gu [hevrh_ f_klh aZgbfZeb lZd`_ `Zeh[ugZ jh^kl\_ggbdh\ ij_`^_ \k_]h gZ feZ^rmx ^hqv b klZjrmx k_kljm
i_j_^wlbfk fZl_jvx AZl_f ihke_^h\ZeZ ikbohl_jZi_\lbq_kdZy ihklZgh\dZ p_eb < k\hbo \hkihfbgZgbyo h k\h_c mf_jr_c `_g_ y ^he`_g kfhlj_lv gZ ijhreh_ [he__ j_Zebklbqgh Wlh h[e_]qbl fg_ h[j_l_gb_ g_aZ\bkbfhklb hl g__ Y ^he`_g hk\h[h^blvky hl fuke_c h jZahqZjh\Zgbyo b [he_agyoFg_ke_^m_lkZfhklhyl_evghij_^ijbgylvg_qlhlZdh_qlhiha\hebeh[ufg_ih\_jblv \ k\hbkihkh[ghklb Y jZajZ[hlZe ieZg ikbohl_jZibb dhlhjuc ij_^mkfZljb\Ze gZ i_j\hf wlZi_ ihke_^h\Zl_evgh hkms_kl\ey_fmx jZ[hlm k i_qZevx qlh ^he`gh [ueh kha^Zlv m iZpb_glZ j_Zebklbq_kdmx dZjlbgm _]h hlghr_gbc k `_ghc dhlhju_ \j_f_gZfb [ueb \_kvfZ g_h^ghagZqgufbKe_^h\ZehlZd`_ijh\_jblv]bihl_amkh]eZkghdhlhjhcmkbeb\Z\r__ky\^jm] haeh[e_gb_ \ hlghr_gbb^hq_jbb k_klju[ueh \ua\Zgh \ khhl\_lkl\bb k ikboh^bgZfbq_kdhc ljZdlh\dhc k^\b]hf jZahqZjh\Zgby b aehklb gZ `_gm ihke_ kf_jlb dhlhjhc hg ihqm\kl\h\Ze k_[y [jhr_gguf gZ ijhba\he km^v[u IZpb_gl h^gZdh g_ \ujZabe kh]eZkby ijh\_klb jZ[hlm dZkZxsmxkykhi_jgbq_kl\Zf_`^m[jZlhfb k_kljhc Fh_ h[jZs_gb_d aj_euf we_f_glZf Y iZpb_glZb kh\f_klguck gbfdh]gblb\gucZgZeba\hkijbylbybfih\_^_gby^hq_jbhdZaZebkv [he__mki_rgufbIj_^klhyehlZd`_\hkklZgh\blv_]hkihkh[ghklbd h[s_gbxdhlhju_\ k\h_ \j_fy iha\hebeb _fm kha^Zlv ohjhrb_ hlghr_gby kh fgh]bfb ex^vfb b ih^^_j`b\Zlv bo < ieZg ikbohl_jZibb [ueb \dexq_gu lZd`_ ijb_fu kihkh[kl\mxsb_ Zdlb\baZpbb khagZgby Z lZd`_f_juih^^_j`db Ihke_^mxsb_ ijbf_jgh ikbohl_jZi_\lbq_kdbo k_kkbc [ueb ihk\ys_gu ijhjZ[hld_ ijh[e_fu < bo oh^_ iZpb_gl ihkl_i_ggh ba[Z\eyeky hl fuke_c qlh \jZqb fh]eb kiZklb _]h `_gm_keb[ulhevdhlh]hih`_eZebK ihfhsvxZglb^_ij_kkZglh\aZg_kdhevdhg_^_evm^Zehkv kms_kl\_ggh mf_gvrblv bkiulu\Z\rmxky iZpb_glhf gZijy`_gghklv ?]h khg memqrbeky hg kgh\Z[uekihkh[_gijhy\eylvmkbe_ggucbgl_j_kd kh[ulbyfijhbkoh^ysbf\h\g_rg_ffbj_ ?]h le_xs_fm dhgnebdlm k ^hq_jvx [ueZ ^ZgZ ke_^mxsZy ljZdlh\dZ ih\_^_gb_ ^hq_jb h[mkeh\e_gh__ hl^Ze_gb_fhl JZ[hlZ i_qZeb 7UDXHUDUEHLW ² l_jfbg \\_^_gguc Nj_c^hf KljZ^Zxsbc hl ihl_jb [eba dh]h q_eh\_dZ b li iZpb_gl \ oh^_ jZ[hlu i_qZeb ihkl_i_ggh k\udZ_lky k gh\hc `bag_gghc kblmZpb_c JZ[hlZ k i_qZevx ke_^m_l wlhfm _kl_kl\_gghfm f_oZgbafm ² Ijbf i_j_\h^qbdZ fZl_jb b hl g_]h hlpZ B dh]^Z g_kdhevdh g_^_ev kimkly ^hqv iha\hgbeZ b ih]h\hjbeZ k gbf imklv b \ g_dhlhjhc kl_i_gb hlqm`^_ggh iZpb_gl ihqm\kl\h\Ze k_[y g_ ^hklhcguf kh`Ze_gbyihdbgmluf\^h\phfZ ^_^mrdhcqe_ghfk_fvbg_bf_xsbfm`_ij_l_gabcd k\h_c ^hq_jb Ih ^_em h gZke_^kl\_ khklhyehkv g_ kdhevdh kemrZgbc k mqZklb_f ^hq_jb b iZpb_gl aZjZg__]hlh\bekyd gbfk fh_cihfhsvxqlhiha\hebeh_fmkhagZgb_f^_eZhlklZb\Zlvk\hb ijZ\Zg_h[\bgyyijbwlhf^hqvb aylyHg[uehq_gvm^b\e_gihemqb\\kdhj_ijb]eZr_gb_\ ^hf^hq_jb]^__fmkhh[sbebh jh`^_gbb\lhjh]h\gmdZ< j_amevlZl_hlghr_gb_iZpb_glZd ^hq_jbb aylxbaf_gbehkvd emqr_fmHg\hah[gh\belZd`_ihk_s_gbyk\h_ck_kljuhgZ[ueZ gZ e_l klZjr_ _]h b dh \j_f_gb \hah[gh\e_gby ihk_s_gbc __ a^hjh\v_ k_jv_agh ihrZlgmehkv IZpb_gl kfh] ijh\_klb jZaebqb_ f_`^m ^hfbgbjh\Z\r_c gZ^ gbf k fZl_jbgkdbfbaZfZrdZfbk_kljhc_]h^_lkl\Zdhlhjmxhg\ hij_^_e_gghfkfuke_ihij_`g_fm
[hyeky b wlhc klZjhc h^bghdhc keZ[hc `_gsbghc gm`^Zxs_cky \ _]h fZl_jbZevghc ih^^_j`d_ Hkh[_ggh\hh^mr_\behiZpb_glZij_^eh`_gb_ijbgylvmqZklb_\ jZ[hl_h^gh]hkhpbZevgh p_jdh\gh]h h[t_^bg_gby ?fm [ueZ ihjmq_gZ hj]ZgbaZpby \klj_q ih`beuo ex^_c h^gh]h ba jZchgh\J_]meyjgu_aZk_^Zgbyb h[km`^_gbyiha\hebeb_fm\hah[gh\blvdhglZdlukhfgh]bfb k\hbfb agZdhfufb qlh \_eh lZd`_ d h[f_gm \bablZfb k gbfb LZd _fm kgh\Z ij_^klZ\beZkv \hafh`ghklv\uklmiZlv\ jhebq_eh\_dZhdZau\Zxs_]hihfhsv < oh^_ieZgbjh\Zgbyikbohl_jZibbk kZfh]hgZqZeZkh\_jr_gghq_ldh[uebh[hagZq_gu__ \j_f_ggu_ ]jZgbpu IZpb_gl hlg_kky d wlhfm k h^h[j_gb_f ihkdhevdm \ kbem jy^Z \g_rgbo h[klhyl_evkl\ih_a^dbd ikbohl_jZi_\lm[ueb^eyg_]hg_e_]dbf^_ehf;_k_^ul_fhcdhlhjuo [ueZihl_jykmijm]bihklhygghgZihfbgZebb hij_^klhys_fjZkklZ\Zgbbk ikbohl_jZi_\lhf< oh^_ g_kdhevdbo ihke_^gbo k_kkbc iZpb_gl ^h\hevgh wfhpbhgZevgh \ujZ`Ze hiZk_gby hlghkbl_evghk\hbokihkh[ghkl_ckijZ\blvkyk kblmZpb_c\ iheghfh^bghq_kl\_HgijbagZe lZd`_qlh ikbohl_jZi_\l \uihegye \ _]h ij_^klZ\e_gbb g_dhlhju_ba nmgdpbb hkms_kl\eylv dhlhju_^he`gZ[ueZkh[kl\_ggh_]h^hqv LZd qlh jZkklZ\Zgb_ k ikbohl_jZi_\lhf ihke_ aZ\_jr_gby ikbohl_jZibb ^Zehkv _fm g_e_]dh<_^v\ _]hihgbfZgbbikbohl_jZi_\l^he]b_]h^ukhijbdZkZ\rbckyk _]hk_fv_cklZe qZklvx bklhjbb k_fvb Gh ikbohl_jZi_\l aZ\_jbe iZpb_glZ qlh bf_ggh \ kbem wlh]h h[klhyl_evkl\Z _fm [m^_l e_]dh kgh\Z mklZgh\blv dhglZdl k gbf _keb h[klhyl_evkl\Z lh]h ihlj_[mxl DhgljhevgZyk_kkby khklhy\rZykyq_j_ar_klvf_kyp_\ihke_aZ\_jr_gbyikbohl_jZibb ihdZaZeZ qlh gZkljh_gb_ iZpb_glZ [ueh mklhcqb\uf b hg ohjhrh qm\kl\h\Ze k_[y \ gh\hc khpbZevghc jheb G_dhlhjh_ jZahqZjh\Zgb_ \uau\Zeh \ g_f lh h[klhyl_evkl\h qlh _]h hlghr_gbyk k_fv_cfeZ^r_c^hq_jb[uebg_^hklZlhqghl_ieufbohlyhghohlgh\ayegZk_[y bkiheg_gb_ jheb ^_^mrdb AZ bkl_dr__ \j_fy hg Zdlb\gh h[f_gb\Zeky \bablZfb k fgh]hqbke_ggufb ^jmavyfb ijbgbfZy g_dhlhjuo ba gbo \ k\h_f ^hfbd_ \ LhkdZg_ lZd qlh kdmqZlv _fm [hevr_ g_ ijboh^behkv IZpb_gl ih^^_j`b\Ze k\yav k k_f_cguf ikbohl_jZi_\lhf j_]meyjgh ihkueZy _fm ibkvfZ gZ Gh\uc ]h^ < \hajZkl_ e_l hg g_h`b^Zgghmf_j\ j_amevlZl_bgnZjdlZ KemqZciZpb_gldbbkiulu\Z\r_ckljZob Gb`_ ijb\h^blky ijbf_j kljmdlmjbjh\Zgby IHl_jZibb \ khhl\_lkl\bb k iheh`_gbyfb ijb\_^_ggufb\ ]e AZfm`gyy g_jZ[hlZxsZy `_gsbgZ e_l \ l_q_gb_ fgh]bo f_kyp_\ bkiulu\ZeZ \k_ mkbeb\Zxsb_ky kljZob Z]hjZnh[bx ?_ fm` ² qbgh\gbd kj_^g_]h jZg]Z ² klj_fbeky ijh^\bgmlvky ih kem`_[ghc e_klgbp_ b \ wlhc k\yab \ ihke_^g__ \j_fy fgh]h aZgbfZeky gZ dmjkZo ih\ur_gby d\ZebnbdZpbb KZfZ iZpb_gldZ g_ jZ[hlZeZ k gZqZeZ aZfm`_kl\Z H[Z __ j_[_gdZ mqbebkv \ ]bfgZabb Ijbf_jgh ^\Z ]h^Z gZaZ^ k iZpb_gldhc ijhbahr_e g_kqZklguc kemqZc khijh\h`^Z\rbcky e_]dbf khljyk_gb_f fha]Z < j_amevlZl_ hgZ bkiulu\Z_l \j_fy hl \j_f_gb e_]db_ gZjmr_gby djh\hh[jZs_gby JZa\blb_ nh[bb reh f_^e_ggh gh \ ihke_^gb_ f_kypu i_j_^ gZqZehf ikbohl_jZibb iZpb_gldZ m`_ g_ j_rZeZkv \uoh^blv ba ^hfZ [_a khijh\h`^Zxs_]h < oh^_ i_j\hc nZau ikbohl_jZibb ikbohl_jZi_\l klZjZeZkv mklZgh\blv k iZpb_gldhc ijhqgu_ dhgkljmdlb\gu_ hlghr_gby IZpb_gld_ [ueZ ij_^hklZ\e_gZ \hafh`ghklv ih^jh[gh
hibkZlv k\hb ljm^ghklb b k\hx `bag_ggmx kblmZpbx h]hjqZ\rmx __ HgZ khh[sbeZ h k\hbo kljZoZo iZgbd_ ebrZxsbo __ \hafh`ghklb \uoh^blv ba ^hfZ kZfhklhyl_evgh >Z`_ m k_[y ^hfZhgZbgh]^Zbkiulu\ZeZkljZoijbh^ghcfukebh lhfqlh_cij_^klhbldZdh_lh^_ehaZ ij_^_eZfb ^hfZ M\_j_gg__ hgZ qm\kl\h\ZeZ k_[y lh]^Z dh]^Z __ dlhgb[m^v khijh\h`^Ze hkh[_ggh_kebwlh[ue__ fm`HgijZ\^Zg_hkh[_gghihgbfZe__ kljZobgh\ ihke_^g__\j_fy klZjZeky [u\Zlv k g_c ihqZs_ gZkdhevdh _fm iha\heyeb jZ[hlZ b aZgylby ih ih\ur_gbx d\ZebnbdZpbb Ikbohl_jZi_\l aZgbfZeZ ihabpbx dhlhjmx fh`gh hoZjZdl_jbah\Zlv lZd \gbfZgb_ wfiZlby b ih^^_j`dZ HgZ \ujZ`ZeZ iZpb_gld_ k\h_ ihgbfZgb_ l_o ljm^ghkl_c dhlhju_ lZ bkiulu\ZeZ H^gh\j_f_ggh hgZ h[tykgyeZ iZpb_gld_ qlh k __ kljZoZfb fh`gh kijZ\blvky qlh bo fh`gh ij_h^he_lv ^ey q_]h g_h[oh^bfh Zdlb\gh_ khljm^gbq_kl\h iZpb_gldbfh[bebaZpby_xk\hbokbeIkbohl_jZi_\l]h\hjbeZlZd`_qlh\_jbl\ \hafh`ghklb iZpb_gldb b baeh`beZ _c k\hx dhgp_ipbx ikbohl_jZibb ih^q_jdgm\ \ i_j\mx hq_j_^v hjb_glbjh\Zgghklv gZ ijh[e_fm b h]jZgbq_gghklv \h \j_f_gb IZpb_gld_ [ueh ij_^eh`_gh \ukdZaZlv k\h_ fg_gb_ aZ^Zlv \hijhku b \ujZablv k\h_ kh]eZkb_ gZ ikbohl_jZibx aZdexqb\ khhl\_lkl\mxsbcdhgljZdl GZ ke_^mxs_f \lhjhf wlZi_ ikbohl_jZibb \ p_glj_ \gbfZgby hdZaZeky \hijhk dZd kZfZ iZpb_gldZ h[tykgy_l \hagbdgh\_gb_ k\h_c ijh[e_fu ^jm]bfb keh\Zfb dZd \u]ey^bl km[t_dlb\gZyl_hjby[he_agb iZpb_gldbIZpb_gldZ\ujZabeZk\h_m[_`^_gb_\ lhfqlh__ khklhygb_k\yaZghk g_kqZklgufkemqZ_fijhbkr_^rbfk g_x^\Z]h^ZgZaZ^H^gZ`^uihke_ lh]h kemqZy hgZ bkiulZeZ keZ[hklv gZoh^ykv \ i_j_iheg_gghf mgb\_jfZ]_ KeZ[hklv [ueZ k\yaZgZ k gZjmr_gb_f ^_yl_evghklb k_j^_qghkhkm^bklhc kbkl_fu b l_i_jv iZpb_gldZ hiZkZ_lkylh]hqlhlZdh_fh`_lih\lhjblvkyk g_c\ ex[hcfhf_gl< lhljZahgZg_h`b^Zggh miZeZb gbdlhg_ijbr_e_cgZihfhsvDjhf_lh]hihke_g_kqZklgh]hkemqZy__ kihkh[ghklvd dhgp_gljZpbb \gbfZgby mom^rbeZkv Z wlh fh`_l ijb\_klb d gh\hfm g_kqZklghfm kemqZx IZpb_gldZkhh[sbeZlZd`_qlhb jZgvr_[ueZ^h\hevghjh[dhcGhh[tykgblvijbqbgmlZdh]h j_adh]hmkbe_gbykljZoZg_kfh]eZKljZo^_eZ_l__ g_j_rbl_evghcb [_kihfhsghcIhke_lh]h dZd iZpb_gldZ baeh`beZ k\hc km[t_dlb\guc \a]ey^ gZ ijh[e_fm ikbohl_jZi_\l h[tykgbeZ _c gZkdhevdh \Z`gh _s_ \gbfZl_evg__ ijbkfhlj_lvky d ijh[e_f_ qlh[u gZclb ih^oh^ys__ kj_^kl\h __ j_r_gby l_ kj_^kl\h ij_h^he_gby kljZoZ LZd gZqZeky c wlZi ikbohl_jZibb ² ZgZeba ijh[e_fu KgZqZeZ [ueb ih^jh[gh jZkkfhlj_gu dhgdj_lgu_ kblmZpbb \g_rgb_ b \gmlj_ggb_ \uau\Zxsb_ kljZo b bo ihke_^kl\by ^ey iZpb_gldb j_Zdpbb ba[_]Zgby g_h[oh^bfhklv\ khijh\h`^Zxsboex^yoh]jZgbq_gb_`bag_ggh]hijhkljZgkl\Z AZl_fk mq_lhfaZy\e_gbyiZpb_gldbh lhfqlhhgZb jZgvr_[ueZ^h\hevghjh[dhc[ueb jZkkfhlj_gu kblmZpbb ba __ ijhreh]h dhlhju_ fh]eb dZdeb[h h[tykgblv __ l_i_j_rgxx ijh[e_fm HdZaZehkv qlh iZpb_gldm dhlhjZy [ueZ _^bgkl\_gguf j_[_gdhf hq_gv [Zeh\ZeZ fZlvGhdh]^Z^_\hqd_ijbreh\j_fyihclb\ rdhemfZlv\_jgmeZkvgZk\hxij_`gxxjZ[hlm b m`_[hevr_g_kfh]eZm^_eylv^hq_jblZd`_fgh]h\j_f_gbdZdij_`^_< ihke_^gb_]h^u iZpb_gldZohl_eZ[ueh\hah[gh\blvijhn_kkbhgZevgmx^_yl_evghklv lZd dZd^_lb ih^jhkebb m`_ g_ lZd gm`^Zebkv \ moh^_ dZd ij_`^_ H^gZdh ijbreZ d fg_gbx qlh ijhn_kkbhgZevgZy ^_yl_evghklvg_kh\f_klbfZk __h[yaZgghklyfbfZl_jbb ^hfZrg_cohaycdb< ^_lkl\_hgZhq_gv hl\_lkl\_gghhlghkbeZkvd lZdbfk\hbfh[yaZgghklyfdZdmq_[Zb ihfhsvih^hfmB __fm`m qlh[ukhkj_^hlhqblvkygZijhn_kkbhgZevghfjhkl_g_h[oh^bfohjhrhhj]Zgbah\Zgguc[ul KdZaZggh_ ih^\h^bl d \hijhkm h nmgdpbhgZevghf agZq_gbb ijh[e_fu ^ey l_i_j_rg_c
`bag_gghc kblmZpbb iZpb_gldb b __ hlghr_gbc k iZjlg_jhf IZpb_gldZ kqblZeZ k\hc [jZd ]Zjfhgbqguf ohly __ b h]hjqZeh qlh fm` aZgyluc \hijhkZfb ijhn_kkbhgZevgh]h kh\_jr_gkl\h\Zgby g_ fh] m^_eylv ^hklZlhqgh \j_f_gb k_fv_ Gh \f_kl_ k l_f hgZ aZf_lbeZ qlh __ fm` \ ihke_^gb_ f_kypu klZjZeky [hevr_ \j_f_gb ijh\h^blv ^hfZ b ihfh]Zlv _c H[km`^Zebkv lZd`_ __ `_eZgby b h`b^Zgby dZkZxsb_ky hj]ZgbaZpbb __ ebqghc `bagb GZ \hijhkikbohl_jZi_\lZ]h\hjbeZebhgZgZwlbl_fuk fm`_fiZpb_gldZhl\_lbeZhljbpZl_evgh GZ hkgh\Zgbb hkms_kl\e_ggh]h ZgZebaZ ijh[e_fu hdZaZehkv \hafh`guf \u^\bgmlv g_kdhevdh ]bihl_a b gZ f wlZi_ ikbohl_jZibb hij_^_e_gb_ ijh[e_fu i_j_clb d \u[hjm ki_pbZevguokj_^kl\ikbohl_jZibb Ikboh^bgZfbq_kdZy ]bihl_aZ kljmdlmjZ ebqghklb iZpb_gldb oZjZdl_jbam_lky iZkkb\ghklvx b aZ\bkbfhklvx \hagbdrbc m iZpb_gldb \ ^_lkl\_ Z aZl_f \ul_kg_gguc kljZo ihl_jb \ha\jZsZ_lky \ j_amevlZl_ \hajhkr_c ijhn_kkbhgZevghc aZgylhklb fm`Z ih\lhjyxsb_kyi_j_`b\Zgby =bihl_aZ hkgh\u\ZxsZyky gZ l_hjbb \aZbfh^_ckl\by bgl_jZdpbb \ djblbq_kdhc nZa_ `bagbiZpb_gldZhdZaZeZkv\h\e_q_gghc\ dhgnebdlf_`^mklj_fe_gb_fd h[j_l_gbxijbagZgby b kZfhj_ZebaZpbb gZijbf_j \ ijhn_kkbhgZevghc ^_yl_evghklb k h^ghc klhjhgu b klj_fe_gb_f __ fm`Z k^_eZlv dZjv_jm KljZob bkiulu\Z_fu_ iZpb_gldhc ^he`gu \hkklZgh\blvkms_kl\h\Z\r__ij_`^_\ bohlghr_gbyo jZ\gh\_kb_b mdj_iblvwlbhlghr_gby gZ^dhlhjufbydh[ugZ\bkeZhiZkghklv =bihl_aZ hkgh\u\ZxsZyky gZ l_hjbb gZmq_gby hij_^_e_ggu_ i_j_`b\Zgby iZpb_gldb ijb\_eb \ j_amevlZl_ nhjfbjh\Zgby khhl\_lkl\mxsbo mkeh\guo j_ne_dkh\ d nh[bb dhlhjZy khojZgy_lky b mkbeb\Z_lky \ j_amevlZl_ bkihevam_fhc iZpb_gldhc kljZl_]bb ba[_]Zgby b hkh[_ggh\ j_amevlZl_ih\_^_gby__ fm`Z G_ kms_kl\m_l djbl_jb_\ gZ hkgh\Zgbb dhlhjuo fh`gh [ueh [u kdZaZlv dZdZy ba wlbo ]bihl_a \_jgZ Ikbohl_jZi_\l \ IHl_jZibb kh\f_klgh k iZpb_glhf \uykgyxl dZdZy ba ]bihl_aih^oh^bl^eylZdh]hhij_^_e_gbyijh[e_fudhlhjh_fh`_l[ulvijbgylhiZpb_glhfb ihkem`bl hkgh\Zgb_f ^ey jZajZ[hldb ijb_fe_fhc ^ey iZpb_gldb ikbohl_jZi_\lbq_kdhc kljZl_]bb< khhl\_lkl\bbk \ur_kdZaZggufikbohl_jZi_\lihiulZeZkvbaeh`blv\u^\bgmlu_ ]bihl_auijhklufb ^hklmiguf_cyaudhfIkboh^bgZfbq_kdZyb bgl_jZdpbhgbklkdZy]bihl_au hdZaZebkv ^ey iZpb_gldb ih djZcg_c f_j_ gZ wlhf wlZi_ ikbohl_jZibb fZehijb_fe_fufb AgZqbl_evgh[hevr_ihgjZ\beZkv_c]bihl_aZhkgh\u\ZxsZykygZl_hjbbgZmq_gbylZddZdhgZ [ueZ[ebadZd __kh[kl\_gghcfh^_ebh[tykg_gbyIkbohl_jZi_\lh[tykgbeZiZpb_gld_qlhk\hc hiul ihemq_gguc \ hij_^_e_gguo kblmZpbyo hgZ i_j_ghkbl gZ ^jm]b_ kblmZpbb b qlh qbkeh lZdbokblmZpbc\hajZklZ_lIZpb_gld_[uehkdZaZghlZd`_qlh wlhlijhp_kk fh`ghih\_jgmlv \kiylv>eywlh]h_cij_^klhblhdZaZlvky\ kblmZpbyo^hkboihj_xba[_]Z_fuob m[_^blvky qlhijbwlhfg_ijhbkoh^blgbq_]hm`Zkgh]h\hagbdZxsbckljZo\iheg_fh`gh\u^_j`Zlvb \ j_amevlZl_ kljZo [m^_l hkeZ[_\Zlv Hij_^_e_gb_ ijh[e_fu ^ey iZpb_gldb a\mqZeh lZd DZd fh]m y jZamqblvky bkiulu\Zlv kljZo dhlhjhfm gZmqbeZkv b l_f kZfuf \gh\v jZkrbjblv k\h_ `bag_ggh_ ijhkljZgkl\h" Dhgdj_lgZy p_ev ikbohl_jZibb [ueZ knhjfmebjh\ZgZ lZd Y ohqm gZklhevdh mf_gvrblv k\hc kljZo qlh[u bf_lv \hafh`ghklv \gh\v kZfhklhyl_evgh [_a khijh\h`^Zxsbo i_j_f_sZlvky aZ ij_^_eZfb ^hfZ Fu khagZl_evgh hldZaZebkv hl nhjfmebjh\db ijh\ha]eZrZxs_c ihegh_ hk\h[h`^_gb_ hl kljZoZ ihfgy h lhf qlh ihklZ\e_ggZyp_ev^he`gZ[ulvj_Zebklbqghc
L_f kZfuf [ueb kha^Zgu ij_^ihkuedb ^ey hkms_kl\e_gby iylh]h wlZiZ ikbohl_jZibb ² ijhjZ[hldb ijh[e_fu Kh\f_klgh k iZpb_gldhc [ueZ jZajZ[hlZgZ khhl\_lkl\mxsZy __ bg^b\b^mZevgufhkh[_gghklyfijh]jZffZkhklhysZybamijZ`g_gbcih\_^_gq_kdhcl_jZibbb gZijZ\e_ggZy gZ ihkl_i_ggmx ^_k_gkb[bebaZpbx \ujZ[hldm g_\hkijbbfqb\hklb d kljZom GZ g_dhlhjuoikbohl_jZi_\lbq_kdbok_kkbyoijbkmlkl\h\ZelZd`_fm`iZpb_gldbdhlhjhfm[ueZ h[tykg_gZ kmsghklv ikbohl_jZi_\lbq_kdbo f_jhijbylbc ?fm lZd`_ [ueh jZkkdZaZgh h lhc ih^^_j`d_ dhlhjmx hg fh`_l hdZaZlv k\h_c `_g_ IZpb_gldZ k wglmabZafhf \ayeZkv aZ mijZ`g_gbyb gZi_j\hfwlZi_^h[beZkvohjhrboj_amevlZlh\ Ijhp_kkijbhklZgh\beky dh]^Z iZpb_gldZ aZf_lbeZ qlh ih f_j_ lh]h dZd __ khklhygb_ memqrZ_lky __ fm` \gh\v gZqbgZ_l f_gvr_ aZ[hlblvky h g_c IZpb_gldZ \ukdZaZeZ ij_^iheh`_gb_ qlh ^ey __ fm`Z ijhn_kkbhgZevgZy dZjv_jZ \Z`g__ q_f bo hlghr_gby HgZ bkiulu\ZeZ ^Z`_ hiZk_gby qlh qZklu_hlemqdbfm`Zfh]ml[ulvk\yaZguk l_fqlhm g_]hihy\bebkv\g_[jZqgu_k\yab Ikbohl_jZi_\lm m^Zehkv kha^Zlv m iZpb_gldb fhlb\Zpbx g_h[oh^bfmx ^ey ijh^he`_gby \uiheg_gby ijh]jZffu mijZ`g_gbc H^gh\j_f_ggh ikbohl_jZi_\l h[jZlbeZkv d bkiulu\Z_fhfm iZpb_gldhc kljZom ihl_jb l_i_j_rgbo __ hlghr_gbc b ihiulZeZkv ihemqblv bgnhjfZpbx h i_j_`b\Zgbyo bkiulZgguo iZpb_gldhc \ ^_lkl\_ M iZpb_gldb wlh \ua\Zeh ijhl_kl ihkdhevdm hgZ kqblZeZ qlh l_i_j_rgyy __ kblmZpby g_ kjZ\gbfZ k lhc dZdZy [ueZ \ ^_lkl\_ HgZ ih`_eZeZ h^gZdh m^hklh\_jblvky \ lhf qlh m __ fm`Z g_ ihy\beZkv ih^jm]Z b gZijyfmx kijhkbeZ _]h h[ wlhf ;ue ihemq_g hljbpZl_evguc hl\_l < oh^_ ihke_^mxsbo ikbohl_jZi_\lbq_kdbo k_kkbc i_j_^ iZpb_gldhc [ue ihklZ\e_g \hijhk g_ bf__l eb dZjv_jZ fm`Z ^ey g__ lZdh_ `_ agZq_gb_ dZd b _]h \g_[jZqgZy k\yav ;ueh \ukdZaZgh ij_^iheh`_gb_ qlh \ j_amevlZl_ ijhn_kkbhgZevguo mki_oh\ fm`Z jZ\gh\_kb_ \ hlghr_gbyo f_`^m kmijm]Zfb gZjmrZ_lky b iZpb_gldZ fh`_l bkiulu\Zlv aZ\bklv b g_m^h\e_l\hj_gb_ kh[kl\_gguf iheh`_gb_f Ijb wlhf iZpb_gld_ j_dhf_g^h\Zehkv \gbfZl_evgh hlghkblvky d kh[kl\_gguf ihlj_[ghklyf Z lZd`_ \ukdZau\Zlv fm`m k\hb ih`_eZgby b h`b^Zgby H[km`^Zebkv dhgdj_lgu_ \hafh`ghklb qZklbqghc ijhn_kkbhgZevghc aZgylhklb iZpb_gldb Ijb wlhf hlf_qZehkvqlhmkeh\b_fijhn_kkbhgZevghc^_yl_evghklbiZpb_gldby\ey_lkyij_h^he_gb__x k\hbo kljZoh\ Ijb h[km`^_gbb wlbo l_f g_ mimkdZebkv ba \b^m hkgh\gZy ijh[e_fZ dZd hgZ [ueZ knhjfmebjh\ZgZ \ kZfhf gZqZe_ b khhl\_lkl\mxsZy p_ev ² ij_h^he_gb_ dhgdj_lguo kljZoh\²nh[bcGZdZ`^hck_kkbbh[km`^Zebkv\gh\vihemq_gguchiulmki_obb g_m^ZqbZ lZd`_ihke_^mxsb_rZ]b\ ikbohl_jZibb GZihfbgZgby gZ wlhc klZ^bb h aZjZg__ h]h\hj_gguo kjhdZo aZ\_jr_gby ikbohl_jZibb kihkh[kl\h\Zebij_h^he_gbx\j_f_gghcihl_jbbgl_j_kZd ijh]jZff_mijZ`g_gbcIZpb_gldZ \ujZabeZ]g_\\ k\yabk l_fqlh_cihdZg_m^Zehkvij_h^he_lvk\hbh]jZgbq_gbyK [hevrbf mk_j^b_fhgZ\gh\v\ayeZkvaZk\hbmijZ`g_gbyb khh[sbeZlZd`_h khklhy\r_fkyjZa]h\hj_k fm`_f\ oh^_dhlhjh]hhgZ\i_j\u_\ukdZaZeZ`_eZgb_ihclbgZjZ[hlmlj_[mxsmxqZklbqghc aZgylhklbFm`\hkijbgyewlhdZdmij_dqlhh^gZdhg_h[_kdmjZ`behiZpb_gldm GZihke_^gbolj_ok_kkbyo r_klhcwlZiikbohl_jZibb ]eZ\ghcl_fhc[uebij_^klhys__ jZkklZ\Zgb_ k ikbohl_jZi_\lhf b aZ\_jr_gb_ ikbohl_jZibb ;ueb ih^\_^_gu blh]b ijh^_eZgghc jZ[hlu KljZob ohly b g_ bkq_aeb iheghklvx gh \ [hevrbgkl\_ kblmZpbc mf_gvrbebkvgZklhevdhqlhiZpb_gldZhdZaZeZkvkihkh[gZkijZ\eylvkyk gbfbb kgh\Zkfh]eZ \uoh^blv ba ^hfZ [_a khijh\h`^Zxsbo Gh dZd b ij_`^_ hgZ ba[_]Z_l ihk_s_gby [hevrbo lhj]h\uop_gljh\b ih_a^hdgZh[s_kl\_gghfljZgkihjl_g_j_rZ_lkylZd`_\ h^bghqdm\hclb
\ dZn_ IZpb_gldZ ij_^ijbgyeZ i_j\u_ rZ]b ih ihbkdm jZ[hlu k qZklbqghc aZgylhklvx b \ukdZaZeZ ih`_eZgb_ ijbclb gZ ikbohl_jZi_\lbq_kdmx k_kkbx k fm`_f gZ^_ykv qlh lZf hgZ kfh`_lh[tykgblv_fmk\hbihklmidb GZihke_^gbok_kkbyohlq_leb\hijhy\beZkv\aZbfgZykbfiZlby\ hlghr_gbyoiZpb_gldbb ikbohl_jZi_\lZqlhklZehhkh[hcl_fhcjZa]h\hjZIZpb_gldZ\ujZabeZg_m\_j_gghklv\ k\h_c kihkh[ghklb\ [m^ms_fkijZ\eylvkykhk\hbfbijh[e_fZfbkZfhklhyl_evghHgZkdZaZeZlZd`_ qlh \ dZdhclh f_j_ qm\kl\m_l k_[y [jhr_gghc gZ ijhba\he km^v[u b ohl_eZ [u b \ij_^v ihevah\Zlvky ih^^_j`dhc b kh\_lZfb ikbohl_jZi_\lZ Ikbohl_jZi_\l hlg_keZkv d wlbf hiZk_gbyf k ihgbfZgb_f b m\b^_eZ k\yav f_`^m i_j_`b\Zgbyfb \ua\Zggufb jZkklZ\Zgbyfb iZpb_gldb k [ebadbfb ex^vfb b l_i_j_rgbf __ jZkklZ\Zgb_f k ikbohl_jZi_\lhf H^gh\j_f_ggh^ZeZihgylviZpb_gld_qlh\_jblqlhl_i_jviZpb_gldZk ihfhsvx\umq_gguo kljZl_]bc fh`_l ijh^he`blv jZ[hlm gZ^ k\hbfb ijh[e_fZfb kZfhklhyl_evgh ;ueh j_r_gh \klj_lblvkykgh\Zq_j_aljbf_kypZ^eyh[km`^_gbyj_amevlZlh\ Ij_^klZ\e_ggh_ hibkZgb_ kemqZy ihdZau\Z_l dZd hkms_kl\ey_lky ikbohl_jZiby k mq_lhf hkgh\guo lj_[h\Zgbc gZr_c dhgp_ipbb lZdbo dZd hjb_glbjh\Zgghklv gZ ijh[e_fm hjb_glbjh\Zgghklv gZ iZpb_glZ iexjZebaf f_lh^h\ b kljmdlmjbjh\Zgghklv ijhp_kkZ JZa^_e_gb_ ikbohl_jZi_\lbq_kdh]h ijhp_kkZ gZ r_klv klmi_g_c beb wlZih\ h[e_]qZ_l hjb_glbjh\Zgb_\ g_fb ^_eZ_l_]hijhajZqguf dZd^ey ikbohl_jZi_\lZ lZd b ^eyiZpb_glZ Ke_^m_lh[jZlblv\gbfZgb_b gZlhdZdikbohl_jZi_\lbkihevah\ZeZ\ oh^_ikbohl_jZibbk\hb m[_`^_gby b ijhn_kkbhgZevgu_ agZgby dh]^Z hgZ gZijbf_j km[t_dlb\gh_ ihgbfZgb_ ijh[e_fuiZpb_gldhc^hihegbeZk\hbfb]bihl_aZfbkh^_j`Zsbfbh[tykg_gb_ghk^_eZeZwlh \_kvfZ lZdlbqgh b ih[m^beZ iZpb_gldm knhjfmebjh\Zlv ijb_fe_fh_ ^ey g__ iZpb_gldb hij_^_e_gb_ ijh[e_fu ^Zxs__ \hafh`ghklv ijbf_gblv dhgdj_lgmx ikbohl_jZi_\lbq_kdmx kljZl_]bxI_j\hgZqZevghij_^eh`_ggh_iZpb_gldhc]bihl_lbq_kdh_h[tykg_gb_hklZ\ZehkvgZ \lhjhf ieZg_ ^h l_o ihj ihdZ g_ ijhy\behkv khijhlb\e_gb_ dZd wlh bf_eh f_klh gZijbf_j dh]^Z fhlb\Zpby iZpb_gldb kgbabeZkv \ j_amevlZl_ baf_g_gby ih\_^_gby __ fm`Z Lh]^Z ikbohl_jZi_\l \gh\v h[jZlbeZkv d ij_^eh`_gghc iZpb_gldhc ]bihl_a_ b h[km^beZ k g_c nmgdpbhgZevgh_ agZq_gb_ ijh[e_fu L_f kZfuf hgZ ihiulZeZkv \uykgblv ijhbkoh`^_gb_ khijhlb\e_gbyb hkms_kl\blvbaf_g_gbylZd`_gZmjh\g_hlghr_gbcg_l_jyyijbwlhfba\b^m i_j\hgZqZevghgZf_q_ggmxp_ev²ij_h^he_gb_kljZoZ Ke_^m_l mdZaZlv b gZ lh qlh \ IHl_jZibb hlghr_gby iZpb_gl ² ikbohl_jZi_\l b]jZxl klhev`_\Z`gmxjhevdZdb \dZ`^hc^jm]hcnhjf_ikbohl_jZibbGhij_^f_lhfh[km`^_gbyb ZgZebaZ hgb klZgh\ylky ebrv lh]^Z dh]^Z \hagbdZ_l khijhlb\e_gb_ f_rZxs__ p_e_gZijZ\e_gghfm ikbohl_jZi_\lbq_kdhfm ijhp_kkm < ij_^klZ\e_gghf \ur_ kemqZ_ lZdh_ bf_eh f_klh gZ ihke_^g_c ikbohl_jZi_\lbq_kdhc k_kkbb dh]^Z iZpb_gldZ ihqm\kl\h\ZeZ k_[y [jhr_gghc ikbohl_jZi_\lhf gZ ijhba\he km^v[u b \ g_c h`be kljZo [ulv ihdbgmlhc Lh]^Z ikbohl_jZi_\l mdZaZeZ gZ koh^kl\h hlghr_gbc keh`b\rboky \ oh^_ ikbohl_jZibb k ^jm]bfb hlghr_gbyfb iZpb_gldb dZd ij_`gbfb lZd b l_i_j_rgbfb Z h^gh\j_f_ggh ihklZjZeZkv mdj_iblv\_jmiZpb_gldb\ k_[yb __qm\kl\hkZfhklhyl_evghklb IZpb_gldZk ijh[e_fZfbnbabq_kdh]ha^hjh\vy
P_ev iZpb_gldb aZdexqZeZkv \ lhf qlh[u \uykgblv wlm \hafh`gmx k\yav HgZ gZ^_yeZkv lZd`_qlh\ j_amevlZl_^eyg__klZgml\hafh`gufbghjfZevgZy[_j_f_gghklvb jh^u Wlh [ueZ fbgbZlxjgZy baysgZy ihklhyggh meu[ZxsZyky `_gsbgZ ikbobq_kdh_ khklhygb_ dhlhjhc ij_^klZ\eyehkv [_amdhjbag_gguf M^b\bl_evguf [ueh ebrv lh qlh wlb q_luj_ \udb^urZ dZd dZaZehkv g_ hklZ\beb gbdZdh]h ke_^Z \ __ ikbobd_ DZdb_eb[h ^_ij_kkb\gu_ Znn_dlu \ k\yab k wlbf g_ gZ[ex^Zebkv =eZ\guf ij_^f_lhf __ aZ[hl [ueZ fZl_jbZevgZy h[_ki_q_gghklv HgZ kZfZ b __ fm` jZ[hlZeb b g_ bkiulu\Zeb dZdboeb[h nbgZgkh\uoaZljm^g_gbc < oh^_ [_k_^u k iZpb_gldhc \uykgbehkv qlh __ hlghr_gby k fZl_jvx [ueb g_h^ghagZqgufb FZlv \u]gZeZ iZpb_gldm ba ^hfZ dh]^Z lhc [ueh e_l lZd qlh iZpb_gld_ ijbrehkvgZqZlvaZ[hlblvkyh k_[_^h\hevghjZghdh]^Z_c[uebijbkmsbq_jlubgnZglbebafZ Wlh h[klhyl_evkl\h ^_eZeh ihgylguf ihlj_[ghklv \ [_ahiZkghklb Ij_`^_ hgZ m`_ ijhoh^beZ dmjk ]jmiih\hc ikbohl_jZibb kh\f_klgh k fm`_f Gh aZl_f hgZ ih`_eZeZ jZ[hlZlv k ikbohl_jZi_\lhf b hldehgbeZ ij_^eh`_gb_ ijhoh^blv ikbohl_jZibx kh\f_klgh k fm`_f Ikbohl_jZi_\lbq_kdb_ hlghr_gby k g_c [ueb mklZgh\e_gu e_]dh IZpb_gldZ hohlgh khljm^gbqZeZk ikbohl_jZi_\lhf[ueZhldjulhcIhfh]Zeb hiulihemq_gguc\ oh^_]jmiihc ikbohl_jZibb K\hx ijh[e_fm hgZknhjfmebjh\ZeZlZdY ohl_eZ[umagZlvihq_fmm f_gy[uebq_luj_ \udb^urZ?_km[t_dlb\gh_ihgbfZgb_ijh[e_fu[ueh g_q_ldbf ghhgZhkhagZ\ZeZ qlh wlZ ijh[e_fZdZdlhk\yaZgZk __ikbobq_kdbfkhklhygb_fb __hlghr_gbyfb M`_ ihke_ i_j\hc k_kkbb \ j_amevlZl_ ZgZebaZ ijh[e_fu [ueZ ihemq_gZ lZdZy ij_^\Zjbl_evgZynhjfmebjh\dZ Y ohl_eZ [u [ulv ohjhr_c gZ^_`ghc fZl_jvx j_[_gdm >ey wlh]h y ^he`gZ hldZaZlvky hl k\h_c ijhn_kkbb qlh mkbebl fhx g_m\_j_gghklv b g_kZfhklhyl_evghklvb lZd`_mkbeblkljZobk\yaZggu_k fh_cnbgZgkh\hckblmZpb_c WlZ nhjfmebjh\dZ kh^_j`bl \ kdjulhf \b^_ ]bihl_am h lhf qlh \udb^urb kem`Zl ih^^_j`Zgbx qm\kl\Z [_ahiZkghklb Wlh ih^l\_j^beh ikboh^bgZfbq_kdmx ]bihl_am __ ikbohl_jZi_\lZ P_ev ikbohl_jZibb khhl\_lkl\_ggh aZdexqZeZkv \ lhf qlh[u \hi_j\uo ^Zlv iZpb_gld_ ihgbfZgb_ijh[e_fZlbdbb\h\lhjuoih\ukblv__ kZfhklhyl_evghklvb \_jm\ k_[y Ijb \u[hj_ f_lh^h\ ij_^ihql_gb_ [ueh hl^Zgh khhl\_lkl\_ggh f_lh^Zf dhlhju_ kihkh[kl\h\Zeb Z Zdlb\baZpbb khagZgby b [ nhjfbjh\Zgbx `_eZl_evguo ko_f ih\_^_gby b fure_gby Q_j_a g_kdhevdh g_^_ev ihke_ gZqZeZ ikbohl_jZibb iZpb_gldZ khh[sbeZ qlh hgZ kgh\Z aZ[_j_f_g_eZ B kgh\Z wlh kh[ulb_ g_ \ua\Zeh jZ^hklb b \hagbd kljZo i_j_^ gh\uf \udb^ur_f L_fhc h[km`^_gby klZeb hlghr_gby iZpb_gldb k fm`_f IZpb_gldZ j_rbl_evgh \hajZ`ZeZ ijhlb\ _]h dZl_]hjbq_kdh]h lj_[h\Zgby i_j_clb gZ jZ[hlm gZ _]h ij_^ijbylb_
hl\h^beZkv jhev f_lh^Z kihkh[kl\mxs_]h ijhy\e_gbyf wfhpbc kf jZa^ _eh\ lhfqlhiZpb_gldZk kZfh]h gZqZeZ bkdexqbeZ \hafh`ghklv mqZklby \ ikbohl_jZibb fm`Z Ikbohl_jZi_\l `_ ijbreZ d \u\h^m qlh jZ[hlm fh`gh ijh^he`Zlv lhevdh \ \b^_ ikbohl_jZibb kmijm`_kdhc iZju IhgZ^h[bebkv^\_k_kkbbqlh[ukdehgblvd wlhfmiZpb_gldm Ba kdZaZggh]h \b^gh qlh g_ \k_]^Z \hafh`gh hkms_kl\e_gb_ b^_Zevgh]h \ZjbZglZ IH l_jZibbijbdhlhjhfikbohl_jZi_\lb iZpb_glkh\f_klghgZf_qZxlijh]jZffmjZ[hluZ aZl_f \uihegyxl __ < j_amevlZl_ ikbohl_jZibb wlhc kmijm`_kdhc iZju b hg b hgZ hkhagZeb \kx g_mklhcqb\hklvbohlghr_gbc@_gZmljZlbeZ`_eZgb_bf_lvj_[_gdZFm` `_ hsmlbe \ k_[_ \k_mkbeb\Zxsmxkyihlj_[ghklv\ lhfqlh[uijhclbikbohl_jZibxqlhhgb k^_eZe IZpb_gldZkljZ^Z\rZy[mebfb_c IZpb_gldZ dhlhjhc [ueh e_l dhgkmevlZgl ih \hijhkZf fh^u jh^hf ba
ikbohl_jZi_\lZ\ aZ[em`^_gb_ I_ljZ kqblZeZ qlh __ g_ijbylghklb k\yaZgu k ijhbkr_^rbf g_aZ^he]h ^h gZqZeZ ikbohl_jZibb jZaju\hf hlghr_gbc k __ lh]^Zrgbf ^jm]hf K gbf m g__ [ue i_j\uc hiul k_dkmZevguohlghr_gbcdhlhjuoij_`^_hgZba[_]ZeZbkiulu\ZykljZoI_j\hgZqZevghfukev h lhf qlh l_i_jv hgZ gZklhysZy `_gsbgZ \hh^mr_\eyeZ __ gh iha`_ __ klZeh im]Zlv ihklhyggh_klj_fe_gb___ ^jm]Zd bglbfgufdhglZdlZf< dhgp_dhgph\hgZijbreZd \u\h^m qlh hg __ ijhklh bkihevam_l HgZ `_ ij_`^_ \k_]h bkdZeZ \ bo hlghr_gbyo l_ieZ b eZkdb Z ih\_^_gb_ ^jm]Z g_ khhl\_lkl\h\Zeh __ h`b^Zgbyf LZd qlh hgZ jZahj\ZeZ hlghr_gby k gbf ihke_ q_]h gZqZebkv ijh[e_fu k _^hc b mkbebeky kljZo i_j_^ ba[ulhqguf \_khf Ih fg_gbx iZpb_gldb\k_wlh^he`gh[ueh[ulvdhfi_gkZpb_caZihl_jx^jm]Z Nhjfmebjh\dZdhfi_gkZpbyaZijha\mqZeZ\ kZfhfgZqZe_ikbohl_jZibbb [ueZijbgylZ \ dZq_kl\_ i_j\hgZqZevgh]h hij_^_e_gby ijh[e_fu km[t_dlb\guc \a]ey^ gZ ijh[e_fm Fu^h]h\hjbebkv\_jgmlvkyd wlhcnhjfmebjh\d_iha`_jZkrbjblv __ mlhqgblv b gZihegblv ^hihegbl_evguf kh^_j`Zgb_f Bkihevamy l_jfbgheh]bx IHl_jZibb fh`gh kdZaZlv qlh iZpb_gldZ knhjfmebjh\ZeZ imklv b \ i_j\hf ijb[eb`_gbb ^bgZfbq_kdmx ]bihl_am ² \u^\bgmeZ km[t_dlb\gmx dhgp_ipbx k\h_c [he_agb dhlhjZy b [ueZ ijbgylZ \ dZq_kl\_ hlijZ\ghclhqdbihke_^mxs_]hZgZebaZijh[e_fu Ihke_^h\Z\rbc aZ wlhc i_j\hc nZahc ikbohl_jZibb ZgZeba ijh[e_fu \dexqZ\rbc ZgZfg_a \uy\be ke_^mxsb_ h[klhyl_evkl\Z I_ljZ \ujhkeZ \ h^ghf ba k_evkdbo jZchgh\
< j_amevlZl_lsZl_evgh]hbamq_gbybklhjbb`bagbiZpb_gldbb __l_i_j_rg_c`bag_gghc kblmZpbb dhlhjZy a^_kv baeZ]Z_lky hq_gv k`Zlh \ dhgp_ dhgph\ [ueh knhjfmebjh\Zgh jZkrbj_ggh_hij_^_e_gb_ijh[e_fu Kbfilhfu hldehg_gbc \ ih\_^_gbb k\yaZgguo k _^hc k\b^_l_evkl\mxl h lhf qlh fg_ klZgh\blky ljm^gh ih^^_j`b\Zlv hlghr_gby lj_[mxsb_ hl f_gy kebrdhf fgh]h kbe ?^Z iha\hey_l fg_ ijb]emrblv kljZob b ^_ij_kkb\gh_ gZkljh_gb_ gh g_`_eZl_evguc ih[hqguc wnn_dlihiulhdj_rZlvijh[e_fulZdbfkihkh[hfaZdexqZ_lky\ ihy\e_gbbgh\uonbabq_kdbo b ikbobq_kdboijh[e_f\ i_j\mxhq_j_^vqm\kl\Z\bgub qm\kl\Zh^bghq_kl\Z Ijb lZdhc nhjfmebjh\d_ [_kkhagZl_evguc ijhp_kk \hagbdgh\_gby kbfilhfh\ bgl_jij_lbjh\ZekydZdnmgdpbhgZevgucijhp_kkb l_fkZfufmklZgZ\eb\ZeZkvhl\_lkl\_gghklv iZpb_gldbaZg_]hLh]^ZiZpb_gld_[uehij_^eh`_ghjZkkfZljb\Zlvijbklmiu\e_q_gbyd _^_b hldZaZ hl g__ \ dZq_kl\_ kb]gZeh\ l_eZ k\b^_l_evkl\mxsbo h gZebqbb m g__ ikboheh]bq_kdbo ijh[e_f b dhgnebdlh\ LZd kbfilhfu [mebfbb i_j_klZeb [ulv q_flh g_aZ\bkysbf hl Y iZpb_gldb Djhf_ lh]h ² b wlh hkh[_ggh \Z`gh ² [ueh \uy\e_gh qlh aZ kbfilhfZfb gZjmr_gbc k\yaZgguo k _^hc y\gh klhyeZ ihlj_[ghklv \ ex[\b b \ lh `_ \j_fy \ lhf qlh[u ijh\_klb ]jZgbpm f_`^m kh[hc b ^jm]bf q_eh\_dhf Ihwlhfm fu ^Zeb lZdmx ij_^\Zjbl_evgmx nhjfmebjh\dmp_ebikbohl_jZibb GZclb lZdb_ kj_^kl\Z lZdhc h[jZa ^_ckl\bc k ihfhsvx dhlhjuo y kfh]m mklZgh\blv ^hklZlhqgmx ^bklZgpbx f_`^m kh[hc b agZqbfufb ^ey f_gy ex^vfb g_ jZaju\Zy ijb wlhf hlghr_gbc k gbfb b ba[_]Zy \j_^guo ^ey fh_]h nbabq_kdh]h b ikbobq_kdh]h khklhygby ijh[e_fk\yaZgguok _^hc < khhl\_lkl\bbk hij_^_e_gbyfbijh[e_fub p_eb\f_kl_k iZpb_gldhc[ueZjZajZ[hlZgZ kljZl_]by ikbohl_jZibb dhlhjZy ^he`gZ [ueZ mqblu\Zlv dZd ]eZ\gu_ Zki_dlu wlbo nhjfmebjh\hdlZdb ikbohkhfZlbq_kdb_ihke_^kl\by[mebfbb F_^bpbgkdb_ f_jhijbylby Bkq_jiu\Zxsb_ h[tykg_gby \jZqZl_jZi_\lZ b khhl\_lkl\mxs__f_^bpbgkdh_e_q_gb_ HkeZ[e_gb_ kbfilhfh\ F_lh^u kZfhdhgljhey ij_^eZ]Z_fu_ ih\_^_gq_kdhc ikbohl_jZib_c
\dexqZxsmx ieZgbjh\Zgb_ iZpb_gldhc k\h_]h iblZgby IZpb_gldZ ^he`gZ [vuZ \_klb ih^jh[gu_aZibkb²^g_\gbdiblZgbydhlhjucj_]meyjghijh\_jyekyikbohl_jZi_\lhf;ueZ \\_^_gZ kbkl_fZ kZfhihhsj_gby _keb hij_^_e_ggh_ \j_fy iZpb_gldZ ba[_]ZeZ gZjmr_gbc j_`bfZiblZgby_c^Z\Zebkvijbah\u_hqdbijZ\hgZihk_s_gb_^`Zah\uo lZgp_\ kheyjby b dbgh M`_ihke_g_kdhevdbok_kkbciZpb_gldZkhh[sbeZh aZf_lguobaf_g_gbyod emqr_fmHgZ [ueZ ]hj^Z l_f qlh l_i_jv fh`_l emqr_ dhgljhebjh\Zlv k\h_ ih\_^_gb_ k\yaZggh_ k _^hc < wlhc nZa_ fg_ ihklhyggh ijboh^behkv h[h^jylv klj_fysmxky d kh\_jr_gkl\m iZpb_gldm ij_^mij_`^Zlv __ h \hafh`ghklb j_pb^b\h\ b ih^q_jdb\Zlv qlh p_evx y\ey_lky g_ ihegh_ mkljZg_gb_ kbfilhfh\ Z bo hkeZ[e_gb_ ey wlh]h I_lj_ gm`gh [ueh k_klv hlpm gZ dhe_gb JZkkdZau\Zyh kg_I_ljZkfh]eZ\ujZablvi_qZevdhlhjmxij_`^_^ebl_evgh_\j_fyih^Z\eyeZ Gh ^ey wlh]h _c g_h[oh^bfh [ueh ihemqblv jZaj_r_gb_ k\h_]h ikbohl_jZi_\lZ HgZ kfh]eZ jZkkdZaZlvh lhfdZd\ ijhrehf_cg_^hklZ\ZehhlpZ^Zb k_cqZkhgZ`Ze__lh _]hhlkmlkl\bb< ly`_euo`bag_gguokblmZpbyo_cg_o\ZlZ_l_]hih^^_j`db_]h^h[jh`_eZl_evgh]hhlghr_gby ;ueh kh\_jr_ggh hq_\b^gh qlh khg I_lju [ue lZd`_ __ hl\_lhf gZ ikbohl_jZi_\lbq_kdb_ hlghr_gbyIkbohl_jZi_\l²fm`qbgZ\ lhf`_\hajZkl_\ dZdhf[ue[ul_i_jvhl_pI_lju GZ wlh hlghr_gb_ d ijhp_kkm ikbohl_jZibb y hklhjh`gh h[jZlbe \gbfZgb_ iZpb_gldb gh g_ klZe ZgZebabjh\Zlv kbf\hebabjm_fuc kghf i_j_ghk kh]eZkgh ihklmeZlZf IHl_jZibb g_h[oh^bfhklv\ wlhf\hagbdeZ[uebrv\ kemqZ_ihy\e_gbyihjh`^_gguoi_j_ghkhfijh[e_f f_rZxsboikbohl_jZibb < oh^_^Zevg_cr_cjZ[hluk i_qZevxI_ljZh^gZ`^uaZf_lbeZQlhih^_eZ_rvfhchl_p mf_jb y^he`gZk wlbfkfbjblvkyLZdhgZ^ZeZagZlvh aZ\_jr_gbbgZ^ZgghfwlZi_ijhp_kkZ jZ[hlu k i_qZevx < lhl fhf_gl _c wlh]h [ueh ^hklZlhqgh hgZ fh]eZ kfbjblvky kh kemqb\rbfky Wlh g_ hagZqZ_l qlh ^ZggZy l_fZ [ueZ bkq_jiu\Zxs_ ijhjZ[hlZgZ Gh \ IH l_jZibbkqblZxlqlhijhjZ[hldmfh`ghaZ\_jrblv_kebikbohl_jZi_\lbq_kdbcijhp_kk[hevr_ g_[ehdbjm_lkyb jZa\blb_iZpb_glZijh^he`Z_lky L_f\j_f_g_fI_ljZhdZaZeZkv\ djbabkghc kblmZpbb kbfilhfu [mebfbb \gh\v mkbebebkv ohly jZg__ hgb ihqlb bkq_aeb Wlh \ua\Zeh m I_ljudjZcg__jZahqZjh\Zgb_HgZ\bgbeZk_[yaZlhqlhg_kmf_eZaZdj_iblvi_j\hgZqZevguc mki_o \hkijbgyeZ kemqb\r__ky dZd k\h_ hq_j_^gh_ ihjZ`_gb_ HgZ ohl_eZ hldZaZlvky hl
bkihevah\Zgby f_lh^h\ ih\_^_gq_kdhc l_jZibb ihkdhevdm ih __ fg_gbx bo ijbf_g_gb_ g_ bf_eh kfukeZ KlZeh hq_\b^guf qlh ikbohl_jZi_\lbq_kdbc ijhp_kk \ua\Ze \ g_c khijhlb\e_gb_b \hl\hljZajZablky^_ij_kkb\gucdjbabk< wlhckblmZpbby j_rbeijbf_gblv ijb_fdhlhjucfh`_l[ulvgZa\ZgdhgnjhglZpb_cQlhy ^he`_g^_eZlvfg_ih^kdZaZeZkZfZ iZpb_gldZk\hbfjZkkdZahfh kg_ _c g_ o\ZlZeh hdZau\Zxs_]h _c ih^^_j`dbhlpZ Ihwlhfm y gZihfgbe I_lj_ h gZr_f ikbohl_jZi_\lbq_kdhf dhgljZdl_ h kh\f_klgh knhjfmebjh\Zgghc p_ebikbohl_jZibbb ijba\Ze__ ijhy\blv\u^_j`dmY kdZaZeqlhgb\ dh_fkemqZ_g_gZf_j_g k_cqZkij_djZlblvjZ[hlmk g_cHl\_lhfI_lju[ueZmeu[dZ\ujZ`Z\rZykh]eZkb_ GZ wlhc klmi_gb ikbohl_jZibb iZpb_gldZ ihklhyggh `Zeh\ZeZkv gZ ihiuldb fZl_jb ih\ebylv gZ g__ \ oh^_ bo l_e_nhgguo jZa]h\hjh\ Djhf_ lh]h hgZ ]h\hjbeZ h kbevghf jZahqZjh\Zgbb \ k_klj_ AZf_qZgb_ k_klju ih ih\h^m lh]h qlh I_ljZ ^_kdZlv g_ \ khklhygbb kijZ\blvkyk lj_[h\Zgbyfb`bagbiZpb_gldZljZdlh\ZeZdZdk\b^_l_evkl\hqlh__ hl\_j]Zxlb _xij_g_[j_]Zxl< j_amevlZl_lsZl_evgh]hjZa[hjZl_e_nhgguojZa]h\hjh\fukfh]ebijbclb d hij_^_e_gguf\u\h^Zfb ^hihegblvbfbhkms_kl\e_ggucjZg__ZgZebaijh[e_fu Fg_ g_ m^Z_lky mklZgh\blv m^h\e_l\hjbl_evgu_ hlghr_gby k k_kljhc b fZl_jvx Y bkiulu\Zx ijhlb\hj_qb\u_ qm\kl\Z Bgh]^Z y qm\kl\mx qlh fghx jmdh\h^yl b ljZdlmxl dZd k\hxkh[kl\_gghklvZ bgh]^Zy qm\kl\mxk_[yhl\_j]gmlhcb ij_^hklZ\e_gghckZfhck_[_ < oh^_^Zevg_crbo[_k_^I_ljZhkhagZeZqlhm^Ze_gb_\ ijhkljZgkl\_hlfZl_jbb k_klju g_g_k_lk kh[hcj_r_gbyijh[e_fu__ kZfhklhyl_evghklbHgZbkiulu\ZeZ`_eZgb_[ulvjy^hf k fZl_jvxb \lh`_\j_fyhklZ\ZlvkykZfhckh[hcHgZg_j_rZeZkvhldjh\_ggh]h\hjblvk g_ch k\hbo ijh[e_fZo ihkdhevdm g_ ohl_eZ h]hjqZlv __ Qlh dZkZ_lky k_klju lh lZ ij_`^_ qZklh ih^^_j`b\ZeZ I_ljm b iZpb_gldZ g_ fh]eZ ihgylv ihq_fm k_kljZ \^jm] hl\_jgmeZkv hl g__ Kgh\Z dZd b ij_`^_ iZpb_gldZ ihqm\kl\h\ZeZ qlh k g_c h[jZsZxlky dZd k fZe_gvdhc b g_aj_ehcg_kihkh[ghcklhylvgZkh[kl\_gguogh]Zo < dhgp_ dhgph\ fu j_rbeb ijb]eZkblv fZlv b k_kljm ^ey jZa]h\hjZ \ oh^_ dhlhjh]h iZpb_gldZ ohl_eZ jZkkdZaZlv h ljm^ghklyo k dhlhjufb hgZ klZedb\Z_lky \ gZklhys__ \j_fy Z lZd`_h k\hbo`_eZgbyodZkZxsbokyhlghr_gbck gbfbJZa]h\hjihemqbekybgl_j_kgufFZlv hdZaZeZkv qmldbf hlau\qb\uf q_eh\_dhf h`b\e_ggh jZkkdZau\ZeZ h k\hbo dhglZdlZo k ih^jm]Zfb b jh^kl\_ggbdZfb Z lZd`_ h lhc fgh]hh[jZaghc h[s_kl\_gghc ^_yl_evghklb dhlhjhc hgZ aZgbfZeZkv HgZ kfh]eZ hldjulh kdZaZlv qlh ohly b g_ jZkkqblu\Z_l gZ \ha\jZs_gb_I_lju^hfhc_cohl_ehkv[umdj_iblvdhglZdluk h[_bfbk\hbfb^hq_jvfbWlh \ukdZau\Zgb_fZl_jb\_kvfZm^b\behI_ljmb __k_kljmI_ljZy\ghihqm\kl\h\ZeZh[e_]q_gb_ Lh qlh fZlv ijh\_eZ ]jZgbpm f_`^m _x b kh[hx b h^gh\j_f_ggh ij_^eh`beZ mdj_iblv hlghr_gby iha\hebeh I_lj_ gZ[jZlvky ^moZ b ih]h\hjblv h k\hbo kljZoZo b `_eZgbyo k\yaZgguok hlghr_gbyfbf_`^mgbfb
kihkh[kl\mxl^hklb`_gbxihklZ\e_gguop_e_c D dhgpmikbohl_jZibbI_ljZj_rbeZhklZ\blvk\hxjZ[hlmb d\Zjlbjm\ ;_jg_b i_j__oZlv ih[eb`_ d fZl_jb b k_klj_ l_ \_jgmlvky \
IHL?J:IBY< DJBABKGUOKBLM:PBYO
DZd khhlghkylky f_`^m kh[hc IHl_jZiby b ikbohl_jZi_\lbq_kdb_ bgl_j\_gpbb hkms_kl\ey_fu_ \ l_o kemqZyo dh]^Z iZpb_glu gZoh^ylky \ djblbq_kdbo kblmZpbyo" Khhlghr_gb_f_`^mgbfbh[mkeh\e_gh^\mfyh[klhyl_evkl\Zfb DjbabkgZy kblmZpby fh`_l \hagbdgmlv Z ^h gZqZeZ ijhoh`^_gby iZpb_glhf IH l_jZibb [ \ oh^_ IHl_jZibb \ j_amevlZl_ dZdboeb[h \g_rgbo h[klhyl_evkl\ \ fh`_l ihlj_[h\Zlv^hihegbl_evguobgl_j\_gpbcihke_aZ\_jr_gbyIHl_jZibb L_hj_lbq_kdbfb hkgh\Zfb ikbohl_jZi_\lbq_kdbo bgl_j\_gpbc hkms_kl\ey_fuo \ djbabkguo kblmZpbyo y\eyxlky \hi_j\uo l_hjbb djbabkh\ b klj_kkh\ b \h\lhjuo dh]gblb\gu_ l_hjbb b l_hjbb dhmibg]Z
ihke_ djbabkguo khklhygbc g_evay kqblZlv [eZ]hijbylgufb >_eh \ lhf qlh Z^ZilZpbhggu_ \hafh`ghklbq_eh\_dZ\ j_amevlZl_djbabkZaZf_lghmom^rZxlkyqlhkha^Z_lg_[eZ]hijbylgu_ ij_^ihkuedb ^ey ijhoh`^_gby IHl_jZibb < lZdbo kemqZyo [he__ ih^oh^yl ^ey gZqZeZ ikbohl_jZi_\lbq_kdb_ bgl_j\_gpbb d dhlhjuf ijb[_]Zxl \ djblbq_kdbo kblmZpbyo >Ze__ \ l_dkl_ lZdb_ bgl_j\_gpbb gZau\Zxlky djbabkgh_ \f_rZl_evkl\h LZdh_ djbabkgh_ \f_rZl_evkl\hiha\heblgZklhevdhklZ[bebabjh\ZlvdZd\g_rgb_lZdb qZklbqgh \gmlj_ggb_ h[klhyl_evkl\Zqlhdhgp_gljZpbyb j_n Dhmibg]Zg]e FRSLQJ ² mf_gb_kijZ\blvkykh\eZ^Zlvk ljm^gufbkblmZpbyfb²Ijbf i_j_\h^qbdZ e_dkby klZgml ^hklmigu iZpb_glm \ lhc f_j_ dZdZy g_h[oh^bfZ ^ey m]em[e_ggh]h jZkkfhlj_gby b ijhjZ[hldb _]h ijh[e_f IHl_jZiby ij_^iheZ]Z_l kihkh[ghklv iZpb_glZ d ^h\hevgh]em[hdhcj_ne_dkbbqlhdZdijZ\beh[u\Z_l\hafh`guflhevdh\ mkeh\byoohly[u \j_f_gghc klZ[bevghklb Djbabkgh_ \f_rZl_evkl\h kha^Z_l ij_^ihkuedb ^ey wlh]h G_h[oh^bfhh^gZdhbkdmkgh_ijh\_^_gb_djbabkgh]h\f_rZl_evkl\Zij_`^_q_ffh`gh[m^_l ih^mfZlvh[hkms_kl\e_gbbaZl_fikbohl_jZibbWnn_dlb\ghklvdjbabkgh]h\f_rZl_evkl\Zg_ \ ihke_^gxxhq_j_^vaZ\bkblhl \_juiZpb_glZ b ikbohl_jZi_\lZ \ lh qlh k ihfhsvx lZdh]h \f_rZl_evkl\Z hgb kfh]ml aZ g_kdhevdh ikbohl_jZi_\lbq_kdbo k_kkbc kijZ\blvky k djbabkhf J_r_gb_ h ihke_^mxs_c IHl_jZibb ke_^m_l ijbgbfZlv \ oh^_ dhgljhevghc \klj_qb ikbohl_jZi_\lZk iZpb_glhfebrvihke_lh]hdZdiZpb_glkfh`_lihkfhlj_lvgZi_j_`blucbf djbabkkihdhcghdZd[ukhklhjhgu [ Djbabkgh_\f_rZl_evkl\h\ oh^_IHl_jZibb
bkihevamyijb_fudjbabkgh]h\f_rZl_evkl\Zb ^hjh]hklhysZyikbohl_jZibyg_ihgZ^h[blky _dhfi_gkZpby beb djbabk ijhbkoh^yl ebrv lh]^Z dh]^Z ijb\uqgu_kihkh[uboij_h^he_gbyhdZau\Zxlkyg_^hklZlhqgufbIjhy\eylvky^_dhfi_gkZpby beb djbabk fh]ml b khfZlbq_kdb b ikbobq_kdb qZs_ \k_]h \ \b^_ hkljhc \uoh^ys_c aZ ij_^_eu ghjfu ikboh]_gghc j_Zdpbb \dexqZxs_c lZdb_ khklhygby dZd kljZo klmihj bbeb hlqZygb_ oZjZdl_jgu_ ^ey ^_ij_kkb\guo khklhygbc >ey q_eh\_dZ gZoh^ys_]hky \ djbabk_ oZjZdl_jgu lZd`_ kbevgu_ g_dhgljhebjm_fu_ wfhpbb Ijb kihglZgghf ijhl_dZgbb djbabkZ dh]^Z gbdZdh_ \ha^_ckl\b_ ba\g_ g_ kdZau\Z_lky q_j_a dZdh_lh \j_fy h[uqgh q_j_a ² g_^_eb bebijhbkoh^bldhfi_gkZpbybebdjbabki_j_oh^bl\ mklhcqb\h_ikbohiZlheh]bq_kdh_ khklhygb_ Kms_kl\m_l h[rbjgZy ebl_jZlmjZ ihk\ys_ggZy jheb jZaebqguo klj_kkhjh\ b bo \ha^_ckl\bxgZijhl_dZgb_djbabkguokblmZpbcFu`_bkoh^bfbalh]hqlhj_rZxsmxjhev b]jZ_l g_ nZdl \hagbdgh\_gby djbabkZ Z ijhp_kk djbabkZ dZd lZdh\hc Ihwlhfm baeZ]Z_fu_ gZfb gb`_ iheh`_gby hlghkylky dZd d djbabkZf g_ihkj_^kl\_ggh \ua\Zgguf ikbohkhpbZevgufb nZdlhjZfb lZd b d l_f djbabkZf \ hkgh\_ dhlhjuo e_`Zl hiZkgu_ khfZlbq_kdb_ aZ[he_\Zgby \_^msb_ d baf_g_gbyf ikbohkhpbZevghc kblmZpbb q_eh\_dZ Fu
ijb^_j`b\Z_fky lhc lhqdb aj_gby qlh khhl\_lkl\mxsb_ ikbohl_jZi_\lbq_kdb_ \ha^_ckl\by fh^bnbpbjh\Zggh_ djbabkgh_ \f_rZl_evkl\h fh]ml wnn_dlb\gh ijbf_gylvky b \ kemqZ_ khfZlbq_kdboaZ[he_\Zgbc [ Dh]gblb\gu_ l_hjbb b l_hjbb ij_h^he_gby ljm^guo `bag_gguo kblmZpbc Q_eh\_d hdZaZ\rbcky \ djbabkghc kblmZpbb ij_^ijbgbfZ_l jZaebqgu_ f_ju qlh[u kijZ\blvky k ljm^ghklyfb ij_h^he_lv bo Hl bo wnn_dlb\ghklb aZ\bkbl mki_o beb g_m^ZqZ \ ij_h^he_gbb djbabkZ Mki_o fh`_l \_klb d ijh]j_kkm nhjfbjh\Zlv m q_eh\_dZ kihkh[ghklv mki_rgh kijZ\eylvky k djbabkZfb b \ [m^ms_f Gbpr_ ibkZe Lh qlh l_[y g_ m[b\Z_l ^_eZ_l l_[y kbevg__ < oh^_ djbabkZ ijb\uqgu_ nhjfu ij_h^he_gby ljm^ghkl_c ^hihegyxlky gh\ufb g_h[oh^bfhklv\ dhlhjuo\uau\Z_lkykeh`b\r_ckykblmZpb_cHdjm`_gb_k_fvy fh`_l[ulv \Z`guf j_kmjkhf ih^^_j`db q_eh\_dZ \ djbabkghc kblmZpbb DZd ihdZau\Zxl ijh\_^_ggu_ bkke_^h\Zgby [hevrbgkl\h ex^_c jZkiheZ]Z_l h[rbjguf j_i_jlmZjhf kihkh[h\ ij_h^he_gby djbabkguokblmZpbcb \u[bjZ_lbo\ aZ\bkbfhklbhloZjZdl_jZdjbabkZIjbaZ[he_\ZgbbjZdhf gZijbf_jijbf_gy_lkyijbf_jghjZaebqguonhjfij_h^he_gbykblmZpbb[he_agb < fgh]hqbke_gguo bkke_^h\Zgbyo bamqZebkv jZaebqby f_`^m Z^_d\Zlgufb b g_Z^_d\Zlgufb nhjfZfb ij_h^he_gby djbabkZ DZd ijZ\beh gZb[he__ Z^_d\Zlghc kqblZ_lky Zdlb\gZy ij_^mkfZljb\ZxsZy wg_j]bqgu_ ^_ckl\by kljZl_]by ij_h^he_gby dhlhjZy h^gh\j_f_ggh ihfh]Z_l ihgylv djbabk \ _]h dhgl_dkl_ h[_ki_qb\Z_l ^hklZlhqgmx ih^^_j`dm khpbZevgmx b kh klhjhgu k_fvb Z lZd`_ iha\hey_l q_eh\_dm \ujZ`Zlv k\hb qm\kl\Z b ijbgbfZlv lh q_]h g_\hafh`gh ba[_`Zlv G_[eZ]hijbylgufb gZijhlb\ kqblZxlky iZkkb\ghklv ihdhjghklv kfbj_gb_ khq_lZxsb_ky k kZfhh[\bg_gbyfb b h[\bg_gbyfb ^jm]bo ex^_c LZdZy ihabpby g_ iha\hey_l hkms_kl\blv Z^_d\Zlgmx ijhjZ[hldm ihjh`^_gguo kblmZpb_cqm\kl\beb\_^_ld hljbpZgbxgZebqbyijh[e_fm`_gZi_j\hcklZ^bbdjbabkZ
dhlhjh]h [m^_l hkms_kl\eylvky djbabkgh_ \f_rZl_evkl\h DZd ijZ\beh j_qv b^_l h ² k_kkbyo ijh\h^ysboky \ l_q_gb_ ² f_kyp_\ g_ [he__ Hl jZkkfhlj_gby ijh[e_f g_ k\yaZgguo k djbabkhf \j_f_ggh ijb^_lky hldZaZlvky <_^v p_ev djbabkgh]h \f_rZl_evkl\Z aZdexqZ_lky\ lhfqlh[udZdfh`ghkdhj__ohly[u\hkklZgh\blvij_`g__jZ\gh\_kb_H^gZdh dZdijZ\behkhklhygb_iZpb_glZklj_fylkymemqrblvihkjZ\g_gbxk l_f\ dZdhfhg[uei_j_^ djbabkhf >ey j_r_gby wlhc aZ^Zqb ikbohl_jZi_\lbq_kdbc ijhp_kk ke_^m_l hkms_kl\eylv Zdlb\gh ]b[dh p_e_gZijZ\e_ggh Fh`gh lZd`_ ijb[_]gmlv d ihfhsb lj_lvbo ebp ² jh^kl\_ggbdh\agZdhfuoiZpb_glZ MklZgh\e_gb_mklhcqb\uoikbohl_jZi_\lbq_kdbohlghr_gbc GZqbgZy jZ[hlm k iZpb_glhf gZoh^ysbfky \ ikbohkhpbZevghf djbabk_ hkh[_ggh ijb khfZlbq_kdboaZ[he_\Zgbyo bgh]^Zljm^ghjZkkqblu\ZlvgZ_]h[eZ]hjZamfb_J_ZdpbylZdh]h iZpb_glZdh]^Z_]hgZijZ\eyxld ikbohl_jZi_\lmh[uqgh[u\Z_lk^_j`ZgghcZ \jy^_kemqZ_\ b hljbpZl_evghc
h[klhyl_evkl\bo`bagb\ [hevrbgkl\_kemqZ_\\_kvfZ[eZ]hijbylghkdZau\Z_lkygZkhklhygbb [hevrbgkl\Zbagbo Ijbf_jiZpb_gldbI< hkgh\_ijh[e_fumihfbgZ\r_ckym`_\ur_iZpb_gldbI e_`Ze ijh^he`Z\rbcky k\ur_ ]h^Z b khijh\h`^Z\rbcky djbabkZfb [jZd k Zedh]hebdhf IZpb_gldZ ihklhygghklZjZeZkvkdehgblvfm`Zd \ha^_j`Zgbxhlmihlj_[e_gbykibjlguogZibldh\Ihke_ ijh\ZeZhq_j_^ghcihiuldb\ha^_j`Zgbyfm`g_h`b^ZgghhklZ\beiZpb_gldmb bo]h^h\Zeh]h j_[_gdZ qlh \ua\Zeh m iZpb_gldb iZgbdm b hlqZygb_ Ihke_ ^he]bo dhe_[Zgbb iZpb_glZ ij_^ijbgyeZdZdm`_]h\hjbehkvk_jv_agmxihiuldmkZfhm[bckl\Z Ijb khfZlbq_kdbo aZ[he_\Zgbyo kh\f_klgh k iZpb_glhf \uy\eyxlky ikbohkhpbZevgu_ gZ]jmadb kijZ\eylvky k dhlhjufb _fm [u\Z_l hkh[_ggh ly`_eh Ebrv \ bkdexqbl_evguo kemqZyo \ gZqZe_ h[km`^Zxlky l_ ijh[e_fu ba bklhjbb `bagb iZpb_glZ dhlhju_ g_ bf_xl hlghr_gby d [he_agb < l_o kemqZyo dh]^Z hq_\b^_g km[t_dlb\baf bgl_jij_lZpbc iZpb_glZ g_h[oh^bfZkhhl\_lkl\mxsZy^hjZ[hldZ Ijb ikbobq_kdbo gZjmr_gbyo ikbohl_jZi_\lZ \ i_j\mx hq_j_^v bgl_j_km_l jZamf__lky gZkljh_gb_iZpb_glZb hp_gdZbfkZfbfk\h_]hkhklhygbyZ h[t_dlb\gu_ihke_^kl\by[he_agb qZklhjZkkfZljb\Zxlkya^_kvebrv\h\lhjmxhq_j_^v Ijb khfZlbq_kdbo [he_agyo ih^oh^ qZs_ \k_]h [u\Z_l kh\_jr_ggh ^jm]bf \jZqZ hjb_glbjmxs_]hkyh[uqghgZ_kl_kl\_gghgZmqgmxfh^_ev[he_agb bgl_j_km_lij_`^_\k_]h nbabq_kdh_ khklhygb_ iZpb_glZ Bgl_j_k `_ d _]h ebqghklb hloh^bl gZ aZ^gbc ieZg LZdhc ih^oh^ij_iylkl\m_ldhglZdlmk l_fbiZpb_glZfbdhlhju_i_j_`b\Zxlk\hx[he_agvdZddjbabk Ijbf_j iZpb_glZ K M`_ mihfbgZ\rbcky iZpb_gl K [ue hq_gv h[b`_g l_f qlh _fm g_ kfh]ebkjZamihklZ\blvijZ\bevguc^bZ]gha>bZ]ghklbjh\Zeblhhimohev]heh\gh]h fha]Zlh g_j\gh_aZ[he_\Zgb_ < j_amevlZl__]hhlghr_gb_d \jZqZfb h[kem`b\Zxs_fmi_jkhgZemklZeh \_kvfZ kd_ilbq_kdbf Ijh^he`bl_evgh_ ij_[u\Zgb_ _]h \ [hevgbp_ ijb\_eh d jZaju\m hlghr_gbck ih^jm]hcqlhmkm]m[beh_]hly`_eh_khklhygb_IZjZ^hdkZevgufh[jZahf[hevrh_ agZq_gb_ hg ijb^Z\Ze h\_s_kl\e_gbx dZd hg \ujZabeky k\h_c [he_agb gZ^_ykv qlh ijbagZgb_ _]h aZ[he_\Zgby khfZlbq_kdbf \uah\_l [he__ k_jv_agh_ hlghr_gb_ d g_fm ;hevr_ \k_]h hg hiZkZeky lh]h qlh himohev fh`_l h]jZgbqblv _]h \hafh`ghklb \ mfkl\_gghc ^_yl_evghklbbbebkdZ`_lkygZ_]hih\_^_gbbqlhk_jv_aghhljZabehkv[ugZ_]hmq_[_ :gZebaij_h^he_gbydjbabkZ IjbklmiZy d hij_^_e_gbx ijh[e_fu ij_`^_ \k_]h ke_^m_l \uykgblv dZdbf h[jZahf iZpb_gl iulZeky j_rZlv k\hb ijh[e_fu ^h gZklhys_]h \j_f_gb Fu bkoh^beb ba lh]h qlh ihiuldZ ij_h^he_gby djbabkZ fh`_l \ h[s_f ihgbfZlvky dZd j_r_gb_ ijh[e_fu Ihwlhfm ke_^m_l \gbfZl_evgh jZkkfhlj_lv kihkh[u dZdbfb iZpb_gl \ ijhrehf iulZeky ij_h^he_\Zlv djbabkuD dZdbfba wlbo kihkh[h\ hg ijb[_]Ze h[uqgh Z d dZdbf \j_fyhl \j_f_gb Ke_^m_l lZd`_ \uy\blv j_kmjku iZpb_glZ lZdb_ dZd mki_rgu_ \ ijhrehf ihiuldb ij_h^he_gby djbabkh\b _]hkhpbZevgu_k\yabFuij_^eZ]Z_fkhklZ\eylvkibkdbl_okihkh[h\ij_h^he_gby djbabkh\ d dhlhjuf ijb[_]Zxl iZpb_glu Ihfhqv \ wlhf fh`_l ijb\h^bfuc \ ijbeh`_gbb h[jZa_p;_jgkdbckibkhdkihkh[h\ij_h^he_gbydjbabkguokblmZpbc Ijbf_j iZpb_gldb I < l_q_gb_ ij_^r_kl\h\Z\r_c djbabkm g_^_eb ]hkih`Z I bkiulu\ZeZikbobq_kdmxgZijy`_gghklvkijZ\blvkyk dhlhjhchgZiulZeZkvaZfudZykv\ k_[_ kZfhbaheypby jZafureyyh k\h_f[jZd_[_aijbgylbydZdh]heb[hj_r_gbyfukebl_evgZy `\ZqdZ <j_fy hl \j_f_gb hgZ h[jmrb\ZeZ k\h_ jZa^jZ`_gb_ gZ fZe_gvdh]h kugZ jZajy^dZ
]g_\Z beb h[t_^ZeZkv keZ^hklyfb dhfi_gkZpby Wlb fZehwnn_dlb\gu_ kihkh[u ij_h^he_gbydjbabkZij_^klhyehaZf_gblvZdlb\gufbb ijh]j_kkb\gufbf_lh^Zfb Ijbf_j iZpb_glZ K Wlhl klm^_gl bamqZ\rbc xjbkijm^_gpbx ij_`^_ klZjZeky \u]ey^_lvq_eh\_dhfk kbevgufoZjZdl_jhfkhojZg_gb_kZfhh[eZ^Zgby ?kebhgijboh^bed dZdbfeb[hg_ijbylguf\u\h^ZflhklZjZekyg_^himkdZlvbo\ k\h_khagZgb_b]ghjbjh\Zgb_ ^_ckl\bl_evghklb Ebrv k h^gbf k\hbf agZdhfuf ikboheh]hf ih ijhn_kkbb gZijZ\b\rbf _]h gZ ikbohl_jZibx hg iulZeky [ulv hldjh\_gguf qlh ^Z\Zeh _fm gZ dZdh_lh \j_fy h[e_]q_gb_h[jZs_gb_aZih^^_j`dhcwfhpbhgZevgZyjZajy^dZ Hij_^_e_gb_ijh[e_fu DZd m`_ ]h\hjbehkv ex^b \ khklhygbb djbabkZ \ua\Zggh]h khfZlbq_kdbfb beb ikbobq_kdbfb ijbqbgZfb qZklh [u\Zxl g_kihkh[gu gZclb ih^oh^ysb_ keh\Z ^ey hibkZgby k\h_cijh[e_fghckblmZpbb< oh^_jZ[hluk iZpb_glhfikbohl_jZi_\lklj_fblkyd lhfmqlh[u kblmZpby[ueZbaeh`_gZihgylgufb_fmkeh\Zfb Ijbf_jiZpb_gldbI =hkih`ZIkhh[sbeZ>hgZklhys_]h\j_f_gby [ueZih]ehs_gZ b^__c khojZg_gby iZjlg_jkdbo hlghr_gbb kh k\hbf fm`_fZedh]hebdhf < j_amevlZl_ y \ayeZ gZk_[yg_ihf_jghly`_emxghrmb _]hdjZokqblZeZk\hbfihjZ`_gb_fL_i_jvy ohqm[hevr_ \gbfZgby m^_eylv k_[_ b ihaZ[hlblvky h k\h_c `bagb Z ij_`^_ \k_]h h k\h_f fZe_gvdhf j_[_gd_ Ijbf_j iZpb_glZ K MihfbgZ\rbckym`_klm^_glxjbkl^Zeke_^mxs__ hibkZgb_k\h_c kblmZpbb < j_amevlZl_ ihg_k_gguo fghx ihl_jv y qm\kl\mx qlh fg_ m]jh`Z_l hiZkghklv b wlh f_gy kdh\u\Z_l b m]g_lZ_l Y ohl_e [u ihiulZlvky Zdlb\gh aZgylvky l_f qlh fh`gh baf_gblvZ lhfmqlhij_^klZ\ey_lhiZkghklvihklZ\blvaZkehg Nhjfmebjh\dZp_eb < aZ\bkbfhklb hl agZqbfhklb ijh[e_fu b h[eZklb d dhlhjhc hgZ hlghkblky p_eb fh]ml [ulv jZaebqgufb Kh\f_klgZy jZajZ[hldZ j_Zebklbq_kdbo ij_^klZ\e_gbc h p_eb khklZ\ey_l qZklvijhp_kkZdhmibg]Z G_j_^dh ^ey wlh]h kgZqZeZ [u\Z_l g_h[oh^bfh ij_h^he_lv bkdZ`_ggh_ \hkijbylb_ iZpb_glhf kblmZpbb [he_agb ;u\Z_l b lZd qlh iZpb_gl klZ\bl i_j_^ kh[hc lZdb_ p_eb dZkZxsb_ky gZijbf_j _]h [m^msbo khpbZevguo nmgdpbc dhlhju_ dZd ihdZau\Z_l h[t_dlb\gZy \jZq_[gZy hp_gdZ g_ fh]ml [ulv ijbagZgu hkms_kl\bfufb
ke_^m_lgZclbjZ[hlmAZl_f_cij_^klhyehmkljhblvkugZ\ ohjhr__^_lkdh_mqj_`^_gb_b l_f kZfuf h[j_klb [hevrmx kZfhklhyl_evghklv ZgZeba ijh[e_fu HgZ hkhagZeZ lZd`_ qlh aZ ihke_^gb_f_kypumljZlbeZdhglZdlkhk\hbfbklZjufb^jmavyfbb _cij_^klhbl\hkklZgh\blv wlbk\yabh[jZs_gb_aZih^^_j`dhchkfuke_gb_ Ijbf_j iZpb_glZ K =hkih^bg K k [eZ]h^Zjghklvx ijbgye ij_^eh`_gb_ ijh\_klb kh\f_klgmx k_kkbx k gZ[ex^Zxsbf _]h g_\jheh]hf \ gZ^_`^_ \hi_j\uo mykgblv ^ey k_[y dZjlbgm[he_agbb\h\lhjuomemqrblvkhljm^gbq_kl\hk gbfihbkd\uoh^Zbakeh`b\r_cky kblmZpbb ZgZeba ijh[e_fu Hg hkhagZe lZd`_ qlh _fm ij_^klhbl kijZ\blvky k mljZlhc k\h_c ih^jm]b b ihwlhfm `_eZl_evgh [ueh [u mklZgh\blv gh\u_ khpbZevgu_ dhglZdlu ijbgylb_h[jZs_gb_aZih^^_j`dhc IjhjZ[hldZijh[e_fu²gh\u_ih^oh^ud ijhp_kkmij_h^he_gbydjbabkZ ;ueh[uhrb[dhciheZ]Zlvqlhhij_^_e_gb_ijh[e_fu[m^_lkjZam`_iheghklvxijbgylh b mk\h_gh iZpb_glhf DZd b \ IHl_jZibb gZf ij_^klhbl kgh\Z b kgh\Z \ha\jZsZlvky d g_c mklZgZ\eb\Zlv dhgdj_lgu_ rZ]b \_^msb_ d gZf_q_gghc p_eb Lh]^Z [hevghfm [m^_l \b^gh dZdb_ ba _]h ijh[e_f m`_ j_r_gu Z dZdb_ _s_ ij_^klhbl j_rblv Ihfgy h lhf qlh gZrZ i_j\hhq_j_^gZy aZ^ZqZ ² Zdlb\gh_ ij_h^he_gb_ djbabkZ gZ hkgh\Zgbb ijhbkoh^ysbo baf_g_gbbfukfh`_fk^_eZlv\u\h^h lhfdZdb_ijb_fuij_h^he_gbydjbabkZjZ[hlZxlZ dZdb_k lhqdbaj_gbyikbohl_jZi_\lZg_ih^oh^bl?kebf_lh^ubkihevam_fu_^eyij_h^he_gby djbabkZ hdZau\Zxlky g_wnn_dlb\gufb ke_^m_l jZkkfhlj_lv ^jm]b_ kihkh[u ih\_^_gby b fure_gby :dlb\guc ih^oh^ d ij_h^he_gbx djbabkZ lj_[m_l lZd`_ ijh\_jdb gZ ijZdlbd_ \hafh`ghklbb kihkh[h\hkms_kl\e_gbygZf_q_gguorZ]h\Qlh[uij_^hl\jZlblvh[jZah\Zgb_ aZ\bkbfhklb iZpb_glZ hl ikbohl_jZi_\lZ ke_^m_l lZd`_ \uykgblv dlh ba [ebadbo iZpb_glm ex^_ckfh`_lhdZaZlv_fmih^^_j`dmb dZdmxFgh]hqbke_ggu_gZ[ex^_gbyihdZaZebqlhq_f [hevr_khpbZevghcih^^_j`dbl_fe_]q_[u\Z_lij_h^he_\Zlvdjbabkex^yflZdmxih^^_j`dm ihemqZxsbf Kha^Zgb_ ohjhr_c k_lb khpbZevguo hlghr_gbc lZd`_ kihkh[kl\m_l lZdbf h[jZahfijhnbeZdlbd_gh\uodjbabkh\ Ijbf_jiZpb_gldbI< oh^_ijh^he`Z\r_ckyq_luj_qZkZikbohl_jZi_\lbq_kdhcjZ[hlu ih ij_h^he_gbx djbabkZ jZkkfZljb\Zeky dhfie_dk ijh[e_f dhlhjuc fh`gh [ueh [u gZa\Zlv [jZd k Zedh]hebdhf < ijhrehf iZpb_gldZ ihklhyggh kqblZeZ qlh ^he`gZ [ulv \_ebdh^mrghcklhcdhcb l_ji_eb\hcohaycdhcF_`^ml_flZdZyihabpbyebrvijh\hpbjh\ZeZ __ fm`ZZedh]hebdZgZivygu_wdkp_kkuhldhlhjuohgZkljZ^ZeZ Ebrv\ oh^_[_k_^uk ikbohl_jZi_\lhfhgZijbreZd \u\h^mqlhl_i_jv_cij_^klhbl\aylv gZk_[y[hevrmxhl\_lkl\_gghklvaZkZfmk_[yb j_[_gdZLh]^ZhgZgZqZeZ\k_[hevr_b [hevr_ hl^ZeylvkykgZqZeZ\g_rg_aZl_flZd`_\gmlj_gg_ hlk\h_]hfm`ZHgZijhdhgkmevlbjh\ZeZkv m xjbklZ ih \hijhkZf k\yaZgguf k __ \hafh`guf jZa\h^hf j_r_gb_ ijh[e_fu b gZqZeZ p_e_mklj_fe_ggh bkdZlv \ZdZglgh_ f_klh k_dj_lZjy qlh[u mkljhblvky gZ jZ[hlm HgZ klZeZ j_]meyjghh[sZlvkykhk\h_ckhk_^dhchq_gvohjhrhihgbfZ\r_c__?cm^Zehkv^h]h\hjblvky k g_ch[moh^_aZ__ fZe_gvdbffZevqbdhfqlhhq_gvh[e_]qbeh__kblmZpbxwfhpbhgZevgZy jZajy^dZh[jZs_gb_aZih^^_j`dhc IkbohkhpbZevgu_djbabku\ oh^_ojhgbq_kdhckhfZlbq_kdhc[he_agbfh]ml\ aZ\bkbfhklb hl h[klhyl_evkl\ beb [ukljh ijhoh^blv beb aZly]b\Zlvky gZ ^ebl_evgh_ \j_fy IZgbdZ bkiulu\Z_fZy i_j\hgZqZevgh q_eh\_dhf i_j_g_krbf bgnZjdl fh`_l i_j_clb \ hiZkgh_ khklhygb_ dh]^Z q_eh\_d qm\kl\m_l k_[y h[j_q_gguf Ke_^m_l bf_lv \ \b^m qlh jZagu_
kblmZpbb lj_[mxl jZaebqguo ih^oh^h\ d bo j_r_gbx b qlh jZagu_ iZpb_glu gm`^Zxlky \ jZaebqguokihkh[Zoij_h^he_gbyk\hboljm^ghkl_c Ijbf_j iZpb_glZ K < oh^_ r_klb k_kkbc ijh\_^_gguo gZ ijhly`_gbb ^\mo f_kyp_\ ikbohl_jZi_\lm m^Zehkv kha^Zlv m iZpb_glZ j_Zebklbqgh_ ij_^klZ\e_gb_ h k\h_c [he_agb ZgZeba ijh[e_fu Ihke_ wlh]h iZpb_gl [ue \ agZqbl_evgh [hevr_c f_j_ ]hlh\ d khljm^gbq_kl\m k e_qb\rbf _]h g_\jheh]hf ihbkd \uoh^Z ba keh`b\r_cky kblmZpbb iZkkb\gh_ khljm^gbq_kl\h ohly _fm b ij_^klhyeh gZmqblvky `blv \ kblmZpbb g_hij_^_e_gghklb ijbgylb_ km^v[u klhbpbaf < oh^_ ijhjZ[hldb kblmZpbb jZaju\Z k ih^jm]hc m iZpb_glZ m^Zehkv \ua\Zlv khklhygb_ dZlZjkbkZ wfhpbhgZevgZy jZajy^dZ B g_kfhljy gZ \ua\Zgguc [he_agvx i_j_ju\ \ aZgylbyo iZpb_gl h[j_e \k_ `_ m\_j_gghklv qlh kfh`_lkijZ\blvkyk mq_[ghcijh]jZffhchilbfbafih\ur_gb_kZfhhp_gdb
ikbohl_jZi_\lhf \ [hevrbgkl\_ kemqZ_\ hkeZ[_\Z_l LZdh_ fh`_l h[tykgylvky dZd ^_ckl\bl_evghc klZ[bebaZpb_c khklhygby [hevgh]h lZd b \ujZ`_gb_f _]h `_eZgby \iheg_ \ijhq_f hijZ\^Zggh]h g_ mom^rZlv hlghkbl_evgh ohjhr_]h kZfhqm\kl\by jZa]h\hjZfb h [he_agb Wlh h[klhyl_evkl\h lj_[m_l hl ikbohl_jZi_\lZ l\hjq_kdh]h ih^oh^Z Hg ^he`_g khhl\_lkl\mxsbf h[jZahf j_]mebjh\Zlv bgl_gkb\ghklv ikbohl_jZi_\lbq_kdbo dhglZdlh\ k iZpb_glhfqZklhlZk_kkbc\u[hj^bklZgpbbgZdhlhjhchkms_kl\ey_lkyh[s_gb_ Ijbf_j iZpb_glZ K Ohly dh \j_f_gb aZ\_jr_gby djbabkgh]h \f_rZl_evkl\Z b ikbohl_jZi_\l b iZpb_gl [ueb m[_`^_gu \ lhf qlh l_i_jv [he_agv ij_h^he_gZ hgb ^h]h\hjbebkvqlh\ kemqZ_\hagbdgh\_gbygh\h]hdjbabkZiZpb_glh[jZlblkyd ikbohl_jZi_\lm aZ ihfhsvx Hg k^_eZe wlh lj_fy ]h^Zfb iha`_ dh]^Z \ oh^_ h[ke_^h\Zgby k ihfhsvx dhgljZklghc ^bZ]ghklbdb m g_]h [ueb \uy\e_gu hkeh`g_gby Z km[t_dlb\gh hg bkiulu\Ze ]heh\hdjm`_gb_ b ]heh\gu_ [heb IZpb_glZ ho\Zlbeh qm\kl\h lj_\h]b \_^v gbdlh g_ h`b^Ze \hafh`ghklbhkeh`g_gbcb g_kqblZek_jv_agufbjZggb_kbfilhfu_]hgh\hc[he_agbdZdwlh [uehb ijbi_j\bqghfaZ[he_\ZgbbHg\gh\vh[jZlbekyd ikbohl_jZi_\lmKimkly_s_]h^[ueh \uy\e_gh _s_ h^gh ly`_eh_ hkeh`g_gb_ yljh]_ggh]h ijhbkoh`^_gby \ j_amevlZl_ ijh\h^b\r_cky \ k\h_ \j_fy bgl_gkb\ghc emq_\hc l_jZibb \dexqZ\r_c h[emq_gb_ \k_]h kibggh]h fha]Z m g_]h jZa\beky kbg^jhf ;jZmgZK_d\Zj^Z k ijh]j_kkbjmxsbf iZjZebqhf < dhgp_dhgph\iZpb_glhdZaZeky\ugm`^_gihevah\Zlvkybg\Zeb^ghcdheykdhcIkbohkhpbZevgu_ ihke_^kl\by[he_agbhdZaZebkvly`_eufbb jZaghh[jZagufbqlhh[mkeh\beh\u[hjiZpb_glhf kihkh[h\ Z^ZilZpbb d gh\uf mkeh\byf Wlb kihkh[u [ueb jZkkfhlj_gu bf kh\f_klgh k ikbohl_jZi_\lhf\ oh^_ikbohl_jZibbb ih^\_j]gmlu\ l_okemqZyodh]^Zwlh[ueh\hafh`gh fh^bnbdZpbb LZd qlh g_kfhljy gZ jZ^bdZevguf h[jZahf baf_gb\rb_ky mkeh\by `bagb iZpb_glZ m^Zehkv ihfhqv _fm khojZgblv hlghkbl_evgh_ wfhpbhgZevgh_ jZ\gh\_kb_ b ih^^_j`Zlv _]h \ klj_fe_gbb gZmqblvky `blv kh k\hbfb ^_n_dlZfb Gb`_ ijb\h^ylky nZau djbabkgh]h\f_rZl_evkl\Z MklZgh\e_gb_ikbohl_jZi_\lbq_kdbohlghr_gbc dhgklZlZpbykms_kl\h\ZgbydjbabkghckblmZpbb h[km`^_gb_ mkeh\bc ijh\_^_gby ikbohl_jZi_\lbq_kdbo k_kkbc f_klh ijh\_^_gby ijh^he`bl_evghklvmqZkl\mxsb_ebpZ :gZebaijh[e_fu :gZebakblmZpbb h[t_dlb\gZykblmZpbya^_kvb k_cqZk km[t_dlb\gZykblmZpby :gZeba f_oZgbafh\ k ihfhsvx dhlhjuo iZpb_gl kijZ\ey_lky k kblmZpb_c ij_h^he_\Z_l__ h[uqghijbf_gy_fu_ ijbf_gy_fu_\ djbabkguokblmZpbyo k\yaZggu_k j_kmjkZfbdhlhjufbjZkiheZ]Z_liZpb_gl Hij_^_e_gb_ijh[e_fu q_ldZyb ihgylgZynhjfmebjh\dZijh[e_fu f_oZgbafudhmibg]Zg_Z^_d\Zlgu_b Z^_d\Zlgu_ Hij_^_e_gb_p_eb ih\lhjgucZgZebadhmibg]Z
ij_^\b^bfu_^hklb`bfu_p_eb gh\u_kihkh[udhmibg]Z IjhjZ[hldZijh[e_fufh^bnbdZpbbdhmibg]Z Zdlb\gh_ijbf_g_gb_\ j_Zevguomkeh\byo bkihevah\Zgb_khpbZevgh]hhdjm`_gby i_jki_dlb\gu_ieZgu
IHL?J:IBYD:D >B>:DLBQ?KD:YDHGP?IPBY
Fu jZajZ[Zlu\Z_f IHl_jZibx g_ lhevdh dZd ikbohl_jZi_\lbq_kdmx gh b dZd ^b^Zdlbq_kdmxdhgp_ipbxIj_^iheZ]ZehkvqlhgZmqblvkyIHl_jZibbkfh]mlikbohl_jZi_\lu kZfh]h jZagh]h mjh\gy ² hl gh\bqdh\ ^h ki_pbZebklh\ ijhr_^rbo ih^]hlh\dm \ jZfdZo lhc bebbghcikbohl_jZi_\lbq_kdhcrdheuWlZ]eZ\ZihdZ`_lij_ih^Z\Zl_exIHl_jZibbdZdhg kfh`_l ihfhqv f_g__ hiulghfm ikbohl_jZi_\lm mkh\_jr_gkl\h\Zlvky \ \_^_gbb ikbohl_jZi_\lbq_kdh]hijhp_kkZ< oh^_wlh]hijhp_kkZhg[m^_lbkihevah\Zlvm`_bf_xsbcky m g_]hg_ki_pbnbq_kdbchiul^eymklZgh\e_gbyikbohl_jZi_\lbq_kdbohlghr_gbck iZpb_glhf b ijh\_^_gbyk gbfjZatykgbl_evghc[_k_^uqlh[uaZl_fkh\f_klgh^h[b\Zlvkyhkms_kl\e_gby kh\f_klgh gZf_q_gghc p_eb Hiulghfm ikbohl_jZi_\lm ij_ih^Z\Zl_ev IHl_jZibb fh`_l ihfhqv p_e_gZijZ\e_ggh ijbf_gylv wlm dhgp_ipbx k mq_lhf hkh[_gghkl_c iZpb_glZ b _]h ijh[e_fu bkihevamy ijb wlhf m`_ bf_xsb_ky m g_]h gZ\udb \_^_gby ikbohl_jZi_\lbq_kdhc jZ[hlu Q_luj_ ijb\_^_ggu_ gb`_ hkgh\gu_ hkh[_gghklb dhgp_ipbb IHl_jZibb kem`Zl b hkgh\hiheZ]Zxsbfbp_eyfbh[mq_gby >b^Zdlbq_kdb_p_ebIHl_jZibb Hjb_glbjh\ZgghklvgZiZpb_glZ A^_kvklZ\ylkyke_^mxsb_ ^b^Zdlbq_kdb_p_eb Ikbohl_jZi_\lmij_^klhblgZmqblvky ihgbfZlvkm[t_dlb\gmxljZdlh\dm iZpb_glhfk\h_cijh[e_fu Zdlb\gh ih[m`^Zlv iZpb_glZ kha^Z\Zlv m g_]h fhlb\Zpbx d ijhoh`^_gbx ikbohl_jZibb \_klbikbohl_jZibxZdlb\gh \ujZ[hlZlv m k_[y mklZgh\dm gZ mklZgh\e_gb_ iZjlg_jkdbo hlghr_gbc k iZpb_glhf ^_eZxsbo\hafh`gufhkms_kl\e_gb_ikbohl_jZi_\lbq_kdh]hijhp_kkZ K ^b^Zdlbq_kdhc p_evx mqZs_fmky aZ^Zxlky ke_^mxsb_ \hijhku aZl_f hg gZqbgZ_l aZ^Z\Zlvbok_[_kZf ² DZd kljhbl ikbohl_jZi_\l iZjlg_jkdb_ hlghr_gby k iZpb_glhf" >mfZ_l eb hg qlh ^he`_g agZlv \k_" Fh`_l eb hg ijbagZlvky k_[_ b iZpb_glm \ lhf qlh _]h \hafh`ghklb h]jZgbq_gu" G_ ijbdju\Z_lky eb hg bgl_jij_lZpbyfb g_ aZgbfZ_l eb ihabpbx g_\f_rZl_evkl\Z"Kihkh[_gebhghldjh\_ggh[_ag_^hfhe\hdhl\_qZlvgZ\hijhkuiZpb_glZ" Fh`_lebhg^ZlviZpb_glmbgnhjfZpbxihbgl_j_kmxsbflh]h\hijhkZf" ²DZd]h\hjblikbohl_jZi_\l"G_aehmihlj_[ey_lebhggZmqgufyaudhf"Fh`_lebhg ijbkihkh[blvky d hkh[_gghklyf khpbZevghdmevlmjghc kj_^u iZpb_glZ ba[_]Zy ijb wlhf ijhy\e_gbck\h_]hij_\hkoh^kl\Z">hklZlhqghebykgh\ujZ`Z_lkyikbohl_jZi_\l" ² < khklhygbb eb ikbohl_jZi_\l \hkijbgylv \Z`gu_ ^ey iZpb_glZ mklj_fe_gby b h[tykg_gbyb gZhkgh\Zgbbwlh]hijbclbd h[s_fmk iZpb_glhfihgbfZgbxijh[e_fu" ² H[eZ^Z_l eb ikbohl_jZi_\l fure_gb_f ^hklZlhqgh ]b[dbf qlh[u bkihevah\Zlv k\hb l_hj_lbq_kdb_agZgby\ dZq_kl\_hij_^_e_gguohjb_glbjh\\ jZ[hl_[_alh]hh^gZdhqlh[uhgb f_rZeb_]h\aZbfh^_ckl\bxk iZpb_glhf" ²Fh`_lebikbohl_jZi_\lkh]eZkblvkyk km[t_dlb\ghc ljZdlh\dhc kblmZpbb iZpb_glhf" Klj_fblkyebikbohl_jZi_\ld lhfmqlh[uiZpb_glm[ueihgyl_gkfukebokh\f_klghcjZ[hlu"
Ihfhqvfh`_lbkihevah\Zgb_\hijhkgbdZkfIjbeh`_gb_ dhlhjucbf__l^\Z\ZjbZglZ h^bg ² ^ey ikbohl_jZi_\lZ Z \lhjhc ² ^ey iZpb_glZ Jmdh\h^kl\mykv \hijhkgbdhf ikbohl_jZi_\l ihke_ aZ\_jr_gby k_kkbb fh`_l aZibkZlv k\hb \i_qZle_gby h ijh^_eZgghc bf jZ[hl_ iZpb_gl ² ^Zlv k\hb hl\_lu gZ l_ `_ \hijhku Wlhl bgkljmf_gl fh`_l kem`blv \kihfh]Zl_evgufkj_^kl\hf^eyl_dms_]hdhgljheyb bkke_^h\Zgbc Ke_^mxsb_ ihabpbb b^Zdlbq_kdb_p_eb k kZfh]hgZqZeZikbohl_jZi_\lmqblky ²ihklhygghihfgblvh l_fZlbq_kdhcb \j_f_gghch]jZgbq_gghklbikbohl_jZibb ²dhgdj_lbabjh\Zlvijh[e_fmiZpb_glZ ²^Z\Zlvhij_^_e_gb_ijh[e_fukfjZa^ ² h[jZsZlv \gbfZgb_ gZ lh qlh ijh[e_fZ fh`_l baf_gblvky lZd qlh \ kemqZ_ g_h[oh^bfhklbfh`_l[ulv^Zghgh\h_hij_^_e_gb_ijh[e_fu Bkihevah\Zgb_
ikbohl_jZi_\lmke_^m_lba[_]ZlvhiZkghklbaZdexqZxs_cky\ lhfqlhhgbkoh^ybaba\_klguo _fml_hjbcdhgkljmbjm_lik_\^hijh[e_fmdhlhjmxaZl_fijbibku\Z_liZpb_glm IexjZebaff_lh^h\ G_aZ\bkbfhklv dhgp_ipbb IHl_jZibb hl jZaebqguo rdhe ikbohl_jZibb bf__l lh ^b^Zdlbq_kdh_ ij_bfms_kl\h qlh bkihevah\Zlv wlm dhgp_ipbx fh]ml ikbohl_jZi_\lu hlghkysb_kyd kZfufjZaebqgufrdheZf GZqbgZxs_fmdZ`_lkyqlhiexjZebaff_lh^h\ihjh`^Z_l[hevrb_ljm^ghklbHgbkoh^bl ba lh]h qlh ijhklu_ ijZ\beZ _keb lh ^Zxl _fm g_h[oh^bfmx [_ahiZkghklv Ijb wlhf hg mimkdZ_l ba \b^m [hevrmx \_jhylghklv hrb[hd lZd qlh [_ahiZkghklv \ ^Zgghf kemqZ_ [u\Z_l ebrvdZ`ms_cky HiZkghklv oZhkZ f_lh^h\ mkljZgy_lky kljmdlmjbjh\Zgghklvx IHl_jZibb b q_ldh knhjfmebjh\ZggufbihdZaZgbyfbd g_ckf]e Ikbohl_jZi_\lgbq_fg_h]jZgbq_g\ \u[hj_ f_lh^h\Z dhgp_ipbyIHl_jZibb^Z`_lj_[m_lhlg_]hh[t_^bg_gbybgl_]jZpbb\ k\h_cjZ[hl_ jZaebqguof_lh^bq_kdboih^oh^h\\u[hjdhlhjuoh[mkeh\eb\Z_lkyhkh[_gghklyfbijh[e_fu Z lZd`_ kh]eZkb_f b kihkh[ghklyfb iZpb_glZ IexjZebafm f_lh^h\ fh`gh mqblv k kZfh]h gZqZeZ >b^Zdlbq_kdb_p_eb ² Ikbohl_jZi_\l jZkklZ_lky k beexahjguf ij_^klZ\e_gb_f h kms_kl\h\Zgbb _^bgkl\_ggh]hijZ\bevgh]hf_lh^Zikbohl_jZibb ² M ikbohl_jZi_\lZ kha^Z_lky ij_^klZ\e_gb_ h IHl_jZibb dZd h gZ[hj_ jZaebqguo f_lh^h\ ikbohl_jZibb bkihevah\Zgb_ dhlhjuo \ jZaebqguo khq_lZgbyo fh`_l \_klb d ^hklb`_gbxh^gbob l_o`_p_e_c ² Ikbohl_jZi_\l ijboh^bl d m[_`^_gbx qlh ijb \u[hj_ f_lh^h\ ke_^m_l ijbgbfZlv \h \gbfZgb_ hkh[_gghklb ikbohl_jZi_\lZ iZpb_glZ b f_lh^h\ g_ mimkdZy ijb wlhf ba \b^m ihklZ\e_ggmxp_ev ² Ikbohl_jZi_\lm klZgh\blky hq_\b^ghc hiZkghklv ihebijZ]fZlbafZ ² ih^oh^Z ijb dhlhjhf \ jZ[hl_ k iZpb_glhf b]ghjbjmxlky l_hj_lbq_kdb_ beb kljZl_]bq_kdb_ khh[jZ`_gby bkdexqZ_lkyihbkdijbqbgb \aZbfhk\ya_c_]hijh[e_f ²Ikbohl_jZi_\lmqblkyijbf_gylvfgh]hqbke_ggu_f_lh^uikbohl_jZibbh^gh\j_f_ggh b bgl_]jbjh\Zlv bo >b^Zdlbq_kdZyihfhsv Ihke_lh]hdZdknhjfmebjh\ZgZijh[e_fZij_^klhbl\u[jZlvf_lh^ukf]e ² DZdb_ f_lh^u a^_kv \hh[s_ ih^oh^yl imklv ^Z`_ b \ h]jZgbq_gghc f_j_" DZdb_ ^hklhbgkl\Zb g_^hklZldbfh]mlbf_lvwlbf_lh^u" ²DZdboijbf_gylvh^gh\j_f_gghbebihke_^h\Zl_evgh" ²Ih^oh^ylebjZkkfZljb\Z_fu_f_lh^u^Zgghfmikbohl_jZi_\lm"IHl_jZi_\lijboh^bl d ihgbfZgbx lh]h qlh ikbohl_jZiby ij_^klZ\ey_l kh[hc w\jbklbq_kdbc ijhp_kk \ oh^_ dhlhjh]hijbkh\f_klghfihbkd_j_r_gbcijh[e_fuke_^m_lgZclblZd`_g_h[oh^bfu_kj_^kl\Z f_lh^u Ijbwlhffh`ghaZ^Zlvke_^mxsb_\hijhku ² >hklZlhqgh eb jZa[bjZ_lky ikbohl_jZi_\l \ \hafh`ghklb ijbf_g_gby jZaebqguo f_lh^h\" ²JZajZ[Zlu\Z_lebhgl\hjq_kdmxdhgp_ipbxbkihevah\Zgbyf_lh^h\\ j_r_gbb^Zgghc
ijh[e_fu" ²Mqblu\Z_lebhgijbwlhflZd`_k\hb\hafh`ghklbb boij_^_eu" Kljmdlmjbjh\Zgb_ Ohly \hh[s_ ]h\hjy ijb djZldhkjhqghc ikbohl_jZibb d kihkh[ghklyf b hiulm ikbohl_jZi_\lZ ij_^ty\eyxlky [he__ \ukhdb_ lj_[h\Zgby q_f ijb lZd gZau\Z_fhc ^he]hkjhqghc ikbohl_jZibb gZr hiul k\b^_l_evkl\m_l h lhf qlh gZqbgZxs_fm ikbohl_jZi_\lm ljm^g__ [u\Z_l jZ[hlZlv \ kemqZ_ g_kljmdlmjbjh\Zgghc ikbohl_jZibb kjhd aZ\_jr_gby dhlhjhc g_ mklZgZ\eb\Z_lky aZjZg__ F_rZ_l hlkmlkl\b_ kljmdlmju Ihwlhfm ijb h[mq_gbb IHl_jZibb hkh[h_ agZq_gb_ ijb^Z_lky q_ldhfm kljmdlmjbjh\Zgbx ijhp_kkZ ikbohl_jZibb KhagZl_evgh_ mklZgh\e_gb_ hij_^_e_gguo kjhdh\ kihkh[kl\m_l [he__ j_Zebklbq_kdhfm hlghr_gbx iZpb_glZ b ikbohl_jZi_\lZ d ijhbkoh^ys_fm H]jZgbq_gb_ ikbohl_jZibb k_kkbyfb ijb h[mq_gbb bf__l lh ij_bfms_kl\h qlh \_kv ikbohl_jZi_\lbq_kdbc ijhp_kk aZgbfZ_l h[hajbfuc i_jbh^ \j_f_gb L_f kZfuf klZgh\blky \hafh`guf gZmqblvky gZqbgZlv ikbohl_jZibx kljhblv b ih^^_j`b\Zlv dhgkljmdlb\gu_ ikbohl_jZi_\lbq_kdb_ hlghr_gby Z lZd`_ aZ\_jrZlv ijhp_kk Ij_^klZ\e_gguc \ ]e ihwlZigucieZghlh[jZ`Z_ldZd\j_f_gghciZjZf_lj]hjbahglZevgZyhkv ikbohl_jZibblZdb __ hkgh\ghcijbgpbi\_jlbdZevgZyhkv KdZaZggh_ hlghkblky b d aZ\_jr_gbx ikbohl_jZibb dhlhjhfm \ IHl_jZibb m^_ey_lky bkdexqbl_evgh_ \gbfZgb_ QZklh \ ikbohl_jZibb [hevrh_ agZq_gb_ ijb^Z_lky i_j\hc k_kkbb ^bgZfbdZ `_ aZ\_jr_gby ikbohl_jZibb mimkdZ_lky ba \b^m < lZdhf kemqZ_ h[mqZxsbcky mih^h[ey_lky rZofZlbklm dhlhjuc \eZ^__l ^_[xlZfb gh g_ agZdhf kh kljZl_]b_c b]ju \ wg^ribe_ >b^Zdlbq_kdb_p_eb ² Ikbohl_jZi_\lm klZgh\blky ihgylgh qlh ikbohl_jZi_\lbq_kdhfm ijhp_kkm ijbkmsZ hij_^_e_ggZykljmdlmjZ ²Ikbohl_jZi_\lhkhagZ_lqlhh]jZgbq_gb_\j_f_gbb kh^_j`Zgbyikbohl_jZibblj_[m_l hl g_]h \ukhdhc Zdlb\ghklb b ijboh^bl d ihgbfZgbx lh]h qlh \j_fy Z\lhfZlbq_kdb g_ ijbghkblk kh[hcj_r_gbyijh[e_fu ² Ijb ieZgbjh\Zgbb ikbohl_jZi_\lbq_kdbo f_jhijbylbc ikbohl_jZi_\l ijbgbfZ_l \h \gbfZgb_bf_xs__ky\ _]hjZkihjy`_gbb\j_fy Ihe_aguijbwlhffh]ml[ulvke_^mxsb_\hijhku ²Q_]hfuh[Zfh`_fihiulZlvky^h[blvkyaZk_kkbc" ²< dZdhcnZa_ikbohl_jZibbfuk_cqZkgZoh^bfky" ²Fh`_lebikbohl_jZi_\lmklZgh\blv\ dZdhcnZa_gZoh^blkyikbohl_jZiby" ²DZdhghp_gb\Z_loh^ikbohl_jZibbk mq_lhfijb[eb`Zxs_]hky__aZ\_jr_gby" ²Qlhm`_^hklb]gmlhqlh_s_ij_^klhblk^_eZlv" ² Ke_^m_l eb hij_^_e_gb_ ijh[e_fu ijb\_klb \ khhl\_lkl\b_ k bf_xsbfky \ jZkihjy`_gbbikbohl_jZi_\lZ\j_f_g_f" ²Kihkh[_gebikbohl_jZi_\lhlebqZlvkms_kl\_ggh_hlg_kms_kl\_ggh]hb ijbf_gy_leb hgijbgpbikljmdlmjbjh\Zgby\ hlghr_gbbkZfh]hk_[y"DZdhgmklZgZ\eb\Z_l]jZgbpuk\hbo \hafh`ghkl_cb kljmdlmjbjm_lk\h_\j_fy" ²DZdhgih^oh^bld j_r_gbxijh[e_fuaZ\_jr_gbyikbohl_jZibb"
DZdkljhblkyih^]hlh\dZIHl_jZi_\lh\ G_evaygZmqblvkyIHl_jZibblhevdhqblZymq_[gbdbKi_pbZevgu_gZ\udbg_h[oh^bfu_ ikbohl_jZi_\lmfh`ghijbh[j_klb\ oh^_h[mq_gbyebrv\uihegyyk ihfhsvxhdZau\Zxs_]h ih^^_j`dm ki_pbZebklZ hij_^_e_ggu_ ikbohl_jZi_\lbq_kdb_ ijb_fu Dhgp_ipby IHl_jZibb ij_^mkfZljb\Z_lhjb_glbjh\ZgghklvgZijh[e_fmb iZpb_glZkhhl\_lkl\_ggh \ mq_[ghf dmjk_ IHl_jZibb ke_^m_l khojZgylv hjb_glbjh\Zgghklv gZ ijh[e_fu b ijhoh^ysbo h[mq_gb_ ikbohl_jZi_\lh\ : wlh agZqbl qlh ke_^m_l ijbgbfZlv \h \gbfZgb_ dhgdj_lgu_ ijh[e_fu dZ`^h]h ba ikbohl_jZi_\lh\ ljm^ghklb dhlhju_ dZ`^uc ba gbo bkiulu\Z_l qlh[u dZd b \ jZ[hl_ k iZpb_glZfb hilbfZevgh bkihevah\Zlv bf_xsb_ky j_kmjku Z aZl_f ihkl_i_ggh m\_ebqb\Zlvbo>h[blvkywlh]hfh`ghlhevdh\ Zlfhkn_j_\aZbfgh]h^h\_jbykheb^Zjghklbb ih^^_j`dbDZdihdZau\Z_lgZrhiul^eywlh]hohjhrhih^oh^ylfZe_gvdb_aZdjulu_mq_[gu_ ]jmiiu k kmi_j\bahjkl\hf lsZl_evgh hkms_kl\ey_fuf dZd hiulguf kmi_j\bahjhf lZd b kZfbfbqe_gZfb]jmiiu Hkgh\ghc ijbgpbi ih^]hlh\db IHl_jZi_\lh\ aZdexqZ_lky \ lhf qlh h[mq_gb_ k bkihevah\Zgb_ffh^_eb hkms_kl\ey_lkyiZjZee_evghk lZdgZau\Z_fuf gZ[ex^_gb_f\ jheb mqZklgbdZ b \uiheg_gb_f h[mqZxsbfbky ikbohl_jZi_\lbq_kdbo ijb_fh\ k ihfhsvx hdZau\Zxs_]h bf ih^^_j`dm dhgkmevlZglZ H[mq_gb_ ijhoh^bl \ fZe_gvdbo ]jmiiZo DZ`^Zy ]jmiiZ khklhbl ba q_luj_o mqZsboky ikbohl_jZi_\lbq_kdbc hiul dhlhjuo qZs_ \k_]h [u\Z_l \_kvfZjZaebq_gb kmi_j\bahjZ H[mq_gb_ijh^he`Z_lkyhdheh]h^Z AZwlh\j_fyhkms_kl\eyxlkyq_luj_dmjkZikbohl_jZibblZdqlhdZ`^ucmqZklgbd]jmiiu bf__l \hafh`ghklv h^bg dmjk ijh\_klb kZfhfm Z \ lj_o ^jm]bo ijbgylv mqZklb_ \ jheb gZ[ex^Zl_ey jZkiheZ]Zxs_]hky aZ hdhgguf kl_dehf h[_ki_qb\Zxsbf \b^bfhklv ebrv \ h^ghf gZijZ\e_gbb G_ihkj_^kl\_ggh i_j_^ dZ`^hc ikbohl_jZi_\lbq_kdhc k_kkb_c ijh^he`Zxs_ckyfbgmlijh\h^blkydjZldh_ij_^\Zjbl_evgh_h[km`^_gb_b kjZam`_ihke_ k_kkbb ² ihemqZkh\h_ aZdexqbl_evgh_ h[km`^_gb_ LZd klZgh\blky \hafh`guf g_ij_ju\gh_ kmi_j\bahjkl\h hkms_kl\ey_fh_ \ \b^_ ijyfh]h gZ[ex^_gby Fu \u[jZeb lZdmx ko_fm hj]ZgbaZpbb h[mq_gbyihlhfm qlh hgZ hkh[_ggh ih^oh^bl^ey l_o dlh^_eZ_l \ ikbohl_jZibb i_j\u_ rZ]b Ijb lZdhc nhjf_ kmi_j\bahjkl\Z ]jmiiZ gZ[ex^Zl_e_c b kmi_j\bahj ke_^yl aZ \k_f ijhp_kkhf ikbohl_jZibb Wlh iha\hey_l \ oh^_ aZdexqbl_evgh]h h[km`^_gby hlf_qZlv iheh`bl_evgu_ ikbohl_jZi_\lbq_kdb_ ^_ckl\by b l_f kZfuf mdj_ieylv bf_xsb_ky m mqZsboky ikbohl_jZi_\lbq_kdb_ j_kmjku ?keb kmi_j\bahjkl\h g_ h]jZgbqb\Z_lky dhjj_dpb_c ^_ckl\bc mqZsboky lh \hajZklZ_l \_jZ ikbohl_jZi_\lZ \ k_[y b wnn_dl h[mq_gby ih\urZ_lky Ijb h[uqguo nhjfZo g_ijyfh]h kmi_j\bahjkl\Z qZklh \gbfZgb_ m^_ey_lky ebrv ijh[e_fgufbebdjbabkgufZki_dlZfikbohl_jZibbqlhbgh]^Zh[_kdmjZ`b\Z_lgZqbgZxsbo Fubkihevam_flZd`_\b^_haZibkbih^ebgguo`bag_gguokblmZpbcqlhh`b\ey_lmq_[guc ijhp_kk b hkh[_ggh kihkh[kl\m_l Zdlb\baZpbb gZ[ex^Zxs_c ]jmiiu ?_ qe_gu mqZkl\my \ aZdexqbl_evghc ^bkdmkkbb fh]ml hdZau\Zlv ijyfh_ \ha^_ckl\b_ gZ oh^ mq_[gh]h ikbohl_jZi_\lbq_kdh]hijhp_kkZb [jZlvgZk_[yhl\_lkl\_gghklvaZg_]hWlhkha^Z_l^bgZfbdm ]jmiiu \ j_amevlZl_ q_]h mqZsbcky i_j\hgZqZevgh aZgbfZ\rbc ihabpbx gZ[ex^Zl_ey ² hlqm`^_ggh]hb \uklmiZxs_]h\ jhebdjblbdZ²ihkl_i_ggh\h\k_[hevr_cf_j_klZgh\blky ihfhsgbdhfikbohl_jZi_\lZZdlb\ghmqZkl\mxsbf\ ijhp_kk_ihfh]Zxsbfikbohl_jZi_\lmb ih^^_j`b\Zxsbf _]h L_f kZfuf kha^Zxlky mkeh\by ijb dhlhjuo ^Z`_ g_hiulguc
ikbohl_jZi_\l hsmsZy k\hx aZsbs_gghklv fh`_l ijhy\blv b jZkrbjblv k\hb ikbohl_jZi_\lbq_kdb_ \hafh`ghklb Kh\f_klgZy ^jm`gZy jZ[hlZ \ ]jmii_ iha\hey_l djhf_ lh]h dZ`^hfm ba __ mqZklgbdh\ ihhq_j_^gh \uklmiZlv lh \ jheb ikbohl_jZi_\lZ lh \ jheb gZ[ex^Zl_ey< j_amevlZl_lZdh]hq_j_^h\Zgbyh[mq_gbygZkh[kl\_gghcijZdlbd_k h[mq_gb_fk bkihevah\Zgb_f gZ[ex^Z_fhc fh^_eb ^hklb]Z_lky h^gh\j_f_ggh_ jZa\blb_ ^\mo \Z`guo ^ey ikbohl_jZi_\lZdZq_kl\\hi_j\uomf_gb_\klmiblv\ Zdlb\gh_\aZbfh^_ckl\b_k iZpb_glhfb \h\lhjuo kihkh[ghklv kh klhjhgu ke_^blv aZ oh^hf ikbohl_jZi_\lbq_kdh]h ijhp_kkZ b \ j_amevlZl_memqrZlvk\h_ihgbfZgb_\aZbfhk\yabijh[e_fb n_ghf_gZi_j_ghkZ Hl[hjdZg^b^Zlh\ DZg^b^ZlZfk dZdbfbagZgbyfbb ij_^r_kl\h\Z\rbfhiulhffuhl^Z_fij_^ihql_gb_" < gZr_c debgbd_ ih^]hlh\dm \ h[eZklb IHl_jZibb ihemqZxl \k_ l_ khljm^gbdb dlh aZgbfZ_lky ikbohl_jZi_\lbq_kdhcjZ[hlhc ikboheh]b \jZqb b khpbZevgu_ jZ[hlgbdb Bf_xsbcky m`_ m dZg^b^ZlZ hiul jZ[hlu \ dZq_kl\_ikbohl_jZi_\lZy\ey_lkyiexkhf gh g_ kem`bl g_h[oh^bfuf mkeh\b_f ijhoh`^_gby dmjkZ ih^]hlh\db IHl_jZi_\lh\ DZd ijZ\beh gZrb mq_[gu_ ]jmiiu [u\Zxl hq_gv jZaghjh^gufb =jmiiu khklhyl ba ij_^klZ\bl_e_c jZaebqguo ijhn_kkbc Z hiul ij_`g_c ikbohl_jZi_\lbq_kdhcjZ[hlumqZsboky[u\Z_lkZfufjZaebqguf < mq_[guo]jmiiZoaZgbfZxlky ² feZ^rb_ hj^bgZlhju dhlhju_ ki_pbZebabjmxlky \ ikbobZljbb bf_xl dZd ijZ\beh hiul ² ]h^Z jZ[hlu k iZpb_glZfb ba hl^_e_gby ikbobZljbb Bgh]^Z hgb m`_ bf_xl ikbohl_jZi_\lbq_kdmxih^]hlh\dmihemq_ggmx\ lhcbebbghcrdhe_ikbohl_jZibb_kebg_l hgbijhoh^yllZdmxih^]hlh\dmh^gh\j_f_gghk aZgylbyfbm gZk ² feZ^rb_ hj^bgZlhju dhlhju_ ki_pbZebabjmxlky \ h[s_c f_^bpbg_ bf_xl hiul jZ[hluk iZpb_glZfbkljZ^ZxsbfbkhfZlbq_kdbfbaZ[he_\Zgbyfbb m`_iulZxlkyhdZau\Zlv\ oh^_ \jZq_[guo [_k_^ ihfhsv k\hbf iZpb_glZf bf_\rbf ikbobq_kdb_ b khpbZevgu_ ijh[e_fu ² ikboheh]b gZqbgZxsb_ k\hx debgbq_kdmx ih^]hlh\dm b h[eZ^Zxsb_ l_hj_lbq_kdbfb agZgbyfb ihemq_ggufb \h \j_fy mq_[u M gbo m`_ _klv hij_^_e_gguc hiul ikbohl_jZi_\lbq_kdhc jZ[hlu beb `_ hgb ijhoh^yl h^gh\j_f_ggh ikbohl_jZi_\lbq_kdmx ih^]hlh\dmhjb_glbjh\ZggmxgZlhbebbgh_gZijZ\e_gb_\ ikbohl_jZibb ² khpbZevgu_ jZ[hlgbdb qZklv dhlhjuo bf__l fgh]he_lgbc hiul dhgkmevlbjh\Zgby iZpb_glh\bkiulu\Zxsboijh[e_fuebqgh]hb khpbZevgh]hoZjZdl_jZ ² fgh]b_ mqZklgbdb \ ijhrehf ihk_sZ\rb_ mq_[gu_ k_fbgZju ih jZaebqguf gZijZ\e_gbyf ikbohl_jZibb b lZf ihemqb\rb_ k\_^_gby ih l_f beb bguf ijb_fZf ikbohl_jZibb JZaghh[jZab_ hiulZ mqZsboky \oh^ysbo \ mq_[gu_ ]jmiiu ihklhyggh ihjh`^Z_l ijh[e_fm ihbkdZ h[s_]h yaudZ < khhl\_lkl\bb k dhgp_ipb_c IHl_jZibb fu klZjZ_fky bkihevah\Zlv yaud ihgylguc dZd ij_^klZ\bl_eyf jZaebqguo ijhn_kkbc lZd b iZpb_glZf JZaghh[jZab_\a]ey^h\b ikbohl_jZi_\lbq_kdboih^oh^h\ ijbkms__ mqZklgbdZf ]jmii hdZaZehkv \_kvfZ ieh^hl\hjguf nZdlhjhf b khhl\_lkl\m_l kh^_j`Zs_fmky \ gZr_c dhgp_ipbb ijbgpbim iexjZebafZ f_lh^h\ AZ^ZqZ hkms_kl\eyxsbo kmi_j\bahjkl\h b jmdh\h^ysbo h[mq_gb_f ebp aZdexqZ_lky \ lhf qlh[u m\b^_lv \ wlhf
fgh]hh[jZabbikbohl_jZi_\lbq_kdb_b ^b^Zdlbq_kdb_j_kmjkub kmf_lvh[t_^bgblvbo\ jZfdZo gZr_cdhgp_ipbblZdqlh[uijbg_klbihevamiZpb_glmjm]b_ hkh[_ggh l_ dlh m`_ bf__l hiul ijh\_^_gby ^he]hkjhqghc ikbohl_jZibb gZoh^yl \ dhgp_ipbb IHl_jZibb Zevl_jgZlb\guc ih^oh^ dZd g_evay emqr_ khhl\_lkl\mxsbc ihlj_[ghklyf fgh]bo iZpb_glh\ b j_Zebyf `bagb L_ ba mqZsboky dhlhju_ g_ bf_eb ij_`^_ hiulZikbohl_jZi_\lbq_kdhcjZ[hlu ihemqZxl ijhoh^y dmjk IHl_jZibbhkgh\hiheZ]Zxsb_ agZgby ih ikbohl_jZibb b aZl_f bkihevamy dhgp_ipbx IHl_jZibb qZklh mki_rgh jZ[hlZxl ikbohl_jZi_\lZfb Ih^[hjiZpb_glh\ ^eymq_[gh]hdmjkZIHl_jZibb < oh^_ mq_[gh]h dmjkZ hkms_kl\ey_lky jZ[hlZ k rbjhdbf djm]hf iZpb_glh\ ba dhlhjh]h bkdexqZxlkyh^gZdhl_iZpb_glum dhlhjuobf_xlkyijhlb\hihdZaZgbyd ijhoh`^_gbxIH l_jZibbijb\_^_ggu_\ ]e Ihke_ i_j\hc dhgkmevlZpbb jZkkfZljb\Z_lky \hijhk h \hafh`ghklb bkihevah\Zgby IH l_jZibb\ ^Zgghfdhgdj_lghfkemqZ_Ijbwlhffubkoh^bfbake_^mxs_]h Z \ l_okemqZyodh]^Zijh[e_fuiZpb_glh\dZkZxlkydZdhclhh^ghch[eZklbbo`bagbb ghkylh]jZgbq_ggucoZjZdl_j\hafh`ghklvijbf_g_gbyIHl_jZibbkhfg_gbcg_\uau\Z_l [ \ kemqZyoiZpb_glh\khfgh]bfbijh[e_fZfbke_^m_l\uykgblvkh]eZkguebhgb\ oh^_ ikbohl_jZibb kdhgp_gljbjh\Zlvky gZ h^ghc ]eZ\ghc ijh[e_f_ b ^h\hevkl\h\Zlvky lZdbf h[jZahfqZklbqgufj_r_gb_f \ _keb ijh[e_fu k dhlhjufb h[jZsZxlky iZpb_glu kms_kl\mxl m`_ ^ebl_evgh_ \j_fy beb y\eyxlky ojhgbq_kdbfb Z lZd`_ _keb ijh[e_fu h[mkeh\e_gu hkh[_gghklyfb ebqghklb iZpb_glZlhke_^m_ljZkkfhlj_lvke_^mxsb_\hijhku ² fh`gh eb j_rblv ^Zggmx ijh[e_fm aZ lh h]jZgbq_ggh_ \j_fy dZdh_ hl\h^blky gZ ikbohl_jZibx" ² fh`gh eb \ oh^_ ikbohl_jZibb ijb[_]gmlv d lZdbf kljZl_]byf jZajZ[hlZ\ bo beb bf gZmqb\rbkv dhlhju_ iha\hebeb [u ihkl_i_ggh aZ \j_fy ij_\hkoh^ys__ hl\h^bfuc gZ IH l_jZibxkjhdj_rblv^Zggmxijh[e_fm" ²ih^^Zxlkyeb\hh[s_ijh[e_fuiZpb_glZ\ ^Zgguomkeh\byoj_r_gbx" ²g_jZamfg__eb\ ^Zgguodhgdj_lguomkeh\byoijb[_]gmlvd IHl_jZibbebrv^eylh]h qlh[u ^Zlv lZdh_ hij_^_e_gb_ ijh[e_fu dhlhjh_ ih[m^beh [u iZpb_glZ h[jZlblvky d ^jm]bf nhjfZf ikbohl_jZibb ² ^he]hkjhqghc ikbohl_jZibb k_f_cghc l_jZibb beb ikbohl_jZibb kmijm`_kdboiZj" GZhkgh\Zgbbhl\_lh\gZijb\_^_ggu_\ imgdl_\\hijhkufh`ghkm^blvh lhfihdZaZgZ
eb IHl_jZiby ^Zgghfm iZpb_glm Ke_^m_l \uykgblv m iZpb_glZ kh]eZk_g eb hg gZ lZdh_ km`_gb_ p_eb ikbohl_jZibb Ikbohl_jZi_\lm `_ ke_^m_l ih^mfZlv iha\hebl eb _fm _]h ijhn_kkbhgZevguc mjh\_gv jZ[hlZlv k ^Zgguf iZpb_glhf Ba lZdh]h jZkkfhlj_gby \aZbfhaZ\bkbfhklb f_`^m ihdZaZgbyfb d IHl_jZibb b ihklZgh\dhc p_e_c ikbohl_jZibb klZgh\blkyhq_\b^gufqlhkms_kl\mxlhij_^_e_ggu_]jZgbpuijbf_g_gbyIHl_jZibbb IH l_jZi_\lu \iheg_ hl^Zxl k_[_ hlq_l \ kms_kl\h\Zgbb lZdbo ]jZgbp IjbagZgb_ wlh]h nZdlZ hlgx^v g_ k\b^_l_evkl\m_l h[ ms_j[ghklb ^Zgghc ikbohl_jZibb GZijhlb\ hlau\u dZd iZpb_glh\ lZd b ikbohl_jZi_\lh\ k\b^_l_evkl\mxl h lhf qlh ihklZgh\dZ h[hajbfuo kljh]h hq_jq_gguo aZ^Zq h[h^jy_l h[hbo mqZklgbdh\ ijhp_kkZ ikbohl_jZibb MqZsb_ky ]hlh\ysb_ky klZlv ikbohl_jZi_\lZfb \hhqbx m[_`^Zxlky qlh khhl\_lkl\mxs__ j_Zevguf mkeh\byf h]jZgbq_gb_ p_e_c g_ h[_^gy_l ikbohl_jZibx Z ^_eZ_l jZ[hlm k iZpb_glhf ih j_r_gbx _]h ijh[e_f[he__Zdlb\ghcb bgl_gkb\ghc MdZaZgbyihhkms_kl\e_gbxIHl_jZibb Ke_^mxsbfrZ]hfihke_lh]hdZd[m^_lmklZgh\e_ghqlhiZpb_glmihdZaZgZIHl_jZiby y\ey_lky i_jki_dlb\gh_ ieZgbjh\Zgb_ ikbohl_jZibb hkms_kl\ey_fh_ \ khhl\_lkl\bb k ijbgpbiZfb ijb\_^_ggufb \ ]e Ke_^m_l hkh[_ggh ih^q_jdgmlv qlh \ wlhf ieZgbjh\Zgbb ijbgbfZ_l mqZklb_ b iZpb_gl Bf_ggh \ gZqZe_ ikbohl_jZibb ke_^m_l ihklhyggh ihfgblv h[ hkh[hf agZq_gbb hlghr_gbc kdeZ^u\Zxsboky f_`^m iZpb_glhf b ikbohl_jZi_\lhf Fgh]b_ hkh[_ggh g_hiulgu_ ikbohl_jZi_\lu klj_fylky kjZam `_ ijbklmiZlv d ZgZebam ijh[e_fu g_ ^h`b^Zykv mklZgh\e_gby ijhqguo b ^h\_jbl_evguo hlghr_gbc k iZpb_glhf b ^h lh]h dZd iZpb_glm [m^_l ij_^hklZ\e_gZ \hafh`ghklv baeh`blv k\hx lhqdm aj_gby gZ ijh[e_fm P_ev ^bkdmkkbb ijh\h^bfhc \ mq_[ghc ]jmii_ aZdexqZ_lky \ lhf qlh[u ihdZaZlv mqZsbfky qlh hlghr_gby f_`^m iZpb_glhf b ikbohl_jZi_\lhf khklZ\eyxl hkgh\m ikbohl_jZi_\lbq_kdhc jZ[hlub]jZxl\ __oh^_\Z`gmxjhev < ijh^he`_gb_ ikbohl_jZibb aZ^ZqZ ]jmiiu b kmi_j\bahjZ aZdexqZ_lky \ lhf qlh[u hdZau\Zy ih^^_j`dm b \ kemqZ_ g_h[oh^bfhklb ijb[_]Zy d dhgkljmdlb\ghc djblbd_ khijh\h`^Zlvikbohl_jZi_\lh\\ bojZ[hl_ Ikbohl_jZi_\lmj_dhf_g^m_lkyaZ^Z\Zlvk_[_ke_^mxsb_\hijhku ² < dZdhc klZ^bb ijhp_kkZ ikbohl_jZibb gZoh^blky iZpb_gl" < dZdhc klZ^bb gZoh^blky ikbohl_jZi_\l"GZoh^ylkyebhgbh[Z\ h^ghcb lhc`_klZ^bb" ²GZdZdhcklmi_gbikbohl_jZibbfugZoh^bfky" ² >hklZlhqgh eb ij_^u^msb_ klmi_gb ikbohl_jZibb ih^]hlh\beb gZkd ijhoh`^_gbx __ l_i_j_rg_cklmi_gb" ² >hklZlhqgh eb mklhcqb\u hlghr_gby ikbohl_jZi_\liZpb_gl ^ey ^Zevg_cr_c ijhjZ[hldbijh[e_fu" ²< khklhygbbebiZpb_glbaeh`blvk\hc\a]ey^gZijh[e_fm" ² DZdh\ wlhl \a]ey^ ikboheh]bq_kdb h[hkgh\Zg q_ldbc b bkq_jiu\Zxsbc beb `_ jm^bf_glgucnjZ]f_glZjgucjZkieu\qZlucb g_iheguc" ²>hklZlhqghebijhZgZebabjh\ZgZijh[e_fZ" ² Q_ldh eb knhjfmebjh\ZgZ ijh[e_fZ b mklZgh\e_gu eb kh\f_klgh k iZpb_glhf khhl\_lkl\mxsb_p_eb" ² DZdZy kms_kl\m_l \aZbfhk\yav f_`^m l_i_j_rg_c ikbohl_jZi_\lbq_kdhc jZ[hlhc b knhjfmebjh\Zgghcijh[e_fhc"
² K\h_\j_f_ggh eb khh[sbe ikbohl_jZi_\l iZpb_glm h[ h]jZgbq_gghklb ikbohl_jZibb hij_^_e_ggufb\hijhkZfbb \j_f_g_f" ²Hl^Zxlebk_[_hlq_liZpb_glb ikbohl_jZi_\l\ lhfqlh^haZ\_jr_gbyikbohl_jZibb hklZ_lky\k_]hebrvg_kdhevdhk_kkbc" ²Y\ey_lkyeb]eZ\ghcl_fhcihke_^gbok_kkbcij_^klhys__aZ\_jr_gb_ikbohl_jZibbb jZkklZ\Zgb_beb`_dZdiZpb_gllZdb ikbohl_jZi_\lba[_]ZxlaZljZ]b\Zlvwlml_fm" Dh]^Zoh^ikbohl_jZi_\lbq_kdh]hijhp_kkZgZjmrZ_lkyp_e_khh[jZagh[u\Z_laZ^Zlvk_[_ ke_^mxsb_\hijhku ²=h\hjylebiZpb_glb ikbohl_jZi_\lh^gbfb l_f`_yaudhf" ²=h\hjylebh[Zh[h^ghcb lh`_ijh[e_f_" ²Ihij_`g_fmebknhjfmebjh\ZggZyijh[e_fZgZoh^blky\ p_glj_jZ[hlu" ² G_ ke_^m_l eb \_jgmlvky gZ h^bg ba ij_^r_kl\mxsbo wlZih\ b \a]eygm\ gZ ijh[e_fm ih^bgufm]ehfaj_gbyknhjfmebjh\Zlv__ bgZq_" ²Ihij_`g_fmebj_ZevguihklZ\e_ggu_p_eb":^_d\Zlguebhgbijh[e_f_b `bag_gghc kblmZpbbiZpb_glZ" ² Ijhy\ey_l eb iZpb_gl khijhlb\e_gb_ b dZd \ wlbo mkeh\byo hkms_kl\eylv ijbgylmx dhgp_ipbx" ² Kihkh[kl\mxl eb beb f_rZxl ikbohl_jZi_\lbq_kdhfm ijhp_kkm i_j_ghk beb dhglji_j_ghk" Ihke_^gbc \hijhk \ oh^_ IHl_jZibb ijb\e_dZ_l d k_[_ hkh[h_ \gbfZgb_ ?keb iZpb_gl nhjfbjm_l k\hb hlghr_gby k ikbohl_jZi_\lhf lZd qlh hgb hljZ`Zxl _]h ijh[e_fm lh ikbohl_jZi_\lm ke_^m_l mdZaZlv _fm gZ wlh h[klhyl_evkl\h I_j_ghkm g_ bf_xs_fm g_ihkj_^kl\_gghc k\yab kh knhjfmebjh\Zgghc ijh[e_fhc Z \ujZ`Zxs_fm j_]j_kkb\gmx l_g^_gpbx beb gZqbgZxsbcky g_\jha i_j_ghkZ ke_^m_l ijhlb\hklhylv k kZfh]h gZqZeZ Ih^h[gu_ y\e_gby h[uqgh jZgvr_ hkhagZxlky ]jmiihc gZ[ex^Zl_e_c q_f kZfbf ikbohl_jZi_\lhf Ikbohl_jZi_\l fh`_l \ lZdhf kemqZ_ h[jZlblvky aZ kh\_lhf Hg fh`_l kijhkblv dZd _fm \ wlbo mkeh\byo \_klb k_[y \ hlghr_gbb iZpb_glZ qlh[u g_ mom^rblv ikbohl_jZi_\lbq_kdb_ hlghr_gby b dZd hg fh`_l kgh\Z ijb^Zlv hlghr_gbyf k iZpb_glhf jZ[hqbcoZjZdl_jHkh[mxijh[e_fmij_^klZ\eyxlihf_ob\ jZ[hl_dhlhju_fh]ml\hagbdgmlv \ j_amevlZl_dhglji_j_ghkZkhklhjhguikbohl_jZi_\lZBoke_^m_lk\h_\j_f_gghjZkihagZlvb h[km^blv =em[bggu_ ijh[e_fu ikbohl_jZi_\lZ dhlhju_ fh]ml f_rZlv ikbohl_jZi_\lbq_kdhc jZ[hl_ih^e_`Zl ijhjZ[hld_ hkms_kl\ey_fhc kh\f_klgh k ebqguf kmi_j\bahjhfb \g_jZfhd mq_[gh]hijhp_kkZ J_ZdpbyiZpb_glh\b mqZsbokygZmq_[gu_k_kkbbIHl_jZibb HklZ_lky _s_ jZkkfhlj_lv dZd iZpb_glu [eZ]h^Zjy dhlhjuf klZgh\blky \hafh`ghc ih^]hlh\dZ ikbohl_jZi_\lh\ hlghkylky d mq_[guf k_kkbyf IHl_jZibb I_j_^ gZqZehf ijhp_kkZ ikbohl_jZibb ijh\h^blky ki_pbZevgZy k_kkby gZ dhlhjhc ih^jh[gh baeZ]Zxlky ijbgpbiu IHl_jZibb ;hevrbgkl\h iZpb_glh\ kh]eZkb\rboky ijbgbfZlv mqZklb_ \ mq_[ghf ijhp_kk_ [u\Zxl m^h\e_l\hj_gu k\hbf mqZklb_f \ k_kkbyo Hkh[_ggh bf bfihgbjm_l hjb_glbjh\Zgghklv IHl_jZibb gZ ijh[e_fu iZpb_glh\ b __ djZldhkjhqghklv Gh ebrv \ j_^dbo kemqZyo iZpb_glu ijbgbfZxl ij_^eh`_gby ihagZdhfblvky k mqZklgbdZfb ]jmiiu gZ[ex^Zl_e_c Ij_^klZ\e_gby fgh]bo iZpb_glh\ h k_[_ baf_gyxlky d emqr_fm dh]^Z hgb hkhagZxlk\hx\Z`gmxjhev\ ih^]hlh\d_[m^msboikbohl_jZi_\lh\
B mqZsb_ky[hevr_cqZklvx^Zxl\_kvfZiheh`bl_evgmxhp_gdmlZdhcnhjf_ih^]hlh\db K_kkbb IHl_jZibb \hkijbgbfZxlky bfb g_ dZd ijhp_^mjZ dhgljhey aZ gbfb Z kdhj__ dZd ih^^_j`dZ HiZk_gby b kljZob bkiulu\Z_fu_ mqZsbfbky \uklmiZxsbfb \ jheb ikbohl_jZi_\lh\ jZkk_b\Zxlky qlh h[e_]qZ_l mq_[guc ijhp_kk LZd ikbohl_jZi_\lu ijbh[j_lZxl kihkh[ghklv jZ[hlZlv [he__ Zdlb\gh b p_e_gZijZ\e_ggh Mq_[ghfm ijhp_kkm kihkh[kl\m_l hp_gdZ ijhbkoh^ys_]h \h \j_fy ikbohl_jZibb dhlhjZy hkms_kl\ey_lky g_ihkj_^kl\_ggh\ _]hoh^_