:LOODP6WHZDUW ,0$*(5H?IJ?KKBB Ebf[^_ij_kkbb DZd b ijb jZkkfhlj_gbb lj_\h]b ^_ij_kkby [m^_l jZkkfZljb\Zlvky \ hk...
18 downloads
273 Views
3MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
:LOODP6WHZDUW ,0$*(5<$1'6<0%2/,60,1&2816(//,1* BKEH:GBX Dgb]Z < KlxZjlZ gZibkZgZ \ hkh[hf `Zgj_ dhlhjuc kZf ih k_[_ _s_ `^_l k\hbo bkke_^h\Zl_e_c AZ\_jrZxs__ky ;; klhe_lb_ h[h]Zlbeh _\jhi_ckdmx ebl_jZlmjm f_fmZjZfb beb bkih\_^vx ikbohl_jZi_\lh\ ^\b`bfuo q_eh\_q_kdhc ihlj_[ghklvx ih^_eblvky m^b\bl_evgufb b ihmqbl_evgufb \i_qZle_gbyfb hl k\h_c jZ[hlu LZd \ dhee_dlb\ghf khagZgbb gZqbgZ_l aZgbfZlv k\h_ ^hklhcgh_ f_klh lZ hkh[Zy j_Zevghklv ^mr_\ghc `bagb dhlhjZy klZgh\blky ^hklmighc gZ[ex^_gbx b dhglZdlm lhevdh \ kemqZ_ djZcg_ m\Z`bl_evgh]hb [_j_`gh]hhlghr_gbyd g_c Ij_^klZ\e_gby h ikbohl_jZibb f_gyxlky ih f_j_ m]em[e_gby gZrbo agZgbc h g_baf_ggh hklZxs_cky lZbgkl\_gghc ijbjh^_ [_kkhagZl_evgh]hBaikbohl_jZibb²f_^e_gghihdZ_s_^Ze_dhg_
\_a^_ b \k_]^Z gh \_jgh ² moh^bl ihgylb_ [hevghc
^_eZxs__ q_eh\_dZ iZkkb\guf b kdhj[guf ghkbl_e_f lh]h beb bgh]h gZ[hjZ kbfilhfh\ BKEHey f_gy wlh [uehebqgh_iml_r_kl\b_dhlhjh_ijb^Zeh]em[bgmfh_cjZ[hl_gh djhf_ lh]h wlh klZeh hk\h[h`^_gb_f >h hldjulby h[jZah\ fhy jZ[hlZdhgkmevlZglZ\ agZqbl_evghcf_j_hkgh\u\ZeZkvgZqm\kl\_b jZafure_gbb b fh_c bglmbpbb gk iha\heyehkv jZa\blvky \ iheghc f_j_GZqZ\bkihevah\Zlvh[jZauy hkhagZejh`^_gb_p_eh]hgh\h]h
fbjZ ihegh]h \hegmxsbo b Z[khexlgh g_ij_^kdZam_fuo \hafh`ghkl_cb bklbg Fh_dj_s_gb_dZdlZdh\h_ijhreh^\mfyimlyfbq_j_ahiul b h[jZah\Zgb_ \ jZfdZo ljZgki_jkhgZevghb ikboheh]bb b ZgZeba kgh\b^_gbb dhgkmevlZglhf xg]h\kdhc rdheu Y hlghrm k\h_ h[jZs_gb_d kebygbx^\mowlboiml_chdhehiylgZ^pZlbe_lgZaZ^ DZd y kdZaZe hiul [ue ebqgh hk\h[h`^Zxsbf gh hg lZd`_ j_\hexpbhggh baf_gbe f_lh^ dhlhjuc y ijbf_gye \ jZ[hl_ k deb_glZfb Fg_ gjZ\blky kqblZlv qlh b ^h wlh]h y [ue ^hklZlhqgh \ujZabl_e_g gh bf_ggh khagZl_evgh_ bkihevah\Zgb_ bglmbpbb ^Zeh fg_ \hafh`ghklv ^mfZlv \ l_jfbgZo h[jZah\ ij_^klZ\eyy qm\kl\Z deb_glZb ih^Z\Zywlbh[jZaudZd\hafh`ghklvK fh_cklhjhgu[ueh [u \ukhdhf_jb_f iheZ]Zlv qlh y \k_]^Z [ue ijZ\ ² wlh ^Ze_dh g_ lZd ² gh lh qlh y g_ \k_]^Z ijZ\ g_ bf__l agZq_gby kdZaZlv ijZ\bevgmx\_svgk\k_]^Z\hafh`ghWlhlf_lh^iha\hey_ldeb_glm m\b^_lvqlhfuiulZ_fky ih^h[jZlvky[eb`_ H^gbfbakZfuoi_j\uokemqZ_\dhlhjucaZi_qZle_eky\ fh_c iZfylb[uekemqZc>`_cg ^ZfudhlhjZy\klj_lbeZkvkhfghcbaaZ lh]hqlhf_`^mg_cb ;Zjjb\hagbdehgZijy`_gb_lZddZd>`_cgg_ fh]eZ bf_lv ^_l_c Wlh h[klhyl_evkl\h y\eyehkv p_gljZevguf imgdlhf \ _]h hkgh\_ e_`Zeh lh qlh >`_cg [ueZ hq_gv gZijy`_gZ ihklhygghjZ[hlZeZb `beZih^[hevrbf^Z\e_gb_fY h[mqbe>`_cg b ;Zjjb l_ogbd_ ]em[hdhc j_eZdkZpbb dhlhjZy ihfh]eZ mf_gvrblv h[s__ gZijy`_gb_ Dh]^Z >`_cg hk\hbeZ j_eZdkZpbx b fu k g_c [ueb \f_kl_ y \\_e __ \ h[jZau b h[gZjm`be qlh hgZ fZkl_jkdb bkihevam_l k\h_ \hh[jZ`_gb_ < h^ghc ba kp_g hgZ hdZaZeZkv gZ ^hjh]_ \_^ms_c \ e_k Z aZl_f gZ iheygm >`_cg y\gh h]hjqbeZkv dh]^Z h]ey^_eZ iheygm hkh[_ggh dh]^Z ihkfhlj_eZ gZ [hevrh_ ^_j_\h DhgkmevlZgl nj_c^h\kdhc rdheu \hafh`gh kdZaZe [u k_[_ :]ZnZeebq_kdbckbf\he²b wlh[ueh[u\iheg_\hafh`ghghy j_^dhlhedmxkbf\heu^eykZfh]hk_[ybeb^eydeb_glZ`_cgjZkkfhlj_lv^_j_\hkh\k_oklhjhgb hibkZlvqlh hgZ ijb wlhf qm\kl\m_l AZdju\ ]eZaZ deb_gldZ khkj_^hlhqbeZkv gZ k\hbo \gmlj_ggbo dZjlbgZo _keb [u ]eZaZ [ueb hldjulu hgZ y iheZ]Zx\u]ey^_eZ[ubkim]Zgghcb dhg_qgh__ ebph\kiuogmeh[u Y ih[m`^Ze >`_cg ijb[ebablvky d ^_j_\m gZklhevdh qlh[u qm\kl\h\Zlvk_[ydhfnhjlgh`_cghl\_lbeZqlh_c^\Z]h^Z hgZ klhbl \ djh\Zld_ \ [hevgbp_ b ieZq_l h k\h_c fZf_ dhlhjZy __ hklZ\beZ >h kbo ihj hgZ ihgZklhys_fm ju^Z_l dh]^Z \ iZfylb
h`b\Z_l wlh kh[ulb_ ihqlb ljb^pZlbe_lg_c ^Z\ghklb kh[ulb_ h dhlhjhf ^h lh]h fhf_glZ hgZ gbdh]^Z khagZl_evgh g_ ^mfZeZ HgZ ihiZeZ\ [hevgbpm^eym^Ze_gby]eZg^ Fg_ohl_ehkv[ukdZaZlvqlhwlhj_rbeh\k_ljm^ghklb>`_cg b ;Zjjbgh\ dhgkmevlbjh\Zgbbj_^dh[u\Z_llZdGZkdhevdhy agZx m gbo lZd b gk [ueh ^_l_c gh wlhl _^bgkl\_gguc kemqZc m\_e gZk k >`_cg \ pZjkl\h \hafh`gh]h b fu h[Z hkhagZeb qlh \ _]h ]em[bg_ kh^_j`blkyh]jhfgucihl_gpbZe^eyjhklZK lh]h\j_f_gbb ihkbx ihjm y ijh^he`Zx jZa\b\Zlv wlm aZf_qZl_evgmx kihkh[ghklv kihkh[ghklvdhlhjZy_klv\ dZ`^hfbagZkkihkh[ghklv\hh[jZ`_gby Dhg_qghh^gbex^b[he__k\_^msb\ __bkihevah\Zgbbq_f^jm]b_b y gZ^_xkvqlh\ gZklhys_cdgb]_fuk \ZfbihmqZkl\m_f\ g_dhlhjuo iml_r_kl\byo ]^_ fg_ ^h\_ehkv khijh\h`^Zlv ex^_c \ bo ihbkd_ p_ehklghklb Y gZ^_xkvqlh\uj_rbl_kvkh\_jrblvkhfghciml_r_kl\b_\ k\h_ \hh[jZ`_gb_ b bkdj_gg_ \_jx qlh wlh iml_r_kl\b_ [m^_l ^ey \Zk lZdbf `_ hk\h[h`^Zxsbf dZd b ^ey f_gy Y gZ^_xkv qlh \\h^gu_ ]eZ\u dhlhju_ ihk\ys_gu l_hjbb g_ hdZ`mlky [_kieh^gufb g_ [m^ml ljm^gufb dZd \hkoh`^_gb_ gZ ]hjm beb ih^Z\eyxsbfb dZd kimkd \ ]em[hqZcrmx i_s_jm gh _keb lZd ih`ZemcklZ ihiulZcl_kv bkihevah\Zlv k\h_ \hh[jZ`_gb_ qlh[u ihgylv qlh ijhbkoh^bl b ihbkdZlv kihkh[u ij_\jZlblv h[jZa \ qm\kl\h[he__ijb_fe_fh_^ey\Zkb [he__ijhk\_sZxs__ JZa^_euwlhcdgb]bgZibkZgukdhj__dZdiml_r_kl\byq_fdZd ]eZ\ub kh\iZ^Zxlk hkgh\ghcdhgp_ipb_ciml_r_kl\byd [hevr_fm ihgbfZgbx Dhg_qgh ^ey f_gy jZ[hlZ gZ^ wlhc dgb]hc hdZaZeZkv aZo\Zlu\Zxsbf iml_r_kl\b_f b y gZ^_xkv qlh \u lh`_ bkiulZ_l_ g_dhlhjuclj_i_ldh]^Zfu[m^_fiml_r_kl\h\Zlv\f_kl_ Fgh]b_dhgp_ipbbb^_bb l_fu^Zgghcdgb]bmgb\_jkZevgub jZajZ[hlZgu^jm]bfbex^vfbY ihdZaZedZdijbf_gyxboohlywlh fh`_l g_ kh\iZ^Zlv k jZ[hlhc ^jm]bo dhgkmevlZglh\ b \jZq_c < aZ\_jr_gb_kdZ`mqlh\ kibkd_ ebl_jZlmju y ij_^ihq_e mih fygmlv lhevdh l_o Z\lhjh\ d qvbf jZ[hlZf h[jZsZeky \f_klh lh]h qlh[u ij_^klZ\blv bkq_jiu\Zxsmx [b[ebh]jZnbx beb ihdZaZlv dZd bkihevamxlh[jZau^jm]b_dhgkmevlZglu QZklvi_j\Zy >P:LVIML?R?KL
q_eh\_dm ijboh^blky bkihevah\Zlv \hh[jZ`_gb_ >_ckl\bl_evgh qlh[u bkihevah\Zlv h[jZau ijboh^blky mf_lv \j_f_ggh hlkljZgylv \Z`g_crmx `bag_ggmx nmgdpbx ² fure_gb_ b __ [ebadmx jh^kl\_ggbpm eh]bdm \ \hh[jZ`_gbb g_l gbq_]h eh]bqgh]h WlZ hkh[Zy fh^_ev jZ[hlu fh`_l ij_^klZ\eylv aZljm^g_gb_ ^ey l_o ex^_c dhlhjuf \k_]^Z gm`gh bkdZlv h[tykg_gb_ b dhlhju_ \k_]^Z \b^yl\_sbq_jgh[_eufb Wlh hlghkblky dZd d deb_glZf lZd b d dhgkmevlZglZf G_dhlhju_ deb_glu gZklhevdh aZo\Zq_gu nZdlZfb fure_gb_f b eh]bdhcqlh\hijhkuDZdwlh\u]ey^bl^ey\Zk"beb Ij_^klZ\vl_ k_[_ \u gZ \_jrbg_ ]hju qlh \u \b^bl_" klZgh\ylky ijbqbghc bo haZ^Zq_ggh]h \a]ey^Z beb y\guo ijbagZdh\ ^bkdhfnhjlZ AgZqbl k lZdbfb deb_glZfb ijb^_lky jZ[hlZlv gZ lhf mjh\g_ ]^_ hgb qm\kl\mxl k_[y dhfnhjlgh
Ij_^khagZl_evgh_²wlhh[eZklvjZamfZf_`^mkhagZl_evguf b [_kkhagZl_evguf ² ijboh`Zy khagZgby ?]h lZd`_ gZau\Zxl hibkZl_evguf [_kkhagZl_evguf beb ^hkhagZgb_f Kh^_j`Zgb_ ij_^khagZl_evgh]h agZgby wfhpbb h[jZau ohly b g_ ij_^klZ\e_ggu_ g_ihkj_^kl\_ggh \ khagZgbb ^hklmigu _fm ihlhfm qlhp_gamjZhlkmlkl\m_lFZl_jbZefh`_l[ulvhibkZgdZd\j_f_ggh aZ[uluc ih^Z\e_g gh g_ \ul_kg_g Ij_^khagZl_evgh_ \Z`gh \ ijhjZ[hld_ ijhp_kk_ g_h[oh^bfhf ^ey mdj_ie_gby ihgbfZgby ^hklb]gmlh]h[eZ]h^Zjybgl_jij_lZpbb ;_kkhagZl_evgh_ Hlghkblky d f_glZevguf ijhp_kkZf dhlhju_ km[t_dl g_ hkhagZ_l< ikbohZgZeba_wlhqZklvikbobdbb deZ^h\Zy\ul_kg_ggh]h fZl_jbZeZdhlhjh]hbg^b\b^mmfg_ihgbfZ_lkhagZl_evghHldjulb_ debgbq_kdh]hagZq_gby[_kkhagZl_evgh]hklZehdjZ_m]hevgufdZfg_f ikbohZgZebaZ < ZgZeblbq_kdhc xg]h\kdhc ikboheh]bb [_kkhagZl_evgh_ ij_^klZ\e_gh Ebqguf [_kkhagZl_evguf ² ih\_joghklguf keh_f [_kkhagZl_evgh]h Wlh lh qlh ebqghklv ijbh[j_lZ_l gZ \k_f ijhly`_gbb `bagb \k_ aZ[ulh_ ih^Z\e_ggh_ ih^khagZl_evgh ihklb]gmlh_h[^mfZggh_b ijhqm\kl\h\Zggh_Z lZd`_dhfie_dku Dhee_dlb\guf [_kkhagZl_evguf ² l_fb Zki_dlZfb ikbobdb dhlhju_ y\eyxlky h[sbfb ^ey q_eh\_q_kl\Z \ p_ehf Wlh qZklv [_kkhagZl_evgh]h dZ`^h]h q_eh\_dZ b hgZ hlebqZ_lky hl ebqgh]h[_kkhagZl_evgh]hdhlhjh_\hagbdZ_lbahiulZbg^b\b^mmfZ Dhee_dlb\gh_ [_kkhagZl_evgh_ kh^_j`bl Zjo_lbiu dhlhju_ \ujZ`Zxl k_[y dZd mgb\_jkZevgu_ ijbfblb\gu_ h[jZau gZdhie_ggu_ \_dZfb kd\hav dmevlmju :jo_lbi ih hlghr_gbx d dhee_dlb\ghfm [_kkhagZl_evghfm ² wlh lh `_ qlh dhfie_dk ih hlghr_gbx d ebqghfm [_kkhagZl_evghfm LZd dZd fZl_jbZe dhee_dlb\gh]h [_kkhagZl_evgh]h gbdh]^Z g_ kms_kl\h\Ze \ khagZl_evghf hg g_ \ul_kgy_lky IjbagZdb xg]h\kdh]h dhee_dlb\gh]h [_kkhagZl_evgh]h fh`gh gZclb \ fbnZo e_]_g^Zo gZjh^guo kdZadZo \her_[guo kdZadZo b kgh\b^_gbyo
Kbf\hebq_kdbcyaud²[m^vlhfbnbeb\her_[gZykdZadZ² q_j_a Zee_]hjbx beb f_lZnhjm qZklh ijb\e_dZ_l \gbfZgb_ d [_kkhagZl_evghfmkh^_j`ZgbxikbobdbGZr_\gbfZgb_fh`_l[ulv ijb\e_q_gh d l_fghfm b ^_kljmdlb\ghfm ihl_gpbZem [_kkhagZl_evgh]h gh hgh `_ fh`_l kem`blv klbfmehf h[gZjm`_gby kijylZgguokhdjh\bsfh`_lh[h]ZlblvgZrmkhagZl_evgmx`bagv F_`^mkhagZl_evgufb [_kkhagZl_evgufg_kms_kl\m_lq_ldhc ]jZgbpu HgZ g_ ihoh`Z gZ ;_jebgkdmx kl_gm beb dhexqmx ijh\hehdm \hdjm] lxjvfu wlh kdhj__ \hh[jZ`Z_fZy ebgby Fgh]b_ ikbobq_kdb_ nmgdpbb gZoh^ylky \ kn_j_ [_kkhagZl_evgh]h BeexkljZpb_c wlh]h nZdlZ y\ey_lky Z\lhghfgZy g_j\gZy kbkl_fZ l_eZdhlhjZydhgljhebjm_l\k_`bag_ggu_nmgdpbb b ^_ckl\m_l \g_ gZr_]h khagZl_evgh]h dhgljhey Gh ijb wlhf gZ __ wnn_dlb\gh_ nmgdpbhgbjh\Zgb_kbevgh\eby_lgZr_ih\_^_gb_ Fh`ghijb\_klblZdhcijbf_j>`h^mfZ_l qlhm g_]hjZdb wlhih\urZ_lmjh\_gv_]hlj_\h]bWlh\ k\hxhq_j_^v\ha^_ckl\m_l gZ qZklv Z\lhghfghc g_j\ghc kbkl_fu hl\_qZxs_c aZ `_em^hqgmx k_dj_pbx lZdbf h[jZahf ih\urZy \u^_e_gb_ `_em^hqgh]h khdZ \ ibs_\Zjbl_evgucljZdlBa[ulhddbkehlufh`_l\ua\ZlvgZijbf_j ba`h]m beb om`_ lh]h [ulv ijbqbghc ya\ Ya\_ggZy [hev iexk ba`h]Z_s_[hevr_m[_`^Zxl>`h\ lhf qlh m g_]h jZd JZaebqgu_ l_klu h[gZjm`b\Zxl ih^ebggmx ijbqbgm gh mjh\_gv lj_\h]b >`h gZklhevdh \ukhd qlh hg ^mfZ_l h g_ijZ\bevghf ^bZ]gha_ ihklZ\e_gghf\jZqZfbb _]hkhklhygb_klZgh\blkyojhgbq_kdbf Wlh ^hklZlhqgh ijhklZy gh \iheg_ lbibqgZy beexkljZpby \aZbfh^_ckl\by f_`^m khagZl_evguf b [_kkhagZl_evguf Fure_gb_ gZoh^blky\ pZjkl\_khagZl_evgh]hgh_]h\ebygb_jZkijhkljZgy_lky gZ[_kkhagZl_evgu_ijhp_kku\ hj]Zgbaf_ >jm]Zy \Z`gZy ]jZgv [_kkhagZl_evgh]h ² lh qlh fu gZke_^m_f b bf_ggh a^_kv fu gZqbgZ_f ijhgbdZlv \ xg]h\kdh_ dhee_dlb\gh_ [_kkhagZl_evgh_ b ^_ckl\bl_evgh bf_ggh a^_kv ]jZgbpZ f_`^m ebqguf [_kkhagZl_evguf b dhee_dlb\guf [_kkhagZl_evgufj_rbl_evghg_ykgZG_qlhq_fy g_]hj`mkvghqlh dhg_qgh kms_kl\m_l \ fh_f ebqghf dhee_dlb\ghf [_kkhagZl_evghf ij_^klZ\ey_l kh[hc nZdl qlh dlhlh ba fhbo ij_^dh\ aZgbfZeky lhj]h\e_c jZ[Zfb f_`^m <_klBg^bkc b ;jblZgb_c >h \iheg_ aj_eh]h \hajZklZ wlhl nZdl [ue fg_ g_ba\_kl_g b l_f g_ f_g__ k ^_lkl\Z f_gy [_kihdhbeh iheh`_gb_ ih[_`^_gghc klhjhgu b y \uoh^be ba k_[y dh]^Z mihfbgZehkv jZ[kl\h \ dZdhceb[h nhjf_ L_i_jvy iheZ]ZxqlhijhgbdZe\ dhee_dlb\gh_[_kkhagZl_evgh_
ij_klmigbdh\ Fu ^he`gu [ulv ]hlh\u ijbclb d lZdhfm `_ kh]eZr_gbxk l_g_\hcklhjhghc gZrbo ij_^dh\ dZd k njZ]f_glZfb dhlhju_gZfgjZ\ylky J_Zevgh_jZaebqb_f_`^mkhagZgb_fb [_kkhagZl_evgufe_`bl \ jZaebqbb f_`^m jZpbhgZevguf b bjjZpbhgZevguf Kbf\heu klj_fylky \u\_klb gZ k\_l lh qlh y\ey_lky bjjZpbhgZevguf b g_ijhba\hevguf qlh[u _]h fh`gh [ueh ljZgknhjfbjh\Zlv \ ih^oh^ysb_ hlghr_gby k jZpbhgZevghc klhjhghc >h l_o ihj ihdZ we_f_glu hklZxlky \ [_kkhagZl_evghf hgb [m^ml ^_ckl\h\Zlv dZd iylZydhehggZqe_gudhlhjhcijbl\hjyxlkyehyevgufbghlhevdhb `^mlkemqZyqlh[uij_^Zlv Kbf\heu kZfb ih k_[_ g_ p_ev ^ey gZk wlh jZ[hqbc bgkljmf_gl k ihfhsvx dhlhjh]h jZa^\b]Zxl ]jZgbpu b jZkrbjyxl kn_jm khagZgby GZfgh]h emqr_ \uclb \h \k_hjm`bb qlh[u \klj_lblvky k ihl_gpbZevgh \jZ`^_[gufb kbeZfb [_kkhagZl_evgh]h q_fiulZlvkyhljZ`ZlvgZiZ^_gb_k lueZg_ih^oh^ysbfhjm`b_f GZklZeh\j_fy\\_klb_s_^\Zl_jfbgZikbobdZ b Zjo_lbiu IkbobdZ KlZj_cr__ b gZb[he__ h[s__ agZq_gb_ keh\Z ikbobdZ ijhbkoh^bl ba ^j_\g_]j_q_kdh]h yaudZ ]^_ _]h mihlj_[eyeb \ agZq_gbb ^mrZ beb kZfZy kmlv `bagb \ deZkkbq_kdhc fbnheh]bb wlhaZ]eZ\gZy]_jhbgybklhjbbh Dmib^hg_b Ikbo__G_dbc]j_q_kdbc pZjv bf_e lj_o ^hq_j_c feZ^rZy ba dhlhjuo Ikbo_y [ueZ lZd ij_djZkgZqlhex^bihdehgyebkv_cb ij_g_[j_]Zeb<_g_jhc<_g_jZ :njh^blZ ihaZ\b^h\ZeZ k\h_c khi_jgbp_ gZklhevdh qlh ihkeZeZ k\h_]h kugZ Dmib^hgZ WjhkZ ijbdZaZ\ _fm aZklZ\blv Ikbo_x \ex[blvky \ dZdh]hgb[m^v [_ah[jZagh]h klZjbdZ
^mo hlebqgu_ hl l_eZ jZamf nmgdpbhgbjmxsbc dZd p_glj fukeb qm\kl\Z b ih\_^_gby b khagZl_evgh beb [_kkhagZl_evgh ijbkihkZ[eb\Zxsbc b k\yau\Zxsbc l_eh k _]h khpbZevghc b ikbobq_kdhckj_^hc < ZgZeblbq_kdhcikboheh]bbikbobdZ²wlhh[sZykmffZ\k_o khagZl_evguo b [_kkhagZl_evguo ikbobq_kdbo ijhp_kkh\ >mrZ jZkkfZljb\Z_lky dZd kmffZ bg^b\b^mZevghklb \dexqZxsZy \ k_[y i_jkhgm²\g_rg__ebphbebnb]mjmfZkdm²:gbfZ\ fm`qbgZo b :gbfmk\ `_gsbgZo ²\gmlj_ggxxnb]mjmbebebph Fbnbq_kdbc jhfZg h ^_\mrd_ Ikbo__ b Dmib^hg_ \ ^_ckl\bl_evghklb y\ey_lky Zee_]hjb_c h khxa_ ^mrb b l_eZ b bo ihke_^mxs_fjZa^_e_gbb :jo_lbiu :jo_lbi ² wlh i_j\h[ulguc h[jZa i_jkhgZ` beb fh^_ev dhlhjuc ih\lhjy_lky \ ebl_jZlmj_ b fure_gbb ^hklZlhqgh ihklhyggh qlh[u kqblZlvky mgb\_jkZevguf ihgylb_f :jo_lbi ² wlh mgZke_^h\ZggZy \hafh`ghklv jZaebqZlv b i_j_`b\Zlv lbibqgu_ bebihqlbmgb\_jkZevgu_kblmZpbbbebfh^_ebih\_^_gby:jo_lbiu y\eyxlky hkgh\hc xg]h\kdh]h dhee_dlb\gh]h [_kkhagZl_evgh]h Hgb khhl\_lkl\mxl lZdhfm hiulm dZd ijhlb\hklhygb_ kf_jlb beb \u[hj kmijm]Zb kbf\hebq_kdbijhy\eyxlky\ j_eb]byofbnZo\her_[guo kdZadZokgh\b^_gbyob nZglZabyo :jo_lbiubf_xll_g^_gpbx]jmiibjh\Zlvky\hdjm]hkgh\guo beb mgb\_jkZevguo kemqZ_\ \ `bagb lZdbo dZd jh`^_gb_ [jZd fZl_jbgkl\h kf_jlv b jZaemdZ :jo_lbiu hklZxlky kdjulufb ihdZ hgb g_ magZgu b g_ hkhagZgu b g_kml kbevguc aZjy^ wg_j]bb dhlhjhfm ebqghklb hdZau\Z_lky ljm^gh khijhlb\eylvky :jo_lbiu ijh[m`^Zxlqm\kl\ZaZl_fgyxlj_Zebbb h\eZ^_\Zxl\he_c
qm\kl\Zf ih ih\h^m kZfbo k_[y L_jZi_\lbq_kdh_ bkihevah\Zgb_ \hh[jZ`_gbyaZgbfZ_lkybf_gghl_fqlhh[e_dZ_lqm\kl\Z\ h[jZauZ wlhaZl_f^_eZ_l\hafh`ghcjZ[hlmk gbfb GZah\_f q_luj_ hkgh\gu_ nmgdpbb ikbobdb bglmbpby hsms_gby fure_gb_ b qm\kl\Z DZ`^Zy ba gbo ih^oh^bl d j_Zevghklb kh k\h_c lhqdhc aj_gby b kh k\hbf \hijhkhf DZ`^Zy hk\Zb\Z_l k\hx qZklv j_Zevghklb Qlh[u ijh^\bgmlvky d bamq_gbx l\hjq_kl\Z b _]h mf_klghklb \ h[jZaZo k_cqZk wlb q_luj_ nmgdpbb jZkkfZljb\Zxlky k g_dhlhjhc kl_i_gvx ]em[bgu b aZdexqbl_evguc hlju\hdi_j\h]himl_r_kl\by^he`_gbkke_^h\Zlvl hqlh]h\hjblh[ bg^b\b^mZevghklbXg] L_hjby Xg]Zh[bg^b\b^mZevghklblbiZ R\_cpZjkdbc ikbobZlj DZje =mklZ\ Xg] ² jZajZ[hlZe k\hx l_hjbx ikboheh]bq_kdbo lbih\ qlh[u ihfhqv ex^yfjZkihagZ\Zlvb ihgbfZlvhkgh\gu_ebqghklgu_jZaebqby Ljbxg]h\kdboiZjZf_ljZ WdkljZ\_jkbybgljh\kjkby Hsms_gb_bglmbpby Fure_gb_qm\kl\h < wlhc dgb]_ [m^ml jZkkfhlj_gu lhevdh q_luj_ nmgdpbb hsms_gbybglmbpbbfure_gbyqm\kl\Z GZqbgZy khagZ\Zlv wlb hkgh\gu_ jZaebqby fu fh`_f emqr_ ihgylv fhlb\Zpbx b ih\_^_gb_ k\hb kh[kl\_ggu_ b ^jm]bo ex^_c l_jibf__ b m\Z`bl_evg__ hlghkblvky d l_f q_c klbev hlebqZ_lky hl gZr_]h Xg] ijbagZe qlh gZqbgZy k jZgg_]h ^_lkl\Z ex^b ^_eZxl hq_\b^guc\u[hjihih\h^mlh]hdZdbkihevah\Zlvk\hcjZamfOhly m dZ`^h]h q_eh\_dZ _klv qlhlh hl dZ`^h]h \b^Z hjb_glZpbb hg h[uqgh hl^Zkl ij_^ihql_gb_ h^ghfm lbim i_j_^ ^jm]bf Ih \b^bfhfm lbiu jZkij_^_eyxlky kemqZcguf h[jZahf g_aZ\bkbfh hl iheZdeZkkh\hcijbgZ^e_`ghklbmjh\gyh[jZah\Zgbyb l^ DjZldh_hibkZgb_q_luj_ohkgh\guoij_^ihql_gbcih Xg]m Hsms_gb_ \hkijbgbfZ_lq_j_aiylvhj]Zgh\qm\kl\jZ[hlZ_lk nZdlZfb b khh[sZ_l gZf qlh g_qlh kms_kl\m_l Hgh k\yaZgh k kbxfbgmlghc j_Zevghklvx ² k_cqZk Hgh bgnhjfbjm_l gZk h kms_kl\h\Zgbb h[t_dlZ dhlhjuc klZedb\Z_lky k hj]ZgZfb qm\kl\ \ gZklhysbcfhf_glFuhkhagZ_fqlhg_qlhgZoh^blkya^_kv\ gZr_f g_ihkj_^kl\_gghfhdjm`_gbb Ex^b hl^Zxsb_ ij_^ihql_gb_ hsms_gbx i_j_^ bglmbpb_c \u[bjZxl dhgdj_lgh_ j_Zevgh_ ^_ckl\bl_evgh kljmdlmjbjh\Zggh_ hkyaZ_fh_ a^_kv b k_cqZk Hgb klZgh\ylky g_l_jibfufb d l_hjbb b Z[kljZdpbb g_ ^h\_jyxl bglmbpbb HsmsZxsb_ ex^b fukeyl lsZl_evgh gk mimkdZy ^_lZe_c ihfgyl j_Zevgu_ nZdlu kh\_jrZxl fZeh nZdlbq_kdbo hrb[hd gh ih\b^bfhfm mimkdZxl ihgbfZgb_ dZjlbgu\ p_ehf
Bglmbpby \hkijbgbfZ_l q_j_a ij_^qm\kl\by jZ[hlZ_l k \_jhylghklyfbaZgbfZ_lkyihl_gpbZehfl_fqlh[m^_ljZa\b\Zlvky Wlh nmgdpby dhlhjZy bf__l ^_eh k we_f_glhf \j_f_gb b ijhkljZgkl\Z HgZg_dZkZ_lkylh]hqlh_klv ghlh]hqlh[m^_l beb ijhbahreh Wlh ij_^qm\kl\b_ k ihfhsvx dhlhjh]h fu hp_gb\Z_f \_jhylghklb^ZgghckblmZpbb Ex^b [he__ bglmblb\gu_ q_f hsmsZxsb_ ij_^ihqblZxl \_jhylghklb l_hjbb fh^_eb p_eh_ bah[j_l_gby b gh\h_ Bglmblb\gu_ex^bkdehggug_iheZ]ZlvkygZmklhy\rb_kyihgylby Bglmblb\gu_ ex^b jZafureyxl b jZkkm`^Zxl kihglZggufb kdZqdZfb bglmbpbb dhlhjZy fh`_l hklZ\eylv ^_lZeb \ klhjhg_ beb ij_g_[j_]Zlv bfb Wlhfm lbim bg^b\b^mmfZ e_]dh ^Z_lky j_r_gb_ aZ^Zqb ohly \ lh `_ \j_fy fh`_l kms_kl\h\Zlv b l_g^_gpby kh\_jrZlvnZdlbq_kdb_hrb[db Fure_gb_ ^_eZ_l\_^msbfkm`^_gby^Z_lq_fmeb[hgZa\Zgb_ b h[s__ ij_^klZ\e_gb_ Hgh khh[sZ_l gZf qlh lZdh_ g_qlh Wlh ijhp_kk ihgbfZgby k _]h ihfhsvx fu hkhagZ_f ijbjh^m \_sb k dhlhjhc bf__f ^_eh Ex^b kdhj__ fukeysb_ q_f qm\kl\mxsb_ khklZ\eyxlkm`^_gbyh `bagbex^yokh[ulbyob \_sZohkgh\Zggu_ gZ eh]bd_ ZgZeba_ b ^hdZaZl_evkl\_ Hgb kqblZxl g_jZpbhgZevguf ijbgbfZlv j_r_gb_ hkgh\Zggh_ gZ qm\kl\Zo b p_gghklyo < j_amevlZl_ fukeysb_ ex^b [hevr_ bgl_j_kmxlky eh]bdhc ZgZebahf b ijh\_jy_fufb \u\h^Zfb q_f khqm\kl\b_f p_gghklyfb b ebqguf l_iehfFukeysb_ex^bfh]mlihibjZlvqm\kl\Zb gm`^u^jm]bog_ ihgbfZy wlh]h g_ kqblZy gm`guf ijbgbfZlv \h \gbfZgb_ p_gghklb ^jm]boex^_c Qm\kl\h \ughkbl k_j^_qgu_ km`^_gby b ^Z_l gZf hsms_gb_ p_gghkl_c Hgh khh[sZ_l gZf ijb_fe_fZ \_sv beb g_ijb_fe_fZ Qm\kl\h ihfh]Z_l gZf j_rblv ijbgbfZlv beb hl\_j]Zlv g_qlh hij_^_eyy ^ey gZk _]h p_gghklv Ex^b kdhj__ qm\kl\mxsb_ q_f fukeysb_khklZ\eyxlkm`^_gbyh `bagbex^yokh[ulbyob \_sZo hkgh\Zggu_gZkhqm\kl\bbl_ie_b ebqguop_gghklyoDZdke_^kl\b_ qm\kl\mxsb_ ex^b [hevr_ bgl_j_kmxlky ex^vfb b qm\kl\Zfb q_f [_aebqghceh]bdhcZgZebahfb \_sZfbbo[hevr_\hegmxlkh]eZkb_ b ]Zjfhgby q_f \ukhdh_ iheh`_gb_ beb ^hklb`_gb_ [_aebqguo p_e_cQm\kl\mxsb_ex^bh[uqgheZ^ylk ex^vfbDhg_qghgb h^bg bawlbolbih\g_ke_^m_ljZkkfZljb\ZlvdZdemqrbcihhlghr_gbxd ex[hfmbahklZevguoHgbijhklhjZagu_ J_axf_ < wlhfi_j\hfiml_r_kl\bbfuaZ]eygmeb\i_j_^\ kljmdlmjm dgb]b b dhkgmebkv lh]h dZd fh`gh bkihevah\Zlv h[jZau qlh[u wlh reh gZ ihevam dZd dhgkmevlZglm lZd b deb_glm Fu m\b^_eb qlh h[jZau[hevr_k\yaZguk fbnhfq_fk jZkkm^dhfb eh]bdhc m[_^bebkvqlhhlkmlkl\b_kljmdlmjufh`_lhdZaZlvkydZfg_f
ij_ldgh\_gby ^ey ex^_c bf_xsbo ljm^ghklb ijb ^\b`_gbb \ h[eZklyo[_aykghhq_jq_gguo]jZgbp ;ueb \\_^_gu g_dhlhju_ \Z`gu_ ihgylby khagZgb_ [_kkhagZl_evgh_b dhee_dlb\gh_[_kkhagZl_evgh_Dhgkmevlbjh\Zgb_ ohly hgh bf__l ^_eh ]eZ\guf h[jZahf k khagZl_evguf jZamfhf g_ fh`_l b]ghjbjh\Zlv lh qlh e_`bl ih^ gbf \ [_kkhagZl_evghf JZ[hlZy k h[jZaZfb q_eh\_d ^\b`_lky \ dhee_dlb\gh_ [_kkhagZl_evgh_b bag_]hdh]^Zh[jZau\ua\Zggu_badhee_dlb\gh]h [_kkhagZl_evgh]h \u\h^ylky gZ ih\_joghklv aZjy`_ggu_ kbevgufb qm\kl\Zfb < i_j\hf iml_r_kl\bb fu \klj_lbebkv k ikbobdhc b Zjo_lbiZfb ^\mfy \Z`gufb ihgylbyfb \ dhgkmevlbjh\Zgbb j_rZxsbfbdh]^Zb^_ljZ[hlZk h[jZaZfbIj_^klZ\e_gb_h ikbobd_ dZd h [Z[hqd_ beexkljbjm_l lhl nZdl gZkdhevdh ^_ebdZlgh k g_c ke_^m_l h[jZsZlvky dZd e_]dh __ ih\j_^blv :jo_lbiu gZklhevdh l_kgh k\yaZgu k dhee_dlb\guf [_kkhagZl_evguf qlh bkke_^h\Zlv h^gh hagZqZ_l jZafureylv h ^jm]hf Bamq_gb_ Zjo_lbih\ ij_^hklZ\beh[ujZ[hlmgZfgh]he_l\i_j_^ Fu \b^_eb qlh \hh[jZ`_gb_ b h[jZau gk ijboh^yl d g_dhlhjufex^yf[_aljm^ZlZdqlhg_dhlhjh_\j_fy[uehihljZq_gh gZ bkke_^h\Zgb_ q_luj_o nmgdpbc ih Xg]m hsms_gby bglmbpbb fure_gby b qm\kl\Z H[h[s_gby kqblZxlky ihjhqgufb b ijb jZkkfhlj_gbb bkihevah\Zgby h[jZah\ bf__lky fgh]h nZdlhjh\ gZijbf_j hiul dhlhju_ fh]ml dhfi_gkbjh\Zlv beb h]jZgbqb\Zlv bkihevah\Zgb_ nmgdpbc [eZ]hijbylkl\mxsbo h[jZaZf bglmbpby b qm\kl\h L_fg_f_g__^\_^jm]b_nmgdpbb²hsms_gb_b fure_gb_ ² lZd `_ kms_kl\_ggu ihkdhevdm hgb ih^Zxl jZagu_ kb]gZeu Lhqgh lZd`_ fu \h \j_^ k_[_ b]ghjbjm_f gk^hfbgbjmxsmx jmdm Fu g_ ^he`gu b]ghjbjh\Zlv nmgdpbb dhlhju_ aZklZ\eyxl gZk qm\kl\h\Zlvk_[yf_g__dhfnhjlgh < ke_^mxs_fiml_r_kl\bbfubkke_^m_fijbgpbiujZ[hluk h[jZaZfb dZd j_amevlZl lh]h qlh fh`gh bkihevah\Zlv \ oh^_ dhgkmevlbjh\Zgby \ ex[h_ \j_fy qlh qZklh \uau\Z_lky keh\Zfb kha^ZxsbfbdZjlbgu H<:GB? IJBGPBIH< J:;HLU K H;J:A:FB H[jZau fh`gh bkihevah\Zlv gZ k_Zgk_ dhgkmevlbjh\Zgby \ ex[h_ \j_fy H^gZdh wnn_dlb\ghklv bkihevah\Zgby aZ\bkbl hl ikboheh]bq_kdh]h ihgbfZgby dhgkmevlZglZ Ih^h[gh_ ihgbfZgb_ ² j_amevlZl ebqghc l_jZibb lj_gbg]Z b hiulZ Y gZ^_xkv qlh wlZ dgb]Zdh_qlh^h[Z\bld \Zr_fmebqghfmjZa\blbxb \Zr_fmhiulm ?keb \u ohlbl_ jZa\blv gZ\udb \ bkihevah\Zgbb h[jZah\ y [u
gZklhyl_evgh j_dhf_g^h\Ze \Zf ijhclb dmjk ebqghc l_jZibb k dhgkmevlZglhfdhlhjuc[m^_lkhkj_^hlhqb\Zlv\gbfZgb_gZh[jZaZo bebgZclb]jmiimdhlhjZyjZ[hlZ_lihwlbfgZijZ\e_gbyf Hij_^_e_ggu_ keh\Z \uau\Zxl h[jZau Ke_^h\Zl_evgh ihe_agh h[jZlblv \gbfZgb_ gZ keh\Z dhlhju_ deb_gl bkihevam_l qlh[u\ujZablvqm\kl\Zb kdZaZlvqlhgb[m^v\jh^_G_fh]eb[u\u bkihevah\Zlv\hh[jZ`_gb_qlh[u\klZ\blvwlhkeh\h\ dZjlbgmdh]^Z \uhibku\Z_l_lhqlhqm\kl\m_l_" H^bg q_eh\_d fh`_l kdZaZlv h keh\_ ihcfZgguc H y ij_^klZ\eyxk_[y\ ljykbg_Dlhlh^jm]hcaZf_lblY \b`mk_[y\ l_fghc ih^a_fghc lxjvf_ DZ`^uc ba wlbo hl\_lh\ ^Z_l dZd dhgkmevlZglmlZdb deb_glmg_fgh]h [hevr_ ihgbfZgby G_dhlhju_ keh\Zy\eyxlkykbevguflheqdhf^eyiZfylb Bamq_gb_kemqZy ²:ggZ
bkihevah\Zgb_ h[jZah\ ih\b^bfhfm hdZ`_lky hq_gv klhysbf ^ey \Zkb \Zrbo deb_glh\ M fgh]bo ba gZk \hh[jZ`_gb_ k dhlhjuf fu jh^bebkv i_j_djulh ^_yl_evghklvx e_\h]h ihemrZjby fha]Z AZ[hleb\h_ \ajZsb\Zgbk b bkihevah\Zgb_ ihfh`_l _fm kgh\Z hdZaZlvkygZih\_joghklb L_jZi_\lbq_kdZyjZ[hlZk h[jZaZfbbf__lg_kdhevdhgZa\Zgbc gZijZ\e_ggh_ \hh[jZ`_gb_ kbf\heh^jZfZ Zdlb\gh_ \hh[jZ`_gb_ \bamZebaZpby Gh dZdbf [u gb [ueh gZa\Zgb_ hgh hagZqZ_l jZ[hlm k h[jZaZfb ]^_ \hh[jZ`_gbx kh^_ckl\m_l l_jZi_\l dhlhjuc ih[m`^Z_l ihhsjy_l jZa\b\Z_l b ^h\h^bl nZglZabx ^h dhgpZ AZl_f fZl_jbZe fh`gh ijhZgZebabjh\Zlv \ l_jfbgZo _]h agZq_gby b kbf\hebdb ² ih^h[gh ZgZebam kgh\b^_gbc A^_kv g_h[oh^bfh k^_eZlv ij_^mij_`^_gb_ lhedh\Zgby kbf\heh\ \k_]^Z ^he`gu [ulv wdki_jbf_glZevgufb Z gk ihemq_ggufb k qbklh l_hj_lbq_kdhclhqdbaj_gbyOhlyijZ\^Zqlhhij_^_e_ggu_kbf\heu hagZqZxlhij_^_e_ggu_\_sb²gZijbf_jdjZkguch[uqghhagZqZ_l hiZkghklv ² h[klhyl_evkl\Z f_gyxl bo agZq_gb_ >ey ^ZevlhgbdZ djZkguc g_ hagZqZ_l gbq_]h agZqbl ijbgbfZy wlh dZd ZgZeh]bx bgl_jij_lZpbyf ke_^m_l [ulv lZdh\ufb Qlh \u ^mfZ_l_ h[ wlhf agZq_gbb" beb Dgb]b ij_^eZ]Zxl gZf lZdmx bgl_jij_lZpbx qlh \u h[ wlhf ^mfZ_l_" beb Qlh wlhl h[jZa kbf\he hagZqZ_l ^ey \Zk"Wlh\ukhdhf_jb_²ijbgbfZlvgZk_[y\k_agZgb_b^_lZywlh b]ghjbjh\ZlvihgbfZgb_deb_glZ Kbf\heu dhlhju_ fh]ml ijylZlvky beb h[gZjm`b\Zlvky \k_]^Z [_jml k\h_ gZqZeh ba Zjo_lbih\ Nmg^Zf_glZevgZy bklbgZ l_jZi_\lbq_kdhc jZ[hlu k h[jZaZfb aZdexqZ_lky \ lhf qlh ikbobdZ \k_]^Z [m^_l klZjZlvky ij_^klZ\blv k_[y \ nZglZabb ijb bkihevah\Zgbbh[jZah\H[jZau\_^mlgZk\ pZjkl\hlZdh]h[h]Zlkl\Z ]^_ ikbobd_ ^ZgZ k\h[h^Z bkke_^h\Zlv ]^_ _c g_ f_rZ_l khagZl_evgucjZamf]h\hjysbcgZyaud_jZkkm^dZb eh]bdb Y j_^dh gZf_j_\Zxkv jZ[hlZlv k h[jZaZfb ihlhfm qlh wlh hagZqZeh[uqlhdeb_glmijb^_lkyijbghjZ\eb\Zlvkyd fhbfaZjZg__ aZ^mfZgguf ij_^klZ\e_gbyf DZd y m`_ mdZau\Ze jZgvr_ y kdhj__ \\_^m b^_x h[jZah\ dh]^Z deb_gl h[gZjm`bl g_dhlhju_ ijbagZdb lh]hqlhhgm`_jZa]h\Zjb\Z_lgZy aud_dZjlbg =e_g [ue lhih]jZnhf h[jZlb\rbfky dh fg_ baaZ ijbklmih\ iZgbdb dhlhju_ f_rZeb _fm \ jZ[hl_ b \ ih\k_^g_\ghc `bagb GZ h^ghf ba wlZih\ gZr_c jZ[hlu hg kdZaZe Dh]^Z y ^mfZx qlh [ue ihoh` >ey f_gy wlh hagZqZeh qlh hg kfhljbl gZ qlhlh k\hbf mfkl\_gguf aj_gb_f ihwlhfm y kijhkbe ?keb [u \u [ueb om^h`gbdhfb jbkh\Zebij_`^_b l_i_jvqlh[u\ugZjbkh\Zeb" KljZggh²hl\_lbehg²y ^_ckl\bl_evghex[exjbkh\Zlvb qZklh moh`m \gba ih j_d_ AZl_f hg ij_^eh`be ih]h\hjblv h ^\mo dZjlbgZo h^gZ bah[jZ`ZeZ _]h dZd kqZkleb\h]h fZeh]h yjdbfb
djZkdZfbgZohekl_gZ\lhjhcdZjlbg_hg[uebah[jZ`_gZ[khexlgh aZ`Zluf\u]ey^_ebafh`^_ggufZ nhg[ueh[eZqgufb fjZqgufD dhgpm r_klb f_kyp_\ dhgkmevlbjh\Zgby =e_g kgh\Z ihkfhlj_e gZ dZjlbgu \lhjZy baf_gbeZkv yjdb_ p\_lZ aZf_gbeb lmkdeu_ b hg klhye ih^g_ky jmdm d ]eZaZf b ]ey^y \ [m^ms__ H[jZa dhlhjuc kha^Ze fhb deb_gl ykgh bah[jZ`Ze j_rbl_evgmx i_j_f_gm \ _]h lhqd_aj_gbyb qm\kl\Zo H^gZbaqZjmxsbooZjZdl_jguohkh[_gghkl_ciml_r_kl\byih h[jZaZf khklhbl \ lhf qlh deb_gl y\ey_lky \k_fb ^_ckl\mxsbfb ebpZfb \h \gmlj_gg_f l_Zlj_ ² Z\lhjhf iv_ku j_`bkk_jhf ijh^xk_jhfb bkihegbl_eyfbQZklhm^b\ey_lqlhdeb_glukha^Zxl keh`gu_h[jZaugkbf_yij_^klZ\e_gbyqlhdh]^Zeb[h\b^_ebbob hgb \uiheg_gu \ iheghf \_ebdhe_ibb l_oghdhehjZ k lhgdbfb hll_gdZfb Bgh]^Z kp_gZ [_j_lky ba j_Zevghc iZfylb b wlh lh`_ Z[khexlghijb_fe_fh_keblZdh\h`_eZgb_deb_glZagZqblbf_ggh a^_kvdeb_glohq_lgZoh^blvkybf_ggh\ wlhlfhf_gl>jm]b_kha^Zxl kp_gu dhlhju_ \iheg_ fh]eb [u ih^hclb ^ey dZdh]heb[h gZmqgh nZglZklbq_kdh]h dbghnbevfZ
kbf\heh\
;he__ ih^jh[gh_ bkke_^h\Zgb_ kf Keh\Zjv h[jZah\ b kbf\heh\\ dhgkmevlbjh\Zgbb KlxZj] Wlh ^hfZrg__ aZ^Zgb_ bf__l j_rZxs__ agZq_gb_ \ jZajZ[hld_j_i_jlmZjZbkke_^m_fuokbf\heh\d dhlhjuf\ufh`_l_ qm\kl\h\Zlv ^h\_jb_ jZ[hlZy k gbfb < ex[hc nhjf_ dhgkmevlbjh\Zgby kms_kl\_ggu kZfhihagZgb_ b ikboheh]bq_kdZy hkhagZgghklv Fu gbdh]^Z g_ ^he`gu hklZgZ\eb\Zlvky gZ lhf qlh kh\_jrbeb \k_]^Z kms_kl\m_l g_qlh [hevr__ jZkrbjyxs__ gZrm kn_jmihgbfZgbyY kqblZxqlh\ gZrbobgl_j_kZojZkrbjylvk\hx jZ[hqmx [Zam kbf\heZfb dh]^Z fu ijb\e_dZ_f dZ`^uc gh\uc kbf\he b jZkrbjy_f _]h ihgbfZgb_ gZfb qlh fu \b^_eb \ ij_^u^ms_f iml_r_kl\bb hlghkys_fky d hk\h[h`^_gbx gZrZ bglmbpby m]em[blky b fu klZg_f [he__ \hkijbbfqb\ufb b hlau\qb\ufbd kbf\hebq_kdbfkeh\Zfdhlhju_bkihevam_ldeb_gl WlhkZfhh[mq_gb_bebkZfhbkke_^h\Zgb_fh`_lijb\_klbgZk \ g_h`b^Zggu_ b jZg__ g_ bkke_^h\Zggu_ h[eZklb gZr_]h \gmlj_g g_]h fbjZ Fh`_l [ulv gZf ihgZ^h[blky ijhlb\hklhylv ^vy\hem \gmljbgZkbdZdwlhk^_eZe>Zgl_ijhclbq_j_aZ^ij_`^_q_ffu kfh`_f^hklbqvohly[uhij_^_e_gghckl_i_gbp_ehklghklb_kebg_ jZy ?keb fu g_ kfh`_f ^\b]Zlvky ih ^lbf ^hjh]Zf lh h[fZg_f gZ^_`^u gZrbo deb_glh\ dh]^Z ihiulZ_fky ^\bgmlvky k gbfb \ bo iml_r_kl\by R_klv\_^msboijbgpbih\jZ[hluk h[jZaZfb IjbgpbidhgnjhglZpbb Deb_glZ ih[m`^Zxl [ulv kf_euf b ijhlb\hklhylv h[jZaZf dhlhju_ ihjh`^Zxl lj_\h]m Mki_rgh_ ijhlb\hklhygb_ ihjh`^Z_l ljZgknhjfZpbx b mkljZg_gb_ lj_\h]b Im]ZxsZy kbf\hebq_kdZy nb]mjZ h[uqgh y\ey_lky qZklvx kZfh]h k_[y b ijhlb\hklhygb_ lj_[m_l kf_ehklb >`_cg h dhlhjhc reZ j_qv \ Ij_^bkeh\bb ijbrehkviheZ]ZlvkygZk\hxkf_ehklvqlh[ukmf_lvijhlb\hklhylv ^_j_\m Hq_gv qZklh ijhlb\hklhygb_ ijhbkoh^bl k im]Zxsbfb kha^Zgbyfb ² k ^jZdhghf dhlhjuc ihy\ey_lky ba i_s_ju [hehlZ beb fhjy k juqZsbf `b\hlguf dhlhjh_ fqblky ba e_kZ H[h \k_f wlhf ² [hehl_ ljykbg_ fhj_ b e_kk ² fh`gh kdZaZlv qlh hgb ij_^klZ\eyxl[_kkhagZl_evgh_ Dh]^Z im]Z_rvky ijbjh^guc bgklbgdl ih^kdZau\Z_l qlh[u fu aZf_jbeb beb ih\_jgmebkv b m[_`Zeb H^bg ba ex[hiulguo Zki_dlh\ h[jZah\ khklhbl \ ke_^mxs_f ohly deb_gl agZ_l qlh wlh \hh[jZ`_gb_ _]h j_Zdpby l_f g_ f_g__ hq_gv j_ZevgZ Y \b^_e dZd deb_glu [e_^g_xl hl kljZoZ ^jh`Zl \kiuob\Zxl hl ]g_\Z \`bfZxlky \ dj_keh b ijhy\eyxl \k_ ijbagZdb iZgbdb Ohly y gbdh]^Z g_ baf_jye imevk beb djh\ygh_ ^Z\e_gb_ k\hbo deb_glh\ y Z[khexlghm\_j_gqlhkms_kl\mxlb ikboheh]bq_kdb_ijbagZdblh]h
qlh hgb bkiulu\Zxl Y \b^_e dZd k deb_glh\ \ dhgp_ k_ZgkZ dZiZ_l ihl \b^_e dZd hgb ieZdZeb b jZkdZqb\Zebkv \ k\hbo dj_keZo dZd ^_eZe [u j_[_ghd _keb hg jZkkljh_g Dhg_qgh h[jZau gbdh]^Z g_ [u\Zxle_]dbf\u[hjhf Qlh ^he`_g ^_eZlv dhgkmevlZgl dh]^Z deb_glm ijhlb\hklhbl g_qlh m`ZkZxs__"
>bkihevamy bfy ^Zggh_ _fm deb_glhf@" Bgl_j_kgh lZd`_ dh]h q_eh\_d ijb\h^bl gZ kp_gm \ dZq_kl\_ lZebkfZgZ Bgh]^Z y ij_^iheZ]Zx qlh ijb[eb`Z_lky fm^jZy ebqghklv lhl dlh ijhklh [m^_llZfAZl_fy fh]mij_^eh`blvqlh[udeb_gl\klmibek fm^jhc ebqghklvx\ jZa]h\hjh lhfqlh^_eZlv ?keb g_l fm^jh]h q_eh\_dZ b _keb deb_gl kdhj__ `_eZ_l ijhlb\hklhylv q_f kiZkZlvky [_]kl\hf lh y ij_^eh`be [u qlh[u deb_gl \gbfZl_evgh hq_gv ih^jh[gh bamqbe kms_kl\h Dh]^Z ijbf_gy_lky djblbq_kdbc ZgZeba qlh[u ijb\_klb kms_kl\h d g_dhlhjhc j_Zevghklb wlh qZklh ijb\h^bl d baf_g_gbx \ qm\kl\Zo deb_glZ <_^v qZklh kemqZ_lky lZd qlh kms_kl\h mf_gvrZ_lky \ jZaf_jZo b klZgh\blky f_g__ ]jhaguf hgh fh`_l kihglZggh ljZgknhjfbjh\Zlvky\hqlhlh[he__ijb_fe_fh_b f_g__im]Zxs__ IjbgpbiljZgknhjfZpbb Ohly ljZgkjhjfZpby fh`_l ijhbahclb b ijb dhgnjhglZpbb dZd fu m\b^bf gZ ijbf_j_ k FZj]Zj_l b ^jZdhghf bgh]^Z ljZgknhjfZpby^he`gZ[ulv[he__ykghgZijZ\e_gghcIj_\jZs_gb_ im]Zxs_]h h[t_dlZ \ g_qlh [he__ ijb_fe_fh_ ² wlh g_ ijhklh kihkh[ \uklhylv gh\uc h[t_dl qZklh ihdZau\Z_l agZqbl_evguc ikboheh]bq_kdbcjhkl FZj]Zj_l ijhlb\hklhyeZ ^jZdhgm gZ iheyg_ \ e_km HgZ ijhy\eyeZ \k_ ijbagZdb m`ZkZ ey deb_glZ dhjfe_gb_ ² qZklh [he__ fy]dbckihkh[h[oh^blvkyk hiZkgufkms_kl\hf^eydhgkmevlZglZhg lZd`_ e_]q_ < lh `_ \j_fy wlh hagZqZ_l qlh deb_glm ijboh^blky [jZlv gZ k_[y dhgljhev b b^lb gZ jbkd QZklh dhjfe_gb_ ² wlh lh ^_ckl\b_ dhlhjh_ mf_klgh ij_^ijbgylv K\bj_ih_ `b\hlgh_
\g_aZigh \ur_^r__ ba i_s_ju k g_ihdhe_[bfuf gZf_j_gb_f kh`jZlvdeb_glZgm`ghgZdhjfblv A^_kv fh`gh hij_^_eblv h[sbc ijbgpbi LZf ]^_ kms_kl\h dZ`_lkyg_bklh\ufh]g_^urZsbfdZd^jZdhgdhgnjhglZpbyfh`_l [ulv [he__ ih^oh^ys_c q_f dhjfe_gb_ ohly kljZo dhlhjuc hgh \gmrZ_l kh\_jr_ggh j_Ze_g LZf ]^_ kms_kl\h ijhbkoh^bl ba j_ZevghklbdZde_\beb f_^\_^v]jbaebb \u]ey^bl]heh^guf y [u ij_^iheh`beqlhij_^ijbgylvdhjfe_gb_[he__mf_klghDhjfe_gb_ ]jbaeb_]hex[bfhcibs_c²f_^hf²[ueh[uohjhrbfgZqZehf F_^\_^b lZd`_ ex[yl ju[m [hevrmx ju[m lZdmx dZd ehkhkv < ih^h[ghckp_g_y [uij_^eh`be< \Zr_cijZ\hcjmd_dZdjZa_klv h]jhfgucdm\rbgf_^Z[jhkvl__]hd gh]Zff_^\_^yb ihdZhg_kl ihc^bl_b ihcfZcl_ehkhky\ lhcj_d_`_cg \ ij_^bkeh\bb >jm`[Z k wlhc kbf\hebq_kdhc nb]mjhc hagZqZ_l Zkkbfbeypbx qZklb dhlhjZy hl\_j]ZeZkv b hl^_eyeZkv lZd qlh hgZ [hevr_ gk ij_^klZ\ey_l g_]Zlb\ghckbeu\ ikbobd_deb_glZ >`bfoh^bedhfg_^eyjZ[hlugZ^ebqgufjhklhf\ l_q_gb_ ^\mo e_l b aZ wlh \j_fy jZ[hlZe kh fgh]bfb jZaebqgufb l_fZfb b h[jZaZfb H^ghc l_fhc dhlhjZy ihklhyggh \ha\jZsZeZkv [ueh lh dZd k _]h lhqdb aj_gby \hkijbgbfZxl _]h ^jm]b_ ex^b Hg [ue \ukhdbc\g_rg_ijb\e_dZl_evgucdjZcg_^h[jh^mrgucq_eh\_de_l ^\Z^pZlb iylb \uimkdgbd fZl_fZlbq_kdh]h nZdmevl_lZ kf_gb\rbc kn_jm ^_yl_evghklb ² hg klZe f_^[jZlhf ?]h kZfh\hkijbylbk b kZfhhp_gdZ [ueb gbadbfb b wlh [ueZ h[eZklv gZ dhlhjhc hg qZklh khkj_^hlhqb\Zeky GZh^ghfk_Zgk_d dhgpmgZr_]hh[s_gbyhgkdZaZeM f_gy ij_^qm\kl\b_dZd[m^lhy ih^hr_ed j_rZxs_fmfhf_glmb yagZx qlh wlh dZdlh k\yaZgh k bgl_]jZpb_c Hg [ue q_eh\_dhf dhlhjuc fgh]h qblZe b ]h\hjbe h ikboheh]bq_kdbo ihgylbyo k [hevrhc lhqghklvx b ijhgbpZl_evghklvx Fgh]b_ f_kypu >`bf hp_gb\Ze \_jhylghklvijhy\e_gbyg_dhlhjhcqZklbkZfh]hk_[yk dhlhjhchggk gZoh^beky \ gZklhys_f dhglZdl_ b y bgklbgdlb\gh qm\kl\h\Ze fu [ebadb d lhfm qlh[u ijhlb\hklhylv _c q_f [u hgZ gb [ueZ ?keb deb_gl qm\kl\m_l k_[y \ g_iheghf dhglZdl_ lh ihe_agh ^Zlv _fm h[jZaa_jdZeZbf_gghwlhy bk^_eZe Ij_^klZ\vl_ k_[_ qlh \u b^_l_ ih [hevrhfm mgb\_jfZ]m b \^jm] hdZau\Z_l_kvebphfd ebpmk kZfbf kh[hc \ a_jdZe_ \ iheguc jhkl Qlh\u\b^bl_"?]hebphf_^e_gghkfhjsbehkvb hgaZju^Ze
Kd\havke_au>`bfijhbag_kY \b`mwlh]hm`Zkgh]hq_eh\_dZ\k_]h ihdjulh]h ]ghysbfbky ya\Zfb dZd ijhdZahc beb gZju\Zfb [_ah[jZagh]h jZajmr_ggh]h [he_agvx b ij_g_[j_`_gb_f b k lZdbf aeuf\ujZ`_gb_fg_gZ\bklbb hl\jZs_gbyG_fh`_l[ulvqlhwlhy ijZ\^Z" >Z`_ l_i_jv ^\Z ]h^Z kimkly dh]^Z y ibrm wlb keh\Z f_gy hiylvho\Zlu\Z_l]hj_>`bfZY \b^_eieZqmsbodeb_glh\ b ieZdZe \f_kl_ k gbfb y \b^_e bo jZa]g_\Zggufb bkim]Zggufb b kehfe_ggufb gh gbdh]^Z y g_ \b^_e q_eh\_dZ gZklhevdh ihljyk_ggh]hdZdbf[ue>`bfdh]^Zhgijhlb\hklhyeij_abjZ_fhc qZklbkZfh]hk_[yJ_Zevghklvg_ijhgbdZeZkx^Zb [_kihe_agh[ueh [u]h\hjblvqlhgb[m^v\jh^_GhgZkZfhf^_e_\ug_lZdhcHglh qm\kl\h\Ze k_[y bf_ggh lZd Y kijhkbe `bfZ"Y ihijh[mx²hl\_lbehg H[uqgh y ijhrm >_j`bl_ f_gy \ dmjk_ lh]h qlh ijhbkoh^bl²\ ^ZgghfkemqZ_ijhrehfgh]h\j_f_gbij_`^_q_f >`bfaZ]h\hjbegh\ wlhfg_[uehgZ^h[ghklbihlhfmqlh_]hebph b h[uqguc yaud _]h l_eZ khh[sZeb fg_ qlh ijhbkoh^bl dh]^Z hg gZqZejZkkeZ[eylvky`bf\ur_ebaa_jdZeZb wlh[ueh^_ckl\bl_evgh`mldhhg klhyegZjZkklhygbb\ulygmlhcjmdbhlf_gyY g_[uem\_j_gohq_l ebhgbgl_]jbjh\Zlvkyghy agZeqlhhg^he`_gY \klmibe\ jZa]h\hj k gbfb h[gZjm`beqlhohly fu ]h\hjbf gZ h^ghf yaud_ hg hq_gv ]jm[b fgh]hjm]Z_lkyY agZeqlhhgfhyl_gvagZelZd`_qlh\bgx _]h\hfgh]boiehobo\_sZodhlhju_qm\kl\mxihwlhfmy kdZaZe_fm _ckl\bl_evghkljZgghk_[yqm\kl\m_rv]h\hjyh[wlhf dZd _keb [u y gZ[ex^Ze aZ ijhbkoh^ysbf gh wlh ^_ckl\bl_evgh ijhbkoh^beh kh fghc `bfZ wlh [ueh ih\hjhlguf imgdlhf \ _]h hiul_ lZd dZd hg klZe ijbgbfZlv wlm ^jm]mx qZklv kZfh]h k_[y `bf hl^_eyeky
>`bfg_fh]qm\kl\h\Zlvk_[yp_ehklguf?fmfh]g_gjZ\blvkylhl dlhijhlb\hklhye_fm\ a_jdZe_gh_kebhgohl_e^h[blvkymki_oZhg ^he`_g[ueijbgylvlh]hdlh_fmg_gjZ\bekyb hgfh]k^_eZlvwlh lhevdhlZdb lhevdhlh]^Zdh]^Z[ue]hlh\d ijbfbj_gbx
IjbgpbifZ]bq_kdhc`b^dhklb J_dhcfu[m^_faZgbfZlvkyiha`_Z ihdZkdZ`mqlhjmq_cbeb j_dZ ij_^klZ\ey_l ihlhd ikbobq_kdhc wg_j]bb b ihl_gpbZe wfhpbhgZevgh]h jZa\blby BkdmiZlvky \ j_d_ beb iblv ba g__ qZklh hdZau\Z_lky l_jZi_\lbq_kdb [eZ]hl\hjguf DmiZgb__ \ j_d_ ihdZaZl_evgh b l_f dZd hgh \hkijbgbfZ_lky b l_f qlh fh`gh h[gZjm`blv\ ]em[bg_ KlhblmdZaZlvqlhg_dhlhju_deb_glug_fh]mlijhke_^blvaZ j_dhc ^h hd_ZgZ b wlh hagZqZ_l agZqbl_evgh_ [ehdbjh\Zgb_ gZ^ dhlhjufgZ^hjZ[hlZlv< ijbjh^ghffbj_j_dZfh`_lkdjulvkyih^ a_fe_c qlh[u iha`_ ihy\blvky kgh\Z lZd qlh \Z`gh ijhke_^blv __ imlv>jm]hc\ZjbZgl[ehdbjh\Zgby²lhqlhj_dZbkkydZ_lkbf\he k_jv_aghc g_o\Zldb ikbobq_kdhc wg_j]bb beb \ughkeb\hklb Wlh fh`_l [ulv ih^oh^ys_c lhqdhc k dhlhjhc fh`gh ijhke_^blv aZ j_dhc^hbklhdZ\_jgmlvkyd bklhqgbdmikbobq_kdhcwg_j]bb Ijbgpbibagmj_gbyb m[bckl\Z ?]h ke_^m_l ijbf_gylv lhevdh hiulguf dhgkmevlZglZf ihlhfmqlhhq_gvqZklhwlhgZiZ^_gb_gZkZfh]hdeb_glZgZ_]hkmlv Ohlywlhlijbgpbi\dexq_gkx^Z^eyiheghluwlhg_lhq_fy dh]^Z eb[h Zdlb\gh aZgbfZeky Kh\k_f ^jm]h_ ^_eh _keb kf_jlv kbf\heZ ijhbkoh^bl kihglZggh ?keb gZijbf_j \ ih]hg_ kms_kl\h bafZlu\Z_lky gZklhevdh qlh mfbjZ_l b wlh ijhbkoh^bl [_a \kydh]h ij_^eh`_gby kh klhjhgu dhgkmevlZglZ lh]^Z wlh ih\b^bfhfm kihkh[dhlhjufikbobdZaZ\_jrZ_lh[jZa Jmdh\h^kl\hb gZijZ\e_gb_ Ih fh_fm hiulm dhgkmevlZgl ijbkmlkl\m_l a^_kv dZd ijh\h^gbdZ gb\ dh_fkemqZ_g_dZddhgljhe_jij_^eh`_gbyke_^m_l ^_eZlv f_lh^hf ijh[ b g_ ke_^m_l gZ\yau\Zlv ;ulv g_gZ\yaqb\uf ]b^hfhagZqZ_l\oh^blv\ h[jZaudeb_glZWlh\k_]^Zijh[e_fZlbqgh ihlhfm qlh ^\h_ ex^_c ]ey^y \ h^gh b lh `_ hdgh \b^yl \_sb g_fgh]h ihjZaghfm Ijhbkoh^bl wlh lZd lh qlh y kha^Zx \ k\h_f \hh[jZ`_gbbhkgh\ZghgZh[jZlghck\yabdhlhjmx^Z_ldeb_glhgh ^hklZ\ey_lf_gydm^Zlh\hae_q_]hjZ[hlZ_l\hh[jZ`_gb_deb_glZb fh_\hkijbylb_\k_]^Zfh`ghijh\_jblvDh]^Zdeb_gl]h\hjblFg_ \b^gZ ]hjZ y fh]m kdZaZlv =^_ bf_ggh" KijZ\Z hl \Zk" Ke_\Z"
ikboheh]bq_kdh_agZq_gb_ Ke_^h\Zl_evgh \hagbdZ_l h[sbc ijbgpbi q_f f_gvr_ lhqgh]hjmdh\h^kl\Z^Z_ldhgkmevlZgll_f[hevr_mijZ\ey_likbobdZ deb_glZ b l_f [hevr_ hgZ fh`_l ijhdeZ^u\Zlv k\hc kh[kl\_gguc dmjk R_klv ijbgpbih\ bkke_^h\Zgguo \ur_ bkihevamxlky lhevdh lh]^Zdh]^Zwlh]hlj_[m_lkblmZpbyG_kms_kl\m_lgbdZdbol\_j^uo b klhcdbo ijZ\be hkgh\gufb ijbgpbiZfb ^he`gu [ulv hiul b bglmbpby DZd ij_^klZ\e_gh \ur_ ]b^hf fh`_l [ulv fm^j_p Fm^j_p g_j_^dh \uklmiZ_l \ h[jZa_ \her_[gh]h dhgy beb ^jm]h]h `b\hlgh]hDh]^Zdeb_gldZ\u[bjZ_lijh\h^gbdZfm`kdh]hiheZwlh kem`bl ijhy\e_gb_f k_ :gbfmkZ Z dh]^Z deb_gl \u[bjZ_l ijh\h^gbdZ`_gkdh]hiheZwlhij_^klZ\ey_l_]h:gbfmWlhl\u[hj fh`_l[ulvZ fh`_lb g_[ulv\Z`gufqlh[u]h\hjblvh g_fihke_ k_ZgkZ jZ[hlu k h[jZaZfb AgZq_gb_ bf__l lh qlh `_gsbgZ ]hlh\Z ^h\_jylvkh[kl\_gghfmfm`kdhfmgZqZemZ fm`qbgZ²kh[kl\_gghfm `_gkdhfm gZqZem DZ`^uc fh`_l q_jiZlv kbem ba h[jZaZ ijhlb\hiheh`gh]hiheZ Ke_^mxs__ Iml_r_kl\b_ ijb\_^_l gZk d bkke_^h\Zgbx g_dhlhjuo klZg^Zjlguo l_f bkihevam_fuo \ h[jZaZo Lh qlh [ueh hibkZgh^hkboihjfh`ghgZa\Zlvk\h[h^gufbh[jZaZfblhq_fm ihk\ys_gh ke_^mxs__ Iml_r_kl\b_ wlh l_fu dhlhju_ fh`gh bkihevah\Zlv qlh[u ^Zlv deb_glm klZjl beb qlh[u jZ[hlZlv k gbfb dh]^ZhgbkihglZggh\hagbdZxl\h\j_fyiml_r_kl\bydeb_glZ J_axf_ JZ[hlZk h[jZaZfb²wlhg_e_]dbc\u[hjhgZlj_[m_l\ukhdhc kl_i_gb fZkl_jkl\Z hiulZ \hkijbbfqb\hklb b jZa\blhc bglmbpbb ;ueh[u\ukhdhf_jghb [_kkfuke_gghiheZ]Zlvqlh^jm]b_ih^oh^u \ dhgkmevlbjh\Zgbbg_lj_[mxlwlh]hHgbdhg_qghlj_[mxlh^gZdh lZd`_ kijZ\_^eb\h aZf_lblv qlh jZagu_ ih^oh^u lj_[mxl jZaguo dZq_kl\b gZ\udh\eydhgkmevlZglZdexqfh`_lkem`blvk_dkmZevguf kbf\hehf^eydeb_glZhgfh`_lij_^klZ\eylvk\h[h^mijb[eb`_gb_ klZjhklb jZkklZ\Zgb_ k wfhpbhgZevghc xghklvx b \klmie_gb_ \ wfhpbhgZevgmx\ajhkehklvLZdqlhdhgkmevlZglmke_^m_lg_]h\hjblv k deb_glhf k Z\lhjblZjguo ihabpbb Z kdhj__ kijZrb\Zlv Qlh ih \Zr_fmfg_gbxwlhlkbf\hehagZqZ_l^ey\Zk" DjZldh_baeh`_gb_r_klb\_^msboijbgpbih\ IjbgpbidhgnjhglZpbbdeb_glZih[m`^Zxl[ulvkf_eufb
ijhlb\hklhylv h[jZaZf dhlhju_ \uau\Zxl lj_\h]m Mki_rgh_ ijhlb\hklhygb_ \_^_l d ljZgknhjfZpbb b mkljZg_gbx lj_\h]b Im]ZxsZy kbf\hebq_kdZy nb]mjZ h[uqgh y\ey_lky qZklvx kZfh]h k_[y IjbgpbiljZgknhjfZpbbij_\jZs_gb_im]Zxs_]hh[t_dlZ\ g_qlh [he__ ijb_fe_fh_ g_ y\ey_lky ijhklh kihkh[hf kijZ\blvky k gbf gh\uc h[t_dl qZklh ^_fhgkljbjm_l agZqbl_evguc ikboh eh]bq_kdbcjhkl Ijbgpbi dhjfe_gby lZf ]^_ dhgnjhglZpby g_ ih^oh^bl beb g_ijb_fe_fZ l_jZi_\l fh`_l ij_^eh`blv deb_glm gZdhjfblv im]Zxsmxnb]mjmqlh[ulZk^_eZeZkve_gb\hcb khgghc Ijbgpbi ijbfbj_gby deb_gl klZgh\blky ^jm]hf \jZ`^_[ghckbf\hebq_kdhcnb]mjuh[jZsZykvd g_cb ijbdZkZykvd g_c Ijbgpbi fZ]bq_kdhc `b^dhklb jmq_c beb j_dZ ij_^klZ\ey_l kh[hc ihlhd ikbobq_kdhc wg_j]bb b ihl_gpbZe wfhpbhgZevgh]h jZa\blby DmiZgb_ \ j_d_ beb iblv_ ba g__ qZklh hdZau\Z_lkyp_e_[gufDmiZgb_\ fhj_fh`_lihdZaZlvhq_gvfgh]h_ Ijbgpbi bagmj_gby b m[bckl\Z _]h ke_^m_l ijbf_gylv lhevdhhiulghfml_jZi_\lmihlhfmqlhhq_gvqZklhhghij_^klZ\ey_l kh[hcgZiZ^_gb_gZkZfhklvdeb_glZ L_jZi_\lbq_kdZyjZ[hlZk h[jZaZfb²wlh\hafh`ghh^bgba gZbf_g__^bj_dlb\guof_lh^h\l_jZibbh^gZdhhgmqblu\Z_l^h klb`_gbyfgh]bo^jm]boih^oh^h\b bkihevam_lboH<:GB? L?F I?J
ijbgbfZxlky dZd ^Zggh_ Y [u ohl_e ih^q_jdgmlv qlh wlb l_fu g_hjb]bgZevgu hgb bkihevamxlky fgh]bfb ^jm]bfb Z\lhjZfb Fh`_l[ulvy bkihevamxbobgZq_ hf >jZdhg E_\ Em] =hjZ Jhah\ucdmkl Km[eb KiysZyDjZkZ\bpZ J_dZ qghklb F_q <medZg Imklugy F_glhj E_k <_^vf Zdhe^mg L_fu fh]ml bkihevah\Zlvky ^\mfy kihkh[Zfb bf fh`gh iha\heblv \hagbdZlv kihglZggh beb l_jZi_\l ih[m`^Z_l deb_glZ jZ[hlZlvk gbfb=h^ylkyh[Zf_lh^Zb dZ`^uce_clfhlb\jZ[hlZ_lk q_flhbgufl_fjZa^_eyxlkygZljbmjh\gyke_^mxsbfh[jZahf
I_j\uc mjh\_gv Em] J_dZ =hjZ >hf E_k Jhah\ ucdmkl
jZdh g F_glh j
Lj_lbc mjh\_gv E_\ Km[ebqg hklb KiysZy DjZkZ\bpZ <medZg Imklugy <_^vfZ dhe^mg ?keb aZy\e_ggh_ gZf_j_gb_ ² khkj_^hlhqblvky gZ h[jZaZo b _kebdeb_glgbdh]^ZjZgvr_g_jZ[hlZelZdbfkihkh[hfy [uba[jZe bf_ggh lZdmx ihke_^h\Zl_evghklv ohly dZ`^uc q_eh\_d ^he`_g jZajZ[hlZlvkh[kl\_gguckihkh[jZ[hlu Ijhp_kk DZdy m`_mdZaZe\ur_g_\k_]^Zg_h[oh^bfhihk\ysZlv\_kv k_Zgk jZ[hl_ k h[jZaZfb qZklh [he__ wnn_dlb\guf hdZau\Z_lky khq_lZgb_ h[jZah\ b [_k_^u K gh\uf deb_glhf y ih^h`^m ihdZ g_ [m^_l bkihevah\Zgh h[jZagh_ keh\h dZd [ueh g kemqZ_ k :gghc \ gZqZe_ ij_^u^ms_]h Iml_r_kl\by b __ bkihevah\Zgb_f keh\Z g_gZ^_`gh AZl_f y ijh\_e [u deb_glZ q_j_a [ukljuc k_Zgk j_eZdkZpbb ]heh\Z hldbgmlZ gZaZ^ \ dj_ke_ jmdb b gh]b m^h[gh ihdhylky G_dhlhju_ l_jZi_\lu kqblZxl qlh \h \j_fy jZ[hlu k h[jZaZfb ]eZaZ deb_glZ ^he`gu [ulv aZdjulu b hklZ\Zlvky aZdjulufb ihdZ jZ[hlZ k h[jZaZfb g_ aZ\_jrblky ?keb ]eZaZ hldjulu deb_glZ ke_^m_l ihijhkblv aZdjulv bo KqblZ_lky qlh \g_rgb_\ha[m^bl_eb[m^ml\f_rb\Zlvky\ ijhp_kkFh`_l[ulvwlh \_jgh h^gZdh \Z`gh ihfgblv qlh fu \k_ jZagu_ b qlh g_dhlhju_ ex^b qm\kl\mxl kbevguc kljZo aZdju\Zy ]eZaZ \ qv_feb[h ijbkmlkl\bb >`_g_l [ueZ bf_ggh lZdhc deb_gldhc Dh]^Z y ij_^eh`be _c aZdjulv ]eZaZ qlh[u jZkkeZ[blvky lh ihqm\kl\h\Ze gZijy`_gb_b ^h[Z\beGhlhevdh_keb\uohlbl_WlhjZaj_r_gb_ iha\hebeh _c k^_eZlv \u[hj Y aZf_lbe ihdZ ijh^he`Zeky hiul j_eZdkZpbb __ ]eZaZ ihkl_i_ggh aZdjuebkv Dh]^Z k_Zgk jZ[hlu k h[jZaZfb aZ\_jrbeky hgZ kdZaZeZ KiZkb[h y ^_ckl\bl_evgh bkiulu\ZeZ kljZo l_i_jv y qm\kl\mx k_[y k \Zfb ihgZklhys_fm dhfnhjlgh>`_g_l[ueZ`_jl\hck_dkmZevgh]haehmihlj_[e_gbykh klhjhguk\h_]hhlpZAZdju\Zy]eZaZ\ h[s_kl\_kjZ\gbl_evgh g_agZdhfh]h q_eh\_dZ hgZ qm\kl\h\ZeZ kebrdhf kbevgmx m]jham
Ij_^klZ\e_gb_ h \g_rgbo \ha[m^bl_eyo f_rZxsbo \gmlj_gg_fm \b^_gbx fh`_l [ulv hijZ\^Zgguf Dlhlh hq_gv wdkljZ\_jlguc h[jZs_gguc d \g_rg_fm fbjm fh`_l bkiulu\Zlv ljm^ghklb k h[jZaZfb _keb _]h ]eZaZ hklZxlky hldjulufb Ih^h[gh wlhfm bgljh\_jlguc q_eh\_d g_j_^dh bf__l ljm^ghklb bgh]h oZjZdl_jZ \gmlj_ggb_ dZjlbgu fh]ml mg_klb wlh]h q_eh\_dZ lZd ^Ze_dh qlh dhgkmevlZgl hklZ_lky ^Ze_dh ihaZ^b AgZqbl dZd b ijb [hevrbgkl\_ \b^h\ ^_yl_evghklb y [u mdZaZe gZ wlh deb_glm b iha\hebe_fmj_rZlvkZfhfm >`bf lZd`_ mihfbgZ\rbcky \ ij_^u^ms_f Iml_r_kl\bb [ue \_kvfZ bgljh\_jlguf i_j\h_ \j_fy dh]^Z fu aZgbfZebkv h[jZaZfbhg^_j`Ze]eZaZhldjulufbb hq_gvohjhrhjZ[hlZek l_f qlh dZd hg fh] ykgh k_[_ ij_^klZ\blv ijhbkoh^beh ]^_lh \gmljb g_]hLZdh\Z[ueZoZjZdl_jgZyhkh[_gghklv>`bfZohlyfgh]hjZahg \_k `_ aZdju\Ze ]eZaZ b qZs_ wlh [ueh k\yaZgh [he_ag_ggufb h[jZaZfbH[uqghy kqblZxqlhq_f[he__wdkljZ\_jl_gq_eh\_dl_f [hevr_ ijbqbg ^ey lh]h qlh[u aZdjulv ]eZaZ b q_f [he__ bgljh\_jl_gq_eh\_dl_f[hevr__fmgZ^h^_j`Zlv]eZaZhldjulufb DZd y ]h\hjbe g_ kms_kl\m_l l\_j^uo b `_k]dbo ijZ\be b f_gy qZklh kijZrb\Zxl : iZmau dZd \u h[oh^bl_kv k gbfb" H[oh^blvky k gbfb g_ e_]q_ q_f k iZmaZfb \ ex[hf dhgkmevlbjh\Zgbb H^gZdh\Z`gh ihfgblv qlh deb_gl h[jZ[Zlu\Z_l bgnhjfZpbx \hagbdZxsmx \ \b^_ h[jZah\ b kbf\heh\ < lh `_ \j_fy deb_gl ijbeZ]Z_l \k_ mkbeby ^ey lh]h qlh[u ijb^Zlv kfuke lhfm qlh qZklh dZ`_lky [_kkfukebp_c Z lZd`_ fh`_l [hjhlvky k dZdhceb[h ]em[hdhc wfhpb_c beb g_ijbylguf \hkihfbgZgb_f \ua\Zggufbh[jZahfdhlhjucdZ`_lkyijbr_egbhldm^ZFbgmlgh_ fheqZgb_ dZ`_lky hq_gv ^he]bf ^\mofbgmlgh_ fheqZgb_ dZ`_lky wihohc[he__^ebl_evgh_fh`_lihdZaZlvky\_qghklvx AgZgb_ dh]^Z gZ^h qlhlh kdZaZlv ijboh^bl ba khq_lZgby hiulZ b bglmbpbb gh ^Z`_ lh]^Z lh qlh fu ]h\hjbf gZ hkh[_ggh qm\kl\bl_evghf wlZi_ fh`_l \u]ey^_lv dZd gZahceb\hklv Ohly y b ]h\hjxIh`ZemcklZ^_j`bl_f_gy\ dmjk_lh]hqlhijhbkoh^bly ^h]Z^u\Zxkv qlh deb_gl qZklh aZ[u\Z_l h lhf qlh y a^_kv b wlh ij_ih^ghkbl k\hb ljm^ghklb Qlh ^_eZlv ^mfZlv qm\kl\h\Zlv dhgkmevlZglm dh]^Z deb_gl aZl_jyg \ kh[kl\_gghf fbj_" Deb_gl gbdh]^Z g_ [u\Z_l kh\_jr_ggh iZkkb\guf _klv baf_g_gby \ \ujZ`_gbbebpZ^\b`_gbb]heh\hcihaZo\ dj_ke_^\b`_gbyojmdb gh]²wlhijbagZdblh]hqlhg_qlhijhbkoh^blGhqlh"Qlh [u mklZgh\blv k\yav y fy]dh ihlhfm qlh _keb deb_gl ^_ckl\bl_evgh aZl_jyg \ h[jZa_ fh_ \ukdZau\Zgb_ fh`_l [ulv g_hijZ\^ZgghcgZahceb\hklvx kdZ`mqlhgb[m^v\jh^_
\ZrZijZ\ZyjmdZk`ZeZkv\ dmeZdbgl_j_kghqlhijhbkoh^blBeb
Dh]^Z ijhc^_l g_kdhevdh fbgml b \hkihfbgZgby [hevr_ g_ [m^mlihy\eylvkyy kdZ`mqlhlh\jh^_
<j_fymoh^blb ij_`^_q_f \u ihdbg_l_ em] hdbgvl_ _]h \a]ey^hf b hibrbl_ qlh \b^bl_ Y \hkkha^Zf qZklv i_j\h]h k_ZgkZ k >`bfhf k dhlhjuf fu ihagZdhfbebkv jZgvr_ Dh]^Z hg ^_eZe wlh \\h^gh_ mijZ`g_gb_ lh ijhr_e ih djZx em]Z b hq_gv ih^jh[gh hibkZe ba]hjh^b aZ[hju b jZagu_ ^_j_\vy gZ wlhf em]m F_klZfb ]jZgbpu [ueb jZajmr_gu iha\heyy `b\hlguf \oh^blv gZ em] b \uoh^blv k g_]h f_klZfb hgb [uebp_ebdhfi_j_ie_l_gudhexq_cijh\hehdhcmkljZrZxs_]h\b^Z bebp_iyfb=jZgbpu>`bfZ[uebh[hagZq_gu^h[jhlgufaZ[hjhfb wlh [ueZ oZjZdl_jgZy q_jlZ >`bfZ ZddmjZlgh]h b mihjy^hq_ggh]h q_eh\_dZ `r @b\hlguog_lghfg_\b^gu\hglZf^\_nb]mju^Hg rZ]gmed +,,$, b gb_]hebp_ihy\behkv]jmklgh_v ujZ`_gb_ Wlhfhb jh^bl_ebghhgbg_gZklhysb_wlhklZlmb `bf LZd b _klv y kh\k_f wlh]h g_ ihgbfZx ?keb [u hgb [ueb f_jl\u y fh] [u ihgylv gh wlh g_ lZd Hgb ² oheh^guc dZf_gv `bf Wlh hq_gv \_jgh Hgb fg_ g_ gjZ\ylky Ih`ZemcklZ fh`ghfuihc^_f^Zevr_" H[km`^_gb_kemqZy>`bfZ G_ \k_]^Z mf_klgh bkke_^h\Zlv lZf `_ b lh]^Z `_ lh qlh h[gZjm`b\Z_ldeb_glb q_f]em[`_ikboheh]bq_kdZyijh[e_fZl_f 6 f_g__ mf_klgh bkke_^h\Zlv wlh Fh_ hsms_gb_ lZdh\h qlh h[jZam lj_[m_lky \j_fy qlh[u jZ[hlZlv \gmljb ikbobdb deb_glZ <j_fydZdfu_]hagZ_fwlhg_lhqlhihgbfZ_likbobdZm ikbobdb g_l qZkh\ hlf_jyxsbo \j_fy dmkdZfb ih ^\Z^pZlv q_luj_ qZkZ Y iheZ]Zx ikbobdZ ih^h[gZ \_qghklb ]^_ \j_fy g_ bf__l agZq_gby Dh]^Zqlhlh]hlh\hkemqblvkyhghkemqblky GZijbf_j dh]^Z >`bf e_] gZ ljZ\m hg ij_^klZ\be __ k_[_ lZdhc\ukhdhcqlhhdZaZekyiheghklvxkdjuluf_xGZ^ZgghfwlZi_ [ueh [u g_mf_klgh qlh[u y ^_eZe ij_^iheh`_gby ih ih\h^m \_jhylgh]h agZq_gby ^Zggh]h h[klhyl_evkl\Z H^gZdh kimkly g_kdhevdh f_kyp_\ dh]^Z fu h[km`^Zeb kbf\heu \hh[s_ >`bf aZf_lbeLZ^ebggZyljZ\Z hgZ ^he`gZ [ueZ [ulv \ukhdhc ihlhfm qlhy g_ohl_eqlh[uf_gy\b^_ebhgb ohlyb g_agZeqlhhgblZf Wlbkeh\Zbeexkljbjmxlb^_xij_^u^ms_]hZ[aZpZDZdZylh qZklv >`bfZ \hafh`gh _]h \gmlj_ggbc j_[_ghd ohl_eZ khojZgblv k\h_ ijbkmlkl\b_ \ lZcg_ hl _]h jh^bl_e_c ohly m g_]h g_ [ueh
ijbqbgu ^_eZlv wlh AZl_f dh]^Z hg gZr_e k\hbo jh^bl_e_c l_ [ueb [_a`bag_ggu b oheh^gu Fu ijh\_eb fgh]h k_Zgkh\ ]h\hjy h _]h \aZbfhhlghr_gbyo k jh^bl_eyfb b h lhf gZkdhevdh ^Ze_dbf hl gbohgk_[yqm\kl\h\ZeBlZdgZi_j\hfk_Zgk_fu\b^bfihk_yggu_ k_f_gZlh]hqlh^he`gh[ueh\ahclb Bgh]^Z deb_gl fh`_l ij_^klZ\blv k_[_ em] lhqgh lZdbf `_ dZdbf hg [ue gZ ij_^u^ms_f k_Zgk_ \h \k_o ih^jh[ghklyo ^jm]b_ deb_glu \ghkyl baf_g_gby ² h[eZdZ ^h`^v `b\hlguo ex^_c DZ`^h_ baf_g_gb_ mdZau\Z_l gZ g_qlh ijhbkoh^ys__ \ wfhpbyo H[eZdZ dhlhju_ aZdju\Zy khegp_ [jhkZxl l_gb gZ eZg^rZnl ² h[jZa mdZau\Zxsbc gZ ljm^ghklb < gZqZe_ [ue kheg_qguc ^_gv ihke_^mxsbc h[jZa fh`_l bah[jZ`Zlv ^jm]h_ \j_fy ]h^Z gZfgh]h f_g__ ijb\e_dZl_evgh_ beb aZkg_`_ggmx dZjlbgm kh \k_fb khimlkl\mxsbfb h[jZaZfb Ih]h^Z ² ^hklh\_jguc ihdZaZl_ev gZkljh_gby GZ jZggbo wlZiZo y mklZgZ\eb\Zx ^_dhjZpbx hibku\Zy ih]h^m gh gZ wlhf \k_ KemqZ_lky deb_gl kdZ`_l qlhgb[m^v \jh^_ Y gkfh]mgbdZdij_^klZ\blvdZjlbgmem]Z< wlhfkemqZ_y hl\_qm Ij_djZkgh \k_ qlh \u ij_^klZ\ey_l_" Dlhlh ij_^klZ\ey_l k_[_ fhjkdhc [_j_] k h]jhfgufb ijhkljZgk l\Zfb i_kdZ [_j_] hfu\Z_fucfhj_fdlhlh²imklugguchkljh\[_kieh^gucb kmohc DZ`^ZybawlbodZjlbghdihdZau\Z_]qZklv\gmlj_gg_]h fbjZ deb_glZ Ihke_^gyy dZjlbgdZ fh`_l [ulv bgl_jij_lbjh\ZgZdZdbah[jZ`ZxsZywfhpbhgZevgmxoheh^ghklv Keh\h em] \uau\Z_l m fgh]bo ex^_c h[jZau ^_lkl\Z \ha\jZs_gby d ijbjh^_ ijhklhb djZkhlu >ey g_dhlhjuo a^_kv kh^_j`ZlkygZf_dbgZjZc^hfZrgbchiehl DKRQLHEDVH Bf_gghih wlhc ijbqbg_ fgh]b_ ex^b dhlhju_ jZ[hlZxl k h[jZaZfb ij_^ihqblZxlgZqZlv\gmlj_gg__bkke_^h\Zgb_k em]ZY ih\lhjyxg_ \k_]^Z dhgkmevlbjh\Zgb_ gZqbgZ_lky lZd qZs_ hgh gZqbgZ_lky ko\Zlu\Zgb_f h[jZagh]h keh\Z beb qm\kl\Z dhlhjh_ \uau\Z_l h[jZa \h fg_ Lh]^Z y iheZ]Zx mf_klgh kijhkblv ?keb [u \u [ueb om^h`gbdhf beb ijhklh bkihevah\Zeb k\h_ \hh[jZ`_gb_ dZdmx dZjlbgm \u gZjbkh\Zeb [u qlh[u hibkZlv wlh qm\kl\h" Ih^h[gh_ ij_^eh`_gb_ ^Zkl ihe_aguc dexq d lhfm dZd deb_gl fh`_l bkihevah\Zlvh[jZau Ihgylb_^hfZrg_]hhiehlZ\_kvfZ\Z`ghihlhfmqlhdh]^Z fu [m^_f aZgbfZlvky hij_^_e_ggufb iml_r_kl\byfb \ h[jZau Z g_ l_fqlhfh`ghgZa\ZlvhibkZgb_fiyl_gfu\k_]^Z[m^_fgZqbgZlv khkp_guem]ZWlh\ha\jZs_gb_d agZdhfhchkgh\_\Z`ghqlh[u^Zlv qm\kl\h [_ahiZkghklb ?klv _s_ h^gZ ijbqbgZ ^ey g_h[oh^bfhklb ^hfZrg_]hhiehlZDh]^Zfu^h[_j_fky^hdhgpZkp_guem]Zy kdZ`m qlhlh\jh^_I_j_^l_fdZd\uihdbg_l_em]hdbgvl__]h\a]ey^hf
ihagZdhfvl_kv k gbf ihkemrZcl_ a\mdb \^hogbl_ aZiZo l_iehc a_febp\_lh\\kemrZcl_kv\ ]hehkZilbpIhkfhljbl_kgh\ZgZj_dm ]hjm e_k b ^hf ihlhfm qlh \u [m^_l_ \ha\jZsZlvky kx^Z fh`_l [ulv fgh]h jZa B _s_ wlh \Zr_ lZcgh_ f_klh gbdlh g_ fh`_l \lhj]gmlvky kx^Z gbdlh g_ fh`_l ijbclb [_a ijb]eZr_gby
deb_gl ohq_l gZijZ\blv bkke_^h\Zgb_ \ijZ\h d fhjx wlh [m^_l bkke_^h\Zgb_eh]bq_kdhcklhjhguK ^jm]hcklhjhgu_kebj_dZl_q_l kijZ\Z gZe_\h hgZ l_q_l hl fm`kdh]h d `_gkdhfm hl fukeys_c eh]bq_kdhcklhjhgud bglmblb\ghch@ Ygd BgvGZijZ\e_gb_ihlhdZ ² \hafh`guc ihdZaZl_ev lh]h dm^Z ikbobdZ gZijZ\ey_l bkke_^h\Zgb_ Ke_^mxsbf \hijhkhf [m^_l ?keb [u \Zf gZ^h [ueh bkke_^h\Zlvwlmj_dmihdZdhfmimlb \u ihreb [u" Imlv \\_jo ih l_q_gbx qZklh jZkkfZljb\Z_lky dZd [he__ e_]dbc \u[hj b ijbjZ\gb\Z_lky d ih^t_fm imlv \gba ih l_q_gbx ijbjZ\gb\Z_lky d kimkdm\ [_kkhagZl_evgh_ Dh]^Zwlhl\hijhk[ueaZ^ZgJhg_lZhl\_lbeZY gkohqm__ bkke_^h\Zlv y ohqm ijhklh re_iZlv ih \h^_ d ihemqZlv m^h\hevkl\b_Re_iZyih\h^_hgZaZ]h\hjbeZh ^\moZ[hjlZoq_j_a dhlhju_ijhreZh [hebb klu^_Qlhlh\ k_b]j_\ \h^_gZihfgbeh fg_h dj_s_gbbb hlhfnZdl_qlh__ ^\h_^_l_cg_[uebdj_s_gu Ihoh`_ qlh \u fh`_l [ulv ohl_eb [u \ha^\b]gmlv dZdhclh iZfylgbd ^\mf \Zrbf ^_lyf b fh`_l [u]v dj_klblv bo ² ij_^iheh`beyY fh]eZ[u"Wlhg_[ueh[u]j_ohf"²kijhkbeZ hgZ E_]dh [ueh [u aZ\_jblv __ qlh wlh ghjfZevgh h^gZdh JhgZ dhe_[ZeZkv Dlh ]h\hjbl \Zf qlh wlh ]j_rgh ² kijhkbe y HgZ g_dhlhjh_ \j_fy fheqZeZ ihlhf kdZaZeZ Y [hevr_ gbdlh Lh]^Z y k^_eZx wlh JhgZ \u[jZeZ \ jmke_ j_db ^\Z dZfgy \ulZsbeZ bo Z ihlhf ih^_j`ZeZ bo ih^ \h^hc Qlh \u ohqbl_ k^_eZlv k gbfb l_i_jv"²kijhkbeyY \havfmbok kh[hc >h kbo ihj JhgZ hljbpZeZ dZdmxeb[h [hev k\yaZggmx k Z[hjlZfb H[jZa j_db iha\hebe [heb hfulv __ \ kbf\hebq_kdhf hqbs_gbb ey Dwjhe \ha\jZs_gb_ d bklhdm ijhbahreh kljZgguf h[jZahf hgh \u^\bgmeh gZ i_j\uc ieZg _s_ h^gm meh\dm ikbobdb
\j_fy ij_djZlblv k\yav k j_dhc Dh]^Z hgZ k ljm^hf ijh^\b]ZeZkv \\_jo ih ohefm q_j_a e_k y kdZaZe Ihoh`_ wlh ^_ckl\bl_evgh ly`_eZy jZ[hlZ
\ j_
amevlZlk ihemq_ggh]h \hkiblZgby __ wfhpbhgZevgZy `bagv [ueZ \_kvfZ keZ[hjZa\blhc hgZ h[eZ^ZeZ ohjhrbfb mfkl\_ggufb kihkh[ghklyfb]hj^beZkvbfbghhlqZyggh`_eZeZ\ujZ`Zlvlhqlh qm\kl\m_l Bgl_j_kgh qlh ohly wlh [ue lhevdh iyluc k_Zgk b fu ijh^_eZeb hq_gv g_[hevrmx jZ[hlm k h[jZaZfb __ ikbobdZ j_rbeZ qlhkihkh[gZmijZ\eylviml_r_kl\b_f\ i_s_jmqlh[ugZclbgZqZeh < lh`_\j_fy[uehhq_\b^ghqlhh[gZjm`b\bklhdDwjhegkohq_l hklZ\Zlvky b bkke_^h\Zlv i_s_jm b wlh [ueh ij_djZkgh HgZ kh\_jrbeZrZ]\i_j_^g_h[oh^bfuc \ lh \j_fy Dwjhe ijh^he`ZeZ dhgkmevlbjh\Zgb_hdheh\hk_fgZ^pZlbf_kyp_\ <_jg_fkyd h[jZamj_dbwlhfh`_l [ulv kljmcdZ l_dmsZy ih kdZeZfb ]Zevd_f_edZyb qbklZy]em[hdZyb [ukljZydhjbqg_\Zyhl lhjnZ\ g_cfh`_l\h^blvkyju[Z<_kwlbkihglZggu_h[jZaubf_xl k\h_ agZq_gb_ b ohly \hafh`gh g_mf_klgh bkke_^h\Zlv dZ`^uc gZ gbo ke_^m_l h[jZlblv \gbfZgb_ hjh]Z \g_aZigh dhgqZ_lky"=^_hgZijh^he`Z_lky"?klvebfhklu"Qlhdeb_gl\b^bl \ \h^_dhlhjZyl_q_lih^fhklhf"?kebklhylvgZk_j_^bg_fhklZqlh gZoh^blkykaZ^bqlh\i_j_^b" Bgh]^Z j_dZ klZgh\blky aZijm`_gghc b lh]^Z \Z`gh bkke_^h\Zlv ijbqbgm b p_ev wlh]h h[klhyl_evkl\Z < ijbjh^guo mkeh\b
yo gZ jmqvyo b j_dZo klZ\yl aZijm^u b kha^Zdwl ha_jZ beb j_a_j\mZju qlh[u ^hklZ\blv \h^m dm^Zlh _s_ K ^jm]hc klhjhgu _keb deb_gl g_ fh`_l h[gZjm`blv dm^Z \uoh^bl \h^Z ke_^m_l hkfZljb\Zlv\kxf_klghklv\hdjm]aZijm`_ggh]hmqZkldZihdZ\uoh^ gk[m^_lgZc^_g Hq_gvqZklhj_dZ\ \hh[jZ`_gbbl_q_llZdbf`_iml_fdZdbf l_deZ [u \ _kl_kl\_gguo mkeh\byo ohly _c \hafh`gh ijboh^blky ij_h^he_\Zlv ij_iylkl\by Bgh]^Z hgZ ^_eZ_l kljZggu_ \_sb ih^gbfZ_lkygZ]hjmbeb^\b`_lkydjm]ZfblZdqlhdeb_glihklhyggh \ha\jZsZ_lky gZ lh `_ f_klh Wlh gZ\h^bl gZ fukev qlh bf__lky g_aZdhgq_ggh_^_ehdhlhjufgZ^haZgylvky^hlh]hdZdfh`gh[m^_l b^lb^Zevr_ Qlh ijhbkoh^bl dh]^Z j_dZ kh_^bgy_lky k ^jm]hc j_dhc" Qlh qm\kl\m_ldeb_gl"Wlhkbf\heihl_jbb^_glbqghklbq_eh\_dZ\ [he__ rbjhdhc b^_glbqghklb
ebqgh]h[_kkhagZl_evgh]heb[hbadhee_dlb\gh]h[_kkhagZl_evgh]h H^gZdhwlhfh`_lhdZaZlvkyieh^hl\hjguf Nbe [ue ^hklZlhqgh k\_^ms \ jZ[hl_ [_kkhagZl_evgh]h b ijbr_e k hij_^_e_gghc p_evx ² gZmqblvky jZ[hlZlv k h[jZaZfb Y \\_e l_fm fhjy b hg g_ ih[hyeky gujgmlv ] g_]h GZ [hevrhc ]em[bg_NbegZr_ei_s_jm>ghi_s_ju[uehaZg_k_ghi_kdhfb ba g_]h \ukh\u\ZeZkv gh]Z kd_e_lZ Khkdh[eb\ i_khd hg gZr_e p_euc kd_e_l Dh]^Z y kijhkbe qlh wlh hagZqZ_l ^ey g_]h hg g_f_^e_ggh k\yaZedZjlbgmk hlghr_gbyfbjZahj\Zggufbfgh]he_llhfmgZaZ^\ :\kljZebbHgiulZekyihohjhgblvwlm[hevghl_i_jv_fmijbrehkv ijhlb\hklhylvkb L_fZlj_lvy²=hjZ Ohly hkgh\gZy l_fZ ² wlh ]hjZ y ohqm jZkrbjblv __ b \dexqblv eZg^rZnl \hh[s_ =hjZ gk klhbl \ baheypbb hgZ qZklv eZg^rZnlZ b \k_ qlh deb_gl k_[_ ij_^klZ\ey_l ^Z_l dexqb d _]h wfhpbhgZevghfmkhklhygbxbebgZkljh_gbx EZg^rZnl EZg^rZnlu g_baf_ggh k\yaZgu k iml_r_kl\byfb b agZqbfhklv jZaebqguo hkh[_gghkl_c eZg^rZnlZ k\yaZgZ k bo wfhpbhgZevguf kh^_j`Zgb_f JZaebqgu_ eZg^rZnlu ² kZ^u nhglZgu ha_jZ j_db ohefu b kdZeu ² wlh f_klZ dhlhju_ qZklh ihk_sZxl ex^b ex[ysb_ ijbjh^m < h[jZaZo kh\k_f dZd \ `bagb fukdhj__h[gZjm`b\Z_ff_klhq_f\u[bjZ_f_]hfug_kha^Z_f hij_^_e_gguceZg^rZnlh[^mfZgghhgijhklh\hagbdZ_l EZg^rZnl fh`_l [ulv a_e_guf p\_lmsbf b ieh^hl\hjguf hg fh`_l [ulv kmobf b hiZe_gguf dZd imklugy hg fh`_l [ulv dZf_gbkluf ebrv k j_^dhc jZklbl_evghklvx hg fh`_l [ulv h]jZgbq_gj_dZfbbebfhj_fbeb ]hjZfbWlhfh`_l [ulvdZdh_lh aZf_jar__g_h[blZ_fh_f_klhbebhkljh\bag_fh]Zxsbchlaghyih^ ljhibq_kdbfkhegp_fG_[hfh`_l[ulvkbyxsbfl_fguf hl lmq beb hk\_s_gguf lhevdh emghc beb [_a \kydh]h k\_lZ \hh[s_ Wlh fh`_l [ulv iZjd ihkj_^b ]hjh^Z hdjm`_gguc g_[hkdj_[Zfb h]jZ^Zfb b ljZgkihjlhf EZg^rZnl fh`_l [ulv [_kp\_lguf b gZiheg_gguf _kl_kl\_ggufb beb ij_m\_ebq_ggufb djZkdZfbHgfh`_l[ulvaZlhie_g^h`^_fbebkg_]hfhebgu qZklh y\eyxlky \Z`gufb kbf\heZfb \ eZg^rZnl_ >hebgZ²wlhgbadh_f_klh[he__bebf_g__h]hjh`_ggh_ohefZfbb h[uqgh k l_dms_c ih g_c j_dhc >hebgZ \ hlebqb_ hl hdjm`Zxsbo ohefh\ ieh^hjh^gh_ f_klh hgh gZoh^blky \ ijyfhf dhgljZkl_ k
ijbjh^hc imklugb LZdbf h[jZahf ^hebgZ kbf\hebabjm_l `bagv b ieh^hjh^b_ >hebgZ Zkkhpbbjm_lky kh kf_jlvx ?keb y ihc^m b ^hebghxkf_jlghcl_gbg_m[hxkvaeZihlhfmqlhLukhfghxL\hb `_aeb L\hcihkho²hgbmkihdZb\Zxlf_gyIkZehf >hebgZ kf_jlb bkihevam_lky qlh[u kbf\hebabjh\Zlv djh\hijheblb_ \ GZiZ^_gbb [jb]Z^u k\_lZ LkggbkhgZ < Iml_r_kl\bbibeb]jbfZ >`hg;Zgvyg]h\hjblLy`_eh_^_eh^ey q_eh\_dZ ² kimkdZlvky \ ^hebgm Mgb`_gby b g_ ihkdhevagmlvky ih ^hjh]_ ;_a hdjm`Zxsbo ohefh\ b ]hj ^hebgu gk [ueh [u lZd qlh ]hjub ^hebgu²wlhk\yaZggu_h[jZauBf_gghk ohefh\kljmblky\ ^hebgm \h^Z G_kfhljy gZ lh qlh gZ ]hj_ _klv jZklbl_evghklv wlh h[uqgh ]heh_ f_klh f_klh gZijy`_gby b ly`_euo bkiulZgbb H^gZdh wlh lZd`_ f_klh ih[_^u q_klhex[b\uo klj_fe_gbb b kbevgh]h \heg_gby ]^_ fu fh`_f \b^_lv i_caZ`b kdjulu_ hl gZk dh]^Z gZoh^bfky \ ^hebg_ H^gZdh jZ[hlm g_h[oh^bfh kh\_jrblv bf_ggh \gbam \ ^hebg_ Wlh g_ hagZqZ_l qlh ^ey ebqgh]h ihbkdZ jZ[hlZ\ ^hebg_\ q_flhf_g__beb[he__\Z`gZq_fjZ[hlZgZ]hj_ WlhhagZqZ_lebrvlhqlh^hebgmgkke_^m_lb]ghjbjh\Zlv< h[jZaZo \hkoh`^_gb_ b kimkd ² \Z`gu_ k\yaZggu_ kbf\heu dhlhju_ [m^ml jZkkfZljb\Zlvky \ \hkvfhf iml_r_kl\bb Bkke_^h\Zgb_ \ukhl b ]em[bg Bgh]^Zfu]h\hjbfh[hiul_^hebgua_fghfih\k_^g_\ghf hiul_ dh]^Z gZ gZk ^Z\bl `bag_ggZy jmlbgZ dh]^Z fu klj_fbfky d hiulm]hjguo\_jrbg<j_fyhl\j_f_gbgZfgm`ghkgh\Zih^gylvky gZ]hjmb \a]eygmlvgZlhqlhgZoh^blky\gbamb \^Zeb gh qlh[u ^h[jZlvky lm^Z fu ^he`gu kimklblvky FZjlbg Exl_j Dbg]² ]h\hjbeY ijhklh ohl_e\uihegblv\hex ;h]Z: Hgiha\hebefg_ih^gylvkygZ]hjmB yhkfhlj_ekyb m\b^_e a_fex h[_lh\Zggmx Ihwlhfm k_]h^gy y kqZkleb\ Y gb h q_f g_ [_kihdhxkvY g_[hxkvq_eh\_dZ H[uqgh dh]^Z deb_gl \i_j\u_ \klj_qZ_lky k dZjlbghc em]Z ]hjZ gZoh^blky \ hl^Ze_gbb wlbf ih^jZamf_\Z_lky qlh ijb^_lky kh\_jrblviml_r_kl\b_ ij_`^_ q_f ]hjZ [m^_l ^hklb]gmlZ GZ wlhf jZgg_f wlZi_ ihe_agh ihijhkblv deb_glZ hibkZlv ]hjm k jZkklhygby ihkdhevdm dZ`^uc ba k\yaZgguo k g_c kbf\heh\ bf__l hlghr_gb_ d \hafh`ghfm iml_r_kl\bx =hjZ fh`_l [ulv xehc beb ihjhkr_c e_khf ljZ\ygbklhc beb fhgheblguf dZfg_f kdjulhc kg_]hf beb aZeblhc kheg_qguf k\_lhf Wlh g_ ijhklh `b\hibkgu_ kbf\heu gh hgb g_ gm`^Zxlky \ ]em[hdhc bgl_jij_lZpbb hkh[_ggh dh]^Z hlghkylkyd [m^ms_fm K wlbf k\yaZgh lZdh_ mijZ`g_gb_ ihijhkbl_ deb_glZ
ij_^klZ\blv k_[_ dZd \u]ey^_eZ [u dZjlbgZ dh]^Z ijhc^_gZ iheh\bgZ imlb gZ\_jo Z aZl_f ² k \_jrbgu ]hju Hq_gv qZklh ^\_ iZghjZfu \_kvfZ jZaebqgu dh]^Z deb_gl gZ kZfhf ^_e_ [m^_l ih^gbfZlvky gZ ]hjm b jZaebqby \h fgh]hf [m^ml aZ\bk_]v hl lh]h kdhevdh \gmlj_gg_c jZ[hlu ijh^_eZgh K jZkklhygby qZklh dZ`_lky qlh\_jrbgZhq_gv^Ze_dhb gbdZdboljhibghdg_\b^gh Dh]^Z deb_glZ ijhkyl \uihegblv wlh mijZ`g_gb_ hg fh`_l ij_^klZ\blv k_[_ dZdmxlh h[klZgh\dm beb hsms_gb_ baemqZ_fh_ ]hjhchgZ^hklmigZyg_jh\gZygZ^f_ggZyb l^ Ih^h[gu_ wibl_lu fu qZklh ijbf_gy_f d ex^yf beb ex^b ijbf_gyxl bo d gZf Bgl_j_kgh kijhkblv deb_glZ qlh hg k\yge\Zkl k wlhc ]hjhc QZklh ^Z_lkyl_jfbgq_eh\_d]hjZZ aZl_fhgk\yau\Z_lkyk g_dbf]_jh_f beb]_jhbg_cohlyqZs_\k_]hwlhZkkhpbZpbyk fm`kdbfbnb]mjZfb Jh^kl\_gguc\hijhkDZdb_`b\hlgu_bebilbpu`b\mllZf"Hl\_l gZ g_]h ² ihdZaZl_ev gjZ\Z kms_kl\ >jm`_ex[gu hgb beb g_l" ;m^mlhgb^_bkl\h\Z]vdZdlh\ZjbsbbebdZd\jZ]b" Dh]^Z >`bf kfhlj_e gZ ]hjm hg qm\kl\h\Ze kljZo ]hjZ dZaZeZkv m]jh`Zxs_c b kljZgghc Hg hibkZe __ lZd M]eh\ZlZy b hkljZyhgZihklhygghf_gy_lky< g_cg_lgbq_]hklZ[bevgh]hY g_ bgl_jij_lbjh\Ze wlhl h[jZa hg lh`_ ^h lh]h \j_f_gb dh]^Z fgh]h k_Zgkh\kimklyj_rbekyijb[ebablvkyd ]hj_
J_qv \ F_fnbk_ Zij_ey gZdZgmg_ _]h m[bckl\Z bjhpb]bjh\ZggZy\ GvxChjdLZcf_ Zij_ly Dh]^Z ^mfZ_rv h[ wlhf k_cqZk dZ`_lky qlh \ lh \j_fy dZd g_dhlhju_ ex^b ]h\hjyl h ihljyk_gbb k\hbo mklh_\ >`bf ^_ckl\bl_evgh bkiulu\Ze lZdb_ qm\kl\Z K ihfhsvx k\h_]h [e_klys_]hmfZhgkha^Ze[hevrhcj_a_j\dhlhjufg_dbqbekyb g_ o\ZklZekyhgijhklhijbgye_]hdZdnZdlIjb^ygZdhgkmevlbjh\Zgb_ b j_rb\ [hevrmx qZklv \j_f_gb jZ[hlZlv k h[jZaZfb hg ^h ba\_klghc kl_i_gb bglmblb\gh qm\kl\h\Ze qlh _]h kbevgh_ f_klh ² _]h ]hjZ ² g_ ^h\_^_l ^h dhgpZ wlhl hiul gk ih^\_j]gm\rbkv k_jv_aguf ihljyk_gbyf H[jZa ]hju [he__ fm`kdhc q_f `_gkdbc [he__fukeysbbq_fbglmblb\gucb >`bfmijbrehkvi_j_hp_gblv wlbklhjhgukZfh]hk_[yLZdqlh]hjZdhlhjZydh]^Zlh[ueZl\_j^hc b gZ^_`ghcl_i_jvljykeZkvdZdijba_fe_ljyk_gbb ey yihgp_\ ]hjZ Nm^abyfZ gZiheg_gZ k\ys_gguf kfukehf B dhg_qgh agZqbfh lh qlh Fhbk_c ihemqbe ^_kylv aZih\_^_c gZ ]hj_ KbgZb AgZqbl lh qlh \ jZ[hl_ k h[jZaZfb \hkoh`^_gb_ gZ ]hjm hebp_l\hjy_l klj_fe_gb_ d \ukrbf beb ^moh\gufp_gghklyfwlhg_kh\iZ^_gb_
Bgh]^Z \_jrbgZ ]hju kdjulZ h[eZdZfb wlh kbf\hebabjm_l lZcgmg_qlh[hevrh_qlhgZ^hh[gZjm`blvDh@^Z=e_gih^gbfZeky gZ k\hx ]hjm \hkoh`^_gb_ [ueh g_e_]dbf ihlhfm qlh \ j_Zevghc `bagbhgg_ex[be\ukhlm?]hikbobdZk^_eZeZ\hkoh`^_gb_hq_gv ljm^guf^eyg_]hb gZh^ghfwlZi_ihklZ\beZ_]hgZ^ijhiZklvx]^_ _]h kiZk g_dlh k[jhkb\rbc _fm \gba \_j_\dm b \ulZsb\rbc _]h gZ\_jo=e_g^h[jZeky^hieZlhqlhg_j_^dhklv\ wlhcl_f_k g_]hhg ihkfhlj_e gZaZ^ gZ ljhibgdm ih dhlhjhc k ljm^hf ih^gyeky b ij_h^he_\g_kdhevdhij_iylkl\bb^h[jZekykx^Z IeZlh²wlhf_klh]^_fh`ghhl^hogmlvkh[jZlvkyk kbeZfb Wlhg_\_jrbgZwlhf_klhqlh[uk^_eZlvdjblbq_kdmxhp_gdmDh]^Z =e_gihkfhlj_egZ\_jrbgmhgZhdZaZeZkvihdjulhcf]ehcHg_l Gbq_]h [hevr_ g_ k^_eZlv Ihq_fm \_sb g_ fh]ml [ulv ijhklufb" ² [md\Zevgh ijhklhgZe hg <_jrbgZ ]hju =e_gZ [vrZ ^hklb]gmlZ lhevdh ihke_ _s_ h^gh]h ljm^ghx \hkoh`^_gby gh dh]^Z hg ih^gbfZeky f]eZ ihj_^_eZ b d fhf_glm dh]^Z =e_g ^h[jZeky ^h \_jrbgu iheghklvx bkq_aeZ Q]h y ^_eZx k_cqZk
g_\uihegbfu_klZg^Zjlu Bgh]^Z deb_gl fh`_l aZ[em^blvky \ ]hjZo ljhibgdZ bkq_aZ_l beb __ ij_]jZ`^Z_l kl_gZ ba kdZe < lZdhc fhf_gl fh`_l ihgZ^h[blvky ihfhsv \f_rb\Z_lky dhgkmevlZgl ohly b g_ kjZam ?keb \u h]ey^bl_kv m\b^bl_ lh qlh \ulZsbl \Zk ba wlh]h aZljm^gbl_evgh]hiheh`_gbyWlh]hqZklh[u\Z_l^hklZlhqghqlh[u q_eh\_d kh\_jrZxsbc \hkoh`^_gb_ h[gZjm`be \_j_\dm e_klgbpm bebqlhlh_s_qlhihfh`_l_fm\u[jZlvky>Z`_`b\hlgh_fh`gh bkihevah\Zlv dZd mqZklgbdZ kiZk_gby Bgh]^Z iml_r_kl\b_ ke_^m_l aZdhgqblvlZfb lh]^ZKeh\ZFh`_l[ulvgZk_]h^gy^hklZlhqgh" ^Zxldeb_glm\hafh`ghklvg_qm\kl\h\Zlvk_[yih^^Z\e_gb_fZ wlh \Z`gh=e_gZkgyek \_jrbgu]hju\_jlhe_ldhlhjuc^hklZ\be_]hgZ ex[bfuc iey` Qlh [u gb ijhbkoh^beh dZdmx [u nhjfm gb ijbgbfZeZ]hjZkms_kl\_gghqlhdeb_glkh\_j rZy i_j_oh^ gZaZ^ \h \g_rgbc fbj \ha\jZsZ_lky \ \u[jZggh_bff_klh L_fZq_l\_jlZy²>hf >hfkmg^mdkZ^hdjm`_gguckl_ghc²\k_wlhijb_fe_fu_ kbf\heu `_gkdh]h gZqZeZ >hf kqblZxl khdjh\bsgbp_c ij_fm^jhklb >hf hebp_l\hjy_l jZagu_ kehb ikbobdb NZkZ^ hagZqZ_l \g_rgbc \b^ gZrm bg^b\b^mZevghklv \uklZ\e_ggh_ gZihdZa fZkdm dhlhjmx fu ghkbf DjurZ b \_jogbc wlZ` hebp_l\hjyxl ]heh\m b jZamf Z lZd`_ khagZl_evgu_ \hex b jZamf Ih^\Ze khhl\_lkl\m_l [_kkhagZl_evghfm b bgklbgdlZf Dmogy ² wlh f_klh jZ[hlu f_klh ]^_ ljZgknhjfbjmxlky \_s_kl\Z Klmi_gb ² wlhk\yavf_`^mjZaebqgufbmjh\gyfbb hkh[_ggh\Z`gh\_^mlhgb gZ\_jobeb\gba <_^msZy kbf\hebdZ hdgZ ² jZa^_e_gb_ \g_rg_]h b \gmlj_gg_]h< wlhfhlghr_gbbhdghihoh`_gZ^\_jvbebkl_gmgh ]eZ\gh_jZaebqb_khklhbl\ lhfqlhhghijhajZqghlZddZd_]hp_ev ijhimkdZlv k\_l \gmljv ?keb ^hf [_j_lky dZd hebp_l\hj_gb_ ebqghklb lh hdgh hebp_l\hjy_l ]eZa Z ]eZa dZd ]h\hjyl hebp_l\hjy_l ^mrm q_eh\_dZ H >_\_ FZjbb ]h\hjyl dZd h[ hdg_ g_[_k Mhd_j Dh]^Z g_dlh gZoh^blky \h\g_ b kfhljbl q_j_a hdgh wlh kbf\hebabjm_l `_eZgb_ \b^_lv \ [_kkhagZl_evghf g_ba\_klghf kfhlj_lv gZjm`m ² wlh kbf\he ^\b`_gby \ khagZgb_ b ba\_klgh_ Hldjulh_ hdgh kbf\hebabjm_l ijb]eZr_gb_ aZdjulh_ ² ebqgmxlZcgmJZa[blh_hdgh gZ\h^blgZfukevh gZkbebb jZa[blh_ ba\g_ hdgh hebp_l\hjy_l \lhj`_gb_ jZa[blh_ bagmljb gZ\h^bl gZ fukevh [_]kl\_HdghaZgZ\_r_ggh_e_]dhcrlhjhckbf\hebabjm_l kl_i_gv hldjulhklb aZgZ\_r_ggh_ ly`_ehc rlhjhc ² gZ\h^bl gZ fukev h[ baheypbb Hk\_s_ggh_ hdgh ² kbf\he gZ^_`^u
aZl_fg_ggh_ hdgh gZ\h^bl gZ fukev h kf_jlb K\_l hk\_sZxsbc hdgh²wlhkbf\hefZydZbebwf[e_fZ\ha\jZs_gby^hfhc L_fZ ^hfZ ² jZkijhkljZg_gguc kihkh[ hebp_l\hj_gby q_eh\_dZb ihwlhcijbqbg__keb[ur_klvl_fi_j\h]hmjh\gy[ueb \aylu \ ihjy^d_ \hajZklZgby keh`ghklb hgb [u reb \ ihjy^d_ ij_^klZ\e_gghfa^_kvH^gZdhdZdy g_kdhevdhjZa]h\hjbeikbobdZ g_ \k_]^Z ih^qbgy_lky gZr_fm ihjy^dm \_s_c LZd qlh gZoh^ykv gZ em]m ohly h[uqgh g_ gZ i_j\hf k_Zgk_ jZ[hlu k h[jZaZfb y kijZrb\Zxdeb_glZQlh\ gbo\uohl_eb[ubkke_^h\Zlv kgZqZeZ" Y ^he`_g [ulv ]hlh\ d \u[hjm dhlhjuc k^_eZ_l ikbobdZbgh]^ZhgZ\u[bjZ_l^hf ?keb ^hf jZkkfZljb\Z_lky dZd kZfhklv hg lZd`_ kbf\hebabjm_l gZrm `_gkdmx klhjhgm beb kdhj__ `_gkdmx q_f fm`kdmx Hq_gv qZklh kgZqZeZ wlh ^hf\hkihfbgZgb_ gh kimkly dZdh_lh \j_fy ikbobdZ \b^bfh \klmiZ_l \ k\hb ijZ\Z b \_^_l deb_glZ \ f_klZ dhlhjuo bagZqZevgh \ ^hf_ g_ kms_kl\h\Zeh H^bg ba hkgh\guo ijbgpbih\ jZ[hlu k ikbobdhc aZdexqZ_lky \ lhf qlh gm`gh [ulv ]hlh\uf b^lb lm^Z dm^Z \_^_l ikbobdZ jZ[hlZlv k l_f qlh hldju\Z_l ikbobdZ >ey dhgkmevlZglZ wlh fh`_l [ulv m`Zkguf ihlhfm qlh g_\hafh`gh ieZgbjh\Zlv ?keb \u g_ qm\kl\m_l_ k_[y dhfnhjlghk g_ieZgbjm_fufk\h[h^ghieZ\Zxsbf\hh[jZ`_gb_f ihiulZcl_kv jZ[hlZlv k gZijZ\e_gguf \hh[jZ`_gb_f ]^_ \u ^Z_l_ deb_glm mdZaZgb_ kfhlj_lv gZ hij_^_e_ggu_ kbf\heu beb qZklb dZjlbgu Y kqblZxqlhdeb_glmg_[eZ]hjZamfgh\oh^blv\ ^hfj_adh\h fgh]hflZd`_dZdg_j_dhf_g^m_lky\g_aZighgujylv\ fhj_Lhqlh ij_^eZ]Z_lky gb`_ [ueh [u lbibqguf kp_gZjb_f ^\b`msbfky hl em]ZY kdZaZe[uqlhlh\jh^_Fubkke_^h\Zebem]j_dmb ]hjm_s_ m gZk _klv ^hf b e_k qlh ba gbo \u ohl_eb [u bkke_^h\Zlv l_i_jv" Ohlyjhah\ucdmkl\dexq_g\ i_j\ucmjh\_gvwlml_fmy \\_e[udZd k\yamxsmxkhke_^mxsbfmjh\g_f Ij_^iheh`bfqlhdeb_glj_rbebkke_^h\Zlv^hfDZd[u\u hibkZeb^hfk lh]hf_klZ]^_gZoh^bl_kv">Ze_dhebhghl\Zk"DZdb_ qm\kl\Z\ubkiulu\Z_l_]ey^ygZg_]h"Wlb\hijhkuihoh`bgZl_ dhlhju_aZ^Zxlkyihih\h^m]hju Y [u\gbfZl_evghkemrZehl\_lu gh gZ wlhf wlZi_ j_^dh bgl_jij_lbjh\Ze bo beb kijZrb\Ze h[ bo bgl_jij_lZpbb Bgl_jij_lZpby \uau\Z_l hij_^_e_ggh_ dhebq_kl\h jZafure_gbbb ZgZeba Z wlh fh]eh [u kebrdhf kbevgh ihf_rZlv ihlhdm \hh[jZ`_gby b bglmbpbb AZl_f y [u kdZaZe qlhlh \jh^_ L_i_jvb^bl_ihgZijZ\e_gbxd ^hfmb khh[sZcl_fg__kebqlhlh baf_gblky hjh`dZ
ihkuiZggZy ]jZ\b_f \_eZ d ihdjZr_gguf \ [_euc p\_l \hjhlZf \ Zjd_ihkj_^bkl_guWlhl^hfhgZ\b^_eZ\ BjeZg^bbghgbdh]^Zg_ [ueZ\gmljbHgZkfhlj_eZgZg_]hbaaZ\hjhl\hlb \k_
ikbobdhclZdqlhy ihkh\_lh\Ze;_\_jebihklmqZlvky\ ^\_jvhgZlZd b k^_eZeZghgbdlhg_ihy\bekyIjh\_jvl_jmqdm²ihkh\_ lh\Ze y HgZ lZd b k^_eZeZ ^\_jv hldjueZkv aZ g_c hdZaZeky aZl_fg_gguc aZe A^_kv \h^ylky ijb\b^_gby ² kdZaZeZ ;_\_jeb h]ey^_\rbkv \hdjm] Y ij_^eh`be gZ f]gh\_gb_ ij_j\Zlvky qlh[u ih^mfZlvgZdZdmxqZklv^hfZ_cohq_lky\a]eygmlvkgZqZeZ G_dhlhju_ dhgkmevlZglu fh]eb [u gZijZ\blv deb_glZ gZ hij_^_e_ggu_ mjh\gb Wlh hkgh\Zgh gZ lhc l_hjbb qlh ih^\Ze hlghkblky\ [hevr_ckl_i_gbd [_kkhagZl_evghfmb qm\kl\Zfgb`gbc wlZ` ² d khagZl_evghfm beb W]h Z q_j^Zd ² d Kmi_jW]h beb kh\_klb d bgl_ee_dlm b fure_gbx DZ`^Zy dhfgZlZ bf__l kh[kl\_ggmx kbf\brdm ij_^iheZ]Z_lky qlh ]hklbgZy kbf\hebabjm_ldhfnhjlb ^hkm]kiZevgykbf\hebabjm_l bglbfghklv b hl^uo dmogy ² ljZgknhjfZpbx kujuo dhfihg_glh\ b jZ[hlm dZ[bg_l kbf\hebabjm_l bgl_ee_dlmZevgmx jZ[hlm b \hkklZgh\e_gb_ kbe klheh\Zy kbf\hebabjm_l hldebd gZ nbabq_kdb_ ihlj_[ghklb ih^\Zehebp_l\hjy_lhkgh\ubg^b\b^mZevghklbq_j^Zdhebp_]\hjy_l hleh`_ggh_ agZgb_ Khdjh\bs_ fh`gh h[gZjm`blv ]^_ m]h^gh gh qZklh_]hgZoh^yl\ ih^\Ze_b gZq_j^Zd_ GZfhc \hijhk L^_ \u ohl_eb [u gZqZlv bkke_^h\Zgb_" ;_\_jebhl\_lbeZ: fh`gh"Wlhg_fhb^hfY hl\_lbe?keb[u ohaybg ^Ze \Zf jZaj_r_gb_ ]^_ [u \u ohl_eb gZqZlv" A^_kv kh^_j`blky gZf_d gZ lh qlh ohaybg ^Ze jZaj_r_gb_ ohly wlh b g_ ml\_j`^Z_lky Qlh dZkZ_lky f_gy y kqblZx qlh lZdhc wdki_jbf_glZevgucih^oh^^_ckl\bl_evghohjhrhkjZ[Zlu\Z_l?keb [u ;_\_jeb kdZaZeZ Fg_ \k_lZdb gm`gh jZaj_r_gb_ y fh] [u ij_^eh`blv kb gZclb ]^_gb[m^v \ ^hf_ beb \g_ _]h q_eh\_dZ ? dhlhjh]h hgZ fh]eZ [u kijhkblv jZaj_r_gby Y [u klZe ]h\hjblv h lhfqlh^hfhebp_l\hjy_lkZfh]hdeb_glZg_jZgvr_q_f^hf[ue[u bkke_^h\Zg \ i_j\uc jZa gh b lh]^Z h[uqgh \ lZdhc nhjf_
Dh]^ZNbeh[ke_^h\Zek\hb^hfki_j_^bb kaZ^b^hf\u]ey^_e ihjZaghfm NZkZ^ [ue ohjhrh moh`_g ^h\hevgh ljZ^bpbhg_g b ijbyl_g^eyNbeZDh]^Zy ijb]eZkbe_]hhkfhlj_lvaZ^gbc^\hjhg [uelZdkfms_g_]h\_lobf\b^hfqlhgZqZeieZdZlvK nZkZ^Zhg \jZq [ue dhgnhjfbklhf Nbe ijbagZe qlh kms_kl\m_l l_g_\Zy klhjhgZohjhrhkdjulZyhl]eZa Bkke_^my ^hf hg hklZgh\beky m ^\_jb ihljh]Ze jmqdm b h[gZjm`beqlh^\_jvaZi_jlZL_fZaZdjulhc^\_jbqZklh\\h^blky \ dhgkmevlbjh\Zgb_iha`__kebhgZg_\hagbdZ_lkihglZgghdZdwlh ijhbahreh k Nbehf DhfgZlZ k aZdjulhc ^\_jvx ² wlh kbf\he ebqghc lZcgu ebqguo fuke_c AZdjulZy dhfgZlZ kbf\hebabjm_l k_dj_lghklv l_fgu_ lZcgu lsZl_evgh kdju\Z_fu_ hl ihklhjhggbo DhfgZlZk hdgZfb\imkdZ_lk\_l\gmljvb iha\hey_lq_eh\_dm\b^_lv lh qlh kgZjm`b HdgZ g_^hklZlhqgh qbklu_ qlh[u q_j_a gbo [ueh \b^gh]h\hjylh [_kihe_aghklb Qlh \u ohlbl_ ^_eZlv k wlhc ^\_jvx" ² kijhkbe y NbeZ Qlhlh \h fg_ ohq_l \uehfZlv __ gh wlh [ueh [u g_ijZ\bevgh Y agZxwlhlZdqlhg_h[oh^bfhgZclbdexq
Nbehldjuekmg^mdb h[gZjm`belhevdhh^bgij_^f_ljmqgh_ q_jdZeh gh g_ h[uqgh_ a_jdZeh hgh dZd b dexq [ueh ahehluf ij_djZkguf b y\gh ^jZ]hp_ggvr Dlh fh`_l ijhlb\blvky `_eZgbx ihkfhlj_lvky\ a_jdZeh"G_NbeHgih^gyea_jdZehghhghhljZ`Zeh g_ebphNbeZZ _]hebphdZdebph`_gsbgu IkbobdZih^rmqb\ZeZ gZ^ gbf" Hg k_e gZ klme \k_ _r_ ]ey^y \ a_jdZeh b kdZaZe Hgh ]h\hjblfg_qlhy ]hem[hc"Dhg_qghh^gZbabgl_jij_lZpbbfh]eZ [ulv lZdhc gh hiul gZmqbe f_gy gk o\ZlZlvky aZ i_j\h_ `_ lhedh\Zgb_ <_jhylgh gh qlh _r_ wlh fh]eh [u hagZqZlv" ² kijhkbe y ihgbfZy qlh Nbe \_kvfZ rhdbjh\Zg l_f qlh _]h k_dkmZevghklv k lZdhc klhjhgu ij_^klZeZ i_j_^ gbf G_ agZx \h_ iZjlg_ju :^Zf b ?\Z ijhlb\hiheh`ghklb Dh]^Z hg ijhbag_k ihke_^g__ keh\h fu h[Z agZeb qlh wlh hl\_l Dh]^Z ihy\ey_lky lZdhc hl\_l q_eh\_d qZklh m^b\ey_lky ihq_fm lj_[m_lky lZd fgh]h \j_f_gb qlh[u bklbgZ ijbreZ \ ]heh\m Fhy `_gkdZy klhjhgZ `_gkdh_ gZqZeh" ² kijhkbeNbeY ijylZefhx`_gkdmxklhjhgm\k_wlb]h^uaZibjZe __ \ dhfgZl_ h^gZdh hgZ ijboh^bl dh fg_ k ahehluf dexqhf b ahehlufa_jdZehfA^hjh\h H^gZdh iml_r_kl\b_ NbeZ \ bgl_]jZpbb _]h `_gkdh]h gZqZeZ wlbf g_ dhgqbehkv dh]^Z hg gZmqbeky ba\e_dZlv ihevam ba lh]h qlh ijylZelZdfgh]he_lhgklZe]hjZa^h[he__kbevguf\jZqhf Bgh]^Z deb_gl \klj_qZ_l \ ^hf_ ex^_c b wlh g_m^b\bl_evgh ;he__ih^jh[ghy aZcfmkvagZqbfufbex^vfb\ l_f_q_lujgZ^pZlhc AgZqbfu_ ex^b kdehggu aZgbfZlv hkh[u_ dhfgZlu \ ^hf_ b qZklh hebp_l\hjyxlkdhj__Zjo_lbiu q_f j_Zevguo ex^_c ohly j_Zevgu_ ex^b \k_ `_ qZklh ihy\eyxlky Dh]^Z hgb ihy\eyxlky lh ih \b^bfhfmhebp_l\hjyxlg_qlh\ g_ihkj_^kl\_gghc`ba gb deb_glZ lh]^Z dZd Zjo_lbibq_kdb_ nb]mju hebp_l\hjyxl g_qlh[he__]em[bggh_ Dh]^Z >`_ggb ihklmqZeZ \ ^\_jv k\h_]h ^hfZ _c hldjueZ dhe^mgvy Wlh ih\_j]eh \ m^b\e_gb_ b >`_ggb b f_gy Dh]^Z dhe^mgvy ijhgabl_evgh aZdjbqZeZ Moh^b ijhqv m`Zkguc j_[_ghd j_fbgbkp_gpby \her_[ghc kdZadb y ih[m^be >`_ggb klhylv gZ k\h_f]h\hjblv\_`eb\hghl\_j^hb kdZaZlvdhe^mgv_qlhm >`_ggb _klv ijZ\h \hclb Ohly ihlj_[h\ZeZkv [hevrZy kf_ehklv >`_ggb
k^_eZeZ wlh b dhe^mgvy ij_\jZlbeZkv \ furv dhlhjZy ihki_rgh kdjueZkvba\b^m >jm]b_ Zjo_lbibq_kdb_ nb]mju FZlv b Hl_p [Z[mrdb b ^_^mrdb fZq_oZ b hlqbf hkh[_ggh fZq_oZ \_ebdZgu j_eb]bhagu_ nb]mju ^vy\he Kibkhd fh`gh ijh^he`blv Ijhkfhlj Keh\Zjy h[jZah\ b kbf\heh\ \ ikboheh]bq_kdhf dhgkmevlbjh\Zgbb KlxZjl fh`_l hdZaZlvky ieh^hl\hjguf lZd dZd fgh]b_ _]h klZlvb khijh\h`^Zxlky \hafh`gufb ikboheh]bq_kdbfb bgl_jij_lZpbyfb Ij_`^_ q_f aZ\_jrblv l_fm ^hfZ ke_^m_l k^_eZlv h^gh ihke_^g__ aZf_qZgb_ Ijb ih\lhjghf ihk_s_gbb ^hfZ qlh qZklh [u\Z_l ihe_aguf hkh[_ggh ijb agZqbl_evghf ebqghklghf jZa\blbb hg fh`_lkbevghbaf_gblvkyihkjZ\g_gbxk i_j\ufjZahf ;_\_jeboh^beZgZdhgkmevlbjh\Zgb_fgh]hf_kyp_\b ddhgpm \_jgmeZkv \ ^hf mfZx^Zevg_crbodhff_glZjb_\g_lj_[m_lky L_fZiylZy²E_k Hdknhj^kdbc keh\Zjv Zg]ebckdh]h yaudZ hij_^_ey_l e_k dZd kh\hdmighklv^_j_\v_\jZklmsbo[he__bebf_g__iehlghhkh[_ggh \ _kl_kl\_gguo mkeh\byo \ hlebqb_ hl ieZglZpbb gZ agZqbl_evghc ijhly`_gghklbh[uqgh[hevrZyq_fjhsZbebih^ e_khd gh \dexqZxsbc bo \ k_[y mqZklhd a_feb ihdjuluc ^_j_\vyfbk ih^e_kdhf beb [_a g_]h E_k hij_^_e_g dZd h[rbjgZy ihehkZa_febihdjulZy^_j_\vyfbb ih^e_kdhfbgh]^Zkf_rZggufb k iZkl[bs_f b
E_k lZd`_ ^bdZy g_ dmevlb\bjh\ZggZy imklhrv ^bdZyf_klghklv >eyjZ[hluk h[jZaZfbhij_^_e_gb_^Zggh_\ keh\Zj_fh`_l [ulv b g_ \Z`gh ihlhfm qlh _keb ikbobdZ \h \j_fy bkke_^h\Zgby e_kZ aZohq_l ih\_klb deb_glZ d iZkl[bsm lh lZd hgh b [m^_l Y \dexqbe hij_^_e_gby qlh[u m \Zk \ ]heh\_ \hagbdeb dZdb_lh kh[kl\_ggu_dZjlbgu Fgh]b_ deb_glu dh]^Z gZ i_j\hf k_Zgk_ bf ij_^hklZ\ey_lky \u[hj dZdmx l_fm bkke_^h\Zlv bgklbgdlb\gh hldeZ^u\Zxl e_k gZ ]hjZa^h [he__ iha^g__ \j_fy E_k hebp_l\hjy_l ]em[bgu [_kkhagZl_evgh]h ih^h[gh fhjx beb hd_Zgm IjbgpbibZevgh_
jZaebqb_wlboh[jZah\khklhbl\ lhfqlhfhj_bkke_^m_lih^a_fguc mjh\_gvb i_j\h[ulgmxkmsghklv`bagblh]^ZdZde_khebp_l\hjy_l jhkl [_kkhagZl_evgh]h Fhj_ ih djZcg_c f_j_ gZ ih\_joghklb k\_leh_ lh]^Z dZd e_k h[uqgh l_fguc Fhj_ ² wlh j_a_j\mZj kh[bjZxsbc ba fgh]bo bklhqgbdh\ b kh^_j`Zsbc fbeebhgu jZaebqguo nhjf `bagb e_k hebp_l\hjy_l gZijZ\e_ggh_ \\_jo klj_fe_gb_ ^hklbqv k\_lZ Dhjgb ^_j_\v_\ jhxl oh^ \ [_kkhagZl_evgh_kl\heijhgaZ_lkhagZgb_Z \_l\bgZoh^ylky\ klbobb \ha^moZ ]^_ hgb ih^^_j`b\Zxl `bagv ilbp b kms_kl\ `b\msbo gZ ^_j_\vyo Hlh[ahjZh[s_ckbf\hebdbi_j_c^_fd bkihevah\Zgbxl_fu e_kZ Y j_^dh gZijZ\eyx deb_glh\ \ e_k lZd dZd wlh fh`_l \ua\Zlv hkljh_ qm\kl\h lj_\h]b L_fZ e_kZ ]em[hdh aZijylZgZ \ gZr_f dhee_dlb\ghf [_kkhagZl_evghf [eZ]h^Zjy fbnZf e_]_g^Zf b \her_[guf kdZadZf dhlhju_ qZklh bah[jZ`Zxl im]Zxsb_ Zjo_lbibq_kdb_ nb]mju E_k ohly b [hevrhc bf__l ]jZgbpu hq_jlZgby djZc b wlhl djZc g_j_^dh y\ey_lky ih^oh^ysbf f_klhf ^eygZqZeZbkke_^h\Zgby G_dhlhjuo deb_glh\ ^hklZlhqgh kf_euo \ bkke_^h\Zgbb ^jm]bo l_fdh]^Zhgb ih^oh^yl d e_km h^he_\Z_l jh[hklv Ihwlhfm \f_klhlh]hqlh[uihki_rblv\ g_]hy [ukdhj__kijhkbeDZd[u\u hibkZeb e_k" M g_]h _klv h]jZ^Z beb aZ[hj" ?klv ljhibgdb"
KflZd`_klZlvb IRUHVW b ZRRG \ ba^KlxZjl ^h ihju ^h \j_f_gb bkke_^h\Zlv e_k @b\hlgu_ qZklh hebp_l\hjyxlZjo_lbibq_kdb_ nb]mjub fh]ml[ulv kljZrgufb beb ^jm`_ex[gufb Ij_^eh`_gb_ bkke_^h\Zlv ]jZgbpm qZklh ihfh]Z_l mf_gvrblv kljZo Z lZf ]^_ g_ \b^gh ljhibgdb ih^h[gh_ bkke_^h\Zgb_qZklhihdZau\Z_limlv\_^msbc\ e_k Iml_r_kl\b_ Ibl_jZ \ e_k beexkljbjm_l bgmx l_fm Hg g_ ohl_e ljZlblv \j_fy jZa]ey^u\Zy \g_rgxx klhjhgm b _]h ih^`b^ZeZ]hlh\ZyljhibgdZDh]^Zhgm]em[beky\ e_klhlklZe[he__ ]mkluf b l_fguf aZl_f \gmljb e_kZ hg h[gZjm`be _s_ h^bg e_k b ihqm\kl\h\Zeqlhg_fh`_lb^lb^Zevr_LZfqlhlh_klvb fg_g_ gjZ\blky wlh hsms_gb_ Y ij_^eh`be _fm ^\b]Zlvky \hdjm] wlhc qZklbe_kZh[jZsZy\gbfZgb_gZlhqlhhg\b^blIbl_jij_^klZ\be k_[_^hjh`dmdhlhjZydZdhgqm\kl\h\Ze\_eZkd\have_kgZ^jm]mx _]h klhjhgm
aZdhgqb\r_fmky\ i_s_j_\hae_fhjy]^_hggZr_eklZjuckmg^mdk ^\_gZ^pZlvx imklufb a_e_gufb [mluedZfb \ g_f Fu lZd b g_ magZeb qlh hagZqZeb ^ey g_]h wlb [mluedb \hafh`gh hgb hebp_l\hjyeb ijhremx `bagv Z fh`_l [ulv _]h gug_rgxx \gmlj_ggxx `bagv dhlhjZy dZd hg qm\kl\h\Ze [ueZ g_ hq_gv ijh^mdlb\ghcWlhiml_r_kl\b_\hkijbgbfZehkv[uhq_gvg_]Zlb\gh ghy ih[m^beIbl_jZhkfhlj_lvkyqlh[um\b^_lvg_lebq_]hgb[m^v _s_ >\_jv \ i_s_j_ ih\_eZ _]h \gba \ ^jm]mx i_s_jm d ha_jm k \h^hcdjZkb\_cr_]hkbg_]hp\_lZIbl_jbkdmiZekyb hk\_`beky < Ij_^bkeh\bb y ij_^klZ\be \Zf >`_cg b jZkkdZaZe dZd hgZ ijhlb\hklhyeZ k\h_c [hyagb ^_j_\Z ih^jm`b\rbkv k gbf KljZob fh]ml \hiehsZlvky \ jZaebqgu_ h[jZau b ijbgbfZlv g_ lhevdh \b^ `b\hlguo beb ex^_c DZd Ibl_jm gm`_g [ue nhgZjv k\_l ² wlh h[jZa qZklh bkihevam_fuc ijb bkke_^h\Zgbb [_kkhagZl_evgh]h lZd b ^jm]bf ex^yf fh`_l ihgZ^h[blvky ijbkmlkl\b_ q_eh\_dZ `b\hlgh]hbebdZdh]heb[hbgh]hlZebkfZgZWlhg_]emihklvlZddZd ikbobdZ ]hlh\bl q_eh\_dZ d lhfm qlh gZoh^blky \i_j_^b hkh[_ggh _kebkljZobijbgbfZxl\b^`mldbokha^Zgbc G_dhlhju_ l_jZi_\lu bkihevamxl f_lh^ \uah\Z lh]h qlh lZblky \ e_km Ohly y kZf g_ qZklh ijb[_]Zx d wlhfm ijb_fm DZj_g [ueZdeb_gldhck dhlhjhcy ihklmibebf_gghlZdbfh[jZahfHgZ [hyeZkv b^lb \ e_k b gZ fhb \hijhk Q_]h \u [hevr_ \k_]h [hbl_kv"hl\_lbeZY g_kfh]mkijZ\blvkyk l_fqlhgZoh^blkylZf Wlh^he`gh[ulvg_qlh^_ckl\bl_evghm`Zkgh_ DZdh_kZfh_m`Zkgh_kms_kl\h\ufh`_l_k_[_ij_^klZ\blv" ² kijhkbe y hkgh\u\Zykv gZ ijbgpbi_ qlh _keb fu fh`_f ij_^klZ\blv k_[_ om^r__ lh \k_ hklZevgh_ ihdZ`_lky i_j_ghkbfuf H^gh]h ba l_o lj_]eZ\uo ^jZdhgh\ dZdbo y \b^_eZ \ dgb`d_ k dZjlbgdZfb²hl\_lbeZhgZk kh^jh]Zgb_f ?_ hl\_l y\ey_lky ihdZaZl_e_f mjh\gy gZ dhlhjhf hgZ nmgdpbhgbjh\ZeZ Keh\Z dgb`dZ k dZjlbgdZfb ij_^iheZ]Zeb qlh deb_gldZ [ueZ ^hklZlhqgh xgZ b \hafh`gh kgh\Z ijh`b\ZeZ dZdmxlh kljZrgmx \her_[gmx kdZadm Y kdZaZe Ij_`^_ q_f fu ijh^he`bf ij_^eZ]Zx \Zf gZclb dZdmxgb[m^v aZsblm hl lh]h qlh lZfgZoh^blkyQlhwlh[m^_l";ukljhdZdfhegbyDZj_ghl\_lbeZ F_qAgZqbl\u²K\ylhc=_hj]bc]hlh\ucm[blv^jZdhgZ"²y g_\hevghihrmlbegZ^wlbfb hgZmeu[gmeZkv F_qdZdfum\b^bf\ ke_^mxs_fiml_r_kl\bbhebp_l\hjy_l fm`kdh_gZqZehBgl_j_kghqlhDZj_gijbagZeZ__ fm`kdZyklhjhgZ gm`^Z_lky \ lhf qlh[u __ ijbagZeb b bkihevah\Zeb Y ihijhkbe deb_gldm hibkZlv f_q b kgh\Z ih^mfZe qlh ikbobd_ ijbylgZ rmldZ Hg [hevrhc dZd l_ ^\mjmqgu_ f_qb k djZkb\h \uj_aZgghc jmdhyldhc IjbqbgZ fh_]h dhff_glZjby ih ih\h^m rmldb
aZdexqZ_lky \ lhf qlh DZj_g [ueZ fZe_gvdh]h jhklZ hdheh iylb nmlh\ l_f gk f_g__ hgZ hibkZeZ [hevrhc f_q _]h [ueh [u ly`_eh ^_j`Zlv\ jmdZoQ_f[hevr_y jZafureyel_f[hevr_ihgbfZeqlh wlh [hevr_ q_f rmldZ GZmqgZy jZ[hlZ DZj_g ij_^ty\eyeZ \ukhdb_ lj_[h\Zgby gm`gu [ueb wg_j]bqghklv b dhgdmj_glhkihkh[ghklv Z qm\kl\Z bf_eb gbadbc ijbhjbl_l Ihwlhfm __ fm`kdh_ gZqZeh dhg_qgh[uehhq_gvkbevguf AgZqbl\uqm\kl\m_l_k_[y\h\k_hjm`bbqlh[um^_j`Zlvlh qlh fh`_l \uclb ba e_kZ dh]^Z \u ^Z^bl_ dhfZg^m" ² kijhkbe y DZj_g db\gmeZ Q_j_a g_kdhevdh fbgml hgZ \klZeZ gZ g_dhlhjhf jZkklhygbb hl djZy e_kZ b \hkdebdgmeZ Dlh [u gb [ue lu aZklZ\eyxsbc f_gy [hylvky y ijbdZau\Zx l_[_ \uclb HgZ aZobobdZeZXfhj\ dhgkmevlbjh\Zgbb²jZ^hklvb wlh[ueh^bgba lZdbo\ujZabl_evguofhf_glh\Z wlh kh\_jr_ggh \_jgh`mg Z g_ klZe [u ijhklhhibku\ZlvmijZ`g_gb_HgZijbreZdhfg_d dhgpmk_fbgZjZ b kijhkbeZ fh]m eb y ijh\_klb k g_c k_Zgk >`mg [ueh ijbf_jgh khjhd e_l hgZ jZ[hlZeZ f_^k_kljhc b g_^Z\gh jZa\_eZkv ihke_ \hk_fgZ^pZlbe_l[jZdZ
A^_kv y hklZgh\exkv b g_fgh]h ih]h\hjx h f_lh^_ Fg_ g_ gm`gh \uykgylv ih^jh[ghklb h deb_gld_ beb __ `bagb Y l\_j^h m\_j_gqlh\k_g_h[oh^bfh_h[gZjm`blkylZdb lh]^ZdZdb dh]^Zwlh [m^_lmf_klgh?keb\ dhgp_k_ZgkZhklZxlkykn_juh dhlhjuo y g_ agZx lZd lhfm b [ulv Dhgkmevlbjh\Zgb_ ² g_ jZkke_^h\Zgb_ b g_ ihiuldZ hl\_lblv gZ fgh`_kl\h \hijhkh\ dhlhju_ qZklh aZ^Zxlky kdhj__jZ^bdhgkmevlZglZq_fjZ^bdeb_glZ `mg ij_^eh`beZ lh dhebq_kl\h bgnhjfZpbb dhlhjh_ fg_ [ueh \h fgh]hf ba\_klgh Qlh hgZ g_kqZklgZ klZeh ykgh dh]^Z >`mg aZ]h\hjbeZ h k\h_f g_^Z\g_f jZa\h^_b ]h^Zok_dkmZevguoaehmihlj_[e_gbcdhlhju_ijb\_eb__ d jZaju\mY kdZaZe>`mgdZ`_lkyk_cqZk\uhlqZygghklj_fbl_kvd bkp_ e_gbxklj_fbl_kvh[e_]qblv[hevb ljZ\fm
HgZdb\gmeZG k_fbgZj_ fu m`_ mklZgh\beb qlh hgZ fh`_l jZ[hlZlv k h[jZaZfb ihwlhfmy ij_^eh`beqlh[ufuhibjZebkvgZhiulk_fbgZjZYdZd h[uqgh\\_e__ \]em[hdh_khklhygb_j_eZdkZpbb aZl_fi_j_r_ed jZ[hl_k h[jZaZfbAZl_fy \\_el_fmem]Zb gZ ijZ\beky \i_j_^ `mghibkZeZlbibqguckZ^m aZ]hjh^gh]h^hfZ Z \j_fy]h^Z[uehdZdb \j_Zevghklb²klhyebxevIjhc^bl_kvih kZ^mb hibrbl_qlh\uk_[_ij_^klZ\ey_l_L?Z [hevrbfdZrlZghf >`mg gZreZ kdZfvx hgZ fh]eZ keurZlv `m``Zgb_ iq_e bsmsbo g_dlZj \ dmklZo eZ\Zg^u \hae_ g__ `mg HgZdjZkb\Zyl_fghdjZkgZyk g_a_fgufZjhfZlhfY fh]mqm\kl\h\ZlvwlhlaZiZohllm^Z]^_kb`m `mg ?klvkehfZggZy\_ldZb p\_lhdgZg_caZ\yeHfg_lZd ]jmklgh `mg Wlhfhc[jZdkehfZggucm\y^rbc
`mggZqZeZlbohieZdZlv >`mg Wlhy\k_aehmihlj_[e_gbykehfbebf_gyb yqm\kl\mx k_[ym\y^r_cb [_kihe_aghc `mgdb\Z_lkd\havke_au `mg y ohqm qlh[u \u \gbfZl_evgh ihkfhlj_eb gZ jhah\ucdmklb kha^Zeb\ \hh[jZ`_gbb gh\uc [mlhg Ihkfhljbl_ gZ g_]h \ kZfhf gZqZe_ _]h jZa\blby ijbdhkgbl_kv d g_fm hsmlbl_ dZdhc hg l\_j^uc Hg a_e_guc b \k_ `_ \u agZ_l_ qlh \ g_f aZdexq_g p\_l b ZjhfZl _s_ g_ jZkdjuluc Ih _keb \u ihkfhljbl_ kgh\Zlhm\b^bl_qlhgZkZfhf_]h\_jom_klvkeZ[uchll_ghdp\_lZ Ijh^he`Zcl_ \gbfZl_evgh kfhlj_lv dh]^Z [mlhg gZqg_l f_^e_ggh jZkdju\Zlvkya_e_guc p\_l gZqg_l f_gylvky b djZkguc l_i_jv ykgh \b^_g gh [mlhg \k_lZdb aZdjul L_i_jv h^bg aZ ^jm]bf gZqbgZxl jZa\hjZqb\Zlvky e_i_kldb b lZf gZ g_ih\j_`^_gghc \_ld_ jZkimkdZ_lky [_amij_qgZy djZkgZy jhaZ Kgh\Z hsmsZ_lky \hkoblbl_evguc ZjhfZl Ij_^klZ\vl_ k_[_ qlh \u b^_l_ [hkbdhf ih ljhibgd_ mkuiZgghc e_i_kldZfb jha Ihqm\kl\mcl_ fy]dhklv e_i_kldh\\^hogbl_boZjhfZldh]^Z\Zrbgh]be_]dhfgmle_i_kldb L_i_jv \_jgbl_kv d jhah\hfm dmklm \havfbl_ jham \ eZ^hgb gZdehgbl_kvb imklvjhaZdZkZ_lky\Zr_]hebpZ >`mg lZd ohjhrh \hreZ \ h[jZau qlh __ ebph \ujZ`Zeh ihegh_kihdhckl\b_ `mg Y fh]m hsmsZlv ZjhfZl \eb\Zxsbcky \ dZ`^mx fhx qZklvhgl_ieucb mkihdZb\ZxsbcHgg_djZkgucdZdjhaZZ [_euc b yijhklhagZxqlhhgbae_qb\Z_l\k_h[b^ub hkdhj[e_gbyHgdZd [m^lhkdhgp_gljbjh\Zg]^_lh\ k_j_^bg_fh_]h`b\hlZb jZkoh^blky hllm^ZemqZfb H[km`^_gb_kemqZy>`mg Fu k >`mg mqZkl\h\Zeb \ ]em[hdh ijhgbdZxs_f hiul_ dhlhjuc y \iheg_ m\_j_g hklZeky k g_c lZd `_ dZd b kh fghc
`mg\hafh`gh[hevr_g_\klj_lbfkyAgZqbly ohl_e ^h[blvky fZdkbfZevgh]h wnn_dlZ aZ bf_xs__ky \j_fy Y bkihevah\Ze jham b jZgvr_ gh gbdh]^Z g_ ^_eZe wlh]h ih^h[guf kihkh[hflZdqlhwlh[ue\hijhkkh]eZkh\Zgbyk 0RHLObglmbpb_c >`mg \iblZeZ bgljh_pbjh\ZeZ ZjhfZl :kkZ^`bheb ª ]h\hjblh[bgljh_pbjh\Zgbbjhah\h]hdmklZfhcbgklbgdlih^kdZaZe fg_ qlh wlh g_ [ueh [u mf_klguf hkh[_ggh _keb g_dZy _]h qZklv hebp_l\hjyeZ __ jZajmr_gguc [jZd Y lZd`_ ^mfZx qlh bgljh_pbjh\Zgb_ p_eh]h dmklZ lj_[m_l agZqbl_evgh]h kdZqdZ \hh[jZ`_gby b g_ [ueh [u ih^oh^ysbf ^ey _^bgkl\_ggh]h k_ZgkZ Ke_^m_l bf_lv \ \b^m qlh ZjhfZl b _klv jhaZ Z jhaZ ² wlh dmkl AgZqblih]ehsZyZjhfZl>`mg\[bjZ_l\ k_[ydmklWlhijhbkoh^bl ih^h[ghlhfmdZdh^gZdZiey\h^uhebp_l\hjy_l\kx\h^m dZd h^gZ dZiey fhjy hebp_l\hjy_l hd_Zg >`mg \h[jZeZ `bag_ggmxkmlvjhau Fuk >`mg g_ h[km`^Zeb __ jZa[blmx k_f_cgmx `bagv beb kh[ulby ijb\_^rb_ d jZa\h^m ?keb [u >`mg ijbreZ jZ^b j_]meyjguo k_Zgkh\ lZdb_ h[km`^_gby [ueb [u mf_klgufb b \hafh`ghg_h[oh^bfufb Fh`_l[ulvg_h[oh^bfhmdZaZlvqlhl_fu^Zgug_^eylh]h qlh[uboijbf_gyebdZdg_qlhhlj_aZggh_hlrZ[ehgZbebkhr_^r__ k e_gludhg\_c_jZWlhijh\h^gbdbdhlhjuogZ^hijbkihkZ[eb\Zlvd kblmZpbbb deb_glmZ g_ijbf_gylv\ `_kldhfkhhl\_lkl\bbk dgb]hc L_jZi_\lbq_kdZy jZ[hlZ k h[jZaZfb bf__l k\hx kljmdlmjm gh hgZ h[eZ^Z_l lZd`_ kihglZgghklvx Fu g_ fh`_f k\yaZlv ikbobdm kfbjbl_evghcjm[ZrdhcaZjZg__aZ]hlh\e_gguoij_^klZ\e_gbc J_axf_ < wlhf iml_r_kl\bb fu ihk_lbeb r_klv bgl_j_kguo b aZklZ\eyxsbo aZ^mfZlvky l_f hgh lZd`_ \\_eh fgh]h k\yamxsbo b^_cGZ^_xkvkemqbehkvlZdqlh\ulh`_bkke_^h\Zebwlbr_klvl_f ^ey k_[y qlh \u g_ hklZebkv jZ\gh^mrgufb d ijhqblZgghfm GZ^_xkv wlh [ueh g_qlh [hevr__ q_f bgl_ee_dlmZevgh_ mijZ`g_gb_ L_jZi_\lbq_kdZy jZ[hlZ k h[jZaZfb gZ fhc \a]ey^ aZgbfZ_lkyebqghklvx\ p_ehf
jZkkdZau\Zyh deb_glZoh g_dhlhjuoh[jZaZodhlhju_m gbo[uebh lhfdZdhgbbkke_^h\ZebjZaebqgu_l_fu < i_j\hc l_f_ ² Em] ² fu \b^_eb qlh dhly wlh b \\h^gZy l_fZ ^ey deb_glZ hgZ fh`_l [ulv gZiheg_gZ wfhpbhgZevguf agZq_gb_f < dZq_kl\_ \\_^_gby l_fZ Em]Z y\ey_lky ij_djZkghc ih^]hlh\dhc^ey^jm]bol_fwlh]hmjh\gyZ lZd`_^\moke_^mxsbo _ckl\bl_evgh ij_`^_ q_f p_ev [m^_l ^hklb]gmlZ fh`_l ihlj_[h\Zlvky g_kdhevdh k_Zgkh\ Imlvd fhjxohlyb kqblZ_lkykimkdhfk ohefZfh`_l[ulv\ jZ\ghc kl_i_gb mlhfbl_evguf b [he__ \hegmxsbf q_f imlv d gZqZemH^ghy\ey_lky\a]ey^hfgZaZ^b g_dZ`^ucohq_lwlh^_eZlv lh]^ZdZd^jm]h_² \a]ey^ \ [m^ms__ ?s_ h^gZ hkh[_gghklv imlb d f_klm \iZ^_gby j_db aZdexqZ_lky \ lhf qlh deb_gl bgklbgdlb\gh gZijZ\ey_lky d ihdZ g_ \ukdZaZgghc fukeb h kebygbb k \_ebdbfb \h^Zfbhd_ZgZb dkhdjh\bsZfdhlhju_qZklh`^mlqlh[ubogZreb < lj_lv_c l_f_ ² =hjZ ² fu hij_^_ebeb l_fm \gmljb [he__ rbjhdhcl_fueZg^rZnlZFu\b^_ebqlhhll_fu]hju g_ ke_^m_l hlju\Zlv k\yaZggmx k g_c l_fm ^hebgu >hebgu b ]hjZ ² wlh h[jZagh_ij_^klZ\e_gb_h ih^t_fZob kimkdZo\ `bagbGZfgm`ghb lh b ^jm]h_ ihlhfm qlh dZd [u fu hp_gbeb ]hjm _keb [u g_ [ueh ^hebg b gZh[hjhl >hebgu ² wlh f_klZ ieh^hjh^by gh bo qZklh k\yau\Zxl kh kf_jlvx b k l_f qlh aZl_fg_gh lh]^Z dZd h ]hjZo ^mfZxl dZd h ij_^_evghc ijh[e_f_ Ijhoh^ q_j_a ^hebgm h[uqgh ij_^\Zjy_l\hkoh`^_gb_gZ]hjmk dhlhjhcfufh`_fm\b^_lv^hjh]m \i_j_^ < q_l\_jlhc l_f_ ² >hf ² fu \b^_eb qlh wlh kbf\he ebqghklb DZd b ljb ij_^u^msb_ l_fu wlh ihdZaZl_ev lh]h qlh ijhbkoh^bl\h\gmlj_gg_ffbj_deb_glZ>hf[ueihf_s_g\ [he__ rbjhdbcdhgl_dkllh]hqlhgZoh^blky\hdjm]g_]hb ohlyfu lhevdhdhkgmebkvkZ^ZdZdih^l_fu wlh dhjhldh_ bkke_^h\Zgb_ ^Z_l ^hklh\_jgh_ mdZaZgb_ gZ lh dZd fh`gh jZkrbjblv ^Zggmx b ^jm]b_ l_fu >hf fh`gh ihf_klblv \ rbjhdh_ hldjulh_ ijhkljZgkl\h \ eZg^rZnlghf iZjd_ ]^_ [_]Zxl klZ^Z he_g_c b bah[bem_l ^jm]Zy ^bdZy`bagvG_dhlhju_deb_gluh[gZjm`b\Zxl\ ij_^_eZo^hfZe_k b \ wlhf kh^_j`blky _s_ h^gh bgl_j_kgh_ jZkrbj_gb_ g_ bkke_^h\Zggh_a^_kv
>hfaZdexqZ_l\ k_[_fgh]hjZaguodhfgZldZ`^mxkhk\hbf kh[kl\_ggufgZagZq_gb_fb kbf\hebdhcDZdb \ex[hcbar_klbl_f gZf fh`_l ihgZ^h[blvky bkke_^h\Zlv ^hf g_kdhevdh jZa < kZfhf ^_e_fh`gh[ueh[u[_a\kydh]hjbkdZkdZaZlvqlhkdhevdh [u jZa _]hgb bkke_^h\ZeblZf\k_]^Zfh`gh[m^_lh[gZjm`blvg_qlhgh\h_ WlhZgZeh]bqghdhgkmevlbjh\Zgbx\hh[s_² ]^_b dh]^Zq_eh\_dhklZgZ\eb\Z_lky
H^gbf ba k\hckl\ l_fu ^hfZ y\ey_lky g_ bkke_^h\Zggh_ ]em[hdh ijbkmlkl\b_ ^jm]bo ex^_c Hgh [m^_l hk\_s_gh \ l_fZo lj_lv_]hmjh\gy < iylhc l_f_ ² E_k ² fu m[_^bebkv qlh d g_c fh`gh ih^hclb ^\mfy kihkh[Zfb bkke_^my djZc e_kZ b \gmlj_ggxx _]h qZklv `mg Jhah\uc dmkl \ iheghf p\_lm ]h\hjbl h^gh jhaZabfhc²^jm]h_Z dmklgZdhlhjhf\k_p\_luaZ\yebb ihgbdeb ² qlhlh _s_ H<:GB? L?F
Y \h\k_ g_ ohqm ij_^iheZ]Zlv qlh kms_kl\m_l aZjZg__ ih^]hlh\e_ggZy ihke_^h\Zl_evghklv l_f beb qlh g_h[oh^bfh bkihevah\Zlv wlb l_fu \ kZfhc iheghc f_j_ L_fu i_j\h]h mjh\gy ihdZau\Zxl imlv l_fu \lhjh]h mjh\gy ih\_^ml \Zk g_fgh]h ^Zevr_ ²\]em[vih^hjh]_Wlhg_hagZqZ_lqlhl_fui_j\h]hmjh\gyf_g__ \Z`gubebf_g__wnn_dlb\guBf_gghf_lh^jZ[hluk gbfbb lhdZd bojZa\b\Zxlijb\_^_ldeb_glZd bkp_e_gbx L_fZdgb]bkbf\hebabjm_l\gmlj_gg__b \g_rg__ihl_gpbZeb j_ZevghklvDgb]Zfh`_l[ulvhldjulhcbebaZdjulhcFu]h\hjbfh q_eh\_d_ dhlhjuc gbq_]h g_ \u^Z_l \h\g_ dZd h aZdjulhc dgb]_ beb h kihkh[ghklb qblZlv dh]hlh dZd dgb]m H[eh`dZ dgb]b dhglZdlbjm_l k \g_rgbf fbjhf khojZgyy kh^_j`Zgb_ \ lZcg_ hl ex[hiulkl\mxsbo]eZaDh]^Zdgb]ZhldjulZ__ lZbgu^hklmigu AZdjulZy dgb]Z ]h\hjbl h g_`_eZgbb hldjulZy dgb]Z ² h `_eZgbb Dh]^Z dgb]m hldju\Zxl wlh kbf\heb ljm_l gZqZeh q_]h eb[h dh]^Z aZdju\Zxl ² hdhgqZgb_ Lbi dgb]b f_gy_l agZq_gb_ aZibkgZy dgb`dZ fh`_l ]h\hjblv h \hkihfbgZgbyo ]jhkk[mo ² h klj_fe_gbb d jZ\gh\_kbx GZa\Zgb_ dgb]b \eby_l gZ kbf\hebdm
Bklhjbb h NjZgd_grl_cg_ [m^ml \hkijbgbfZ]vky bgZq_ q_f Bklhjbbh ex[\bb jupZjkdbcjhfZg;b[eby \uah\_lbgu_qm\kl\Z q_fKZlZgbgkdb_klbob Dgb]Z fh`_l kem`blv ZgZeh]hf ebqghklb dZ`^Zy ba fgh`_kl\Z ]eZ\ hebp_l\hjy_l wlZi \ `bagb q_eh\_dZ G_dhlhju_ ]eZ\u aZdjulu ^jm]b_ hklZxlky hldjulufb G_aZ\_jr_ggu_ ]eZ\u hebp_l\hjyxlg_hdhgq_ggu_^_eZHldhgkmevlbjh\Zgbyihlj_[m_lky ihfhsvdeb_glmkgh\Zhldjulv]eZ\uqlh[uijZ\bevghboaZdhgqblv ]eZ\u dhlhju_ hklZxlky hldjulufb kha^Zxl \ gZr_c wfhpbhgZevghc `bagb ^uju \ly]b\Zxsb_ \ k_[y wg_j]bx b lhjfhaylgZr_^\b`_gb_d ^jm]bfwlZiZf Fu \b^_eb h^bg ijbf_j dgb]b \ ^g_\gbd_ ;_\_jeb Dh]^Z Jhb jZ[hlZe k l_fhc ^hfZ hg ij_^klZ\be k_[_ qlh h^gZ ba kl_g \ ]hklbghc aZklZ\e_gZ dgb]Zfb Gb`_ ij_^eZ]Z_lky _]h bkke_^h\Zgb_ l_fudgb]b
Jhc Fg_ g_fgh]h ]jmklgh dZd [m^lh fhy `bagv g_ fgh]h
klhbl
mfZx^ZY iheZ]Zxfg_dh]^Zgb[m^vijb^_lky
]eZ\uA
Jhb :\hlwlZHl_pHg[uem[ex^hdy _]hg_gZ\b`mOhly aZ[Z\gh a^_kv _]h nhlh]jZnby g_aZ^he]h ^h kf_jlb b hg h[gbfZ_l f_gy aZ ie_qb DZd wlh kx^Z ihiZeh" Dhg_qgh \ ^_ckl\bl_evghklb wlh]hg_[uehlZdh]hgbdh]^Zg_kemqZehkv
kh[kl\_gghc `bagb Qlh \u keurbl_ \b^bl_ " Fh`gh hldjulv fgh]h_ hkh[_ggh _keb aZ^Zlv \hijhk Dlh wlh ]h\hjbl qlh hgb ^_eZxl" Dh]^Z y ih[m^be >`_ggb k^_eZlv wlh hgZ kfh]eZ mkeurZlv dZd __ fZlv djbqbl gZ g__ Lu [_kihe_agZ >`_ggb [_kihe_agZ lu gbdh]^Z gbq_]h g_ k^_eZ_rv kZfZ ?keb [u lu [ueZ lZdhc dZd l\hy k_kljZ hgZ kfure_gZy M g__ _klv fm`qbgZ gb h^bg fm`qbgZ gbdh]^Z g_ aZohq_l l_[y >`_ggb klZjZeZkv k^_j`Zlv ke_au ]g_\Z dh]^Zi_j_kdZau\ZeZfg_wlhFuk^_eZeblZdih[m^beb__ ijhb]jZlv aZibkv kgh\Z Z aZl_f gZ`Zeb gZ dghidm klhi Wlh dZ`_lky lZdbf e_]dbf `_ggb [ueZ \ ]b[_evguohlghr_gbyok q_eh\_dhfdhlhjuciehohh[jZsZekyk gkb [be\k_fbkihkh[Zfbmgb`Zeb l_fg_f_g__hgZg_fh]eZ\uj\Zlvky hlg_]hgZk\h[h^mY ih[m^be__ ij_^klZ\blvk_[_qlhhgZ\u[bjZ_l h^gm ba aZibk_c ^ey k\h_]h \b^_hie__jZ dZkk_lZ [ueZ ihf_q_gZ __ bf_g_f Qlh \u \b^bl_ dh]^Z ijhb]ju\Z_l_ k_" DZd b b ij_^u^ms_f kemqZ_ wlh [ueZ iheghklvx ^_fhjZebamxsZy kp_gZ \ dhlhjhcfm`qbgZijbgb`Ze__gZau\Ze[_kihe_aghc[_ ah[jZaghc Z \ k_dkmZevghf ieZg_ ² oheh^ghc ju[hc Wlhl k_Zgk ijhbahr_e \ dhgp_ i_jbh^Z \ \hk_fgZ^pZlv f_kyp_\ dh]^Z >`_ggbiulZeZkvhklZ\blvwlh]hfm`qbgmb \ha\jZsZeZkvkh\_jrbeZ ihiuldm kZfhm[bckl\Z b ihiZeZ \ [hevgbpm D lhfm fhf_glm hgZ ijh^_eZeZ g_dhlhjuc imlv ih gZijZ\e_gbx d jZaju\m k gbf gh \k_ _s_ khojZgyebkv dmkhqdb dhlhju_ \hgabebkv \ g__ __ keh\Z Y iheZ]Zx>`_ggbwlmaZibkvgm`ghmgbqlh`blvhgZg_aZkem`b\Z_l lh]h qlh[u aZgbfZlv f_klh \ ^hf_ DZd [u \u ohl_eb __ mgbqlh`blv"HgZ^mfZeZg_kdhevdh fbgml aZl_f kdZaZeZ Y \uj\m __ ba dZkk_lu b kh`]m ie_gdm Y gZ[ex^Ze dZd hgZ \ k\h_f \hh[jZ`_gbbk^_eZeZwlhDh]^Z>`_ggbaZdhgqbeZlh\ul_jeZjmdm h[ jmdm `_klhf hlkljZg_gby beb hqbs_gby hl g_`_eZl_evgh]h \_s_kl\ZLZdemqr_L_i_jvy qm\kl\mxk_[yqbklhc Ijhreh_s_g_kdhevdhf_kyp_\ij_`^_q_f>`_ggbgZdhg_p \uj\ZeZkv hl fm`qbgu _^bgkl\_gghc p_evx dhlhjh]h kem`beh ih^l\_j`^_gb_ ij_^kdZaZgby __ fZl_jb Hdheh ^\mo e_l kimkly fg_ ijbreh ibkvfh hl >`_ggb HgZ ihemqbeZ jZ[hlm \ KZm^h\kdhc :jZ\bbb \k_m g__rehohjhrh L_fZ\hkvfZy²I_s_jZ I_s_ju kqblZebkv kbf\hehf ehgZ FZl_jbA_feb b ^j_\gb_ bf_gghihwlhfm ihdehgyebkv bf < kZfhf ^_e_ wlh [ueb f_klZ ]^_ ^h lh]h dZd [ueb ihkljh_gu ojZfu kh\_jrZebkv \k_ j_eb]bhagu_
h[jy^u I_s_ju ^h kbo ihj bkihevamxlky \ j_eb]bhaguo p_eyo I_s_juijbkmlkl\mxl\hfgh]boe_]_g^Zo]^_hgbaZsbsZxlex^_c dhlhjuoij_ke_^mxl\jZ]b < h[s_f kfuke_ agZq_gb_ i_s_ju k\yaZgh k kh^_j`Zgb_f \ k_[_ aZdjulh]h beb kijylZggh]h GZ kj_^g_\_dh\hf yaud_ i_s_jZ hebp_l\hjy_lk_j^p_g_dbc^moh\gucp_gljHgZlZd`_hebp_l\hjy_l [_ahiZkghklv [_kkhagZl_evgh]h < dZjlbgZo fbnh\ i_s_jZ ² wlh f_klh \klj_qb [h`_kl\ ij_^dh\ b Zjo_lbih\ b dZd lZdh\Zy hgZ y\ey_lky h[jZahf :b^Z Z lZd`_ [_kkhagZl_evgh]h I_s_jZ bkihevam_lkyb \ebl_jZlmj_< 9qZklbNmjbc WkobeZ:nbgZ\_^_l ijhp_kkbx \gba \ I_s_jm Nmjbc ih^ :jahiZ] < OjZ[jhf ihjlgy`d_[jZlv_\=jbff\_ebdZg]h\hjblojZ[jhfmihjlgy`d_ ?keb lu lZdhc ojZ[juc fZeuc hlijZ\eycky kh fghc \ gZrm i_s_jm b ijh\_^b ghqv k gZfb OjZ[j_p kh]eZrZ_lky b ke_^m_l aZ gbfDh]^Zhgb\hreb\ i_s_jmlZfm h]gykb^_eb^jm]b_\_ebdZgu dZ`^ucbagbo^_j`Ze LV jmd_`Zj_gh]h[ZjZgZb _e_]h I_s_jZ k\yaZgZ k \gmlj_ggbf kljh_gb_f a_feb b h g_c ]h\hjylqlhhgZhebp_l\hjy_l`_gkdb_]_gblZebb\ g_c_klv\oh^b kh[kl\_gghi_s_jZfZldZI_s_jZ²f_klh]^_`b\_lg_dbcfm^j_p gZijbf_jF_jebgbae_]_g^h dhjhe_:jlmj_QZklh^hklbqvi_s_ju fh`gh lhevdh ihke_ ljm^gh]h \hkoh`^_gby kbf\hebabjmxs_]h qlh imlvd fm^jhklbg_e_]dhh^he_lv < bkeZf_i_s_jmbah[jZ`ZxldZdf_klhlZcgu\hajh`^_gby m_^bg_ggmx ihehklv \ dhlhjmx dh]hlh aZdexqZxl qlh[u \ughkblv b h[gh\blv Ke_^h\Zl_evgh i_s_jZ klZgh\blky kbf\hehf ljZgknhjfZpbbDh]^Zfu\oh^bf\ i_s_jm\gmljbgZkih]jm`Z_fky \ [_kkhagZl_evgh_ fu hdZau\Z_fky mqZklgbdZfb ljZgknhjfZpbb Hkf_eb\rbkv\hclb\ i_s_jmfugZqbgZ_fmklZgZ\eb\ZlvdhglZdlk kh^_j`Zgb_f[_kkhagZl_evgh]h < i_s_jZo h[uqgh [u\Z_l l_fgh h^gZdh wlZ l_fghlZ qZklh kdju\Z_l \_ebdmx djZkhlm gZijbf_j klZeZ]fblu b klZeZdlblu DjZkhlmdhlhjZy`^_lqlh[u__ h[gZjm`bebI_s_juqZklhkh^_j`Zl ih^a_fgu_ ha_jZ b j_db bo kbf\hebq_kdh_ agZq_gb_ aZdexqZ_lky \ lhfqlhkms_kl\mxl^Zevg_crb_]em[bgudhlhju_h[gZjm`b\Zxlky \ ijhp_kk_kimkdZ< fbnheh]bb\ e_]_g^Zoi_s_ju²wlhf_klh]^_ h[gZjm`b\Zxlky khdjh\bsZ _s_ h^bg gZf_d gZ khdjh\bs_ [_kkhagZl_evgh]h Bgh]^Z \oh^ \ i_s_jm gZoh^blky ih^ \h^hc qlh kbf\hebabjm_l \oh`^_gb_ \ h^gm klbobx qlh[u ihemqblv ^hklmi d ^jm]hc b d kZfhc i_s_j_ L_fZ i_s_ju ih^h[gZ l_f_ e_kZ i_s_jm fh`gh jZkkfhlj_lv k g_dhlhjh]h jZkklhygby Z ihlhf \hclb b bkke_^h\Zlv __ LZd `_ dZd b k gujygb_f \ fhjk dh]^Z jZ[hlZ_rv k kbf\hehf i_s_ju fm^jh ijbgbfZlv ^hihegbl_evgu_ f_ju ij_^hklhjh`ghklb JZaebqgu_ kbf\hebq_kdb_ bgl_jij_lZpbb
hklhjh`ghklb dhg_qgh g_ _^bgkl\_ggu_ I_s_jZ lZd`_ Zkkhpbbjm_lkyk \f_klbebs_fgZr_cke_^mxs_cl_fhc DZd b k kbf\hehf djZy e_kZ deb_glZ fh`gh ijhbgkljmdlbjh\Zlv \ua\Zlv lh]h beb lh qlh gZoh^blky \ i_s_j_ G_j_^dh ihy\eyxlky i_jkhgZ`b e_]_g^ beb fbnh\ Wlh Zjo_lbibq_kdb_ nb]mju Hgb qZklh hebp_l\hjyxl bkdZ`_ggu_ qm\kl\Zbebih^Z\e_ggu_dhgnebdluH[jZauh[uqghg_kml\ukhdmx wfhpbhgZevgmx gZ]jmadm b kh^_j`Zgb_ bo \ i_s_j_ hlly]b\Z_l [hevrh_ dhebq_kl\h wfhpbhgZevghc wg_j]bb LZd qlh \uah\ ² wlh kihkh[\u\_klbbogZk\_lkhagZgby Ij_`^_ q_f ih[m`^Zlv deb_glZ bkke_^h\Zlv i_s_jm \gmljb ke_^m_l ijh\_klb khhl\_lkl\mxsmx ih^]hlh\dm kZfZy hq_\b^gZy ihfhsv ² wlh k\_l \ dZdhceb[h nhjf_ K\_l lZd`_ hebp_l\hjy_l ^moohlyqZklhdZ`_lkyqlhk\_l^moZijboh^blgbhldm^Zb l_fg_ f_g__ hlh\kx^m < wlhf kemqZ_ ihkdhevdm deb_gl j_rZ_l \aylv k\_l [he__ mf_klgh ^mfZlv qlh wlh khagZgb_ W]h Ih^]hlh\dZ g_^he`gZ[ulv^he]hcbgZq_fh`ghihl_jylvwg_j]bxbfimevkZY ^mfZx emqr_ iha\heblv \_sZf kemqZlvky Z aZl_f ke_^m_l gZoh^blv kihkh[uij_h^he_\Zlv\hagbdZxsb_[Zjv_jub hiZkghklb H^bg ba kihkh[h\ ij_^klZ\blv l_fm ² ij_^iheh`blv qlh \ i_s_j_ gZoh^blky ^jZdhg hojZgyxsbc g_qlh Z aZl_f ij_^hklZ\blv deb_glm\hafh`ghklv\hh[jZablvqlhlZdh_wlh g_qlh beb g_dlh Wlh g_ fhc ih^oh^ Ke_^mxsbc njZ]f_gl ihdZau\Z_l dZd y bkihevah\Ze ^Zggmx l_fm k Nbehf Kh\_jrZy iml_r_kl\b_ gZ ]hjm Nbe hlf_lbe qlh \ hl^Ze_gbb \b^gZ i_s_jZ Y ohqm dh]^Zgb[m^v bkke_^h\Zlv __ gh y lZd`_ ohqm ^h[jZlvky b ^h \_jrbgu Nbe ih^gyeky d i_s_j_ ² g_e_]dh_ \hkoh`^_gb_ lZd dZd \oh^ \ i_s_jm hldju\Zeky k madh]h \uklmiZ jZkiheh`_ggh]h \ukhdh gZ ]hj_ Wlh _s_h^gZrmldZikbobdbHgZdZd[u]h\hjbl ?keb lu ohq_rv lh qlh lZf l_[_ ijb^_lky ^ey wlh]h ihjZ[hlZlv
Nbe AZ[Z\gh Y [ue a^_kv jZgvr_ hq_gvhq_gv ^Z\gh aZ ij_^_eZfbfh_ciZfylb Y hkhagZ\Ze qlh \h fg_ gZjZklZ_l \heg_gb_ lZd dZd bglmbpby ih^kdZau\ZeZ fg_ qlh k_cqZky klZgmk\b^_l_e_fgh\h]hjh`^_gby Nbe Y kb`m gZ ihem \ iha_ ehlhkZ ]ey^y gZ \oh^ \ i_s_jm
h[mqZebkvm kZfh]h^vy\heZ[ueZaZfZkdbjh\ZgZih^p_jdh\v I_s_jZ aZfmjh\ZgZ ^Z\gh b kZfh __ f_klhiheh`_gb_ aZ[ulh DZdlh [jh^yqbc f_g_klj_ev hklZgh\beky m dj_klZ K\ylh]h DbijbZgZ ]^_ gZr_edhevphk kbf\hehfKhehfhgh\hci_qZlbgZg_fHgijbgye_]h aZagZdihemq_gguchlk\ylh]hqlhhg[m^_lh[_ki_q_g F_g_klj_ev \klj_lbe khe^ZlZ aZdhe^h\Zggh]h ljbklZ e_l gZaZ^ Khe^Zl jZkkdZaZe _fm qlh jZa \ klh e_l \ ijZa^gbd K\ylh]h >`hgZ dhe^h\kl\h l_jy_l k\hx kbem Lh]^Z khe^Zlm iha\hey_lky oh^blvb klhylvgZfhklm>Zjjh]^_\klj_lbe_]hf_g_klj_evh`b^Zy lh]h dlh fh`_l h[eZ^Zlv kbehc jZajmrblv fZ]bq_kdh_ aZdeylv_ >\Z`^u i_j_^ wlbf hg ls_lgh aZklmiZe \ dZjZme gZ fhklm Khe^Zl oh^be ih fhklm dZd \ h[eZd_ kdjuluc hl q_eh\_q_kdh]h \a]ey^Z F_g_klj_ev[uei_j\ufdlhih]h\hjbek khe^ZlhfaZljbklZe_lHg ihkfhlj_egZiZe_pf_g_klj_eyb m\b^_edhevphk i_qZlvxKhehfhgZ fm^jh]hH[wlhfdhevp_]h\hjbebqlhhghg_ijhgbpZ_fh^eyex[h]h dhe^h\kl\Z Khe^Zl kdZaZe f_g_klj_ex qlh _keb lhl g_ kfh`_l ba[Z\blv_]hhlaZdeylvyhghklZg_lkyaZdhe^h\Zgguf_s_gZklhe_l Lh qlh khe^Zl hojZgye ljb klhe_lby [ueh khdjh\bs_f fZ\jblZgkdh]h k\ys_ggbdZ kijylZgguf \ ihlZcghf kde_i_ >ev]Zf[j_ Bklhjbx h[ wlhf f_g_klj_ev g_ jZa keurZe Ih ba\bebklufoh^Zff_g_klj_evb khe^Zlijbrebb kde_iF_g_klj_ev qm\kl\h\ZeqlhlZebkfZghfKhehfhgh\hci_qZlbih^^_j`b\Z_l_]h Khe^Zl ihdZaZe gZ [hevrhc `_e_aguc kmg^md aZsbs_gguf aZfdZfb gZ dhlhjuo [ueb gZq_jlZgu ZjZ[kdb_ ibkvf_gZ Hg jZkkdZaZef_g_klj_exqlhkmg^mdkh^_j`blg_kf_lgu_khdjh\bsZ² ahehlh mdjZr_gby b ^jZ]hp_ggu_ dZfgb ?keb f_g_klj_ev kmf__l jZajmrblv fZ]bq_kdh_ aZdeylv_ dhlhjuf aZdhe^h\Zg khe^Zl iheh\bgZkhdjh\bsZ[m^_l_]h F_g_klj_ex[ueh^ZghmdZaZgb_bkdZqvihfhsbk\ys_ggbdZb ojbklbZgkdhc ^_\mrdb K\ys_ggbd ^he`_g ba]gZlv kbeu lvfu ^_\bpZ ² ijbdhkgm]tky d kmg^mdm i_qZlvx KhehfhgZ K^_eZlv wlh gZ^h[uehghqvxb ij_`^_q_fbkl_dmlljb^gylZddZdebrvklhevdh \j_f_gb[uehhlims_ghkhe^ZlmbgZq__fmijb^_lkyklhylvgZ kljZ`_ _s_ klh e_l H^gh ba mkeh\bc aZdexqZehkv \ lhf qlh k\ys_ggbd^he`_g[ulv^h[jh^_l_evguf < ihke_^gbc qZk lj_lv_c ghqb f_g_klj_ev k\ys_ggbd b ^_\mrdZhsmivx^h[jZebkv^hkde_iZijb k\_l_nhgZjyK\ys_ggbd g_k dhjabgm k ijh\bab_c qlh[u m^h\e_l\hjblv k\hb g_gZkulguc Zii_lbl ihke_ lh]h dZd jZ[hlZ ih ba]gZgbx g_qbklhc kbeu [m^_l aZdhgq_gZ Hgb gZreb khe^ZlZ kb^ysbf gZ aZdhe^h\Zgghf kmg^md_ \ h`b^Zgbb bo ijboh^Z Ba]gZgb_ g_qbklhc kbeu [ueh \uiheg_gh
^_\mrdZ dhkgmeZkv aZf h\ kmg^mdZ i_qZlvx KhehfhgZ DjurdZ hle_l_eZ qlh[u hldjulv m^b\bl_evgu_ khdjh\bsZ ² ahehlh mdjZr_gby b ^jZ]hp_ggu_ dZfgb IhdZ f_g_klj_ev b khe^Zl [ueb hq_gv aZgylu jZa^mfu\Zy dZd \ug_klb khdjh\bsZ gZjm`m k\ys_ggbd `Z^gh ih]ehsZe _^m b ibe < \b^_ [eZ]h^Zjghklb hg ihp_eh\Ze ^_\mrdm dhlhjZy ih^hreZ d g_fm Ohly hg ihp_eh\Ze __ ihlbohgvdm \ m]em ]h\hjysb_ kl_gu \ha\_klbeb \k_fm fbjm h lhf qlh ijhbahreh Gbdh]^Z m ihp_emy g_ [ueh lZdbo m`Zkguo ihke_^kl\bbIjba\md_ihp_emykhe^Zlba^Ze]jhfdbcdjbdhlqZygby kmg^mddhlhjuc[uegZiheh\bgmih^gylmiZegZk\h_f_klhb kgh\Z aZdjueky K\ys_ggbd f_g_klj_ev b ^_\mrdZ hdZaZebkv kgZjm`b \her_[gZykl_gZk h]emrbl_evguf]jhohlhfaZdjueZkvaZgbfb < ki_rd_^_\mrdZmjhgbeZ\ kde_iKhehfhgh\mi_qZlvlZdqlh khe^Zl[ueh[j_q_ghojZgylvkde_i\_qghZ khdjh\bs_hklZehkvlZf ]^_[uehHlq_hlq_²kdZaZef_g_klj_evi_qZevghdZqZy]heh\hc [hxkv\ wlhfihp_em_[uehf_gvr_k\ylh]hq_f]j_oh\gh]h KqblZ_lky qlh dZjfZgu f_g_klj_ey [ueb ^hklZlhqgh gZ[blu khdjh\bsZfbqlh[u\ha\ukblvky\ fbj_Hgij_mki_e\ k\hbo^_eZo \aye^_\mrdm\ `_gu>_\mrdZhdZaZexvh[jZaph\hc`_ghcb jh^beZ k\h_fmfm`mfgh`_kl\h^_l_c H[km`^_gb_ Y ijb\_ewlme_]_g^mbaaZh[beby\ g_ch[jZah\b kbf\heh\Z lZd`_ihlhfmqlhhgZg_aZdZgqb\Z_lkygZZ[khexlghiheh`bl_evghc ghl_]eZ\gufh[jZahfbaaZqv_]hlhij_]j_r_gbyE_]_g^m klhbl ijhq_klv p_ebdhf ihlhfm qlh __ fh`gh wnn_dlb\gh bkihev ah\Zlv dZd l_fm \ jZ[hl_ k h[jZaZfb H^gZ ba ih^l_f aZdexqZ_lky\ h[_sZgbbihemqblvgZoh^ys__ky\ i_s_j_khdjh\bs_ dhlhjh_ fh`gh ^h[ulv lhevdh ijb i_j_k_q_gbb k\ys_ggh]h b `_gkdh]h gZqZe Lhevdh `_gsbgZ fh`_l hli_j_lv khdjh\bs_ e_`Zs__ \ kmg^md_ Wlh kbf\heu k_j^pZ wfhpbc aZi_jluo ^h l_o ihjihdZbogkhldjh_l^_\mrdZ AZdeylv_ gZeh`_ggh_ gZ khe^ZlZ fh`gh [vuh jZajmrblv lhevdh q_j_a Z[khexlgh_ ihkemrZgb_ b ijZ\^b\hklv b lhevdh dh]^Z f_g_klj_ev [ue ]hlh\ \klj_lblvky k hiZkghklvx hg ihemqbe \hafh`ghklv^h[jZlvky^hkhdjh\bsZIhp_emck\ys_ggbdZfh][ulv g_\bgguf gh bklhjby ih\b^bfhfm ]h\hjbl qlh ikbobdZ qblZ_l fhlb\uk_j^pZK\ys_ggbd^he`_g[ulvq_klgufb p_ehfm^j_gguf b lhl nZdl qlh hg m^h\e_l\hjy_l k\hb Zii_lbl ^h gZqZeZ jZ[hlu \vr\b]Z_l gZ i_j\uc ieZg lh qlh ikbobdZ g_ ex[bl dh]^Z k g_c \_^mlk_[ye_]dhfuke_gghIhoh`_qlhk\ys_ggbdZh[\bgyxl\ ^\mo ihjhdZo²h[`hjkl\_b ihohlbB ]hb ^jm]h_²iehlkdb_]j_ob Khehfhg pZjv ^j_\g_]h BajZbey [ue \lhjuf kughf >Z\b^Z pZjy Bm^_b b BajZbey < iha^g_c _\j_ckdhc b fmkmevfZgkdhc
ebl_jZlmj_ Khehfhg ihy\ey_lky gk lhevdh dZd fm^j_crbc ba fm^j_ph\ gh b dZd q_eh\_d gZ^_e_gguc \eZklvx mijZ\eylv ^moZfb g_\b^bfh]h fbjZ I_qZlv KhehfhgZ kbf\hebabjm_l ^\_ klbobb ² h]hgvb \h^mK\_jolh]hI_qZlvhebp_l\hjy_]fm^jhklvKhehfhgZb \eZklvgZ^kbeZfblvfu F_g_klj_ev bkihevah\Ze i_qZlv dZd lZebkfZg b bf_ggh hgZ hldjueZ kmg^md b h[gZjm`beZ khdjh\bs_ < \ukr_c kl_i_gb khfgbl_evgh h[eZ^Z_l eb lZebkfZg g_hlt_fe_fhc kbehc kbeZ _]h aZdexqZ_lky \ lhf qlh \deZ^u\Z_l \ g_]h q_eh\_d
[_kkhagZl_evgh_b g_kihkh[ghklvbkke_^h\Zlv_]h < [b[e_ckdhcbklhjbbh Gh_\hfdh\q_]_\f_klbebs_kiZkeh q_eh\_q_kl\h Ihoh`Zy bklhjby _klv \ ]j_q_kdhc fbnheh]bb h >_\dZebhg_ Kug lblZgZ Ijhf_l_y >_\dZebhg [ue pZj_f Nlbb \ N_kkZebb dh]^Z [h] A_\k baaZ ]j_rgh]h ih\_^_gby q_eh\_q_kdh]h jh^Z mgbqlh`be ex^_c gZ\h^g_gb_f >_\ylv ^g_c b ghq_c A_\k ihkueZe ihlhdb ^h`^y Lhevdh >_\dZebhg b _]h `_gZ IbjjZ i_j_`bebihlhiHgbkiZkebkvihlhfmqlh[ueb_^bgkl\_ggufbdlh \_e ^h[jh^_l_evgmx `bagv b hklZ\Zcky \_jguf aZdhgm [h]h\ Ij_^mij_`^_gguc k\hbf hlphf Ijhf_l__f >_\dZebhg ihkljhbe km^ghdhlhjh_g_\j_^bfufb^hklZ\beh_]hb IbjjmgZ\_jrbgm]hju IZjgZk>_evnbckdbchjZdme\_e_ebf[jhkblvdhklbbofZl_jbq_j_a ie_qh IhgbfZy qlh lb dhklb hagZqZxl dZfgb a_feb hgb ih\bgh\Zebkvb badZfg_c\u\_ekygh\ucq_eh\_q_kdbcjh^
Lhevdh k\ys_ggbd fh`_l ih\_^Zlv h __ qm^_kZo D_evlkdZy fbnheh]by jZkkdZau\Z_l h lZbgkl\_gghc \Za_ lZd`_ gZau\Z_fhc dhlehf dhlhjZy \^hogh\ey_l ihwlbq_kdbc ]_gbc ^Z_l fm^jhklv hldju\Z_l[m^ms__b jZkdju\Z_llZcgufbjZ Dm[hd b h[jZau H[gZjm`_gb_ dm[dZ fh`_l [ulv agZf_gZl_evguf wlZihf \ gZr_f ebqghf ihbkd_ G_dhlhju_ l_jZi_\lu iheZ]Zxl qlh ^ey deb_glZkms_kl\_gghh[gZjm`blvdm[hdZ ^eydeb_gldb²k\hbf_q ibdm beb dhiv_ qlh [m^_l h[km`^Zlvky ^Zevr_ Wlhl nZdl \_jhylghhkgh\u\Z_lkygZ\ebyl_evghfbkke_^h\ZgbbXg]Z:gbfub :gbfmkZ Ohly [_a khfg_gby [u\Z_l mf_k]gh hl^_eylv fm`kdh_ hl `_gkdh]hy ij_^ihqblZxjZ[hlZlvb kl_fb ^jm]bfb ij_^hklZ\eylv \u[hj deb_glm L_i_jv [m^_l ij_^klZ\e_gZ ke_^mxsZy l_fZ Z aZl_f fuihkfhljbfgZdm[hdb f_q\f_kl_ L_fZ^_kylZy²F_q Y gZ^_xkv qlh ijhjZ[Zlu\Zy wlb l_fu \u gZoh^bl_ h[jZau ihjh`^_ggu_\ua\Zggu_l_fqlhqblZ_l_H[jZlbl_\gbfZgb_gZwlb h[hZau aZibrbl_ bo b ihiulZcl_kv ijhjZ[hlZlv qlh[u ih\ukblv k\h_hkhagZgb_b ihgbfZgb_ Ohly l_fZ gZklhys_]h jZa^_eZ f_q y lZd`_ \\_^mk\yaZgguck gbfkbf\hedhivyF_qkhklhysbc ba e_a\by b ij_^hojZgbl_evgh]h ijbkihkh[e_gby kbf\hebabjm_l kh_^bg_gb_ hkh[_ggh _keb hg ijbgbfZ_l nhjfm dj_klZ F_q kem`be h[t_dlhf ihqblZgby jbfeyg_ kqblZeb qlh hg h[eZ^Z_l kbehc h[_j_]Zlvhlaeuo^moh\ihlhfmqlhk^_eZgba`_e_aZ f_lZeeZFZjkZ[h]Z\hcgu F_q h[eZ^Z_l \eZklvx jZgblv hg kbf\hebabjm_l k\h[h^m b kbem Hg dhgljZklbjm_l k ijyedhc dhlhjZy y\ey_lky `_gkdbf kbf\hehf g_ij_ju\ghklb `bagb LZdbf h[jZahf f_q b ijyedZ hebp_l\hjyxlkhhl\_lkl\_gghkf_jlvb ieh^hjh^b_< p_j_fhgbyo f_q bkihevam_lky dZd kbf\he q_klb beb \eZklb F_q ² wlh bgkljmf_gl beb kbf\he dZjZxs_c kijZ\_^eb\hklb²Zke_^h\Zl_evgh\eZklbijZ\bl_ey bebkm^vbgZdZau\Zlvij_klmigbdh\[he__rbjhdh²kbf\he\eZklb ijZ\bl_evkl\Zbkihegbl_evghc\eZklbZ\lhjbl_lZxklbpbbZ lZd`_ ZiiZjZlZbkihegbl_evgh]hijZ\bl_eybebkm^vb < kdZg^bgZ\kdhc fbnheh]bb Nj_c beb Nj_bj ² [h] ieh^hjh^byfbjZb ijhp\_lZ
F_q
Jbk
gby Hg [ue [jZlhf Nj_cb h^gbf ba
Bf_ggh deb_gl ^he`_g j_rblv qlh bkdZlv eb[h dm[hd eb[h f_qeb[hb lhb ^jm]h_ihlhfmqlhb lhb ^jm]h_g_h[oh^bfhgZf g_aZ\bkbfhhliheZ KemqZc=e_ggZ D dhgpm ijh\_^_ggh]h kh fghc \j_f_gb =e_gg \ ijhp_kk_ k\h_]h iml_r_kl\by gZr_e b dm[hd b f_q
gZ\_jgh_[uebkebrdhflm]bfbiheZ]Zxhlj`Z\qbguY himklbeky gZdhe_gb^mfZyqlhwlh^Zklfg_[hevrbcjuqZ]HdZdh_wlh[ueh mkbeb_ gh djurdZ ih^gyeZkv Y [ue ihljyk_g fh]m \Zf kdZaZlv ihlhfmqlh\k_qlhlZfhdZaZehkv²wlhdZdb_lhklZju_ljyidbWlh dZ`_lkydZdhclhaehcrmldhcY ihkfhlj_egZfh_]hijh\h^gbdZhg lhevdh meu[Zeky b y gZqZe qm\k]\h\Zlv jZa^jZ`_gb_ Ihlhf y ih^mfZe qlh hagZqZ_l wlZ klZjZy h^_`^Z" HgZ hagZqZ_l lh ba q_]h \ujhkeb qlh g_ bkihevamxl g_ ohlyl Lml f_gy ^_ckl\bl_evgh ihjZabeh hgZ hagZqZeZ f_gy fhx klZjmx `bagv Z _keb lZd lh \ kmg^md_\_jhylgh_klvqlhlh_s_Y ihjuekyb gZkZfhf^g_gZr_e ² m]Z^Zcl_ qlh" Ij_djZkguc dm[hd ihoh`bc gZ dm[hd ^ey ijbqZklby gh mdjZr_gguc ^jZ]hp_gghklyfb b bgdjmklbjh\Zgguc ahehlhf Y ih^gye _]h b bf_ggh lh]^Z gZqZe ieZdZlv Y agZe \u g_ [m^_l_ \hajZ`Zlv Hg [ue lZdhc djZkb\uc DZd [m^lh y gZr_e K\ys_gguc =jZZev mfZx qlh lhedh\Zgb_ ^\mo gZoh^hd =e_ggZ g_ lj_[m_lky Y iheZ]Zx klhbl h[jZlblv \gbfZgb_ gZ lhl nZdl qlh _fm kgZqZeZ ijbrehkv kimklblvky \gba aZl_f ijbrehkv b^lb kd\hav Ijh^\b`_gb_ kd\hav qZklh kbf\hebabjm_l ijh[b\Zgb_ hldm^Zlh
AZl_f_fmijbrehkvdhfmlh^h\_jblvkyZ wlhg_\k_]^Ze_]dh^Z`_\ jZ[hl_ k h[jZaZfb ?keb [u y gZijZ\eye =e_ggZ lh hq_\b^guf f_klhf]^_fh`gh[uehgZclbdm[hdklZeZ[ui_s_jZb\hafh`gh\ dZdhflhkmg^md_ihlhfmqlhhghebp_l\hjy_lkhdjh\bs_Bgl_j_kgh lZd`_qlhlhevdhdh]^Z=e_gggZr_edm[hd k\_lhaZjbe ke_^mxsbc wlZiiml_r_kl\by F_qdhiv_ibdm g_j_^dhgZoh^ylgZ\ukhlZob qZklhihke_ ljm^gh]h\hkoh`^_gby=e_gg\ dhgp_dhgph\ihgyeqlhdm[hdb f_q `_gkdh_b fm`kdh_ ^hihegyxl^jm]^jm]ZDh]^Zfuh[km`^Zeb_]h iml_r_kl\b_hgg_jZkkdZaZefg_qlhkdZaZe_fm_]hijh\h^gbd^Z b \ihke_^kl\bbg_k^_eZewlh]hjZdhg
Jbk>jZdhg >jZdhgZkkhpbbjm_lkyk q_j\_f af__f djueZlufdjhdh^behf k o\hklhfaf_blZdqlhkeh\Z^jZdhgb af_bqZklhhagZqZxlh^gh b lh`_KqblZxlqlh^jZdhgh[eZ^Z_lhkljufaj_gb_f< k\ys_gguo l_dklZo ^j_\gbo _\j__\ ^jZdhg qZklh hebp_l\hjy_l kf_jlv b aeh OjbklbZgkl\hmgZke_^h\Zehij_^klZ\e_gb__\j__\h ^jZdhg_dhlhjuc bah[jZ`Z_lky \h \k_c \Z`ghc ijhjhq_kdhc ebl_jZlmj_ ;b[ebb hkh[_ggh \ Hldjh\_gbb B hg ko\Zlbe ^jZdhgZ af_y ^j_\g_]h dhlhjuc _klv ^bZ\he b kZlZgZ b k\yaZe _]h gZ lukyqm e_l Hldjh\_gb_ Hg lZd`_ \hagbdZ_l \ iha^g_c ojbklbZgkdhc ljZ^bpbb < ojbklbZgkdhf bkdmkkl\_ ^jZdhg ² kbf\he ]j_ oZ Hg qZklh bah[jZ`Z_lky ihijZgguf gh]Zfb k\yluo beb fmq_gbdh\ kbf\hebabjmyih[_^mojbklbZgkl\ZgZ^yauq_kl\hf >j_\gb_]j_dbb jbfeyg_kqblZebqlh^jZdhguh[eZ^Zxlkih
kh[ghklvx ihgbfZlv b khh[sZlv kf_jlguf lZcgu a_feb HlqZklb \ j_amevlZl_ [eZ]h^Zjy keh`b\r_fmky ij_^klZ\e_gbx h fhgklj_ dZd h fbehklb\hf aZsbsZxs_f nZdlhj_ Z hlqZklb baaZ _]h \gmrZxsbo kljZo dZq_kl\ hg bkihevah\Zeky dZd \h_ggZy wf[e_fZ Jbfkdb_ e_]bhgui_j_gyeb_]h\ ,\_d_gZr_cwjubah[jZ`Zynb]mjm^jZdhgZ gZagZf_gZodhlhju_dh]hjlug_keb\ [hb>j_\gb_ kdZg^bgZ\u mdjZrZeb ghk k\hbo km^h\ \uj_aZggufb ih^h[byfb^jZdhgh\Kj_^bd_evlkdboaZ\h_\Zl_e_c;jblZgbb^jZdhg [ue kbf\hehf g_aZ\bkbfhklb E_]_g^Zjgh_ qm^h\bs_ ]Zd`_ bah[jZ`ZehkvgZsblZol_\lhgkdboie_f_gdhlhju_iha`_\lhj]ebkv \ ;jblZgbxb m`_\ ;9,\_d_^jZdhgihy\ey_lkygZ[h_\uoagZf_gZo Zg]ebckdbo dhjhe_c K gZqZeZ ;; \_dZ hg bah[jZ`_g gZ ]_jZev^bq_kdbo^_\baZoijbgpZMwevkdh]h Dhjhev :jlmj b _]h hl_p I_g^jZ]hg[uebdhjheyfbdjZkgh]h^jZdhgZ < DblZ_ ^jZdhg kbf\hebabjm_l bfi_jZlhjkdmx \eZklv b ij_h^he_gb_[_agjZ\kl\_gghklbHgZkkhpbbjm_lkyk jblfhf`bagb b fhegb_c ^h`^_f b ieh^hjh^b_f ke_^h\Zl_evgh klZgh\blky kh_^bgyxs_c k\yavx f_`^m jZdhg²wlh\jZ]]_jhy< n_h^ZevguoaZfdZo^Zf^_j`Zeb\ kZfhc[_ahiZkghcqZklbhojZgy_fhc^jZdhghfbeb^jZdhgZfbA^_kv kh^_j`blky k_dkmZevgZy kbf\hebdZ kl_gZ aZfdZ hebp_l\hjyxsZy ]bf_g ^jZdhg hojZgyxsbc khdjh\bs_ dhlhjh_ fh`_l ihemqblv lhevdh^h[e_klgucjupZjv < kj_^gb_ \_dZ ^jZdhgZ bah[jZ`Zeb k r__c b gh]Zfb hjeZ l_ehf h]jhfghc af_b djuevyfb e_lmq_c furb b o\hklhf aZdZgqb\Zxsbfky klj_ehc gZijZ\e_gghc \ kZfh]h k_[y Hj_e hebp_l\hjy_l g_[_kguc ihl_gpbZe ^jZdhgZ af_b ² _]h lZcgu_ b ih^a_fgu_ q_jlu djuevy ² bgl_ee_dlmZevguc ih^t_f Z o\hkl k\yaZgguc k ah^bZdZevguf agZdhf Ev\Z ² ih^qbg_gb_ jZamfm >jZdhgh\ Z lZd`_ [udh\ ih[_`^Zxl kheg_qgu_ ]_jhb lZdb_ dZd FbljZAb]njb^=_jZdeYkhgOhj_:iheehg >jZdhg `b\msbc \ i_s_j_ beb \ ]em[bgZo fhjy kbf\hebabjm_l ih^a_fguc fbj b [_kkhagZl_evgh_ dhlhjh_ ]jhabl jZajmrblv W]h _keb hgh ihkf__l [jhkblv _fm \uah\ < ;b[ebb ihke_^gyy [bl\Z Hldjh\_gb_ ijhbkoh^bl f_`^m djZkguf ^jZdhghf kZlZghc b FboZbehf kZlZgZ b _]h Zg]_eu ih[_`^_gu Kms_kl\m_l fgh]h bklhjbb h lhf dZd m[b\Zxl ^jZdhgZ :iheehg DZ^f I_jk_c Ab]njb^ gh gZ\_jgh_ kZfZy ba\_klgZy ² bklhjby h K\ylhf=_hj]bb
K\ylhc=_hj]bcb ^jZdhg K\ylhc=_hj]bcojbklbZgkdbcfmq_gbdb k\ylhcihdjh\bl_ev :g]ebb jh^beky \ DZiiZ^hdbb \hklhqgZy FZeZy :aby ?]h `bagv aZl_fg_gZ e_]_g^hc gh _]h fmq_gbq_kl\h \ Eb^^_ IZe_klbgZ kqblZ_lky bklhjbq_kdbf nZdlhf GZb[he__ ihimeyjgZy ba e_]_g^ \hagbdrbo \hdjm] _]h bf_gb hlghkblky d ko\Zld_ k ^jZdhghf Yauq_kdbc ]hjh^ \ Eb\bb k^_eZe k\h_c `_jl\hc ^jZdhg dhlhjh]h `bl_eb iulZebkv mfbjhl\hjblv kgZqZeZ ih`_jl\h\Zgbyfb h\_p Z aZl_f ² jZaebqguo qe_gh\ k\h_c h[sbgu @j_[bc iZe gZ ^hqv dhjheyb ^_\mrdm\u\_eb`^Zlvijboh^Zqm^h\bsZgh=_hj]bcm[be ^jZdhgZb h[jZlbeh[sbgm\ ojbklbZgkl\h jZdhg hebp_l\hjyxsbc^vy\heZK\ylhc=_hj]bchebp_l\hjyxsbcOjbklZ ^_\Z hebp_l\hjyxsZy P_jdh\v GZ [he__ ]em[bgghf mjh\g_ ^jZdhg ² wlh \jZ] g_ lhevdh ]_jhy gh lZd`_ ihbkdh\ ijZ\^u b k\h[h^u >jZdhg `b\_l \ i_s_j_ beb ]em[bgZo fhjy hebp_l\hjyy lZdbf h[jZahf ih^a_fguc fbj [_kkhagZl_evgh_ a_fex kf_jlb beb kgZ [_kkhagZl_evgu_ fhlb\Zpbb b ijbgm`^_gby >jZdhg qZklh Zkkhpbbjm_lkyk h^ghcbaq_luj_oklbobc²\h^hca_fe_c\ha^mohf h]g_f dhlhju_ k\yaZgu k q_lujvfy nmgdpbyfb ² bglmbpb_c qm\kl\hf fure_gb_f hsms_gb_f b lh ]^_ `b\_l ^jZdhg ^Z_l \Z`guc dexq d ihgbfZgbx dZdZy ba nmgdpbc ih^\_j]Z_lky gZiZ^_gbx < g_dhlhjuo e_]_g^Zo ^jZdhg hojZgy_l khdjh\bs_ b qlh[u ^hklbqv khdjh\bsZ gZ^h ihdhjblv ^jZdhgZ eb[h m[b\ _]h eb[hih^jm`b\rbkvk gbf < qZklb ;;;9,,, ;_h\mevnZ _klv bklhjby h ^\hjygbg_ ihke_^g_f \ k\h_f jh^m dhlhjuc ijyq_l \k_ k\h_ ^h[jh \gmljb dmj]ZgZ^j_\g_]hfh]bevgh]hohefZ b lZfih_lijhsZevgmxi_kgv
;_h\mevn ² Zg]ehkZdkhgkdZy wibq_kdZy ihwfZ h[uqgh kqblZ_lky ijhba\_eh gb_f Zg]ebckdh]h ihwlZ 9,,, \_dZ dhlhjuc kh_^bgbe kdZg^bgZ\kdmx bklhjbx b yauq_kdmx fbnheh]bx k ojbklbZgkdbfb we_f_glZfb FjZqgZy bklhjby [h]ZlZ f_ lZnhjZfb agZf_gblucijbf_j²dblh\Zy^hjh]Zh[hagZqZxsZyfhj_HgZjZk kdZau\Z_l h ]_jh_ kdZg^bgZ\kdhf ijbgp_ ih bf_gb ;_h\mevn dhlhjuc ba[Z\ey_ >Zgbx hl qm^h\bsZ =j_g^_ey ihemq_eh\_dZ ihem^vy\heZ Iylv^_kyl l_l kimkly ;_h\mevnm m^Z_lky ih\lhjblv wlb ih^\b]bb hk\h[h^blvk\hxkh[kl\_ggmxk ]jZgm RLjZahj_gby \_ebdhe_ibx `bagb Ihke_ _]h kf_jlb ^h[jhf aZ\eZ^_\Z_l ^jZdhgb hojZgy_l_]hQ_eh\_dijb]h\hj_ggucd kf_jlb\ hlqZygbb ijyq_lky \ dmj]Zg_ h[gZjm`b\Z_l khdjh\bs_ b ihdZ ^jZdhg kibl m[_]Z_l k khdjh\bs_f b hlghkbl _]h k\h_fm ohaybgm dhlhjuc
ijhsZ_l _]h >jZdhg h[gZjm`b\Z_l ijhiZ`m b lj_[m_l kljZrgh]h gZdZaZgby^eyex^_c\ hdjm]_< dhgp_dhgph\\hbgm[b\Z_l^jZdhgZ f_qhf Ijb\_^_ggZy \ur_ bklhjby ba ;_h\mevnZ ² ohjhrbc ijbf_j h[gZjm`_gby khdjh\bsZ hojZgy_fh]h ^jZdhghf Dmj]Zg ² ij_djZkguc h[jZa dhee_dlb\gh]h [_kkhagZl_evgh]h gZfgh]h [he__ kbevguc q_f i_s_jZ gh ih^h[gh i_s_j_ e_km beb bghfm hebp_l\hj_gbx [_kkhagZl_evgh]h d _]h bkihevah\Zgbx ke_^m_l hlghkblvkyk [hevrhc\gbfZl_evghklvx >j_\gb_ f_klZ aZohjhg_gbc hdjm`_gu fgh`_kl\hf e_]_g^ b fbnh\ ih^h[guo l_f qlh k\yaZgu k _]bi_lkdbfb fh]beZfb KlZjh_ aZohjhg_gb_ Wc\[vxjb \
ihfhsgbd_ beb ijh\h^gbd_
G_dbc fmkmevfZgkdbc ijbgp :of_^ [ue \hkiblZg \ m_^bg_gbb k\hbf hlphf dhlhjuc ijylZe hl g_]h \k_ k\yaZggh_ k k_j^p_f b gZ[b\Ze _]h ]heh\m Ze]_[jhc b nbehkhnb_c < dhgp_ dhgph\ k_j^p_ hl\e_deh _]h hl ]heh\u b ijbgp gZqZe f_gylvky :of_^ mkeurZe keh\h ex[h\v hl k\hbo ^jma_cilbp gh hgb g_ kfh]eb h[tykgblv _fm agZq_gb_ wlh]h keh\Z Z _]h gZklZ\gbd [hyeky lZddZdihke_^kl\by\gmrZeb_fmm`Zk<_^vohaybgijyfhaZy\be_]h kug gk ^he`_g \ex[eylvky ² gbdh]^Z GZklZ\gbd ihkh\_lh\Ze :of_^m g_ kemrZlv kh[eZagbl_evgu_ f_eh^bb ilbp ihlhfm qlh hgb ijbghkyllhevdh[_^mIjbgpg_kfh]wlh]hihgylvihlhfmqlh_keb ex[h\vijbqbgZg_kqZklbbb jZa^hjh\ihq_fm`_ilbpug_mgu\Zxl \ m_^bg_gbbb gkj\ml^jm]^jm]ZgZdmkdbZ [h^jhihjoZxl\ jhsZo b b]jZxl^jm]k ^jm]hfkj_^bp\_lh\" H^gZ`^u :of_^ jZafureye h[ wlbo ijhlb\hj_qbyo < _]h hdgh \ihjogme ]hem[v ij_ke_^m_fuc yklj_[hf b gZr_e m[_`bs_ \ _]h dhfgZl_ Ijbgp ex[h\gh aZ[hlbeky h ]hem[_ ihkZ^be _]h \ ahehlmx de_ldm b ij_^eZ]Ze _fm ba kh[kl\_gguo jmd kZfh_ [_eh_ b ij_djZkgh_a_jghb qbkl_crmx\h^mIlbpZh^gZdhhldZau\eZkvhl ibsb qZoeZ b lhfbeZkv ba^Z\Zy `Zeh[gu_ klhgu Ijbgp [ue haZ^Zq_g b mij_dZe ]hem[y aZ hldZa hl \k_]h qlh _fm ij_^eZ]Zeb =hem[v hl\_lbe qlh gk fh`_l [u]v kqZkleb\uf lZd dZd jZaemq_g kh k\h_cex[h\vxk\h_ckmijm]hc :of_^kijhkbeqlhlZdh_ex[h\vb xem[vhl\_lbe WlhfmdZ^eyh^gh]hkqZklv_^ey^\hbojZa^hjb \jZ`^Z^ey ljhboWlhqZjudhlhju_aZklZ\eyxl^\hbo[ulv \f_kl_ b kh_^bgyxl bo \hkoblbl_evgufb qm\kl\Zfb Wlh kqZklv_ [ulv ^jm] k ^jm]hf gh g_kqZklv_ [ulv \jhav G_ bf_y \hafh`ghklbihgylvkeh\Z]hem[y:of_^\k_`_hk\h[h^be_]h GZklZ\gbd:of_^Z[uegZim]Zgh[gZjm`b\qlhijbgpmklZeh ba\_klgh lh qlh [ueh aZij_s_gh dhjhe_f ?keb dhjhev magZ_l h[ wlhf gZklZ\gbd [m^_l h[_a]eZ\e_g =hem[v \ha\jZlbeky b jZkkdZaZe ijbgpm qlh ^Ze_dh^Ze_ dh `b\_l ijbgp_kkZ __ kZ^ hdjm`_g \ukhdbfb kl_gZfb b lm^Z g_ iha\hey_lky \oh^blv gb h^ghfm fm`qbg_ <^ho gh\e_ggub kljZggufb qm\kl\Zfb :of_^ gZibkZe ex[h\gh_ klbohl\hj_gb_ b Z^j_kh\Ze k\h_ ibkvfh G_ba\_klghc djZkhl_ hl ie_ggh]h ijbgpZ :of_^Z AZl_f gZ^mrb\ ibkvfh fmkdmkhfb jhaZfbhghl^Ze_]h]hem[x >_gv aZ ^g_f :of_^ `^Ze \ha\jZs_gby ihkeZgpZ gh ls_lgh H^gZ`^u\_q_jhf\_jgZyilbpZvihjogmeZ\ _]hZiZjlZf_glub miZeZ f_jl\hc m _]h gh] kf_jl_evgh jZg_ggZy klj_ehc Gh ]hem[v [ue gZklhevdh bkiheg_g ex[\b qlh bah \k_o kbe ihklZjZeky ^hklZ\blv ihkeZgb_ :of_^ h[gZjm`be gZ r__ ]hem[y gbldm `_fqm]Z ih^ djuehfilbpu[uehijbdj_ie_ghfZe_gvdh_bah[jZ`_gb_ij_djZkghc
ijbgp_kku gZ wfZeb Gh dlh hgZ b ]^_ __ bkdZlv" Ijbgp j_rbe hlijZ\blvkygZihbkdb k\h_cijbgp_kku b ^h[bekyihfhsbhlkh\u dhlhjZyagZeZ\k_f_klZ\ BkiZgbbHgihijhkbekh\m[ulvf_glhjhf b khijh\h`^Zlv_]h\ ihbkdZo LZd iml_r_kl\my ghqvx b gZ[bjZykv kbe ^g_f :of_^ b _]h f_glhjijbreb\ Lhe_^h]^_hgihemqbeba\_klb_qlh_]hijbgp_kkZ ah\_lky :ev^_xg^Z hgZ ^hqv ojbklbZgkdh]h dhjhey k_ ^_j`Zl \ h^bghq_kl\_ ihdZ _c g_ bkihegblky k_fgZ^pZlv e_l Lh]^Z ij_l_g^_gl ^he`_g [m^_l ^h[blvky jmdb ijbgp_kku gZ lmjgbj_ Gh ijbgp gbq_]h g_ agZe h[ hjm`bb b [hyo \k_ qlh hg agZe [ueh Ze]_[jhcb nbehkhnb_cKh\ZijbreZ_qmgZihfhsvjZkkdZaZ\qlh\ i_s_j_ g_ih^Ze_dm gZoh^ylky \her_[gh_ hjm`b_ b aZdhe^h\Zgguc dhgvdhlhju_ijh\_eblZf\_dZ\ h`b^Zgbbwlh]hfhf_glZ <_^hfuc k\hbf f_glhjhf ijbgp gZr_e i_s_jm Hl eZfiu gZiheg_gghc\_qguffZkehfgZwlhf_klhebekylhj`_kl\_gguck\_l GZ`_e_aghfklhe_\ p_glj_i_ s_ju e_`Zeb \her_[gu_ ^hki_ob gZijhlb\ \bk_eh dhiv_ Z jy^hf klhye ZjZ[kdbc kdZdmg ]hlh\uc d [hx gh g_ih^\b`guc dZd klZlmyDh]^Z:of_^iheh`bejmdmgZr_xdhgylhlm^Zjbeh a_fex dhiulhf b ba^Ze ]jhfdh_ jZ^hklgh_ j`Zgb_ ihljykr__ kl_gu i_s_ju BlZd \iheg_ h[_ki_q_gguc ^hki_oZfb hjm`b_f b dhg_f ijbgp j_rbe [jhkblv \uah\ k\hbf khi_jgbdZf gZ ij_^klhys_f lmjgbj_ :of_^ [ue fmkmevfZgbghf b wlh ebrZeh _]h ijZ\Z mqZkl\h\Zlv \ lmjgbj_ b aZ\h_\Zlv :ev^h]hg^m >jm]b_ mqZklgbdb khj_\gh\Zgby gZkf_oZebkv b ]emfbebkv gZ^ :of_^hf gh ih[m`^Z_fuc ex[h\vx hg ZlZdh\Ze bo kb^y gZ \her_[ghf dhg_ b jZkr\ujye kbhbo ijhlb\gb dh\ \ lhf qbke_ b dhjhey [jhkb\r_]h _fm\uah\ < ihe^_gvfZ]bq_kdh_aZdeylv_i_j_klZgh^_ckl\h\Zlvb dhgv \_jgmeky\f_kl_k :of_^hf\ i_s_jm:of_^h[_amf_ehl]hjydh]^Z ihemqb\ba\_klb_h ijbgp_kk_dhlhjZymiZeZ[_aqm\kl\dh]^Z:of_^ bkq_a Hg \kihfgbe keh\Z k\h_]h gZklZ\gbdZ AZ[hlZ i_qZev b [_kkhggu_ghqb²m^_eex[ysbo²b aZ^mfZekygkkh\_jrbeebhg m`Zkgmxhrb[dm Ijbgp [ue ij_bkiheg_g j_rbfhklb \ue_qblv ijbgp_kkm Hg i_j_h^_ekyb ihemqbe^hklmi\h^\hj_p:f_^ku]jZegZiZklmr_kdhc k\bj_eb f_eh^bx dhlhjZy ijb\_eZ d \ua^hjh\e_gbx ijbgp_kku Dhjhevij_^eh`be:of_^m\k_qlhhgohq_lghlhlihijhkbelhevdh r_edh\uc dh\_j dhlhjuc dh]^Zlh ijbgZ^e_`Ze fmkmevfZgZf Z l_i_jvojZgblky\ ^_j_\ygghfysbd_\ aZfd_ Ijbg_keb kZg^Zeh\uc ysbd b dh\_j Wlhl dh\_j ² kdZaZe ijbgp²dh]^Zlhihdju\ZeljhgKhehfhgZfm^jh]hhgaZkem`b\Z_l
lh]hqlh[u_]hiheh`bebih^gh]bdjZkhluHgiheh`bedh\_jih^ gh]bijbgp_kkuaZl_fk_em __gh]b jZkkdZaZedhjhexqlhhgb _]h ^hqv ^Z\gh lZcgh ex[yl ^jm] ^jm]Z h\hevgh qZklh dh]^Z \ gZqZe_ jZ[hlu k deb_glZfb ij_^eZ]Z_lky ih]h\hjblv k \hh[jZ`Z_fuf q_eh\_dhf bf wlh dZ`_lky hq_gv kljZgguf H^gZdh wlh g_ lZd m` kljZgghihlhfmqlhqZklhebfu]h\hjbfkZfbk kh[hc"KdhevdhjZa fujZa]h\Zjb\Z_fkhk\hbfbex[bfufb`b\hlgufb" < bklhjbb ijb\_^_gghc \ur_ fm^j_p ² wlh kh\Z Z kh\Z bf__lj_imlZpbxfm^jhclZdqlh\u[hjkh\ukh\k_fg_m^b\bl_e_g >jm]bfbi_jkhgZ`Zfbfh]ml [ulvBbkmkbeb h^bg ba ijhjhdh\ kZf Khehfhg dlhlh ba [h]h\ beb [h]bgv dZdh_lh ba\_klgh_ bklhjbq_kdh_beb^Z`__s_`b\ms__ebphL_fZ[m^_lbkke_^h\Zlvky ^Zevr_ dh]^Z \ ke_^mxs_f iml_r_kl\bb fu [m^_f jZkkfZljb\Zlv km[ebqghklb DZdh]h[uq_eh\_dZbeb kms_kl\h gb \hh[jZabedeb_gl hgh hebp_l\hjy_l kZfm ikbobdm gh ikbobdZ ² wlh ihgylb_ b^_y dhlhjmxljm^ghk^_eZlv\b^bfhc
f_`^mkbf\heZfbdZfgyb ]j_pdh]hhj_oZI_j\uc bkdexqbl_evgh ljm^gh kehfZlv \lhjhc ² wlh kdhjemiZ dhlhjZy kdju\Z_l g_qlh aZsbsZy lh qlh \gmljb LZd qlh f_lh^ jZ[hlu[m^_lbguf BlZd jZ[hlZ k h[jZahf f_glhjZ ihoh`Z gZ \uah\ dZdbolh bgl_j_kguo nZdlh\ q_eh\_q_kdhc bg^b\b^mZevghklb Ihq_fm gZijbf_j=e_gg\ hij_^_e_ggucfhf_gl\u[jZe bf_gghnb]mjmkh kljZggufb ^moh\gufb h[_jlhgZfb" Ihq_fm Dwjhe \u[jZeZ k_[_ \ ijh\h^gbdb dhd_jkiZgbwey" Wlh \hijhku dhlhju_ _keb bo bkke_^h\Zlv \f_kl_ k deb_glZfb fh]ml ijb\_klb d [hevr_fm ihgbfZgbxbo\gmlj_gg_]hfbjZ J_axf_ Fu\b^_ebqlhfh`_fbkihevah\Zlvdgb]mlhevdhk l_dklhfk dZjlbgdZfbbebkh\j_f_ggmxnhjfmdgb]b²Zm^bhbeb\b^_haZibkv Klhblmihfygmlvqlhg_dhlhjufex^yfhdZau\Z_lkye_]q_keurZlv lh qlh hgb \hh[jZ`Zxl lh]^Z dZd ^jm]b_ \b^yl \iheg_ ykgh G_dhlhju_ deb_glu hkh[_ggh gZ jZggbo wlZiZo bk ihevah\Zgby h[jZah\ ^_ckl\bl_evgh ijh^mfu\Zxl k\hc imlv q_j_a h[jZau b \b^yl _]h lhevdh lmfZggh Fu m[_^bebkv qlh l_fZ dgb]b fh`_l hldjulvdZkZxsb_kyebqghklbnZdludhlhju_ihjh`^Zxllj_\h]m lZdqlhiZjheva^_kvlbohlboh Klhbl aZf_lblv qlh ohly \hk_fgZ^pZlv l_f ihk\ys_gu hl^_evguf \hijhkZf bo fh`gh h[t_^bgblv _keb \ lhf \hagbdZ_l g_h[oh^bfhklv GZijbf_j fu \b^_eb dZd Dwjhe [_a \kydh]h jmdh\h^kl\Z \iheg_ kZfhklhyl_evgh kh_^bgbeZ j_dm k i_s_jhc =e_gg ² ]hjm k f_qhf Jhc ² ^hf k dgb]hc Jmdh\h^kl\hf d lhfm qlh bkihevam_lky ^he`gu [ulv kdhj__ ihlj_[ghklb fhf_glZ q_f `_kldh_ke_^h\Zgb_ijZ\beZf L_fZ i_s_ju ij_^klZ\eyxsZy [_kkhagZl_evgh_ wlh l_fZ dhlhjZy qZklh \klj_qZ_lky \ e_]_g^Zo b fbnheh]bb Z lZd`_ \ kh[kl\_gghf iml_r_kl\bb deb_glZ DZaZehkv [u kbf\hebaf i_s_ju ihqlb mgb\_jkZe_g b \hagbdZ_l \h \k_o dmevlmjZo
kbf\heh\ \f_klbebsZ b wlh h^gh ba _]h agZq_gbc Dm[hd [hevr_ \k_]h k\yaZg k ^moh\guf b \hdjm] g_]h \hagbdeh h[beb_ fbnh\ b e_]_g^ Ihbkd K\ylh]h =jZZey gZ\_jgh_ kZfZy ba\_klgZy e_]_g^Z dhlhjZykZfZihk_[_kh^_j`bllZdfgh]hkbf\hebdb _fklj_ [h]bg_ mjh`Zy F_qi_e\ ]hehckl_ibK_ji²\ ieh^hjh^ghfihe_F_qi_e i_kgxkf_jlbGhg_fh]aZklZ\blvk_jikh]eZkblvky R_dkibj\ jZdhg b _]h \ZjbZpby ² af_b ]em[hdh aZi_qZle_gu \ dhee_dlb\ghf [_kkhagZl_evghf [eZ]h^Zjy \her_[guf kdZadZf e_]_g^Zf b fbnZf H^bg ba deZkkbq_kdbo ijbagZdh\ ^jZdhgZ ² lh qlh hg y\ey_lky kljZ`_f khdjh\bsZ qZklh ijbgp_kku dhlhjmx gm`gh kiZklb Ohly k_dkmZevgmx kbf\hebdm g_ ke_^m_l b]ghjbjh\Zlv __ g_ ke_^m_l b ij_m\_ebqb\Zlvwlhh^gZl_fZkj_^bfgh]bo< jZ\ghckl_i_gb\Z`gh lh qlh hebp_l\hjy_l ^jZdhg Hq_gv qZklh hg hebp_l\hjy_l lh qlh im]Z_llhq_fij_g_[j_]Zxlbeblhqlh\uau\Z_lhl\jZs_gb_?keb b^_y ^jZdhgZ k\yaZgZ k l_gvx wlh bf__l kfuke fu ij_^ihqeb [u qlh[um gZkg_[uehwlhcgZr_cklhjhgu >jZdhg ² wlh kljZ` Qlh hg hojZgy_l b ihq_fm" ?keb wlh khdjh\bs_ lh dZdh_" ?keb ijbgp_kkZ lh dZdmx gZrm qZklv hebp_l\hjy_l wlZ ijbgp_kkZ" ?keb fm`qbgZ ij_^klZ\ey_l k_[_ ^jZdhgZ klhjh`Zs_]h ijbgp_kkm \_kvfZ \_jhylgh qlh ijbgp_kkZ hebp_l\hjy_l _]h :gbfm kh^_j`Zsmxky \ ie_gm Kbf\hebdZ lZd`_ fh`_l [ulv lZdh\Z qlh deb_glhf ^\b`_l `_eZgb_ klZlv kiZkbl_e_f ?kebk ih^h[gufh[jZahfjZ[hlZ_l`_gsbgZhgZfh`_lqm\kl\h\Zlv k_[y magbp_c Lh]^Z ^he`_g [ulv aZ^Zg \hijhk dlh ^_j`bl __ \ aZdexq_gbb"LbjZgbq_kdbc:gbfmk"Dlhlhbaijhreh]h"GZeh`_gu ebgZmagbpmdZdb_lhgjZ\kl\_ggu_bebkhpbZevgu_h] jZgbq_gby"Dlh^he`_gkiZklb__"QlhhgZ[m^_l^_eZlvdh]^Z __ kiZkml"GZdhg_p^jZdhgqZklhmf_gvrZ_lky\ jZaf_jZo^hq_]hlh f_g__ im]Zxs_]h LZdZy ljZgknhjfZpby ² hq_gv wnn_dlb\guc kihkh[ h[jZs_gby k ^jZdhghf beb bgufb ^bdbfb kms_kl\Zfb ijb bkihevah\Zgbb ijbgpbih\ dhgnjhglZpbb dhjfe_gby b mfbjhl\hj_gby Bf_ggh wlh iml_r_kl\b_ bkke_^mxs__ kbf\heu \lhjh]h mjh\gy aZdZgqb\Z_lky h[km`^_gb_f f_glhjZ fm^j_pZ ihfhsgbdZ ijh\h^gbdZ Nb]mjZ f_glhjZ \hagbdZ_l \h fgh]bo jZkkdZaZo h ihbkd_b h[uqgh\ lhff_kl_bklhjbb]^_iml_r_kl\_ggbdaZr_e\ lmibdbebgm`^Z_lky\ ihfhsb
F_glhj fh`_l lhevdh kemrZlv deb_glZ hg fh`_l ^Zlv kh\_l hdZaZlvijZdlbq_kdmxihfhsvbeb jmdh\h^kl\h Ihkfhljb gZijZ\h gZ lhl \uklmi b lu kfh`_rv gZclb g_qlh qlh ba[Z\bl l_[y hl wlhc ljm^ghklb Beb [he__ ihablb\gh dh^Z deb_gl ^_ckl\bl_evgh klj_fblkylm^Zb [hblky?kebluijh^\bg_rvkyg_fgh`dhlm^Zlh m\b^brv ^_j_\h miZ\r__ q_j_a j_dm Ke_^m_l lZd`_ ihfgblv qlh h^gZ ba nmgdpbc ikbobdb khklhbl \ lhf qlh[u ihfh]Zlv q_eh\_dm ^\b]Zlvky\i_j_^\ _]hihbkd_ Kh[kl\_ggZyikbobdZdhgkmevlZglZjZ[hlZ_l\ khljm^gbq_kl\_ k f_glhjhf deb_glZ b dh]^Z wlh khljm^gbq_kl\h iheghklvx bkihevam_lkyhghfh`_lhdZaZlvkyqj_a\uqZcgh\hagZ]jZ`^Zxsbfb ^ey deb_glZ b ^ey dhgkmevlZglZ GZ\_jgh_ gZijZrb\Z_lky fukev h lhf qlh [ueh [u ljm^gh iulZlvky hlijZ\blvky k deb_glhf \ _]h iml_r_kl\b_ _keb fu kZfb g_ ijhlhjbf ih^h[gmx ^hjh`dm Wlh ijbf_gbfh dh \k_fm ijhp_kkm dhgkmevlbjh\Zgby b ohly g_ h[yaZl_evghqlh[ugZfb[ueZijheh`_gZb^_glbqgZyljhiZkdZ`_f kf_jlv kmijm]Z m gZk \gmljb \k_ `_ ^he`gZ gZoh^blvky bkke_^h\ZggZy[hevDh]^Zdeb_glbkiulu\Z_l[ehdbjh\Zgb_dhlhjh_ hg g_ fh`_l ij_h^he_lv dZd \ kemqZ_ k dgb]hc Jhy dhgkmevlZglm fh`_l [ulv ijb^_lky [jhkblv [_a`Zehklguc \a]ey^ b m\b^_lv kms_kl\m_lebih^h[guc[ehd\ _]h\gmlj_gg_c`bagb GZ lZdhc ghl_ y aZdhgqm wlh Iml_r_kl\b_ ihlhfm qlh lhevdh ihke_hiulZJhyb kh[kl\_gghcf_^blZpbbgZ^gbfy [ue\ugm`^_g ijbagZlvqlhij_^ihq_e gZijZ\eylv bkke_^h\Zgb_ Jhy ihlhfm qlh fg_ gm`gh [ueh jZ[hlZlv gZ^ hij_^_e_gghc ]eZ\hc \ fh_c dgb]_ qlh[u y fh] __ aZdhgqblv g_aZdhgq_ggh_ ^_eh hlghkbehkv d kf_jlb fh_]hhlpZIh^mfZ_fh khljm^gbq_kl\_ikbobdqvyikbobdZ²Jhy bebfhy²hlijZ\beZkvbf_ggh\ wlhiml_r_kl\b_" Iylh_ iml_r_kl\b_ BKKE?>H<:GB? L?F LJ?LV?=H MJH
E_\ ² wlh a_fghc wd\b\Ze_gl hjeZ h[eZ^Zl_ev kbeu b fm`kdh]h gZqZeZFheh^hce_\khhl\_lkl\m_l\hkoh^ys_fmkhegpmklZjucbeb hkeZ[_\rbc e_\ ² aZoh^ys_fm khegpm Ih[_^Z ev\Z hebp_l\hjy_l wdaZevlZpbx fm`_kl\_gghklb ijbjmq_gguc e_\ ² kbf\he ihdhj_gghckbeu < ;b[ebb >Z\b^ m[be ev\Z dhlhjuc ijbr_e qlh[u \k_eblv kljZo \ _]h klZ^h h\_p Wlh g_evay [ueh k^_eZlv [_a [hjv[u Kbf\hebq_kdb bo ih_^bghd hebp_l\hjy_l [hjv[m _^bgkl\_ggh]h i_jkhgZ`Zk ijhlb\hiheh`ghcklhjhghck\h_cgZlmju< [b[e_ckdhc kbf\hebd_e_\hebp_l\hjy_ldhjhe_\kdbckZgpZjkdmx\eZklvhl\Z]m kf_ehklv KihglZggh_ ihy\e_gb_ ev\Z gZijbf_j ba e_kZ beb \hagbdgh\_gb_ _]h dZd ij_iylkl\by \ iml_r_kl\bb deb_glZ fh`_l kem`blv ihdZaZl_e_f kdjuluo Z]j_kkb\guo l_g^_gpbc Fh`_l \hagbdgmlv ihkZ`_gguc \ de_ldm beb ijbjmq_gguc e_\ hg fh`_l \uklmiZlv mqZklgbdhf pbjdh\h]h ij_^klZ\e_gby wlh fh`_l [ulv g_ `b\hc e_\ Z kdmevilmjZ G_ ke_^m_l iheZ]Zlv qlh e_\ \k_]^Z hebp_l\hjy_l Z]j_kkb\gu_ l_g^_gpbb ba\_klgh qlh hg [u\Z_l f_glhjhfbdhg_qghaZsblgbdhf :g^jhde [ue jbfkdbf jZ[hf ]_jh_f jZkkdZaZ :memkZ =_eebmkZ H^gZ`^u hg m\b^_e ev\Z kljZ^Zxs_]h hl [heb b m^Zebe dhexqdm\ib\rmxky\ _]heZimDh]^Ziha`_:g^jhdeZijb]h\hjbeb d kf_jlbgZZj_g_e_\magZe_]hb hldZaZekyijbqbgblv_fm\j_^Wlhl jZkkdZa kbf\hebabjm_l ke_^mxs__ \Z`gh ih^jm`blvky k im]ZxsbfbklhjhgZfbebqghklbdhlhju_]jhaylmgbqlh`blvgZk L_fZq_lujgZ^pZlZy²Km[ebqghklb Dhgp_ipby km[ebqghkl_c k\yaZgZ k dhgp_ipb_c Zjo_lbih\ b knhjfmebjh\ZgZ \ Ikbohkbgl_a_ :kkZ^`bheb JZgvr_ wlhc l_fhc dZd jZaebqgufb qZklyfb k_[y kZfh]h aZgbfZeky `_cfk Km[ebqghklb ² wlh hlebqgu_ hl ^jm]bo fbgbZlxjgu_ ebqghklb `b\msb_ \gmljb ebqghklb dZ`^Zy kh k\hbf kh[kl\_gguf gZ[hjhf qm\kl\ keh\ ijb\uq_d \_jh\Zgbc b fZg_j Hgb qZklh dhgnebdlmxl ^jm] k ^jm]hf b g_ kl_kgyxlky \ kj_^kl\Zo ^ey ^hklb`_gby k\hbo p_e_c Wlh hklZldb ihe_aguo b [_kihe_aguo \ebygbc khojZgb\rboky k l_o \j_f_g dh]^Z hgb [ueb gm`gu ^ey \u`b\Zgby qlh[u hl\_qZlv ihlj_[ghklyf [he__ gbadh]h mjh\gy GZijbf_j km[ebqghklv ihebp_ckdh]h ihe_agZ hgZ m^_j`b\Z_l q_eh\_dZ gZ klhjhg_ aZdhgZ gh klZgh\blky lbjZgbq_kdhc dh]^Z ihklhyggh ih[m`^Z_l q_eh\_dZ gZdZau\Zlv ^jm]bo ex^_c aZ f_edb_ gZjmr_gbymklZgh\e_gguobfklZg^Zjlh\
Ijbf_jukm[ebqghkl_c I Iheb ZeZq p_ckdbc Mq_guc Fyl_ =jZgbl Lxj_f Kb^_edZ `gbd sbd Kh[e @_jl\Z FhgZo Zagbl_ev fhgZobgy Lb]j Ie_c[h Km^v c KiZkbl y _ev
Ijhn_
kkhj <j_^bl_ev IZmd Ij_ke_^h\Zl_ ev
:gZeh]by ba Zkljhghfbb ihfh]Z_l aZdj_iblv b^_x km[ebqghkl_c dZd Zjo_lbih\ P_gljhf gZr_c kheg_qghc kbkl_fu y\ey_lky Khegp_ dhlhjh_ h[eZ^Z_l lj_fy ]eZ\gufb k\hckl\Zfb wg_j]b_c l_iehf b k\_lhf
Ikbobdm lZd`_ fh`gh jZkkfZljb\Zlv dZd fhsguc kimlgbd k\yab ihemqZxsbc jZkrbnjh\u\Zxsbc b i_j_^Zxsbc kb]gZeu hl \k_okm[ebqghkl_cb h[jZlghd gbf<_^vlhqghlZd`_dZdieZg_lu kheg_qghc kbkl_fu \ebyxl ^jm] gZ ^jm]Z \aZbfhk\yaZgu b \k_ km[ebqghklb hgb b ^he`gu [ulv k\yaZgu ihlhfm qlh \f_kl_ h[jZamxl ebqghklv Ihwlhfm dZ`^hc ba gbo gm`gh agZlv qlh ijhbkoh^bl k ^jm]bfb G_dhlhjuf fh`_l g_ gjZ\blvky lh qlh ijhbkoh^bl k ^jm]hc hkh[_ggh _keb baf_g_gb_ kha^Z_l m]jham ^ey gbo kZfbo b hgb [m^ml ihkueZlv kbevgu_ kb]gZeu \ujZ`Zy khijhlb\e_gb_ J_amevlZlhf y\ey_lky dhgnebdl b kfyl_gb_ Dhgnebdl _keb hg ij_^hklZ\e_g bkdexqbl_evgh khagZgbx ih \b^bfhfm \_^_l lhevdh d qZklbqghfm j_r_gbx g_ijbfbjbfu_ ]jmiibjh\db g_ bf_xl ihkj_^gbdZ Dh]^Z ikbobdZ ^_ckl\m_l dZd ihkj_^gbddZ`^hckm[ebqghklbiha\he_gh[ulv\ukemrZgghcLh]^Z hgb gZoh^ylky ih^ \ebygb_f ikbobdb b ihkj_^gbq_kl\h ijb\h^bl d j_r_gbx Dh]^Z wlhl ijhp_kk ih\lhjy_lky fgh]hdjZlgh bgl_]jZpby agZqbl_evghm\_ebqb\Z_lky < wlhfkfuke_\hafh`gh[hevr_q_f\ ex[hf^jm]hfkemqZ_ dhgkmevlZgl y\ey_lky ijh\h^gbdhf ² hg lhl dlh khijh\h`^Z_l deb_glZ Keh\h ijh\h^gbd fh`_l hagZqZlv lh]h dlh gZklhevdh ohjhrh agZ_l ^hjh]m qlh fh`_l [_ahiZkgh ijb\_klb k\hc hljy^ d p_eb lZdhc ijh\h^gbd [ue [u [_kp_gguf b g_h[oh^bfuf \ iml_r_kl\bbq_j_a:eviu< wlhfkfuke_y mihfbgZxijh\h^gbdZ\ dhgkmevlbjh\Zgbb wlh g_dlh b^msbc jy^hf hg g_h[oh^bf hg ^_j`bl\hh[jZ`Z_fmxjmdmijboh^blgZihfhsvih[m`^Z_lfh`_l kdZaZlv HklZgh\bl_kv gZ fbgmldm I_j_\_^bl_ ^uoZgb_ Qlh \u \b^bl_ ke_\Z" DZdb_ a\mdb \Zf keurgu" Ijh\h^gbd lZdbf h[jZahf \oh^bl \ fbj deb_glZ b y\ey_lky Zdlb\guf iZjlg_jhf dhlhjuc i_j_`b\Z_l njmkljZpbx deb_glZ dh]^Z lhl ih^gbfZykv ih ]hjghfm ms_evx \g_aZigh klZedb\Z_lky k hiheag_f [ehdbjmxsbf imlv Ijh\h^gbd fh`_l kijhkblv >Z\gh hg a^_kv" Hldm^Z hg \ayeky" Dlh _]h \ua\Ze" Qlh \u ohlbl_ k gbf ^_eZlv" Deb_gl g_j_^dh qm\kl\m_l `_eZgb_ \k_ [jhkblv b mclb ijh\h^gbd fh`_l [hjhlvky k wlbf qm\kl\hf jZahqZjh\Zgby kfbj_gby hlqZygby dh]^Z dZ`_lky qlh ij_iylkl\b_ kebrdhf ljm^gh ij_h^he_lv Dh]^Z hgb moh^ylhlhiheagyb dhgkmevlZglkijZrb\Z_lDZdb_qm\kl\Zb fukeb \u i_j_`b\Z_l_ k_cqZk" deb_glm ijboh^blky ijhlb\hklhylv qm\kl\Zf ih^h[guf l_f dhlhju_ hg bkiulu\Z_l dh]^Z moh^bl hl
ljm^ghkl_c\ j_Zevghc`bagb KemqZc>`bfZ Y ^mfZx qlh emqrbc kihkh[ h[hclbkv k l_fhc ² ijhbeexkljbjh\Zlv__ bamq_gb_f^\mokemqZ_\²>`bfZb >`hZgK >`bfhf \u m`_ \klj_qZebkv \ lj_lv_f iml_r_kl\bb Em] Ihke_ i_j\h]h k_ZgkZ h[km^b\ xg]h\kdb_ lbiu ebqghklb fu ijbreb d kh]eZkbx qlh m >`bfZ hq_gv kbevgh jZa\blu nmgdpbb fure_gby b hsms_gbyb y\ujZabefg_gb_qlh\_jhylgh_]hnmgdpbbbglmbpbb b qm\kl\Z [ueb ih]ehs_gu klj_fe_gb_f >`bfZ ^h[blvky p_eb b klZlv bg`_g_jhf qlh[u k^_eZlv ijbylgh_ k\h_fm hlpm >`bf [ue fukebl_e_f ZgZeblbdhf b hj]ZgbaZlhjhf b fu ^h]h\hjbebkv qlh ijh^he`Zy\ [m^ms_fk\h_iml_r_kl\b_hggZqg_lba\e_dZlv[hevr_ ihevau ba k\hbo nmgdpbc bglmbpbb b qm\kl\Z Hg kqblZe i_j_ghk Zdp_glZ gZ fure_gb_ dhfi_gkZpb_c aZ lh qlh _]h qm\kl\Z [ueb aZlhilZgu aZ^bjbkluf b k\_jodjblbqguf mqbl_e_f \ gZqZevghc rdhe_dhlhjucijha\Ze_]hAZmfguc>`bffb Dh]^Z y ihijhkbe >`bfZ \bamZebabjh\Zlv h[t_dl dhlhjuc hebp_l\hjye [u _]h kZfh]h hg bkim]Zeky h[jZaZ dhlhjuc \hagbd ihqlbf]gh\_ggh²hq_gvfbeZygZ\b^f_^gZy\ZaZghimklZyWlhl h[jZa _]h hq_gv h]hjqbe HklZ\blv \k_ dZd _klv [ueh [u ^_kljmdlb\guf ihwlhfm y ihijhkbe >`bfZ kha^Zlv ^jm]hc h[jZa h[jZalh]hdZdbfhgohl_e[u[ulvHg\gh\vm\b^_elm`_\Zamghk p\_lZfb baysgh k\bkZ\rbfb gZ^ djZ_f Ba gZr_]h h[km`^_gby \ gZklhys_c dgb]_ [m^_l \b^gh qlh \hafh`gZy bgl_jij_lZpby lZdh\Z \g_rg_ >`bf [ue j_ki_dlZ[_evguf gh wlh \k_ h[Z\e_gb_p\_lh\ijb^Zehh[jZamdjZkhlmb ieh^hl\hjghklv GZ ^jm]hf mjh\g_ \ZaZ fh]eZ hebp_l\hjylv _]h `_gkdh_ gZqZehdhlhjh_[uehimklufb ^eyaZ\_jr_gbydZjlbgugm`^Zehkv\ ^h[Z\e_gbb p\_lh\ hebp_l\hjyxsbo fm`kdh_ gZqZeh >h[Z\e_gb_ p\_lh\hebp_l\hjy_l_^bgkl\hijhlb\hiheh`ghkl_c Wlhlh[jZaijheh`be^hjh]mg_kdhevdbfbgl_j_kgufk_ZgkZf bkke_^mxsbf _]h km[ebqghklb >_ckl\b_ _]h ^jZfu dZd hg wlh gZau\Ze jZa\b\Zehkv ihkj_^b imklugb \ lxjvf_ hdjm`_gghc fZkkb\ghckl_ghcHghij_^_ebeke_^mxsboZdl_jh\ FZchjqlhlh\jh^_hnbp_jZD=;bebihebp_ckdh]h Bkke_^h\Zl_evkb^ysbcaZk\hbfklhehfb i_j_[bjZxsbc [mfZ]b IZeZq\ fZkd_b klhihjhfjZ[hlZdhlhjh]haZdexqZ_lky\ lhfqlh[ug_\imkdZlv\k_ohklZevguo Fmq_gbdh^_luc\ [_eh_ij_dehg_gguc^_j`Zsbcdj_kl
Ie_c[hc >_\mrdZ Ie_c[hc b >_\mrdZ gZoh^bebkv \ ih^a_fghc lxjvf_ \ hl^_evguo dZf_jZo b \k_ [ueh ih^ dhgljhe_f iZeZqZ >`bf [ue aZbgljb]h\Zg b bkim]Zg ihy\e_gb_f wlh]h iZeZqZ ihlhfm qlh [_a fh_]hhkh[h]hmqZklbyhgmagZe\ g_fhebp_l\hj_gb_k\h_c]g_\ghcb ihl_gpbZevgh yjhklghc klhjhgu >`bf bgl_jij_lbjh\Ze lhihj dZd k\hx kdehgghklv ijbf_gylv bgl_ee_dl qlh[u ih[_^blv \ kihj_ ijb ihfhsb ya\bl_evguo aZf_qZgbc dhlhju_ \ j_amevlZl_ mgb`Zeb ^jm]h]hq_eh\_dZ < l_q_gb_ g_dhlhjh]h \j_f_gb fu h[km`^Zeb wlbo i_jkhgZ`_c b h^gZ ba i_j\uo ^bkdmkkbc dZkZeZkv Ie_c[hy >`bf kqblZe qlh hg ih\b^bfhfm kbf\hebabjm_l _]h dZd fZehjZa\blh]h lj_[h\Zl_evgh]h j_[_gdZ `b\ms_]h ih ijbgpbim m^h\hevkl\by q_eh\_dZ \ lh \j_fy hg qblZe Nj_c^Z >_\mrdZ ih _]h fg_gbx [ueZ g_\bgguf [_aaZsblguf j_[_gdhf \gmljb g_]h Hg kdZaZe qlh _]h j_[_ghd qm\kl\m_l k_[y gbq_]h g_ klhysbf b imkluf b qlh [u j_[_ghd gb ^_eZe hg gbdh]^Z g_ fh`_l [ulv m\_j_g \ ex[\b jh^bl_e_c `bf ijhbag_k Y ^_ckl\bl_evgh ohqm ihjZ[hlZlv gZ^ fhbfb km[ebqghklyfb gZ ke_^mxs_cg_^_e_Y ihijhkbe_]h[jhkblvlhevdh[_]euc\a]ey^b ihkfhlj_lv dZd hgb hldebdgmlvky gZ wlh aZy\e_gb_ IZeZqm g_ ihgjZ\behkv hg \h\k_ g_ jZ^ b ihoh`_ hiZkZ_lky qlh _]h iheh`_gbx[jhr_g\uah\ GZ ke_^mxs_c g_^_e_ fu h[gZjm`beb qlh IZeZq aZf_g_g Z]j_kkb\guf x`ghZnjbdZgkdbf khe^Zlhf dhlhjuc ih^jm`beky k >`bfhfb hklZ\be_]hhl\_qZlvaZaZdexq_gguoK IZeZqhfgh\h]h klbey >`bf qm\kl\h\Ze k_[y [he__ dhfnhjlgh Hg k\yaZe wlh baf_g_gb_ i_jkhgZ`Z kh kghf \ dhlhjhf m[_`Ze ba dhfgZlu q_j_a jZa[blh_ hdgh Y aZf_lbe qlh dZ`_lky kms_kl\m_l koh^kl\h f_`^m j_ij_kkb\guf j_`bfhf ih^Z\e_gb_f b ihke_^mxsbf \uoh^hf hlklZb\Zgb_fk\h_c\eZklbijhju\hf Ih^h[gZy ljZgknhjfZpby ohlv b ihkl_i_ggZy qZklh ijhbkoh^bl dh]^Z deb_gl gZqbgZ_l qlhlh ihgbfZlv Wlh lZd`_ mdZau\Z_lgZ_s_h^bgagZqbfucijbgpbidZd\Z`gh^_eZlvaZf_ldb h l qlh ijhbkoh^bl \ `bagb deb_glZ ihfbfh dhgkmevlbjh\ZgZ ^ZgghfkemqZ_h lhfqlhijhbahreh\ _]hkg_ Kh\_jrb\ ijhju\ \h kg_ eh]bq_kdb \ul_dZxs_f ba h[j baf_g_gby ]eZ\gh]h i_jkhgZ`Z >`bf klj_fbeky m`blvk wlbf Y ij_^eh`be qlh[u hg ihiulZeky ih^jm`blvky k I qhf gh lhl hklZekyjZ\gh^mrguf_]hjmdb[uebkdj_s_gu
dZfmney`ghfdhklxf_ \h_ggh]h h[jZapZ Hg g_ ohl_e qlh[u >`bf kimkdZeky \ ih^a_f_ev_ gh y ih[m`^Ze >`bfZ gZklZb\Zlv b ml\_j^blv k\hx \eZklv Hg kq_e wlh ljm^guf gh \ dhgp_ dhgph\ \ub]jZe wlhl jZmg^ kjZ`_gby Yaud ih [hevr_c qZklb ^himkdZe l_jfbgheh]bx \h_ggh]h lbiZ IZeZq gZklZb\Ze gZ lhf qlh[u kimklblvky k gbf gZ klmi_g_c \gba gZ fZe_gvdmx e_klgbqgmx iehsZ^dmaZl_f_s_gZiylvklmi_g_c\gba]^_kb^_eFZchjHgg_ ijbf_l j_r_gby iha\heblv >`bfm ih]h\hjblv k ^\mfy magbdZfb ² _fmgZ^hihkh\_sZlvkyk Fmq_gbdhfb Bkke_^h\Zl_e_fb ihemqblvbo ih^^_j`dm < dhgp_dhgph\kh]eZkb_[uehg_hohlgh^Zghb >`bfihr_e ih]h\hjblv k >_\mrdhc HgZ kdZaZeZ _fm ^Z _c ohq_lky [ulv k\h[h^ghcghih__ keh\ZfhgZihl_jyeZk\h_iheh`_gb_Y kijhkbe >`bfZ dZdbf [ueh iheh`_gb_ dhlhjh_ hgZ ihl_jyeZ Gm hgZ g_\bggZhgZlhevdh^he`gZoehiZlv]eZaZfbb ex^b^_eZxldZdhgZ ohq_l Dh]^Z >`bf kdZaZe wlh _]h ebph aZebehkv djZkdhc b y ihqm\kl\h\Zeqlhhg_^\Zk^_j`b\Z_lke_auY kdZaZe AgZqbl m g__ dhgnebdl _keb hgZ \uc^_l lh mljZlbl qZklv k\h_ckbeu>`bfdb\gmeaZl_fijhbag_kHgZ\ureZb \bkg_lgZ IZeZq_bsZih^^_j`dbHgh[gbfZ_l__b hgbklZeb^jmavyfb Ke_au dhlhju_ >`bf lZd klZjZeky k^_j`Zlv gZdhg_p gZqZeb l_qv Wlh [ue ^\_gZ^pZluc k_Zgk b \ i_j\uc jZa hg iha\hebe k_[_ hkeZ[blv dhgljhev gZ^ k\hbfb qm\kl\Zfb gZklhevdh qlh aZieZdZe IZeZq gm`^Zeky \ fy]dhklb >_\mrdb hgZ ² \ _]h kbe_ >`bf gZ[ex^Ze aZ gbfb dh]^Z hgb ih^gbfZebkv ih klmi_gyf b fZoZeb >`bfmgZijhsZgb_ Wlh [ue \hegmxsbc b ljh]Zl_evguc k_Zgk ^ey gZk h[hbo b ohly fu agZeb qlh _s_ g_ \k_ k^_eZgh ijhju\ dhg_qgh [ue agZqbl_evguf Dh]^Z >`bf moh^be y kdZaZe Fh`gh fg_ h[gylv \Zk Hg ihqlb aZ^mrbe f_gy Y \k_]^Z qm\kl\mx qlh [ueh g_h[oh^bfh kijhkblvm deb_glZ b \ l_o j_^dbo kemqZyo dh]^Z y lZd ^_eZx wlh hdZau\Z_lky \_jguf Wlh `_kl dhlhjuc gbdh]^Z g_ ke_^m_lkqblZlvkZfbfkh[hcjZamf_xsbfky H[km`^_gb_kemqZy>`bfZ HibkZgb_ ^\mo jy^h\ klmi_g_c hklZehkv gkykguf djhf_ nZdlZ qlh hgb ^he]h kimkdZebkv \gba ?keb ihfgblv h lhf qlh kimkd hebp_l\hjy_l oh`^_gb_ \ [_kkhagZl_evgh_ lh _]h km[ebqghklb [ueb ]em[hdh mdhj_g_ggufb \ g_f >\Z jy^Z klmi_g_c aZk em`b\Zxl ^Zevg_cr_]h jZafure_gby `bfZlm^Zhldm^Z[ueb\b^gudZf_ju Z aZl_f gZ fZe_gvdhc e_klgbqghc iehsZ^d_ hg fh] i_j_\_klb ^mo
HklZ\rb_ky iylv klmi_g_c hebp_l\hjyeb aZdexqbl_evgmx qZklv kimkdZ\k_]hh^gmiylmxY lZd`_^mfZxqlhqbkeh[uehqZklvx fZl_fZlbq_kdh]h mfZ >`bfZ ohly fu gbdh]^Z g_ h[km`^Zeb \hafh`gh_agZq_gb_wlhcpbnju Bgl_j_kghhlf_lblvqlhohlyhklZebkvb ^jm]b_km[ebqghklb ^\Z hkgh\guo i_jkhgZ`Z ² IZeZq b >_\mrdZ klZeb ^jmavyfb b bf_ggh wlhl nZdl dZ`_lky \Z`guf @_gkdh_ gZqZeh kh^_j`Zehkv \ aZdexq_gbb ijb wlhf hkms_kl\eyy k\hx \eZklv q_j_a fZgbimebjh\Zgb_ KemqZc>`hZg >`hZg ijbr_^rZy dh fg_ jZ^b k\h_]h ebqghklgh]h jZa\blby dZd dhgkmevlZglZ [ueZ aZfm`g_c ^Zfhc g_fgh]h aZ iylv^_kyl bf_xs_c ^_l_c H^gbf ba kihkh[h\ dhlhjuf fh`gh [ueh \hclb \ dhglZdl k __ km[ebqghklyfb klZeh bkihevah\Zgb_ ^hfZ ohly b hl^_evgh hl bkke_^h\Zgby kZfhc l_fu ^hfZ >`hZg m`_ agZeZ qlh ^hf hebp_l\hjy_l __ kZfm hgZ kemqZcgh \klj_lbeZ fm^jmx `_gsbgm kijylZggmx \ q_j^Zqghc dhfgZl_ ijh^he`Zxsmx jZ[hlZlv gZ^ ]h[_e_ghf h^bg ba dmkhqdh\ dhlhjh]h [ue g_fgh]h g_ aZdhgq_g =h[_e_g fh`_l kem`blv kbf\hehf `bagb q_eh\_dZ beb dZdhclh__ qZklb Y ij_^eh`be>`hZgqlh[uhgZklhyaZh]jZ^hck\h_]h^hfZ \ua\ZeZ hllm^Z ex^_c gZoh^ysboky \gmljb HgZ kdZaZeZ Fg_ ijbrehkv k^_eZlv wlh g_kdhevdh jZa ij_`^_ q_f qlhlh ijhbahreh Hgb dZd [m^lh g_ kh[bjZebkv ih^qbgylvky fg_ gh aZl_f y klZeZ ih gZklhys_fmg_ij_dehgghc`hZgk^_eZeZiZmam\ k\h_fjZkkdZa_b ykijhkbe__[ueheb qlhgb[m^v _s_ Y g_ m\_j_gZ ² hl\_lbeZ >`hZg LZd ihah\bl_ kgh\Z ² ij_^eh`be y >`hZg gZqZeZ obobdZlv AgZ_l_ qlh `hZg\k_fg_jZkkdZ`_lFg_ g_ gjZ\blky wlZ ebqghklv ² kdZaZeZ hgZ gZdhg_p dh]^Z ke_au ij_djZlbebkv
kb]Zj_lu hdmlu\Z_l __ ebph L_i_jv hgZ \uoh^bl b b^_l d fhgZom dhlhjuc ih\hjZqb\Z_lkyd g_ckibghc Ihebp_ckdbc hiylv phdZ_l Z kb^_edZkfhljblgZk\hbghk²ijh^he`ZeZjZkkdZau\Zlv>`hZg >`hZg \gh\v gZqZeZ \koebiu\Zlv ^h[jZ\rbkv ^h wlh]h imgdlZ ?_ ]eZaZ hklZ\Zebkv aZdjulufb dZd [m^lh hgZ ohl_eZ m^_j`Zlv h[jZa Z \hafh`gh g_ ohl_eZ qlh[u y \b^_e ]em[bgm __ kljZ^ZgbcHgbhq_\b^ghg_ex[ylwlm^Zfm²kdZaZey>Zfm HgZg_^ZfZhgZijhklblmldZ²\hkdebdgmeZ>`hZg HgZ[md\Zevgh\uiexgmeZwlhkeh\hhldjueZ]eZaZb kdZaZeZ Y gbdh]^Z\ `bagbgkmihlj_[eyeZwlhkeh\hWlhagZqblqlh yh^gZbalZdbo"Wlhihke_^g__q_f\uohl_eb[u[ulvg_lZdeb" DZd\u^mfZ_l_hldm^ZhgZ\ayeZkv"²kijhkbeyDh]^Zfg_[ueh e_l q_lujgZ^pZlv y ijh\h^beZ dZgbdmeu m [Z[mrdb k ^_^mrdhc H^gZ`^u y \ureZ \ ]hklbgmx ihfh_fm fg_gbx baukdZggh m[jZggZy ihlhfm qlh ihljZlbeZ fgh]h \j_f_gb ]jbfbjmy ebph >_^mrdZ [jhkbe gZ f_gy \a]ey^ b kdZaZe >`hZg kgbfb k ebpZ fZkdmlu\u]ey^brvdZdmebqgZy^_\dZY [ueZ]hlh\Zm[blv_]hZ ^_^mrdZ iheZ]Ze qlh hg ojbklbZgbg Fhc hl_p hljm]Ze _]h gh y gbdh]^Zihke_wlh]hg_ex[beZ_]hihgZklhys_fm Y ij_^ihq_e g_ ij_ju\Zlv h[jZau fh_c iZpb_gldb Z ijbhklZgh\blv \kydh_ h[km`^_gb_ wlh]h kh[ulby Qlh \Zrb km[ebqghklbohlylkdZaZlv^jm]^jm]m"²kijhkbeyHgbgbq_]hg_ ohlyl]h\hjblvHgbijhklhijhoZ`b\Zxlkyg_]ey^y^jm]gZ^jm]Z ² ih^mfZ\ hl\_lbeZ `_gsbgZ Y ihkh\_lh\Ze >`hZg L_i_jv \havfbl_ gZ k_[y mijZ\e_gb_ kblmZpb_c Bf wlh fh`_l g_ ihgjZ\blvkygh\u^he`guQlh\u[m^_l_^_eZlv"B \hlqlh]jhfdh ijhbag_keZ>`hZgIhjy^hdj_[ylZ\u`b\_l_\ fh_f^hf_b mgZk _klv \k_ qlh[u m`blvky \f_kl_ Y g_ [m^m kkhjblvky baaZ imklydh\ bebbaaZwlh]h^mjZpdh]hfheqZgbyDZ`^ucba\Zkb]jZ_lk\hxjhev lZdqlh^Z\Zcl_gZqg_f]h\hjblv Y gbdh]^Z g_ keurZe qlh[u ]hehk >`hZg a\mqZe lZd j_rbl_evgh dZd ijb ihke_^mxs_f hibkZgbb lh]h qlh ijhbahreh Ihebp_ckdbc [ue i_j\uf dlh qlhlh k^_eZe Hg hleh`be k\hb [ehdghl ih^hr_e d Kb^_ed_ b gZqZe ]h\hjblv h __ k_fv_ Kh[eZagbl_evgbpZbf_gghlZdy j_rbeZgZau\Zlv__ kmabeZ]eZaZ ihkfhlj_eZ gZ FhgZoZ b ih^fb]gmeZ HgZ ^_ckl\bl_evgh ^Z\ZeZ _fm agZd²ih^hc^bHggZqZel_j_[blvrgmjhdm k_[ygZlZebbgh_fm ihlj_[h\ZeZkv p_eZy \_qghklv qlh[u ^\bgmlvky \ __ klhjhgm HgZ hlhreZhl^\_jgh]hdhkydZihlmrbeZhdmjhdkb]Zj_lu\ayeZ_]hih^ jmdmb hgb\ fheqZgbbmrebijhqv Ihlhf ijhbahreh kZfh_ kljZggh_ DZf_gguc ]jb[ \^jm] ij_\jZlbeky \ fh_]h ^_^mrdm Lh]^Z \k_ klZeh ykgh Fu qZklh ]h\hjbeb qlh hg l\_j^ dZd dZf_gv M f_gy \hagbdeZ ijh[e_fZ
hklZevgu_ bf_eb iZjm qlh `_ ^_eZlv fg_" Gh bf_ggh ^_^mrdZ k^_eZei_j\ucrZ]HgkdZaZeBa\bgb>yhZgLuijhsZ_rvf_gy" >`hZggZqZeZieZdZlvHge_ldZdmf_jZ yhdhehe_l^_j`ZeZ \ k\h_f k_j^p_ wlm dZf_ggmx ]eu[m Hg \aye f_gy ih^ jmdm b fu ijbkh_^bgbebkv d hklZevguf dhlhju_ ijhoZ`b\Zebkv Qlh fg_ ^_eZlv l_i_jv `hZg \hijhkbl_evgh ihkfhlj_eZ gZ f_gy Dh]^Z km[ebqghklb \uoh^yl hgb ^he`gu \_jgmlvky gh ihq_fm[ug_ihemqblvdZdh_gb[m^vm^h\hevkl\b_"Kijhkbl_m gbo qlh bf ohl_ehkv [u ^_eZlv ² hl\_lbe y Hgb kdZaZeb qlh ohl_eb [umkljhblvibdgbd²hl\_lbeZ>`hZg Bf_gghwlhhgbb k^_eZebZ dh]^Zijbreh\j_fyaZdZgqb\Zlv k_Zgk y ij_^eh`be >`hZg kdZaZlv bf qlh gZ \j_fy hgb ^he`gu \_jgmlvky\gmljvHgZ\klZeZm ^\_jbb ihp_eh\ZeZdZ`^h]hbagboZ ihke_^gbf²k\h_]h^_^mrdm H[km`^_gb_kemqZy>`hZg Ihebp_ckdbc >`hZg magZeZ i_jkhgZ` Wlh lhl dlh \k_o km^bl\k_]^ZijZ\\k_]^ZaZklZ\ey_lf_gyb ^jm]bo\ujh\gylvghkdb ihh^ghcebgbbHgfh`_l[ulv\iheg_ihe_agufqlh[uy hklZ\ZeZkv q_klghc b lhqghc gh \j_f_gZf hg i_j_oh^bl ]jZgbpu H^gZ`^u y _oZeZfbfhfZrbgudhlhjmxijbiZjdh\ZebaZ_oZ\gZljhlmZjFhb ihebp_ckdbc [md\Zevgh aZklZ\be f_gy ihklmqZlv \ ^\_jv b hljm]Zlv q_eh\_dZ >h kbo ihj y g_ ihgbfZeZ ihq_fm ihklmibeZ lZd ijhklh ^mfZeZqlhm f_gyh[s_kl\_ggZyihabpby Kb^_edZ WlZ km[ebqghklv g_ m^b\beZ >`hZg ihlhfm qlh lZdbf[uenhg__ `bagbgh\ wlhfi_jkhgZ`_>`hZgmagZeZh^gmba aZf_klbl_evgbp wdhghfdb dhlhjZy hdZau\ZeZ gZ g__ \ebygb_ \ i_j\u_ ^gb __ mq_[u WlZ oheh^gZy b qhihjgZy `_gsbgZ \k_]^Z kfhlj_eZk\ukhdZgZ\k_odlh[uegb`___ qbghfM f_gyb \fukeyo g_[uehqlhhgZ kdju\Z_lky lZf ;h`_ G_m`_eb y ijhba\h`m lZdh_ \i_qZle_gb_
²m^b\eyeZkv>`hZg FhgZo >`hZg kdZaZeZ ?]h e_]dh h[tykgblv ² wlh fh_ dZlhebq_kdh_ ijhbkoh`^_gb_ Hg ^h kbo ihj gm`_g fg_ gh y jZ^Z qlh hg kfh] g_fgh]h hl[jhkblv qhihjghklv \ ih\_^_gbb k Kh[eZagbl_evgbp_c Y qm\kl\h\ZeZ f_gy i_j_ihegy_l jZ^hklv dh]^Zhgbihfbjbebkv>mfZxfg_ _klv _s_ qlh ^_eZlv b k g_c b k fhbf^_^mrdhcWlhagZqblqlhy ihoh`ZgZg_k" Y h[tykgbe
G_dhlhjh_ \j_fy >`hZg kb^_eZ ]em[hdh aZ^mfZ\rbkv ihlhf ijhbag_keZDh]^Zy klZeZdZlhebqdhcdZdjZai_j_^l_fdZd\ureZ aZfm`y gZqZeZh^_\Zlvkyhq_gvljZ^bpbhggh²dZdl_i_jvb ohlyy ihevah\ZeZkv dhkf_lbdhc wlh \k_]^Z [ueh [eZ]hjZamfgh g_^hklZlhqgh ^ey lh]h qlh[u hkdhj[blv fh_]h fm`Z Lhevdh ihkemrZcl_ qlh y kdZaZeZ Dh]^Z y qblZeZ h ijhklblmldZo hkm`^_gguo aZ ijbklZ\Zgby d fm`qbgZf y ]h\hjbeZ fh_fm fm`m LZdbfb gZ^hJZa\_y [ueZg_m`Zkghc"GhagZ_l_
ih`_gbfky Y kdZaZe:glhgbhIhijhkbl_m ijbgp_kkukbf\heex[\b^ey \Zk:glhgbhhl\_lbeHgZ^Z_lfg_h^ghbak\hbodhe_pZ y ij_^eZ]Zx _c fhc f_q ihlhfm qlh hg dZ`_lky kZfZy ^jZ]hp_ggZy\_svdhlhjZym f_gy_klv Dh]^Z ijbreh \j_fy hklZ\blv wlm kp_gm y ij_^iheh`be qlh wlh \hafh`gh _]h hkh[h_ f_klh dm^Z hg fh`_l \_jgmlvky b dm^Z gbdlh g_ fh`_l \lhj]gmlvky Y g_ ohqm moh^blv
kdZaZeH q_f\ZfgZihfgbehwlh^\b`_gb_gbdm^Z"²Qlhlhba fh_c `bagb y iheZ]Zx wlh \k_ \_^v h g_c ijZ\^Z" ² hl\_lbe deb_gl Y kdZaZe GZ dZdmx qZklv \Zr_c `bagb wlh ihoh`_ ² g_bklh\h kdZdZlv gh \k_]h ebrv ^\b]Zlvky ih djm]m" Hg k_j^blh ijhbag_k G_ agZx KdZ`bl_ kZfb ² Bgl_j_kgh [ueh eb wlh g_qlh hlghkys__ky d jh^kl\_ggbdZf" ?klv m \Zk k d_fgb[m^v hlghr_gby ihoh`b_gZwlb"²aZ^Zey \hijhkM f_gyg_lgbdZdbohlghr_gbc lhevdh nebjl ZwlhlZdb yg_fh]\b^_lv wlhihlhfmqlhwlhhagZqZeh[uhklZ\blv__
qZeZ gm`^Zf hij_^_e_ggh]h deb_glZ lh]^Z hgZ klZgh\blky ebqguf iml_r_kl\b_fZ g_ijhklhmijZ`g_gb_f L_fZr_klgZ^pZlZy ² <medZg
Jbk<medZg Keh\h \medZg ijhbkoh^bl hl bf_gb eZlbgkdh]h [h]Z <medZgZ beb <medZgmkZ ?]h ]j_q_kdbc ^\hcgbd ² =_n_kl < fbnheh]bb \medZg gZ^_e_g kbeZfb ijhlb\hiheh`ghkl_c k h^ghc klhjhgu \medZgbq_kdZy a_fey g_\_jhylgh ieh^hjh^gZ k ^jm]hc klhjhgujZajmrbl_evguch]hgv\medZgZk\yaZgk b^__caeZ
KemqZc=Zj_lZ K =Zj_lhf fm`qbghc ijbf_jgh khjhdZ e_l y \ l_q_gb_ g_kdhevdbo k_Zgkh\ jZ[hlZe gZ^ _]h ijh[e_fZfb \ [jZd_ Hg hibku\Ze k\hx j_Zdpbx gZ kihj dhlhjZy ih _]h keh\Zf \ureZ ba ih^dhgljheyb \k__s_kbevgh^ufbeZkvY kdZaZª@DZ`_lky\uh[Z `b\_l_dZdgZ\medZg_Hgihkfhlj_e\^ZevaZl_fijhbag_kLZdb _klv Z`_ \h kg_ y ih^mfZe qlh wlh aZ[Z\gh
h[jZaZfbQZklhlhqlhijhbkoh^bl\h\j_fyk_ZgkZijh^he`Z_lkyb jZa\b\Z_lky \gmljb [_kkhagZl_evgh]h deb_glZ Bf_ggh ih wlhc ijbqbg_ y qZklh jZ[hlZx kh kgh\b^_gbyfb hkh[_ggh dh]^Z deb_gl ]h\hjbl qlhlh \jh^_ Y g_^Z\gh \b^_e wlhl khg b hg [_kihdhbl f_gyF_`^mkgZfbb h[jZaZfbgZklhevdh[ebadh_jh^kl\hqlhhgb y m\_j_g \ebyxl ^jm] gZ ^jm]Z b b]ghjbjh\Zlv kgu deb_glZ agZqbl b]ghjbjh\Zlvihl_gpbZevghieh^hl\hjgh_bkke_^h\Zgb_ L_fZk_fgZ^pZlZy²Imklugy >bdh_ f_klh beb imklugy ² wlh h[jZa dhlhjuc \ ebqghf ihbkd_qZklh\hagbdZ_lkihglZgghb y\\_e^bdh_f_klhimklugxb au[mqbci_khdihlhfmqlhhgb\hfgh]hfk\yaZgu^jm]k ^jm]hf >bdh_f_klh²wlh^bdbcg_hdmevlmj_ggucdjZcbebmqZklhd a_febg_gZk_e_ggucbebgZk_e_gguclhevdh^bdbfb`b\hlgufb f_klh h^bghq_kl\Z b `_klhdhklb g_\ha^_eZgguc beb aZ[jhr_gguc djZc ]^_ q_eh\_d fh`_l kdblZlvky beb ihl_jylv k\hc imlvImklugyh[hagZqZ_lg_gZk_ey_fucbebg_dmevlb\bjm_fucdjZc b ihegh_hlkmlkl\b_jZklbl_evghklb Fu gZ[ex^Zeb wlh \ kemqZ_ k >`bfhf dhlhjuc bah[jZabe k\hx lxjvfm ihkj_^b i_kqZghc imklugb < fh_f kh[kl\_gghf hiul_hgZ\hagbdeZkihglZgghdh]^Z\h\j_fylj_gbjh\hqgh]hk_ZgkZ fhc ijh\h^gbd ij_^eh`be qlh[u y \bamZebabjh\Ze k\h_ jh`^_gb_ DZjlbgZ \hagbdrZy \iheg_ kihglZggh bah[jZ`ZeZ oheh^gmx imklugx k \_ljyghc f_evgbp_c djuevy dhlhjhc gZoh^bebkv \ kh\_jr_gghfihdh_Wlh[ueZdZjlbgZihegh]haZimkl_gbyY ieZdZe lh]^Zb kl_oihjfgh]hjZaklj_fbekyba\e_qvbawlh]hkfuke WlZ kp_gZ gZqZeZ ijbh[j_lZlv kfuke kimkly ]h^u dh]^Z y ibkZe h `bagb k\hbo jh^bl_e_c Y jh^beky \ :\kljZebb q_j_a f_kyp_\ ihke_ lh]h dZd \lhjhc kug fhbo jh^bl_e_c ih]b[ \h \j_fy ih`ZjZ\ ^hf_ Dh]^Z y ibkZe b \gh\v i_j_`b\Ze wlm bklhjbx f_gy ih]ehlbeZi_qZevY f_^e_gghijbr_ed \u\h^mqlhimklug_c[ueb qm\kl\Zdhlhju_y \uau\Zem k\hbojh^bl_e_c_s_ho\Zq_gguok\h_c i_qZevx Ihqlb e_l kimkly y hlqZklb kgh\Z bkiulu\Ze i_qZev dhlhjmxqm\kl\h\Zebhgbb dZdbflhh[jZahfk\yau\Zeb__ kh fghc dh]^Zy gZoh^beky\ mljh[_b \ihke_^kl\bbGZlhqlh[uihgylvwlhm f_gymreZihqlb\ky`bagv < j_eb]bhaghf kbf\hebaf_ h[jZa imklugb khhlghkblky k gug_rgbffbjhfbeb`bagvxdZdijhlb\hiheh`ghklvxg_[_kZfbeb [m^ms_c `bagb < Imlb ibeb]jbfZ ;ZgvygZ fu qblZ_f Dh]^Z y r_e q_j_a imklugx wlh]h fbjZ B \ ;b[ebb Hg ;h] gZr_q _]h BZdh\Z` \ imklug_ \ kl_ib i_qZevghc b ^bdhc h]jZ`^Ze _]h kfhlj_e aZ gbf ojZgbe _]h dZd a_gbpm hdZ K\h_]h
Imklugyk\yau\Z_lkyk bkdmr_gb_f Bbkmk ijh\_e \j_fy bkdmr_gby h^bg \ imklug_ Z \ IkZef_ fu qblZ_f K_]h^gy _keb \u mkeurbl__]h]hehkg_h`_klhqZcl_k\hbk_j^pZ dZd \ ih^klj_dZl_evkl\_ b dZd \ ^_gv bkdmr_gby \ imklug_ Dha_e hlims_gby [ue hlims_g \ imklugx g_ky ]j_ob ^_l_c BajZbe_puo\ [b[e_ckdhcijblq_h aZ[em^r_ch\p_Bbkmk]h\hjblh lhfqlhgZ^hhklZ\blv^_\yghklh^_\ylv\ imklug_qlh[ugZclbh^gm ijhiZ\rmxEmdZ BafZbeb _]hfZlv:]Zjv[uebba]gZgu\ imklugx:\jZZfhf dhlhjuc ihjh^be BafZbeZ BafZbe [ue ij_^dhf dhq_\uo ZjZ[kdbo bafZbeblh\ hj]Zgbah\Zgguo dZd bajZweblu \ ^\_gZ^pZlv ie_f_g Ihkdhevdm bkeZf ijhke_`b\Z_l k\hx jh^hkeh\gmx q_j_a BkZZdZ fmkmevfZg_ _\j_b b ojbklbZg_ ² wlh ^moh\gu_ ^_lb :\jZZfZ ?\j_bb fmkmevfZg_²Zjo_lbiudhgnebdlZf_`^m[jZlvyfb Imklugy²wlhf_klh]^_ihiZ^Zxl\ eh\mrdb< wlhclZdhc h[rbjghc imklug_ iheghc aZkZ^ b hiZkghkl_c K\ylhc :\]mk lbg >Zgl_ \ ;h`_kl\_gghc dhf_^bb ]h\hjbl h[ wlhc ^bdhc imklug_ Kwj IZjkbnZev \ ihbkdZo K\ylh]h =jZZey hdZaZeky kdblZxsbfky \ imklug_ b [hyeky qlh fh`_l mf_j_lv lZf Ih^jZamf_\Z_lkyqlhimklugy²wlhf_klh]^_g_]gZijZ\e_gbylZf e_]dhfh`ghaZ[em^blvkyg_\ gbd >`hgZ<mefZgZ H imklug_ fh`gh ]h\hjblv dZd h \h^_ LZd hdZaZ\rbkv ih kj_^b\_ebqZcr_cimklugb \h^\ fbj_[_a ijh\babb fu khqeb qlh aZ[em^bebkv b ijb]hlh\bebkv d kf_jlb Gh\Zy :leZglb^Z Kwj Njwgkbk;wdhg BebdZdh aZf_jar_c\h^_iheyjgu_h[eZklb² wlhh[rbjgu_aZf_jarb_imklugb Imklugyhebp_l\hjy_l\k_aeh_ Gm^ZfZq_klb]^_l_i_jvl\hyq_klv" Gbh^bgfm`qbgZg_fh`_lkhhl\_lkl\h\Zlv l\hbfkdehgghklyfdjhf_ijbgpZ Lu²iehohijbdjulZybkihjq_gghklvlu²dZjlbgZ Kha^ZggZyom^h`gbdhfb Zil_dZj_f Lu²[_kihdhcgh_fhj_ihohlblu²imklugy GZk_e_ggZy^bdbfbfukeyfb lu²ijh]ehq_ggh_h[eZdh
Bgn_dpbblu²ki_eZyrZolZ\k_o[he_ag_c Lu²\hiehs_gb_]j_oZZ^Zb ^_fhgh\ Njwgkbk;hfhg Imklugy lZd`_ kbf\he kf_jlb L_i_jv \ dhgp_ wlhc >hebgu [ueZ _s_ h^gZ gZa\ZggZy >hebghc L_gb Kf_jlb b ojbklbZgbgm gm`ghijhclb__ihlhfmqlhimlvd G_[_kghfm]hjh^me_`blq_j_a__ k_j_^bgm Gm Z wlZ >hebgZ ² m_^bg_ggh_ f_klh Ijhjhd B_j_fby hibku\Z_l __ lZd ^bdh_ f_klh a_fey imklugv b eh\mr_d a_fey aZkmob a_fey dhlhjmx g_ ijhc^_l gb h^bg q_eh\_d djhf_ ojbklbZgbgZ b ]^_g_`b\_lgb h^bgq_eh\_d>`hg;ZgvygImlv irb]jbfZ` Imklugy²wlh`bebs_^vy\heZ >_ckl\bl_evgh ohly \ imklug_ q_eh\_d gbdh]^Z g_ [u\Z_l h^bgg_lhevdhihlhfmqlhhg kZf k kh[hc b k\hbfb kh[kl\_ggufb fukeyfb gh ih]hfm qlh hg k ^vy\hehf dhlhjuc \k_]^Z khijh\h`^Z_l gZr_ h^bghq_kl\h b y\ey_lky fyl_`ghc g_ihdhjghklvx dhlhjZy kh[bjZ_l [_kihjy^hqgu_ ^\b`_gby khijh\h`xxsb_ bahebjh\Zggh_ \hh[jZ`_gb_ Kwj LhfZk ;jZmg QZklvx bgbpbZpbb xghr_c k_\_jhZf_jbdZgkdbo bg^_cp_\ y\ey_lky mqZklb_ \ ihbkd_ aj_gby dh]^Z xghrZ hlijZ\ey_lky \ imklugxh^bg[_a_^ub \h^u\ ihbkdZoebqgh]hh[_j_]Zxs_]h^moZ h[uqghihdZaZggh]h_fm\hkg_Hq_gvqZklhihe_aghk\yau\Zlv^bdh_ f_klh k imklug_c ;em`^Zgb_ \ imklug_ beb aZ[jhr_gghf f_kl_ ² wlh ]hjvdbc kbf\he q_eh\_q_kdh]h khklhygby \hijhrZxs_]h hlqZygbyihbkdZkfukeZ\ fbj_dhlhjucdZ`_lkyebr_gguf`bagbb qm\kl\ZHghkbf\hebabjm_lf_klhhldjh\_gbyb ih^]hlh\dbImklugy ² wlh f_klh khegpZ gh khegpZ \h \k_c k\h_c gZijy`_gghklb [_a h[e_]q_gby h^gZdh dh]^Z khegp_ kZ^blky imklugy oheh^gZ Wlh fh`ghk\yaZlvk [hxag_ggufhiulhfdh]^ZdZ`_lkyqlhimlv\i_j_^ [_kij_klZggh b^_l q_j_a \uau\Zxsbc h`h]b `Zj b oheh^gu_ h^bghdb_ ghqb OZjZdl_jgh qlh \h^Z kbf\he nbabq_kdh]h b ^moh\gh]h iblZgby hlkmlkl\m_l \ imklug_ dhlhjZy klZgh\blky f_klhfwfhpbhgZevghcb ^moh\ghcimklhlub ]heh^Zlhkdbb i_qZeb H^gZdh \gmljb wlh]h kh^_j`blky iZjZ^hdk ihlhfm qlh bgl_gkb\gh_ khegp_ lZd`_ hebp_l\hjy_l hqbs_gb_ q_j_a k`b]Zgb_ g_`_eZl_evgh]h Imklugy beb ^bdh_ f_klh wlh `bebs_ [h]bgb :jl_fb^u b oh`^_gb_ \ ^bdh_ f_klh hagZqZ_l dhglZdl k `_gkdbf gZqZehfEx^bdhlhju_h[^mfZggh\u[bjZxlimlvq_j_a^bdh_f_klh dZd kj_^kl\h m\_ebq_gby kZfhkhagZgby h[gZjm`b\Zxl qlh klZeb [he__fukeysbfbHgbh[gZjm`b\Zxl qlh bo kgh\b^_gby klZgh\ylky yjq_ Z wlh m\_ebqb\Z_l
kihkh[ghklvkfhlj_lv\ k_[y Hq_gv qZklh \ fbn_ b e_]_g^_ bsmsbc ]_jhc \ugm`^_g ijhclbq_j_aimklugxqlh[ugZclblhqlhbs_lihkdhevdmh[uqgh\ ^bdh_f_klhhlijZ\eyxlkyk hij_^_e_gghcp_evxH^gZdh\ imklug_ ^h[b\Zxlky k\_jr_gbc
;hevrbgkl\h ex^_c qm\kl\mxl k_[y [he__ dhfnhjlgh jZ[hlZy k hsms_] beb bglmbpb_c qm\kl\Zfb beb jZafure_gbyfb >hfbgbjmxsZy beb \ur_klk nmgdpby ba iZju qZklh bkihevam_lky \ ij_^ihql_gb_ejmlhbdhlhjZyhklZ_lkyjZa\blhcbebih^qbg_gghc m g__ [ueZ hlqZyggZy ihlj_[ghklv q_]hlh ^h[blvky h^gZdh dZd hgZ ]h\hjbeZ M f_gy \gmljb aZeh`_gZ ijh]jZffZ dhlhjZy ]h\hjblqlhy ijh\ZexkvHgZmqbeZkvqlh[uklZlvf_^k_kljhc GZ wlhldhgnebdlmoh^beh fgh]hwg_j]bb b hgZeb[hg_fh]eZ\h\j_fy
mqZkl\h\Zlv \ k\hbo aZ^Zgbyo eb[h k^Z\ZeZ bo lZd iha^gh qlh g_ ihemqZeZhp_ghddhlhju_[u__ m^h\e_l\hjyeb HgZ \bamZebabjh\ZeZ wlb ^\Z dhgnebdlmxsbo Zki_dlZ k\h_c ebqghklbdZd]hjmk ^\mfy\_jrbgZfbdhlhju_gZa\ZeZG_ijbylb_ b AZ[jhr_gghklv gh f_`^m Dwjhe b gbfb [ueZ imklugy q_j_a dhlhjmx hgZ ^he`gZ [ueZ ijhclb Y g_ kfhljx \i_j_^ gZ wlhl _^bgkl\_ggucfZe_gvdbcdmkhq_dy ^_ckl\bl_evghkbevghbkim]ZgZ AZl_fDwjhe\_jgmeZkvgZg_kdhevdhk_Zgkh\gZaZ^dh]^ZhgZ\hreZ\ ohef qlh[u gZclb bklhd j_db Lh]^Z fg_ ijbrehkv gZmqblvky ^h\_jylvfhbfqm\kl\Zfl_i_jv gZ^h k^_eZlv lh `_ kZfh_ Gh [he__ lh]hy ^mfZx\k_wlh\j_fymrehm f_gygZlhqlh[uihqm\kl\h\Zlv qlh y fh]m ^h\_jylv \Zf hqv fhyluijhreZ^he]mxly`_emx^hjh]mqlh[u^h[jZlvkykx^ZgZ^h ijhclb_s_[hevr_ghg_hlju\Zc\a]ey^hl\_jrbgZ y\klj_qml_[y lZf
bkdZeZhl\_lZq_f\_jbeZ\hijhkFg_dZ`_lky[m^lh\vjmkehj_db ijhklh g_ fh`_l [he lj_sbgZ ² wlh g_qlh hlghkys__ ih^mfZeZ aZl_fgZqZeZ] `beZ gZ]jZ^m Fh`_l [ulv lj_sbgZ [ueZ __ ijbagZgZ h[klhyl_evkl\ZqlhhgZk ljm^hf^h\_jyeZfg_ Y himkdZxjmdm\ lj_sbgmb gZoh`mfZe_gvdh]h[_eh]hfvr dZY ex[exfur_cY gZah\m_]hFZeurHgfh`_liml_r_k\Zlvkh fghc Y gZreZ djhrdb \ dZjfZg_ b hg _kl bo k f jmdb ² jZkkdZau\ZeZ Dwjhe Wlh keZ\gh Dwjhe
² kijhkbe y aZkf_yeZkv Fhcfm`_kl_kl\_gghB \udhjfbl__]h\ky fb ohjhrbfb \_sZfb" ² ihrmlbe y KlZjZxkv ² hgZ m
gmeZkv Qlh \u qm\kl\m_l_ ih ih\h^m lh]h qlh[u ijh^heZ iml_r_kl\b_" ² y ijh^he`Ze aZ^Z\Zlv iml_r_kl\b \hijhku KlZgh\] kebrdhf `Zjdh Y hl^hogm ih^ _" kdZehcdhlhjZyfg_\b^gZihke_^h\Zehl\_l Dh]^Z Dwjhe ijh^he`beZ k\h_ iml_r_kl\b_ a_fey ih^gyeZkv ^h\hevgh \ukhdh b hgZ ihqlb aZdjbqZeZ hl jZ^hklb
jZ[hlZ_l_ dZd [h[j ihfh]eZ _c jZkkfhlj_lv h^gm \hafh`ghklv
\hh[jZ`Z_fufbZ \h[jZaZo\k_\hafh`gh< lh`_\j_fyy gZklZb\Ze gZ hklhjh`ghklb b ij_^eh`be qlh[u Dwjhe kgZqZeZ bkke_^h\ZeZ ha_jhb gZreZ_]hbklhdAZf_qZgb_h[hklhjh`ghklbhkgh\ZghgZlhf ijbgpbi_ qlh h[uqgh ihlj_[m_lky \j_fy ij_`^_ q_f ijhbahc^_l dZdZyeb[hljZgknhjfZpby>eyjZ[hlu[_kkhagZl_evgh]hg_h[oh^bfh \j_fy l_f [he__ qlh [h[ju \h^gu_ kms_kl\Z hlghkylky [hevr_ d [_kkhagZl_evghfmq_fd khagZl_evghfm Wlhh^bgba^\mo [hevrbo dZfg_c dhlhju_ ij_^klZ\beZ k_[_ Dwjhe ih h^ghfm gZ dZ`^hc klhjhg_ jmkeZ j_db GZ[jhkhd ihdZau\Z_ldZdhgZhibku\ZeZdZjlbgm Hl ha_jZ ]hjZ \b^gZ [he__ ykgh b [ueh [u eh]bqgh ij_^iheh`blv qlh ha_jh iblZehkv \h^hc k[_]Z\r_c ih __ kdehgZf Ghwlh[uehg_lZdGZ^Zevg_fdhgp_ha_jZy \b`mnhglZg[vxsbc bajh^gbdZY agZxwlha\mqblg_eh]bqghgh\_^vlZdb ^he`gh[ulv ijZ\^Z" AgZqbl Dwjhe \u hiylv gZreb bklhd Iha^jZ\eyx ² kdZaZey
JbkWkdbajmkeZj_db QlhdZkZ_lky[h[jh\y ^mfZxqlhihkljhxijbxlb ijhkied lZf ghqv Fg_ [m^_l m^h[gh Ihlhf y ih^mfZx qlh ^_eZlv k aZ ijm^hb²jZafureyeZDwjhe Wlh [ueh \k_ qlh fu kfh]eb k^_eZlv gZ lhf k_Zgk_ Z dh]^Z hg\_jgmeZkvgZke_^mxs_cg_^_e_hgZkdZaZeZK\_jrbehkvY \b ^_eZ ihgZklhys_fm qm^_kguc khg Y kiZeZ \ ijbxl_ dh]^Z dh fg_ ijbr_ehqvfhyl_[_g_lgm`^ub^lbd ]hj_ihlhf?qlhlu
gZreZa^_kv\k_qlhl_[_gm`ghB^_fkhfghcHg\ayef_gyaZjmdm b ih\_e d [_j_]m ha_jZ < aZijm^_ [ueZ [hevrZy ^ujZ b \h^Z gZqZeZ l_qv q_j_a g__ Y m\_j_gZ \h`^v fh] \b^_lv qlh y lj_\h`mkv baaZ [h[jh\lZddZd\_e_efg_kfhlj_lvb mdZaZeq_jk LaZijm^mY m\b^_eZ ij_djZkgmxehamk ]jha^vyfbq_jgh]h\bgh]jZ^Z gZ g_c Y agZeZ qlh ehaZ b [h[ju dZdbflh h[jZahf [ueb ljZgknhjfbjh\ZguY h[_jgmeZkvqlh[uih]h\hjblvk
JbkDhe^mgvy Dhe^mgvy ² Zjo_lbi aehc fZl_jb Wlh ^_kljmdlb\gZy g_]Zlb\gZy klhjhgZ Zjo_lbiZ fZl_jb KljZo i_j_^ ^vy\hehf b dhe^mgvyfb [_j_l gZqZeh ba ^j_\gbo \j_f_g Fgh]b_ km_\_jby hdjm`Zxsb_ dhe^mgbc ijhbkoh^yl ba ojbklbZgkdh]h ij_ke_^h\Zgby l_o dlh hldZau\Zeky hlj_qvky hl k\hbo yauq_kdbo \_jh\Zgbc hkh[_ggh dmevlZ fZl_jbA_feb Dhe^mgvy ijbkmlkl\m_l \h fgh]bo \her_[guo kdZadZob e_]_g^Zo < kdZad_ [jZlv_\ =jbff =_ga_ev b =j_l_ev lZd ]h\hjblky h
dhe^mgv_ Dh]^Z j_[_ghd hdZaZeky \ __ \eZklb hgZ m[beZ _]h ijb]hlh\beZb kt_eZb wlh[ue^eyg__ijZa^gbqgucibj< fbn_b e_]_g^_m dhe^mgbcdjZkgu_]eZaZb hgbg_fh]ml\b^_lv^Ze_dhghm gbo hkljuc gxo dZd m `b\hlguo hgb qm\kl\mxl dh]^Z ex^b hdZau\Zxlky ih[ebahklb < H]gb\_ =Zgk OjbklbZg :g^_jk_g lZd hibku\Z_l klZjmx dhe^mgvx HgZ [ueZ hl\jZlbl_evgZ b __ gb`gyy ]m[Z k\bkZeZ ^h ]jm^b < FZd[_l_ R_dkibjZ ljb dhe^mgvb ij_^kdZau\Zxl\ha\ur_gb_FZd[_lZZ aZl_f_]hiZ^_gb_ < Dhjhe_ey]mrhgd_ [jZlv_\ =jbff ij_djZkgZy ijbgp_kkZ b]jZeZ kh k\hbf ahehluf fyqhf b hg miZe \ dheh^_p ;_ah[jZaguc ey]mrhghd ihh[_sZe ^hklZlv _c fyq _keb hgZ ihh[_sZ_l ex[blv f_gy b iha\heblv fg_ [ulv l\hbf ^jm]hf b lh\Zjbs_f ih b]jZf kb^_lv jy^hf k lh[hc aZ l\hbf fZe_gvdbf klhehf _klv k l\h_c fZe_gvdhcahehlhclZj_edbiblvbal\h_cfZe_gvdhcqZrdbb kiZlv\ l\h_cfZe_gvdhcdjh\Zlb²_kebluihh[_sZ_rvfg_wlhy kimsmkv \gba b ijbg_km l_[_ gZaZ^ l\hc ahehlhc fyq Ijbgp_kkZ hohlgh kh]eZkbeZkv gh dh]^Z ey]mrhghd \_jgmeky hgZ m[_`ZeZ GZ ke_^mxsbc^_gv\h\j_fyh[_^Zey]mrhghdihy\bekyb gZihfgbe_c h __ h[_sZgbb G_kfhljy gZ g_`_eZgb_ dhjhev kdZaZe qlh hgZ ^he`gZ \uihegblv h[_sZgb_ LZd qlh ey@amrhghd _e k __ ahehlhc lZj_edb b ibe ba __ qZrdb M g__ \uau\Zeh hl\jZs_gb_ lh qlh hg [m^_l kiZlv \ __ djh\Zlb k r_edh\ufb ijhklugyfb HgZ r\ujgmeZ ey]mrhgdZ\ kl_gmLhlh[_jgmekyijbgp_fdhlhjuc[ueij_\jZs_g \ ey]mrdm dhe^mgv_c WlZ bklhjby kbf\hebabjm_l ljZgknhjfZpbx kh^_j`Zgby [_kkhagZl_evgh]h iml_f mklZgh\e_gby ^jm`_kdbo hlghr_gbcHgZlZd`_ijb\e_dZ_]\gbfZgb_d lhfmdZd\Z`gh[ulv q_klguf\ kh]eZr_gbbk ikbobdhc < ;b[ebb pZjv KZme bs_l ihfhsb m Dhe^mgvb Wg^hjZ agZdhfuc^mo Hgohq_lmagZlvm ^moZf_jl\h]hKZfmbeZdZd_fm \_jgmlv[eZ]h\he_gb_;h]Zdhlhjucihdbgme_]hb hl^Ze_]hpZjkl\h >Z\b^mKZfmbeq_j_adhe^mgvxij_^kdZau\Z_liZ^_gb_KZmeZ < Ihwabb d_evlkdbo khklyaZgbc Wjg_klZ J_gZgZ ijb[ebabl_evghqblZ_f H^gZ`^u dh]^Z ;jwg ;eZ]hkeh\_gguc hohlbeky \ BjeZg^bb gZ [_j_]m ha_jZ hg m\b^_e \uoh^ys_]h ba g_]h q_jgh]h q_eh\_dZ g_kms_]h gZ kibg_ h]jhfguc dhl_e AZ gbf ke_^h\Zeb dhe^mgvy b ]ghf Wlhl dhl_e [ue gZ^_e_g k\_jot_kl_kl\_gghc kbehc b ijbgZ^e_`Ze k_fv_ \_ebdZgh\ Hg e_qbe \k_ [he_agb b \ha\jZsZe `bagvf_jl\uf < NZmkl_dhe^mgvyih]jm`Z_lk\hcq_jiZd\ dhl_eb [jhkZ_l yaudbieZf_gb\ NZmklZF_nbklhn_eyb h[_avygH[_avyguoguqml Dhe^mgvy g_h[uqZcguf `_klhf hibku\Z_l djm] b ihf_sZ_l \gmljb g_]hkljZggu_\_sbGZdhg_phgZijbghkbl[hevrmxdgb]mb klZ\bl
h[_avyg\ djm]qlh[ul_kem`beb_cklhehfb ^_j`ZebnZd_euHgZ db\Z_l ^_eZy NZmklm agZd ih^hclb b \jmqZ_l _fm hfheZ`b\Zxs__ a_ev_ Dhe^mgvy kbf\hebabjm_l khijhlb\e_gb_ [_kkhagZl_evgh]h fZl_jbZeZ\ug_k_ggh]hgZk\_lkhagZl_evgh]hW]hb jZamfghc \heb Dhe^mgvb ij_^ihqblZxl ghqghc fbj ]em[bgu e_kh\ hgb gZk_eyxl ih]jZgbqgu_ a_feb f_`^m khagZl_evguf b [_kkhagZl_evguf ihjh] dhlhjuc \_^_l \ [_kkhagZl_evgh_ DZd Zjo_lbibq_kdZy IehoZy FZlv hgbij_^klZ\eyxl:gbfmfm`qbgu KemqZcLj_ckb Lj_ckb ih^oh^beZ d dhgpm ihqlb lj_oe_lg_]h dhgkmevlbjh\Zgbybf_\r_]hk\h_cp_evxebqgh_jZa\blb_HgZ[ueZ klZjr_c f_^k_kljhc b \ gZqZe_ gZr_c kh\f_klghc jZ[hlu bkiulu\ZeZkbevguc klj_kkhl kebrdhf [hevrhc hl\_lkl\_gghklb b g_^hklZlhqghcih^^_j`dbH^gZ__ iZpb_gldZmf_jeZb wlh\ua\Zeh m g__ kbevgmx lj_\h]m \hagbd dhgnebdl hgZ qm\kl\h\ZeZ qlh __ djblbdmxl Bf_ggh \ k\yab k wlbf kemqZ_f l_fZ [ueZ ih^gylZ kgh\Z b bkke_^h\ZgZgZ^jm]hfmjh\g__gv ghy[jy ]h^Z mfure_ggh ij_g_[j_]eZ iZpb_gldhc \\_j_gghcl\h_fmihi_q_gbxb g_kmf_eZij_^hklZ\blv_cgZ^e_`Z sbc moh^ lZd qlh hgZ mf_jeZ DZdhc lu k_[y ijbagZ_rv \bgh\ghcbebg_\bgh\ghc" MqZklb_\ ^_ckl\bblZdbfh[jZahfjbkdh\Zgghb qlh[u^_eZlv wlhgZ^h[ulvm\_j_gguf\ deb_gl_ihlhfmqlhwlh]em[hdbcf_lh^ jZ[hluLj_ckbgZqZeZieZdZlvihlhfmqlhyih\b^bfhfmaZ^_e__ wfhpbhgZevgmx kljmgm Y ih\lhjbe IjbagZ_rv eb lu k_[y \bgh\ghc" Y ohl_e qlh[u Lj_ckb mkeurZeZ dZd hgZ kZfZ ]h\hjbl Y g_\bgh\gZ²qlhhgZb k^_eZeZkd\havke_auAZl_fy ihijhkbe __ ihkfhlj_lv[he__ijbklZevghgZk\h_]hkm^vxLj_ckbijhbag_keZ Wlh m`ZkgZy dhe^mgvy h^gZ ba fhbo rdhevguo mqbl_evgbp klhbl lZf kh k\hbf [_euf ebphf b ^ebgghc mdZadhc HgZ ihdZau\Z_l gZ keh\ZgZibkZggu_gZ^hkd_dhlhju_]eZkyl
Lj_ckb\bgh\gZ\ aehgZf_j_gghcg_[j_`ghklb : qlh\u]h\hjbl_"²kijhkbeyLj_ckbhl\_lbeZY djbqm G_l \u dhe^mgvy Y ijh^he`Ze H q_f _s_ hgZ \Zf gZihfbgZ_l" H kf_jlb Y ^mfZeZ h dhe^mgv_ b h k\ys_ggbd_ Hg ^Z\Ze fg_ gZklZ\e_gb_ i_j_^ DhgnbjfZpb_c \ g_f [ueh qlhlh
hl\jZlbl_evgh_²ihke_^h\Zehl\_l :kkhpbZpby k km^v_c b dhe^mgv_c gm`^Z_lky \ g_[hevrhf ihykg_gbbK\ys_ggbdhebp_l\hjy_lP_jdh\vP_jdh\vhebp_l\hjy_l ;h]ZZ ;h]²KljZrgucKm^Dhe^mgvxh[uqghbah[jZ`Zxlh^_lhc \ q_jgh_kb^ys_cgZihf_e_beb^_j`Zs_c_]hAZibkvgZ^hkd_[ueZ k^_eZgZ[_eufihq_jghfmqlh[u\k_\b^_eb Y \gh\v gZqZe kijZrb\Zlv
mijZ\eylv Zjo_lbi gZfb ijZ\bl lbjZgbq_kdZy km[ebqghklv dhlhjZy ^bdlm_l qlh ^_eZlv ^mfZlv b qm\kl\h\Zlv JZ[hlZy gZ^ gZrbfb kh[kl\_ggufb Zjo_lbiZfb b km[ebqghklyfb fu kfh`_f ihfhqv deb_glZf magZlv bo Zjo_lbiu b km[ebqghklb \_^v hgb g_ qlh bgh_ dZdnb]mjubaijhreh]hdhlhju_g_bf_xlgbdZdhc^hklh\_jghklb\ gZklhys_f ;ueZ ijh\_^_gZ ZgZeh]by f_`^m b^__c km[ebqghkl_c b Zkljhghfb_c ]^_ jZaebqgu_ ieZg_lu \jZsZxlky \hdjm] KhegpZ ikbobdb Y ijb\_e jZkkdZa h lhf dZd >`bf ihjZ[hlZe gZ^ g_dhlhjufb ba r_klb k\hbo km[ebqghkl_c Hkgh\guf mjhdhf ba\e_q_gguf ba _]h hiulZ klZeh hk\h[h`^_gb_ `_gkdh]h gZqZeZ Z ihlhf bgl_]jZpby ^\mo ijhlb\hiheh`ghkl_c hebp_l\hjy_fuo IZeZqhfb >_pmrdhc `hZg >`hZg [ueZ\ugm`^_gZijbagZlvqlh\ __^hf_gZoh^bekyihf_gvr_cf_j_ h^bg hl\jZlbl_evguc i_jkhgZ` b hg \_kvfZ h]hjqZe hklZevguo dhlhjufg_gjZ\behkvlhqlhwlhli_jkhgZ`kbf\hebabjm_l >`hZg lh`_ ijbrehkv ijh^_eZlv g_dhlhjmx jZ[hlm ih ijb? j_gbx dh]^Z _c ijhlb\hklhye __ ^_^mrdZ dhlhjh]h hgZ ij_^_ \beZ k_[_ \ \b^_ dZfgy DZf_gguc ]jb[ dhlhjuc hgZ \hh[jZ eZ [ue qj_a\uqZcgh \Z`guf ij_^f_lhf gZ g_f klhyeZ kmrb ^ey of_ey b djukug_fh]eb aZ[jZlvky \ Kjh_gb_ Gh >`ª ij_\jZlbeZ \ dZf_gv qZklvk\h_]hk_j^pZ
ha_jh Ohly Dwjhe b g_ aZdhgqbeZ k\h_ iml_r_kl\b_ d ] gZ ihke_^mxsbok_ZgkZohgZkfh]eZbkihevah\Zlvkbem ihemq gmx ijb ljZgknhjfZpbb qlh[u ihfhqv ij_h^he_lv k\h_ qm\k g_ijbylby aZgylvkyfZl_jvxb hlklZb\Zlvk\hxbg^b\b^mZevgh < ihke_^g_c l_f_ dhe^mgvy fu \b^_eb dZd h[jZau qZklh L gh\ylky jZafulufb beb kf_rZggufb b dh]^Z wlh kemqZ_lky L gh gZclbh[smxgblv< kemqZ_Lj_ckbh[s_cgblvx[ueh Lkl\hqlh__ hkm`^Zxl< aZdexqbl_evghckp_g_D\bggbdhlh Lj_ckb km^beZ ]h^Zfb [ueZ gZdhg_p ijbgylZ dh]^Z hgZ FI Z^\hdZlhf Lj_ckb IjhbahreZ bgl_]jZpby Wlb l_f \\_eb \h fgh]b_ qm^_kgu_ h[eZklb \gmlj_gg_]h fbjZ AgZx y [ue \a@ gh\Zg dh]^Z ih]jm`Zeky \ dgb]m aZibkb kemqZ_\ b \ k\h_ kh[kl gh_ dhee_dlb\gh_ [_kkhagZl_evgh_ dh]^Z y \klj_qZe g_dhlhju fhbo kh[kl\_gguo Zjo_lbih\ b kgh\Z agZdhfbeky k g_dhlhjuf fhbo km[ebqghkl_c R_klh_ iml_r_kl\b_ BKKE?>H<:GB? L
bgh]^Z kfhljyl k ih^haj_gb_f b kd_ilbpbafhf b ^_l_c bgh]^Z djblbdmxl aZ ij_m\_ebq_ggh_ \hh[jZ`_gb_ \ j_amevlZl_ bkihevah\Zgb_ \hh[jZ`_gbykqblZxlh^gbfbagZbf_g__ihe_aguoijhp_kkh\ Ihq_fmbkihevamxl\hh[jZ`_gb_"
[eb`_d wfhpbhgZevghcbklbg_q_fkdZaZggh_q_j_aWlhKek fh`_l \ua\Zlv h[jZa Z h[jZa ² ijh[m^blv keh\h b q_f [he__ FL pbnbqgh keh\h l_f e_]q_ [m^_l \ua\Zg h[jZa :[kljZdlgu_ kek g_e_]dh\uau\Zxlh[jZauohlywlhp_ebdhfaZ\bkblhlkeh\ hiulZ deb_glZ Fbj ² wlh Z[kljZdlgh_ keh\h b l_f g_ f_g dh]^Z>`mebihijhkbebij_^klZ\blvk_[_h[jZahebp_l\hjyxllhqlh hgZ bkiulu\Z_l lZ g_f_^e_ggh \hh[jZabeZ djZkgh_ k_ p_ k [_euf ]hem[_fiZjysbfgZ^gbfFuk^_eZebagZqbl_gucrZ]\i_j_^\ __ l_jZibb dh]^Z bkke_^h\Zeb qlh hagZqZxl ^ g__ wlb ^\Z kbf\heZ JZa^_eb\k g_c__ qm\kl\ZfuklZeb[eb`_ihgbfZgbb^jm]^jm]Z JZamf g_ fh`_l ihklbqv jZagbpm f_`^m j_Zevguf i_j_`b\Zgb_f b i_j_`b\Zgb_f dhlhjh_ `b\h b ihklhyggh ij_^klZ\ey_l k_[_ Wlh [eZ]hl\hjgh_ ml\_j`^_gb_ ihlhfm qlh _keb fu [m^_f ihklhyggh ij_^klZ\eylv k_[_ g_]Zlb\gh_ gZr [_kkhagZl_evguc jZamf \[_j_l wlh GZijhlb\ _keb fu ihklhyggh \hh[jZ`Z_f g_qlh ihablb\gh_ gZr jZamf lZd`_ \[_j_l wlh AgZqbl jZ[hlZ k \hh[jZ`_gb_f \ dhgkmevlbjh\Zgbb ihfh]Z_l ij_\jZlblv g_]Zlb\gh_ \ ihablb\gh_ Y g_ ijbghrm ba\bg_gbc aZ lZdh_ ml\_j`^_gb_ ihlhfm qlh kebrdhf qZklh \b^_e dZd hgh jZ[hlZ_l \ `bagb fgh]bo ex^_c qlh[u ijbibkZlv baf_g_gb_ kemqZx Ex^b klZgh\ylky deb_glZfb h[uqgh ihlhfm qlh i_j_`b\Zxl dZdhceb[h dhgnebdl b dhlhjhf gb h^gZ ba klhjhg g_ ]hlh\Z mklmiblv Jhev dhgkmevlZglZ khklhbl \ lhf qlh[u ihfhqv deb_glm ijbfbjblv ^\_ klhjhguwlh]hdhgnebdlZqlh[udeb_glfh]^\b]Zlvky\i_j_^ =e_gg g_ kijZ\beky k ijZdlbq_kdhc qZklvx k\hbo \uimkd f_^bpbgkdbo wdaZf_gh\ GZke_^mxsmx ihiuldm \haeZ]Zehkv h fgh]h_ gh hg ij_[u\Ze \ ihklhygghf khklhygbb lj_\h]b ;k ^\_gZ^pZlbg_^_ev^hi_j_wdaZf_gh\dbfujZ[hlZebqlh[umAgh\blv iheh`bl_evguc h[jZa _]h k^Zqb wdaZf_gZ b mki_oZ Hg emqbe ke_^mxsmx bgkljmdpbx ijb \hagbdgh\_gbb kh[eZagZ fZlv g_]Zlb\gh _fm gZ^h k^_eZlv r_klv ]em[hdbo \^hoh\ b kf_g g_]Zlb\guc h[jZa gZ ihablb\guc LZdbf kihkh[hf \ ^_gv \HQ gh]h wdaZf_gZhgkmf_e\aylvk\hxlj_\h]mih^dhgljhevKZg^jZgbdh]^Z\ `bagbg_k^Z\ZeZwdaZf_gh\b gZj_i_lb \uimkdguowdaZf_gh\gZ[hevgbqgmx" e__r_klbg_^_evhgZ dhgkljmbjh\ZeZ] dZdhgZeh`blkykiZlv]em[hdhkibl Le_gb\hb^_l d wdaZf_gZpbhgghfm dZf\oh^bl\ dhfgZlmkh[bjZ_lkyA guf ieZf_g_f jZamfZ < h`b^Zgbb gZqZeZ hgZ ^he`gZ [ueZ aZdjulv ]eZaZ ]em[hdh ^urZlv b ih\lhjylv Y kihdhcgZ Y fh]m
wlhk^_eZlvKZg^jZk^ZeZwdaZf_g Iha`_ y [he__ ih^jh[gh hibrm k_Zgku jZ[hlu k h[jZaZfb Djhf_ lh]h \ Ijbeh`_gbb \u gZc^_l_ ij_^eh`_gby dhlhju_ ihfh]ml\Zfmemqrblvk\h_\hh[jZ`_gb_ L\hjq_kdZyfukevb h[gh\eyxs__^_ckl\b_ eygZkaZljm^gbl_evghbkihevah\ [_kkhagZl_evgh_ gZijbf_j g_ ijbf_gyy \bamZebaZpbx beb nlZabx< lh`_\j_fy m gZk \hagbdZxl ljm^ghklb ijb bkihevahb gbb khagZl_evgh]hjZamfZ^eylh]hqlh[uhj]Zgbah\Zlv^Zggu_ Dmevlmjgu_[Zjv_juf_rZxsb_l\hjq_kl\m dZdfu^he`guihklmiZlv GZrZ dmevlmjZ fh`_l ijb^Z\Zlv hkh[h_ agZq_gb_ g_h[oh^bfhklbih^qbgylvkyijZ\beZfh[yau\Zlvd dhgdmj_gpbbbeb khljm^gbq_kl\m \ g_c fh`_l ^hfbgbjh\Zlv ih[m`^_gb_ [ulv ijZdlbqgufb wdhghfgufex[hcp_ghc JZaebqgu_ dmevlmju bf_xl jZaebqgu_lhqdbaj_gbyhlghkbl_evghnZglZabbh^gbjZkkfZljb\Zxl __ dZdimklmxljZlm\j_f_gblh]^ZdZd^jm]b_bklh\h\_jyl\ jZamfb eh]bdm Fgh]b_ dmevlmju hjb_glbjh\Zgu gZ ljm^ b ih^q_jdb\Zxl g_h[oh^bfhklv\k_\j_fyiulZlvkykh\_jrZlvqlheb[hb [ulv\k_]^Z
]hlh\ufZ wlhg_e_]dhkhq_lZlvk bkihevah\Zgb_fh[jZah\ WfhpbhgZevgu_[Zjv_juf_rZxsb_l\hjq_kl\m qlhfuqm\kl\m_fihih\h^mjZaebqguo\_s_c KljZo kh\_jrblv hrb[dm ² wlh fhsguc Zglbh[jZaguc [Zj lZd`_dZdkljZob g_^h\_jb_d b^_yf^jm]boex^_cWlhfhijb\_klb d lhfmqlhfuo\ZlZ_fkyaZi_j\mxb^_xijboh^yv \ ]heh\mEx^bdhlhjuf^hkZ`^Zxlebqgu_hsms_gbyg_m\_A ghklb ² gbadZy kZfhhp_gdZ lj_\h]Z [hyagv djblbdb kljZo ] \ZeZ beb g_^hklZlhd ex[hiulkl\Z ² fh]ml gZoh^blv jZ[hlm k jZaZfb kebrdhf m]jh`Zxsbfb ihlhfm qlh hgZ g_ ij_ ^hklZ\ kljmdlmju Ihlj_[ghklv\ [_ahiZkghklbbaaZdhlhjhcq_e_fh`_l[hylvkyihclb gZ jbkd beb bkiulZlv g_qlh gh\h_ lZ klhbl gZ imlb bkihevah\Zgby h[jZah\ QlhlZdh_l\hjq_kdZyfukev" L\hjq_kl\h ² wlh khklhygb_ mfZ lZdhc _]h kdeZ^ \ dhlhjhf kh^_j`blkybgl_j_kd bkke_^h\Zgbxb^_cZ lZd`_\eh`_gb_ LLlZdh_ bkke_^h\Zgb_WlhjZaju\k h[s_ijbgylufljZ^bpbhggufih^oh^hf qlh[um\b^_lv\_sbk jZaguolhq_daj_gbyL_hjbbb ZgZeh]bb ihhsjyxlky L\hjq_kdZy b]jZ aZklZ\ey_l ^_l_c bkihevah\Zlv g_ih^h[Zxsb_ ij_^f_lu b ljZgknhjfbjh\Zlv bo \ ij_^f_lug_h[oh^bfu_^eynZglZabbL\hjq_kl\h²wlhkihkh[ghklv keurZlvklZju_fukebihgh\hfmb gZoh^blvgh\u_k\yab^eyklZjuo j_r_gbc Fu\k_h[eZ^Z_fl\hjq_kdbfgZqZehfghgZkdhevdhiheghfu bkihevam_f kh[kl\_gguc l\hjq_kdbc ihl_gpbZe" GZkdhevdh kh^_ckl\m_f l\hjq_kdhfm ihl_gpbZem \ ^jm]bo" L\hjq_kdZy fukev fh`_l b gk y\eylvky ijb\uqghc ^ey gZk fZg_jhc fure_gby gh lZf _klv \k_ m`_ kha^Zggh_ b gZoh^ys__ky ih^ jmdhc jm]b_ kihkh[u mkbe_gby kh[kl\_gghc ebqghklb ² bkihevah\Zgb_ ZgZeh]bb ZgZebaZ \hijhkh\ h[jZah\ nZglZabbf_lZnhjb kbf\heh\²[m^mljZkkfhlj_gugb`_ :gZeh]by Wlh ijhp_kk ^hdZaZl_evkl\Z b^msbc hl
dZdh]heb[hkoh^kl\Zk l_fqlhba\_klghd koh^kl\mbebdZ`ms_fmky koh^kl\mk q_flhg_ba\_klgufBkihevah\Zgb_ZgZeh]bbhkgh\Zggh_ gZ ebqghf hiul_ ij_^klZ\ey_l kh[hc h^bg ba kihkh[h\ ijhgbdgh\_gby \ ih^khagZgb_ GZijbf_j ieZgbjmy ihe_l gZ kZfhe_l_\ :\kljZebxy fh]mhibjZlvkygZhiulij_^u^ms_]hihe_lZ gZ Dbij b lZdbf h[jZahf gZqbgZx qm\kl\h\Zlv dZdbf hg fh`_l [ulv K ^jm]hc klhjhgu _keb y gbdh]^Z jZgvr_ g_ e_lZe lh fh]m bkihevah\Zlvk\h_\hh[jZ`_gb_qlh[uihqm\kl\h\ZlvdZdbffh`_l [ulvihe_l :gZeba < ZgZeba_ fu jZa[b\Z_f g_qlh keh`gh_ gZ agZdhfu_ b magZ\Z_fu_ dhfihg_glu Fu i_j_qbkey_f klhevdh Zevl_jgZlb\ kdhevdh \hafh`gh ^ey dZ`^h]h dhfihg_glZ AZl_f kdeZ^u\Z_fg_dhlhju_bagbo\f_kl_qlh[ukha^Zlvg_qlhgh\h_ NZglZaby Wlh ^_yl_evghklv \hh[jZ`_gby dhlhjZy ijhba\h^blky kihglZggh dZd \ ]j_aZo beb dZd ijyfhc hl\_l gZ q_jgbevgu_iylgZbebg_ykgu_dZjlbguIhgbfZlvnZglZabxagZqbl jZ[hlZlvk kbf\heZfb H[jZau Wlh \gmlj_gg__ ij_^klZ\e_gb_ h[t_dlh\ b kh[ulbckha^Zggh_ij_^gZf_j_gghkhagZl_evgufjZamfhf F_lZnhjZ F_lZnhjZ ij_^klZ\ey_l kh[hc nb]mjm j_qb g_ijyfhc kihkh[ dhffmgbdZpbb k ihfhsvx dhlhjh]h ^\Z y\gh hl^_evguo we_f_glZ k\h^ylky \h_^bgh \ kjZ\g_gbb qlh[u knhjfbjh\Zlv gh\h_ agZq_gb_ F_lZnhju \ [hevrhf dhebq_kl\_ \klj_qZxlkyb \ih\k_^g_\ghfjZa]h\hj_jmqdbdj_keZgh`dbklheZ [e_klysZybg^b\b^mZevghklvj_dbdjh\bKihkh[ghklvbkihevah\Zlv f_lZnhjuijbgZ^e_`bl^_yl_evghklbijZ\h]hihemrZjbyfha]Z IZjZ^hdk IZjZ^hdk \ujZ`Z_l bklbgu h kms_kl\h\Zgbb ijhlb\hiheh`ghkl_c \ hq_\b^gh g_eh]bqghc b ijhlb\hj_qZs_c kZfhc k_[_ fZg_j_ P_ev iZjZ^hdkZ khklhbl \ lhf qlh[u ijb\e_qv \gbfZgb_ b kijh\hpbjh\Zlv k\_`mx fukev IZjZ^hdkZevgu_ ml\_j`^_gby qZklh bkihevamxlky \ bjhgbq_kdbo beb kZlbjbq_kdbo p_eyo < Kdhlghf ^\hj_ >`hj^`Z HjmweeZ i_j\Zy aZih\_^v dhffmgu`b\hlguo²ij_h[jZah\Zgb_ij_^u^ms_]hiZjZ^hdkZ
A^hjh\v_ fh`_l jZkkfZljb\Zlvky dZd iZjZ^hdk hgh ^jZ]hp_ggh gh ^hklZlhqgh ^_r_\h qlh[u aZ[jhkblv _]h baaZ aehmihlj_[e_gbb beb g_ijZ\bevgh]h bkihevah\Zgby ;b[e_ckdbc iZjZ^hdkkhklhbl\ lhfqlhkha^Zggu_ihh[jZamb ih^h[bx;h`bx fu l_f g_ f_g__ ih^h[gu ljZ\_ dhlhjZy \yg_l \ ihe_ Fu fh`_f ^hklbqv k\_lZlhevdhq_j_alvfmkdjulmxqZklv[_kkhagZl_evgh_l_gv Bbkmk fh] [ulv \hkkh_^bg_g k Kha^Zl_e_f lhevdh ijhc^y q_j_a kf_jlv b lvfm fh]beu <_jmxsb_ ihemqZxl k\hx gZ]jZ^m lhevdh ihke_ kf_jlb < fbn_ b e_]_g^_ kbf\heu iZjZ^hdkZ fh`gh gZclb \ lhf qlh\k_ij_\jZsZ_lky\ k\hxijhlb\hiheh`ghklvKugij_\jZsZ_lky \ hlpZ ^hqv \ fZlv DjZkhlZ ij_\jZsZ_lky \ [_ah[jZab_ Z ba g_]h ihy\ey_lkyijbgpkiZkbl_ev
I_j_klZgv \k_ \j_fy aZ^Z\Zlv \hijhku
q_gh Zdlb\ghc ^_yl_evghklvx IjZ\h_ bglmblb\gh_ ihemrZjb_ dhgljhebjm_l ^\b`_gby e_\hc klhjhgu l_eZ b [hevr_ haZ[hq_ghp_eufZ g_qZklghklyfb E_\hihemrZjgh_ fure_gb_ E_\hihemrZjgh_ fure_gb_ haZ[hq_ghij_bfms_kl\_ggh H[jZ[hldhc P_e_khh[jZaghklvx :gZebahf b ^_^mdpb_c K\_^_gb_faZ^Zqd jZ[hqbf qZklghklyf Dhg\_j]_glguf fure_gb_f GZmdhc b l_ogbdhc NZdlZfb ^Zggufb pbnjZfb Ijb[eb`_gb_f rZ] aZ rZ]hf Dhg_qguf ijh^mdlhf Ijbf_g_gb_f ihke_^h\Zl_evgh]h ih^oh^Z Kljmdlmjhc <_j[Zevguf[md\Zevguf dhgdj_lgufyaudhf Eh]bq_kdbf b ihke_^h\Zl_evguf JZajZ[hldhc ohjhrh hij_^_e_gguoieZgh\FZl_fZlbq_kdhcfh^_evx Ihjy^dhf E_\hihemrZjgh_ih\_^_gb_ Q_eh\_d bkihevamxsbc e_\h_ ihemrZjb_ kha^Z_l [_kdhg_qgu_ kibkdb aZibku\Z_l \k_ \ kljh]hf ihjy^d_ ih \j_f_gb ljZlblfgh]h\j_f_gbgZih^jh[ghklbb ^he`_gmykgblvh^bgimgdl ij_`^_q_f^\b]Zlvkyd ke_^mxs_fm IjZ\hihemrZjgh_ fure_gb_ IjZ\hihemrZjgh_ fure_gb_ haZ[hq_ghij_bfms_kl\_ggh :[kljZdlgufbl_fZfbOm^h`_kl\_gguf\ujZ`_gb_f H[jZahfl_eZ
b\_j]_glguf]eh[Zevguffure_gb_fWfhpbyfb Ijhp_kkhfZ g_j_amevlZlhf Bkihevah\Zgb_fhiulZAgZgb_fq_j_ah[jZau
AZihfbgZgb_febpKihglZgghklvxey bg^_cp_\ ie_f_gb FhcZ\_ e_\Zy jmdZ ² wlh iZkkb\gZy fZl_jbgkdZy klhjhgZ ebqghklb ijZ\Zy ² Zdlb\gZy hlph\kdZy Z \ lbiheh]bb Xg]Z e_\h_ ihemrZjb_ [hevr_ k\yaZgh k hsms_gbyfb b fure_gb_flh]^ZdZdijZ\h_ihemrZjb_[hevr_k\yaZghk bglmbpb_c b qm\kl\hf >ey e_\hjmdbo ex^_c ki_pbZebaZpby g_ klhev l\_j^Z >Z`_^eyijZ\hjmdboex^_cwlhg_beb²beb Ih\j_`^_gb_e_\h]hihemrZjbygZjmrZ_lyaudh\mxnmgdpbx ih\j_`^_gb_ ijZ\h]h ihemrZjby ih\b^bfhfm \uau\Z_l gZjmr_gb_ ijhkljZgkl\_ggh]h ihgbfZgby kh[kl\_ggh]h l_eZ q_eh\_dZ Ih\j_`^_gb_ e_\h]h ihemrZjby fh`_l hdZaZlvky ]b[_evguf ^ey Z\lhjZ mq_gh]h fZl_fZlbdZ gh klZgh\blky g_ lZdbf dZlZkljhnbq_kdbf^eyfmaudZglZj_f_ke_ggbdZbebom^h`gbdZ IhemrZjby \uihegyxl nmgdpbx khljm^gbq_kl\Z Ihwl bkihevamy]em[hdb_qm\kl\Zh[jZaub f_lZnhjmiheZ]Z_lkygZijZ\h_ ihemrZjb_ Z gZ e_\h_ ² \ ihbkdZo keh\ qlh[u \ujZablv lh qlh kha^Z_l ijZ\h_ ihemrZjb_ IhemrZjby fh]ml lZd`_ [ulv ZglZ]hgbklbqgufbgZijbf_jbglmbpbyb qm\kl\Zih^Z\eyxlkydh] iZe_\h_ ihemrZjb_ klZgh\blky kebrdhf Z]j_kkb\guf iulZxsbfkyj_rblv\k_ijbihfhsbeh]bdbb ZgZebaZ Bkihevah\Zgb_h[hboihemrZjbc H ]em[hdh l\hjq_kdbo ex^yo jZkkdZau\Zxl qlh hgb k m^h[kl\hf bkihevamxl h[Z ihemrZjby =h\hjyl qlh Wcgrl_cg \ k\h_f ZgZeba_ hkgh\u\Zeky kdhj__ gZ ]_hf_ljbq_kdbo f_glZevguo h[jZaZoq_fgZyaud_L\hjq_kdb_ex^bbkdexqbl_evgulhevdhl_f qlh hgb gZmqbebkv h[jZsZlv \gbfZgb_ gZ k\hx ijhgbpZl_evghklv \b^_gbyb baf_g_ggu_khklhygbykhagZgbyZ g_b]ghjbjh\Zlvbo< lh `_ \j_fy hgb ih^\_j]Zxl k\hb \b^_gby ijhgbpZl_evghklv b bglmbpbx kZfhc kljh]hc ijh\_jd_ b hp_gd_ Dexq d bklbgghfm l\hjq_kl\m e_`bl \ jZ\gh\_kbb f_`^m ^\mfy ihemrZjbyfb Z g_ \ ^hfbgbjh\Zgbbh^gh]hgZ^^jm]bf LjZ^bpbhggZyfh^_evh[mq_gbyb j_r_gbyaZ^ZqjZpbhgZevgZ
HgZ \dexqZ_l \ k_[y h[hkgh\Zgb_ ² nmgdpbx e_\h]h ihemrZjby Ke_^m_l h^gZdh ih^q_jdgmlv qlh fgh]b_ [e_klysb_ ieZgu ijh\Zebebkv ihlhfm qlh hgb g_ ijbgyeb \h \gbfZgb_ g_jZpbhgZevgu_wfhpbhgZevgu_dhfihg_gluieZgZ Ohly gZmqblv jZpbhgZevghfm eh]bq_kdhfm ih^oh^m kjZ\gbl_evghe_]dhkqblZyqlhmq_gbdih^oh^blihl_fi_jZf_glm fu fh`_f lhevdh jZa\b\Zlv b lj_gbjh\Zlv nmgdpbb ijZ\h]h ihemrZjby ;hevrbgkl\h ba gZk klZedb\Z_lky k j_r_gbyfb b ^_ckl\byfb Fgh]bf ba gZk ijbrehkv ih\_jblv \ ij_\hkoh^kl\h eh]bq_kdh]h b ZgZeblbq_kdh]hijhp_kkZb g_^h\_jylvwfhpbhgZevghcbglmblb\ghc bebhkgh\ZgghcgZp_gghklyoh[jZ[hld_bgnhjfZpbb Lhldlhj_rZ_laZ^Zqbe_\ufihemrZjb_f Hij_^_ey_lp_ebj_r_gbydhlhjh_gZ^hijbgylv DeZkkbnbpbjm_lp_eb\ khhl\_lkl\bbk bo\Z`ghklvx Hij_^_ey_lZevl_jgZlb\gu_imlb^_ckl\by Hp_gb\Z_l Zevl_jgZlb\gu_ imlb ^_ckl\by ih p_eyf
bgdm[Zpbb JZkkfZljb\Z_l jZkoh^ysb_ky ^Z`_ ijhlb\hj_qZsb_ ^jm] ^jm]m b^_b kdhj__ k m\Z`_gb_f q_f kh kd_ilbpbafhf b h[hjhgbl_evghcihabpb_c KlZjZ_lkyg_b]ghjbjh\Zlv\gmlj_ggb_ij_^mij_`^_gbyqlh qlhlhg_lZd Ijh\_jy_l ex[hc jZpbhgZevguc kihkh[ j_r_gby aZ^Zqb qlh[um\b^_lvhsmsZ_lkyebhgbglmblb\ghohjhrbf\ ijhp_kk_b \ hdhgqZl_evghfj_r_gbb IulZ_lkyihklhygghhklZ\ZlvkykhagZxsbfk_[y BgvYgb l\hjq_kdZyfukev >j_\gb_dblZcpu\_jbebqlh`bag_ggZykbeZijhgbau\Z_l\k_ \_sb < gZk kZfbo hgZ l_q_l ih f_jb^bZgZf beb ljhiZf dhlhju_ bkihevamxlky \ Zdmimgdlmj_ khhl\_lkl\mxsbf jZaguf hj]ZgZf l_eZ Wg_j]by dhlhjZy l_q_l f_`^m ^\mfy ijhlb\hiheh`gufb ihexkZfb Bgv b Yg ba\_klgZ dZd rb Wlb ijhlb\hiheh`gu_ ihexkZ ]jm[h jZ\ghp_ggu fm`kdhfm`_gkdhfm b
ihablb\ghfmg_]Zlb\ghfm Bgv b Yg ² ^\Z \aZbfh^hihegyxsbo gZqZeZ dhlhju_ khklZ\eyxl \k_ Zki_dlu `bagb Bgv ij_^klZ\eyxl k_[_ \ \b^_ l_fgh]hd\Z^jZlZbah[jZ`Zxs_]hA_fexb a_fgu_kbeu ²`_gkdh_ iZkkb\gh_ ijhoeZ^gh_ \eZ`gh_ ijbh[j_lZxs__ b \[bjZxs__ Hgh ijbkmlkl\m_l \ q_lguo qbkeZo \ ^hebgZo b j_dZo b hebp_l\hjy_lky lb]jhf hjZg`_\uf p\_lhf b ehfZghc ebgb_c
ey \Zk \ wlhf kemqZ_ BgvYg fh`_l hdZaZlvky dexqhf dhlhjuc hlibjZ_l ^\_jv l\hjq_kl\Z
dhlhjZy ijy^_l ba kZfhc k_[y iZmlbgm `bagb Djm] b d\Z^jZl bah[jZ`Zxlkhhl\_lkl\_ggh\gmlj_ggbcb \g_rgbcZki_dlu`bagb \h^guc ihlhd \gmlj_gg__ pZjkl\h ² wlh djm] a_fghc fbj fZl_jbb²d\Z^jZl FZg^ZeZ ² wlh bg^bckdbc l_jfbg h[hagZqZxsbc djm] bgkljmf_gljblmZebebkbf\hefZg^ZeugZoh^ylih\k_fmjm]b_ dhfihg_glu fZg^Zeu dhe_kh
H[jZau H[jZau ² wlh \bamZevgZy dZjlbgZ dhlhjmx \Zr jZamf kha^Zkl \ f_qlZo b kgh\b^_gbyo H[jZau [he__ fhsgu q_f f_qlub [hevr_ih^^Zxlkydhgljhexq_fkgh\b^_gby Khdjh\_ggu_ h[t_dlu Fgh]b_ ^_lb bkiulu\Zxl ijb\yaZgghklv d hij_^_e_gghc b]jmrd_ beb h^_yem
fure_gb_ fh`gh ih[m`^Zlv b g_dhlhju_ f_lh^u h[ km`^Zxlky ?keb qlhlh \u^_ey_lky ohly wlh fh`_l hdZaZlvky ijhklh ebqguf ij_^ihql_gb_f ² wlh bkihevah\Zgb_ \hh[jZ`_gby gZmqblvky jZ[hlZlvk l_fqlhfh]eh[u[ulvkdhj__q_fk l_fqlh_klv =jmklgZy ohly b \_jgZy fukev lZd qZklh gZ l\hjq_kdb_ b^_b \ueb\Zxl e_^ygmx \h^m ex^b dhlhju_ kZfb ^_ckl\mxl hllZedb \Zykv hl g_l\hjq_kdhc hkgh\u LZd`_ ^hklhcgh kh`Ze_gby lh h[ klhyl_evkl\h qlh fgh]b_ ba wlbo ex^_c fh]ml aZgbfZlv hq_gv \eb yl_evgh_ iheh`_gb_ ² jh^bl_eb mqbl_ey jmdh\h^bl_eb b ^jmavy Dh]^Z wlh ijhbkoh^bl kh \ajhkeufb fu h[uqgh gZoh^bfky \ur_ aZf_qZgbc >_lb [he__ mya\bfu b bf_ggh gZ mya\bfhc klZ^bb jZa \blbydh]^Zl\hjq_kl\hgZoh^blkygZ\ukhdhclhqd_lZdhc[hevrhc l\hjq_kdbc ihl_gpbZe m[b\Z_lky h[uqgh g_h[^mfZggufb aZ f_qZgbyfbb ih^Z\e_gb_f
Fure_gb_ ijZ\h]h ihemrZjby b l\hjq_kl\h b^ml jmdZ h[ jmdm b f_lh^u ijbf_gbfu d h[hbf DblZcpZf wlh [ueh ba\_klgh \_dZ lhfm gZaZ^ b lh qlh hgb ]h\hjyl h[ mjZ\gh\_rb\Zgbb kbe BgvYg hq_gv mf_klgh \ gZr_c ^bkdmkkbb h l\hjq_kdhc fukeb >ey gZr_]haZiZ^gh]hmfZdhgp_ipbyBgvb Ygfh`_la\mqZlvkljZgghgh hgZ \k_ `_ m\h^bl gZk hl lh]h qlh fu agZ_f d lhfm qlh fh]eh [u [ulv?kebfuklZg_fjZafureylvh kbf\hebaf_\hkvfbiheyjghkl_c Y Rbg gZr_\hh[jZ`_gb_dhg_qgh[m^_ljZkrbj_gh K_^vfh_iml_r_kl\b_BKKE?>H<:GB?KBF
Xg]kqblZeqlhZeobfby_kebgZg__kfhlj_lvk lhqdbaj_gby kdhj__ kbf\hebafZ q_f gZmdb fh`_l jZkkfZljb\Zlvky dZd h^gZ ba ij_^r_kl\_ggbp bamq_gby [_kkhagZl_evgh]h \ hkh[_gghklb ZgZeblbq_kdh]h bgl_j_kZ d ljZgknhjfZpbb ebqghklb Q_luj_klZ e_l gZaZ^ZeobfbdbklZ\bebi_j_^kh[hc^\_\aZbfhk\yaZggu_p_eb Baf_gblv beb ljZgknhjfbjh\Zlv bkoh^guc fZl_jbZe \ g_qlh [he__ p_ggh_ h q_f bgh]^Z ]h\hjbeb dZd h ahehl_ beb mgb\_jkZevghfwebdkbj_bebnbehkhnkdhfdZfg_ LjZgknhjfbjh\Zlv bkoh^guc fZl_jbZe \ ^mo bgufb keh\Zfbhk\h[h^blv^mrm JZaebqgu_ p_eb Zeobfbb ² lZd`_ f_lZnhju ikboheh]bq_kdh]h jhklZ b jZa\blby :eobfbq_kdbc ijhp_kk bkihevah\Ze we_f_glu dhlhju_ y\eyebkv ijhlb\hiheh`ghklyfb qlh[u ijhba\_^_ggh_ iheghklvx hlebqZehkv hl bkoh^guo \_s_kl\ b [uehqbklufFm`qbgZb `_gsbgZk bo[bheh]bq_kdbfbkoh^kl\Zfb b jZaebqbyfb ij_^klZ\eyeb `b\hc ijbf_j ijhp_kkZ \ dhlhjhf kha^Z_lkygh\Zy `bagv:eobfbdjZ[hlZ_l\ hlghr_gbyok ^jm]bfq_eh\_dhfh dhlhjhf ]h\hjyl dZd h _]h fbklbq_kdhc k_klj_ LZdbf h[jZahf hlghr_gby k ^jm]bf q_eh\_dhf kihkh[kl\mxl \gmlj_gg_fm jhklm b lh qlh h[gZjm`b\Z_lky \gmljb h^gh]h q_eh\_dZ fh`_l kem`blv gZ [eZ]h hlghr_gbyf
fbklbq_kdh]hhlqm`^_gbyhlfbjZb ihk\ys_gby^moh\ghfmmkbebx Kbf\hebq_kdb wlhl wlZi bah[jZ`Zxl [_kdjueuf kms_kl\hf jh`^_ggufhldjueZlh]hkms_kl\ZZ lZd`_fbnhfh Ijhf_l__ NbehkhnkdbckieZ\ k\yau\Zgb_^\mogZqZe K_fvf_lZeeh\\ Zeobfbbk bo[h`_kl\Zfb Ahehlh :iheehg K_j_[jh:jl_fb^Z>bZgZ EmgZ Jlmlv =_jf_kF_jdmjbc F_^v :njh^blZ<_g_jZ @_e_ah :j_kFZjk Heh\h A_\kXibl_j K\bg_p KZlmjg EbqgZy Zeobfby ijhoh^bl q_j_a i_j\u_ r_klv wlZih\ hq_jq_gguo \ur_ b dhjhldh fh`gh ihkh\_lh\Zlv ZgZebabjmcl_ \k_ we_f_glu \ k_[_ b jZaeZ]Zcl_ \k_ gbar__ qlh _klv \ \Zk ^Z`_ _keb ijb wlhf ijb^_lky k_[y mdjhsZlv AZl_f ihevamykv kbehc ihemq_gghcbaijhp_kkZiha\hevl_ijhbahclbkieZ\m^\mogZqZeWlh dZ`_lkymkljZrZxs_c aZ^Zq_c g_ lZdhc dhlhjZy \uihegy_lky e_]dh b [ukljh< ^_ckl\bl_evghklbwlhjZ[hlZ\k_c`bagb\dexqZxsZy\ k_[y\hh[jZ`_gb_\ukhdh]hmjh\gy
Jhevkbf\heh\ Kbf\heuhdjm`ZxlgZkwlhqZklvgZr_cih\k_^g_\ghc`bagb lZd qlh jZ[hlZ k kbf\heZfb ² wlh g_ qlhlh lZbgkl\_ggh_ ohly hgZ g_fgh]h ihoh`Z gZ bamq_gb_ gh\h]h yaudZ q_f [hevr_ q_eh\_d mijZ`gy_lky l_f [he__ bkdmkguf b mf_euf hg klZgh\blky < ikbohZgZeblbq_kdhcl_hjbbkbf\hefh`_lkem`blv ;_kkhagZl_evguf hebp_l\hj_gb_f q_]heb[h g_ k\yaZggh]h k gbfijyfh
Hebp_l\hj_gb_fdhgnebdlZ\gmljbikbobdb
dhjhe_\kdhc ^hjh]_[_kkhagZl_evgh]hHgkqblZeqlhkgh\b^_gbyhljZ`Zxlhiul [h^jkl\h\Zgbyb jZajZ[hlZe\ukhdhkbkl_fZlbabjh\Zggucih^oh^ d bgl_jij_lZpbb b bkihevah\Zgbx kgh\b^_gbb \ l_jZibb Hg ^mfZe qlh fure_gb_ \h \j_fy kgZ ijbfblb\gh b ih]jm`Z_lky \
\ul_kg_ggucbakhagZgbyfZl_jbZeb qlhkgh\b^_gb_²wlhf_oZgbaf ^eyih^^_j`ZgbykgZb bkiheg_gby`_eZgbc < kgh\b^_gbyo `_eZgby b klj_fe_gby i_j_h^_lu qlh[u m^_j`Zlv gZk hl ijh[m`^_gby b ijhlb\hklhygby \ul_kg_ggh]h fZl_jbZeZ dhlhjh_ hq_gv ljm^gh \u^_j`Zlv Wlh l_f [he__ \Z`gh _kebbkdj_gg__\ujZ`_gb_wlbo`_eZgbcgZoh^behkv[u\ dhgnebdl_ k gZrbfb fhjZevgufb beb khpbZevgufb p_gghklyfb b ghjfZfb BagZqZevgh_ `_eZgb_ beb klj_fe_gb_ gZijyfmx khhl\_lkl\m_l kdjulhfm kh^_j`Zgbx kgh\b^_gby AgZq_gb_ ex[h]h kgh\b^_gby gZoh^blky \ kdjulhf kh^_j`Zgbb LjZgknhjfZpby kdjulh]h kh^_j`Zgby \ y\gh_ kh\_jrZ_lky jZ[hlhc kgh\b^_gby gZqZlhc p_gahjhf kgh\b^_gby Kdjuluc fZl_jbZe ih^Z\ey_lky baaZ _]h k_dkmZevghcZ]j_kkb\ghcbebihbgufijbqbgZfim]Zxs_cijbjh^u Fubkihevam_fjZaebqgu_f_oZgbafukbf\hebq_kdboh[jZah\qlh[u bf_lv^_ehk \ul_kg_gguffZl_jbZehf K]ms_gb_ \ dhlhjhf fu kh_^bgy_f hij_^_e_ggu_ we_f_glu\gmljbkgh\b^_gby\ _^bguch[jZa AZf_s_gb_ \ dhlhjhf fu i_j_ghkbf bfimevk k h^gh]h h[t_dlZgZ^jm]hc
`_kldbflhedh\Zgb_fkbf\heZOhly\k_kgh\b^_gbydhg_qghbf_xl ebqguc we_f_gl xg]h\kdZy l_hjby \dexqZ_l we_f_gl dhee_dlb\gh]h [_kkhagZl_evgh]h b bf__l gZfgh]h [he__ rbjhdh_ agZq_gb_ b lhedh\Zgb_ IhgbfZgb_ kgh\b^_gbc b bo agZq_gby bf__l \Z`gmx iZjZee_ev ijb jZ[hl_ k h[jZaZfb bamq_gb_ b nj_c^h\kdhc b xg]h\kdhcl_hjbcieh^hl\hjgh < jZ[hl_ kgh\b^_gbc b h[jZaZo [m^_l kms_kl\_gguf jZkkfhlj_lv bg^b\b^mZevgh_ b g_ ih^]hgylv ebqghklv ih^ dZdmx eb[h ij_^hij_^_e_ggmx fh^_ev < lh `_ \j_fy _keb Xg] ijZ\ kgh\b^_gby b h[jZau \uoh^yl ^Ze_dh aZ ij_^_eu agZgby b hiulZ q_eh\_dZdh]^Zdeb_glijhju\Z_lky\ dhee_dlb\gh_[_kkhagZl_evgh_ H^gh \Z`gh_ koh^kl\h f_`^m kgh\b^_gbyfb b h[jZaZfb khklhbl \ lhf qlh q_eh\_d jZ[hlZ_l k qm\kl\Zfb \ua\Zggufb kh^_j`Zgb_f b bf_ggh a^_kv \hagbdZ_l bg^b\b^mZevguc beb ebqguc we_f_gl M h^ghc deb_gldb \hagbd h[jZa kh[Zd b hgZ bkim]ZeZkv ohly h[uqgh kh[Zdb__ g_im]ZebIjbbkke_^h\ZgbbhgZhlg_keZbgpb^_gld lhfm qlh [hyeZkv bklhjbb h DjZkghc rZihqd_ b k\yaZeZ wlh \hkihfbgZgb_ k k_ [hyagvx l_fgh]h e_kZ HgZ gbdh]^Z g_ fh]eZ ihgylvihq_fmlZd[hblkye_kZ Bkke_^h\Zgb_ ijhp_kkh\ kgZ b dh]gblb\guo nmgdpbc ihdZau\Z_lqlh Khgfh`_l[ulv [_akgh\b^_gbc beb khkgh\b^_gbyfb Kgh\b^_gby ih\b^bfhfm ijhbkoh^yl \h \k_ jZkrbj_ggu_ i_jbh^u kgZ b bo nmgdpby khklhbl \ lhf qlh[u h[jZ[Zlu\Zlv qm\kl\_ggu_kb]gZeudhlhju_ihemq_gu\ i_jbh^u[h^jkl\h\Zgby Ex^yf k ijZ\hihemrZjghc hjb_glZpb_c qvy kbeZ ² ^b\_j]_gpby b l\hjq_kl\h qZklh e_]dh [u\Z_l \kihfgblv k\hb kgh\b^_gby Ex^b k e_\hihemrZjghc hjb_glZpb_c qvy kbeZ ² \_j[Zevgh_b ZgZeblbq_kdh_\kihfbgZxlkgh\b^_gbyg_lZde_]dh J_rZxsb_ ijh[e_fu b l\hjq_kdb_ kgh\b^_gby ihy\eyxlky ihlhfm qlh ijb\uqgu_ fh^_eb fure_gby q_eh\_dZ \h kg_ jZkkeZ[e_gu Kgh\b^_gby fh]ml y\eylvky ihiuldhc jZkqbklblv imlb b j_rblv dh]gblb\gu_ dhgnebdlu \hagbdrb_ baaZ [ehdbjh\hd b jZaeZ^Z\ kbkl_f_ Fbnheh]b Fbnheh]by x_gZa\gbybkihevamxlAq bZ bamqZ b fgh`_kl\h fbnh\ hij_^_e_gghc dmevlmju 0L gh\hc q_eh\_q_kdhcijbjh^uhgb\klj_qZxlkljZ^bpbcb khh[s_kl\Fbnu ihfh]Zxl ba\e_q lhjuo hr_ehfeyxsbo Zki_dlh\ q_eh\_q_kdh]h km \ujZ`Zxlk_jv_agmxghg_[md\Zevgmx BKLBGM kl\h\Zgbyb \ebyxl gZih\_^_gb_ex^_c BklbgZ\ fbnZokdhj__ih^jZamf_\Z_lky
H[uqghfbn²wlhih\_kl\h\Zgb_d
b k\h[h^gh jZkrbjy_l h]jZgbqb\Z_l beb fh^bnbpbjm_l wlb nZdlu GZ [he__ ]em[hdhf mjh\g_ fbn ² f_lZnhjZ ^ey ^_ckl\bc Zjo_lbiZ Z fbnu ² wlh ml\_j`^_gby ^mrb h kZfhc k_[_ Fbnu ij_^iheZ]Zxl bkihevah\Zgb_ kbf\heh\ qlh[u hibku\Zlv lbibqgu_ fh^_ebb jy^ukbe^_ckl\mxsbo\gmljbebqghklbbeb\gmljbfbjZ Bofh`ghjZkkfZljb\ZlvdZdmgb\_jkZevgu_bebbg^b\b^mZevgu_ Mgb\_jkZevgu_fbnu Fbnu ² wlh ijh^mdl l\hjq_kdh]h \hh[jZ`_gby b ke_^h\Zl_evgh a_jdZeh [_kkhagZl_evgh]h A^_kv aZdexqZ_lky dhgnebdl ^ey Wlh dhlhjh_ ijbgbfZ_l eh]bdm b jZamf hl\_j]Z_l b b]ghjbjm_l lh q_]h g_ fh`_l h[tykgblv NZdlu g_ ij_^klZ\eyxl bgl_j_kZ^eymfZaZgylh]hfbnhfJZ[hlZyk fbnZfbfuijhgbdZ_f \ ]em[bgudhlhju_m\h^ylgZkaZij_^_euagZgbyb khagZgby Bg^b\b^mZevgu_fbnu Bg^b\b^mZevguc fbn[_j_lk\h_gZqZehqZklbqgh ba ebqgh]h gZke_^by q_eh\_dZ Z qZklbqgh ² ba lh]h qlh y\ey_lky qZklvx q_eh\_q_kdh]h ihlhdZ Bg^b\b^mZevguc fbn ² gZrZ kh[kl\_ggZy mgbdZevgZy fh^_ev beb fZg^ZeZ mgbdZevgZy dZd gZrb hli_qZldb iZevp_\H^gZdhkms_kl\m_lg_kf_lgh_ dhebq_kl\h k\ya_c k ^jm]bfb ex^vfbFugbdh]^Zg_fh`_fh[tykgblvk\hcbg^b\b^mZevgucfbn fu fh`_f lhevdh \ujZablv _]h q_j_a l\hjq_kdh_ \hh[jZ`_gb_ ² bagmljb
j_^dhf ba\e_qv
L
Fbnb ikboheh]by =em[bggu_ ikboheh]b lZdb_ dZd ikbohZgZeblbdb gZreb fbnZo kihkh[ ihgbfZgby ^bgZfbdb nbabq_kdhc `bagb ex^_c b dhee_dlb\gh]h [_kkhagZl_evgh]h h[s_kl\Z Ab]fmg^ Nj_c^ bkihevah\Ze l_fu klZjbgguo fbnheh]bq_kdbo dhgkljmdpbc qlh[u bah[jZablvdhgnebdlub ^bgZfbdm[_kkhagZl_evghc^mr_\ghc`bagb gZijbf_j \ _]h W^bih\hf dhfie_dk_ b dhfie_dk_ We_dlju DZje Xg]\ k\hboikboheh]bq_kdbobgl_jij_lZpbyo[hevrh]hjy^Zfbnh\ dhlhju_[uebgZ[jZgubadmevlmj\k_]hfbjZm\b^_ekqq^_l_evkl\h kms_kl\h\Zgby Dhee_dlb\gh]h ;_kkhagZl_evgh]h h[ ]h ^ey \k_o Hg jZajZ[hlZe l_hjbx Zjo_lbih\ ² fh^_e_c kbevv \ebygby h^gh\j_f_ggh gZ qm\kl\Z b ij_^klZ\e_gby dhlhju_ jZ`Zxlky \ ih\_^_gbbb h[jZaZoB Xg]b Nj_c^jZkkfZljrkgudZd\ujZ`_gb_ kljmdlmjub ^bgZfbdb`bagb[_kkhagZl_eL]hKgh\b^_gb_hlf_qZeb hgb \h fgh]bo k\hbo hkh[_ggh_ gZihfbgZ_l baeh`_gb_ fbnZ \ dmevlmjZo]^_fbn\k__s_ %LL`Z_l\kxkmffm`bagb KZfh_ bkq_jiu\Zxs__ bamq_gb_ fbnh\ k lhqdb aj_gby ghc ikboheh]bb[uehij_^ijbgylhZf_jbdZgkdbfmqkguenhfDwf
M]? 5RUL A UR OF L +L O? KIK YB L \\_klbg_dhlhju_ihgylby\_kvfZkms_kl\_ggu_^eyq_eh\_dZ dhlhjuc^he`_g^he`_gihgylvfbnu Fbnbklhjbyb jZkkm^hd F_`^m fbnhf bklhjb_c b jZkkm^dhf beb jZpbhgZevguf \k_]^Zkms_kl\h\ZeZgZijy`_gghklvG_dhlhju_]j_q_kdb_nbehkhnu \ha\_ebqb\Zeb jZamf b ya\bl_evgh djblbdh\Zeb fbnu dZd \_jguc imlv ihagZgby j_Zevghklb bm^_ckdhojbklbZgkdZy ljZ^bpby lZd`_ [ueZijhlb\fbnh\ IeZlhg bkihevah\Ze fbnu dZd Zee_]hjbx Z lZd`_ dZd ebl_jZlmjgu_ ijb_fu \ jZa\blbb Zj]mf_glZ Fbnu b bklhjby qZklbqgh i_j_dju\Zxlky \ ijheh]_ ?\Zg]_eby hl BhZggZ \ Gh\hf AZ\_l_ lZf Bbkmk Ojbklhk bah[jZ`_g dZd lhl dlh ijbr_e ba \_qghklb\ bklhjbq_kdh_\j_fy
Kh\j_f_ggucbgl_j_kd fbnheh]bb Fbn \k_]^Z y\eyeky qZklvx deZkkbq_kdbo b l_heh]bq_kdbo bkke_^h\ZgbcgZaZiZ^_²gZijbf_j]j_q_kdb_fbnu[uebmk\h_gu b Zkkbfbebjh\Zgu jbfeygZfb b klZeb bklhqgbdhf \^hogh\_gby \ lZdb_ [he__ iha^gb_ i_jbh^u dZd J_g_kkZgk b wjZ jhfZglbdh\ Gh bgl_j_k d fbnm \hkdj_krbc k gh\hc bgl_gkb\ghklvx fh`gh hlf_lblvihqlb\h\k_o[he__gh\uomgb\_jkbl_lkdbo^bkpbiebgZo² Zgljhiheh]bb bklhjbb nbehkhnbb bklhjbb j_eb]bb iheblheh]bb kljmdlmjghc ebg]\bklbd_ KZfu_ kh\j_f_ggu_ l_hjbb fbnZ \hagbdeb\ [hevr_cbebf_gvr_ckl_i_gbbawlbo^bkpbiebg
fbjZex^_c[h]Zfb[uehkha^Zghb jZajmr_ghg_kdhevdhfbjh\ Fbnuh ijhbkoh`^_gbbkf_jlbhibku\ZxldZdkf_jlv\hreZ \ fbj< wlbofbnZokf_jlv^he]h_\j_fyg_ijbkmlkl\m_l\ fbj_gh \oh^bl \ g_]h baaZ g_kqZklgh]h kemqZy beb baaZ lh]h qlh dlhlh ijhklhaZ[u\Z_lihkeZgb_[h]h\dZkZxs__kyq_eh\_q_kdhc`bagb< dgb]_ ;ulby kf_jlv ijboh^bl dh]^Z ex^b ij_klmiZxl gZ^e_`Zsb_ ]jZgbpuk\h_]hagZgby Fbnuh ]_jhyodmevlmju LZdb_ fbnu hibku\Zxl ^_ckl\by b oZjZdl_j kms_kl\ hl\_lkl\_gguo aZ hldjulb_ hij_^_e_ggh]h dmevlmjgh]h h[t_dlZ beb ijhp_kkZ< ]j_q_kdhcfbnheh]bbIjhf_l_cmdjZ\rbch]hgvm [h]h\ y\ey_lky ijhlhlbihf nb]mju lZdh]h jh^Z < dmevlmj_ ^h]hg Ijhf_l_xih^h[_gdmag_pdhlhjucdjZ^_lba`blgbpu[h]h\k_f_gZ ^ey q_eh\_q_kdh]h khh[s_kl\Z < =_jZfk Bg^hg_aby lZd`_ ijbkmlkl\m_l lZdZy nb]mjZ ² OZbgm\_e_ HgZ kgZ[`Z_l khh[s_kl\h fgh`_kl\hf g_h[oh^bfuo b jhkdhrguo \_s_c ba hl\_jklbc k\h_]h l_eZ Fbnuh jh`^_gbbb \hajh`^_gbb H[uqghk\yaZggu_k jblmZeZfbbgbpbZpbbfbnuh jh`^_gbb b \hajh`^_gbbjZkkdZau\Zxlh lhfdZd`bagvfh`_l[ulvh[gh\e_gZ \j_fyih\_jgmlh\kiylvZ ex^bljZgknhjfbjh\Zgu\ gh\u_kms_kl\Z ²dZd\ j_bgdZjgZpbb F_kkby < fbnZoh ijboh^_b^_Zevgh]hh[s_kl\Zlukyq_e_lgb_fbnu beb KiZkbl_ey f_kkbZgkdb_ fbnu wkoZlheh]bq_kdb_ l_fu khq_lZxlky k l_fZfb \hajh`^_gby b h[gh\e_gby Lukyq_e_lgb_ b f_kkbZgkdb_ fbnu h[gZjm`_gu \ ie_f_gguo dmevlmjZo :njbdb X`ghc :f_jbdb b F_eZg_abb Z lZd`_ \ fbjh\uo j_eb]byo bm^ZbafZojbklbZgkl\Zb bkeZfZ Fbnu h F_kkbb IhfZaZggbd_ Ojbkl_ \klj_qZxlky \ l_heh]bb
F_kkby ² _\j_ckdh_ bfy h[_sZggh]h ba[Z\bl_ey q_eh\_q_kdh]h jh^Z ijbibku\Z_fh_ Bbkmkm b ^Zggh_ _fm ojbklbZgZfb ohly \_jZ _\j__\ ml\_j`^Z_l qlh F_kkby _s_ lhevdh ^he`_gijbclb BagZqZevgh bkihevam_fuc \ l_heh]bb l_jfbg F_kkby klZe ijbf_gylvky [he__ k\h[h^gh ^ey h[hagZq_gby ex[h]h h`b^Z_fh]h hk\h[h^bl_ey kljZgu beb gZjh^Z beb ij_^iheZ]Z_fh]h kiZkbl_ey \ ex[hcg_ojbklbZgkdhcj_eb]bb Ij_^hij_^_e_gb_b km^v[Z < g_dhlhjuo fbnZo [h`_kl\_ggZy \eZklv hlf_q_gZ ]hkih^kl\hf[h]ZgZ^jhdhf
\hkihfbgZgbc J_rZxsZy qZklv ijZa^gbdZ ojbklbZgkdh]h ijbqZs_gby²\hkihfbgZgb_ jm]b_ ba\_klgu_ fbnu \dexqZxl \ k_[y bklhjbb h JZckdhf kZ^_h Ihlhi_h[Zg]_eZoojZgbl_eyoAf__dZdkh[eZagbl_e_ ^j_\_ ihagZgbyb ^j_\_\_qghc`bagbh jZ^m]_h
wlh" DZdb_ keh\Z \u k\yau\Z_l_ k wlbf" >Zevr_ \ dgb]_ fu ijbf_gbfh[sb_ijbgpbiuwlhcqZklbd jZ[hl_k deb_glZfb J_axf_ :eobfby ohly __ j_^dh bamqZxl k_]h^gy dZd gZmdm b]jZ_l \Z`gmxjhev\ h[s_fihgbfZgbbkbf\heh\b kbf\hebafZXg]b _]h mq_gbdb ^hihegbeb hkgh\m ij_^hklZ\e_ggmx ^j_\gbfb WlZiu Zeobfbq_kdh]h ijhp_kkZ ² wlh kbf\heu wlZih\ ebqgh]h jhklZ b jZa\blbybg^b\b^mZevghklb Xg] b Nj_c^ kfhlj_eb gZ kbf\heu ihjZaghfm Nj_c^ bkihevah\Ze gZfgh]h [he__ kljmdlmjbjh\Zggmx fh^_ev Xg] [ue f_g__ `_kldbf b ^_eZe Zdp_gl gZ \ebygbb dhee_dlb\gh]h [_kkhagZl_evgh]h gZ ebqgh_ agZq_gb_ kbf\heZ Kgh\b^_gby bkihevamxlkbf\heub kms_kl\_gghijbagZ\ZlvqlhqZklhh^gbb l_ `_kbf\heubkihevamxlky\ kgh\b^_gbyodZdjZagu_nhjfuh[jZah\ Fbnu \her_[gu_ kdZadb b e_]_g^u aZgbfZxl p_gljZevgh_ f_klh \ dhee_dlb\ghf [_kkhagZl_evghf Z lZd`_ \ ebqghf khagZgbb LZd qlh bamq_gb_ fbnh\ ² wlh \ ^_ckl\bl_evghklb bamq_gb_ kbf\heh\dhlhju_kimklbebkvd gZfbafgh]bo\_dh\ G_\k_]^Ze_]dhb ijhklh\kihfgblvfbnbebe_]_g^mohly\u fh`_l_bgklbgdlb\ghagZlvqlhhgfh`_l[ulvmf_klgufbeb[ue[u ih^oh^ysbf bf_ggh \ wlh \j_fy H^gZdh _keb \u khagZ_l_ qlh \ jZ[hl_bkihevamxlkykbf\heu wlh]hqZklh[u\Z_l^hklZlhqghqlh[u ih[m^blvb \Zkb deb_glZijh^he`ZlvjZ[hlm Bf__lky^hims_gb_qlh\u^hklZlhqghagZdhfuk g_dhlhjufb fbnZfbqlh[u[ulvkihkh[guf\hclb\ gbo
qlh gZ wlh ihlj_[h\ZeZkv [u \ky `bagv H^gZdh qblZy jZagu_ qZklb wlhcdgb]b\u[m^_l_f_^e_gghih]jm`Zlvky\ yaudb Zlfhkn_jmLh qlh ihgZqZem fh`_l dZaZlvky kljZgguf f_^e_ggh gZqg_l jZ[hlZlv \ \Zr_f dhee_dlb\ghf [_kkhagZl_evghf b \u klZg_l_ mklZgZ\eb\Zlv k\yab f_`^m \Zrbf kh[kl\_gguf \gmlj_ggbf fbjhf b l_f qlh qblZ_l_ H<:GB? >P:LB A:>:GBC=?J:DE: <\_^_gb_ < gZr_f ebqghf ihbkd_ ^ey hldjulby kZfbo k_[y fu klZex gZ_fky k fgh`_kl\hf \uah\h\ b ohly \hafh`gh hgb g_ m]jhA xl `bagb gh fh]ml m]jh`Zlv gZr_fm \gmlj_gg_fm jZ\g h\__l H^gZdh lhevdh jZah[jZ\rbkv k wlbfb \uah\Zfb fu kihkh[ \hkklZgh\blv jZ\gh\_kb_b ^\b]Zlvkyd ke_^mxs_fm\uah\m Kbf\heu dZd b kgh\b^_gby wlh ^hjh]Z \ [_kkhagZl_evgh_ >Zgl_hgbfh]mlbf_lvq_luj_agZq_gby ;md\Zevgh_ hq_\b^gh_ih\k_^g_\gh_h[uqgh_BKIHE;AH gb_ :ee_]hjbq_kdh_ agZq_gb_ dhlhjh_ kdjulh ih^ ihdjhb fbnh\ Dh]^Z ]h\hjblky qlh Hjn_c k\h_c exlg_c k^_eZe ^x a\_j_c jmqgufb b aZklZ\be ^_j_\vy b dZfgb ke_^h\Zlv aZ gbf hagZqZ_l fm^jh]h fm`qbgm beb `_gsbgm \eZ^_xsbo bgkljmf lhf ]hehkZ dhlhjuc fh`_l aZklZ\blv `_klhdb_ k_j^pZ klZlv k j_ggufb b djhldbfb DZfgb b ^_j_\vy b^msb_ ke_^hf hebb \hjyxl l_o dlh ke_^m_laZmq_gb_ffm^jhcebqghklb GjZ\kl\_ggh_ ebqgZy gjZ\kl\_gghklv q_eh\_dZ \eby_l gZ bgl_jij_lZpbxkbf\heh\ Fbklbq_kdh_ lh qlh g_evay h[tykgblv dZdbfeb[h ba i qm\kl\ lh qlh k\yaZgh k h[jZs_gb_f d ^moh\ghfm [h`_kl\_g fm < [h`_kl\Zofufh`_fgZclbiZjZee_ebgZr_fmkh[kl\_gfmihbkdm Imlv e_`bl hl [md\Zevgh]h \g_rg_]h d fbklbq_kdhfm \A j_gg_fm ihlhfm qlh lhevdh ijb iheghf ihgbfZgbb lh]h q d ijhbahrehjZgvr_fh`ghjZah[jZlvkyqlhijhbkoh^bliha`_ Gh`gbpu gZijbf_j bkihevamxl qlh[u jZaj_aZlv ijb^Z\Zlv nhjfm kljbqv gh hgb lZd`_ hebp_l\hjyxl b wfhpbhgZevgh_ hlqm`^_gb_ m]jham \hafh`gmx dZkljZpbx beb dZdh_lh bgh_ jZg_gb_ AgZq_gb_ h[jZaZ f_gy_lky hl lh]h hldjulu gh`gbpu beb aZdjulu Dh]^Z fu hklZgZ\eb\Z_fky gZ [md\Zevghf agZq_gbb h[jZaZ beb ^Z`_ gZ _]h i_j\hf kbf\hebq_kdhf agZq_gbb fu jbkdm_f ijhkdhevablvlhevdhihih\_joghklb BeexkljZpbx fh`gh \aylv ba mijZ`g_gby k khdjh\_gguf h[t_dlhf DZ`^uc mqZklgbd k_fbgZjZ ijbg_k dZdhclh ij_^f_l qlh[u bkihevah\Zlv _]h \ qZjmxs_f k_Zgk_ Fwjb ijbg_keZ
kl_deyggh_ij_kkiZiv_²ij_djZkgh_fgh]hp\_lgh_\ nhjf_dhgmkZ k aZdjm]e_gguf \_johf KgZqZeZ fu bkke_^h\Zeb \g_rgbc \b^ ij_^f_lZ b jZkkfZljb\Zeb _]h ih^ fgh]bfb m]eZfb hsmsZeb _]h ]eZ^dhklv b dZdh_ hgh oheh^gh_ Wlh bkke_^h\Zgb_ hj]ZgZfb qm\kl\ ijb\_eh d bkke_^h\Zgbx p\_lZ _]h agZq_gby \hh[s_ b ^ey Fwjb \ qZklghklb < hl\_l gZ fhc \hijhk =^_ hgh h[uqgh klhbl" hgZ ihdhe_[ZeZkv aZl_f hl\_lbeZ k \eZ`gufb ]eZaZfb GZ fh_f ibkvf_gghf klhe_ jy^hf k nhlh]jZnb_c Y ih^gye ij_kkiZiv_ ih^_j`Ze _]h \ jmdZo keh`_gguo dh\rbdhf ihkfhlj_e kd\hav g_]h gZ Fwjb aZl_f kdZaZe Wlh \b^bfh qlhlh hq_gv ^hjh]h_ Hq_\b^gh_ ml\_j`^_gb_ fh]eh ihdZaZlvky g_gm`guf gh lh qlh y ^_eZe [ueh ijbagZgb_f qm\kl\ < lh `_ \j_fy g_aZ\_jr_gghklv ml\_j`^_gby iha\heyeZ _c \u[jZlv gZijZ\e_gb_ k\h_]h hl\_lZ Y hl^Ze_cij_kkiZiv_hgZ\ayeZ_]hb kdZaZeZ>Zfgh]he_lgZaZ^_]h ^Ze fg_ g_dlh hq_gv ^hjh]hc HgZ dhe_[ZeZkv KhagZ\Zy s_dhleb\hklv iheh`_gby b ihfgy qlh fu \ ]jmii_ y hklhjh`gh kdZaZeNhlh]jZnby"HgZdb\gmeZke_]dZijbdhkgm\rbkvd ]eZaZf
qlhm`_^j_fe_l\ ijh[e_kdZol\h_]hagZgby?kebhg^_ckl\bl_evgh fm^j hg g_ ijbdZau\Z_l l_[_ \hclb \ ^hf _]h fm^jhklb gh kdh j__ \_^_ll_[yd ihjh]ml\h_]hkh[kl\_ggh]hjZamfZ Y gZ^_xkv qlh jZ[hlZy k wlhc dgb]hc \u lh`_ ihqm\kl\m_l_ \heg_gb_b aZbgl_j_km_l_kv\hafh`ghklyfbhldju\Zxsbfbky i_j_^ \Zfb dh]^Z kZfb i_j_klmibl_ ihjh] fm^jhklb kh[kl\_ggh]h \gmlj_gg_]hfbjZ AZ^Zgb_i_j\h_² bkke_^h\Zgb_\gmlj_gg_]h I_j\h_aZ^Zgb_²h[gZjm`blvgZrp_gljb qlh[uk^_eZlv
fu^he`guh[jZlblvky\gmljvbebgZaZ^d kZfbfk_[_
iml_r_kl\bx Bglmbpby ² wlh agZgb_ dhgp_ipbb ijZ\^u beb j_r_gby ijh[e_fu dhlhjh_ ijbreh ih\b^bfhfm kihglZggh [_a khagZl_evguorZ]h\h[hkgh\Zgbybeb\hijhkZH[tykg_gb_bglmbpbb lZdh\hqlhhgZy\ey_lkyj_amevlZlhfhkh[h]h ^ZjZkihkh[ghklb beb hkh[hc h[sghklb k ba\_klguf h[t_dlhf G_dhlhju_ nbehkhnu b ikboheh]b aZy\eyxl qlh q_eh\_q_kdb_ n_ghf_gu fh`gh ihgylv lhevdh k ihfhsvx hkh[hc bglmbpbb h^gZdh fgh]b_ ikboheh]b hlghkyl bglmbpbx d fukebl_evghfm ijhp_kkm ijhbkoh^ys_fm kebrdhf [ukljh qlh[u q_eh\_d hkhagZ\Ze _]h GZijbf_j fgh]hqbke_ggu_ fbgbfZevgu_ gZf_db fh]ml [ulv [ukljh bgl_]jbjh\Zgu ^_eZy \hafh`ghc b^_glbnbdZpbx gug_rg_]h hiulZ ih hlghr_gbx d ijhrehfm hiulm KZfhh[fZg \hafh`_g aZ kq_l km[t_dlb\ghklbbglmbpbb [ JZa\blb_\heb < ikboheh]bb\hey²wlhkihkh[ghklv\u[jZlvbabf_xsboky Zevl_jgZlb\ ebgbx ^_ckl\by b ^_ckl\h\Zlv \ khhl\_lkl\bb kh k^_eZgguf \u[hjhf hkh[_ggh dh]^Z ^_ckl\b_ gZijZ\e_gh d hij_^_e_gghc p_eb beb mijZ\ey_lky hij_^_e_ggufb b^_ZeZfb b ijbgpbiZfb ih\_^_gby
\gbfZgb_hlp_ebbebijbgpbiZbebdhgnebdlh\Zlvk gbfb klhcdhklbijhlb\ij_iylkl\bcb jZahqZjh\Zgbc\ ke_^h\Zgbb p_ebbebijb\_j`_gghklbijbgpbiZf Kj_^bh[uqguog_^hklZldh\dhlhju_fh]mlijb\_klbd hkeZ[ e_gbx\hebjZaebqZxlkyke_^mxsb_ hlkmlkl\b_p_e_c^hklhcguoklj_fe_gbybebb^_Zeh\b ghjf ih\_^_gby^hklhcguom\Z`_gbydhe_[exs__ky\gbfZgb_ g_kihkh[ghklv khijhlb\eylvky bfimevkZf beb hldZau\Zlvky hlijb\uq_d g_kihkh[ghklv ^_eZlv \u[hj f_`^m Zevl_jgZlb\Zfb beb ijb^_j`b\Zlvkyh^gZ`^uijbgylh]hj_r_gby
JZa\blb_fure_gby
g_dhlhjhfkl_i_gbFufh`_fij_^ijbgbfZlvZdlb\gu_rZ]bqlh[u ihf_rZlvfukeyfaZk_klvm gZkb ]heh\_L_fgu_g_]Zlb\gu_ fukeb fh]ml [ulv jZkk_ygu k\_leufb ihablb\gufb FqZsb_ky fukebfh]ml [ulvaZf_^e_guk ihfhsvxj_eZdkZpbb b f_^blZpbb a mijZ`g_gby\heb²qlh_s_jZaih^q_jdb\Z_ljh^kl\hf_`^ml_ehf wfhpbyfbb jZamfhfM fgh]boex^_clZylky\j_^gu_\hkihfbgZgby ^Ze_dh]h beb g_^Z\g_]h ijhbkoh`^_gby h kh[ulbyo beb ex^yo b fukebqZklh\jZsZxlky\hdjm]wlbo\hkihfbgZgbc \Z qm\kl\Z h[uqgh hdZau\Zxsb_ky gZ ih\_joghklb wlh g_]h^h\Zgb_ b ]hj_qv ;hevrbgkl\h ba gZk \j_fy hl \j_f_gb ihl\hjkl\m_l g_]Zlb\ghfm fure_gbx gh ex^b dhlhju_ ih^jh[gh b gZ^he]h hklZgZ\eb\Zxlky gZ g_]Zlb\guo \_sZo bkiulu\Zxl lZd`_ qm\kl\Z gZoh^ysb_ky gZ l_fghc klhjhg_ wfhpbhgZevgh]h ki_dljZ LZd `_ dZd fh`gh aZf_^eblv fqZsb_ky fukeb j_eZdkZpb_c b f_^blZpb_c bkihevamy \hh[jZ`_gb_ q_eh\_d bf__l \hafh`ghklv hlh^\bgmlvky hl qj_a\uqZcghg_]Zlb\guoqm\kl\d ijhlb\hiheh`ghfmihexkm I
JbkDhe_khwfhpbhgZevgh]hhkhagZgby qm\kl\Zh[uqghihfh]ZxlgZfeZ^blvk ^jm]bfbex^vfblh]^Z dZdg_]Zlb\gu_qm\kl\Zbf_xlijhlb\hiheh`gucj_amevlZl Dhe_kh hkhagZgby fh`gh bkihevah\Zlv fgh]bfb kihkh[Zfb gZijbf_j gZ _]h [Zah\hf mjh\g_ kihkh[kl\mxs_f ijyfhfm ihgbfZgbxkeh\ jZkkfZljb\Zy ih hq_j_^b dZ`^mx wfhpbx ² hl ex[\b ^h wdklZaZ ² b jZafureyy h[ h[klhyl_evkl\Zo kblmZpbyo kh[ulbyo b
\j_f_gbdh]^Z\ubkiulu\Zebbo jZkkfZljb\Zy keh\Z \ iZjZo b wfhpbhgZevgh_ \ha^_ckl\b_ dhlhjh_hgbhdZau\Zxl iZj keh\ ijhgmf_jh\Zgu ^ey e_]dhklb kkuehd b hgb hj]Zgbah\Zgu lZd qlh gZqbgZy k ghf_jZ h^bg ² ex[\b ² ijhbkoh^bl ihkl_i_ggh_ kgb`_gb_ wfhpbhgZevgh]h lhgZ d g_\bgghklb dhlhjZy hlf_qZ_l dhg_p i_j\hc q_l\_jlb
\k_]^Z _fm ijbylgu K ^jm]hc klhjhgu ba ]em[bg \ujZklZ_l g_qlh [eZ]hl\hjgh_ Gh ih f_j_ lh]h dZd Wg^jx ijh^he`Z_l kfhlj_lv ih\_joghklv ha_jZ klZgh\blky g_kihdhcghc \hegmxs_cky ?]h \hh[jZ`_gb_ gZqZeh \_klb _]h q_j_a iZjZf_lju d \heg_gbx Fh`_l [ulvdh]^ZAb[m^vWg^jxaZohq_lbkke_^h\Zlvb wlhkeh\h Bkihevamy Dhe_kh hkhagZgby fh`gh h[gZjm`blv qlh m q_eh\_dZ bf__lky \ukhdZy kdehgghklv d ihbkdm bkiulZgbc fZdkbfZevguo qm\kl\ WdklZa b \hklhj] ² lhevdh ^\Z ijbf_jZ HiZkghklv qZklh ijbghkbl k kh[hc qm\kl\h \hklhj]Z gh \ke_^ aZ fZdkbfZevgufb i_j_`b\Zgbyfb qZklh ijboh^bl ijhlb\hiheh`gh_ qm\kl\h G_dhlhju_ ba gZk klj_fylky bkiulZlv fZdkbfZevgmx wfhpbx qlh[u hlkjhqblv iZjgmx _c IulZykv \ua\Zlv kh[ulby b kblmZpbb dh]^Z wlb qm\kl\Z [ueb bkiulZgu ij_`^_ fu fh`_f ihgylv qlh hgb [u\Zxl qZs_ q_f fu ^mfZeb kgZqZeZ AZl_f gZf gm`ghhij_^_eblvqlhfuqm\kl\m_fdh]^Zwlhhij_^_e_ggh_qm\kl\h ijhrehb qlhfu^_eZ_fqlh[uhlj_]mebjh\Zlvk\h_wfhpbhgZevgh_ khklhygb_ Ohly g_dhlhju_ ex^b Zdlb\gh bsml fZdkbfZevguo i_j_`b\Zgbc b qm\kl\ ^jm]b_ dZ`_lky `b\ml gZ g_]Zlb\guo qm\kl\Zo b i_j_`b\Zgbyo Ihfhqv lZdhfm q_eh\_dm b^_glbnbpbjh\Zlv kblmZpbb b kh[ulby \ua\Z\rb_ g_]Zlb\gu_ qm\kl\Z fh`_l lZd`_ hagZqZlv ih[m`^Zlv _]h b^_glbnbpbjh\Zlv ex^_c ijh[m^b\rbo wlb qm\kl\Z Q_eh\_d fh`_l gm`^Zlvky \ ihfhsb qlh[u [ulv kihkh[guf ^\b]Zlvky hl hkljh g_]Zlb\gh]h Zki_dlZ\^heviZjZf_ljh\d ihablb\ghfmFh`ghijh^\bgmlvky\k_]h gZ g_kdhevdh ]jZ^Zpbc gh baf_g_gb_ k^_eZ_l _]h wfhpbhgZevgh_ jZ\gh\_kb_kh\k_fbguf=em[hdb_qm\kl\Zbkke_^h\Zggu_\ jZfdZo [_ahiZkguo hlghr_gbc dhgkmevlbjh\Zgby bf_xl l_jZi_\lbq_kdbc ihl_gpbZeh]jhfghc\Z`ghklbHq_gvqZklh^\b`_gb_d ihablb\guf qm\kl\ZfaZljm^g_ghihlhfmqlhlZbebbgZybagZrbokm[ebqghkl_c k\yau\Z_lgZkDhgkmevlbjh\Zgb_fh`_lklZlvdexqhfhldju\Zxsbf aZfhd AZ^Zgb_lj_lv_²bkke_^h\Zgb_]em[bg Bkke_^h\Zgb_ ]em[bg beb kimkd [ueh ihklZ\e_gh ihke_ bkke_^h\Zgby \ukhl ih^t_fZ lZd dZd h[uqgh kqblZ_lky qlh bkke_^h\Zgb_ \ukhl f_g__ m]jh`Zxs_ q_f bkke_^h\Zgb_ ]em[bg [_kkha \j_f_gZfbb g_eh]bqghd p_ehklgZ Kimkd\dexqZ_l\ k_[y hkhagZg l_gb [he__ gbadhc klhjhgu gZr_c bg^b\b^mZevghklb [_k_ gZl_evgh]h Bkke_^h\Zgb_ [_kkhagZl_evgh]hh[uqgh ijbgbfZ\dZdkimkd\gbaohly ^ey wlh]h g_l j_Zevguo ijbqbg \h \kyd kemqZ_ g_ [he__ q_f ^ey fukeb qlh G_[_kZ gZoh^ylky gZ\_jom Hgh ZgZeh]bqgh bkke_^h\Zgbx l_fguo
lZcgbdh\ ih^a_fgh]h fbjZ Ikbo__c Ijbf_ju ih^h[gh]h kimkdZ fh`ghba\e_qvbaWg_b^u <_j]beby]^_Wg_ckimkdZ_lky\ Z^E_]hd imlv \gba \ ih^a_fguc fbj ghqvx b ^g_f ^\_jv l_fgh]h Z^Z hldjulZ gh ijhclb gZaZ^ ih qvbfeb[h ke_^Zf b ijh^_eZlv imlv hllm^Z gZ\_jo ² wlh aZ ^ZqZ wlh ljm^ Wg_b^Z dgb]Z Fh`gh \kihfgblv hibkZgb_ iml_r_kl\by q_j_a Z^ \ jZc \ ;h`_kl\_gghc dhf_^bb >Zgl_ Ihwlu nbehkhnu b fbklbdb ]h\hjbebh imqbg_^mrbWlhg_kh\iZ^_gb_qlhfulZd`_]h\hjbf h ]em[bg_ikboheh]bb Qlh[u bkke_^h\Zlv ]em[bgu fu ^he`gu bf_lv fm`_kl\h \ k\h_f k_j^p_ b j_rbfhklv kh\k_f dZd bkke_^h\Zl_eb l_fghlu ih^ a_fguo i_s_j :gZeh]by k ih^a_fgufb bkke_^h\Zgbyfb mf_klgZ ihlhfm qlh lZf iml_r_kl\_ggbd \klj_lbl fgh]h g_ba\_klgh]h Fm^juc bkke_^h\Zl_ev [m^_l ih^kljZoh\Zg gZ^_`ghc \_j_\dhc bkke_^my[_kkhagZl_evgh_fulZd`_^he`gu[ulvm\_j_gu qlh dlh lhgZoh^blkygZ^jm]hfdhgp_gZ^_`ghc\_j_\db Ba \k_o p_e_c ^Zggh]h bkke_^h\Zgby fh`gh \u^_eblv h^gm ]eZ\gmx Wlh ijhlb\hklhygb_ l_gb b __ ijbkh_^bg_gb_ d gZr_c kh agZl_evghc bg^b\b^mZevghklb :jlmjZ lj_\h`beb qm\kl\Z ]g_\Z ik hlghr_gbx d _]h hlpm Hg agZe qlh hg g_aZdhgghjh`^_gguc agZe k\h_]hhlpZb h[klhyl_evkl\Zk\h_]hjh`^_gbyghwlhgkmf_gvrbeh qm\kl\hg_gZ\bklbdhlhjh_qZklhh\eZ^_\Zehbfohlyhgqm\kl\h\Ze qlh gbq_]h g_ ih^_eZ_rv lZd dZd _]h hl_p mf_j aZ^he]h ^h wlh]h JZ[hlZyk h[jZaZfbhg\hh[jZabekZfh]hk_[yjupZj_fkdZqmsbfgZ [_ehf dhg_ >hjh]Z ijb\_eZ _]h q_j_a e_k gZ iheygm ]^_ hg ih\klj_qZe jupZjy h^_lh]h \ q_jgh_ gZ q_jghf dhg_ jupZjy dhlhjuc\ua\Ze_]hgZih_^bghd Dlh wlhl jupZjv" ² kijhkbe y :jlmjZ Hg g_ kdZ`_l fg_ Hg ]h\hjbl qlh y _]h agZx ² hl\_lbe :jlmj Hgb ZlZdh\Zeb ^jm] ^jm]Z b dhiv_ :jlmjZ ijhldgmeh jmdm \lhjh]h jupZjy :jlmj ko\ZlbekyaZk\hxjmdmb kh^jh]gmekyWlhijhbahrehg_kdhevdhjZa ihdZ :jlmj g_ kdZaZe Hg hklZgh\e_g b ]h\hjbl
ohl_e[ukdZaZlvqlhi_j_f_gZijhbahreZf]gh\_gghghwlhg_lZd Kimkly ^h\hevgh ^ebl_evguc i_jbh^ i_j_f_gZ `ak_ `_ ijhbahreZ :jlmjbf_efm`_kl\hbkke_^h\Zlvih^a_fgucfbjg_agZyqlhb dh]h hg \klj_lbl J_amevlZlhf klZeh hk\h[h`^_gb_ _]h ^moZ ^moh\gZy ih[_^Z AZ^Zgb_q_l\_jlh_²bkke_^h\Zgb_ijhly`_gghklb KhagZgb_fh`ghm\_ebqblvbebjZkrbjblvlZdbfh[jZahfqlh hgh kfh`_l ijbgbfZlv \k_ [hevr_ b [hevr_ \i_qZle_gbb b nZdlh\ Wlh ijhbkoh^bl dZd jZkrbj_gb_ djm]Z bagmljb ba p_gljZ \h\g_ \h \k_ogZijZ\e_gbyoZ g_lhevdh\ h^ghfgZijZ\e_gbbM\_ebq_gb_beb jZkrbj_gb_ khagZgby hl p_g]jZ fh`_l [ulv lj_\h`Zsbf lZd dZd dZ`_lkyqlhl\_j^uo]jZgbp[hevr_g_lb q_eh\_d\oh^bl\ h[eZklv khagZgby gZoh^ysmxky ^Ze_dh aZ ij_^_eZfb _]h g_ihkj_^kl\_ggh]h \hkijbylby G_beZ ijbkeZeb dh fg_ ihlhfm qlh ih fg_gbx _]h ij_ih^Z\Zl_e_c hg gk ^hklb]Ze k\h_]h ihl_gpbZeZ Bgljh\_jl G_be \u]ey^_e aZkl_gqb\uf kZfhmgbqb`Zxrbfky hq_gv g_m\_j_gguf \ k_[_ ?]h bglmblb\gZy nmgdpby [ueZ ohjhrh jZa\blZ b hg ij_^ihqblZe jZ[hlZlv \ hkgh\ghf k h[jZaZfb GZ h^ghf k_Zgk_ hg ijh
KfG_be²FZyd\ QZkqb\xjhb ke_^h\Zeihdhjb^hjmdhlhjuc ijb\_e _]hd lZdhch[rbjghc i_s_j_ qlh \ k\h_f \hh[jZ`_gbb hg hklZgh\beky \ kljZo_ Hg ^_ckl\bl_evghhldjuejhlLZdhc]jhfZ^ghc[ueZwlZi_s_jZihegZy yjdh]hk\_lZqlhhgihki_rghj_lbjh\Zekyb aZdhgqbek_ZgkjZ[hluk h[jZaZfb G_ce kdZaZe
beexabyIjh[m`^_gb_hlwlh]hkhklhygbylj_[m_lfm`_kl\Z AZ^Zgb_r_klh_²bkke_^h\Zgb_ijhk\_le_gby LZd `_ dZd _kl_kl\_ggh_ ijh[m`^_gb_ y\ey_lky i_j_oh^hf b l_fghlu ghqb d k\_lm ^gy ijhk\_le_gb_ ² wlh imlv hl khagZgby Lbglmblb\ghfm ihgbfZgbx < ebqghf kfuke_ k\_l kbf\hebq_kd] ijhgbpZ_l l_fghlm [_kkhagZl_evgh]h emqhf nhgZjy ijhk\_le_g
gZihegy_l lvfm k\_lhf ijh`_dlhjZ bglmbpbb \ fbeebhg k\_q_ª Ijhklh_ bkihevah\Zgb_ fZe_gvdh]h nhgZjbdZ [_ahiZkgh g_fgh]h fh`ghkijylZlvhlijh`_dlhjZWlb^\_beexkljZpbbihe_agudh]^Z i_j_^ deb_glhf ² lvfZ ;ueh [u im]Zxs_ \g_aZigh \ukl \blv gZihdZalhqlhkijylZgh\ l_fghl_bf_gghwlhbkiulZ G_ce²kebrdhffgh]hkebrdhf[ukljh< lh`_\j_fywlhl hiulhklZg_lkyk G_cehfihlhfmqlhhgkjh^gblhfmh q_f[m^^bklu ]h\hjyl dZd h \g_aZighf ijhk\_le_gbb Z hklZevgu_ gZau\Zxl fZdkbfZevgufbi_j_`b\Zgbyfb AZ^Zgb_k_^vfh_²bkke_^h\Zgb_h]gy Nmgdpby h]gy ² wlh \Z`gZy nmgdpby hqbs_gby b h^gh ba h[rbjguo b kms_kl\_gguo aZ^Zgbb Dmevl h]gy ² ^j_\gyy j_eb]by ² eb[h j_Zevgh]h h]gy eb[h khegpZ HklZldb dmevlZ h]gy fh`gh m\b^_lv \ k\ys_gghf ieZf_gb dhlhjh_ ih^^_j`b\Zxl ]hjysbf gZ ZelZj_gZijbf_j\ Hebfibckdhfh]g_kbf\he_q_klgh]hkhklyaZgby AZ^Zgb_\hkvfh_²bkke_^h\Zgb_jZa\blby H jZa\blbb fh`gh ^mfZlv dZd h[ w\hexpbb jhkl_ jZa\_jlu\Zgbb khaj_\Zgbb jZkdjulbb gZjZklZgbb jZkrbj_gbb m\_ebq_gbbijh^\b`_gbbbebijh]j_kk_DZ`^ucbawlbokbghgbfh\ bf__lk\hbgxZgkuJZa\blb_ih^jZamf_\Z_ljhklhklZ\e_gb_ihaZ^b nZab wlZih\dhlhju_i_j_jhklhldlhjZa\b\Z_lky^\b`_gb_\i_j_^ d q_fmlh bghfm [he__ ijh^mdlb\ghfm >\Z hkgh\guo kbf\heZ jZa\blby ² k_fy b p\_lhd K_fy ojZgbl \ k_[_ ihl_gpbZe gh\hc `bagb `_em^v ij_\jZlblky \ ^m[ p\_lhd dhlhjuc ihy\ey_lky ba aZdjulh]h[mlhgZ\ha\_sZ_lieh^>jm]b_kbf\heuba\_klgu_ihqlb k gZqZeZ \j_f_g ² wlh p\_lu Ahehlhc p\_lhd \ DblZ_ ehlhk \ Bg^bb b jhaZ \ I_jkbb b ?\jhi_ G_dhlhju_ f_lh^u jZa\blby b f_^blZpbbhkgh\ZgugZkbf\he_ehlhkZbebjhau KZfZy `b\Zy beexkljZpby jZa\blby ² ij_\jZs_gb_ j_[_gdZ \h \ajhkeh]h wlh h^bg wlZi
gZqbgZ_lkykgh\Z AZ^Zgb_^_\ylh_²bkke_^h\Zgb_ex[\b Q_eh\_q_kdZy ex[h\v ² wlh ihiuldZ \uclb ba kZfh]h k_[y b \hclb \ ^moh\gmx h[sghklv k ^jm]bf kieZ\blvky k ^jm]bf kms_kl\hf FZjlbg ;m[_j Y b Lu ]h\hjbl Dh]^Z y i_j_klZxhlghkblvkyd ^_j_\mdZdd ij_^f_lmy \klmiZx\ hlghr_gby ©Y²Luª ;m[_j ihklmebjh\Ze hkgh\gh_ jZaebqb_ f_`^m l_f dZd ex^b hlghkylky d g_h^mr_\e_gghfm ij_^f_lm Y²Hgh hlghr_gb_ b l_f dZd hgb hlghkylky d ^jm]bf ex^yf Y²Lu hlghr_gb_ < i_j\hf kemqZ_g_kms_kl\m_lgbdZdh]hbkdj_gg_]hhlghr_gbyihlhfmqlhY b Hgh g_ \aZbfhk\yau\Zxlky Hgh jZkkfZljb\Z_lky dZd ij_^f_l dhlhjuf fZgbimebjmxl b dhlhjuc bkihevamxl Ih\_joghklgu_ q_eh\_q_kdb_ hlghr_gby kdehggu gZihfbgZlv kdhj__ lbi Y²Hgh q_f lbi Y²Lu < ihke_^g_f kms_kl\m_l ih^ebgguc ^bZeh] ihlhfm qlh Y iheghklvx \aZbfhk\yaZgh k Lu kha^Z\Zy khxa k\yav f_`^m ^\mfy Y²Lu hlghr_gb_ \dexqZ_l \ k_[y jbkd ihlhfm qlh ihegh_ \h\e_q_gb_ g_kihkh[gh i_j_qk ih\j_`^_gby dhlhju_ Lu fh`_lgZg_klbYQ_eh\_q_kdb_hl r_gbyfh]mllhevdhijb[eb`Zlvky d kh\_jr_gghfm Y²Lu ^bZ ]m Dh]^Z ex^b gZoh^ylky \ ih^ebgghf ^bZeh]_ k ;h]hf _^bgklZ gh_ kh\_jr_ggh_ Lu ijbkmlkl\m_l bklbggh_Y²Luhlghr_g Y ml\_j`^Zxqlh[ukh\_jrZlvwnn_dlb\gmxjZ[hlmkhklk gZfbgZr_cbg^b\b^mZevghklbfu^he`gu^\b]ZlvkyhlY² hlghr_gby d Y²Lu hlghr_gbx Lhevdh kh\_jrZy wlh lhgdh_ f_g_gb_fufh`_fk^_eZlvj_Zevgh_^\b`_gb_\i_j_^Lhe dh]^Zfu kmf__fijh^\bgmlvky\ ex[\bd l_fgZrbfklhjhg dhlhju_ g_gZ\b^bf hl dhlhjuo `_eZ_f hl^_eblvky gZ\k_]^Z gZr_cl_gb²fu^\bg_fky^Zevr_ihimlbbgl_]jZpbbBg jZpbyb ijbfbj_gb_Z g_ jZa^_e_gb_ ^he`gu kem`blv gZb p_evx Kebrdhf ^he]h fu hlj_aZeb dmkhqdb dhlhju_ gZf gjZ\ylky ih^Z\eyeb b hljbpZeb bo Dh]^Z fu ^hklZg_f bo ba eZgZ b ijbagZ_f d kqZklvx bebd g_kqZklvxqlhhgb²gZrZ`bg_ggh\Z`gZyqZklvfukfh`_f k^_eZlvj_Zevgucijh]j_kk Ijhjhd =b[jZgZ ]h\hjbl h ex[\b Dh]^Z ex[brv g_ ke_^m_l]h\hjblv;h]\ fh_fk_j^p_ghkdhj__Y \k_j^p_;h]Z B g_ ^mfZc qlh lu fh`_rv mijZ\eylv ^_ckl\byfb ex[\b ihlhfm qlh ex[h\v _keb hgZ gZoh^bl l_[y ^hklhcguf mijZ\ey_l l\hbfb ^_ckl\byfb AZ^Zgb_^_kylh_²bkke_^h\Zgb_ljZgknhjfZpbb LjZgknhjfZpby beb ij_\jZs_gb_ ² wlh l_fZ dhlhjmx Xg] bkke_^m_l \ k\yab kh kgh\b^_gbyfb b kbf\heZfb
LjZgknhjfZpby ijhbkoh^bl [eZ]h^Zjy kh_^bg_gguf ^_ckl\byf ij_^u^msbo aZ^Zgbc ^\mfy jZagufb \aZbfh^hihegyxsbfb kihkh[Zfb I_j\uc ² wlh km[ebfZpby wg_j]bc \ ijb_fe_fuo dZgZeZo \lhjhc ² bgl_]jZpby wg_j]bc \gmljb [_kkhagZl_evgh]h \ bg^b\b^mZevghklv LjZgknhjfZpby beb ij_\jZs_gb_ \hafh`gZ fu fh`_f \aylv ZgZeh]bx ba fbjZ gZmdb ]^_ we_f_glu fh]ml [ulv ljZgknhjfbjh\ZgufZgbimeypb_ck ZlhfZfb AZ^Zgb_h^bggZ^pZlh_²bkke_^h\Zgb_\hajh`^_gby LjZgknhjfZpby fhklbl ^hjh]m ^ey ^moh\gh]h \hajh`^_gby gh\h]h jh`^_gby Gh\h_ jh`^_gb_ ² wlh ih^ebggh ^moh\guc ijhp_kk g_ hlghkysbcky d j_eb]bb ohly lhl `_ l_jfbg ih^jZamf_\Z_lky b \ j_eb]bhaghf h[jZs_gbb Bg^bckdbc l_jfbg >\b^`bk bkihevam_fuc ih hlghr_gbx d [jZfbgZf hagZqZ_l ^\Z`^ujh`^_gguc Gh\h_jh`^_gb_ih^jZamf_\Z_lkf_jlvklZjh]h\ ojbklbZgkl\_ wlhkbf\hebabjm_lkydj_s_gb_f< ebqghfihbkd_hghih^jZamf_\Z_l lh qlh klZjhfm iha\hey_lky mclb qlh[u ijbgylv gh\h_ Gh gh\h_ g_evay ijbgylv ² dZd q_eh\_d ijbgye [u ij_^f_l Wlh aZf_s_gb_ klZjh]hgh\ufdZdgh\Zy\h^ZaZf_sZ_lklZjmx\ j_a_j\mZj_Q_eh\_d gbdh]^Z g_ fh`_l lhqgh kdZaZlv dh]^Z ijhp_kk aZ\_jrbeky Wlh hagZqZ_l ]hlh\ghklv k[jhkblv klZjh_ baghr_ggh_ hl`b\r__ ² lh qlhkem`behk\hbfp_eyflhqlhdh]^Zlh[uehmf_klgufgh[hevr_ m`_g_y\ey_lkyih^oh^ysbfb `_eZl_evguf =b[jZg ]h\hjy h kf_jlb ibr_l Qlh lZdh_ mfbjZlv dZd g_ klhylvh[gZ`_ggufgZ\_ljmm lZylvgZkhegp_"B qlhlZdh_i_j_klZlv ^urZlvdZdg_hk\h[h^blv^uoZgb_ hl _]h [_kihdhcguo ijbeb\h\ b hleb\h\ qlh[u hgh fh]eh ih^gylvky b jZkrbjblvky b bkdZlv ;h]Z g_h[j_f_g_gguf"Ijhjhd AZ^Zgb_^\_gZ^pZlh_² bkke_^h\Zgb_hk\h[h`^_gby Wlh mgbqlh`_gb_ ij_iylkl\bb ijhp_kk hk\h[h`^_gby hl gZrbo dhfie_dkh\ gZrbo beexabc b hl b^_glbnbdZpbb k jZaebqgufbjheyfbdhlhju_fub]jZ_f\ `bagbhlfZkhddhlhju_ fu gZ^_\Z_f gZ k_[y b hl gZrbo b^heh\ K\h[h^Z h] kljZoZ ² wlh p_ev?_gm`gh^h[b\Zlvkyb h[_j_]Zlv\kydbchl^_evguc^_gv @_eZgb_ k\h[h^u ² wlh iZjZ^hdk lZd dZd hq_gv qZklh fu [hbfky lh]h qlh hagZqZ_l k\h[h^Z K\h[h^Z ih^jZamf_\Z_l h[yaZl_evkl\hkZfhdhgljhevfm`_kl\hb mihjkl\hfu^he`gu`blv gZ k\h[h^_ dh]^Z kms_kl\m_l kh[eZag \_jgmlvky \ [_ahiZkghklv jZ[kl\Z Fh`gh ijh\_klb iZjZee_ev ba bklhjbb ^_l_c BajZbey e_l hgb [ueb jZ[Zfb \ ?]bil_ b \k_ wlh \j_fy klj_fbebkv [ulv k\h[h^gufb Dh]^Z ijbreh \j_fy hgb [_`Zeb ba ?]bilZ ij_ke_^m_fu_ Zjfb_c _]bilyg [_ahiZkgh i_j_k_deb DjZkgh_ fhj_ b gZqZeb[jh^blvihimklug_ghhgbjm]ZebFhbk_yGZf[uehemqr_
lZf \ ?]bil_ q_f a^_kv \ imklug_ IZehfgbq_kl\h d A_fe_ H[_lh\Zgghc ^he`gh [ueh m\h^blv bo \k_ ^Zevr_ b ^Zevr_ hl aeZqguof_kl?]bilZh^gZdh\ l_q_gb_khjhdZe_lmr_^rbom gbo gZ wlh gZoh^bebkv l_ dlh f_lZnhjbq_kdb kfhlj_e gZaZ^ kh kljZklguf`_eZgb_f LZd dZd wlh ihke_^g__ ba aZ^Zgbb y ohqm \hkihevah\Zlvky \hafh`ghklvx qlh[u ijh^_fhgkljbjh\Zlv ijhp_kk jZ[hlu k h[jZaZfb Ijh\_^y fha]h\mx ZlZdm gZ keh\h hk\h[h`^_gb_ y h[ gZjm`b\Zx ke_^mxsb_ kbghgbfu \uimkdZgb_ gZ k\h[h^m ba[Z\ e_gb_ wfZgkbiZpby ij_^hklZ\e_gb_ ba[bjZl_evguo ijZ\ \u^ZqZ kiZk_gb_ hk\h[h`^_gb_ ba aZdexq_gby \uimkdZgb_ gZ \hex jZa\yau\Zgb_ hkeZ[e_gb_ kgylb_ hdh\ kgylb_ dZg^Zeh\ kgylb_ p_i_c DZ`^h_ ba wlbo keh\ bf__l lhgdb_ hll_gdb ohly b rbjhdhf kfuke_hgbhagZqZxlh^ghb lh`_ AZl_f y gZoh`m Zglhgbfu hk\h[h`^_gby ihjZ[hs_gb_ jZ[ kl\h dj_ihklgZy aZ\bkbfhklv dhgljZdl dj_ihklgh_ ijZ\h jZ [he_ikl\h ih^g_\hevguc ljm^ aZdexq_gb_ kh^_j`Zgb_ ih^ Zj_ klhfZj_klaZlhq_gb_lxj_fgh_aZdexq_gb_aZdexq_gb_g lxjvfm h]jZgbq_gb_ij_^_eh[yaZgghklv]jZgbpZma^Zijh\_jdZdhgljhev h[ma^Zgb_m]g_l_gb_mijy`vih\h^hdih\h^ijbgm`^_gb_ Wlb kbghgbfu b Zglhgbfu jZkrbjbeb fh_ ihgbfZgb_ dhj_ggh]h keh\Z ² k\h[h^u Ke_^mxsbc wlZi aZdexqZ_lky \ lhf qlh[u ijh^he`Zlv fha]h\mx ZlZdm jZafureyy gZ^ b^_yfb dhlhju_ \uau\Zxl g_dhlhju_ ba wlbo keh\ Y jZkkfhljx lhevdh g_kdhevdh b ij_^hklZ\ex \Zf \hafh`ghklv ijh\_klb kh[kl\_ggmx fha]h\mx ZlZdm Ba[Z\e_gb_ Fu m`_ jZkkfhlj_eb h^gm ebgbx \ bklhjbb bajZbevlygb boba[Z\e_gbyhl_]bilygjZ[kl\Zb aZ\bkbfhklb WfZgkbiZpby K\h[h^Z hl xjb^bq_kdh]h khpbZevgh]h beb iheblbq_kdh]h h]jZgbq_gby dZd \ jZ[kl\_ Kha^Zgb_ k\h[h^gh]h q_eh\_dZ Ij_^hklZ\e_gb_ ba[bjZl_evgh]h ijZ\Z Y k\yau\Zx ij_^hklZ\e_gb_ ba[bjZl_evgh]h ijZ\Z `_gsbgZf k ]h^Zfb [hjv[u ij_`^_q_fwlhgZdhg_pk\_jrbehkv K\h[h^Z
Ijbgm`^_gb_ Wlh keh\h \uau\Z_l hsms_gb_ kfbjbl_evghc jm[ZrdbnjmkljZpbxb m`ZkguckljZo Dhgnebdl Y aZdhgqm wlh iml_r_kl\b_ bklhjb_c h KZg^j_ g_kqZklghc \ [jZd_ `_gsbg_ hdheh ljb^pZlb e_l fZl_jb ^\hbo ^_l_c ij_[u\Zxs_c \ dZidZg_ [jZdZ dhlhjuc klZgh\beky \k_ [he__ mgbabl_evguf ^ey g__ A^_kv aZeh`_g dhgnebdl
_\hqdZaZ\bkbfZhlk\h_cfZl_jbb h^gh\j_f_ggh[hblky__ihlhfm qlh fZlv fh`_l [ulv hl\_j]Zxs_c b gZdZau\Zxs_c Ijb[eb`_gb_ mdehg_gb_ ihjh`^Z_l kbevgmx g_j_rbl_evghklv [_kihfhsghklv b lj_\h]m Dhgnebdlug_j_^dh[_kkhagZl_evgu\ lhfkfuke_qlhq_eh\_d g_ fh`_l ykgh hij_^_eblv bklhqgbd h]hjq_gby Fgh]b_ kbevgu_ bfimevku²kljZob \jZ`^_[ghklv²g_h^h[jyxlkyh[s_kl\hflZd qlh ^_lb kdhjh gZmqZxlky g_ ijbagZ\Zlvky \ gbo ^Z`_ kZfbf k_[_ Dh]^Z lZdb_ bfimevku \klmiZxl \ dhgnebdl fu lj_\h`bfky `_eZy magZlvihq_fmwlhijhbkoh^bl GZ mj_]mebjh\Zgb_ dhgnebdlZ kbevgh \eby_l qm\kl\h kh[kl\_ggh]h ^hklhbgkl\Z Ex^b k gbadbf qm\kl\hf kh[kl\_ggh]h ^hklhbgkl\Zh`b^Zxlqlhd gbfhlg_kmlkyiehohhgb`^mlom^r_]h ijb]eZrZxl _]h b qZklh ihemqZxl Ex^b dhlhju_ g_ hsmsZxl k_[y m\_j_ggufb h[uqgh qm\kl\mxl k_[y fZe_gvdbfb Z ihlhfm \b^yl^jm]bom]jh`Zxs_[hevrbfbq_fhgbkZfb JZ[hlZy k dhgnebdlhf ihe_agh kmf_lv k\_klb _]h d ^\mf
hkgh\gufijh[e_fZf gZoh^ysbfky \ lZdhf lhqghf jZ\gh\_kbb qlh gb h^gZ ba gbo g_ i_j_ly]b\Z_l \_ku Q_eh\_d kdhjh gZmqZ_lky g_ ijbagZ\Zlvky \ kbevguo bfimevkZo ^Z`_ kZfhfm k_[_ < ihke_^gb_ ]h^uKZg^jZklZeZ[he__kZfhm\_j_gghcb gZqZeZ]hj^blvkyl_fqlh ^_eZ_lghq_f[hevr_hgZ^_eZeZwlhl_ff_gvr_ohl_eZijh^he`Zlv b]jZlv \ b]jm dhlhjhc hl g__ h`b^Zeb ^jm]b_ ex^b Q_f [hevr_ hgZ klZgh\beZkv kh[hc l_f [he__ kfms_ggufb b k_j^blufb [ueb ^jm]b_ hkh[_ggh __ \eZklgZy b fZgbimebjmxsZy fZlv b __ fm` dhlhjuc h[gZjm`be qlh `_gZ [hevr_ g_ ohq_l b]jZlv \ _]h wdkp_gljbqgu_k_dkmZevgu_b]ju Ijb\e_dZxl ^\_ jZ\gh `_eZl_evgu_ p_eb h[uqgh bkdexqZxsb_^jm]^jm]Z
[_p_eb\uau\Zxlhl\jZs_gb_gb h^gZ bagbog_ijb\e_dZ_lgh_klvm^h\hevkl\b_\u[jZlvh^gmbeb^jm]mx Wlh[uekp_gZjbcihkl_i_ggh\hagbdrbc\ i_j\u_ljbf_kypZ dhgkmevlbjh\Zgby dh]^Z y kdZaZe Z b g_l y ^mfZx qlh y kdhj__ihkZ`_gZ\ de_ldmq_fihcfZgZ\ dZidZgKeh\Zihoh`bgh bf_xljZagu_agZq_gby
wlh ij_^klZ\eyeh ^jm]b_ ljm^ghklb dZgZj_cdZ [ueZ [u mya\bfhc \h \g_rg_ffbj_hgZg_fh]eZ[ukms_kl\h\ZlvlZfDZdhgZihklmibeZ wlh^jm]Zybklhjbyghklhblmihfygmlvqlhgb __fm`gb __fZlvg_ fh]ebkijZ\blvkyk f_gyxs_ckyKZg^jhcdhlhjZy[hevr_g_]hlh\Z [ueZb]jZlv\ bob]ju< dhgp_dhgph\KZg^jZb __fm`jZkklZebkvb jZa\_ebkv I_j_f_gZ j_^dh [u\Z_l e_]dhc beb ijyfhc < kemqZ_ KZg^ju fgh]b_ex^b\p_ibebkv\ g__Z hgZ²\ gboDh]^Zq_eh\_dgZqbgZ_l f_gylvkygZijy`_gb_jZkijhkljZgy_lkygZ\k_k\yabb g_dhlhju_ba gbog_ba[_`ghj\mlkyLZddZdKZg^jZf_gyeZkv jhkeZ b jZa\b\ZeZkv ^jm]bf agZqbfuf ex^yf ijbrehkv [u baf_gblvky qlh[u ijbkihkh[blvky d i_j_f_gZf dhlhju_ ijhbkoh^bebk g_cWlhihoh`_gZi_j_f_gudhlhju_ij_l_ji_\Zxl jh^bl_eb ihkl_i_ggu_ i_j_f_gu dh]^Z bo ^_lb jZklml b jZa\b\Zxl kh[kl\_ggmx bg^b\b^mZevghklv Jh^bl_eb bf_xl \hafh`ghklv f_^e_gghf_gylvkydh]^ZjZa\b\Zxlkybo^_lblZdb_ex^bdZdfm` KZg^ju __ fZlv b [jZl bf_eb kebrdhf [hevrmx aZdhghf_jgmx aZbgl_j_kh\Zgghklv\ lhfqlh[ugbq_]hg_f_gyehkvlZdqlhKZg^jZ klZeZqm`hc^eygbo Q_j_a r_klv f_kyp_\ dhgkmevlbjh\Zgby gZklmibeb \j_f_gZ dh]^ZKZg^jZkgh\ZklZgh\beZkvilbp_c\ de_ld_ghhgZqZklh\b^_eZ ^\_jpmde_ldbhldjulhcb[he__lh]h^Z`_gZoh^ykv\ de_ld_fh]eZ keurZlvk\h_i_gb_ J_axf_ Ih^\b]b =_jZdeZ fh`gh qblZlv dZd bgl_j_kgmx bklhjbx dZdh\hc hgb dhg_qgh b y\eyxlky bo lZd`_ fh`gh bamqZlv k lhqdb aj_gby ebqgh]h iml_r_kl\by Kms_kl\m_l hiZkghklv ijh\_klb kebrdhf [ebadmx iZjZee_ev f_`^m dZ`^uf ba ^\_gZ^pZlb ih^\b]h\ b aZ^Zgbyfb dhlhju_ y hq_jlbe a^_kv Y \u[jZe wlm ZgZeh]bxihlhfmqlhg_dhlhju_aZ^Zgby\dexqZxl\ k_[yly`_klvb ljm^ghklv b dhg_qgh q_flh ijboh^blky ihieZlblvky dZd fu gZ[ex^Zebwlh\ kemqZ_KZg^juBklhjbyKZg^ju²g_bkdexq_gb_ b ex^bqZklhg_ihgbfZxlklj_fe_gby^jm]h]hq_eh\_dZ\ujZklbbeb lhckljZrghc[hjv[udhlhjZylj_[m_lkyqlh[u\uj\ZlvkygZk\h[h^m ba ijbgm`^_gbc dhlhju_ k\yau\Zxl gZk dZd e_cdhieZklujv beb kfbjbl_evgZyjm[ZrdZ J_axf_aZ^Zgbc I_j\h_ aZ^Zgb_ ² bkke_^h\Zgb_ \gmlj_gg_]h AZ^Zgb_ jZkdjulv gZr p_glj
l_gv²gb`gxxqZklvk\h_cbg^b\b^mZevghklbQlh[ubkke_ ^h\Zlv gZf gm`gh jZa\blv bglmbpbx \hex fure_gb_ b qm\kl\Z < ihfhsv jZa\blbx qm\kl\ \ dZq_kl\_ iml_\h^bl_ey ij_^eZ]Z_lkyDhe_khwfhpbhgZevgh]hhkhagZgby Lj_lv_ aZ^Zgb_ ² bkke_^h\Zgb_ ]em[bg Lj_lv_ aZ^Zgb_ khklhbl \ lhf qlh[u ijbgylv \uah\ kimkdZ \ [_kkhagZl_evgh_ b \dexqblv\ k_[ylhqlhlZfh[gZjm`b\Z_lky Q_l\_jlh_ aZ^Zgb_ ² bkke_^h\Zgb_ ijhly`_gghklb KhagZgb_ fh`_l [ulv m\_ebq_gh beb jZkrbj_gh qlh[u ijbgbfZlv [hevr_b [hevr_ Iylh_ aZ^Zgb_² bkke_^h\Zgb_ ijh[m`^_gby Ijbjh^gh_ khagZl_evgh_ khklhygb_ ² lh `_ qlh [ulv kiysbf < khklhygbb ih^h[ghf kgm fu \b^bf \k_ b \k_o q_j_a iehlguc ihdjh\ djZkhd b bkdZ`_gbc dhlhjuc ijhbkoh^bl hl gZrbo wfhpbhgZevguo j_Zdpbc j_amevlZlZ ijhreuo ikbobq_kdbo ljZ\f b \g_rgbo \ebygbc Ijh[m`^_gb_hlwlh]hkhklhygbylj_[m_lfm`_kl\Z R_klh_ aZ^Zgb_ ² bkke_^h\Zgb_ ijhk\_le_gby Ijhk\_le_gb_ ² imlv hl khagZgby d bglmblb\ghfm ihgbfZgbx Ijhk\_le_gb_²wlhh^ghbafZdkbfZevguoi_j_`b\Zgbc`bagb K_^vfh_ aZ^Zgb_ ² bkke_^h\Zgb_ h]gy Nmgdpby h]gy ² wlhij_`^_\k_]hnmgdpbyhqbs_gbyIjhclbq_j_ah]hgv²gZf_dgZ ijhp_kk nbevljh\Zgby ijbf_gy_fuc d ahehlm b k_j_[jm gZ klZ^bb m^Ze_gbyijbf_k_c _\ylh_ aZ^Zgb_ ² bkke_^h\Zgb_ ex[\b Q_eh\_q_kdZy ex[h\v ² wlh ihiuldZ \hclb \ ^moh\gmx h[sghklv k ^jm]bf q_eh\_dhf Lhevdh \oh^y \ hlghr_gb_ Y²Lu fu mklZgZ\eb\Z_f wnn_dlb\gmxk\yav >_kylh_ aZ^Zgb_ ² bkke_^h\Zgb_ ljZgknhjfZpbb LjZgknhjfZpbybebij_\jZs_gb_wlhl_fZdhlhjmxbkke_^m_lXg] \ hlghr_gbb kgh\b^_gbc b kbf\heh\ LjZgknhjfZpby ijhbkoh^bl q_j_akh_^bg_ggu_^_ckl\byih^t_fZb kimkdZ H^bggZ^pZlh_ aZ^Zgb_ ² bkke_^h\Zgb_ \hajh`^_gby LjZgknhjfZpby fhklbl imlv ^ey ^moh\gh]h \hajh`^_gby gh\h]h jh`^_gby >\_gZ^pZlh_ aZ^Zgb_ ² bkke_^h\Zgb_ hk\h[h`^_gby Mgbqlh`_gb_ aZljm^g_gbc ijhp_kk hk\h[h`^_gby hl gZrbo dhfie_dkh\ gZrbo beexabc b b^_glbnbdZpbb k ^jm]bfb jheyfb dhlhju_fub]jZ_f\ `bagbhlfZkhddhlhju_fugZk_[ygZ^_\Z_f b hl gZrbo b^heh\ K\h[h^Z hl kljZoZ ² wlh p_ev ?_ gm`gh
^h[b\Zlvkyb h[_j_]ZlvdZ`^uc^_gv Iml_r_kl\b_dZdy ij_^klZ\be_]ha^_kvgZiheg_ghh[jZaZfb hkh[_ggh dh]^Z fu ^mfZ_f h jZaebqguo aZ^Zgbyo iml_r_kl\byo b bkke_^h\Zgbyo =_jZdeZ Bkke_^h\Zl_ev g_ mkljZb\Z_l wdki_^bpbx ijhklh ih f]gh\_gghfm ih[m`^_gbx wdki_^bpby ieZgbjm_lky \ f_evqZcrbo ih^jh[ghklyo hq_gv qZklh lj_[mxlky agZqbl_evgu_ nbabq_kdb_ b mfkl\_ggu_ ijb]hlh\e_gby \dexqZxsb_ \ k_[y k[hj ij_^f_lh\i_j\hcg_h[oh^bfhklblZdbodZddZjlZb dhfiZk < wlhfiml_r_kl\bby biulZekyij_^hklZ\blvdZjlmb dhfiZk Y ohl_e [u iml_r_kl\h\Zlv k \Zfb dh]^Z \u \uihegy_l_ dZ`^h_ aZ^Zgb_ beb dh]^Z khimlkl\m_l_ \Zrbf deb_glZf \ bo iml_r_kl\byo bebihbkdZoY g_fh]mgZoh^blvkyk \ZfblZfghg_dhlhjufh[jZahf ^_eZxwlhihlhfmqlhfhbkeh\Z\ wlhcdgb]_²wlhqZklvf_gyb y bkdj_gg_gZ^_xkvqlh^mohdjm`Zxsbcwlbkeh\ZdZdlhi_j_^Zklky \Zfb \Zrbfdeb_glZf >_\ylh_ iml_r_kl\b_ BKKE?>H<:GB? H;J:AH< B A>HJH
ih[m`^Zxl i_j_b]jZlv kp_gm gZ wlhl jZa ^_eZy _]h j_Zdpbb [he__ ihablb\gufb qlh[u qm\kl\Z klZeb f_g__ kbevgufb LZf ]^_ \ kh[ulbb mqZkl\h\Ze ^jm]hc q_eh\_d beb ex^b deb_glZ ke_^m_l ih[m^blvij_^klZ\eylvbok_[_ijbgbfZy[he__^jm`_kdh_hlghr_ gb_ Ihke_ k_jbb ijhb]ju\Zgbc ]^_ dZ`^uc jZa ijbgbfZ_l[he__ ihablb\gZy ihabpby deb_gl ihqlb gZ\_jgydZ bkiulZ_l ik j_f_gm qm\kl\Z dhlhjZy klZg_l ihdZau\Zlv hloh^ gZ g_dhlhjh_ jZkklhygb_ hl gZqZevgh]h qm\kl\Z Ke_^mxsbc wlZi ² aZklZ\blv deb kglZ \uau\Zlv ihablb\gu_ \hh[jZ`Z_fu_ kblmZpbb b iulZlvkyi_j_`blvqm\kl\Zdhlhju_hgbihjh`^ZxlIhke_^gbcwlZi ² jZafureylv h[ h^ghf ba ihablb\guo qm\kl\ b iha\heblv kihglZgghfm \hh[jZ`_gbx mg_klb deb_glZ \ pZjkl\Z fuke_c b qm\kl\ ^Ze_dbo hl g_]Zlb\gh]h ihexkZ dZd kZfZy ^Ze_dZy hl a_feb a\_a^Z Klhbl mihfygmlv qlh g_dhlhju_ ex^b bkiulu\Zxl aZf_lgh_ qm\kl\h\bgu_kebbol_ehbkihjq_gh[he_agvx_kebhgb\ugm`^_gu ih^\_j]gmlvky objmj]bq_kdhfm \f_rZl_evkl\m _keb hgb klZeb `_jl\hc dZdhceb[h ljZ\fu _keb qm\kl\mxl de_cfh ikbobq_kdh]h aZ[he_\Zgby Ih\b^bfhfm wlb qm\kl\Z ihjh`^Zxlky j_eb]bhagufb \a]ey^Zfb gh gbdhbf h[jZahf g_evay kdZaZlv qlh bo bkiulu\Zxl lhevdh y\gh j_eb]bhagu_ ex^b LZdb_ qm\kl\Z \hafh`gh bf_xl dhjgb \ b^__ qlh q_eh\_d kha^Zg ih h[jZam b ih^h[bx ;h]Z b ke_^h\Zl_evghex[h_gZiZ^_gb_gZl_eh²wlhnhjfZ[h]homevkl\Z G_dhlhju_ ex^b dhlhju_ kZfb g_ y\eyxlky `_jl\Zfb qm\kl\mxl k_[yhkdhj[e_ggufbl_fqlh;h`v_fmkha^Zgbx\ha^Zxlf_gvr_b \ g_dhlhjuokemqZyoihij_^gZf_j_gghcg_[j_`ghklb ;hevb jZ[hlZk h[jZaZfb GZijhly`_gbb`bagb\k_fuih^\_j`_gu^Z\e_gbxjZaghcb f_gyxs_cky kbeu Lh dZd fu h[mqZ_fky kijZ\eylvky k wlbf ^Z\e_gb_fagZqbl_evghf_gy_ldZq_kl\hgZr_c`bagb Nbabq_kdZy[hev ;hev ² wlh qm\kl\h g_^hfh]Zgby kljZ^Zgby qAq] ] \Zggh_ klbfmeypb_c hij_^_e_gguo g_j\guo hd_ lh h q_f q_eh\_d bkiulu\Zxsbc __ ]h\hj hgZ ^_ckl\bl_evgh kms_kl\m_l dh]^Z q_eh\_d UXQXSLLL q dr_kl\m_lBaaZ[hebg_dhlhju_ex^bklZgh\ylky gZklheugmlufbqlhbkdexqZxl^jm]bobak\h_]hfbjZ;u\Z_l[hev lhjmxg_\hafh`ghhibkZlv hklh\_jguf bg^bdZlhjhf \gmlj_ggbo khklhygbc [heb y\ey_lky \ujZ`_gb_ ebpZ
>\b`_gb_ beb _]h hlkmlkl\b_ qZklh kem`bl ^hklh\_jguf bg^bdZlhjhff_klZ[heb GZ lh dZd fu kijZ\ey_fky k [hevx \ebyxl dmevlmjgu_ h`b^ZgbyH[uqghdjbqZlvhl[hebkqblZ_lky[he__ijb_fe_fuf^ey ^_l_c q_f ^ey \ajhkeuo ih djZcg_c f_j_ \ g_dhlhjuo h[s_kl\Zo Fufh`_fbkihevah\Zlv]g_\[_kkbeb_kljZob \bgmdZdkljZl_]bb qlh[ukijZ\blvkyk kh[hxOjhgbq_kdZy[hevk\yaZgZk ^_ij_kkb_cb [_kihfhsghklvxHkljZy[hev²k ijhy\e_gb_flj_\h]bHiul[heb Zkkhpbbjm_lky k jZagh\b^ghklvx kf_jlb ;hev fh`_l \ua\Zlv baf_g_gby\ h[jZa_l_eZY [hevr_g_kh\_jr_g_g ?keb fu bf__f dZdh_lh ij_^klZ\e_gb_ h lhf qlh fh`_f k^_eZlv qlh[u h[e_]qblv qvxlh [hev ² eb[h \ khxa_ k h[_a[heb\Zxsbfe_dZjkl\hfeb[h[_ag_]h²wlhihfh]Z_lk\_klbd fbgbfmfm gZr klj_kk Z lZd`_ klj_kk kljZ^ZevpZ QZklh qlh[u fbgbfbabjh\Zlv [hev ^hklZlhqgh kdhgp_gljbjh\Zlvky gZ ihdh_ b ]Zjfhgbb b kha^Zlv \gmlj_ggb_ dZjlbgu ihdhy L_i_jv dhkg_fky q_luj_oijbgpbih\h[e_]q_gby[heb JZa]h\hj <_jZ \ lh h q_f q_eh\_d ]h\hjbl g_j_^dh ihfh]Z_lmf_gvrblv[hevb k\yaZggmxk g_clj_\h]mIhfgblvh lhf qlh gZ^h ihfh]Zlv ex^yf bkke_^h\Zlv lh qlh ^_eZ_l [hev \ gbo b k gbfb Ihfhqv bf lhqgh h[gZjm`blv dh]^Z gZqbgZ_lky [hev dZd hibkZlv __ __ ^ebl_evghklv b kbem Fu g_ fh`_f qm\kl\h\Zlv [hev ^jm]h]hq_eh\_dZL_fgkf_g__dh]^ZfukfhljbfgZqvxeb[h[hev wlhfh`_l \ua\Zlvkbevguc klj_kkIhklZjZcl_kvg_hldZau\Zlvky hl jZa]h\hjZ h [heb mdehg_gb_ g_ ]h\hjblv gZ ^jm]b_ l_fu dh]^Z kljZ^Zevpu y\gh ihdZau\Zxl qlh ohlyl ]h\hjblv h k\h_c [heb hl\e_q_gb_ gkijhklhiZkkb\ghkemrZlvhlqm`^_gb_ Qm\kl\_gguckb]gZe Hl\e_q_gb_\gbfZgby²wlhfhsgh_ [he_mlheyxs__ ^_ckl\b_ Ijbdhkgh\_gb_ fZkkZ` ijbdeZ^u\Zgb_ ]hjyq_]h beb oheh^gh]h ih]jm`_gb_ [hevghc dhg_qghklb \ l_iemx \h^m beb \k_]h l_eZ \ l_iemx \Zggm ² \k_ wlh wnn_dlb\gu_ [he_mlheyxsb_kj_^kl\Z JZkkeZ[e_gb_ ;hevf_rZ_lhl^uomb kgmZ g_^hklZlhdkgZ qZklhy\ey_lkykbevgufihfhsgbdhfkljZ^ZgbyF_lh^uj_eZdkZpbb \umq_ggu_ b hljZ[hlZggu_ dh]^Z [heb g_l ihfh]Zxl hkeZ[blv nbabq_kdh_b mfkl\_ggh_gZijy`_gb_ H[jZau KljZ^Zevpu dhlhju_ bkihevamxl \hh[jZ`_gb_ khq_lZy _]h k ]em[hdhc j_eZdkZpb_c ihemqZxl kbevgmx ^\mklhjhggxx kljZl_]bx dhgljhebjh\Zgby k\h_c [heb Dh]^Z fu kha^Z_f\gmlj_ggxxdZjlbgm[heblZdbfh[jZahfh[t_dlb\bjmy__Z aZl_fij_^klZ\ey_fk_[_dZdhgZfh`_l[ulvljZgknhjfbjh\ZgZfu aZklZ\ey_fjZ[hlZlvfhsgu_p_ebl_evgu_kbeu Ikbobq_kdZy[hev
Ikbobq_kdZy[hev²wlh[hev k_j^pZ jZamfZ b ^moZ HgZ lZd `_ j_ZevgZ b kbevgZ dZd ex[Zy nbabq_kdZy [hev Ih^Z\e_gb_ ikbobq_kdhc[hebhq_gvqZklh\_^_ld ikbobq_kdbfaZ[he_\Zgbyf Ikbobq_kdmx[hevfh]ml\ua\ZlvlZdb_i_j_`b\ZgbydZd ly`_eZymljZlZ jZa\h^ \ugm`^_ggZybaheypby [_kihfhsghklv h^bghq_kl\h [_^ghklv ihl_jyp_eb ihl_jykZfhm\Z`_gby DZ`^hfmdlhbkiulu\Z_l[hevgm`ghqlh[ud _]hkbfilhfZf hlghkbebkv k_jv_agh HljbpZlv bo dZd \hh[jZ`Z_fu_ ² wlh ijhlb\hj_qb_ b hkdhj[e_gb_ ^ey q_eh\_dZ GZ h^ghf q_eh\_d_ iZ]m[gh kdZ`_lky _keb hg e_]dh i_j_klZg_l ^mfZlv h [heb ^jm]h]h kqblZy __ g_agZqbl_evghc beb g_kms_kl\mxs_c ² \k_ \ ]heh\_ Dhg_qgh[hevfh`_l[ulvikboh]_gghc²bf_xs_cwfhpbhgZevgh_ beb ikboheh]bq_kdh_ ijhbkoh`^_gb_ ² dZd hij_^_e_ggZy nhjfZ [hebijbqbgZ\hagbdgh\_gbydhlhjhcbf__lhj]Zgbq_kdbcoZjZdl_j >\_ebqgu_bklhjbbbeexkljbjmxljZagu_Zki_dluwlh]hy\e_gby >\_beexkljZpbb < ]dh]^Zfgh]b_\h_gghkem`Zsb__s_\ua^hjZ\eb\Zeb hl klj_kkZ \hcgu y moZ`b\Ze aZ hnbp_jhf Dhjhe_\kdh]h nehlZ dhlhjuckljZ^Zehlhkljh]hkhklhygbylj_\h]bM g_]hjZa\bebkv kbevgu_ [heb \ `b\hl_ b ijhy\eyebkv \k_ ijbagZdb hkljh]h Zii_g^bpblZ ;hev dhlhjmx hg bkiulu\Ze [ueZ hq_\b^gh kbevghc ?]h ijhhi_jbjh\Zeb gh gbdZdbo \gmlj_ggbo ijbagZdh\ \hkiZe_gby g_ h[gZjm`behkv ;]h Zii_g^bpbl b [hev k\yaZggZy k gbf [ueb ikboh]_gghc ijbjh^u _]h lj_\h]Z ihf_klbeZkv \ _]h [jxrghc ihehklbGh^eyg_]h[hev[ueZj_Zevghchgqm\kl\h\Ze__ bhl\_qZe gZ g__ dZd [m^lh [u hgZ ijhbkoh^beZ hl hj]Zgbq_kdh]h baf_g_gby J_Zevghklvx[hebgbdh]^Zg_ke_^m_lij_g_[j_]Zlv Ijhlb\hiheh`ghklv fhjkdhfm hnbp_jm khklZ\eyeZ >`bebZg ^_\hqdZ e_l kljZ^Z\rZy e_cd_fb_c HgZ g_ ihemqZeZ e_q_gby \ l_q_gb_ ]h^Z ihke_ lh]h dZd gZqZeZ `Zeh\Zlvky gZ [hev \ `b\hl_ <jZqb g_ kfh]eb gZclb dZdmxeb[h h[tykgbfmx ijbqbgm [heb b hlijZ\beb __ d ikbobZljm dhlhjuc e_qbe __ hl ikboh]_gghc [heb >\Z f_kypZ kimkly >`bebZg [ueZ kgh\Z ijbgylZ \ debgbdm \ khklhygbbkbevgh]hj_pb^b\Zk fZkkb\ghc\kiurdhc< dhgp_dhgph\ hgZmf_jeZ Wlb ^\Z kemqZy beexkljbjmxl hiZkghklv gZde_b\Zgby yjeudZ gZ [hev hij_^_eyy lhl beb bghc k_ lbi < i_j\hf ijbf_j_
[hev ghkbeZ ikboh]_gguc oZjZdl_j b [jxrgZy ihehklv klZeZ kj_^hlhqb_fqm\kl\Zlj_\h]biZpb_glZ< kemqZ_>`bebZg[hevbf_eZ nbabq_kdb_dhjgbghihkdhevdmg_evay[uehhij_^_eblvnbabq_kdmx ijbqbgmgZ[hev[uegZde__gg_\_jgucyjeudikboh]_gghc
k_cqZkaZ\hk_fv^_kyl`beb\ jZaguoqZklyo:g]ebbgbdh]hg_[ueh jy^hf k g_c WebaZ[_l gZ[h`gZy dZlhebqdZ mqZkl\h\ZeZ \ ^_yl_evghklb f_klghc p_jdh\ghc h[sbgu HgZ bkihev ah\ZeZ k\hb agZqbl_evgu_ kihkh[ghklb d yaudZf jZ[hlZy \g_rlZl guf i_j_\h^qbdhf Z lZd`_ j_i_lblhjhf d wdaZf_gm gZ mjh\_gv : ih kh\j_f_ggufyaudZfwg^b b Jhab Dh]^Z [ebag_pZf [ueh ih k_fvf_kyp_\WebaZ[_lh^gZ`^u\_q_jhf\ ghy[j_ijbreZk jZ[hlub magZeZqlh>wg^bih]b[ih^fZrbghc WebaZ[_l iehoh j_Z]bjh\ZeZ gZ kf_jlv ^\mo k\hbo dhr_d
< i_j\u_g_^_eb]m WebaZ[_l[ueZ^bZ]ghklbjh\ZgZya\Z ^\_gZ^pZlbi_jklghc dbrdb ;ue gZqZl ^_kylbg_^_evgub dmjk e_q_gby Ihqlb g_f_^e_ggh ihke_ lh]h dZd e_q_gb_ aZdhgqbehkv M g__kemqbekydjbabkk ihemijh[h^_gb_f< j_amevlZl___ aZ[jZ eb \ [hevgbpm b \hah[gh\beb e_q_gb_ K wlh]h fhf_glZ gZqZehkv`Zedh_kms_kl\h\Zgb_Fg_ijboh^behkvba[_]Zlvibsbhl dhlhjhcy ^_ckl\bl_evghihemqZeZm^h\hevkl\b_ < k_gly[j_ ] \ha\jZsZykv gZ fZrbg_ ba hlimkdZ k k_\_jZ hgZ [ueZ ZlZdh\ZgZ fmqbl_evghc [hevx WebaZ[_l gZ ke_^mxsbc ^_gv ihdZaZeZkv objmj]mdhgkmevlZglm dhlhjuc mqZkl\h\Ze \ __ e_q_gbb k kZfh]h gZqZeZ Hg gZagZqbe kjhqgmx hi_jZpbx \u[hjhqguc jZaj_a [em`^Zxs_]h g_j\Z b m^Ze_gb_ qZklb `_em^dZ =h\hjblWebaZ[_l
i_j_f_gblkygbdZdbfh[jZahflZdqlhhgqmlv^hehiZeky Y kijhkbeZobjmj]Zfgh]heb\j_f_gbijhc^_lij_`^_q_fy ihqm\kl\mx k_[y emqr_ Hg kdZaZe qlh ihke_^kl\by hi_jZpbb ijhc^ml q_j_a q_luj_²r_klv f_kyp_\ gh fh`_l ijhclb ^\Z²ljb ]h^Z ij_`^_ q_f y [m^m ^_ckl\bl_evgh nbabq_kdb a^hjh\hc Ikboheh]bq_kdb wlh p_ebdhf aZ\bkbl hl \Zk Y [u k jZ^hklvx m^ZjbeZ_]hY [ueZlZdk_j^blZ?]hwlhih\b^bfhfmg_\hegh\Zeh DZd b \k_o hklZevguo beb lZd dZaZehkv Y ijh\_eZ \ [hevgbp_ ^\_gZ^pZlv^g_c>\_gZ^pZlv^g_cB y^mfZeZHijhklhi_j_j_aZlv g_kdhevdh \hehdhg iZjZ ^g_c _ij_kkby ih^Z\beZ f_gy Wlh dhg_qgh g_ \gmrZeh i_jkhgZem ex[h\v dh fg_ DZdZy \u \_amqZy M \Zk keZ\gZyd\ZjlbjZfZkkZihk_lbl_e_cb lZd^Ze__Ihq_fm`_\ulZdZy `ZedZy" IheZ]Zx y [ueZ \_amq_c Fgh]b_ ^jm]b_ iZpb_glu [ueb `_jl\Zfb jZdZ b dZ`^uc ^_gv oh^beb gZ e_q_gb_ Gh dZaZehkv Z[khexlgh g_ \ fh_c \eZklb qlhgb[m^v k^_eZlv ih ih\h^m fhbo kljZ^Zgbc Khfghch[jZsZebkvdZdk lj_oe_lg_cY g_gZ\b^_eZ ^hf ^ey \ua^hjZ\eb\Zxsbo F_gy \ugm`^Zeb klZgh\blvky aZ\bkbfhc ZiheZ]Zxy [ueZljm^ghciZpb_gldhcFg_g_ [ueh gZagZq_gh _`_^g_\gh_ e_q_gb_ Y g_ mfbjZeZ ohly fg_ qZklh ohl_ehkv mf_j_lv b y klZeZ gZklZb\Zlv gZ lhf qlh[u mclb ^hfhc Iheghklvx hlkmlkl\h\Zeh ihgbfZgb_ fh_]h nbabq_kdh]h b ikboheh]bq_kdh]hkhklhygbyDlhlhba^jma_cohl_ehl\_alb f_gy \ \hkdj_k_gv_ d f_kk_ gh i_jkhgZe hldZaZe fg_ \ wlhf Ijbr_e k\ys_ggbd gh y [ueZ g_ \ khklhygbb bkih\_^Zlvky Hg jZa]h\Zjb\Ze kh fghc b dh]^Z hg ]h\hjbe ijbreh bkp_e_gb_ Y ^mfZxhg\_jgmefg_fh_ghjfZevgh_ikbobq_kdh_khklhygb_
Ijbrehkv\u^_j`Zlv[hcdh]^Zy kdZaZeZbfqlhmc^m^hfhc Dh]^Zhgbm\b^_ebqlhy gZkljh_gZj_rbl_evghf_gykijhkbeb jm] ijb_oZe aZ fghc AZl_f ^_ckl\bl_evgh gZqZebkv g_ijbylghklbY [ueZkh\_jr_gghg_ih^]hlh\e_gZd lhfmdZ`_lkyy \hh[s_ [ueZ g_ ih^]hlh\e_gZ dh fgh`_kl\m \_s_c g_ lZd eb gZklhevdh keZ[hc y k_[y qm\kl\h\ZeZ Y g_ fh]eZ ^_eZlv gbq_]h g_ [ueh gbdZdbo kbe ^Z`_ ^ey lh]h qlh[u \ufulv ihkm^m beb m[jZlv ihkl_evIheZ]Zxy ijhklhdZlbeZkvihgZdehgghciehkdhklbH ^Zy [ueZ ih^Z\e_gZ Y gbdh]^Z g_ \hajZ`ZeZ ijhlb\ lh]h qlh[u kZfhc aZ[hlblvkyh k_[_ghh^bghq_kl\h\ khq_lZgbbk ]hjhckljZoZk^_eZeh fhx`bagvkh\k_fg_\ughkbfhcDZd^_ckl\h\ZeZgZf_gy^_ij_kkby" Y qm\kl\h\ZeZ qlh ^hklb]eZ ihke_^g_c q_jlu y [m^m \ugm`^_gZ mclb Fhy iZfylv iheghklvx hldZaZeZ lh lZdhc kl_i_gb qlh y g_ fh]eZ \kihfgblv ghf_j l_e_nhgZ k\h_c k_klju Y g_ fh]eZ khkj_^hlhqblvky qlh[u qblZlv beb ibkZlv y kemrZeZ fmaudm b kdeZ^u\ZeZ ba dmkhqdh\ ]heh\hehfdm aZ ]heh\hehfdhc LZdh\ [ue mjh\_gv fh_c khkj_^hlhq_gghklb WfhpbhgZevgh y qm\kl\h\ZeZ k_[y [j_^ms_cih[_kdhg_qghcimklug_ H ^Z[ueZ:ggZ`_eZxsZyfg_^h[jZghlZdh[fZgu\ZxsZy fh_ ^h\_jb_ GZijbf_j h^gZ`^u y ijhklh f_qlZeZ h \bgghc `_\Zl_evghcj_abgd_Dh]^ZhgZijbreZbafZ]ZabgZagZ_l_qlhhgZ dmibeZ" Dhgn_lu Y ih^mfZeZ qlh wlh [m^_l emqr_ ^ey l_[y ² kdZaZeZ hgZ Y [ueZ m`Zkgh jZkkljh_gZ l_f qlh fh_fm mfm [jhkZxl ih^h[guc\uah\ Ih\hjhlgZy lhqdZ gZklmibeZ \ fhc ^_gv jh`^_gby dh]^Z ! lhf \j_f_gb y ijh[ueZ ^hfZ m`_ k_fv g_^_ev Y ^mfZx qlh ^h ^h dZf_gbklh]h^gZM f_gy\ ]heh\_\hagbdeZdZ aZi_jlZ\ ^hf_ m L q q lp LQQ fbfhebgZf_gyg] ihbgl_j_kh\ZeZkv kfh]m eb y kgh\Z \h^blv __ Ihke_ wlh]h ^_eZ gZqZeb memqrZlvky L_i_jv y \k_ `_ qm\kl\mx k_[y gZfgh]h emqr_ Gh agZ_l_ ex^b fh]ml [ulv lZdbfb [_ki_qgufb Dh]^Z ijbreZiZljhgZ`gZyk_kljZhgZkdZaZeZH\uba[Z\bl_kvhlwlh]h q_j_a f_kyp Wlh \iheg_ h[uqgh ijb \Zr_c hi_jZpbb G_ ba[Z\b\rbkv hl wlh]h y ki_pbZevgh kijhkbeZ __ k q_f wlh k\yaZgh ;em`^Zxsbcg_j\"Q_klgh]h\hjym f_gyg_lhl]Z^dbY gZihfgbeZ _c h __ ij_^u^ms_f \ukdZau\Zgbb H wlh ijhklh qlh[u \gmrblv \Zf g_dhlhjmx \_jm Y gbdh]^Z jZgvr_ g_ \klj_qZeZkv k \Zr_c hi_jZpb_c ² khh[sbeZ k_kljZ Fh_ ^h\_jb_ d g_c g_f_^e_ggh
bkq_aeh >h\_klb fh_ \ua^hjh\e_gb_ ^h dhgpZ" Gbdlh g_ kfh`_l wlh]hk^_eZlvGb\jZqbba]hkiblZeygb fhc e_qZsbc\jZqM f_gy [ueZ dZjlbgZ fh_]h l_eZ bagmljb hgh dZaZehkv fg_ we_dljbq_kdbf ijh\h^hf jZahj\Zgguf \ g_kdhevdbo f_klZo wg_j]by iulZeZkv ijhclbihg_fmghg_fh]eZFhygb`gyyiheh\bgZqm\kl\h\ZeZk_[y kh\_jr_ggh hl^_evghc hl \_jog_c Y ijhklh agZeZ qlh g_ [m^m qm\kl\h\Zlvk_[yohjhrhihdZg_kfh]mihqm\kl\h\ZlvqlhfhbqZklb \hkkh_^bg_gu WebaZ[_l jZkkdZau\ZeZ k\hx bklhjbx k fy]dbf xfhjhf dhlhjuc ljm^gh i_j_^Zlv b dh \j_f_gb dh]^Z wlZ bklhjby [ueZ ^h\_^_gZ ^h dhgpZ agZqbl_evgh_ bkp_e_gb_ ² nbabq_kdh_ b wfhpbhgZevgh_ ² m`_ ijhbahreh Gh jZkkdZaZggh_ _x ijheb\Z_l k\_lgZfgh]b_fhf_glum`_hlf_q_ggu_jZg__WebaZ[_l[ueZiehoh ih^]hlh\e_gZd lhfmqlh^he`gh[uehijhbahclbOhlyb ijZ\^Zqlh __ hi_jZpby [ueZ kjhqghc objmj] ^Z\Ze ihykg_gby ih ih\h^m ihke_^kl\bcHgg_mihfygmekbevguc^bkdhfnhjlb lhqlhijhc^_l g_kdhevdh f_kyp_\ ij_`^_ q_f hgZ gZqg_l qm\kl\h\Zlv k_[y emqr_ ;hev [ueZ kbevghc gh hiylvlZdb wlh g_ [ueh mihfygmlh dZd \hafh`ghklv Q_j_ag_kdhevdhg_^_evihke_lh]hdZdWebaZ[_l\_jgmeZkvgZ jZ[hlmhgZkgh\ZaZ[he_eZkhk_^\jZqagZydZdfZehj_Z[beblZpbb hgZihemqbeZbke_^h\Zl_evghg_[hykvgZklmiblvgZgh]m ^jm]hfm ijhn_kkbhgZem^bZ]ghklbjh\Ze^_fibg]kbg^jhf?]hh[tykg_gb_ qlh ih^h[gh_ qZklh kemqZ_lky ijb lZdbo objmj]bq_kdbo \f_rZl_evkl\Zob mkihdhbehWebaZ[_lb jZa^jZ`beh__Mkihdh_gb_ gZklmibeh ihlhfm qlh hgZ g_ kljZ^ZeZ hl q_]hlh gZklhevdh m`Zkgh]h qlh h[ wlhf g_evay mihfbgZlv JZa^jZ`_gb_ kf_rZggh_ k ^he_c g_]h^h\Zgby \hagbdeh baaZ lh]h qlh gZ kZfhf ^_e_ kms_kl\h\ZeZbgnhjfZpbydhlhjmx_cfh]eb[u^Zlvb hgZ[ueZ[u ba[Z\e_gZhlfgh]bo[_kihdhckl\ ?keb [u objmj] h[tykgbe WebaZ[_l qlh ^_fibg]kbg^jhf ² wlh lhrghlZ keZ[hklv ihleb\hklv b hsms_gb_ \yehklb ihke_ _^u qlhkbfilhfuihoh`bgZfy]dmx]bih]ebd_fbxy \iheg_m\_j_ghgZ ihgyeZ [u < [hevrbgkl\_ kemqZ_\ qZklbqguo j_a_dpbc `_em^dZ b k\yaZgguo k gbfb hi_jZpbc kljZo b ^bkdhfnhjl ^_fibg]kbg^jh fZ fh`gh ij_h^he_lv k ihfhsvx ijZ\bevgh]h ihke_hi_jZpbhggh]h moh^Z Wlhl kh\_l gk gh\ b g_ j_\hexpbhg_g hg him[ebdh\Zg ` aZ ^\Z^pZlv^hlh]hdZdWebaZ[_li_j_g_keZhi_jZpbx GZ \ua^hjh\e_gb_ WebaZ[_l dhg_qgh ih\ebyeh lh dZd f _c jZkkdZaZebi_j_^hi_jZpb_cb ihke_g__Kmlvbamq_gby^lkemqZyg_ \ lhfqlh[udjblbdh\Zlvobjmj]Zk_kljbgkdbc QHSLgZebebdh]hlh
_s_gh\ lhfqlh[uijb\e_qv\gbfZgb_d lhdZdklj_kkfh`_l\ebylv gZ [he_agv b \ lh `_ \j_fy khimlkl\h\ objmj]bq_kdhfm \f_rZl_evkl\m p_ev dhlhjh]h khklhbl \ mf_gu gbb ijbqbgyxsbo kljZ^Zgbykbfilhfh\WebaZ[_li_j_`beZly`_eu_mljZlu²k_klju b ^\mok\hbofhogZluo^jma_cKmskklxly\gu_ijbagZdblh]hqlh j_Zdpbbi_qZl L PLLL b ZLL +,,&0 RLFL+LL \dexqZygZjmr_gby fbhdZj^ HR? Z aZl_f deZ^m fhx jmdm gZ k_ QZs_ ijb [heb ]^_gb[m^v \ iha\hghqgbd_ y e_]dh dZkZxkv jmdhc ]heh\u deb_glZ LZdh_ gZeh`_gb_jmdbf__ly\gh_j_eb]bhagh_agZq_gb_ohlyy ^_eZxwlh kh\k_fg_ihwlhfmKdhj__wlhbkoh^blbahiulZ\ dhlhjhf]heh\Z² dhjhgZl_eZb nhdmkgZylhqdZ\k_og_j\h\l_eZ Ihke_lh]hdZdWebaZ[_l jZkkeZ[beZkv iheh`b\ fhb jmdb gZ k\hbgZ^h[eZklvxr\h\y kgZqZeZihijhkbek_ ij_^klZ\blvk_[_dZd \u]ey^bl [hev Wlh ijbf_j
h[t_dlb\Zpbb qm\kl\Z m`_ h[km`^Z\rbcky \ h[jZa_ F_glhjZ \ ^_\ylhf iml_r_kl\bb QZklh \uihegyyijhkv[mk^_eZlvwlhdeb_gluij_^klZ\eyxlk_[_[hevq_f lhly`_eufdZddZf_gvbebhkljufdZdrZjmludZgguc]\ha^yfbb ij_^klZ\ey_fuch[t_dlg_j_^dhhebp_l\hjy_llbi[hebhldhlhjhc kljZ^Zxl WebaZ[_l ihgZ^h[behkv g_dhlhjh_ \j_fy qlh[u ij_^klZ\blv k_[_ qlhgb[m^v G_ fh_ kbevgh_ f_klh ² ijh[hjfhlZeZ hgZ ² Ohly \hl qlh y \b`m g_kmsZyky \boj_f fZkkZ k\_lZ dZd \ dZe_c^hkdhi_ gh ^\b`_lky hgZ hq_gv [ukljh dZd dhfivxl_jguc h[jZaG_fgh]hihfhsbba\bgbl_ Y kdZaZeqlh\k_ij_djZkgh^ey f_gy wlh y\behkv aZf_qZl_evguf hebp_l\hj_gb_f oZhkZ Y g_ ^_eZe ihiulhdZgZebabjh\Zlvp\_lZbebk\yau\Zlvk gbfbqm\kl\Zy lZd`_ g_ ij_^eh`be WebaZ[_l jZajZ[hlZlv wlhl h[jZa ^Zevr_ Y kijhkbe ?keb \u ij_^klZ\bl_ qlh kfhljbl_ gZ kib^hf_lj b khhlghkbl_ ^\b`_gb_p\_lh\k gbfgZdZdhc[ukdhjhklbhgb\jZsZebkv" H ;h`_ ^Zcl_ ih^mfZlv >Z gZfgh]h \ur_ ij_^_eZ kdhjhklb ijbf_jgh ^_\yghklh Y ^_ckl\bl_evgh \ [ukljhf jy^m gZ rhkk_ ² hl\_lbeZ hgZ ?_ k\yav \gmlj_gg_c kdhjhklb k \h`^_gb_f fZrbgu hdZaZeZkv ihe_aghc Y ihijhkbe Ohjhrh ^_j`bl_ h^bg ]eZa gZ kib^hf_lj_ Z \lhjhc gZ p\_lZo l_i_jv f_^e_ggh hq_gv f_^e_gghmf_gvrZcl_^Z\e_gb_gZ^jhkk_evGZdZ`^uckq_l^_kylv m[Z\eycl_ _s_ g_fgh`dh Ijhklh kemrZcl_ fhc kq_l AZl_f y gZqZe f_^e_ggh kqblZlv hl h^gh]h ^h ^_kylb M[Z\eycl_ _s_ g_fgh`dh h^bg ^\Z ljb b lZd ^Ze__ AZl_f y ih\lhjye mdZaZgb_ m[Z\blv _s_ g_fgh`dh K^_eZ\ iylv ih\lhj_gbc y kijhkbe __ qlh l_i_jv ihdZau\Z_l kib^hf_lj Hg kgbabeky ^h r_klb^_kylb ² hl\_lbeZ WebaZ[_l Y ijh^he`Ze kijZrb\Zlv : dZd \u k_[y qm\kl\m_l_" ²
Emqr_dhgljhebjmx²ijhbag_keZdeb_gldZ Fu ih\lhjyeb wlm ihke_^h\Zl_evghklv ihdZ WebaZ[_l g_ kmf_eZ kgbablv kdhjhklv ^h dhfnhjlguo iylb^_kylb HgZ g_ fh]eZ k^_eZlvf_gvr_ghb lZdqm\kl\h\ZeZk_[ydhfnhjlgh DZd\uk_[y qm\ ª kl\m_l_l_i_jv"²\gh\vkijZrb\Zeyey wlh]h y fy]dh iheh`bek\hbjmdb gZ __ ]heh\m b `^Ze Hiul gZmqbe f_gy dh]^Z y kijZrb\Zx qlh ijhbkoh^bl deb_gl h[uqgh hl\_qZ_l Y qm\kl\mx `ZjgZ]heh\_ Kms_kl\m_l \_kvfZ \ujZabl_evguc ijbagZd ba h[eZklb ikbobq_kdh]hbae_q_gbyjmdbbaemqZxlwg_j]bxb wlhqZklhfh`gh ihqm\kl\h\Zlv WebaZ[_l kdZaZeZ Y qm\kl\mx m`Zkguc `Zj \ fZdmrd_Y agZxlZf\Zrbjmdbgh`ZjdZdfg_dZ`_lkyb^_lkd\hav gbo Z g_ ba gbo Y ihqm\kl\h\Ze qlh gZklZeh \j_fy ^\b]Zlvky \i_j_^ Ij_^klZ\vl_ k_[_ qlh wlhl `Zj ljZgknhjfbjm_lky \ k\_l qbkluc[_euck\_ll_i_jvf_^e_gghb^msbcq_j_a\Zrm]heh\m\gba ih iha\hghqgbdm kdZ`bl_ fg_ dh]^Z hg ^hc^_l ^h jZahj\Zggh]h ijh\h^Z G_dhlhjuf deb_glZf gm`gu ^Zevg_crb_ mdZaZgby qlh ^_eZlv ^Zevr_ WebaZ[_l hgb g_ ihgZ^h[bebkv K\_l ^hr_e ^h jZahj\Zggh]h dhgpZ b y \b`m ^jm]hc dhg_p hl^_e_gguc [hevrhc q_jghc [j_rvx Y kijZrb\Zx k_[y Dlh fh`_l ihfhqv k\_klb wlb ^\Z dhgpZ \f_kl_" Y keurm keh\Z Hg bkp_ebl ih\j_`^_gby Y ^mfZxhgbba;b[ebbLZdb _klvIkZehf HgZ ijh^he`ZeZ
m[bjZx jmdb Z dh]^Z \u [m^_l_ ]hlh\u q_j_a g_dhlhjh_ \j_fy \ha\jZsZcl_kv\ wlmdhfgZlm HgZ meu[gmeZkv hldjueZ ]eZaZ b kdZaZeZ Wlh [ueh ijhklh qm^_kgh L_i_jv y qm\kl\mx k_[y hiylv p_ehc H y agZx g_j\ ihij_`g_fm i_j_j_aZg gh dZ`_lky wlh g_ bf__l agZq_gby Y khh[sbe _c qlh hgZ fh`_l ^_eZlv ex[h_ ba wlbo mijZ`g_gbc kZfZ hkh[_ggh i_j\h_ dh]^Z ihqm\kl\m_l qlh \hagbdZ_l hiZkghklv ij_\ur_gbykdhjhklb WebaZ[_l hk\hbeZ hsms_gb_ lh]h qlh hgZ kgh\Z mijZ\ey_l Z wlh g_h[oh^bfh \ a^hjh\hc `bagb WebaZ[_l g_ [ueZ qm^_kgh \ue_q_gZ [em`^Zxsbc g_j\ g_ kh_^bgbeky Bae_q_gh [ueh __ ij_^klZ\e_gb_h kZfhck_[_dhlhjhfmobjmj]bq_kdh_\f_rZl_evkl\h gZg_keh k_jv_agmx ljZ\fm <j_fy hl \j_f_gb hgZ b k_]h^gy ijh^he`Z_l bkiulu\Zlv ijh[e_fu ^_fibg]Z gh kljZo q_]hlh [he__ m`Zkgh]h ² jZdZ ² hlklmibe WlZ b^_y knhdmkbjh\Zggh]h \gbfZgby \Z`gZ ijb hkeZ[e_gbb [heb HgZ lZdh\Z qlh dZ`^uc fh`_lgZmqblvky__ bkihevah\Zlv J_axf_ hjh]Z[he_agbihdhlhjhchgbb^ml\_^_llhevdhd fjZqghca_fe_ [heb ]jhays_c ih]jmablv bo \ bahebjmxsmx ^_fhjZebamxsmx q_jghlm ;hev qZklh f_rZ_l hkgh\guf ^_ckl\byf ih\k_^g_\ghc `bagb b fgh]b_ ex^b kljZ^Zxl hl ikboheh]bq_kdbo gZjmr_gbc lZdbo dZd ^_ij_kkby lj_\h]Z b mom^r_gb_ ebqguo hlghr_gbc qlh mkm]m[ey_lbobaheypbxb moh^\ k_[y K [hevx [m^_l e_]q_ kijZ\blvky _keb fu kmf__f dZdlh ih^]hlh\blvky d g_c >\Z kemqZy ² Lhgb b WebaZ[_l ² beexkljbjmxlbkihevah\Zgb_h[jZah\qlh[umf_gvrblv[hevA^_kv klhblih^q_jdgmlvhq_gvqZklhkms_kl\m_lk\yavf_`^m^_ij_kkb_cb g_\jZe]b_c ljhcgbqgh]h g_j\Z dhlhjZy ihjZabeZ Lhgb ohly ljm^gh kdZaZlv k m\_j_gghklvx qlh gZklmiZ_l jZgvr_ Gh [_a khfg_gby ijh^he`bl_evgZyfmqbl_evgZy[hevjh`^Z_llj_\h]mb ^_ij_kkbx Fu \b^_eb qlh WebaZ[_l gk ihemqbeZ hl\_lh\ gZ \hijhku \ dhlhjuo hgZ gm`^ZeZkv qlh[u [ulv kihkh[ghc \u^_j`Zlv ihke_^kl\by k_jv_aghc hi_jZpbb ;hev dhlhjmx hgZ qm\kl\h\ZeZ dhg_qgh[ueZj_Zevghcb\hafh`gh]g_\b h]hjq_gb_dhlhju_hgZ bkiulu\ZeZ k^_eZeb [hev kbevg__ b aZklZ\beb __ ^eblvky ^hevr_ H[jZau ^Zeb WebaZ[_l fhsguc bgkljmf_gl qlh[u dhgljhebjh\Zlv [hevq_j_aknhdmkbjh\Zggh_\gbfZgb_ >_kylh_iml_r_kl\b_BKKE?>H<:GB?LJ?
g_dhlhjhc kl_i_gb bkdmkkl\_gguc ih^oh^ KljZ^Zxsb_ hl \u\h^ys_c ba kljhy [he_agb beb ih\j_`^_gby hq_gv qZklh h[gZjm`b\Zxl \ k_[_ kf_kv b lh]h b ^jm]h]h Qlh[u ba[_`Zlv \hafh`ghc imlZgbpu ^\Z khklhygby [m^ml jZkkfhlj_gu ih hl^_evghklb ohly ke_^m_l ihfgblv hq_gv qZklh hgb khimlkl\mxl ^jm] ^jm]m Lj_\h]Z b ^_ij_kkby \ k\hbo gZb[he__ djbqZsbo khklhygbyoy\eyxlkykZfbihk_[_\u\h^ysbfbbakljhyLj_\h`gu_ g_\jhaub ^_ij_kkb\gu_khklhygby²wlhwfhpbhgZevgu_iheh`_gby gZdhlhju_ijboh^blky[hevrZy^heyikbobZljbq_kdh]he_q_gbyGZf gm`gh hkhagZ\Zlv gZkdhevdh k_jv_agh f_rZxl \ua^hjh\e_gbx b lj_\h]Zb ^_ij_kkby_kebbfbg_aZgbfZlvky LhiqZd lj_\h]b
hiqZd ² wlZi imlv ke_^h\Zgby Zj_klZglh\ ih^ dhg\h_f d f_klmkuedb hkgh\ZgZgZj_ZevghklbIj_^\b^blkydZdh_lh^_ckl\bl_evgh_ kh[ulb_ bgl_j\vx ^ey ihemq_gby gh\hc jZ[hlu g_h[oh^bfhklv \aylvky aZ ljm^gh_ aZ^Zgb_ \uklmie_gb_ k j_qvx ihklmie_gb_ \ [hevgbpm G_ \k_ kh[ulby dhlhju_ jh`^Zxl qm\kl\h lj_\h]b h[yaZl_evgh g_ijbylgu_
k\h[h^ghieZ\Zxs_clj_\h]hc²lj_\h]hcdhlhjmxg_\hafh`ghk e_]dhklvx ijbibkZlv dZdhfmeb[h hij_^_e_gghfm kh[ulbx beb fukebHgZlZfihklhygghijblZb\rZykygZaZ^g_fieZg_Dh]^ZhgZ gZiZ^Z_l q_eh\_d kgh\Z [_`bl ih lhiqZdm GZ ghjfZevghf dhgp_ rdZeu lj_\h]b q_eh\_d bkiulu\Z_l g_j\haghklv g_l_ji_eb\hklv b \hafh`gh gZjmr_gby kgZ < khklhygbb [he__ kbevghc lj_\h]b b iZgbdbnbabq_kdb_khimlkl\mxsb_nZdlhjugZjZklZxlk kmjh\hklvx ikboheh]bq_kdh]h gZjmr_gby Lj_\h]Z dhlhjZy ihjh`^Z_l \u\h^ysb_bakljhywfhpbhgZevgu_b ikbobq_kdb_kbfilhfubgu_ q_fl_dhlhju_ijhbkoh^yl\ ij_^_eZoghjfZevgh]hjy^Z y\ey_lky iZlheh]bq_kdhc Ex^b kljZ^Zxsb_ lZdhc lj_\h]hc gm`^Zxlky \ ihfhsbki_pbZebklZ Ke_^h\Zl_evgh lj_\h]Z ^_ckl\m_l \ lj_o iehkdhklyo wfhpbhgZevghc dh]gblb\ghc b ikboheh]bq_kdhc Q_f kbevg__ lj_\h]Z l_f [he__ bkdZ`_ggufb klZgml wlb ljb iehkdhklb Hq_gv qZklh bf_ggh wlh b ijhbkoh^bl \gmljb l_eZ dhlhjh_ ijb\h^bl q_eh\_dZd \jZqmLZdbf[uekemqZcWg^jx Wg^jx Nbr_jZ _]h k_f_cguc \jZq e_qbe hdheh ^\mo g_^_ev hg`Zeh\ZekygZk_j^p_[b_gb_b [_kihdhbekyqlh\hafh`gh^_j`bl dmjk gZ dhjhgZjguc ijbklmi <jZq ijhibkZe iZpb_glm khhl\_lkl\mxs__ e_q_gb_ gh kbfilhfu khojZgyebkv We_dljhdZj^bh]jZffZ gk ihdZaZeZ gbdZdbo gZjmr_gbc <_q_jhf gZdZgmg_lh]h^gydh]^ZWg^jxkfhlj_eikbobZlj_]h`_gZ\ua\ZeZ k_f_cgh]h \jZqZ kj_^b ghqb ihlhfm qlh m Wg^jx kemqbeky ijbklmi iZgbdbkhkdZqmsbfimevkhfb k_j^p_[b_gb_f Wlhl kemqZb ^_fhgkljbjm_l lh qlh nbabq_kdb_ kbfilhfu qZklh klZgh\ylky i_j\uf kj_^hlhqb_f \gbfZgby ikbobZljZ b ih^q_jdb\Z_lqlhg_h[oh^bfh jZkkfZljb\Zlvq_eh\_dZ\ p_ehfZ g_ ijhklhe_qblvijhy\eyxsb_kykbfilhfu H^gZbaoZjZdl_jguoq_jllj_\h]baZdexqZ_lky\ lhfqlhq_f hgZ kbevg__ l_f [hevr_ jZajmrZ_l \k_ Zki_dlu `bagb ebqghklb Z q_f\ [hevr_ckl_i_gbwlhijhbkoh^bll_ff_g__ q_eh\_d kihkh[_g wnn_dlb\gh ^_ckl\h\Zlv
Y ohl_e[uij_^iheh`blvqlhlxj_fsbd²wlhg_qlhbeb +/ dlhqlhklj_fblky^h\_klbbg^b\b^mmfZ^hbklhs_gby²dZjZl_bghk khagZgb_ \bgZ q_klhex[b_ kljZo ijh\ZeZ beb ex[hc fgh`_kl\Z kljZoh\ IulZykv ijbkihkh[blv q_eh\_dZ d l_hjb fh`gh ^hklbqv f_gvr
A? A?Ai A rlvqlh LPL dlhq
--W2/XQ, LOOL+,. A A'.,,OLLO fbgZgbkkZfbfk_[_qlhdZ`^vpbb bjZamfZb qlhgZwlbljb qZ bkoh^ysb_hlikbobdbG_\k_G_dhlhju_hdZau\Zxl[eZ]hl\h^ xl ijhlb\ dhgp_ipbb b Aolg ^_abgl_]jZpbx Z g_ eh]bq_kdZy 7> \uau\Z_fu_k jkfsbdbwlk ^Z\e_gb_Hgbh m`e khbf_gblvbodZjZl_evgh_Ljyxlhl^Z\ k\hx\eZklvKl^_laZf_g_gihdh_fb p_ehkl km[ebqghklb Hgb \u`b\Zxl aZ kq_l \eZklb hkgh\Zgghc gZ kljZo_ Dh]^Z wlhl kljZo aZf_gy_lky ihdh_f hgb l_jyxl k\h_ `Zeh Q_eh\_di_j_klZ_l [_`Zlv Z aZl_f fh`_l klmiblv ge l\_j^mx a_fex kdhj__mijZ\ey_fhcq_fiZlheh]bq_kdhclj_\h]b lx exl ba al_]dZ [m [hylky
KemqZcKvxaZg Y jZkkdZaZe dZd fh`gh mih^h[blv lj_\h]m gZoh`^_gbx gZ lhiqZd_ ]^_ q_eh\_d qZklh qm\kl\m_l qlh _]h ij_ke_^m_l dZdhclh kljZo KvxaZg \jZq khjhdZ e_l [ueZ bf_ggh lZdbf q_eh\_dhf K g_^Z\gbo ihj hgZ klZeZ hq_gv [hylvky gZoh^blvky h^gZ \ ^hf_ b g_ fh]eZkiZlv[_ak\_lZKh\j_f_gbk\h_]hjZa\h^ZhgZ`beZh^gZb k g_^Z\g_]h \j_f_gb ihemqZeZ g_ijbklhcgu_ l_e_nhggu_ a\hgdb bgh]^Zkj_^bghqb Dh]^ZfujZa]h\Zjb\Zeb ihkl_i_ggh klZeh ykgh qlh l_e_nhgguc bgpb^_gl \ua\Ze m g__ [he__ ]em[hdbc b [he__ ^Z\gbckljZo Dh]^Z hgZ ij_[u\ZeZ \ khklhygbb j_eZdkZpbb y ihijhkbe iha\heblv \hh[jZ`_gbx m\_klb __ d lhfm fhf_glm dh]^Z hgZ \ ihke_^gbc jZa bkiulu\ZeZ kljZo Hg [ue k\yaZg kh kemqZ_f dh]^Z dlhlh kehfZe __ iZjZ^gmx ^\_jv G_kdhevdh ^jm]bo bgpb^_glh\ m\_eb__ d\hajZklmq_luj_oe_l KvxaZg Y klhx m iZjZ^ghc ^\_jb ^hfZ fhbo [Z[mrdb b ^_^mrdb \ Mwevk_ H^gZdh y g_ qm\kl\mx kljZoZ Y qm\kl\mx k_[y \iheg_ kqZkleb\hc Ihq_fm dh fg_ ijbr_e wlhl h[jZa" hjh]hc;h]y mdeZ^u\ZxkvkiZlvY fhexh ;h`_khojZgblv
fhx^mrm?keby mfjmij_`^_q_fijhkgmkvY fhexh ;h`_\aylv fhx^mrm ;h`_fhcy ]h^Zfbg_^mfZeZh[wlhfDZdZym`ZkgZyfhebl\Z qlh[umqblv_cj_[_gdZ?keby mfjmij_`^_q_fijhkgmkv AZl_fkhklhyekyjZa]h\hjk __fZl_jvx KvxaZg FZfZhklZ\vk\_l\dexq_gguf FZlv Gmg_[m^v]emihcKvxaZg KvxaZg FZfZhklZ\vk\_l\dexq_ggufih`ZemcklZijboh^y \ \ha[m`^_gb_` K\_l [ue hklZ\e_g \dexq_gguf < __ \hh[jZ`_gbb \hagbd [_euc[e_klysbch[t_dldhlhjucim]ZeKvxaZgHgZ^_j`ZeZkvaZ fhxjmdmwlhijb^Z\Zeh_cg_dhlhjmxm\_j_gghklv
Wlhl ijbf_j bkihevah\Ze kbem jZ[hlu k h[jZaZfb dhlhju_ ihfh]eb hk\h[h^blv KvxaZg hl __ lbjZgbq_kdh]h lxj_fsbdZ Bgl_j_kghhlf_lblvdZdh[jZaf_gyekyhlq_]hlhkfmlgh]h[_eh]hb [e_klys_]h^haZ\hjZqb\Zxs_cijhklugbaZl_f^hq_]hlhl\_j^h]h ² dhfh^Z ?keb KvxaZg g_ bf_eZ ² \ k\h_f \hh[jZ`_gbb ² fm`_kl\Z ijhlygmlv jmdm qlh[u dhkgmlvky h[t_dlZ b iha\heblv ijhklug_ h[_jgmlv __ hgZ g_ kfh]eZ [u hij_^_eblv d_f y\eyeky k_ lxj_fsbdb hk\h[h^blvkyhl_]h\eZklb
Y \dexqbewlmdhjhldmx\u^_j`dmbajy^Zk_Zgkh\khKvxaZg ihlhfmqlhhgZ^_fhgkljbjm_lk g_dhlhjufbih^jh[ghklyfbbf_ggh ^Zgguc ih^oh^ d lhfm dZd aZgbfZlvky lj_\h]hc G_ dZ`^uc dhgkmevlZgl qm\kl\h\Ze [u k_[y dhfnhjlgh bkihevamy lZdhc f_lh^ Hgfh`_l[ulvmf_klgufg_^ey\k_oGhhgkjZ[hlZekhKvxaZg KemqZcR_ceu
\hijhkmlZdqlh\iheg_]hlh\ZWdaZf_gZlhj]h\hjbl I_j_\_jgbl_ [mfZ]m ijhqlbl_ \hijhku gh g_ gZqbgZcl_ ibkZlv ihdZ y g_ kdZ`m Y qblZx \hijhku b qm\kl\mx k_[y kihdhcghc WdaZf_gZlhj ]h\hjbl Fh`_l_ gZqbgZlv Y j_rbeZ gZ dZdb_ \hijhku hl\_qZlv b \ dZdhf ihjy^d_ b qm\kl\mx k_[y kihdhcghcY [_jmjmqdmb gZqbgZxk i_j\h]h\hijhkZ GZ ke_^mxsbc ^_gv ihke_ wdaZf_gZ ijbreZ kh\k_f ^jm]Zy R_ceZY k^Z\ZeZwdaZf_gb ijbwlhfqm\kl\h\ZeZk_[yghjfZevghY kdZaZeZk_[_g_bf__lagZq_gby_keby ijh\ZexkvGZh^ghfwlZi_y ^_ckl\bl_evgh iheh`beZ jmqdm b kdZaZeZ R_ceZ ^_\hqdZ fhy lu aZf_qZl_evgZy
R_ceZg_k^ZeZj_i_lbpbx\uimkdguowdaZf_gh\G_k^Zebk] ^\h_klm^_glh\b wlhihfh]ehih^^_j`Zlv__ fhjZevgh_khklhyvFu ^h]h\hjbebkv ijh^he`Zlv jZ[hlm ^h \uimkdguo wdaZf_g Lj_\h]Z ijb\_eZ Rkcem d \jZqm h[s_c ijZdlbdb lhl ijhibkb e_dZjkl\h dhlhjh_ ijb\_eh d \hagbdgh\_gbx ]heh\ghc [he] R_ceu [he_eZ ]heh\Z dh]^Z hgZ ijbreZ gZ ke_^mxsbc k_Zgk ij_^klZ\beZ k_[_ [hev dZd aZimlZgguc dem[hd \_j_\db Y ihi kbe jZaj_r_gby bkihevah\Zlv ijbdhkgh\_gb_ b ihfh] _c khkjk lhqblvky gZ [heb dhlhjZy ihkl_i_ggh klZeZ e_]q_ R_ceZ kd eZ Y \b`m dZd f_gy ^_j`Zl \ dhjbqg_\hf j`Z\hf ihoh`_ ? kZjdhnZ] ysbd_ Y g_ fh]m \uj\Zlvky iheghklvx Wlh k^_eZeh f_gy kebrdhf mya\bfhc Y kebrdhf[hxkvqlhf_gykgh\Zgyl Y kdZaZeIhkfhljbl_fh`_l_eb\uhk\h[h^blvqZklv__ HgZ kfh]eZ \ukmgmlv k\hx ijZ\mx klhim gh wlh [ueh \k_ Y L aZe Kijhkbl_ \Zrm klhim qlh hgZ qm\kl\m_l gZoh^ykv kgZjm` HgZ ]h\hjblqlhqm\kl\m_lk_[yohjhrh²hl\_lbeZR_ceZ Dh]^Z R_ceZ e_`ZeZ \ wlhf ysbd_ g_hij_^_e_ggZy fm`kdZy nb]mjZ ijbreZ ihfhqv _c Fm`qbgZ \aye __ jmdm b _]h jmdZ [ueb l_iehc b mkihdZb\Zxs_c Gh y \k_ jZ\gh g_ fh]m \uj\Zlvky ]h\hjbeZR_ceZY [ueihljyk_gl_fgZkdhevdh__ jZkkdZa[ebahdd lhfmdZdKiysmxDjZkZ\bpmjZa[m^beijbgpWlh__ `_g kdh_ gZqZeh qm\kl\h\Zeh k_[y aZo\Zq_gguf ihkZ`_ggvr \ de_ldmmya\bfuf H^gZ ba oZjZdl_jguo q_jl dhgkmevlbjh\Zgby aZdexqZ_lky \ lhfqlh\Z`gZybgnhjfZpbyqZklhg_jZkdju\Z_lkyihdZhlghr_gby dhgkmevlbjh\Zgby g_ mklZgZ\eb\Zxlky ^hklZlhqgh ijhqgh Wlh ^he`gh[ulvbf__lhlghr_gb_d ^h\_jbxGZ^_\ylhfk_Zgk_R_ceZ ijbagZeZkv:g]ebckdbc²fhckZfuckeZ[ucij_^f_lb yg_fh]m ykgh \ujZ`Zlv k\hb fukeb gZ [mfZ]_ AZl_f hgZ ijh^he`ZeZ hq_gv kfms_ggh Y r_klv jZa k^Z\ZeZ gme_\hc mjh\_gv ih Zg]ebckdhfm b m`Zkgh klu`mkv lh]h dZd ibrm Y k^_eZx \k_ qlh fh]m qlh[u kdjulv wlh Hgb aZklZ\eyeb f_gy ibkZlv ijZ\hc jmdhc iulZykv
k^_eZlv ihoh`_c gZ dh]hlh ^jm]h]h Y agZx qlh ibrm kf_rgh b ^_\hqdb^Z`_k_cqZkihl_rZxlkygZ^hfghcbaaZwlh]h Y ihijhkbe R_cem gZibkZlv qlhgb[m^v ^ey f_gy gh hgZ kfh]eZgZibkZlvlhevdhg_kdhevdhkeh\AZl_ffuijbf_gbebjZ[hlm k h[jZaZfbd lhfmdZdhgZkijZ\ey_lkykhk\hbkljZohfhkh[_gghgZ wdaZf_g_ Fu khrebkv gZ lhf qlh djblbdZ gZkf_rdZ b gZdZaZgb_ [ueb lj_fy [hevrbfb kljZoZfb Qlh[u kijZ\eylvky k gbfb R_ceZ jZajZ[hlZeZ k\hb kh[kl\_ggu_ f_lh^u jZ[hlu k h[jZaZfb dhlhju_ \dexqZeb \ k_[y fgh]h ihablb\gh]h jZa]h\hjZ k kh[hc iho\Zeu b ml\_j`^_gby R_ceZhlijZ\beZkvgZwdaZf_ghsmsZyk_[yihqlbkihkh[ghc ihemqblv m^h\hevkl\b_ HgZ ^mfZeZ qlh g_ ihemqZ_l [hevrh]h m^h\hevkl\byghkdZaZeZqlhg_qm\kl\m_lk_[y\u\_^_gghcbakljhy lj_\h]hcY \klj_lbe__ \dhee_^`_\ lhmljhdh]^Z[ueb\u\_r_gu j_amevlZlu R_ceZ [ueZ kj_^b l_o dlh jZ^h\Zeky b ml_rZeZ ^\hbo dlhjZ^g_[ue J_axf_ < wlhf iml_r_kl\bb fu jZkkfhlj_eb lj_\h]m dZd ghjfZevgh_ i_j_`b\Zgb_ ohly ijb iZlheh]bq_kdhc lj_\h]_ q_eh\_dm h[uqgh lj_[m_lky ikbobZljbq_kdZy ihfhsv >ey hibkZgby lj_\h]b [ueZ bkihevah\ZgZZgZeh]byk lhiqZdhf]^_q_eh\_dZbkiulu\Zxs_]hwlh khklhygb_qZklhih^lZedb\Zxld nbabq_kdhfmbgl_ee_dlmZevghfmb wfhpbhgZevghfm bklhs_gbx Lhl nZdl qlh [hevrbgkl\h ex^_c ijbagZxlqlhbkiulu\Zxlg_dhlhju_h[uqgu_ kbfilhfu lj_\h]b ij_^hklZ\ey_l h[smx hkgh\m ^ey h[ke_^h\Zgby^hklZlhqghmgb\_jkZevgh]hn_ghf_gZ < hlghr_gbb l_o ex^_c q_c hiul lj_\h]b ^\b`_lky hl ghjfZevgh]h djZy rdZeu d iZlheh]bq_kdhfm [ueZ \u^\bgmlZ ke_^mxsZy l_hjby hgb y\eyxlky `_jl\Zfb ZglZ]hgbklbq_kdbo km[ebqghkl_b \hxxsbo ^jm] k ^jm]hf B^_glbnbdZpbb wlbo km[ebqghkl_c fh`_l [ulv ^hklZlhqgh qlh[u ebrblv bo ^_kljmdlb\ghc\eZklbdhlhjmxhgb\ayebgZ^q_eh\_dhf Ex^b dhlhju_ kljZ^Zxl hl \u\h^ys_c ba kljhy lj_\h]b lZd`_ kljZ^Zxl hl jZajmr_gghc kZfhhp_gdb Ih^^_j`dZ hl dhgkmevlbjh\Zgby ihfh`_l \hkklZgh\blv kZfhhp_gdm klhev kms_kl\_ggmx ^ey hilbfZevgh]h \ua^hjh\e_gby Dh]gblb\gZy i_j_kljhbd L ihbkd bgnhjfZpbb b fbgbfbaZpby m]jhau qlh[u ihfhqv qk A.9 kgbablv mjh\_gv lj_\h]b fh]ml hdZaZlvky mf_kl] bkihevah\Zgby\ dhgkmevlbjh\Zgbb ?keb fu ihfh`_f deb_glm b^_glbnbpbjh\Zg qZdZ lh ^Z^bf _fm fhsgh_ hjm^b_ dhgljhebjh\Zg L b \ ex[hf dhgkmevlbjh\Zgbb fu bkihevam_f rbjhj gZ\udh\ h]jZgbq_gguc j_i_jlmZj fh`_l hdZaZlvky^eyd kebrdhfk\yau\ZxsbfHij_^_e_ggucih^oh^fh`_l
&227%&,/ L\Zlvh^ghfmdeb_glmghg_khhl\_lkl\h\Zlv\k_fH^bgf_
fh`_l ih^oh^blv ebqghklb h^gh]h l_jZi_\lZ gh gk dZ`^hfm H ba p_e_cdhgkmevlbjh\Zgby²kZfhihagZgb_hghijbf_gy_lkydeb_glZf b d l_f dlh dhgkmevlbjm_l GZf dhgkmevlbjmx ke_^m_l agZlv ihq_fm fu ^_eZ_f wlh b ihq_fm ij_^ihqblZ_f ihevah\Zlv hij_^_e_ggu_ih^oh^u?kebfuoh]bfqlh[udhgk?lbjh\Zgb_[ueh ^_ckl\bl_evghwnn_dlb\gufgZr^he] &2&72 lhfqlh[ujZkrbjylv ihgbfZgb_ kZfbo k_[y Z lZd`_ ih^oh^ dhgkmevlbjh\Zgbx dhlhju_ jZajZ[hlZeb^jm]b_ex^b H^bggZ^pZlh_ iml_r_kl\b_ BKKE?>H<:GB? >?IJ?KKBB Ebf[^_ij_kkbb DZd b ijb jZkkfhlj_gbb lj_\h]b ^_ij_kkby [m^_l jZkkfZljb\Zlvky \ hkgh\ghf dZd khimlkl\mxs__ h[klhyl_evkl\h [he_agb beb ih\j_`^_gby Z g_ dZd kh[kl\_ggh ikboheh]bq_kdh_ gZjmr_gb_ Gh qlh[u k^_eZlv wlh g_h[oh^bfh ij_`^_ \k_]h bkke_^h\Zlvijbgpbiu^_ij_kkbbG_dhlhju_ihgylbydhlhju_[m^ml \\_^_gu \ihke_^kl\bb \iheg_ ljZ^bpbhggu ^jm]b_ g_e_]dh mdeZ^u\Zxlky \ h^gm ba rdhe ikbohiZlheh]bb Y mfvru_ggh bkihevamx rbjhdbc ih^oh^ d wlhfm ijbqbgyxs_fm kljZ^Zgb_ khklhygbx ihlhfm qlh aZ g_]h gm`gh [jZlvky ih \hafh`ghklb gZ rbjhdhf njhgl_ GZr_ agZgb_ h ^_ij_kkbb h[rbjgh gh ihgbfZgb_ wlh]hkhklhygbygbdh]^Zg_[m^_liheghklvxm^h\e_l\hjbl_evguf< ^Zgghf jZa^_e_ y iulZxkv ijhgbdgmlv \hafh`gh ^Zevr_ \ ]em[bgu [_a^hgghcyfu^_ij_kkbb < bkke_^h\Zgbb lj_\h]b y ij_^eh`be ZgZehrx k lhiqZdhf LZfq_eh\_dZihklhygghih[m`^Zxld bagmjyxs_c ^_yl_evghklb
G_[_k Wlh lZd`_ f_klh g_dj_s_guo ^_l_c b ex^_c qv_ mfkl\_ggh_ khklhygb_g_iha\hey_lbfhlebqZlvohjhr__hl^mjgh]hG_dhlhju_ l_heh]b m[_`^_gu qlh ^_lb \ ebf[_ ^h g_dhlhjhc kl_i_gb ih^\_j`_gui_qZebihlhfmqlhhgbqm\kl\mxlebr_gb_ Ex^bdhlhju_m]g_l_gu`ZemxlkygZihl_jxjZ^hklb`bagb i_qZev \bgm b gbdq_fghklv Hgb bkiulu\Zxl iZjZghb^Zevgu_ qm\kl\Z ihl_jx wg_j]bb b bgl_j_kZ gZjmr_gb_ kgZ gZjmr_gb_ Zii_lblZ b \_kZ gZjmr_ggh_ qm\kl\h \j_f_gb M gbo gZ[ex^Zxlky kmbpb^Zevgu_ l_g^_gpbb lj_\h]Z b gZ\yaqb\u_ b^_b gZjmr_gb_ k_dkmZevghcnmgdpbbaZf_^e_gb_l_e_kguonmgdpbcb \ha[m`^_gb_ >Ze__[m^mljZkkfhlj_gulhevdhg_dhlhju_bawlbokbfilhfh\ I_qZev I_qZev GEXLQL [heb ² [heb g_ nbabq_kdhc Z mfkl\_gghc ?keb i_qZev ² wlhikbobq_kdZy[hevkihkh[gZebikbobdZ\ul_ji_lv\ h^bghqdmlZd fgh]h [heb"
fjZqgZijbqbgy_lbf[_kihdhckl\hHgbagZxlqlhjZ^hklvmreZgh g_fh]mlihgylvhldm^Zb dZd\_jgmlv__ h[jZlghG_\k_ih^Z\e_ggu_ ex^b kihkh[gu \ujZablv lZdh_ hsms_gb_ kihglZggh gh dh]^Z bf ihfh]Zxl wlh k^_eZlv klZgh\blky hq_\b^guf qlh hgb i_j_`b\Zxl wlmihl_jx Lhqlhq_eh\_dg_gZoh^bl m^h\hevkl\by \ \_sZo beb ex^yo ijb\h^bl_]hbeb__ dwfhpbhgZevghfmhlqm`^_gbxhl^_yl_evghklb b ex^_c dhlhju_ h[uqgh klbfmebjh\Zeb [u __ Bf_ggh ^Zggh_ qm\kl\h [_ajZ^hklghklb ihjh`^Z_l ijh[e_fu qlh g_m^b\bl_evghDh]^ZdZdh_eb[hgZkljh_gb_hl^_ey_lfm`Zhl`_gu jh^bl_e_chl^_l_cdhee_]mhlkhkem`b\p_\khk_^Zhlkhk_^Zb dh]^Z wlb hlghr_gby ihjZ`Zxlky \k_ jZahf gZr wfhpbhgZevguc fbj gZklhevdhkm`Z_lkyqlhfukZfbij_\jZsZ_fky\ gbqlhBf_gghlZd ex^b \ujZ`Zxl ]em[bgm qm\kl\Z baheypbb dhlhjh_ ijbghkbl ^_ij_kkbyIh^Z\e_ggu_ex^bhdZau\Zxlkyh^bghdbfbhl^_e_ggufb hl \k_o q_eh\_q_kdbo dhglZdlh\ \ fbj_ dhlhjuc ijbgbfZ_l \jZ`^_[gh_ h[ebqv_ DZ`^uc q_eh\_d fh`_l hibkZlv k\hc hiul k ihfhsvx h[jZaZ b \k_ wlb h[jZau bf_xl h^bg h[sbc ijbagZd ² ih^Z\e_gguc q_eh\_d \b^bl k_[y aZdexq_gguf \ baheypbb ba dhlhjhcg_l\uoh^Z H^gZ ba oZjZdl_jguo q_jl ^_ij_kkbb khklhbl \ lhf qlh hgZ aZjZabl_evgZ DhgkmevlZglu \iheg_ fh]ml h[gZjm`blv qlh ih^[bjZy i_qZev b j_Z]bjmy gZ g__ hgb kZfb klZgh\ylky i_qZevgufb b l_jyxl k\hx kh[kl\_ggmx jZ^hklv
H[s_gb_²\ ex[hfkfuke_²nZdlbq_kdbij_djZsZ_lkyWlhfh`_l k^_eZlv dhgkmevlbjh\Zgb_ ljm^guf hkh[_ggh lZf ]^_ ijhp_kk kbevghaZ\bkblhljZa]h\hjZ jm]b_ ijbgbfZxl hlghkbl_evgh h[gZ^_`b\Zxsbc \a]ey^ gZ [m^ms__ b \_jyl qlh m gbo \k_ [m^_l ohjhrh GZ wlh hq_\b^gh ^h g_dhlhjhc kl_i_gb \eby_l hkgh\Z bo ebqghklb b lZ ih^^_j`dZ dhlhjmx hgb ihemqZxl Ex^b dhlhju_ \k_]^Z[uebg_]Zlb\ghb i_kkbfbklbqghgZkljh_gufh]ml[ulv[he__ kdehggud ijbgylbxi_kkbfbklbq_kdh]h\a]ey^ZgZk\hx^_ij_kkbx Lhlm dh]h_klvih^^_j`dZex[ys_cb aZ[hleb\hck_fvbbf__l[he__ iheh`bl_evguc \a]ey^ q_f lhl dlh `b\_l h^bg Ex^b dhlhju_ ^mfZxl qlh hgb hijZ\ylky qm\kl\mxl k_[y emqr_ q_f l_ dlh qm\kl\m_l qlh fh]eb [u hijZ\blvky Fh`_l [ulv gZ wlhf klhbl knhdmkbjh\Zlvky\ dhgkmevlbjh\Zgbbkdhj__bkihevamydh]gblb\guc ih^oh^kbevgh]hml\_j`^_gbyq_fihklhygghbkke_^myqm\kl\Z < kZfuo ly`_euo kemqZyo ^_ij_kkbb wlb qm\kl\Z \bgu b gbdq_fghklb ijbgbfZxl jZa^mlu_ beexahjgu_ jZaf_ju < lZdbo kemqZyo \_jm g_evay hijhdbgmlv ^hdZau\Zy ijhlb\hiheh`gh_ g_kfhljygZlhqlhwlZ\_jZfh`_lg_kh]eZkh\u\Zlvkyk khpbZevguf bebh[jZah\Zl_evgufnhghfebqghklb
kibkhd gZijyfmx mjZ\gb\Z_lky kh kibkdhf kbfilhfh\ ^_ij_kkbb b ihfhqv g_evay gbq_f hklZ_lky lhevdh jZafureylv gZ^ f_klhf kZfhhp_gdb\ gZqZe_b oh^_^_ij_kkbb Kms_kl\m_l l_kgZy k\yav f_`^m jh^bl_evkdbf l_iehf ijbgylb_fm\Z`_gb_fb ykghhij_^_e_ggufgZ[hjhfh]jZgbq_gbcb iheh`bl_evghckZfhhp_gdhcm ^_l_c>_lbh]dhlhjuoh`b^Zxlqlh hgb [m^ml khhl\_lkl\h\Zlv khfgbl_evguf h]jZgbqb\Zxsbf ghjfZf kdehggu hklZ\Zlvky aZ\bkbfufb beb kdehggufb d moh^m J_[_ghd \ujZs_gguc \hh[s_ [_a h]jZgbq_gbc \k_]^Z [m^_l klj_fblvky m[_`Zlvhl^bdhklbrbjhdh]hfbjZ\ dhlhjhfhgaZ[em^blkylZddZd _s_g_]hlh\d wlhfmhiulm Fh`ghkdZaZlvqlhex^bk \ukhdhckZfhhp_gdhckhojZgyxl\ k_[_ ex[ysbo jh^bl_e_c Z ex^b k gbadhc kZfhhp_gdhc ² g_ex[ysbo?kebwlhlZdlZdb_ex^b\_jhylgh klZgml ebqghklyfb mya\bfufb\ `bagbkdehggufbihiZ^Zlv\ au[mqbci_khd^_ij_kkbb <_jghb lhqlhhp_gdZ^jm]boex^_clZd`_g_h[oh^bfZdZdb hp_gdZ kZfh]hk_[yEx^bm dhlhjuog_^hklZlhqgZykZfhhp_gdZbebhp_gdZ ^jm]bo m`_ aZijh]jZffbjh\Zgu qm\kl\h\Zlv [_kihfhsghklv beb [_agZ^_`ghklv i_j_^ ebphf ihl_jb KZfhhp_gdZ \eby_l gZ kihkh[ dhlhjuf q_eh\_d h[oh^blky k ihl_j_c gbadZy kZfhhp_gdZ \_^_l d \k_h[s_c[_agZ^_`ghklb Lj_\h]Zb ^_ij_kkby Kbfilhfu lj_\h]b b kbfilhfu ^_ij_kkbb h[uqgh khimlkl\mxl ^jm] ^jm]m Hlebqbl_evgu_ ijbagZdb lj_\h`guo ih^Z\e_gguo ex^_c lZdh\u hgb kdehggu [ulv gZijy`_ggufb g_j\hagufb jZa^jZ`bl_evgufb b [hyaeb\ufb [_kihdhysbfbky h ljb\bZevguo \hijhkZo b fmqZxsbfbky gZ^ j_r_gbyfb Ih \b^bfhfm [hevrbgkl\h lj_\h`guo ex^_c dhlhju_ klZgh\ylky iZpb_glZfb lZd`_ ih^Z\e_gu Ih\lhjbf lj_\h]Z ² wlh wfhpbhgZevgZy j_Zdpby gZ h`b^Zgb_ hiZkghklb beb \j_^Z Dh]^Z kh[ulb_ ijhbahreh ² gZijbf_j kf_jlv ex[bfh]h q_eh\_dZ beb ihl_jy jZ[hlu ² Z \j_^ m`_ ijbqbg_g \ j_amevlZl_ \hagbdZ_l i_qZevGhm fgh]boex^_clj_ \h]Z aZo\Zlu\Z_lky qm\kl\hf i_qZeb lZdbf h[jZahf f_rZy \uiheg_gbxjZ[hlu]hjy GZdhg_p lj_\h]Z k\yaZgZ k gZijy`_gghklvx Z wlZ gZijy`_gghklv fh`_l hljZablvky \ qm\kl\_ \gmlj_gg_]h [_kihdhckl\Z hkh[_ggh \ g_kihkh[ghklb jZkkeZ[blvky ?keb lj_\h]Z b ^_ij_kkby ² k_klju[ebag_pu Z [_kihdhckl\h b gZijy`_gghklv kh^_ckl\mxl g_kihkh[ghklb jZkkeZ[blvky lh]^Z dZaZehkv [u eh]bqguf qlh _^bgkl\_gguf ^ey deb_glh\ kihkh[hf dhgljhebjh\Zgbykh[kl\_ggh]hkZfhqm\kl\byy\ey_lkykihkh[ghklvd j_eZdkZpbbb mf_gb_mijZ`gylvky\ g_cj_]meyjgh
mrZ[_kkbevgZ[_`Zlvbalvfu< ebf[_g_l k\_lZFbevlhg\ Ihl_jygghfjZ_ijhlb\hihklZ\ey_lZ^Z kgbfb ebf[ G_[_kZf:^²l_fgucb gZdZau\ZxsbcG_[_kZkh\_jr_ggu JZg__[uehij_^klZ\e_ghDhe_khwfhpbhgZevgh]hhkhagZgby Q_l\_jlb dhe_kZ hebp_l\hjyeb q_luj_ \j_f_gb ]h^Z WfhpbhgZevgh_ kh^_j`Zgb_ ihkl_i_ggh klZgh\blky [he__ g_]Zlb\gufdh]^Zq_eh\_d^\b`_lkyhli_kkbfbafZd hilbfbafm Fgh]b_qm\kl\ZhibkZggu_gZij_^u^msbokljZgbpZo^he`gu[ulv gZc^_gu \ gb`g_c qZklb dhe_kZ < fh_c l_hjbb y ij_^iheZ]Zx qlh wlh lZd ihlhfm qlh q_eh\_d m^Ze_g hl k\_lZ Z agZqbl klZgh\blky ih^\_j`_gguf ^_ckl\bx oheh^Z Y [u ij_^iheh`be qlh ex^_c \ulZkdb\Z_lbeb\ulZedb\Z_l \ wlhkhklhygb_g_]Zlb\bafh^ghcbeb g_kdhevdbokm[ebqghkl_b >_ij_kkbyklZgh\blkyijbajZdhfdhlhjucijboh^blg_a\Zguf b k\hbfijbkmlkl\b_fihjlblex[hcijZa^gbd>_ij_kkbyaZdex qZ_l q_eh\_dZ \ g_\b^bfu_ gh g_ijhgbpZ_fu_ kl_gu DZjlbgu fbjZ gZjbkh\Zggu_ ex^vfb wlh bah[jZ`_gby l_fguo lxj_fguo dZf_j lh]h dlh gZoh^blky \ ]em[hdhc l_fghc ghj_ lh]h dlh aZ\_jgml \ g_ijhgbpZ_fmx ldZgv beb gZoh^blky \ h[rbjghc imklug_ beb h]hjh`_g lhekluf a\mdhg_ijhgbpZ_fuf kl_dehf H[jZauf_gyxlkyghdhgp_ipbye_`ZsZy\ bohkgh\_h^gZb lZ`_ q_eh\_d \ h^bghqghf aZdexq_gbb Ih f_j_ lh]h dZd ijhoh^yl ^gb iuldZklZgh\blkyom`_b q_eh\_d^_eZ_lkykh\_jr_gghih]ehs_gguf ihjhqghklvxg_]Zlb\gh]hfure_gby GbdlhbagZkg_y\ey_lkyiheghklvxk\h[h^gufhlg_]Zlb\guo fuke_ch kZfbok_[_b h^jm]bogh_kebgZr_fure_gb_b j_Zdpbb [m^mlih[hevr_cqZklbg_]Zlb\gufbfuklZg_fljZlblv\k_[hevr_ b [hevr_\j_f_gbb wfhpbhgZevghcwg_j]bb \ l_fguoaZeZoebf[Z hebp_l\hj_gguo gb`g_c iheh\bghc wfhpbhgZevgh]h dhe_kZ Wlh lxjvfZ^_ij_kkbb L_hj_lbdb dh]gblb\ghklb jZkkfZljb\Zxl ^_ij_kkbx b ^jm]b_ jZkkljhckl\Z gZkljh_gby dZd ihjh`^_gb_ g_jZpbhgZevgh]h
fure_gby Q_eh\_d bgl_jij_lbjm_l kh[ulby k\hx kh[kl\_ggmx kZfhp_gghklvb h`b^Z_fuc j_amevlZl kh[ulbc \ g_]Zlb\ghc fZg_j_ ?keb wlZ lhqdZ aj_gby ijZ\bevgZ Z [ueh [u fm^jh khojZgylv a^hjh\uc kd_ilbpbaf ih ih\h^m lh]h qlh ex[Zy l_hjby bf__l hl\_l hgZ ij_^iheZ]Z_l q_eh\_d ijbh[j_lZ_l g_qlh ba lZdhc nbehkhnbb Fh^_ev ^_ij_kkbb dZd mk\h_gghc [_kihfhsghklb ih^^_j`b\Z_l lh h[klhyl_evkl\h qlh klZedb\Zykv k kblmZpb_c j_amevlZlhf dhlhjhc g_\hafh`gh mijZ\eylv fu magZ_f qlh j_Z]bjh\Zlv ls_lgh Dlhlh fh`_l \u\_klb ba wlh]h ke_^mxs__ aZdexq_gb_fuklZgh\bfky`_jl\hch[klhyl_evkl\b g_fh`_fg_klb hl\_lkl\_gghklvaZlhqlhijhbkoh^blKe_^h\Zl_evghfugZmqZ_fky wdkiemZlbjh\Zlvk\hxkeZ[hklvb g_^m]bqlh[u\ugm^blv^jm]bo^Zlv gZf lh qlh ohlbf Gh wlh ^\b]Z_l gZk _s_ ]em[`_ \ l_fghlm b _s_ [hevr__ bahebjm_l hl ^jm]bo DZ`^Zy fZgbimeypby \_^msZy d m\_ebq_gbx baheypbb mkbeb\Z_l g_]Zlb\guc \a]ey^ gZ kZfbo k_[y dhlhjucfukhojZgy_f KemqZc>`_ggb >`_ggb[ueZgZijZ\e_gZdhfg___ \jZqhfh[s_cijZdlbdbih ih\h^m ^_ij_kkbb ihke_^h\Z\r_c aZ \lhjuf \udb^ur_f >`_ggb [ueZaZfm`_faZ;_ghf^\Z]h^Z\lhjhc[jZd;_gZ >`_ggb bkihegbeky]h^;_gm²I_j\uc\udb^urkemqbekygZ c g_^_e_ aZ ]h^ ^h \lhjh]h dhlhjuc ijhbahr_e gZ c g_^_e_ <jZq kdZaZe >`_ggb e_qblky k fhf_glZ \udb^urZ dhlhjuc ijhbahr_e \hk_fv g_^_ev gZaZ^ E_q_gb_ dZ`_lky g_ ihfh]Z_l >mfZx _c fh`_l ihfhqv [he__ mf_eh_ dhgkmevlbjh\Zgb_ q_f \ debgbd_Y [ue[u[eZ]h^Zj_gaZ\Zr_fg_gb_b h[jZlgmxk\yav eyfgh]bobagbo\udb^ur²wlhjmlbggh_y\e_gb_b hgb g_ \k_]^Z ihgbfZxl _]h ihegh]h \ha^_ckl\by gZ aZbgl_j_kh\Zggmx iZjm
KblmZpbyg_h[e_]qZ_lkyhlkmlkl\b_fihgbfZgbykhklhjhgufgh]bo ex^_cdhlhju_h`b^Zxlqlh`_gsbgZ\havf_lk_[y\ jmdb dZd [m^lh lh qlh kemqbehkv g_ [he__ q_f hlkjhqdZ Ih\lhjyxsb_ky \udb^urb m\_ebqb\Zxl [j_fy khfg_gbc b \bgu dhlhjmx fgh]b_ `_gsbgu qm\kl\mxl ihke_ \udb^urZ DZ`^uc \udb^urfh`_l\hkdj_rZlv]hj_b \bgmij_^u^msbog_jZaj_r_gguo ihl_jv Dh]^Zy ihagZdhfbekyk >`_ggblh[uekjZam `_ ihjZ`_g __ lhlZevghc i_qZevx b fgh]h jZa fg_ dZaZehkv qlh hgZ \ulZkdb\Z_l keh\Zba]em[bgudZdhclh[_a^hgghcyfuY kdZaZe_ch[wlhfb hgZ ijbagZeZkvqlhlZdhghb _klv`_ggb Wlh g_ yfZ wlh ih^a_fgZy lxjvfZ dZdmx y \b^_eZ ]^_lh\ aZfd_ `_ggb Kb`m gZ ihem \ m]em k`Z\rbkv ih^lygm\ \\_jo dhe_gb Z ]heh\Z ² gZ dhe_gyo Y ^_eZeZ wlh dh]^Z [ueZ j_[_gdhf dh]^ZHgZhklZgh\beZkv` `hggb G_lgb hdgZgb ^\_jb `_ggb Wlh ijZ\^Z b ihlhehd hq_gv \ukhdh `_ggbZ \uqm\kl\m_l_k_[yaZi_jlhclZf">`_ggb >ZaZf_jar_c gZim]Zgghc b lZdhc h^bghdhc `_ggb `_ggb Y g_agZxFh`_l[ulvy gbdh]^Zg_\u[_jmkvDh]h wlh\hh[s_\hegm_l" `_ggb \ZrZ bklhjby gZihfbgZ_l fg_ h =jZn_ Fhgl_Djbklh \hjygbg mkljZb\Z_l k\hc ih[_] gZoh^bl hkljh\ k khdjh\bs_f b ijh\h^bl hklZlhd k\h_c `bagbfklyk\hbf\jZ]Zf>`_ggb >Zwlhy Ohly >`_ggb b ihqm\kl\h\ZeZ qlh dZjlbgZ _c ih^oh^bl wglmabZafZ[uehfZeh `_ggbdZd\uihiZebkx^Z" >`_ggb Y k^_eZeZ wlh Y ihkljhbeZ kl_gu qlh[u khojZgblv k_[y \ [_ahiZkghklb gh g_ kfh]eZ hklZgh\blvky ihlhf wlh \_k
aZdjuehkvk\_jomb f_gyihcfZeb `_ggb >ZWlhkebrdhfhiZkgh Y mkeurZedZd]h\hjblhq_gvbkim]ZggZy fZe_gvdZy ^_\hqdZ Hiul gZmqbe f_gy qlh dh]^Z q_eh\_d \hh[jZ`Z_l kZfh]h k_[y eh\mrd_ de_ld_ beb dZd l_i_jv \ l_fgbp_ [m^_l emqr_ kdhgp_i ljbjh\Zlvky gZ kh\_jr_gbb hk\h[h`^_gby \uoh^Z Bkke_^h\Zgb_ \k_^jm]boimgdlh\fh`ghhklZ\blvgZihlhf` `_ggbdZ`_lkyqlh\udZd]jZngZoh^bl_kv\ wlh l_fgbp_^he]h_\j_fy" >`_ggb =h^u `_ggb dh]^Z \u [ueb fZe_gvdhc ^_\hqdhc \u ex[beb\her_[gu_kdZadb" >`_ggb Ex[beZ b ijh\h^beZ qZku aZ dgb]Zfb hgb [ueb [_ahiZkgufb Y mkeurZe keh\h [_ahiZkgufb ih^mfZe _klv eb \hafh`gZy k\yav kh kdZaZgguf jZgvr_ Y ^_eZeZ wlh dh]^Z [ueZ j_[_gdhf b hleh`be wlb ^h]Z^db \ klhjhgm ^ey \hafh`gh]h [m^ms_]hbkihevah\Zgby `_ggbdZdZy[ueZ\ZrZex[bfZybklhjby" >`_ggb Ijh Ahemrdm `_ggb Fg_ gjZ\behkv dh]^Z n_ydj_klgZy ijbreZ b ij_\jZlbeZ lud\m \ dZj_lm Z fur_c \ dhg_c < i_j\uc jZa \ __ ]hehk_ihy\beZkvbkdhjdZ `_ggb\a^ho` Wlh[ueh[ukeZ\gh_keblhevdh `_ggb HgZijbreZ\ky[e_klysZyb k\_jdZxsZyQlhfg_ l_i_jv^_eZlv `_ggbb qlhhgZ]h\hjbl" >`_ggb Ijhdeylv_ HgZ ]h\hjbl qlh g_ fh`_l \ulZsblv f_gyhlkx^ZijhklhdZdgb[m^vFg_ijb^_lkydh_qlhk^_eZlvkZfhc
Y k_j^blZgZg__Y ^mfZeZhgZbkihevam_lk\h_\her_[kl\h Fg_ wlh ihdZaZehkv bgl_j_kguf ihlhfm qlh ikbobdZ >`_ggb[jZeZgZk_[ydhgljhevOhly\her_[kl\hqZklhihe_aghg_ ke_^m_l iheZ]Zlvky gZ g_]h \k_ \j_fy IkbobdZ >`_ggb ]h\hjbeZ _c bf_gghwlh n_ydj_klgZyfh`_lihfhqvgh__ hk\h[h`^_gb_aZ\bkblhl khljm^gbq_kl\Z `_ggb ?keb[u[uehhdghhgZfh]eZ[u^hklZlve_klgbpm `_ggb Y ihijhrm__L_i_jv_klvhdghghhghlZd\ukhdh agZqbly ^he`gZe_alv `_ggb Y ihijhrm m g__ qlhgb[m^v qlh[u aZsblblv f_gy dh]^Z\u[_jmkvHgZ^Z_lfg_h^gh bak\hbodhe_pY gZ^_\Zx_]hb qm\kl\mxk_[y^_ckl\bl_evghkbevghc >`_ggb \ah[jZeZkv ih e_klgbp_ ohly wlh hdZaZehkv g_e_]dh Dh]^Z hgZ ^h[jZeZkv ^h \_joZ hdgh hldjuehkv kZfh HgZ \u[jZeZkv gZjm`m \ kZ^ dhlhjuc agZeZ \ ^_lkl\_ Dh]^Z hgZ jZkkdZau\ZeZ h[ wlhf lh aZieZdZeZ hdZaZehkv qlh \ \hajZkl_ r_klb e_l __ bagZkbeh\Ze ^y^y HgZ iulZeZkv lh]^Z jZkkdZaZlv h[ wlhf k\h_c fZl_jb gh _c g_ ih\_jbeb ?_ ^y^y [ue _s_ `b\ b hgZ aZdhgqbeZ k_Zgk keh\Zfb jm]Zy ijbqbgZihdhlhjhckmbpb^kx^Zg_\dexq_gkhklhbl\ lhfqlhwlh m\_eh[u\kx^bkdmkkbxkebrdhf^Ze_dh²\ h[km`^_gb_^_ij_kkbb
dZdikbobZljbq_kdh]haZ[he_\Zgby Ih\lhjyxsZyky l_fZ ² wlh baheypby dhlhjmx qm\kl\mxl ih^Z\e_ggu_ ex^b hlj_aZggu_ hl wfhpbhgZevgh]h dhglZdlZ dZdh\ufb hgb b y\eyxlky < g_dhlhjhf kfuke_ ih^Z\e_ggu_ ex^b aZjZg__ ijbh[j_lZxl b aZjZg__ i_j_`b\Zxl kh[kl\_ggmx kf_jlv ² ihke_^gxxbaheypbxHlghr_gbyf_`^mdhgkmevlZglhfb deb_glhf y\eyxlky j_rZxsbf nZdlhjhf \ ih^^_j`Zgbb dhglZdlh\ b \ke_^kl\b_wlh]hkgb`ZxsbfbjbkdbaheypbbQ_eh\_q_kdbcdhglZdl h[eZ^Z_lmkihdZb\Zxsbf^_ckl\b_fgZk_j^_qghkhkm^bklmxkbkl_fm q_eh\_dZ bkiulu\Zxs_]h klj_kk LZdbf h[jZahf \iheg_ \hafh`gh qlhkZfhgZr_ijbkmlkl\b_^Z_lklhevdh`_beb[hevr_q_fgZrbg_ f_g__]em[hdb_kh\_lu Dhgkmevlbjmy fu ij_^eZ]Z_f kZfbo k_[y \ hlghr_gby dhlhju_ kZfb ih k_[_ gbq_]h gk lj_[mxl Dh]^Z gZf m^Z_lky mklZgh\blv wfhpbhgZevguc dhglZdl k ih^Z\e_ggufb ex^vfb fu ijhju\Z_fky q_j_a g_\b^bfuc [Zjv_j dhlhjuc ^_j`bl bo \ baheypbb Wlhl wfhpbhgZevguc dhglZdl kljhbl fhkl Ih fhklm hgb fh]mlmclbbak\h_]hebf[Z >\_gZ^pZlh_ iml_r_kl\b_ DEB?GL ?GB?BEBIJBFBJ?GB? <\_^_gb_ B[hb l_ehgkh^bgqe_gghfgh]h?kebkdZ`_lgh]Z Y g_ jmdZ b ihwlhfm g_ ijbgZ^e_`m d l_em ² g_l g_ ihwlhfmg_ijbgZ^e_`blhgZd l_emB _kebkdZ`_lmoh Y g_ ]eZa b ihwlhfm g_ ijbgZ^e_`m d l_em ² g_l g_ ihwlhfmg_ijbgZ^e_`blhgd l_em?kebZk_l_eh ²]eZa]^_kemo" ?keb\k_² kemo]^_h[hgygb_"Gh;h]^Zef_klhqe_gZfdZ`^hfmba gbo \ l_e_ dZd hg \hkohl_e B[h _keb [u \k_ [ueb h^bg qe_g ]^_ l_eh" Gh \hl fgh]h qe_gh\ gh h^gh l_eh G_ fh`_l ]eZa kdZaZlv jmd_ Lu fg_ g_ gm`gZ beb hiylv `_ ]heh\Z gh]Zf
[ueb ijh[e_fu b ljm^ghklb g_dhlhjuo ex^_c k dhlhjufb y jZ[hlZx;ue[uy ihij_`g_fmkihkh[_gmeu[Zlvkyb rmlblv gZoh^be[uihij_`g_fm\ k_[_fm`_kl\hb kbemijh[b\Zlvky q_j_a [hev gZijbf_j k_dkmZevgh]h beb nbabq_kdh]h aehmihlj_[e_gby" Kmf_x eb y gbdh]^Z g_ klZlv gZklhevdh [eZ]h^mrguf b kZfh^h\hevguf qlh[u mimklblv qlh wlh hagZqZ_l ^eywlh]h deb_glZ Fgh]bf ex^yf ijboh^blky ij_h^he_\Zlv [hevrh_ khijhlb\e_gb_ qlh[u klZlv deb_glZfb D_g kdZaZe Y fgh]h f_kyp_\ agZe qlh fg_ ke_^m_l wlh k^_eZlv gh dZdZylh fhy klhjhgZ ohl_eZ qlh[u y kijZ\beky kZf D_g \ujZabe kljZo qlh ijb^y gZ dhgkmevlbjh\Zgb_hg[ue[uh[_kq_s_gb qlhhgh[_kq_klbe[ukZf k_[y ijbagZ\ qlh y\ey_lky g_ gZklhevdh kh\_jr_gguf Hg k^_eZe agZqbl_evgucrZ]\i_j_^dh]^Zkfh]khh[sblvk\hbfjh^bl_eyfqlh dhgkmevlbjm_lky
Vhe_agv gk ihjb`^Zkby b^gbb qZhvx LFLL OAPLLLLLL. hgZ
ijbf_l gZ k_[y ^hfbgbjh\Zgb_ ;he_agv lZd`_ g_ ihj_ ky h^ghc kbkl_fhc bahebjh\Zgghc ^jm]bfb qZklyfb H^gZd hij_^_e_gghf kfuke_\ wlh\j_fyihjZ`_ggZyqZklvlj_[m_l [hr_]h\gbfZgbyhl dZ`^hc ^jm]hc qZklb ^jm]b_ qZklb hl\_qZc iheghf kh]eZkbb Bo kh[kl\_ggu_ gm`^u gZqbgZxl kem`blv g ^Zf ihjZ`_gghc qZklb Ihkfhljbl_ gZ j_Zdpbx jmdb dh]^Z \j_`^_gZ gh]Z _kl_kl\_ggZy j_Zdpby ² ^_j`Zlv beb l_j_lv ihjZ` gmx qZklv b lZdbf h[jZahf h[e_]qZlv[hevDh]^Z[he_agvihjZªl_ehaZsblgu_[_eu_djh\ygu_ de_ldb [jhkZxlky bklj_[eylv mfure_ggbdh\
;hevrbgkl\h ex^_c kqblZeh [u iZlheh]bq_kdbf lh]h dlh hlj_aZ_l k_[_ ghk baaZ lh]h qlh _fm g_ gjZ\blky _]h nhjfZ
fug_fh`_f\ughkblv\Zr_]h\b^ZKfhljbl_Fuij_^hklZ\beb\Zf wlh ij_djZkgh_ f_klh ]^_ \u fh`_l_ [ulv kqZkleb\u k ex^vfb dhlhju_ ihoh`b gZ \Zk A^_kv \Zk fh]ml ijbxlblv aZsblblv gZdhjfblvgZihblvb moZ`b\ZlvaZ\ZfbFuaZ[hleb\h_h[s_kl\h GhgZkZfhf^_e_wlhhlqm`^_gb_Z g_ijbfbj_gb_G_jmdZebwlh ]h\hjysZygh]_Lufg_gb dq_fm"Wlm`_g_qZklbjZ[hlZxsb_ \f_kl_gZ[eZ]hp_eh]h HkeZ[e_ggZy jmdZ fh]eZ [u kdZaZlv Y keZ[Zy g_a^hjh\Zy b [_kihe_agZy Y ohqm qlh[u h[h fg_ aZ[hlbebkv Wlh fh_ ijZ\h >jm]b_ qe_gu l_eZ fh]eb [u lh]^Z kijZ\_^eb\h kdZaZlv Fu ihfh`_f l_[_ gh fu g_ \ khklhygbb ^_eZlv aZ l_[y \k_ ?klv hij_^_e_ggu_\_sbdhlhju_fh`_rv^_eZlvlub lhevdhlu?keblu g_[m^_rvbo^_eZlvhgbeb[hg_[m^mlk^_eZgu\hh[s_eb[h[m^ml k^_eZgu iehoh ihlhfm fu g_ aZ^mfZgu lZd dZd lu ;_a l_[y fu g_ihegu G_dhlhju_ex^bgZklhevdhih]jm`Zxlky\ k\hxbg\Zeb^ghklv b `Zehklv d kZfbf k_[_ qlh h`b^Zxl ² dZd k\h_]h ijZ\Z ² qlh ^jm]b_ex^b[m^mlnmgdpbhgbjh\ZlvaZgboGhlZdbof_gvrbgkl\h GZfgh]h [hevr_ l_o dlh hlqZyggh ohq_l [ulv g_ hl^_e_gguf hl h[s_kl\Z gh ijbfbj_gguf k gbf \ha\jZs_gguf d Zdlb\ghfm iZjlg_jkl\m Hgb ohlyl nmgdpbhgbjh\Zlv kgh\Z dZd jmdZ gh]Z ]eZa beb yaud Ijbfbj_gb_ hagZqZ_l ijbgylb_ lh]h h[klhyl_evkl\Z qlh nmgdpby fh`_l [ulv g_ lZdhc kbevghc dZd ij_`^_ gh ^Z`_ kgb`_ggZynmgdpbybf__lk\h_hij_^_e_ggh_f_klh H[s_kl\m e_]q_ \ughkblv hlqm`^_gb_ q_f ijbfbj_gb_ I_j\ucih^oh^mijZ\ey_lkyaZdhgh^Zl_evkl\hfb ^_gv]Zfb\lhjhc² ly`_eZy jZ[hlZ fgh]h]h lj_[mxsZy wfhpbhgZevgh < ijhp_kk_ ijbfbj_gby [hevrbgkl\h qm\kl\ \ h[s_kl\_ \dexqZxlky \ q_ldbc j_ev_n gZ nhg_ ojhgbq_kdhc [he_agb b bg\Zeb^ghklb <_^v dh]^Z q_eh\_d k bg\Zeb^ghklvx klj_fblky h[jZlgh d g_aZ\bkbfhklb j_qv b^_l bf_ggh h[ hlghr_gbb h[s_kl\Z d bg\Zeb^ghklb ?keb fu ^he`gu [ulv ijbfbj_ggufb k ex^vfb bf_xsbfb bg\Zeb^ghklv gZf ke_^m_l dZd l_em mklZgh\blv gh\mx b^_glbqghklv \ dhlhjhc ijbfbj_gguc q_eh\_d bf__l hij_^_e_ggh_ f_klh b kihkh[_g nmgdpbhgbjh\Zlv dZd bgl_]jbjh\Zgguc qe_g g_kfhljy gZ h]jZgbq_gby Ij_^r_kl\mxs__h[km`^_gb_g_ih^jZamf_\Z_lqlhh[s_kl\m ke_^m_l ^_eZlv \k_ hl^Z\Zy ijbfbj_gb_ ² wlh ijhp_kk ]^_ ^Zxl b [_jml Fu \k_ bf__f ijZ\Z ijb\be_]bb gm`^u b `_eZgby Gh jmdZ h[ jmdm k gbfb b^ml hl\_lkl\_gghklv h[yaZl_evkl\Z b h[yaZgghklb GbdlhbagZk\ lhfqbke_b bg\Zeb^u g_fh`_l h`b^Zlvqlh[m^_l ihevah\Zlvky ijZ\Zfb ijb\be_]byfb gm`^Zfb b `_eZgbyfb g_ ijbgbfZyhl\_lkl\_gghklbh[yaZl_evkl\b h[yaZgghkl_c
G_ ^_eZlv wlh]h ² \k_ jZ\gh qlh mih^h[eylvky jmd_ dhlhjZy ]h\hjblgh]_Y \Z`g__l_[yQ_f[hevr_ex^_cbg\Zeb^h\ihgZ , klhys_fm ijbkihkh[e_gh d h[s_kl\m ² bo ijbgbfZxl bf ihfh]Zxl nmgdpbhgbjh\Zlv dZd p_gguf `_eZgguf b gm`guf qe_gZf²l_ff_gvr_bf[m^_lgm`ghqlh[ud gbfhlghkbebkvdZd d hkh[_ggufl_ff_gvr_hgb[m^mlh`b^ZlvZ bgh]^Zb lj_[h\Zlv lh]hqlhfh`_l hljbpZlvky ^jm]bfb qe_gZfb h[s_kl\Z dh lhju_ g_ y\eyxlkybg\Zeb^Zfb AZijhr_^rb_ljb^pZlve_l[uehk^_eZghfgh]h_qlh[uklZeb ba\_klgu qm\kl\Z ex^_c gZoh^ysboky \ g_\u]h^ghf iheh`_gbb g_ lhevdh baaZ [he_agb b bg\Zeb^ghklb gh baaZ iehoh]h `bevy [_^ghklbb ]heh^Z
KemqZc>wc\Z >wb\m [ueh e_l dh]^Z _]h ^he`ghklv klZjr_]h ij_ih^Z\Zl_ey k_kljbgkdh]h ^_eZ khqeb ih^e_`Zs_c khdjZs_gbx >wc\g_[ue`_gZlb jZ[hlZe\ kem`[_a^jZ\hhojZg_gbyljb^pZlve_l Y `be^eyfh_cjZ[hlul_i_jvy qm\kl\mxk_[yihl_jygguf>Ze__ ijb\h^blkydhjhldZy\u^_j`dZbagZrbok_Zgkh\ wc\ >Z wlh bf_ggh lZd b hsmsZ_lky Y qm\kl\mx k_[y hlj_aZgguf _b\ [ue m\e_q_ggufb hiulgufkZ^h\h^hf >wc\ >_j_\hkjm[e_ggh_ih^dhj_gv wc\ Wlh²lZdhsmsZ_lkyghwlhg_lhqlhy \b`mG_lwlh [hevr_ihoh`_gZ\_ldmdhlhjZy\bkblHgZih\j_`^_gZ wc\ >ZdZdfhyijZ\ZyjmdZ wc\qlh[u\uk^_eZeb" >wc\ Y fh][u\aylvibemb k^_eZlvqbkluckj_a wc\ Y ihdjZkbe[u_]hij_^hojZgbl_evgufkj_^kl\hfqlh[u ihf_rZlv[he_agbijhgbdgmlv\gmljvK^_eZedZd[uobjmj]bq_kdmx hi_jZpbx wc\ GmhgZ[ueZ[uhl[jhr_gZkh``_gZ beb qlhgb[m^v \ wlhfjh^_ wc\l_i_jv\a]eygbl_gZwlh^_j_\hkdZ`_fy[ehgx DZdhgZ\u]ey^bll_i_jv" >wc\_]h]m[Z^jh`bl` Fg_hgZg_gjZ\blkyHgZbkihjq_gZ g_mklhcqb\Z wc\ Y fh][ui_j_\yaZlv\_ldmgZ^_xkvhgZ\ua^hjh\__l wc\ Qlh[uhgZfh]eZkgh\Zieh^hghkblv wc\ HlebqghZm f_gy_klv
hiulih^]hlh\dZb gZ\udbY g_]hlh\^eyfmkhjghcdmqb wc\ ij_`^_ q_f fu aZdhgqbf ij_^klZ\vl_ qlh k gZklhys_]hfhf_glZijhr_eh^bg]h^DZd\u]ey^bl^_j_\h" >wc\ Wlh h^gh ba fhbo ^_j_\v_\ DhdkZ Z lZ \_ldZ ihdjulZ p\_lZfbY fh]m\b^_lvrjZfgh\_ldZ\ua^hjh\_eZ H[km`^_gb_ Koh^kl\h f_`^m \_ldhc ^_j_\Z b dhg_qghklvx q_eh\_dZ hq_\b^gh b [_a khfg_gby >wc\ qm\kl\h\Ze k_[y hlj_aZgguf bahebjh\Zggufhl^_e_ggufhl`bag_ggh\Z`ghcqZklbkZfh]hk_[y Hg qm\kl\h\Ze qlh _]h jZajmrbeb JZ[hlZ k h[jZahf deb_glZ \Z`gZ gh [_kkhagZl_evgh hg kZf mklZgh\be k\yav f_`^m ieh^hl\hjghklvx ^_j_\Z b hlkmlkl\b_f kh[kl\_gghc ieh^hl\hjghklb Hlj_aZlv ih\j_`^_ggmx \_ldm fh]eh [u [ulv j_r_gb_f gh hg \u[jZe imlv e_q_gby Wlh khhl\_lkl\m_l ijbgpbim ijbfbj_gby \lhjh]h iml_r_kl\by< gZqZe_jZ[hluk h[jZaZfb>wc\ij_^klZ\ey_ljZaju\ f_`^m l_f qlh hg qm\kl\m_l b l_f qlh \hh[jZ`Z_l Wlh \Z`gh ijhykgblv b ijh\_jblv lh qlh y bgl_jij_lbjh\Ze g_ ijhlb\hihklZ\eyehkv _]h h[jZam P\_lmsZy y[ehgy mdZau\Z_l gZ i_jki_dlb\m J_axf_ Ijb\_^_fpblZlmbaj_qb:evnj_^ZFhjjbkZ\h\j_fy\lhjh]h ql_gby _]h aZdhghijh_dlZ H ojhgbq_kdbo [hevguo b bg\Zeb^Zo b IZeZl_H[sbg Wlh[eZ]hl\hjgh_ij_^mij_`^_gb_\k_fgZf ?keb[ufufh]ebaZ\_sZlvihlhfdZfh^bg^jZ]hp_gguc^Zj y \u[jZe [u h[s_kl\h \ dhlhjhf _klv ih^ebggh_ khqm\kl\b_ d dZ`^hfm [hevghfm b bg\Zeb^m ]^_ ihgbfZgb_ g_ ihdZagh_ Z bkdj_gg__ ]^_ _keb g_evay ^h[Z\blv ]h^u d `bagb ojhgbq_kdbo [hevguo ih djZcg_c f_j_ fh`gh ^h[Z\blv `bagb d bo ]h^Zf ]^_ ih^\b`ghklvbg\Zeb^h\h]jZgbq_gZlhevdhjZfdZfbl_ogbq_kdh]h ijh]j_kkZ b hldjulbc ]^_ kljZ^Zxsb_ nbabq_kdbf g_^hklZldhf bf_xl nmg^Zf_glZevgh_ ijZ\h mqZkl\h\Zlv \ ijhba\h^kl\_b h[s_kl\_\ f_jmk\hbo\hafh`ghkl_c]^_khpbZevgh ij_^hl\jZlbfZy [he_agv g_ba\_klgZ b ]^_ gb h^bg q_eh\_d g_ bf__l ijbqbguqm\kl\h\Zlvk_[yg_eh\dhbaaZk\h_cbg\Zeb^ghklb Dh]^Z h[s_kl\h klZgh\blky emqr_ bgnhjfbjh\Zgguf dh]^Z [hevrbgkl\h ex^_c ijbgbfZ_l [he_agv b bg\Zeb^ghklv dZd qZklv a^hjh\h]h b p_ehklgh]h h[s_kl\Z lh]^Z b lhevdh lh]^Z [m^_l ^_ckl\h\Zlv ijbfbj_gb_ Z g_ hlqm`^_gb_ Lh]^Z b lhevdh lh]^Z gZ^_`^u j_nhjfZlhjh\ ih^h[guo :evnj_^m Fhjjbkm dhlhju_ ^h kbo ihj [ueb g_fgh]bf [hevrbf q_f h[jZau e_lZxsb_ ih \_ljm ijbfml l\_j^mx nhjfm b klZgml j_Zevghklvx WlZ j_Zevghklv ² h[s_kl\h ]^_ dZq_kl\h ^h[Z\e_gh d ]h^Zf Z bg\Zeb^u ² _]h bklbggu_qe_gu²jZ[hlZxl\f_kl_dZdh^ghl_eh
QZklv\lhjZy IML?R?KLP:LVXDEB?GL:FB <\_^_gb_ ^jm]bo L jh\Zgbx $ WLL$A+/E lbjh\Zgby[uelZdbf
Bf_gZb kblmZpbbhiylvbaf dhlhju_ hgb kha^Z\Zeb b dhlhjufb fu ^_ebebkv ^jm] k ^jm]hf`b\mlk gbfblZd`_^he]hdZdb khfghcy \iheg_m\_j_g hgb bkihfgyl wlb h[jZau hgb \gh\v i_j_`b\ml qlhlh ba lh]h \her_[kl\ZZ lZd`_ljm^ghcjZ[hluwlbohlghr_gbc GZdhg_py ohl_e[um[_^blv\Zkqlh[uijhqblZ\wlbkemqZb \u ihiulZebkv kZfb \hclb \ h[jZau ² lh]^Z iml_r_kl\by deb_glh\ klZgml\Zrbfb ;BEEI_j_dj_kldb F_gyah\ml;beeFg_]h^Zy klm^_glmqmkvgZf_^[jZlZ Dh]^Z y ijbr_e d
\klZxb hlijZ\eyxkvaZfhbf^jm]hfgZk\_l Ij_`^_ q_f y kfh] k^_eZlv rZ] \ [m^ms__ [ueZ m`ZkgZy [hjv[Z K f_gy ebe ihl b y ohl_e ieZdZlv gh g_ fh] mclb k ihdjZkg_\rbfb ]eZaZfb Y qm\kl\h\Ze qlh k^_eZe lh jZ^b q_]h ijbr_e b ohly m gZk [ueh lhevdh ^\Z k_ZgkZ wlh]h hdZaZehkv ^hklZlhqghqlh[ugZklmibehh[e_]q_gb_ Dhff_glZjbc ;bee qm\kl\h\Ze k_[y aZ`Zluf f_`^m ^_\mrdhc b k\h[h^hc f_`^m hl\_lkl\_gghklvx ih hlghr_gbx d jh^bl_eyf b dZjv_jhc Iheh`_gb_ gZoh^ys_]hky \ m]em \ l_fghl_ ]h\hjbl h ^_ij_kkbb M _]h hlpZ ijh[e_fu k ivygkl\hf b wlh \hafh`gh h[tykgy_l h[jZa ihemimklhc[mluedb RlZlgucf_^[jZl\ [_ehfdbl_e_\hafh`ghhebp_l\hjy_l_]h ]eZ\gmx p_ev lZd dZd hg ^_ckl\bl_evgh \_e_e _fm \klZlv b b^lb >jm]hagZqZ_l`_eZgb_ih^jm`blvkyk kZfbfkh[hc\hafh`ghwlh [ueZ_]hikbobdZdhlhjhchg^he`_g[uegZmqblvky^h\_jylv GZ dZdhflh wlZi_ ;bee m\b^_e i_j_dj_kldb b q_eh\_dZ ijbkehgb\r_]hky d kl_g_ k kb]Zj_lhc \ jmd_ b agZe qlh ^he`_g k^_eZlv\u[hjijh^he`Zlvbebb^lbgZaZ^Y ih[m^be_]hh]eygmlvky b ;bee m\b^_e m]he dhfgZlu k dZdbflh [_aebdbf kb^ysbf lZf q_eh\_dhf M g_]h ihy\beky kh[eZag \_jgmlvky gh hg k^_eZe rZ] \i_j_^ d k\_lm b ihqm\kl\h\Ze k_[y emqr_ ih hlghr_gbx d k\h_c p_eb dhlhjZy aZdexqZ_lky \ lhf qlh[u klZlv aZj_]bkljbjh\Zgguf f_^[jZlhfh[s_cijZdlbdb;beeagZ_ldZde_]dh[ueh[u\_jgmlvky Hg ]h\hjbe h[ Zedh]he_ b h[ m\b^_gghf h[jZa_ dZdh]hlh q_eh\_dZ d_fhgg_ohq_lklZlvWlh^_ckl\bl_evghbkim]Zehf_gy >h[blvky qlh[u deb_gl ihkfhlj_e gZaZ^ qZklh [u\Z_l ihe_aguf hkh[_ggh dh]^Z _klv i_j_dj_kldb I_j_dj_kldb hebp_l\hjyxl \u[hj dZd \uykgbe ;bee b ihkfhlj_\ gZaZ^ hg fh] m\b^_lvlhqlhhklZ\beihaZ^b :E:GK_dkmZevgZyb^_glbqghklv Y :eZg klm^_gl mqmkv gZ f_^[jZlZ ikbobZljbq_kdhc ijZdlbdb Y klZjr_ kj_^g_]h \hajZklZ bf_x kl_i_gv ih kh\j_f_gghfm bkdmkkl\m Y ihr_e \ f_^[jZlvy ihlhfm qlh g_ kfh] gZclb ihklhyggmx jZ[hlm \ KZg^_jewg^_ Y ijhmqbeky hdheh k_fb f_kyp_\ dh]^Z hsmsZe ihlj_[ghklv ih]h\hjblv k ey f_gy wlh [ueh g_\_jhylgh ljm^guf y [ue ^hklZlhqgh bkim]Zg b qm\kl\h\Zek_[yg_eh\dhK gZqZeZdmjkZy [ue\ugm`^_gijbklZevgh ihkfhlj_lvgZkZfh]hk_[yb ih^mfZeg_dhlhjmximlZgbpmdhlhjmx y qm\kl\mx ijb^_lky jZkkhjlbjh\Zlv _keb y ^he`_g ijh^he`Zlv h[mq_gb_ Y g_ agZe q_]h h`b^Zlv hl dhgkmevlbjh\Zgby b ihijhkbe
aZdexqbf dhgljZdl gZ klhevdhlh k_Zgkh\ b qlh \ _]h klbe_ ij_^hklZ\eylvgZijZ\e_gb_k_Zgkh\fg_Z hgihklZjZ_lkyhklZ\Zlvky khfghcHglZd`_kdZaZeqlhihiulZ_lkyihgylvqlhhagZqexl^ey f_gy \_sb ?keb y dh]^Zgb[m^v ih^mfZx qlh hg g_ kh fghc y ^he`_g kdZaZlv _fm h[jh^_l_eb Wlh g_e_]dh GZ^_`guc l_jibfuc b ^h[jh^mrgh\_k_euc
FZg
k_[yqm\kl\m_l_\gmljb" :eZg Wlh ^_ckl\bl_evgh im]Z_l Y \b`m k_[y ^\_gZ^pZlbe_lgbf djm]ehebpuf dm^jy\uf fZevqbdhf :eZg kb^_e ]ey^y gZ wlm \gmlj_ggxx dZjlbgm \ l_q_gb_ g_kdhevdbo fbgml b dZaZehkv[uehq_gv[ebahdd ke_aZf Ihke_ ^he]hc aZ^mfqb\hc iZmau Y ohl_e [u jZkkdZaZlv \Zf h lhf qlh kemqbehkv \ \uoh^gu_ Y \klj_lbeky k QZjevahf dhlhjuc hl\_e f_gy \ k\hx d\Zjlbjm Y qm\kl\h\Ze qlh f_gy ex[yl b h[h fg_ aZ[hlylky G_ ohqm \^Z\Zlvky \ ih^jh[ghklb b m\_j_g qlh \u g_ [m^_l_ ex[hiulkl\h\Zlv ey f_gy wlh ij_^klZ\eyeh bgl_j_k ex[h\v b [ebahklv ohly y kh\k_f g_ m\_j_g k fm`qbgZfb beb k `_gsbgZfb Y ]h\hjbeh k\hbo]b[_evguohlghr_gbyok `_gsbghcHgbg_ [ueb ^ebl_evgufb fh`_l [ulv ihlhfm qlh hgZ djblbdh\ZeZ f_gy gZau\ZeZ ihf_rZgguf < wlbo hlghr_gbyo g_ [ueh m\Z`_gby b ^h\_jby
klhjhgukf_ehklv²hldjulvwlh :eZg Y lZd`_ ihgye qlh qZklh g_ ^h\_jye ex^yf dh]^Z hgb ]h\hjbebqlhgb[m^v\ fhxihevam he`gh [ulv dhgljZkl aZklZ\be f_gy aZ^mfZlvky h[ hlghr_gbyo f_`^m fhbf [jZlhf b hlphf Hgb \k_]^Z k \hh^mr_\e_gb_f \ueb\Zeb ^jm] gZ ^jm]Z k\hb ^mjgu_ qm\kl\Z Z y gZoh^bekyf_`^mgbfbZ b dZd fh] k^_eZlv wlh dlhgb[m^v ^jm]hc I_j_^Z\Zy fg_ fg_gb_ k\h_]h [jZlZ kqblZxs_]h qlh :eZg ]hem[hc fhc deb_gl ihkfhlj_e gZ f_gy hq_gv ijyfh b y kfh] ihqm\kl\h\Zlv g_aZ^Zgguc \hijhk qlh ih wlhfm ih\h^m ^mfZx y" Y kq_e[he__mf_klgufkijhkblv:eZgZqlhhgkZf^mfZ_lh k_[_Wlh ijb\_eh d lhfm qlh hg aZ]h\hjbe h kZfhhp_gd_ Hg qm\kl\h\Ze qlh rdZeZ_]hkZfhhp_gdbhq_gvgbadZy ?keb ijbgylv \h \gbfZgb_ k_f_cguc debfZl b \k_ lh h q_f
]h\hjbe :eZg ² _]h gZmqguc dmjk b ya\bl_evgu_ dhff_glZjbb k\yaZggu_k wlbflhqlhg_dhlhjZy_]hfZg_jghklvfh]eZkha^Zlv \i_qZle_gb_ `_ghih^h[ghklb ² g_m^b\bl_evgh qlh _]h kZfhhp_gdZ^_ckl\bl_evgh[ueZgbadhc :eZg[ueq_eh\_dhfex[ysbfihjy^hdhgqZklhijboh^bekh kibkdhf l_f h dhlhjuo ^mfZe b dhlhju_ ohl_e [u hk\_lblv \ oh^_ k_ZgkZB ij_`^_q_fmclbhg\k_]^Zm[_`^Zekyqlh\k_gZibkZggh_ bf gZ ^hkd_ kl_jlh Fu ]h\hjbeb h[ wlhf b :eZg k\yaZe k\hb ihklmidb k l_f qlh \k_lZdb g_ iheghklvx ^h\_jy_l fg_ :eZg ijbr_elhevdhgZq_luj_k_ZgkZlZdqlh\iheg_ihgylghqlh_fm_s_ ke_^h\Zeh[ulvhklhjh`guf>h\_jb_g_evaymklZgh\blv[ukljh?]h dhff_glZjbc h lhf qlh[u \ha^_j`b\Zlvky hl ^h\_jby ijb\_e d bgl_j_kghc^bkdmkkbbh _]hkihkh[ghklbijbgbfZlvdjblbdmhldh]h eb[h kdhj__ q_f iho\Zem beb ^h\_jb_ < fhbo aZf_ldZo d wlhfm k_Zgkmy `bjghih^q_jdgmeY g_^he`_gdjblbdh\Zlv Dh]^Z:eZghibku\Zeh[uqgmxgZ\b^dhjh[dmdhlhjmxgbqlh g_ hlebqZeh hl ^jm]hc y ihqm\kl\h\Ze \ k_[_ ]em[hdmx i_qZev h[ wlhfq_eh\_d_dhlhjuckZfih^Z\ey_lk_[yY kdZaZe_fmh[wlhfgh _fm[uehljm^ghijbgbfZlvfhbqm\kl\ZHgkh]eZkbekybkke_^h\Zlv gZ ke_^mxs_c g_^_e_ qlh gZoh^blky \gmljb dhjh[db gh dh]^Z hg ijbr_eklZehykghqlhhgg_ohq_l^_eZlvwlhhggk[ue]hlh\ Ohly fu ijh\_eb \f_kl_ lhevdh q_luj_ k_ZgkZ gh kfh]eb ijhclb gZrb hlghr_gby ^h dhgpZ b :eZg mr_e agZy qlh fh`_l \_jgmlvky_kebaZohq_lHgg_\_jgmekyHgaZdhgqbedmjkb m_oZegZ jZ[hlmbagZrbodjZ_\ >ey:eZgZwlh[uedZdhclhdjbabkohlyhgb g_ij_^klZ\eye _]h k_[_ lZdbf h[jZahf Dh]^Z y h]ey^u\Zxkv gZaZ^ k_cqZk q_j_a g_kdhevdh e_l f_gy ^_ckl\bl_evgh m^b\ey_l h^gZ \_sv ² h[jZa kZfh]h k_[y dhlhjuc m g_]h [ue ² h[jZa fZevqbdZ _s_ g_ khaj_\r_]h ?keb gZrb k_Zgku ihfh]eb _fm ijhclb q_j_a lh qlh qZklh gZau\Zxl djbabkhf b^_glbqghklb lh]^Z hg bkiulZe g_qlh iheh`bl_evgh_qlhihc^_l_fmgZihevam]^_[uhggb hdZaZekyFu k :eZghf m\b^_eb \ wlhf h[jZa_ ikbobdm fm`qbgu aZdexq_ggmx \ fZevqbd_ dhlhjuc gZ r_klgZ^pZlv e_l [ue fheh`_ fm`qbgu M^b\bl_evghebqlh:eZg[ue\ aZf_rZl_evkl\_" :JJ:G=em[bguha_jZ Y :jjZgbg^b_pk FZ\jbdby< :g]ebby \hk_fgZ^pZlve_lk l_oihjdZdfg_bkihegbehkv^\Z^pZlvFhy`_gZ:crZ²lZfbedZm gZk ^\_ ^hq_jb ^_kylb b \hkvfb e_l Y jZ[hlZx ij_ih^Z\Zl_e_f k_kljbgkdh]h^_eZ\ KZmlowfilhg_b k_cqZkh[mqZxkv^eyihemq_gby fZ]bkl_jkdhckl_i_gbihikboheh]bbb dhgkmevlbjh\Zgbx< dZq_kl\_ qZklbh[mq_gbyy ^he`_gkZfijhclbl_jZibx GZqZeh fh_c `bagb g_ [ueh kqZkleb\uf fhc hl_p e_gb\uc
q_eh\_d [ue \k_]^Z ivyguf b hklZ\eye \k_ gZ fhx fZlv dhlhjZy \eZ^_eZkh[kl\_gghklvxM g_]h [ueh fZeh \j_f_gb gZ f_gy b fhbo [jZlv_\ b k_kl_j GZijbf_j y g_ fh]m \kihfgblv qlh[u hg dh]^Z gb[m^vh[gyef_gyDh]^Zfg_bkihegbehkve_ly \ayekyaZfgh]h_ qlh ke_^h\Zeh ^_eZlv _fm Bf_ggh lh]^Z y ijbgye khagZl_evgh_ j_r_gb_klZlv_]hijhlb\hiheh`ghklvxih\k_f\hafh`gufklZlvyf FZlvmf_jeZb yg_[uemihfygml\ __aZ\_sZgbbY ]h\hjbe _c qlh g_ ohqm gbq_]h ba __ bfms_kl\Z fhb [jZlvy b k_klju gm`^Zebkv\ g_f[hevr_q_fygh\k_`_y g_[ue^Z`_mihfygmlb wlhkbevghjZgbehf_gyY qm\kl\mxk_[yhl\_j]gmlufhlphfihlhfm qlh ijb]eZrZe _]h gZ\_klblv gZk gh hg hldZaZeky ijb_oZlv >mfZx wlhihlhfmqlhy `_gZlgZ:cr_Z hgZbkih\_^m_l^jm]mx\_jm H^gZbafhbohkh[_gghkl_caZdexqZ_lky\ lhf qlh y g_ fh]m ]h\hjblv ex^yf g_l ?keb dlhgb[m^v ohq_l ihemqblv q_luj_ qZkZ fh_]h \j_f_gb y ^he`_g bo ^Zlv ?keb dhfmgb[m^v gm`gu fhb ^_gv]b y ^he`_g hl^Zlv Wlh ijb\h^bl f_gy d \k_\hafh`guf klj_kkZf AgZx wlh dZdlh k\yaZgh k fhbf `_eZgb_f klZlv kh\_jr_gguf Z lZd`_ k qm\kl\hf hl\_lkl\_gghklb aZ ex^_c ?keb fhb klm^_glu g_ k^Zxl wdaZf_gu agZqbl y \bgh\Zl y jZ[hlZe g_^hklZlhqgh mk_j^gh Y ^he`_g jZ[hlZlv lZd mk_j^gh qlh[u g_ ijh\ZeblvkyY g_^he`_gijh\Zeb\Zlvkyihwlhfm[_jmgZk_[y\k_ [hevr_ b [hevr_ jZ[hlu qlh[u ^hdZaZlv dZdhc y hl\_lkl\_ggucq_eh\_d AgZx m f_gy \ukhdb_ klZg^Zjlu b wlh kha^Z_l lj_gby k :crhc Y gZklZb\Zx gZ lhf qlh[u ihdmiZlv ^hjh]mx h^_`^m b ^ey g__b ^ey^_\hq_dihlhfmqlhohqmqlh[uhgb\u]ey^_ebgZbemqrbf h[jZahfY agZxfh`_l[ulvy ^_eZxwlh\ dZq_kl\_dhfi_gkZpbbaZ lhq_]hgbdh]^Zg_bf_eY h[\bgyxfh_]hhlpZ\ lhfqlhg_^hklb] [hevr_]h m fhbo jh^bl_e_c [ueh k_f_jh ^_l_c Y g_ kh[bjZeky ih\lhjylv wlh lZd qlh k^_eZe \Zawdlhfbx < b^_Ze_ y ohl_e h^gh]h j_[_gdZgh:crZohl_eZ^\hboY mf_j[u_keb[ufhb^_lbdh]^Z gb[m^vkdZaZebh[hfg_g_^h[jh_keh\h GZqbgZyjZ[hlZlvk
^GZwlhfk_Zgk_[uehijheblhfgh]hke_a ohly :jjZg hq_gv klZjZekyg_ieZdZlv GZq_l\_jlhfk_Zgk_m gZkk
k_[_qlh\ui_j_e_aebq_j_ahq_gv\ukhdmxkl_gmZ gZ^jm_klhjhg_ ²ha_jh :jjZg Wlh aZ[Z\gh ihlhfm qlh y \b^_e ha_jh gh g_ fh] ihgylvdZdhghfh`_l[ulvl_fqlh\ubf__l_\ \b^m
ohly b g_ fh]m _]h m\b^_lv ?keb y g_ [m^m ijb\e_dZlv d k_[_ \gbfZgbyhgf_gyg_aZf_lbl Z\_jghY gZqbgZxiZgbdh\Zlv _jgbl_ __ qlh[um[_^blvky\ wlhfQlh\u^mfZ_l_h lhfqlh[uih^jm`blvkyk wlbfkms_kl\hf" :jjZg Hy g_kfh][uwlhk^_eZlv hklZlhqgh fgh]h iha\he_gh qlh[u ih^jm`blvky k gbf" :jjZg G_lY ohqmm[jZlv_]hih^Zevr_hlf_gy
^h\_jbb ?keb \h^Z hebp_l\hjy_l [_kkhagZl_evgh_ lh iml_r_kl\b_ q_j_a \h^u gZ\_eh [u gZ fukev qlh [_kkhagZl_evgh_ :jjZgZ ^hklZlhqghl_fghqlh\hdjm][uehfZehk\_lZWlhlZd`_gZ\h^blgZ fukev qlh :jjZg iml_r_kl\my ih g_ba\_klghc l_jjblhjbb dZd [u klZjZ_lky hsmlblv __ ?fm ihlj_[h\Zehkv hq_gv fgh]h \j_f_gb qlh[uih^gylvkygZih\_joghklvwlboh[jZah\ Dh]^Z deb_gl qm\kl\m_l k_[y lZd beb bgZq_ [ehdbjh\Zggvr agZqblihjZ\_jgmlvkygZwlZigZaZ^b ihkfhlj_lvgZg_aZdhgq_ggh_ ^_eh :jjZgm \k_ `_ ijbrehkv aZgbfZlvky kms_kl\hf b hg kfh] ijb[ebablvky d k\_lm lhevdh dh]^Z bf aZgyebkv K\_l dhlhjuc hg \b^_egZ^g_ijbly]b\Ze_]hdZdfZ]gblqlhgZ\h^blgZfukevqlh ^Z`_\ ]em[bgZo[_kkhagZl_evgh]h^eyg_]hkms_kl\m_lgZ^_`^Z ;_kkhagZl_evgh_ qZklh ij_^klZ\e_gh dZd \ ^Zgghf kemqZ_ \b^_q_]hlhdm^Zq_eh\_d\oh^blH khagZl_evghf\hafh`gihe_ag__ ^mfZlvdZdh q_flhdjm]ehfdZdh rZj_ihkl_i_gv^\b]Zykv]em[`_\ [_kkhagZl_el i_ ² hl i_jbn_jbb d p_glj? ihvamy wlm ZgZeh]bx e_]dh _lvqlh:jjZgij_^klZ\bh hloh^gZaZ^bab ijb[h ]eZaZo[ueZkgb`_gb_fg_\hafh`gh\ukhdbo klZg^Zjlh\ H[klhyl_evkl\Z :jjZgZ baf_gbebkv _]h ih\ukbeb b hg ba gZrbof_kllZdqlhgZf[ueh[uljm^ghijh^he`Zlv .2, lbjh\Zgb_ Fukfh]eb^h[blvkym^h\e_l\hjbl_evghc[ebxkhlghr_gbcFuh[Z qm\kl\h\Zeb qlh :jjZgm ij_^klhbl [hevr jZ[hlZ ih fh^bnbdZpbb klhjhgk\h_cebqghklbkha^Z\Z\rbklj_kk wg^b AZ[jhr_ggh_ihe_dmdmjmau Y Wg^bklm^_gllj_lv_]hdmjkZmqmkvgZf_^[jZlZY ijbr_e gZ dhgkmevlbjh\Zgb_ ih ih\h^m ijh[e_f gZ wdaZf_gZo b ebqguo ljm^ghkl_cY feZ^rbcbaiylb^_l_cb ^_ckl\bl_evghg_^mfZxqlh fhb jh^bl_eb dh]^Zgb[m^v mqbeb f_gy [jZlv gZ k_[y hl\_lkl\_gghklv Wlh h^gZ ba ljm^ghkl_c jZ[hlu \j_f_gZfb fg_ dZ`_lky qlh hl\_lkl\_gghklb kebrdhf fgh]h >jm]hc fhf_gl y ^_eZx\k_h q_ff_gyijhkylY mklmiZxkebrdhfm`e_]dhY ohqm baf_gblvk\h_ih\_^_gb_b gZ^_xkvqlhdhgkmevlbjh\Zgb_gZijZ\bl f_gyihwlhc^hjh]_
Wg^b Hy dehmg^mjZd\k_]^ZaZklZ\eyxsbcex^_ckf_ylvky Fhb klZjrbc [jZl FZjlbg hg om^h`gbd b hlebqguc >`mg kZfZy klZjrZy b ke_^mxsb_ ^\h_ [jZlv_\ >`bf b Lhf Hgb mijZ\eyeb fh_c`bagvx Zghwlhg_ijZ\bevghlZd" Z\Zcl_ ihkfhljbf gZ wlh lZdbf h[jZahf \k_ \j_fy fu h[\bgy_f ^jm]bo ex^_c aZ lh qlh ihemqZ_f Fu hldZau\Z_fky \aylvgZk_[yhl\_lkl\_gghklvaZwlhQlh\uh[wlhf^mfZ_l_" Wg^b Wlh aZ^_\Z_l gh \u ijZ\u Qlh y fh]m k wlbf k^_eZlv
Z hg baf_gbeky Y klhx ebphf d \_jrbg_ ohefZ ]^_ k\_lbl khegp_ Y ]h\hjx em]m qlh [m^m aZ[hlblvky h g_f Y g_ iha\hex ^jm]bf ex^yf kljhblv gZ g_f [_lhggu_ ^hjh]b gZ fh_f em]m
[ueh qm^_kgh mfZx wlh ihfh`_l fg_ \hclb \h \gmlj_ggbc fbj h dhlhjhf \u ]h\hjbl_ Y ^_ckl\bl_evgh j_rbe gZqZlv [jZlv mijZ\e_gb_ \ k\hb jmdbb g_\bgblv^jm]boaZlhqlhy lZdhcdZdhc_klv eygbo\u²]heh\gZy[hevIhq_fm[u\Zfg_\aylv mijZ\e_gb_kblmZpb_c\ k\hbjmdbk_cqZk\aylvgZk_[ybgbpbZlb\mb qlhgb[m^vh[gZjm`blv" Wg^b <_jghY gZoh`m]jmah\bdgZiheh\bgmihohjhg_gguc\ a_fe_Hgdj_idbcb ijhqgucb _]hg_e_]dh[m^_ljZah[jZlv \Z^jm]bo[jZlZaZ\b^mxlihlhfm qlhem]fhcZ mgbog_llh]hqlh_klvm f_gy
ih^mfZlvh[wlhfij_`^_q_f\klj_lbfky\ ke_^mxsbcjZaghk_cqZk ihjZ hklZ\blv em] b \_jgmlvky \ wlm dhfgZlm < \Zr_ kh[kl\_ggh_ \j_fy Dhff_glZjbc Dh]^ZWg^bgZoh^bekygZihe_k dmdmjmahc b ]h\hjbe dZd hg ij_g_[j_]Z_lbfwlhkem`behhebp_l\hj_gb_f_]h\gmlj_gg_]hfbjZ \hafh`gh _]h \hh[jZ`_gby \hafh`gh _]h `_gkdh]h gZqZeZ DmdmjmaZ hebp_l\hjy_l h[_sZgb_ ieh^hjh^by b k\yaZgZ k >_f_ljhc P_j_jhb [h]bg_c mjh`Zy Y h[km`^Ze k Wg^b \_jhylghklv lh]h nZdlZ qlh lh q_f hg ij_g_[j_]Ze y\eyehkv nmgdpb_c ijZ\h]h ihemrZjby_]hfha]ZY ij_^eh`be_fmdhjhldh_h[tykg_gb_nmgdpbb ijZ\h]h b e_\h]h ihemrZjbc b lh]h dZd fgh]b_ ba gZk m^_eyxl [hevrh_ \gbfZgb_ jZa\blbx nmgdpbc e_\h]h ihemrZjby b ij_g_[j_]Zxl nmgdpbyfb ijZ\h]h ihemrZjby Y ij_^iheh`be qlh _]h e_\h_ ihemrZjb_ [ueh qZklvx ij_^mij_`^Z\r_c h[ hklhjh`ghklb dh]^Z hg hlijZ\eyeky kebrdhf ^Ze_dh \ dhjg_\mx kbkl_fm [hykv ijb wlhf aZ[em^blvky E_\h_ ihemrZjb_ klj_fblky dhgljhebjh\ZlvkblmZpbx Y lZd`_ ]h\hjbe h ikbobd_ klj_fys_cky d bgl_]jZpbb b p_ehklghklb b kdZaZe Wg^b qlh _]h iml_r_kl\b_ fh`_l [ulv \jk f_gZfb g_dhfnhjlguf b ^Z`_ [he_ag_gguf gh ikbobdZ %&& [m^_l jZ[hlZlv gZ dhg_qgh_ [eZ]h Wlh m[_^beh _]h \ lhf qlh fh`_l gZmqblvky^h\_jylvwlhcqZklbkZfh]hk_[y Ihe_agh [ueh aZ\_jrblv k_Zgk hiylv gZ em]m hkh[_ggh dk ^bkdmkkbym\_eZdeb_glZhllm^ZOhlygbdZdh]h[hevrh]h\j_^ ijhbahc^_l hl lh]h qlh k_Zgk aZ\_jrblvky lZf b lh]^Z gh g_fgh`dh ihoh`_ gZ dgb]m hklZ\e_ggmx hldjulhc \kydh_ fh kemqblvky Y lZd`_ ^mfZx qlh \ha\jZs_gb_ gZ em] \k_ `_ ^Zk L deb_glm\hafh`ghklvkjZ\gblv^hb ihke_ Hiul Wg^b kh k\yluf fZkehf [ue h^gbf ba l_o j_^dbo fhf_glh\ijhju\Z\ [_kkhagZl_evgh_deb_glZhldhlhjuor_\_eylky ihehku gZ ]heh\_ Y g_ bf_e ihgylby h lhf qlh Wg^b dZlhebd gh dh]^Z hg m\b^_e klj_em ijbde__ggmx dh e[m i_j_^h fghc \hagbd f]gh\_gguc h[jZa k\ys_ggbdZ ihfZau\Zxs_]h eh[ fZklhf G_ `_eZy gZijZ\eylv \hh[jZ`_gb_ hklZ\eyy h[jZa k\ys_ggbdZ y hklZ\be\u[hjq_eh\_dZhldjuluf^eyg_]hkZfh]h
Hklhjh`gh Rbjhdh_ hldjulh_ ijhkljZgkl\h fh`_l hdZaZlvky im]Zxsbfdh]^Zbkq_aZxlhjb_glbjuWlhhdZaZehkvieh^hl\hjguf ihlhfmqlhWg^bmklZgh\bek\yavk aZ[uluf\hkihfbgZgb_fG_\k_ hldjulu_ ijhkljZgkl\Z im]Zxsb hgb fh]ml kbf\hebabjh\Zlv jZkrbj_gb_]hjbahglh\Z wlh\hegmxs_b ihegh\hafh`ghkl_c Y ihijhkbeWg^bqlhgb[m^vgZclbY k^_eZewlhihlhfmqlh ih^mfZe wlh ml\_j`^Z_l _]h iheh`_gb_ ^Z_l _fm dZdhclh dZiblZe gZ]jZ^maZlhqlhhg\ayebgbpbZlb\m\ k\hbjmdbLhqlhhggZr_e ]jmah\bdaZkem`b\Z_lhkh[hcbgl_jij_lZpbbLjZgkihjlgh_kj_^kl\h hebp_l\hjy_l ^\b`_gb_ dhe_kZ b wg_j]bx fhlhj =jmah\bd lZd`_ hebp_l\hjy_l g_qlh ijZdlbq_kdh_ ihe_agh_ GZiheh\bgm ihohjhg_gguc ]jmah\bd hagZqZ_l qlhlh g_ iheghklvx kijylZggh_ `^ms__ qlh _]h h[gZjm`Zl Fu k Wg^b h[km^beb wlh gZ _]h ihke_^g_fk_Zgk_b ih^mfZebqlhhgh[gZjm`beg_qlh^jZ]hp_ggh_h kZfhfk_[_gZiheh\bgmkijylZggh_\ ih^khagZl_evghf >_eh h[klhyeh lZd ]jmah\bd gbdm^Z g_ _oZe _]h gZ^h [ueh \udhiZlvb dh]^Z_]h\udhiZebhdZaZehkvqlhhg^h\hevghdj_idbc Wg^b h[gZjm`be qlh bf__l gZfgh]h [hevr_ k\h_]h q_f ij_^klZ\eyeb k_[_ _]h ^\h_ [jZlv_\ Hg h[eZ^Ze q_flh q_]h hgb g_ bf_ebb wlh^Zeh_fmg_qlhq_ffh`gh[ueh]hj^blvky Wg^b gbdh]^Z g_ hsmsZe ihlj_[ghklb \_jgmlvky ^ey ^Zevg_cr_]hdhgkmevlbjh\ZgbyhgohjhrhkijZ\bekyk \uimkdgufb wdaZf_gZfbb ijbgyegZagZq_gb_\ hl^_e_gb_i_^bZljbb LJ?CKBBgl_]jZpbyb \hajh`^_gb_ F_gy ah\ml Lj_ckb b \ lh \j_fy dh]^Z y gZqZeZ dhgkmevlbjh\Zgb_y jZ[hlZeZ\ qZklghcikbobZljbq_kdhc[hevgbp_\ O_firbj_ Fu k
wlh]h k\hx `bagv < j_amevlZl_ m f_gy \hagbdeh qm\kl\h h[j_f_g_gghklb b gZijy`_gby O_cfbr ohl_e m\_ebqblv gZrm k_fvxY kdhevdh\hafh`ghhldeZ^u\ZeZ\uiheg_gb_wlh]hj_r_gby \ fukebh jh`^_gbbj_[_gdZ[vuhg_qlhk q_fy g_fh]eZkijZ\blvky < dhgp_dhgph\y kh]eZkbeZkvgZqZlv\ [m^ms_f]h^mwlh[ue ] Ih\lhjyxs_ckyl_fhcgZgZqZevguowlZiZodhgkmevlbjh\Zgby klZeZfhyij_^u^msZy[hevgbpZZ lZd`_k\yaZggu_k g_cqm\kl\Z g_Z^_d\ZlghklbY jZ[hlZeZk h[jZaZfb\h\j_fy^_fhgkljZpbb dhgkmevlbjh\Zgbyb gZreZwlhihe_aguf Ze_dh kijZ\Z hl f_gy gZoh^blky dZgvhg Z[khexlgh [_a \kydhc i_j_ijZ\v@ q_j_a g_]h b hg lh`_ im]Zxs_ ]em[hdbc g_jh\guc b g_\_jhylgh \ukhdbc ^ey lh]h qlh[u ihijh[h\Zlv\ g_]h\hclb
iheg_ggZym`Zkgufqm\kl\hfb \_jhcqlhklhxg_fgh]h`hgZg_fgh]hfheh`_f_gy?keb[uij_^klZ\beZkv\hafh`ghklvy hl^ZeZkv [u _fm Fhb qm\kl\Z ijhlb\hklhyeb fg_ gZklhevdh ^jZfZlbqgh qlh fg_ [ueh [hevgh ijbagZlvky `hghf [ue lhevdhkimkdh\ufdjxqdhfd njmkljZpbbg_]h^h\Z gbx b ihl_j_ O_cfbr g_ fgh]h k^_eZe ^ey lh]h qlh[u ijb^Zlvfg_m\_j_gghklbb ih\ukblvfhxkZfhhp_gdmHghklZ\Zeky aZ\bkbfuf hl f_gy Z y wlh]h [hevr_ g_ ohl_eZ Y [hevr_ g_ [ueZ m\_j_gZqlhohqmmk_j^ghjZ[hlZlvb kgh\Zijb\_klb\k_\ ihjy^hd
_ckl\bl_evghebwlh[ueh\k_qlhgZr[jZdhagZqZe^eyf_gy" Ijbf_jghq_j_af_kypihke_\ha\jZs_gbyk ;Z]Zfdh]^Zy \k_ _s_ ]h\hjbeZ h >`hg_ `hgZZ lZd`_gZkZfmk_[yFZehihfZemy klZeZ ihgbfZlv kl_i_gv hl\_lkl\_gghklb aZ lh qlh kemqbehkv beb g_ kemqbehkv Y iulZeZkv m[_^blv k_[y qlh g_\bggZ Y ijh[b\ZeZkv d g_hohlghfmijbgylbxijZ\^u GZ g_dhlhjhf wlZi_ gZr_]h dhgkmevlbjh\Zgby y kijhkbeZ <] evyfZ Y dh]^Zgb[m^v ^hklb]gm kZfhihagZgby" Y ohl_eZ qlk hg
hl\_lbe Dhg_qgh ^Z Gh hg ijhklh ijhbag_k KZfhiha gb_ ih^h[ghiml_r_kl\bxkhfgh]bfbijb\ZeZfbH]eygbl_kihkfhljbl_ gZjZagu_ijb\ZeugZdhlhjuo\uhklZgZ\eb\Zeb LimlbgZhldjulby dhlhju_ lygmeb \Zk LLLLA L LPY?I o ohlbl_ eb \u ijh^he`Zlv Y ijhoh^beZdhgkmevlbjk -WNA ER ªA,,ª I?A YLLLAOOWL ALABL! L dj_ie_ggh]h O_cfbr_f Ihq_fm y k^_eZeZ wlh" ?s_ h^gh [h g_ggh_ ^hims_gb_ qlh[u ^h[blvky jZkiheh`_gby O_cfbrZ
m^b\bl_evgh qlh fhy fZe_gvdZy ^_\hqdZ qm\kl\h\ZeZ k_[y 7, [_ah[jZaghc b g_agZqbl_evghc b qlh y lZd qZklh iha\heyeZ ;HL rm mgb`Zlv f_gy i_j_^ ^jm]bfb ex^vfb Y [ueZ kihkh[gZ ] jblv h[ wlhf k O_cfbr_fkihdhcghb jZamfghb ohly_fmlj?[ueh ijbgylv wlh hg ^_ckl\bl_evgh ihiulZeky \a]eygmlv gZ wLX fh_c lhqdb aj_gby Fhb hlghr_gby k jh^bl_eyfb [hevrmx qZklv \j_f_gb [ue] g_e_]dbfb FZlv [ueZ hq_gv \aukdZl_evguf b djblbq_kdbf q_eh\_dhf²dZq_kl\Zdhlhju_y lZdmkbe_gghklj_fexkvij_h^he_lv \ k_[_Fuk O_cfbr_fkhrebkv[eb`_q_j_adjbabkIhqlblh `_ kZfh_ ijhbahreh b m f_gy k fZl_jvx Hlpm m^Zebeb ih^hajbl_evgmx himohev dbr_qgbdZ FZlv lh]^Z gm`^ZeZkv \ fh_c ih^^_j`d_ b gZ\_jgh_ \ i_j\uc jZa aZ]h\hjbeZ kh fghc dZd k `_gsbghcZ g_dZdkhk\hbfj_[_gdhf AgZqbl_evguc mki_o [ue ^hklb]gml ihke_ ^_\ylb f_kyp_\ dhgkmevlbjh\ZgbyY ohl_eZih_oZlv\ hlimkd\ BlZebxk ih^jm]hcba dhee_^`Z Fu k O_cfbr_f \k_]^Z _a^beb \f_kl_ b y h[km^beZ k
dhgkmevlbjh\Zgbx gh hg hldZaZeky K ^jm]hc klhjhgu wlh fh`_l [ulv[uehfhbf`_eZgb_fm\b^_lv_]hbaf_g_ggufLhqlhy ibrm wlhl_i_jv lhevdh ih^q_jdb\Z_l dZd y baf_gbeZkv b \ujhkeZ LZdb_ \a]ey^u [ueb [u Z[khexlgh qm`^u fg_ ^h lh]h dZd y gZqZeZ dhgkmevlbjh\Zgb_ H^gZ`^u _ckl\bl_evgh [ue kemqZc hg lZd kbevgh m^Zjbe f_gy qlh hklZeky kbgydih^]eZahfWlhfy]dh]h\hjykbevghkfmsZ eh L_f [he__ qlh wlh [ueh k\yaZgh k h^ghc ba i_j\uo f_gkljmZpbcb fhbfg_`_eZgb_fh[tykgylvqlhy ^_eZxhlijZ\eyykv \ \Zggmx \ lhl fhf_gl dh]^Z hg jZ[hlZ_l gZ e_klgbp_ LZd qlh y iheZ]Zxqlhl_i_jvy ijbagZeZkv`hZg HgZ kdZaZeZ Wlh fhc ]jh[
lZd`_^mfZeZh lhfbf_eZeb\h^Z dhlhjZy h[\hehdeZ f_gy k\yav k jh`^_gb_f GZ h^ghf ba ke_^mxsbo k_Zgkh\ y kgh\Z \hreZ \ wlhl khg GZ wlhl jZa y kmf_eZ \ihealb \ [mn_l ;eZ]h^Zjy \h^_ y qm\kl\h\ZeZk_[y[_ahiZkgh Kimkly g_kdhevdh g_^_ev ihke_ i_j\hc \klj_qb k dhfgZlhc y ijbreZ d \u\h^m qlh dhfgZlZ hebp_l\hjyeZ hl\_j`_gbk fh_c fZl_jbb wlhklZehykg__\h\lhjhcjZadh]^Zy ihiZeZih^kbevgh]h
djblbq_kdh]h jh^bl_ey fh_c fZl_jb dhlhjuc ih^Z\be __ aZ[hleb\h]h jh^bl_ey < j_amevlZl_ j_[_ghd y [ue kh\_jr_ggh kfms_g b aZim]Zg FZlv g_ fh]eZ \ughkblv fhx jZa\b\Zxsmxky k_dkmZevghklv b wlh ^ey f_gy [ueh iheguf hl\kj`_gb_f Y lZd`_ ijbreZd \u\h^mihkdhevdmfhyfZlv[ueZihkms_kl\m djblbqghc Z gk aZ[hleb\hc y g_ kebrdhf ohjhrh ij_^klZ\eyeZk_[_jhe_\mxfh^_evaZ[hlu GZ g_dhlhjhf wlZi_ dh]^Z y klZeZ ]h\hjblv h g_^hklZld_ aZ[hlub aZieZdZeZmfZxy lh]^Z[ueZhq_gvfZe_gvdhcWlhl k_ZgkklZe]h^h\sbghcfh_]hijboh^Zd `hZgmf_jeZd dhgpm ghy[jy Wlh hdZaZehkv ^ey f_gy q_flh gh\uf gZ^ q_f klhbeh ih^mfZlv Wlh ijhbahreh aZ r_klv g_^_ev ^h lh]h dZd y ihqm\kl\h\ZeZ k_[y ^hklZlhqgh kbevghc qlh[u kgh\Z bkke_^h\Zlv wlh h[klhyl_evkl\h Fhc khg ijb\_e f_gy gZ ih\_joghklv g_dhlhjuo kljZoh\dhlhju_m f_gy\hagbdebihih\h^maZfdgmluoijhkljZgkl\ rdhevguo kh[jZgbc ih_a^h\ b lheiu Y \k_]^Z [hyeZkv ex^_c ^mjguo beb [hevguo >_ckl\bl_evgh kljZggh keurZlv wlh hl f_^k_klju
hg\k_ihgbfZ_lWlhijh^\bgmehgZkd [he__\ajhkeufhlghr_gbyf KljZ^ZeZ y beb g_l hl [hevr_]h hl\_j`_gby q_f dlheb[h _s_ wlh dZd kdZaZe ujdb [ueb ijhldgmlu hl\_j`_gb_f fhbo jh^bl_e_c gh lZd`_ b fghx Fhb k_dkm Zevgu_hiuluk fm`qbgZfbgZqZebkv^h\hevghjZghb dlhfA \j_f_gb dh]^Z y gZqZeZ `blv k O_cfbr_f f_gy [_kihdhbeh __ kdhevdbfb`_fm`qbgZfby [ueZ L_i_jv fgh]h e_l kimkly y ihgbfZx qlh qm\kl\h\ZeZ k_[y L ^_jvf_ ih hlghr_gbx d k_[_ kZfhc LZdb_ `_ qm\kl\Z y bkiulZ eZ dh]^Z fZlv kdZaZeZ qlh y bkihjq_ggZy L_i_jv y ihgbfZx kdhevdh kljZ^ZgbcijbqbgbeZkZfZk_[_Wlhl\hijhkgZijZ\e_ggucgZf_gy kZfm ihdZaZe dZdhc ijhbahr_e [hevrhc jhkl \hi jhk gbdh]^Z g_ fh] [u knhjfbjh\Zlvky Z _keb [u hg knhjfbjh \Zeky khfg_\Zxkv bf_eZ[uy fm`_kl\h\ujZablv_]hkeh\Zf@< lh`_\j_fyy g_bf_eZ gbdZdh]h ihgylby qlh wfhpbhgZevgu jhkl fh`_l kha^Z\Zlv lZdhc ^bkdhfnhjl Fg_ ihfh]eb ihgylv wlk dh]^Z
q_flh^jm]bfLj_ckb >Zghy g_fh]mij_^klZ\blvk_[_qlh GZ ^jm]hf k_Zgk_ \kdhj_ ihke_ gZqZeZ __ \lhjh]h ]h^Z dhgkmevlbjh\Zgbykhklhyekyke_^mxsbc^bZeh] Lj_ckb Y hiylv kfhljx gZ dmqm s_[gy b m^b\eyxkv m^b\eyxkvY \b`mk_fygZoh^ys__ky\ kiyqd_Y agZxhgh\ujZkl_l \ ^_j_\h ohly g_ m\_j_gZ \ dZdh_ Y ohl_eZ [u qlh[u hgh [ueh \_qgha_e_gufgh\ dhgp_dhgph\y j_rbeZqlhwlh[m^_lk_j_[jbklZy [_j_aZ ij_djZkgZy dh]^Z hgZ ihdjulZ ebkl\hc Gh [_a ebklv_v hgZ lZd`_ij_^klZ\ey_lkh[hcij_djZkgucjbkmghdgZnhg_abfg_]hg_[Z hklb]gm\ klZ^bb ijhs_gby fu k
gh²g_agZlvkdhevdhij_^klhyehb^lb^Zevr_Y gZq_jlbeZ f_ehf O gZ kl_g_ ihlhfm qlh agZeZ y \_jgmkv Dh]^Z fu gZqZeb ih^gbfZlvky h[jZlgh klmi_gvdb \k_ \j_fy ^\b]Zebkv dZd [m^lh y iulZeZkv ih^gbfZlvky ih wkdZeZlhjm b^ms_fm \gba Wlh [ueh lZd kljZrghqlhy ihijhkbeZO_bfbrZhklZgh\blv^\b`_gb_b iha\heblv fg_khclb Z qlhlh \hkijbgbfZ_lky dZd ^_ckl\bl_evgh imi s__Ijhklhk^_eZcl_]em[hdbc\^hob kdZ`bl_k_[_qlhfh`k^_eZlv wlh Lj_ckb Y f_^e_ggh^\b]Zxkvihlmgg_exIjyfhaZih\hjh
y \b`mk\bj_ih]hdhlZ ghg_l\j_f_gbbkke_^h\Zlvwlhl h[A ihlhfm qlh lmgg_ev \k_ \j_fy aZdju\Z_lky aZ fghc L_i_jv y ^ kl\bl_evgh bkim]ZgZ
AsZxlkygh^Zx]fg_gZfgh]h[hevr_ijhkljZgkl\Zb k\h[h Lqlh[u y fh]eZ^urZlvY ih\hjZqb\ZxkvgZaZ^b ijhlb\hklhxdhHgjuqbl b hq_gvk\bj_ihrbibl
ihgjZ\beky Hg klZe fhbf lZebkfZghf m\_j_gghklb Wlh [ueh ijbf_jgh\ dhgp_fh_]h\lhjh]h]h^Zdhgkmevlbjh\Zgby[ueZabfZY hldm^Zlh agZeZ qlh ijhc^m q_j_a lh qlh klZeh im]Zxs_c ^Zlhc b dZe_g^Zj_ Ijbreh gh\h_ ihgbfZgb_ k\yaZggh_ k Jh`^_kl\hf b fhbf qm\kl\hf ih^Z\e_gghklb dhlhjh_ y bkiulu\ZeZ \ lm ihjm Y k\yau\ZeZ_]hkhkf_jlvxl_lmrdb>`hZgHlqZklblZdhghb [uehgh ^he`gh [ueh [ulv qlhlh _s_ H[km`^Zy kgh\b^_gb_ ih^jh[ghklb dhlhjh]h g_ \Z`gu y ijhklh magZeZ qlh wlh [ueZ [hev ]hj_qv b h[b^Zk\yaZggu_k Jh`^_kl\hfdh]^ZO_cfbrb y`beb\f_kl_b gZf g_jZaj_rbebihk_lblvfhbojh^bl_e_cHgbiha\hebeb ijbclb fg_ gh g_ O_cfbrm Y g_ fh]eZ wlh]h \ug_klb ihwlhfm lh`_ gk ihreZ Dh_qlhbalh]hqlhy ihgyeZy g_kl_kgyeZkvh[km^blvk O_cfbrkf ihlhfmqlhhg[ueqZklvxwlh]hHklZevgh_y hklZ\beZijbk_[_ Y hlebqghagZeZqlhhleh`beZ\ha\jZs_gb_d fh_fmi_j\hfm lmgg_exghdh]^Zy kh[bjZeZkvk^_eZlvi_j_ju\\ dhgkmevlbjh\Zgbb qlh[u m_oZlv gZ mq_[m fg_ ihgZ^h[behkv kgh\Z \hclb \ g_]h Klmi_gb[uebl_`_ohlyfg_[hevr_gkgm`gh[ueh[ulvk\yaZgghc k O_cfbr_f L_i_jv y \b^_eZ kdZem ihqlb [ehdbjmxsmx \oh^ \ lmgg_evF_klZ[ueh^hklZlhqghlhevdh^eylh]hqlh[ufh`gh[ueh ijhlbkgmlvky Fhb dhl lh`_ gZoh^beky lZf gh [hevr_ gk [ue g_^jm`_ex[guf Ij_`^_hg\u]ey^_edZdlb]jL_i_jvhg[ueevghfdhlhjh]h y gZa\ZeZ E_h jm]ZyklhjhgZlygmeZkv[_kdhg_qghY g_ ohl_eZ b^lb ^Zevr_ Y \_jgmeZkv b E_h `^Ze f_gy Y g_ ohl_eZ hklZ\eylv _]h Y ih]ehlbeZ _]h \ k\h_ l_eh q_j_a gh]b Y agZx hg hebp_l\hjyekbemb fm`_kl\hY fh]m\ulZsblv_]h\ ex[h_\j_fy Lhevdh y agZx qlh hg lZf Y agZeZ qlh g_ ^he`gZ [hevr_ bkke_^h\Zlvlmgg_evY gkijbagZ\ZeZkh[kl\_ggmxkbemb fm`_kl\h ghhgb[ueby klhevdh^hklb]eZ\ iml_r_kl\bb < gZqZe_yg\ZjyfhyklZjZydhrdZLhfZkbgZkbevghaZ[he_eZ HgZ[ueZk gZfbk l_oihjdZdfugZqZeb`blv\f_kl_DZdf_^ k_kljZydhg_qghkijZ\beZkvkhkf_jlvxghwlh[uei_j\uc jZakhkf_jlbl_lmrdb>`hZgdh]^Zfg_ijbrehkvklhedgmlvkyk l_f qlh[u iha\heblv qZklb f_gy kZfhc mclb
O_cfbrkhijhlb\ey_lky Kf_jlv dhrdb [ueZ [hevr_ q_f ijhklh kf_jlv ^hfZrg_]h `b\hlgh]hHgZ[ueZkbf\hehfgZrbohlghr_gbbY qm\kl\h\ZeZqlh LhfZkbgZ \h fgh]hf ^_j`ZeZ gZk \f_kl_ ² _^bgkl\_ggh_ q_f fu \f_kl_\eZ^_eb\k_wlb]h^u`hZgM f_gygk[ueh\hafh`ghklbdZdke_^m_lijhklblvkyk g_cY agZeZ qlh hgZ ^mfZ_l h[h fg_ hgZ hklZ\beZ fg_ g_dhlhju_ k\hb ^jZ]hp_gghklb dhlhju_ y qZklh ghrm Fg_ ihgZ^h[behkv ihqlb ljb ]h^Z jZ[hlu qlh[u ijbagZlv fhc ]g_\ dhlhjuc hgZ hklZ\beZ fg_ Ke_au ^Z gh y [ueZ lZd`_ k_j^blZ gZ lh qlh hgZ mf_jeZ Y \k_]^Z ]h\hjbeZ y Z]ghklbd ihdZ `hZg b dh]^Z y ^_eZeZ wlh lh m\b klhys_c i_j_^ fhbfb jh^bl_eyfb HgZ ^Z`_kl\_ggbpkch^gZdhfhyiZfylvh g_c[ueZl bf_eZ^eyf_gygZfgh]h dhlhju_[ueb_s_`b\u Dh]^Z fuk %ZAQ
>72 , 0 QIGI = ? gZl_ k ^jm]bfb ex^vfb Y ibkZeZ ibkvfh dhlhjh_ ]eZkbeh >hjh]Zy l_lmrdZ >`hZg y ^he`gZ ijhklblvky Dh]^Z y ibkZeZ lh \b^_eZ k_[y ^_j`Zs_cky aZ x[dm l_lmrdb >`hZg b g_ bf_xs_c kbe hl^_eblvky hl g__ Y ih\_eZ k_ ih hk\_s_gghfm k\_qZfb dhjb^hjm d Djbkm q_eh\_dm ba \b^_hnbevfZ IjhbahreZ gZijy`_ggZy [hjv[Z dh]^Z y ihiulZeZkv hl^_eblvky < dhgp_ dhgph\ ihke_ lh]h qlh dZaZehkv\_dZfbke_ay kijZ\beZkvb ijhreZq_j_a^\_jvg_\ aZeblmx k\_lhfdhfgZlmba \b^_hnbevfZ Z gZ hk\_s_ggh_ khegp_f ihe_ ]^_ [ueb hj_e b e_\ Hj_e hebp_l\hjye k\h[h^m Ohly y hl^_ebeZkv y agZeZ qlh \k_ _s_ hklZ\Zebkv lhgqZcrb_ gblb ihij_`g_fm kh_^bgyxsb_gZkWlh[uehaZf_qZl_evgh Ihke_ g_[hevrhc jZ[hlu y ijb\yaZeZ gblv d k[jm_ dhlhjZy hagZqZeZ y fh]m j_rblv kgylv k_ b kZfZ \u[_jm ^ey wlh]h \j_fy
`hZg Qm\kl\h\ZeZ k_[y ^_ckl\bl_evgh ohjhrhgh[ueZbagmj_gZdh]^Z\k_aZdhgqbehkvY g_fh]mhibkZlv fhbo ke_a beb bkp_e_gby dhlhjuc ijbg_k fg_ wlhl g_\_jhylgh ]em[hdbc hiul Ihlhf y magZeZ qlh l_lmrdZ >`hZg b y gZdhg_p jZa^_e_gub qlhfuk fZl_jvxgZkZfhf^_e_gZfgh]hl_kg__k\yaZgu GZ wlhf wlZi_ ijheb\ fgh]h ke_a y kdZaZeZ
Hlghr_gby f_`^m Lj_ckb b Okcfbr_f qZklh gZjmrZebkv kkhjZfb ijbq_f Z]j_kkb\gufb kkhjZfb dh]^Z h[Z r\ujyeb ij_^f_lu Fh^_evx ih\_^_gby Lj_ckb klZeZ fZg_jZ ^mlvky beb hloh^blv fZg_jZ \uau\ZxsZy \ \hh[jZ`_gbb j_[_gdZ Y \ukdZaZe ij_^iheh`_gb_qlhwlh[ue__ j_[_ghdj_Z]bjmxsbcgZdjblbqgh]h jh^bl_ey \ Okbfbr_ HgZ ij_^\Zjbl_evgh ijh^_eZeZ g_dhlhjmx jZ[hlmf_lh^hfljZgkZdlgh]hZgZebaZb wlhihf_klbeh__ \j_Zevgmx `bag_ggmx kblmZpbx ^ey ijh^he`_gby jZ[hlu Lj_ckb kdZaZeZ qlh hgZqZklh[u\Z_l\ fh^_ebdjblbqgh]hjh^bl_eyHgZ^mfZeZqlh__ \hkiblu\Zxsbcjh^bl_evj_^dhgZoh^blkyjy^hfk Okcfbr_f D h^bggZ^pZlhfm k_Zgkm ^_eZ f_`^m Lj_ckb b O_cfbr_f ihreb m^Zqg__ hgZ ijbg_keZ _fm p\_lu Z hg ihfh] _c k wkk_ Hg hq_gv ykgh fukebl b ihfh]Z_l `_g_ ijhj\Zlvky q_j_a __ imlZgh_ fure_gb_`hgZ Z g_ O_cfbrZ Y g_ fh]m aZgbfZlvky ex[h\vx k fbjZ`hf >`hg [ue
fbjZ`hf gh hg aZgye fgh]h k_Zgkh\ ihdZ Lj_ckb f_^e_ggh hljZ[hlZeZ _]h ba k\h_c kbkl_fu Lhevdh k^_eZ\ wlh hgZ kfh]eZ iha\heblvO_cfbrmaZgylvk\h_aZdhggh_f_klh Fgh]h jZa jZ[hlZy k Lj_ckb y khagZ\Ze qlh ^_j`m \ jmd_ mlhgq_ggh_ kms_kl\h kms_kl\h dhlhjhfm gm`gh iblZxs__ b aZhhleb\h_ \gbfZgb_ _keb hgZ kh[bjZ_lky \u`blv KZfhc lhqghc ZgZeh]b_c[ueZ[udmdhedZh[_sZxsZyij_djZkgmx[Z[hqdm Iml_r_kl\b_ d hkhagZgbx kZfbo k_[y dhg_qgh gbdh]^Z g_ Zdhgqblky ihdZ fu h[e_q_gu \ h^_`^u kf_jlghklb gh rZ]gm\ LL j_dmdhlhjmxfukqblZ_fj_dhckZfhihagZgbyfugbdh]^Zgkbm^_f iheghklvx m^h\e_l\hj_gu _keb \uc^_f ba g__ b hldZ`_fky kgh\Z gZfhqblv gh]b Iml_r_kl\b_ ih j_d_ g_j_^dh ijbghkbl hhev b ^bkdhfnhjl dh]^Z fu klZedb\Z_fky k [he_ag_ggufb j_r_gbyfb iha\heblv ijhbkoh^blv q_fmeb[h Dh]^Z fu \k_ `_ ^hklb]Z_f hij_^_e_ggh]h wlZigh]hfhf_glZj_r_gby hg lZdh\ qlh _keb fu g_ iha\hebf q_fmeb[h ijhbahclb fu g_ fh`_f ^\b]Zlvky \i_j_^ b hdZ`_fky\ lmibd_ Kimkly ijbf_jgh r_klv f_kyp_\ dhgkmevlbjh\Zgby y ihagZdhfbeLj_ckbk xg]h\kdhbl_hjb_ch l_gbb kl_fdZdqZklhfu
\deZ^u\Z_f\ gZrml_gv\k_qlhdZkZ_lkygZkkZfbo\k_qlhgZfg_ gjZ\blkyb fu`_eZ_fkijylZlvHgZijbagZeZwlh\ k\h_c[_x[jZaghc fZe_gvdhc ^_\hqd_ H^gZdh qlh[u ijhbahreZ bgl_]jZpby fu ^he`guijbgylvk\hxl_gvJZafureyygZ^wlbfLj_ckbijbagZeZkv qlh ª l_q_gb_ ^he]h]h \j_f_gb iulZ_lky \u]ey^_lv [e_klys_ kijZ\eyxs_cky ebqghklvx qlh qZklh y\ey_lky hljbpZgb_f __ bklbgghckZfhklb >h\hevgh qZklh gZ ijhly`_gbb gZrbo hlghr_gbc Lj_ckb ijboh^beZ b h[ty\eyeZ DZ`_lky m f_gy g_l gbq_]h hkh[_ggh]h h q_f fh`gh ]h\hjblv k_]h^gy Wlh ex[hiulguc n_ghf_g \ dhgkmevlbjh\Zgbb
qlh \gmljb f_gy qlhlh \hagbdZ_l gZijbf_j nb rq_kdZy [hev b ihlj_[ghklvieZdZlvbebijhklhZb\ yf_fh_]h`_em^dZJZgvr_y iulZeky dhgljhebjh\Zlv ijhbkoh^ys__ qlh[u hgh gk \lhj]Zehkv \ fhb hsms_gby Y ^mfZe _keb ihw\hex ijhy\blvky ijhbkoh^ys_f` \gmljbf_gywlh\klZg_lgZimlbdhgkmevlbjh\Zgby;eZ]h^Zjyk\h_c kh[kl\_gghc l_jZibb y kmf_e bkihevah\Zlv wlh y\e_gb_ ihablb\gh ij_^eZ]Zy_]hdeb_glmdZdlhqlhlZd`_fh`_l ijhbkoh^blvb \g_f kZfhfIjbdhgkmevlbjh\ZgbbLjkbkb²dh]^Z[ukhfghcih^h[gh_ gb kemqZehkv²wlhijb\h^behd gh\hfmbkke_^h\Zgbx GZ ljb^pZlv iylhf k_Zgk_ Ljkckb dhlhjZy g_kdhevdh g_^_ev [hjheZkv k l_fhc hl\_j`_gby jZkkdZaZeZ khg h [mn_l_ Ijhlb\hklhygb_ ebqghklb Zki_dlZf kgh\b^_gby lj_[m_ [hevrh]h fm`_kl\Z k h[_bo klhjhg Y ^he`_g [ue [ulv lhqgh m\_j_g qlh Lj_bkbh[eZ^Z_likboheh]bq_kdhckbehcqlh[uihiulZlvkyh\eZ^_lv kblmZ pb_b b qlh m f_gy o\Zlbl \hkijbbfqb\hklb gk lhedZlv iZpb_gld?aZij_^_eu__ \hafh`ghkl_c Y \k_]^Z[uehq_gv hklhjh`_g k bgl_jij_lZpb_c kgh\b^_gbb ij_^ihqblZy kijZrb\Zlv deb_glZ Qlh wlh hagZqZ_l ^ey \Zk" >Z`_ k_cqZkh]ey^u\ZykvgZg_kdhevdhe_lgZaZ^hiZkghijh[b\Zlvkyq_j_a lZdb_bgl_jij_lZpbbBlZdihfgyh[wlhf\hldZdmxbgl_jij_lZpbx y fh][uij_^eh`blv ;mn_l hebp_l\hjy_l lh qlh kh^_j`bl Hg fh`_l hagZqZlv [_kkhagZl_evgh_ aZdjuluc jZamf beb ijhreh_ Hg fh`_l lZd`_ h[hagZqZlv fZl_jbgkdh_ ehgh <_jhylghklv fZl_jbgkdh]h ehgZ ih\b^bfhfmih^l\_j`^Z_lky\h^hc²ijhju\Zxsb_ky\h^uLj_bkb g_ ohq_l ^_l_c b \hafh`gh aZ wlbf kdjul ]em[hdbc kljZo Lhl fhf_gl qlh \h \j_fy jZ[hlu Lj_bkb gZ^ hl\_j`_gb_f ihy\beZkv l_lmrdZ >`hZg ij_^iheZ]Z_l k\yav f_`^m iZpb_gldhc b __ jh^bl_eyfb L_lmrdZ >`hZg [ueZ ijbqbghc ijbfbj_gby gh hgZ mf_jeZ ^h lh]h dZd Lj_bkb b O_cfbr kfh]eb ih`_gblvky LZd qlh l_lmrdb g_ [ueh \ `b\uo qlh[u hgZ kfh]eZ m\b^_lv ieh^u wlh]h ijbfbj_gby Bgl_j_kgh lZd`_ hl\_j]ZeZ eb Lj_bkb k\hbo jh^bl_e_c l_f qlhg_`_eZeZ^_l_cb gZdZau\ZeZebboaZhl\_j`_gb_Ihke_^mxsb_ kh[ulby \k_ `_ ih\b^bfhfm ih^^_j`b\Zxl wlm ]bihl_am =jh[ hebp_l\hjy_l kf_jlv b miZ^hd ijhreh_ Qlh [u hg gb hagZqZe ^ey Ljkckb_c[uehkebrdhfljm^gh\aylvkyaZ]jh[b ^Z`_ijbdhkgmlvky d g_fm< ex[hfkemqZ_[mn_lb kbf\hebq_kdbc]jh[ baf_gbek\hc oZjZdl_jGZwlhfimgdl_ihe_aghhklZgh\blvkyb bkke_^h\Zlv_]h
bkiulZlv ihkl_i_gguc i_j_oh^ hl l_fghlu d k\_lm q_j_a ihlhehd GZijZ\e_gb_ hldm^Z ijbr_e k\_l ih\b^bfhfm gZ\h^bl gZ fukev qlh gZoh^blky
k\_jom <_jo gZ\h^bl gZ fukev h khegp_ l_ie_ b `bagb ;mn_l ij_\jZsZ_lky \ jZa^Z\e_ggmx dZjlhggmx dhjh[dm g_qlh \iheg_ hj^bgZjgh_ ihe_agh_ b kh\k_f g_ im]Zxs__ < oh^_ dhgkmevlbjh\ZgbyLj_bkbkgh\Z\oh^beZ\ wlmdhfgZlm_s_g_kdhevdh jZa b dZ`^uc jZa lZf [ueh g_qlh gh\h_ ^ey bkke_^h\Zgby Wlh \uy\ey_l \Z`guc ijbgpbi _keb [u y \aye gZ k_[y aZ[hlm h gZijZ\e_gbb lh \iheg_ 02- [u ^himklblv qlh h^bg beb ih djZcg_c f_j_ ^\Z \bablZ \ dhfgZlm himklhrZl __ Gh g_l wlh [ue g_ lhl kemqZb b lZd kemqZ_lky j_^dh Imklv \k_]^Z mijZ\ey_l deb_gl ^h\_jycl_ikbobd_deb_glZi_j_f_sZlvky\ lZ dhfgZijZ\e_gbbb klZdhckdhjhklvxdZdb_[hevr_\k_]h_fm ih^oh^yl GZ h^ghf k_Zgk_ Lj_ckb jZkkdZaZeZ khg \ dhlhjhf hgZ kZfZ dhgkmevlbjh\ZeZ Z y kb^_e ihaZ^b g__ Y i_j_[be deb_glZ qlh[u ^h[blvky ykghklb Lj_ckb [ueZ \hafms_gZ Z dh]^Z deb_gl mr_e y kdZaZe _c dZdZy hgZ [kkgZ^_`gZy b qlh y g_ ohqm [hevr_ __ \b^_lv Fu h[km^beb wlh b __ bgl_jij_lZpby [ueZ lZdh\Z qlh hgZ [hblky hl\_j`_gbykhklhjhgulh]hdh]hm\Z`Z_l Wlhfh]eh[ulvihdZaZl_e_fi_j_ghkZLj_ckb]h\hjbeZqlh\ g_dhlhjhf hlghr_gbb hgZ ihf_sZ_l f_gy gZ g_dbc iv_^_klZe ² ihdZaZl_ev i_j_ghkZ \ khhl\_lkl\bb k dhlhjuf l_jZi_\l g_ fh`_l k^_eZlvgbq_]hg_ijZ\bevgh]h< dhgp_k_ZgkZihke_i_j_ju\Z\ iylv g_^_ev y gZibkZe Y qm\kl\mx hgZ ^hklb]eZ [hevrh]h jhklZ kh \j_f_gbdh]^Zfu\klj_qZebkv\ ihke_^gbcjZab fgh]h_h[^mfZeZ
Y qm\kl\h\Ze bgl_]jZpby kms_kl\_ggZ gh qlh ^Zevr_" Dh]^Z y bkiulu\Zx wlm [_kihfhsghklv b g_ agZx qlh ^_eZlv y ijhklh `^mb hklZxkvk h[jZahfdh]^Z\b`m_]h _j`bl_f_gy\ dmjk_lh]hqlhijhbkoh^bl Lj_ckb K_cqZk y g_km __ i_j_^ kh[hc gh g_ fh]m aZdjulv ^\_jvHgZij_]jZ`^Z_lfg_imlv
dZdwlhlWlh[uehkbevghb fhsghb ykhagZ\Zeg_qlhih^h[gh_ ijhp_kkmjh`^_gbyH^gZdh\ bghcfZg_j_y ^mfZeh lhf[ueh ebwlhh[jZahfaZqZlbyb [_j_f_gghklbWlhlklbevjZ[hlulj_[m_lhl f_gykihkh[ghklbiheghklvx\oh^blv\ ijhbkoh^ysmx[hjv[mb l_f g_ f_g__ y ^he`_g hklZ\Zlvky dhgkmevlZglhf Y dZd [u ijb\yaZg d \g_rg_fm fbjm dj_idbf j_abgh\uf rgmjhf dhlhjuc lyg_l f_gy gZaZ^qlh[uihfhqvdeb_glmb^lb\i_j_^ K_f_qdhLj_bkbgZoh^behkv \ kiyqd_ hq_gv ^he]h ^h`b^Zykv khhl\_lkl\mxs_]h \j_f_gb ]h^Z < dhgp_ h^gh]h k_ZgkZ dh]^Z fu kgh\Z ihkfhlj_eb gZ s_[_gv b k_f_qdh y gZibkZe ;m^_l eb iml_r_kl\b_Lj_bkbaZdhgq_ghdh]^ZhgZ\hkklZgh\bl]jm^ms_[gyb ^_j_\h \ujZkl_l" Lj_bkb klZeZ gZfgh]h m\_j_gg__ b fg_ [ueh bgl_j_kgh bkoh^bl eb gh\hh[j_l_ggZy kbeZ ba __ k_f_qdZ dhlhjh_ ]hlh\hijhjZklb JZ[hlZ Lj_bkb k h[jZahf lmgg_ey reZ g_kdhevdh k_Zgkh\
k\yaZg k >bhgbkhf ]j_q_kdbf [h]hf wdklZaZ b \bgZ jbfkdbc [h] ;Zomk >bhgbk `_gbeky gZ :jbZ^g_ LZdbf h[jZahf [ueZ mklZgh\e_gZ _s_ h^gZ k\yav f_`^m h[jZahf \_j_\db b lb]jhf Lb]j k\yaZg k ]g_\hf `_klhdhklvx lvfhc b jZagma^Zgguf ijhy\e_gb_f hkgh\guo bgklbgdlh\ Hg hebp_l\hjy_l ^bdh_ `b\hlgh_ E_\ ijbgpbibZevghkhhl\_lkl\m_l[h]mb khegpmke_^h\Zl_evgh_]hqZklh ljZdlmxl dZd kbf\he [h]ZkhegpZ gZijbf_j Fblju Hg lZd`_ hebp_l\hjy_lfm`kdh_gZqZeh AgZqbl ^ey Lj_bkb wlZ ljZgknhjfZpby ba lb]jZ \h ev\Z k _]h kbehc b fm`_kl\hf [ueZ \ukhdh agZqbfhc l_f [he__ qlh hgZ aZohl_eZ bgl_]jbjh\Zlv _]h q_j_a gh]b KgZqZeZ wlh haZ^Zqbeh f_gy Ih jZafure_gbb y ihgye qlh gh]b kbf\hebabjmxl kbem klZ[bevghklvih^^_j`dmih^\b`ghklvg_aZ\bkbfhklvh^bghq_kl\h Lj_bkb[_kkhagZl_evghbgl_]jbjh\ZeZqZklvk_[ydhlhjmxhgZmagZeZ jZgvr_ lb]j gh khagZl_evgh hgZ g_ ohl_eZ ^_eZlv wlh H^gZdh aZ ijhr_^rb_ g_^_eb wlZ __ qZklv ljZgkjhjfbjh\ZeZkv \ g_qlh ihablb\gh_ B dhg_qgh k_ iml_r_kl\b_ ihlj_[h\Zeh [hevrh]h fm`_kl\Z Ihke_^gbc k_Zgk i_j_^ aZieZgbjh\Zgguf lj_of_kyqguf i_j_ju\hf [ue ihk\ys_g __ i_qZeb ijb ijb[eb`_gbb kf_jlb LhfZkbgu>eyf_gyi_qZev²wlhijhklhi_qZevg_\Z`ghh q_fbeb h dhf q_eh\_d i_qZeblky Wlh kh[ulb_ b i_jbh^ dhlhjuc aZ gbf ihke_^h\Ze ihfh]eb Lj_bkb \hclb \ dhglZdl k qm\kl\Zfb dhlhju_ jZgvr_ g_ \uimkdZebkv gZjm`m I_qZev h `b\hlghf hq_gv qZklh \\h^bl q_eh\_dZ \ ij_`^_ g_ j_r_ggu_ beb qZklbqgh g_ j_r_ggu_ i_qZebb ij_^klZ\ey_l_fm^Zevg_crmx\hafh`ghklvijh[blvkyq_j_a g__Y ihbgl_j_kh\Zeky]hlh\ZebLj_bkbijh^_eZlvh[jZagmxjZ[hlm qlh[u m\b^_lv ]^_ gZoh^blky LhfZkbgZ gh hgZ g_ [ueZ ]hlh\Z k^_eZlvwlh Dh]^ZLj_bkbaZdhgqbeZdmjkhgZdZaZehkvgZoh^beZkv]^_lh \jh^_aZ\h^b\k_wlh[uehk\yaZghk __qm\kl\Zfbihih\h^mh^gh]h ba ij_ih^Z\Zl_e_c dmjkZ Fu ]h\hjbeb h lhf dZd fgh]h wg_j]bb ihlj_[m_lkygZijbf_jhldmkdZ^_j_\Zqlh[umieulvba aZ\h^b\f_klhlh]hqlh[u^\b]Zlvkyihdjm]mb gkihiZ^Zlv\ l_q_gb_ j_db Bgh]^Z qlh[u m[_`Zlv lj_[m_lky [hevrbf ihlhdhf \h^u baf_gblv ^Z\e_gb_ b lhevdh lh]^Z fh`gh ihemqblv hk\h[h`^_gb_ JZ[hlZLj_bkbgZ^l_fqlh[uiha\heblvmclbl_lmrd_>`hZg [ueZ ij_djZkghc I_jbh^ dhgkmevlbjh\Zgby ijb[eb`Zeky d lj_f ]h^Zf b k kZfh]h gZqZeZ klZeh hq_\b^gh qlh g_qlh \jh^_ wlh]h ^he`gh kemqblvky ij_`^_ q_f Lj_bkb kfh`_l bgl_]jbjh\Zlv j_Zevghklvkf_jlbl_lmrdb>`hZgXg]]h\hjblh kbgojhgghklb^\Z kh[ulby bf_xsb_ ikboheh]bq_kdmx agZqbfhklv ijhbkoh^yl
h^gh\j_f_ggh IhdZa fh_]h \b^_hnbevfZ bf_ggh \ lhl fhf_gl khhl\_lkl\h\ZeklZ^bbjhklZLj_bkbBa\k_oex^_c\ lhc]jmii_²Z gZk\k_owlhdZdbflhh[jZahfaZljhgmeh²dZaZehkvkZfh_[hevrh_ agZq_gb_ wlh bf_eh ^ey Lj_bkb Dhg_qgh g_evay i_j_^Zlv dZdh_ \ha^_ckl\b_ wlh bf_eh \ihke_^kl\bb gZ hklZevguo `hZg mclb gh klZeZ kfhlj_lv gZ k\hbo jh^bl_e_c k ^jm]hc lhqdb aj_gbyqlhlZbehgZ^_`^mgZmemqr_gb_bohlghr_gbc AZdexqbl_evgZy djmigZy jZ[hlZ Lj_bkb __ \lhjh_ jh`^_gb_ [ueh fh`_l [ulv h^gbf ba kZfuo ]em[hdbo i_j_`b\Zgbc dZdb_ y bf_ekqZklv_jZa^_eblvdZdl_jZi_\l__ \lhjh_jh`^_gb_b jh`^_gb_ NbeZ \ q_l\_jlhf iml_r_kl\bb AZ gZrb klh k_Zgkh\ \hagbdZeh g_kdhevdh f]gh\_gbb dh]^Z dZaZehkv qlh ^_eh ^\b`_lky \ wlhf gZijZ\e_gbbDh]^Zijhbahrehwlh\lhjh_jh`^_gb_hghaZklZehgZk h[hbo \jZkieho ihlhfm qlh g_ [ueh aZieZgbjh\Zgh beb kijh_dlbjh\Zgh Hl^_e_gb_hll_lmrdb> xr ILLQRUPL Ah hbikfkglib dhlhju_k^_eZebwlhkh[ulijZkkfhlj_ghk lhqdbk?xhikgdb 7SFLLFL O?CA?E EZlmggucih^k\_qgbd F_gy ah\ml O_ca_e dh]^Z y ijbreZ gZ dhgkmevlbjh\Zgb_ y bueZ h[uqghc klm^_gldhc mqbeZkv gZ f_^k_kljm b \uihegyeZ k\hx ghjfmjZ[hlu\ ikbobZljbbQ_eh\_dbai_jkhgZeZj_dhf_g^h\Zefg_ ih]h\hjblv k
GZ i_j\uc \a]ey^ dZ`_lky g_l gbdZdhc eh]bq_kdhc k\yab f_`^m [_kihfhsghklvx b eZlmgguf ih^k\_qgbdhf Wlh fh`_l [ulv gZly`dhc gh \hafh`gZ ZkkhpbZpby kh k\_lhf dZd k ijhlb\hiheh`ghklvx lvfu b imklhc ih^k\_qgbd ]h\hjbe G_l k\_lZihwlhfmgZ^_`^ug_lGhfh]eZ[ub [ulv
_vih^k\_qgbd²wlh \ub qlhl qf
dZdih\Zr_fmhsms_gbxhgk\yaZgk \Zr_ckZAhsms_gb_f lh]hqlh\u[_kihe_agub [_kihfhsgu LARALQLk_dmg^O_ca_ekb^bl ]ey^y\^Zev O_ca_e M f_gy _klv \hkihfbgZgb_ h[ h^ghc ba fhbo mqbl_evgbp dhlhjZy \k_]^Z mgb`ZeZ f_gy b \_e_eZ fg_ g_ f_lblv kebrdhf\ukhdhbgZq_y ihl_jiexdjZoY q_jlh\kdbaeZgZg__gh lZd`_ aeZ b gZ fhbo jh^bl_e_c Fg_ g_ hq_gv m^h[gh \ukdZau\Zlv wlhY [uemqr_ih]h\hjbeZh kljZgghfkg_Y ihl_jyeZiZpb_glZgZ imklugghfhkljh\_b wlh[ueZfhy\bgZ
gZ\Zk" O_ca_e >Z ]emih g_ ijZ\^Z eb" Ihq_fm y ^he`gZ [ueZ w ^_eZlv"Hgb^hklZlhqgh\ajhkeu_Wlheh]bq_kdZyklhjhgZgk\k_`_ hsmsZx k\hx \bgm O_ca_e \u]ey^_eZ lZd dZd [m^lh [u ]hlh\Z aZieZdZlvghdmkZeZ]m[u
O_ca_e^meu[gm\rbkv Iha\hevl_fg_jZkkdZaZlv\Zf_s_h^bg khg dhlhjuc ijbkgbeky fg_ g_kdhevdh ghq_c gZaZ^ Y \hkobsZeZkv [hevrbfha_jhfb ^mfZeZh lhfqlhgZoh^blky\ _]h]em[b gZo Ihk_j_^bg_ [ue hkljh\ gh kebrdhf ^Ze_dh qlh[u y fh]eZm\b^_lvqlhgZg_f Z\Zcl_ hklZ\bf_]hgZklhe_Z M f_gy wlh aZgyeh klh e_l b y ^_ckl\bl_evgh ihemqbeZ m^h\hevkl\b_ ^_eZy wlh agZ_l_ \ha\jZsZy _]h d lhfm qlh[uhgkgh\Z\u]ey^_eyjdbf
f_gy Al! mfZxlZdhghb _klv
EHQEE dmjbjmxsZy f_^k_kljZ aZ\h_\ZeZ __ ^h\_jb_ b ij_^eh`beZ k\yaZlvkykhfghc I_j\uc k_Zgk ihkdhevdm gm`^u O_ba_e [ueb kjhqgufb ijhr_e \ [hdh\hc iZeZl_ [hevrhc ikbobZljbq_kdhc [hevgbpu Ih dhjb^hjm oh^beb iZpb_glu DZd dhgkmevlZgl dhee_^`Z y [ue ^hklmi_g ^ey klm^_glh\ b hq_gv qZklh ijboh^be d gbf _keb hgb g_ fh]ebijbclbdhfg_ H[jZa ihlmkdg_\r_]h eZlmggh]h ih^k\_qgbdZ ihehg kbf\hebafZ EZlmgv ² wlh ijhqguc ohly b j_glZ[_evguc kieZ\ Ih^k\_qgbd b nmgdpbhgZe_g b ^_dhjZlb\_g < ih^k\_qgbd_ O_ba_e g_ [ueh k\_qb agZqbl hg g_ [ue nmgdpbhgZevguf Z _]h djZkhlZ [ueZbkihjq_gZl_fqlhhg[ueebr_g[e_kdZAgZqblhg\hh[s_g_ bf_e[hevrhcp_gghklbohlyb h[eZ^Zeihl_gpbZehfK\_ldhlhjuc ^Z_l k\_qZ nmgdpbhgZe_g hg hk\_sZ_l b ihdZau\Z_l imlv K\_qZ lZd`_ bf__l ^moh\guc kfuke >ey O_ba_e ih^k\_qgbd \hafh`gh ij_^klZ\eye __ kZfm ohly hgZ bagZqZevgh \hh[jZabeZ _]h dZd k\hx [_kihfhsghklv Hsms_gb_ kh[kl\_gghc [_kihfhsghklb aZklZ\eyeh k_ qm\kl\h\Zlv k_[y [_kihe_aghc dZd ebr_gguc [e_kdZ g_bkihevam_fucih^k\_qgbdhq_gvgm`^Zxsbcky\ lhfqlh[uh g_f ihaZ[hlbebkv Wlh [ue kbevguc h[jZa b ohly O_cde g_ ieZdZeZ fh`_l [ulvihlhfmqlhh[klZgh\dZ[ueZg_khhl\_lkl\mxs_c hgZ [ueZ]em[hdhljhgmlZ I_j\hc ba ^\mo kljZl_]bc dhlhju_ y _c ij_^eh`be [ueZ klhifukev HgZ ijbf_gy_lky ^ey lh]h qlh[u ihklZ\blv g_]Zlb\gu_
fukebih^dhgljhevDZ`^ucjZadh]^Zg_]Zlb\gZyfukevijboh^bl\ ]heh\m hgZ [_a`Zehklgh \ulZedb\Z_lky khagZl_evguf mkbeb_f \heb Fuke_ggh beb \kemo ]h\hjblky KLHI Wlh klZ\bl fure_gb_ ih^ dhgljhev ebqghklb Z g_ ebqghklv ih^ dhgljhev fukeb @?GBK DZjlbggZy]Ze_j_y
Y >`_gbkfg_^\Z^pZlvk_fve_ly ij_ih^Z\Zl_evbkdmkkl\Z b ijbreZ gZ dhgkmevlbjh\Zgb_ baaZ lh]h qlh fhb hlghr_gby k fm`qbgZfb \k_]^Z b^ml g_ \ lhf gZijZ\e_gbb Y kqblZeZ [u k_[y k_dkmZevgh ijb\e_dZl_evghc ^ey hij_^_e_gguo fm`qbg gh kimkly \j_fy hlghr_gby \u^uoZebkv b f_gy hklZ\eyeb hsmsZxs_c ih^Z\e_gghklvDh]^Zwlhkemqbehkvg_kdhevdhjZafhykZfhhp_gdZb kh[kl\_ggh_ ^hklhbgkl\h ihemqbeb kbevgmx lj_idm b y ih^mfZeZ qlh ijbreh \j_fy qlhgb[m^v ij_^ijbgylv Y ihagZdhfbeZkv k `_gbk Y qm\kl\mx _]h a^_kv \ ]jm^b y \ [hevrhc imklhc i_Skj_ ^>`_gbk [ueZ lZd ih^Z\e_gZ hsms_gb_f h]jhfghc imklhluqlhke_auihdZlbebkvm g__dZd^\Z\h^hiZ^Z `_gbk I_s_jZg_l_fgZyghy bkiulu\Zxm`ZkguckljZo `_gbk >mfZx^ZY \b`mg_qlhqlhihoh`_gZdZjlbggmx ]Ze_j_xohlywlhg_dZjlbgukdhj__wlhh[hb
>`_gbk Y ohqmbojZajmrblv `_gbk Hgb dZ`_lky kebb dhf\Z`guqlh[ubojZajmrZlv >`_gbk Y kh]eZkgZ g_ijZ\bevgh [ueh [u wlh ^_eZlv ohly ^_ckl\bl_evghg_agZxihq_fm
>`_gbk >Z y fh]m ij_^klZ\blv k_[_ k\_l evxsbcky gZ dZjlbguKljZgghl_i_jvgZih\_joghklb\hagbdeb^\Z\hkihfbgZgby ^_lkl\Z H^gh ² wlh y \ \hajZkl_ lj_o e_l kb`m gZ dhe_g_ m fh_]h hlpZb kfhljxj_]meyjgmxl_e_i_j_^ZqmDZdlhy g_ \LL Z+DdZdgh y ijhklhagZeZqlhfhyfZlvohl_eZ[ulvk hlphfeZihemqblv_]h ^eyk_[y `_gbk Y qm\kl\mxkbevgmxj Yihfgxqlhih^mfZeZWlk I=B
?@,? OLL, 8OAO,+L, W?ALOO bkihegbehkvljbgZ^pZlvWlh[v ijbeh`blvd kh[ulbxWfhpbhgZevghhg`RA? OXSDXR agZeZlh]^ZqlhgZ^h[uehqlhlh^_eZlvk fhbf]g_\h QZklbqghy kfh]eZwlbfaZgylvkyg_fgh]hiha`_dh]^ZihreZ gZ\_q_jbgdmihkemqZxhlklZ\dbhlpZIhlj_[h\Zehkv[hevrh_ fm`_kl\h qlh[u kdZaZlv _fm h fhbo qm\kl\Zo gh d fh_fm m^b\e_gbx hg dZaZehkv ihgye dZdhc jZkk_j`_gghc y k_[y qm\kl\h\ZeZ hsmsZy k_[y , [jhr_gghc H^gZdh _s_ [hevrbf m^b\e_gb_f [uehlhqlhfuk fZl_jvxklZeb[eb`_ihke_lh]hdZdy jZkkdZaZeZ _c h[ h^bghq_kl\_ dhlhjh_ qm\kl\mx Y g_ jZkkdZau\ZeZ _c h fh_c j_\ghklb b ^h kbo ihj g_ k^_eZeZ wlh]h M gZk m f_gy k fZl_jvx gbdh]^Zg_[uehgbdZdh]hnbabq_kdh]hdhglZdlZghdh]^Zy moh^beZ\ lhljZafuh[gyebkvb wlh[uehohjhrh Y qm\kl\h\ZeZ qlh ^_ckl\bl_evgh ^hklb]eZ ijh]j_kkZ \ kZfhihagZgbb Y jZkkdZaZeZ \k_f \ k_fv_ qlh ijhoh`m dhgkmevlbjh\Zgb_b lhqlhy fh]mhldjulh]h\hjblvh[wlhflZd`_ [ueh ohjhrh Y lhevdh kh`Ze_eZ qlh fZlv g_ fh`_l k_[_ wlh]h iha\heblv DZdbflh kljZgguf h[jZahf y ihij_`g_fm qm\kl\h\ZeZ hl\_lkl\_gghklv aZ g__ Y kdZaZeZ jZgvr_ qlh jZ[hlZ k h[jZaZfb ihe_agZgh\j_f_gZfbhgZhq_gvljm^gZ Y ohl_eZ ^Zevr_ bkke_^h\Zlv k\h_ h^bghq_kl\h k
qlhy ohl_eZ[ubkke_^h\ZlvkgZqZeZ J_dZ \u]ey^_eZ ijb\e_dZl_evgh Hg ihijhkbe f_gy \gbfZl_evghihkfhlj_lvgZj_dmb j_rblvdZdh_gZijZ\e_gb_y ohqm bkke_^h\Zlv Imlv \gba ih l_q_gbx g_ dZaZeky ijb\e_dZl_evguf ihwlhfmy j_rbeZb^lb\\_joihl_q_gbxJ_dZ\_eZq_j_ae_kohlyg_ ^mfZx qlh y gZf_j_ggh mkljhbeZ lZd Ihlhf j_dZ gZqZeZ jZkrbjylvky b \^jm] y bkiulZeZ kljZo b kdZaZeZ h[ wlhf
GZk_Zgk_ k =B_ i_jbh^u Aheq ijh^mfu\ZlvjZaeblu_ ij_^mij_^be f_gy im g_ggufb \j_f_gZfbf [jhkblvWlh[uehbf_ ihqm\kAmAZeZ qlh ^hkl hij_^_e_ggu_ SHPHUL dhlhju_ fg_ hqAgv qm\kl\h\ZeZ qlh fg_ g kdZaZlv _c qlh y qm\k ijb\yaZgZ d pAA b ql b]jZlv__ b]jmFuk < f_gy g_ \hagbdeh bee Fuk fZl_jvx[uebkp `_gbk a]AAtky wlhcdhgnjhgl k_cqZk" >`_gbk Y hleh `_gbk >mfZx hiylvAAhjbf h[hl^_e_ k
aZo y fgh]h ieZdZeZ gZ k_ZgkZo
Mij_d Mij_d Mij_d Y k\yaZeZ wlh k g_ykgufb ]hehkZfb dhlhju_ keurZeZ \ j_d_ Y g_ fh]eZ ihgylv ihq_fm y ijhklh iZkkb\gh e_`m lZfijbgbfZy\k_wlh\f_klhlh]hqlh[u[hjhlvkyY ihgbfZeZqlh qm\kl\mxk_[y[_kihfhsghc Ijbf_jgh gZ iheimlb dhgkmevlbjh\Zgby y ijhklh kh[kl\_ggbq_kdb hlghkbeZkv d fm`qbgZf \ fh_c `bagb ² dZd wlh ^_eZeZfhy?Zlvihhlghr_gbxdhfg_Y ih`Zeh\ZeZkv
m[_^blvkyqlhhgm f_gy_klvb ykhojZgx_]h>mfZxy h^gZbal_o `_gsbgdhlhju_ex[ylkebrdhfkbevgh Fhb k_Zgku k `_gbk qlh \u ^mfZ_l_ h lhf qlh[u aZgylvky wlhc dhgnjhglZpb_ck \Zr_cfZl_jvxijyfhk_cqZk" >`_gbk Y hleh`beZ__jZa\_g_l" `_gbk >mfZx^ZGhagZ_l_dZ`_lkyfuhiylv]h\hjbfh[ hl^_e_gbb `_gbk \u \u]ey^bl_ dZdlh lhkdeb\h b wlh ih[m`^Z_lf_gykijhkblv\uh q_flh]hjx_l_" >`_gbk Ho Wlh m^Zj ijyfh kx^Z \ `b\hl fg_ ijb^_lky fbgmldm ih^mfZlv >Z ohly ^h wlhc fbgmlu y b g_ \ujZ`ZeZ k\hb qm\kl\ keh\Zfb Wlh fhy xghklv H^gZ fhy klhjhgZ [mglm_l ij lb\ [eZ]hjZamfby ihklhygguo hlghr_gbc h^gZdh ^j? jhgm hgb ijb\e_dZxl Ohly gZ\_jgh_ _klv qlhlh kmf_x mki_rgh ijhlb\hklhylvfZl_jbb fujZa^_eb" hagZqZlvqlhy fh]m[hevr_g_ ^_j`Zlvky aZ wlm qZk gb Y ^_ckl\bl_evgh [m^m hl^_e_gZ b _keb ]h\hjblvAdim]Z_lf_gyY [hevr_g_[m^mfZe_gvdhc^_\hqdhc `_gbk Bf_ggh lZdh\u fhb qm\kl\Z Y ^h\hevgh bkim]Zgg Fh]my k^_eZlvwlhkZfhklhyl_evgh"Ihfh]bl_fg_
6L k
]h^u aZfhjh`_gguo qm\kl\ \^jm] gZqZeb lZylv Fu ih^mfZeb qlh y fh]mijh\h^blv\j_fykhqbgyyibkvfhfZl_jbY k^_eZeZwlhb q_j_a g_kdhevdhf_kyp_\fuklZeb[eb`_dZd^\_`_gsbguZ g_lhevdhdZd fZlvb ^hqv L_fhc dhlhjZy ihklhyggh ih\lhjyeZkv [ueZ fhy gbadZy kZfhhp_gdZ < gZqZe_ dhgkmevlbjh\Zgby
`_gbkb yex[ex\Zk Dhff_glZjbc Wlb^\_gZ^pZlvk_Zgkh\k >`_gbkaZdexqZeb\ k_[_lZdfgh]h b hgb^_fhgkljbjmxldZdbfkeh`guffh`_l[ulvdhgkmevlbjh\Zgb_ b dZdhklhjh`ghfu^he`guklmiZlvH^bgq_eh\_dgbdh] ^Zg_fh`_l^ZlvihgbfZgb_^jm]hfmY fh]lhevdhhklZ\Zlvky >`_gbkdh]^ZhgZklj_fbeZkvhldjulvhij_^_e_ggmx^\_jvdlhjZy \_eZd gh\hfmihgbfZgbx Hq_gv ljm^gvf ^ey f_gy b [_a khfg_gby ^ dhgkmevlZglh\ [uehhleh`blvijb]h\hj;ulhe_]dh\ug_klbijb]h\hjgZi kh[kl\_ggh]h dhfnhjlZ B hq_gv qZklh kebrdhf [ukljh_ ^hklb`_gb_ nbabq_kdh]h dhglZdlZ fh`_l ih[m^blv ^jm]h]h q_eh\_dZ \ukmrblvke_au
>`_gbk kZfZ mihlj_[beZ njZam @_gsbgZ dhlhjZy ex[bl kebrdhfkbevghWlhihgylb_ijbeh`bfhd `_gsbgZf\klmiZxsbf \ hlghr_gby \ dhlhjuo hgb ihklhyggh h[b`_gu baaZ ]em[hdhc ihlj_[ghklb [ulv ex[bfhc ohly \k_ qlh hgb ihemqZxl wlh [hev b mgb`_gb_ IheZ]Zxl qlh lZdb_ `_gsbgu \hkiblu\Zxlky \ ^bknmgdpbhgZevguok_fvyo]^__klvdZdh_eb[haehmihlj_[e_gb_² nbabq_kdh_ k_dkmZevgh_ aehmihlj_[e_gb_ Zedh]he_f beb gZjdhlbdZfb ImklZyi_s_jZdhlhjmx>`_gbkij_^klZ\beZk_[_gZlj_lv_f k_Zgk_ \ua\ZeZ [hevrh_ hk\h[h`^_gb_ wfhpbc Y j_^dh bgl_jij_lbjmx kbf\heu deb_glZf gh qlh [u hg gb hagZqZe ^ey >`_gbkwlhlh[jZa[uekbevgufHgZ[hyeZkvlh]hqlhfh`_lgZclb lZf \hafh`gh [_kkhagZl_evgh DZjlbgu ihoh`b_ gZ h[hb fh]eb hagZqZlv\k_qlhhgZgZc^_l[_a\j_^ghdZd[mfZ`gu_ZiiebdZpbb <jy^ eb p_e_khh[jZagh iha\heylv q_eh\_dm jZajmrZlv h[t_dlu dhlhju_ ihy\eyxlky \ h[jZaZo ihlhfm qlh hgb hebp_l\hjyxlqZklbebqghklbLjZgknhjfZpby[he__ihablb\gZK\_l ijhlb\hiheh`_g lvf_ k\_l jZah[eZqZ_l \hl ihq_fm y b ij_^eh`be ijh`_dlhj Ijb wlhf h[gZjm`bebkv ^\Z \hkihfbgZgby < ikbohZgZeblbq_kdbo l_jfbgZo i_j\h_ \hkihfbgZgb_ mdZau\Z_l gZ w^bih\ dhfie_dk j_\ghklv dhlhjmx j_[_ghd qm\kl\m_l ih hlghr_gbxd jh^bl_exlh]h`_iheZaZ[bjZxs_fmex[h\vjh^bl_ey ijhlb\hiheh`gh]h iheZ `_gbk ijbreZ gZ q_l\_jluc k_Zgk iheghklvx i_j_f_gb\ ijbq_kdm H[uqgh __ \hehku [ueb \vxsbfbky b k\h[h^gufb ^ey f_gy wlh g_ hq_gv khhl\_lkl\h\Zeh ij_^klZ\e_gbx h kh\j_f_gguo ijbq_kdZo L_i_jv \hehku [ueb aZ\yaZgu kaZ^b kbg_c e_glhc b \ p_ehf hgZ \u]ey^_eZ [he__ fheh^h I_j\u_ `_ k_ keh\Z dZaZehkv ih^l\_j^bebwlh\i_qZle_gb_>`_gbkkdZaZeZaZg_^_exihgyeZqlh __ h^bghq_kl\h bf__l gZfgh]h [he__ ^Z\gb_ dhjgb q_f hgZ ^mfZeZ kgZqZeZY ihbgl_j_kh\Zekyfh]eZebj_eZdkZpbyb jZ[hlZk h[jZaZfb ihfhqv_c\hclb\ dhglZdlk wlbfbjZggbfbqm\kl\Zfb >`_gbkg_ihaZ[hlbeZkvihkfhlj_lvqlhgZoh^blky\ gb`g_f l_q_gbbj_dbdhlhjZy^\b]ZeZkvke_\ZgZijZ\hWlhmdZau\Zeh qlh hgZ g_ ohq_l h[^mfZggh iml_r_kl\h\Zlv \ k\h_ [_kkhagZl_evgh_b bk\hcfm`kdhcZki_dl< jZ[hl_k h[jZaZfbhq_gv \Z`ghg_ijbgm`^Zlvdeb_glZLZd`_bgl_j_kghqlhohly>`_gbkb j_rbeZ g_ ^\b]Zlvky \gba ih l_q_gbx hgZ h[gZjm`beZ qlh j_dZ hq_gv [ukljh ijb\_eZ __ \ ]mklhc e_k \ __ [_kkhagZl_evgh_ Bgh]^Z
deb_glubkiulu\ZxlkljZo\ h[jZaZob wlhqZklhijhbkoh^blihlhfm qlh hgb bglmblb\gh hkhagZxl g_qlh qlh fh`_l ijhlb\hklhylv bf Lh]^Zy ij_^eZ]ZxkimlgbdZ>`_gbkdhe_[ZeZkvijbgylvebWg^b\ k\h_ iml_r_kl\b_ AgZqbl ^ey g__ Wg^b ² lhl dlh aZsblbl __ ?_ ]g_\ gZ Wg^b kf_gbeky ih^Z\eyxs_c i_qZevx dh]^Z hgZ hklZ\beZ k\h_]h kimlgbdZ ihaZ^b `_gbk\klmibeZ\ k\yavk Wg^b H[jZau ² wlh g_\_jhylgh kbevgh_ kj_^kl\h IHLHFM lA Aq h[oh^ylbgl_ee_dl²lhqlhh[gZjm`beZ>`_gbkdh\hreZgZem]gZ ke_^mxs_fk_Zgk_H[uqghy g_e_gghqlh[u d LQ XW A ,ª47 l b W ,.,72fm`_kl\Zb RX dhlhjmxhgZaZq_jigmeZih\b^bfhfmhebp_l\hjyeZlhq d gh [ueh [u bkiulZlv ijb iheghf ih]jm`_gbb Ijbkmlkl\b_ L jb klZeh ^eyg__hq_gvj_ZevgufagZqbldZdbflhh[jZahf\hijb\_eZ>`_gbk d [he__l_kghfmdhglZdlmk fZl_jvx `_gbkh rdhe_b l_dZd k_ aZ^bjZeb ;hjfhlZgb_ ]hehkh\ k_ kfms_gb_ fh]eb hlghkblvky d dhgnebdlmxsbf ]hehkZf \gmljb g__ Wlh lZd`_ fh]eh [ulv imlZgbp_c \hkihfbgZgbb dhlhju_ ihdZ g_ \u\_^_gu \ khagZgb_ `_gbkwlhihlhd klZeh__ ihegh_g_`_eZgb_\hclb\ g__ B _^bgkl\_gguf kj_^kl\hf [ueZ \_j_\dZ dhlhjmx ^_j`Ze [u fm`qbgZBgl_j_kghqlh>`_gbkg_fh]eZ\\_klbdZdh]heb[hh^gh]h fm`qbgm \ k\hx dZjlbgm ² gb k\h_]h hlpZ gb Wg^b gb f_gy Wlh [ue kbevguc ihdZaZl_ev lh]h qlh hgZ _s_ g_ ]hlh\Z ^h\_jblvky k\h_fm[_kkhagZl_evghfmbeb\hafh`ghk\h_cfm`kdhcklhjhg_ GZh^ghfbawlZih\gZr_klhfk_Zgk_>`_gbkkijhkbeZf_gy dZdh\Z__ hp_gdZdZddeb_gldbih^_kylb[Zeevghckbkl_f_KZfZ hgZ^mfZeZqlhhdhehiylbY hl\_lbeqlh_cdZ`_lky\Z`guf bf_lv\hafh`ghklvkjZ\gb\Zlv k_[y k ^jm]bfb ex^vfb fh`_l [ulv qlh[u aZklZ\blv qm\kl\h\Zlv k_[y emqr_ b ^h[Z\be ?keb [u hgb [uebemqr_wlhqlhmf_gvrbeh[u\Zrmp_gghklv"Ihlhf>`_gbk ijh^he`ZeZ ]h\hjblv qlh _c ^_ckl\bl_evgh gm`gh qlh[u ^jm]b_ ex^b^Z\Zeb_cijh^\b`_gb__clZdgm`ghboh^h[j_gb_bofg_gby kbevghmqblu\Zebkv=h\hjywlhhgZlZd`_ihgyeZqlh__ gZkljh_gb_ qZklhaZ\bkblhllh]hkdhevdhiho\ZehgZihemqbeZhlex^_cBf_ggh gZ wlhf k_Zgk_ hgZ gZjbkh\ZeZ dZjlbgm kZfhc k_[y k lj_fy ebpZfb kfhljysbfb \gba gZ g__ b ]h\hjysbfb Mij_d Mij_d Mij_d >`_gbkg_agZeZ\ q_fhgbmij_dZxl__ghdZaZehkvg_qlhgZf_dZ_l gZ lh qlh wlh [ue jZkiZ^ [jZdZ __ jh^bl_e_c Ih\lhj_gb_ keh\Z mij_d hq_gv kbevgh b \ujZabl_evgh ihwlhfm y ih[m^be __ ijhbag_klb _]h \kemo k gZjZklZxs_c kbehc Wlh kijh\hpbjh\Zeh
\aju\ ke_a kf_rZgguo k ]g_\hf \ dhlhjhf hgZ [_a\j_^gh baebeZ k\hc]g_\sbiZyih^mrdm H^ghc ba q_jl ijhy\b\rboky \ >`_gbk dh]^Z fu jZ[hlZeb [ueZ__ jZa\b\ZxsZykym\_j_gghklv\ k_[_hkh[_gghihhlghr_gbxd jh^bl_eyfb \lhfqlhhgZgZqbgZeZ^_ckl\h\Zlv\f_klhlh]hqlh[u iZkkb\gh`^Zlvqlh^_ckl\h\Zlv[m^ml^jm]b_ex^bWlhoZjZdl_jgZy q_jlZdhgkmevlbjh\Zgby hlghr_gby k dhgkmevlZglhf ij_^hklZ\eyxl deb_glml\_j^mxhkgh\m^ey[he__wnn_dlb\gh]hhlghr_gbyd ^jm]bf ex^yf GZ[ex^_gb_dhlhjh_y k^_eZeaZ\j_fyjZ[hludhgkmevlZglhf khklhbl \ lhf qlh fgh]b_ deb_glu bf_xl h k_[_ hq_gv gbadh_ fg_gb_gbadmxkZfhhp_gdmDh]^Zdeb_glugZoh^ylky\ hlghr_gbyo ]^_ hgb bkiulu\Zxl khi_j_`b\Zgb_ [_amkeh\gh_ iheh`bl_evgh_ \hkijbylb_kZfbok_[yg_kh[kl\_ggbq_kdh_ l_iehb bkdj_gghklvbo \_^jh kZfhhp_gdb f_^e_ggh gZqbgZ_l gZihegylvky lZd dZd hgb ihgbfZxlqlhbf_xlg_dhlhjmxp_gghklv <_^jh kZfhhp_gdb gZqbgZ_l f_^e_ggh gZihegylvky k fhf_glZ dh]^Z fu jh`^Z_fky >Z`_ ^h aZqZlby hlghr_gby f_`^m jh^bl_eyfb kha^Zxl debfZl dhlhjuc hij_^_ey_l ijhp_kk kZfhhp_gdb < iml_r_kl\bb ih `bagb hkh[_ggh \ i_j\u_ ]h^u \ \_^j_kZfhhp_gdbijh^_eu\Zxlky^ujudhlhju_\uau\Zxlml_qdm Fgh]b_ ex^b \ ^_lkl\_ ihemqZxl [hevr_ g_]Zlb\guo q_f ihablb\guolheqdh\Hlkx^Zbogbadbcmjh\_gvfg_gbyh kZfbok_[_ Hlghr_gbydhgkmevlbjh\Zgby\ g_dhlhjhfkfuke_g_cljZebamxlwlb x g_]Zlb\gu_ lheqdb b ijh^he`Zy ZgZeh]bx q_eh\_d aZl_f klZgh\blvkykihkh[_gaZdjulvg_dhlhju_bal_dmsbo^uj >`_gbk `b\h \ujZ`ZeZ k\hb qm\kl\Z ih ih\h^m kh[kl\_gghc kZfhhp_gdb dh]^Z hgZ ijbgyeZ fhc dhff_glZjbc hlghkbl_evgh iheh\bdZ >jm]hc fhf_gl dZkZxsbcky kZfhhp_gdb >`_gbk aZdexqZeky \ lhf qlh \ dhgp_ dhgkmevlbjh\Zgby hgZ [ueZ ]hjZa^h [hevr_ kihkh[gZ dhgljhebjh\Zlv hlghr_gby k Wg^b HgZ lZd`_ ijh\_eZ \Z`gh_ jZaebqb_ f_`^m \ex[blvky \b^ f_qlZl_evghc jhfZglbabjh\Zgghc b^_b b ex[blv Wg^b I_j\h_ ² g_j_^dh wlh nZglZaby²bf__lkbevgmxnbabq_kdmxklhjhgm\lhjh_hkgh\ZghgZ j_Zevghklb b i_jkhgZebabjh\Zgh Bo hlimkd \ GvxChjd_ hieZq_gguc Wg^b ^he]h_ iml_r_kl\b_ dZaZehkv kbf\hebabjm_l ^he]h_ [he_ag_ggh_ iml_r_kl\b_ >`_gbk dhlhjh_ ijh^_eZeZ hgZ kZfZ EBEB Hlk_dkmZevgh]haehmihlj_[e_gby d kheg_qghfmemqm Y Ebeb fg_ ljb^pZlv ^\Z ]h^Z y jZa\_^_gZ jZ[hlZx f_g_^`_jhf\ djmighc[hevgbp_Y ijbreZgZdhgkmevlbjh\Zgb_ih
^\mf ijbqbgZf dhlhju_ k\yaZgu f_`^m kh[hc < ^_lkl\_ y ih^\_j]eZkvk_dkmZevghfmaehmihlj_[e_gbxkhklhjhgufh_]hhlpZb y ohl_eZqlhlhij_^ijbgylvihih\h^mfhbom`ZkZxsbohlghr_gbc k fm`qbgZfbWlh\k_ijbrehfg_\ ]heh\mdh]^ZaZljbf_kypZ^h lh]h dZd y gZqZeZ dhgkmevlbjh\Zgb_ m f_gy kemqbeky lj_lbc \udb^ur>_l_cm f_gyg_l Fhb jh^bl_eb _s_ `b\u b ihij_`g_fm \f_kl_ ohly m f_gy hq_gvfZehdhglZdlZk gbfbb yagZx_keb[ufZfZmf_jeZwlh[ueh [u lh qlh bf__l hlghr_gb_ d fh_fm hlpm Ihke_ \k_]h qlh kemqbehkvfg_ljm^gh^h\_jylvex^yfY fh]mwlh^_eZlvlhevdhgZ ijhn_kkbhgZevghchkgh\_ Y fgh]hieZdZeZgZi_j\hfk_Zgk_b hibkZeZmfZx wlh [hevr_ ihoh`_ gZ [_ajZkkm^kl\h
ljm^ghkijZ\blvkyDh]^Zhf²^ebgguc [_eucdhll_^`k dZf_gghc kl_ghc Hg \u]ey^bl bgl_j_kgh b y ohl_eZ [u dh]^Zgb[m^v bkke_^h\Zlv _]h Y fh]m \b^_lv j_dm gh hgZ [ukljh ij_\jZsZ_lky \ fhj_ =hjZ ijbf_jgh \ lj_o fbeyo AZ[Z\gh \u]ey^ysZy rlmdZ k
dmq_c]ebgugZkdehg_b \_jrbghcihoh`_cgZ\medZgY ijb^\b]Zx ]hjm [eb`_ dZd [m^lh fhb ]eZaZ ² wlh ebgau h[t_dlb\Z G_l y g_ ohqmgZg__ih^gbfZlvky
Ebeb LZdhgh b _klvWlhhsmsZ_lkydZd[uwlhkdZaZlv dZd [m^lhy ijbreZ^hfhc Zy \b`mij_djZkguc[mlhg[_ehc\h^yghcebebbdZd jZagZdjZxha_jZHwlhijhklhqm^_kghY kfhljxdZdhgf_^xggh hldju\Z_lky Z^ZL_i_jvhgiheghklvxhldjulb \k_j_^bg_²_]h dhjhgZba`_eluoe_i_kldh\
Zy ykghwlh\b`m
fw] NjZgpmakdZyk\yav Y Fw]y ijbreZgZdhgkmevlbjh\Zgb_d
JZa]h\Zjb\Zy k
>jm]b_ ^hq_jb g_ h[jZsZxlky kh k\hbfb fZl_jyfb dZd lu Y qm\kl\h\ZeZ qlh hgZ f_gy ^mrbl Fhb qm\kl\Z [ueb lZd kbevgu qlh f_gy qZklh [_kihdhbeb ^mjgu_ kgu \ dhlhjuo gZijbf_j y reZ \\_jo ih e_klgbp_ k gh`hf \ jmd_ qlh[u m[blv __ GZ kZfhf ^_e_ y [hyeZkv qlh\ dh]^Zgb[m^v^_ckl\bl_evghfh]mwlhk^_eZlvIh^h[gZyfukev im]ZeZf_gyY gkagZeZqlh^_eZlvhe]h_\j_fyihke_wlh]hy h[jZsZeZk\hx j_\ghklv gZ QZjevaZ Wlh fh`_l dZaZlvky ]emiuf gh y klj_fbeZkv d lhfmqlh[ufhchl_ph[gbfZef_gy Y lZdb g_ihemqbeZhldhgkmevlbjh\ZgbygbdZdh]hhl\_lZih ih\h^m fhbo jh^bl_e_c gh m f_gy ijhklh ihy\beZkv kihkh[ghklv \ujZ`Zlv k\hb qm\kl\Z dZ`_lky dZdbflh h[jZahf hgZ ^ZeZ fg_ [hevr_ kbeu b ihgbfZgby Y i_j_klZeZ lZd kbevgh j_Z]bjh\Zlv gZ k\hx fZlv b magZeZ qlh fh]m gZclb dZdb_lh ih^oh^u d fh_fm hlpm [_alh]hqlh[uhghl\_j]Zebo
Y ihgyeZ_keby ^he`gZdm^Zgb[m^v^h[jZlvkyfg_ijb^_lky [ulv q_klghc b hldjulhc \ dhgkmevlbjh\Zgbb Fhb aZimlZggu_ qm\kl\Z gZ^h [ueh jZa^jZagblv Ijhreh g_ kebrdhf fgh]h \j_f_gb ^mfZxwlhijhbahrehgZ\lhjhfk_Zgk_ ij_`^_q_fy hldjueZqlh g_^Z\gh k^_eZeZ Z[hjl AgZx y khh[sbeZ h[ wlhf oheh^gh b [_kkljZklgh Y g_ \hajZ`ZeZ ijhlb\ lh]h qlh[u ]h\hjblv h jZdlZo gh g_ [ueZ ]hlh\Z qm\kl\h\Zlv Y ijhbkoh`m ba k_fvb ]^_ h qm\kl\Zo gbdh]^Z g_ ]h\hjyl >_eZlv wlh [ueh [u ijbagZdhf keZ[hklbLZdqlhy gkfh]eZjZkkdZaZlvfhbfjh^bl_eyfh[Z[hjl_Z lZd`_ g_ fh]eZ jZkkdZaZlv bf qlh hiylv k[ebabeZkv k >`bfhf IjhbahreZ [u m`ZkgZy kp_gZ k fh_c fZl_jvx _keb [u y \k_ jZkkdZaZeZG_fh]mh[tykgblvhk\h[h`^_gb_dhlhjh_ijbrehdh]^Z y kfh]eZijhklh]h\hjblvg_qm\kl\myg_h[oh^bfhklbhijZ\^u\Zlvky beb h[tykgylvky Y g_gZ\b^_eZ h[fZg b ^mfZeZ h lhf kdhevdh \j_f_gbijhc^_lij_`^_q_ffg_ijb^_lkyijbagZlvky?s_h^gh ihke_Z[hjlZy g_[ueZgZbkih\_^b KgZqZeZy ^mfZeZqlhjZa]h\hjh[Z[hjl_[m^_le_]dbfghhg lZdbf g_ [ue Y g_ ihgbfZeZ dZd fgh]h [heb k\yaZgh k wlbf kh[ulb_f dhlhjh_ ijhbahreh ijbf_jgh aZ q_luj_ f_kypZ ^h lh]h dZd y ijbreZ gZ dhgkmevlbjh\Zgb_ Y ^_ckl\bl_evgh g_ fh]eZ ]h\hjblv h[ Z[hjl_ g_ jZkkdZaZ\ h >`bf_ M gZk [ueb ^h\hevgh [mjgu_ hlghr_gby \ l_q_gb_ ijbf_jgh ^_kylb e_l DZaZehkv dh]^Z fuihjhagvfug_fh`_f`blv^jm][_a^jm]ZH^gZdhdh]^Zfu[ueb \f_kl_ lh ^jZebkv dZd ^\Z dhlZ Y g_ ]h\hjbeZ >`bfm h [_j_f_gghklbb hlhfqlhgZf_j_gZk^_eZlvZ[hjlDh]^Zy h[h \k_f jZkkdZaZeZ hg [ue hq_gv jZkkljh_g b hi_qZe_g >`bf qm\kl\h\Ze qlh y ebrbeZ _]h q_]hlh H^gZdh hg g_ ijhy\eye [hevrh]h[_kihdhckl\Zgb h[hfg_gb hfhboqm\kl\Zo Y kdZaZeZ qlh fhb hlghr_gby k >`bfhf [ueb [mjgufb \j_f_gZfb hgb klZgh\bebkv ^Z`_ g_bklh\ufb IhdZ y g_ gZqZeZ \b^_lvkyk `bfZL_i_jvy ihgyeZ\h fg_ [ueh fgh]h_ qlh ^he`gh [ulv jZa^jZ`Zeh >`bfZ Ijh\h^y \j_fyk `bfhfhl^uoZeb\f_kl_k kmijm`_kdhciZjhcgZ[_j_]mj_db>`bf iulZekym[_^blvf_gyaZ[jZlvky\ yjdhjZkdjZr_ggucieZ\mqbc^hf `bf hg jZafZob\Ze gh`hf Y qm\kl\h\ZeZ qlh wlhl khg \ujZ`Z_lfhbqm\kl\Zihih\h^mfhbohlghr_gbbk >`bfhfZ lZd`_ lh qlh \ wlbo hlghr_gbyo g_qlh aZklZ\ey_l f_gy [hylvky Wlhl khg \ua\Ze \hkihfbgZgb_ h dhlhjhf y dZd fg_ dZaZehkv i_j_klZeZ ^mfZlv Dh]^Z y _s_ [ueZ [_j_f_ggZ fu k >`bfhf kihjbeb >`bf iheh`bek\hbjmdbfg_gZ]hjehb k^Z\be^h\hevghkbevghdZd[m^lh
kh[bjZeky aZ^mrblv f_gy Lh]^Z y bkim]ZeZkv ihlhfm qlh ihqm\kl\h\ZeZ k_[y \ dhglZdl_ k _]h yjhklghc klhjhghc dhlhjmx y lhevdhkfmlghhkhagZ\ZeZ Y kdZaZeZ qlh g_\hafh`gh jZkkdZaZlv fZl_jb h[ Z[hjl_ Wlh hlqZklb ihlhfm qlh hgZ g_ ex[bl >`bfZ b \hagbdeh [u kebrdhf fgh]h ijh[e_f LZd qlh y khojZgyeZ kihdhckl\b_ b h[fZgu\ZeZ __ DZdlh y kijhkbeZ `bfhf \f_kl_ gh >`bf gk kh]eZkbeky Wlh l\hy ijh[e_fZ ² kdZaZe hg Y hq_gv jZkk_j^beZkv b h[b^_eZkv y qm\kl\h\ZeZ qlh wlh gZrZ ijh[e_fZ`bfhf Gk ^mfZy y kdZaZeZ Ex[h\gbdZ ^jm]Z hlpZ ikbohl_jZi_\lZ Ihke_^g__ hkh[_ggh m^b\beh f_gy GZ kZfhf ^_e_>`bf[uekh\k_fg_lZdbfY fh]eZ[u\b^_lv\ >`bf_k\h_]h hlpZ\ dhlhjhfbkdZeZhklhjh`ghklbb hl\_lkl\_gghklb `bfZY agZeZqlhfhbfukebaZimlZgub wlhl \uah\ ihfh] fg_ ijb\_klb bo \ ihjy^hd Y qm\kl\h\ZeZ qlh \ ^_ckl\bl_evghklb gk fh]m \bgblv >`bfZ y ^mfZeZ qlh k_dk [_ahiZk_g Z hg g_ lZdbf gk hdZaZeky ihwlhfm fg_ ke_^h\Zeh \aylv qZklvhl\_lkl\_gghklbb gZk_[y Y khqeZ qlh `bfhf dh]^Z `bfhf b ihqm\kl\h\ZeZ k_[y kihdhcg__ b kfh]eZ [ulv kZfZ kh[hc gh dZd jZa i_j_^ l_f dZd y wlh k^_eZeZ fu k `bfZY aZ\bkbfZhlg_]hohly\ lh`_\j_fyagZx qlh hg lyg_l f_gy \gba G_dhlhjh_ \j_fy y [ueZ h[_kihdh_gZ l_f kdhevdh >`bf iv_l b _]h gZkljh_gby [ueb ^_ckl\bl_evgh g_ij_^kdZam_fufb Fg_ ihdZaZehkv ^h\hevgh e_]dbf jZ[hlZlv k h[jZaZfb b bah[jZ`Zy qm\kl\h qlh hg bf__l \eZklv gZ^h fghc y gZjbkh\ZeZ q_jgmx kihdhcgmx j_dm dhlhjZy m]jh`ZeZ ih]ehlblv f_gy\ \h^h\hjhl_H^bgbafhbo^jma_cfm`qbg[jhkbefg_\_j_\dm b \ulZsbe f_gy Dh]^Z y klhyeZ gZ [_j_]m lh ihqm\kl\h\ZeZ qlh k f_gyk\ZebeZkv[hevrZyly`_klv< lh\j_fyy g_[ueZm\_j_gZ[m^_l eb fh_ j_r_gb_ hdhgqZl_evgh jZahj\Zlv k >`bfhf ^hklZlhqgh kbevgufqlh[u^h\_klb_]h^hdhgpZFh`_l[ulvgZrZihlj_[ghklv ^jm] \ ^jm]_ [ueZ kebrdhf \_ebdZ Ohly y b ihj\ZeZ k gbf gh \_k _s_ qm\kl\h\ZeZ k_[y g_eh\dh \klj_qZykv k ^jm]bfb fm`qbgZfb Y
iheZ]Zxqlhg_agZeZq_]hohqm Q_j_a g_kdhevdh g_^_ev ihke_ jZaju\Z y kemqZcgh \klj_lbeZ >`bfZ b [ueZ ho\Zq_gZ j_\ghklvx magZ\ qlh hg \klj_qZ_lky k ^jm]hc `_gsbghc Y fh]eZ [u m[blv _]h b k_[y Qlh [u y k^_eZeZ _keb[um f_gyg_[ueh`bfmmclbIhwlhfmy gZjmrbeZh[_sZgb_^Zggh_kZfhc k_[_b kgh\Z\klmibeZk gbf\ [ebadb_hlghr_gbyAZl_fy ih^mfZeZ qlh[_j_f_ggZWlh[uehlhq_]hy ohl_eZghfh]eZeby \aylvgZk_[y hl\_lkl\_gghklv"`bfhfWlh[uehm`Zkgh_ijbagZgb_b y qm\kl\h\ZeZ k_[y hq_gv iehoh gh kZfh ijbagZgb_ ihfh]eh Om`_ \k_]h[uehlhqlh^_\mrdZ:g^j_[ueZ[_j_f_ggZHgbjZkkdZaZebh[ wlhf fhbf jh^bl_eyf dhlhju_ ijbgyeb wlh ba\_klb_ hq_gv ohjhrh DZd y j_\gh\ZeZ Y qm\kl\h\ZeZ k_[y mamjibjh\Zgghc Bf_ggh fg_ ohl_ehkvijhba\_klbgZk\_li_j\h]h\gmdZbeby lZd^mfZeZDZdfg_ ohl_ehkvqlh[uy fh]eZjZah[jZlvky\ k\hboqm\kl\Zod >`bfmHg² fhyiZ]m[gZyijb\uqdZZ^Zevr_hl >`bfZy g_fh]eZgZoh^blvky Ijhreb\_dZij_`^_q_fy kfh]eZjZkkdZaZlv
Bf_ggh lh]^Z y gZqZeZ lj_\h`blvky Hg [ hq_v kihdhcguf Z gZ kZfhf ^_e_ m]jxfuf Fu ih lh iklb ibk \ g_kdhevdbo fbeyo hl dZdhclh^Aghqv^hjh]Zy²kdZaZe RL " eh\Zlvkygh^mfZeZqlhi qZeba[b\Zlvf_gy 0&,kibjlgh]hij_\jZl] hgfg_gjZ\blkyb e ^kk
IhZg]ebckdb² IHQFH b GHIHQFH² Ijbfi_j_\h^qbdZ
gbdq_fghklbb g_qbklhluBagZkbeh\Zgb_hdZaZeh\ha^_ckl\b_ gZfhbaZgylbyex[h\vx[uebkblmZpbbk >`bfhfdh]^Zy ijhklhg_ fh]eZ^hklZlhqghjZkkeZ[blvkyqlh[u[ulvk\h[h^ghc>`bfg_fh] ihgylvfhboqm\kl\lZdqlhy hklZ\beZihiuldbh[tykgblvbo H^gZ ba k\ya_c dhlhju_ mklZgh\beb fu k
G_dhlhju_ dhgkmevlZglu j_rbl_evgh ba[_reb [u ]Zdh]h [ebadh]h nbabq_kdh ]h dhglZdlZ k deb_glhf lh]^Z dZd ^jm]b_ hkh[_ggh l_ klh jZ[hlZ_l ohebklbq_k db ijbgbfZxl wlh dZd qZklv ijhp_kkZ bkp_e_gby Gh dhglZdl ^he`_g [ulv mfkk guf b ijhbkoh^blv \ bgl_j_kZo deb_glZ Z g_ dhgkmevlZglZ Nbabq_kdbc dhglZx wlh g_ lh qlh ij_^ijbgbfZ_lky e_]dh beb [_a jZaj_r_gby deb_glZ D ex[hfm B dhkgh\_gbx kq_^m_l hlghkblvky lZd `_ \gbfZl_evgh dZd d keh\Zf dhlhju_ fu mld j_[ey_f G_dh]hju_ deb_gluijbgbfZxlijbdhkgh\_gb_^jm]b_hldZau\Zxlkyg_]hb wlh bo\u[hj
Fw] h\hevgh kljZrgh ^Z`_ \kihfbgZlvh[wlhf
ihqm\kl\h\ZeZ qlh kaZ^b g_qlh q_jgh_ b [_knhjf_ggh_ `^ms__ qlh[u ih]ehlblv f_gy Fhc m`Zk ihqlb aZklZ\be f_gy \kdhqblv b ihdbgmlv dhfgZlm gh
ij_^klZ\ey_fk_[_qlhlh^hklZlhqgh^he]hb ^hklZlhqghkbevghhgh gZqbgZ_lijbh[j_lZlvnhjfm\ gZr_fih\_^_gbbb wlhijbf_gbfh\ jZ\ghckl_i_gbd ihablb\gufb g_]Zlb\gufh[jZaZf Dh]^ZFw]\i_j\u_jZkkdZau\ZeZk\hxbklhjbxh[Z[hjl_hgZ ^_eZeZ wlh k y\ghc f_jhc [_kkljZklghklb dhlhjZy dhg_qgh [ueZ k_ kihkh[hf kijZ\blvky k kblmZpb_c Y qm\kl\h\Ze qlh g_ ke_^m_l iulZlvky kebrdhf [ukljh lhedZlv __ \ kh[kl\_ggu_ qm\kl\Z Dh]^Z Fw] hdZaZeZkv ijbgylhc hgZ ihqm\kl\h\ZeZ k_[y \ [hevr_c [_ahiZkghklb b kfh]eZ bkke_^h\Zlv k\hb qm\kl\Z >jm]hc hkh[_gghklvx bklhjbb Fw] [ue g_^hklZlhd qm\kl\Z ² hgZ hibkZeZ _]hdZdoheh^ghklv²khklhjhgu__ jh^bl_e_cb bog_kihkh[ghklv hldjulh \ujZ`Zlv k\hx ijb\yaZgghklv Ihfgy \k_ wlh b jZ[hlZy bglmblb\ghy j_rbehklhjh`ghih^oh^blvd ^_em ?_ gug_rgyy ijh[e_fZ g_m^h\e_l\hj_gghklv jZ[hlhc f_^k_klju [ueZ^hklZlhqghj_ZevghcWlhg_[ueheh`vxb kwlbf gZ^h[uehh[jZsZlvkykhqm\kl\_gghH^gZdh\k_]^Zke_^m_lihfgblv qlh y\gZy ijh[e_fZ j_^dh [u\Z_l _^bgkl\_gghc qlh dhg_qgh ykgh jZkdju\Z_l gZlmjm Fw] Hlghr_gby k jh^bl_eyfb hkh[_ggh k fZl_jvx \ua\Zeb __ ]em[hdh_ [_kihdhckl\h Fw] beexkljbjm_l ^be_ffm \ dhlhjhc gZoh^ylky fgh]b_ ba gZk ihlj_[ghklv \ ijb\yaZgghklb gZrbo jh^bl_e_c beb ^jm]bo agZqbfuo ex^_c khq_lZ_lky k h[b^hc lZd qZklh khijh\h`^Zxs_c wlb hlghr_gby FZlv Fw] [ueZ ^hfbgZglghc b kh[kl\_ggbq_kdhc Fw] hlqZyggh ohl_eZg_aZ\bkbfhklbhgZ]h\hjbeZqlh[mglh\sbpZ bh^gZdhwlZ g_aZ\bkbfhklv fh]eZ [u hlj_aZlv __ hl ihemq_gby dh]^Zeb[h lhc ijb\yaZgghklbh dhlhjhchgZijhkbeZJ_Zevghklvih^kdZaZeZFw] hq_gv fZeh\_jhylgh qlh __ jh^bl_eb i_j_f_gylky k_cqZk h^gZdh kms_kl\h\ZeZ ^jm]Zy klhjhgZ dhlhjZy ^_j`ZeZkv aZ wlm gZ^_`^m Ex^yf gZ^ dhlhjufb ^hfbgbjmxl kh[kl\_ggbq_kdb_ jh^bl_ebh[uqghg_o\ZlZ_lgZ\udh\m\_j_gghklb\ k_[_Wlhfh`gh ihgylvjZa\blb_lZdbogZ\udh\Zdlb\ghih^Z\eyehkvihlhfmqlh hgbm]jh`Zeb[uhkgh\_\eZklbQlh[uihfhqvFw]kijZ\blvky k fh^_evx h[\bgbl_ey \u[jZgghc __ fZl_jvx y \\_e \ ^_ckl\b_ dhfivxl_jgmx fh^_ev
gZijZ\ey_fh_ \ dhfivxl_j nbevljm_lky q_j_a [_aebqguc wdjZg dhlhjuc hldehgy_l qm\kl\Z ^jm]h]h q_eh\_dZ Dhfivxl_ju hq_gv mk_j^gh jZ[hlZxl qlh[u ba[_]Zlv ]h\hjblv y ihkdhevdm wlh [ueh [ukebrdhfebqgufLbibqgufhl\_lhfdhfivxl_jZ[ueh[uqlhlh \jh^_ Bgl_j_kgZy fukev DZd hgZ kh\f_sZ_lky k \Zr_c h[s_c nbehkhnb_c `bagb" Hl\_l dhfivxl_jZ klj_fblky d kgb`_gbx gZdZeZ Hg ihfh]Z_l q_eh\_dmfbr_gb \ha\jZsZy \hijhk hlijZ\bl_exFw]kfh]eZ^h[blvkyg_dhlhjh]hmki_oZZ fZeucmki_o fhklbl^hjh]m^ey^jm]bomki_oh\ Fw] y\gh ojZgbeZ \ k_[_ fgh]h g_gZ\bklb ih hlghr_gbx d k\h_cfZl_jbh q_fk\b^_l_evkl\h\Zeb__ kgh\b^_gby\ dhlhjuohgZ kh[bjZeZkvm[blv__ bebk`_qvDh]^ZFw]jZkkdZau\ZeZh[wlbokgZo hgZ \klmiZeZ \ dhglZdl k dZdbfblh hq_gv j_Zevgufb qm\kl\Zfb ?_ h[jZa dbjibqghc kl_gu hlghkysbcky d fZl_jb hq_gv agZqbf DbjibqgZy kl_gZ \ h[jZaZo hebp_l\hjy_l [Zjv_j agZqbl_evguo jZaf_jh\ b \ h[jZa_ Fw] hgZ [ueZ \ukhdhc b rbjhdhc Keh\hf dhlhjh_ hgZ k\yaZeZ k wlhc kl_ghc [ueh keh\h g_ij_h^hebfZy K\yaZggufbqm\kl\ZfbklZebh]hjq_gb_b [_kkbeb_`bfhfZ aZl_f^h[Z\beZqlha\hgbeZ _fm Y ih^gye wlh iha`_ b kijhkbe Ihq_fm \u a\hgbeb >`bfm" K_ZgkaZdhgqbeky^h\hevghkdhjhihke_wlh]hb gZke_^mxs_cg_^_e_ y ihqm\kl\h\ZegZijy`_gghklvf_`^mgZfbFw]kdZaZeZqlhlhh lhf qlh _c g_ \k_]^Z e_]dh kdZaZlv lh qlh ohq_lky < __ ml\_j`^_gbyo [ueh g_qlh hkh[_ggh_ ² \ \ujZ`_gbb ebpZ qlh aZklZ\beh f_gy kijhkblvDZda^_kvb k_cqZk" Y ijh^he`be GZ ijhrehc g_^_e_ dh]^Z \u moh^beb y ih^mfZe qlh \u \u]ey^bl_ jZkkljh_gghc Wlb keh\Z ih[m^beb __ [jhkblv \uah\ fh_fm ml\_j`^_gbx k^_eZgghfm gZ ijhrehc g_^_e_ HgZ ihqm\kl\h\ZeZ qlh fhc dhff_glZjbc ih ih\h^m a\hgdZ >`bfm
[ue hkm`^Zxsbf gh g_ fh]eZ [jhkblv fg_ \uah\ K_cqZk y ij_^hklZ\be _c \hafh`ghklv dhlhjZy [ueZ _c g_h[oh^bfZ b hgZ \hkihevah\ZeZkv _x Y ^he`_g [ue kh]eZkblvky k g_c dhff_glZjbc ^_ckl\bl_evgh [ue hkm`^Zxsbf Y lZd`_ ihgye qlh wlh [ueh \uah\hf__ qm\kl\ZfZ g___ bgl_ee_dlmY iha^jZ\beFw]k l_fqlh hgZgZreZ\ k_[_fm`_kl\h[jhkblv\uah\\ lZdhc fZg_j_ >mfZy h[ wlhf \ihke_^kl\bb y j_rbe qlh fh`_l [ulv [he__ mf_klghc [ueZ [unjZaZDZ`_lkyqlh\ujZahj\ZgugZ^\h_dZdZylh\ZrZklhjhgZ ohl_eZg_a\hgblv>`bfmZ ^jm]Zy²ohl_eZWlhdhgnebdlLZdh\Z ihevaZaZ^g_]hmfZ ?_Z[hjlb bagZkbeh\Zgb_hq_gvl_kghk\yaZguQm\kl\Z[ueb ihoh`bfb< hlebqb_hlg_dhlhjuol_jZi_\lh\y \_k`_\ukdZau\Zx k\h_ fg_gb_ gh ^_eZx ihykg_gb_ qlh hgh fh_ b ihjh`^_gh fhbfb p_gghklyfb b ghjfZfb >Z f_gy jZkk_j^be __ jZkkdZa h[ bagZkbeh\Zgbbb ygbdhbfh[jZahfg_fh]iha\heblv_c\aylvgZk_[y [j_fykqblZlvqlhhgZg_k_lhl\_lkl\_gghklvG_dhlhju_l_jZi_\lu [_a khfg_gby ihkihjbeb [u kh fghc ih ih\h^m lh]h gZkdhevdh wlh fm^jhfgh]b_ijhklhhljZabeb[uaZy\e_gb_deb_gldbb ihiulZebkv hldjulv[hevr___ qm\kl\ Wlh [ue h^bg ba l_o g_fgh]bo kemqZ_\ \ gZrbo hlghr_gbyo dh]^Z y ij_^eh`be _c nbabq_kdh_ ml_r_gb_ hgh [ueh ijbgylh b [ueh lkjZi_\lbqguf G_dhlhju_ l_jZi_\lu lZd`_ ihkihjbeb [u k wlbf >ey f_gy \ lhl fhf_gl b ^ey deb_gldb wlh lZd`_ y\eyehkv ijZ\bevguf B fgh]h_ ]h\hjbl h[ hlghr_gbyo Fw] kfh]eZ ^hklZlhqgh^h\_jylvfg_qlh[uiha\heblv\hclb\ __fbjb bkiulZlv [hevdhlhjmxhgZqm\kl\h\ZeZ Hkh[uc h[jZa dhlhjuc mihfbgZ_l Fw] wlh h[jZa gZ [_j_]m dhlhjucy bkihevah\Zeg__^bgh`^u>jm]b_h[jZauki_pbnbqgu^ey deb_glZ \ hij_^_e_ggh_ \j_fy GZijbf_j h[jZa hlghr_gbb k >`bfhf kha^Zgguc Fw] ]^_ hgZ bah[jZ`Z_l _]h dZd q_jgmx j_dm m]jh`Zxsmx aZlygmlv __ \ \h^h\hjhl Wlh ^jZfZlbq_kdbc h[jZa hg `b\h jbkm_l kljZo dhlhjuc hgZ qm\kl\m_l gh gbdh]^Z g_ fh]eZ [u \ujZablvkeh\Zfb Fhy jZ[hlZ k Fw] ih^q_jdgmeZ qlh hq_gv \Z`gh b^lb kh kdhjhklvx deb_glZ GZ i_j\hf k_Zgk_ Fw] mihfygmeZ g_fgh]h g_[j_`gh LV k\_l_ kh[ulbc h k\h_c Z]hjZnh[bb Wlh dZdlh g_ h[km`^Zehkv ihdZ g_ ijhr_e ihqlb ]h^ Fh`_l [ulv y mimklbe agZq_gb_wlh]hh[klhyl_evkl\Z\gmljbp_eh]hFh`_l[ulvy mimklbe wlhihlhfmqlhhgZl_i_jvy\ghwlbfg_kljZ^Z_lH^gZdhiha`_Fw] gZqZeZ ]h\hjblv h ijbklmiZo iZgbdb b ijb\_eZ hij_^_e_ggu_ ijbf_ju WlZ l_fZ ijbh[j_eZ gh\mx ZdlmZevghklv b l_i_jv [ueZ ]hlh\Z qlh[u jZ[hlZlv gZ^ g_c DZdbfb [u gb [ueb dhjgb iZgbdb \_jhylgh ^Z`_ _keb [u Fw] ihemqbeZ fgh]h ihgbfZgby _c [u
ihgZ^h[beZkvZdlb\gZyihfhsvqlh[uij_h^he_lvijbklmiu JZ[hlZ k h[jZaZfbklZeZi_j\ufwlZihfAZklZ\b\__ \[_ahiZkguomkeh\byo kijZ\blvky k ih_a^dhc \ Z\lh[mk_ Z wlh fh]eh [u aZgylv g_kdhevdh k_Zgkh\ aZl_f fh`gh [ueh [u ij_^ijbgylv iml_r_kl\b_ gZ f_ljh bebih_a^dm\ ebnl_ DZd wlh g_j_^dh kemqZ_lky ihke_ k_ZgkZ gZ dhlhjhf fu ijh^_eZebwlh\hh[jZ`Z_fh_iml_r_kl\b_b hlukdZebdZdb_lhke_^u \h NjZgpbb Fw] \_jgmeZkv lhevdh h^bg jZa b g_ ^ey lh]h qlh[u jZ[hlZlvgZ^k\hbfbijbklmiZfb iZgbdb HgZk^ZeZk\hc\uimkdghc wdaZf_g b klZeZ emqr_ kijZ\eylvky k `bagvx Y qm\kl\h\Z qlh __ ihke_^g__ j_Zevgh_ iml_r_kl\b_ kh fghc [ueh aZjy`_gh agZqbfhklvxdhlhjZyfh]eZ[ulvhldjulZ_clhevdh\ [m^ms_f Fw] k^ZeZ \uimkdgu_ wdaZf_gu g_dhlhjh_ \j_fy ijZdlbdh\ZeZ\ :g]ebbZ aZl_fdZdb ieZgbjh\ZeZm_oZeZjZ[hlZlv\ :\kljZebx Dhgkmevlbjh\Zgb_ beb l_jZiby jZagu_ ex^b gZau\Zxl wlh ihjZaghfm j_^dh _keb \hh[s_ dh]^Zgb[m^v [u\Z_l iheguf \k_]^ZhklZ_lkyk\h[h^gh_ijhkljZgkl\hFh`_l[ulvdlhlhdh]^Zlh [m^_l jZ[hlZlv k Fw] b hibjZlvky gZ jZ[hlm dhlhjmx hgZ m`_ ijh^_eZeZqlh[u^h[blvkyg_fgh`dh[hevr_cp_ehklghklb FHCJ: Dheh^_p Y FhcjZ fg_ ^\Z^pZlv iylv e_l y mqbl_evgbpZ Zg]ebckdh]h yaudZ\ [hevrhch[s_h[jZah\Zl_evghcrdhe_Ihke_^he]boljm^guo ^_[Zlh\ k kh[hc y j_rbeZ \aylv hlimkd gZ ]h^ b h[t_oZlv fbj LZd ihq_fm `_ y ihqm\kl\h\ZeZ ihlj_[ghklv \ dhgkmevlbjh\Zgbb" K l_o ihjdZdfhchl_pkgh\Z`_gbeky^\Zf_kypZgZaZ^y qm\kl\h\ZeZk_[y kh\_jr_ggh ebr_gghc ih[m`^_gbc fg_ g_ o\ZlZeh wg_j]bb Fhb jh^bl_ebjZa\_ebkvf_kyp_\gZaZ^ Fhy k_fvy dZdZylh kljZggZy FZlv bagZqZevgh bf_eZ k\yav k fhbf ^_^hf dhlhjuc [u\Zeh [be __ ?]h kug fhc hl_p qZklh \klZ\Ze f_`^m gbfb < dhgp_ dhgph\ fZlv hklZ\beZ _]h b \ureZ aZfm` aZ fh_]h hlpZ HgZ gZ e_l klZjr_ fh_]h hlpZ L_i_jv hl_p kgh\Z`_gbekygZ`_gsbg_dhlhjZylhevdhgZk_fve_lklZjr_f_gy GZk\Z^v[_y ihagZdhfbeZkvk p_ehcdmq_cjh^kl\_ggbdh\h dhlhjuo gbdh]^Z g_ agZeZ qlh hgb \hh[s_ _klv L_i_jv y qm\kl\mx k_[y h[yaZgghcmagZlvboohqmy wlh]hbebg_l `_cg dhlhju_
aZl_f[_jmlf_gy\ ]hklbd __hlpmY g_fh]mihgylvihq_fmy ijhklh g_^_j`mkvhlgboih^Zevr_ Z qlhlh \jh^_ wlh]h Y ijhklh ohqm qlh[u wlh g_ [uehlZd[he_ag_ggh GZ\lhjhfk_Zgk_
bf__l agZq_gb_ ^ey \Zk K_cqZk ihjZ aZdZgqb\Zlv DZd \u ohlbl_ aZdhgqblvwlh\ue_albbebijhklh\u[jZlvky" FhcjZ Y gZ^_gmk\hxklZjmxh^_`^mb \ue_am GZlj_lv_fk_Zgk_ FhcjZ Y ^mfZeZ h ijhrehc g_^_e_ b h `_fqm`bg_ b y dhg_qgh qm\kl\mx k_[y \_k_e__ b [he__ hilbfbklbqgh dZd [m^lh `_fqm`bgZ^ZeZfg_m\_j_gghklvb \b^_gb_K\ys_ggbdbkihevah\Ze qZklv IkZefZ \ k\h_c ijhih\_^b \ \hkdj_k_gv_ Keh\h L\h_ ² k\_lbevgbd gh]_ fh_c b k\_l kl_a_ fh_c Y ihqm\kl\h\ZeZ qlh `_fqm`bgZ[ueZ^eyf_gybf_gghlZdhc ZiheZ]ZxlZdhgg_ aZdhgq_gY \lhc`_h^_`^_b qm\kl\mxk_[y[he__dhfnhjlghLV g_c Y [ukljh hdZaZeZkv gZ iehsZ^d_ lhqdb hihju [he__ hij_^_e_ggu k_]h^gyb \dheh^p_[hevr_k\_lZ
b gZrb hlghr_gby g_ jZa\b\Zxlky L_i_jv y ihgbfZx wlh g_ijh^mdlb\gh b qm\kl\mx qlh gh\hh[j_l_ggZy kbeZ b ihgbfZgb_ ihfh]ml fg_ baf_gblv wlh Ihke_^g__ ml\_j`^_gb_ ² qlh y g_l_jibfZd ex^yfdhlhju_lhevdh[helZxlghg_jZa]h\Zjb\Zxl² [ueh [he_ag_gguf ^hims_gb_f Kdhjh y m_a`Zx \ djm]hk\_lgh_ iml_r_kl\b_ gh hgh [m^_l bguf ih kjZ\g_gbx k l_f dhlhjh_ y lhevdh qlh aZdhgqbeZ Y g_ m\_j_gZ dhlhjh_ ba gbo \ dhgp_ dhgph\ hdZ`_lkye_]q_ Dhff_glZjbc JZ[hlZk h[jZaZfbqlhdeb_gluIHCFML?H^gZdhhg Y +!/.$B8 L Ij_^hklZbieZlhdh]^Zih^b xl ijbagZdb lh]h qlh imlv dZ`_lky deb_glm ljm^guf beb \hagbdZ_l kljZo @_fqm`bgZ \ dheh^p_ ² kZfuc kh\_jr_gguc ijbf_j gZoh`^_gby djZkhlu \ kZfhf g_h`b^Zgghf f_kl_ kbf\he k\_lZ \h lvf_ b khdjh\bsZ \gmljb [_kkhagZl_evgh]h GZ^_\ k\hx klZjmxh^_`^mFhcjZkbf\hebabjh\ZeZkl_i_gvbgl_]jZpbb]h\hjy qlhk_ ij_`gyykmsghklvl_i_jv[he__ijb_fe_fZ Fhc dhff_glZjbc hlghkbl_evgh `_fqm`bgu \ukhdhc klhbfhklb hlghkblky d h^ghc ba ijblq BbkmkZ b ih\b^bfhfm hg \ua\Ze k\yav f_`^m g_x b ijhih\_^vx h k\_lbevgbd_ Wlh kemqZ_lky g_j_^dh b y\ey_lky beexkljZpb_c xg]h\kdhc dhgp_ipbb kbgojhgghklb DZ`_lky FhcjZ m`_ [ueZ ]hlh\Z keurZlv gZf_d ;ulv [eb`_ d \_jom dheh^pZ agZqbl gZoh^blvky [eb`_ d khagZl_evghfm mjh\gx lh qlh deb_gl qm\kl\m_l ^bkdhfnhjl \hafh`gh y\ey_lky ^hklh\_jguf ihdZaZl_e_f lh]h qlh ke_^m_l ijh^_eZlv_s_^hihegbl_evgmxjZ[hlm\hae_khagZl_evgh]hmjh\gy G?CEFZyd
Y G_ce klm^_glf_^bd i_j\h]h dmjkZ ba GvxdZkleZ mqmkv \ KZmlowfilhg_ AZgylby ² g_ ijh[e_fZ wlh [hevr_ k\yaZgh k qm\kl\hfm\_j_gghklblZdqlhfhcij_ih^Z\Zl_evih^mfZeqlhdmjk dhgkmevlbjh\Zgbyfh`_lihfhqvY \klj_lbekyk
em]hf
Y ijhr_e q_j_a \\_^_gb_ \ dhlhjhf hg ij_^klZ\be k_[_ _]h \h fgh]hf lZd `_ dZd y _]h hibkZe b em] [ue p_ebdhf \hh[jZ`Z_fuf AZ gbf gZ ijbebqghf jZkklhygbb gZoh^beky ^hf G_ce g_ fh] keurZlv j_dm gh hgZ [ueZ \b^gZ e_k gZoh^beky \ klhjhg_kijZ\Zhlg_]hZ ]hjZ² \ g_dhlhjhfhl^Ze_gbb\i_j_^b aZ^_j_\vyfb G_ce Y kfhljxgZfZkkb\gh_g_qlhy agZxwlhe_i_klhdb y oh`m ih g_fm \h \k_o gZijZ\e_gbyo AZl_f y b^m \ k_j_^bgm p\_ldZ ]^_gZoh`mlmgg_evb^msbc\k_\j_fy\gbakhklmi_gvdZfbdhlhju_ hebp_l\hjyxl lhgdb_ \hehkdb Y kh\k_f g_ bkim]Zg ijhklh `Z`^m bkke_^h\Zlv L_i_jv y gZ ^g_ lmgg_ey b \b`m dh gb jZkijhkljZgyxsb_kyb b^msb_\gba\ a_fexY j_rZxkv B? \gbaih h^ghfm ba gbo GZqbgZ_l ^_ckl\bl_evgh hsmsZlvky l_ eh b \eZ`ghklvqm^_kgucaZiZoDhjgb[e_^ghdhjbqg_\u_Y ] ijyfh d bo dhgpm b hdZau\Zxkv \ a_fe_ Y ^_ckl\bl_evgh qm\kl\mxk_[yqZklvxijbjh^uwlha^hjh\h
jm] < wlhf ek y bkiulu\Zxh]jhfguc[eZ]h]h\_cguckljZo>jm]^Z_lfg_f ^Zevhg k^_eZgguc ba dZfgy GZ g_f \uj_aZg q_ldbc djm] D `_lky gbq_]h [hevr_g_ijhbkoh^bl jm]Zfh`_lebhgihfhqv\Zf G_ce Hgkh\_lm_lfg_ijhklhjZkkeZ[blvkyb lh]^Z\k_klZg_l ykgh GZiylhfk_Zgk_ jm]fh`_lihfhqv\Zf" G_ce Hglh`_baf_gbeky Wlh dlhlh ^jm]hc h^_luc \ yjdb_ h^_`^u hg ]h\hjbl qlh _]h ah\ml G_ce Hg [_j_l m f_gy f_^Zevhg deZ^_l _]h gZ [md\m 5 b ^\_jv hldju\Z_lky Ijh\h^gbd G_ce \_^_l f_gy gZ g_kdhevdh klmi_g_d \gba Y qm\kl\mx kljZo gh agZx qlh ^he`_gijh^he`Zlv
m\_j_ggh Hg \_^_l f_gy \gba ih ^ebgghfm klmi_gqZlhfm dhjb^hjm dhlhjuc kimkdZ_lky ]em[`_ \ a_fex hg ^he`gh [ulv S\URLV klh ^ebghcFuih^oh^bfd jZa\bed_\ lmgg_e_Y g_agZxqlh\u[jZlv Z bf_ggh lZd L_i_jv ijh^he`bf Y hl\_^m \Zk h[jZlgh d jZa\bed_ \ lmgg_e_ b ij_^eZ]Zx \Zf gZ wlhl jZa \u[jZlv ijZ\mxklhjhgmIjhklhijh\_jvl_k G_cehf]h^blkyebwlh G_ce Hg ]h\hjbl qlh wlh ghjfZevgh bkke_^h\Zgb_ lhevdh h^gh]h \ZjbZglZ fh`_l ijb\_klb d jZahqZjh\Zgbx IjZ\Zy klhjhgZ l_fgZyb ^h\hevghmadZyKl_guk^_eZgubadZfgy
jZaj_r_gby ?klv \bglh\Zy e_klgbpZ \_^msZy \\_jo Y \b`m ^jm]b_ ^\_jbdhlhju_y agZxg_hldju\Zebkv\_dZfbL_i_jvy hqmlbeky\ fZyd_b fh]m\b^_lvghqvb ^_gvh^gh\j_f_ggh mfZxlZf _klv g_aZdhgq_ggh_ ^_ Y hiylvlZfb kb`mgZ
hlph\kdhfklme_Y qm\kl\mxk_[y\bg\Zlufb fg_hq_gvg_mxlgh
:rebckdh_\ujZ`_gb_ EXWWHUIOLHVLQWKHVWRPDFK khhl\_lkl\m_l jmkkdhfmfmjZihkibg_²Ijbfi_j_\h^qbdZ G_ce Fu kgh\Z m ha_jZ ^\b`_fky ^jm] d ^jm]m Z ihlhf hgZ bkq_aeZb yagZxqlhhgZ\gmljbf_gyb fg_hq_gvijbylgh
Dhff_glZjbc G_ce [ue bgljh\_jlbjh\Zgguf bglmblb\guf q_eh\_dhf dhlhjuc g_gZ\b^_e dh]^Z _]h ih^lZedb\Zxl kjhdZfb ijZ\beZfb b bgkljmdpbyfb Hg g_gZ\b^_e ieZgbjh\Zgb_ b bf_ggh wlh \uau\Zeh _]h[_kihdhckl\hijbh[mq_gbb ?]h bkiulZl_evguc ijh[_] \ jZ[hl_ k h[jZaZfb ijh^_fhgkljbjh\Ze g_h[uqgmx kihkh[ghklv bkihevah\Zlv dhgkljmdlb\gh_ \hh[jZ`_gb_ ey fgh]bowlhih^h[ghijh[m`^_gbxhl]em[hdh]hkgZ Y ohl_e[ubkke_^h\ZlvagZq_gb_iml_r_kl\byG_beZhlem]Zd ^hfm\^hevj_dbG_h[uqguf[uehklhedgh\_gb_k ^jm]bfkbf\hehf dhlhjuc ke_^h\Zeh [u bkke_^h\Zlv ^h lh]h dZd ^\b]Zlvky ©i_j_^ G_qlh hlghkys__ky d oZjZdl_jghc hkh[_gghklb keh\Z ie_kdZlvky ih[m^beh f_gy kijhkblv h \hajZkl_ GkbeZ ihlhfm qlh ie_kdZlvky ² wlh kdhj__ \k_]h keh\h dhlhjh_ q_eh\_d bkihevam_l dh]^Z h[jZsZ_lkyd ^_lkdbf\hkihfbgZgbyf Djm] gZ f_^Zevhg_ \hafh`gh hebp_l\hjye khegp_ b wlh k\yau\Z_lky k [md\hc 5 dhlhjZy hebp_l\hjy_l h]hgv b ^moh\gh_ \hajh`^_gb_>jm]kdZaZeqlh\k_klZg_lykghGhwlhfh`_l[ulv g_klZehykghG_cemihlhfmqlh\ lh\j_fyy g_agZeagZq_r] ^Zgguoh[jZah\<_^vlhevdhg_kdhevdhe_lkimklydh]^Zy aZgbfZeky wlhcdgb]hc fg_ klZeh ykgh agZq_gb_ l_o ^\mo kbf\he_g Gh fu h[Z bglmblb\gh ihqm\kl\h\Zeb qlh k\yav kms_kl\m_l L dhg_qgh _klv ykgZy kbf\hebq_kdZy k\yav f_`^m h]g_f b ^moh\gu \hajh`^_gb_f WlhdZ`_lky_s_h^ghykgh_k\b^_l_evkl\hlhiqlhG_ceih]jm`Zeky
\ Zjo_lbibq_kdb_h[jZau DZf_gv ij_\jZsZ_lky \ fh]bevgmx ieblm hebp_l\hjyxsmx kf_jlv ]em[bgm b [_kkhagZl_evgh_ I_j_f_gZ ijh\h^gbdZ gk g_h[uqgZlZddZdbawlh]hy\kl\m_lqlhgh\ucijh\h^gbdijbghkbl bgh_ ihkeZgb_ b kem`bl bghc nmgdpbb Gh\uc ijh\h^gbd k l_f `_ bf_g_f \hafh`gh ]h\hjbl G_bem qlh \ g_f _klv \k_ qlh[u wlh \uykgblvhgfh`_liheZ]ZlvkygZkh[kl\_ggu_kbeu>\_jvhldjulZy f_^ZevhghfgZ\h^blgZfukevh[h^ghfbal_olZbgkl\_gguodexq_c ]^_ lj_[mxlky h[_ qZklb L_i_jv k\yav f_`^m >jm]hf b gh\uf ijh\h^gbdhf klZgh\blky ykghc dZ`^uc ijbghkbl qZklv lZcgu dhlhjZyhldju\Z_l^\_jvb hldju\Z_l[_kkhagZl_evgh_ LhqlhG_ce\u[bjZ_le_\uc lmgg_ev hebp_l\hjy_l j_r_gb_ bkke_^h\Zlv f_g__ ^hfbgZglgmx nmgdpbx Z \hafh`gh b `_gkdh_ gZqZeh
Y hq_gv ykgh khagZ\Ze qlh ^he`_g k^_j`b\Zlv_]hohlyhq_\b^ghgkij_mki_eBgl_j_kgh\_jg_lkyeb hg GZ f_gy ijhba\_eh \i_qZle_gb_ qlh Gkbe g_ bkim]Zeky b wlh mdZau\Zeh gZ \ukhdmx kl_i_gv fhlb\Zpbb b gZklhcqb\hklv Hkgh\Zgb_fqlh[uhl\_klb_]hh[jZlghd jZa\bed_\ dhjb^hj_[ueh j_adh_ hdhgqZgb_ ij_^u^ms_]h k_ZgkZ gZ\h^ys__ gZ fukev h g_aZdhgq_gghf ^_e_ Gh\uc lmgg_ev k _]h dhjb^hjZfb \u\h^ysbfb iZe_\h gZ\h^bl gZ fukev h lhf qlh _s_ fgh]h_ k\yaZggh_ k _]h ih^qbg_gghc nmgdpb_c beb `_gkdbf gZqZehf gZ^h [ueh bkke_^h\Zlv Hlkmlkl\b_ ex^_c \ iml_r_kl\bb G_ceZ ^hklhcgh dhff_glZjby Q_eh\_d fh`_l \b^_lv ]^_ [ueb b ^he`gu gZoh^blvky ex^bb hgb hlkmlkl\mxl Wlh fh]eh hljZ`Zlv bgljh\_jlbjh\Zgghklv G_cLD b lZd`_gZ\_klbgZfukevqlhf_klZb dhfgZlu`^mlqlh[ubo ZgyeblZd`_dZdb imklhcljhg Ljbhl\_jklbybeb ljb^\_jbhebp_l\hjyxlijhreh_ e_\h_ gZklhys__ p_gljZevgh_ b [m^ms__ ijZ\h_ Hgb fh]ml lZd`_ hebp_l\hjylv [_kkhagZl_evgh_ ijk^khagZl_evgh_ b khagZl_evgh_ Ih^t_f ih \bglh\hc e_klgbp_ gZ\h^bl gZ fukev h \hkoh`^_gbb \ \ukrb_ pZjkl\Z bgl_ee_dlZ beb \ pZjkl\h gZoh^ys__ky gZ^
khagZl_evguf^moh\gh_Wlhih\b^bfhfmih^l\_j`^Z_lkyfZydhfk _]h kbf\hebafhf k\_lZ jZkk_b\Zxs_]h lvfm b ij_^hklZ\eyxs_]h [_ahiZkguc ijhoh^ G_ce b^_glbnbpbjm_lky kh k\_lhf aZl_f hlijZ\ey_lky \ dhkfhk H^gZdh wlh aZdZgqb\Z_lky jZahqZjh\Zgb_f dhlhjh_ijb\h^bl_]hh[jZlghgZa_fex A^_kvy ohqmkdZaZlvg_kdhevdhkeh\h kbgojhgghklb Y ibkZe Keh\Zjvdgb]mkimlgbdd gZklhys_fmba^ZgbxZ aZl_fqZklvi_j\mx H^gZ`^u \_q_jhf y ihkfhlj_e l_e_\babhggmx i_j_^Zqm h fZydZo HgZgZihfgbeZfg_qlh_klvl_fZdhlhjmxy aZ[ue\dexqblv\ k\hx dgb]mb y\\_e__H^ghbam^b\bl_evguoh[klhyl_evkl\dZkZxsboky jZ[hlu k h[jZaZfb aZdexqZ_lky \ lhf qlh y kimkly ]h^u fh]m \kihfgblv fgh]b_ ba h[jZah\ deb_glZ Wlh [ueh lZd dh]^Z y ibkZe Q_l\_jlh_ iml_r_kl\b_ b \dexqbe \ g_]h dmkhq_d h G_ce_ b _]h i_s_j_ohlyk^_eZewlhg_h[jZsZykvd aZf_ldZfbadhlhjuo\ujhk Keh\Zjv h[jZah\ b kbf\heh\ \ dhgkmevlbjh\Zgbb KlxZjl G_ce [ue fhbf deb_glhf ihqlb aZ iylv e_l ^h wlh]h Y ^mfZx qlh ijbqbgZ ih dhlhjhc hklZxlky h[jZau aZdexqZ_lky \ lhf qlh hgb klZgh\ylky qZklvx fh_]h kh[kl\_ggh]h dhee_dlb\gh]h [_kkhagZl_evgh]h DZd [u lh gb [ueh wlb h[jZau hklZxlky gZfgh]h ^hevr_ q_f \hkihfbgZgb_ h keh\Zo Dh]^Z y ^h[jZeky ^h r_klh]h k_ZgkZ G_ceZ lh k bamfe_gb_f ijhq_e njZ]f_gl h fZyd_ Ohly hg mr_e ba fh_c khagZl_evghc iZfylb gh fh_ [_kkhagZl_evgh_ ih[m`^Zeh f_gy Hgh eb ijb\_eh f_gy \ khklhygb_ dh]^Z y klZe kfhlj_lvl_e_i_j_^Zqmqlh[uh[jZafZydZ[ue\dexq_g\ wlmdgb]m" Y ij_^hklZ\eyx\Zfkm^blvh[wlhf GZ k_^vfhf k_Zgk_ G_ce hdZaZeky gZ klme_ k\h_]h hlpZ ² gZ f_kl_k\h_]hhlpZ
KlZgh\blvky[hevr_hagZqZ_lbg^b\b^mZevghklv _]h hlpZ _]h ijbkmlkl\b_ \eZklv dhgljhev ² \k_ qlh dZkZ_lky fm`_kl\_gghklb< l_jfbgZoNj_c^ZjZklmsbchlghkblkyd i_gbkm \ khklhygbb wj_dpbb b \hafh`gh G_ce qm\kl\h\Ze k_[y ih^qbg_gguf fm`_kl\_gghklb k\h_]h hlpZ ohly wlh gbdh]^Z g_ h[km`^Zehkv ,, H[jZa[Z[hq_d²ijbf_jh[ L fm Wlh fh`gh [ueh k^_eZlv bagmjb gh kghiZ y dgAixb bglmbpbb ;Z[hqdb kha^Zgu qlh[u e_lZlv b y ^mfZe h lhf hgb hlg_kml G_ceZ Ij_^u^ms__ h[km`^_gb_ ih ih\h^m k_dkmZeA ghklb ih\b^bfhfm k\yaZgh k gh\uf h[jZahf ^_\mrdb b : lbyfb ex[h\vx AgZqbl G_be ^\b]Zeky hl klmeZ k\h_]h hlpZ k\h_fm kh[kl\_gghfmfm`qbg_d aZgylbyfex[h\vx\ kh[kl\_gghc fZg_j_ g_qm\kl\mygZijy`_gghklbhlijbkmlkl\byijbqlhk\h_]hhlpZ Ha_jh k hljZ`_gb_f emgu H[Z hebp_l\hjyxl `_gkdh_ g L H[jZagZihfbgZ_lfg_GZjpbkkZdhlhjuc\ex[beky\ k`_gb_G_be \iheg_ fh] bf_lv ijh[e_kd k\h_c 2RQXLQLA7L L r_gqxix]h qAb?bd?
_xfi`ghi X+O KHNBYAZ[em^b\rZyky\ lmfZg_ Y Khnby fg_ ljb^pZlv e_l fhy jh^bgZ ² FZ\jbdbb Y ijhreZ h[mq_gb_ k_kljbgkdhfm ^_em \ :g]ebb b jZ[hlZx h^ghc ba ^\mo k_kl_j moZ`b\Zxsbo aZ ih`beufb ex^vfb kljZ^Zxsbfb ikbobq_kdbfb aZ[he_\Zgbyfb Fg_ hq_gv gjZ\blky fhy jZ[hlZ gh k g_^Z\g_]h\j_f_gby hq_gvg_kqZklgZihlhfmqlhmijZ\eyxsbcohq_l i_j_\_klb f_gy \ ^jm]mx iZeZlm ]^_ fg_ [m^ml ihjmq_gu ^jm]b_ ex^b Bf_ggh baaZ k\h_c i_qZeb y ihijhkbeZkv ih]h\hjblv k dhgkmevlZglhf Y ^h]h\hjbeZkv ijboh^blv jZa \ g_^_ex gZ r_klv k_Zgkh\ Fu fgh]h ]h\hjbeb h fh_c jZ[hl_ b h qm\kl\_ qlh f_gy ihgb`Zxl Fhy jZ[hlZ \k_]^Z khhl\_lkl\m_l hq_gv \ukhdbf klZg^ZjlZf lZd qlh fg_ [ueh hq_gv ljm^gh ihgylv ihq_fm f_gy ke_^m_l i_j_ \h^blv Y agZx qlh k_j`mkv dh]^Z jZ[hlZ g_ khhl\_lkl\m_lfhbfklZg^ZjlZf b bgh]^Z fg_ ijboh^blky ^_eZlv lh qlh ^he`gu ^_eZlv ^jm]b_ Y g_ fh]m hklZ\blv __ g_k^_eZgghc Fg_ ljm^gh \ujZ`Zlv ]g_\ gh
H^bg ba gZrbo k_Zgkh\ k _ckl\bl_evgh`mldhdZd[m^lhg_l[hevr_]jZgbpb \_o Khnby >ZwlhlZdDhg_pabfg_]h^gyM`Zkgh_qm\kl\hhq_gv j_Zevgh Y gbdh]^Z g_ ihiZ^ZeZ \ ehg^hgkdbc lmfZg h dhlhjhf qblZeZ gh wlh kh\k_f lZd Y g_ fh]m meh\blv gbdZdh]h qm\kl\Z gZijZ\e_gby²kaZ^bbeb\i_j_^b h\_jb\rbkv
agZeZfhc[m^msbc^hf[m^_l\ :f_jbd_b gZqZeZkljhblvieZgugZ dhg_pwlh]h]h^Z< dZq_kl\_ih^ZjdZfhbfjh^bl_eyfy ijb]eZrmbo ijb_oZlv \ hlimkd \ :g]ebx i_j_^ l_f dZd m_oZlv \ :f_jbdm Y ^mfZxijhbahreh\hlqlhfhywg_j]by[ueZaZo\Zq_gZfhbf]g_\hf lZd qlh dh]^Z y ijbreZ gZ dhgkmevlbjh\Zgb_ y ihiulZeZkv kijZ\blvkyb qm\kl\h\ZeZqlhg_kihkh[gZLmfZg[uehq_gvj_Ze_gb y ihgyeZqlh\ fh_c\eZklbbaf_gblviheh`_gb_ohlyfg_\hafh`gh ijb^_lky hiylv bkiulZlv k\hx mya\bfhklv L_i_jv y qm\kl\mx qlh [ueZ hq_gv [ebadZ d iheghfm miZ^dm kbe b _keb [u y g_ bkdZeZ ihfhsblhg_agZxqlhkemqbehkv[ukhfghc Dhff_glZjbc Fh_ \i_qZle_gb_ hl Khnbb gZ i_j\hf k_Zgk_ [ueh lZdbf \ ebqghc `bagb hgZ hq_gv g_gZihjbklZ b _c ljm^gh kdZaZlv g_l hkh[_gghk\hbfjh^kl\_ggbdZfH^gZdhy ihqm\kl\h\ZeqlhgZjZ[hl_ hgZ hq_gv kbevgZy `_gsbgZ hq_gv \aukdZl_evgZy b g_l_jibfZy GZ jZ[hl_ Khnby ex[bl \_klb mihjy^hq_gguc dhjZ[ev Z __ dhee_]Z gZfgh]h [he__ g_[j_`gZ < lhf qlh hgZ kdZaZeZ y h[gZjm`be kbevgmx h^_j`bfhklv b ih^mfZe qlh hgZ fh`_l [ulv ^h\hevgh ljm^gufq_eh\_dhf Hiylv `_ ba lh]h qlh hgZ khh[sbeZ \ ^hiheg_gb_ d fhbf gZ[ex^_gbyf y ih^mfZe qlh Khnby hq_gv bgljh\_jlbjh\ZgZ Z wlh hagZqZ_l qlh ^jm]bf [ueh [u ljm^gh __ magZlv hgZ [ueZ hq_gv aZdjuluf q_eh\_dhf DhgkmevlZglu \k_]^Z ^he`gu khagZ\Zlv qlh bgljh\kjlbjh\Zggu_ex^bhq_gvaZdjuluhkh[_ggh_kebwlhdZkZ_lky boqm\kl\LZdqlh^_\bahfdhgkmevlZglZ^he`ghklZlvlblh lboh Khnby ijbreZ g_ hq_gv kqZkleb\uf q_eh\_dhf ih djZcg_cf_j_gZjZggboklZ^byodhgkmevlbjh\Zgbyohlyy g_^mfZx qlhwlhkhklhygb_[uehbklbgguf Y [ue g_ \ khklhygbb agZlv ijZ\bevgh_ b g_ijZ\bevgh_ \ __ jZ[hq_ckblmZpbbghkqblZe\Z`gufihiulZlvkyihgylvwlhbf_gghk lhqdbaj_gbyKhnbb?cdZaZehkvqlh__ i_j_klZebp_gblvihgbabeb ohly^he`ghklvhklZeZkv[uij_`g_c b hgZmljZlbeZb^_glbqghklv
eb[h k wlbf k^_eZlv ?c \k_ _s_ ijboh^behkv [ulv ohjhr_c fZe_gvdhc ^_\hqdhc Z [ulv ohjhr_c hagZqZ_l ^_eZlv lh q_]h ohlylhlg__^jm]b_ex^bKhnbykdZaZeZqlh k^_eZeZ agZqbl_evguc rZ]\i_j_^dh]^Zkfh]eZgZibkZlvgZ^hkd_Khfghc\k_\ ihjy^d_ G_dhlhjuf ex^yf k gbadhc kZfhhp_gdhc ljm^gh kdZaZlv Kh fghc \k_ \ ihjy^d_ Ohly gbdlh ba gZk g_ kh\_jr_g_g b iheghklvx g_ m^h\e_l\hj_g fgh]b_ ba gZk g_j_^dh qm\kl\mxl qlh m gbo \k_ \ ihjy^d_ AgZqbl ^Z`_ [_a ijyfhc jZ[hlu ih ihkljh_gbx hp_gdb Khnbyqm\kl\h\ZeZk_[yemqr_ JZ[hlZ Khnbb k h[jZaZfb hq_gv \Z`gZ ?_ h[jZa lmfZgZ k_jh]h [_a oZjZdl_jguo q_jl khklhygby baheypbb hq_gv fgh]h khh[sZ_lh ^_ij_kkbbEx^b\ khklhygbbih^Z\e_gghklbhq_gvqZklh ]h\hjylh[hsms_gbbq_]hlhk_jh]hG_h[oh^bfh[uehiha\heblv_c i_j_`blvqm\kl\hihl_jygghklbhaZ^Zq_gghklbb kljZoZg_[jhkZykv ijbwlhf__ kiZkZlv Ohly Khnby gbdh]^Z g_ ihiZ^ZeZ \ ehg^hgkdbc lmfZg dhlhjuc gZau\Zxl ]hjhoh\uf kmihf lh qlh hgZ hibkZeZ gZihfgbeh fg_ h \j_f_gb wZl_fg_gby \ ] dh]^Z y r_e q_j_a Ehg^hg b [ue Z[khexlgh ihl_jyg b bkim]Zg Wlhl hiul ^Ze fg_ ihgbfZgb_ __ qm\kl\ B ohly fu gZoh^bebkv \ mxlghc fZe_gvdhc dhfgZl_^eyg_ki_j_`b\Zgb_[uehlZdbf`_j_ZevgufdZd^eyf_gy fgh]he_llhfmgZaZ^Mqblu\ZyqlhhgZijhqm\kl\h\ZeZhiull_f [he__ ^jZfZlbqguf [ueh lh h[klhyl_evkl\h qlh hgZ kmf_eZ \bamZebabjh\Zlv khegp_ dhlhjh_ jZkk_b\Z_l lmfZg K khegp_f ijbreZ \_kgZ ² k p\_lZfb b ilbpZfb kh \k_f qlh [ueh aZl_fg_gh lmfZghf\ __wfhpbyo Ihy\e_gb_ fZl_jb \ h[jZaZo m^b\beh Khnbx hgZ [ueZ hkh[_ggh m^b\e_gZ hldjulb_f lh]h dZd kbevgh gm`^Z_lky \ k\h_c fZl_jb Wlh [ueh lZd dZd [m^lh \ulygm\ fZlv hgZ ijbagZeZ k\hx mya\bfhklvb `_eZgb_ihl_jylvqZklvk\h_cg_aZ\bkbfhklb< jZ[hl_k h[jZaZfb ^ey deb_glZ qZklh [u\Z_l ihe_agh qlh[u _]h dlhlh khijh\h`^Ze G_`_eZgb_ Khnbb ijhlygmlv jmdm \hafh`gh [ueh ihdZaZl_e_f __ g_aZ\bkbfhklb Z fh`_l [ulv g_o\Zldb ^h\_jby d ^jm]bfMf_gb_ijhlygmlvjmdmb ijbgylvihfhsv^jm]h]hq_eh\_dZ lj_[m_l[hevrh]h^h\_jbyg_lhevdhd ^jm]hfmq_eh\_dmghb dk_[_ Bgh]^Zwlhg_q_eh\_dfh`_l[ulv`b\hlgh_bebb]jmrdZ²lhqlh ^Z_ldhfnhjlb \dhfq_eh\_dgZoh^blkbem Khnby ^_ckl\bl_evgh m_oZeZ \ RlZlu b kmf_eZ kha^Zlv ^ey k_[ygh\mx`bagv GHJF:G=heh\hehfdZ Y GhjfZffg_^\Z^pZlv^_\ylvb \hlfhbjZkkdZah lhfqlh ijhbahreh kh fghc aZ ^_kylv f_kyp_\ dhgkmevlbjh\Zgby Y kem`m \
Zjfbb b \ lh \j_fy gZr_ ih^jZa^_e_gb_ [ueh jZaf_s_gh \ eyf_gywlh [ueh ihe_aguf ^_ehf ihlhfm qlh ihfh]ehjZkkhjlbjh\Zlv\ mf_hkgh\gu_ijh[e_fu Fhb jh^bl_eb jZa\_ebkv dh]^Z fg_ bkihegbehkv ljb ]h^Z Y `bek hlphfb ^h^\Z^pZlbh^gh]h]h^Zgb jZamg_\b^_ek\hxfZlv Fhchl_pkgh\Z`_gbekyfZlvlh`_kgh\Z\ureZaZfm`Y gbdh]^Zg_ eZ^be kh k\h_c fZq_ohc Fhy fZlv gbdh]^Z g_ jZkkdZau\ZeZ >w\b^m k\h_fm gh\hfm fm`m b k\h_c ^hq_jb Fwc qlh m g__ _klv kug ² y Dh]^Z y magZe h[ wlhf lh ihqm\kl\h\Ze k_[y aZiZkghc qZklvx lsZl_evghh[_j_]Z_fhclZcghcfh_cfZl_jbM hlpZk fZq_ohc[ueh _s_^\h_kugh\_cG_ceb Wg^jx Y gbdh]^Z g_ kqblZe k_[y aeuf q_eh\_dhf ihdZ gk gZqZe dhgkmevlbjh\Zgb_ K_cqZk wlh a\mqbl aZ[Z\gh ihlhfm qlh y mqZkl\h\Ze\hfgh]bo^jZdZoi_j_^l_fdZd\klmiblv\ Zjfbx=eZa]h [uelZdbf]hjh^hfqlhgZ^h[ueh[ulv`_kldbfqlh[u\u`blvb y [uehq_gv`_kldbf
Z wlh kljZgghQlhlhj_adhm^Zjbehf_gyKeh\ghyjhklguce_kghcih`Zj Yaudb ieZf_gb ihkl_i_ggh h[jZamxl keh\h g_gZ\bklv Fg_ g_ gjZ\blkywlhkeh\h
gZ\_jgydZ dm^Z ohqm ^h[jZlvky GZ h^ghf ba i_j\uo k_Zgkh\ y ]h\hjbe h k\h_c fZl_jb dh]^Z
?klv eb dZdZylhk\yavf_`^ml_fqlh\uqm\kl\m_l_ihhlghr_gbxd fZl_jb b l_fqlh\uqm\kl\m_l_ihhlghr_gbxd Djbk"Gmy g_ikboheh] gh\ lmfbgmlmdZd
ijh[blvky q_j_a gbo dZd wlh gZau\Z_l w\b^hfk ^jm]hcFg_[ue ]h^dh]^Zy kgh\Z\klj_lbekyk fZl_jvxb bgh]^Zy `_eZeqlh[u fu ihij_`g_fm [ueb ihjhagv H[_ klhjhgu klj_eyxl ^jm] \ ^jm]Z ba mdjulby Z y [ue aZ`Zl ih^ i_j_dj_klguf h]g_f KljZgguf h[jZahfy ijbgyegZk_[yfgh]b_ijh[e_fuk\hbojh^bl_e_c b [ue aZo\Zq_g bo kkhjZfb b ya\bl_evghklvx w\b^ ghjfZevguc hg keZ\guc fZeuc ² kdZaZe y dZdlh w\b^ aZ[jZefZlvm \Zkb m\Zr_]hhlpZY lh]^ZjZkk_j^bekygZw\b^Zihlhfmqlh_keby jZkk_j`mkv lhk^_eZxbebkdZ`mqlhgb[m^viehoh_ IjbagZ\ k\hb bklbggu_ qm\kl\Z ih ih\h^m >w\b^Z y kmf_e k\yaZlvwlhk moh^hfDjbkd gh\hfmiZjgxY k_j^bekylhevdhgZg__ LZd ihkl_i_ggh y ijbr_e d ijbgylbx lh]h qlh fhc ]g_\ ih hlghr_gbx d Djbk y\eyeky fh`_l [ulv l_f qlh y qm\kl\h\Ze ih hlghr_gbx d `_gsbgZf \hh[s_ Z hkh[_ggh ² ih hlghr_gbx d fZl_jb K wlbf [ue k\yaZg lhl nZdl qlh y qm\kl\h\Ze g_ fh]m ^h\_jylvbfgb h^ghcbagboFZlv[jhkbeZf_gyb Djbklh`_[ueb b ^jm]b_ey f_gy [ueh djmiguf ^hklb`_gb_f dh]^Zy kmf_e\ukdZaZlvqlhqm\kl\mxFgh]h\j_f_gby g_agZeqlh qm\kl\mx Y kh]eZkbeky k
\j_f_gb[ueZaZgylZl_fqlhhggZa\Zeg_]Zlb\guffure_gb_fHg gZmqbe f_gy dZd dhgljhebjh\Zlv _]h aZf_sZy ihablb\gufb fukeyfb Wlh ^_ckl\bl_evgh ihfh]eh Fgh]b_ ba fhbo g_]Zlb\guo fuke_c [ueb k\yaZgu k fZl_jvx lh qlh y lhevdh kfmlgh hkhagZ\Ze jZgvr_AZ[Z\ghohlyy bg_eZ^begb kh^gbfbafhbojh^bl_e_cgh g_ jZkkdZau\Ze bf h fh_c ihke_^g_c \uoh^d_ g_ ohl_e ihl_jylv bo m\Z`_gb_bebgZ\e_qvgZk_[ybohkm`^_gb_F_gywlh^_ckl\bl_evgh m^b\behmfZx y k^_j`b\Zeky ^h hdhgqZgby km^_[gh]h^_eZY ihemqbe]h^mkeh\gh
Z`_ wlh [uehagZqbl_evguf Z y [ue hlqZklb hl\_lkl\_g_g gh lZd `_ dZd b hgb Fu k Fwc qm\kl\h\Zeb k_[y `_jl\Zfb m`Zkgh]h aZ]h\hjZ aZ^mfZggh]h dZdbflh g_^h[jh`_eZl_e_f Jh^bl_eb kdZaZeb fg_ Lu k^_eZe wlh lhevdh ihlhfm qlh[u hlieZlblv gZf Ihke_ \lhjh]h Z[hjlZ fu h[Z agZeb qlh wlm ijh[e_fm gZf g_ j_rblv lZd qlh fu jZkklZebkv Y kgh\Zmr_e\ k_[yb ihklmibe\ Zjfbxqlh[um_oZlv ba =eZa]h b hl \k_o\hkihfbgZgbc Dh]^Z y jZkkdZaZe \k_ wlh \h_^_l_cdhlhjuofufh]ebbf_lvHy agZxwlh[ug_kjZ[hlZehghdh]^Zy ijh]h\Zjb\Zewlhk
y ^mfZeqlhwlhex[h\vghl_i_jvy ihgbfZxqlh[uehm`kebrdhf fgh]h]g_\ZgZimlbd ex[\bDh]^Zwlhlk_ZgkaZdhgqbekyy ^mfZeh lhfihq_fmfg_ihgZ^h[behkvlZdfgh]h\j_f_gbqlh[u]h\hjblvh[ wlhf \ZbebljbjZaZ hg]h\hjbeqlhlh\jh^_Y qm\kl\mx\gmljb\Zkqlhlhijhbkoh^bl b mf_gy\hagbdZ_l`_eZgb_\aylv\ZkgZjmdb Dh]^Zwlhkemqbehkv
^ebggucimlv
Kf kghkdm gZ klj ^ey dhff_glZjby h ijbdhkgh\_gbb \ l_jZi_\lbq_kdbohlghr_gbyo H^gZbaijbqbgihdhlhjhchlghr_gbylZdfgh]hagZqbeb^ey f_gy aZdexqZeZkv \ lhf qlh
hlklZeuo ex^yo qZklh ^he`gu aZsbsZlv deb_glh\ bkihevamy km^_[gu_ hj^_jZ b \ lh `_ \j_fy bf ke_^m_l mklZgZ\eb\Zlv b ih^^_j`b\Zlvhlghr_gbyaZ[hlu\hfgh]hflZdbf`_h[jZahfdZdy k GhjfZghf Bkke_^h\Z\ wlh k GhjfZghf fu mklZgh\beb ^he]b_ b ieh^hl\hjgu_hlghr_gby GhjfZgm`_kdZaZedZdg_e_]dh_fmijboh^behkvk qm\kl\Zfb Ex^b i_j_g_krb_ k_jv_agmx ljZ\fm hkh[_ggh \ jZgg_f \hajZkl_ qZklh bkiulu\Zxl ih^h[gh_ Bgl_ee_dlmZebaZpby g_j_^dh bkihevam_lky \ dZq_kl\_ aZsblu LZd [_ahiZkg__ H^gZdh fu g_ ^he`gu ij_abjZlv fure_gb_ Fukeb q_eh\_dZ kemqZ_lky ijb\h^yl gZkd _]hqm\kl\ZfAgZqblfugZqbgZ_flZf]^_gZoh^blkydeb_glZ gklZf]^_gZfohl_ehkv[uqlh[uhggZoh^bekyY ijbr_ed \u\h^m h[jZau²wlhihe_agZyk\yavf_`^mfure_gb_fb qm\kl\hf H[jZaubagZqZevghh[oh^ylfure_gb_b GhjfZg\hfgh]hfd _]hm^b\e_gbxhdZaZekykihkh[_gd jZ[hl_k h[jZaZfbg_dhlhju_ba dhlhjuo hg mihfygme QZklh m^Z_lky ihemqblv dexq d lhfm gZkdhevdh e_]dh deb_gl [m^_l bkihevah\Zlv h[jZau Lh qlh GhjfZg ^hklZlhqghjZgh]h\hjyh k\h_cfZl_jbmihlj_[be\ujZ`_gb_y [ue kd_e_lhf\ __rdZnm f]gh\_gghkha^Z_lh[jZalZdqlhy ih^mfZe qlhhg\hafh`gh[m^_lhq_gvohjhrhihevah\Zlvkywlbfkj_^kl\hf GZ q_l\_jlhf k_Zgk_ y ihijhkbe GhjfZgZ ij_^klZ\blv k_[_ gZ qlh ihoh`Z _]h `bagv Hg ij_^klZ\be k_[_ rlhjfh\h_ fhj_ k khegp_f ih^gbfZxsbfky gZ^ gbf b fZydhf gZ [_j_]m Hg bgl_jij_lbjh\Ze wlbh[jZaudZdkbf\hegZ^_`^u ?s_ h^bg h[jZa dhlhjuf fu ih^_ebebkv ² ebf[ GhjfZg [ue ghfbgZevguf dZlhebdhf lZd qlh dhgp_ipby ebf[Z [ueZ _fm ^hklZlhqgh agZdhfZ FZg_jZ \ dhlhjhc GhjfZg jZkkdZau\Ze h khklhygbb k\h_]h mfZ kh^_j`ZeZ g_qlh \ua\Z\r__ \ fh_f \hh[jZ`_gbb ebf[ GhjfZg bkiulZe wlh hl^_e_gb_ hl k_fvb gh lZd`_b hl^_e_gb_hlqZklbkZfh]hk_[yDh]^Zy \i_j\u_\klj_lbekyk GhjfZghf b ijhdhff_glbjh\Ze wlh \ fhbo aZf_ldZo lh [ue ihljyk_g _]h ]eZaZfb Wlh [ueb g_\_jhylgh i_qZevgu_ ]eZaZ ijb wlhf \ ]em[bg_ bo lZbeky ]em[hdbc kljZo ?keb [u GhjfZg i_j_`be ebf[ lh _]h ]eZaZ hljZabeb [u lh ba q_]h y ^h[ue lZdb_ k\_^_gby Ohlywlbfh[jZahffug_aZgbfZebkvghfh`gh[ueh[u :g]ebckdh_ \ujZ`_gb_ VNHOHWRQ LQ WKH FXSERDUG hagZqZ_l k_f_ggmx lZcgm lsZ l_evgh kdju\Z_fmx hl ^jm]bo ² Ijbf i_j_\h^qbdZ mih^h[blv iml_r_kl\b_ ;h`_kl\_gghc dhf_^bb >Zgl_ b ijhoh^mq_j_aEbf[:^Qbklbebs_Z aZl_fd JZx GZq_l\_jlhfk_Zgk_GhjfZgjZkkdZau\Zeh ebf[_dZdh [_ehc dhfgZl_k fgh`_kl\hfaZi_jluo^\_j_cgb h^bgbadexq_cdhlhju_ hg gZr_e g_ ih^oh^be Wlhl h[jZa ]h\hjbl h njmkljZpbb b
g_^hklZld_ dhgljhey h lhf qlh GhjfZg g_ bf__l hl\_lZ gZ \hegmxsb_ _]h \hijhku DhfgZlZ qZklh hebp_l\hjy_l [_kkhagZl_evgh_ beb g_qlh k ljm^hf ^hklmigh_ khagZl_evghfm jZamfm Nmgdpby dexqZ khklhbl \ lhf qlh[u eb[h aZibjZlv qlh[u k^_eZlv[_ahiZkgufkijylZlv eb[hhlibjZlvjZkdju\Zlvbeb^_eZlv \b^bfuf GZoh`^_gb_ dexqZ dhlhjuc [u ih^oh^be d ysbdm k khdjh\bs_f qZklh y\ey_lky oZjZdl_jghc q_jlhc fbnheh]bb b \her_[guokdZahd _\Z FZjby ² wlh <jZlZ G_[_k ?keb GhjfZg qm\kl\h\Ze qlh kZf gZoh^blky \ ebf[_ h[jZs_gb_d >_\_FZjbbfh]eh[ukem`blvdexqhfqlh[uhldjulv \hjhlZ b hk\h[h^blv _]h Fgh]b_ ex^b ^mfZxl h ebf[_ dZd h f_kl_ lvfu;_eh_gZ\h^blgZfukevh[hlkmlkl\bb\j_f_gbb \lh`_\j_fy hgh [he__ ihablb\gh q_f q_jgh_ [he__ h[gZ^_`b\Zxs_ Fh`gh lZd`_ \a]eygmlv gZ ebf[ dZd gZ khklhygb_ hleh`_ggh]h km`^_gby Fh`_l [ulv GhjfZg qm\kl\h\Ze k_[y hlqm`^_gguf hl jZkkdZaZ h k\hbo
]j_oZo aZkem`b\Zxsbf gZdZaZgby h^gZdh g_ iheghklvx \bgh\guf GZ g_dhlhjhf wlZi_ GhjfZg qm\kl\h\Ze k_[y wfhpbhgZevgh ih^Z\e_gguf < h[jZaZo hg \b^_e k_[y [jh^y]hc b^msbf ih^ ^h`^_fHg[uek\h[h^_gbh^gZdhg_[_ak\hboijh[e_fQm\kl\h dhlhjh_ fu h[km`^Zeb [ueh qm\kl\hf h^bghq_kl\Z b baheypbb g_ijbkihkh[e_gghklbhl\_j`_gghklbh[s_kl\hf H^gbfbaagZqbl_evguoihke_^kl\bcjZ[hluk GhjfZghf[ueb fhsgu_ qm\kl\Z dhlhju_ _]h [hjv[Z \uau\ZeZ \h fg_ Wlh [ueh y ^mfZx\Z`gh^eygZkh[hbo Wlhijh^he`Zehkvijbf_jgh\ l_q_gb_ r_klbk_Zgkh\dh]^ZfuagZebqlh_klvqZklb]heh\hehfdbdhlhju_ hg^he`_g^h[ulv?]h[hjv[ZklZeZfh_cDh]^ZGhjfZgg_[ue]hlh\ jZkdjulvky y g_ \ugm`^Ze _]h ^_eZlv wlh dZdbfeb[h h[jZahf Bf_ggh \ lh \j_fy y kdZaZe _fm h k\h_c ihlj_[ghklb \ujZablv _fm ex[h\vKeh\hex[h\vhghl\_j]b aZf_gbeih^^_j`dhc AZ ^\Z k_ZgkZ ^h wlh]h hg jZkkdZaZe h k\h_f bgp_kl_ Y aZdhgqbe fhb aZf_ldb lZd Y ^he`_g ijbgylv f_ju ij_^hklhjh`ghklb qlh[u g_ lhedZlv _]h hldju\Zlv qlheb[h ijhklh baaZfh_]hex[hiulkl\Z
fheqZgb_ dhlhjh_ ^Zeh _fm ijhkljZgkl\h b \j_fy ijh[blvky q_j_a h[klhyl_evkl\Z
ohl_e^hfhcIha`_\hae_ha_jZhg\klj_lbefgh`_kl\hex^_
Y kijhkbe _]h _klv eb m gbo qlh kdZaZlv _fm Hg kijhkbe f_jl\u_ebhgbHgbhl\_lbeb?keb[ulvf_jl\ufagZqblg_`blv lh fu f_jl\u ?]h bgl_jij_lZpby wlbo ^\mo hl^_evguo gh k\yaZgguo h[jZah\ [ueZ lZdh\Z _fm gm`gh gZclb j_[_gdZ \gmljb g_]hkZfh]hb ihaZ[hlblvkyh g_f
Ij_^ihke_^gbck_Zgkkhklhyekykimklyg_dhlhjh_\j_fyihke_ \lhjhc ]h^h\sbgukf_jlbG_ceZGhjfZgmdZaZehkv qlh wlh [Zjv_j dhlhjuc gZ^h ij_h^he_lv Ohly fu ]h\hjbeb h G_ce_ dZaZehkv qlh dh \j_f_gb dh]^Z fu aZ]h\hjbeb h[ wlhf [hevrZy qZklv ]g_\Z b h[b^uGhjfZgZ[ueZbkke_^h\ZgZBgl_j_kghqlhhgj_rbe]h\hjblv kgZqZeZh Fwcb lhevdhihlhf²h G_ce_Y ki_j\h]hk_ZgkZagZeh _]hly`_ehcmljZl_b ^h]Z^u\Zekyh ]em[bg__]hqm\kl\ghbgklbgdl ih^kdZau\Ze fg_ qlh[u y ij_^hklZ\be jZ[hlZlv GhjfZgm b wlh hdZaZehkv ijZ\bevguf Ij_`^_\j_f_ggh_ bkke_^h\Zgb_ fh]eh ih\_jgmlvoh^dhgkmevlbjh\Zgbykh\_jr_ggh\ ^jm]hfgZijZ\e_gbb GhjfZg jZkkdZau\Ze h[ hiul_ dhlhjuc klZe b dZlZjkbkhf b l_jZib_cM gZk[uei_j_ju\gZf_kyp²ijbf_jghgZiheimlbdh]^Z hg m_oZe \ hlimkd H^gZ`^u \_q_jhf kemrZy ieZklbgdm GhjfZg m\b^_e k_[y _^msbf ih :f_jbd_ gZ fhlhpbde_ DZd wlh qZklh kemqZ_lky \ ]j_aZo _]h iml_r_kl\b_ kf_rZehkv k jhdh\hc Z\Zjb_c G_ceZ GZoh^ykv \ [_ahiZkghklb \ k\h_c dhfgZl_ hg ieZdZe b kh ke_aZfb ijbreh bkp_e_gb_ Ij_^u^msbc k_Zgk f_kyp_f jZgvr_ ih^]hlh\be _]h d wlhfm G_ \k_ ijhbkoh^bl gZ k_Zgk_ dhgkmevlbjh\ZgbyH[wlhf\Z`ghfnZdl_ke_^m_lihfgblv GZ\lhjhfk_Zgk_GhjfZgaZ]h\hjbeh k\h_c\lhjhckmsghklb h k\h_f :evl_j Wlh dhlhjh_ fu j_rbeb gZau\Zlv Ghf_j bkdmkkby h Ghf_j_
qm\kl\Z gh lZd`_ b g_dhlhju_ ba _]h g_`guo qm\kl\ OZjZdl_jghc q_jlhc GhjfZgZ [ueh mf_gb_ ]em[hdh aZ^mfu\Zlvky gZ^ fhbfb dhff_glZjbyfb \ ^Zgghf kemqZ_ _fm ihgZ^h[behkv ^h\hevgh fgh]h \j_f_gbqlh[uhl\_lblvY ^mfZxhg\k_lZdbbkdj_gg_kh]eZkbeky Z gkijhklhmklmibeHgijbagZebklbgghklvfh_]haZf_qZgbyIhlhf GhjfZgk^_eZe]em[hdh_ml\_j`^_gb_ Ghf_j ey gZk h[hbo qZklh [ueh g_e_]dh kgh\Z ih^h[jZlv gblb ² dZd [m^lh dZ`^uc k_Zgk [ue i_j\uf Gh bf_ggh lZd ohl_e GhjfZg Ihke_^gbc k_Zgk ijb ^he]bo hlghr_gbyo j_^dh [u\Z_l e_]dbf GhjfZg i_j_`be lZd fgh]h ljZ\fbjmxsbo hdhgqZgbc hlghr_gbc Fh`_l [ulv lh qlh hdhgqZgb_ gZrbo hlghr_gbc [ueh aZieZgbjh\Zgguf dZdbflh h[jZahf ihfh]eh _fm ijh[blvkyq_j_ag_dhlhju_^jm]b_hlghr_gby , K:G>J: L Dhgvihbf_gbK\h[h^Z Y KZg^jZ jZ[hlZx k_dj_lZjr_c \ f_klghf ijZ\bl_evkl\_ IjbreZgZdhgkmevlbjh\Zgb_ihlhfmqlhg_fh]eZhijZ\blvkyihke_ jZa\h^ZIhke_jZa\h^Zy ijhreZikbohl_jZibx M f_gy h^bg kug Yg dhlhjuc ihke_ jZa\h^Z `b\_l kh fghc Fhc \jZq h[s_c ijZdlbdb hlijZ\be f_gy d
Y hl^ZeZ _fm hi_dm gh q_j_a r_klv f_kyp_\ hg kdZaZe qlh y fh]m\aylvYgZlZddZdhgg_fh`_lkZfkijZ\blvkyk moh^hfaZgbf K_cqZk y `b\m k ;_ghf q_jguf ZnjbdZgp_f b fu ^_ckl\bl_evgh ohjhrheZ^bfY qm\kl\mxk_[y^hfZ[_ahiZkghohlyfg_ijb?h^blky fbjblvkyk fgh]bfbij_^jZkkm^dZfbihih\h^mp\_lZ_]hdh`b Y ihk_lbeZ fhx [Z[mrdm gZ __ ^_\yghklhf ^g_ jh`^_gby b fhc^\hxjh^guc^_^[uelZfWlh[uei_j\ucjZadh]^Zy \b^_eZ_]h k l_oihjdZd\ujhkeZKlZjucm`Zk\_jgmekygh[he__lh]h ihy\behkvhl\jZs_gb_d kZfhck_[_Y agZeZqlh^he`gZ[ueZ qlhlhk^_eZlv
Z Bf_ggh lZd ;_ahiZkgh_ f_klh hdjm`_ggh_ [_lhghf _ckl\bl_evgh aZ[Z\gh dZd" G_ \b`m gbdZdhc ^hjh`dbbebq_]hgb[m^v\ wlhfjh^_GbdZdh]hlmgg_eyDZdy [m^m \u[bjZlvky" Y meh\be\ __]hehk_ghldmlj_\h]bZ __jmdbk`Zebkv ZlZfYgb ;_ghgb`^mlf_gy GZ\lhjhfk_Zgk_ Zghwlh]emihdh]^Zy keurmdZd\uwlh]h\hjbl_ L_i_jvaZ[Z\gh^_ckl\bl_evghaZ[Z\ghwlhkh\k_fg_yWlhdjZkgh_ y[ehdhH ;h`_GZg_f]jyagh_iylghb yagZxqlhhghb^_lijyfh \gmljvWlhygZkd\haviehoZy" Z\Zcl_ ihkfhljbf qlh fh`gh k^_eZlv qlh[u baf_gblv wlhl h[jZa
KZg^jZ Y ^_j`m _]h gh fg_ g_ ohq_lky wlh]h Fg_ wlh g_ gjZgblkyY ohqmhl[jhkblv_]hijhqvghgkfh]mhghijbde__ghdh fg_ Z kh fghc [_eucdhgvY eZkdZx_]hb ]h\hjx_fmdZdy _]hex[ex
Z wlh e_]dh JZ[hqZy eh\mrdZ ² dZidZg ^ey [hevrh]h`b\hlgh]h\ e_kmb yihcfZgZaZijZ\mxgh]mFg_hq_gv [hevgh ;_g iulZ_lky ihfhqv gh hg lh`_ ihcfZg ² \ ]jya_\mx eh\mrdmY ohqm\ulygmlv_]hghg_fh]mLZdqlhfuh[Zijbde__gu jm] ;_gZ ijboh^bl b ihke_ g_dhlhjhc [hjv[u \ulZkdb\Z_l ;_gZ ;_g iulZ_lky jZa`Zlv dZidZgZ Gh wlh ijbqbgy_l fg_lZdmx[hev
^Zcl_baf_gbekyebhg KZg^jZ >Z Hg hldjul kehfZg [_kihe_a_g
qm\kl\h\Ze qlh fg_ ke_^m_l ij_^hklZ\blv _c kihkh[ \uoh^Z Z gk ih\urZlv __ mjh\_gv lj_\h]b Y qm\kl\h\Ze ^ey h^gh]h ^gy _c ^hklZlhqghBawlh]hh]hjh`_ggh]hf_klZfh]eh[ulvfgh]h\uoh^h\ lmgg_ev ljhiZ __ fh] kiZklb \_jlhe_l
KZg^jZ kfh`_l ihqm\kl\h\Zlv k_[y \ ^hklZlhqghc [_ahiZkghklb qlh[u hlhj\Zlvky hl kh[kl\_gghc iZjZ^ghc ^\_jb b hl\Z`blvky rZ]gmlv\ [he__rbjhdh_ijhkljZgkl\hk\h_]h\gmlj_gg_]hfbjZ DjZkgh_ y[ehdh k iylghf hebp_l\hjy_l bkihjq_gguc ihl_gpbZe dZd [m^lh iehlv [ueZ ihfylZ Bah[jZ`_gb_ [ueh [u ^jm]bf _keb [u KZg^jZ gZ^dmkbeZ y[ehdh Z aZl_f h[gZjm`beZ gZijbf_j qlh qZklv _]h kt_e q_j\v LZd qlh \Z`gh hlf_lblv ohly KZg^jZ b \b^_eZ iylgh b^ms__ gZkd\hav hgh \k_lZdb reh kgZjm`b \h\gmljv b h[jZah\Zehkv ihke_ lh]h dZd ieh^ [ue knhjfbjh\Zg Dh]^Z h[jZa ih^Z_lky lZdbf h[jZahf y \k_]^Z ^mfZx qlh emqr_ ijh^he`ZlvjZajZ[Zlu\Zlvl_fmZ g_\klmiZlv\ ^bkdmkkbxKZg^jZ ijhgabl_evgh djbqZeZ h[ ml_r_gbb b y ihqm\kl\h\Ze qlh [he__ mf_klghbkihevah\Zlvh[jZauqlh[uihfhqvljZgknhjfbjh\Zlvh[jZa \ g_qlh[he__ijb_fe_fh_ ZggZy qZklv iml_r_kl\by beexkljbjm_lbgl_]jZpbxb ih]ehs_gb_iheh`bl_evgh]hBf__lagZ q_gb_b lhh[klhyl_evkl\hqlhijb\oh`^_gbbKZg^jugZem]hglh`_ [ueljZgknhjfbjh\Zg Ijbk\h_gb_ h[t_dlm bf_gb ² kihkh[ dhlhjuc qZklh ijbf_gy_lky \ kbf\hebaf_ \ ^Zgghf kemqZ_ wlh [ue dhgv K\h[h^Z Ljb agZqbfuo fm`qbgu \ __ `bagb mkljhbeb aZ]h\hj qlh[u ihf_rZlv _c ^h[blvky k\h[h^u ?_ hl_p k dhlhjuf m g__ k_cqZk ihqlbg_hklZehkvgbdZdbodhglZdlh\gZklhcqb\hmgb`Ze__ b\k_]^Z ]h\hjbeqlhhgZg_aZdhgghjh`^_ggZyK\yavk __^\hxjh^guf^_^hf
b fm`_f[ueZhq_\b^ghc H^gZbakms_kl\_gguooZjZdl_jguoq_jljZ[hluk h[jZaZfbZ gZ kZfhf ^_e_ b \k_]h dhgkmevlbjh\Zgby ² ih[m`^_gb_ deb_glZ [ulv hkh[_gguf Ih^ fhbf ^Z\e_gb_f y ih[m`^Ze KZg^jm [ulv hkh[_gghc \ kblmZpbb k eh\mrdZfb hgZ hlukdZeZ dexqb d kh[kl\_gghfmkiZk_gbx I_j\Zy eh\mrdZ fh]eZ hebp_l\hjylv jhl ² q_exklbb am[uBf_gghlhqlh]h\hjbebex^bkha^Zehwlmeh\mrdm DZidZg ^ey `b\hlguo lZdhc dhlhjuc hgZ \bamZebabjh\ZeZ m`Zk_g yaudlZd`_m`Zk_gHgZ[ueZihcfZgZaZijZ\mxgh]mijZ\ZyklhjhgZ fh]eZ hebp_l\hjylv __ eh]bq_kdb_ kihkh[ghklb ;_g m\yaZe \ ]jyab =jyav ² wlh eh\mrdZ kh\_jr_ggh bgh]h khjlZ ba dhlhjhc hq_gv ljm^gh \u[jZlvky < dZdhflh kfuke_ ]jya_\Zy eh\mrdZ ih k\h_c ijbjh^_ [he__ iZkkb\gZ b h^gZdh [he__ im]ZxsZy ;_g gm`^Zeky \ ihfhsb ^jm]Z dh]hlh dlh gZoh^beky \g_ kblmZpbb AgZqbl KZg^jZ fh]eZ\u[jZlvkybaeh\mrdbkh[kl\_gghcjZ[hlulhevdhk ihfhsvx ;_gZijb_]hkh]eZkbbb khljm^gbq_kl\_?_klZevgZydmihehh[jZagZy eh\mrdZkbf\hebabjm_lkljZo?klvjZagbpZf_`^mwlhceh\mrdhcb ilbqv_cde_ldhc i_j\Zyg_\imkdZ_lex^_cilbqvyde_ldZg_\uimkdZ_lilbpm Fuk KZg^jhch[km^bebwlhh[klhyl_evkl\hohlyih\b^bfhfmhgh lhevdhhlqZklbih^oh^behd hkh[hckblmZpbbKZg^ju >@?DIhqbgdZj_a_j\mZjZ Y >`_dkljhbl_evgucih^jy^qbdfg_^\Z^pZlv\hk_fve_lY \ex[beky\ >`_kkb hgZhq_gvkdhjhaZ[_j_f_g_eZY [ue\a\hegh\Zg b ^mfZe qlh hgZ ohq_l lh]h `_ qlh b y ih`_gblvky mkljhblvky bf_lvk_fvxGbq_]hg_kdZaZ\>`_kkk^_eZeZZ[hjlb khh[sbeZfg_ h[ wlhf lhevdh dh]^Z \k_ [ueh dhgq_gh GZ i_j\hf k_Zgk_ k `_kkY g_fgh]hagZxh dhgkmevlbjh\Zgbbk lh]h\j_f_gbdh]^Z[uekZfZjblygbghf Y ^mfZxjZaju\gZrbohlghr_gbcg_h[jZlbf>`_kkj_rbeZ q_j_a ljb f_kypZ m_oZlv \ :\kljZebx gZ p_euc ]h^ Y ^he`_g [ue dZdbflhh[jZahfihiulZlvkykh[jZlvdmkdbkh[kl\_gghc`bagbghy [hxkv qlh wlh \klZg_l gZ imlb fhbo \aZbfhhlghr_gbc k ^jm]bfb ex^vfb GZ\lhjhfk_Zgk_ >`_d Qlh fg_ ^_eZlv k wlhc [hevx" <j_f_gZfb hgZ ihqlb ^mrblf_gy `_dZ\ khklhygb_j_eZdkZpbbgZi_j\hfk_Zgk_b hg \hkihevah\Zekyh^ghcbafhboaZibk_cj_eZdkZpbb >`_d l_i_jv \u ohjhrh jZkkeZ[e_gu Ij_^klZ\vl_ k_[_ dZd
gha^mo\oh^bl\ \Zrbgha^jbb gZ[ex^Zcl_dZdhg\uoh^blbagbo Ih^^_j`b\Zcl_ wlhl jblf L_i_jv gZ[ex^Zcl_ aZ \ha^mohf dZd hg \oh^blb gZqbgZ_lkimkdZlvky\gba\ e_]db_Ij_^klZ\vl_k_[_ dh]^Z hg ^hoh^bl lm^Z hg ijbghkbl ihdhc hfu\Zy ldZgb L_i_jv gZ[ex^Zcl_ aZ gbf dZd hg ^\b`_lky hl e_]dbo d k_j^pm Ij_^klZ\v]_k_[_qlh\ukfhljbl_gZk_j^p_bagmljbQlh\u\b^bl_" >`_d KiehrgZyl_fghlZY g_\b`mgbdZdboe_]dboDZdb_lh q_jgu_ hq_jlZgby gZ kl_g_ ^he`gh [ulv wlh fh_ k_j^p_ gh hgh ^_j`blkylZfdZd^hkdZ `_d Hgh fy]dh_ \eZ`gh_ b l_ieh_ `_d KljZgghghdZ`_lkyqlhhghohq_lqlh lhkdZaZlv`_d Y ^_eZxwlhb yih]eZ^be_]hhghf_gy_lkyQ_jgucp\_l f_^e_ggh f_gy_lky gZ k_juc Ihoh`_ k_j^p_ klj_fblky baf_gblv p\_l `_d >Z ^_ckl\bl_evgh K\_l ijboh^bl ba \g_rg_]h ijhkljZgkl\Z agZ_l_ qlhlh \jh^_ emqZ eZa_jZ gZijZ\e_ggh]h d p_gljm k_j^pZ b k\_l jZkijhkljZgy_lky hl p_gljZ H wlh qm^_kgh Fg_kgh\Zohq_lkyieZdZlvghf_gywlhg_[_kihdhbl Y ^_ckl\bl_evgh ohjhrh qm\kl\h\Ze k_[y d dhgpm wlh]h k_ZgkZ ² hq_gv jZkkeZ[e_gguf b dZdbflh qbkluf Fu ]h\hjbeb h lhfdZdbfmya\bfufy k_[yhsmsZeb ^_j`Ze\k_oaZkl_gZfbaZfdZ LZd hgh b [ueh