ARSTUVUWXYZ >S[TUUVWV\XYSZ
JYVXWZ]WZ >S[TUUVWV\XYSZ
JYVXWZ]WZ B >S[TUUVW^SRVRZ
_U XYZ UV^R`UWaYWbYZ
TUc[W^^YVW
dRV^UWXW_Uc eUZaUc >S[XXWc [f\f JYVXWZ]WZ B >S[TUUVW^SRVR
BAg> HhIQHiQjFjhQj
MRTTY[RX PW[_UkUWZS ?\ d\`lX^\Vl DHHI
KXWkRaY
ABAmLLnALoKCCKL?
NUc[W^^YVWZ VR^W_SWVVY BB
?kYccU_UTUc[W^^YVW DG
>S[TUVX^SVUZ W JYVXWZ]pS[Xf ARSTUVUWXYVVY SXUXcSVVY `RSXWZU DEFGQDEGG
cRVVYYc SkkWVUUc qG
JYVXWZ]WZ ARSTUVUWZYZ OV^YWXSkWXcSf PSRVRRZ `RSXWZU DEGDQDEEF
ScYcRc SkkWVUUc qH
?kkWVUXTUc[W^^YVW hG
OU^^SXYVVWZYZ SkkWVUXaU^YTWXcS FqG
L\aYZcYWcl Gij
CR^W_Uc GiH
KABroJK
JYVXWZ^WQc[WVS]WUXXUUZ ^SRVR^URkRZ^WTTY ^UX`RXcU _U XRSTUVUWXYZ XW`WXc\ZYWXcsZ ZSRXRXcU NW^U tUVcU[W ^Y[cSS \VWSkkWVUXaRSZYYZ [U^YZcU_WXcUu _SWVVY TYXcU[W YXWccW ^Y[l\XVWXcUZf AYZUUccW SVW ZlYc kllcclZ\c VSkYccUU >S[TUUVW^SRVRZ \acY\bYXXl ^S^YY^XW `RSbYZ U_UZ cSWTWZYYZ XRSTUVUWXYZ SXUXcSZu _U Z\c cU[`WccWWZ cR^YU XRSTUVUWXYZ SXUXQ cSZ _Uc^UTWXY^XW \^XWc\WXWZ `U[SWZf vKW^l clTl ^SRVR SVVRc `UWZ Xllc\VlWXcYZu kUkkWYZ _U `W[^UTWYXcYZ _U `U[U^^UWbYZ kS[`U[WYZ kSW^WU `U[cYZu `UUZ XUZSTWWZ SVW kUWZYccR ZWWQ bYZ SkkWVUWbYZ VRYccYVSu _SWVcU SkWZ cWY Ra^UXW XYZUUcWZ kllcs^XYXcl ^llZc\l k\Xc\\Zu _U aYWXcl SVW ^Y[[UXXUUZ ^SVTY _RR[W TRR[UU_WYZ kSW^WU _U Y[llZ WXl SVW `UWZ aUVkU cWTkY[Q TUZZWfv
PY[l\X SZZWXcRW Y[WZSTUWXYXcWf PURkkUZYR`SX OZccW OaVXc[sT VlaYccW rS[WXcU Difiii TU[^^UUu cS[kkU[W JYW^^WVlZ kSW^U PUVVY Ih kYZZWlf >S[XXWZ aWXcS[WU SZ^WZ `U[aUWXWVcU `RSXWVcUUZ cUWXcYVRU XRSTYZ^WYVWXYZ XW`WXc\^XYZ kRSVYXcU XY^l XW`WXc\^XYZ bYTS^[UcWQ
XSWTWXY^XWf
>S[XXWZ UV^RZU `SWbUUZ kWcll [RScXWZ^WYVWXYZ JYVXWZ]WZ >S[TUUVW^SRVRZ XRSTUVUWXcU SXUXcSUf A\^X\VVl DEFG UVSWccW`Uc clTlZ SXUXcSZ YZXWTTlWXYYZ VRS^^UUZ ^W[_SWccURcRQ ZYYc ZYV_lcSWXcU kSW^UU ^SRVRcWYZXl VRS^^USkYccU_UZXU TUWXcY[W PUU[VS dSaUZ gVSTQ XcYbcWZ _SabSVVUf PSRVRZ `RSXW^Y[cSTR^XYYZ SZ aYWXcl YZXWTTlWXY^XW ScYccR JW[`YZQ
XUVTYVVU IGfhfDEhh X\Zc\Z\c Af NUZZWZYZu _SXcU cRVW kUkkW _U [S`UXcWf ?XUXcS Tll[lccWWZ ^WYVWkSVWWccWXWXcU X\WXcl `RSZZU DEGD VU^^URcYccU`U^XW UVaUUVcU klWZ VRS^^U VRS^UVcUf AYZ cWVUVVY XUUcWWZ ^RWcYZ^WZ tUVcU[WZ cU[^SWccUTU \^XWc\WZYZ JYVXWZ]WZ ARSTUVUWZYZ OV^YWXSkWXcSu _S^U SVW VU^^URcYccU`UZ XRSTYZ^WYVWXYZ SXUXcSZ XRS[UZUWQ ZYZ _Uc^Sf A\^X\VVl DEGE OV^YWXSkWXcSVVY `UVTWXcRW STU ^SRVRcUVS @UcU^UcR ^UacYYZf JlTYYZVWZZUUZ SVW `RSZZU DEGj kY[RXcYccR XRSTYZ^WYVWZYZ ZS[TUUVWV\XYSf ClTl ^SRVR TRRcYccWWZ `RSZZU DEEG cU`UVVWXY^XW V\XYS^XWf JYVXWZ]WZ ARSTUVUWZYZ OV^YWXQ SkWXcS VRZUXcYccWWZ `UVcWSVVYf AWWcl cYacWWZ ZS[TUUVW^SRVRu JYVXWZ]WZ ARSTUVUWZYZ >S[Q TUUVWV\XYYu _SZZY SkYccU_UWZ`UVTWXcRX kUVURcRW JlTYYZVWZZUXcUf PSRVRVVY `UVTWXcRW `RSZZU DHih RRXW cUVS @UcU^UcR ZYV_llZf PSRVRZ ZWTYl SZ XWccYTTWZ TRRcYccR RXYUUZ SccYYXYYZf >S[XXWZ SkkWVUWVVU SVW YcRSW^YRX _U `YV`SVVWXRRX YZXWTTlWXWZl JYVXWZ]WXXl XRSTYZ^WYQ VWXYZ SkkW^SRVRXW`WXc\^XYZ XUUZYWZU SVVU YcR[W`WXXl [U^YZcUTUXXU WcXYZlWXYZ ^UZXU^RZQ
ZUZ cRVY`UWXRRccUf rU[UZcR`U ^UZXUVUWXXSkR VWY`WccW `laWcYVVYZ `RSbYZ DHDE cUkUacRQ TWYZ TRWXcS_Uf eU[XWZ^WZ DHjiQVR`RZ VSkkR`RSXWZU UV^SW XRSTUVUWXWVVU SVVU c\scl _U
cSWTYYZcRVSU XY^l VRSccUTRXcU STUUZ _U ^UZXUZ cRVY`UWXRRcYYZf PUX`U`U WcXYVRSccUQ
TR^XYZ XY^l STUZ U[`SZ cRZZY `l[YWVYY XWWZl [WYTR_RaVUXXUu _S^U JYVXWZ]WZ ARSTUQ
VUWXYZ >S[TUUVWV\XYSZ ^RZZWU^XW _l[_YXcYccWWZ `RSZZU DHjGf
>RS[W ^UZXU^RZcU aUVRXW SVVU VR_U _U YabScSZu ZWWZ ZS[XXWc^WZf NW^U tUVcU[WZ c[WVSQ
]WUZ XUZ^U[W CSW`S U_UccYVYYw xBcXYllZ ^SacUUZ alZ cUacSW SVVU [URbUZVR_U _U YabSccSQ
TUZ UZ^U[Uu TRccU TRWcU ^SacUUZ VYTkYl _U XR`UWcXY`UWZYZfv ClTlZ YVlTlZUXYZcYYZ _\ValZ XUZ^U[WVVWZYZ _U XUTUVVU c[UU]WZYZ UkScYSSXW SVW cUV`WQ XScUf eRSXWYZ DHjHQDHqh cUWXcYVR^YZcWVVY _llZYWbYZ VlaYX jii ZS[XXWZ ZWTYc S`Uc TU[Q TS[WcURVRWXXU ^SRVRTTY _RaVUXUVWXXUf r[S kUc[WU TS[cYT SyyRzRY[RZcf CSWXYZ TUUWVTUZXSbUZ kllc\cc\l XWW[[\ccWWZ T\sX YZXWTTlWXYXcl cUXU`UVVUXcU cSWQ XYYZu XWW[[\ccWWZ UV^R`RSXW^\TTYZcYZ kRRccYYXcU _Uc^R`UXcW ^UX`U`UUZ UWZYYVVWXYYZ a\`WZ`SWZcWWZf PRVR`UVVU `RSXW^\TTYZYVVl TU^XUTTY _lV^W^lcYYZ ^UZXUWZ`lVWXYXcW^WZ `Y[[UcYZ aRWTUU cUVSRbYVVWXcU ^UX`RU DHEiQVR`RVVUf ARSTW SZ VWWcc\Z\c VR^RWXWWZ ^UZXUWZ`lVWXWWZ kSVWWccWXWWZ _U cUVSRbYVVWXWWZ XSkWTR^XWWZf n[Wc\^XYc S`Uc \VWcclZYYc `UVcWSVVWXYc [U_Uc _U WZcY][SWcR`Uc ^UZXUWZ`lVWXYYZ ^URkkUUZf PSVTUccU^\TTYZclcRaUccU XRSTUVUWXcU SZ kUV`YVVRc nPwZ [URaUZcR[`U_SR^SWXXUu XRSQ TUVUWXYc S`Uc SVVYYc VR^RWXUXcW YbRXcYccRWZU nPwZ ^S[^YWTTUXXU _SabSXXU _U XRSTUVUWQ XYc WXlZZsW`lc U_UZ TWccUUZ TUUWVTUZkSVWWccWXYYZ ^YaWc\^XYYZ X\`lXcW `UW^RccUZYYZ KCnPwWZf DHIiQ _U DHjiQVR`RWVVU ZRS[W lV\T\Xcs aUVRXW U`UcU W^^RZUc KR[SSkkUUZf Clcl Z\^\l DuI TWV_SSZUU XRSTUVUWXcU VYZcll _S^U `RSXW cR[WXcWVYZZSWVVU RV^STUWVVYf n[_s gVSTXcYbc SZ cUXU`UVcUTTY YZXWTTlWXYZ k[YXWbYZcWZ Pfdf Ac{aVzY[]WZ `UVcWSQ TWYXYVlTl^Y[[UXXU ^Y[cSZRc ^R`UccU`UZXU _U ^UZXU^RZZUZ kSVWWccWXYXcU ^\kX\TWXYXQ cl `UkUUTWYVWXY^XWu ^UZXUZ`UVcUWXY^XW _U YbWXc\^XYVVWXY^XW VUWZ kSa_UVcUf NUccW PVWZ]Y `RS[SXcUUZ ^R[^SccUU ^URUX \VW KR[SSkkUQaRTRZ KR[SSkUZ ^RVccRR[W\acY\cYYZ ^W[_UXQ XUUZ v@STUZRX XRTvf NUUWVTUZ \acYWXYc SZ]YVTUc _U cU`SWccYYc XY^l TUUWVTUZcUkUacRTWXcU ZSkYUXcW ^Y[Q cS`Uc _SR^^ScWYbScRX`lVWZYYc XWcS`Uc TUUWVTUZ ^UZXUc ^SacUVSZ\acY\cYYZu TWZ^l XRSQ TUVUWXYc^WZ kY[WpY[WUXXUUZ UV^U`Uc cRZcYU _U cRZZRXcUUf >\^\ZS[XXWc VYW[W^SRVRWZYYZ _U TRWZY U_UZ^SacUWXWZY aU[[UXcR^XWZYYZ YVl`lc Z\^\U_UXXUf PSRVRTTY DIiQ`RScWX_RaVUXXU SVW UWaYYZU ARSTW WcXYZlWXYZl `UVcWSZU TRWbYZ `UVQ cWSWbYZ _SR^SXXUf dS^UWZYZ VRS^^U YVl\c\W Zl\cYVVYZ _U Zl\ccYV\WZ cRSTUUZ `UVWcXYTUZXU TUUZ cY[`YWXYc ^SRVRVVYYZ _U XUTUVVU GiQ`RScWUUVVY ARSTYVVYf OzWcR[U CUZ_U LWZZU`UVQ VWZ kRaY >S[XXWZ klW`WVVl DHHi ^lXWccYVW ZRS[cU WaTWXcl _U ^UZXUWZ`lVWX\\cclf AY SVW U`SWTRRbYXXUUZ _U SkcWTWXTWXXUUZ [Sa^UWXY`UU ^RRVcU`UU `UZaYTTWVVY W^lVRS^WVVYu _SWVVU YW ZRS[RRbYXXUUZ SVVRc XUTUZVUWXWU TUabSVVWXRR^XWU YW^l SW^YUXcUUZ XUTUU cU`SWccYYVVWXRRccU^UUZ ^UZXUWZ`lVWXc\TWXYYZf >S[XXW TRRccRW \acYWX^SRVR^XW ^SRVRcR^XYVVWXYZ cUXUQU[`SZ ZWTWXXl XWW[[\cclYXXl kYQ [RX^SRVR_l[_YXcYVTllZf OXYcR^XYVVU hHH|GI TRRcYccWWZ XUVU`WWXW `RSccU kSW^U^SRVRZU cSWTWZRc >S[XXW \acYWXV\XYS^XWf KZXWTTlWXWVVY VRS^WVVY ScYccWWZ XY^l kSW^UQ Yccl c\ccsSkQ kWVUWcUf eRSbYXcU DHGq UV^UYZ cSWTWW XRacYYVVWXYZ WcXYZlWXYXXl UXYTUXXU SVVRc >S[XXW JYVXWZ]WZ \VWSkWXcSZ SkYccU_UZ^SRVRcRX\^XW^sZ aU[_SWccYVR^SRVRZUu _SaSZ ^RRVR`Uc kYQ [RX^SRVRZ \VlUXcY _U VR^WSf nVlUXcYYZ GQH VRS^Uc S`Uc ZYVWVRS^^UXU[_UWXWUu VR^WS SZ ^SVQ TWVRS^^UXU[_UWZYZf
PUW^^W clTl aWV_YZcll aYc^Y^XW kSW^U^SRVRU ^l\ZYYZ `UZaUZ ZS[XXWZu TRccU `laWcYVQ VYZ alZ UV^UU SW`UVcUU TWVVUWXWU YcR_U TRRcSX `SW cRSbU TR^UZUUZ ZWTYZ TRRccUTWXQ cU ^RWcYZ^UUZ a\`l^X\Tlcclf
NSZYc cRcRc cU`Uc _U c\sTRSbSc _Uc^R`Uc B >S[TUUVW^SRVRXXU^WZu cWYcYZ^WZ XWXlVVsVVWQ XYXcW RRbWXcR`WZUf NUUTTY `UZaWZ XRSTYZ^WYVWZYZ ^SRVRVUWXVYacW eYW^^S }kY[RXcYccR
DEGD~ kWVVY[YWZYYZ SZ YbYVVYYZ `SWTWXXUUZ WVTYXc\YZ XkSZXS[WVRS^^WYZ UZXWSXcU RkYUZU kUWZScRSccYYZUf PSZ`YZccW }DEEF~ SZ XS`WccURcRZRc Z\^\UW^UUZf CRTU[Wc }DEGE~ _RTkQ kUU`Ucu PWkWZl }DEHF~ _U LRSZcSQXYR[U }DHDj~ cSWTW`Ucf >S[XXWVVU SZ STU VWkkR `RSbYVQ cU DEEFu _U CUZYVW PRRXWXcS SZ Xl`YVclZ\c >S[XXWZ TU[XXWZf AUZUVVWXYXcU _U cWYbSVVWXYXcU YcY`lTT\\bYXcl ^WV`SWcYVcWWZ >S[XXWZ XU[`W Q^WVkUWVRXXUf O_UVVWXYXcW `UZaWTkUZU `SWccU_UZU SZ cUVVYVVU SVY`UUZ XU[`YYZ ^UW`Y[[YccR ZWTW eWaY[Q aYWTS _U `RSXWVR^R DHDqf >\^\WXWZ ^WVkUWVVUUZ ^RWcYZ^WZ `lWccYV\XXlf dUVTU[W WZZY UVSWccW `RSZZU DHIh >S[XXW^YkkWYZ _U^YVRZf JYVXWZ]WZ XRR[kSTTWcR^Q XYXXU cRaSRcRW SXU >S[XXWWZ STWXcU_UZ ^RSVYTUZ _lV^YYZ kUVURcYcRWXcU ^YkYWXclu _U >S[XXW^YkWZ c[UbWcWS aWWkRW aWV_UVVYYZf AYZ XW_UUZ `Wa[YlVVl >S[XXWZ cU^WVVU TUVVWU DHjh XY^l >S[XXWZ VU^WVVU cRZcRR SVY`UZ ^\X\Zcllf >S[XXWZ klW`ll SZ `WYcYcc\ `UWacYVY`WZ TRSbSWZ _U Sa_YVTWZ cSR^S^RRZ UV^R`WW^^SWQ
ZUf AUTUVVU SZ `RSbYXcU DHFG VlacWYZ _RV^WXcYccR `RSbYZ ZS[XXWZ `UVWZcUf >S[XXWZ klWQ
`lZl ^SacUU`Uc ^SRVR SkYccU_WZYYZ _U SkkWVUWZYYZ XY^l `UZaUc ZS[XXWcu ZWWZ^RWZ SaYWQ
ZYZ >S[XXWZ klW`lZ Sa_YVTU DifhfDHHD TSccSZUUZ x>S[XXWc SXUU`Uc SXSWccUU¡
PUW^^W \abYXXl¢
iEfDh CY[`Yab\Xu [YacS[W dRXXW LRR^^S dRaVUXUVW
iEfDF rlW`lZU`URXu kUXcS[W NUccW N\VV\^SX^W dRaVUXUVW
iEfIh eRSbYZ ZS[XXWZ _RV^WXcUTWZYZ dRaVUXUVW
iEfqi ?SkkY[UQUXWUUu UVW`UVcWSXWacYY[W OU[ZS PU[aWVS dRaVUXUVW
iEfqh LWW^RZcUYXWc\X dRaVUXUVW
eUVWcXY ZlWXcl¢
iEfhh ?kkWVUWbYZ `WbYSWcUu xKVlTlv B^ jDH
iEfhh JWXcS[WUU ZR^^YcYUccY[WZ ^YWZSWZ V^ jiE
iEfhh eUWacSQSkkWVUUZU dUkUZWXXU V^ qDj
iHfDh PS^YTR^XWU KYXcWXclu k[Spf K[^^W eSWkWS dRaVUXUVW
iHfjh LWW^RZcUZl\csX }`SWTWXcYVRu X£RUXau bSZ^^URX~ rW^^RXUVW
iHfjh JWXcS[WUU ZR^^YcYUccY[WZ ^YWZSWZ V^ jiE
iHfjh eUWacSQSkkWVUUZU oAOwXXU
iHfqh ?kkWVUWbYZ `WbYSWcUu xPSRVRv
qDj
jDH
iHfhi PS^YTR^XWU RV^STUUZ ^WYVW^R[XXWVcU V^ qDj
Difii LWW^RZcUZl\csX }XRV^UkUVVSu zRbSVU_Wc~ BXS XUVW
Difih eUWacSQSkkWVUUZU oRbYXXU AYYVUZZWXXU V^ qDj
DifDhQ @RS^UWVR STUUZ cUacWWZu TY^XW^SVUWXcU
DDfii VWaUkUcUU cU[_SVVU `UZaSWVVY _U Z\^\WXWVVY @RS^UVU ZS[XXYWVVY
Difqh rYXlkUVVSU ?kYccU_UcQC\csc
PYZccl
DDfqh dUV^UkUVVSU eUZaUc >S[XXWcQ>\^\ZS[XXWc PYZccl
ARSTUVUWXYVVU PVRzWVVU
DEfji eRSXW^S^SRX
DHfii LRS^^U^S^SR^XYc _U WVVUVVWZYZ
eRSZZU DHqG kllcYccWWZ _l[_YXcll `UZaS_YZ ZS[XXWYZ cSWTWZcU XllZZsVVWXWWZ TRScSWaWZ _U TRSbSXcYccWWZ eUZaS_YZ >S[XXWYZ aUVVWcRX kRaYYZ_SacU_UZU dRXXW LUkkWQAYkklVlu `UQ [UkRaYYZ_SacU_UZU KY[S @sZ^l _U XWacYY[WZl dRXXW Nl^WZYZf nabWXc\X SZ lX^YcclWZ [Y^WXcY[sWc\f >S[XXW _U @YXXR S`Uc SVVYYc cSWXcYZXU ^WVkU^RTkkUZYWcU _U ^W[Wccl_Wlf PRZ ^SRVRcRXQ _l[_YXcYVTl SZ TRRccRZRc _U \VWSkkWVUXcRc^WZZSZ XRS[WccUZYWbYZ VR^RTll[l [U_RXcW ^UXQ `UZRc DHiiQVR`RVVUu >S[XXWVVU _U @YXXRVVU YW cWYcYZ^llZ `SW SVVU XUTUU XRacYYVVWXcU TY[Q ^Wc\Xcl ^RWZ `RSXWXUbUZ UVRZ `RSXW^\TTYZWZlf PSRVR_YZ `lVWXYZ XSRcR^WVkUWVRZ cRVS^Q
XYc SXSWccU`Ucu Yccl >S[XXW SZ cS^W ^WVkUWVW_UZU^WZ `SWTWXXUUZf ?Z aYVkkSU ^UW`UcU cRVY`UWXRRccUu _S^U SVWXW YZcWXYZ ^UVcUWZYZf eUZaU TUUXYRcRu YVWZ`SWTUWXYc ^URkRZ]Wcu cRVY`UWXRRX YZcWXYZ kSa_UVcU RRbWXcRZYYZUu ^UX`RZ _U ^YaWc\^Q XYZ cRZcRUu ^UW^^YU TUUVVWXcU a\`ll \al `UWZ YZYTTlZf
NRccU aUVRU`Uc^S ZRS[Yc WaTWXYc YVll clVVUWXYXXU TUUWVTUXXUu SVVU \acYWX^RZZUXXU ^SRVRcYccU`WUu c\sVVWXcYccl`Wlu UXRcYccU`WU¤ eSW SVVUu Yccl aY aUVRU`Uc^WZ TRRccUU ^RVRQ cRX_RaVUZ U[`S_RaVU^XW _U VRSbU STUZ XSVWbUU[WXYTTUZ TUUWVTUZXU ZWWZ ^RWZ _S^UWQ
ZYZ XR^RkSV`W clalZ^WZ XUU^^Uf NWcYZ >S[XXW ^SRVRZU `SWXW cScYRccUU clTlZ ^W[_UZ TSccSU ZSZ XyaSVUY XYb `WcUY bWXyWTRX¤ Ka^lkl cU[_SUTUVVU U_UcRXTUVVY_U TUUWVTUZ TWYVclTWXY^XW _U TUUWVTUZ^UcQ
XSTR^XYZ VRSTWXY^XW¡ U`UUTUVVU S`WU WcXYZlWXYYZ _U STUkY[lWXYYZ c\sX^YZcYV\\Z¡ [SaQ ^UWXYTUVVU SkkWVUWcU cRZcYTUUZ WcXYZXlu ^YaWcclTllZ WcXYllZ _U ^l\cclTllZ TUabSVVWQ XRR^XWU WcXYZXl cScYRccUTWXYYZ STWU [U_S_U ^S^YWVYTUVVUf NUccW ¥UXc[YZ ^W[_SWccUUu Yccl SkYccU_Uc Zl^Y`lc cYacl`l^XYYZ SkYccUU _U ^UX`UccUU SkkWVUWXcUUZ T\sZcYWXWlu STUVYWQ TUWXWU WaTWXkY[XSSZUVVWXRR^XWU _U XRSTUVUWXYZ \acYWX^RZZUZ _lXYZWlf >S[XXWZ aYZQ ^YYZ _U kY[WZcYWXWWZ SZ T\sX ^RRVRZRc `SWTU^UX WcXYZlWX\\XcUacSf >S[XXWZ DDD TUc[W^^YVW cSWTWcYcUUZ ^SRVRZ _U eUZaUc >S[XXWc [\¡Z \acYWX`SWTWZf CSW`SccU`UXcW ^UccU`UU UWZYWXcSU ^l\cYcllZ T\saYTTWZ a\`l^XW ^URkRZ^WTTY _U TUUTTY aWXcS[WUU ^W[_SWcYccUYXXUf DIhQ`RScWX_RaVUZ _lV^YYZ SVWXW UWaYccU ^Y[lcl `SWTWU aWXcS[WUZ ^W[_SWccUTWXYYZ ^SRVRTTY UUcYTUUWVTUXcUu c[UbWcWSWXcUu TRWXcSWXXUTTY VYQ ]YZbSWZU YVl`WXcl SkYccU_WXcUu ZUX^UVYWXcUu SkkWVUWXcU _U aYWblZ aU[[UXcR^XWXcUUZu >S[XQ XWZ aYZ]YXcl ^UW^YXcU XWWcl TW^l SZ UZcUZRc clTlZ ^SRVRZ ^l\ZYWVVY SkkWUu aU[[UXcR^Q XWU _U \Xcl`\\cclu VRSZRc aYWblZ ^RVccRR[WQWbYZcWcYYccWZXlf
ClTlZ cYS^XYZ ^RXcUZcUTWZYZ YW SVWXW SVVRc TUabSVVWXcU WVTUZ VR^RWXWU VUa_SWccU_WU _U cR^W_SWcUu aYWVVY X\blTYVVWZYZ ^WWcSXf
JYVXWZ]WXXl VS^U^RRXXU DHHD
PUR^S AWkkSZYZ eUZaUc >S[XXWc [f\wZ kRaYYZ_SacU_U
NOC@BPPKLB> LoPBd?BLLK
JYVXWZ]WZ B >S[TUUVW^SRVRZ UWYTTWVVU ZWWZWVVllZ ARSTUVUWXYZ >S[TUUVWV\XYYZ _U JYVXWZ]WZ >S[TUUVWV\XYSZu VYTkWZWTYVVl >S[XXWZ `WWTY^XW WVTYXc\ZYYZ TUc[W^^YVWZ
WVTYXc\TWXYXcl cRVYY `RSZZU DHHI ^RVRZYY^XW Ih `RSccUf DiiQ`RScWX_RaVWWZ DHFG _RVQ ^UWXcWWZ cYSXu _SaSZ XWXlVc\W`lc aYZ^WVscWYbSc ^SRVRZ SkYccU_WXcU _U SkkWVUWXcU U_UVcU
DEEGQDHFGf eUZaS_YZ >S[XXWYZ aUVVWcRX UV^SW _S WcXY UXWUXXU `U[XWZ kWUZ XYZ _lV^YYZ XRRZZWcYVVU TUc[W^^YVWZ cl\bYZZ\XSXUZ _RV^UWXYTWXcUu _U Y[Wc\WXYZ U_UZ^SacUWXY^XW UXWU cRVWu ^RZ kY[WZcYWXYXcl kSW^U^SRVRXcU cYacWWZ \acYWX^SRVRf O_UcR^XYZU SVW ^Y[lcl `UZaUQ
TRScSWXYZ ^SRVRZ ^l\ZYYc ZS[XXWc XUTS_YZ ^UZXWYZ XWXllZf LWXl`WaSZ _RV^UWXYTWXYXcU ^RWcYZ^WZ VRS`RccWWZu _U ^RZ ^SRVRZ DIhQ`RScWX_RaVU VlaYXc\Wu eUZaS_YZ >S[XXWYZ aUVVWQ cRX kllccWu Yccl _RaVU UZXUWcXYY cl\XWTWccUWXYZ TUc[W^^YVWZ ^S^S U_UVcU DEEGQDHHIf LSQ kRVcU kllcYccWWZ cl\bYZcll TUc[W^^YVW `WYVl V\a\WVVl aYZ^WVscWYbSWVVU ^SRVRZ `U[aUWX`UWQ aYWbYZ }`RSXWYZ DEFGQDEEG~ ZS[XXYWXcUu XWWX JYVXWZ]WZ }[RScXWZ^WYVWXYZ~ ZS[TUUVW^SRVRZ XRSTYZ^WYVWXcYZ VRS^^WYZ _U ARSTUVUWXYZ OV^YWXSkWXcSZ SkkWVUWXcUf oRbYZ TUc[W^^YVWZ _RV^UWXY`Uc \abYXXl JYVXWZ]WZ B >S[TUUVW^SRVR_U eUZaUc >S[XXWc [\f CYS^XYZ VRSTWXYZ \VYWXWVTYYXcl SZ `UXcUZZRc eUZaS_YZ >S[XXWYZ aUVVWcR^XYZ DhfjfDHHi UXYccUTU TUc[W^^YVWcSWTW^RZcUu _SaSZ S`Uc ^RRVRZYYc n[_s gVSTXcYbcu CWTS JU`RVWZZUu NUccW PVWZ]Yu eYW^^S LWc¦YZu dRXXW LRR^^S _U ?acS NUZZWZYZf NUc[W^^YVWQ cSWTW^RZZUZ _lXYZWXcl [YacS[W LRR^^S YbRXcUU cYS^XYZ cSWXcU _RV^UWXW_UU JYVXWZ]WZ \VWQ
SkWXcSZ B >S[TUUVW^SRVRUf NUc[W^^YVWZ \VYWXcSWTWccU_U^XW _U SkkWVUXTUc[W^^YVWZ cSWTWccU_U^XW `UVWccWWZ PU[W ¥UXcQ [YZu SkYccU_UTUc[W^^YVWZ cSWTWccU_U^XW NW^^S N\VV\^SX^W _U U`RXcU`U^XW cSWTWccU_U^XW eWVVY rU[kSVUf CSWTWcRXc\sasZ ^l\cYccl`WXXl SVVYYZ U_UZ ZWR^^RRbYZ cU^WU cSWTWcR^XYZ cRY^XW k\\bYccWWZ TUUZTWccURXZYR`SX OU[[Y CY[aSu _SZ^U TUc[W^^YVWZcY^W_lZ ^S^YQ TR^XYXcU SVW ^S[`UUTUcSZcU UkRUf N\sX TSZYc clXXl TUWZWcXYTUccSTUc aYZ^WVsc S`Uc URVWWXcW U`RXcUZYYc cSWTWccU_WU TTf SXUVVWXcRTUVVU cY^XcWZ TRS^^URXVUWccYWbYZ ^l\ccssZ _U SW^SVR^RRZf eWWTY UW^SWZU TUc[W^^YVWYZ _RV^UWXYTWZYZ SZ cSWXUUVcU aYVkSccRZRcu cSWXUUVcU `UW^YRQ cRZRcf eUVcU^RZZUVVWZYZ `lYXcs[Y^WXcY[W aYVkSccUU TY[^Wccl`lXcW aYZ^WVscWYcS^UU`U^^YWQ bYZ VlaYcclTWXclf ClVVl ^Y[[UVVU cU`SWcYccWWZ XRacYYVVWXYXcW YZYTTlZ `UZaS_U ZS[XXY_U ^RWZ ZYV_lZZYX`RSXWXUcU XWccYZf NUc[W^^YVWZcYSZ `UW^YRbY^XW SZ WVTUUZcRZRc a\`lXXl cU[^SWcR^XYXXU XllbYcc\ aYZ^WVs[Y^WXcY[WVU^Wf AY [U_SWccUU aYZ^WVscWYcS_YZ ^Y[llTWXcl _U _RV^UWXYTWXcU XYVVUWXcYZ YVl`WYZ aYZ^WVsWbYZ SXUVcUu _Sc^U YW`lc SVY cUacSYZ cUW cUacSTUccUUZ `UXcUZZYYc TUc[W^^YVW^\XYV\\Zf AW^XW Y[lWXcl ^SRVRcS`Y[YWXcUTTY ^W[_UUZ YW XWXlVV\ kUV_SZ TRRcU ^RWZ ZWTWu `UW^^U aYWXcl TRRcSWZ SVWXW^WZu _RV^WXWXcU^WZ VlacYWXclu SVVRc cWYcS_U XUUcUQ `WXXUf PRSVVYWXcU `UZaSWXcU ZS[XXYWXcU SZ SVVRc XUVVWccRU aUZ^^WU cWYcS_U Y[W cWYcSVlacYWXclf >WWcl SZ aUZ^WccR ^UZXUVUWXaU^YTWXcSWXcU XY^l ^SRVR_YZ _U Y[W UTTUccWUVS_YZ TUc[W^^YQ VYWXcUf elYXcs[Y^WXcY[WXcl XUUcWWZ [RZXUUXcW cWYcS_U `UZaS_YZ ZS[XXWYZ ^RSVWZU_sWXclf JYZ^WVs[Y^WXcY[WVUWZ cRV^WZZUZ _U TUc[W^^YVWZ _RV^UWXYTWXYYZ `UUbWcRZ kSW^^YRXVRQ `UZ SXUVcU ^l\clZcs SZ `UXcU TRScSRcRTUXXUfClalZ VWWcc\`lc ZYR`SccYVRc _U aU^YTRXQ
cYZ ^lXWccYV\ S`Uc V\aYZclZYYc TUc[W^^YVWZ TRRcYZ^WZ V\a\Y^XW TWcSWcYccRU cSWTWcRXc\sQ cl ZSWZ kRSVYVVU `RSbYVVUf CWYcSXRS_UVURcU^RZZUZ kllcsX UXWUXXU cYacWWZ DifDIfDHHi _U cl\bYZcl`l cRV^WZcU IDfDfDHHDf NW^lVW aUVRcUUZ ^Y^XWl UXWUXcU T\sZcYWXWl^WZ kWW[cYWclu `SWcUWXWWZ U[`WSWbUu Yccl ZlWZ TUc[W^^YVWZ cWYcS_YZ^Y[RR`UWaY SZ SVVRc V\a\c _U YVlTl^Y[Q [Uc XRacYYVVWXYZ cRS[YWcUf NUc[W^^YVW^\XYV\\Z `UXcUR^XWU kUVURcYccWWZ jHHGf NUc[W^^YVWcWYcS_YZ ^R`UUTU U_UZQ ^SacU SZ ^Y`lccUV`W DHHDu TRccU cWYcS_U SZ `SWcR cl\bYZcll X\\X^RRaRZ DHHD UXcWf eUVS^R`U _RV^UWXcUUZ ZWWXclu _Sc^U S`Uc XYVVUWXYZ cSWTWcR^XYYZ VlaYcclZYYcu XY^l ZWWXcl ^RSVVYWXcU ZS[XXYWXcUu _SWbYZ ^R`Uc S`Uc ^SRVRZ U[^WXcSWXXU cUW UW^UWXYTTWXXU TUc[W^^YQ VYWXXUf ?kYccU_WYZ _U SkkWVUWbYZ ^R`WU SZ cYS^XYXXU \acYYZXl jIDHf ?kYccU_UTUc[W^^YVW XWXlVcll YVlTl^Y[cUcWYbSc `U^WZUWXYXXU `W[UXXU kUV`YVVYWXcU XY^l \VW ^\TTYZYZ `RSccU cRZcWSkYccU_WZU cUW XW_UWXWZU cSWTWZYWXcU SkYccU_WXcUf NRRc cRZcWQ SkYccU_Uc _U XW_UWXYc SZ VRYcYVcR SkkWUWZYWccUWZ UW^U_l[_YXc\^XYXXl SkYccU_UTUc[W^^YVWZ VSkRXXUf ?kYccU_WYZ aYZ^WVscWYcS_YZ YXWc\XcUkU SZ YbYVVWXYZ TUc[W^^YVWZ cUkUUZ aWYTUZ SkkWVUXTUc[W^^YVWXcU kSW^^Y`Uf ?kkWVUXTUc[W^^YVWXXU S`Uc TR^UZU ^UW^^W cWYccl`lXcW ZS[XXWU ^l\ZYYc aYZ^WVscf CWYcSQ ^SZYWbYZ ^l\ccssZSccS SZ Z\ccYTTWZ VSkYccUZRc ^SRVRZ ZWTW^W[_UZ kWclTWXYZ _U XUTUVVU SZ VRS`RccR TUc[W^^YVWZRTY[SWbYZ UZcUTWXYXcU SkkWVUWVVYf NUc[W^^YVWcSWTWcRX SZ WcXY ^SSZZRc SkkWVUXVRYccYVSZ RRXWTTUXcU _U^XSXcU }DHGhQDHHD~ _U UZcUZRc ZlWVVY ^SRVRRZXUUkRTWX_l[_YXc\^XYXXl `UZaUZ TUVVWZ TR^UWXYc ZRTY[Scu ZRTY[SXcU EIFE VlaQ cWYZf >WTW^W[_UZ kRRccRTWZYZ SZ UWaYRccUZRc XYZu Yccl ZSWZ ^\TTYZYZ `RSbYZ U_UVVU SZ Y[lWbYZ SkkWVUWbYZ kY[RXcWYbSWXXU `U_U`UWXRR^XWUf eRSXWZU DHGhQDHGE >S[XXWXXU SkWX^YVW TRRcUTWU kY[RX^SRVRZ hf _U Ff VRS^^WUu _SWbYZ SkkWVUUc SVW`Uc TRSbSVVWXYXcW JYVXWZ]WZ BB ZS[TUUVW^SRVRZ SkkWVUWcUu ^RZZYX aY XWW[c\WQ `lc kY[RX^SRVRZ Gf VRS^UVVYf >lWVVY SkkWVUWVVY SZ TY[^Wcc\ >S[XXWWZQcRVSVRS^U^XW kY[RXQ ^SRVRZ hf cUW Ffu ^SX^U aY ^RWcYZ^WZ ^l\clZZsXXl ^l`W`lc _S cRSVVSWZ JYVXWZ]WZ B ZS[Q TUUVW^SRVRUf
KVlTl^Y[cS_YZ cWYbSc S`Uc XYR[UU`UXXU _l[_YXc\^XYXXlw
NUc[W^^YVWZRTY[Sf >WTWf KZcWXYc YcRQ_U XR^RZWTYc SZ TY[^Wcc\ XRV^RWaWZf PRcXRTUZWTW SZ aU[`YZZYccR `UWZ XWVVSWZ ^RZ XY SZ WVTYZZ\c TUc[W^^YVW`UXcUR^XYXcU cUW TRWXcU VlacYWXclf PSRVRZ ZWTW^W[_UZ `UZaWTTWXXU SXWXXU SZ ZWTWYZ SW^YWZ^W[_SWcR^XYXXU aS[_R`RRccUf dRV^UWQ XRXXU SZ \VYYZXl ZSRbUcYccR ZWTW^W[_UZ ^W[_SWcRXcUkUU¡ aU`UWcRc TRRcS^XYc SZ ScYccR aRSTWSSZf
A\Zc\TlkUW^^U _U QUW^Uf eUZaYTTUcf eUZaYTkWYZ UTTUcWc _U U[`Sc SZ ^W[_UccR TUc[W^^YVW`UXcURXcYZ TR^UWQ XYXcWf BXlZ XR^RZWTYXcl SZ `UWZ UV^R^W[_UWZ TW^lVW TUc[W^^YVWZ aYZ^WVsVVl SZ XUTU XR^RZWTWf mWbYWVVY SZ TY[^Wcc\ c\ccsZWTWf PRZ ^SRVRZ ^W[_SWXXU YW SVY lWbYWVVY TY[Q ^Wcc\ c\ccsZWTYlu aYWVVY SZ TUc[W^^YVWZ RRbYTTUXXU SXUXXU TY[^Wcc\ Z\^\WZYZ XR^RQ ZWTW _U c\ccsZWTWu TWVVSWZ XY SZ WVTSWcYccRf eUZaYTkWYZ ^RSVWZ`RSbYc SZ TY[^Wcc\ `UWZ XWVVSWZu ^RZ UXWU SZ WVTYZZ\c TUc[W^^YVW`UXcUR^XYXcUf O`WSQ cUW U`SkRSVWXSc XY^l [U_U`RSbYcf LUkXWYZ ^l\ccsZWTYcu X\Zc\Tl`RSbYc _U TUabSVVWZYZ ^RSVWZ`RSXWf PSRVRZ^l\ZcW >S[XXWXXUw VRS^^Uu _SVVY SZ cRVVRc }YXWTf BewVVY cUW EwVVY~u Y[SUTWXVRS^^U _U Q`RSXW }YXWTf eWaWcl GI cUW LI¡VcU Ej~ cUW \VWSkkWVUU^XWcRVS`RSXWf ClTlZ _lV^YYZ SZ TY[^Wcc\ ^SRVRZ^l\ZcW TRWXXU ^SRVRWXXUf >S[XXWWZQcRVSVRS^^UU YW SVY TY[^Wcc\u _SX SkkWVUX SZ cRVVRc BwVVY cUW kY[RX^SRVRZ G¡VVY VRS^UVVYf O[UzWUVUWXYc ZRTY[Sc cU[^SWccUQ `Uc Z\^\TRScSWXYZ kY[RX^SRVRZ }hQH~ _U VR^WSZ }LVQLj~ VRS^^WU _U [SSTUVUWXYc ZRTY[Sc }BQeBBB~ `UZaUZ SkkW^SRVRZ VRS^^WUf ?kWX^YVR¡ UTTUccWQ _U `W[^UcRc^WZZSc XY^l ^R[XXWYZ _U cRc^WZcS_YZ XRS[WcRXkUW^Uc _U Q`RSbYcf rllcSWTYcw c\sZUZcU_Ucu cYacl`lc _U cSWTYXXUSVS`RSbYcf AW`RcSWTYcf CSWTWZcU _RV^WXYXXUQ _U ^UZXUVUWXcSWTWZZUXXUf O[`SZWTYcu ^RZZWUQ _U UZXWSTY[^Wcf nVYYZXl SZ TY[^Wcc\ YZXWZ ^UW^^W `UVcWS^UVYZcYQ
[WZ TUWZWcXYTUc ^RZZWUTY[^Wc _U ZlWbYZ _lV^YYZ TRRc WVTSWcYcRXXU _l[_YXc\^XYXXlf
AScWVUXU[`S _U \VYZZ\X`RSXWf O^cWW`WRkXYY[WYZ ^SabUVVY SZ TY[^Wcc\ ^UW^^W cWYcSSZQ
XUUbRc \VYZZ\^XYcf
dRV^UWXRcSWTWZcUf
PRVccRR[WQ _U R[aYWVRXRS[WcR^XYcf
JU[[UXcR^XYcf
PRSVWZkUW^^U _U QUW^Uf
>S[XXWZ SkkWVUWZU _U SkYccU_WZU SVVYYc XR^RVUWXYcf
dSccU TUc[W^^YVW YW SVWXW kUWXRZRc VWW^UUu XWWZl SZ ^l\cYcc\ [RZXUUXcW V\aYZcYWclf L\aYZQ
cYWXcl SZ VRYccYVS ^W[_UZ VSkRXXUf K[lWcl V\aYZcYWcl YW VRYccYVSSZ SVY TY[^Wcc\u ^SX^U ZWWbYZ SZ ^UcXSccR UXWU\acY\bYXXllZ SVY`UZ aYVkSXcW \TTl[[Yccl`Wlf
dRV^UWXRc\sZ S`Uc cUVSRbYVVWXYXcW TUabSVVWXcUZYYc eUZaS_YZ >S[XXWYZ cUVSRXcSWTWQ
^RZZUZ _U DIhQ`RScWX_RaVUcSWTW^RZZUZ RRccY[RRXu JYVXWZ]WZ \VWSkWXcSZ VUWZU XY^l
NW^[SVWZ^ ?\¡Z cSWTWcR^XYZ ^l\ccssZ VRS`RccUTU Uc^QVUWccYWXcSf CYS^XYZ VSkRXXU SZ
VRYccYVS TUc[W^^YVWZ WVTYXc\TWXcl cR^YZYWXcU \[Wc\^XWXcl _U \acYWXsWXclf PWWcSXf K[Wc\WXYXQ cW VURXRTTY cRZZRXcR^XYZ cYS^XYZ kUWZUcRXc\sXcl `UXcUZZYYVVY MRTTY[RX PW[_UkUWZS ?\wVVY _SRXcU`UXcU _U a\`lXcl \acYWXc\sXclf
JYVXWZ]WXXl jif klW`lZl TU[[UX^RRcU DHHD
?acS NUZZWZYZ NUc[W^^YVWcSWTW^RZZUZ kRaYYZ_SacU_U
PU[W ¥UXc[YZ
NW^^S N\VV\^SX^W
OaS^UXu rW[^^S LWWXUu VYacS[Wf Di BB DHqGf J]WZ B Z^ TRX VYac EGQu `W[^U`UkUU EGQEHf
OVUZYZu ORVWX dSaUZZYXu k[SpYXXS[Wf BXS_S^W I e DHiFu c I ¨
DHEGf ea VllZWZ[S`UXcW n[_s OVUZYZ _U
JYVTW NU[WU PU[XcYZ © B jI `U[UcRSQ
TU[W B[TU BZ^Y[W eW[UTSu p Giu BB GD
AWW[W BZ^Y[W JRkUf LUkXYc eW[`Y jju rW[Q _S jG dRXXWQrY^^U jEu ?RcW qqf nS Iqu P IGu L _U C jhf CRc^WTRXTUc^S_U
KR[ Y[W TUWaWZf AYWZl_SYZ \acYWXV\X aWXc _U \acYWX^RZcUSk `UZa VYac jIQqGu J]WZ
ZV\X aWXcu \acYWX^RZcUSkWZ _U ^UZXUZcUQ
VSRbYZ `UZa VYac qGQhDu aWXcS[WUVVWXcYZ UWZYWccYZ \VWSkYcc hDQhhu `U[U[YacS[W hqQhhu nacYWX^RZZ ^S[Q ^YU^u XWccYTTWZ C[YYZ \VWSkWXcSZ ARSTYZ aWXc k[Sp hhQGIu J]WZ \VWSkWXcSZ bSX hiQFGu PURkkU^S[^YU^SRVRZ cUVSRXaWXc SkYcc hiQFif LR^RWXWU cRc^WTR^XWU ARSTYZ aWXcS[WUXcUf eUUQ XUZ B YcYV ^UZXUVVWXVWWcSZ kWW[WcSWTW^ k_ qhQqGu PUZXUVV ^S^SSQ TRXk `UVcRRX^ _lX qFQqGu PUZXUVVWXTWYV ZRS[WXSV k_ qhQqGu ARSTUV cWYbYU^Uc _lX hE ARSTYZ JWXc AYR[UZ cRc^W_U_ hiu YXWQ TWYX hEu CUVSRXaWXc \ab `k_ hHQu ARSTYZ DHIiQqiQVR`RZ aWXQ cS[WUXllcWsZ _lX _U `k_ FjQf e@ ju e@ q }I ^kV~u AL Pu Ae@ @ Du NT jHQqiu NT qqQqhf LcZf JU[[ ^W[_UVVWXRRXf rSW^U hhDFf
O[SVUu rURVW PUVY`Wu VYacS[Wf JYVXWZ^W DF Be DHqGf ea VlTQ TWccl_lQTY^UUZW^^S ?ccS eWVaYVT O[SVU _U KVXU KVWXUzYc tYZZXc[sTf © GI VYacS[W rW[^^S PUU[WZU mW^lXf LUkXYc CYZQ aS VWZy^ }^UX`UccWVUkXW~ Giu rURVWWZU Gju P[WXcWWZU GGu dSaUZQ ZU GHu NU[WU Eqf nS Fhu P Ghu eCP EFf PU[UZ \acV\X lWbWZ^ _U aWXc cRZcWSk GqQGhu KcYVlQKXkSSZ \ac^ aWXc `U ZRS[ VYac GFu J]WZ B Z^ aWXc _U ^UZXUVUWXcUWbSZ cRZcWSk GFQGE _U `X VYac GEQEFu NUUcUVSRXZS[T^ ^UX`UcRXcWYc `Xf \VWSkYcc EFQEGu J]WZ BB Z^ aWXc VYac EGQu @WWaWTlYZ \ac^ aWXc cRZcWSk GqQGhf Jn?L aUVW _lX GGQEif dRV^ aWXc _U \acYWX^RZcUSkWZ SkYcR^XYZ _U ^UX`UcR^XYZ UVRYYVcUu SkkW^W[_S_U _U QTUcY[WUUVWUf elZ[ Gqf
gWYXYu n[_s NSXYX dUVTU[Wu k[SpYXXS[Wf J^W q B DHiju c G ¨V DHEjf ea k[S^R[WXcW K[ZXc dUVTU[W gWYXY B_ U JYVTW PUcaU[WZU OaVTUZf ©ji BZy eJJ PU[XWYZf LUkXYc [Wc¦ JR]S dUVTU[W jjf ¥ ª BZY LyZS[Y MRZWVVU qif nS IDu P Iqu N IGu L IEu C hif oX SkWZcSTUcQ
B ^S_U KR[ Y[W TUWaWZ _U oAOwUZf ARST Z«\X [RScXu VUcWZu _U ^[yW^ cRZcWSk IqQIEf B [RScX _U YZ]V \VWSkYcc IEQqFu nPP XU^Q XUZSkYcc IHQjIu YZ]V jIQqFu ASVU^S[Q ^YU^SRVRZ YZ]VUZZWZSkYcc IHQhGu J]WZ \VWSkWXcSZ `Y[cUWV WZbSQYR[SSkkUV ^WYVYZcRc^WTR^XYZ bSX jIf dRV^ VR^RWXWU cRc^WTR^XWU _U ^WYVcYZ SkkW^W[_S_Uf @SSTUZ ^W[Q _UVV `c k[Sp qFQqHu CR[RZ \VWSk YZ]V k[Sp qFQFGu aRTUZWXV cWYbY^ bY^UUZW hGQFiu CR[RZ ^YXl\VWSk [Yac hqQhGu eUVcWSZ aRTUZWXc cSWTW^ _lX hEQFju SkkW^SRVR^STWc hiQhqu ARSTYZ
cWYbYU^Uc _lX qHu A cWYbYXYR[UZ hhu AL Pu Ae@ @ Du TT jHQ qif
gSZXbS[ppu K[ZXc dU^Sz tUVbYTU[u \VWSkYccU_Uu k[SpYXXS[Wf JUTWZU Ij B DEqIu c H BB DHjFf ea [S`UXcW >WVX @SzY[c gSZXbS[pp _U ORQ ]RXcU BXUzYVVU MRXcU`XSZf © FG BbU ¥aU[VSccU S[XYVVf nS hHu P Fju N fD ¬N Fju L _U C GDf oX SkWZcSTUc^S_U Y[W JCf T kRSVWVVY TUUWVTUUf d\`lX^\VlZ XSTWZ @¯V oHLu TUcYT SkYcc DEFqQFGu VYac FGQGhu JlQ \ d TYYZVWZZUZ ZV\X TUcYT _U VRSZZSZcWYc \VWSkYcc GhQEGu ARST ZV\X TUcYT \VWQ SkYcc EGQDif LR^RWXWU cRc^WTR^XWUu SkQ kW^W[_S_U _U U[cW^^YVYWcU TUcYT _U VRSZZSZSkWZ UVUVcUf PUWQ ^WVVU `UVcWSklW`WVVl HDQiDu kUZ^^W`UVWS^ _lX HD _U Hqu `UVcWS`UQ VWS^ _lX HGu HHu ii _U iDf oX `UVcWSZ ^STWc _lXf eU^RRcRX\ac ARSTYZu PRVVY[`SZ _U rSa_SVUZ kY[RXcU_WUu ARSTYZ _U PRVQ VY[`SZ aUVVWZcSYVWZcYZ _lX RX `RSXWUf dlXw ASyWYcUX k[S URZU Yc VS[U YZZWyUu APAu ARSTQR][ XYR[Uf ARST CWYbYU^UcYTWU iEQu o[XUZu BVTUkRSVRXcRXVWWcSZu eU^ \abWXcf ARSTYZ U^Q cRUU[W\abWXc _U JlTYYZ UTkRTUXYR[UZ ^RZZWU_lXf Ae@ P Df r[SpYXXS[WZ U[`SZWTW Eqf C\ccl[YZkS_UZ c\cl[ HHHFf
¥UXc[YZu NUccW dSaUZZYXu ^SRVRZYR`SXf J^W jD DDD DHIEf ea bWkV WZXu k[Sp eWV_S eYVW ¥UXc[YZ _U N PUU[WZU CYVVY[`S tU[WXf © hE `U[UcRSQ B TU[W OZZUQNUW_U JSXWUf LUkXYc dRaUZU ¢ Fiu PUcU[WWZU FIu CRR^^U Fqu @Y^S FGf u°§ §§°u nS qGu P hju N hGf oX SkWZcSTUc^SQ § ±² T _U KR[ Y[W TUWaWZ _U oAOwUZf J]WZ ZV\X aWXcu \acYWX^RZcUSkWZ _U cUVSRXcWYbSZ `UZa VYac DHhGQFqu XUTS_YZ UWZYWbYZ \VWSkYcc FqQGq }`c FDQFq~f J]WZ \VWSkWXc ?PL aWXc _U \acYWX^RZcUSkWZ bWbU^cWWQ ^UZ VYac GqQHDf J]WZ D Z^ aWXc _U \acYWX^RZcUSk cRZcWSk GqQ
EEf JWXcS[WUVVWXWU _U kYbU]S]WXWU _RV^UWXR_Uf >S[XXWZ PSZ`YZQ cWZ ^R[UUccS[W hEQFi _U FDQFFf Jn?L aUVW _lX FIQEIu k_ FHQGqu ^RZZWU_lX Hiu J]WZ ^URk aWXcS[WUcSWTW^ XWac hFQEqu rSa_SVUQ >S[bYZWZ aWXcS[WUVURcU^ _lX FEQu k_ GEQu nCL_lX EHQ PSRVRQ ZYR`SX DHEhu AL @ Du ¨¨¨f nVWVf BXl DhhEf
¥SVVWZu OZbY[X eW^cS[u \VWSkYccU_Uf CRRXRVU h ¨ DHiqu p DG e DHEGf ea TY[W^Ukc OR]RXc eW^cS[ ¥SVVWZ _U NUcWVbU OZbY[XXSZf © jI AUVV\ ORZY NU[_UVVU LUR[WVUf LUkXYc JU[[\ jhu LUR[U jGu PVURX jHf nS Iqu P IHu o rZ§ N jif ?kWZcSTUc^S_U RXYWaWZ KR[ TUWaWZ _U BX[UYVWWZf J]WZ ZV\X VUcWZUZ | ´tN cRZcWSk jiQjDu [RScXWZ ^WYVYZ `UZa VYac qiQqHu ^VUXX ^WYVcYZ \VWSkYcc qHQFGu cRZQ
q aSk FEQGiu @RScX ZV\X VUcWZUZ _U [RScQ XWZ ZRS[ VYac jDQqiu ARSTYZ VWW^YTWYXQ cYZ ^URkkUSkWXc [RScXWZ _U [RScXWZ^ ^URkkU^W[_YYZ `UWab SkYcc IHQjDu CY^ZWX^U Vl[S`Y[^YcWZ ^ScWT ^WYVcYZ SkYcc qiQGGu
KVlWZVll^Yc ^S[^YU^ [RScXWZ^ SkYcc qFQhhu J]WZ \VWSkWXcSZ
^W[_UXcSZ UTUZ jiQjDf PW[_SWcR^XWU UTTUccWVYacWWZf ARSTYZQ
^WYV SkkW^ [RScXWZSkYcc \ab k_ qEQhqu ^RZZWU_lX FGu ^RZZWUk_ Gqu >S[TUUVWV\XYSWbYZ \VWSkYcc \ab k_ hqQhhu LUcWZUZ^ SkYcc \ab hEQFIu FjQFFu ^RZZWU_lX Giu nCL _lX hiQGDu BZXcWcRcRT @STUZRT WZVUZbWUY XllcWsZ `UVcRRX^ hiQu aUVW _lX hqQGFf e@ q T^u Ae@ @ Du eXX UT I X^u NT jHQqif LcZf
K^VRZbu PUU[VS K[ZXcf LS`WWXU Ii DDD DEFHu pQ ea TRR[U[WQ
TYXc K[W^ K^VRZb _U K`U K^VRZbf ?kWXQ
^YVVRc J]WZ VR^^U[WR[^R[W^SRVRXXU XY^l
TRXWW^^WSkWXcSXXUf CSWTWZRc `c VR^^UQ [WZU _U R[^R[WZU JYWZSVUXXUu LUTTWVVU _U CUTkY[YYVVUu JlTYYZVWZZUZ V\X VURQ
VRZSkYcc HjQHqu J]WZ XRST [YUUVWV\X
VURVRZSkYcc HqQDhu ARST ZV\X `c VURQ
VRZSkYcc HFQiIu `U^WZ iIQDhu _SVVSWZ
XUW[URbYZ `RS^XW Y[SXW `W[UXcUUZf
K[`UXcu PU[Vu \VWSkYccU_Uf ASWZW ji ¨B DEjHu p j DDD DHiIf ea
^UkkUVUWZYZ ¥U[V [Yb[W^ K[`UXc _U KRQ
Qxpc N^ pYTWU NUcaWVbU Cs[ZRbbf ©B GI KTYQ
VWY Cs[ZRbbu c Gju BV Gq dSXYkaWZY Cs[Q
ZRbbf nS hGu P FDu kYb ^UZb FDu N
Fqf ?kWZcSTUc^S_U KR[SSkkUUZf eUUQ
XUZ ^WTZUUXWZ ^WTZ UkRV FDQFqu aWXc
VYac FIQFju VUcWZ VYac FEQFHu rWYcU[XUUQ
[YZ \^XWc c\ccs^ XRSTu aWXcu TUUZc _U
[RScXUV ^WW_UVV SkYcc FIQFju PS^^SVUZ \VlUV^YWX^ RX^ ^SVVY]U _U [Yac FqQFEu eUUXUZ cY^Z [YUUVW^ RX^ SkYcc FEQFHu J]WZ ZV\X RX^u XRSTu VUcWZ _U `SWT cRZcWSk FHQGiu ?RVRZ UV^YWXSkWXc cYSVS] VYac
GiQGhu ?RVRZ [RScX V\X [RScX SkYcc GDQGhu ?RVRZ XRST V\X [RScX SkYcc GqQGhu JlTYYZVWZZUZ ZV\X RX^ \VWSkYcc GhQEGu XU^X SkYcc GGQGHu VS]WW^UZ SkYcc EDQEGu `U[U[Yac GHQEGu JlQ
TYYZVWZZUZ [RScX UV^YWXSkWXc cYSVS] `c VYac GGQGHu JlTYYZQ VWZZUZ \^XWc c\ccs^ RX^ SkYcc EIQEGu ARSTUV ZV\X RX^ \VWSkYcc EGQiIu `U[U[YacS[W EGQiIu `c [YacS[W XV Hiu ?RVRZ ^URk ^UZXU^ cU[^ GjQGhf oX cYSVS]WXWU cRc^WTR^XWU _U RX^ SkkW^W[_S_Uf JlTYYZVWZZUZ ^URk`UVc _lX _U k_ RX `RSXWUf PSRVR^STWc _lX GHQEif ARSTYZ NRWZUWXTRWXcS\abWXc _U ARSTQR][ XYR[UZ kY[RXcU_WUf APA _lXf AcUZµ If OZZµ jf
K[`UXcWu KX^S rYVVY[`Su \VWSkYccU_Uf NRaSX II ¨BB DHIDu pf ea SXRRXVWW^^YYZ _SacU_U elWZs K[`UXcW _U dSaUZZU PUcU[WWZU eYXUf © qG ^lcWVs OWZS PW[XcW NWZ^^WZYZf LUkXYc KX^S qGu p qGu @Wc`U PUU[WZU qHu PWTTS PRVVY[`S hiu BVkS PUU[VS CUkUZW hjf nS qiu P qGu L hGu C Fif LWY^XUZ \ac^ XRSTYZ ^WYVYZ VYac qEQhDu KVWXYZ`UU[UZ \ac^ XRSTYZ ^WYVYZ VYac hDQ hEu CR[RZ ZV\X XRSTYZ ^WYVYZ `UZa VYac hEQFHu J]WZ ZV\X XRSTYZ ^WYVYZ \VWSkYcc FHQGif CR[RZ \VWSk ^ScWT ^W[_UVV bSX FDQu e@ qu TT jHQqiu TT qDQqhf PUkcf
MYWcVWZu dSaUZ MUz[WYVu \VWSkYccU_Uf J^W DI BB DEjFu p DE eBB mf DEHif ea k[SpYXXS[W MUz[WYV MYWcVWZ _U
OZZU LS`WXU LU]RXf ¶© Fi AYVTU eWVaYVQ tN
TWZl CUTYVUZbY[f nS hju P hGu L
QFiu C Fif d\`lX^\VlZ \VlUV^YWX^ }XWcQ
cYTTWZ UV^YWXSkWXc~ VUcWZ ^SVVY]U hIQ
FIu VYac FIQFEu J]WZ ZV\X VUcWZUZ _U ^[YWQ
^UZ VYac FEQGqu JlTYYZVWZZUZ ZV\X
^VUXX ^WYVcYZ \VWSkYcc _U [YacS[W GqQEGu
ARST ZV\X VUcWZ _U ^[YW^ \VWSkYcc _U XYZ
[YacS[W EGQHif oX VUcWZUZ ^WYVYZ cRc^WQ
TR^XWU _U SkkW^W[_S_U XY^l XUZU^W[_Uf PW[^SVVWX^S^ _lX GF _U
EFu `UVcWSklW`WVVl GGQGEu EIu Eh _U EEu \V `UVWcRX`UVWS^ k_ Eh _U EEf
MYZYc¦u O[`Wb ?X^U[ MRXcUp }O[`W dlZZYX~u k[SpYXXS[Wu [RZSWQ VW_Uf BTkWVUacW D eBB DEqEu p j e DHDhf ea ^[RRZRZ`SRcW ¥U[V dSaUZ MUz[WYV MYZYc¦ _U LUR[U ¥aU[VSccU dSaUZZU _ Y[[WZf © GG dRVWU K`U NU[WU O[kkyf nS Tzpp{ FFu P GDu L GGf CRc^WTRXQ_U SkWZcSQ _Uu dT¬ TUc^S_U KR[ Y[W SXWWZf J]WZ ZV\X XRST « _U [RScX SkYcc GIQGhf J]WZ XRST UV^YWXQ SkWXc XRST _U [RScX SkYcc GIQGhf J]WZ \^XWc XRST c\ccs^ XRST _U [RScX SkYcc GIQGhu J]WZ \VWSkWXc XRSTYZ^WYVYZ _U ^W[_UVV `c k[Sp GGu bSX GGQGEu `U^WZ k[Sp HDQHju XRSTQR][ ^WYVWcRc^WTR^XYZ k[Sp HjQiDu JlTYYZVWZZUZ ZV\X XRST _U [RScX VYac GEQEGu ARST ZV\X XRST _U [RScX VYac EGQHDf AYZUUcQ cS[W _U ^W[^SVVWXUX cSWTWcRX^ kllVV iDQihf oX cRc^WTR^XWU XRSQ TYZ _U XYZ XR^RVUWX^WYVWYZ UVUVcUu [RZS^S^SYVTWUf @UUTUcRZQ ^llZZsX^STWc _lX EFQiFu eUVcWSklW` kUkkWXXllb\Z _lX HDu APA YXWTWYX HIQiIu PW[^SVVWX^S^ _lX ijf
MYZYc¦u PU[V KTWV NS[Wc¦u Xl`YVcl_lf BTkWVUacW Iq ¨ DEhIu p D e DHjif ea ^[RRZRZ`SRcW ¥U[V dSQ alZ MUz[WYV MYZYc¦ _U LUR[U ¥aU[VSccU dSaUZZU CYc[WZf nS Giu ^UX`UcRXSk cRc^ EGf ?kWZcSTUc^U AU^XUUZf ARST ?SkQ kY[UZ cUWcYWVW_U Gqu JlTYYZVWZZUZ ZV\X XU^XUZ SkYcc EiQEGu ARST ZV\X XU^XUZ _U `YZl_lZ cRZcWSk EGQEEu XU^X SkYcc EEQEHu JUTWZUZ ^UbYccW^ XU^X VYac EHQ
cJBJLf ij JUTWZUZ VURVR^RS[ _SacU_U RX `RSQ NWA XWlf ARSTYZ PUZXUVVWXcYUcc _SacS^ _lX ihQDqu `k_ RX `RSXWUf Al`YVclZ\c VR^RWXWU ^RS[SVURVR_Uf
M[sZVRZb }QGi ARSTWZYZ~u rlW`W CYVVY[`Su cRZcWSkYccU_Uf LUacW ji DDD DHqqf ea \VWSkYccU_U O[`S PUaW KVWYV ARSTWZYZ _U TRXWW^WZSkYccU_U @U^YV LYacSZYZf © Gi @WXcS dRaUZW BVTUQ [W M[sZVRZbu p EEf LUkXYc PUWXU GDu VW`U[W Gqf JRP FEf LURQ ZYYZ \acV\X `U \VWT XU^XUZ VYac GDQGhu LUabYZ ^URk kY[RX^ XU^XUZ _U [RScXWZ ^WYVYZ VYac GhQEDu J]WZ ^URk kY[RX^ [RScXWZu YZ]VUZZWZ _U XU^XUZ ^WYVYZ kc cRZcWSk GHQEiu J]WZ B Z^ XU^XUZ _U [RScXWZ ^WYVYZ kc cRZcWSk EiQED _U [RScXWZ ^WYVYZ kc cRZcWSk EDQu nVYWX[UbWSZ VR^WSZ ^WYVYZSkYcR^XYZ Sa_YVTUXU[_UZ ^SZQ cU^cWSkYcc EDu J]WZ ^URk ^SRVRVUWcS^XYZ XU^XUZ _U [RScXWZ ^WYQ VYZ cRZcWSk EiQEhu J]WZ ^URk XRSTYZ^WYV c\s`lYZSkWXcSZ [RScXWZ cRZcWSk EjQEqf JU[[ ^W[_UVVWXRRXf BXl DHFju XYblc DEFqu DFDhu kSW^U HhHif
M\VVYZzs]YVu ¥\[WVu [YacS[Wf J^W H BB DHiEu p ID eBB DHFGf ea \YQY`Y[XcW PU[V tSVcY[ gS[WX M\VQ VYZzs]YV _U OZZU ·YTYZc_Y¯f © jD ^UZXU^ SkYcc JYV`W JWVVY`W AUZbzY[]f nS IGu P jIu N jjf ?kWZcSTUc^S_U RXYWXWWZ KR[ TUWaWZf CUTTWXUU[YZ \ac^ SkYcc jhQqif J]WZ [RScX V\X `c VYac qDQ qhf @RScX ZV\X qFQqHu J]WZ ZV\X ZRS[ VYac _U kllSkYcc hiQFiu A`YZX^U JUZQ bYVXWZXcWcRcYc VYac qHu [YacS[W hiQFGu A`YZX^U JUZbYVXas]X^SVUZ VYac qHQFGu
CY^ZWVVWXYZ ^S[^YU^SRVRZ Y[W^ SkYcc qFQqHu NY[WXScU^SRVRZ qIQqqu PSRVRaUVV ck cU[^f PW[_SWccUZRc `YZl_lZ ^WYVYZ SkkWQ ^Wc_S_U XY^l `YZl_lZ _U [RScXWZ [UbWSQ_U ^W[_Y^R[XXY_Uf AL@ Du eT Du eT I }I ^kV~u NT jHQqiu NT qDQqhf
JUUkWTUUu AYZZW ?[`S^^Wu cRZcWSkYccU_Uf rWc^l[UZcU Ii B DHjhf nS hju ARSTYZ S[cSb kUkkWXXYQ
¹TWZUU[W
GFf CYSVu RX^SZcScWYc _U ^UX`UQ cRXcWYc SkWZcS_Uu SkYcRXaU[_ EjQEqf ?[Q cSbS^XWXYZ RX^ Xc cRZcWSk J]WZ ^URk \VlUXcYWVVU _U VR^WSWXXU GFQu rSa_SWXQ JUU]UZ \ac^ GFQu J]WZ B Z^ GGQu BB Z^ EGQf ARSTYZ Y^RTYYZWZYZ ZYR`SXcS [\
JU]YVWZu AUTRYVu ^SVVY]Uf PRaTSWZYZ IG VWW DEGGu c II BB
DHDGf ea ^UkkUVUWZYZ CSzWUX JU]YVWZ _U VS[U ¥aU[VSccU dSXYpWZU PYTkYf nS
Hqf P HHu N iif NW^^YVWZ V\X VUcWZ _U `_
XRST `c ^SVVY]U iDQiju `U^WZ ijQihu
ARST ZV\X VUcWZ _U [RScX ^SVVY]U ihQDju
ZRS[ VYac DjQDGf
JU]pS[Xu WVWk K[W^ Kb¯WZu \VWSkYccU_Uf d\`lX^\Vl I ¨BB
_ DEFFu c ji e DHqjf ea LPC K[W^ ORQ
mWd ]RXc JU]pS[X _U AYVTU @SXUVWY ·UZWYVQ
XSZf © ij oVVU ¥aU[VSccU NU[yaUZbY[f nS Equ P Hiu N Hiu L Hju C Hqf _««
?kWZcSTUc^S_U AU^XUUZ _U @UZX^UUZf |²§º ^ eUUXUZ XRST [YUUVWV\X XU^X_U [UZX^ `c ±^
VYac HhQHGu d\`lX^\VlZ ^VUXX V\X XU^X _U d^ J [UZX^ SkYcc HEQHHf ARST ZV\X `c \VWQ __mf | SkYcc iFQiGu `U^WZ \VWSkYcc iEQjiu J]WZ _dTg XRST [YUUVWV\X XU^X _U [UZX^ VYac HHQiGu `U[U[YacS[W iiQiFf dRV^ RX cRc^WTR^XWUu XUZU^W[_S_U _U SkkWQ
^W[_S_U XY^l XRSTYZcUZRc [UZX^UXcUf
JUaVu WVWk J_UVTU[ }dUVTU[W~u VYacS[Wu ^W[_UWVW_Uf @URcR Dj eB DEFH¶ » Vg `ZW DHIH ea ^SZc[Uac ºQ
[S`UXcW OZbY[X MRXcUp JUaV _U KTTU
ASpWU tUaVTUZf nS EEu P HDu N HDu
¬AVW L HGu C HI ?kWZcSTUc^S_U KR[ Y[W
TUWaWZf ARST ZV\X XU^X _U [UZX^ `c
^URk`UVc _lX RX `RSXWUf rUkkWXXllb\Z YbRXcU_U `UVcWSklW`WVVl HH _U iiu YbRX^RZZUZ _lX iEQiHf JU^SVUu rW[^^S OZZW^^Wu VYacS[Wf PURaU_S^W DH eB DHDEf ea VWW^YTWYX AUVSTSZ JU^SVU _U AUZZW NU[WU NU[ccWVUf nS jGu ^UZXU^ SkYcc jHu P hiu L FH }`lWc Gq~u C GFf PUZXUQ ^SRVRZ _SacU_USkYcc dR[`UXXU jHQqqu PR[W^UZ \ac^ XRSTYZ ^WYVYZ _U aWXc SkYcc hDQhFu PU[_UVUZ \ac^ XRSTYZ ^WYQ VYZ VYac hFQhHu J]WZ ZV\X XRSTYZ ^WYVYZ `UZa VYac hHQEDf dRV^ `lWcsX^W[_UZ AUQ TRVW rURVUaU[_RZ c\\VW XY^l VR^RWXWU U[Q cW^^YVYWcUu YXWcYVTWl _U llZWccYWcl cRc^WQ TRXUWaYYXcUu bWbU^cWW^UXcU _U kRaY^UX`UcR^XYXcUf AUVTWZ kWQ cl_lZ XWW[cS`lYZ U`RXcRXc\sXXl dR[`UXXU qiQqqu V]WZ ZV\X \VWQ SkYcc cYacl`lc Fqu PSRVRaUVV Tll[llTlc SkkW^W[_UVURXRZZSc FhQGjf O^UcYYTWXcYZ >UWXcYZ PU[_UVUQAYR[UZ kY[RXcU_U _U XWac d^V jEQjHf LSccU A`l[b Q_l[_YXcsZ WVTU`UV`SZZUXXU jHQqi _U XScUXUW[UUVUZ ^UZXVWUXXU PR[W^UXXU qDu c\ccsSXUXcSZ _SaV dR[`UXXU qiQqqu PR[W^^UQAYR[UZ _SacS^ hIQhGu PR[W^UZ kRQ `RZ XRRZZWccu AUTRVW rURVUaU[_RZ kUcXUXcSWTW^ hF _U Ghf PUVY`UVUZ _RaVU`RSbYZ TWc Ehu NT jHQqi _U qDQqqf JU[[ XR^R^UZXUcu KcQrSa_UZTUUZ [U^YZZRXkY[WZcYYZ YV`\cclTWQ ZYZu UZcWW^WZ ^RVccRR[Wu XR^RcRc^WTRXf
[U@o ¼r Yo HIQHju `U^WZ SkYcc HjQHEu `c VYac d¯_PkpVV
HHQiiu `U^WZ VYac iiQIhu `c VURVRZSkYcc
HjQHqf nL _SacU_U HIQHGu PUZXUVVWXcYUcc
_SacU_U ihQiGf dRV^ RX ^W[_S_U XY^l YXQ cYYZ _U ^W[_UVVaWXc cRc^WYVTWU _U ^W[_SWQ
cR^XWUf ARSTYZcUZRc [UZX^UXcU _U WcUVWUXcUf J]WZ \VWSkWXcSZ bSX iHQu CUTkY[YYZ CYUccY[WZ _SacU_U DIQDhf ?VVRc `UVcWSZ ^W[_UVVWXYZ kUV^WZcSVURcU^u J]WZ ^URk TRXWW^^WVURcU^f ARSQ
TUVUWXYZ PW[_UVV YbWXclTWX[UaUXcSZ ^W[_UVV SXUXc _lXf ARSTYZ CUWbYU^UcYTWUZ _lXf
JUVVUu eWVaS OZcY[Su \VWSkYccU_Uf PWW^^U DE Be DEHqu p IG eBB DHhqf ea TUUZ`WV_YVW_l OR^RXcW xUf B JUWVU _U NUcWVbU rScWf ©DIh N JUZQ ZU nVWQrSa_Uu c jju BB jq `UZa VYac >UYQ
t¡ _KXXW T NU[WU M\VVYZzy[]u » jhf DDD qi VYac
CYVVY[`S n[_sQPSX^WZYZf nS Iiu P Ijf
T §A IGu L jqu C jhf ?kWZcSTUc^S_U
JL C dNJ K R[ Y[W TUWaWZf C\[`llZ \ac^ XRST _U
mW[J« aWXc `c SkYcc IqQIh LURccU^\VlZ \ac^
J XRST _U aWXc SkYcc _U ^SRVRZ_SacU_U IhQ
IEu NW^^YVWZ V\X aWXc `UZa VYac IEQjDu
XRST `UZa VYac jDQjFu J]WZ ZV\X XRST `UZa VYac jFQqFu \VWQ SkYccU_U qGQhqu NW^^YVWZ ^URk ^UZXU^ cU[^ IHQjFf dRV^ cRc^WQ TR^XWU _U SkkW^W[_S_U XRSTYZ ^WYVYZ _U ^W[_UVV UVUVcUf
JUWZU[W }QiF S[XXc[sT~u ?X^U[ ObSVpu VYacS[Wf CSaTU_l[`W G DDD DEhFu c Ij D DHDif ea kSXcWTYXcU[W MRXcUp ObSVp S[XXc[sT _U OR]RXcU rSV`WUZbY[f © Ej CWWTU JU]UZf nS GFu P EIu L _U C Hif d\`lX^\VlZ XYTWZ
`SWTu UZUcSTWUZ _U [RScX SkYcc GEQGH _U EiQEDu AS[cU`UVUZ XYTWZ `SWT UZUQ
cSTWUZu p\XWSV _U cY[`Y\XSk VYac XY^l aWXc _U TUUZc SkYcc EDQHju AS[cU`UVUZ \^XWc c\ccs^ ARSTYZ aWXc SkYcc EIQEGu
AS[cU`UVUZ ^[YW^UZRX^SWXcYZ ^WY[cS^SRQ
VRZSkYcc `UVTWXcRXVUWcS^XYZ _SacU_U _U SkYcc EIQHju AS[cU`UQ
VUZ UV^YWX^ `SWT `c SkYcc EGQHIu d\`lX^\VlZ ^VUXX V\X aWXcu TUUZc _U lWbWZ^WYVYZ VYac HjQiiu [YacS[W HFQiiu AS[cU`UVUZ [YUUVWV\X [YacS[W _U aWXcu TUUZc _U XRST VYac iiQiqu J]WZ [RScX [YUUVWV\X aWXc VYac iqQiEf ARST ZV\X XRST _U aWXc VYac iEQDif dRV^ RX ^W[_S_U XY^l XRSTYZcUZRcf AS[cU`UVUZ _U d\`lX^\VlZ
JYW^^R[WZYZu KWVU CRRVW^^Wu VYacS[Wf dSYZXRR DHqDf ea [URQ ±_TTUTTWT cUcWY`W[^UTWYX eYW^^S eSRcWVUWZYZ _U ^UZXVWXcW @URZW NU[WU @UXWf © Fj VYacSQ [Wu C CSW`S KZXWS JYW^^R[WZYZf LUkXYc NUccW FHu LUR[U Gif nS hHu P Fjf V]WZ \VWSkWXc XS`YVVYcRZ TUcYT _U TUcYT `c UXXWXc FqQFh _U FGQFHu d^VZ ^UX`UcRXSk ^S[^YU^ _U d^VZ \VWSkWXc TUcYT `c UXQ XWXcu XWccYTTWZ `c VYac FhQFFu eUVcWSZ WVcUSkkW^ `c TUcu p\X _U ^YT VYac GqQGhu Nl^YVlZ[WZcYYZ \ac^ WVcUVWZ_UZ TUcYT \VWT VYac GFQGHu J]WZ D Z^ TUc VYac GHQu UkRVUWX[YacS[W EDQ EFf
JYWZ[WyWRXu rYcY[ OR]RXcu VYacS[Wf PRSkWS Iq ¨ DEFju p Dh B _Tu¬¬f DHjGf ea VYacS[W r[SzRX JYWZ[WyWRX _U LS`WXU eSRcWVUWZYZf © HI AW][Wb NU[WU CaYXVspf nS EIu P EFu N EFu L EHf
½W°½ QZ_t ?kWZcSTUc^U KR[ Y[W TUWaWZf eWWkR[WZ « [RScX V\X TUcYT _U p\X `c VYac EHQHiu L ± pk§ ± ?RVRZ XRST V\X TUcYT _U p\X VYac HiQ PAoc d¬p Hg Hhu ?RVRZ XRST _UV^SQSkWXc TUcYT _U p\X SkYcc HIQHqf eUUXUZ XRST [YUUVWV\X ?N TUcYTu p\X _U ^YT VYac HhQDIu eUUXUZ ±JoNK§ fVWW§ [RScX _Uc^SQSkWXc TUcYT _U p\X SkYcc HhQ HGu eUUXUZ XRST c\ccs^ p\X SkYcc HFQHEu eUUXUZ XRST _Uc^SQ
SkWXc TUcYT _U p\X SkYcc iIQDiu ARST ZV\X TUcYTu p\X _U ^YT `c `UZa VYac DIQDju `U^WZ DjQjiu `c VYac _U cRZcWSk jiQjhu J]WZ XRST ^URkkU^S[^YU^ ^URkkUQTUcYTu pWZUZXXWVUX^YZQ
ZSZ _U ^UV^\VUcWSQSkWZ `UZa SkYcc DIQIiu `c k[Sp IiQIEu ARSQ TWQ\acWsZ kllTUcYTUUcW^^S DjQDhu ^SRVRaUVV TUcYT UWZYWQ bYZ `c \VWcU[^ DG _U DEu ?RVRZ ^URk ^UZXU^ cU[^ HIQHhf oX cRc^WTR^XWU _U SkkW^W[_S_Uf eUUXUZ ^URk ^UZXU^ _SacS^ k_ HEQ DIu eUUXUZ ^URk`UVc k_ iGQDIu J]WZ ^URk XRSTYZ^WYV ^UZXU^ _SacS^ k_ DqQIif OXc[SZ MYXYVVXyaUpcWZ _lX HqQf AcUZµ jf Ae@ P Df
JYWZlZYZu rY^^U gY[ZaU[bu k[SpYXXS[Wf PURkkU^S[^YU^SRQ VRZ [YacS[Wu JlTYYZVWZZU DH Be DHiqf ea cYacUWVW_U eWacS[W JYWZlZYZ _U OTUZbU >R[TWZYZf © IE SkYcc L\\VW P\VVW^^W PURkkWZYZf LUkXYc dRaUZW jiu NU[_UccU jhu OZXXW qqf nS Iju P IEu L jHu C qif ?kWZcSQu ^SZ][YXXWQ _U YXWcYVTlTUc^S_U RXYWaWZ KR[ TUWaWZu JlTYYZVWZZUZ c\ccs^ TUcYT UWZ SkYcc IEQjDu J]WZ XRST V\X TUcYT _U ^W[_UZQ kWbSZ ZRS[ VYac jDQjEu ARST ZV\X TUQ cYTu p\X _U ^YT `UZa VYac jEQqju PURkkU^S[^YU^SRVRZ ^YT
_U cU`U[USkWZ UkRV k[Sp qjQhiu k[Sp hiQGDu `U[U[Yac hGQFju [Yac FjQGDu J]WZ \VWSkWXc bSX qGQu Lll^YcYab ?[WSZ S\ VUzSQ [UZccW^ _SacS^ qqQhjf PW[_SWccUZRc RX ^YTWUZ _U cU`U[USkWZ UVUU ^SX^Y`WU cRc^WTR^XWU XY^l SkkW^W[_S_Uf U[TU^SkYU^SQ TWc _lX qhQhDu ARST ^YTWXcWYZ XYR[ XWac qjQqFu k_ qEQqHu A PYTWXcWVWWcSZ ZYR`SccYVR^ _lX hhQu k_ hEQhHu Pn WZXkYac hFQ FDu nCL _lX FIQFju Lll^WZcsaUVV cWYc ZYR` _lX FIQu L``QcU`UQ [UcSWTW^ k_ FqQu ARSTUV LWW^YXW`WXc\X[Ua aUVW _lX FjQu LWW^YQ cUVSRXcWYc CRc^WTRXVUWcS^XYZ AllcWsZ aUVVWZcSZYR` _lX FqQu >WWVS JYVUZbY[WZ AllcWsZ aUVW _lX FqQ¡ CU`U[UXYVSXcYVWWcSZ aUVW k_ FDQu PYX^WZlWZYZ eU^\ac PUVY`UZ aUVVZYR` _lX FhQu >SW[S ?\Z _SacS^ _lX FIQ e@ qu e@ ju AL Pu Ae@ Pu NTjHQqiu QTTqVQqhu Bcl`fOµ ARR[W PRVc ^T[f PUkcf rSW^U qGiDf
JYVVTUZu OZbY[X eW^cS[u ^SVVY]Uf ³rWYcU[XUU[W Iq Be DEhDu p IF BB DHiIf ea `l[_l[W dSaUZ JYVVTUZ _U PU[SVWZU P[WXcWZU P_YVVzY[]f © OZZU BbU ¥aU[VSccU Up KZYa_YVTf nS FH SkYcc ^UZb GEf ?kWZcSTUc^U KR[SSkkUUZf eUUXUZ UVUQUV^YWX^ cSWZYZ UkRVUWXSkYcc FHQGi _U ^V GIu eUUXUZ k\al^ WXlZTUUZ aWXcu TUUZc _U [RScX SkYcc GIQGFu eUUQ
XUZ ZYVWVRS^^ [YUUVWV\X XRST _U [RScX SkYcc GqQGhu J]WZ [RScX c\ccs^ aWXc _U
TUUZc ^SVVY]U GEQGHu JlTYYZVWZZUZ ZV\X [RScX _U cUcWZ SkYcc GHQEGu JlTYYZVWZZUZ [RScX c\ccs^ [RScX SkYcc GHQEGu JlTYYZVWZZUZ XRST c\ccs^ [RScX SkYcc EIQEju PRSkWSZ V\X VUcWZ _U XRST `UVcRRc ^SVVY]U EhQEFu XUTSWZ CR[RZ XRST ^VUXX V\X EFQEEu ARST ZV\X VUcWZ _U XRST ^SVVY]U EEQiIf eUW`UWXaSWbSZ cU[^ TUc^UQUkRVUWXYZU HIu HqQ HHf dRV^ SkkW^W[_S_U _U U[cW^^YVYWcUf PUZXUVUWXcYZ `UVWcXYTU _lX alclUkRcSWTWYZ ^YX^RX^STWc HjQHqf AcUZµ ju OZZµ jf rSQ _UZkS_UZ kS_Uc Fjqqu FEIIu hEFGf
JYkS[URcU }Qjh JlXcYX^S~u [UZX O^XYVWu \VWSkYccU_U VWccW DI eBB DEGHu p I ¨B DHqFf ea `UZa [UcUQ TYXc eW^cS[ @SzY[c JlXcYX^S _U JYZ[WQ ^U LS`WXU JYW^^WVlf © iG ^W[_UWVW_U KVXU NUcWVbU PSkSZYZf nS HHu P iju N iju L DDu C Ijf ?kWZVSTUc^ RX KR[ TUWaWZf eWabWZ ^UZXUZSkWXcSZ `c _SacUQ _U ijQiqu JRWccWXcYZ ^UZXUZSkWXcSZ _SaQ cU_U iqQiFu J]WZ XRST \ac^ aWXc SkYcc iGQiEu J]WZ RRbYZ \ac^ XRST _U aWXc cV D S kYcc iGQiEu d\`lX^\VlZ XYTWZ XRSTu [RScX _U aWXc VYac DiQIGu `W[^U`UkUUZU IIQIGu d\`lX^\VlZ ^URk ^UZXU^cU[^ DIQIhu d\`lX^\VlZ ^URkkU^ lWbWZ^ SkYcc DDQ DIu lWbWZ^ _U ^URkkU^W[_YYZ `UWabSZ SkYcc DHQIiu J]WZ `lVWUW^ \VWSkkWVUXXYTWZ _SacU_U IIQIGu ARST ZV\X XRST \VWSkYcc IGQ qFu `U[U[YacS[W IGQIHu [YacS[W IHQqIf dRV^ VR^RWXWU cRc^WTR^Q XWU ^UZXUZ[RZSRbYZ UVUVcU XY^l SkkW^WW_S_Uf oRbYZTUUZ >RS[WXSXYR[UZ YXWTWYX iHu ARSTYZ >RS[WXSZ LWWcSZ _SacS^ _lX DiQDhu PYX^WQARSTYZ ZRS[WXSXYR[UWZ VWWcSZ YXWTWYX DDQ Iju d\`lX^\VlZ ^URk`UVc _lX DhQID _U XYZ TRRcUT VURcU^ _U `UVWS^ k_f d\`lX^\VlZ cWYcYYVV ^WW_UXcSZ aSWcS^ _lX DjQIIu SVQ ^VS[Y YVVS¯X _lXu ARSTQR][ ^RVccRR[WcSWTW^ _lXu XWac IEQjGu k_ jGQqFu ARSTQR][ ^RVccRR[W[UaUXcSQXllcWsZ aUVVWZZSZ _u XYZ XWac jIQjGu k_ jGQqFu ARST CWYbYU^Uc UkR_lXf ARSTYZ >RSQ [WXSZ LWWcSZ _U PYX^WQARSTYZ >RS[WXSXYR[UWZ LWWcSZ ^RZZWUQ _lXf Ae@ Pu e@ qu NT jHQqif
JWYcU`RS }Qhh @W^UVUWZYZ~u @UW_U CUWZUu VYacS[Wf C^R Di e DHjqf ea kllcSWTWccU_U AYWTW @W^UVUWZYZ _U XUW[UUZaSWcU_U OXc[Wb OU^SZYZf © hhQFI AYkkS JWYcU`RSf LUkXW KW_U FDf nS hqu PP? hHu ^UZXUVUWX^ SkYcc Fju P GFf ?kYccU_UZU rU[UWXQ cYZ ^URk hHQFju C^R FjQFHu J^W FHQEDu J]WZ Z^ SkkWVUUZSa_ VYac EDQHif dRV^ SkkW^W[_S_U VR^WSZ SkkWVUUZSa_URXcU `U[Q cYZf
JWVbYZu g[S[ K[W^u VYacS[Wf P\TW Iq B¨ DEEqf ea VllZWZU]Q ±±±±±aT [SZSTW K[W^ CaYSbS[ JWVbYZ _U OVaYWbW ?VXSZWf © DI @UyaYV NU[WU ¾WZy^f nS iIu P iGf ?kWZcSTUc^S_U AU^XUUZ _U @UZX^UUZf PSR`SVUZ \ac^ [UZX^ _U [RScX SkYcc iEQDDu ARST ZV\X [UZX^ _U [RScX cRZcWSk DDQDhu dSYZXRRZ V\X XU^X _U [UZX^ `UZa VYac DqQIiu ARSTYZ MRTTWcYabUX ?\ ^SZcckllVV IiQIhu ARST ZV\X XU^X _U [UZX^ `c `UZa VYac IhQIFu UkRVUWXVYac IFQjEf PURkkU^S[Q ^YU^SRVRZ XU^X ^WYVYZ VYac UkRV IHQjEu VYac jEQhqu cRZcWSk hqQhEu J]WZ \VWSkWX XU^XUZ ^WYVYZ SkYcc jFQqDf AL Pu e@ ju e@ qu NT DE _U qDQqhu ALCO@ U[ Bf rSW^U jiDFf
JW[`YZXUVS }QiF LU]RX~u LU[X @YWZaSVbu VYacS[Wf VWXUVTW q Be DEhEu c IG e DHDEf ea ^a[U dSaUZ LS[YZ¦ LU]RX _U OR]RXcU OTUVWU ¥U[SQ VWZU CUTYVUZbY[f © B JWVbR[ ObYVUWbY AZYVVTUZu DD HI KVVW >UcaUVWU g[SpYVbcf nS Ghu P EDu N EFf ?kWZcSTUc^U AU^XUUZ _U Bcl`UVcUUZf J]WZ XRST UVQ a p ^YWXSkWXc TUcYT SkYcc EqQEGu J]WZ J [RScX [YUUVWV\X TUcYT ^SVVY]U Ehu J]WZ ^URkkUSkWXc TUcYT _U p\X SkYcc EGQEHf ARST ZV\X TUcYT `c ^SVVY]U EGQEEu `UQ ^WZ EEQDju ZRS[ VYac DjQDGu TUcYT _U VRSZZSZaWXc `c \VWSkYcc ^Y` iju ^URZS^W[_ SkYcc EGQHi dRV^ VUX^RSkWZ YXWTY[^^W^SQ ^SYVTUZf JlclUkRcSWTWYZ ^YX^RX^STWc _lX iIQiju CYSVVWQ XRRXQu ^lXWc\sVlWXQ _U UTTUccW^SRVR_YZ cU[^ DjQDqu APA _U ARSTQR][ AYR[ _lXf
JSVTUu CUkWS AUTRVWu VYacS[Wf JUR^WkRbUX F Be DHjEf ea U][SVS]W LUR[W dSaUZZYX JSVTU _U ^UZXU^SRVRZSkYccU_U CSWQ ZW KXcY[W dRXXWVUf © FI VYacS[Wu CP NYY[W NU[WU N\VV\Vlf LUkQ XYc NURZR Fhu LUR[U FFu NUU[WU FEu PUcU[WWZU GDu dSaUZZU Gqu AUU[U GGf nS hFu CP FDu PP EHf CssVsZ X[^Z kUkWXcSZ UkRV FIQFFu @UUaYZ XYT `c RX^ VYac FFQFGu CSkkWVUZ \ac^ RX^ VYac FGQGiu J]WZ ZV\X RX^u kX\^ _U pWV VYac GiQu J]WZ \VWSkWXc ?PL RX^ bWbU^cWW^UZ `c VYac EFQHDu J]WZ ZV\X RX^ _U kX\^ cRZcWSk FhQFFf ARSTYZ RX^ Sk VWWcSZ aUVW GDQGhu J]WZ @URQ aUZ\ab _SacS^ HDQf elZ[f
JSVTXc[sTu OZcSZ @UpUYV LYSkSVbu k[SpYXXS[Wf J^W DH ¨BB DEHHu p D ¨BB DHFGf ea VllZWZ^W[_UZkWQ cl_l OZcSZ tWVaYVT JSVTXc[sT _U KbVU dSXYpWZU JSVT][YZf © IF OWZS ?VW`WU OVaSf nS DEu P _U N Iju cYSV Y[ScRc^ Iqu `WaWcc\ kUkW^XW Iqu CP jiu CL jGu CC qif ?kWZcSTUc^S_U A^UZbWZU`WUUZu AU^XUUZ XY^l rUVYXcWWZUUZf JlTYYZVWZQ ZUZ V\X RX^ _U pWV UV^ `UZa VYac IFQjGu J]WZ ZV\X `UZa VYac jGQjHu \VWSkYcc jHQ hHu [Y ac qIQhHu JlTYYZVWZZUZ c\ccsV\X RX^ SkYcc IFQjGf PW[_SWccUZRc VR^RWXWU cRc^WTR^XWU _U SkkW^W[Q _S_Uf JlTYYZVWZZUZ ^URk VUXcYZXRS_YVRVURcU^ k_ IEQjFu PW[^Q ^SZYR` _U Q`UVc _lX IEQjiu ^URk`UVc _lX jjQjGu ?kYcc ZYR` _lX qjQhEu J]WZ ^URk [UWccWRXVURcU^ k_ qHQhDu @UWccWRbYZ nXclQ `WYZ k_ qGQFhf oX^ SkYccU_UWZ VWWcSZu WZVUZbX A`YZX^U >\^Q cY[aYcXpz[zRZbWZu AWZWZURaUVWWcSZ _U J]WZ @UWccWRXXYR[ ^RZQ ZWU_lXf Ae@ @ Du e@ j k[^u e@ qf r[SpYXXS[WZ U[`S FFf rSW^U qGEqu c\ccl[YZkSW^U GFiHu kS_UZkS_Uc GHGDu EDiFf
JSZ]WXcSu LUXXY dRaUZWu VYacS[Wf eUV^YUVU IF ¨BB DHhjf ea ^W[`YXTWYX LUR[W PUVY[`S JSZ]WXcS _U OZZUQNUW_U PWR^UXf © ED Y[W^SWXXUWQ [UUZaSWcU_U rW[_S CRRVW^^W rUZ^^Uf LUkXYc AUU[U Ej _U OZcY[S EFf P Equ L EEf JWXc _U \acYWX^RZcUSkWZ cRZcWSk J]WZ BB Z^ EFQEG _U B Z^ EGQEEu `UZa VYac rS[^^UVUZ VR^WSXXU EEQHi _U B Z^ VYac HiQf @U^RRZUf JU[[ CewZ ^UcXYVRf
JlTlVlWZYZu LUR[Wu VYacS[Wf AS[cU`UVU E ¨ DHihu c I Be
DHhIf ea cUWbYTUUVU[W elWZs JlTlVlWZYZ _U JYVTW Nl^WQ
ZYZf © P\VVW^^W PUR^S[UZcUf nS Iqf ?kWX^ J]WZ \VWSkWXcf ARSTYZ CUWbY\ab kWW[RXcRX^ _U CUWbYcYSVVWXRRX^f ?kWZcSQ
TUc^S_U KR[ Y[W TUWaWZf ?XUVVWXcRZRc VR^RWXWWZ cUWbYZl\ccYV\WQ
aWZ ^ScWQ_U RV^STUWVVUf AS[cU`UVUZ XYT VYac jDQqiu J]WZ ZV\X kWW[RXcR^XYZ `c SkYcc qiQqDu `U^WZ qDQqF _U qGQhIu kWW[RXcR^Q
XYZ ZRS[ VYac qGQhIu ARSTYZ CUWbYU^UcYTWUZ ^SRVRZ SkYcc qDQhIf ARSTYZ cUWcYWVW_UXYR[ _lX _U ARSTYZ CUWbY][UUpW^Sc [\ XWac qGQhIf
JlTlVlWZYZu LUR[W dRaUZWu VYacS[Wf BVSTUZcXW DH eBBB DHjif ea LUR[W JlTlVlWZYZ _U KY`U KTWVWU OR`WZYZf nS hiu P Fqu N Fhf rnr
TUWZSXSX hiQhju cWYbScRXSX hqu PSRVRQ
TUc^UWVRcXcSZ ZRS[WXS`UWacSQSX hhQhEu
NlZcXlVlZ \ac^ [RScXWZ `X `UZa VYac FIu
PPP [RScXWZ ^WYVYZ _U ^W[_YYZ`UWabSZ
\VWT SkYcc Fqu OVkkWVUZ \acV\X [RScXWZ `c `UZa VYac FhQFEu PSRVRaUVV [RScXWZ
^WYVYZ `U \VWcU[^ FEQFHu J]WZ ZV\X [RScQ
XWZ `UZa VYac FHQf CSWTWccUZRc ?kWZcSQ
TUc^UWVRQVYacYl hhQhFu VUUcWZRc SkkW^W[_S_U GiQEFf JU[[ ^RQ `UcUWcYYcu ^R`UZ`YWXcSf
dUySzXSZ MYS[] ·U`Wb Kp[UWTu VYacS[Wu Nf J^W IG eB
DEGIu p h eB DHjEf ea ARSTYZ nab\XQ
kUZ^WZ `W[^UTWYX eWycS[ >UkSVYSZ dUQ ySzXSZ _U MRXcU`U CaY[YXWU tUVVYZQ
Xc[{VYf © DD JYVYZY @Sc^W[yaf nS HDu
P _U N iif ?kWZcSTUc^S_U @RScXWWZ _U KZ]VUZcWWZf PSc^UZ UV^YWX^ RX^ XRST _U [RScX ^SVVY]U HhQHFu >\U A` Ll[S` XRST SkYcc iiQiEu ARST ZV\X [RScX cRZcWSk iDQiEu `c VYac iFQiGu `c ^SVVY]U ±gg _{PP{ iGQiEu `U^WZ ^SVVY]U iEQDju ZRS[ VYac
DjQDHu `UZa VYac DHQjEu YZ]V SkYcc DiQIGf JpS[X A` S[czWVbQ ZWZ]XVl[S` XRST SkYcc iGQiEu PUZXU^SkYcc \VWSkWXc _Uc^SQ ^R[XXWYZ [RScX SkYcc RX `RSXWUf AScU^S[^YU^ TY[WVWZ_UZ YZ]V
SkYcc IFQIGf dRV^ [RScXWZ ^WYVYZ SkkW^W[_S_Uf Ae@ @ Df
dUVUZcWYu }YZc dl[`WZYZ~u CRSTS O[cYVSu VYacS[Wf CUTkY[Y D ¨V DHIhf ea \VW^SZbR^css[W elWZs eWacS[W dl[`WZYZ _U AUWTU NUcWVbU LYaQ cSZYZf © hj cSWTWXcSXWacYY[W LYYZU PWVQ kWlf LUkXYc O[_U hhu CWTS Fif nS qGu e? hDf JUUkUTlYZ \ac^ `SWTSk hIQ hhu ARSTYZ o[aYWVRVWWcSZ cSWTWZZUZ_ hhQFFu J]WZ ZV\X VWW^RZZUZ VYac FFQEDf ARST eSWTVWWcSZ cSWTWZZUZ_ hhQFFu >S[bYZX M\TZUXcW^pS[zRZbWZ _SacS^ _lXYZ FiQFq _U cY^Z `UVWS^ XWac FiQFqu YbY[UcWSZ BZcY[ZUcWSZUVY bY M\TZUXcW£RYZ } BM~ cY^Z `UQ VWS^ _lXYZ FGQEqu AeLZ aUVW FEQGju `k_ GjQEqu ARSTYZ ?V\TQ kWU^STWc `UVcRRX^ FEQEqu AcUbWSZQXllcWsZ `UVcRRX^ GjQEhu ARSTYZ eSWTXllcWsZ kY[RXcU_U_lXf eSWTWXcYVRZ \VWcRSTU[WQ ZU _U VWW^^YYZ XRRZZWccYVW_UZU SV\TkWU^WXSWXXU FiQEqu NNQ ^WXSWXXU G _U KNQ^WXSWXXU Dq ^Y[cUUf dRV^ `SWTWXcYVRZ UVUVcUf rSa_SVUZ eSWTVWWcSZ U[u AeL _U BM ^RZZWU_lX Equ CRTU[YWQ bYZ _U nVWSkkWVUX`SWTWXcYVW_UWZ ^RVc UTu AeoL _U AeL ^RVc _U aSk UTf LWW^RZcUZYR`SX HDf AL @ Du NT qDQqqf LcZf JU[[ ^lbYZ cUWbScf
dUc^SVUu OZcY[S dRaUZWu VYacS[Wf DED DHDDu c j B¨ DHFjf ea TUUaY[[U KTWV dRVWRX dUc^SVU _U gY[ccU LUWcWZYZf nS IEu P jhu N jFf ?kWZcSTUc^S_U RXYWXWWZ KR[ TUWaWZf PS^^SVUZ \acV\X XU^XUZ _U [UZX^UZ `c `UZa VYacu J]WZ ZV\X XU^XUZ _U [UZX^UZ `c `UZa VYac qqQqGu `c UkRV VYac qGQqEu UkRV VYac qEQhEu `UZa VYac hEQFjf dRV^ XU^XUZ ^WYVYZ SkkW^W[_UZf Ar@ k[ UTu eT Du NT jHQqif
dSaUZXXSZu o[aS K[W^ tSVbYTU[u SkYcRXZYR`SXf J^W II ¨V
DHIFu c J^W h B¨ DHHDf ea ^SZbWWccS[WQ TYXcU[W dUU^Sz t dSaUZXXSZ _U JWV_U LUkkUVUWZYZf © hIQEi ^W[_UXcSUkRVUWQ
ZYZ rW[^^S LWWXU rWYcWVlf LUkXYc rY^^U hju CYkkS hFf nS qFu P hDf mWbWZ^WYQ VYZ SkYccU_U J]WZ Z^ hGQHif mWbWZ^WYQ LYZ SkYccU_UWZ VWWcSZ k_ GDQEjf @RZXUX SkkW^W[_UcRScUZcSu cY^XcY_l mWbWZ^WYVYZ SkYccU_WYZ `RSXW^W[_SWaWZ _U _lXYZVYacW eW[^^YYXYYZf ?kYcRXZYR`SXu mWbWZ^WYQ LYZ SkYccU_UWZ VWWcSZ ^RZZWUk_u ¨¨¨u AL @ Df AScUTWYXf JU[[ ^R`UZ`YWXcS_U ^W[_SWccYVRf rS_Uc GIGhu GhFqf
dS^Wu KX^S @SSkYu VYacS[Wf J^W DI ¨B DHiGu c DI eBB DHFFf ea RRZWZcY^W_l @SzY[c dS^W _U NWZZU KTWVWU AsbY[TUZf © B jq VURVRZSkYccUQ _UcU[ NU[WU eRS[WcXUVS p qFu BB hD [UbWSQ ^RRVRccU_U PUWXR AWX^S rRRX^Uf nS IFu P jjf J]WZ ZV\X VUcWZUZ _U ^[YW^UZ `UZa VYac `c jqQjFu `U^WZUWZYZ jFQFDf rUWZYcRZ eYW^SZ kY[RXcU_WU _U XYZ kllQ cSWT cSWXcU^\TTYZcl `RSccUf >S[XXWXcU
«_½ B E XcWkYZbWl XY^l VUcWZUZu TUcYTUcWW^UZ ¯u xfff ` ± _U aWXc kUV^WZZScu j ^Y[cUU ^VUXXWVVWXYZ pWVSV kUV^WZcSf >S[XXWZ ^SZ`YZcWZ k_ Ihu ^R[UUccS[W DI VR^RQ ^URccUf e@ T^ >S[XXWZ ^SZ`YZcWZ ^RZZWU_lX _U QTY[^^W jGf
dSVTU }QFh NUccWVU~u CSWZW CYVVY[`Sf §C\[`ll I e DHqif ea T` CSW`S NUccW ?VU`W N _U YTlZcl OZZW P\VVW^^W dSSZUf © Fh Y` d\[^W dRaUZW df C\cl[ PUc[W FFf nS hHu PC? Fqu JRP GHf AU`SZVWZZUZ XYTWZ ^ScWcUV SkYcc SX [RSUZ`UVTSkWZ UTQ TUccWSkYcc FqQFFu J]WZ ^ScWcUV SkYccSkWXc [RSUZ`UVTSkWZ _U ^SbWZaSWbSZ UTTUccWSkYcc FEQGhf Jn ^ScWcUVSkYcc ^SRVVWZ_ [RSUZ`UVTSkWZ _U ^SbWZ cY^ZSV cRZcWSk _U `c VYac GFQGHu J]WZ D Z^ ^ScWcUV VYac EiQEhu Jn ^ScWcUVSkYcc ^SRVVWZ_ ^SbWZ cY^ZSV `c VYac EhQf dRV^ SkkW^W[_S_Uf JU[[ RV^SWVRf
dR`U }Qjh dR`YVWRX~f KWZU[ tWVaYVTu k[SpYXXS[Wf @UUaY G B DEHIu c F B¨ DHFFf ea C dSaUZ tWVQ aYVT dR`YVWRX _U JYVTW CaY[YXWU MYXQ c[WZf © B Dh LYTkW LWZZYU PUWVUu BB ID NU[caU NU[WU M\VVYZzY[]f nS Diu P Dju N Dqu L DHu C Iif oX SkWZcSQ TUc^S_U KR[ Y[W TUWaWZf ARSTYZ PScWQ XYRcRcRc^WTR^XYZ ^YX^RX`UVWS^ XWac DjQDqu BclQPUW_UVUZ PUZXUZSkWXcSZ `c _Sac DqQDhu PS^^SVUZ XRST \ac^ aWXc _U XRST SkYcc DhQDEu PS^^SVUZ \acYWXV\X aWXc _U XRST cRZcWSk DEQDHu aWXc _U \acYWX^RZcUSkWZ `c `UZa VYac DHQIiu rS[`SSZ ZUWXSkWXcSZ aWXcu XRST \T SkYcc IiQIju xARS_YVRX^RZcUVUWXYZ LYabYZv kllcSWT IjQIhu J]WZ \VWSkWXQ cSZ ARSTYZ aWXc bSX IqQIEu nVYWXYXW^ XScUaWXc cSWTWXcSZ `W[Q ^UT IhQIGu ARST ZV\X aWXc UWZ \VWSkYcc IGQIEu CR[RZ \VWSkWXQ cSZ ^ScWT _U \V aWXc `c k[Sp IGu `U^WZ IEQIHu ARSTYZ aWXc k[Sp IHQhHu aRTUZWXc cWYbY^ bY^UUZW jj _U hjQhqu `U[U[Yac jqu qEQhD _U [YacS[W jqQqhf dRV^ VR^RWXWU cRc^WTR^XWU YcYZ^WZ ARSTYZ aWXc UVUVcUf CR[RZ ^URk aWXcS[WUZ TRXYSZ _SacS^ _lX jDQjFu CR[RZ aWXcS[WU¢¢ \abWXc k_ IHQu CR[RZ \VWSkWXcSZ \VWSkQ kWVUX^ WZXkYacS[W jiQjIu ^RZZUZ`UZaWZ jIQjju JRacUTl^WQ \ac\Tl S\ aUVVZYR` _lX qjQu CR[RZ ARST Xk WXlZZ _lX hDQu ARSTYZ JWXc AYR[ cRc^W_U_ IIQu ^RZZWU_lX hEu ARST CWYbYQ U^UcYTWUZ UkR_ IhQu `U[XWZ _lX jFQf A XScUaWXc XYR[ _U CR[RZ aWXc \ab ^RZZWU_lXu CR[RZ \VWSkWXcSZ _U CR[RZ ^URkkU^S[Q ^YU^ ^RZZWU_lXu KTWV OUVcSXYZ XllcWsZ ^RZZWUkUV^ hEf LPC aY }CR[^R~ hhu Ae@ @ Bu e@ qu NTf rS_UZkS_UZ kSW^U HEIHf
PUWVU }QiD dSaUZXXSZ~u LUR[W MRXcUp MUz[WYVu \VWSkYccU_Uf
TTT
JlTYYZ^\[s IF e DEGFu p IF eB
DHhEf ea VllZWZ[S`UXcW dSXRU dSaUZXQ
B XSZ _U LS`WXU tWVaYVTWZU gS[]f © ih
NgcYW B_W PU[WZ A\ZZs`Y Aya[Y\f n? Hju P Hhu
N HG ¿ `Wa kUkW^XW HEu CP iqu CL iFu
CC iGf ?kWZcSTUc^U PYX^WQKR[SSkQ
kUUZf AS[cU`UVUZ XRST [YUUVWV\X RX^ `c
VYac iFQiGu C[YYZ [YUUVWV\X RX^ VYac iGQ
d____Lc_t _«A« IDu ARST ZV\X RX^ _U oVSX UV^YWbYZ
UpVUJP e UZa VYac IDQjhu C\ccsZV\X XUT UWZYWQ bYZ \VWSkYccU_U jhQqhf dRV^ RX cRc^WTR^XWUu ^W[_SWcYVTWU _U
SkkW^W[_S_U RX^ UVUVcUf C[YYZ PUX`UcRXSkWZ \ab _lXu C[YYZ
>NPn _SacS^ k_u C[YYZ ^W[^^SZYR` _U Q`UVc _lXu eUVcWSZ
SkkW^ SkYccU_U¢ ^YX^RXcSWTW^ k_ IhQjDf AL Pu Ae@ @ Df
PUZ]UX }QFE @YTYX~u KVXU JYVYZUu VYacS[Wf PWR[R`YXW DI eB
DHqqf ea LUR[W rUU`UVW eUVYZcWZ _U dSQ
aUZZU ASpWU @YTYXf © FE cRc^W_Uu L
PUW rYZccW PUZ]UXf LUkXW LUR[W Ehf P
Gqf gWSV _U TUUZc cRZcWSk _U VYac ?RVRZ
Z^ GqQEqu VYac KXkSSZ AR`YVUZ \VlUXc
EqQEh _U J]WZ D Z^ EhQf ARSTYZ O^UcYQ
TWUZ cRc^ UkRV FGQGjf LRSZcSQAYR[UZ
^R[UUccS[W EFQHiu ?RVRZ VRSZZSZXRS_YQ
VR\ab aUVW GEQEju gWSV _U TUUZc SkYcc
VWWcSZ aUVW EqQEHu nCL EFQu
PUZZWZYZ }QEF PlZZWZ~u eSVTU[u cSbYVVWZYZ `UVcWSZYR`SXf
Pl^WXUVTW jD ¨ DEFiu p II B¨ DHqIf
p ea ^URkkWUX PUkWcSZ PlZZWZ _U OVY^Q tT
XUZb[U eSV^S`f © EG NU[WU PRbWZS`f n¼ EDu P _U N EFf ?kWX^YVVRc NSXQ tx «« ^S`UZ \VWSkWXcSXXUf J]WZ XRST UV^YWXQ ¼r Xc `YZld SkYcc EFQEGu ARST _Uc^SQ
SkWXc `YZl_ SkYcc EFQEGu ARST ZV\X `YQ
Zl_lZ cRZcWSk EGQEEf ^SVVY]U EEQihu `c e« \VWSkYcc iqQihf J]WZ [RScX V\X `YZl_
SkYcc HGQEEu J]WZ XRST c\ccs^ `YZl_lZ
SkYcc EEQHqu J]WZ ^URkkUSkWXc `YZl_lZ SkYcc EEQEHu J]WZ
XRST [YUUVWV\X `YZl_lZ SkYcc HDQiif P[YW^^UVUWX^UcSVWXYZ RX^ SkYcc J]WZ XRST _U [RScX SkkW^SRVRWXXU HiQHqf J]WZ `YZ ^\TZ XRST _U [RScX SkYcc HiQHD _U iIQDjf rUWZSUXWUWZ nVWaUVV k_ ihQDGf ARSTYZ PYZZYV^VRzWZ kY[RXcU_WU _U XWac XY^l `k_ EHQiif NYcXlXc\XaSWcS\ab CUkWSZ kY[RXcU_WU _U k_ HjQiif dRV^ cRc^WTR^XWU UV^SaSVWXTWXcUf e@ j _U qu AcUZ Iu OZZ jf CSbYVQ VWZYZ `UVcWSZYR`SX DFf
PU[`WZYZu dU[TS dRaUZWu [YacS[Wf PS^YTl^W Ij BB DHhjf ea JYV]Y OUcSX PU[`WZYZ _U PY[ccR JYVVWZ rU[`WUWZYZf © Gq P AYW_U NU[_UccU JU[TUZYZf LUkXYc CY[S GGu PWTTS Eif nS GIu CP Eif dS^YVUZ \VlUXc _U VR^WSZ `X VYac GGu GHQEiu J]WZ B Z^ RX^u kX\^SVu RX^ aWXc _U XW`Y\XSkWZ kc cRZcWSk EDQEFu RX^u kX\^SV _U YVlTlZ^UcXSTRXcWYbSZ `c VYac EFu VYac EGQu VR^WSZ [YacS[W HDQu J]WZ \VWSkWXcSZ RX^SZcScWYV cRZcWSk AoQ QEDf dRV^ \VlUXcYYZ _U VR^WSZ SkkW^ XY^l SkYcRX`WbYSWcUf eUVTYZZRXQu cRSTU[WQ _U _SacScYacl`Wl R[a XYR[SWXXU _U AeoLwZ kWW[YWXXlf PWkWZlZ ^R[UUccS[W EjQEEu AlaV\^Y[aSZ Sa_UU_U EjQu ?kkWVUX^RZZUZ Sa_UU_U EFQf OVWQ ^Y[Xf JU[[ R[aYWVRu VR^YTWZYZu TUc^Ucf
PUcU_Uu tlWZs BVTU[Wu VYacS[Wf J^W DD B DEHju p Ih ¨B DHFif ea [llclVW PU[V K`Y[c PUcU_U _U tWVaYVQ JP TWWZU AcYZ`UVVf ©jD AUWTU OVWyY OaSQ ZYZf n? Dqu P IFf ?kWZcSTUc^S_Uf J]WZ XRST V\X XU^XUZ XW_UWXQ _U cRZcWSk IiQu J]WZ ^SYV\X XU^XUZ cRZcWSk IGQIHu ARST ZV\X XU^XUZ `c `UZa VYac jiQjDu _{P^ cRZcWSk jDQqDf eUVcWSZ WVcUSkkW^SRVRZ [YacS[W _U XU^X SkYcc qFQhDf J]WZ XRST JP\{ V\X YZcWXWYZ SkkWW ^Y[aSZ _lXYZu oRXcWVSQ VS]W\ab _U ARSTYZ PUX`UcRXSkWZ \ab _lXYZf ARSTYZ SkkW^SRVR_YZ SkYccU_UZYR` XWac jFu jE _U qqf ?ccUZRc SXUU XRSTQXU^X XUZU^W[_UZ VUUcWTWXc\sasZf AL @ Df
PUVcUWZYZu rYZccWu \VWSkYccU_Uf VWXUVTW DI Be DHihu p II ¨B DHGjf ea [llclVW OUTSX _U JUZZU PUVcUWZYZf © jI cUVSRXQ SkYccU_U @URaU BZ^Y[W AU[WSVUf nS IFu P jiu AS[cU`UVUZ V\X `UZa VYac jjQcUV`WXScUUZf NUcYT _U p\X `UZa VYac NRZ^^WZWYQ TYZ \ac^ _U J]WZ If V\Xu J]WZ ZV\X `UZa VYac hIQFhu p\XWW^UZ `c \VWSkYccU_U FjQFhu \VWSkYcc FhQFEu `U[U[Yac hhQFEf dRV^ SkkW^W[_S_Uf
PUZcUZYZu OacW OVY^XUZcY[Wu VYacS[Wf PRSVYTU_l[`W DE ¨B ¯TT]TTTTTTT DHiFu pIV e DHEGf ea [U^YZZRXTYXcU[W eWVaS PUZcUZYZ _U KVTS AWa`SZYZf © jI aUTTUXVll^l[W OWVW BZ^Y[W CRSTYVUf C nS IGu P jif oX SkWZcSTUc^S_U KR[ Y[W TUWaWZ _U oAO¡UZf NUcYTu p\X _U { ^YTWUZ VYac CS[ZWSZ \acV\X jIQqFu AUQ Àu _[ VSZ \aXV\X hjQhGu @WWaWTlYZ V\X hGQFIf _f J]WZ ZV\X p\X `UZa VYac FIQu WZXWZss[W uQ[pT gpY_ eSWTU Á\XXl qFQhjf PW[_SWccUZRc ]YSQ TYc[WUZ cYacl`l^W[_UZf PRZZUVVWXWU VRSccUTRXcSWTWU CS[ZWSXXUu CS[ZWSZ ^URk _U \Tkl[WXcsUVRYWQ bYZ `lYXcsZXRS_YVRkllVV cUV`WXSbUXXUf ARSTYZ URcS^VRzWZ AUVSZ kWW[WZ k_ hhQhFf >S[XXWZ WZcY][UUVW^Y[aSZ ^R[UUccS[Wf eXX UT D X^u eT D _U Iu ARSTYZ URcS^VRzWZ _YcSZWf PS[kf ASbUXXU kUccY[WXcSZ TWccURXRkXYY[Wf
PU[UZZY }YZc LSR^STWYX~u NY[_U OZZR^^Uu VYacS[Wf J^W j ¨ DHqhf ea cYSVVWXRRXZYR`SX @WXcS BVTU[W PU`UZZY _U dRVWU eWXUf © FGQEj Y[Wc\WXQ SkYccU_U KY[S LSR^STWYXf LUkXYc dSQ aUZZU DHGiu CRSTS DHGFf nS Fqu ^UZQ XU^ SkYcc FFu P GFf J]WZ ^URk ^UZXUQ _U kY[RX^ SkYcc XY^l Y[Wc\WXVRS^UZSkYcc FFQEqu J]WZ B Z^ kc cRZcWSk EqQEFu Y[WQ c\WXSkYcR^XYZ VYac EFQu KVlTlZ^UcXSQ TRXcWYbSZ VllZWZ^SRVRccU_U oRbYVVUQ TUUVVU EGQEHf dRV^ YVlTlZ^UcXSTRXcWYQ ·SZ SkkW^W[_UXU[_UZf JU[[ pWVSXSpWUu ^W[_UVVWXRRXf C\cl[ HqEhf PW`W[W^^S }QiF AcYZ[SSX~u PUU[VS KYTYVWu \VWSkYccU_Uu k[SpYXQ XS[Wf J^W IE B DEGiu p IF Be DHqGf ea [U^YZZRXTYXcU[W OR]RXc AcYZ[SSX _U O]UcaU ¥aU[VSccU ¥S[¦U[bf © ii OVTU dSaUZZU KRp[SX\ZY @UkSVUf nS EHu P HIu L HEu N _U C iif CRc^WTRXTUcQ ^S_U KR[SSkkUUZ _U OUXWUUZf AS[cU`UQ VUZ XYT VRSZZSZaWXc VYac HHQihu AS[cUQ `UVUZ [YUUVWV\X VRSZZSZaWXc _U TUUZW ^aV HHQihu ARST ZV\X VRSZZSZaWXc _U TUUZc VYac ihQDDu \VWSkYcc DDQjEf LRQ ^RWXWU cRc^WTR^XWU VRSZZSZQ_U TUUZc UVSWVcU XY^l SkkW^W[_SQ _Uf ARSTYZ LWZcRcWYcYYVV nab c\s_lXu ARST CWYbYU^UcYTWUZ UkR_u ARSTYZ YVlWZXRS_YVR\ab ^RZZWU_lXu k[SpYXXS[WZ U[`SZWQ TW jif rSW^U DhGGf
PSW[UZYZ }SfXf Ac[UZbYZ~u L\bWU NUWZW^^Wu VYacS[Wf PWcYY ID eB DHiFu p DD eBB DHHif ea TUUZ`WV_YVW_l dSU^WT Ac[UZbYZ _U AYVTU rU[cUZYZf © jG cSWT_Sac LYSZU[b PSW[UZYZf nS IFu N jIf ?kWZcSTUc^S_U AU^XUUZ _U A^UZbWZU`WUUZf BVSQ TUZcXWZ NU[_S`UU[UZ `c ^UZXU^SkYcc IFQIGu J]WZ XRSTUV \ac^ `c [RScXWZ SkYcc jjQjqu CUTkY[YYZ V\X [RScXWZ `c `UZa VYac jqQjhu J]WZ XRSTUV V\X [RScX _U XU^X `c ZRS[ VYac jhQjFu `U^WZUWZYZ jFQFIu J]WZ ZV\X [RScXWZ `UZa VYac FIQu eUVcWSZ
WVcUSkkW^ [RScX SkYcc _U c\ccsSkkWVUWbYZ `UV`S_U qFQhif LUUcWQ
ZRc ^WYVW^R[XXY_U ^W[_YYZ`UWacSQSkWX^YVRU `U[cYZf
PSW`WXcS }QiF gY[]][YZ~u AUU[U NU[]U[YcU }M[YcU~u \VWSkYccUQ _Uf J^W G BB DHiqu p DF ¨ DHEDf ea cUVVWTYXcU[W ?ccS PSW`WXQ cS_U NUcWVbU Ac{aVzY[]f © qiQhh N KWZS CSWTW OVY^XUZcY[W o^^SZYZf LUkXW @UWZU qhf nS Iju P jiu N jIf ?kWZcSTUcQ
^S_U KR[ Y[W TUWaWZf d\`lX^\VlZ \acYWXV\X [RScXWZ _U YZ]VUZZWZ `UZa VYac jDQjHu CR[RZ ^VUXX V\X [RScXWZ `UZa VYac jHQhDu J]WZ If V\X [RScXWZ _U YZ]VUZZWZ VYac hDQhFu J]WZ ZV\X [RScXWZ \VWSkYcc hFQFGf ARSTYZ SkkW^ [RScXWZSkYcc \ab _SacS^ _lXf AL @ Df
PSX^YZZR[TWQAW`SZYZu @Wc`U PUU[WZUu VYacS[Wf J^W Ii e DHhDf ea cY^ZW^^S PUU[VS KZXWS PSXQ
^YZZR[TW _U OZ_U dSaUZZU eW[cUZYZf ©
Gq Nu eCP JUZZR BVTU[W AW`SZYZf
LUkXW JYZ[W dSaUZZYX EDf PlX^\sZQ
SkYccU_UcRc^WZcS Gqu P Eiu N Hif d\Q
`lX^\VlZ \VWSkWXc `X bWbU^cWW^UZ VYac Ghu
J]WZ \VWSkWXcSZ ^lXWc\sZSkYccU_UZ ^SRQ
VRcRXVWZ_UZ cRZcWSk _U `c VYac GhQEDu
J]WZ B Z^ cY^XcWWVWc\sZ VYac EDQHDf dRV^
^lXWc\sZ UVUVcUf JU[[ SkWX^YVR _U TUcQ
^RXcUTWZYZf
PSX^WTWYX }QiF S[XTUZ~u OR^RXcW eUVbYTU[u \VWSkYccU_Uu k[SpYXXS[Wf rWaVU_U`YXW G B DEhFu p h eB
DHIHf ea [S`UXcW ?X^U[W tWVaYVT S[XQ NUZ _U NU[WU MRXVU`U OaVaSVTf © ii
BVcU K`YVWZU gY[][Scaf nS Gqu P EIu L ±®T HDu C HDf ?kWZcSTUc^S_U KR[ Y[W TUWQ
fV aWZf J]WZ XRST UV^YWXSkWXc XRSTu [RScX g gk _g _U VUcWZ SkYcc EIQEGu rS[`SSZ V\X XRST
±B §ÂÂgg B
^SVVY]U EEQHDf rS[WZ V\X VUcWZ VYac _U
`U[U[YacS[W HDQHju ARST ZV\X XRST _U ggzAA fff¶bggB ZUScX VYac HjQiGu `c \VWSkYcc ^V HF _U iFQ iGu \VWSkYcc iGQIFf dRV^ RX cRc^WTR^XWU XRSTYZ ^WYVYZ _U
^ScWT ^W[_UVV UVUVcUf dlXw APAu ARSTQR][ XYR[Uu ARSTYZ NRWQ
ZUWXTRWXcS\ab _SacS^f ARSTYZ ^W[^^SaWXc XYR[Uu ARST CWYQ bYU^UcYTWUu PUVY`UVUXYR[Uu ARSTYZ PW[_UWVW_UVWWccS }k_~u ARSQ
TYZ AR^RcRc^WTRXXYR[ _SacS^u KcQrSa_UZTUUZ XRST ^ScWQ XYRcR\ab kY[RXcU_U _U k_f ARSTUV ^W[_UVV YbWXclTWX[UaUXcSZu eUVcWSZ UXYcc ^URZS^W[_ kUV^WZcSVURcU^RZZUZu OVp[Yb PS[bYVWQ ZWZ \VYWXYZ YbWXc\XQ _U XW`WXc\X[UaUXcSZ _U CWYcYYVV XYR[UWZ `lVWXYZ kUW^UZZWTW`UVWS^ _lX XY^l PRXcUZZRXSXU^Y\acWs PUZXUZ _SacS^f ARSTYZ PW[_UWVW_U¢ _U PScW^WYVYZ XYR[ ^RZZWUQ _lXf AcUZ ju Ae@ Pu k[SpYXXS[WZ U[`SZWTW IIf
P[S]Y[RXu @SVpu \VWSkYccU_Uf CR[^R IE B¨ DEEIu p H BB DHFhf ea Y`Y[XcW eWycS[ OVYÃUZbY[ P[S]Y[RX {{{p{§QQfQ g _U >UYTU dSaUZZU S[XWRXf © Dj @Rca
B dSaUZZU @YVUZbY[f nS iiu P ihu N
B iGu L jIu C jIf oX ^ScWQ _U RV^STUWQ XWl cRc^WTRXTUc^S_Uf C[YYZ [RScX \ac^ g VRSZZSZaWXcu TUUZc _U ^YT SkYcc iFQDIu df dgJ Ll[S` pS[ ]SXXU[ Sya pVWy^S[WZ VRSZZSZQ
WJ a XV SkYcc IQhIu ^YT SkYcc DGQIif _SaQ
u ckJ VU _ U kfC\ ARST ZV\X VRSZZSZaWXc _U
TUUZc ^SVVY]U DIQDju ZRS[ VYac DjQDHu `UZa VYac DHQIFu `c \VWSkYcc RX SccYYXYYZ DGQIhf @RScX ZV\X
VRSZZSZaWXc _U TUUZc `c \VWSkYcc IhQIFu `U^WZ IFQhIf dRV^
VR^RWXWU SkkW^WW_S_U XY^l cRc^WTR^XWUf PUX`UcRXSkWZ \abWXc
XWac DjQIhu ?kkW^SRVR_YZ SkYccU_UVWWcSZ ^YX^RXcSWTW^ _lX _U
XWac DHQIIu eUVcWSZ kSa_U^SRVR^STWc _lX DHQIDf ARSTYZ CWYQ
bYXYR[ `U^WZUWZYZ _lX jjQf CR^aSVTUZ YZcSTSVS]WXYZ \ab _U
ASyWYcUX k[S URZU Yc VS[U YZZWyUZ ^RZZWU_lXf Ae@ @ Df
PRW^^Uu NU[ccW PUVY`Wu [YacS[Wf el[cXWVl Ii e DHjEf ea O[`S PRW^^U _U NU[WU NU[cWX^UWZYZf © B PW[XcW P\VVW^^W JUZUf © BB Hi VRS^UZQ SkYccU_U rW[_S OZZW^^W >SRXWUWZYZf LUkXYc OZZY BZ^Y[W Fq _U OZR rYc[U ±pYp[` PU[SVWWZU Ghf nS hEu ^UZXU^ SkYcc FIu D PP Gif PUZXU^SRVRZ SkYcc JYWZl`YQ B bYVVU FIQFju _Sac >R[TY^XYXXU FjQFE _U dgrSkYcc eUU_U^SX^YVVU FEQGiu d\`lX^\VlZ Z^ VYac GiQGDu d\`lX^\VlZ \VWSkWXc SkWZQ cSQSa_^R[XXWZ ^SRVRccU_U GDQGIu ^UX`UQ cRXcWYc cWYbY^ cWYbY^RZcUXWac GjQGhu J]WZ \VWSkWXc ^UX`UcRXcWYc SX ^SRVRcRXXRRZZWccYVW_U GhQGFu J]WZ B Z^ [YacS[W GFQEiu C[YYZ \VWSk ^UX`UcRXcWYc VUWc `X VYac EiQEDu J]WZ BB Z^ VYac EDQEHf nVWVcZf JU[[ ^RS[SVURVR_U sV_\`l[WTUUVURX XY^l XU[_UQ VWkkR SSkkY[UUZf
PRWcRZYZu JUZZR oSVY`Wu \VWcU[^UXcU_Uf PUZ]UXZWYTW DI ¨B DHqFf ea TYcXlc\sZ_SacU_U CSW`S O[Q TUX PRWcRZYZ _U LWWXU LWZZYU NU[]U[YQ cU o[XWZf © GE VYac LYYZU OZZW^^W KYQ [SVUf LUkXW NW^^S Eif nS Fhu P Gqf rRSVRXcRXVUWcS^XYZ `U `lZ[W^^W FFu PUWQ p_ `SVUZ \ac^ TUcYT _U VRSZZSZSk ZRS[ ucL dg d VYac FHu JUR^W`RS[YZ \ac^ TUcu p\X _U d ^YTWUZ VYac GiQGIu J]WZ \^XWc\WXV\X xtc[ W cRZcWSk GIQGju J]WZ ZV\X p\X _U ^YTWUZ ¶ | `U VYac GjQGqu `c VYac GqQGFu Xc cRZcWSk GFQGEu J]WZ \VWSkWXcSZ p\X _U ^YT bWbU^cWW^UZ `c VYac GFQGEu J]WZ BB Z^ p\X _U TUcYT VYac GEQGHu PSRVRaUVV \VWcU[^ GHQHDf nCLUkR_lX EDQHDu NWccU\^XW^^s^STWc _lX EqQHif O[cW^^YVYWQ cU ^ScWQ _U RV^ST _RV^UWXRWXXUf nVWVcZf JU[[ SkWX^YVRu RV^SWQ VRf
PRTTRZXUVSu NUccW OZcY[Su VYacS[Wf dUUVU II e DHqIf ea CSkW PRTTRZXUVS _U NYY[U LS`WWXU tYXXVWZf PR`? FGf PR`UUTUcUWbSZSkYccU_UZU JlTYYZVWZZUZ \ac^ FEQFHu C[RTzRVV JW]a AyaSSVu ¥SZZf GiQGDu C[YYZ ZV\X GDQGIu ?RQ VRZ^\VlZ \ac^ GjQGEu J]WZ B Z^ GEQHDf
PR[^W }Qjh @SXYZ£`WXc~u O^XYVW @UpUYVu VYacS[Wu bSXYZccWf CUTkY[Y II BB DEEiu «j eBBB DHhif ea ^URkkWUX eW^cS[ @SXYZ£`WXc _U NUQ caWVbU ¥aU[VSccU eWVaYVTWWZU [YbXcUQ °k e bWRX \S HHu P iFu N iGu L Dqu C
d«k«K _§c DHf oX SkWZVSTUc^ eYZl_lVVY _U PYX^WQ t§G KR[SSkkUUZf ARSTYZ VWW^YTWYXV ^URkQ Qj§ | kUSkWXc ^URkkUaWXc SkYcc iGQiEu ARST °²t ZV\X `YZl_lZ `c ^SVVY]U iGQiEu `YZl_lZ _ ZRS[ VYac iEQqGu TUUZcu XRST _U pWVSX O d^^f UV^ SkYcc DHQu J]WZ XRST \ac^ `YZl_lZ SkYcc iEQDDu J]WZ \VWSkWXc ^UX`UcRXQ_U SkYcRXSkWZ bSX IFQu @URcUcYWccYZ kX\^ScY^ZWVV VUzS[UcS[WSZ cWYc UXWUZcRZc _U Sa_ IIQIjf dRV^ RX kYbU]S]WXWU cRc^WTR^XWUf
PRRX^SX^W }QIh LWZbaSVT~u o[kS O^XYVWu \VWSkYccU_Uf CR[^R q eWVW DHihu c Ih e DHEIf ea UXYTUQ kllVV OÃYV tWVaYVT LWZbaSVT _U tUVQ W TU NU[WU PRRX^SX^Wf © ji XSWVSZSk nS Iqu P _U N IGu L _U C jGf oX
¯ SkWZcSQ _U YbRXcRXTUc^S_Uf @URTUZ \acV\X TUcYT UWZ SkYcc IGQIEu PUbYccWQ
^SRVRZ TUc _U p\X SkYcc IEQjEu C\ccsZQ V\X TUcf p\X _U ^YT `UZa VYac jFQhIu J]WZ ZV\X TUcu p\X _U ^YT \VWSkYcc hIQ Fju TUc \VWSkYcc FjQu LR^RWXWU ^W[_S_U VRSZZSZSkWZ _U TUcYQ TUcWW^UZ XY^l ^SRVRSkYcR^XYZ UVUVcUf NUcYT UWZYWbYZ SkYcQ cU_UV XWac jFQhI k_ hIQFhu ARSTYZ eUVcWSZSkkW^SRVR_YZ ?kYccU_U¢ aUVW _lX jHQqju XWac qqQqEu k_ qHQu eW[^UTWYX¢ aUVW _lX hiQhju JYZ^WXYZ c\sZ `UVWXcRX^YX^ k_ hIQhhu ARSTYZ SkYQ cRXYVS^R`U\ab k_ hIQhEu NUcYT UWZYWbYZ UW^U^URX^W[_UZ kllcSWT qDQFhf ?kkW^SRVRZ SkYccU_UWZ PYX^RX_l[_ aUVW k_ FjQu ?kkW^SRVRVYabYZ kllcSWT FhQf LRSZcSQLWWcSZ ^RZZWU_lX
hiu e@ q cV^f AL @ Bu eXu CX _U dX TTu PP UT[u ARSTYZ
TUUZcWYcYYVVWXYZ XYR[ c\s_lX jGf BZX ^Ukc qif rSW^U hGhGf
PRRXcY[lu BZ]U OZWcUu VYacS[Wf JlTYYZVWZZU H e DHjHf ea PCN >WWVS dS[TU PRRXcY[l _U BZ]Y[ dSaUZZY CS[kf nS hEu N GDf rU[SVUZ \acYWX^ [RScXWZ ^WYVYZ cRZcWSk FqQFhu @WWaWTlYZ V\X [RScX _U YZ]V ^WYVYZ `c \VWT VYac FhQFFu J]WZ ZV\X [RScXWZ ^WYQ VYZ cRZcWSk FEQGiu `c `UZa VYac GiQGqu VYac GqQu \VlUXc `U[U[Yac HDQf dRV^ [RScQ XWZ ^WYVYZ VR^WSZ SkkW^WW_S_Uf
Pl[^^lWZYZu CWTS
OZcY[Su VYacS[Wf J^W E ¨BB DHhFf ea \VWQ
^SZYTYXcU[Wu XScWVUXTYXcU[W KWZS OZcYQ
[S Pl[^^lWZYZ _U ^W[_Uc\sZcY^W_l OWZW OZZW^^W CSV`UZYZf © GE rW[^^S JWVVY`W PY^^Wf LUkXW OWVU NU[WU Eqf nS Ghu LRP Equ P EFf eX VYac KXkSSZ _U J]WZ ^URkRZ^W ED J]WZ B Z^ p\Xf TUV_U ^YT kc cRZcWSk EFQEEu p\X _U ^YT `c VYac EEQ Hiu p\X _U TUc VYac HiQu KcRQCssVsZ VRQ ^WSZ Xc cRZcWSk EDQEFu J]WZ \VWSkWXcSZ § p\X VUWc p\X aWXc cRZcWSk EhQEFu EGQEEu EHQHif O[cW^^YVYWcU O[^aWTYbY^XYXXU _U ·WTYZXWSXXUf PUU[Q cWZ kUcUV_SSZUZ `U[RXTWYXcT^ k_ _U c\sUXWUTWYX GEu ?Od VRSccUTRXTWYX HDf OVW^f JU[[ cWYcYYZ aWXcS[WUu ^VUXXWZYZ TRQ XWW^^W _U ^ScWXYRcRcRZcYTRXf
LUU^XSZYZ }QFG @UZcUZYZ~u OXcU B[TYVWu UWZYYZSkYccU_Uf aaaTTaaa« LRaUZ^U DG ¨B DHqjf ea ^URkkWUX
eWVaS O[TUX @UZcUZYZ _U JRVbU NU[WU mQWJNaf B LUUcRZYZf ©FG ·B ?VU`W KZXWS LUU^XSQ
ZYZf LUkXYc dSRZW Giu dUZZY Gqu dSaUZQ
ZU GFf nS FIu P FHf J]WZ ZV\X YZ]V
^WYVYZ kc cRZcWSk FEQGju `UZa VYac GjQ
Ghf eUZcUUZ ^URkRZ]WZ rUVVUXcRZcR[WZQ
cWYZ ^SRVRZ YZ]V _U XU^XUZ ^WYVYZ UWQ
ZYYZSk EjQf JU[[ kRRcU[aUZaSWcSu a\sQ
c\[Yc^YWV\u VR^YTWZYZu Y[W SkkWUWZYWbYZ
SkYccUTWZYZ YZ]VUZZWZ ^WYVYVVlf
LUUTUZYZu NUccWf >UXcSVU DH ¨BB DHiGu p DF Be DHEGf ea UXYTUkllVV KTWV J_UVTU[ LUUTUZYZ _U OZZU OWZU @URaU rUVT[Scaf © qj PY[ccR P\VVW^^W eWWcUVUf nS IEu N jhf J]WZ ZV\X VRSZZSZaWXc _U TUUZc cRZcWSk jFQjEu `X `UZa VYac jEQjHu \VWT UkRV VYac jHu `UZa VYac `c qhQqFu aSWcUZRc STUZ cSWTYZQ XU SaYVVU SXUZ `UZa VYac cYacl`WXcl qFQhHu `UZa VYac `c XV hHu \VWSkYcc `c ^V Fiu `UZa VYac FiQFqu Y[SZZRc XUW[URbYZ _SabSXcU Fqf PW[_SWccUZRc VRSZZSZQ _U TUUZcWYcYYZ cRc^WTR^XWU _U cWYQ VSXUZU^W[_UQU[cW^^YVYWcU XY^l SkkW^W[_S_Uf e@ q }I ^kV~u NT jHQqi _U qDQqqf PUkcf
LUacWu ?XXW dUVTU[Wu \VWSkYccU_Uf J^W IG eBB DHIDu p D Be
DHEif ea SkYccU_U dUVTU[W NYZYVURX
LUacW _U ^RXcUZZRX`W[^UWVW_U AUWTW NUQ
cWVbU OVSkUYRXf nS qiu P _U N hif
CR[RZ XRSTUV \ac^ [RScXWZ SkYcc qGQ
hGu [RScXWZ `c \VWSkYcc d^VZ ZV\X hFu CRQ
[RZ ZV\X hGQhEu CR[RZ ZV\X `UZa VYac
hEQhHu [RScXWZ \VWSkYcc hHQFhu XU^XUZ
\VWSkYcc FhQFEu J]WZ ZV\X [RScXWZ ^WYVYZ
\VWSkYcc FEQGqu VYac GqQGHf ?kkW^ UkRVQ
cU[^ hGQFIf CR[RZ ^YXl\VWSkWXc SkYcc @QyXU\RRkWN RkyWW
FIQFFf dRV^ RX SkkW^W[_S_Uf AL@ Df JU[[ cYUccY[Wu TUc^UWVRf eYVW IDHFf
LUacWZYZu elWZs eWVaSu ^SRVRZYR`SXf § d\`lX^\Vl Ij ¨ DEHGu
¬±±aTT c J ¨ DHEHf ea c\sTWYX B [^^W B Ja^ ZYZ _U OZZU LS`WWXU CW^UZby[f ©Iq NU[ccU NU[WU LUTTWf nS DEf e? IIf eSWTf R[a _U cY[`Y\XSkWZ Skycc eWWkRQ [WZ \aV^ _U eWWkR[WZ RRXW \ac^ IIQIEu ZRS[ VYacf PRSkWSZ V\X IEQjDu eWWkR[WZ XRSTUV V\X jDQjIu VYac AS[cU`UVUZ XYT ]b c_]UdLf jIQjqu ZRS[ VYac J]WZ ZV\X jqQhiu `UZa J{ VYac hiQFhu J]WZ ?PP SkYccU_Uf LR^RWQ §t` XWl SkWZcSQu ^WVkUWVRQ _U YbRXcRXTUc^S_U TT LSZcSSZu NYVzSRTYZu @SSTUZ _U CS^WSZ SV\TkWU^WQ XSWaWZ XY^l RX `SWT NNQ _U KNQ^WXSWaWZf dRV^UWXR_U R[aYWQ VRZu Y[Wc\WXYXcW `SWTWXcYVRZ UVUVcUf CRTU[WYZ ^R[UUccS[W RX ^Y[cS_Uf PUZXUWZ`lVWXYZ eSWTVWWcSZ } BM~ cSWTYYZkUZY`UZ ^STWc _lX hiQFqu AeoL aUVW _lX jhQhHu c\s`UVWS^ qEQhHu AeL _SacS^ jIQhEu k_ qFQhEu ARSTYZ ?V\TkWU^STWc aUVW hhQFDu `UVcRRX^RZcU qFQu AeoL BclQPU[_UVUZ kWW[WZ k_u J]WZ kWW[WZ `SWT_USXc k_u eWWkR[WZ _U rSa_SWXQAU`SZ kWW[WZ `SWT_USXc _lXf BcUVWUZ `SWTV ^RZZWU_lX hju AeoL ^RZZWU_lX hGf PSRVRZYRQ `SX hGf eT Du Ae@ @u Ao ^RVc U[u ? U[ Df OVWRkXf
LUWZYu KY`Y[c dSaUZZYXu \VWSkYccU_Uf All^XTl^W Dq B DEGEu ±±aaazazaaa c DH ¨ DHFif ea TUUZ`WV_YVW_l AcYpUZRX QUlpYf B LUWcWVU _U JyZ[W^U AYVWZf ©ID ^ScWcUQ VSRXZYR`SXu C PUc[W JYVYZU ASWZWf nS J HGu P iIu L iGu N _U C Dif LR^RWQ
XWl SkWZcSTUc^S_U KR[SSkkUUZf Op[W^Q B ^UUZ _U nab\X`UVcSWaWZf S[XXUZ \ac^ _Sac XY^l aWXc _U XRSZW SkYcc iGQDiu ?RQ VRZ [YUUVWV\X XRST _U aWXc VYac DiQDDu JV§ JlTYYZVWZZUZ V\X XRST _U aWXc VYac DIQ Ihu `U[U[Yac DhQIhu ARST ZV\X aWXc _U
XRST `UZa VYac IhQIEu aWXc UWZYWbYZ `c \VWSkYcc IFQIG _U IGQ IEu `U^WZUWZYZ IEQqhf dRV^ VR^RWXWU aWXc cRc^WTR^XWUf JlQ
TYYZVWZZUZ ^UZXU^ _SacS^ _lX DjQIhu YXWTWYX DFQIhf JlQ TYYZVWZZUZ @UWccWRXkWW[WcSWTW^ _lX _U k_ XY^l @UWccWRbYZ nXQ cl`lWZ ^YX^RXaUZ _lXf AYTWZUU[WYZ RRbWXcUTWX^STWc _lX DHQ IIu ZV\X RRbWXcUTWX^STWc _lX _U XWac IHu SkkW^SRVRZSkYcc \V ^S^SR^XYZ XWac jqu ARSTYZ JWXc AYR[ cRc^W_U_ IHQu XWac jqQf
LUTkYZQBXSQPYWXU[Wu K[ZXc ObSVpu VYacS[Wu ^W[_UWVW_Uf PRSkWS a G B DEFhu p I Be DHjEf ea CC dSaUZ P[WXcWUZ LUTkYZ _U AYVTU ObSVpWZU ?cQ cYVWZf © IhQIF L\bWU ·U]TU[ AWY`lZYZf nS Eju P EGf ?kWZcSTUc^S_U PYX^WQ KR[SSkkUUZf ARST ZV\X VURVRZ _U [RScQ XWZ `c SkYcc _U cRZcWSk EGQEHu `U^WZ VURQ
VRZSkYcc EHQiDf J]WZ XRST \ac^ [RScX J^ ±± SkYcc EHQHiu J]WZ XRST V\X [RScXWZ _U ff] «J« XRSTYZ ^SVVY]Uu ZRS[ VYacu `UZa VYac {T HhQjjf nL _Sac EGQEEu NN ^RS[SZ_Sacf ARR[YZ ^SRVR^STWc _lX iEf LR^RWXWU ^W[_S_U _U ^W[_SWcYVTWU kllUXWUXXU TUc^UWVRZ UVUVcUf oX _RV^UWXR_YZ cSWTWccU_Uf ARSQ TYZ TUc^UWVW_U\abu NY[WTYVS_UWZ _U KXVS^WZ ^RZZWU_lXf
LUTkW }Qhq eUkUUQdll~u OWZS JYV_l BZ^Y[Wu VYacS[Wf LUacW Dq ¨BB DHIHf ea `llkYVW PRXcUU OUbSVp eUkUUQdll _U >UWTW JYVWYZ MRXcUpXXSZf © hq eCN OU[ZS dRaUZW LUTkWf LUkQ XYc dRaU hhu JUZZU PUc[W hGu BV^^U hHu JYV^U Fhf P hFu VS]SZSTW FDf J]WZ ZV\X kRaY^UX`UcR^XYZ SkYcc FjQGGu LUXQ cYZcU[aUXYT KzYZYXY[WZu XWccYTTWZ J]WZ VUXcYZcU[aUSkYccSkWXc kRaY^UX`UQTuu cR^XYZ VYac GhQf ARSTYZ kRaYSkWXcSZ XWac _U cUW aSWc FIQFqu C[YYZ \VWSkWXc VRYZZSWcXW_U GIQGhu LUXcYZcU[aUXYT KzYZYXY[WZ kRaY^UX`UQ cR^XYZ SkYcc FjQGhu nVYWX[UbWSZ SkYcRXSa_YVTWYZ U`RXc FGQ Ghf rSa_RWXQCUkWSVUZ \ac^ ^UZZUcRX\ab aUVW FEQGqu ARSTYZ VUXcYZcU[aUXYT SkYcc \ab k_ EiQEIu >R^^YcYUccY[W AUTkSZ ^UZZUcRX\ab k_ EhQu dRV^ kRaY^UX`UcR^XYZ _U lWbWZ^ SkkW^W[Q _S_Uf ?Od aSk ^RVR a\`l^XW QTWcUVW EGf JU[[ cYUccY[Wf
LUZ]Y }QGD ?VVWVU~u PUWXU OZZW^^Wu VYacS[Wf J^W Iq eBB
DHqGf ea CRS`W eU^UU ?VVWVU _U CYVTU OZZW^^W >R[TWZYZf ©
GD g[RZS JYWZ¦ [WYb[Wya LUZ]Yf LUkXYc rYYcY[ Gju rURVW Gqf nS FFu P GGf J]WZ B Z^ lWbWZ^WYVYZ _U WVTUWXRcUWbSZ cRZcWSk
GHQEhu VYac EhQu
LU£`WXc }SfXf JYW^^WVl~u oVVU NU[WU dSaUZZUu VYacS[W LSkkW
j eB DHIjf ea LL PUU[VY O^XYVW JYW^Q
^WVl _U \acYWX^SRVRZ SkYccU_U OZZU NUQ
[WU eYaTUUf © hE ^SZcc aSWc @UWTS
PRVVY[`S LU£`WXcf LUkXW PW[XW hEf nS qIu NY[^SZSTWcRc^ qju P qGu L FHf
BVSTUZcXWZ \ac^ XRSTYZ _U aWXc SkYcc
qHQhiu LSWTUUZ c\s`lYZSk _Sac hiQhIu
OVUXcU[SZ \ac^ XRSTYZ _U aWXc SkYcc hjQ
hqu CR[RZ ^VUXX V\X `c XRSTYZ `UZa VYac hqQhhu @WWaWTlYZ V\X `c XRSTYZ `UZa
VYac hhQhFu PU_UUZWZ c\ccsV\X XRSTYZ `UZa VYac hFQhGu JUQ
TWZUZ \acV\X XRSTYZ _U aWXc `UZa VYac hGQhHu CUTkY[YYZ V\X
XRSTYZ _U aWXc ZRS[ VYac hHQFI J]WZ ZV\X XRSTYZ `UZa VYac
FIQEDf LSWTUUZ c\s`lYZSk cUVSRbYZaSWc hiQhIf eT Iu BclQ
PUZZU^XYZ TRWXcS[WXcWf JU[[ ^W[_UVVWXRRXu RWZcWf
LUR[WVU }SfXf Nl^WXUVS~u PUWZSu VYacS[Wf P\TW Ii e DEHEu pVV Be DHGFf ea ^UZXU^SRVRZSkYcc
OR^RXcW Nl^WXUVS _Uu JWV_U NU[WU @lc\f
JaR ©IH WZXWZss[W o[aS LUR[WVU p hFf nS
DEu P IIf ?kWZcSTUc^S_U A^UZbWZUQ
`WUUZ _U g[WccYWZ XUU[WVVYf PSR`SVUZ
XRST \ac^ TUcYT _U VRSZZSZSkWZ SkYcc
^YX^W^ IIQIju VR^ IjQIGu eWWkR[WZ c\ccsQ
V\X XUT UWZ `UZa VYac IGQqqu ^SRVRZ
SVVYXXU VU^^URcYccRZU XWW[cS`l^WUW^UZU
PRSkWSZ c\ccsV\X qiQqIu eWWkR[WXcU
@URTUVVY XWW[[ c\ccsV\X `UZa VYac YbYVV qqQqHu CUTkY[YYZ c\cQ
csV\X `UZa VYac qHQhIu J]WZ ZV\X ZRS[ VYac hIQFDf
LYaTRX^SX^W }QiF LWZbpS[X~u >WWVS JYZ[W^u \VWSkYccU_Uf rRQ
¡e
XRVU IF eBBB DEEEu c DF eB DHqEf ea
[S`UXcW PUU[VY JYZ[W^ LWZbpS[X _U LS`WQ
XU KVWXUzYca @SSXf ©Iq AUWTW JYb`W]
CUTTYVUf nS iGu P DDu L jif ?kWZQ
¨Æ¿ cSTUc^S_U AU^XUUZf ARST ZV\X VUcWZ _U
SXWccUWZ ^[YW^ XW_UWXSkYcc ^SVTYYZ SccYYQ
XYYZ §jQDhu aSWcUZRc VUcWZ _U ^[YW^ \VWQ t?TAff SkYcc cYacl`Wl DFQDGu VUcWZu XRST _U
^[YW^ cRZcWSk DGQIiu aSWcUZRc ^URZSVRQ
`RZ SkYcRXcU DEQIqu VUcWZ _U ^[YW^ `c
`UZa VYac IiQIDu XRSTYZ \VWT ZRS[ VYac IDQjiu VUcWZ _U ^[YW^ `UZa VYac jiQjhu `c \VWSkYcc jqQjhu `U^WZ jhQqEf CRc^WTR^Q
XWU _U ^llZZs^XWl @SSTUZ _U P[YW^UZ ^W[_UVVWXRRbYXcUf AUc? `c ^R[UUccS[W ^Y` Dj _U X\^X DGu `U^WZ DjQDhf
LYTSVUu KY[S OUbSVpu \VWcU[^UXcU_Uf §C\[`lZcs Dh B¨ DHIqf ea TUUZ`WV_YVW_l PRXcUU LYTSVU _U VWbU dSXYpWWZU @UZcUf © hI ^lXWc\sZSkYcc B[_U LWWXU ASWZWZ`UU[Uf LUkXYc BV^^U hj }p EH~u rY^^U hFu dSaUZZU Fif nS qhu P hif ARSTYZ^ VYac LWY^XUZ \ac^ hIQhq _U C\[`llZ \acV\X hIQhGu J]WZ ZV\X hGQ hEu ^SRVRaUVV \VWcU[^ hEQEHf nCL UkR_ cUW _lX hEQu `k_ GjQEHf eUVcWSZ ^WYVWcRc^WZcSVURcU^ UkR_ FHQEIu _lX EIQf AL @ Bf PY[Xf
LY`l`UU[Uu JUZZYVY CYVVY[`S P\VVW^^Wu `X VYacS[Wf eWacW Dq BB DHhIf ea eWYZS YVWÃ PRVVY[`S LY`l`UU[U }YZc ·Y]Y[c~ _U
OR[U P\VVW^^W NY[WZYZf nS GDu LRP Gqu P EIf NUcu p\X _U ^YT `X `UZa VYac @WXcWWZUZ VR^ GqQGFu J]WZ Z^ p\X _U ^YT kc cRZcWSk GEQEIu `c VYac EIQEqu kc cRZcWSk EqQEhu `X VYac EhQEFu EEQf dRV^ \VlUXcYYZ SkkW^W[_S_Uf
LWW^UZYZu o[kS rYZccW dRaUZWu VYacS[Wf PSc^U II BB DHhqf ea rYZccW LWW^UZYZ _U KY`U LUacWf © EI VYac P JUZZUQLYYZU PUU[WZU rWa^UVUf LUkXYc LUR[W Equ BV^^U EFf P Eif J]WZ BB Z^ aWXc _U \acYWX^RZcUSk cRZcWSk EIQEEu VYac J]WZ B Z^ EEQEHu VYac NW^^YVWZ V\X VR^ EHQ NW^^YVWZ SkYccU_WYZ UTT\ab aUVW
EHQu k_ HiQf elZ[f JU[c VRTYZVRSZcWu [RSaSZVYW^^RR _U bWbU^Q cWZYZ ^W[_UVVWXRRXf
LWZbzVSTu KWVU NU[WUu VYacS[Wf CR[^R q ¨BB DHIjf ea CaR[Y CYSbS[ LWZbzVST _U NU[ccU NU[WU LYacSZYZf nS qju P hiu
NO hqf J]WZ ZV\X YZ]VUZZWZ cRZcWSk hIQhju `c `UZa VYac hqQ hGu `UZa VYac hGQGju `c \VWSkYcc GjQGqu VYac GqQEFf KZ]V ^WYVYZ SkYcc \ab_SacS^ FDQFhu AoP?L aUVW FIQFhf O[cW^^YVYWcU YZ]V ^WYVYZ _U SkYcR^XYZu ^UX`UcRXcWYc _U UTY[ ^W[_UVV UVUVcUf ¨¨¨f JU[[ cYUccY[Wu TUc^UWVRu [Yc^YWV\f LUkkWf
LWR^XWUVU }QiF NYR[TUZ~u tY[ZY[ KVWUXu VYacS[Wu ^UZXVWUZYRQ `SXf PUZ]UXUVU B ¨ DEFju p I eBB DHjhf ea ^RZZUVVWXZYR`SX O]UcaSZ
NYR[TUZ _U OVWZU [Yb[W^U CUVV£`WXcf © HG PVUU[U KVWbU LYWXcYZf nS EDu P EHu N Hif ARST ZV\X XRST _U [RScX `c VYac ^V HD _U HIQHju XRST SkYcc X\^X HDu `c VYac _U ^SVVY]U ^V HHu aWXcu XRST _U TUUZc `c ^SVVY]U HHQiiu `U^WZ ^SVVY]U iiQDHu `UZa VYac DHQjDu aWXc `c \VWSkYcc ^UacYYZ SccYYXYYZf Ll[S` ps[ ]SXXU[ Sya pVWy^S[ XRST SkYcc HDQHqu r[W` X`YZX^U Vl[S` pS[ pVWy^S[ XRST SkYcc HiQiiu Jnn ^W[_UXcSZaSWc EGQihu PUZXUVVWXcYUccY[WZ cUVQ cWSWc iGQIGu YbRX^RZZUZ cUVaSWc iGQu ^UT[YY[W iHQu J? ^RQ [UUccS[W HiQiiu J]WZ X[^ ^W[^^SaUVV^ _lX RX `RSXWUf Ae@ @ Du ^UZXVWUZYR`S^XYZ U[`SZWTW jjQf rS_Uc DhEEu DGhGu DHjGu kS_UZkSW^U hqEiu kS_UZc\ccl[YZ c\cl[Yc EHjhu HDEFu DiiDGf
LRR^^Su dRaS AUTRVW }dRXXW~u [YacS[Wf J^W DI D DHjHf ea k[Sp [UZX O[TUX LRR^^S _U LUR[U A\VQ `WU ORcWSf © Fj LWcN NU[_UQCY[ccR J\Q `sZYZf LUkXYc OZccW Fhu OU[ZY FHf nS QhHu e? Fju LWcN Gqf eSWT Sk NUZZY[Q aYWTWZc \ac^ _U JU^UVYabSZ \ac^ FjQ Fqu `SWT Sk _U VYac NRZ^^W`RS[YZ \ac^ FqQGj _U GqQGFu J]WZ `U SkYccU_U^S[Q ^YU^ `c VYac GjQGqu J]WZ ^URk SkYcR^Q XYZ Sa_ GFQEju NRZ^^W`RS[YZ \VlUXc ±§ [YacS[W EjQEFu J]WZ B Z^ [YacS[W EFQf AeL _SacS^ FhQFFu J]WZ eSWTWXcYVW_Uc [\ k_ FhQGju A LWW^RZQ ZUZSkYcc L _SacS^ EDQu k_ EHQf LWW^RZcU^UX`UcRXQVYabYZ kllQ cSWT EDQEju EHf oX U[cW^^YVYWcU UTTUccWVYacWWZf CRTU[WYZ k_ hEf CRTU[WYZ cRSkkW hG _U hE XY^l RX ^SRVRQR[a TYXcU[RR^Q XWUf CRTU[WYZ ^RVc UT[u RX R[aYWVRZ UT[f nVWVf JU[[ _l[_YXcsQ cSWTWZcUu cYZZWX _U TUc^UWVRf eYV_Yc hGFDu FDjju FIqHf
NUUXUVS }Qih NUXUVWZ~u O[TUX CSW`S eUVbYTU[u Xl`YVcl_lu k[SpYXXS[Wf @URcU`UU[U IE eBBB DEEhu ¡ c H B¨ DHFif ea ^UZccS[W BX[UYV NUXUVWZ TT^u _U BbU eWVaYVTWWZU JlVVXc[sTf ©ID KXQ cY[WcU NU[WU `SZ tYWXXYZzY[]f nS ihu eWWkR[WZ R[^R[W^ kllXcscRc^ iFf ?kWX^ ^WT J]WZ TRXWW^^WSkWXc _U pWVaU[TSZ S[^YXQ cY[W^ iGQDiu P DDu N Dhf oX RV^SQ TUWXWU SkWZcSTUc^S_Uf J]WZ XRST V\X `c VURVRZSkYcc DjQDFf ARST ZV\X `c VURQ D WoZSkYcc DjQDFu `U^WZ DFQhIf Al`YVclQ Z\c ^RS[SQu R[^RQ _U S[^YXc cYS^XWUu VWcR[]WXcU TRXu ^S[UUVY_Uu ^UZcUUccY_Uu \^XWZVURVR_Uu kWUZS^SZXY[cSZu _SRVRS[UcS[WSZu TYXXRZ NWXXl z[Y`WXf NRXWW^^WkYbU]S]WXWU _RV^UWXR_U XY^l ^S[UUVW^W[_Uf ?kYccUZRc eWWkR[WZ VR^^U[WQR[^R[W^ _U J]WZ TRQ XWW^^WSkWXcf J]WZ ^W[^^STRXSkWXc _Sac IjQhDf J]WZ dSaUZZY^Q XYZ^W[^SZ R[^R[W IFQhEf AWzYVWRXQU^UcYTWUZ ^W[^^STRX SXUXQ cSZ _Sac hDQhhf dSac RX ^RS[S_Uf ?kYcc _U VRYZZ LURVRZSkYcQ cU_U\abWXc\^XYZ _U ARSTYZ PUZccS[WQo[^R[WVWWcSZ TRXWW^^WQ ^R[XXYWVVUf PW[^SVVWX^S^ `W[XW^W[_U^STWc _lX IEQ PW[^SVVWX^S^ ^S[UUVWcSWTW^ _lX jEf oX VURVR_RaVWYZ kUV^WZcScRST _U \VYWXQ _Sacf dSacUZRc ^SZXY[ccY_Uu YXWWZc\Z\c R[^RXSVWXcWZU _U XlYXclQ _lZlf ARSTYZ Al`YVcUWcYWV D _U NRXWW^^WkYbU] B aUVW _lXf ARSQ TYZ ^W[^^S^RS[SV k_u J]WZ ^URk TRXWW^^WVURcU^ _lXf oX ^ScWQ _U RV^ST VURVR\ab ^RZZWU_lXf r[SpYXXS[WZ U[`SZWTW qGf rSW^U jGDGu kS_UZkSW^U FHiGf
NUVWZWYTW }QjI LWZbXc[sT~u B[_U LWZZYU dRVWYu \VWSkYccU_Uf
J^W IF ¨ DHiIu p I DDD DHFGf ea C
[Yb[W^ d LWZbXc[sT _U UZZ\ AYbY[Q
aSVTf © jI k[SpYXXS[W OU[ZS NUVWZWYQ
TWf nS DHu P _U N Iju L qDu C hif oX SkWZcSQ _U cRc^WTRXTUc^S_U KR[ Y[W
TUWaWZf J]WZ XRST V\X XU^XUZ _U [UZXQ ^UZ `UZa VYac IHQjIu J]WZ ZV\X jIQqhu \VWSkYcc qhQf J]WZ \VWSk XU^XUZ SkYcc
Qokr qiQu `Y[c ^W[_UVVaWXc bSX FIf oX ^WYVWQ _U ^W[_UVVcWYc cRc^WTR^XWU _U U[cW^^YVYWcUf eUVc SkkW^ SkYcc B ^YX^RXcSWTW^ _lX jGQqFu ?kYccU_UZYR` _lX
qGQhIu hi SkkW^SRVR^ST _lX hiu AU^XUZ SkYcc \ab _SacS^ _lX
hGQFhu @UZX^UZ SkYcc \ab _SacS^ _lX hGQFIu oRXWYZ ^WYVc SkYcc aUVW _lXu Ae@ @ Du CRZC@ XRR[RkXf
NUVTWS }Qih NUVTVRZb~u g[RZS dRVWRXu [YacS[Wf § NYXXR^\Vl
J E BB DEEju p IF DDD DHFFf ea U][SZu `W[Q
^UcU~ cU[^ eSVcY[ dRVWRX NUVTWS _U NUQ
caWVbU OZ]YVW^U M[sZ[SXf © iH TY[^SQ
ZSTW SkYcc LUR[U NU[WU ¾YZ]Y[f nS iIu
P iGu N iGu L Dqu C DHf ?kWZcSQ
TUc^S_U KR[ Y[W TUWaWZf NUcYTu p\X _U ^YTWUZ `UZa VYac d\`lX^\VlZu JlTYYZQ
VWZZUZ _U oRbYZ^URkRZ]WZ V\X iGQiEu
JYWZSVUZ UV^YWX^ _Uc^SVRS^ DiQDju rSQ
[WZ V\X DqQIIu J]WZ c\ccsV\X IGQIju J]WZ
ZV\X TUcYTu p\X _U ^YTWUZ \VWSkYcc IHQhDu `U[U[YacS[W qqQqHu eUVcWSZ WVcUSkkW^ [YacS[W hDQFjf JYZ^W`U^\acWs ARSTYZ eUUXUZ aUU[U^SZcc _Sac DGu rS[WZ XRS_YVRX^ BB ^STk _SR^^RYQ kllVV IiQIIu rS[WZ [\^T XUkss[WSX kllVV DEu ASc TYcYS[ XllQ ^YX^ qiQqDu BVTVWWcSZ VYZZS^^W_USXc k_ jEQhGf JSWc p\XWW^UZ VYac CR[RZ \VWSkWXcSXXU XV IIf dRV^ RX cRc^WTR^XWU _U U[cW^^YQ VYWcU VRSZZSZSkWZ _U kYbU]S]WW^UZ UVUVcU XY^l SkkW^W[_S_Uf NUcYT _U p\XWW^UZSkYcc VWWcSZ kY[RXc _U jEQhD XYZ k_f NUcYT
SkYcc ^Y[aSTYXcU[W jhQqhf ARSTYZ BVTUWVR¢ ^RZZWU_lXu NUQ cYT _U p\XWW^UZ SkYccU_UV ^RZZWU_lXf Ae@ @ Du e@ qu NT DEu o[aYWVRZ aSk UT qDf rSW^U jjqIu c\ccl[YZkS_Uc FHjHu GhjIu kS_UZkSW^U FjDDf
NU[^^SVU }QiF NU[^VRZb~u CaS[ KTWVu VYacS[Wf rY[ZWs DH eBB DEGju p DH B¨ DHqDf ea ^UZXU^SRQ
VRZSkYccU_U MRXcU` KTWV NU[^VRZb _U NUcaWVbU ASpWU rURVXSZf © DE OWZS KVWQ
¡ ZU PSR`Sf nS Hju P HEu N iif ?kWZQ q§§ cSTUc^U AU^XUUZf J]WZ RRbYZ \ac^ TUQ cYTu _U p\X SkYcc HHQDhf J]WZ XRST \ac^ KJJ^W p\X SkYcc iIQiqf J]WZ XRSTUV c\ccs^ tW¤ TUcyT ¼rYo iFQiGf ARST ZV\X TUcYT
cRZcWQ _U XW_UWXSk iDQiEf TUcYTu p\X _U
^YT ^SVVY]U ijQDHu `UZa VYac DHQqiu cRZcWSk qiQqDf ARSTYZcUZRc TUcYT SkkW^W[_S_Uf rSW^U jjEHu kS_UZkSW^U GHEqf
NU[cW^UWZYZ }Qqi OaSZYZ~u B[_U KXcY[Wf LRSkWSWZYZ E e
DHiqf ea ^UZccS[WQR[^R[W eWVaS OaSZYZ _U AYVTU PRXcUU`U JYWZSZYZf © qiQqG
TYcXlcY^ZW^^S CSW`S >W^SVUW NU[cWQ ^UWZYZf LUkXYc dS[TU qD }p qq~u AWZW^^U qqf nS Ihf P jiu N jDu L hFf ?kTQ cSTUc^S_U eW[SSZ IEu AU^XUUZ jGu BclQ `UVcUUZ jHu AU^XUUZ _U JSVVUZcWWZ hEf LUTTWZ \ac^ VRSZZSZaWXc _U TUUZc SkYcc jDQqFu _Sac qiQqq XY^l qhQqFu NW^^YVWZ C\ccs^SRVRZ VRSZZSZaWXc _U
TUUZc VYac qFQqEu [YacS[W qGQqEu LUabYZ ^YX^W^SRVRZ VRSZQ
ZSZaWXc _U TUUZc VYac qEQhDu J]WZ V\X XUTS_YZ UWZYWbYZ VYac hDQu `UZa VYac FDQFhu J]WZ ZV\X `UZa VYac FhQFEf dRV^UWXR_U VRSZZSZcWYcYYZ UVUVcUf gWSV _U TUUZcWYcYYZ SkYcc D _SacS^ hIQ
FFu XWac FIQFFu ^RZZWU_lX GGf eT I Vll^WZclVSccUZUf JU[[ ^ScWQ
XYRcRQ _U XR^RcRc^WTRX XY^l XRSTUVUWXcYZ `U[aUWXaWXcS[WUf
IF
NUcWVUWZYZu K[^^Wu ^SRVRZYR`SXu cUWbYTUUVU[Wf VWXUVTW Ih Be DHDju p G BB DHEFf ea _RZUTWYX ORQ ]RXc NUcWVUWZYZ _U OZZU ASpWU AcUbW]af © qq KWVU ?[`S^^W @SXXWf LUkXYc KY`W qhu OZR qFu LYYZU hju OZccW hqf PR`UUQ TUcUWbSZ SkYcc qDu `YWXcSZ SkYcc qFu ARSTYZ CUWbYU^UcYTWUZ ^SRVR qHf ?kWZcSTUc^S_U RXYWXWWZ KR[ TUWaWZf J]WZ ZV\X ^R`UUTUcUWbSZ cRZcWSk qHQ hju SkYcc hjQFIu `UZa VYac FIQGFu ARSQ ¯ TYZ CUWbYU^Uc ^SRVRZ SkYcc hDu CUWbYQ cYSVVWXYZ SkkWVUWcS^XYZ SkYcc qHQGFf dRV^UWXR_U cUWcYYZ _U XYZ SkYcR^XYZ UVUVcUu _RV^WXWU cUWbYcYS^XWU VWXUVTYXXU _U LUkkYYZQ [UZZUXXUu RX Zl\ccYV\Wcl ^ScWQ _U RV^STUWVVUf e@ qu e@ q cV^u e@ jf PUkcf rSW^U GqHhu `l`\ GqEqf
NYVU }QGE NUVTzY[]~u OR^RXcW dRaUZUu VYacS[Wf PRSkWS E DDD B Aq[º V j BV B³¶Zq ea ayZ^W^TRZ PU[V OR]RXc NUVTzY[] _U dRVWY AyaVWWQ J« cy[f nS Fhf P Gju N Gjf CRc^WTRXQ TUc^S_U KR[SSkkUUZf J]WZ ZV\X XRST ³aw SXUXcSZ VRSZZSZaWXc SkYcc GjQGFu J]WZ º³W° XRST c\ccs^ VRSZZSZaWXc SkYcW GqQGFu ±XTA^ ?RVRZ XRST ´^XWc\WXV\X VRSZZSZaWXc _U UV^YWXTUcYT SkYcc GGQGEf J]WZ XRST J UV^YWXSkWXc VRSZZSZaWXc SkYcc EqQEGf J]WZ XRST _Uc^SQSkWXc VRSZZSZaWXc SkYcc EGQHDu ARST ZV\X VRSZZSZaWXc cRZcWSk EGQEEu VRSZZSZQ aWXc _U TUUZc VYac EEQiqf LR^RWXWU cRc^WTR^XWU YVlWZQ_U ^UXQ `WSkWZ UVUVcU XY^l SkkW^W[_S_Uf ·RSbYyWTWZu nLwZ _U ARSTUQ VUWXYZ >RW_UZ kY[RXcU_WUu AU`SQ^U[_UV SXU^ `c ^R[UUccS[W EjQ EEu veUZUTSZv k_ HFQiqu _lXw ASyWYcUX k[S URZU Yc VS[U YZZWyUu eUZUTSu ·WY bYRcXyaY TUVU^S¦SSVS]WXyaY MYXYVVQ XyaUpcu APAu ARSTYZ TUUZc XYR[Uu MYS][UpWX^U pS[YZWZ]YZ W WZVUZbu ARSTQR][ XYR[Uf AcUZ jf
NYVUZbY[u PR[c @YWZaSVbu \VWSkYccU_Uu k[SpYXXS[Wf PRSkWS DE ¨B DEhEu p IG B DHqDf ea \VWSkYccU_U JYZ[W^ LYSkSVb NYVUZbY[ _U KVWXY p ´ LYSZcWZY KZ¯UVbf nS GGu P Eju L EGu
UC Hif CRc^WTRXTUc^S_U RX KR[SSkUZ TUWaWZf J]WZ ZV\X aWXc cRZcWSk EjQEqu JlTYYZVWZZUZ ZV\X XRST _U [RScX cRZQ cWSk EFu J]WZ \VWSkWXcSZ ARSTYZu eYZlQ _lZ _U rSa_SWXT aWXc bSX EGQEE _U iIQ Dqf CR[RZ XRST ^VUXX V\X aWXcu TUUZc _U XRST VYac EEQiDu CR[RZ \^XWc XRST _UcQ ^SQSkWXcSZ aWXc _U TUUZc SkYcc HFQiDf J]WZ [RScX [YUUVWV\X aWXc _U TUUZc VYcWc iDQiqu ARSTUV ZV\X aWXc SkkWUWZ \VWSkYcc iqQIFf LR^RWXWU cRc^WTR^XWU YcRkllXXl ARSTYZ aWXc UVUVcUf PSRVRcSWTYZ \VWaUVV `c \VWcU[^ iG XY^l iEu ARSTYZ JWXc AYR[ _lX HDQu k_ iqQihu DHQIi _U jDQjIu ARSTf CWYbYU^UcYTWUZ _lX iEQu k_ IHQjiu ARSTYZ ^ScWXYRcRcRc^ ^YX^RX`UVWS^ _SacS^ _lX DiQu ARSTYZ TUUZcWYc XYR[ cRc^W_U_lX IqQ AcUZ ju OZZ jf r[SpYXXS[WZ U[`SZWTW Iif
NW^^SVU }QGD PS_UTS~u OZZYQNU[WU PUU[WZUu VYacS[Wf JlQ TYYZVWZZU DH eBBB hDf © GD PWTTS CUkWS NW^^SVUf P GEf J]WZ B Z^ lWbWZ^ VYac EEQu dRV^ VR^WSZ lWbWZ^ SkkW^W[_UZf
NRZXcY[a_YVTu MRXcUp @WyaU[bu VYacS[Wf dS[SWZYZ ID ¨ DEGFu c IE eB DHIEf ea WZXWZss[W ¥U[V @WyaU[b NRZXcY[a_YVT _U JWVbU ¥YyWVWU JYY[TUZf © DD VYacS[W KzzU NU[WU rSZcUZf nS HGu P iju N iGu L Iif J]WZ XRST c\ccs^ VRSZZSZaWXc _U TUUZc cRZcWSk iFQIiu `c ^SVVY]U iEQiHu `c ZRS[ VYac IiQIDu `U^WZ IDQIGu J]WZ oRbYZ \ac^ VRSZZSZaWXc SkYcc iEQIEu ^SRVRZ _SacU_U DhQIEu ARST ZV\X VRSZQ ZSZaWXc _U TUUZc `UZa VYac IGQIEf oX cRc^WTR^XWUf
NRXVUVUu rUU`S BVTU[Wu XSXWUUVWZYR`SXf CRRVSX Ih B DEHiu
c eBB DHGhf ea PP? [Yb[W^ NRXcUVU J B _U JUZZU OTUVWU NU[cWZf © Dh OZZU
u B JYVVWZ LSRaW`RS[Wf nS iEu P DIu N Dju `Wa kUkW^XW DFf ?kWZcSTUc^S_U
A^UZbWZU`WUUZ XY^l AU^XUUZf J]WZ
XRST ZV\X RX^_U pWV UV^ `UZa VYac DHQIif
eUZ^YWZaSWbSZ cU[^ IiQjGu ^s\alWZQ
aSWbSZ \VWcU[^ jGQhEf dRV^UWXR_U YcYZQ
^WZ `UZ^YWZaSWbSZ UVUVcUf eUZ^WVUSW^ ±J O _lX jGQqFu `U^RRcRXSW^ hEQu aUVW YbRXc
XWW[cS` aRSVcSUXWSWXXU @RScXWXXU qqQqhu oX `UVcWSZ ^STWc _lX _U k_f oX \ab aUVW _lX _U k_f ASXWUUVWZYR`SX hif eCC aYf e@ qu AL Pu Ae@ @ Du @RScXrµf NT jHQqif
NlYZkllu OZZUQLWWXUu \VWSkYccU_Uf eWVkkRVU DF DDD DHIFu c IF B¨ DHHif ea TUUZ`WV_ PUVVY PRXQ cUU NlYZkll _U OVY^XUZb[U eWWZUTl^Wf nS qhu P qHf ?kWZcSTUc^S_U KR[ Y[W
TUWaWZf ARSTYZ P[WXcWVVWXYZ nVWSkkWQ
VUXVWWcSZ ^SRVRVUWXXWac qHQhIu J]WZ ZV\X
XRSTYZ _U aWXc UkRVUWXVYac hjQhGu XRSQ
TYZ `c `UZa VYac hhQhGu CUTkY[YYZ \ac^ XRSTYZ SkYcc hGQFIu CUTkY[YYZ
ZV\X XRSTYZ `c \VWSkYcc FIQFju \VWSkYcc
FjQGqu UkRV [Yac GIu C[YYZ \VWSk VYac GqQf J]WZ ZV\X \VWSkYccU_U^RZZUZ XWac hFQhGf mWbWZ^WYVYZ
SkkW^W[_S_Uf >S[XXWZ rW^^R`YV_WYZ ^R[UUccS[W hjQhGu eYW^SZ kllcSWT hhQhGu JWXcS[WUZ SkYccU_UWZ VWWcSZ _SacS^ _lX hqQhGu mWbWZ^WYVYZ SkYccU_UWZ VWWcSZ aUVW _lX Fhu C[YYZ Y`QVRc X[^ ^^SQ aUVV^ _lX Fhf
>Y`UZVWZZU }QiF >YS`WRX~u ?ccS eWVaYVTu \VWSkYccU_U JUTWQ ZU Dh eB DEFGu p Dh B¨ DHIGf ea ^YZQ ±_[Wf B [UUVWTU_R[W Kb`U[b KZ]YVz[Y^c >YS`WRX _U KVWXY MRXcU`U P[S]WRXf © HI XSWcSZQ
{N{ SkYccU_UcU[ NU[]U[YcY JYZ[WYccY LSRWXY
J\T @STzY[]f nS Equ P EGu L HDu C HDf C ?kWZcSTUc^S_U KR[ Y[W TUWaWZf dSYZQ XRRZ ¬X TUcYT VYac HIQiju dSYZXRRZ J^ c\ccs^ TUcYT SkYcc HIQHhf J]WZ [RScX ² WÇ [YUUVWV\X TUcYT VYac ijQDiu J]WZ XRST gWµ§ \ac^ TUcYT cRZcWSk ijQDIu p\X iHQDIu ARST ZV\X TUcYT _U p\X `c VYac iFQiGu `U^WZ VYac DiQDIu `c \VWSkYcc DiQDIu `U^WZ DIQIGu J]WZ XRST c\ccs^ _Uc^SVRS^^ TUcYT _U p\X `c VYac iGQDif CRc^WTR^XWU _U SkkW^W[_S_U TUcYT _U p\X UVUVcUf PSRVRcSWTYZ \VWaUVV TUcYT `c \VWcU[^ Diu PUZXU^SkYcc \VWSkWXc _Uc^S^R[XXWYZ TUcYT _U p\X VRYZZSWcXW_U DIQDqu PUX`UcRXSkWZ \abWXc UW^U^ U`RXcU`U cSWT RX `RSXWUf rS_UZkS_Uc jjHiu jEiEf
>R^U[Wu LUR[W OZccWu [YacS[Wf dSYZXRR Dh ¨V DHiHu p Dj eBBB DHEjf ea TY[YZ^RV^R^SRVRZ _SacU_Uu _m¤§ TY[W^Ukc OZccW >R^U[W _U JWV_U ASpWU t È PS[aSZYZf ©jF VYacS[W JWV^^U NW[_UT D AW[SVU nS IEu P jIu N jqf LUcWZUZ _U ´ C XRSTYZ ^WYVYZ ZRS[YTkW VYac JlTYYZQ VWZZUZ V\X jqQjhu ?RVRZ \acV\X jhQqEu J]WZ ZV\X qEQhGu T\sX XRSTYZ ^WYVYZ ¸f[ `X \VWSkYccU_U hhQhFu ^SRVRaUVV XRSTYZ `c \VWcU[^ hGQhEu XRSTYZ ^WYVYZ `UZa _L {cT W Y ac J]WZ V\X hEQGDu [YacS[W hHQFHf PW[Q _UVVU[`SXcYVR_U XUZSTUQ_U UW^U^URXVYabWXXlf >S[XXWZ ^SZ`YZQ cWZ ^R[UUccS[W qEQqHf e@ j _U q cV^u e@ j _U qu Ae@ @ Du NT jHQqiu NT qDQqhf NU_f
>RScWSu BV^^U NUccWu `c VYacS[Wf ³eWWkR[W DG ¨BB DHjIf p ID ¨B DHEIf ea TU_ eYW^^S ?XTS > _U B[_U eU[kR A\V`W OVUZZYf nS hDu JRP hHf J]WZ ZV\X XU^X _U [UZX^ cRZcWSk hHQ Fqu `c `UZa VYac FqQEIf J]WZ B Z^ `c [Yac GhQGFf LRScc cYac @UZX^UZ ^WYVYZSkYccU_WYZ \abu nCL _U PSRVRaUVV UXWUZcRZcQ cT^f dRV^ RX XU^X _U [UZX^ ^WYVcYZ SkkW^f @YX `lZ[f JU[[ VRSZQ cSu XUTSWVRf eYV_Yc hIqIu FDihf
>\^lZYZu n[_su VYacS[Wf LYkkl`W[cU Ih ¨BB DEHiu p H DDD DHqif ea TUUZ`WV_YVW_l JY[TUZ >\^lQ ZYZ _U KVWXUzYca @lXlZYZf © DE KVVW >\^lZYZf nS DIu e? VRc^ Dhf @RS^SQ tTT VUabYZ kWW[WZ UkRVUWXZWTWXTWYX DGQDEu ¯dkAB eSWT _U cY[`Y\XSk SkyVc Pl^WXUVTYZ
«« \ac^ DEQDHu eWWkR[WZ \aV^ DHQIiu
TUUZ`WV_YV\XQ _U ^URkkUVUX^u `SWT _U cY[`Y\XSk SkYcc eWWkR[WZ [yUUVW^u IiQIGu AS[cU`UVUZ XYT `SWT _U cY[`Y\XSk VYac ±JJJ^f ÉZJ IGQjIu ARST ZV\X `SWT _U cY[`Y\XSk ZRS[ VYac jIQqif dRV^ VWW^RZcUkYbU]S]WXWU ^W[_S_Uf LR^RWXWU VRSccUTRXcSWTWU AeoLWXXU _U XYZ XYR[SWXXUu XY^l ^RZZUVV R[aVURcU^f NSZW^Y[c ARSTYZ TYXcU[W `SWTWXcYVRXXUf ARSTYZ `SWT_SR^^RYYZ _Sac SV\TkWU^WX rU[WWXW Iqu OTXcY[bUT IE _U gY[VWWZW jFf e@ qu NTu AeoLZ _U rYXlkUVVSVWWcSZ UT[f eWWQ kR[WZ @YWkkUUZu eWWkR[WZ eSWTWXcYVW_UWZ _U AeL ^RZZWU_lXf LcZf
?_Uu NUccWu VYacS[Wf J^W IE eBB DHjEf ea U[^WXcSZYR`SXu k[SpYXXS[W ORVWX ?_U _U VYacu N OZZU KVYSZS[U JUVSZYZf nS hGu JRP Fju P FFu L Gqf PSR`SVUZ c\ccsV\X XRSTYZ _U VUcWZUZ `c VYac FjQFhu J]WZ ZV\X cRZcWSk FFQFGu VUcWZUZ _U ^[YW^UZ `c `UZa VYac FEQGDu ^VUXX ^WYVcYZ `c \VWSkYcc GDQGqu VUcWZUZ VYac GqQu `U[U[Yac HDQf eUVcWSZQ U[^WXcSZ ck UkRV kWc^Wl _U^XS_U hGQFju J]WZ ^URkRZ]WZ ZWTWXcscSWTW^ GIQf PS[k[f JU[[ ^W[_UVVWXRRXf
?_U_l[`Wu ORVWX ?ZZWu [YacS[Wf OVU_l[`W h Be DHDju p Dj ¨ ± DHFEf ea VWW^YTWYX dRaS ObWYV ?_U_l[`W B _U JWVbU L\\bWU JURcUQUaSf © jH OWZS Ç ARXUZZU OaSf nS jIu P jGf L hif C _ hif oX SkWZcSTUc^S_U Y[W KR[ TUWaWZ _U
rQOTY[W^^UUZf AUZU^W[_UXllcWsZ `U^WZ _« XcWkYZbWUUccWZU KcQrSa_UZTUUZ _U BclQ ±x d@J PU[_UVUZ TR[cYWcU XUZUXcUTUXXU }Z jFIii XUZUVWkkRU~ jEQqGu KcQrSa_UZQ W TUUZ TUU^RZcUV cSWTWZZUZ_ qFQqGu W QUUpV¯ elalZ^\[sZ \ac^ XRSTYZ ^WYVYZ _U aWXc VYac qHQhju AYWZl_SYZ c\ccsV\X XRSTYZ ^WYVYZ `UZa VYac hjQ hhu J]WZ ZV\X XRSTYZ ^WYVYZ \VWSkYccU_U hhQFEu [YacS[W hHQFEf oX _RV^UWXR_U XRSTYZ ^WYVYZ _U ^W[_UVV UVUVcU XY^l SkkW^W[_S_Uf KcQrSa_ TUU^RZcUV aUVW c\s`UVWS^ _lXYZ hiQhFu elalZ^\[sZ ^W[_UXcSZ _SacS^ hqQhFu AYWZl_SYZ ^URkk ^W[_UXcSVURcU^ _lX hqQhhu c\s`lYZSkWXc _SacS^ hqQhFu mWbWZ^ SkYcc VWWcSZ `k_ hGQhHu k_ FiQFEu ARSTYZ SkkW^ [YacS[WYZ \ab k_ FiQFqu ?kYccU_UZYR` _lX FiQFEu APA _SacS^ _lX FiQu nCL UkR_ FIQu J]WZ dSaUZZY^XYZ X[^ ^W[^^SZYR` _lX FhQFEf PRcXRccR CUQ VSZkSW^UWX^RVccRR[WXllc _lX qEu aUVW _lX FIQFEu PUVY`UVUXYR[ UkR_lXYZY^XW hju PW[_UVV cRc^W_UWZ XYR[ c\s_lXYZY^XW Fju Kr? UT[u Ae@ @u e@ q T^ }I ^kV~u >S[XXWZ CRTU[WYZ ^RVc UTu NT jHQqiu NT qDQqhf nVWVf rS_Uc FhDEu FhIFf
rUUXWSu CSW`S rUU`S BVTU[Wu VYacS[Wf AU`SZVWZZU jD DDD DHiFu p Dh Be DHqDf ea ^UZXU^SRVRZWSacU_U ± Zu J rUU`S eW^cS[ UzWUZ rUUXWS _U eYZZW ASpWU rY^SZYZf © jI OWVW P\VVW^^W eSRQ tT cWVUWZYZf nS Ihu P jiu N jDf L jju C jqf CRc^WTRXTUc^U eW[SSZf J]WZ \ac^ _U [YUUVWVR^ VRSZZSZaWXc SkYcc jiQ jju J]WZ \VWSkWXcSZ k[SkYbYRcc ^UX`WQ cWYc UXX jIQjju ^UX`WcWYc bSX jGQf eWWkRQ [WZ ^U^XSWXV\X VRSZZSZaWXc _U TUUZc `UZa VYac jjQjGu ARST ZV\X VRSZZSZQ aWXc _U TUUZc `UZa VYac jGQjHu \VWSkYcc jHQqDf dRV^ cRc^WTR^Q XWU _U SkkW^W[_S_U VRSZZSZcWYcYWbYZ UVUVcUf ARST NUUZcWYc AYR[ c\s_ jqQf PU[_UVUZ LRSZZSZ\Xcl`lWZ k_ jFQjGf ARST CWYbYU^Uc UkR_ jGQu e@ qu NT jHQqif PUkcf rUUXSZYZu O[`Wb NUccW dSaUZZYXu VYacS[Wf J^W DG e DHqqf nS Fju L GHf J]WZ B Z^ TUc VYac GFQu VR^WSZ `U[U[Yac HDQu BXl DGFGu `YVW hEqHf
rUUcY[Su PUU[VS eYW^^Su k[SpYXXS[Wf J^W II eBBB DHiju
p IG eBBB DHEFf ea cUVSZSTWXcU_U JYW^Q
^W rUUcY[S _U VWbU ASpWU AW^UZYZf © jH
LL AUVTY NU[WU JU[`Y }SfXf JYWZSZYZ~f nS IIu P IFu N IGu L _U C jDf ?kWZcSTUc^U AU^XUUZ jIf ARST ZV\X
cRZcWSk IGQjIu `UZa VYac jIQjEu J]WZ
\VWSkWXcSZ TUcYT UkRV k[Sp jEQGiu TUQ
cYWZ `c k[Sp RX ^Y[cS_U qDQGiu J]WZ \VWQ
Sk TUcYT UXXWXc IHQjIu jjQjGu bSX jFQ
jEu J]WZ ZV\X cRZcWSk jEQqju CY^Z ^S[Q
^YU^ TUcYT UXXWXc IHQjIu Y[W^SWXSkYcc qEQhIu nCL _lX qGQu dRV^UWXR_U TUcYT UVUVcUf J]WZ ZV\X `UZaYTkUWZZYR` _lX hGQ FFu k_ FiQFFf r[SpYXXS[W Fqu e@ q _U ju Ae@ @ Du NT jHQqif LcZf
rUU`SVUWZYZu ?TU NU[ccWu ^lXWc\sZSkYccU_Uf PW`YZZUkU IG ¨BB DHijf ?kkW^SRVRZ `YWXcSZSkYcc `UVTWXcRX^R[XXWf PUZXU^ `YWXcSZSa_^R[XXWf oX SkWZcSTUc^S_Uf rlW`sVlZ ^UZXUZSkWXQ cSZ ^lXWcsWbYZ _U kWW[RXcR^XYZ SkYcc IEQIHu LUkkYYZQLUkQ kyYZ[UZZUZ _Uc^S^ IHQjDf BVSTUZcXWZ kWYZ`WV_^SRVRZ kRRXYkQ klTYXc jDQjFf J]WZ ZV\X ^lXWc\sZSk qFQf J]WZ ^URk cY^Z UTTUccW^ qFQu PW`YZZUkUQXllcWsZ `k_f
rYVcSVUu >WWVS dRaUZWu k[SpYXXS[Wf LUTTW ji ¨B DHDhf ea
TUUZ`WV_YVW_l JYZ[W^ dSaUZ rYVcSVU _U
OVWZU JUZZRVUf © qH LL AU[W ARXUZZU
M\VUZbY[ }p Ei~f LUkXYc JU[[W hIu NURQ
[W hqf nS jqu P qDu L hFu C hGf
?kWZcSTUc^S_U KR[ _U oAOf NRZ^^WQ
ZWYTYZ \ac^ YZ]V SkYcc qhQhDu C\ccsZQ
V\X XU^XUZ _U [UZX^UZ `c `UZa VYac hhQ
hFu J]WZ ZV\X YZ]V `UZa VYac hFQhGu
d\`lX^\VlZ ZV\X \VWSkYcc hGQhHu d\`lXQ
^\VlZ \VWSkWXcSZ YZ]V pWVSV `c k[Sp hHQFiu
J]WZ \VWSk YZ]V pWVSV bSX FDQFj _U FhQu UkRV k[Sp FjQFqu k[Sp FqQGEf J]WZ \VWSk YZ]V k[S YÃY[yWcWS QaUW_SWcRXcYZ_Sac qHQhiu hIQhhf dRV^ RX cRc^WTR^XWU YZ]V pWVSV UVUVcUf AU^XUZ^WYVYZQ SkYcc \ab _SacS^ _lX hhQhGf nCL FhQ e@ q T^u NT jHQqif nVWVf
rYVcSZYZu ?^Y OU[ZY CaS[`UVbu ^UkkUVUWZYZf §E eBB DHiH
J]WZ kWcl_lf ea C\sZ_SacU_Uu TUUZ`WVQ _YVW_l OZcSZ rYVcSZYZ _U JUZZU NU[WU K[W^XXSZf © qD `SWT VYac CRRVW^^W NY[WQLUWZY rUUcY[Sf LUkXYc NU[^^R qj }c Gh~u JUZZR qqu dR^^U qhu JYW^^W qGu OZccW hDf ANP jhu kUXccRc^ qhf JWWkkU^ UkRV dUZU^^UVUZ CY[`U^SX^YVVU jGQjHu
cZRS[WXSkUXc C[YYZ cRSTWSX[^ jHQqju \VWT UkRV J]WZ Kc XRST X[^ qqQqEu @YZ]SZ ^a[U qEQhIu P\TWZ ^UkkUV hIQ
Fiu J]WZ dSaUZZY^XYZ X[^ ^UkkUV FiQGHf oX^ Sk P\TWZ \ac^ hIQFiu J]WZ RRXW \ac^ FiQFIu J]WZ ZV\X FIQGDu J?PP FjQ
GDf J]WZ ^[WXc cUWbYX k_ FIQFGf dRV^ [RZS_Uu [STUUZYWcUu YXXYWQ cl _U ^RRZZYVTWUf nVWVf JU[[ TRXWW^^Wu U[^YSV ^W[_UVV _U XR^RQ cRc^WTRXf rS_Uc FEEEu FEEHu FEHiu FHGGf
rYZZUZYZu KX^S elWZsu k[SpYXXS[Wf J^W II eB DHDIu p Ii eBB DHHif ea SXUXcSkllVV elWZs rYZZUZYZ _U XUW[UUaSWcU_UcU[ BZ][Wb OZZU PUcU[WQ ZU rYZZUZYZf © qD VYacS[Wu N OZZUQ LWWXU @lXlZYZf nS jiu P jhu N jFu L hDu C hIf oX SkWZcSTUc^S_U KR[ Y[W TUWaWZ _U rSa_SWXQOTY[W^^UUZf J]WZ ZV\X cRZcWSk jGQjEu XU^XUZ _U YZ]V UkRV VYac jHQqGu YZ]V `UZa VYac qGQhqu `c \VWSkYcc qFQqHu ^SRVRaUVV UkRVUWXcU[^ qHQhqu `c ^SRVRZYR`SX hqu ^SRVRZYR`SX hqQFFf PUbYccW^SRVRZ YZ]V SkYcc jGQjE _U qiQqDu nPP XU^Q XUZ SkYcc qIQqj _U qqu YZ]V pWVSV `c k[Sp FhQFFu k[Sp FFQGhu aRTUZWXc cWYbY^ `U[UbY^UUZW FEQu bY^UUZW GjQGhu ^UX`UcRX¢ cWYbY^ZYR` _lX GjQGFf AScU^S[^YU^ YZ]V SkYcc hiQhjf PW[_SWcQ cUZRc VR^RWXWU cRc^WTR^XWU ^WYVWcWYcYYZ UVUVcUu SkkWQ_U aU[_SWQ cRX^W[_S_U XY^l U[cW^^YVYWcU ^SRVRZ _U ^UX`UcR^XYZ UVUVcUf nCL _lX hhQu ARSTYZ YZ]V SkYccU_UWZ \abWXc k_ qEQhFu ARSTQYZ]V \ab aUVW _lX hGQu `k_ hHQFqu k_ FqQGIu ^RZZWU_lX GIu eUVcWSZ SkWZVS[Yc^ VURcU^ k_ hqQFHu `UVcWSZ SkYcRYVSWyR`UcSWTW^ _lX hEQFhu rSa_SVUQ>S[bYZWZ ^SRVR`UVWS^ k_ hEu J]WZ XU^X ^W[Q _UXcS\ab k_ FiQGDf PSRVRTUc^UWVRcSWTWXcSZ XllcWsZ aUVW k_ FiQu ?kkW^ kllX\cRc^ cSWT^RZZUZ k_ hHQFhu PS[^YU^ k[SpV `UVcRRX^ _lX FHQGFu `k_ Gju C[YYZ \VWSkWXc `UVcRRX^ _lXu RX `UVcWSZ ^STWcYUWZ _lXu ARSTYZ cWYbYU^cYTWUZ _lX Gjf AL Pu KZ]VµVµ ^f NT qDQqqf rllTU_UZ [WXcWu ALCO@ @u ^RVc MSYQ caYQTWcUVWf
rYZZUZYZ }QqD @lXlZYZ~u OZZUQLWWXUu VYacS[Wf DH DDD DHDDf ea WXlZZsWcXW_l OR]RXc @lXlZYZ _U OZZU @lXlZYZf © qD k[Sp
KX^S rYZZUZYZf P jGu L hFf oX RV^STUWXWU SkWZcSTUc^SQ _Uf J]WZ ZV\X YZ]V _U XU^X cRZcWSk jEQqHu CssVsZ \ac^ `c VYac qqQhqu P[RRZRaUUZ ^YX^W^ cRZcWSk hhQhGu J]WZ \^XWc\WXV\X VYac hGQ dRV^ YZ]V ^SRVRcY^XcY_lf
rY[^Wsu ?W`U PUU[VSu [S`UXcWf J^W IH e DHiGf ea YcXW`l PUU[VS rY[^Ws _U NU[WU KTWVWU M[sZ[SXf © jq K`U OVYÃUZb[U KY[SVUf LUkXYc CRSTS jhu LYYZU jHu NUccW qDf nS IGu cYSV Y[ScRc^ jIu kUXccRc^ jhf LRSkWSWXcYZ `c ^a[U jIQjju J]WZ Kc XRST X[^ ^a[UZ UkRV jjQjqu d^VZ ^URk X[^ kUk UkRV jqQjFu C[YYZ JU[_RZ `c ^a[U jGQjEu LYTkllVlZ ^UkkUV jEQhEu PUVQ VWSZ B ^UkkUV hEQGjf J]WZ >NPn UkRV XWac jiQjDu jjQjqf oX^ Sk LYTkllVlZQeYXWVUabYZ \ac^ hjQhE _U J]WZ ZV\X hEQ FHf dRV^ kU^WZSWcU PScWTUUXXU hHQFFf LYTkllVlZ ^RZZ`UVc `k_ qGu k_ qEQqHf ?XRRX^UXXS_YZ PYX^RX¢ aUVVZYR` _lX qEQhhu LYTkllVlZ XYRbRZ SXRRX^UXXUZ aUVVZYR` k_ qFQhGf Ar@ JlQ TYYZ kWW[WaUVV _lX hiQhGf J]WZ X[^ bWU^SZWU^YX^ aUVW k_ hEQFhu A PW[^SZ rUkkWXV XWac hHQFIu _SacS^ _lX FIQFqf @S`UXcW Fiu e@ q T^ }I ^kV~u Ar@ k[ UTu ?XRRX^UXXUcSWT UTu A PW[^SZ bWU^SZWUcSWT UTu PScWTUUZ k[ UTu A AScU`YcY[ k[ UTu >NPn ^RVc TY[^^Wf PY[Xu XSckUXcf
rYXSZYZu ?VU`W AUTRYVu Xl`YVcl_lu \VWcU[^UXcU_Uf J^W E Be DHiHf ea ^UZXU^cU[^u ^SRVRZYR`SXu N NUccW rYXSZYZ _U KVVYZ B[YZY NUVTQ zY[]f © B jjQqG VYacS[Wu N AW[^^R ORZY NU[]U[YcU L\\cW^lWZYZu BV qGQFD N LWWXU @WcU[XUVSf nS IEu P _U N jIu J]WZ ^W[^^STRXWW^^WSkWXcS jqu AWQ zYVWRXQU^UcYTWUZ R[^RbWkVSTW jHf J]WZ ^URkRZ]WZ XRSTYZ^WYV ^UZXU^ VURVRZQ SkYcc jjQqGu J]WZ `UZaUZ aURcURXQ TUUZ ^UkkYVWZ ^UZccS[WQR[^R[W qFQhhu AWzYVWRXQU^UcYTWUZ VYac _U TRXWW^^WSkXYTWZ YXWTWYX qGQhFu J]WZ ZV\X TRXWW^WZ Sk hjQhFu J]WZ ?PP TRXWW^WZ VYac hFQ hHu PSRVRaUVV TRXWW^WZ SkYcR^XYZ cU[^ hHQFDu \VWcU[^ FIQu J]WZ >NPn XY^U^RS[SZ _Sac jqQqDu TRXWW^^WU[`SXcYVW_U jDQu oRbYXXU ARSTYXXU qhQhHf Al`YVV\^XWlu TT I XWZpSZWUUu Xl`YVV\XkUV^WZcS_Uu SkkW^W[_S_Uf ARSTYZ VURVRZSk \ab k_ jjQ qFu ARSTYZ Al`YVcl_lc [\ k_ hFQu ARSTYZ TRXWW^^WZYR` k_ hGQu >RS[WXSZ TRXWW^^WcSWTW^ k_ FiQu PSRVR_YZ TRXWW^^WQ ^YX^ aUVW k_ FqQu rSa_T Xl`YVcl_lZYR` k[YX FIQFqf ·W[ TRX DHhqu e@ qu r[S WZVUZbWU QTWcUVWu >RS[YZ eSWTUZ LWWcSZ ^RVcUTY[^^W Fiu NT jHQqif nVWVf
rWkWZYZu OU[[Y eYW^^Su VYacS[Wf dSaUZZYX DF ¨ DHDjf ea
c\sZ_Sac OZcSZ rWkWZYZ _U JYVTW ARQ
XUZZU NY[WVlWZYZf © qq ^UZXU^ SkYcc
AWW[W NU[WU eYXUVUWZYZf nS jju P qqf
LR^RWXWU SkWZcSTUc^S_U Y[W KR[ TUWQ
aWZf J]WZ ZV\X XU^XUZ _U YZ]VUZZWZ cRZQ
cWSk qFQhHu XU^XUZ \VWT VYac hHQGqu VYac
GqQGFf PRXc ?\ CUTTYZ xKZ]VWXa z\
WVTv Q^WYVW^R[XXWYZ SkYccU_UZU qHQhFf
ARSTYZcUZRc ^W[_S_U YZ]VUZZWZ _U XU^Q
XUZ ^WYVWXclf e@ q _U e@ q cV^f NT jHQ qiu NT qDQqhf nVWVf
rSa_UVUu LUR[Wu \VWSkYccU_U BXS^\[s II eBB DEGiu p ji B DHqGf ea VllZWZ[S`UXcWu eYXWVUabYZ ^a[U
MRXcUp [Yb[W^ rSa_UVU _U BbU dSXYpWZU NUVTXcYbcQAcYZzly^f © HE AW`Wl NU]Q
bUVYZU rs\aWlf nS EEu P Hiu N Hiu B P HEf ?kWZcSTUc^S_U PYX^WQKR[SSkQ kUUZf J]WZ XRST [YUUVWV\X RX^ SkYcc HEQ iif eWWkR[WZ XRST V\X RX^ VYac iiQDH _U XYZ [YacS[W ijQDHu eWWkR[WZ XRST c\cVs^ ¡ B _Uc^SVRS^^ _U eWWkR[WZ ^lXWc\sVlWX^SRV RX^ SkYcc iIQihu ARST ZV\X RX^ \VWSkYcc DHQjE _U `U[U[YacS[W IDQIF _U IHu J]WZ ^URk ^W[_UXcSZ UkRQ VUWX^W[_UXcSZaSWc IDQjHu eWWkR[WZ ^URk`UVc _lX DiQDIu DGQDHu eWWkR[WZ XRST XYR[U^ ^W[^^SZYR` _lX iEQDHu ^W[^^S`UVc _lX iHQDHf oX VURcU^ _U _SacS^ _lX _U k_ eWWkR[WXXUf ?kYccU_UZYR` _lX IIQIqu IHQjIf PUZXUZYbRXcU_U IqQIGu XSXWUUVWTWZWXcY[W IqQIhf Ae@ Pu e@ qu NT jHQqif
rSW_l[`W }QiF gSW_Y[~u LUR[W O[`W rYVVY[`Su k[SpYXXS[W J^W Ih eBBB DHiiu p I eBBB DHEFf ea VYacS[Wu
N LUR[W NU]ZRX rSW_l[`W _U UZZ\ _ ObYVUWbY [WzY[]f © B IGQGF VURVU_UcU[u ^UZXU^ SkYcc ORZY KYbWc eU[TU`RS[W T_Apc }AUaVzY[]~ BB GF Nu ^RXcUZZRXcSWT Nc AW[^^U CUV`W^^W @UkSVUf nS DEu P _U p B N IIu L IEu C jDf J]WZ TRXWW^^WQ SkWXcSXXU DIQDHu VRSZZSZa _U TUUZc ZRS[ VYac J]WZ BB c\ccs^ IGQIHu XUTS_YZ NW UWZYWbYZ `UZa VYac J]WZ ZV\X IHQjhf PSRVRaUVV XUT UWZ ^SRVRZYR`SX jhQqIu PSRVRaUVV kll_SacU_U qIQqhf J]WZ ZV\X `UZa VYac qhQhHu \VWSkYcc hHQFGu OVkkWVUZ \acV\X hHQFif PRXc S\ ?cU`UZ cWYcS^WW_USX `W[^ IEQjHu _Sac qhQFGu _SacS^ _lX qjQFHf oX `UVcWSZ ^STWc k_ _U _lXf ARSTYZ OXY`YV_ LWWcSZ \VWUXWUTWYX qiQqju ARR[cUV^SWbYZ _U >RS[cYZ cUV^SWbYZ ZYR`SccYVR^RZZUZ k_ qiQqhf ARSTYZ VRSZZSZaWXc _U TUUZc SkYcc k_ qhQhqu CSW`S PRRVU QXYR[UZ k_ qEQhGu PVYQ TYccWQSk k_ hjQGhu ARST ^UZXUVVWXSSkkY[UZ aUVW _lX _U k_ hjQ Giu `k_ GiQGDu ARST PUX`UcRXSkWZ \ab k_ hqQFDu `k_ FIQGiu ^RZZWU_lX _U J]WZ ARST Ak WXlZZ _lXYZ FIQGif JUVVZYR` _lXw eU^\acWs PUVY`Uu JRacUTl^WQ\ac\Tlu ARST ^RVccRR[W[UaUXQ cSZ aUVWf AL P Bu e@ qu Ae@ Pu NT jHQqiu NT qDQqhf r[SpYXXS[WZ U[`S Fhf PUkcf
rSW_l[`W }QiF gSW_Y[~u LUR[W NU]ZRXu VYacS[Wf rs\c\l Ih e DEGiu c H ¨ DHqif ea [S`UXcW MRXcUp
x°B NU]ZRX gSW_Y[ _U OR]RXcU oV[W^U p«V AkSSpf © Hh UZZ\ ObYVUWbY [WzY[]u ±ppV DD|i Hiu P Hqu N Hqf AUW[UX`SWTWXcYQ
± q VR^R[XXW HhQHFf e? HFf OV^SaSVS]WUQ
± ^R[XXW DIf J]WZ XRST [YUUVWV\X `c `SWT
^SVVY]U HFQHGu rS[WZ XRST ^VUXX V\X `c
`SWT ^SVVY]U HGQHEu `U^WZ HEQihu CRQ
[RZ XRST [YUUVWV\X `SWT ^SVVY]U iqQiEu gKWW[ _{ccN CR[RZ XRST \ac^ YVlWZQ _U ^UX`WcWYc
SkYcc iFQiGf ARST ZV\X `SWT `c ^SVVY]U iGQiEu `U^WZ ^SVVY]U _U XWccYZ ZRS[ VYac iEQjjf
rSRXW }QGq @WWaSZYZ~u OW[W^^W NUZWccUu VYacS[Wf PYR[RR h B UZ]_JJZ DHhDf ea cWVUZSTWXcU_U NU[^^R dSaUZQ ZYX @WWaSZYZ _U NUWVU NU[]U[YYccU CRSTWZYZ }YZc Jl]]TUZ~f © Gq T\\ZQ cW_Sacu N CUkWS NU[ccW dSaUZZYX rSRQ XWf nS Giu oP Gju JRP Gqu LWcP _U LWcN Ghf LUR^UUZ PRaUZ^SX^YZ SkYQ cRX^SbWZ `SWT Sk Gju PRSkWSZ \ac^ `SWT `X VYac Gqu J]WZ B Z^ c\ccs_YZ VWWQ ^RZZUZ _U cY[`Y\XcWYbSZ VYac GGQf
rR[UTS }QjI gR[TUZ~u KWZS dSaUZZYXf PS[kWVUacW Iq eBBB DHiHu p Dh B DHEDf ea ^W[`YXTWYX dSZUX _kJVVu gR[TUZ _U ObSVpWZU ?[YZWRXf © jh JYVQ { ^U NU[WU [WTUZf nS IHu P jju C hIf ?kWZcSTUc^S_U KR[u rSa_QOp[W^^UUZ _U LlaWQWcllZf dlTXlZ \ac^ SkYcc jhQqhu PU[_UVUZ \ac^ qhQqFu Plk\VlZ \ac^ qFQ qEu J]WZ ZV\X UkRV VYac qEQhDu aWXc _U \acYWX^ SkWZ XY^l ^UZXUZcUV `UZa VYac hDQhFu \VWSkYcc hFQFjf dRV^ RX ARSTYZ aWXc cRc^WTR^XWUf ?P XWac hDQhhu `k_ hFu eUVcWSZ SkkW^SkYcc D XWac hDQhFu JWXcSkYcc D XWac hiQFIf AL @ Du Plk\VlZ \ac^ cYWZW^ ^RZZWU_lXf nVW^f
r{¯UVX }QhF Nl^WZYZ~u ?WVW PUU[WZUu [YacS[Wf J^W Di B DHjDf ea OVY^X Nl^WZYZ _U L\bWU tWVQ aYVTWZU [STf © hF rY[QJU^SZ r{Q ¯UVXf LUkXYc ¥UTWVVU hEu CY[YXU Fju OZZ ASpW Fhu AYzUXcWUZ Gif Nu Y[Wc\WXQ SkYccU_Uf J]WZ B Z^ VR^RQ _U ^W[_SWcRXQ alW[WsWXcYZ VYac GFQEGu \VlUXcYYZ [YacS[W EGQu
@U_U`RS[W }QGD JUZaWZYZ~u oVVUQNUW_U PUU[WZUu VYacS[Wf @RS^SVUacW Ij e DHqEf ea OZccW CUkWS JUZaWZYZ _U PU[WZ dl[`Wf © GD eCN CUkWS dRaUZW @U_U`RS[Wf LUkXYc OZZU GHu CRRVW EDf P Gjf J]WZ B Z^ XRSTYZ ^WYVYZ cRZcWSk _U `c VYac GqQEIu VYacS[W EIQHDf
@UkSVUu [UZX ?X^U[u VYacS[Wf ³All^XTl^W Ij ¨BB DEFIu c Ii DDD DHDif ea dRaS PRXcUU rWYcSVU d]V }@UkSVU~ _U KR[pSX\ZY LS`WXU AW[YZf © B EG SkYccU_UcU[ NU[WU dSXYpWZU dUYy^YVVu B p iiu BB iD ^UZXU^SRVRZSkYcc O]bU ?V]U KXkY[UZyY KZVRZbf nS EIu P EFu N pyc dJ EFf CUVSZkSW^UWXQ _U kUkkWXXllb\Z kWQ kºAJ ^U^W[_SWcc EhQHDu ARST ZV\X aWXc _U XRST ^SVVY]U EGQHDu J]WZ XRST \ac^ TUUZc _U aWXc SkYcc EHQHiu AU`SZVWZZUZ q V\X aWXcu XRST _U TUUZc VYac HDQHhu rSQ [WZ V\X aWXcu XRST _U TUUZc VYac HhQDif oX cRc^WTR^XWU aWXc _U \acYWX^RZcUcWYc UVUVcU XY^l SkkW^WW_S_Uf PUZXUZYbRXcU_U _U `UVcWS`U[UWZ`UVWS^ _lX iGQDif PSRVRaUVV UXYccUTUZ [UWccWRXQ SkYcRX^STWc _lX iHf xAUcU^RZZUZv TRXWW^^WQ_U cUWbYU[`SXcYQ VW_U RX `RSXWUf CSWTWZRc ^RS[S_YZ _SacU_UZUf
@YVUZbY[u JR]S NU]ZRX dSaUZZYXu cSWTWcRX_SacU_Uf eWWkRQ [W E Be DEFhu p IG VWW DHqGf ea [YacS[W dSaUZ @WyaU[b @YVUZbY[ _U dSaUZZU ¥UcaU[WZU OVSkUYRXf © Hi ?V]U NUcWVbU LWZb[SSXf nS Eju P Ehu N EFu L EEu uD C Hif oX SkWZcSTUc^S_U KR[ Y[W TUWQ Q´ aWZf eWWkR[WZ [RScX V\X TUcYT _U p\X `c C> W VYac EEQEHu CUTkY[YYZ [YUUVWV\X TUQ cYTu p\X _U ^YT VYac EHQiGu ARST ZV\X XUTS_YZ UWZYWbYZ VYac iGQiHu `c \VWQ SkYcc iGQiEf ARSTWQ\acWsZ kllTUcYQ TUUcW^^S iEQDju CYSVVWXRRbYZaU[_ ^YX^WZ kUVS`U^RRcRX\ac cSWTWcRX_Sac DjQjhu CYSVVWXRRXa\kScYY^^WkUZ^WZ cSWT_Sac IqQjIf CUTkY[YYZ ^URk`UVc _lX HEQiGu kRa _Sac RX `RSXWUf
CUTkY[YYZ SXU^YkUZ^WZ aUVVZYR` _lX_UkRa _Sacu CUTkY[YYZ Ak WXlZclf ARSTWQ\acWSZ aUVW _U `UVcRRX^_lX DFQu kRa _Sac IDu CYSVVWXRRbYZaU[_ ^YX^WZ cUkUcR[TU`U^ \ac _SacS^ k_ DGQu dlVQ VYYZ`U^ \ac eU[TUZ aUVW _lX DHQIhu dlVVYYZ`U^ \ac eU^U`UZ aUVVZYR` k_ IIQf ARSTYZ `U^RRcRX\ab k_ cUW `k_ IIQf J]WZ ^URk`UVc _lX DDQDFf eUVcWS`U[UWZTWZWXcY[W Iqu Ihu IH _U jIQjFf oX `UVcWSZ ^STWc _lXf CRc^WTR^XWU XY^l ^W[_SWcR^XWU kYbU]SQ ]WW^UZ _U `U^RRcRXcSWTWZZUZ UVSWVcUf eU^RRcRX\ab ^RZZWU_lXu ARSTYZ U^cRUU[W\ab ^RZZWU_lXu CUZX^UZ `U^RRcRX\ab ^RZQ ZWU_lXf Ae@ ARR[µu CUZX^UZ ·UZZYz[S]Q[WcU[W^ Du oZ^U[WZ O[ Du AcUZ jf rS_UZkSW^U qHhDf
@YZ^SZYZu n[_s ?VU`Wu \VWSkYccU_Uf AS[cU`UVU Dj B DHiGu c DI ¨BB DHhHf ea k[SpYXXS[W tUVcY[ ?VSp @YZ^SZYZ _U KVZU NU[WY LWZbzVUbf © B jjQhq N JYWbW KVWXUzYc LWZZUZWYTWu BB hq @UWVW PUU[WZU JUVccRf nS Ihu P jiu L jEu C qif JlTYYZVWZZUZ V\X VRSZZSZaWXc _U TUUZcWYc `UZa VYac jGQqi J]WZ ZV\X qiQqju \VWSkYcc qjQhHf dRV^ cRc^WTR^XWU _U SkkW^W[Q _S_Uf e@ j _U qu e@ q cV^u Ae@ @ Du NT jHQqiu NT qDQqhf PUkcf
@YRZUZYZu LYYZUQNUW_Uu VYacS[Wf JlTYYZVWZZU DG ¨B DHIHf ea \YQY` @YWZS LUR[W AU^U[W @YRZUZYZ _U JYVTW NU[WU LYW`Sf nS qEu P hju N hqu OALOQXcWkYZbWUUccWZU oAO hGQ
hEu GjQGqf rS[WZ V\X YZ]VUZZWZ cRZcWSk hqQhFu J]WZ ZV\X `c `UZa VYac hEQhHu
PSc^UZ \acYWXV\X \VWT VYac hHQFDu NRZ^^W`RS[YZ \acYWXV\X `UZa VYac FDQ
Fju J]WZ ZV\X \VWT VYac FjQGqu VYac GqQf LRSccUTRXcSWTWU TT ARSTYZ KZ]VUZQ ZWZ^WYVYZ ?kYccU_WYZ \ab _U JU[_SWccYVRQ
^SRVR_YZ SkYccU_Uc \ab aUVW _lXf eYVW hEiHf
@WWaW^UVVWSu dUU^^S KV_UXu pWV TUWXcf ³PUU`W Dq eBB DEEEu
p D DDD DHhEf ea ^UZXU^SkYcc PU[V O[Q
`Wb @WWaW^UVVWS _U dSaUZZU Aya¯U[c|Q
zY[]f © jG JYVTW B[YZY PSVYaTUWZYZf
J nS iHf P DFu N DHf ?kWZcSTUc^S_U
Au KR[ Y[W TUWaWZf KVWZcU[`W^YTWZWXcYZsZ `W[^UTWYX DEQIIu ARST ZV\X VRSZZSZQ aWXc _U TUUZc cRZcWSk IjQjhu J]WZ \aQ cYWXV\X VRSZZSZaWXc _U TUUZc SkYcc IGQ hEu J]WZ XRST c\ccs^ XUTS_YZ UWZYWbYZ `c VYac IqQIFu ·YRcXyaY AyaRVYZ ARSQ TYZ TUUZc cRZcWSk IhQIEu J]WZ BB XRST V\X cRZcWSk IhQIGf nL `k_ DIu LURVRQNWYXcYZ TRXWW^^WVURcU^ _lXf n^XWc\WX^SRQ VRZSkYcc LWWcSZ XWacu >S[bYZQ\ab XWac _U eW[^UTWYX¢ aUVW _lXf
@WW^SZYZu KY`U KXcY[Wu \VWSkYccU_Uf J^W DE eBBB DHDIu p DG ¨ DHEGf ea WXlZZsWcXW_l OUcR @WW^SZYZ _U
B OWZU KV `WW[U @YbX`YZf nS jDu P jFf d °N « N jFf SkWX^ >SccWZ]aUTWZ \VWSkWXcSXQ tL XU jGu SkWZcSQ_U ^SZ][YXXWTUc^S_U TT grp TT KZ]VUZcWWZ _U nab\X`UVcSWaWZf KZ]V _U Ë«g« [RScX cRZcWSk J]WZ ZV\X jEQqqu `UZa
B VYac d\`lX^\VlZ \acV\X qqQqHu \VWSkYcc J]WZ ZV\X qHQhFu YZ]V ^WYVYZ \VWSkYcc hFQGj _U J]WZ ZV\X `U[U[YacS[W FHQGjf @RScXWZ^WYVYZ kY[RXXUZUXcSZ _U YZ]VQ
XRSTUV XUZU^W[_UZ cY^W_lf d^VZ rSa_SVUQ>S[bYZ \ab XWac qFQ qEu d^VZ O^UcYYTWXcYZ ZUWXcYZ XWac qFQqEu J]WZ O^UcYYTWXcYZ >UWXcYZ k_ hjQhFu O^UcYYTWXcYZ >UWXcYZ ^` D ^SZpY[YZXXW^SQ
TWc k_ hGQFiu AoP?L k_ hGQhHu ARSTYZ KZ]V ^WYVYZ ?kYcc nabWXc\^XYZ k_ hHQFFu ^RZZWU_lX FEu LYUpVYcQVYabYZ cSWT FjQ FFf WkYXSZ }?kkW^SRVRZ SkYcc ^` VWWcSZ~ aUVW _lX hhQhGf NT jHQqiu qDQqqf ¨¨¨f Ae@ @ Df
@WZcUQ@Ua^Su OZccW VWXU^^Wu VYacS[Wf BVTU_S^W I ¨ DHqqf ea « ½N \ O[`S VWXU^^W @WZcUQ@Ua^S _U ORVW KVWZU elalTl^Wf © Gi KY`U CYVVY[`S PUWcWVUf LUkXYc dRaU GDu CY[S Ghu PU[W Eif rSWQ ^WYZ ^lXWc\sZSkYcc Giu ^UZXUVUWX^ kRRQ _U TYcUVVWc\sZ SkYcc GDu JRP GGf J]WZ ZV\X ^lXWc\sZ cRZcWSk GDQGqu J]WZ Z^ cY^Z ^lXWc\sZ \VWT VYac GqQu OVW^f
@SZWu @UZZY dRaUZWu VYacS[Wf eU[^URX Di eB DEHIu p h eB DHFHf ea XUaUZaSWc rUU`S @SZW _U LWVVW gly^Xc[sTf © ^UZXQ VWXcW A\V`W ?Tf nS DDu e? Dqf PSR`SVUZ \ac^ `SWTu R[au cY[`Y\XSk_U TUcYT SkYcc DqQDGu NW^^YVWZ \ac^ XUT UWZ SkYcc DGQDHu AeoLXWac_U cSWTWXcSZaSWc XY^l SV\TkWUV `UVT ^STWQ cYUWZ XWac J]WXXl DHQIiu NW^^YVWZ X^kWW[WZ R[aSa_ IiQIj _U NVWZ V\X SkYcc IDQIju ARS_YVRX^RZcUWZ \VWYXW^ R[acU[^ IjQIqu dSYZXRRZ V\X `SWTu R[a _U cY[`SkWZ VYac IqQIGu LUabYZ V\X IEQjqu `U[U[Yac IHQjqu eWWkR[WZ ^U^XSWXV\X VYac jqQqhu cSWQ TWYZ jhQjG AS[cU`UVUZ XYTWZ VYacu J]WZ ZV\X VYac qhQqG }_SVQ VSWZ Y[SXW cY[` X\WXcl~f N\saYTTWZ YcRk TUcYT cRZcWSk TT PY[U`UVVU _U NW^^YVWXXlf nVWSk `SWTVUWc ^UX`UcRXSkWZ `SWT XW_UWXSk hIQhjf ?kWZcSQu ^WVkUWVRQ _U Zl\csXTUc^S_U KR[ Y[W TUWaWZf LR^RWXWYZ aWWacSQ _U TlYZW XY^l `SWT _U \VYWXR[a ^R[XXWYZ SkYcc _U _SacU_U DqQjqu kWW[WZYR` rSa_QPU[_UVUZ _U LUabYZ kWW[YWXXlf NSZWYZ `Q _U RQXYR[S_YZ aU[_Sa_u k_f dRV^ R[aYWVRZu Y[Wc\WXYXcW aWWabSZ UVUVcUf LR^RWXWU VRSccUTRXcSWTWU R[aYWVR_l[_YXcsWXXlf NT DE _U jHQqi TX^u Ao aSk U[ _U ^RVc U[u A?oZ ^RVc UTf e[WZ @YWkkUUUZ _U NVWZ PWVkUQeYW^^S_YZ ^RZZWU_lXf AeoLu AeLu AJLu A eSWTSkVu LUabYZ JAu A o[aYWVRVYabYZ UT[u Ae@ @f
@RbUZ^Su rUU`S dSaUZZYXu VYacS[Wf PS^YTl^W DD BB DHiju cIV ¨ DHEjf ea TUUZ`WV_YVW_l dRaS PSZXcUZW >W^SVUW @RbUZ^S _U eU[TU LUWZU NUVTWf © IE OWVW OVY^XUZb[U NUccWVUf nS IIu P IFu N IGf A\XTlZ \ac^ TUcu p\X _U ^YT SkYcc IGQIEu PWRQ [R`YbYZ \ac^ IEQIHu PURaU`UZ ^^ VR^WQ SZ IHQjiu CR[RZ c\ccsV\X TUcu p\X _U ^YT ZRS[ VYac jiQjju Pl^WXUVTYZ \acQ V\X TUc UWZ `UZa VYac jjQjF }jjQjq `W[Q ^U `UkUUu _SVVSWZ CR[RZ c\ccsV\X ZRS[ VYac~u CR[RZ I V\X TUc UWZ ZRS[ VYac jFQjGu CUTkY[YYZ V\X TUcu p\X _U ^YT `UZa VYac jGQqhu J]WZ ZV\X XUTS_YZ UWZ `UZa VYac qhQu
@RRcau NU[ccW dSaUZZYXu k[SpYXXS[Wf KZSZ^SX^W ji ¨ DEGiu DE e DHFIf ea ^UkkUVUWZYZ BXTUYV @RRca _U ¥aU[VSccY tWVaYVTWZU gVSZbWQ ZY gSWXTUZf © ij OZZU NU[WU gSÃXQ c[sTf nS EEu cYSV Y[ScRc^ Hju P Hhu CP iiu `Wa kUkW^XW iju CL ihu CC iGf ?kWZQ cSTUc^S_U RX KR[ TUWaWZf J]WZ XRST _Uc^SQSkWXc RX^ SkYcc HhQHFu J]WZ [RScX _Uc^SQSkWXc RX^ SkYcc HhQHEu @RScX ZV\X RX^ cRZcWSk HFQHEu eWWkR[WZ XRST ^VUXX W\ A RX^ VYac iIQiFu eWWkR[WZ XRST _UcQ ^SQSkWXc kX\^SV SkYcc iIQiFu JlTYYZVWZZUZ XRST ^VUXX V\X RX^ VYac iFQiEu ARST ZV\X RX^ VYac iEQDju `UZa VYac DjQDEu J]WZ \VWSkWXc ^W[^^SaWXc bSX iEQDEu ARSTYZ ^W[^^SaWXc \VWT k[Sp DEQIIu ^W[^^SaWXc k[Sp IIQjGf dRV^ VR^RWXWU ^W[_SWcR^XWU _U cRc^WTR^XWU kllUXWUXXU ^W[^^SaWXc UVUVcUf J]WZ >NPn XWac HhQHFu `k_ HFQHEu J]WZ ^URk`UVc _lX DFQDEu VUXcYZXRS_YVRVURQ cU^ _lX DFQjFu k_ IiQjFu ARSTYZ ^W[^^SaWXc XYR[ _lX iHQu XWac IiQjqu YXWTWYX jqQu ARSTYZ aWXc XYR[ cRc^W_U_ DEQu YXWTWYX IHu CYSV ^W[_UVV XYR[ _f ARSTYZ r\al^SRVR\abWXc _SacS^ _lX IhQu ·WU^SZWXXUVUWc _SacS^ _lX IjQu ARST CWYbYU^UcYTWUZ _lX IhQu xPScWTUUZv kllcSWTWcc DHQqju CYSV UW^U^u JWXc UW^U^ _U PUZXUVV KVlTl^Y[[UXcSZ cSWT _lXu nCL _lX IDQjEf CC aY }LRZb~ qDu AYVX^UzYc pS[ ·UZTU[^X PW[^YaWXcS[WY ^RZZWU_lX qHf Ae@ Pf
AUU[WUVaSu elWZs dSaUZZYXu VYacS[Wf BTkWVUacW IE ¨B DEEEu
« I Be DHFIf ea PP? NUccW AW^Ws _U
B ASpWU ?VW`WU CUVVzY[]f nS iGu P Dju N Dqf AS[cU`UVUZ c\ccs^ TUcYT _U p\X `c SkYcc DjQDFu AS[cU`UVUZ [YUUVWV\X TUQ cYT _U VRSZZSZSkWZ `c `UZa VYac DhQDFu
gW dN J]WZ XRST c\ccs^ XUTS_YZ UWZYWbYZ `c NQ w UJ« ZRS[ VYac DEQDHu ARST ZV\X TUcYTu p\X
m B _U ^YTWUZ `c ZRS[ VYac DHQIFf `U^WZUWQ _TN^ ZYZ IFQhDf dRV^ VUX^YZZSZ SkkW^W[_UZf
AUU[WTUU }QiF AsbY[aSVT~u KYTWV O[`Wu k[SpYXXS[Wf N\ZlQ
Tl^W Dj e DEEEu p Ij B DHFFf ea TUUQ
LU[W PUU[VY AsbY[aSVT _U JUZZU
PZRRccWf © jI N OVVW PS[aSZYZf nS
QiGu P Diu N Djf ?kWZcSTUc^S_U RX
KR[ TUWaWZf PUVVWSZ \ac^ XRST SkYcc
DjQDGu J]WZ XRST \ac^ XRST _U aWXc
SkYcc DGQIhu J]WZ cSWXYZ XRST c\ccs^
XRST ZRS[ VYac IhQjDu ARST ZV\X XRST `UZa VYac jDQjhu C\ccsZV\X XRST \VWQ
SkYcc jhQhIf dRV^ VR^RWXWU cYS^XWU XRSQ
TYZ ^WYVYZ _U ^W[_UVV UVUVcUf eA? ^R[UUccS[W DjQDFu PScW^WYVYZ
XYR[ `k_ DFQIju O^Uc JYWTS^VRzWZ k_ IIQIju n^XWc\WX^SRVRZQ
SkYcc \abWXc ^YX^RXaUZ _lX DEQDH _U IjQIhu ARSTYZ SkWX^ ZRS[ [UWccWRXVWWcSZ k_ DGQDEu APA _SacS^ _lX DHQFiuD `U[UYXWQ TWYX qGQFiu >\^\XRSTYZ XUZU^W[_UZ ZYR`SccYVR^ k_ jHQu PUZXUZ`UVWXcRXXYR[ ^WW_YSk _SacS^ _lX qEQFDu ARSTYZ U^UcYQ TWUZ ^WYVWVURcU^ _lX qHQu SkYccU_UZYR` _lX jhQhDu nCL _lX hjQFDf xeW[Wccl_lZv kllcSWT IGQjFu ·UZcY OVW]aWY[WQXYR[UZ _SacS^ _lX jGQu PScW^WYVYZ XYR[u OVY^XWX PW`YZ XYR[u A?>@ _U APA ^RZZWU_lXf Ae@ @f r[SpYXXS[WZ U[`SZWTW hif
AUaW }QFF PUVVWS~u rURVU AWZW^^Uu VYacS[Wf eWWkR[W DI BB DHqjf ea [YacS[Wu PC rURVW ?VU`W PUVQ VWS _U ^UZXU^ SkYcc KVXU eWVaYVTWWZU J\`sZYZf © FF Vll^WZclY`Y[XcWu bSX
CWTS LUR[W dRaUZW AUaWf LUkXYc CRSQ TUX FGu KVWWXU FHu dSaUZZU Gjf nS FDu P FGu N FHu NK GG }JU[`U[b~u eWXWcQ X ± B WZ] YVVS¯ EiQEDu EEQEH }JU[`U[b~f dW« J]^u JWXc cRZcWSk J\`WZ^llZ RRXW \ac^ FIQ ««_p p B FGu kc cRZcWSk FEQFH _U \VWT VYac FHQGD
PRXcUU eUUXUZ WVcUSkkW^u kc cRZcWSk
GDQGI N\\[TlYZ \ac^f J]WZ B Z^ aWXcu \acYWX^RZcUSk _U cUVSRXcWYbSZ VYac GFQu \k _U Uk aWXc bWbU^cWW^UZ `X VYac GEQEiu Eh _U EEf J]WZ \VWSkWXc \V aWXc UXX Ghf dRV^ VR^WSZ aWXc SkkW^ _U RX U[cW^^YVYWcU aWXc SkYcR^XYXcU _U ^UX`UcRXcWYcf PUZZYVTlYZ X[^ZYR` _lX GHQEFu J]WZ A[^\ac\TlZ ^W[^^S`UVc _lX EGQ_U XYZ ^UX`UcRXUXWUWZVURcU^ _u ARSTYZ K^RTYYZWXYZ >YR` PUX`UQ
cRXUXVURcU^ _lXf JU[[ ^RZcSR[aYWVRu U^[\\VWTUUVURXu cRc^WQ TRXc\sf
AUVSZWRXu OU[ZY JYZ[W^u k[SpYXXS[Wf PUZ^UUZkll Ii Be
iDEEqu p DF eWVW DHjif ea ZWTWXTWYX [UZX [WcWSp AUVSZWRX _U KbVU tWVaYVQ
TWZU dRXYVWRXf © IH VURVU_UcU[ JYVTW
AW][Wb [WVUZbY[f nS iDu P iFu N iGu
L DDu C Dqf ?kWZcSTUc^S_U KR[ Y[W
TUWaWZf CUTkY[YYZ ^VUXX V\X VUcWZu
^[YW^ _U XRST SkYcc iGQiHu eWWkR[WZ
^VUXX V\X VUcWZ _U ^[YW^ VYac DDQIDu ARST
ZV\X VUcWZ _U ^[YW^ `UZa VYac IDQIh J]WZ
\VWSkWXcSZ bSX IDQIhu ^VUXX pWVSVS]WUZ
UkRVUWZYZ IhQIHu P[YW^UZ ^W[_UVV k[Sp IHQjif LR^RWXWU cRc^WQ
TR^XWU ^VUXX pWVSV UVUVcUf e@ qf elZ[f
AU[`U }QDq LWZbXc[sT~u elWZs MRZZU[u ^SRVRZYR`SXf PWW^Q ¯ ^U G ¨ DEGHu pV j DDD DHhIf ea \VW[Y`WWQ _ XS[W OVp[Yb LWZbXc[sT _U ASpWU OTUVWU @\bTUZf © iG CSWZW KVWXUzYca PY^SZWf nS HEu P iIu L ihu C Dhf oX RV^SQ
P pppYc ¡ TUWXWU SkWZcSTUc^S_Uf rS[`SSZ XRST W Ou \aV^ _Sac _U aWXc _U XRST SkYcc ihQiHu
QU]_t eWWkR[WZ XRST [YUUVWV\X aWXc _U XRST
Jg Tt_T VYac iHQDDf ARST ZV\X XRST _U aWXc VYacu XWccYZ `UZa VYac DDQIq _U `c aWXc \VWSkYcc W O Z½WIf PSRVRZYR`SX IqQqHu ^SRVRaUVV
SkkW^SX kllVV jHQqHu J]WZ _Uc^SQSkWXcSZ aWXc _U \acYWX^RZcUQ
Sk SkYcc DIQIIu J]WZ ^SYV\X aWXcu XRST _U ^UZXUZcUVSRXcWYc
SkYcc DHQIG _U XYZ [YacS[W DHQIqf dRV^ VR^RWXWU cRc^WTR^XWU _U ^llZZs^XWl XY^l aWXc SkkW^W[_S_Uf eUVcWSZ ^SRVRZSkYcc VWWcSZ ^YX^RXcSWTW^ k_ DHQIIu rSa_U^SRVR^STWc _lX DHQIhu ARSTYZ _U eYZl_lZ `lV U[^WXcS_YZ `UWacUTWXcU `UV`S`UZ ZYR`SWc ^SQ TWc _lX IGQjiu ?kkW^SRVR^STWc _lX _U XWac IGQjIu JWXcS[WU¢¢ UW^U^URX^ cSWT IiQIHu ARSTYZ JWXc AYR[ cRc^W_U_ _U YXWTWYXu APAu ARSTYZ PW[^^SaWXc AYR[u ARSTYZ AR^RcRc^WTRXXYR[u ARSTYZ BclT AYR[u ARSTYZ NUUZcWYc AYR[ _lXf nCL _lX jiQ hIf r[SpYXXS[WZ U[`SZWTW qHf
AU[`WVWZZU }QGi >RS[Tl^W~u @UW_U AWZW^^Uu VYacS[Wf A\XTl E ¨BB DHqGf ea ?ZZW [Yb[W^ >RS[Tl^W _U AUWTU LUc`UZYZf © Gi LUR[W OZcY[S AU[`WVWZZUf LUkXYc OR[W GFu CRRVW GGf nS FFu P GDf J]WZ ZV\X aWSW _U TUUZc cRZcWSk GIQGju \VWT VYac GjQGqu `c VYac GqQGhu VYac GhQf LRSZcSQAYR[UZ ^R[UUcQ cS[W GIQGh _U GGQEqf LRSZcSQAYR[UZ ^RVcUTY[^^Wf C\ccl[Yc HEEFu DiiDE
AYYXcY }Qjh AY[YZWRX~u KXUu ^SRVRZYR`SXf eWWkR[W q eBB DHDjf ea U][SZSTW CYR`S AYYXcY _U
B OVWZU LWW^^UZYZf © qF JWV^^U LWWXU ¡ rU[`WUWZYZf LUkXW CUkWS qEf e? jGf ARQ « ZWVU ?\ XSXWUUVWQ _U R[aYWVRkllVV jEQqFf oaV J]WZ XRSTUV V\X `SWTf R[a _U cY[`Y\XQ SkWZ VYac qFQqGf J]WZ ZV\X ZRS[ VYac
qGQFhu `UZa VYac FhQGFf ARZWVUZ UTQ
B TUccW^SRVRZ `SWTf R[a _U cY[`Y\XSk
B WWpppc§ ± SkYcc jEQqFu J]WZ \VWSkWXcSZ `SWTVUWc dN ^UX`UcRXSkWZ `SWT YZXWTT SkYcc `WQ [UZXW_ jEf oX ^` SkWZcSQu YbRXcRXQ_U ^WVkUWVRTUc^S_U `SWTWXQ cYVW_UZUu Sa_YVTUZ VUUcW_UZU _U U[`SXcYVRcRSTU[WZUf dRV^ U[Q cW^^YVYWcU XY^l ^SRVRZYR`SX elWZs LUacWXYZ YVlTl^Y[[UZf CRTU[YWbYZ ^R[UUccS[WZU RX `RSXWZUf AOoL `SWT_USXc k_ jGu AeoL P\TYZV kWW[WZ `SWT_USXc k_ jHQqFu P\TWZ ^RZZUZ R[aYWVRVURcU^ _lX qhQqFu AeL _SacS^ _lX hhQGFu k_ GIQGFu ^RZQ ZWUk_u A ?V\TkWU^STWc _lX GIQGFu A eSWTXllcWsZ kY[RXcU_U_u aUVW _lX FjQ _U `UVcRRX^ k_ EGQf CUkU^UX`UcRX [\ _SacS^ _lX GiQEiu rWa^UVUQXYR[ `UVcRRX^ _lX GHQu ARSTYZ `SWT_SR^Q ^RYYZ_Sac @SSTUZ _U CS^WSZ SV\TkWU^WXSWXXUf oX ^ScWT _U
RV^ST R[aYWVRXYR[ UT[f CRTU[WYZ ^RVc UTu O[TUZQXYR[ U[ BXVUZZWXcUu OOo }oAO~ ^RVcUWZYZ kVU^YccWu AeoL _U AeL aSk UT[f Ao aSk _U ^RVc UT[f eUZaS_YZ >S[XXWYZ UTf e@ q _U jf
PUkcf JU[[ aWWacS _U [RZSWVR ^ScWcU[kYW^XWf
AYkkl }QHE eW^TUZ~u oRZS oV_UXu VYacS[Wf CYR`U F ¨V DEEhu c j B DHFFf ea cUVS^UX JWX^WUX eW^TUZ B _U OR[S[U ¥UXYVWRXf © D Di NUW_R dRXXWQ VUf » qHf BV hh A\V`W JU^SVUacWf nS ihu « P Diu L jGu C qhf ?kWZcSTUc^U B> et KZ]VUZcWWZf P[WXcWWZUZ XRST \ac^ aWXc _U XRST SkYcc DiQIqu _Uc^SVRS^^WYZ _SacUQ
±Jzf dN _U _U aWXc _U XRST SkYcc IqQIHu ARST ZV\X aWXc _U \acYWX^RZcUSkWZ XY^l ^UZQ ppc XUZcUVSRXcWYcyYZ `UZa VYac IHQqF \VWQ SkYccU_U qFQqHf CRc^WTR^XWU _U ^W[_SWQ cR^XWU kYbU]S]WW^UZ UVUVcUf nVWSkYccU_U^RZZUZ XWac jDQu P[WXQ cWWZUZ XRST \ac^ _SacS^ XWac DqQIHu xARRkSa_UZ PUWRZv `U^WZ U`RXc DIQDHu xP[WXcWWZUZ AUZSTWYZv `UXc cSWTWZ IDQ
IIu P?r P[WXcWWZUZ ^SZcc _Sac DHQIhu P[WXcWWZUZ XRST ^VRzWZ k_ IiQIDu AeoL ARRkSa_UZ kWW[WZ k_ DjQDFu P[WXcWWZUZ ^URkQ `UVc _lX IDQIj _U IFQIEf ARSTYZ SkkW^SRVR_YZ SkYccU_UV ^YXQ ^RXcSWTW^ jEQqqu SkYccU_UZYR` _lX jEQqDu JYZ^WXYZ c\sZ \ac\TlZ aUVW jHQqju eW[^UTWYXV aUVW _lX qqQqHf
AWVSZRTTWu AWZW^^Uu VYacS[Wf CRRXZWYTW Dq e DHqif ea ^UVUXcU_Uu ^W[`YXTWYX OVY^XYW ATWTSpp_U OZUXcUXWU ATWTSp f nS FDu P FHu N Gif @RScXWZ _U XU^XUZ cRZcWSk J]WZ PW[^Q ^SkRWXcSZ c\ccs^ GiQGDu \VWT VYac Nl^YVlZ[WZcYYZ \ac^ GDQ Eiu ^SRVRaUZ [RScXWZ ^WYVYZ `X \VWcU[^ EiQEqu J]WZ B Z^ [RScQ XWZ ^WYVYZ VYac EqQu oRbYZTUUZ VllZWZ VllZWZ^SRVRccU_U EqQ EEu KcYVlQPU[_UVUZ ^YXlVR^WSZ SkYcc GqQEDu [Yac EIQEHf ARSQ TYZ [RScXWZSkYcc [\ XWac GqQEif dRV^ SkkW^W[_S_Uu ?[cSb \VWSkQ kWVUX¢ LS]SXQVYabYZ kllcSWTf J]WZ S[cSb X[^ `UVc GqQGFu GEQu X[^ZYR` EGQEHu ¨BBB _U ¨Be ^W[^SVVWX^S^_lXf ?[cSb >RS[cYZ D aSk UT[u PU[_UVUZ D ^RVc UT[u rP@ @f JU[[ ^U[_UVUWXUXWUcu RWZcWf
AWZ^U[Wu d\[^W rY^^Uu TUUZ`WV_YVW_lf DH DDD DHjEf ea aS`W
SW^YRbYZ k[YXWbYZccW n[_s dRaUZW AWZQ ^U[W _U NU[]Wc PSyaf © FI [YacS[Wu P LYYZU LYU AW^Wsf LUkXYc dU[W Fqu CWWZU Fhu CU[R FEf nS hFu P Fjf JWXc _U \acYWX^RZcUSkWZ XY^l ^UZXUZcUVSRXcWYc `c `UZa VYac J]WZ V\X FjQFqu J]WZ ZV\X XRSTYZ _U aWXc `c ZRS[ VYac FqQFFu aWXc _U \acYWX^RZcUSkWZ XY^l cUVSRXcWYbSZ `UZa VYac FFQGhu UTTUcWZ`UVWZZUZ \aQ b\XSkYcc FFQGq _U ^W[_UXcSZaSWcU_U FEQ
Gqf @ll^^\VlZ kY[RX^ \VlUXcYYZ lWbWZ^ _U aWXc `c VYac GhQGEf NUUZ`WV_YVW_lu yS¯zS\ GEQf >S[XXWZ UTkRTU^Y[aSZ ^R[UUcQ cS[W Fqu >S[XXWZ cYWZW^RZZUZ cSWZYZ ^R[UUccS[W FhQFEf elZ[f JU[[ \Tkl[W`RS[S^URcWZYZ ^U[_UZaSWcSf
AWZ^S }YZc >UVVW^U[Wu SfXf LUacWZYZ~u rW[_S P[WXcWWZUu \VWcU[^UXQ
cU_Uf J^W j Be DHqHf ea LUXXW AUTRVW dSaUZZYX LUacWZYZ _U Nl[cU KVWXUzYca ÁXcY[aSVTf © Hi NUccW dRaU AWZ^Sf P
Gqf rS[`SSZ ^YX^W^ lWbWZ^ _U kRaY^UX`
`X VYac GIQGju LWZZU_SYZ \ac^ _U \VlUXc lWbWZ^ _U aWXc `U VYac GqQGFu CW^^R[WVUZ VR^WSZ _U PYX^RXkRWXcSZ \VlUXc lWbWZ^ `U VYac GGQGEu lWbWZ^ _U aWXc kc cRZcWSk
GEQGHu J]WZ [UZX^QXRSTUV ^SRVRZ lWQ bWZ^u aWXc _U \acYWX^RZcUSkWZ ZRS[ VYac
GHQEIu J]WZ B Z^ lWbWZ^ VYac EIQEFu ^SRVRaUVV lWbWZ^ SkYcR^Q XYZ \VWcU[^ EFQ nCL UkR_ EhQEEu `U[X _lX EHQf mWbWZ^ SkYcc D aUVW _lX EIQEFu eW[^YQVYabYZ cSWTZYR` k_ EqQEFu J]WZ XYRbRZ lWbWZ^ SkYccU_Uc [\ XWac EiQEj _U `k_ EqQEhf nVWSkkWVUXUWZYWcUQ `UVW^SWTUZ cSWT _lX EjQEhf dRV^ kY[RX^ lWbWZ^ SkkW^W[_UXU[Q _UUf
AW[YZu CRRVU NU[WWccUu VYacS[Wf IG eBB DHhjf J]WZ B Z^ p\X _U ^YT `X VYac EjQEqu `c VYac EqQEhu \VWT VYac EhQEGu VYac EGQ }`W[^U`UkUU~f
AZYVVTUZu tUVcY[ dSaUZZYXf PU[RZ^W Ii ¨BB DEFFu p Ih ¨B DHhDf ea VllZWZ[S`UXcW MRXcUp ObSVp AZYVVTUZ _U JWVTU OR[S[U S[XTUZf © iD AW]ZY OVTU ASpWU AZYVVTUZf nS Ehu P Hiu N Hqu L Hhu C HGf LR^RWXWU RV^ST SkWZcSTUc^S_Uf ?RVRZ XRST ^VUXX V\X VUcWZUZ _U XRSTYZ `c ^SVVY]U
HiQHIu dSYZXRRZ V\X VUcWZUZ VYac HIQiqu
?RVRZ XRST ^VUXX V\X VUc VYac _U `U[UQ
[Yac iqQIDf ARST ZV\X VUc _U ^[YW^ `UZa
VYac IGQjiu \VWSkYcc jiQjqf J]WZ \VWQ
SkWXcSZ ^VUXX pWVSVS] `c UkRV jhQjEf dSYZXRRZ ^URk ^UZXU^
cU[^ HhQiqu `c ^SRVRZYR`SX IHf dRV^ cRc^WTR^XWU YcYZ^WZ
^VUXX pWVSV UVUVcU XY^l kYbU]S]WXcU ^WW_UVVWXRRccUf dSYZXRRZ
^URk`UVc _lX HFQiIu ^W[^^SZYR` _U `UW`UWXaSWcSaUZ k_f ?RVRZ ^URk`UVc _u ^W[^^SZYR` _U Q`UVc _lXf ?RVRZ ^URk ^UZXUZ^W[_ _SacS^u ^UZXU^ _SacS^u ?RVRZ aWWacSX _SacS^u ?RVR_SYZ as\Q [\`YZY S\ _SacS^u ?RVRZ VllZWZ aWXcS[WU¢¢ _U ^UZXUc TRXYSZ
_SacS^ _U ?RVRZ c\s`lYZSkWXc _SacS^ _lXf APAu ARSTYZ NRWQ
ZUWXTRWXcS\abf ARSTYZ JWXc AYR[u ARSTYZ AR^RcRc^WTRXQ XYR[u ARSTYZ TUUZc XYR[u ARSTYZ BclT AYR[u ARSTYZ nVWQ
SkWXcSXYR[ _lXf Ae@ @ Du k[SpYXXS[WZ U[`S qGf
AS[UWZYZ }QjF AUZbYVWZ~u PUU[VY LUR[YZcWRX }¥UVVY~u VYacS[W rS[W Dq e DEHju p Dq ¨V DHEjf ea CC LU[X JR]S AUZbYVWZ _U dRVWU KVWXUzYca ÁVVY[f © IH JYVTW KVWZU eUWZWSf nS DIu P DFu N DHu L IGu `lWcYVV\cf LR^RWQ XWU SkWZcSTUc^S_U KR[ Y[W TUWaWZf PSQ ^YTlYZ TUUZ`WV_YV\XV\X TS[UUVWSkWZ _U [RScXWZ^WYVYZ SkYcc IiQIIu PURZWUWXcYZ [RScX \ac^ XRSTYZ SkYcc IIQIju @WWaWQ TlYZ \ac^ [RScXWZ SkYcc IjQIq rS[WZ c\ccsV\X [RScXWZ `UZa VYac IqQIGu XUQ TSWZ CUTkY[YYZ V\X IGQjqu J]WZ V\X jqQhiu J]WZ ZV\X hiQhGf oX cRc^WTR^XWU pWVSXSpWUZ UVUVcUf >S[XXWZ PSZ`YZcWZ _U CR[Q ZU[WYZ ^R[UUccf WV \ab _U ARSTYZ PUX`UcRXSkWZ \ab XWac jFQ qFf Ae@ @ Du NT jHQqif eUkUUYac XScUTWYXf rSW^U hjIiu kS_UZkS_Uc EqDIu Hjjjf
AY`Y[W }QiF AWVUZbY[~u JYW^^W Y[bWZUZbu \VWSkYccU_Uf LUT TW D ¨B DEFju p j Be DHIHf ea bW[ yUZc JYZ[W^ AWVUZbY[ _U LS`WXU AWVYZf © Hj OVpaWVb B[YZY rUVT[Scaf nS EDu P EHu L DIu C DIf ?kWZcSTUc^S_U KR[SSkQ kUUZf LUTTWZ \VYTT ^UZXU^ `c SkYcc EDQEIu rS[WZ XRST \^XWc V\X ^[YW^u VUcWZ _U XU^X SkYcc EFQEE _U ^V Hiu JUTWZUZ \^XWc [RScX [YUUVWV\X SkYcc HIQHju ARST ZV\X VUcWZ _U ^[YW^ `c VYac ^Y` Hju `U^WZ VYac HjQIiu ^WYVcYZ `c \VWSkYcc X\^X iIu VUcWZ _U ^[YW^ `c \VWSkYcc RX SccYYXYYZ DIQIiu `U^WZ \VWSkYcc IiQIHu `c [YacS[W ^Y` ih _U DEQIiu [YacS[W IiQIHf oX cRc^WQ TR^XWU _U SkkW^W[_S_U ^VUXX pWVSV UVUVcUf PSRVRaUVVWc ^W[_UXcSQ ^R[XXWYZ ZYR`S_U _U `k_ DDu PYX^RX^W[_UXcS^STWc _lX Dju J]WZ YcYV XRST X[^ ^W[^^SZYR` _lX DjQu ARSTYZ ^W[_UXcSXYR[ _SaQ cS^ _lX DqQu k_ DqQDEu rS[`SSZ X\ZSbUUVW^S^ UXYcc ^STWcYUWZ _lX DGQDE _U IjQu `UkUUZ `UVWXcRXc\sZ _l[_YXc `U[cYZ UXYc ^STWc _lXYZ DEu \VYWX ^W[^SVVWX^S^ _lX DEu J]WZ XRSTYZ^ ^UZQ XU^ _SacS^ _lX DEQDHu k_ DHQIDf AcUZ ju Ae@ Pf
Ac[YZ]u ObSVp eSVbYTU[u \VWSkYccU_Uu k[SpYXXS[Wf @lWXlVl H e DEhIu p II eBBB DHjjf ea kUXcS[W K[W^ eSVTU[ Ac[YZ] _U @SXU PU[SVWZU AcU[y^f © Ei AUWTU AW`Wl eWVaYVTWZU AyaWVbcf nS FEu P Gju N Gju L EFu C EFf LR^RWXWU SkWZcSTUc^S_U KR[ Y[W TUWQ aWZf eWWkR[WZ [RScX V\X ^[YW^ `c VYac GjQ Gq J]WZ [RScX V\X VUcWZ _U XRST SkYcc GqQGF J]WZ XRST UV^YWXSkWXc VUcWZu ^[YW^u [RScX _U XRST SkYcc GhQGHu VUcWZ _U ^[YW^ SkYcc _U ^SRVRZ _SacU_U EjQEGu eWWkR[WZ XRST \^XWc V\X _SacU_U XY^l VUcWZ _U ^[YW^ SkYcc GHQED _U EIQEju ARST ZV\X VUcWZ _U ^[YW^ `c VYac EGQEEu `U^WZ EEQHDu ^WYVcYZ `c \VWSkYcc HiQHDu `U^WZ ^WYVcYZ }iFQ VUcWZ _U ^[YW^~ \VWSkYcc HDQDHu `c [YacS[W HiQHDu [YacS[W HDQiEu `U[U[Yac iEQ DEf dRV^ VUcWZUZ ^WYVYZ cRc^WTR^XWUu ^WYVWSkWZ _U XUZU^W[_UZf dlX `UVcWSZ Y[W ^STWcYSWXXUf oX cWYc XYR[ _lXf r[SpYXXS[WZ U[`SQ ZWTW iGf
ARSTYVU }QiF LWZbaSVT~u PVURX oRZSu VYacS[Wf rS[`SS Di ¨B DEEEu p q Be DHFIf ea ^SZYYZ^l\cQ cl_l MRXcUp ObSVp LWZbaSVT _U NUcaWVQ bU CSW`SZYZf © II N JYVVl MR[VW AUzWZU CWZ]`UVbf nS iEu e? DDu P jDu N jDu OV^SaSVS]WU^R[XXW DIf ?kWZcSQ _U YbRXcRXTUc^S_U RXYWXWWZ KR[ TUWaWZf J]WZ \VWSkWXc ^UX`UcRXSk `SWT `c UVWQ SkYcc DjQDqu `U^WZ DhQIHu J]WZ XRST \ac^ `SWT SkYcc DhQDH ARST ZV\X `SWT _U cY[`Y\XSk `c ZRS[ VYac DEQDHu `U^WZ DHQjDu J]WZ \VWSkWXc ^UX`UcRXSkWZ `SWT `c SkYcc IHQjDu `U^WZ jDQhhu eSWTVUWc XWac _U ^W[_UXcSZaSWc jDQqi _U qhQhiu
`U[U_Sac qFQhi _U hjQhhu `c _Sac hiQhju J]WZ PRVTU^SRVRZ
`SWT _U cY[`Y\XSk SkYcc jIQjqf J]WZ ^YX^R^XYZ \ac^ [YacS[W qDQqhu J]WZ c\s` Sk `YZl_lZ SkYcc hFQhGu J]WZ `YZ \ac^ XW`Y\XSkWZ _U RX^aWXc SkYcc hFQ dRV^ VR^RWXWU ^W[_S_U VWW^RZQ ZUZ UVUVcUu ^llZZs^XWlu Zl\cYVTWlu [STUUZY_Uu [RZS^S^SYVQ
TUu pWVTW^lXW^WW_SWcR^XWU XY^l ^RRZZYVTWUf AeoL cSWTWcRXQ `UVWS^_lX DjQIIu XYZ `SWT _USXc _lX DjQIIu _U k_ IDQIIu O^Uc o[aYWVRXYR[ k_ DjQDHu nVWSkkWVUX`SWTWXcYVW_UWZ WSac DjQIDu eUVcWSZ R[aQ_U `SWTVURcU^ _lX IqQIGu J]WZ nVWSkWXc `SWTVUWc RRbWXc ^STWc _lX _U XWac IhQIFu ArL \VWkllVV IiQIDu @UWccWRbYZ nXcl`WYZ ^YX^RXaUVV _lX IDQ @UWccWRbYZ nXcl`WYZ o[aVWWcSZ kY[RXcU_WUu XYZ aUVW _lX jIQ XY^l U_SWZ XYZ k_u A?>@u PWYVcSQ VU^WVWWcSZ _U O^Uc @UWccWRXXYR[ _SacS^ _lX RX `RSXWUu J]WZ ^URk [UWccWRXVURcU^ _lX IIQIE _U XYZ k_ IFQIEf @UWccWRXVURcU^ ^YX^RXVURcU^ _lX RX `RSXWUf ARSTYZ Zl\cYVTl^WZ VWWcSZ k_ IIQ
Ij XY^l aUVW _lX RX `RSXWUu ARSTYZ `SWTSkYcc VWWcSZ kRaYYZ_ IHQjhu OVp[ PS[bYVWZWZ R[aYWVRXllcWsZ aUVW _lX IHQu ARSTYZ
`SWT_SR^^ _lX CR^aSVTUZ SV\TkWU^WX DIf AeoL _U ne ^RZQ
ZWU_lXf e@ q T^f NT DEf
ARSTYVUu rlW`s nVY`Wu [YacS[Wf J^W q eB DHIhf ea J]WZ \VWQ
SkWXcSZ `SWTVUWcS^XYZ `c _SacU_Uu L
PVURX oRZS ARSTYVU _U VRSZZSZaWXc _U
TUUZc SkYccu N JYVVl MR[VW AUzWZU
CWZ]`UVVf © B hqQFq B[TYVWZ OUTW^RVSu © DD Fq CY[ccR NU[_UccU AUVTYVUf LUkXYc
dSRZW hqu ARXUZZU Fhu JUZcW FEf nS qqf
PR`? qGf Plk\VlZ \ac^ ^R`UUTUcUWQ
bSZ Sk qGQhGu VYac hGQGju [YacS[W GjQ
GGu Plk\VlZ VR^WSZ [YacS[W GGQEqu
CS[^^YVWZ VR^WSZ [YacS[W EqQEFf J]WZ ZV\X ^R`UUTUcUWbSZ cRZcWSk hIQFIu Nl^YVlZ[WZcYYZ \acYWX^ cRZcWSk hHQGqf @UWccWRX\ab PWkWZlZ ^R[UUccS[Wf dRV^ RX ZRS[Q cYZ ^W[_S_Uu Plk\VlZ \ac^ TUc[W^^YVWZf PR`WccU_U _U TRScS^RQ `UTUUVU[Wf AeoL UT[u A PURkRZ^W¢ UT[f JU[[ `YcY[UUZWR[Q aYWVRu `YZYYZ[U^YZZRXu XSWccWTYcf
AlbYu oZcS PUVY`Wu VYacS[Wf ³>UXcSVU Dq BB DHIEf ea rUU`S AlbY _U NUZbW NUc^UVWZf © hI Y^SZSTW KWVU OVVW B[YZY LSW^^UZYZf LUkXYc CU[_U hFu dUUZU FDf nS qFu P hjf PSc^UZ V\X p\X _U ^YT `c `UZa VYac hhQhEu J]WZ ZV\X p\X _U ^YT cRZcWSk _U `X ZRS[ VYac hHQFGu \VWT VYac FGQFEu ZRS[ VYac FEQ Gqu `c \VWSkYcc GDQGqu VYac GqQHDu ?PL bWbU^cW^UZ VYac GGQEGf eUVcWSZ WVcUSkQ kW^ cRZcWSk hHQFHf dRV^ U[cW^^YVYWcU SkYcRXUVUZ VYabWXXlf ¨¨¨f elZ[f C\cl[ EiFjf
CUVY`U }SfXf @URaUVU~u PUU[WZU JYVVY`Wu VYacS[Wf § J^W DF ¨B DHjEf nS hEu PR`? FDu JRP GGu CUP EGf J]WZ B Z^ kY[RX^ _U VR^WSZ SkkWVUUZSa_UR^XYZ kllcSWT cRZcWSk EFQEG _U VYac EGQu
CUTTWS }Qqq AyaRV]WZ~u B[WZUu VYacS[Wf AU[UkRVu eYZl_l II B DHDHf ea CaYSbS[ AyaRV]WZ _U tY[U JYVV¯W]f © qq `U[UcRSQ TU[W ?XTS CUTTWSf nS jEu JRP FDu P FEu N Gif ARSQ TYZ rUkY[WcYacUWccYZ \ab `YZl_lZ^WYV ^W[_YYZ`UWacU_U hIQFju `YZl_lZ ^WYVYZ cRZcWSk PW[^^SkRWXcSZ c\ccs^ FjQFhu J]WZ ZV\X `YZl_lZ ^WYVYZ `c \VWSkYcc FqQFHu \VWSkYcc FHQGq _U VYac GqQEIf eYZl_lZ ^WYVYZ cRZcWSk J]WZ FjQFqu FEQGi _U ¥UTQ
z[Wb]YZ FE \VWSkWXcf O[cW^^YVYWcU `YZl_lZ ^WYVYZ SkYcc \ab _lXYZVYabYXXlf eYZl_lZ^WYVYZ ?kYccU_WYZ nabWXc\X [\ aUVW _lX
FHQu `k_ GDQGju k_ GjQGqf AoP?L aUVW _lX GiQGDf nCL ^WYVWQ `UVWS^ UkR_ GjQGGu EqQEEf NT qDQqhf JU[[ ^WYVYcf
CUTTWXcS }QiF K^[Sca~u BVTU[W OR^RXcWu [YacS[Wf LlZ]YVTlQ ^W G ¨ DHiiu p Dj B¨ DHFFf ea [S`UXcW O^XYVW Kb`U[b CUTQ TWXcS _U OZZU NU[WU PS[aSZYZf © B IE AW`Wl K[W^U tUVVYQ ZWRXu DqGu BB qE XUW[aSWc CSWZW B[YZY AUVSTY JU]pS[Xf nS DEu P IIu N Iju `Wa kUk IFu CP jHu CL qEf ?kWX^ ¥aWyU]SZ \VWSk jif ARSTWQSkWXc cYSV SkYcc OTY[W^UXXU jiQjFu C[YYZ c\ccsV\X RX^ _U pWV UV^ `c VYac jFQjGu C[YYZ V\X `UZa VYac jGQqiu ARST ZV\X qiQqFu C\ccsZV\X RX^ _U XWWaYZ VWWcc UWZYWbYZ \VWQ SkYcc qFQFju C[YYZ ZV\X `c [Yac FIQFqu \VWSkYcc FjQFFu [Yac FqQFFf dRV^ SkkW^W[_S_U RX^ _U ^W[^^SaWXc UVUVcUf P[WXcWVV ^UXQ `UcR^XYZ ^YX^R^XYZ _Sac qEQhhu CRzY[^RVSSXW¢ k_ hjQFhu A Y` VRc k\al^SRVR\ab k_ hIQFDf e@ j _U qu eT Iu AL @ Du NT jHQqiu NT qDQqhf
ARSTWZYZu O[`S PUaW KYVWYVu VYacS[Wf rWYcU[W h B DHihf ea [llclVWTYXcU[W PUU[VS AcUppUZ ARSTWQ ZYZ _U ?V]U PUaWf © ji TRXWW^WZSkYccUQ _U @U^YV LYacSZYZf nS Iju P IFu N jIu J]WZ PSZXY[`UcS[WS IFf ?kWZcSQ
TUc^S_U KR[ Y[W TUWaWZf PYTWZ \aQ cYWXV\X VUc _U XRST `c ZRS[ VYac IFQ IGu J]WZ ZV\X XW_UWXQ _U cRZcWSk IHQjiu CY[WQ _SYZ \acV\X }PUZZU^XYZ \acV\X LUacW~ XRST _U VUc `UZa VYac jiQhF }eUVcWSZ
XWXlSkkWVUWcSX qh~u J]WZ If V\X XRSTYZ `UZa VYac hFQFIu J]WZ ZV\X VUc _U ^[YW^UZ `UZa VYac FIQFE
aSWcUYZ RX ^VUXX ^WYVcYZ \VWSkYcc `W[^UUf PUZZU^XYZ \acV\X
`U[U[Yac qHQhFu eUVcWSZ XWXlSkkWV UkRVUWX[Yac qhu ?kYccU_UQ
ZYR` _lX qGQhDu LUabYZ ^URk`UVc _U ^URkaUVV _lX qHQhFf eYWQ ^SZ kUlcSWT IDQIIu PWkWZlZ _U LRSZcSXYR[UZ `k_ ^SRVRUW^UQ
ZUf nPn ^RS[SZ_Sacu nA kY[RXcU_U_u ARS_UQXllcWsZ aUVW k_ FDQu PWkWZlZ ^R[UUccS[W FIQ h ARSTYZ RWZcWTYXcU[RRccUf A?>@ _U PU[_UVUZ L UT[f e@ q T^ _U e@ q cV^f PUkcf
CU¯UXcXc_Y[ZUu tY[ZY[ >W^SVUWu \VWSkYccU_Uu `UVcWSZYR`SXf e Xl Z ³d\`lX^\Vl DD DDD DEqEu »Vh Be DHjFf ea VllZWZTUUZTWccU[W ObSVp [Yb[W^ CU¯UXcXc_Y[ZU _U ASpWU LS`WXU AUZbQ TUZf © GG JWVTU }NWTTW~ KVWXUzYca rYXSZWRXf nS Fh P GDu N Gju L GFu C GGf LR^RWXWU SkWZcSQ _U cRc^WTRXQ TUc^S_U KR[ Y[W TUWaWZf J]WZ ZV\X XRST SXUXcSZ aWXc cRZcWSk GhQGFu eUUQ XUZ [RScX V\X aWXcu TUUZc _U [RScX `c VYac GFQGGu eUUXUZ V\X aWXcu TUUZc _U [RScX VYac GGu JlTYYZVWZZUZ ZV\X aWXc cWYc \VWSkYcc GGQEGu JlTYYZQ VWZZUZ \^XWc c\ccs^ XRST SkYcc EjQEqu ARST ZV\X aWXc cWYc \VWSkYcc EGQiIu PSRVRcSWTYZ \VWaUVV aWXc \VWcU[^ iIQiju \VW_Sac UkRV ijQDDu `c \VW_Sac iEQDiu PRSkWSZ VllZWZ ^R`Y[Zss[W DDQ Djf LR^RWXWU cRc^WTR^XWU aWXc UVUVcUf JlTYYZVWZZUZ ^URk`UVc _lX EqQjGu JlTYYZ VllZWZ TYcXlXc\XXYR[ k_ EIQEGu ^UabYZ ^UZXU^SRVR^STWc k_ ij _U iqu ARSTYZ JWXc AYR[ _lX iiQf OZZ jf eUVcWSZYR`S^XYZ U[`SZWTW ihf
ARSZX\[_l }QGi LUabYVTU~u PW[XcW NW[_UTu VYacS[Wf A\XTl IF eB DHqGf ea XUaUZSTWXcU_Uu cUVSRXZYR`SX CRSTS OU[ZS PUVY[`S LUabYVTU _U SkYccU_U OWZS NW[_UTW Nl^YVlf © Gi VSWTWXcSkllVVu P dU[TS OVccW ARSZX\[_lf LUkXYc NW^^S GDu CWTS GIu @WW^^U GGf P GDf J]WZ B Z^ XU^XUZ _U [UZX^UZ `c VYac EIQHDu VUcWZUZ _U XU^XUZ VYac HDQu
j >S[XXWc DEFGQDHHI
CYkkS }QIH JUkkSZYZ~u OVWZU ASpWUu VYacS[Wf rWW^^Ws II Be DHiIf ea [UcU`U[cW_U rY^^U JYW^^W JUkkSZYZ _U NU[ccU NUQ [WU ÁaTUZf © IH kUXcS[Wu `UZa VYac N PUU[VS BVTU[W CYkkSf nS IGu P jDu N jDf oX SkWZcSTUc^S_U KR[ Y[W TUWaWZf J]WZ ^URk [UaUcXcS IDQIGu ASXTWZWXcY[WsZ U[^WXcSZ _U ^W[_ aSWc XY^l kW^U^W[_SWccU_U IGQIEu eWWkR[WZ XRST ^U^XSWXV\X [RScX _U XU^X SkYcc jIQjhu CUTkY[YYZ V\X [RScX `UZa VYac jhQ qju PS^^SVUZ \acV\X ^WYVcYZ SkYcc qjQqFu PS^^SVUZ ^U^XW^WYV ^URkkUSkkWVUWc ^WYVcYZ VYac qFQ qGu LUabYZ \ac^ ^WYVcYZ SkYcc qGQhIu PRRXUZ^SX^YZ \ac^ [RScX _U XU^X VYac hIQhju CssVsZ \acV\X [RScX _U XU^X ZRS[ VYac hjQhGu OkSVVSZ \ac^ [RScX `UZa jj
VYac hGQhEu J]WZ ZV\X [RScX `UZa VYac hEQFEf I ^kV eT Iu NT
jHQqif
CY[lX`RS[W }QGj dS[cW^^U~u B[_U LWWXUu VYacS[Wf Pl^WXUVTW E
DDD DHjGf ea KWZS dSaUZZYX dS[cW^^U _U
NU[ccU @Y]WZU rYV^SZYZf © Gj VYacS[Wu
N PUU[VS dRaUZW CY[lX`RS[Wf LUkXYc
KY`U Gqu LWWXU GFf nS hGu P _U N FIf
J]WZ ZV\X TUcYT cRZcWSk FIQFju p\X _U
^YT `X `UZa VYac FjQFFu TUcu p\X _U
^YT ZRS[ VYac FFQFGu `c `UZa VYac FFQ
FGu `UZa VYac FGQGqu TUc `c \VWSkYcc GiQ
GIu J]WZ Z^ TUcu p\X _U ^YT VYac GqQf
JU[[ ^lXWc\scf OkkW DDiEf C\cl[ HFDHf
CY[lX`RS[Wu PUU[VS dRaUZWu VYacS[Wf J]WZ TUUVUWX^RZcU IG ¨B DHqDf ea Y[W^SWXcRc^W_Uu NNC dUU^Q ^S O[TS CY[lX`RS[W _U NNN C\\ZY dSaUZZU >R[^^WZYZf ©Gj VYacS[Wu N
B[_U LWWXU dS[cW^^Uf LUkXYc KY`U Gqu LWWQ
XU GFf nS Fiu P _U N FGf J]WZ ZV\X `c \VWT TUcu p\X _U ^YTWUZ VYac FHQGDu ^SRQ VRaUVV cU[^UXcRXcSWTWXcSZ \VWcU[^ GIQGFu J]WZ B Z^ TUc VYacS[W GFQf PS[k[f JU[[ aRWVRZXSWccSf BXl DDiEu XYblc DDIi _U
DjjFu c\cl[ HFDHf
CSW^^Uu rWYcU[Wu \VWSkYccU_Uu aS`WZYR`SXf JWYcUTl^W }BZ^YQ [W~ DE B DEFIu p I eB DHjif ea cUVSVVWZYZ
Oz[UaUT CSW^^U _U AUU[U >lkkWf © Eh CaY^VU KVWXUzYca >\TUZf nS Eiu P
Ehf ?kWZcSTUc^U eYZl_lVVYf PSVkkUZUZ
SkYVVU_UXYT _Sac EhQHEu rWYcU[WZ XRST ^WY^^S^SRVR_YZ cU[^ _U \VYTTlZ ^W[^Q ^S^ }\ac^~ _Sac HEQiGu ARST ZV\X `YZlQ _lZ `c \VWSkYcc ijQiqu `U^WZ ihQDEf PW[_
SkkW^W[_S_U _U U[cW^^YVYWcUf rWYcU[WZ XRST X[^ ^W[^^SQ _U ^SRVRZYR` XWac iiQ iGu cUVSRbYZaSWc iqQiGu @UWccWRX\abWXc\X xBZ^Y[WZv XWac HDQ
HEu [UWccWRbYZ `UV`SZcU^RZZ _lXYZ CXU[X^S_Y AYVSZ kWW[WaUVV HhQHEu rWYcU[WZ XRST a\`lZcY^Y`lWX\\XXYR[ YXWTWYX iiQiju BZ^Y[WZ `lVWUW^ aSWcS^ k_ DHQIif ARSTUVUWXYZ Y`U^RSWTWXQ ^ST _u ARSTYZ ^SZXRVUUcWZ `W[^UT _U ARSTYZ _U eYZl_lZ `lV U[^WXcS_YZ `UWacUTWXcU `UV`S`UZ ^STWc _lX rWYcU[WXXU IDQIEf AcUZ jf JS`WZYR`S^XYZ U[`SZWTW iFf
CSW`SZYZu LYYZU AWZW^^Uu VYacS[Wf d^V II eBB DHqif ea UXYQ TYXcU[W Kb¯U[b CSW`SZYZ _U KVXU NU[WU JSW^^Uf P FEf AU^Q XUZ _U YZ]V cRZcWSk eYcYVWZ \ac^ FIQFju dl[`YZkllZ \ac^ FEQ FHu XU^XUZ _U YZ]V cRZcWSk _U `c VYac J]WZ BB Z^ FHQEiu XU^XUZ ^WYVYZ VYac J]WZ B Z^ EiQf
CSVXU }QhG tU[WX~u NW[_U BVSZUu VYacS[Wf J^W DG e DHjIf ea U^UcYYTW^^Su XSXWUUVWkSV k[Sp JYW^^W CUkWS tU[WX _U aUTQ TUXVll^u SbSZc VWX KTTW dSaUZZU >SRXWUWZYZf © hG [YacS[Wu N AUTRVW CSVXUf LUkXYc AUZZU hGu BVSZU FIu @WW^^U Fqf P hHu L Eqf KZ]V ^WYVYZ VYac dSYZXRRZ c\ccsV\X FD QFHu dSYZXRRZ V\X FHQGGu >WWZW`UU[UZ VR^WS GGQEGu J]WZ BB Z^ EGQEEu J]WZ B Z^ EEQf dSYZXRRZ \VWSkWXcSZ cRZcWSk EiQEGf dRV^ VR^WSZ SkkWQ VUUZSa_ SkkW^W[_UZf ARSTYZ YZ]VUZZWZSkYccU_Uc [\ k_ EjQHif
CRa^UZYZu CSW`S MWbYSZ dSaUZZYXu cUWcYWVW_Uf dUVUX_l[`W I e DEGGu p q Be DHhGf ea XYTWZUU[WZ_SacUQ _U dRaS JYW^^W CRa^UZYZ _U MRXcU`U @SXYZ][YZf © Di NU[ccU @YyaU[bcf CUWQ bY\ab ^SRVRZ kllXcscSb iDf LR^RWXWU
SkWZcSTUc^S_Uf J]WZ XRST [YUUVWV\X ^URZS^W[_ _U kWW[ SkYcc iDQ IIf ARST
ZV\X ^URZS^W[_ `c SkYcc ijQDiu kWW[RXW `c
SkYcc ihQDiu `U^WZUWZYZ DiQqDu J]WZ
^SYV\X ^URZS^W[_ _U kWW[RXW SkYcc DEQIGf NUUVUZZRc RX UVccU[WcURVR_U XY^l VUUcRQu
TUWXYTUQ_U TRScS^R`WUu TT J]WZ ZV\X [YacS[YWcU _U SkYccUQ _WUf ?RVRZ^\VlZ ^W[^^S`UVc _U QZYR` _lXf
CRSTWZYZu rW[^^S OZZW^^Wu VYacS[Wf C^R E ¨ DHjGf ea eWaQ
cS[W OU[ZY CRSTWZYZ _U NU[ccU dYZZ\ eU[_SZYZf nS hFu LRP hHu P Fif CR[RZ \VWSk TUc VUWc Uk UXX FiQFDu PSX^YZ CV \ac^ TUV_U VRSZZSZSk SkYcc FDQFIu CR[RZ ZV\X TUcu p\X _U ^YTWUZ `c ZRS[ VYac FjQFqu `c \VWT VYac FqQFHu KXkSSZ \acV TUc `UZa VYac FEQGDu J]WZ ZV\X TUc `UZa VYac GDQGq _U TUc `c \VWSkYcc GIQGqu J]WZ BZ^ TUc VYac GqQ_U \VlUXcYYZ UkRVUWX[YacS[W GqQ EDf NO?L [\ aUVW _lX GIQGEu OdK `k_ GhQGFu r?K k_ GFQGGf ?Od aSk UT[f JU[[ VWW^RZcUf
ClacWZYZu @UWVW JYVWZlu [YacS[Wf JUW^^S H e DHIhf ea ^UZ XU^ Sk PUVVY ?X^U[W ClacWZYZ _U PUc[W NU[WU dUU^SVUf nS qqu P hif JWXcu \acYWX^RZcUSk _U cUVSRXcWYbSZ cRZcWSk PSR`SVUZ c\ccsV\X hIQhhu `UZa VYac JlQ TYYZ^\[sZ \ac^ hhQFqu JY[ccSZWYTYZ \ac^ FqQGhu J]WZ B Z^ VYac GhQEiu [YaQ cS[W EiQEFu VYac EFQEEf OTTUccW^W[_SWQ cR^XWU STUZ UVUZ VYabWXXlf ?kYccU_WYZ U\QcSWTWZZUXXU GiQEhf ?P k[ _U aSk UT[f >S[XXWZ kVU^YccW Ehu Ae@ @f JU[[ ^lXWc\sc kWcXWZ`W[^^RRXcU ^VUkWYZ cY^SSZf
eUV_U^^Uu @WXcS NW^UYV dRaUu VYacS[Wf J^W E BB DHjjf ea UTTUccWYZcU[^ nW_s NW^UYV eUV_U^^U _U CUWTW NUcWVbU @WZQ ZYf © Fi SSkkY[UVURVU_U CU[R OR[U JYVYZU PRTkRZYZf LUkQ XYc rlW`W FDu NW^^S FFf nS hDu P hFf J]WZ \acYWXV\X zWSV _U TUUZc ZRS[ VYac hEQFiu J]WZ ZV\X zWSV _U TUUZc VYac FiQu >S[XXWZ [Yac GDQGhf nCL UkR_lX GEQf CSWTWccUZRc _U ^W[_SWcQ cUZRc SkkWQu cWYcSXUZUQ _U YVlWZ^W[_S_U FDQEDf >S[XXWZ UT[f elZ[f JU[[ S[ZWcSVS]WUu TRXWW^^Wf eYVW hqjIu kSW^U EhHFf
eUVcU`RS }QiF @W^Xc[sT~u CSW`S OZcY[Su VYacS[Wf eWWkR[W DD Be DEEDu p IG eBBB DHGif ea ^UZXU^ cU[^ OZcSZ eUVcU`RS _U CY^VU OR]RXcU KR[SkUYRXf © B Dh @U]ZaWVb ASpWU BZ]Q TUZu p DFu BB DH JYVVW ?[^UTSf nS iDu P iGf J]WZ RRbYZ \ac^ SkYcc iGQDhu PL ARST ZV\X cRZcWQ _U XW_UWXSkYcc iEQDhf _P_A eWWkR[WZ ^VUXX V\X TUcYT ZRS[ VYac DhQ dpt Ihu eWWkR[WZ XRST V\X TUcYT _U VRSZQ ZSZSkWZ VYac IhQIGu eWWkR[WZ ^VUXX V\X `UZa VYac IGQqiu ARST ZV\X qiQhDf eWWQ kR[WZ ^URk`UVc k_ jGQqDu ^URk^Wc_ _SacS^ jIQjHu ^URkkUSkkWQ VUWc _SacS^ IIQjGu VUXcYZXRS_YVRVURcU^ IFQIHu eWWkR[WZ ^URk aSWcS^ _lX qiQqIu CS[^^YVWZ XllcWsZ aUVVZYR` qHQf AL Pu Ae@ @ Df
eU[kYVUu dRXXWu cSWTWXcSkllVVW^^sf @RSXZWYTW IF B¨ DEEh c F eBB DHhHf ea c\sTWYX dRaS NWyQ ^YVXXSZ _U tWVaYVTWWZU M[sZTUZf © Dq dYZZ\ eWZ^f nS iFu P Diu N Dqf ?RVRZ XRST \ac^ aWXc XRST RX^ _U TUUZc `c SkYcc DDQDIu LUkRUZ \ac^ _U LUkRUZ TUUZ`WV_YV\XV\X XRST _U aWXc SkYcc DIQDEf CWVUXcSVVWXYZ kllcSWTWXcYZ `c U^cRUU[W DEQIiu U^cRUU[W IiQIHu \VWQ U^cRUU[W IHu CYSVVWXRRXaUZ cWVUXcScSWQ X T WXcSZ `c _Sac IDu @URcUcWYaUVV cWVUXcSQ cSWTWXcSZ kllVV IHQhiu ARST ZV\X aWXc _U XRST cRZcWSk DHQID _U IIQjju ^UZXUZcUV cRZcWSk _U `c \VWSkYcc IEQ IHu ARSTYZ LWW^YTWYXcYZ ^URkkUSkWXc ^UZXUZcUV _U \acYWX^RZcUSk `c SkYccU_U IEQIHu e@ SkkW^R[XXWYZ ^UZXUZcUV _U [URcUcWYcWVUXcSZ SkYcc `XcU jif dRV^ VR^RWXWU U[cW^^YVYWcUu cWVUXcS_U _U cSWTWccUQ ZRc CWVUXcSVVWXcU `RSXW^W[_UU _U @URcUcWYcWVUXcSUf oX `UVcWSQ ZYR` ^STWc _lX _U YbRXcU_U ^` ^SZpY[YZXXYWXXUf ARSTYZ cWVUXQ cSXYR[ _lXf rSW^U jDqhf
tU[cWUWZYZu KVWYV dSaUZZYXu VYacS[Wf PR[^W_S^W DH BB DEGhu
p h ¨ DHGjf ea U][SZu `W[^UcUVS_YZ cU[^
OR]RXc tU[cWUWZYZ _U OTUZbU PUcU[WQ
ZU LUTkYZf © D iF PU[WZ LWZbzY[]u p Iiu BV PUc[W LWZbzY[]u c qEu DDD cUVSRXQ
SkYccU_U PY[ccR ?V]U KVWXUzYc ?VXSZWf nS Hhu e? HEf ?kWZcSTUc^U PYX^WQ
KR[SSkkUUZf ec ^SVVY]U PRSkWSZ V\Q
XYSXXU HEQiiu eSWT _U cY[` Sk VYac AS[Q
cU`UVUZ V\X iiQjHu J]WZ ZV\X qiQqhu AS[c ^URk ^RZZUVVWXZYR`SX iFQDiu AS[c
trPZ \VWkllVVu `UVc _u AS[c X^ kllVV DEQIDf e@ q}I ^kV~ Ae@ @ Du NT jHQqiu NT qDQqhu ¨Lu AeoL aSkYU[WXcWu CRTUQ [WYZ ^T[f
eU[cWUWZYZu CY[ccRu VYacS[Wf Di ¨B DHIif ea ?ccS eU[cWUWZYZ ¡ _U L\bWU LUR[WVUf nS jHu pU[TUX qqu P hDu N hGu L Fju C Eif OALOQXcWkYZQ
_p[ C[W§¡ bWUUZW }oZW` Sp gRppUVSu >n~ hqQhhu SkWX^ oZW` Sp ¥aWyU]Su JV hhf AUU[WXcSQ § VUW`R[W FFf BVSTUZcXWZ Ukc pU[TUX qqQ qhu PU[_UUZ \ac^ zWSV _U TUUZc SkYcV tr hIQhju LUabYZ V\X cRZcWSk hjQhqu hFu
PU[_UVUZ \ac^ ZRS[ VYac hFQFqu ?RVRZ
ZV\X `c `UZa VYac FqQFFu `UZa VYac FFQ
FEu `X \VWSkYcc FGu J]WZ ZV\X zWSV _U
TUUZc \VWSkYcc FEQGqu J]WZ \VWSk ?PL zWSV _U TUUZc bWbU^c \k VYac GqQEGf LRSZZSZc ^Y[aSZ ^R[UUZ PU[_UVUZ \ac^ hFQ
Fqu ?RVRZ ZV\X FhQFGu J]WZ ZV\X O^`UU[WS^Y[aSZ ^R[UUZ FEQ
GDu PU[_UVUZ \ac^ cYWZW^ ^R[UUZ FIQFqu J]WZ B Z^ zWSV _U TUUZc cRZcWSk GqQEFu TUUQu TYcXlcUVSRXQ _U kRRcU[aUZaSWQ
bSZ cRZcWSk GEQEiu nCL UkR_lX EDQEGf ?XUVV KR[SSkUZ >YR` [UZcUY^SX\XcYYTWYZ U[`WSWZcWWZ EDQEIf LSccU A`l[b Q_l[_ VllQ ^WZclVSccU qiQqqu ?RVRZ LRSZZSZ\Xc \ab _SacS_ _lX FGQFEu gWSV _U TUUZc SkYcc \ab aUVW _lX G}~QGju ARSTYZ NUUZc AYR[ aUVW _lX GEQEF _U c\s_lXYZ GEQf dRV^ ^UX`WcWYc UVUVcU XY^l zWSVu TUUZc _U TUUQu TYcXlcUVSRXQ_U kRRcU[aUZaSWbSZ SkkW^W[_S_U _U U[cW^^YVYWcU XY^l xPYZcclXUW[UUVU _Uc^SXSbUXXUvf Ae@ @u eN Iu NT jHQqiu NT qDQqqf JU[[ ^W[_UVVWXRRXu `UVS^R`URXu XUU[WXcS[Yc^YWV\f
eURVUu NU[ccW eW^cS[u VYacS[Wf PYR[RR DD ¨B DEHDu cVV Be DHhHf ea VYWkR[W dSaUZ eW^cS[ eURVU _U dRVWU OR[S[U OZbYVTf © II KVTU NUQ cWVbU OaS`UU[Uf nS iHu P Dqu ^UZXU^ _«J B SkYcc cRc^WZcS Dqf ?kWZcSTUc^U AU^Q ± XUUZf JUUkUTlYZ \ac^ XRST _U aWXc ± SkYcc DhQDGu C\[`llZ \ac^ XUTS_YZ UWQ
@ ZSWbYZ SkYcc DGQDEf ?[W`YbYZ ^UZXUZQ
SkWXc XRSTf aWXc \T SkYcc DEQDHu JRWcQ ±J
VVXcYZ ^UZXUZSkWXc _Sac DHQIiu ARST
Z ~\ A aWXc XW_UWXSkYcc IiQIIu VUcWZUZ _U
XRST cRZcWSk IhQIGu XRST aWXc _U \acYWX^RZcUSkWZ UkRVUWXQ
VYac jDQqGu XRSTYZ `UZa VYac qGQhqf A?P ?XRRX^URkkUVYaQ bYZ cSWTXWac IIQIju rS[`SSZ XRST \ac^ XRST aWXc _U VUcWZUZ
SkYcc IjQIqu rS[`SSZ ^YX^W^ XRSTYZ `c ZRS[ VYac IqQIhf n^XWc\WXVRS^Uc J]WXXl QZWTWXYZ \ac^ XRST _U aWXc SkYcc IhQjD _U XYZ `c _Sac IHQjDf dRV^ U[cW^^YVYWcU _U SkkW^W[_S_U XRSTYZ ^WYVYZ _U ^Wc_UVV UVUVcUf P[WXc cUWbYXYR[ XWac _U [UaUXcaSWc IiQIIf e@ qu Ae@ @ Du NT jHQqif
tYVVWZ]u eYVWQNUccWu TRXWW^WZSkYccU_Uf ³eWWkR[W ID ¨ DHIIf ea cSWT_Sac NUccW dSaUZZYX tYVVWZ] _U
TRXWW^WZSkYccU_Uu VYac OWZS AW][Wb CRQ
[RZYZf © hh KVXU KTWVWU KVWXUzYc Pl[^Wf LUkXYc dR^^Uu rY^^Uu @YW_Su rW[_Sf nS qIu SkWZcS_U AWzYVWRXQO^UcYTWUXXU _U
J]WZ \VWSkWXcSXXUf BclQARSTYZ XYTWQ
ZUU[WZ `c TRXWW^WZVYac hqQhF _U hGQFDu
J]WZ ZV\X TRXWW^WZSkYcc FDQEFf rWQ
UZSZSkYcRXcU J]WZ ?PfPf ¨¨¨f LcZf
JU[[ `YZYWV\f
tYXcY[][YZu KZSya PSZ[Ubu [YacS[Wu Nf CR[^R Dh ¨ DEGGu c G DDD «Rq` ea ^URkkWUX cZZY a tYXQ cY[][YZ _U BbU LS`WXU LWZb][YZf © DI uAW][Wb CR_RaZf nS HEf P ihf N iGf « oX SkWZcSTUc^S_U KR[ Y[W TUWaWZf ARST ZV\X XRSZWu VUVWZu ^[YW^ _U aWXV VR^YTWXYZ cRZcWSk iGQDGu \VWT ZRS[ T VYac DGQDEu VUcWZ `c ZRS[ VYac DGQDEf VUcWZ _U XRST ZRS[ VYac DEQqGf J]WZ RRbYZ XRST c\ccs^ XRST cRZcWSk DIQ IIf dRV^ kYbU]S]WXWU ^W[_SWcYVTWU _U XUQ ZU^W[_UZ ¥STYVWRX >YkS^XYZ YVlTl^Y[cSWaWZf J]WZ XRSTYZ^ SkYcc^VRzWZ ^S^SRXcYZ _l[_YXcl_l DDQIhu PUX`UcRXSkWZ \ab ^YX^RXSX XWac DIQDju eUVcWSZ^SRV SkYccU_UV ^YX^RXcSWTW^ `k_ IIQIhf OXWUZU_U_UZU ^SRVRUVUU ^SX^Y`WXXU UXWSWXXU _U STWXcUQ ZRc PSRVRUXWUWZcSWTWXcSZf
eWWcUXUVS }SX JScU^UWZYZ~u CRS`W P[WXcWWZUu VYacS[Wf JUWXRU Dh Be DHhDf nS Giu P GFf eYZ cRZcWSk PUVVWSZ VR^ GFQGEu NRZ^^W`RS[YZ VR^ GGQGEu J]WZ BB Z^ GEQEIu VYac J]WZ D Z^ EIQu rRSVWXS GGqhf
tWVX^TUZu B`U[ Kb`U[bu cU[^UXcU_Uu k[SpYXXS[W Cs\Xl IF BB W DEhqu DDi Be DHjIf ea ^UkkUVUWZYZ
¥U[V NU]ZRX tWVX^TUZ _U JYVYZU ASpWU dP OVyYZWRXf © EI NUcaWVbU }NWZyaYZ~ eWVaYVTWZU @SXyaWY[f nS Gju e? EEf oX tggw SkWZcSTUc^S_U KR[ Y[W TUWaWZf J]WZ Ar XRST UV^yWXSkWXcSZ `c `SWT SkYcV GhQ kV__ GGf `U^WZ GGQEGu TUVyT _U p\X cRZcWSk
²¿ GGQGEu J]WZ ZV\X XRST SXUXcSZ `SWT { SkYcc GFQGGu J]WZ \VWSkWXc `SWTVUWc `c `SWT UVWSkYcc GGQHqu `U^WZ HhQDqu J]WZ XRST \ac^ TUcYT SkYcc EFQiiu ARST ZV\X `c `SWT SkYcc EGQ EEu `U^WZ EEQHqu ^SVVY]U HqQDju ZRS[ VYac DjQDEu TUcYT cRZQ cWSk EEQEHf PSRVRcSWTYZ \VWaUVV `c `SWT cU[^ RX Y[W SccYYXYYZ HjQDiu PSRVRaUVV `SWT _U cY[`Y\bYZaSWb cU[^ DEQIFf PW[_SWcQ cUZRc VR^RWXWU cRc^WTR^XWU R[aYWVRZu Y[Wc\WXYXcW `SWT _U XYZ ^SRVRSkYcR^XYZ UVUVcU XY^l cY[`Y\bYZaSWbSXcUf rY[RXcUZRc RX XYR[S_U _U ^YX^RX_l[_w J]WZ XRST UV^YWXSkWXcS }QEG ARST ZV\Q X\X~u CRTU[Wc EGu nVWSkkWVUXQeSWTWXcYVW_Uc HDu O^UcYYTWZYZ o[aYWVRXYR[U iju ARSTYZ eSWTQ_U R[aYWVRVWWccS iiu `W[UVV iFu ARSTYZ L\XYSWbYZ o[aYWVW_Uc iiu _SWcU ^UW^^WU _Sac RX `RSXWUf eSWTWXcYVRZ ^R[XXW^W[_UZ VUUcWT `U[cYZ UXYc ^STWc _lX Di \Tu ARSTYZ o[aYWVRVYabYZ kY[RXcU_Uu XYZ `UXc cSWTWcc HEQiEf r[SpYXXS[WZ U[`SZWTW Iif eW[^^RZYZu OU[ZY O[cS PUVY`Wu VYacS[Wf J^W DI B DHqDf ea Y^SZSTW OU[ZY K[`U[b eW[^^RZYZ _U pU[TUXYRccW BXU AWW[W dSaUZZU tUaVzY[]f © XUW[UUZaSWcU_Uu X[^XWXU[ NUW_U LYYZU Nl^WZYZf LUkXYc ORVW GIu JUZZU Ghu dRaUZW GEu LUR[W EEf e? FFu JRP Gju P EGf rSW^WYZ VWW^RZZUZ _U cY[`Y\XQ
pSkWZ
cRZcWSk OVkkWVUZ \ac^ FFQGhu VYac c ?RVRZ Z^ GhQEIu J]WZ B Z^ EIQ LWW^RZQ ZUZSkYcc D aUVW EjQEFu AeL aUVW GEQEIu AeoL J]WZ kWW[WZ `SWT_USXc k_ EHQf oX ^WVkUWVR_YZ _U Zl\csXcYZ `SWTSa_YVTWYZ XRRZZWccYVW_Uf elZ[f JU[[ kU[cWSu [Yc^YWV\u ^RZcSVWW^RZcUf
eW[^^RZYZ }QiF AZYVVTUZ~u O[ccR[W JYW^^Wu CR[RZ \VWSkWXcSZ a [YacS[Wu k[SpYXXS[Wf PU[RZ^W DH B DEFIu c DG ¨V DHIqf ea VllZWZ[S`UXcW MRXcUp ¿¡«V ObSVp AZYVVTUZ _U JWVTU OR[S[U S[XQ Pf eN TUZf © HE JYVTW KVWXUzYc NyR[TUZf nS Eju P EEu N Hiu L Hqu C Hqf CRc^WTRXTUc^S_U KR[ _U AWkY[WUUZf «k B ¿ B ?RVRZ XRST \^XWc\WXV\X VUcWZ SkYcc EhQ EFf ARST ZV\X aWXcf TUUZc _U XRST ^SVQ VY]U HDQHHu aWXc cWYc `c \VWSkYcc ^Y` iIf J]WZ XRST [YUUVWV\X aWXc _U TUUZc VYac HHQiIf PSRVRcSWTYZ \VWaUVV aWXc cWYc \VWVU[^ ijQDEu ^SRVRZYRQ `SX DEQIDu CR[RZ nVWSkWXcSZ [YacS[W _U aWXc k[Sp IDQIqf LR^RWXWU cRc^WTR^XWU _U aWXc SkkW^W[_S_Uf rSa_ SXU^ ^R[UUccS[W
HhQHHu J]WZ nVWSkWXc nVWSkkWVUX^ k_ HhQHFu YbRX^RZZUZ _lX
RXYWTT `UVcWSk iGQIDu `UVcWS`U[UWZ`UVWS^ k_ Dif xoRbYZ
ARSTYccUZYZv kUlcSWT DGQDEu xoRbYZ ARSTYZv kllcSWT DHQIDf
eW[^^RZYZ }QiF AZYVVTUZ~u rUU`S KYTWVu k[SpYXXS[Wf rRbUXQ
_l[`W IG B¨ DEGqu pV j eBB DHhHf ea VllQ
ZWZ[S`UXcW MRXcUp ObSVp AZYVVTUZ _U
JWVTU OR[S[U S[XTUZf © iq PUc[W >UWTW CaRVYf nS HIu P HFu CP iju `Wa kUkW^XW iju CL ihu CC iGf ?kWZcSTUcQ
^S_U KR[ Y[W TUWaWZf J]WZ [RScX [YUUVWQ V\X RX^ SkYcc iqQihu ARST ZV\X RX^ \VWQ
SkYcc ihQDE _U [YacS[W iEQDEu J]WZ
XRST _Uc^SQSkWXcSZ ^UX`UcRXSkWZ SkYcc ijQDqf BVTU_SYZ ^a[U DEQIFu J]WZ Yc
XRST XYR[U^ ^a[U IFQqD dRV^ VR^RWXWU cRc^WTR^XWU _U ^W[_S_U RX^ _U XYZ SkYcR^XYZ UVSWVcU XY^l TRWXcYVTUcYS^XWUf J]WZ XYRQ [U^ ^W[^^S`UVc k_ IGQu KbRX^RZZUZ _lX DjQjF _U jHQqqu XYZ kRaYTWYX DEu Iju IFu IEu IH }BB `UVcWSk~ _U jiuD `U[UkRaYTWYX IIu Iqu IGu jI¡ BB `U[UkRaYTWYX DHQIDu Ihu IH }B `UVcWSk~u jIu ?kYcRXTWZWXcY[W jiQjDu PW[^SVVWX^S^ _lX Iju IE _U jjf oX XYR[ _SacS^ _lXu PS^SSTRXkRSVRYYZ kRSVRY`UVcRRX^ _lX _U k_ jjQ Ar@ ZYR` _lX qif Ae@ Pu r@ aSk UTu >S[_UZ r ?VU`WZ @ XRR[[u BXVUZZWZ eUV^ JUR^UZ ARR[[u LUc`WUZ PSVTYZ ClabYZ @ XRR[[u oZ^U[WZ O[ Df r[SpYXXS[WZ U[`SZWTW qHf rS_UZkSW^U hEDEf
eW[^^RZYZu CWTS rlW`Wsu \VWSkYccU_Uf J^W Dh Be DHihu c IF DDD DHEif ea ^a[Uu VllZWZ[S`u k[Sp rUU`S KYTWV eW[^^RZYZ _U PUc[W >UWTW CaRVYf © JYVW KY`U PW[XcW LUR[U dlZZYX nS Iju P IFu N IGu cYSV Y[ScRc^WZcS jiu `Wa kUkW^XW jDu CP qju CL qEu `lWc hFu CC hGf ?kWZcSTUc^S_U RX KR[ TUWQ aWZ _U nab\X`UVcSWaWZf J]WZ If XRST V\X RX^u pWVSX UV^YWbYZ _U VUcWZUZ `UZa VYac
jIQqHu J]WZ `U ?PP RX^ VYac hjQFiu
J]WZ >V\X RX^ _U XWWaYZ VWWcYcc\_YZ UWZYWQ bYZ \VWSkYccU_U FiQu J]WZ \VWSkWXcSZ `c UkRVk[Sp FFQFGf CYS^Q XWU RX^ SkYcR^XYZ _U aYZ]YVVWXYZ YVlTlZ UVUVcUf P[WXcWVVWXYZ PRVccRR[WZ LWWcSZ kllXWacYY[W qEQhGu k_ hGQu ARSTYZ oX^ SkYccU_UWZ LWWcSZ XWac jEQqhu k_ qHQf e@ q T^ _U e@ ju NT jHQqif PUkcf
eWXUkll }QjI gUy^zY[]~u >WWVS PU[V @SzY[cu ^SRVRZYR`SXf @URTU IG e DHiqu p q ¨BB DHGHf ea e@wZ _Sacu bWkV WZX ObSVp ·UZWYV gUy^zY[] _U OVWZU BZ]YzS[] NUVTXc[sTf © B IH ZRS[ VYac B[_U OZZW^^W rRZZSZYZu p jju BB jHQhE P AWZW^^U AWX^S PUVVWSf nS IIu cYSV Y[ScRc^ IFu CP IHf oX SkWZcSTUcQ ^S_U KR[ Y[W TUWaWZu Op[W^^UUZ _U oAOwUZf PSc^UZ V\X RX^ _U pWV UV^ `UZa VYac IHQjhu J]WZ YcYV XYR[U^ `W[UVV UkRV jFQqqu NUZZY[aYWTQVWWcSZ XScUS[kScSWT _Sac qqQqFu J]WZ ZV\X RX^u XWYVRc _U pbSX `UZa VYac qGQFHu \VWSkYcc FHQGDu [YacS[W FEQGDf PSRVRaUVV cWVUk cU[^ hiu hIu `c ^SRVRZYR` qju hiu hDu hIu hju hhQhGf LRSccUTRXcSWTWU kU[cWSQu ZRS[WXSQu ^UX`UcRXQu ^W[_UVVWQ XRRXQu TRXWW^^WQ _U [ScU[\cSWTWZZUXXUf PSRVRZYR`SX Fhu e@ q }I ^kV~u AL @ Du eT Du NT jHQqiu NT qDQqhu Ar@ UTu Ao aSk UTu ¨¨¨u BXBJ@ @ Du @RScX e@ P Df PUkcf rSW^U FIIGf
eSWkWSu OZccW BVTU[Wu VYacS[Wf J^W IiD DHhif ea eWV_S dSaUZQ ZYX eSWkWS _U PY[ccR eWa^Sf © Gq LYYZU PUc[WWZU PUccYVRXf LUkXYc LUR[U KVWZU GHu KY[S CUkUZW EIf nS FEf J]WZ B Z^ p\X _U ^YTWUZ `c VYac GFQEhu VYac EhQu NO?L J]WZ ^Y[aSZ aUVW _lX GHQu elZ[f JU[[ `YZYWV\u _SRXWUTTRZcUf BXSWXl EDIu WXl qIHFf
oAOwaUZu PUZUbUUZu dUkUZWWZf PY[U`UZ RRbYZ \ac^ YZ]V ^WYQ VYZ ZRS[ VYac GqQGFu PY[U`UZ ^URk kY[RX^ \VlUXc YZ]V VYac GFQEDu J]WZ B Z^ YZ]V `c VYac GGQEiu VYac EDQf ¥UTz[Wb]YZ \VWSkWXcSZ ^WYVWcRc^ kUW^UVVWXXWac GjQGqu PY[U`UZ ^URk YZ]V ^WYVYZ Sa_UU`U SkYcc GFQGGf A KZ]VSkYcc _SacS^ _lX EiQEqu WZZWXaQg[WcWXa ASyWYc\Z aUVW _lX FEQGju EiQ JU[[ ^WW_UVVWQ XRRXu cYUccY[Wu YVS^R`Uu k\s[lWV\ _U TUc^UWVRf
eRS[WZYZ }QGi @lc\~u @Wc`U NU[_UccUu VYacS[Wf @RS^SVUacW Dh B¨ DHqif ea UXYTUkllVV ?ZZW OZcY[S @lc\_l ObU AUZYVQ TU OacWUWZYZf © Gi TY[WRkXYY[Wu ^STYZcU_U LYS rY[ccW PRVQ VY[`S eRS[WZYZf LUkXW dU[W GDf nS Fiu P FEu [UZX^UZ ^WYVYZ SkWZcS_U g[WWXXYVWZ \VWSkWXc FFQFGu FEQFHf PYTWZ \ac^ ^WYVcYZ cRZcWSk FhQFFu @UUaYZ \acV\X XU^XUZ _U VUcWZUZ `c VYac FGu JU[_SWccYVW_UWZ`UWacScSWTWXcSXXU FHQGIu J]WZ BB Z^ [UZX^UZ `c VYac Eiu J]WZ B Z^ [UZX^UZ _U XU^XUZ VYac EiQf J]WZ XRSQ TYZ^ c\s`lYZSk [UZX^UZ ^WYVYZ SkYcc GIQEif NR^UZU VUUcWQ TUXXU [UZX^ SkkW^W[_UXU[_S_YZ SkYccU_UZ SkkUWcUf
eRS[WXcS }QFH @\\ZlZYZ~u JYV^U CRRVW^^Wu cRZcWSkf J^W Iq e DHqEf ea ZUWXcYZcURc Y[W^Vll^u LL elWZs OZcY[S @\\ZlZYZ _U oVVU BZ^Y[W rSRXXUf © FH \VWVll^u XWXlcURcWSk bSX NUccW PRXcU`W KY[S eRS[WXcSf LUkXYc ORVW GIu NW^^S Gqf nS FGu N GHf J]WZ B Z^ zWSV _U TUUZc Xc cRZcWSk EiQEDu zWSV _U TUUZc XY^l TUUQ _U TYcXlcUV _U kRRQ cU[aUZaSWbSZ kc cRZcWSk EDQu dRV^ TUUQ TYcXUcU § X]^l kRRcU[aUZaSWbSZ SkQ x kW^f LRSZcSQAYR[UZ ^R[UUccS[W _U ^RVc UT[f JU[[ U^`U[YVVWTUUVURXu cYZZWXu VRSZcSf C\cl[ HjjEu kSWQ ^U HFiHf
¾WVVWUyRX }SfXf AyaURTUZ~u JYb`W] BZ][Wbu pWV TUWXcf IE eWVW DEEDu p IG eB DHjHf ea ^URkkWUX ?XyU[ AyaURTUZ _U OWZS rUVT[Scaf © iG \VWQ SkYcc eWycS[ @SzY[c ¾WVVWUyRXf nS iDu P iFu N iGf As[ZlWXcYZ \ac^ `YZl_lZ SkYcc iFQiE PURZWUWXcYZ \ac^ `YZl_lZ SkYcc DIQDqu Ll[S` ps[ ]SXXU[ Sya pVWy^Q S[ `YZl_lZ SkYcc DqQDEu XRSTYZ cRZcWQ Sk IGQjHu >\U X` Vl[Su LU]RX pVWy^X^ _U J]WZ [RScX c\ccs^ `YZl_lZ `c SkYcc DiQ Dqu ARST ZV\X [RScX cRZcWSk IiQjHf
¾WVVWUyRXu eWycS[ @SzY[cu \VWSkYccU_Uf eWWkR[WZ kWcl_l E ¨BB DEFHu p IG eB DHjDf ea Y`Y[XcW @SzY[c OVYÃUZbY[ ¾WVVWUyRX _U OVYÃUZb[WZY JYZ[WYccY Aya¯WZbcf © iG N JYb`W] BZ][Wb AyaURTUZf nS EEu P HIu N Hqf ?kWZcSTUc^S_U KR[ Y[W TUWaWZf J]WZ ^URkkUSkWXc XU^X SkYcc HFQHGu eUUXUZ [RScX V\X `YZl_lZ ^SVVY]U HGQiDu @RScX ZV\X\X `YZl_lZ SkYcc iDQiqf \VWQ SkYcc iqQDEf `YZl_lZ _U XU^X cRZcWSk IiQjDu ARST ZV\X XU^X cRZcWSk IiQjDu J]WZ [RScX V\X `YZl_lZ cRZcWSk IHQjDf dRV^ `YZl_lZ ^WYVYZ SkkW^W[_S_U _U XUZU^W[_UZf
eS^^RVUWZYZu NU[_UQLYYZU OZZW^^Wu VYacS[Wf J^W DD e qFf nS FFu P _U N Gjf ?kWZcSTUc^S_U TT BXSSZQg[WcUZZWUUZu
nVlQLWYbYZkSa_U }QGj JWYcU^S[kW~u AYW_Uu VYacS[Wf VWXUVTYZ TV^ D Be DHqGf ea TUUZ`WV_YVW_l JYW^^W JWYcU^S[kW _U JUZZU >WXXWZYZf © Gj ^UZXUZcUVSRXcWYc k[Spu bSX dSR^S OUcSX nVlQLWYbYZkSa_Uf LUkXYc KXXW GEu dRXXW Eif nS FFu P GIf ?kWZcSTUc^Uc KZ]Q VUZcW GEu EGQEE }?ÃpS[b~ _U oAO EjQEq }o¥A·~f KZ]V ^WYVYZ cRZcWSk PU_UUZWZ \ac^ Gju J]WZ D Z^ YZ]V ^WYVYZ `c VYac GqQGF _U VYac GFQf
ÁXczY[]u PUU[VS PRXcUUu \VWSkYccU_Uf ?RVR j ¨BB DEGhu c q ¨BB DHhqf ea kU^^UaRSZ cU[^UXcU_U dSQ
alZ rYccY[ ÁXczY[] _U ASpWU LRZb£`WXcf © Nl[ccU NUcWVbU OVSkUYRXQrU[`WUWQ
ZYZf nS Hju P HHu N iif eWWkR[WZ
XRST ^VUXX V\X XU^X _U [RScX `c ^SVVY]U
iiQiDu dSYZXRRZ XRST V\X XU^X _U [UZXQ
^UZ `c ^SVVY]U iDQiju `U^WZUWZYZ ijQ
ihu ?RVRZ [YUUVWV\X XU^X _U [UZX^ `UZa VYac ihQDFu [YacS[W iEQDF ?RVRZ XRST _Uc^SQSkWXcSZ XU^X SkYcc ihQiGu ?RVRZ
XRST \ac^ XU^X SkYcc iFQiEu ?RVRZ [RScX [YUUVWSkkWVUWc XU^X
SkYcc DiQDFu J]WZ XRST V\X XU^X _U [UZX^ `c `UZa VYac DGQDHu JpS[X Z\U X`YZX^U XUTX^ [UZX^ SkYcc DHQIIu ARST ZV\X XU^X _U [UZX^ cRZcWSk DHQIFu `UZa VYac IFQjDu `c \VWSkYcc IEQjiu `U^WZUWZYZ jDQqDf N^ XU^XUZ _U [UZX^UZ ^WYVYZ SkkW^W[_S_U XY^l U[cW^^YVYWcUf ?RVRZ c\s`lYZSkWXc _SacS^ _lXYZ iEQDFf Ae@ @ Df
ÁXcY[TUZ }QGi LRTS~u KVXW P[WXcWWZUu ^ScWcUVSRXSkYccU_Uf ea JYWTS ?ccS CUkWS LRTS _U KTTU KVXW NU[\ JY\ZSf ©Gi eWVaS BVTU[W ÁXcY[TUZf LUkXYc rUZR GDu NY[W Gjf nS FGu ^ScWcUVSRXSkYcc GDf PScWcUVSRbYZ Xc cRZcWSk GFQGE J]WZ BZ^ _U GEQEi BB Z^u cRZcWSk EiQEq _U `X VYac EqQ J]WZ B Z^f
oX^SZcSUu kX\^SVS]WUU _U WVSXSpWUU
OR`WZYZu O DEEGQEE
>WVsZWu P? DEEHQHi
JUaZXXSZu J DEHiQHD
¥UZbSVWZu K > DEHiQHIu HhQHH
O]UpSZS`u r DEHqQHhu HFQHH
K^TUZu d J XV DEHH
rYXSZYZu N XV DEHHu DHiIQih
mW_lVlu d XV DEHH
M[sZVRZbu K ^V DHiiu ^V DHij
?^XUVUu P d DHiDQiI
tYXcY[VWZ]u O e ^V DHiD
JWYcUVUacWu e @ ^V DHiDu DHihQiG
rYVcSZYZu O XV DHiI
PRRXWXcSu O t ^V DHiEu DHDIQDj
JlTlVlWZYZu d XV DHiE
JUVVUu O e XV DHiE
JYVSu C B DHDD
oXkYZX^W_u r DHDiQDD
B[Sppu d DHDDQDq
AR`UZcSu e D XV DHDI
PUU[ZUu e r XV DHDF
¥UXc[YZu ¾ DHDEQDH
eSWkWSu O XV DHDE
O[Su P P DHDEQDHu DHIiQID
A\V`UZbY[u P DHIDQIIu ^V DHIq
OR`WZYZu OU[ZY DHIDQIj
AWVVUZkllu d ^V DHIq
JlZZWZYZu t DHIjQjDu jhQjE
OR[SVUu td DHIhQIF
LYaTRXcSu J DHIhQIF
AYkklVlu PM ^V DHIF
g_s[^VRZbu d DHIhQIF
OZccWVUu d K DHIFQIG
PWZSXu > d DHIFQIG
eUWZWSu d e DHIFQIG
LWZZS`Yu J d DHIGQjF
JWYcUVUacWu o ^V DHji
CWWVWVlu ? ^V DHji
AUVSu n P DHjhQjG
CR[^^Uu O B ^V DHjF
NRXcU^UVVWSu d DHjhQjFu DHjGQjH
NRXcU^UVVWSu J DHjFQjGu DHjHQqi
>W^SVUWZYZu O DHjEQjH
NWYccWZYZu N DHqqQqh
WVWZu A DHjEQhh
PWV^^Wu L DHqDQqI
rWYcWVlu J DHqqQqh
PSaSZYZu n DHqhQqE
¥UXc[YZu ? DHqEQqH
ARSTWZYZu O ? DHqHQhi
ASWXUVSZQASWZWZYZu D DHhiQhj
CSW`WSu d DHhjQhG
eSWkWSu N DHhqQhh
eW[Su e XV DHhh
AWZZYTl^Wu N ^V DHhF
AUVTYZ^UVVWSu P DHhFQhG
PWR[Ru r DHhGQhE PSW`RXUVSu r XV DHhE >W^RZYZu e DHhHQFD @URZWSu K DHhHQFD PU[kS`u O DHhhQFG eW[SZTl^Wu NUccW DHFhQFE el\[\ZYZu KX^S DHFFQFG AUVSu LYYZU DHFFQFG
JSZ^UXYV^lu NU[ccW DHFGQGD rlW`lZXUVSu rYZccW DHFGQFEu DHGiQGD
JSV^Y[Wu NUccW DHGDQGI
PUU[ZUu KX^S DHGDQGI rR[TSZYZu eYW^^S DHGDQGG rR[Su oVVU DHGDQGI
@YWTUUu KZS^ DHGIQED
AU[UZY`Uu CUkWS DHGIQGj
LYX^WZYZu CWTS DHGIQGj
OV^WUQJRccRZYZu CRRVU DHGIQGq JlTlVlWZYZu PUR^S DHGqQGh
@YkSu NWc[S DHEiQEDu DHEjQEq
@SkSu CYR`S PUVY`W DHEhQEE JU[cSu JWV^^U DHEFQEG LYTkWlWZYZu rY^^U dRaUZW DHEGQHD rYVcSZYZu dRaU JYW^^W DHEEQHD
mWbWZ^WYVcl
P[SaZu P DEEGQEE
JUaZXXSZu J DEEEQHD
gS[YZWRXu O O DEEHQHi
JlTlVlWZYZu P DEHDQHI
>S[bzY[]u XV DEHDu DEHIQHju ^V DEHq
AU[VWZu O d DEHIQHj
rU^XRVUu N DHiDQiI
LYacSu O K DHiIQiH
PUW_UVUWZYZu J DHijQiF
ARSTUVUWZYZu d DHiGQiE
rRV^^WZYZu d O XV DHiE
¥UZZYVWZu P L ^V DHiH
CUVV][YZu O N ^V DHiH
@URaUVUu P t XV DHiH
NYVUu K t^B DHDi
OVU`Uu e DHDi
JSVVSu d O DHDDQDI
PRRXWu ? A ^V DHDj
PW`W_l[`Wu P K ^V DHDhu DHDGQDEu DHIIQIj
PRWccWu P O ^V DHDh
eWaY[_RR[Wu J d DHDGQDE
eUacY[u C D ^V DHDH
OZZUVUu e XV DHIDu DHIjQIG
gY[]au e ^V DHID
gS[]u K ^V DHID
LYTYccWVlu e DHIDQII
PWccYVlu C d t ^V DHIq
@U`WVUu r DHIFQIE
Nl^Wu > d DHIEQIH
>WWZW`UU[Uu N d DHIHQji
CY[lX^UVVWSu P M e DHIHQji
eWVYZWRXu K DHIHQji
AUU[WTUUu O DHjiQjDu jqQjF
eRS[_S^Wu O ^V DHjh
PUVYVUu N DHjhQjF
PUU^WZYZu D DHjEQqD
g[RTTY[u ? d DHqiQqD
NUVWZYZu O DHqiQqD
PSWXcWZYZu P DHqhQqG
JU^UTWYXu @ XV DHqG
rYcl_lZWYTWu O ^V DHqE
LUR[WVUu @ ^V DHqE
CRS`WZYZu B DHqGQqE
?WccWZYZu K DHhDQhIu XV DHhI
dl[`YVlu ? DHhjQhq
LWZbYZu K DHhqQhh
>RScWSu d DHhqQhGu hEQhH
JU[TUXu D DHhhQhF
CRWX^Ru L DHhFQhE
LlacYYZ^S[`Uu C DHhEQFI
CYZaSVUu C XV DHhE
CRSTWu C ^V DHhHQFi
CYYVUacWu r DHFiQFD
PUZ]UXZWYTWu N DHFDQFI
KX^SVWu d DHFIQFj
dUU^^SVUu P DHFjQFq
PUR^WUWZYZu N DHFqQFF
dl[`WZYZu oVkR DHFFQFG
rYVcSTl^Wu NUccW DHFGQFE
LU[TSVUu NUW_U DHFEQFH
PR^^WZYZu rW[^^S DHGDQGju DHGhQGF
>WYTYVlu dSR^S DHGjQGhu DHGFQGG
PUWkUWZYZu @WXcS DHEDQEI
rURZSZYZu NUW_U CY[aW^^W DHEhQEF
JU[_RZYZu KVWZU OZZW^^W DHEFQHD
eUaUVUQeW[^^UVUu LYYZU NU[W DHHiQHD
JSVTUQPS^^SZYZ DHHiQHD
JWXcS[WUUu cUVSRXcWYcSUu \acYWX^RZcUSkkWU
ASZy^u P K DEEGQEE
>S[bzY[]u XV DEHDu DEHIQHju ^V DEHq
S[XTUZu d XV DEHh
A`UZV_RZ]u P O XV DEHGu DHijQiq
ARSTUVUWZYZu d DHiFQiH
g[RRZu O XV DHiE
CUVV][YZu O N ^V DHiHu DHDiQDIu ^V DHDEu DHIjQIq
@URaUVUu P t XV DHiH
NYVUu K e^B DHDi
OVU`Uu e DHDi
PRRXWu ? A ^V DHDj
PRWccWu P O ^V DHDh
PUU[ZUu e r DHDG
eUacY[u C B ^V DHDH
PRRXUZTl^Wu L d XV DHIi
JW[X_l[`Wu e XV DHIi
OZZUVUu e ^V DHIDu DHIIQIG
LYTYccWVlu e DHIDQII
CYWccWZYZu o P XV DHII
AYkklVlu P ^V DHIj
JU`Ru B ^V DHIq
LWZbpS[Xu C P ^V DHIq
LYaTRXcSu J ^V DHIF
>R[TWSu n ^V DHIF
eUWZWSu d e DHIFQIG
LWZZS`Yu J d DHIGQIH
PU[`SZYZu O O DHIGQIE
AUU[WTUUu O DHjiQjD
eRS[_S^Wu O DHjhQjF
PUR^UTUUu L B DHjhQjF
OVaSu P? XV DHjF
NR[cSu C ^V DHjG
nVsZYZu O ^V DHjG
eUVU`UU[Uu e XV DHjE
LYkklZYZu L ^V DHjHQqi
g[RTTY[u ? d DHqiQqD
PSX^Wu N J DHqIQqj
AUU[YZaYWTSu K DHqhQqGu DHqHQhD
PSWXcWZYZu P DHqhQqF
ASWZWZYZu N XV DHqG
rYcl_lZWYTWu O ^V DHqE
?WccWZYZu K DHhDQ XV DHhI
NW^^YVWu N DHhhQhF
rY[lVlu C DHhFQhG
PY[UZcSu C P XV DHFi
LYacSZYZu PUW @f DHFDQFqu DHFFQGi
?^XUZYZu OZccWQdR^^U DHFjQFqu FhQFF
PUU[ZUu KX^S DHGiQGD
NWY^^U `UU[Uu LYYZU DHGiQGD
NsZ^^sZYZu o[kS DHGqQGh
rUVS_l[`Wu PUU[WZU DHGqQGh
eUccRVUu PUU[WZU DHGhQGF
rY^SZYZu NW^^S DHGhQGF
rWYcWlWZYZu dR^^UQrY^^U DHEiQED rWW[SZYZQ>UbzSTW^u @UW_UQLWWXU DHEDQEju DHEhQEGu DHHiQHD
R[RaSVTu CUkWS DHEqQEh rURZSZYZu NUW_U CY[aW^^W DHEhQEF
tYXcu rW[_SQ@WWccU DHEEQHD LspzY[]u OZccW @YWZS ?VU`W DHEHQHi
PUZXUVUWXcUWcSU
JW[Zu JYVWZl DHGGQGH A^\cclu rW[^^S DHGHQEi rWW[SZYZQ>UbzSTW^u @UW_UQLWWXU DHEDQEI R[RaSVTu CUkWS DHEqQEh
LWR^^SZYZu KVWZU OZZW^^W DHEFQEG
NUUZcWYcSUu zWSVS]WUU
ASZy^u P K DEEGQEE >S[bzY[]u XV DEHDu DEHIQHju ^V DEHq A`UZV_RZ]u P O XV DEHG tUVVWZu e DHijQiq
AWVpYZWRXu O d DHijQih
O[Su d K DHiqQih
dl[`Wu C J DHihQiF tYy^XYVVu d O DHiFQiE
AcYZzY[]u P J DHiEQDI
PSX^WTWYXu N @ ^V DHDh
>RTTWZYZu P K ^V DHDG
elVW^UZ]UXu B DHDGQDE
ASWZWu ? J O^W DHDHu DHIqQIh
PS[Y`Z^SZcWSu e O XV DHDEu DHDHQIj
NSWXWSu L N ^V DHDH
M[sZzVSTu J DHDHQID
NY[W^UVVWSu K XV DHID
PUZcYVYu A L XV DHID
ARSTYVU }CWZ]`UVb~u J M A ^V DHIIu DHIqQIh
dUVUXu O B DHIIQIqu DHIEQjD
eRS[YZcURXu n B DHIIQIj
CSTWUWZYZu e DHIhQIG
PVWZ]XcYbcu J XV DHIG
JWZcW^^Uu C d ^V DHIE
PSX^WZYZu N ^V DHIE
LUZXUu e ^V DHIE
K[SZYZu d ^V DHIE
KZ`UVbu P J DHIEQIH
P[SaZu e n A DHIHQjh
KVSZWYTWu n ^V DHjD
P[SaZu M ^V DHjD
ellZlZYZu J DHjDQjju DHjhQjE
rY[ccRVUu o P ^V DHjI
rYVcSZYZu C XV DHjI
eUVS`W[cUu K d ^V DHjq
eWY[UXu B ^V DHjq
eUU[ZUu e e XV DHjq
NU[WXcSu L e ^V DHjFQqi
@YWZW^UWZYZu O DHjEQjHu DHqIQqh
AUVTWZYZu r XV DHjH
CRSTW^SX^Wu C DHqDQqI
As\[WZ^Wu > DHqIQqj
rRRTUZYZu L DHqjQqq
J\csZYZu P ? DHqhQqF
LYacSZYZu L DHhFQhE
PU_SXcYu K XV DHhE
LUU^XSu O ^V DHhH
CUkWSu A ^V DHFi
LWZZU`RS[Wu @ DHhHQFi
>WYT^WZYZu K DHFiQFD
@SXYZzY[]u C DHFIQFG
LWZbu K DHFIQFh
PS[aSZYZu J ^V DHFF
PSW`RkR[Su @Wc`U DHFFQFG
@UWZWSu NW^^S DHFFQFG
AUVSu O[TW DHFGQFE
dRXXWVUu @YW_S DHFGQFE
rY^Spp BU DHFEQFH
PSZc^UZYZu oVVU DHFEQFH rUcSTl^Wu d\[^W DHFHQGi eUV^UTUu JYW^^W DHGiQGD eWWcUVUu dRXXW DHGiQGD
CYVU[UZcUu CRRVW^^W DHGDQGI OVUQkUU`SVUu nW_s DHGDQGI
ÄaVzY[]u NUR[W DHGIQGj >WW[UZYZu ORZY DHGqQGG
PSXSZYZu ?RcW DHGGQGE
LsZZ[Scau PUW_U DHGEQGH
AYVUZbY[u rlW`W DHGHQEi
NSWVUZYZu OZZUQAcWZU DHEjQEq
JYW^UZYZu JUZZYVY NU[^YccU DHEhQEF CUV`WcWYu dR^^U CUkWS DHEHQHD
NUcYTUcWW^^UUu p\XWW^^UUu ^YTWUU
PY[kkSVUu P DEEGQHI ?_UVUu > ^V DEHq
NYVUZbY[u P DEHDQHI
AU[][YZu d K ^V DEHF
¥YbY[Xc[sTu K ^V DEHG
PSX^WZYZu J ^V DEHHu DHiiu DHiDQiIu DHiHQDi
gSZXbS[ppu e t DHihQiF rSR^^Uu P O DHiGQiE
PR[^WVUacWu d J ^V DHiE
PUWTWSu ? @ DHiEQDi
ARZbYVVu A O DHDDQDj
`SZ WYUZbcu K O DHDIQDF
PUVVWUVUu K B ^V DHDj
J{[bau J K d DHDjQDhu DHIqQIhu DHIGQIH
LY`UZcSu K @ DHDhQDE
>Y`UZVWZZUu K J DHDFQDE
eUVUZcSu ? DHDHQIj
M\VVYZzY[]u J DHIiQID
NWZZWu M ^V DHID
VW`UZUWZYZu K DHIDQII
dUVUXu P N DHIIQIh
AYclVlu e DHIhQIF
dlZccWu @ r DHIhQIF
AUÃYZu N XV DHIFu DHIGQIE
PUZY[`Uu B N DHIFQIG
SZcYVVu > · DHIFQIE
@UZUcUTUu d J XV DHIE
J\\[\VlWZYZu J DHIEQIH
eWW^^Wu d O DHIEQIH
qi
eUaYu J DHjiQjD
eYXcY[WZYZu K DHjhQjF
PUaTUu r DHjFQjHu DHhDQhI
BZ^Y[Wu P O ^V DHjE PUaTUu d DHjEQjH
o^^SZYZu K DHjHQqi
PSc^UVUacWu L XV DHjHu DHqiQqDu DHqjQqhu DHhDQhI
nVWZYZu J DHqDQqI
PSR[Wu O DHqIQqj
rYZccWZYZu @ DHqIQqj
>Y`UZVWZZUu e XV DHqh
BXS^UVVWSu ? ^V DHqF
AU`SVUWZYZu e DHqFQhj
NSWVUZYZu O DHhDQhI tUkkRVUu C DHhjQhq
AcY[ZzY[]u C DHhqQhh
`SZ WYUZbcu K DHhqQhh
PW`WZYZu N DHhhQhF
CU^UVUu O XV DHhF
rYVcSZYZu ? XV DHhF
JYWZSZYZu ? DHhFQhG
NU[cSVUu @ ^V DHhG
@lXlZYZu C ^V DHhG
CUVW^UWZYZu K ^V DHhG
@RS^SZYZu r DHhGQFD
rWWXkUZYZu O DHhGQhE
g[ScaY[RXu J_ e DHhEQhH
PRRXYVUu O DHhEQhH
o[kSZYZu C DHhEQhH
gY[]au r XV DHhE
LWZb[SSXu @ DHFiQFD
PUW^^SZYZu N DHFDQFI
LUU^^SZYZu O DHFDQFI
CSW`U^^Uu L DHFDQFI
gWWccu A DHFDQFI
AYkklZYZud DHFDQFj
rY^^UVUu O DHFIQFj JYVUZbY[u N DHFjQFq
PUR^WUWZYZu J DHFjQFF
J\\cWu A DHFqQFh
eU[WVUu PUVY`W DHFhQFG A\`laRS^Su ?VVW DHFFQGD NU^^SZYZu JYW^^W DHFFQFG rUU[cSVUu ?XXW DHFGQFE rUR^^Ru rYZccW DHFEQFH PW`YZaYWTSu K[^^W DHFEQFH CWWTSZYZu rY[ccW DHFHQGi OkU_UVUacWu AUTRVW DHGiQGj eUV^UTUu JYW^^W DHGDQGj rlW`l[WZcUu JUZZR DHGDQGI AYkklVlu @YWZS DHGDQGj NUccWZYZu @UWTS DHGDQGI NRVU[Wu n[_s DHGIQGj O[SVUu OZ_U DHGIQGh OXkYVRZbu JYW^^W DHGIQGj ARSZWYTWu rW[^^S DHGjQGh
PSccSZYZu @UW_U DHGjQGq CUV`YZTl^Wu rW[^^S DHGjQGq ·UaVXc[sTu @SVp DHGjQGq KW[UZcSu CRRVU DHGqQGF @UZWZYZu JUZZR DHGqQGhu DHGGQEI >WYTWZYZu NW[_UTW DHGhQGG
PUVVWZYZu rY[ccW DHGhQGE
eWWcUZYZu @Wc`U DHGFQGG
eSRcWVUWZYZu KW_U DHGFQGH Nl^Wu O[`S DHGFQGG Nlccsu rY^^U DHGGQGE Nlccsu @Wc`U DHGGQGE
Al\ZlVUacWu CRRVU DHGEQEi
PUW[YTSu PUVY`W DHGEQGH
PSX^WZYZu JUZZR DHGHQEi
PS[aSZYZu AYkkS DHEiQED NUcW^UWZYZu oVVU DHEDQEI
rSa_S[UZcUu @UWTS DHEDQEj
KZ£`WXcu dSRZW DHEIQEq
AWW`SVUu LWV_U DHEjQEq
OUVcSu O[ZS DHEjQEh
JSVccWZYZu CUkUZW DHEqQEh
PYTkkUWZYZu KW_U LWWXU DHEhQEF
JU^RVWZYZu JU[[W DHEhQEFu DHEGQEH
rYVcS^S[kWu rY[ccR rlW`Ws DHEhQEF
AUU[WZYZu NUW_UccU NUcWVbU DHEhQHD
AUaVzY[]u rUXW d\[^W KWZU[W DHEFQHi
Pl[^^lWZYZu CWTS OZcY[S DHEFQHi
CUXcRVUu d\[^W o[kS PRVVY[`S DHEGQEE
rYa^SZYZu K[^^W PUVY`W DHEGQHi
JWYcUVUu @WWccU NU[_UQLWWXU DHEEQEH
JlZZW^lWZYZ NUccW dRaUZW DHEEQHi
JUcU^^Uu CWTS dR^^U DHHiQHD
CSVkkUVUu dUUZU JUZZYVY DHEHQHD
@RScXWU
dSaZXXSZu N DEEGQHD
P[SaZu P DEEGQEE
gS[YZWRXu O O DEEHQHi
AUÃYZu @ XV DEHD
AU[VWZu O d DEHIQHq
AZYVVTUZu O K DEHEQHH
¥SVY[RXu N DHiIQih
PU[_UVUWZYZu J ^V DHiI
>\aSVTu N ^V DHiI
¥S[YVVu e ^V DHiI
gY[]aSVTu O J DHiIQiq
CRS[WVUu ? ? ^V DHiE
rRV^^WZYZu d O DHiFQiE
¥UZZYVWZu P L ^V DHiH
Ac[YZ]u J K ^V DHDiu DHDjQDqu DHIDQIj
AWY]zY[]u O O d DHDIQDh
JU]YVWZu P A ^V DHDj
Ac[YZ]u J d DHDjQDF
PW`W_l[`Wu P K ^V DHDhu DHDGQDEu DHIIQIj
[szY[]u J DHDEQIq
CYZZzY[]u A K ^V DHID
eU[cWUWZYZu L L DHIhQjI
rYcY[XSZu K ^V DHIE
elWXXWu e ^V DHIE
JW[Zu r · ^V DHji
JYWZSZYZu O O DHjiQjD
>\Xc[sTu o ^V DHjD
·UaVzY[]f K ^V DHjD
LRRcSVU }NY[W~u K ^V DHjju DHjFQjG
PUXc[YZu A ^V DHjj
JYZ[W^XXSZu P ^V DHjj
LYacSXUVSu P ^V DHjj
PW`WTUUu J ^V DHjqu ^V DHjG
JU`UZXW }JU]pS[X~u O K N ^V DHjhu ^V DHjF
PUaUVUu L ^V DHjF
NU[cYu N ^V DHjG
JRccRZYZu A DHjGQqiu DHqFQqG
·UaVu O N DHjEQjHu DHqiQqD
OTkR_Uu N ^V DHqi
JY[VWZu g DHqqQqH
ORZWSu O XV DHqF
LWZ^Su · ^V DHqG
P[SaZu O DHqFQqG
>WYTWZYZu K DHqGQqH
eW[cUZYZu A DHqGQqE
A\`l[UZcUu J DHqHQhD
gYy^Y[u N DHqHQhi
>S[cUTSu O DHhDQhF
dRXXWVUu A ^V DHhG
LWZbXcYbcu N DHhFQFI
JSZ^UZYZu d DHhGQhE
OU[ZSu OQN XV DHhE
CUkWSZTUUu o ^V DHhH
eWaY[`lu N DHhHQFq
@UZcUZYZu O DHFIQFj
PW`WVRScSu L DHFjQFq
rU[^^SZYZu NW[UZbU DHFqQDHFE
Bc^SZYZu OZZYVW DHGiQDHGD
>WYTWXcsu rYZccW DHGDQDHGI
CSW`SZYZu PU[W DHGDQDHGI
¥SkYu NU[_UQLYYZU DHGDQGI
JYWZSu KWVU DHGIQGj
OaSZYZu OZZUQLWWXU DHGFQGG
P[WXcWUZXYZu B[YZY DHGGQED
PW`WkR[Su LWWXU DHGGQGH
@UZ^Wu A\ZZs`Y DHGHQEq
A^\cclu rW[^^S DHGHQEi
LUkkWu LYU NUW_Rc A\V`WU DHEhQHD
rYVcSVUu KY`U NU[WU DHEFQEG
gl[VRZbu PU[W CS[XcYZ DHEGQHD
LUcWZUUu ^[YW^^UU
dUZXXSZu N DEEGQEE
AUaVXcYZu r O DEEGQEE
C[UZzY[]u d J DEEGQHI
JUaZXSZu J DEEEQEH
ASkUZYZu r O DEHiQHj
CWWVWVlu P ^V DEHj
JWbYZu P d DEHF
@YWZu d K DEHGQHH
¥SVY[RXu N DEHHQDHiDu DHiIQih
PUW_UVUWZYZu J DHiIQiF
¥S[YVVu e ^V DHiI
CUVV][YZu ? d DHiFQiGu DHiHQDi
rs\XcWu e N ^V DHiE
PW`WVRScSu B O ^V DHDI
Ac[UZbzY[]u P? DHDhQDF
VWZy^u K d J ^V DHDGu DHDHQIi
NUVWZu O J ^V DHDGu DHIIQIj
ASVUu AA DHDEQDHu DHIiQIh
PS`Y[Su J K DHIqQIhu DHIF
rSTSYVVu P @ DHIEQji
OaVTUZu K M DHIEQjD
>WWZW`UU[Uu > d ^V DHIH
rRRX^Uu K ^V DHIH
ARSTUVUu K d DHjhQjG
rU[W^^Uu C @ DHjGQjE
JU^UTWYXu @ XV DHqGu DHqEQqE
rYcl_lZWYTWu O ^V DHqE
CWWXUVUu n DHhhQhG
PU[ccRZYZu n DHhFQhG
PU_UZcSu B DHhGQhE
CSW`SZYZu d DHhEQhH
rY^^UZYZu C XV DHhHu DHFiQFq
ASVWZu J DHhHQFi
JU[^^Su e ^V DHFi
rUUZUZYZu o DHFDQFj
?^XUVUu C DHFjQFF
M[sZ[SSXu @ DHFqQFF
@SXYZu JYVYZU CYVVY[`S DHFhQFFu DHEiQEju
DHEGQEH
PS`U^SX^Wu CWTS DHFFQFG
JSacWu rUU`S DHFEQFH
CUW`UV^SX^Wu LWWXU DHGiQGq
CYVVUu OZZYVW DHGEQEi
@YkSu NWc[S DHEiQED
KZ]VUZcWU
JUWZU[Wu C A DHiHQDD
ARcWZYZu n B DHDhQDF
OVYZu LA DHIGQIE
CRSTW^SX^Wu O DHIHQji
JYWZSZYZu O O DHjiQjD
gVSTu P ^V DHjD
PUaUVUu L DHjDQjF
PW`WTUUu J ^V DHjq
ASWZWu O DHjqQjh
JU`UZXW }JU]pS[X~u OKN^B DHjh
JU^RVWZYZu J ^V DHjFQqD
LRRcSVU }NY[W~u K ^V DHjG
JY[VWZu g DHqqQqhu DHqGQqH JRccRZYZu J XV DHqF
LWZ^Su · ^V DHqh
>\XXsZYZu o DHqGQhj
eSRcWVUWZYZu A DHqGQqEu DHqHQhj
nVlZ^su J DHhjQhq
·S[XYZu O DHhqQhh
LUWcU^U[WQPUWVUu L P DHhhQhF
LWZbXcYbcu N DHhFQFD
PUX^YZUVUu D DHhGQhE
JYWTSVUu P DHhEQhH
>\aUTU[u P DHhHQFi
rYVcSTUUu L DHFiQFD
oScWVUu NQL DHFDQFI
?^XUZYZu ? DHFIQFj
CYZ^WVlu LYYZU DHFDQFE
SVc¦u @Sb]Y[ DHFFQFG
rYc[W^u NWyaUYV DHFFQFG
LSy^Y[u dUy^ Af DHFGQFE
raWVVWkXu @WyaU[b DHFEQGiu DHGjQGh ?_UTUUu PSWc DHGiQGD
Cs\[\u OWZS DHGDQGI
JY[XyaVYzu dSUZ DHGDQGI
AW[^^Uu ORVW DHGjQGq
PSkSZYZu O[_U DHGhQGF
PYVSTl^Wu PW[XcW DHEiQED
@UTXU\u CRRVW^^W DHEDQEj
@UY_l[`Wu JUZZYVY DHEjQEq
NYVWZu JYV`W OZZYVW DHEhQEF
JYWZSZYZu LYYZU PUU[WZU DHEFQHD
PURXYu AWZW^^U CUV`W^^W DHEFQEE
@lTYXUVSu LYYZUQNUW_U DHEGQEE
ASkUZYZu rWUQJYVYZU DHEEQEH
PR_UVUu @YW_U NUW_R^^U DHEHQHi >RS[cY`Uu LUR[U NU[WU DHHiQHD @lWXlZYZu JYWZW NU[_UUZU DHHiQHD
AU^XUU
Jsy^Y[cu P DEEGQEH JlTlVlWZYZu P DEHiQHI J{[bau K DEEHQHi K^[SSXu d P DEHiQHD eRS[WcXUVS }JS[ZzS[]~u > DHiIQiju DHiqQiG gVSTXcYbcu e ^V DHiF rRV^^WZYZu d O DHiFQiH LUabYZXRSu d DHiHQDi PUcU[Uu e r DHDiQDD JlTlVlWZYZu O DHDhQDE [szY[]u J DHDEQIq LWZbXcYbcu O ? @ ^V DHDH ASWXUVSZQASWZWZYZu d DHDHQIi rYcY[XSZu K DHDHQIiu DHIDQII rWW[SZYZu O DHIIQIj A_szVSTu N ^V DHIh dUVVWu K O^W DHIG eSWkWSu K DHIGQji rYaRQLYacSZYZu O L DHIEQIHu DHjDQjI >Y`UZVWZZUu B DHIEQIH rRRX^Uu K DHIDQjD rRSVU^^UWZYZu ? DHIHQjIu DHFjQFq >\Xc[sTu o XV DHjD ARSTUVUu K d DHjhQjG oScWVUu K DHqIQqj NUV_UZYZu A DHqIQqj >\\XXsZYZu o DHqHQhI rYXSZYZu N XV DHhq >\^lZYZu J ^V DHhh
@SkkSVUu B XV DHhh
@WWaWTl^Wu r ^V DHhF OaSu K XV DHFi
qI
PSXcUTSu B DHFjQFq
rUV`Uu J DHFqQFh
PUU[cWZYZu JYVYZU DHFhQFG AyaVRkku NU[_UccU DHFFQGG @Ucau [WYb[Wya DHFFQGIu DHGjQGhu DHGFQGG LU^^U^S[kWu LUWVU DHFFQFE
CUW`UV^SX^Wu NUW_U LWWXU DHFGQGIu DHGqQGh
@UcWVUWZYZu LYWVU DHGhQGF
eWXR[Wu JUZZYVY DHGFQGE
A^\cclu rW[^^S DHGGQEi
M[sZ[SXu OZ_U DHGGQGE
rWWkkSu AW[^^R DHGEQEi
NYVSZWu KY`U DHGHQEi
ASkUZYZu rWUQJYVYZU DHEGQEE
@UZX^UU
JlTlVlWZYZu Pf DEEGQEHu DEHiQHI
eRS[WcXUVS }JS[ZzS[]~u > DHiIQiju ^V DHiqu DHihQiG
rRV^^WZYZu d O DHiEQiH
LUabYZXRSu~ DHiHQDi
CUVV][YZu ? d DHDiQDD
JlTlVlWZYZu O DHDhQDE
LWZbXcYbcu O ? @ ^V DHDH ?ZZYVUu DHIhQIF
O[kkYQ@W^zY[]u A DHIF LYacSZYZu P ^V DHIG rYaRQLYacSZYZu O L DHIEQIHu DHjDQjI
>Y`UZVWZZUu B DHIEQji
rRRX^Uu K DHIHQjD rRSVU^^UWZYZu P ^V DHIH
>\Xc[sTu o XV DHjD CR[RZYZu O DHjGQjE
AUU[WXcSu P DHjEQqD
[sXYZu L DHhiQhI
OaSu K XV DHFi
M[sZ[SSXu @ DHFjQFF
CUW`UV^SX^Wu LWWXU DHGqQGh
r\\XUVSu B[TYVW DHGqQGFu DHGGQGE
NYVSZWu KY`U DHGFQGGu DHGHQEi
NYVWZu JYV`W OZZYVW DHEjQEF
PURXYu AWZW^^U CUV`W^^W DHEFQEE
gl[VRZbu PU[W CS[XcYZ DHEEQHD
eYZl_ll
tUVVYZWRXu B XV DHii
@WZ]`UVVu O XV DHiD
PSW`WXcSWZYZu d DHiIQiju ^V DHiF
Cs[[sZYZu O XV DHij
@UZcUVUWZYZu O DHijQiq
AUVSZYZu C e ^V DHiq
CR^WUWZYZu J ^V DHiqu DHiFQiE
tYZZY[Xc[UZbu J L DHiqQih
tY]YVWRXu o d ^V DHih
O[yaUZ]YVX^W_u M ^V DHih
AU[VWZu K ^V DHih
rUVUZbY[u K t DHihQiG
PU[VWZ]u O DHihQiF
CRS[WVUu ? ? DHihQiF
JYWX^UZYZu XV DHih
PR_SVUu d XV DHiH
AUVTWZYZu PO DHDi
dl[`YVlu @ A ^V DHDD
eWaY[_RR[Wu J d ^V DHDIu DHDhQDE
Cs[Tlu J N ^V DHDq
M\VVYZzs]YVu O e O ^V DHDq
PURaUZYZu C ^V DHDh
CSW`SZYZu P e ^V DHDF
LYacS^U[Wu ? L XV DHDF
ÁaTUZZu K XV DHDF
PZRRccWZYZu O ^V DHII
eSRcWVUWZYZu A DHqHQhi
BcUVWUU
@UTXU\u CRRVW^^W DHEjQEq
PR`UUTUcUWcSU _U ^URZS^W[_SWcRXcU
PYWZlZYZu A O DEEEQHDu DEHFQHG
eRSVVYu J DEHiQHj
AU[VWZu O d DEHjQHq
LU]Y[XcUTu g DEHGQHEu DEHHQDHij
JUaVu g DEHEQHH
>Y`UZVWZZUu O XV DHII
tU[YZu N K ^V DHIj
LWZb][YZu N DHIjQIq
AUZccRu L DHqiQqDu DHqqQqh
BTTSZYZu o DHqDQqq rSa_SXTl^Wu r DHqhQqG
CWTSZYZu K XV DHqh
OZccWVUu A ^V DHqF
oWZYu ? DHqhQqFu DHqGQqH elal^UVVWSu O P XV DHqF
g[RTTY[QPS[`YZ^SZcWSu K ^V DHqG
PSX^Wu P DHqGQqE
PUUXWZYZu P DHqEQhI
JU[_RVWZu B DHqEQqH
KX^SVUu O ^V DHhI
JWYcUZYZu @ DHhEQhH
JUXXWu O DHhHQFi
oXXUZbY[u n DHFDQFq
>\zVSTu PUW_U DHFqQFE
CRSTWZYZu rW[^^S DHFFQFE
?WZSZYZu rYZccW DHFEQFH
oacsZYZu NUW_U DHFEQGIu DHGFQGG
PUaUZkllu @Wc`U DHGiQGD
Nl^YVlu NUW_UQLWWXU DHGDQGh
JU[_UZZYu NUW_UQLWWXU DHGhQGF rYZccWu NU[ccW DHGFQGE
rR[UZYZu NU[_UQLYYZU DHGEQHDu VYacf HDQ
okWSu NUccW PUVY`W DHEFQEG
PYXlZWYTWu AUcR C\ccW DHEEQEH
AUU[cSu O[W DHEHQHi
tUVVW^W`Wu oYZU DHHiQHD
PUZ^^RZYZu CU[_U OZWcU DHHiQHD
NRXWW^^WU
oRZWSu O ^V DHDi
eSWkWSu C ^V DHDD
JWaVTUZu O XV DHDH
AWR^^SZYZu e ^V DHIi
PYWZlZYZu K XV DHID
PU[`SZYZu O O DHIGQIE
rU[`WUWZYZu L ^V DHIH
oRcWUu @ DHhiQhD
rU[`WUWZYZu d DHhDQhj
rYXSZYZu ? A DHhjQhF
dR`SZYZu N DHhFQFD
BTTSZYZu e DHFiQFD
JYWX^UZYZu C DHFiQFI
eUUacY[`UU[Uu N ^V DHFI
JYW^WZaYWTSfNU[^^R DHGiQGq
O[_U`Uu dSRZW DHGjQGq
CUkWSu g[WcU DHEFQEH
CW^^UZYZu AW[^^UQLWWXU DHEEQEH
rSW_l[`Wu rW[^^S oVVU NU[_Rc DHEHQHi
NU[_UVUu OWZS P\VVW^^W DHHiQHD
eSWTWXcYVRUu cY[`Y\XSkkWU
tUXYZWRXu K d DEHiQHD
@W^UVUu P DHiIQih
¾WVVWUyRXu J ^V DHih
@sZZTUZu M DHihQiG
A\V`UZbY[u @ ^V DHiH
LWZ^Su n DHDIQDj
CUZZY[u L O DHDjQDh
AUUXcUTSWZYZu PK DHDhQDE
PSW`RZWYTWu J ^V DHII
rY[ccWVlu C DHIIQjD
AUU[WZYZu O d ^V DHIE
NWYccWZYZu N ^V DHIH
AcYWcX^UVVu N DHjiQjD
AUU[WZYZu C XV DHjD
@WZZYu e N DHjjQjq
AU`SVUWZYZu J DHjjQjq
oSXW^^WZYZu N ^V DHjq
CR[RZYZu O DHqIQqq
LYX^WZYZu N XV DHqq
PU[`SZYZu P XV DHqq
PSa`U^^Uu N ^V DHqh
>S[Uu n ^V DHqh
eW[cUZYZu P DHqhQqG
OUVcWSu O DHqGQhD
JUXXWZYZu C DHhDQhj
eWaY[WlVlu O P DHhjQhF
NRc[Ru r DHhFQhE
CS[^^YVu e DHhEQFi
LWZbXc[sTu n DHhEQhH
NUccWVUu N DHhHQFi
CU[^WUWZYZu O DHFiQFI
CYVUTUu @ DHFIQFh
J\`l[WZYZu @ DHFhQFF
oWXWu OVkS DHFhQFE
N\^^lZYZu AU^U[W DHFHQGq
rSa_Uu P[WXcWWZU DHGIQGq eYVVSZYZu @Wc`U DHGqQGF NUcY^S`WcXu gS[XU DHGqQGG rWW[UWZYZu BXTS DHGFQGG [UZy^Yu ¥U[V DHGGQGE
JW[Zu JYVWZl DHGGQGH
>RScWSu CWTS DHGHQEi
OZccWVUu @UWTS DHEDQEI
LYacS[UZcUu NU[_U DHEDQEq AlbYu CU[_U DHEjQEq JURcUVUu JUZZU DHEhQHi
LRR^^Su OZccW dRaUZW DHEFQEGu DHEEQHD LYacWZYZu BXTS rYccY[W DHEGQEE AUaVXc[sTu OZZYQTU[W DHHiQHD
rRaY^UX`UcRXcU
@lXlZYZu B C DHDjQDE
PUU^WZYZu B DHjFQhD
d\[WZ^SX^Wu n DHhDQhI
OaSZYZu @ DHhIQhh
LYWZSu rW[^^S DHFFQFG
>WX^UZYZu oVVU DHFGQFE
rR[Su oVVU DHFEQGI
AYkklVlu @WWccUu DHGjQGh
eW[SU
eYXcY[WZYZu L DHjFQqi
KXkY[UZcSU
AYclVlu e DHIGQIE
rW^U^W[_SWcRXcU
Nl^WZYZu K DHIHQji
CRSTWS_Uu A DHjiQjI
¥UXc[YZu K ? DHjjQjq
CRR[Wu e O DHjqQFD
NUcWZXUVSu dSYV DHFIQGE
CY^ZWXWl ^lXWcsWcl
eWWcUZYZu ? XV DHIi
¥S[UZbY[u ? DHIiQID
LUkUVUWZYZu ? DHIiQIh
@Y^SVUu A DHIDQIhu DHIFQIEu DHIHQjI
AUU[WUVaSu PO DHIDQIhu DHIFQjD
LlabYu J DHIFQIG
AcU[y^u n DHIGQjD
AU`SZaYWTSu P DHjDQqD
BTTSZYZu e DHqIQqq
CUTTWXSVUu K DHqhQqF
rUWVWZZUu OZcY[S DHGFQGG
NY^UUZWXYZ c\scUWbSZ SkYcRXcU SkYccU_U^UZbWbUUcYWVVY
tYXcVWZu g DHIHQjq
CY^XcWWVW^lXWcsWcl
@WZcUQ@Ua^Su KY`U DHGIQGE PSW`RZWYTWu NU[_UQLWWXU DHGEQED d\[^WlWZYZu NU[_UQLWWXU DHEDQEj @URaUTUUQJYWZSu o N DHEHQHD
PURkUVVWXWU UWZYWcUu ^SZY^W[_SWcRXcU }Pru PP~
@WZcUQ@Ua^Su KY`U DHGGQGE PRWXTUu @WWccU DHGEQGH PS`UVUWZYZu @UW_U DHGHQEI
CRSTWu eYVWQNUccW DHEIQEj
JYWZWZYZu dU[^S DHEqQEh
YbY[VY\u OcXS @UWZY[ DHEhQEF
LWZbXc[sTu rUXW CYR`S DHEFQEG
PUVVWSTl^Wu NY[_U @WWccU DHEGQEE
NU^^SZYZu AUVTY P[WXcWWZU DHEEQEH
r{¯UVXu CY[YXU rY[XbSccY[ DHEEQHD
AUU[WZYZu NW^U dUU^^S rYVVY[`S DHEEQEH
KVS[UZcUu rW[_S KVWXUzYca DHEHQHi
PScWcUVSRccU
CR[RZYZu JY[ccU DHGqQGE ÁXcY[TUZu KVXW P[WXcWWZU DHGFQGEu DHEiQEqf DHEhQHD
LUU^XSu @UW_U DHGEQEi
AURXcWVUu @WWccU JYVYZU DHEjQEE el^WkU[cUQAU[VWZu NY[_U B[YZY DHEGQHD
Nl^WZYZu KW[U BZ^Y[W DHHiQHD
K[Wc\WXSkYcRXcU
rR[Su oVVU DHGDQGI >\pS[Xu @Wc`U DHGIQGq @UZcUZYZu NU[_R^^U DHGhQGF A\`lVUacWu @UW_U DHGhQGF KVS[UZcUu AYkkS DHGFQGG eWYXcWVlu rY[ccW DHGGQGE rUVT][YZu PUW DHGEQGH K[SZYZu @WWccU P\VVW^^W DHEDQEIu DHEjQEFu DHEHQHD }?kS~ rS[^SVUu JYW^^W DHEIQEq rlVVWu @UWVW OW[U A\V`WU DHEFQEH
ARSTUVUWXYVVY SXUXcSVVY `RSXWZU DEFGQDEGG cRVVYYc SkkWVUUc
COoLo B
DEFG|D B^
NUZZWZYZu AUVSTSZf JW[`YZXUVTW IG e DEhhf \S Ghf p Ih ¨V DHDhf
LUXXWVUu ·U`Wb }CUU`W~f O[c_l[`W Ii eWVW DEhqf eVwcU Gjf c DI e DHDIf
n[_sQPSX^WZYZ }UW^ S[XTUZu T\sX PSX^WZYZ~u KWZS AU^U[Wf
JlTYYZ^\[s j ¨ DEhEf \S Ghf p Di B DHDFf
¥SVVWUZbY[u MWbYSZ BTTUZRYVf LUkkYYZ[UZcU DE ¨B DEhGf \S Ghf p IH DDD DHiHf
LWZb][YZu g[\ZSVpf LSkkW Ij eBBB DEhhf ewVcl GIf QD DE Be DEGhf
Ä^YXXSZu K[ZXc OVY^XUZbY[f ³LUkkYYZ[UZcU DE VWW DEhhf ewVcl Gjf p Di ¨B DHIjf
JUZZW^UWZYZu rYcY[ tUVbYTU[f rU[W^^UVU q Be DEhEf \S Ghf p q B¨ DHIEf
LUZ]u OR]RXc Kb`U[b ObSVpf MscYzS[] DI BB DEhEf \S GGf c q B¨ DHihf
OZbY[XXSZu PU[V MRXcUpf ³LSkkW DH B¨ DEhEf p II eB DEGhf
CUTTYVWZ }T\sa T\sX CUTTWZYZ~u [UZX Y[bWZUZbf >RTTW ID DDD DEhjf eWVWVcl GFf p ID BB DEEIf Ä^YXXSZu KTWV MY[aU[bf LUkkYYZ[UZcU Iq BB DEhEf \S GGf c h D DHjif
gVSTzY[]u MYS[] OVp[Ybf NRR[VU Iq Be DEhEf BLVcU Gif
DIh ¨BB DEEIf
>\Xc[sTu dSaUZ MRXcUpf >R[TW_l[`W jD e DEhHf BeWVcl GIf p q eBB DEHIf
dl[ZXc[sTu @SzY[c OVzWZ}RX~f J^W j D DEhGf eLVcU Ghf p ID e DHiGf
COoLo BB
DEFE|DD B^ eRS[WS }YZc S[XzY[]~u KTY[W^ WVWzY[c @UWZY[f LYkkl`W[cU Dq B¨ DEhFfQ\S Ghf c G Be DHDFf LU]RXu eWVaYVTf VWXUVTW j B¨ DEhFf \S Ghf c Dq eBBB DEHFf
JW[`YZXUVS }YZc LU]RX~u LU[X @YWZaSVbf VWXUVTW q Be DEhEf \S Ghf Qp IG e DHDEf NUVTzY[]u [Yb[W^ KVWYVf @URcUVUTkW Dj eBB DEhFf eVLVcl Ghf c J eBB DHIDf eWVkkRVU }YZc NYVU[c~u dSaUZ dSaUZXXSZf ³Pl[^sVl DF eBB DEhqf BewVcl GDf p IF ¨BB DHDhf
DEFE|D B^
PU[UZYZu K[W^ dSaUZf ³JURX_l[`W Di e DEhqf \S GFf c D B¨ DHIhf
oScWVU }YZc U`YZ~u OR^RXcW }OR]RXc~f o[_UVU h e DEhEf \S GFfQc DE DDD DEEFf CW^^UZYZu OVp[Yb Y[bWZUZbf PWR[R`YXW Ii Be DEhGf BewVcl GDf p DG e DHiqf LUWaS }YZc LWV_Y[SX~u ?ccS tW^cS[ BTTUZRYVf JW[`YZXUVTW IF eBBB DEhHf \S GFf p Dq Be DEEGf tYaUZYZu PSZXcUZcWZ }PSXcW~f CspXUVU j B¨ DEhEf \S GFf c I ¨ DEEGf
·UVWZu Kb`U[b KTUZRYVf AU`WcUWkUVY j DDD DEhhf e¡Vcl Gqf « Ii ¨BB DHijf
AYWZbUVu PU[V JYZ[W^f J^W DF e DEhFf ewVcl Ghf c IG ¨BB DEHhf tW^TUZu MRXcUp KTWVf >RTTW DG ¨ DEhGf ewVcl Gqf p IE ¨B DHiHf
NRZy^ }NRZy^ Up RV^WVU~u ?ccS OZbY[X dSaUZf J^W Iq eB DEhHf eLVcU GFf c DE Be DEEhf rUVUZbY[u tWVaYVT [Yb[W^f JURX_l[`W Dj e DEhGf eLVcU GFf c Dq B¨ DEHif rRc^SZYZu NUcaWUX KVWYVf CRRXRVU Dh Be DEhEf Be¡Vcl Gqf c D B DHqHf
JlVWXcYZu gY[Zbc Kb`U[bf PUX^WZYZ Di ¨ DEhEf oVWVcU GDf Qc D B DHqHf
PYcS }YZc PU[VXXSZ~u PU[V OZcSZf ³OXW^^UVU DG B DEhHf eWVWVcl GGf QcIF Be DHDjf LUZ]u ?X^U[ MYS[] OVU[W^f MscYzS[] DD DDD DEFDf \S GEf c DF ¨B DHiHf
COoLo DDD
DEFH|DDD B^
AWVYZu ObSVp [Yb[W^f ³J^W IG eBB DEhhf \S Ghf c q D DHIGf
·R[yaTUZu LUa_U J\`lf @RS`YXW IF B DEhGf \S Ghf p Dj BB DHjhf
DEFH|DD B^
A`WZaRp`Rb }A`WZaRp`Rb Up É`UVXcUb~u rYa[ [Yb[W^ eW^WZ]f NW^^YVW DG eB DEhGf \S GEf c Iq eB DHiif
>\aSVTu OR]RXcf C\[`ll j ¨BB DEhFf p IE BB DEGif
DEFH|D B^
`SZ WYUZbcu MYS[] B`U[f rUbUX_S^W DG DDD DEhHf \S GGf c Iq eBB DHIHf
M[saZu PU[V [WcWSpf eUUXU Ij DDD DEhEf BewVcl Gjf QD Ih e DHDIf
MRXcUpXXSZu [Yb[W^ tWVaYVTf J^W ji DDD DEFif Be¡Vcl Gjf c Dj eB DHDif
JUVVSZzVUbu eUVbYTU[f Pl^WXUVTW I ¨ DEhEf \S GGf p Ii e DEHIf
JYZ[W^XXSZu dSaUZ JYZ[W^f J^W DH B¨ DEhGf BewVcl Gjf
xP`U[]VsTcvf
AcYZ[Scau ?ccS KVWYVf AUU[W_l[`W Dj e DEFDf \S GGf p DF ¨BB DHjHf
gss^u OVzY[c CaYSbS[f rUbUX_S^W E eB DEhEf \S GGf p IH e DHqjf
?VUZbY[u ?ccS tWVaYVTf J^W G ¨B DEhGf \S GEf p I BB DHDGf
JYVVXcYZu PU[V MRXcUpf J^W Ij BB DEhEf eLVcU GFf p Dq e DHjGf
>\TUVTu OVpSZX OVYÃUZbY[f JUTWZU IH DDD DEhGf eLVcU
GFf p DF ¨BB DHDDf
BZ]TUZu rYc[RX }rY^^U~f @WXcWWZU ID eB DEhHf eVVLVcU GEf c ji B DHiEf
tYWXTUZu OR]RXc eW^cS[f J^W Iq ¨ DEhhf BLVcU Gif p IG eB DEEDf
JUZZWZYZ }T\sX JUZWZYZ~u >W^SVUW dSaUZZYXf ?[WTUccWVU I eB DEhFf pIg eBBB DEEFf
rUVSaYWTS }YZc g[UZbY[~u NU[cWZ MRZZU[f CR[^R h eBBB
DEFifQ\S GEf c Iq ¨ DHiFf
¥UVSZWRXu O[ZSVb AW]p[Wbf BTkWVUacW F eB DEFif BewVcl Gjf c ji ¨BB DEEHf
AYbY[aSVTu K[W^ OVp[Ybf J^W D BB DEhEf VVLVcU GIf p IG ¨BB DHIif
JU]XcYbcu dSaUZ Kb`U[bf J^W E B DEhHf BLVcU Gif QD Ij DDD DEEGf
CSW`SZYZu NUccXf nVWal[Tl IF B¨ DEhhf BewVcl Gqf
·UTXcYZu JY[TUZ @YWZaSVbf DI Be DEhHf \S GEf p Dj Be DHIDf
rUVSaYWTS }YZc g[UZbY[~u tWVaYVT dSaUZZYXf h B¨ DEhHf BewVcl Gqf p Dq DDD DHiEf
K[W^XXSZu dSaUZ NUÃWTWVVWUTf ³rS[ZUWZYZ q Be DEhEf eLVcU GFf c D ¨ DHIqf
ASVb{Zu g[RZS Oz[UaUT JYZ[W^f ³VTkWVUacW F ¨ DEhHf ewVcl Ghf c F eBB DHiFf JYZ[W^XXSZu KTWVf J^W Iq B DEFDf BLVcU GIf p ji eBBB DHjif
>YW]VWy^u MYS[] J_UVTU[ MU[WzUVbWf BTkWVUacW IE eB DEFif LVcl GDf p j ¨B DEEHf
COoLo Be
DEGi|DDD B^
¥\]ZUYRXu tUVcY[f rWYcU[W jD e DEhFf \S GFf p II eBB DHjif
@RVVS }T\sX NWZZW~u dSaUZZYX dSaUZXXSZf elal^\[s IE eBBB DEhEfQ\S GFfQp ji D DEEFf
DEGi|DD B^
¥\]ZUYRXu dSaUZ dU^Sz }JUZZYX~f rWYcU[W IH e DEhEf \S GGf p DF DDD DHDqf
dl[ZYpYVcu PUXkY[ tUVbYTU[f rWYcU[W Dj eB DEhHf \S GGf c DD ¨BB DHqDf
DEGi|D B^
tRS[WZYZ }YZc Nl^YVl~u ?X^U[f ³LSkkW DE B¨ DEhqf eVVLVcU GGf p ID ¨ DHIIf
JYZ[W^XXSZu gY[Zbc @SzY[cf JSVVSVU IF eB DEFif \S GEf p q B¨ DHihf
JlTlVlWZYZu eW^cS[f ³@URcUVUTkW DF B¨ DEhHf \S GEf c Ii B DHDqf
AUVWZu MRXcUp ObSVpf ASTY[S ID B DEhFf BewVcl Gjf p h ¨ DEEif
rWYcWVl }YZc gY[]][YZ~u dRRXS }dSXYp~f LSkkW DE B¨ DEhFf eBLBcl GGf p D eB DHiFf
eWy^cYZ }T\sX eWyacYZ~u dSaUZ [Yb[W^f ³J^W G e DEhHf
VVLVcU GIf p Dh Be DHDGf
JYVVTUZu [UZX ?X^U[f J^W II ¨B DEhHf p Di Be DHiif
Lsp][YZu [Yb[W^ OVp[Ybf >R[TW_l[`W I eBB DEhGf BewVcl Gjf c IG BB DHjqf
rW[ccW_S^W }YZc JYVYZ~u PU[V ?X^U[f ³CUTkY[Y G e DEhHf
VVLVcU Gjf p Ii B¨ DHiHf
LUR[YVVu dSaUZ tWVaYVTf J^W IF e DEhFf BLVcU GDf c Ih B
DEEIf
CUZZY[ }YZc CRa^UVUWZYZ~u MRXcUp OVp[Ybf J^W IE DD DEFif
BLVcU GIf « Dj eJ DEHDf
O[SZXXSZ }YZc rUUZUZYZ~u PU[V eWVaYVTf oR[UWZYZ Di eBB
DEhFfQBLVcU GIfQp ID ¨ DHiDf
M[sZ[SSX }YZc dR[`YVWZ~u MRXcUp LYSZU[bf ?RVR DH e DEhEfQ
BLVcU GIf p ID DDD DEGHf
AYbY[aSVTu OVzY[c PSZXcUZcWZf J^W D Be DEFDf BLVcU GIf p Ij eB DHqif
LWZb][YZu dSaUZ Kb`U[bf J^W DE eBBB DEhHf LVcl GDf p DI eB DEHqf
JYVV][YZu [UZX [Yb[W^f J^W Iq ¨ DEhjf BLVcU GIf p DHD DEEHf
LsZZ£`WXcu ?X^U[ KTWVf Ì J^W h DD DEFDf LVcl GDf p DG BB DEEhf
COoLo e
DEGD| Be B^
OaVzY[]u OÃYV @SzY[c KTUZRYVf CS[ZWS Ij DDD DEhjf BewVcl GIf p DH e DHDIf
DEGD|DD B^
rSkkWRXu MYS[] [Yb[W^ tWVVYaUbf NW^^YVW D ¨ DEhEf eVVLVcU GEf DID ¨ DHIEf
COoLo eB
DEGI| e B^
VSbWZu PU[V CaYSbS[f ³eUUXU Di eBB DEhEf eBLBcl Ghf c IH ¨B DHIhf
DEGI|DDD B^
tY]YVWRXu tWVaYVT KXUWUXf PUZ]UXUVU E ¨ DEhGf eLVcU Ghf p D B DEHif
M[lXzYy^u ARZY [Yb[W^f JW[`YZXUVTW ID B DEhGf \S GEf c DI ¨ DHDFf
M[lXzYy^u PU[V ?X^U[f P\TW II ¨B DEhEf \S GEf c j B¨ DHIEf
JYVYZWRXu MRXcUp [Yb[W^f J^W IE e DEhGf \S GEf p DF eBBB DHDGf
S[XcYZu LYZZU[c OVpSZXf ³PRSkWS DG B¨ DEhGf \S GEf c j BB DEEqf
tUaVzY[]u OVYÃUZbY[ KVWYVf rWY^XlTl^W DI Be DEhEf \S GEf Qp Iq DDD DEHHf
COoLo eBB
DEGj| e B^
@WbbYVWZ }T\sa @WcU[XUVS~u PU[V }PUU[VS~ OVU[W^f JlTYYZQ ^\[s I eB DEhEf \S GGf p DG Be DHjqf
NYR[TUZu ?ccSf PUZ]UXUVU I DDD DEhHf \S GGf p Ii BB DHIHf
DEGj|D e B^
LUccRZYZu PU[V UzWUZf ³dS[SWZYZ j ¨ DEhEf M[sZzY[]u dRVWRX Y[bWZUZbf ³CUTkY[Y Di eBBB DEhGf eLVcU GFf p F ¨B DEEhf
COoLo eBBB
DEGq| e B^
PY[kkSVUu PU[V }PUU[VS~ [Yb[W^f PUZ]UXUVU Iq eB DEhHf \S GEf p j ¨B DHIqf
PSRVRRZ `RSXWZU DEGDQDEEF ScYcRc SkkWVUUc
COoLo B¨
DEGD|D B^
M[ssZ[SSXu K d Pf >R[TW_l[`W DEhFf \S GHf
?VUZbY[u P Nf LUkWZ_l[`W F ¨B DEhhf \S Eif
CWVVUZbY[u O tf CRRXRVU DEhHf
PSVWWZu P Pf JURX_l[`W DEhEf
AZlVVu dOf§ CUTkY[Y DEFif
CYWccWZYZu P Of dS[SWZYZ DEFDf \S Eif
LUZ]u ?gf§ rWY^XlTl^W DEFif \S GHf
LUR[YZu O @f LYTW DEhFf
KZ£`WXcu df J^W D Be DEhHf \S Eif Ä][YZu ? Jf J^W DEhEf
JYVYZWRXu Jgf§ J^W DEFif
AWV`UZu d Mf NYXXR^\Vl DEhHf
PR[W^^Uu Cf CRRcY[W Ih ¨B DEhEf \S EDf
MRXcUpXXSZu df DEhGf
LWZb][YZu d Kf J^W DEhHf tYW^^SVWZu d Kf eWacW DEhhf tUVaYVTu d Of J^W DEFif
P[SaZu P Lf J^W Di e DEFjf \S Eif
>\XcYbcu d tf Pl[^sVl DEhhf
KZ£`WXcu t tf J^W DF eWVW DEFif \S Eif
@sZZaSVTu Of >RTTW IF ¨ DEhHf \S Eif
PsZZWu ? Kf BVTU_S^W H Be DEhEf
LWV_YXc[sTu Pof§ J^W DEhEf
g[UZbY[u POf§ PUZ]UXUVU Iq eBB DEFIf \S Eif
PSy^u d Of ¬J^W DEFDf dl[ZYpYVcu Of rWYcU[W q ¨B DEFDf \S Eif
CSW`SVUu Of BVTU_S^W h eBBB DEFif \S Eif
LWZbpS[Xu O Of J^W DEhHf
ATUVYZu Kf § >R[TW_l[`W ji DDD DEhHf \S Eif
tWy^aSVTu P f ¬J^W DEhEf
L_RpXc[sTu K Mf >RTTW DE e DEFDf
gY[]][YZu Kf KXkSS DEhHf
BdWZZ£`WXcu ? Kf J^W DEFDf
dUZXXSZu P Of JURX_l[`W DEFD
KZzY[]u tf J^W DEhHf
tUaVXcYbcu Ptf¬ J^W DEFjf
PSV_SZYZu tf J^W DEhEf
OaVXcYbcu P df ¬J^W DEFif
·R[yaTUZu t Pf @RS`YXW I eBB DEFjf \S EFf
rU£`UVYZu g gf rWY^XlTl^W DEFDf
@YWZu O tf J^W DEFIf
COoLo ¨
DEGI|DD B^
CRa^UVUWZYZu P Of J^W IE BB DEFif \S EDf
AYbY[aSVTu O Pf J^W DEFDf
JYZ[W^XXSZu Kf J^W Iq B DEFDf \S EDf
DEGI|D B^
rUVSZYZu Cf >UXcSVU II B DEhHf \S Eif
ASWZWu df elal^\[s IH ¨ DEhHf \S Eif
JYVYZWRXu B Kf LUTTW j e DEhGf
tSVUZYZu Of NlZc\aU[_R q B DEhFf eVLVcl EDf
LWZb][YZu P Kf LRSkWSWZYZ DEhGf
PUbYZWRXu tf J^W E ¨ DEFDf \S Eif
rsVVlZYZu O Jf AllTWZ^W Dh eBB DEFDf \S EIf
>S[bVWZ]u >f ?[WTUccWVU Iq eBBB DEFIf \S Eif
JYZ[W^XXSZu P Jf § J^W ji eBB DEFDf \S Eif
AYbY[aSVTu tf J^W ji ¨BB DEFIf \S Eif
@RRcau ? Bf PY[WTl^W Dq ¨ DEFDf \S EDf
JYZ[W^XXSZu d Kf J^W h BB DEFjf \S EDf
g[YbYZzY[]u K Kf dUZU^^UVU Dj eB DEFIf JYVVXcYZu Of J^W II eBBB DEFDf \S EDf
LU]Y[XcUTu f CRRXZWYTW IG BB DEFIf eLVcU ED
AWWTUZu ·Of§ CUTkY[Y DEFif
LU£`WXcu J tf P[WXcWWZUZ^URkRZ^W DE B DEFjf \S Ejf
AkU[p`YZu P f J]WZ kWc DEFDf JYWcTUZu ef o[_UVU Ih ¨BB DEFDf JYVYZWRXu d df J^W DEFIf oZ]Y[Zu OLf§ @UZcUXUVTW ji DDD DEFjf eVVLVcU Ehf PR[W^^Uu Nf CRRcY[W Dj D DEFjf \S EDf rUy^UVYZu ef >RTTW DEFif
COoLo ¨B
DEGj|DDD B^
NYR[TUZu O Of PUZ]UXUVU II B DEFDf \S EDf NRR^^Uu Kf LYTW DEhjf
DEGj|DD B^
gY[]][YZu Kf KXkSS DEhHf LsZZ£`WXcu ? Kf J^W DEFDf
DEGj|D B^
PU_UZbY[u Pf JURX_l[`W Dq DDD DEFIf \S EIf
PURXUVUWZYZu df VWccW DEhHf
LWZb][YZu K Of § JSVVSVU F e DEFjf \S EDf rU^UcYZu P Of § >RTTW Dj Be DEFif eVVLVcU Ejf rUUVUZYZu O f rS[ZUWZYZ DEhEf
Jl\alZYZu Af eYZ_S^W }AVU`_UZ^U~ IF B DEFif
PSVVWZu Ptf§ ?[WTUccWVU E eB DEFjf \S EDf
OVUZbY[u d?f¬ NlZcXlVl I DDD DEFqf \S EIf
tUVbXcYbcu O f oX^YVU Dh ¨BB DEFIf \S EIf
@RRcau Pf NlZc\aU[_R DEhqf dl[ZYpYVcu KCf¬ eWWkR[W E ¨B DEFjf AW`YZu dPf¬ JSVVSVU Dh e DEhEf
NUVVYZWRXu ? @f eWWkR[W DEFDf PU[VXXSZu P Kf OXW^^UVU Ih ¨ DEFqf \S EIf
gSaTu d f JURX_l[`W h B DEFjf e¡Vcl EDf
K^VRZbu P f J^W E BB DEFjf \S Ejf
tUVVYZu O Kf BVTU_S^W DEhEf
rU_U[WZYZu d Kf J^W DEFDf
OaVXcYbcu O Of >RTTW h eB DEFIf
AcYZzly^u K tf OVU`RX Dj eB DEFIf eVwVcU EDf
gY[][Scau K Jf PYR[RR DEFDf
U`S[WZu tf BZU[W IE DDD DEFjf eVwVcU EIf
Ä^Y[zY[]u O f ³dUVUX_l[`W DEFIf
COoLo ¨BB
DEGq|D e B^
JUZZYVWRXu n tf OVUXcU[S DEhGf JUZZYVWRXu d?f§ OVUXcU[S DEhFf ¥UVSZWRXu OAf§ BTkWVUacW DEFif
AYbY[aSVTu O Kf J^W DEhEf g[UZbY[u t df CR[^R DEhEf CU`YVUu P ?f eYXWVUacW DEhGf
DEGq|DDD B^
gYy^Y[u O Kf J]WZ kWc jD e DEFDf \S EIf
NYR[TUZu B df PUZ]UXUVU Iq e DEFIf \S EDf
JUZZYVWRXu oNf§ OVUXcU[S DEFIf
DEGq|DD B^
Nl^WZYZu Of PR[R H ¨B DEhGf \S DEEDf >RTTYVWZ }T\sa >RTTWZYZ~u O Nf @RS`YXW IE ¨BB DEhGf \S EIf
CsccY[TUZu P M Of PW`W_l[`W DEFqf \S Ejf
DEGq|D B^
AcU[y^u d Of J^W DEFjf
AUVWZu O e >f PU[_UVSa_U Di ¨ DEFjf \S EIf
UVy^u t Pf J^W DE B DEFqf \S EIf
@U^SVU }T\sa rU^SVUWZYZ~u f NlZc\aU[_R IB¨ DEFIf \S Ejf
JY[c¦u Kf rWYcU[W ji DDD DEFqf \S EIf
OaVXcYbcu O Of rRXRVU DEFIf eVVaVcU Ejf
Up JlVVXc[sTu K tf LYTkllVl q Be DEFjf \S EIf
JUZZW^UWZYZu P ? Mf J^W E ¨ DEFhf \S EIf
JlTlVlWZYZu Kf @URcUVUTkW DEFqf
KZ£`WXcu ? tf J^W DEFjf
AW[YVWRXu L Pf BTkWVUacW DH ¨B DEFqf \S Eqf
L{Z]u O ?f LSkkW ID e DEFjf eaVcU Ejf
J\\[\VlWZYZu Pf NlZc\aU[_R DEhGf
LWZb£`WXcu Of PSX^W DEFIf eaVcU EIf
KZ£`WXcu P Kf J^W DEFIf
AcW]YVVu K df J^W DE e DEFqf ewVcl EDf
@RRcau O Jf PY[WTl^W I B¨ DEFqf \S EIf
OZbY[XXSZu P f LSkkW DH ¨B DEFhf \S Eqf
COoLo ¨BBB
DEGh| e B^ gly^TUZu O Lf dUVUX_l[`W DEhHf
JlVVXc[sTu PCf§ eU[^URX Dj e DEFif \S Eif dSaUZXXSZu Kf eWTkYVW Ih Be DEhHf \S Eif rUVUZbY[u Ptf§ LYTkllVl DEFDf \S GHf A_s[SXu df @URTU DEhFf \S GHf
tWVYZWRXu Jf LYTkllVl DEhHf tWVV][YZu K ?f CUTkY[Y DEhHf \S GHf
ÁaTUZu Kf CYWX^S DEFif \S GHf
DEGh|Be B^
JScWZYZu df NlZc\aU[_R Iq eB DEhIf \S EIf
rU[`WUWZYZu df dSYZXRR DEFif eWaWcl Ejf
DEGh|DDD B^
gSW_Y[u P@f§ NSRaW_l[`W E Be DEFif NYR[TUZu t Kf PUZ]UXUVU D ¨ DEFjf \S EDf
DEGh|DD B^
gSW_Y[u d@f§ NSRaW_l[`W DEFIf
JUZZR^XYVUu Bf BVTU_S^W Dq ¨BB DEFIf
LYWZSZYZu Of PSX^W D ¨ DEhEf \S EIf
L\[Uu Odf @WXcWWZU DD BB DEFjf eWaWcl EIf
DEGh|D B^f
OW[SVUu Jf Pl[^sVl Iq DDD DEFIf
OVWcUZu gf BVTYY IG BB DEFFf \S EFf
gSW_Y[u O Kf NSRaW_l[`W Ih eB DEFqf \S Ejf
g[UZbY[u J Mf PUZ]UXUVU DG ¨ DEFqf \S Eqf
JUaVu e d Of dSaUZZYX IF Be DEFhf ewVcl EIf
JYVYZWRXu d ef J^W F eB DEFhf \S EFf
JY[c¦u f rWYcU[W DE Be DEFhf BewVcl EDf
JWYcUZYZu rf NlZc\aU[_R DE e DEFDf eWaWcl EIf
dS^WZYZu CKf§ J^W IF eB DEFFf \S Ejf
PU[VXXSZu P Jf J^W Dq Be DEFhf
L\[Uu N Of AS[cU`UVU ID ¨B DEFqf \S EFf
NYVU[cu df Pl[^sVl G ¨B DEFqf \S Ejf
NYVU[cu Pf Pl[^sVl DE e DEFjf
NYVU[cu ?f NlZcXlVl I ¨ DEFqf
?VUZbY[u P Of J^W DG B DEFhf \S EFf
rUVUZbY[u Oof§ LYTkllVl IH BB DEFqf
rU[`WUWZYZu ? f § VWXUVTW DEFhf
AYbY[aSVTf K @f J^W II B DEFqf
AWVVTUZu J tf J^W DEFqf
A`WZaRp`Rbu P Af rUbUX_S^W DEFqf
CsccY[TUZu P O f J^W q Be DEFFf \S Eqf
tU[YVWRXu J tf PW[^^SZRTTW IH Be DEFFf Be¡Vcl ED
tWUVYZu OdOf§ >UR`S F eB DEFhf
tWVV][YZu P Af CUTkY[Y E eB DEFhf \S Ejf
COoLo ¨Be
DEGF|eB B^
JYVVXcYZu P Mf J^W Ij ¨B DEhEf
LlabYu d tf Pl[^sVl I eBBB DEhhf
>\TUVTu O Of JUTWZU DEhGf
>\Xc[sTu J t Mf o[_UVU DEFDf \S GHf
DEGF| e B^
JRWcUu df LU`WU IE Be DEhFf \S Eif
tU[YZu · ?f LU`WU ID ¨BB DEhFf \S Eif tWVYZWRXu Jf § LYTkllVl DEhFf
DEGF|DDD B^
N\ZccWZYZu Jf NlZc\aU[_R DE eB DEhGf
DEGF|DD B^
Ls[k\Xu Of eW[[Uc IH ¨B DEhHf \S Ej
rYccY[XSZu ? Of @YWX_l[`W DEFjf
@WkUccWu df @WXcWWZU I eBBB DEhHf \S EFf
AWa`SVUu P ef ?[WTUccWVU q e DEhEf \S Ejf
tSVppu P O ?f eUUXU Dh Be DEFqf ewVcl EIf
tRS[Wu Pf @RS`YXW DH eBBB DEFjf \S Ejf
DEGF|D B^
OaVTUZu Nf J^W DG e DEFFf \S Eqf
OaSZYZu O df LUkkYYZ[UZcU DH ¨B DEFjf \S Eqf
OZccWVUu P Pf Pl[^sVl Ih B¨ DEFjf
g_s[^u rPf§ rWYVU`YXW DH DDD DEFIu
g_s[^u Of rWYVU`YXW ID DDD DEFqf
g[WZy^u P Of LUR^UU DH eB DEFjf eaVcU EDf
·Rp`Uu O ef VWXUVTW DEFqf
K[W^XXSZu K df >R[TW_l[`W DEFDf
MYXc[WZu P f KVWTl^W DEFhf
M[SRZbXc[SYTu J f PUVU_S^W G Be DEFGf BewVcl EDf
JY[c¦u Nf CUTkY[Y F e DEFFf \S EFf
J\csZYZu M gf J^W E ¨B DEFhf \S Eqf
PUV^^WZYZu Kf rS[ZUWZYZ II eBBB DEFDf eVwVcU EDf
PSX^WZYZu L Of J^W I VWW DEFGf \S Eqf
LWZbpS[Xu Nf VWccW DEFDf
LWZb][YZu K Bf J^W DEFhf
L\zYy^u K ef BVTU_S^W IG ¨BB DEFqf \S Eqf rYZccWZYZu Of NlZc\aU[_R h e DEFDf ewVcl EDf
AY`SZu O O O gf JlTYYZVWZZU IF eWVW DEFFf \S Ehf
AcYZWRXu g Of J\`WZ^ll DEFjf BewVcl EDf
AcW]YVVu J Lf ¬J^W I ¨ DEFjf
Cs[Z[SSXu P K Of AS[cU`UVU DEFFf tUVYZWRXu d Kf J^W IH e DEFhf ewVcl Ejf tUXYZWRXu d Kf J^W H DDD DEFFf \S Ehf tW^zY[]u M df >RTTW F eB DEFhf ewVcl EIf tW[cUZYZu P Of rS[ZUWZYZ E B¨ DEFjf \S EFf
COoLo ¨e
DEGG|Be B^
P[UYTY[u P ? Of ¬ AU`SZVWZZU DE eB DEFIf \S Ejf
DEGG|DDD B^
OZcWVUu dOf¬ BVTU_S^W D ¨B DEFDf \S Ejf
DEGG|DD B^
JSVTXc[sTu J K ef J^W ji ¨BB DEFhf \S EFf
tWVSZYZu O Kf >UXcSVU IF DDD DEhGf eLVcU Ejf
DEGG|D B^
OVUZbY[u d tf J^W DD eBBB DEFGf e[Vcl Eqf
gVSTzY[]u Nf @URc_l[`W DEFGf BeWVcl EIf
g[WZ^u K Of eUV^YUVU Ih B¨ DEFhf \S Ehf
¥VY`Yu P Af J^W ID ¨B DEFGf \S Ehf
JU]pS[Xu K tf ¬ ?[WTUccWVU Ih Be DEFjf \S EFf
JYW^YVu J df dUZU^^UVU DF e DEFhf eVLVcl EFf
JYW^YVu PZRc K[W^f ¬ AU`SZ kWc I eBBB DEFG }TUc[ ZwS H~f
JsV^^Y[u Of ¬ rWYcU[W I B DEFjf dY[[TUZu d Kf J^W E ¨VV DEFhf
P[SaZu d J @f J^W E ¨B DEFGf \S Ehf
PR[[SWZYZu f ¬ @URc_l[`W h ¨ DEFFf \S EGf
LYacWXUVSu df nVWXcU[S DE ¨ DEFqf
LWZbpS[Xu df JURX_l[`W DEFjf
LWZb[SSXu edf¬ CUTkY[Y Ih eBB DEFFf eLVcU Eqf
NUVTXc[sTu P f J^W Dh BB DEFGf BeWVcl EDf
>R^U[Wu df ¬ VWccW jD e DEFFf \S Ehf >RTTWTl^Wu Pef¬ >R[TW_l[`W Iq BB DEFjf ?VWZu d Kf ¬ J^W I eB DEFqf
rUZcXU[u tf J^W Dh BB DEFhf eLVcU Ejf
rUZcXU[u Jf ¬J^W DF B¨ DEFFf \S Ehf
rYc[YVVu P ef eWacW j eBB DEFqf \S Ehf
rsVVlZYZu KLf¬ PY[WTl^W F ¨BB DEFGf BeWVcl EIf
AUU[ZWS }YZc rsVVlZYZ~u C Mf ¬PY[WTl^W Ih DDD DEFFf \S EFf
AY[YZWRXu Of ?[WTUccWVU Di ¨ DEFFf
ATUVYZu d Kf >R[TW_l[`W H B¨ DEFjf
AcYZ`UVVu O o Kf ¬ >R[TW_l[`W E ¨ DEFjf eWVcl EIf
ARZb][YZu POf¬ JlTYYZ^\[s q ¨BB DEFqf CRVSZYZu dOf¬ >R[TW_l[`W Dj B DEFDf
COoLo ¨eB
DEGE| eBB B^
S[XcYZu P@f¬ PRSkWS F BB DEFif \S EDf ¾WccWZ]u P df PRSkWS IE ¨BB DEhFf \S EDf
DEGE|eB B^
JYVUZbY[u O Jf BVTU_S^W DI ¨BB DEhGf
DEGE| e B^
A_sVWZu P Jf AS[cU`UVU Ii eBBB DEFIf
DEGE|DDD B^
OZcWVUu Kf PR[W^^U Ij e DEFFf \S Eqf dSaUZXXSZu Kf JRWccWZYZ E ¨B DEFhf rU[SZYZu Nf VWccW j Be DEFDf eLVcU Ejf
DEGE|DD B^
JSVTzY[]u P f VWccW Dq ¨ DEFIf eVVLVcU Eqf JRacWZYZu Kf ARV^U`U E B¨ DEFFf \S Ehf CW^^Uu df @WXcWWZU DD DDD DEFjf eLVcU EFf
DEGE|D B^
OaV][YZu d ?f J^W h e DEFhf OZbY[XXSZu P Kf J^W D eB DEFFf VVLVcU EDf gUy^zY[]u [UZX OR]RXcf VWccW DD ¨BB DEFE }TUc[ ZwS I~f
gVSTzY[]u Nf r\al_l[`W Dq B DEFEu
NUZZY[ }YZc gVST£`WXc~u O ef PS^^SVU ji Be DEFqf \S EFf
·Y]Y[aSVTu K Jf CUTkY[Y Dh Be DEFhf eVwVcU Ehf
·RZbY[pYVcu f J^W h ¨V DEFqf
KZ]Xc[sTu K Kf PWcYY DG ¨ DEhHf \S Eqf
UVy^u d@f¬ J^W E eBB DEFEf BewVcl Eqf
M[UZ£`WXcu P ef J^W G DDD DEFhf \S EFf
JUZZW^UWZYZu C @ Of J^W IF ¨BB DEFEf \S EGf
PU[VWZu Cf @UZcUXUVTW D B DEFEf ewVcl Eqf
tUVVYZWRX }YZc JYVYZWRX~u df o[_UVU IG B¨ DEFGf eWVVWVcl Ehf
J_YVcu O L Nf J^W DE e DEFEf \S EFf
dl[ZYpYVcu O C df CSaTU_l[`W Di ¨ DEFGf \S EGf
LYTzY[]u dPf§ JlTYYZVWZZU Ij DDD DEFFf \S EFf
LWZbXcYbcu dPf§ LSa_U ID e DEFhf
LYaTUZu g f J^W DH ¨BB DEFGf eLVcU Ehf
L\[Uu O[TUX @UpUYVf AS[cU`UVU DD eBB DEFE }TUc[ ZwS Dq~f NU_UZbY[u P Jf J^W Iq eB DEFEf \S EGf
NRXcWVUu A Of O^UU IE ¨ DEFqf >R[^^WZYZu O Af eYXWVUacW F Be DEFDf \S EFf ?VWZu ? tf J^W G eBBB DEFFf \S EFf
rYVcSZYZu dOf§ @RS`YXW DG eBB DEFGf \S EFf rYccY[XXSZu t K Bf J^W IH B¨ DEFGf \S EFf rWaVa_Y[cUu N Of eUV^YUVU Ij ¨V DEFGf
@YVUZbY[u P Pf eWWkR[W Dh ¨ DEFEf BewVcl EIf @RS^SVUWZYZu Pf J^W F eBBB DEFqf
AUV`YZu d f r\al_l[`W IG ¨BB DEFFf VVLVcU Ejf
AYbY[aSVTu P Of rRXRVU h B DEFhf \S EFf
@SWZY }YZc AWVp`Y[Xc[sT~u @f J^W Dq eBB DEFFf \S EFf
AcYZ[SSXu O Jf J^W H Be DEFGf
AcW]YVVu d Kf J^W Iq ¨BB DEFhf
LRW^^S }YZc A`UZ~u Kb`U[b LS[YZ¦S O[WXcWbYXf JUTWZU D eB DEFG }TUc[ ZwS Ij~f
A`UZu g C df JUTWZU G eBBB DEFEf eLVcU Ehf
CUTTYVWZu P Jf J^W Ii e DEFEf BewVcl Ehf
tWZcY[u P df LUkkYYZ[UZcU Dj BB DEFGf \S EFf
tSaVSZYZu df ?[WTUccWVU II eJ DEFqf
tl\[\ZYZu J Lf J^W Dh ¨V DEFhf
ÁXcu K Of J^W D BB DEFFf VVLVcU EDf
COoLo ¨eBB
DEGH|Be B^
LYWZSu PKf¬ LSkkW DF DDD DEhEf eVLVcl EIf
DEGH|VV^
gVSTu g gf J^W Ih eB DEFGf eVLVcl EFf
gSXc[sTu NU[ccW CYSbS[f ¬ VWccW Ii eJ DEFE }TUc[ ZwS hq~f
¥YbY[][YZu dSaUZZYXf J^W ji B¨ DEFH }TUc[ ZwS h~f
M[sZVRZbu PUU[VS KVWUXf J^W DD Be DEFH }TUc[ ZwS F~f
JYVVY`RS[W }YZc JYVVXcYZ~u NU[ccW NUccWUXf eWacW Di ¨B DEFH }TUc[ Z[S Di~f
B]ZUcWRXu P n gf J^W DI ¨V DEFHf \S EGf
AU[^WU }YZc dU^SzXXSZ~u PU[V OR]RXcf ³?[WTUccWVU D ¨ DEFH }TUc[ Z[S jH~f
dU^SzXXSZu ·Of§ PU[^^R DE B¨ DEFHf dSaUZXXSZu ·Of§ PU[^^R DE B¨ DEFHf \S EGf
dR[`Uu Of PSX^W II B DEFHf BVV[VcU EIf
dl[ZYpYVcu K Of eWWkR[W Dh eB DEFHf eW[Wcl Eqf
dl[`WZYZu Of J^W D VWW DEFGf \S EGf
LskksZYZu Nf eWWkR[W F Be DEFFf NRZ^u J ef PU[_UVSa_U IG eBB DEFGf eW[Wcl Ehf @URaUTUU }YZc >\^Skk~u gY[Zbc tWVVWUTf Pl[^sVl IH JV DEFE }TUc[ Z[S Gh~f @YWZu Mf J^W Ij ¨B DEFHf \S EGf
AU^XYVWZu df >R[TW_l[`W IG BB DEFIf
AUÃYVWZu ?f BVTU_S^W j B DEFhf BVV[VcU Ejf AY`SZu Of J^W IH eB DEFGf e[Vcl EFf tY]YVWRXu P Of J^W DG ¨ DEFEf BVV[VcU Ejf
tYXcY[zY[]u P Of J^W Ii B DEFFf Be[Vcl EIf
COoLo ¨eBBB
DEEi| e B^
@YVUZbY[u @ df dSYZXRR H e DEFjf eJV[VcU Ehf
DEEi|DDD B^
>S[[][YZu O Kf LS`WWXU Dj ¨ DEFhf Be[Vcl EIf
DEEi|DD B^
·UaVzY[]u Of § CUTkY[Y Di eBBB DEFjf \S EGf
JU]YVzY[]u df rWW^^Ws Ih eBBB DEFFf \S EGf
Up JlVVXc[sTu > M Of LYTkllVl F ¨BB DEFGf o[WcU EDf dR[`Uu ?rf§ OVUcSTWS ji Be DEFGf e[Vcl Ehf PS`Y[Su d Kf CYWX^S Ii B¨ DEFEf \S EGf
DEEi|D B^
OaVTUZu KWZS @UpUYVf J^W DD D DEGD }TUc[ Z[S D~f
OaSZYZu O tf J^W Di e DEGif eW[Wcl EFf AUU[W }YZc OR]RXcXSZ~u OR]RXcf J^W IG ¨BB DEFH }TUc[ Z[S qh~f g_s[TUZu ? f >RTTW DG eBB DEFGf e[Vcl Ehf gVSTXcYbcu t Of AllTWZ^W Dj ¨ DEGDf gsy^Y[TUZu KTWV ObSVpf J^W ji eBBB DEGi }TUc[ Z[S hG~f
MRTTY[RXu df AllTWZ^W Dj ¨ DEGif e[Vcl Ehf
JUy^VWZu dSaUZU KTWVf eWacW I eBB DEGD }TUc[ Z[S Fq~f
JU]YVzY[] }T\sa @UY^UVVWS~u oRZS tWVaYVTf rWW^^Ws I eB DEFH }TUc[ Z[S E~f
JU[bYZu P df JYWZSVU Ih B DEGDf o[WcU EIf
JWVbYZu O[caR[f O^UU DI DDD DEFH }TUc[ Z[S jG~f J\TUZbY[u KVWYV MSccVWYz BTTUZRYVf ³J^W h ¨ DEFH }TUc[ Z[S FF~f
Jl^^WZYZu dPf§ @RS`YXW Dq ¨ DEFEf B[Vcl EDf
PSX^WZYZu A gf r\al_l[`W DF eBBB DEFHf Be[Vcl Ehf LU`SZWRXu N Pf J^W h ¨B DEGif o[WcU EDf
LWZbzY[]u d @f J^W Dh ¨B DEGif BVV[VcU Ehf
LWZb][YZu PU[V KTWVf J^W IF DDD DEGi }TUc[ Z[S DI~f dS^WkUVcWS }YZc LWZb[SSX~u ASVTRf ³?[WTUccWVU II eBB DEFG }TUc[ Z[S Dj~f
LWZbXc[sTu Of ?[WTUccWVU h DDD DEFGf eW[Wcl EFf
NY[W^UZcS }YZc NUcXXSZ~u ?f J^W h eBBB DEFEf eWVWVcl EFf
NUcaYVWZu KTWV OR]RXcf J^W ID eB DEGi }TUc[ Z[S qi~f
NYR[TUZu J_UVTU[ }dUVTU[W~ [Yb[W^f ³PUZ]UXUVU DH eBB DEGi }TUc[ Z[S qD~f
>S[[][YZu O d Lf LS`WWXU Ih ¨BB DEFHf Be[Vcl Ejf
>\zY[]u O Kf J^W IE ¨B DEFFf o[WcU EDf >\TUZu Af rlV^lZY Dh ¨ DEFhf o[WcU EDf ?^XUZYZu tlWZs KVWUX Kf J^W F BB DEGD }TUc[ Z[S DF~f rU_U[WZYZu d Kf J^W DI eB DEFHf
hI
rUWXyaYppu Of JURX_l[`W IE eBBB DEFEf oVWVcU Ehf
rUWXyaYppu df VWccW Ij eB DEGif o[WcU Eqf
rUVT[Scau PU[V tWVVWUTf ³JYWZSVU D B¨ DEFE }TUc[ ZwS
qj~f
rUZcXU[u Of J^W Dh DDD DEGif Be[Vcl Ehf
rYVcSZYZu PUU[VY CYSpWVRXf ³@RS`YXW DD ¨ DEFH }TUc[ Z[S
DG~f
`SZ rpUVY[u P e tf AWRZcWS IH ¨ DEFHf o[WcU EIf
@YkSZYZu Kf NW^^YVW II ¨B DEFEf eW[Wcl EFf
@RZbTUZu Kf >R[TW_l[`W DF B¨ DEFGf eW[Wcl EFf
@RRcau NU[ccW dSaUZZYXf ³PY[WTl^W ji ¨ DEGi }TUc[ Z[S
DH~f
AUVSu P ?f Pl[^sVl Ij DDD DEFEf e[Vcl Eqf
AWV`YZWRXu dRaUZUf ?[WTUccWVU IH B¨ DEFE }TUc[ ID~f A_sVWZu ?ZZW OVp[Yb dUU^^Sf ³AS[cU`UVU IG ¨VV DEFH }TUc[ Z[S qG~f
PW`W[W^^S }YZc AcYZ[SSX~u PUU[VS KYTYVWf ³J^W IE B DEGi }TUc[ Z[S qE~f CUTTYVWZu MRXcUp OVYÃUZbY[f ³J^W IG DDD DEGD }TUc[ Z[S hi~
oZSZWRXu gf J^W jD eBBB DEGif
tl\[\ZYZu K Pf J^W ji eBBB DEFHf Be[Vcl Ehf
COoLo ¨B¨
DEED|eB B^
rU[`WUWZYZu d rf ³dSYZXRR ji B¨ DEFjf
DEED|Be B^
JUW^U[UWZYZu P df dR`U Iq Be DEFIf
DEED|DDD B^
O[kSZYZu rf ³dSRcXYZS h ¨B DEFif BVV[VcU EIf
DEED|DD B^
OZbYVWZu tf JURX_l[`W Dq eB DEFHf \S EGf BZ]Y[TUZu [Wc¦ LYSkSVbf N\ZlTl^W G ¨ DEFH }TUc[ Z[S jE~f P\csu Of NlZc\aU[_R F eBB DEFIf eWVWVcl EFf @SXzY[]u P Pf dUUVU DF ¨BB DEFFf eW[Wcl EFf CSVSZYZu tf rUVcUTS II eBBB DEFqf e[Vcl Eqf
DEED|D B^
gY[cWZu PUU[VY KYTWVf Ij B¨ DEFG }TUc[ Z[S IH~f
gVST][YZu Jf @URc_l[`W Ii eWVW DEGDf o[WcU EIf
LWZZUXUVTW }YZc gVST£`WXc~u [UZX ?X^U[f J^W Dh e DEGi }TUc[ Z[S ji~f
KVT][YZu @SzY[c KVWUXf J^W F B DEGI }TUc[ Z[S jj~f
YVVTUZu O[`Wb J_UVTU[f J^W IH B¨ DEGD }TUc[ Z[S HD~f
JSVTXcYZu Pf dUUVU IG ¨ DEGif B[Vcl Ejf
JRTVUu Lf ³macl`l D eBB DEFFf eW[Wcl EFf
B]ZUcWRXu d f J^W E ¨ DEGDf Be[Vcl Eqf
dU^SzXXSZu O tf ?[WTUccWVU q B¨ DEGif
dS^WZYZu Ogf§ NlZcXlVl G eBBB DEFFf
PUV_RZYZu Of J^Wf o[WcU EIf
PR[W^^Uu dRXXWf CRRcY[W DD ¨ DEGi }TUc[ Z[S DiI~f
PR[W^^Uu Of ³CRRcY[W h eB DEFEf BVV[VcU Ejf
LUVRf K df J^W DD ¨BB DEFHf BVV[VcU EFf
LWZb][YZu Pf Ì LSkkW G BB DEGif B[Vcl EIf
NUXcu PUU[VY OVp[Ybf J^W DD eB DEFE }TUc[ Z[S Gj~f
NUccXSZu K[ZXc tSVbYTU[f ³JSVVSVU E eB DEGD }TUc[ Z[S Diq~f
?VUZbY[u dRVWRX OVY^XUZbY[f ³J^W h Be DEGi }TUc[ Z[S DiF~f
rU[TUVU }YZc r[WZX~u [UZX J_UVTU[f J^W IF ¨ DEGi }TUc[ Z[S DiH~f
@WZZY }YZc @U^SVUWZYZ~u OR^RXc J_UVTU[f NlZc\aU[_R IE eB DEGD }TUc[ Z[S qq~f
AU[VWZu P Pf CRRXZWYTW Ij ¨BB DEGDf
AcUTzY_u O @ f J^W ID Be DEGif B[Vcl EIf
Ac[YZ]u CSW`S LYZZU[cf ³rRRTUVU DF eBB DEGD }TUc[ ZwS qH~f
ARZbTUZu dOf§ rRXRVU Iq eBB DEFHf oVWVcU Ehf
tWV^TUZu PRXcUU OVY^XUZbY[f OXW^^UVU q e DEFj }TUc[ ZwS Iq~f
tWV^TUZu tUZSVb }tUVVY~ t[\bSZf ³eWWkR[W Dj DDD DEGI }TUc[ ZwS hI~f
tW[cUZYZu tf ?[WTUccWVU j ¨ DEFGf VWWcl EIf
COoLo ¨¨
DEEI|eBB B^
g[RTTY[u ? tf dSRcXU E B¨ DEFhf \S Eqf
DEEI|eBB^
tU[YZu Of ARSZYZ_S^W DG Be DEFGf \S Ehf
DEEI| e B^
tU[YZu O tf ARSZYZ_S^W j e DEFHf \S EFf
DEEI|D e B^
JU]YVzY[]u P Of JYWZSVU DE BB DEFGf eVLVcl Ehf
AUVYZWRXu KKf CUTkY[Y Dj B DEFGf \S EGf
AcYZzY[]u d tf JlTYYZVWZZU II ¨BB DEFFf \S EGf
DEEI|DDD B^
>\VUZbY[u P O Af J^W H Be DEFEf eVLVcl EFf
tWV^TUZu P Of OXW^^UVU q e DEFjf
DEEI|DD B^
PSZXWZu elWZs J_UVTU[f ³eUZU_U DH ¨ DEGi }TUc[ ZwS DiD~f
L\bTUZu Nf >UXcSVU Dq B¨ DEFjf ewVcl Eqf
r\V^^lZYZu VW`U[f NW^^YVW Ij BB DEFE }TUc[ ZwS GE~f oWZSu PURZS Kb`U[bf O[c_l[`W Dq ¨BB DEFj }TUc[ ZwS hD~f
DEEI|D B^
OaV][YZu dSaUZ OR]RXcf J^W DG B¨ DEGD }TUc[ ZwS Eh~f
?XTWS }YZc g[RTTY[~u oZS tWVaYVTf ³dSRcXU DD BB DEGD }TUc[ ZwS hh~f
¥SVVUZu O df @UZcUXUVTW IH B DEGif e[Vcl EFf
¥SVVUZu rURV ¾UyaU[WUXf >R[TYX D ¨ DEGI }TUc[ ZwS EE~f
·SZZY[u ?ccSf J^W j eBBB DEGD }TUc[ ZwS hE~f
KZ]VRZbu ? Pf rS[ZUWZYZ II eBB DEGif
OVU`U }YZc S[XzY[]~u eWacS[Wf eW[SVUacW Ij B¨ DEGi }TUc[ ZwS FD~f
S[XYVVu P ?f J^W Ij eBBB DEGDf VVLVcU Ehf
S[XXc[sTu gY[Zbc [Yb[W^f ³LSa_U h ¨ DEGD }TUc[ ZwS DIE~f
S[XXc[sTu d tf ?[WTUccWVU Iq BB DEFHf VVLVcU Eqf
M[UZzY[]u MYS[] [SbSVp NUÃWTWVVUZWf >R[TW_l[`W E B¨ DEGI }TUc[ ZwS Fj~f
JU]TUZu ObWYV PUU[VY dSaUZZYXf ³LYTkllVl I eWVW DEGD }TUc[ ZwS Hh~f
JYWZSZYZu tWVaSf ?`UTzSTUU jD e DEGI }TUc[ Z[S HF~f JU[^^S }YZc JSVTzY[]~u eWVaS PSZXcUZcWZf J^W DD e DEFH } TUc[ Z[S Fh~f JSVTXc[sTu PUU[VY JYZ[W^ Kb`U[bf J^W Iq ¨ DEGD }TUc[ Z[S DjI~f dU^SzXXSZ }T\sX dUySzXXSZ~u MYS[] ·U`Wb Kp[UWTf J^W IG eB DEGI }TUc[ Z[S HE~f dSRcXYVU }YZc dSaUZXXSZ~u dRaS >WT[Sbf J^W F eWVW DEFH }TUc[ Z[S HH~f dSaZXXSZu CaYSbS[ ObWYVf ³PRSkWS h B¨ DEGD }TUc[ Z[S FG~f dR[`Uu L df CS[ZWS q e DEGif VVLVcU EFf PVYTWu O^XYV LYZZU[cf VWccW h BB DEFH }TUc[ Z[S FE~f PSV^^Uu OZcSZf VWccW IE eBBB DEFH }TUc[ Z[S Dii~f Pl[Zlu dRaUZU tUVcY[ AW]p[Wbf J^W Dj Be DEGD }TUc[ Z[S Dij~f
NU[ccWVUu P Nf VWccW DE ¨ DEGDf
NYVU[cu d?f§ NlZcXlVl DG ¨BB DEFGf VWWcl Ejf
>\Xc[sTu [UZX OVzY[c PSZXcUZcWZf ³CRRXRVU DD eWVW DEFE }TUc[ ZwS Dih~f
?^Y[QgVSTu J_UVTU[ P[WXcWUZf eWWkR[W ID eB DEGi }TUc[ ZwS GF~f
rRccWVUu ·UU`Wbf VWccW D DDD DEFH }TUc[ ZwS GG~f
@UScYVWu K f ³J^W Dq ¨ DEGif
@SXYZ£`WXcu K[ZXc Kb`U[bf Iq eBBB DEFH }TUc[ ZwS GH~f
AcW]YVVu OR^RXc KVWUXf J^W Dq e DEGD }TUc[ ZwS DFq~f
Ac[YZ]u @RbSVpf rWYcU[W IF BB DEGj }TUc[ ZwS DDq~f
Ac[sTzY[]u KY`Y[c OVY^XUZbY[f eWWkR[W H B¨ DEGD }TUc[ ZwS DFh~f
AU[UXcS }YZc ARZbTUZ~u PU[V OVzY[cf ³rRXRVU IF Be DEGD }TUc[ ZwS DFF~f
AsbY[TUZu PRXcUU Oz[UaUTf oRXW^URkRZ^W F e DEGi }TUc[ ZwS Ei~f
tUaVXcYbcu PUU[VY OVY^XUZcY[Wf ³J^W D D DEGi }TUc[ ZwS EI~f
tU[YZu rUU`S WVYTSZf ³ARSZYZ_S^W Ii e DEGI }TUc[ ZwS Ej~f
COoLo ¨¨B
DEEj|eBBB B^
tY]YVWRXu e Mf PU[^^R Ij B¨ DEFif \S Eqf
DEEj| e B^
>\zY[]u PWVkW dSaUZZYXf LUTTW I e DEFE }TUc[ ZwS Dh~f
DEEj|Be B^
MssXu PU[V J_UVTU[f ³d\`lX^\Vl DH eBBB DEFE }TUc[ ZwS G~f
JlVVXc[sTu JYZ[W^ @YWZaSVbf LWkY[W DE ¨B DEFF }TUc[ ZwS DD~f
>YkkYZXc[sTu AWTSZ O[`Wbf dSYZXRR II eBB DEFE }TUc[ ZwS Gq~f
rl[ZlZYZu Of rWYcU[W DF Be DEFGf ewVcl Eqf
DEEj|DDD B^
>\zY[]u eYVW JYZ[W^ ObSVpf LUTTW H eB DEGi }TUc[ ZwS qI~f
>\^Skku g ef Pl[^sVl IH DDD DEFEf
Ä^Y[TUZu J Pf rS[`SS Ii ¨ DEFHf VVLVcU Eqf Ä^Y[TUZu g Of rS[`SS ID B¨ DEGif VVLVcU Eqf
DEEj|DD B^
OTWZSppu MRWbS ?X^U[ CUkWSf Di eB DEGD }TUc[ ZwS DDH~f
CSW`SZYZu Pf JYWZSVU II Be DEFFf
Cs[ZRbbu MWbYSZ dSaUZZYXf ³eWZcUVU D B¨ DEGi }TUc[ ZwS DDG~f
DEEj|D B^
Oya[YZu dSaZ MRXcUpf ASTY[S Ii e DEFH }TUc[ ZwS Eq~f
OaSZYZu P ef J^W Di D DEGjf BewVcl EFf
OZccWVUu df Pl[^sVl IG ¨BB DEGDf VVLVcU Ehf gSXc[sTu PU[V O[cR[f VWccW F ¨BB DEGI }TUc[ DIj~f g[RTTY[u C Of @RS^SVUacW DG eB DEGjf o[WcU Ehf
¥SVVWUZbY[u K[^^W O[`Wb BTTUZRYVf ³J^W H eBB DEGj }TUc[ Z[S DGE~f
·SZZY[u oZSf J^W h ¨BB DEGI }TUc[ Z[S DIq~f
K^£`WXcu PU[V eWVaYVTf ³PU[_UVSa_U Dq ¨ DEGi }TUc[ Z[S Hi~f
M[sZVRZbu NU[cWZ MRXcUpf J^W F e DEGj }TUc[ Z[S Hq~f
JYWZSZYZu ? N Lf ?`UTzSTUU Di ¨B DEGjf
JYVUZbY[u @f ?[WTUccWVU II ¨BB DEGif Be[Vcl EFf
Up JYR[VWZu NURZR ?XXWUZf rU[UWZYZ Di B¨ DEGj }TUc[ Z[S HG~f
JWYcUVUacWu KTWV eW^cS[f ³AWkkSVU DF Be DEGD }TUc[ Z[S Dji~f
JSVTXcYZu Of ³dUUVU Dj B DEGqf B[Vcl Eqf
Jl]]TUZu dSaUZZYX OVYÃUZbY[f J^W DF eBB DEGD }TUc[ ZwS DjG~f
PWVkWZYZu ?X^U[ KXUWUXf >R[TW_l[`W DG eWVW DEGD }TUc[ ZwS DqD~f
PS[y^TUZu O Kf eWacW ji DDD DEGIf
PR[W^^Uu ? Of CRRcY[W DF eB DEGIf B[Vcl Eqf
>WYTWZYZu d Jf J^W Iq eBB DEGIf oVWVcU EFf
>R[^^WZYZu OR]RXcf LYTkllVl E D DEGI }TUc[ Z[S DhD~f
rUVUZbY[u >f LYTkllVl IG ¨B DEGjf BVV[VcU EFf
rW[y^VYZu f eWacW j ¨ DEFGf BVV[VcU Ehf
rSVSZu PZRc O^XYVf LUacW jD DDD DEGj }TUc[ Z[S DiE~f
rSTYVVu PU[V eWVaYVTf J^W Dj eBB DEGD }TUc[ Z[S Dhh~f
@YWZu dSaUZ Kb`U[bf J^W IE eWVW DEGj }TUc[ Z[S DDi~f
@SXYZbUVu ef J^W F Be DEGjf B[Vcl Eqf
@RZbTUZu Nf >R[TW_l[`W Ih BB DEGif BVV[VcU EFf
AUVSu K Of Pl[^sVl IE ¨ DEGIf Be[Vcl EFf
AUVSZWRXu dSaUZ [WcaWSpf J^W ji DDD DEGI }TUc[ Z[S DhH~f
AU[VWZu e Kf ARSZYZ_S^W G DDD DEGif BVV[VcU Ehf
AYVWZu K Pf J^W h e DEGIf o[WcU Ehf
rlW`Ws }YZc ASaWTUZ~u ?ccS eY[ZY[f rW[^^UVU F BB DEFH }TUc[ Z[S DDj~f
AU[UXcY }YZc ARZbTUZ~u gY[Zbc [WbSVpf rRXRVU ID eBB DEGj }TUc[ Z[S DFG~f
CR^WUWZYZu PUU[VS ObUTf rWYcU[W G e DEGI }TUc[ Z[S DFE~f oZSZWRXu ?X^U[f J^W IH B¨ DEGj }TUc[ Z[S DFH~f tUVbYZu P ef CR[^R DF eBBB DEGjf BVV[VcU EFf tY]YVWRXu P ef AZUkkY[cRZU Ii eB DEGIf BVV[VcU Ehf tWV_UZYZu dSaUZ J_UVTU[f >UXcSVU Ih eWVW DEGI }TUc[ Z[S DGI~f
COoLo ¨¨BB
DEEq|Be B^
ObVY[u OVzY[c KWZU[f ³LUkkYYZ[UZcU H B¨ DEGi }TUc[ Z[S Ih~f
JYWbYTUZu PU[V [Yb[W^f ³?RVR DE eBB DEFE }TUc[ Z[S jF~f
CWYcl`lWZYZu dSaUZ eW^cS[f ³rWYcU[W Dh eBB DEFH }TUc[ Z[S DDh~f
DEEq|DDD B^
gly^u OVp[Yb dSaUZZYXf ³LUkkU_l[`W D B¨ DEGI }TUc[ Z[S hF~f
CUkWSu J Kf @RS`YXW q eB DEFEf Be[Vcl EFf
DEEq|D B^ OQSXUXcS
OaVTUZu rUU`S KVWUXf J^W Ih e DEGq }TUc[ Z[S DDE~f
CUTTW }YZc K^VRZb~u eW^cS[ AUVSTSZf ³JURX_l[`W ID DDD DEGI }TUc[ Z[S DIh~f
eURVS }YZc K[W^XXSZ~u PUU[VS eWacS[Wf J^W jD e DEGD }TUc[ Z[S DIF~f
VSbWZu J_UVTU[ [Yb[W^f ³?RVR F B DEGq }TUc[ Z[S DEI~f
VS[YVVu PUU[VS Kb`U[b NUÃWTWVWUTf ³JUTWZU GeB DEGj }TUc[ Z[S DIG~f
AUVSTUU }YZc M[sZVRZb~u dSaUZZYX OR]RXcf J^W IG DDD DEGh }TUc[ Z[S IDh~f Up JYR[VWZu LUR[W ?X^U[f J^W Ih B¨ DEGh }TUc[ Z[S DIH~f JSVTXcYZu KTWVf ³dUUVU DE eB DEGh }TUc[ Z[S DEq~f
JSVSkUWZYZu dSaUZ K[W^f J^W ji ¨BB DEGj }TUc[ Z[S Djj~f JSVSkUWZYZu eW^cS[f J^W D eB DEGq }TUc[ Z[S Djq~f J\`lTl^W }YZc J\TUZbY[~u MSccVWYz O[SZ PVYSpUXf J^W D eBB DEGq }TUc[ Z[S DjF~f
B]ZUcWRXu MRXcUpf J^W E eB DEGj }TUc[ Z[S DjE~f OR[UTS }YZc dRXYVWRX~u eW^cS[ KVWYVf ³CRRXRVU q Be DEGD }TUc[ Z[S Dqi~f
PRRXWXcSu Of @URcWS Dh eBBB DEGIf BVV[VcU EFf
LYacSZYZu dSaUZ }dR^^U~f OXW^^UVU DD eBB DEGi }TUc[ Z[S Dqq~f
LYWZSu [UZX eW^cS[f ³PSX^W JV II eBB DEGj }TUc[ Z[S Dqh~f
NUcXXSZu B`U[ dRVWRXf LUacW IG eBB DEGq }TUc[ Z[S DqE~f NUcXXSZu NUÃ NWyaUYVf LUacW I B¨ DEGh }TUc[ Z[S IjE~f
hq
>S[TUZ }YZc >W^VUZbY[~u K[ZXc AYVWTf NlZcXlVl II eB DEGj }TUc[ ZwS Dhi~f
@UZy^YZu O^XYV MRZZU[f J^W II ¨ DEGq }TUc[ ZwS DHh~f @SXYZ£`WXcu dSaUZ OVp[Ybf J^W hDD DEGI }TUc[ ZwS DhF~f ASW^Y[S }YZc AWV`YZWRX~u dSaUZ >YXcS[f ?[WTUccWVU II ¨B
DEFG }TUc[ ZwS DFD~f
A_sXc[sTu ef VWXUVTW II Be DEGjf o[WcU EFf
oVVZY[u O[caR[ MYS[] g[\ZSVp NUR[Wc|f § JlTYYZ^\[s II B¨ DEGq }TUc[ Z[S DGi~f
eUWZWSu P K gf J^W Dq DDD DEGqf B[Vcl EFf
eYW_SZYZu A Jf dlTXl II B DEGIf o[WcU EFf
eRS[YZTUU }YZc eWzY[]~u PU[V O^XYVW [WbSVpf J^W IF eBB DEGj }TUc[ Z[S DGD~f tU[cWS }YZc tW^Xc[sT~u O^XYV [Yb[W^f eWacW DG eBB DEGj }TUc[ Z[S Ihj~f tWVV][YZu JR]S tUVbYTU[f CUTkY[Y DF ¨B DEGI }TUc[ Z[S IhF~f
DEEq B B^ gQSXUXcS
OaVXc[sTu O @f Pl[^sVl G eBB DEGif BVV[VcU EFf OTWZSppu PU[V ObSVpf CRRXRVU DG B DEGF }TUc[ Z[S Iih~f OkkYV][YZu oZSf rS[`SS DG ¨B DEGI }TUc[ Z[S DGq~f OXYaUZu J_UVTU[ JYZ[W^ eW^cS[f ³oR^RZWYTW IF B DEGq }TUc[ Z[S DIi~f gVST£`WXcu MYS[] YVWÃf J^W h ¨V DEGj }TUc[ Z[S IiE~f gSaTu ?X^U[ Kb`U[bf Pl[^sVl DE DDD DEGj }TUc[ Z[S DGF~f KZzY[]u K df J^W DE e DEGjf BVV[VcU EFf [s_bTUZu P M Jf eUUXU H eBB DEGIf o[WcU Ehf JYVVXcYZu dSaUZ gY[ZaU[bf J^W IG e DEGj }TUc[ Z[S IDH~f JW[Zu CUU`Wf § Pl[^sVl DF e DEGq }TUc[ Z[S DjD~f JRccRZYZu rUU`Sf § J^W q Be DEGI }TUc[ Z[S Djh~f dUTUVUWZYZu OUkSf § JWYcUTl^W }BZ^Y[W~ h B¨ DEGq }TUc[ Z[S DEh~f dUZXXSZu MRXcUp OVY^XUZbY[f §VV B¨ DEGi }TUc[ Z[S DjH~f dlZ^l`UU[U }YZc dUZXXSZ~u PRXcUU Y[bWZUZbf rRXRVU E ¨B DEGj }TUc[ Z[S DEF~f PU[VXSZu PU[V dSaUZf rR^^WVU II ¨BB DEGi }TUc[ Z[S IIH~f PUZZUX }YZc PS[_RXyaSpp~u MRXcUp OVzY[cf J^W Di B¨ DEGD }TUc[ Z[S DqI~f P\VVsZYZu d Jf ?RVR Iq eB DEGif LWXWcXWZu PSZXcUZcWZf JWWcSVU D ¨ DEGq }TUc[ Z[S DHi~f LlZ]TUZu PU[V OVp[Ybf ³>R[TW_l[`W DI DDD DEGj }TUc[ Z[S DqF~f
PW[`YVl }YZc NUVT][YZ~u KTWVf >RTTW E B¨ DEGj }TUc[ Z[S DqG~f
NUVT][YZu P Jf PU[_UVSa_U E B DEGif
>\zY[]u ?ccS K[ZXcf AUXcUTUVU Dj DDD DEGD }TUc[ Z[S DhI~f >\][YZu dSaUZZYX ¥a[\XSXcSTRXf rRXRVU IG B DEFH }TUc[ Z[S Dhj~f ?^XUZYZu dSaUZ ObSVpf J^W DI ¨B DEGI }TUc[ Z[S Dhq~f
AUU[YVUWZYZu dSaUZ OVzY[cf J^W H DDD DEGD }TUc[ Z[S DhG~f AUVTWZYZu OVY^XUZbY[f § JSVVSVU G B¨ DEFH }TUc[ Z[S DhE~f AYVV][YZu MRXcUp OVp[Ybf § eWacW F eB DEGq }TUc[ Z[S DFi~f AZYVVTUZu eYVW PRXcUUf ?RVR IF eBB DEGq }TUc[ Z[S DFI~f AcYZaSVTu KTWV OVY^XUZbY[f rRXRVU Iq BB DEGq }TUc[ Z[S DFj~f
COoLo ¨¨BBB
DEEh| e B^
OXku dSaUZ tWVaYVTf ³NYXXR^\Vl h eBB DEGD }TUc[ Z[S IG~f
Cla^lkll }YZc OÃ~u NU[ccW K`Y[cf ³CUTkY[Y Di ¨B DEFE }TUc[ Z[S IE~f rSW_l[`W }YZc gSW_Y[~u LUR[W NU]ZRXf ³C\[`ll Ih e DEGi }TUc[ Z[S jI~f eRS[WXcS }YZc [WzY[]~u rUU`S AU^U[WUXf PUZ^UUZkll F eB DEFH }TUc[ Z[S jq~f
MUXcu OR]RXc tWVaYVTf ³NYXXR^\Vl Di ¨BB DEFF }TUc[ Z[S jh~f
rYc[YVWRXu d Cf AU`SZVWZZU II ¨ DEGiu
eRS[W }YZc JsVVzY[]~u JYW^^Wf § @RS`YXW DD BB DEFE }TUc[ Z[S hj~f
DEEh|Be B^
PS[^SZYZu Jf AYWZl_S^W Ih DDD DEFhf
DEEh|DDD B^
gSWXTUZu CS[XcYZ tWVaYVTf JYWZSVU DH e DEGI }TUc[ ZwS EG~f
JUWZU[W }YZc S[XXc[sT~u JYZ[W^ OR]RXcf CUTkY[Y Dh eWVW DEGD }TUc[ Z¡S HI~f
JUWZU[W }YZc S[XXc[sT~u J_UVTU[ }dUVTU[W~ Y[bWZUZbf
CUTkY[Y DE e DEFH }TUc[ ZwS Hj~f
rYXSZYZu NUccWf AllTWZ^W Dj eBB DEFE }TUc[ ZwS DiG~f
DEEh|DD B^ OQSXUXcS
Nl^YVl }YZc Nl^YVlWZYZ~u AYVWT dRVWRX gY[ZaU[bf ARTWUWQ
ZYZ DI BB DEGI }TUc[ ZwS DqH~f >\XcYZu K tf @UUaY DE Be DEGhf VVLVcU EFf
AcYZzY[]u P Jf PRSkWS jD ¨ DEGjf
DEEh|DD B^ gQSXUXcS
JYVYZu O e ef rS[W DH e DEFHf VVLVcU EFf
Cs[ZXc[sTu O^XYV OZbY[Xf ³eWacW IF ¨ DEGD }TUc[ ZwS DDF~f
DEEh|D B^
Oya[YZu PU[V @SzY[cf ³ASTY[S E eWVW DEGj }TUc[ ZwS DGj~f OaV][YZu PU[V eW^cS[f J^W DF D DEGh }TUc[ ZwS IiI~f OaVXcYbcu K Of rRXRVU h ¨ DEGIf VWWcl Ehf
gVSTXcYbcu tWVVWUT KTUZRYVf ³J^W Iq VWW DEGF }TUc[ Z¡S
DGh~f
gVST£`WXcu n f J^W h ¨B DEGjf
¥YbY[u PUU[VY @SzY[cf J^W Ij eWVW DEGq }TUc[ ZwS DGG~f ·Rp`Uu ?ccS CaYSbS[f VWXUVTW Di D DEGh }TUc[ ZwS IDi~f ·R[yaTUZu OWZS @UpUYVf ³@RS`YXW q B¨ DEGj }TUc[ ZwS IDD~f
K[`UXcu rY^^U KVWUXf J^W IF ¨BB DEGh }TUc[ ZwS DEi~f
WZZYu ObSVp dUVTU[Wf ³PUZ]UXUVU DD eBBB DEGq }TUc[ ZwS
DED~f
PS[cY }YZc S[XcUbWRX~u dSaUZ KTWVf VWccW ji eBBB DEGh }TUc[ ZwS DEj~f
JUUacYVU }YZc JUZXXSZ~u dSaUZ Kb`U[bf ³J]WZ kWc DI ¨B DEGj }TUc[ ZwS IDG~f
J\`sZYZu P ef JlTYYZVWZZU Ih B¨ DEGqf
O[S }YZc dSaUZXXSZ~u dSaUZ KTWVf J^W IH eBBB DEGq }TUc[ ZwS IIF~f
PW[WVSppu >W^SVUWf rS[`SS II ¨BB DEGj }TUc[ ZwS IjD~f
PSVVWZu PU[Vf ?[WTUccWVU D eBB DEGq }TUc[ ZwS DEE~f
P\bYZu PU[V ?X^U[f J^W q DDD DEGI }TUc[ Z¡S DEG~f
LRZbXc[sTu N ef J^W IE BB DEGI }TUc[ ZwS DHD~f
BÃTZUXTUU }YZc Lsp][YZ~u PUU[VS LUR[Wf ³J^W DF eBB DEGh }TUc[ ZwS IjF~f
CY[aS }YZc LsZZ[SSX~u O^XYVW OR]RXcf eW[SVUacW ji ¨ DEGD }TUc[ ZwS DHI~f
NU_UZkll }YZc NU_S[WZ~u KYZS^ K[aU[bf J^W D B DEGh }TUc[ Z[S DHj~f
NUVWZu KTWV @W^aU[bf LSa_U D B DEGh }TUc[ Z[S IjG~f
NYVU[cu Of NlZcXlVl h ¨ DEGjf B[Vcl EFf rY^^UVUu dRaUZUf ?[WTUccWVU Dj BB DEGI }TUc[ Z[S DHq~f
AUVTWu Of J^W D e DEGDf B[Vcl EFf
AUZbXc[sTu ?X^U[ @YWZaSVbf ³o[_UVU G B¨ DEGD }TUc[ Z[S Iqq~f
AcYZ[SSXu ?ccS eWVaYVTf § J^W DE Be DEGh }TUc[ Z[S DHG~f
Cs[ZRbbu O^XYV ?VSpf ³CUTkY[Y Dh ¨BB DEGq }TUc[ Z[S DHE~f
tU[YZu rY^^U eWVVWUTf ³ARSZYZ_S^W Dj eB DEGh }TUc[ Z[S DHH~f
eU[cWUWZYZu KVWYV dSaUZZYXf PR[^W_S^W DH BB DEGh }TUc[ Z[S IhD~f
tYWVWZu n[_s JR]S PU[Vf d\`lX^\Vl DI eWVW DEGh }TUc[ Z[S Iii~f
tWV^UTU }YZc tWV^TUZ~u PU[V [Yb[W^f ³J^W IG DDD DEGF }TUc[ Z[S Ihh~f
COoLo ¨¨Be
DEEF| e B^
VSTUZu gW[]Y[ dU[Vf eWWkR[W Dh eWVW DEGD }TUc[ Z¡S hH~f
VSTUZu dSaZ PU[V tWVaYVTf eWWkR[W Dj eB DEGi }TUc[ ZwS Fi~f
eRSkWS }YZc S[XcYZ~u Kb`U[b dRaSf CUTkY[Y jD ¨BB DEFE }TUc[ ZwS FI~f
PRZZUX }YZc @UZbYVV~u OR]RXc UzWUZf ³CUTkY[Y h B DEGD }TUc[ ZwS FH~f
LYacS }YZc tW^VRZb~u Oz[UaUT Kb`U[bf NYXXR^\Vl F DD DEGi }TUc[ ZwS Gi~f
LWZbzY[]u KWZU[ [Yb[W^f eWWkR[W Dh BB DEGI }TUc[ ZwS GD~f AU[WS }YZc LWZb[SSX~u dSSZUX dRVWRXf ³CUTkY[Y IG VWW DEGI }TUc[ ZwS GI~f CSkkSVUu dRaS PRXcUUf ³OXW^^UVU Ii eBB DEFH }TUc[ ZwS ED~f
DEEF|DDD B^ OQSXUXcS
gSW_Y[u PU[V MRXcUpf C\[`ll G eB DEGj }TUc[ ZwS DID~f gSW_Y[QAkSSp }YZc gSW_Y[~u oRZS [Yb[W^f ³C\[`ll D eWVW DEGD }TUc[ ZwS DII~f
DEEF|DD B^
KZYzY[]u JR]S PSZ[Ubf ³JlTYYZVWZZU ID ¨BB DEGq }TUc[ Z¡S DGH~f LUTRXu dSaZ NW^UYVf CR[^R I eWVW DEGj }TUc[ ZwS DEH~f
DEEF|D B^ OQSXUXcS
OW[U^XWZYZu ?ccS [YbWZUZbf ³J^W Di e DEGF }TUc[ ZwS Iij~f
OW[WXcS }YZc OVY^XY_Y`~u dSaUZZYXf oRXW^URkRZ^W E ¨B DEGq }TUc[ ZwS Iiq~f eRS[WXcS }YZc gY[]TUZ~u OR]RXc LYSZU[bf J^W Dq VWW DEGh }TUc[ ZwS IiF~f gVSTu [UZX PRXcUUf J^W Dj BB DEGF }TUc[ Z¡S IiG~f
S[XXYVVu PUU[VYf J^W IE B DEGF }TUc[ ZwS IDI~f OU[ZWS }YZc JYZ[W^XXSZ~u KTWV Y[bWZUZbf J^W E eBBB DEGh }TUc[ Z¡S IIi~f
JWYcUVUacWu eSVbYTU[ @YWZaSVbf ³VWccW I B DEGF }TUc[ ZwS IID~f JSZ^UZYZu tWVaYVT gf J^W IG B¨ DEGq }TUc[ ZwS III~f BXU^XXSZu ?X^U[f JURX_l[`W IH e DEGq }TUc[ ZwS IIq~f
PU[_UVUWZYZu JYTTWZ^Wf J^W IE e DEGh }TUc[ ZwS IIG~f
PS[aSZYZu [UZX dUpYcf J^W DI eBBB DEGh }TUc[ Z¡S IhH~f NWZ^u JYZ[W^ KX^WVf J^W IG ¨B DEGq }TUc[ ZwS IjH~f rRV^^WZYZu elWZs OZbY[Xf VWccW ID B DEGF }TUc[ ZwS IqI~f @UZcUZYZu dSaUZ [Yb[W^f ³J^W DD eBBB DEGF }TUc[ ZwS IFD~f
AyaRVc¦u dSaUZZ NUccaWUX O[SZf ?RVR ID e DEGI }TUc[ ZwS Iqh~f
AWTXcYbcu PUU[VY MUz[WYVf ³J^W Di ¨BB DEGh }TUc[ Z¡S IFI~f
CaY[TUZu PUU[VY PRXcUUf J^W E eBB DEGj }TUc[ ZwS IqE~f CSV`UZYZu OR]RXcf JURX_l[`W I B¨ DEFE }TUc[ ZwS IqH~f eU[Su MYS[] [Yb[W^f J^W DG ¨BB DEGq }TUc[ ZwS IFq~f eRS[YZTUU }YZc eWzY[]~u JR]S dSaUZZYX O[ccR[Wf J^W Dh ¨ DEGh }TUc[ Z[S IhI~f tW][YZu dSaUZ KTWVf J^W DD eBBB DEGh }TUc[ Z[S Ihq~f
DEEF|D B^ gQSXUXcS
OUVcSWVU }YZc OUVcS~u dRaS PRXcUUf ³dUZU^^UVU I eB DEGj }TUc[ Z[S IiD~f eRS[WXcS }YZc gY[]aYT~u eW^cS[ AYVWTf eWacW DD B DEGI }TUc[ Z[S IhG~f gly^u dU^Sz BTTUZRYVf eUUXU Ih e DEGh }TUc[ Z[S IiH~f M[sZzY[]u O^XYV @YWZaSVbf VWccW DG ¨ DEGq }TUc[ Z[S IDq~f JU[cTUZu PU[V K[W^f J^W Di e DEGF }TUc[ Z[S IDE~f JYVVTUZu PU[V >W^SVUWf J^W jD B DEGh }TUc[ Z[S IhE~f J\TUZbY[u dSZUcaUZ MSccVWYz KVWUXf J^W Dq Be DEGF }TUc[ Z[S IIj~f dUVU`Uu elWZsf § J^W ji eBB DEGF }TUc[ Z[S IIh~f
hh
BfUTkYZu O[`Wb KTWVf @UZcUXUVTW IH Be DEGF }TUc[ ZwS Ijq~f
LlZ]TUZu [UZX JYZ[W^f >R[TW_l[`W Dh ¨BB DEGh }TUc[ ZwS Ijh~f
ASaVzY[]u eWVaYVT OVY^XUZcY[Wf J^W DF eBB DEGF }TUc[ ZwS IqG~f
CUkkY[u OVp[Yb KVWUXf J^W DG eB DEGq }TUc[ ZwS IFj~f
ASW[W }YZc eUaVXc[sT~u ?ZZW J_UVTU[f ?[WTUccWVU DD eBBB DEGq }TUc[ ZwS Ihi~f >S[bYZX`UZu JYZ[W^ JR]Sf JlTYYZVWZZU Dq B¨ DEGq }TUc[ ZwS IFi~f eWy^Xc[sTu PRXcUU Kb`U[bf J^W H BB DEGq }TUc[ ZwS IFh~f @URcWSu JR]S OZbY[Xf ?RVR IG BB DEGq }TUc[ ZwS Iqj~f AWVYZu PUU[VY OUkYVWf J^W I B DEGF }TUc[ ZwS IqF~f
?rrBLOANOC@BPPKLB
OV^YWXSkWXcSXcU DEEG XWW[c\ZYYc
Df OaVTUZu KWZS @UpUYVf J^W DD B DEGDf ea XYZUUcWZ ^WYVYZQ ^llZ¢ [UZX Y[bWZUZb O _U PUcU[WZU M[Y]S[_Yppf © Hh KVWZ NU[]U[YcU AVss[f VWVVY Eiu \S EEf ?kWX^ rSV\cY^Z SkWXc EEQEHu P Hiu LPu LL HGf Lll^ oAOWaUZ iGf QD OTY[W^UXXU Ij Be DHIHf eYVW DDEf
If gUy^zY[]u [UZX OR]RXcf j VWccW DD ¨BB DEFEf ea aYZ^WQ ^W[_SWc dSaUZ OR]RXc g _U OTUZbU LS`WXU U]Y[Xc[sTf LVVY GEu \S EEf ?W^c Hju eC HFf OO J]WXXl HFQiFf AYZUUcWZ \VWT ^SkWXcW HFQiif oRbYZTUUZ LJ LZSc iiQiFu `U[UVllZWZXWac iFf rY[ZU_UZ ^WaVU^ P[eSRcW iGQjhf J?r ?[WTUccWVUZ ^SZcc YXWT DDQIjf ?[WTUccWVUZ ^RZZ`UVc _lX IEQjDu ^UZXU^ _SacS^ k_u Ak aUVW _lX jDQhHf Ae@ @ Du eYZ Ac jf JU[[ TYcXlXc\Xu `SWTWXcYVRf p ?[WTUccWVU F DDD DHhHf
jf gVSTXcYbcu elWZs OVp[Ybf ³AU`SZVWZZU D Be DEGDf ea UXYXX OVp[Yb KTUZRYV g _U JUZZU OV`WZU ¥aU[VSccU AcUbWRXf ©HH c DHDD MY[c[Rb AUbUZf LVVY Eiu \S EEf A cUWbY\ab kWW[RXcRX^SRV EEQEHf CUWbYTUUVU[W HDQf Jn kWW[RXcR^XYZ SkYcc jiQjFf A cUWbY\ab kWW[RXcRX^SRV TUUVUR^XYZ SkYcc iIQ DGu cUWbY^SRV _Sac DqQDhu cU[^ DGQIDu cUWbYcYSVV^SRV SkYcc iGQ DGf A ^lXWc\sZ \Xc cUWc _Sac iiQiIf A cUWbYU^Uc _lX Ihf @PL @f c I DD DHqGf eYVW DGhf
qf ¥UZbSVWZu KWZU[ [Yb[W^ >UkSVYSZf oVVU`U h B DEFHf ea
L[S` OZbY[X Ob[WUZ ¥ _U [Yb[W^U NUcaWVbU K[¯UXcf © ij OWZS dRVWU MRTTY[RXf eWVVWVVY EGu \S EEf P _U N Hiu CP HEu `Wa kUk HHf >S[XXWZ RX^ _U VS]WW^UZ cSkYcc HiQHIu HhQ HHf J]WZ XRST [YUUVWV\X RX^ SkYcc HDQHqu J]WZ XRST \ac^ Hq½HHu CR[RZ XRST \ac^ iqQiEu CR[RZ XRST _Uc^SQSkWXc iFQ DEf PRSkWSZ V\X RX^u VS]WW^UZ _U [RScXWZ VYac HHQiqf CR[RZ XRST V\X RX^ _U aWXc `kW VYac iqQIiu [Yac DiQIif CR[RZ cRSQ TWS[S` IiQjh LSa_UZ ^a[U jhQhif CR[RZ ^URk`UVc _lX DiQjhu k_ DEQjjf PW[^SVVWX^S^ _lX Iju IEu jjf CR[RZ SkYccU_UcU[^ScW \ab k_ DqQjhu ^W[^SVVWX`W[^U^ VYX^WQ_U S[kS^UXXU jIQjhf LSaQ _UZ ^URkk`UVc _lX jFQqFf LSa_UZ \ac^ _SacS^ _lX _U k_ jhQhDf O[^^WkWWXkUZ `W[^UUZ Df `UUVWXW_UVVU jhf Ae@ P Du e@ qu NT DEu d Acfjf p Di DDD DHhGf
hf ¥YbY[][YZf dSaUZZYXf J^W ji B¨ DEFHf LVVY GHu \S EHf JUTTUXcY^Zf p tWYZ D Be DHiEf
Ff M[sZVRZbu PUU[VS KVWUXf ³J^W DD Be DEFHf ea cUVSZST PU[V MRXcUp M _U ?V]U NU[WU OaVpS[Xf LVVY GHu \S EEf P Hjf p J^W DD e DEHGf eYV_Yc Hqu IDhu hiiu hGjf
Gf MssXu PU[V J_UVTU[f d\`lX^\Vl DH eBBB DEFEf ea VYac PU[V MRXcUp M _U UZZ\ dSaZf © HG AW][Wb OVpcaUZu DH KbWc KVWXUzYca PSWXQ cWZYZf BewVVY Eju \S EEf O][ Hhu P _U N Diu L _U C Djf PR[^W_SYZ T`^SRV SkYcc iIQiju NRXcWUVUZ ijQiqf dS^^WX ]SbX Oz _Sac iqQiEf LUzS[W BB _Sac ?AQ B?f Oz Y[[U[WU cSWTW DiQDFu ?\ @URQ cU^SZccS[W DEQDHf O OaVXc[sT ?\ eU[Q ^URbYZ _Sac DFQDGf KVWZcU[`YaUVV SX_Sac DGQDEf A ^SZXRVW eW[SXXU DHQIif gY[VWWQ ZWXXl VlaYc\XcsXWac IDQIju kll^SZXRVW IjQIqf rll^SZXRVW JUTkR[WXXU IhQjjf eWV_YVW dUZU^^UVUZ PVYTSVUZ cWVUU jiQjHf ARST `UkUUYacSWX_SR^^S_YZ kllWZcYZb eW[SXXU DHf Ae@ Pf NT DE [X^u eW[e@ D T^u eW[ NTf K`V DHf « DD ¨BB DHjHf eYVW IFGf
Ef @UY^UVVWS }YZc JU]YVzY[]~u oRZS eWVaYVTf rWW^^Ws I eB DEFHf ea ^a[U PUU[VY Kb`U[b JU]YVzY[] _U NU[WU eW[cUZYZf ©B Hh KbWc BZ]YzS[] AU[VWZu BB DD OVY^XUZb[U eYXXSZYZf LVVY Eiu \S EHf eWa kUk Hhf oX X[^ UkRV _U ^UkkUVf LUabYZ `c ^a[U DFQIFf JSVVSVUZ `c BB ^UkkUV Dhu IFQIGf c LUacW ID D DHIGf
Hf JYW^YVu PZRc KTY[W^f AUVSZ kWc I eWVW DEFGf ea ^a[U ±±g ± AJJ PUU[VY J_U KTTU [Yb[W^U tUVVWZf © HE p DHqh JYb¯W] ·RX^Yf BwVVY GGu \S EHf ?kWX^ LYWk¦W]WZ ^SZXY[`UcS[WS EHQHif J]WZ pWVaU[TSZWXYZ S[^ _lX HiQ HFu rWYcU[WZ ^YWXU[WVVWZYZ SSkkY[U S[^ HGQDFf J]WZ ^URkS[^ UVccS`WRVRZXSWcc DHQu QcIg ¨BB DHhIf
Dif JYVVY`RS[W }YZc JYVVXcYZ~u NU[ccW NUccWUXf r\al_l[`W Di ¨ DEFHf ea ^a[U NUccaWUX JYVVXcYZ _U AY[UpWU @ss^f LVVY GHu \S EEf CYSV Y[ScRc^ Hju `Wa kUk Hjf dUZU^^UVUZ ^UkkUV HGQ iFf eUZU_UZ `c ^a[U iFQDIf BVSTUZcXWZ ^a[U DIQIGu KR[UZ IGQjIf p KR[U Dq ¨B DHjIf
DDf JlVVXc[sTu JYZ[W^ @YWZaSVbf ³LWkY[W DE ¨B DEFFf ea PRZZ> dSaUZ Kb`U[b J _U CaS[U PU[SVWZU JlVVXc[sTf © HG OWZS A\V`WU VS[YVVf BeWVVY Eju \S EEf BZX rSV\cY^Z ?kWXc Hqf AU^XUXXU HhQHFf AWW^U^SX^W ?\ }iqQ MRXcUp ¥YbY[zY[] © ¥S~ STWXc cYSVVUWc cSWT_ HGQDhf dSYZXRRZ kWW[WZ as\[\^UccWQ VSWbYZ _U TUc^RXcU_UVUW`S_YZ cU[^ iIQIjf p dSYZXRR G B
DHIjf
DIf LWZb][YZu PU[V KTWVf J^W IF DDD DEGif ea VYac PZRc KTWV L _U KbVU ASpWU gY[ZY[f © iF gY[cU KXcYVVl LWZZYU @WbQ bY[XcUbf LVVY Eiu \S EEf LP Hju LL HEf ec ^RZZ Vll^f @URTUZ BB ^URkkVll^ HHQihf n^XVll^ CR[RXXU ihQIHf c E ¨ DHIHf eYVW IGGf
Djf dS^WkUVcWS }YZc LWZb[SSX~u ASVTRf ?[WTUccWVU II eBB
DEFGf ea ^W[^SZ `U[c Oz[UaUT LWZQ
b[SSX _U JYVYZYf © Hj dYZZ\ JWVTU
KR]YZWY LWZbzY[]f BwVVY Eiu \S EEf e@ EEQIhu BB ^W[_R[W Hju >R[TSZ UXYQ
TUkllVV HEu nVWXcU[SZ iEQDhu JUUkUQ
TlYZ DhQIhf cV ¨ DHIhf
Dqf L\[Uu O[TUX @UpUYVf
pUYVf ³AS[cU`UVU DD eBB DEFEf ea [S`u UXYXX OVY^XUZbY[ eWVaYVT L _U BbU ObSVpWZU L\[Uf © B NWU L\[Uu BB DE B[TU LSRWXY OaVYZf BwVVY GEu \S EEf PUTYQ [UUVWcRc^ Hif AYZUUcWZ \VWT ^SkWXcW Hif e@ aUW_ HiQHju VWkRZT\\_ HjQHqu eWWQ kR[WZ UXYTU B ^W[_R[W HqQDhu AlWZWsZ UXYTUkllVV DhQjhf Ae@ @u NT DEf p jD eBBB DHjEf
Dhf >\zY[]u PWVkW dSaUZZYXf LUTTW I e DEFEf ea XScU^UT[ PU[V OZbY[X dSaUZ > _U NU[WU ObSVpWZU ÁazY[]f © HH p iE JRVbU L\bWU LWZbXc[sTu iEQ UZZ\ CaY[YXWU LWZbXc[sTf ewVVY Equ \S EEf e@ J]WZ `U[UXcSZ `U[UXcS^WW_R[W HiQHhu ^WW_UZkWc HhQiGu ^W[_UZkWc rWYcU[WXXU iGQiHf p J Be DHiHf eYVW qIf
DFf ?^XUZYZu elWZs KVWUXf J^W F BB DEGDf ea k[Sp OR]RXc KZ]YVz[Y^c OaV£`WXcQ?^XUZYZ _U NU[WU OZcSWZYccY Uz[WcWRXf LVVY Eiu \S EEf p MS[zY[XbS[pp Dq eB DEHqf
DGf rYVcSZYZu PUU[VY CYSpWVRXf @RS`YXW DD ¨ DEFHf ea VR^Q ^U[W OVY^XUZcY[W r _U OVY^XUZb[U OVUQJUZ^Sf © iI L\bWU KTTU dSaUZZU JYVYZWRXf LVVY Eiu \S EHf O][ HI NRXcWUQ VUXcUu N@B rSV\cY^Z ?kWXc Hhf eU[UTUUZTWcc iif eUUXUZ VllQ ZWZ ZkW TUUZTWcc DFQDEu `kW N@B DEQIif Dif `U^URXkWW[WZ `U^UU_U IiQ p @RS`YXW II ¨BB DHjjf
DEf rYc[YVWRXu dSaUZ CYSbS[f ³AU`SZVWZZU II ¨ DEGif ea `lc_l[W Oz[UaUT r _U dSXYpWZU ¥aU[VSccU LWZbaSVTf eWVVY EFu \S EEf P HIu ^UX`UcRXSkWZcRc^ HEu L iif eWWkR[WZ XRST ^VV\X `c TUcYT _U p\X VYac HjQHqf oRbYZ^URkRZ]WZ V\X `c ^SVVY]U HhQHGf qf `U^URXkWW[WZ `U^UU_U HFQiif eU^URX^SQ TWXXWSZWZ UkRV iiQDFf CUTkY[YYZ ^URk `U^UU_U DGQqqf c CUTkY[Y Dq eBBB DHqFf
DHf @RRcau NU[ccW dSaUZZYXf LVVY Eif rS_Uc IqhEu IqhHu IGDDf PX SkYccU_UTUc[f
Iif Al[^WVUacW }YZc AY[VUyaWRX~u ¥U[V OVVUZf ³rS[`SS ID DDD DEGif ea VYac PU[V @YWZaSVb Y[bWZUZb AY[VUyaWRX _UOR]RXcU tWVaYVTWZU MYXc[WZf © iI dYUZWY AUV`YXYZf eWVVWVVY EGu \S EEf P Hiu LUP Hju eC HFu LUL _U LUC HEf Jn [W^SXSW^ k[Sp iIQDGu `[Yac Dhf AYZUUcWZ XW`WWVWcSWTWcRX^ kllVV _U XYZUUc DGQ DEf OXWUWZaSWc _U VlaYccWVlX ?XVSXXU DEQDHf PP? ?W^> IIQjhf rUkkWXXllb\Z YbRXc iqQiFf PUZXUZYbRXc DqÀDGf J]WZ ^URkQ `UVc k_ DjQDGf P?r aZcSZYR` _lX DhQDGf ?\ rSa_SVU aZcSQ ZYR` k_ ihQIju _SacS^ _lX IjQIhf LU^WTWYX kllcSWT ijQDGu IDQjhf Ae@ P Du >r?@ XRR[[ Bcl`UVVUZu [d@ XRR[[f c J^W Di ¨BB DHjhf
IDf AWVp`YZWRXu dRaUZUf ³?[WTUccWVU IH B¨ DEFEf ea cWVUVV dRaUZU A _U NU[WU ASpWU CRSTUUZc\cl[f LVVY Eiu \S EEf P HDf p DEHFf
IIf AcYZ[SSXu OR]RXc J_UVTU[f ³J^W H Be DEFGf ea [^T OR]RXc A _U O]UcaU ¥aU[VSccU PS[¦SZbf © B tY[U r[W]UZSp c DHIDu BB ARSTU OTUVWU PUZY[`S p DHIEu DDD IH ¨YZWU NU[WU PUZY[`Sf LVVY GEu \S \^X EHf PUTY[UUVWcRc^ HDf eUVcWSZ [Y`WXWSVUWc BB [Y` iIQIju \k \VW[Y` IjQjIu cXcSkllVV jIQjqf p D BB DHhif
Ijf LRW^^S }QHj A¯UZ~u Kb`U[b LS[YZ¦S O[WXcWbYXf JUTWZU D eB DEFGf ea aS`W> dSaUZ Kb`U[b A¯UZ _U ?VW`WU eWVaYVTWZU @RZYzY[]f © Hh p DHDG OZZU ASpWU g[UZbY[u IHQ JWVQ bU Pla^sZYZf BwVVY GEu \S EEf NYW_YQ [WcRc^ Hj _U U][ ii NRXcWUVUXXUf N` _U TYW_Y[W^SRV SkYcc HGQiIf PU[_UZaSWcSQ _U _UVSXcRX^SZXRVYZccW rSa_QPU[_UVUXXU iIQiEf dSYZXRRZ cWYcSkRSVWXYZ ^U[_UZQ aSWcS^SRV _Sac iHQIju eU[XWZUWXQA IjQ jFf ?T ?[kSVUZ cWVUZ PWcYYVVl HhQjhf dSYZXRRZ ^URk`UVc _lX DIQDhu [UWccWRXVURcU^ k_ DHQIju YVlWZQ XRS_YVR\ab k_ DhQIju ^lXWc\sVlWX^SRV _SacS^ k_ DFQIjf p PWQ cYYVVl DI eB DHjHf
Iqf tWV^TUZu PRXcUU OVY^XUZbY[f ³OXW^^UVU q e DEFjf ea [UcU`UacW PRXcUU OUbSVp t _U OTUZbU KTWVWUf BwVVY EDu eVVKVcU EEu \^X \S EHf PUTY[UUVWcRc^ HIf p
Ihf ObVY[u OVzY[c KWZU[f LUkkYYZ[UZcU H B¨ DEGif ea cRST OÃYV Kb`U[b O_U OVTU ¥aU[VSccU KTWVWU S[XzVSTf © L\bWU OR[S[U CsT[SSXf BewVVY Equ \S Hif e@ BB ^W[_R[W HEu B ^W[_R[W HHQiqf rSa_SWXT TUc^UcXcSZ _Sac rWYcU[WXXU iHQDFf @U^YZZRX ?\ ^SZcc _Sac J]WXXl IiQf p DG BB DHqjf eYVW jiif
IFf OZcaSZWu tUVcY[ KWZU[f JlTYYZVWZZU IH ¨B DEFHf ea [S` gYTbc dSaUZ O_U JYZ[W^U KVYSZS[U ÁXcTUZf © ij K`U CR_RVWZf BLVVY EGu \S EHf LL iIf PS[kWVUabYZ ^RZZVll^ iIQihf JTV VllZWZXUW[ ihQIjf Qe@ qu U^cW`WXcWTWcf QD J^W IH ¨B DHIjf rSW^U IEFhf
IGf OXku dSaUZ eWVaYVTf NYXXR^\Vl h eJ DEGDf ea [^T MRXcUp O _U NU[WU oV[W^U [SbW]f ewVVY Ehu \S EHf ?kWX^ Jn pWV cWYbY^f rlW`lVYacW cSWT EHf JlTYYZ AUZSTUc kllcSWT HGQHEf p J^W j Be DEHEf
IEf Cla^lkll }QiF OÃ~u NU[ccW K`Y[cf § CUTkY[Y Di¨DDEFEf ea ZUa^R[W PUU[VY PRXcUU OÃ _U OTUVWU AYVWZU JYVWZf eWVVY Eh \S EHf nÁC Hq eC HGf CUTkY[YYZ @? `c ?W^>T HEu BB SX `k_ HHQijf CR[RZ J? ZSc iju UXYXX iqQiGu UkR_lX iGQDIf OO CR[RXXU iGQDIf AUU[W_l[`YZ cRSTWS^ cRST DIQIIu rW[^Q ^UVUZ IIQjEf e@ ju NT DEf p CUTkY[Y DI eB DHqif
IHf gY[cWZu PUU[VY KYTWVf ³CRRXRVU Ij B¨ DEFGf ea cWVUVV dRaUZU OUbSVp g _U dSXYpWZU tWVaYVTWZU @SXYZzY[]f LVVY EDu \S EHf ?kWX^ Jn cYSVS]WUUf p Ii ¨ DEHif
jif LWZZUXUVTW }YZc gVST£`WXc~u [UZX ?X^U[f J^W Dh e DEGif ea c\sT PUU[VY gVST£`WXc _U PU[SVWZUf © HE CSWZW OR]RXcU gSZXQ bS[ppf BwVVY EDu \S EHf P HGf oRXWYZ ^WYVcYZ VYac eUUXUXXU iIQIDu JlTYYZQ VWZZUXXU IDQjIf p rUbUX_S^W Dq eBB DHjIf
jDf gSZXbS[ppu MYS[] O[cR[f ³d\`lX^\Vl IH eWVW DEGif ea k[Sp K[ZXc dU^Sz tUVbYTU[ g _U BbU ¥aU[VSccU S[XYVVf eWVWVVY EGf p JURX_l[`W Ih e DEEEf eYV_Yc IFHu qiju hqDf
jIf rSW_l[`W }YZc gSW_Y[~u LUR[W NU]ZRXf eWVVY Ehf eYV_Yc DIDu DIIu kS_Uc DhiFu DGGif PX SkYccU_UTUc[W^^YVWf
jjf KVT][YZu @SzY[c KVWUXf J^W F B DEGIf ea k[Sp A`YZ
MUz[WYV K _U JWVbU PU[SVWZU JYWy^YVVf © lp TT§f W?? BZY¦ JYVYZU NYR[TUZf BwVVY EDu \S
EHf LP HFu LL iiu LPC ijf n^XVll^
J]WXXl iiQiIu DDQIif @RS`YbYZ ^RZZQ
Vll^ iIQiqf JUTWZUZ `U XScXUW[ \VWVll^
iqQiFf dSYZXRRZ \V XUW[ Vll^ iFQiGf ec
L> DhQDGf CU^UaU[_RZ kU[UZcSVU \VWQ
Vll^ iGQDDu JUVWVUZ kU[UZcSVU IiQu
eYZ Ac @ ju Ar@ ^T[f JU[[ TRXWW^^Wf p J^W DG eBB DHqIf rSW^U DHihf
jqf eRS[WXcS }YZc [WzY[]~u rUU`S AU^U[WUXf PUZ^UUZkll F
eB DEFHf ea >N PUU[VY O[`Wb [WzY[] _U UZZ\ ObYVUWbY gSW_Y[f © Hj dSaUZQ
ZU BZ]YzS[] tUVVWSu BB jq C\[U PlW_YZQ
^SX^Wf ewVVY Ehu \S EHf P HDf AS[cUQ
`UVUZ V\X aWXcS[WUZu ^WYVcYZQ _U `SWTQ
SkYcc HjQHEf @URTUZ XYTWZ TUUZcWYc _U `SWT ^SVVY]U HEQiIf PU_UUZWZ XYTWZ
lWbWZ^WYVYZ VYac _U `_Sac iIQjFf PU_UUQ
ZWZ ^URk ^UZXU^cU[^ IDQjFf NT DEu
A^U[u eYZAc @ jf p Iq e DHqFf
jhf MUXcu OR]RXc eWVaYVTf NYXXR^\Vl Di ¨BB DEFFf ea kYVQ
VU`UcYac c\sT dRaU [Yb[W^ M _U eWVaYVTWZU MUz[WYVWZc\cl[f ewVVY Ehu \S EHf ?kWX^ Jn aWXcQ^WYVWcWYc SXf c DG ¨BB DHDEf
jFf JYWbYTUZu PU[V [Yb[W^f ³?RVR DE eBB DEFEf ea `l[_l[W
JYZ[W^ J _U NU[WU ARXUZZUf Be¡VVY EDu \S EHf JlTYYZVWZQ
ZUZ cU[^^¿UTkR_UkUcV RkX HqQiIf OaV Hqu BcZ HEf p _RVWXcYcQ cR k`[TVVl D D DHFqf
jGf JWVbYZu O[caR[f O^UU DI JB DEFHf ea L[S` K[W^ >W^VUX
J _U PU[SVWZU KVWXUzYca LWVWRXf LWcY
B Eif \S Hif PUTY[UUVWVRc^ Hjf AYZUUcWZ
B \VWT ^SkWXcW HjQHqf JlTYYZVllZWZ LJ
« \VWT VllZWZ^UZXVWXcW HqQHEu VllZWZ^SZcc |[ HEQiDf [YWXc[UUccS[W iDQDju `U[ULllZTQ JJJB Nf ^UT[ DjQjFf OXYXXS[W jFf Ae@ @Vf c CSW_UVU DG eBB DHFif
jEf BZ]Y[TUZu [Wc¦ LYSkSVbf N\ZlTl^W G ¨ DEFHf ea ^a[U [UZX LRb`W] B _U MRXcU`U AcYZWZ]f © ii KbVU P[WXcWZU rUkQ kWZYZf BLVVY EDu eVVLVcU EHf NW^^YVWZ LJ VllZWZ^UZXVWXcW ihQiFu eWWkR[WZ iFQDqf Al^^W_l[`YZ `c >N DIQDjf ARR[XUUQ [YZ _U TRWbYZ XUU[cYZ >N DqQDhu LRRTlYZ DhQDFf N\sa @URTUZ kSVWWXWVUWc XWacf p ²
jHf AU[^WS }Q EH dU^SzXXSZ~u PU[V OR]RXcf ?[WTUccWVU D ¨ DEFHf ea TUU^URkkWUX OR]RXcWZRX dU^SzXXSZ _U AY[UpWU dRQ aSZc\cl[f © HG OZZUQNU[WU LSW^^UZYZf LVVY GHu \S EHf O][ HIf oAOwXXU HjQHqf NYW_Y[WXcWZl HhQHFf CWVUZaSWc HFQHGf eRS^[UU_UZU HEQiFf BcXYZlWZYZ T`f p j ¨B DHFif rSW^U IjqDf
qif NUcaYVWZu KTWV OR]RXcf J^W ID eB DEGif ea UXYTUkllVV OZccW OR]RXc N _U NU[WU KTWVWU PSyaf © HE JYVYZU ?V]U NU[WUZU JSVXcf LVVY `V_py Eiu \S EHf Qe@ EHQDFu Cs\XlZ UXYTUQ T Í kllVV ijQiHu CRR[WZ iHQDFf p CRR[W DI Bg § e DHDFf rSW^U DHEDf
qDf NYR[TUZu dUVTU[W [Yb[W^f ³PUZ]UXUVU DH eBB DEGif ea PRZZ> O]UcaSZ N _U OVWZU [Yb[WQ ¡¡ B ^U CUVV£`WXcf © iI OZZU ObYVY Lspf Jr[T LVVY Eiu \S EHf ?kWX^ Jn EHQHju U][ J ^f HF NRXcWVUXcUf PUZ]UXUVUZ LWR^XWUVUZ p cWVUZaSWc HFQiiu ST iiQjEf LWR^XWUVUZ f¶ uUP ^U[_UZaSWcS^SRV _Sac DiQDDf @YTSZccWQ _|L « _A[aUVW kllVV UkRV D Ef PUZ]UXUVUZ ^RZZ`UVc k_ DGQDHu _lXf QIhu ^W[^^S`UVc _lX DEQjjf B_re O PUZ]UXUVUZ Ak aUVW _lX iD a\kScYY^^WQ §² ± D \ab `UVcRRX^ k_ IFQu eU^ ?\ AUTkS aZcSZYR` k_ jhQ PUZ]UXUVUZ erP kllVV DqQjEu ^RZZWUkllVV jEf A \V kUVS^RZcUVWWccS ^YX^RXaUZ _lXf rSa_QJlTYYZ JWkkSX ^RZZWUk_f PRZZUVVWXZYR`SX DFu e@ ju kUVS^RZcUQUTf c j BB DHqFf
qIf >\zY[]u eYVW JYZ[W^ ObSVpf LUTTW H eB DEGif ea XScUQ TTT ^UT[ PU[V OZbY[X dSaUZ > _U NU[WU B ObSVpWZU ÁazY[]f © Dii NU[\ PUR^SQ |§§§ ZYZ DD §E AUWTU rWW[Uf DDDwDDy Equ \S B « EHf QNYbW^SpWWVWcRc^ HIf oZWcYb AaWkQ rWZ] gSU[bW J]WZ ^SZcc kllVf LWW^YT J]WXXlf c CW^^R[WVU H B DHIhf eYVW Dhf
qjf rUVT[Scau PU[V eWVVWUTf JYWZSVU D B¨ DEFEf ea ^URkk OVp[Yb KTWV r _U NUcaWVbU ¥aU[VSccU ¥UZcaf © iq PU[WZ NYVVWZf V¡VVY Eiu \S Hif JL Hj LYWk¦W]WZ \VWSkWXcf JV eWWQ kR[WXXU HqQiGf c eWWkR[W IE DDD DHiGf
qqf @WZZY }YZc @U^SVUWZYZ~u OR^RXcW J_UVTU[f NlZc\aU[_R IE eB DEGDf ea cWVUVVWZYZ dRaUZU @U^SVU _U OZZU NU[WU P\UZbY[f LVVY EDu \S EHf P HGf CUTkY[YYZ c\ccsV\X aWXc `kW VYac DIQjjf c CUTkY[Y IH B¨ DHjjf
qhf AUU[W }YZc OR]RXcXSZ~u OR]RXcf ³J^W IG ¨BB DEFHf ea cUVSVVWZYZ OR]RXc OR]RXcXXSZ _U NU[]UQ [YcU ?WZSZYZf © HH UZZ\ CSVkSf DwDD w Eiu eWVWVcl EHf Qe@ kUV` HqQIhf BV ^W[Q dVW W RZ HGf ^W[_R[W iGu eSW^SX^yZ UXYTUQ kllVV iEQDjf rWcl_lZTlYZ DjQDGf PSQ [WUZ DGQIqu NUXUVUZ IqQIhf N\sa aU[Q _SWccUZRc TUUZ`WV_f p DF ¨ DHqHf
qFf AU[VWZu PUU[VS P[WXcp[Wbf ³CRRXZWYTW Ij ¨BB DEGDf ea [S` gY[ZaU[b P[WXcp[Wb A _U PVU[U [YbQ [W^U @SXyaWY[f © ii » DHDh JWV_U NU[WU dSaUZXXSZu BB DH PU[WZ NUcaWVbU tUaVQ zY[]f LVVY EDu \S EHf P HIu CP iiu kUXccRc^ iju ^UX`SkWZ cRc^ iEf Pa[UZQ UkRV NW^^YVWXXl _U dUU^^WTUXXUf JYWZSQ VUZ XYTWZ _U JlTYYZVWZZUZ V\X `c RXQ ^SZZSZVYacf PRSkWSZ XRST ^VV\X VYac iHQDGf rRRTUVUZ ^a[U DGQhDf @S`UXQ cW IEf p LUacW Dq ¨ DHhGf
qGf A_sVWZu ?ZZW OVp[Yb dUU^^Sf AS[cU`UVU IG ¨BB DEFHf ea cRVVWcU[^ PUU[VY A _U NU[WU ASpWU P[WXcWWZU MU[zSTf ©iE ·U]TU[ ASpcU >S[bVWZ]f LVVY Eiu \S EHf QLPHq LL HHf PRZZVll^f QDEf rRbUX_l[`YZ kWW[WVll^ DEQIDu dlTXlZ IDQIFf c dlTXl DI B DHIFf
qEf PW`W[W^^S }YZc AcYZ[SSX~u PUU[VS KYTYVWf BwVVY Eif eYVQ _Yc IIu DHGu kSW^U DhGGf PX SkYccU_UTUc[W^^YVWf
qHf Ac[YZ]u CSW`S LYZZU[cf rRRTUVU DF eBB DEGD ea k[Sp OVY^X A _U UZZ\ dSaUZZU tWVaYVTWZU dRbYZf BwVVY EDu \S EHQ ?kWX^ Jn Vll^YcWYbYccl EHQiD _U CR^aSVTUZ \VWSkWXcf rWY^XlTlYZ Yc kWW[WZ >Nu iFQDIu kSa_ kWW[WZ DIQDqf JYZ^W ^W[_R[W rWY^XlTlYVVl Dqf p rWY^XlTl^W Z DHDqf eYV_Yc qHiu hhGf
hif CUTTYVWZu MRXcUp OVYÃUZbY[f J^W IG DDD DEGDf ea cWVUZ STWXc ¥U[V MRXcUp C _U ASpWU PU[SVWZU >S[bXc[sTf © Ii AW]ZY NU[WU M[sZQ [SSXf BwVVY Eiu \S EHf e?cRc^ Hhu ^UXQ `UcRXSkWZ cRc^ HFf JlTYYZVWZZUZ V\X `SWT ^SVVY]U HFQHEf CR[RZ [RScX [YUUVWQ V\X ZkW VYac HEQjGf CR[RZ cYSVV^SRV _U ^S[^ T`SkWXc e?f p h eB DHqIf
hDf oWZSu PURZS Kb`U[bf ³O[c_l[`W Dq ¨BB DEFjf ea cWVUVV CUU`W CRSTUUZkSW^U o _U NU[WU dRaUZUZc\cl[ OW_lVlf © HG KTWVWU AcYZzY[]f BLBVY EIu eWVWVcl EEu \S Hif eWa kUk Hqu kUXccRc^ HFf Pa[UZ UkRV HqQHHf JYWZSVUZ TUUX[^ ^UkkUV HHQ iif NYcXlkW[cWZ ^a[U ijQiqu rRRTUVUZ iEQDif p rRRTUVU I Be DHDFf
hIf tWV^TUZu tUZSVb }tUVVY~ t[\bSZf oRXW^W[^^S eB Dj
DDD DEGIf ea UXYTUkllVV Oz[UaUT dSQ
aUZ t _U oV[W^U P[WXcWZU P\TYZf © DD
NUW_U JSZ^UVWZZUf B[VVY EDu \S EHf P Hh MYSVS]WXYZ cSWTW^ UkRV]YSVS]W HhQDHu `kW ]YSVS]W DHQjDf eUVcWSZ ]YSQ VS]W jDQjGf C aY jF Jnf p IG ¨BB DHjGf
hjf eRS[W }YZc JsVVzY[]~u JYW^^Wf ³@RS`YXW DD BB DEFEf ea cUVSZSTWXc PRXcUU JsVVzY[]_U JYcU rUQ
cUVUf © HG c Dj OVTU LYSZcWZU NWYVSQ
ZYZu BB IE OZZU KXcY[W B^^UVUf ewVVY
Ehu \S EHf eWa kUkW^XW Hhf ?[W`YbYZ
^a[UZ UkRV HhQHGf dRRkU_SYZ `W[UVV UkRV HGQiHf >SRXWUWXcYZ ^UkkUV iHQIDf CScQ cW_l[`YZ ^a[U IDQqif >SRXWUWXcYZ ^RZZQ `UVc k_f >SRXWUWXcYZ ^RZZUVVWX^S^ YXWTf p DF BB DHqif
hqf gSXc[sTu NU[ccW CaYSbS[f VWccW Ii eBBB DEFEf ea aYZ^WQ ^W[_R[W [UZX CaYSbS[ g _U KTWVWU PU[SVWZU ÄzY[]f © B OZZU NU[WU LWcaS`WRX p DHqDu BB qI OWZS ASpWU ÁaTUZf VWVVY GHu eVWVcU EEf Qe@ kUV` EEQIEu BB ^W[_R[W HquD ^WW_R[W HEu eSW^SXQ ^YZ UXYTUkllVV iiQiEu PURXUVUZ iEQDIu dl[`YVlZ DIQIiu CUTkY[YYZ UXYTUkllVV UkRV IiQIEf p J^W Ii ¨ DHqjf eYVW DIjf
hhf ?XTWS }SW^YUXcUUZ g[RTTY[~u oZS eWVaYVTf dSRcXU D D BB DEGDf ea ^a[U @SzY[c tWVaYVT g[RTTY[ _U PUcU[WZU ASpWU @U_UVWZf VWVVY EIu eWVWVcl EHu \S Hif PW[_UWVW_Uf p J^W F BB DHDjf
hFf gly^u OVp[Yb dSaUZZYXf LUkkU_l[`W D B¨ DEGIf ea kUXc dSaUZZYX g _U JWVbU ¥aU[VSccU gly^Xc[sTf © Hh gY[caU JYVYQ ZU rYXSZWRXf oVWVVY Equ \S Hif CYSV Y[ScRc^ Hqu `Wa kUkW^XW Hhu kUXccRc^ HEf CR[RZ cRSTWS[S` UkRV HEQiqf J]WZ X[^ BB ^STTWZWXcY[W iqQiFf es\[WZ ^a[U iFQIqu J]WZ Yc [RScX X[^ IqQhDf rS[`SSZ cRSTWS^Uk UXYXX IjQIHf J]WZ [RScX [S`UXcWQ ^RZZ L[S` jjQqGf K`UZ^YVWSWTWX\ab \VWUXWUTWYXf PUZXUZQ YbRX¢ iGQDHf PW[^SVVWX^S^ _lX IjQIEf @S`UXcW Ae@ Pf p II DDD DHhIf eYVW IiHf
hGf gsy^Y[TUZu KTWV ObSVpf J^W ji eWVW DEGif ea ^URkk ObSVp [Yb[W^ g _U NU[WU OVY^XUZb[U AcY`YZf © Hj JWVbU ·UZWYVXXSZf BwVVY Eiu \S HDf O][SZSTW oVcRZUZ T`SkWXcf CWVUZST J]WZ kWcl_lXXlf p Dh ¨BB DHiFf
hEf ·SZZY[u ?ccSf J^W j eBBB DEGDf ea k[Sp?ccS ·_U JWVbU @SXWZU LSRWXY NUVTf © iI PUca[WZY ¥YyWVY eUVYZcWZY gU[b\f BwVVY EIu \S Hif P Hqu SkWX^ TUcYT RV^STUWVVUf JR`WVUZQ STWXc PUR^VUabYXXUf c DI eBB DHjIf eYVW DIqf
hHf VSTUZu gW[]Y[ dU[Vf eWWkR[W Dh eWVW DEGDf ea XYTWZUUQ [WZ_Sac OZbY[X tWVaYVT _U OZZU JRVbU NU[WU ¥VSRzY[]f BwVVY Eiu VWWcl Eiu eWVVY EFu \S HDf ?W^c HFu eC HHf eWWkR[WZ ^URk ?W^>T iHQDGu `kW ?W^>T DGQIqu BTUc[UZ cRSTWS^ cRST IqQIhf « eWWkR[W jD B DHIhf eYVW Fif
Fif VSTUZu dSaZ PU[V tWVaYVTf eWWkR[W Dj eB DEGif ea XYTWZUU[WZ_Sac OZbY[X tWVaYVT _U OZZU JRVbU NU[WU ¥VSRzY[]f © HH AUVV\ OZZU NU[WU AyaURTUZf VWVVY Eiu VWWcl Eiu eWVVY EFu eWVWVcl Hif PW[_U^URkk eUUXUXXU DhQIif PW[_UQ ^URkkUQ kUZ^^WQ _U VWW^YUVUVVU J]WXXl IiQu JU[[ ^RS[SQ _U ^`U[cYccWVURVRu QcWVW DHqqf eYVW hHf
FDf OVU`U }YZc S[XzY[]~u eWacS[Wf eW[SVUacW Ij B¨ DEGif ea cUVSVV KVWUX S[XzY[] _U NU[WU P[WXcWWZU JS`Wf © HE OZZU dSXYpWZU Ä^Y[TUZf VWVVY EIu \S Hif P Hhu N HGf APA ^RXcUZZRX`U[UXcS aSWc HFQijf J]WZ cYSVV^SRV XRSTYZ SkYcc HEQDHf LWW^YUVUVVU ijQiqu IiQIDf CUVSZkS_UZ LYacW kllcSWT iFQiGu PU[_UVUZ mlZW DHQIif @J ^W[_UZkWc _U [Y` IIQjhf eUVQ cWSklW`lkW^U^W[_SWc ihQiEf ARS[Wcc ^UZXUZ[RZSRbYZ _RV^UWXRQ c\scl DqQDFf p J^W h Be DHjhf
FIf eRSkWS }YZc S[XcYZ~u Kb`U[b dRaSf ³CUTkY[Y jD ¨BB DEFEf ea TY^UUZW^^S Kb`U[b S[XcYZ _U KbVU KZ[SSXf © KVWWQ ZU NUcWVbU ÁXcY[VRZbf eWVVYu eWVWVcl Hiu rS[WZ V\X \S HDf NUUZTWccU[WZ cRc^ Hhf eU[UTUUZTWcc iDf ZkW TUUZTWcc DGf N@B CR[RZ _U rS[WZ VllZWXXl DHQIGf p DHIGf
Fjf M[UZzY[]u MYS[] [WbSVp NUÃWTWVWUZf >R[TW_l[`W E B¨ DEGIf ea ^URkk PU[V [WbSVp M _U [YbQ [W^Uf ¥aU[VSccU Lsp][YZf © iE KVVYZ eWSQ VU AWVp`YZWRXf BwVVY EIu \S Hif ?W^c HGu eC iiu ^UTY[UUVWcRc^ Hjf CR[RZ J? \VWT `W[^UT iiQijf NlZcXlVlZ kWW[WZ >N iFQDIf OO ?RVRXXU ijQihu rS[Q `SSXXU DIQIhu J]WXXl IhQjhu >R[TW_l[Q `YVVl IGQf rS[`SSZ `UVc`Y[SVURcU^ k_ IjQIhu >R[TW_l[`YZ `RS^[UVURcU^ k_ qjQqFf JU[[ TYcXlXc\Xu ^UVUXcRXf p DF ¨BB DHhGf
Fqf JUy^VWZu dSaUZ KTWVf eWacW I eBB DEGDf ea cWVUZSTWXc PUU[VY [Yb[W^ J _U BbU NU[WU LU]Y[XcUTf © HE OWZU Ob[WUZU tYXc¦\ZcaWRXu BB DIQIi UZZ\ NU[WU JUUcU_Uf VWVVY Eiu eWVVWVcl HIu \S \^X Hjf O][ HG NRXcWUVUXcUf N` eWabWXXlu VWW^YT J]WXXlf p DH e DHqIf
Fhf JU[^^S }YZc JSVTzY[]~u tWVaS PSZXcUZcWZf J^W DD e DEFHf ea [UcXRcWVU¢¢ MUz[WYV tWVaYVTu JSVTzY[] _U PU[SVWZU NUcWVbU K^£`WXcf © ii gY[ccU eWVaYVTWWZU tUcaYZf VWVVY EIu \S HDf N[W Hj rSV\cY^Z ?kWXcf oRbYZTUUZ VllZWZ `U[UQ TUUZTWcc HHQDFu ZkW TUUZTWcc DFQDE `kW N@B DEQjDu YVlQ ^YWlZ _lV^ \VWT N@B jIQjFf CUVSZSTWXc\ab_SacS^_lXf LUycUQ TYW_Y[WZ_Sacf JU[[ XRS_YVRX^RZcUf p J^W H B DHqHf
FFf J\TUZbY[u KVWYV MSccVWYz BTTUZRYVf J^W h ¨ DEFHf ea
^UZWc dSaUZ OR]RXc MSccVWYz J _U MRXQ
cU`U eWVaYVTWZU MVUZXf © HG AYVTU
LWYbzly^f VWVVY Eiu \S HDf CUTkY[YYZ
XRST V\X e? iFQIDu [RScX \ac^ DIQDGf
CSWTWZRc aWY[S_UZU _U XUW[UX`SWTWXcf
CUTkY[YYZ erP `SWT_Sac _U bW`kllVf
CUTkY[YYZ YcXW`lZ ^YX^RXkSVWWXWZ _Sac
DEQIDf NT DEf c CUTkY[Y Dj eBBB
DHIDf eYV_Yc DjFu IIju jGhu qGEf
FGf dSaZXXSZu CaYSbS[ ObWYVf PRSkWS h B¨ DEGDf ea kWWXkU
dSaUZ eW^cS[ d _U OZZU ¥aU[VSccU AcYZWRXf © Dh p DHqh @SXU LWV_Uf aWVY EIu \S Hif ?kWX^ Jn aWXc^WYVWcWYc SX HiQHIu LP HEu LL iju XWXlcURc Y[W^Vll^f J]WZ ·WU^SZWXXUVUWc XUW[ UkRVVll^ ijQihu XWXlcURcWSX `c \VWVll^ Y[W UW^SWZU iHQjqf J]WZ ·WU^SQ
ZWXXUVUWc UVWVll^ _U PScW`UVVWZ ^YRa^ScURcWXcYZ ^SbWZ Vll^ ihQ DGf n^XVll^ JUTWZUXXU DEQDHu J]WXXl DHQf JU[[ aYbYVTlQ_U ^R^^UX`WV_YV\Xf p J^W Di BB DHhGf
FEf PVYTWu O^XYV LYZZU[cf VWccW h BB DEGDf ea VR^^U[W OZccW P _U UZZ\ eW^cS[WU tYy^TUZf aWVY EIu eWaWcl EHf e@u TT
>W^^WVlZ UXYTUkllVf c ²
FHf PRZZUX }YZc @UZbYVV~u OR]RXc UzWUZf ³CUTkY[Y h D
DEGDf ea c\sT ·U`Wb @UZbYVV _U AY[UQ
B pWU eWVaYVTWWZU dRaUZc\Vl[f © DF c DHjI dYZZ\ OTUVWU PUUVUTSf e¡VVY EFu
eWVVWVcl EHf e@ HiQjEu BB VWZ_U^W[_R[W HEu D VWZ_U^W[_R[W iFu oRbYZ^\VlZ UXYQ
TUkllVV DqQIHu dS^YVUZ IHQjEf >UXcSQ
VUZ X^ cUVSRXkllVV IiQIHf QD CRRXRVU ji
Be DHhIf
Gif LYacS }YZc tW^VRZb~u Oz[UaUT Kb`U[bf NYXXR^\Vl F BB
DEGif ea c\sZ_Sac Oz[UaUT L _U [YbQ
[W^U @YWVWZf © HF p DHjH VWbU OVY^XUZbQ
[U CUZZY[f ewVVY EFu \S HIf P _U N iDf PYX^WQA cSWT HIQHqf J]WZ ^URk
^UZXU^S HFQiEf J]WZ ^URkk ^URkkUQ
^SRV SkYcc iEQjiu _Sac DiQDDu DIQjif
LWW^YUkRV WVcU^R[XXWYZ SkYcc _U _Sac iHQ
Ihf >S[XXWZ cSkYcc iIQiHu `c XRSTYZ
VYac iFQiEf J]WZ XRST ^UZXU^ cUVaSWc
IDQIq _SacS^ _lX _U XWac IDQf J]WZ X[^
^W[^^S`UVc _lX iHQ J]WZ PURkk nab XWac _U [Uaa DiQIjf APAu oRXW ARSTW _U @UWccWRX^UZXU ^W[_UkUWZSZ _SacS^ _lXf PJCQ cWVWZcU[^ DIQu Ae@ @f c F DDD DHqDf rSW^U DHjju c\ccl[YZQ kS_Uc FiqGu FDGDf
GDf LWZbzY[]u KWZU[ [Yb[W^f eWWkR[W Dh BB DEGIf ea \VWQWZX ?X^U[ Y[bWZUZb L _U BbU ASpWU ÁXcVWZ]f © ij KVXU dSaUZZU J_YVTUZf eWVVY EFu \S Hif ?W^c Hqu eC HGf eWWkR[WZ J? ^W[_UU_U iGu \VWT `WX^ iEu ZSc iEQDiu `WX^ DiQDGu J?> DGQIGf Pl^WXUVTYZ cRSTWS^ cRST IGQjDu JUVW^SZ cRSTWS^ jDQjhf OO eWWkR[WXXU HEQiFu eWWkR[WZ ^URk`UVc _lX iHQDDf PW[^SVVWXQ ^S^ _lX DEu Ijf Qe@ Iu Ae@ Pu NT DEf QcIh BB DHjhf
GIf AU[WZ }YZc LWZb[SSX~u dSSZUX dRVWRXf CUTkY[Y IG DDD DEGIf ea ^UZXU^S OZUZWUX LWZb[SSX _U OZZU dRbWca LRZbQ ][YZf © CY^VU OZbY[XXSZf eWVVY EFu \S Hif P Hqf rUVS`U^ ?\ rSa_SVU `W[^ HqQiIf oRbYZ^URkRZ]WZ AUZSTUc cSWTf oRbYZ^URkRZ]WZ V\X SkYccf LSRZUWXQA SXRRXcYR[UXcUTS ^SZcckllVf c CR[^R DHIIf eYVW jqFf
Gjf NUXcu PUU[VY OVp[Ybf J^W DD eB DEFEf ea cUVSZTX PUU[Q VY JYZ[W^ N _U NU[WU MRXcU`U LWZb[SSXf © HE OVTU eWVaYVQ TWZU OZ]YVW^U tWZ£`WXcf aWVY EDu eWVVWVcl HD \^X \S HIf LWW^YTf p ji B¨ DHiqf
Gqf >YkkYZXc[sTu AWTSZ O[`Wbf ³dSYZXRR II eBB DEFEf ea PU> [Wc_Sp >UkSVYSZ > _U NU[WU P[WXcWZU rU[`WUWZYZf © DD
OVTU KVYSZS[U rUWbUZf BewVVY Eju eWaWcl EHf ?kWX^ TT LRzYy^WXXl I `RSccUf dUc^SW WXlZXl VWW^Yccl dSYZXRRXXUf QDhf J]WXXl DhQf p J^W Iq eBB DHjFf
Ghf @URaUTUU }YZc >\^Skk~u gY[Zbc tWVVWUTf Pl[^sVl IH VWW DEFEf ea kYacS[W PRXcUU [Yb[W^ >\^Skk _U ASpWU g_s[Q
^YVVf © M[YcU LWXU P\cclf aWVY GHu eaVcU EEf ?kWX^ d\`lXQ ^\VlZ XYTWZUU[WXXU HIQHju ^UZXU^S HFf ARST kRSVRYYZ kWW[WQ XWac AS[cU`UVUXXU _U CR[RXXU iGQDif AU`ScU[ kllcSWT DiQDDf PRSkWSZ TUWXc[UUcWZ ^UZXVWXcWu P[^UXss[W _U ZSc DjQIjf PUZQ XU^S Y[W kWcl_WXXl HjQiGu IjQqIf p AYWZl_S^W DG Be DHhhf rS_UZkSW^U jEIif
GFf ?^Y[QgVSTu J_UVTU[ P[WXcWUZf eWWkR[W ID eB DEGif ea ^YZ[UUVWu XYZUUccS[W ¥a[WXcWUZ CaYSbS[ ? _U dRVWU NU[WU LS`WXU gsy^YVTUZf © iF rURVU dSaUZZU JY[cf aWVY EIu \S HDf ?W^c HFu U][ HEf NUUZ`WV_YV\XalZ U][ _U XWac iiQDGu VUWZSkkWZRc TUUcUVSRX> _U aUVVWZZSVVWXYZ SX kllVV DGQjGf KbRX^ cUVSRX`UVWS^ _U TUUcUVSRX`UVWS^ XWac ihu DIQDqu DHQIif oX ^Y[cS_U TUUcUVSRXaUZ `c \VW_Sacf Ae@ Pf p J^W E BB DHjGf
GGf rRccWVUu ·U`Wb }CUU`W~f VWccW D DDD DEFHf ea cWVUVV dRaUZU OZcWZkSW^U r _U KY`U JYW^WZc\cl[f aWVY EIu \S Hif P Hju N Hqu cYSV Y[ScRc^ Hhf @URTUZ XYTWZUU[WZ RX^ VYac HEQIFu ^UX`UcRXSkWZ VYac HEQiEu aWXc VYac iEQIFu `_Sac HHQIFf @URQ TUZ ^URk`UVc _lX iFQiEu IjQIqf p Dh Be DHjjf
GEf r\V^^lZYZu VW`U[f NW^^YVW Ij BB DEFEf ea ^URkk ObUT r _U P[WXcWWZU PUcU[WWZUf © HG KbVU OTUZbU Oa`YZUWZYZf BaVVY EIu \S HDf NUUZ`WV_f p G ¨BB DHIif
GHf @SXYZ£`WXcu K[ZXc Kb`U[bf J^W Iq eWVW DEFHf ea U_S[YZQ ^W gYZ_UTWZ @ _U NU[WU NsVVY[f © iq JWV_U g[UÃYZf aWVY EIu \S Hif ?W^c Hqu eC HGf OO eWWkR[WXXU _U NW^^YVWXXlf NW^Q ^YVWZ VllZWZ TUUa[U DEQIGf PRSkWSZ cRSTWS^ cRST IGQjIf NW^^YVWZ ^URk`UVc _lXf PYX^WZ aYZ^W`U^\ac ARSTW YbRXcU_WXQ cSZ _lX DDQjIf oX \ac _SacS^_lXcUW k_f e@ Iu e@ j T^u Ae@ Pu @RScXeµ P Du A^ U[f NT DEf c PRSkWS IG e DHjIf
Eif AsbY[TUZu PRXcUU Oz[UaUTf oRXW^URkRZ^W F e DEGif ea ^URkk PRXcUU A _U OTUZbU g[W]WccU gVSTf aWVY EIu eWVVWVcl Hif O][ HI NRXcWUVUXXUf AWW^UXUVTYZ _U dS^WXUU[YZ T`^SRV ZkW _U `kW SkYccf ?RVRZ CUVSRXXYR[ T`^SZXRVYZccWf ?RVUWXcYZ TUUTWYX^SRV _Sacf CU[`UUVUZ T`^SRV TUUcUVSRXQ UWZYWbYZ SkYccf c AUU[W_l[`W H BB DHIGf
EDf CSkkSVUu dRaS PRXcUUf OXW^^UVU Ii eBB DEFHf ea c\sT ± q OR^RXcW C_U OZZU LS`WXU NW^SZc\cl[f © HF ·U]TU[ LsZZXc[sTf ewVVY EFu \S Hif P Hqu cYSV Y[ScRc^ HFf oX X[^ UkRQ VUWXkUkkWf VWcWZ `c ^a[U j `RSccUf PScQ ^UZ ^UZX^ cU[^ iqQIhf PSc^UZ XRST \ac^ RX^ SkYcc iIQIhf PSc^UZ XRST \acV\X `kW VYac _U `[Yac IFQIEf PSc^UZ ^URk`UVc _lX _U ^W[^^SaZcS^RZZ k_f c PSc^U IG e DHIEf
EIf tUaVXcYbcu PUU[VY OVY^XUZbY[f J^W D B DEGif ea TUUVUQ [W dUU^^S tWVaYVT t _U KY`U K[W^XXSZf BwVVY EIu \S Hif PUTY[UUVWcRc^ Hjf e@ kUV` HDQjEu Xla^sZ Hqu BB ^W[_R[W Hhu ^W[_UZkWc HHu B UkR^UT[ iFu D ^UT[ iFu \VW^UT[ Iju @J _Sac B _U cUVSRXSX kllVV IjQjEf PRV^RVUWc _U \V csWbYZ TWZ [UcUQUXWUWZSX cWVWVUWc _Sac qIQqqf e@ YVlQ ^YVUWc `UVcRRX^ _lX iiQijf Ae@ Pu eYZAc @ ju ¨Lf p J^W Ii DDD DHqqf
Ejf tU[YZu rUU`S WVYTSZf ARSZYZ_S^W Ii e DEGIf ea [S` dSaUZ t _U ObSVpWZU NU[WU OXYaUZf © iD OWVW NU[WU CYVYZf LVVY EIu \S Hif P _U N HGf ALNP XU^XUZ _U [UZX^UZ SkYcc HEQIEf oN XUZSTUVYacW_USXcS _USXcSXWac DEQjjf p J^W ID eWVW DHjjf eYVW DHHf
Eqf Oya[YZu dSaZ MRXcUpf ASTY[S Ii e DEFHf ea P Oya[YZ _U JYVYZU ASpWUf © Ca\[U BZ][Wb LY`WXSZf BwVVY Eju ewVcl EEf e@ EEQIFu J ^W[_R[W HjuD ^W[_R[W HEu PS[XSZ UXYTUkllVV iFQ IFf p PS[XS h ¨B DHIFf eYVW DGju kSW^U DEDIf
Ehf OaV][YZu dSaUZ OR]RXcf J^W DG B¨ DEGDf ea _RZUWVW_U PUU[VY OR]RXc O _U [Yb[W^U LS`WXU M[sZ[SXf © iD JWVbU ObYVY LY`SZYZf LVVY EIu ewVcl EEf oRbYZTUUZ VllZWZ L^UZXVWXcWu `c L[Y]WXc[UUccS[W iIQijf eWabWZ _U r\al_l[`YZ >N ijQihf AWccYTTWZ VWW^YTu ^URkkUYbRXcf p IH ¨B DHDHf eYVW IiIf
EFf @WWaWTl^W }YZc OaV£`WXc~u OVp[Yb }OUVW~f B^UUVWZYZ Ih ¨B DEFHf ea ^RkU[WXYkklTYXc OZUZWUX OaV£`WXc _U NU[WU NU]bUVYZU @SXYZQ ][YZf © HG ARSTU KVWZU JYVVTUZf ewVVY EGu \S HDf eWa kUk HFu kUXccRc^ iiu SkWX^ okXUVUXXU HqQHhf Pa[UZ UkRV rUU`SVUXXUu @UZcXWVUXXUu @YWX_l[`YVVl _U Pl[XlTlYVVl HFQHEf oX X[^ UkRV cUW ^UkkUV HEQiDf AlVsWXcYZ X[^ ^UkkUV iDQ iqf p @UUaY E ¨ DHiqf
EGf gSWXTUZu CS[XcYZ tWVaYVTf JYWZSVU DH e DEGIf ea [Yac PU[V eWVaYVT Y[bWZUZb g _U AYVTU PU[SVWZU LS`WXU L\[Uf © IH AW][Wb MRb[RZ CaS[XcWZXXSZf VVLVVY Ehu \S HDf ?W^c Hhu eC HEf eWWkR[WZ J? \VWT `W[^UT HEQHHu UkR_lX ihu Diu ZSc DiQDju DGu J?> DGQDEf AYZUUcWZ \VWT ^SkWXcW iFQiHf nabYZ`Y[cUWXRRXVUWZ `UXcRXcUTWXYXcU P[YXc\Z `UZ^WVUXXU DjQ Dqf LUkkYYZ VRSTWS^ cRST DEQqIf Qe@ Iu Ae@ Pu NT DEfQ JU[[ TUUVURXf c J^W Ij e DHhEf
EEf ¥SVVUZu rURV ¾UyaU[WUXf @URTU B ¨ DEGIf ea kWW[WVll^ dSaUZZYX ¥ _U OZZU ¥aU[VSccU AUVVTYZf © iD @SXU NU[WU ellZlZYZf BwVVY EIu \S HDf P Hhu N HFu LP HGu LL iDf PUZ^UUZkllZ ^RZZVll^ iDQiFu dRRUZ iFQDiu >R[TW_l[`YZ DDQDE dRRkU_SYZ DHQIDf rRbUX_l[`YZ kWW[WVll^ IDQIqu JUUkU`YbYZ IqQIFu @RS`YbYZ IFQIHf p J^W Dq DDD DHjif
EHf K^VRZbu PUU[VY PSZXcUZcWZf CUTkY[Y H Be DEGjf ea ZUa^R[W NUR[W PSZXcUZcWZ K _U oV[W^U tWVaYVTWZU PU[]RXf ewVVY EGu \S HDfQc ji ¨BB DHijf
Hif K^£`WXcu PU[V eWVaYVTf PU[_UVSa_U Dq ¨ DEGif ea ^U[cU
ZSZST OR]RXc eWVaYVT K _U NU[WU NUQ cWVbU ÁXcY[aSVTf © DI AUWTU L\bWU tUVVYZWRXf LVVY Eju \S HDf KLP ij _U
KL iH }·[YXbYZ~f AUVSZ kWW[WZ UkRVKL
Dif CUTTWXUU[YZ \T ^RZZKL DEf ARSQ
_l[`YZ kWW[WKL DEQIiu >R[TY^XYZ IiQ
IHu eUUXUZ IHQjqf >R[TY^XYZ ^URkkQ
`UVc _lX IhQIE k_ IFQIEf >R[TY^XYZ aYQ
`SX\Xcl`lWZ XYR[ k_f JU[[ `Y[ScRXu R[Q
aYWVRf p J^W Dh D DHqEf
HDf YVVTUZu O[`Wb J_UVTU[f J^W IH B¨ DEG L ea XYZUUccSQ [W MRXcUp KXUWUX _U CRccR ¥aU[VSccU K[W^U ?VW`WU Ac_YT`UVVf © iq JWVTU OVYÃUZb[U AU[YZu BB Ih AW]ZY NU[WU JUXXYVzVUccf LVVY EDu \S HIf P HEu N iiu k[S` ijf OkcYY^^U[W LUabYXXU ijQDIu CUTkY[YYZ VWW UkcYY^WXXU DEQ hif LPJ UXYXX DIQDEf LUabYZ ^URk`UVc _lX iFQDIu k_ iHQDIu ^URkkU^SRV _SacS^ k_ DiQDIf Ae@ @ Du eYZ Ac @ jf c CUTkY[Y ID ¨BB DHhif
HIf JUWZU[W }QiF S[XXc[sT~u JYZ[W^ OR]RXcf CUTkY[Y Dh eBBB DEGDf ea kSXcWTYXc MRXcUp ObSVp S[XXc[sT _U LS`WXU OR]RXcU rSV`WUZQ bY[f © Iq AW][Wb rURVWZU dUVSZYZf DDDwDD y Ehu \S HIf KL iG ·[YXbYZf AUUQ [W_l[`YZ `c kWW[WKL iGQiEu LUabYXXU _U NW^^YVWXXl Djf eUV^YUVUZ ^RZZKL iEQ Dju JURaSVVUu PYR[RRVVU _U A\XTlXXl DqQDHf dSYZXRRZ ^URk KL DHQIDf C[YYZ cYR[UXcRXVUWc VWaUZcU[^UXcUTS KL IDQ Ijf n^X KL PU[^RXXU IjQjFu eUTTUQ VUXXU jFQqHf nL _U NN B cYZS[W HIQHGf PU[_UVUZ Pss[W HjQHhu c eUTTUVU F Be DHqHf eYVW Hjf
Hjf JUWZU[W }QiF S[XXc[sT~u dUVTU[W Y[bWZUZbf CUTkY[Y DE e DEFHf ea kSXcWTYXc MRXcUp ObSVp S[XXc[sT _U LS`WXU OR]RXcU rSV`WUZbY[f © HF c DHDF PUcU[WZU KVWXUzYca LspQ Xc[sTu Iq p DHjj OZZU PR[kkUf VVLVVY Ehu eWaWcl Hiu J]WZ RRXW [RScX \ac^ \S HDf OJC HFu nJC iIu SW^c ijf e@ XlaQ ^sZ iDu ^W[_R[W iIf eWWkR[WZ LJ [YWXc[UUccS[W ihQiEf PRSVYQ TU_l[`YZ >N iEQDif OO J]WXXl _U AYZUUcWZ XW`WWVWcSWTWcRX^ kUV` DiQDFf AS[cU`UVUZ ^WaVU^ aYZ^W^W[_SWZ DFQIDu P\TWZ ^WaVU^RZZUZ IDQjFf JU[[ ^UVUXcRXf p J^W q Be DHjEf eYVW HIf
Hqf M[sZVRZbu NU[cWZ MRXcUpf J^W F e DEGjf ea cUVSZST PU[V MRXcUp M _U ?V]U NU[WU OaVpS[Xf LVVY Eju \S HDf ?kWX^ Jn Vll^YcWYbYcclf p J^W II eBBB DEHjf eYV_Yc Fu IDhu hiiu hGjf
Hhf JU]TUZu ObWYV PUU[VY dSaUZZYXf LYTkllVl I eBBB DEGDf ea [URcUcWYcU[^ OZbY[X J _U KTWVWU dSaUZZU OZcSWZYcQ cY oVVZY[f LVVY EIu eVLVcl Hif AUW[UX`SWTWXc OTY[W^UXXUf p >Y¯ nS[^ DF Be DHIhf
HFf JYWZSZYZu eWVaSf ?`UTzSTUU jD e DEGIf ea c\sZ_Sac dSaUZZYX J _U dSaUZZU KX^YVWZc\cl[f © HEQii KVVYZ CUkkY[u iqQ NU[WU AWVcUQ ZYZf LVVY EIu \S iqf ·V rSV\cY^Z SkWXc iqf e@ ^SZYcY^Z cXcSZ `URZR[U^Q SX kWW[RXcU_U HGQiqu UkRVWZX iqQiFu BB B^ WZX iFQIqu B B^ IqQjFu UkRV_Sac _U cXcSQ kllVV jFQqif eYcR[WZ^RV_ ^R[XXWYZ SkYccf PURZWUWXcYZ ^URkk `UVcRRcYccR jDQqqf Ae@ @ Du eYZ Ac jf JU[[ TYaWVlWXQ _U kRRcU[aUZaSWcSf p PURZWUWZYZ Di eB DHhEf rS_Uc DjHGu IiEIu IDGhu jDHHu `YVW DDqqf
HGf Up JYR[VWZu NURZR ?XXWUZf rU[UWZYZ Di B¨ DEGjf ea ^W[_UkUWZSZ _Sac LU[X ?X^U[ Up J _U OR]RXcU JYVYZU gY[]zSTf BwVVY Equ \S HDf P HFu N HGu LP iiu LL iFu LPC Djf J]WZ \V XUW[ X\ZZ\c\XSX UkRVQ Vll^ iGQDiu WaScURcWSX DIQDhf n^XVll^ J]WXXl DhQIDf NRSZWSZ _U KZSZcY^WsZ UVRYVll^ IiQIDu BZU[WZ _U ocX_SYZ IjQ jiu rYcXUTSZ jiQjqf PWccWVlZ kWW[WVll^ IDQIju rWYVWX_l[`YZ jqQjhu PR[^W_SYZ jhQqif eW[SZ _U ORZR^XYZ _SR^^S_YZ Vll^ DHu eWYZUZ PU[_UVUZ XUW[ Vll^ Iif eYZ Ac @ ju eW[e@ V|DDDu Ar@ k[ UT[f c JlTYYZ^\Vl IE Be DHhIf eYVW DIHf
HEf dUySzXSZu MYS[] ·U`Wb Kp[UWTff BwVVY EIf PX SkYccU_UQ TUc[W^^YVWf
HHf dSRcXYVU }YZc dSaUZXXSZ~u dRaS >WT[Sbf J^W F eBBB DEFHf ea TRR[U[W >WT[Sb dSaUZXXSZ _U KVXU tUcaYZf BwVVY EIu \S HIf P Hqu N HGu `Wa kUk HFf nVWT kUkkWZU AwXXU _U OTY[W^UXXU HFQiEf PYTWZ ^a[U iEQDDu OZccSVUZ DDQIDu rYclQ _l`YbYZ IDQjiu KVWTlYZ jiQjhf p KVWTl^W D DDD DHjhf
Diif PSV^^Uu OZcSZf VWccW IE eBBB DEFHf ea cWVUVVWZYZ A\V`YXQ cY[ NUcWZkSW^U >W^RVU _U KY`U dSaUZZY^XYZc\cl[f © iq P[WXQ cWWZU LlccWf B¡VVY EIu ewVcl EEf CUVSVVWZYZf p dUU^^WTU IH B DHIjf
DiDf PSZXWZu elWZs J_UVTU[f eUZU_U DH ¨ DEGif ea ^a[U eW^cS[ OR^RXcW P _U VWbU KTWVWU ARVWZf BLVVY EIu eVLVcl HDf e@ HDQID Xla^sZ HFu BB ^W[_R[W HEu B ^WÃ_R[W iiu @UZcUVUZ UXYTUkllVV iGQiHu PWZcUR^XYZ iHQDEu OR[UZ DEQIDf QD DEDDD DHIDf
DiIf PR[W^^Uu dRaUZWf CRRcY[Wu BZ^Y[W DD ¨ DEGif ea ^\VlZQ `UZaWZ OUbUT CRSTUUZkSW^U P _U OZZU dRaUZUZc\cl[ rs\Q asZYZf © B iI LUR[U L\bWU oScWVUu BB OVTU PSX^WZYZu DDD JUZZU LUkkUVUWZYZf LVVY EDu \S HIf O][ HG NRXcWUVUXXUf N`^SRVR_YZ _U ^UZXUZSkWXc SkYcc HGQiqf BclQPU[_UVUZ T`X XWac iqQIif OXRcRXaUZ `W[^UcUVSQSX _lX IiQu _Sac IDQIGf ?TWXcW TUUcWVUZ AS[cU`UVUZ kWcl_lXXlf PUZXUZYbRXc iEQDjf eWWkR[WZ VllZWZ Wc YVWZcU[`YcXcSZ k_ iEQDif e@ qf c G e DHjif
Dijf Pl[Zlu dSaUZ tUVcY[ AW]p[Wbf J^W Dj Be DEGDf ea kSVWWXW^STWXU[WS dRaUZU P _U [Yb[W^U PSV_SZYZf © iH KTWVWU ASpWU tYXcY[VRZbu IE c DHqE UZZ\ CYSpUZWU AUTXSZSppf LVVY EIu e¡Vcl EEf LWW^YTf c D B DHhif rSW^U IGFqf
Diqf NUccXXSZu K[ZXc tSVbYTU[f JSVVSVU E eB DEGDf ea SVRccYacUWVW_U JYZ[W^ N _U OTUZbU ¥aU[VSccU OZbY[XYZf © iD B[YZY dSXYpWZU A`YZZzY[]f LVVY EDu eLVcU EHf LUabYZ SVRcQ cYac cSWT_f BXlZZf p F ¨BB DHIDf eYV_Yc DqEu IjEf
Dihf >WYTYZkY[l }QiF >\Xc[sT~u [UZX OVzY[c PSZXcUZcWZf ³CRRXRVU DD eBBB DEFEf ea cWVUVV PUU[VY OVzY[c >\Xc[sT _U OTUZbU dSXYpWWZU dRaUZUZc\cl[f © ii p DHqH OVWZU NUcWVbU KZ]VRZbf LVVY EIu eLVcU Hif CUVSVVWZYZu U][SZSTW JYVXWZQ ]WZ kWcl_lXXlf c Iq DDD DHhjf
DiFf ?VUZbY[u dRVWRX OVY^XUZbY[f J^W h Be DEGif ea cWVUVV OR]RXc eWVaYVT ?_U OTUZbU LS`WWXU VWXU^WZc\cl[f LVVY EDu eLVcl EHu eLVVY Hiu eLVcU HDu rS[WXcU \S Hjf P _U N iif J]WZ ^URkkUSkWXc SkYcc iiQihf J]WZ PURkkU^SRV SkYcc DDQ jqu _Sac DHQjqf p Dj B¨ DHjqf
DiGf rYXSZYZu NUccWf AllTWZ^W D eBBB DEFEf ea VUXcURXkUWQ ^UZ aSWc MUz[WYV r_U O]UcaU LWR^^Sf © Hh p DHqq KVVYZ B[YZY NUVTzY[]f VVLVVY EFu \S HDf P _U N Hqf J]WZ XRST c\ccs^SRV RX^ SkYcc HGQiDu XRST _Uc^SQSkWXc HEQ iEu RRbYZ \ac^ HHQiIu XRST V\X HHQiEf >S[XXWZ `c RX^ \VWSkYcc iIQihf J]WZ ^URk XRST ^UZXU^SRVR_YZ cU[^ iEQjhf J]WZ ^URk`UVc _lX ihQDjf PUZXUZYbRXc iGQiEu IIQIjf J]WZ Yc XRST X[^ ^W[^Q ^SZYR` _lX DGQIEu ^W[^^S`UVc IEu A ^W[^SZ XYR[U^RZcUc\sZ ^YX^RXVWWccS `UVcRRX^ DHQu _SacS^ qif PSRVRZYR`SX jIu oZ^ U[ Iu eW[ PSc^U[WXcW qu ^RcXRZcUVU^^STWcf p DD eVV DHhGf rS_Uc DGDEu DEiGu DEqGu IIiFu IqhIu jDIqf
DiEf rSVSZu PZRc O^XYVf JSVVSVU jD DDD DEGjf ea >N oV[W^ r _U CaY[YXY PVYSkUc[U JYZ[WYccY ASpWU eWVaYVTWZU Ac[sTTf © iq KXcY[ @sZQ ZYzY[]f VWVVY Eju \S HDf P _U N Hqu
SkWX^ NSZckYVVWY[¿Z \VWSkWXc HGQHEu PsVZWZ PPP iGf P?r PSc^UZ ^SZcc YXWT iIQijf rSa_SWXTUWbYZ ?XU^YQ kUZ^^W AU`SZVWZZUZ ^SZcc YXWT ijQihu _SacS^ XWac ihQiGu PRSkWSZ ^SZcc YXWT iGQDFu kUZ^WZ _SacS^ _lX DFQDHf ?\ rSa_SWXTUWbYZ nab\XkUZ^^W _SacS^ _lX
DHQjFf A CYSVVQJ\kScYY^^WkUZ^^W ?\ cSWT_ jFQqDf PURkkUQ
SkWXc SkYcc HhQHGf J? ^R[UUccS[W iiQiDf A \SQ^RZZ k_ iIf eUVc pWZUZXXWUXWUZW >Y¯ nS[^WXXU IDf Ae@ P c IE ¨BB
DHqDf
DiHf rU[TUVU }YZc r[WZX~u [UZX J_UVTU[f J^W IF ¨ DEGif PUX`UcRX`a ^UU[cWZ`llk r[WZX _U NU[WU LS`WWXU M[sZVRZbf
LVVY EDu \S HIf eWa kUkW^XW HEf OZ_UVUZ ^a[U DiQIif QD IH ¨
DHIif
DDif @YWZu dSaUZ Kb`U[bf J^W IE eWVW DEGjf ea cSbYVVWZYZ `UVcWS> PU[V MUz[WYV CaWSbSVp @ _U JYb`W] NU[WU ASpWU VS[WZf © Dj KVXU AWW[W LWVWRXf VWVVY Eju \S HDf P HFu N HGu L iju C iGf Jn bSX iqQIhu \VWT k[Sp IhQjiu P[YW^UZ ^W[_UVV k[Sp jiQqif >S[XXWZ cSkYcc HGQHHf Jn VUcWQ ZUZ SkYcc RX `RSXWZU iqQIhu d^V ^YXl\VWQ SkWXc DIQDju Iju Ihf nS cRc^VURcU^ _lX DGQf ARST CWYbYU^Uc _lX IIf p LSa_U H BB DHqif eYVW jGqf
DDDf AUbYZWYTW }YZc AUbYZWRX~u PRXcUU NUR[Wf nVs_l[`W E ¨B DEGIf ea [S` PU[V OVp[Yb AUbYZWRX _U LS`WXU OTUZbU gVSTf eWVVY EGu \S HDf PUTY[UUVWcRc^ Hju nJC HFf oRbYZTUUZ VllZWZ^UZXVWXcW HEQiqu `c UkRVVllZWZXWac iDQiqf AW`WWVWcSWTWcRX^ }T\sa AN~ ^UZXVWXcW iqQDIu YXWccXWac DIu ^UZXVWUkllVVu YXWcc> DIQjIf eYZO @ Iu eYZAc @ If c J^W Iq ¨B DHjIf eYV_Yc DHFu jjGf
DDIf AW[SVU }YZc AW[YZ~u dRaS OVY^XUZcY[Wf CUTkY[Y IF BB DEGDf ea kSVWWXW K[VUZb KVWUX A _U KY`U PUWXU rWaWf ewVVY EGu \S HDf eU^`W[^u SkYccf c ²
DDjf rlW`Ws }YZc ASaWTUZ~u ?ccS eY[ZY[f JlTYYZVWZZU F BB DEFHf ea XYkkl NUccW ASaWTUZ _U KY`U P[WXcWWZU JUUkU^SXQ ^Wf © HH p DHiD OVpaWVb AUVSTY OR[YZu ijQ OVTU P[WXcWZU OR[YZf LVVY Eju eVLVcl HDu rS[WZ V\X \S Hjf eWa kUk HGf @RS^SVUabYZ `c ^UkkUV _U ^a[UZUkRV HGQDDf LRRTlYZ ^UkkUV DDQDEf NR[aUccR PSR`SVUXXU Ii Be DHDEf
DDqf Ac[YZ]u @RbSVpf rWYcU[W IF BB DEGjf ea J?QZYR` KYTWV A _U NWWTU K`YVWZU ?ccYVWZf LVVY EIu \S HDf nÁC Hhu eC HEf OO iDQiFf PRSkWSZ kS[T iGQDhf c >WR`UZZWyTW DD B DHDFf
DDhf CWYcl`lWZYZu dSaUZ eW^cS[f ³rWYcU[W Dh eBB DEFHf ea ^URkk dSaUZ C _U g[WcU KVWXUzYca rU[`WUWZYZf BewVVY Equ ewVcl EEf p ±
DDFf Cs[ZXc[sTu O^XYV OZbY[Xf eWacW IF ¨ DEGDf ea cUVSRXQ cW[Yacss[W A`YZ BX[UYV C _U PU[SVWZU P[WXcWZU CSVkSf © ii KVZU KTWVWU gSXc[sTf BLVVY Ehu \S HDf LP HGu LL iDf ASTY[SZ ^RZZUZVll^ iDQihu NY[W^U[`WUZ _U AWW^UWXcYZ ihQ iEu N\ZlTlYZ iEQDDf @URcUcWYVll^ PSR`SVUXXU DDQIiu @WWQ aWTlYVVl IiQIqf dS[SWXcYZ kWW[WZ kWW[WVll^ IqQjjf c Ij e DHjjf
DDGf Cs[ZRbbu MWbYSZ dSaUZZYXf ³eWTkYVW D B¨ DEGif ea ^a[U OZbY[X ?X^U[ C _U tWVaYVTWZU @sZZzly^f © HH PU[WZ
MY[c[Rb tY]YVWRXf BBwVVY Eju \S Hjf N@B HFf eWWkR[WZ VllZWZ \VWT N@B iiQDHu `kW N@B DHQIEu kV^ cSWTWcRXWZX IEQjhf AS[Q cU`UVUZ _U AUVTWZ kWW[WZ `U^UU_U IqQjhf p D J DHjhf eYVW DHEf
DDEf OaVTUZu rUU`S KVWUXf J^W Ih e DEGqf ea XYZUUcWZ ^WYQ VYZ^llZ¢ [UZX Y[bWZUZb O _U PUcU[WZU M[Y]S[WYpCf © ih
OVTU Jl[^sZYZf BwVVY Equ \S Hjf >l\ccYVW_l PUZXUVVWXcYUcc _U CUTkY[YYZ cYUccf p gY[VWWZW G ¨B DHDDf eYVW Df
DDHf OTWZSppu MRWbS ?X^U[ CUkWSf CRRXRVU Di eB DEGif ea UXYTUkllVV ObSVp O_U KVXU NUcaWVbU @RX^YVWZf © gY[cU OZZU KVWXUzYc ¥[SZXc[sTf BLVVY Eju BewVcl EGf e@ B ^W[_R[W PY[UQ `UVVU ihQDiu JWW[SVUZ UXYTUkllVV DiQDIu JUR^W`RS[YZ DIQDEu NYVVWVlZ DEQjiu @S`UZWYTYZ jiQjEf eUVcWSklW`lYbRXc iqQihf pIH B DHqEf eYVW Iihf
DIif OXYaUZu J_UVTU[ JYZ[W^ eW^cS[f oR^RZWYTW IF B DEGqf ea >N eW^cS[ UzWUZ O_U JWVTU KTWVWU M[saZf LVVY Equ eVLVcl HDf p PRSkWSu >WR`UZZWYTW Di ¨ DHiqf eYVW jDHf
DIDf gSW_Y[u PU[V MRXcUpf C\[`ll G eB DEGjf ea [S` MRXcU` NU]ZRX g _U OR]RXcU oV[W^U AkSSpf oVWVVY EFu \S Hjf N` eWabWZ eYW^^SVUXXUf p eWacW G B DEHEf eYV_Yc jIu DIIu DFjGf
DIIf gSW_Y[QAkSSp }YZc gSW_Y[~u oZS [Yb[W^f C\[`ll D eBBB
DEGDf ea [S` MRXcUp NU]ZRX gSW_Y[_U
OR]RXcU oV[W^U AkSSpf © HE AW][Wb JWVQ
bU ASpWU LYTXc[sTf VVKVVY EFu eWVWVcl
HIu rS[WXcU \S Hjf ?kWX^ Jn Vll^YcWYQ
bYcclf N` eWabWXXlf elal`l^WXcYZ OOf PUZXU^ _SacS^ _U `UUVWVURcU^ k_f PUZQ XUZSkWXc _SacS^u ^W[^^S[UUbWZu `Y[ScRXQ VURcU^ _U `UW`UWXaSWcSVURcU^ _lXf AUW[UUQ VSWbYZ cUVaSWcf O][SZSTWu JYWTSXSQ
cUU p PU[^^WVU j Be DHqEf eYV_Yc jIu
DIDu DFjGf
DIjf gSXc[sTu PU[V O[cR[f VWccW F ¨BB DEGIf ea aYZ^W^WW_R[W [UZX CaYSbS[ g _U KTWVWU PU[SVWZU ÄzY[]f © OZZW KTWVWU JSVTXc[sTf LVVY Eju \S HIf LP HEu LL iIf >W`UVUZu nVWQ `WYX^UZ _U ?RVUWXcYZ ^RZZUZVll^u @UUaYZ ^URkVll^ iHQDEu ?RVRZ DEQIFf PRS[cUZYYZ kWW[WVll^ IFu LUkkYYZ[UZZUZ IGf p J^W Di B¨ DHIGf eYVW hqf
DIqf ·SZZY[u oZSf J^W h ¨BB DEGIf ea k[Sp?ccS ·_U JWVbU @SXWZU LSRWXY NUVTf © ii ?V]U }?VV\~ AWZYz[\yaSppf LVVY Eju eVLVcl HDu \S HIf BZX rSV\cY^Z SkWXc HEf J]WZ ^Ya[RRQ SXU^Y\ac cSWT_ HEQijf CSTUcS[ ?\ _SacS^ k_ _U RX cYSVVVUWQ cSXcYZ _SacS^ cUW aUVW _lXf A OZc[SkSXSpWZYZ XYR[ k_f ?TWXcW LSa_UZ PW[^ZWYTYZ cWVUZf p A`YWcXW Ij eB DHhEf eYVW hEf
DIhf CUTTW }QiF K^VRZb~u eW^cS[ AUVSTSZf JURX_l[`W ID DDD DEGIf ea `YcR[WZ^RV_ PU[V MRXcUp K^VRZb _U NUcaWVbU PU[SVWZU A\^l[Wf © iI JWVTU MRXcU`U AWkWVlf BwVVY Equ eKVcU HDu rS[WZ XRST V\X eBBB Hqf @URcUcWY`W[^UTu BB ^W[_R[W HHu B ^W[_R[W iFu JWW[SVUZ UXYTUkllVV iHQDiu eYaQ TUWXYZ DiQDEu JW^WlZ DEQIiu eWWUVUZ IiQIFu PU[_UUZ IFQjDu eUUXUZ jDQjGf c j B DHhDf
DIFf eURVS }YZc K[W^XXSZ~u PUU[VS eWacS[Wf J^W jD e DEGDf ea UVWRkX P[UV MRXcUp K[W^XXSZ _U NU[WU LWZb][YZf ©HE OVWWQ
ZU NU[WU @URcUZYZf LVVY Equ eVLVcl HIu rS[WZ ^VV\X \S Hjf
P iDu N iGf PYX^WQA ^UZXUZSkWXc _U mlZY^SX^YZ WXlZclQ_U YTlZcl^SRV _Sac EHQHif ?kkW^SRVSkYccf OVU`RbYZ kWW[WZ ^UZQ XU^cU[^ iFQDhu JlTYYZVWZZUZ kWW[WZ DhQDEf NR[aUccR C\[Q `lZZsXXl ID Be DHDEf
DIGf VS[YVVu PUU[VS Kb`U[b NUÃWTWVWUZf JUTWZU G eB DEGjf ea ^UbYccW^ SkYcc ?ccS JYZ[W^ _U KTT\ ASpWU gUXWQ VWY[f BwVVY Equ eVwVcU Hif e@ HiQIGu Xla^sZ HFu BB ^W[_R[W HGu LYkkl`YbYZ UXYTUkllVV DIQIGf p LYkkl `YXW ID ¨ DHIGf
DIEf S[XXc[sTu gY[Zbc [Yb[W^f LSa_U h ¨ DEGDf ea cWVUZSQ TWXc dRaUZU [Yb[W^ _U OTUVWU KV`WWZU CaSTzY[]f © JYVQ TW dRVWU PRTWWZf LVVY EIu ewVcl EHf U[T \S HIu k[S` HGf OkcYY^^U[W LYkkl`W[[SWVVU iiQDiu dUU^^WTUXXU DGQIFf c dUU^^WTU IG ¨ DHIFf eYVW jHDf
DIHf Up JYR[VWZu LUR[W ?X^U[f J^W Ih B¨ DEGhf ea ^W[_UkUWQ ZSZ_Sac LUR[W ? t Up J _U OR]RXcU JYVYZU gY[]zSTf © DiQDH KVVW CSTkRQ [Wu BB DHQhi OR[U PU[SVWZU AZYVVu DDD hDQ P NU[ccU NU[WU eW[^^Wf KVVY Equ \S HIf P HFu N HGu nJC iDu N?P ijf CJ \VWT ^UTU[W^W[_R[W ijQihf CWVUXcSQ ^SZcc ^W[_R[W ihf AYZUUcWZ ^W[_UkUWZSZ _Sac iHQDDf ?TWXcW LYkkl`UU[UZ cWVUZ KXkSSXXU DDQhq _U CRSTYVUZ cWVUZ J]WZ kWc DFQhqf Ar _Sac IIQqIf J]WZ @UWcWSQ cWYQ_U ?TZWzRX ?\ _SacS^ _lX IIQjhf ?B KVUZcS aZcSZYR` _lX iGQDIu _SacS^ DjQqGf J]WZ C\s` Ak aUVW YXWT iHQjEf PRXc ?\ PUZXUZ`UVcU _SacS^ _lX DEQu PRVRcRXSXRRX^ PYX^RXV DEQIGu CY[`U^SX^W ?\ IhQqIu PYX^WZ aYZ^W`U^\ac PUZXU IqQjGu AUVUS_WcRX\ab jGQqHf NUU^WWZcYWXcskUZ^^W aZcSZYR` `k_ jGQ qIf nLK _SacS^ _lX IFu aZcSZYR` IGQIEf p F eBB DHhEf eYVW HGu kS_Uc IGHiu IEHFf
Djif JWYcUVUacWu KTWV eW^cS[f AWkkSVU DF Be DEGD ea T` dSaUZ eW^cS[ J _U ORZY NU[WU OaV£`WXcf © ij JYVTW JYVYQ ZWRXf LVVY Eju \S HIf PUbP HjQHFu N@B ij rSV\cY^Z ?kWXcf PRSkWSZ cU[^^¿UTkR_UkUcV RkX HFQiIf eWWkR[WZ VllZWZ `U[UQ TUUZTWcc iGQDFu TUUZTWcc^SZcc cU[^ DFQjiu UkRBLN@B jiQ jIu LN@B jIQjEf rU[W^^UVUZ SXRRX^UXXUZ _U \ac^ _SacS^ k_f ?B CS[^^YVWZ aZcSZYR` _U _SacS^ _lXf eWWkR[WZ ARST Ak WXlZQ ZWXc _lX IiQ eWWkR[WZ X^ ^STkkkllVV _U kUcV^ST DEQIEf Ae@ @Vu ^UTU[W>f OaV HFu BcZ iDu ^Ukcf p Ii eBB DHqHf eYV_Yc IIDu hqGu EjIf
DjDf JW[Zu CUU`Wf Pl[^sVl DF e DEGqf ea [S` O^XYV J _U AYVTU K[W^U ASpWU A\V`WZf © iI p DHqE ^W[_UWVW_U K`U OVpaWVb gY[][Scaf KVVY Equ \S HIf ·V rSV\cY^Z PS[^YU^ HFu P _U N HGu SkWX^ gY[VWWZWZ CPP HGQ HG _U tR[¦zR[]WZ \VWSkWXc iif rSV\cY^Z SkWXc UXXWXc HEQiEu CPP ^YTWUZ k[Sp iEQqDu [Yac DFQDHf OWZYYZ^SYcRXVUWc BB SX _Sac DiÀf A rUZWTScYSVV\ab k_u OV^SQ aSVWVWW^Y aZcSZYR` _lX _U A ^YTWXcWXYR[ k_f @RScXeµ @LQ JU[[ kRRcU[aUZQ aSWcSf p DI eBBB DHhDf rS_Uc IIGHu IhDGf
DjIf JSVTXc[sTu PU[V Kb`U[b JYZ[W^f J^W Iq ¨ DEGDf ea TY[W^Ukc ¥U[V eW^cS[ K _U ?VW`WU LS`WXU JSVTXc[sTf © DF PUc[W AR[U^^Uf BwVVY EIu eKVcU EEf U[T HIu k[S` HGf OkQ cYY^WZaSWc JlTYYZVWZZUXXU HHu LWkY[WXQ Xl iiQiGu PUZZR^XYXXU iGQiHu dSRcXUXQ XU iHQDHu MSbz\XXl DHQIE _U dUU^^WQ TUXXU IEQqif N\ZlTlYZ UkcYY^^U[W qiQqHf dSRcXUZ X^ WZcYZb DEf p JYVXWZQ ^W Ii BB DHqHf rSW^U qHIjf
Djjf JSVSkUWZYZu dSaUZ K[W^f J^W ji ¨BB DEGjf ea `YcRQ g Tz [WZ^RV_ K[W^ J_U OTUZbU NU[WU OVVYQ ZWRXf © DHPU[WZ g[RZX]UU[bQ>WYVXYZf LVVY Equ \S HIf nJC HEf CRVVWVUWc ^UTU[W^W[_R[W ijQiGu [Y`WXWS^SZcc [Y` iGQjDf eeN `kW aUVVXWac jDQqif p h ¨BB DHhFf eYVW jiFf
Djqf JSVSkUWZYZu eW^cS[f J^W F B DEGqf ea WXlZZ OZccW J _U OZZU P[WXcWZU Pl[XlTl^Wf BwVVY Equ \S Hjf CR[RZ cU[^^¿UTkR_UkUcV RkX HqQiIf eYZl_lZ U[TYW_UXXU iIQDGf CSWQ TW T\sa AkwWYZ cU[^f OVWV Hqu BcZ HEu UVW^Ukc iIu ^Ukc iFu Y`Vf p IF B¨ DHqEf
Djhf JRccRZYZu rUU`Sf rWYVU`YXW q Be DEGIf ea XRRcU[W rUU`S J _U OZZU LS`WXU >WX^UZYZf © iF @SXU KTWVWU KX^SVWZf B¡VVY Equ VewVcl EHf PSZccS[WXcW J]WXXlf c DI eBB DHIEf
DjFf J\`lTl^W }YZc J\TUZbY[~u MSccVWYz O[SZ PVYSpUXf J^W D e DEGqf ea ^UZcc dSaUZ OR]RXc MSccVWYz J\TUZbY[ _U MRXcU`U eWVaYVQ TWZU MVUZXf © ij KbWc ASpWU >S[bQ Xc[sTf LVVY Equ \S Hjf eWa kUk iif eWWkR[WZ L`UZ^WVUZ XUU[U iif LUkkYYZ ^a[UZ UkRV iiQiju J]WZ kSa_ X[^ ijQiGu >WVXWlZ ^a[UZ iGf eU[kUWX_l[`YZ ^a[UZ UkRV iEQDDu ^a[U DDQjIf @S`UXcW Ihu e@ ju NT DE [^f p PRSkWS Ih eBB DHjIf eYV_Yc FFu IIju jGhu qGEf
DjGf Jl]]TUZu dSaUZZYX OVYÃUZbY[f J^W DF eBB DEGD ea c\sTWYX MRXcU` dRaUZWZkSW^U J _U JYZ[W^U ObUTWZc\cl[f DwDD y Eju BewVcl EEf p Dh B¨ DHDDf
DjEf B]ZUcWRXu MRXcUpf J^W E eB DEGjf ea XYZUUccS[W PU[V ¯¯JJoN¯TJJ KTWV Y[bWZUZb B_U OTUZbU P[WXcWZU gY[]TUZf © HH OZZU P\VVW^^W NU[WU BZ]TUZf LVVY Equ \S HIf ?W^c _U nJC HFu eC HHf eUUXUZ J? \VWT `W[^UT iiQ iqu ^UZXVWXcW iGu ZSc iEQDiu `WX^ DiQDGu UXYXX DGQDEf PRSkWSZ VllZWZ TUUa[U DEQqif AN IhQIFf OO eUUXUXXU HHQiHf eUUXUZ ^URkkU^SRV SkYcc iqQDGf eUUQ XUZ ^URk`UVc _lX ihQDqf eUUXUZ kSa_ `UUVWk ^YX^RXVURcU^ k_ DDf rQAU`SZ TUU^RZcUVWWccSu Ar@ PRSkWSZ kWW[W _U NUZZY[aYWTVWWccSu PRSkWSZ SX k_f e@ Du e@ Iu AL XRR[[u Ae@ P Du Ar@ aSk UTu A^ U[u NT DEu eXX aSk UTu r ^RVc U[u ¨Lu @RScXrµ XRR[[u PRSkWSZ X^QkWW[WZ _U A >N\ab ^RZZWU_lXf p J^W ID ¨BB DHqHf eYV_Yc hiju FiFu c\ccl[YZkS_Uc hFFIu FGhiu FGhDf
DjHf dUZXXSZu MRXcUp OVY^XUZbY[f J^W DD B¨ DEGif ea TRRQ [U[W OZbY[X MRXcUp d _U NUcaWVbU BVVzY[]f LVVY Eq eLVcU EHf NY[WVVY HIf dRVWXcYccR ^RSVVYY^XW k`TbVl D B DHFIf
Dqif OR[UTS }YZc dRXYVWRX~u eW^cS[ KVWYVf§ J^W q Be DEGDf ea U_R[W OR]RXc eW^cS[ dRXYVWRX _U NU[WU ATUVYZf ©iD DqI JUZZU NU[WU gVSTf BwVVY Equ \S HIf OJCf e@ ^W[_R[W Hqu @J ^W[_UZkWc iFu `U[UXcSZaSWc iHu `UQ [UXcScXcSZ B ^SZc[SVVss[W IIQIGu `c cXcSQ kllVV IIQIGu cXcSkllVV IGQjEf Ae@ @ Du eYZ Ac @ jf p G ¨BB DHhEf rSW^U IhEqf
DqDf PWVkWZYZu ?X^U[ KXUWUXf eWWkR[W DG eWVW DEGDf ea _U[Q TWZ KXUWUX P _U tWVaYVTWZU AYVWZf © Hq c DHqD OWZS KVWXUzYc ARZbTUZf ewVcl EHf ?kWX^ ^URkkUSkWXc HDf PUXXUZQ aSWcu ^W[_UZkWc _U k[S^ HDQiif eUVcWSQ ^SZcc kll^WW_UZkWc iiQiqf NRXcWUVUZ T`SkWXc ^UT[ iqQihf PU[aRVU ?\ ^SZcckllVV ihQDIu eYV_Y^XYc ÄXc[sT ?\ }?RVR~ DIQDGf A U^^RZUVUXW^SZcc cSWTW DGQjiu A rRVVSUXWSWTWXcS DHQjiu A VllQ ^YUXWSWTWXcS IqQjiu LUXWcYacUWbYZ T\\ZcW^YX^ jiQjFu LUXWcYSVVVWWccS UXWUT DGQqGf ?RVRZ ^URkQ `UVc _lX DFQDGf J]WZ ARST ^VRzW _SacS^ _lX _U cUVaSWc IIQqqf J]WZ ^URkkU^UTU[W _lXf Ae@ @ Du A^ U[f p J^W F ¨ DHhFf rSW^U IiHjf
DqIf PUZZUX }YZc PS[_RXaSp~u MRXcUp OVzY[cf J^W Di B¨ DEGDf ea [U`WZcSVSWcXW_U ObUT PS[_RXQ aSp_U OTUZbU JYVVXc[sTf © jq JUZZU nVl^SX^Wf LVVY Equ \S HIf P _U N iif J]WZ XRST [YUUVWV\X cSkYcc iDQiqf CR[RZ XRST ^VV\X [RScXWZ ZkW VYac iqQ DHu `kW VYac DHQjGu `[Yac IGQjju [Yac jjQjGf CR[RZ XRST _Uc^SQSkWXc SkYcc ihQDDu CR[RZ XRST c\ccs^SRV iGQDIu CR[RZ XRST V\X DDQIqu Js][Y X`YZX^U VUZcz[R^XVl[S`Y[^Yc IjQjju ÄzS O^UbYQ
TW XRSTYZ SkYcc IDQjGf CR[RZ cT^X[^ ^W[^^SZYR` _lX IiQ
Ae@ @f p H B¨ DHjGf
Dqjf P[SS^u O[cR[ tSVbYTU[f LUacW Ih e DEGjf ea >N NUR[Wc ·YcVSp K _U gYUcU ¥UcU[WZU CaWVTUZf Be¡VVY EGu \S HIf LP HEu LL iIf LPJ \VWT Vll^ iIQiFu >WR`UZZWYTYZ `c UVWVll^ iIu ihu `c kWW[WVll^ ijQiFu dSYZXRRZ `c ^URkVll^ ihQ iFf J]WZ \V XUW[ `YZYY[WXcYZ cURc SX UkRVVll^ iFQiHf CU[^Vll^ eWWkR[WXXU `YZYY[WXcYZ cURc VY`WlTWXYZ Ya^lWXYTWXY^XW iHQIDf Qp ji ¨BB DHIDf eYVW jhif
Dqqf LYacSZYZu dSaUZ }dR^^U~f OXW^^UVU DD eBB DEGif ea cWVUZSTWXc PU[V KZS^ @SR`UVU _U JYVYQ ZU M[YZTUZf © ii CaYU JSVTzY[]f BwVVY Equ eVwVcU HDu L\yYRT ps[ ]SXXU[ Sya pVWy^S[ eBBBwVcU HGf O][ HH NRXcWUQ VUXXUf LWTWZ]UZ ^UZXUZSkWXc SkYcc _U TYW_Y[W^SRV _Sac HHQiif rY[lQrSa_SVUZ T`X XWac _U TUUcUVSRX^SZXRVYZccW iiQ iqu LlZcWXYZ eWWkR[WZ VllZWZ T`X iqQ IHf eWV_YVW eYa^UVUabYZ LYVRZ iGQjI _U JW[`YVlZ DFQIG cWVS_Uf JUTWZUZ ^URkQ `UVc _lX ID `RSccUu [UaUcSWTW^UTU[W DH `RSccUf p eWWkR[W Iq eBBB DHjIf
Dqhf LYWZSu [UZX eW^cS[f LUTTWZ PSX^W II eBB DEGjf ea [RXcaSVVU[W JYZ[W^ dSaUZ nVsXcUVS_U LYZU ASpWU ObUTWZc\Q cl[f LVVY Equ \S HIf P Hqu N Hhu cYSV Y[ScRc^ HGu kUXccRc^ ihf PUc_UVSa_UZ ^a[U iGQDqf p DHDqf
DqFf LlZ]TUZu PU[V OVp[Ybf >R[TW_l[`W DI DDD DEGjf ea VYWkR[W JYZ[W^ OVp[Yb L _U eWVaYVTWZU ASaWTUZf LVVY Equ \S HIf ?kWX^ Jn XU^XUZ ^WYVclf e@ cWVUXcS^SZcc BB ^W[_R[W iqQ DHf c J^W IE ¨ DHjEf eYV_Yc Ijhu hiFf
DqGf PW[`YVl }Qih NUVT][YZ~u KTWVf >RTTW oB E B¨ DEGjf ea T` JYZ[W^ dSaUZ NUVT][YZ _U NUcaWVbU eWVaYVTWZU eUVQ VWYZf © iH p DHjh OZZU KTWVWU PU[aRZYZf LVVY Equ \S HIf O][ Hq NRXcWUVUXXUf NYW_Y[WQ_U T`^SRVR_YZ SkYcc HqQiIf rYVQ VY[`SXYR[ ^SZXRVYZccW iIQDiu cSWTXWac ijQiEu cXcSZaSWc ijQ Iiu ^UT[ DDQDFu _SacS^ _lX DEQIif eWV_YVW LYTkllVlZ rWYcWVlZ cWVUU DFQIif c LYTkllVl F ¨B p HIif
DqEf NUcXXSZu B`U[ dRVWRXf LUacW IG eBB DEGqf ea SVRccYaQ cUWVVU JYZ[W^ N _U OTUZbU ¥aU[VSccU OZbY[XYZf LVVY Equ eLVcU HDf p IE B DEHIf eYV_Yc Diqu IjEf
DqHf Nl^YVl }YZc Nl^YVlWZYZ~u AYVWT dRVWRX gY[ZaU[bf ARQ
TWUWXcYZ ^UkkYVW DI BB DEGIf ea ^UZXU^S OVzY[c Nl^YVlWZYZ _U L\bWU LU]RXf © HH c DHIi OWZS NU[WU NUcWVbU AUU[WSu jFQ
OZZU @URaU @SX`UVVf BLVVY Ehu ewVcl EHu PRSkWSZ V\X \S Hjf N@B rSV\cY^Z SkWXc HFf eU[UTUUZTWccU[W ijf CR[RZ _U rS[WZ VllZWZ ZkW N@B DHQIqu `kW IqQjHf p rWW^^Ws Dh VWW DHhjf
Dhif >S[TUZ }YZc >W^VUZbY[~u K[ZXc AYVWTf NlZcXlVl II eB
DEGjf ea T` PU[V gY[ZaU[b >W^VUZbY[ _U OR[S[U OkSVVSZWU JYTTWVlf LVVY Equ ewVcl EHf NY[WTu kR[_YacW I ^Y[cUU TUUkUVVSZ \Tkl[Wf N\sX XUZSTUVYaQ cWT oAO[XXU _U T` NUZWcSzUXXU }PUQ ZUbU~u _SZZY kY[RXcW PUVY`UVU ZWTWXYZ UXRcRX^YX^R^XYZf CSWT rSa_UZ ClacWQ XUZSTUVYacYlf p PUVY`UVU D DI ¨B DHjHf
DhDf >R[^^WZYZu OR]RXcf LYTkllVl E B DEGIf ea cUVSVV O^XYV eWVaYVTWZkSW^U > _U dSaUZZU PRXcUUZc\cl[f LVVY Eju BewVcl EEf @UWcWS`URZRZ[UaUXc J]WXXlf p q B DHiEf
DhIf >\zY[]u ?ccS K[ZXcf NY[W^U[`WU Dj DDD DEGDf ea `l[_l[W MRXcUp gYZ]c > _U PVU[U dU^SzWZU S[XXc[sTf LVVY Equ ewVcl EHf p DG eBB DEEHf
Dhjf >\][YZu dSaUZZYX P[\XSXcSTRXf rRXRVU IG B DEFHf ea ^UkkUV OVYÃUZbY[ Kb`U[b > _U LS`WXU PU[SVWZU oVVXc[sTf © Dq VWbU >l[aWf LVVY Equ eLVcU EHf CRVVW`UacWTYXcf p F ¨ DHqjf
Dhqf ?^XUZYZu dSaUZ ObSVpf J^W DI ¨B DEGIf ea dSaUZ @YWZaSVb NR^^RVU _U NUcaWVbU PS[[Wf LVVY Equ eLVcU HDf QPSZccS[WXcW J]WXXlf p G e DEHjf
Dhhf rSTYVVu PU[V eWVaYVTf ¬J^W Dj eBB DEGDf ea TUUVU[WQ TYXc JYZ[W^ eWVaYVT r _U dSaUZZU MRXcU`U NUccWWZf LVVY Eju ewVcl EHf LlacW TY[WVVY DEHDf c jD eBBB DEHqf
DhFf @SXYZ£`WXcu dSaUZ OVp[Ybf J^W h BB DEGIf ea ^W[`YXT dSaUZ MRXcUp _U ASpWU LS`WXU Ac[sTTY[f LVVY Eq \Su Hjf PfQp ji eB DHjEf
DhGf AUU[YVUWZYZu dSaUZ OVzY[cf J^W H DDD DEGD ea XS[`U[W >WVX A _U ASpWU eWVaYVTWZU eW^Xc[sTf © L\bWU KTY[YZcWUf LVVY Equ eLVcU EHf e@ J]WZ c\skU_UZ ^WW_R[W HIQHHu `U[UXcSQ ^W[_UZkWc HHQiFu eWWkR[WZ ^SZYkU_U ^SZccYXWT iFQDju eUUXUZ `U[UXcS `U[UXcSZaSWc DjQIGf p D B¨ DHjif
DhEf AUVTWZYZu OVY^XUZbY[f ¬JSVVSVU G B¨ DEFHf ea T` PUU[VY PR[YZXRS _U LWWXU ASpWUf © HH OZZU dSXYpWWZU P[s]Y[f LVVY Equ eVLVcl HIf PUZXU^S LYkkl`W[[UVVUf p IE B¨ DHIEf
DhHf AUVSZWRXu dSaUZ [Wca_Spf J^W ji DDD DEGIf ea TRR[U[W dSaUZ A _U JYbbU eWVaYVTWZU LWZbpS[Xf LVVY Ej ewVcl EEf J]WZ cYSVV^SRV kllXcscSb Hjf @^T J]WXXl HqQHhu PUR^UUZ XYVVRVSSXUcYac HFQHG _U eWWkR[WXXU HEQIEf c eWWkR[W ID B¨ DHIEf
DFif AYVV][YZu MRXcUp OVp[Ybf ¬eWacW F eB DEGqf ea T` OR]RXc eWVaYVT A _U OTUZbU P[WXcWWZU JWVbYZf LVVY Eq BewVcl EGf « eWacW ID Be DEEEf eYVW hhFf
DFDf ASW^Y[S }YZc AWV`YZWRX~u dSaUZ >YXcS[f ?[WTUccWVU II ¨B DEFGf ea B T` OVp[Yb AWV`YZWRX _U [Yb[W^U LS`WXU glTVRZbf LVVY Equ \S HIf ?kWX^ Jn ]YSVS]WUUu ^YTWUU _U p\XWW^^UUf MYSVS]WXYZ cSWTW^ ]YSVS]W iIQjDu XRS[WccUZRc ^U[cSWcR^XWUu cWTUZcQ cW^UW[UR^XWUu TU]ZYYccWXWU cRc^WTR^XWUf p ?[WTUccWVU DF eB DHqFf
DFIf AZYVVTUZu tYVW PRXcU`Wf ?RVR D IF eBB DEGqf ea [S` dSaUZ MRXcUp A _U KbVU NU[WU ¥UXc[YZf ©B iq OVW LS`WXU rSVYZu BB DD BZ][Wb KVWZU PSX^WZYZu DDD ji BZ][Wb AW[YZf LVVY Equ \S HIf ?W^c HGu eC iif CR[RZ J? ^UZXVWXcW iju ZSc ijQDDu `WX^ Dju UXYXX DjQDGf JYWZSVUZ cRSTWS^ cRST DG dUZU^^UVUZ DEQqif CR[RZ Yc `UUVWkWWQ [WZ ^YX^RXVURcU^ k_ iHQDGf JlTYYZVWZQ ZUZ ^URk`UVc _lX IqQIHf A LU^WTWYX\ab `UVcRRX^ _lX jjQf JlTYYZVWZZUZ Ak aUVW _lXu V\X `UZaZYR` k_f PWaVU^ cRST \ab aUVW `k_f [Yb[W^U tYccY[aSpWZ c\ccs^SRV _SacS^ _lXf JUZZYzY[]WZ ^U[cUZS STWXc jDQqif LUUTUZZW jEf p JURX_l[`W DF ¨ DHqif rSW^U DHFDf
DFjf AUU[WVRScS }YZc AcYZaSVT~u KTWV OVY^XUZbY[f rRXRVU IE BB DEGqf ea cWVUVV O^XYV OVY^XUZbY[ AcYZaSVT _U PVU[U ASpWU S[XXc[sTf © HF BbU ASpWU K^£`WXcf LVVY Eq eLVcU EHf CUVSZSTWXc J]WXXlf QIif N` PU[_UVSa_UVVUf p II e DHjGf
DFqf AcW]YVVu OR]RXc KVWUXf J^W Dq e DEGDf ea TRR[U[W [Yb[W^ PRXcUU A_U OTUZbU dSXYpWZU rU^^UVYZf © HD OTUZQ bU dSXYpWZU OaV][YZf LVVY EIu eLVcU HDf Qc DD B DHihf
DFhf Ac[sTzY[]u KY`Y[c OVY^XUZbY[f eWWkR[W H B¨ DEGDf ea `UX^WXYkkl dSaUZ A _U JYZ[WYccY PVYQ TYcWZU gSRyacf © HF OZZU P[WXcWZU AZYVVTUZf LVVY EIu ewVcl EHf J]WZ ^URkkUSkWXc HIf e@ kUV` HjQu Xla^scclQ _l HFu BB ^W[_R[W HEu B ^W[_R[W iIu PU[^RZ UXYTUkllVV ijQDFu >l[kWsZ DFQDGu PURXUVUZ DGQIGf p ±
DFFf AU[UXcS }YZc ARZbTUZ~u PU[V OVzY[c }rY[ccW~f rRXRVU IF Be DEGDf ea T` dSaUZ YVWÃ ARZbTUZ _U NU[WU OR[S[U AUaVXcYbcf © Di OZZW ASaVzY[]f LVVY EIu ewVcl EHf PURkkUQ SkWXc ^R[XXW HIf P?r `W[^UT HGQu k[S^ HHQ _U VSkR^XW ^UT[f p LRSTU E ¨BB DHqDf eYVW DFGf
DFGf AU[UXcS }YZc ARZbTUZ~u gY[Zbc [WbSVpf rRXRVU ID eBB DEGjf ea T` dSaUZ YVWÃ ARZbTUZ _U NU[WU OR[S[U AUaVXcYbcf © Iq OZZW LSQ `WXU LWZbYZf BwVVY Eju \S Hjf ?kWX^ Jn cYSVS]WUUf PSW`RVUZ _U CU`SVUZ ^UX`UcRXVUWc XY^l PRSkWSZ _U LUkkYYZQ [UZZUZ ^UZX^?f N` eWabWXXl _U PU[_UQ VSa_UVVUf rRXRVUZ ^RZZUVVWXVURcU^ _U ^s\alWZaSWbSZ YXWTu Xla^s\ac _U kUVSQ UkR\ab _Sacf p ² eYVW DFFf
DFEf CR^WUWZYZu PUU[VS ObUTf ¬ rWYcU[W G e DEGIf ea \VW^SZQ bR^css[W PU[V MRXcUp C _U MRXcU`U eWVaYVTWZU eWW^f © iq
KXcY[ dSaUZZU Ä^Y[XcYbcf BwVVY Eju eLVcU HDu \S Hjf N HGu
LP iiu LL ijf J]WZ VllZWZ`UZ^WVU Vll^ iqQDqu J]WZ ^R[WcRXQ aRSZY DqQDEf eUZ^YWZaSWcSaUZ \VWVll^ DEQIFf J]WZ kWW[WVll^ IFQjjf J]WZ \V XUW[ `YZYY[WXcYZ cURc SX UXXWXc ihQiEf PSVVYQ ]WUXYXXS[W DFf p J^W Ii Be DHjjf
DFHf oZSZWRXu ?X^U[f J^W II B¨ DEGjf ea VYac PU[V dSaUZ eWVaYVT o _U UZZ\ eWVaYVTWZU ·Yy^Y[f © OZZU ?VVWVWU dSaUZXXSZf LVVY Eju eVLVcl Hjf NY[W^Ukcf QDH eBB DHjIf
DGif oVVZY[u O[caR[ MYS[] g[\ZSVp NUR[Wc¦f JlTYYZ^\[s II B¨ DEGqf ea aYZ^W^W[_R[W O N oVVQ ZY[ _U KTWVWU ASpWU dRXVWZf © HF dRVWU KTWVWU >\TUZf LVVY Equ \S Hjf nJC iEf e@ HhQqDu @J B ^W[_UZkWc iEu [Y` iHQIju eUUXUZ kWW[WaUVV `c kWW[W[Y` DIQ Iju cUVSRX_U^XSZ _U^XS^UT[ IjQqDf NT DEu ORZ NTf p eUUXU F ¨ DHqjf eYVW IEHf
DGDf eRS[YZTUU }YZc eWzY[]~u PU[V O^XYVW [WbSVpf J^W IF eBB DEGjf ea XRRcU[W PU[V MRXcUp eWzY[] _U KbVU NU[WU >RTQ zY[]f © B dYZZ\ B[YZY dR`YZWRXu DD OZZW^^W PY[SZYZf LVVY Equ \S HIf PUZXU^? AS[cU`UVUZ XYTWZf PUZXU^S B^UUVWXWXXUf PSW`RVUZ ^UX`UcRXVUWc SkYccu cUVaSWcu `c \VWSkYcc _U `c cW[YacssQ [Wf BcXYZlWZYZ VWW^YT DEQf p mlZY^SX^W I B DHjFf eYV_Yc IhIu hHiu kS_Uc DIHIu DEGFf
DGIf eWV_UZYZu dSaUZ dUVTU[f >UXcSVU Dh eBBB DEGIf ea cWVUVV dSaUZZYX e _U eWVaYVTWWZU PUVVYZQ c\cl[f LVVY Ej Be¡Vcl Eqf LUabYZ XYRQ bRZ TUUTWYX^SRV _SacS^ _U ^UZZUcRXQ \ab k_ kY[RXcUTWXYXcU VlacWYZf BclQJlQ
TYYZ T`X `k_ IDQIEf >UXcSVUZ TUUcUQ
VSRXXYR[ k_ iFQIEf OXRcRXVURcU^ k_ DGQu PUZXUZYbRXc IIQIqf p LUacW DI B¨ DHIEf
DGjf Oya[YZu PU[V gSzY[cf ASTY[S E eWVW DEGjf ea P OyaQ [YZ _U JYVYZU ASpWU Oya[YZf © HF NU[WU rU_RZYZf LVVY Ehu BewVcl EHf NRR[U[Wf OTY[W^^UUZ Hq _U iIf p OTY[W^UXXU D ¨VV DHiIf eYVW Eqf
DGqf OkkYV][YZu oZSf rS[`SS DG ¨B DEGIf ea T` dSaUZ eWVaYVT O _U ?V]U OTUVWU gSW_Y Up MYZZlXf LVVY Ehu oVWVcU EEf rRRcU[aR[WSkkWVUXf p DF ¨V DEHI
DGhf gVSTXcYbcu tWVVWUT KTUZRYVf J^W Iq JB DEGFf ea
UXYXX OVp[Yb KTUZRYV g _U JUZZU OV`WQ ZU ¥aU[VSccU AcUbWRXf © DI c jh LUWVU dSaUZZU OXkU[WU CSTXYZf B¡VVY Ehu \S Hqf N iqf JlTYYZVWZZUZ XRST _UcQ ^SVRS^^WYZ XU^XUZ _U [UZX^UZ SkYcc iFQ iHu ARST \ac^SRV YZ]VUZZWZ _U [UZX^UZ
SkYcc iFQiHu ARST c\ccs^SRVRZ [UZX^UZ
SkYcc iFQiGf LUabYZ \ac^SRV XU^XUZu [UZX^UZ _U YZ]VUZZWZ SkYcc iHQqIf JpS[X SV^cYUcY[ TRXWW^^W_Sacf LUabYZ
^UZXUZ^W[_UXcS_U cYUccY[W _SacS^ _lXf LUabYZ S[^YXcY[W\ab k_f Qp J^W E D DHqIf eYVW jf
DGFf gSaTu ?X^U[ Kb`U[bf Pl[^sVl DE DDD DEGDf ea [UcUQ TYXW dSaUZ K[W^ g_U OTUZbU [Yb[W^Uf LVVY Equ eLVcU HIf e@ Xla^s¬ HGu dl[`YZkllZ UXYTUZ BB ^W[_R[W HEQDif c DE eBB DHIIf
DGGf ¥YbY[u PUU[VY @SzY[cf J^W Ij eBBB DEGqf ea `U[RXTYXc PUU[VY ?X^U[W ¥ _U NU[WU oV[W^U AWVUZQ bY[f © iD BbU NU[WU dRV^RZYZf LVVY Ehu \S Hqf P HHu N iif LUkkYYZ[UZZUZ \ac^SRV TUcYT _U p\X SkYcc iiQiDf CRQ [RZ XRST [YUUVWV\X `c ^SVVY]U ijQiqu ZkW VYac iqQIqu `kW VYac IqQqIf PSRVR`W[^U ^RZZ YVl^Y^UXXU _SacS^ k_ IHQqIf CRQ [RZ c\s`lYZSkWXc _SacS^ k_f oWTU^SRV SkYcc HqQHEu ijQiqf p CR[^R Iq Be DHqIf eYVW GGif
DGEf ¥SVVWUZbY[u K[^^W O[`Wb BTTUZRYVf J^ H eBB DEGjf ea kWWXkU ?ccS BTTUZRYV ¥ _U dSaUZZU J_YVcf LVVY Eju BewVcl Hiu \S Hhf O][ HH NRXcWUVUXcUf e@ kUV` ijQDqf dUc^UZRc A PW[^SZ rUWTYZTRWXcS cSWTf QIIf « Di e DHIIf
DGHf KZYzY[]u JR]S PSZ[Ubf JlTYYZVWZZU ID ¨BB DEGqf PUX`UcRXWXl XYZUUccS[W P KZYzY[]f © iI MY[bU NU[WU JRVcQ zY[]f BLVVY EFu \S Hjf AUZSTUVYacWTf p CR[^R Di e DHiqf
DEif K[`UXcu rY^^U KVWUXf J^W IF ¨BB DEGhf ea UXYXX rYccY[ Kb`U[b K _U KWVTU >UcUVWU CsT[SSXf LVVY Ehu \S Hjf ?TUZcRZcS cSWT ihQiGu CWYcl_l iEQIiu @RRXR @WXcW IiQjqf CYSXSpWZYZ ^WW_U^URkkY _U ^RXcUZZRXVWW^Y ST _U aSWc iEQDGf PRXcUZZRX ?\ CWYcl_l cSWT_ DGQDHf A cYSXSpWZYZ XYR[ \VWXWac iGQDGu DEQDHf @RRXR @WXcW YVWZW^lWZYZ _Sac IiQf dRV^ VR^RWXWU cYSXSpWXWU cYS^XWUf p J^W II e DHjqf eYVW qqDf
DEDf WZZYu ObSVp dUVTU[Wf PUZ]UXUVU DD eWVW DEGqf ea ^URkk MRXcUp ObSVp _U eWVaYVTWZU tYXcY[VWZ]f LVVY Ehu \S Hqf ?kWX^ Jn aWXc^WYVWcWYc SXUXcf PUZXUVVWXcYUcc Sa_UU_U HFQiju `c _Sac ijQiqu JZcS> `k_f NUUXYRcRcYUcc _Sac eWWkR[WXXU iqQ iGu DjQDqf AR^RcRc^XYR[ aUVW _lX IFQjEu `U[UYXWT IEQjEf dSacW A UXRcR^XYZ \VYWXVRYccYVSZ VUUcWTWXcU IHQjEf PW[_UWQ VW_Uw [STUUZY_U Zl\cYVTWl SSkkY[UcY^XQ cY_lu VUXcYZ^W[_S_U _U XRSTYZZS^XWUf PW[_UWVW_UVWWccS _U >l\cYVTl^W[_UWVW_UVWWccS aUVW _lXf Ae@Pf p J^W j B DHjEf
DEIf VSbWZu J_UVTU[ [Yb[W^f ?RVR F B DEGqf ea PUTU[W> [Wca_Sp _U UZZ\ eW[]WZWU gUXWVWY[f LVVY Equ eVLVcl Hjf NY[WTWYXf JR^^RW OcVUZcWVVUu _RVWXcYccR ^RSVVYY^XW k`TbVl D B DEHHf
DEjf PS[cY }YZc S[XcUbWRX~u dSaUZ KTWV }dRaUZW~f JYWZSVU ji eWVW DEGhf ea T` OZbY[X dSaUZ S[XcUbWRX _U PU[SVWZU rYXXUVUf © ii JWVbU rYZccWZYZf LVVY Ehu \S Hhf QO][ HE NRXQ cWUVUXcUf ?TWXcW VWcWZ LUTTWZ cWVUZ iiQijf PRSkWSZ T`X ^U[Q _UZaSWcS^SZXRVYZccW iGQDIf BclQA ^U[_UZ_UVSXcRX\ab XWac DIQ DGf CU[`UUVUZ ^SRVR_YZ _Sac DGQDHu PU[_UZT\\ZcWSXRRX^ ?WQ `UZ DHQIIf CUTkY[YYZ ^URk cWVRXcYZ aSWc IIQjIu ^URkU][ jiQ qDu ^WWZcYWXcsSX _Sac jjQqDf AWW[cS`lYZUXRcRXcYacl`WXXl qDQ qGf p J^W ji Be DHqGf eYV_Yc qFhu qGFu hIDf
DEqf JSVccWXcYZu KTWVf dUUVU DE eB DEGhf ea UkcYY^^U[W OZccW J _U KzzU MRXcU`U tWZcY[f © iG B[YZY ObYVY rYa[TUZbf LVVY Equ eVLVcl Hhf O][ HH NRXcWUVUXcU _U iI OVZU[kWXcU }@RScXW~u TYW_Y[W^SZXRVYZccWcRc^ ij OVZU[kWXXUf BclQJlTYYZ T`XYR[ XWac HHQiDf JS`WVUZ TYW_Y[W^SRV SkYcc HHQiDu dR^SVUZ ihQiGf PRSkWSZ SXRRXTYW_Y[W WXlZZ iqu >R[TY^XYZ ihQiGf rYVVY[`SXYR[ ^SZXRVYZccW iqQihf J]WZ T` TUWcS^YX^RX ?\ cSWT_ iGQDjf eUVWSZ `SWZcU[^VUWc UXXWXc DjQ jIu JUZ]SZ SX YXWT jIQjFu J]WZ SX UXXWXc jFQqqf JUZ]SZ kRaYVWZ\ab cSWT_ IiQIjf A TYW_Y[W\ab k_ iEQDqf p q ¨B DHqHf
DEhf dUTUVUWZYZu OUkSf JWYcUTl^W }BZ^Y[W~ AB¨ DEGqf ea cWVUVVWZYZ dSSXYk rWYcU[WZkSW^U d_U KY`U CUa`SZc\cl[ JW[`SQ ZYZf LVVY Equ \S Hqf nJC iif AYZUUcWZ ^UTU[WcSWTWcRX^ ^UZXVWXcW iqQDju k[ScS^SVVUXWacf DjQDFf eYZAc @ jf c eYZQ XU^X XSbUXXU DHDEf
DEFf dlZ^l`UU[U }YZc dUZXXSZ~u PRXcUU Y[bWZUZbf rRXRVU E
¨B DEGjf ea T` [Yb[W^ MRXcUp dUZXQ
XSZ _U LS`WXU PU[SVWZU ·STUZbY[f ©
DI AW]ZY NU[WU rRRXcWZYZf LVVY Ehu \S Hqf N@B rSV\cY^Z ?kWXc HFf ?RVRZ
VllZWZ \VWT N@B iIQDHu Uk `kW N@B
DHQIqu Df rV N@B IqQjGf p dl[`YZkll q DDD DHqDf
DEGf P\bYZu PU[V ?X^U[f J^W q DDD DEGIf ea [llclVW PU[V MRXcUp P _U NUcaWVbU ¥aU[VSccU LRZbXc[sTf BwVVY Ehu Be¡Vcl EEf p PURZWUWZYZ G BB DHqIf
DEEf PSVVWZu PU[Vf ?[WTUccWVU D eBB DEGqf ea ^URkk _U cWVUVV MRXcUp P _U NU[WU JYVYZU dRaSZc\cl[f © HG OVTU KTWVWU rYVcSVUf LVVY Ehu ewVcl HDf
DEHf LUTRXu dSaZ NW^UYVf CR[^R I eWVW DEGjf ea XSWccU_U NW^^S L _U NUcWVbU LS`WXU [YbTUZf © HH JRVbU JYVYZU PU[VXXSZf BLVVY EFu \S Hjf PSZcc gWVVZlXWZ cYac HjQHHu PRSkWSXXU HHQiEf PRSkWSZ VU^WUXWUWZQ cXcSZ STWXc iEQDFf eYZl_lVVY DFf dRVWXQ cYccR ^RSVVYY^XW k`TwVVl D B DHIEf
DHqf rY^^UVUu dSaUZ }dRaUZU~f ?[WTUccWVU Dj BB DEGIf ea T` dRaUZU r _U K[W^U NUccWVUf © iE NU[WU ?bYZ¯UVVf LVVY Ehu \S Hjf ?kWX^ Jn VU^WUf e@ HHQu oRXW^\VlZ UXYTUkllVV IHQjh >S^WUZ jhQjHf c ?[WTUccWVU Ih ¨V DHqhf
DHif LWXWc¦WZu PSZXcUZcWZf JWWcSVU D ¨ DEGqf ea ^URkk tUXWVW L _U PUcaU[WZU AWWVSWZf © Ii g[W]WccY `UZ bY PY[y^aSQ `YZf LVVY Equ \S Hjf P Hhu N HGu N?P iiu eC iIf eWWkR[WZ J? ^UZXVWXcWu T\sX \VWT `WX^ iqQiFf PYWXU[WZ A ^UZXVWUZ \VWT `W[^UT iFu ZkW cSWTXWac iGQiHu `kW cSWTXWac UkRV iHQDEu `c cSWTkllVV DEf OO eWWkR[WXXU DEQf oX XYR[S_YZ _SacS^ _lXf eUVcWSZYR`SX DFu eYZ Ac @ ju eYZ O @ If p J^W Dj ¨BB DHqIf eYVW IHIf
DHDf LRZbXc[sTu NUccW eY[ZY[f J^W IE BB DEGIf ea NW^UYV L _U K`U MRXcU`Uf LVVY Ehu BewVcl EFf eYcR[WZ^RV_f p IF BB DHqqf
DHIf CY[aS }YZc LsZZ[SSX~u O^XYVW OR]RXcf eW[SVUacW ji ¨ DEGDf ea XUcRVUXYkkl Oz[UaUT LsZZ[SSX _U LS`WXU PU[SVWZU LU]Y[zVSTf LVVY Ehu BewVcl EEf LWW^YUVUVVUf @U_UTlYZ SXRRX^URkkU kY[RXc _U _Sac iIQiEf ?TU VWW^Y iEQDhf >R[TWQ _l[`YZ ^URkkU ?\ _Sac DEQjjf >R[TW_l[`YZ Ak @U_UTlYZ ^SZcc aSWc Ii `f oX ^RZZ VRSccUTRXcYacl`Wlf p >R[TW_l[`W DE ¨BB DHjhf
DHjf NU_UZkll }YZc NU_S[WZ~u KZS^ K[aU[bf J^W D B DEGhu ea [llclVW dSaUZ NU_S[WZ _U dSaUZZU @RS^SZYZf © iI p DHqi dSaUZZU ?VW `WU gSTUZf BwVVY Ehu \S Hjf nJC iFf e@ HhQu BB ^W[_R[W iiu B ^W[_R[W ihu @J ^W[Q _UU_U iGQDEf eU VYZZlcWZaUVV XWac DEQIif PRV^RVUWc _U \V csWbYZ TWZ UkRVYXWcc IiQ
Iju YXWcc> }JZcS>~ IjQqhf KbRX^ ^RVQ ^RVUWc`UVWS^ XWacf e@ YVl^YVUWc _SacS^ k_
IEQqhf e@ Iu Ae@ Pu NT jHQqiu eYZAc @ jf p II Be DHqhf
DHhf @UZy^YZu O^XYV MRZZU[f J^W II ¨ DEGqf ea XScU[S` MRXcUp @ _U UZZ\ tWVaYVTWZU ¥aU[Q VSccU dl]Y[aSTf © HG p DHDq WzY dSQ aUZZU BZ]TUZu DFQ JRVbU PU[SVWZU LUU^XSZYZf LVVY Equ \S Hqf CYSV Y[SQ cRc^ HHu kUXccRc^ iDf gY[]sZ `c ^UkkUV HHQiIu ^UkkUV iIQijf NUUVUabYZ ^UkQ kUV ihQjif LUkkp_l[bWZ ^a[U jiQhif PUZXUZ^S[^YU^ RX^ SkYcc IHQjFf @SQ `UXcW IFf JU[[ aWXcS[WUu ^W[_UZXWcSTWQ ZYZf p LUkkp_l[b Ih ¨B DHFjf
DHFf AUbYZWRXu O^XYVW @YWZaSVbf nVs_l[`W G BB DEGhf ea [S` PU[V OVp[Yb A _U LS`WXU OTUZbU gVSTf © DE KbWca A_sbWZf VVKVVY EGu \S Hjf N@B rSV\cY^Z SkWXc Hhf eUUXUZ VllZWZ `TUUZTWcc iDQDDf oRbYZTUUZ TUUZQ TWcc^SZcc XWac DDQDFf NNJ ZkW WZX DFu `kW WZX DFQjqf p J^W DE ¨B DHjqf eYVQ _Yc DDDu jjGf
DHGf AcYZ[SSXu ?ccS eWVaYVTf J^W DE Be DEGhf ea [^T OR]RXc A _U O]UcaU ¥aU[VSccU PS[¦U[bf B¡VVY Ehu \S Hhf ·B rSV\cY^Z SkWXc HEf e@ UkRVWZX iFQIqu BB B^ [UcUWZX IqQjGf p JY[ccSZWYTW Dh eBB DHjGf eYV_Yc IIu qEf
DHEf Cs[ZRbbu O^XYV ?VSpf CUTkY[Y Dh ¨BB DEGqf ea L[S` OZbY[X ?X^U[ C _U OR]RXcU eWVaYVTWZU @sZZzly^f © iH UZQ Z\ NU[WU >\zY[]f LVVY Ehu \S Hjf ?kWX^ J]WZ TRXWW^^WQ SkWXc Xl`YVV\Xcl _U XYVVSZXSWccSUu kllXcscSb HEf @URTUZ XYTWQ ZUU[WZ TRX VYac HHQDHf PJ VURVRZSkYcR^XYZ cU[^ DHQf J]WZ TRXSkWXc SkYcc U_SWccUWZf @URTUZ \ac^ [RScXWZ SkYcc DDQDHf @URTUZ XSWcUZZSVVWXYZ XYR[ _U @URTUZ TRXYSZ _Sacf NWYXQ ^RS[SXl`YVV\^XWlf p J^W DH eBB DHIjf eYVW DDGf
DHHf tU[YZu rY^^U eWVVWUTf ARSZYZ_S^W Dj eB DEGhf ea [S` dSaUZ t _U ObSVpWZU NU[WU OXYaUZ BwVVY Ehf p J^W F BB DEHIf eYVW Ejf
Iiif tYWVWZu n[_s JR]S PU[Vf ³d\`lX^\Vl DI eB DEGhf ea
^SVVY]U OVY^XUZbY[ MYS[] t_U JUZZU
` g[UZbYZzR[]f ©ii JYVTW Nl^YVlf
B¡VVY Ehu \S Hjf P HHu N iif PW[_UWQ
VW_U ZWTYVVl tYW_SVUf PW[_U^URkk _U
Q^RXcUZcU_U iDQDDf ORcSVWW^^YWbYZ _Sac
DDQIEf J]WZ AUZSTUc U`RXc DIQDhf A
PW[_UWVW_UVWWccS XWac iDQiFf p J^W h ¨BB
DHjif rSW^U DGihf
IiDf OUVcSWVU }YZc OUVcS~u dRaS PRXcUUf ³dUZU^^UVU I eB
DEGjf ea `UZ]WZ`U[c PRXcUU OUcUTWZQ
kSW^U O _U OTUZbU dRaSZc\cl[ OUVcSf © BZ][Wb M[YZTUZf LVVY EFu VewVcl HDf J]WZ ^YX^RX`UZ^WVU `UZ]WZ`U[c HjQ
HGf CR[RZ ^YX^RX`UZ^ cUVSRX`UacWTYXc
HGQHHu JlTYYZVWZZUZ ^YX^RX`UZ^ HHQ jGfQAe@ UT DfQp h eBB DHqHf
IiIf OaV][YZu PU[V eW^cS[f J^W DF B DEGhf ea _RZUWVW_U PU[V OR]RXc O _U [Yb[W^U LS`WXU M[sZ[SXf © HF UZZ\ K^Vspf BwVVY Ehu BewVcl Hif PRSkWSZ ^URkkU^SRV cSbf e@ kUV`u eUUQ XUXXU kWW[W^UXss[W IFQIEf c eUUXU H DDD DHIEf eYVW Ehf
Iijf OW[U^XWZYZu ?ccS Y[bWZUZbf J^W Di e DEGFf ea ^RVcUQ
XYkkl rYccY[ O _U ASpWU ¥aU[VSccU >\Q
TUZf © iF p IE BbU NU[WU S[XTUZu
jDQ KVXU OabU AWV`YZZSWZYZf LVVY EFu
\S Hhf ·B rSV\cY^ SkWXc HHf >SzYVQ\ac kUV` gU^RXXU iIQiFf e@ iEQqju rUXWVUZ ^SZYkU_U WZX IqQqj _U ^SZYkU_U^SRV \VWQ
SkYcc IEQqju kX\^ScY^Z cRc^VUWc ^SYSa_
IhQIEf A CUWbY\ab ^YX^RX^SZWu ?RVRZ _U J]WZ cYSVV^SRVR_YZ SkYccf OXRZcSQ
S\wWbYZ WXlZZ qIQf c J^W Ij e DHFqf eYV_Yc IEqu hFHf
Iiqf OW[WXcS }YZc OVY^XY_Y`~u dSaUZZYXf oRXW^URkRZ^W Ii ¨B DEGqf ea `llk B`UZ OVY^XY_Y` _U dSaUZZU P[WXcWZU S[XQ Xc[sTf © Di >UbYXabU MU]U[WZUf VWVVY EFu \S Hhf Pl\Z\c J]WZ WVaU[TSZWXYZ XYR[ S[^YXcY[W^SRV EFQHhf J]WZ WVaU[Q TSZWXYZ XYR[ S[^ `WRVRZXSWc HhQiqu rWYcU[WZ PYWXU[WVVWZYZ CYUcc S[^ ihQDjf LWZb][YZWZ XSWcWZ^URkkU aSWc DEQIhf eWRQ VRZXSWc YVS^R`WXXU IhQjif AYZUUcWZ \VWT ^WYVYZ^llZc DqQDEf eUVUZcYaZ\c ^WYVYZ^llZc jiQu c Dh eB DHqqf
Iihf OTWZSppu PU[V ObSVpf ³CRRXRVU DG B DEGFf ea UXYTUQ kllVV ObSVp O_U KVXU NUcaWVbU @RX^YVWZf VWVVY Equ BLVcU EEf oAOWaUZ HHu YVW XWYVVl `WYVl jDf CR[^WXTYcXlXcl_l OVUX^UXXU ijQIIf eYVW DDHf
IiFf tRS[WXcS }YZc gY[]TUZ~u OR]RXc LYSZU[bf J^W Dq DDD
DEGhf ea U_R[W OR]RXc gY[]TUZ _U
OTUZbU MUz[WYVWZc\cl[f © Di OZZU ASQ pWU AUU[YVUWZYZf LVVY EFu ewVcl HDf QCYSVVWXRRX^SRV ^R[XXW Hhf J]WZ ^URk [U^cXcSZ kWW[cl_l _U [^T HFQHEu ]YSbYYcQ
cWXYZ SX `UU^WcXW_U HHQqif JUTWZUZ [URQ
cUcWYZ [U^csWbYZ `UXcUU`U [^T HEQHHf
AU`WSZ CWWVWcYab ?\ _SacS^ _lX iiu ?\
ARS_UZ iqQqhf oX cUVS\ac WXlZZf NT jHQqiu ¨Lf p DE eB DHhjf
IiGf gVSTu [UZX PRXcUUf J^W Dq DD DEGFf ea U_R[W PRXcUU g _U [Yb[W^U MRXcU`U NUccWWZf © DI AW][Wb NU[WU LWZbaSVTf VWVVY EFu oVWVcU HDf O_R[WVWW^^YYZ STWXc J]WXXlf p Dh BB DHIGf
IiEf gVST£`WXcu MYS[] YVWÃf J^W h ¨B DEGqf ea cUVSZSTWXc PU[V [Yb[W^ g _U K[W^U LWZb][YZf VWVVY Equ BeWVcl Hif J]WZ
CYSVV^SRV Xla^sSX SkkW_U^XSu SkWX^ RV^STUWVVUf J]WZ rRaYQ
VWZ\ab \VWTY^UUZW^ HGQihf p J^W IG ¨ DHihf
IiHf gly^u dU^Sz BTTUZRYVf ³eUUXU Ih e DEGFf ea ^a[U dSaUZZYX g _U JWVbU ¥aU[VSccU gly^Q Xc[sTf © iD BVTU KVVYZ ?ccWVWU ` KXXYZf LVVY EFu \^X \S Hqf eWa kUkW^XW iDu kUXccRc^ ijf PS[XZlXWZ ^a[U iEQIhu es\[WZ IhQjHf PS[XaSVTUZ [S`^RZZ L[S` jIQjHf PS[XZlXWZ A^ YXWT DGQDEf PUZXUZYbRXc IIQIqu IGQjif r[YX `UVWcQ XW_UWZ Ihf e@ qu NT DEf p G JB D DHjHf eYVW hFf
IDif ·Rp`Uu ?ccS CaYSbS[f VWXUVTW DiD DEGhf ea XYkkl OZcQ cW dRaS OR^RXcW ·f © iq AW][Wb OR]RXcU dSaUZZU JYZYVWRXf BwVVY Ehu BewVcl Hif NY[W^Ukcf c VRRVcU`UXcW DHDiu _RVWXcYccR ^RSVVYY^XW k`TWVVl D B DHIIf
IDDf ·R[yaTUZu OWZS @UpUYVf @RS`YXW q B¨ DEGjf ea ^a[U [UZX tWVaYVT · _U AYVTU PSZXcUZcWU JlVVpS[Xf © BZ]U BVWU dR`YZWRXf BwVVY Ehu oVWVcU EHf O][STSZWf p LUkkYYZ[UZcU IE DDD DHDIf
IDIf S[XXYVVu PUU[VYf ³J^W IE B DEGFf BwVVY EFf c J^W DEEEf
IDjf [WTUZu OVp[Ybf ³VWccW DF B¨ DEGIf BLVVY EGu oVWVcU EHf
IDqf M[sZzY[]u O^XYV @YWZaSVbf ³VWccW DG ¨ DEGqf ea XWVcUQ `SRcW PRXcUU @YWZaSVb M _U NU[WU UVVY[f © dYZZ\ JSVTQ zY[]f VWVVY EFu BeWVcl HIf JU[_RZ T`^SRVf CWVUZaSWcf p J^W IE ¨BB DHiGf
IDhf AUVSTUU }Qii M[sZVRZb~u dSaUZZYX OR]RXcf J^W IG VWW DEGhf ea cUVSZSTWXc PU[V MRXcUp M[sZVRZb _U ?V]U NU[WU OaVpS[Xf VWVVY Equ \S Hqf ?kWX^ Jn VU^WUf O][ iI NRXcWUVUXQ XUf oRbYZ^W[^SZ ^UZXUZSkWXc TUUcUVSRXUWZYWbYZ SkYccf oRbYZTUUZ Wc kWW[WZ `W[^UcUVS_YZ cU[^ DjQDHf c J^W Ij ¨ DHDHf eYV_Yc Fu Hqu hiiu hGjf
IDFf MRTTY[RXu PUU[VS BTTUZRYVf @UZcXWVU IG eB DEGhf ea ^a[U OVY^XUZbY[Y_U OVTU >S[bVRZbf © iD BZYX NU[WU AYVWZf BLVVY EGu eWVWVcl Hju eUUXUZ XRST V\X \S Hhf KL iD }CR^Q aSVTU~f dSYZXRRXXU _U >R[TY^XYXXU `c kWW[WKL iDQiIf >R[Q TY^XYZu AYWZl_SYZu AUU[W_l[`YZ _U PR[^W_SYZ kWW[WKL iIQIif JY`SXaSWcSVUWc _Sac _U SkYccf K[W SkWXc SkYccf PR[^W_SYZ TUUQ TWYXSkWXc VYacf c PR[^W_S^W Ii DDD DHIEf eYV_Yc jFIu jGFf
IDGf JUUacYVU }YZc JUZXXSZ~u dSaUZ Kb`U[bf J^W Dj ¨B DEGjf ea ^SZYYZ^l\cc dSaUZ JUZXSZ _U JYb`W] PU[`SZYZf © ii AW]ZY NU[WU @YVUZbY[f LVVY Ehu \S Hqf CYSV Y[SQ cRc^ HHu kUXccRc^ iHf AU`WcUWkUVYYZ ^UkQ kU¢ UkRV HHf CU^XS`UZ ^UkkUV HHQDIf KZSZ^SX^YZ ^a[U DIQIif CR[RZ cRSQ TWS^Uk BB ZSc IiQjhu ZSc jhQqHf rWWXQ kUWZ^S^ XWac IDQjGf PUZXU^? BZ^Y[WZQ TUUVVU iDQihf PSVkkUZUZ XYTWZUU[W _SacS^ _lX iEQDIf A rWkVWUXYR[ [Uaaf @S`UXcW IIu Ae@ d Df c Di ¨ DHqHf
IDEf JU[cTUZu PU[V K[W^f J^W Di e DEGFf ea N@B YVW^X Kb`U[b K[W^ J _U BbU OR]RXcU rYa[Q TUZbf BwVVY EFu \S Hqf LP HHu LL ihf ec ^RZZVll^ ihQiHf LYkkl`W[[UZ ^RZZQ Vll^ iHQIhf @URaUZ XScXUW[ Vll^ DEf @URcUVUTTWZ kWW[WVll^ IhQjHf LYkklQ `W[[UZ X^ YXW^ _lX DHQIFu ARSZYZ_SYZ IGQjqf Ae@ @ Du e@ qu NT DEf A^Q Vll^RkX Ijf JU[[ ^UVUXcRXu TYcXlXc\Xf p H DDD DHjHf
IDHf JYVVXcYZu dSaZ gY[ZaU[bf J^W
STWXc dSaUZ JYZ[W^ J _U PVU[U KRp[SQ X\ZY LWZb[SSXf © ii KTWVWU ¥YyWVWU Jsy^Y[XcYbcf BwVVY Equ VVLVcU EHf Pl\Q Z\c J]WZ ^URkkUSkWXcf Ala^s ?\ AWYQ
TYZXQAyaRy^Y[c ^W[_UZkWc HHQIif KVY^Q
c[WX^U Oz ·\ZUTS _U T\sa ^WWZcYWXQ
cs\acWsWbYZ STWXcf A UXRZcS^WWZcYWXcsQ
VWWccS ^YX^RX aUVW _lXf J]WZ [RScX UXRZcSQ
^WWZcYWXcs\ab k_f J]WZ ^URk`UVc _lX jqQf JU[[ XRS_YVRX^RZcUf p IH B¨ DHjHf
IIif OU[ZWS }YZc JYZ[W^XXSZ~u KTWV Y[bWZUZbf J^W E eBBB
DEGhf ea cUVSZST dSaUZ @SzY[c JYZQ [W^XXSZ _U OTUZbU eWVaYVTWZU AWTQ XcYbcf © iD @SXU KTWVWU dSaUZXXSZf VwVVY EFu \S Hqf eWa kUkW^XW HHf nVWT kUkkW HHQiFf A\XTlZ ^UkkUV iFQDiu NW^^YVWZ TUUX[^ DiQIDu JYWZSVUZ
^URkQ _U TUUX[^ ^a[U IDQIGu LSkYZ IGQ qDu L[S` jjQqDf NW^^YVWZ ^URk`UVc _lXu TUUVUWX^RZZ `UVc k_f ?kkW^ RX^ SkYccf @S`UXcW jif p Dj B¨ DHqDf eYVW jDqf
IIDf JWYcUVUacWu tSVbYTU[ @YWZaSVbf VWccW I B DEGFf ea T`
dSaUZ eW^cS[ J _U OZZU NU[WU OaVQ £`WXcf © iH p Ii ^UZXU^S PY[ccR NU[WU CYWccWZYZu BB Ih ^UZXU^S OWVW NU[WU PWVkWf BcVVY EFu \S Hqf P HEu N iiu XRS[WccUZRc U[`SXUZS_U cYSV Y[ScRc^ `U[Q cYZf >S[XXWZ cSkYcc ihQiGf B^UUVWXcYZ \ac^ SkYcc _U _SacU_U iGQDGf AU`SZVWZQ
ZUZ V\X `kW VYac DGQqFu [Yac DEQqDf B^UUVWXcYZ ^URkkaUVV _lXf AU`SZVWZZUZ ^URk`UVcu ^W[^^S`UVc _U ^W[^^SZYR` _lXf AU`SZVWZZUZ ^UZXU^ _SacS^ k_ DHQIHf Ae@ @Vf JU[[ kW^U^W[_f p F e DHGif eYV_Yc Djiu hqGu EjIf
IIIf L{Z]Xc[sT }YZc JSZ^UZYZ~u tWVaYVT gY[ZaU[bf J^W IG B¨ DEGqf © IIQIEu hi p hj JWV_U L\bWU J\\cWlWZYZf LVVY EFu BLVcU EEf NUUVURXc\sZcY^ J]WXXlf p E e DHhqf
IIjf J\TUZbY[u dSZUcaUZ MSccVWYz KVWUXf J^W Dq Be DEGFf ea ^UZcc dSaUZ OR]RXc MSccVWYz J _U MRXcU`U eWVaYVTWZU MVUZXf © HG BbU KV`WW[U ?[U`UVUf BwVVY EFu \S Hqf ?kWX^ Jn TUUcTYcXlc UWZYWcU HhQHFu ^UZXU^S d\`lX^\VlZ XYTWZ HGu ^UZXUQ
^S eWTkYVWZ Bcl^\VlZ ^SRV iHQIjf eT Du NT DEf p eWTkYVW Dj eB DHIjf eYV_Yc FFu DjFu jGhu qGEf
IIqf BXU^XXSZu ?X^U[f JURX_l[`W IH e DEGqf ea U_R[W BXU^ B _U NU]bUVYZU JYZ[W^XXSZf © iq dRVWU [Yb[W^U tYVVYZWRXf BwVVY EFu ewVcl HDf ?TWXcW JlTYYZVWZZUXXU ^UZ]UXQu cR[Q
^WXQu aUccRQ _U VU^^W^URkUZ XY^l cR[^^RQ [WVWW^^YYZf JlTYYZVWZZUZ ^URk`UVc _lXu cU^XSWcRXVURcU^ k_ _U ^W[^^S`UVc _lXf JlQ TYYZ AUZSTUc _SacS^ _lXf c j B¨ DHFDf
IIhf dUVU`Uu elWZsf J^W ji eBB DEGFf ea VYac OZccW [Yb[W^ d _U OVTU ASpWU VSTUZf © iI p DHhD JYV]U KVWXUzYc JYWZWQ ZYZf LVVY EFu \S Hqf NJ iif NJ ^W[^SVVWX`W[^UcUVS_YZ NJ ihQiHf oRXW ARSTYcU[ cUVaSWc DiQDEf APA ^W[_UkUWZS ?\ cSWT_ DEu AUZSTUVYacWYZ WVTSWcRXcXcS ?\ DHQhIf ARST CYUcQ cY[WcUVS ?\ _SacS^ k_ jDQhFf A CUWbY\ab _SacS^ _lX jjQFIu [Uaa jqQqGf A CUWbYU^Uc [Uaa qjQqqu A PR`UZ`YWXcl_lVWWccS jGQFIf c E ¨B DHFhf
IIFf O[S }YZc dSaUZXXSZ~u dSaUZ KTWVf KXkSS IH eBBB DEGq ea ^W[`YXT dSaUZ [Yb[W^ dSaUZXXSZ _U JYVYZU NU[WUf © OWZS eW^cS[WU LWWTUZf LVVY Ehu eVLVcl Hhu \S HFf P iIu N iqf LYacS[W CUTkY[YYVVU HHu rS[WXXU iIQiju J]WXXl iqQ ihu ?RVRXXU ihQiFu eWWkR[WXXU iGQIEf PW[_SWccUZRc RX VRSZQ ZSZcWYc cYS^XWUu p eWWkR[W h BB DHIEf rS_Uc jIFFu jIGFf
IIGf PU[_UVUWZYZu JYTTWZ^Wf J^W IE e DEGhf ea [^T JYTQ TWZ] P _U KbVU NU[WU Ac[UZbf © Dj Nl[caU ASpWU AyaRVc¦f BwVVY EFu \S Hqf P HEu N iif >S[XXWZ cSkYcc iIQiFf JlTYYZVWZZUZ V\X VUc _U XRST VYac ihQ jju `[Yac IhQjiu [Yac jiQjj JlTYYZQ VWZZUZ ^URk`UVc _U ^W[^^S`UVc _lXf Ae@ @ Df p JlTYYZVWZZU q Be DHjjf eYV_Yc hIqu FDiu FHEu DjDGf
IIEf PU[VXXSZu Kb`WZ B`U[f NlZcXlVl Dh ¨BB DEGIf ea >N dSaUZ Kb`U[b P _U >UcUVWU eWVaYVTWZU K^aSVTf BLVVY EGu ewVcl HDf U[Tf p CUTTWXUU[W DE DDD DEHhf
IIHf PSZcRVU }YZc PU[VXSZ~u PU[V dSaUZf rR^^WVU II ¨BB DEGif © Hh JWVTU ¥aU[VSccU J\[\Vlf LVVY Equ VVLVcU EHf QCUVSRXcW[Yacss[Wu aY[[UXcRSTf p rR^^WVU G ¨ DHqjf
Ijif PY^STl^W }YZc dSaUZXXSZ~u KYcRf JURX_l[`W G BB DEGqf ea [UcU`U[c dSXYp dSaUZXXSZ _U NUcVYYQ ZU N\VV\Z cURXcUf © iD p DHIh OWZU PUQ [SVWZU LWZbzSaTu jhQ KVVW PU[`WZYZf BBwVVY EGu \S Hqf P HHu ^UX`SkWZ cRc^ iDf AU`SZVWZZUZ V\ X aWXcS[WUZu XRSTYZ _U XU^XUZ ZkW VYac iDQqDf AU`SZVWZZUZ ^URk`UVc _lX iqQhqu k_ DHQqGu aSVaSRXQ VURcU^_U ^UZXU^ _SacS^ k_u ^URk ^UZXU^ cU[^ ihQIqu TY[WTWYX^SRV XRST SkYcc _U Ak ^UT[ _U cSWT_ iEQhjf AU`SZVWZZUZQ AllVWZ]WZ ^UZXUVVWXXYR[ k_f r[YX `UVWcXW_UTf A ^WYVYZ cRc^VURcU^ UkR_lXf e@ qu Ae@ @ Du A^ UTf NT iIQiju NT DEu @RScXrµ @ Du ^URkRZ^W> qDf p AU`SZVWZZU G eB DHFif
IjDf PW[WVSppu >W^SVUWf rS[`SS j B DEGjf ea ^URkk rUU`UVW P _U ?V]U Ac[YzRVU_Y`f LVVY Ehu BLVcU EEf NYcUVVWc\sZW _U cRV^Q ^W J]WXXl QDGf
IjIf PSkSZYZu dUVTU[W dRaSf rRRTUVU DF eBB DEGjf ea XUaUZaSWc dSaUZ JYZ[W^ Pf © HE OWZU KTWVWU WZZzY[]f CUVSZTu aYZ^W`U^RRcRXUXWUTf p rS[W Ih B¨ DHDEf
Ijjf PS[_RVUu dSaUZ eWVaYVTf J^W E BB DEGFf ea c\sZ_Sac dSaUZ P _U LS`WXU AcYZ[SSXf © DiI KVWZ ObSVpWZU rRSTWu BB iE KXcY[ O[TWbU @UZZUZaYWTSf DDD jD KVWZ NU[WU J\`lQ [WZYZf BBwVVY EGu \S Hqf ?kWX^ Jn aWXcQ^WyVWcWYc SXf e@ iDQqiu Xla^sZ iqu ^W[_R[W iEu UXYTUkllVV Ijf eWWUVUZ UXyQ TUkllVV jhQqif » I ¨ DHhqf eYVW
Ijqf LUTkYZu O[`Wb KTWVf § rS[`SS IH Be DEGFf ea [S` CC dSaUZ P[WXcWUZ L _U AYVTU ObSVpWZU ?ccYVWZf © ih ORZY NUcaWVbU AZYVVTUZf LVVY EFu \S HFf ?kWX^ Jn HFQHEf NJ K`SZ TYcXlSkWXc iif PW[^SVVWX`W[^UcUVS_YZ NJ`W[^UT iiQDjf AScWVUX`W[^UcUVS_YZ NJ DjQDEf NW^^YVWZ _U eWWkR[WZ VllZWZ `W[^UcUVSNJ DEQIju JYWZSVUZ aSWcSUVRY NJ IjQIFf J]WZ TV^ ^RZZ`UVc _lXf PRVSXUU[YZ aR`WVU^URk `UVc _U ^W[^^SZYR` _U Q`UVc _lXf Qp DD eBBB DHhIf rSW^U IiDFf
Ijhf LlZ]TUZu [UZX JYZ[W^f >R[TW_l[`W Dh ¨BB DEGhf ea VYWkR[W JYZ[W^ OVp[Yb L _U eWVaYVTWZU ASaWTUZf LVVY EFu ewVcl HDf U[Tf p dUVUX_l[`W Dh e DHiif eYV_Yc DqFu hiFf
IjFf LSRZUXTUU }YZc Lsp][YZ~u PUU[VS LUR[Wf J^W DF eBB
DEGhf ea N >WVX eW^cS[ Lsp][YZ _U NU[WU KVWXUzYca O`YVVUZf ©DD p DHIh MY[c[RbY gYTU[c¦u BB rURVU BZ]YzS[] tY¦YV^Uf BwVVY Ehu eWVWVcl Hju ?RVRZ V\X \S Hqf O][ HF NRXcWUVUXXUu NJ K`SVVU iiu SkWX^ AU^XUXXU HGQHEu J]WZ ^URkkUSkWXc ^W[Q
_UZkWcScRc^ HFf oRbYZTUUZVllZWZ WclWXYZ kWW[WZ `W[^UcUVS_YZ cU[^ iiQIEf OXRcRXaUZ WZXcXcS _U `W[^UcUVSQSX UkRV_Sac IEQjDf c J^W E B¨ DHjDf
IjGf NUVWZu KTWV @W^aU[bf LSa_U D B DEGhf ea [UcXRcWVU¢¢ JYZ[W^ eW^cS[ N _U PU[SVWZU LS`WXU LSzY[]f © KVVW eWy^Q
Xc[sTf V¡VVY Ehu eLVcU HDf N`u ^RZZUVVWXZYR`SXf p LSa_UZ NUW^^UVUXXU E Be DHjIf
IjEf NUcXXSZu NUÃ NWyaUYVf LUacW I B¨ DEGhf ea cYacUWVW_U
JYZ[W^ N _U OTUZbU ¥aU[VSccU PUU[VSZc\cl[ OZbY[XYZf © Ij eY[U JWTf BwVVY Equ BeWVcl HDf rUZ^WZdf LUabYZ SVRccYac cSWT_f p D J DHIqf eYV_Yc Diqu DqEf
IjHf NWZy^u JYZ[W^ KX^WVf J^W IG ¨V DEGqf ea kSVWWXW^SZXc JYZ[W^ N _U eWVaYVTWZU LWZb[SSXf © iq
KTT\ NUcWVbU JYVYZWRXf BwVVY EFu \S HFf e@ HFQjDu Xla^sZ HEu BB ^W[_R[W HEu B ^W[_R[W Dhu BV VWW^YZZYcU[^ Dhu B VWWQ ^YZZYcU[^ DGf Ae@ @ Du eYZAc @ jf c J^W DH Be DHjDf
Iqif NRZXcY[a_YVTu OVU[W^ }OVW~ MRXcUp eUVbYTU[f CRRVSX DI JB DEGjf ea cWVUZSTWXc @RbSVp eUVbYTU[ N _U dRVWU NUcaWVbU KVWXUzYca ·UaVzY[]f © HHQDD OVTU eW[Yl ?VW`WU ·UaVzY[]u DhQjG KVXU rYVUZbY[f BLVVY EGu oVWVcU EHf A cUWQ bY\ab kWW[RXcRX^SRVu SkWX^ rU[WWXWXXU HjQiDf CUWbYTUUVU[Wf c JlTYYZVWZZU DG DDD DHqqf eYVW IqDf
IqDf NRZXcY[a_YVTu ¥U[V OZbY[Xf ³CRRVSX q e DEGFf ea cWVUZSTWXc @RbSVp tUVbYTU[ N _U dRVWU NUcaWVbU ·UaVzY[]f © iq p?G KVXU JYZ[WYccY Ak[Sy^aSppu iEQ tUZbU JWVbU Ak[Sy^aSppf BLVVY EGu oVWVcU Hiu Ll[S`Y[^Yc ps[ ]SXXU[ Sya pVWy^S[ \S HGf ?kWX^ kSV\cY^Z SkWXcu K`SZ TYcXlSkWXc kllXQ cscSbu TYcXl^SZbR^css[W iIf AWTSZ kWW[WZ `c TYcXlZcU[^ iif PSVU[WZ kWW[WNJ ihQDif ?\ tUV^WU^SX^YZ NJ DDQDhu O OaVXc[sT ?\ DFQjDf c J^W F eBB DHjDf eYVW Iqif
IqIf rRV^^WZYZu elWZs OZbY[Xf ³>R[TW_l[`W ID B DEGFf ea kUXc OZbY[X r _U OTUZbU MYXc[WZf LVVY EFu BeWVcl Hif p PUZ]UXZWYTW h eB DEHjf
Iqjf @URcWSu JR]S OZbY[Xf ?RVR IG BB DEGqf ea ^SZYYZ^l\c JYZ[W^ @ _U M[YcU PU[SVWZU PU_UZbY[f LVVY EFu oVWVcU Hif OXYTUT Hju _U[[RWZ HHf JYZ]YZkYVUXcR^XYXcU kUV^WZcS Hjf p q e DHiHf
Iqqf AUZbXc[sTu ?X^U[ @YWZaSVbf oRXW^W[^^S G B¨ DEGDf ea [UcUTYXc dSaUZ A _U PUWXU LWWXU dRaSZc\cl[f © Hh KVWZ NU[WU PSX^WZYZf LVVY Ehu BLVcU EGf @^T CUTkY[YYZ cYSVVQ ^SRV HIf @URcUcWYQ _U XUcUTU[U^YZZR^XWVVU [^Tf @UcUTYXc KXkSSXXUu `kW [UcUTYXc DjQf c KXkSS Dq Be DHDHf
Iqhf AyaRV¦u dSaUZZ NUccaWUX O[SZf ?RVR ID e DEGIf ea SVRYZkUZW_U ¥U[V [WYb[Wya JYVTRca A _U [YbY[W^Y tWVaYVTWQ ZY ¥U[XcYZf © OTY[W^UXXUf LVVY EFu oVWVcU EEf NY[WTWYXf NRRccUZRc OTY[W^^UUZf
IqFf AWVYZu PUU[VY OUkYVWf J^W I B DEGFf ea pU^cS[W PRXcUU Y[bWZUZb A _U O]UcU dRXYVWRXf © @SXU BZ]YzS[] AY`SZf LVVY EFu \S Hqf CYSV Y[ScRc^ HEu kUXccRc^ iFf Pa[UZ UkRV dR`UVVU HHQiiu J]WXXl iiQiGf eWTkYVWZ ^a[U iEQDDu K`W_l[`YZ DDQDhf p rWYcU[XUU[W Ii Be DHDhf rSW^U IIFjf
IqGf ASaVzY[]u tWVaYVT OVY^XUZcY[Wf J^W DF eBB DEGFf ea cYacUWVW_U MUz[WYV tWVaYVT A _U NU[WU Ä^Y[VRZbf © ihQIh
eUVTU LWYc¦YZu Ih p DHqi OWVW BZ^Y[W J\[\Vlf LVVY EFu \S Hhf ·B rSV\cY^Z SkWXc iif M t ASaVzY[] ?\ ^SZcckllVV iqQiEu cSWT_ iHQjEf LRSccSkUZ^^W ?\ kll_Sac IjQIEf ?\ J]WZ kUZcQ cWVUWZU^SZcc _SacS^ k_ IIQ P?r aZcSZYR` _lX DEQf J]WZ ^URkkU^UTU[WZ _lX DGQIqf ?\ AU`WSZ cWWVWcYac _SacS^ _lX DFQu A cY[lX^\ZlcYab ?\ DFQu A [URcUXlZ^\ ?\ DGQjiu ?\ PS^S^Q XYZ DFQDEu ?\ ¥SZXc[RycS[ DGQIj _U ?\ LS^STS IjQ ANC _SacS^ _lX DGQIqf eRS[WZYR`SX DHf Qp q D DHjEf eYV_Yc jIjuDDHju kSW^U IDIGf
IqEf CaY[TUZu PUU[VY PRXcUUf J^W G eWVW DEGjf ea [URcUQ cWYc\sT K[W^ PRXcUU C _U AY[UpWUf © HF KTWVWU Ä^Y[zVSTf BwVVY EFu BLVcU EEf
IqHf CSV`UZYZu OR]RXcf JURX_l[`W I B¨ DEFEf ea [UcUTYXc dSaUZ C _U KY`U KVWXUzYca oScWZYZf © Hq JRVbU NU[WU BXSQ cRkUf BwVVY EFu oVWVcU EEf OVW^SZbR^css[Wf c j ¨ DHDDf
Ihif ASW[W }YZc eUaVXc[sT~u ?ZZW J_UVTU[f ?[WTUccWVU DD eBBB DEGqf ea T` PRXcUU NUZp[Yb eUaVXc[sT _U NU[WU ObSVpWZU AWVVpS[Xf © iq p DHIj OWZU ObSVpWZU M[sZXc[UZbf LVVY EFu eLVcU HIf e@ aU[_ HFu VWZ_UQ Xla^sccl_l HEu BB ^W[_R[W iDu PY[U`UZ UX B ^W[_R[W DIQDEu JlTYYZVWZZUZ DEQIiu eSW^SX^YZ UXYTUkllVV IiQqDf p eSWQ ^SX^W Ii eBBB DHqDf eYVW qhGf
IhDf tU[cWUWZYZu KVWYV dSaUZZYXf LVVY Ehf PX SkYccU_UTUcQ [W^^YVWf
IhIf eRS[YZTUU }YZc tWzY[]~u JR]S dSaUZ O[ccR[Wf J^W Dh ¨ DEGhf ea c\sT PUU[VY PRXcUU tWzY[] _U KbVU NU[WU >RTQ zY[]f © HG KTTW NUcWVbU @WZ]f LVVY EFu BLVcU EEf AYZUUcWZ ^W[_UkUWZS kUV` HDQHGf oX ][UUpWVVWXcYZ VWW^^YWbYZ kUV`f PW[_UQ kUWZS ?\ AR[bRX _Sac jiQf JU[[ ^RS[SVURVR }A PUZXUVVWXcYUcc _U ARST ?SkkY[UZ ^RS[SXXU~f p DI Be DHqqf eYV_Yc DGDu hHif
Ihjf eU[cWS }Qih tWy^Xc[sT~u O^XYV [Yb[W^f eWacW DG eBB DEGjf ea cWVUZST PU[V KTWV tWy^Xc[sT _U dSaUZZU PU[SVWZU LRXYZWRXf © Dq c DHqj AUVWzU tWVaYVTWZU Nl^YVWZf LVVY Equ eWVcl HIf ARS[ JYbYZ][YZWZ ^URkkUSkWXcf eWabWXXl VWW^YUVUVVU _U iHQ jE ^RZZUZ^UT[f eWabWZ ZRS[WXSXYR[ kY[RXcU_U_lX _U `SWTWXcYVW_Uc _Sacf JU[[ ZRS[WXSXYR[UQ _U ^UZXUZSkWXcSc\sf p eWacW Dj Be DHjEf rSW^U qiHjf
Ihqf tW][YZu dSaUZ KTWVf J^W DD eBBB DEGhf ea U_R[W dSaUZ t _U OR[S[U ¥aU[VSccU AUy^VYZf LVVY EFu BeWVcl HDf p E DDD DHqqf
Ihhf tWV^UTU }QDH tWV^TUZ~u PU[V }PUVVY~ [Yb[W^f J^W IG VWW DEGFf ea [^T PU[V tWV^TUZ _U K`U rSXcWf © Ii LUWZU OVVW >W^^Sf LVVY Ehu BeWVcl HDf PUbP HHu SkWX^ Jn VU^WcWYbYccl iDQiIu eYZ \VYWXYXW^ APP iqQiGf eYZl_lZ U[TYW_UXXU HHQDGf ?XUVV `UkURXXScUUZf nVWkllVVu cU[^ ^YZ[u yXW^Q e kllVVu XScU`lYZ kllVV DEQIFf nVWkllVV Y[Wc\WXcYacl`WXXl jHQqif qDQqqf rRSVQ QYl{L «Ap ZYR` _lX IFf PRZZWUcRSTWSWXc k_f rW^Q °or ^R^W[^^S\ab _SacS^ _lX IHQf A Y` VRc r\al^SRVR\ab _SacS^ _lX IHf ^RZZWU_lX qGf PScW^UX`UcRX\ab _SacS^ _lX qFf J]WZ kSa_ XRST X[^ ^W[^^SZYR` _lX jDQu ^W[^Q ^S`UVc _lX jIQf Ae@ XRR[[u e@ D cT^u e@ I T^u e@ q T^u @RScXNµ P Du C·@ P Du >r?@ P Du LUc`Lµ P T^u rRSVrµ XRR[[u r[µ[ Iu @PL Pu @STP[µ P T^u BcP[@ XRR[[u eYZ eB j _U q T^u O I _U j T^u Ac I _U j T^f PST HHu oZ iju [UcXRT
iEu Y`V DDu Y` Dqu A U[T ^YZ[TU_ DEu ^YZ[VcZ IIu ^YZ[ IEf JU[[ R[aYWVRu `SWTWXcYVRf p J^W Dh eBB DHqGf eYVW qFif
IhFf tWVV][YZu JR]S tUVbYTU[f CUTkY[Y DF ¨B DEGIf ea cYacUWVW_U ¥U[V ?X^U[ t _U dSaUZZU tWVaYVTWZU [WTUZf BwVVY Equ BewVcl HDf e@ ?RVRZ ^SZYkU_U BB ^W[_R[W iqQDDf p J^W Ih eBB DHDDf
IhGf eRS[WXcS }YZc gY[]aYT~u eW^cS[ AYVWTf eWacW D ¨B D EGIf ea cWVUVV PVURX Kb`U[b gY[]aYT _U KbVU OTUZbU AcU[^f BwVVY EFu oVWVcU EHf >R[TY^XYZ ^URkk _l[_YXc\XT ijQDqf eUVcWTS >N DqQDGf O^cW`WXcWf p DHDGf
IhEf JYVVTUZu PU[V >W^SVUWf J^W jD B DEGhf ea c\sT JYZQ [W^ J _U NU[WU P[WXcWZU ObSVpWZc\cl[f © iq OTUZbU OR[S[U eWW^f VWVVY EFu VWWcl EEf WVaU[TSZWXYZ XYR[UZ SkkW^R[XXWf WVaU[TSZWXYXXU S[^ HhQu J]WZ PURkS[^ DqQu TT If `WRVRZ ^SZXY[ccWTYXcf PUkYVVWTYXc reWXXU DHQ ·W[TRXu Ae@ @f NRXWW^^W`lZ[ DHu TRXWWZ Iju TRX^Ukcf p J^W D eBB DHqjf
IhHf PS[aSZYZu [UZX dUpYcf J^W DI eBBB DEGhf ea kRRXYkQ kl dUpYc P _U NU[WU oV[W^U gVST£`WXcf VWVVY EFu BVWVcU EEf NY[WVVY Hjf p AUZ [UZyWXyS h Be DEHGf
IFif >S[bYZX`UZu JYZ[W^ JR]Sf JlTYYZVWZZU Dq B¨ DEGq ea WZX^Ukc JR]S PUXWTW[ > _U ¥a[WXcWQ ZU O][WySVU ¾YVYYf BwVVY EFu VVVwVcU HDu J]WZ XRST \ac^ ewVclf PS[XaSVTUZ T`SkWXcf N` JURX_l[`YVVl IqQf p Ij DDD DHFHf
IFDf @UZcUZYZu dSaUZ [Yb[W^f J^W DD eBBB DEGFf ea ^URkk PU[V [Yb[W^ @ _U OTUZbU PYX^WZYZf © HE JWVTU NU[WU ClacWZYZf BwVVY EFu BewVcl HDf LWW^YTf p J^W F ¨B DEHHf eYVW IHFf
IFFf LSRZUTUU }YZc LWZbpS[X~u dSaUZ OR]RXcf J^W h eWVW QDEGqf ea U_R[W K[W^ dSaUZ L_U BbU NUQ [WU OR]RXcWZc\cl[f BwVVY EGu \S Hhf Qe@ J]WZ UXYTU ^W[_R[W HEQiqu J]WZ ^W[_UZQ kU iqQiHu @J ^UT[^SZcc kWW[W^UXss[W DHQIGu @J kll^UXXUZaSWc IGQjHf @URQ cUcWY`W[^UT aURcURXUkR[YZ]UX [Uaa _U XWac Dh `f Ae@ @f p J^W II B DHjHf eYV_Yc qEIu GiIu GEHu
IFIf AWTXcYbcu PUU[VY MUz[WYVf J^W Di ¨BB DEGhf ea TRRQ [U[W PUU[VY tWVaYVT A _U NUcaWVbU ASpWU tUVbYZf © HE NU[WU eWVaYVTWZU JYZcf VWVVY EFu BVWVcU EHf APA ^W[_UkUWZSZ pU^Q cS[W iFQIEf p j ¨B DHIHf
IFjf CUkkY[u OVp[Yb KVWUXf J^W DG eB DEGqf ea kSVWWXW^SZXc KVWUX C _U eYZbVU NU[WU BVVzY[]f VWVVY EF oVWVcU Hif eU^ S\ YZZWU kUV` HhQu _lVVYYZ`U^SX SX_Sac DFQIHf p J^W ji e DHIHf
IFqf eU[Su MYS[] [Yb[W^f J^W DG ¨BB DEGqf ea _U[[RT [Yb[W^ e _U NU[WU ASpWU KY[W^WZc\cl[f © KVWXUzYc CU[^^UZYZf VWVVY EFu oVWVcU HDf eYcR[WZ^RV_f p DG eBBB DHIGf rSW^U IGqFf
IFhf tW^Xc[sTu MRXcUp Kb`U[bf J^W HDD DEGqf ea ^W[`YXT K[ZXc PRXcUU t _U JYZ[W^U P[WXcWZU ·U`WbWZc\cl[f VWVVY EFu oVWVcU Hif NY[WVVY Hhf
IFGf PRaU }YZc MssX~u MRXcUp O[`Wf d\`lX^\Vl h BB DEGGf ea VYac PU[V MRXcUp MssX _U UZZ\ dSaZf \S Hhf P HE N iiu A LNP iqQiFu SkWX^ gY[VWWZWZ PPP iE _U oAOWXXU DIf ALNP SkYcc iGQDif d\`lX^\VlZ ^URkkU^SRV _Sac Dif QIif ?\ A\XcYTU k[S^ DIQDHu cSWT_ DHQjDf ?\ @YzRWVc _SacS^ k_f A `WYZcW\ab SXkllVV jDQu ?\ >S`Uu A VWW^YTWYX\ab _U A ^[YTUQ cS[WS\ab _SacS^ _lXf rllTU_UZ WZcYZbYZcWZ Ub_ DEf Ae@ Pf p Ih eB DHhHf eYVW Gf
IFEf NSWVUZYZu KTWV OR]RXcf J^W Dj e DEGGf ea [URcUcWY¢ OR]RXc N _U eWVaYVTWZU gUy^TUZf © HH KVVYZ KTWVWU ARZbQ `UVVf eWVcl HDf PW[_UkUWZSZ_Sac eUUXUXXU _U J]WXXlf PW[_UQ kUWZSUXWSWTWXcS ?\ M[UpWyU Oz _Sacf QIif p J^W DHBe DHIif rS_Uc DFGqu DEqIu IHjjf
IFHf gSZXbS[ppu tlWZs tUVbYTU[f JlTYYZVWZZU ID eBB DEGFf ea k[Sp K[ZXc dU^Sz tUVbYTU[ g _U BbU ¥aU[VSccU S[Q XYVVf © B NUVWZ @SXYZbUaVu BB ID PU[YZ NU[]U[YcaY ?VXYZf VWVVY EGu \S HFf P iiu L ihu C iGu SkWX^ g[YXVURXXU _U CR^aSVTUXXUf Jn T`^YT VUz UXXWXc iiQiDf ALNP ^YTWUZ _U cU`U[USkWZ SkYcc iEQDGu [Yac DHQIDf PPP `kW SkYcc DDQIiu k[Sp IiQqDu `c [Yac DIQDqu [Yac DHQqDf rSV\cY^Z SkWXc ^YTWUZ SkYcc iFQiEf A VWW^YXW`WXc\X[UaUXcS XWac jIQf @WWaWTlYZ LUXW ?\ _U @U^Y ?\ _SacS^ _lXf t»M _SacS^ _lX IGQhDu k_ qiQhDf CZ aY CU[cSZ \VWSkWXc jIu PCC aY PPP qFu Ae@ P Df p J^W G e DHhDf eYV_Yc jDu qiju hqDf
IGif O[S }YZc OaVXcYbc~u PUU[VY PRXcUUf rRXRVU DI Be DEGFf ea cUVSZSTWXc JYZ[W^ MRXcUp OaVXcYbc _U NU[cUUZU PU[SVWZU S[XYVVf © ji C\\ZY NU[WU C\[ZWf \S Hhf ANP iju `Wa kUkW^XW DGf J]WZ XRST c\ccs^SRV _Uc^SQSkWXc SkYcc ihQIIu >S[XXWZ DEQDHu IiQIDf @UWccWRbYZ \Xcl`lc XWac IIQIHf ACN [UWccWRXSX `c kllVV IIQIHu kllVV IHQjhf ?rN YXWccYVW_l> jhQqIf PW[^SZ ^YX^RX[UaUXcS _Sac qIQqqf PW[^^SaZcS^ _lX qqQqGf oX^SZZSZSkYcR^XYZ ck cU[^ IhQIFf OV^SaSVWXcWkU[UZcSVU CR[`U _SacS^ _lX IEQjFu CRzY[^RVSSXWZ `UXc\ab IHQ A O^Uc @UWccWRXVWWccS k_ jDQjIu O^Uc @UWccWRXXYR[ jjQjEf nPP aUVW _lX jhQqIf PW[^^SZYR`SXu [S`UXcW jEu Ae@ Pu rP@ P Df p DG B DHhEf eYV_Yc qGiu FiDu GFhf
IGDf OVVUX }YZc ?VYZWRX~u OZWUZ Y[bWZUZbf PU[_UVSa_U DF ¨B DEGhf ea cUVSVV [Yb[W^ Y[bWZUZb ?VYZWRX _U JYVYZU NUcaWVbU JYY[TUZf © iD OZZU NUcWVbU K^£`WXcf BwVVY EGu \S Hhf OJCf e@ HFQjEu BB ^W[_R[W iIu rUXWVUZ B ^W[_R[W DqQIFu dl[`YVlZ UXYTUQ kllVV IFQjEf p Ii eB DHqFf
IGIf @UkSVUu dRaS PRXcUUf All^XTl^W Di ¨ DEGGf ea cUVSVV
dRaS PRXcUU @_U LS`WWXU Kp[SXWWZU AWQ
[YZf © iq BbU NU[WU A_szVSTf \S Hhf
LP HHu LL iqf eW[cUWZ ^RZZVll^ iqQiFu
PS^YTlYZ iFQiEf @URTUZ J ^URkVll^ iEQIGuD ^URkVll^ IGQqqf@URTUZ ^URk `UVc _lX DhQIju jiQqqu k_ jiQqiu cY[`Y\Q
bYZaSWcSVURcU^ k_ jHQqIf Lll^WZcsQ
ZYR` hDu e@ ju e@ ju Ae@ @f A^Q
Vll^RkXf p @URTU DE B DHhGf
IGjf @UWcU }QHh K^VRZb~u PRXcUU LYSZU[bf J^W IE DDD DEGEf ea ^URk`SRbWZ UkRV PRXcUU K^VRZb _U _OTUVWU ¥aU[VSccU eYXcY[bUaVf © ih >UYTU NU[WU ÁXcY[TUZf \S Hhf P _U N ii Jnf LlZXWQoRbYZTUUZ ^UZQ XUZSkWXc `c _Sac iIQijf PSc^UZ XRST \ac^aWXcS[WUZ _U XRSTYZ SkYcc ijQDGf Ak UkRVcU[^ DGQIqf AWXlQA kWW[WZ Ak cU[^ IqQIGf LSa_UZ Ak _Sac IEQqjf JU[[ TWYX^RS[SVURVRf p LSa_U q ¨BB DHqqf eYV_Yc hIiu hqju Fijf
IGqf K[SXRS }QjD KZ[SSX~u dRaS JYZ[W^f JURX_l[`W IG ¨B DEGqf ea dSaUZ JYZ[W^ Kf © HE CWVbU dSaUZZU JlTlVlWZYZf BLVcU EHf LWW^^YYZ_Sacf p S[XXU Dh eBB DHqFf
IGhf K[`UXcW }YZc K[`UXc~u OWTS @UpUYVf § JlTYYZVWZZU DF ¨B DEGFf ea \VWSkycc PU[V K[`UXc _U dSXYpWQ ZU Cs[ZRbbf © iE @UyaYV gY[][Scaf LVVY EGu \S Hhf JUTWZUZ XRST \ac^ aWXc _U XRSTYZ SkYcc iFQDEf J]WZ ^URk [UaUcSWTW^UTU[W UkRVXWac DEQIIu XWac IIQIGf J]WZ ^URkkU^SRV cSkYcc DHQu `UQ ^WZUWZYZ SkYcc jiQjqu `c _Sac jqf JUTWQ
ZUZ ^URk`UVc XWac iHQDEf JUTWZUZ VYacW kllcSWT _U JUTWZUZ XRST XUZSTUVYaQ cWQ _U ^W[_UkUWZS ?\ cSWTWf c J^W ji B¨ DHjqf eYVW hGIu kSW^U IjGEf
IGFf CRSTWZYZu dSaUZ OVp[Ybf §J^W Ij D DEGFu ea c\sT dSaUZ C _U NU[WU eWVaYVTWZU K[W^WZc\cl[f © OVWyY @YWZy^Yf \S Hhf ?W^c HHu eC iIf J]WZ TUWXc[UUcWZ ZSc iFQIhf PURkQ kUQ _U cYSVVaUVV ^URkkUSX XWac DEQIhf c j Be DHIhf
IGGf LWZb][YZu KWZU[ BVTU[Wf J^W DI e DEGGf ea VYac PZRc KTWV L _U KbVU ASpWU gY[ZY[f © ij KVVU dSaUZZU OTWZSppf \S Hhf LP HHu LL ijf ec Vll^ VWXUVTYXXU _U CS[ZWSXXU ijf n^XQ Vll^ iqQf oAOwXXU p VS[WbU Iq B DHhEf eYVW DIf
IGEf LWR^^SZYZu ?ccS J_UVTU[f NlZcXlVl H Be DEGFf ea c\sT ?ccS eWVaYVT L _U OTUZbU JY[Q VWZf © KVWZ ¥aU[VSccU eWVaYVTWZU AUZbQ zY[]u BB IFQ LS`WXU K`YVWZU g[YbY[Q aSVTf VVLVcU Hif ?kWX^ AU^XUXXUf PYTW][UpWu VWW^^YYZ_Sac DH ¨BB DHqHf
IEif OU[ZWS }YZc LYTzY[]~u gY[ZaU[bf eUZU_U j eB DEGF ea N_ T` dSaUZ PRXcUU LYTzY[] _U PU[SVWZU PRXcUUZ c\cl[f © iI p DHqG AYpS[U NUQ [WU JU]YVWZf LVVY EGu \S Hhf P iju L DFu C DGu N@B rSV\cY^Z ?kWXc iHf MYSVS]WXYZ ^STWXXWSZ `kW UXXWXc DHf Jn TUUkY[lSkWZ bSX DHQqqf NUUZcRc^VUWc `kW U][S]YSVS]W IFQjDu _Sac jDQjjf NUUcUVSRX^SYVUWc TUUZcRc^SX _Sac _U k[Sp jjQ qqu `c qhQqFf NUUcUVSRXU^Uc k_ jEQjHf >S[bWX^ _S[bz[R^XpS[YZWZ]YZ _SacS^ _lX DEQqHf PUZXUWZ`lVWZYZ TUUZcRc^XYR[ If ^STWXXWS `k_ IqQhDf ARST cWYbYU^Ucu A TUUcUVSRXcWYc XYR[u A TUUZcWYc XYR[ _lXf C aY tWYZWZ \VWSkWXc qHu Ae@ @ Df c IE B DHhDf rSW^U DEDDu kS_UZkSW^U hHGHu kS_UZkS_UZkSW^U HhHif
IEDf o[^WS }YZc K^£`WXc~u MRXcUp OVp[Ybf eWacW DD ¨B DEGhf ea cWVUVV PU[V MRXcUp K^£`WXc _U K[W^U LS`WXU LYTXc[sTf © JWVTU LUXXWVUf LVVY EGu \S Hhf JSXkWcUZccWcSb ii d\`lX^\Q VlZu XYTWZf ^UZXU^Su `WWTY^XW dUU^^WTUZ AS[SVUXXU IiQIGf p D ¨B DHIGf
IEIf CUVUX }YZc M[UcXyaSpp~u ?ZZW KR]YZ OVYÃUZbY[f LUkQ kYYZ[UZcU Dh eB DEGGf ea ^URkk OVYÃUZbY[ M[UcXyaSpp _U dSXYpWZU PUcU[WZU KR]YZWU tYXUZbY[f © iD c DHjq JYVTW OZZU ASpWU AUVSZYZu BB jh LYTTW^^W OWZU @UW`WSf LVVY EGu \S Hhf nS Hhu N?P iDu eC iju N?C ihf OO LUabYXXU iDQiqf Jn aZcSQSW^ UkRV ihQIju k[Sp IhQjif AYZUUccS[W _U SW^cSWTWcRX^ kllVV DGQDEf OXWUWZaSWc NUb[WbWXXU _U LWXXUzSQ ZWXXU DHQIDu VlaYccWVlX PsskYZaUTWZUXXU jiQjqu gRbUkYXcWXQ XU jDQqiu tWYZWXXlu OZ^U[UXXUu gYV][UbWXXU _U ASpWUXXU jqQqiu @SSTUXXU qiQqqu ¾U][YzWXXU qDQqIf KbRX^ _lX iHQDHu IGQjif NUUcUVSRXQ?XU^YQrUZ^WZ aZcSZYR` _lX DGQIju k_ IjQjEf eW[Q ^U\VWSW^_lX IFQjif >RS[XRST kRSV ^YX^RXcSWTW^_lX iFQDEf A LURVR k_ iFQDiu IqQIHf dll^l[WXllcWs k_f Qjjf A cWYbYU^Uc UkRQ _lX iEf e@ D [c^u AL XRR[[u Ae@ P Du NT jHQqiu gRV]AW`Q O[@ XRR[[u KXkBP@ P [c^u rS[cPµ XRR[RkXu r[µ[ Iu r[ rZ@ If C·@ XRR[[u oZ^OP Du dR]rA@ XRR[[f p J^W j e DHhEf rSW^U DFHHf
IEjf ellZlZYZu OU[SZ dSaUZZYXf J^W DF e DEGFf ea ^URkk OU[SZ e _U NU[WU JYZ[W^U K^£`WXcf © O^`WVWWZU AU`SVUWZYZf LVVY EGu eLVcU Hjf ^UZXU^S d\`lX^\VlZ XYTWZ HEf LUkWZQ VUabYZ NU[cW^^UVUZ ^UZXU^S HEQiqf p LUkWZVUacW Ih B¨ DHiqf eYVW FGGf
IEqf OW[U^XWZYZu rYccY[ }rY^^U~ eUVbYTU[f J^W Dj DDD DEGEf ea ^RVcUXYkkl rYccY[ O _U ASpWU ¥aU[VSccU >\TUZf © Iq c jh OR[S[U NUcaWVbU LWZb][YZu jFQ KY`U JRScU[Wf LVVY EGu \S HFf ?P iju ?L ihf JV rWYcU[XUU[YXXUu PSc^UXXUu JUTWQ ZUXXU \T XY^l J]WXXl DHQ J]WZ ^YX^RX`UZ^ _U VllZWZ`UZ^ aV IqQu p IH B¨ DHhFf eYV_Yc IijuhFHf
IEhf dl[`Wu CSW`S JYZ[W^f J^W jD DDD DEGGf ea TUUVU[W OZbY[X JYZ[W^ d _U eWVaYVTWZU MRXcUpXQ XSZf © iq JYVp[Wb JYVYZU AWRcWVUu BB jF KbWc L\bWU ARZbYVVf BwVVY EGu \S HFf P iqu N iGu L Dju C Dqf >S[XXWZ cSkYcc ihQiFf PUVUXcRXcU[^ `kW U`RXc iEQDEf PUVUXcRX> DEf PUVUXcRXaUZ \VWQ _Sac DEQIjf PUVUcUV cRc^cXcSZ _Sacu k[Sp IqQqGf A PUVUXcRX\ab k_u ^RZZWU_lX qGf ARST CWYbYU^Uc _lX IDQu A CWYbYXYR[ DHQu Ae@ Pu NAP ^RVc ^T[u @RScXrµ Pf p H eBB DHFiu eYV_Yc qDDu GEiu Hihu kS_Uc IDEhu IjHEu
IGHf PR[^WVUacW }QiF C[UZzY[]~u dSaUZ JYW^^Wf J^W h B¨ DEGGf ea ^SVVY]U dSaUZ JYZ[W^ C[UZzY[] _U NU[WU JYZ[WYccU JYVVXzY[]f © ih BbU ASpWU tYXcY[][YZf \S Hhf ?kWX^ rSV\Q cY^Z SkWXc HGf ?kYccf p Di DDD DHIHf
IEFf gVSTzY[]u OZcSZ K`Y[cf J^W h B¨ DEGFf ea ^URkUZaSWc OZcSZ g_U NU[WU JYVYZU ARRcU[Wf BewVcl HDf QpIV e DEHqf
IEGf AU[`U }YZc LWZbXc[sT~u OVp[Ybf PWW^^U Dq BB DEGGf ea
\VW[Y` OVp[Yb LWZbXc[sT _U ASpWY OTUQ
VWU @\bTUZf © iI KVXU @\bTUZf VWVVY
EGu \S Hhf ?W^c HHu nJC HHu eC iIf
AYZUUcWZ SW^YRXSX k[ScS^SVVUXWac DGf PP? `kW SW^XWac DEQIiu SW^YRX> IiQ
jjfQAe@P DfQc J^W NB¨ DHjjf eYVW qDFf
IEEf dSXYpXXSZu dSaUZ J_UVTU[f J^W ji e DEGGf ea XScWVUX dSaUZ dSXYpXXSZf BwVVY EGu \S HGf @URcUcWY`W[^UTu rUXWVUZ UXYTUZ BB ^W[_R[W iiQDDu dS^YVUZ DDQDFf Qp H B DHIHf
IEHf oVVZY[u PVUX LYZZU[c LRb`W]f JlTYYZ^\[s I B¨ DEGGu ea aYZ^W^W[_R[W O N oVVZY[ _U KTWVWU ASpWU dRXVWZf © iI MY[bU KZ]Xc[sTf VWVVY EG \S Hhf @URcUcWY^W[_R[W HEu ^W[Q _UZkU iqu @J kRRcU`U[U^SZcc _Sac DiQ DEf A [UcUksV^^\^SZcc kY[RXc DEf LUaQ bYZ AUaU ?\ _Sacf QIHf p J^W B eBB DHIHf eYVW DGif
IHFf @UZcUZYZu ARVS J_UVTU[f J^W D BB DEGEf ea ^URkk PU[V
[Yb[W^ @ _U OTUZbU PYX^WZYZf © DiQ DF C\\ZY L\bWU eUV^YWZYZf eWVcl Hhf
U[Tu UXWSWcXW_Uf PUbSZZRc Ar@ UTzRQ VUZXXWZ _lXYZYZl B TUUWVTUZXSbUZ UWQ ^UZUf eYVW IFDf
IHif g_s[^VRZbu PU[V JYWZ[Wya gY[ZaU[b dSaUZZYXf ?ZbSZQ ]U }Op[W^^U~ I e DEGGf ea VlaYc\XXUUT gY[ZaU[b gScSVp g _U PUcaU[WZU PVYWZXyaTWbcf © iH K`U JlTlVlWZYZf \S HEf eWa kUkW^XW iHu kUXccRc^ Ijf nVWT kUkkWZU AWkSSXXUu KcQrW[^Q ^UVUXXU _U PUZ]UXUVVUf CUTkY[YYZ `c ^a[U Iju cRSTWS^X[^ ^UkkUV IGQqFf @S`UXcW jGf p D ¨B DHqFf eYVW qGIf
IHDf ORVUZ^S }YZc Js]TUZ~u JU[[UX JYZ[W^f J^W j ¨BB DEGFf ea `l[_l[W [Yb[W^ O_U NU[WU eWVaYVTWZU PRTVUZbY[f © iD B[YZY dSp Xf BwVVY EGu eWaWcl HGf NYcSbWXcWZYZ kUkkWXQ XYTWZcRc^ iif ^UZXU^S @RScXWZk\acllZ rUVSXUU[YVVUf NYcSQ bWXcWkUkkW CUTkY[YYVVU _U eUUXUXXUf p eUUXU j eB DHIDf eYVW qqEf
IHIf LWXWc¦WZu eWVaS }tUXWVW~f Pl^WXUVTW DE DDD DEGFf ea ^URkk tUXWVW L _U PUcaU[WZU AWWVSWZf © iG LWWZR NU[WU CWUWQ ZYZf aWVY EGu BeWVcl HDu ARST \ac^ eVVaVcU Hhf O][ iG NRXcWUVUXXUu WVWkXcUbWZ }@RScXW~ `RS[WSkWXc cRc^f NUUTWYXQ ^SRV SkYccf BclQJlTYYZ T`X XWac DIQDFf ?TWXcW TUUcWVUZ AUVQ TWXXU DjQDFf p LUacW E BB DHDFf eYVW DHif
IHjf O[aS }YZc JYZ[W^XXSZ~u O[ccR[W JYW^^Wf J^W DD B¨ DEGFf ea UVWRkX JYZ[W^ JYZ[W^XXSZ _U NU[WU MRXcUp`U Ac_YTVRZbf © iF JYbQ `W] OVWyY LYXyaf \S Hhf CYSV Y[ScRc^ iju kUXccRc^ IGf NY[WTWYXkUkkW OZcQ ¯Y[kYZWXXl iEf rS[`SSZ cRSTWS^Uk ZSc iHQIju CUTkY[YYZ IjQjjf VWXUVTYZ TUUX[^ ^a[U jjQjEf @S`UXcW jif p Dq e DHjEf
IHqf Ac[sTzly^u MRXcUp OVp[Ybf J^W D Be DEGFf ea ^URkkWUX MRXcUp OVp[Yb A _U PVU[U AcYZzY[]f © AYVTU ¥aU[VSccU AsbY[Q Xc[sTf aWVY EGu oVWVcU HDf Ala^sUXYZcU_Uf p LUacW IF ¨BB DHqIf
IHhf @WWaWTl^W }YZc tUVVYZWRX~u dSaUZ Kb`U[bf ?[WTUccWVU Ii Be DGFf ea cWVUVVWZYZ dSaUZ [Yb[W^ tUVVYZWRX _U KV`W[U ASpWU AcUVpYVbcf © iF p DHhF C\\ZY NU[WU PUVVWSVUf aWVY EGu oVWVcU HIf CUVSVVWZYZ ?[WTUccWVUXXUf p II eB DHjGf
DEEE
IHGf M[SRZbXc[SYTu Kb`U[b OVYÃUZbY[f AWRZcWS h ¨BB DEGDf ea P[eSRcW ¥U[V Kb`U[b M _U OVYÃUZb[U ¥SZXcUZyY @YWZf © iI c DHqI AW][Wb JYVYZU M[sZaSVTu BB KbWca NU[WU KVYZWRXf eWVWVVYu \S Hif LP Hhu LL iiu aUTTUXVll^cRc^ iFf ec ^RZZVll^ _U kWW[WVll^ iiQihf Jn SbSZQ cSVS]WXYZ VUWc UkRVSkYcc iGQDGf KcQA rUZ^^W ?\ _Sac DEQIFf J?r IEQIHf n^XVll^ _U aV LSa_UVVU iIQiqu PSc^UXXU IEQIHu J]WXXl iqQDEu jiQu JVXYR[ k_ DDu DEf JU[[ ^UVUXcRXf c J^W j eBBB DHhHf
IHEf gSZXbS[ppu PU[V @WyaU[bf d\`lX^\Vl Dq ¨ DEGIf ea ^SW VY]U PU[V @SzY[c g _U OR[S[U KTWVWU S[XYVVf © HF NU[WU OVWZU AZYVVTUZf eLVVYu \S HDf eWa kUkW^XW ihf AWRZcWSZ ^a[U iEQqjf @S`UXcWf c Ih eB DHqjf
IHHf PWWUZVWZZU }YZc >\zY[]~u dSXYp JY[TUZf JlTYYZVWZZU j eBB DEGjf ea ^URkk MRXcUp ObSVp >\zY[] _U KTWVWU tWVaYVTWZU ¥U`YZf © iI KVVYZ KbWc K^TUZf eWVVYu eBKBcU HIf U[T Hhu k[S` iDf OkcYY^WZaSWc iDQ Dqf PURXUVUZ UkcYY^^U[W DhQIHu PRRQ XUZ^SX^YZ IHQhhf PSR`SVUZ ^W[^^SaZQ cS^ _lXf PRRXUZ^SX^YZ ^W[^^S`UVc_lXf c LUacW DH B DHhhf eYVW jqIf
jiif ObVY[u OÃYV B`U[f LUkkYYZ[UZcU DE eB DEGjf ea cRST OÃYV Kb`U[b O _U OVTU ¥aU[VSccU KTWVWU S[XzVSTf eWVVYu \S HIf LWW^YT J]WXXlf Qp Dh eBBB DHqif eYVW Ihf
jiDf eYXcY[bUaVu OVzY[c eY[ZY[Wf rWYcU[W DG BB DEGFf ea c\sZ_Sac dSaUZ OVzY[c e _U eWVaYVTWZU MRXcUpXXSZf © iG PU[WZ CaY[YXWU @RZb£`WXcf oVWVVYu \S Hhf ?kWX^ Jn cYSV _U pWV cWYbY^f JUTWZUZ AUZSTUc cSWT HFQHGu eWWkR[WZ AUZSTUc cSWTXWac HGQHHu rlW`lVYacW HHQijf PU[_UVU cUVaSWc iqQihf P\Q TYZVUU^XS `UXcUU`U cSWT iFQiGf PSc^UZ oRcWXYc kllcSWT ihQiFu Pl^WXUVTYZ AUZSTUc iGQDDu LUUcS^^U DDQDjf QD AS[Q cU`UVU Iq BB DHDjf
jiIf eW[cUZYZu K[ZXc gY[ZaU[b OVVUZf rWYcU[W Dq ¨BB DEGjf ea `WWVUU_U JYZ[W^ e_U @SXU LsZZYXc[sTf oVWVVYu \S Hqf nJC iDf AYZUUcWZ \VWT ^SkWXcW iDf ?RVRZ LJ VllZWZ^W[_UZkWc ijQDDu `VllZWZ^UT[ DDQDhf PSRVRcSWTYZ \VWaUVV ^UZXUQ _U UWXcW`WUVVWX^SRVRUXWUWZ ^UT[ DhQDEf PJ \VW^UT[ DEQqif PUZQ
XU^? VYX^WQ_U S[kS^UXXU ^UT[f Ae@ @Vu eYZAc @ ju eYZO @ ju @RScXeµ @ Df p q Be DHqIf
jijf ¥YbY[zY[]u dSaZ MRXcUpf dSYZXRR Ih ¨ DEGhf ea ^URkk ¥U[V dSaUZ ¥ _U OZZU AcWWZU eUcUZYZf VVLVVYu eWaWcl Hju \S Hqf ?kWX^ Jn TUcYTUcf ?TWXcW LScS^UZ ^U[cUZSZ r\alXYQ VlXXlf rSa_QPU[_UVUZ T`X _SacS^ _lXf p LScS^^U Di eB DHhDf
jiqf tUaV[SSXu eYW^^S NUcaWUXf >SS[TU[^^R Iq eBBB DEGhf ea aS`W> g[S[ dRXcRX OyaWVVYX t _U KTTU JYZ[WYccY JSVTf oVWVVYu ewVcl Hif PUbP HiQHGf eYZl_lZ U[T c\^RkX HGQDGf ?XUVV eYZl_lZ XWXlVVWXXSQ cUUZ `UV^ U[TYW_UXXUf eYZAc @ Du I _U j T[^u eYZO @ Du I _U j T[^u eYZeV O R[af OVWV HGu BcZ iiu XcUUzW^Ukc iqu ^Ukc Diu Y`V Dhu Y`f PUUcRW eS[SZYXQ ^WZ VRSZU B¨ DHDHf eYV_Yc jjhu qhFf
jihf M[UZpYVcu O[TUX dSaUZZYXf ³o[_UVU DF Be DEGhf ea ^U[cUZSZSTWXc ?X^U[ MRXcUp [Yb[W^ M _U JUZZU JYVV][YZf oVWVVYu BeWVcl HDf N` OTY[W^UXXU _U PW[^^SZRTTYVVUf c J^W Ii eB DHqFf
jiFf JSVSkUWZYZu ?VSp }?VVW~ OVpSZXf J^W Di JB DEGGf ea `YcR[WZ^RV_ K[W^ J _U OTUZbU NU[WU OVVYZWRXf © iG AW][Wb ¥SZXcUZyY ¥aU[Q kYZcWY[f \S HGf OJC iqf @J ^W[_UZQ kWc iFQiEu BB UkR^UT[ iGQDGu B UkRQ ^UT[ DGQIqu \VW^UT[ IqQqif AScU`lYZ _U Y[lWbYZ ^RV^RVUWc VYX^WQ _U S[kS^UXXU ^UT[f KXkSSZ cRVSQ _U STUWXRRX`Y[SQ VURcU^ _lX _U TUUaY[[UZ UXWUT IEQqif Ae@ @ Df p Dq B DHFqf eYVW Djjf
jiGf ASVWcUZbY[u PU[V OÃYV tUVp[Wbf JUccRVU IH e DEGEf ea cYSVVaUVV WZcYZbYZccW ¥U[V r[SzRX A _U MscaWVbU [Yb[W£RY KVWQ XUzYca M[UZpYVcf © iF KTTU NUcaWVbU AW[YZf \S HFf BZX iD rSV\cY^Z SkWXcf CUTkY[YYZ cYSVV^SRV kUkY[WcYSVV UTTUccWQ SkYcc iFQDIf CUTkY[YYZ cY^Z SkWXc SkYcc DIQDEf CUTkY[YYZ [UaUcSWTW^UTU[W k_ DGQDEf PURkkUQ_U cYSVV^STWXXWSZWZ _lXf DEf PCJ \VW_Sac DHf A kll^SZXRVW >Y¯ nS[^WXXU DHQIDf A kRRZ_UVSXVRXcYSVV ^YX^RXVWWccS UXWUT IIQqif eWycS[ K^ ?\ cSWT_ qiQqqf PCN jiQjDf CUTkY[YYZ ^URk`UVc _lX DDQDqf ?XRRX^ PSTkYZXUcWSZ _SacS^ k_ qif NWZWXcY[W qiu RX ^RZQ ZWUTY[^^Y_lf Q«BB DHqqf
jiEf dl[ZXc[sTu Kb¯U[b MRXcUpf ³eWWkR[W Dq ¨B DEGFf ea cRST MRXcUp KTUZRYV d _U NUcaWVbU JlTlVlWZYZf \S HFf P iju L _U C Dif J]WZ ^SRVRWXXU XU^XUZ _U [UZX^UZ SkYccf Anr kUV` DqQDHf J]WZ ^URkkU^UTU[WZ XWac DHQqhu RX PPP `c \VWUXWUTf P? ^R[UUccS[W _U \SQ^RZZ k_ iGQiEf Ae@ @ Du @PL RkXu C·@ @u @RScXeµ @VfQpB¨ DHqEf
jiHf ¥UZbSVWZu OZccWf ³AUaUVUacW IE eB DEGHf ea L[S` OZQ
TT°TT bY[X Ob[WUZ ¥ _U [Yb[WyU NUcaWVbU K[Q `UXcf © ih ?V]U JYVYZU tWUVYZf nS HFf P HHu N iiu N?P iju eC iFf AYZUUcWZ \VWT ^SkWXcW iFQiGf J]WZ @? \VWT [UUcWT iGQiHu [W^SXUX ZSc iHQDqu XW`WWVWZSc DqQDFu ZkW ?W^>T DFQIiu `kW ?W^>T IiQIhf J]WZ ^URk SW^YRXkS[T g^ IFQqGf LUWZ`UVTWXcYVR^ ZkW _lX DHQIDu `kW _lX IDQIGf J]WZ [RScX PPP SW^YRXQ cWYc SkYcc IGQu K[W ^URkkUSkkWVUWc SkYccf J]WZ Yc [RScX X[^ ^W[^^S`UVc _U QZYR` _lXf LUUTUZZW jGu Ae@ Pf c J^W D eB DHqGf eYVW qf
jDif AWWkW }QDH AW`YZ~u eW^cS[ eUVY[WUZf J]WZ kWc Ij B DEGFf ea c\sT PU[V eW^cS[ AW`YZ _U LS`WXU g[STUZf © ii JWVbU
OTUZbU S[XTUZf BeWVcl HIf PSZYYZ^l\ccf p JlTYYZQ VWZZU IH B DHjH
jDDf @YW_SZYZu O[TUX CSzWUXf ?`UTzS DF ¨BB DEGhf ea VlaYc\XXUUT CSzWUX @ _U KTWVWU ¥aU[VSccU g_sTaSVTf © Dq p Iq JWV_U dSXYpWZU UaVY[f ewVcl Hhu J]WZ XRST [YUUVWV\X eWaWcl HEf C\sZ_Sacu \s`UacWf c J^W I eBBB DHIqf
jDIf M[UZpYVcu PU[V [Yb[W^f O^UU Di ¨B DEGGf ea VWW^YZZYQ cW[Yacss[W OR]RXc [Yb[W^ M _U eWVaYVTWWZU >\£`WXcf Be¡Vcl HDu NW^^YVWZ V\X \S HFf PSZYWZXcRc^ iiu kUkY[WQWZXbWkVSTW LYWk¦W]WXXU iEf BZX _U cY^Z _Sac oAOwXXUu AU^XUXXUu Bcl`UVVUXXU _U A`YWcXWXXl iIQDEf N\VV\^SX^W ?\ cY^Z _Sac DEu PU_UUZWZ rRRcU`U[U ?\ DHQIDf N\sa Y[W cSWTWZWTWYZ YbRXc J]WXXl _U WZX Be YXW^f c CUTTWXUU[W Dq Be DHFDf
jDjf MRXcUpXXSZu MRXcUp dRVWRXf J^W IF DDD DEGFf ea ^W[`YXQ TWYX MRXcUp MRXcUpXXSZ PST{XU _U NU[WU P[WXcWZU g_s[^Q TUZf © Ii KVWZ eWVaYVTWZU LWZbXc[sTf oVWVcU Hif rYVcWXYkQ klf p J^W D BB DHIHf
jDqf OU[ZWS }YZc JYZ[W^XXSZ~u PUU[WS K[ZYXcWf J^W IG D DEGGf ea c\sT dSaUZ @SzY[c JYZ[W^XQ XSZ _U OTUZbU eWVaYVTWZU AWTXcYbcf © iq NWZZU dSaUZZU eWVYZf \S HFf eWa kUk iif PS[kWVUabYZ ^UkkUV iHQDhf CYWX^SZ ^a[U DhQIDu PUVUZZWZ IDQjEf LllZWZ[S` IEQjFf PUZXUZYbRXc IGQIHf p DE B DHjEf eYVW IIif
jDhf AUVYZWRXu Kb`U[b KVWYLf CUTkY[Y ID B¨ DEGEf ea XS[Q `U[W K d AUVYZWRXf © iH KbVU dSaUZZU >\Xc[sTf o[WcU HDQ PUT[f Qp ID eB DHIjf
jDFf JSVVcu OVYÃUZbY[ tSVbYTU[f rS[`SSZ kWc H eB DEGGf ea `llk dSaUZ J _U OVzY[cWZU AsbY[TUZf © iEQIj JYVYZU A^U^SZf eWVcl HIf rUZ^^WQ_U VWW^YUVUVVUf p Dj eB DHqIf
jDGf @URcUZYZu PU[V P[WXcWUZ @YWZaSVbf ?`UTzSTUU Ij `u ± eBBB DEGFf BXl VlaYc\XXUUT NU[cWZ @f © Qiq @SXU PU[XcYZf eWVcl Hhf Pl\Z\c ^URkkU^SRV HhQHGu A LlaYc\XXYR[ VlaYQ c\X^SRV HGQiDf LlaYc\XXUUT OTzSQ TUUZ ?VR^SZbUXXU iIQIGf c ?VR^SZQ bU E DDD DHIGf rSW^U IDDGf
jDEf AWVcUVU }YZc AWVp`YZWRX~u OZccW dSaUZZYXf JUUkU_l[`W q eBBB DEGEf ea ^a[U PU[V tWVaYVT AWVp`YZWRX _U O]ZYX NU[WU AcU[^f \S HFf P iDu N iqu L iFu C iGf >S[XXWZ `c VRSZZSZaWXc SkYcc ijQihf KVlWZcWYc TRXYSZ \VWT UTUZ iqQihf Jn YVlWZcWYc VUWc UXXWXc ihQDiu bSX iFQDif c J^W DH e DHDif
jDHf OXYaUZu O[TUX KVWYLf AS[cU`UVU jD ¨BB DEGFf ea >N [ eW^cS[ UzWUZ O _U JWVTU KTWVWU M[saZf © iI OVTU dSaUZZU tUVVYf Bew Bcl Hjf J]WZ ^URkkUSkWXc SkkWVUX HjQHhf LYkkl^SX^YZ kRRaWSTSZ ^W[Q _UZkU HGQHHf rWc^l[UZZUZ cYac ^W[_UZkWc _U ^W[_YYZ`UWac HHQiqf K^sZ XUaU ^UXQ XUZaSWc _U ^W[_UZkWc iqQihu PSc^UZZWYQ TYZ XUaU iFQDif JlTYYZZWYTYZ cYaQ cUUc DiQIFu ^UXXUZaSWc ihf K^sZ XUaU WXlZZ DiQIFu C`l[TWZZYZ ^UV^^WcWWVWQ cYac IhQIFf ?\ CU^XUQURcSVWW^YZZY cSWT_ IqQIFf K^sZ ^UZQ XU^ _SacS^ k_f p J^W IE eBB DHIFf eYVW DIif
jIif CaYXVYppu @SVpf PRSkWS IE e DEGEf ea \VWcW[Yacss[W OVYQ ÃUZby[ OR]RXc C _U KTWVWU NUcaWVbU AUZTU[^f © ij M[YcU ` [YZy^YVVf \S
¯t^ HG P ¼ I N q L_U iG ² eUWtpc ~Nc `UWXaSWbSZ ZYR`S_U iIQiqf Jn U][UU[WQ kSVWcWW^UZ ZYR`S_U DIQDHf e> YXWccXWaV «W« DEQDHf LlaYccWVlX ?XVSXXU DHQIhu @SSQ VW eWk TUXXU IhQjiu ?XVSXXU jiQjjf PsskYZQ aUTWZUXXU jqQjEf oN kSV SX `c SXkllVV eNJW jjQjqf eUVcWSklW`lYbRXc ihQiFf NUUcUQ
VSRbYVV XYR[ k_u K^SZSTWX^U AUTpRZbYc XWacu `k_ _U VYabYZ cSWTf N` @RS`YbYZ NR[SVYYXXUf Ae@ P Du >r?@ XRR[[u BcP[@ XRR[[f p PsskYZaUTWZU DF eBBB DHjEf
jIDf `SZ JY[c¦YZu gY[Zbc tWVaYVTf ARSTYZVWZZU q B¨ DEGFf ea Y` gY[Zbc ` Jf © iG NUcWVQ bU K^f BewVcl HDu AU`SZVWZZUZ [YUUVWQ V\X \S HGf e@ HGQDDu Xla^sZ HHu BB ^W[_R[W iiu B ^WW_R[W iIu UXYTUkllVV iGQ DDf A ^URkkUQUXWUT rWYcU[WXXUf rnr Pl^WXUVTYZ ^SZcc _Sac DEQDHf NT DEf Qc Pl^WXUVTW DG Be DHDHf
jIIf JSZ^UZYZu PRXcU`W OVY^XUZbY[f CR[^R IH e DEGEf ea UXYTUkllVV O[`Wb MRXcUp J _U gYcc\ LYSZcWZY BZ]TUZu \S HFf P iDu nJC ihu SW^c iFu N iGu eC DIf AYZUUcWZ \VWT ^SkWXcW iFf OO J]WXXlf p J^W IH B¨ DHqif
jIjf ASaVzY[]u CSW`S BVTU[Wf J^W ji Be DEGEf ea cYacUWVW_U MUz[WYV eWVaYVT A _U NU[WU MRXcU`U Ä^Y[VRZbf © iI OVY^XUZb[U OR]RXcU rYXSVUf BewVcl Hjf ·YRcXyaY UyaQ XyaRVY pR[ gVYyaWZbRXc[WY ORYXXU HGQHHf M t ASaVzY[] ?\ kUV`u cY^Z_Sac iHQDFf cJ^W Iq eB DHDFf eYV_Yc IqGu DDHju kS_Uc DEFDu IIIDu IIIIf
jjif dSaUZXXSZu dSaUZ J_UVTU[f J^W Dj DDD DEGGf ea `YcRQ
[WZ^RV_ dSaUZ eW^cS[ d _U NUcaWVbU ASpWUf eVwVcU Hqf PSZcQ cS[WXcWf p Dj eBBB DHiFf
jjDf @SSXu CaYSbS[ dSaUZZYXf LUkWZ_l[`W H ¨ DEGEf ea ±P f¶±±± cXcSkllVV dSaUZZYX @_U NU[WU dSXYpWZU B NU[cYVWZf © DE KXcY[ gly^TUZf Q\S HEf B ·V rSV\cY^Z SkWXc iIf ?\ r[SXky^cS[ fdJJ kUV` LUkWXXU iIf J]WZ cYSVVQ _U ^URkkUQ ^yT VUz UXXWXc ijQDHf @J aUZ^WZcUcXcS ^YTWXcWQWZX DHQqGf Ae@ @f p F DDD DHhEf
jIqf OV`WS }YZc LWZb[SSX~u PUU[VS KTWVf§ J^W H ¨B DEGEf ea cUVSZST O LWZb[SXf © IE AW][Wb NUcWVbU LRTWUaSf \S iif ?kWX^ Jn ^YTWUUf PW[_UZkWcf QIEf rWYZ`WV_ J]WXXlf p IE ¨ DHhqf
jIhf Ac[sTzY[]u eW^cS[ LYSZU[bf ³>UXcSVU IE B¨ DEGGf ea ^URkk eW^cS[ [WcaWSp Ac[sTzY[] _U OZZU P[WXcWZU NW^UYVXQ XSZf \S HGf ?kWX^ rSV\cY^Z SkWXc ^SZYWZXSX rS[`SSZQ PY[U`UZ [URcUcWYZ >W^^WVlZ UXkllVV iiQihu rS[`SSZ ihQDGf p DD e DHFIf
jIFf LWV_Uu OVYÃUZbY[ LYSZU[bf J^W ji B¨ DEGFf ea [URcUQ cWYZXYkkl OVYÃUZbY[ L _U NU[WU K[W^XSZf © iI OWZU L\bWU OVYÃUZb[U P\[^VRZbf \S HFf P iif rS[`SSZ \ac^ SkYcc iDQihf NW^^YVWZ V\X VYac ihQjjf p NW^^YVW h eB DHjjf
jIGf MRXcUpXXSZu O^XYV JYZ[W^f J^W Dq e DEGGf ea ZUa^RQ [WTYXc J MRXcUpXXSZf BeWVcl Hqf p OXW^^UVU j ¨BB DHqHf eYV_Yc qqhu hIIf
jIEf JYVYZu MRXcUp J_UVTU[f ³CUTkY[Y E eBBB DEGGf ea ^SZYYZ^l\c MRXcUp J _U NU[WU ASpWU Lsp][YZf oVWVcU Hjf NY[WTf p raWVUbYVkaWU Dq DDD DHiDf
jIHf rRV^^WZYZu CSW`S J_UVTU[f ³rU[^UZS DG B¨ DEGGf ea
NJ ObUT r_U KVVWbU @SXUVWY OyacYf © NU]]WY tYXcY[VRZbf Q\S HGf Q·B rSV\cY^Z SkWXc iDf CWYQ_U `YXW[U^\VWaUVV ZkW WZXu eWWkR[WZ kWW[W^SZcc DiQf c PSR`SVU IF ¨B DHIIf
jjIf UVy^u OZbY[X elWZsf J^W Ih eBBB DEGEf ea `URZRZcYQ ^W_l Kp[UWT _U NU[WUf © iH AWW[W NU[WU JUZaWZYZf \S HEf ?W^c iqf ?rN ZkW aUVVXWac DGQIhf p PsskYZaUTWZU j eBB DHIh
jjjf eUZcUVU }YZc CaSTUXXSZ~u JY[TUZ CaSTUX O[caR[f §J^W G eBBB DEGGf ea \VW_RZUWWW_U CRSTUX CaSTUXXSZ _U OR]RXcU tWVaYVTWZU K^aSVTf © B p DHID eW^cS[WU PU[VXXSZu BB II NU[WU KVWXUzYc >WVXXSZf oVWVcU Hjf e@ aU[_ HEu XlaQ ^sccl_l iiu BB ^W[_R[W iju CR[RZ UX B ^W[_R[W DFQDHf PUT[f p D ¨B DHjDf eYVW qIHf
jjqf AUW^^SZYZu OZbY[X KVWYVf J^W Ii ¨BB DEGhf ea ^SZYYZQ ^l\c OZbY[X A _U ARXUZZU NU[]U[YcU JYZ[W^WZc\cl[f oVWVcU HIf p H Be DEHqf
jjhf tUaa[SSXu elWZs PSZ[Ubf >SS[TU[^^R DG Be DEGEf ea aS`W> g[S[ dRXcRX OyaWVVYX t _U KTTU JYZ[WYccY JSVTf p J^W Di ¨ DEHif eYV_Yc jiqu qhFf
jjFf tYW_SVU }YZc tUVVYZWRX~u dSaUZ OXXY[f Pl[^sVl Dh ¨V QDEGhf ea [UcU`UacW OVzY[c CYSbS[ tUVQ VYZWRX _U AUU[U @YUZbY[f © iq p DHiG OVWWZU AWTSVWZu iHQ JWVTU NU[WU LYaQ cSVUf BBwVcU HDf ARS[ ^URkkU^SRVRQ ^R[XXWZf LWW^YUkRV _U SXRRX^URkUZaSWcf Qihf PURkkUTUc^RXc ihQiEf CR^^RQ_U `laWcclWX^URkk XY^l ^Ua`WkUUacWTSZ STWXc iEQIIu cR^^R^URkk IIQIEf ARSQ VUabYZ cYacUUcu eWWkR[WZ XUaU ?\ _SacS^ _lX jiQjjf A VWW^YUkRV VWWccS aUVW k_f J]WZ VWW^YUkRV\ab _U J]WZ ^URkkWUWbYZ \ab _SacS^ _lXf LWW^YUkRQ VUWZYZQVYab aUVW k_f elaWcclWX^URkkWUXQVYab _SacS^ k_f p J^W IF DDD DHjHf
jjGf AUbYZWRXu MRXcUp ObSVpf nVs_l[`W F ¨B DEGEf ea [S` OVp[Yb A _U LS`WXU OTUZbU gVSTf \S HGf ?kWX^ Jn aWXcQ ^WYVWcWYc SXf P?r `W[^u k[S^f p q ¨B DHhDf eYV_Yc DDDu DHFf
jjEf CUTTWZYZu PUU[VY eWacS[Wf J^W h e DEGEf ea ZUa^UQ ^URkk PU[V eW^cS[ C _U PUcU[WWZU LYaWQ ^SWZYZf © B DF p DHIh OZWZU LWZbzY[]f BB IH p DHjh CY^VU PSVYaTUWZYZf \S HGf rSXcWY^XkYbWcss[W iEf VWXUVTYZ kSXcWQ _U VYZZlcWZ^SZcc aSWc IGQjFf p VWXUVTW j eBB DHjFf
jjHf >W^UZbY[u elWZs [Yb[W^f J^W Di BB DEGEf ea ^URkk [Yb[W^ > _U OR]RXcU ·Y]Y[caf JWaU HIf NUUcUVSRXUVUVVUf p IH eWVW DHjif
jqif AUU[W^SX^Wu [UZX dSYVf CR[^R Dq eBB DEGGf ea ^YVVSQ XYkklTYXc dU^Sz dSYV A _U LS`WXU eWVaYVTWZU CUVV£`WXcf eWVcl Hqf p ²
jqDf @SRÃ }YZc JYVVXc[sT~u ¥aU[VYX }PU[V~ OÃYVf J^W IG B DEGGf ea TUUVU[W PU[V MRXcUp JYVVXc[sT _U OTUZbU eWVaYVQ TWZU SZXYVVf © iF NU[WSZf o[WcU HIf JSWcW WXlZXl TUUVUQ [WZVWW^Ycclf OTY[W^^UUZ iD }TT XUZSTUVYab cSWT~f KcYVlQ Op[W^^UUZ ^RVVUZYcXW_l^XW iDu XWYVcl iq ORXc[UVWUUZu _SXXU aU[Q _SWccUZRc aYbYVTl^URkkUU _U TUUVURXVWW^Ycclf ORXc[UVWUZ ^UZXUV IEf eYVW qiEf
jqIf PWWUZVWZZU }YZc >\zY[]~u JR]S AUZcY[Wf JlTYYZVWZZU Ih DDD DEGEf ea ^URkk MRXcUp ObSVp >\zY[] _U KTWVWU tWVaYVQ TWZU ¥U`YZf © iE JWV_U [Yb[W^U ·UaVXc[sTf \S HGf BZX rSV\cY^Z SkWXc iDf ?RVRZ cWYQ_U `YXW[U^kWW[W WZX ihQDDf BZU[WZ TUUZcWY[U^ _Sac WZX DDQDFu rYcXUTSZ DFQDE JUZ]SZ XUcUTUQ [U^ DEQIjf ?RVRZ kWW[WZ kWW[WQWZX IjQIqu CR[RZ IqQIFf CeJ ^UZU`UQ _U XUcUTUSX _Sac _U \VWQWZX IFQqHf oc[UZ RWccSXRV^RQ [U^ c\sTUUkllVV qHQhDf JUZ]SZ ^URk`UVc _lX Ijf Ae@ Pu eT If eT I ^Uf NT DE X^u NT jHQqif p DG eBB DHhqf eYVW IHHf
jqjf PWaVXc[sTu OVpSZX OVYÃUZbY[f J^W II eB DEGFf ea _RZUWVW_U OVYÃUZbY[ P_U JYZ[W^U gY[]Xc[sTf © DG KTl gWV]U JYVYZU tWy^Xc[sTf o[WcU HIf PSZccS[WkllVf c q ¨B DHqjf
DEEH
jqqf gss^u KTWV KWZU[f J^W Di ¨B DEGqf ea k[Sp KTWV g _U
KR]YZWY ¥aU[LSccU OTUVWU OR]RXcU _ppf rUVbUZWf © iE JWV_U NU[WU OaSTl^Wf eVWVVYu \S HIf P Hhu N HGu N?P iIf OU iIQiEf J]WZ ^URk XSXWUUVWVURcU^ XWac iGQDGf PRZZUVVWXYZ ^YX^RXcXcSZ _Sac DGf AJ \VWcW[Yacss[W DEQIIf ASXWUUVWTWZ SXkllVV _U YXWcc> IjQqIf nPP XSXWUUVWQ aRSVcSQSW^ `c SkYcc qIQqFf ASXWUUVWTWZ Iqf A YbRXc PUZXUWZVWWccS \VYWX^S^ IiQ IDu JUU]WZ ^UZXUWZ`lV XS`WZcSVURcU^ IGQ oX VWW^^YWbYZ _U cWYc \abWXc _SacS^ _lX cUW k_f Ae@ P Du rgJu @RScXrµ P Du >r?@ Pu C·@ Pu LUc`PC@ XRR[RkXf LUc`WUZ rZ@ UTf p J^W I B DHhGf rSW^U IEEhf
jqhf JRVcWZu ?X^U[ [Yb[W^ J_UVTU[f dUU^^WTU DD Be DEGqf ea aYZ^W^W[_SWcc dRVWRX J _U KbVU PUcU[WZU AU`UZbY[f eLVVYu \S HIf ?kWX^ NRXcWUVUZ T`^SRVf p KZ^skWZ]u @RScXW DEHqf
jqFf AU[WS }YZc LWZb[SSX~u KYVW AUTRVWf CSccW_l[`W j e DEGqf ea ^UZXU^S OZUZWUX LWZb[SSX _U OZZU dRbWca LRZb][YZf © HH AW[^^U JY[c¦zY[]u BB IqQqG KZZYQLYYZU LUR[WVUu DDD PY[ccR JYVYZU LWkkSZYZf eWVVYu \S Hjf P HFu N HGf oRXW ARSQ TYcU[ cSWT HGQiqf CJ cWVUXcS^SZcc YXWT iqQDif JYZ^W`U^\ac AUVUTU cSWT_ DiQDFf A `UkURXVWW^^ RV^STUUZ`UVcRRX^ _lXu YbRXc gY[VWWZWXXl DFQDGf AYZUUcWZ ^UZXVWU RV^SUXWUWZ `UVcWSQ XWac DEf AYZUUccS[W _U XSXWUUVWcSWTWcRX^ kllVV DEf P?r CR[RZ ^SZcc _Sac DEQIIf eU^\ac rSa_SVU _Sac IIQjif Ac @ jf c J^W Dq D DHhGf eYVW GIf
jqGf AU[WS }YZc MRZYVV~u O^XYVW eWVaSf >R[TW_l[`W I e DEGqf ea [UcUTYXc OVY^XUZbY[ MRZYVV _U NU[WU MRXcU`U ÁazY[]f © DF OVTU CUzYVVf oVWVVYu \S Hhf e? HEf eUUXUZ V\X `c `SWT ^SVVY]U HFQHGf eWWkR[WZ ^VV\X `SWT ^SVVY]U _U VYac HGQjEu eWWQ kR[WZ XRST V\X cSkYccf JU[[ TWY^^UWVRu kUWZWu ^YWVUWVRf p eWWQ kR[W IG ¨ DHjHf
jqEf tUXYZWRXu [Yb[W^ tUVcY[f ³CRRXRVU j ¨B DEGj ea cUVSVVWZYZ rYZccWVlf © iH B[YZY gS[XS^Y`WcXyaf oVWVVY eWVWVcl Hjf LCCf oV^STUWVVYf p _RVWXcYccR k`TWVVU D B DHFFf
jqHf tUaV[SSXu g[S[ ?ccS JY[TUZf NSRaW_l[`W F ¨BB DEGh ea >N JY[TUZ OVYÃUZbY[ t _U NWWU OR]RXcU Ac[sTzY[]f © HE p ² D O]ZYX OVWyY @WYbYVVu BV Dj MRZbU NU[]U[YcU AUÃzY[]f JWWVVYu eWVcl HDf PUbP HDQ
HEu OJC iif hf PRSkWSZ cU[^^UQUTkRQ _UkcV RkX HEQHHf PS[kkSSZ _U JSRcX^lQ [WZ >N iiQiju NSRaW_l[`YZ ijQjqf CR[RZ XUU[WXcSZ Xk kllVV TU_R[WZ `W[^UQ U[`SVVU DEf Qe@juNT DE X^f OaV HEf c DE ¨ DHjqf
jhif P[SS^u Kb`WZ ?XXWUZf LRSkWSWZYZ IH Be DEGFf ea >N NUR[Wc¦ ·YcVSp P _U gYUcU ¥UcU[WZU CaWVTUZf © iq KXcY[ JYbXc[sTf oVWVVYu \S Hhf LP iiu LL iqf @URcUcWYQ _U `c ^RZZVll^f OTzRVUZXXWVll^ TUUWVTUZXSbUXXUf CY[W_SYZ ^\VQ k\VlZ _U ^SVYY[UXUW[ Vll^f n^XVll^ CY[W_SYVVU iqQIif p I e DHIif eYVW Dqjf
jhDf NUVTXc[sTu ?ccS eWVaYVTf JSVVSVU F Be DEGhf ea ^SZYYZ ^l\c tWVaYVT N _U PU[SVWWZU dRaSZc\cl[f JWWVVYu eLVcU Hqf c jD Be DEHEf
jhIf K^aSVTu dSaUZ [Yb[W^f >R[TW_l[`W I B¨ DEGjf ea c\sT MRXcUp ObSVp K _U NU[WU KRp[SX\ZYf © iG OWZU [Yb[W^U K^£`WXcf oVWVVYu \S Hhf ?W^c HHu eC iIf JUTWZUZ `c kS[T ijQiFu kS[T iEQDEf OOf AR[TUccR PSR`SVUXXU II Be DHDE
jhjf >W^VUZbY[u PU[V OV¯U[f NlZcXlVl IH ¨ DEGhf ea T` PU[V gY[ZaU[b > _U OR[S[U OkSVVSZWU JYTTWVlf © IE KVVW AUVSf oVWVVY EH BeWVcl HDf J]WZ PURkkUSkWXc HDQHjf @U^Y ?\ cSWT_ iFQqGu _SacS^ k_ qGQhif PSX^YZXUU[W S\ cSWT_ DiQ hiu _SacS^ k_ DiÀf oZ^U[WZ ^SZXRVW IDQIHf J]WZ ^URkkU`UVQ cRRcYccR_YZ `k_f ALNP _SacS^ _lXf A LWW^YTWYX\ab `k_ DGu IhQIEu k_ DEQIIf J]WZ ^URk`UVc _lX DEQIDu TRXWW^^WVURcU^ k_ IGQjqf P?r aZcSZYR` _lXf rN aUZ^WZcUQUXWUWZ ZYR`SccYVRc k_f PPP aUVW `k_f oX \ab ^RZZWU_lXf Al`YVclZ\c TT I XWZpSQ ZWUU _U XWZpSZWXYZ VY]YZbUZu I Xl`YVV\X^SZXY[ccWUf PURkkU> IDu PCC aY hhu AL PVu Ae@ Pu oZ^ U[f NT DEf Qc DD eB DHFEf
jhqf P\[s }YZc JYW^^WVl~u ObSVp tY[ZY[f ?[WTUccWVU Dq eBB DEGFf ea cWVUVVWZYZ PU[V P _U PU[SVWZU LU]Y[`W^f © Dj c Dq AUZZU OTUVWU AUW^^SZYZu DHQ AUWTW PUWZS tYXcY[Q VRZbf oVWVVYu \S Hhf CYSV Y[ScRc^ iiu kUXccRc^ iGf rR^^WVUZ ^a[U DDQIju CSQ aSVUTTWZ IjQqqf @S` IHf p DE eBB
jhhf gVSTTYZbUaVu dSaUZ OR]RXcf CRRXRVU DF BB DEGIf BXl XRRcU[WTYXc d O gVSTTYZbUaVf oVWVVYu BeWVcl HDf PUZXU^S ij d\`lX^\VlZ XYTWZf PUZXU^S PY[WTlYVVlu d\`lX^\VlXXlu LUkkYYZ[UZZUXXU _U eWWkR[WZ TW^WXXl ihQIqu eWWkR[WXXU IqQ IFf p eWWkR[W DH BB DHIFf
jhFf @UZcUu PUU[VY J_UVTU[f ³eYa^UVUacW DH eBB DEGjf ea kYacS[W PUVVY dUU^SZkSW^U @ _U BbU dSXYpWZU A^S]f oVWVVYu ewVcl HIf
jhGf tUXU[UWZYZ }YZc JUTTU[XVScc~u OZccW PSZXcUZcWZf NlZcXlVl DE e DEGqf ea T` OZccW eWVVYaU[b t _U dSXYpWWZU PUV^YVUf © iI ¾UWXVU NUcWVbU \a[£`WXcf BVVfVVYu \S HFf LWW^YZZY`W[^UTcRc^ HGu SkWX^ ^WYQ VWl Jn iEQiHu DIf e@ Xla^sZ _U ^W[_R[W HFQDDu @J ^W[_UZkWc DIQqDf cV B DHhif
jhEf dSaUZXXSZu KVWX OVY^XUZbY[f J^W IF e DEGqf ea U_R[W
K[W^ OVYÃUZbY[ d _U BbU OTUVWU ASpWU tYccY[zY[]f © iq JWV_U
K[WW^U AUZZWf VVKVVYu BewVcl HIf PWW_UZkWcf p Ii eBB DHDF
jhHf rYZccWZYZu O[cR[ eWVaYVTf J^W Dh Be DEGGf ea [llclVWZQ ^WXlVVW e · rYZccWZYZf © PU[SVWWZU LWW^^UZYZf oVWVVYu eWVcl Hqf JlTYYZVWZZUXXU PW`WQ _U ^W[_UkUWZSZ _U T\sa PU[WXcS ?\ ^W[_UkUWZS _Sac DjQjhf JlTYYZVWZZUZ ^RZZ`UVc _lX _U PUZXUVVWXXYR[ _SacS^ _lXf JU[[ ZRS[WXSc\sf p JlTYYZVWZZU Iq Be DHjhf
jFif BTkW`UU[U }QiF BTzY[]~u JYW^^Wf r\al_S^W DG B DEGFf ea c\sZ_Sac NUccW BTzY[] _U PUWXU LWWQ XU rYVcSTUUf © HE p qH NU[WU OVY^Q XUZb[U >RWTWXu hD e> KcYV dSaUZZU BZ]YzS[] PU_UZbY[f VVLVVYu \S Hhf P ihu N Dqu L hGu C Fjf oRXW ARSTYQ cU[ cSWT HHQiHf @UUaYZ rS[`U[WQ _U
PURkkU^SRV SkYcc iHQIiu eUUXUZ
PURkkU^ IiQIhf rS[WZ V\X `kW VYac IhQ
IHu [Yac IGQIHf CR[RZ XRST V\X XU^XUZ _U [UZX^UZ `kW VYac IHQqhf @U_UXYRb nXQ
cl`lc CR[RZ SX k_ jFQqFf NT DE [X^f JU[[ ^RS[SVURVRf p CR[^R DF B DHFqf
jFDf >R[TW }QHq LWZbzly^~u PU[V O^XYVf J^W G B¨ DEGGf ea ^W[`YXT PU[V LWZbzly^ _U O]UcaU C[lppf © iG JYZ[WW^^U elZccWZYZf oVWVVYu eWVWVcl Hhf ?kWX^ rSV\cY^Z SkWXc HGQHHf N` JYWZl`YbYZ dS^WZWYTYZ cWVUVVUf OkRVTUUZTWccf p Dh eB DHDif
jFIf MRTTY[RXu O[`S dSaUZZYXf @UZcXWVU DD e DEGGf ea ^a[U OVY^XUZbY[ M _U OVTU >S[bVRZbf VWW^U HIu PRSkWSZ V\X eWVcl Hjf rSXcWaU[_SWc HGu `W[^UTcRc^ iiu OJC ^RRVRXcYQ VRc ihQiGf rSXcW`URZRkWW[WZ Y^XkYbWcss[WZ UkRV ihQDDu Y^XkYQ bWcss[W DDQIHu LUabYZ _U @S`UZWYTYZ kSXcW^SZcc aSWc DjQDHf NT DE [X^f p J^W Di ¨ DHIHf eYV_Yc IDFu jGFf
jFjf M\VVYZzs]YVu elWZs LYSZU[bf rWacWkRbUX II ¨BB DEGFf ea ^UkkUV OZbY[X eWVaYVT LYSZU[b M _U BbU ASpWU g[RTTY[f LVcl Hif OkQ cYY^^WUVUVVUf c rWYVU`YXW h B¨ DHIHf eYVW jFqf
jFGf JSpXc[sTu O[ZbV dSaUZZYXf PRSkWSZ TV^ DG ¨BB DEGGf ea ^UkkUV PU[V OTbc J _U OZZU JYVYZU rU£`UVYZf eVKVcl HHfQpGBBB DHjGf
jFEf A`WzY[]XSZu CS[XcYZ K[W^ eWVaYVTf J^W IH B D EEif BXl aUVVXWac ¥ K Af c J^W Ih e DEHjf
jFHf LUTTWZQPSX^WZYZ }YZc PSX^WZYZ~u Kb`U[bf JSVVSVU H B DEHGf ea ^URkk KTUZRYV PSX^WZYZ _U ASpWU Ac_Y[ZUf © Di PY[XcWZ tWzY[]f BewVcl Hjf LWW^YT J]WXXlu rWYcU[WXXUu PWWZUXXU _U dUkUZWXXUf p PSzYu dUkUZW Di eB DHIFf eYVW EjEf
jFqf M\VVYZzs]YVu OWZS eWVaYVTf rWacWkRbUX IH D DEGE ea ^UkkUV OZbY[X eWVaYVT LYSZU[b M _U BbU dSaUZZU g[RTTY[f VWWcl Hif c rWacWkRbUX G D DEHDf eYVW jFjf
jFhf S[XTUZu dSaUZ KWZS BVTU[Wf CR[^R DH DDD DEGHf ea J?Qk[YX KTYXcW KTWV _U JUZZU PU[SVWZU >\zY[]af © B iG KXcaY[ KVWXUzYca >WX^Uu BB Dh JWVbU NU[WU KVWXUzYc AyaVWWc[f \S HGf P iIu N iqu U[^^Wc iqQiF NWWZyaYZWZ CPPu SkWX^ rSV\cY^Z SkWXc iIQiqf O[^^cXcSWXXU iEQDDu DhQIqf ?TU U[^^cXcS IqQf J]WZ ^URk TUWXc[UUcWZ PRZZ>T jhQqHf eUVc [U^YZZRXcUWbYVURcU^ XWac IhQIEf CUTkY[YYZ cYSVV^SRV `c VYac DqQDhf p DI eBBB DHhEf eYVW qqjf
jFFf CU¯UXcXc_Y[ZUu tY[ZY[ BVTU[W [Yb[W^f ³rU[WWXW ID B DEGHf ea `UVcWSZYR` tY[ZY[ >W^SVURX C _U JWVTU KVWXUzYca rYXSZWRXf © Dh eW`UZ ASpWU OVYZf \S HGf N?P iqu eC iFf N?L Djf PPP k[Sp DjQDGf eWWQ r R[ ºZ J? UXXYX DGQIif J]WZ @? ?W^>T IiQIFf PP? UkR_lX IFf Jn XW`WWVWSW^ k[Sp IGQjIf c J^W DE eB DHjIf eYVW qhqf kSW^U jDqi
jGif eRS[WcXUVS }YZc JS[ZzS[]~u >RRccW YVW^Xf J^W Dj DD DEGEf ea \s`U[cW_U ·U`Wb ¾YpUZWUX JS[ZzS[] _U NU[WU P[WXQ cWZU LWZb[SSXf © iH JYVTW PSX^Wf eWVWVcl HFu \S HFf P iiu N ihf ?kYccu XUZSTUVYacWTu ^W[_UWVW_Uf p PSc^U DI ¨B DHDjf rSW^U IGhIf
jGDf LUccRu rYccY[ }rY^^U~ dSaUZZYXf J^W H ¨BB DEGE ea ^URkkUkUV` rYccY[ L _U OZZU ASpWU A_saSVTf © ij NU[cU rSRVf \S HGf OJC HEu ^UZXU^?cRc^ iIf CSWTW kUZ^^WUVUVVU _U ^UZXU^Sf KbRX^ kW^U^W[_SWc iqQIEf JYVVRZcUWVWW^^YYZ XUU[Q ZUZW AWXXUu eYZl_lVVlu eW[SXXU _U @RScXWXXUf c rWYcU[XUU[W DD ¨B DHjHf
jGIf tYXcY[][YZu KZSya PSZ[Ubf eYVW GhIf PX SkYccU_UTUcQ [W^^YVWf
jGjf JYkS[URcU }YZc JlXcYX^S~u ?X^U[W OR^RXcWf VWccW DG eB DEGGf ea [UcUTYXc eW^cS[ @SzY[c JlXcYX^S _U JYZ[W^U LS`WXU JYW^^WVlf © II LYU A\V`WU gSZXbS[ppf \S HEf e@ HEQjFu mYcXlZ UXYTUkllVV jiQjFf NT DEf c J^W Dh ¨B DHjFf eYV_Yc jHHu qqGf
jGqf @YWZu PU[V OVY^XUZbY[f J^W Ih eBBB DEGHf ea cSbYVVW ZYZ `UVcWSZYR` PU[V MUz[WYV CaWSbSVp @ _U JYb`W] NU[WU ASpWU VS[WZf © IF JWVbU NU[WU LYacSZYZf \S HGf P iDu N iGf J]WZ ^URk [UaUcSWTW^UTUQ [WZ UkRVXWac iGQDGu BB XWac DEQjif J]WZ ^URk XWac jDQjGf Ae@ @ Du >r?@ @ Du NT DE [X^f elZ[ DEf p J^W h BB DHjGf eYVW DDif
jGhf J\TUZbY[u ·U`Wb OR]RXc MSccVWYzf J^W DD eBB DEGEf ea ^UZcc dSaUZ OR]RXc MSccVWYz J _U MRXcU`U eWVaYVTWZU MVUZXf © ih OZZU NU[WU ASpWU ¥U[VXXSZf \S HGf U[T iIf OkcYY^YWXXU eWWkR[WXXUu CUTTWXUUQ [YXXU PSc^UXXU _U rSV`W_l[`YVVlf N\sa VWW^YUVUVVU NY[yUZcWVYQ\ac kUV`f c J^W j ¨B DHDEf eYV_Yc FFu DjFu IIju qDEu qGEf
jGFf MRTTY[RXu OVU[W^f @UZcXWVU q DDD DEGHf ea ^a[U OVYQ ÃUZbY[Y_U OVTU >S[bVRZbf © AWW[W NUV`WZU >\][YZf BLVcU HIu ^l\Z\c ef ARS[WZ J]WZ cYSVV^SRV ^YTWUVV SXf ?kWX^ MscYzS[]WZ ¥aUVTY[XWZ cY^Z SkWXc ^YTWUZ SXf BZXf >lXW_l[Q `YZ rUa`WcYac cY^Z _Sac DqQDHu WXlZZ DHQjjf NT DE X^f c rSa_SWXQrW[^^UVU q DDD DHjjf eYV_Yc IDFu jFIu kSW^U IGhEf jGGf rYXSZYZu dSaUZ LRb`W]f J^W ji eBB DEGGf ea [llclVW dSaUZ r _U P[WXcWZU OTUZbU >W^RVUf eWVWVcl HFf n^XWc\WXQ SkYccf c h ¨B DHDHf
jGEf LYWZS }QHq OZbY[XXSZ~u PU[V O^XYVf J^W ID BB DEGEf ea UXYTUT PU[V OZbY[XXSZ _U KRp[SX\ZY P[WXcWUZWZc\cl[f © iFQ ID B[YZY NUcaWVbU K^VRZbf ewVcl Hjf CUVaSWcf PUbS^XWXXU `wXcU DHDEf
jGHf eW[cUZYZu eUVSf J^W Ii ¨VV DEGEf ea XRRcU[WTYXc dSaUZ e _U OTUZbU ASpWU Ä][YZf © iE OVTU L\XcWZYZf KWcl HDQf LWW^YUkRVf c Dj eBBB DHDDf
jEif PSX^YZUVaS }YZc S[XXYVV~u LUR[Wf J^W Dh ¨BB DEGEf ea T`aUVV XWac ObSVp CYSbS[ S[XXYVV _U OZZU eYZbVU OR]RXcU gSZXbS[ppf \S HEf LP iEf c J^W G Be DHDIf eYVW FqGf
jEDf M[YZTUZu gY[cYVf eUUXU Dq B¨ DEGEf ea UXYXX rYccY[ [Yb[W^ M _U JUZZU rYXSZWRXf © KVVU Y[VUZbY[f \S HGf O[^^cRc^ oAOwXXU Dif O[^^ ¥aWyU]SXXUf c ¥aWyU]S II e DHqqf
jEIf PYWZlZYZu elWZs ?VS`f J^W q eBB DEGHf ea cUWcYWVW_U AW]p[Wb OR]RXc P _U ¥aU[VSccU eWVaYVTWQ
ZU AUVYZWRXf © DE JWV_U NUcWVbU PUcU[WQ
ZU eW^XcYbcf VWWcl HDu ARST [YUUVWV\X \S HHf O[^^ rSV\cY^Z SkWXc ijf ?kWX^ tWYZWXXl iFQiGf eWWkR[WZ rRRZ_UVSXcRX ?\ cUWc _U cY^Z _Sac iEQDDf AUaUcYSVVQ ^SRV [U^SkWZ SkYcc IDQIEu jIQjHf eWWQ
kR[WZ ^URkU[^^ IEQjIf n^X U[^^ jIQqEf Qc J^W Dj eBB DHqEf
jEjf AW]YVVu [UZX dSXYpf J^W ji ¨ DEGGf ea pU^cS[W dSXYp A _ _U NU[WU [Yb[W^U M[sZVRZbf © ID ORZY L\bWU gly^Xc[sTf eWaWcl HHf J]WZ kSXcW^SZcc kUV` HHQqGu Y^XkYbWQ o¥X css[W DFQu IHu B Y^XkYbWcss[Wu kSXcWTYXc IHQqGf p jD ¨VV DHhHf eYVW qhju
jEqf gY[ZY[u OZbY[X MRXcUpf ?[WTUccWVU H eB DEGEf ea ^U[Q cUZSZSTWXc PU[V MRXcUp g _U LS`WXU @SXUVWY VSbWZf VVKVcU Hjf c AY£RWZu tUXaWZ]cSZu oAO Ij B¨ DHqqf
jEhf S[X][YZu [Yb[W^ AUVSTSZf J^W Di BB DEGGf ea U_R[W PVUX [Yb[W^ _U NU[WU [Yb[W^U JlTlVlWZYZf © iD p DHDi NUcWVbU eWVaYVTWZU OZbY[XXSZu DDQ gY[cU OVVWbU AUVTWf BeWVcl Hhf JYbYZ][YZWZ ^URkkU^SRVf PW[_UZkWc Y[W VWW^^YWXXlu aSWcW `lVWc\XcXcSUu STWXcW `RV^UZWXSWZcWVUWcS^XYZf p J^W I eWVW DHDEf eYVW GIqf
jEFf JW[`SZYZu BVTU[W @WyaU[bf J^W F D DEEif ea [llclVWZQ c\sZW PU[V JYZ[W^ J _U dSaUZZU tWVaYVTWZU K^Xc[sTf KWcl HDf p Ij ¨BB DEHHf
jEGf >WXXWZYZu CSWTW OR]RXcf J^W ID B¨ DEGFf ea cYacUWVW_U dSaZ > _U JYVYZU tWVaYVTWZU LsZZ[SXf KWcl HDf NY^UUQ ZW^^Sf c NWUTWu VS[WbU DF ¨BB DHhFf eYVW GHhf
jEEf PS[_RVUu ?ccSf J^W DI eB DEGHf ea c\sZ_Sac dSaUZ P_U
LS`WXU AcYZ[SSXf © ij JWV_U NU[WU rYQ
cY[XSZf \S HEf e@ HEQjFu Xla^scc iiu
DD ^W[_R[W iDu NR[cSTlYZ UXYTUkllVV
DhQDGu >U^^WVUZ DGQIqu NlZc\VRSbSZ
IqQIHf CUTkY[YYZ UXYTUkllVV UkRV IHQ jFf NT DE X^u A^ UTf p rS[W II eBBB DHjEf eYVW Ijjf
jEHf BVTSZYZu OVY^XW OR]RXcf AU`WcUWkUVY h ¨ DEGFf ea TUc^UcU[^ MUz[WYV B _U KbVU eWVaYVTWZU ·UVWZf © iF p DHjj AW][Wb >S[bXc[sTf \S HGf P iju N iFf ARSTYZ SkYcc RXYWXXU J]WZ [RScX ^SRVRWXXU TT g[SQ zY[]WZ \ac^ ihQjHu @RScX ZV\X VYac IEQ qqu M[UZ^RVVU AUTX^SVU qqQhhu J]WZ AnP VUcWZUZ SkYcc ihQDDf A n^XWc\WXQ ^SRV SkYcc \ab XWac }[Uaa _U ^YX^RXaUZ _lX~ iEQqhu ^RZZWU_lXf n^XWc\WX^SRVR_YZ q§ YVl^Y^UXXU _SacS^ _lX IDQjDf n^XWc\WXQ ^SRVRQVYabYZ cSWTW _lX IDQqif CWYcYYVVWXcYZ XYR[ ^W[_UXcS UTUZf Qihf JYZ^WXYZ c\sZ \ac\Tl aUVW _U ^YX^RXaUZ _lX IqQ qhf CSWT XRSTYZ ^WYVYZ SkkW^W[_S_Uf AL@ Df >kW UVWRkX HHf JU[[ ^RS[SVURVRu `UkUUYac TUUZkRSVRXcRXc\su p Di eB DHFGf rS_Uc IDEDu jjEFu kS_UZkSW^U FHFFu kS_UZkS_UZkSW^U EGhDf
jHif OZcTUZu PU[V CaYSbS[f J^W ID B DEGGf ea ^YVVSXYkkl PU[V OVzY[c O _U AY[UpWWZU NYVUZf © iq OZZU ?_UVUf VWWcl HDf PRSkWSZ kUVSQ kllVV DFQjEf eT Du Ae@ @u NT DE [^u RX kUVS^RZcUQUT[ _U TWcf QD PRSkWS IH Be DHjEf
jHDf PU[ZU^SX^W }YZc S[XXc[sT~u ?X^U[ CYSbS[f LSa_U II ¨B DEGFf ea cWVUZSTWXc dRaUZU [Yb[W^ S[XXc[sT _U OTUVWU KV`W[U CaSTzY[]f ©Dj K`U JYVYZU tWy^Xc[sTf BewVcl Hqf ?TWXcW PSW`RVUZ ^U[cUZSZ LSa_UVVUf LSa_UZ ^RZZ`UVc _lXu ^RZZUVVWXVURcU^ _U Ak _SacS^ k_ _U \ac^SRV _SacS^ _lXf NR[aUcQ cR LSa_UVVU q DD DHDEf eYVW DIEf
jHIf @SSXu MRXcUp BÃSZU[b AW]p[Wbf J^W Iq eBBB DEGEf ea XRRcU[W M e @SSXf © ?V]U NU[WU LWZbaSVTf BLVcU HIf WVQ aU[TSZWZYZ S[^^SRVf J]WZ ^URkRZ]WZS[^ B `WRVRZXSWcc Z HhQ jGf PWZSkUVUcXWZ S[^_Sacf PUkYVVWTYXcf ·W[TRX jIf p DF BB DHjHf
jHjf PU_U`U }YZc LWZb[Sca~u OÃYV NUR[Wc¦f eWacW Di ¨ DEGEf ea kYacS[W JYZ[W^ NUR[Wc¦ LWZb[Sca _U OZZU KVWXUzYc AWVp`YQ ZWRXf © ih L\\VW OVY^XUZb[U M[YpzY[]f KVVYu VVKVcU HIf OXWSWcXW_U rS[ZUWXWXXUf PS[^YUXUU[YZ YVlWZcU[aU [YaRTYXc Dqf p rS[ZUWZYZ DE ¨B DHIqf eYVW hDFf
jHqf K`UZbY[u dSaUZ OVp[Ybf J^W ji ¨VV DEGEf ea XRRcU[W ?ccS K_U dSaUZZU NUcaWVbU LsZZ][YZf © Dh >UWTU BZ]YzS[] LRZbUaVf eWaWcl HEf r[S`u UkcYY^^U[Wf p IF e DHjDf
DEHi
jHhf LU`SZWRXu tWVaYVT OVY^XUZbY[f J^W II eB DEGq ea J?Q ZYR` tWVaYVT L _U NU[WU [UZ¦WX^U tYXc¦\ZcaWRX © iD JWVbY]U[b KTWVWU CSTzY[]f eVKVVYu \S HIf ?kWX^ Jn HIQ Hqf PRXcUZZRX ?\ ?cU`U cSWT_ HEQiju A?P ijQiFf ARSTWQ \acWs `W[^ HqQHEu cSWT_ iFQjIf KVWZcU[`W^YaUZ kll_Sac DGQ DEf rS[`U[WXXllb\Z _lX ihQiFf J]WZ ^URk`UVc _lX ihQiGf A?P _U rYVVY[`S _SacS^ _lX iFQDFf eUVWS aZcSZYR` _lX DiQDGf A rUZ^WZ `UVcRRXT iGQiHu IiQIqu k_ IiQIqf rUXXWW`WXYZ `UXcUQ [WZZUZ cSWTYYZkUZY`UZ `UVWS^ _lX iIQihf p DD DDD DHjIf rS_Uc IiFju IDqIf
jHFf ARZbTUZu ¥U[V MRXcUpf J^W IF B¨ DEGjf ea ^YZ[ dRVWRX PSZXcUZcWZ A_U O]ZYX NU[WU NYVVWZf © Dj AW]ZY rYc[SZYVVU LRZb][YZf eKVVYu \S Hjf nJC HHf oRbYZTUUZ SXU^YQ kUZ^^W _Sac iFQDHf J?r JUZ]SZ ^SZcc _Sac DHQIHu kll^SZcc `W[^ IHQjFf JU[[ ^UVUXcRXu TYcXlXc\Xf c ji ¨ DHqqf
DEHi
jHGf LUWZY }YZc OVWcUVS~u O^XYV tUVbYTU[f ?[WTUccWVU Dq ¨B
DEGhf ea T` dRaS AcYpUZ OVWcUVS _U
OTUZbU eWVaYVTWWZU tUaVXc[sTf © Di
c DHIE kUZ^WZk[S^ BbU LYTkW gl[VRZbf oVWVVYu \S Hhf PUbP HFQHHu ^SZYWZX rSV\cY^Z SkWXc iFf APP IEQIHf A XScUQ
`lYZ RkX HHQiIf NYcUVVWcYac }rWYcU[W~ _U e@ WZX iFQDDf J]WZ ^YX^RX`UZ^WVU UkRV_Sac DIQDHf @UZZW^^Sc\^WXcs RkX
IiQjif Ae@ @LQ OVWV HHu ^Ukc Iiu TU_ Iqu Y`V jif JU[[ R[aYWVRf p DE ¨BB DHjGf eYVW FhHu kSW^U jDGjf
jHEf Up JlVVXc[sTu MRZZU[ MWbYSZf LYTkllVl DH DDD DHGqf ea ^U[cUZSZSTWXc MRXcUp eWVaYVT Up J _U dSXYpWZU ASpWU UVQ VY[f BewVclu \S HFf N`WZX iq rSV\cY^Z SkWXcu U][ iq NRXcWUQ VUXXUf N`XaUVV \VWT T`WZX DIQIif JSWcUZRc ^ScW cUVSUUZ LYTQ kllVlXXl DiQIif p Dj DDD DHIif
jHHf JYkS[URcU }Qjh JlXcYX^S~u PU[V OZcSZf JSVVSVU Ij eBB DEGq ea [UcUTYXc eW^cS[ @SzY[c JlXcYX^S _U JYZ[W^U LS`WQ XU JYW^^WVlf © HG p DHjh OTUZbU PSX^WZYZf BLVVYu BBwVcU HDf eYcR[WZ^RV_f p h B DHjEf eYV_Yc jGju qqGf qiif OUVcWS }YZc gsV_U~u OR]RXc ?X`UVbf CUTTYVU G B DEGFf ea [UcUTYXc NUccW gsV_U _U KTTZU g_sTTUZf © iGQDI KVVYZ KTWVWU JWZbY[XXSZf BLVVYu oVWVcU HDu rS[WZ XRST V\X \S HGf AUZSTUVYabYZcSWT rS[WXXUf p Iq ¨BB DHDqf
qiDf LlacsWZl }YZc tW^Xc[sT~u dUVTU[W O[ccR[Wf J^W jD ¨ DEGGf ea XUcRVUXYkkl K[W^ dSaUZ tW^Xc[sT _U dSaUZZU >\Q Xc[sTf © iD OZZW dSaUZZU LWkkSZYZf BLVVYu BLVcU Hif PURkk J]WXXlf c IE B DHqIf
qiIf OUVcWS }YZc OZbYVWZ~u CSW`S KYTWVf PSX^W JTV DH eBBB
DEGHf ea ^UkkUV dSaUZ KTWV OZbYVWZQ OUVcWS _U KbVU MYS[]WZU KRp[SX\ZY eYQ
XUZbY[f © ID KXcY[ LUWZYf BewVcl Hqu
d\`lX^\VlXXl \S iif PUZXU^?cRc^ iD
d\`lX^\VlXXlu CYSV Y[ScRc^ iEf dSacU_UQ
SkYcc PYR[RRVVU iDQiFf LUWaWUZ _U BVTUQ
_SYZ ^a[UZ UkRV iEQDif oRbYZ^URk
^UkkUVu V\X RX^ SkYcc DDQDHf Ne XSc kUkkW DHQIjf rR^^WVUZ ^a[U IjQjIu ASQ
TY[SZ jIQqif NT DEf p IH eBB DHqif
qijf gSZXbS[ppu CSW`S BVTU[Wf JlTYYZVWZZU Dh BB DEGHf ea k[Sp K[ZXc dU^Sz eUVbYTU[ g _U BbU ¥aU[VSccU S[XXYVf © iE OZZU rU[X^\f \S HEf P iIu L ihu Cf rRV^S`UZ SzXY[Q `UcS[WSZ UXc[SZSTW ijQiGf Jn bSX iFQDEf MYSbYYccWXYZ VUWc _Sac DEQqHu k[Sp DHu ZYR`SWc _lX hif JYZ^W`U^\ac rSa_SVU kllTUcYTUUcW^ IjQjqf A TUUZcWYc XYR[ k_ IjQu A CWYbYU^Uc _lX iEQu ^RZZWU_lX qEf A CWYbYXYR[ _lX IDQf gUVcWXYZ ]YSbYYccWQ XYZ ^STWXXWSZWZ kllXWac IqQu C^C aY PUZZU^XYZ \VWSkWXc _U ·U[TXcUbcWZ CPPu e@ Iu AL XRR[[u Ae@ P Du @RScXrµ P Du C·@ Pu >r?@ Pu rRSVrµ Pu eW[ PSc^U[WXcW Iu LUc`PC@ XRR[RkXu oZ^O[ If p LUacW DG ¨ DHhif eYV_Yc jDu IFHu hqDu kSW^U jFFFf
qiqf UVy^u eW^cS[f Pl[^sVl Ih e DEGEf ea ^URkk NUZUXXY
_U eWVaYVTWZU PRRVUf © DH KbVU >UZZ\ ·UaVzY[]f \S HEf Q?kWX^ Jn VU^WU HEQ HHu ·B ij rSV\cY^Z SkWXcf oAOwXXU _U PUZUbUXXU ijQiFf >SzYV \ac WZX gU^RXQ
XU iFQDif AU^XUXXU DDf N` _U ^URkkUQ
^YT VUz _U CJ ^YTWXcW DIQDqf NRR[SQ
VUZ VUXWcYac WXlZZ _U cY^Z_Sac DhQDFf ARST LRÃ ?\ SXkllVV DFQDEu PURkkUQ _U cYSVV^STWcYUZ DEQIif CR[RZ kWW[WZ UTTUccWYZcU[^ IIQIEu J]WZ kWW[WZ IEQ
jFu UTTUccWYZ\VWcU[^ jFQqEf Ae@ @f p J^W Dq e DHFqf rSW^U IGEIf
qihf PRRXW }Qih M[UZpYVc~u KWZS O^XYVWf J^W DH BB DEEif ea LL O^XYV OR]RXc M[UZpYVc _U OTUZbU L\bWU ¥UZcYVVf © iG
JUZZU gY[]TUZf \S HEf P iqu N iGu L _U C Dhf CUTkY[YYZ c\s`lYZSkWXc _Sac iGQiEf CUTkY[YYZ PURkkUSkQ kWVUWc `_Sac iEQDFu CY^Z SkWXc SkYcc DjQDFf @UUaYZ rS[`U[WQ _U ^URkkU^SRV _Sac DEQIIf ASXWUUVWTWZ YXWcc IjQIEf CU[cSZ \VWSkWXc ^UZXUZcUV k[Sp IEQjDf nacYWX^ ^S[^YU^ XSXWUUVWkSV SkYcc jDQjFu [Yac jIQjFf PPP ^UZXUZcUV SkYcc DHQIif Jn bSX jIQjFf ASXWUUVWTWZ IIf K[W ^URk VRSccUTRXcSWTWUf Ae@ Pf p J^W IF e DHjFf eYV_Yc qqqu qHHu hqqu FHIu kSW^U Iqihf
qiFf eUU[UTU }QiF JUVVSZ][YZ~u Kb`U[bf ³PU[ccRVU DI eB DEGEf ea [UaUXcSZaSWc ?ccS J_UVTU[ JUVVSZ][YZ _U ARXUZZU OZ]YVWWZU L\\cWQ ^lWZYZf © ih NU[ccU PUcU[WWZU eW[cUQ TSf BLVcU HIu d\`lX^\VlZ V\X \S HEf P iiu N Ijf JUTWZUZ \acWy SkYcc ijQ iFf PRSkWSZ \ac^ SkYcc _U _Sac iFQIGf PRSkWSZ c\ccs^ ZkW VYac IjQIEf PRSQ kWSZ c\ccsV\X `kW VYac IEQjEu [Yac IHQjEf KbRX^ _lX jjQjEf PRSkWSZ ^URk `UVc _lX _U k_f r[YX `UVWcXW_UTf AU`SZ `X kllcSWT DEQIif PRSkWSZ ^URkkUSkkW¢ SkYccf e@ qu Ae@ @ Du A^ U[f NT DE X^f LcZf p IH B DHjEf qiGf tUVcU[W }YZc JYVYZWRX~u CSW`S PRXcUUf J^W Dj eBBB DEEif ea TRR[U[W PRXcUU e _U JYbbU LS`WXU el^Y`lWZYZf © ij OVTU NUcWVQ bU NUZbYVWZf \S HEf eWa kUkW^XW iIf NY[WTWYXkUk JUTkR[WXXU iIQiFf NY[WQ TWYXVlaYc\X TUc^UXUUT iFQDIu UkRVQ _Sac DqQDEu _Sac DEQIEf PRSkWSZ ^UkkUV DIQDqf rs\c\lZ ^a[U IEQjHf LllZWZ[S` jqf rs\c\lZ ^RZZ`UVc k_f @S`UXcW Iqu CC aY Ihu Ae@ @ Du @RScXeµ @ Du C·@ @ Df c DG eBBB DHjHf eYVW hiDu kS_Uc DHGDu IIjDf
qiEf rUUXW^SX^W }YZc JYVVXc[sT~u o[aS dSaUZZYX }dRXXW~f J^W Dh ¨ DEGHf ea TUUVU[W PU[V MRXcUp JYVVXc[sT _U OTUZbU eWVaYVTWZU SZXYVVf © ih JWV_U NU[WU eYW_SVUf eLVcU HEf eU^ ?\ rSa_SVU HHQDDf rUVS`U^ ?\ BTUc[UZ ^UT[ DDQjHu UkRV_Sac jHQqDu BB _Sac _U aUVW _lX qDQqEf QD DG BB DHhHf
qiHf JS`W^SX^W }YZc KVSpXc[sT~u n[_s dRaUZWf § VWXUVTW Ij Be DEEi ea ^UkkUV ?X^U[ eUVbYTU[ J _U OZZU JY[c¦f © ij p DHjD JYVp[Wb OR[SQ [U S[XXu jIQ OZZU JYVYZU CRS`WZYZf \S HHf eWa kUkW^XW ijf LWYbSZ ^UkkUV iHQDHf dSRcXUZ ^a[U DHQhif LllZWZ[S` IIQhifQpF eBB DHhDf
qDif dSaUZXXSZu OZbY[X JR]Sf J^W Dh ¨ DEGHf ea `YcR[WZQ ^RV_ OZbY[X dSaUZ d _U OTUZbU ¥aU[VSccU AWTSZWZc\cl[f eLVcl HEf KbRXcf p E Be DHIEf
qDDf dl[`Wu O[TUX KTUZRYVf J^W Ih ¨BB DEGHf ea TUUVU[W TYXc OZbY[X JYZ[W^ d _U eWVaYVTWZU MRXcUpXXSZf \S HEf OkcYY^^WSkkWVUXf p J^W IG eB DHiif eYV_Yc IEhu GEiu Hihf
qDIf A^S]TUZ }iFQDI PS[kYVUu QiF PUZcUZYZ~u ?X^U[ OVY^Q XUZbY[f J^W IF ¨BB DEGEf ea XRRcU[W Oz[UaUT PUZcUZYZ _U JYZ[W^U >WX^UZYZf © iI K[W^U OVWWZU K^f BLVcU HIu @RScX
ZV\X Hqf ARRcU[Wf PWYVYZ^llZ¢f c Di eBB DHDHf eYVW hqHf
qDjf PSX^YVUWZYZu PURZSf J^W Dh ¨BB DEGEf ea \VWSkWXc kYbYVVW OUcR P _U NU[WU >UcUVWU S[XQ TUZf p J^W ID eBB DEHhf eYVW hGGf
qDqf PRTYZWRXu PU[V OR]RXcf J^W E eBB DEGEf ea VlTTWcclQ _l dSaUZ OR]RXc P _U K`U PU[SVWWZU PUVVYZc\cl[f p J^W DG B¨ DEHqf
qDhf LUR[WZu ?X^U[ Ka[Zp[Wbf PSc^U G B¨ DEGEf ea [U_UeWX^ OVzY[c L _U NU[WU JYVYZU JYW^WZ c\cl[f © B p DHII B[YZY LWZbQ zVUbu BB JYVTW OXc[Wb BZ]YzS[] NUccXXSZf BLVcU HIu J]WZ [RScX [YUUVWV\X hf B^ HFf J]WZ ^URkkUSkWXc cSbf Oz LU[X P[SQ ]WRX ?\ k[SWy DEQf p rS[W G B¨ DHIFf
qDFf AU[`U }YZc LWZbXc[sT~u elWZs MRZZU[f§ eYVW IEGu kSW^U IDFhf PX SkYccU_UTUc[W^^YVWf
qDGf NUZYVWRXu MRXcUp tWVaYVTf ³LSa_U DE ¨BB DEGEf ea [RXcaSVVU[W dSaUZ N _U ASpWU eWVaYVTWZU NUWVUZbY[f BewVcl HFf p DG B¨ DEHGf
qDEf NY[WVlWZYZu elWZsf ³PW[^^SZRTTW Dh eWVW DEEif ea k[YkU[UUccS[W rYccY[ @WyaU[b N _U OR]RXcU eWVaYVTWZU NUVTXc[sTf © Dj c DHqi OVTU NU[WU eWVaYVTWZU OZbzY[]u qDQ JWVTU ASpWU AUVTWZYZf VVLVcU Hju ARST [YUUVWV\X eVLVcl HEu A`YZX^U [YUVV\y \Sf ?kWX^ rSV\cY^Z SkWXc iiQiqf J]WZ ^URk cY[`Y\bYZaSWbSZ cU[^ IIQIHu \VWcU[^ IHQqhf JU[[ XRS_YQ VRX^RZcUu kR[_YabRXu VRSZcSf p J^W Ii ¨BB DHqGf
qDHf NWYccWZYZu K[ZXc dUySzf ³J^W Ih eBB DEGHf ea `UacWQ TYXc rYccY[ dSaUZ N _U PUc[WWZU LS`WWXU gVST][YZf BewVcl Hhf NY[WVVY HGf
qIif >UcRZYZu PU[V eWVVWUTf J^W DI DDD DEEif ea c\sT PU[V MRXcUp > _U OVY^XUZb[U eWVaYVTWZU AcWZYVVf © DI [Yb[W^U PWTVUZbY[f \S HHf AUZSTUVYabYZcSWTf p DE eBB DHDGf
qIDf >YS`WRXu ?XTS LUR[Wf J^W DD B¨ DEEif ea C LUR[W CaYSbS[ > _U OZZU LS`WXU ¥a[WXcWZU `SZ CsTYf © iH KVXU LYSZWY `SZ [Y\TUZZf \S HEf P iIu LP iqu LL iHf Jn kUcSVS]WXQUZUc VUWc UXXWXc DhQDEf CY^Z _SR^^S_YZ YXW^Vll^ IIf eYZAc @ jf Lll^Y`V DEf c J^W DD B DHIHf eYV_Yc qEju Gqqf
qIIf dUVUX }YZc >W^RVUWZYZ~u ?ZZW dSaUZZYXf J^W q BB DEGHf ea [llclVW BX[UYV >W^SVUWZYZ _U OTUZbU ?VUZbY[f © Di eUVQ zS[] Ac[sTQgU[[Yf BLVcU Hju ARST [YUUVWV\X e¡Vcl HGf e@ kUV` HHQiEu DEQqFu J]WZ UXYTUZ B ^W[_R[W IjQIGu BTUc[UZ UXYQ TUkllVV IGQqFf eUZ]WccRZU ihQiF U^cW`WXTWZ `RS^XWf AUW[UXQ `SWTcRc^ Di }PsskYZaUTWZU~f oAOwXXU DiQDGf e@ jf JU[[ XRS_YVRX^RZcUf p BTUc[U q BB DHqFf eYVW qEhf
qIjf >\zY[]u dSaUZ tUVcY[f J^W Dj eBBB DEGHf ea TRR[U[W PVUX dSaUZ > _U NU[WU KRp[SX\ZY eW^Q VRZbf © iG KVXU L\bWU eWWcUZYZf BewVcl Hhf P OR] rS[Xzly^WZ [URcU^URkkU }J^W~ ^SZcc k[S^ _U cSWT_f p I eBBB DHhGf
qIqf @UZcUZYZu O^XYV CYSbS[f >R[TW_l[`W E ¨BB DEGEf ea c\sT ?ccS eWWaYVT @ _U OR[S[U ASpWU PRXcUUZc\cl[f © ii p jI JWVTU ASpWU AUVSf BBwVcU HIf PW[`YXT J]WXXlf p DIDDD DHqhf
qIhf @\bTUZu tUVcY[f CR[^R DE B¨ DEEif ea ^URkk eWycS[ NU]ZRX @ _U ¾UWbU dSaUZZU ¥aU[VSccU AU`SZWRXf © ih KTTU PU[WZ O[`WbXXSZf \S HEf P iIf J_ @\bTUZ © yS VWW^Q ^YYZaSWc CR[RXXU ihQiFf OVzWSZWZ VUTkkRTU^UXWWZW _U tWYQ ZWVlWZYZ aRSZY^UVR`U[UXcS @\bTUZ © yS k[S^ iIQDFu cSWT_ DFQDHf AcSy^TUZZ ?\ cR^^R^URkkUSX _SaV DHQqGu UkRVcSWT_ qjQqGu cSWT_ qGQhif A NYXXRc _SacS^ k_ IhQhif CR^^R^RZcU _SacS^ _lX IhQqIu PY[U`UZ rRRXYkklcYab ?\ IiQhif CUWVS[ ?\ _U ¥Wc\ ?\ IEQhif A CR^^R^URkk LWWccS k_ qGQhif LUXWQ_U kSXVWWZW\ab _SacS^ k_ DEQqFu A kSV^Rk\s[lcR^^R^URkk \ab IFQqFu A R[aYWVRQ _U UTkRTUcU[`Y^URkk \ab IFQqFu A c\sZ VWWccS jjQu A ^YZ^l^URkk VWWccS jEQqFu A URcSTSzWWVW^URkk \ab IhQhiu n^XWc\WX\[Wccl_WYZ VWWccS jEQqFf PPP _lX DHQIFf PPP aUVW _lXf J]WZ X^ kWW[WYXW^ _lXf PURkkUZYR`SX qDu A^ U[u eW[ `UV^ [WXcWf A^QRkX IIf QD J^W Ii ¨BB DHhif rS_UZkSWQ ^U hIIjf
qIFf AUaVzY[]u JUZX Y[bWZUZbf J^W Ih ¨BB DEGHf ea kSXQ XYXXWSZUUccW Y[bWZUZb A _U KVWXY ORQ ]RXcU K^YzSTf © iH BZ][Wb JWVbR[ ORQ ]RXcU >\Xc[sTf \S HEf P iju N iGu ·V rSV\cY^Z SkWXc iFf CUTkY[YYZ rYVVU`UQ _U @URcUcYSVV ?\ WZX DDQDhf ¥[WyacSZ ?\ ^SZYkU_S_YZ YXWT DhQDGf Oz Y[[S ?\ cY^Z_Sac _U WXlZZ DGu ?ZQ ^WVUabYZ PSZYkU_U ?\ DEQIIf PUcU_UQ ZS^UZ cYVU^^U _U ^SZYkU_U _Sac DEf J]WZ ^URk ^UUXRVUWc B ^l\ccsWZX _U _Sac UkRV DGQDEu _Sac IIQIEf CR[RZ ^URk cY^Z VUWcSXcYZ _Sac IEQjFf K^SZS TYcUVVW^\X\T UXWUZcRZcf QjEf J]WZ @UWcWScWYQ_U ?TZWQ zRX ?\ cSWT_ jEQqFf NT jHQqiu @RScX e@ @LQ JU[[ kY[aSXYcu ^UX`Wcu kR[_YabRXu UX^U[cYVRu XR^RcRc^WTRXf c h B DHjEf
qIGf rYVVR^^U }QiF AcYZaSVT~u dRaSf J^W Iq eB DEGGf ea cUVSVV PU[V JYZ[W^ A _U NU[WU [Yb[W^U AcYZzY[]f VVLVcU Hjf JU[_RZ T`^SRV HhQHGf @URcUcWYc iDQu ^SZbR^css[W _U \VW^SZQ bR^cSs[W eWWkR[WXXU DDQDFu rWYcU[WXXU DFQDHu J]WXXl DHQIhu IEQIHfQp IF e DHIHf
qIEf AUVTYVU }Qih ARZbXc[sT~u oRZS eUVbYTU[f J^W Dj ¨B DEGEf ea ^SZYYZ^l\cc PU[V ARZbXc[sT dU OZZU LS`WXU AW[YZf BewVcl HFf OkcYY^^WSkkWVUX HFQHGf oRXW CYUccY[W Zl\cc HGQHEu ARST CYUcc }O[^UbWU~ HEQ iDu ARST NUUXYRcRcYUcc iDQiju A>l\cQ clTs ijQiqu A PUZXUVVWXcYUcc iqQiFf p J^W E ¨B DHiFf
qIHf tUZcUVU }YZc CaSTUXXSZ~u KTWV Kb`U[bf J^W DD ¨ DEGHf ea \VW_RZUWVW_U CRSTUX CaSTUXXSZ _U OR]RXcU tWVaYVQ TWZU K^aSVTf BLVcU Hju ARST [YUUVWV\X ewVcl HGf e@ HGQIFu Xla^scc HHu BB ^W[_ iDuD ^W[_ DFu PUZ]UXUVUZ UXYTUkllVV DGQIFf eTu NT DEf c DI ¨ DHIFf eYVW jjjf
qjif tUZXYZu OVp[Yb OVY^XUZbY[f J^W DE ¨B DEGHf ea `Ua cWTYXc OVp[Yb KTUZRYV t _U NUcWVbU AY[UpWZU LWZbaSVTf © iE tY[U KR]YZWY NU[WU ` NWyaYVXXSaZf eWaWcl HHu L\y pS[ ]SXXU[ Sya pVWy^S[ \S iif ?kWX^ Jn `RSbYZ cSWTWYZ XUTUVVU kSXcW`W[^f OVY^XYWZ XScUSkWXc iDQiqf eYZl_lZ U[Q TYW_UZ kUV` iDQDGu SXUVVWXcRW dUkUZWZ XScUUZ iqQih _U B TUUWVTUZXScUUZ TT kUcV^ST _U `X [\^T^STf A U[TYW_UXXU [\^T^ST DEQIhf PScWZW _U RV^ST VWW^Q ^YWbYZ YbRXc IhQjIf J]WZ ^URk kUV` jIQqFu aUVVWQ _U cS[W^UR ED
kUZ `UV`S_Uu ^RZZUZ c\s`lYZUXRZcS_YZ WXlZZf CYNU VUX^RcQ cU_U _U cU[^ qGQhhf eYZO j T[^ }I ^kV~u eYZAc j T[^u eYZO qu eYZl_lZQdUkUZWZ XSbUZ TWcUVWf eYZl_lZ U[T Y`V DFf p J^W I e DHFFf eYVW hjhf
qjDf eUU[UTS }YZc eUXYZWRX~u KTWV dUVTU[Wf J^W ji eBB
qjIf tYXcY[aSVTu PU[V OVY^XUZbY[f J^W D BB DEEif ea `UaQ cWTYXcPU[V OR]RXc t _U ASpWU P[WXcWZU LsZZ[Scf \S HEf p H eBBB DHDif DEGHf ea U_R[WVWW^^YYZ aU[_SWc [Yb[W^ O]UcaSZ eUXYZWRXf © KTWVWU eWVaYVTWWQ ZU dS^YVUu BB OWZS LYW¯Sf \S iif
qjEf rUU`SVUu tY[ZY[f KVWTl^W DG eWVW DEGGf ea T` OZccW r _U KVWXUzYc NU[ccWVUf BLVVYu \S HEf ·B rSV\cY^Z SkWXc iIf PWWZUZ Wcl[UbUZ [U^YZZR^XYVVU iIQiqf e@ UkRVWZX ihQ DFu BB B^ [UcUWZX DFu [UcUcW[Yacss[WZ UkRV DGu eWWkR[WZ kWW[WZ kWW[WkllVV DEQIIf @J UkRV_Sac IjQqhf e@ qu eT Iu NT DE X^f Ae@ @ Du eYZ O ju Ac jf elZ[f c J^W IG ¨ DHqFf
CYSV Y[ScRc^ iFf All^XTlYZ `c ^a[U iGQ iE PRS[Y`YbYZ iHu dRRkU_SYZ DjQDqf ?[W`YbYZ ^a[UZ `W[UVV UkRV iHQDjf dRRkU_SYZ ^a[U DqQIhu AWWVWZ_l[`YZ IhQ IHu >R[TY^XYZ IHQqhf >R[TY^XYZ [SQ `UXcW^ L[S` jEQqDf @S`UXcW jif Ae@ d LQpj? eBB DHqhf
DEHD
qjjf LYacS }YZc OZccUX~u OZbY[X }OZccW~f LUkWZ_l[`W ji ¨B DEGjf ea cWVUVV JYZ[W^ O^XYVWZkSW^U OZccUX _U K`U AcWZU AWVpQ `UXcf © iD NUWZW JUVSZYZf eWVVYu eWVWVcl Hhf ?kWX^ rSV\Q cY^Z SkWXc HGQihf NUUZTWccURXURX^RVc ihf eU[UTUUZTWcc eUUXUZ _U oRbYZTUUZ VllZYWXXlf B [UZZc\^kUcV ORP SkYcc _U YclWX\\XTWcc^STYZZRX^RZZ kllVV DEQDHf c Dj DDD DHDHf
qjqf AUaV][YZu Oz[UaUT MSccaSVbf ¬J^W DE ¨V DEGFf ea ^URkk dSaUZ rYccY[ A _U NU[WU P[WXcWZUf eWVVYu \S HFf nÁC iFu eC iHf NJ BB UkR^UT[ iHQDjf rRRTUVUZ >N DjQDhu AU`SZ[UZZUZ _U KZSZ^SX^YZ DhQDFf p ?RVUWZYZ II ¨VV DHIjf
qjhf M[WkYZzY[]u gY[cYV dSaUZ AYzUXcWUZf rWYcU[W Di B¨ DEGEf ea XYZUUccS[Wu`UkUUa[U dSaUZZYX M _U AW][Wb NU[WU OTWZSppf © DG c DHhj JUZZU g[RTTY[f oVWVVYu eWVcl Hju \S >\U X`YZX^U Vl[S` HEf ?kWX^ Jn VU^WU _U aWXcS[WUU HEQ_ iIf CWVUZaSWc >R[TW_l[`YVVl DiQIIf ?TWXcW NUVTcS[kWZ All^XQ TlYXXl DEQIG _U JU[_RZ rUbUX_SYVVU jqQqGf All^XTlYZQAUUQ [WSWXkRSVYZ X^ kUW^UVVWXkllVV DHQIIf @WcU[WXcSZ _U UUcYVWZ _lX iqQiFf dRV^ RX [RZS^S^SYVTWU _U XRS[UXUZUWXWU cYS^XWUf C aY Jn jIu e@ q T^u Ae@ @ Du NT DE X^u A^ U[u @PL @f LcZ jFf p CR^aSVTU F e DHqGf
qjFf JY[ZzY[]u oZS ?XXWUZf ¬J^W DI B¨ DEGFf ea ^WYVYZQ ^llZ¢ @SzY[c J _U PVU[U OTUZbU ObYVUWbY Ac[UZbzY[]f © ·U]TU[ BbU O]ZYXf BVWVVYu BLVcU HIf JU[_RZ T`^SRV HqQHFu U][ HE oVcRZUXcUf CWVUZaSWc HEQiHf ?TWXcW J]WZ kWc >S[bX_sZ cWVUZ _U kRacUUZUkWcSVWW^^YYZ J]WXXl iHQDGf O[bYZZY[pS[YZQ WZ]YZWZ aUVW k_ _U cSWT_ iHQIDu NYVVRZ]Xz\ cYVYpSZ Oz DiQDGf CRRXRVUZ ^RZZ Xla^sVUWc aUVW k_ DEQIDf oX T`X_U aY`SX\XclQ `lWZXYR[ k_f p H eBB DHIDf
qjGf NUVTW }YZc NUVT~u JR]S dSaUZZYXf J^W h DDD DEGEf ea [URcUc YXWT PU[V NUVT _U ASpWU LsZZzY[]f © iF BVTU NU[WU ·R[yaTUZf BB VWYu \S HEf BZX ij rSV\cY^Z SkWXcf CeJ WZX ijQDFf eYXW`SWTU[U^YZZR^Q XWVVU DFQDGf PSX^W`SWTU^STWc \VWQWZX DEQf BTUc[UZ `SWTUVUWc [U^ csWXXl \VWQ WZX DEQIHf BTUc[UZ `SWTUVUWc _U `UVc PSX^W`SWTUcXcSZ kll_Sac IHQjIf Be? cSWT_ jIQqHu ?RVR_S^W ?\ qDQqEf eRS[WZYR`SX qEu Ae@ P Du >r?@ Pf c D Be DHhIf
qjHf A_YVpTUZu P\sXcW OVY^XUZcY[Wf eWacW G Be DEGEf ea cWVUZST OZcSZ P[WXcWUZ A _U [Yb[W^U Nllcclf © Dj ·U]TU[ [Yb[W^U Js]Q VRZbf BLVBY HDu \S HEf e@ HHQqFu JUZ]SZ UXkllVV IGQqiu LUabYZ qiuQqFf JUZ]SZ ^URk`UVc _lX IiQu ^URkaUVV jiQf JUZ]SZ XRST VR^WSZ `UZaYTkUWZZXcS k_ IhQqif Ae@ @f p DF Be DHhqf
qqif PUcU_U }QiI gUy^TUZ~u JR]S OR]RXcf dUZU^^UVU H BB DEGHf ea `UacWTYXc OZbY[X MRXcU` gUy^TUZ _U dSXYpWZU gly^f oVWVcU Hjf C\kS][UpWf p NWZZYUkSVWXu oAO IF B¨ DHiIf
qqDf K[`UXcu MYS[] }n[_s~ Kb`U[bf J^W DiB¨ DEEDf eaUXYXX rYccY[ Kb`U[b K _U JWVTU >UcUVWU CsT[SSXf © iF Ca\[U KVWQ XUzYca Ä^Y[XcYZf \S HHf NYZW OTY[W^^UUZf eU[U^SZXRVW tUXaWZ]cSZWXXUf p AcUcYZ BXVUZb q ¨B DHhFf eYVW DEif
qqIf YVVTUZu CS[XcYZ ?VSp MUz[WYVf J^W F D DEEDf ea J?Q k[YX >WVX BXU^ _U dRVWU @Y`YVVf © Ii >YVV\ OVWyY O[TpYVcf \S HHf P iju N?P DDu eC Dju SkWX^ gY[VWWZWZ \VWQ SkWXc ijQiqf ?TWXcW SXUZ @URcUVUTTWZ @UkSVUZ cWVUXcUf QD J^W jBe DHIEf eYVW qGhf
qqjf S[XTUZu elWZs dUU^^S OVY^XUZbY[f ¬CR[^R G B¨ DEEDf ea J? k[YX K[ZYXcW KTWV _U JUZQ ZU PU[SVWZU >\zY[]af © iq c DHqi CSWQ ZW rRV^^WZYZu BB qD PUc[W NU[]U[YcU gSÃXc[sTf \S HHf nJC iju SW^c ihu eC iEf N`aUVV XWac _U ZSc iEQDGf CUTQ kY[YYZ ?XU^YkUZ^^W _SacS^ _lX DEQIHu NUU^RZcUWZ rUZ^^W ?\ IHQjIf P?r aUU[U^SZcc cU[^ jIQf rUZ^^WcU[^`XcS kUZ^^W\VWcU[^ qhQqFf A LRScSZUZc_U\ab VU^WT DiQDFu _Sac DFQDEf p J^W jD eBB DHqFf eYVW jFhf
qqqf PRRXW }Qih M[UZpYVc~u OU[ZY dRaUZUf J^W Iq eB DEED ea ^UZXUZ`UVWXcRXXYR[ XWacu LL O^XYV OR]RXc M[UZpYVc _U OTUZbU L\bWU ¥UZQ cYVVf © DI p DHhG OVVW NU[WU ¾Wbzly^f \S HHf P _U N iGf PRSkWSZ XRST \ac^ TUcYT SkYcc iGQiHf PYX^WZ JYZQ ^W`U^\ac AUVUTU TUcYTUUcW^^S DiQDEu BB _Sac DEQjFu cSWT_ jFQhIf eU^RRcRXQ XUZSTWYZ cSWT DFQjDf eU^\ac eU[TU aUVW k_ DHQqGu KVl^YQeU[TU qGQFiu A[WyWYZ ^YX^WZ kUVS`U^\ac jhQjEf eU^Q \ac OR[U _SacS^ _lX DGQjDu rSa_SVU _U ?XTS jhQhju PRVVY[`S jEQhjf oX [UWccWRX\ab _U @UWccWRbYZ nXcl`lc ^YX^RXaUZ k_f eU^RRcRXZYR`SX jhu AL Pu A^ U[u eW[X^ ePf A^QRkXf JU[[ kRRcU[aU }TSZW`RScWXYc ^R^Uc~f Qc ID Be DHFEf eYV_Yc qihu
\^X aSWcSVUWc Vll^ J]WXXl DIQf ·RSbYyWTQXYR[ XWac DEQIDf
CssVsZ \ac^SRV _SacS^ k_ DGQf e@ q k[^f JU[[ ^RS[SVURVRu p IE e DHqEf
qFif tWV^UTU }QDE tWV^TUZ~u ?X^U[ OVp[Ybf J^W G Be DEEif ea [^T PU[V tWV^TUZ _U K`U PU[SVWZU rSXcWf © DE C
AWX^S KVZU tWVaYVTWZU g[RTTY[f KWcl HIf J]WZ XRST V\X
VVLVcU Hhf PUb^ _U >W^SVUWZ [UcXR^SRV rWYcU[WXXU iqf eYZlQ _lZ U[TYW_UXXU iqQDGf eUkURXXSb [\^T^STf oRbYZTUUZ [UQ
^RRZU[\^T ^ST DEQIEf ARSTYZVWZZUZ ^STYZb IEQjDf d\Q `lX^\VlZ Ak kllVV jIQjju PRSkWSZ Yc Ak jjQjFf nVlZYYZ UV^SQ aSVWXcWaRSVcSVU _Sac jFQjGu qiQqju rY[ZWsZ jGQqiu qjQqhf ?XUVV SV\TkWUVUWXWWZ DIu Iif Ae@ Pu e@ qu >r?@ Pu gYVQ ]WUZ XScU[u eVqT[^u OIT^u AcIT^u OjT[^u AcjT[^ Oqu NT DEf PS[Z iqu BcZ iEu [UcXRTYXc DFu TU_ DEu Y`V DEu Y` DHf c rUbUX_S^W IE eB DHhjf eYVW Ihhf DEHI
qFDf KVp`WZ]u K[W^ }K[^^W~ dSaUZZYXf eUUXU DF BB DEGFf ea kS[T PU[V ?X^U[ K _U dYZZ\ ASpWU >\Q TUZf eLVVYu \S Hhf P iDf nVWSkWXc ^WW_UXcS UTUZ iDQihf nSQ^W[_UXcS kllQ aSWc ihf J]WZ AnP \ac^ XU^XUZ _U [UZXQ ^UZ SkYccf p J^W DF eBBB DHihf
qFIf >YS`WRXu >WVX J_UVTU[f xdSYZXRR ID DDD DEGGf ea kWWQ [WVll^ OR]RXc JY[TUZ PSZ[Ub > _U NUcWVbU ASpWU O[kkYf © DH KVXU OWZS KVWZU dlkkWZYZf eWVVYu \S HFf ?W^c iDu eC ijf eWWkR[WZ ^URk`UVc XWac iGQiHf eWWkR[WZ J? ^UZXVWXcW ihu ?AQ B?u ZSc DiQDju DGu `WX^ DGu J?> DGQDEf PP? ?W^> DEQqiu k[YX qiQqhf nabYZ`Y[cUWXRRXVUWZ `UXcRXcUTWXYXcU P[YXc\Z `UZ^WVUXXU DjQDqf OO eWWkR[WXXU DqQDGf r[SySkY © JS[ZzS[Q ]WZ OOcXcS ZYR`SWc VU^WT qhQhjf PRVSXUU[YZ ^RZZ`UVc jDQ qhu X[^ ^W[^^S`UVc _U QZYR` _lX IDQhqf LUC aY qE Jnu e@ Iu Ae@ XRR[[u ¨Lf p J^W IG BB DHFif eYV_Yc qFju hjif
qFjf >YS`WRXu g[RZS ObSVpf dSYZXRR IE e DEGHf ea kWW[WVll^ OR]RXc JY[TUZ PSZ[Ub > _U NUcWVbU ASpWU O[kkYf © ih ?V]U KVWZbU >YS`WRXf B eWVVYu \S HGf LP iju LL Dif K[W ^RZcWYZ ^RZZVll^ iHQDDu JYWZl`YbYZ DDQDIf p IG BB DHIEf eYV_Yc qFIu hjif
qFqf ?_UTU }YZc gly^TUZ~u PU[V OVp[Ybf§ J^W Ij ¨ DEGH PUX`UcRXWXl kUXc K[ZXc [Yb[W^ CYSbS[ Ac[UZbzY[]f BLVVYu \S HHf ARSTWQ\acWs `W[^f p J^W Ii eB DHjhf qFhf S[XcUbWRXu OZX]U[WRX Y[bWZUZbf§ VWccW q BB DEGEf ea T` OZbY[X dSaUZ _U PU[SVWZU rYXXUVUf © ij ?V]U P JUaVf BLVVYu eWVcl HFf N` dUUVUZ PWTSVUXXUf oX VRSccUTRXcYacf p dUUVU H BB DHqFf eYV_Yc DEju qGFu hIDf
qFFf JYWZSZYZu elWZs K[VUZbf JlTYYZVWZZU jD ¨ DEGHf ea ^YVVSXYkkl BXU^ K[VUZb J _U eWVaYVTWZU Oz[UaUTWZc\cl[f © ih p DHiF JWVbU NUZZY[u DiQ AW][Wb NU[WU A\[_lZYZf BLVVYu \S iif P?r kUV`YVR^XYXXU ihQu k[S^f p j BB DHhHf eYV_Yc GGqu EHGf
qFGf Ls^TUZu O^XYV PSZXcUZcWZf J^W F BB DEGEf ea `UacWQ TYXc PSZXcUZcWZ L _U OZZU NU[]U[YcU PYVVUZbY[f BLVVYu eWVWVcl iif p DE ¨BB DHijf
qFEf AZlVVu eY[ZY[ MWbYSZf PR[R Dq ¨ DEGEf ea TYcXlcY^Z M AZlVVf BLVVYu eWVcl HGf NY[WVVYf
qFHf eWVYZu PU[V eW^cS[f LSa_U G eB DEGHf ea TRSZUT eWVYZf BLVVYu ewVcl HFf NY[WVVY HHf dRVWXcYccR ^RSVVYY^XW k`TWVVl D D DHDif
qGif OaVXcYbcu g[RZS OVY^XUZbY[f J^W h ¨ DEEif ea cUVSZQ STWXc JYZ[W^ MRXcUp O _U NU[cUUZU PU[SVWZU S[XYVVf JR^^RW DH BB DEHFf eYV_Yc IGiu FiDu GFhf
qGDf gY[][Scau KZXWS KVWXf J^W Dj BB DEEIf ea ^a[U MRXcUp KVWX g _U KVWZ >YS`WRXf © Di CSWZW eW`W KVWXUzYc @YVUZbY[f eLVcU iiu NW^^YVWZ V\X \S ijf P?r JUTWZUZ ^SZcc _Sacf CSWTW n[_s ASTY[XUVS © PZW kUZ^^WW[WVWW^^Y _U T\sa \^X VWW^YTf p Dq ¨BB DHqjf eYVW DIqqu kSW^U IGGGf
qGIf g_s[^VRZbu NU[cWZ CaYSbS[ ¥a[WXcWUZf ?c_WTzWZ]RYu OTzSTUU IG B DEEIf ea VlaYc\XXUUT gY[ZaU[b gScSVp g _U PUcaU[WZU PVYWZXyaTWbcf © DD OWZS NU[WU @URZWSf BewVcl HHu J]WZ XRST \ac^ \S ijf o[^R[W iFf ?kWX^ Jnu J]WZ ^W[^^STRXSkWXc ijQiFu ^SZXY[`UcS[WS iFQDif rWYcU[WZ PUcU[WQ ZUZ X[^ R[^R[W DDQDIu J]WZ XU^X X[^ DIQDGu eWWkR[WZ rWYcU[WQ rUU`UVWZ ^W[^^S DGQqif CssVsZ \ac^ L? DIQDGu eWWkR[WZ [RScX V\X DGQqiu [RScX c\ccs^ DHQqiu eUUXUZ [RScX c\ccs^ qiQ qIf eWWkR[WZ TRXSkWXc SkYcc DEQIFf PU[_UVUQVYab TRXU[`SXcYQ VW_U DHQqif PU[_UVUZ LURVR _Sac DHQIIu eWWkR[WZ LURVU_Uc IhQ jiu jqQu eWWkR[WZ VURVR`YW^Sc jjQ NRXWW^^WcW[Yacss[W jEf p Ih ¨B DHqIf eYVW IHif qGjf K^zSTu rYa[ MRXcUp }MsXcU~f eWWkR[W II ¨ DEEIf ea J?> rYa[ B`U[ K _U gY[caU NU[WU tYZbYVWZf © Ij ¾YZUWbU OVUbWZf ewVcl HGu >\U X`YZX^U Vl[S`Y[^Yc \S iif P iFu N iGf @ B ^SZY^SZcc ^UZXVWXcW iIQ ihf CssVsZ XS^Y[WcYac ^SZcc iFQiHf NlZclZ kUkY[WcYac ^SZcckllVV DDQDjf CssVsZ XS^Y[WcYac kUV` DqQDHf A AS^Y[W ?\ k[S^ DHQjEf NT DE [^f JU[[ LUkWZ XUTSWVRf p ji B¨ DHjEf eYVW hDHf
qGqf PW`W^UcU_U }QiF KZYzY[]~u KY[S AYzUXcWUZf J^W E ¨V DEEIf ea XYZUUccS[W tUVbYTU[ KZYzY[] _U Nl[caU eW^cS[WU CS[zS[] `SZ PZS[Q [WZ]f © Dq LL KY`U @URaU n[_sQPSX^WQ ZYZf \S iDf P ihu N?P Dif eUZQ ^YWZaSWcSaUZ XWac DjQDHf AN ^UZXVWXcW DHQIIu ZkW aUVVXWac IIQjqu `kW aUVVXWac jDQjEu YXWccYVW_l> jEQqju JZcS> qjQqHf dRV^ TRWXcYVTUcYS^XWUf Ae@ Pf p DH eB DHGjf rS_UZkS_Uc FGGDu EijIf
qGhf YVVTUZu O[ZS dU^Szf J^W Di eBB DEEIf ea J?Qk[YX >WVX BXU^ _U dRVWU @Y`YVVf \S iif P _U N ijf JWXcS[WUZcRc^f dRV^ RX aYZ]YVVWXWl ^W[_S_Uf @WXcWZ eSWccS cSWTf c rWYcU[XUU[W DE B DHhqf eYVW qqIf
qGFf rWV^UTU }YZc S[XcUbWRX~u dUVTU[W OVpaWVbRXf VWccW q e DEEDf ea T` OZbY[X dSaUZ S[XcUbWRX _U PU[SVWZU rYXXUVUf © iq AUWTU NUcWVQ bU tU[kYZWRXf eWaWcl HHf PR[^W_SYZ \VYWZYZ T`^SRV ijf N` VWcWXXl iqQu PRRXUZ^SX^YVVU jDQqIf KbRX^ _lX jiQ qIf oRXW ARSTW ?\ _SacS^ _lX jDQqIf PRZZ`UVcu ^RZZUVVWXVURcU^u ^W[^^S`UVcu TUUZ_U^SQSW^_U cRVSQ_U STUWXRRX`Y[SQ VURcU^ _lXf PUZXU^_SacS^ k_ IG `f PRZZUVVWX>f JU[[ kSVWcWW^^Uf p DI eWVW DHqIf eYV_Yc DEju qFhu hIDf
qGGf JRS`WZYZu MSccp[Wbf rWYcU[W D ¨ DEEif ea `WWVU[W OzYV JYZ[W^ J _U eWVaYVTWZU PSkSZYZf eKVcU HEf Ala^sTf LlacYZ\c OTY[W^^UUZf p D D DHGDf
qGEf J\TUZbY[u dSXYp O[ZSVb MSccVWYzf J^W Ih BB DEEIf ea
^UZcc dSaUZ OR]RXc MSccVWYz J _U MRXQ
cU`U eWVaYVTWZU MVUZXf © DH gUzYccY
ASkaWU [WYbU @s]ZY[f eLVcU HHf
?kWX^ NRXWW^^WSkWXc HHQiDf o[^R[UQ
^YZZRXUVUVVU iDQu LUabYZ R[^RcYacUUVVU iFQiH _U AU^XUXXU TT AcYWZTU\Y[WZ cYacUUVVUf OXYZcUZRc R[^R_U Y[W KR[SSQ kUZ TUWXXU _U OTY[W^UXXUf p gS[Q
bYURÃ DG B¨ DHhqf eYV_Yc FFu DjFu IIju jGhf
qGHf PU[VXXSZu dSaUZZYX OZcSZf d\`lX^\Vl Ih e DEEDf ea
TRR[U[W M O PU[VXXSZf KWcl Hjf p DH B DHjDf
qEif ARkWZYZ }Qih PS[ZWVSpp~u rY^^U }rYccY[~f AS[cU`UVU ji eB DEEDf ea ^URkk N PS[ZWVSppf © K`U PW`WZYZf KWcl HIu eKVVY HEu \S iDf P iFu N Dqf rUZ^^WUVUVVU J]WXXl _U d\`lX^\VlXXlf rRRcU`U[UVWW^YT AS[cU`UVUXXU _U J]WXXlf oRXW A _U A oV^STUUZ^URkkU cSWTf rS[WXXU SkkW^?f pVV BB DHqGf
qEDf LUR[YZu O^XYV OV`U[f nVlZY IH DDD DEEif ea ^a[U dSaUZ MRXcU` [Wc_Sp L _U dSaUZZU ASpWU rUWQ bUZ¢f © iH OVTU OVY^XUZb[U rWaWf eLVcl HGf LUW`U\acWsWbYZ kUV` J]WXXl _U CR^aSVTUXXUf PScWTUWXYZ C\sZ ^YXQ ^RXcSWTWXcS DG `RSccUf PRXcUZZRXVWW^Y A PURkkU _U CYSVVWXRRX ?\ kUV`f c DG ¨BB DHqHf
qEIf BÃRWZUTUU }QiF LWZbpS[X~u PUU[VY dUVTU[Wf J^W DF Be
DEEif ea [URcUcWY¢ K[W^ dSaUZ L _U VWbU
NU[WU OR]RXcWZc\cl[f © Di p FI dSaUZQ
ZU KVWXUzYc ¥YbY[zY[]f \S iif ·B rSV\cY^Z SkWXc iqf CeJ }[URcUcWY[U^~ UkRVQ _U SXWZX ihQDD UkRVVXcSWZX DDQDFu kWW[WQWZX DFQIif CR[RZ `U cWYkWW[W kWW[WQ WZX IiQIFf CR[RZ cWYQ_U `YXW[U^kWW[W `kW WZX IFQjiu kWW[WQWZX jiQhif CR[RZ [UaUQ cSWTW^UTU[W _lX IhQIHf CR[RZ XRST V\X `UZaZXcS k_ jiQqhf CR[RZ X[^ ^W[^^SZXQ
cSu CR[RZ >NPn LlaYc\X\ab gYcYVWZ _U CR[RZ ^URkVlaYc\X _SacS^ _lXf nVWQWZX hiu Ae@ @LQ JU[[ ^UX`WYZ ^Y[lWV\f QD D eBB DHFHf eYV_Yc IFFu GiIu GEHf
qEjf >Y`UZVWZZU }QiF >YS`WRX~u ASWZW dRaUZUf J^W Dh B¨
DEEIf ea C LUR[W CaYSbS[ >YS`WRX _U OZZU LS`WXU ¥a[WXcWZU `SZ CsTYf © II
LYTkW >W^^WZYZf \S iif ?W^c iEu eC
Dif eWWkR[WZ J? ^UZXVWXcW DjQDqu UXYXX
DqQDGu \VWT `W[^UT DGQDEu ZSc DEQDHu `WX^ DHQIiu Pe Iiu UXYXX IiQIEf PWcYYZ cRSTWS^ cRST IEQjHf PP? UkR_lX IFQ IEu ?W^> jHQhDf p J^W DI eB DHhDf eYV_Yc qIDu Gqqf
qEqf >W^UZbY[u KVWX OVp[Ybf J^W DD eB DEEDf ea TRR[U[W KVWUX > _U eWVaYVTWZU JYVYZWRXf © iE O]ZYX LS`WXU NUVTf VBKBcU Hhu XWW[c\W ARST [YUUVWV\Xf CUVSZST J]WZ kWcf JUUQ `SWccRW PW[^^SZRTTYVVU DEf p J^W j DDD DHDEf
qEhf >W^SVUWZYZu tlWZs MRXcUpf J^W F eB DEEDf ea [llclVW BX[UYV > _U OTUZbU ?VUZbY[f KWcl Hju @YUUVWV\X e¡Vcl HHf JY[[UVUZ UXYTUkllVV IEQjFu PW[^^SZRTTYZ jFQqqu PUR^Q VUabYZ qqQqFf eYZAc @ jf c Ih ¨ DHhhf eYVW qIIf
qEFf >RTTYVWZu O[caR[ tWVaYVT JU[UVbf J^W IH eWVW DEED ea VSa^ScWVU¢~ dSXYp eWVaYVT > _U K`U dSXYpWZU gUy^TUZf © IF LYTkW NU[WU CSW`SZYZf \S iif P Diu N Dif Jn ^YT VUz `c UXXWXc iGQDIu TUUcTYcXlc cWYbY^ VUz DIQjhf rN Vll^WZclSX `c ^UT[ IDQIju ZkW cXcSXWac IjQIqu `kW cXcSXWac jHQqIf J]WZ ^URkkU^SRV ^YTu p\X _U cU`U[USkWZ SkYcc iEQDHu J]WZ PURkkWUWccYZ ^URkkU^SRV DEQDHf PURkkUQ _U cYSVV^STWXXWSZ _U ^URkkUQ _U cYSVVaUVV ^URkkUSX cXcSkllVV DHf J]WZ U^Uc X^ ^STkkkllVV jqQf J]WZ ^lXWc\sQ_U cYab\ab XWac DHQf QAe@@u NT DE X^f BZXTU_f p J^W DH D DHqIf eYV_Yc FIiu DDGif
qEGf eUU[UVU }YZc >\zY[]~u [Yb[W^ CSW`Sf J^W DD DEEDf ea cWVUZST [Yb[W^ >\zY[] _U JYb`W] BZ]zY[]f © B OWZU CaYSbSQ [U >YS`WRXu BB jDQ KbWca dSaUZZU ?YXyaf ewVcl HHf PR[^WQ _SYZ \VYTkW T`^SRV iDQijf PUX`UcRXVUWc cUVSRX`W[^UT iFu _Sac iHQDjf CR[`U^ScW _Sac iGQiEu eUXcUUZSccSQ_U `UU[WZScQ cSVUWc DjQDGf J]WZ XScWVUXXUW[ cUVSRXkllVV DEQqIf c Iq eBB DHqIf
qEEf @URcUZYZu eWVVWUT gY[ZaU[bf J^W Ih e DEEI ea ^SZQ bR^css[W NW^UYV gYTbc @ _U NU[WUZU LWZb][YZf © DF AUWTU KVWZU LYTkYlf \S iDf CYSV Y[ScRc^ ihu `Wa kUkW^XW iFu kUXccRc^ DDf nVWT kUkkWZUw All^XTl^W iFQiGu ¥UVRTYcu OVQ VSRY¦ _U NSaU¯^ }oAO~ iGQIif A TY[WTWYXVlaYc\X kUV` IiQ IIf J]WZ ^YX^RX`UZ^WVU XUU[Z qEQqHf rUkkWZU tU[[YZWXXUu gR[cSZWXXU _U ¥VY`YVUZbWXXU IIQqGu qHQf p oAO Dj VWW DHFif eYVW Ehqf
qEHf AUUVUX }QiF AUaVzY[]~u oRZWSf J^W DE BB DEEIf ea k[Sp dSaUZ @YWZaSVb AUaVzY[] _U OR]RXcU CaY[YXWU tWVaYVTWZU tY[`WZ]f © II PR`? OZZUQLWWXU AcYZzly^f \S iIf P iEu N DHu L _U C DHf Jn a\sZQ cYWXTRXYS UXXWXc DHQIhu TYcXlYZcSTSQ VS]WUZ bSX IiQIhu TUUcUVSRXQ _U TYcXlQ YVlWZcWYc `c \VWT k[Sp IjQIhu \VWT k[Sp IhQqHu `U[X k[Sp qHQhIf LRSZZSZ nXclQ `l cSWTXWac iFQiEu kllcSWT DiQDHu IFQ qif A J\sZcYWXcWYc UW^U^URX^W[_U kllQ cSWT jhQhIf eUZUTSQXYR[ XWac DHQjIu ^RZZWUk_ hIf A J\sZQ cYWXcWYc AYR[ k_ jhQhhf A NYcXlcWYc AYR[ k_ IIQIjf ARST CWYQ bYU^Uc _lX IFQu YXWT hFf KA? ^R[UUc iHQDDu WZXkYacS[W IEQjGu ^RZZWU_lXf nVWSkk @UWccWRX\ab k_ DhQDEu ^RZZWUk_ qFf A O^Uc @UWccWRXVWWccS k_ jjQjhf @UWccWRbYZ nXcl`lc `k_ jGQqhf oX cWYc _RV^ a\sZcYWXcWYcYYZ _U XR^RaWXcS[WUZ \T UVSWVcUf C aY CRn Fiu AL Pu NT jHQqif p j Be DHFHf rSW^U hqIIf
qHif Ac[YZ]u elWZs eSVTU[Wf d\`lX^\Vl DD eB DEEIf ea k[Sp O e Ac[YZ] _U AUWTU AW`Wl eWVaYVTWZU AyaWVbcf © ihQiE JWV_U ?ZY[`U LYacWZYZu DDQ AUVVW KWZY >W^VUZbY[f Q\S iif QNJ K`SZ TYcXlSkWXc iqf PW[^SVVWXQ _U XScWVUX`W[^UcUVScYac iqQiGf CSWTW XWccYZ cUWbYTUUVU[WZU _U aSWcW `UZaYTkWYZXU TUUcWVUU @lWXlVlXXl iHQDif p J^W G e DHDHf eYV_Yc qHu hhGf
qHDf tUXUTU }QiH tUVVYZ~u ObSVp KTWVf J^W DI DDD DEEDf Be¡Vcl HFf LWW^^YYZaSWcf p DF BB DHhif
qHIf el\[\ZYZu LUR[Wf J^W jD e DEEif ea rY^^U e _U NU]Q bUVYZU dSaUZXXSZf © ID AUWTU KVWXUzYc AU^XUf \S iif P iEu ^UX`UcRXSkWZ cRc^ Djf K[W ^SRV aWXcS[WUZ _U XRSTYZ SkYcc iHQDhf @J ^UT[^SZcc ^SZccUkRV DFQDEu ^W[_UZkWcf DEQDHu [Y` DHQIqu ^UT[ IqQqGf Ae@ @f p J^W H e DHhqf rSW^U jEqHf
qHjf AUVS`WRXu OV`U[ K[VUZbf JYWZSVU DF B¨ DEGFf ea
P[eSRcW ¥U[V K[VUZb A _U PUcU[WZU eWVQ
aYVTWZU rY[bYZf eKVVYu \S HGf U[T iHu k[S` DHf NRSZWSZ UkcYY^WZ Y[W^SWXQ
SW^YRbYc IHQqhf p IG BB DHqhf
qHqf >\aSVTu PUU[VY dSaUZZYXf AYWZl_S^W Dh eB DEGEf ea
[S` KR]YZ > _U dRVWU OTUZbU AZYVVQ
TUZf BewVVYu eVVKVcU HEu \^X \S HHf
?W^c ihu eC iGf CUTkY[YYZ kSVWWXW^UQ
TU[W XWac iGQiHf p CUTkY[Y ID eB
DHiHf eYV_Yc qHhu hiGf
qHhf OW[WVU }YZc >\aSVT~u PRXcUU KR]YZ }KccY~f AYWZl_S^W
DG VWW DEEif ea [S` KR]YZ > _U dRVWU
OTUZbU AZYVVTUZf © iG OVVW LWZZYU A_szVSTf BewVVYu \S HHf CYSV Y[ScRc^ iFu kUXccRc^SHf LUTTWZ ^UkkU¢ DDQDHu ^a[U DHQIif p LUTTW DG eBB DHIif eYV_Yc qHqu hiGf
qHEf LURZWX }Qii LWZbzY[]~u BVTU[W ObSVpf JlTYYZVWZZU j ¨BB DEEDf ea cUVSZST ObSVp L _U OTUZbU MRXcU`U eW^TUZf © Di KXcY[ @YWZWVlf BBwVVYu \S iif O[^^ rSV\cY^Z SkWXc ihf n D [U^YZZRXcYZ \VWaUVV \VWT U[^^ ihQIGu \VWT B U[^^ IGQIEu `c B U[^^ IEQqEu PRSkWSZ kWW[WU[^^ jGQqEf LUUcWQ ZRc RX ^W[^^S_YZ kWW[RXcR^XYc _U TUUQ VUZZRc RX UVccU[WcURVR_Uf JU[[ TUUVURXu ^R`UZ`YWXcSf c Di Be DHhhf eYVW hiqu kS_Uc IFFFu IEDHf
qHHf PRRXW }Qih M[UZpYVc~u NURZR BVTU[W }BTTS~f J^W DH B¨ DEEIf ea LL O^XYV OR]RXc M[UZpYVc _U OTUZbU L\bWU ¥UZcYVVf © iH p DHIH NU[ccU P[WXcWWZU AUVSaYWTSu jDQ PUc[W JUZZU ?VW`WU AUVSaYWTSf \S iDf CYSV Y[ScRc^ iFu kUXccRc^ Djf nVWT kUkkW LRSkWSWXWXXU iFQiGu dllX^YXXl qDQqhf AWW[cSQ VUWXkUkkW OTY[W^UXXU iGQDHf A NY[WTWYXVlaYc\X kUV` DHQIiu A LRc K`UZ^YVWRTW\ab IiQjiu qhf QqGu A PW[^SZ AWXlVlaYc\XQ XYR[ jiQjqu O][WySVUQXYR[ jHQqif OV^SaSVWXcWkU[UZcSVU CR[`U _Sac jhQjFf AWZWZURaUVWWccS TUc^UXWac jFQjHf PURXcWXYZ Y`UZQ ^YVWXYZ ^UZXUZSkWXc _Sac qGQqEu PU[XcRVUZ qEQhDf AWYVRZaSWQ cSkUV`YVR XWacf @S`UXcW qIf p NlZc\aU[_R I ¨B DHFqf eYV_Yc qihu qqqu hqqu FHIf
hiif M[sZVRZbu KTWV @UpUYVf J^W Dq ¨B DEEI ea cYR[UXcU_UQ TYXc PU[W MRXcUpM _U ?V]U NU[WU OaVpS[Xf c J^W h Be DHiif eYV_Yc Fu Hqu IDhu hGjf
hiDf eUVcU[W }YZc JYVYZWRX~u CSWTW O[TUXf J^W DG ¨VV DEEIf ea TRR[U[W PRXcUU e _U JYbbU LS`WXU el^Y`lWZYZf © iF ?V]U NU[WU dSaUZXXSZf \S iDf P iqu N iGu `Wa kUkW^XW iGf rS[`SSZ \ac^ RX^u XRST _U VUc SkYcc ihQiFu CUTkY[YYZ \ac^ _U c\ccs^SRV iFQiEf NW^^YVWZ V\X RX^ SkYcc DIQDqf J]WZ XRST [YUUVWV\X SkYcc iEQDIu `kW VYac Dqf p >RTTYVU h eBB DHDqf eYVW qiGu kS_Uc IDjqu IIjif
qHFf tYy^XYVVu dSaUZ }JUZZYX~ OR]RXcf § dlTW_l[`W DE eBB
DEGH ea ^a[U JR]S tUVbYTU[ t _U
JRVbU OR]RXcU JYW^YVf © Di p qE N
LUR[U L\bWU LS`WXU Js]TUZf BewVVYu \S HEf P ihf CWYcSXUZU^WW_U cSWTXWac iGQDIuDHQIIu BXS CWYcSXUZU^W[_U jiQjHu rWYZW CWYcSXUZU^W[_U IqQIEu qGQhIf ARSTYZTUUQcYSX cSWT IIQIqu OW^UVUWXQ ^W[_U jHQqDf C[YYZ ^VV\X VRSZZSZaWXc _U TUUZc SkYcc ihQiFu >S[XXWZ cSkYcc iFQ iEf Jn ^UX`WcWYc VUWc UkRV UXX iju DDf
LYkUUZ kRRcU[aUSkWXc VRSZZSZc SkYcc DIQDHf C\[`lZZsZ ^RZZUZ`UVc k_ DHf eUZUTSQXYR[ `k_ IjQIqf eT Df JU[[ kRRcU[aUZaSWcSf p J^W h DDD DHhEf eYV_Yc FhGu DFDHf
qHGf JUVVUQAYkklVl }YZc rR^^WVU~u OR^RXcW NW^^Sf ASTY[S
ji B¨ DEGGf ea cWVUVV PRXcUU OR]RXc rR^^WVU _U PUcU[WZU ASpWU ?VUZbY[f © iF ?W`U rYcY[XSZf oVWVVYu \S HHf CYSV Y[ScRc^ iq kUXccRc^ DDu XS^YUWZ^SRV SkYccU_UZl\ccYYc iEQiHf PRSkWSZ XSQ ^YUWZ^SRV `c SkYcc iIQiju J]WZ ijQiqf nVWT kUkkWZU iqQu oV`WVUZ ^UkkUV DqQ
IEu ^a[U IEQqHf oV`WVUZ ^RZZUVVWXVURcU^ YXWT DHQIEf @S`UXcW jGu Ae@ d Du NT DEf p DH BB DHqHf
hiIf JSVTU }YZc JYVVTUZ~u PUU[VS eW^cS[f JlTYYZVWZZU D F Be DEEjf ea ^SVVY]U OZbY[X eW^cS[ JYVVTUZ _U BbU ¥aU[VSccU Up KZYa_YVTf © DiQjF OZZU ASpWU gS[YZWRXu BB qiQ OXc[Wb NUcWVbU >\TUZf \S iDf P iqu N iGu N?P iHu eC DDf OO J]WXXl iHQDFu IqQjqu STU cXcS LUabYXXU qIQ AllXcskUZ^^WYZ PYX^RXkUZ^^W cSWTW «V DhQDGf P?r CR[RZ ^SZcc _Sac DGQIif K eUVcWSZaSWc XW`WWVW^UZXVWU cSWTXWac DHf KbRX^ ?O IDQIIf J]WZ [UaUcSWTW^UQ TU[W _lX IjQIhf K[ VWW^YVUWcSXcYZ VUWZSk U`RXc jqQqIf PUZXUZQ YbRXc DHQIDf PSc^UZ \ac^ XRSTYZ SkYcc ijQiqf nVYWZYZ ORcSVWWccS Df k_f e@ ju Ae@ Pu @RScXrµ P Du C·@ P Du BcP[@ XRR[RkXf p Ih ¨ DHqHf eYV_Yc hqhu GIGu kSW^U IGHFu kS_UZkS_Uc hEFGu Fjqqu FEIIf
hijf B]ZUcWRXu O[TUX @YWZaSVbf J^W Ii Be DEEjf ea XYZUUcQ cS[W PU[V KTWV Y[bWZUZb _U OTUZbU P[WXcWZU gY[]TUZf © Dh OWZU NU[WU OZ]Y[`Sf \S iIf ?kWX^ J]WZ _U JUVQ VYZ \VWSkWXc iIQihf O^Uc ^W[_U^URkUZ kUV` iFQiHf PU[_UVUZ ^W[_U^URkkU _U ^RXcUZZRX ?\ }AS[cU`UVU~ _Sac iHQDiu AS[cU`UVUZ ^W[_U^URkkU ?\ DiQIGu AUQ cU^RZZUZ PW[_UQOWccU ?\ IGQjjf ?\ OVQ ^SaSVWVWW^Y kUV` jqQqqf JU[[ XR^RcRcQ ^WTRXfQp DI¨DD DHqqf eYV_Yc DjEuFiFu kS_UZkSW^U FhjHf
hiqf LURZWX }Qii LWZbzY[]~u O[TUX KTUZRYVf JlTYYZVWZQ ZU II Be DEEqf ea cUVSZSTWXc ObSVp L _U OTUZbU MRXcU`U eW^TUZf © Di OWZS eUW[WZYZf \S iDf P iFu L Dju SkWX^ J]WZ pWVaU[TSZWXYZ XYR[ S[^YXcY[W^SRV iDQiG _U AcYTWZ ^SZQ XY[`UcS[WS gY[VWWZWXXl iGQiE }^UkYVVWTYXccRc^ iE~f Jn bSX DEQIIf J]WZ XRST V\X L? DFQIHf J]WZ ^UZXUZ^SZXY[`UcS[WS kY[RXc _U _Sac IIQjiu A TUUXYRcR^URk ^UZXUZ^SZXY[`Uc kYQ
[RXc _U _Sac IFQ Al`YVclZ\c TT SSkkY[SWcUu _RV^ [RZSXl`YVQ
TWlf ARST CWYbYU^Uc _lX IDQu p G eBBB DHhHf eYVW qHEf
hihf L\bYZu LUR[W WVWkf rRZ^UVUWbRZ D Be DEEIf ea >N
dSaUZ WVWk >UkSVYSZ L _U ASpWU eWVaYVQ
TWZl LU]Y[XcYbcf © Di NU[ccU NU[WUZQ
±W ZU BZ^WZYZf eLVcU HHf r[S` Dif @WXQ
CWWZUZ UkcYY^WZaSWc DiQIDf OkcYY^^U[W LlZ]YVTlYVVl IDQIhu ARV^U`UVVU IhQIGf
c J^W II ¨B DHIGf
hiFf LlZ]TUZu n[_s OR]¯Xcf Pl[^sVl DF Be DEEIf ea VYWkRQ [W JYZ[W^ OVp[Yb L _U eWVaYVTWZU ASaWTUZf ewVcl HEf p J^W F ¨ DHiEf eYV_Yc DqFu Ijhf
hiGf OWZWU }YZc >\aSVT~u B`U[ NW^UYVf PRaTSWZYZ ID B¨ DEEjf ea ^a[U KR]YZ >\aSVT _U dRVWU OTUZbU AZYVVTUZf © DI OZZU NU[WU BTTSZYZf ewVcl HHu JlTYYZVWZZUZ V\X \S iqf eWa kUkW^XW Dif LUWcWVUZ `c ^UkkUV _U rS[WZ ^a[UZ UkRV DiQDIf NY[WTWYXVlaYc\XXYR[ kUkkW LSZcSSXXU DIQDHf C\[Q `llZ \ac^ RX^ SkYcc DHQIDf NRXcUVUWXVlaYc\^XYZ kUV` IDQIhf NRXcUVUWXcYZu ^S`USXUWXcYZ _U VUZ]YZZYWbYZ `UkUUYac XWYVRZQ aSWc IhQf p PSW`WXcS DH ¨ DHjFf eYV_Yc qHqu qHhf
hiEf rYVcSZYZu dSaUZZYX Kb`U[bf §c eW[[Uc G VWW DEGHf ea R[^R[W OR]RXc Kb`U[b r _U NU[WU [Yb[W^U ObSVpWZc\cl[f © ih KVWZ OR[S[U JSVVTYZf BLVcU Hhf PUZXU^S >RTTYZ dl[Q `YZkllXXl iqQjEf ?XRRX^UXXUZ aSWcf Qp >RTTW Dj¨DD DHjEf eYVW FFEf
hiHf rl[ZlZYZu KY`Y[ccWf rWYcU[W Di eVV DEEDf ea aSkYUXYkQ kl OZccW r_U VWbU NU[WU rUXcWZYZf © iF c DHIG JWVbU @S^^UZYZu BB IE JWV_U º² OaSVUu Q\SSVfQ eWakUk?sf >R[TW_l[Q `YZ ^a[UZ UkRV iFf BZ^Y[WZ A^RS[WcXUZ « UkRV iGQiEf PYWcSZ ^UkkUV iHQDqf Or NU[^^S`UQdl[`WXUU[YZ ^a[U DhQDEu C\Q [sZ DHQIiu oRbYZ^W[^SZ IhQqDf NSXQ ^S`UZ XRST X[^ XUUT DIQDhf C[YYZ e]W ´ [\^T kUXcS[W IIQIhf LUabYZ V\X RX^ S k Ycc IqQIhf dUZU^^UVUZ ^a[U qDQhjf J\`l AUZSTU cSWT _U^RXcUZcU_U DIQDEf PW[_ Y[lWcl cYS^XWUf @S`UXcW jIf Qp H e DHhEf rSW^U IhiDu kS_UZkSW^U hDDqu `YV_Yc Ehju DIIhu kS_UZkS_UZc\cl[ EIEhf
hDif @UcWZYZu rUU`Sf ASUZVUacW q eBBB DEEif ea TUU^URkk B`UZ @ _U dSaUZZU ASpWU JW[`SZYZf © IH KVWZ JRRX^SVUf eWVWVcl iif AUW[UX`SWTWXc J]WXXlf O[]YZcWWZUUZ jDf c gRYQ ZSX OW[YX Dj eBB DHqGf
hDDf PUZY[`WS }YZc AWVYZ~u AWWTYX CYSbS[f @RS`YXW H ¨B DEEif ea ^UZXU^S K[^^W AWVYZ _U OTUQ VWU JYZ[W^XXSZf \S iDf OJCf AUZSQ TUVYacWWZu Y[W `XcSWXXU _U r\al_l[`YZ oB >N }DqQDG~f JlTYYZVWZZUZ kSVWWXWQ TYXc DGQDEf NR[aUccR JlTYYZVWZZUZ Vla Ii Be DHDEf
hDIf CYZXW^^UVUu CSW`S o[aSf VWccW Ii DDD DEEjf ea ^URkk K[W^ C _U OZZUf © Ii KVXU LUWcWZYZf eLVcU iDf e@ iDQqHu Xla^sZ iqf BB ^W[_R[W Dju AR^Y`UZ UXYTUkllVV IGQjiu UXYTU^UXss[W ?RVRXXU jiQjEu @WWaWQ TlYVVl jEQqHf NT jHQqif c @WWaWQ Tl^W G e DHqHf
DEHq
hDjf OU[ZWXUVS }YZc LWVV£`WXc~u MYS[] J_UVTU[ Y[bWZUZbf eWWkR[W IF ¨ DEEif ea [^T OZbY[X LWVV£`WXc _U gYUcU ASpWU A^[Rp`WZ]f © iF c DHFi ^SZccUkRV KbWc KTWVWU LUTkYZf BLBVYu BewVcl HFu eWWkR[WZ ^VV\X eLVcU HEf e@ kUV` HEQqHu LUWaWUZ UXYTUZ BB ^W[_R[W ihQDju AS[cU`UVUZ DjQDHu @J ^SZcQ [SVVW^SZcc kUV` DHQu ^W[_UZkWc IDQjhu cU[WppWcXcSZ BB cU[^^UU_U jhQjGu B cU[^^UU_U jGQqHf @URcUcWYZ UTTUccWSkkW^R[XXWYZ cSkYcc IjQhDf @URcUcWYVlWZYZQVYab cSWTXWac IHQqjf AL @ Df p Ij eBB DHFHf
hDqf AS[WSVU }YZc AyasZYTUZ~u eYW^^S ?X^U[ PUU[VSf d\`lXQ ^\Vl IG eBBB DEGHf ea [S` MRXcUp ?X^U[ AyasZYTUZ _U UZZ\ VWZ^TUZf © ih JWV_U Nl^WZYZf eWVVY \S HHf ?kWX^ Jn VU^WU iIQiqf >N ocX_SYVVU ihQDju nVW`WYX^UXXU DjQDE Al[lWXQ ZWYTYVVl _U PYXcWVlXXl IIQIqu PWWTWZ]WZ kWW[WXXl IqQjDf OVWRkX iDf p JUR^WkRbUX G ¨B DHjDf
hDhf >YZSZYZu tWVp[Ybf rWYcU[W I DDD DEEif ea ^URkk OZccW >YZSZYZ _U NU[WU PS[aSZYZf © Dj JWVQ _U OTUZbU OVVYZWRXf oVWVVYu eVwVcU HEu \^X \S DDfQ LYZZlcWZ`W[^UT iju VYZZlQ cWZTY^UUZcRc^ iFf re [Uaaf NY[W`U[Q cWSVUWc WZcYZb jqQqhf B Ae@ @f c Ih e DHhqf
hDFf PU_U`U }YZc LWZb[Sca~u OVccW AUZcY[Wf eWacW Iq DDD DEEjf ea kYacS[W JYZ[W^ NUR[WcX LWZb[Sca _U OZZU KVWXUzYc AWVp`YQ ZWRXf BLBVYu \S iDf NRRccUZRc RV^STUWVVYf eYVW jHjf
hDGf AY[YZWRXu oZS eW^cS[ CYSbS[f eWWkR[W Di ¨B DEEi ea XUaUZaSWc dRaS A _U P[WXcWZU gVSZbWZU JYZ[W^XXSZf ©f QIE MY[c[Rb OTUZbU CY[aSf BLBVYu BeWVcl HFf dSacU_U J]WXXlf p h e DHjEf
hDEf gS[YZWRXu JYZ[W^ }JYW^^W~ eWVaYVTf J^W ID ¨BB DEEqf ea J?Qk[YX JYZ[W^ MRXcUp g_U NU[WU rYXSZWRXf ©ID N ¥VU[U NU[WU AZYVVTUZf Q\S iIf Q P_U N iGu N?P DDu eC Djf ?\ LRSccScWYcS UkRV_Sac DIQDqf OOcXcS JSVTU © gS[YQ ZWRX SXU^UX DhQIHu XUTUZ cXcSZ STWXc jiQqqu gS[YZWRX © ¥UXc[YZ SXU^UX qqQu PP? UkR_lX IHf J]WZ OO\ab k_ qEQhIf A OOVWWccS k_ qEQFFf A LU^WTVWWccS `UVcRRX^ _lX qHQFF ARST ?SkkY[U _SacS^ _lX DGQu k_ IGQqEEf LUVVR^UZ CUWcYWVW_U^ScWQ XllcWs aUVW k_ hIQf Ae@ Pf JU[[ TRXWW^^Wf p CR^aSVTU DE BB DHFIf rSW^U qDGHf
hDHf K^zSTu gY[Zbc MRZZU[f eWWkR[W IF eBB DEEqf ea
J?> rYa[ B`U[ K _U gY[caU NU[WU tYZbYVWZf ©DD KVXU ASpWU CsccY[TUZf BewVcl HGu >\U X`YZX^U Vl[S`Y[^Yc \S ijf QLP iEu LL Djf n^XVll^ JUTWZUXXU DqQDGu PSR`SVUXXU DGQqif PSR`SVUZ [URcUcWYVll^ IGQqiu ^SRVRVll^ jiQu X\ZQ
Z\c\XVUWc Vll^ DGQu ^RV^RcURcWXUW[ Vll^ IIQ rWSZkUcV `c Vll^ IDQIFu jDQjIf Lll^^Ukc jhf p PSR`SVU I B DHqif eYVW qGjf
hIif @UWcU }QiF K^VRZb~u OR^RXcW eUVbYTU[f J^W ji B¨ DEEjf ea PeSRbWZUkRV PRXcUU K^VRZb _U OTUVWU ¥aU[VSccU eYXcY[bUaVf \S iqf oRbYZTUUZ VllZWZ^SZcc ^W[_UZkWQ cScYacl`WXXl iqQDDf P?r kll^SZcc k[S^ _U SXkllVV DDQqFf ARSTYZW _U ^W[_ VYacWWZ Y[W UVSWVcUf JU[[ ^`U[cYccWQ _U ^RS[SVURQ VRu clacWcWYbYf eYV_Yc IGju hqju Fijf
hIDf PS[cY }YZc S[XcUbWRX~u PUU[VS eUVcY[f VWccW h e DEEhf ea T` OZbY[X dSaUZ S[XcUbWRX _U PUQ [SVWZU rYXXUVUf © Di KXcY[ B][Wb rSTSQ YVWf \S iIf ?kWX^ Jn TUcQVRSZZSZc _U VU^WcWYbYcclf eUV^YUVUZu OVU_l[`YZ _U LUWaWUZ kWW[WYZ >N iHQDEu eWabWZ kWWQ [WZ DEQjEf ec P[eSRcW juh `RSccUf NT DEf elZ[f c DHjEf eYV_Yc DEju qFhu qGFu kSW^U jEhjf
hIIf PU[cR }YZc MRXcUpXXSZ~u LUR[W ObSVpf J^W DH DDD DEEhf ea cYacUWVW_U JYZ[W^ MRXcUpXXSZ _U ObSVpWZU PY^SWWZf © DD CSWZW ASpWU tYy^TUZf BLVcU HEu ARST [YUUVWV\X eWVcl iqu XRS[ eBBBf AUW[UX`SWTcRc^f J]WZQ@UU_U[W^^SWXcYZ ^SRV XUWQ [UX`SWTSkYcc iGQiEu J]WZ AS^YUWZ^SRV iEQDif J]WZ ^URk Xla^sVUWc kUV` DiQIif J]WZ ^URk kUVS^RZZUZ DDD kUVSTYXc IiQjDu BB kUVSTYXc jDQjh _U B kUVSTYXc _U UkRVkUVSkllVV jhQ qEf A \V kUVS^RZcUVWWccS cU[^ IiQu e@ qu Ae@ @u eTu NT DEu NT jHQqiu `XX UT Du eW[ PSc^U[WXcWf eYV_Yc jIGu qqhf p E B¨ DHFHf
hIjf Js]bUaVu dSaUZf J^W Ij ¨BB DEEIf ea [^T dSaUZ J _U OTUZbU OkSVVSZWU rUXcYVVf oVWVcU HFf OXYZcU_Uu TRR[U[Wf c J^W DI DDD DHDDf
hIqf PU[_UVUWZYZu dSaUZ [Yb[W^f J^W Dq eBB DEEjf ea [^T JYTTWZ] P_U KbVU NU[WU Ac[UZbf \S iqf ?kWX^ Jn cYSVS]WUU _U VU^WUf NT DEf p J^W DE e DHDEf eYV_Yc IIGu FDiu FHEu DjDGf
hIFf P\[su ?W`U @UWcWXf ?[WTUccWVU DDD DEEjf ea cWVUVV PU[V P _U PU[SVWZU LU]Y[`W^f © ID CSWZW NU[WU ?^XUVUf \S iIf ?kWX^ Jnf LYacWTWYX iIQIEf >RS[W A _U rlW`l cSWTXWacf rSaQ _UZTUU kllcSWT DiQDIf AUZSTUVYacWYZ CWYcScXcS _U A CWYcScXcS cSWTXWac DIQDEf CRRVWXkll kllcSWT IiQIEu ·U]YZX >\Q aYcY[ ^W[_YYZ`UWac DHQIEf ?ZZW t CRWXQ ^R XllcWs aUVW k_f p J^W q e DHIEf eYVW jhqf
hIGf AYWYX }YZc LWWTUZ~u dUVS CSW`Sf B J^W Ij DDD DEEIf ea _UV^WZYVWW^^YYZaU[_ rURV LWWTUZ _U KY`U P[WXcWZU >WX^UZYZf © iE OWZS NU[WU ATSVUZbY[f B eVVLVcU iIf PUZXU^S cRc^ iF AS[cU`UVUZ XYTWZf L?cRc^ IHf ?kYcc PU[_UVUXXU iGQDEf PRSkWSZ ^URk ^UZXU^S DEQ PRSkWSZ V\X L? IEQf NT DE R[af p PRSkWS DG BB DHqGf
hIhf PU[VXXSZu LU[X O[`Wbf J^W IG eB DfDEEjf ea `UacWTYXc
LU[X dSaUZ P _U OTUZbU MRXcU`U UV^TUZf © DH JUZZU AW]ZY NU[WU gUX^f eVLVcl ijf ALNP kllXcscSb
DIf Ala^s ?\ OKM SXkllVV iFQiHf CUQ kUcR[TU`U^ ?\ rUc[WU ^W[_UZkWc DiQDGu ?\ dSaZ ·UaVzY[] IDQIFf CUkUcR[TUQ `U^ ?\ LSRaW ^UT[ DGQIDf ?\ KVS ^SZcckllVV IFQIGu NU[]U[WWZWcYacUWVW_UWZ
VWWccS IGQjDf A Ala^scR^^RVWW^^YWbYZ
LWWccS UXWUT jIQjGf p ji B DHjGf eYVW hhDf
hIEf rY[^^S }QiF LWV_YVRZb~u ?W`U O^XYVf J^W II ¨BB DEEDf ea [llclVW O^XYV Ob[WUZ LWV_YVRZb _U JYb`W] KVYSZS[U NU[Q ^RZc\cl[f © DF ·U]TU[ eWVaYVTWZU AWZWXUVSf VewVcl HEf PRVcUXYkklu cSWT_f p J^W I DDD DHjqu
hIHf eWVkkRVU }QiF NYVU[c~u oX^S CSW`Sf Pl[^sVl II DDD DEEjf ea cWVUVV dRaS NYVU[c _U NU[WU OZcWZc\cl[f © ij p DHiF AYVTU dSXYpWZU N\VV\Vlu iEQ NU[WU rURVWZU AWa`SVUf oVWVcU HEf N` NlZcXlVlZ AUU[YZ AWkWVlXXlf p ID B DHDEf
hjif >Y`UZVWZZU }Qjh >YS`WRX~u ?ccS MRZZU[f dSYZXRR DH ¨BB DEEjf ea kWW[WVll^ OR]RXc JY[TUZ PSZ[Ub >YS`WRX _U NUcaWVbU ASpWU O[kkYf © DF JL LUR[U LWZbXc[sTf \S iIf P iG BclQPU[_UVUZ ^UZXUZSkWXc _Sac iEQDqf P?r PRSkWSZ ^SZcc k[S^ DqQDGu rS[WZ ^SZcc _Sac DGQIiu CR[RZ IiQjhu _SacS^ UkR_lX jhQjGu _lX jEQhju kll_Sac UkRV qGQhjf Oz dSaZ gU[^Y[ ««« ?\f LWccSWZYZ ?\ _U PRkWccUUf AU`W ?\ _SacS^ _lX _U k_ jDQhqu gU[^Y[QLWccSWZYZ ?\ _SacS^ k_ qDQhqf CR[RZ VWW^YT\ab k_ jIQjqf CRn aSWcS^ _lX IGQjhu [UaUQUXWUWZ`UVWS^ k_ jIQjhf CR[RZ ^URk`UVc _lX IhQ jhu ?RVRQ ?\ aZcSZYR` jFQhqu PS[bYVWZWZ XllcWs [UaUQUX cSWQ TW^ jFQhqu ^S^SSTRXkRSVRY `UVcRRX^ jHQqFu A X\skl\ab _SacS^ qiQhIu >WWVS JYVUZbY[WZ XllcWs qFQhqf PUZXUVVWXcYUcc _SacS^ _lX qEQhqu `k_ qHQhqf PPP cWVWZcU[^VURcU^ _lX jFQu k_ hDQhqf QALPf c DD Be DHhqf eYV_Yc qFIu qFjf
hjDf CUZaRUZkll }YZc AW[YZ~u elWZs eWacS[Wf J^W q ¨ DEEjf ea `UX^WXYkkl eW^cS[ AW[YZ _U ASpWU eWVaYVTWZU >\Xc[sTf \S iIf ?kWX^ rSV\cY^Z SkWXc U[^^SXUXcSVVUf p J^W G DDD DHiEf
hjIf @UWcWS }YZc AZYVV~u dRaS LUR[Wf J^W DF DDD DEEqf ea ^W[_UkUWZSZ_Sac dRaS OVp[Yb @ _U OTUVWU MRXcU`U JU]YVzY[]f © Ii OVVW eWVaYVTWZU CWVUZbY[f \S iFf eSWTSkYcc DIf AScQ aUVVWZZ ^SRV IHQjDf LYZcScla\Xcl_lcRc^ AU^XUXXU _U cla\Xcl_lQ cRc^ AWXXU DEf BVTUWVRkUcV ZkW RkX IiQIDu ^STkkkllVV IDQIIf BVTUWVR^SRV ^STkkkllVV IjQIqf Be YXW^ IhQIEf ORcSkUcV cUQ VSRXkllVV IEu JRSVcSr D jiu J]WZ Ak jIQjjf @YTSZccW^SRV _Sac jjQjqf OTkR_UWZ LYacW cSWT _U J]WZ ^W[^^S^SZcc kUV`f NT DE [X^f NT jHQqiu NT qDQqhu C·@ @f @YX`lZ[ DEu `lZ[ Iiu BcZ Iiu ^Ukc Ihu TU_f « IF ¨B DHFGf
hjjf eUaVTUZu O[TUX gUWVRf J^W Di Be DEEqf ea cU[^^UTQ kR_U PU[V MRXcUp e _U OTUZbU gY[]TUZf \S iqf rSV\cY^Z SkWXc Skk iqQihf rUZZRXYkklf p Ij DDD DHDEf
hjqf eUVcSZYZu PRXcUU dUVTU[Wf JlTYYZVWZZU DH eBB DEEjf
ea [^T PRXcUU ObSVp e _U NU[WU KVWXUQ
zYca M[YRXf ©Dh L\\VW ÁccWVWU AUVS^UZQ
ZYVf \S iIf ?kWX^ Jn iIQiEu c\^Q
RkXcl\b^R[XXWc Iif PW[_UZkWcu cSWTu WXlZZ iqQDEf @C D [Uaa DEQDHu cUVSRXQ
kllVV DHQIDu kc[WZ _U ^STkkkllVV IDf
rLN cXcSXWac IIQIhu TRSZU`U[W^^S j
kllVV IFf PRSkWSZ VllZWZXUW[ cSWTWcXW_U
IFf PW[XUW[ cUVaSWc IFQjqu J]WZ \V XUW[ e Ç | SX[\aTlZ jqQf A XUW[UUVSWbYZ cUVaSWcQ \ab k_ IEQf @YX`lZ[ DHu BcZ Iiu ^Ukc IFu TU_f c F B DHqGf eYV_Yc hEEu DiDHu IDjhu kS_Uc jDFiu jqFEf
hjhf eU[_S[UZcU }QiF tUZXYZ~u eW^cS[ eY[ZY[Wf J^W ID BB DEEjf ea `UacWTYXc OVp[Yb KTUZRYV tUZXYZ _U NUcWVbU AY[UQ pWU LWZbaSVTf © iF c DHqF JYVVl O[Sf \S iIf ?kWX^ iIQiG Jn TUcQVRSZZSZc SXf nac^SRVR_YZ TUc UWZYWbYZ SkYccf Ob[YXX Sya n[^YX^UVYZbY[ ps[ JpS[X _lTcY ps[S[cY[ kllcSWT Di `RSccUf J]WZ >WTW^W[_U _U ARST ?XSWcY^UVYZcY[WZ kllcSWT Ii `RSccUf PRXcUZZRXVWW^Y NSZSc\kSX ST DHQjjf CeJ cUkUQ cR[TUY[W^SWXcWVUXcS cSWT jqQqqu ^W[_UXcS aSWc qhQhEf CUVS_YZ WXlZZ ihQIIf JUU]UZ ^URkk`UVc _lX IjQIhf eYVW qjif
DEHh
hjFf JU[`WS }QiF JSpp[YZ~u MRXcUp BTTUZRYVf OZccSVU DI ¨ DEEif ea U][ dSaUZ MRXcUp JSpp[YZ _U
B OZZU MRXcU`U OZ]YVW£RY >\][YZf © DD p »DHhD L\\VW PUcU[WZU dUV^UZYZf
B BeWVVYu \S iif eWa kUkW^XW iFf JYWZSQ
T e VUZ ^U rrUV DI½IF ¿ ^a[U IG jq oRbYZQ }t ^URkRZ]WZ _U TUUX[^ ^a[U jqQhjf JYWQ ¥ ZSVUZ _Uc^SVRS^^WYZ RX^ SkYcc DIQDFu IGQIEu jiu ^URk XUW[ XUUT DIQjqf oRbYZ^URkRZ]WZ _U TUUX[^ ^a[U jqQ hjf JYWZSVUZ _Uc^SVRS^^WYZ RX^ SkYcc
DIQDFu IGQIEu jiu ^URk XUW[ XUUT DIQjqf oRbYZ^URkRZ]WZ XYRbRZ XUW[ XUUT jqQhju ^UZXU^ cU[^ jFQqEf JYWZSVUZ XY^l oRbYZ^URkRZ]WZ >NPn k_f e@ q kRZ [^u Ae@ d Df c E eB DHFjf
hjGf K^[SSXu PVUX P[WXcWUZ dSaUZZYXf oRXW^UU[VYk\\ DF B¨ DEEjf ea UkcYY^^U[W PVUX JYZ[W^ K _U BbU [Yb[W^U A_szVSTf BBwVVyu \S iIf « Di ¨B DHiFf
hjEf LUkkUVUWZYZu rY^^U [Yb[W^f LYkkl`W[cU D B DEEif ea VSWXTWYX eWVVY L_U AUbSccU eWVaYVTWWZU BTTSZYZf © iH NW[Q _UT JYVYZU P[UZ^f BLVVYu \S iIf rUXcS[Wf A NY[WTWYXVlaYQ c\XXYR[ XUUT OZc¯Y[kYZWXXU iHQDIf PW`W_l[`YZ `c ^a[U DIQ Djf p Iq DD DHDjf
hjHf NUZbYVWZu O^XYV NUR[WcXf rWYcU[W Dq BB DEEjf ea ZUaQ ^R[WTYXcU[W MRXcUp NUR[WcX N _U OTUZbU dRaSZc\cl[f BLVVYf p Dh ¨B DEHFf
hqif Ac[{aVTUZu ARSTW KR]YZYf ³ASTY[S ji eB DEEIf ea ^URkk OZbY[X OR]RXc A _U OWZU ASpWU @sZZaSVTf BLVVYu \S iIf eUZ^WVUZ_Sacf p J^W D eB DHIif
hqDf gSZXbS[ppu OWTS dSaUZZYXf JlTYYZVWZZU Dj ¨B DEEjf ea k[Sp K[ZXc BXU^ eUVbYTU[ g _U BbU ¥aU[VSccU S[XXYVVf © B Di C\\ZY ·U]Q t TU[ AUVTYVUu BV DH ¥VU[U ASpWU JYVYZU @SSXf \S ihf NJ K`SZ TYcXl^SRV iEf eW[^UcUVS_YZ \VWT NJ iHQDEf ?TU TYcXlcXcS J]WXXl DEQu ?\ AU¯TWVV r[SXQ VRycX Oz cSWTW qFQu CR[RZ _U rS[WZ `W[Q wA ^UcUVS ^STWXX _lX DhQDGf P?r a\kSQ © ´ ¡ cYY^^WSX U[`WST DGQIiu A J\kSVyy^^WQ W ¶ `ab IEQjif aYZ^W`U^QS\wWbYZ jqQu p Iq ¨BB DHhGf eYV_Yc jDu IFHu qiju kSW^U jFFhf
hqIf ¥YbY[a`U[pu PU[V @YWZaSVb oV[W^f LUkRU Dj eB D EEqf ea @J [Uaa PU[V tWVaYVT ¥ _U MY[bU NYZZUZbY[f © Ii KbWca JYVYZU >\TUVTf eVVLVcU iEf @J `W[^UTf p ji e DHhEf
hqjf @UWcU }QiF K^VRZb~u dSaZ }dSZZW~ KVWX JWVbWZ]f § J^W D h B¨ DEEhf ea PeSRbWZUkRV PRXcUU K^VRZb _U OTUVWU ¥aU[VSccU eYXcY[bUaVf BewVcl iFu \S \^X iEf @J iFQIGu ^W[Q _R[W DEQIGf JU[[ ^`U[cYccWQ_U ^RS[SVURQ VR }nL _U TUU^RZcU^RS[Sc~f c DI ¨B DHhqf eYV_Yc IGju hIiu Fijf
}Qih M[UZpYVc~u ?ZZW AU^U[Wf J^W Di eB DEEqf `a LL O^XYV OR]RXc M[UZpYVc _U OTUZQ bU ¥UZcYVVf © DG c DHhG @URaU P\VVW^^W rJ PW`WZYZf Q\S ijf P iEu L Dqu C
Ijf rS[`SSZ XRST \ac^_Sac iHQDDf P d ±N a MRTTY[RX ?\ cSWT_ _U ^W[_UVV _Sac DhQ È ³T Iqf d\`lX^\VlZ XYTWZUU[WZ XRSTYZ VYac ´ tÀ> ^ ` IqQjhf PUX`UcRXSkWVVWXYZ PS[^YU^SRV _V XRSTYZ VYac jhQjEu aWXcS[WUZ VYac jEQ B hqf d\`lX^\VlZ XYTWZ ^W[_UXcSZaSWcf T ÉkkW^ aWXcS[WUZu XRSTYZ _U ^UZXUZcUQ VSRbYZ SkYccf nVWSkk @UWccWRX\ab k_f nVWSkkWVUX^ aUVW _lXf d\`lX^\VlZ ^URk `UVc _lX DIu IFQqhu QaUVW jif PURk^W[_UXcSZ _SacS^ _U kRWXcSVURcU^ k_f A JWXcS[WUVVWXYZ AYR[_lX hqQ PSZQ `YZcWZ k_ _U [Uaaf r[Sp hqu e@ ju Ae@ @ Du NT DE X^u NT jHQqiu A^ UTu dT U^cW`WXcWTf A^Q`llkYVWf JU[[ aWXcS[WUZQ cRc^WTRXf p DE ¨ DHGFf eYV_Yc qihu qqqu qHHu FHIf
hqhf JSVTU }QiF JYVVTUZ~u JU[[W MRXcUpf JlTYYZVWZZU Dq Be DEEFf ea ^SVVY]U OZbY[X eW^cS[ JYVVTUZ _U OZZU BbU ¥aU[VSccU Up KZYa_YVTf © DI OVVW NU[WU JUUkU^SX^Wf \S ijf Q P _U N iGu L DIu C Dqf nVWSkkWVUX^RZZ ^W[_UXcSZ kUV` ijQDEu ^W[_UXcSZaSWc DjQDEf CWYc XYR[UWZ ^W[_UXcSZ ^W[_UXcSZQ aSWc _U cUVaSWc DqQDHf PRXcUZZRX ?\ PW[_UZ ^W[_UVV _Sac DIQDqf Jn UXX\[SVS]WUZ _U XYYTWV pWVSVS]WUZ bSX DjQDEf PRZWZ]UX [WYb[Wya PU[VWZ XRST SkYcc DEf oN U[^WXcSQSX kllVV DEf PsskYZaUTWZUXXU XUZSTUVYacWU`RXc _U VlaXWac DHf OXWUZaSWc gY[VWWZWXXl Iif K[W^SWXVlaYccWVlX gY[VWWZWXXl _U tWYZWXXl IDQIGu rU[WWXWXXUu g[\XXYVWXXl _U LRÃYTzR[]WXXU IGQqju eUcW^UUZWXXU qjQhju @SSTUXXU qGQAjf A YbRXc PUZXUWZVWWcSXXU jhQjHf PUZXUWZVWWccS `UV`SZcU^STWXXWSZ k\X\`l _lX jFQ qDf eW[SZ U`RXcRX^STWc XWac _U k_ DHf Jnn k_f ARST cWYbYU^Uc _lX DHu A CWYbYXYR[ hif e@ Du AL XRR[[ Ae@ P Du NT ji qiu gP[@ XRR[[u LRÃC^[µ XRR[[u rUU`rM@ XRR[[u @PL XRR[RkXu Bcl` UZXWSµ XRR[[u C·@ @u eW[e@ D T^u AU^XrN Df p ¥Uk[W Dq Be DHhqf eYV_Yc hiIu GIGu kSW^U IGHGf
hqFf JY[c¦zY[]u LYZZW OVp[Ybf dlTXl DG BB DEEqf ea TY[WQ ^Ukc OVp[Yb J_U KVWZU PSZ^SVUf ©DD p DHhD OVTU ¥aU[VSccU ARZb£`WXcu hjf PU[WZ JYVYZU g_s[^YVVf KWcl HFf PSZYQ cY^Zu c\sZ_Sac J]WXXlf c DI B¨ DHFEf
hqGf JWYcUVUacWu elWZsf VWccW IH ¨BB DEEqf ea T` dRaS eW^Q cS[ J _U OZZU NU[WU OaV£`WXcf © DI JY[ccU NU[WU ?VXSZWf \S iqf PR[^W_SYZ TUUTWYXSkWXc kllXcscSb iHu P DIf ?TWXcW
hqqf PRRXW
VWcWZ L\sccWVlZ OVaUWXcYZ cWVUZf NR[aUccR VWcWXXl D e DHDEf eYV_Yc Djiu IIDu EjIf
hqEf J\`l[WZYZu PUU[VS CSW`Sf J^W D BB DEEqf ea ^URkk PU[V J _U @SXUVWY @U`UZbY[f © iE c DHjH JWV_U L\bWU eW^^RVUf e¡Vcl iDf ALNP ^R[XXW iFf P?r kll^SZcc k[S^f QDEf J]WZ O[`SkUkY[W ?\ _Sacf A gWSQ ][UpW ?\ cSWT_ IjQIFf ?\ OWcUZ _Sac _U STf p DG DDD DHqHf
hqHf PUZcUZYZu O[TUX rUU`UVWf J^W F eBB DEEjf ea XRRcU[W Oz[UaUT P_U JYZ[W^U >WX^UZYZf Qp DF ¨ DHijf eYVW qDIf
hhif Ä^YXXSZ }QHE PU[YV~u YZc AS[XU~u O[TUX KWZU[f eWWkR[W Dh DDD DEEqf © Dq KVTU NU[WUf oLVcUu eWWkR[WZ ^VV\X eLVcU iDf ?kWX^ PR[^W_SYZ \VYTTlXXl T`SkWXc iIQijf @URcUcYWQ bYZ kUV` ijQu eWVkkRVUZQNlZclZ [UbUZ VWW^YZZYkllVV Dqu PSR`SVUZ UXYTUZ BB ^W[_R[W DjQIiu P\[sZ IiQIGu L\V\Z UXYQ TUkllVV IGQIEu LWYbSZ IEQjif p J ¨BB DHjif
hhDf PU[VXXSZu O^XYV MRZZU[f J^W jD eBB DEEqu ea `UacWQ TYXc LU[X dSaUZ P_U OTUZbU MRXcU`U UV^VTUZf © DF OVpQ aWVb JWVbY]U[b dSaUZXXSZf eLVcU iDf CSWTd J]WXXlf eYVW hIhf
hhIf eRSVWS }YZc PS[cTUZ~u LUR[Wf PRSkWS Di eBBB DEEqf ea cUWc dSaUZ KVWUX PS[cTUZ _U O]UcU OR[S[U AY[YZWRXf \S ijf p G B DHjHf
hhjf LU]RXu eWVaS BVTU[Wf Pl[XlTl^W DE e DEEhf ea kUXc OZcSZ L _U NU[WU KVWXUzYc AUaV][YZf © iE LWWXU @Ra^UVUf eLVcU iIu ?RVRZ V\X eLVcU ijf dSZ^WZ UW^UU UkcYY^^WUVUVVUu ihQ `WV_YVW JUUkU_l[`YZ O[`SVUZ cWVUUf p JUUkU_l[`W DG ¨ DHDEf
hhqf LUWcWZYZu rUU`S dUVTU[Wf ARSZYZ_S^W G BB DEEqf ea T`
PRXcUU L _U MRXcUU`U eWVaYVTWZUf © Dh
BbU NU[WU PRRXWSf \S ijf ?kWX^ Jn iju DIu DFQIIf PUZXU^?cRc^ ih @URQ TUZ XYTWZUU[WXXUf PW[_UZkWc _U ^SZccQ aSWc J]WXXl _U JUTWZUXXU iqu iFQiGf ?kYcc eYa^UVUabYVVU iFu J]WZ ^URkRZQ ]WXXU iEQqIu PUVVWSZ ^UZXU^ _Sac DqQDGu Plk\VlZ IhQqIf J]WZ ^URk c\s`lYZQ SkWXc SkYcc IDQhDf AScU`UZ^WVSWbYZ cWQ VWZcU[^ DEf eUZ^YWZaSWcSaUZ ^UT[^SZcc
[Y` DEQDHf p J^W DH DDD DHhFf
hhhf AUUXcUTSWZYZu [UZX elWZs dSaUZZYXf J^W DH BB DEEhf ea `UacWTYXc dSaUZZYX A _U ?V]U LS`WXU L_RZ]][YZf \S iqf NYbW^SpWWVW iFu K`SZ TYcXlSkWXc cRc^WZcS _U TYcXl^SZbR^Q css[W iEf O`RXc _U `c TYcXlZU[`SXcYVW_U iEQiHf @UZRUZ `c UVRYNJ iHQDqf p J^W IH ¨ DHDqf eYVW GiEf
hhFf CUVUX_S^W }YZc AYVV][YZ~u elWZs eWVaYVTf >R[TW_l[`W Dq ¨BB DEEjf ea T` OR]RXc eWVaYVT AYVV][YZ _U BbU eWVaYVQ TWZU ?VWZf © II NUW_R PU[_UVUWZYZf eLVcU iIf N` >R[Q TW_l[`YVVl iIQDhf dll^kUcV IGwXXl AU^XUXXU DhQDEf LUkWZ [\aQ TlZ RkX DEu aRSVcS\^XW^sWXXl jHQqiu qDQqIf eWabWZ `c >N iHQDiu Iif CRRXZWYTYZ kWW[WZ >N IDQjIfQ e@ q T^f NT DE X^f NT jHQqif elZ[ DEu VcZ jEf p h BB DHhIf eYVW DFif
hhGf Ac[YZ]u eWV_S dSaUZZYXf J^W D ¨ DEEhf ea k[Sp ObSVp eUVbYTU[ A _U AUWTU AW`Wl eWVaYVTWZU AyaWVbcf \S ijf c J^W Ii Be DHiGf eYV_Yc qHu qHif
hhEf AR`WVRScS }QiF AsbY[aSVT~u n[_s KWZU[f LWkY[W Ij Be DEEhf ea ^URkk ¥SZ[Ub ¥a[WXcWUZ AsbY[aSVT _U JUZZU OVYQ ÃUZb[U tYZYVVf © Dq p DHFj OVWZU OVY^XUZb[U Pl^YVlf \S ijf ?W^c Diu eC Djf dSYZXRRZ PeWX^ DIQDjf >R[TY^XYZ
kWW[WZ >N DjQDGf eWWkR[WZ BB PeSRcW DEQIIu[UaUcSWTW^UTUQ [W XWac IIQIHu @? ZkW ?W^>T IHQqDf PP? ZkW SW^YRXXWac qDQqhu `kW SW^YRXXWac qGQhhf >R[TY^XYZ ^URkk _l[_YXc\XT DqQDGf eWWkR[WZ J? `W[SWXXU DGQIiu ZSc IiQIIf ?W^YRX^UZXQ VY[WZ`XcS \VWT `W[^UT qiQqhf ?N \VWT YXWcc qDQqhf AL Pu NT jHQqiu dTf p h ¨B DHFGf
hhHf CUTTYVWZu elWZs @YWZaSVbf J^W h BB DEEqu ea cUVSZQ STWXc eWVaYVT @YWZaSVb C _U eWVaYVTWZU ?VUZbY[f © JRVbU B[YZY JU[cW^^Uf LVcl HGf NU^^U[UZcY^W_lf p Di e DHIHf
DEHF
hFif JUZZW^UWZYZu n[_s AW]WXTRZbf J^W DF eWVW DEEqf ea `UVcWS> rYccY[ eSVbYTU[ J _U AYVTU KVWXUzYca U]Y[Xc[sTf © B ?V]U KTWVWU LUR[YVVu BB DH dYZZW KVWXUzYc JUZZW^UWZYZf BLVVYu BewVcl HHu JUTWZUZ ^UbYccW^SRV HHQiiu \Sf QNJ K`SZ TYcXlSkWXc iGf K[W aSWcSUVRYWbYZ U`RXc iGQDqf ?TU TYcXlcXcS AS[cU`UVUXXU _U JlTYYZVWZZUXXUf p Iq DDD DHIGf eYVW hGqf
hFDf JSVTXc[sTu Kb`WZ OVpSZXf dSYZXRR IE eB DEGFf ea ^URkk JYZ[W^ OR]RXc J _U LYSZWbU >\][YZf © DF c DHqF gY[caU OVY^XUZb[U >WYTWZYZu FjQ ORZY KVWXU rY[lZWaU[Uf eVLVVYu \S HEf CYSV Y[ScRc^ iju kUXccRc^ DDf nVWT kUkkW ijQDEf CUTkY[YYZ e ^UkkUV DEQIEf >UUZcUVWZ ^a[U IEQhjf rWYcU[WZ XRST \ac^ SkYccf eWWcUXUU[YZ \ac^ RX^ _U [RScXWZ SkYcc iHQDEf @S`UXcW jju Ae@ d Df p E DDD DHFGf
hFIf PVUTWu elWZs O[`S OZcSZf eWWkR[W F ¨ DEEif ea TY[WQ ^Ukc OZcSZ P _U NU[WU LS`WXU A^[Rp`WZ]f © iH MY[bU >W^UZQ bY[f eLVVYu \S HHf Q P_U N iqu LP iFu LL DDf OXW^^UVUZ ^RZZVll^ DDQDqu PRS[Y`YbYZ DqQDHu eWVkkRVUZ DHQjif @RSQ `YbYZ kWW[WVll^ jiQqGf n^XVll^ eWVkkRVUXXU qGQhDf NlZclZ cYacVll^ DqQDHu eUVTYc d\`lX^\VlZ cYac hDQhqf @URcUcWYVll^ eWVkkRVUXXU IIQqhf PScWZWYTYZ ^UX`UcRXVUWc Vll^ DqQIqf p ji ¨BB DHFqf
hFjf JUVVU^S[kW }YZc Aya[SYbY[~u KY[S tUVbYTU[f dSYZXRR j B¨ DEEi ea XScU^STWXUU[W O[SZ Aya[SYbY[ _U NUcaWVbU dUZ^S`X^\f © AW][W OVY^XUZb[Uf eLVVYu \S HHf N@B ijf P\TWZ VURccURX\ac kSa_ kWW[WZ VURccURXkllVV DHQIjf eUUXUZ VllZWZ \VWT N@B Ijf PRSkWSZ VllZWZ ZkW N@B IqQjEu Df rV N@B jEQqIf LcZ DEf c PRSkWS DG DDD DHqIf eYVW hFEf
hFqf rlW`l[WZcUu rUU`S PUVY[`Sf rYcl_l`YXW DI eBB DEEjf ea [S` dUU^^S JUZZWYV r_U AW][Wb OR]RXcU CaYSbS[U ¥YbY[zY[]f © DI `SWTSkYcc VWcW KTWVWU PU[WVUXf VVLVVYu \S iIf P Dif LWTWZ]UZ ^UZXUZSkWXc U][SZSTWSkYcc DDQDju rSa_SWXQPU[_UQ VUZ ^UZXUZSkWXc DjQIjf dUU^^WTUZ \ac^ VRSZZSZaWXc _U TUUZcWYc SkYcc IjQqiu _Sac IjQjFf >S^WUZ \ac^ VRSZZSZa _U TUUZcWYc SkYcc qiQqIf LUabYZkSa_UZ ^YX^W^ VRSZZSZa _U TUUZcWYc VYac qIQqqu LUabYZ ^YX^W^ qhQqEf QNT DEf JU[[ T`u cWVU ARaTR[UXXU DGQu p r\alXYV^l ID eB DHFFf eYV_Yc FIju GFhu EhIf
hFhf CU[`UX }YZc ·UaVTUZ~u CSW`S O[TUXf J^W Iq DDD DEjjf ea TRR[U[W [UZX [Yb[W^ ·UaVTUZ _U OTUZbU JYVYZWRXf © OWVW NU[WU ASTY[XUVSf BLVVYu \S iqf Q P DIu N DFf PWW_UWQ VW_Uu _RV^ RX cYS^XWUf >\^\UW^U kllcSWT DEQDHu LRTW^R^^WUQ VYabYZ DEu DHu BVTU[WZYZ IiQIIf PRXcUZZRX ?\ Oa_S _SacS^ _lX DEQIif PUZXUVVWXcYUcc aZcSZYR` _lX DFQIqf CUTkY[YYZ cYUcc UkRV_Sac Djf CR[RZ CYUcc _Sac DEf ARST PW[_U^URkkU SX_Sac IhQjif eU^RRcRXUVUVVUf p Di ¨BB DHjGf
hFFf NYcXS`UU[U }YZc dl]Y[[SX~u dRaS O[`Wf All^XTl^W DG
Be DEEjf ea kRRXYkkl JYZ[W^ K[VUZb dl]Y[[SX _U OZZU g[WcU PY[SZYZf ©
OWZS KXcY[ ¥U[VXcYbcf BBwVVYu \S iqf eWa kUkW^XW iEu kUXccRc^ DDf @RS`YbYZ ^UkkUV DhQDEu PRSkWSZ TUUX[^ DEQIqf
oVVU`UZ ^a[U DIQDhu OZ_UVUZ IqQIHu
PUVU_SYZ IHQqiu r\al_l[`YZ oB qiQhjf
BZ^Y[SWXcYZ \ac^ RX^ SkYcc IqQIHf @SQ `UXcW jFf p DE e DHhHf eYVW HiHf
hFGf B|cTUZu n[_s ARSTUVUWZYZf LSa_U D ¨B DEEhf ea ^UZQ XU^S [Yb[W^ eWVaYVT L _U dSaUZZU oV[W^U eY[VUZbY[f © IE p DHqj O[TU MRZaWVb S[XXc[sTu BB NW[c_U NU_VWX NU]bUVYQ
ZU NYZZUZbY[f BLVVYu \S ijf ?kWX^ rSV\cY^Z SkWXc iqQiFf CR[RZ kSVWWXWVUWc DiQhIu ZkW ^STWXU[WS DFQDHu [W^SXSX kllVV
DHQhIf Ae@ @u r aSk U[u NT jHQqif c Ii ¨BB DHhhf
hFEf JUVVW^S[kW }QiG Aya[SYbY[~u PUU[VS JYZ[W^f dSYZXRR G ¨B DEEqf ea XScU^STWXUU[W O[SZ Aya[SYbY[ _U NUcaWVbU dUZQ ^S`X^\f © Ij A\V`W KVWXUzYc AY`SZf BLVVYu \S ijf P Dqu N DHf rUZ^WZdf p J^W H B¨ DHjqf eYVW hFjf
hFHf OW[U^XWZYZu ASWZW OVY^XUZbY[f J^W F ¨ DEEFf ea ^RVQ cUXYkkl rYccY[ O_U ASpWU ¥aU[VSccU >\TUZf © DI LYTkW tWVQ aYVTWZU >S[TU[^^Rf BLVcU HEu eWWkR[WZ XRST [YUUVWV\X \Sf ?kWX^ Jnf rSVWWXWVUWcu ARSTWQ\ac _U CTW Aya¯U[¦ XUV^^RQ_U aWYZSZUa^UcYacUUZ kUV`f e@u eTf elZ[f c J^W Ih eB DHIhf eYV_Yc Iiju IEqf
hGif g\]]VWZu ARVS @RbSVpf CRRXRVU F DDD DEEqf ea ^URkk dSaUZ K[VUZb g _U MRXcU`U eWVaYVTWZU LWZbpS[Xf © DH ?V]U NU[WU tWy^aSVTf BVLVcU HHf rY[lTWYXcRc^WZZSc iEQDiu TY[W^UkccRc^ DI J]WZ TY[W^SRVf NY[YVVl DIQDhf LU[X P[S]WRX `lVWc\XVWW^Y c\skllVV DhQDHu tUVcY[ >\zY[]WZ UacURXVWW^Y }PYTW~ IiQhHf PYTWZ kWW[WXXl UVRXcYZ ^UcXUXcU_U IqQFjf
hGDf @WZZY }YZc K[W^XXSZ~u eW^cS[ LRb`W]f J^W I ¨ DEEj ea c\sZ_Sac eW^cS[ @ _U OVY^XWZU KVWUUZc\cl[f © Dj AW][Wb NYXQ cY[cSZf e¡Vcl iDf OVWkY[lTWYXcRc^ ihu kY[lTWYXcRc^ iFu TY[W^UkccRc^ iHf rY[lTWYX OO VUW`SWVVU iHQDhf p r\alZ n[_sZ ^UZUUVWXXU H eBB DHDhf
hGIf K[`UXcW }YZc K[`UXc~u ARVS BTTUZYVf JlTYYZVWZZU IE eWVW «w¯f ea \aSkYcc PU[V K[`UXc WU ¯cP[ dSXYpWZU Cs[ZRbbf ©DG ?V]U B[YZY CY[Q aSf \S iqf CYSV UV^RcRc^ iFu P iHu J dccd_JgB N Diu SW^c DFu eC Iif K`W_l[`YZ kWW[WZ ^RZZUZ>N DFf oRbYZTUUZ LJ \VWT YXWcc DFQDEf NJ `c XWac DEf J]WZ @? `c ?W^>T DGQIiu \VWT ?W^>T IiQIDf LUQ ^WUXWUWZcXcS eUVVWZ © OY_TYVYRX SXU^UX IDQIIf K[`UXcW © eSWkWS VU^WUXWUWZcXcS IjQIqf J]WZ ?W^YRXUkRcXcS IhQIHf J]WZ kSVWWXWVUWc XWac Iju IGQIHf c J^W II DDD DHjDf eYVW IGhf
hGjf M[sZVRZbu eUVcY[ Kb`WZf J^W Ih eBBB DEEhf ea cUVSZQ ST PU[V MRXcUp M_U ?V]U NU[WU OaVpS[Xf ©Dh ·U[WU NU[WU @s^TUZf LVcl HGu J]WZ XRST \ac^ ewVcl iIf LWW^YTf QD DG eBB DHhFf eYV_Yc Fu Hqu IDhu hiif
hGqf JUZZW^UWZYZu PVURX tSVbYTU[f J^W ji ¨BB DEEhf ea \VWcW[Yacss[W rYccY[ eSVbYTU[ J _U AYVTU KVWXUzYca U]Y[Q Xc[sTf \S ihf ?kWX^ rSV\cY^Z SkWXcu P DIf eU^RRccU_U cSWT Dju elaWcclWX^URkkWUX DHQIDu PURkkUVYacW DHQIIu ACC IIQIqf A `U^\ab XWac _U UW^U^URXVYacW cSWT DqQDhf NJ cWVUXQ cSQSX UkRVU^cRUU[W DFQDEf J]WZ AUZSTUc cSWT IqQIFu cSWTQ XWac IFQjGf p DH ¨ DHjGf eYVW hFif hGhf dRXXWWZ }YZc @SXYZzY[]~u PU[V g[RZSf J^W DF B¨ DEEhf © ih c DHjE KXcY[ KVWXUzYc NWYccWZYZf e¡Vcl iIf LlacYZ\c RV^STUWVVYf p D D DHGFf
hGFf PUVcWS }QiF P_lVbXc[sT~u LU[XQdSXYp }dSSXYkkW~f JRVV Ih eB DEEhf ea [S` LU[X ?X^U[ P_lVbQ Ac[sT _U KVWZ ` @YaURXYZf © Ij eUVzS[] BZ][Wb AWVp`Y[zY[]f eLVcU iDu rS[`SSZ [RScX V\X \S iqf U[T iEu LP Dju LL IIu aY[TSQ _U TWYVWcURc Y[W^Vll^ qif ec ^URkQ_U kWW[WVll^ IIQIqf NRSZWSZ kWW[W UVRYVll^ IDQIhu rYcXUTSZ kWW[W IhQIEf >WR`UZZWYTYZ TWYVWXUW[ UVWVll^ IEQjDu \VWVll^ jDQqhf PRSkWSZ TV^ ^RZZ`UVc _lX jFQf rSa_QAU`SZ Vll^XYR[ k_ jhQqDf
Qe@ q k[^u e@ q T^f NT DEf JU[[ pWVUcYVWUu TRXWW^^Wf QD E eBBB DHqhf eYV_Yc FDju Gjhf
hGGf PSX^YVUWZYZu n[_sf J^W Ij Be DEEhf ea \VWSkWXc kYbYVVW T OUcR P_U NU[WU >UcUVWU S[XTUZf © DD J p DHDE AUWTU KTWVWU JWWbYZaYWTSu ID p DHqj KXcY[ dSXYpWZU ·[R]]u qq AWW[W LUWVU MRTTY[RXf \S iqf ?kWX^ Jn YXcYcWW^^UUu VUWbYaWXc _U RRXWU ^WYVWl ihQ iEu W[YZ¦YZ \VWSkWXc iEQiHf oRXW OR[U cSWT DIQDFu kllcSWT DFQDEf oRXW rlW`l ± kllcSWT DEf BVcUVYacW DHQIjf A CYSVVWQ XRRXVWWccS XUZSTUVYacWcXcS _Sac IjQIhf VWWccS UkRV_Sac IhQqEf PUZXUZYbRXc jDQ jjf J]WZ ^URk`UVc _lX jDQjjf CUXU`UVVUZ k[YX `UVWcXW_UT jGf CRn aSWcS^ _lX DEQIHf J]WZ PUZXUVVWXXYR[ k_ DEQIIu IGQIEu BZ^Y[WZ VWWccS IIQIEu A XUZSTUVYacWTVWWccS IDQIEu Cl\X^WYVVScQ cSTUZ ^UZXUZ[UWccWRbYZ YbWXclTWXVWWccS IEQjIf PUZXUVVWXcYUcc _SacS^ `k_ IhQqiu nLK aZcSZYR` IFQIHf Ae@ @ Du eTu NT DEu eW[e@ Iu JSBB?>@f c J^W ji Be DHhDf eYVW qDjf
hGEf LR_UTS }QiF LW^UZbY[~u ?XXWUZ K`Y[cf J^W H ¨B DEEhf B_U ± ea [llclVW ObSVp LW^UZbY[ _U [Yb[W^U >W^UZbY[f © II gY[cU BZ][Wb AWVWRXf eVVLVcU iqu \^X \S iFf OJC DGf
oRbYZTUUZ LJ \VWT `W[^UT DiQDEu VllZWZ [YWXc[UUccS[W DEQIIf ec >N IIQ Iqf KcQA >ScU[WUUccW }J^W~ ST _U aSWc IhQjHf eWV_YVW rSa_UZ rYa[XzsVYZ XlcYQ [Wl qiQqhf PWWZcYWXcsZST J]WXXl qhQhhf K[W VWW^^YWbYZ ^UT[f NT DE X^f c J^W Ih BB DHhhf
hGHf LWV_Y[SSXu rURV Kb`U[bf J^W Dq ¨ DEEqf ea cR[^^R[W r[UZX Kb`U[b L_U O]UcU LSSTf BewVcl iIf NY[WTWYXf Qc E ¨BB DHjj
hEif rUcSTl^W }YZc LRZbYZ~u PU[V }PUVVY~ OVp[Ybf ?[WTUccWQ VU E BB DEEhf ea T` PU[V eWVVYaU[b LRZbYZ _U KV`WW[U >\zY[]f © DI p DHhF kWUZSZXSWcSZSkYcc eWVTU PU[SVWZU tU[kYZWRXf \S iqf P _U N Dqu SW^cRc^ DGu eC Ihf oRXW ARSTYcU[ cSWT ihQiGu iHQDiu NW^^YVWZ AUZSTUc DDQDjf JUTWZUZ LYaQ cW kllcSWT iHf rUZ^^WcU[^`XcS VUWZSkkWZRc _lX IFQjif AU`SQ PU[_UVUZ SXU^YkUZ^^W _Sac DEQIqu kll_Sac jiQqif eWV_YVW VWcWZ rWYcWVlZ ^U[cUZSU qiQ ALNP SkYcc DGf KA? aUVW _lXf eWWkR[WZ ^URkkU^UTU[W _U ^W[^^S`UVc _lXf AUZSTUVYacWYZ VWWccSu A kUZ^^W\ab _U AUaUVUWcSXcYZ _SacS^ _lXf Ae@ @LQ JU[[ TUUZ`WV_YV\Xf p F ¨BB DHFjf eYVW DqIHf
hEDf NUZcWVUu KTWV OVY^XUZcY[Wf §D J^W F ¨BB DEEqf ea RRZWXYkklTYXc OVY^XUZcY[W N _U NU[WU ASpWU ÄzY[]f BewVcl iDf ?kWX^ PUZQ XUVVWXcYUcc VYUccY[W^SRVf J]WZ NRXWW^^WQ SkWXc iEQDiu BcUVWUXXU DIQDjf PURkkUQ VYabYZ kUV` DFQDEf KXWWZc\Z\c SSkkYQ [UXXU DjQu ^WWZZWcYcc\ ARST SSkY[UUZ DEQqEf ARST SSkkY[UZ _SacS^ _lX jFQ qhu VURVU_U\ab k_f A Zl\ccYVW_lVWWccS aUVW _lX jDQjGf r[S WZVUZbWUQTWcf c H eB DHFjf eYVW DDFEf
hEIf NU[^^RVUu ORVW >W^SbYTRXf NW^^YVWZ kWc II eBBB
DEEFf ea ^UkkUV PU[V MRXcUp N _U
KbWca ASpWU M[lXzYy^ © DI OU]Sc ·U]Q
TU[ AcYZXc[sTf Q\S ihf ?W^c DDu eC
Dqf CYSVVaUVV c\scWVUXW SX UTUZ iEQDDf A NT a\kScyY^^W\ab UkRVV UXWUT DDQDGu f[ dJ UXWUT DGQIHu UkRV_SaV IhQIHf VSW T_ _U
dV«W« _SacS^ k_ IHQqIf _SacS^ _lX qIQqjf ?\ NUU^WWZcYWXcskUZ^WZ cSWT_ IDQjDu _SaQ
j cS^ k_ jDQjq PURkRZ^WYZ \V kUVSUkRQ X \ab _SacS^ _lX IqQu k_ IHQjGf A NUUVUWXQ cYZ ^YX^WZ `U^\ac_SacS^_lX jDQjhu k_ jhQqIu cSWT_ qIQhif eU^\ac CU[TS _SacS^ _U aZcSZYR` _lX _U k_ IqQjGu _SacS^ k_ jqQjFf A PYX^WZ KVlWZ`U^\ab aUVW k_ qEQhif J]WZ ·WU^SZWXQ XUVUWc _SacS^ _lX jq qIu @WZZYQ^ScW k_ jIQhif rYVUXcU^UU LUkQ XYc aZcSZYR` `k_ qiQhif A CUWbYU^UcXllcWs [UaUXcSZa qqQhif A eU^RRcRX\ac ^YX^RXV aUVW _lX qIQu ?\ AaYVV Oz qDQu ?V_YQ c[UZXkS[c Oz qDQu A NWZY[UUVWsV_\ ?\ qhQf r OR]RXcR^XYZ r dSaUZZY^XYZ VSSXaWZ k_TYXcf A TRWZUWXTRWXcS\ab cUVaSWc jIQqIu A CUWbYU^Uc qqQhif e@ qu AL P Du Ae@ Pu rgJu eTu NT DEu @RScXeµ @ Du @RScX PUU[VY ¨BBB @f elZ[f JU[[ ^W[^^SaWXcS[WUf « D ¨ DHhif
hEjf >\zY[]u gS[WXf eWWkR[W G eB DEEqf ea aS`WZYR` ¥VUYX > _U OZZU AUaU[Sppf © DI OVVW dSaUZZU Ac[sTzY[]f BeWVcl iiu Be¡VVY iiu eLVcU iIf U[T iFu k[S` DIf OkcYY^^U[Wf c IH ¨ DHqIf
hEqf ?VXSZWu KTY[W^f PR[^W_S^W DD BB DEEGf ea [S` ¥U[V MRXcUp ? _U OZZU KVYSZS[U Áa£`WXcf © Di p DHqi kWW[RXWQ_U `SWTSkYcc LUWZY eWVaYVTWZU Al[Tlu BB qD VllZWZ^W[_UXcSZaSWc CS[U AW]ZY KTYVWY JUTTU[X^WsVbf ewVcl iDu dSYZXRRZ ^VUXX V\X \S iqf P Diu N DHu SkWX^ okXUVUZ \VWSkWXc DIu gY[VWWQ ZWXXl DHQIif Jn ^W[_UXcS aU[_SWZ Diu \VWT UTUZ DDu ZkW UXXWXc DHQIDu ZkW UVW^W[_UXcSZaSWc IDQjEu `kW UVW^W[_UXcSZaSWc jEQhif PSR`SVUZ XRST \ac^ SkYcc DIQDhf BclQPU[_UVUZ ^UZXUZSkWXc _Sac DhQDFf PRSkWSZ ^UZXUVUWXSkWXc _U ^URk^W[_UXcS _Sac DFQ DHf nY ^W[_UXcSZ kY[RXc _U _Sac IhQqhf AU`SZ dll^l[W kllcSWT DEQDHu BVcUVYacW IjQIqu O_UZ AUZU jiQjDf A PW[_UXcSXYR[ _SaQ cS^ `_lX jqQjGf A cWYc ^W[_UXcS_YZ XYR[ _SacS^ _lX jhQjGf J]WZ @UcXUXcU_Uc _SacS^ _lX jiQjhf @UcXUXcU_UWZ VWWccS VWWccS`UVWS^ _lX jhQhif eT Iu NT DEu NT jHQqiu AL @ Df JU[[ [UcQ XUXcRXu ^UX`WcU[aUZaSWcSu aYbYVTl`WWZWc _U `UZaU gS[bYURÃQ `WWZWf c Ii eBBB DHGDf rS_Uc IFHIu IHqIu `YVW HFqf
hEhf rYcY[¦sZu CaS[SVpf J^W q eB DEEF ea WZX eWVaYVT r _U
JUZZU JSVTf © ID PUc[W NU[]U[YcU ±nB NlZZWXcsf Q\S iqf Q·B rSV\cY^Z SkWXc iEf >SzYVWZ rYc[SVWZcRSZcW Á\ cY^Z SX kllVV DDQDEf r AWbS[S¯ ARST PUVRXcSQ ^URkkU ?\ cSWT_ DEQIGf A rYc[SVWZQ cRSZcW ?\ NUXRcWZ UkRV_Sac IEQIHf A sV_\ cYabUX K M[sZzVST ?\ cSWT_ jiQ jjf >SzYV AcUZbU[b ?\ WZX jjQ ^RV_YQ cRXSX kllVV jFQu e@ qu eT I eT I ^Uf LcZ jFf JU[[ kRRcU[u p J^W IG ¨BB DHhqf
hEFf @UR[UTS }YZc Aya[SbY[RX~u LUR[W OR]RXcf ARSZYZ_S^W q
¨B DEEhf ea [S` JYZ[W^ Kb`U[b @ _U
OZZU JYVYZU rU£`UVYZf © DH NU[ccU KVWZU OaV[Scaf \S iqf CYSV Y[ScRc^ Diu `Wa kUk Diu kUXccRc^ Dhf LYkkl`W[Q [UZ BB ^UkkUV DHf BXSZ^\[sZ ^UkkUV IFQ hDu ^a[U hDQ hEf BXSZ^\[sZ ^YX^W^ [Yac _U RX^ SkYcc IEQhDf BXSZ^\[lZ ^ScWXYRQ cR\ab XWac jjQhEf NT jHQqiu NT J _JJP qDQqhf Ae@ @LQ PUkcf X^ ^YZcclkUkQ kWf JU[[ ^ScWXYRcRc\su kRRcU[aUZaSWQ cSf « Dj eB DHFhf eYV_Yc FIhu DDihu DDEif
hEGf Aya¯WZbcu rUU`S dSaUZZYXf @lWXlVl Dq ¨ DEEhf ea C rYccY[ CaYSbS[ A _U gVYZbU ¥U_UZbY[f © Dq p DHqi OWZU AcS[y^u hH p DHFD KVVW KVWXUzYc dRXVYZf KWcl HGf >\^\WXWZ dUVUX_l[`YVVlf c Iq ¨ DHFEf eYVW FGif
hEEf eUVcSZYZu dSaUZZYX ObSVpf JlTYYZVWZZUZ TUUX[^ IE ¨B DEEhf ea [^T PRXcUU ObSVp e _U NU[WU KVWXUzYc M[YRXf © Dj L\\VW LWZZUf \S iFf ?kWX^ Jn VU^WUf J]WZ kSVWWXWVUWc YcXW`lZ SX ^RRVRXcYVW_U DIQDjf rS[WZ kSVWWXWVUWc YcXW`l^STWXQ XUU[W DqQDEf CS[ZWSZ ^URk ^RZZUVVWX[UUcWT DHf OO CS[ZWSXXU DHQIEf NT DEf p CS[ZWS I eBB DHIEf eYV_Yc hjqu DiDHu IDjhf
hEHf eUU[UZcURX }YZc eUXYZWRX~u ARVS eY[ZY[f J^W I BB DEEhf ea kU^^UTYXc @SzY[c e _U [Yb[W^U dR`Uf \S iqf eWa kUkW^XW iEu kUXccRc^ DDu P Dhu N DGf nVWT kUkkWZU iEQDjf CRRXRVUZ ^UkkUV DqQIjf eWVkkRVUZ ^a[U IqQIEu CRRQ XRVUZ IEQhhf PUZXUZSkWXc RX^ SkYcc DhQDFf CRRXRVUZ ^RZcUQ ^S^SR^XYZ k_ DGQDEu ^RZZ`UVc jqQjFu ^UZcU^W[_UXcS jqQhhu ^UZXU^ _SacS^ DqQIju jGQqjf dS^YVUZ @R^SRXaRSZY\ab k_u PScWZWYTYZ ^UX`UcRXVUWc _SacS^ IhQIEf @S`UXcW jhf JU[[ VR^YTWZYZf p J^W Dj B DHFqf
hHif eRS[YZTUU }YZc tWzY[]~u O[`S LUR[W eWVaSf J^W Dh ¨V DEEhf ea XRRcU[W PU[V MRXcUp tWzY[] _U KbVU NU[WU >RTQ zY[]f © DD OZZU OVWZU ARZbXc[sTf BewVcl iif J]WZ c^ _U CYyaZWyRT Ac[YVWc¦f PYX^RXVlTksWZXcRc^ DDf ?\ JRzY[WZ kUV` iqQDFu MSccp[WYb Ac[sTzY[]WZ DFQDEu eUUXUZ @URcUzYQ cSZW ?\ DEQIiu eUUXUZ ^URk IjQIhu eUUXUZ CWYQ_U `YXW[U^ IhQjIf @URcU^URkkU CY[lX ?\ `YXW_SacSQSX aSWc jIQ YVl^Q ^YYVVYf eUUXUZ cY^Z ^SRV cSkYccf c eUUXU jD e DHFjf eYV_Yc DGDu IhIf
DEHG
hHDf @UZ^^U }YZc P[UZ^~u oZS O[TUXf CUTkY[Y DH eWVW ´VW [Sf ObSVV P[UZ^ _U ASpWU P[WXcWZU JYbXc[sTf © Dj JY[ccU AUVVWQ ZYZf eLVVYu \S iif O[^^ rSV\cY^Z SkWXc ihf @U^aUVV \VWT U[^^ ihQiFu PRSkWSZ kWW[WZ `c VllZWZU[^^ iFQiEu NW^^YVWZ iEQiHu NW^^YVWZ VllZWZU[^^ DDQIqu RRbWX[U^csWbYZ _Sac rY[ccRVUXXU DiQDDu oRbYZTUUZ kWW[WU[^^ IqQqEf A eUkUU ^UcSVWZYZ ^W[^^S J]WZ X[^ kUXc TTT qhfhj CySXSpWZyZ XYR[ k_f O[^UbWUZ \acV\X _SacS^ k_f Ae@ @LQ JU[[ TRXWW^^Wf p IF ¨B DHhjf
hHIf PUWVU }YZc dSaUZXXSZ~u OU[ZYf J^W DF VWW DEEIf ea U[^^WkWWXkU MRXcUp dSaUZXXSZ _U ASpWY KTYVWY g_s[^TUZf ewVVYu eWaWcl HHu CR[RZ XRST ^VV\X \S iDf CYSV Y[ScRc^ iFf OVU_l[`YZ ^a[UZ UkRVf p J^W h ¨ DHiFf eYVW hHhf
hHjf `SZ JY[c¦YZu PUU[VSf LRRTl^W F Be DEEIf ea ^UkkUV PU[V ` J _U OVY^XUZb[U O]UcaU AUVSZWRXf © B DFQ VS[YZyY ÁXcY[¯UVbu BB IIQ BbU rYXRf oVWVVYu eLVcU iIf eWWkR[WZ TY[W^SRV cRc^f NY[WVVl _U oAOWXXUf QIDf ?TWXcW PW`WXUU[YZ cWVUZ LRRTlYVVlf p DHqFf eYVW FHhf
FiGf BZ]TUZu PU[V MRXcUpf eUUXU Di eBBB DEEFf ea ^WaVU^Q cRST KVWYV B_U OTUZbU K`YVWZU tYXcY[Xc[UZbf © Dh PR`? SkYcc BZ][Wb >\XcYZf VVLVcU iiu d\`lX^\VlZ [YUUVWV\X \S iGf ALNP SkkWTll[l iFu NJ DIu JlTsXUZbWZ TYcXlQ_U XUaUQ ^SRV ^R[XXW DIf NYcXlaUVV ^SZbR^css[W DIQDjf rSa_QPU[_UVUZ T`X NJS^SZXRVYZccW DjQDEf ?\ @ t JSppXc[sTWZ TYcXlcXcS DEQIIf A rRRcU`U[U`WYZcW ?\ IIQIqf K KVp`WZ]WZ cYacUUc XUaUZaSWc IqQIGf NYcXlcUV OW^U^URX^W[_U cSWT IEQjEf PYXQ ^RXTYcXlXYR[ CUkWS jEQjHf e@ kSVccSUWZYcXcS qiQqFf n^XWQ c\WXcl kRRcU`U[UZ`WYZcWl qFQFjf dSYZXRRZ ^URk TYcXlVURcU^ DqQDEf NJ Tll[llTl _l^lVlZ `WYZZWZ cU[^ jDQFju kRSVR^UZ `WYZZWZ cU[^ jqQFjf nSQ\ab NYcXlTWYaYc kY[RXcU_WUf p J^W ji eBBB DHFjf eYVW FiEf
FiEf BZ]TUZu @SzY[c MRXcUpf eUUXU ID ¨B DEEGf ea ^WaVU^Q cRST KVWYV B _U OTUZbU K`YVWZU tYXcY[Xc[UZbf © ID NUWcU KVWXUzYca OkkYVzY[]f VVLVcU iiu C[YYZ @YUUVWV\X \S iFf ?W^c Diu eC Djf CR[RZ J? \VWT `W[^UT DjQDqf AYZUUcWZ \VWT ^SkWXcW Dqf PP? ZSc DEQIDu ZkW SW^XWac IDQjiu `kW SW^XWac jiQqFu ^UZXVWUkllVV qFQ PURkkUQ _U cYSVVaUVV UkRVXWac DqQIjf J]WZ @? [W^SXUXWUWZZSc IEQjEf AL Pu ¨Lf JU[[ VURVRf c Ii eBB DHGIf eYVW FiGf
FiHf AUU[cS }Qjh dSZUXXSZ~u g[RZS eUVbYTU[f J^W IG D DEEhf ea U_R[W dSZUX dSZUXXSZ _U MRXcU`U JYZ[W^U LWZbpS[Xf © iE KVWZ NU[WU >\VUZbY[f KWcl HEf ORcSZ^RV_Ycc J]WXXlf p IF Be DHFFf
FDif PU[_UVUWZYZu KVWX tWVaYVTf J^W H Be DEEFf ea [^T JYTTWZ] P _U KbVU NU[WU Ac[UZbf © DH TY[^SZ C\\ZY OR]RXcU dlZccWf eLVcU iju \^XWc eBBB ^R[XXW iHf @URcUcWYQ `W[^UT iqQiHu DqQDGf NUUcWVUZ _U ^W`WVSRaWTSZ WXlZZ iHQDqf oRXW ARSTYcU[ UXWUTWYXkllVV DGQDHf @URcUcWY^W[_U^URkkU ?\ eWWkR[WZ ^SZcc _Sac DHQIqu T\\ZcWSX _Sac IhQIEu VYacWSX _Sac IHQhqf ARVUXSVW XWac IhQIFu aUVW _lX IjQhFu _SacS^ k_ IFQhFf PUW_UVUZ LURVR k_ DHQIIu jGQqqf LURVRQNWYaYc IFQqif AL @ Du NT DEf eYV_Yc IIGu hIqu FHEu DjDGf
FDDf PUR^S`UU[U }YZc PU[VXXSZ~u ?ccS JYXY^WYVf J^W Di Be DEEFf ea TRR[U[W PUU[VY dSaUZ PU[VXQ XSZ _U OZZU LS`WXU LYkSVUacWf © DH p DHFh BbU KTWVWU tUaVXc[sTf \S ihf N?P Diu eC Dju LUL qEf rUWTYZ © JSVTUZ OOcXcSXXU DjQDqf ?TU OOcXcS J]WXXl DqQu p DH B DHGIf
FDIf OaU`U }YZc P_YVVzY[]~u PU[V oZSf § J^W DE BB DEEGf ea ^URkk PU[V @YWZaSVb P_YVVzY[] _U @SXU dSXYpWZU A_szVSTf © IE MRZaWVb tUVzS[] PU[XcYZf Q\S iFf QLP DDu LL DFu XWXlQ cURc Y[W^Vll^ DHf J]WZ \V XUW[ B XWXlcURc SX UkRVVll^ DGQIif J]WZ ^URk cY[`Y\bYZaSWbSZcU[^ IiQIDf PW`YVlZ XUW[ XWXlcURc SX UkRVVll^ IDQjIu UVWVll^ jIQhqu `c \VWVll^ Y[W SccYWXXU IjQqFf A ^URkVll^\ab XWac IIQqif AWXlcURcWVll^\ab [Uaa jhQf e@ j k[^u e@ qf p q ¨BB DHhEf eYVW Fhhf
FDjf P_lVbXc[sTu NU[cWZf J^W j BB DEEGf ea ^a[U LU[X ?X^U[ P _U KVWZ ` @YaURXYZf © Dj MY[bU NU[WU dYTXc[sTf ewVcl iDu rS[`SSZ [RScX ^VV\X \S ihf CYSV UV^RcRc^ iGu P Dqf ?kYcc rS[`SSXXU DIQDqf J?r `W[^u KTWXXWS ?\ ^UT[ DqQDGf eU[^URbYZ cYac ^W[_UZkWcSQSX kllVV DGQDEf eUVUZcYaZ\c ^WYQ VYZ^llZ¢f nVWSkkWVUX^RZZ aUVW _lXf o[aXYR[ KVS k_ DGQDEf AR[Q TUccR eU[^URbYXXU BB DHDEf eYV_Yc hGFu Gjhf
FDqf LUU^XSZYZu O[`Sf J^W IH Be DEEFf ea ^SZbR^css[W MRXcUp eWVaYVT L_U JYZ[W^U AZYVVTUZf © Fj @Y]WZU PUTU[Wf \S ihf OJC Dhf eWWkR[WZ LJ \VWT VllZWZ^UZXVWXcW iFQDIf NW^^YVWZ LJ VllZWZ^UZXVWXcW DF DGf dR`UZ kWW[WZ `c >N DFQ DGf LU`UZXUU[YZ _U AYWX^U[WZ RV^SXUU[WYZ kWW[WZ >N DGQIhu PRSVYTU_l[`YZ IhQjIf NT DE [X^f p >UUZcUVW IE B¨ DHFqf
FDhf tYZZl^SX^W }Qiq LWZbpS[X~u NUÃ OVzWZRXf J^W Dj ¨BB DEEqf ea JYcU LS`WWXU tf © DI PUc[W MUZ¦S¯f Q\S ihf Q?W^c _U nJC DDu eC Djf @UUaYZ AUZSTUc kY[RXcU_WU _U kllQ cSWT iFQiGf P?r `W[^ iGQiHu DDu @WWaWQ TlYZ ^SZcc YXWT DhQIEf LRSccSQrUZ^^W ?\ kll_Sac _U T\sa P?r ^SZcc LRSccSQ rUZ^WZ _Sac IHQ jhf JlTYYZ LJ \VWT YXWcc DIQDjf OO J]WXXl DjQDhf PC@ j _U PLr I XScUcRST DHQIqf JURX_l[`YZ ^RZZ`UVc _U aSVaSRXVURcU^ _lXf @WWaWQ TlYZ `UVcRRXcSZ aUVW _U aSVaSRXVURcU^ k_u `U[UYXWT _U _lXf @WWaWTlYZ PW[_UkUWZS ?\ kY[RXcU_WU _U _SacS^ k_ IiQjhf ?VVRc kY[RXcUTUXXU RX cYSVVUWcS^XWU _U \acWsWclf oX \acWsWbYZ _SacS^ _lX cUW k_f N` JURX_l[`YZ >\[\Z cWVUVVUf p J^W h ¨ DHjhf C\ccl[YZkS_Uc FiHiu FDHGu c\ccl[YZc\ccl[YZc\cl[ HIIEf
FDFf LUR^XWS }Qjh LWZb[SSX~u KVWUX dUVTU[Wf J^W IH eB DEEFf ea ^URkk KVWUX eW^cS[ LWZb[SSX _U OTUZbU JYZ[W^XQ XSZf © DG OWZS KVWXUzYc CaR[YZf BewVcl iIu J]WZ XRST [YUVWQ V\X \^X eBBB Dif LUabYZ ^URkkUSkWXc \^X qjf @URcUcYWbYZ aU[_SWZ iqu Xla^sccl_l DjQDEu BB ^W[_R[W DEQ jqu ^W[_UZkWc jqQ qEu BB cU[^^UU_U qEQhjf p DI ¨ DHGif
FDGf NUVTzY[]u PU[V dSaUZ @UWZY[f J^W DH B¨ DEEFf ea kSVWWXW^STWXXUU[W [ KVWYV N _U @SXU ObYVUWbY JlZZWZYZf BLVcU HEu rS[WZ V\X \S ihf ?kWX^ Jn ihQiFf rUZ^^W`W[^f p AS[cU`UVU Iq BB DHDDf
FDEf NYR[TUZu PUU[VS n[_s O]UcaSZf BVTU_S^W DG B DEEEf ea kWW[WVll^ ?ccS N _U OWZU B]ZUcWRXf © DE KbWc AW][Wb OZbY[XXSZf \S ihf LP iHu LL Dqu LPC DHu ^S[`UQu ZYZlQ_U ^R[^^RcURc Y[W^Vll^f J]WZ bWU^SZWXXUVUWc ^W[ SX UkRVVll^ DqQ DFf Jn ScWUc[WXYZ ^VWZ UkRVSkYcc DHQIEu ^S[`UQu ZYZlQ_U ^R[^Q ^RcUcWSkWZ bSX IqQjDu \VWT k[Sp jDQ qju `U[XWZUWZYZ k[Sp qjQ hGf J]WZ \V XUW[ ^S[`UQu ZYZlQ_U ^R[^^RcURcWSX UkRVVll^ DFQ DHu \VWVll^ jD QhGu BB SX[\aTlZ _Sac jhQqiu eBB SX[\aTlZ hD hGf ARST CWYbYU^Uc _lX hif A JRSZS^RRVSWXcYZ aRSVcSVWWccS k_ jFQqiu ?cSVU[\Z]SVS]W\ab jIQhif Ae@ Pu e@ j k[^u e@ q T^u NT DEu Ar@ k[ UTu LPC aY CRn hhf JU[[ ^WYVYcf c Dq e DHFif eYV_Yc GqDu HIFu IIhjf
FDHf NW^^SVU }QiF NWYaYVXXSZ~u PU[V KTWVf J^W Iq e DEEhf ea TRR[U[W PU[V JYZ[W^ NWYaYVXXSZ _U eWVaYVTWZU gVSTQ £`WXcf VVLVcU iif CSWTWZRc VUcS_UZU XY^l ^URkkWUUZUf o[aYWVRTUWXcY[W iFf c J^W IG ¨ DHjif
FIif >RTTYVWZu elWZs O[TUXf J^W D ¨BB DEEhf ea kRRXYkQ kl dSXYp tWVaYVT > _U K`U dSXYpWZU gUy^TUZf © iH p DHjF L\bWU AWVUZbY[u jGQ OVTU ¥YyWVWU tYy^Xc[sTf ewVcl ijf J]WZ cYSVV ^SRV ^SZYSX ^R[XXW iGf Ala^sWZX ID CY^Z Vl[S`Y[^Ycf rRSVVUWc [UbWSc\skU_U cY^Z _Sac DEQIqu ¾WccWZ] © ¥S c\skU_UVVU IqQIFu ?\ C[UZXpS[TUcS[ Oz IFQjjf CTW Ala^sTRRZcU_U STWXc jjQu p Iq ¨BB DHqDf eYV_Yc qEFu DDGif
FIDf rYVcSZYZu n[_s KWZU[Wf J^W DI¨DD DEEhf eacUVSZSTWXc dSSZUX r_U BbU OVY^XUZb[U nW_lVlf \S iFf ?kWX^ Jnf PUbP RkXcRc^ Iif J]WZ ^STYZbUZcWZ`XcS Ub_ DEQII `kW Ub_ IIQIGf ARSTYZVWZZUZ ^STYZbUZQ cWZ`XcS IGQIEf PUbP cUVSRXkllVV IEQjhf N\saYTTWZ kUZ^WZ_f J]WZ `U[RX^RZQ ZUZ aRSZYWXcSVURcU^ k_ IGQIEf J? [Uaaf eW[SZ O`RXcUTWXYZ rllcSWTW^ ^UZXVWU kllVV DEQDHf Ae@ @u eT Iu NT DE X^u @RScXNµ Du eW[e@ D|Iu eW[NTu LUc`PC@ RkXu >r?@ @LQ @YX`lZ[ DEu `lZ[ Iiu oZ Iiu ^UkW Iju TU_ jhf p Dj ¨B DHFif eYVW FIIf
FIIf rYVcSZYZu tUVbYTU[ dSSZUXf J^W DI ¨BB DEEhf ea
cUVSZSTWXc dSSZUX r _U BbU OVY^XUZb[U nW_lVlf © Iq NU[£RY[WcY MWS`UZZYcc\f \S iFf nJC DIf AYZUUcWZ TUUcUVSRXQ
cSWTW^ \VWT `W[^UT DIQDjf PRSkWSZ
LJ ^W[_UZkWc DjQDhf PJ UkR^UT[ DhQ IDu eN IDQIjf ?rN aUVVXWac IjQIGf
CJ cWVWSX SXkllVVu cRVVWZYR` IGQhjf MYSQ
bYYccWXYZ VUWc XWac IhQIGf Ae@ Pu
@RScXrµ Pf pj? eBB DHFIf eYVW FIDf
FIjf rlW`l[WZcUu dUU^^S BVTU[Wf NW^^YVW Dh eBB DEEGf ea
[S` dUU^^S JUZZWYV r _U AW][Wb OR]RXcU
¥YbY[zY[]f © Dj p DHDq OZZU KVWZU
Ac[sTzly^u BB Ii c DHID LC? KVXU
OVY^XUZb[U Jl\[\ZYZu DDD XSXWUUVWaRSVc
JWV_U B[_U KVWXU CUTTWZYZf eVLVcl iqu
\^XWc \S iFf P Dhf PYX^WQA ^UZXUZ
SkWXc `c _Sac DiQDDf P[WXcWWZUZ XRST \ac^ `c SkYcc DjQDqf B^UUVWXcYZ \ac^ `c _Sac Dhf PSW`RVUZ ^UX`UcRXVUWc SkYcc DGQDEf eWWkR[WZ ^URk ^s\alWZaSWcSVURQ
cU^ VUXcYZXRS_YVRSX XWac DHu VURcU^ cSWT_ IiQIhf eWWkR[WZ ^URk VUXcYZXRS_YVRc\sZ _Sac IhQIFf DDD kWW[WZ ^s\alWZaSWbSZ kWW[WcU[^ IFQjGu aRSVcScSWTYZ }XSXWUUVWaRSVVSZ~ kWW[WcU[^ jGQ hDf eXX UT D X^u NT jHQqiu Ae@ @f p Dq eB DHGhf eYV_Yc hFqu GFju EhIf
FIqf @WZZY }YZc K[W^XXSZ~u dSaUZZYXf J^W Iq eB DEEFf ea c\sZ_Sac eW^cS[ @ _U OWY^XWWZU KVWUUZc\cl[f © Dq p FI NU[WQ UZZU OTkR_Uf \S iFf ?kWX^ rSV\cY^Z SkWXcf BZX oAOwXXU iHQu nab\X`UVcUWZ ^UZXUVUWZYZf c D B DHGGf eYVW hGDf
FIhf @UR[UTS }YZc Aya[SbY[RX~u OU[ZY JYZ[W^f ARSZYZ_S^W Ij BB DEEGf ea [S` JYZ[W^ Kb`U[b @ _U OZZU JYVYZU rU£`UQ VYZf © DH ?V]U [Yb[W^U rWW[SZYZf \S ihf P _U N Dqf CSW_UVUZ \ac^ TUcYT _U VRSZZSZSkWZ SkYcc DqQIIf PUVVWSZ \ac^ IIQqiu RX ^Y[cS_U `c [Yacf O^UUZ ^RZZ _U X[^ cWVWZcU[^f c Dq ¨BB DHqif eYV_Yc hEFu DDihu DDEif
FIFf NRXcU^UVVWS }YZc Aya¯U[c¦zY[]~u PUU[VS PURZSf J^W D j eB DEEhf ea UXYTUkllVV PU[V Aya¯U[czY[] _U JYVYZU PUc[WZU NUVWZYZf © JWV_U dSaUZZU NRXcU^UVVWSf VVLVcU iif ?kWX^ ^URkkU^SRVf CUTkY[YYZ cYUccY[WZ Zl\ccYVW_l D `RSbYZf e@u ?_U_l[`YZ UXYTUZ Xla^sccf c ?_U_l[`W DI Be DHDif
FIGf ORVS }YZc AY`SZ~u ?ZZW tUVbYTU[f J^W Dj B DEEG ea VllZWZTUUZTWcc^SZcc XWac dSaUZ [Yb[W^ AY`SZ _U NUcWVbU AWkWVlf © DH KVVYZ gY[caU CSzSZf VWWcl HEu J]WZ XRST [YUUQ VWV\X \S iEf Q·B CPP Dhf mlZY^SX^W Oz UkRVWZX DGQDHu BZ^YQ [SWXcYZ cYac DHQIiu KZXS Oz XRVpWWccWcYac IiQIIf KZXSQMRc¦YWc ?\ ^U[cSZ^WQ_U kUkY[WcYac cY^Z _Sac IIQqiu eUVVWVUZ cYacUWbYZ qiQqFf NW[^U ?\ cSWT_ qjQhDf AScY`U cYabUXXRRZZWccSX kllVV qFf elZ[ DEf eYVW hHFf
FIEf CURVY[W }YZc CURVY[~u JYW^^Wf CUTkY[Y Di B¨ DEEFf ea
^WaVU^cRST JYZ[W^ MRXcUp CURVY[ _U >UcUVWU PU[SVWZU @WXXUZYZf © DD OWZS ASpWU gY[]Xc[sTf \S ihf ?W^c Diu eC DIf OO LUabYXXU DiQDEf CR[RZ J?
^UZXVWXcW DHu [YWXc[UUccS[W DHu ZSc DHf J]WZ @? ZkW ?W^>T IGQjDu `kW jDQqFf PP? ZSc IDQ IGu ?W^> qFQqGf J]WZ
SW^YRXkS[T qGQhFf LUWZ`UVTWXcYVR^ `kW _lX jHQqhu qFf eUZ^WVUSW^ `k_ jIQ qhu k_ qFQhqf AScUcRST IhQjHf LUabYZ
^URk`UVc _lXf e@ ju e@ qu AL P Du Ae@ Pu NT DEu NT jHQqiu @RScXrµ Pf LcZ qqf p J^W Dj ¨B DHFqf eYVW FIHf
FIHf CURVY[W }YZc CURVY[~u eYW^^Sf B CUTkY[Y Di B¨ DEEFf ea ^WaVU^cRST JYZ[W^ MRXcUp CURVY[ _U >UcUVWU PU[SVWZU @WXXUZYZf © ID ASVQ `YW] LYUZbY[f \S ihf ?W^c Diu eC Djf AYZUUcWZ \VWT ^SkWXcW DiQDIf LUTTWZ _U PSX^YZ >N DIQDqf JYWZSVUZ kS[T DqQDEf CR[RZ J? ^UZXVWXcW DHu U^cRUU[W Iiu ZSc IiQIEu `WX^ IEQjiu XWac jiQjDu UXYXX jhQjHu J?> jHQqIf J]WZ @? ZkW ?W^>T jDQjhf p Di ¨ DHqIf eYVW FIEf
Fjif CW[`Uu CSW`Sf LUTTWZ^SX^W Di ¨B DEEhf ea ^UZXU^S KVWUX C _U NU[WU OR]RXcU KYTYVWf eLVcU ijf p eUV^YUVU I eBBB DHiFf eYVW DiDhf
FjDf eWWcUu eWVaS o[aSf J^W j DDD DEEG ea [llclWW eWVaS e _U aaazTTTazz OTUZbU PW`WXcsf © iH AUWTW NU[WU PUX^Wf \S iFf P?r `W[^UT iGQDGu PUVVWSZ ^SZcc YXWT DGQIif LRSccSQ rUZ^^W ?\ _SacS^ _lX IiQIjf LWW^YTu RX VWW^^YWbYZ _Sac IjQf PURk `Y[ScRX`UVQ TWXcYVR`XcS cU[^f QjEf p Ij DDD DHjEf eYV_Yc DDDGu DIiiu kS_Uc jiFIu jjIif
DEHE
FjIf eYXYVSppu rWYcU[Wf JlTYYZVWZZU I ¨ DEGHf ea ^URkk OVY^XUZcY[W e _U OTUZbU PUU[VSZc\cl[f eLVVYu eVLVcl iif cRVcRZU DHijf
Fjjf PY[^^SZYZu n[_s PRXcUUf dUZU^^UVU IH eBB DEEIf ea [RXcaSVVU[W JYW^^W P_U LUa_U JYW^^WVlf © Dj C\\ZY PUcU[WZU AY`SZf e¡VVYu \S iIf CWVUZSTWXcu kUZ^WZ_f QD dUZU^^UVU Dj ¨BB DHjif
Fjqf rlVXWu AU^U[W LYTTWcc\f LSkkW H eBB DEEI ea cUVSVV dSSXYkkW r _U BbU NUcWVbU JlVVpS[Xf oVWVVYu eLVcU iDu J]WZ RRXW \ac^ \S ijf P iEu L DGu C jFf PUZXUVVWXTRXYSZ kUV` iHQu UTUZ IiQjju WZcYZb jjQjEu SX_Sac jEQqFf CRc^WQ TRXTUc^S_U NSZ]SVWUUZ iHQDiu PSWVVWXQAWkY[WUUZ DGQDHu PUZUbUUZ _U gUV^UZWVVYf dRV^ VR^RWXWU cWYc cYS^XWUu TUc^U^W[Q _S_U _U [STUUZY_Uf r[Sp FI p II Be DHFhf
Fjhf LYkklUaS }YZc OaVXcYbc~u PRXcUU dUVTU[Wf r\al_l[`W oB H eB DEEjf ea T` dRaS PRXcUU OaVXcYbc _U JWVbU eWVaYVTWZUf © iG KVVW OTUZbU JU^UVUf BLBVYu eVLVcl iqf ALNPf rUkYQ [WUVUZ VWW^YT iFf QIDu kRRcU`U[UQUVUZ IDQf p J^W E B¨ DHqIf
FjFf Up JlVVXc[sTu MRXcUp KV_UXf eWacW DE DDD DEEG ea N MRXcUp KTWV Up J _U OZZU KVWXUzYc LWVWRXf © DF LWZbU OTUVWU R^Xf BLBVYu \S ihf Q P Dif U][ DDf ORccSW WXllZXl ?V^^UVUZ _U PSR[VUZ cWVS_YZ aSWbSXXUf AR[TUccR eWabWXXl jD B DHDEf eYVW GGFf
FjGf rY[^WsZS_U }YZc AyasZzY[]~u n[_s dSaUZZYXf CSaSVUTQ kW IG eBB DEEFf ea [S` dSaUZZYX AyasZzY[] _U >UWTU dSXYpWQ ZU JYVV][YZf © Dq KY`U NU[WU KVWXUzYca rR[XWUWZYZf BLBVYu BewVcl iDu CUTkY[YYZ XRST V\X \S ihf P _U N Dju NJQ cRc^ DGf K[W cU[^UXcRXkWW[WYZ U`RXc ?RVRZ VllZWZ cUVSRXXYR[ TYcXl^SZXRVYZccWf c DG ¨B DHDEf
FjEf ARZb`UVVu n[_s PRXcUUf LUkkW CV DH B¨ DEEqf ea kUXc
MRXcUp Kb`U[b A _U OTUZbU ASpWU AUQ
VWZf © DE cUVSRXSkYcc PUWXU AW`Wl LlaYQ
ZYZf BLVVYu \S ihf LP Dj }CR^aSVQ
TU~u LL Iif ASTY[SZ ^RZZVll^ DEQIGf
CUTkY[YYZ ^RV^RcURcWXUW[ Vll^ IGQf
CUTkY[YYZ Vll^XYR[ k_ jjQjqf A^QVll^
IjQqif A^ UT[f QA^QVll^RkXf JU[[ ^UVUXcRXf c @RS`YXW ji DDD DHqqf
FjHf ÄVUZbY[u dSaUZZYX OR]RXcf J^W DH e DEEh ea [llclVWQ
TYXc [Yb[W^ O_U [Yb[W^U MRXcU`U LWZbTUZf © DD L\bWU OVY^XUZb[U K^VRZbf BLVVYu VVLVcU iIf CRVVW`U[cW_U J]WXXlf c I B¨ DHFFf
Fqif OaVUu KWZS dSaUZZYXf J^W Dq B¨ DEEEf ea \VW_RZUWVW_U dY[YTWUX O _U OR[S[U NU[WU PYWXU[Wf © DI LYTkW NU[WU KX^SVUf \S iFf ?W^c _U nJC Diu eC DIu N?P DGf eUVcWSQ
^SZcc ZSc DDQDqf AYZUUcWZ ^UZXVWXcW DqQ DGf ekW aUVVXWac DGQIIf KbRX^ XWac DEQ IEf OkRV?P IHQjjf PJ? aZcSZYR` jjQhGu k[YX hGQhEu ^W[^SVVWX^S^YbRXc qDQhjf KbRX^ VU^WQ _U cUVSRX`UVWS^ XWac DGQDEf r[YX `UVWcXW_UT XWac Ihf PWYVWQ cRc^VURcU^ UkR_lX IjQIFu _lX IFQFDf
J]WZ XRST Ak WXlZZWXc _lX IhQhGu `k_ jFQqEu k_ qHQhGf J]WZ Y`VRc X[^ ^W[^^S`UVc _lX IqQjhu ^W[^^SaZcS^ _lX jhQjGu k_ jEQ qGf LUU_YZZYcRZ kWWXkUWZ^S^ _lX qqQf A ^W[^SZ X[^c\sZ ^YXQ ^RXVWWccS dSacS^ `k_ qEQu X[^SkWXc XllcWs `UVcRRX^ `k_ qFQhEf A LU^WTWYX\ab `k_ jEQqhf A `UZ^YRX\ab aUVW k_ jjQhDf J^WQ XYR[ `UVcRRX^ _lX jqQhqf A ^W[_UVVWXRRbYZ YbWXclTWX`U[S_YZ `UVcRRX^ _lX jFQu XYZ [UaUXcSZ hqQhFf PW[_UWVW_Uf AL XRR[[u Ae@ P Du ¨Lu CC aY hh Jnf p J^W IF eBB DHFDf eYV_Yc FEhu EEDu kSW^U IGGif
FqDf OVSZYZu O^XYV OVVUZf ³CR[^R q ¨B DEEhf ea ^URkk ?X^U[W O_U K`U M[sZpS[Xf ©Dj L\\VW rY^^Wf Q\S iFf ?W^c Diu eC Djf Pl^WXUVTYZ _U PUR^SVUZ >N Djf OO Pl^WXUVTYXQ XU DjQIFf Pl^WXUVTYZ ^URk`UVc _lX DqQDFu DHQIFf QD Pl^WXUVQ TW I ¨B DHIFf eYV_Yc DiqHu Djqqu DqFh gf
FqIf OZbY[XXSZu dSaUZ JU[UVbf J^W Ih B¨ DEEGf ea [RWX^RQ TYXc dSaUZ eW^cS[ O _U NU[WU MRXcU`U JYVWZf KWcl HHf
Fqjf Oa[YZzY[] }Qiq OZbY[XXSZ~u PU[V OR]RXc @U]ZU[f J^W E ¨ DEEGf ea cUVSZSTWXc OR]RXc eW^cS[ O_U OTUZbU PU[SQ VWZU rWaVXc[sTf © DD ?V]U OTUVWU Oz[UaUTXSZf ewVcl iqu J]WZ XRST \ac^ eLVcU iFf @URcUcWY`W[^ iEQDqf rS[`SSZ kSVWWXWVUWc XWac DqQIIf LYWkSTSUVUVVU ^SZccS[WkllVf rWW[WcU[^f c DF e DHqGf eYV_Yc DiqGu Djqjf
Fqqf g_s[^u rURV dSaUZZYXf J^W Ii eB DEEEf ea [^T rURV PSZXcUZcWZ g _U AYVTU eWVaYVTWZU >\aSVTf © Dq ·S[U NUcWVbU M[WWTTY[f \S iHf J]WZ ^URk [UaUcXcS \VWT UkRV DIQDFu \VWT ^URk^W[_UZkWc DFQDEu ZkW ^URk^W[_UZkWc DEu `kW ^URk^WW_UZkWc DHu UkRV^UT[ IiQIDu P^UT[ IIQqEf A [^TVWWccS BB XWac DEf NT jHQqif p Dq eB DHhif eYV_Yc GFEu EEhf
Fqhf PUW[U }QiF gSbXc[sT~u PUU[VS PRXcUUf JUVW^^S DH ¨BB DEEFf ea cWVUZSTWXc K[W^ MRXcUp gSbXc[sT _U OVTU ¥aU[VSccU ` Aya[S¯Yf ©Dj ?V]U NU[WU AWTSVWZf Q\S iFf Q P iEu N Diu N?P Dju N?C jIu eC Dhf P?r _SacS^ XWac DhQDGf Ak PYX^RXkUZ^^W cSWT_ DGQDHu aZcSZYR` k_ IGQqhf ARST Ak aUVW k_ IGQhFf Jn ^UZXUWZ`lVWXYZ SW^ bSX jju `UVcWSXllZcsSW^ k[Sp jjQqqu `UVcWSXllZcsSW^ _U ^UZXUWZ`lVWXYZ SW^ k[Sp qqQhhf PW[^^SaUZ _lX qqQhHf ARST LU^WTWYX\ab k_ jqQqFu ^RZZWUQ _lX qEf A LU^WTWYXVWWccS k_ qFQFqu ^RZZWU_lX Fjf eY[SZTU^XUQ _UWZ PYX^RXVWWccS k_ hqQFhf JYZ^WXYZ c\sZ ^YX^RXVWWccS aUVW _lX qqQqEf O^U`UZ aUVW _lX hiQhju ^RZZWUk_ hEf e@ I ^Uu Ae@ P Du AL P D [c^u Y[W \ab ^RVc UT[u PP ¨L UT[f JU[[ TYcQ XlXc\Xu ^UVUXcRXf p I eBB DHFFf eYVW FEEf
FqFf m\[lkll }Qji KR[SkUYRX~u OU[ZY KVWUXf ocU_l[`W ID ¨ DEEGf ea VllZWZU][ OZbY[X CaYSbS[ KR[SkUYRX _U P[WXcWZU ASpWU @WW^SZYZf © DG e? JUZZU Pllklf \S iFf P DIu N Dqu L jju C jGf NRWZUWXcWYc cSWTW^ \VWT UTUZ Dhu UTUZ IiQjIu WZQ cYZb jjQjEu YXWaWXc SX _Sac jjQjEf Jn bSX jjQjEu YXWaWXcS[WUVVWXYZ U[^YSVS]WUZ aYZ^^Sac \VWT k[Sp jEQhqu ^UZXVY[WZ XWac jEQqhu A _U rSa_T U[^YSVS]WUZ `c k[Sp qhQqEu ARSTYZ NRXYS kllcSWT
IDQqhf PScWXYRcR cSWT DiQDFf A TRWZUWXTRWXcS\ab _SacS^ _lX DHQFiu k_ qIQqhf A TRXYSVWWccS XWac IjQIhu k_ jjQqif PUVY`UQ VUXYR[ `k_ qIQhGf OZcYVVWZ `UVcRRX^ `_lX jGQu ARST CWYbYU^Uc _lX jFQf A CWYbYXYR[ qFQu A NUUZcWYc XYR[ c\s_lX jjQf AL Pf JU[[ ]YSVS]WUu ^UZXUZ[RZScu kUW^UZZWTWcRc^WTRXf « DG eB DHGDf rS_Uc jqDHu jFjEu qijIu qDjEf
FqGf PSX^YZUVaS }YZc S[XXYVV~u OU[ZYf J^W Dq ¨B DEEEf ea TUUZ`aUVV XWac ObSVp CaYSbS[ P _U OZZU eYZbVU OR]RXcU gSZXbS[ppf Q\S iGf ?W^c DDu eC Dqf OO _U J]WZ ^URk`WX^f dll^kUcV IG AU^XUXXU DhQDEf A U[T ^STkkkllVV DEf e@ q T^u NT DE X^f PUkc DEf PUUcRW @URbRXXU qBe DHDEf eYVW jEif
FqEf JUUkUZYZu LYZZU[c OVYÃUZbY[f J^W Iq eBB DEEEf ea ^SRVR> OVYÃUZbY[ J _U dRVWU rVYcZY¯f ©DI B[TU AZYVVTUZf Q\S iGf Q P Diu N DDf rSa_SWXTUWbYZ ?XU^YkUZ^^W aUU[U^SZccS[WYZ `W[^ _U YXWT DIQDGf C[YYZ ?XU^YkUZ^^W _SacS^ _lX DEQDHf rSa_T nab\XkUZ^^W ?RVRZ ^SZcc YXWT DHQIEu CR[RZ IEQjhu kUZ^WZ UkRV_Sac jFQqiu _Sac qiQhFf AU^XUZ ^SZXRVW ?RVRXXU IhQIEf PlXWcYSVVWXRRXkUZ^WZ aZcSZYR` _lX qDQqh K[lWbYZ VWW^YVUWc aUVW _lX _U cWVWZcU[^f ?RVRZ ^URk`UVc _lX IjQIhf ?VVRc BZ`UVWbWQ XllcWs _U X\skl_l[_ aUVW _lXf AL Pf JU[[ RV^SWVRu VR^YTWZYZf c J^W G BB DHFGf eYV_Yc GIhu DhFju DFhiu DEIjf
FqHf rUVS_l[`W }YZc JWVbYZ~u LUR[W dSaUZZYXf eWacW DD eWVW DEEGf ea [UcXRcWVU¢¢ dSaUZ eW^cS[ JWVQ bYZ _U OZZU OVY^XUZb[U S[XXc[sTf © ID OWVW AW`Wl A\^l[Wf \S iFf P Diu U][ DIu N Dqf rYVVY[`SQXYR[ TYW_Y[WcUV ZYR`S_U DiQDIf eWV_YVW eWabWZ rUVS_l[Q `YZ rSa_UcUVSU DFQqqf oRbYZTUUZ TUUcUVSRXcRSccU_UWZ VWWccS k_ DEQqqf NUUXYRbRZ ^YX^WZlWZYZ kUVS`U^\ac UXWUT DHQqqf PYX^RXTYcXlXYR[ CUkWS aZcSZYR` k_ IHHQqqf eWabWZ ^RZcU^S^ k_f JYZ^W`U^\ac PUVY`U aUVW _lXf NCP `UVcRRX^ k_f NUUZQ `WV_YV\X> jGu eW[P@ @ jf p D ¨ DHqqf eYV_Yc Fhiu HEHf
Fhif rUVS_l[`W }YZc JWVbYZ~u NU[ccW @SzY[cf eWacW j ¨ DEEHu ea [UcXRcWVU¢¢ dSaUZ eW^cS[ JWVbYZ _U OZZU OVY^XUZb[U S[XXc[sTf © Dj ·YSbUcU KVWXUzYc J\bYZf \S iFf P iEu N Diu N?P Dju eC DGf OO DjQDhf oRbYZTUUZ LJ \VWT YXWcc DhQDGf ASQ XWUUVWcSWTWcRX^ ^UZXVWXcW DEQDHf AP?r cSWT_u T\sa kll_Sac DHQjHf AkVWWcSZ VUWZSk UXWUT DHQu _SacS^ _lX IjQu k_ IhQf Ak `U^[UaUXcS _SacS^ k_ IhQf A kUZ^^WQ \ab aUVW _lX IqQu ?\ NUU^WWZcYWXcsQ kUZ^^W _SacS^ _lX jD QjIf QNT DE [X^u Ae@ Pu @RScXeµ Pf p G B¨ DHjHf eYV_Yc FqHu HEHf
FhDf JSVTu eYW^^Sf ³AUU[W_l[`W Dj e DEEEf ea ^UZcc PR[c ?ccS J _U OZZU ASa`WU JSVT © Dq OZZU P[WXcWZU JYW^^WVlf \S iGf NJcRc^u TYcXl^SZbR^css[W Dif LlX^YVl g[R^X Oz ZkW NJ DGQDHu \VWTYcXlZ aSWc DHQIDf dSaZ OX^YVWZ NJ IDQ IGf ?\ rUkY[WkRR UkRV_Sac IGQjif CUWbY^RbSZcUcXcS _Sacf c J^W G B¨ DHjhf
FhIf dl[`WZYZu dUVTU[W eUVbYTU[f J]WZ kWc jD eBB DEEGf ea c\sT JYZ[W^ d _U NUcWVbU JYZ[W^WZc\cl[f \S iFf CYSVQ VWXRRXkUZ^WZ U[`SkUkY[WSXUXcSVVUu _SacS^ _lXf c J^W DH BB DHIqf
Fhjf PUa[Uu OR^RXcW KVWUXf JlTYYZVWZZU jD VWW DEEEf ea
\VW^SZbR^css[W OR]RXc P _U ?VW`WU eWVQ
aYVTWZU LWZb[SSXf © DI JYVTW eWVaYVQ
TWZU @UcUTSf \S iFf nJC Diu SW^c Dhf CRVVWVUWc cU[^UkRV iFQDju ^SZcc^W[_RQ [W DjQDhf AYZUUcWZ T`cSWTWcRX^ ^UZXQ VWXcW DFQDGf KVWZcU[`YaUVV _Sac DGf KVWZQ cU[`YcSWTWcRX^ YXWccXWac DEf A ^SZXRVW PsskYZaUTWZUXXU DHQIhf PRV^RVUWcSXQ
TWZ `c ZkW aUVVXWac IFQjDu c\sccsT\\XQ
ZYR`SXcS XWac jDQjEu c\sccsT\\XUXWUWZ \VWcU[^ jEQqiu aZcSZYR` qiQqIu aZcSZYR` _U ^UZXVWUkllVV qhQ hjf CJ kll_Sac qjQqhf NYcXlkUV^^UVURcU^ XWac jhQqIf OY[S ?\ _SacS^ `k_ qEQhFf PUZXUZcUV ZYR`SccYVR^ _lX qqQqhf e@ I T^u e@ qu AL P Du Ae@ Pu NT DEu NT jHQqiu @RScXeµ Pf c J^W ji e DHFIf rSW^U jDFEf
Fhqf PUWkUWZYZu elWZs eWVaYVTf J^W H ¨B DEEhf ea U_R[W eWVaYVT P_U NU[]U[YcU JRccRZYZf © ID D DHhi JWVTU NUcWVQ bU LWZbpS[Xf BLVcU iDf NRR[U[Wu T\sa aWY[S_U J]WXXlf p Iq ¨B DHhHf
Fhhf OaU`U }QiF P_YVVzY[]~u PU[V tUVbYTU[f J^W D e DEEEf ea VWW^YT PU[V @YWZaSVb P_YVVzY[] _U @SXU dSXYpWZU A_szVSTf © Ih pU[T OWVW PY[ccR BZ^Y[W KZy^YVVf \S iHf KLP BV_U KL Dq JUZZS`Y[WXXUf ARS_l[`YZ kWW[WKL IDQqiu qjQqqu PS^^SVUZ qiQqju mlZY^SX^YZ qhQqGu J\[\ZXUVTYZ qGQhhf A PYX^WZlWQ XYZ KVlWZ`U^\ac UXWUTf e@ qu eT Iu NT DEu NT jHQqiu NT qDQqhu ¨¨¨f KLVll^^Ukc qif JU[[ [Yc^YWV\f p LUkQ kYYZ[UZcU II B¨ DHFhf eYVW FDIf
FhFf PSW`WXcSu OR^RXcWf dR`U DD ¨ DEEFf ea VWW^YT eWVaS P _U JWVbU LS`WXU rUXSZYZf © DI VWbU NU[WU AcSVcf oVWVcU iIf CUWbYcYSZ ^YX^RX^SRV iqQiFu cUWbY\ab kWW[RXcRX^SRV iFQiEf NUWXYTUQu aYZ^WVsQ_U TRScS^R`UTUUVU[Wf NUUVUZZRc RX UVcQ cU[WcURVR_Uf JU[[ [Yc^YWV\f p ji DDD DHFIf
FhGf PS[_RVUu NUccW BVTU[Wf J^W q eBB DEEGf ea ^URkk NUcQ cW P _U OTUVWU JYVYZU S[XzY[]f © ji KXcY[ KVVW NU[WU @YZ`UVVf \S iEf ALNP kllXcscSb iHf >Y¯ nS[^WZ ^SZQ XRVUUcWZ kUXXWSX `W[^ Ijf P?r `W[^ iHQ IIu k[S^ IjQf A NUc^UWVW_U\ab UXWUTWYXf oX \ac cWVWZcU[^f JU[[ VURVRu kR[_YabRXu TUc^UWVRf p DI BB DHhjf rSW^U qGHjf
FhEf PSX^WZYZu PUU[VS [Yb[W^f ³JlTYYZVWZZU Dj ¨ DEEGf ea kRRXYkkl PUU[VY P _U ¥aU[VSccU NUcaWVbU rU[TUVUf eWVWVcl iGf CSWTWZRc VWW^YUVUVVUf c Dq VWW DHGEf
FhHf LUWZYu PURZS dUVTU[Wf ?[WTUccWVU DI B¨ DEEhf ea cWVUVV dSaUZ AcYppUZ L _U OTUZbU eWVaYVTWZU eUaVXc[sTf \S iFf P iEf ARST kRSVRYYZ kWW[WXWac oRbYVVUTUUVVUf c J^W Ij ¨B DHDif eYVW jHGf
FFif LUZbYZu dSaUZ KWZU[f ³AUTTUccW DI eBBB DEEGf ea U_R[W dSaUZ MRXcUp L _U K[W^U eWVaYVTWZU eUVWZf © >S[U ¥a[WXcYZXY K[W^XYZf eLVcU iqf PSZccS[WUkRVUWZYZf AcU`UZQ ]Y[WWZ jiQVR`RVVUf eYVW HDEf
FFDf LWZbaSVTu JU^SZ dSaUZ OÃYVf J^W Dh Be DEEEf ea cUVaSWc OÃYV L _U NU[WU JYVYZU NYbZWf © qi Vll^ KXcY[ eUVQ zS[] KVYSZS[U AcSy^TUZZf eVVLVcU iEu C[YYZ ^VV\X \S iHf ?kWX^ PU[VX[RaYZ cY^Z ^S[^YU^ DiQDqf Oz Ac[sTXbUVXz[R^Q dRUZcYabUX ?\ `Y[XcUXWZXf rU[SZW OVpcaUZWZ cYacUWbYZ }rWYcUQ [W~ cY^Z _Sacf ?\ >W^SVU_Ypp dS[ Oz `Y[Xc WZXf PYX^RXSXRRX^ LUzS[ SXWZX _U `Y[XcUUZ_Sacf ?\ NScS Oz cSWT_ _U cY^Z _Sacf
G >S[XXWc DEFGQDHHI
rN `UVSZaYWcWZSX aSWcf eSWTUVWWcSZ UT[u e@ qu NT DEu NT jHQqiu NT qDQqhf BZXVcZf JU[[ kR[_YabRXf p IE B¨ DHGEf
FFIf LYacS[UZcU }YZc LWZb[SSX~u PUU[VS BVTU[Wf J^W DI Be DEEGf ea cYacUWVW_U PU[V ?X^U[ LWZbQ [SSX _U BbU LS`WXU dUZXXSZf © B Dh KXcY[ @YzY^^U Js]VRZbu DD Iq JWVbU PUUk[Sf BLVcU HHu LUabYZ \ac^ iFf ·B CPP DIf M O LYXXZY[WZ ^SZYcYac }rWYcU[W~ TWWZUSX WZX DIQDjf PSZY^URkQ kU ?\ OUc[U csWbYZ `UV`S_U _U VUWccU[^ DIQDqf CUTkY[YYZ rYVVU`UQ _U @URcUQ cYSVV ?\ ^SZYkU_U `YcR[WSX ^SZXc[R^Q css[W DhQDEf CUTkY[YYZ ^URk Xla^sVUWc ^SZYWZX _U ^S[_URXkU_U YXWT DEQqDf QNT DEf QD nVs_l[`W IH B¨ DHqDf
FFjf PR[^YVU }YZc Lsp][YZ~u tlWZs OVY^XUZbY[f eWacW h eBB DEEh ea ^URkk KVWUX @YWZaSVb Lsp][YZ _U K[W^U eWVaYVTWZU rS[XYVVf © DF OZZW KTWVWU tUXXf \S iFf nJC Iif PJ \VWT `W[^UT DHu \VWT UkR^UT[ Iiu UkRQ ^UT[ IDQIGu ^UT[ IGQqqu \VW^UT[ qqQ hDf AL @ Du NT DEf c J^W DG ¨BB DHhGf eYVW Gqiu kSW^U qIDGf
FFqf NWYaSu K[^^W J_UVTU[f ³JURX_l[`W II eWVW DEEFf ea cUVSVV K[^^W Nf © Qji gY[ccU LS`WXU AUZbzY[]f oVWVcU iDf QNUUZ`WV_u ^URkkUTUc^RXcU_Uf c J^W Di eB DHhjf
FFhf NRXcU^UVVWSu dSaUZZYX }JUZZYX~f ³rS[W Ii eBB DEEG ea VllZWZ[S` dSSXYkkW N _U O]ZYX AYVTU JYVYZU LUTkYZf © DD AJ A\V`W NU[WU dUV^UZYZf Q\S iFf CYSV Y[ScRc^ DDu URXQ ^RVcSWZRc IFQIGu `Wa kUk DDu kUXccRc^ Dj ^UX`UcRXSkWZ cRc^ IFf PRSkWSZ ^a[UZUkRV DDQDju eWWkR[WZ TUUX[^ DjQDEu CYTQ TY^XYZ DEQIDf dS[SWXcYZ ^UkkUV IDQIqf @UX^Cµ XSckUXc Ihf ARS_YVRX^RZcUWZ ^YZcclkUkkW IhQjDf As[ZlWXcYZ XRST X[^ ^a[UZ UkRV ScS IhQjDu `W[ UkRV jDQqif >W`UVUZ ^a[U qiQhIf oX^ cSkYcc eWWkR[WXXU Ihu >S[XXWXXU IFQIHu jhQqif >W`UVUZ ^YX^W^ _Sac qhQqGf PY[lZZ\c XRS_YVRX^aWXc UWZYWXcSU IGQjDf CSWT TT nLf @S`UXcW qIu e@ q T^u Ae@ @u A^ U[u NT DEu NT jHQqiu NT qDQqhf OVW^f JU[[ XR^RcRc^WTRXf p Iq eBB DHFFf rSW^U qiIIu kS_UZkSW^U GjGFu `YVW GHqf
FFFf >WX^UZYZu CSW`S OVY^XUZbY[f J^W j eB DEEGf ea [U^Q kRRXYkkl JYW^^W > _U KY`U KVWXUzYc dllX^YVlWZYZf \S iFf ?kWX^ Jn aWXcQ^WYVWcWYc SXu RV^STUWVVU Zl\cclTsQ _U cUZXXWcUWQ bYccUf A PUZXUVVWXcYUcc SkkWVUX^SRVu A Zl\cclTsSkWXcu A`YZX^U CYUcY[Z SkkWVUX^SRV _U J]WZ TRXWW^^WSkWXc SkYcc XY^l \^XWQ c\WXSkYcc UWaYYZU b[UTUUccWZYZ kVUXcWW^^U _U cUZXXWf oX cYUcc cUZXXWYZXRRZZWccYVW_Uf OZcUZRc RX Zl\clZcs_lf rU[WWXWZ LYX gUVVYcX ARYbSWX IIQIq _U ¥aWyU]SZ ^URk zUVYccW IqQIhf p Ih ¨BB DHFDf
FFGf >\][YZu ?X^U[ ObSVpf J^W G B¨ DEEhf ea c\sT eW^cS[ > _U eWVaYVTWWZU LWWXU JR[X^UWZYZf eLVcU DHiqf NY[WVVYf c D B DHGFf
FFEf rYVcSZYZu o[aS OR]RXcf eWacW j eWVW DEEGf ea ^UZccQ R[^ OR]RXc Kb`U[b r _U NU[WU [Yb[W^U ObSVpWZc\cl[f © ji OZZU dRbWcU AUVS`WRXf \S iGf PUZXU^S iH d\`lX^\Vl XYTWZu cYSV Y[ScRc^ _U `Wa kUk DFu kUXccRc^ IIf PUZXU^S LSaQ _UVVU iHQDIf nVWT kUkkWZUw eWacW DFQDEu rRXRVU DEQIiu >RTQ TW DHu eWVkkRVU IiQIjf PYW^\lZ ^a[U IjQhHf PYW^\lZ ^RZZQ `UVc _lX IhQjiu k_ IGQjif PYW^\lZ Ak WXlZZ _lX qEQ @S`UXcW qGu e@ q T^u eXX UT Iu rgKu Ar@ k[ UTf p IF ¨BB DHFDf eYVW hiEf
FFHf @RRcR }YZc @RRca~u n[_s ?X^U[f J^W IF ¨BB DEEGf ea k[Sp dSaUZ eWVaYVT @RRca _U JWV_U AWQ
`Wl CSVkSf © DE PW[XcW OZcSZWU @sZZQ
aSVTf \S iGf P Diu N Dqu L _U C Ijf KbRX^ ^WW_UXcSUkRV DiQDEf oN XUZSTUVYacWSX kllVV DEf ARRZcU kllQ
csWZ~ DHf nacYWX^RZZ PS[^YU^ `UVcWSQ ykWZ _U ^UZXUWZ`lV kSVWcWW^UZ SkYcc IhQ qhu ^UZXUWZ`lV kSVWcWW^UZ k[Sp qHQhqu [Yac IqQjIu jhQqhu hiQhjf Jn \VYWXYZ `UVcWSQSkWZ `c k[Sp jDQjEu \VWT k[Sp qhf PJ kll_Sac qhQhif C\s`lYZ U^Uc cSkYcc IqQjqu APP IhQjDf eW[SZ UkR[Yc^W^RZZ XScUQ UXWUWZ`UVWS^ k_ DHf nVWSkkWVUX^ k_ IIQIju ARSTUVUWXRRbYZ VWWccS IE_ eUVcWScWYc \ab jhu A CSR[WZ] ¥VRz J]WZ kWW[WZ jDQu eUZ^WZU AkUVYTU_UXXU DFQDGu dll^l[WQ VWWccS ^RZZWU _lXf Qe@ j T^u Ae@ Pu eW[e@ If NU_f QD J^W IG eWVW DHhFf eYVW DjIGf
FGif CRRVWUWZYZ }QiF Aya¯WZbc~u NUccW P[WXcWUZf J^W ID eBBB DEEEf ea C rYccY[ CaYSbS[ Aya¯WZbc _U gVYZbU NU[WU KTWVWU ¥U_UZbY[f Q\S iFf ?kWX^ XUZX^[WWccWUf QD @lWXlVl HDD DHjif eYVW hEGf
FGDf rYcl_lZWYTW }YZc AcYZTUZ~u OU[ZY AWY]p[Wbf J^W DI ¨BB DEEGf © DhQIi p DHEI OZZU OTUZbU rY[ccRVUu BB ID p DHhq BbU BZ]YzS[] RZ^u DDD hq TSbWXcW NU[ccU ASpWU JRcQ
cRZYZf LUkXYc rUU`S Dhu CRSTS IIf \S iGf P DIu N Dqu U^cRkXcRc^ DE A c\^^SRVRu c\^cl\b^R[XXW DHu APP ^STQ ^R[XXW IHQjif @UX^Cµ kc[WZkllVV _U YXW^kllVV DEQ IDf K[µcrXcSZ kc[WZkllVV _U ^ST IDQIEf @C I kXcSZ^ST IEQjjf NAP SkYcc _U _Sac jj qDf KVUZZSZ aYZQ ^WVs^RZcU^SRV SkYcc qhQhhf e@ j cV^u e@ j T^u NT DE X^f NT jHQqif elZ[ DEu VcZ DHu ^Ukc IDu TU_ IEu Y`V qIf « J^W Dj B¨ DHhhf rS_UZkS_Uc hEEqu FFDDf
FGIf AR`W[WZZY }YZc AsbY[zY[]~u O[TUX CSW`S eWVaSf AWRZQ cWS IG B¨ DEEGf ea ^Ukc PVUX JU[UVb eWVVWUT A _U OWZU BZYX KTWVWU gla[f © jqQhi L\\VW KXcY[ OXcUVUf \S iEf ?kWX^ Jn NJ iHQDhf dll^kUcV IG DhQDEf A U[TYW_UZ RkX DEQIif N` dlZWX^SX^YVVU _U BZU[WXXUf elVWVVl \VYWXYXW^ kUV` IEQjiu jqQjGf e@ qu NT DE X^f LcZ DEu ^Ukc DHf p J^W E e DHFFf
FGjf CSVUTUU }Qjq CSW`SZYZ~u PUU[VS O^XYVWf J^W II ¨B DEEGf ea ^SZYYZ^l\cc PU[V MRXcUp CSW`SZYZ _U eWVaYVTWZU ASaWTUZf © Ij p DHhi ?V]U NU[WU eUWXcSf LUkXYc NY[W CRRVW Ihu K[^^W rYZccW O^XYVW jDu @Wc`U ORVW^^W jju NUccW dRaU O^XYVW jjf \S iEf ?W^c IIf e@ kUV` iEQDEf n^X UVUVVU iHQDqf dll^l[WZl AU^XUXXU Dhf J]WZ kSVWWXWVUWc cXcSUkRV DHQIqf nY `UV`SZcUcXcS VUWZSkWZ UkRV IqQqqf AScUcUVSRbYZ cU[^UXQ cR^XYZ \VWT [Y` qhQqFf ?TWXcW \^XWc\WXYcXW`l _U OOcXcSZ J]WXXl qFQFDf Qe@jue@jue@qu e@ qu NT DEu NT jHQqiu NT qDQqhu dll^TWcf elZ[ qiu VcZ qDu ^Ukc qqf JU[[ ^W[Q _UVVWXRRXf p j Be DHGIf
FGqf tU[YZQtU[WX }YZc tU[YZ~u PUU[VS K[^^W dSaUZZYXf
PYR[RR Di ¨BB DEEEf ea kWW[WVll^ KVWYV dSZUcaUZ tU[YZ _U KVWZU OTUZbU B]ZUcWRXf © Dj PUc[W NU[WU ¥UZZYVWZf \S iFf QLP Diu LL Dhu LPC Iif J]WZ \V
XUW[ ZUWXcYZcURc _U VUXcYZkllXcsSX U`RXQ
cU_UVll^ DhQDGf n^XVll^ CR[RXXU DGQIIf
CR[RZ ^URk X\ZZ\c\XVUWc Vll^ IIQjiu \VWVll^ jiQjHf CR[RZ ^URk`UVc _lX IFQ
IEf CR[RZ XUW[aSWc^SRV _SacS^ _lXf ·RSQ bYyWTQXYR[ CR[RZTUUZ kUW^UVVWXSX k_
IHQjif A^QVll^RkX Iif p Ii Be DHjHf eYV_Yc EFFu HqEf
FGhf tYy^XYVVu JR]S tWVaYVT ·UZWYVf P[RRZRZ^\Vl DH eB DEEGf ea ^a[U JR]S tUVbYTU[ t _U JRVbU OR]RXcU JYW^YVf oVWVcU iIu oRXW \ac^ BeWVclf PR[^W_SYZ \VYTkW T`^SRV ihQiGf J]WZ kWcl_lXXl qHQu p E B DHFGf eYV_Yc qHFu DFDHf
FGFf tWVVUTS }QiF tWVUZbY[~u ?W`U dSaUZZYXf J^W G B¨ DEEGf ea ^URkk dSaUZZYX t _U dSaUZZU NUcaWVbU [WTUZf © II p jE JYVVWZ NU[WU JUU[UVUu qqQFq ^W[_UWVW_U OZZW^^W CY[ccR CRRVW^^W PU[WZWYTWf \^X \S DDfQ ?kWX^ CPP _U Jnf APP ^ST^R[XXW IGf dll^kUcV IG DhQDEf LUkWZ [\aTlZ YXW^kllVV DEu ^STkkkllVV DEQ Iif LUkWZ [` cUVSRXkllVV IiQIDu ^ST _U LUkWZ [U_U^STYZbUZccW IDQjHf K[rUcV DF _U LUkWZ [\aTlZ ^ST jHf @` F ^ST _U [U_U`U[cWSXcS_YZ `c kllVV qif nacY\XYXW^ @SWZ ^ST qDQqqu rS[^^UVUZ [` qhf rK Y[W^cYacl`WXXl qhQqGf @U_UQ ^STWXXWSZ k_ IIQIFu IEQjHf ?RZUX`UU[UZ aWWacSXYR[ k_u A TUc^UWVW_U\ab @S`UZWYTYZ SX _U ?RZUX`UU[UZ LUcRf e@ D e@ Iu e@ ju e@ qf Ae@ @ Du NT DEu NT jHQqiu NT qDQqhu A^[ U[u AU^XPµ B T^u @RScXNµ P }I ^kV~u AU^Xµ[ Iu AU^XNX^[f LcZ DEu ^Ukc DHu TU_ IIu Y`V IEu Y` qif JU[[ ^UVUXcRXu TYcXlXc\Xu kSXcWTY[^Wcf p DI B¨ DHFGf eYVW Ghjf
FGGf ellZlZYZu OZccW o[aSf J^W DG eBB DEEGf ea ^URkk O[SZ e _U NU[WU JYZ[W^U K^£`WXcf eLVcU iqf LWW^YUVUVUf p DF Be DHDif eYVW IEjf
FGEf ÁXcY[zY[]u OR]RXc MWbYSZf J^W DE eBBB DEEGf ea ^SZQ bR^css[W MWbYSZ ? _U NUcaWVbU dRaSZc\cl[f KWcl HHf p>Y¯ NYÃWyS DD eBB DHIDf
FGHf NUR[WU }YZc K[W^XXSZ~u NUR[Wc¦ MRZZUZbY[f P[WXcWWZU II B¨ DEEqf ea [U`WZcSVSWcXW_U dSaUZ OR]RXc K[W^XXSZ _U BbU NU[WUf BewVVYu ewVcl iDf nVWkY[lTcRc^ iG TY[W^UkccRc^ iHf OVWVcZf p CR[^R j e DHhFf
FEif PUWXVU[UZcU }YZc eYXcY[Xc[{aVY~u PUVVWX LUa_Uf eU[^URX j B¨ DEEhf ea WZX MYS[] O^XYV eYXcY[Xc[{aVYf BewVVYu eWVWVcl iIu ?RVRZ V\X \Sf AUZSTUVYacWT CUTkY[YYVVU _U @UUaYXXUf JU[[ [UWccWRXVWW^Yf p LYkkl`W[cU Dj eWVW DHiHf
FEDf n[_sQPSX^WZYZu OU[ZS O[TUX AU^U[Wf J^W H ¨BB DEEhf ea cSb `UVcWSZYR`u `UkUUa[U n[_s PSX^WZYZ nQP _U KVWZ LS`WXU g[UZbY[f © II c DHqF >UZy\ KVWXUzYc K[W^XSZf BeWVVYu \S iqf P iEu N?P Dju eC Dhf AYZUUcWZ XW`WWVWcSWQ TWcRX^ ^UZXVWXcW DFQDHf OccUXYU _U VlaXWac rU[WWXWXXU DHQIjf oN kSVWWccWXYZ SX `c kllVV IDQIju oN B XWac Iju kSVWWccWXcYZ _U ^URkUVV UX SX WclWXcYZ `UVcWSWbYZ _USXcSZ kllVV Iju SXkllVV IqQ IGu ^UZXVWUkllVV IGQjif NSX^S`UZ VlaYccWVlX jiQjHu OZ^U[UZ qiQhiu JUU]WZ hiQhDf oN jDQjIf A `UVcRRX^ k_ PUZXUWZVWWcSZ \VYWX^S^ jIf A kll`UVc MYZY`YZ UXYWXcU[WWXRTWX^SZp jIf LlaYc\Xcs> Iju TWZWXcY[W IGu AL XRR[[ Ae@ P Du NT jHQqiu B[LO@ XRR[[u @RScX r@ Pu C·@ P Du >r?@ P Du eW[e@ D|Iu LUc`PC@ XRR[[u rRSVrµ XRR[[u @PL RkX oZ^O@ Iu BcP[@ XRR[[u PWWZPC@ Pu eW[ PUWcXYVWWcSZ XRR[[f p CR^aSVTU E eB DHhDf eYVW GDqf
FEIf rUVSaYWTS }YZc g[UZbY[~u O[`W JYZ[W^f LSkkW j eWVW DEEEf ea `RS[W> PU[V OVp[Yb r _U MY[cQ [Rb JYVYZU JYTzY[]f © Dj K`U AWzYQ VWRXf BLVVYu \S iGf ?W^c DDu eC Dqf K[W VWW^^YWbYZ _U cYabUXVUWc kUV` DhQu TT ?\ eU^RRcRX cSWT_f gY[VWWZWZ Vla B UcQ cUXYU DEQDHf CR[^WZ kll^SZXRVW A IGQ jqf Ae@ [WcU[W^ XWac IEQjjf AWzYVWRXQ O^Uc _SacS^ k_ IGQ A PUZXUVVWXcYUcc WXlZZWXc _lX jiQ @URTU ?\u @WWaWTlYZ LUXW ?\u PUR^VUabYZ LUXWcYab ?\u B^Q ^RZU ?\u PWUZcU ?\ _U rUVSaYWTS © PZW _SacS^ _lXf >r?@ Pu @RScXeµ @ Bf p CUTkU_U Dh DDD DHqif eYV_Yc GFHu EEEu HGEu Dhiqu kS_Uc jIjqu jHGDf
FEjf K[Wyau NW^^S tWVaSf CR[^R F ¨BB DEEEf ea [Yac CaYSQ
bS[ eUVbYTU[ K _U gY[caU tWVaYVTWZU
NUZZYVWZf © iE OZZW OR[WU >\\XXsQ
ZYZu BB IE ORZY BVSZU ARcWZYZu DDD jq
C\\ZY OVWZU LYWXSf BBwVVYu eVCVcl iqu
CR[RZ ^VV\X \S ihf Q P iGu N iEu L _U C Dju nÁC _U LUP Iqf BclQJlTYYZ
^UZXUZSkWXc _Sac iEQDIu eWWkR[WZ c\sQ
`lYZSkWXc DEQIqf eWWkR[WZ [RScX V\X `c
[Yac Iqf ?TU OOcXcS J]WXXl IhQf C\sQ
`lYZ U^Uc SkYcc IEQu KbRX^ _lX DHQIju
jiQjju jHQqhf r[YX `UVWcXW_UWZ jDu jGf KbRX^ ?O `U[UT IHf
eUVcU^RZZUZ SW^ _lX qiQqhf nPP aZcSZYR` _lX IqQf V]WZ
XRST c\s`lYZSkWXc _SacS^ _lX jDQf QD eWacW_l[`WIg ¨BB DHqEu rSW^U IjHDu kS_UZkSW^U FHhhf
FEqf PW`Y^lX }YZc AcYZzly^~u NUccWf J^W D D DEEEf ea U[^^ dSXYp AcYZzly^ _U OZZU OR]RXcU gla[f © DG NU_ PU[WZ AZYVVQ TUZf BLVVYu \S iEf P Dhf A PR`UVYacW cSWT DFQDEf PUUcRW CUTkY[YYVVU j Be DHDEf
FEhf OaVUu elWZs dY[YTWUXf J^W q B ¨B DEHif ea \VW^SZQ
WXOQbR^css[W dY[YTWUX O _U OR[S[U NU[WU U`YZf © ji Pc\? PY[ccR Nl^YVlf \S iEf ·B DIu SW^c _U nJC Dhu eC Ihf NUUZTWccURX^RVcUZccW DIu \VWT N@B DFf AYZUUcWZ ^UZXVWXcW DGQDHf r[ScS^SVQ VUXWac DHf rYcXUTSZ VllZWZXWac IDQIhf NNJ ZkW WZX DFf UXYXX IhQIHu \VW_Sac IHu kll_Sac IHQhif PP? _lX _U ?W^> hiQFif PWYVWcRc^VURcU^ UkR_lX jiQFDu _lX FDQf NUUZTWcccWYc AYR[ k_ _U NUUZQ TWcVURXQVYacW kllcSWT jIQhif e@ Iu AL XRR[[u Ae@ P Du NT jHQqi X^f NT qDQqhu >r?@ P Du @RScXrµ P Df dRV^ RX cWYc cYS^XWUf JU[[ TUUZ`WV_YV\Xu TYcXlXc\Xu ^UVUXcRXf p q eBB DHGGf eYV_Yc Fqiu EEDu kSW^U hGqFf
FEFf OZWVU }YZc OZb~u dSaUZ K`Y[cf rWYcU[W Ih eWVW DEEFf ea c\sT dSaUZ MRXcUp OZb _U eWVaYVTWZU CR[^^Uf © ij JRVbU OVTU OVWZU JWZcW^^Uf eLVcU iqf LYZZlcWZVUWc cY^Z SX ZSc DEQIiu ^SZc[SVVss[W }rLJ IGQ~ IiQjDf CR[RZ VYZZlcWZ^SZcc kllVV jDQqFf CSWTWZRc ^WYVcYZSkYccf A LYZZlcWZ`W[^UTVWWccS k_f eT I ^Uf NT jHQqiu eXX UT Df
FEGf OW[WS }YZc O[WWZ~u elWZs MRXcUpf §^W jD ¨ DEEFf ea XYkkl MRXcU` ObSVp O[WWZ _U OZZU AcWZU LWZb][YZf eLVcU iqf p I eB DHIDf
FEEf PUW[U }YZc gSbXc[sT~u LUR[W JYZ[W^f PUV`SVU DD eWVW DEEE ea cWVUZSTWXc K[W^ MRXcUp gSbQ Ac[sT _U OVTU dSaUZZU `SZ Aya[S¯Yf © DH pU[T AWW[W JYWX^UZYZf ewVcl ihf U[T iEu k[S` Dhf NRSVUUZ UkcYY^^U[W DFQIDu NW^^YVWZ B UkcYY^WZ IDQqEf eT Iu NT DEf cI? Be DHqEf eYVW Fqhf
FHDf KX^SVUu OZcS >YXcS[f KR[U jD ¨BB DEEHf ea PRZZ> >YXcS[ LYUZbY[ K _U NU[WU NUcWVbU ASRkUXf © DIQIi NU[ccU dSaUZZU dWW[Q ]YZXu IIQIG NU[WU eUXWVWY`ZU PSZWS`SQ ¦Sppu IGQjE KbWc OTUZbU tUUVu Be OWZS BZ^Y[W eUZZUXf \S iHf >W^SVUWZ [UcXR^SZ¢ }rWYcU[W~ Dqf eYZl_lZ U[T RkX DqQDGf eW[SZ `UkURXXSbUXXU ^STkkQ kllVV DHf PUZUbUXXUu NSZc[YUVWXXU IhQf eUkYac AwXXU qif NT DEu eW[ e@f PUkcf eYVW EIFf
FHIf PRRXW }Qih M[UZpYVc~u O[`S KVWUXf J^W Dh e DEEGf ea LL O^XYV OR]RXc M[UZpYVc _U OTUZbU L\bWU ¥UZcYVVf © DG UZZW dSXYpWZU CSVSZYZf \S iGf O][ DIf LSRZUWXQA SXRRXTYW_Y[WWZZY XWac DDQDjf JlTYYZ VllZWZ TYW_Y[WVWWccS XWac DIQDjf PRSkWSZ cWYcSkRSVWXYZ TYW_Y[W^SRV `c SkYcc DqQ Dhf rU[W^^UVUZ XYRbRZ TUUTWYX^SRV SkYcc Iju BclQ_U ARR[Q AU`SZ TUUcUVSRX^SRV IqQIEf NUUcUVSRX^Y[aSZYR`S_U NlZQ c\aU[_RVVU ^YXlc IEQjif eUV^YUVUZ ^[WXc ^UZXUZSkWXc TUUcUQ VSRXUWZYWbYZ SkYcc qhQqFf dR`UZ kW^UQUXRcRXVURcU^ _lX qiQqDu eUV^YUVUZu AWkkSVUZ _U PSR`SVUZ TUUZVRZUXcRXVURcU^ qhQqFf N` NlZc\aU[_RZ rYZccWVlZ cWVUVVU DjQu AU^^SVUZ PY^^WVlZ cWVUVVU jj qqf CSWT NlZc\aU[_RVVU Y[W TUUcUVSRX_l[_ _U SXRRXcSWTWZcU_l[_u [UWccWRX_l[_YXcsWXXlf NT DEu A^ UTf A^Q Vll^UVW^f JU[[ kRRcU[aUu TYcXlf c ID VWW DHGif eYV_Yc qihu qqqu qHHu hqqf
FHjf MRTTY[RXu elWZs BVTU[WZYZf J^W Dq B¨ DEEFf ea kSVWWXW^SZXc KTUZRYV M _U OTUZbU eWVaYVTWZU dSaUZXXSZf oVWVcU iIf OTY[W^^UUZ ijf
FHqf JUVSZYZu LUR[W eWVaYVTf J^W DH B¨ DEEHf ea [URcUcWYZ `U[UXcST eWVaYVT J _U JYVYZU ASpWU AUW[UZYZf eVLVcl iGf p G Be DHDEf
FHhf `SZ JY[c¦YZu KVWUXf LRRTl^W DF Be DEEHf ea ^UkkUV PU[V ` J _U OVY^XUZb[U O]UcaU AUVSQ ZWRXf \S DEf ?W^c DIu eC DGf OO PRSkWSXXU DhQDEf J]WZ @? `c ?W^>T DFf CRSTWccR `UZ^YRcYYZ VUWccSTUZ Tll[l\^XYZ `UXcRXcR^XYXcU Dqf e@ qf c PYTWZ rUUZU_l[`YVVl F Be DHDEf eYVW hHjf
FEHf gSZXbS[ppu NUÃWTWVWUZ [Yb[W^f gU^R IH ¨B DEEGf ea TY[W^UkV NUÃWTWVWUZ g _U KTTU ARZbXc[sTf © B KVXU NU[WUu BV KXcY[ NU[]U[YcU P`U[ZzY[]f VWWcl iif OVWkY[lTcRc^ DDu \VWkY[lTcRc^ DIf NY[W^Ukcf c oRXW^URkRZ^W DH eBBB DHjIf
FHif JUVTY }YZc KVWUXXSZ~u dSaUZ eUVbYTU[f J^W Iq e DEEEf ea c\sT dSaUZ ·U`Wb KVWUXXSZ _U OTUZbU ASpWU dRXYQ ZWRXf eLVcU iqf PSZccS[WUVUVVU ihQDDf o[aYWVW_UWZ PRXcUZQ ZRX ?\ cSWTXWac DIQDGf A o[aYWVRVYacW cSWT_ DGQDEf oRXW ARSTYcU[ R[aYWVRSX cSWT iEQDEf NR[aUccR J]WXXl jD B DHDEf
FHFf NY[WTUU }YZc JRWX^S~u LUR[W dSaUZZYXf @URcUVUTkW IG DDD DEEHf ea kRRXYkkl NUccW JRWX^S _U JYZ[W^U PS`UZYZf © IDQjI KVVYZ NU[WU AUVSZYZf eVLVcl iF >R[TY^XYZ \ac^ \S iGf Q?kWX^ VU^WU iGQDhf dll^kUcV IG AU^XUXXU DhQDEf A U[T UVWRkX _U RkX DEQDHf ORZR^XYZ [Yc^YVVl DHf KcXW`l ^YX^RXkSQ VWWXW kUV` DHf OTY[W^UXXU DHQIhf CSWTW IhQjF TT A rRRZ_UQ VSXcRXcYSVV ^YX^RXVWWccS kUV`u oN XUZSTUVYacW_USXcS `W[^UTu PS[kW`UU[U © JUVVU TUWZSXkllVVu @URcUcWY^W[_U^URkkU ?\ T\\ZcWcU[^u _U O OaVXc[sT ?\ kUV`f QNT DEf ellk DEu BcZ DHf Qc J^W h B¨ DHjFf
FHGf PU[_UVUWZYZu OR^RXcWf rWY^XlTl^W F BB DEEGf ea cWVUVVWQ ZYZ AU^U[W P _U K`U ASpWU rR[UZYZf ©
\ac^ SkYcc _U _Sac DDf NY[W^U[`WUZ \ac^ SkYcc IjQIFf CWVUXcSVVWZYZ kllcXcS \VWT ASXWUUVWTWZ \VWT `W[^UT IGQIHf
FHEf PU[_UVUWZYZu JYZ[W^f J^W IF DDD DEEEf ea [^T JYTQ TWZ] P _U KbVU NU[WU Ac[UZbf BeWVcl ijf ?[^YXcY[W^SRV _U TRXWW^^WSkWXcf AYVVWXcWf NT DEf p JlTYYZVWZZU DH DDD DHhFf eYV_Yc IIGu hIFu FDiu DjDGf
FHHf PU[_UVUWZYZu CSW`S O[TUXf J^W F B¨ DEEGf ea cUVSVVW
XYZ kSW^U PRXcUU P _U ASpWU eY[[SZYZf
© iH p jI OVTU KVYSZS[U LWZbXc[sTu
jGQ Nl[ccU LWZZYU g[lZXc[sTf \S iEf
OJC DHf NUUcUVSRXTWZ \VWT ^SkWXcW _U ZSc rYcXUTSZ `U LJ ^UZXVWXcW IDf
OXRcRXaUZ ^UT[ IFQjGf p J^W DG eBBB HjEf
Giif PWVkWZYZu PVURX dUVTU[Wf J^W D F ¨BB DEEHf ea ^URkk
JYZ[W^ PdUYX P _U BbU ¥aU[VSccU JUVcWQ
TU[Xc[sTf © DI KVXU KVWXUzYc CRR[Uf \S iGf ARS[WccUZRc ALNPf d CUVVzY[] ^WW_YYZ`UWac DDQDqf d NY[W`UU[U @URcUQ
XlZ^\cYac ^SZcckllVV DqQDFf ?\ JRXQ £`UTU _Sac DFQDGf ?TU kUZ^^WW[WVWW^Y
DGQIIf eU^\ac PU[_UVU _U OR[U SXkllVV
IqQIEf JRSZY^UVRVWW^Y ?\ PWVkWZYZ _Sac IEQu cSWT_ jqQhIf A JRSZY^UVRQ © ^URkk VWWccS aUVW _U c\s`UVWS^ _lX qqQhIu ^RZZWU_lX hIf A rRRXYklZcYSVV C\sZUZcU_UVWWccS aUVW `k_ qFQ hIf JRSZY^UVRUVUZ ^YX^RXcSWTW^ k_ qhQqFf J]WZ JRSZY^UVRQ
^URkk \ab k_ qqQhIf eY[aSWVW_UQUTTUccW^ _SacS^ k_ qqQhIf
eT Iu NTf p IF BB DHhGf eYV_Yc GEFu HHGf
GiDf PSaSZYZu n[_s BVTU[Wf J^W q eB DEEHf ea ^SRVR> OUkS P _U AYVTU dSaUZZU tWVaYVTWZU UUXyaf © IH JWV^^U OZZW^^W JW[`SQ
ZYZf \S iEf LP DHu LL IGf ec ^RZQ
ZUZQ _U [URcUcWYVll^ IIQIGf @ll^^\VlZ ^RZZVll^ IEQhjf rSa_QPU[_UVUZ ^RcXRZQ cUkWW[W ^RcXRZcUVll^ IEQjqf NUZZY[Q D ayWTVWWccS @ll^^\VlZ kRZSX `k_ jhQqIf @ll^^\VlZ cy[`y\byZaSWcSVURcU^ k_ IEQ hiu aRSVcSVURcU^ _lX jEQhif ^UZcU^W[_ _SacS^ _lX qIQhif LURVRQ NWYaYc ^SZQ
XY[ccW^RS[S _lX DGQIGf e@ j T^u e@ q T^u NT DE [X^u NT jHQqi TX^u J]WZ `UVc NTu aYZ]YZkYVUXcRXTWcf Lll^TU_ qjf c IH B¨ DHhqf eYV_Yc GEGu IiDqf
GiIf LWZbpS[Xu O[TUX eUVcY[f J^W IH ¨B DEEGf ea U_R[W K[W^ dSaUZ L _U BbU NU[WU OR]RXcWZc\Q cl[f © II KVVW dSXYpWZU ARZWf BewVcl ijf ?\ PSZccS[WcU[kYWcU cSWT_ DHQFif @RScX e@ @VfQ JU[c [UcXUXcRXu URcSWQ VRf c J^W h B DHFif eYV_Yc IFFu qEIu GEHf
jHQqiu A^ [URc O[u BcP[@ XRR[[u C·@ XRR[[u >r?@ XRR[[u BcrNL@ XRR[RkXu rRSVrµ XRR[RkXu @RScXNµ XRR[[u LUc`PC@ XRR[[u eW[e@BB|Du eW[PSc^U[WXcW Du LWYccRUZ e\cWYX P[\¦WRX @ _U AURaR ¾`UW]¦bYQTu LUc`Lµ Pu r[µ[ Iu @RScXNP UTu LUc`A^ O[f dTf NU_ DEu Y`V DEu Y` IIu ^YZ[Q TU_ IGu ^YZ[VcZ jFf p J^W Dq DDD DHqEf
Gihf CSW`WS }QiF NYZZUZbY[~u CRR[Y eUVbYTU[f J^W IF Be DEEEf ea TUUVU[WTYXc ?X^U[ NYZZUZQ bY[ _U NU[WU KTWVWU ?^XUZYZf © Dq AUWQ TW KVZU [Yb[W^U A_szVSTf \S iGf CYSV Y[ScRc^ Diu `Wa kUk DDu kUXccRc^ Djf nVWT kUkkW >UXcSVUXXUu OXW^^UVUXXU _U J]WXXl DDQIDf NRXcWSZ cYac XUUT UkRV DDf KXkSSZ `c ^a[U Dhf A LRcY[WVUWQ XYZ K`UZ^YVWRTW\ab TUc^UXUU[Z DIQ IIu kllcSWT kUkkW IqQjDu _SacS^ _lX DIQ VTµ qFf OZc[YUZ ^UkkUV IIQIqf BVTU_SYZ ^a[U jDQqFf BVTU_SYZ \ac^ RX^ _U pWV UV^ SkYcc jDQqqf J]WZ \ac^ _U [YUUVWVR^ `UZaYTkUWZZYR` k_ IhQjDu KcQrSa_UZTUUZ ^UZXUZSkWXc _SacS^ _lX jIQqFf KcQrSa_UZTUUZ K`UZ^YVWZYZ >RS[WXSVWWccSkWW[W YXWT jhQqFf AUZUZXUUccU_UZ cSWT DIQjDf CSWTu ^W[_ _U XRST aYZ]YVVWXcl ^W[_UVVWXRRccUf rY[RXW _U _SacUQ ZRc RX ^RS[S_U _U _SRXWS[^YXcY[WZf ?kWX^YVVRc TRX _U Y[Wc\WXYXcW `WRVRZXSWccSU DiQ_U IiQVR`RWVVUu UZcUZRc ^W[^^S^SZXY[ccY_Uf @S` qDf c BVTU_S^W Ii e DHqFf rS_Uc jihFu jhDGu c\ccl[YZQ kSW^U FEEGu kS_UZkS_Uc FEEqu GiDqf
GiFf rU[^^SZYZu ?ccS BVTU[Wf J^W II eBB DEEEf ea `UacWQ TYXc ?ccS eWVaYVT r_U @SXU NU[WU [WX^f © Dh p DHqi PUc[W eWSVU CRZ^YVSf \S iGf O][ Dqf PYX^WQJlTYYZ ^UZXUZSkWXc SkYcc Dqu _Sac DhQDHf CU[`UUVUZ T` _U ^U[_UZaSWcS^SRV _Sac DHQjFf AUU[W_l[`YZ Ak YXWT jqQu eWV_YVW AUU[W_l[`YZ PSZccWVUZ _U LlZ]YVTlYZ CRZ^YVSZ cWVS_Uf mlZY^SX^YZ _U AUU[W_l[`YZ ^RZZ`UVc k_f eT Iu NT DEf LcZ jFf c DE ¨BB DHhjf
GiGf rUXWVUu CSW`S BVTU[Wf VWccW D ¨B DEEFf ea ^URkk K[W^ r Tz^ ³Xc§ _Z OTUZbU CRSTWZYZf ©Ii JWV_U L\\VW AWkWVlf \S Dif ?P DEu ?L Iif JV J]WXXl IÁQf Jn SbSZcSV VUWc UXXWXc IiQ IGf QpF B DHqFf
Gijf LSR^SVUu CURZS K[W^f J^W h e DEEHf ea `UacWTYXc K[^^W L_U NU[WU PU[SVWZU ?^XUZYZf © qjQhD OZZUQLWWXU tRSVW_S^Wf LUkXYc B[TU LWWXU PUU[WZU qju PY[ccR A\V`W NU[WU qqf \S iGf P DDu N Dqu N?P DGf ?TU OOcXcS J]WXXl IjQqju qhQqHf JU[_ UXWUZU_SU qHQhIf eX TTu J]WZ `UVc TTu CX TTf p Ih eB DHGhf eYVW HIIf
QGiqf NUVTzY[]u PUU[VS LUR[W CS[`UVbf J^W E e DEEEf ea ^SVVY]U KTWV ?caZWYV N _U OWZS rY[YQ ZWRXf © DE @U]ZW Ac{aVzY[]f Be¡Vcl iju
ARST \ac^ \S iEf ·B CPP Dqf BZX J]WXXl DqQDhf dll^kUcV IG DhQDEf LUkQ
kYYZ[UZZUZ c\^^SRV _Sac DEf PC@ D ^ST DEQIDf ARS_YVRX^RZcUWZ \VWkllVV IDQqqf PScW_SR^^S_YZ ^ST jHQqiu qDQ qqf eU XScU`lYZ kllVV Ihf n^XWc\WX\[Wcc
PYX^WZ eU^\ac kUV` qqQqEf rN IqQIhf kRS V[Y`WXWS _lX IjQIqu kRSVZYR`SXcS
IhQf dll^VWWccS k_ IDQIIu okXVWWccS IiQIIf Ae@ [WcU[W^ aUVW _lX
IhQu e@ Du e@ I T^u e@ j T^u Ae@ P Du NT DE X^f NT
GiEf AUUXcUTSWZYZu PUU[VS KWZSf J^W H ¨ DEEGf ea `UacWQ TYXc dSaUZZYX A _U ?V]U LS`WXU L_RZ]][YZf © DF C\\ZY @Y]WQ ZU rYZccWVlf \S iGf e? Dj Jnu U^cRkX^R[XXW PUbP Iif J]WZ ^SRVRWXXU e? DiQDhu >S[XXWZ `c VYac DhQDEf K[W [\^T ZkW RkX DEQDHf PUbP Ub_ _U ``SWT _U TWY^^UWVRZ SkYcc DHQ jDf rN `kW cXcSYXWRkX jDQqFf JRSkUVUabYZ ^RZZ`UVc IhQIEu ^UZXU^ _SacS^ _lX IFQjDf AeoL aWWacS_USXcSZ k_f ?V\TkWU^WQ XS_YZ `SWTWXcYVRZ aSkYUTWc DIf @YX`lZ[ DEu [YXVcZ Iiu ^Ukc IIu TU_ jDu Y`V qiu Y` qFf JU[[ ^RS[SVURVRf p J^W q ¨BB DHqFf eYVW hhhf
GiHf CUWkUVY }YZc AU`WcUWkUVY~u dSaUZ LUR[Wf J^W IE eWVW DEEHf ea [^T tWVVYaU[b C _U dSXYpWZU dlTXc[sTf © Dq O]ZYX ·U]TU[ KVp`YZQ ][YZf \S iGf LP DIu LL DFu p\XWUc[WUZ XWXlcURc _U [sZc]YZSVS]WUZ Y[W^Vll^ Iif n^XVll^ J]WXXl DGQu Jn [sZc]YZSX IGQf AYZUUcWZ J]WZ XScXUW[ UkRVVll^ DhQDFf p G ¨BB DHqFf
GDif AU`SVUWZYZu ?ccS OU[ZYf J^W h B¨ DEEE ea ^W[_UVcU_U ?ccS A _U OTUZbU ?^XUZYZf © NU[caU LWZbzY[]f \S iGf Nf LPJ cUVSRXSX kllVV IEQjFf CUVSRX>f p J^W G Be DHjFf eYVW DDEEu kS_Uc jHjhu qqjHf
GDDf AUÃYVVu dSaUZZYX NU[cWZf J^W IF e DEEEf ea `llk
dSaUZZYX A_U KbVU NU[WU MRXcUpXXSZf © Dq KVXU NU[WU JWVYZf Q\S iHf LWz[WXcWu k[S^f @YX`lZ[ DEf QD DI ¨BB DHjif eYV_Yc EiDu DDiqf
GDIf AWZY[`S }YZc AWVVzST~u dRaS eUVbYTU[f All^XTl^W DH BB DEEFf ea c\sZ_Sac dRaS [Yb[W^ AWVVzST _U eWVaYVTWZU
BZZUVUf BLVcU iiu CUTkY[YYZ [YUUVWV\X \S iGf ?W^c DIf All^XTlYZ kWW[WZ >N DjQDHf PRSkWSZ LJ UkRVYXWcc IqQIEu `VllZWZXWac IEQjEf c PRSkWS IH eBB DHjEf
GDjf AcYZzY[]u O[TUX tWVaYVTf J^W F DDD DEHif ea cYacUWQ
VW_U BXU^ tWVaYVT A _U OZZU LS`WXU B dSaUZXXSZf © DF c DHIE AW]ZY OVWZU L{Z]Xc[sTu IHQ KXcY[ OVWyY ARZbaSVTf eLVcU iGf PSZcc _U ^W[_U^URkkUQUkRV iGQDGf ?\ PYaWc\^XYZ ^W[_U^URkkU _Sac DGQDEf rS[WZ ^W[_U^URkkU ?\ cSWT_ DHQ Iiu rS[`SSZ ^W[_U^URkkU ?\ IiQIIf O^Uc ^W[_U^URkkU TUWZSXQ _U T\\TlVlQ kllVV IIQjHf tUXYZWR^XYZ ^W[_U^URkkU _Sac jHQhHu _SacS^ _lX qiQhHf A PW[_UQ ^URkkUVYacW cSWT IDQjIf PW[_U^URkkWUXQVYacWkllcSWT jjQqDf A ^W[_U^URkk \ab _SacS^ _lX IiQhGu XWac jiQhGf PW[_UkUV`YVR _SacS^ k_ qGu `k_ qEQhHf A ^W[_U^URkkU^SRV SkYcc IjQhIf JYVQ XWZ^WQXYR[ XWac jqQqHu `k_ qHQu O[zYcYcX `lZZY[ W JpS[XQ\ab `k_ qiQFDf e@ q ^Uu AL @ Du NT DEu C·@ @f JU[[ ^W[_UQ ^URkkUaWXcS[WUf c Di eB DHFhf eYV_Yc EhEu DIEif
GDqf n[_sQPSX^WZYZu dUU^^S K[VUZbf d\`lX^\Vl IF e DEEHf YcXRfQWQp Q[`ff ± ¡` ea cSbYVVWZYZ `UVcWS>u `UkUUa[U n[_s
PSX^WZYZ nQP _U KVWZ LS`WXU g[UZbY[f © Dq PUWXR KVWZ rUVSaYWTSf \S iGf P Diu N Dqu ·B CPP ^YTWUZ SX Dqf JM rUVSaYWTS ?\u @WWaWTlYZ Ala^sQ _l AUaUVUWcSX ?\u @WWaWTlYZQLSkYZ
@URcUcWY ?\u rSVccScR[`Y ?\ _U LSkYZ
CR[`YkYa^R ?\ UkRV cSWT_ DhQDHu cSWT_ DHQIFu XWccYTTWZ _SacS^ k_f r@J
cRc^WZX qIQFif ?VVRc rRRcU`U[U ?\u
@URTU tSSb Lcbu LS_S XYVVRVSXU Ozu >R[TYZ AYVVRVSSXU ?\u @WWaWTlYZ LUXWcYabUX ?\u @WWaWTlYZ eUVXXWT\VV\ ?\ _U @WWQ aWTlYZ ^W[_UkUWZS ?\ _SacS^ _lXu LSkYZ Ak WXlZZWXc _lXf eU^\ac AUVUTU aZcSZYR` _lXu Kr? XWacu CPn _U XYZ aUVW k_u JPP _lXf JU[[ TYcXlXc\Xu ^UVUXcRXf p Dj ¨BB DHGqf eYVW FEDf
DHii
GDhf B]ZUcWRXu LS[YZc¦ dUaRU[Wf ³VWXUVTW Iq B¨ DEEjf ea UXYXX MRXcUp [Yb[W^ B _U AYVTU LU]RXf © Dq KVXU AZYVVTUZf eWVWVVYu \S iIf LP iFu LL DDu XWXlcURc Y[W^Vll^ Dq J]WZ \V XUW[ k[SkYbYRccWXYZ SX UkRVVll^ DDQDqf A ^URk VWWccS XScXUW[ Dq Vll^ DhQDFf PW`YVlZ XUW[ UkRVVll^ DEQIif J]WZ XScXUW[ XWXlcURQ cWSX Vll^ DEQIEu SXVll^ IEQjFf n^XVll^ J]WXXlf @RZZWZ ^\Vk\Q VUWc Vll^ RX ^YXWZlf oX \ab _SacS^ _lXf Ae@ Pf Lll^^Ukc DEu Vll^TU_ Ihu Vll^Y`V IEf p Dh ¨ DHjFf
GDFf PUVWTU }YZc LUZb][YZ~u [UZX B`U[ dSaUZZYXf eWWcUQ
XUU[W q ¨ DEGHf ea ^a[U KTWV [Yb[W^ LUZb][YZ _U KY`U P[WXQ cWZU PSV_SZYZf ©Dh NU[ccU OTUZbU ¥U[VXSZf eVLVVYu \S iIf OJC Dqf e@ kUV` DhQu Be cUVSRX_U^XSZ _U^XSZ^UT[ NW^^YQ VWXXl IEQqDu BB cUVSRX_U^XSZ eUUXUXXU qDQqj _U CUTkY[YYVVU qjQqEfQAL@ Df p j B DHFif
GDGf MRTTY[RXu O[TUX dSZUcaUZf ?RWR h BB DEEGf ea [S` dSZUcaUZ M _U dSaUZZU MRXcU`U >S[bQ VRZbf © Ih oVVU gUU[TUZf BewVVYu \S ihf ?W^c DI eC DHf eUUXUZ LJ ^SZcc Djf eUUXUZ PeWX^ IEQqqf OOcXcS OTWQ ZSpp © MRTTY[RX }AYWZl_S^W~ SXU^UX DEQIDu JUXXYVzVUcc © gUÃc[sT }eUUXU~ IDQIGu STWXc IGQ AYWZl_SYZ ^RZZ`UVc _lX IDf eUUXUZ XRST V\X `UZaZYR` k_f e@ D qu NT DE X^f p G eBBB DHqqf
GDEf JYVYZWRXu KWZU[ ?VSpf ³JlTYYZVWZZU Di eB DEEEf ea [llclVWTYXc JY[TUZ J _U eWVaYVTWZU ASaWTUZf BLVVYu BewVcl iIf OTY[W^^UUZ iIf p >Y¯ nS[^ E ¨B DHFjf
GDHf JRRX^SZYZu rURV CSWkW ?XXWUZf ³d\`lX^\Vl Ih B DEEG ea TUUVU[W dSaUZ J _U OZZU LWWXU PUVQ VWSf ©Dh OVTU PYcSVUf BLBVYu BLVcU iDf ?kWX^ TRXWW^^WUf o[^R[W iGf OTY[W^Q ^UUZ DDf p @WyaTSZb JWVV LSZ] j DDD DHDGf eYVW HHjf
GIif OUVcSu ARVS OU[ZYf J^W Ii eB DEEHf ea TUUVU[W dSaUZ [Yb[W^ O _U [Yb[W^U ASpWU LUZ]f eBLBcl iEf NUUVU[Wf p DH B DHIif
GIDf CWYXTl^W }YZc gUy^TUZ~u OR]RXc elWZsf ³J^W DG ¨ DEEEf ea ^URkRZ]WZkU¢` PVUX OR]RXc gUy^TUZ _U ?VW`WU MRXcU`U LsZZf © DF KY`U ASpWU AlbY`RS[Wf \S iHf ?W^c DIf dS^WSWXcYZ >Nf AR[TUccR dS^WSWXWXXU II Be DHDEf eYVW EIDf
GIIf CUTTWXUVS }YZc K^zST~u KVUZZYX OR]RXcf J^W DE Be DEHDf ea aRSZY^UVRcYacUWVW_U JYZ[W^ K^zST _U BbU NU[WU ·UaVzY[]f \S iEf LP Dqu LL DHf dUZU^^UVUZ ^RZZVll^ IIQIjf p IE eBB DHqjf eYV_Yc EIqu HEhu Djjhf
GIjf ASTY[S }YZc KZ]Xc[sT~u KWZS @UpUYVf J^W E eB DEHif ea [S` dRVWRX VW`U[ KZ]Xc[sT _U OWZU ¥YyWVWU dYTzY[]f © IG ORZY AW][Wb OVYQ ÃUZb[U >\aSVTf \S iEf P _U N DIu SW^c _U N?P DEu eC Ihu LULf AYQ ZUUcWZ \VWT ^SkWXcW DEQDHf ?B JUZ^^WQ _UZ VU^WUXWUWZSX aSWc DHQIif LRSccScWYcS cSWT_ _U OOcXcS ?\ LRSccScWYcS _Sac IiQqEf NRR[TUZZWZ VY]WSSZU cRc^^SQ TWXXWS _lX Iif cI? ¨BB DHqEf eYVW GGIf
GIqf S[X][YZu dSaUZ MRXcUpf J^W IH B¨ DEEEf ea U_R[W PVUX [Yb[W^ _U NU[WU [Yb[W^U JlTlVlWQ ZYZf © DG JYVVWZ OWVW LWZb][YZ }Z\^ PSX^YZY~f eVLVcl iEf ALNP kllXcsQ cSb DIf P?r `W[^u K[SccU_UZ ^SZcc _Sac IDQjIf NT DEu @RScXeµ @ Du C·@ @ Du LUc`PC@ @u CUZX^ P[WXcWUZ B¨ ^RVc UT[f PUkcf QJU[[ UTTRZcU }CUZX^UZ OTkR_UWZ VWWccS ^RZZWU_lXu RX kSa_T UZXWSTY[^^Y_l~f p J^W DD DDD DHjIf eYVW jEhf
GIhf JUUkUZYZu KWZS eW^cS[f J^W ID DDD DEHif ea ^SRVRZ> OVY^XUZbY[ K_U dRVWU rVYcZY¯f QDew Bcl ihu ARST \ac^ \S iHf ?kWX^ CPP iHQDIf ·B ¥scaYZWZ ^S[^YU^ Dqf L_UV_UZ kUkY[WQ cYac }AWkY[WU~ WZX DFQDGu PUZ]UX^SX^YZ }rU[W^^UVU~ kUkY[WcYac DGf NR[aUccR rWYcU[WZ VlaYVVl BB DHDEf eYV_Yc FqEu DhFju DFhiu DEIjf
GIFf eRS[WS }QiF JUcczY[]~u OU[ZY K[W^f J^W IE e DEEHf ea `URZRkRRXYkkl K[W^ PRXcUU eRS[WS _U K`U LS`WXU JYZQ [W^XXSZf © Dj p DHhh KVWZU AW][Wb NWYccWZYZf BeWVcl iqf PRVcUXYklZ _U aUTTUXcY^Z SkWc iqQDif PU[V LWZbWZ ^RVcUXYQ klZVWW^^YYXXl _U ·YZcUVbYkSc ?\ J]WXXl iqQDDf BcXYZlWZYZ aUTTUXcY^Z rS[WXXU DDQ hHf rS[WZ ^URk`UVc _lXf rS[WZ erP kllVVu XRS_YVRX^ ^STkkkllVVu R[aXYR[ rS[WZ CU[TSZ _SacS^ _lXf NT DE \Tf JU[[ ^RZZUVVWXUXWUcu TWYX^RS[SVURVRu R[aYWVRf c DF B¨ DHjHf eYVW DGiEf
GIGf JSVTU }YZc JYVVTUZ~u dSaUZ K[W^f J^W Ih ¨BB DEEHf ea ^SVVY]U OZbY[X eWycS[ JYVVTUZ _U OZZU BbU ¥aU[VSccU Up KZYa_YVTf © Dh Nl[caU KTWVWU ` KXXYZf \S iEf AW^SZWYTW ?\ cWWVWQu T\VV\Q _U XUaUVUWcSXcYZ }PRSkWS~ cSWTWf c >RTQ TYVUZ ^YRa^ScURcWXUW[ IH B DHIqf eYV_Yc hiIu hqhf
GIEf JWYcUZYZu ?W`U OR]RXcf ?[WTUccWVU Dh BB DEEHf ea T` K[W^ dSaUZ J _U BbU eW`W^U LY`UZcWZf © IF KVVY rURVWWZU eW[cUZYZf \S iEf ?W^c DHu eC IIf OO IIQIFf eWWkR[WZ cRVVW^UTU[WZ ^SZc[SVVss[W IFQ IEf eWWQ kR[WZ J? \VWT `W[^UT IDQIIu ^UZXVWXcW IEQjiu ZSc jiQjju `WX^ jjQjFu UXYXX jFQ qFu BclQA J? ZYR`SX qFQFif eUVc cUkUQ cR[TUcXcS XScWVUX^S[`URXUXWSWbYZ YXWcc }[Uc^UWXXRc XScUcUkUcR[TUQUXWSWcU~ qDQ qjf AKPf JU[[ TUUVURXcUWbYf c DD e DHFIf
GIHf BVTSZYZu PRVVY[`S @SzY[cf @WXcWWZU ji eB DEEHf ea ^UkkUV @SzY[c B _U NU[WU ASpWU AcR[YZf © Iq KXcY[ OZZU PW`WQ ^SX^Wf BLVcU iDu oVWVVY iIu \S iEf eWa kUkW^XW Dju P IHu N jIf J]WZ ^URkVlaYc\^XYZ _Sac DEQIDf J]WZ >NPn kllQ XWac IDQIjf CUTTYVUZ `c ^a[U DjQDEu d\`lX^\VlZ ^URk IjQ Ihf J]WZ XUW[UUVUWZ XUUT IhQhGf K[W ^SRVR_YZ RX^ SkYccf @S`UXcWf p J^W DI DDD DHhGf eYVW EDEf
Gjif PUWVU }YZc dSaUZXXSZ~u KWZS AU^U[Wf OVU_l[`W H eBBB
DEHif ea U[^^WkWWXkU K[^^W P _U OWZU
NU[WU ·[U^Yf © DF OZZU LS`WXU AZYVVQ
TUZf \S iEf P Diu L DFu C DHf CRn pWV k[Sp IDQjiu cWYbY^ bY^ IjQIGf Jn kX\^S¢ ·SX DHQjiu cYS[ pWV k[Sp jiQ qEf A O^UcYTWU _lX qEQhEf eUVc b[UUQ
TUVV UXWUZcRZcVURcU^ XWac DEQIif PUZQ XUVVWXcYUcc b[UTUcR[]W DHQIDf nSQ^RZZ k_ DHQIDu A kUZYR[SSkkUVUWZYZ \ab jDQu WVSXSpWXYZ _U rX\^SVS]WZYZ \ab ^_lXf ARST CWYbYU^Uc _lX IEu @RScX CWYbYU^Uc qjf eCC aY Jnu Ae@ Pf p PW[^^SZRTTW jD eBB DHhEf eYV_Yc Hiqu DiGqu Djhqu DqEiu IIEhf
GjDf OaSTUU }YZc dSaUZXXSZ~u elWZs BVTU[Wf J^W IE B¨ DEHif ea c\sZ_Sac ·U`Wb dSaUZXXSZ _U AUU[U MRXcU`XXSZf © jI LUR[U L\bWU AUVTWf eVLVcl Diu V\XYSZ ^R[XXW \^X DDf ?kWX^ PPP DDQDIf e@ DIQqIu ^SZccQ UkRV DEu cU[^UXcRXcXcSZ BB ^W[_R[W jiQqIf p G ¨ DHqIf eYVW DiGDf
[WU gYR[VWZ]f eWVVWVcl iHu \^X \S iHf eUVS^R`UU_Uu Y[W^SWXQ cRZRc cWYcYYVV _U U[^WXcS`UVS^f Jn `UVS^R` jqQhjf eUVcWSZU[^ `UVS^R`f p E eBB DHGIf eYV_Yc GEqu DiGEf
Gjhf PUVcWS }Qjq P_lVbXc[sT~u NW^UYV dSaUZZYXf JRVV DD ¨ DEHif ea kUXc LU[X ?X^U[ P_lVbXc[sT _U KVWZ ` @YaURXYZf © DFQqj KbWcU JUZZRVUu qqQ B[_U B[YZY LUabYZkY[lf KWcl iDu rS[`SSZ \ac^ \S Dif O][ Dhf PU[cUZSZaSWcu TUUcUVSRXcU[^ _U TUUcWVS_YZ aSWc DFQjHf eUVcU^RZZUZ c\s`SWTUkllVV jHQqif CWVUZaRSVcS ?\ cSWT_ qhQqFf NUUcUVSRXc\sZUZcU_UWZ VWWccS cSWTWZZUZ_ qFQhqf A PU[_UZ_UVSXcRX\ab k_ qFQFIf e@ Iu e@ ju e@ qu aYZ]YZkYVUXcRXTWcu TUUZ`WV_YV\X> hif NU_ qDf c II eB DHGHf eYV_Yc hGFu FDjf
GjFf PSaSZYZu rURV LYSZU[bf J^W Iq Be DEEHf ea ^URkk rURV OZbY[X P _U KTWVWU PWVkWZYZ © DI p DHhi JWVbU NU[WU PSW`Rf BLVcU ijf eU[UXcSZaSWc _U kRRc\sTf c Ij DDD DHFif
GjGf LYacWZYZu CSW`S LYSZU[bf J^W Iq DD DEEHf ea VUXWZVYW^Q ^UU_U dSaUZ L_U ASpWU gly^f eKVcU iFf NY[W^Ukcf p Dh¨D DHjif
GjEf LWYcS }QiF LWVWRX~u ARVS dSaUZf Ì J^W IG DDD DEEHf ea ^URkk O[SZ OVp[Yb L _U OTUZbU gU[^f © Ii AW]ZY KV`W[U N\VV\ZYZf \S iEf P Dhf @URTUZ \acV\X TUc _U p\X SkYcc DhQDFf A YVWZcU[kYWbYZ cRSZcW^RZZ kUV` DGQIif J]WZ ^URk cWVUXcS^SZcc U^c DGQIEf J]WZ ^URkk ^URkkU^SRV SkYcc IEQqGu _Sac jiQqGf A VWW^YTWYX\ab VWW^YUkRVUWXWVcU^R[XXWZ SkYcc IDQf J]WZ ^URkk \ab _SacS^ _lX jiQu [Uaa jqQ p DH ¨B DHqGf eYVW Eqhu kSW^U qIDHf
GjHf ASWTU }QiF LWZb][YZ~u elWZs dRVWRXf J^W Dq e DEEHf ea ^URkk KTUZRYV L _U MRXcU`U LRZb][YZf \S iEf BZXf p rS^RX^SWZ cYabUXUVRYYVVUu rY[TWZ ^R`YTYTYZcWXXl q e DHDEf
Gqif PR[^YVU }YZc Lsp][YZ~u KTWV @YWZaSVbf eWacW ID B¨ DEEEf ea ^URkk KVWX @YWZaSVb Lsp][YZ _U K[W^U eWVaYVTWZU S[XYVVf © JWV_U P\cclVlf eKVcU iGf ALNP kllXcscSb Dif ?XRRX^URkUZ _Sac eWabWXXlf p J^W Dh BB DHIjf eYVW FFjf
GqDf NYR[TUZu ?ccSQVW`U[Wf BVTU_S^W q eB DEHif ea kWW[WQ Vll^ ?ccS N_U OWZU B]ZUcWRXf © IiD DHFD AJ CSWZW KVWXUzYca tYXcY[VWZ]f LUkXYc PUVVY Iiu K`U IIu KVVW IFf \S iEf O[^^ CPP Dqf OkRV U[^^cXcSWXXU DqQDFf O[^^cXcS \abYXXl ¥U[SVRX LWZbzY[]WZ ^UZXXU J]WXXl DGf J]WZ ^URk UkRVUWXUXYTU^UU`UQ U[^^ DGQDEf eWWkR[WZ ^URk UXYTU^UU`UQU[^^ DEQjGf @OPJ cXcSU[^^ jGQjHf CPP UXYTU^UU`USkWZ SkYcc jFQqiu k[Sp qiQ hHf ?TU UXYTU^UU`UcXcSf eWWkR[WZ ^URk TRWZUWXTRWXcS_YZ `UV`S_U IEQjGf ?Rn UXYTU^UU`USkWZ SkYcc FiQFIf A O[^^Q VWWccS k_ qIQqju kY[RXcQ _U ^RZZWU_lXf A PRZZcY^Z \ab kY[RXcQ _lX _U ^RZZWU_lXf A [U^YZZRXcUWcYYZ TRXYS YXWT FIQf CY^Z cWYcYWbYZ U^Uc kY[RXc_lXf NRWZUWXcWYc cSWTW^ VWXl_lXf eT Du e@ qu AL Pf BZX^Ukc qIf eYV_Yc FDEu HIFu IIFjf
GjIf PURkkWZYZu gY[ZaU[bf JUZ^UXUVTW h eB DEEHf ea c\sT AUTRYV P _U OZZUXcWWZU dllX^YVlWZYZf KWcl iif p IE eBBB DHiHf
Gjjf PYalu dSaUZ OZcSZf PSX^W Ih eB DEEEf ea U_R[W JYZQ [W^ MRXcUp P_U PU[SVWZU eWVaYVTWZU gYZ_UTWZWZc\cl[f © DG OVTU PUcU[WZU >R[TWZYZf BeWVcl ihf CUVSZST _U VWW^YT J]WXXlf p DE ¨BB DHhEf eYVW HDiu kSW^U jjjjf
Gjqf PY^SZWu PUU[VS PSZXcUZcWZf J^W DF B DEHif ea ^SZcc PSZXcUZcWZ P _U OVYÃUZb[U KTWVWU U]Y[Xc[sTf © KXcY[ NUQ
GqIf >UR^VY[u PU[V dSaUZZYXf JURaS H ¨BB DEEHf ea [S` [Yb[W^ > _U NU[WU LU]RXf © Dj OWZU ASpWU NSVWZf Q\S iEf Q N Dhf PUVY`UZ `W[^ DjQDGf A ^SZXRVW ORXc[UVWUXXU DHQ IDf QAe@ @f p A\bZY\ H e DHIDf
GhHf OZbY[XWZu NU[ccW }NU[cWZ~ eUVp[Wbf PRSkWS Di ¨B
DEEhf ea XYZUUccS[W KTWV [WcWSp O _U
AYVWZU OR[S[U rSZc{Zf QBeWVVYu ewVcl iqf
LlacW TY[WVVYf c rS[c ObYVUWbYu ORXc[UVWU ID eBB DHihf eYVW GhFf
GFif NUVTW`UU[U }Qih NUVTzY[]~u O[`W KWZU[f PWR[R`YXW
Ij e DEEhf ea [S` eWVaYVT N _U PU[WZ PU_UZbY[f © iH p DHjF SkYcc @RRXU KTWVWU AU[kU[UZcUu jGQ ^SZcc O]ZYX ¥aU[VSccU BXU^XXSZf BeWVVYu \S iFf P iHu N Diu cYSV Y[ScRc^ DFf LUkRUZ \ac^ RX^u kWW[RXW _U aWXc SkYcc iHQDHu [Yac DjQ DHf PRRXUZ^SX^YZ `c ^a[U DHQIju ^a[U IjQIEf nVWXcU[SZ ^a[U IEQhEf LUkRUZ [S`UXcW^ L[S` qIQhEu `c jIQjjf KbRX^ _lX jhQjEf nVWXcU[SZ ^RZZUZ`UVc k_ jEQ
qhu qEf PW[^SVVWX^S^ _lX qEf JY[lccl_l\ab kllcSWTW^ `U[UYXWT _U YXWT IEQFhf PU[aRTlYZ ^[WXc ^UZXUZSkWXc _SacS^ k_f @S`UXcW jFf c ji eWVW DHGif eYVW GHIf
GFDf rUR^^RVUu LUR[Wf ?[WTUccWVU ID eBBB DEEFf ea T`
dSaUZ @SzY[c r _U OZZU NU[WU dRaSZQ c\cl[f © ID KVXU dSXYpWZU dR`SZYZf JLVVYu eLVcU iqf e@ kUV` iqQu PSRQ
`SVUZ UX BB ^W[_R[W DGQIEu B ^W[_R[W IEQ qDu PRRXUZ^SX^YZ UXYTUkllVV qDQhjf e@ YVWZcU[`YVURcU^ PSR`SVUZ SX k_ DEQ
Iiu `W[^UT\ab ^YX^WT SX k_ _U _SacS^ _lXf PSR`SVUZ ^URkk ^UZXU^ _SacS^ k_u ^URkk`UVc _lXf e@ qu NT DEf p IF ¨BB DHFqf
GFIf >S[bTUZu eWV_S ObSVpf J^W IF eB DEEHf ea ^UZXU^S
ObSVp > _U BbU PU[SVWZU >\Xc[sTf © qI
^SZccUkRV OZZU O[TWU ` JY[c¦YZf
BBwVVYu \S iEf P _U N Dqu L _U C
jDu [WYTRTUWXc Fqf ?RVRZ [RScX ^YX^W^
XRSTYZ _U [RScXWZ ZkW VYac DGQIDf rS[WZ
c\ccsV\X [RScXWZ `kW VYac IDQIju C[YYZ
V\X IjQIGf CR[RZ [RScX ^VV\X XRSTYZ `kW VYac IGQjDu rS[`SSZ [RScX V\X jjQ hIf gY[VWWZWZ \VWSkWXc XRSTYZ `c VYac
IqQIhf Jn \VYWXYZ aWXc bSX jHQhFf JU[[ RV^STUUZTUc^Ucf c I ¨ DHGEf
GFjf rlW`l[WZcUu PUVVUX oZcUTSf LUkkYYZ[UZcU ID eB DEEHf ZUU ea [S` dUU^^S JUZZWYV r _U AW][Wb ORQ
]RXcU CaYSbS[U ¥YbY[zY[]f © DH p DHFi
SkYcc OWZS dSaUZZU AUU[WZYZf BLVVYu eWVWVcl iGu CR[RZ ^VV\X \^X \S iEf P
DFu ^URkkU^SRV SkYcc cRc^ DHu cYSV Y[SQ cRc^ IFu kUXccRc^ jiu CL hG }okkXUVU~f ?kYcc CUTkY[YYVVU DEf K[W ^UZXUZSkWXc SkYcc TT @lWXlVlZ ^UZXUZSkWXc _Sac
DHQIif rU[W^^UVUZ \ac^ _Sac IiQIDf PYQ
TWZ \ac^ SkYcc IDQIhu `c `kW VYac IhQ
IFf rYcXUTSZ kWW[W `U ^UZXU^SRVRZcU[^ IFQIEf ec kUkkW rYcQ XUTSXXU IFQjif eRSVW_SYZ `c ^a[U jif rUkkWZU @RScXWZ LUQ kWXXU jiQhFf CSWTWZRc hFQ elXcY[{XWZ XRSTUVUWXcYZ ^YX^RRQ bYXXUf TT ^RS[SZ_SacU_UZU _U ^W[^SVV cYacl`WXXlf JU[[ cUWbYQ TUUVURXu TRXWW^^W XRSTQR][WVUWXYc _U XYYTWVlWXYc ^WYVYcf p DI Be DHFGf eYV_Yc hFqu FIju EhIf
GFqf OUVcSZYZu O^XYV Kb`U[bf JURX_l[`W Ii B DEHif ea ^URkk Kp[UWT O_U JWVbU NU[WU [WTUZf © Dq p DHFh L\\VW CUX^WZYZf BeWVcl ihu eWWkR[WZ ^VV\Xf QiGf PSZcc eWWkR[WXXU iGQDIf LWW^YUVUVVU J]WXXl DIu XSWcWZ^URkkWUXf c DH DDD DHFhf
GFhf O[S }YZc OaVXcYbc~u dUVTU[W JYW^^Wf J^W H eBB DEHif ea cUVSZSTWXc JYZ[W^ MRXcUp OaVXcYbc _U NU[_UUZU PU[SVWZU S[XYVVf ewVcl iGf p D BB DHiHf eYV_Yc IGiu qGiu FiDf
GFFf Oa^WS }YZc OaVXcYbc~u dSaUZ dUVTU[Wf J^W II eBB DEEEf ea dUySz dSaUZ OaWXcYbc _U NU[WU eW^cS[WZU dlTXc[sTf ewVcl iEu N`V\X eBBBf JYZ^W`U^\ac AUVUTU `W[^f J]WZ A^ [ PPP cUVaSWcf NT DE [^u cUVSZkSW^UWXTU[XXWZ TWcf
GFGf OR`WZYZu OU[ZYf J^W ji ¨ DEHDf ea cRSTWS[S` OVY^Q XUZbY[ O _U OWZU dRVWU ·UaV][YZf \S Dif Q P Dhu N DHu `Wa kUkW^XW Iqu CP jD kUXccRc^ qI RX^ _U aWXcS[WUZ SkYcRXQ Zl\ccYYc Iju Iqf >S[XXWZ cSkYcc IDQIqf J]WZ ^SYV\X RX^u pWVSXSpWUZ _U aWXc \VWT ZkW VYac IqQIFf J]WZ c\ccsV\X RX^ _U aWXc ZkW VYac IFQqjf LSkYZ ^a[U qjQhEf LSQ kYZ [S`UXcW^ VllZWZ[S` qHQhEf A `UVc SkkW^Sk VWWccS [Uaa IEQjGu XWac jGf oX ^Y[cS_U `c ^SRVR>f @S`UXcW qh Ae@ @ Df pJ^W IF ¨ DHhEf
GFEf g_s[^u ?ZZW OVY^XUZbY[f J^W h ¨BB DEEHf ea [^T rURW PSZXcUZcWZ g _U AYVTU eWVaYVTWZU >\aSVTf © IH Ca\[U KZ^`WXcf eWVVWVcl Diu \^X \S DIf @J ^W[_UZkWc _U^UXXUZaSWc DjQDHf J]WZ ^URk c\scWVWYZ ^UXXUZaSWc _U ^URk kll^UXXUZaSWc DHQIjf ?kWX^ LUbz\ Js_X^SVYXXU CUZX^UXXU Iqu U][SZSTWf oAOWaUZ Ihf p D D DHEif
GFHf rUVSaYWTS }YZc g[UZbY[~u tYVW PUU[VS O[TUXf LSkkW DG ¨B DEHDf ea C PU[V OVp[Yb r _U MY[c[Rb JYVYZU JYTQ zY[]f © DEQIE L? KXcY[ LUWVU AZYVVTUZu jhQ N B[TU rUUXWSf \S iHf ·VQcRc^ B SXU CPP DIu ·B Dq PU[VX[RaYZ CPPf AYVVRVSSXUQ_U kUkY[WcYacUWXXU AWXXUu @RScXWXXUu OTY[W^UXXU _U eYZl_lVVl DqQDEf ?TU cY^Z cXcS DEQjhf N` @WXcWZRTTYVVU qIQu CSWTWZRc UXRZcS\ac WXlZZf JU[[ cUVSRXYVlTlu kSVWcWW^Q ^Uu ^W[_UVVWXRRXu TRXWW^^Wu R[aYWVRf p ji ¨BB DHEif eYV_Yc FEIu EEEu HGEu Dhiqf
GGif AYc[W }YZc ¥YbY[~u ?X^U[W OVY^XUZbY[f J^W IH e DEEHf ea `U[RXTYXc PUU[VY ?X^U[W ¥YbY[ _U NU[WU oV[W^U AWVUZbY[f VWWcl iIu J]WZ RRXW \ac^ IfQGf B^f OkcYY^^WUVUVVUf p J^W ji DDD DHDjf eYVW DGGf
GGDf K^zSTu dSaUZ OVY^XUZbY[f J^W F e DEHDf ea c\sTWYX OVY^XUZbY[ K _U NU[WU JS]YZf eWVWVcl Dif @URcUcYWVVlf c Di ¨BB DHDGf eYVW Dihjf
GGIf KZ]Xc[sTu O[`S dRVWRXf BVTU_S^W DI eWVW DEHDf ea [S` dRVWRX B`U[ K _U OWZU AUWTU ¥YyWVWU dYTzY[]f p J^W E DDD DHijf eYVW GIjf
GGjf JUU[UZYZu LRb`W] dSaUZZYXf rWYcU[W Ii B¨ DEHDf ea ^ScYVSZcY^W_l dSaUZ J _U L\bWU [Yb[W^U LWZbXc[sTf \S iHf oRbYZ^W[^SZ ekW UkRV>N IGQIHf c oRXW^W[^^S ji ¨BB DHIHu
GGqf JYWZSZYZu BXU^ BVTU[Wf JlTYYZVWZZU H e DEHif ea ^YVVSXYkkl BXU^ K[VUZb J _U eWVaYVTWZU Oz[UaUTWZc\cl[f © DG AUWTU OVWWZU CUZZY[f BeWVcl iFf PUZXU^S DI @URTUZ XYTWZUU[WXcUf PUZXU^S @Y^SVUXXUu @RScXWZk\acllVVl _U JSVQ VSVUXXU DIQjjf LUabYZ ^URk ^UZXU^ _SacU_USkYccf @RScXWZQ k\acllZ ^RZZUZ`UVc _lXf LUabYZ ^W[^^S^RS[SZ k_f p q e DHFif eYV_Yc qFFu EHGf
GGhf JYVS }QiF JYVYZWRX~u dSaUZf J^W II eBBB DEEHf ea [^T
±UXu§Qf MRXcUp ObSVp JYVYZWRX _U NU[WU OVzY[Q
cWZU OaVXc[sTf © IH Zl\ccYVW_l OZZU
KVWZU }LRVVUZ~ eUV`Yf \S iEf P DDu
Nu L _U C Dqu LUP IEu eC jjf
CR[RZ ^VV\X TUcYT _U VRSZZSZSk `kW
VYac DGQIIu d\`lX^\VlZ V\X IhQIFu J]WZ
V\X IFQIEf OO IHQjqu J]WZ @? >T jqf
J]WZ ^URk [UaUcSWTYZ_Sac IIQIhu jqQ
qDu XSXWUUVW_Sac qhf LlaYccWVlX }XRR[VlQ
aYccWVlX~ rU[WWXWXXU qhQhFf ASXWUUVWQ IFQ
IGu ^RV^RVUWcSXQ IGu `UVcWS`U[UWZQ qq _U SkYcRXTWZ qhf KbRX^ _lX DHQIIu IqQjhu qqQqhu `UVcWS`U[UWZ`UVWS^ k_ jjQjhf CR[RZ
^URk`UVc _U QaUVW _lX DHQIif J]WZ ^URk`UVc _lX jiQjqu `k_ RX `u ^URkaUVV _lX jDQjqf LWXlc\Z @J _lX IEQjif eUVc cWVWZcU[^ `k_ IiQjif Ar cWVWZcU[^ IqQIF kUZ^^W`UVcRRXT IGQqIf J]WZ XSXQ bYT ^RZZUVVWXcSWTW^ k_ jIQjqf AQ>YR`SXcSVWWccSQXYR[ k_ qDQ qhu gRV]U[WUQA XYR[ hGQf J]WZ c\s`lYZ Ak _U J]WZ PUZXUZcYUcc aZcSZYR` k_f oX TRWbYZ \abWXc\XcYZ _U \acWsWbYZ _SacSYVWQ TWXXlf Ae@ P Du @PL XRR[RkXf p J^W Ih ¨ DHFFf
GGFf Up JlVVXc[sTu NU[ccW OWTSf AU`SZVWZZU Dh DDD DEHDf ea N MRXcUp KTWV Up J _U OZZU KVWXUzYca LWVWRXf \S iHf P Dhu N DHu L IDu C Ijf Jn ^YTWUZ VUz UXXWXc jGQu p\XW^UUVWXYZ ^YTWUZ bSX jGQhju TUUcQTYcXlc cWYbY^ ^YTWUZ `c UkRVk[Sp hDQhju UkRVk[Sp hjQhEu `c ^YTWUZ k[Sp jHQqqf CPP p\XW^UUVWXYZ ^YTWUZ `c k[Sp qHQhEf c J^W H Be DHFFf eYVW FjFf
GGGf dSaUZXXSZu g[RZS eWVVWUTf J^W I ¨ DEHDf ea kRRcU[Q aR[W OZbY[X d _U KTWVWU MRXcU`Uf © Dh
KXcY[ OR[S[U ?[YVTUf \S iHf ?W^c
Dju eC DFf OO PSR`SVUXXU Dju LUabYXQ
XU DqQDGu J]WXXl DEQIDf p J^W DI ¨B DHIDf rSW^U jIihf
GGEf PUcU_U }YZc dSaUZXXSZ~u PUU[VS dSaUZ @RbSVpf J^W Ih eB DEHif ea ^URkk PU[V MRXcUp dSaUZXXSZ _U AYVTU NU[WU el[_lf © DI OVVW PU[SVWZU ASVUf eVLVcl iEf Pl\clZZsVVWXYVQ Vl UVUVVU J]WXXlu hiQ KXkSSXXUf p DD eBBB DHFGf eYVW DHIDf
GGHf dl]Y[[SSXu dSaUZ [Yb[W^ JU[UVbf § PS[kWVUacW ji eBBB DEHDf ea UXYTUkllVV dSaUZ J_UVTU[ d _U UZZ\ >UcaUVWUf \S iHf
GEif dl[`Wu dUVS dUU^^Sf J^W Ih eBB DEEHf ea TUUVU[WTYXc OZbY[X JYZ[W^ d _U eWVaYVTWZU MRXcUpXQ XSZf © Dq JWVbU MYS[]WZU JYZ[W^XXSZf JVW_PL ptXW \S iHf ?kWX^ Jn VU^WcWYbYcclf
Ç B cWV^W DE DDD DHDhf eYV_Yc IEhu qDDu Hihf
GEIf PU_U`U }YZc PUZ]YVWZ~u ?X^U[Wf J^W j BB DEHif ea U_R[W ObUT PUZ]YVWZ _U dSXYpWZU OVWcUVSf \S B iHfQ P DIu N Dqu L _U C IEf ?kWX^ B AU^XUXXUf @UZX^UXXU _U KXkUZ_UXXUf dSYZXRRXXUu CUTkY[YYVVU _U rS[WXXU XU^XUZ _U [UZX^UZ `c `kW VYac DjQDEf rS[WZ V\X `kW VYac DEQIqf J]WZ ^SYV\X `kW VYac IqQjGu [Yac IqQIHf APP XU^XUZ SkYcc Ihf CPP [UZX^UZ SkYcc jiQjGf rS[WZ ^URk`UVc _lX IDQIjf p rU[WWXW Di eB DHjGf
GEjf PUZ^^RZYZu KVWX LUWZYf eUUXU Ii eB DEEHf ea kRRXYkQ kl KVWUX P_U NU[WUf eWVVWVcl iHu \^XSkkWVUX DDf QpIH B DHDDf
GEqf PY^SZWu OU[ZS JYZ[W^f J^W ji ¨ DEHDf ea ^SZcc PSZXcUZcWZ P _U OVY^XUZb[U KTWVWU UQ QI B ]Y[Xc[sTf O Dh B B VYZ NUZU PRVVW aY[\ B \S iHf nJC Djf CR[RZQ _U rS[WZ LJ
BAW VllZWZ^UZXVWXcW DhQDFf KZSc DFQDHf LXWac DHQjDf PRV^RVUWc _U \V csWbYZ TWZ ZkW aUVVXWac jDQjEu `kW aUVVXWac jEQqju aUVV> qjQqGf AL Pu Ae@ @ Df c q BB DHqGf eYV_Yc Gjqu DiGEu kSW^U jFqjf
GEhf PY[kkSVUu tWVVWUTf J^W hD DEHDf ea [Yac PUU[VS [YbQ [W^ P _U JWVTU NUcaWVbU @WZZYf © Ih N B[_U dSaUZZU JY[VWZf LUkXYc B[TU B D jiu PW[XcW jju PVURX jhf Q\S iHf QLP Dju LL DEu LPC DHf J]WZ \VYWXYZ XUW[ B XWXlcURcSX UkRVVll^ IiQIjf NU[WUZ XUW[ P_ XWXlcURcWSX UkRVVll^ IjQIFf PW`YVlZ XUW[ ±pyde d® XWXlcURcWSX \VWVll^ IFQjEf J]WZ \VYWXYZ WW Vpy XUW[ X XUcURc ^WZ \VWVll^ qFQFif JYZ^WQ P ± `U^\aV ARSTW UVWVll^ IFQjFu \VWVll^ jGQ Jg qGf J]WZ XRS_YVRX^ kWW[WYXW^Vll^ DEQjqf Jn XWXlcURcWSkWZ bSX IIQqiu `U[X k[Sp qiQFiu Lll^YcWYc cWYQ bY^ bY^UUZW qhQqHf AUW[ NYaWVlWZYZ _Sac jIQjFf A Lll^l[WVWWcQ cS k_ qjQqGf A AWXlcURcWYZ Vll^\abu Vll^l[WXYR[ ·RSbYyWT _U A Lll^l[WVWWccS ^RZZWU_lXf Lll^YcYabUX ?[WSZ _U @Y]RVRX ?\ aUVW _lX jGQf r[SpYXXS[W jhu Ae@ Pu AL P Du e@ q kRZ [^f NT DE [X^u NT jHQqiu A^ U[f Lll^TU_ qjf ?XUVVWXcRZRc RX XUW[UUVSWbYZ XRRZZWccYVRRZ _U [U^YZcUTWXYYZ jIQFDf Gh cWYc _RV^UWXRUf p Ih eB DHGqf eYVW DiGHf
GEFf PWVkWZYZu n[_s JYZ[W^f J^W q DD DEHIf ea ^URkk JYZQ [W^ PVUX P_U BbU ¥aU[VSccU JUTTU[Xc[sTf ©DE cUWc NU[]UQ [Yc ·U[VWZ] NU[WU OVpcaUZf eLVcU iGf ?kWX^ J]WZ ^SZXY[Q `UcS[WSu tWYZWXXl DiQDD _U gY[VWWZWXXl DjQDqf Al`YVclZ\c VURQ VRXU[_S_Uu ^RS[SVURVR_Uu kWUZSXSZUUccY_U _U QXU[_S_Uu XYVVSXU[Q _UZ _U QXSZUUcWZf Al`YVV\X^SZXY[ccY_U AwXXU _U RV^STUWVVUf A O^UcYTWU _lX qEQhHu PUVY`UVUXYR[ `k_ hqf eUVc Xl`YVcUWc cR^WQ [UaUXcS `UVcRRX^ k_ hEQhHu n^XWZVURVRZ \Xcl`lc qEQhHf CSWQ TWZRc TRXWW^^WU[`SXcYVW_UZUf r[SpYXXS[W qIu Ae@ Pf p I DDD DHhHf eYV_Yc Giiu HHGf
GEGf PSaSZYZu O[TUX PUVY[`Sf J^W D B¨ DEHDf ea ^SRVR> OUkS P _U AYVTU dSaUZZU tWVaYVTWZU UUXyaf \S DDf NYbW^SpWWVWcRc^ Dqf dll^kUcV IG DhQDEf ?kWX^ gY[VWWZWZ \VWQ SkWXc DGf A U[T ^STkkkllVV D Ef Qe@ q T^f NT DE X^f LcZ DEf PUUcRW NYXQ XR^\VlXXl Ij DDD DHDEf eYV_Yc GiDu IiDqf
GEDf PUU[ZUu o[aS KVWUXf J^W DE Be DEHDf ea `UacWTYXc PU[V eW^cS[ P _U eWVaYVTWZU K[W^XXSZf \S iHf ?W^c Iif OO J]WXXlf c J^W G eWVW DHIHf eYV_Yc HiFu DiGju DHDGu IiEEf
GEEf LWY^S }QDH LWZbzY[]~u PUU[VS KWZU[f J^W ji eWVW DEHDf ea XYZUUcWZ `UacWTYXc PU[V LRb`W] LWZbzY[]_U JWVTU KRp[SQ X\ZY ?bYVVf © ID CSWZW LUa_U eW^cS[WZc\cl[ AUVSZYZf Be¡Vcl iGf eU^RRcRX`W[^f c h ¨BB DHIhf eYVW DIhIf
GEHf }Qih LWZbpS[X~u O^XYVW eWVaYVTf J^W IH DDD
DEHif ea U_R[W K[W^ dSaUZ L _U BbU NU[WU OR^RXcWZc\cl[f © IDQIj NU[]Wc OVWyY ¥YyWVWU K[W^XXSZu IF c DHhI >UbWZY gR[Q ZWYZ \S iHf O][ DFu PUbP ^R[XXW Iif rSa_QPU[_UVUZ SXRRXTYW_Y[WVWWccS XWac DFQDGu AU`SQPU[_UVUZ TYW_Y[WVWWccS DGQ DEf dll^l[Wk[W^ Ub_ DEQIif PU_UUZWZ AWXXWkUcV cUVSRXkllVV IiQ
IIf dRRXcSZ`UVTWXcRX^R[XXWYZ SkYcc IjQIqf eUVc `SWZcU[^VUWc UXXWXc IqQu PUZXUZaRSVcSTWZ \VWT cXcSZ XWac qjQqEf A dRRXQ cSZ`UVTWXcU_UWZ \ab UkRVXWac qhQf e@ q cV^u e@ q T^u e@ qu Ae@ @u NT DE X^f NT jHQqi X^f LcZ DEu ^Ukc qIf p Di B DHhhf eYV_Yc IFFu qEIu GiIf
GHif LWZZUVU }QiF LWZb][YZ~u OU[[Y OVp[Ybf J^W I ¨ D EEHf ea ^W[`YXT dSaUZ OVp[Yb LWZb][YZ _U eWVaYVTWZUf eLVcU iFf PUZXUZZl\cclTs Zl\cc iGQiEf rWYcU[XUU[YZu ?RVRZu rS[WZ _U eWWkR[WZ c\s`lYZ cYUcc _Sac iHQIFu J]WZ PSWcSZ Zl\cclTs DEQDHu IFQIHf oAOwXXU IHQhqu >Y¯ nS[^WZ C\s`lYZZl\cclQ Ts _Sac IHQjiu jqQjFf p J^W Dj e DHhhf
GHDf LURZSX }YZc LWZb£`WXc~u PUU[VS OR^RXcWf eWWkR[W j ¨ DEHif ea XYZUUcWZ `UacWTYXc PU[V MRXcUp LWZb£`WXc _U OZZU NU[WU rRRXUf © DE AW`Wl OWZS JRSXcWVUf \^X \S DDf e@ kUV` DIQhGu Xla^sccl_l DFQIGu BB ^W[_R[W IGQjHu B ^W[_R[W AU`SZVWZZUXXU jHQqiu rUXWVUXXU qiQqIu PUVVWXVUabYZ UXYTUQ kllVV qIQhju JWYcUXYZ hjQhGf NT jHQqiu eXX UT D X^f c DD e DHEif eYV_Yc EqGu DiEFf
GHIf NUVTW`UU[U }YZc NUVTzY[]~u ?ZZW dSZUcaUZf PWR[RQ
`YXW F B¨ DEEEf ea ^a[U eWVaYVT N _U
PU[WZ PU_UZbY[f © DI WW_U BV^^Uf
BewVcl ihf PUZXU^S PU_UUZWZ XYTWZ DGf e@ kUV` iFQDFf PlV`WlZ elVW^\VlZ
^UZXU^S DGQDEu nVW`WYX^UZ @URbUXQ ^SX^YZ IFQIEf PU[aRTlYZ ^[WXc ^UZQ
XUZSkWXc SkYcc DEQIiu IqQIFu PUVU_SYZ
^[WXc ^UZXUZSkWXc IiQIqf AWXlVlaYc\XQ
XYR[ JY[lccl_l TUc^UXUUT IEQIHf
p?RVR Dh eBBB DHIHf eYVW GFif
GHjf NWYXTUU }QiF NYXXTUZ~u CURZS ?VU`Wf J^W DD DDD
DEHDf ea N dSaUZ tWVaYVT N _U KVQ
VYZ AW][Wb Cs[ZRbbf © IjQhq XSWcSZQ
SkYcc AWW[W OVTU AUVVWTU rWYcWVlWZYZu BB hq ^W[_UXcSUTUZ OZZU NUW_U LUR^^UQ
ZYZf LUkXYc dR^^U Iqu LYYZU IEf \S iHf ?kWX^ CPP _U Jnf CUWbYSkWZcS_U Jn kWW[RXcRXXUVWXXU DjQDEu KY[S dl[ZYQ pYVcWZ _SabSVVU DEQIjf CSWTWZRc TRScSQ
^R`UTUUVU[WZU IjQu UVR^XW T\sX XUZSQ
TUVYacWQ _U kWVUkWW[cl_lZlf A rWW[cl_lVWWcQ
cS k_ jEQqFf r QTWcf OVzY[c MYzaU[bQTWcUVW Fjf r[Sp Gif p DD eBBB DHEif rSW^U qiIDf
GHqf NRXcU^UVVWSu NU[ccW dSYVWf rS[W Dj eJ DEHDf ea VllQ ZWZ[S` dSSXYkkW N _U O]ZYX AYVTU JYVYZU LUTkYZf © DH JYbbW NU]ZaWVb A_szY[]f \S iHf P DIu N Dqu LP DGu LL Ihu XWXlcURc Y[W^Vll^ IEu LPC qqf n^XVll^ J]WXXl IFQf Jn UZUcSTWZYZ VUWc UXXWXc IFQqEu bSX qFQ qEu UkRVk[Sp qEQhEf J]WZ \V XUW[ BB XWXlcURc SX UkRVVll^ IFQIEf LUkkYYZ[UZZUZ ^\Vk\VUWc \VWVll^ jIQu LUkkYYZ[UZZUZ ^YXl\VWSkWXc [Yac hFQFhf BclQA \VWSkYccXYR[ `UVcRRX^ k_ hhQu BclQA ^RVccRR[W^STWc hEQ FDf O`RXcU_UVll^\ab k_ IEQjhu BcXYZlWX\\bYZ VWWccS jqQqqf LUkWZ XW`WXc\XXYR[ _SacS^ _lX jjQu `k_ jhQjHf J]WZ Vll^\ab k_ jEQqjf ARSTRZ^U[WVQ`W[SV Vll^XYR[ k_ jhf ·RSbYyWT ^W[_UXQ cSZ aSWcf CWYc XYR[UWZ `UVcRRX^ _lX hFQu e@ ju e@ qu Ae@ @ Du NT DEu eW[r@ Pf Lll^TU_ qIf p DF ¨BB DHFEf eYVW FFhu kS_Uc jhiGu qGDIf
GHhf >WXXWZYZu n[^W OU[[Yf J^W q Be DEHDf ea cYacUWVW_U dSaUZ > _U CaY^VU OTUVWU AcYZpS[Xf © DFQIh LUWVU ?ZY[`U NU[WU A\[_lZYZf ewVcl iEf UPf CSWT_ J]WXXlf p Ih BB DHhqf
GHFf eW[UZ^S }YZc >s_b~u PU[V KTWVf J^W q eBBB DEHif ea aUW^S^URkk PU[V [Yb[W^ e _U BbU LS`WQ XU ATUVYZf © DE JYVTW OR]RXcU LWZbQ £`WXcf Q\S iHf N?P DFf p J^W Ih B¨ DHIjf eYV_Yc HIHu DEiEf
GHGf rU^^UVUu AUTRVWf ?RVR q BB DEHDf ea ^W[_UWVW_U CaYSbS[ }CYR`S~ ?X^U[ r _U O]ZYX rUTYVU CY[`Sf © DH NUW_U JUVWQ TUZf VVLVcU iju PS^^SVUZ XRST \ac^ \S iHf N Dqf ?[WQ `YbYZ ^UZXUZSkWXc SkYcc DGQDEf LWTWZ]UZ ^UZXUZSkWXc _Sac DHQIjf PRSkWSZ ^UZXUVUWXSkWXc _U ^URk^W[_UXcS _Sac IjQIFf ?RVRZ ^URk^W[_UXcS _Sac IFQhEu c\s`lYZSkWXc _Sac IFQIE _U _SacS^ `k_ IEQjGu XRST ^YX^W^ `c VYac jiQjIf rSa_QrSa_UZQ TUUZ NUU^RZcUVWWccS c\s`UVWS^ _lX jDQhIf PW[_UXcSZYR`SX hEu e@ qu eT Iu NT DEu NT jHQqif p ?RVR q B DHhHf GHEf rY[cUTS }YZc rYc[YVWRX~u gY[cYV }rY[ccR~ Oz[UaUTf J^W IF B DEHIf ea U[^^ OVzY[c Oz[UaUT rYc[YVWRX _U O]ZYX NU[WU @sZZ£`WXcf © II B[TU BZ^Y[W KZ]YVzY[]f \S Dif ·B PU[VX[RaYZ CPP Ijf dll^kUcV IG DhQ DEf eWTkYVWZ XScU^SRV UkRV^STkkkllVV _U es\[WZ ^SRV _Sac _U X^QkllVV DEf NU[Q ^S`WVVUZ RkX^S^^R[XXWZ SkYcc DEQDHf ARS_YVRX^RZcUWZ \VWYXW^ ^SRVRcRXSX _Sac DHQIiu [UbWSRkX IqQIhf rN [UbWSUXYTU aSWc IhQIFu [UbWSVUz _Sac IFQIGu Xla^sQ VUz _Sac IGQqhf rllTU_UZ `WYXcW^S[_UUTS _Sac qDQqhf eUVcWSZ Xla^skU_U cSWT_ qhQqHu rRSVVUWc AUZcUaUTWZUZ cYac qHQhhf APP SkYcc IhQIFf KXkSSZ ^RZZUVVWXVURc _lX jhQjGu jEQqif e@ Iu e@ ju e@ j T^u e@ q T^u NT DE X^u NT jHQqiu dTf LcZ DEu ^Ukc DEu TU_ Ihu Y`V IEu Y` jEf p J^W DG ¨BB DHhFf
GHHf @YyaU[bcu KTWVf rUVcUTS Di B¨ DEEHf ea [S` [Yb[W^ @_U JWVbU ·S[ScYU A`YZbYVWZf © Dh c DHjq KWZY OZZU NU[WU AWV`YZWRXu jhQ NU[ccU @lWXlZYZf BLVcU iIu \S Di ?RVRZ ^VV\Xf CYSV Y[ScRc^ Dqu kUXccRc^ DEf nVWT kUkkWZU DhQIiu nVW^WWQ TWZ]WZ ^a[U IiQIFu PRaTSZWYTYZ IFQhHf PU_UUZWZ [S`Q ^RZZ VllZWZ[S` hDQhHf @S`UXcW qif JU[[ [Yc^Yc XUVSTUWVVUu Qp PRaTS Di Be DHFGf
Eiif ORVUZ^S }YZc AUZbzY[]~u dSaUZ eWVVWUTf J^W Ij ¨ DEEHu ea c\sT dSaUZ AUZbzY[] _U [Yb[W^U CSW`SZYZf © Iq c DHqD JYVTW KVWZU >R[TWf BewVcl iFf @^T Dh J]WZ cYSVVQ ^SRVf eUVcWSZ _U \^XWc\WXWl [U^csWcl DhQIEf J]WZ ^URk [U^^SZU [^T IHQqDf p DE Be DHqDf
EiDf AUÃYVVu eUVcY[ eY[ZY[f J^W DD BB DEHif ea `llk dSaUZ A _U KbVU NU[WU MRXcUpXXSZf p J^W I Be DHijf eYV_Yc GDDu DDiqf
EiIf AYkklVlu eWV_S eW^cS[ @UpUYVf J^W DG D DEHDf ea ^SZQ bR^css[W eW^cS[ A _U ASpWU eWVaYVTWZU rYccY[XXSZf © B p DHDH LYTkW tUVcUTSu BB IiQ MR[VW NU[WU JYZYVWRXf \S iHf JLP Dqu aV Dhf JV J]WXXl DFQjjf A JUTTUXVll^XYR[ XWac DGQIhf A JUTQ TUXVll^VWWccS k_ IHQjDf p J^W H B ¨BB DHjjf eYVW IDhDu kSW^U jFIjf
Eijf AcYZWRXu dUU^^S _UVU[f § J^W Di e DEHDf ea ^UT[ OZbY[X Kb`U[b A _U BVcU M[sZaSVTf © Dh KVXU LS`WXU rYccY[XQ XSZf \S iHf LP Dju LL DGu LPC Ijf Ar@ UTzRVUZXXWVll^ DEf PW[ Y[W^Vll^ J]WXXl IDQIqu JlTYYZVWZZUXXU IqQIFf c JlTYYZVWZZU Di eBB DHIFf eYV_Yc EhHu DjjDf
Eiqf CUWZWSu JYVTY[ O[`Sf LUTTW IF ¨B DEEEf ea T` PUW
VY PRXcUU AYV^lVl _U BbUf \S iHf
?kWX^ Jn VU^WU iHQDGf LUTTWZ kWW[WZ `c >N RX ^Y[cS_Uf eUVcWSZ[W^SXSW^ X\\cQ cl_l DEf JlTYYZVWZZUZ LJ \VWT YXWcc
DEQIDf e@ Iu NT DEf @YXVcZ DEf c AYV^lVl Dq eBBB DHIDf
Eihf tUaVXc[sTu PUU[VS dUU^^S OUcSXf J^W Ih eBB DEHif ea LPUT[ PU[V [WbSVp t _U KbWca NU[WU KTWVWU gss^f c J^W Ij ¨B DHiEf
EiFf eRS[Wu o[aS dSaUZZYXf J^W Ih DDD DEHDf ea kRR^URkk dSaUZ JYZ[W^ e_U eWVaYVTWZU [Yb[W^WZc\cl[f © DFQIE NU[cU ASpWU LWZbaSVTu jDQ JYVTW NU[WU eRS[Wf \S iHf KcXW`lu VWW^YTf >UUZcUVWZ PeWX^ _U kSVWWXWTYXc jqQjFf p rS[c ¥SVQ zSTYu PUZUbU DF B DHFhf
EiGf tRS[WZYZu KVWUX OZcSZ eYW^^Sf CUTkY[Y Dj B¨ DEHD ea N?P OZcSZ t _U BbU ASpWU NUVTQ
Xc[sTf © DF BbU B[YZY PRRXUVSf \S \^X DIf ·B CPP DGf rUVS`U^\ac rSa_SVU cU[^WZX DGf eWa[YlZ klcW _SR^^_Sac _U ^STkkkllVV DEf e@ T^f NR[aUccR Dj BB DHDEf eYV_Yc EFHu DiIqu DqqHf
DHiI
EiEf eUWZWSu OZcSZ KTWVf @\Tlcc\Vl Di eBB DEHif ea `UZQ
]WZ `U[c dRaS KTWV e _U dSaUZZU NUcaWVbU NUcWZc\cl[f
Be¡Vcl iFf LlacW OTY[W^^UUZ Dif c D B DHEDf
EiHf eSWkWS }YZc Ä^Y[TUZ~u eWV_Sf ³eWWkR[W j BB DEEGf ea XYZUUccS[W ·UZWYV eSVbYTU[ Ä^Y[TUZ _U KTTU JYZ[W^U rY[UZbY[f ©DD JWV_U OZZU Jl[^sZYZf eLVVYu \S ihf P DDu LUP Dhu LUC Ijf OO J]WXXlf CRn ^UZXVY[WZXWac IDQIhf p J^W DF DD DHIhf eYV_Yc EDIu EDHu DiIjf
EDif OacSVU }QiF @UZWZ~u LUR[W Kb`U[bf PRSkWS q BB DEEEf ea k[S^ LU[X MRXcUp @UZWZ _U JYV]U tWVaYVTWZU JU]YVzY[]f © Dj OWZS eWVaYVTWZU NR[cSZYZu BB jD LYTkW NU[WU BaUVUf VewVVYu \S iGf P _U N Dif PU_UUZWZ \ac^ XRSTYZ _U aWXc SkYcc DiQIDf dlTXlZ \ac^ _SaV IDQIqu dlTXlZ [YUUVWVR^WS IqQ IEf dlTXlZ \ac^ _U [YUUVWVR^ SkYcc IEQjhu KW[UZ \ac^u rS[WZ \acV\X_U eUUXUZ V\X jFQhD _U LUkWZVUabYZ \ac^ hDQhhf p DG eVV DHFjf eYV_Yc EDhu Diihu DIIHu kS_Uc jqFDu jqFIf
EDDf CUZbYpYVcu ?ZZW JY[zY[cf A\XTl j BB DEEFf ea cWVUZQ ST MRXcUp NU]ZRX ?ccS C _U OZZU NU[WU @YZ£`WXcf © DD KY`W dSaUZZU AUVYZWRXf BewVVYu e¡Vcl iqf Pl\Z\c PR[^W_SYZ \VYTTlZ T`SkWXcf CWVUZaSWc Y[W kUW^^U^RZZWVVU DiQf PRZZQ `UVc _U ^W[^^S`UVc _lXf NT DEf c rS[W DG e DHjHf
EDIf eSWkWS }YZc Ä^Y[TUZ~u BVTSf ³eWWkR[W Dj BB DEEHf ea XYZUUccS[W ·UZWYV tSVbYTU[ Ä^Y[TUZ _U KTTU JYZ[W^U rY[UZbY[f © jI gfOf OWZW^^W AU[`Wf BewVVYu \S iGf O][ DIf
N` DIQf ?kWX^ `WRVRZXSWccSU _U kWW[RXcRXcUf PUZXUZSkWXc SkYccu XUZSTUVYacWT _U TRRXW^^S IqQjif PW[_ Zl\cYVTWlf I cUWbYZl\ccYV\lf LUkkYYZ[UZZUZ eUkUUQU_UccYVW_Uc k_f JU[[ UcYWXTWu pWVSXSpWUf p Ih ¨BB DHFEf rSW^U qIHFu `YV_Yc EiHu
EDHu DiIjf
EDjf JYWZSZYZu n[_s NUcaWUXf LU`UZXUU[W IE B DEEHf ea >N NUccW J _U OVp[WbU KTWVWU OVY^XUZb[U PWV_UZbY[f oVWVVYu BewVcl iqu eWWkR[WZ ^VV\X BewVcl iFf AWW[c\Z\c O[]YZcWWZUUZ RRbWXUXR^^UU^XWf
EDqf GIHf
EDhf OacSVU }YZc @UZWZ~u PU[V MRXcUp eUVbYTU[f PRSkWS ID eWVW DEEHf ea k[S^ LU[X MRXcUp @UZWZ _U JYV]U eWVaYVTWZU JU]YVzY[]f © DG OZZW ¥SZyS[bWU LYTzY[]f oVWVVYu \S iEf LWW^YT _U kSXcWVUWc kUV`f p OVUcSTWS DH Be DHDHf eYV_Yc EDiu Diihu DIIHf
EDFf MRTTY[RXu OUcY dSaUZZYXf PU[XcRVU j ¨B DEHDf ea [S` dRVWRX BTTUZRYV M _U OWZU JYVYZU tWZcY[f BLVBYu \S iHf P _U N Dqf p DH e DHDqf eYV_Yc EDGu DjHhf
EDGf MRTTY[RXu AU^U[Wf PU[XcRVU h eWVW DEEHf ea [S` dRVWRX BTTUZRYV M _U OWZU JYVYZU tWZcY[f BLBVYu \S DDf ?kWX^ Jn VRSZZSZcWYcf p rU[W^^UVU DF BB DHDqf eYV_Yc EDFu
DjHhf
EDEf BVTSZYZu CR[Y NU]ZRX OVY^XUZbY[f J^W D ¨BB DEHif ea ^UkkUV @SzY[c B _U NU[WU ASpWU AcRQ [YZf © Ij Nl[cU tYZZXc[sTf BLVVYu BewVcl iFf J]WZ ^URkk ^URkkU^SRV Dif J CWVTUZZX © ¥S _U P\TTYZY Oz k[S^ DjQDEf gSVXY`W^^WYZ `UZ^WZU PUQ XUZWXXU _U @SXcS`WXXU Iif P\TTYZY Oz ^SZcc IDQIFf tY[VUZ kRRaWSTS ^SZccQ kllVf p Ii Be DHhEf eYVW GIHf
EDHf eSWkWS }YZc Ä^Y[TUZ~u OU[ZWf eWWkR[W Di ¨BB DEHDf ea J?Qk[YXu XYZUUccS[W ·UZWYV tSVbYTU[ Ä^Y[TUZ _U KTTU JYZ[W^U rY[UZbY[f © Dh c DHhH KVTU ¥aU[VSccU ASWZWZYZu FiQ CWVbU LYTkWZYZf BLVVYu \S iHf P DIu L IIu C IGu CP DEu CL Iju CC Iqf nVWT kUkkW DEQqI }J]WZ rSa_ ARST X[^ _U CssVsZ X[^ DHQIq~f J]WZ ^SYV\X `c VYac Iqu IGQIEu jif Jn YXW^lXWccYWbYZ `c UkRV DHQIIu UkRV IIQjhu bS]TUcWW^UZ _U YcWW^UZ `c k[Sp jqu ^l\clZZsVVWXYZ cYSVSQ ]WUZ k[Sp jhQhhf A ^W[^^SaWXc XYR[ _SacS^ _lX IqQjHf A O^Uc @UWccWRXVWWccS k_ jGQqhu n@n IiQIIu @UWccWRbYZ nXcl`lc IGu A ^[WXc \SQVWWccS jiQjqu A r\al^SRVR\ab qhQhIf AL Pu NT jHQqif p ji B DHFhf eYV_Yc EiHu EDIu DiIju kS_Uc jIFiu jjIIu jhIiu jGqFu qFEhu kS_UZkS_Uc GihEu GDhHu GjHiu GqhDu EiIEf
EIif OVpcaUZu dSaUZZYXf r\al_l[`W E B DEHIf ea U][ gYZ_UQ TWZ O _U BbU MRXcU`U N{ZXXSZf © IE AJ >WZU NU[WU OVpcQ aUZf eLVcU iEu J]WZ T`V\X \S DDf Q P DFu L DHu Cf eUVc `SWZcU[^VUWc ^YTWXcW IDQIEu ·R rSZc eWXySVSWb ¥S }>Y¯ nS[^~ IEQqHf e@u NT DEf p >Y¯ nS[^ Dq ¨B DHhGf eYVW DGIIf
EIDf CWYXTl^W }YZc gUy^TUZ~u O[cR[ BVTU[Wf ³J^W jD ¨ DEHif ea `UacWTYXc PVUX OR]RXc gUy^TUZ _U ?VW`WU MRXcU`U LsZZf © KbWca NU[WU LYacWZYZ c Ihf \S DIf J]WZ PeSRQ bWZ UkRVf QDEf AWW[c\W eYZl_lVVY DE _U T\sa CS^SWZ TR^UUZ OTY[W^^UUZf eYVW GIDf
EIIf ?^XUVU }QiF gVST£`WXc~u O[TUX KVWXf J^W Di DDD DEHD
ea `UUccR[WTYXc KVWX gVST£`WXc _U
ObSVpWZU AkW^zY[]f © Dj STkYVW_U C\\Q
ZY ·U]TU[ ASVWZf BewVcl iHf Pl\Z\c J]WZ ^URkkU^SRVf NUc^UkSXcWT DDQDEf J]WZ kSXcW^SZcc [WXcWXWbYVU_WccYVW_U IiQ
qqu YZZU^^SQSX VU_WccYVW_U qhQqHu kSXcWQ
TWYXcYZ YXWT hiQhEf J]WZ kSXcW^SZcc kSXcWTWYXcYZ kllVRSccUTRXT qHQhDf CSWT TT AOP `UVcRRXcS _lX hIQhGu A eUVcWS`W[^UWVW_UWZ ^YX^RXV aUVW _lXu rSXQ cWVWWccS VWWccScSWTW^ _lX IFQjiu qHQhG _U J]WZ SX _SacS^ _lX
IjQIGu qHQhGu rSXcWQ _U LYZZlcWZaYZ^WVs^ U`RXcRX^UXXU _SaQ cS^ _lX hiQhG _U rSXcWQ _U LYZZlcWZ`lYZ ^UVUXcRX^Y[aS k_ hIQ hEf CSWT `UUVWVURcU^ _lXf Ae@ TWc D ^[^f JU[[ ^W[_UVVWXRRXu TRXWW^^Wu R[aYWVR^UVUXcRXf p Iq DDD DHGIf eYVW Dihif
EIjf LWZZU }YZc ¥UXc[YZ~u O[`Sf CR[^R H eB D EHIf ea aS`W>
dSaUZ eUVbYTU[ ¥UXc[YZ _U OVTU É`Wy^Xc[sTf © DjD DHhj NU[ccU OW[U^Q XWZYZu hhQ LUWTW dSaUZZU >R[TWf \S DDf ?kWX^ VU^WU DDf eUZ^YWZaSWcSaUZ \VWT `W[^UT DjQDFf eUUXUZ VllZWZ`UZQ ^WVU cUVSRXkllVV DFQDEf CUTTWXUU[YZ kU^^Sc\sVUWc _Sac DEQIiu CR[RZ kU^^SQ c\sVUWc IiQIqf J]WZ ^YX^RX`UZ^ UkRVQ _Sac IqQjHf @WWaWTlYZ ^YX^RX`UZ^ _Sac jHQhqu J]WZ VllZWZ`UZ^ hqQhEf A `UZQ
^YWZaSWcS\ab aUVW _lX jqQjGf AL @ Du NT jHQqif c J^W q e DHhEf eYV_Yc HGHu HEif
EIqf CUTTWXUVS }Qih K^zST~u KY[S AU^U[Wf J^W B ¨BB
DEHIf ea aRSZY^UVRcYacUWVW_U JYZ[W^ K^zST _U BbU NU[WU ·UaVzY[]f © IH c DHFi KVp[WYbY @UyaYV JUZbc¯U[]af \S DDfQ?P Dqu LP Dqu ?L DFu ?C DHf Jn aUTTUXVll^Yc VUWc UXXWXc DFQDHu k[ScYYXWQ _U aUTTUXSW^STWXSkWZ SkYcc DHQhGu k[Sp hGQFIf n^X aV J]WXXl DFQ Fhf A JUTTUXVll^XYR[ dRV^UWXR_YZ cSWT DHQIhu `k_ IiQjq A JUTTUXVll^Q VWWccS k_ IqQIGf r[SpYXXS[W qIu ?C aY
CR^aSVTUXXU _U CR[RXXUu Ae@ Pu e@ j kRZ [^u rgJu @RScXrµ P Iu C·@ Pu >r?@ @ Du NUZZY[aYWTVWWcSZ aSk _U ^RVc UT[u ¨Lf JU[[ kRRcU[aUZaSWcSf p E Be DHGGf eYV_Yc GIIu HEju Djjhf
EIhf OU[ZWS }YZc KZS^XXSZ~u OccY J_UVTU[f J^W Dq eB DEHDf ea `UacWTYXc OcVY [WbSVp KZS^XXSZ _U JUZZU Nl^YVlf © Iq NUcWVbU NU[WU OW[W^^UVUf eWVWVcl DDf PUZXU^S @URTUZ XYTWZUU[WXcU Dhf ?kYcc @WWaWTlYVVl DhQu @WWaWTlYZ Ak aZcSQ ^RZZ k_u ^URkk`UVc ^W[^^SZYR` _U ^W[^^SaZcS^ _lXf p @WWaWQ Tl^W Ih ¨BB DHhif
EIFf KX^SVUu >WWVS eUVp[Ybf KR[U I ¨B DEHDf ea ^RZZUVVWX> >YXcS[ LYUZbY[ K _U NU[WU NUcWVbU ASRkUXf BLVcU iFf ?kWX^ tWXTU[WZ cY^Z SkWXc DjQDq _U dYVWXU`Yc][UbWZ [UcQ XRSkWXc Dqf eYZlVlWXcYZ `UZ^WZU P[YXQ c\XXl DqQDGu J]WXXl DEf PUUcRW J]WXXl Dj Be DHDEf eYVW FHDf
EIHf JYZ[W^XXSZu dSaUZ JSXYU }?XXW~f J^W Dh eB DEHDf ea ^URkkWUX dUySz dSaUZ _U OTUZbU dSXYpWZU dSaUZXXSZf eVwVcU Dif @UZX^UZ XRR[VlaYc\Xcs `UacWTYXc qi `f CSWT J]WZ erP hi `f oX [UZX^UVUWXWU _U erP ^T[ _U TWcf JU[[ kUVS^RZcUf p DI eB DHGHf
Ejif A\blZaYWTS }YZc JY[c¦~u dSaUZZYXf J^W IG ¨B DEHDf ea ^a[U NUccW A_U NU[WU rUU`SVUWZYZf © Dh KbWca eYTU LWZbzVUbf \S DDf PSW`RVUZ ^UX`UcRXVUWc SkYcc DDQDhf c PY[U`U H ¨B DHDhf eYV_Yc HEEu DiFFu DjjIu DGEFf
EjDf JY[c¦u dSXYpf ³d\`lX^\Vl ID Be DEHIf ea L K[W^ J _U KXcY[ JY[c¦f © Ih NU_QLWX AcYZzly^f \S BLQ ?W^c DGu eC Iif ?N IDQIIu PP? IIQIFu J]WZ @? `X BB XW`WWVWZSc _U TUWXc[UUcWZ `X XWac _U _RV^WZYZ ZSc IIQIFf NUWXc[UUcWZ [W^SXQ cRSTWSWbYZ cSWTYYZkUZW_U _U DDD PeSRcW IGQhHf A ^URkRZQ ^WVWWccS ^RVc UT[ ¨¨¨f JU[[ pWVSXSpWU _U UZc[SkSXSpWUf c DH e DHFEf
EjIf JWYcUVUacWu oRZS BVTU[Wf ³VWccW II DDD DEHIf ea T` dSaUZ eW^cS[ J _U JWV_U NUcWVbU OUVcSf © B p DHIE BTkW NU[WU JYW^WZaYWTSu BB jDQ ^UZXU^S B[_U NU[WU AU[^^WVUu Q\S Dif CYSV Y[ScRc^ Dqf rSa_QA cR^^Wc\sV ^YX^RRbYXXU ^[WXc `UVWXcRXc\sXXl DIQDFf nVWT kUkkW DGQDEf AUVVUZ ^a[U IDQIHf B^UUVWXcYZ \ac^ RX^_U pWVSXSpWUZ UV^ SkYcc _U [Yac IHQjHf PScQ ^UZ V\X `kW VYac jHQhEf e@ qf p IG B DHGhf eYV_Yc Djiu IIDu hqGf
Ejjf JWVbYZu PUU[VS O[TUX BTTUZRYVf ³J^W DI eWVW DEHIf ea [S` PU[V OR]RXc J _U CSWZW KTYVWY rUVT][YZf © DE NU[Q ]Wc OVWZU g_s[^XcYZf \S Dif LP Dqu LL IDf dUU^^WTUZ ^RZZVll^ DHQIqf n^XVll^ LUabYZkSa_UXXU IqQIhu J]WXXl IFQ IEf Jn XUW[ U`RXcU`U Vll^ IFQIGf e@ qu NT DEf p J^W DI eB DHIEf eYV_Yc Hiiu DjDFu DFhjf
Ejqf J\`l[WZYZu dRaS BVTU[Wf ³J^W II DDD DEHDf ea ^URkk dSaUZ J _U PUc[WZU PS[TUZSf © DH NUcWVbU AU[VWZf \S Dif eWa kUkW^XW Dhf rUkkWZU PRSkWSXXUu ARSZYZ_SYVVU eU[^URQ bYXXU _U eU[kUWX_l[`YVVlf AScWVUXkUXc DEQjDf e@ qu Ae@ @u NT DEf Qpj eB DHhjf eYVW Fihf
Ejhf dUaZXXSZu AU^U[W K`UVbf ³CR[^R ID e DEHIf ea Nu ^W[_UWVW_U K`UVb Y[bWZUZb d _U B[YZY o[XRVU PR[WYZf © DH U[^^ PUc[W NU_UZQ cWYf eLVcU iEu J]WZ T`V\X \S BLQ O][ DEf AR^Y`UZ `U[U`UZ^WVU `c _Sac DEQIqu PS^YTlYZ TUUTWYX^SRV SkYcc IhQ hHu AUcU^RZZUZ kWYZ`WV_\ab kWW[WVWWccS k_ hFQFqf PS^YTlYZ c\s`lYZSkWXc _SacS^ k_ qEQFqu NUUcUVSRX^Y[aS`UVWS^RZZ IEQjGu ARSTQOTY[W^^UVUWXYZ \ab kWWQ [WSX qGQFqf PS^YTlYZ TUUcUVSRXTRQ XYS _U ^ScWXYRcR\ab XWac jqQFif NYcSbWXcW^W[^^S _lXYZYbRXcU _WXcS k_ jhQFqf JU[[ kW^U^WW_SWcRXf p F B DHFGf
EjFf PU[W }Qij M[Y^YVl~u CWTS BVTU[Wf J^W Ii eBB DEHDf ea ^W[_UVcU_U OR]RXc OVY^XUZbY[ M[Y^YVl _U OVTU LRyWZU LsZZQ [Scaf VWW^U ijf p DH eB DHDif
EIGf MRXcUpXXSZu [Yb[W^ eWVVWUTf Ì >RTTW ID eBB DEHDf ea cS[kkU[W B`U[ [Yb[W^ M _U JYVYZU ASpWU MRXcUUZc\cl[f PUX`UQ cRXlWcW K[W^U OaV][YZf BeWVcl iHf rRRcU[aR[Wf
EIEf JUVVW^UWZYZu oRZS O[ccR[Wf ³eWWkR[W DD DDD DEHif ea U_R[W dRaS J _U JWVbU C\VVWf VWWcl iju eWWkR[WZ [YUUVWV\X eWVcl Dif LWW^YT _U `UacWTYXc eWWkR[WXXU _U J]WXXlf p J^W ji B DHhjf
EjGf PU[SVUu oRZSf J^W DI B¨ DEHIf ea VYWkR[W dSaUZ MRXQ cUp P _U OZZU LRZbf © IE ·U]TU[ LWZQ ZYU PSX^Wf eLVcU Dif rSXcWVUWc DjQ hju ^W[_R[W DHu B ^W[_R[W IGu kSXcW`URZRQ kWW[W Y^XkYbWcsss[W jFQhjf NT jHQqif p J^W H BB DHhHf
EjEf LUTTWZQPSX^WZYZ }YZc PSX^WZYZ~u KWZS BVTU[Wf J^W
Iq e DEHIf ea ^URkk KTUZRYV PSX^WQ
ZYZ _U ASpWU Ac_YTUf © IGQqD PU[WZ ORZY BZ]YzS[] gY[]Xc[sTu BB qI AUWTU
CRVYTSf \S Dif ?W^c DGu eC DHf LWWQ ^YUVUVVU DiQDIf LWW^YT CWYbSZUZcS\ab DjQDEf OO J]WXXl DHQIFu cXcS SXU^UX
IjQf J]WZ @? ZSc DHQhjf A LU^WTWYXQ \ab [Uaa jHQqhf A LU^WTWYXVWWccS aUVW _lX qhQqGf JAAr aUVW _lX qiQf NT DE [X^u NT jHQqif c J^W DE eBB DHhjf eYVW jFHf
EjHf PUWXcU }QiF P[Uc¦~u elWZs ·UZWYVf J^W Ii eBBB DEHDf ea TRR[U[W ·UZWYV P[Uc¦ _U eWVaYVTWWZU rYVcSZYZf © DF p DHFh VSS[U NU[ccU NU[WU VSS[f VVLVcU iFf ?\ PUZXUZQ `UVcU ^SZYVUcS_U QFqf
Eqif PRWccWZYZu LUR[Wf J^W H ¨BB DEHif ea `UUccR[WTYXc f¬¬TT¬ dSaUZ JYZ[W^ P_U OVY^XUZb[U eWVaYVQ
TWZl U]Y[aSVTf © DG ?XU JWV_U ?^XUQ
ZYZf \S BLQ PUZXU^S DI d\`lX^\VlZ
XYTWZu P IIf ?kYcc eYa^UVUabYVVU DIQ Dj J]WXXl DjQIhf PUZXU^ cU[^ JUUkUQ
TlYZ kWW[WXXl IhQjiu AUVSZ jiQjFu J]WZ
jFQhGf QPSRVRZYR`SX hDu AL @f QD J^W h ¨ DHhGf eYV_Yc Diiiu DDFIf
EqDf PRSXTUZYZu NURZS O[`W }NUZR~f PWWacYV\X`UU[U DD ¨BB DEHDf ea ^UkkU¢ JY[TUZ AUVSTSZ
P _U JWVbU dSaUZZU [SXcY[RXf © jD OZZU JYVVY`W OR]RXcU OZXcYZf KWcl iju LUkkYYZ[UZZUZ \ac^ \S BLQ NJ DGf Oz PUR^UX Uz[W^ kWW[WNJ DHQIEf KZXSQMRc¦YWc ?\ NJ IEQhqu VUW`UXcSQ SX kllVV hqQ hGf AU`SZ oWccS\ab VURcQ cURXkllVV jGQhFf AU`SZVWZZUZ ^URk`UVc _lX jGQqGf AL @ Du eT Iu NT DEu NT jHQqiu NT qDQqhf OVW^ DEf c j B DHFDf
EqIf LUWZYu PUR^S eUVcSf J^W II eB DEHIf ea [^T ?bY[c L _U JWVbU MRXcUU`U J\[[\f © Ii p DHhh T µ\pc LWVVW ASpWU C[SZcWu BB hE N NUWVU CYVQ
VY[`S CSTWUWZYZf \S DIf ·B CPP
^YTWUZ SX DHf CPP UXXWXc Iif A eUVcUQ
TY[YZcU^UWZYZ PURkkU ?\ gRYZSX OWQ [YXWZ ^SZcc IDQIIf >Ua^U ?\ IIQIqf ?B
KVUZcS ^l\ccsWZX IqQjHu SXUXcSZaSWc jHQqHu UkRV_Sac qHQhqu _Sac hqQFIf eUVc `WV_UZcRc^cSWTW^ _lX qFQf A CA ^YTWXcWQ WZX ^Y[aS k_ jIQjhf ARST PYTWXcWYZ
AYR[ k_ jhf A eWV_UcY^ZW^^S_YZ AYR[ k_ jhQjGf eW[`SWcRX_RSQ TUcYSVV\ab k_ qIQf A PYTWXcWVWWccS k_ qhQqFf KVWZcU[`W^YcRc^WQ _UWZ AYR[ k_ hjQhqf eXX UT D X^u e@ UT Iu AL @ Du NT DEu NT jHQqiu NT qDQqhf PY[X DEf p D eBBB DHGHf eYVW DHjIf
Eqjf LUWZYu n[_s dSaUZZYXf J^W Iq BB DEHif ea [llclVW dSaUZZYX L _U OTUVWU LWVV`WWXf © Dq p DHDq OWZS NUcWVbU KVWXUzYc ` OVpcaUZu BB DF @URaU CYY[WUaSf eLVcU iEf NUcQ ^UkSXcWV_SSZWf p I Be DHjFf
Eqqf LUWZYu n[_s PRVVY[`Sf J^W ji eB DEHDf ea TRR[U[W WVWk L _U NU[WU ASpWU rUUXSf © IDQqh NUWXXW LWZb[SSXu qGQ LWVVW PU[WZ JYkSZYZf \S Dif PUZXU^?cRc^ _\`lX^\VlXXl DIu P _U N IIf PUZXU^S DIQDEu IDQIjf rWYcU[WZ \ac^ SkYcc DEQDHu rYc[SX^SWZ XYTWZUU[W IiQIDf J]WZ XRST \^XV\X _U J]WZ XRST \ac^ WVcUVWZ_U SkYcc _U VYac IjQhqu `[Yac IjQjHu `c [Yac jHQqIu [Yac qIQhIf eUkUU JRSVcS oRbYZTUUZ VllZWZQ ^YX^ cSWTWZZUZ_ jHQqif AL @ Df JU[[ aWXcS[WUZcRc^WTRXu `WRVRZXSWccSf p Ij BB DHGIf LUkXYZVUkXYZ VUkXW Diiqjf
Eqhf LWYcS }YZc LWVWRX~u O[`S OVp[Ybf J^W DG eB DEHDf ea TRR[U[W O[SZ OVp[Yb LWVWRX _U OTUZbUf © DEQIG NU[ccU KVWQ XUzYca JUZZRVUu jGQ SkYcc B[_U CRRVW^^W LYkklZYZf e¡Vcl iEf OVWQ _U \VWkY[lTcRc^ Dj _U TY[W^UkccRc^ J]WZ TY[W^SRV DFf O^cRkX^R[XXW DHf APP TY[WXScUcY^Z ^R[XXW IEu \V SX TY[WQ kRSVVWZ_U IHf NY[W^RZZUZ ^STkkkllVV DEf AU^XUZ VUW`UXcS TWWZUZYcXWZclVUW`RY DEf @UZZW^^SVUW`RY DHQIEf @UZZW^^SQ VUW`UXcS kllVV UkRV IEQjDu c\^WXcsRkX jIu cY^Z cXcS kllVV jjQ jGf PSRVRVUW`UZ kllVV jDQjIf rS[WZ ^URk VWW^YZZY_Sac jGQjEf J]WZ VUW`UXcSUXYTU kllVV jHQqqf LUW`UXcSZ ^RZZWUZYR` k_f e@ Iu e@ ju Ae@ @u NT jHQqiu NT qDQqhu AU^XPµ Df nVWTY[WVcZ DEu [YXVcZ DHu TY[W`lYZ BcZ Iiu ^UkcV IDu ^ST^Ukc IGu ^ST qIf p Ij ¨ DHGjf eYVW GjEu kS_Uc jhiIu jEiif
EqFf LWVWRXu gYZ]c ?VSpf >UUZcUVW G eBBB DEHIf ea J?Qk[YX JR]S L _U PU[WZ NU[WU NRZy^f © Dq KVV\ NUcWVbU AcS[TQ zSTf \S Dif ?W^c Dqu eC DGf OO CR[RXXU DhQf OVVTlZZU Bb[SccX^VRzzYZ k_ IGQjHf CR[RZ oWTUXYR[ _SacS^ _lXf PY[X qqf NT DEf JU[[ pWVUcYVWUu ^UVUXcRXf c IE ¨ DHGEf eYVW DiEhf
EqGf LURZSX }QIE LWZb£`WXc~u OVVUZf eWWkR[W Dh¨D DEHIf ea XYZUUcWZ `UacWTYXc PU[V MRXcUp LWZbQ £`WXc _U OZZU NU[WU rRRXUf © DG p DHFj k[S^ C\\ZW ·U]TU[ dl[`WZYZf \S DDfQ ?kWX^ Jn VUWZSk cWYbY^u kSVWWXWkllVV\XQ cs^R[XXW IFf rSVWWXWVUWc kUV` DDQhHu cRZQ cSTY[^^WcXcS _Sac UkRV DDQDGu _Sac DGQ DHu IGQjEu [W^SXSX \VWT ^STWXXUU[W DHQ IGu `kW ^STWXXUU[W jEQqFu [W^SXSX _Sac
UkRV qFQhHf eUVc kSVWWXW^SRV cSkyccf PlQ
k\WlZ X^ kY[RXcU_U_lXf J]WZ rSVWWXWQeSWQ TUWVW_Uc _SacS^ _lX jiQhHu k_ jFQqHu ^RZZWUk_ qHf dUV^UkUVVSZ AN DGQDE }JdP _SR^^~f oX VRWXcYVRkUV^f J]WZ kWW[WTYXc ^S[Q ^YRXa\k\XXl Dqu DFf B B^ \VYWXR[aYWVRcRSTf CSWT R[a_SacU_UQ ZUf Ae@ @u A^ UTu Ao UT _U aSk U[u NT jHQqiu NT qDQqhf JU[[ `SWTWXcYVRu R[aYWVRf p q ¨BB DHhHf eYV_Yc GHDu DiEFf
EqEf NY[_U }YZc NYcaY[~u PU[V ?X^U[ OVp[Ybf eWWkR[W j eBBB DEHDf ea TUUVU[W PU[V NYcaY[ _U eYZbQ VU NU[WU LRZbXc[sTf © jF JUZZU O[Q TWbU NUZZWZYZf \S Dif ?kWX^ Jn aWXcQ^WYVWcWYc SXf e@ `W[^UT DGQu @J aZcSQSX ^UZXVWXcW IqQjGuD ^W[_R[W jGQjHu `U[UXcSQSX SXXWac jHQhqf Ae@ @u NT jHQqifQc II ¨ DHFDf
EqHf >WYTWZYZu KWZS eWVaS PUVY[`Sf J^W Ij e DEHDf ea ^URkk PUU[VS > _U KTTU A^\ccf © ID JUZZU K`U LUacWZYZf \S Dif P Dju C Ijf P[WXcWWZUZ XRST \ac^ `YZl_lZ _U XU^XUZ SkYcc DqQDhf nVYWXYXW^ `W[^ DEu ^WYVYZ^llZc DHQIFuD ^WYVYZ^llZc IEQjHf oRXW A cSWT DHf Jn XVUU`WVUWXYZ pWVSVSQ ]WUZ bSX IEQjHu k[Sp hIQFDu `YZl_lZ ^WYVYZ _U ^W[_UVV `c k[Sp hIQhju hEQFDu kRSVUV _U zUVccWVUWXYZ pWVSVS]WUZ \VWT k[Sp jHQhIf A cWYbYU^Uc _lX hiQu e@ q T^u AL Pu NT DE X^f NT jHQqi X^f p J^W Iq e DHFIf
Ehif >WYTWZYZu elWZs BVTU[Wf ?[WTUccWVU Iq B DEHif ea T` OZccW eWVaYVT > _U eWVaYVTWZU NU_R[Wf © DF JYVTW NUcWVbU CUkSVUf ewVcl iHf ?kWX^ ALNPf rSXcWaU[_ DDf J]WZ kSXcWQ ^SZcc Y^XkYbWcss[WZ UkRV DGQDEf A kSXcW\ab cUVaSWcf NR[aUccR LUabYZ dUV^U[UZZUXXU ID Be DHDEf
EhDf rSVSZu PU[V eY[ZY[f PRSkWS Ih Be DEHDf ea U[^^ PU[V tY[ZY[ r _U >WZZW }P[WXcWWZU~ PYWZlZYZf © jq ^SZcc ·U]Z\ JWVbY]U[b M[YZTUZf BewVcl iFu J]WZ XRST \ac^ hfQGf B^f KcYVlQA PUR^SkRaYVWZ ?\ ^SZcc DhQjhf rLJ Y^XkYbWcss[W jhQ
hEf JU[[ TRXWW^^W _U kR[_YabRX }JAA~f p J^W ji eBB DHFqf eYV_Yc HjIu DEqHf
EhIf rlW`l[WZcUu eUV`Y OccWVUf NW^^YVW Ij Be DEHIf ea [S` dUU^^S JUZZWYV _U AW][Wb OR]RXcU CaYSbS[U ¥YbY[zY[]f © DF OWVW KVWXUzYc [SXcY[RXQrU^^UVUf \S Dif Pf OWQ cSSZ \ac^ SkYcc IDQhHf rlW`l[WZZUZ cR[Q ^WXTRS^^UUTS _Sac jDQhHf c DH e DHhHf eYV_Yc hFqu FIju GFjf
Ehjf rl[ZlZYZu ARVS O[TUXf rWYcU[W IE BB DEHif ea aSkYUQ XYkkl OZccW r _U BbU NU[WU rUXcWZYZf p rWYcU[W ji ¨B DHiGf eYV_Yc hiHu DIIhf
Ehqf @URcUZYZu OVY^XWX @W^aU[b @R[W^f O^UUZ CSW_UVU G DDD DEHDf ea \VW_RZUWVW_U NW^UYV gY[ZaU[b @ _U NU[WUZZU LWZb][YZf © jE C\\ZY dSaUZZU Pll[WlWZYZf \S Dif CYSV Y[ScRc^ DFu ANPf eUZ^WVUZ_Sacf A CYaQ cl`lZWY^Uc k_ Ii `RSccUf JU[[ XaU^^Wf c I BB DHGif eYVW qEEf
EhEf AcYZzY[]u elWZs KWZU[f J^W ji D DEHIf ea cYacUWVW_U ±±±±±±±± BXU^ tWVaYVT A_U OZZU LS`WXU dSaUZXQ XSZf BewVcl iHf oAOwXXU iHQIH }SXUVV TUUWVTUZXScUUZ~f PURkkWUX J]WXXlf c II e DHjEf eYV_Yc GDju DIEif
Ehhf AUVSZYZu CSW`S O[TUXf J^W DD DDD DEHDf ea ^W[_UZkWc
dRaS A _U KTTU JYVVXcYZf © IH ÁL
JYVTW ·U]TU[ JU^SVUf Q\S DDf QLP
Dhu LL IIf OTzRVUZXXWVll^ eYZl_lVVl DGf PUZ^UUZkllZ ^RZZVll^ IIQIhu mlZY^SX^YZ IhQhIf tl[cXWVlZ AYVVRVSSQ XU ?\ mlZY^SX^YZ cYacVll^ qGQu PYX^WQ
kSa_UZTUUZ AB Vll^ qiu ARSVUabYZ Ak qqQhDf @URcUcWY[U^Vll^ jEQf mlZY^SXQ ^YZ cY[`Y\bYZaSWcSVURcU^ k_f e@ qf Lll^^Ukc qqf JU[[ TUc^UWVRu c mlZY^SX^W ID ¨B DHhGf eYV_Yc HjFu DDiju DjIEu DFEGf
EhFf @RRX^UZYZu PUU[VSf LUkWZVUacW IE eWVW DEHDf ea T` OU[S @ _U NU[WU JYW^^WZYZf © ID KVWXUzYca WXyaY[f BewVcl ihu \S BLQ ?kWX^ Jn Vll^YcWYc cWYbY^u LSZcSSZ \VWSkWXc IjQ IquIFQIGf oN kUV` DEQu VlaXWac LSZcSS IjQIhuIFQIGu rU[WWXW IhQIFu ^SZXRVW r[UaU IHQjIu VlaYc\Xcs> gRYZSX OW[YX _U @WS bY dUZYW[S jhQjGu A aUVW UXWUT gR[]SX jEQjHu ^URkUVV U`RXc oZ^U[Wu gUV^UZWZ TUUc _U CR[^^Wf oN _USXcSXWac jIQjhu _USXQ cSkllVV jEf NUUcUVSRXTWZ UXRcRXUXWUWZSX \VWT `W[^UT qIQqhf LlaYc\XcsZYR`SX jhu e@ q T[^u Ae@ @u CXeL@ Pu NT DE X^u PU[_UVUZ NTu O^cW`WXcWTWcf p J^W IF ¨BB DHhjf
EhGf AWTSVUu eWV_S OZcY[Sf dR[`U H B DEHDf ea ^UZcc OZccW eWVVYaU[b A _U ?V]U OVY^XUZb[U eW[ZUZf © KVTU rYVcSZYZf \S Dif ?W^c Dqu eC DEf eUVWcWS[W^SXSW^ _lX DEf OOcXcS CUTkY[YYVVU IiQjGf NT DE [X^f c CUTkY[Y I B¨ DHjGf
EhHf AcYZWRXu @UWZY[ KZXWSf eWWkR[W Dh ¨ DEHhf ea ^UT[ OZbY[X Kb`U[b A _U BVcU M[sZaSVTf © D DEQjH KVp[WYbY NU[WU OVcY[TUZZf BB qiQ MR[VW NU[WU gly^TUZf Be¡Vcl iHu J]WZ T`V\X \S DIf KLP Dqu KL DF _U KLC DF }·[YXbYZ~f ·[YXbYQ ZWZ KL^S[^YU^ UVWUXXWXc DqQDFu UXXWXc DFQDEf LSa_UZ PRZZKL DEQIGf J]WZ ^URk cU[^KL IG eUVc YVVll^WZclVUz UXXWXc IGQIEf LPJ KL IEQjif NUUcUVSRXTWZ YVlWZVll^WZclSX Vll^ jiQjEu YVlWZcURcWcXcS kllVV jEQhDf KVVll^YcWYc ^S[^YU^ aUVW _lX qFQhDu \SQ^RZZ WZXkYacS[W qFQqHf rY[ZU_UZ ^RZZ`UVc _lX _U `k_ hqQ hhf r[SpYXXS[W hhu YVlWZVll^WZcs> qhu @RScXeµ @ Df KLTU_f JU[[ TSSccS[W`YZYYcu `UVS^R`URXf c IE B¨ DHhhf eYV_Yc Eiju DjjDf
EFif CUWkUVYu O[TUX @RbSVpf J^W IG eBB DEHif ea OZZU NU[_U Cf © II p DHFq OZZU LWWXU rYQ VUZbY[f \S DDf ?W^c IDu CR[RZ JO IDf OO J]WXXl _U PRSkWSXXUf PSRVR\VWQ aUVV `c `kW VU^WZYR` D VR^R^URbYZf oAOwXXU VWW^YT IqQu OTY[W^UZ XRSTUQ VUWXcYZ ?V\TkWU^STWcYUZ _lX RX `RSXWUu `k_ Y[lWZl `RSXWZUf eUkURXXSbUXXU YcUQ kWZ `c _Sac `U_UUZ `RSbYZf PU^XW SV\TQ kWU^RVcUTWcUVWU DIu NK ^WY^SZaYWcSXXU DIQDqf @UZX^UZ U^Uc ^RZZWU_lX Iqu A o[aVWWcSZ ^RVc UT[u Ae@ @u J]WZ `UVVSWcR^XYZ TWc X^f « E ¨B DHGFf
EFDf CUZZY[u n[_s O[TUXf J^W jD eWVW DEHDf ea TUUVU[W ?X^U[ C _U OR]RXcU JSVTf © DE OVY^XUZb[U AcWYc¦f eLVcU DDf LYZZlcWZVUWc kUV` DjQu J]WZ VYZZlcWZ^SZcc IGQqIu B Y^XkYbWcss[W qIQ NT DE X^u NT jHQqif c Ih Be DHhhf eYV_Yc DDDiu DHFGu kSW^U jhhif
EFIf CU[_UZZY }QiF Cs[Z£`WXc~u CSW`Sf J^W E BB DEHjf ea k[Sp ?ZZW OVyWbYX C _U NU[]U[YcU dSXYQ pWZU eYW_SVUf © IH P KY`U rlW`\c LRZQ bYVWZf LUkXYc CRRVW^^W IHu LYYZU jjf \S DifQ P_U N Dqu N?PIBu eCIjf PJ? \VWT YXWcc jiQjDf PCN ZkW aUVVQ XWac jDQjIf ekW SW^YRX^UZXVY[WZ XWac _U SW^YRX^UZXVY[WZ`XcS ^UZXVWUkllVV jIQqIf J]WZ ^URk `Y[ScRX`UVTWXcYVR`XcS _Sac _U cRVSQ _UX STUWXRRX`Y[SVURcU^ _U kYQ [WZcs`Y[SVURcU^ k_ qIQqjf JZcS> qjf eUUXUZ VllZWZ TUUa[U qjQqqf ?P qqQhif PP? k[YX _U eUVcUQ ^RZZUZSW^ k_ hiQFjf A eUV^SWXYZ @RRXRZ _U A LYW_SZUZ [WcUQ [W^RZcWYZ ^UZXVY[W FjQGjf eUVcWSZcWVWZcU[^ XWac jDQjIf dSR^^SQ c\s[WWcS_YZ XS`WccYVW_U jhQqIf AScY`U cSWTWZZUZ cU[^cSWTW^ k_ qGQhjf A nVWSkkWVUX^ aUVW k_ DGQDEf A ORcS^VRzW _SacS^ _lX IFQIGu k_ FqQGIf ORcSVWWccS [\ ^RZZWUk_ GIf Ae@ XRR[[u dR]SXVU`WUZ LWkRZ XRR[[f p Dq DDD DHEEf
EFjf oR[UXVUacW }YZc g[UZbY[~u K[W^ KTWVf B^UUVWZYZ DF e DEHDf PUX`UcRX`a ^a[U NU[ccW MRZZU[ g[UZbY[ _U JYVYZU ASpWU LUZ]f p J^W G B¨ DHiIf
EFqf tUWZWSu tY[ZY[ dSaUZZYX PRVVY[`Sf J^W Ii ¨ DEHif ea dSaUZ ?X^U[ t_U ?V]U dSXYpWZU NYVVWZf ©Ii OWVW OaSQ ZYZf eVLVcl Dif r[S`WWXS[Wf A cY^Z cYabUX _U cY^ZS^YTWUVQ VWZYZ cYab JY[SX cY^Z _Sacf ?B KVUZcS [SabSXSX _Sacf p DG¨D DHhif eYVW EFhf
EFhf tUWZWSu tlWZs BVTU[Wf J^W j D DEHIf ea dSaUZ ?X^U[ t _U ?V]U dSXYpWZU NYVVWZf © ID KVWZ MR[VW AWkkYVf \S DIf OJCf rSXcW`URZRkWW[WZ ^W[_R[W DEQIiu B ^W[_R[W IiQIIf rLJ UkRV[Y` IIQIEu [Y` IEQjGu \VW[Y` jGQqhu cUVSRXSX ^UT[^SZcc \VW^UT[ qhQhhf rSXcW\ab k_f eW[^UTWYX\ab ^YX^RXVWWccS aUVW _lXf e@ q ^Uu Ae@ @ Du NT jHQqiu i UTf p E ¨ DHFif eYVW EFqf
EFFf tU[YZu NUccW KVWYVf J^W IE ¨B DEHDf ea kWW[WVll^ KVWYV dSZUcaUZ t _U KVWZU OTUZbU B]ZUcWRXf © DE OZZW PWWXcWZ g[UZbcf eW[Wcl iGf ?kWX^ \VWSkWXc kWW[RXcRXXUVWXXU iHQDiu
DIQDju CUWbY\ab kWW[RXcRX^SRV DiQDIf CUWbYTUUVU[W DIQu RX Zl\ccYV\Wcl A[XXU _U RV^STUWVVUf A ^UZXUVVWXcYUcc VU`UXcU_U IiQu `UQ ^WZ IGQhDf oX VU`UXcR^XWU TRRUVVUf J]WZ XRST \^XV\X ^R`UUQ TUcUWbSZ SkYcc IhQIGu J]WZ ^SYV\X IGQhDf A VU`UXcRXcUWc VWWccS k_f AL @u AL rKu @?pVOf p I DDD DHhhf eYV_Yc FGqu HqEf
EFGf eUV^UTU }QiF eW^Xc[sT~u PUU[VS dSaUZZYXf J^W DG B¨ DEHif ea WXlZZ K[W^ dSaUZ eW^Xc[sT _U ?V]U dSXYpWZU JW[Q `SZYZf © jF p DHFq ^W[_UZkWc PY[ccR CYVVY[`S CW^^Uf \S DIf ?kWX^ CPP I ` }^YX^Y\c\W XWVTlXUW[URbYZ `RS^XW~f LU[X P[S]WRX © ¥S DFQDEf ?\ rY[^^S IiQqHu cSWT_ qIQqHf eQPYVQ VSc QcR^^RVWW^^YYZ STWXc hiQf NT DEf JU[[ `UVS^R`URXf c DD DD DHGDf eYV_Yc DIEEu DhIGu DGiju IIIHf
EFEf eW[cUZYZu CSW`S eWV_Sf J^W IE e DEHDf ea cUVSZT dSaUZ eW^cS[ e _U OTUVWU dRaSZc\cl[f p H Be DHDjf eYVW Ghqf
EFHf OZcQtRS[WZYZ }Qji tRS[WZYZ~u OZcSZ O[TUXf CUTQ
kY[Y jD B DEHjf ea N?P OZcSZ tRS[WQ
ZYZ _U BbU ASpWU NUVTXc[sTf © DE JYVW OR[YZf LUkXYc PUW_U DHu ?VU`W Iju OZ_U IHu PUVY`W jqf \S Di P Dju ?W^c _U LUP }LUL~ DFu eC DEf OO J]WXXl DFQf LRSccScWYcS ?\ cSWTW DHQu _SacS^ k_ FqQu dYZZ\ _U OZccW tWaR[WZ @UaUXcS VUWZSk UXWUT qIQf eY[ZWXXUQu el[W _U LU^^UcYac nab UXWUT _U k_ qEQhqf CUQ VSRXQ?XU^Y^URkkU _SacS^ k_ FjQf LUWZQ
SkWVV \SQcWYbY^ XWac DhQDFf A NWYaYc `k_ IHQjIu k_ hGQFif A OOVWWccS `UVcRRX^ k_ FiQFEf LUUTUZZW FHf AL Pu Ae@ Pf JU[c TUc^UWVRu TUUZcWYbYf p IH eBB DHGif eYV_Yc EiGu DiIqu DqqHf DHij
EGif rU[TUZYZu CURZSf P[WXcWWZU h eBB DEEFf ea ^URkk eWVQ aYVT r _U @SXU KTWVWU A_saSVTf eVV[VVYu \S Hhf O][ iE NRXcWUVUZ TUUZ`WV_YV\XSkWXcf @lWXlVlZ ^UZXUZSkWXc TUUcUQ VSRXSkYccu T`X TYcXlZaSWbSZZYR`S_U _U TUUTWYXXYR[ TUUQ cUVSRXZYR`S_Uf JSWcUZRc STWXcUTUUZXU cWVUU PUR^SVUXXU _U ARc^YZaS`WU @lWXlVlXXlf CSWTW TUUZ`WV_ PU[W_SYVVUf QD PR[WQ ^UZ kU[UZcSVUXXU Dj eBB DHjFf
EGDf JYZcRZYZu K[ZYXc¢f rWYcU[W II eBB DEEhf ea ^SZYTYXc ?ccS [Yb[W^ J _U NU[WU MRXcU`U rll^^sZYZf © DF p DHIF N JWVbU KTWVWU K^aSVTf eV[VVYu \S iFf P iEu N Diu N?P Dhu eCu `UVUZcYaZ\c ^WYVYZ^llZcu SkWX^YVVRc @UZX^UXQ XUf r[SpYXXS[Wf >R[TY^XYXXU `YZl_lZ SkYccf OO J]WXXl DhQ CScRRbYZ CS[`W _RV^f @UbW^UUVWZYZ ^UZXUZkRSVRY k_f J]WZ ^URk`UVc _lX qEQu c J^W j ¨B DHhDf
EGIf Nl^YVlWZYZu NU[ccW O[TUXf eUV^YUVU Ij ¨V DEEhf ea TUU^URkkWUX OZccW N _U K`U LWWXU JUXRf e[VVY eVLfVcl ihf c Ii D DHIEf
EGjf ORVWX }YZc OZcSZSpp~u NW^^Sf JlTYYZVWZZU Ii eBB DEEFf ea XSc^W[_R[W NW^^S OZcSZSpp _U K`U LS`WXU eWVYZWRXf
BewVVYu eW[Wcl ihf @URcUcYWbYZ kUV`YVR^XYXXUu Xla^sZ PS`Q _SYVVU DqQDEf NR[aUccR II BB DHDEf
EGqf JU`UX }YZc JU]TUZ~u C\^S OR]RXc KWZYzWRXf J^W Dq eBBB DEEGf ea P C\^S P[WXkWZRX JU]TUZ _U PU[SVWZU OTUQ VWU LWZbXc[sTf © DF BbU rUUVUZYZf Be[VVYu \S iHf OJC Djf eUUXUZ VllZWZ^UZXVWXcW Djf PSZ]WZ^UZ^UUZ >N DqQDEu LYkQ kl`W[[UZ DEQhif QNT DEu NT jHQqi X^f QD LYkkl`W[cU j eBB DHhFf
EGhf PU[WVUXu n[_s OZcY[Sf JUWVRScS jD DEHDf ea YXWccYVW_lQ XWacu [S` >WWVS P _U BbU NU[WU OZXcYZf © Dq SkYcc KXcY[ eWVaYVTWZU CYWccWZYZf LUkXYc OZZUQLYU Dhu AYW_U DGu CWTS Iiu OUccS ID pf Be¡VVYu \S iEf Q P DDu N Dju SkWX^ rWYcU[WZ \VWSkWXc DhQDGf PUVQ VWSZ \ac^ SkYcc DDQDHf tA?n ^RXcUZQ ZRX`W[^ DEQqif A >RS[cYZ P[WXc LWWccS ^RXcUZZRXcSWTWZZUZ _Sac qiQqqu kSWQ ^Uc\s _U rSW^WYZ PYX^RX ^YX^RXXWac DHQ qEf PR`U _U AUZU ^WW_UVV _Sac qqQqEf rSW^WYZ PYX^RX cSWTWZZUZ~ qHQFIf J>NPn kSW^UQ _U ZRSQ [WXSc\sZ XWac DEQIDu IFQqjf J]WZ dSaUZZY^XYZ X[^ ZRS[WXSc\s _Sac qFQf PUZXUZ [UUTUccRXYR[ k_ hIQhjf oX UW^U^URXVYacWYZ cSWTXWac _U kllcSWTf dRV^ RX cWYcSQu ZRS[WXSQ_U RX^SZZSVVWXWU cYS^XWUf PSRVR> hDf eUVcWSZ cWYbSZ_RV^WXcUTWXkUV^ FEu tWQ aR[WZ [Ua cRZZRXcRXkUV^ Gjf QDG eB DHEIf eYVW DhGju kS_Uc jqHEu jFHEu kS_UZkSW^U GiHGu c\ccl[YZkS_Uc hEHqu FIIIf
EGFf LSWTU[UZcU }YZc LWZbXcYbc~u KY[S PRXcUU eWVaSf LUkWZQ VUacW F B¨ DEHif ea L[S` eWVaYVT LWZbXcYbc _U JWVTU >\aSVTf Be[VVYu \S iEf QLP DDf OTzRVUZXXWVll^ TUUWVTUZQ XSbUXXUf eUV^SWZYZ PUU[cW Vll^ DEQDHf e@f c J^W Iq e DHDHf
EGGf LWZbYZu elWZs YVWÃf PU[_UVSa_U Di BB DEEHf ea T` dSaUZ @SzY[c L _U OVTU ASpWU LWYc¦YZf © DE O]bU OaZY >\][YZf VVLVVYu \S iHf LP Dqu LL IIf PC@ D [\^TVll^ DHQIFf rN Vll^cXcS kllVV IFQjif AScU`lYZ \VWVll^ jiQqif N` ^ScWcWVUVVUUZ jIQqGf ?XUVVWXcRZRc U^cW`WXcWQ _U _ll^l[WVWW^^YYQ XYYZ¡ `UVcWSVVWXYZU `UZ^WZU AkUVYTU_UXXU eYZl_lVVl DFQDGf @YXVll^VcZ DHu Vll^^Ukc Iiu Vll^TU_ IIu Vll^Y`V IGu Vll^Y` IHu Vll^^YZ[TU_ jIf JU[[ RV^SWVRu TUUZ`WV_YV\Xu aWXcS[WUf c DH eBBB DHEGf rS_Uc jHHDu qjHHu qqiDf
EGEf PRRXWXcS }YZc M[UZaSVT~u eW^cS[ eSVbYTU[f AU`WcUWkUQ VY Ih ¨B DEEEf ea ^UZXU^Su bW[yUZc OZccW M[UZaSVT _U dSaUZZU LS`WWXU eWbYZS_Uf © DD ^UZXU^S AUVVW NU[WU AUW^Q ^SZYZf BV[VVYu Be[Vcl iFf AS[cU`UVUZ XYTWZUU[Wu es\[WZ XScU^SRVf PUZXU^S @RS^SVUabYVVU DDQDGu AS[cU`UVUXXU DGQ qiu qIQqqu PSc^UXXU qiQqDu LUabYXXU qDQqIu J]WZ rU^WVUXXU qqQqFu AZYVVTUZWZ ^UZXU^ qFQhIu NYWVUabYXXU hIQhEf rUcWQ ^SWZ DEu PUU^^SWXQA YcUkkW^STYZbUZccW DEQIDf rU[cWS_l[_ _l[_YXcsZ_Sacf LcZ Iif JU[[ R[aYWVRu TYcXlXc\Xu ^UVUXcRXf c ji Be DHFEf rSW^U qFiqu kS_UZc\cl[ HjGif
EGHf NY[WVlWZYZu LUR[W MRXcUp ObSVpf § J^W DD DDD DEHif ea `UacWTYXc MRXcUp [Yb[W^ N _U OTUZbU NU[WU PSX^f © ID p DHjE K`U OVWZU ·STXyaf BV[VVYu Be[Vcl iGf LWW^YTWYXu ^YccRcU[aUZaSWcU_Uf p Ij eBBB DHqjf eYVW HIhf
EEif OUVcSu dRaS }dRXXW~ BTTUZRYVf J^W DG Be DEHjf ea
TTR]UTJTTT]T [^T BTTUZRYV O_U OZZU KTWVWU AWVQ `UZf © IF KVVYZ ?VW`WU A`U[cXc[sTf \S DIf LP IIu LL qjf dll^l[WVWW^Y A cXcS kUV` DqQDGu `YZlVlWXcYZ `UZ^WZU DFQDGf A U[TYW_U RkX DEQIju Vll^RkX IhQIGf ec ^RZZVll^ _U [URcUcWYVll^ _U @URaUZ TWYVWXUW[ `c UVWVll^ }jEQ~ IEQqjf n^XQ Vll^ J]WXXl qjQf AUc? `c ^R[UUccS[W IjQ Iqu ^R[UUccS[W IqQIGf PUVcY[W_ll^l[W\ab kY[RXcu aZcSZYR` _lX jGQqFf e@ qu NT DE X^u ORZ NTu @U_UXYRbRZ [URc Tf @YX`lZ[ DHf [YXVcZ Iju [YXVll^VcZ Iqf c tWYZ DE ¨ DHhqf eYVW DIIFf
EEDf OaVUu OU[ZY KXUWUX KTTUZRYVf J^W
kSXcWZaSWc dY[YTWUX O _U OR[S[U NU[WU PYWXU[Wf © Ii PUc[W NU[WU rYVcSVYacSf \S DIf LP DFu LL IIf rRV^^WVUZ _U TRWbYZ ^RZcWYZ ^RZZVll^ IjQIhu JUUQ kU`YbYZ _U Pl[XlTlYZ IFQjif PU[_UVUZ PUU[cWZ @\^T kUcVVll^ jiQjqu jGQjHf
Bc@ [\^TVll^ jqQjGf @S`UZWYTYZ cRzQ
aRSVcSkWW[W Vll^ qDQf eWWkR[WZ `U[RXQ ^RZZUZ BB [sZc]YZVll^ jEQqif A^QVll^ IjQjif NLL Df k_f e@ ju e@ qu Ae@
@f Lll^TU_ jGf p PUV`SVU G eBB DHqhf eYV_Yc Fqiu FEhu
EEIf OVVYZWRXu JU[[\ MRXcUp dSaUZf J^W DD Be DEHjf ea U[^^ dSaUZ OVzY[c O _U KVWXY CaY[YXWU ·U`WbXXSZf © qh KVVYZ ASpWU M[sZ[SSXf BLVcU iqu @RScX ZV\X \S Djf P _U Nu DGf NPJ [Y^cXcS U^c DEQjhu cXcSQ kllVV jhQhDf PRZZ VURcU^ _U _SacS^ _lX _U k_f J]WZ ^URk`UVc _lXf AL @ Du NT jHQqi X^fQpg¨B DHhDf
EEjf ORY[S }QIi OZbY[XXSZ~u n[_s eW^cS[f J^W Ih eB DEHDf ea XYkkl dSaUZ eWVaYVT OZbY[XXSZ _U eWVaYVTWZU OWVU^XYZQ c\cl[f ©Ij K`U dSXYpWWZU g[UZbY[f ewVcl DDf QpIG B DHjFf
EEqf O[WWZu PUU[VY LRb`W]f J^W I ¨ DEHDf ea c\sZ_Sac PU[V UzWUZ O _U OTUZbU dSXYpWZU AUVSZYZf © qD PUWXU P[YYcU PY[^YVlf eLVcU iHf CSWTW URcS^S[_UUTSZ ST @S`UZWYQ TYVVlf p @S`UZWYTW ji eBB DHhIf eYVW HGqf
EEhf g_s[^u LUR[W }LUXXY~f J^W ji ¨BB DEHIf ea [^T rUU`S PSZXcUZcWZ g _U AYVTU eWVaYVTWZU >\aSVTf © IF PUcY NU[Q ]U[Yca LWZbzVSTf \S BLQ O[^^ CPP DFf CXcSU[^^ IiQjhf J]WZ cY^Z ^SRV [U^SkWZ VYac jEQqFf J]WZ ^URk [U^cXcS cUVSQ [U^SX U[^^ qGQqHu `c ^URkU[^^ qHu ^URkU[^^ hiQhFf p DD eBBB DHFDf eYV_Yc Fqqu GFEf
EEFf CWW`SVU }YZc gVSTTYZbUaV~u @UWZY[ eW^cS[f J^W E ¨B DEHDf ea c\sT dSaUZ eW^cS[ gVSTQ TYZbUaV _U JWVbU ASpWU eUVYR[f © DF OWZU OVYÃZb[U MRVVXc[sTf BewVcl iGf J]WZ cYSVV ^SRV kllXcscSb DIf NUUcUQ VSRXaUZ ZkW [^T jhQjFf p J^W DH JB DHjFf rSW^U jqDjf
EEHf ¥UXc[YZu KY[S PUU[VSf eWWkR[W DD ¨BB DEHIf ea ^SRVR> PUU[VS OVU[W^ ¥ _U OTUZbU tWVaYVTWWQ ZU tUVVYZWRXf © IE NW[_UT OZWcU LYXQ XW]f Q\S DDf ?kWX^ Jn ^WYVWlu Y^SZ PPP Dqf P?r kll^SZcc DqQu k[S^ _U RV^STUUZ^W[_YYZ`UWacSQSX kllVV IIQjDf c J^W h DDD DHjDf
EEGf rSa_UZaYWTS }YZc gVST£`WXc~u OZccW eWVaSf NW^^YVW q D
DEHDf ea ^SZcckllVV ObSVp >W^VUX
gVST£`WXc _U PU[WZ oV[W^U NUZ^SZYZf © DF p DHqh OZZU KVWXUzYc LUacWf BewVcl iGu P[WXcWWZUZ ^YX^W^ _Uc^SVRS^Uc
\S Iqf NY[W^UkccRc^ DGu U^cTY[WRkXQ cRc^ Iiu SkWX^ SW^YRXcWYbf LUW`UXcSZ ^STkkkllVV _U ^SRVRcRX^RZZUZ kllVV
IiQIFf NY[W`U[cWSVUWc UkRVkllVV ji DDu @e YXWRkX qqQhif @YXVcZ DHu [YX^Ukc Iiu ^UkcV Iiu ^STf p J^W II eBB DHhDf eYV_Yc HGGu DIIqf
EEEf rUVSaYWTS }QiF g[UZbY[~u rUU`S @SzY[cf ¬ J^W DG Be DEHjf ea `RS[W> PU[V OVp[Yb r _U MY[c[Rb JYVYZU JYTzY[]f © DH OZZW JUVSZYZf \S DIf PPP kllXcscSb Dqf LWW^YUVUVVU dUkUZWXXUu rWYcU[WXXU _U NSX^S`UXXU DhQDEf nY cWYbRXcYVRSX ^UT[ DEQDHf J]WZ rRR ?\ cSWT_ IiQjDf ?\ OV^SaSVWVWW^Y kWW[WcU[^ jIQqDu d\`lX^\VlZ aUU[UVWW^^YYZ _Sac qIQqHu T\\Q TlVlZYXWT J]WXXl qHQhqf p j B¨ DHGGf eYV_Yc FEIu GFHu HGEu Dhiqf
EHif K[^UVU }YZc K[W^XXSZ~u O[`S K[W^f J^W D ¨ DEHDf ea cUVVWTYXc K[W^ dSaUZ K[W^XXSZ _U OZZU MRXcU`U OZccWVUf © Ij JYVYZU NU[WU [UZ¦YZf eLVcU iHf ALNP iHQDIu eWWkR[WZ RkX^S^^R[XXW DEQDHu A^ ^ST^R[XXWf re ZkW RkX DHQIIf LWW^YQ UVUVVU IIQIqf A^ \VWYXW^ cUWXcYVR`lVWZYSX `kW UkRV Ihu SXkllVV IFQjHu PScW_SR^^S_YZ YXW^ cUWXcYVR`lVWZYSX kllVV jHQqqf rK cXcSkllVV qqf K`k qFf N` _U cWVUZST N\[X^\VlXXl qhQhhf N\[X^\VlZ ^RZZ`UVc k_u ^W[^^S`UVc _lXu NUZZY[aYWTVWWccS _U Ar@ SX _lX _U k_f e@ Iu e@ ju NT DEu NT jHQqiu NT qDQqhu eW[eUV^ [WXcW ju A^ U[f @YX`lZ[ DEu `lZ[ DHu BcZ Iiu ^Ukc IGu TU_ jqu Y`V qif JU[[ ^UVUXcRXf
EHDf S[XcUbWRXu o[aS BVTU[Wf J^W I e DEHIf ea [^T PU[V MRXcUp _U ?VW`WU MRXcU`U >\TUZf © DF LYTkW AUVU`Uf Q\S DDf ?W^c Iiu eC Iqf OVUcSTWSZ _U PU[RZ]WZ kWW[WYZ >N IIQjjf CS[ZWSZ PeWX^ IGQjjf PYTWZ ^WaVU^ P[eSRcW jjQjEf p CS[ZWS E ¨BB DHjEf eYVW DEjEf
EHIf MY[bcu AYWWY OVzWZRXf ¬J^W Dq ¨BB DEHif ea [llclVW OVzWZ M _U PU[SVWZU ?^XUZYZf © Ih ¾YZUWbU MRzUZSppf VVLVcU iFf Ala^sUXYZcU_U _U c\sZ_Sac J]WXXlf c ID eBBB DHhjf
EHjf M[SRZbXc[SYTu KZXWS Kb`U[b MUz[WYVf LlZ]YVTl^W D Be DEHjf ea ^UT[ PUU[VY dSaUZ MUz[WYV M _U OWZS [Yb[W^U tWbzSTf © II JYVVUX tW_^zY[]u BB KVWXUzYc JSVXcYWZf ewVcl Dif ALNP DiQDju PUXUZWZ XScU^SRV DqQDhu JUTWZUZ cUWXc^ DEu ^ST^R[XXW IHf Anr C[YYZ ^SZWc `W[^ DjQDqf eYZl_lZ U[TYW_UXXU DqQDhf dll^kUcV IG AU^XUXXU DhQDEf A U[T q _ll^Q [\^T _SR^_Sac _U ^STkkkllVV DEQDHf VWcWZ A^ kUW^UVVWXkllVV DHQIiu JYWZSVUZ A^ IDf PYX^WQA [\^T klcW cUVaSWc IIu [\^T TU_SWcRXTYXc Iju ^STkkkllVV Iqu IFQIEf AU`SZ _ll^[\^T ^STkkkllVV IhQIFf PU[_UVUZ A^kWW[W XScSa_UU_U IEQjhf ?XUVV eW[SZ `UkURXXScUUZ DHf e@ q T^u NT DE X^u eW[e@ DD|ju eW[NTu dTf LcZ DEu ^Ukc Ihf p J^W DH ¨BB DHjEf eYVW DihEf
EHqf @URZWS }YZc M[\\cWVl~u OZccW KTWVf AWW^U_S^W DD ¨ DEHDf ea ^URkk NW^^S M[\\cWVl _U LWWXU PUQ [SVWWZU JRTTUXcYZZWYTWf © Dh KVXU B[YZY >RTTWf \S DDf CYSV Y[ScRc^ Dhf OkRVkUkkWZU DhQDHf PYTWZ TUUX[^ ^UkkUV DHQjDf rUU`SVUZ X[^ ^a[U jDQjhf KbRX^ kW^U^W[_ DIQDqf c rUU`SVU IH DDD DHjhf eYVW DFiDf
EHhf M[sZzVUbu LUR[Wf JUccRVU Ih ¨ DEHDf ea T` PU[V MRXQ cUp M _U OZZU eWVaYVTWZU K^VRZbf © B L\\VW eWVaYVTWWZU NWYccWZYZu BV IEQ KVXU @UYf VVLVcU iFf e@ Xla^sZ DHu eWWkR[WZ UXYTUZ BB ^W[_R[W jjQjHf c Di ¨BB DHjHf
EHFf eWaY[S^XU }YZc M[sZ£`WXc~u n[_s >W^SVUWf LSa_U ji ¨B DEHif ea [llclVW ObSVp [Yb[W^ M[sZ£`WXc _U NUcWVbU ASpWU
ÁXcY[zY[]f ©Ii PUc[W NU[WU AcW]YVVf Q\S DDfQ ?W^c DEu N?P DEf OO J]WXXl DHQu STU cXcS IjQf p jD eBBB DHjhf
EHGf JYWZSZYZu LUR[W dSaUZZYXf J^W IE eB DEHIf ea ^YVVSQ XYrrl BXU^ K[VUZb J_U eWVaYVTWZU eUWQ B ZWSf © Ij c DHIG AW][Wb NUZU [STQ aSVc¦u jIQ UZZ\ AW]ZY LUU^^SZYZf \S Djf eWa kUkW^XW DEf PURaU_SYZ ^UkkUV jiQhHf @S`UXcWf p ji ¨B DHhHf eYV_Yc qFFu GGqf
EHEf JSZ^UXUVS }YZc JYVUZbY[~u PUU[VS elWZsf J^W ji ¨B DEHIf ea ^URkk PU[V KZS^ JYVUZbY[ _U NU[WU ?aR^UWZYZf \S DIf ?kWX^ Vll^YcWYbf c J^W Iq ¨ DHDFf
EHHf JWVUTUU }YZc JYaZ~u PU[V MRZZU[f J^W Dj D DEHif ea TUUVU[W PU[V eW^cS[ JYVWZ _U KbVU LWZbpS[Xf © IE KVXU NU[WU rRV^^WZYZf Bebcl iEf J]WZ cYSVV^SRV aRSZY[U^SX kllXcsQ cSb DFf CSWTWZRc kWW[cl_lZl _U [^Tf NPJ ^U[cSWccU_U IIQu Qc Di ¨ DHGjf
Hiif JWVbYZu PUU[VS CaS[XcYZ ?X^U[f J^W IE B¨ DEHjf ea [S` PU[V OR]RXc J _U CSWZW KTYVWY rUVT][YZf © II NU[]Wc LWZZYU JSVTzY[]f Q\S DDf Q P Dhu L _U C Iif Jn ¦SScSQ TWXYZ VUWc \VWT UXXWXc DFQDEu UZc[SkSVS]WUZ bSX IFQFiu TUUZQ cWYc `c k[Sp IHQjDu qFQqHf J]WZ XRST \ac^ VRSZZSZaWXc SkYcc DFQDHf CWYcSXUZU^W[_U ?\ kUV` DEQIqu tA?n IqQIEf PPP cUVSRXTUUZcWYc \VWT k[Sp IDQqFu `U^WZ qFQFiu `[Yac jHQqEu [Yac hIQhGu `c ^UZXVY[W hjQhqf NUUZcWYc XYR[ k_ hEQhHu AQ KXkUZ_UXYR[ hGQFif NUc^UWVR\ab _SacS^ _lX jhQqif K OUVcSQ XYZ XllcWs aUVW _lX hhQFif ARST CWYbYU^Uc _lX IHu A CWYbYXYR[ jif PCC aY hju Ae@ Pu AL Pu NT DE [X^u NT jHQqi X^u NT qDQqhu A^ [URc U[u KXkAW`Oµ Pu LRÃC^[µ Pu C·@ @u @RScXrµ @u RX \ab ^RZZWU_lXf c CUTTWXUU[W Dh eBB DHFif eYV_Yc Ejju DjDFu DFhjf
HiDf J_YVcQJYVUXYkklf @WyaU[b OR]RXcf J^W F D DEHjf ea \VWcW[Yacss[Wu C OR]RXc dSaUZZYX J _U ObYVY KVWXUzYca rUVQ VWZf © DE LWZbU OkkYV][YZQPW`UVSf \S DIf CYSV Y[ScRc^ DGu kUXccRc^ Iif ec ^a[U JUWVRSbSXXUu PRRXUTSXXU _U VWXXl DGQ Iif NY[WTWYXkUkkW LSZcSSXXU IiQIqf ?[WTUccWVUZ ^UkkUV jjQ jFf oR[UWXcYZ ^a[U IqQjju NlZclZ jFQ hqf >NPn R[aVWWccS k_ jqQf A>PL kllcSWTW^ _lXf NlZclZ \ac^ RX^ _U `SWT SkYccf A^Q^YZcclkUkkWf e@ q T^u Ae@ @u NT DEu [S`UXcWf p J^W DH DD DHhFf eYV_Yc DDqGu DEIHf
HiIf J\[^XcYbcu @UWZY[ NW^UYVf AU`SZVWZZU ji eB DEHjf ea XScU[S` PU[V O^XYV J _U KVWXY eW^cS[WU JUZXYZf \S DDf QcQ
Hijf JRaTU }Qjh JlVVXc[sT~u ARVS OVzY[cf J^W DI B¨ DEHjf ea ^W`YZaU^^UU_U OVzY[c JlVVXc[sT _U NUcaWVbU [WTUZf © DE p DHFj OVWZU ObYVY JYVVXc[sTf Bebcl Dif PURkkU^SRV DDf A?P J]WZ ^SZcc DjQDhu kll^SZcc DhQDHu C[YYZ ^SZcc DHQ IGu kll^SZcc _USXcSZaSWc IGQqDu k[S^ qiu PS^^SVUZ ^SZcc _Sac qDQhEu J]WZ ^SZcc _Sac hEQFIf ?\ AS^VY Oz cSWT_ qDQhEf @UZcUkUVUcXW ?\ _SacS^ k_ qDQqGf PS^^SVUZ ^URkkU^UTU[WSX aUVW _lX qGQhIf PYX^WQrSa_UZTUUZ ^URkkU^UTU[W aUVW _U c\sQ `UVWS^_lXu VWW^YZZY`UVWS^ `k_ _U YbRXc PPP hIQhEf PS^^SVUZ [ScU[\^VRzW yaU[cY[_lX _U kUXck[YX qhQhEf PURkkUZYR`SX Fif c Ij ¨B DHGif rSW^U jhIGf
Hiqf PUWVU }Qih dSaUZXXSZ~u PUU[VY dSaUZZYXf OVU_l[`W j
Be DEHjf ea U[^^WkWWXkU K[^^W P _U OWZU NU[WU ·[U^Yf © IDQhD OVTU eWVaYVTWWZU >WX^UZYZf \S DIf ?kWX^ CPP
DIQDhu dll^l[WkUcUV IG AU^XUXXU DhQDEf A U[TYW_UZ RkX DEQIGf e@ q T^f NT DE [^u dTu Ka[YZ^[YRc¦ pWW[ P[WY]XcYWVZYaQ
TY[f LcZ DEu ^Ukc DHu TU_ IGf rS_Uc jGEEuqDEEu `YV_Yc Gjiu
DiGqu Djhqu DqEiu IIEhf
E >S[XXWc DEFGQDHHI
Hihf dl[`Wu OU[ZY JYTTWZ]f J^W DG ¨BB DEHDf ea TUUVUQ [WTYXc OZbY[X JYZ[W^ d _U tWVaYVTWWZU MRXcUpXXSZf © DHQhD @U]ZaWVb KVWWZU >WYTWTl^Wu BB hI LWZZYU NU[WU JYZQ [W^XYZf \S DIf OJC Iiu SkWX^ Jn pWVSX _U UWZSkYcc cWYbY^ _U CPPWXXUf J]WZ kSXcW^SZcc `W[^ Dqf LYZZlcWZaUVV ZSc IiQIhu UkR^UT[ IhQIGu ^UT[ _U aUVW _lX IGf rLJ ^UT[ IEQjIu \VW^UT[ _U cWVWcXcS kllVV jIQjHf rAr \VW^UT[ jHQhEf rSXcWaUVV YbRXc RX kSXcW^SZpY[YZXXYWXXU jIQjHf oX `UVc ^STWcYSWbYZ _lX cUW XWacf OXRZcS\acWsWbYZ WXlZZu aUVW k_ _U _lXf CSWT `W[^UT_l[_YXcsWXXl Y[W cYacl`WXXlf Ae@ @u AL @ Df JU[[ aWXcS[WUu TUUVURXcUWbYu TUc^UWVRf c DF e DHGif eYV_Yc IEhu qDDu GEif
HiFf PUU[ZUu eYW^^S rUU`Sf § J^W Di B DEHjf ea `UacWTYXc PU[V eW^cS[ P _U eWVaYVTWZU K[W^XXSZf © IG CSWZW P\VVW^^W CUZX^UZYZf \S DDf P Dqu N DHf J]WZ SkkW^SRVRWXXU cSkYcc DhQDGf Ar `W[^UT DHf eUVcWS^SZcc ^W[_UZkWc _U ^UT[ IiQjhf eeN ZkW aUVVXWac jhQjHf @Y`WXWSVUWc cWVWZkllcsXSX SXkllVV jHQqGf PW[^SZ ^YX^RX[UaUXc _Sac _U ^W[^^S> qGQhFf J]WZ X[^ ^W[^^SaZcS^ _lX qiQhIf JAAr cWVWZcU[^ jGQu J>NPn _SacS^ cUVSRX_USXcS k_f AL Pu Ae@ @ Df p DH BB DHhHf eYV_Yc GEDu DiGju DHDGu IiEEf
HiGf PU[VXXSZu KVWX KXUWUXf J^W Iq ¨ DEHIf ea XRRcU[W PU[V AY`Y[RX P _U JWVbU K`YVWZU PUU[VYZc\cl[f © Dq gY[caU OVY^Q XUZb[U S[TUZf Bebcl Dif ORcSZ^RV_ J]WXXlf p ID e DHGIf eYVW HiEf
HiEf PU[VXXSZu PU[V AU^U[WUXf J^W F B¨ DEHif ea XRRcU[W PU[V AY`Y[RX P _U JWVbU K`YVWZU PUU[VYZc\cl[f © JWV_U OVWZU PU_UZbY[u BB AW][Wb L\bWU LWZbYZf KWcl ihf CWVUVVWZYZf QD j ¨B DHjqf eYVW HiGf
HiHf NYcXS`UU[U }YZc dl]Y[[SX~u KWZS NUcaWUXf J^W DE VWW DEHIf ea kRRXYkkl JYZ[W^ K[VUZb dl]Y[[SX _U OZZU g[WcU PY[SZYZf © qq p DHqH >UbYXyaU C`S]S[S¯u hIQ ¥Yy\VWU @RzWZf eVVLVcU DIu PU_UUZWXXU \S Dqf LWW^YTu T\sa cXcSQ `W[^ J]WXXlf c G ¨BB DHhHf eYVW hFFf
HDif PYalu eWacS[Wf J^W DF DDD DEHDf ea cUVSZST JYZ[W^ MRXcUp P_U PU[SVWZU eWVaYVTWZU AYkklVlf © DG p DHqq ·U]Q TU[ NUcWVbU PW`WXcsf VVLVcU iGf ORcSWVW_U J]WXXlf OXRZcSQ \ac WXlZZu RX _SacS^ _lXf eT Iu NT jHQqif p J^W h ¨V DHFqf eYVW Gjju kSW^U jIDIf
HDDf PSW`WXcSu elWZs eW^cS[f J^W B BB DEHDf ea c\sT eW^cS[ KVWUX P_U [Yb[W^U JSVSkUWZYZf © DE KVVYZ OTUZbU LUTQ kYZf VVLVcU iFf Ala^sUXYZc J]WXXlf p IH ¨BB DHFhf
HDIf PUcU_U }YZc PSVVWZ~u LUR[W eWVaYVTf J^W DH B¨ DEHIf ea VWW^YT eWVaYVT P _U BbU OR[S[U OZcWZQ c\cl[f © DEQIq rW[ccW NU[WU LRScSVUu IhQ ?L KVXU OVWZU rUUcSVUf Bebcl iHu \^X ef ?kWX^ ALNPf CWYQ _U `YXW[U^ \VWQ JUVV ^UXXUZaSWcf @URcUcWY^W[_U^URkkU ?\u BVTU[WZYZ ?\ _U PU[WXcS ?\ _Sacf CSWTdf Qp DD B¨ DHqEf rSW^U jhEGf
HDjf PUVVWS }QiF PR^^SZYZ~u OVY^XUZbY[f J^W h e DEHjf ea ^W[`YXT PWVWUZ PR^^SZYZ _U BZU NU[WU LspzY[]f © DG p DHjI KVWWZU tWZ^u qi OWZU LS`WXU JSVSkUWZYZf JbcU iGf OXYQ TUZWu YXWTf p Dj ¨ DHFjf eYVW DiEIf
HDqf PRTVUZbY[u ?W`U >YXcS[f J^W Ih Be DEHIf ea ^UZXUQ ^Su cYSVS]W MRXcUp >YXcS[ P_U OZZU @SXUVWY JSVTzY[]f © Ii c DHqj JWV_U NU[WU dS^YVUu hj c DHFD BbU dSaUZZU CRSTWf ebcl iEf r[S` IEf CSWTWZRc UkcYY^WZ _U UkcYY^^WcU`U[U^URQ kUZ aSWc XY^l ^YTWUZ cYSVV kUV`f p D B DHGqf eYV_Yc DiEju DGhif
DDj
HDhf JW[`YZXUVS }YZc LU]RX~u K[^^Wf J^W IH Be DEHjf ea ZkW
VYac LU[X @YWZaSVb J _U KVWZ >UcUVWU g[SpYVbcf \S DDf ?kWX^ Jn Vll^YcWYb DDQDIf JR^^RW NUZ^UVUZ ^SX^YYZ ID eB DHDIf eYVW DIjEf
HDFf LUWZYu elWZs Kb`U[bf J^W Dj ¨B DEHDf ea U_R[W OVY^XW Kb`U[b L _U L\bWU OVY^XUZb[U LSRZUTl^Wf © qi gY[cU LWZQ
ZYU tYXcY[Xc[UZbf Q\S Djf ?kWX^ Jn VU^WUf KZXWZ @J `W[Q ^UWVW_Uu XWccYZ VWW^YUVUVVUf ?\ AcSy^TUZZ cU`U[UcUVSZ kUV` IjQu kUkY[WSX SXkllVf NT DE [^f p DH DDD DHEDf
HDGf LUTkYZu NW^^Sf § rWYVWX_l[`W DH eBBB DEHIf ea `RS^[UUQ _U OZccW L_U OZZU @lc\f Q\S DDf ?W^c Dhu eC DEf eWWkR[WZ J? ^UZXVWXcW DHQIiu ZSc IiQIGu `WX^ IGQjiu UXYXX jiQjjf eWWQ kR[WZ ^URk`UVc XWac IhQIHf BTUc[UZ cT^ cRST jjQjhf eW[SZ `UV^ [ jf p IF DDD DHjhf
HDEf LURbYZu JYZ[W^ BVTU[Wf J^W Dh ¨B DEHDf ea U_R[W
dSaUZ MRXcUp L _U K[W^U eWVaYVTWZU eUVYZf © KXcY[ LWZbQ aSVTf ewVcl iEf p LUkRU IH ¨ DHjqf eYVW FFif
HDHf KVSTUU }QiF LWZbpS[X~u KTWV @WyaU[bf J^W Dh eBB
DEHDf ea c\sT @WyaU[b LWZbpS[X _U KVWQ XUzYc LUWcWZYZf © Dq « DHhG O]ZYX eWVQ aYVTWZU >S[bTUZf \S DIf O?C Iju e@ Xla^sccl_lZcRc^ Dj _U VWW^YZZYSX
`W[^UTcRc^ Dqf @URcUcYWbYZ aUW_SWcc DIf @J ^UT[^SZcc ^SZccUkRV DEu ^W[_UZkWc
DHQIqu [Y` IqQjHu kll^UXXUZaSWc jHQqEu
^UT[ qEQhFu `X \VW^UT[ qEQqHu hIQhFf
OX ?\ WXlZZ jiQqif @J aZcS[U^YZZR^Q
XYZ WXlZZ qEQhFf Ae@ @f p DH eBB
DHhGf rS_Uc jiEEu qIqFf
HIif LYkWXcs }QiF LWZb£`WXc~u K[^^Wf ji eBBB DEHIf ea `UaQ cWTYXc K[W^ dSaUZ eUVbYTU[ LWZb£`WXc _U ?ccYVWUZU PU[SVWZU Lsp][YZf \S DIf ?kWX^ Jn aWXcQ^WYVWcWYc SXf LYacWTf p Dh DDD DHhDf
HIDf CY[aS }QiF LWZb[SSX~u ?ccS O[ccR[W OVzY[cf J^W Ih DDD DEHjf ea TUUVU[W OVzY[c gYZ_UTWZ LWZb[SSX _U ?ccWVWU [YbQ [W^U OXkYVWZf © Ij ZSc OZZU eY[ZU PSX^WTWYXf \S BLQ N [Y` DHQhFf e@ q ^Uu Ae@ @f JU[[ ^W[_UVVWXRRXu TRXWW^^Wf c h eBBB DHGGf rS_Uc jHqju qHhEf
HIIf LSR^SVUu >WWVSf J^W G eBBB DEHIf ea `UacWTYXc K[^^W L _U NU[WU PU[SVWZU ?^XUZYZf © jh p DHjH OZZU PUU[WZU CY[Q aSf eLVcU Diu \S Djf ?kWX^ CPP DjQDhf e@ `W[^ rWYcU[WXXU DGQDEf LWW^YUVUVVU IiQjDf nY `W[^UT DEQIiu jDQqhf NT DE \Tf PUkcf p H eB DHqhf eYVW Gijf
HIjf NR[STUU }YZc NUVWZ~u LUR[W gY[cYVf J^W IE Be DEHIf ea XRRcU[W PU[V NUVWZ _U BbU NU[WU LU^XaSVTf © DH p DHqq JYVTW NUcWVbU PU[VXXSZu qhQ BZ][Wb OVWZU PUXc[YZf oVWVcU iGf CR[^WXcY^Zf
HIqf NY[W^UZcSu OU[[Yf J^W IH DDD DEHjf ea k[Sp [UZX
?X^U[ N _U KVWXY Jl\[\ZYZf © DHQqF
NY[W M[sZTU[^u qHQ K`W A\V`WU NlasQ
ZYZf eWVWVcl ?kWX^ LYWk¦W]WZ ^SZXY[Q
`UcS[WS DIQDqu NSX^S`U DFQDGf J]WZ
^SZXY[`UcS[WS TRXWW^WZ cYS[WUZ SkYcc jFQhDf AWzYVWRXQU^Uc Xl`YVV\^XYZ k[Sp
hDQhEf Al`YVclZ\c j XWZpSZWUUu `WRVRQu
XYVVSQ _U kWUZS^SZXY[ccS_Uu [RZSYVTWU
SSkkY[UZu ^UZcUUccY_U _U ^UTU[WTRXf NT DEu r[S WZVUZbWU TWcf p IE B¨
DHhEf
HIhf NY[WVlWZYZu PUU[VS PRXcUUf J^W Dq eB DEHIf ea `UaQ cWTYXc MRXcUp [Yb[W^ N _U OTUZbU NU[WU PSX^f © jD KVWZ KVWXY Ac[sTzY[]f eLVcU DIu PUVVWSZ \ac^ \S Dhf NJ Iqf NYcXlaUVV \VWT NJ IqQjIu UkRVNJ jIQqhu PWW^UZ UVRYNJ qFQhFf OA? PS^^SVUZ \T ^RZcWYZ TUUZVRZUXcRXVURcU^ NJ_lXf rRbUX_l[`YZ kUVSkllVV IhQIEu TYcXlVURcU^ k_ jFQjHu
DDq
qif e@ ju e@ qu AL @ Du eT Iu Ae@ TWc Iu NT DEu NT jHQqiu NT qDQqh PUkW qI JU[[ kSXcWTY[^^YWV\f p eYVW EGHf
HIFf NYR[TUZu NUR[W ?VU`Wf ³VVTU_S^W DH eBB DEHjf ea kWW[WVll^ ?ccS N _U OWZU B]ZUcWRXf © II kRRcU[aUcY^Z ¨YZWU K[W^XXSZf \S DIf P DFu N DHu L Ihu C IFu aU`YzR]XQ ^UZb PsskYZaUTWZUXXU Iqf ?\ O][SX ^UX`WZ_UVSXcRXVUWc _Sac DHQIDf A P\V`sXWYTYZ ?\ ^UX`WZ_UVSXcRXVUWc SX_Sac IDQIqf rSa_QJlTYYZ ^UX`WZ`WV_YV\X^SYUXYTU _Sac IhQIGf LSRZUWXQA ^UX`WZ`WV_YV\XQ _U kRRcU[aU^SYUXYTU _Sac IGQjqf NUUcUVSRXQ ^SYVUWc kRRcU[aUSX _Sac k[Sp jhQFif Jn bSX IGQqqu hFQFif JRacUTl^WQ\ac\Tl aZcSZYR` _lX qqQu ASyWYcUX MYZYcWyU YZZWyU kY[RXcU_U_lX _U k_f ARST CWYbYU^Uc _lX qhQ A rRRcU[Q aU`WV_ VWWccS k_ jhQqhu ^RZZWU_lXf AL Pu Ae@ Pu NT DEu J]WZ `UVcUR^XYZ TWcf JU[[ VRSZZSZXRS_YVRf p D ¨B DHFHf eYV_Yc FDEu GqDu IIhjf
HIGf >Y`UZVWZZU }QiF >YS`WRX~u [WcaWSp Kb`U[b JYZ[W^f dSYZXRR DF eBBB DEHqf ea C ?ccS tWVaYVT > _U NU[]U[YcU JYZ[WYccU LSRWXY @STzY[]f ©DG NU[]U[YcU KTWVWU ASWXUVSZQ ASWZWZYZf \S DDf P Dhu N _U C DHf >S[XXWZ `c ZkW VYac DhQDEf eU^\ac AUVUTU kllTUcYTUUcW^ DEQjiu eU^S\ eU[TU DHQIIf eU^\ac rSa_SVU BB _Sac jiQjIu cSWT_ jIQqHf Jn bSX IjQqHu TUcYT k[Sp qHQFIf r[Sp aY qqu A eU^\abu O^cRUU[WQ \ab _U NUcYT nab ^RZZWU_lXf Ae@ Pf « Ii DDD DHGif eYV_Yc DiHju DqHEu kS_Uc jjDiu jjHif
HIEf >\\XXsZYZu O[ccR[W JU[UVbf J^W D e DEHIf ea T` LUR[W > _U AYVTU PU[SVWZU LYacSZYZf © DH JL KVVYZ dSXYpWZU AWZY[`lf LUkXYc oVVU NU[_UccU IDu LYYZU CRRVW^^W Ihf \S BLQ LP Dhu LL Iif n^XWc\WXVll^ _U cYSVVWXRRXVll^ d\`lX^\VlXXlf CYSVVWXRRXQ Vll^ \ab k_ qFQhFf tJ? k\X c\scY[`Q ^ST _lX hDQFFf Lll^WZcs> hIf LllQ ^Y`V qqf JU[[ [WWXcUZaSWcSu ^UVUZ`WV_YQ V\Xf « G B¨ DHGjf eYVW DiHFf
HIHf eW[UZ^S }QiF >s_b~u OVVUZ [Yb[W^f J^W DE D DEHjf ea aUV^S^URkk PU[V [Yb[W^ e _U BbU LS`WQ XU ATUVYZf © jI p DHhh eYVVUTS LYacSQ ZYZf LUkXYc OacW OVVUZ dRaUZW jju @Wc`U LWWXU dSaUZZU qDf Q\S DDf Q P Dqu N DHu LUP IIu LUL qEu eC Ihf KbRX^ kW^UQ ^W[_ DIQIFu VU^WQ_U cUVSRX`UVWS^ XWac IjQ IFu `UVcWS`U[UWZ`UVWS^ XWac Iju `UVcWSZ cWVWZcU[^UXcU_WYZ XWac IqQIGf NPJ VUWZQ SkkWZRc TY[YZ^RV^R> _U ^UZXVWUSX kllVV IGQjGf AUZSTUVYacWYZ LWWccS XY^l M[UUpTYZ PYX^RXVWWccS _U M[UUpWXYZ CYSVV C\sZUZcU_UVWWccS UXWUT jGQFIf Jnn aUVW _lX Dhu k_ DHu \VWSkkWVUX^ k_ _U `k_ IIf KA? ^R[UUccS[W DHQIDf LUW`UXcSVWWccS aZcSZYR` k_ jIQjGu `k_ _U aUVW _lX hiQf LUW`UXcSVYacW ?\ _SacS^ k_ jIQ NY[YZ^l`W_lc ^Tb[W jhQjGf Ae@ Pu AL Pu NT qDQqhu NT DEu eW[ PScQ ^U[WXcW qf PY[X DEf p DE B¨ DHGHf eYV_Yc GHFu DEiEf
Hjif ?_UZYZu O[`S OU[SZf >RTTW jD DDD DEHjf ea cWVUVVWZYZ PUU[VY PRXcUU ?_U NU[WUZUf © NU[ccU NU[WU PS[kWf \S DIf CSWT_f p DI DDD DHjhf rSW^U jjHDf
HjDf @YVUZbY[u eWVaS KWZU[f J^W Dj eBB DEHIf ea cYacUWVW_U OVY^XUZbY[ r _U BbU NU[WU ellZlZYZf © Ii NU[]U[WcU NU[WU O]ZYX MYVaU[f \S DIf okXYY[W Dq eVUbWTW[WZ PUbP rWYQ cU[WXXUf A aYZ^W`U[cWS^UU[cW [\^T RkX DqQDGf eUZ^WZU NSX^S`UXXU DEQIDf LWW^YT J]WXXlf eYZ n @ qu eYZ eB @ qu eYZ n TWY^^Uf eYZl_lZ U[T BcZu A U[T ^Ukcf p h e DHqHf
HjIf rSVSZu PU[V KX^WV Ob[WUZf J^W q DDD DEHjf ea U[^^ PU[V eY[ZY[ r _U OWZU S[XYVVf BVcVcU iFu XWW[c\W ARST \ac^f ?kWX^ CUTkY[YYZ cY^Z SkWXc DhQDEf PUUcRW ARWZRVUXXU jD B DHDEf eYV_Yc EhDu DEqHf
Hjjf r\^lVlu NUccW n[_sf J^W DD B DEHIf ea c\sZ_Sac NUccW ± OVzY[c r_U NUZU ARXUZZU LRScSf ©Ii OWZS L\bWU dUy^WWZf eLVcU DDf @UUQ B aYZ kS[`U[WQ _U ^URkkU^SRV kllXcscSb WV Djf CUTkY[YYZ PRcSTUcYSVV ?\ ^W[Q g `pV _YYZ`UWac DjQDhf ?\ ·YZcUVbYkSc Oz ¶«pJ« kUV` DhQu k[S^u ^SZcckllVV _U _Sacf QNT pgJeBp tN DEf Qp J^W DH D DHqEf eYVW GqGf
Hjqf AUUXcUTSWZYZu LUR[W BVTU[Wf PRSkWS II B¨ DEHDf ea [llclVWTYXc LUR[W dSaUZ A _U @SXU KTWQ VWU OXkaSVTf © II dUVTWZU g_s[^TUZf A e¡Vcl iHu T`V\X \S Dqf K^SZ PPP DEf rWSZr D cUVSRXkllVV DEQDHf Oz dl[ZQ ± z[R^XVs[ZsbYZaYcY[ ^W[_yYZ`UWac IiQ Ijf @UZZW^^Sc\^[\^T cUVaSWc IjQIqf PYX^WQA ORcS ?\ T\\ZcWkllVV IhQIGf PS_SZYZ © PT ?\ ^W[_UZkWc IEQjjf PCN cXcSUkRV jjQjFf A elYXcsZXRS_YQ VR_l[_ kUV` jFQqif re PUUXRXRS_YVRZ TUcY[WUUVWcXcS ^UZXVWXcW qiQqDf PUZXUZaRSVcSTWZ cXcSXWac qIf Qqjf OV^SaSVWVWW^ [U`WZcSVUcU[^ qqQqhf CWVUXcSVV kllcXcSZ kUV` qhQqGu eCC qEQhEf NT DE [X^f A^QRkXf p J^W Dq eBBB DHFIf
Hjhf AUVYZWRXu n[_s NUcaWUXf J^W DE B¨ DEHDf ea `UZ]WZQ `U[c JY[TUZ A _U OVY^XUZb[U PU[SVWZU AUZbXc[sTf © BZ]YQ zS[] dSXYpWZU p IGf eLVcU iHf @URcUcYWVVlf p G ¨ DHjIf
HjFf AUVSZYZu ?W`U dSaUZZYXf J^W DH BB DEHjf ea ^W[_UZkWc dRaS A _U KTTU JYVVXcYZf © ID KVXU KTWVWU PSX^YVUf VWWcl ihf LWW^YT eWWkR[WXXU _U J]WXXlu U]YZcRR[WVWW^^YYZ cSWT_f A^Q^Y[Xu XSc`W[^UWVW_Uf c F BB DHFjf eYV_Yc Ehhu DDiju DjIEu DFEGf
HjGf Al[^^l }QiF AWVYZ~u CSW`S dUVTU[Wf NW^^YVWZ TV^ Ii ¨B DEHif ea c\sZ_Sac dRaS eWacS[W A_U BbU ASpWU AUZcUTl^Wf ©Dq NU[]U[WcU KVYSZS[U gYV_U¯X^\f Q\S DDf Q P Dqu N DHf @J `W[^UT DqQDEu kV DEQDHf tWVaS MWY[X ?\ J]WZ T\\ZcWSX YXWT DHQIIf ?\ ¥Y[YX Oz ^SZccQ_U T\\ZcWkllVV IIQIjf NUUQ ^RZcUWZ PYX^RXQrUZ^^W ?\ NUVTWZ ^SZcc YXWT IjQIqu }T\sa P?r~ KW[UZ ^SZcc IqQjIf PScWTUWZYZ C\s cSWT_ jjQjEu ?\ A WVTWcYSVVWXRRX }Ar~ jhQFhf A WVTW^UTU[W aUVW _lX qqQu A WVQ TW`UVTWXcU_UWZ VWWccS qhQf LUzS[UcS[WSQ _U cYVY`WXWSpWVTW ?\ cSWT_ FIQf ?a_UZZRc RX YVS^R`WU _U ^lXW^W[_SWcR^XWUf KVS^RQ `UZYR`SX FGf p H BB DHGhf
HjEf AWZW`UU[U }QiF AWVVTUZ~u dUVTU[W >W^SVUWf ?[WTUccWVU G DD DEHIf ea T` PU[V MRXcUp AWVVTUZ _U K`U rYVcSVUf © DG MY[c[Rb }Kcc\~ NU[WU CsT¯UVVf \S DDf @J BB ^W[_R[W DFQ DGuD ^W[_UZkWc DGQDEf nY XSc`W[^UWVW_U IDu SXkllVV IDQIqf KcXWQ `l ^YX^RXkSVWWXW `W[^ IqQIhu cXcSkllVV IhQjEf eUVcWSVV kSVWWXW kUXXWcXcS UkRVcXcSkllVV jEQ YVl^^YYVVYf @PL @f c NW^^YVW IH B¨ DHFjf
HjHf AZ\]]u dU[V CSWTWf J^W IE e DEHDf ea `Y[aSWVW_U dSaUZ ?X^U[ A _U KVWXUzYca CsTzSTf eWVcl iHf c DF B DHDjf
Hqif ASWZWVU }YZc AcUp~u O[`Wb dY[YTWUXf J^W Ii BB DEHIf ea `UWabYT ?ccS dY[YTWUX AcUp _U ?V]U PU[SVWZU }T\sa ASWZWVU~f © KTTW O[`YVUf oVWVcU iGf NYZW oAOWaUZ iHf c Ii e DHqGf
HqDf ASWZZYu o[aS CUkWSf CRRXRVU Ih ¨BB DEHi ea R[^R[W AU^U[W A_U OWZU OTUZbU LWZb[SSXf eLVcU iHu \S DDf QNJ
Dhf ASWZZY ?\ cSWT_ jiQf NYcXlZYR`SXf p DG DDD DHFhf eYVW Ghif
HqIf AcRbbu PUU[VS @YWZS JY[WzY[cf § eUUXU IE B DEHIf ea `UZ^WVUcW[Yacss[W OJL AcRbb _U gYcc\ ASpWU >UcUVWUf BewVcl iEf CY^ZW^^S J]WXXlf p D ¨B DHhIf
Hqjf eUU[Uu KWZS OVY^XUZbY[f dUZU^^UVU II Be DEHIf ea a °U| xQNg ZUa^UcYacUWVW_U AUVSTSZ e_U dRVWU eWVQ B aYVTWWZU ÁVUZbY[f \S DDf ?kWX^ cYSVS]WUU DIQDqu ^UZXU^S DE d\`lX^\Q VlZ XYTWZf PUZXU^S PYTWXXl DEQDHu JlTYYZVWZZUXXU DHQIju CUTkY[YYVVU IjQIhu eWWkR[WXXU IEQjEf JlTYYZVWZQ _APoTp f` V«« ZUZ ^VV\X VSkYZ DHQIif Iju ^URkkU^SRV IiQIIf PU[_UVUZ PUU[cW [\^T `UVWXcRXQ Sa_ IHf PSR`SVUZ XRST \ac^ SkYcc IhQ Igu es\[WZ XScU^SRV DEf JU[[ `UVS^RQ
`URXu ]Y[TUUZWXYc ^WYVYcf c I eBB DHjEf
Hqqf CSW`SZYZu KY[S JYZ[W^f J^W IH e DEHIf ea TUUVU[W KY[S C_U [Yb[W^U P\VVsZYZf © FD p DHFh ORZY OVWWZU CSWQ `UWZYZf e¡Vcl iEf c ID ¨ DHGqf
Hqhf eUWZWSu ¥aU[VYX KbSRU[b BVTU[Wf J^W DH¨D DEHIf ea
°°¬¡w C Kb`U[b OR]RXc e _U NU[WU LSRWXY AySVUXcW£Ry rY[SZWZf oVWVcU iFu J]WZ RRXW \ac^ \S DIf ?kWX^ Jn YXcYcWW^^UU _U cUWbYTUUVURXcUu OJC IDu cRVVW`W[Q ^UTcRc^ Ijf rWYcU[WZ kll^SZXRVWZ`XcS XWac IEQjif CR[RZ cRVVW^UTU[W \VWkllVQ V\XT jIQjhf CS[ZWSZ cRVVW^UTU[W cRVVWZQ c^ aSWc jhQjFu @U_U_SYZ jFQqif CJ cWVWSX B ^UT[ qiQqFf J]WZ cRVVW^UTU[W cRVVWcU[^ ± qFQhhf CUWbYTUUVU[Wu ^W[_UWVW_Uf CR[RZ cUWcYWVW_UXYR[ [Uaa IhQIFf J]WZ cRVVW`W[^UT\ab k_ qIQqEf NYcQ XlZ^l`W_lc kY[RXc _U \VW_Sacf Ae@ @u J]WZ `lVW NTu NT jiQqi X^u ? UTu A rU[cWSVWWcSZ ^RVc UT[f p J^W D ¨BB DHhhf
HqFf rUU^^SVU }YZc tUVYZWRX~u PUU[VS eWVaSf J^W G ¨ DEHIf ea kSVWWXW^SZXc PR[c OR]RXc tUVYZWRX _U OVTU CaY[YXWU rUU^^SVUf oVWVcU iHf ASXWUUVWTWZ UV^SaSVWZ^l\csZ cU[^u IjQ @U_UTlYVVl UV^SaSVW`U[UXcS_YZ aSWcf PRZZ cYacl`Wlf JU[c XRS_YVRX^RZcUu UTkRTWZYZf c E B DHqHf
HqGf tUVVYZWRXu KY[S OVY^XWXf PRSkWS Di ¨ DEHIf ea ^Ukcu kUZ^WZ¢ PU[V KVWX t _U dSaUZZU KTWVWU AUVYZWRXf © Ii AUVV\ ObSVpWZU NYcXSVUf \S DDf LP DFu LL Iqu eWTkYVWZ XScUQ ^SRV DGQDEu U^cVll^RkX^R[XXW Iif O[TYW_UZ kUcVVll^ DHQIqu [\^TVll^ IqQjHu OP Vll^ qiQqqf rS[U_l[`YZ ^RZZVll^ IiQIDf ec ^RZZVll^ _U [URcUcWYVll^ Y[W UW^SWZUf PSR`SVUZ ^UZXU^Vll^ IHQjiu cY[`Y\bYZaSWcSVURcU^ k_ IFQjif eUUXUZ cRzaRSVcSkWW[W Vll^ jGQjEf PSR`SVUZ TYcXlXc\XQ _U UTkRTUXYR[ k_ IGQjiu rSa_QP\TYZVUU^XSZ R[a^UVUXcRX\ab IFQjif eUUXUZ VllZWZ kU[Q cWSkSW^U_lW_ kWW[WZ`UZaWZ jHf ?RVRZ kSXcWTY[^^W^Y[aS k_ qqQf Ae@ @ Du e@ Iu e@ j cV^u e@ ju e@ q T^u eT Du NT DE X^f NT NT qDQqhf Lll^VcZ Iiu Vll^^Ukc Iqu Vll^TU_ IFu Vll^Y`V jiu Vll^Y` qif c ?RVR Iq BB DHqEf eYVW DiDEf
HqEf tU[WX }Qih tU[YZ~u JU[[\ BVTU[Wf AUU[W_l[`W h e DEHjf ea LL KVWYV dSZUcaUZ tU[YZ _U KVWZU OTUZbU B]ZUcWRXf © DH OZZU NU[ccU ?YXyaf \S BLQ P DFu N DHu L IIu C Iju NJ^R[XXW J\\cWlVlXXl DGf A ARSZ`WV_YV\X\ab zScUZWXcW DHQIhf CRn ^UX`WcWYcYYZ `c k[Sp IhQIGu k[Sp IGQhju `[Yac qDQqhu [Yac qhQqEf Jn bSX IGQjDu ^UX`WcWYc k[Sp hjQFif CR[RZ KVlWZQ _U PUX`WcWYc AYR[ k_ jEQhDf q[ rSa_T PUX`Wp\XWSVS]W\ab k_ FDQFqf ARST CWYbYU^Uc _lX qGf A CWYbYXYR[ _lX hHf C aY Fh CRnu eT Iu AL Pu NT DEf ellkf JU[[ U^`UU[WS }CR[RZ O^`UUQ [WSZ nXcl`lWZ ^RZZWU_lX~f p II ¨B DHGjf eYV_Yc FGqu EFFf
HqHf tUcaYZu KWZU[ PU[V eWVaYVTf ¬J^W Dj eBB DEHIf ea kUZ^WZ`UacWTYXc PU[V CaYSbS[ t _U
NU[WU eWVaYVTWZU AcW]YVVf © IG K`U
KTWVWU N\VV\Vlf \S DDf K^SZ Dj PPPu P Ii _U N Ij Jnu SkWX^ >Y¯ nS[^WZ \VWSkWXc IiQIIf ?\ NY[yUZcWVY ^W[_YYZ`UWac DjQDqf @URcUX\ZbW^UUccW r[SbUTYcU }rWYcU[W~ _U ·ZYk[S`X^WZ [URcUcYabUX DqQDhf nVYWZYZ Ala^s ?\ OXYUZ ^W[_YYZ `UWac T\\_l DhQDEf PPP O ^W DH½Iif ?\ JlTYYZ Ala^s Iif JUTQ
TUyaY[u AyaVYTTY[ © ¥S }>Y¯ nS[^~ T\\_l IiQIIf Oz P J @YZVRZb ?\ UkRV_Sac IIQIHf @U^VWW^Y CY^cS[ ^SZcckllVV IHQ jDf ?\ ARSTWQKÃkS[c Lcb `WYZZWZ aSWc jDQjHf A rRRXYklZQ cYSVV LWWccS UXWUT jDQhhf ?\ ?L? aRSZY^UVRVWW^^Y kY[RXc _U Y[W cYacl`WXXl jFQFIf rRRcYSVV^SRV PUZZUcRX\ab XWac qjQhhf J]WZ cYSVV^SRV cSkYcc jFQqqf J]WZ PURkkU^UTU[W cU`U[UZQ cU[^f J]WZ JRSZY^UVR^URkk \ab XWac FjQu Pn cUVaSWc DIQDju aUVW _lX IjQIqf AL @ Df JU[[ kRRcU[aUu XR^RcRc^WTRXf c Di B DHEDf rSW^U hDIIu `YV_Yc DDDhu DIEHf
Hhif eY[^^Su eYVW PUU[VYf J^W E eBB DEHjf ea XYTWZUU[WZQ _Sac PUU[VY dRaUZU e _U L\bWU KRZWyY KZYzly^f BaVcU iqu J]WZ RRXW \ac^ \S DDf Q P Dqu N DHu L jDu C jIf ?N cWVUXcScXc BB U^c DEQjju kllVV jjQqif CWVUXcSVV kllcXcS SW^YRXcWV SX _Sac qiQhhf Jn ^[WTWZSVS]WUZ _U cWVUXcScWYc bSX qiQqEu XSXWSVS]WUZ `c k[Sp qFQqEu k[Sp qEQhhf ARST CWYbYU^Uc _lX hqQ A P[WTWZUVWXcW\ab XWac jqQhif tYXcY[TU[y^QXYR[ `k_f Ae@ @ Du @RScXrµ @f p F Be DHhhf
HhDf eWVaSu eYW^^S eSVTU[Wf J^W Iq eBB DEHIf ea ^W[_UZkWc OcVY KTUZRYV e _U NUcaWVbU OVYÃUZb[U >\TUZf © DH C\\ZY NWYccWZYZf eaVcU Dif ALNP kllXcscSbf c DG BB DHIjf DHiq
HhIf g[RTTY[u @YWZS KTWVf JlTYYZVWZZU DG DDD DEEGf ea ^SVVY]U PU[V KTWV UzWUZ g _U JWVbR[ JYVYZU NU[WU >S[bYZX¯UZf © II K`U AW]ZY AZYVVTUZf eV VVYu \S iFf ·B CPP DDf ?\ MSccp[Wb Ac[sTzY[] WZX DDQDIf OTY[W^UXXU DIQDGf ?B JUZ^^W_U Xla^sVUWcSXSX aSWc DGQIIf J]WZ ^URk Xla^sVUWc B ^l\ccsWZX IIQjEu cSWT_ jEQ qqf ARST CY^Z AYR[ Xla^s^Y[aS XWac ² __p]u fpVVO IIQIhf A Ala^sWZXVWWccS aUVW _lXf Jrn YbRXcU_WXcS _lXf eXX UT D X^u NT jHQ qif JU[[ TSSccS[W`YZYWV\u TYcXlXc\X ^UVUXcRXf p J^W E BB DHqhf rS_Uc jHhFu qFiGu `YV_Yc Hhqu HFFu Dijjf
Hhjf g[STXu PR[c O[ZY eUVbYTU[f N\[X^\Vl F ¨B DEEHf ea L[S` gYZ]c ObSVp g _U KVWZ NUcWVbU LS`WXU NSVUZbY[f © DjQ IE ObYVY KVWXY ¥URXYu IHQ PUW_U NU[WU J\`l[WZYZf eaVVYu \S iGf Pu Diu N DIu N?P DFu eC DHf oN `W[^UT DHQIjf rUZ^^WUVUVVU IjQIhf OO AS[cU`UVUXXU IGQjFu eWWkR[WXQ XU jFQjH _U dSYZXRRXXU qiQFif dSYZXRRZ aRSZYYZ`RS^[UVURQ cU^ k_ qhQqGf A LU^WTWYX\ab rSa_QPU[_UVUZ SX aUVW _lX qFf Ae@ @ Du rRSBr@@ Pf p J^W Ih Be DHFjf eYVW HFif
Hhqf PS[`YZ^SZcWS }QiF g[RTTY[~u eUVWS O[TUXf JlTYYZQ VWZZU IF BB DEEHf ea ^SVVY]Uu N PU[V K[W^ UzWUZ g[RTTY[ _U JWVbR[ JYVYZU NU[WU >S[bYZX¯UZf © Dq BZ^Y[W LUU^XSZYZf eLVVYu \S iGf P Dju N Dqu C jFu ^UX`UcRXSkYcc cRc^ DFf rWY^XlTlYZ \ac^ VRSZZSZaWXc _U TUUZc SkYcc DqQDHu J]WZ ^SYV\X DHQIIu \VWT ZkW VYac IIQIGu \VWT `kW VYac IGQIEu `c `kW VYac IEQjqu `kW VYac jhQf J]WZ T`V\X YVlWZQ_U ^UX`WSkWZ SkYcc DHQjif >S[XXWZ cSkYcc DEQIju J]WZ XRST V\X DHf Iiu C\ccsZV\X jqQu Jn YVlWZcWYc TRXYS UTUZ DHQjHu `c ^RXcSX jGQjHf PS[Q ^YUXUU[YZ YVlWZcU[aU `UV`S_U jDQf A CR[^WXYVlWZcYZ ^UX`UccUQ _Uc VWWccS aUVW _lX _U `k_f JU[[ cR[^WXUVUu kSV`YRcRTWXSkkWu
XR^RkRRccSSZ ^RSVVYYc WTYccl`lWXYcf p j ¨ DHqqf eYV_Yc HhIu HFFu Dijju kSW^U jIDqf
Hhhf gss^u OU[ZY g[RZSf J^W F ¨BB DEEGf ea cUWbYTUUVU[W OVY^XUZbY[ OVU[W^ g WU NU[WU ASpWU ÁXcY[TUZf eBwVVYu \S iGf JR^^RW PW[^^SZRTTYVVU DF eBB DHiGf
HhFf PRWccWZYZu KWZS eUVcY[f BVSTUZcXW IE ¨ DEEjf ea ^URkk ?VVW P_U JUZZU AWkSZYZf © Di c DHqG J]y©pV JWVbU ASpWU JUVSZYZu BV `U^`W[^ L\\VW k««` NU[WU PUZZWZYZf eLVVYu eWaWcl iFu >R[TY^XYZ \ac^f e? >R[TY^XYXXU dSYZXRRXXU _U J]WXXlf J]WZ kSVWWXWVUWc _U `UVcWS^SZcc `W[^f AScY`U U[^WXcSZaSWcf eSWT _U o[a XYR[ PUcU_U k_f NT DE [^u NT jHQqiu NT qDQqhu ^RcXRZcUQ VU^^STWcf JU[[ ^RS[SQ_U ^`U[cYccWVURQ VRf p IH ¨B DHGHf
HhGf JWVcRVUu KWZS O[TUXf PUVU_S^W Dh eBBB DEEEf ea [S` NUccW J _U P[WXcWWZU ¥aU[VSccU LYTUZf © DE AJ OWZS ASpWU OVkkWf ewVVY iqu eKVcU iF PRSkWSZ V\X \S iHf ·V CPP Xla^scY^Z SX DGf rSa_UZTUUZ WZXcXcS ^SZYWbYZ cU[^ DhQDGf BZXWZss[WYXW^u U[Q TYW_UZ eUUXUZ WZXkWW[W DEQDHf oRbYZQ TUUZ XScUXUUVWX^SZcc kllVV DHQIif t @SXYZVY¯ © yS S\ `SWTUVUWc ^l\ccsWZX IiQhjf rS[WZ cYSVV^SRV cSkYccu ^URkkUQ ^SRVf rS[WZ ^URk Xla^sVUWc `c kllVVf R[UQ ^SWcXW_Uf rS[WZ ^W[^^S`UVc _lXu ·WU^SZWU\ab cUVaSWcf JU[[ pWVUcYVWUf c DE ¨B DHGhf eYV_Yc HFju HHif
HhEf rUU`SVUWZYZu K[^^Wf PW`YZZUkU DG e DEHif ea TUUQ ^URkk rWYcU[W r _U NU[WU Pllklf © DG KVXU rURVWZU dSYZXRRf BewVVYu \S iHf P Dhu N DFf PURkkU^SRV SkYcc DFf PU[_UVU kllcSWT DGQIiu qqQhIf PUZZYVQ _l[`YZ ^UZXUZSkWXc _Sac IiQhjf eWWkRQ [WZ c\s`lYZSkWXc _Sac DHQIif PUZXUZQ YbRXc IqQIFu IHQjIu jFQhiu k[YX `UVWcXWQ _UZWf ASXWUUVWTWZ jIf PU[_UVUZ ^UZZU^Q XYZ ^RZcWYZ YbRXcU_WXcS _lX DEQqjf PU[Q
¿Â§§Ð§§ UX _UVUZ PRVccRR[W[UaUXcS UXWUTf PU[_UVUZ LWWccS cSWTWZZUZ_f KcQPU[_UVUZ ZRS[WXSXYR[S_YZ YXWT IDQFif PUZXUZSkWXc\ab YXWT qqQhjf PUZXUZ`UVWXcRXXYR[ `UVcRRX^ _lX qqQu _SacS^ hqQFif PKLO `UVcRRX^ _lXu @U_UXYRcR\ab _SaQ cS^f PSRVRZYR`SX hiu Ae@ Pu e@ qf p J^W DE DDD DHFif rSW^U qhqDu kS_UZkSW^U GjDqf
HhHf ¾WccWZ]u KWZS dSaUZZYXf eWWkR[W Dh eB DEHDf ea XYZUUcQ cS[W OR]RXc dSaUZZYX ¾ _U OWZU AYVWZU OZbY[XWZf © Ij C\\ZY LUWaWUf BewVVYu ewVcl ihu dSYZXRRZ V\X \S iHf ?kWX^ Jn VU^WUf CSTUcS[ ?\ kUV` DHQjIf OO BTUc[UVVU DGQu OOcXcS eYV_Y^XYc ¾WccWZ] SXU^UXf @RS^SVUabYZ ^RZZ`UVc _lX IjQIqf BTUc[UZ ^UZXUVVWXXYR[ XWacf e@ qu NT DEf p Dq DDD DHFFf eYVW HGIf
HFif g[STXu gYZ]c JU[[\ KVWUXf N\[X^\Vl Di DDD DEHIf ea L[S` gYZ]c ObSVp g _U KVWZ NUcaWVbU LS`WXU NSVUZbY[f © DFQIF AWW[W NU[WU NSVUZbY[u BB IFQjI OWZU K`U CaWXYVVu DDD jq OW[U NU[_UccU PUaWVUWZYZf BVaVVYu \S Dif ?W^c Dhu eC DEf LU^WUXWUWZcXcS_YZ _U eYZlVlWXQXRST ^SZcc }rWYcU[W~ VU^WT DhQ DGf rUZ^^WW[WVWW^Y [s_bTUZ © g[STX _SacS^ _lX DEQDHf LRScQ cSkUZ^^W ?\ `UVRRccUSX _Sac _U _SacS^ _lX IiQIju Ar _SacS^ _lX IjQIFf OO IGQjhf A oV^STUUZ^URkkUVWWccS UXWUT jFQjEu dl^lVlZ`WYZcW\ab jGQjEf oRbYZTUUZ LJ \VWT YXWcc jHQqiu eUVc cUkUcR[TUcXcS qDQqIf NPJ UkRVXWac qjQhqf JU[[ R[aYWQ VRu TRXWW^^Wf p IE BB DHFif eYVW Hhjf
HFDf JUZXWYZu PSXcW KTWVf o[_UVU G ¨BB DEHDf ea ^SZcc O^XYV KTWV J _U KVWZU PUaVTUZf VVLVVYf p J^W IG B DHiFf eYV_Yc HEGu DiFju DiFqu DqGIf
HFIf JUVVUkll }YZc JYVYZ~u KY[S LUR[W PSZXcUZcWZf >R[TWQ _l[`W jD ¨VV DEHDf ea [S` PSZXcUZcWZ JYVYZ _U KVWZ OVY^Q
XUZb[U K[W^XXSZf © Ih p DHFh JWV_U KVWXUzYc OUVcSZYZf oVWVVYu \S Dif N DHf Pl^WXUVTYZ \acV\X XRSTYZ `kW VYac jhQqiu qjQqqf @S`UZWYTYZ \acV\X XRST _U VUc ZkW VYac qiQqjf
CR[RZ \acV\X XRST `kW VYac qqQhGu rRSVUVUZ \acV\X hGQhEf c Ih eB DHGjf rSW^U FGhFf
HFjf JWVcRVUu CSW`S PRXcUUf VW IH e DEHif ea [S` NUccW J _U
gP[WXcWZU ¥aU[VSccU LYTUZf © Iq p DHhG
OZZU OVWZU eUWZWSf oVWVVYu BeWVcl iFu
?RVRZ ^VV\X \S DIf Qe? IIf PYX^WQrSaQ
_UZTUUZ X^QkWW[W R[aSa_UU_U IIQIqf
P[WXcWWZUZ \acV\X e? IqQhEu `[Yac jqQ hGf eWTkYVWZ ^R[XXYWVVU DEf P[WXcWWZUZ
X^ kUW^UVVWXkllVV IqQIHf KcQrSa_UZTUUZ
X^QkWW[WZ eBBB UVRYYZ kllVV jHQqif P[WXQ
cWWZUZ o[aYWVW_Uc k_ IIQIHf e@ qu eT Du eT Iu NT DEu NT jHQqiu NT qDQ qhu eXX UT Iu Ao aSk UTf PUkc qIf JU[[ RV^SWVRu UX^U[Q cYVRf p H eBB DHFHf eYV_Yc HhGu HHif
HFqf ?VXSZYZ }Qjq ?VXSZW~u PUU[VS MRXcU`f rWc^l[UZcU DI eWVW DEHDf ea [S` ¥U[V MRXcUp ?VXSZW _U OZZU KVYSZS[U ÁaQ £`WXcf © DE « DHqG ·S[ScYU JUZZW^UWZYZu hqQ PUU[WZU PWVQ kYVlWZYZf oVWVVYu eWVcl iEu N`V\X \S DIf P DEu N DHu U][ DH PUWZRRZ ^UZXUZSkWXc SkYcc DHQIiu rSa_QAUcU^RZZUZ ^UZQ XUZSkWXc IiQIjf eUVc XWYTYZcU[^UXcRXVUWc BB UXXWXc IjQhqf NT DEf QpIg BB DHGDf eYVW hEqf
HFhf rWYcW^lWZYZu LRb`W] NW^UYVf rWYcU[W Ih eB DEEHf ea `UX^WXYkkl NW^^S r_U gYUcU eUVXXf © DF KY`U NU[WU ARZWf oVWVVYu eLVcU iGf PSZccS[WXcW J]WXXlf c DF e DHqFf
HFFf rU[TUVU }QDE g[RTTY[~u JU[[W O^XYVWf JlTYYZVWZZU
aaTaTTTTaaTaTW DH BB DEHjf ea N PU[V KTWV g[RTTY[ _U JWVbR[ >S[bYZX`UZf © DF KVWZU NUQ [WU eUVWTYZf BLVVYu \S DDf ?kWX^ MsccWZ]YZWZ \VWSkWXc DIQDq _U XRS[Wcc XYZ `U^RRcRXcWYc XYTWZ bWkVSTWZ Dqf ARSTWQ\acWs DqQDHf eU^S\ rSa_SVU ^UT[ DHQjhu UkRV_Sac _U URcS`U^SX kllVV jhQFif A eU^RRcRX\ab XWac DEQIhf ºD V«[ nVYWZYZ `U^\ab ORcSVWWccS kllXWac IGQf LWW^YZZY`U^\ab _U ORcS`U^VWWccS aUVW k_f LWW^YZZY`UaWZ^SVURcU^ _lXf COLdO k_f JRSVcSQOkR AllQ cWs k_f A CWY\ab aUVW _lXf A NUc^UWVW_U\ab oV^STUUZ cSWTW^ _lXf rSa_T LWW^YZZYcR[`UVVWXRRX^STWc _lXf e@ ju e@ qu Ae@ @ Du AL Pu NT DE X^u eT If PUkcf JU[[ TYcXlZ _U ^UVUZ `WV_YV\ STWXcUTUVVUUZ AUR^SZZS[SZ cWVUVVU KXkSSXXUu URcSTUc^UWVRf p E ¨B DHFhf eYV_Yc HhIu Hhqu Dijjf
HFGf JUUkU^SX^W }YZc JU]pS[X~u KY[S BVTU[Wf AS[cU`UVU IG BB DEHjf ea XYTWZUU[WZ VYac K[ZXc O[cQ aR[ JU]pS[X _U KVWZ ASpWU NUcaWVbU M[sZVRZbf © Ii BZ^Y[W NU[WU LUccRf BVWVVYu \S BLQ ?kWX^ cUWbYaWXc _U ^S[WXQ cYcUWbYccUu PUbP Iiu AURTR[WZ }@UZXQ ^U~ [UcXR`l^WSkWXc IIQIDf CssVsZ \ac^ _U eWWkR[WZ kWW[RXcRX^SRV kWW[RXcR^XYZ SkYccf PU[_UVUZ @UcXR_ll^[\^T DEQDHf AScUTWZWXcY[Ws DHf nY IiQIqf ARS_YVRX^ nS `VWkllVV Ub_ IqQIEu XSccU[^ IEQIHf eT Iu NT DE X^u BcP[@ @u C·@ @ @RScXNµ @ Du >r?@ @ Du LUc` PC@ @ Iu LUc`A^ U[u @RScXNP aSk UT[f @YX^ST DHu ^ST Iiu BcZ IDu ^Ukc IFf JU[[ TUUVURXu kRRZ`YWXcSu TYcUVVWkU^ScRXu VURVRu [UcXUXcRXf p J^W Ij Be DHIHf
HFEf OkU_UVUacW }QiF LWZb£`WXc~u LUR[W KWZU[Wf J^W H eWVW DEHIf ea kU^YccWTYXc CaYSbS[ AUTRYV LWZb£`WXc _U OTUZbU KZ£`WXcf © DH e ¶H KY`U gY[caU CRVYZaYWTSf QBLVVYu \S DDf CYSV Y[ScRc^ Dhu `Wa kUkW^XW DFu P Iiu N Iju CP jDu CL jHu CC qiu ZWT kUkkW DFQIif J]WZ Yc XRST X[^ `W[ UkRV IiQqjf PUVVWSZ X[^ ^a[U qjQFjf CUTkYQ [YYZ cRSTWS^UkWc UXYXX qhQhDf J]WZ [S`^RZZ L[S` hiQhHu PUVVWSZ hHQFIf J]WZ \V _U LUkWZVUabYZ XUW[ XUUT jFQ jEf J]WZ ^SRVR_YZ RX^ SkYcc DGQDEu IDQIqu IHQjIf Jn cYSV YXW^lXWcc `c UkRV jjf NY[WTWYXVlaYc\XXYR[_SacS^_lX jGQu J]WZ ·WU^SZWXXUVUWc qhQhDf J]WZ rW^^R^W[^^S\ab _SacS^ k_ qjQhIf PW[^SVVWX^S^ _lX qEQhjf A ^W[^^S bWU^SZWUc\sZ \acYWXc\sZ `UVWS^ k_ hiQhhf AWzYVWRXQU^Uc ^W[^^STRXSX WZXkYac hDQu J]WZ X[^ ^W[^^S`UVc k_ hDQFDf AL Pu A@ d Df c I B DHFqf eYVW Djqhu kS_Uc jhIhu jFGEu qIqqu qqiHu qGEif
HFHf NUVTzS[]u MRXcUp LYSZU[bf J^W Di B¨ DEHDf ea ^URkk MRXcUp LYSZU[b N _U OZZU ASpWU JYVVXcYbcf © Dj c DHjE JWVbU OVYÃUZb[U JSVTu qjQ AU[U LWXU A_s][YZf BLVVYu eWVcl iEf PURkkUTUc^RXcf p Dh e DHhGf
HGif CU^SVUZbY[ }YZc @SWZY~u LUR[W KZ¦WSf J^W Iq eBBB ± DEHIf ea TUWXc @YWZaSVb @SWZY _U JRVQ bU ?VW`WU CU^SVUZbY[f B VVYu \S DDf ?kWX^ Jn VU^WcWYbYcclf e@f PUUcRW B PW[^^SZRTTYVVU IF DD DHDEf eYVW DIEIf
HGDf CSW`SZYZu PUVVY KTWVf J^W DG ¨B DEHif ea_U[[RT PU[V C _U OTUVWU PU[SVWZU KZf © JWV_U r\V^^lZYZf BLVVYu eLVcU iHf ALNP kllXcscSb DIf @URcUcWY^W[_R[Wf NT DEu NT jHQqiu A^ UTf p F eB DHFhf
HGIf ¾WccWZ]u KTWV OR]RXcf § eWWkR[W Ih ¨ DEHjf ea XYZUUccSQ [W OR]RXc dSaUZZYX ¾ _U OVWZU AYVWZU OZbY[XXWZf © IF O]bU NU[WU MUz[WYVXXSZf BLVVYu oVWVcU ihu eWVVY iHu \S Dqf nÁC Iqu eC IGf AUVTWZ UkRV>N DEu @RS^SVUabYZ DHQIIf dllX^YZ ^WaVU^ `c aYZ^W^W[_SWZ IFQqEu aYZ^W^W[_SWZ qEQFif eYV_Y^XYc ¾WccWZ] OOcXcS }BTUc[U~ SXU^UX IFQFHf @RS^SVUabYZ ^RZZQ `UVc _lX jEQqqf BTUc[UZ ^URkk`UVc _lX hjQFEu ^URkkaUVV hjf BPL eWWkR[WZ kWW[W_Sac qDQqqf PU[_UVUZ ^UZXUVVWXVWWccS k_ hDQ FFu XYZ _lV^ ^RZZWUk_f BTUc[UZ @ScU[\^VRzW k[YX qEQqHf NT DEu NT jHQqiu eXX UT Du AU^XPC@ ju Ae@ @f PS[k[f JU[[ aWWacSf p IG DDD DHGif eYVW HhHf
HGjf OUVcSu n[_s LRb`W]f J^W IE ¨ DEHjf ea ^URkk dSaUZ O _U M[YcU PS^^SZYZf © Dq p DHDH NUcWVbU ?^XUVUf \S Djf P?r kll^SZcc ^UT[ DjQIFu AU`SZVWZZUZ ^SZcc _Sac IFQjiu kll^SZcc SXkllVV jiQu « J^W IE ¨ DHqFf
HGqf O[WWZu dSaUZ KTWVf J^W IH eWVW DEHjf ea c\sZ_Sac gWWWQWAt]t]gNgg PU[V UzWUZ O_U OTUZbU dSXYpWZU AUQ u VSZYZf eW[Wcl iHu \^X eWVW DIf ALNP
kllXcscSb Djf J]WZ kSVWWXWVUWc cWybSZUZQ cSWXcS UkRVkllVf Oz PUR^UX Uz[W^ kllQ
§ª°ff ^SZWc `W[^ DHQIjf A @RVVUcYabUX\ab
k[S^ _U `_Sac IjQqhf c ID ¨ DHqhf eYVW Of EEqf
HGhf eRS[W`W[cU }YZc gY[]YZXc[sT~u elWZs dSaUZZYXf J^W II ¨BB DEHIf ea XUcRVUXYkkl dSaUZ eW^cS[ gY[]YZXc[sT _U AY[UQ pWU PSVYaTUWZYZf BeWVcl iHf p D B DHEqf
HGFf gY[ZY[u @SVp g[SXc[Rkf J^W Ii eB DEHqf ea cR^^R
^URkk As[YZ PUXc[Rk g _U gY[caU LUQ
]RXf © DGQjHu BB qI A`YU KVWXUzYca LWWQ
^UZYZf BewVcl DEu @RScX ZV\X \S Djf gY[ZY[ ?\ cSWTW IiQhEu _SacS^ k_ qhQu
A KVWZcU[kYWbYZ CRSZcW^RZcU UkRV_Sac
DFQIif PUZXUZaRSVcSTWZ SXkllVV jHQ
B qDf KbRX^ _lX qhQhDf eUkUUTWYVWXcYZ
VWWccS `k_ hjQFhf r[YX `UVWcXW_UT j ^Y[Q
cUUf J]WZ U]YZccW\ab k_ IjQIHu qHQhhf A eWYZcW\ab _U RV^STUUZ^URkkUVWWccS aUVW cUW _SacS^ _lX IEQhDf ARSTQYZ]VUZcWVUWXYZ ^URkkU\ab [Uaa _U _SacS^ _lX jjQhEf OTY[W^UZ r@ A ZYR`SccYVR^ k_ qiQqDf C\sQ ^YX^RX CSWTYVU cR^W\ab k_ jEQhhf WZZWXaQg[WcWXa ASyWYc\ k_ hDQhhf NYXcU[WR[a ^Y[aS k_ jhQhFf AN Eii TYc[WZ _U `WYXcWZQ _RS^XRXXUf PURkkUZYR`SXu ¥gKf JU[[ kSVWcWW^^Uu pWVSXSpWUu R[aYWVRfQp IF eBBB DHGEf
HGGf rSa_UZaYWTS }YZc gVST£`WXc~u OUccS KWZU[f NW^^YVW h ¨BB DEHIf ea ^SZcckllVV ObSVp >W^VUX gVST£`WXc _U PU[WZ oV[W^U NUZ^SZYZf KWcl iFf p J^W j ¨B DHiGf eYV_Yc EEGu DIIqf
HGEf rUVSaYWTS }QiF g[UZbY[~u NU[ccW ?VU`W }?VVW~f J^W Ij e DEHqf ea Cu `RS[W> PU[V OVp[Yb r_U MY[c[Rb JYVYZU JYTzY[]f © DH LYYZU g[W]WccU dl[ZYpYVcf \S DIf NJ IDf dll^kUcV IG DhQDEf O[TYW_UZ RkX DEQ IDf CaSTYZ NYcXlcXcS NJ IDf ?\ @URTU tSSb Lcb kSa_ SX kllVV IDQIjf J M rUVSaYWTS nac\Tl UkRV_Sac IqQ IFu cSWTW _U XWXU[\acWsWbYZ cSWTW IFQ FFf PU_UUZW ?\ cSWTW hFQFIu _SacS^ k_ hhQhFu `k_ FIQf ?RVR ?\ aZcSZYR` `k_ hhQhFu _SacS^ k_ hFQFjf A AUaUZSTWXcU_U\ab aUVW k_ qFQhGu A rRRZdUVSXcRXcYSVV PYX^RXVWWccS hFQFju CWWVWcYSVV C\sZUZcU_UQ VWWccS hIQhFu CR[`YcYSVVVWWccS qHQhqu A CWWVWcYSVVVWWccS jjQqDu hDQhFf A CYSVV PYX^RX`UVWS^ `k_ hFQFjf A AYVVRVSSXU\ab aUVW `k_ hGQFjf CWWVW^YX^R^X _SacS^ k_ hjQf eU^ ?\ rSa_SVU aZcSQ ZYR` `k_ hIQu ?cUZTl^W ?\ hGQFIu k_ FjQf rSa_SVUZ eSWTU ?\ _SacS^ `k_ hGQFjf dll^VWWccS k_ FhQ JUVVUZ XllcWs aUVW k_ hGQf >S[bYZX AUT`Y[^UZbY CY]YVps[YZWZ]U[ k_ hjQhhf LSkYZ ^RZZ`UVc _lX IHQqhu `k_ jDQjHu qDf BB `UVcWS`U[UWZTWZ qqf KcQ rSa_UZTUUZ A^QkWW[WkllVV jHQqiu BcQA^QkWW[WZ ^ST qDf AScQ aUVVWZcS kWW[WkllVV qDQqIf BclPU[_UVUZ XScaUVVWZcS ^ST qIQqqf KcQJlTYYZ A^ kWW[WYXW^ _lX IhQjIu rSa_QoRbYZTUUZ qDQqqf e@ Iu e@ ju e@ qu e@ qu AL XRR[[u Ae@ PVu NT DE X^f NT jHQqi X^u NT qDQqhu A^ [URc U[u Ar@ aSk UTu eXX UTu C·@ XRR[[u r[µ[ Iu AU^XNX^[u LUc` A^ U[u dTf elZ[ DEu VcZ DEu ^Ukc IDu TU_ qiu Y`V qIu Y` qjf p G ¨B DHGqf eYV_Yc FEIu GFHu EEEu Dhiqu kS_Uc qiHDu qIiif
HGHf LWZZU }YZc ¥UXc[YZ~u BVTU[W eYW^^Sf CR[^R Di ¨B DEHjf ea `UZ^WVUZcU[^u aS`W> dSaUZ eUVbYTU[ ¥UXc[YZ _U OVTU ¾¯Wy^Xc[sTf © Ij ?V]U LUacWZYZf \S Djf okXcRc^ DEf QDH NU[^S`WVVUZ XScU^SRVRf PU[_UVUZ PUU[cW ZRS[RkXu @C I Ub_ _U kc[WRkX DHQIDf d\`lX^\VlZ X^kWW[WZ LUR^UUZ UVRYkllVV IIQIjf LWW^YUVUVVUf PSZZRZXRSZ `U[U`UZ^WVU ^UZXVWXcW _U X^ kllVV IHQ jIf NT DE X^f elZ[ DHu VcZ IIf c eWWkR[W D ¨BB DHjIf eYV_Yc EIju HEif
HEDf ¥YbY[zY[]u ?ccSQKVWUXf NRXcUXUU[W IG eBBB DEHjf ea ^UkkUV OR]RXc K`UVb ¥ _U JYb`W] >UQ caUVWU J_YVcf © IE M[YcU JUZZU gR[Q TUZf \S DIf LP DGu LL Iqu LPC jEf eWWkR[WZ VllZWZXUW[ BB UkRVVll^ IhQIFu B UkRVVll^ IEu BB UVWVll^ jiQjqu B UVWVll^ jqQjHf J]WZ \V XUW[ B ^W[ SX U`RXcU`U Vll^ IEQjif @S`UZWYTYZ \V XUW[ \VWVll^ jHQqhu JlTYYZ LXUW[ qhQFif d\[WXY`lZ VUXcYZkU[UZcSVU \VWVll^ IFQIEu jDQjHf @URcUcWYVll^ jEQjHf eWWkR[WZ ^URk VUXQ cYZXRS_YVRQ_U cU^XSWcRXVURcU^ _lX jqQjGf eWWkR[WZ R[aYWVW_Uc k_ IGQIEf KcQPU[_UVUZ Vll^XYR[ k_ jHf NUZZY[aYWTQVWWccS @S`UQ ZWYTYZ kWW[WSX k_ _U Ar@ LUkWZ VllZWZ kWW[WaUVV _lX jHQqhf Ae@ @ Du e@ j T^u e@ q k[^u e@ q T^f NT DEu NT jHQqiu eW[e@ V|DDDu eW[NTu LUc`WUZ NTu AU^XPµ Iu eXX aSk UT Iu Ar@ k[ UT[u @RScXrµ k[ UT[u Ao aSk UTf p DI eB DHFjf
HEIf ·U`WbXXSZu K[ZXc OVY^XWXf J^W G ¨ DEHI ea c\sT dSaUZ · _U AUU[U @lWZlf © DH OVWyY ¥YyWVWU LWZb[SSXf eLVcU DIf eW[UXcSUkRV J]WXXlf p H BB DHGGf rS_Uc jqDEu jFEIf
HEjf CUTTWXUVS }QiF K^zST~u >WWVS @RbSVpf J^W Dh ¨ DEHqf ea aRSZY^UVRcYacUWVW_U JYZ[W^ K^zST _U BbU NU[WU ·UaVzY[]f © Ih c DHIF >UWTW L\bWU NU[^^RVUu BB jq OZZUQLWWXU CWWcSVUf \S Djf e? DHu e? ^S^YYc IGu ^UX`UcRXSkWZ VURbUcR[ qjf eUVc kSVWWXW^SRV e? DHQIIf J]WZ XRS_YVRX^kWW[W R[aYWVRQ_U XScWVUXSa_ IDQ IHf C[YYZ V\X ZkW VYac IEQjHf J]WZ XRST V\X e? jHQqFu `SWTVYac qFQFif J]WZ XRST \ac^ e? IqQIHu >S[XXWZ qIQqjf Jn `SWTWXcYVRVUWc R[aYWVRZ SkYcc jEQ hEf A rUVVSVWWccS kll`UVQ TYZcU_U jEQjHu qFu VWWccSaUZ _lX DGQDHf A PS[WkUVVSVWWccS k_ jEQqju ^RZZWU_lXf JdP _SacS^ _lX DqQIEu qqQqFu k_ qFf C[YYZ BV`YX kY[RXc jD _U ^RZZWU_lXf ?V\TkWUVUWXcYZ ^S[WkUVVScSWTW^ k_ h}ohI _U ^WXS_YZ ^S[WkUVVSWVRZ ^WVk_Sacf dUV^UkUVVSXXU Gu _llkUVVSXXU q _U _ll^WY^SXXU I ANf dUV^UkUVVSXXUu IHu _llkUVQ VSXXU G _U _ll^WY^SXXU D TUUSccYVRf LcZ jEf JU[[ TYcXlXc\X ^UVUXcRXf p h BB DHEIf eYV_Yc GIIu EIqu Djjhf
HEqf KX^YVWZYZu KYbWf LUkWZVUacW DG DDD DEHjf \S DIf p h DDD DHDjf
HEhf dUVS }YZc M[sZaSVT~u AW]R[b O[TUX dSaUZZYXf J^W q ¨ DEHIf ea _RZUWVW_U dSaUZ M[sZaSVT _U NUcWVbU OVWZU rWaVQ Xc[sTf © DG OWZS ASpWU eW[cUf \S Djf eWa kUkW^XW DGf PWaZWsZ ^a[U IEQjFu ARSTRX_l[`YZ jFQhDf @S`UXcWf Qc II ¨BB DHhDf eYVW DiFiu kSW^U jqHIf
HEFf JU^UVYacS }QiF JU]VRZb~u PU[V eWVaYVT }PUU[VS eWVQ aS~f § J^W Dq B DEHqf ea \VWSkWXc ^R[XS[W PU[V OR]RXc JU]VRZb _U PU[SVWZU eWVQ aYVTWZU KZ]VRZbf © jI cXcS`W[^ JYV`W @Y]WZU OZbY[XXSZf ewVcl DDf A^Q RkXYY[W^R[XXW IDQIIf Jn a\]WYZWXYZ VUWc k[YkU[UUccS[W DjQFIf CSWT XRS_YVRX^ _U `XXQ_l[_YXcsWXXlf NT DEu NT jHQqi X^u NT qDQqhu eXX UT D X^u Ae@ TWc D ^[^u ¨¨¨f LcZf JU[[ `UVS^R`URXu [Yc^YWV\f eYV_Yc DIjju DEIhu DHDif
HEif LWZZU }YZc ¥UXc[YZ~u ?VU`Wf CR[^R j BB DEHhf ea aS`W> dSaUZ eUVbYTU[ ¥UXc[YZ _U OVTU ¾¯Wy^Xc[sTf © Iq OZZUQ LWWXU M[RZbXc[sTf \S Djf LP Iiu LL IGu ^YRa^ScURc Y[W^Q Vll^ jqf PS[kWVUabYZ ^RZZVll^ IEQIHu JYWZSVUZ TV^ jiQjIf ?RVRZ BB ^URkVll^ IHQjif PYX^WQJlTYYZ kU[UZcSVU UkRVVll^ jIQjqf LSRZUWXQJlTYYZ kU[UZcSVU Vll^ jhf c J^W Iq ¨B DHjhf eYV_Yc EIju HGHf
DDE
HEGf JUZXWYZu OVVUZ dSaUZZYXf o[_UVU I e DEHjf ea ^SZcc O^XYV KTWV J _U KTWVWU P{aVTUZf p J^W j ¨BB DHiEf eYV_Yc HFDu DiFju DiFqu DqGIf
HEEf A\blZaYWTS }YZc JY[c¦~u AUTRYVf >R[TW_l[`W H eB DEHjf ea ^a[U NUccW A _U NU[WU rUU`SVUWZYZf BewVcl Dif PW[_UZkWcl_lf p JlTYYZVWZZU h B DHIDf eYV_Yc Ejiu DiFFu DjjIu DGEFf
HEHf rUVS_l[`W }YZc JWVbYZ~u elWZs JYZ[W^f eWacW Dj eB
DEHqf ea [UcXRcWVUZ daSYZ eW^cS[ JWVQ
bYZ _U OZZU OVY^XUZb[U S[XXc[sTf ©
DH p DHqI M[YcU @YZaSVTf \S Dqf
?kWX^ tWXTU[WZ WZXU^Uc U[^^SX DqQDhu Jn Iqu AU^XUZ APP IjQIhf dll^kUcUV
IG DhQDEf dll^[\^T D ^STkkkllVV DEu
PUbP ^STkkkllVVV DHQIif eUV^ PUU[cW kUcUV^ST DEu rQAU`SZ [\^T IiQIIf jf
·W` YXW^kllVV Ihf rN SXkllVV IFQIGf
ARS_YVRX^RZcUWZ \VWYXW^ XSccU[^ IIQIqu
^SRVSX kllVV Iqu XSc_USXcS kllVV IhQIFu YXW^kllVV IGQjjf eUV^ PUU[cW ^ST jjQjhf nVYWXYXW^ ^STYZcSQSX kllVV jhQjGf CR^Q aSVTUZ XScUXWUT jGQqDf rK ^STYZcSQSX kllVV qDf ·W` ^ST qDQqqf rllTU_UZ cU[^ ^YZ[ qDQqhf A PRVccRR[W[UaUXcS kUV` qhQqHf PYX^ JYZ^W`U^\ac ARSTW kllUXWUT qHQhhf AScUWZ`UV `YV_YXVWWccS rW[^^UQJlTYYZ kWW[WZ PUZZ\ab UXWUT qHQhhf Ar@ oRbYZTUUZ kWW[WaUVV k_ hDQf dll^VWWccS _SacS^ _lX hDQfQ e@ D T^u e@ I T^u e@ j T^u e@ q T^u Ae@ Pu NT DE X^u NT jHQqiu dTu C·@ P Du @RScXNµ P Du >r?@ Pu LUc`PC@ P rRSVrµ Pu eW[PSc^U[WXcW ju LUc` A^ O[u @RScXNP UT r[µ[ Iu AU^Xµ[ B_UIu A^ [URc U[f nVWV DEu ^Ukc DEu TU_ Iiu Y`V Ihu Y` IEu ^YZ[TU_ qIu \YQRkX IFf p J^W Di eB DHhhf eYV_Yc FqHu Fhif
HHif JWVcRVUu elWZs dSaUZZYXf VW Dj B Be DEHIf ea [S`
NUccW J _U P[WXcWZU ¥aU[VSccU LYTUZf
BLVcU iFu PRSkWSZ V\X _U ?RVRZ ^VV\X
DDDQeL ALNP _U @UUaYZ rS[`U[W _U
PURkkU^SRV DIQDhf tYV_Y^XYc [WWX ?\ }n^XkWaVU_U~ ^W[_UZkWc _U ^SZcckllVV DFQ hHf PS^^SVUZ eYW^^Sc R[aSa_UU_Uu [Uaa _U k_f PS^^SVUZ LURVR`YW^^Sc [Uaaf
e@ qu AL @u NT DEu NT jHQqiu NT qDQqhu Ao aSk UTu PP UT[f LcZf JU[[ UTkRTUR[aYWVRu RV^SWVRu VURVRf p j ¨ DHGjf eYV_Yc HhGu HFjf
HHDf JS`Wu elWZs dSaUZZYXf J^W I ¨B DEHqf ea U_R[W dSaUZ
ZYX J _U OTUZbU PR[^YVUf \S DIf
?kWX^ Jn VU^WcWYb DIQDjf P?r kllQ ^SZcc `W[^ DqQDFu eWWkR[WZ ^SZc k[S^
DFQDHf p eWWkR[W ID Be DHDHf
HHIf JRWccWu PUU[VS KYTWVf LSkkW E eB DEHDf ea TUU^URkk
PUU[VY OVV]RXc J _U dSXYpWZU ?WVUf © IG
KVXU PUcU[WWZU AcURppY[f Q\S Djf ?W^c Iiu nJC IDu eC Ijf KVWTlYZ _U OZ_UVUZ >N IjQIGu LSa_UZ kWW[WZ IEQjDf oRbYZTUUZ VllZWZ kSVWWXWSa_ IGQIEu kSVWWXWcU[^ jDQjjf JYWZSVUZ ^WaVU^ P[eSRcW jjQjhu Pl^WXUVTYZ jhQqiu
JUVW^SZ qif NW^^YVWZ LJ L> qDQhGf
AScUSW^ k_ IqQIGf LSa_UZ _l[_YXc\XSW^ YXWT jDQjIf eUVc kSVWWXW^SRV _SacS^ _lX
IHQjhf NW^^YVWZ VllZWZ cU[^VURcU^ k_ qDQhDf AL Pu eXX UT D
X^fQp NW^^YVW Dq e DHhGf
HHjf JRRX^SZYZu CUWcS dUVS OUcSXf d\`lX^\Vl q ¨B DEHDf ea
TUUVU[W dSaUZ J _U OZZU LWWXU PUVVWSf © Di OZZU OabU JWZcW^^Uf BwVcl ihf
LWW^YT OTY[W^UXXUf KVS^R`UQUVUVVU _U
TUUVU[WZU J]WXXlf p F Be DHFIf eYVW GDHf
HHqf AWZWXUVS }QiF VVUZbY[~f ARVS OXXY[f J^W H Be DEHjf ea
aUcRZcY^ OXXU[ NW^UYV VVUZbY[ _U PU[SVWZU AWVUZbY[f oVWVcU iHf @^Tf c Dq Be DHDHf
HHhf @SWZY }YZc dSXYpXXSZ~u eWVaS ARVSf J^W j ¨ DEHIf ea _U[[RT dSaUZ OVY^XUZbY[ @_U KTWVWU ASpWU >\zY[]f © ID AJ C\\ZW NU[ccU PUcU[WWZU AU[^^WVUf \S DIf LP DGu LL Ijf NRaS^XYZu ocU_l[`YZ _U C\[Zl`lZ ^RZZVll^ IFQIHu r\alQ _SYZ qhQqHf @S`UZWYTYZ ^URkkVll^ IHQqhf rUcVVll^ DEQDHf ?RVRZ _U rSa_SVUZ A^QkWW[WZ Vll^ IhQjqu kWW[WYXW^Vll^ jGQqiu LUkWZ [` jhQqhf ?RVRZQPWYaWTlYZ [URcUcWY[U^ Vll^ IFQIHf oRTU_UZ ^YX^RXXUW[ ^RV^RcURcWSX Vll^ qqQqhf @S`UZWYTYZ _U NRaS^XYZ cY[`Y\bYZaSWcSVURcU^ k_ IFQqhf @S`UZWYTYZ \ac^ `UZaZYR` _lX jhQqhf e@ ju e@ q k[^u NT DE X^f Lll^Q ^Ukc jqu Vll^TU_ qif JU[[ TWYX^RS[Su cY^ZWW^^Uf p r\alQ _S^W D ¨B DHqHf
HHFf PYy^VRZbu dSaUZ OVY^XUZbY[f J^W IF eBB DEHjf ea c\sZ_Sac dSaUZ P _U OZZU MRXcU`U CR[RZYZf © DH KbWc eWVQ aYVTWZU ?[lbbf KWcl iFf LWW^YTu ^SZccS[WXcWf c Dh BB DHIif
HHGf PWVkWZYZu KWZU[ OTSXf J^W I B¨ DEHqf ea ^URkk PVUX JYZ[W^ P _U BbU ¥aU[VSccU JUTTU[Xc[sTf © IF A`YU Ka[Q Xc[sTf KWcl iFf NY[W^Ukc DEf « J^W DF ¨ DHIFf eYV_Yc Giiu GEFf
HHEf PSkkY[Wu OV`U[ dSaUZZYXf rU[W^^UVU ji Be DEHqf ea >N OZbY[X dY[YTWUX P _U dSaUZZU KVWQ XUzYca >\VRZbf \S DIf P Dhu N DHu L _U C jhf re RkX DEQIDf ?kkWQ ^SRV SkYcc IIQIju ZkW VYac IqQjhf @WWaWQ TlYZ \acV\X VRSZZSZaWXc _U TUUZc `kW VYac jhQqjf e@ j T^u e@ q T^u NT DEu ORZ NTu PU[_ NTu JYWTSXScU[f elZ[ DEu BcZ Iiu ^Ukcf PUUcRW F eBB DHqjf
HHHf PSX^WZYZu PU[V PRXcUUf J^W DE B¨ DEHjf ea XYZUUcWZ `UacWTYXc PU[V MRXcUp P _U NU[WU OVY^XUZb[U g[UZbYVWZf © Ih p DHIh KVTU PUcU[WZU rU_RZYZu IHQ KVVYZ LWZZYU S[XQ zY[]f ewVcl DDf CSWTWZRc XUW[`SWTWXc _U ^UZXVWXcWZUf J]WZ kSVWWXWVUWc ZkW ^STWXU[WS IhQjIf p IG DDD DHFIf
Diiif PRWccWZYZu PSXcWf CUTkY[Y F B¨ DEHIf ea [llclVW dSaUZ JYZ[W^ P _U OVY^XUZb[U eWVaYVTWZU U]Y[aSVTf eKVcU Di r[S`WWXS[Wf p Dj ¨ DHjIf eYV_Yc Eqiu DDFIf
DiiDf LUWZYu eWVaS O[cR[f Pl[^sVl II eBB DEHIf ea _RZUQ kU^^UTYXc dSaUZ eWVaS L _U OR[S[U eWVaYVTWZU AUVTWZYZf © Ii AW`Wl eUVbWZY CUTTWVYacSf eKVcU DIf U[T DFf nVWQ SkWXc UkcYY^^W pU[T DFQDEu PSc^UQUkcYY^^W DEQDHu Vll^YcYaQ bUX ?[WSZ IGQjqf p Dq DDD DHjEf eYVW DIhif
DiiIf LWZbzSaTu @U]ZU[ [Yb[W^ tY[ZY[f J^W Di BB DEHqf ea [Y` B`U[ eY[ZY[ dSaUZ _U rURVWZU AWbS[S¯f © jI JYVTW KVYZSZS[U >UR^VY[f oVWVcU iFu J]WZ XRST \ac^ \S DIf ·B CPP DEf J]WZ ^URk Xla^sVUWc `W[[UZ_U^YVRSX kllVV DHQjEu UkRV_Sac jEQqFu hiQhEu \VWQWZX qFQhif PRZZUVVWXWZX _U U[^^ k_ DHQf eT Iu NT DE T^u NT jHQqi T^u NT qDQqhu eXX UT T^f BZX^Ukcf JU[[ `UVUWXcRXcY^ZWW^^Uf c IF DDD DHGhf
DiijfLWZbpS[Xu dSaUZ O[TUXf J^W DI B¨ DEHIf ea TRR[U[W dSaUZ MRXcUp L _U OR[S[U LWZbYVVf \S Djf p DF D DHDqf
Diiqf NWZ^^WZYZu OU[ZY dUU^^Sf @URcUVUTkW Ii ¨ DEHIf ea ^UZcc KTWV N _U AYVTU [Yb[W^Uf oVWVcU iHf @URcUcWYQ `W[^UTu T\sa VWW^YUVUVVUf NT DEu eW[NTf p j e DHqif
Diihf @UZWZu NU]ZRX KTUZRYVf PRSkWS Ij Be DEHjf ea k[S^ LU[X MRXcUp@ _U JYV]U eWVaYVTWZU JU]YVzY[]f © DhQqF AW`Wl OVWWXU NU[]U[YcU M[sZzY[]u qFQ JL @URaU BVSZU AYkklf BeWVcl iHf PURkkWUXf p CUWkUVXUU[W Ih B DHhIf eYV_Yc EDiu EDhu DIIHf
DiiFf @UZcUu O[TUX NW^UYVf J^W Di BB DEHjf ea `llk PRXQ cUU NW^UYV @ _U BbU dSaUZZU OZccWVUf © IG ASpWU @Y^S[WRXf ewVcl Dif Ala^sUXYZcf ?SkY[UZ ^RS[SXXUf p ji B¨ DHFif eYVW DDiif
DiiGf @SWaUu PUR^S dSaUZZYXf Op[W^^U Dj BB DEHjf ea VlaYQ c\XXllZ¢ n[_s @ _U LWWXU gYÃS[f © Ii KVXY LWWU[f BLVcU iGu ARST \ac^ ewVcl DIf Ala^sWZXf cÉRWZy\ }oAO~ II eBB DHFDf
DiiEf AUU[WZYZu dSaUZZYXf J^W DF eB DEHjf ea kRRXYkkl dSaUZ JYZ[W^ A _U KbVU dSXYpWZU LWZbTUZf © DH KVVW NU[WU @SWZYf VVLVcU iEf U^cS[W J]WXXlf c Ij e DHFDf eYVW DjFhf
DiiHf AUUXcUTSWZYZu BVTU[W dSaUZZYXf J^W ji ¨ DEHIf ea
XRRcU[WTYXc JY[TUZ A _U NU[WU tWVaYVQ TWZU NUVWZf © Ij BTkW OWZS ?_UZbY[f \S DIf LRZbWZ ^URkkU^ ^WW_UZkWcSQ ^R[XXW DGf @URcUcWY^W[_U^URkkU ?\ kllQ
^W[_UZkWc _U T\\TlVsWbYZ cWVWZcU[^ DIQ DGf A?P DGQDHf P?r VUWZUSX aSWc DHQ
IGu k[S^ RV^STUUZ ^W[_UZkWcSQSX IGQqIu aUU[U^SZcc YXWT qIQqFu SXkllVV qGQhHf J]WZ `Y[S`XcS ^lXWccYVW_l _U cU[^ jEQhDf gY[ZY[ ?\ kY[Wccl`WYZ aSWc FiQFjf CSWT
U`UZcSRWZcWXYR[ JRTURXf ?kkW^ qQSccYVRXXU Df kUV^ iHf J]WZ
XRS_YVRX^ _UV^UkUVVSTYXc IjQIqf JU[c ^UVUXcRXu TUUVURXf c DD B¨ DHGqf rSW^U hqEhf
DiDif AYVUZbY[u A`YZ J_UVTU[f CR^aSVTU G ¨B DEHqf ea C Kb`U[b A _U OaZY >YS`WRXf © ji NU[]Wc KVWXUzYca Aya¯WZbcf LVcl ihf J]WZ RRXW [RScX \ac^ \S Djf ?kWX^ CPP DjQDhu APP \V SX IGQIHf dll^kUcV IG AU^XUXXU DhQDEf nY cXcSRkX _U cXcSkllVV DEQIqfD| oRbYZTUUZ @\^T ^ST IqQIEf jf ·K YXW^kllVV IEQjDf nY XW`WWVW`W[^ jIQf e@ q T^u Ae@ @ Du NT DE X^u r[µ[ Iu rRSVrµ RkXu @RScXNµ @ Du @PL @u >r?@ @ D rRSVoµf PUkc DEu TU_ DHu Y`V IEu \YQRkX IHf p q BB DHjHf
DiDDf AZYVVTUZu KY[S KV_UXf NWYaW^^lVl IH e DEHjf ea [S` dSaUZ Kp[UWT A _U KVWXUzYc CYVYZf \S DIf ?W^c Dhu eC DEf OO J]WXXl DEQIEu qiQhju eWWkR[WXXU IEQqif PCNu eeNu r@J `W[^UT qiQf J]WZ @? [W^SXUXWUWZQ ZSc hiQhjf e@ q T^f c J^W h ¨B DHhjf
DiDqf CRR[ZU }Qjh CaRZYzY[]~f ?ccS O[ZSf LSa_U DI eWVW DEHqf ea NPJ ^UT[ PU[V [WcaWSp CaRZYzY[] _U BZ]YzS[] NU[WU AsbY[Q TUZf © Ii AW[^^R AUU[U BZ^Y[W JUVVYZQ zY[]f LUkXYc PUU[VY IDu OZZUQNUW_U IIf Q\S DIf nÁC Ihu eWWkR[WZ RkX^ DHu PUbP IIu eC IEf Ar kll^SZcc `W[^ DjQ DFf PUW_UVUZ ^UU[cW [\^T RkX DHQIqf CTW d JUVVYZzY[] }eWWkR[W~ cSWT_ IhQ jif eWWkR[WZ ^URk_Sac IHQqEf eWWkR[WZ ^URk aSWcS^RZZ k_ qiQqEf eWWkR[WZ XScaZcSkWW[W kllVV qDQqjf PUZXUZYbRXc jHQhEf CUXU`UVVUZ k[YX `UVWcXW_UT jGu qiu qju hiu hFf AScUX\\VVWXSW^ _lX qhQqFu `UVcU^RZZUZSW^ hEQFDf A ^URkVWWccS aUVW _lX _U `k_ jhQhEf J]WZ ^URk`UVc _lX qFQu ^URkaUVV qEQf PU[_UVUZ LWWccS aUVW _lX qiQu`k_ qGQFEf PU[_UVUZ AllcWs aUVW k_ qDQf nLK aZcSZYR` _lX hIQFqf CYSVVQ _U VWW^^YYZaU[_ XYR[ rUTURX k_ hiQf O^Uc TYXc jQVSW^UXXU DIf PURkRZ]WZ_Sac qEu e@ Iu e@ UTu eT Du AL Pu A^ U[u O^cTu ? U[ Du rP@ P Du APL ^RVc ^T[u rRSVrµ Pu @UZX^ >WyaUZQYVQOZSRU[µ Pu @RScXrµ @u eW[eC@ Pf elZ[ DHu BcZ Iiu ^Ukc Iqu TU_ qIf JU[c R[aYWVR_U ^URZS^W[Q _UVVWXRRXf c Di e DHGFf eYVW DGiiu kSW^U qhEhf
DiDhf CW[`Uu OU[ZY @UpUYVf rWYcU[W Ij ¨ DEHjf ea ^UZXU^S KVWUX C _U NU[WU OR]RXcU STYVVf VVLVcU Dif eUVS^R`UU_U J]WXXl QDFf NRRccUZRc OTY[W^^UUZf p D B DHEqf eYVW Fjif
DiDFf okSZYZu n[_s OZcY[Sf J^W Dq eB DEHjf ea [^T Oz[UQ aUT o _U JYZ[W^U dSRaWUWZYZf © ID p DHhj JWV_U KVWXUzYc LWWTUcUWZYZf \S DIf P _U N Dhf P?r `W[^ DhQDGu AS[Q cU`UVUZ UVRY^SZcc k[S^ DGQIiu kll^SZcc IiQjiu AU`SZVWZZUZ UVRY^SZcc YXWT jiQjhu J]WZ PYX^WQCssVsZ ^SZcc _Sac jhQhHf e@ qu eTf PUkc qDf
DiDGf eUVVWZaYWTS }YZc tUVVYZWRX~u MRXcUp eWVaYVTf J^W D G B¨ DEHIf ea _U[[RWZ MRXcUp ?X^U[ tUVVYZWRX _U dYZZ\ NU[WU JYZ[W^XXSZf ewVcl Dif p IF eBB DHDEf
DiDEf ?[^STWYX }QjE tUVVYZWRX~u NUccW VWXU^^Wf PU_UUZW F ¨ DEHqf ea kUZ^WZ_ PU[V KVWX tUVVYQ ZWRX _U JUZZU KTWVWU AUVYZWRXf © DE c DHjD BZYX NU[WU gY[][Scau BV qD c DHqF @UWVW OZZW^^W rUVYTUUf \S DIf LP DFu LL IIu LPC IIu ^W[ cURc Y[W^Q Vll^ Ihf J]WZ \VYWXYZ XUW[ ^W[ SX UkRVQ Vll^ IIQIqf Jn UZUcSTWXYZ VUWc UTUZ _U UXXWXc DGQIiu ^W[ UkRVSkYcc IqQjif NU[WUZ XUW[ ^W[ SX UVWVll^ jiQhIf ARS_YQ VRX^Vll^ DHQIFf ?B KVUZcS Vll^ jhf A elYXcsZXRS_YVR_l[_ aUVW _lX IEQ Lll^YcYabUX ?[WSZ _SacS^ _U @Y]RVRXQ\ac\Tl aZcSZYR` _lX jhQf e@ ju e@ qu eXX UT Du A^ U[f @RScXWZ XW`WWVWkRSV_l[_ aSk _U ^RVc UTf NT jHQqiu NT qDQqhf Lll^TU_ qjf p I ¨BB DHGIf eYVW HqGf
DiDIf AUU[cWS }QjI Ac[sT~u @U]ZU[ @UpUYVf J^W B ¨ DEHIf ea c\sZ_Sac dSaUZ eW^cS[ Ac[sT _U JRVbU NWWZU gly^Xc[sTf © jG U][ NUW_UQLWWXU J\`l[WZYZf \S DIf CYSV Y[ScRc^ DEu kUXccRc^ Ijf AScWVUXkUkkW DEQIFf JSVVSVUZ ^UkkUV IFQqju ^a[U qjQFIf ARS_YVRX^ ^YZcclkUkkW IFQqqf @S`UXcW qGu Ae@ @f p E e DHGif
DiDjf CY[lX`RS[W }YZc Ac{aVzY[]~u PRXcUU KWZU[Wf J^W DG eB DEHjf ea c\sT MRXcUp OTbc Ac{aVzY[] _U OR[S[U g[sW_Y[f © Ij OVTU OTUVWU >\VRZbf VVLVcU iEf ORcSZ^RV_ J]WXXlf p DD eBB DHhqf
DiDHf eUVcSZYZu n[_s BVTU[Wf J^W Dq ¨BB DEHDf ea c\sZ_Sac MRXcUp ObSVp e _U NU[WU LWWXU M[YRXf © DGQIj >UWTU ¥aU[VSccU PU[VXXSZf IEQ OZZU NU[WU Pla^sZYZf eLVcU DDfQ J]WZ cySVV^SRV DDQDqf @J kUV` DhQu cU[Q ^UXcRXcXcS BB ^W[_R[W jqQjGf c Ih Be D HjGf eY «_ Yc hjqu hEEf IDjhf
DiIif eUkUU }Qiq [W~u ARVS NUR[Wc¦f J^W DF eB DEHjf ea ^SZbR^css[W JWVbU PU[SVWZU >WYTWZYZf © jjQhH L\\VW AW][Wb Js]Xc[sTf ewVcl DIf @URcUcWY`W[^UTu CUTkY[YYZ UXYTUZ ^W[_R[Wf
DiIDf eYW_SVUu PUU[VS Kb`WZ BVTU[Wf J^W IH eWVW DEHqf ea
^URkku cUVSZSTWXc PUU[VS e _U NU[WU
AUXXWf © IhQIE dSXYpWZU OWVUX rR[aSQ
ZYZu jDQ VW_U KTWVWU P[WXcWWZU ¥SVVWZf \S Djf O[^^ CPP IIf ?kWX^ Xl`YVV\Xcl
J]WZ TRXWW^^WSkWXcf CUVSZST J]WXXl
jjQf JU[[ TRXWW^^Wu TUUVURXcUWbYf c J^W IF eBB DHFFf
DiIIf eWV_UZYZu gY[cYV MRXcUp tWVaYVTf CR[^R h B¨ DEHIf
ea ^S[WXcYTUUVU[W ?ccS tWVaYVT e _U
NU[WU JWVbY]U[b gVSTf © IG NY[W ·U]Q
TU[ LYacSZYZf oVWVcU iHf J]WZ
^URkkWccYZ ^URkkU^ DiQDIu ^YX^W^SRV
SkkWTll[l DqQDFu nacYWX^ ^S[^YU^ VSkQ
kRcRc^ jIu XSXWSZSTWf A NY[W`U^\acWs
DFQIjf eU^S\ rSa_SVU IjQhH }VUW`UQu
^RV_YcRXQ _U WVTU`U^RRcR^XYc~f Cla\XclQ _l cSWTXWac jif A LYZcS`U^kSSVW XWac
qFQFDf JU[[ aWXcS[WUVVWZYZ _U kSVWWccWQ
ZYZ ^W[_UVVWXRRXf p Ii BB DHGqf
DiIjf eSWkWS }QiD Ä^Y[TUZ~u CSW`Sf eWWkR[W q Be DEHq ea
J?Qk[YX ·UZWYV eSVbYTU[ Ä^Y[TUZ _U
KTTU JYZ[W^U rY[UZbY[f © II bWU^SQ ZWXXU LYTkW AW][Wb PRRXWXcSf oVWVcU iFu BewVVY iGu \S DIu eWWkR[WZ ^VV\X VWW B^f CYSV Y[ScRc^ _U `Wa kUk DHu kUXccRc^ IIu jjf ?kWXc^ TT XYVVSZXSWccSU I ` S[^YXcY[W^SRV _U TRXSkWXcf oX^YVUZ `c ^a[U DHQIDf JUZ]SZ `c ^STTWZWXcY[W IIQIju ^STTWZWXcY[W IjQhIf ?`S J]WZ X[^WYZ BB XUW[UUVUXUUT Y`U^RSWZZWZ UW^
qiQqDf JUZ]SZ _U^UTUccSTUZ X[^ ^a[U hIQFDf JUZ]SZ XRST X[^ ^a[U FIQFqf JUZ]SZ XRST ^SRVR_YZ RX^ \T SkYcc IIQhIf ec ^UZXU^SRVRZcU[^f rY[RXc JUZ]SZ XRST \ac^ S[^f JUZ]SZ _SRXWS[^ k_ _U XYVVWXcWZlf LURVUZRc ^W[^^S^RS[SWXXU _U JUZ]SZ XRST XY^U^RS[SXXU zUXXSUf @S`UXcW hDf JU[[ TRXWW^^Wu Xl`YVV\Xu ^SbYWXXU ^l\ZcWu k\s[lWV\u @ScU[\u aYZ^WXYc aU[[UXQ cR^XYcf p DD ¨BB DHGif eYV_Yc EiHu EDIu EDHf
DiIqf OZcQtRS[WZYZ }YZc tRS[WZYZ~u CSW`S OZcSZf J^W H eB DEHqf ea LUP OZcSZ tRS[WZYZ _U BbU ASpWU NUVTXc[sTf © DE JWVTU OR]RXcU AU[YZf \S DIf LP DGu ?L DHu LL IFu LPC IFf JV J]WXXl DHQf Jn SbSZcSVS]WUZ VUWc UkRVSkYcc IFQ c J^W F BB DHjjf eYV_Yc EiGu EFHu DqqHf
DiIhf nVal }Qjh ÁaTUZ~u >WWVS OZcY[Sf CUTkY[Y H ¨ DEHIf ea ^URkk PUU[VS MRXcUp ÁaTUZ _U OVTU PUcU[WZU PU[kkWVUf © qj ¾WZUWbU MS[UZbY[f \S Djf ?kWX^ Jn TUUcQ ³±[ TYcXlc cWYbY^ DqQDFf ?\ P M ÁaTUZ « Oz kUV`u VSWT_f NT DEf c DF DDD wÂ\ e fdu±w DHhHf eYV_Yc DijHu DIHFf
TWcRX^_lXf C aY [YWzR[]WZ \VWSkWXc FDu JRTzSVbcQ\VWSkWXc Fju e@ qu AL P Du Ae@ Pu OB?>@ Pu ALCO@f PUkcf c G ¨ DHEqf
DiIFf ÁaTUZZu KTWVf J^W Ih B DEHqf ea VYZZlcWZaUVV kllQ
_Sac KTWV Á _U OZZU ASpWU gU[zU[U MUQ ¡ bYVVWf ©hi M[YcU JYVYZU JYVVTUZf Q\S
DIf P Dhu L DEu C DHf Jn bSX
IDQIhu ]Y[TUUZ pWVSVS]WUZ k[Sp qqQFjf
gY[VWWZWZ \VWSkWXc XRSZWYZ VYac IIQIqf
CRn ]Y[TUUZ ^WYVWcWYc k[Sp IhQqqf oRXQ
pWVSVS]WXYZ \ab k_f ARST CWYbYU^Uc _lX
jIu \VYWXXWac qEQFhu YXWT FhQf A CWYbYQ
XYR[U _lXf oX RV^ST cWYbYU^Uc _lXf CWYQ
bYU^Uc ^UZXUWZ` VWWccS `UVWS^ _lX FjQf
PUZXUWZ` ]Y[TUZWXcW\ab `UVWS^u U^UcYTWUVURcU^ _U oZYXySQ
ZYR`SccYVR^ _lXf nVW Dii ^WYVWcWYc cRc^WTRXcUu UVUZ VYacWYZ cSWQ
DHih
DiIGf NUVW }YZc NUVWZ~u LU[X CaS[`UVbf CR[^R Dq Be DEHIf ea XYZUUccS[W OZcSZ PU[V ?ccS NUVWZ _U KbVU ¥aU[VSccU NUVWZf B fVVYu eLVcU iHu @URTUZ \acV\X \S DIf OJC ID _U SkWX^ YbYVVYYZ VU^WcWYbYcclf AN \VWT ZSc Ijf oRbYZTUUZ LJ \VWT [YWXc[UUccS[W IqQIFf PCN \VWT ZSc IFf K[W >NkWW[WYZ `c >Nf p CR[^R ID Be DHjFf
DiIEf gUXcTUZu JR]S JU[UVbf JlTYYZVWZZU Ij eBB DEEEf ea cYacUWVW_U JR]S OVY^XUZbY[ g _U eWVaYVTWZU U]Y[Xc[sTf © Dq OZZU eW^VRZbf eWVWVVYu \S iGf ?kWX^ rSV\cY^Z SkWXc iGQiHf JR]S gUXcTUZWZ Js\[\kUZWTS_Sac DiQDhf p J^W IF ¨BB DHDhf eYVW DijIf
DiIHf ?[[UYRXu LUR[W PRXcUUf JlTYYZVWZZU Ih eBB DEEEf ea cUVSZST MRXcUp tWVaYVT ?_U K`U JYVYZU JU[cWZf © Qji LYTkW OXc[Wb >R[TWf eLVVYu \S iEf ?W^c Dhu eC Ijf J]WZ kSVWWXWTYXc VUWZSk UkRV _U YcXW`lZ SX kllVV DGQDEf OO LUkQ kYYZ[UZZUXXU _U J]WXXlf e@ jf JU[[ XaU^^Wf p J^W Iq ¨B
DHFqf
Dijif KVSTUU }QiI AcS[T~u NUccW Y[bWZUZbf JUTWZU j Be DEHD ea `llk NUccW [Yb[W^ K _U ASpWU PU[SVWZU NUZXZY[f © DF c DHhI JYVTW ARSTWZYZu hhQ N KXcY[ NU[]U[YcU JW[`YQ Vlf BewVVYu \S Dif CYSV Y[ScRc^ Dqu kUXccRc^ IDf nVWT kUkQ kWZU DqQIIf JW[`YZXUVTYZ ^UkkUV IIQjif A ^W[^SZ XWXlVlaQ XYR[ _U bWU^SZWXXUVUWc kUV` jiQqqf dS[SWXcYZ ^a[U qqQqGu JW[Q `YZXUVTYZ qGQFif AS[cU`UVUZ XYTWZ RX^ SkYcc jiQjDu qIQqqf J]WZ ^URkVlaYc\^XYZ kUV` DHQIIf NlZc\aU[_RZ ZRS[WXS `UZQ ^WVU XUUT IIQIGf dS[SWXcYZ \ac^ [Yac _U _SacS^ k_ qhQqGf rU[Q cWSVk^ LUUcS^UZ eYW^Sc _Sac jqQjHf dS[SWXcYZ aSVaSRXVURcU^ k_ qhQqFu [UWccWRXQ _U ZRS[WXSVURcU^ qFQqGf JW[`YZXUVTYZ \ac^ _SacS^ _lX _U k_ hhQFDf @S`UXcW qjf p F eBB DHGif eYV_Yc Dihhu DDqDf
DijDf @YVUZbY[u CURZSf AS[cU`UVUZ TV^ DF Be DEHIf ea C PU[V ObSVp ?X^U[ @ _U gY[caU tWW]Y[f © Iq gSbWV KVWXUzYca NSVcYXYZf LUkXYc AW[^^U Iqu d\[^W IFu KY`U IGu PW[XcW jiu O[`S jFu PUR^S jHf BeWVVYu eLVcU iGu d\`lX^\VlZ ^VV\X BQDDD B^u AS[cU`UVUZ [YUVWV\X \S Dif LP Dhu LL II LPC qju ^W[ cURc Y[W^Vll^ jGf dS[SWXcYZ ^RZZVll^ IjQIGf eWWkR[WZ XScXUW[ ^W[ SX Vll^ IEQ jif AS[cU`UVUZ \VYWXYZ XUW[ UVWVll^ jDQ ²² jh eWWkR[WZ LXUW[ `c UkRVVll^ IGQIEu `c UVWVll^ IGQjiu BB UkRVVll^ jiQjIu BB UVWVll^ jEQjHu B UVWVll^ jHQqhu `c \VWVll^ jHQqiu qiQqh U_SWccUWZf NW^^YVWZ LXUW[ \VWQ Vll^ qhQqHf @URcUcWYVll^ IjQIGu qhu FiQf J]WZ \V XUW[ ^W[ SX `UkYac UkRVVll^ jhf QjGf AScVll^ ORZR^XYZ `UkURXXSbUXXU DHfPRSkWSZ LXUW[ BB UVWVll^ Ijf CSR^SVUZ VUXcYZkSVW^VWZ Vll^ IEQjif AS[cU`UVUZ XRS_YVRX^ kY[RXcf AS[cU`UVUZ kRWXcSVURcU^ _lXf eWWkR[WZ cY[`Y\bYZaRSVcSVURcU^ k_f @URaUZ kWW[WTWYVWXUW[ VWWccSaUZ _lXf CWR[RZWYTYZ ^YRa^SkU[UZc VWWccS`UVc _lXf NW^Q ^YVWZ VRSZZSZXRS_YVRVURcU^ ^ScWkRRcU[aU\abWXcu PUUcRZYWcQ cYZ ?TUWXcYZ kWW[Wu A Lll^l[WVWWccS _U ·RSbYyWT kWW[WSX _U A LUXU[YccWVll^\ab k_f A PW[^SZ AWXlVlaYc\XXYR[ _SacS^ _lXf Lll^WZcsZYR`SX FDu e@ j cV^u e@ ju e@ q kRZ [^ }DE~u NT jHQqiu NT qDQqhu ORZ NTu Ar@ k[ UTu Ae@ @LQ JU[[ TRXWW^^W }`WRVRu nL~u kRRcU[aUu VRSZZSZcWYcYYc XR^RcRc^WQ TRXu aWXcS[WUf p Di eBB DHGGf eYVW Diqhf
DijIf gUXcTUZu MYS[] @RZU[f ³JlTYYZVWZZU Di ¨BB DEHDf ea cYacUWVW_U JR]S OVY^XUZbY[ g _U eWVaYVTWZU U]Y[Xc[sTf © IIQIG OZZU eW^VRZbf oVWVVYu eWVcl iHf ?kWX^ kUZWTSQ
UVUVVU AU^XUXXUf JR]S gUXcTUZ Js\[\kUZWTS k[S^u T\sa _Sacf QjIf AWccYTTWZ VWW^YT J]WXXlf eBB DHGFf eYVW DiIEf
Dijjf g[RTTY[QPS[`YZ^SZcWSu PUU[VY O[ccRf JlTYYZVWZZU
Di e DEHDf ea ^SVVY]U PU[V KTWV UQ
zWUZ g[RTTY[ _U JWVbR[ JYVYZU NU[WU >S[bYZX¯UZf © IF cUWc K`U KXcY[ NU[Q cWSf VV VVYu eWaWcl Dif AWXRXcRXU[^^u
STU cXcS DjQf CUWbYcYSVV^YX^RX^SRV \V _U aRSZY^UVRXSTTWccYVRZ _U aY[UVbWWQ ^UZ SkYcc DHQhDu cUWcYYVV _Sac qqQhDu cUWQ bYcYSVVTRXYS WZcYZbYZccW IGQhDf J]WZ
PR`UVYacW kllcSWT DGf NUUWVTU cSWT DHQIiu PlXWcYSVVWXRRX IIQIqu CUWbYQPlQ
XWcYSVVWXRRX IjQIhf ·STRX `UXcUU`U cSWT jiQjIf PS[WXcYcUWc VWWccS ?[ZUTS k_ DEQIqf A cUWbYcYSVVQ\ab aZcSZYR` _lX IiQu A ^lXWc\sZ \Xcl`lc _SacS^ _lX DHQu k_ qiQf NT DE [^u @STNy Iu rRSVrµ RkXu @PL @u gRV]AW`O[µ U[u oZ^O@u LUc`PC@ RkXf p J^W q DDD DHhDf eYV_Yc HhIu Hhqu HFFu kSW^U qFHEf
Dijqf ¥SVVWUZbY[u OZbY[X dSaUZZYX AYzUXcWUZ }JUZX~f PRSkWS Dj eBBB DEHDf ea Y` PU[V AYzUXcWUZ ¥ _U MY[c[Rb LS`WXU JYVUZbY[f VVLVVYu \S DDf ?kWX^ Jn VU^WUu J]WZ \VYTTlZ [RScX ^URkkUSkkWVUWc ^R[XXWf rRRcU`U[UQ _U RV^SQ TUUZ^URkkU\acWsWbYZ `W[^ _U k[S^f p ID Be DHII TUc^UVVU gRYZSX OW[YXWXcU ^ScWTUUaUZf eYVW DIjif
Dijhf PSaSZYZu n[_s rYccY[f ¬eWWkR[W DF e DEHjf na \VWQ _RZUWVWWU rY^^U P_U dSXYpWZU AWzWVVU >YTVUZbY[f © IG c DHqF JWV_U CUX^WZYZf VVLVVYu VVLVcU iGu eWWkR[WZ ^VV\X \S DDf ?W^c Dhu nJC DFu eC DEf eWWkR[WZ J? ^UZXVWXcW IiQIDu ZSc IDQIqf eWWkR[WZ @? ZkW ?W^>T IqQjFu `kW ?W^>T jFQqif CR[RZ J? UXYXX qiQqIf LYkkl`W[[UZ cRSTWS^ cRST qIQhjf AScUcRST IFQjHu qDQ qIu \VWT XScU\VWcRST qiQqDf DDD kWW[WZ _SR^^Sc\s[WWcS_YZ XS`WccYVW_U jGQqif PRSkWSZ @ScU[\^VRzW k[YX hiQhDf e@ q T^u NT jHQqiu eXX UT D X^f p PRSkWS Dj DDD DHhjf
DijFf NUccWVUu eYVW LUR[Wf ¬dSYZXRR j ¨B DEHIf ea [^T KZS^ N _U NU[WU rUU`SVUf © ji KWZY KVWXY rs\asZYZf VVLVVYu ewVcl iHf J]WZ cYSVV^SRV kllXcscSb Dqf C\sZ_Sacu `UXQ cUU`U [^T _U `UV`S_U Y[W kUW^^U^RZZWVVU DhQjhf PRVRcRXQ SXRRX^RZcWYZ PYX^RXVWWccS [U^SX [^T jGQhFu ^WWZcYWXcs_YZ WXlZZ qqQhFf @U^\ac\Tl Oa`YZUWZYZ kUV` hGQu JU[[ ^RQ `UUTUcUWcYYcf p J ¨ DHGIf eYVW DjFif
DijGf ASW^^UZYZu O[TUX BVTU[Wf ¬JYWZSVU IH DDD DEHif ea RWccSkllVV rUU`UVW A _U KTTU PUcU[WZU JlTlVlWZYZf © II @RXyaS AkW[Sf VVLVVYu ewVcl iHf ?kWX^ OcYZYRTWXXUf CUWbYQ TUUVU[W J]WXXlf p q BB DHFjf
DijEf tW^TUZf O[cR[ eWVaYVTf ¬JUZ^S q eBB DEHif ea ^URkk OR]RXc eWVaYVT t _U NUcWVbU ¥aU[VSccU tWZXcYZf VVLVVYu BewVcl iFf O_R[Wf OTY[W^^UUZ Dif
DijHf nVal }YZc ÁaTUZ~u O[`S PUU[VSf CUTkY[Y h ¨ DEHif ea ^URkk PUU[VS MRXcUp ÁaTUZ _U OVTU PUcU[WWZU PU[kkWQ VUf © DHQjq NW[_U JURcUUf VVLVVYu ewVcl iEf PR[^W_SYZ \VYTkW T`^SRV iEQDif eYZl_lVVl DiQDDf OTWZZYZ ^U[cUZSZ cWVUZaSWc DDQDqu dSaUZZY^XYZ @S^^UVUZ DHQIDu P\VTl^SX^YZ oRbYZ JURcUUZ IGQjiu OX^UWXcYZ LSRaWXUU[YZ jDQjIu AWkkSQ VUZ @WWXcUTUUZ cWVUZ jjQjFf P M ÁaTUZ ?\ cSWT_ DqQDHf ?TWXcW dSaUZZY^XYZ @RRaW_l[`YZ aS`WZ IDQIGf KcQPUW_UVUZ JY`SX_UVSXcRXVWWccS ^SZXRVYZccW jDf BcXYZlWZYZ T` OR[UXXUf NT DEf c rs\c\l ID e DHhqf eYV_Yc DiIhuDIHFf
Diqif dUVSu PUU[VS dSaUZZYXf ¬ J^W DIe DEHIf ea kUZSXcU_U PUU[VY eW^cS[ d _U ASpWU AUZbXcYZf © IG NUWVU A\V`WU eYW_UQ VUWZYZf BLVVYu \S DIf ·B CPP IFf PW`WcYSVVSXRRX^RZcU @SWTUZ ^W[_UZkWc DhQIqf AUaUcYSVV^SRV SkYcc IqQIGf eWWkR[WZ cYSVV^SRV cSkYcc IGQjGu TY^UUZWXcYZ UWZYWbYZ VYac jGQFiu [Yac qqQhhu cSkYcc FiQu eWWkR[WZ URcScY^ZW^Sc _U PSc^UZ XYRbRZ URcSQ _U TSSccS[WcY^ZW^Sc k_ _U ^RZZWUk_f OTTRZZUXXU U^Uc
TYXcf e@ qu e@ qu NT DE [X^u eW[SZ NTu NT jiQqiu NT qDQqhf BZXVcZf p Iq B¨ DHGDf eYVW DhFhf
DiqDf NW^^SVU }YZc dUZXXSZ~u dUVTU[Wf J^W DH ¨B DEHDf ea U_R[W JYZ[W^ dSaUZ N _U eWVaYVTWZU NW^^SVUf © IiQ jFf BVWVVYu \S DIf LP DFu LL IIf >kW ^YZcclVll^u `UZ^WVYW[WZ UkRVVll^u kUcVVll^ _U `c [\^TVll^ DEf KZSZ ^RZZVll^ IjQjif @URcUcWYVll^ jif >R[TY^XYZ \V XUW[ \VWVll^ jiQqif >R[TY^Q XYZ `UVc k_ jhQjFf eT Iu NT DEf Lll^VcZf JU[[ TYcXlXQ c\Xu ^UVUXcRXf PUUcRW >R[TY^XYXXU Ij B DHqif
DiqIf LR`WUVU }QjI LU]Y[c[lb~u [UZX YVWÃ CaYSbS[f eWWQ kR[W IH Be DEHIf ea ^SZYTYXc PU[V YVWÃ @WyaU[b LU]Y[c[lb _U dSXYpWZU rWWkkSZYZf © DEQqF ZSc KVWZ KV`W[U CUTTWZYZf BLVVYu ewVcl iHf PW[_UZkWcS^R[XXWf J]WZ ^URk^W[_UXcS CssVsZ aUU[U^SZcc ^WW_UXcSUkRV DiQDEf rN [Y` DHQjif K[W VWW^^YWbYZ ^W[_UZkWc _U cWVWZcU[^f
Diqjf LsZZ£`WXcu LUR[W AU^U[WUXf LSa_U H eWVW DEHIf ea cUVSVV JYZ[W^ dSaUZ L _U NU[WU AYVWZU >\zY[]af © ID CSWZW LWZZYU >\zY[]f BLVVYu \S DIf ·B CPP Iif K[W WZXcXcSWXXU _U rUXWVUZ ^SZYkU_UXXUf p h eBB DHIFf
Diqqf rSa_SVUu rUU`S OVTSXf ?RVR DD B¨ DEHqf ea [S` PUU[VY OR]RXc r _U OVTU OR[S[U AWVYZf © II A\V`W dSaUZZU tW^TUZf BLVVYu \S Djf O][SZSTW Iif PU_UUZWZ AYkklVlZ TUUTWYXQ _U ^U[_UZaSWcS^SRV SkYcc IiQIDf rY[lQrSa_SVUZ T`X XWac IDQIIf KcQrSa_UZTUUZ T`X cSWTWZZUZ_ IIQFiu _SaQ cS^ _lX IIQFiu UXRcRXcSWTWZZUZ _Sac qiQFif eUUXUZ VllZWZ ^UZXUZaRSVcSkWW[W _Sac jHQqif KcQrSa_UZTUUZ TYcXlZaSWcSQ VURcU^ `_lX IHQhHf ARSTWQ\ac YbRXcU_WXcS _lX jFQFqf NUUcUQ VSRXXYR[ ^YX^RXVWWccS IjQhHf ?TWXcW JRccRVUZ cWVUZ PUTRVUXQ XU jhQu `WV_YVW XWcl FiQf QAL@ Du Ae@ @u e@ qu NT DEf Qp Ih ¨ DHGqf
Diqhf @YVUZbY[u BVTU[Wf J^W Iq DDD DEHqf ea C PU[V ObSVp ?X^U[ @_U gY[caU tWW]Y[f © ID JWV_U PU[WZ NSZcYVVf BLVVYu BewVcl iGu eWWkR[WZ XRST \ac^ \S DIf ?kWX^ VU^WU DIQDFu APP IqQIFf dll^kUcV IG DFQDEf eUZ^WZU AkUVYTU_UXXU DFQ DGf PUW_UVUZ [UcXR_ll^[\^T YX^Ub[kllVV DEu DHQIif LUkWZ [\aTl B klcW Ub_ DEQDHf JlTYYZ [UcX[\^T cUVSRXkllVV Iif @UcXR`r[ WZcYZb IDf @UcXR OoP _Sac IDQIFf nY RV^STUUZcXQ cS kllVV IFQjDu AScWVUXUXWUT eW[SXXU _U LUc`WUXXU jiQjDf JlTYYZ [UcXR[\^T ^ST jIf LUkkYYZ[UZZUZ ^URk`UVc _lX Ijf e@ j T^u e@ q T^u Ae@ @u >r?@ Pu BcrNL@ P Du LUc`PC@ Pu @RScXNµ D rRSVrµ @ qu eW[PSc^U[WXcW ju NT DE X^u LUc`WUZ NTf LcZ DEu [UcXRTYXc DHu TU_ Iqu Y`V IGu Y` jIu \YQRkX IGf p LUkkYYZ[UZcU DE ¨B DHjIf eYVW DijDf
DiqFf tWy^Xc[sTu KY[Sf ¬J^W h ¨BB DEHIf ea ^W[_U^URkk PU[V [Yb[W^ t _U OWZU JWVTU >\VYZWRXf © Iq p DHFF AYZ_U KVWWZU rYVcSTl^Wf BLVVYu BewVcl Dif J]WZ UXYTUZ ^W[_R[Wf p Ij eB DHGEf
DiqGf Oa[YZzY[]u O[TUX eW^cS[f J^W H eB DEHjf ea VlTQ TWZ OR]RXc eW^cS[ O _U OTUZbU PU[SVWZU rWaVXc[sTf © Ih OZZU OVYÃUZb[U dRZZW^^UVUf VVLVcU Dif J]WZ @? aUUXcYTf c IH B¨ DHEif eYV_Yc Fqju Djqjf
DiqEf OVaSu PUU[VS KWZU[Wf J^W Dj eB DEHqf ea c\sT PU[V O _U NU[WU LS`WXU LYacWsf ewVcl Dif PSZccS[WXcW J]WXXlf c DF Be DHIIf
DiqHf OVSZYZu OZccW dRaUZUf ¬CR[^R DG B DEHqf ea ^URkk ?X^U[ O _U K`U M[sZpS[Xf © hF KVXU OTUZbU ?_UVUf \S Djf ?kWX^ Jn VU^WUf >N DGf eUZ^YWZaSWbSZ `W[^UT DEf J]WZ L`UZ^ UkRV_Sac DHQIhf ?N `UZ^YWZaSWcSQSX UkR^UT[ IhQqEu \VWQ ^UT[ qEQhGu e> YXWcc qjQhGf eUZ^YWZQ aSWcSZW \ab aUVW _lX IjQjqf OXYXXS[Wf c J^W ID eBB DHhHf eYV_Yc FqDu Djqqu DqFh gf
Dihif ?^XUVU }YZc gVST£`WXc~u BVTU[W KVWXf J^W q e DEHqf ea
[llclVW KVWX gVST£`WXc _U ObSVpWZU AkW^zY[]f VVwVcU iHf rSXQ
cWV_SSZW J]WXXlf p q eB DHIDf eYVW EIIf
DihDf LWZZUVU }QiF gS[]TUZ~u OU[ZY eWVaYVTf J^W Dj BB
DEHqf ea RRZWZ cY^W_l >W^SVUW gS[]TUZ
_U NUcWVbU NU[WU O`YVVUZf VV fVcU iHf
J]WZ kSXcW^SZcc kSXcWV_SSZWu \VWkSXcWVQ
_SSZW }kSXcWTWYXcYZ YXWT \k~ qhQhGf
OXRZcSQS\ WXlZZ hEQFDf A rSXcWTWYXVWWcQ
cS ^YX^RXQ _U VWWccScSWTW^ _lX jDQhGu
J]WZ SX XWac E `f rSXcWTWYX kllcSWT jhQ
hIf NT jHQqi X^u Ae@ TWc D ^[^f
PS[k[f JU[[ _RS^XRu _UV^UkUVVSWVRu ^lQ
`YV\u VRYX^YVR _U TRXWW^WZ ^RRZcYVRf p DD BB DHGFf eYVW DIhqf
DihIf PUaWVU }YZc g\TUZ~u PU[V dSaUZZYXf J^W IE DEHjf ea kSVWWXW^SZXc PU[V dSaUZ g\TUZ _U PUc[WZU oV[W^U AURTYZf © Dh NU[caU KVWXUzYc LYWZSf ewVcl Dif J]WZ cYSVV^SRV kllXQ cscSb Dqf n^X [^T J]WXXlf p IH B¨ DHjEf rSW^U jDiif
Dihjf K^zSTu LUR[W Kb`U[bf J^W DF DD DEHFf ea ^URkk OVY^XUZbY[ K _U NU[WU JS]YZf © IiQjG eWYZS NU[WU JYW^^WQ Vlf ewVcl DIu PU_UUZWZ \ac^ \S \^X DFf ?kWX^ Jnf PURkQ kWUXf p DG ¨B DHGFf eYVW GGDf
Dihqf KVp`WZ]u NW^UYV @UpUYV KTWVf J^W DG eVV DEHqf ea ^URkk dSaUZ KTWV K _U ASpWU KTWVWU YTY[f © Ii PUc[W OTUZbU NU[WU PW[^UXf BLVcU iHf ?VVRc c\sT eUV^YU^SXQ ^YZ cYacUWVVUf
Dihhf KVSTUU }YZc AcS[T~u O^XYV MUz[WYVf JUTWZU Iq DDD
DEHjf ea `llk NUccW [Yb[W^ K _U ASpWU
PU[SVWZU NUZXZY[f © II JYVVWZ dSVUZbU
rS^^Wf o[WcU iEu \S DFf CYSV Y[ScRc^ Ihu `SWTWXcYVRQ _U R[aYWVR_SacU_U^R[XXWc Iiu P\TYZVUU^XSZ A^QkWW[WZ B VWW^RZcUQ
^UX`UcRXSa_ IiQIDf PRSVYTU_l[`YZ
^a[UZ `W[UVV UkRV IEQIHu CRRkS`UU[UZ
`c ^a[U _U ASUZVUabYZ ^a[UZ `W[UVV UkRV
jiQjDf LU`UZXUU[YZ X[^ `c XUUTUU_UQ
^UZXU^? IhQIEu ARR[XUU[YZ IHQjiu
AYWX^U[WZ X[^ XUUTUU_U^UZXU^? jDQqDu JUUkUXUU[YZ qDQhGf
AYWX^U[WZ ^RZZ cWVWZcU[^ jEQqDu JUUkUXUU[YZ ^RZZ [UaUXcS_YZ aSWc qDQqEu ^RZZUVVWXVURcU^ k_f NUZZY[aYWTVWWcSZ ARR[XUU[YZ _U JUUkUXUU[YZ kWW[WSX k_f @S`UXcW qhf p IqeB DHFhf eYV_Yc Dijiu DDqDf
DihFf KZ]zY[]u O[caR[ @U]ZU[ OVpSZXf J^W DD eBB DEHqf ea O[caR[ @SzY[c K _U NU[WU rYZbSVWZf © jh NU[ccU B[YZY rYVcSZYZf eLVcU DIf Ala^sccl_lZcRc^ Dju VWW^YZZYSX `W[Q ^UTcRc^ Dqf ?kWX^ `WRVRZXSWccSU J]WZ ^SZXY[`UcS[WSXXUf PYQ [U`UZ UXYTUVVU [URcUcWYaUW_ DIu Xla^sccl_l DGQIHu ^W[_R[W IHQ hDf NT DEu NT jHQqif JU[[ `WRVRZXSWccSf c PY[U`U ji e DHFif
DihEf PR[^WUVU }QIG M[SRZbXc[SYT~u LUR[W PUVY[`Sf LlZQ ]YVTl^W DF ¨B DEHqf ea ^UT[ PU[V dSaUZ MUz[WYV M[SRZbXc[SYT _U OWZS [Yb[W^U eWbzSTf © DE KVWXUzYca @SVpXf \S Djf CYSV Y[ScRc^ DHu ^UX`UQ cRXSkWZ cRc^ jIu CP qEu SkWX^ M[YWpXQ ¯UVbWZ \VWSkWXc IiQIDf AScWVUXkUkkW DHQ IIf A NY[WTWYXVlaYc\XXYR[ kUV` LSZQ cSSXXUu A\bZY\XXlu NYVzSR[ZYXXU _U J]WXXl IIQjDf B^UUVWXcYZ ^UkkUV jDQjEf JUccRVUZ ^a[U jEQqhf PUZXU^S ARZQ ZY[XzY[]WXXU qGf Ll[S`Y[^XUb_RZ^c PU[VXcUbWXXU qGQhif >S[bQ TU[^WZ ^a[U hiQhjf ?[WZ ^a[U hjQFqf dll^l[WkUcUV AU^XUXXU DhQDEf eUkURXXSbUXXU DE ^STkkkllVVf ARST klcW kUXc o^[UWQ ZUXXU _U PUR^UUXWUXXU qDQqjf PWkWZlZ XWacf dTu e@ ju e@ q }I ^kV~u Ae@ @ Du NT DEu NT jHQqiu NT qDQqhu CUTkY[YYZ `UVc NTu AU^XPµ Du AU^X XScUQU[ D _U Iu AU^X NTf dll^VcZ DEu ^Ukc DHu TU_ qDu Y`V qjf JU[[ kSXcWTY[^^YWV\f p IF ¨BB DHFFf eYVW EHjf
DihHf M[sZzVUbu @SVp LYSf eUUXU Iq B¨ DEHhf ea VUUTUZZW OÃYV M _U BZ][Wb NU[WU AZYVVTUZf \S Dqf ?kWX^ J]WZ TRXWW^^WQWZXcWcRRcWXXU iEQDGu ?P Iiu ?L IIf JV J]WXXl IIQ Iqu KVWXYZ`UU[UXXU IqQIHu PU[_UUVVU IHQf rSa_UZ ^RZZ ^SRQ VRccW jFQhqu PU[_UUZ hhQf PU[_UUZ ^URkk ^W[_UXcS _SacS^ k_u A^ kUW^UVVWXkllVV jHQqif C aY hiu NT DE TX[u JYWTSXScU[WXcWu NT jHQqi X^u eT Iu e@ q T^f p Ii Be DHFIf
DiFif dUVS }YZc M[sZaSVT~u JR]S BVTU[Wf J^W DE eBBB DEHqf ea _RZUWVW_U dSaUZ M[sZaSVT _U NUcWVbU OVWZU rWaVXc[sTf \S Djf p J^W DI Be DHDEf eYVW HEhf
DiFDf JUUacWu JUZZR MUz[WYVf @\Tlcc\Vl j ¨B DEHhf ea Nu [S` JUZZR J _U LS`WXU MUz[WYVVU MYWcVWZf © II OZZU KVWXY MYWcVWZf \S Djf LP DGu LL Iju LPC IEu XWXlcURc _U [sZc]YZSVS]WUZ Y[W^Vll^ IEf K[W _SR^^SQSX kUcVVll^ DEQIjf J]WZ XScXUW[ XWXlcURc SX UVWVll^ IjQIEf J]WZ \V XUW[ [sZc]YZSX UkRVVll^ IhQIGu NU[WUZ XUW[ XWXlc SX IGQIEf eWWkR[WZ XScXUW[ XWXlc SX UVWVll^ IEf J]WZ ^URk cRzXUW[ [sZc]YZUVWVll^ jhQqFf eU^ ?\ eU[TU BB Vll^ IHQjhu \VWVll^ jhQqFf Jn cRzY[^RVSSQ XWSkWZ bSX jhQqhu k[Sp qhQhju J]WZ Ak Vll^ jIQjhf ?\ nVYWXQ [sZc]YZ Oz cSWT_ hiQu CRzVll^\ab k_ qhQf ·RSbYyWT _SacS^ _lX jFQqif e@ ju eT Du NT jHQqif Lll^Y`Vf p IG eB DHhjf eYV_Yc DFqEu IDGjf
DiFIf JUU^Wu PU[V KWZU[ elWZsf J^W I eB DEHhf ea c\sT PU[V eW^cS[ JU^Y _U OTUZbU O[WWZf © DE OWZS AWW[W PU[VXXSZf BLVcU iEf LWW^YUVUVVU DHQjGu TT rSa_T PS[RSTkYVRVWW^Y ?\ T\\ZcWkllVVf >YVW ?\ cSWT_ jGQf A PURkkTUc^RXcU_U\ab _SacS^ _lX IFQjIu k_ jIQjGu ^RZZWUk_ qhf N\\ZcWTWYaYc ^RZQ ZWUk_f N\\ZcWQ _U TUWZSX^SRV _U LWW^YXW`WXc\X[Ua aUVW _lXf PURkkUZYR`SXf p IE B¨ DHhEf
DihGf K[SZYZu LYS ·UZWYVf J^W II eB DEHhf ea ^W[`YXT ·UZWYV K _U K`U elWXlZYZf © IIQjD JYVVU dWW[]YZXcYZf \S Dqf ?kWX^ Jn VU^WU _U `UVc kSVWWXW^SRVf A _U eW[SZ `UQ kURXXSbUXXU DEQIif oRXW A cSWT IiQjDu JYWTSXScR[W jFQf eUkUU VYacWT jDQjFf @J _U J]WZ kSVWWXWVUWc `W[^f PY^XWZcs_YZ YbWXclTWX\ab _SacS^ _lXf elZ[ DHf JU[[ XScU^SW[UXRS_YVRX^RZcUf p PWV_UQ `UZZRTTYZ kU[UZcSVU h BB DHqqf DHih
DiFjf JUZXcY }Qjh JUZXWYZ~u O[`W O^XYVWf d\`lX^\Vl IH B¨ DEHqf ea cYacUUZYbRXc O^XYV KTWV JUZXWYZ _U KVWZU PWaVTUZf © Ih OWZS CYVVY[`S CSVSZYZf \S Djf P DGu N DHf PYX^WZ JYZ^W`U^\ac ARSTW ^W[Q _YYZ`UWac _U k[S^ DFQjGu cXcSkllVV _U \aQ cWsZ ^W[_UkUWZSZ _U kUWZUcRXcsWbYZ `UVQ `S_U jGQ FDf eUVS^R`URX cSWT IFQjDu PUTY[UVYacW hiQu >S[bWX^ ScS][Up A SX jqQqif OXRZcSQS\ WXlZZ _U _SacS^ _lX jGQFif CWVWZcU[^UXcR^XWUf PUTY[UXYR[ kY[RXcU_U_lX IDu k_ qGQhiu ^RZZWUk_ hqf A PUTY[UXYR[S_YZ VWWcQ cS aUVW _lX _U `U[UWZaSWc jqQqEf CSWTW RX ^R`UcYS^XWUf eUVSQ ^R`URXkUV^WZcS_Uf NT jHQqiu NT qDQqhu JSZS[UW[Y KÃQ yYVVYZyY BOr }^UZXUWZ` aU[[UXcY`UVS^R`UR^XYZ VWWccS~u A^ UTf ARS_YVRX^QUVW^f JU[[ `UVS^R`URXu TYcXlXc\Xu ^UVUXcRXf c Dj B¨ DHEqf eYV_Yc HFDu HEGu DiFqu DqGIf
DiFqf JUZXWYZu LUR[W K[W^f d\`lX^\Vl Dh Be DEHFf ea ^URkk O^XYV KTWV J _U KVWZU PUaVTUZf © IIQhH U[^^ PW[XcWZ KVWXUzYca >\zY[]u hHQ ^SZY^W[_ ORZY KV`W[U LUR[WXWVcUf \S Dhf O[^^ CPP IDf PJ TUUVUWX^UZXU^SRVR_YZ [U^kWW[RXcRXQ
cYZ U[^ IIQhFu \VWU[^^ hFQFif CPP bYX^[WkcWW`WXYZ ]YSTYcQ [WUZ UXXWXc IDQIjf NRZ^^WZWYTYZ cUU_U`l^WXYZ \ab\X^RZZUZ [U^VURcU^ _lX IEQqIu kUVSVURcU^ jGQjHf rWW[clZ\c ^UZXUZSkWXQ cS_Uu ^UZXU^SRVR_Uu ^RZZUZ [U^YZZR^XWU _U \^XWc\WXcUVS_U XY^l aRSZY^UVR_Uf AL @ Du NT jHQqi TX^f LcZ IFf JU[[ `UVS^R`URXu kRRcU[aUZaSWcSf QD >R[TW_l[`W jDD DHFGf eYV_Yc HFDu HEGu DiFju DqGIf
DiFhf JU[_Ru elWZs OR^RXcWf J^W DE B¨ DEHqf ea c\sZ_Sac NUccW OR^RXcW J _U OTUZbU eWVaYVTWZU LYUZbY[f © IGQjh BZ]Y @YWXu BB jH ?V]U rURVWZS`f \S Dqf ·B CPP Iif NUUQ cUVSRXaUZ TUUcUVSRX^SZYWX IiQFDf Jn TUUcUVSRX^SZYSkWZ UXXWXcf ¨Lf p E e DHGif
DiFFf A\blZaYWTS }YZc JY[c¦~u K[W^f J^W ji ¨ DEHqf ea ^a[U NUccW A _U NU[WU rUU`SVUWZYZf \S Dhf ?kWX^ Jn cYSVS]WUUf p eU[^URX ji eB DHDHf eYV_Yc Ejiu HEEu DjjIu DGEFf
DiFGf JU`RVWZZU }QiF JRTTYVWZ~u ORVWXf J^W Ii ¨BB DEHhu ea cSWT_ dRaS tY[ZY[ J _U BbU ASpWU WZZzY[]f © ID O_Y NU[WU gR[TUZf \S Djf P _U N DHu SkWX^ ^YTWUU AU^Q XUXXU IDQIq kllUXWUXXU NU[zR[]WZ \VWQ SkWXcu U^cWW`WQWZXRkXcRc^ jDf Jn UXXWXc IiQIDf rN cUWXcYVR`lVWZYSX ^YT VUz _Sac Iqu ^YT ^SYVUWc \VWUXXWXc Ihf QqDf rRSVVUWc ^YT VUz _Sac qDQhIf Be cY^Z cU[^ hIf rRSVVUWc VRc^ ^YX^ VUz _Sac hIQ hhf eUVc cY^Z cRc^VUWc kUVScY^Z VUz _Sac hFQu eUVc @RRcWcYac _SacS^ _lX qhQqFu eUVc UTTRXcYac qGQqEf ARST PYTWXcWYZ AYR[ _SacS^ _lX IhQIEu jhQjEu k_ jGQjEf A PYTWXcWYZ `UVcRRX^ _lX hIQFif NY[YZ^l`W_lc ^Tb[W qjQhFf A rR[_YacW_UVWWccS `k_ hqQ A LUW`UXcSVWWccS _SacS^ k_ hqQf A eXX_l[_ _SacS^ _lX hFQu CU`U[UXYVSXcYVWWccS aUVW _lX hFQ e@ I [Uu e@ j T^u e@ q ^Uu AL Pu Ae@ @IuNT DE X^ NT jHQqiu NT qDQqhu i U[ Iu Ao aSk U[u eXX UT D X^u JYWTSXScU[ X^u @RScXeXX TWcf @YXWZXVcZ jiu WZXVcZ jDu WZX^Ukc jIu WZXTU_ jEu WZXY`V qDu WZXY` hDf JU[[ kRc_YabRXf c Ii Be DHEFf eYV_Yc DjDqu DFhDf
DiFEf BTTYVVu K[^^W rUU`Sf LSa_U H eBBB DEHqf ea N@B `©fWXdp κ NUU]W [UZX ?X^U[ B_U OWZU NUcWVbU NUVWZfQ Nk eLVcU Dqu JlTYYZVWZZUZ V\X \^X \S IGf KLP jI }CU[ccS~f dll^kUcV IG DFQDEf eUV^ PUU[cWZ YXW^`llku ZRS[RkX DEQDHf oRbYZTUUZ kSa_ A^QkWW[WZ YXW^kllVV DHQIif PYVVSTlYZ ^U[UZcYYZWVUWc ^SQ TYZb IDQIjf eUVc TUUcUVSRX^SZY^SYQ VUWc kUV` IjQIFf e@ `U^UU_UZ UkRV QjIf LSa_UVVU TUUcUVSRXUVUVVU qhQhif eT Du NT DEu r[AScO[u dT WZ`UVWbWTY[^^Wf ellk DEu `lZ[ DHu VcZ qDf JU[[ aWXcS[WUVVWZYZ ^W[_UVVWXRRXu c Iq ¨B DHhDf
DiFHf dUySzXSZu PU[V eW^cS[ KWZU[f J^W DG B¨ DEHIf ea c\sT PU[V KVSZ d _U OWZU eWVaYVTWZU LWZbYVVf © II K[W^U CWVV\ Jl\[WZYZf oVWVcU iEf PUkkU^SRVf OXYZc _U c\sZ_Sacf p Dj B¨ DHFFf
DiGif dUVUZZY }QiF dSaUZXXSZ~u OU[ZY OVY^XUZbY[f J^W IF eB DEHqf ea `kW kSVWWXW^SZXc ?X^U[ d _U BbU AY[UpWZU LRZbYVVf © jj ^S[WXcYcUWc B[TU OZ_U B[WX JS[ZzS[]f LUkXYc OZ_U jhu BV^^U jGu OU[ZY qi p qhf \S Dhf nÁC IFf e eRSVVY^SX^W © PwZW ^SZcc DhQDHf J]WZ kSVWWXWVUWc DHQIDf OOcXcSWXXU UkRV IFQ jif dR[WbWW^UZ \^XWc\WXSkYcc jiQqDf PUTTS © AU[`WVWZZU cXcS OO qDf J]WZ `Y[ScRX`UVTWXcYVR`XcS UkRVXWac qIQqHu _USXcSQ_U SXkllVV hiQhHf nL `k_f NT jHQqi PY[X DEf JU[[ ^`U[Q cYccWVURVRu cUWbYTUUVURXf p ID Be DHEqf
DiGDf OaSTUU }YZc dSaUZXXSZ~u dSaUZ CYSbS[f J^W Dh B¨ DEHjf ea c\sZ_Sac ·U`Wb dSaUZXXSZ _U AUU[U MRXcU`XXSZf BLVcU iHf nVWT kSXcWV_SSZW J]WXXl DjQu `U^ DFQf Qp h ¨BB DHhGf eYVW GjDf
DiGIf dl[`WZYZu CSW`S K[W^f J^W IE e DEHqf ea TRR[U[W dSaUZ K[W^ d _U O]bU NU[WU CRa^UZYZf © ID p DHFq C\\ZY @SSXU AUUXcUTSWZYZf Q\S Djf ?kWX^ VUWZSk cWYbY^f AYZUUcWZ SW^YRXcSWTWcRX^ cWVUXcS`W[^ DjQDGu TUUcUVSRXTWZWXcY[Ws DEQ DHf PYX^WZlWXYZ JYZ^W`U^\ac ARSTW `U^`W[^ DHQIFu k[S^ IFQjqu cXcSkllVV jqQjGu Y[lWbYZ \ac ^WWZcYWXcs_YZ WXlZZ jHQFIf p q Be DHEIf rSW^U qFDIf
DiGjf PUU[ZUu elWZs BVTU[Wf J^W Ii ¨ DEHhf ea `UacWTYXc PUU[VS tWacS[W P _U tWVaYVTWZU K[W^XXSZf © qj BTkW NU[WU LYkklZYZf Q\S Dhf ?kWX^ Jn VU^WU DhQIjf eU^\ac PRVVY[`S `W[^ DEQDHf AeoL XWac IiQIDf oRXW A cSWT DHQjDf eUkUU XUZSTUVYacWT jDQjhf CTW eWV_S >WYTWZYZ k[S^u J]WZ ^URk aYZ^WXYZ c\sZ `lVWc\X^YX^RX _U oRbYZTUUZ LJ kUV` jFQhqf Jn ^W[_UXcSZ `W[^ jhQjFu hqQFjf JdP _SacS^ _lXu ARST >RWQ _Uf p Di B¨ DHFjf eYV_Yc GEDu HiFu DHDGu IiEEf
DiGqf PUWVU }YZc dSaUZXXSZ~u O[ZS BVTU[Wf J^W D e DEHhf ea U[^^WkWWXkU K[^^W P _U OWZU NU[WU ·[UQ ^Yf © DE KVTU dSaUZZU J_YVTTUZf \S Djf P Dhf N DHf dll^kUcV IG AU^XUXQ XU DhQDEf A U[T RkX DEQDHf e@ qf LcZ DEf c dUZU^^UVU Ih eWVW DHDHf eYV_Yc Gjiu Hiqu Djhqu DqEiu IIEhf
DiGhf PU_UZZY }YZc PU_UZbY[~u OU[ZY eUVY[WUZf J^W Ih DDD DEHqf ea U_R[W dSXYp PU_UZbY[ _U KTWVWU eWVaYVTWZU KY[W^WZQ c\cl[f \S Djf P?r kUV` DjQjif c J^W DE Be DHjif
DiGFf PUZY[`Uu n[_s NUcaWUXf J^W DG BB DEHhf ea kSXcWV_SSQ ZW NUccX P _U JYVYZU OTUZbU rU^U[WZYZf © JWVTU PU[YZf BLVcU iGf rWUZWXcWf p F ¨BB DHqEf
DiGGf PU[VXXSZu dSaZ KTWVf J^W Ih B DEHqf ea `UacWTYXc MRXcUp KTWV P _U L\bWU CR[kYWZYZf Be[Vcl iHf c DI ¨B DHIif
DiGEf PY^SZWu elWZs KTWVf J^W h Be DEHhf ea ^SZcc PSZXQ cUZcWZ P _U OVY^XUZb[U KTWVWU U]Y[Q Xc[sTf © Iq O]bU gY[]f eVVLVcU DFu \^X \S DEf ?kWX^ VU^WcWYbf CR[RZ LJ IDQu UkRVVVllZWZ^W[_UU_U jDQqHf NT jHQqif QpVVV DHhEf eYV_Yc Gjqu GEqf
DiGHf PY[kkSVUu O[`Wbf J^W II ¨BB DEHhf ea C PUU[VS [Yb[W^ P _U JWVTU NUcWVbU @WZZYQdRcW^^UVUf \S Dqf ?kWX^ VU^WcWYbYcclf NT DE X^f p CUTkY[Y h eBB DHDEf eYVW GEhf
DiEif PWZZRZYZu JU[[\ CSW`Sf J^W DH ¨ DEHqf ea kSVWWXWQ `W[^ dSaUZ P _U OTUZbU JSVSkUWZYZf B ©Ii KVXU ÁaTUZf Q\S Djf ?kWX^ VU^WQ B cWYbYccl DqQDGu rllTU_U XScU`lZ[^SRV t{ DE U^cRkXcRc^ DHQIi PUbPu APP IhQ IGf oRbYZTUUZ LJ ^UZXVWXcW DjQDEf rS[`SSZ @\^T _U PU[_UVUZ PUU[cW RkX DEf A eUV^SWZZ PUU[cW ZkW RkX DEQIIu [Uaa Iju ^STkkkllVV IjQIhf PUbP W SkYcc IGQjif Df ·K \YQRkX jiQjFf If ·K ± q YXW^kllVV jFQjEf CUTkY[YYZ [\^T jEQ jHf @\^T ^ST jHQqif PSRVRcRX^YX^ kllVV qDQqqf ?V\TkWUQ VUWXcYZ _l[_cSWTW^ _lX hiQhIf e@ Iu e@ ju e@ qu Ae@ @ Du NT DEu NT jHQqif elZ[ DEu VcZ Iiu ^Ukc IIu TU_ IEu \YQRkX jDu Y`V jFu Y` qjf JU[[ WclTUWXYc TUcScf QD II ¨B DHhqf eYVW DDhEf
DiEDf PS[aSZYZu KTWV O[TUXf eWWkR[WZ kWc DH DDD DEHqf ea c\sT OR]RXc P _U JWVTU PUUXWZYZf © UZZ\ PUcU[WZU LYaQ cSZYZf oVWVcU iHf PURkkWUXf c @WWaWTl^W Ih BB DHhIf
DiEIf PUVVWS }QiF PR^^SZYZ~u LUR[W ?X^U[f J^W h e DEHjf ea ^W[`YXT PWVWUZ PR^^SZYZ _U BZU NU[WU LspzY[]f © DF UZZ\ NU[WU ARZbzY[]f eWVcl DDf rSXcWV_SSZWf c h ¨ DHhqf eYVW HDjf
DiEjf PRTVUZbY[u O[TUX K[VUZbf J^W j eB DEHqf ea ^UZXUQ ^? MRXcUp >YXcS[ P _U OZZU [UZXWZU @SXUVWU JSVTzY[]f ewVcl iHf ARS[WccW J]WZ cYSVV^SRV YVY^c[ScY^Z SkkW_U^XSZf ?\ MSccp[ Ac[sTzY[] _U AWYTYZX © JUVX^Y kUV`f PSZYcYab AUTkS ^SZYkWWQ [RXcU_Uf c J^W Iq DDD DHIif eYV_Yc HDqu DGhif
DiEqf LYacSZYZu O[`S JYZ[W^f J^W I eB DEHqf ea c\sZ_Sac dSaUZ JYZ[W^ L _U K[W^U eW^TUZf © IG p DHjh dYZZ\ CaY[YQ XWU ARZb£`WXcf \S Djf ?P DHu ?L IIf JV J]WXXl IIQhGf c LUacW DI eB DHFqf
DiEhf LWVWRXu @SVp JR]Sf CR[^R DF BB DEHhf ea J?Qk[YX [UZX JR]S L _U PU[WZ NU[WU NRZy^f © IhQqj KbWc ARXUZZU CSXXU`UWZYZu hjQFj O]ZYX M[YcaY @SXYZf BewVcl iEu CR[RZ ^VV\X \S Djf ?kWX^ ¥aU[VSccYZzR[]WZ CPP DjQDqf rRRcU`UQ [UVWW^YTu cSWT_ J]WXXlf LcZf c Iq DDD DHGhf eYVW EqFf
DiEFf LURZSX }YZc LWZb£`WXc~u OccYf eWWkR[W IF ¨ DEHqf ea XYZUUcWZ `UacWTYXc PU[V MRXcUp LWZb£`WXc _U OZZU NU_VWX CaY[TUZf eWVcl DDf PURkkU^SRVf rUZ^^WUVUVVU DDQu eUVQ ^YUVUZ Ak ^UT[ jjQjhu JAAr jhQqGf P?r kll^SZcc Y[W cYaclQ `WXXl qGQhIu KcYVl[UZZUZ ^SZcc YXWT hIQhHf >S[XXWZ cUVaSWc FiQf PY[[SXa\k\WXXl Di AN _U D rSa_TTYXcf dUV^UkUVVSXXU AN DGf oX_l[_ [Uaa _U cWVWZcU[^f NT DE X^f p IF eB DHGIf eYV_Yc GHDu EqGu kSW^U hqDhf
DiEGf LS_UZbY[u tSVbYTU[f JUTWZU IH DDD DEHhf ea Vll^WZQ
cl> oZS L _U OVYÃUZb[U OVUbWZf © IIQ
qG OZZU NU[]U[YcaU Aya\zY[]XSZu qGQ
N gW[]WccU ¥a[WXcWZU AUVVTYZf \S Djf QLP DGu LL IIu LPC Ihu WaSQ_U XR^RkQ
cURc Y[W^Vll^ IGf n^XVll^ J]WXXl IIQf Jn a\]WYZWUZ VUWc UXXWXc IDQjFu a\Q ]WYZWUZ bSX IHQjFu k[Sp jFQFIu `SWTVUWc a\]WYZWUZ SkYcc jiQjFu `c SkYcc jFQhGf J]WZ \V XUW[ WaScURc SX UkRVVll^ IhQIEf
NUZZY[aYWTVWWccS cY[`Y\bYZaSWcS`UQ
VWS^ k_ jEQhqu oRbYZTUUZ kWW[WaUVV k_ hIQhqf CY[`Y\bYZQ aRSVcSVll^ k_ hhQu BaScURcWVll^\ab k_ hGQFif J]WZ NUWbSZQ cU[^\ab _SacS^ _lX jDQqGf Ae@ Pu e@ j k[^u e@ qu NT DEu NT jHQqiu NT qDQqhu ¨Lf Lll^Y`V qqf Qc DD eB DHFjf eYVW DGHFu kSW^U qDHjf
DiEEf NURVS }QDH NWyaYVXXSZ~u dSaUZ eW^cS[f J^W H ¨ DEHjf ea ^W[`YXT dSaUZ @YWZaSVb NWQ yaYVXXSZ _U JYbbU LS`WXU K^VRZbf BewVcl iHf @^T Dh J]WZ cYSVV^SRVf BcXYZlWZYZ [^T jFQu J]WZ ^URk c\s`SWQ
TUkllVV jHQqhf eeN U[`WSZW J]WXXlf NT DEf JU[[ kRRcU[aUZaSWcSf QD jDD DHFif
DiHif NlZZW^^su OU[ZY O[TUXf CUTkY[Y Di DDD DEHjf ea XRRcU[W OR]RXc N _U OZZU @SXWZUf © AUWTW eW[cUZYZf eWVcl DDf @^Tf p @S`UZWYTW Dh Be DHqqf
DiHDf Al[^WkUcS }YZc Ns[c~u LYWZS NUR[Wf J^W II B¨ DEHjf ea `URZRZcU[^ OR]RXc Ns[c _U JYZ[W^U @lTlZf eWVcl DIf @URcUcWYc DIQIFu Xla^scc DHu BB B^ ^W[_R[W dS^YVUZ UXYTUVVUf c Ih DDD DHIFf eYVW DiHIf
DiHIf Al[^WkUcS }YZc Ns[c~u oZS O[cR[ OR]RXcf J^W q Be DEHhf ea `URZRZcU[^ OR]RXc Ns[c _U JYZ[W^U @lTlZf eWVcl DIf Qch B DHDFf eYVW DiHDf
DiHjf >Y`UZVWZZU }QiF >YS`WRX~u @SVp JY[TUZf dSYZXRR II ¨ DEHhf ea C ?ccS tWVaYVT > _U NU[]U[YcU LS`WXU JYZQ [WYccU @STzY[]f © DHQhE NU[\ KVWXY AYVWZu hEQ AWZW^^U AWX^S PUVVWSf \S Djf P DGu Lu N _U C DHf Jn bSX IIQIFu TUcYT k[Sp IFQqGu TUcYTQVRSZZSZc SX bY^ jjQjFu jEu [Yac qDQqhf ¾WW[WyaWZ \VWSkWXc k[Sp qGQ qEf A O^UcYTWU _lX qE Fhf CRn ^UZXVY[W FhQf J]WZ RRbYZ XRST \ac^ SkYcc DEQIFf JYZQ ^W`U^\ac AUVUTU UkRVTUcYTUUcW^^S DHQjiu \VWTUcYTUUcW^^S jiQqFf AWzYVWRXQU^Uc _SacS^ k_ qIQqhu FjQf nSQcRc^VURcU^ k_ qiQqFf OUVcSXYZ XllcWs aUVW k_ qqQu PUZX`lV TUcYT RZWSZWZ k[YX hHQFIf e@ Iu Ae@ P Du AL P Du eT Iu NT jHQqiu AU^XPC @u @STC@ XRU[SkYu C aY JYWbYVzY[] jFu gR^U[YXc qqu MWYXXYZ hIu gY[VWWZW hhu ¾WW[WyaWZ \VWSkWXc ^RZZWUk[Spf JU[c TRXWW^^Wf c IE e DHEif eYV_Yc EIGu DqHEf
DiHqf >\aSVTu BVTU[W OZWUZf J^W Dj ¨B DEHjf ea _U[[RWZ dSXYp > _U eWVaYVTWZU JYbVRZbf © KVXU AUUXcUTSWZYZf eLVcU Dif ·B CPP DFf ?RVRZ ^URk Xla^sVUWc _Sac IiQjjf ?RVRZ cYSVV^SRV Xla^scY^Z SkYccf ?RVRZ kRaYVWZVUWc _SacS^ _lXf JU[[ UTkRTWZYZf p ?RVR DH B¨ DHjjf
DiHhf >\\XXsZYZu dSaUZ }dRXXW~ K[aU[bf JUZ^S E B DEHhf ea ^W`Wc\sT dRaS > _U NU[WU NU[^^UZYZf © DE C\\ZY ·U]Q TU[ dl[`WZYZf \S Djf BZX DH C[YYZ cY^Z SkWXcf Ac[sTzY[] IiQIGf NYcY^U qIQqFf AScY`U qGQhDf ASXWUUVWTWZ hIQhGf LWQ XYZXXW`XcS hGQFIf oRXW ARSTW SW^SVR^W_U jIQhGu R[aYWVRcSWT IqQFIf J]WZ AUZSTUc U`RXc IqQf K[W XYR[ _U JgL }IFQIG~ XWacf JU[[ R[aYWVRu ^YWVUWVR }IiQ~f p I ¨BB DHEHf rSW^U qihGf
DiHFf >\\XXsZYZu LUR[W BVTU[Wf J^W I B¨ DEHqf ea TUc^UQ kSXcWV_SSZW LUR[W >_U AYVTU PU[SVWZU LYacSZYZf ©ID L\\VW NU[WU rYVcSZYZf \S Dqf ?W^c Iiu nJC IDf OO J]WXXl IiQu JSZ^UXUVS © JYWZSZYZ }JYWZSZYZ © CRVYZaYWTS~ SXU^UX IqQfQc J^W j BB DHFjf eYVW HIEf
DiHGf >WYTWXcs }QiF >lXTUZ~u KWZU[W Kb`U[bf J^W q eWVW DEHqf ea \VW_RZUWVW_U dSaUZ Kb`U[b > _U eWVaYVTWZU AUVSZYZf © hj cXcSZaSWc PY[ccR Al[^^lu IIQqH NU[ccU NU[WU PWZZRQ ZYZf \S Djf LP Iiu LL IGf LUkWZVUabYZ XUWc UkRVVll^ IGQIEf @URaUZ XUW[ \VWVll^ IEQFIf AUW[kX\^WUc[W\ab XWac jiQ jEu k_ jEQFIf e@ q kRZ [^u eXX UT D X^u Ae@ @ Du NUUVUWX^ VWWcSZ ^RVc ¨¨¨f Lll^^Ukc qIf p IE eB DHFEf eYVW DHqhf
DiEHf NSZcSZYZu eWVaS Kb`U[bf ³eWWkR[W DG ¨BB DEHqf ea `UacWTYXc NSSXYX dU^Sz N _U JYZ[W^U JUZX^Wf © ID OZZU ?W^U[Wf VWWcl iGf LWW^YT J]WXXlf p F DDD DHFHf
DiHEf rUZYVWRXu dSaUZ AW]R[b gY[RaU[bf ³CR[^R IE ¨BB DEHhf ea [S` KTWV Kp[UWT r _U dSaUZZU JYc¦TUZf © Ih NU\ KcaYV M\VVYZzs]YVf Q\S Djf Q P DEu N DHf LUZbTUZZUzUZQ ^YZ Oz _U A LWWccSkUZ^^W ?\ kUV` DEQIIf ?\ rSa_SWXTUWbYZ nab\XkUZ^^W CR[RZ ^SZcc UkRV_Sac IGu aUU[U^SZccS[YWbYZ cU[^ IGQjFu _SacS^ UkRV_Sac jFQqj _SacS^ _lX qjQFjf LWW^YQ c\sZUZcU_UWZ PYX^RXVWWccS aUVW _U c\s`UVWS^ _lX qFQFjf AL Pf PS[k[f JU[[ TYcYS[SVS]WUf p DF B DHGDf
DiHHf r\Xc\ZYZu LUR[Wf JW[`YZXUVTW E eB DEHjf ea XRZcWS ?X^U[ r _U eWVaYVTWZU PRWcRZYZf © Dh NU[ccU NU[WU >S[bzY[]f BLVcU iGu
B p TV oVWVVY iEu eWVcl DIu \^X \S Iqf OJC IFf Lc tWcf e@ DIQhFu Xla^s¬ DEu cUVSRXSX ^W[_R[W Ihu ^WW_UZkWc IGu Df cUVSRX_U^XS [Y` IHQ qiu _U^XSZ^UT[ hIQhFu [URcUcWY[U^cXcS ^UT[ qiQhIf Ae@ @f p J^W G eB DHhFf
DDiif@UZcUu n[_s >W^SVUWf J^W Ij ¨B DEHqf ea `llk PRXcUU NW^UYV @ _U BbU dSaUZZU OZccWVUf © qF cUVSRXSkYcc ?V]U OVWXU @UZcUf eWVcl DDf J]WZ CYSVVWXRRX^SZW DFu UaZYZQ _RZ^Y[XyaRVY _U NU[^S`WVVUZ RkX^SRV DEQDHf rWSZYY[WkUcV ZkW RkX DHQIIf @^T IjQu KZXSQMRc¦YWc ?\ jDQhqu PKLO qGQhI _U \^XWc\WXcSWTWUVS_Uf jf ·W` UTkRTUTYXc IDf e@ q }I ^kV~f NT DEu eT Du eT Iu NT jHQqiu NT O D ÀOO JSWZ c[UVcUZyTWc elZ[ DE BcZ qDQqqu J]WZ `UVcURXTWcf elZ[ DEu oZ jDf JU[[ RWZcWu [Yc^YWV\f p D eBBB DHGIf eYVW DiiFf
DDiDf @WZZY }QiF @SXYZzY[]~u CSW`S YVW^Xf J^W j BB DEHhf aTTTaaaaT ea `U[UXcSZaSWc MRXcUp YVW^X @_U BbU B eWVaYVTWZU @SXYZzY[]f © DE dYZZ\ KVWQ dpy B ZU >WYTWu eWVcl Dif J]WZ RRXW \^XWc ^URkkU^SRVf ?\ Ac[sTzY[] DiQDhu @UQ ^YZZRX^SZYkU_U DFQDGf A?P cYSVVWQ
XRRXQ _U V\a\ccl`U[USX DEQIj cRVVUU_Uu
UkRVSXkllVV IiQIjf ?CP ^UZ]UXQ _U V\Q a\ccU`U[USX kllVV IjQhHu ^URkUVVWZYZ _Sacu _SacS^ _lX _U `k_ hjQhHf PURkkUQ ZYR`SX hhf p II Be DHFEf rS_Uc jGIFu qDFGu kS_UZkSW^U FGGHf
DDiIf @RScXUVUWZYZu dRVWRX OR]RXc MUz[WYVf J^W Dj DDD DEHjf ea [llclVW AUTRYV OR]RXc @ _U JWVbU NU[WU Pla^sZYZf BeWVcl Dif eU[UXcSZaSWcf p D B DHEqf
DDijf AUVSZYZu ?ZZW Y[bWZUZbf J^W DI BB DEHqf ea ^W[_UZQ kWc dRaS A _U KTTU JYVVXcYZf BLVcU iEf LlacW TY[WVVYf NY[W^UkccRc^ >Y¯ nS[^WZ >URcWyUV OyUbYT\f nab\X`UVcUWZ VUW` BcZf p AUZcS ·STWZ]S DG Be DHIif eYV_Yc Ehhu HjFu DjIEu DFEGf
DDiqf AUÃYVVu B`U[ AU^U[Wf J^W IH B DEHqf ea `llk dSaUZ A _U KbVU NU[WU MRXcUpXXSZf oVWVcU iHf eYV_Yc GDDu EiDf
DDihf @UR[UTS }YZc Aya[SbY[RX~u gY[cWV eY[ZY[f LYkkl`W[cU IH e DEHqf ea [S` JYZ[W^ Kb`U[b @ _U OZZU JYVYZU rU£`UQ VYZf eWVcl DIf p LYkkl`W[cU Dq BB DHDqf eYV_Yc hEFu FIhu DDEif
DDiFf ASVU }QiF AWVYZ~u ASVTR AUVSTSZf rRXRVU IH DDD DEHhf
ea TRR[U[W PUU[VY PRXcUU A _U ASpWU
LUc`Uf © Iq N OWVW PUc[W NU[WU PScQ
^U`RS[Wf Q\S Djf Q P DFu ^UX`UcRXSkWZ
cRc^ DGf CR[RZ XRST \ac^ `YZl_lZ `c
SkYcc DFf >S[XXWZ ^VUXXWVVWXcYZ ^WYVcYZ \VWSkYcc SkYcR^XYZ aSWc DEQDHu cRZcWQ_U XW_UWXSkYcc IiQIhf nY XUZSTUVYacWSX
U`RXc DEQDHu \Y `c ^WYVYZ^llZc IjQIqf Jn \VWT ^SZXWXcS[WUTUZ IIu BB UTUZ
IIQIqu B UTUZ }UkRVUWXXWac IqQ~ IqQjEu
_SVVSWZ XUW[URbYZ `RS^XW YVl^^YYVVYf CSWT Jn SkYccU_UTUcQ [W^^YVWU _U XRSTYZcUZRc cYS^XWUf PRSkWSZ V\X [RScXWZ `c `kW VYac _U `YZl_lZ cSkYcc qHQhiu `YZl_lZ \VWT UkRVVYac hiQhIf
NT DEf p Ij e DHFjf eYVW IjDDf
DDiGf AWkWVlu PUU[VS BVTU[Wf J^W D BB DEHhf ea TYcXlZ`U[c PU[V eW^cS[ A _U OTUVWU eWVaYVTWZU C[\]]f © Ii O]bU NU[WU PU[VXXSZf oVWVcU Diu \ac^ e B^f e@ DjQhGu XlaQ ^sZ DHu BB ^W[_R[W jDu eSW^^UUZ B ^W[_R[W jGQqqu eYXW_l[`YZ qqQqEu eUU_U^SX^YZ UXYTUkllVV qEQhju PRRXUZ^SX^YZ hjQ hGf p PRRXUZ^SX^W H ¨BB DHhHf
DDiEf CY[lX`RS[W }QiF Ac{aVzY[]~u dUU^^S O[TSf PRSkWS Di B DEHhf ea cRVVWcU[^ JYZ[W^ MUz[WYV Ac{aVzY[] _U gYbU dSXYpWZU dUy^f © jD NNN C\\ZY dSaUZZU >R[^^WZYZf \S Djf P IIu NNL _U NNC jEf Jn T`^YT VUWc `c UXXWXc IIQjiu TUUcQTYcQ Xlc cWYbY^ ZSc IjQIGf NUUcUVSRX^SYVUWc T`^YT _U Qp\X SX `c Df UXXWXc IGQjDu `U^WZ jDQu \VWUXXWXc qDQu Y[W^SWXcRc^ hGQ Fif Ae@ @LQ JU[[ kRRcU[aUZaSWcSu kU[UkX\^SVS]WUf p ji eBBB DHGGf eYV_Yc DDIiu DjjFu kS_UZc\cl[ HFDHf
DDiHf AWZY[`l }YZc ARTUZbY[~u rURV dSaUZRYXf J^W DH eBBB DEHqf ea \s`U[cW_U dSaUZ ARTUZbY[ _U NU[WU LS`WXU JU]YVzY[]f © NUW_U PRVQ TU^S[kWf Q\S Dqf Q?kWX^ CPP DhQDGu eUVc rSVWWXW^SRVf P\TW ?\ kSVWWXWVUWc DHQIif VWcWZ kWW[WZ UkRB>N IiQIhf J]WZ kSVWWXWVUWc [W^SXkSVWWXWSX ^UZXVWU`W[^ DGQ DHu IFQIEu `c ZkW ^STWXXUU[W IEQjDu ZkW ^STWXXUU[W jDQjEu `kW ^STWXXUU[W jEQ qGf OO _U \^XWc\WXYcXW`lcXcS CSVUTUU © AWZY[`l SXU^UX qGQFif KcQVWcWZ X^ kUWQ ^UVVWXkllVV IqQIhf rSVWWXW^RZZ ^YX^RXVWWccS XWacf A @W^SXkSVWWQ XW\ab k_ jFQqFf e@ q T^u AL @u NT DE [X^f NT jHQqi X^f c F ¨BB DHFif rSW^U jFIFf
DDDif CUZZY[u KWZS O[TUXf J^W II ¨BB DEHjf ea `UacWTYXc ?X^U[W C_U OR]RXcU JSVTf © DH kUZ^Q ^W`W[^ NU[ccU NU[]U[YcU @UWZYXUVSf \S Djf P?r DjQDEf rUZ^^WW[WVWW^^YYXQ Xl DEQIif CUVVWZZUZ VlaYc\Xcs XWac Iif A eWYZcWkUZ^^W kUV` IiQjDu _SacS^ _lX IIQ IHf n^XWc VWW^YTf ?\ NY[yUZcWVY Oz kUV` jGQhjf A AaU^^WVWWccS k_ IjQIhf ARST AaU^^W^Y[aS kY[RXcU_U_lX jiQhGf Qc Dq ¨B DHhGf eYV_Yc EFDu DHFGf
DDDDf CU[YZWRXu OU[ZY elWZsf JYWZSVUZ kWcl_l DI ¨ DEHIf ea [S` OZXaYVT KzY[aU[b C _U OZZU B[YZY KVWXUzYc rU[^^SQ ZYZf © Di L\\VW dUZ^Y[Wf oVWVcU iEf PURkkWUXf p dUUVU II eB DHIqf
DDDIf CSW`SZYZu LUR[Wf J^W Dh ¨BB DEHqf ea [llclVW OTUZQ bRX C _U OZZU ASpWU JUacS_S^Wf eWVcl DDf
DDDjf Cs[TlZYZu BVTU[W dSaUZZYXf eWacW D Be DEHqf eWVcl Dif LWW^YTf p NSZc[YUVu PUZUbU DH B¨ DHIqf
DDDqf tUVcU[W }YZc JYVYZWRX~u o[aS KVWUXf J^W Iq Be DEHqf ea TRR[U[W OVp[Yb e _U NU[WU ASpWU KY[W^WZc\cl[f © II NU[cQ cU NU[WU PRRXWXcSf \S Djf CYSV Y[ScRc^ DG kUXccRc^ IEf nVWT kUkkW DGQjif AWW[cSVUWXkUkkW oAOWXXU IDQIEf PSc^UZ J ^UkkUV jiQFhf PSc^UZ V\X aWXc SkYcc hDQ hEu ^W[^^S`UVc _lX jqQqFf @S`UXcW qEu e@ q ^Uu e@ qu NT jHQqi TX^u eXX UT D TX^f elZ[f c Di Be DHGif
DDDhf tUcaYZu @U]ZU[ @RbSVpf J^W Dj eBB DEHqf ea `UacW
TYXc PU[V CaYSbS[ t _U NU[WU eWVaYVQ
TWZU AcW]YVVf © jF OVVW ?VSpXXSZf BeWVcl Dif Ala^scY^Z SkkW^R[XXW ^S[Q ^YU^f ?\ JlTYYZ Ala^s ^URkUVVWZYZ _Sacf PSc^UZ ^URk Xla^sVUWcf Ala^s ?\ AWYTYZXu rSa_SWXTUWbYZ Ala^s ?\u
ARST raWVWkX ?\u ?\ YZZS @UbWS _U ?\ OVYÃUZbY[ PSya kUV`f n^XWc VWW^YTf e@ qu NT DEf p I DDD DHjGf eYV_Yc HqGu DIEHu kS_Uc qDGGu hiqGf
DDDFf eYXWaWWXW }QjI tYy^TUZ~u eYVW BVTU[Wf J^W IF ¨B DEHhf ea Zl\cc PZRc OVzY[c tYy^TUZ _U OZZU OZcWkWZf © DH ·U]TU[ KVWXUzYc OVYZWRXf \S Dqf e? DHf J]WZ ^URk kUVSQ ^RZZUZ [RWX^RTYXc DEQDHf CR[RZ ^URk kUVS^RZZUZ Df kUVSQ TYXc DHQIFf eWWkR[WZ ^URk kUVSkllVV IGQqif eU^\ac AUaUQ rUVS kUVScU[^ qiQFIf A rUVSkllVV\XcsVWWccS XWacu k_ _U ^RZZWUk_f oRbYZTUUZ VllZWZ rUVS^RZcUVWWccS k_ hjQ rUVS^RZcWYZ PYXQ ^RXVWWccS `k_ FqQu e@ ju e@ qu eXX aSk TWcu RX kUVS^RZcUQ UZWu NT DEf elZ[f JU[[ kUVVSWVRu kYZ^^WR[aYWVRu kRRcU[Q aUZaSWcSf p Dj eB DHGGf
DDDGf eWWcUu CUWcS PUU[VSf J^W Iq ¨ DEHjf ea [llclVW eWVaS e _U OTUZbU Oz[UaUTWZc\cl[f ewVcl BLQ @^Tf CUWcYWVW_Uf c Di e DHqDf eYV_Yc FjDu DIiif
DDDEf nVlTl^W }YZc nVUZbY[~u dRaS KWZU[f J^W II eB DEHjf ea ZRSaSS_UTYXc MRXcUp ObSVp nVUZbY[ _U JWVbU ÄzY[]f \S Djf eWa kUkW^XW IDf c H BB DHIhf
DDDHf CSbYZZUZu KVWX JYZ[W^f J^W ji eBB DEHIf ea VYWkR[W JYZ[W^ >W^SVUW C _U NU[WU MRXcUp`U JYZ[W^XXSZf © DEQjE O]bU tW^Xc[sTu BB qIQqG ORZY NUcWVbU S[X][YZu DDD LWVVW eW^Xc[sTf oVWVcU iGf OVWkY[lTcRc^ Dju \VWkY[lTcRc^ DGu TY[W^UkccRc^ DHf OXRWZkUW^^U @\Tlcc\Vl hhQf e@ ju e@ qu eT Du NT DEu NT jHQqif
DDIif CY[lX`RS[W }QiF Ac{aVzY[]~u PSZ[Ub MUz[WYV }?VVU~f PRSkWS IG ¨BB DEEEf ea cRVVWcU[^ JYZ[W^ MUz[WYV Ac{aVzY[] _U gYbU dSXYpWZU dUy^f © Dh OWZS LYTkW JSZ]WXcSf eLVVYu \S iEf P Dju N Dqf ?cU`UZ ^UZXUZSkWXc `c _Sac DqQDFf tA?n ^W[_UVV SX `W[^ DGQIIf dSYZXRRZ `UkUUSkWXc _Sac IIQ jjf rSa_QPU[_UVUZ ^YX^RXQ`UkUUSkWXc SkWZcS^Y[aS_lW_ kY[RXc _U _Sac IqQhjf ?kWZcScSWTWZZUZ PYX^RXVWWccS XWac _U cSWQ TWZZUZ_ qIQhjf @U_UXYRbRZ ^UZXUZ^S[^YU^SRVR\ab XWac IGQ qIf A rSXcWTY[^^WVYacW kY[RXc _U cSWT IiQIDf p J^W DD eB DHhjf eYV_Yc DDiEuDjjFf
DHiF
DDIDf KVS[UZcU }YZc tWVYZ~u KTWV O[`Wbf NW^^YVW G DDD DEHif
ea VWW^YT KTWV tWVYZ _U JWVTU LUWcWQ
ZYZf © DH OWZS KTWVWU AWTRVUu BB jG
JYV]U NU[]U[YcU dS^Wf Be¡VVYu ewVcl iGf ?kWX^ ALNP iGQiEu UVWkY[lTcRc^ Dqu \VWkY[lTcRc^ DF }J^W~u TY[W^Ukc _U as\Q [\VUW`UZkllVVcRc^ DH _U bWkVTY[W^UkcQ cRc^ _U SkYcRXZl\ccYYc II }CR[^R~f rR[Q _YQ _U as\[\VUW`S_YZ kY[lT _U kllVVf CRQ
[RZ VRScXWkWW[W kllVV UkRV IFQjqu kllVV jqQhqf LUUcS^UZ VRScXWkWW[W `c kllVV jIQ
jjf NPJ VRScXWQ_U TU_U^^USX `c kllVV _U TY[YZ^RV^R> qhf e@ qu eT Du AL @ Du NT DEu es\[WZ ^UU[cWZ _lXYZT[f c CR[^R IE B¨ DHhEf
DDIIf PU[Wu OU[ZS BVTU[Wf CRRXRVU ji ¨BB DEHjf ea XYZUUcQ cS[W dRaS P\sXcW P _U OZZU PSWXcWZYZf © II OW[W KVWXU rYVVWQ ZYZf Be[Vcl iHu ?RVRZ V\X eLVcUf nY `lZ[^SRV DEf CR[RZ _U rS[WZ LJ \VWT L^UZXVWXcW DqQDFf PUZ^UUZkllZ UkRV>N DFQ DEf PU[_UVUZ PUU[cW RkX DEQDHu rrr D DHQIDf eW[SZ [Yc^YVVl
DHf BVTU_SYZ `U[U`UZ^WVU UkRV_Sac IDQIju _Sac IjQf J]WZ L`UZ^ UkRV_Sac jGQqhf e@ qu e@ qu NT DE X^u NT jHQqiu eW[NTf elZ[ DEu DcZIDfQcqBBB DHGDf
DDIjf >W^UZbY[u [UZX ?X^U[f CUTkY[Y Ii eB DEEHf ea kRRXYkkl dRaS ?X^U[ > _U BbU eWVaYVQ TWZl LWZbYVVf eLVVYf p IG BB DHiHf
DDIqf @\\ZlZYZu @SWZY @WyaU[bf PRSkWS Ij DDD DEHDf ea ^URkk rUU`S @ _U JWVbU LS`WXU PVWZ]Uf © DEQjq OWZU LYTkW Oa_Su jqQ NU[ccU PUc[W >RRcWZYZf eWVVYu \S Dif ?kWX^ Jn _U PPPf AUZSTUVYacWYZ BVTSWQ cRXcXcS UkRV_Sac DHQIGf nLK ^UT[ IGQ _U aZcSZYR` _U _SacS^ XWac YVl^^YYVVY UXcWf LURVRQNWYaYc `_Sac jDQjIu PUZQ XUVVWX^RS[S DiQjif rSV\cYY^^U[WYZ PRSQ [S _Sacf nLu LURVRQNWYaYc _U PUZXUVVWXQ ^RS[S B cYZS[WXSVWXcWf NT DEf p jD ¨ DHFjf
DDIhf CUVV][YZu eW^cS[f JW[`YZXUVTW DE B DEEEf ea ^RVcUQ XYkkl Y[bWZUZb C _U K`U AcWZU PU[_UQ VUWZYZf © Ij JWV_U AW`Wl AY[YZWRXf eWVVYu eLVcU iHf rllTU_U XScU`lZ[Q ^SRV DEu PUbP ^RRZcYVRQRkX IIQIjf A eUV^SWZYZ PUU[cW _SR^^_Sac DEf oRbYZQ TUUZ [\^T _SR^^_Sac _U ^STkkkllVV DEQjif ARSTYZVWZZUZ ^STYZb`XcS Ub_ jiQjGf NT DE X^f elZ[ DEu BcZ Iif p G B DHjGf
DDIFf Kb][YZu Kb]U[f AU`SZVWZZU ji eJ DEHqf ea LL OVYQ ÃUZbY[ gY[ZaU[b K _U ·U]TU[ NU[WU Kb][YZf © IGQqG NU[]Y[WcU LRyUZbY[u qGQ BZYX P\VVW^^W LRSTUZYZf BVV[VVYu \S Djf ?kWX^ VU^WUf ARST ^W[_U^URkkU kUV` rWYcU[WXXU DjQDEf t»M_U?\ rU[UQ ]SZ kUV` IjQu T\\ZcWkllVVf p Ii e DHhEf
DDIGf dl[`WZYZu OU[ZY K[^^Wf J^W Dj eBB DEHDf ea XUZSQ TUVYabYZcSWT KY[S dSaUZ d _U M[YcU LWWXU PWZZRZYZf © DH LUWZU NU[WU >WQ ^RVUf VVLVVYu \S DIf NJ Dhf NYcXlZQ U[`SXcYVW_U DGQDHu TYcXlZaSWbSZcU[^ DHQIDf rY[lQrSa_SVUZ kWW[W^RZZUZ U[Q `WSWTWXcXcS `c _Sac IIQIqu _Sac IqQhEf PW[_UWVW_Uu cUWbYTUUVU[Wf LUkWZ CUWbYQ XYR[ AYWcUkWW[W k_ qEQhHf JU[[ TYcXlXQ c\Xu ^UVUXcRXf Ae@ @ Du AL @ Du NT DEu NT jHQqiu NT qDQqhf p IG eBBB DHFjf eYVW DDhjf
DDIEf CS[ZzY[]u MYS[] OR]RXcf J^W IE Be DEHIf ea TY[WQ ^Ukc [UZX ?X^U[ C _U NU[WU ASpWU K[W^XXSZf © PU[WZ K^VRZbf VVLVVYu eLVcU Dif ALNP kllXcscSb Djf p j B DHjhf
DDIHf elWZsVl }YZc eUaV[SSX~u LUR[Wf Ih e DEHDf ea \s`U[c CUU`YccW AYpUZWUX e _U PU[SVWZU Js]TUZf VVLVVYf p E eB DHDIf
DDjif PYTkkUWZYZu PU[V dSaUZZYXf PU_UUZW II B DEHIf ea cR^^WUXWSWcXW_U dSaUZ AU^U[WUX P _U KY`U PS[aSZYZf © IG c DHjq AWW[W @WZZYu jFQ NWVbU KVWXUzYc PRaVzY[]f BBwVVYu VVKVcU iEf ORcSZ^RV_Yccf p PU_UUZW IH B¨ DHqIf
DDjDf rUVUZbY[u O[ZY LYSf ³AU`SZVWZZU IF e DEHqf ea ^URkk OXXU[ JUTWV^U[ r _U NU[WU @SXWZU OaVzY[]f © IEQjh eY[U OVY^XUZb[U PU[`SZYZu jFQ B[YZY KTWVWU >WYTWf BLVVYu ewVcl DIu J]WZ T`V\X \S DGf ?kWX^ Jn TUUcQTYcXlc cWYbY^f AWW^UXUVTYZ TUUTWYXQ_U ^ScWcUVSRX^SRV SkYcc DHQIDf NUUQ XYRbRZ CRVY`UWXRRX cSWT IIQIGf oX XUZSTUVYacWYZ U`RXc _U cSWTf @Y^VUUTWcXcS ?\ TUWZSXcSWTf N\sa nacYWXTUWZSX ?\ kUV` _U oRXW A SW^SVR^W_Uf nVW^u XSc`W[^UTf
DDjIf AZYVVTUZu eYVW CU]Yf ³CUTkY[Y ID BB DEHjf ea kllQ _Sacu cSbYVV `UVcWS> PU[V A _U KVVYZ ASpWU KVWXUzYca NsVVY[f © IDQqh ¥VU[Y NU[]U[YcU JU[TXcSZu qFQ OZZW^^W KXcY[ OkWVUQ XUVSf BLVVYu ewVcl Dif PS[^YUTkW cUWbYcYSVV^SRV }XWXRXcRXQ U[^^SX~f ?TU XWXRXcRXcXcS RX `RSXWUu T\sa TUWZSXUVUVVUf c I eBBB DHGDf eYV_Yc DDjju DDHDf
DDjjf AZYVVTUZu CYS PUU[VSf ³CUTkY[Y IE Be DEHqf ea
cSbYVVWZYZ `UVcWS> PU[V A _U KVVYZ ASpWU NsVVY[f © IjQqE cUWc KVXU OVYÃUZb[U JSVTzY[]u BB qEQhq OXVUR] A\ZZs`Y r[WZc¦ ?TbUaVf BBwVVYu \S DIf P Dhu N DHu VR^RWXWU ^WYVW^R[XXY_Uu ^UZXUWZ` SW^YRbYZ U^Uc ^R[XXW JUU]WXXU Ihf PURkkUXcWkYZbWUUccW _U A ^RZZWUkllQ ^SZXRVWZ`XcS XWac gRYZSX OW[YX DHQIIf oN `W[^UT IIQIEu TT PsskYZaUTWQ ZUXXUu CR^aSVTUXXU _U NSX^S`UXXUf
CUVVWZZUZ Vla VlaYc\XcsXWac IEQjDu CR^aSVTUZ VlaYc\XcsZ jDQjqf A?P AUTU[zYcYQVYacW cSWT jFQjGf rYVVY[`SQAYR[ ^W[_ XWac jGQjHf A NUc^UcXcS kUV` _U NUc^UWVRTUUWVTU kllcSWT jFQjHf PUZXUZaRSVcSTWZ SXXWac jHQqif A oV^STUUZ^URkkUQ VWWccS cWYbScRXVYab cSWT qFQqEu hDQhIf A NY[WTWYX\ab _SacS^ _lX IqQIEf ARSTWQAYR[ kY[RXcU_U_lX _U _SacS^ _lXQIEf eUkUU ARSTW _RV^UWXW_U _U kllcSWT qiQqqf tUY[VUZbWZXcWcRRccW kYQ [RXc _U _Sac LWbWZ]sXXl qEQhDf A LRSZcUWXcY[`Y\bYZ LWWccS kY[RXc _U k_ hFQFIu ^RZZWUk_f oXf _RV^UWXR_Uf LlaYc\XcsZYRQ `SX jIu NT DE [X^f A^ U[u eW[ eUV^SWZYZ [WXcWu eW[PSc^U[WXcW @ ju LUc`PC@ Pu BcP[@ @ Du @RScXeµ Pf JU[[ `WRVRZXSWcQ cSu RWZcW \T cY[`Y\XR[aYWVRf c Dq ¨ DHGGf rS_Uc qDEDu qDEIu qFjhu `YV_Yc DDjIu DDHDf
DDjqf OUVcSu eYW^^Sf ³PRSkWS q ¨B DEHqf ea [llclVWTYXc dRaS O _U OZZU LWWXU AUaUf © IiQIh OVTU ARSTWZYZu IHQ NWVTU JUTU[Uf BLVcU iGu BLVVY iEu ewVcl DIf Ala^sUXYZcU_U J]WXXlf p IE B DHGDf
DDjhf OVUZ^Su KWZS OR]RXcf ³rY[ZWs D eBBB DEHhf ea e> \VW`UacWTYXc OR]RXc OVp[Yb O _U OVY^XUZb[U eWVaYVTWZU A^S]Xc[sTf BLVcU Dif rY[lTWYXcRc^ Dhu \VWkY[lTWYXcRc^ Iiu TY[W^UkccRc^ IDf NY[WVVl DDQjIf OTY[W^^UVUWXWVVU VUW`SWVVU UVWkY[lTu BB kY[lTu D kY[lT _U ^Ukcf p S[c AcUZcSZu >Y¯ NYÃWyS E ¨ DHjIf eYVW Dhhhf
DDjFf OVTWVU }QqD OVYZ~u O^XYV O[ccR[f J^W I eBBB DEHhf ea WXlZZ MRXcUp ObSVp OVYZ _U BbU ASpWU NUVT][YZf © IF JWV_U NU[WU AYVUZbY[f BBBwVcU Dif CUWbYcYSVV^SRV ][UUpWZYZ WVcU^R[XXWf K[W J]WZ ^WW_UkUWZS_YZ kUV` TT CWYcSXUZU^WW_U ?\ pU^cS[W QIEf CUWQ bYcYSVV^SRV SkYcc IDQu J]WZ ^URk ^W[_UQ kUWZS^SRV `U^WZUWZYZ UTTUccWSkYcc IEQqhf PW[_UkUWZScUWcS cUVaSWc _U cSWTWQ cRX^_lXf p jD DDD DHqhf eYVW DEDhf
DDjGf OZccWVUu LUR[W J_UVTU[f J^W IE DDD DEHGf ea \VW_RZUW VW_U PU[V J_UVTU[ O _U NU[WU ASpWU PU[VXXSZf © jh AJ NU[ccU AU[WSu p FHf LUkXYc AYY[Y NUW_U PUU[WZU IH _U ?VVW dUVTU[W jjf \S Dqf ?W^c DEu eC IIf e> \VWT ^SkWXcW IiQ IDf NNJ `c XWac IDQIju `c UXYXX IjQIqu IHu XWac IqQIHu UXYXX IHQqif NJ `c UXWUWZ`UV`S_U IGf PP? \VWT `W[^UT IjQIHu `UZa SW^XWac qiQqEu UkR_lXYZ _U \VWT ?W^> qEQhif CSW_UVUZ cRSTWS^ cRST hiQFhf CSW_UVUZ @ScU[\Q^VRzW k[YX hjQhqf e@ j T^u e@ q T^u AL Pu Ae@ @ Du NT DEu NT jHQqiu ¨Lf LcZf p q eBBB DHGHf
DDjEf g_s[^Xc[sTu MRXcUp g[RZSf ³OX^SVU DH eBB DEHqf ea cUVSZST OZbY[X MRXcUp g _U CaY^VU rYccY[XbSccY[f BVwVcU iHf PW[_UZXWcS_Uf p DF Be DHDHf
DDjHf ¥YbY[zY[]u PUU[VS dU^Szf ³NRXcUXUU[W DH eBB DEHhu ea ^UkkUV OR]RXc K`UVb ¥ _U JYb`W] >UcaUVWU J_YVcf © IF JL LUWVU OVTU NU[WU JSVy^f \S Dhf ?W^c Iiu nJC Iiu eC Ijf rN cXcSXWac IIu `U cXcSkllVV IjQIhu WZcYZbYZccWSX `W[^ _U `UVcVUWZUQ _l[_ JlTYYZ VllZWZ UXWUT jHQqqf OcVUX rUZ^^W ?\ _SacS^ _lX IhQjif J?r KZQ XSZ ^SZcc YXWT jiQjIu O[^UbWUZ aUU[UQ ^SZcc YXWT jIQjGu JlTYYZVWZZUZ ^SZcc YXWT jGQhIf JlTYYZVWZZUZ ^URk`UVc _U QaUVV _lX qhQqGu cY[`Y\bYZaVURcU^ k_ qhQu NUZZY[aYWTVWWccS SX k_ qDQu AL @ Du rgJu ArrM UT ju NT jiQqif p IE Be DHhIf eYVW HEDf
DDqif KW^YVWZu P\sXcW eY[ZY[f ³CUWkUVXUU[W II BB DEHhf ea ^WW_R[W oZS eY[ZY[ K _U KY`U rY^WZf © Iq PVURbWU PUXU^Sppf oVWVcU Dif eUacWTYXc J]WXXlf PY[Xf p I ¨B DHhjf
DDqDf KVSTUUu LUR[W eWVaSf ³JUTWZU DD ¨ DEHhf ea `llk NUccW [Yb[W^ K_U ASpWU PU[SVWZU NUZXZY[f © ID JYVTW g[RQ ZWVUf BLVcU iGu eWWkR[WZ ^VV\X \S DFf PSZccS[WkllVVW^^s PSc^UXXUf p I DDD DHGHf eYV_Yc Dijiu Dihhf
DDqIf OXkYVWZQJUUk^\Vlu n[_s LYZZU[cf LUkkYYZ[UZcU DG B DEHFf PUX`UcRX`a k[Sp KVWYV OQJ _U BbU MRXcU`U @Y`YVVf © DEQII OZZUQLWWXU eW^Xc[sTu IEQjh BbU KVWXUzYc eUVVaYVTf BeWVcl DIf Ne RkX_U oN kUV`f @YXVcZf p G BB DHqDf rSW^U jqiIf
DDqjf JU`Ru O[ZS eW^cS[f PWW^^U DqDD DEHqf ea UVWRkX JWU OZZU OVY^XUZb[U CSW`SVUf © DG KXcY[ @U]ZaWVb LWV_Y][YZf BLVcU iHf @URcUcYWVVl \VW^SZbR^css[Wf p I eB DHhHf
DDqqf JYWZSZYZu >WWVS OZcY[Sf CR[^R q BB DEHhf ea c\sZ_Sac dSaUZ J _U OTUZbU PU[SVWZU elZZWQ ZYZf © p DHjG JUZZU NU[WU JUVTSu jEQ PY[ccR KXcY[ dU[STUf \S Dqf ·B CPP DHf BZXcXcSXXU DEQDHf PCJ kUQ cYZccWSX cRc^WZX IiQIhf ?TU kUcYZccWcXQ cS IhQIEf PCN kUcYZccWcXcS \VWT cRc^Q WZX IEu `U^WZUWZYZ IHQjHf ARST \ab cYSVVWXYZ STWXcRXSW^ XRS_YVYTWXY^XW aUVW _lX jDQjhf p D ¨BB DHjHf eYVW HFf
DDqhf JYWZ[WyWRXu KY[S OZccWf ³J^W Dh DDD DEHFf ea eC OZbY[X MUz[WYV J _U [Yb[W^U gY[][Scau Q\S Dhf ?kWX^ CPP DFQDEu @UZX^UZ VYZcS^SRVRWXXU DHf O[TYW_UZ Be RkX DHQ Ijf ARS[ A U[TYW_UZ Df VYZZSZ J^WQ CR^aSVTU Ijf eT Du eT Iu NT DEu eSV\ZYcXWZ `UVcURXTWcu A _U @UZX^UZ VYZcSTY[^Wcf elZ[ DHu oZ IDf p VYZQ cSQSZZYccSTRRbYXXU AS[cU`UVUXXU Ii ¨BB DHIjf eYVW Iiiif
DDqFf JYZ[W^XXSZu O[TUX O^XYVf J^W ji ¨BB DEHqf ea U_R[W PUVVY JYZ[W^ dSZUXXSZ _U K[W^U dSXYpWZU K[W^XbSccY[f oVWVcU DifQc >Y¯ nS[^ Ij D DHIIf
DDqGf NUZZWZ] }QIh J_YVc~u K[^^W dSaUZZYXf J^W ID e DEHFf ea XYZUUccS[Wu C OR]RXc dSaUZZYX J_YVc _U ObYVY KVWQ XUzYca UVcWZf © jiQjF @Rca KVVYZ ASpWU >\zY[]u qGQ NU[WU [UZyYX CU\VS[f eWVVWVcl Dhf nVWkY[lTWYXcRc^ ID @URTUVQ VUu TY[W^UkccRc^ Ij CR[RXXUf NY[WVVl DhQIhf oAO ^UZXUV IhQf NY[W^SRV _SacU_Uf eYV_Yc HiDu DEIHf
DDqEf JRccRZYZu KWZSf PU[ccRVU ji eBB DEHhf ea `UZ]WZ`U[c Q]Xu AU^U[WUX J _U K`U MRXcU`U eUWZW^UWQ B d^ ZYZf © qE KY`U NU[]U[YcU PURkkWf \S Dqf CPP ^SZYWZXSX B bWkV DFu APP IhQIEu U^cTY[WRkX^R[XXW DHQIif AU^XUZ VUW`UXcS WZX DEf A VUW`UXcS DEQqHf NWWQ ZUZYcXWZclVUW` TWWZUSX kllVVu TWWZUQ ^STkk _U TWWZU`U[W^SWbYZ kllVVu LUW` KXW^ TWWZURkX _U VWkkR^Ukcu @UZZW^^SQ VUW` TWWZUSX kllVV DHQIFf NY[WkRSV YXW^ TWWZURkX IEQjjf Ne YXW^ TWWZUQ_U cS[Q kYbScXcS kllVV jjQjGf J]WZ VUW`UX kllVV jGQjHf CR[RZ VUW`UX kllVVu VUW`UXcSZ YXW^kllVV _U Ne TWWZUQUXYYZ cU[^ jHQqhf Ne YXW^kllVV qhQqHf NY[WkYVUXcRXXYR[ k_f LUW`UXcSVYacW kllcSWTf Ae@ Pu e@ Du I _U j T^u eT I ^Uf NT jHQqiu A^ U[f NU[WZYWZ]YZWYR[ DEu [YXWZXVcZ DHu [YXWZX^UkcV Iiu ^UkcV IIu ^ST^Ukc IGu ^ST jGu ^Tb[W qDf p J^W II B DHqHf eYVW IiiIf
DDqHf JRR[[Y }QiF JUZXXSZ~u OU[ZY ObSVpf J^W G Be DEHhf ea c\sZ_Sac PRXcUU ObSVp J _U VWbU [Yb[W^U rYVcSZYZf © Qji AUWTW NU[WU PU[_UVUWZYZu BB jI ^UZXU^S eWYZS OTUZbU JUZZRVUf \S Dqf ANP DGu P qiu ^YZcclkUkkWcRc^ IGu kUXccRc^ Iif nVWT kUkkWZU @lWXlVlXXlu rU[W^^UVUXXU _U eRS^Q XYZ[UZZUVVUf PYXlVUabYZ ^UkkUV IIQIqf eRS^XYZ[UZZUZ ^a[U IhQIHf NlZc\aU[_RZ `c ^a[U IHQjiu Y[SZZRc kUkkWX`W[UXcU jif JlTYYZVWZZUZ V\X cSkYcc qFQhFu `UZa VYac hFQFIf JlTYYZQ VWZZUZ TRXYS _SacS^ k_ hFQhHf ARS_YVRX^ ^YZcclkUkkWZUf JlQ TYYZVWZZUXYR[ _SacS^ `k_f JlTYYZVWZZUZ `UZa Ak WXlZZ _lXf e@ qu eT Iu NT DEu NT jHQqiu NT qDQqhf LcZ qqf JU[[ ^ScWXYRcRu ^RS[S }cSWT ^RS[SZ_SacU_UZU~f c IE B¨ DHGif
DDhif BVTS[UZcU }YZc PU[VXcYbc~u PUWZS PUVY[`Sf eWWcUXUU[W Iq Be DEHqf ea T` PRXcUU ObSVp B _U OWZU NU[WU JU]YVzY[]f VWWcl iGfQp DI BB DHDDf
DDhDf dUUVY }Qih dSaUZXXSZ~u rUU`Sf J^W ID ¨ DEHhf ea kSVWWXW^STWXU[WS eW^cS[ dSaUZXXSZ _U T OZZU P[WXcWZU gSaTf ©ID JYVYZU eW^Q cS[WU gWpYVbcf eWVcl DDf J]WZ TRXQ SkWXc UV^YWX^SRV iEQiHu TRXWW^^WSkWXc DFQDGf nVYWXR[a `UVTYZZRX^R[XXW jhf J]WZ kSVWWXWVUWc ^W[_R[W DIQIjf OÃYV
JSVTXc[sT ?\ cRVVUU_U _U aRSVWcXW_U IqQ qhf LUXXWVU © CW^UZS_U ?\ cRVVUU_U qhQ
Fif LYacWUXWUT IHQu AeoL J]WZ kWW[W CZf N^ _i acS^ _lX jqQqDu PWV`YZ ^RS[SZf PWVQ `YZ o[aYWVW_Uc ^RZZWUk_f nVYWXR[a _U _UV^UkUVVSXXU \ac Ih ANu ^YWallZaYWcSXXU k[SZXXWTWc SV\TkWUVUWXWXXU Iif Ao aSk U[u ? UTu AeoL aSk UT[f JU[[ R[aYWVRu TRXWW^^W }^RS[SVURVR~u TUc^UWVRf c h ¨BB DHEjf
DDhIf dRVYZWRXu PUU[VS PSXcWf ³NlZcXlVl ID eBBB DEHFf ea cUVSZST PU[V AY`Y[WZ d WU KTWVWU NU[WUZU >W^VUZbY[f © B MRZZYV dRVWU OR]RXcU LWZbX^S]u BB qiQ M[YcU eUYZY[zY[]f \S Dqf ?kWX^ VU^WcWYbYccl DqQDhu A c\^WXcs^SRV OQSXUXcS DEu c\^RkX cl\bYZZ\X^R[XXW Iiu PUbP ^RRZcYVRQRkX Ijf CPP XScUcWYc SX IjQIhu APP XSccY^Z SX IhQIGf PC@ j ZRS[ RkX DHQIhu kXcSZ^ST _U ORP_Sac IEu ^ST UkRV jiQjDf PYZcclc\^ OTkRTU^SRV _Sac IHQjif nY c\^WXcsWZX jIQjGf rN c\^cU[^cXQ cS kllVV jEQqif C\^^SRV _Sac qiQqDf OP c\^^STu rllTU_UZ c\^cU[^cXcSXXU _U AScUcUVSRXYXW^ cUWXcYVR`lVWZYSX qDQqqf AScYQ `UZ cXcSkllVVf e@ Iu e@ ju Ae@ @ Du NT DE [X^f NT
H >S[XXWc DEFGQDHHI
jHQqiu @RScXeµ P T^f elZ[ DHu oZ Iiu ^Ukc Iqu TU_ IEu Y`V jqu Y` qif c CR^aSVTU IG eB DHhFf
DDhjf dl[`WZYZu O[`S OVU[W^f >SS[TU[^^R DD ¨BB DEHIf ea XUZSTUVYabYZcSWT KY[S dSaUZ d _U M[YcU LWWXU PWZZRZYZf © II >WWZW KVVW ObWZU PR[SZYZf \S Dqf LP DGu LL IIf dRRkUQ _SYZ ^RZZVll^ IIQIju AUU[W_l[`YZ IjQf CU[`UUVUZ ^SRVRcWVU Vll^ IjQu AUU[W_l[`YZ ^UZXU^Vll^ IjQu \ac^ Vll^ IEQu ^RZZ`UVc _lX jiu ^UZXU^ _SacS^ k_ jiQu rRVVWXcRX k_ IhQjiu qhQu OXY`YQ VW\ab k_ qiQqqf AeoL PYX^WQA kWW[W _SacS^ _lXf e@ ju e@ qu A^ U[f Lll^Y`V qjf JU[[ ^UVUXcRXu UTkRTWZYZf p J^W D ¨BB DHqEf eYVW DDIGf
DDhqf ¥U_UZbY[u dSaUZ @U]ZU[f J^W DE ` DEHjf PUX`UcRXWXl ^UU[cWZ `UacWTYXc dSaUZ LYUZbY[ Pf © Dj JYVVWZ JYVYZU JUy^¦YVVf BLVcU iHf PU[cSWccU_Uf c J^W Ih ¨BB DHFDf
DDhhf PU_UZcW }YZc PU_UZbY[~u n[_s OU[ZY OVzUZRXf J^W IE ¨V DEHhf ea cYacUUZ_Sac O^XYV dSSXYkkW PU_UZbY[ _U KbVU NU[WU gY[]TUZf © OWZS PSaTUf VWWcl iGu XRST [YUUVWV\Xf QDqf NUUZ`WV_YVW_l ?WcWZ dS^YVUXXUf p ?WccW I DDD DHjjf
DDhFf PUW[WS }YZc PU[VXXSZ~u OUccS }ObSVp~f J^W DF eWVW DEHhf ea ^W[`YXT PUVVY OVp[Yb P _U tWVaYVTWZU eUV^SZYZf © IhQhE NU[ccU AW`Wl dS^WZYZf e¡Vcl Djf B B^ ^UZQ XUWZ` [UbWSXla^sccl_lcRc^ IDf CRVVW`U[c DjQDhf J]WZ VYZZlcWZ^SZcc Xla^sccu DFQ IIf Ne [UbWSkR[XWT IhQqGf Ae@ @u NT DEu NT jHQqiu NT qDQqhu @UbWSQ Xla^VWWccS ^RVc UT[f rR[XWTWYXf JU[[ kRRcU[aUZaSWcSf p E B¨ DHGFf
DDhGf PY[S }YZc PU[VXXSZ~u Kb`U[b dSaUZZYXf J^W Ij eB DEHhf ea ^RV_YcRXVWW^^YYZ ST A O PU[VXXSZ _U KZ]VU @SXVRZbf © Ij p DHqq KcaYV LWZZYU CUTTWZYZf oVWVcU Dif PURkkUTUc^RXcU_U J]WXXlf pIg ¨ DHqHf
DDhEf PWZZRZYZu NU[ccW BVTU[Wf J^W Ii DDD DEHF ea kSVWWXWQ `W[^ dSaUZ P _U OTUZbU JSVSkUWZYZf oVWVcU iHf NY[WVVY DDf p D B DHEGf eYVW DiEif
DDhHf PSX^Wu OU[ZY dRaUZWf d\`lX^\Vl II eB DEHhf ea XYZUUccS[W AUTRVW eUVYY P _U JUWb\ OVpaWVb ARZbf © Ij AUVVW KbWcU PU^SVUf eWVcl Dju JlTYYZVWZZUZ V\X eWVWVclu \^X eBBBf eVUbWTW[WZ XScUSkWXc }rWYcU[W~ DhQ A U[TYW_U ^Ukc^R[XXW IFu ^STYZQ ZYccR APP IGf eYZl_lZ U[TYW_UZ RkX DFQ CUTkY[YYZ [\^T RkX DEQIEf e@ qu eYZO @u eYZAc @u NT DE X^f eYZ BcZu A U[TYW_UZ BcZ DEu ^Ukc DHu TU_ IGf c J^W Ij DDD DHIEf eYVW DIqFf
DDFif PScWVUWZYZu OU[ZY @UpUYVf J^W E eBBB DEHqf ea XYZUUQ cWZ `UacWTYXc rYccY[ P _U KVVYZ KTWVWU S[XYVVf © Ih L\\VW JYWZWsf BLVcU iHf PURkkUVYacW cSWT DHQ jDu O_UZ AUZU jDQjIf O_UZ ARRZcU }PUZXUZ AUZU ?\~ ^SZcckllVV jIQjHu cSWT_ jHQqqf PW[_UkUWZSQ _U PRXcUZZRX ?\ VWW^^YYZ ^SZccQ kllVV jhQjHu cSWT_ jHQqqf PRXcUZZRX ?\ OVWzW cSWT_ _U _SaQ cS^ _lX qhQf CYSVVWXRRX _U CY^ZWW^^U XY^l PRXcUZZRX ?\ CY^Q ZWW^UZ ^W[_U cUVaSWc qGQhif oRbYZTUUZ AUZSTUc kllcSWT DGQDHf A PSZccS[WXcWVYabcW cSWTXWac IGu IHQjiu kllcSWT jDQ jIf J]WZ XUZSTUVYacWTWYX\ab XWac IGQIHf JU[[ kU[cWSu ^RZQ ZUVV cSWTWZcUf c J^W Dq Be DHhHf eYVW DqDjf DIH
DDFDf PR[^WQARSZWS }QIG P[SaZ~u KZXWS eSVbYTU[f rU[^UVU VuT }BZ^Y[W~ Ij eBB DEHFf ea k[Sp BVTU[W JYWZ[Wya @YWZaSVb P[SaZ _U KTWVWY }KTTW~ OVWbY NU[WY ` ·WccTUZZf © II c DHGh kWUZSZXSWcSZ VYac OWZS PUc[W eU[cWUu BB GF cSWTWXcSXWac OZZYTU[W NWZZU dRVWY JUZXYZf LUkXYc OZcY[S Iju KVWZU IFu JYVTW IHu PUU[VY jju n[_s jhu @YWZS jGf \S Dqf LP Iiu LL IFu LPC hFf ·RSbYyWT UTzRVUZXXWVll^ PU[_UQ VUXXU IDQIIf PUR`UcXUZ `c ^RZZVll^ Ijf PU_UUZWZ XWXXWkUcV Vll^ IFQjqu PC@ D jqQqif A\ZZ\c\XXUW[ Js\aYZXUU[YWZ }JlTYYZVWZZU~ kY[RXcU_U _U Vll^ IHQFEf PSRQ VRVll^ JlTYYZVWZZUXXU _U XYZ \Tkl[WXcsXXlf eUZ^WVUVll^ _U ]\ZQSXUXcSVll^ VllZWZXUW[UUVUXXU _U PQJPAf JlTYYZVWZZUZ ^URk`UVcu ^W[^^S`UVc _U ^W[^^SZYR` _lXf A ^[WXc \SQVWWccSu ¥STQ TWccYY Sp caY ¥STTWXXWSZ Sp caY ¥aR[yaYX _lXu Lll^ P[WXc AYR[ kY[RXcU_U_lXu k_f NYbYyWZY bY VU rY[XSZZY }^UZXUWZ`lV Vll^[\aTl _lX~u NLL _lXf Qe@ qu NT DE [X^u NT jHQqiu NT qDQqhu JYWTSXScU[WXcW D X^u A LYZcSTY[^^W }DE~ AU^XUZ NY[WVYZcS`SWT cla\Xcl_lZTY[^^Wf elZ[ DEu Vll^VcZ Ihu Vll^^Ukc IFu Vll^TU_ qIf dRV^ j [RZS^S^SYVTUU _U `lWcsXQ ^W[_Uf JU[[ TRXWW^^Wu [RZSRXu ^W[^SZ _U ^W[^^S^RZcWYZ YVlQ Tlf eYV_Yc DjIiu DqEFu DFGiu DEjHf
DDFIf PRWccWZYZu KY[Sf ³eWWkR[W Dj B DEHhf ea `UUccR[WTYXc dSaUZ JYZ[W^ P_U OVY^XUZb[U eWVaYVTWZU U]Y[aSVTf © Ij KVXU @Y]WZU LYacSZYZf BewVcl DIu J]WZ XRST \^XV\X eBBBf eWWkR[WZ RkX^S^^R[XXW DEQDHu PUbP ^RRZcYVRRkX IDQIIf >RS[ RkX DHQIEf rWSZr ^STkkkllVV IEQjGu K[rWSZP jGQjHf BB ÄPK kWSZcXcS kllVV jHQqif rSa_QrSa_UZTUUZ AB kWSZ^ST qiQqDu D · qDQqqf rK aUVVWZZ SX c\sTUWccYZ cU[^ qhf dSacW Oa`YZUZTUUZ VWZZSWcRXcYZ al`WcclTWXcl qqu ^Y^XW NSVScSQ `WZ ySy^cUWVWZ jHf n^XWc\WX\[Wcc PYX^WZ eU^\ac kWW[WcU[^ hDQFqf PUZXUWZ` kUWZW\VWY[ScRST IqQjif e@ Iu e@ ju e@ qu Ae@ @u NT DE [X^u ORZNTu NT jHQqiu NT qDQqhf elZ[ DHu BcZ IDu ^Ukc Iqu TU_ qif p I eBB DHFGf eYV_Yc Eqiu Diiif
DDFjf PR_UZYZu n[_s @WyaU[b OVY^XUZbY[f J^W G ¨BB DEHj ea TRR[U[W @WyaU[b CRSTUUZkSW^U P _U AY[UpWU OUVcSf eLVcU Djf PSZccS[WXcWf p F DDD DHIif
DDFqf P\VVWlWZYZu CSW`S BVTU[Wf § J^W F ¨B DEHqf ea TUUVU[W CRSTUX P _U BbU L\bWU Nl^WZYZf © Ii NUW_R Nl^YVlf \S Dqf O][SZSTW IDf NUUTWYX^SRV_Sac IIf rY[lQrSa_SVUZ T`X XWac IIQIjf OWcSSZ \ac^ SkYcc IjQIqf rWYZ`WV_YVW_lWZ LWWccS TUUcUVSRXSX _Sac _U rWYZ`WV_YVW_l kllcSWT IhQIGf CUTkY[YYZ ^URk cYR[UXcRXVUWc cU[^ IGQIEu VUzS[Uc UkRV_Sac IEQu p h Be DHhHf eYVW IDHIf
DDFhf LYX^WZYZu NY[cXW ObUTf J^W DD DDD DEHhf ea XRRcU[W CUU`YccW L _U JYVYZU PRVTU^S[kWf © jEQhh BbU dSaUZZU JYVWZf Q\S Dhf PSZccS[WXcWu YbRXcU_Uf LUabYXXU jFQu QD Ij BB DHFhf
DDFFf LWV_YzY[]u O[TUX gUXWVWRXf J^W E B¨ DEHjf ea \VW^SZXc KTWV L_U NU[WU ASpWU ·U`WbXXSZf © Dh KVVYZ AW][Wb K[W^U g[YbYZzY[]f BewVcl DDf O][ ¥STYWVVWZ \VWSkWXc oAOf eYZlQ _lZ U[TYW_UZ RkX DhQDGu A DEQIjf U[TU[W oAOwXXU >Y¯ nS[Q ^WZ `UVcWSXXUf elZ[ Dhu BcZ DFu UVW^Ukc DGu ^Ukc DEf p D B DHEqf eYV_Yc DIhDu DqDEu IIiif
DDFGf LWZbzY[]u CSW`S ?X^U[f J^W ID eBB DEHFf ea YXWccYVWQ _l> @WyaU[b ?X^U[ L _U NU[]U[YcU PU[kkWZYZf © IF @Rca JWVbR[ >YRXcYbcf Q\S Dqf QLP DHu LL Iqu ec ^RZZQ_U XUW[Q Vll^ IDQIhu LRRTlYZ ^RZZVll^ IhQjif p Di ¨ DHjif
DDFEf NUZcWVUu BVTU[W eUVp[Wbf J^W Ii DD DEHFf ea OVY^XUZQ cY[W N _U NU[WU ASpWU ÄzY[]f © Iq OWVW tW]]f Y[SXW Dif PRXcUZZRX ?\ ?cU`U WVTSWcRXSX _Sac DHQjqu nac\ZYYc PR`UQ VYabYc ?\ jqQFDf ?\ P O tW]] Oz _SacS^ _lX jIQqHf PW[^^SQ ZRTTYZ Y`U^RSWZcWkllVV _U J]WZ Y`U^RSWZcW_SR^^S_YZ VSaQ ^SkllVV qqf A N\\ZcWQ _U NUWZSX\ab _SacS^ _lX jHQqGu qHQhjf rSa_ NUWZSX^SZ][YXXWYZ kllcSWTW^ _lX _U Y[W^cSWTW^ k_ jhu hjf A ORcS^VRzW ^WVkUWVR_USXcS _lX IHQqHu TUc^UWVR_USXcS qHQ
Dji
FIf nVYWXYZ ORcSVWWccS J]WZ kWW[WZ _SacS^ _lX jIQqHf AL @u
NT jHQqiu NT qDQqhu PP UT[ ¨Lf JU[[ URcSWVRf p IF BB DHEGf eYVW hEDf
DDFHf >SkSZYZu eYW^^S PUVY[`Sf J^W Iq DDD DEHFf ea ^UZQ XU^S OVkS > _U JUZZU dR[`UZYZf © IE B[_U eYZZSVUf \S Dhf P DGu N?P IDu eC Iqu N?C jDf CeJ UkRVXWac IGu XWac IEQjif NUUcUVSRXTWZ ZRS[ aUVVXWac jiQjIu YVlWZVll^WZclSX k\X\`lZ ZYR`SccYVR^ _lX jIQFDf CPP cUVSRXSW^ k[Sp jIQFDf eUVc cUkUcR[TUcXcS \VWT `W[^UT _U \VWT `U^cRSTf eUVc cWYQ ZYR`SccYVR^ _lX qFQ NT jHQqi X^f p J^W H ¨BB DHFD eYV_Yc DIFDu DFGHu DHqGu IIHqf
DDGif >RTTYVWZu ?ZZW gY[ZaU[bf J^W Iq Be DEHqf ea VSaQ ^ScWVUVV dSXYp eWVaYVT > _U K`U dSXYpWZU gUy^TUZf © DF @SSQ XU K^SZYZf ewVcl Djf Ala^sUVUVVU J]WXXlu UXYZc _U c\sZ_Sacf p I eB DHFjf eYV_Yc qEFu FIif
DDGDf >R[TWZYZu PUU[VY PRXcUU OUbSVpf J^W F ¨B DEHqf ea [^T PUU[VY eWVaYVT > _U NU[WU VS[WZU eUVVWZYZf © qh LWWXU rW[ccW[WZZYf \S Dqf ·B CPP IHf CeJ LUkWZ kWW[W \VWT WZX IHQjHu ZRS[ WZX jHQhIu `UZa WZX hIQFDf eUVcWSZ PSX^WcXcS WZXSkk IqQIFf PYTWZ ^URk kUV` IGu @URTUZ ^URk IEf CSWT LUkWZ WZX _U U[^^\ab \Tf NT DE X^u NT jHQqi X^u NT qDQqhu J]WZ `UVcUR^XYZ NTf PY[Xf JU[[ TYcXlXc\Xu ^UVUXQ cRXu RV^SWVRu pWVUcYVWUf p Dj B DHGIf
DDGIf ?VVWZYZu ?VVW BVTU[Wf PW`WTUU Ii eBBB DEHhf ea VYacu N dRaS [Yb[W^ ?_U AYVTU BbU gVSZbWZU gly^Xc[sTf © ID KbWca NU[]U[YcU KVWXUzYca VSYXXYVu BB jhQ OWVW ·U]TU[ PU[kQ kWZYZf \S Dqf LP IDu LL IGf ASbUZ^\VlZ UVRYVll^ jiQjGf n^XVll^ ARSZYZ_SYVVU IGQIHf PWR[R`YbYVVl jGQf ASbUZ^\VlZ cY[`Y\bYZaSWcSVURcU^ k_ jDQjjf A^QVll^ jiQqqf NT jHQqif Lll^^Ukc jjf JU[[ kRRcU[aUZaSWcSu ^UVUXcRXf p ID DDD DHFjf eYV_Yc DqIFu DhiIu IqIqf
DDGjf rUU^^U[Wu PU[V MRXcUpf J^W DE B DEHGf ea ^URkk PU[V OR]RXc r_U NU[WU ASpWU AcYZzY[]f p J^W H B¨ DHDqf
DDGqf rUVT][YZu >WWVSf J^W Ij eBBB DEHqf ea WXlZZ eWVaYVT r _U AUZZU OTUZbU ?^XUf © DHQIh OTUZbU KVWWZU LWZbQ Xc[sTf ewVcl DIf e@ Xla^sZ DjQDFf dll^kUcV IG DFQDEf A U[T UVWRkX DEQDHu IiQ IDu Ijf rSVWWXWVUWc SXSWcYcXcS kUXXWZcU[^ DHQIqf @URcUcYWbYZ cXcSUkRV Iqu IEf PWY[cRYZl\ccYVW_l _U ^WYVQ cYZSkYccf eW[NTf PY[X DEu `llk Iif p H BB DHqif C\cclQ [YZkSW^U FiHFf
DDGhf rYVVWZYZu JYW^^W CUkWSf J^W DG B¨ DEHFf ea cSWT_ ?ccS eWVaYVT r _U KVWXUzYc gUy^TUZf © II KXcY[ NU[_UccU AWW^UZYZf Q\S Dhf Q·B CPP Iif PU_UUZW ?\ kWW[cl_l Iif Oz PYTW ?\ kWW[cl_l _U ZRS[ WZX IDQIIf nac\ZYYc rUkY[WcYacUUc ?\ }N\VV\^SX^W~ ^l\ccsWZX IIQIFf @UUaY ?\ }JUR^WkRbUX~ cY^Z _Sac _U WXlZZ IFQjqf rWc^l[UZcU ?\ }BTkWVUacW~ \VWQWZX jqQqif CPP kUkY[WcY^Z k[Sp qDQFDf N\VV\^SX^YZ _U JUR^WQ kRcUUZ XRS_YVRX^ _lXf AL Pf JU[[ `UVS^R`URXu kR[_Yaf p DH eBBB DHGDf
DDGFf rYVcSZYZu PRXcUU dUVTU[Wf ³r\al_l[`W }oB~ DG eWVW DEHjf ea T` PRXcUU OVY^XUZcY[W r _U KRp[SX\ZY PU[SVWZU OVUZbY[f © Ij ^UZQ XU^? AUVVW JWVbU B[YZY LUWZYf \S Dhf QO[^^ CPP IIf ?TU U[^^cXcS IhQu JSWcUZRc ScS TUUcUVSRXaUZ _U TUUcUQ VSRbYZ ^SYcSWTWZZUZ U[^^ cYacl`Wl jiQf nVWU[^^WcYacW hjf JU[[ ^UZXUcWYQ cYYcf p DF eBB DHFHf C\ccl[YZkSW^U GjDqf
DDGGf rYcl_lu g[\ZSVp LYSZU[bf J^W DD eWVW DEHqf ea
^URkk dSaUZ r _U JYbbU ASpWU JYVYZf © II p DHFi e? ARSTU Cs[Z£`WXcu FDQ kll^W[_UZkWc KVXU NU[WU OacWf eVLVcl
Dhu JYWZSVUZ \ac^ \S DGf ?kWX^ PPP
DGQDEf eWWkR[WZ RkX^S^^R[XXW DEQDHu
PUbP ^RRZcYVRQRkX IjQIqf A eUV^
PUU[cW DHQIjf nY cXcSRkX IjQIEf rN
ZRS[ cXcSRkX IEQjjf oRbYZTUUZ ^RcQ t dmL XRZcUkWW[W kllVV jiu rSa_UZTUUZ jDu |ndgJA PS^^SVUZ Ak jjQjhu CRRXRVUZ Ak jhQ
jHf rSa_QoRbYZTUUZ A^QkWW[WZ kllVV jHQqqf N\sa JYcY^U ?\u eUVTYc _U WZXcXcS JYWbWZ ^ScWQ _U RV^STUUZ^URkkUcYacf e@ ju e@ qu Ae@ @ Du NT DEu NT jHQqiu NT qDQqhu e@ UT Iu A^ U[u aYZ]YZkYVUXcRXTWcf elZ[ DHu BcZ IDu ^Ukc Ihu TU_ jiu Y`V qDf JU[[ Z\^\aWXcS[WUu YVlTl^Y[[Ucf c J^W DH eB DHFFf
DDGEf rWYcWVlWZYZu OU[ZY eWVaYVTf J^W h eB DEHjf ea cYacUWQ VW_U JWX^WUX r _U eWVaYVTWZU @SXXWf BLVcU iEf C\sZ_SacU_Uu Qp J^W DE D DHIGf eYVW DFEDf
DDGHf @UY^UVVWS }YZc JU]YVzY[]~u BVTU[W dSaUZZYXf d\`lX^\Q
BBWtJ DG e DEHFf ea ^s\alWZaSWb cU[^ dSQ B aUZZYX @_U ·U]TU[ NUZU AU[VWZf © DH et e TU dYZZ\ dUZXXSZf BewVcl DIu \^X eBf
rSXcWVUWc kUV` DFQDHf PSR`SVUZ AUQ
p`VtV ZSTUc `c kllcSWT DHu eUkUU PU[_UVU _U
ANL BZ^Y[W jqf PU[_UVU cSWT IiQjHu ACC qiQ
qIu oRXW A qIQhif eUkUU VYacWT hiQf CUWcYWVW_Uf JU[[ TUc^UWVR TRXWW^^Wf
DDEif @UR[UTS }QiF Aya[SbY[RX~u dSXYp gY[ZaU[bf J^W E BB
DEHFf ea [S` JYZ[W^ B b`U[b P _U OZZU
JYVYZU rU£`UVyZf © II JY[ccU ?XTSZQ
B XUVSf \S Dhf ·V CPP IIf ?\ J]WZ
« CRVWcW^^RVyac cY^Z _Sac IjQIqu ?\
®º cp gSS^TUcyaYX Oz IqQIGu rS[WZ CRVWcW^Q ^RcYabUX ?\ jGQFIf ?\ NlZcXlVlZ cRVWQ cW^^RcYac cY^Z _Sac _U WXlZZ IGQIHf ?\ ´W AU`SZ ^l\ccsWZX IHQjGf PRSkWSZ CYSVVQ d^g Skycc jIQjFf OV^SaSVWZ`UVTWXcR^Q
à XYZ kUW^UVVWXcU[^ jjQjGf rS[WZ cY^Z XYR[ k_ _U cSWTWZZUZ_f CYV_lZ @ScU[\^VRzW k[YXf NT DE [X^u NT jH½qiu eXX UTf PY[X DEf JU[[ TWYX^RS[SVURVRu R[aYWVR^UQ VUXcRXu pWVUcYVWUu XR^RcRc^WTRXf c rS[W D BB DHFhf eYV_Yc hEFu FIhu DDihf
DDEDf @UZcUXUVS }YZc LWZb[SSX~u rUU`S >WWVSf J^W D ¨ DEHqf ea TUUVU[WTYXc [Yb[W^ eW^cS[ LWZbQ @SSX _U OR[S[U NU[WU M[sZ[SSXf © ID c DHII ·U]TU[ >YZSZYZu IqQ OZZU KVQ `W[U ·Wy^TUZf e¡Vcl DIf @URcUcWY`W[Q ^UTu J]WZ kSVWWXWVUWc cUVSRXSXUXcSVVUf ?\ A\XcYTUZ cUVaSWcf LWW^YTu ^SZccS[WQ cU[`WWyYVWW^^YYZ STWXcf p Dh ¨ DHhjf
`k_ jEQqFf AScWVUXaUVVWZZ ^SRV SkYcc IFQIGf JRSkUVUabYZ `Y[SVURcU^ k_ jEQqif NRZ^^WZWYTYZ `UVc _lX jGQqhu cY[`Y\Q bYZaVURcU^ k_ jGQjHf nSQVYabYZ cSWT _U cUVaSWc DEQIif WVSQ XSpWXYZ \ab _SacS^ _lX DHQIDu J]WZ @UcXUXcU_Uc jDQjFf A @UcQ XUXcU_UWZVWWccS aUVW _lX _U cUVaSWc jjQjhu VWWccS`UVc _lX jFQjGf NRZ^^WZWYTYZ \ac^ _SacS^ _lX qEQhDu cUVS\ac _SacS^ k_ hiQ hDf Ae@ Pu e@ I ^Uu NT jHQ qi X^f c J^W j eBB DHFjf
DDEqf @SXYZ£`WXcu OU[ZY ?XyU[f J^W ji e DEHqf ea ^UZXUQ ^S ?XyU[ @ _U NU[WU NUcaWVbU @SXUVWY @UZ^f VwVcl iGf LWW^YTWYXf p h D DHDHf
DDEhf AUU[WZYZu dUVS MUz[WYVf J^W DE ¨BB DEHqf ea c\sZQ _Sac eW^cS[ A _U JWVbU PUWXU AUXXWf © Ih c DHjH cXcS`W[^ OVVW NU[WU LWZbzY[]u BB qD pU[T KXcY[W KVWXUzYca KZ`UVVf Q\S Dhf LP IDu LL IGf ARWXcUTSZ _U ASUZVUaQ bYZ `c ^RZZVll^ IhQIF ^RZZVll^ IGQjIf PC@ D `c ZRS[ Vll^ IqQIhu [\^TVll^ jIQqif eU^WZ XScVll^ qiQqhf rXr[ Vll^ qhQhEf JlTYYZVllZWZ Ak Vll^ qqQFjf Be er Vll^ qqQqFf rN kUV^^WSVll^ JlQ TYYZVWZZUXXU qhQFif ARWXcUTSZ XRS_YQ VRX^ YXW^ _lX jiQjDf NLL ARWXcUTSZ SX k_ IEQjDf AS[cU`UVUZ XRS_YVRX^ kWW[WYXW^ _lX jiQjDf J]WZ ?V\TkWUVUWXcYZ hQSccYVRZ Vll^WZclaRSVVSZ _l[_YXcl_l hIf Qe@jue@ qu NT DE X^u NT jHQqiu NT qDQqhu Ae@ @ Du i U[ If QLll^^Ukc jIu Vll^TU_ jhu Vll^Y`V qIf JU[[ ^W[_UVVWXRRXu kRRcU[aUZaSWcSf c Dh B DHGDf
DDEFf AUU[WZYZu n[_s eW^cS[f J^W IG eBB DEHGf ea cS[WQ ^URkk dRaS eW^cS[W A _U OV`WZU >WYTWZYZf © Ij OZZU NU[WU rRV^^WZYZf KWcl iEf re UVWRkXu XScWVUX`W[^UTf p >WWZWQ TUU Ii BB DHhhf
DDEGf AUW^^Su elWZs MUz[WYVf § eWWkR[W Ii ¨BB DEHjf ea _l[Q UZUWpYctcY¬ _YXcYV\TYXc MUz[WYV A _U OZZU PU_UZRXf J ewVcl Dju J]WZ T`V\X \S DFf ?kWX^ B OcYZYRTWXXU DGQIif O][ Iq Jnf JUZ^Q ^W_UZ kUV` DHQIIu ?CP IqQIFf CUWbYQ d[ dP TUUVU[W IFQf QNT DE X^f QpE ¨V DHhIf eYVW DjFFf
DDEIf @WXXUZYZu KWZS eUVbYTU[f rR^^WVU Dj ¨ DEHqf ea [llclVW dSaUZZYX @_U K[W^U CSW`SVUf oVWVcU DDf LlacYZ\c eYZl_lVVY DEf p D B DHEhf
DDEjf @SXYZVspu PUU[VS eWycS[f J^W F B¨ DEHqf ea ^SZcc JYZ[W^ eW^cS[ @ _U NU[WU OR[S[U LWZbzY[]f © Iq kWW[RXcR^Q XYZSkYcc KVTW OW[W^^W AYkklZYZf \S Dqf CYSVS]WUZ k[YVWQ TWZcRc^ DFu P _U N IDu nÁC _U L?P IFf J]WZ kSVWWXWVUWc ^W[_R[W DGu Y`U^RSWTWXSX kllVV DEu kUXXWSX kllVV DHf AScUTWZ D B^ ^UZXVWXcW Iiu BV B^ XWac IDQIIf rN B B^ XWac IjQIFu \V cXcS kllVV IFu ZRS[ aUVVXWac IGu `UZa aUVVXWac IEQjEu YXWccYVW_l> jEQqqu aZcS> qqQhhf eUVc cYVU^UZ _U ^SZYkU_S_YZ aUVVWZZSZ XWac IFu _lX IGf eUVc VUW`UcYVU^^U _SacS^ _lX IEQqFu k_ jjQjEu
DDEEf AU`SVUWZYZu elWZs BVTU[Wf J^W Ii B¨ DEHhf ea pU^cS[W ?ccS A _U OTUZbU ?^XUZYZf eWWcU iHu eWWkR[WZ ^VV\X eLVcUf OkcYY^^WSkk DqQDGf eWWkR[WZ LWZZUZ _U rY[^_l[`YZ UkcYY^YWXXU DGQDEf UPf e@ qf JU[[ ZRTWXTUcWW^^Uu pWVUQ cYVWUf PUUcRW >URVUXUU[YXXU ji Be DHDEf eYVW GDif
DDEHf AUÃYZu JU[[\ @UVpf CUTkY[Y G VWW DEHFf ea ^SRVR> @UVp KWZS A _U KVXU rRV^^WZYZf © jG J MRZaWVb BZ]YzS[] ·S[U LWcaSTRXf Q\S B Dhf ?W^c Iif eC Ijf PP? \VWT `W[Q ^UZ¢ IhQIEf J]WZ @? `c ZRS[ ?W^>T IhQIEf A LRScSZUZcU_U\ab k[S^ IEQqif OOfQNT DEfQpGB eBB DHhDf
DDHif ARXWcUW`UV }QIG AW`YZ~u rUU`S ?X^U[ Kb`U[bf J^W H BB
DEHFf ea LPC tUVcY[ ?X`UVb AW`YZ _U
AWW[W gVSTXcYbcf ©DE KVZU OR[S[U ¾WcQ
cWZ]f \\S Dhf PUbP ^RRZcYVRQRkX
DHQIiu APPwU `UXcUU`Uc SkWZZSc IIQIh
AU^XUXXUf O[TYW_UXXU ^STkkkllVVu
cXcSRkX _U rS[WZ A^QkWW[WZ B XScSa_f A^Q
\VWYXW^ XSccU[^ IjQjif rSa_QoRbYZQ
TUUZ A^QkWW[WZ kllVV jiQjIf AUZSTUQ
VYacWWZu kSVWWcW^^S_U ^W[_UWVW_Uf A `RSXWYZ DHIiQqi aWXcS[WUZ XllcWs UXWUTf @\aQ
TlZ ^ST PWUZcU_l[`YVVl qiu kUcV^ST qiu [\^T ^ST qDf KbRX^ _lX jHQqif LUkkYYZ[UZZUZ [YXRkX^Y[aS ^RZZWU_lXf e@ I cV^u e@ Iu e@ ju e@ q T^u Ae@ @ Du NT jHQqiu NT qDQqhf PUkc DEu TU_ Ihu Y`V IHu \YQRkX IGf JU[[ XScUQu cUVSRXQ_U kSVWWccWZYZ aWXcS[WUf eYVW DhDEu kSW^U qiHIf
DDHDf AZYVVTUZu KVWX BVTU[Wf rSa_UZ kWc IH eB DEHhf ea cSb e> PU[V A_U KVVYZ ASpWU NsVVY[f ©ID ?L NU[]U[YcU AcSVkYf LUkXYc gW[]WccU Iqu NSZWyU IEu NU[WcU jhf \S Dhf LP Iju LL IFf @UZcUXUVTYZ ^RZZVll^ IEQjhu KZSZcY^WsZ hhQhFf re kUcVVll^ jhQhqf J]WZ ^URk BB `YZY[WXcYZ cURc kSVW^VWZ UkRVVll^ qqQhDf ?\ KZXS Oz _U KVY^c[STYcUVVR[]WX^U Oz cYacVll^ IhQ IE eRS^XYZZWX^UVVUf Be? c\sTUUVll^ hGQhHf n^XWc\WXVll^f e@ j cV^u e@ ju NT DEu NT jHQqiu NT qDQqhf @YX`lZ[ DEu Vll^Y`V qIf JU[[ `UVS^R`URXu kR[_YabRXu ^UVUXcRXu aWWaQ cSu TYcXlXc\Xf p h ¨BB DHGhf eYV_Yc DDjIu DDjjf
DDHIf AZYVVTUZu elWZs JYZ[W^f ³eWWkR[W jD eBBB DEHhf ea XYZUUccS[W OZbY[X JYZ[W^ A _U OZZU NU[WU OVpcUZf © jqQqh CY^VU CY[YXWU >\pS[Xu qhQ AUU[U ARXUZZU LYkkl`RS[Wf BewVcl Diu ARST \ac^ eVLVcl Dqf @^T IIf @^T J]WXXlf p I eBB DHGif
DDHjf ASaVzY[]u tUVcS LUR[Wf J^W IH B DEHFf ea cYacUWVW_U MUz[WYV tWVaYVT A _U KTWVWU ?^XUZYZ © IF K`U AWVVTUZf e¡Vcl Djf O][SVS]W DhQDG NRXcWUVUZ T`SkWXcf eWV_YVW LSa_UZ PSR`SVUZ cWVUU DHQFDf LSa_UZ ^RZZUVVWXVURcU^ YXWTf LSa_UZ Ak _U SXRRXcYR[UXcUTSZ aUVW _lXf eYV_Yc IqGu jIjf
DDHqf ARR[SZYZu PUR^S raWVWk dRVWUZRXf ³eW[SVUacW Ij DDD DEHFf ea LUP raWVWk A _U OVTU CaY[YXWU gUy^Xc[sTf © IF KVTU BVSZU dRRcWVUWZYZf oVWVcU DIf CXcSkllVVW^^s J]WXXlf c Ih ¨BB DHFHf
DDHhf Al[^^lu KTWV tSVbYTU[f rWYcU[W F eBB DEHhf ea cYaQ cUUZ_Sac ·U`Wb A _U JWVbU NU[WU BTTSZYZf BLVcU iHf eY[aSWVW_Uf PUbSZZRc Ihf
DDHFf CR[_U }YZc C[S]YZ~u elWZs eW^cS[f CR[^R IH B¨ DEHhf ea c\sZ_Sac PU[V eW^cS[ C _U OTUZbU NU[WU LYacWZYZf © dRbWca JWVbY]U[b JYVYZWRXf \S Dqf Ala^sccl_lf p Iq eB DHjif eYVW DjjGf
DDHGf CR[RZYZu @SzY[c VW`U[Wf ³J^W G eB DEHhf ea `WWVU[W OVY^XUZbY[ C _U BbU eWVaYVTWZUf © Dh p DHDG KTWVWU >R[TWQ ZYZu jjQ ?V]U NU[WU gly^TUZf KWcl iEf eWWVU[Wu cUVSZT J]WXXlf p J BB DHFDf
DDHEf Cs[Zl`lu rUU`S OVY^XUZbY[f ³LYTkllVl DF Be DEHq PUX`UcRXWXl ^WaVU^cRST PSZXcUZcWZ Cs[ZRbbf oVWVcU Dif NUUZ`WV_ AYWZl_SYVVUf c Dj eBB DHGjf
DDHHf tU[SZYZu KWZS dSaUZZYXf PUk[WS }BZ^Y[W~ Iq eBBB DEHFf ea [S` dRaS t _U dYZZ\ KTWVWU gss^f © Iq P? JWV^^U NU[_UccU JRTUVUWZYZf \S Dqf P DGu N DHf J]WZ ^URk cWVUXcScXcS U^c DGQDHf PURkRZ^WVWWccS XWac IiQqIf J]WZ ^URkQ XWac qIQhqu UkRV^URk_Sac }[UaUcSWTW~ hhQFjf nPP ^RZZUVVWXQ kSVWcWW^UZ SkYcc qqQhiu `c k[Sp hiQhIu ^RZZUVVWXcU¢ `c UkRVk[Sp FjQFhu `UVcRRX^ _lX hhQFDf AUcUTUVWWccS XWac IjQqEu aUVW _lX qjQu k_ hjQf PRZZUVVWX`W[^UTVWWccS XWac IiQqHu aUVW _lX qjQhDf J]WZ ?XRRX^URkkU aZcSZYR` _lX hiQu k_ hjf BZ`UVWbWXllcWs ^UZZUcRX\ab k_ FiQ PURkXWacYY[WYZ \ab aUVW k_ qjQhhf PUZQ XUVVWXSSkkY[U aZcSZYR` _lX hFQu ARST Ak WXlZZWXc _lX hjQu `k_ FjQf CYSVVWXRRX^YX^RX ?\ _SacS^ _lX hhQf rUVUyY JScYV ?\
_SacS^ _lX hGQf J]WZ C\sZ nac\TlZ aUVW _lX jFQqqf PRZZ CY[`Y\bYZaSWcS\ab aUVW _lX jEQhqf PURkRZ]WZ_SacU_U Fqu AL Pu ? U[ Iu APL ^T[u J^WQTWcu @RScXrµ @f p F ¨VV DHGEf rSW^U qDjFu `YVW DjjEf
DIiif eWWcUu OU[ZY O[TUXf J^W IG eBB DEHhf ea [llclVW eWVaS e _U OTUZbU PW`WXcsf © IiQhG NU[WU NUVWZYZu BB hG kUZ^^W`W[^ NU[cQ cU CYVVY[`S LSaWVUacWf \S Dqf ?kWX^ DFQDH VUWZSk cWYbY^f P?r kUV` DqQDFu IiQhHu }IiQ UVR^XW WcXYZ LRSccSkUZ^^W kUV`~u VSkR^XW J^WQJYW^WZ^UbRZ aUU[UQ ^SZcc YXWTf oX J]WZ ^WWZcYWXcs_YZ WXlZZf NT DEf JU[[ `WRVRZXSWccSu cYZZWXf DIG eB DHGjf eYV_Yc FjDu DDDGf
DIiDf eWW^^Wu JUZZYX CaYSkaWVRXf ³AU`SZVWZZU G B¨ DEHFf ea kUXc dRaUZW e _U NU[WU NUcWVbU LWZb[SSXf © IIQqj K`U eWVaYVTWZU JSVSkUWZYZu qjQ OWZS PUcU[WWZU LYaW^SWZYZf eLVcU Djf ALNP kllXcscSb DFf ACP cXcSkllVV IHQu JU[[ kSXcWTY[^^YWV\f p IG ¨ DHqFf eYVW DhjDu kSW^U qHFqf
DIiIf eSWSZTUUu ?VU`W CUkWSf ³J^W H eB DEHFf ea k[Sp PUU[VY elWZs e _U BVTU NU[WU OVWZf © Ij NUbYVYWZY NS[YVf \S Dqf P DEu N DHu eWWkR[WZ RkX^S^^R[XXW DEQDHf A U[T RkX ^STYZZYccRZU oN ^l\ccssZ DEQIIf PUZXUWZ` c\scXcS `W[^UT IIQIHf PUZXUWZVWWccSZ XWacYY[WXcs _lX IHQjGf oN SXQ kllVV jGQjEu ^UZXVWUkllVV jEQqDu qFQhif LlaYccWVlX A`YWcXWXXl qDQqFu gYV]WUXXU _U LRÃYTzR[]WXXU hiQhGu XRR[VlaYccWVlX KXQ kUZ_UXXU hGQFi _U eUcW^UUZWXXU hFQFif LlaYc\XcsZYR`SX jqu Ae@ P Du NT jHQqiu gP[@ XRR[[u LRÃCP[@ XRR[[ @PL Pf elZ[ DHu BcZ IDf p LR¦YT F ¨ DHFif eYV_Yc DjqDu DFIDu IEFIf
DIijf tRS[WSu JR]S tUVbYTU[f J^W IH eB DEHhf ea c\sT K[W^ dSaUZ t _U KY`U [Yb[W^WZc\cl[f © B OWZS KVWZ S[XQ Xc[sTu BB jiQ C\\ZY ·U]TU[ KVSTUUf eLVcU DIf @^T DH J]WZ cYSVV^SRVf K[W kWW[RXcRXcXcSWXXU DHQIEf eWWkR[WZ ^URk [U^^SZcc [^T IHu n D [U^YZZRXcYZ \VWaUVV jiu rN CY[W_SYVVU jDQjEf n^X R[U^SWcXW_U eWWkR[WXXU jEQqiu J]WXXl qiQf A @U^Q TYXcVWWccS XWac qIQqju J]WZ @U^TYXc\ab qDQqhf p jD eBBB DHhhf DHiG
DIiqf g[SpYVbcu ?VU`W }?VVW~f PRSkWS I e DEHDf ea cSWT_ PU[V MRXcU` g _U K`U eWVaYVTWZU AcYZWRXf BeWVVYu \S DIf ?kWX^ CPP _U C[YYZ cY^Z SkWXcf e@ JU[[ \VYWXR[aYWVRf PUUcRW j Be DHDE C[YYZ `UVVSWcR^XYXXUf eYV_Yc DIihu DIiFf
DIihf g[SpYVbcu AWTS OZcY[Sf PRSkWS II ¨B DEHIf ea cSWT_ PUU[VS PRXcUU g _U K`U eWVaYVTWZU AcYQ ZWRXf © II OXcU tWZcY[f BewVVYu \S DDf LP Dqu LL Iiu LPC Iqu ^W[ XUW[ Y[W^Q Vll^ IIf J]WZ \V XUW[ ^W[ UkRVVll^ IiQ Iqu UkRVSkYcc IhQjIf Jn ^W[ bSX IFQjju \VWT k[Sp jjQjHu `U[X k[Sp jHQqIf Ar@ XUW[ \VWVll^ jIQu Ar@ XScUXUW[ kllVV Vll^ _U WZ`UVWbWVXcS _Sac qiQu eXXQkllVV yXW^ KUL W]µP_ \VWVll^ _U rllTU_U ZyR`SccYVy`U ^W[R[]W jHQqif Ar@ ^YX^RXaUZ _lX jIQ J]WZ XUW[aSWc^R[XXWYZ _SacS^ k_ jiQf LPJ cWYc ZYR` _lX jIQf J]WZ ^URk XUW[UUVUaUZ _lX jqQu `UVc _lX jGQu A CWYbYU^Uc UkR_lX jHf ·RSbYyWT k_ jGQqiu o[aVll^\ab jHQf A PW[R[]W\ab `_ qiQf N@ Iu e@ Iu e@ q k[^u NT DEu Ar@ aSk UTf NT jHQqi TX^u eXX UT Du LUc`rµ @ Du >S[_UZ r@ ^RZZWU[u AU^X P[WY]XSkpY[`Y[zRZb ^RVc ^T[u LPC aY jH @WWUZ \VWSkWXcf Lll^Y` qif JU[[ XURZUf p Dh ¨ DHqIf eYV_Yc DIiqu DIiFu c\ccl[YZkSW^U HHijf
DIiFf g[SpYVbcu CWTS PRVVY[`Sf PRSkWS Di DDD DEHqf ea cSWTW PUU[VS PRXcUU g _U K`U eWVaYVQ
TWZl AcYZWRXf © Ii NU[]Wc KVWXUzYca
¥UXc[YZf BLVVYu \S Djf NJ DFf CaSQ
TYZ NYcXlcXcS kUV` DFQDEu cSWZYZ STWXc DEQqhu STWXc qhQhDf NYcXlQ _U oWccS`lVWZY ?\ _SacS^ k_ qEQhDu PWaU ?\ qhQhDu JUV^S\ac\Tl qhQhDf A NYcQ XlZaSWcS\ab _U n^XTYcXlZaSWcU_U\ab _SacS^ _lXf e@ ju e@ qu AL Pu NT DEu TYcXlZYR`SX qDf LcZ qIf pII B DHhDf eYV_Yc DIiqu DIihf
DIiGf AU[UZZY }QIG AcYZzY[]~u eYW^^S KVWXf ³?RVR Di ¨BB DEHjf ea cS[`YZXSWcc dSaUZ KVWX AcYZzY[] _U BbU ¥aU[VSccU OX^f © Di p DHjH AUWTU ARXUZZU KX^SVUu qI KWVU KVWXUzYc PRV_Rf oVWVVYu BeWVclu \S DIf e@ DjQ hhu CS[ZWSZ UXYTUZ BB ^W[_R[W IHQjHuD ^W[_R[W jHQhhf Qe@qf LcZf p CS[ZWS DI B DHhhf
DIiEf eWaY[_RR[W }QiF M[sZ[Sca~u JWVVU[W dSaUZZYXf J^W DH BV DEEHf ea _RZUWVW_U @W^aU[b NUR[Wc¦ T M[sZ[Sca _U KTTU elalQoScWVUf © Dj OWZS LRXWU >RTTW`RS[Wf eBBLVVYu \S iEf P DDu N Djf >S[XXWZ `YZl_lZ _U XRST SkYcc DqQDEf PRXcUZZRX ?\ ?cUQ `U TUWZSX_Sac DEQjFf PRXcUZZRX ?\
PW`W cSWT_ jGQjEf oRbYZ A XRZZRZcUWQ VWWcY cSWT jGQqhf PPP `YZl_lZ VYac qFQ qHu TUWZSZZUZ SkYcc jqQqFf J]WZ c\sQ
`lYZSkWXc _U Y[W ^URkkU^SRV SkYcc DqQ
DEf oRXW rlW`l cSWT DGQDEf A PR`UVYacW cSWT _lX DHQjFf rSaQ _SWXTUWbYZ TUWZSXVWWccS k[YX jhf A NUc^S_YZ _SacS^ `k_f JYVQ
XWZ^WQXYR[ _SacS^ k_ jqQqIf ARST XURZUZ \Xcl`lc kllXWac jGQu NUWZSXTWYXcYZ ^Y[aS k_ IGQjhf KVUZcS aZcSZYR` _lXf J]WZ ^URk`UVc _lX jqQjFf NT DEu @RScXeµ @ Df c J^W ID B¨ DHqHf
DIiHf rRRXcWZYZu eWV_S BVTU[Wf PWWacYV\X`UU[U DE ¨BB DEEEf ea ^UkkU¢ VWXU^^W r _U OZZU LS`WXU CSVkSf © Ij NU\ }LRVQ VUZ~ MUVVYZf LUkXYc dS[TU PVURX BVTU[W Iqu NUW[Y JY[ccU CYVQ VY[`S Iqu PUR^S ORVWX eWV_S jHf eWVWVVYu \S iHu dSYZXRRZ ^VV\X BQeVf ?W^c DIu nÁC Ihu LUP Ihu LUL qEu eC Dhf ?N \VWT ^SkWXcW DHQIif CeJ [URcUcWY[U^SX UXWUZ`UV`S_U Iif @J UkRV UXWUZ`UV`S_U IjQjhf eU^RRcRXZYR` UXYXX jhQqIf @S`UQ ZWYTYZu BVSTUZcXWZu NUX^RZu CUTTYVUZ _U BVTU_SYZ cRSQ TWS^ `c cRST DDQDEf eWWcUXUU[YZ cRSTWS^ cRST qEQhEf BclQ PU[_UVUZ cSWTWcRX^ aZcSQ_U SW^YRXUXWUWZ SX _Sac _U YXWcc DEQ DHf ORZR^XYZ aSWcS^ _lX DHf J]WZ XSXWUUVWVURcU^ `c XWac IDQ IIf AL Pu ORZR^XYZ NTu JYWTSXScU[WXcWu NT jHQqiu eW[SZeµ jf JU[[ XR^RcRc^WTRXf c Ih B DHGDf
DIDif AUVYZWRXu OZbY[X dSaUZZYXf PRSkWS Ih ¨ DEHDf ea N dSaUZ NU]ZRX A _U dSaUZZU MRXcU`Uf © DG JYV`W KXcY[ @UWcWSf eLVVYu \S Dif LP Dqu LL DHf OTzRVUZXXWVll^ `UkURXXSbf K[W ^RZcWYZ `c ^RZZVll^f CUTkY[YYZ [\^T kUcVQ Vll^ IjQIhf PC@ j [\^TVll^ IhQIHf p E ¨BB DHIHf
DIDDf ellZlZYZu ?X^U[W MUz[WYVf J^W Iq DDD DEHif ea `UaQ cWTYXc PUU[VS eWVaS e_U NU[WU >WX^UZYZf © Dq p DHjI JYVTW KVWZ KTWVWU PU[kSu jhQ AW[^^U ?VVW^UWZYZf eLVVYu \S Dif e?cRc^ Djf eWWkR[WZ RRbYZ \ac^u eWWkR[WZ [YUUVW^SRV _U PU[Q _UVUZ T`V\X e? DjQIIu eWWkR[WZ \ac^ IiQIIf ?RVRZ V\X VYac IIQIju AU`SZVWZZUZ V\X IjQIHu J]WZ XRST V\X IHQqFu NW^^YQ VWZ V\X qFQ hjf Jn TWY^^UWVRZ SkYcc IHQqhf eWWkR[WZ ^URk UTTUccW^ cY[`Y\XSkWZ SkYcc DGQIIu JC? qqQqFf ?V\TkWUQ YbRXcU_U DIu Q_SacU_U jFf Ae@ @u Ao U[f c LUacW IE B DHFIf rSW^U jjGiu kS_UZkS_Uc GjhGu GjhHu Ghqjf
DIDIf LYacSZYZu dSaZ OVp[Ybf J^W Ij eB DEHDf ea OVp[Yb L _U KTWVWU LS`WXU AZ\]]f eWVVYu eWVcl iEf PSZccS[WXcWf p DD DD DHDGf
DIDjf @YVUZbY[u K[W^ }K[^^W~ dRVWRXf ³CUTkY[Y I ¨ DEHIf ea cSWT_ JR]S NU]ZRX dSaUZZYX @ _U ?V]U NUcaWVbU LWZbQ
[SSXf © jD AJ AW][Wb JYVYZU d\Valf LUkXYc JR]S JYZ[W^ NW^UYV jI _U JR]S OU[ZY @WWbW]Y[ jqf eWVVYu \S DDu C[YYZ [YUVWV\X BQBe B^f P DFu N DHu N?P Iju eC Ihf J]WZ ^WaVU^ UkRVP[eSRcW IhQIFf ?N ZSc IGQjDf PP? \VWT `W[Q ^UT IFu ZSc jDQjGu ZRS[ SW^XWac jGQqhu `UZa SW^XWac qhQhEu YXWccYVW_l> hEQFiu ^UZXVWUkllVV FiQFIf J]WZ C[YQXYR[ aUVW k_ qHQhju FiQFDf NT DE [X^u J]WZ `UVc NTu AL P Ae@ Pu ¨¨¨f p q DDD DHGHf rS_Uc qHhDu hDEhu `YVW DIDHf
DIDqf AsbY[Xc[sTu K[W^ dSaUZf ³ASTY[S h B DEHDf ea eC dSaUZ OTUcRX A _U ?VW`WU ¥aU[VSccU LRZbXcYbcf © DE C\\ZY NU[WU ?_UTSf BewVVYu eVLVcl DDu \^X \S DIf ?W^c Iif macl[WZ kWW[WZ >N IiQIju AUU[W_l[`YZ IjQIHf eWWcUXUU[YZ ^WaVU^ aYZ^W^W[_SWZ IHQhIf NT DE X^u NT jHQqif PS[Q ZYccW DEf JU[[ ^UVUXcRXu `UVS^R`URXf c AUU[W_l[`W I BB DHhhf
DIDhf LY`UZbY[u PU[V eW^cS[f rWYcU[W h ¨B DEHif ea dSaUZ JYZ[W^ L _U JYb`W] AYkklVlf © PY[ccR rRc^WZYZf BeWVVYu eWVcl iHf e@ DiQhFu Xla^sZ Dqu BB ^W[_R[W Iju CUTkY[YYZ UXYTUZ B ^W[_R[W jFQqHu cRVY`UWZ cU`U[UWZ cXcSZ kllVV jHQqHu cU`U[UQUXYTUZ kllVV _U \k UkRVUXYTUkllVV qHQhFf AL @u eT Du NT DEu NT jHQqif c CUTkY[Y ID eB DHhHf
DIDFf @YWc¦u LUR[W PRVVY[`S OZbY[`UVbcf eUV^YUVU G DDD DEHjf ea [URcUcWYZ^W[_R[W K[ZXc OZbY[`UVbc @ _U KTTU rURVWZU NUVTf © II OTUZbU NU[WU LWZbaSVTf VVLVVYu BewVcl iHf @^T J]WZ cYSVV^SRV Dqf J]WZ ^URk [U^Q ^SZU [^T DqQDGu PRVSXUU[YZ aR`WVU\aQ b\X^ DGQIDf BcX R[U^SWcXW_U IDQIEf @U^cXcS LUR[W @YWc¦ ?\ cSWT_ IEQu ÁVQ _\^STkkUZWU ?\ jEQqiu @YSVX SkcWyUV ?\ qGQf P[STWkUWZS ?\ _SacS^ k_ qEQf A eU^RRcRX ?\ _SacS^ _lX jEQf J]WZ @U^TYXc\ab `k_ qFQhIf NT DEf p E B¨ DHhH
DIDGf >\TUZu AUVVW PUU[VS OZcY[Sf AU`SZVWZZU IG eB DEHjf ea cWVUZST OZccW dRaS > _U KTWVWU [Yb[W^U ASpWU AcYZWRXf © Ii BVTW NU[WU J\`sZYZf JWWVVYu eWVWVcl Dqu \S Dhf ·B CPP IDf nac rUkY[WcYacUUc ?\ N\VQ V\^SX^YZ cYac ZRS[ WZX IDQIqu dlTXlZQ ^SX^YZ cYac ZRS[ WZX IqQIhu ^l\ccsWZXu cY^Z_Sac IhQqif d\Val`UU[U ?\ cSWT_ qiQhjf ArL PYX^WQA kWW[WZ k_f eUV^YUQ ^SX^YZ JU^U _SacS^ _lXf e@ j T^u e@ q T^u eT I ^Uu NT DE X^f NT jHQqi X^f A^ U[f BZX^Ukc qif JU[[ kUVVSWVRu UTkRTWZYZf p eUV^YU^SX^W DG B¨ DHhjf
DIDEf rY^SZYZu KY[S OZcY[Sf NW^^YVW ji ¨B DEHIf ea ^URkk [WbSVp r _U OTUZbUf © DH BbU JS[cYZXWU P[Uc¦f oVWVcU iEu XRS[ \^X e B^f rSVWWXW`W[^ DhQu kSVWWXWVUWc cUVaSWc jIQhHf A rUVVSVWWccS [Uaa IIQIqu XWac IhQjIf JdP `k_ jjQjhu k_ jFQqFf Ae@ @u r U[u Ao aSk U[f NT DEu NT jHQqif elZ[ jhf QD D B¨ DHGjf eYV_Yc DIFGu DHhju kSW^U jhqif
DIDHf @YVUZbY[u KWZU[ NU]ZRXf ³@RS`YXW F eBB DEHhf ea C JR]S NU]ZRX dSaUZZYX @ _U ?V]U NUcWVbU LWZb[SSXf oVWVVYu \S Dj C[YYZ [YUVWV\X BQBB B^f QLP Iiu LL IG ^YRa^SXUW[ Y[W^Vll^ jEu XWXlcURc Y[W^Vll^ qhf J]WZ XScXUW[ XWXlcURcWSX UkRVVll^ IEQqFf J]WZ ^URk CRzY[^RVSSXWXUW[ UkRVVll^ jFQjHf eUVcWSZ CUkUcR[TUcXcS UXWUZcRZcVll^ qFQFif e@ j kRZ [^u e@ q kRZ [^u Ae@ @ Du NT jHQqiu NT qDQqhu AU^XPµ U[ I T^f Lll^^Ukc jDu Vll^TU_ qiu Vll^Y`V qqf p DID DHGif eYVW DIDjf
DIIif OZccWVUu dUU^^S K[VUZb eY[ZY[f ³CUTkY[Y jD eWVW DEHFf ea TUWXc eY[ZY[ O _U AYVTU NU[WU JYVUZbY[f BLVVYu
DHiG
\S Dqf ·B CPP Iif ?\ NY[yUZcWVY _U @WyaU[b JYVUZbY[ [U^VWW^^ kUV`f p J^W DI BB DHjIf eYV_Yc DjiHu DFqIf
DIIDf CaYXVYppu >WVX ¥U[V KTUZRYV § J^W Iq DDD DEHFf ea Ar \VW^UXss[W eW^cS[ KTUZRYV C _U CSWZW NU[WU ¥SVVWUZbY[f © IH LC? NU[\ NUcaWVbU OVYÃUZb[U Ac_YT`UVVf BLVVYu \S Dqf LP IDu LL IHf ·[U]Xp_l[bWZ _U JWWccWXcYZ ^RZZVll^ IHQjIf Oz ·UVXz[R^ ?\ Vll^ IHQjIu rWc^l[UZcU ?\ cYacQ _U XUW[Vll^ jIQ jHf rYcXUTSZ >W^^YVW ?\ Vll^ jHQqqu PUR^SkllZ cYac qhQf AUVTWZ [` Vll^ jIQjHu PUU^^SWXQA [` qhQf rWc^l[UZZUZ [URcUQ cWYVll^ jIQjHf n^XVll^ eRS^XYZZWX^UVVUf NUZZY[aYWTVWWccS Y[W SX k_ jiQqqf dllTY[YZ UXY`YVW\ab k_ qIQqqf e@ ju e@ qu NT DEu NT jHQqiu eXX UT If c q eBB DHFIf rS_Uc qEhGu qEhEf
DIIIf Jl]]TUZu @RzYZ eWVaSf @Sy^kS[cu NUXXUyaRXYccX Dh eBB DEHqf ea kUXc dSZUX eWVaYVT J _U OZZU CWbYTUZf © Ii NU[ccU NUcaWVbU OVYZf BLVVYu \S Dqf ·Bf @UZZW^^SVUW`UXcS XW`WWVWQWZXf p J^W Di ¨BB DHIDf eYV_Yc DqGEu DFhFu DHDqu IjHju IjHqf
DIIjf PSX^WZYZu dSaUZ tY[ZY[f r\al_l[`W oB j ¨ DEHjf ea cWVUVV dSaUZ P _U NUV`WZY KTYVWZY PVRcQ aUXf © IE AUWTW ·S[ScaYU PU[VXXSZf BB¡VVYu eKVcU DDf Qe@ DDQhi¡ Xla^sZ DHu BB ^W[_R[W Iiu B ^W[_R[W qIu @UWXWSZ UXYQ TUkllVV qEQhif PU[_UUZ X^ kUW^UVVWXQ kllVV IqQIFf Qe@ q T^u NT DEu NT jHQqiu eXX UT D X^u A^ UTf LcZf JU[[ XRS_YVRX^RZcUf QD GeB DHhif C\cQ cl[YZkSW^U hEFhf
DIIqf rSa_UZaYWTSu C\\^S YVW^X eUVbYTU[f NW^^YVW II B¨ DEHhf ea ^SZcckllVV ObSVp >W^VUX gVST£`WXcQrSa_UZaYWTS _U PU[WZ oV[W^U NUZ^SZYZf BLVVYu BLVcU iGf NY[WVVlf p Ac dSZYXu PUZUbU IH B¨ DHIjf eYV_Yc EEGu HGGf
DIIhf rl[ZlZYZu dUVS oV_UXf rWYcU[W F BB DEHqf ea aSkYUXYkQ kl OZccW r _U BbU rUXcWZYZf © DG LWbWU rYc[S`Uf BLVVYu Be¡Vcl DDfQ ARST ?\ KÃkS[c }rWYcU[W~ DIQDEf ?\ NUaS]UZ\ kRRcU`U[U `lVWccl_l eYZl_lVVl DhQDEf A?P ^SZcc eUU_U^SX^YVVU DHQu QD Dj ¨B DHhEf eYV_Yc hiHu Ehjf
DIIFf OUVcSu LUR[W JY[TUZf J^W DH DD DEHFf ea [^T KTUQ ZRYV O _U OZZU KTWVWU AWV`UZf ewVcl Djf PRcSTSUVUVVU DjQDFf PURkkUSkWXc DEf r D kUV` DEQIif eUZ^YWZaSWbSZ `W[Q ^UT IDQu J]WZ ^YX^RX`UZ^WVU ^W[_UZkWc qhQqHu J]WZ L`UZ^WVU cUVkllVV qHQhHf NT DE X^f p ji ¨BB DHFIf eYVW EEif
DIIGf OaWZ^UX }QIF OaV][YZ~u KTWV gY[ZaU[bf J^W DH Be DEHhf ea >N dSaUZ KTWV KzY[aU[b OaV][YZ _U NUcaWVbU MRXcUpXXSZf © IE VllZWZ^W[_UU_U NWTTW LYaUacWf ewVcU iHu JlTYYZVWZZUZ V\X \S DGf JlTYYZ VllZWZ VllZWZU[^WXcSZQ aSWc jIQqHf PS[k[f JU[[ RWZcW }kUV^WZcS_U iFQDh~u TYcXlXQ c\Xu ^UVUXcRXf p JlTYYZVWZZU IE ¨B DHqHf
DIIEf OaS`UU[Uu ?VU`W OUccSf § J^W IG B¨ DEHFf ea ^URkk dSaUZ ObSVp O_U NUcaWVbU @Y`YVVf © ID p DHhj AUU[U NU[WU rRR^^Uf eBLBcl Dqf ?XkllVVu k[S^ J]WXXlf p H B DHhqf eYVW DjiEf
DIIHf @UZWZu JYV]Y eWVaYVTf PRSkWS DE BB DEHGf ea ^URkk LU[X MRXcUp @ _U JYV]U eWVaYVTWWZU JU]YVzY[]f © IF Zl\cc AUU[U NRWZSZYZf VVLVcU DDu NW^^YVWZ \ac^ eLVcU Dhf rSXQ cWaU[_SWcc DhQDEf A?P ^SZcccU[`YT\\TlVl aSWc DEQIIf eWWkRQ [WZ ^URk XUcUTU^SZcc ^W[_UZkWc IjQIhu eWWkR[WZ c\s`lYZcYUcc Zl\cc IjQIFu eWWkR[WZ Zl\cclTsu PSc^UZ Zl\cclTsu CUTkYQ [YYZ c\s`lYZ cYUcc _U CUTkY[YYZ cYUcc IFQjqf rS[WZ cYUcc _Sac
Djq
jqQqiu PSc^UZ TUU^RZcUcYUcc qiQqqu eWWkR[WZ ^URkcYUcc qqQ qhf A ^UZXUVVWXcYUcc Zl\cc qhQqEu @UbWScYUcc qEQqHf A c\s`lYZQ cYUcc _Sac qEQhIf p Dh Be DHhIf eYV_Yc EDiu EDhu Diihf
DIjif ¥SVVWUZbY[u >WVX gYZ_UTWZf PRSkWS DH D DEHGf ea Y` PU[V AYzUXcWUZ ¥_U MY[c[Rb LS`WXU JYVUZbY[f © DH OZZUQ LWXU ·W^YXcf \S Dhf ·B CPP Iif oAOwXXU IDQIGf d t KZ£`WXc ?\ PWVVWZ^SX^YZ kRRaWSTS _Sac IGQjqu LWYVUabYZ XYVVRVSSXUcYac cY^Z_Sac jqQhjf nVs_l[`YZ ^RZZ`UVc _lX qhf DIh BB DHhjf eYVW Dijqf
DIjDf KVS }YZc JYZ[W^XXSZ~u ?W`U KZXWSf J^W ID eBB DEHF ea ^URkk gYZ_UTWZ K _U PU[SVWZU dSQ aUZXXSZf © Ii JYb`W] OVY^XUZb[U JYVSf Q\S Dhf QLP Iiu LL Ihu LPC qiu aY[TS_U TWYVWcURc Y[W^Vll^ IEf LUkWZQ VUabYZ XUW[ UkRVVll^ IhQIEf J]WZ BB ^URkVll^ jqQqIf Jn SW^YRXVll^YSkWVV VUWc UXXWXc IGQqIu bSX qiQqIu `c \VWT k[Sp qDQqIu \VWT k[Sp qIu kX\^WUc[WUZ ^VWZ UkRVSkYcc jiQjDf p J^W DI ¨BB DHqIf
DIjIf AU[^WS }QIj MRXcUpXXSZ~u O[`Sf @URTU DGD DEHFf ea ^URkkUVUW`R[W OZcSZ MRXcUpXXSZ _U KTWVWU NUVYZf © Ij NU[ccU KVWZU >WXXWZYZf \S Dhf ·B CPP cWYQ _U `YXW[U^SX Ijf e@ SXWZX IjQIHu UkRVWZX IHQqDu BB [UcUWZX qDQhFuD [UcUWZXu cRc^kllVV _U Y[W [UcU_U^XS_YZ kllVV hFQFjf OVW^f JU[[ ^UVUXQ cRXf p DI B¨ DHFHf
DIjjf JU^UVYacS }QiF JU]VRZb~u LUR[W OR]RXcf J^W Dj eB DEHGf ea \VWSkWXc ^R[XS[W PU[V OR]RXc JU]VRZb _U PU[SVWZU eWVaYVTWZU KZ]VRZbf © hI bWU^SZWXXU L\\VW [UZXWX^U LYacSQ ZYZf Q\S Dhf Q P_U N DHu cYSV Y[ScRc^ Iju `Wa kUk Ijf J]WZ n^XWc\WXVRS^^WYZ SkYcc DHQIDf PSZYQ _U AWVcU[U^YZZRX ?\ SkkWVUX^ SkYcc DHQIDf PUWZRRZ ^UZXUZSkWXc _Sac IDQIIf BZ^YQ [SWXcYZ \ac^ SkYcc IjQIqf LSa_UZ \ac^ SkYcc IqQIhf JSWcUZRc kUkWZ`W[^S_U OZ_UVUXXUu eWabWXXlu LSa_UVVU _U dUUVUXXU IjQIGf rlV^lZYYZ ^UkkUV IGQjFf OX^SVUZ ^a[U jFQFIf rS[`SSZ [SQ `UXcW^RZZUZ L[S` hHQFIf OX^SVUZ VlaYc\X\ab k_ jFQFIf OXQ ^SVUQAYR[ k_f @S`UXcW qEu Ae@ df PS[k DEf JU[[ U[^YSQ VS]WUf p IG B DHGGf eYV_Yc HEFu DEIhu DHDif DIjqf JURYZu LUR[W >W^SVUWf rR^^WVU II eWVW DEHGf ea VWWQ ^YT PU[V PZRc J _U JWVTU OTUZbU dRZccWVUf © IqQhI OXc[Wb NU[WY S]YVQ aSW Tu DD hI NU[_UccU rWWXkUZYZf \S DFf PURkkU^S[^YU^ RkX^R[XXW qhu PUbP DHQIiu APP IEu SkWX^ Vll^YcWYb DFQDGf A U[TYW_URkX DEQqqu _SVVSWZ [URaUZXSk kY[RXcYYVVU YVl^^YYVVYf PUb^RZcU aUVW _lX IIQIju `k_ IFf NW^^YVWZ ^UbkWW[W k_ IqQIhf JUTWZUZ ^UbkWW[W `k_ jqQqhf PUZ^UUZkllZ ^UbkWW[W k_ qiQqDf nYQ RkX jGu e@ j T^u e@ q T^ }I ^kV~u Ae@ @u eT Du NT DE X^f NT jHQqiu NT qDQqhu C[YYZ NTu @RScXNµ Du AU^XPµ If elZ[ Iiu VcZ Iiu ^Ukc Iqu TU_ jIf JU[[ TRXWW^^Wu XSXWSVS]WUu aWXcS[WUf
DIjhf JU[TUZYZu elWZs O[TUXf J^W E eBB DEHFf ea _lV^W ZYc\sZc dSaUZ J _U JRVbU NU[WU ARSQ TWZYZf © DH cWVUXcSUkRV BTkW eWYZS rURVWZf Q\S Dhf ?kWX^ PPP Dhf P?r cXcSUkRV Dhf ARSTW nacWs k[S^ DFQDHf K[W VWW^YUVSWVVU DHQjhf LWZ_UQURcSVWW^YZQ ZYQUXWUT jhQqif J]WZ ^URk Y[W cYac qDQ Fqu `WWTY^XW UXRZcSUXWUWZXWacf J]WZ ^URk UXRZZSZ_U^ScSWTW^ _lX FqQf rYQ VUZZRc _UV^UQ_U _llkUVVSU JdPwXXUf CYZQ ZWXkUV^WZcS_Uf NT jHQqiu NT qDQqhu eXX UT I X^f JU[[ ^YZZYVf p j B DHFFf
DIjFf JYWZSZYZu ARVS o[aS dSaUZZYXf J^W DH B DEHhf ea [llclVW BXU^ J _U ASpWU LYW`WX^lf BLVcU iHf OTY[W^^UUZ iHf p PUVWpS[ZWU jD DDD DHjGf eYVW Fiqf
DIjGf JYVVYu LUR[W KTWVf xCR[^R D ¨BB DEHFf ea ^W[_UVcU_U oZS KTWV _U PU[SVWZU KRp[SX\ZY >WYTWZYZf © ID LUR[U dSaUZZU LWZbzY[]f BewVcl Djf J]WZ ^URkk ^URkkU^SRVR kllXcscSb Dhf K[W VWW^^YWbYZ ^W[_UZkWc DhQDHf ?\ LUR[W JYVVY © PRTkk cSWTW DHQjDf d dl[`YVlZ LU^^UQ _U el[WcYab ?\ k[S^u ^URkUVV _Sac _U _SacS^ _lX jDQjGf LUR[W JYVVY ?\ }`l[WQ UVUZ cR^^RVWW^Y~ cSWT_ jGQqGf LUR[W JYVVY cWVWcXcS _Sac IGQf JCNQcWVWT hif PUZXUZaRSVcSTWZ SXXWac qiQqhf ASXWUUVWTWZ aWZcUSX cU[^^UWVW_U hiQhqf CSWTWZRc PS[`YZ kRRcU`U[U ?\ _U AU`WVUUXcW ?\ WXlZZf OTTUccWYZYbWXclTWXVUWc SkYcc IjQ NUUQ VU[WUTTUccW^SRV VUX^YZZSZ _U ^W[_UZkWbSZ SkYcc jiQFIf J]WZ ^lXWc\sQ _U kWYZcYSVVaU[_ \ab XWacf ¨¨¨f p H e DHGif
DIjEf JW[`YZXUVS }YZc LU]RX~u OU[ZYf J^W DE ¨BB DEHFf ea ZRS[ VYac LU[X @YWZaSVb J _U KVWZ >UcUVWU g[SpYVbcf \S DhfQ ?kWX^ VU^WcWYbYcclf p >W^^WVl Dq eBBB DHIjf eYVW HDhf
DIjHf JSVSkUWZYZu KWZU[ KTWVf J^W ji eBB DEHFf ea c\sZQ _Sac UzWUZ J _U tWVaYVTWWZU ?VWZf © IE `SWTVYac LYU NU[WU CRa^UZYZf LUkXYc KWZS K[^^W OZcY[S IHu rYZccW PUU[VS dRaUQ ZW IHu n[_s eYW_S ?VU`W jif \S Dhf ?W^c Iiu nJC IDu eC Ihf rN ^UZXVWXcW _U cXcSXWac IiQIjf d ¥UXc[YZ OOcXcSZ UkRV IjQIqf dRRUZ >N IhQIGu >R[TY^XYZ IGQjif BVSTUZcXWZ P[eSRcW jiQqqf PRSkWSZ LJ L[Y` qhQqEf eUVcWSZcUVSRbYZ cU[^UXcRX`XcS \VWcU[^ qHQhqu cXcSkllVV hqQFjf @Y`WXWSZYR`SX Fju NT DEu NT jHQqiu AL@ @ Du ¨¨¨u ¨Lf JU[[ TYcXlXQ c\Xf p DF eBBB DHGEf
DIqif dUTUVUWZYZu ARVS dSXYpf JWYcUTl^W BZ^Y[W DF eB DEHGf ea T` OZccW d _U JYVYZU CWWXZY^^Uf eLVcU Dqf c DHDHf eYVW DHGHf
DIqDf dS^YVUu gY[cYV PUVY`Uf J^W Di B¨ DEHhf ea `UUccR[WQ TYXc PU[V d _U OTUZbU NU[WU JlZYZf © II KVVYZ PUc[W CSW^Q ^Uu BB qF oVVU dUU^^SVUf \S DFf ·V CPP IIu WZXRkX^R[XXW Iqf LUW`UXcSZ WZXRkX IjQjIf PY[U`UZ ?VRccYacUUc ST jDQqDf eUVTYc ?\ d\`lX^\VlZ UTTUccW^SRV [Yac qFQhhu rSa_QrSaQ _UZTUUZ ^YX^RXUTTUccW^SRV hhQFjf BZXRkX\ab aUVW _lX IGQ IHf A NY[WkYVUXcRXcRXXYR[ ?RVRZ SX _SacS^ _lX hGQf e@ ju e@ qu AL @ Du NT DE X^u NT jHQqi TX^f BZX^UkcV IEf c IF Be DHGHf
DIqIf dl[`WZYZu KWZS VWXU^^Wf J^W DG ¨B DEHFf ea BZ][Wb g_s[^YVVf BewVcl DIf BZX DG CUTkY[YYZ cY^Z SkWXcu A c\^WXQ cs^SRV DEu CS[WZSZ c\^WXcsQ _U WZX^UcYTWU ?kWXc IDu IjQIhf @C j SkYcRXRkXu kc[WZkllVVu kXcSZ^ST DEQIiu [\^T^ST IEf @UZZc\^ YXW^ cY^Z cXcS kllVV IjQIhu YXW^kllVV IFf NY[WkRSV YXW^ cY^Z cXcS kllVV IFQIGu LUUcS^UZ TY[WkRSV ^ST jHQqif Ne YXW^ VWZZSWcRX_SR^^ ^ST qif rK VWZZSWcRX_SR^^ cU[^ qiQ qDf LUUcS^UZ @UZZr[ ^ST qDQqju mlZWXYZ qjQqqf Df @UZZ· ^ST qqf CR[RZ @C@ ^ST qqQqhf Ne YXW^ c\^WXcsUXYYZ cU[^ qhQqFf Ne ^ST qFQhIf rK TY[WkRSV cU[^ hIQhhf e@ D cV^u e@ D T^u Ae@ P Du eT Iu NT DE X^u NT jHQqiu rP@ P D [c^u @RScXNµ XRR[[u BcP[@ @u LUc`PC@ Pu A^ U[f @YX`lZ[ DEu [YXVcZ DHu BcZ IDu ^Ukc IIu TU_ Ihu Y`V IEu Y` jIu ^YZ[TU_ qju ^YZ[VcZ hDu \YQRkXf p DH ¨B DHhhf eYVW IIEqf
DIqjf PUaUVU }QiF >S[bVRZb~u PUU[VS KVWUXf J^W j DDD DEHGf ea [S` [UZX >S[bVRTb _U UZZ\ OR[S[U KTWVWU JYVUZbY[f © jD p DHjF N JYVYZU KVWXUzYc ·UaVzY[]u BB jE nCN KV`W KXcY[ @WRccUf Q\S Dhf Q P DGu N DHu N?P IIu eC Iqf KbRX^ kW^U^W[_SWcc DGQIqf OO J]WXXl IqQIGf NUU^RZQ cUWZ PYX^RXkUZ^^W ?\ }XWccYTTWZ NUU^RZcUWZ rUZ^^W ?\~ `W[^ IGQjIf NUU^WWZcYWXcskUZ^^W UkRV_Sac jIQqif rR[XWTf JU[[ ^UTU[WTRXWW^^Wu R[aYWVRkR[_YabRXf PUUcRW m\[lkllZ eRSXUVTYVVU DI VWW DHqif
DIqqf PUVVWUVU }YZc gY[][Sca~u OU[ZY BX[UYVf J^W Ii eB DEHhf ea ^a[U KVWX gY[][Sca _U KVWZ >YS`WRXf © DH LWWXU NU[]U[YcU AW`YZf \S DFf eWa kUkW^XW Ijf rUkkWZU OVUcSTWSVVUu PU[RZ]WXXUu ARSZYZ_SYVVUu JUZ^UXUVTYVQ VUu eRS^XYVUXXU _U AU^^SVUXXUf rY[cRZQ TUUZ ^a[U jDQhjf eUVc `Y[SVURcU^ k_ jDQ hiu NUZZY[aYWTVWWccS kWW[WSX IGQqGf Q@S`UXcW qHu eT Du eT Iu NT DEu Ar@ UTf PY[Xu XSckUXcf JU[[ `UZaUc ^W[_Ucf c rY[cRZTUU H ¨B DHhjf eYVW qGDf
DIqhf PUVkUu ARVS O[TUXf J^W G DDD DEHEf ea XYkkl dSaUZ P _U g[W]WccU PU[kkWZYZf © DH CRS`W KTWVWU LWZbpS[Xf \S Dhf ·B CPP Iif C[YYZ cY^Z SkWXc \VWSkYcc `X IDQIFu PUZUQ bUXXU IFQjIf CSTUcS[ ?\ WZX jqQjGu L\kX\ZWYTYZ PSZYkU_U cY^Z _Sac qjQqqf tUVbaSp ?\ }Pl^WXUVTW~ \VWQWZX qjQqqf J]WZ ^URk VWW^YZZYVUWc ^SZYkU_UkllVV qhQqFf rU[UWXcYZ PUV^^W }LUkkYYZ[UZcU~ ^SZYSX kllVV qFQu LUkkYYZ[UZZUZ CY^Z AYR[ k_ hif LUkkYYZ[UZZUZ AaU^^W PY[aS k_ hIQf QNT DEf JU[[ XaU^^Wu ^UVUXcRXu [U^YZZRXcSWTWZcUu RRbYc ^WYVYcf c Dq eBBB DHEjf rSW^U jqHFf
DIqFf PSX^Wu LUR[W LYTTWcc\f J^W IG e DEHGf ea XYZUUccS[W AUTRVW eUVYY PSX^W _U JUWb\ OVpaWVb ARZbf eLVcU DFf PUUcRW OZc[YUZ [WZcUTUVVU Ih BB DHDEf eYVW DDhHf
DIqGf PRS^^UZYZu KY[S PRXcUUf LUkkYYZ[UZcU II eBB DEHhf ea [UcXRTYXc rY^^U P_U AUZb[U OVY^XWZU AW[YZf ewVcl DIf ?XUVV `UkURXXScUUZu ORZR^XYZ _U eW[SZ [Yc^WWZf JUU`SWccRW eW[SXXUf p F eB DHDHf
DIqEfP\\a^\ }YZc P\\a^\WZ~u Y[bWZUZbf JYWZSVUZ kWc Dh ¨ DEHjf PUX`UcRXWXl OZccW PRXcUU LYWQ ZSZYZf © ID ^SZcc AUWTU OVY^XUZb[U LYaTRXcSf BewVcl DIf e@ XS[`UU_U DIQqIu c\sZ_Sac qIQhIf OXRZcSQS\ WXlZZ _U [Uaa E `f NT jHQqif JU[[ \acYWX^RZZUVVWXYc UXWUcf p h B DHFGf
DIqHf PsVW`W[cUu >WWVSf CR[^R Ij eBB DEHFf ea TRXW^UZccWQ UVWRkX dSaUZ eW^cS[ P _U KVWZ NU[WU AUU[W^^Sf © DE JY[ccU JYWZWVlf \S DFf U[TUXYRccWf p j ¨ DHDEf
DIhifLUWZYQdR`U }Qhh LUWZY~u n[_s eUVbYTU[f Pl[^sVl G e DEHGf ea _RZUkU^^UTYXc dSaUZ eWVaS LUWZY _U OR[U eWVaYVTWZU AUVTWZYZf © qi NW[_UT Aya[SbY[RXf \S DFf O[^^ ID CPPu SkWX^ IDQII ¥aU[VSccYZzR[]WZ cY^Z ^S[^YU^f CPP U[^^ UXXWXc IIQjDu U[^^SX ZSc IhQjDu aSWcUZRc k[Sp SkYcRXQ `YV`SVVWXRRccU IhQIFu IHQjDf Jn ^SbWZ [U^YZZRXQ _U XWXRXcRXSkWZ SkYcc IEu hiQu PScWcYSVV \VWcU[^ jhQjGf NUUcUVSRXaUZ ^ScWcYSVV SX kllVV jGQqIu PCN kWYZQ cYSVVcXcS kllVV qIQFqf n^XWc\WXU[^^ IGQjFf O[^^WcYacW kllcSWT jqQjFu PScWcYSVVWXRRXQVYacW jFQu e{[ JYTXVs_b FiQ PSZ`YZQ cWS k_ DhQDFu Cn jqQjFu A CUWbYcYSVV\ab hDQhIu PlXWcYSVV YbWXclTWXXllcWs hIQu PYVVSXYklZcUWbSZ YbWXclTWXXllcWs hIQu ?kcWXYZ UVUZ XllcWs hqQFIu Pl[^sVl^Y[aS hIQFIu Pl[^sVlXllQ cWs hjQf PScWcYSVV_lW_ ^YX^RXVWWccS _SacS^ k_ qjQhEu A C\sZ VWWccS hiQhEu CUWbYcYSZ SkkWVUWc qHQhDu PYVVSXYkkl^SRVR hHQu PSVTW[UZZUZ WZ`UVWbWUTTUccWSkkWVUWc FiQf elYXcsVWWccS aUVW _lX qqQqEu O[^^VWWccS IGQjhu OTTUccWYZaU[_ ?XRRX^UXXU hiQu NYXXRXllcWs hEQu CUVSZkSW^UWX^RVccRR[WXllcWs jEQu OXRZcSQ XllcWs `UVcRRX^_lX hDQu `k_ hqQf A NYXXRc aZcSZYR` _lX hjQ hEf CYSVVWXRRXZYR`SXu e@ q T^u AL Pu Ae@ @Vu NT jHQ qiu NT qDQqhu ` t[W]ac TWcUVWf BZX^Ukcf JU[[ ^UZXUZQ STUWXYZ [U^YZZRXQ_U XWXRXcRXcUWc cRc^f QpV? ¨ DHFHf rSW^U FijIu `YVW DiiDf
DIhDf LWRX`UU[U }QIG LWV_YzY[]~u KTWV g[\ZSVpf PSc^U D e
DEHhf ea \VW^SZXcUUkYVW KTWV MRXcU` LWV_YzY[] _U NU[WU ASpWU ·U`WbXXSZf ©
JYVTW KbWca elWZsVlf eVVLVcU Dqu AS[Q cU`UVUZ V\X \S IIf ?kWX^ CPP IjQIhu APP IhQIGf LUkkU_l[`YZ [U^RRZUc DEf NY[W_UV^U`l^WkUcV DHf @C j cSWTWcRXQ ^STkkkllVVu XWccYZ kXcSZ^ST IiQIjf
CY^Z cXcS kllVV IGQjFf LA WcQkWW[WZ WcQ
RkX NYeK jGf BCr D ^ST jEQjHf JUZQ À]SZ Bc^ST jHQqif Al^^W_l[`YZ [UZZW^Q ^SVSa^S ^ST qDQqqf J]WZ `Y[S`XcS kUV` qqQhDf ARR[QJ]WZ PWWZcYWXcsVWW^Y ?\ cSWT_ hDQf oX cUVS\acWsWbYZ aZcSYVWTWXXlf AS[cU`UVUZ ^URk`UVc _lX jjQjFf J]WZ ^URk ^WWZcYlZ STUWXRRQ bYZ cU[^UXcRXVURcU^u `Y[SVURcU^ _U Z\^ `XXQVURcU^ _lXf O^cWWQ `WR[aYWVW_U DjQDhf H AN `URabWVVWXWXXU _U `URabWccSTWXXU a\Q k\WXXlf AS[cU`UVUZ rUVVSXYR[ _U eW[^WXc\X`SWTWXcYVW_Uc k_u oWQ TUXYR[ `k_f J]WZ PWXUQeYW^Sc _U g[Wb]Y hh ^RZZWU_lXf Ae@ @ Iu e@ Iu e@ ju e@ qu NT DE X^f NT jHQqiu NT qDQqhu C[YYZ NTu Ao aSk UT ^[ ^f eYZl_lZ U[TYW_UZ ^ST DFu BcZ DGu ARSTYZ U[TYW_UZ BcZ DEu ^Ukc Iiu TU_ IFu \YQRkX jHf JU[[ VWW^RZcU^UX`UcRXu TWYX^RS[SVURVRu z[Wb]Yf p Dq e DHGEf eYV_Yc DDFFu DqDEu IIiif
DIhIf LWY^S }QDH LWZbzY[]~u KY[S KTWV LRb`W]f Ì J^W D ¨ DEHGf ea ^URkk PUU[VS LRb`W] LWZbzY[] _U JWVTU KRp[SX\ZY ?bYVVf © qD OZZYVW g_s[^aSVTf LUkXYc dSR^S qIu KY`UQAWZW^Q ^U qju CWTS qFu OZWccU hif \S DEf LP Iqu LL jDu ^YRa^SQ XUW[ Y[W^Vll^ jFf n^XVll^ J\`WZ^llVVl jDQjjf CU^UaU[_RZ kU[UZcSVU UVWVll^ jqQjFu rlW`l[WZcYYZ jFQqFf CYR`UZ cRzY[Q ^RVSSXWaRSVcSkWW[W Vll^ qGQhDu PS^^SVUZ hDQFhf CSWT kU[UZQ cSVUZ `c \VWVll^f c jD eBB DHGGf
DIhjf LYacS^U[Wu n[_s ARVSf J^W ji ¨BB DEHqf ea TRR[U[W dSaUZ MUz[WYV L _U KbVU P[WXcWZU AsbY[Xc[sTf © jG C\\ZY CUZccRf eLVcU Dqf @J `U[UXcSQSX BB ^W[_R[W IjQqHu ^W[_UZQ kWc qHQu p IH eBB DHhEf
DIhqf LWZZUVU }QiF gS[]TUZ~u KWZS NURZR OVY^XUZcY[Wf J^W DH eBBB DEHFf ea RRZWZcY^W_l >WQ PAjgPL ^SVUW gS[]TUZ _U NUcWVbU O`YVVUZf © p jDQqF VURVU_UcU[ CU[R rYVVWZYZu BB qF p XSXWUUVWaSWc OZZW^^W >R[TWZYZf \S Dhf P IDu N Iju J]WZ TRXWW^^WQ SkWXc DhQIif eWWkR[WZ TRXWW^^WSkWXc cYS[YYccWXcYZ UWZYWbYZ _U TRXaWXc SkYcc IDQIqf J]WZ PW[^^STRXSkWXc SkYcc IEQ qhf AWzYVWRX O^Uc SkYcc jhQhiu VYac hiQ Fjf Jn TRX SkYcc hFQFqu `c VYac FhQFFf J]WZ c\s`lYZ ZUWX^RS[S _SaV IEQjju XY^U^RS[S IEQjqf A Al`YVcUWc LWWccS XWac jIQjGu _SacS^ _lX jIQqqu hDQf CYSXcS _SaQ cS^_lX hqQu k_ FiQu AWzYVWRXQ@UaUXcS _SacS^ _lX hqQu OVp[ PS[Q bYVWZWZ [UaUXc UXWUZcRZc hFQu Al`YVclZ\c RX S[^YXcY[WcYS^XWU _U ^RS[SQ_U \^XWZVURVR_Uf r[SpYXXS[W hEu AL r f JU[[ TUc^UWQ VRf p E eB DHGjf eYVW DihDf
DIhhf LUZ^WUVU }YZc Lsp£`WXc~uKY[S MRZZU[f J^W DG B¨
DEHGf ea LPC [UZX @Y]RYV Lsp£`WXc _U
JRVbU L\bWU NS¦YVVWf © jh KVXXW JUZQ
ZUQLWWXU ARSTWZYZf \S Dhf LP Iiu LL Ihu LPC jDu ZUWXcYZcURc _U X\ZZ\Q
c\XcYZ Y[W^Vll^ jDu @RScXWXXU IEQjif
PRSkWSZ VllZWZ XUW[ `UkYac U`RXcU_UQ
Vll^ IGQIEf J]WZ \V XUW[ ZUWXcYZcURcSX
U`RXcU_UVll^ jiQjqf n^XVll^ J]WXXlf NYaWVlWXYZ XUW[ Vll^f NUWcSkWXU[UZ lWQ
D cW\XaRSVcSUXYTU Vll^ jjQu e@ j k[^u e@ qu NT DE [X^u NT jHQqiu Ka[YZ¦YWyaYZ pWW[ bYRcXyaY eSV^XkpVY]Y If Lll^^Ukc jEf JU[[ kY[aSXcRc^WTRXf c IG Be DHhEf eYVW DGFif
DIhFf NUVT][YZu NU[ccW eUVYZcWZf PU[_UVSa_U DD ¨ DEHhf ea ^UZXU^S K[W^ N _U NUcWVbU dSXYpWZU ÁaTUZf \S Dqf eWa kUkW^XW IDf p DH eBB DHIIf
DIhGf NW^^SVUu eWV_S eW^cS[f J^W Ii B¨ DEHGf ea kRRXYkkl eW^cS[ N _U NUcWVbUf © KbWca OVYÃUZb[U @lXlZYZf oVWVcU Dif rRaYVWZUXYZcf p D eBB DHjDf
DIhEf >WYTWZYZu dUVTU[W dSaUZZYXf J^W jD DDD DEHFf ea ^W[`YXT dSaUZ > _U AYVTU dl[`WZYZf © IH LYTkW PY[ccR rY[ccRVUf \S Dhf ?kWX^ Jn aWXcQ^WYVWcWYc SX DhQDGf O^UQ cYYTWZYZ PW[_U^URkkU RV^STUUZSX kUV` DGQIDf A?P ^W[_U^URkkU SXUXcS IDQIIu _RV^UWXR_YZ cUVaSWc IIQjFu TUWQ ZSXSX XcWVWXcW jFQjEf p J^W Dh e DHjEf rSW^U hDDif
DIhHf >WR^^UZYZu O[TUX KWZSf rWYcU[W DE ¨B DEHjf ea cSWT rY^^U > _U KbVU LS`WXU ¥YbY[zY[]f BVWVcU iHf p Ij ¨ DHDjf eYVW DIFif
DIFif >WR^^UZYZu ARVS BVTU[Wf rWYcU[W DG ¨ DEHhf ea XUZSQ TUVYabYZcSWT rY^^U > _U KbVU LS`WXU ¥YbY[zY[]f © BVTU KXcY[W @\\ZlZYZf oVWVcU Diu eWWkR[WZ ^VV\X \^X eBBBf PUXUQ ZWZ XScU^SRV DFu APP ^ST^R[XXW IEu APP jIQjjf eYZl_lZ U[TYW_U DFQDGf ARSTYZ U[TYW_U DEf e@ q T^f NT DE X^f elZ[ DFu BcZ DEu ^Ukc DHu TU_ Ihu Y`V jqu \YQRkXf p PSR`SVU IH DDD DHqGf eYVW DIhHf
DIFDf >SkSZYZu rUU`S rlW`Wsf J^W h ¨ DEHGf ea ^UZXU^S OVkS > _U JUZZU dR[`UZYZf © Ih B[_U PUVTUf Q\S Dh QLP Iiu LL Ihu LPC jDu XWXlcURc Y[W^Vll^ jqf LRTW`UU[UZu dUU^Q ^WTUZ _U LUabYZkSa_UZ ^URkk ^RZZQ Vll^ IFQjDf J]WZ \V XUW[ XWXlcURc UkRVQ Vll^ jIQjFu PW`YVlZ XUW[ jFQjGf Jn PWQ `YVlZ XUW[ UkRVSkYcc jFQqDf n^XVll^ J]WXXl jIQf CRn XWXlcURc `c k[Sp qjQqqf e@ j k[^u e@ qu NT DE X^u NT jHQ qiu NT qDQqhf Lll^TU_ qDf JU[[ ^YTWUu UcSTWcYS[WUu TRXWW^^Wf p J^W j ¨BB DHhhf eYV_Yc DDFHu DFGHu DHqGu IIHqf
DIFIf >S[[SX }QIG >S[bXc[sT~u LUR[W O[ccR[Wf J^W F ¨BB DEHhf ea \VWc\sZ_Sac CaR[Y O[caR[ >S[bXc[sT _U oV[W^U KVYSZS[U BaUZUWQ ZYZf © Iq OW[U NUVTXc[sTf LUkXYc LUR[W CUkWS Ihu @UWTS PUU[VS IEu OW[U @Wc`UQLWWXU jDu c Fqf Q\S Dhf ?W^c IDu eC Iqf P e JSVTUZ OOcXcS UkRV IDQ Iqu LU^WUXWUWZcXcS rYVVWZYZ © >WYTYVl IqQjiu ?TU OOcXcS J]WXXl jiQGIf
ARST LU^WTWYX\ab [Uaa jIQjEf A AkVWWccS VUWZSkWVVWZYZ UXWUT qiQGif oX \acYWXs_YZ cWVWZcU[^f >S[XXWZ `UZaYTkUWZZYR` k_ qIQqEf A OOVWWccS aUVW `_lX qqQhEu _lX hEQhHu ^RZZWUcRSTWSWXcRWTWYZ `_lX jIQqqf A OO\ab `lVWUW^ aUVW _lXf eT I }DE~u NT DEu Ae@ @LQ OVW^ DHf p h B¨ DHEDf rS_Uc qDIqu qjIFu `YV_Yc DqIhu DGFhf
DIFjf >RS[TUU }Qih >\TUZ~u O[`W AY`Y[Wf JlTYYZVWZZU jD ¨ DEHhf ea N AY`Y[W > _U JWVbU ·U]TU[ KTYXcWZY eYZQ bYVVf © Ij p DHjG JYVVWZ BbU NU[WU rUVUXu qiQ KbWca ASpWU @WkUccWf BLVcU iHu CR[RZ V\X \S Dhf J]WZ AUZSTUc cSWT DGQIFf CR[RZ AUZSTUc cSWT DFu cSWTXWac IFQIGf BVcUQAUQ ZSTUc ^W[_UVVWXRRXQ _U cYUccY[WU[`SXcYVW_U jEQqIf oX TRWbYZ VYacWYZ cYUccY[WQ _U ^W[_UVVWXRRXU[`SXcf ARSTYZcUZRc RX cYS^Q XWUf NT DEu NT jHQqif PY[Xf p CR[^R Ih BB DHhFf
DIFqf PVWZcaY }QID rUUcY[S~u NU[cWZ tWVaYVTf CUTTWXUU[W DG eBBB DEHFf ea ^a[U rUU`S eWVaS rUUcY[S_U BZYX [Yb[W^U L\bTUZf © II ORZY KVWXUzYc ¥UVUTZWRXf BLVcU iHu A`YZX^U V\y \S DFf ?kWX^ Js][Y X`YZX^U aUZbYVXVl[S`Y[^Yc IiQIDf J]WZ ^URk `Y[ScXcS `W[^UT IjQ YVl^^YYVVYf eYVW DjIhf
DIFhf rU_U[Wu OU[S ?VU`Wf OXW^^UVU DG eBB DEHGf ea ^UZXUQ Wf ^? ?VVW r _U NU[WU LUUcRZYZf © IE PUWQ a BXU g_s[^VRZbf BLVcU iEf LUabYZ \ac^ p \S DFf ?kWX^ aWXcS[WUU \VWSkWXc DFQDGu §W B rllTU_U XScU`lZ[^SRV DEu NU[^S`WVVUZ
RkX^S^^R[XXW DEQDHu PUbP VSkkRcRc^ ± §Ç IIu APP IqQIFf re ZRS[ RkX DHQIju
d_kJk ^STkkkllVV IjQIFf rSa_QPU[_UVUZ X^Q
kWW[W kllVV IFQjif A^ nVWYXW^ XSccU[^ _U Ð ^SRVRSXkllVV jiQjIf rSa_QJlTYYZ X^Q
kWW[W kllVV jIQjHf rSa_QJlTYYZ AB ^ST qif @\^T^STu ?X ^STu bW`^ST jHQqiu qDQqqf AU`SQPU[_UQ
VUZ AB ^ST qhf rK c\^^ST qhQqGu Y[W^SWXcYacl`WXXl qGQqHf rW[^^UQJlTYYZ XScUWZ`kWW[W ^UZZUcRX\ab cSWTWZZUZ_f PSQ ^SSTRXkRSVRY PYX^RXVWWccS cUVSRXkllVV qHf N@ I }I ^kV~u e@ D cV^u e@ Du eT D eT Iu NT DE X^u ORZNT DHu NT jHQqi T^u Ae@ @ Du A^ U[u AU^Xµ[ Du @RScXeµ Pu LUc` A^ U[u eW[ A^u eUV^ @ ju @RScXNPµ aSk UTf elZ[ DHu BcZ Iiu ^Ukc Iju TU_ IGu Y`V jiu Y` jHu ^YZ[TU_ qDf p PS^^SVU Dq ¨ DHqHf
DIFFf rU_RTUU }QiF tWbYTU[^~u ?ZZW BVTU[Wf J^W IE D DEHFf ea ^YVVSXYkkl dSaUZ [Yb[W^ tWQ bYTU[^ _U KVWZ PU[SVWZU NWYccWZYZf © Ih OZZU PUU[WZU NYR[TUZf \S Dhf ?kWX^ PPP DhQDFf P Ihu N IFf ?\ d r tWbYTU[^ Oz kUV` DhQIiu eU^ ?\ rSa_SVU IiQIIu IhQIHf NUU^RZcUWZ rUZ^^W ?\ J^WQOZcWZ^UbRZ ^SZcc YXWT
IHQjIf P?r ?RVRZ ^SZcc BB _Sac jIQjHu
CUTkY[YYZ ^SZcc BB _Sac qHQhGu YXWT hGQFjf ?RVRZ ^URk cWVWZcU[^ jqQqjf OVTU _U PO AZYVVTUZWZ XllcWs aUVW _lX jqQjHf P JWY^UZ XllQ cWs aUVW `k_ hGQFjf K OUVcSXYZ XllcWs cWVWZcU[^ hEQu CUTkY[YYZ
PURkkU^UTU[W cSWT`UVWS^ k_ FjQf ?RVRZ PSZYkU_U ?\ _SaQ cS^ _lX jqQqHu CUTkY[YYZ NU[_U ?\ hGQu ?\ r\\ZW^^W FiQu rW[`Y ?\ FDQf r\\ZW^WZ @ScU[\^VRzW k[YX FDQFIf c DI ¨BB DHGjf
DIFGf rY^SZYZu KWZS [WbSVpf NlZc\aU[_R Dh e DEHhf ea kSVWWXWVUWc aUU`R[W [WbSVp r_U ´TUZbU B rY^SZYZf © Iq c DHGj OWZS o[UZWU eRS^^Sf LUkXYc P\VVW^^W Ihu NU[_UccU IGu dRaUZW IE c DHjDu @Wc`U jI p DHGFu PU[W qif \S DFf @URcU^SZccS[W ?\ ^W[_YYZ`UWac _U SXkllVV IDQIFu T\\ZcWQ kllVV _U k[S^ jhQFif ?\ NY[yUZcWVY Oz [URcUSX T\\ZcWT IGQjhf @UW^^U ?\ cSWT_ qFQf PUZXUVVWXQPRS[S cUVaSWc _U ±Jg `k_ \VW qi `f NT DEf OVW^ DHf JU[[ ^RS[SVURVRf c J^W ID ¨ DHGEf rSW^U hHDFu c\ccl[YZkS_Uc FFEiu GjEhu `l`\ jFjEu `YV_Yc DIDEu DHhjf
DIFEf rYXSZYZu OU[ZY rY^^U BVTU[Wf dS[SWZYZ D eBBB DEHGf
DIGif @URcWSu elWZs dSaUZZYXf J^W G BB DEHGf ea XRRcU[W P[WXcY[ @ _U BbU AY[UpWZU JRccRZYZf \S Dhf p D B DHEEf eYV_Yc DIGDu DFijf
DIGDf @URcWSu n[_s P[WXcWUZf § J^W q eBB DEHhf ea XRRcU[W P[WXcY[ @ _U BbU AY[UpWZU JRccRZYZf oVWVcU BLQ PURkkUQ YbRXcU_U J]WXXlf p DE DDD DHqGf eYV_Yc DIGiuDFijf
DIGIf @WZZYu OU[ZY BVTU[Wf J^W Ii Be DEHGf ea \VW`UacWQ WTXW BZaUZ B aYZafZb P WU ´ WVaYVZRZU ?[YZWRXf © IjD qF AUVVW ?X^U[WZU LUU^Q XSZYZu BB hD NU[ccU dSaUZZU CY[aSf \S Dhf nÁC IIu eC IFf P?r `W[^ DGQ Iif KcXW`lZ ^YX^RXkSVWWXWZ YXWcc IIu ZRS[ ^RRVRXcYVW_U Iju `UZa ^RRVRXcYVW_U jDQ jhu cXcSkllVV jhQqhf @W^SX[Y^WXcY[WcXcS UkRVcXcSkllVV qhQhGu cXcSkllVV hGQFIf e@ j T^u e@ qu AL @ Du Ae@ @u r U[f ²TO T p NT jHQqiu NT qDQqhf p J^W Di eBBB DHFjf eYVW DHhFu kSW^U qqGFf
DIGjf @WXXUZYZu g[RZS O^XYVf J^W IH ¨B DEHhf ea c\sT
AcYpUZRX @ _U NU[WU rURVWZU OZcWZc\cl[f © DF oVVU OVWZU MRXcUpXXSZf eLVcU Dhf PSkWXcWf c ji ¨ DHDEf
DIGqf @lWXlZYZu CSW`Sf J^W G B DEHEf ea cSWT_ ObUT @ _U OZZU NUcWVbU P\ZcsVlf \S Dhf LP IIf PURkkWUUc ?\ }PYX^S ?\~ @S`UZWYTYZ ^SZccS[WXXU IGQqEu SXUXcSZaSWcf c @S`UZWYTW Di BB DHqEf
DIGhf AUU[WZYZu CRSTUXf J^W Iq ¨B DEHhu ea ^URkkWUX CRSTUX A _U NUcWVbU JUTTU[Xc[sTf BewVcl DDf KcXW`lQ ^SZXcf c Di eB DHIDf eYVW Iiqif
DIGFf AWV`SZYZu O[`S KTWVf J^W I B DEHFf ea TRR[U[W KTWV A _U aUVVW^URkk BbU NU[WU >RTTYVUf © ID DDHED [`U PUc[W OVWZU Nl^WZYZf \S Dhf e@ DFQFiu Xla^scc JU[`WUVUXXU DHQjiu ^W[_R[W NUZ^UVUXXU jiQjhu PRkWccUUVVU jhQqFu UXYTUQ kllVV @UZcUVUXXU qFQhDu @lZclTlYXXl hDQFiu _SXcU YVl^f VWcWZ PUR^UUZ ^UZXU^ cUVaSWc jDQjqf CUVS\ac WXlZZ CR[RXXUf eUkURcYccR XSc kUV` [URcUcWY`W[UZ `RS^XWf
DIGGf AWTSVUu PUU[VS KY[Sf JlTYYZ^\[s Ij eWVW DEHqf ea ^YVVSXYkkl PUU[VS ¾YpUZWUX A _U ASpcU OVY^XUZb[U eUaVTUZf BLVcU Dif p Ih D DHDjf eYVW DIGEf
¯Y[YZ }eW[S~ kRRaWSTS _U kUa`WcYac _Sac IIQIhf KZXSQMRc¦YWc ?\ KZXSZ
^U[cSZ^WcYac cRc^cYacl`WXXl IhQIFu IFQ
IEf nac\ZYYc rUkY[WcYacUUc ?\ eUV^YUQ
^SX^YZ kUkY[WcYac `RS[STYXc IHQjif
KZXSQMRc¦YWc ?\ rUZ^U^SX^YZ ^U[cSZ^WcYac ^l\ccsQ _U SXWZX jiQFqf CSWT rUZ^U^SX^YZ CYac o[aYWVW_Ucu LWY^XUZ @ScU[\Q ^VRzWf QAL @ Du e@ UT Iu NT DE X^u NT jiQqi X^u J]WZ `UVc NTf OVW^f JU[[ RV^SWVRu aWWacSf c DF ¨B DHFHf
DIFHf rRZU^W`Wu @UpUYVf § J^W I ¨BB DEHhf ea c\sT O^XYV r_U BbU NUcWVbU JYZ[W^WZc\cl[f © BTkW NU[WU AW][Wb oSTUf ewVcl Djf PURkkUQUVUVVUf p h ¨BB DHjGf ea WXlZZ dSaUZ [Yb[W^ r _U g[WcU LS`WQ XU dUZaSZYZf © jj BZ^Y[W CRRVW^^W JSVVXc[sTf \S DFf ·V CPP ID cYaQ bUXcYSVV SkWZcSXf P\TWZ ?\ eSW^UZ kUQ kY[WcYac VUz IDQIIu O M CR[]YVWZ tYZYQ
DIGEf AWTSVUu KWZS OUcYf J^W Ii DDD DEHFf ea ^YVVSXYkkl PUU[VS ¾YpUZWUX A _U ASpWU OVY^XUZb[U eUaVTUZf BLVcU Dif c Ij Be DHDqf eYVW DIGGf
DIGHf AWkkSVUu KYVW PUU[VS CRSTUXf oV`WVU IF e DEHFf ea T` @SSkY[ccW eUZaUQAWkkSVU _U KY`U P[WXcWWZU C[RTYcU[W © Ii JUZZU OVY^XUZb[U Ä^Y[`UVVf BLVcU iHu rS[WZ V\X iHQDif LUabYZ ^UZXUZSkWXc _U JU[_RZ TUUTWYX^SRVu es\[WZ XScUQ ^SRVf N` oV`WVUXXU DHQf e@ qu NT DEu C[YYZ NTf PY[Xf JU[[ TYcXlZaSWcSf c I ¨BB DHqqf
DIEif AcYZzY[]u O[`S BVTU[Wf J^W II Be DEHGf ea cYacUWVW_U BXU^ tWVaYVT A _U OZZU LS`WXU dSaUZXXSZf © Iq PY[ccR OWZS tWV^^Wf BLVcU DDu PUVVWSZ \aV ewVclu PSR`SVUZ \acV\X eWVWf BZX DE CUTkY[YYZ cY^Z SkWXcf PSR`SVUZ ^URk Xla^sVUWc _Sac jiQjHf OXYZZRX ?\ }PSc^U~ cSWT_ jHQf NT DEf JU[[ kUVSXRS_YVRc\sf c Ih BB DHGjf eYV_Yc GDju EhEf
DIEDf ARSZWSu OUccS OZcY[Sf J^W II BB DEHGf ea cYUcc_Sac K`Y[c A _U JWVbU P[WXcWZU P_lVVQAUWZWSf © Iq OWZS NW[_UTW ?WccWZYZf \S DGf PUZXUVVWXcYUcc SkkWVUX^SRV DGQDHf AU^Q XUZ `UVcU^ cYUcc^UTU[WZ cRc^ jFu SkWX^ Jnf ARST ?SkkY[UZ YZXWcYZS[W DHQjiu Sa_ IGQjif >RS[cYZ SSkkY[U _Sac jDQ jFf PUZXUZ Zl\cclTs ^UkYVVWTYXc Ihf NUU^RZcWYZ cYUcc _Sac jhu LUabYZ cYUcc ±xt ¡ jFu jEQqDf eWWkR[WZ ^URkcYUcc UkRV_Sac jGQjEu _Sac qDQqqf ?TWXcW cYUccY[WcXcS IGf A WVTWcYSVV XcRbWSkllVV _U Sa_ jHQqif eWWkR[WZ TRXSkWXc kRaYcY^Z SkYcc qiu LUabYZ c\s`lYZSkWXc qDf CYUccY[W S\ cSWT_ _U _SacS^ _lX jHQqqf p AS[cU`UVU DE BB DHqqf rSW^U hjIIu c\ccl[YZkS_Uc GhGEu GEHHf
DIEIf CU^SVUZbY[u NURZS @YYZW OZcY[Sf J^W Ii Be DEHEu ea N @YWZaSVb AWV`Y[Xc[sT _U JRVbU ?VW `WU CU^SVUZbY[f © IjQqD M[YcU ObYVY tWzY[]u qIQ LYTkW NU[WU PRW^^Sf \S DFf ·B CPP IDf LSa_UZ PUV^^WcYabUX ?\ kUV` Iqu IEQqEu eU^RRcRX ?\ ORcS IFQIEu J]WZ ^URk ^UUXRVUWc qEQhhu CYV^S ?\ hhQFjf ellkf p D e DHGDf
DIEjf CUTTWSu KY[S JYW^^W BVSXf rS[W q ¨ DEHGf ea ^SRQ VR> K[W^ dSaUZ C WU K`U OVWZU AWVUZbY[f © jD B[_U AWW[W ?VW`WU NU^^SZYZf \S Dhf P _U N DHu LUP Ihu eC IEu LUL qEf PRZZUVVWXYZ ^YX^RXcXcS VUWZSkWVVWZYZ XWac IhQjDf LUabYZ ^URk_Sac jDQjjf LUWZ`UVTWXcYVR^ ZRS[ _lX jjQjFf KbRX^ XWac jFQhhf KbRX^ VU^WQ_U cUVSRX`UVWS^ XWac IGQjDu jjQjFf PRZZUVQ VWXcUVSRbYVVWXYZ ZYR`SccYVR^ _lX jFu YVWZcU[`W^YVUWZXllblZcsQ ^STWc k_ jEQjHf e@ ju AL P Du Ae@ Pu NN DE [X^u @RScXrµ PLQ JU[[ TRXWW^^Wu kWUZSZQ _U XYVVSZXSWccSu U[^YSVS]WUf p G ¨B DHhhf
DIEqf CaR[TUZu PUU[VS elWZsf J^W DG B DEHFf ea \VW^SZXc PU[V OR]RXc C_U ?V]U CUTS¯X^\f © ID p DHFj ^WW_UZkWc JYVQ TW B[YZY BVSTl^Wf BewVcl DDf N\\ZcWTf R[aYWVRUVUVVU DFQ qIu ^SZYQ _U c\s^UVRUVUVVU qIQu J]WZ erP ^STkkkllVVu Z\^ `YcY[UUZW^STkk __Sacf NT DEu eXX UT I X^f NT jHQqi TX^u NN qDQqhu A nVYWXYZ rUVS^ VWWcSZ UT[u J]WZ erP UT[u WZV A`YZX^U g[UZbpS[zRZbWZ aSk UT[f ellk DHu XSc`W[^ }_Uc^SXSbUXXU~f JU[[ R[aYWVR^UVUXcRXf p E DDD DHGGf
DIEhf CsccY[TUZu PUU[VY @UWZY[f >R[TW_l[`W Dh ¨B DEHGf ea NY> PU[V OR]RXc [Yb[W^ C _U JUZQ ZU [Yb[W^U AUbYZWRXf Q\S DFf ?kWX^ Jn cYSVS]WUU DFQDG _U PPP DGf c JRSkUVUacW II ¨B DHDGf eYVW DHFHf
DIEFf eUWZWSu CSW`S AYVWTf J^W DF DDD DEHFf ea [^T PRXcUU AYVWT e _U OTUVWU NU[WU O[YZWRXf oVWVcU DIf rY[lTcRc^ @URTUVVUf p ji B DHIif eYVW DIEGf DIEGf eUWZWSu eUVbS PRXcUUf J^W Di eB DEHGf ea [^T PRX
cUU AYVWT e _U OTUVWU NU[WU O[YZWRXf © Ih p DHjF LYVR NWYVW^^W KX^SVUf \S Dhf ?kWX^ Jn DFQDGf eWWkR[WZ RkXQ ^SRVR DEQDHf O[TYW_UXXU DEQIIf OXY ?\ cSWT_ IjQhqf A o[aYWVRUWccU cSWT_ IHQ hqu Y[SXW `UW^YUZ XUW[URbYZ cU^WUf A rSVQ ^Rk\s[lcR^^R^URkkWUWbYZ \ab _U OXYQ _U o[aYWVR^URkkWUWbYZ \ab _SacS^ _U rSV^Rk\s[lUVUZ \acYWXc\s`UVWS^ _lXf e@ q [V^u NT DE [^u NT jHQqi X^u NT
qDQqhf elZ[ DHu BcZ IDu ^Ukc qDf JU[[ ^ScWQ_U RV^STUWVVU ZW`YV[YRTUZ kU[UZcUTWZYZf c E B¨ DHFGf eYVW DIEFf
DIEEf eUV^UTU }QiF eW^Xc[sT~u eWVaS @UpUYVf J^W H ¨BB DEHFf ea WXlZZ K[W^ dSaUZ eW^Xc[sT _U ?V]U dSXYpWZU JW[`SQ
ZYZf ewVcl Djf oAOwaUZ IDu ^UZXUV IFf LWW^YTu NWZZYXSQ cUZ `UVc ^s\alWZaSWbSZ cU[^f p D B DHEGf eYV_Yc EFGu DhIGuDGijuIIIHf
DIEHf tUcaYZu gY[cYV MUz[WYVf J^W IE ¨ DEHFf ea kUZ^WZQ `UacWTYXc PU[V CaYSbS[ t _U NU[WU tWVaYVTWZU AcW]YVVf © IE c DHGj ^UXQ XUZaSWc NY[W A\V`WU AcYZ]{[bf Q\S DFf ARS[ VUWZSkWVVWXYZ cWYbY^ UV^RcRc^WZcS_U DHQIif @J \ab\XVWW^YZZYSX DFQDE VWQ XYZXXWQ^UZXVWUXXU DEQDHf P?r DHQFju kllUXWUXXU U[`SkUkY[WQSX ks[XXWTY^VUQ [Wf CSWT nLu LURVRQNWYaYcu NY[YZ^lQ `W_lcu JdPu AURZUQXYR[f PY[Xf KbRXc >S[XXWU VRWXcYVRXXUf JU[[ _UV^UkUVVSu cYZZWXu kR[_YabRXu ^l`YV\f eYV_Yc HqHu DDDhu `YV_YZkSW^U hDIIf
DIHif tWaY[aYWTSu CSW`S OZcY[Sf J^W Dj eBB DEHEf ea [^T OZbY[X eW^cS[ t _U OTUZbU rSRXXUf © jF CSWZW JlTlVlWZYZf \S Dhf P DHf CWVUXcSTWYaYZl _U cUVSRXkSVWWccWXYZU _SR[ZUVWXcWZUf PPP \VWUXWUT qHQFqf KbRX^ _lX qEQFFf BB ^URkkUQ_U cYSVVTWZ hjQhqu kRSVRXcRXTWZ _U TWZ PCN hEQ hHu ^URkkUQ_U cYSVVTWZ FIQFju FqQFFf NWZWXcY[W FFu eT Du NT DE X^u NT jHQ qiu NT qDQqhu ALCO@ XRR[ U[ [c^u Bcl` XRR[W ^RVc ^T[ Z^f nVWVf p h DDD DHGif eYVW DEGjf
DIHDf eWW^u eWVaS dSYVf § J^W IE ¨ DEHhf ea [^T K[W^ dSYV e ±TT _U JWVTU eUVVYZWRXf ©IG PU[WZ NY[yYQ bYX eRS[YZcSf eLVcU Dhu \S DEf J]WZ B kSVWWXWVUWc ^UZXVWXcW DEQIjf rnr `W[^ IFf ÑdP CR[RZTUUZ rUZ^^W J]WZ ^SZcc ^UT[ B IFQjjf J]WZ ^URk `Y[S`UVTWXcyVR`XcS `W[^ jqQhjf oX \ac VWVWZcU[^f NT DEfQ c Iq ¨B DHhjf
DIHIf eRS[YZTUUu OU[ZY CS[XcYZ PUVY[`Sf B^UUVWZYZ I eBB DEHGf ea VWW^YT PU[V O^XYVW [WbSVp e _U dYZZ\ B[YZY dR`YQ ZWRXf © II p DHIF T\\_lcl[ K`W KXcY[ JYVWZu IEQ SXaSWc KXcY[ NU[WU Áa[Xc[sTf \S DGf ?XRRX^URkkU^SRV ^R[XXY_Uf ?B KVUZcS ^SZcc _U T\\TaSWc IiQjDu XRR[UWccU _Sac jDQhIu OVY^Q XWZ cU`U[UcUVS T\\TlVlQ _U aYZ^WVs^RZcUcU[^ hIQFIf KVUZcS XRR[T\\TlVl aYZ^WVs^RZZUZ ^Y[aS k_ jGQqGf nVW^u A^QRkX IGf JU[[ ^UVUXcRXu kSXcWTY[^^YWV\f p G ¨B DHHif BXl DGDu `YVW DEGFf
DIHjf eRSVWSu dSaUZ Kb`WZ }dRXXW~f J^W Di DDD DEHFf ea Vl^^WkYVcWXYkkl dSaUZ ObSVp o _U dSXYQ pWZU tWVaYVTWZU eRSVWS SXf LWZbaSVTf © DE c DHIj A\V`W AcYZWRXu IH p oAOwXXU DHIH ^UZXVWXcW OXcU KVSaYWQ TSf LUkXYc B[TU DHu AWZW^^U IIu OZ_U jiu rY[ccW jDf \S DFf ?kWX^ Jn aWXcQ ^WYVWcWYc SXf J]WZ A^QkWW[WZ SkYcRXRkX IDQIIf AUVSZ \ac^ SkYccf oAO XRSTUQ VUWXUVRYWVVU TUWZSXSkWZcS_U _U SkYcRXQ cSWTWZcUU IqQjif O_UZ AUZU _U o[aYWVRQ VYacW WVTSWcRXaRSVcU_U jDQjIu BcXYZlWZYZ A jIQjqf JU[[ _UVQ ^UkUVVS }JdP~u VURVR }nL~f p J^W DG Be DHjqf rSW^U hiIDf
DIHqf eRS[WSu NU[ccWf J^W D DDD DEHhf ea ^W[_UVcU_U AcYpUZRX
UTNR u e_U gY[caU OR]RXcU ÁXcY[TUZf ©Ii
A OZZW PZUUkkWVUf \S DFf PUZXU^S Ii
PU_UUZWZ XYTWZUU[WXcUf PUZXU^S NlZQ
c\aU[_RXXUu r\al^SX^YVVU _U NW^^YVWZ
kWc IiQIjf PSc^UZ ^URk _Uc^SVRS^^WYZ
SkYcc _U ^YX^RX^SRV _Sac IjQhhu ^UZXU^ _SacS^ _lX jFQqhf PSc^UZ V\X _U c^
cSkYccf PSc^UZ ^URk`UVcu ^W[^^S`UVc _U
aRSVcSVURcU^ _lXf PSc^UZQVURVRTWYaYc k_f eT Du NT DEu NT jHQqif c PSc^U ji ¨B DHhhf
DIHhf nVsZYZf LUR[W O[TUX n[_sf J^W Ii ¨ DEHhf ea [llclVW ·U`Wb n _U OTUZbU NUcaWVbU >\zY[]f ewVcl Dqf c Dq e DHIqf
DIHFf nVal }YZc ÁaTUZ~u CURZS BVTU[Wf J^W IF eWVW DEHGf ea ^URkk PUU[VS MRXcUp ÁaTUZ _U
OVTU PUcU[WWZU PU[kkWVUf © IF LWVVW KV`W[U LWZbXcYbcf eVVLVcU DGf ?\ P M ÁaTUZ Oz kUV` DGQu cSWT_ DHQqIf NT DE X^f p ?RVRZ^\Vl I eWVW DHqIf eYV_Yc DiIhu DijHu kSW^U qEHEf
Djiif eUX^WS }YZc tWbYZWRX~u n[_sf J^W E DDD DEHIf ea N PU[V O[WXcU[^RX tWbYZWRX _U K`U KTWVWU KZ][SSXf eLVVYu \S BLQ ?kWX^ Jn _U PU[VX[RaYZ CPP DDQDhf J]WZ ^URkQ kWUWccYZ ^URkkU^SRV SkYccf p J^W D Dq Be DHDhf eYV_Yc Djihu IIFqu
DHiE
DIHGf K[`UTUU }Qjh K[`UXc~u JU[UVb BVTU[Wf CY[`SVU IG eB DEHDf ea L[S` rYccY[ Kb`U[b K[`UXc _U OZZU ¥UXc[YZf © ID AJ JRVbU NUcWVbU rU_U[Wf LUkXYc LYYZU @U^YV Iqu rYZccW BVTU[W Iqu oVVUQNUW_U IEf eWVWVVY \S Dif P Dqu N?P Iiu eC Ijf OO J]WXXl Iiu ?RVRXXU IDQIqf PYTWZ kS[T IqQFDf CUXU`UVVUZ k[YX `UVWcXW_UT jju jGf PYTWZ ^URk`UVc _lX jDQhju ^URkaUVV qIQqhu ^URkX[^ ^W[^^S`UVc _lXf LUkWZ VU^WTWYX\ab `k_ qFQqGf PYTWZ PYZZYVQ^Y[aS k_ jhQhGu rSa_UZ TWYXVURVUQ _Uc jDQqFu LUkWZ ^UZXUVVWXVWWccS qhQhDf Ae@ @LQ JU[[ VURVRu TYcXlXc\Xu ^UVUXcRXf p G e DHGjf
DIHEf >SkSZYZu O[ZS VW`U[Wf @UZcUXUVTW Ii DDD DEHif ea UXYXXu [S` OR]RXc > _U JWVbU K`YVWZU AcYZWRXf © DF KVVYZ dSaUZZU LU]Y[¯UVVf eWVWVVYu \S Dif O][ DGf VWXUVTYZ ^a[UZ `W[^UcUVSZ `RS^[UU_U DFQIGf rYVcSXUVTYZ TUUTWYX^SRV SkYcc DHu ARSZYZ_SYZ jqf VWXUVTYZ ^RZZXUW[ cUVaSWc IjQIFf JY`SXQ _UVSXcRX^SZXRVYZccW IEQjIf ?TWXcW eUZ_UZ @Y^SVUZ cWVUZ IGQ jif dUZU^^UVUZ BXSQJWWXW cWVUZaSWc IEQIHu LUkWZ_l[`YZ LUcSQ ^U[cUZSZ ZRS[WXSXWW[cSVUZ jqQjhu ASTY[SZ LUZ]X_sZ ^U[cUZS jhQjGu PUXXWVUZ _U LWZZUWXcYZ cWVUc qiQqFf CWVUZaSWcS ?\ kUV` qFQqEf p J^W Dq eBBB DHhFf eYVW DjiIf
DIHHf rlVXWu PUU[VY OU[ZY eWVaYVTf CR[^R H ¨V DEHDf ea `llk PUU[VS ObSVp r _U ASpWU eWVaYVTWQ _ ZU JY[TUZXXSZf © DE PV\? AYVTU CSWQ ZW B[YZY rlVXWf eBwVVYu \S DDu CR[RZ XRST [YUUVWV\X BQe B^f P DEu N DHf OXRcRXaUZ U^c DEQIjf J]WZ T`V\X TUQ cYWZ cSkYcc DHQIqu TUcYTu p\X _U ^YT }XY^l T\sX ^UZXUZcUVSRbYZ~ `U^WZUWQ
ZYZ SkYcc IjQFDu `c [Yac IjQIqu [Yac IqQ FDu }jqQ LUkWZkRWXcSZ \acV\X~f AUTSWZ kY[RXcUTUZXU J]WZ \acV\X SkYcc _U [Yac
IqQFDf @U^YZZRccUZRc ^SRVR_YZ \acYWXYZ [U^YZZR^XYZ IGf
CSWTWZ UXRcRXaUVV TUUZ`RS^[UQ _U VRZUXcRXcWVUXcS_RV^UWXRc
DEQIjf AL @ Du NT DE [X^u J]WZ `UVc NTu NT qDQqhf JU[[ TYcXlZaSWcSf p Ih eBB DHEDf rS_Uc hIhIu hIGDf
DjiDf OY_TYVUYRXu PU[V OVp[Wb dSaUZZYXf d\`lX^\Vl ID eB DEHIf ea ^WaVU^cRST [UZX OVp[Wb O _U AW][Wb UZZ\ KVWXUQ zYca gSW_Y Up MYZZlXf © Ij ·U]TU[ [Yb[W^U BVSZRTTWf eWVVYu \S DIf N?P DFu eC Iif OO CUTkY[YYVVU DEQu STU cXcS IEQf oX cYac _U VWW^^YWbYZ _SacS^ _lXf JU[[ kRRcU[aUZQ `WV_YV\Xf c CUTkY[Y F D DHFDf eYVW DjiFf
DjiIf >SkSZYZu KWZS OR]RXcf @UZcUXUVTW j e DEHjf ea cRST^kVWZ UXyXX OR]RXc > _U JWVbU B K`yVWZU AcYZWRXf BewDDyf eVWVcU Dju >R[TY^XYZ \ac^ \S Dhf >l\ccYVW_l PSTYbWUcYUccY[WXXUu CUTkY[YYZ CYUccu eWWkR[WZ _U PSc^UZ >l\cclTsWVVl _U CRQ [RZ ARST CYUccf rS[WZ CYUcc Zl\ccYVW_l jiQjjf JUTWZUZ >l\cclTsZ _Sac jjQ qHf PU_UUZWZ C\s`lYZ CYUcc _Sac qHQ YVl^^YYVVYf p G ¨ DHFqf eYVW DIHEf
Djijf tUcaYZu OU[ZY [WbSVp tWyYZcWRXf ?RVR Dh eB DEHIf ea \VW^SZbR^css[W dSaUZ [WbSVp t _U KVWZU JYW^^WZYZf © eWYZS ObYVY CRSTWZYZf BeWVVY iEu eWWVVl Diu PS^^SVUZ XRST \ac^ \S DIf Q·B CPP DHf JlTYYZ Ala^s If _Sac DHQIIf PSc^UZ Xla^sVUWc _Sac IIQjEf A Ala^sVUWc\ab aUVW _U KcYVlQA eSWTU ?\ _SacS^ _lXf PSc^UZ WVTUWVR\ab `_f NT DEf c PSc^U F ¨BB DHjEf
Djiqf ¥UZZYVWZu ORVWX OVY^XUZbY[f dSYZXRR I e DEHFf ea k[Sp PZRc LYSkSVb ¥ _U JYVTW NU[WU L\[Uf oVWVVY \S Dqf P DGu N Iif oV^STUUZYbRXcR^XYZ _U ^URkkU^UTU[WVUWc kUV`YVR^XYXXUf LWW^YUVUVVU IGQf es\[WZ XScU^SRV DEf A^ DGQqqf e@ qu eT Iu NT DEu @RScXeµ @f JU[[ kR[_YabRX }Z hii kUV^WZcSU~f p IF Be DHFif
Djihf eUX^WS }QDi tWbYZWRX~u NUccWf J^W DE BB DEHFf ea N PU[V O[WXcU[yaSX tWbYZWRX _U KY`U KTWVWU KZ][SSXf © IF c DHqh JL KY`U NU[WU rYXSZWRXu BB qH pU[T NUW_U @SXU AS`WSf oVWVVYu \S DquPRSkWSZ ^VV\X DQDD B^f A eUVcUTY[YZQ cU^UWZYZ PURkkU ?\ kUV` J]WXXlu >Y¯ nS[^WXXU _U gRYZSX OW[YXWXXU DHQIIf oV^STUWXWXXU VWW^^YWXXl L\SZWXXUu OV]Y[WXXU _U ¥UXUzVUZyUXXU IjQIhf PUZ]UXQPYX^RX ?\ kUV` IhQhqf J]WZ U[`SkUkY[Wks[XXW _lX hqQu TY^VU[Wf OVWRkXf JU[[ cYZZWXf c q B DHFFf eYV_Yc Djiiu IIFqf
DjiFf OY_TYVUYRXu >WYVX CS[XcYZ OVp[Wbf d\`lX^\Vl DE ¨BB DEHqf ea ^WaVU^cRST [UZX OVp[Wb O _U AW][Wb UZZ\ KVWXUQ zYca gSW_Y Up MYZZlXf © jD LWVVW ¥a[WXcWZU NWWUZf oVWVVYu eVWVcU Dqu J]WZ XRST [YUUVWV\X \^X \S DFf ?kWX^ NJ DFQDGu RkXcRc^ DE NU[^S`WVVUZ RkX^u SkWX^ VU^WU IDQIjf eWWkR[WZ kUW^UVVWXkUcV ZRS[ RkX DHQIDf A^ \VWYXW^ cUWXc`lVSX ZRS[ UkRV Ihf oRXW A TUWZSXcXcS _U rN XUZSTUVYacWcXcS kUV` IhQqif
NT DEf elZ[ DHfQp J DDD DHqif eYVW DjiDf
DjiGf OUVcSu eWVaS K`Y[cf dlkkWVl IH DDD DEHFf ea ^WWZcYWXQ csZST Y[bWZUZb O _U OTUZbU @WXXUZYZf © jI JYVTW dSaUZZU JSVSkUWZYZf \S DGf rCL aU[_SWZ DGQIDu ^W[_R[W IDQIEuD ^W[_R[W IEQqqu Y^XkYbWcss[W qqQFjf QAL@u eT I ^Uf
NT jHQqifQc ji eB DHEIf
DjiEf OaS`UU[Uu NUR[W VW`U[Wf J^W IF e DEHEf ea ^URkk
dSaUZ ObSVp O_U NUcWVbU @Y`YVVf © jh
BVTW KXcY[ PSX^WZYZf Q\S DGf C\^WXcsQ
^SRV DE cl\b^R[XXW Iiu nÁC jhf PC@ D
ZRS[ RkX _U Ub_ DEQIDf ARS_YVRX^RZcUWZ
\VWYXW^ VlaYccWRkX IqQIFu VWW^Y^UZZUVVYQ
kUZSQSX ZRS[ UkRV IGu _l[_YXcYV\SX SXQ
kllVV UkRV IEQqDu cXcSkllVV qDu WZcYZQ
bYZccWSX `c SXkllVV jGQjHu Pl^WXUVTYZ
A^QkWW[W ^ST qIQqqf AScUWZ`UV eYV_YXW cUVSRX_USXcS SXkllVV qhQhDf ?^UQPUa`W
?\ kUV` hIQhFf e@ Iu e@ ju Ae@ @u A^ [URc U[u NT DEu NT jHQqiu eXX UT Du @RScX WVTUXRS_YVRV ^RVc TVcu eW[ A^ `UV^ @ ju LUc`A^ U[f elZ[ DHu BcZ IDu ^Ukc IEu TU_ jEu Y`V qDf JU[[ [Yc^YWV\f p J^W Dq DDD DHhGf eYVW DIIEf
DjiHf OZccWVUu CURZS JYW^^Wf ³CUTkY[Y Ii B¨ DEHGf ea TUWXc eY[ZY[ O _U AYVTU NU[WU JYVUZbY[f \S DFf ?kWX^ CPPf PUUcRW d\X^\_l[`YVVl }eWYZUZQPU[_UVU~ IG e DHDEf eYVQ _Yc DIIiu DFqIf
DjDif g[SpYVbcu JU[[\ O[caR[f ³eWWkR[W Dh B DEHEf ea XYZUUccS[W O[caR[ g _U B[YZY NU[WU >\aSVTf © qq JYVYZY OZcWkWZf \S DGf nÁC Iqu eC IGf OO J]WXXl IqQqEf J]WZ @? ZRS[?W^>T hDQhhu `UZa ?W^>T hhQFEf Ae@ @ Du eT Iu NT jHQqif c Ii Be DHGDf
DjDDf SZcYVVu KY[S ?X^U[f ³CUTkY[Y II ¨B DEHEf ea [S` PU[V ?X^U[ _U ?V]U OVY^XUZb[U ARTYVWRXf \S DFf p KXkSS IG ¨ DHDFf eYV_Yc DqFEu DFqFf
DjDIf PSX^WTWYX }QIF S[XTUZ~u PUU[VS @UpUYVf AU`SZVWZ ZU H BB DEHEf ea k[Sp aY PUU[VY dRaUZU dUU^^S S[XTUZ _U dYZZ\ LS`WXU AUQ
ÃYZf © ji e? OW[W KVVW JYW^WZaYWTSf
\S DFf P _U N Iiu L Iju C IGf Jn ^ScWTUWXYZ ^W[_UVVWXRRbYZ bSX IFQ jHu YXcYcWW^UZ _U Z\^\WX^UZXUWZ ^W[_UVVWQ
XRRbYZ k[Sp jHQFDf PUZXUVVWXcYUccY[W b[UTUcR[]W jhQjGu _SacS^ k_ qEQFif eUV`S_UQOW^U kllcSWT jIQqDf ARST
CWYbYU^Uc YXWT FjQFqu _lX qqQ PW[_UVVWQ XRRbYZcRc^W_UWZ AYR[ k_ Dq `f Ae@ Pu AL Pu NT DE [X^u NT jHQqiu J]WZ `lVW NTf JU[[ TUUZ`WV_YV\Xu aWWacSu TUcQ ^UWVRf p DH ¨B DHGGf rS_Uc qGiFu qHjqu `YVW DEIDf
DjDjf MRXcUpXXSZu tlWZs @W^aU[bf ³eWacW Ih B¨ DEHqf ea cUVSVV PRXcUU OUbSVp M _U tWVaYVTWZU JU]TUZf \S DFf rUkkWf p Di BB DHIif
DjDqf JU`RVWZZUu OZcSf § J^W Ih e DEHEf ea N dRaS eY[ZY[ J _U BbU ASpWUf © Ih K_U NYZZYccY gR[Q TUZf LUkXW NU[ccW IFf \S DFf LP Iiu LL jhu U^cVll^RkXcRc^ jhf ec ^RZZVll^ IIQjhf AScVll^ ARSTYZ VWZZUXXU IHQjDu eUV^_l[`YVVl jqQjHu LUkkYYZ[UZZUXXU qiQhEf rU[UWXcYZ PUV^^W`RS[W ?\ Vll^ qHQGIf @URcUcWYVll^ hjQu eUV^_l[`YZ ^RZZ`UVc _lX jGQjHf KcQPU[_UVUZ Vll^Q
XYR[ k_ hFQhGf e@ Iu e@ ju e@ qu NT Vgu NT jHQqiu NT qDQqhf Lll^Y`V qDf p G B¨ DHGHf eYV_Yc DiFGu DFhDf
DjDhf JYTTWu OU[ZY JU[[\f JUZ^S Dj eWVW DEHEf ea ^URkQ
kWUX ObUT J _U KRpYTWU KVWXUzYca JW[XWTl^Wf © NY[W OVY^Q
XUZb[U ÁaTUZf e¡Vcl Dqf PSZccS[WXcWf p jD eBB DHIqf
DjDFf JSZ^UTWYX }YZc JWVbYZ~u PUU[VS KWZU[W BVTU[Wf J^W IE BB DEHHf ea L[S` PU[V OR]RXc JWVQ bYZ _U CSWZW KTWVWY rUVT][YZf © Iq dYZZ\ NU[WU eRS[WZYZf \S DFf NJ IDf PURkkQ _U cYSVV^STWXXWS SXkllVV UkRV DEf NJ IDQIqf NUU^RZcUWZ PYXQ ^RXQrUZ^^W ?\ }NUU^RZcUWZ rUZ^^W ?\~ kUV` IqQIFu NUVTWZ ^SZcc _Sac IFQ jIf P?r LS`WWXUZ ^SZcc _Sac jIQFjf NP{ dggP© eUV^SZ c\s`lYZSkWXV _Sac qGQFjf J]WZ TV^ ^RZZUVVWXVURcU^ _lX IHQjIu ^RZZQ `UVc jDQjIf LS`WWXUZ ^URk`UVc _lX jqQFju ^URkaUVV jjQjFu qiQ hif LS`WWXUZ \ac^ _SacS^ k_f LUXcR`WVVU ?\u LS`WWXUZ AUZSTUc ?\u ^URk UZZWX^YVR ?\f oRbYZTUUZ TUc^\ab _SacS^ _lX qIQf CUVSRXZYR`SX qDu e@ qu Ae@ @ Du AL @ Du NT DEu NT jHQqif ellk DEf JU[[ ^UX`WQ _U YVlWZcWYbYu cYZZWXf p Ih ¨B DHFjf eYV_Yc Ejju Hiiu DFhjf
DjDGf PU[_UVUWZYZu BVTU[Wf ³J^W D Be DEHGf ea [^T JYTQ TWZ] P _U KbVU NU[WU Ac[UZbf ewVcl Dqu JlTYYZVWZZUZ V\X \S DEf ?kWX^ Jn VU^WUf PSZccS[WXcWf c JlTYYZVWZZU Ii eBBB DHFjf eYV_Yc IIGu hIqu FDiu FHEf
DjDEf @UWZUTU }YZc PU[VzY[]~u eYW^^S BVTU[Wf LUkkYY j BB DEHhf ea TY[WT [UZX PU[VzY[] _U BbU JWVcRZYZf © AW]ZY L\\VW NUccWVUf o[WcU BLQ eU[UXcSWZ J]WXXlf p DD ¨BB DHqIf rS_Uc jhEhu qEiIf
DjDHf PZUUkkWVUu JYW^^Wf ³JU[cSVU h eBB DEHGf ea U_R[W JYW^^W P_U KY`U Nl^YVWZf © NUcaWVbU eW^cS[WZf oVWVcU Djf ORcSZ^RV_f eU[cW_UWZcU[^f p Dj eB DHjDf eYVW DEjjf
DjIif P[SaZu YVWÃ dRVWRX CYSpWVf CUTkY[Y Ii e DEHEf ea k[Sp BVTU[W JYZ[W^ @YWZaSVb P _U KTWQ VVY OVWbY NU[WY ` ·WccTUZZf © DHQjF cXcSUkRV NY[W OZZW^^W JUVVYZzY[]u qiQ VURXRZZUZSkYcc ORZY P\VVW^^W LYkWXcsf \S DFf P IIu N Iju ^SZXY[`UcS[WS DHu ^UZXUWZ` VYZcS^SZYSa_cRc^ Iqf @UX^ C@ ^UkYVVWTYXc DHf ?\ JUZ^^Y }eWWkRQ [W~ k[S^ IIQIEf CTW JUVVYZzY[] SX_Sac IEQjIf ?\ OV^SaSVWVWW^Y cXcSkllVV jIQ tT jj @U`WZcSVU OV^S _Sac jjQjhu NYXXRQ [U`WZcSVU ?\ jhQjGf eWWkR[WZ }LUabYZ~ TRXWW^^WSkWXc SkYcc jEQjHu _Sac qiQFjf eWWkR[WZ ^SZXY[`UcS[WS `c _Sac Ihf eWWkRQ [WZ LURVR`YW^Sc _Sac IHQ jIu qIQqju PUVY`UZ LURVU_Uc jjQqIu LUabYZ S[^ qiQhif NRXWW^^WSkWXc STU^ScWXllcWs aUVW k_ hIQ Fjf LUabYZ TRXVURcU^ k_ hIQhju FDQFjf A NRXSkWXc VWWccS k_ hGQ Fjf CYSXcS _SacS^ _lX FiQFjf eUVc Xl`YVcUWbYVURcU^ _lXf Dqj @ScU[\kWW[W ^R`Y[Zss[W FDQFIf eWWkR[WZ A^ _SR^^_Sac _U ^STkkkllVV IGQjIf dRV^UWXXRc Z Iii Xl`YVV\Xclf oV^STUWXcYZ TRX^WVkUWVR_YZ kUV^WZcScRSTf e@ qu NT DEu NT jHQqiu NT qDQqhf p LUacW E ¨B DHFjf eYV_Yc DDFDu DqEFu DFGiu DEjHu kSW^U jGFDf
DjIDfLUR[YVV }YZc LUR^^UZYZ~u BVTU[W OVY^XURbY[f JUTWZU IF B DEHGf ea ZRSaSS_U O LUR^^UZYZ _U JRVbU NU[WU LURQ [YVVf ewVcl Dhf gUkcWXcWXUUT QIqf LlacW oAOwaUZ Iqf
DjIIf >YZSZYZu eWVaS NUcWUXf J^W DH ¨BB DEHFf ea ^SZYQ TYXc NUccW > _U NU[WU tWVaYVTWWZU P[RXTU[^f © IF OZZY B[YZY PSXRZYZf o[WcU DIf ?kWX^ AS[cU`UVUZ XYTWZ IqQIFf APA ^W[_UkUWZSZ SW^SVR^W_U DEQIif LYkkl`W[[UVVU `U \Vl^UZQ XU^? IjQIFu eUV^_l[`YVVl IFQIGu Al[lWXZWYTYVVl jHQqi XY^l PRRXUTSXXUu NlZc\aU[_RVVUu r\acllVVl \Tf eUkUU ^W[_UWVW_U _U XUZSTUVYacWTf A o[aYWVRVYabYZ UT[f PY[Xf JU[[ ^W[Q _UVVWXRRXf p Dj ¨BB DHEqf
DjIjf ?WccWZYZu NURZS rWYcU[Wf JlTYYZVWZZU Di eBB DEHF
ea kSXcWaUVV UkRV_Sac rY^^U ? _U NWZQ
ZU rSR^^UQPU_UUZu © ID D DHqG LU[WXXU
¥aUk^WZu BB qG OZZU KVW¦UzYca tWVXSZu
Q\S DFf ?kWX^ U[^^WcYacRR[WU CPP _U
TUUVURXcU _U ^R`UZ`YWXcSU OcYZYRTWZ
CUWbY^SRVf PR`UZ`YWXcl_lu R[UZXU UV^RQ
kRSVYVVU T\sX cUWbYTUUVU[Wf eSWccUZRc RX kUV^WZcS_U _U kUcXUX^WVkUWVRWcUf
oAOWXXU _U NY^XW^SXXU qFQFDf ?VVRc A PR`UZ`YWXcl_lVWWcSZ _SacS^ _lXf NT DEf OVW^f p DD e DHGif eYVW DEqhf
DjIj gf NlZc\^W`Wu KTWV O[caR[f J^W DE ¨ DEHFf ea kRRQ cU[aR[W CRSTUX N _U LS`WXU PU[SVWZU LWZbf © IiQqG KVZU NU[WU PlTl[lWZYZf BeWVcl Djf ORcSZ^RV_YccU_Uf c ID ¨ DHqGf
DjIqf rUUXSZYZu OVUb{[ OZcY[S ¾SVclZ gYVU M\RVU O[k{bf gRbUkYXc DD ¨BB DEHEf ea k[Sp JYW^^W r_U NU[WX^U rUX^U\f © IjQIE >UWTW OR[S[U >\zY[]au jEQ VS[U BVSZU gU[cUf eWVcl Dhu JlTYYZVWZZUZ V\X \S DEf PUbP DHQIiu Ac ¥\[WZ XScU^SRV IDQIIu @UZX^UZ APd¥ IIQIqf >RS[ RkX DEQIqf nY cXcSRkX _U cXcSkllVV IqQIGu JRSVcSr I ^ST IGQjDf AScWVUXQ UXWUT NSX^S`U jDQjju gY[VWWZW jjQjqf ÄPK XScUQUXWUWZSX kllVV jqQjFf APP _Sac UkRV _U `UZa cU^cWW^UZ SkYcc jFQjGf CUXU`UVVUZ k[YX ZRS[ Ub_ jGQqDf d@ h ^ST qDQqIf rllTU_UZ cWYbRXcYVR_USXcSZ kllVV qIQqqf K`k qhf oV^STUWVVU qEQf e@ D T^u Ae@ Pu e@ I cV^u e@ I T^u eT Iu A^ U[f NT DE X^u NT jHQqiu NT qDQqhu @PL RkXu AU^XPµ Du @RScXeµ P Du eW[P@ ju oZ^O@ I [c^f @YX`lZ[ DEu BcZ Iiu ^Ukc Iju TU_ IFu Y`V IHu Y` jGu \YQRkX Iqf c F eBB DHGqf eYVW DGFGf
DjIhf PVWZcaY }YZc rUUcY[S~u PU[V O[TUX rUU`Sf CUTTWQ XUU[W Dq ¨VV DEHEf ea ^a[U rUU`S eWVaS rUUcY[S_U BZYX [YbQ [W^U L\bTUZf © IG KVZU BZ]YzS[] NUVTzY[]f VWWcl iHu A`YZX^U V\y eWWVVl Dhf Pl\Z\c [RScX ^URkkUSkWXcf PUbP DHQ JlTYYZ @UcXR[\^T ZRS[ RkX _U YX^Ub[SSZUZ kllVV IiQ nY cXcSRkX IGf QeTVuNT DE X^f PS[ZYccW DEu BcZ Iiu [UcXRTYXc Ihf PUcSXW VYZcSQSZZYccSTRRbYXXU DF ¨B DHIGf eYVW DIFqf
DjIFf @SXcYbcu OZbY[X OVz[Yyacf J^W DG B DEHGf ea kRRcU[Q aR[W OZbY[X @ _U JWVTU L\bWU JWVVf ©
Ij AW]ZY OR]RXcU KZ]Xc[sTf \S DGf ?kWX^ TUcQVRSZZSZcWYc SX DGf eWWkR[WZ RkX^S^^R[XXW DEQDHu `WYXcWRkX^R[XXW Iiu PUbP ^RRZcYVRQRkX IqQIhu XScUcY^Z ^SRV jDQjIf PU[_UVUZ PUU[cW ZRS[RkX DHQIif PYZcclVYZZlcWZr ZRS[RkX IDQ Ihu ^STkkkllVV IhQIFf A^ nVWYXW^ SXQ kllVV UkRV _U XSccU[^ IGQqqf PUbP Ihu @oP IF _U IG `WYXcWkUV` SkYccf rllTU_U `WYXcWc\XSX kllVV jHQqif PScW_SR^^ YXW^ `WYXcW^ST qDQqqf e@ Iu e@ ju Ae@ @u ? U[ Iu NT jHQqiu NT qDQqhu LUc` X^ U[u A^ U[f elZ[ DHu oZ IIu ^Ukc IGu TU_ jhu Y`V qDf p I Be DHFIf
DjIGf @RRcR }YZc @RRca~u KY[S OVY^XUZbY[f J^W IF DD DEHEf
ea k[Sp dSaUZ tWVaYVT @RRca _U JWV_U AW`Wl CSVkSf © jF A\V`WU NU[WU JSZ^UQ XUVSf \S DGf LUkkYYZ[UZZUZ c\^Q RkX^R[XXW DEu cl\bYZZ\X^R[XXW Iiu nÁC jju eC qEf O[T kUV`YVR^XYXXU DEQIDf J]WZ ^URk cWVUXcScXcS \VWT `W[^ IDQIFu UTUZ IGQjFu ^WWZcYWXcs`XcS ZSc jFQqhu `c XWac qhQqEu XWac qEQFDf e@ qu NT DE X^f NT jHQqi TX^f NT qDQqhf elZ[ DEu BcZ jHf p J^W DG eBB DHFDf eYVW FFHf
DjIEf AUVSZYZu CSWTW ObUTf J^W DD eB DEHGf ea ^W[_UZkWc dSaUZZYX A _U KTTU JYVVXcYZf © IG JYVTW OVWWZU CSTkR[Wf \S DGf LP IIu LL IGf dS^WSWXcYZ ^U[cUZSWccYZ Vll^ IGQhFu ^RZZVll^ IEQhFf nkl_lZ [UcXR^SRV kUV^^WSVll^ jjQqhf dSQ
^WSWXcYZQJRTkkWVUZ ^RV^RcURcWXUW[ _SacS^ k_f AL @ Du e@ q k[^f NT jHQqiu Ar@ k[ UTf Lll^^Ukc jhf c Dh eBB DHFqf eYV_Yc Ehhu HjFu DDiju DFEGf
DjIHf AYVWZaYWTSu OU[ZY PScS`UV^S eYW^^S eWVaSf rS[W IG eBB DEHEf ea LXWac PUU[VY n[_s eWVaS A _U ?V]U >UWTU AUZbVRZbf © Ij AW][Wb OTUZUU PU[SVWZU LUacWZYZf BLVcU DDu eWVVWVVY DEu \S DHf Q?kWX^CPPf A @URQ aUZVWWccS_U UZcWTWVWcU[WXcWVWWccS kY[RXc _U XWacf @URaUU ^SacWQVYabYZ cSWTXWacf A YXkY[UZcSVWWccS XWacf nacYWX^RZZUZ cRc^Q kWW[WZ XWac IiQIqf PUVVWSVUQSkWXc SkYcc IiQIqf K[W ^SRVR_YZ YXkY[UZcSZ Skf mtP NNJ ^W[_UXcSUkRV jhQjFf NT DEf c IH ¨ DHjHf eYV_Yc DqjEu IhFjf
Djjif ASWZUTSu o[aSf J^W I ¨BB DEHGf ea kSXcWV_SSZW ObSVp [Yb[W^ ARZbzY[] _U KbVU ASpWU PWZZRQ ZYZf eWVWVcl DHu \^X eBBBf PW[_UZkWclQ _l J]WXXlf p DG e DHqhf
DjjDf AcYZWRXu JYWTY[ ?X^U[f J^W IH Be DEHEf ea ^UT[ OZbY[X Kb`U[b A _U BVcU M[sZaSVTf © ID LWZbU OTUVWY Ry^Xf eWWVVl Dhf PR[^W_SYZ TUUTWYXSkWXc DFQDEu X^Q^R[XQ XY_U IFu jiQjDf CWVUZaSWc DHQIqf rSa_SVUZ cWVUZST LSa_UVVUf CRRXRVUZ X^ kUW^UVVWXkllVV IqQIhu rSa_QoRbYZTUUZ X^QkWW[W UVRYkllVV IhQjqf CRRXRVUZ Ak YXW^ jIQjqu A OTkR_UWZ VWWccS oRbYZTUUZ kWW[WZ `k_ IEQjIf eT Du eT Iu NT DEf LcZf JU[[ XR^RcRc^WTRXf PUUcRW CUWkUVYYXXU DE BB DHqif eYV_Yc Eiju EhHf
DjjIf CY[ccW }YZc A\blZaYWTS _U JY[c¦~u NU[ccWf J^W q DDD DEHEf ea ^a[U NUccW A\blZaYWTS _U NU[WU rUU`SVUWZYZf © Iq JYV`W JYVYZU @SRcUTSf \S DFf NJ Iju NNP IEu NNL _U NNC jIf @J `c ^SZccUkRV _U ^W[_UZkWc DGQDHf PY[U`UZ \ac^ SkYcc IDQIhf NYcXlZaSWbSZ \VWT UXXWXc IjQ Ihf K`SZ TYcXl^SZW NJ IFQIEf NYcXlQ cWYc cRc^VUWc `UZa UXXWXc IEQjjf Jn NJ jjQqif A TYcXlZaSWcS\ab XWac IGQqif LRSZZSZ nXcl`lQVYacW cSWTXWac jDQjhf NYcXlcUV UW^U^URX^W[_UZ kllcSWT jFQjHf ALAn _SacS^ _lX jEQ qif A ^UZXUVV UTTUccW^RZcU_l[_ k_ jFQqif JRSkUVUabYZ ^RZQ ZUZ `UVc _lXf NT DEf ellk Iiu XSc`W[^f p VVTUkSTTWcR^Q XYXXU NW^^YVWXXl h B DHqif eYV_Yc Ejiu HEEu DiFFu DGEFf
Djjjf CU^UVUu LUR[W BVTU[Wf CRRVSX DG ¨ DEHGf ea ^a[U NUccaWUX C_U OR]RXcU ObSVpWZU LS`WXU AW`YZWRXf © IiD DHji KVXU O]ZYX JYVWZu DD jD c DHFj JWV_U NUcaWVbU JYVWZf \S DFf CYSV Y[ScRc^ DEu CP Ihu CL IHu CC jIu SkWX^ LRZbWXXU IGf K[W X[^ `lVWUW^ cYacl`WXXl DEQIIf dUZU^^UVUZ ^UkkUV IIQIhf As[ZlWXcYZ XRST X[^ ^STTWZWXcY[W jIQqIf rUU`UVWZ X[^ ^a[U qIQhDf CR[RZ cRSTWS[S` hDQhqf A VRc Y`UZ^YVWRTW\ab kUV` IFQjDu _SacS^ _lX IjQu k_ qIQqFu _Sac qGf K`UZ^ \VWSkkVWWccS k_ jIQqhf AUZUZXUUccU_U cSWT Iiu qGu PY`lc^\V`s jjQqhf Jn `c cYSV YXW^lXWcc UkRV jiQjDf dRV^ aYZ]YVVWXWl cYS^XWUf rS_Uc jhDh jEjHu jHqDf
Djjqf CU^^RVUu PU[V n[_s BVTU[Wf J^W q BB DEHHf ea Nu _ll^^Ukc PU[V Kb`U[b C _U OR]RXcU NUQ
[WU AYbY[aSVTf © Ij JYVVl NY[W PW`Wf eLVcU Dhu C\[`llZ XRST \ac^ \S IDf CPP XScUcWYc SX IjQIhf APP XScUcY^Z SX IhQIGu @UZX^UZ APP jiQjIf dll^Q kUcV IG DFQDEf PC@ D kc[WZkllVV _U
PC@ I kXcSZ^ST DEQIjf nY _l[_YXcYQ
V\cXcS kllVV IGQjif PC@ I ^ST UkRV jIf PC@ j ^ST jjf OP YXW^kllVV jqQqDf OP YXW^kllVVu bW`^STu [UZZW^^Sk[W^ ^ST qDQqhf P?r J^WQLURccUXUU[YZ ^SZcc _Sac qHQFIf e@ B cV^u e@ Du e@ Iu e@ j e@ qu Ae@ Pu NT DE X^f NT jHQqiu NT qDQqhu r[µ[ Iu eW[ PSc^U[WXcW jf elZ[ DEu BcZ DEu ^Ukc DHu TU_ Iju Y`V IGu Y` jqu \YQRkX IEf JU[[ ]YSVS]WUf c J^W Di Be DHFIf eYVW DFjDf
Djjhf CUTTWXUVS }YZc K^zST~u PUU[VS BVTU[Wf J^W Dq e DEHEf ea aRSZY^UVRcYacUWVW_U JYZ[W^ K^zST _U BbU NU[WU ·UaVzY[]f © jF KVVW AW`Wl @YWTUf ewVcl DFf LWW^^YYZQ aU[_SWcc J]WXXlf nVWV hFf p I eBBB DHhGf eYV_Yc GIIu EIqu HEjf
DjjFf CY[lX`RS[W }YZc Ac{aVzY[]~u o[kS JYZ[W^f PRSkWS q BB DEHGf ea kU^^UaRSZYYZ WZXkYacS[W JYZ[W^ MUz[WYV Ac{aVzY[] _U gYbU dSXYpWZU dUy^f p J^W DD ¨BB DHDDf eYV_Yc DDiEu DDIif
DjjGf CR[_U }YZc C[S]YZ~u PUU[VS O[`Sf J^W Ii VWW DEHEf ea cY^Z_Sac PU[V eW^cS[ C _U OTUZbU NU[WU LYacWZYZf eWaWcl Dhu eUUXUZ XRST V\X \S DFf ?kWX^ CPP ^YTWUZ SXf PUUcRW J]WXXl Dj Be DHDEf eYVW DDHFf
DjjEf tU[SZYZu O[ZY MUz[WYVf PUk[WS }BZ^Y[W~ h Be DEHEf
ea [S` dRaS t _U dYZZ\ KTWVWU gss^f © II c DHjh PUc[W NU[WY JY[c¦zY[]u FFQ VYac VW_U JYVYZU oYÃ^RVVQM\VVYZzUZbf \S DGf P Iiu N Ijf CWVUXcSW¢ rllcXcS IiQIqf KcYVlQA rUZ^^W `W[Wc IqQIhf J]WZ ^URkkU^SRV cSkYcc IFQIGf PSRVR^R_UZ _U O[^UbWUZ \acV\X [RScXWZu T\sa aWXc SkYcc IHQhFu [Yac qHQ hhf S[XXUZ ^U^Q XSWX\acV\X [RScXWZ `c `UZa VYacf J]WZ ^URk XSXWUUVWVURcU^ UkRVXWac IGQIHf
PUX`UcRXSkWZ \ab XWacf ÁkkW^SRVSkYcc ^YX^RX_l[_ aUVW _lXf e@ ju e@ qu AL @ Du NT qDQqhf PUkcf JU[c VR^YTWZYZ ^UW^WVcU UVSWVcUf eYVW DDHHf
DjjHf tW[cUZYZu KWZU[ CSzWUX @UpUYVf J^W II ¨B DEHFf ea _U[[RWZ CSzWUX t_U KbVU tWVaYVTWZU tWVVzY[]f eLVcU Dhf PSZccS[WXcWf p F eB DHDFf eYVW DGiGf
Djqif tWcW^^UVUu tWVaSf p J^W Iq e DEHEf ea XYZUUcWZ^UZXQ VWXcW tWVaS Y[bWZUZb t _U ?V]U OVYÃY_Yppf eWaWcl DGf c D B¨ DHDHf
DjqDf eSWSZTUUu elWZs BVTU[Wf J^W ID Be DEHEf ea k[Sp PUU[VS elWZs e _U BVTU NU[WU OVWZf © hq ^UXXUZaSWc AW[^^U JYVVWZ eWYZS LYUZbY[f \S DGf ·B Ij CPPf ?XRRXcR^^RQ ^URkUZ SXaSWc IFQjDf ?B KVUZcS cY^Z_Sac jDQqFu cSWT_ qFQ hjf A oV^STUUZ^URkkUVWWccS cSWT_ hjQFjf A CY^Z AYR[ _Sac FqQu k_ qEQhI >Y¯ SRZbVUZb rS¯Y[ © rUkY[ ¥S ^SZXc[R^Q css[W IjQIhf J]WZ UXRZcS^YX^RX^RZcU JU^U `c cSWT_ jEQqif CYaS^^UUZ CRScUZZSZ CRc^XllcWs cSWT_ FjQFqf nPwZ A COQ VURcU^ k_ hDQf nab\X`UVcUWZ ?kYcRXXllcWs A k_ hIQf ?\ @UXcS[ aUVW `k_ qHQu CPP ZYR`SccYVR^ _lX qIQhqf CY^Z KbWXclTWXQ XllcWs aUVW _lX qHQhqf e@ q [Uu e@ UT Iu AL Pu ALCO@ XRR[W U[u @RScXeµ Pu >r?@ Pu gP[@ Pf BZXVcZ jIf JU[[ UX^U[cYVRf p q eBB DHGFf eYV_Yc DIiIu DFIDu IEFIf
DjqIf OU[ZWSu dUVS O[TUXf @UZcUXUVTW H eBB DEHGf ea kSVWWXW^SZXc dSaU[W JYZ[W^ O _U dSaUZQ ZU J\`sZYZf © ID p DHjI kRRcU[aUQ SkYcc KVVW NU[WU LUR[WVUu BB jj p DHhq ^UZXU^S NUW_U rY^^SVUu DDD hh ^UZXVWXcW OZZW KV`WW[U LWZbzVSaTf LUkXYc JYW^^W II p DHGHu KVWZU Iju NUccW Ih p DHGhu PUU[VS Ih c DHIFu ?VVW IGD DHIHu OZZUQ NUW_U IHu LWWXU jD p DHjEf \S DFf CYSV Y[ScRc^ DHu CP Ihu SkWX^ LYWk¦WQ ]WXXU _U LRZbWXXU IFu SkYcRXZl\c jhf nVWT kUkkWZU J]WXXlu BVTU_SYVVU _U PSR`SVUXXU IiQIjf LUTQ TWZ ^UkkUV IjQIEf NW^^YVWZ ^URk ^a[U IEQFEu cRSTWS[S` qhQFEu L[S` qhQ BVTU_SYZ `U[U`UZ^WVU kUXc IiQIDf PSR`SVUZ \ac^ RX^ SkYcc IIQIjf NW^^YVWZ L`UZ^WVU kUXc IEf NW^^YVWZ `U[RX^ kUXc IEQIHf @S`UXcW qju Ae@ d Du AL Pf JU[[ ^WW_UVVWXRRXu [Yc^YWV\f c IH ¨B DHEEf
Djqjf eW[`UVU }QIG Oa[YZzY[]~u OZcSZ BVTU[W >WWVSf J^W IF e DEHFf ea VlTTWcc OR]RXc eW^cS[ Oa[YZzY[] _U OTUZbU PU[SVWZU rWaVXc[sTf © Iq NU[]U[YcU ObSVpWZU dUySzXSZf VVLVcU DIfQJ]WZ ^URkkU^SRV DjQDhu J]WZ kSVWWXWVUWc SXSWcYQ_U cWYbSZUZcScXcS kSVWWXW`W[^ DhQjhu ^UZXVWXcW jFQqHu UkRV_Sac qHQFjf AL @u Ae@ TWc Du NT DEu NT jHQqiu NT qDQqhf p j eBBB DHGhf eYV_Yc Fqju DiqGf
Djqqf OVSZYZu n[_s gUXWVWRXf J^W IH e DEHFf ea ^URkk ?X^U[ O _U K`U OVY^XUZb[U M[sZpS[Xf © Ii KVZU CWVbU >\aSVTf BLVcU Dif PURkkU^SRVRf AUZSTUVYacWT DhQDGf eUZ^YWZaSWcS`W[^UT DEf LWW^YT IIQu p J^W DG Be DHhif eYV_Yc FqDu DiqHu DqFh gf
Djqhf OkU_UVUacW }YZc LWZb£`WXc~u >WWVS ORVWXf J^W Dq ¨B DEHGf ea kU^YccWTYXc CaYSbS[ AUTRYV LWZb£`WXc _U OTUZbU KZ£`WXcf © IE LUa_U NU[WU NSVWWXf \S DFf LP Iiu LL IFu LPC jIu ZUWXcYZcURc _U X\ZZ\Q c\XcYZ Y[W^Vll^ IHf J]WZ \V XUW[ X\ZZ\Q c\XSX `UkYac UkRVVll^ IGQIEu ZUWXcYZQ cURc SX UkRVVll^ IEQjDf n^XVll^ J]WXXl IEQf Jn UkRVSkYcc jIQjEu bSX jGQhif >UWXcYZ^VWZ BB SX UkRV\VWVll^ jHQqif J]WZ ^lcWVsSkWXc _Sac _U \VWSkYcc qiQhHf CssVsZ lWcW\XZYR`SVU Vll^ jiQjqf NUZZY[aYWTVWWccS VWWccSQ ZYR` _lX qDQhju ^YX^RXaUZ hiQhjf M\ZY^SVS]W\ab k_ hif r[SpYXXS[W qGu e@ j k[^u e@ qu Ae@u NT jHQqiu NT qDQqhf Lll^^Ukc jIf p ji DDD DHFDf eYVW HFEf
DjqFf O[S`UU[Uu elWZs BVTU[Wf rR^^WVU jD B DEHGf ea cUVVWQ [YZ^W dSaUZ eW^cS[ O_U BbU NU[WUf \S DEf p rR^^WVUXXU F eBBB DHDEf
DjqGf gUVcXyaYppX^\u MYS[] eY[ZY[ dRVWRXf J^W ji eBBB DEHFf ea cUVSRXcW[Yacss[W PU[V CaYSbS[ g _U AUVV\ dSaUZZU KZ[Scaf © IIQFq ¥U[WZ M[UZzY[]u FqQ CUWTW L\bWU ·UaVzY[]f LUkXYc KVWZS[ IGu KWVU IHu ·UWX\ jhf VewVcl Dju J]WZ XRST V\X \S DGf LP IIu LL IGf P\TWZ ^RZZVll^ IHQhiu P\TWZQ PU[aRVUZ B ^RZZVll^ hDQFjf KZSZcY^WsZ `c ^RZZVll^ FjQFhf QAL@ Du e@ j k[^u e@ qu NT DE X^u NT jHQqiu NT qDQqhf Lll^TU_ qqf JU[[ TYaWVlWXaSWcSf c Dj B DHGEf eYVW
DjqEf
DjqEf gUVcXyaYppX^\u K[ZXc CaS[`UVbf J^W DI ¨BB DEHGf ea cUVSRXcW[Yac PU[V CaYSbS[ g _U AUVV\ dSaUZZU KZ[Scaf © DEQ jj NU[WU PSXSVUu jq p DHqq BbU OVY^XUZb[U @U_UVUu qqQ L\bWU OR[S[U BZ]YzS[] gVSTf BaVcU DIu J]WZ XRST V\X ewVcl DFf ·WkVSTWSkcW^^Sf ?kcW^^STYXc J]WXXlf p DH eB DHGqf eYVW
DjqGf
DjqHf JUU[UVUu rUU`S gUXWVWRXf LSkkW q ¨ DEHFf ea XYkkl gUXWVWRX J _U OR]RXcU @s^f \S DFf p >RTTYVUZ kU[UZcSVU Dh B¨ DHIGf
Djhif JYVYZWRXu rURV NU[ccWf J^W F eJ DEHGf ea c\sZ_Sac dSaUZ MRXcUp J _U NUcaWVbU NU[WU >\TUZf \S DEf ·B
CPP IFu LP IEu LL jEu ^YRa^SXUW[ Y[W^Vll^ qGf CPP UXXWXc IFQIGf JUVWVUZ kU[UZcSVU `UkYac UkRVVll^ IHu rUc[RZ jDf J]WZ ·WU^SZWXXUVUWc UkRVVll^ jif PSZcWSZWYTYZ kU[UZcSVU BB UVWQ Vll^ qhQqGuD UVWVll^ qEQFiuD SXVll^ Fif PC@ I ZRS[ Vll^ IHu jIQjju QjHf dr h Vll^ hhQu eWWkR[WZ ·WU^SZWXXUVUWc `c UVWVll^ jGQjHu AScUXUW[ `c Vll^ qiQqDf AL @ Du e@ j k[^u e@ qu NT jHQqiu NT qDQqhf Lll^TU_ qIf p DF B DHFif
DjhDf BXScRkUu LYS O[TUX dSaUZZYXf eWWkR[W IE eB DEHGf ea cUVSZST dSaUZ KVWX B _U BbU OR[S[U rUVSZWYTWf © IG gYbU KbWcU AWVcUZYZf oLVcU DIf NRXcWUVUZ TUUTWYXSkWXc kllXcsQ cSb DGf NUUcUVSRXZYR`S_U _U cWVUZaSWc DGQIjf JWYcUVUabYZ rRRcU`U[U ?\ kUV` IqQjDf oX ^WWZcYWXcs\acWsWbYZ _SacS^ _lX _U WXlZZf ?\ LWW^YcSWTYZ cSWT_f NT DEf
DjhIf dS^WZYZu LUR[W eW^cS[f J^W Ii Be DEHFf ea ^URkk eW^cS[ J\]WYZRX d _U OTUZbU [Yb[W^U K^£`WXcf © IH B[_U OWZUTS L\V\f \S §Ff LP IIu LL jiu ?L jIu aUTTUXcURc
Y[W^Vll^ jFf Jn SbSZcSVS]WXyZ VUWc
aUTTUX^W[R[]WU¢¢ UkRVVll^ jIQqqf n^XQ
Vll^ _U QaUTTUXVll^ J]WXXl jIQu A JUTTUXVll^XyR[ cWVWZcU[^ jhQu NT DE [X^f Lll^ ^UkW qif p Dh BB DHqqf
Djhjf d\[lZ^s }YZc JYZ[W^XXSZ~u n[_s O[`Sf J^W Dh eB aaa^_W DEHGf ea `YcR[WZ^RV_ OZccW d_U eWVaYVQ
TWZl S[XYVVf © jI LYU CRRVW^^W >WW[UQ
ZYZf BewVcl Dqu JYWZSVUZ _Uc^SVRS^Uc \S IFf Ala^sWZX DH C[YYZ cY^Z SkWXcu ·B CPP jif dll^kUcV IG DEf A U[T kUV` DEf JYWZSVUZ ^URk_Sacu ^URkWZX _U XlaQ ^sVUWc cSWT_ jDQjEf LUkWZ cWYQ _U `YXWQ [U^Q kWW[W kUV` jEQu T\sa ?\ JlTYYZ
PWW ^ N ´ Ala^su AUVVWVUZ Ala^sVWW^Y ?\u nVYWXYZ ¬WVpyWVV B [pp @U^ ?\ _U oRRbYZTUUZ cWYQ_U `YXW[U^Q kWW[W kUV`f eT Du NT DE X^u dTf eU[U`llk DEf p ID D DHqhf
Djhqf PUWVUu n[_s dSZUcaUZf J^W DG eBBB DEHGf ea U[^^WkWWXQ kU K[^^W P_U OWZU NU[WU ·[U^Yf oVWVcU DIu rS[`SSZ \acV\X \S DEf ?kWX^ Jn DHQIif O^Uc ^W[_U^URkkU VWz[WXcW IiQjDf J]WZ `Y[^^SkUVVSXYR[ kY[RXcU_WUf J]WZ U^Uc X^ _lX QIhf PUUQ cRW Dj DDD DHqif eYV_Yc Gjiu Hiqu DiGqu DqEiu IIEhf
Djhhf PS^^Su PU[V OR]RXcf J^W Di Be DEHGf ea ^SZYWXcSZQ aSWc OR]RXc P _U OTUZbU PS^^Sf © Ii OWVW NU[WU JUkkSQ ZYZf BeWVcl Djf ?XRRX^URkkU^SRV IDf PURkkUQUVUVVU CRQ [RXXU IDQIFu J]WXXl IGQjHu d\`lX^\VlXXl jHQqju eUUXUXXU qjQf p eUUXU DH eB DHhDf
DjhFf PSVXc[sTu eW^cS[ ¥U[SVRXf PRSkWS G B DEHEf ea Y` [UZX [WbSVp P_U AW]ZY KVVYZ g[UZbY[f \S DFf ·B CPP IIf p J^W Ii BB DHIIf
DjhGf PR[SZYZu KWZS OzYVf rS[`SS DG eBB DEHGf ea R[U^SWcQ XW_U OzYV P_U KVWZ ASpWU >\]{[bf \S DEf BZXWZss[Wf c DI ¨B DHIjf eYVW Ihjqf
DjhEf LWZb£`WXcu n[_s Kb`U[bf J^W Ij ¨ DEHFf ea `YcR[WZQ ^RV_ dSaUZ Kb`U[b L _U dRVWUf eWVcl DFf J]WZ VYZZlcWZ^SZcc Xla^s¬ _U Y^XkYbWcss[Wf NT jHQqif p q D DHEIf eYVW DqHif
DjhHf NU[^^RVUu eWVaS O^XYVWf J^W IG ¨BB DEHFf ea `UWaQ bYT ?ccS N _U NU[WU LS`WXU CUVV][YZf © II p DHIH KVVW KTWQ VWU LRZb£`WXcu jI c DHFq CSWZW OVWZU AUVTWZYZf BLVcU DDu J]WZ XRST [YUUVWV\X eWVcl Dhf N\\ZcWkllVVW^^sf p h ¨ DHFHf
DjFif NUccWVUu OU[ZY BVTU[Wf dSYZXRR DH e DEHGf ea [^T KZS^ N _U NU[WU rUU`SVUf © DH KVVU LS`WWXU gY[]alVVf BeWVcl Dqf BV^^UQ VYacW cSWT DHQIDu cSWTXWac _U cSWTkllVV IDQqHf A AUZSTUVYacWTWYXVWWccS aUVW _lX IGQjIf eUUXU ^W[^^S`UVc _lXf p J^W h DDD DHqHf eYVW DijFf
DjFDf >\][YZu dSaUZ [Yb[W^f J^W h ¨BB DEHqf ea `WWVUU_U eW^cS[ > _U NU[WU tWVaYVTWZU KVWXUzYc JR[X^UWZYZf BLVcU DDf C\sTWYX J]WXXl QDEf c D B DHEhf
DjFIf rSa_UZkUVSu KY[Sf eUUXU DD BB DEHEf ea WZX OVp[Yb OVY^XUZbY[ r _U B[YZY ASpWU NSZcWZf oVWVcU DIf p H BB
DHDEf
DjFjf @Ukku OU[ZY OVY^XUZbY[f J^W Dj e DEHGf ea cUWc dU^Sz OVY^XUZbY[ @ _U OZYccY ?VVWVUf © II LWVV\ NUZXYVWRXf BLVcU DIf CUWbYcYSVV^SRV ^R[XXW _U CUWbY\ab kWW[RXcRX^SRVf eUkUU cUWcYWVW_Uu VWcS][UpWu kWW[cl_lu ^W[_UWVW_Uf c Dj ¨BB DHjHf
DjFj gf rSRcU }QqG rSRcWUWZYZ~u elWZs VWXU^^Wf ocU_l[`W I B DEHhf ea T` OTz[SXWRX rSRcWUWZYZ _U @WWccU @UUkkUZUf © IF JL OZZU ·U]TU[ PU[_UVUWZYZf ewVcl Dju ?RVRZ V\X \S DGf nÁC Iqu eC IGf ?RVRZ LJ L^UZXVWXcW IhQjiu LZSc jiQ jDu LXWac jDQjEu `UZa LXWac jEQhhu LUXYXX hhQhGu L> hGQFqf ?RVRZ `RS^[UZcU[^VURcU^ k_ qDQqju TUUZaUZ^WZZUZ cU[^SW^ `k_ qhQhIu ^UX`UcRXVURcU^ _lX jjQjGf Ae@ @ Du NT DEf JU[[ aWWacSu R[aYWVR^UVUXcRXf c ?RVR j ¨ DHFhf
DjFqf AUU[WZYZu n[_s NUR[Wc¦f J^W h ¨B DEHhf BeWVcl Djf c DD BB DHDHf
DjFhf AUU[WZYZu elWZs JYW^^Wf J^W D ¨BB DEHFf ea kRRXYkQ kl dSaUZ JYZ[W^ A _U KYbVU dSXYpWZU LWZbTUZf © IH PU[WZ KV`W[U NUccXXSZf \S DGf PPP DHQIDf eU^RRcRXUVUVVUf NT DEu NT jHQqif PUkcf eYVW DiiEf
DjFFf AUW^^Su KWZS BVTU[Wf eWWkR[W E B¨ DEHFf ea _l[_YXcYQ TT]TPTJ]TTTT §\ TyXV MUz[WYV A_U OZZU PU_UZRXf ©qI NU[WU rll^^sZYZf BBwVVU DDfQ @UbWSQ Xla^sccl_lf QNT DE X^f p >Y¯ nS[^ G BB DHqhf eYVW DDEGf
DjFGf AUVSZYZu JYZ[W^ >W^VUXf ¬CR[^R DE ¨BB DEHGf ea TY[W^Ukc PU[V A _U NU[WU NUcWVbU @UX^f © Ii SkYcc BVYUZU A¦y¦YkUZX^Uf \S DFf ?kWX^ CPP DFQDEf A c\^WXcs^SRV BB ^R[XXW DEQDHf C\^RkX cl\b^R[XXW IiQIDf PUbP RkXcRc^ jDQjIf eYZl_lZSkYccU_UQ cRc^ qh Jnf PUX`UcRXSkWZ Ukk[SzUcR[ qEf J]WZ `U[cWSkUcV ZRS[ RkX _U ^STkkQ kllVV DEf OCe q `UZa `U[UXcSZaSWc IDQ IIf OCe I UTTRXcU[^ IIf PC@ I ZRS[ lrtBt[ o k A DEQIDu jjQjGf PUUXRXRS_YVR^SRV ^SRVRcRXRkX jGQjEf rllTU_U ^UUXRXRS_YVR^STcXcS cXcSRkX jHf Oe I kllVV qiQqqf rK `YZl_lZ ^R[XXWSkYcc qhQqFf d\`lXQ ^\VlZ c\ccsVR^WSZ [RScXWZ SkYcc qhQqFu \acV\X `X `UZa VYac qhQqFu `YZl_lZ SkYcc qhQqEf LWY`YXcRS[YYZ \ac^ SkYcc _U [Yac qEQhFf d\`lX^\VlZ V\X cSkYcc hFQFif LWY`YXcRS[YYZ rU[cWS_l[_ `UZaZYR` k_ qIQhFf LWY`YXcRS[YYZ PU[_UVUWXYc k_ qGQhFf PUZQ XUVUWXSkWXc d\`lVlZ SkYcc _U _lX FiQf e@ ju e@ qu eT Du eT Iu NT DE [XWyu J]WZ NTu NT jHQqi TX^f NT qDQqhf ellk DEu `lZ[ DHu BcZ IHu ^Ukc qiu TU_ qIf c H ¨BB DHFEf
DjFEf AUVSZWRXu dSaUZ n[_sf J^W BB eWVW DEHhf ea VWW^YT dSaUZ Kb`U[b A_U NU[WU JYVYZU LYTzY[]f © Ii p DHID KXcY[ ASWcWZu IHQ OZZU JYWZSZYZf oVWVcU DDf ?^Y[SWXcYZ T`^SRVf CWVUZaSWcu jjQ WcXYZlWZYZ T`f QD ID DDD DHFHf eYV_Yc DhDju DhDqf
DjFHf A^S]Xc[sTu KWZS ObSVp BVTU[Wf J^W DH DDD DEHEf ea cRVVW`UacWTYXc MRXcUp ObSVp A _U MRXcU`U P[s]Y[f © Ij ·S[U ASpWU LWVWYf BeWVcl Dju J]WZ XRST V\X \S DEf KLP CY[`Y\XQ ^UcXUXcU_U @S`UZWYTYVVlf p Ij eBBB DHFhf
DjGif Ac[sTzY[]u PU[V MRXcUpf J^W IF ¨BB DEHFf ea `YcRQ [WZ^RV_ [UZX eWVaYVT A _U OVTU ¥aU[VSccU MVUZXXf © IH JYVQ `W PU[WZ M[UZUcaf \S DFf ·VQcRc^ B SXU CPP IIf BZX oAOWXXU IHQjju T\sa CUTkYVVUZ VYZcSTSSccS[WQSX _U XWccYZ RRbYVVYYZ oAOWaUZf CUTkY[YYZ erP kllVVf NT DEf p D DD DHHif
DjGDf eUVVWZu MRZZU[ Kb`U[bf J^W q B¨ DEHGf ea cRVVW`UaQ cWTYXc Kb`U[b e _U OR]RXcU PSZXcUZcWU gVST£`WXcf oVWVcU DIf NY[WTWYXf p ID ¨B DHjDf
DjGIf Ä^Y[zY[]u OU[[Y ?X^U[f J^W Ij BB DEHGf ea \VW^SZYQ TYXc [UZX ?X^U[ O _U NUcWVbU dR`SZYZf © Ih p DHjH KVVYZ ?VW`WU LWZb][YZu qiQ NU[]Wc rWYaVf oVWVcU DDf OcYZYRTWZ _U CUWbY\ab ^SRVRf NNJ ^U[cS][UpWf c G D DHGEf
DjGjf tUVVYZWRX }YZc eUVVWc~u ?ccS ?W`U ObSVpf P[WXcWWZU Dq
Be DEHIf ea eC MRXcUp ObSVp t_U KVWZU MRXcU`U PRR[Wf © Ij CSWZW MY[c[Rb BZ]YzS[] gY[]aYTf eWVVWVVYu \S Dif LP Dqu LL Iif Lll^ CR[^YXcUZWXXU DGQDEf rWYVU`YbYZ ^RZZVll^ IiQjif PRSkWSZ kWW[WZ `c kWW[WVll^ Y[W SccYWXWWZ IjQIGf ?RVRZ LXUW[ `c UVWVll^ Ihf rWYVU`YbYZ ^UZXUVVWXXYR[ k_ IjQu p h B¨ DHjif
DjGqf OZZUVUu eWVaSf ¬ LUkRU DG D DEEEf ea T` PUUkkS O _U OZZU P[YYcU JWXXUf ©DG BZYX NWW_UT eWZ^f eWVWVVY \S DDf P Dhu L IHu C jIf PURkkUQ _U cYSVVaUVV cWVUXcScXcS _Sac DHQIFf CWVUXcSVV kllcXcSZ U^c DEu cYSVVcWVUXcS aSWc IFQIEu \VWU^c IEu SX_Sac IHf @J cU[WppWSX _Sac jiQqhf Jn cWVUXcScWYc bSX jiQ hDu ^UZXUZcUVSRXcWYc `c k[Sp qEu k[Sp hDQhEf PPP cUVSRXaWXc SkYccu IHf >S[XXWZ cSkYcc IIQIFf BB ^RV^RVUWcSXTWZ qDQqjf PUZXUZYbRXc jjQqhf r[YX `UVWcXW_UT jGu qif BPL _SabSZ k_ jGQqqu YbRX^[\aTlZ k_ jjQqhf J]WZ ^URk cWVWZcU[^ jhQqhf PUZXUZaRSVcSTWZ cUW ZYR`^RZZ _lX jHQqDf A cWVUXcSXYR[ YXWT IHQjiu PUZXUZcUV \ab hjf A `WRVRZ[U^YZcU_WYZ \ab k_f ARST CWYbYU^Uc _lX hjf A JWXc AYR[UZ cRc^_lX qHf nSQVYabYZ kllQ cSWT DGQDHf Qe@ Du e@ qu Ae@ PVu NT DE [X^u NT jHQqif JU[[ ^UVUXcRXu TYcXlXc\Xf p J^W IE eBB DHFif
DjGhf `SZ gYVVu OZcY[S ?ccS K`Y[cf ¬ J]WZ kWc ji eBBB DEHj ea U[^^ OZb[YUX K`Y[c >W^SVUW `SZ g _U AW][Wb >UYTW AcYZ[Scaf eLVVYu \S DIf nÁC DGf NR[aUccR J]WZ kWc DE ¨B DHDGf eYV_Yc DqhHu DhqEf
DjGFf ¥U[VXc[sTu dSXYpf ¬eWWkR[W Di eBB DEHif ea kUZ^WZQ ^UT[ [UZX OVY^XUZbY[ ¥ _U NUcaWVbU eWVaYVTWZU AUZbYVWZf © ID KVZU JYbXc[sTf eLVVYu \S DIf PU[V U¦Y[ ^SZcc DIQ Djf A PURkkUkUZ^^W ?\ J]WZ ^SZcc `W[^ DjQIqu J?r ^URkQ kUkUZ^^W ^UT[ IqQjFu kll^SZccS[W jFQhEf BXlZZf K[W \ac cWVWZcU[^f JU[[ kRRcU[aUf c q BB DHGFf eYVW IqHDf
DjGGf Jl^VWu tWVVWUT LYSZU[bf ¬JlTYYZVWZZU II B DEHjf ea ^UU^YVWZcY^W_l dSaUZ J _U OZZU eWVTWf © IjQqG Nl[cU g[UÃYZu BB qG BVcU AUWTU rlW`Ws }NR[STU~f eLVVYu \S Dju As[ZlWXcYZ \ac^ BQe B^f >W^SVUWZ [UcXR`lYZ XScUSkWXc Dqu c\^WXcsZ cl\bYZZ\X^R[XXW DHu APP ^ST^R[XXW IFu APP IGQIEu PPP RkX^R[XXW qhf dll^kUcV IG AU^XUXXU DFQDEf If `RS[Wkc[W kllVV DEQIif PC@ I kXcS ^ST IiQIqu PC@ D IqQIEf dll^Cµ
^ST IEQjIf APP SkYcc jIQjjf NSX^S`UZ XScUXWUT jjQjhf PC@ I ^ST jhQjHf DDD OP c\^^ST jHQqDf PU[_UVUZ O }ORZ @\aTl~ c\^^ST qDQqqf PUdSP c\^^ST qqf Gf bW` `X ^ST qIu qjQqqf Jl^VWZ PUVRXcSc ?\ cSWTW qhQhqf nYQRkX jju e@ D cV^u e@ Du e@ Iu e@ q T^u Ae@ Iu NT DE X^f NT jHQqiu dTu AU^XPµ Du AU^Xµ[ Iu AU^X TX ^[f dll^`lZ[ DEu BcZ DEu ^Ukc Iiu TU_ Iqu Y`V IEu Y` jhf p F ¨BB DHFGf
DjGEf JU[bYZu oV_UX PRXcUUf ?[WTUccWVU DE BB DEHjf ea T` MRXcUp ObSVp J _U BbU eWVaYVTWZU dRXXWVUf eWVVY eWVcl Diu T`V\X \S Djf O][ DFf JSWcW ^ScWcWVUUZXU NR[aUccR ?[WTUcQ cWVUXXU Dh BB DHDEf eYV_Yc DjGHu DFjEf
DjGHf JU[bYZu n[_sf ?[WTUccWVU I B¨ DEHhf ea T` MRXcUp ObSVp J _U BbU eWVaYVTWZU dRXXWVUf © IE KVYZU ?Xc[S]S[X^\f BeWVVYu \S Dqf NJ DGf NJ kUV` DGQIDu Oz t MRc¦YWc © ¥S IDQIjf CaSTYZ TYcXlcXcS kUV` IjQqiu eWWkR[WZ ^SZcc aSWc IHQqif PUZXUZaRSVcSTWZ kRRQ_U kSVccSUWZYSX kUV` qiQqDu @J kRRcU`U[UcXcS }J^W~ qIQqqf ASc`W[^ qDQqqf JU[[ ^Y^Q XWZZscf c PYVVS^SX^W DI B¨ DHqqf eYV_Yc DjGEu DFjEf
DjEif JU[`WS }QDD JSVT~u ?X^U[ BVTU[Wf J^W IE ¨ DEHjf ea ^URkk KZS^ ?X^U[ JSVT _U ?V]U ?XWkSppf BeWVVYu \S Dqf OJC Iif rUZ^^WUVUVVUf p Dj ¨ DHIFf
DjEDf CWWccUu oRZS K`UVbf ¬PU[ccRVU Ij B¨ DEHqf ea ^SZcc LP IIf Qp J^W DG eB DHjFf
DjEIf LWZb][YZu K[W^ CYSpWVf CR[^R DH BB DEHIf ea ^SVVY]WQ [YWXc[UUccS[W JYZ[W^ L _U AW][Wbf © IE AUZZW A\V`WU A_saSVTf oVWVVYu oVWVcU Dif rRRcU[aR[Wf p Iq ¨BB DHFIf
DjEjf >S[cWU }Qjh >S[bXc[sT~u g[S[ K[^^W CYSbS[f @lWXlVl DD DDD DEHhf ea >N ?X^U[ CYSbS[ >S[bXc[sT _U dYZZ\ CSVQ kSf © DE p DHFF PY[ccR NUcWVbU @SXYZ£`WXcf oVWVVYu eWVcl Djf PSc^UZ ^URkkUSkWXc Dhf K[W cYac ^SZcc _U ^SZcckllVV DhQIIf ?TU U]YZcRR[WVWW^Y eWWkR[WXXU IIQIHf CUTkY[YYZ rRR`WVVUQ cYab ?\ YbRXc IHQjjf ?\ ra o AcYZzY[] © ¥S T\\ZcWcU[^ _U eWWkR[WZ CRkU^^U ?\ cSWT_ jjQqif ?[U`UZ CYac ?\ ^URkUVV _Sac qiQAq CYabUX`WVVU ?\ T\\ZcWkllVV hqQFIf BclQA PURkkUQ TUc^ _U LWW^YTWYX\ab cUVSZ cSWT_ _U \ab XYV`Wc\X^RZZ [Uaaf eT Iu Ae@ T If JU[[ cUVSRXYVlTlf c jD eBB DHGif rSW^U qhGFf
DjEqf OVTu PUU[VS ?X^U[f ¬d\`lX^\Vl ji e DEHGf ea VYac ?X^U[ O_U OZZU M[sZzVUbf © DEQjh NUW_U LU[WZYZf VVWVVYu \S DFf ?kWX^ CPP ^SZYSX DFQDHf PUbP Y[W^SWX^R[XXW jDQ jIf PYZcclc\^WXcs RkX IiQqGu KcQrSa_UZTUUZ A^QkWW[W UVRYkllVV IhQjif dSYZXRRZ V\X TUc SkYcc qGQhiu `X ZRS[ VYac hiQhjf NT DE [X^ _U TRWcUf @YX`lZ[ Iiu [YXVcZ Ihu BcZ jju ^Ukc jGu TU_f p PSZcWSVUacW Dh ¨B DHhjf
DjEhf JlTYYZQOZccWVUu elWZs K[VUZbf LUacW DD ¨ DEHEf ea ^W[_UVVWZYZ _Sac elWZs J _U NU[\ g[WbQ ]Y¢ CY[`Sf © IE ^SZY^W[_ CSWZW PUcU[WQ ZU A\[_lVlf BBwVVYu eVVLVcU Dhu AnP BQBB B^u JlTYYZVWZZUZ V\X eQeBu eBBB _U \S DFf P jFu L hEu eWWkR[WZ RkX^R[XXW DEQDHu Ac ¥\[WZ XScU^SRV @UZX^UXXU IiQ IDu PUbP IjQIqu APP IFQIEf PU[_UVUZ ^UU[cW ZRS[ RkX DHQ Iiu IDQIjf nY IqQ qqf CUXU`UVVUZ k[YX ZRS[ Ub_ IqQIFf A rUkY[WcYacUWccYZ \ab ^W[_YYZ`UWac qhQ qEf ?\ NWZRX Oz ^SZcc qEQqHf A tJ?Q^STWc XWac qHQhif ?\ A\[_lVl Oz `UVUZcYaZ\c ^WYVYZ^llZc hDQu Ae@ @u e@ ju e@ qu NT DEu NT jHQqiu @RScXNµ @ Du LUc`PC@ @u @PL @f elZ[ DHu BcZ IIu ^Ukc IGu TU_ qIu \YQRkX jGf c IH eB DHEHf eYV_Yc DEiIu DEijf
DjEFf PW`Wu PYWZS PUVY[`Sf J^W h ¨BB DEHhf ea OO [UZX KTWV P _U O]UcU NU[WU rUVTf © ID p DHjD B[YZY NUcWVbUZ [s_bf VVWVVYu eWVcl Djf PSc^UZ PeSRbWZ UkRVf eT Du NT DEf p ID eBB DHGif eYV_Yc DhGFu DFFqf
DjEGf OUVcSu O[`S OZcY[Sf eWacW j ¨B DEHHf ea T` O^XYV
OVp[Yb O_U OVTU JYVYZU NU_VUZbY[f © Iq c DHqG pU[T NU[ccU OVWZU JU^UZYZu DD qH NU[ccU PUcU[WWZU LUWZYf \S DGf ·B CPP ^SZYWZXSX IDf ORcSTSzWWVW ?\ ^S[_ WZX IDf ORcSVU ?\ IIQIGu cSWT_ IGQ
hGf NYcUVVWSXU ?\ cSWT_ qIQhFu et ORcS ?\ hjQhFf A ORcSTSzWWVW^URkQ
kWUWccYZ \ab k_ jDQhDf ORcSQUVUZ C\sZQ
UZcU_UVWWccS jGQhIf ACP aUVW _lX jEQhIu
ORcSQUVUZ LRSccUTRXZYR` qIQhif >S[Q
bWX^ ORcSTSzWVaUZbVU[Y oZWSZ aUVW _lX qFQhIu k[YXWb qEu hIf J]WZ PURkkU^UTU[W aUVW _lX hEQFqf NSSccS[WVWW^YZcYYZ PYXQ ^RX_l[_ k_ hHQf PURkkUZYR`SX hIu e@ ju e@ qu eT I ^Uu NT DE [X^f NT jHQqiu NT qDQqhf BZX^Ukc jHf JU[[ TUc^UWVRu URcSWVRu ^UVUXcRXf p DG e DHGHf
DjEEf OaVUTUU }Qjh OaV£`WXc~u elWZs eWacS[Wf J^W Dh BB DEHEf ea [^T eWacS[W OVp[Yb OaV£`WXc _U NUcWVbU ¥aU[VSccU AUVWZf © Iq p DHhj MUz[WYVVU NY[WVRScSf BewVcl Dqf C\sZQ _Sac J]WXXlf c H ¨BB DHqDf
DjEHf O[`SVUu ?ZZWf J^W IG eBB DEHFf ea ^URkk OR]RXc tWVaYVT O_U KVWZ ASpWU NU[^YVWZf © jD p DHFI PUWXR KXcY[ rYaRf BLVcU DDu ORXVlZbY[WZXcWcRc }gY[VWZ~ \S Ijf Ala^sQ cY^Z DGu ·B ¥aU[VSccYZzR[]WZ CPP IHf ?\ JlTYYZ Ala^sZ [U^kllVV DHQIDf ?\ o[_UVUZ Ala^sZ cSWT_ IDQIjf ?\ OZcSZ Pl[WZ cY^Z _Sac IEQjif d\`lX^\VlZ Xla^sVUWc _Sac jiQjhf AlaQ ^s ?\ AWYTYZX cXcSWZXu SXkllVVu cY^Z_Sac _U cSWT_ jhQqEf tU[cU ?\ _U PSZyYc[U ?\ cSWT_ qhQqEf PSTTUZbWWccW\ac ?ZZW O[`SVU © ¥S _Sac hiQhFu BZXcXcS ?ZZW O[`SVU hFQ e@ j ^Uu e@ q T^f NT DE X^f @\aTlkllVV DEf p KXkSS j BB DHFGf
DjHif ¥UZbSVWZu KY[S o[WYVf J^W ji eBB DEHHf ea ^a[U PU[V Ob[WUZ ¥ _U OVTU P[WXcWZU eYXcY[zY[]f © IE [WbU KTWVWU tW^Xc[sTf \S DGf J]WZ ^URk XUcUTUVUWc IjQu XUcUTU^UT[ jHQhGf oX \ac _U VWW^^YWbYZ cWVWZcU[^f c Iq B¨ DHhGf
DjHDf ¥VY`Yu ?VU oSVY`W PUVY[`Sf JlTYYZVWZZU IH e DEHEf ea aYZ^W^W[_ ?ccS ¾Uya[WX ¥ _U OZZU B[YZY dSaUZZU Ac[UaVQ TUZf ©ji VYac @Rca KTWVWU >\TUZf KWcl DD K^YZlX XUTQ X^SVU IQjf B^u >\U X`YZX^U Vl[S`Y[^Yc \S DHf CYSV Y[ScRc^ Iqu kUXccRc^ jif nVWT kUkkWZUw nVWTU[^^R Iqu C[Y IFQIGu J^W IhQIFu IGQhjf J]WZ kSa_ [RScX X[^ ^UkkUVUWZYZ hjQhhu CRSQ TUUZ X[^ hFQFFf J]WZ [RScXWZ^WYVWXWXXl SkkW^ RX^ SkYcc IFu IGQIEu jiQhFf WZVUZbX X`YZX^U k[lXcps[zRZb XWac jHQhDu `k_ hjQf @RScX `W[XW^ cU[^^STWc _lX qjf PW[^SVVWX^S^ _lX qjf AcWpQ cYVXYZ ps[ bYc UZbVW]U VW`YcX ps[b_RkUZbY k_ qGQFqf A PW[^^SQ aWXc XYR[ _SacS^ _lX qjQf @S`UXcW hjf JU[[ `W[XW[RZSWVR _U QcRc^WTRXf p D ² BB DHGGf
DjHIf KY[W^lWZYZu o[aS BVTU[Wf J^W IH ¨BB DEHGf ea `WWVUUQ _U NUccW K _U dSXYpWZU NUZbWVUf \S DGf QAUZSTUVYabYZcSWTu TT eU[^URbYZ LYacW kllcSWT jDQjIf N\sa TUWZSXcXcSZ _U OV^SaSVWVWW^Y S\ kUV`f p ji ¨B DHqFf
DjHqf PR[Y_S^W }Qjh MUTTYVWZ~u KY[S PRXcUUf eUUXU IH B¨ DEHGf ea ^URkk PU[V MRXcUp MUTTYVWZ _U KVWXUzYca LYkWXcsf © jH AW[^^U JYVYQ ZU JSVTzY[]f eLVcU DFu \^X eBBBf JlTsXUZbWZ cY^Z TYcXlSkWXc VSkkRQ cRc^ Iqf ?kWX^ nacYWX^ PS[^YU^ jDQjFf rSXcWQ _U `UZ^YWZaSWcSVUWc `W[^UTf O[Q TYW_UZ RkX _U A^ kUW^UVVWXkllVVf rRRcUQ `U[UQUVUVVU TYcXlQ _U ^SZcckllVV XY^l ^W[_YYZ`UWac }KZ]VUZZWXXU~f J]WZ ^URk [U^cXcS `U[UXcSQSX kUV`f OXRZcS\acWsWQ ·YZ WXlZZf oX \ac _SacS^ _lX _U cWVWZcU[^f e@u NT DEu eW[e@u LUc`WUZu BZ^Y[WZ _U PU[_UVUZ NTf LcZf QD PRaTSWQ ZYZ Ij eBB DHFif
DjHhf rWa^UVU }QjE MRTTY[RX~u ?VU`W }?VVW~ BTTUZRYVf § rS[`SS j DDD DEHHf ea [S` dRVWRX BTTUZRYV MRTTY[RX _U OWZU JYVYZU tWZcY[f © ji LL B[_U BZ^Y[W ASTY[Wf \S DGf ·B CPP IIu APP IHf Ne kUV` IjQhHf AScY`U qFQqEf e@ ju e@ qu Ae@ @LQ BZX^Ukc IEu WZX^ST^Ukc jDu WZX^ST qIf p DF eBB DHEqf rSW^U hGFju `YV_Yc EDFu EDGf
DjHFf JYWZSu eWV_S Kb`U[bf J^W ji eBB DEHGf ea XYkkl OVY^XW J _U OTUZbU Ka[VWZf © IG eW`W KVWXY gS[]Xc[sTf BLVcU DDf rSXcWV_SSZWu T\sa \VWkSXcWV_SSZW DEQhif J]WZ kSXQ cW^SZcc B ^W[_R[W hiQhIf ARSTYZVWZZUZ R[aYWVW_UWZ _U UTkR_UWZ XYR[ k_f NT jHQqiu eXX UT I X^u Ao UT jf JU[[ cS[`WXSWcQ cSf c ARSTYZVWZZU Dq DDD DHhIf rSW^U qFiHu kS_UZkS_Uc GEhiu EFEjf
DjHGf JU[`Y }QjD JYWZSZYZ~u KWZS eWVaSf J^W Ii eBBB DEHHf ea WZX eWVaS JYWZSZYZ _U KVVYZ OVWZU CUkkY[f © IF JUZZU AW[^^U @Y]WZU ¥YbY[zVUbf Q\S DGf Q·B CPP IIf AlaQ ^s ?\ AWYTYZX IjQjHf AU`SZVWZZUZ Xla^sVUWc ^l\ccsWZX jHQ qGf J]WZ ^URk Xla^sVUWc ^l\ccsWZX qGQFIu cXcSkllVV FIQf CYSVVQ cUVS ?\ WXlZZ IHQu e@ q ^Uf NT DEu NT jHQqif JU[[ kU[UkX\^SVS]WUf c jD DDD DHEDf BXl HFu `YV_Yc IiEIu IDGhu jDHHf
DjHEf JWWXW }QDE JYVYZWRX~u LUR[Wf ?[WTUccWVU Ii eBBB DEHGf ea XRRcU[WTYXc dSaUZ tWVVYaU[b J _U NU[WU KTWVWU dRaSZc\Q cl[f © Iq J\TTW PUU[WZU eUZZUXf \S DGf PUbP DHQIiu OyyUbYTWU b¿O[cW]VWY[WU }CS[WZS~ IFQIHf dSR^^SQSX IiQIjf nY IDQIFf @C D _U @C I IHQjqf Ne YXW^ jqQjEf @UZX^UZu gYV]WUZ _U KXkUZ_UZ XScUXWUT jEQqIf K[SXW qqf rY[RXcW kUZ^Q ^WW[WVWW^Y L JWWXW ^STTUZbWWccW\ac _U VWWcc\W ks[XXWZ _lX qhQ rs[XXW^STWcYU _lX hIQu PWVkUkR[_YabR^XYXXU DG kUV^f nYQ RkX jhu >Y¯ nS[^WZ Gf [\^T RkX^Y[aS ^RZZWU_lXf NT DE [X^u Ae@ @ Du e@ ju e@ Iu @PL RkXu @RScXNµ P If elZ[ Iiu VcZ Iiu ^Ukc Iqu TU_ IEu Y`V jEf JU[[ TYcXlZaSWcSf Qc Dh e DHEHf
DjHHf JYWZlTWYX }Qjh JYVYZWRX~u eWVaS dSaUZZYXf J^W D BB DHiif ea ^URkk OZbY[X CYSbS[ JYVYZWRX _U BbU M[sZ[SSXf © Ii p DHIE KVVYZ K^Vspu jh B[TU CRRVW^^W AWY`Sf BLVcU DIu ^YX^W^SRVf A cWYcScXcS [YkS[ccY[Wu cSWTXWac _U YbRX^ XYVSXcU_U DHQqqf KbRX^ kUWZUcRXcsWbYZ ^UZXVWU UkRVkllVV jhQhDu kllVV hDQhjf A AUZSTUVYacWTWYXVWWccS XWac qGQhjf PURZS^W[_U¢¢ cYS^XWUf e@ qu eT Df c DE DDD DHhjf eYVW IjEhf
Dqiif JSVTXc[sTu OZcSZ @UpUYV LYSkSVbf PX SkYccU_UTUc[W^Q ^YVWf rS_Uc qjDhu qGEqu hihGu c\ccl[YZkSW^U GFiHf
DqiDf JlTYYZaYWTSu dSaUZ eWVaSf J^W Dj ¨ DEHGf ea ^URkk dSaUZ J _U eWVaYVTWZU LYW`SZYZf © jq AWW[W NW[_UT BTkSVUf Q\S DEf K^SZ PPP IDf ?kWX^ Jn VU^WU _U ¥SVRTQ zWU oZW`Y[XWc\ }>Y¯ nS[^~f BVTU[W rSacS cR^^RVWW^^YYZ ^SZcckllVV _U _Sacf p J^W Dj ¨BB DHqhf eYV_Yc Iiiqu IFqjf
DjHjf CU[^YVU }Qjh WZaSVT~u tY[ZY[ tWVaYVTf J^W Di ¨BB DEHGf ea ^URkkWUX tWVaYVT WZaSVT _U NU[WU @Yz[Sppf © IG NU[ccU KVWZU LWV_YXc[sTf \S DGf e@ cU[^UXcRXcXcS `U[UXcSQ _U ^SZYSX `W[^UcRc^WZZScf @URcUcWY`W[^UT @J cU[Q ^UXcRXcXcS DGQIiu aUZ^WZcUcXcS IiQu `WWTY^XW UkRVSXcSkllVVf OXRZcS S\ WXlZZf Ae@ @u NT jHQqif JU[[ [Yc^YWV\u kRRQ cU[aUZaSWcSf
Di >S[XXWc DEFGQDHHI
DqiIf Bc^SZYZu O[`S KWZU[f J^W F e DEHEf ea kUZZRTYXc OzZY[ B _U JWVTU LS`WXU AU`UZbY[f © Ij NU[]Wc JYVYZU eW^Q zY[]f \S DEf BZXu SkWX^ CPP DEQIIf c DE B DHGEf
Dqijf dUU^^SVUu O[TUX J_UVTU[f LUTTW Di ¨ DEHGf ea ^W[`YXT PRXcUU ObSVp d _U NUcWVbU © KVXU NU[WU @UZcUZYZf Dqh
DHiH
BewVcl Dhf Ala^sccl_lf PUZUbUUZ IGf c ?ZcU[WS DG e DHqEf
Dqiqf dR[TS }YZc dl]Y[TUVT~u KTWV [Yb[W^ [WbSVpf J^W DG eBB DEHEf ea `URZRZcU[^ MRXcUp KTWV dl]Y[TUVT _U OZZU oV[W^U AUVSZYZf ewVcl DFf CUVSRbYZaSWcf elZ[f p F e DHjqf
Dqihf dllX^YVlWZYZu o[aSf J^W DH eB DEHEf ea XRRcU[W NUcQ cW d _U NU[WU dSXYpWZU OR]RXcWZc\cl[f © CSWZW @Y]WZU eWVYZf ewVcl Dhf Ala^sccl_lf « DD e DHIqf
DqiFf PUVTU }QDH PU[VXSZ~u ORVWXf rS[W q eBB DEHHf ea _Sac
O^XYV OVzWZ PU[WXYZ _U ?V]U OVWyY g[RTTY[f © IGQqF ·S[WX NU[WU Up g_s[^YXcYZu BB hG N NUW_U rRV^^WZYZf \S DGf O[^^ CPP Ihf rRSVVUWc U[^^ IFQIEu XSXWUUVWTWZWXcY[Ws IEQjHf @J Df B^ U[^^ qDQqhf J]WZ N`V\X _U nacV\X XY^l LUkWZkRWXcSZ \acV\X kWW[RXcR^XYZu [U^Q _U c\\VWSkWZ _U cUWbYaWXc SkYcc IqQ jqu LUkkYYZ[UZZUZ cY^Z ^SRV VYac qqQ qhf CSWT J]WZ XRS_YVRX^u A BVTUkRSVVWWc
IGQ e@ q cV^u eXX UTf NT DE [X^f NT jHQqiu J]WZ `UVc NTu AU^XPµ jf LcZf JU[[ ^UVUXcRXu XWYZYXc\Xf p ID e DHGhf
DqiGf PU[UTU }YZc PU[VXXSZ~u KVWUX AY`Y[RXf J^W DI DDD DEHEf ea c\sZ_Sac PU[V AY`Y[RX PU[VXXSZ _U JWVbU KTWVWUf © jq LUR[U CWVV\f oVWVcU Dqf J]WZ cYSVV^SRV ^SZY[U^SX kllXQ cscSb IDu Xla^scY^Z SXUXcS IGf Js\[\^SZYQ_U \VWTSSccS[W^SQ ZYTYXccRc^ IFf Ne kUV` IIQu ^SZYcU[^ jjQYVl^^YYVVYf p Dh DDD DHFhf
DqiEf PUX^WZYZu elWZs NW^UYVf J^W DF B DHiif ea [llclVWQ TYXc PU[V NW^UYV P _U OTUZbU KY[W^WZc\cl[f © ji B[TU AcYQ ZWRXf eLVcU DGu J]WZ RRXW \ac^ \S Iif K^SZ PPP Iqf CUTkY[YYZ ^YZ^lcYac ^SZcckllVV IFQIHu >R[TWZ ^YZ^lcYac IHQjiu ?\ S[XXU Oz jiQjjf NSZS ?\ WXlZZ jIQjFf rRR^WX^U ?\ cSWT_ qGQhiu elWZs PUX^WZYZ ?\ hiQFqu CTW elWZs PUXQ ^WZYZ hqQf LUabYZ ^URkkU^UTU[W UXWUT hEQf LUabYZ VWW^YQ TWYX\ab k_ hiQu [ScU[\^VRzW k[YX FiQFDu TWYX^RS[S _Sac jjQ hGf eWWkR[WZ TRXSkWXc aUVW _lX qIQf Pn aUVW _lX IjQIqf e@ qu Ae@ @u NT DE [X^f NT jHQqiu NT qDQqhu A^ UTf PUkc qDf p Ii BB DHFjf
DqiHf PY[U`RS[W }QiF @YZ`UVV~u O[TS AU^U[Wf AUZ [UZyWXQ yS }oAO~ I eBBB DEHHf ea O^XYV AU^U[W P _U AUWTU ASpWU dUaZXXSZf © IE LC? BTkW BZ^Y[W JSVTf LUkXYc OUTW AU^U[W IHu dS[TU PUVY[`S jjf \S DGf P IDu N Iju nÁC IEu eC jDf C[YYZ ^URk^W[_UXcS _Sac IGQjGf C[YYZ @? ZRS[ ?W^>T jGQqhu `UZa ?W^>T qFQhDf J]WZ @? `UZa ?W^>T hDQFEf Jn ^W[_UXcS ZRS[ UTUZ DHQIiu `UZa UTUZ IiQIDu `U[U^W[_UXQ cSZaSWc IDQIFf C[YYZ `RS^[UZcU[^UXcRXVURcU^ \VWT XWac qhQ hDf JY[ccSZWYTYZ X[^ ^W[^^SZYR` _lX FhQGif ·UZcY OVW]aWY[WQ AYR[ aUVW _lX hFQFEu XWac FqQFEf JY[ccSZWYTYZ PUZXUVVWXXYR[ _U r@ _SacS^ _lXf Ae@ @ Du Ar@ UT[f NT jHQqiu NT qDQqhf ellk IEf JU[[ TRXWW^^Wu ^WYVYcf p IF B¨ DHEjf eYVW DEjqf
DqDDf PSX^Wu oX^S ARVS CSWZYZf J^W Dj B DEHEf ea [UWccWRX kRaR_U eWVVYaUb P _U JWVTU NUcWVbU AWVVpS[Xf © Ii LYTkW ·U]TU[ J_YVcf LUkXYc rYZccW PUVY`W IDu KY[S oSVY`W IHu CRRVUQ@WWccU PUU[WZU jjf \S DGf nÁC IEu eC jFf P?r kll^SZcc `W[^ DGQIju r\al_l[`YZ }oB~ ^SZcc _Sac IqQ Ihu J\`WZ^llZ ^SZcc IhQhhu J^WQCssQ VsZcRVVWZ ^SZcc hFQFDf J\`WZ^llZ rRQ aYVWZ ?\ cSWT_ jDQqGf J\`WZ^llZ ^URkk _l[_YXc\XSW^ k_ jGQFif KbRX^ _lX qEQhDf r[YX `UVWcXW_UT hFf J\`WZ^llZ ^URkk`UVc _lX IHQhhu QaUVW jDQhhf J\`WZ^llZ LWW^YT\ab k_ jjQhIf n^XWc\WX\[WcclQ _WYZ LWWccS _SacS^ k_ qhQqEu VWWccS k_ qEQhhf e@ q ^Uu AL @ Du eXX TWcf NT jHQqif ellkf JU[[ TUc^UWVRu cYUccY[Wf c Ii ¨BB DHGjf
DqDIf PSX^WZYZu NUccW Kb`U[bf J^W j VWW DEHHf ea kRRQ ^URkk NUccW AY`Y[WZkSW^U P _U P[WXcWZU AY[UpWZU K^Xc[sTf © IE ?V]U B[YZY OaVXc[sTf BewVcl Dqf ?\ K OaVXc[sT © ¥S Oz VWW^YUkRV DqQDHu `U[UXcSZaSWc _U VlaYccl_l IiQIGf BcXYZlWQ ZYZ ^URkkWUX IGQFhf OXRZcSQS\ WXlZZ qDQhhf J]WZ cUVSRXcU[Q `W^Y^URkk \ab k_ _U _SacS^ _lX jGQqhu hiQFif eT Df ellk Iif JU[[ RV^SWVRf p Ih eB DHGif
DqDjf PScWVUWZYZu O[`S BVTU[Wf J^W j e DEHGf ea XYZUUcWZ `UacWTYXc rYccY[ P _U KVVYZ KTWVWU S[XYVVf © IG p DHjG OVVW eUVYZcWZU eW[cUZYZf BLVcU DIf CUWbY\ab kWW[RXcRX^SRV DFQ DEf A PR`UVYacW RV^SUXRZ aRSVcU_U DHQIGu JU^^UkYVWWccU IGQ jDf BcXYZlWZYZ cUWcYWVW_U YcRkllXXl TUWZSXUVUVVU jDQu NUWXYQ TUQ _U TRScS^R`UTUUVU[Wf « JUU]U Ij BB DHqHf eYVW DDFif
DqDqf PY[ZUUVU }QjF ¥a[WXcWUZXXSZ~u CS[W }CaS[`UVb~ ?XXWUZf J^W DF BB DEHHf ea \VW^SZYTYXc dSaUZ MRXcUp ¥a[WXcWUZXQ XSZ _U NU[WU @Y]ZUcU K[W^XXSZf © jE K`U BTkW g[SUXf BewVcl Dhf AWzYVWRXQU^Uc SSkkY[UVRS^^Uf rCL kUV` DFQFFf CSWT A LURVRXXUu T\sX XSVWXcWcYacl`WXXlf oX ^SZXY[ccY_U AwXXU _U @RScXWXXUf PS[k[f JU[[ pWVUcYVWUf
DqDhf LYaTRXXUU[W }Qii LWZbaSVT~u ARVS elWZs dSaUZZYXf J^W DG ¨ DEHEf ea `lVX^l[W dSaUZ L_U eWVaYVTWZU MRXcU`U OZbY[XXSZf © IG OWVW PS^^Sf e¡Vcl Dhf J]WZ cYSVV^SRV IDQIqf Ala^sWZX IG CUTkY[YYZ cY^Z SkWXcf BZX J]WXXlf p h B DHFqf eYVW DGhqf
DqDFf LYWZSu n[_s PUU[VSf J^W IE B DEHGf ea ZUa^R[W PU[V ?X^U[ L_U OTUZbU eWVaYVTWZUf © qhQhi ^UZXUZYbRXc JY[ccU PRRXWZYZf ewVcl Dqf NUUcUVSRXcY^Z PR[^W_SYZ TUUTWYXQ ^SRVf NUUTWYXSkWXc SkYccu T`u XUZSTUVYabYZcSWTf ASXWUUVWQ TWZ qqQqhf AWXlUXWUWZTWZ qhQqEf PUZXUZYbRXc qhQhDf APr kRSVRYcSWTW^ _U ?\ OLP? Oz aZcSZYR` _lXf p J^W IE eB DHFDf
DqDGf LYacWZYZu n[_s NUcWUXf eUV^YUVU Dh BB DEHHf ea cWVUZQ STWXcu ^UZXU^? NUccW L_U OWZU KZpS[Xf KWcl Diu J]WZ XRST [YUUVWV\X ^YX^W^ ^R[XXWf CWVUZSTWXc PSW_l[`YVVlf p PSW_l[`W j ¨B DHIEf
DqDif PSX^YZ^U[Wu KWZU[ MRXcUpf J^W IH eB DEHFf ea c\sT PRXcUU @YWZaSVb P _U KbVU NU[WU ·UaVTUZf © II BZ][Wb ASpWU LWV_YXc[sTf ewVcl DFf PSZcckllVV J]WXXlf p jD ¨BB DHhFf
DqF
DqDEf LWRX`UU[U }YZc LWV_YzY[]~u oZS LRb`W]f J^W DI ¨BB DEHGf ea T` KTWV LWV_YzY[] _U NU[WU ASpWU ·U`WbXXSZf © ?V]U MRZWVVU KZ£`WXcf oVWVcU DDf @^T J]WZ cYSVV^SRV IDf ?\ CY^cS[WZ _U ¥SZXRVcWZ c\sZ_Sac _U `UXcUU`U TYXc IqQjDu jFQjGf e@ [U^SX jIQjhf ARSTWQ\ac kUV` jGQjEu J]WZ ^URk cUVSZ[U^SX jEQf e@ q cV^u e@ qu eT Du NT DE X^f LcZf c Ih B¨ DHGDf eYV_Yc DDDFu DIhDu IIiiu kS_Uc qHEqu hhHGu hHHEf
DqDHf LWZbu NUR[Wf J^W Ih eBB DEHHf ea ^RVcUXYkklTYXc PU[V OVp[Yb L _U KVWZ KTWVWU rYccY[XXSZf
© IF cSWT_ dYZZ\ KTWVWU CU`UXcf ewVcl Dhf PRVcUXYkkl Iiu VYWTURXcRc^ jju ^RVcUXYkklTYXc qHf PRVcUXYklZVWW^Y P O LWZb DFQu cSWT_ qiQu STWXc hqQf A PRVcUXYkkWYZ LWWccS _SacS^ _lXf J]WZ
PRVcUXYkkWYZ nab `k_ _U [Uaaf J]WZ
@YXRkX^Y[aS _SacS^ _lXf e@ qu eT Iu eXX UT Du NT DEu NT jHQqiu A^ UTu @oL ^RVc UT[u Ka[YZ^[YR¦ pR[ [SZcQ ^lTkpY[f PUkc qIf JU[[ TUUZkRSVRXcRXc\sf
DqIif LUSX }YZc LWZb[SSX~u eWVaS KWZU[f J^W II B¨ DEHGf ea TUUVU[WTYXc dSaZ AW]p[Wb LWZb[SSX _U NU[WU PWZZRZYZf © IE C\ccW eWYZS >W^UZbY[f \S DGf LP Ij LL jiu ^S[`UQu ZYZlQ_U ^R[^^RcURc Y[W^Vll^ jIf J]WZ \V XUW[ `UkYac UkRVVll^ _U UkRVVll^ jiQjqf n^XWc\WXVll^ J]WXXl jiQf K[W XUW[ `c UVWQu UkRV\VWQ _U \VWVll^f Jn ScWUc[WXYZ ^VWZ `c UkRVSkYccf JRSZSQ ^RRVSWXcYZ VWWccS k_ qiQf e@ ju e@ qu NN jHQqif Lll^TU_ qjf Qp Dq D DHhGf
DqIDf LRZbYZWRXu dU[V LYSkSVb }LYS~f J^W Ih ¨B DEHHf ea
Y`V PU[V JU[UVb L _U o[bU KVWXUzYca
@{zY[]af © jiQhq PUcY KVWXUzYca ÁaQ
][YZf \S DEu `lVWVVl PRSkWSZ XRST \ac^ BeQef LUkkYYZ[UZZUZ c\^^SRV
DEQDHu cl\bQ ^R[XXW Iiu cU^c ^R[XXW jDu @RScXWZ NAP jjQjhf O[TYW_UZ RkX DHQ qFu kc[WZkllVV IIQjhu \YQRkX jhQjHu VSaQ
^SZ _U [UZZW^^Sk[W^ YXW^kllVV jHQqqu
AUU[µr[ `U ^ST qIf Be @UW`URXSX kllVV qqQqFf JUZbYVXQ Sya WZbRXc[Wc_lZXcYQ
TUZZU pS[zRZbYc cSWTWZZUZ¢ hiQhGf e@ Iu e@ ju Ae@ Iu NT jHQqiu NT qDQqhu @RScXNµ @f @YX`lZ[ DHu `lZ[ Iiu oZ IIu ^Ukc IGu TU_ jFu Y`V qDu \YQRkX jGf JU[[ kWUZSZXSWcQ cSf
DqIIf L\\cWZYZu PU[V gYZ]cf >UXcSVU DF DDD DEHHf ea cUVSVV MSccVWYz L _U BbU NU[WU LU]Y[zVSTf \S DGf JSXkWcUZccWcSb Iq d\`lX^\VlZ XYTWZf ?kWX^ Jn XY^l \^XWc\WXYXcW ^WYVWlf oRbYZTUUZ LJ IEQqGu \VWT VllZWZ^SZcc jqQqGf PUZXU^S qGQqHf oN kUV` qHQhju AScUcWYc ^YX^RX^W[_UXcS hqQFFf NT DE X^f p J^W Di eBBB DHFFf
DqIjf NUZXZY[u ?ZZW JU[UVb }JU[[\~f J^W q e DEHHf ea cY^ZW^^S rYccY[ eWVaYVT N _U >UWTW PSX^WZYZf © Iq OZZU OVWZU CSW_SZYZf \S DHf CPP WZXcRc^ B SXU Iqf LWZbYVspWZ PSZYcYac kWW[cl_l _U T\sa ^l\ccskllVV IjQIHf ARS_YVRX^ nVWYQ XW^ UXYcU[^ IHQqDf KcQoRbYZTUUZ X^kWW[W UXYcY^Z qDQqqf r _UV^U`l^WcXcS UXYcY^Z qqQqHf Ae@ @ Iu e@ ju e@ qu A^ U[u NT jHQqiu NT qDQqhf PUkc qIf JU[[ ^UVUXcRXu STU^ScWQ [U^YZZRXf c jD ¨ DHFEf eYVW DhHDf
DqIqf NUcWVUWZYZu KWZS BVTU[Wf J^W Ii ¨BB DEHGf ea XRRcU[W OXU[WUX N_U NU]bUVYZU J\\[\VlWZYZf BLVcU DDf ORcSZ^RVQ _YccU_Uf QpVVV DHIHf
DqIhf >S[[SX }YZc >S[bXc[sT~u >WWVS PUVY[`Sf J^W DD BB DEHEf ea c\sZ_Sac CaR[Y O[caR[ >S[bXc[sT _U oV[W^U KVYSZS[U BaUZUWQ ZYZf \S DGf nÁC Iqf NT DE [^f c J^W DE eBBB DHIEf eYV_Yc DIFIu DGFhf
_U XYZ XUW[ Vll^ jFQFjf ÄzS >U`W]UcWSZXX^SVU cY[`Y\XSkWZ SkYcc jFQFjf mlZWXVWZZUZ ^URkS[^YXcY[W k_f PW`W_l[`YZ _U
PWZZRVUZ XY^l nVWcS[ZWSZ cS[`WS[^YXcY[WYZ _Sacf CR[RZ NYcQ XlZ^l`W_lc cS[`WS[^YXcY[WZ _Sacf Cnn S[^YXcY[WZ _lX _U `k_f e@ ju e@ qu Ae@ @ Du NT DE [X^u NT qDQqhf Lll^TU_ qjf JU[[ S[^YXcY[WZXSWccSu UVccS`WRVRf c E eBB DHEFf eYV_Yc DDGIu DhiIu IqIqf
DqIGfrUUXWSu LUR[W BVTU[Wf J^W Dq eBB DEHHf ea [S` PRXcUU ObSVp r _U BbU ?VW`WU U]Y[VRZbf © jI KXcY[ B[YZY LUÃTUZf \S DHf N@B CPP Iqf ?RVRZ VllZWZ ZRS[ N@B IFQjiu PRSQ kWSZ VllZWZ jf kV^ N@B jiQFiu rSa_QPU[_UVUZ VllZWZ FiQFhf NNJ UXYTU^UU`UTWccURXcXcS \VWT `UZa WZX FhQf e@ qu NT jHQqiu NT qDQqhf BZXVcZf p H ¨BB DHGIf eYV_Yc IijD IqIhu kS_Uc hDEDu hjDif
DqIEf rU_RZYZu KbTRZb rURVf AU^^SVU DH eBB DEHEf ea c\sZ_Sac PRXcUU ObSVp r _U UZZ\ LWZb][YZf VVLVcU Dqf PW[_UkUWZSZ_SacU_Uf CUXU`UVVUZ k[YX cR[`UVVWXRRX`U[cW_Uu YcXWQ `lf Ae@ Du NT DE [X^f c Dh eBBB DHqHf
DqIHf rUcSTl^Wu n[_s BVTU[Wf ?[WTUccWVU Ij ¨ DEHGf ea T` PU[V tWVVYaU[b LRZbYZ _U NU[WU KV`W[U >\zY[]f © Iq OTY[WQ ^UXXUf BLVcU DDf eYVW hEif
Dqjif rSa_UZYZu ?ZZW dUVTU[Wf § JlTYYZ^\[s H ¨ DEHGf ea T` CUU`YccW r _U JWVTU NU[WU rU[^^WZYZf © Ih OZZW AUR[WSf Q\S DGf Q·B CPP ^SZY[U^SX IDf @UZZW^^SVUW`UXcS_U XScUQ XUcUTU WZXRkX IIQIGf J]WZ UVRYYZ URcS^UcXUXcRXT IGQjEf ?\ S[b Oz aRSVcSkllVVu cY^Z _Sacu T\\ZcW_Sac _U BB _Sac jEQFIf e@ q}I ^kV~u AL @Vu NT DEu NT jHQqif BZXVcZ Ihu WZX^UkcV qif JU[[ TYcXlXc\Xu ^UVUXcRXf p Iq eBBB DHGjf
DqjDf rSa_SVU }Qih CaR[VWZ~u CYYTR ObSVpf J^W Dj DDD DEHGf ea [UkkU[W @W^aU[b r _U LWWXU MRXcU`U @UXWVUf BLVcU DIf p D B DHEEf
DqjIf rRc^SZYZu CURZS BVTU[Wf @URTU DF B DHiif ea N rY^^U r _U BbU OVWZU rUUXWUf © IH B c DHFh OWVW KXcY[ PWV_RZYZf LUkXYc @WcQ B `U jiu rY^^U jhf Q\S DGf LP IDu LL IFu LPC jDu NfrfJf qG dSaZ¿X JSk^WZX
oZW`f JUU]UZ `YZYY[WXYZ XUW[ UVWVll^ « jDQqhf PRTkRVUZ `YZYY[WXYZ XUW[ \VWQ Vll^ qhQhIf Jn bSX qhQhIu WaSQ _U XRQ ³ N ^RkRSVWcURcWSkWZ k[Sp hIQFGf JnPA WaSQ _U XR^RkRSVWcURcWSX \VWVll^ hIQFGf ·Y[TUcSVS]W\ab k_ jFu hDQhFu ·RSbYQ yWT hEQFif OVVY[]WUcRc^XllcWs aZcSZYR` k_ hjQhGu A Lll^YcWYc AllcWs FiQFHf A CWYbYU^Uc Vll^YcWYc [\aTl `k_ hHQf @Y]RVRX ?\ _SacS^ `k_ hEQGif AL Pu e@ q cV^u e@ qu Ae@ @ Du NT DE X^f NT jHQqif Lll^TU_ qif JU[[ TYcXlXc\Xu ^UVUXcRXf c IH ¨ DHGFf
Dqjjf @UUXXWZUu KTWV dSaUZZYX }dRXXW~f ³CRRXRVU Ij eBBB DEHGf ea \VW_RZUWVW_U KTWV LYUZbY[ @ _U OZZU NUcWVbU OZbQ Xc[sTf © Ii @U^YV BZ]YzS[] AW[YZf BLVcU DIf ?kWX^ LUabYZ ^URkkU^SRVf re UVWRkX _U [Uaaf elZ[ IGu BcZ jGu ^Ukc qDf c jD e DHFIf
DqIFf ?VVWZYZu CURZSf ?RVR Dh ¨ DEHEf ea \VWSkYcc dRaS
[Yb[W^ ?_U AYVTU BbU gVSZbWZU gly^Xc[sTf © IH L\\VW dRRQ VWU PUZ^UWZYZf LUkXYc rY^^U jDu LYYZU jju OZ_UQCURZW jGf
\S DGf QLP IIu LL IHf Jn TRXW^UUVWXYZ ^W[_UXcSZ aSWc IFQIHf K[W TUUVUWX^RZcWYZ ^RZZVll^ QjFf CR[RZ ^URk ^RZZUVVWX^ScW
Dqjqf @URUZaYWTSu oV_UX eYXUf ³>R[TYX DD eWVW DEHEf ea ±aTTz N O^XYVW PRXcUU LYSZU[b @_U dSaUZQ ZU NU[WU >\VRZbf © Ii p DHjH OXc[Wb eW^cS[WU ·UaVXc[sTu BB qD OZZUQLWWXU @UZcU`UU[Uf \S DGf O^cRkXcRc^ DE LUkkYYZ[UZZUZ c\^^SRVu APP TY[WQ _U WVTUkRSVVWZ_U IhQIHf PfC@ j _U @UX^Cµ kc[WZkllVV DHQIqf @C@ I kXcSZ^ST IqQ IHf PSc^UZ ^URkkU^UTU[W XWac IHQjGf eUVc `XXQ^YX^R^XYZ cXcSRkX jEf AN `XXQ UXWUWZ ^SRVRcRXcXcS kllVV jHQqFf BVTUQ XRS_YVRcYacl`WXXl qDQqjf rK XScUaWXc cXcS kllVV qFQhIf AScUQ ccWXW cRc^VUWc _Sac hjQhGf AScUTRXYSXYR[ c\s`UVWS^ k_ qHQFjf PPP _lX jqQjFf AN RWZZWXXU DGf e@ j _U q T^u Ae@ @u eT VuNT DEu NT jHQqiu eXX UT Du @RScXeVX TWcf elZ[ DEu BcZ
DHu ^Ukc IIu TU_ IFu Y`V qIu Y` hju \YQRkX qhf p J^W Dh Be DHFjf eYV_Yc DEhIu DEHDf
Dqjhf@SRcUTS }YZc ¥UXYVWRX~u @UWZY[f § PR[W^^U DI eBB DEHHf ea VUUTUZZW OVzWZ Kb`U[b @ _U dRVWU NUcWVbU LU]Y[Xc[sTf © IH PUWXR CRRVW^^W PS^^Sf eWVVWVcl DGu CUTkY[YYZ ^VV\X \S DEf ?kWX^ Jn TUcYTQVRSZZSZcWYc SXf P?r PUcU_UZS^UZ ^SZcc _Sac jqQqju rWYcU[XUU[YZ qjQqhf NT DEf p rWYcU[XUUQ [W Ij DDD DHqhf rS_Uc qEhiu hIqjf
DqjFf @\c^sZYZu OacW OU[ZSf BVTU_S^W Ij DDD DEHHf ea Nu ^W[_UWVW_U OZccW dRaUZW @ _U ?V]U NU[WU AsbY[TUZf © jh AJ OZZU OVWyY PSWXcWZYZf Q\S DGf d\`lX^\VlZ XYTWZ aSXkWcUZcQ cW DHQIif P Iqu _Uc^SQSkWZcS_Uf ec ^UZXU^S VWcWXXl DGQDEu @URcUVUTTWVVU DHf PUZXU^S NUUZWZ]UVVU IDQIjf oR[UUZ \ac^ `c XRSTYZ _U aWXc VYac _U [Yac Ihf VWXUVTYZ \ac^ VUcWZUZ _U XRSTYZ `c VYac jDQjIf >\^\XRSTYZ AUZU^W[_U cSWT _lX jjQ jEf d\`lX^\VlZ ^UX`UcRXSkWZ ^S[^YU^ XRSTYZ VYac jEQFhf BclQ A ?XU^RZZUZ WZXkYacS[W QFqf PUVY`UVUXYR[ c\s_lX Fjf PUZXUQ cWYc WVTWZ p[VTURXc\sXXl jGQjEu AUZU^W[_UXllcWs IjQjiu jIf eXX UTu NT jHQqiu r[SpYXXS[W Fqf ellkf JU[[ ^UZXUZ^WYQ VWu Q^RVccRR[Wu XSXWUUVWXYc TR[cYYcu `UVS^R`URXf pIV eBB DHEHf eYV_Yc DFIju DEHjf
DqjGf AU[WSVUu CSW`S O^XYVWf J^W ji B¨ DEHEf ea TUUVU[W O^XYVW A _U eWVaYVTWZU PU[VXXSZf © II NU[ccU OR[S[U NU[WU Ac[sTzY[]f BeWVcl Dhf PURkkU^SRVf PSZccS[WXcW J]WXXlf @YXVcZf p DF eB DHjHf
DqjEf AYVWZaYWTS }QiF AYVWZ~u ?XTS PW`Y^lX rlW`Ws eWVaSf Ì J^W DF ¨B DEHHf ea L> PUU[VY n[_s eWVaS A _U ?V]U >UYTU AUZbVRZbf © IE ^UZXU^S BXUQNUW_U A\ZZs`Y PUWTWSf
BwVcl DDu eBB¡VVY DEu eWaWcl DHu NW^^YVWZ V\X DDQeB B^f QPUbP DHQIDu APP IEQjiu ALNP qhf AU`SZ dll^µ _U r[W^ RkX IDQ jiu APP Ub_ jiQjIf A eUV^SWZYZ PUU[cW [f _U Df ·K RkX jIQjFf JlTYYZVWZZUZ Ak yXW^RkX jGQqif LSRZUWXQJlTYYZ XRS_yQ APf TNB VRX^kWW[W \YQRkX _U ^ST qiQqqf rUZ^^WQ UVUVVU _U U[^WXcSZaSWc qqQqhf A WVUcYVWXcWXYR[ k_ jjQjFf JlQ TYYZVWZZUZ kSXcWTY[^^W^Y[aS k_ jFQqif e@ j T^u e@ q T^u eT Du NT DEu NT jHQqiu JYWTSX[u @RScXNµ Df elZ[ IDu BcZ IIu ^Ukc IEu TU_ qif JU[[ pWVUcYVWU ZRTWXTUcWW^^Uu XScUaWXcS[WUf p Iq DDD DHhhf rS_Uc hjEGu hqEGu FjIFu `YV_Yc DjIHu IhFjf
DqjHf AWVcUZYZu CURZS PUU[VSf @WW^^U Dq ¨ DEHHf ea VWaUQ ^URkkWUX PUVVY A _U OWZS eWVaYVTWZU JYVTWZYZf © B[_U KTWVWU PYWVUZf eWVcl Dhu J]WZ RRXW \ac^ \S Iqf O^cRkXcRc^ DEf A c\^^SRVu c\^cl\b^R[XXW Iiu X^ R[a^R[XXW Ihu ^ST^R[XXW IHu c\^^SRV ^ST^R[XXW qDf PC@ D ZRS[ RkX DEQIDf PUbP c\^SkQ RkX IIQIhu qif d\`lX^\VlZ A^kWW[WZ B XScSa_ IhQjIu B UVRYYZ UVRYkllVV jjQjhu cXcSRkX qDf PC@ j kc[WZkllVV jhQjHf PC@ Di kXcSZ^ST jHQqif @XrXcS IG ^ST qDQqIf PC@ DF [\^TRkX qjf rSaQA^kWW[W YXW^ _lW_cXcS kllVV qqf CTW KWZU[ PYWVU kUV` qhf NYcXlXWXXW[\^T BB klcW ^ST IDf e@ Iu e@ ju e@ qu NT DE [X^u JYWTSX[u NT jHQqi TX^f elZ[ DEu BcZ Iiu ^Ukc IEu TU_ qiu Y`V qIf p d\`lX^\Vl I B¨ DHqGf
Dqqif AWkWVlu P\sXcW O[`Sf PRSkWS Ii BB DEHEf ea ^SRVR> JYW^^W P\sXcW A _U L\bWU PU[SVWZU CUVV£`WXcf © Ij LL KVVW NU[WU VWZ^TUZf LUkXYc rY^^U P\sXcW IFu p IHu K[^^W O^XYVW IEu p IEu LWWXU NU[WU jDf \S DGf P Iiu N IDu nÁC IEu LUP jIu LUC jGf eU^\ac AUTkS IFQjif A ORcS`U^VWWccS UXWUT jiQjGf eU^\ac LWW^YZZY cSWT_ jIQjFf ASXWUUVWTWZ YXWcQ cYVW_l> jEQqDf Jn cUVSRXSW^ k[Sp qDQhIu c\sSW^ k[Sp hIQFIf CR[RZ PURkkU^S[^YU^ ^UZXVY[W FIQf NY[W`UaWZ]SZVUX^W_U jjQFjf C\scRSTWSWXcRWTYZ `k_ qGQFGf eUVc XScU`U^VURcU^ k_ _U `UVc `U^URcRXVWW^^YYZ _Sac jHQhqf JAAr aUVW _lX jhQu `k_ hGQFHf AP?r _U JYZ^W`U^\ac AUVUTU aZcSZYR` _lX hGQu KA? ^R[UUccS[W IIQIju WZXkYacS[W qHQhEu ^RZZWU_lX hEQf KcQXRST \VWSkk XllcWs `UVcRRX^ k_ FqQu A eU^RRcRXVU^WT \ab k_ hDQhIf @RZSWVW_Uf Ae@ Pu NT DEu NT jHQqif p IH B DHGqf
DqE
DqqDf ASW^Y[S }QiG AWV`YZWRX~u PUVVY elWZsf J^W Dj eB DEHEf ea ZUa^U^URkk PU[V eW^cS[ A _U OVpWZU NUcaWVbU OZbYVWZf BwVcl DDu CssVsZ \ac^f PURkkWUX J]WXXlf p rU[SVU Ij eBB DHIGf
DqqIf CUVkWVUu dSaUZZYX eWVVYaU[bf J^W DH ¨BB DEHEf ea U_R[W ?kcUcRX C _U dSXYpWZU KTWVWU nVWkURZRf © IG OZZU KVYSQ ZS[U dSaZXXSZf \S DHf NY[W^UkccRc^ IE CR[RXXUf p ji e DHjjf
Dqqjf CUVXWu KWZS eWVVWUTf J^W q eBBB DEHGf ea kSVWWXW^SZXc eWVVWUT C _U K`U NU[WU LYacWZYZf oVWVcU Dqf Pl\clZZsVVWQ XYVVl UVUVVU J]WXXlf p DG DDD DHFIf
Dqqqf AUU[YVU }YZc CWVVTUZ~u OVY^XW KTWVf dR[`U j eB DEHFf ea c\sT AUTRVW CWVVTUZ _U dSaUZZU LWWXUf © DH BVTW dSaUZQ ZU @sZZTUZf oVWVcU DDf PW[_UVcU_Uu XUU[ZUU_Uf p Ih ¨ DHqHf
Dqqhf eUVYZu OU[ZY dSaUZZYXf J^W Iq ¨BB DEHFf ea kYVcWQ XYkkl NW^^S e _U NU[WU LS`WXU AUaV][YZf eVWVcU DFf p F ¨ DHqDf
DqqFf eYXUu n[_s tUVbYTU[f J^W DI Be DEHEf ea c\sZ_Sac
NUccW eW^cS[ e_U NU[WU CaY[YXWU MRXQ cUpXXSZf © IG ·B LWWXU rUVSaYWTSf \S DGf ·B CPP ^SZYYZ[U^SX IDf BZX AU^Q XUXXU _U oAOWXXU IIQIGf ?\ CUTkYVVUZ PSZYkU_U IGQjIf tl[cXWVlQ\ac\Tl ?\ jIQqGf eUVTYc ?\ qGQhqf CYSVVWXRRbYZ ORcSQ _U eUXcRR`U^ ^YX^WZlWXYZ \ac cSWT_ hqQf PCN rUcYZccWUXWUWZ SX IDQ
IIf ANC _SacS^ rd jGQqGf ACP k_ qjQ qGf CYSVVWXSW^YRbYVVWXYZ \ab k_ hEQ PlQ XWc\sQ_U CYabUX\ab `UVc _lX jGQhqf JC? ZYR`SccYVR^ k_ qhQu eRS[WZYR`SX qGu Ae@ Pu e@ Du e@ Iu e@ ju NT DEu NT jHQqif BZXTU_ qjf p q ¨BB DHFGf
DqqGf eWVYZu LUR[W eWVaSf J^W h e DEHGf ea kRR^URkk ?ccS eWVaYVT e _U L\bWU LYacSZYZf © JYV]U NUcWVbU rYccY[XXSZf JWaU DIf C\sTWYXf p J]WZ kWcl_l Dh ¨BB DHhqf
DqqEf eRS[W }Qih @SXYZzY[]~u ?X^U[ dRVWRXf J^W DE ¨ DEHGf ea ^W[`YXT ?X^U[ e _U dSXYpWZU PRZcSZYZf eWWcU Dqf eWWQ VUU_Uf PUUcRW IE Be DHDEf eYV_Yc DFIIu DEGGu IHEIf
DqqHf OZcQtRS[WZYZ }YZc tRS[WZYZ~u KY[S OZcSZf J^W G eB DEHHf ea LUP OZcSZ tRS[WZYZ _U BbU ASpWU NUVTXc[sTf © Ij BbU NU[WU rWY`WVlWZYZf eWVcl Dhu J]WZ \acV\X \S DGf P _U N jif A^ nVWYXW^ \VWkllVV Ub_ IIQIqf A AScWVUX cUVaSWc IhQ IFf PU[V U¦Y[ ?\ T\\ZcWcU[^ IGQjDf ?XUVV eW[SZ `UkURXXSQ cUUZ DH _U PU[_UVUZ [Yc^YYZ IDQIIf NT DE X^u PU[_UVUZ NTf @YX`lZ[ DHu [YXVcZ Ijf c PURZWUWZYZ DF BB DHjDf eYV_Yc EiGu EFHu DiIqu kSW^U jqEqf
Dqhif elWXlZYZu dSaUZZYXf ASc^UTS DE Be DEHGf ea cUVSVVWQ ZYZ @YZZY e _U OTUZbU LUUcW^UWZYZf © DE JWV_U @SSXf oVWVcU Dqf dll^kUcV IG DhQDEf eUZ^WZU AkUVYTU_UXXU DFQDGf A U[T _SR^^_Sac _U ^STkkkllVV DEf eWYZUZ [Yc^W^ kWSZYY[WSX kllVV DEf e@ j T^u e@ q T^f NT DE X^f LcZ DEf PUUcRW PSXcUTRX_l[`YZ [UZZUVVU Ii B¨ DHDEf
DqhDf nVlZZYu LYSkSVb OR]RXcf J^W H B DEHEf ea UVW^SZbR^Q cssZ OR]RXc n_U P[WXcWZU ASpWU PU[VXXSZf Q\S DGf NW^^YVWZ VllZWZXUW[ cUVaSWc IGQjif c Ii e DHjif DHDi
DqhIf AUVS[WRccUu LUR[W dSaUZZYXf J^W IG eB DEHjf ea [llQ clVW dSaUZ OTbc A _U KVWXY dY[YTWUUZc\cl[f QD eWVVYu eVWVcU DIf
CSWTW ^W[_U^URkkUQUVUVVUf B TUUWVTUZXSbUXXU KZ]VUZZWZ VUW`UXcSXXUf c D B DHEqf
Dqhjf@lXlZYZu O[`S NU[ccW ?^cU`WUZRXf AWTS Ih eB DEHjf ea ^UZXU^S OZccW @ _U PUWXU ASpWU eRSVY`Wf © jj OR]RXcY g[RZaWVbY LRb¯W]f eVVKVVYu \S DDf Q P Dqu L Iiu C IGu SkWX^ PUXUZWXXU DhQDGu gRbUkYXcWXXU IqQIhf @J `W[^UT DGQ DEf nY ^WYVYZ^llZcl_l IFQf Jn bSX IFQqqu \VWT k[Sp qqQFDf A WclTUWXYZ XYR[ `k_ qGQf ARST cWYbYU^Uc _lX qHQf AL Pu e@ q T^f NT DEu NT jHQqif p G B¨ DHGFf
Dqhqf LUc`WS }QiE LsZZaSVT~u n[_s BVTU[Wf J^W F ¨BB DEHDf ea [^T PU[V MRXcUp LsZZaSVT _U dSXYQ pTU LWZb[SSXf © II AJ eW`W K`YVWZU
OaSf eWVVWVVY Diu \S DDu CUTkY[YYZ [YUUVWV\X _U ?RVRZ V\X BQeBBf BVTUcWYc ^YX^RXVUWc aU`UWZZSZcY^W_l DFQDEf @WWQ aWTlYZ _U CUTTWXUU[YZ kU^^Sc\sVUWc
UkRV_Sac DEQIEf CR[RZ ^YX^RX`UZ^WVU B
UkRV_Sac IEQhGf CR[RZ L`UZ^WVU _Sac hGQhHf eU[cW_U^R[XXWYZ SkYcc IEQhGf CUTTWXUU[YZ ^URk`UVc _lXf CR[RZ `YQ [SVURcU^ _lX hDQFhf AL @u NT jHQqiu eUZ^YWZaSWbSZ U[f JU[[ XaU^^Wu R[aYWVRf p Dh ¨B DHGIf eYVW DqhFf
Dqhhf PUR^S[UZcUu ?ZZW BVTU[Wf ¬LWTWZ^U IF ¨ DEHIf ea ^UZXU^S MUz[WYV P _U OZZU ASpWU JW[`SZYZf © DH A\V`WU OZZU NU[WU CUÃYVVf eVKVVY Diu \S DIf dR[WbW^SpWWVWcRc^ Jn Djf AScaUVV ^R[XXW IHu jDf dll^kUcV IG DFQDEf dll^[\^T D _SR^_Sac DEf PUbP ^SRVRkX _U cUVkllVV DHQIHf NY[WkRSV YXW^ cUVkllVV IHu [UZZW^^SVUW`UXcS jiQu CUVSRXcYacl`WXXl Qqqf J]WZ ^URk ^UUXRVUWc kUV` qqQf e@ ju e@ q T^u Ae@ @u NT DE X^f NT jHQqiu dTf elZ[ DEu oZ DHu ^Ukc IDu TU_ IEf c gUXYV D Be DHhqf
DqhFf LUc`WSu PUU[VS CSW`Sf J^W h B¨ DEHjf ea [^T PU[V MRXcUp LsZZaSVT _U dSXYpWZU LWZb[SSXf eLVVYu \S Djf e? DFf J]WZ ^SYV\X SkYcc IEQjDu eWWkR[WZ XRST V\X ZRS[ VYac jif J]WZ XRST V\X SkYcc jDQjHf CssVsZ \ac^ SkYcc DHQjHf eUUXUZ V\X `SWT _U cY[`SkWZ VYac jHQhEf eWYXcWZ_RS^XRXXU G ANf NT jHQqi X^f NT qDQqqf c DE BB DHGEf eYVW Dqhqf
DqhGf LWVVYu CURZS BVTU[Wf ¬J^W Dq DDD DEHqf ea ^UTU[W> eY[ZY[ ?V\TkRX L _U ASpWU NUcWVbU dSaUZXXSZf © II ORZY JYVVWZ AYVWZf eVWVVYu \S Dqf LP Iiu LL IEf n^XVll^ PU_UUQ ZWXXU IEQjDu AUVSXXU jIQu J]WZ cYSVV^SRV cY[`Y\XSkWZ SkYcc IjQIqu IGQIEf PU_UUZWZ XYTWZ Vll^ IEQjif @URcUcWYVll^ IEQ jiu `c kWW[WVll^ IHu `c ^URkVll^ jif PRaTSZWYTYZ ^RZZQ _U XUW[Vll^ jDQjIf n D URcSVWWccS PU_UUZWZ SX k_ IEQjDu AUVSZ XYRQ bRZ SX jIQjqu jFQf NT DE [X^f c AUVS Dj eBB DHhDf
DqhEf gS[]u JR]S BVTU[Wf ¬ d\`lX^\Vl jDD DEHjf ea N MsXQ cU g _U JWVbU rll^^sZYZf © qG p DHhq OZZU KVWXUzYca AsbY[Q aSVTu BB hFQhG @Rca tWVX^TUZf eWVVYu eWWVVl Dj eWWkR[WZ V\X \S Dhf ·B CPP IDf AU^XUXXU IDQIIf OKM cXcSWZX }J^W~ IIQ Ijf MYZY[UV KVYyc[Wy ¥S }oAO~ IjQIEf JUZ^^W_U }J^W~ IEQjif CR[RZ ^URk [UWcWScYWccYZ ^l\ccsWZX jiQqEf C[YYZ ^URk VWW^YZQ ZYVUWc _Sac qEQhFf CR[RZ c^ Xla^scY^Z SkYcc qjQqEf PURkQ VWWcSZ aSk UT[u NT DEf JU[[ R[aYWVRu cYZZWXu TUc^UWVRu cRaQ ^U^RkkWYZ _U `WW[WYZ ^Y[lWV\f c F eWVW DHFGf eYVW DqFIf
DqhHf `SZ gYVVu KWZS dSaUZZYXf ¬ J]WZ TV^ F ¨B DEHqf ea [^T OZb[YUX K`Y[c >W^SVURX ` g _U AW][Wb >UYTW AcYZ[Scaf © DH AJ CaYVTU KTWVWU LWZbYzY[]f eWVVYu eWVcl DDu As[ZlWXcYZ \ac^ BQBef B^f LYkUUZ rRRcU[aUSkWXc DIQDjf gWVVZlX C[lbQ ]{[bXX^SVU DjQDhf gWVVZlX C[lb]{[bXX^SVU kRRcU[aR[W _U SkYcc j `f JSWcUZRc q ` OZZYzY[]WZ cWVUUf AYZ _lV^YYZ ^URkkUkRRQ
cU[aR[W _U kWYZ`WV_ STUVVU cWVUVVUf J]WZ TV^ `UVcRRXcSZu RX VURQ cU^RZcWYZ _U ^W[^^S`UVc _lX IF _lV^u RX VURcU^ k_f CSWT XRS_YQ VRX^u ZRS[WXSQ_U ^RVccRR[W_l[_f Qe@qu A^ U[u NT DE X^ \Tf ARS_YVRX^RkX }DE eSV\ZYcXWZ BB RkX~f QJU[[ ^ScWXYRcR_U TRQ
XYSc\sf c j ¨ DHFEf eYV_Yc DjGhu DhqEf
DqFif JUVSZYZu n[_sf AS[cU`UVU q DDD DEHFf ea cUWc rY^^U J _U NU[WU Nl^WZYZf © ID JYV]U JYVYZU JY\Y[f eWVVYu \S Dhf
·B CPP IDf S[yWcW ·\ZUTWcW ?\ }JUZ^S~ cY^Z _Sac UkRV
IjQIhf eUVcWSZ [RRcWcYac }eWacU`RS[W~ ZWc[SXYVVRVSSXUcYac ^l\ccsWZX IhQu eYV_Yc DGjiu DGjDf
DqFDf rSa_SVUu LYSkSVb tWVaYVTf ¬J^W IH ¨BB DEHqf ea ^SZYYZ^l\cc tWVaYVT r _U OZZU OR[S[U JR^^UZYZf ewVVYu eKVcU DIf OXYZcU_U J]WXXlf dll^kUcV IG DFQDEf A U[T UVWRkX DEf eT Iu NT DEf ellk DEf c eWWkR[W Dh eBB DHDEf
DqFIf gS[]u KWZS ?X^U[Wf ¬d\`lX^\Vl q eB DEHqf ea WXlZZ PU[V PRXcUU g _U JWVbU rll^^sZYZf © IH dYZZ\ JYV`W KXcY[ OZccWVUf BewVVYu ewVcl Dju \S DEf ?kWX^ Jn VU^WUf NU[^SQ `WVVUZ RkX^R[XXW DEQDHu PUbP ^RRZcYVRQRkX IqQIhf AScU`lYZ YXW^ Ub_ IiQIjf AU`SZ _ll^[\^T RkX DHQIiu IjQIGf AU`SZ k[W^ ^STkkkllVV IFQIEf qf ·K cXVSRkX jHQqif eUV`SZcURkX _U B B`r ^STkkkllVV qDQqqf LSa_UZ PUV^^W ?\ kUV` QjHf e@ q NT DEu NT jHQqiu NT qDQqqu A^ U[f elZ[ DHu BcZ ID ^Ukcf eYVW DqhEf
DqFjf AUVSZYZu O[`W dSaUZZYXf ¬ LSWTUU Iq eBBB DEHFf ea `U[UXcSYXWT dRaS A _U [Yb[W^U LU]Y[f © IF LWZbU eWVaYVTWWZU NSZSZYZf BeWVVYu \S Dhu C[YYZ ^VV\X BQDDD B^f P _U N DHu ^UX`UcRXSkWZ cRc^ Iqu jhf AU`SZVWZZUZ V\X VUcWZUZ _U XRSTYZ `c VYac DHQIIf eWWkR[WZ ^VV\X VUcWZUZ _U ^[YW^UZ `c VYac IIQIhf LUabYZ V\X VUcWQ ZUZ _U XRSTYZ ZRS[ VYac IhQjhu `[Yac jqQjhf eWWkR[WZQPRSkWSZ ^VV\X VUcWZUZ _U ^[YW^UZ `UZa VYac jhQhHu XUTUVVU [Yacf CSWT YZ]VUZZWZ SkYccu PRSkWSZ ^YXl\VWSkWXc VUcWZUZ SkYcc hFQFjf PllZclZ\c RX cYS^XWUf AL @ Df JU[[ ^W[_UVVWQ XRRXf p IG eBB DHFjf eYVW Iiqjf
DqFj gf Áa[Xc[sTu PU[V OV`U[f ¬ J^W q DDD DEHGf ea ^SZYYZQ ^l\cc PU[V LYSZU[b Á _U OWZU NU[WU tUVVYZWRXf oVWVVYu ewVcl Dqf LWW^YT J]WXXlf p F ¨BB DHDEf
DqFqf JUZZRX }YZc JUZZYVWRX~u CURZSf ¬ oRXW^W[^^S I BB JtJJggNZJJgB DEHhf ea KL oRZS NUR[WcX JUZZYVWRX _U OWZU JUZZW^UWZYZf © ji PUU[WZU AS^^Uf oVWVVYu BeWVcl DDu J]WZ XRST V\ X hf B^f QPl\Z\c J]WZ ^URkk ^URkkUQ ^SRVu SkWX^ @UZX^UZ VYZcS^SRVRWXXU DHu IjQIqu KZ]VUZZWXXU jFf BVTUWVR¤ ZRS[ RkX IiQIDu BVTUWVR^SRV Sa_UU_U^SRV _U QSX kllVV IDQIGu NY[WVYZcSYX^ VYZcRYYZQ kllVV IEQjIu Df Y[NYLL jIu LYOX F jjQ jGf J]WZ `XXQkllVV qiQqhf LWW^YUVUVVU qhQu TT PRTWcR^^R ?\ cSWT_f JU[TSZkUV^WZcS jGf e@ qu NT jHQqif @YX`lZ[ DEu `lZ[ Iiu oZ IIu ^Ukc IEu TU_f c J^W DD B DHhEf
DqFq gf @WZ]`UVVu n[_s Y[bWZUZbf J^W Ih e DEHEf ea eUVQ cWS> OR]RXc Y[bWZUZb @ _U OVTU LWZbzY[]f © IEQjG OWZS KbWc CRRVW^^W CW^^Uu qiQ dYZZ\ ASpWU LWZbTUZf BVWVVYu eKVcU DFu J]WZ RRXW \ac^ eBBf eWWkR[WZ RkX^S^^R[XXW DEQDHf re ZRS[ RkX DHQIDf eU^\ac PUVY`Uu \^XWc\WXYZ URcSVWW^^YYZ _U J]WZ [W^SXkSVWWXW kUV` IDQjHf PYVVS^SX^YZ cYacUUc aYZ^WVsSX kllVV _U UkRT\\ZcWkllVV qiQf NT DEu NT jHQqif PS[ZYccW DHu oZ jEf JU[[ `WRVRZXSWccSf c DG BB DHGif eYVW DhhDf
DqFhf NUZZY[u elWZs dSaUZf @RS`YXW Dh B¨ DEHhf ea VYWQ kR[W dRaS PRXcUU N _U KbWc NU[WUf © Ii KYVWZ NUcWVbU S[XQ Xc[sTf BVWVVYu BeWVcl DDf CSWT_ PSR`SVUXXUf p IE B¨ DHGhf
DqFh gf OVSZYZu o[aS BVTU[Wf J^W Dj Be DEHHf ea ^URkk ?X^U[ O _U K`U M[sZpS[Xf © BbU NU[WU JY[`Sf \S DEf ?W^c IIu J?O IIf OO J]WXXl IDQu STU cXcS jEQf ARSTYZVWZZUZ kU^^Sc\sVUWc cXcSZ_Sac DEf NT DE [^f c Ih eBBB DHqGf eYV_Yc FqDu DiqHu Djqqf
DqFFf >R[^^Wu O[`S OVp[Ybf eWacW D Be DEHGf ea XUaUZaSWc OVp[Yb > _U OVY^XUZb[U PU[SVWZU JYZ[W^XXSZf oVWVVYu oVWVcU
DIf PSZYcY^Z J]WZ cY^Z ^SRV DGf JU[[ kSXcWTY[^Wcf NR[aUccR eWabWXXl DG BB DHDEf
DqFF gf OZccWZYZ }QDI OZbY[XWZ~u rY^^Uf J^W ID DDD DHiDf ea YXWccYVW_l> ?XyU[ dSaUZZYX O_U OWZU KTWVWU C[UZzY[]f © jj ORZY PUc[WWZU CUTTWf eWVWVcl DGfQNY[WVVl DGQjif AUcUQ TUVUWc }Qqq NU^UXWWZW\ac~ cU`U[UZTY[^WcXW_l jDQjqu YXWT jqQ qGu VUWcR[WaRSVVSZ cU[^ qGQFqf PS[k[f p I eBB DHGGf eYVW DFqDf
DqFGf CY[aSu NU[ccW dSaUZZYXf J^W DI eWVW DEHE ea cWVUZQ ST dSaUZ ?X^U[ C _U OVTU >R[TWZYZf © qI L\\VW CUkSZYZf oVWVVYu BewVcl Dqu J]WZ V\X \S DHf P Ihu N jIu O?C _U `UVcWScWYc `W[^UcRc^ qEf rN U^cRUU[W IEQjHu rK XScUcUVSRXSX _U aUVVWZZSW¢ ?X cXcSXWac qiQqqf rllTU_UZ `U[UWZaSWcScXcS \VWT `W[^UT qhf e@ qu NT DE X^f NT jHQqi X^f p ji ¨B DHGjf
DqFG gf VWZ^TUZu K[W^f J^W I ¨V DEHGf ea ^URkkWUX K[W^
MRXcU` _U OTUZbU dSXYpWZU AsbY[Q aSVTf © ID JWV_U rRc^SZYZf ewVcl Dhf PWkWZlVYZZlcWZVUWc cY^Z SX cXcSZaSWc DHQIif @U^cXcS @U^YZcU_U NUVTW © ml[W ^SZcckllVV IiQjIf ?\ ¥SZXc[RycS[ Oz ^SZcckllVVu BB _Sac jqQhFf ?\ AYQ TYZccWcRScY Ozu ?\ @W^XWQLY`\c _U PYTkYVYYZ CWWVWcYac ^SZcckllVVu cSWT_ jqQhFf ?\ eWVkSXlVY cSWT_ hDQf PWWZQ cYWXcs_YZ WXlZZ IiQqhf A AYTYZccWcRScYQ
VWWccS aUVW k_f A @UU^UWZYcYSVV C\sZUZcU_UVWWccS_U A CWWVWcYSVVQ VWWccS aUVW _lXf nVW^f JU[[ ^UVUXcRXu TYcXlXc\Xf p I eBB DHGDf
DqFEf SZcYVVu rURVW eWVaYVTf CUTkY[Y Dj ¨B DEHHf ea [S`
PU[V ?X^U[ r _U SkYcc ?V]U OVYÃUZb[U ARTYVWRXf © jq U][ AUVVW KbWc JlVVlf LUkXYc KY`U jqu LUR[W jFf \S Iif O][ IFu ^UX`UcRXSkWZ cRc^ IHu SkYcRXZl\cQ cYYc jDf rU[W^^UVUZ XYRbRZ TUUTWYXQ ^SRV TUUcUVSRXSkYcc IEQjDu dS^WSWXcYZ kWYZ`WV_^SRV jDQjqf CU[`UUVUZ TUUQ
TWYX^SRV TUUcUVSRXSkYcc _U _Sac jqQjFf NUUcUVSRXSkYcR^XYZ cU[^ jFQhqf NUUQ cUVSRXaUZ TUUcUVSRXSkYcRXSX kllVV _U
TUUcUVSRX> hqQFqf NCP XllZZsXcYZ cU[^cSWTW^ k_ FIf O][SZSTWSkYcc\ab _U NUUcUVSRX^Y[aSVWWccS _SacS^ _lXf PRVQ cUcla^l PWWkRVUXllcWs aUVW _lX hEQFHu A YbRXcU_U BL?wZ ^SZpYQ [YZXWXXU MY`Y`YXXl hhf AL Pu Ae@ @ Du NT jHQqi X^u NT qDQqhu eTVu ¨¨¨u A cUVSRXXYR[ XRR[W aSk UT[u NUUcUVSRXQ ^Y[aSVWWcSZ ^RVc TWcf eYV_Yc DjDDu DFqFf
DqFHf @UY^UVVWS }Qjh JU]YVzY[]~u o[aS CSW`Sf eWWkR[W H eBBB DHiif ea kSXcWcU[^ PU[V CSW`S JU]YVzY[] _U OWZS dSXYQ pWZU @RRX^Uf © IHQqG JLL @URaU BVSZU AYkklf BewVcl DFu B^UUVWXcYZ \ac^ ewVcl DE ALNP kllXcscSb IIf rSVWWXWkllVV\XQ cs^R[XXWc IFf KcXW`l PYX^RXkSVWWXW }eUVcWSVV kSVWWXW jEQ~ kUV` J]WXXl IiQIHu eWWkR[WZ SX kllVV IHQqiu kllSX }J^W~ Y[W^SWXQ cYacl`WXXl qiQqhf Ae@ @u e@ qf JU[[ pWVUcYVWUu aWXcS[WUZQ cRc^WTRXf p h e DHGDf eYVW jiDIf
DqGif JUVSZYZu BVTU[W OVzY[cf J^W ji ¨ DEHEf ea TUUVU[W OVzY[c J _U OWZU OTUZbU KZ£`WXcf oVWVcU Dqf Pl\clZZsZ UVUVVUf LcZf p h eB DHqqf
DqGDf JUVSZYZu n[_s dSaUZZYXf J^W II ¨BB DEHFf ea kUZQ ZRXYkkl OzYV J _U PU[SVWZU dSaUZXSZf © Iq AUVV\ ·U]TU[ dl[`WZYZf eLVcU Dhf Qe@ ^SZYkU_UZ J]WZ ^SZccS[W Dhf J]WZ VYZZlcWZ^SZcc [UbWSXla^sccl_lu Y^XkYbWcss[Wu ^SZc[SVVss[Wu `RS[SkllVV DFQFjf ASc`W[^UTu \VW^f p Ii ¨B DHGHf eYVW DGjIf
DqGIf JUZXcY }QjF JUZXWYZ~u rUU`Sf d\`lX^\Vl ji eBB DHiif ea cYacUUZ YbRXc O^XYV KTWV J _U KVWZU PUaVTUZf © jD U[^^ NW[_UT MRZZU[Wf \S DHf O[^^ CPP Ihf O[^^cXcSWXXU IjQIFu IGQIHf OXRcRXaUZ [U^cXcS _Sac UkRV IGQIGu _Sac IHQjEf J]WZ ^URk ^WWZcYWXcscXcS cSZccWSX UkRVQ kllVV jEQqqu SXkllVV qhQhiu ^URk [U^Q cU[^ hiQhhf CPP UXXWXc IhQIFf O[^^WQ cYacWQVYacW UkRcSWT jiQjqf AOrO _U A PRZZ cY^Z \ab cWVWZcU[^f PUTY[UXYR[ VRSccUTRXcYacf e@ qu NT jHQqif PUkc qDf rUV^ U[^^^WVQ kUWVRWXXUf JU[[ `UVS^R`URXf p Dj D DHhFf eYV_Yc HFDu HEGu DiFju DiFqf
DqGjf JWVbYZu eWVaS O[TUXf >R[TW_l[`W Dq ¨B DEHEf ea c\sT dSaUZ eWVVYaU[b J _U NUcWVbU dSXYpWZU dS^WZYZf oVWVcU Dqf C\sZ_SacU_Uf p II DDD DHFif
DqGqf J_YVcu ?ccS LUR[W NW^UYVf CRRXRVU q B¨ DHiif ea k[Sp O[caR[ LRb`W] J _U OWZS NU[WU >YS`WRXf © jjQjh ·S[U ASkaWY OTWZSppu qDQ BZ][Wb Kb][YZf \S DHf P IDu N Ijf J]WZ AUZSTUc RV^STUUZSX cSWT jhQjEf oN kUV` IqQIHu _USXcSXWac IHQjju qju _USXcS kllVV qqQqFu UkRVSXkllVV _U XUZSQ TUVYabWXcs kllVV qFQqHu RV^S`UVcUWZ VlaYccWVlWbYZ YXWcc hHQFDu XUZSTUVYacWU`RXc CR^aSVTUXXU jHQqju kll^SZXRVW MscYzS[Q ]WXXU qHQhDu UXWUWZaSWcU_U gRbUkYXcWXXU hDQhGu VlaYccWVlX g[\XXYVWXXl _U LRÃYTzR[]WXXU hGu XRR[VlaYccWVlX hGQhHu XRR[Q VlaYccWVlX NUb[WbWXXU FDQf e@ qu AL P Du Ae@ @ Du Bcl`Oµ aSk U[ SZ ^u gP[@ XRR[[u LRÃC^[µ XRR[[u >r?@ XRR[[u C·@ @u @RScXrµ @u @RScXeµ Pf elZ[ Ijf JU[[ RV^SkSVWWccWQ ZYZ ^W[_UVVWXRRXf p j ¨ DHGIf eYV_Yc DFhqu IhDEf
DqGhf JW[`SZYZu oRZS BVTU[Wf @URcR Iq ¨BB DEHEf ea [URQ cUcWYV dSaUZ J _U @SXU PWZZRZYZf © DH p DHqE PU[WZ OZbY[XXSZu BB hq P AUVUQ TU AWTSZYZf ewVcl DFf oRXW ARSTW cSWT DHQIju cSWTXWac IjQjGu cSWTkllVV jGQ hEf PW[_UWVW_U AWTS rYZccWVlf AL @ Du AL r u @STP[µ RkXf NT jHQqiu
DqGFf JYVWs }YZc JSVVS~u OVp[Yb eUVbYTU[f CUTkY[Y Ii Be DEHHf ea dSaUZ JYZ[W^ AYVVTUZ _U JWVbR[ NU[WU CR[kYVUf © IG JYVVl PSkSZYZf \S DHf ·B CPP IFu WZXRkXcRc^ IGf ORcSkUcV ^S[_URXkU_U _Sac _U cY^Z cXcS kllVV IFQIHf rLJ URcSWZX IHQjEu \VWQWZX jEQqhu aUZ^WZcUcXcS kllVV qhQqHu aUZQ ^WZcUSX_Sac qHQFIf eUVc JUZ^WZcU^YX^ _SacS^ `_lX qGQu eUVc Xla^skU_U _SacS^ _lX _U `k_ qhQ O_S^^W ?\ _SacS^ _lX hIQu ¥a\TSX C[UbWZ] ?\ _SacS^ k_ hjQhqf e@ q ^Uu AL Pu Ae@ @ Du NT jHQqiu NT qDQqhu i U[ If BZX^Ukc IEf JU[[ ^UVUXcRXu TUc^UWVRf c J^W Di BB DHFIf
DqGGf J\csZYZu JR]S MRXcUp tUVbYTU[f J^W IG eBB DEHEf ea cS[W^URkk eW^cS[ J _U NU[WU LWWXU PU[aRZTUUf KWcl DIf p DH B DHjIf
DqGEf Jl]]TUZu LU[X JS¯U[b [Yb[W^f ³CUTkY[Y Ij Be DEHHf ea kUXc dSZUX tWVaYVT J _U OZZU CWbYTUZf p J^W DF Be DHDEf eYV_Yc DIIIu DFhFu DHDqu IjHju IjHqf
DqGHf dS^WZYZu LUR[W OVY^XUZbY[f J^W IF eBBB DEHGf ea cUVSZST OR]RXc d _U NU[WU LS`WXU NW^SZc\cl[f © Iq C\\ZY JWV_U LUZ]f \S DEf O][ IIf oRbYZTUUZ VllZWZ Wc kWW[WZ `W[^UcUVS_YZ UkRVcU[^ IIf ?cU`UZ TUUcUVSRX^SRVR_YZ UkRVQ SkYcc IIQIhf BclQPU[_UVUZ T`X ^U[_UcUVSRX^SZXRVYZccW IhQjDf p IH B¨ DHjDf
DqEif PUWVU }QiF dSaUZXXSZ~u NU[ccW KY[Sf J^W Iq BB DHiif ea U[^^WkWWXkU K[^^W P _U OWZU NU[WU ·[U^Yf © jF AJ KbWc JYb`W] AsbY[VRZbf LUkXW K`U jGf oVWVcU DIf rS[`SSZ XRST \ac^ \S DEf LP IIu LL IGu LPC qFf Jn kX\^WUc[WUZ UkRVQ
SkYcc jDQjhu k[Sp qEQFGu Vll^Yc cWYbY^ `bY^ hDQhju bY^ hqQhGf eUZ^WVUkX\^WUc[W jhQqFf PKLO \VWVll^ jEQqGf ARSTWQ\ac Vll^ jqQjEf KA? ^R[UUccS[Wf ALL k_ qGQhDf A ZYR[SkX\^WUc[WXYZ \ab k_ qGQhEf C aY Jn Fqu e@ qu Ae@ Pu eT Iu NT jHQqif Lll^^Ukc qif JU[[ VRSZZSZcWYcYYc p ID eB DHGEf eYV_Yc Gjiu Hiqu DiGqu Djhqu IIEhu c\ccl[YZc\cl[ HDDif
DqEDf PUVUu JYW^^W ?VU`Wf ¬CR[^R DI DDD DHiif ea cSWT_ dRaS JYW^^W P _U NUW_U K[W^U S[X][YZf © IG ?V]U P[WXcWZU ObSVpXYZf BLVcU Djf ?kWX^ AU^XUXXUf OUTRVYacW cSWTWcR^Q XYXXU ^YTW][UpTUf ?XUVVWXcRZRc `UkURXXScUUZ _U ORZR^XYZ [Yc^YYZf p jD ¨BB DHqhf eYV_Yc IiDiu IIEGf
DqEIf PU[aRZYZu n[_sQrUU`S }nQr~f J^W DI eWVW DEHEf ea t QX¬u fOXcY ± ^UT[ rUU`S eY[ZY[ P_U AYVTU B[YZY
tWVVYf © qq Pc\? J_s[bWX OVY^XUZb[U ByYZf LUkXW LWWXU OZZW^^W qHf \S DEfQ
LP Iqu LL jIf eWVkkRVUZ ^RZZVll^ jIQ jFf PURaU`UZ ^RZZVll^ jFQqhf n^XWQ
c\WXVll^ PURaU`UVVU qhQFDu >UUZcUVWXXU FDQu BVTUXScU^SRV Vll^ jFQqhf NLL eWVkkRVUZ _U PURaU`UZ SX _SacS^ _U k_ jI `u ZlWbYZ ^RZZWU_lXf e@ q e@ qu NT DEu jHQqi _U qDQqhf Lll^TU_ qIf QcIG B¨ DHGGf
DqEjf PUcU_U }YZc JYVWZ~u KVWXf ¬ J^W DF eB DEHGf ea `WWVUZW JYW^^W P _U JWVbU NUVWZf © AcWWZU LWWXU LUU^^SZYZf KWcl BLQ LlTTWccl_lf p IF BB DHjGf
DqEqf PW`WVUacW }QiF tW^XcYZ~u OZccW OVY^XUZbY[f J^W F B¨ DHiif ea kUZ^WZ_ OZbY[X BXTUYV tW^XcYZ _U KVXU OVY^XUZb[U OTUVWU Ka[Z[SScaf © IH nZ]`U tWyaTUZZf BLVcU DIu \S Iif PURkkU^S[^YU^ Ijf J]WZ @URcU ?n BB _Sac IGQjqu cSWT_ jhQqFf @U^Y ?\ cSWT_ qGQu @URcU^W`W ?\ qhQf Bcl`UVVUZ kllQ ^SZXRVW hiQu e@ ju e@ qu eT Du Ae@ @ Du AL Pu Bcl` O@f PUkc qif c Iq ¨BB DHFGf
DqEhf PSX^YVUu LUR[W dSaUZf J^W DI eBBB DEHHf ea _U[[RT OVp[Yb P _U KY`U NU[WU rU^U[WZYZf © D IF PU[WZ NU[]U[YcU LWZbzY[]u BB qj eYZbVU BZ]YzS[] LRZb][YZf BewVcl Dhf B B^ [UbWSXla^sccl_lcRc^f CSWTWZRc VUW`SWVVU Xla^sccl_lZlf c CR[^R ji e DHhDf
DqEFf PR[^WQARSZWS }QIE P[SaZ~u ?X^U[ OVY^XUZbY[f PUZQ ]UXUVU DH B¨ DHiif ea k[Sp BVTU[W JYZ[W^ @YWZaSVb P _U KTWVWY OVWbY NU[WY ` ·WccTUZf © Iq NU[]Wc }NU[^YccU~ @U]ZQ aWVb >WYTWZYZf LUkXYc NUR[W Ihu PU[W IFu eYWVW IE p oTS jiu LYYZU jqu CRSTS qIu JUZZR qqu @URZS qGf eVVLVcU DGu JUTWZUZ \ac^ \S DEf ·V Ihf AUZcUaUTWZUZ ^STYZb`XcSZ Ub_ Iqf dRUZ^SX^YZ \ac^ TUc UWZYWbYZ SkYcc IhQIFf DDD|Ar[ UXYcY^Z IFQIEf JRSVcSkUcV URcS^S[_UUTS _Sac IEQjFf AaYVV ?\ SXkllVV jFQFif NRS`W[U^YZZY cY^Z_Sac FDu A JWUz ?\ FIQu rSa_SVUZ LWW^YZZY ?\ ^S[_UUTSWbYZ kllVV qDu qqf J]WZ CY^Z ?kkWVUWc ^SZYYZ[U^SkWZ VYac qhQqFf eWWkR[WZ cYSVV^SRV cSkYcc IHQjFf J]WZ kW^U^SRVRcRXk kUW^UVVkllVV qhf eWWkR[WZ CY^Z ^VRzW XWac IHQjhf eWWkR[WZ ORcScY^Z \ab k_ jjQjhf e@ q ^Uu eW[e@ ju eW[NTf BZX^Ukc IEu WZXTU_ qIf p E eBBB DHEHf eYV_Yc DDFDu DjIiu DFGiu DEjHu kS_Uc qDhIu qDHiu qFFDf
DqEGf PRRXWXcSu rUU`S OZcY[Sf ¬ eWWkR[W q ¨ DHiif ea cRSQ
TWS[S` OZccW tWVVWUT P _U JYVTW
Ä^Y[TUZu © IEQhE N\[caU LWZbYzY[]u
BB hE NUW[Y CYW[WVlf LUkXYc rY^^U jIu
NWV_U jqu rURVU qqf eVLVcl DGu CR[RZ
^VV\X \S DHf LP Iqu LL jIf AU`WcUWkUQ
VYYZu LYTWZ _U ARSTYZZWYTYZ ^RZZQ
Vll^ jIQjHf eWWkR[WZ ^URk ^UZXU^Vll^ jHQqif A JRSVcS Vll^ qiQhif J]WZ ^URk cY[`Y\bYZaSWcSVll^ hiQhhf LPJ \VYWQ
XYZ Vll^WZclSX kllVVu Vll^WZcs> hhQFHf NUZZY[aYWTVWWccS \VWVll^ qhQqHf Ar@ ^YX^RXaUZ Vll^ qFQhif MscYzS[]WZ kSa_T cY[`Y\bYZaSWcS^R[XXWcSWTW^ _lX hEQFI _U kSa_T cY[`Y\bYZaSWcS^S[^YU^ aUVW _lX FIQf rSa_T >YR`SXcS UXWUZcRZc hGQhHu FIu Fjf e@ q T^u AL Pu Ae@ @ Du NT
jHQqiu NT qDQqhu rgJf Lll^^Ukcf JU[[ TRXWW^^Wf p ji ¨B DHEDf eYVW DHIEu kSW^U qEjjf
DqEEf LYW^SVU }QiF LYWbYZWRX~u K[^^W KZXWSf ¬O[c_l[`W Dq eBBB DHiif ea L[S` OVzY[c Y[bWZUZb L _U NUcaWVbU LS`WXU LUZbYZf © jq LL KVVW ARSVUacWf LUkXYc NUccW jhu OZcS jGu dRaUZW qDu NU[_UccU qqf \S DEf LP IIu LL IGu LPC IHf Jn Vll^YcWYc ^YTWUZ bSX jDQqDu `c k[Sp jDQjju pU[TUXYRccWXYZ ^YTWUZ \VWT k[Sp jEQqDu `U[XWZUWZYZ k[Sp qDQFGu pU[T VUWc YXWT jEQFGf Lll^YcYabUX ?[WSZ ?\ cSWT_ jjQhDu _SacS^ _lX hDQf ?VVRc RX ?[WSZ ?\ XWXU[\ac _SacS^ _lXf @Y]RVRX ?\ aZcSQ ZYR` _lX qHQf BZXc[RTYZcU[WRT ?\ _U Lll^WZclXla^s ?\ _SaQ cS^ _lX qhQFif oX TRWbYZ \ac _SacS^ _lXf KbRX^ _lX qhQhDu hqQFIf Ar kUZ^^W`UVcRRXT qhQhDu hqQhEf r[YX `UVWcXW_UT qhQ r> _lX hEQFIf PKLO `UVcRRcYccR hEQFIf J]WZ ^URk`UVc _lX hqQFEu aUVW _lX hEu ^URk XUW[UUVUVURcU^ k_ hqQFqf JnPA VWWccSQ aUZ k_ hGQFFf PYX^RXXUW[kWW[WYZ VWWccS _SacS^ _lX hHQu AUW[VWWcQ cS VWWccS`UVc _lX FqQf PRZZ YVl^YXllcWs `UVcRRX^ `_lX FqQf OkcYY^^WcU`U[UVURcU^ k_ qEQhif LJ cWYc ZYR` _lX qqQqHf A k\X\`lZ pU[TU^SkYU^STWc k_ qhQFjf rSa_T pU[TU^SkYUcSWQ TW^ k_ hIu hqu Fif >S[XXWZ `UZaYTkUWZ ZYR` k_ hiQhHf PA? WZXkYacS[W qEQFju nVWSk U[TUXYRccW^RZcU hjQf ·RSbYyWT XWac jhQjGu _SacS^ _lX jEQqIf ARST PYTWXcWYZ AYR[ k_ qDQqIf J]WZ PUZXUVVWXXYR[ _SacS^ k_ qhQhGf J]WZ ARST PVRzW _SacS^ k_ qhQFif ASXWUVWa\]WYZWXYZ nab qhQ _U J]WZ PURkVlaYc\^XYZ jHQ_SacS^ _lXf @SabSXQ_U NURXcY\ab _SacS^ k_ qqQu >F? cWYc _RV^UWXRUf e@ I T^u e@ j T^f NT jHQqiu NT qDQqhu AL Pu @RScXeµ P If Lll^Y`V qDf p IH eBB DHEFf rS_Uc hIDFu hjiif
DqEHf LYZcSZYZu PRXcUU ?X^U[f J^W DH e DEHEf ea ^URkk W \Z PRXcUU ?X^U[ L_U eW^cS[WU tWVaYVTXQ XSZf \S DEf nÁC _U LUP Iqf NUUcUQ VSRXTWZ \VWT ZSc IFf LUWZSk cWYbY^ `c XWac IFf NNJ XWac IGQIEf QD J^W DE B¨ DHIEf eYVW DEHGf
DqHifLWZb£`WXcu dUVS [Yb[W^f J^W F ¨ DEHEf ea `YcR[WZ^RV_ dSaUZ Kb`U[b L_U dRVWUf © qD BbU NU[WU LsZZzY[]f \S DHf PSZYTYXcf p Dh Be DHqqf eYVW DjhEf
DqHDf LWZb£`WXcu n[_s OUccSf J^W j ¨ DEHEf ea kSXcWV_SSZW MRXcUp ObSVp L _U BbU eWVaYVTWZU LspQ zY[]f Q\S DEf ÁkWX^ Jn VU^WcWYbYcclf c J^W Ij ¨ DHDEf eYVW IDiDf
DqHIfLWXcSu dUU^^Sf J^W IE ¨BB DHiif ea YXWccYVW_l> O^XYVW OR]RXc L _U JWVTU NU[WU AYbY[aSVTf © KVXUQNUW_U >\VUZQ bY[f \S DEf P Iqf NUUcUVSRX^SYVUWc cRaSYVlWZSX UXXWXcf NUUcUVSRXZ^SRV VRSZZSZcWYc VYac IHQjhf p CR^aSVTU Ih B¨ DHjhf eYV_Yc DhEGu DHjFu IEIIf
DqHjf LlabYu rURV K[W^f J^W F B¨ DHiif ea WXlZZ JYW^^W L _U KbVU LUWZYf Be¡Vcl DFf B B^ [UbWSXla^scccRc^ jIu NAP ^UZcUQURQSX jqf re UVWRkX DEQjFf ellk IIf c G e DHjFf
DqHqf NU_U`Uu OUccS dSaUZZYXf eUUXU IH ¨ DEHEf ea ^SZcc dSaUZ Kb`U[b N_U KXcY[ UZZ\ ASpWU tUVVYZf © DE MY[bU J_s[bWX eWSVU dSaUZXXSZf BLVcU Djf LWW^YT J]WXXlu CR[RXQ XUu eWWkR[WXXU _U BTUc[UVVUf p BTUc[U Ii eWVW DHFDf
DqHhf NYcXlZaYWTS }YZc AY^XTUZ~u o[aSf J^W DD BB DHiif ea ^URkk AcYpUZ N _U JYVYZU ASpWU NU^^SZYZf © Iq p DHFj
AUWTW KVWXUzYc PSWXcWZYZf \S DHf NJ IIu NNP IGf NJ
TYcXlZU[`SXcYVW_U IqQIGu WZXWZss[WSX U`RXcU`U NJ IHQjif rY[lQrSa_SVUZ VlZcWZYZ XRSZ^RW`URXkWW[W aSWc jDQFFu XRSZQ ^RW`URXcsWbYZ cU[^ hhQFFf NYcXlZaSWcVWWccS aUVW _lX hhQhGf ARSXYR[ k_ hhQhGf nVWTYcXlZaSWcU_U hHu Ae@ @ Du AL @ Df PY[X qDf Qp j ¨ DHHif
QDqHFf L\\ }Qji NlasZYZ~u ?ccS CSW`Sf dSYZXRR Ii Be DEHEf ea [llclVWTYXc ?ccS NlasZYZ _U JWVbU NU[WU rU^U[WZYZf © IH N K`UQ
NUW_U A`UZzY[]f \S DEf ARSTYZ
PR`UVYacW cSWT _U ^RXcUZZRXS\ ?cU`U ^WYVYZcU[^ DEQIhf PRXcUZZRXS\ PUZQ
XUZ`UVcU ^W[_UVVWZYZ _Sac IhQIEf AYZ _lVQ ^YYZ `UkUU ^W[_UWVW_Uu [RZSWVW_Uf PllZclQ
Z\c TUUWVTUZ^W[_UVVWXRRccU XRSTY^XWf eYW^SZ cSWTf C aY Jnf ellkf
JU[[ R[aYWVR^UVUXcRX _U QTYcXlXc\Xf
DIG eBB DHGFf
DqHGf Nl^W }YZc LWZbaSVT~u eWVaS eW^cS[f ³C\[`ll Ii DDD DEHHf ea UXYTUT eWVaYVT ?X^U[ N _U OVY^XUZb[U tWVaYVTWQ ZUf © II NU[ccU OTUZbU AWZ^^Sf LVcl DDf eYcR[WZ^RV_f c PSR`SVU DI BB DHhHf
DqHEf >Y`UZVWZZUu K[W^ eW^cS[f dSYZXRR I DDD DHiDf ea \VWQ SkYcc ?ccS tWVaYVT > _U NU[]U[YcaU LS`WXU JYZ[WYccY @STQ zY[]f © QjG JYbW AyaWVbcu BB qI ^UZXVWXcW >WZU AS[YVWf \S DEf NUU^RZcUWZ PYX^RXQrUZ^^W DHQIFf ?\ WZUZXXWVUWcSX IFQ IGf ?\ OZ^Y[ IGQjIf rK `WYXcWSX jHQhEf NUcYT \^XWc\WXSkYcc jIQ e@ qu NT jHQqiu NT qDQqhf JU[[ TUcYTUcWW^^Uf rSW^U jEiEu `YV_Yc HIGu DiHjf
DqHHf >\zY[]u CS[XcYZ eWVaYVTf ³rSa_UZ kWc h B DHiif ea `l[_l[WTYXc dSaUZ O[`Wb > _U OZZU OVY^XUZb[U dSRcXUf © jH OZZUQLWWXU @WZZYf VBLBcU Dqu CR[RZ XRST \ac^ ^YX^W^SRVf nVWYcXW`l CR[RXXUf p IE eB DHGjf
Dhiif NYcaY[QgS[]Xc[sTu @RZY JYZ[W^f rUbUX_S^W D ¨B DEHEf ea ^U[cUZSZST K[ZXc N _U gY[caU A_szVSTf e@ qf PUUcRW eYXWVUabYVVU G Be DHDEf
DhiDf ?[TWS }YZc ?VYZWRX~u rURV Y[bWZUZbf J^W IG B¨ DEHEf ea U_R[W Kb`U[b Y[bWZUZb ?VYZWRX _U dSaUZZU ARTQ WYZf © jq p DHhE ARSTW NW[_UT B[YZY AUVTWf \S DEf rWWQ [RXcR^XYZ? Iju ^UX`UcRXSkWZ cRc^ Iju U[^^ CPP jFf C[YYVVUu CR[RXXUu eWWkR[WXXU _U J]WXXl Y[W SkkW^ `U^WZ kWW[RXcR^XYZ? IqQhjf J]WZ cY^Z SkkWVUWc cUVSZ[U^SkWZ VYac hjQFhf O_SWccUWZ kWW[RXcRXcXcSU[^^u TT eWWkR[WZ ^URk UXYTU^UU`USXf NT qDQqhf PS[k[u XSc`W[^UTf JU[[ kWW[RXcRXu TUUVURXf p IG eBB DHEFf rS_Uc hFqHu hEjDu FijHu `YVW IiIHu kS_UZkSW^U HHijf
DhiIf ?VVWZYZu BVTSf ?RVR Ih Be DHiif ea N dRaS [Yb[W^ ?_U AYVTU BbU gVSZbWZU gly^Xc[sTf © IG LUL A\V`W ORZY OTUVWU Nl^WZYZQ ?VVWZYZf Q\S DEf LUP Iju LUL _U LUC jEu eC IGf A J\kScYY^^W\ab UkRVUWXUT IhQIHu UkRV_Sac _U UXWUT IHQqIu cSWT_ qIQhhu kll_Sac hhQf A OXRZcSa\kScYY^Q ^WkUZ^^W cSWT_ qGQu OVRYVRS`RcR^XYZ _Sab TYZYcYc\Z STUWXRRbYZ U[`WSWTWXQ cU[^VURcU^ _lX qDu `k_ qIf k_ qhQu rS[^Q ^UVUZ XYV`WccYV\cU[^VURcU^ k_ hGQu J]WZ okXXRS_YVRX^ kUW^UVVWXkllVV jiQqqf @YXRkXVWWccS k_ qhQhEf e@ j T^u e@ q T^u AL P D Ae@ Pu NT DE [X^u J]WZ `lVW NTu NT jHQqiu A^ [URc U[f A^ UTu @oL UT[u C·@ Pu @RScXeµ Pf NU_ hif eYV_Yc DDGIu DqIFu IqIqf p J^W q BB DHFGf
Dhijf rUVSaYWTS }QiF g[UZbY[~u LUR[W BVTU[Wf ³eWWkR[W Dq ¨B DEHHf ea cYSVVWXRRX> [UZX OVp[Yb r_U KVWXUzYca dSaUZXQ XSZf ©IG P B[_U LSRWXY NY[yYbYX tUWZWSf Q\S DEf Q P Iqu NNC IGf NUUcUVSRX^SYVUWc ^ScWYVlWZaSWcSQSX B UXXWXc IjQIqf Jn ^ScWYVlWZcWYc VUWc UXXWXc IhQqju bSX jiQ qju ^ScWYVlWZcWYc
k[Sp qqQu rUVSaYWTS ?\ ^U[cUZSWbYZ ^U[_UcUVSRbYZ _Sac IFQ jif eWW^WZ SkYcRXQ_U ^SYcWVUZ `UV`S_U^RZZUZ k_ hDQf Qe@ qu AL Pu NT DEf OVW^f JU[[ ^UX`WcWYbYf p ID BB DHGFf eYVW IqIGf
Dhiqf rUVSaYWTS }YZc g[UZbY[~u n[_s OVp[Ybf J^W IH ¨ DEHHf ea `RS[W> PU[V OVp[Yb r_U PY[ccR JYVYZU JYTzY[]f © qG LYSZS[U [UZyWX ¥R[cWZf \S DEf O][ Ihf PUVVWSQPRZWZQ ^UVUZ cWVUZ cWVUZaSWc IhQf >Y¯ nS[^WZ kll^SZXRVWZ`XcS XWac jIQu >Y¯ nS[^WZ A CWYbSZUZcScXcS UkRV_Sac jFQf >Y¯ nS[Q ^WZ NUUWVTUZZl\ccYV\ A SX kll^STWXUU[W jHQf JYVk WZVUZb BZyu WYVb AYy[YcU[\ qhQu A ^SZXRVW KcQPUVWpSTWUXXUf WZVUZQ bWU SRZbUcWSZ kY[RXc _U >UcWSZUV r[YXWbYZc hjQFIf rY[RXW \abYXXl WXlZXl ^UZXXU rSW^WYZ NUUcUVSRXQ _U rRRcU[aU^SRV qG dl[`YZkllXXl PUVVWSQPRZWZ^UVUZ cWVUVVUf ?T TUUcWVUZ >Y¯ NYÃWySXXU _U aYbYVTlpU[TWZ PUVWpS[ZWUXXUf AL Pu Ae@ @ Du eT Iu NT DEu A JRSVVSZ UTu >Y¯ nS[^WZ ^URk ^RZZWU^UZXUVUWZYZf eUacWTYXc oRbYZTUUZ @U^RRZU[\^Tf eYV_Yc FEIu GFHu EEEu HGEf
Dhihf rU[^^SZYZu ?X^U[ O[TUXf J^W DI eJ DEHEf ea `UWabYT OZccW r _U K[W^U KV`W[U @SSXf © Iq JYVTW BTkW KbWca AR`UZcSf \S DEf O?C Iju kSXcW`W[^UTcRc^ IDf rSXQ cW`W[^UT DEQIqf dUUVUZ kWW[W >N IhQIFu J\`WZ^llZ kWW[W IFQFDf AeoL aUVW _lXf A NYcXlXcl_lVWWccS aUVW _lXf oRbYZTUUZ @WWXcUZaSWcSkWW[W k_f OXYXXS[W FDf e@ q T^f LcZ IHf p Dh eWVW DHEif
DhiFf rSW_l[`W }QiF gSW_Y[~u LUR[W O[`W rYVVY[`Sf PX SkYccUQ _UTUc[W^^YVWf BXl jIu `YVW DGGif
DhiGf @UUXXWZUu eYW^^S eYVVUTSf J^W Dj B DEHHf ea \VW^SZQ bR^css[W KTWV LYUZbY[ @ _U OZZU NUcaWVbU OZbXc[sTf © IG LWVVW KVWXUzYc AZYVVTUZf LVcl DIf @URcUcYWbYZ _l[_YXcYV\Q TYXcU[W J]WXXlf pI? DDD DHGjf eYV_Yc Dqjju DFEjf
DhiEf @YZ`UVVu CUZy[Yb BXUy BcaWYVf J^W DH B DHiif ea kUXc CUZy[Yb CaYSbS[ @ _U KVWZ eW^cS[WU gVST£`WXcf © IjQjF O]ZYX g_s[^aYWTu jGQ B[_U PUU[WZU PSc^UZ^UVVWSf eLVcU DFu CR[RZ ^VV\X eWaWcl DGf CR[RZ ^URkkUSkWXc DHf ·WkVSTWQ Y^SZ J]WZ [RScX PPP ji AScWVUXUkcYY^^WVUWc ^W[_UZkWc IDQ IHf AllXcl_lQVYabYZ cSWT IHQjif A cR[^WXYVlWZ`WV_ ^YX^RXQ SXRRX^ UkRV_Sac jDf Oa`YZWXcSZ JSkYU^lk\ [\ ^URkkUQ _U VWW^YUkRVUWX^R[XXWYZ _Sac jqf oX VYacWYZ U`RXcU_U IFQf Ae@ @u NT DE [X^u eW[NTf LcZ jGf c J^W IF D DHqhf
DhiHf @SXS^W`W }YZc @SXyaWY[~u rURV ?XXWUZ }?XXW~f BVTU_S^W DE ¨BB DEHHf ea T` rURV @SXyaWY[ _U AW`Wl AW][Wb OTUZbU JW[`WZyZf © ji AUVVW OR]RXcU KVWXUzYc AUU[WZYZf \S DHf K^SZ PPP IDf ?kWX^ Jn VU^WU DHQIif PYX^WZlWXYZ eU^\ac OR[U _U PYX^WZ dlVVYYZ`U^\ac eU^U`U kUV` IDQu eU^U`U k[S^ _U _SacS^ XWac IjQjqu UkRVQ _Sac jqQqiu cSWT_ qiQf AScU`UaWZ^S\ab _Sac jHQhqu B[cUWTWXcSZ XScU`UaWZ^SQ D \ab qDQqEf A[^ PYX^WZ rUVS`U^\ab aUVW _lX hqQhEf rUVS`U^\ab LWWccS _SacS^ k_ qiQu eU^\ac cWYbScRXQ ^YX^f NUUXYRbRZ rUVS`U^\ab VWWccS k_u JPe k_u Pn IiQIDf eU^RRcRXZYR`SXu Ae@ @ Du NT DE X^f NT jHQqif JU[[ R[aYWVRu ^UVUXcRXf p I ¨B DHFqf rSW^U qEqHu kS_UZkSW^U GHHGf
DhDif AUU[WZYZu dSaUZZYX O[TUXf J^W q B DEHHf ea JYW^^W
dRaS A _U [Yb[W^U ?VVW^UWZYZf © IEQqF _p B M[YcU OUVcSZYZf BV qG Y^SZ JYV`W ·U]Q
TU[ >SWXZWYTWf \S DHf ?kWX^ CPP
IiQIju e? IFu SkYcRXZl\ccYYc jDf rS[Q
`SSZ ^YX^W^ _U _Uc^SVRS^^WYZ e? IFQ
IEf n^XWc\WXVRS^^WYZ }T\sa J]WZ e
\ac^~ IGQqjf J]WZ \ac^ _U [YUVWVR^WSZ
}JY[ccSZWYTYZ \ac^~ SkYcc _U VYac IFQf J]WZ XRST \^XWc\WXV\X SkYcc IhQqGf >S[XXWZ `c VYac IEf ?kYcc cY[`Y\XSkkWU J]WZ rRRcYSVVUTTUccW^ IEQjHu `SWT A LlaYc\X^SRV IEQjif J?o k_ jIQqjf A?o aUVW _lX jhQjHf A eSWTSkYccVWWccS _SacS^ _lX IHQjDf A dll^WY^^SVWWccS aUVW _lX jFQjGf dllkUVVSXXU q AN }JdP~ _U h TUUSccYVRUf rYXlkUVVSXXU I AN }J]WZ rUVVSZV\sQ _lc~f A LURVR _lX IDQu aUVW _U TRXVURcU^ _lX XY^l XYZ LURVRQ O^Uc aUVW _lX IqQu A PRS[SVWWccS }ARVUXSVW~ _SacS^ _lX _U XWac jDQ VWWcSZ cSWTWcXW_U jIQu cSWTWZZUZ_ _U _lXYZVWWccS_YZ NWYXQ ^RS[SVWWccS _U AY^U^RS[SVWWccS cSWTWZZUZ_f A NRXWW^^WVYacW jIQ _U NRXWW^^W qGQhi cSWTXWac _U cUVaSWcf ARVUXSV kllcSWT hDQu NT jHQqiu NT qDQqhu AL @ Df Ò j eBBB DHEGf
DhDDf AUbYZWYTWu dUU^^S tWVaYVTf J^W Dh B DHiif ea \VWQ _Sac n[_s dUU^^S A _U KVZU Ac[YZ]f © IH NUW_UQLWWXU AU`SZWRXf \S DEf P Iiu N Iju LUP Ihu eC IEf OO J]WXXl IFQjGu WcXYZlWXYZl jIQf J]WZ `X PeWX^ jFQjGu BV \VWT PeWX^ jGQqIf J]WZ aSVaSRXVURcU^ XWac jFQjGu k_ jGQf KA? ^R[UUcc IqQIhf nL `k_ _U k_ DHQIjf LURVRQNWYaYc `k_ jDQjhu k_ jhQjGf e@ q T^u NT DE [X^f NT jHQqi [X^f PUkcf c J^W E BB DHqIf
DhDIf AUVTWZYZu KY[S n[_sf § J^W G JB DHiif ea VYWkR[WTYXc PU[V MRXcUp A _U OVTU JYZ[W^U AW[YZf eLVclf LUabYZ XYRQ bRZ TUUTWYX^SRV DHu J]WZ \^X ^URkkU^SRV Iiu J]WZ ^URk ^lXWc\sQ _U cYabUX\ab ^WXlVVW^W[_U VYWkR[WZ _U XS^Y[WVYWkR[WZ UTTUcWXXU Ijf LWW^^YYZ_Sac IhQjif NT DEf p J^W Ih ¨ DHjif
DhDjf AUVSZWRXu KTWV Kb`U[bf J^W ID B¨ DEHFf ea VWW^YT dSaUZ Kb`U[b A _U NU[WU JYVYZU LYTzY[]f eLVcU DIf OTY[W^^UUZ DqQu p >Y¯ nS[^ Dq e DHqFf eYV_Yc DjFEu DhDqf
DhDqf AUVSZWRXu CSW`S OVY^XUZbY[f J^W Ij ¨ DEHEf ea VWWQ ^YT dSaUZ Kb`U[b A _U NU[WU JYVYZU LYTzY[]f © IjQqq OXc[Wb eUVbWZY OZQ bY[XXSZu BB qh BZ^Y[W NU[WU JUUkU^SXQ ^Wu SX LUccRf ewVcl DFu \^X eBB B^ jIQ es\[WZ XScU^SRV DEu @oP Iiu PUbP jqu AScaUVVWZZSVVWZYZ^ D jhu BB jEQjHf ¯µ[ oRbYZTUUZ [\^T TU_SWcRXTYXcu [Uaa N \T IiQIGf Df ·K `c UkRVUWXWZcYZbYZccW _U bW` WZcYZbYZccW IEQjGf PUZZU^XYZ OK jEQqif rllTU_UZ cUVSRXaRSVVSZcU[^ _U re \Y aRSVcSQSX qif rllTU_UZu \Y kllWZcYZbYZcRR[WcXcS kllVV qDQqGf e@ I T^u e@ j T^u e@ q T^u Ae@ @f JYWQ TSX[u AU^XPµ U[ D T^u NT DE X^u C[YYZ NTu eWYZUZNTu ORZR^XYZ NTu eW[SZNTu NT jHQqiu NT qDQqhf @YXQ `lZ[ Iiu [YXVcZ IIu [YX^Ukc IGu ^Ukc jhu TU_ qiu Y`V qIf c IF eB DHqGf eYV_Yc DjFEu DhDjf
DhDhf AYkklZYZu eWVaS K[W^ dSaUZZYXf J^W IF ¨B DEHEf ea ZUa^U^URkk dSaUZ tUVp[Wb A _U @SXU LRSTWf © jE JRP AUWTW NU[_UccU ?VVWf Q\S DEf NJ IIf NYcXlZU[`SXcYVW_U IIQIEf K`SZ TYcXl^SRV NJ IHQjhu _Sac jhQhhf NJ kWW[WcU[^ hFQFqu kWW[WQ ^RZcUkllVV FqQFhf NJ VWWccScSWTWZZUZ cY^Z Sa_UU_U jHQqjf A NJVWWccS XWac IGQ IEf nVWTYcXlZaSWcU_Uu Ae@ @ Bu Ao UTf p J^W ID eB DHFGf eYVW DFHif
DhDFf tWVVWUTX }QIh AWW[WlWZYZ~u elWZs JYZ[W^f CUTkY[Y F eBBB DEHHf ea kSVWWXW^SZXc eWVaYVT AWW[WlWZYZ _U JYZ[W^U @lccWZYZf ewVcl Dhf c D B¨ DHqjf
DhDGf AU[UaYcY }Qjq AW[YZ~u elWZs BVTU[Wf J^W II Be DEHHf ea XUcRVUXYkkl dSaUZ eUVYZcWZ AW[YZ _U NUcaWVbU S[XTUZf © IG KXcY[ NU[]Wc M[UZXc[sTf BewVcl Dhf J]WZ kSXcW^SZcc kUV` IiQFIf O`UZcSRWZcWXYR[ JRTURX XWacu [Uaa _U T\sa k_u ^RZZWU_lXf Ae@ TWc D ^[ ^f JU[[ `Y[WkUV`YVRu U`UZcSRWZcW jHQf rSW^U qFGGu `YVW DGEjf
DhDEf AW`YZu JUZX J{^SZ ¥a[WXcWUZ }gSzW~f J^W DE Be DEHHf ea bSX tUVcY[ ?X¯UVb A _U AWW[W gVSTXcYbcf \S DEf @YkSVUZ >N DHQIDf rY[RXcW @RS^SVUabYZ X^f ?XUVV eWYZUZ [Yc^YYZf c @YkSVU DI B DHIDf eYVW DDHif
DhDHf ASWZWS }QiF ASZy^~u elWZs dSRzY[cf J]WZ kWc II B DHiif ea Nu \VW^WYVYZ^llZcl_l dSaUZ MWbYSZ ASZy^ _U OTUVWU JSZ^UZYZf © IH JYVVWZ BZ^Y[W rU£`UVYZf LUkXYc NU[Q _UccU jiu rY^^U dRaUZW jDu B[TU BZ^Y[W jhu LYYZU PUU[WZU jHu B[_U CRRVW^^W qDf Q\S DHf QLP Iqu LL IHu ^YRa^SXUW[ Y[W^Vll^ jhf JUVWVUZ kU[UZcSVU UVWVll^ IHQjiu PYX^WQA rU[UZcSVU jiQ jIf rUc[RZ XSckU[UZcSVU \VWVll^ jIQqif rK cRzY[^RVSSXWaRSVcS cU[^ _U _Sac qDQGif eUVc cUkUcR[TUcXcS Vll^UXWUZcRZc qDQhDf CRz`UXcRXcUTWX\ab [sZc]YZcXcS Vll^ qhQqEf AlbYkUV`YVR ?\ _U nVYWX[sZc]YZ ?\ UkRV_Sac qhQqHf t»M ?\ \VWVll^ qhQGif JWY^^U[UZZUZ _U PU[^RZ kU[UZW Vll^f NRR[UTYZ ^RZZVll^ jiQjIf CRzY[^RVSSXWVll^\ab _SacS^ _lX qhQhiu r D kUV`YVY`WYZ ^YRa^ScURc U`RXcUTWX\ab jFQhhf Ae@ @ Du e@ ju e@ qu ¨¨¨u NT DE [^f NT jHQqiu NT qDQqhf Lll^^Ukc jhu Vll^TU_ qiu Vll^Y`V qju Vll^Y` Fhf JU[[ as\[\`YcR[Wcf QD Iq eB DHGEf eYVW DFHhu kSW^U hiiEf
DhIifPS[kW_UU^^S }QIE AcYZW_~u ?ccS OVzY[cf d\`lX^\VlZ kWc aaTzaWaaaWW Di ¨B DHiif ea WZX NU[cWZ MUz[WYV eWVQ aYVT AcYZW_ _U OZZU NU[WU rYccY[XXSZf © II LWWXU OVUcUV^^U[Wf eLVcU DGu LUQ kRUZ \ac^ \S DHf CYSV Y[ScRc^ Ijf PUWQ ZRRZ ^UZXUZSkWXc _Sac IIQIqu IhQjif A TY[WTWYXVlaYc\XXYR[ kUV` Iqu eWWkR[WZ bWU^SZWXXUVUWc _Sac jiQjGf A ^W[^SZ XWXlQ VlaYc\XXYR[ cSWT_ jGQqif ASXWUUVWTWZ VUXcYZXRS_YVRZ \VWcU[^ qDQqIf KZXSQ MRc¦YWc ?\ XSXWUUVW_Sac qIQhEf eWWkR[WZ ^URk`UVc _U QaUVW _lXu VUXcYZXRS_YVRVURcU^ k_f BTUc[UZ ^URkkQ `UVc _lXf PW[^SVVWX^S^ _lX jEu qDf e@ ju e@ qu eT Du eT Iu A^ U[u NT DEu NT jHQqiu Ar@ UTu [S`UXcW hif c BTUc[U ji B¨ DHhEf rS_UZkSW^U FiHqf
DhIDf ARTYVWRXu dSaUZ O[cR[f eWWkR[W DH ¨V DEHEf ea VYac O[caR[ PSZ[Ub A _U NU[WU Js]VRZbf © qE OZZU ·U]TU[ MRZzS[] É`WXcf VVLVcU Dju eWWkR[WZ ^VV\X BewVcl Dhf PW[_UQ ^URkkUQUVUVVUu O^Uc ^W[_U^URkUZ SXkllVVf LWz[SZ `k_f CSWTYZ rSW^WYZ _Sac IhQIGu IEQIHf A eUkUU rU[cWS[\aTl `_Sacf LUWQ `UXcSZ ^UZXWRkX Iif A VWW^Y`lYZ VWWccS _SacS^ _lXf c J^W Ii B¨ DHhIf
DhIIf gly^ }YZc CWTSpY_Yp?u >WWVSf LUacW q ¨BB DEHGf ea ^URkk >W^SVUW CWTSpY_Yp _U JRVbU eWVaYVTWZU gly^f © II NU_VWX B[YZY ÁaTUZf VVLVcU Dqf PSZXc[R^css[Wf c DE ¨BB DHhqf
DhIjf CS[kkUu dRVWRX }dRVW~ eUVp[Wbf eYcYVW Di ¨ DEHFf ea ^W[`YXT OVY^XUZbY[ C _U OWZU ASpWU JURcUVUf © Ij SW^SVR^W_U LUR[U dSaUZZU LYacWsf \S DEf NJ IIf nVWT NJ IIf NJ kUV` U[`WSWTWXcsWXXl IIQIGu TYcXlZU[`SXcYVW_U IGQjhu UkRVNJ jhu JYWZSVUZ aSWcSUVRYYZ NJ jFQqDu qhQqHu VWXUVQ TYZ VlZcWXYZ aSWcSUVRYYZ UVRYNJ qHQhhf rW^UQUXRcRXcSWTW^ NJ_lX qiQqDf JU[[ VRSZZSZcWYcYYcf p IH ¨V DHhhf
DhIqf CRa^RZYZu n[_s elWZs OZcY[Sf J^W DH eB DEHGf ea [Y` elWZs PUU[VS C_U OVWZU KRp[SX\ZY OaV£`WXc © qD PY[ccR PUU[WZU >WacWVlf \S DEf e? Jn Ihf PYX^R^XYZ \ac^ e? IFQqFu J]WZ \^X ^YX^W^ qqQhEu NYWVUabYZ \ac^f JdP _SacS^ _lXf A rUVVSVWWccS Y[ScRSTU[W`UVWS^ k_f J]WZ AUZSTUc _U VVcUQ
DHDi
XUZSTUc R[acSWT qiQhEf AN _llkUVVSXXU Iiu IDu Iju Iqu IEu `YXWkUVVSXXU IIu RX TUUSccYVR_U _llQ_U _UV^UkUVVSXXUf QeT Iu eT ju NT DEu NT jHQqiu NT qDQqhu Ao aSk U[f ellkf c J^W Dj eB DHhEf
DhIhf o[UTSu elWZs dSaUZZYXf J^W G B¨ DEHEf ea Xla^sQ UXYZc dSaUZ ·U`Wb o _U OZZU NU[WU rWW[SZYZf © ji CUWTW @Y]WZU LYacSZYZf eLVcU DFf Ala^sWZX ID CUTkY[YYZ cY^Z SkWXcf AWYTYZXQAla^s ?\ cXcSWZX IDQjIu ¥[SZ¯UVV ?\ kRTkQ kRSX_Sac jIQjjf Ala^s`U[RXcY ?\ cY^Z _Sac jqQFhf BZXWZssQ [WVWWccS aUVW _lX_U k_ hjQFhu ^RZZWUk_f A eUVScY^Z AYR[ aUVW _lX hGQhEf rSa_T BZXWZss[WVWWccS aUVW _lX hqQu k_ hqQhHu FhQFFf PY[Xf JU[[ TRXWW^^Wu RV^SWVRf p Ii DDD DHGjf
DhIFf eUWZWSu @WXcS PUVY[`Sf J^W Dj ¨B DEHEf ea c\sZ_Sac [UZX tWVaYVT e _U OTUZbU OVY^XUZb[U JYVYZWRXf © IF PUcU[WZU NWyaYVYppf \S DEf Be ^ST^R[XXW jqQjhf Be YXW^ UXYcXcS kllVV jjQjGu ^SRVRcRXcXcS jGQjEf LYZcSXScU^ SkYcRXSX kllVV jEQjHf Be aRSVcSkllVV jHQqqf JSWc TUUcWVUUZXU eUV^YUQ VUZ ?[U`UVUXXU qqQu e@ ju Ae@ @u NT jHQqiu NT qDQqhu AU^XPµ Iu A VYZcST[f @YX`lZ[ IDu [YXVcZ Ihu BcZ IEu ^Ukc IHu TU_ jEu Y`V qDf p Ih ¨B DHGjf eYVW IIIEf
DhIGf eUV^UTU }QiF tW^Xc[sT~u oX^S eYW^^S BTTUZRYVf ÌJ^W Dq ¨BB DEHEf ea PeSRbWZ UkRV K[W^ dSaUZ tW^Xc[sT _U ?V]U dSXYpWZU JW[`SZYZf © IF JL CSWZW KXcY[ ARZbQ £`WXcf \S DHf LP Iqu ?L IFu e? IFf n^XWc\WXaV J]WXXl IFQu eU[RX^RZcUaV ARSTYZVWZZUXXU IFf nVWSkWXc SbSZcSVSQ ]WXYZ VUWc S[cSbSZcWXYZ SX `Uk Yac UXXWXc IFf e? IjQIEf JUTTUXcY^ZW^^S^SRV ¯TT _¼aV IEQjDf A JUTTUXVll^VWWccS `k_ jIQ g jqu k_ jhQhif ne XWac Iju aU[__Sac Iqf e@ q kRZ [^u NT jHQqiu NT qDQqhu AL @ Df Lll^^Ukc qjf JU[[ `SWTWXcYVRu URcSWVRu [UZX^Uu WcUVWUf c DH ¨BB DHEFf rSW^U qFqDu `YV_Yc EFGu DIEEu DGiju IIIHf
DhIEf eWbYVVu o[aS YVW^Xf eWacW F DDD DEGEf ea c\sT PZRc YVW^X e _U OWZS K[W^U NWy^YVXXSZf © Iq p DHjD A\V`W AW`Wl AY`SZu qj p DHFI OWVW @URaU PSVWZYZf Bew Bcl Dhf oRccU_U J]WXXlf p Ij ¨BB DHFhf eYVW DGHIu kSW^U qGIFf
DhIHf eWaY[`UU[U }Qih tUaV[SSX~u OU[ZY BVTU[Wf ¬ J^W Iq DDD DEHHf ea `UacWTYXc dSaUZ KVWUX e _U NU[WU OZbY[XXSZf © IFQqI JYVTW ?kkTUZu BB qq NU[ccU NW^^SZYZf \S DEf K^SZ PPP Iqf PSRVRcU[kYWbYZ PYX^RXVWW^Y ?\ aU`UWZcS`lVWQ ZYSX _U YbRXc DEQIIf PRXcUZZRXS\ ?cU`U UW^U^URXVYacWSX ^SZcckllVV IqQjqu VWW^^YYZ ^SZcckllVV jqQ Fif A PRXcUZZRX\ab XWac FiQf oX VWW^^YWbYZ cWVWZcU[^f PScW^UX`UcRX\ab cUVaSWc qFQ hFf PY[X IDf p IE eBB DHGhf
Dhjif tW^Xc[sTu KTWV eWVaSf J^W DE DDD DEHHf ea ^SZYYZQ ^l\cc MRXcUp KTWV t _U JUZZU OVWZU NUVWZf © jE ^W[_UZkWc OWZU NU[]U[YcU Jl]]Xc[sTf \S DEf nÁC jHf J]WZ kSVWWXWVUWc ^W[_R[W IFQjqu VWW^YZZYcXcS _Sac jhQqqu kSVWWXWVUWc XWac qqQFDu kSVWWQ XWTYXcU[WZ VUWZSkWVVWZYZ UkRV FDQFFf KA? XWac IjQIqf Ae@ @ Du AL @ Du NT jHQqiu NT qDQqhu ? U[ Iu r U[u ¨¨¨f LcZf c Ij eB DHEif Dhq
DhjDf eWW^^Wu dSYV ObWYVf ¬PUV`SVU E eWVW DEHHf ea kUXc dRaUZW e _U NUW_R NUcWVbU LWZb[SSXf © Ih VYac ARSTU KVWXU PUVVWSf \S DEf P Iq _U N CRn IGu URX^RVcSWZRc Ihf CSW_UVUZ \ac^ TUcYT UWZYWbYZ SkYcc IhQIFu eWWcUXUU[YZ \ac^ }T\sX [Yac~ IFQ IGu PUZ]UXUVUZ \ac^ IGQIEu >S[XXWZ IEQIHf ASTY[SZ \ac^ TUcYT UWZYWbYZ SkYcc IHQFDu [Yac IHQjFu qDQFif ASTYQ [SZ ^RZZ Y[W VURcU^ _lX _U k_f oZW`Y[XUVU KXkY[UZcSQOXSyWSZ kll`UVcRRcYccR jFQf JU[c ^UZXUWZ`lVWZYZ ^WYVWu Op[W^UZ ^\X\T\Xf c Dq eBB DHGFf eYVW DIiDf
DHDD
DhjIf @RTTR^UWZYZu dU[V B`U[f eWWkR[W DD e DEHIf ea cRVQ VW`UacWTYXc P O @RTTR^UWZYZ _U BbU CUa^SZYZf © C\\ZY NWYccWZYZf ewVVYu eLVcU DIf e@ DIQhj Xla^scc DEu BB ^W[_R[W jiu JlTYYZVWZZUZ UX BB ^W[_R[W jqQhDu OVUkWc^lZ UXYTUkllVV hDQhjf NT jHQqif c OVUkWc^l j e DHhjf
Dhjjf NY[W`W[cU }YZc A_sXc[sT~u O[`S KYZS^^Wf ¬ NW^^YVW j B DEHqf ea cYacUWVW_U PU[V OVU[W^ A_sXc[sT _U OVpWZU OVY^XUZb[U tWVUZbY[f © DE KVVW BZ^Y[W L\\cW^lWZYZf eVLVVYu \S Djf CYSV Y[ScRc^ DGu kUXccRc^ DHu SkYcRXZl\ccYYc IHu P _U N jif nVWT kUkkW DGQIDf PU[XcRVUZ kWcl_lZUkRV IDQIhf K[W c\^WXcsQ [\^T [\^TkUXc IqQIHf eWWkR[WZ c\ccsV\X RX^ _U pWV UV^ `kW VYac IHQjGf AU`SZVWZZUZ ^a[U jGQFFf AU`SZVWZZUZ L[S` qDQFFf AU`SZVWZZUZ ^[WXc c\s^YX^ _SacS^ `k_ jEQqHu k_ qHQhDu `UkUUQ SkWXc _SacS^ k_ jHQhDf AllTWZ]WZ ^[WXc ^UZXUZSkWXc _SacS^ k_ qFQFDf PW[^SVVWX^S^ _lX qEu hDf @S` qqu Ae@ dVu NT DE X^f JU[[ ^W[_UVVWXRRXu RV^SWVRu R[aYWVRf p F BB DHGDf
Dhjqf gYy^Y[u JUZXf rS[`SS Dj ¨BB DEHqf ea N OR]RXc Kb`U[b g _U ?V]U P[WXcWZU ·[STzY[]f © Ii M[YcU NU[WU NUVTf eVLVVYu \S Djf ?P DGu ?L Iif JV NW^^YVWXXl IiQIhu J]WXXl IhQf Jn SbSZcSVS]WXYZ VUWc UXXWXcf A aUTTUXVll^XYR[ XWac IGQjqf p Iq B DHGif
Dhjhf PU[VXXSZu PUU[VY gY[cYVf ¬CUTkY[Y Ih eB DEHDf ea ^W[`YXT PU[V P _U eWVaYVTWWZU KZ]Xc[sTf © IIQjh NU[ccU KVVYZ JUWTYVWZu BB qi UWZU PWXSZYZf eVLVVY \S Dju C[YYZ ^VV\X _U C[YYZ [YUVWV\X BQeBf ?W^c Iiu eC qIf PSc^UZ kSVWWQ XWVUWc XWac IiQIIf AUVTWZ >N IIQIHf Pl^WXUVTYZ _U PUR^SVUZ >N IHQjif Pl^WXUVTYZ PeSRcW jiQqif Pl^WXUVTYZ ^WaVU^ P[eSRcW jHQqif dUVUX_l[`YZ `c >N qDQqIf PU_UUZWZ ^WaVU^ aYZ^W^W[_SWZ qIQhiu PSR`SVUZ ^WaVU^ hiQhHf Pl^WXUVTYZ oWQ TU[Wc k_ jEQjHf PU_UUZWZ PU[_UVUXYR[ `k_ qGf O^Uc TYXc kUWQ ZWXXU DHf NT jHQqiu eXX UT Df JU[[ aWXcS[WUf p E eBBB DHFEf
DhjFf rYXSZYZu CURZS dRaUZWf ¬eWWkR[W IE Be DEHhf ea XYZUUccS[W dSaUZZYX r _U JUZZU M[lXzYy^f eVLVVYu \S Djf okXcRc^ DEQDHu NU[^S `WVVUZ XScU^SRV DEQDHu PUbP ^RRZcYQ VRQRkX IIu SkWX^ Ac ¥\[WZ XScUSkWXc ID _U @UZX^UZ XScUQU^UcYQ TWU IDQIqf OXYRkX _U ZkWRkX DHf CY^Z _SR^^ YXW^ cXcSRkX Iif @Ubr_U rWSZr IiQIqu nY Iqf AU`SZ dll^[\^T ^STkkkllVV Ihf NT DE X^f elZ[ DHu VcZ Iiu \YQRkX Ihf p eWWkR[W E eBB DHIhf eYV_Yc Dhqiu DFIEf
DhjGf AUÃYZu O[ZSf eWWkR[W ji e DEHhf ea PSRVR> oZS
OVpSZX A _U OZZU NU[WU rYXSZWRXf © Ii
PUc[W >UcUVWU rUVT[Scaf eWVWVVYu \S Djf LP DGu LL IIu LPC Ihu ^S[`UQu
ZYZlQ_U ^R[^^RcURc Y[W^Vll^ Iqf J]WZ \V
XUW[ UkRVVll^ IIQIhf @C D ZkW Vll^ DHQ
IGf Jn ^S[`UQu ZYZlQ_U ^R[^^RcURc ^VWZ
UkRVSkYcc IHQjju bSX IEQjEu kUcSVS]WQ
XYZ UZUcSTWUZ k[Sp jEQhIf J]WZ ^URk
cRzY[^RVSSXWXUW[ VU[\Z]SVS]WUVWVll^ IHQ ±P jEf JYZ^W`U^\ac AUVUTU Vll^ jqQqIu
\VWVll^ qIQhIu _SacS^ `_lX jHQu ALL k_u ·RSbYyWT k_ qDQqju
A\skl\ab qjQu Ar@ ^YX^RXaUZ _lX qIQqqu ZXcS qjQf NYaWVlWQ XYZ XUW[ _SacS^ _lX jIQu ?cSVU[\Z]SVS]W\ab `k_ jjQjEf eW? WZXkYacS[W qIQu J]WZ XRST \ac^ _SacS^ _lX jEQu ARST CWYbYQ U^Uc _lX qIQu e@ Iu e@ Iu e@ ju e@ qu k[^u Ae@ Pu NT DEu eXX aSk UTu Ar@ aSk UTf Lll^VcZ DEu Q^Ukc IDu QTU_ IGu QY`V qif p DH ¨B DHhIf eYV_Yc Dhqqu IjiGf
DhjEf tU[ccWZYZu LYS @SzY[cf JUZ^S q Be DEHqf ea ^SZQ bR^css[W NUccX t _U OZZU ASpcU @Ukkf © KVXU @Y]WZU K[W^Q XYZf eLVVYu \S Dqf N@B CPPf ?RVRZ VllZWZ N@B IHQqDf e@ qf PUkcf c [WZcUTUVVU XUUTWWZXU `UTTSWaWZ DF eJ DHqjf
DhjHf U]Y[aSVTu KWZSf J^W DH B DEHFf ea ^W[_UZkWc MRXcUp ObSVp _U ASpWU dSXYpWZU PU[VXXSZf ewVVYu eLVcU Dj CR[RZ ^VV\X \S Dhf ARS[WccUZRc PPPf LWW^YUVUVVU CR[RXXU _U J]WXQ Xlf p DG B¨ DHIFf
Dhqif rYXSZYZu n[_s BVTU[Wf eWWkR[W Dh JB DEHGf ea XYZUUcQ cS[W dSaUZZYX r _U JUZZU M[lXzYy^f © Iq L\\VW OVWQPR^^SVUf ewVVYu \S DFf LL Iqf OVUQal[TlZu nVWal[TlZ _U PS[Q cYX_l[`YZ ^RZZVll^ IhQjFf rWYVWX_l[`YZ kWW[WZ kWW[Vll^ jFQqif Lll^^Ukc jqf c XScUXUW[UUVUXXU F BB DHqif eYV_Yc DhjFu DFIEf
DhqDf nVkksu OU[ZYf O^UU DD ¨BB DEHjf ea T` JYW^^ n_U JYZ[W^U NURZRf © jD p DHFi N OWZS JYVTW eUXUTUf ewVVYu \S Dhf ?kWX^ Jn VU^WUf PSZZRZXRSZ `U[U`UZ^WVU SkYccu ^YX^RX`UZ^WVU BB _U B SkYccf CSWTWZRc aYZ]YVVWXYZl kRaR_UZU _U XUU[Zf AL @u NT DE X^f NT jHQqiu eW[NTf c G JV DHGif
DhqIf CW^^UZYZu OU[ZY Y[bWZUZbf PWR[R`YXW Dh Be DEHhf ea ^a[U OVp[Yb Y[bWZUZb C _U ObYVY NU[WU KZ]Xc[sTf © IGQhI eUVzS[] KVWXUzYc eUW`UZZYu J hq LYTkW ARXUZZU PS[Q kYVUf Ve¡VVYu eVLVcl Dhu \S DGu PRSkWSZ ^VV\X BQBJ B^f NJ IGu A C\^^SRV DEu XRS_YVRX^ aZcSQ IH _U aRSVcS^R[XXW jDu AScQ aUVVWZZSVVWZYZ ^SRV jjQjqf PC@ I RkX DEQIif K[W X^kWW[WYZ ^UZXVWU _U aRSVcSkllVV IjQqhf NJ kUV`YVR^XYYZ qFu NJ aRSVQ cSkllVV qEQFIf KcQrSa_UZTUUZ X^kWW[WZ `X kllVV qif Gf · WZcYZbYZccW qjf e@ ju e@ qu NT DE X^f NT jHQqiu NT qDQqhu A^ U[u J]WZ `lVW NTu ORZR^XYZ NTu JYWTSXScU[WXcWf elZ[ DHu BcZ Iiu ^Ukc jGu TU_ qIf JU[[ TWYX^RS[SVURVRu TYcXlXc\Xu ^UVUXcRXu [WWXcUZaSWcSf p E Be DHFGf
Dhqjf JYWccSu PU[V ?X^U[f J^W Ih ¨B DEHGf ea ^URkk dRaS
J _U K`U AWWUZZUa^Uf © qj BbU JU]U[ eRS[WSf BeWVVYu \S DFu As[ZlWXcYZ \ac^ BQDDDf e@ Xla^sccl_lcRc^ DFu `W[^UTQ cRc^ DGf PUbP ^R[XXW jDQjIf A^ ^STQ
^R[XXW jjQjqf e@ kUV` DFQDHf PUW_UVUZ
PUU[cW @\ ^T ZkW RkX IiQIIf rSa_Q
oRbYZTUUZ A^QkWW[WZ UVRYkllVV IIQIGf A^ \VWYXW^ SXkllVV UkRVu ^SRVRccU_U _U XScWVUXcU[^ IGQjHf rN cXcSkllVV jHQqif rUcW^SWZu UVWRkX^R[XXWZ _Sacu _l[_^YXQ
^R^XYZ kllVVu DGf · SkY[UcWW`WZYZ SX kllVVu eB ÄPK ^STYZcSQ SX kllVVu Dhf r[W^ YXW^kllVVu cSWT^SRV I kllVV qDQqqf K`k qFf d
JYWccS ?\ kUV` qFQqEf CYSVVWXRRX\abWXc\XcYZ UXWUT qEQu PYQ TWUVVWXQcY^Z cYacUUc _U rUa`WZQ _U kUkY[WZ_UVSXcU_UWZ \ab
UXWUTf J]WZ OTkR_UWZkWW[W aUVW _lXf J]WZ @YXRkXkWW[W _UV^UQ `l^WSX ^RZZWUk_f e@ Iu e@ ju e@ qu Ae@ @u NT DE [X^u NT jHQqiu NT qDQqhu A^ [URc U[u AU^Xµ[ I @RScXNP aSk UTf @YX`lZ[ Iiu [YXVcZ Ihu [YX^Ukc IEu ^Ukc jju TU_ qiu Y`V qIf JU[[ [YXY[`WRkXcSWTWZcUf p Iq eJ DHFEf eYVW DFhIf
Dhqqf AU^XYVU }Qji AUÃYZ~u NU[ccW ?VU`Wf eWWkR[W h Be ±º]]U§§ WTT DEHEf ea Cu PSRVR> oZS OVpSZX AUQ ÃYZ _U OZZU NU[WU rYXSZWRXf © IH NU[Q _UQCY[ccR NUZXZY[RXf BeWVVYu \S DFu eWWkR[WZ \ac^ BQDDDf P IDu L IFu C IGf MYSVS]WXYZ cRc^VUWc UkRV]YSVS]W jiQ jFu `UVcWSZ]YSVS]W _U TUVTWcRc^SX kllVV jFQqDf NUVTW^UW`SX S\ cY^Z _Sac qDQ qHf Jn TWZY[UVS]WUZ _U ]YSVS]WUZ UkRVQ k[Sp qhQhqu `c k[Sp hIQhqu k[Sp hqQFFf CPP `c k[Sp _U VYac jhQjEf Jn TUUcQ
TYcXlc cWYbY^ ]YSVS]WUZ SkYcc IqQjDf A ]YSVS]WXYZ XYR[ XWac IDQIFu k_ jiu hif e@ qu AL Pu Ae@ @ Du NT DE [X^f NT jHQqiu NT qDQqhfQPY[XfQc DD eBB DHGGf eYV_Yc DhjGu IjiGu kSW^U hEDqf
Dhqhf LUWZYu @YWZS KWZU[Wf JlTYYZVWZZU DG eBBB DEHGf ea ^URkk eWVaYVT L _U OZZU rWaWf VVLVVYu \S DGf ?kWX^ Jn Vll^YcWYc cWYbY^ DGQDEf PUbP DHQIif re ZkW RkX Iiu IDQIIu PUbP cUVaSWc IiQIDf A^ nVWYXW^ ^SRVRcRXRkX IjQIFf QNT DE X^f elZ[ Iiu BcZ Iiu ^Ukc Ihf c G e DHIFf
DhqFf tW[VU }Qjh tWVVzY[]~u n[_s K[W^f J^W IH B DEHGf ea XS[`U[W K[W^ eWVVzY[] _U CY^VU NU[WU NUVTf © jI P KWVU AlbYVUa_U M[UaZf VVLVVYu \S DGf PUbP IIu APP XScUcY^Z SX IjQIGf r D IiQqhf eY[S`XcS qhQhDf eU^S\ LSRaW hIQFqf e@ j cV^u e@ ju e@ qu Ae@ @ Iu NT jHQqiu NT qDQqhf @YX`lZ[ DHu `lZ[ IIu BcZ Ihu ^Ukc IEu TU_ jFu Y`V qjf QD Ii B¨
DHEif
DhqGf AUWaY }Qjh AUaVzY[]~u Kb`WZ dSaUZZYXf >RTTW DE ¨BB DEHFf ea ZUa^R[W OR]RXc eWVaYVT AUaVzY[] _U MRXcU`U PU[SVWZU AUaVzY[]f © jH JYV]U OVYÃUZb[U A_s][YZf VVLVVYu e¡Vcl Dhu \^X \S IDf PSZccS[WXcW J]WXXlf rSW^U hHhhf
DhqEf `SZ gYVVu NW^UYV O[TUXf J^W h eB DEHEf ea [^T OZbY[X K`Y[c >W^SVURX ` g _U AW][Wb >UYTW AcYZ[Scaf © ID CSWZW KVWXU PSVXc[sTf BLBVYu eLVcU DFu J]WZ T`V\X \S DHf N`f QIqf JSXkWcUZccW AS[cU`UVUZ XYTWZ IqQIhf PUZXU^S NWYaW^^lVlXXl IhQhHf c DE B¨ DHFhf eYV_Yc DjGhu DqhHf
DhqHf dl[`WZYZu ?XTS PUVY[`Sf rYcl_l`YXW ji ¨BB DHiif ea `U^cU[^ KYTWV d _U @RRXU rWYXUVUf © jq CSW`W BZ^Y[W NUZZWVUf BBwVVYu \S DEf P IDu nÁC IFu eCf OOcXcSWXXU UkRV IGQIEf ?W^YRX^UZXVY[WZ`XcS UkRVYXWcc IHQjqf KbRX^ ?O XWac jqQqDf rLJ \VWT ZSc IHQjqf N` AUU[W_l[`YVVl qDQ OVW^ IDf c kWc^llZ XUW[UXcYccRUUZ AUU[W_l[Q `YVVl IF eBBB DHqHf
Dhhif JYV^Wsu KWZS KYTYVWf @URTU DF eJ DEHEf ea T` dRaS KYTYVW J _U ?V]U LRZb][YZf © LWVVW NU[]U[YcU PRVVzY[]f BLBVYu ewVcl Dhu C\[`llZ \ac^ \S DEf okX^R[XXW DEu LUkQ kYYZ[UZZUZ c\^^SRVu APP TY[WXScUcY^Z ^R[XXW IFQIEf @UX^Cµ kc[WZkllVV DEQIjf @C@ j kc[WZkllVV IqQIEu kXcSZQ ^ST IEQIHu ORP _Sac jiQjIf NY[WkRSV YXW^ cXcSkllVV IHQjif Ae@ @u eT Iu NT DE X^f elZ[ DEu BcZ DHu ^Ukc IIu TU_ IGf c IG eJ DHjIf
DhhDf @WZ]`UVV }jhQqh @W`UVS~u K[^^W Y[bWZUZbf J^W IE Be DHiif ea `UVcWS> OR]RXc Y[bWZUZb @ _U OVTU LWZbzY[]f © Qji @Rca Lsp][YZu BB ji c DHqI LC? MscU S]YVaSVTu JB c DHqG k[S` NU[\ Ac[sTzY[]u Be qH VUXcYZaSWc NU[ccU rU[^Q ^SZYZf BLBVYu eVLVcl DEf eWWkR[WZ RkX^S^^R[XXW DEQDHf
NAP }U^cRkX^R[XXW~ IiQIDu kSXcW`W[^UT^R[XXW jjf oRbYZQ
TUUZ [\^T RkX XY^l If ·K DHDDVlaYccWRkX _U Ub_ DHf @UZZW^Q ^SkRSV YXW^ aYZ^WVsQ _U ^STYZcScXcS kllVV DHf LUW`UXcSZ ^SRQ VRcRX^RZcU ^STkkkllVV IIQIjf K[S STUXcU k\\ZZsXcl Ijf J]WZ ^URk Xla^sVUWc IjQIGu qhQqF }Xla^sZ XllZZsXcYV\cSWQ
TYZ YXWT~f eU^\ac rSa_SVU TY[W`UaWZ]SZcU[^ _U BXcSXXU jhQ qqf PUZXUZaRSVVSZ ^UZXVWUZ_Sac qFQqGf rCL jIQjhu J]WZ kSXcW^SZcc qGQFju `WWTY^XW Y^XkYbWcss[Wf e@ D T^f NT DEu NT jHQqiu NT qDQqhu J]WZ `lVW NTf elZ[ DHu BcZ IIu ^Ukc qDf p ID ¨BB DHGif eYVW DqFq gf
DhhIf nk\l }YZc OZbY[XXSZ~u @U]ZU[ OTUZbRXf J^W Ii e DHiif ea TUUVU[W OTUZbRX OZbY[XXSZ _U ?V]U NU[WU dRRXSQ ZYZf © IF c DHjq AYZ_U KV`WW[U eWV_SVUu jF U[^^ NU[ccU B[YZY NU[cW^UWZYZf BVfVVYu \S Iif O[^^ CPP IEf rN [U^SX U[^^ IFQjFu RRbWX[U^cXcS \VWU[^^ qDQqqf eWWkR[WZ ^URkU[^^ jFQqif n^XWc\WXcXcS jFQf CPP [U^YZZRXSkWZ `c k[Sp qHQhDf OXRZcSQ XllcWs `UVcRRX^ _lX hDQf e@ q ^Uf BZX^Ukcf p h ¨ DHEif
Dhhjf OaVXcYbcu MRZZU[ KVWYVf JlTYYZ^\[s Dh¨DD DEHHf ea ^SZcckllVV PU[V dRVWUZ O _U OZZU OR]RXcU JSVTzY[]f © qh c DHhi MscU LWZbYTUZf BewVcl DFu JUUkUTlYZ \ac^ \^X \S Ijf ?kWX^ Jn VU^WUf U^cS[W J]WXXlf p II B DHhGf
Dhhqf OW[U^XWZYZu @YWZS J_UVTU[f PU[ccRVU ID ¨BB DEHHf ea c\sT rYccY[ OR]RXc O _U OVWWXU PSW`WXcSf ewVcl DGf p Iq eBB DHDEf
Dhhhf OVUZ^Su JYZ[\ PRXcUU ObSVpf rY[ZWs F ¨B DEHHf ea
`UVcWSZYR` \VW`UacWTYXc OR]RXc OVp[Yb O _U OVY^XUZb[U eWVaYVTWZU A^S]Q
Xc[sTf © jF OWVW OVWZU O[Sf \S DHf nÁC Iq eC IEf OO J]WXXl IhQqIf JAAr UXWUT IHQjjf A NYXXRc ?XRRX^ kllXWac _U cXcSkllVV jhQqIf PUZXUZaRSVQ cSTWZ cXcSkllVV qIQqEf A LUXcURccU_UWZ C\sZUZcU_UVWWccS UXWUT _U A LUXcURccUQ _UWZ LWWccS cSWTW qEQhFf A NYXXR_YZ \VYWXXWac Ihu IHu jif J]WZ A^kWW[W [UcXRQ
`lYZkllVV IhQIGu kUW^UVVWXkllVV qIQqqf e@ q cV^u e@ qu Ae@ TWc Iu eXX UT Du NT DE [^u NT jHQqiu A^ U[f @UcXRTYXc qIf JU[[ ^UVUXcRXf p J^W F Be DHhFf eYVW DDjhf
DhhFf OXkYVRZbu MRXcUp ObSVp eWVaYVTf NWYaW^^lVl ji DDD
DHiDf ea cUVaSWc oZS eWVaYVT O_U eU[TU dRXcWZU LUUTUQ ZYZf \S Iif
DhhGf dS[^UTU }YZc g_s[^TUZ~u ?bS [Yb[W^ tUVbYTU[f eWWcUXUU[W DF ¨B DEHEf © PY[ccR OZWcU ORZYVUf \S DHf P?r`W[^u rS[`SSZ ^SZcc k[S^ IEQjhf LWW^YUVUVVU jhQu T\sa cSWTf nVWVf p Iq B¨ DHFqf
DhhEf ¥UXc[YZu eWV_S eYVWf ?RVR G ¨ DHiDf ea XYZUUccS[W
dUVTU[ ¥ _U KVVW NSZcYVVf © IG p DHGG N PUW_U CYVVY[`S tU[WXf LUkXYc NUccW IEu JYW^^W IHu NU[_U jDu AWTS jFu KVVW qqf \S DHf ·B CPP }cWYQ _U `YXW[U^ SX~ Ihu [YXWZXRkX^R[XXW IGf eUVc ^SX^WQ `SWTUcXcS XRRZZWccWZX IhQjIu Be? jIQ jFf AUWTUUZ }T\sa eYXWXcs_YZ~ XllZQ ZsXcYV\cXcSu _Sac jFQhHf CPP `YXW[U^Q SkWZ k[Sp hHQFEu UXXWXc _U Y[W^SWXSkYcc IhQjFf CeJ \VWT WZX qjQjFf ARRZZWcYVQ
VRc `YXW`SWTUVUWcS^XWU _U XllZZsXcYV\_lf Cn k_ IIQIjf @U^WZXQ \ab `k_ _U k_ qiQhif P[WXc \acYWX^ c\s^YX^RXVWWccS k_ hIQf e@ q cV^u e@u Ae@ @ Du NT jHQqiu NT qDQqhf BZXTU_ qIf c IH e DHEqf eYV_Yc DHiju IDGiu kSW^U SkYccU_UTUc[ ¥UXc[YZ N df
DhhHf ·UaVXc[sTu NU[cWZ eW^cS[ AU^U[WUXf J^W Di eB DHiif ea kUXc eW^cS[ OR]RXc · _U OWZU KVVYZ ·\zY[]f © IjQjD NUcWVbU BZYXcWu qGQ B[TU dSaUZZU KcYVlkllf eLVcU DEu J]WZ T`V\X eVLVclf ?kWX^ ^WYVWl XY^l jIQjj CaY LSZbSZ AyaSSV Sp KySZSTWyX UZb rSVWcWyUV AyWYZyYXf ?\ PSZccS[WcU[kYWcU Oz kllT\\_l IiQIhf A PsskYZaUTWZUZ VlaYc\Xcs kUV` IhQIEu
JUU]WZ kll^SZXRVWZ^SZXRVWZ`XcSu CUVVWZZUZ _U LSZcSSZ VlaYQ c\Xcsc IEQjjf JUU[VU ?\ ^SZcckllVV CUVVWZZUXXU jqQjhf eWYZQ cW\ab RW`U Zl\ccYV\ ^STWXXUU[W KcQ _U PYX^WQOTY[W^UXXU jhQ jGf NU[^^WZUcRc^WTRXTUc^S_U PYX^WQOTY[W^UXXU jGf gS]SQ cUXXU }¥SVSTzWU~ A cYSVVWXRR^XWYZ YbRXc jEQqIf eUVcUTY[W ?\ kUV` qjQqhu ?XRRX^RZcU PSTkYZXUcWS qFf LWW^YT o[R]RU\XQ XUu TT A ^RZZWU^SZXRVW qFQFif oAOwXXU FiQu Ae@ @f NT DEu NT jHQqif JU[[ TUc^UWVRu pWVUcYVWUf
DhFif K[TUX }Qqq K^~u K[^^W KTWVf J^W Di ¨V DHiif ea `UacWTYXc K[W^ eW^cS[ K^ _U NU[WU OVY^XUZb[U ARZbzY[]f © IGQqq ORZY BZ^Y[W AUVTWu BB qq cXcSZaSWc OWZS NUQ [WU NU[^YccU rYc[UTUUf \S DHf ·B CPP Iqu WZXRkXcRc^ IGu `WYXcWRkX^R[XXW IHf BVTUWVRcYVU^^U WZX IhQIGf A Ala^sQ VUTkkRcYabUX ?\ WZX IGf Be KXW^ [UbWSQ WZX IEQjjf rCL \VYWX[UbWS^SZcc WZX jjQ jqf ?\ nLK Oz cXcSWZX jqQjGu cXcSkllVV jGQFjf KVl^YQeU[TU aZcSZYR` _lX qGQ FDf nLK YVl^YXllcWs aUVW _lX FDQFjf J]WZ TUWXc[UUcWZ Tll[llQ Tl _RV^WZYZ ^UcXUXcRXU[`WST qqQFjf ?V\TkWU^WXS_YZ hI cYVYQ cY^Z kllcSWTW^ XWac qHQhif @UbWSWZXXYR[ k_ jqu jHQqiu ^RZQ ZWU_lX FDf Ala^sWZXVWWccS aUVW _lX hGQhHf @UbWSUVUZ XcUZbU[bWQ XSWTWX^STWc XWac qiQqFf A @UbWSUTUcss[WVWWccS ^RZZWU_lX jIf e@ j T^u e@ qu Ae@ @u ? U[ Iu PP ^RVc UT[ ¨¨¨f BZXVcZ IGu WZX^Ukc IHu WZXTU_ qqf JU[[ [UbWSf p IE ¨BB DHGHf eYVW DGIGf
DhFDf M[sZVRZbu PU[V MWbYSZf J^W II B¨ DEHHf ea cUVSZST MWbYSZ tUVbYTU[ M _U dSaUZZU OR]RXcU [Yb[W^U CSVkSf © jIQqD LUR[U ARXUZZU S¯[Yu qhQ OZZU NU[]U[YcU Aya¯U[c¦f \S DHf ?kWX^ ^WYVWl IiQIjf rUZ^^WQ_U VWW^YUVUVVU AwXXU IqQIFf oV^STUWVVU IEQ NT DEu e@ qf LcZ IEf eYVW DHiHf
DhFIf MRXcUpXSZu JU[UVb }JU[[\~ OVY^XUZbY[f rWYcU[W Dq e DHiDf ea ^SZc[SVVss[W dSaUZ OVY^XUZQ bY[ M _U OVTU NU[WU JYW^^WVlf \S Iif p AWkSS E Be DHIEf eYV_Yc DEIIu IGEhf
DhFjf JUUkUZYZu O[`S tWVaYVTf J^W Iq BB DHiif ea ^SR VR> OVYÃUZbY[ J _U dRVWU rVYcZY¯f © Ih KVTW PYccRZYZf \S DHf LYkUUZ kRRQ cU[aUSkWXc ID LYa[Q RZb S[XyaRZ]XUZQ XcUVc pWW[ MU[cYZzUR }gY[VWZQ·UaVYT~ Iqu NNP jIu NNN hIf LYkUUZ kRRcU[aUQ SkWXc VYac IqQhhu _Sac IFQhhf PW[^^SaUZ cU[^ hhQf NUUcUVSRXaUZ `c kRRcU[aUZQ aSWbSZ cU[^ hqQhhf Jn kRRcU[aUcWYc k[Sp `W[UZ aSWc UkRV hFQhEf eT Du AL @LQ nVW^ qDf c IE BB DHHif eYV_Yc FqEu GIhu DFhiu DEIjf
DhFqf JR[TY[WZcUu AU^U[Wf JRTkkWVU jD ¨ DEHHf ea [S` PUU[VY eW^cS[ J _U OZZU BblZkllZQJYW^^WVlf © Ij @U^YV OZZU @Wy^TUZf ewVcl DHf oX kUZ^^WUVUZ _U TRWcU ^R[XXYQ _Uf P?r kll^SZcc `W[^ _U k[S^u KZXSZu eUV^YU^SX^YZ _U CUTQ kY[YYZ ^SZcc _Sacf eUV^YU^SX^YZ ^URkk`UVc _lX qhQhGu ^W[^Q ^SaZcS^RZcU k_ qqQhGf J]WZ PS^ >RS[Yc _U PUZXUVVWXcYZ >RS[cYZ VWWccS _SacS^ _lXf e@ qu eT Du NT jHQqiu NT qDQqhf elZ[f JU[[ TYcXlXc\Xu ^UVUXcRXu ^YZZYVf p Dh e DHGif
DhFhf dUVSu @RRbSVp [Yb[W^f J^W DI eWVW DHiif ea ^W`WQ c\sZcY^W_l PUU[VS eWacS[W d _U ASpWU AUZbXcYZf © IH O]ZYX BZ][Wb JYZ[W^XXSZf oVWVcU Dh PW[_UVcU_U DHQ ?\ CY^XcWZ cUVaSWc jiQjGf dl[`YZkllZ ^WWZcYWXcs\ab `k_ hiQu ^URkk`UVc _lX hqQhFu FiQf eT Du eT Iu NT DEu NT jHQqi T^u NT
qDQqhu JYWTSXScU[ T^f nVW^f JU[[ [URcUcWYVWW^YZcYYZ kUQ [UZcUTWZYZu UTTUccWUVUZ ^W[_SWccYVRf eYVW Diqif
DhFh gf dRaUZcW }YZc dUZXXSZ~u JUZX dRVWRXf J^W IE ¨ DHiDf ea ^URkk dSaZ dRVWRX OVzY[c dUZXXSZ _U OVTU NU[WU NUVTzY[]f © IE PVUU[U OWZW^^W K[aSVTf LUkXW LWWXU OWZW^^W IHf BLVcU Dqu oRbYZ^URkRZ]WZ \acV\X \S Iif nÁC IFu eC jif rWW^^WsZ `c >N IFQIGf PUVUZZWZ >N IGQjGf CR[RZ _U rS[WZ LJ `U[ULPUT[ jGu ZkW LXWac jEQqIf oRbYZTUUZ VllZW D `Y[ScU[^ qjQhEf eeN `Y[SQSX \VWcU[^ hEQFEf oRbYZ^URQ kRZ]WZ PeSRcW IEQjGf oRbYZTUUZ VllZWZ cU[^VURcU^ `_lX qqQqhu DDD _USXcSZ cU[^UXcRXUXWUT qFQhHf oRbYZTUUZ VllZWZQ SW^ cU[^UXcRXUXWUT FiQu oRbYXXU^URkRZ]WXXU ^RZZ _U X[^ VRSccUTRXcSWTWXXUu ^URk`UVc _U QaUVW _lX jGf Ae@ @ Du NT jHQqif elZ[ qif c E DDD DHGIf
DhFFf dSaUZXXSZu JR]S @UWTRZbf J^W ID e DHiif ea ^URkk PU[V d _U JWVbR[ dSXYpWZU >\TUVTf p J^W IF B DHDEf eYVW DhFGf
DhFGf dSaUZXXSZu PUU[VS JU[UVbf J^W Dh VWW DEHHf ea ^URkQ kWUX PU[V d _U JWVbR[ dSXYpWZU >\TUVTf eVLVcl DHf p Iq B DHIhf eYVW DhFFf
DhFEf dSRXWTUUu PUU[VY ?VU`Wf J^W q e DHiDf ea ^W[_UVcU_U PUU[VY JYZ[W^ d _U OZZU ASpWU LWZb£`WXcf © qI OWZS NU[_UccU eW[cUZYZf BLVcU Dju \^X ef U^cS[W J]WXXlf eT Du NT jHQqif p j B¨ DHEHf
DhFHf dlZccWu CSW`S OR]RXcf J^W G Be DHiif ea [^T OR]RXc d _U OZZU NUcWVbU CRSTWZYZf © IG JYV\ OZZW^^W JUU`WXcSf \S DHf ·WkVU[^^ IEf K[W U[^^cXcSWXXU IEQjif BcXYZlWZYZ U[^^ jiQhhf ?TU cXcS hhQf elZ[f p E e DHGhf eYVW DFFiu kSW^U FIHHf
DhGif PUaUZkll }QqI PUaYVWZ~u KWZS JYW^^W ?VU`Wf J^W F
Be DHiDf ea JZcS> JYZ[W^ J_UVTU[ P _U OZZU NU[WU PU[SVWZU tUVVWZf © jj
AW]ZY gY[Wc dSaUZXXSZf LUkXYc MsXcU
JYW^^W KZXWS qDu KWZS J_UVTU[ qGf \S DHf nÁC IEu eC jDf OXRcRXaUZ \VWT YXWcc IHQjif CR[RZ J? ^UZXVWXcW jqQjFu
ZSc jFQjEu eWX^ jEQqEu UXYXX qEQhif VWcWZ cRSTWS^ cRST hiQf CR[RZ XUcUTUQ aUVW XWac jFf CR[RZ cU[^UXcRXSW^ k_ qiQ qDu qhQhif AScUcRST qIu qqQqFf CR[RZ
^URk`UVc _lX hDf VWcWZ ^RZZ `UVc _lX hqQFif PWaVU^cRSTU[WYZ \ab _SacS^ _lXf PURXUVUZ LWSZXQ^VRzW k[YX _U kUXcQk[YXf e@ qu AL Pu AL@ Du Ae@ Pu NT jHQqif LcZ qIf p Ij ¨BB DHGFf eYV_Yc DGqDu DHDEf
DhGDf PUVVWU }QiF JlVWXcYZ~u @URZS MRXcUp BVTU[Wf J^W IE
eB DHiDf ea `U^\VWcU[^ MRXcUp ?ZZW
BTTUZRYV JlVWXcYZ _U BVTW LSRWXY
gY[][Scaf © IE JYV`W NU[]U[YcU AU^U[Wf \S DHf P Iju N IGu nÁC _U LUP
IGu eC jif KVWZcU[`W^YVUWZXllb^STWc
XWac IGQjIf J]WZ ^URk VUXcYZ`UV`S_U
IHQjhf PP? \VWT `W[^UT jjQjGu qFQ
qGf CUTkY[YYZ cRSTWS^ `X cRSTf J]WZ
^URk `c DDD PeWX^ jqf O_UZ ARRZcU kllQ
cSWT jhQjHf Jn [W^SXSW^ \VWT SkYcc
qFQqGf PUZXUZYbRXc jHQqhf J]WZ ^URk`UVc _lX jGQqhu ^URkQ aUVV qqQqhf Kr? `c ^R[UUZ Iju IGu cUVaSWc IqQjhf AnL aUVW _lXu Jnn cUVaSWc jhQ J]WZ A^kUcV kllVV UkRV jIQf e@ q T^u NT DE X^[u A^ [URc U[f PUkcf p Di ¨ DHqEf rSW^U qqIjf qqIjf
DhGIf PUVVWUVU }QiF gY[][Sca~u PUU[VS PUXWTW[f rS[W IH e DHiif ea \VW^SZbR^css[W PUXWTW[ [UZX P _U dSaUZZU LS`WXU tWZbf © IF c DHji Y^SZ K`U N\[zY[]u BB jD cUVSRXQ SkYcc PW[XcW LYTTW^^W rSW_l[`Wf LUkXYc K`U P[WXcWWZU IGu PUU[VS dRaU IHu NUW_U PUU[WZU jIu JYW^^W CRSTUX jqf \S DHf nÁC IGu eC jDu LUP qFu LUL qFf eU^\ac OR[U VU^WT IFQjhf eUVc CUkUQ cR[TUcXcS _Sac jhQjEf PKLO SXUXcSQ kllVV jEQqif JZcS> qDQqIf eU^RRcRXQ SW^ k_ qjQu `U^\VWcRST hFQHhf nVWT ?W^> qEQhif C\s[WWcS_YZ XS`WccYVW_U hDQhFf JYZ^W`U^\ac AUVUTUZ aUVW _lX qEQu k_ FHu aZcSZYR`_lX FHQf PSZ`YZcWZ `k_ DGQDEf e@ qu NT DE [X^u NT jHQqiu Ae@ Pu @RScXrµ Pf ellk DHf p IG B¨ DHGIf rS_Uc qqIqu hiFiu kS_UZkS_Uc GGhhu EiEiu Hqhqf
DhGjfPU[WVUX }QiF PU[VXzY[]~u CURZS eUVcSf rWWkkSVU Ii ¨ DHiif ea [S` >WWVS P_U BbU NU[WU OVWXQ cYZf © ji OWZS P\VVW^^W CUV`WcWYf ewVcl DG P[WXcWWZUZ XRSTUVUWZYZ \ac^ \S IDf P Iqu N IGf CSWTw A AScWVUX IXQIEu AYR[ IHu VU^^UkYVWWccU jiQqqu eUVS_RSQ `U qhQqGu hiu >RSVW hqQhGf tA?n ^RXQ cUZZRX`W[^ IHQjif ?\ eUVWXcRX SXaSWc hEQf PW[_UWVW_U IEQu _RV^UWXXRc ^UX^RQ _U kU^WZU^W[_S_Uu [STUUZY_Uu Zl\cYVTWl _U ZRS[cYZ^W[_S_Uf oRXW ARSTW _U J]WZ AUQ ZSTUc ^W[_UVVWXRRXU[`SXc IDQIEf nVWSkkWVUXcYUccY[W _Sac IHQ jif >RS[cYZ PW[_U _SacS^ _lX qFu k_ hFQu JUcU ?\u @RbSVp PSW`RZ @UaUXcSu CWYcS^W[_UWVW_UWZ LWWccSf A >RS[cYZ^W[_UZYR` \T _SacS^ _lXf AL @ Du Ae@ @u eT Iu A^ U[f NT DE X^f ellk DEf JU[[ ^UX^Rcu `UZaUc ^W[_Ucf « Di eBB DHEif eYVW EGhf
DhGqf PU[`SZYZu eWV_S dUU^^Sf J^W Dj B¨ DHiDf ea U[^^W Uc[W dRaS dUU^^S P _U OZZU @SbWZU tW^Xc[sTf © qI N rW[^^S NU[_U KRpQ [SX\ZY OZ]Y[`Sf \S DHf LP Iju LL jif J]WZ AScXUW[ UkRVVll^ jiQjhf oRbYZTUUZ @\^T Vll^ jhQjEf PAA D SXVll^ jEQFDu SX \VWVll^ jEQFFf n^XVll^ FFQf J]WZ \VYWXYZ XUW[ WaScURc SX UkRVQ Vll^ jjQjGf J]WZ ^URk CY[`Y\XcXcS UkRVVll^ jGQjHf A Lll^WZclRkXVWWccS XWac jjQjqu [Uaa hDQhEu k_ hHQFif e@ j cV^u e@ q cV^u e@ qu Ae@ @LQ @YXVll^VcZ Ihu Vll^^Ukc jiu Vll^TU_ jhu Vll^Y`V qIu Vll^Y` FFf JU[[ YZcSTSVS]WUu pWVUcYQ VWUf p IF B DHEHf rS_Uc FjhDu FEIFf
DhGhf PUcU_Uu LUR[Wf J^W DE ¨B DHiif ea ^W[`YXT PUVVY P_U [Yb[W^U JlZZWZYZf © II ¨YZWU ¾¯YcUY¯f \S DHf O?C Iqf oRbYZTUUZ L^SZcc IqQIhf JRSkUVUabYZ UkRV>N IhQIGf oRbYZTUUZ L[YWXc[UUccS[W jIQjjf All^XTlYZu PUV`SVUZ _U eUV^YU^SX^YZ >N jjQjqf OJ YXWcc jjQjqf nY kUV` jqQjHf eU^\ac CU[TS kUV` jHQu U[^WXcSZaSWcf eU^`W[^VWWccS _U eU^Q `lYZ PYX^RX_l[_ aUVW _lXf NT DE X^f LcZ qDf p IF Be DHGHf rSW^U qFDFf
DhGFf PW`Wu PURZS rlW`Wsf J^W V? ¨BB DEHEf ea OO [UZX KTWV P _U O]UcU NU[WU rUVTf VBLBcU Dqf p NlZcXlVlZ ?a^SVUXXU Dq BB DHDEf eYV_Yc DjEFu DFFqf
DhGGf PW`W[W^^Su PUU[VSf AS[cU`UVU DG e DHiDf ea k[Sp PUU[VS KTWV P _U OVTU dSaUZZU @UkSVUf © jF AJ NUW_UQ LWWXU >\TUZf \S IDf LP Iqu LL jIu ^W[ cURc Y[W^Vll^ jFu LPC qqf J]WZ \VYWXYZ XUW[ ^W[ SX UkRVVll^ jIQjEf eUUXUZ
LXUW[ ^W[ UVWVll^ jEQhDu \VWVll^ hDQu _SacU`U Vll^ FDQu AYWZlQ _SYZ ^URkk`UVc _lX qFQFiu cY[`Y\bYZaSWcSVURcU^ k_ qFQhjf KcQ rSa_UZTUUZ ^RZZUZVll^\ab k_ hIQhqf e@ q cV^u e@ qu Ae@ @ Du NT jHQqif Lll^^Ukcf JU[[ YZcSTSVS]WUf BXl qEf
DhGEfPSW`WXcS }QIi PSW`WXcSWZYZ~u @U]ZU[ @UpUYVf J^W Dh ¨ DEHHf ea VlTTWZ @UpUYV PSW`WXcSWZYZ _U eWVaYVTWZU AcYZQ
zY[]f © IH MY[bU A\V`WU JYVVYf BewVcl DFf LWW^YTf c IG B¨ DHhEf
DhGHf eUVVWRX }QIq PSX^W~u rUU`S dSaUZZYXf J^W Ij BB DHiif ea c\sT PU[V dSaUZ P _U BbU ASpWU A_s`UVVf © Iq p DHhF LYTkW NU[WU JYVYZWRXu hGQ NUWZW LWZZYU >S[bXc[sTf o[WcU Dqf PSZccS[WkllVV J]WXXlf
DhEif LUU^XSZYZu rURVW eWacS[Wf § J^W Dh eB DHiif KW cRVVRc ^SRVRRZu Qp IG BB DHEqf
DhEDf CUa^SVUacW }Qqq LUacWZYZ~u >WWVS K[VUZbf J^W h D DHiif ea cR[^^R[WTYXc OZcSZ >W^SVURX LUacWZYZ _U OTUZbU ASpWU NUVTzY[]f ©qj TY[^SZ PY[ccR gY[]VRZbf BVV[VcU Dhf J]WZ ^URkk ^URkkU^SRV DGf J?P TUWZSXXSTWXcUTS aSWc jiQjIf ?XRRX^URkkU^SRV TUWZSXXSTWXcUTS aSWc _U TUWZSZQ ZUZ SkYcc jIQjGf A BVTSWcRX^YX^RX TUWZSXkllVV EGQEHu ASQ cUWZ`UVWbWYZ eYV_YXVWWccS qIQhIf BcXYZlWZYZ \[Wcc hjQf NT DEu AScUWZ `UW eYV_YXW UT[f JU[[ XaU^^Wf p IG ¨ DHGFf rSWQ ^U FjIEf
DhEIf LUacWZYZu ARVS O[TUX OVp[Ybf J^W Dq BB DHiif ea YcXW`l dSaUZ OVp[Yb L _U BbU OTUZbU >\TUZf © B QIE K`U eWV_UZYZu BB jH Y^SZ PUc[W L\\VW NU[WU PW`WTUUf eVV[VcU Iif PUbP IiQIIu @C D ZkW RkXu kc[W kllVV _U Ub_ IIQIjf @CK Ub_ IjQIFu BVTkUcV ZkW RkX IGQIEu ^STkkkllVV IEQjif BcrXcS kc[WZkllVV jiQjqu Bc@ jqQjGf PW[_U^URkk JUU]UXXU jGQ e@ qu Ae@ @u NT jHQqiu NT qDQqhf elZ[ IIu BcZ Iqu ^Ukc IEf c II ¨ DHFjf
DhEjf PU[cY }QIH LUTkYZ~u ?ZZWf J^W Ij ¨ DEHHf ea c\sZQ _Sac rUU`S L _U NU[WU LS`WXU ?[U`Uf Be[Vcl Dhf ?kWX^ J]WZ ^SZXY[`UcS[WSXXU DHQIEu Al`YVclZ\c TT \^XWZQ_U ^RSQ [SVURVR_Uu _SRXW^`U[cYcWZu S[^YXcY[W[RZSYVTWU Zl\cYVTlTRQ XWW^^WU _U XWZpSZWUZf NT DEf p ji ¨V DHGqf
DhEqf LYacSVUu KWZS O[`Wbf J^W ID ¨ DEHHf ea ^W[_UkUWZSZQ _Sac KTWV O[`Wb L _U L\bWU tUcaYZf © IG CSWZW NU[WU NSZcSZYZf eLVcU DGf A?P kUV` IDQu k[S^u V\a\ccU`U[UQ SX aSWcf A rUVVSVWWccS `UVWcXYTWX^STWc _U _SacS^ _lXf NT DE [X^f « J^W j eWVW DHjHf
DhEhf LWZbaSVTu MRZZU[ eUVbYTU[f ¬J^W DD Be DHiif ea ^SZYas\Vll_l dSaUZ Kb`U[b L_U JUZZU PU_UZbY[f p J^W Dq ¨ DHDhf
DhEFfLWZb£`WXcu LUR[W Y[bWZUZbf J^W G ¨BB DHiif ea cYRQ [UXcU_U OZbY[X Y[bWZUZb L_U OTUZbU >\Xc[sTf © Ih LWZbU B[YZY AU[Uf Q\S DHf K^SZSTW PPP IDf PSZccS[WXcW J]WXXl _U LUabYXXU }jDQ~f c J e DHhGf
DhEGfLWXcS }QiF LWVWRX~u NUccWf ¬ J^W q DDD DHiIf ea YXWccYVW
DhEEf LWR^XWUVUu K[^^W O]UcaSZf J^W DF B DHiIf ea ^UZXQ VWU> tY[ZY[ KVWUX L _U PVUU[U KVWbU LYWXcYZf © IG c DHqE @YU NU[WU LWZbQ pS[Xu BB hD @U]ZaWVb P_YVVzY[]f LUkXYc B[TYVWZ IEu JYWbW jIu PUW hIf Q\S IDf ·B CPP Xla^scY^ZSX IEf rLJ LUabYZ \VYWX[UbWSUXYTU c\sTUUWZX IGu UXYTUZ aSWc IEQIHf OKM CYVYpRZ^YZ SX cYVYWZX IHQjIf Ala^scU[^VUWc cU[^WZX jIQqif ?\ YZZS @UbWS cYac kllVV qDQqGf ?\ YZQ ZS[U cSWT_ qEQhIf BX^RTYcUVVW ?\ cYac WXlZZ hIQhGf J@Q@UbWS ?\ cSWT_ hGQFif JYV^UTU ?\ [UbWSQ SX cXcSWZX FiQGIu YVl^^ GIQf @UbWSVWW^^YWbYZ LWWccS UXWUT jGQ qGf A @UbWSUTUcss[WVWWccS XWacf @UbWSWZXXYR[ k_ BZXVcZf JU[[ [UbWSUVUu U`UZcSRWZcWu [Yc^YWV\f p Dq ¨ DHGEf eYV_Yc DGhGu DHjGf
DhEHf LRR^^SZYZu K[^^WQdRaUZUf LUacW Ij BB DHiDf ea N@B dSaUZ NU]ZRX L _U OTUZbU NUcWVbU B^SZYZf \S Iif nÁC IEf J]WZ ^URk `U^UU_UZ kUV`YVR^XYXXU qjQhHf nVWQ TUc[fQpHB DHGif eYVW DFGIf
DhHif NU^^SZYZu elWZs eUVbYTU[f J^W jD eBB DHiDf ea c\sZ_Sac dSaUZ N _U OVTU NU[WU PS^^Wf p NW^^YVW I eWVW DHDEf
DhHDf NUZXZY[u rUU`S gY[cWVf J^W Dq ¨BB DHiif ea ^SZYQ cY^Z rY^^U tWVaYVT N _U >UYTW PSX^WZYZf © IH p DHqH OWZS LSR^^SVUu BV hh CUWZU dSaUZZU PUcU[WZU N\ZccWf \S Iif NJ Ihf NJ \VWT NJ IhQIHu XRSZ^RW`URXNJ IHQjFu XRSZ^RW`URXSX cU[^ jFQqDu kllVV _U TYcXl> qDQFGu YVl^^f AL Pu Ae@ @ Du eT Du e@ TWc Iu NT jHQqif nVW^f p Ij ¨ DHGhf rSW^U hEjju `YVW DqIjf
DhHIf NRXcSZYZu NUccW OVzWZf J^W DI eWVW DHiif ea TRRQ [U[W K[W^ N _U eWVaYVTWWZU JYWX^UZYZf © jh p DHFq N? JWV^^U OZW^^W O[`WSf LUkXYc OUTW jHu AU^U[W qDu ASWZcR qhf \S DHf CYSV Y[ScRc^ Iju P jju kUXcQ cRc^ qIu CP qjf ASckUXc IjQIhf K[W X[^ `U kUkkW IhQjiu C\[`lZZsZ ^a[U jiQ jqu NYVVWVlZ jqQjEu mlZY^SX^YZ jEQqqu rS[WZ ^URk _U TV^ qqQFDu PYX^WQrS[WZ X[^ FDQGDf dlTXlZ ^UZXUZSkWXc _Sac IFQ IEf K[W ^SRV cSkYcc RX^ _U ^W[^^SaWXcf PSX^YVUZ c\s^YX^R^XYZ ^UZZUcRX\ab _SacS^ k_ qjQqqu ?cXSQ VUZ c\s^YX^RX qhQGHf rS[WZ ·WU^SZWXXUVUWc aUVW k_ qqQhIf P[WXc [UWcc c\sZ YbRXcU_WXcS k_ FIQGHf AUcU^RZZUZ [UWccWRXkWW[W k_ qhQFGf rS[WZ @ScU[\^VRzW k[YX FIQFjf Ae@ d Du NT jHQ qiu NT qDQqhu [S`UXcWf ASckUXcf dRV^ RX ^W[_S_U ^W[^^SaWXQ cS[WUZ \T UVSWVcUf JU[[ ^W[_UVVWXRRXu [UWccWRXUXWUf «F e DHEjf
DhHjf >S[STUU }YZc >S[bzY[]~u AURVWf eUUXU ji e DHiif ea ^URkk ¥U[V OVp[Yb >S[zY[] _U AUZZW P[WXcWZU OZcWVUf © jh JYVTW @U^YV rR^^Uf ewVcl DGu J]WZ RRXW \ac^ \S Iif ?kWX^ Jn XSXWSVS]WUU _U `UVcWSQSkkWUf AU`SQPU[_UVUZ ?XU^YQrUZ^^W k[S^ _U ^SZccaSWc IDQIFf AUZSTUVYacWT IGQjhf PUZXU^S jhQ qEf PSZZRZXRSZ ^YX^RX`UZ^ SkYcc qHQhIf eWV_U^^UVUZ ^RZZQ `UVc _lXf NT DE [X^f JU[[ ZRS[WXSc\sf c DI BB DHhIf
DhHqf rUUXW^W`Wu dRaUZW eWVaYVTf J^W ji ¨V DHiDf ea cUXUQ `UVVUZ k[YX dRaS PRXcW r _U OZZU NUcWVbU S[XTUZf © IE Nl[caU KVWXUzYca >\Xc[sTf \S Iif PUbP IiQIIu CR^aSVQ TUZ c\^^S[^YU^ IqQIEf PC@ D ZkWRkX IIQIqu kc[WZkllVV IEQ IHf BcrXcS kc[WZkllVV jiQjqf Bc@ ORP _Sac jqQjEu cXcSkllVV _U kXcSZ^ST jEQjHu qiQqDf J]WZ BrOP kllVV jHQqif NUUXYVlZ [WZcUTUYXW^ Wc^ST qDQqIf e@ j cV^u e@ q T^u Ae@ @u NT DE X^u NT jHQqif elZ[ IIu BcZ Iqu ^Ukc IEu TU_ jFu Y`V qIf JU[[ URcSWVRf p NUUXYVlZ [WZcUTUVVU ji ¨BB DHqIf eYVW DGFFf
Lll^VWWccS PSc^UZ UVUSX `k_f NUZZY[Q aYWTVWWccS PSc^UZ SX k_f Ae@ @ Du e@
ju e@ qu NT jHQqiu NT qDQqhu Ar@ k[ UTf Lll^TU_ p IF eBB DHFGf eYV_Yc DqHIu DHjFu IEIIf _l> O^XYVW OR]RXc L _U JWVTU NU[WU AYbY[aSVTf © jI SkYccu AJ KTTU KXcY[ @\XYVWZf \S DHf LP Iqu LL jIf VWXUVQ TYZ TV^ ^RZZVll^ jIQjFf VWXUVTYZ ^RZZUVVWXXUW[ Vll^ jjQjFf J]WZ \V XUW[ ZUWXcYZ^VWZ UkRVVll^ jFQjEf PSc^UZ ^URk XUW[ ZUWXcYZcURc _U X\ZZ\c\XcYZ SX \VWVll^ jEQFhf PSc^UZ XYRb Vll^\ab k_f
DhHhf rU[^^SZYZu KWZS JYW^^Wf J^W h B DHiDf ea `UacWQ TYXc ?ccS tWVaYVT r _U @SXU NU[WU [WX^f © B[_U LUWVU CYVQ VY[`S NU[cW^UWZYZf eWVWVcl Iif PUbP IIQIqf PU[_UVUZ
PUU[cW ZkW RkX IqQIhf nY cXcSRkX IhQjDu rN jDQjHf rllTUQ _UZ ^R`USX kllVV jHQqhf rK ^R`UcXcS kllVV qhQhhf A JYWTSXSQ
cR[WVWWccS aUVW _lX jGQqqf A N\\ZcWQ_U TUWZSX\ab Zl\ccYV\_USXQ
cS k_ qFQu e@ I T^u e@ j T^u Ae@ @u A^ U[f NT DE [^f NT jHQqiu JYWTSXScU[WXcWu eXX UT Du AU^XPC U[u @RScXeVX ^RVc UT Du eW[ NTf elZ[ Iqu oZ IFu ^Ukc jiu TU_ qiu Y`V qIf JU[[ YVS^R`URXf p Dq eBB DHhFf eYVW GiFf
DhHFf rYVcSZYZu OU[ZY ?ZZW NUcaWUXf J^W G eB DHiif ea ?ccS dSaUZZYX r _U K`U P[WXcWZU AU`WVUacWf © IqQjD CSWZW CRRVW^^W rYVVWZYZu qiQ KXcY[ OVWZU PU_SXUVSf \S Iif K^SZ PPPf ?\ eUVWXcRX ^URkUVV YbRXc IjQIhu cYabUXSX aSWc IhQjhf r[WTS ?\ kUV`f ASc`W[^f p XScUXUW[UUVUXXU Dj BB DHqIf
DhHGf rUVUXcS }QjI rVUZXc[sT~u dU[V MRXcUpf J^W I BB DHiif ea ^URkk PU[V MRXcUp rVUZXc[sT _U OWZU OVWZU AUZbXc[sTf BLVcU Dju eWWkR[WZ ^VV\X \S Iif rUVUXcS ?\ k[S^f Qqif eU^\ac rSa_SVU cXcSkllVV qiQf JU[[ XaU^^Wu ]SVpf c Ih Be DHGFf
DhHEf rS[^^Uu ?XTS JUZZRf ?RVR Dq ¨ DHiDf ea [URcUcWYQ
`W[^UT K[W^ dSaUZZYX r _U OTUZbU dSQ
XYpWZU OaV][YZf \S DHf P IFu N IGf Jn ^UX`WcWYc VUWc \VWT UXXWXc IFQIEu `U^WZ IHQjHf eUVc TUUZ`WV_^YT VUz \VWT UXXWXc IEQIHf A NUUZcWYc XYR[ c\sQ _lX jiQu ZSc IHQu eUZUTSQXYR[ _SacS^ _lX _U [Uaa IEQu J]WZ X^ AWZWXYZ @\^T
kUcV^ST IGQIEu jDQu A [YXRkXVWWccS aUVW _lX jDQf J]WZ [YXRkX^Y[aS k_ jif Ae@ @ Df LcZ IGf PUUcRW DG ¨BB DHjHf
DhHHf @UWZWSu OccY BVTU[Wf J^W H B DHiif ea `URZRZcU[^
[Wc_Sp OVY^XWX @ _U NUcWVbU JsVcclf © jI OXc[Wb NU[WU AUy^VYZf \S DHf ·B CPP Iqf AScUXUcUTUZ ^SW_URXkU_U _Sac
IhQIGf ORcSVU ?\ IEQIHf oAOwXXU IHQ
jif PS[kW`UU[U © JUVVU ?\ jiQjjf NUcQ
^UaRSVcS ?\ cSWTW jjQjFu CUkUcR[Q
TUZcS[_RZcU\ab jFQqhf PS[kW`UU[U ?\ cY^Z _U UkRV_Sac qhQu eUVc VWXYZXXWcSWTW^ _lX jHQqif PUZXUZaRSVcSTWZ URcScU[`WQ
^YcXcS kllVV qDQqFf Ne KXW^ ^RV_YcRXcXQ
cS kllVV qDQqIf eUVc CUkUcR[TUcXcS UXWUZcRZc jFQf A ORcSQ cY^Z VWWccS k_f ACA PSZY^Y[aS k_f ARVUXSVW _SacS^ k_f NWYX^RSQ [SVWWccS `k_f PUVY`UZ LURVUc k_f e@ qu NT jHQqiu NT qDQ qhf BZX^Ukc qDf JU[[ ^RS[SVURVRu RV^SWVRf p Di eBB DHGHf eYVW IjiDf
DFiif @UZZWXcS }YZc dSaUZXXSZ~u O[`S ObSVpf J^W IG eWVW DHiif ea U_R[W ObSVp dSaUZXXSZ _U NU[WU >RTVUZbY[f © jE ?V]U KVSZWYTWf BLVcU Dhf PURkkWUX J]WXXlf p Iq e DHhHf
DFiDf @URZWSu KWZS JUZZYXf J^W Ii BB DHiif ea ^URkkWUX
NW^^S @ _U LWWXU PW`WZWWcc\f © IG ^UZQ
XU^S KXcY[W ASpWU >RTTWf \S DHf
CYSV Y[ScRc^ Ijf P\TWZ ^a[UZUkRV IjQ
Ihf rSV`W_l[`YZ `c ^a[U IhQIFf A LlaYQ
c\XXYR[ TUc^UkUkkW IFQjqf PU[_UVSa_UZ
^a[U jqQhjf PUVVWSZ ^UkkUV hjQhFf OVkQ
kWVUZ ^UkkU~ _U `c ^a[U hGQhEf PUVVWSZ
BB ^UkkUV hEQFju ^a[U FqQu PSc^UZ \acQ
V\X `c RX^ _U pWV UV^ VYac IEQIHf PU[_UVSaQ
_UZ ^RZZ ^YX^W^ RX^ _U VURVRZ SkYcc hiQ
hjf J]WZ ·WU^SZWXXUVUWc UkRkUkkW hjQhGf >S[XXWZ RX^ _U ^W[^Q ^SaWXc SkYcc hEQFDf Q@S`UXcW qGf PS[k[f JU[[ R[^RTRXWW^Q ^Wf p J^W Dq eBBB DHFhf eYVW EHqf
DFiIf @URcU`UU[Uu OU[ZY O[kUbf ³CUTkY[Y Iq B DHiIf ea YXWcc> OVzWZ K`UVb @ _U BZ][Wb OVpaWVb LWV_Y£`WXcf BLVcU DFf c J^W jD DDD DHDGf eYV_Yc DEhju DHhhf
DFijf @URcWSu PUU[VS OVzWZf ³J^W j ¨BB DEHEf ea XRRcU[W P[WXcY[ @ _U BbU AY[UpWZU JRccRZYZf © ·U]TU[ OR[S[U eWWcUQ
^UZ]UXu BB C\\ZY KXcY[ JUVWZYZf BBwVcU Djf CUVaSWcu VWW^YT J]WXXlf c DI DDD DHqIf eYV_Yc DIGiu DIGDf
DFiqf @YVUZbY[u OVVUZ Y[bWZUZbf NW^^YVW j Be DHiDf ea \VW^SZXc ?X^U[ @ _U ASpWU tUV_U^^Uf © jG NU\ LSRWXY g_s[^Q zSTf \S DHf NY[W^UkccRc^ jDf PURkkUQUVRXcYZ kY[lT _U kllVV IEQjhf CR[RZ NY[YZ^RV^R^SRV SkYcc jhQjFu [Yac jGQqFf @UZZW^^SQ_U XWXl`YXWVWW^YZcYYZ c\sZUZcU_UVWWccS UXWUT qFQhif NPJ TY[YZ^RV^RSX kllVV hiQFqf NY[YZ^RV^R^STWc _lXf NY[YZ^RV^R>u e@ ju e@ qu AL Pu Ae@ @ Du e@ UT I ^Uu NT jHQqi X^u @RScXrµ Pu C·@ Pf nVWVf p II B DHHif
DFihf @WXXUZYZu @YWZS CUU`Wf dRUZ^SX^W Dj eBB DEHHf ea ^UZXU^S CUU`W @ _U ASpWU JYZ[WYccY N\[zY[]f © IH ^S[WXcYQ cUWc PUWXVU NUW[Y @RS^SXUVTWf oVWVcU Dqu LUabYZ \ac^ \S Iif ·B CPP IGu U^cWZXRkXcRc^ IEu CPP WVTUWVRcY^Z ^R[XXWc IEQIHf D K[NY[WVYZcSVUW` ^SZYcU[^ IFQIEu Be KXW^ cXcSWZXu cY^Z cU[^ _U SXkllVV IEQqDf eUVcWSZ VYZcS^SZYcYac cSWT_ qDQ hqf rV cRc^^YX^RX _Sac hqQFif Jn XYWXTSVS]WUZ VUWc _SacS^ _lX FiQf C[YYZ ?SkkY[U\ab k_ qEQhqf BVTUWVRWZX ^Y[aS k_ jEQqjf BZXRkX\ab aUVW _lX jGQjHf VS[YccWTWY^^UWVRZ U^UcTYXc Iqf e@ Iu e@ ju eT I ^Uu AL Pu Ae@ @u NT jHQqi X^u @RScXrµ P If BZXVcZ IEu WZX^Ukc IHu WZXTU_ jju WZXY`V jhu WZXY` qIu WZX^YZ[TU_ hqf p J^W Dh eB DHFGf
DFiFf @SWZY }YZc JYZ[W^XXSZ~u Kb`U[b BVTU[Wf CR[^R DE DDD DEHHf ea TY[WT N @ @SWZY _U MRXcUp`U BTzY[]f © Iq c DHjH NU[WU AcYTu qjQ NU[]Wc BZ][Wb ·UZWYVXXSZf ewVcl DFf J]WZ VYZZlcWZ^SZcc DDD Xla^scc IGQjiu BB Xla^scc jiQqif J]WZ kRaYQ VWZ^SZcc B ^SZc[SVVss[W qiQqHf rLJ VYZZlcWZVWW^YZZYSX cU[^ qHQhhf J]WZ VYZZlcWZ^SZcc aSWc hhQFDf Ae@ @u eT I ^Uu NT jHQqiu ? UTf p H eB DHFDf
DFiGf @SXS^UVVWS }QjF @SXyaWY[~u ?ccS rURV @R[W^f PSc^U F BB DHiDf ea kUZ^WZ^UXss[W rURV @R[W^ @SXyaWY[ _U ?V]U NU[WU PU[VXXSZf ewVcl DGu J]WZ RRXW \ac^ eQeBBB B^f PUbP Iqu PYZcclc\^ OTkRTU^SRV IEu ^ST^R[XXW jhf PC@ I ZkW RkX _U kc[WZkllVV IqQjjf CR[RZ X^kWW[W UVRYkllVV jjQjhu J]WZ jhQjHf BcrXcS DI ^ST qif J]WZ BrOP cS[_RZcUkllVV jHQ qif CR[RZ BrOP kllVV qif BcrXcS B ^ST qDf ji BrPkllVV _U oRbµr[ Wc^ST qIf Bc@ D ^ST qIQqjf Bc@ Dq ^ST _U e OP Bc^ST qjQqqu Bc@ Dh ^ST _U JB OP Wc^ST qqf J]WZ ABK WcRkX qhf e@ I T^u e@ j T^u e@ q T^u Ae@ @u NT DEu NT jHQqif elZ[ Iqu VcZ IFu ^Ukc jju TU_ qiu Y`V qjf p h DDD DHqhf eYVW DGGGf
DFiEf @SRXcWu rURVW BVTU[Wf oX^YVU DF e DHiDf ea [^T P\sXcW dUU^^S @ _U JWV_U BVcU KTY[YZcWU LYacWZYZf © IE AJ CY[ccR AU[WSf BewVcl DGu CssVsZ \ac^ ef NY[^SZ ALNP IIf @U^WZX IE Ac[YVWc¦WZ kSV\Q cY^Z SkWXcf oRbYZTUUZ [\^T `lZ[ Iqf LYacWZYZ _U @SRXcW [U^^SZcc [U^WZX IEQ jDf JURcURXcXcS JWV_U @SRXcW k[S^ _U cSWTW jIQhEf BVTUcWYc ^YX^RXVUWc cRc^Q UkRV hHQf A JURcURXcXcS_YZ VWWccS kY[RXQ cU_U_lXf Qe@qu NT DE X^u NT jHQqiu NT qDQqhu PP UT[ ¨¨f PUkcf JU[[ XRS_YVRX^RZcUu `UkYac TUUZkRSVRXcRXf p DH eBB DHGhf eYVW IqhGf
DFiHf AUU[W^SX^Wu AWTS @YWZSf J^W D Be DHiif ea K[W^ A _U OV`WZU OTUZbUf © IqQjj KVXU eWVaYVTWWZU dlZccWu jqQ KVVW rURVWWZU AZYVVTUZf BewVcl DGf J]WZ ^URk ^URkkU^SRVf K[W VWW^^YWbYZ ^SZcc _U ^SZcckllVV J]WXXl _U rWc^l[UZZUXXUf ?TU cR^^RVWW^Y J]WXXlf J]WZ ^URk ^WWZcYWXcs`XcS cUVSQSX cXcSZaSWc qhQf p j ¨B DHGhf rS_Uc hjDFu hqIju kS_UZkSW^U EiHhu c\cclQ [YZc\cl[ EDHEf
DFDif AUaVXc[sTu @U]ZU[ OVpSZXf ³eWacW DE VWW DEHEf ea WXlZZ PU[V @YWZaSVb A _U ASpWU eWVaYVTWZU C[lX^TUZf NR[Q aUccR rUXWVUXXU DE ¨V DHDGf
DFDDf AUVS`UU[Uu Kb`WZ JU[UVbf J^W Dj ¨ DEHHf ea ^W[_UVQ cU_U dSaUZ Kb`U[b A _U ?V]U eWVaYVTWZU g_s[^VRZbf © qG AU[U OTUZbU PUaWVUWZYZf BewVcl DFu ARST V\X \S IDf re SkYQ
cRXRkX IhQjIf AScUXUcUTU ^W[_UZkWc jIQf CR[RZ VUW`UXcSUXYQ
TU cUVaSWc qDQqhu cUVSRXkllVV qhQFif NT jHQqiu e@ qf @YX`lZ[ IIu [YXVcZ IHu ^Ukc qDf c ji ¨ DHFGf
DFDIf AU[`WVUacWu n[_s rSV\^U[kRXf J^W DE e DHiif ea XR^YVcU_U NUccW A _U NU[WU ASpWU rRbUXf © hG ^UZXVWXcW B[_U LWV_U >W^^UZYZf VewVcl DGf J]WZ ^URkk ^URkkU^SRVf eUUQ
XUZ @URcUzYcSZW ?\ ^SZcckllVV DHQjqu ?\ AaYVV Oz eUUXUZ ^SZcc jqQqIu ?\ eWU[YycU Oz|?\u CY^cS[ Oz|?\u ¥SVUX OzQ \ac\Tl qIQqqf nVYWZYZ WZUZXXW ?\ ^UT[ qDQqhf eUUXUZ ^URk^UT[ qhQhqf eUUXUZ XRST \ac^u cY^Z ^SRVu UTTUccW^ _U c\s`lYZSkWXc SkYccf >\[^^YWV\VWWcS _SacS^ _lX Dq `u eUUXUZ >\[^^YWV\^VRzW k_ Dh `u eUUXUZ oWTUXYR[ _SacS^ _lXf PUTQ [YY[Wu Ao U[f NT jHQqiu NT qDQqh \Tf LcZf JU[[ TUUQ VURXcUWbYu R[aYWVR }Z jii kUV^ Y[W VU_YWXXU~f p F ¨ DHFhf eYVW IiqFu c\ccl[YZkS_Uc EiIIu EDEHf
DFDjf AU[U_l[`Wu }QIH AR^RVU~ dSaUZZYX eWVaYVTf J^W Iq eB DHiif ea VWW^^YYZaU[_ rY^^U eWVaS A _U LWWZU >S[bzY[]f Be¡Vcl Dqf PSZccS[WXcW J]WXXlf c ji DDD DHGIf
DFDqf ARSTWZYZu ARVS oV_UXf CR[^R H ¨BB DEHHf ea aR`WVUZQ
ST MRXcUp >W^SbYTRX A _U JWVbU OVY^XUZb[U dUZXXSZf KWcl DIf AWW[c\W CR[^RRZf p IE B DHDFf
DFDhf ARSTWZYZu n[_s PUU[VS }n P~f rWYcU[W Iq B DHiif ea [llclVWTYXc PUU[VS AcYpUZRX A _U SkYcc ?V]U PUaWf © jj p DHhF LL AW[^^U LlaQ bY^W`Wu BB hH Nu ^R`UZ`YWXcl_l CYU @Y]WZU KTWVWU JYVYZYVRZbf \S DHf P IDu N Iju LP Iqu LL IHu aY[TSQ _U TWYVWcURc Y[W^Vll^ jDu kW^U^WW_SWccU_UcSb IFf LUkWZVUabYZ XUW[ UkRVVll^ IHQjjf NW^^YVWZ kWW[WTWYVWXUW[ \VWVll^ jjQjEu NRXcUXUU[YZ XUW[ jHQFju _SXcU U_UXcU [YXVll^ CSV`U_l[`YVVl jHQqiu A\`l[WVVl jHQqiu PUZZU^XYVVU _U LUkWXXU qqf ec LVll^ U_SWccUWZ qFQhGf Jn UZUc VUWcS^XYZ \VWT UTUZ IqQIFu IEf OZca[SkSV TWccUR^Q XWU JlTYYXXlu AU`SXXU _U LUkWXXU IqQIFf eY[W[\aTl cRc^WT IhQIFf ?V\TkWU^WXS_YZ RWTU^WVk `UXcUU`U Vll^ hIf ARS_YQ VRX^ DGQDEu jjQjEu qiQqqf nL k_ IhQIFf eUUXUZ SSkkY[U hHQ CU[cR oVWskWVUX^SZZU AY]U^SS[ ^RZZWU_lX Ihu eUkURXSb WZQ `UV TRWXcSXllcWs aUVW _lXu eUUXUZ [WZcUTUQ _U XScU`YcY[ ^RZQ ZWU_lX GDf \VW hi cWYc _RV^u SSkkY[UXRSTYZZS^XWUf r[SpYXQ XS[W hEu Ae@ @ Du A^ aU[[UXcRXTY[^^Wu eUkURXXSbUZ WZ`UVWbWQ TY[^^Wu NT DE [X^u JYWTSX[u J]WZ `lVW NTu PU[_UVUZ NTu e@ j cV^u e@ j T^f NT jHQqi T^f NT qDQqhu CSV`U_l[`YZ [u PWWVUbW` [u A RWTUVWWccS aSk ^RZZWUkVU^YccWf Lll^Y`V qjf JU[[ VURVRu RWZcWu kW^U^W[_SWcRXf eYV_Yc DEFqu DHFjf
DFDFf CU[_UZZYu dSaUZZYX CUkWSf JlTYZVWZZU Dj DDD DHiDf TWT[Z CC[ ` a PSRVR> O[ccR[W dSaUZZYX C_U JYVQ VWZ LS`WXU NU^^SZYZf © jF NUW_U JYVQ VY`W PU[XW^^Sf \S DHf nÁC Iju eC IFu LUC IHf PUZXUVUWX^S[^YU^ SkYcc IEQ jif PJ ^UZXUZSkYcRXSX `c PS> IFQIHf >kW SW^YRX^UZXVY[WZXWac jiQjjf ec UkRV?P _U `c ?P jjf AN UkRVYXWcc jIf Jn k[SXYXXWSW^ bSX jiQjhu aZcSQSW^ d?AL §tTTT k[Sp jhQqDf tW? `c WZXkYac jFQjGf A V LU^WT\ab aUVW _lX jiQqDf NT DE [^u NT jHQqif NU_f PUUcRW PUZZU^XYVVU IG eBBB DHqDf eYVW DGEGf
DFDGf CY[lX`W[cUu ARVS OVp[Ybf J^W IG eBB DHiif ea [^T OVzY[c >W^YcUX C _U NU[WU PU[SVWWZU CR[^^WVUf © IF VWW^YYZQ aSWc M[YcU MRXcUpXXSZf eLVcU DFf LYZZlcWZ[Y` cRc^ DGu [UbWSXla^sccl_l Iqu RX VYacWTWYX^R[XXY_Uf LYZZlcWZVUWc VYZZlQ cWZ[Y` DGQIGf LS`WWXUZ AUZSTUc kllcSWT _U VYacW\ac cSWT_ IGQhhf LS`WWXUZ XRST ^UZXU^ IDQII _U \ac^ e? qDQqIf oX `RSXWU LS`WWXUZ ^URk`UVcu ^URk^W[_UXcS _SacS^ _U R[aYWVRVURQ cU^ _lXf LS`WWXUQAYR[ k_f dRV^ I cYSXcUf NT jHQqiu NT qDQ qhf JU[[ TSXUWW^^Wu U[^WXcSZaSWcSf c I e DHFEf
DFDEf tU`YVU }YZc tU`YZ~u ?W`U dSaUZZYXf J^W DI e DHiif ea `YcR[WZ^RV_ dSaUZ JYW^^W tU`YZ _U NU[WU >WYTWZYZf © Iq MRZZWYV NUVWVQ bU CUVVzY[]f \S Dqf O?Cf e@ IiQhDf @J cUVSRXSX ^W[_UZkU jIQjGf [Y´ jGQ qIu ?RVRZ cUVSRX_U^XSZ _U^XSZ^UT[ qIQ hL e@ q AL @ ²Q NT jHQqif p?RVR Dq B¨ DHhDf eYVW DEGif
DFDHf tYy^XYVVu LUR[W BTTUZRYVf eWacW IG ¨BB DEHHf ea ^a[U JR]S tUVbYTU[ t _U JRVbU OR]RXcU JYW^YVf © IF KY`U CRSTWZYZf BLVcU Dju JlTYYZVWZZUZ V\X ewVcl DGf BZX Iq CUTkY[YYZ cY^Z SkWXc UXYTYXcU[W^R[XXW jqf re UXcY^ZW^^S jhQqqf ?\ CUTkYVVU Oz cR[kWWZWSX XRRZZWccWZX qhQFhf e@ qu NT DE X^f NT jHQqi X^u eW[NTf OXYcY^ZW^^S }^Ukc `W[^UQ UX~ jhf c ji e DHGEf eYV_Yc qHFu
DFIif eW^Xc[sTu LYS BVTU[Wf dllX^W Iq BB DHiif ea UXYTUQ kllVV eY[ZY[ OVpSZXS e _U OWZU rURVWZU AlVVWZYZf BewVcl DFu dSYZXRRZ V\X ewVcl DGf NT DEf
DFIDf eSWSZTUUu oZcS ObSVpf J^W Di Be DHiDf ea k[Sp PUU[VS elWZs e _U BVTU NU[WU OVWZf © jjQqH ARXUZZY OR]RXQ cY tUaVf BewVcl DFu Pl^WXUVTYZ XRST \ac^ eBBB IIf PUbP IIQIhf Ne ZkW RkX IFQIGu VUW`UZkllVV IEQjDu ^STkkkllVV jqQjhf A dSRcXYZ `UacWkllVV jIQjju B RkX jEu kllVV jHQqif BVTU[WZYZ TY[YZ^RV^RQRkX jFu B RkX jGQjEf AUU[µr[ cXcSQ kllVV qDu rllTU_U qIf AScUXWUTWYXcXcS klVV qjQqhf LWW^YT qhQ
oAO¡XXU _U ARSTYXXUf e@ I T^u e@ j T^u e@ q T^u NT jHQqiu NT qDQqhu AU^XPµ Iu C·@u @RScXNµ @f @YXUVWV IFu UVWV IEu VcZ IEu ^UkcV jju ^ST^Ukc qDf eYV_Yc DIiIu DjqDu IEFIf
DFIIf tRS[W }QiF @SXYZzY[]~u KY[S OU[ZYf J^W DD eWVW DHiif ea ^W[`YXT ?X^U[W t _U dSXYpWZU PRZcSZYZf © IH PY[ccR dRVWUZU OZbf e¡Vcl DFu eVLVVY DGu eVVLVcU DEf PUZQ XUZ C\s }eWWkR[W~ RV^STUUZcSWT IFQIGu kllcSWT IHQjju jhQ jGf A ASXWUVWbYTS^[UUccW Df cSWTXWac IGQIEu cSWTjqf AOP k_ jEQqhf rSVWWccWZYZ YbRXc _U VlaYccWVlX LSZcSSXXU qhQhIf ASQ XWUUVWTWZ SXkllVV hIQhju oN kSVWWccWXYZ SX kllVV hjQhhf NSXQ ^S`UZ XRR[VlaYccWVlX hhQFju UXWUWZaSWc CR^aSVTUXXU Fqu bWXQ kSZWzWVWcYYcWXXl FjQu cUXU`UVVUZ k[YX ^UZXVWU `c kllVV FFf OkRVQ ^RV^RWUWcTWZ qqu ^RV^RVUWcTWZ qDQqhf JU[[ bWkVSTUUccWZYZ _U kSVWWccWZYZ aWXcS[WUf c J^W DI B¨ DHFFf eYV_Yc DqqEu DEGGu IHEIf
DFIjf @\c^sZYZu CUkWS OZcY[Sf J^W jD DDD DHiif ea N OZccW dSaUZ @ _U ?V]U NU[WU AsbY[TUZf © Iq eUW`U NlZc\f ewVcl IGf Ala^scY^ZW^^Su XUaUZaSWcf dSacU_U NW^^YVWXXlf p IE ¨BB DHGjf eYV_Yc DqjFu DEHjf
DHDI
DFIqf AyaRVTUZu PU[V tWVV\ Kb`U[bf J^W II eBB DEHFf ea \VWSkYcc ?ccS PU[V J_UVTU[ A _U JYb`W] NUcWVbU @YWZf © jI VS[YZyY OWZU oV[WQ ^U CUTTYVUZbY[f eLVVYu \S DFu C[YYZ [YUUVWV\X BQe B^f O][ IDu P IDu N Ijf ?\ JURc_l[`YZ WXlZZ }NlZcXlVl~ IIQIhf eWV_YVV\c JWW`SVUZ cWVUU @WWaWQ TlYVVl IhQjDf M O AY[VUyaWRX ?\ IDQ IIu \acWsZ U][ jDQjFf A NUUZ`WV_YVW_lWZ PURkkU jFQjEf LUabYZ rS[ccWXRS ?\ WXlZZ jEQqqf JSWcUU STWXcUTWUUZ JWWQ `SVUZ ^U[cUZSU XY^l LSa_UZ BXSQCYRcU[WZ cWVUUf oX TUUcUQ VSRX\ab _SacS^ _lXf NT DE [X^f NT jHQqiu NT qDQqhf eYVW DFIhf
DFIhf AyaRVTUZu ?ccS MUz[WYV LYSZU[bf J^W II eBB DEHFf
ea \VWSkYcc ?ccS PU[V J_UVTU[ A _U
JYb`W] NUcWVbU @YWZf © jq AJ JYb`W]
NU[]U[YcU ¥a[WXcWZU AWVYZf eBwVVYu \S DFu C[YYZ [YUVWV\X DQe B^f ·B CPP IIf oAO¡XXU IjQIGf ?\ WZVU\XSZQ S[XXU Oz kRR`WVVUcYab IGQFqf ARS_YVRX^ ^STkkkllVVf @ScU[\^VRzW k[YXf e@ q T _U cV^u e@ q T^ }I ^kV~f NT DEu NT jHQqiu NT qDQqhu J]WZ `lVW NTu @oL ^RVc UT[f PUkW qIf QJU[[ TYcXlXc\Xu ^RS[SVURVRu XR^RcRc^WTRXf p F eB DHEhf eYVW DFIqf
DFIFf JlTlVlWZYZu @YWZS eW^cS[f dSaUZZYX Ij eB DEHFf ea ^a[U eW^cS[ J _U KVWZ P[WXcWZU OVcf © IE AW]ZY ATUVYZf eWVVYu \S DFf QLP Iiu LL IFu LPC qDu WaSQ_U XR^RkRSVWcURc Y[W^Vll^ jjf LPJ `c SW^YRX^YTWXcW IhQIGu SW^^YTWXcW IGQqFf J]WZ \V XUW[ `UkYac UkRVVll^ _U UkRVVll^ jDQjhf rN ^YTWUVV ^SYVUWc ^UUXRVll^WZclSX Vll^ IHQjjf QNT DEf JU[[ ^R^^WYZ `WV_YV\u ^UVUXcRXf p DF DDD DHqFf eYVW IDFiu kSW^U qqDEf
DFIGf dl]Y[[SSXu KY[Sf J^W Dj ¨ DEHFf ea LPC gY[Zbc
JYZ[W^ d _U dYZZ\ eWVaYVTWZU LWZbQ
aSVTf © IqD DHqI OXc[Wb OVWyY AUVWZu BB qj AWW[W NU[]U[YcU JY[c¦zY[]f eWVVYu \S DFf ?W^c IIf NlZcXlVlZ dS^YVUZ ^U[cUQ
ZSZ STf LWW^YTWYX J]WXXl qDQ rYVVY[Q `SXYR[ `UVcRRX^ _lXf JlTYYZQoRbYZQ
TUUZ ?XRRX^UXXS_YZ VWWccS aUVW `k_ jhf oRbYZTUUZ ^U[_UZT\\ZcWSXRRX^ aZcSQ
ZYR` k_f dl[`YZkllZ SXRRX^UXXUZ _SaQ
cS^ `k_f CRRXRVUZ TUUcUVSRXcRScc `k_f
e@ q T^f NT DEu NT qDQqhf ASc`W[^f JU[[ YVlWZXRS_YVRu
XR^RcRc^WTRXf c J^W H B¨ DHFhf
DFIEf rYXSZYZu eWV_S PUU[VS ?VU`Wf eWWkR[W Dq Be DEHFf ea
XYZUUccS[W dSaUZZYX r _U JUZZU M[lXQ zly^f © jj p DHqG [URcUcWY`W[^UT @U]ZaWVb OR]RXcU dU^SzXXSZu BB qH ^SZcc JYVYZU A\`l\Xf e¡Vclu \S DGu
CR[RZ XRST \ac^u AUVSZ \ac^ _U J]WZ XRST V\X BQBe B^f e@ Xla^sccl_lcRc^ DGu \VYWZYZ VWW^YZZY`W[^UcRc^ DHf e@ VWW^YZZYSX aU[_SWZ DGQIiu VWZ_UXla^scQ cl_l IiQjDu If B^ VWZ_U^W[_R[W jDQjFu Df B^ VWZ_U^W[_R[W jFQhIu If B^ VWW^YZZYcU[^ hI _U VWW^YZZYcXcS cR[`UVVWXRRX_USXcS kllVV hjQFjf dRZUcR[`UVVWQ XRRXcSWTW^ XWac qhQhjf @URcUcWYSkWXc cWVUk SkYcc qGQFif @URQ cUcWY`W[^UT _l[_YXcs_YZ aZcSYVWZcYZ _lXf Ae@ @u NT jHQqiu NT qDQqhu ¨¨¨f JU[[ SW^YU^WYVWX\\Xu ^W[_UVVWXRRXf c h ¨BB DHGhf eYV_Yc DhjFu Dhqif
DFIHf PsZsZYZu n[_s dSaUZZYXf J^W G ¨BB DEHHf ea ^URkk BXU^ P _U NU[WU LYkklZYZf BeWVVYu \S DGf ·V CPP IDf PUZUbUXXU jiQf p NSZc[YUVu PUZUbU Dq e DHhif
DFjif PY[^^SZYZu KY[S PRXcUUf LUR^UU Dq DDD DEHF ea PSRVR> PUU[WS P _U OZZW PRVcU ASpWU P[UZ^f © IG NU[\ NU[]U[YcaU LWZbzY[]f oVWVVYu oVWVcU Dqu \^X ef OXYTYXcUQ [W^R[XXW jDQjIf re UVWRkX DHQIDu ZkW RkX IDQIGu ^STkkkllVV IGQIEu [\^T cUVSRXkllVV UkRV jqQjhf OXYcY^Z IHQjiu jFQu VSkR^XW PSZcWSVUabYVVUf elZ[ IDu BcZ IFu ^Ukc qif p dSYZQ XRR IF ¨BB DHFif eYV_Yc DFFIu DHIIf
DFjDf CU^^RVUu PU[V KWZS tUVbYTU[f J]WZ kWc DH eBB DHiif ea Nu _ll^^Ukc PU[V Kb`U[b C _U OR]RXcU NU[WU AYbY[Q aSVTf © IqQqF AlbY JYVTW ¥YyWVWU tYWVWZu hHQ ·U]TU[ CY[Q
`SZYZf oVWVVYu eWVcl DFu J]WZ XRST V\X \^X eBBB IIf A C\^WXcs^SRV RkX^R[XXW DEf eWYXcWRkX^R[XXW Iiu XSckYbU]S]WQ ^R[XXW Ihu ^UUXRQRkX^R[XXW IGu ^STkkkllVV^R[XXW IHu APP
IHQjDf C\^WXcsXXl ZkW RkX `WYXcWRkX kc[WZkllVVu OoP _Sac _U
ZXcS `X ^ST DHQjIf PYR[RRZ AkK \YQRkX jjQjqf AU`SZ ABK YXW^kllVV jqQjGu PARSTYZ AB jGQjEf nK SkY[UcWW`WZYZ SX
cXcSRkX jEQjHu TUU`SWTUcXcS kllVV jHf ·W` YXW^kllVVu c\^WXcsQ ^ST _U c\^WXcsSX kllVV jHQqqf LWW^YT qqQf e@ Iu e@ ju e@
DD >S[XXWc DEFGQDHHI
qu Ae@ @u NT DE [X^u NT jHQqi TX^u AU^Xµ[ If elZ[ DHu BcZ Iiu ^Ukc Iqu TU_ jqu Y`V qDu \YQRkX jqf eYVW Djjqf
DFjIf ·Wy^Xc[sTu JSV]Y[ YVWÃf >W`UVU E ¨BB DEHEf ea kWWQ [WVll^ YVWÃ PSZXcUZcWZ · _U KVWZ ASpWU @SXyaWY[f oVWVVYu oVWVcU DIf PUcSXW TY[WVVYf dRVWXcYccR ^RSVVYY^XW k`TWVVl D B DHjif
DFjjf JWTzY[]u KWZS dUVTU[Wf dUVUX_l[`W Ij DDD DEHHf ea ^UZXU^S JYZ[W^ J_UVTU[ J _U NU[WU AY[UpWU BVSTl^Wf © jD @UWZU dSUZWcU g_s[^VRZbf BVWVVYu \S DHf LP Ij LL IEf K[W XScVll^l[WZ `W[SWXXU IEQhHu Df · Vll^ hiQhHf eYW^^S kllcSWT DEf e@ I T^u e@ j T^u Ae@ @ Du NT DE [X^u NT jHQqi X^f NT qDQqhu J]WZ `lVW NTu PU[_UVUZ NTu JYWTSX[f Lll^VcZ IFu Vll^^Ukc IE Vll^TU_ jDu Vll^Y`V qDf JU[[ TYcQ XlZaSWcSf Qc Dj Be DHGIf
DFjqf OU[cS`UU[Uu n[_s PRXcUUf PRSkWS Dh Be DEHEf ea `RS[WQWZX MRXcUp OVp[Yb O_U NU[WU dSXYpWZU L\\cWZYZf BVWVVYu oVWVcU Dhf ?TWXcW `YV_YZXl ^UZXXU AWWVW_l[`YZ PUU[UXVUabYZ JUUkUZWYTYZ cWVUZf p AWWVW_l[`W ID ¨BB DHjIf eYVW DFjhf
DFjhf OU[cS`UU[Uu dSaUZ NW^UYV }NW^^S~f § PRSkWS DE ¨BB DHiif ea `RS[WQWZX MRXcUp OVp[Yb O_U NU[WU dSXYpWZU L\\cWQ ZYZf © qq JUZZU PS^^SZYZf BVWVVYu eWVcl DGf PR[^W_SYZ
TUUTWYXSkWXc IqQIhf N` AWWVWZ_l[`YZ PRRXVUabYXXUf PRZQ
ZUVVWXWU VRSccUTRXcSWTWUf eT D ^[u NT jHQqiu NT qDQqqf OVW^ qDf p h ¨ DHFHf eYVW DFjqf
DFjFf ·UaVzY[]u K[^^Wf J^W DE e DHiDf ea ^ST^Ukc OR]RXc [Yb[W^ · _U KVWZ KR]YZWU rUaVTUZf © CUWTW LYacWf BLVVYu \S DHf ·B CPP Ihf PUZUbUXXU IFQ NU[ySZW ¥S kUV`YQ VR^XYXXUf p NSZc[YUV E BB DHqHf
DFjGf gSW_Y[QrSW_l[`Wu O[ZS tWVaYVT }tWVVY~f rs\c\l h Be DEHHf ea [S` MRXcUp NU]ZRX gSW_Y[ _U dRVWU rUVT£`WXcf © IE NU[\ ASpWU ¥VYQ TYZcWZU A_sXcYbcf DDDwDDyu ewVcl DFu J]WZ ARST V\X BQBB B^u oRXW \ac^ eLVcUf A CUWbYU^Uc ^SRV IDQIjf OyUbYTWY dRVWUZ jj _U OyUbYTWY ¥SVU[SXXW jH }rUQ [WWXW~f eUkUU cUWcYWVW_Uf oX kUV^WZcS_Uu XcWkYZbY_l _U UkR[UaS_Uf BZcY[ZUcWSZUV O[cX MRWVb ^W[_YYZ`UWac_lXf NT DEu NT qDQqhf JU[[ ^W[_UVVWXRRXu S[ZWcSQ VS]WUf eYV_Yc jIu DIDu DIIf
DFjEf JU[bYZu o[aSf ?[WTUccWVU DF Be DEHGf ea T` MRXcUp ObSVp J _U BbU eWVaYVTWZU dRXXWVUf © jj KVZU P\VVW^^W LWbQ TUZf BVWVVYu oVWVcU Dqu N`V\X \S DHf O][ Ijf nVlQeRS^XYZ TUUTWYX^SRVRZ SkYcc Iqf eWWkR[WZ VllZWZ T`X ^U[_UcUVSRXQ ^SZXRVYZccW Ih qif PUZXUZaRSVcSTWZ cXcSkllVV UkRV qD N` qDQf PU[_UVUQVYabYZ TUUcUVSRXcSWT jFQu QD I ¨ DHFIf eYV_Yc DjGEu DjGHf
DFjHf PURaUZYZu OZccW CaR[Yf J^W IE Be DEHHf ea ^URkk OZccW P WU OVTU ARZbXcYZf © Iq ^UXQ XUZaSWc KXcY[ NU[WU LWZbYVVf BBwVVYu \S DHf K^SZ PPP IIf @U^Y ?\ ^W[_YYZQ `UWac _U oZ^U[WZ ^SZXRVUUcWZ XWac IjQ IGf LUXXWVU © CW^UZS_U ?\ ^W[_YYZ`UWac IGQjDu PRTWcYSVV ?\ jDQjGf A PRTWQ cYabUX ?\ ^W[_YYZ`UWacSkllVV jEQhGu cSWTWaYZ^WVsWbYZ YVl^YXllcWs UXWUT hEQ Fqf CUVSZ WXlZZf CWVWZVU[^ Y[W \acYWXsWXQ Xlf PPP ?kkWVUX\ab _U o[aXYR[ k_ IDQ IIu \SQ^RZZUZ OXRZcS ?\ aUVW _lX qDQhhf NT DEu NT jHQ qiu NT qDQqhu oZ^ rRZ @WXcWZ UTu Pn ^T[f OVW^f JU[[
TUc^UWVRu `UVS^R`URXf p I Be DHGIf eYVW Iqiju kSW^U qIEHf
DFqif OacWu JYVTY[ O[ZY Kb]U[f J^W DF ¨BB DEHHf ea `WWQ VUU_U OR]RXc O _U OZZU PUcU[WZU Nl^WZYZf BVV[VcU DFf c J^W q ¨V DHIhf
DFqDf OZccWZYZ }YZc OZbY[XWZ~u JYW^^W dRaUZWf J^W h DD DHijf ea eC ?X^U[ dSaUZZYX OZbY[XWZ _U OWZU KTWVWU C[UZQ zY[]f eWVVWVVl Iif p PYR[RR h ¨B DHIjf eYVW DqFF gf
DFqIf OZccWVUu LYS ?ccSf CUTkY[Y IiBe DHijf ea N tY[Q ZY[ O_U AYVTU NU[WU JYVUZbY[f ©qD `kW VYac NUW_U PYcSZYZf \S Iif P IIu nÁC IHf PRZZUVVWXYZ PYX^RXcXcS U^c jif A rRRZ_UVSXcRXcYSVV PYX^RXVWWccS UkRVUWXUXWUT jiQjGf P\TYZQ VUU^XSZ ^URkkU^UTU[W cSWT_ jGQu PSZXRVWf LcZf p G eBBB DHFGf eYV_Yc DIIiu DjiHf
DFqjf gY[]aSVTu PUU[VS OÃYV CURZSf J^W II ¨BB DHiIf ea k[Sp OÃYV JY[TUZ g _U PUc[W B]ZUcWRXf © IEQhE ORZY KVWXUzYca ` [Y\TUZZf
LUkXYc PU[W jiu B[_U jDu CURZS jhu
CWTS qDf \S IDf ·B CPP Xla^scY^Z
SkWZcSX IFf OXYU ^l\clZZ Xla^sTY^UQ
ZWW^^UWZX ^R[XXW IFQIGf K^SZ IEf nac\Q
ZYYc rUkY[WcYac IHf Ala^scU[^VUWc IHQ
jGf A Ala^sVUWc\ab cSWT_ jGQu NUUXYRQ
bRZ Ala^s\ac\TWYZ LWWccS cSWT_ qif
CYSVVWXRRX^Y^XWZZsc ?\ qiQqhf Ala^sQ
UVUZ cRS_WYZ VRSccUTRXZYR` k_ qFQhiu NUUXYRbRZ Xla^sWXc\XQ
^STWc qEQhDu o>BrK· `k[YXu A YbRXc K¥K qEQFFf Ala^scU[Q ^UXcRXVUWc aUVW _lX qDQhEu Ala^sWZXVWWccS hjQhFf rRSVRXcRXcUQ VSRbYVVWXYZ XRRZZWccYVR^ _lX FiQf eSWTUcUVSRXcXcS k_ FiQu
e@ q T^u eT ^Uu Ae@ Du AL Pu NT jHQqiu NT qDQqhu @RScXeµ Pu C·@ Pu @PL RkXf BZXTU_ FIf c H ¨V DHFEf rS_Uc qqDIu hIHDu kS_UZkS_Uc GIFEu GjFju GGqju GGhif
DFqqf gly^Xc[sTu JU[[\ KTWV rURVf J^W h B DHiIf ea `UaQ cWTYXc PU[V KTWV g _U JWVTU dSaUZZU eRS[Wf c J^W IG BB DHDhf
DFqhf KY[SVUu rUU`S OZcSZf ?[WTUccWVU Ih B DHiif ea PU[V OZcSZ K _U OVY^XUZb[U KTWVWUf © Iq PUc[W AUVTWZYZf BVV[VcU DFf rRRXYkklf p JUccRVU DF BB DHjhf
DFqFf SZcYVVu MRXcU` JYZ[W^f CUTkY[Y h Be DHiIf ea [S` PU[V ?X^U[ _U ?V]U OVY^XUZb[U ARTYVWRXf \S Iif P Ihu N IGu CssVsZ \ac^ SkYcc IEQIHf elZ[ IGf p j DDD DHEFf eYV_Yc DjDDu DqFEf
DFqGf PUVU[W }YZc MUTTUV~u @YWZS OVp[Ybf PSc^U Ij B DHiIf ea [URc`W[^ PU[V dSaUZ MUTTUV _U OTUZbU OR[S[U tUaVQ ][YZf © IE p DHhi BTUc[U PUXcYu hDQ OZZU P\VVW^^W B^SZYZf BVV[VcU Dhu NW^^YVWZ V\X \S IDf ·B CPP IEf Ala^sc\sZUZcUQ _UWZ LWWccS WZX IGQIEu Ala^s ?\ JYbYZ][YZWZ IEQjGu NYc[SQ kSVWcUZ eWy^Y[X KVYyc[WyUV KÃkS[c ¥S jGQqiu BZXcXcS OXYZcU_U qiQqjf A?P eUU_U^SX^YZ cYacUUc qjQu TYcUVVWcYSVVSX cY^Z_Sac IEQhEf eUU_U^SX^YZ UTTUccW^ _SacS^ k_ hDQu JU[[ TYcXlXQ c\Xu ^UVUXcRXf p eUU_U^SX^W E B DHhEf
DFqEf JUUacWu n[_s OU[[Yf eW[[Uc Ii B DHiIf ea [S` JUZZR J _U KVVU MYWcVWZf © IH L\\VW >SRXWUWQ
ZYZf \S Iif PUbP IiQIIu APP IGQ
IHf r D IiQqhf nac\ZYYc PR`UVYabYc ?\ WXlZZ qhQFGf e@ Iu e@ ju Ae@ @u
NT DE [X^u NT jHQqiu NT qDQqhu AU^XPµ D T^f elZ[ Iiu BcZ Iqu ^Ukc IEu TU_ jEu Y`V qDf JU[[ R[aYWVRu aWXQ cS[WUu ^W[_UVVWXRRXf p I ¨B DHGhf eYV_Yc DiFDu IDGjf
DFqHf JUUkUVWZZUu @YWZS PUVY[`Sf J^W DD eBB DHiDf ea ZUa^UcYac _Sac dRaS AY`Y[W J _U KVVYZ KVVWbU NU[WU NWyaYVXQ XSZf © Ih c DHqH CSWZW NU[WU NU^^SZYZu hEQ KXcY[ KVWXUzYc
@URcWUWZYZf o[WcU Dju eWWkR[WZ XRST V\X e[Vcl DEf ALNP DEQIDf >Ua^UcY^ZW^^Su cY^Z cU[^u SXaSWcu cYacUUZYbRXcf e@ j cV^u e@ ju e@ qu e@ qu NT DEf PUkcf p DE ¨ DHhHf rSW^U hIiIf
DFhif JUUkUZYZu LUR[W MRZZU[f J^W j B DHiIf ea PSRVR> OVY^XUZbY[ J _U dRVWU rVYcZY¯f © II p DHIG PY[ccR NU[WU PS[aSZYZu BB IHQ jq NU[ccU KVWXUzYc PS[aSZYZu DDD qF JYVTW KTWVWU OUVcSZYZf VVwVcU Dqu oRXW \ac^ hf B^f A AUaUcYSVV^SRV IDQ IIf ARST rRRVWW^Y ?\ TYcXl^UXss[W IIQIjf BcXYZlWZYZ VWW^YT PYTWXXl IjQ jif K[W _RV^UWXR_YZ cUVSRXcYacl`WXXl J]WXXl jiQu CTW LYacWcUVSRX STWXW _U _Sac hiQ A NYcXl\ab _U NYcXlcUVu eUVWXQ cRXcXcS cWVWZcU[^f A rRRTWYXcYZ VWWccS J]WZ ^Y[aS XWac _U k_ _U _SacS^_lXf A BVTSWcRXTWYaYc `k_ Fjf OXRZcSQS\ _SacS^ k_ hqQf NT jHQqiu NT qDQqhf c Ij BB DHGEf eYV_Yc FqEu GIhu DhFju DEIjf
DFhDf JU`RVWZZU }QiF JRTTYVWZ~u eYW_Sf J^W ji B DHij ea cSWT_ dRaS tY[ZY[ J _U BbU ASpWU WZZzY[]f © qE LYWVU NW[_UT rUVaSf \S IDf K^SZ PPP Ijf JU`RVWZZU ?\ cSWT_ jFQu @SabSX^YX^RX ?\ qDQu JSSQ `Y[ ?\ cSWT_ hhQFDu _SacS^ k_ hhQFjf PUZXUZaRSVcSTWZ cXcSkllVV qiQqIf WZQ ZWXaQg[WcWXa ASyWYc\ XWac IEQjIf PURkQ kUZYR`SX hjf pIV B¨ DHEFf rS_Uc FGFIu GDFDu `YV_Yc DiFGu DjDqf
JYWccSu eYW^^S KWZU[f J^W D eB DHiif ea ^URkk dRaS J _U K`U AWWUZZUa^Uf © ji AJ OWVW dl[Q `WZYZf ewVcl DFf J]WZ kSVWWXWVUWc kUV` IGQIHu jqQqHf A^ kUW^UVVWXkllVV IhQ IGu A^ \VWYXW^ `W[^ jiQjjf Aor? hiQFiuD B^ \VWYcXW`lf eT Du eT Iu Ae@ TWc Du NT DEu NT jHQqiu NT qDQqhu eW[SZ NTf ellkf JU[[ UTTRZcUu Z\[^Q ^YWV\u kYXlkUVVSu kYZ^^WR[aYWVRu VWW^YZQ ZYf p h DDD DHGhf eYVW Dhqju kSW^U qGjGf
DFhjf JWVbYZu PUU[VS NU[cWZ dSaUZZYXf J^W Dq Be DHiIf ea [S` PU[V OR]RXc J _U CSWZW KTYVWY rUVT][YZf \S Iif ?kWX^ Jn aWXcQ^WYVWcWYc SXf p >RTTYVUZ kU[UZcSVU H eBB DHIDf eYV_Yc Ejju Hiiu DjDFf
DFhqf J_YVcu PUR^S BTTUZRYVf CRRXRVU Dq eBBB DHiIf ea k[Sp O[caR[ LRb`W] NW^UYV J _U OWZS NU[WU >YS`WRXf © IE p DHqj OWZS CUTTWVYacSu BB qh B[_U CUWZWSf LUkXYc @UWVW jiu NU[_UccU jju dU[^^S jFu K[^^W QqFf \S Iif ·B CPP Ihf J]WZ AScUXUQ cUTU IqQIhf e@ IEf ?\ Ac[sTzY[] Oz IEQjhu ?\ eRS^XYZZWX^U Oz jhQu eSWQ dJ TU ?\ y[W^SWXcYaVl` hjQFiu SX_Sac FiQ ®VW J] Z ^URk cYSVVVUWc VURcU^ _lX hFQFjf eSWTUVUWcSXcYZ C\sZUZcU_UVWWccS k_ hqQ
FEf ACP aUVW _lX hqQFEu Ala^sVUWcSX\ab qHQhj _U hEQFGu cYSVV c\sZ_SacSQSk aUVW FiQFHu CYaS^^UUZ cRScUZZSZ cRc^WTRXXllQ cWs aUVW FDQFHf AL @ Du eT I ^Uu eXX TWc X^u NT jHQqiu NT qDQqhf BZX^Ukc FDf p E eWVW DHGif eYV_Yc DqGqu IhDEf
DFhhf JRVcu OR]RXc BVTU[Wf J^W F ¨B DHiif ea U_R[W OR]RXc J _U dYZZ\ PUc[W JYW^^WZYZf Be[Vcl DGf @RS^UVUZSTWXcU_Uf p ID B DHIjf
DFhIf
DFhFf Jl]]TUZu ·UZ JU[UVb }JU[[UXu UW^ ·UZ~f CUTkY[Y ji eBBBB DHiDf ea kUXc dSZUX tWVaYVT
J _U OZZU CWbYTUZf © IDQqD OZZU DE K`YVWWZU ARZbWZf DD qj ^UXXUZaSWV OWZS E dSaUZZU Pl[^^lWZYZf ewVcl DEf PW[Q _UZkWcl_l^R[XXW IDu TUUTWYX^SRV IIQIju
^W[_UXcSZaSWc^R[XXW jhu kUW^UVVWXkllVVQ
^R[XXW qj mlZWXVWZZUXXUf CWVUZaSWc IGQ jif BcXYZlWZYZ T` jDQjEf r D jEQqhf ?RQ
e gg VRZ ^URk `W[^ qhQFqf LYW`SZTlYZ ^RZZ ±¬W ^W[_UXcSZaSWc _U aURVURXTUUZaSWc jIQ
jEu \T VRSccUTRXcYac TT ^UZXUZaRSVcSVURcU^ k_f eT Iu
NT jHQqiu NT qDQqhf nVW^f JU[[ kRRcU[aUZaSWcSu `UVSQ
^R`URXu pWVUcYVWUf QD D ¨ DHEFf eYV_Yc DIIIu DqGEu DHDqu IjHju
IjHqf
DFhGf B`UVS }QiG BZ]TUZ~u OX^S rlW`Wsf J^W Iq eB DHiDf ea
TTT TUT k[Sp AUZcY[W B_U KVVWZS[ tW^Xc[sTf ©IG
NWYVW^^W OZZYQNU[WY tW^Xc[sTf \S
DHf nÁC Ihf oN kUV` IFQu VlaYc\XcsQ
XWac CUVVWZZUXXU jDQjju NSX^S`UXXU jjQjG _U rU[WWXWXXU jHQqDf oN _USXcSQ
XWac jju kSVWWccWXYZ SX kllVV qDQ qGu aUVQ
VWZZSVVWXYZ SX kllVV FDQFqu `c ^UZXVWUQ
kllVV qFu Fqf PURkUVVWZYZ U`RXcU_U CR[Q
^WXXUu gRV]U[WUXXU _U dR]SXVU`WUXXU jGQ jHf eUVc cWYbScRX^YX^R^XYZ kllVV qhf LlaYccWVlX JUU]WXXU qGQhDu OZ^U[UXXUu CYaY[UZWXXU _U PU[UQ yaWXXU hDQhqu @SSTUXXU hqQhhu PUW[SXXU hqQhHu CW[UZUXXU hFQhHu @UzUcWXXU _U CRZWXWXXU hHQFDf ARR[VlaYccWVlX @SSTUXQ XU hhQFDu >Y¯ ·YVaWXXlu gUZ]^S^WXXUu ¥SVSTzSXXUu ·_U^U[Q cUXXU _U @UZ]SSZWXXU FqQf LlaYc\XcsZYR` jhu Y[W^SWXVlaYccWQ VlX _U cl\XW`UVcUWZYZ TWZWXcY[W IIu e@ ju AL P Du Ae@ P Du NT DEu NT jHQqiu NT qDQ qhu Ao aSk U[u ¨¨¨u OB?>@ XRR[[u nOCO@ XRR[[u BcCO@ XRR[[u dR]L@ XRR[[u oZ^O@ P [c^u @PL RkXu @RScXeµ @ Du CRZC@ XRR[RkXf OVW^ IDf p I ¨B DHFEf
DFhEf dUR[SVU }Qqj dUy^WWZ~u tlWZs Kb¯U[bf J^W DD ¨ B¯y WWW ´Bu `VW^SZYTYXc >WWVS Kb`U[b dUy^WWZ _U VWbU LWR^^SZYZf © IG JYV]U JYVYZU >\TUZf LUkXYc rYZccW IEf OZcYQ [S jDu LYYZU jFu OZZUQLWWXU qDf Q\S Iif ¥ dV§§¢ Q·B CPP IF ^SZYWZXSXf eUVWS NYW_YQ [WYZ PYX^RXSXRRXVWW^Y IFQjIf ARST ?\ OVpUQLU`UV jjQjGf PYX^RXSXRRXVWW^Y JUZ^^W_U jGQjEf Oz ¥VUYXXSZ © rYcY[Q
XYZ }CR^aSVTU~ jEQqif PRVRcRXSXRRXQ
^RZcWYZ PYX^RXVWWccS qDQqju CR^^RQ ^URkkS_YZ ?\ qjQFhu C^R cRScUZcSVUWc cY^Z _Sac qGQFhf A P\VTlcY^ZQcUVSRbYVVWXYZ \ab k_ FiQFjf PUZXUWZ`lV dllb\c\XQ VUWc ^STWXXWSZ _lX FqQFGf AL @ Du NT jHQqi X^u NT qDQqhf LcZf JU[[ _UV^UkUVVSu _ll^WY^^Su z[Wb]Yf
DFhHf dUVSZYZu ORVWX ?VU`Wf J^W Dq eBB DHiIf ea ^URkk PU[V MRXcUp d _U NUcWVbU PU[kkWVUf ewVcl DGf Pl\Z\c ^URkQ kU^SRVf p J^W IF ¨B DHIDf eYVW jjjDf
DFFif dlZccWu @URZS rUU`Sf J^W DE¨D DHiDf ea [^T OR]RXc d _U OZZU NUcWVbU CRSTWZYZu © jE ^lXWc\sZSk JWVkkU NWYQ VW^^W JUU`WXcSf \S Iif ·B CPP ^SZYWZSX Ihf >S[XXWZ TUcYT SkYcc IhQIFu PY[U`UZ \ac^ IFQIE J]WZ cYSVV^SRV IEQ jif rUcYZccW`XcSZ cRc^WZX jiQjhf tUVcY[ OaVXc[sTWZ cYSVV^SRV SkYcc jFQqDf O OaVXc[sTWZ kUkY[WcYSVV }tU[^URX~ XRRZZWcc _U kWW[RXcRX^SZcc kllVV qDQqFu tU[^URbYZ cYac ^S[_URXkU_S_YZ kllVV qGQu p DH B¨ DHFEf eYVW DhFHf
DFFDf PU[W }QiF PU[VXXSZ~u CURZSf J^W DD BB DHiD ea kSVWWXW PUVVY PRXcUU P _U CY[YXWU eW^cS[WU LRZbu © jH KXcY[ ASpWU eW[cUZYZf ewVcl DGf eU[UXcSZaSWc dl[`YZkllXXlf c q Be DHGif
DFFIf PY[^^SZYZu PUU[VS eYW^^Sf LWTWZ^U II B DHiD ea
PSRVR> PUU[VS P _U OZZW PRVcU ASpWU P[UZ^ © IF VYac KVZU ·R[yaTUZf LUkXW >WWVS qDf \S Iif P IIu N IGu L _U C qFf @URTUZ ^UZXUVUWXSkWXc _Sac IFQ
IHf J]WZ If V\X aWXcS[WUZu \acYWX^RZcUQ e SkWZ _U ^UZXUZcUV `kW VYac jDQqEf C\cQ csZV\X aWXc \VWSkYVc qEQFFf eUVc WVcUSkQ kW^ [Yac qhQqGf nacYWX^ ^S[^YU^ aWXc `c k[Sp qHQhIf BcXYZlWX\\bYZ LWWccS k_ IqQ Ihu qhQqFf JWXcS[WUZSkYccU_UWZ LWWccS k_ qHQFif dUZU^^UVU AYR[ J]WZ ^Y[aSZ k_ hFQf eYW^^S kllcSWT
DHf e@ ju e@ q T^u AL @ Du A^ U[u NT DE [X^u NT jHQqiu
NT qDQqhf PUkcf JU[[ kRRXYklZ c\sf QD h ¨ DHEqf eYV_Yc
DFjiu DHIIf
DFFjf PWZZRZYZu LUR[W ·U`Wbf rSa_U IE eB DEHHf ea TYcQ XlcY^Z ·U`Wb dSaUZ P _U OVYÃUZb[U u tWVaYVTWZU gVSTzY[]f © IG ^UZXU^S T[f ´ O]ZYX BZ]YzS[] JYWZXc[sTf eLVcU DGf p e@ VWW^YZZYSX `W[^UTcRc^ Iif e@ `W[Q [Ke ^UTaU[_SWcc DGQIFu Xla^sZ }PW[^ZWYTW~ BpyQ IFQjju UXYTUTYXc }>SRXWUWZYZ~ jjQjGu [ \k If B^ ^W[_R[W }>RTTYVU~ jGQhIu UXYQ O W^u TUkllVV }>RTTYVU~ hIQFqf eWabWZ ^RZZ TUc^UWVRVURcU^ k_ hDQFIf ARS_YQ VRX^ IIQqqu A NUc^UWVW_U\ab UXWUT qEQ eXX UT Du NT jHQqif ARS_YVRX^ Q^S[k[f JU[[ TUc^UWVRu kYZ^^WR[aYWVRu `UVS^R`URXf c Dq eWVW DHEHf eYVW DHIjf
DFFqf PW`Wu CSWTW oZcUTSf J^W D eBBB DHiDf ea OO [UZX KTWV P _U O]UcU NU[WU rUVYZf © Ih MR[VW AR[UWbU S[XcYZf BLVcU Dqf PSZccS[WkllVVW^^s J]WXXlf p Dh DDD DHFHf eYV_Yc DjEFu DhGFf
DFFhf PZUUkWZYZu KZS^ OR[RXcf rSa_U h B¨ DEHHf ea cWVUZQ STWXc CaR[Y OR]RXc P _U NUcaWVbU dRaSZc\cl[f © jI M[YcU LWZZYU >\aSVTf VewVcl Dqf NUUZ`WV_YVW_l rSa_UZ^R[RXXUf ?XRRX^URkUZ aUVW _lX _U k_f ?XRRXTYW_Y[WZ aUVW _lXf
DFFFf PZRRcWVUu BVTU[W n[_s eY[ZY[f PlV`Wl DF ¨ DHiif ea UkRV U[^WXcSZ aSWc PUU[VY eY[ZY[ K _U NU[WU NUcWVbU rUXUZbY[f \S Iif K^SZ PPP Iju P _U N jDf P?r IjQ IFf A eUVcUTY[YZcU^UWZYZ PURkkU ?\ }gRYZSX OW[YX~ IFQIGf N JRccRXYZ U]YZcRR[WVWW^Y IEf Be? ?\ IHQFDf PS[k[f _ IF eBB DHFDf
DFFGf PSaSZYZf PUU[VSf J^W IE B¨ DHiIf ea kRRXYkkl OR]RXc P _U P[WXcWWZU PWZZRZYZf © ji BZYX ·U]TU[ AY[YZWRXf ewVcl DHf JRSVcScU[^UXcU_U J]WXXlf « Dq BB DHFHf eYVW DEEHf
DFFEf PSVWZYZu JU[[UX Kb`U[bf J^W Ii B DHii ea c\sZ_Sac JR]S Kb`U[b P _U KbVU JYWZSZYZf © IEQhG KXcY[ >UcaUVWY JUTTY[WZu BB hG N K`U NU[ccU CYVVY[`S @UZ^UTSf LUkXYc NU_Qg[Wcc KXcY[ jiu JU[[UX MRZZU[ jju JYWbW P[WXcWWZU qif ewVcl DGu J]WZ XRST V\X \^XWc \S IGf nÁC jq LUP jFu LUL hiu eC qGf rLJ kSXcWV_SSZW IFQjFu ZSc jFQjHu UXWUZ`UV`S_U jHQqju UkRV_Sac qjQ hEu cXcSkllVV hEQFiu _Sac FiQFGf oX `UVc ^STWc _lXf e@ j ^Uu AL Pu Ae@ @ Du NT jHQqiu NT qDQqhf OVW^f JU[[ kR[_YabRXu R[aYWVR^UVUXcRXf c IE eWVW DHGhf
DFFHf PS[cYVUWZYZu KWZS dSaUZZYXf JURX_l[`W IH D DHiDf ea
VlTTWcc dRaS P WU NUcWVbU NUcWZc\cl[ JU^UVUf IH `UVS^R`UU_U KVVW NU[WU >S[bzY[]f ewVcl DEf rSXcW`W[^UT kSXcW^R[XXW IIu VYZZlcWZ^R[XXW jhf rCL kUV` DHQFhu PYZcclkSXcW^SZcc Dhf kllVV qDQqjf e@ qu NT qDQqhf OVW^f JU[[ TRXWW^^W }PUVY`UZ LURVU_Uc~ _U R[Q aYWVR }PY[U`UZ o[aYWVW_Uc~f p DI B DHGGf
DFGif PR[^WQARSZWS }QIG P[SaZ~u K[^^W OVp[Ybf J^W II B¨ DHiDf ea k[Sp BVTU[W JYZ[W^ @YWZaSVb P[SaZ _U KTWVWY OVWbY NU[WY ` ·WccTUZf © Ih ^UZXU^S A\V`WU @UZ^Wf \S Iiu JUTWZUZ \ac^ X\\XVR^R^ DGf Q P II ^UX`UcRXSkWZ Ukk[SzUQ cR[ Iju cYSV Y[ScRc^ Ihu kUXccRc^ jIu CP qhu CC hIf JU[cSVUZ ^UZXUZSkWXcS SkYcc IIQIju LUkWZVUabYZ Iju IGQjjf @URbUXQ ^\VlZ SkkW^ aWXcS[WUZ _U XU^XUZ \VWT SkYcc IhQIGf A NY[WQ TWYXVlaYc\X UkRVXWac jjQjFf VWXUVTYZ ^URk ^a[U jFQhDf Jnk cYSV cWYbY^ UXXWXc hiQhIf J]WZ dSaUZZY^XYZ X[^ ^a[U hIQGDf @URbUX^\VlZ ^[WXc ^UZXUZSkWXc cSkYcc IhQIGf VWXUVTYZ [S`UXQ cW^ L[S` hiQhDf PRSkWSZ cRSTWS^UkWcRVWZ UXYXX jHQqhu J]WZ cRSTWS^UkWcRVWZ hHQ PW[^SVVWX^S^ _lX jEQf CSWT NRXWW^^WQ cWYc AYR[u A NY[WTWYXVlaXYR[ A LlaYc\XXYR[ J]WZ ·WU^SZWXXUQ VUWc AllcWsu rS[cUUZkllZ ^[WXc ^UZXUZSkWXc ^UZZUcRX\abu OtAu JY[lccl_l\abu A P[WXc nVWSkkVWWccSf @S`UXcWu AL @ Du Ae@ d Df OVW^u ^YZcclkUkkWf JU[[ TRXWW^^Wu a\TZSVS]WUu aWXcS[WUu [UWccWRXf p DI Be DHEhf eYV_Yc DDFDu DjIiu DqEFu DEjHu c\ccl[YZkS_Uc EiIhu Ejqif
DFGDf LYWZSZYZu LUR[W JYZ[W^ ?VU`Wf ?cU`U Ii ¨B DHiif ea UXYTUkllVV ?VVW L _U AW][Wb NU[WU gY[ZY[f © IG cUVSRXQ SkYcc BVcU OW[U KZZY LWkkSZYZf \S Iif ·B CPP Xla^scY^Z SkWZcSX Ihf Be? _SacScRc^Q_U cXcSWZX IhQjGu BTUc[UZ eSWTUQ UXYTUZ ^l\ccsWZX jGQqD _U kllVV qDQFjf BTUc[UZ ^URkk`UVc _lX qEQhGu ^URkkaUVV qEQqHu hDQFi BTUc[UZ ?[^YXcY[W\ab _U TRXWW^^WSkWXcSZ _SacS^ _lX jEQf BTUc[UZ ^W[^^SaZcS^ _lX qHQu k_ qHQhju ^W[^^SZYR` _lX qHQu eRS^XYZ `SWTUQUVRYYZ kllVV qDQqqu BTUc[UZ qqQf BTUc[UZ NUc^UWVW_U\ab _SacS^ _lX hEQFjf BTUc[UZ XRS_YVRX^ YXW^ _lX qiQ DDf PS^SSTRXkRSVRY kRSVRYQ `UVc _lX hGQhHf eRS^XYZVUU^XSZ CY^Z AYR[ k_ qjQqGf @RS^SQ VUabYZ ^RZZUVVWXVURcU^ _lX qhQqGf BTUc[UZ PYWVUU_Uc k_ hhQFiu LRWXcYVW_Uc Df k_u AaU^^W^Y[aS _SacS^ _lX jEu rWXcYcUVS_YZ _SaQ cS^ k_ hjQhhf r? _U CPn ^RZZWU_lXf e@ q T^u e@ UT Iu eXX UT Du eXX UT Iu NT jHQqiu NT qDQqhf BZXVcZf JU[[ TRXWW^^W ^UVUXcRXu TYcXlXc\Xu kWXcSSVWUTTRZcUu ^UZXUZcUQ VSRXf p j ¨BB DHFjf
DFGIf LRR^^SZYZu @WXcSQeYW^^Sf JSVVSVU Ih eB DHiIf ea N@B dSaUZ NU]ZRX L _U OTUZbU NUQ cWVbU B^SZYZf © jj OWZS P\VVW^^W [WQ Xc[sTf \S Iif O[^^ CPP Ihf BcXYZlWQ ZYZ U[^^f BZX^Ukcf QpG B¨ DHGIf rSW^U hFGju `YVW DhEHf
DFGqf NSWVUZYZu O[TUX JY[WzY[cf eUUXU Dh Be DHiif ea cSWT_ OR]RXc KTWV N _U KVVYZ KTWVWU ARZb`UVVf © II AU]U >S[bTUZf ewVcl DGf ?kWX^ J]WZ cY^Z SkWXc DEQIDf ?\ NY^UZW^RX cSWT_ DHQIHf p rR^WZTlQ ^W Ii B ¨BB DHIHf BXl IFEu `YV_Yc DEqIu IHjjf
DFGjf NURZSVUu CWTS dUVTU[Wf All^XTl^W II ¨B DHii ea cY^Z dUVTU[W N _U ?V]U rYcl_WXcsf ©jq B[_U CRRVW^^W eSRcWQ VUWZYZf \S Iif QLP IFu LL jjf oX ^RZcWYZ `c ^RZZ Vll^f rRSVUZ]UZ UVRYVll^ jqQjFf p ?RVR ID eB DHjFf eYV_Yc IDiFu IFGGu kSW^U hDGGf
DFGhf NRR[Wu CSW`S K`Y[cf d\`lX^\VlZ TUUX[^ ID e DHiDf ea ^URkkWUX PRXcUU K`Y[c N _U NUcWVbU © ID B[YZY eWVaYVQ TWZU rWaWf eLVcU DEf PSZccS[WXcWf p IE B DHjif
DFGFf >WYTYVlu LUR[W PUVY[`Sf J^W G eWVW DHiDf ea ^UZXUQ ^S dSSXYkkW > _U JWVTU MRXcUpXXSZf © jh ORZY PY[ccR K^TUZu p FEf LUkXYc dSR^S PUVY`W jGu rURVU NU[_UccU qDu AYW_U OZZYVW qFf \S Iif nÁC IFf LUabYZ ^URk [UaUcSWTWQ ^UTU[W XWac IEQIHf PYTWZ ^URkXWac jiQFqf p Dj eBBB DHGDf
DFGGf >S[cWTS }Qjh >WYTWZYZ~u ARVS eYW^^S JU[UVbf J^W ji eB DHiIf ea `UacWTYXc PRXcUU >WYTWZYZ _U NU[WU ¥aU[Q VSccU rU_UVUf © jD OWZS NU[WU AUVSZYZf ewVcl Iif e@ `W[Q ^UTcRc^ IFf e@ Xla^sccl_l }PS[XS~ jhQqju \k BB B^ ^W[_R[W }J^W~ qjQu p ID eBBB DHFGf eYV_Yc IiIhu jDDEf
DFGEf CR[_U }QIi >YZSZYZ~u JY[TUZ OVp[Yb }OVp~f J^W F eB DHiDf ea ^W[_UZXWcS_U JY[TUZ >YZSZYZ _U PW[XcW CWXXU[Wf © qj N KV`W AW[^^UQ LWWXU >S[^Sf \S Iif P Iju N IGu L hhf eUVcWSZU[^ ZkW UTUZ IGQjFu `kW UTUZ jGQqGf JlTYYZVWZZUZ TUU^RZQ cUQU[^WXcSZ aSWc `c jqQjFu `U^WZ jFQjGf J]WZ ^URk c\sZ`lVWc\XcXcS UTTUcWZ`UQ VWZZUZ Sa_UU_U qjQqGu UTTUcWZ`UVWZcUQ XSXWSVS]W qGQhFu aYZ^WXYZ c\sZ `lVWc\XQ ^YX^ _Sac hFQFif J]WZ e \ac^ kW^U^W[_ SkYcc jjQjqu JlTYYZVWZZUZ V\X jhQjGu JlTYYZVWZZUZ ^UZXUQ VUWXSkWXcSZ jFQjGf Lll^YcYab ?[WSZ VUzS[UZccW^SRV ^UZXUVUWXQ cWYbSZ SkYcc qFQhIf eUVc SkYcRXYVS^R`U^STWc XWac _U _lX qGQ hiu SkYcRXYVS^R`UcSWTW^ hjQf A YbRXc BZcY[ZUcWSZUV ¥SRZyWV pS[ KbRyUcWSZUV WVTX FiQf KA? ^UZXUZ`UVWXcRXXWac IIQIjf J]WZ @YXRkX^Y[aSZu ARSTQOTY[W^^UVUWZYZ nab _U ARSTWQ AYR[_SacS^ _lXf OXWU OVRTZW OXXSyWUcWSZ k_ hjQhEf A rW^U^W[Q _SWccU_U\abk_ FiQf e@ j kRZ [^u e@ qu NT jHQqi X^u NT qDQqhu BcAcbA jf PUkc qIf rWXcSSVW^SRVRUTT Df B^f JU[[ `UVS^R`URXu ^UWcUYVS^R`URXu TUc^UWVRf p IF e DHFGf
DFGHf >SkSZYZu OVkS BVTU[Wf J^W I ¨BB DHiDf ea ^UZXU^S OVkS > _U dSaUZZU AUVSTY dR[`UZYZf © jF KVVW LWWTUcUWZYZf \S Iif nÁC jIu eC jhf JYZ^W`U^ ?\ AUVUTU `W[^ IiQIDf eUVc cUkUcR[TUcXcS UkRVXWac jhf @OPJ `X XWac jFQjEf PKLO YVl^YSX SXXWac jEQqD SXkllVV qDQFjf CUkUcR[TU`U^ TU^XRQ VURcU^ XWac jFQqDf eUVc XScU`U^VURcU^ cUkUcR[TU`U^SX XWac jHQhqf CUk`U^VUWcSXWYZ XScU`UaWZ^SkSSVWZ _U TY[WXSc`UaQ kSSVWZ XWac jHQ qqf C\s`lYZ`U^VYacW cSWT jEQqIf BZ`UVWbWXllQ cWs WXlZZWXc _lX hqQFiu aUVW _lX hhQu `k_ hEQu r[ScYYXWXllcWs WXlZZWXc _lX hGQFjf PYRa^SWZ`UV ^RZcSRccXllcWs `UVcRRX^ _lX hqQu Ae@ @LQ nVWTUc[ IIf JU[[ R[aYWVR^UVUXcRXf p J^W h eB DHFjf eYV_Yc DDFHu DIFDu DHqGu IIHqu kS_Uc hFGHu FDFGf
DFEif rYccY[XXSZu PU[V O[caR[f J^W I ¨V DEHHf ea kRRXYkkl __]p[p[ O[caR[ NU]ZRX r _U OTUZbU NU[WU JYVWZf © IE ^UXXUZaSWc >UWTU JYZ[W^U JRccRZYZf ewVcl DGf PSZYWZX CY^Z Vl[S` eSWTU _U rSVccSUWZYcUV \ab kWW[clQ _l _U cU[^WZX I `f PSZY_U AWVVUZ ^SZYkUQ _UkllVV Di `u cXcSWZX II `f QFFf CUVS\ac WXlZZ Ii `f OVW^f JU[[ kRRcU[aUZQ aSWcSf
DFEDf rWYcWVlWZYZu O^XYVW eUVbYTU[f dS^WSWZYZ DF e DEHHf ea [^T JWX^W r _U tWVaYVTWWZU @SXXWf
c©
Iq c DHqE ^UZXU^S B[_U NU[_UccU
CUTTWVYacSu BB VUzUkRV eYY[U KVWXUQ zYca JlZZWZYZf \S Iiu P?r IIQFju
TT J^WQK[SccU_U ^SZcc kll^SZccu JUQ
TWZUu @URTU _U dSYZXRRu kll^SZcc jjQu
RV^STUUZ kY[Wccl`WYZ SX SXkllVV FDQFjf
A rUVVSVWWccS J]WZ kWW[W XWac jjQqDf dllQ
kUVVSXXU j AN }JdP~f NT DEu PU[_UQ
VlZ NTf
DFEIf rlW`lZXUVSu O[TSf § JYWZSVU Dj B¨ DHiIf ea CC g[S[ JUZZYX r _U LUWZU LYWbYZWRXf © jI LC? MY[c[Rb rUyWRXf BewVcl DGu PRSkWSZ V\X \S IDf CYSV Y[ScRc^ Iqu `Wa kUk Ihf CUW`UXXUVSZ ^UkkUV IEf J]WZ PURkRZ^WVlaYc\^XYZ kUV` IEQ jGf rS[ZUWXcYZ ^a[U jGQu @S`UXcW hif p q BB DHGjf eYV_Yc DGGju jDIGu jjDjf
DFEjf @UUXXWZUu rUU`S BVTU[Wf oX^YVU Dh Be DHiDf ea \VWQ ^SZbR^css[W KTWV LYUZbY[ @_U OZZU NUcWVbU OZbXc[sTf © jD L\bWU KTWVWU iQ§ e NY[W^UZcSf oVWVcU DFu ^YX^W^SRV^R[XXW Ihf e@ IjQhhu Xla^sZ jiu OVU`RbYZ UXYTUZ BB ^W[_R[W qhQhhf c Dj ¨BB DHhhf eYV_Yc Dqjju DhiGf
DFEqf @Y^SVUf eWV_S ?X^U[Wf JURX_l[`W E ¨B DEHHf ea T` dRaS ?X^U[ @ _U KTTU NU[WU JSVTWVUf © ID LYTkW C\\ZY @RRXR`W[cUf eLVcU DEu J]WZ oRXW \ac^ \S Iif O?C IFf § oRbYZTUUZ LJ `W[^UT IIQu VllZWZQ ^UZXVWXcW jDQjGu VllZWZZSc jGQqju ZkW VllZWZXWac qjQqHu `kW VllZWZXWac qHQFFf rU^^SVRZUXcRXVURcU^ k_ cUW _lXu RX \ac cUW VUWc _SacS^ _lXf OXYXXS[W hHu eT Iu NT DEu Ae@ @u AL @ Du NT jHQqiu ¨¨¨f OVW^f p IH e DHGFf eYVW DGGhf
DFEhf @lXlZYZu LUR[W NU[^RXf rllVVWZYZ ji ¨BB DHiif ea ^a[U rY^^U @ _U NU[WU NRXcSZYZf © KWZY NW^^SVUf eWVVWVcl DHf PUbP IqQIhf PYX^WQA [\^T ZkW RkX IDQIqu IGu ^STkkQ kllVV jiQjjf J\s^^l\X`URZR¤ ORP _Sac IFQIGf PS^YTlYZ Ak UkRVkWW[WkllVV _U \YQRkX jjQjqf rS[AkK \YQRkX jqQjFf dr j ^STkkkllVV jEQjHu DD r[ qif rUcV^ST jHQqiu qDQqIf Qe@ j cV^u e@ j T^u e@ q T^u Ae@ @u NT jHQqiu eXX UT Df @YX`lZ[ ID [YXVcZ Ihu BcZ IFu ^Ukc jiu TU_ qDf PUUcRW AYYXQ _l[`YVVl Iq Be DHqIf rS_Uc qqHIu qqHjf
DFEFf AUVTWZYZu KWZU[ }KWZS~ O[Zbcf J^W D Be DEHHf ea UXYTUZW OTbc A _U AYVTU PU[_UVUWZYZf © IF KWZY PRTkRZYZf \S Iif O?C IEf @J cWVWcXcSZ ^W[WUZkWc IjQjqu `c [Y` jqQjGu kll^W[_UZkWc jGf QqIf PRV^RVUWc _U \VYWXcYZ csWbYZ TWZ [U^Q_U c\s`SWTUQ UXWUWZ SX cWVWcXcS ^UT[ qIQqqu cXcSkllVV qqQu AL @f p J^W II e DHFhf rS_Uc qqjGu qFjDu kS_UZkS_Uc GEjDu GEHEf
DFEGf AUVSZYZu CUWTW OXXY[f J^W E ¨B DHiif ea ^W[_UZkWc dRaS A _U KTTU JYVVXcYZf © IF L\\VW @URaU JUU[UZYZf eLVcU Iif ALNP kllXcscSb IIf NlZc\aU[_RZ `U[U`UZ^WVU ^W[_UZkWc IIQIGf CR[RZ L`UZ^WVUZ ^UZXVWXcW IIQIGf eW[cUWZ `U[U`UZ^WVUZ UkRV_Sac jiQjDf NW^^YVWZ L`UZ^WVU cUVSRXkllVV jDQjjf BVTU_SYZ `U[U`UZ^WVU cUVSRXkllVV IHQjiu _Sac jqQjEf @WWaWTlYZ ^YX^RX`UZ^WVU cUVSRXkllVV jHQhEu UkRV_Sac hEQFFf AL @u NT jHQqif LcZ qDf eYV_Yc Ehhu HjFu DDiju DjIEf
DFEEf AU[SVUu CSWTW AW]p[Wbf rSa_U DD DD DHiif ea [UcU`U[Q cW_U PUVVY dRaS A _U JRVbU >UcUVWU NW^^SZYZf ewVcl DHf p IG eB DHIif eYVW DEhhf
DFEHf AYkklVlu eWVaS OVY^XWXf eUV^YUVU E e DHiIf ea TUUQ ^URkk NW^^S A_U OZZU NU[WU PSVVTUZf BBwVcU Dhu J]WZ RRXW \ac^ \S IDf ?kWX^ Jn VU^WU IIQIqf c Ii Be DHIqf
DFHif AYkklZYZu KWZS tUVp[Wbf J^W Dj eB DHiIf ea ^URkk dSaUZ tUVp[Wb A _U @SXU dYTWZU LRSQ rppV\ TWf © jD C\\ZW AUVTW dR`UZWf \S Iif ·B CPP [U^SX IFf NUUcUVSRXaUZ T`WZXkWW[YWXXl UkRVWZX IGQjqf eUVc `YQ XW`SWTUcSWTW^ `YXWXcs_YZ XllZZsXcYQ V\cXcSZ UkRVkllVV jqQhHu kllVV hHQf BZXcXcS ?\ eYXcS _SacS^ k_ qEQhGu aZcSQ ZYR` k_ hEQf ACA _SacS^ _lX qhQqGf N`WZX\ab k_ qFQhDf e@ j T^u e@ q T^u e@ q T_U cV^u AL @ Du NT jHQqiu NT qDQqhf PUkcf eYVW DhDhf
DFHDf AY`SZu JYWZS O[TUXf ?RVR IE eWVW DHiif ea TUc^UQ cU[^ dSaUZ JYZ[W^ AY`SZ _U JUZZU JYW^YVf \S Iif ?kWX^ Jn aWXcQ^WYVWcWYc SX IiQIqu IGQIHf rUZ^^WQ _U VWW^YUVUVVUf p Dh Be DHqEf
DFHIf AWWTYX }QiF AUaVXcYZ~u YVW^X Kb`U[bf OXW^^UVU G eB DHiDf ea ^W[`YXT Kb`U[b JYZ[W^WZkSWQ ^U A _U BbU ASpWU JU^UVUf © IH c DHFE CSWZW @U]ZaWVb CSW`SZYZu BB FH p DHEq LL KbWc ASpWU JU^UVUf LUkXYc ?VVW jDu d_ ` BVTS jju LYWVU jqu NU[_UQLWWXU jGu rY^Q ^U qIu JYW^^W qjf \S Iif ·B JCPP Ih _U C^C JCPP jEu Y^SZ JPPP IGf J]WZ ^URkkU^SRV SkYcc IqQIGf JCPP UXXWXc IFu jIQjFf MYZY[UV KVYyc[Wy oAO kWW[cl_l IEf Kbb\ ¥S JRVV ÉRY XRRZZWZ jif rRRcY^Z ^UZZUcRX\ab cRc^WZX jDu jhQqDu eCC kRRcY^Z VUz cRc^WZX qIu _Sac k[Sp jHQqGu hDQFif rRRcUVS`WY_WYZ VRSccUQ TRXZYR` XWac qjQhif PSZYQ_U TYcUVVWcSWTW^ UXWUZcRZc _Sac qGQhIf Cn `k_ IIQIju ACA _lX jDQu AOoL YXWT qqQhhu rRRZ_UVSXcRX^WVcU ?VcY[TUZZW qFQhqu O? kRRcY^Z ^SZ][YXXW ^RcXRccR SXUZSccU_U qGQFif NUUWVTUZ DDD TYcXl^SZ][YXXW `UVQ TWX¢ ^STWc _lXf dRV^ TlZc\kRRZ [U^YZcYYVVWXWXcU _U p\XW^UUQ VWXWXcU STWZUWXRR^XWXcUu VR^RWXWU UVUZ cRc^WYVTWUu ^W[_ UW^UQ ^VYabWXXlf PSZ`YZcWZ `k_ DEQDHu cYZZWXTYXc DHu CU[cSZ [URQ aUZZYR`^RZZ ^R[WW[W Iiu AN _llkUVVSXXU IDu Iju Iqf LURVUZRc dSaUZZY^XYZ ^W[^SZ kSW^U^RS[SXXU _U rSV\cY^Z ^RS[f e@ qu AL Pu Ao aSk U[u eXX UTu AeoL UTu AOB kVU^YccWu ACA kVU^ _U _YcSZWu AOoL _U rRRZ_UVSXcRX^WVVUZ ^RVc UTf rsV\c ^RZQ ZWUZWf BZX^Ukc qDf JU[[ X^[RR`Wu XaU^^Wu kUVVSkYVWcf rS_Uc qEhDu hiGFu FDGqf
DFHjf AWVYZcW }QjG AWVYZWRX~u ?TU >WWVSf J^W E eBB DHiif ea `UUccR[W dSaUZ @SzY[c AWVYZWRX _U ?V]U KTWVWU rWY^lWZYZf © jG TY[^SZ NYY[W LSTTWf LUkXYc @Wc`U AWZW^^U jEu CWTS OZcY[S jHu eUkkR BVSZU qiu OZZU LWWXU OR[U KTWVWU qju CRSQ TS >WWVS dRaUZW qhf \S Iif nÁC IFu eC jDf OO LUabYXXU _U PSc^UXXU IGQjhf PSc^UZ PeSRcW jhQqiu PeWX^ qiQqjf eWWQ kR[WZ VllZWZ `Y[ScU[^ qj DDf eeN \VWcU[^ qqQhju \VWT JZcS> hjQhFu JZcS> hFQFHf oXYWbYZ VURcU^u cSWTW^ _U ^STWcYSWbYZ k_f Ae@ P D AL @ Du eT Iu NT jHQqi TX^f PY[Xf p II Be DHGif rSW^U hEDFf
DFHqf AWV`Y }QDH AWVp`YZWRX~u gY[cYV KTWVf J^W q B¨ DEHHu
ea U][ KTWV [WbSVp AWVp`YZWRX _U OVY^Q
XUZb[U NUcaWVbU AWVp`YZWRXf © IGQqD
NW[_UT Aya[SbY[RXu qIQ B[_U OVWyY AWVSQ
^U[Wf eLVcU DEf rSXcWVUWc kUV` DHQu
^W[_R[W IGu B ^W[_R[W jju AU`SZVWZZUZ
^SZcc B Y^XkYbWcss[W jHQqiu LUkWZ kSXcWQ _U VYZZlcWZkWW[W Y^XkYbWcss[W qDQqqu
LUabYZ ^SZcc B Y^XkYbWcss[W qqQqGu CRQ
[RZ qGQhIu CR[RZ kllkSXcW^SZcc UkRVQ ^SZccaSWc hIQFIf LURVU_Uu YZXW^SZXY[ccW
jqf dUV^UkUVVSXXU I ANu E TUUSccYVRUf e@ qu e@ qu Ae@ @u NT DE X^u NT jHQqi TX^u ? UTf LcZ qIf JU[[ VURVRu ^YWVUWVRu XaU^^Wf p j BB DHFHf
DFHhf ASWZWS }QDi ASZy^~u KWZS O[TUXf ¬J^W DI DDD DHiIf ea
\VW^WYVYZ^llZc dSaUZ MWbYSZ ASZy^ _U
OTUVWU JSZ^UZYZf © IH Y^SZ AW[^^U
CRRVW^^W AUW[UZYZf ewVcl Iiu N`V\X \S Iqf K^SZ IEf PW[_UcYSVVWXRRXUXWSWTWXQ cSZ k[S^u SXkllVV IEQqEf Cla^l © PwZW ?\ T\\ZcWkllVV qEQqHf ?\ NY[yUZcWVY Oz SXkllVV hIQhFf CTW M[U` UkRV_Sac hFQu ?\ tYXckS[c Oz cSWT_f PSc^UZ \acV\X aWXc _U TUUZc SkYcc IhQIFf eYVW DhDHf
DFHFf ASTY[Wu OacW OZcY[Sf ¬ JUTWZU h ¨ DHiIf ea P dRaS OVp[Yb A _U OWZU JUZZW^UWZYZf \S Iif NJ IFf Oz t MRc¦YWc _U ¥S kUV` IFQIEf ?XRRXVWW^Y eUVWS cWVUXcSQSXf p CUQ ^UaU[_R Ih e DHjDf
DFHGf AcYZWRXu PUU[VS NU[ccW dSaUZZYXf eWWkR[W Dh eWVW
DHiDf ea kSXcWTYXc dSaUZZYX M[Y]SQ [WRX A _U UZZ\ KVWXUzYc PS[cYf © IF AU]U tUVbWZY ¥UXXYZf \S Iif P Iju ^UX`SkWZcRc^ Iqf BVTU_SYZ ^YX^W^ _U VRQ
^WSZ [Yac IhQFjf A ?kWX^YVY`UZ ZRS[WQ
XSZ [UWccWRXVWWccS ^YX^RXcSWTW^ k_ hjQhhu NUZZY[aYWTQVWWccS BVTU_SYZ SX jjQFju rSa_UZTUUZ kWW[WaUVV hDQhGu BVTU_S^WQ
XYR[ jE qEu BVTU_SYZ ^[WXc SkYccU_U\ab IGQu n^XSkkW^SRVR_YZ VWWcSZ XWac jhQFif
e@ ju e@ qu AL @u NT jHQqif PUkc qif p BVTU_S^W Dj ¨BB DHFjf eYVW IIIFu c\ccl[YZkSW^U GDHHf
DFHEf ARaSZYZu eWV_S AWTYSZf ¬>WVXWl F B DHiDf ea kSVWWXWQ ^SZXc dSaUZZYX A _U MRXcU`U AU`SVUWZYZf JLVcU Dq AU`SZQ VWZZUZ [YUUVWV\Xf DEf NU[^S`WVVUZ RkX^R[XXW DEQDHu VlacW ^YX^YZ ORZR^XYZ [Yc^YVVYf e@ qf elZ[ DHf p ORZR^XYXXU H e DHDHf
DFHHf CUVUXu dS[TU AUZcY[Wf JSVVSVU F ¨BB DHiIf ea TWZ ?ZZW KR]YZ C _U OZZU JYVTW ASpWU AUVSZYZf © jI AU]U WWa[y[f DDD¡Bcl DFf
JlTYYZVWZZUZ V\X \S IDf LUP IEu eC xx NUUcUVSRXQ?XU^YkUZ^WZ VU^WT
DGiDf CSW^^Uu LYS KZXWSf rWYcU[W h DDD DHiIf ea aS`W> rY^Q ^U rWYcU[W C _U CaY^VU KVWXUzYc >\TUZf © IG B[_U OTUZbU NUcaWVbU tUVbYZf \S Iif ·B CPP IFf nac\ZYYc rUkY[WQ cYacUUc ?\ N\VV\^SX^YZ _U dlTXlZ^SX^YZ cYac `RS[STYXc IhQIGf oAOfXXU IGQIHf eUV^YU^SX^YZ XRVpWWccWXYVVRVSSXUcYac UkRVWZX IHQjif dlTXlZ^SX^YZ XYVVRVSSXUcYac cY^Z _Sac jiQjFf eUV^YU^SX^YZ cYac \VWQWZX jFQhIf nac\ZYYc rUkY[WcYacUUc ?\Q kll^SZcc cY^Z _Sac hIQ A rUkY[WQWZX\ab _SacS^ _lX jGQjEu k_ jHQqDf nac\ZYYc rUkY[WcYacUUc ?\u d\Val`UU[U ?\u eUV^Y ?\u rSa_SVUZ eSWTU ?\u C\[`llZ eSWTU ?\ _U PYTW_S^W ?\ _SacS^ _lXf PYX^RXVUz _SacS^ _lXf nVWQWZX jFu e@ qu eT Du NT DEu NT jHQqif BZXVcZf JU[[ TYcXlXc\Xu ^UVUXcRXu TSSccS[WR[aYWVRu XW`WWVWVYZcSf p I ¨BB DHHif
DGiIf occY[u O[`Wb ?XXWUZf JSVVSVU Ii eBB DHiIf ea N eUVp[Wb eSVTU[ o _U KVXU dUUcWZYZf © IG NU[ccU KTWVWU ÄzY[]f VewVcl DFu J]WZ RRXW \ac^ \S Iif LP Iqu LL IGf n^XVll^ PU[_UUVVU IGQjDu dl[`YZkllXXl jDQjIf eWWkR[WZ VllQ ZWZXUW[ `UkYac UkRVVll^ jIQjquD UkRVVll^ jqQjGf Lll^^Ukc jjfQNT DEfQpIq B¨ DHjGf
DGijf eUV^UTU }YZc eW^Xc[sT~u OWTS AU^U[WUXf J^W IG eBB DHiif ea WXlZZ K[W^ dSaUZ eW^Xc[sT _U ?V]U dSXYpWZU JW[`SQ ZYZf © IH A`YU LWZZYU K^VRZbf BLVcU Dqf PYVVScR^^RVWW^Q ^YYZ SkcW^^Sf NT jHQqif PY[Xf AUW[UXcRccRUUZ [WZcUQ TUVVU p Ih ¨BB DHqDf eYV_Yc EFGu DIEEu DhIGu IIIHf
DGiqf eU[cWUWZYZu O[TUX eWacS[Wf J^W DH VWW DHiD ea ^YXQ ^RX`UZ^WVUZ c\sTYXc eWacS[W e _U KbVU NU[WU JYVVXcYZf © IG PW[XcW JYV`W KVWXUQ zYca gY[ZaU[bf \S Iif LP Iqu LL IGu LPC IHu XWXlcURc Y[W^Vll^ jIf Jn pU[Q TU^SVS]WUZ VUWc UXXWXc IqQqhu pU[TU^SQ VS]WUZ bSX jDQqhu \VWT k[Sp qhQhiu k[Sp _U pU[TU^SVS]WUZ VUWc YXWT hiQFFu pU[T VUWc pU[TU^SVS]WUZ \VWT SkYcc jHQqGf Lll^YcYabUX ?[WSZ ?\ pU[TU^SVS]W jhQ hIu cY^Z _Sac jEQqFu cWYc _Sac qFQqHu k_ qHQ rSa_T U[TU^SVS]W\ab aUVW _lX qFQu rSa_T p\XWSVS]W\ab hGQu rSa_T U[TU^SkYUcSWTW^ _lX qEQhDu hqQu A U[TU^SQ kYU^STWc qhQhDu hqQu tJ? Ob`WXS[\ ¥STTWccYY SZ NYbWQ yUV @YXYU[ya FjQu e@ j e@ qu AL P NT jHQqiu NT qDQqhf Lll^TU_ qDf JU[[ ^R`UcUWcYYcf p Di eBBB DHHif rSW^U hFDqu `YV_Yc IihFu IEFif
DGihf tYWVWZu n[_s OUcY dS[TUf J^W Dh eBB DHiDf ea N n[_s t _U JYVTW Nl^YVlf © IH B[_U OVY^XUZb[U LWZb£`WXcf ewVcl DHf ORQ cSUVUZ k[S^u D ^W[_UZkWc _U ^W[_YYZ`UWac DHQIHf eUVWSZ ^SZcc jiQjjf J]WZ NYW_YQ [WVWW^^YYZ T\\TlVlWZcU[^ jjQu J]WZ URQ cSX^ cXcSkllVV IGQu NT DEu A^ UTf c Ii B¨ DHqFf BXl Iiif
DGiif CRR[ZU }YZc CaRZYzY[]~u PUU[VS K[W^f ¬ J^W E DD DHiIf ea ^UT[ PU[V [WcaWSp CaRZYzY[] _U BZ]YzS[] NU[WU AsbY[Q TUZf © jD AUU[U ARSTYcU[ O[U_l[`Wu BB KY`U O[U_l[`Wf BewVcl DGu JlTYYZVWZZUZ \ac^ \S IIf nÁC jDf J]WZ kSVWWQ XWVUWc ^UZXVWXcW jDu YcXW`lZ SX `kW ^STWXXUU[W jIf JUccRVUZ kWW[W >N jjQjFu LYTkllVlZ jFQqhf P?r LYTkllVlZ ^SZcc YXWT jGQqhf eWV_YVW LYTkllVlZ NUccWVUZ cWVUU jEQhju eWabWZ PSR[Q VUZ cWVUU qFQhFf eWabWZ @ScU[\^VRzW k[YXf NT jiQqif JU[[ TWYX^RS[Sf p J^W h BB DHhFf eYVW DiDqf
DGiFf @UY }QDH eYZlVlWZYZ~u KWTY[c eWVaYVT NU]ZRXf ¬ NYQ [W^U[`WU DH eBBB DEHHf © ID KbWca KTWVWU LWZbpS[Xf BLVcU Dqf
DGiGf eW[cUZYZu ARVS PRXcUUf ¬AUVS Ih BB DHiDf ea _U[[RT CSzWUX e _U KbVU eWVaYVTWZU tWVVzY[]f BewVcl DFf CYacUUZ c\sTWYXu ^SZccf p D D DHIqf eYVW DjjHf
DGiEf eRS[WSu LUR[W dSaUZZYXf J^W Dh eBB DEHHf ea `URZRQ
kRRXYkkl K[W^ PRXcUU e _U K`U LS`WXU JYZ[W^XXSZf © jq CSWZW @Y]WZU tWVYZf \S Iif @J ^UT[YY[W^SZcc `c ^SZccQ UkRV _U ^W[_UZkWc IjQIEf K[W YVWZcU[`W^YQ _U [U`WZcSVUQUVUZ \[Wc\^XWXXl SXU^UX _U _Sac IEQqFf PRV^RVUWc _U \VYWXcYZ csWbYZ
TWZ c\s`SWTUQUXWUWZ SX ^UT[ _U cU[^ qqQu K[lWbYZ \[Wc\XcYZ _U VUWc cWVWZcU[^f AL @u NT jHQqiu NT qDQqhf PY[Xf JU[[ ^W[_UVVWXRRXu RV^SWVRf p Di B DHGEf
eYVW GIFf
DHDj
DGiHf AcYZWRXu @UpUYVf J^W ji B¨ DEHGf ea kUZ^WZ_ tUVcY[ [WbSVp A _U JUZZU NU[WU PR[`WZYZf ©
B cYUcc SkkWVUX^SRV kllXcscSbWXcRX DEf CRQ
B ZT [RScX cYUcc Zl\ccYVW_l IiQjju Sa_ IFQ
B jjf eUUXUZ [RScX cYUcc _Sac jjQjHf LWVVU
WAcz_ VYTTWZ `U^\acWsZ kWW[WcU[^UXc _U WXlZZf c H DDD DHFIf
DGDif eWV^YTWYX }YZc eWV^TUZ~u @UVVY elWZsf >R[TW_l[`W Ii BV DEHhf ea cUVSVVWZYZ PU[V eW^cS[ eWV^TUZ _U OVY^XUZb[U KTWVWU LYacSZYZf © II NU[ccU PU[WZ PsaWf eVLVVYu eVLVcl
Dhu \S DEf CWVUZST >R[TW_l[`YVVlf J]WZ `UVc NTf c J^W DH ¨BB DHjFf
DGDDf B^SZYZu elWZs eWVaYVT dSaUZZYXf CRRXZWYTW h ¨ DEHhf © Iq OZZU P\VVW^^W AYclVlf eLVVYu eLVcU Dqf J]WZ kSVWWXWVUWc XWac DhQIif LUXXWVU © CW^UZS_U cR^^RT\\_l _U SXaSWcu eWVVY NUccWZYZ ?\ T\\ZcWkllVV _U PUZ]UXT\\ZcW ?\ UkRV_Sacf rUWZWXXU NN IDu SV\TkWU^WXSWXXU Iq ^SVTUXu I ANf AeoL VWWccSaUZ _lXf p Di BB DHhqf
DGDIf LU[TSVU }QjD LWZbpS[X~u K[^^W n[_sf JYWZSVU F eBBB DEHEf ea P OZbY[X KZSya LWZbpS[X _U OZZU tWVaYVTWZU OaV£`WXcf © jG B[_U JYVYZU rY[ZU_Uf ewVVYu \S DGu C[YYZ [YUVWV\X BQBe B^f LP IIu LL IEu LPC jGf n^XWc\WXVll^ JlTYYZVWZZUXXU IHQjDf J]WZ CRzY[^RVSSXWXUW[ UkRVVll^ jDQ jIf AUcU^RZZUZ kU[UZcSVU D UVWVll^ jIQjEf PWV_U`UZ kU[UZcSVU \VWVll^ jEQFhf Jn cRzY[^RVSSXWSkWZ bSX qqQhqf oX \ab _U ^STWc k_f r[SpYXXS[W hqu e@ fj kRZ [^u e@ q T^f NT jHQqif Lll^^Ukcf JU[[ aWXcS[WUu ^WYVYcf p q eB DHGIf rS_UZkSW^U HjIqf
DGDjf eUVVYu ?ccS Y[bWZUZbf J^W q D DEHHf ea [Yac MYS[] aaaaTz eWVaYVT e_U OZZU KVWXUzYc PWaV][YZf © | wu¡V dIH N KXcY[ dSaUZZU ASTY[f eWVVYu \S DEu eWWkR[WZ ^VV\X BQBe B^f P IIu N Iju O][ Iju NNC jjf JUZ^^W_U PUX`WZQ _UVSXcRXVUWc }CUTTWXcS~ ^UX`WZ_UVSXc IhQqIf NUUcUVSRbYZ cRc^^YX^R^XYZ
B PUX`WZ`WV_YV\VUWV _Sac _U k[Sp qIQFFf Jn d^ «J¬ T`SkWZ bSX jqQu rSa_T NUUcUVSRXcRc^ nab A SXk_ qjQFjf eWV_UZcRc^cSWTW^kW qFQhEf P\V`sXWYTYZVWWccS `UVcRRX^ k_ FDQu PScWcYSVV_lW_ qGQhEf AS^Y[W_RR[W^^UUZ`WV_YV\Z cRc^^YXQ
^R^XYZ _SacS^ k_ hjQu LUWbRZ\ab hGQu A AScU`YcY[UUZWVWWccS k_
FhQ CW^^R[WVUZ [YXRkXSX k_ hhQFDf ARSTYZ CWYbYU^Uc _lX hDQf e@ j T^u e@ q T^u AL Pu Ae@ Pu NT jHQqi T^u NT qDQqhf PUkc qDf JU[[ VURXRZcUu TUc^UWVRf p IE ¨B DHFHf eYVW DGIDf
DGDqf rYWcXU[U }Qjh gVlXXU[~u O[`W PRVVY[`Sf eWWkR[W IG ¨B DHiif ea @J VWW^YZZYSX _Sac O^XYV gY[ZaU[b CRR[Y r _U OV`U NU[WU NU^Q J^ ^SZYZf © IF p DHEF cUVSRXSkYcc OWZS T « KV`W tUZXYZf LUkXYc OWZU IGu PUW_U jDu ±p¬ fNWZ dRXXW jGf BeWVVYu \S DEu eWWkR[WZ [YUVWQ B V\X DQjf B^f ·B Ih JCPPu WZXRkXcRc^ N IEu PUbP IEf e@ [URcUcWY[U^SX \VWT WZX d__µ^ IpQIGu [UcUcY^Z cXcS If B^ [UcUWZX IGQjHu [URcUcWY[U^ Df B^ [UcUWZX jHQqhu [URcUcWYQ ±Jzu| dNB [U^SX UkRV_Sac qhQhEu [UcUcY^Z cXcS kllVV _U \VWQWZX qHQFGu _SVVSWZ YVl^^f rSa_QA [UbUZ^S[_UR^XYZ [U^kllVV qqQqhf K[W [UcU_U^XS_YZ `U kllVV jGQjEu qqf J]WZ NYc[ScSWTW^ XRRZZWcc`UVWS^ _lX hhQFqf @URcUcWYcY^ZW^^S_YZ nab _SacS^ _lX_U k_ hFQFDf rSa_T [URcUcWY`W[^UTXYR[ A [UcUQ cY^Z _USXcS _lX qEQhqu A SXaUVV _lX hFQFGf @U^WZX\ab ^R[WQ _U ^RZZWU^\X\T\XcSWTW^ _lX FjQFGf e@ Iu e@ ju e@ qu Ae@ @u NT DE [^u NT jHQqi X^u NT qDQqhu i U[ Iu ¨¨¨f BZXTU_ qIf JU[[ ^WYVYcu pWVUcYVWUu UW^SWZUUZ URcSWVRf eYV_Yc
DGIFu DHHju IGGEf
DGDhf rYZccWVl }QDH JWVbYZ~f OU[ZW KTUZRYV @UUaY h eBBB DEHHf ea ^UZXU^ \VWcU[^ PSZ[Ub KTWV J _U OZZU NU[WU KVWQ XUzYca U]Y[][YZf © Iq SkYcc P\VVW^^W BXVYU PWYVSf BewVVYu \S DEu JYWZSVUZ \VlUV^YWX^ BQDDDf P _U N IIu L IFu C IGf CRn ^W[_UXcSZ UVW^W[_UXcSZaSWc IDQjIf >\^\XRSTYZ XUZU^W[_U UkRcSWT jIQjhf Jn bSX jDQjhf dPP XRSTYZ ^WYVYZ k[Sp jFQ FFu `[Yac qiQqGu [Yac qEQFIf eW[Wccl_l cSWTWc _lX IhQf PUX`UQ cRX _U PSRVR kllcSWT hjQu AL Pu Ae@ Pf dRV^ cRc^WTR^XWU XRSTYZ ^WYVYZ UVUVcUf JU[[ `Y[^^SkUVVSf c Ih eBBB DHGDf eYV_Yc DEEiu IiEjf
DGDFf PSXSZYZu elWZs K[VUZbf PRSkWS ID BB DEHEf ea cSWT eWacS[W P _U JUZZU ASpWU rY[WZf © Ih B PUWXUQVfWWXU M[sZ[SXf BewDDyf \S DEf N Iqf P?r `W[^ DEQIiu IjQIqu rYcXUQ TSZu PYTW_l[`YZu @S`UZWYTYZ _U PUQ cU_UZS^UZ ^SZcc _Sac IhQFhf oAOWXXU IiQIIf WZX^U pS[c[SYZbY[{bYc ps[ Y`UQ ^RY[UbY W A`Y[W]Y k_ oRTU_UXXU qqQqhf rYcXUTSZu PYTW_l[`YZ _U @S`UZWYTYZ ^RZZ _U X[^RZZUVVWXWXXU YVWTWXXl _lX _U k_f e@ qu rgJf PS[kf p I ¨ DHEqf rSW^U hDqju `YVW IiHFf
DGDGf@UcWZYZu n[_sf eWWkR[W Ii e DHiif ea ^SZcc eW^cS[ @ _U eWVaYVTWZU PSZcWSf BewVVYu \S DEf PSZcckllVV J]WXXlf c Iq DDD DHqDf
DGDEf rYXSZYZu eWVaS MUz[WYVf J^W Dh e DEHEf ea ^SRVR> NUccW r _U KVVYZ B[YZY NUVTzY[]f © Iq B cUVSRXSkYcc AW[^^U BZ^Y[W dRRcWf oVWVVYu « B \S Iiu J]WZ XRST \ac^ DQDDD B^f eWa B kUk Iqu kUXVcRc^ jDu X^ ^YZcclkUkkWQ B ^R[XXW jDf rS[cUUZkllZ ^[WXV ^UZXUZQ ²Ï§§Q SkWXc _Sac IqQFjf CssVsZ X[^ kUkWXcSZ UkR¢ FjQf CSWT LUkRUZ kUVS^RZcU DGu
² W J]WZ eUV^S^UU[cW DEf JY[lccl_lQnab rllcSWTW^ _lXf rSa_SVUQ>S[bYZ LUkWZQ VUabYZ kWW[WSX k_f @S`UXcW hiu e@ q T^u Ae@ d Du NT DEu NT jHQqiu NT qDQqhu J]WZ `lVW NTu CUVSZkSW^UWXTU[XXWZ TWcu rSa_SWXQeWYZUZ [WXcWf OVW^u XScQ kUXcf JU[[ aY[lZZlWX\\Xu ^UVUXcYVRf p Dq e DHEif BXl DiGu `YV_Yc DEiGu DEqGu IIiFu IqhIu jDIqf
DGDHf eUVkUX }Qih UYZUZbY[~u JR]S YYVW^Xf JlTYYZVWZQ ZU j BB DEHEf ea c\sZ_Sac eUVp[Wb e _U BbU LS`WWXU eUVVWZf © DH p DHFD AUZZW PU[Wu BV FI eWYZS LWZZYU PU_UXcYf oVWVVYu eLVcU DGf LYZZlcWZ`W[^UT J]WXXl _U eUUXUXXU DGQIhf eUUQ XUZ ^SZcc _U R[aYWVRcSWT IhQjFf A rUVVSVWWccS kllXWac jFf A o[aYWVRVYacW kllcSWT jGQqiu oRXW ARSTW VY`W^^WkllVV qiQqIf eUUXU ?\ UkRV_Sac qjQhqf rUW^UVVWXVYacW eWWX^RZcU kllcSWT _U ST hhQu eUVkUXQNUWZSX ^STTUZbWWccW\ac cSWT_ _U STWXc OVU`RbYVVUf @UbWSXYVSXcU_Uf PW[_SWccUZRc RX R[aYWVRUWaYWXWU cYS^XWUf eUUXUZ rUVVSXYR[ kY[RXc _U k_ IqQjqu ^RZZWUk_ jhf A
rUVVSVWWccS VWWccSaUZ _lX _U `k_ RX `RSXWUu eUUXUZ kWW[W k_ Di `u ^RZZWUk_f eUUXUZ BVTUkRSV\ab XWac Di `f eUUXUZ NYXXR_YZ cSWT_ qhQhqf eUUXUZ VllZWZ R[aVURcU^ `k_ hiQf e@ qu NT DE [X^u Ao ^RVc U[f LcZf JU[[ R[aYWVRu RV^SWVRu ^W[_UVVWXRRXf eYVW IjIIf
DGIif JU^RVWZYZu n[_s dRaSf KZS ID B DHiIf ea cSWT_ rY^Q ^U J _U OZZU LUWcWZYZf © Ih LUR[U ASpWU PUcWVUf LUkXW dS[TU rY^^U PUVY[`S IFf BLVVYu \S Iif P IIu N Iju LUP IFu LUC jDu eC IEf OO J]WXXl IFQIEu CUTkY[YYVVU jDQjIf ?N `kW aUVVXWac jIu YXWccZYR` _U ^UZXVWUkllVV jjQjGf PP? ?W^> jGQhIf J]WZ J?Qk[YX hIQ LUWZ`UVTWXcYVR^ `kW _lX jGf Jn XW`WWVWSW^ `c k[Sp jFQjGu bSX jEQqHf JSWc SW^^UZXVY[WZ `W[^UU qIf ARST VU^WTWYX\ab aUVW _lX jGQqhf A LU^WTWYXVWWccS k_ hIf ARST CWYbYU^Uc _lX qFQ AL XRR[[u Ae@ P Du >r?@ P Du @RScXrµ P Df JU[[ TRXWW^^Wu TY[WkR[_YabRXf «F eBBB DHGqf eYVW Ijhif
DGIDf eUVVYu OU[ZY ?VU`Wf eWWkR[W DG ¨BB DHiIf ea [Yac MYS[] eWVaYVT e _U OZZU KVWXUzYca PWaV][YZf © jq ?L KV`W BZ][Wb dYZXYZf LUkXYc LYYZU jhu NUccW jHu rY^^U qEf BLVVYu \S Ij LP IGu LL jj XWXlcURc Y[W^Vll^ jEf @UZZW^^SVUW`UXcS `c Vll^ jDQjqu Vll^ jqQqDf PYX^RXXScXUW[ I XWXlcURc SX Vll^ qDQu \VWVll^ qHQFGf BclQPU[_UVUZ XScaZcSYXW^ Vll^ SXkllVV qDQ qq J]WZ \V XUW[ `UkYac UkRVVll^ jFQjGu UkRVVll^ jGQqi ·WUQ ^SZWXXUVUWc gYcYVWZ XWXlcURc SX Vll^ qqQ JnnQZ k_ jIQjju aUVW k_ IHQjif OPA k_ jDQjIu P\TYZVUU^XSZ Vll^XYR[ qhQhiu ^_lX FHu ^k_ Gju ^RVc UT GIf NUZZY[aYWTQVWWccS LUabYZ SX qEQhiu hEQGDu ^k_ GDf LUabYZ R[aYWVR^UVUXcUc hIQhhu cY[`Y\bYZaSWQ cSVURcU^f Lll^RkXVWWccS XWac jHQqhu AWXlcURcWVll^\ab jEQqif Ar@ LUabYZ SX _SacS^ _lX hDQhH O^Uc VURXRZcUTYXc Ihf AL Pu e@ ju e@ qu NT DE X^u NT jHQqi qDQqqu Ar@ aSk UTu eXX UT D X^u eW[ PSc^U[WXcW jf @YXVll^VcZ IEu Vll^^UkcV jju Vll^^ST^Ukc qiu Vll^^ST qIuf p jD ¨BB DHEjf
DGIIf OVWcaUZu PUU[VS OR]RXcf J^W h BB DHiIf ea U][ gYZ_UQ TWZ O _U BbU MRXcU`U N{ZXXSZf © IG CUWTW OVY^XUZb[U >\TUZu BB qj NU[ccU eUkkR PU[UZcSf ewVcl DEf PURkkUQ ^SRVf PSZccS[WXcWf LWW^YUVUVVU J]WXXlu PU[_UVUXXU _U rSa_UZQ TUUVVUf nVWVf p PRS[cUZY IH ¨ DHFqf
DGIjf OabYu dUU^^S ?X^U[W PRVVY[`Sf J^W j ¨B DHijf ea [^T ?X^U[W O _U OVTU oV[W^U rlVXWf © IG AUWbW NU[]Wc gV{pWYVbf BewVcl DHu N`V\X eWVWVclf PUbP IjQIhf PU[_UVUZ PUU[cW @\^T ZkW RkX _U ^STkkkllVV IhQjFu CUTkY[YYZ @\^T jFQjEu eWWkRQ [WZ @\^T jEQjHf rUcV^ST jHQqiu qDf e@ j T^u e@ q T^f NT jHQqiu eW[ NTf elZ[ Ihu BcZ IGu ^Ukc jDu TU_ qif PUUcRW @URc_l[`YVVl Dq eBB DHqDf
DGIqf OWVWSu JU[[\ KTWVf J^W q eB DHiIf ea VWW^^YYZ_Sac °aaT¯a KTWV O_U ?V]U dSaUZZU Ä^Y[zVSTf eLVcU Iif ?kWX^ ALNP ^URkkUSkWXc IiQIDu IIf NT DE [X^f p J^W h eB DHIjf
kllVV qHf dr D ^ST hiQhDu d@ I hIu If r[W^ hjQhGu rSa_QAU`SZ r[W^ hEu AU`SQPU[_UVUZ AB hHf PRSkWSZ TUWXc[UUccW _U @? PRZZ>T hHQu PUbP SkYcc jIQjhu qiQqDu APP jEQjHf JlQ TYYZVWZZUZ RkX^Y[aS k_ qhu PSR`SVUZ hif okXVWWccS `UVcRRX^ _lX hDQhEu aUVW qHQhif PUb^RZZ `UVcRRX^ _lX hDQhEf PRSkWSZ ^URk`UVc _U ^URkaUVV _lX hqQFif e@ Iu e@ ju e@ qu AL Pu Ae@ @u NT DEu NT jHQqiu NT qDQqhu Ao aSk UT ^[^u AU^XPµ D T^f PS[ZYccW Ihu VcZ IGu ^Ukc jDu [UcXRTYXc jhu TU_ jHu Y`V qDu Y` hIu \YQRkX jEf p Dj e DHEHf eYV_Yc DGDqu DHHju IGGEf
DGIGf K^u JR]S eW^cS[f J^W Dj B¨ DHijf ea `UacWTYXc K[W^ eW^cS[ K _U NU[WU OVY^XUZb[U ARZbzY[]f \S IIf ?kWX^ CPP IIQIqf ORcSkUcV ZkW RkX IqQIHf @YX`lZ[ Iju [YXVcZ IEf p J^W Dj ¨ DHIHf eYVW DhFif
DGIEf K^£`WXcu LUR[W OR]RXc @UpUYVf eWWkR[W DG eBBB DHiIu ea RRZWTYXcu PU[V OR]RXc K _U JWVTU dSXYpWZU PU[VXXSZf © qF C\\ZY NU[WU MVUbf eWVcl IDf ALNP kllXcscSb IFf OP TUWZSXaSWc FDf e@ q T^f NT jHQqiu NT qDQqhf PUkc qif p Dh eBB DHEHf eYVW IjGFf
DGIhf gWYXYu n[_s NSSXYX dUVTU[Wf PX SkYccU_UTUc[W^^YVW
DGIFf rYWcXU[U }Qjh gVlXXU[~u CUkWS >\\[W^^Wf §CUTTWXRS Iq eBBB DHiIf ea @J VWW^YZZYSX _Sac CRR[Y O^XYV gY[ZaU[b r _U OV`U NU[WU NU^^SZYZf © IH AW[^^U BZ^Y[W JYWTSVUWZYZf \S IIf PUbP IjQIhu APP jhQjGf JlTYYZ @UcXR[\^T ZkW RkX IhQIEf @UcXR`l^k[W^UUcW SkYcRXRkX IEQjiu Ub_ jiQjDf PUbP Ub_ jDQjhf nY SkY[UcWW`WZYZ cXcS cXcSRkX jGQjHf rllQ TU_U SkY[UcWW`WZYZ SX TUU`SWTUcXcS cXcSYXWRkX _U kllVV jHQ qIf dr F ^ST qjQqqu d@ qH qqu dr q qhQqEf P\TYZ AB YXW^Q
DGIHf S[XXc[sTu NURZS K[Zp[Wbf NRSZWS Dh B¨ DHiIf ea TYcXlWZX PUU[VS KTWV _U OZZU KTWVWU NU[^^SZYZf © IH ·S[WX NU[WUZZU LUR[YZf ewVcl Iiu J]WZ T`V\X \S Ijf NJ IGu O?C jEu NNP _U NNN hHf NJ cWVUXcS^SZcc U^c IHQjGu Y[W aSWcSUVRYWVVU NJf NJ TUUZ^l\ccsSX kUV` qGQu eT If OVW^f JU[c [Yc^YWV\f p DG eBB DHEGf
DGjif JUVSZYZu OZccWf CRRXRVU j Be DHijf ea cUWbYTUUVU[W rY^^U J _U NU[WU Nl^WZYZf BewVcl DFu J]WZ XRST \ac^ \S IDf ?kWX^ I ` Jn ^WYVWcWYc SXu cYUccY[WZ Y[W UVS_U @UZX^UXXUu AU^XUXXU _U OTY[W^UXXUf PW[_UWVW_Uu cYUccY[WSa_UU_Uu XUZSTUQ VYacWWZf KXWcYVTsWZ\c ARSTYXcU oAOwXXUf e@ qu NT jHQqiu NT qDQqhf LcZf « II B DHEhf eYV_Yc DqFiu DGjDf
DGjDf JUVSZYZu K[^^Wf J^W Ih D DHiIf ea cUWcYWVW_U rY^^U J _U NUW_U Nl^WZYZf © IE CRRVW^^W B[_U ?[`S^^W OVUZ^Sf Ba^U DFu PUVVWSZ \ac^f PUbP VcZQu ^UkcQ_U ^ST^R[XXWcf r kUV`f e@ Iu e@ j cV^u e@ ju Ae@ @u JYWTSX[u ORZR^XYZ NTu NT jHQqiu NT qDQqhf @YX`lZ[ IIu `lZ[ IFu VcZ IEu ^Ukc jFu TU_ qDu Y`V qFf JU[[ ^W[_UVVWXRRXf p Ij B¨ DHGIf eYV_Yc DqFiu DGjif
DGjIf JUVSZYZu ?ccS rUU`Sf J^W E ¨BB DEHHf ea kUZZRXYkQ kl OzYV J _U PU[SVWWZU dSaUZXXSZf © ji PUc[W P\VVW^^W JUWQ VW^U[Wf ewVcl DEf @UbWSXla^sccl_lf eYVW DqGDf
DGjjf JYW^^WZYZu dSaUZZYXf dSYZXRR IH ¨ DHiDf ea `Y[aSW VW_U NW^^S J _U NU[WU K`YVWWZU PSVU[Wf © jD B[TU KVWXUzYc @WZ^WZYZf LUkXYc OX^S jhu PY[ccR qju B[TU qqf \S IDf LP IGu LL Fu ^YRa^ScURc Y[W^Vll^ qif J]WZ CRzXUW[ `X UkRVVll^ jFQjGu UkRVQ Vll^ jEQqhf J]WZ cRzY[^RVSSXWcXcS UkRVQ Vll^ qhu VWW }[sZc]YZ~ UVWVll^ qFu B UVWQ Vll^ qFQhqu \VWVll^ hqQu eX kU[UZcSVUQ XScWVUXQ _U ^RZZVll^ IEQjqf CSWT OAA IhQjIu nL IFQIHf J]WZ ^URk`UVc _lX
FDQu aRSVcSVURcU^ _lX FDQf e@ q k[^u NT jHQqiu NT qDQ qhf Lll^^Ukc qif JU[[ TRXWW^^Wf c D e DHGGf eYVW IjEju kSW^U hihFf
DGjqf JYVUZbY[u K[^^W O[TUXf CUTkY[Y ID BB DHiqf ea _Sac @WyaU[b J _U OVWWZU AWWTUZf eLVcU Iiu JlTYYZVWZZUZ V\X \S Ijf ?kWX^ CPP _U PU[VX[RaYZ CPKf p h ¨ DHIEf
DGjhf JWTUZYZu OU[ZYf eWWkR[W F eB DHijf ea kSXcWY^XkYQ bWcss[W rUU`S J _U L\bWU P[SZXc[sTf © LS[YVY\ JU`Sf
eVwVcU IDfQ PUbP IIQIqf A eUV^SWZYZ PUU[cW ZkW RkX IqQIEf elZ[ Iqu oZ IFf c ID ¨B DHIHf
DGjFf J_YVTTUZu MRZZU[ LYSZU[bf J^W DI ¨V DHiIf ea
Uk[Sp
OVYÃUZbY[ LYSZU[b J _U KVXU PUQ cU[WZU LWZbYzY[]f © jI KXcY[ JYVVY`W
eWWkR[WZ J? `kW SW^XWac qDQqHf ?RVRZ cRSTWS^ cRST qHQhGf eWWkR[WZ kWW[W ^RcXRZcUQUX XWac jIQjGf nVWT ZkW XScUQ \VWcRST qjQqqu \VWT `kW XScU\VWcRST qh½qGf e@ j ^Uu e@ qu NT jHQqi X^f
DGjGf JU[aUTU }Qjj JSVT~u KWZSf J^W IE DDD DHijf ea [llQ clVW dSaUZ K[W^ JSVT _U JYZ[W^U B^laYWTSZYZf © AWW[W OVWZU rRV^^WZYZf BLVcU DFf CRVVW`U[cW_Uu TYcXlc\sZ_Sacf NT jHQqif PUUcRW DH eBB DHqDf
DGjEf JS[TWS }YZc JSVTXcYZ~u @UpUYV @WZUVbSf J^W E D DHiIf ea TUUVU[W [Yb[W^ eWVaYVT JSVTXcYZ _U NU[WU KTWVWU JYQ VYZf © jI PY[ccR AW`Wl >R[TWf BewVcl Iif PSZccS[WXcW _U [Uaa J]WXXlf p ji e DHhGf
DGjHf Bcl^UZZUXu KWZS CaYSbS[f J^W j ¨B DHijf ea _U[[RT OR]RXc CaYSbS[ _U OTUZbU JYVYZWRXf © JYV`W NUcWVbU ÁaQ TUZf eVLVcl IDf
DGqif dS^WZYZu KTWV MRZZU[f J^W q e DHiIf ea TRR[U[W dSaUZ KTWV d _U BbU MRXcU`U oV`WVUf © ObSVpWZU AWVVUZkllf \S IIf ?kWX^ Jn VU^WUf JRSVcScU[^f p j BB DHGEf
DGqDf PUaUZkll }Qjh PUaYVWZ~u CURZS dUVTU[Wf rS[`SS D e DHijf ea JZcS> JYZ[W^ J_UVTU[ P _U OZZU NU[WU tUVVWZf © jq p DHhH OXcU B[YZY AZYVVTUZu BB Fi CSWZW KVWZU CUX^WZYZf \S IDf ·B CPP IGf PW[_UQ cYSVVWXRRXUXWSWTWXcS ?\ kUV` IEQu cSWT_ qIQf CSWT J]WZ M[UUpWZYZ PVRzWu M[UUpWXYc WZXu J^WQPUTkWZ [ScU[\^VRzWf e@ q T^u AL @ Du NT jHQqiu NT qDQqhf BZX^Ukcf p DH eBB DHGif eYVQ _Yc DhGiu DHDEf
DGqIf PUVVWSWZYZu PU[V ?X^U[f eWWkR[W Dj B DHiDf ea c\sT dRaS P _U @SXU OVWZU rsZc\ZYZf eLVcU DEf ?VVRc OTY[WQ ^UXXUf c IG BB DHGjf
DGqjf PUZZUXu MRWbS Ms[UZf LSa_U D eWVW DHiif ea ^URkk PUU[VY Kb`U[b P _U @SXU eWVaYVTWZU gY[]f © Ih NU[ccU @Y]WQ ZU AWZWXUVSf eLVcU DEf A eUZ^YRX\ab T\\TlVsWbYZ aSWcf NT DEf PUcSXW eWWkR[WZVUabYZ KXWXUU[YXXUu _RVWXcYccR ^RSVQ VYY^XW k`TWVVl Dq B¨ DHqif rS_Uc qIhju qqIhf
DGqqf PU[YZu tUVbYTU[f J^W E eVV DHiDf ea XUcRVUZcY^W_l [Yb[W^ P _U K`U PUWXU JU^^U[UWZYZf © Iq BVXY @Rca ·S[WX NU[WY ` AyaYWZ`S]YVf eLVcU Iif Ala^sUXYZcU_U J]WXXlf
DGqhf PYXcWu PRZS JYZ[W^f @URTU DI DDD DHiIf ea ^W[_UZkWc JYZ[W^ tWVaYVT P _U KTWVWY CaY[YXY P[RTTf eVLVcl IIf J]WZ `U[cWS^STYZZRX^RZcU _U YcUkkW^STkkUZWU XY^l J]WZ X^f c J^W Dq Be DHIjf eYVW IDEEf
DGqFf PWZZRZYZu elWZsf J^W DG eBB DHiIf ea kRRXYkkl ·U`Wb P _U OVTU PU[SVWZU >RTTYZkllf © jiQqF AW[^^UQ LWWXU M[sZ[SSXf LUkXYc dR^^UQrY^^U jDu BV^^U CUkUZW jFu K[^^W NUccW AU^U[W jHu LWWXU BZ^Y[W qhf \S IIf nÁC qiu J?Of KbRX^ kW^U^W[_SWc IIQqqu kW^U^W[_^UZXVWU UVWkllVV qqQ hDf OO J]WXXl qDQhif p IE D DHGDf rSW^U hjqIf
DGqGf PW`Wu rUU`S eWVaS ?X^U[Wf JRWccWZYZ IF Be DHiIf ea e> elWZs P _U LUWZU NU[WU LWZbXcYbcf © PW[XcW OWZUTS AYkklZYZf \S IIf ·B CPP IEf nac\ZYYc rUkY[WcYac ?\ dlTXlZ^SX^YZ VUzWZX IEQIHf OTY[W^UXQ XU jiQjDf @URTU tSSb Lcb XYVVRVSSXUQ cYac `RS[STYXc jDQjqf PU_UUZW ?\ Y[W cSWTWXXU jqQu UkRVcSWT_ hFQ Ae@ @ Df JU[[ TUUZ`WV_YV\Xf QD DD eBB DHGhf eYVW IDEHf
DGqEf PSXSZYZu PUU[VS Kb`U[bf J^W D DDD DHiqf ea c\sT Kb`U[b P _U NYVWcaU dSaUZZU O]ZYX eY[ZY[f © IH L\\VW eWVQ aYVTWZU Ac[sTzY[]f VewVcl DEf eeN `kW `UacWTYXcU[Wf c h eB DHhhf
DGqHf PS`Y[Su PUU[VS n[_sf CUTkY[Y I D DHiIf ea C PUU[Q VY BVTU[W P_U JWVTU NU[WU JUUkUVUf BecVcl DHf J]WZ XRST V\X \S Ihf c J^W H B DHIFf
DGhif PRTVUZbY[u CURZS >YXcS[ NUWZWS dSaUZZYXf J^W D TTT BB DHijf ea ^W[_R[W MRXcUp >YXcS[ P_U OZZU PUcU[WWZU JRV^^Sf © IFQqq ORZY @S^^Su qhQ ^SZcc JWV^^U NU[WU PWVkWlf eLVcU IDf ALNPf A NUc^UcXcS k[S^u A oV^STUUZ^URkkUVWWccSu ^SZcckllVV PRVRcRXSXRRX^RZcWYZ PYX^RXVWWccS WVQ TSWcRXkllVVu ·YyS[UTUWZSX ?\ cSWT_f JdP _U AeoL J]WZ kWW[WZ R[aYWVRSX cWVWZcU[^f PY[Xf JU[[ R[aYWVRu URcSWQ VRu XaU^^Wf c II DDD DHEIf eYV_Yc HDqu DiEjf
DGhDf LUWZYu O[TUX eWVVYaU[bf J^W E VWW DHiIf ea TRR[U[W dSaUZ eWVVYaU[b L_U OZZU PU[`SZYZf eWVWl DEf p Ii eBBB DHIIf
DGhIf LUWcWZYZu elWZsf J^W Iq eBB DHiIf ea ^W[`YXT L_U OZZU LS`WXUf BLVcU Dhf p IH ¨B DHjif
DGhjf LYacSu [UZX BVTU[Wf >R[TW_l[`W Dj eBBB DHiIf ea c\sT ?X^U[ L_U OTUZbU eWVaYVTWZU WZY[f © jD NU[\ LUa_U LYTTWcc\ LYacWZYZf \S IDf ORcSTY^UUZW^^Sf PUZUbUXXU IjQu
DGhqfLYaTRXXUU[Wu dUVS ?ZZW dSaUZZYXf J^W E e DHiIf ea `lVX^l[W dSaUZ L _U eWVaYVTWZU MRXcU`U OZbY[XXSZf © ji OZZU O[^^U OZZW^^W AU[UXcYf ewVcl DEf ALNP IDf A ^SZQ XRVUUcWXXU LY JU`[YXXU IqQIFf KcQOp[W^UXXU IEQjif KZXS MRcQ ¦YWc ?\ cSWT_ \^XXWac _U ^YX^RX^SZWc cXcSkllVV jIQu JU[[ UTkRTWZYZu kW^U^W[_SWcRXu kU^WZSWZcWf c KZXS jD e DHqqf eYVW DqDhf
DGhhf LYW`WX^lu n[_s BVTU[Wf J^W jD eWVW DHijf ea k[Sp VW`U[W MUz[WYV L_U ASpWU ¥UXc[YZf © jH PUc[W dSaUZZU JYWZlQ ZYZf \S IDf K^SZ PPP Iqu nÁC jqu eC jGu URcSUVUZ ^R[XXY_U oAOWXXU IEf eUVc [Y`WXWSVUWc `c [Y` jqQjhu jFQjEf NUUcUVSRXTWZ UXRcRXUXSX `c \VW^UT[ jEQqiu \VWT YXWcc qiQqDf NPJ `c XWac jEu ^UT[ qDQhhf NT jHQqi TX^f p IF B¨ DHhhf eYVW IiHHf
DGhFf LUWccW }YZc LWZb£`WXc~u BXU^ BVTU[Wf CR[^R DE ¨V DHiif ea kSVWWXW^STWXU[WS BXU^ >YXcS[ LWZb£`WXc _U KTWVWU OVYQ ÃUZb[U @UZcUVUf © B[TU KVWXUzYcf VVLVcU Dhu eWWkR[WZ [YUVWQ ^SRV BewVclf re UVWRkX IiQIqu IhQqDu ZkW RkX qDQqju VWW^YZQ ZYkWW[WZ kllVV qjQqhu ^STkkkllVV qhf e@ q cV^u eT Iu Ae@ TWc Du NT DEu NT jHQqiu NT qDQqqu eW[NTu LUc`NTf ellk Iju [YX`lZ[ jHu [YXf c IF Be DHGHf
DGhGf LWR^XWUVUu OU[ZS KVWUXf J^W G Be DHijf ea ^UZXVWU> tY[ZY[ KVWUX L_U PVUU[U KVWbU LYWXcYZf © jq cSWT_ B[_U NU[WU CUTTWVYacSf ewVcl DFu J]WZ T`V\X \S IDf NJ Ihf NJ \VWT NJ IFf NYcXlZcRc^VUWc UkRVNJ IFQjhf PYX^RXTYcXlQ XYR[ CUkWS NYcXlVYacW cSWT _U cSWTXWac jhQqhu `UXcUU`U cSWT
_U cSWTkllVV qFQu nSQ\ab NYcXlTWYaYc k_ IjQIqf A NYcXlXclQ _lVWWccS aUVW _lX _U `k_f nVWTYcXlZaSWcU_U Fhu AL @ Df nVW^f ?a_UZZRc YVS^R`UZ _U _l[_ Zl\ccYV\Wclf JU[[ XUZSTUVYacWQ _U ^U[W^Uc\\[WkWW[RXcRXu TRScS^R`UTUUVURXu TWYX^RS[SVURVRu TYcXlXc\Xu ^UVUXcRXf p ji Be DHEEf rSW^U hqEiu `YV_Yc DhEEu DHjGf
DGhEf LRZbXc[sTu [UZX CSzWUXf rUWTWS I ¨B DEHIf ea c\sT [UZX Kb`U[b L _U ASpWU eWVaYVTWZU >WYTWZYZf BLVcU Dqf C\sTWYXf p G eBB DHIHf
DGhHf eYZS_U }YZc Lsp][YZ~u dSaZ JU[[\f J^W D B¨ DHiif
ea `UX^WXYkkl dSaUZ eW^cS[ Lsp][YZ _U JWVbU rU_R^SX^Wf \S IDf nÁC IFu LUP jDu eC jIu LUL _U LUC qGf PP? \VWT `W[^UT jjf PJ? ZSc jqQjGu ZkW aZcSXWac jGQu e> \VWT UkRVYXWcc qIQqhf LUWZ`UVTWXcYVR^RZZUZ ZkW _lX qhQqEu `kW _lX _U VUWZXllblZcs> qEQu Jn VRYZQ
ZSWcXW_U qhQqGf KbRX^ VU^WQ _U cUVSRX`UQ VWS^ XWac jFQf eW[^U\VWSW^ XWac jGQ e@ qu NT jHQqi TX^u eXX UT D X^f LcZ qIf p Dq B DHqHf
DGFif LUZ^WUVU }Qjh Lsp£`WXc~u OU[ZYf § J^W ID D DHiIf ea LPC [UZX @Y]RYV Lsp£`WXc _U JRVbU
L\bWU NS¦YVVWf BewVcl DGu \S IDf
PPP kllX\cRc^ Iqf P?r IFQu kll^SZcc
U[`SkUkY[WSX kllVV jDQqFf p IG ¨BB DHhjf eYVW DIhhf
DGFhf >S[[SX }QIE >S[bXc[sT~u KY[S O[`Wbf J^W DF eWVW DHiIf ea c\sZ_Sac CaR[Y O[caR[ >S[bXc[sT _U oV[W^U KVYSQ ZS[U BaUVUWZYZf © jj ?L AYVTU KVWXU ARSTYVUf LUkXYc JYW^^W KY[S jhu ?RcW LWWXU jEu LYYZU LWWXU jEf \S Ijf nÁC jDu eC jqf OO IjQf NJ U`RXcU`U VU^WT jhQjGu UXWUZ`UV`S_U jGQFiu UXYXX FiQFHf NYcXlUVUZ c\sYVl^Y^UXXUZ aUVW _lXf >S[XXWZ `UZQ aYTkWYZZYR`_lXf KA? XWacf Jnn aUVW _lXf LURVRQNWYaYc XWacf e@ q TX^u Ae@ @LQ LcZf p G e DHGif eYV_Yc DIFIu DqIhu kSW^U hjiGf
DGFFf rUUXW^W`Wu eU[TU dRaSf J^W h B¨ DHijf ea e> dRaS PRXcUU r _U OZZU NUcaWVbU S[XTUZf © jI B[TU CRRVW^^W M[sZ[SXf eLVcU Ii J]WZ XRST \ac^ \S Ijf LP jqf p Iq eB DHqDf eYVW DhHqf
DGFGf rUUXSZYZu O[`Wbf J^W IG eBB DHiIf ea k[Sp JYW^^W r _U NU[WU rUX^U\f © ji PlcaY tY[XaYZX^Wf ewVcl DHu J]WZ RRXW \ac^ eBQeBBf ALNP IDQIIf NUWcSQ _U URcSQUVUZ VWW^Q ^YWXXl eWWkR[WXXU _U J]WXXl IqQjDf NUUcUVSRXaUZ cXcSUkRV jDQ jIu oN jjQjGf ?X^U[ rU[^^WZYZ ?\ T\\ZcWcYacl`WXXl _U aRSVcScU[^ jjuqiuqhQhjf C\^WXcsZ ^RS[TUXcSkllVV jHQqif nY _U kllTU_UZ ^WYVYZ^llZcu cXcSRkX _U cXcSkllVV qiQqqf eUVcUTYQ [W ?\ U]YZccWT\\_l hqQhEf ?\ J_YVc © LWZb][YZ YbRXc hHQFhf KZ]VUZcW¢ ^SRV \Xcl`WYZ aUVW _lX hqQu k_f e@ ju e@ qu NT jHQqiu AU^XPµ ju rUU`rM@ [u BcP[@ @u eW[ PSc^U[ qf LcZ jIu ^Ukc qDf p jD eBB DHFhf eYVW DjIqu kSW^U hEqHf
DGFDf NU_UZcWYu BVkSf LUR^UU F eBB DHijf ea eC PU[V JYZQ [W^ N _U JYVYZU eWVaYVTWZU g[RRZf © IH OVVW CYVVY[`S PUVVWSQ Tl^Wf BewVcl DHu LUkRUZ T`V\X \S Iqf KLP IF }JUZZSQ `Y[~u KL IE }¾R[Wya~u kWW[WYVVll^cRc^ qjf dlTXlZ `c kWW[WYVVll^ IEQIHu eWWkR[WZ qjf o[_UVUZ ^RZZYVVll^ IHQqqu VWaUZcU[^UXcUQ TS cU[^UXcRXYVVll^ jjQqqf e@ ju e@ qu AU^XPµ Iu NT jHQqiu ORZNTu JYWTSXScU[f KVVll^TU_f PUUcRW IH ¨ DHqqf
DGFIf NUVTW`UU[Uu CSW`S OVY^XUZcY[Wf J^W IG B DHijf ea
c\sZ_Sac OVY^XUZcY[W N _U KTTW ASpWU
OUVcSZYZf © jD AJ PUW_U PSX^YVUf \S IDf ·B CPP ^YTWUZ SX IFf CPP VUzUXXWXc IGQIEf A PRTWcYabUX ?\ UkRVQ WZX IEQjH _U >S^WUZ cYacUWbYZ ^l\ccsQ
VUz _Sac jHQu >S^WUZ cYacUWbYZ UTTUcQ
cW^ cSkYcc qDQhGf >S^WUZ XRS_YVRX^ YXW^ _lXf >S^WUZ ^UZXU^ _SacS^ hEQf e@ q
cV^u e@ qu eT I ^Uf NT jHQqiu NT qDQqhu A^ UTu Ao k[ UTf LcZ jEf
JU[[ RV^SWVRf
DGFjf NY[W`UU[Uu eWVaSf LUkWZ_l[`W IF eBB DHiif ea c\sZQ _Sac eW^cS[W N _U NU[WU NUcWVbU eUaVXc[sTf © IG AUVTY JYVQ VWZ NSZSZYZf eLVcU DEf J]WZ c^ Ihf dSacUTWXcUWbSZ ^R[XQ XY_Uf d NY[W`UU[U ?\ kUV` DEQFqu aU[_SWZu c\sZ_Sacu \VWc\sZQ _Sacu cY^Z _Sac _U _Sacf eU[cWS^\VlZ kWYZ^WWZcYWXcs\ab kWYZQ ^WWZcYWXcsUVUZ kUW^UVVWX_l[_ _SacS^ _lXf eU[cWS^\VlZ LWSZXQ^VRQ zW k[YX FDQFIf PP UT[ eLf ellkf JU[[ TYcXlXc\Xu ^UVUXcRXu kRRcU[aUZaSWcSf p DH eB DHEGf
DGFqf NW^^SZYZu eYVW BVTU[Wf § rWacWkRbUX I eBB DHijf ea `U^cU[^ OUkS N _U OR[U @\\ZlZYZf © jI CSWZW NW[_UT CSW^^Uf KWcl Dqu PRSkWSZ XRST V\X \S IIf ?kYccU_U^UZbWQ bUUccW jFf AUZSTUVYacWTu ^RXcUZZRX`W[^u PYZZYVQVWWcSZ cSWQ TWZZUZ_f e@ qu NT jHQqiu NT qDQqhf PUkcf p Ih B¨ DHGhf
DGi DHDj
DGFEf rU[^^WZYZu ?ZZW ?VU`Wf J^W ji ¨ DHijf ea ^W[`YXT dSSXYkkW r _U JWVbU NU[WU AUaVzY[]f © jI kUZ^WZk[S^ KbWc KVWXU JUVVWSf ewVcl Iif ?kWX^ nacYWX^RZZ ^S[^YU^ IhQIGf A NYXXRc cXcSUkRV IiQIEu Zl\ccYV\kllVV IEQhiu UkRV_Sac hiQhFu _Sac hFQu aUVW _lX hIQu A TYXXRXllcWs XWac hIQFIf A N\\ZQ cWQ_U NUWZSX\ab _SacS^ _lX _U If `k_ hDQ hqf N\\ZcWQ _U NUWZSX^SRV _SacS^ _lX hDQu AScUaWXcS[WUVVWXYZ AYR[ _SacS^ _lX _U [Uaa qHQf eT Iu Ae@ @ Du AL @ Du @>B@ RkXf ellkf JU[[ TY[Wf p LYZWZ][Ub Iq e DHFFf rS_Uc hjDDu hEEDf
DGFHf rU[^^WZYZu elWZs O[TUXf J^W IG Be DHiIf ea cR^^RQ ^URkk ?X^U[ r _U KXcY[ B[YZY ·UaVzY[]f © IFQqF NU[ccU NU[WU PWZZU[Wu qFQO]bU ?[`S^^W KX^SVWZf VVLVcU DGf CTW ?X^U[ rU[^^WZYZ cR^^RT\\_l _U k[S^f ?X^U[ rU[^^WZYZ ?\ cSWT_ qIQhFf NURXcY ?\ _SacS^ k_u Nl^YVl ?\ }hFQ Nl^YVlQ CR^^R ?\~f A JYbYVTlZcRSZcWVWW^^YWbYZ \ab `k_f CR^^RQ ^URkk VWWccS `UVcRRX^ _lXf PURkkUZYR`SX qEf p F DDD DHhGf
DGGif rSW_l[`Wf dUU^^S BV^^U O^XYVWf J^W DE eBB DHijf ea VYac LUR[W NU]ZRX r _U UZZ\ ObYVUWbY [WzY[]f © IH ORZY P\VVW^^W PRSXTUZYZf BewVcl DFu J]WZ RRXW \ac^ \S IDf QLP Iqu LL jDu [sZc]YZaSWbSZ Y[W^Vll^ jIQjjf Ar@ XUW[ ZkW UkRVQ Vll^ jqQjhf J]WZ \V XUW[ ^W[ SX [sZc ]YZSX UkRVVll^ jhQjGf CUTkY[YYZ ^URkXUW[ [sZc]YZSX Vll^ jGQqFf CUTkY[YYZ \^XQ XUW[ [sZc]YZSX `UXcUU`U Vll^ jEQhIu CUTkY[YYZ oRXW @sZcQ ]YZVUWc hIQ CUTkY[YYZ @ScU[\^VRzW k[YX hiQhDu A A\skl\ab kWW[WSX `k_ hhQf p q eB DHFqf BXl jIu `YVW DhiFf
DGGDf rSW^UVUu n[_s OZbY[Xf J]WZ kWc G BB DHiDf ea `UZ]WZQ `U[c OZbY[X r _U JUZZU dYTzY[]f p J^W ji B DHDHf
DGGIf rR^^WVUu eWVaS KTWVf LUkkYYZ[UZcU ID DDD DEHHf ea `U[UXcSTYXcu [YXVcZ KTUZRYV r _U OZZU LWWXU rRccSZYZf © Ih cXcS`W[^ PY[ccR AWVUZbY[f ewVcl DHf PC@ j UVWRkX IDQIjf J]WZ _U CR[RZ LUW`UXcSUXYTUc `U[UXcSZaSWc IFQhHf eT Du Ae@ TWc Du Ae@ TWc Iu NT DEu NT jHQqi X^u NT qDQqhf nVWkR[XWTf p DI ¨ DHGFf
DGGjf rlW`lZXUVSu eYW^^S OZcUTSf JYWZSVU DH ¨ DHijf ea CC g[S[ JUZZYX r _U LUWZU KVWXUzYca LYWbYZWRXf © qD BZ^Y[W JUZZW^UWZYZf BewVcl DGu PRSkWSZ V\X \S IDf eWa kUk Ihu CP IEu CC jDf LUabYZ V\X RX^ _U pWV UV^ VYac IGQjjf J]WZ
PURkRZ^WVlaYc\X _Sac jjQu J]WZ ^URk`UVc _lX \VW Ii `f p Dh ¨V DHGEf eYV_Yc DFEIu jDIGu jjDjf
DGGqf @YWZu PUU[VY MUz[WYVf J^W IH eBBB DHijf ea k[Sp MUz[WYV @ _U KVXU @SXWZU CS[y^YVVf © jq JWVVY`W OZWcU JYWZQ
[WyaXf \S ID nÁC jiu eC jIf CR[RZ J? ^UZXVWXcW jFu ZSc jG½qqu `WX^ qqQqGu XWac qGf ?rN ZkW aUVVXWac qEQhFu `kW aUVVQ
XWac hFQFDf CR[RZ aSVaSRXVURcU^_lX qjQqhf WVTWXYZXRR[W _lX hDQf eT Iu NT qDQqhf OVW^ qIf p Iq B DHFDf
DGGhf @Y^SVUu elWZs eW^cS[f ³JURX_l[`W Ii eBBB DHiDf ea
VUVSVV dRaS ?X^U[ @ _U KTTU NU[WU JSVTWVUf © IF eUaVzS[]
LWV_YXc[sTf \S IDf eWa kUk Ihf AUaUVUabYZ U[TS`RSbYZ
XUUT Ihf d\`lX^\VlZ TUUX[^ `W[UVV UkRV IEf NT DEf p d\Q
`lX^\Vl IF B¨ DHIEf eYVW DFEqf
DGGFf @WcUVUu OU[S NW^UYVf PWW^^U E ¨B DHiIf ea [UcXRcWQ
[UcWWcNNN[QWT[¯[[ VlVVWZYZ ?X^U[ JY[TUZ @_U OVVW dSXYpWQ
ZU ASc^Uf © jq N LWWXU NU[]Wc K[W^XQ
XSZf \S IDf LP Iqu LL jIu LPC jIu
ZUWXcYZcURc Y[W^Vll^ jhf CR[RZ ^URk
XUW[ X\ZZ\c\XSX UVWVll^ jIQjjf n^XVll^
J]WXXl jjQf J]WZ \V XUW[ UkRVVll^ jjQjGf
>UWXcYZ^VWZ `c UkRVSkYcc _U UVWVll^ jhQ
jFf rS[WZ \V XUW[ ZUWXcYZSX Vll^ jEf CRQ
[RZ LXUW[ ZUWXcYZSX Vll^ jEQqGu SXVll^
qGQf CRn ZUWXcYZcURc _U X\ZZ\c\XSkWZ
k[Sp _U
ZUWXcYZ^VWZ YXWT qGQu Jn bSX qIQqEf e@ ju e@ qu NT jHQqif Lll^^Ukc qIf JU[[ XUW[UUVU[U^YZZR^XYcf QD Iq ¨ DHhhf
DGGGf @SXyaWY[u KVSpf PSc^U IF Be DHijf ea kUZ^WZ ^UXss[W
rURV @R[W^ @ _U ?V]U NU[WU PU[VXXSZf © jG Pc\? MVS[\ P\VVW^^W L\\cWZYZf \S IDf PUbP Iju ^YZcclc\^WXcsZ UTQ
kRTU^SRV IFu APP jGf dll^c\^[\^T
ZkW RkX _U UVWRkX^SRV _Sac IjQjjf PC@
D kc[WZkllVV _U \YQRkX jqQjGf PUbP cU^Q
cWW^UZ SkYcc jEu PYZcclc\^WXcsZ UTkRQ
TU^SRV jHf rN cUWXcYVR`lVWZYSX cXcSQ
YXWRkX jHQqif @UX^UX rXcS j ^ST qDf PC@ h ^ST _U Df · c\^^ST qDQqqf
APP SkYcc qhQqFf C\^WXcs^SRV _Sac qGQhjf rK SkY[UcWW`WXYZ SX kllVV hqf C\^WXcsZ cU[^ hFQFjf PP? XScWVUX_lX FDQf A AScUQ cWYc XYR[ _SacS^ _lX FiQf e@ D [c ^ [Uu e@ D T^u e@ I cV^u e@ I T^u e@ j T^u AL XRR[[u Ae@ @u NT DEu NT jHQqiu NT qDQqhu @RScXNµ XRR[[u AU^Xµ[ Iu >r?@ @ If elZ[ Iju BcZ Ihu ^Ukc jiu TU_ jHu Y`V qDu Y` qqu ^YZ[TU_ hqu ^YZ[V hFf JU[[ XR^RcRc^WTRXf p F eBBB DHGFf eYVW DFiGf
DGGEf @lWXlZYZu @YWZSf J^W Ii eBBB DHiIf ea ^URkkUQUkRV ObUT @ _U OZZU NUcWVbU P\ZclVlf © jF KXcY[ KTWVWU LYacSQ ZYZf BLVcU Dqf LWW^YT eUUXUXXUf QD eUUXU DE BB DHFDf eYVW DIGqf
DGGHf @lXlZYZu eYW^^S PUVY[`Sf PRSkWS E B¨ DHiif ea Y[Q bWZUZb @ _U KVVW JYWTSZYZf eLVcU DEf rRRcU[aR[Wf c q ¨BB DHIhf
DGEif AUVSu Kb`U[b OXXY[f ³LUTTW II BB DHiIf ea U_R[W Kb`U[b A _U JWVTU JYWZSZYZf © IF OWZS LUa_U AUVSTUUf \S IDf nÁC Ihf OO J]WXXlf PUZXUZYbRX¢ IHQjif >YR`SXcSVWWccSSZ jiu XWYVVl p
c\^WXcsZ TWccURXkc[W kllVV _U SX_Sac IFQjIf nY cXcSRkX _U YXW^Q
RkX jj jhQjGf NSX^S`UZ XScUXWUT UkRV jEQjHu XScUXWUT eWQ [SXXUu LUc`WUXXU _U LWYccRUXXU jHQqif nY cXcSYXWRkX qiQqDf @UX^rXcS F ^ST qDf PC@ [\^TRkX _U ^ST _U bW` c\^^ST qDQqqf PC@ j kXcSZ^ST qhQqEf PUUXRXRS_YVR^SRV _Sac qEQ hDf e@ I cV^u e@ Iu e@ ju NT DEu NT jHQqiu AU^XPµ jf elZ[ Iju oZ Ihu ^Ukc jiu TU_ jHu Y`V qDu \YQRkXf p Ij eBBB DHhDf
DGEIf LUkkWQAYkklVl }QDh AYkklVl~u K[^^Wf ³AU`SZVWZZU DF eBBB DHiIf ea cSWT_ dRaS LQA _U OVY^XUZb[U PU[SVWWZU ARZQ bYVVf © jI JYV`W JYVYZU AUZcUVUacWf BLVcU Dqf eUUXUZ XRST V\X \S IDf ·B CPP IEu WZXRkXcRc^ IEf A^{ZX^U ¥YTYZc]_RQ cY[WYc Oz XRRZZWcc _U c\skllVV IHQjDf CeJ XWVcUSX IEQIHu jDQ qHu ZkW WZX jIQjhu `kW WZX jhQqHu ^UZU`USX cXcSkllVV qHQhFu \VWQWZX _U SXkllVV hFQFju `YXWcWYSX kllVV _U [U^> FjQFhf oX ZYR`SccYVR^RZcWYZ _lXf PUZXUWZ`lV TY[YZ^RV^R^SZ][ VWWccS k\X\`lZ ^STWc A YbRXc hEQFIf @U^WZX\ab _SacS^ _lX qhQqGf AL Pu Ae@ @ Du e@ qu NT DEu NT jHQqiu NT qDQqhu ¨¨¨f BZX^Ukc qif JU[[ TYcXlXc\Xu ^UVUXcRXu RV^SWVRu `Y[^^SkUVVSf c DG eBBB DHEEf eYVW IFijf
DGEjf AW[YZu n[_s J_UVTU[f J^W ji B¨ DHiDf ea XUcRVUXYkkl dSaUZ eUVYZcWZ A_U NUcWVbU S[XTUZf © jD LWV_U OVWZU >S[bQ TUZf oVWVcU DGf PURkkUTUc^RXcU_Uu kSXcWV_SSZWu p DG eB
DHjIf eYVW DhGGf
DGEqf PW`Y^lX }YZc AcYZzly^~u LUR[W dUU^^S dSSXYkkWf NRR[R`YXW G eBB D DHijf ea U[^^ dSQ XYp AcYZzly^ _U OZZU OR]RXcU gla[f © IF KVXU OUVcSZYZf BLVcU Dhu CUTkYQ [YYZ V\X \S IDf nÁC IFu eC jif PS[Q ^YU^SX^YZ ^YZ^lcYabUX ?\ WXlZZ IGQ qGu ^YZ^lcYabUX ASVYZU ?\ jqQqGf A kRRZ_UVSXcRXcYab ?\ cSWT_ IHQu AU[`WX ?\ qDQu LS^STS ?\ qEQFqf OUVcSXYZ ^YZ^lcYabUX ?\ T\\ZcWkllVVV jiQqGu cSWT_ qGQu _SacS^ k_f oX \acWsWbYZ _SaQ cS^ k_ _U _lXf PURkkUQ_U cYSVVTWZ hGQhEf dRRkU_SYZ ^RZZ`UVc k_ IHQjif CUTkY[YYZ ^URk`UVc _lX qiQqGu ^URkaUVV qiQqFf CUTkY[YYZ cYUcc _SacS^ k_ jhQjHf PYZ^lcYSVVVWWccS _U PYZ^lQ cYSVV c\sZUZcU_UVWWccS k_f ACP k_ hGQu eRS[W> hju e@ q k[^u AL XRR[[u Ae@ Pu NT DEu NT jHQqiu NT qDQqhu Ar@ UTu eXX UT Du Bcl` XRR[W aSk ^T[ SZ ^u BXV J@ XRR[[u @RScX r@ XRR[[u gL BB @ XRR[[f eYVW FEqu c\ccl[YZkS_Uc EjGiu EhIFf
DGEhf ARcWZYZu eWV_Sf BVSTUZcXW DG Be DHiDf ea ^SZcc dSaUZ eW^cS[ A _U K`U PU[SVWZU rUZcXU[f © IH MY[c[Rb KTWVWU @lXlQ ZYZf oVWVcU DFf eU[UXcSZaSWcf Q» DD ¨ DHqFf
DGEFf CY[ccW }Qjh A\blZaYWTSu YZc JY[c¦~u O[TUXf J^W DE DDD DHijf ea ^a[U NUccW A\blZaYWTS _U NU[WU rUU`SVUWZYZf © IH ^UZXVWXcW LYWVU L\\VW LWVVR^^U PU_U`Uf eWVWVcl Iiu JlTYYZVWZZUZ V\X \S IIf O?C jDu e@ aUVVWZZ `W[^UcRc^ jDf @J cUVSRXSX ^SZccUkRV IFu ^W[_UZkWc IGQjHu [URcUcWY[U^SX ZSc jHQqju SXXWac qjQhIu ^UT[ hIQu PY[U`UZ \ac^ SkYcc qFQqHu ^UZXUVUWXSkWXc qGQhif PY[U`UZ ^UZXU^VURcU^ k_ hqQFiu `Y[SQ VURcU^ _lX FqQu ^UZXU^ _SacS^ k_ hHQFiu ^W[^^S`UVc _lX hhQu NWYXVURVU_Uc k_ qFQhhu FDQf ARVUXSVW J]WZ kWW[WZ aUVW _lX FjQf PY[U`UZ PVRzW k_ hFQhHf J?P YbRXcU_WXcS _lX FjQu Ae@ @u e@ qu NT DEu NT jHQqiu NT qDQqhf PUkc qqf p DG B¨ DHEIf eYV_Yc Ejiu HEEu DiFFu DjjIf
DGEDf JUVVU^S[kW }YZc Aya[SYbY[~u K[^^W O[caR[f ³dSYZXRR Di ¨B DHiIf ea k[Sp VW`S O[caR[ J _U KVVW OXYaUZf © O]ZYX
ObYVY AUZbYVVf \S IDf PUbP IDQIju APP jjQjhu SkWX^ Jn
IEQjif PC@ I ZkW RkX IjQIFu @oP SkYcRXRkX IhQIFu ^YZcclQ
DGEGf CU[_UZZY }QiF Cs[Z£`WXc~u rlW`s PUR^STWYVW }rP~f aaTTTW JlTYYZVWZZU q e DHijf ea ^UZXVWU> O[ccR[W dSaUZZYX C _U JYVVWZ LS`WXU NU^^SZYZf © jI N OZZUQPY[ccR @WQ cU`RS[Wf Q\S IDf n?C _U LUP IEf oN kUV` IEQu _USXcSXWac jiQjIu _USXcSkllVV jHu SW^YRbYVV SX `c kllVV jHu aUVVWZZSW¢ ?X `c kllVV jHu kllVV qiQqh ^UZXVWUkllVV hiQhjf LlaYc\XcsXWac MYZY`YXXl }_U gY[ZWXXl~ jIQjqu CR^aSVTUXXU jqQjEf LlaYccWVlX ?XVSXXU qhQhiu @Y\^_U`W^WXQ XU qGQhiu PsskYZaUTWZUXXU hjQhqf ARR[VlaYccWVlX PsskYZQ
JUTWZUXXU hqQhFu FDQGiu CR^aSVTUXXU hFQFDf KbRX^ RV^SQ
UXWUWZ`UVWS^ XWac qDQqhu A eUV^ @RRXRZ _U A LYW_SZUZ [WcU[WQ ^RZZUc jHQqhf LlaYc\XcsZYR`SX jhu Y[W^SWXVlaYccWVlX _U cl\Q XW `UVc TWZWXcY[W qIu Ae@ P Du AL XRR[[u e@ ^Uu e@ ju NT DEu NT jHQqiu NT qDQqhu eXX UT D X^u ¨¨¨u C·@ XRR[[ _^^u BXBJ@ XRR[[u >r?@ XRR[[u @RScXrµ XRR[[u @RScX e@ Pf LcZ IEf JU[[ @ScU[\u URcSTUc^UWVRf c DF ¨BB DHEHf eYVW DFDFu kS_Uc qHhGu hEhGu FiDDf
DGEEf CY[`Su eYVW K[^^Wf ?RVR IG ¨ DHijf ea cSWT JY[TUZ dU^Sz C _U NUcWVbU PU[SVWZU JU[c¦YVVf BLVcUu LUabYZ \ac^ eL @S`UZWYTW kllcSWT jhQqDf LUkWZ PUZXU cSWTXWac IEQ jhu qDQqjf PRZZUVVWXcYZ VURcU^ _lXf rRSVRYYZ kWW[WXWacf @S`UQ ZWYTYZ Zl\cclTsZ _SacS^ _lXu LUabYZ o[aYWVW_UWZf QD @S`UQ ZWYTW IG B DHqjf
DGEHf CSW`SZYZu eWVaS KTWVf J^W h e DHiif ea ^URkk ObSVp C _U JWVTU OTUVWU PS[cTUZf © IE A`YU NU[WU @UX^f eVLVcl Iif ALNP kllXcscSb Iqf eUUXUZ PYZ^lcYac YbRXcf eT Iu NT DEu NT jHQqiu NT qDQqhu JYWTSXScU[f nVW^f JU[[ TYcXlXc\X ^UVUXcRXf c ID DDD DHGIf eYVW IDjIf
DGHif CRZ^YVSu OU[[Y JYW^^W OR^RXcWf ³eWVkkRVU II eBBB DHijf ea ^SRVR> dRaS JYW^^W C _U AWW[W eWVaYVTWWZU OaZ]Y[f © jI ORZY NUW[Y PS[^YU^SX^Wf \S IIf P IHf CWVUXcSW¢ kllcXcS UkRVU^W jDQjFu U^c jFQqEu \VWU^c qEQhqu `c SX_Sac hju SX_Sac hqQFif A cWVUXcSXYR[ k_f PUZXVWUZYR`SX Fiu e@ j T^u e@ q T^u AL @ Du Ae@ @u NT jHQqiu A^ U[u eXX UT Df PUkcf p D ¨ DHFif rS_Uc hGGHu FiDjf
DGHDf JWWbYZaYWTS }YZc Cs[ZXc[sT~u A`YZ K[W^ }KY[S~f oRQ XW^W[^^S DI ¨BB DHiif ea cWVUZST A`YZ dSaUZ MUz[WYV Cs[ZQ Xc[sT _U KVWZ ?VW`WU NSzY[]f BLVcU Dhf J\`WZ^llZ TUUQ TWYX^SRV _U NRXcWUVUZ TUUTWYXSkWXcf B[_UVUZ ^U[cUZS WXlZclf B[_UVUZ ^UZXU^ _SacS^ k_ qIQqjf eWabWZ ?XRRXTYW_Y[W aUVW _lXf NT DEf JU[[ XRS_YVRX^RZcUf p IE DDD DHqjf
DGHIf eWbYVVu O[`S OVzWZ dSaUZZYXf J^W DH eBB DHiDf ea c\sT PZRc YVWÃ e_U OWZU K[W^U NWy^YVXXSZf Q\S IDf nÁC IGu eC jif OO PU_UUZWXXU jiQjHf c PU_UUZW F B DHjHf eYVW DhIEf
DGHjf eW[cUZYZu @YWZS OVY^XUZbY[f ³J^W II ¨B DHiIf ea VWW^YT PUU[VS KTWV e _U OVTU PR^^SZYZf © jG OZZW KVWXUQ zYca @UZZW^^Sf \S IIf ?kWX^ VU^WU IqQIhu LP IE LL jFf Lll^f @URcUcWYVll^ @WWaWTlYVVl jGQf AScWVUXVll^ jFQqFf @URQ cUcWYVll^ \ab XWac jFQFIf e@ ju e@ qu e@ qu NT jHQqiu NT qDQqhf Lll^Y`V qqf JU[[ kWUZSZXSWccSu [STUUZWXYc ^WYVYcfQp H eB DHFHf eYVW DHGqf
DGHqf rlW`lVlWZYZu ORVWX NUccWf ³J^W Iq BB DHijf ea ^SZcc dSaUZZYX r _U gYcc\ JlVWXcYZf © IH KV`W NU[]Wc LWZb][YZf ewVcl DHu J]WZ XRST V\X eVVLVcU Ihf dSaZ rU[`WUWXYZ CYac ?\ kUV` IhQjFf PRXc ?\ PScWTUU _U PW[_UkU_U ?\ ^SZcckllVV jGQqGf AeoL cUVSRXkllVV qGQhDf ?V\TkWU^WXS_YZ _l[_cYaclQ `WXXl hDQhIf PW[_UkUWZS NY[^R[ ^SZcckllVV hIQu oX TWYX^RSQ [S_YZ _Sacf c J^W F ¨BB DHFhf
DGHhf @\\ZlZYZu n[_sf ³NUUZWZ^U Dh eB DEHFf ea cUVSVV AUTRVW @ _U NU[WU ASpWU @lXlZYZf eLVcU Dju PRSkWSZ V\X eLVcU Dhu \^X \S DEf es\[WZ XScU^SRV DEf ?kWX^ Jn TUUcQ TYcXlcWYc cWYbY^ IiQIIf c D Be DHIIf
DHDq
DGHFf LS_UZbY[u PSZXcUZcWZ Y[bWZUZbf J^W j e DEHHf ea Vll^WZcl> oZS L _U OVY^XUZb[U OVUbWZf ewVVYu \S DHf QCUWbY^URkkWUXf NT DE [X^f p IH DDD DHjHf eYVW DiEGf
DGHGf PU[W`W[cUu n[_s OR]RXcf dSYZXRR IH eB DEHEf ea ^SZYTYXc dRaS P _U JYVYZU CXyaY[ZWQ yaWZf © ji ORZY [UZ¦WX^U ASTY[XUVQ TWf eLVVYu \S DGf LP IDu LL IHu ZUWXcYZcURc _U X\ZZ\c\^XWYZ Y[W^Vll^ jFf eUV^_l[`YZ ^RZZVll^ IHQjqf rrr I Vll^ IHQjqf eWWkR[WZ ^URk X\ZZ\c\XVUWc UkRVQ Vll^ jqu J]WZ \V XUW[ ZUWXcYZ^VWZ jqQjFf CUTkY[YYZ ^URk X\ZZ\c\XVUWc UVWVll^ jFQf NUZZY[aYWTQVWWccS eUV^_l[`YZ SX k_ IHQjqf e@ qf QLll^TU_ jIf JU[[ TRXWW^^Wf p q ¨ DHqjf
DGHEf O[kkYu >WWVS AU^U[Wf PYR[RR Ih Be DEHEf ea kWW[WVll^ >WVX dSZUcaUZ O _U ?ZZW OTUZbU ObSVpWZU AUZb[SSXf © IE OWZS KVWWXU @\\ZlZYZf Q\S DEf QNJ Ijf PUZUbUXQ XU IqQIFf eYWcXWVRSbSZ XUaUZ kUV` IFu @YkSVU tSSb Lcb IFQIGf rUkY[WkRR ?\ NJ IGQIEu PU_UUZWZ ^URk IEQhDf PUQ _UUZWZ aUZ^WZcUkWW[W kllVV qhQqEf PUQ _UUZWZ `UkUUZ aRSVVSZ ^YX^R^XYZ k_ qiQqDf e@ qu e@ qu eT Iu eXX UT Du NT DEu NT jHQqif LcZ qDf JU[[ TScWZcY^Su ^W`Wc\scf c PU_UUZW ID eB DHhDf
DGHHf P\csTUUu KZXWS PRVVY[`Sf ³NW^^YVW ji D DHiIf ea UXWUT PUU[VS P _U KVWZ eWVaYVTWZU oX^YVUZbY[f © IE \VWU^c OZZUVWWXU NY[WXUVSf LUkXYc rY[ccW PUVY[`S jiu PW[XcW OZZU KVWZU qju dR^^U PUU[VS eUVp[Wb qqu AWZW^^U PUU[WZU qFf BebVYu \S DHf P IDu N IIu LUP jif OXRcRXaUZ \VWT YXWcc jif PRZZUVVWXYZ ^YX^RXcXcS VUWZSkkWZRc XWac jDQjFf LUWZ`UVQ TWXcYVR^ ZkW _lX jFQqhu `kW _lX qhu VUWZXllblZcs> qFQu cU[^UXQ cRXcXcS kllVV FDQu JUU]UZ ^URkk_Sac jjQjGf nacYWX^ PS[^YU^ SkYcc qhQqEf Jn `UVcWScWYc cWYbY^ SkYcc qhQhGf KbRX^ _lX qhQ qEu VU^W`UVWS^ k_ qGQqEu kY[RXcRXVU^W`UVWS^ XWac qDQqhu XRR[YZ `UVWS^ XWac qHQFHf J]WZ ^URk`UVc _U ^WWZcYWXcsVURcU^ _lX hDQ hjf AUc? ^R[UUccS[W IIQIqf e@ q }I ^kV~u Ae@ Pu NT jHQ qiu NT qDQqhf LcZ IHf p ID eBBB DHGif rSW^U qFDEu `YVW DHIHf
DEiif ¾WbzYy^u OÃYV tWVaYVT ORVWXf PRSkWS IE eBBB DHiif ea [Yac dSaZ OZcSZ ¾ _U OZZU tY]YVWRXf © Ih YzY PY[XcWZ gS[]f LUkXYc NU[_UccU IFu K`U IEu OXVU^ IHu @WWccU jDu JYZ[W^ jIu JYVYZU jqu o[XRVU qI BebVYu \S Iiu PRSkWSZ V\X BQDDD B^f P Ihu cYSV Y[ScRc^ IFu CL jGu CC qif A[^QkUkkWZU K[l_l[Q `YVVl IGu JSVVSVUXXU IGQjIu LUabYXXU jIQjFu RX ^Y[cS_U oX^YQ VUXXU _U eYV^RUVVUf CR[RZ ^VV\X `kW VYac jFQqGf AUVSQoX^YVUZ ^a[U qEQFGu NY[WTUX^RZ `c ^a[U FGQGIf LUabYZ c\ccsV\X RX^ _U pWV UV^ SkYcc jiQjhu CR[RZ \ac^ _U CR[RZ c\ccs^ jFQqGu AUVSZ \ac^ hGQFGf AUVSZ AJ^SRV YcWW^UZ SkYcc FjQFFf LUabYZ ^URk`UVc _lX jjQjFf CR[RZ NW^UYVWZ X[^ ^W[^^S`UVc _U QZYR` _lX jGQjHf NUZZY[aYWTQVWWccS AUVSZ SX _SacS^ _lX hiQf AUVSZ @ScU[\Q^VRzW k[YX qEQhif A LlZcWXYZ @ScU[\ kWW[WZ ]S`YTS[ hFQhGf dRV^ cWYc cYS^XWUf e@ q T^u Ae@ d Du NT DEu NT jHQqiu NT qDQqhf JU[[ ^RZcS^l`YV\u XUU[WXcS[Yc^YWV\u cWYQ cS^W[_UVVWXRRXu TRXWW^^Wf p H eB DHHif
DEiDf OUVcSZYZu OU[ZY O[Ycf NYcXlVl IE eWVW DHii ea _UVQ ^WZYVWW^^YYZ aU[_ dSaUZ OU[YccW O_U PU[SVWZU rYXSZYZf © IE
TY[^SZ KY`U JYVYZU ARSZWSf BBwVVYu \S IDf nÁC IEu eC jDf LU^WUXWUWZcXcS UkRV PRSkWSXXU IEQjhf ?TU OOcXcS PRSQ kWSXXU jhQu e@ qu NT jHQqif elZ[ qDf JU[[ TRXWW^^Wf c Iq B¨ DHGIf eYV_Yc DEDiu DHEhu IiGif
DEiIf JlTYYZQOZccWVU }QiF OZbYVWZ~u n[_sQAU^U[Wf JlQ
TYYZVWZZU D B¨ DHiDf ea N elWZs J _U NU[\ g[Wb]Yc CY[`Sf © jD kUZ^WZQ
^UZXVWXcW @Rca LWZbzY[]f LUkXYc d\[^W _U
oVVU jFf BLVVYu BLVcU Dhu JlTYYZVWZQ
ZUZ V\X \S IDf PUbP IDQIju CUWXcYVRQ
^SRV jDu Jn JRPu P _U N hHf PU[_UQ
VUZ PUU[cW [\^T ZkW RkX _U Ub_ IjQIEf nY cXcSRkX IEQjFu rS[WZ [\^T ^STkkQ
kllVV _U UVWRkX^SRV SkYcc jFQjEf rN `kW
cXcSRkX _U cXcSYXWRkX jEQqGf eU^\ac PUQ
VY`l kWW[WcU[^ qHQhif eYXUZZSVVU ^UZXU^S hiQhIu ^YX^W^ [Yac hjQhhf eU^SW^ XScWVUX_lX qDQqGf e@ j T^u e@ q T^ Ae@ @ Du NT DEu ORZR^XYZ NT \Tf elZ[ Iju BcZ Ihu ^Ukc IHu TU_ qDu Y`V qGf dRV^ zWS][UpWXWU _U aWXc cYS^XWUf JU[[ ZRTWXTUQ cWW^^Uu aY[UVbWW^^Uf p G ¨ DHEHf eYV_Yc DjEhu DEijf
DEijf JlTYYZQOZccWVU }QiF OZbYVWZ~u AWTS dRaUZWf J^W II
¨B DHiIf ea N elWZs J _U NU[\
g[Wb]Yc CY[`Sf © IE PU[WZ MRZZYV
Aya¯UZy^f BBwVVYu BLVcU Dhu JlTYYZQ
VWZZUZ V\X \S IDf PUbP IDQIju CPP
XScUcWYc SX IhQIGu AScUcY^Z ^SRV jIQjju
APP jGQjHu KySVY bR MYZWY }eY[XUWVVYX~ Df `RSXW^ IEQIHf r D RkX `WYXcWUVUVVU IjQ qFf rLJ XSccXcS kllVV qiQqFf rSa_SWXQ
TUWbYZ nab\XkUZ^^W k[S^ qFQf JlQ
TYYZVWZZUZ V\XYS cS`Y[W^ k_ IiQIDf
PUb^RZZUZ aUVW `_lX IFf rSa_SWXTUWbYZ nab\XkUZ^^W CUWbYQ ^Y[aS `k_ hqQhEf e@ ju e@ qu NT DEu ORZR^XYZ NT X^u NT jHQqi X^u NT qDQqhu JYWTSXu \YQRkX qIf ARS_YVRX^ UVW^ Iiu `lZ[ Iju BcZ Ihu ^Ukc IHu TU_ qiu Y`V qqf JU[[ pWVUQ cYVWUf c Ih ¨BB DHGEf eYV_Yc DjEhu DEiIf
DEiqf JlTlVlWZYZu JYW^^Wf AS[cU`UVU D B DHij ea kRRXYkkl OUcUTW JYW^^W J _U BbU NU[WU rsVVlZYZf BLBVY ewVcl Iif c DF BB DHEGf
DEihf ?^XUZYZu BVTU[W NUcWUXf CUTkY[Y Dj ¨B DHii ea kYVcWXYkkl NUccW ?_U MRXcU`U NW^^SZYZ © IF c DHIE NU[ccU KVWWZU AUVSf BLBVYu BLVcU Dhf OXYZcU_Uu c\sZ_Sac JYVXWZ]WXXlf AcTf PUUcRW IF eB DHqIf
DEiFf ?[UTS }YZc ?VUZbY[~u KWZU[W eUVp[Wb eUVbYTU[f J^W aTaaaRTT Dh eB DHiDf ea c\sT ?ccS eWVaYVT ?_U ObSVpWZU OUVcSZYZf © jD JYVVWZ NWZY[Q `U PUZZWXcSf BBwVVYu \S IDf ?kWX^ Jn VU^WUf BVTSWccU_WYZ @Y^VUUTWcXcS TUWQ ZSXkllVVf @YZ]UXcUVS ?\ T\\ZcWkllVVf @YZ]UXcUVS ?\ _U O_S^UVR ?\ UkRV_Sac qqQqEf CTW ?[UTS _U PZW _Sac qEQf c ID ¨B DHhHf rSW^U FijEf
DEiGf rYXSZYZu LUR[W BTTUZRYVf J^W h DDD DHiDf ea PSRQ VR> NUccW r _U KVVYZ B[YZY NUVTzY[]f BLBVYf PUUcRW eW[SXQ XU DE B DHDHf BXl DiGu `YV_Yc DGDEu DEqGu IIiFu IqhIf
DEiEf eW[UZ^S }YZc >s_b~u JYW^^W dRaSf J^W DF DDD DHiIf ea aUV^S^URkk PU[V [Yb[W^ e _U BbU LS`WXU ATUVYZf © jD NU[ccU NU[WU rYZccWZYZf BLBVYu \S IDu ARST @YUVWV\X B B^f LP Ihu LL jD JURaSZ ^RZZVll^ jDQjju rlV^lZYYZ jhQjGu JUUkU`YbYZ jjQjhu jGQFju NRVcWUZ FqQFFf PR[RZ FFQf e@ ju e@ qu AL @f Lll^^Ukc jFf c IH eB DHGif eYV_Yc GHFu HIHf
DEiHf OUVcSu KWZS OVzY[cf J^W H BB DHijf ea _U[[RT OVzY[c O _U gY[caU dSaUZZU L\bWU AUU[Wf oVWVcU DHf p DG B¨ DHEHf
DEDif O[XcWVU }Qqq OUVcSZYZ~u OVVUZ KWZU[f NlZcXlVl I eB
DHijf ea dSaUZ O[Yc O_U PU[SVWZU rYXSZYZf © ji B[_U NU[Q ]U[YcU CSW`SZYZf LUkXYc dR^^U jDu OcXS jhf \S IIf ·B JCPP IEu PCN JPPP jjf PCN UkRV SX kllVV hjQFDf LWXYZXXW`XcS _Sac FIQGif e@ j XUu e@ q XUu Ae@ @ Du AL @ Df BZXTU_f eYV_Ycu DEiDu DHIhu IiGiu kS_Uc hDjju hDFjf
DEDDf OU[ZWSu PU[W oSVY`Wf J^W q B¨ DHijf ea C gY[ZaU[b O }YZc JU]YVWZ~ _U NU[WU AYpS[U JU]YQ VWZf © jH Y[W^AJu VUz aSWc JYVTW B[_U CR[RZYZf LUkXYc JUZZR qDu BZ^Y[W qhu CUkUZW qHu CRSTUX hif \S Ijf P _U N jIf MYSVS]WXYZ ^STWXXWSZ _U TUUQ kY[lcRc^VUWc TUUkY[l^U[cSWccU_U IDu Iju IhQIHu jhf Ar cWVUXcScXcS jIQjjf ASXWUUQ VWZYZ cRc^cXcS jhQjFf CWVUXcSVVWZYZ kllcXcS jFf NUUcUVSRXaUZ `X U^c jFQqju UXRcRXUXWUWZSX `c U^c qjQqGu U^c qGQhHu UXRcRXaUZ U^c hHQu NUUcUVSRXaUZ cWVUXcScXcS `U _Sac jHf OXRQ cRXUXWUWZSX \VWT cWVUXcS_USXcS kllVV qhu `lYXcsVUX^YZcUkWW[W k_ hif CWVUXcScSWTWaYZ^WVsWbYZ XWac hqQ CUVSRXcWYc ^Y[aS _SacS^ _lX jFQqif J]WZ [UZX^UVUWXQXRST \acV\X `UZaYTkUWZZYR` _lX hFQu ^SRV _U @UZX^UVUWXYZ ^SRV cWVWZcU[^ hiQf Jnn RV^SQ UXWUWZ`UVWS^ k_ jDQjIf AnL RV^SUXWUWZ`UVWS^ XWac jIu aUVW _lX jiQjDf O[cW^^YVYWcU cRVS`Y[ScR^XYXcUf AcTf BXl IEiu kSW^U hHGHu c\ccl[YZkSW^U HHhif
DEDIf Oya[YZu KY[Sf >R[TW_l[`W Ij BB DHijf ea UXYTUkllVV dSaZ MRXcU` O _U Ca\[U BZ][Wb LY`WXSZf © ji KVXW NU[WU ?^XUf \S IIf ·B CPP IEf eSWTUQu VlTksQ _U `YXW_SacSQ VWW^^YWbYZ _Sacf CYSVVQ_U UTTUccW^SRVR_YZ SkYccf ?RVRZ ^URk `U^UU_Uf rSa_QrSa_UZTUUZ ^YX^RXUTTUccW^SRV [Yac qGQhhf e@ q cV^u eT Iu NT jHQqi TX^f LcZ qjf JU[[ XRS_YVRXQ ^RZcUf p @S`UZWYTW ID DDD DHhhf BXl Eqf
DEDjfLYkkl`W[cU }YZc OaVXc[sT~u @YWZS eY[ZY[f J^W DF eBB DHiDf ea TRR[U[W NUccW L WU NU[WU LS`WXU eYXcY[WZYZf © L\\VWf eLVcU DHf
DEDqf OVaSVUu AU^U[W ?ZZW KTWVf JSVVSVU F B DHijf ea \VWQ _RZUWVW_U [UZX KTWV O _U MRXcU`U OVWWZU gUV^f © jh eWYZS JYVVWZ CRSTWZYZf eLVcU Iif @URcUcYWbYZ kUV` IjQu CUTQ kY[YYZ UXYTUZ ^W[_R[W qjQhDf p G eB DHhDf
DEDhf OVYZu PUU[VS ObSVpf J^W Ij BB DHiDf ea WXlZZ MRXcUp ObSVp O _U BbU ASpWU NUVT][YZf c J^W IG ¨ DHDFf eYVW DDjFf
DEDFf OZ]Y[`RS[Wu PUU[VS KY[Sf r\al_l[`W }e D~ h B¨ DHiIf ea [U^YZZRX> PU[V eWVaYVT O_U BbU ASpWU ?VWZf © IG OZZVWX @Y]WZU M[UZzSaTf ewVcl DHf ALNP IjQIhf PY[U`UZ rRRQ cYSVVWXRRX ?\ IhQu cSWT_ hDQf JCNu RX cWVWZcU[^cYacl`Wlf PY[U`UZ X[^ aZcS^ _lX hhQ PY[U`UZ PUZXUVVWXXYR[ _lXf PY[Xf p E B¨ DHEqf eYV_Yc DEEDu IEEif
DEDGf LSRaWTWYX }YZc gUy^TUZ~u rUU`S rlW`Wsf rS[ZUWZYZ G eBB DHijf ea ^URkk PU[V @W^aU[b g _U OWZU MscWVbU LlaQ cYYZS_Uf © jq C\\ZY OVY^XUZb[U eUZaUVUf e¡Vcl Iif rSXcWQ `W[^UTcRc^ IFf rSXcWVUWc kUV` IiQu @WWaWTlYZ ^SZcc aSWc qqQ qFu kSXcWXWW[cS^SZcc ^UT[ qFQqEf rAr SXkllVV qEQFFu UkRV_Sac FFQu e@ ju e@ qu AL @ Du Ae@ @u NT jHQqi TX^f NT qDQqhu ¨¨¨u AU^XPµ If nVWVf p Ih ¨B DHEEf eYVW IDFFf
DEDEf gss^u CURZS OUcYf J^W H eBB DHijf ea VlTTWccl_l OUcY dRVWRX g _U UZZ\ ARXUZZU PUXXYV][YZf © qE ?V]U ASpWU LUU^XSZYZf \S Ijf ?W^SVR^W_U J]WXXlf
DEDHf PU[^WVU }YZc ¥UW[YZWRX~u JU[[UX CSW`Sf J^W h ¨BB DHiIf ea kRRXYkkl MRXcUp Kb`U[b ¥UW[YZWRX _U KVWZ tWVaYVQ TWZU AYVWZf © jF eWYZS @Y]WZU eW[cUZYZf \S IIf ?kWX^ Jn TUUcQTYcXlc _U VUWZSkWZ cWYbY^f ?B KVUZcS T\\TlVsWbYZ cU[^ IqQjFu J]WZ ?XRRX^URkUZ jGQ J?P _SacS^ _lX jGQ KVWZcU[`W^YcYSVVVWWccS VYWkSTS_USXcS _SacS^ _lXf elZ[ Iqf JU[[ XUU[WXcS[Yc^YWV\ ^UVUXcRXf p DH BB DHGif
DHDq
DEIif K[cUTS }Qjj K^Xc[sT~u KWZS LYZZU[cf J^W D ¨ DHijf ea XR^YVcU_U dSaUZ K`Y[c K _U ?V]U ?VW`WU K[W^XXSZf © jD
JYV`W NU[WU JUUacWf KWcl Dhf J]WZ NRXWW^^WSkWXc DjQIhf J]WZ ^URkRZ]WZS[^ IGQu p E ¨BB DHEDf eYVW IiGhf
DEIDfPSX^WTWYX }YZc S[XTUZ~u dUU^^S KWZU[f AU`SZVWZZU IH Be DHiqf ea C PUU[VS dRaUZU dUU^^S S[XTUZ _U dYZZ\ LS`WXU AUQ
ÃYZf \S IIf P Iqu N IGu PUbP IFQIGu APP jIQjjf PU[_UVUZ PUU[cW ZkW RkX IGQjju nY XScUaWXc cXcS IHQjjf @YX`lZ[ Ihu `lZ[ IGu BcZ IHf p J^W ji Be DHjjf eYVW DjDIf
DEIIf MRXcUpXSZu n[_s eSVbYTU[f ¬rWYcU[W DG B¨ DHiqf ea ^SZc[SVVss[W dSaUZ OVY^XUZbY[ MRXQ
cUpXXSZ _U OVTU NU[WU JYW^^WVlf \S IIf p rU[WWXW Ih eWVW DHIEf eYV_Yc DhFIu IGEhf
LUkXYc @Wc`U JYVYZU qju NU[^^R oX^S qqu NUccW BVTU[W qGf \S Ijf nÁC jDu eC jEf OO J]WXXl jIQjjf >R[TW_l[`YZ >N jqQjGu dUUVUZ jGu JURaSZ jG _U eUV^YU^SX^YZ jEQhhf rnr eUV^YU^SX^YZ ^SZcc _Sac qjQhGu C[YYZ kWW[^SZcc _Sac hGQFHf rW[^^UVUZ ^WaVU^ `c aYZ^W^W[_SWZ qIQqjf eUV^YU^SX^YZ `Y[SQ VURcU^ `UVc UXWUT jHQhhu k_ qiQqDu _l[_YXc\XSW^ YXWT qDQFIf NT jHQqiu NT qDQqhu AL @f elZ[ jDf p C[Y IF DDD DHGFf rS_UZc\cl[ DiijHf
DEIEf JWbYZu dU^Sz OR`S dSaUZZYXf J^W IG BB DHihf ea UkRVk[Sp PU[V dRVWRX J _U JYVTW LWWXW rU[TUZYZf CSWTYZ rS_Uc UVW_Sacf ?XUVQ VWXcRW TT J]WZ `UVcUR^XYYZ DEf p J^W ji B DHIIf eYV_Yc IDGFu IjEGf
DEIjf JUUkUZYZu PUU[VS KVWUXf J^W DG BB DHiqf ea PSRVR> OVY^XUZbY[ J _U dRVWU rVYcZY¯f ewVcl Iif p Dq Be DHIFf eYV_Yc FqEu GIhu DhFju DFhif
DEIqf JUUkUXUVSu KY[S dSaUZZYXf ¬PsskYZaUTWZU G ¨ DHiqf ea ^R`UZ`YWXcl_l dSaUZZYX J _U BbU NU[WU ?VVW^UWZYZf © IG KVWZU JYZ[W^XXSZf \S Ijf P jju N jjf @U_UQPU[Q _UVUZ AW`WXc\XVWWcSZ XWac IFQIGf tA?n ^RXcUZZRX`W[^ IGQIEu PScW^UX`UcRX\ab `W[^ _U PScW cSWTXWac IEQjjf A r\al^SRVRQ \ab cXcSZaSWc jjQjqf CRRXRVUZ c\sXWW[cSVU _Sac jqu rY[ZWsZ ZRS[WXSXWW[cSVU jqQjFf JRSVcScSWTYZ `c kWW[WcU[^ jGf NUUXYRQ bRZ OXRZcS^STWc cWVUXcST jGf J]WZ ^URk aRSVcS`XcS ^UZXQ VWUZYXWTu U^cu `XcSZXWac jEQFi _U UkRV_Sac FiQFjf JRSVcU_U cSWTXWac hjQFju kllcSWT FqQu JRSVcU_UQAllcWs XWac hjQFjf AW`WWVWQ _U OXY`YV`SVVWXRRXWZ` LWWccS UkRVUXWUT jEQjHf JRSQ kUVUabYZ JR[_Uc k_ _U XWac IiQ _U jiQVR`RVVUf ASXWUUVWaRSVVSZ PYX^RXVWWccS RV^STUUZcSWTW^ _lX hGQu O^Uc TYXc TR[cSTUUQ _RS^XRXXUf OVW^f p IG B¨ DHEDf eYVW IDGqf
DEIhf JU^UVYacS }YZc JU]VRZb~u KWZS @UpUYVf ¬J^W ID B¨ DHijf ea \VWSk ^R[XS[W PU[V OR]RXc JU]VRZb _U PU[SVWZU eWVQ aYVTWZU JU]VRZbf © jD AWW[W ?ccYVWUZU CR[cSVUf eKVcU Iif U[T Iju k[S` IHf LPJ UkcYY^^WSX UkcYY^^WYZcU[^ jEQqIf U[TUXWUZ ^UZb^VRzW k_ IFQIGf A pU[TUXYRccWVWWccS XWac IFQjIf e@ q k[^f elZ[f p G ¨ DHqIf eYV_Yc HEFu DIjju DHDif
DEIFf JYWZSu K[^^Wf J^W Dq eB DHiqf ea YXWcc> B`U[ ?X^U[
J _U MY[bU ASpWU @SXyaWY[f © jq ORZY LUR[U OUVcSZYZf eWaWcl Iju oRXW \ac^ \S Ihf ·B CPP jIu ^UZXUWZ` BB B^ [UbWSXla^cRc^ IEf J]WZ [UbWSUXYTU aSWc jiQjGf J]WZ WVTUWVR`WYXcWUXYTU aSWc jGQjHf rLJ [UbWS^SZcc kllVV _U cXcSkllVV jEQFDu \VWQWZX jEu [UbWSQSX_Sac FDQFqf PRV^RVUWc _U \V csWbYZ TWZ WVTUWQ VR`WYXcW_USXcS kllVV jHQ eWYXcWSX BB cXcSQ kllVV qDQqqf J]WZ c^ SkYcc jHQqif @UQ
bWSXla^^R[XXWYZ _Sac jEQf AScY`U [UbWScY^Z UXWUZcRZc qhQhiu Jrn hhQFqf JYVXWZ]WZ AUZSTUc Xla^ _U cSWT IIQjIf ACA
Xla^s^Y[aS k_f @UbWSWZXXYR[ k_ qiQqIf eUVc bWkVWZXVWWccS k_ hqQu @UbWSWZXXYR[ _U [UbWSUTUcss[WVWWccS ^RZZWU_lXf e@ j T^u e@ ju Ae@ @ Du NT jHQqiu i UTf BZX^Ukc qDf JU[[ kRRXYklZc\scf p H eB DHFqf
DEIGf JYWZlZYZu oX^Sf ¬ J^W DD B DHiqf ea VYWkR[WTYXc KTWV J _U OWZS LWZbaSVTf © qI kUZ^^W`W[^ KWVU JYVYZU AcYZpS[Xf
DEIHf J_YVcu JYW^^W ?VU`Wf J^W Ij eBBB DHiqf ea XYZUUccS[W OR]RXc dSaUZZYX J _U ObYVY KVWXUzYca U^WZf © IHQFI ·SQ [Sca\ @Rca gR[]YXXu FIQ AU[U NU[WU >UR[f \S Ijf P IEf NUb[WbWZ VlaYc\Xcs kUV` IhQjju LSZcSS jjQjFf LWW^YTu cSWT_ J]WXXl jFQhFu PsskYZaUTWZUXXU hFQf CRc^W_Uf p F ¨BB DHFGf eYV_Yc HiDu DDqGf
DEjif JR[TY[WZcUu KVWUXf JRTkkWVU G Be DHiqf ea [S` PUU[VY eW^cS[ J _U OZZU BblZkllZQJYW^^WVlf © ji AU]U gSTUZf B VcU DGu J]WZ T`V\X \S Ihf PUbP IFQIEu ^UkcQ ^R[XXW jFQjGf PYX^WQA [\^T ZkW RkX IFQjGf PUbP SkYcRXRkX jIQjjf PU[_UVUZ PUU[cW ^STkkkllVV jGQjEf PYRAkK _U rAUcQ A^kK cXcSRkX jEQqDf ·K SXkllVV _U kUcV^ST jHQqiu qDQqqf PSZccQ _U SXkllVV qqQu e@ j T^u e@ q T^f NT jHQqif @YX`lZ[ IFu `lZ[ IEu VWZ jiu ^Ukc jGu TU_ qDf JU[[ ^W[_UVVWQ XRRXu Qp Dh e DHhEf
DEjDf JR[X^UWZYZu eYW^^S dSaUZZYXf ¬J^W H eB DHiIf ea c\sZ_Sac dRaS J _U OZZU KTWVWU CXaUVQ ^UcWXaf \S IIf ?kWX^ VU^WcWYbYcclf PYX^WZ aYZ^W`U^\ac AUVUTU kUV` IqQu _R[WXcWZ UkRVf A JYWTS `UXcUU`U cSWTf c JU[_U`UVcU F B¨ DHjDf
DHjIf B^SZYZu CSW`S O[TUXf ¬J^W IH B¨ DHiif ea XYkkl ObUT B _U OTUZbU >\^lZYZu p DI DDD DHDHf
DEjjf PZUUkkWVUu KWZSf ¬ J^W jD DDD DHijf ea U_R[W JYZ[W^ P _U K`U Nl^YVWZf eKVcU Iif PUUcRW ORZR^XYXXUf
DEjqfPY[U`RS[W }QiF @YZ`UVV~u OU[[Y PUVY[`Sf AUZ [UZyWXQ ¥S jD eBB DHijf ea [S` O^XYVW AU^U[W @YZ`UVV _U AUWTU ASpWU dUaZXXSZf © jE PC? OZZW^^W PY[U`RS[Wf \S II CYSV Y[ScRc^ Ihu `Wa kUk IF kUXccRc^ IHf nVWT kUkkWZU J\`WZ^llVVlu rRXRVUXXUu dS^WSWXWXXU _U eYV^RUXXUf CUW`UXXUVSZ ^UkkUV jiQjhu JURX_l[`YZ jqQu J\`WZQ ^llZ \ac^ RX^ cSkYcc IGQIHu JURX_l[`YZ \ac^ qGQFqf JURX_l[`YZ NLL SX k_u ^W[Q ^SZ^\VlZ ^UZXU^ _SacS^ k_u [UWccWRXVURQ cU^ _U aWXcS[WUcSWTW^ k_f @S`UXcW hjf JU[[ TRXWW^^Wf p IF Be DHFhf eYVW DqiHf
DEjhf PS^^Su rY^^U AUVSTSZf ¬LUacW Dj eWVW DHiDf ea ^URkkWUX ?X^U[ P _U PUc[W JYVWZf © IE SkYcc @URaU KVWZU tYXcY[VRZbf \S Ijf CSkS][UpWRkXcRc^ IGf CSkS][UpW^RZcU IFQhDf e@ j T^u e@ q T^u Ae@ @u NT DEu NT jHQqiu NT qDQqhf PUkc qDf p I ¨BB DHEif rS_Uc hDhDu hDGDf
DEjFf PS[kYVUu >WWVS PRXcUUf J^W Ii eWVW DHiqf ea _RZUWVW _U PRXcUU AYVWT P _U OWZU OTUZbU ?bYVVf © jGQqH CUWZU NU[_U AUVTWu hiQ ^UZXU^? OZZW ASpWU eUU[Uf \S IIf Ar ^SZcc^WW_SWcc jDQjqu ZkW ^WW_UZkWc jqQjhu dSYZXRRZ ^SZcc ^UXXUZaSWc jhQ jEu d\`lX^\VlZ jEQqqu CUTkY[YYZ qqQ qhu kll^SZcc `kW ^W[_UZ kWc qhQhEf e@ ju e@ qu NT jHQqi TX^f LcZ qif c Dq eBBB DHhEf eYVW IhjIf
DEjGf PSX^WZYZu rUU`S BVTU[Wf J^W Iq Be DHiqf ea WXlZZ eY[ZY[ @W^aU[b P _U OVWZU dSXYpWZU NU[ccWVUf \S IIf LP Ihu LL jDu LPC jEu ^S[`UQu ZYZlQ _U ^R[^^RcURc Y[W^Vll^ jqf J]WZ \VYWXYZ XUW[ ^S[`UQu ZYZlQ _U ^R[^^RcURcWYZ SX UkRVVll^ jIQjhf @C D ZkW Vll^ jIQjFu Vll^ jFQjGu A eUV^SWZYZ PUU[cW Vll^ jGQjEf rNu XWccYTTWZ rK Vll^SX Vll^YcU[`W^YcXcS kllVV jEQqFu Vll^SX kllVV qhQqFf eCC UXWUZcRZcW_UVll^ qhQFqf n^XWQ c\WXVll^ J]WXXl jqQu BZXc[RTYZcU[WRT ?\ _SacS^ _lX qiQu LllQ ^WZclXla^s ?\ qjQu d NY[W`UU[U ?\ qHu NYcUVVWcYSX ?\ hiQf A JRSZS^RRVSWXcYZ aRSVcSVWWccS `UVcRRX^ _lX hiQhIf LU[\Z]SVSQ ]W\ab [Uaa qEQFjf Lll^RkXVWWccS XWac jhQjEu k_ qFf ·RSbYyWT _SacS^ _lX hqQhFf A Lll^YcWYcYYZ AllcWs aZcSZYR` _lX FqQu e@ Du e@ Iu e@ ju NT jHQqiu NT qDQqhf Lll^Y` qIf JU[[ RV^SWVRf p q DDD DHGIf
DEjEf PSX^W`UU[U }YZc S[XcUbWRX~u K[^^W O^XYV MUz[WYVf J^W Ij DDD DHijf ea [^T PU[V MRXcUp S[XcUbWRX _U ?VW `WU MRXcU`U >\TUZf oVWVcU DHf NUUcUVSRXcY^ZW^^Sf c AUQ `SZVWZZU IF DDD DHIGf eYVW EHDf
DEjHf P[SaZu BVTU[W [Yb[W^ NW^UYVf PUZ]UXUVU j ¨BB DHijf ea k[Sp BVTU[W JYZ[W^ @YWZaSVb P _U KTWVWY OVWbY NU[WY ` ·WccTUZZf \S IIf ?kWX^ Jn ^YTWUU _U ^SZXY[`UcSQ [WSXXU `WRVRZXSWccSUf dSacW >NPn S[^f QD J^W jD eBBB DHIFf eYV_Yc DDFDu DjIiu DqEFu DFGif
AWZYz[\yaSpp c\sZ_Sacf PUUcRW KXWXUU[YXXU F DDD DHqif BXl IFEu `YV_Yc DFGqu IHjjf
DEqjf >Y`UVUWZYZu KWZS OUccS dSaUZZYXf J^W H ¨BB DHiIf ea TRR[U[W dRaS > _U BTkW NUcWVbU >RTTWZYZf © jI OWVW PSXSZYZf \S Ijf KbRX^ kW^U^W[_ IGQhju kUWZUcRXcXcS UkRVQ kllVV hjQFHf rW^U^W[_ XScUX\\VVWX\\XQ _U UXY^lc^YZclSW^YRbYZQ ^l\ZZWXXlf A @UcXUXcU_U¢ aUVW _lXu J]WZ @UcXUXcU_Uc _SacS^f dRV^ rW^U^W[_SWcR^XYZ V\aYZZYSkkW^W[_U qGf @UcXUXcRX ^W[_ JYVXWZ]WZ AUZSTUc ZWTWZ PWTS jqQFjf VcZ qIf JU[[ ^UXQ `WSkkWu XWYZYXclTWZYZf eYVW IDiEf
DEqqf >W`Y[l }QjF >\TUZ~u BVTU[W PRXcUU OUbSVpf JUZ^S F ¨B DHiIf ea [^T PU[V MRXcUp >\TUZ _U OZZU JYVYZU NUZQ bYVVf © jD ^UZXVWUQUkRV K`U NU[]U[YcU ARZbTUZf \S Ijf QnÁC IHu eC jj LUP hIu LUL hjf CUkUcR[TU`U^S\ PRVVY[`S ^W[_YYZ`UWacu VU^WT IEQjDf OO jDQjjf ?XRRXcR^^R^URkUZ _SacS^ _U aZcZYR` XWac XY^l VU^WT jjQhIf PP? \VWT `W[^UT hjQhEf rN cUVSRXSX cWVWcXcS kllVV hHQFGu ^YX^RXSX ZkW aUVVXWac FGQu J]WZ @? UkRV_lXf J]WZ `c PeWX^u Y[lWbYZ ?XRRXcR^^RQ ^URkUZ c\cl[\acWsWbYZ _SacS^ _lXu PPP ZYR`SccYVR^ _lXf PUkc qIf c G eB DHGGf
DEqhf ?WccWZYZu PUU[VY AU^U[Wf LlZ]YVTl^W Di Be DHiqf ea \VWY^XkYbWcss[W rY^^U ? _U NU[WU eWVQ aYVTWZU PU_UUZf BeWVcl Iif ?kWX^ cUZXXWU CSW`S >WX^UXYZ _U MYS[]Y MY¿Z _SabSVVUf ARST ?SkkY[UZ cUZXXW_Uf oX `RSXWU XSSVScUZXXW_UZU _U XYR[RYWXXU rUQ [WWXWXXUu BcUVWUXXUu KXkUZ_UXXU _U KcQ OTY[W^UXXUf ?TU cUZXXWSkWXc J]WXXl Qjif CUWbY^URkkWUX Qjif p J^W Ii ¨B DHjif
DEqFf rUV_U^^Uu o[aS O^XYV BVTU[Wf J^W Dq eB DHijf ea ^URkkWUX O^XYV eWVaYVT r _U NU[WU KTWVWU OZbY[XWZf © ji ?L _U LL JYV`W JUVTWZYZf \S IIf CYSV Y[ScRc^ IFu kUXccRc^ IHu ^RR[ST\^^lSkcRc^ qiu ^UX`UcRXSkWZ cRc^ qDu XS^YUWZSkZl\cQ cYYc qEf A r\al^\ab TUc^UkUkkW IFQjiu _SacS^ _lX jiQu kllXWac _U [Uaa jiQjFf C[YYZ kWW[WZ ^RR[ST\^^lWZ TUc^UkUkQ kW jFQjHf J]WZ rSa_ XRST X[^ UkRV jHQ qDf CssVsZ X[^ UkRV qIQqju ^UkkUV qjQ hH ^a[U hHQf AS^YUWZ nXcl`WYZ c\s^SRVR_YZ RX^ SkYcc qjQhju J]WZ `U ?PP hiQhDf Ä`W^WZ ^RR[S_YZ aRSVcS^ScWXllcWs _SaQ cS^ _lX qIQu A[^SkWXcSXllcWs `UVcRRX^ _lX qFQf J]WZ XUW[UUVUWZ XWYVRZaSWbSZ _SacS^ k_ FiQFjf @S`UXcW hIu e@ j cV^u e@ ju e@ qu Ae@ d Df PYZcclkUkkWcRc^ IHf JU[[ UVUZ ^W[_UXcSu pWVSVS]WUu bWU^SZWUc\sf p IH eBBB DHGHf
DEqif LUkkUVUWZYZu eWXUf § J^W IE DDD DHijf ea ^UZXU^S ?ccS eWVaS L _U O]UcaU OVY^XUZb[U ·Y`YbYVU¦Xf © jH OWVW KXcY[W PU[_UVUWZYZf ewVcl Iiu PUVVWSZ \ac^ \S Iqf ·V CPP IHf JUZ^^W_U `YXWQ _U VlTksSX aSWc IHQqGf OcYZYRT cSkYccf JU[[ _llkUVVS }TUU_SR^^RYYXXU~f Qp Di eWVW DHqGf eYVW jDDiu kS_Uc qEjGu hiFhf
DEqDf NWYccWZYZu rUU`S ?VU`Wf J^W DG ¨ DHijf ea kRRXYkQ kl KY[W^ N _U [`U JUZZU >\TUVTf © qq cXcSUkRV eUkkR >WYTWZYZf LUkXYc CWTS hD c DHEqf oVWVcU DEf ALNP IiQIIf N\\ZcWQ _U NUWZSX^SRV jFu RX Y[W ^R[XXY_Uf @U^Y ?\ TYcUVVWQ _U [URcUQ cU`U[U T\\_lu @YZVRZb ?\ jqQGiu N\\ZcWYbRXc jqQjHu cR^^RSX aSWc qDQ hIu T\\TlVlZW hIQGif BXlZZ hFQFFf OX ^ ?\ @WWaWVWZZUf KVl^^ GiQu rYXlkUVVSXYR[ rUVVSQCS`Y[Wc [\ kY[RXcU_U_lXu XWac _U cSWTWcXW_U IIQjjf eT I B^f PY[X qDf
DEqIf NSWVUZYZu ORVWX KYTWVf eUUXU IF eBBB DHiqf ea cSWT_ KYTWV OR]RXc N _U KVVYZ KTWVWU ARZb`UVVf ewVcl Iif NY[WVQ Vl IiQIIf ORXc[UVWUXXU D|I `RSccUu g[UXWVWUXXU D|I `RSccUf ?\
DEqGf rYXSZYZu >WWVS >UcUZUYVf J^W Dq ¨ DHiIf ea ^SRVR> NUccW r _U [`U KVVYZ B[YZY NUVTzY[]f © IG KY`U NU[WU rRRXcWZYZf LUkXYc LYYZU IEu NU[_U jiu JYW^^W jqf \S Ijf LP IGu LL jDu LPC jIu XWXlcURc Y[W^Vll^ jHf OZUc k[Sp qIQhqf LPJ kll_Sac hqQFHf PUU`WZ ^RZZVll^ jDQjIu JURX_l[`YZ jIQjGf Jn `[Yac hjQhqu Jnn k_ jEQ qif eSWTWXcYVRVUWcSX cU[^ hDQhqf ?V\TQ kWU^WXS_YZ \VWVll^ hIu NUUWVTUZ CY[Q `Y\X_l[_YXcsZ aUVW _lX hhQhEf dRV^ LllQ ^YcWYcYYZ AUZU^W[_U FDQEFu CY[`Y\bYZ kRSVYXcUQXUW[URccU `UXQ cUUZ Eiu BaTWXYZ UZUcSTWU hhu Lll^l[WZl _U `W[^UTWYaYZl hju CRZZYc^S ^YaSXW hiu rWW[WVll^l[WZl ARSTYXXU DEiiQVR`RVQ VU Hi \Tf KLC aY Fhu ?Rn KLC aY GIu PRn KLC aYu e@ ju e@ qu Ae@ P Du ? U[ Du Ar@ aSk UTu ALL aSk kVU^YccWf Lll^Y`V FDfQ JU[[ ^UVUXcRXu XRSTYZ^WYVWZYZ Vll^YcWYcYYVVWZYZ ZWTWXcsf BXl DiGu `YV_Yc DGDEu DEiGu IIiFu IqhIu jDIqf
DEqEf rSVSZu JYVVY oV[W^ @SzY[c Kb`U[bf @RS`YXW ji eJ DHiqf ea eC oV[W^ eWVaYVT Kb`U[b r _U KbWc NU[WU ?ccWVWU OaZ]Y[f © jE JYVVWZ OZZW^^W ellZlZYZf VVLVcU DGu ARST
\ac^ \S IIf K^SZ PPP jqf rSa_SWXTUWbYZ nab\XkUZ^^W kll^SZcc jqQu k[S^f JU[c [UZX^UZ _U YXkUZ_UZ ^WYVYcf p G eB DHhEf eYVW Iijqf
DEqHf rSVSZu PU[V PZRc JYV]Yf J^W H Be DHijf ea U[^^ PU[V tY[ZY[ r _U OWZS NUcWVbU S[XYVVf © ji PY[ccR AWX^S
A\V`WU @UUXXWZUf BewVcl DGu J]WZ XRST \ac^ \S Ijf ·B CPP ^SZY[U^ SkWZcSX IEf A PRTWcYabUX ?\ >S^WUZ cYac WZX IEQjhu AU`WSZ cYac WZX jhQhIu AU`WSZ cYac WXlZZ hIQf dl[`YZQ kllZ PRTWcYabUX ?\ cSWT_u PYX^WQoRXWTUU ?\ _SacS^ k_f ?\ eUVS_SacS Oz _SacS^ _lXf PY[U`UZ nac^ PUZZUcRX\ab k_f PRTWcYSVV\ab _SacS^ _lXf e@ q ^Uu eT I ^Uu eXX UT Df c AU`WS Ij e DHFGf eYV_Yc EhDu HjIf
DEhif rSZcY`Uu KY[S eYVWf J^W DD ¨B DHiIf ea ^SZcc K`Y[c
eUVbYTU[ r _U eWVaYVTWWZU occY[f © jD
JYVYZ NU[WU CUkkY[f LUkXW eYVW qDf \S Ijf LP IGu LL jqu LPC jEf J]WZ \VYWXYZ XUW[ XWXlcURc SX UkRVVll^ jFQqDf rK Vll^SX cXcSYXWRkX qiQqhf eU^RRcRXQ
SW^ Vll^ qhu qHQhIu \VWVll^ qFQqHf PKLO Vll^ qhQqHu \VWVll^ qHQFhf Jn
kY[^RXXWSZ _U URX^RVcUUcWSZ SkYcc jHQ hFu XWXlcURcWSkWZ VRYZZSWcXW_U qIQFHu
`U^Vll^YcWYcYYZ hGQFHf BZ`UVWbWaRSVcSQ
UX ZYR`^RZcU _lX hjQFGu eUVc ^WYVWcRc^VURcU^ qhQFqu OTTUcQ cWVll^YcWYc XllcWs qGQFhf @YRTUXllcWs aUVW _lX _U XUW[_USXcS k_ qHQFhf >S[XXWZ `UZaYTkUWZZYR` _lX hDQFiu k_ hGQFif J]WZ ^URk XUW[VURcU^ k_ hDQhjf Lll^l[WVWWccS XkYXWUVWcYYccWVURcU^ XWac _U _lX qDQhHf eU^Vll^ \ab k_ hFQFI ·RSbYyWT cSWTXWac jHQqhf r[SpYXXS[W FDu e@ ju e@ qu Ae@ @ Du AL Pu NT qDQqhu eUZaS_YZ >S[XXWYZ UTf Lll^Y`V qjf JU[[ `UVS^RQ `UWVRf p DH e DHEDf rSW^U hHDHu `YVW IIHHf
DEhDf rRaU^^Uu PRXcUU ObSVpf J^W DD Be DHijf ea UkRV`UaQ cWTYXc dSaUZZYX r _U OZZU eUZaUVUf © jH OWZS KTWVWU JSVQ VlZbY[f eLVcU Iiu \^X \S IIf PUbP IjQIhu APP jIQjqf PA@ ZkW RkX IhQjjf Df ·K \YQRkX jjQjqu jf ·K jqu Ad@ jqQ jhu PRSAkK jhQjHf AU`PU[AVK YXW^kllVV qDfIf ·K _l[_cXcS kllVV qhf d@ D kUcV^ST qhQqFf ?RVAk ^ST qFQqGf Df ·K YXW^Q kllVV qGQqEu rY[lrSaAVK qEQhiu P\TABK hiQhjf AYWAk kllVV hjQhhf e@ I cV^u e@ I T^f NT jHQqiu Ae@ @LQ elZ[ Ihu BcZ IGu ^Ukc jju TU_ qiu Y`V qju \YQRkXf QDq ¨BB DHEHf
DEhIf @URUZaYWTSu n[_s AU^U[Wf eWWkR[W F DDD DHiqf ea kll^SZXRVW O^XYVW PRXcUU LYSZU[b @ _U dSaUZZU NU[WU >\Q VRZbf © IGQjI OZ_UQNU[_UccU PUX^WSu jj ·S[WX NU[WU LWZbYQ zly^f BewVcl DGu ewVVY DEu ewVcl DEu rS[`SSZ XRST \ac^ \S IDf rR[_YacW TUUWVTUZ \Tkl[Wu cRcRXcRW XWW[cSVUWXWWZ PUZUQ bUXXU IGf LlZZYZ ARSTYcU[ cSWT ?[Y]SZWXXU IjQIqu oRXW ARSTW IFQjif oV^SXRSTUVUWXXYR[ ARSTYZ \VYWXXWac jiQjjf nac\ZYYc PR`UVYabYc U`RXc jqQjHf PUZXUZaRSVcSTWZ cWYbSQ cRXXWac jiQqGu PKLO qGQqHf PW[_ RX [STUUZY_Uf @UbWScSWT \ab k_f JU[[ WVTUWVRu ^UVUXcRXf p J^W Ii ¨B DHqHf eYV_Yc Dqjqu DEHDf
DEhjf @URcU`UU[Uu JU[[W K[VWZ]f BVTU_S^W I eB DHijf ea YXWccYVW_l> OVzWZ K`UVb @ _U BZ][Wb OVpaWVb LWV_Y£RWXcf © jD PW[XcW rRVVWZYZf BewVcl DEu AYWZl_SYZ \ac^ eu JYVXWZ]WZ T`V\X \S Ihf NNP jiu NNC qEf KcQPU[_UVUZ NYW_Y[WVWWccS XWac IHQjFf A O\[XaW[Y\ab ^SZXRVYZccW jFf eUVWS KZXSZ ^SZcc _Sac jGQqhu C[YYZ ^SZcc cY^Z _Sac qhQqEu >YR`SZcUSX _U cY^Z SXUXcS_YZ YXWT qEQhhf rYVVY[`SQAYR[ cSWT_ hFQf NY[YZ^l`W_lc `^Tb[W hIQhGu ^Tb[W hGQFif KR[SSkUZ NUUcUVSRXVWWccS }¥KO~ `k[YXf PWW_U\ac\Tl ?\ aZcSZYR` k_f e@ j cV^u e@ j }I ^kV~u Ae@ @ Du NT jHQqiu NT qDQqhu AU^Xµ[ If NU_f JU[[ kR[_YabRXu ^UVUXcRXu ^RS[SVURVRf p Dj B¨ DHEGf eYV_Yc DFiIu DHhhf
DEhqf @Y_TUZu g[S[ ?[`U[f J^W D e DHiqf ea [UcUWZX PU[V ?X^U[ @ _U dSaUZZU KTWVWU dUUcWZYZf © IEQqj LUWVU NU[]U[YcaU rYZc¦WZu BB qqQ qG gW[]Wc OR]RXcU ·U`WbXXSZu VWW qEQhI ·U]TU[ eWSVU CU^SVUZbY[f \S Iqf P _U N IEf eU^\ac PUVY`U kUV` IHQu ^UZXUZ`U^SX _l[_YXcskllVV jqQqGu \VWQ cU[^ QhIf PYVVS^SX^YZ XUW[ kUV` hIQFGf J]WZ A^kWW[W @`A^ YXW^ _lX _U kUW^kllVVf oX ^RZZWUTY[^^Y_lf ellkf JU[[ [UcXUXcRX }^WVkUWVR[UcXUXcU_U jiQqiQVRQ `RWVVU~f p D Be DHEIf
DEhhf AU[SVUu ?W`U OU[ZYf rSa_U Dj ¨BB DHiDf ea [UcU`U[Q cW_U PUVVY dRaS A _U JWVbU >UcUVWU NW^^SZYZf © IG p DHhG AW][Wb dSaUZZU PRS^^UZYZf eW[Wcl Iif ALNP kllXcscSb Ihf rll^W[_UZkWcl_l J]WXXlf c q ¨ DHhHf eYVW DFEEf
DEhFf AWW`SZYZu KWZS BVTU[Wf J^W G BB DHiIf ea cYacUUZc\sT ?ccS eWVaYVT A _U ASpWU eWVaYVTWZU LUR[WVUf ewVcl Iiu ^YX^WQ ^SRVRcRc^ IifQp ID B¨ DHjIf
DEhGf AWZWXUVSu elWZs BVTU[Wf dSYZXRR DF DDD DHiDf ea TUUQ VU[WTYXc OR]RXc JY[TUZ A _U LS`WXU eWVaYVTWZU JsVcclf © jI BbU L\bWU rUUQ ZUZYZf \S Iqf ?kWX^ Jn VU^WU IhQ IHf AeoL XWacYY[Wf LWW^YUVUVVU qIQu SW eUVWS SXaSWc qqQu A eSWTWXcYVRVWWccS `k_ _U cUVSRX`UVWS^ k_f PUkc qDf JU[[ VURVRu TYcXlXc\Xu ^UVUXcRXu ^YZZYVf c Di DD DHhFf rSW^U hiGGf
DEhEf AWZ^^WVlu O[ZY OZcSZ AU^U[Wf CRRVSX h B¨ DHijf ea c\sZ_Sac OZcSZ A _U AWW[W JYVTWZYZf oLVcU DFu LUabYZ \ac^ Be¡Vcl DHf NYcXlc\sZ_SacU_Uf
DEhHf PSX^WVRSTU }QIG AW[YZWRX~u AW]p[Wb dSaUZZYX }dRXXW~f @lWXlVl H e DHiqf ea CC AW]p[Wb AYQ VWT AW]WXTRZb AW[YZWRX _U PUWZS L\\VW AcU[y^f © jD N JWV^^U LWVVW JWVVY[`S rRRkkSZYZf \S Iqf P jDu N jIf nVWSkkWVUXVYacW cSWTXWac jiQjDu kllQ cSWT jDQjIf ARSTUVUWXRRbYZ LWWccS kllXWac jjQjqu jFQjGf A NUc^UWVW_U\ab _RV^UWXR_YZ cSWT jqQjFf nLK cSWT jGu YXWcYVTlSX kllVV jEQqIu YXWcYVTlQ _U XYQ VSXcRXSX kllVV qIQqhu XRST Sa_YVTU_Sac _U _SacS^ _lX qhQf nab\XXWbY cSWTXWac IHQqHf e@ qu AL Pu Ae@ @ Du eT Iu i U[ If p Ij e DHFHf
DEFif AUa[UTUU }YZc A_sXcYbc~u ORVWX OR^RXcWf JUVW^^S Dh eBBB DHiDf ea [UcU`U[cW_U OR]RXc A_sXcYbc _U OTUZbU OVY^Q XUZb[U eWZ^f © IH eWYZS P[WXcWWZU OV^WSf DDDwDD U DEf e@ DHQhqu Xla^scc IEu KXkSSZ UXYTUZ BB ^W[_R[W qIQhqu @RZZWZ UXYTUkllVV hqf p DG DDD DHFhf
DEFDf ASaVzY[]u CSW`S MUz[WYVf J^W IG B DHiqf ea _Sac CSW eS BVTU[W A _U OVY^XUZb[U OR]RXcU rYQ XSVUf ©jD OZZUQLWWXU NWZy^f Q\S IIf BZX @aYWZWXyaYX CYyaZW^RT IGu SkWX^ CPPf BXlZXl VWW^^YYXXlf rY[RXcW jI AUZQ cUXUVS © ASaVzY[] ?\u _SZ^U _SacS^ _lXf p J^W IF BB DHjFf BXl jIju `YV_Yc IIIDu IIIIf
DEFIf ASWZWSu O[`S JYZ[W^^Wf J^W E DDD DHijf ea T` JYW^^W A _U OTUZbU PUVVWZYZf eLVcU DHf e@ `W[^UT IhQjif c JUVWVUZ kU[UZcSVU h BB DHjif
DEFjf ARSTYZXUU[Wu LUR[W @RbSVpf J^W E B¨ DHiif ea ^W`YZQ
aU^^UU_U B`U[ OR]RXc A _U MRXcU`U @sa[f © ID KXcY[ PW`WZYZf KWcl Dhf ORcSZ^RV_YccU_U J]WXXlf c Ih BB DHGjf
DEFqf ARSTWZYZu KY[S KVWUXf rWYcU[W DD ¨ DHij ea [llclVWQ
TYXc PUU[VS AcUppUZ A _U ?V]U PUaWf © jI B[TU OZZW^^W CUZQ
ZY[f \S Ijf P _U N IHf Jn _U gWS^YT cRc^VUWc UXXWXc
IFQqDf Lll^YcYabUX ?[WSZ cY^Z _Sac IHQjIf PUZXUZaRSVcSQ TWZ cXcSkllVVu T\sa SXkllVV qDQqHf PCN cXcSkllVV qFQqGf
N\sa kY[aY\acWsWccYZ cSWT_f oX ^URkkU`UVcRRX^ _U ^STWc _lX _U UXWUZcRZcf e@ q T^u Ae@ @f LcZf JU[[ kRRcU[aUZaSWQ cSu `UVS^R`URXu VRSZZSZcRc^WTRXf eYV_Yc DFDhu DHFju kSW^U hEHDf
DEFhf CUR[WUVU }QiF CUR[YZ~u PUU[VY OU[ZYf J^W Iq B¨ DHiIf ea [^T PUU[VS eWacS[W C _U BbU OR[S[U CUR[WZYZf ewVcl DHf ALNPf A MRTTWcYabUX ?\ ^W[_UZkWc >S^WUVVUf eYV_Yc Iihju IDjDu IqGFu IGIHf
DEFFf PUZ]UXaURcU }YZc CaSTUXXSZ~u O[`S PUVY[`Sf J^W II ¨ DHi¼Q ea XYrr l dU^Sz CaSTUXXSZ _U JWVbU NU[WU Ns[cf © IE OVWyY AW][Wb eWVaYVTWZU AYkkWf e¡Vcl DHf KcXW`l ^YX^RXkSVWWXW kUV`f Ae@ UT Df p eWWQ kR[W Dh BB DHjDf
DEFGf CRSTWZYZu eWVaS @UpUYVf J^W IF VWW DHiqf ea `UWaQ
bYT PUU[VY eWVaS C _U CaYSbSVWZbU rURVWZU dl[`WZYZf BebcU DEfQpj D¨ DHIDf
DEFEf CRRZUZYZu LUR[W OZccWf rWYcU[W Dj ¨B DHiI ea [URcUQ
XS[`U[W OZccW C _U JWVbU PU[SVWZU PSTWWZf eLVcU DHf PR[Q ^W_SYZ TUUTWYXSkWXc IDQIjf CTW d JUVVYZzY[] }AUU[YVUZ
aS`Wu eWWkR[WZ TV^~ ^W[_UZkWc IqQjiu AUU[YZ ^U[cUZS }CUTQ TYVU~ jiQf K[W VWW^^YWbYZ _U \acYWXs_YZ cWVWZcU[^f PY[Xf QD DH ¨BB DHEEf
DEFHf eRSVUX`W[cU }YZc tUaVXc[sT~u LUR[W KTWVf J^W ID B¨ DHiq ea kSXcWV_SSZW KTWV PSZXcUZcWZ tUaVXc[sT _U KVWZ eWVQ aYVTWZU AUVWZf © jh B[TU NU[_UccU P\VVW^^W NUVUXf \S IIf ·V CPP IGu U^cWZXRkXcRc^ jDf Be WZXRkX IEQjGf A rU[cWSkSWQ ^U_l[_ cSWTWZZUZ_ jGQqhf PRV^RVUWc _U \V csWbYZ TWZWXcY[Ws \VWT YXWcc qIQqhf Lll^YcYab ?[WSZ ?\ PYR[RRZ cYac WXlZZ qhQqEu eWWUVUZ ZUa^UcYac qEQhjf ?\ r\\ZW^^W WZX hjQf YZZSQ O`WU ?\ cSWT_ qiQqhf BZXTU_f JU[[ ^YZZYVf p h B¨ DHFGf
DEGif tU`Y }YZc tU`YZ~u O[`S MRZZU[f J^W D DD DHijf ea `YcR[WZ^RV_ dSaUZ JYW^^W tU`YZ _U B NU[WU >WYTWZYZf © jq DDD LYTkW NUQ [WU eWSVU PRS^XUf \S Ihf NJ Ihf LUkWZ _U ?RVRZ VllZWZ TYcXlQ _U RWccSQ kUV^^UcU[^^UWVW_U jqQqIf LUkWZ kUV^^UQ _U c\s`SWTU^\X\T\XcYZ `UV`S_U qIf @S`UZWYTYZ c\s`SWTUkWW[W kllVV qIQ qjf eUVc rSVccSUWZYcXcS @S`UZWYTYZ kWW[WNJ qjQqGf NJ rY[lQrSa_SVUZ kWWQ [W^RZcU U`RXcU`U NJ qGQhHf e@ qu eT Du eT Iu eXX UT Du NT jHQqif PY[X qDf JU[[ TYcQ XlXc\Xu ^UVUXcRXu `UVS^R`URXu pWVUcYVWUf p Di Be DHhHf eYVW DFDEf
DEGDf tY]YVWRXu K[^^Wf J^W Dq eBBB DHijf ea TRXWW^^WQ ^URkk OU[ZY dSaUZZYX t _U eU[TU BVcU NU[ccWVUf © jh ARSQ TU A\V`WU PSX^WZYZf eLVcU Iiu ARST \ac^ \S IIf ·B CPP IGf BVTUWVR^SRV WZXRkX IGQIHf ASXWUVWTWZ UkRVUTTUccWYZcU[^ IHQqhu TUUas\[\^UccWVUWZ ^UcXUXcU_U jiQqhf AScY`U VUW`USX cXcSkllVV qhQhDf LVS\b¿X @Y]WXcY[ Sp AaWkkWZ]Qu gR[YUR eY[WQ cUXQ _U MY[TUZWXyaY[ LVS\bQXYR[ VUW`UcU[^ qFQhFf NW^^SVU © tY]YVWRX rWUZSVWW^Y ?\ cSWT_ qEQhFf J]WZ cY^Z SkkWVUWc
DI >S[XXWc DEFGQDHHI
cSkYcc qqQqhf e@ q cV^u e@ qu NT jHQqi TX^u A LYZcSQ TY[^^Wf BZXVcZ IEu WZX^Ukc qDf JU[[ ^W[_Ucu TYcXlXc\Xu ^UVUXcRXu WVTUWVRu [UcXUXcRXu UTTRZcUf
DEGIf eY[TUX`RS[W }YZc eW^zY[]~u dUVS dSaUZZYXf J^W j ¨ DHiIf ea cUVSZT tWVaYVT eW^zY[]_U OTUVWU NUcWVbU BbTUZf © jh Pc\? OZZU P\VVW^^W JYZYVWRXf \S IIf ·B CPP XlaQ ^scY^Z SkWZcSX IGf NPJ WZX IHQqqf eYV_Y^XYc PRVTUVU ?\ rUVS^UVRXcScYac cY^Z _Sac qqQqGf eUVTYc ?\ J]WZ cYVU^UZ Xla^sQ_U Xla^sVUWcSXSX ^l\ccsWZX qGQu OXRZcSQS\ WXlZZ qiQu JU[[ RX^SZZSVVWZYZ c\sf c IF eB DHGHf rS_Uc hjIFu hEHhf
DEGjf tWaY[aYWTSu ?ZZW eWacS[Wf J^W DH Be DHiqf ea [^T OZcY[S eWacS[W t _U [`U OTUZbU rSRXXUf © jF p DHEG LL AUVTY C\ccs tWyaTUZZf LUkXYc OZcY[S jGu B[TU jHu n[_s qDu BVSZU qqf \S Ijf K^SZ JPPP Ihu P Jn IFu N Jn IGu C Jn hiu @Sy^YpYVVY[QXllcWsZ [YXYU[ya pYVVS¯ OZZ O[zS[WZ \VWSkWXc _U LSZbSZ XyaSSV Sp KySZSTWyX cRc^ VUWc hIf ec U^c _U \VWT YXWcc UXRcRXaUVVWcR^XYXXU IGQjIu J]WZ [Y`WXWS`XcS [Y` jqQ FFf nPP SkYcc jjQqIu `c k[Sp hiQhqf Jnn aUVW _lX IhQIFu P[WXcWVV^RVccaUVV_ qHQhDu ^RZZWU_lX EGf J]WZ Y`VRc X[^ cWVWZcU[^ _U k_ hqQhFf PPJ _lX hGQFiu P[WXc \ac c\s^YX^RXVWWccS aUVW _lX hjQhhf oX _RV^ \acYWX^Q _U cUVSRXcRc^WT UVSWVcUf eT I B^u Ae@ D [f PY[X qDf JU[[ VRSZZSXXU VWW^^RTWZYZu TRXWW^^Wf eYVW DIHif
DEGqf tWZcY[u B`U[ C\^S KTTUZRYVf PU_UUZW jD B DHiqf ea VYac B`U[ t _U AW]ZY KTWVWU g[STUZf © jiQjq XWac @URaU eY[SZW^U rUVTu jhQjH ^UZXU^S B[TU OZZW^^W rR[STWYXu hhQ kUZ^^W`W[^ JYV`W PUc[W dl[`YVlWZYZf ewVcl IDf PUZXU^? Iq @URTUZ XYTWZUU[WXcUf PUZXU^? CRRXRVUXXU IqQIhu NlZclXQ Xl IhQjIu J]WXXl jIQFqf
DEGhf eW[cUu eYW^^S @W^aU[bf JSVVSVU Ij eB DHijf ea @W^Q aU[b e _U OR[S[U ·UkVWZf © jh OZZUQ LWWXU gWXc[sTf VewVcl Iiu XRS[ hf B^f O][SVS]W PR[^W_SYZ TUUTWYXSkWXcS IqQ IFu TUWZSXaSWc qFQqG N\\ZcWQ _U NUWQ ZSX^SRVf eUVWS ^SZXRVYZccW IFQjjf ?\ A_s^RVVU cSWT_ jjQqhf nac\ZYYc PR`UQ VYabYc ?\ aRSVcSkllVV qhQhIf A O[^^Q VWWccS TUWZSXaSWc hIQ ellk IIf JU[[ R[aYWVRf p IG ¨B DHGHf rS_Uc hHhGu Fjjqu kS_UZkS_Uc EhIGu EHDEf
DEGFf eRS[YZTUUu dS[TU OUccS ?VU`Wf CRRXRVU F e DHiIf ea VUVaSWc PU[V O^XYV [WbSVp e _U dYZZ\ B[YZY dR`YZWRXf © Iq ·UZWU KVWXUzYca LWZbYZf e¡Vcl DHf ARSVUabYZ CYacUWbYZ c\sZ_SacScYacl`WXXlf QnVWV hGf p DF B¨ DHEif
DEGGf eRS[W }Qih @SXYZzY[]~u ?XXW eUVbYTU[f J^W IF eBB DHijf ea cUVSZT ?X^U[ e _U dSXYpWZU PRZcSZYZf © IjQjI NU[ccU NU[W rYVcSZYZu jEQ >UXcW }CSWZW~ C_U]Uf e¡Vcl DEf C\sTWYXf c j eBB DHqHf eYV_Yc DqqEu DFIIu IHEIf
DEGEf ml[Wu eWV_S OZcY[Sf CS[ZWS Ii ¨B DHijf ea cUVSRX> OZccW tWVaYVT m _U UZZ\ dSXYpWUZ CRSTSVUf © IE PU[WZ NU[WU NU]bUVYZU LsZZzY[]f \S IIf ?kWX^ VU^WcWYbYcclu KZ]VUZZWXXU ^WYVWl _U TY[YZ^RV^RUf @URTU @YkSVU ?\ dSYZQ XRRZ cYac VUW`URXkllVVu ^SZcckllVV jiQqhf ml[W ?\ ^SZcckllVV qhQu Ac[RycS[ ?\ qEQf BXlZZ cUVS\ac qEQhqf PS[k[f Qp ID ¨B DHEIf eYVW DHGFf
DEGHf CRS`WZYZu rURVW BVTU[Wf ³rSV`W_l[`W I e DHijf ea ^URkkWUX NUccW C _U OVY^XUZb[U LWZbf © ji LUa_U J\\cWlWQ ZYZf \S IDf LP Ihu LL jDu LPC jD ^W[ Y[W^Vll^ jE R[SVSQ ]WUZ Y[W^Vll^ hDf PRaTSWXcYZ ^RZZVll^ jIf LSWTUUZ \T ^RZcUWZ _U LSWTUUZ XYRbRZ XUW[ Vll^ jIQjGf NU[WUZ XUW[ ^W[ SX UkRVVll^ jGQjEfD ^W[ ^VWZ UkRVVll^ jEQqqu UkRV\VWVll^ qFQ hif NU[WUZ XUW[ ^W[ SX \VWVll^ _U XUW[ _Sac hiQFhf Jn ^W[ bSX qjQFhf A o[SVS]W\ab k_ hqQhGu A Lll^YcWYc BXScSSkkW\ab hEQ FDf LPJ cWYc ZYR`SccYVR^ _lXf r[Sp J gU[b\Z AllcWs aUVW k_f NU[WUZ AUW[UX^ScWXllcWs aUVW `k_f PUTkWZ @ScU[\^VRzW k[YX FIQFjf el^W_RSTU^\X\T\^XYZ CRc^XllcWs aUVW _lXf r[SpYXQ
DHDh
XS[W hju e@ j kRZ [^u e@ q cV^u e@ qu Ae@ @VfQ Lll^TU_ qIf c Dh B DHFhf rS_Uc qGIhu hFHGu Fjjif
DEEif rYZccWVl }YZc JWVbYZ~u OWTS BVTU[Wf JYWZSVU Iq D
Bºj ea ?WRW^ PSZ[Ub D TWV JWVbYZ R OZZU NU[WU KVWXUzYca U]Y[][YZf © IE
OZZU JWVVY`W NU[cW^UWZYZf VVwVVYu \S IDf P?r IDQFju cXcSkllVV jqQFiu kllQ
^UT[ FiQFjf JCN hif e@ q T _U cV^u NT jHQqiu NT qDQqhf PUkcf p IE B DHFjf rS_Uc qFGDu hIIIu FFqFu `YV_Yc DGDhuIiEjf
DEEDf OZ]Y[`RS[Wu rUU`S eWVaYVTf J^W DI eBB DHiif ea [^T PU[V eWVaYVT O_U BbU ASpWU ?VWZf BwVVY DIu eLVcU DEu T`V\X \S IIf ?kWX^ Jn TUUcQTYcXlccWYbY^f p J^W Dh BB DHjDf eYV_Yc DEDFu IEEif
DHDh
DEEIf @SXcYbcu n[_s eYW^^S BVTU[Wf oRXW^URkRZ^W G e DEHHf ea [Yac PUU[VY dUVTU[W @ _U L\Q bWU OWZU M[sZ[SSXf © IH AJ NU[]U[YQ caU AS`Y[Sf eVLVVY Dhu \S DGu CR[RZ XRST [YUVWV\X DQFf B^f ·V Iju APP \V SX bWkVSTW IHf LUW`UXcS WZXRkX IjQjhf NSSccS[WcYab O[YX ?\ UkRV_Sac jhQjFf ?RVRZ PSZYkU_U ?\ cSWT_ jFQhjf NYQ [W^SX^YZ [U^VURcU^ _lX qGQhiu rQrSaQ _UZTUUZ ^YX^RXUTTUccW^ _SacS^ qGQ hhf ?RVRZ c^ _U eUUXUZ cY^Z SkkWVUWc VYacf e@ ju eT I ^Uu NT DEu NT jHQqiu AL @ Df BZX^Ukc IEu WZX^UkcV IEu WZX^ST^Ukc jDf JU[[ kR[_YabRXf c jD B DHFHf
DEEjf dS^W[UZcUu dUVTU[W MUz[WYVf AS[cU`UVU Di BB DEHEf eLVVYu eWaWcl DEf LYZZlcWZUVUVVUf p DH B DHIqf
DEEqf LUR[WZRXu KWZS eYW^^Sf ³LWTWZ^U Ij eBB DEHFf ea UXYTUkllVV CaYSbS[ CaYSpWVRX L _U KTTW ¥aU[VSccU AUZbYVVf eLVVYu eWVWVcl DGu XWW[c\W d\`lX^\VlZ V\Xf e@ qf PUUcRW NlZc\aU[_RVVU DD BB DHDEf eYVW DEEFf
DEEhf eW[^^Wu KWZS BVTU[Wf Ì CR[^R DG B¨ DEHEf ea TYW_Y[WQ ^SZXRVYZccW nW_s e _U >UcUVWU }>UccU~ MU_Y¯X^Wf © IE J_s[bWX NUcWVbU >\zSTf eLVVYu \S DEu AS[cU`UVUZu eUUXUZ _U eWWkRQ [WZ [YUUVWV\X BQef LUkkYYZ[UZZUZ c\^^SRV DEu APP IhQIGf PC@ j RkX DHQIif OXYXYkkl^SRV SX_Sac IiQIDf K[ @Crc[WZ kllVV IDf @C^UkWcRVUZccW^SRV _Sac IIQIHu TY[WkRSV ^UkWcRQ VUZccW^ IEQjiu @C D OoP jif PUbP SkYcc jiQjIu \YXW^ cXcSRkX jIQjqf A^ \VWYXW^ ^SRVSX kllVV jqQjEf AUcU^ X^ kWW[Wk jEQjHu rS[WZ X^ qiQqDf DIf · YXW^kllVV _U d@ jq ^ST jHQqiu d@ Dh ^ST qDQqIf rllTU_U ^SRVSX kllVV qju Y[W^cYac qqf A^ kllVV\Xcs^ _Sac qjf rS[WZ Xk ^ST qqQqhf rK RV^SX kllVV qGQ qHf APP SkYcc qHQhjf nYQRkX jDu e@ D _U I T^u Ae@ @ Du Ae@ @ T^u NT jHQqiu NT qDQqhu >r?@ Pu @RScXNµ Iu AU^XPµ T^u rRSVrµ @f elZ[ DHu VcZ Iiu ^Ukc Iqu TU_ IGu Y`V jqu Y` qif p DI ¨ DHGIf
DEEFf LUR[WZRXu o^^S BVTU[Wf PYTkYVY h BB DEHEf ea UXYQ TUkllVV CYSbS[ CYSpWVRX L_U KTWVWU ¥aU[VSccU AUZbYVVf © Ih AWW[W LYU KVVWbU AUW^^SZYZf eWVVYu ewVcl DFf @URcUcWY`W[Q ^UTu @J `U[UXcSQSX BB ^W[_R[W jEQqGu qf `U[UXcS_U^XS ^W[_UZQ kU @S`UZWYTYVVl qGQqHf NT DEf p G ¨ DHFHf eYVW DEEqf
DGE
DEEGf PYW_SVU }YZc A_szVST~u PUU[VS KWZU[W eUVbYTU[f KR[UQ _S^W IG e DEHGf ea [S` ¥a[WXcWUZ A_sQ zVST _U NU[WU dSaUZZU gly^f ©f Qjq OWZS JYVYZU LlTksu jhQ OXc[Wb >S[bQ zY[]f ewVVYu eLVcU DFf es\[WZ XScU^ DEu eWWkR[WZ RkX^SRV DEQDHu XScSa_Q ^R[XXW Iju ^ST^R[XXW jjQjqf rS[WZ [\^T RkX DHQIIf A^ UVRYkllVV _U XScSaQ _UU_U IIQu eU[XWZUWXQA X^kWW[WZ AUVSZ UVRYkllVV IhQjHu qiQqDf PSTkkkllVV _U ^SRVRkX jHQqif rUcV^ST qDf NT DEf elZ[ DHu BcZ Iiu ^Ukc jDf PUUcRW NUUXYVlZ ^UZZU^XYVVU q B¨ DHqDf eYV_Yc IDEGu jFqIu jFFEf
DEEEf eW[^^RZYZ }QiF AZYVVTUZ~u JYWTY[ ObSVpf ?RVR IG ¨ DEHHf ea VYac Kb`WZ MRXcUp AZYVVTUZ _U OZZU AW]ZY K^Q Xc[sTf © jI NUW[Y KVVYZ ?[lbbf ewVVYu \S DHf CYSV Y[ScRc^ Iju kUXccRc^ jju jGu P hFf J]WZ >NPn As[ZlWXcYZ SX XWac IjQIhu kllSX kSW^Uc\sZ IhQIGf A >RS[cYZ ^[WXc VWWccS kSW^UQ c\sZ XWac IGQjiu kllcSWTW^ _lX jhQFjf A ^[WX \SQVWWccS ^SRVRQ VUWXXWac IGQjif J]WZ kSa_ XRST X[^ ZRS[WXSkUXc jiQqIu `kW UkRV qIQqGu ^UkkUV qGQhGf eUZaUZ^W[^SZ X[^ ^a[U hGQf >RS[W PW[^^S kllcSWT jhQhqu PW[^^SXUZSTUc qjQhjf J]WZ X[^ ^W[^Q ^S`UVc _lX qFQhIu hGQu A ZRS[WXS_l[_ YbRXcUW_XcS qGQhDf A NRXQ cUVUWXVlaYc\X k_ qFQu J]WZ kUkkWYZ `YV_YXkWW[W qGQhif @S`UXQ cW qGu e@ qu Ae@ d Bu NT qDQqhf JU[[ cYZZWXu VSaYZ^UVUXcRXf c IH ¨BB DHFEf eYVW DEHhf
DEEHf PSaSZYZu n[_sf J^W Ij eBB DHiDf ea kRRXYkkl ORQ ]RXc P _U P[WXcWWZU PWZZRZYZf © hI C\\ZY OVWZU @STkkUQ ZYZf BeWVVYu BewVcl DFu PUVVWSZ \ac^ eBBf oRbYZTUUZ [\^T _U PU[_UVUZ PUU[cW [\^T ZkW RkX _U ^STkkkllVV IhQjIf P?r kUZ^^W`W[^ J]WXXlu LURccUXUU[YZ ^SZcc `c YXWT qIQqqf e@ q cV^u e@ qu NT DEu eW[ N[Zu JYWTSXScU[f elZ[ Iqu BcZ IHu ^Ukc qDf Qp E ¨ DHFGf eYVW DFFGf
DEHif >WYTYVlu >WWVS [Yb[W^f >R[TW_l[`W h ¨BB DHiif ea cWVUZST PU[V [Yb[W^ > _U OVTU OVWZU AUÃYVWZf © jD N LYWVU NU[WU NU^^SZYZf B eWVVYu BeWVcl DFu \S IDf nÁC IEu L?Pf rUZ^^WUVUVVU IIQFIf P?r @S`UZWYTYZ ^SZcc `_Sac IHQ jju _Sac jjQjGu dSYZXRRZ ^SZcc _Sac jGQFIf eUkUUSkWXcS_YZ [RScX SkYcc jDQqEu dSYZXRRZ \ac^ qEQu @S`UZWYTYZ ^URkkQ aUVV_U `UVc_lX ^UZXU^SRVR_YZ _SacS^ k_ _U R[aVURcU^_lX jiQjGf dSYZXRRZ TU_SWcRXVURcU^ k_ qIQqhu R[aYWVRVURcU^ qFQhDu ^RZZ`UUVWYZ ^YX^RXVURcU^ qGQhIf dSYZXRRZ ^URkaUVV _lX hDQ hju `UVc hGQFIf e@ qu NT qDQqhf LcZ hFf JU[[ TYcXlXQ c\Xf p dSYZXRR IE BB DHFIf
QDEHDf @URUZaYWTSu NUR[W PUR^S`UVcUf ³eWWkR[W G DDD DHiIu ea N O^XYVW PRXcUU LYSZU[b @ _U dSaUZZU NU[WU >\VRZbf © LWWXU JSVSQ kUWZYZf oVWVVYu VVLVcU DGu ^YX^W^SRVRQ cRc^f LWWZUaUTU[ `c XUcUTU^Ukc jIQ jEf rYcXUTSZ TY[YZ^RV^RkWW[W aSWcu >S[_UZ `^SZXRVWf eU[U^SZXRVWu Ae@ @u NT DE X^f « Ih eB DHjEf eYV_Yc Dqjqu DEhIf
DEHIf @SXcYbcu O[TUX KW_U KZXWSf ³CR[^R DH ¨ DHiIf ea [Yac PUU[VY dUVTU[W @ _U L\bWU OVWZU M[sZ[SSXf © jF KcaYV PW[XcW KVVYZ NUZXZY[RXf oVWVVYu BeWVcl DGu J]WZ RRXW \ac^ \S IDf K^SZ PPP Iqu nÁC jiu eC jIf rUZ^^WQ _U VWW^YUVUVVU IqQjif OO jDQjIf d\`lX^\VlZ Ak UkRV_Sac jjQjHu cSWT_ jHQ FIf eYVW DEEIf
DEHjf @\c^sZYZu oZcS >\\[W^^Wf ³LUacW j eBBB DHiIf ea Nu ^W[_UWVW_U OZbY[X dSaUZ }OZccW~ @ _U ?V]U NU[WU AsbY[Q TUZf © ji SkYcc KVZU LUU^XSZYZf BLVVYu ewVcl Iif BZX CY^Z Vl[S` IEu ·B CPP jju cScUUVWXYZ TUUZkRSV ^R[XXWf Ala^scU[^Q VUWc cU[^WZX jqQjFf KZXSQMRc¦YWc ?\ KZXSZ CYacUUc `SWTUWZX jFQqif PYTW ?\ `SWTUkllVV qiQqhf J]WZ ^URk Xla^sVUWc cSWT_ qhQu KcYVlQA eSWTU ?\ _SacS^ _lX qFQu ?\ NUZ^UVU Oz qFQu ?\ OzzS[pS[X Ozu PYTW_S^W ?\ hEQu Jrn YbRXcU_WXcS
_lX qFQf J]WZ cY^Z SkkWVUWc ZYR`SccYVR^ `k_ qFQf K^SZS cY^Z
cU[^ qhQf A Ala^sVUWcSX\ab aUVW _lX qhu k_ hqQu NUUXYRbRZ
Ala^s\ac\TWYZ LWWccS _SacS^ _lX hqf A eYXW`SWTU\ab aUVW _lX qFQf A Ala^sWZXVWWccS _SacS^ _lX hIf AL Pu eT I ^Uu ? U[u
ACA _YcSZWf OVW^f rSW^U hqFhu `YV_Yc DqjFu DFIjf
DEHqf AUVSVU }QiF gSTUZ~u KY[Sf rY[ZWs D eB DHiIf ea
cSWTW [WbSVp OVY^XUZbY[ A _U JWV_U
JYb`W] @Y]WZU Jl^VWf © IF ^UZXU^S
LWWXU OR]RXcU nVW^UZ]UXf VVLVVYu \S Iju J]WZ [YUUVWV\X VQBB B^f J]WZ NRQ
XWW^^WSkWXc IDQIju kRaYWVTUWXRVVWXWU
SkWZcS_Uu ^UZXU^S d\`lX^\VlZ XYTWZ
Iqf PUZXU^S J]WXXl IIQqqf ARRVVWXYZ
YXWc\XcUWbSZ SkYcR^XYZ `UV`S_U J]WZ
^UZXU^SRVRWXXU qqQqHf J]WZ ?PP XRRVQ
VWXYZ YXWc\XcUWbSZ \VWT VYac qHQFif LURQ
XRZcUcUWcYWVW_U IIQf Jn XRRVVWXYZ YXWc\XcUWbSZ SkYcc jHQhGu A CYUccY[W^SRV qqQhqf A rRaYSkWXcS kRaYYZSkYcRXSkWZ \VWSkYcc qGQhHu `c [Yac hjQhhu nVWSkkWVUX^ WZXkYacS[W FjQf PW[_UWVW_U IhQu _RV^ \VW qi SkkW^W[_UU _U ^URZS^W[_UVVWXcU cYSXcUf ?V\TkWUQ ^WXS_YZ `WWab\c\XcSWTW^ k_ hiQhIf A LURXR_UWZ VWWccS `k_ jEQ hif >RS[cYZ PW[_U k_ qGQhqf ?kYcRXZYR`SX FIu Ae@ @ Iu eT Iu ? U[ Iu NT jHQqiu NT qDQqhf ellk qqf JU[[ cUVSZkSW^UWX^RVccRR[Wf p Ij B DHEHf eYV_Yc DHhEu IiqIf
DEHhf eW[^^RZYZ }YZc AZYVVTUZ~u KY[S JUU^SZf ?RVR II B DHijf ea VYac Kb`WZ MRXcUp AZYVVTUZ _U OZZU AW]ZY K^Xc[sTf © qq KXcaY[ NU[WQ WT cU JU^SVUf LUkXYc @YU qhu NY[YcY qEf ´ VVLVVYu \S IDf CYSV Y[ScRc^ _U `Wa kUk Ihu ^UX`UcRXSkWZ cRc^ IEu P jDu N
t|du _ jIu kUXccRc^ qDf CSWTWZRc kUkkWZU OVUQ
d c¸´ cSTWSZu ?RVR_SYZ _U J]WZ Kc XRST
OX[^cWXXUf JRVVWZ TY[WTWYXVlaYc\XUXYTU aSWc jIf J]WZ BB XRST V\X RX^ _U pWV SkYcc ´´tVf IGQIHu `c `kW VYac IHQjif J]WZ \acV\X RX^u pWVu aWXc _U \acYWX^SkWZ XY^l ^UZXUZcUV SkYcc IHQqjf LUkWZQ kRWXcSZ \acV\X RX^ SkYcc jqQqjf A ?XRRX^URkkU^SRV ^UZXUZQ cUVSRbYZu SXRRXVWW^^YYZ _U lWbWZ^WYVYZ SkYcc _U cS`Y[W^ ^R[UUcQ cS[W qjQFDf J]WZ VllZWZ`UZ^WVU kUXc FDQFGu _SVVSWZ YVl^^f >RTTYZ `c ^a[U FGQFEu FEQFHu CUW`UVVUabYZ `c ^kV FEu KcQ KXkSS kUkkWVUZ Uk FEu eUZcUUZ kUkkWVUZ Uk FHQGiu rUU`UVWZ ^a[UZ`W[ GiQGDu CUTTWXUU[YZ ^YX^RXTWYVWXUW[ kUXc GDQGIf A?P KZ]VWXa ¥VRz k_ hGQFDf JWWabSZ U^Uc TYXc Ijf @S`UXcW FGu e@ qu NT qDQqhf ASckUXcf JU[[ VURVRu YZ]VUZZWZ^WYVWf Q«I? Be DHEGf eYVW DEEEf
DEHFf KZ]Xc[sTu A`YZ K[W^f J^W IH ¨BB DHiif ea `YcR[WZQ ^RV_ Kb`WZ OVY^XUZbY[ K _U BbU eWVaYVTWZU >S[bzly^f © ji OVVW KRVUVWU LWZb[SSXf BLVVYu BLVcU DFf nVW^SZYTYXcU[W J]WXXlf Qc IE e DHEif
DEHGf LYZcSZYZu ?W`Uf J^W E B¨ DHiif ea ^URkk PRXcUU ?X^U[ L _U eW^cS[WZU tWVaYVTXXSZf BLVVYu eLVcU Iiu \^X \S Iqf ?kWX^ Jn VU^WUf OO J]WXXlf p Iq ¨ DHGDf
DEHEf LYkklu n[_s eWVaS BVTU[Wf ³LUTTW Ih e DHiIf ea `UUr PU[V [Yb[W^ L_U KTY[YZcWU >{VQ zy[]f © ji K`U @Y]WZU ?`UX^Uf BLVVYu eBLBcl Ijf J]WZ kSVWWXWVUWc ^W[_R[Wf J re ZRS[WXS_USXcS _Sacf rSVWWXWYZ OTQ kRTUXYR[ _SacS^ _lXu c j ¨BB DHFDf
@U^YV JYVYZU >S[][YZf BBwVVYu VVwVcU DFf PURkkWUX JRWccWQ XWXXUf ellkf c H ¨B DHhDf
DHiDf CUZZY[ }YZc >WYTWZYZ~u ARVS O[TUXf J^W H DDD DHiIf ea JYW^^W > _U AY[UpWU CUZZY[f © jq CUZU^U OaTUZf BLVVYu ewVcl Iif U[T Iju k[S` jIf Jn pU[T SkkWVUWc ^YTWUZ _U ^UX`WcWYc UXXWXc jjQjEu ^YTWUZ jEQqDf r D UkcYY^^WcU[^ qDQqqu AScUkcYY^^W D _Sac jGQqDf >R[TW_l[`YZ UkcYY^W UkcYY^^U[W qqQqHu AUVSZ BB UkcYY^W qHQu U[TUXWUZVcZf p q ¨BB
DHFGf
DHiIf OR[Uu CRR[Y OVzWZf J^W ji Be DHijf ea `UUccR[WTYXc
gOVzWZ O_U OWZS NU[WU ARZbYVWZf © IGQ jG KVXY AW]ZY KRp[SX\ZY CURzYu qiQ OZZU OTUZbU eYXUZcSf \S Ijf J ? MYXYVVWRX dlV^ _U PRTkk ^SZccYXWT _U ^URkkUTUc^RXc IqQjFf ?\ PU[V U¦Y[ Oz T\\ZcWcU[^ jFQf CY^ZScUVS ?\ T\\ZcWkllVV qHQf CSWTW J]WXXlf A PURkkUTUc^RXcU_U\ab _SacS^ _lXf PURkkUTWYaYcQVYacW kllcSWTf c IE BB DHhEf eYVW DHHIu kSW^U qGjqf
DHijf ¥UXc[YZu CSW`S BVTU[Wf J^W Dj B¨ DHihf ea kll_Sac Aeu QV U § TU[ ¥ _U KVVYZ NSZcYVVf © ji KXcY[ KVWZU ASWZWZYZf \S Iju O][_U NNP IEf NUUcUVSRbYVVWXYZ [U_UXyRcRcSWTWZQ py¡ ZUZ ^SZXRVYZccW rSa_QAwXXU IHQjqf PR[Q PT ÇXu J ^W_SyZ TUUTWyXSkWXc TUUZ`WV_YV\XQ _U ¢t^xV ^UZXUZcUV VYac jqQjGf NRXcWUVUZ TUUQ TWYXSkWXc jGQqGf PR[^W_SYZ X^ kUW^UVQ VWXkllVV jFQjGf e@ qf PUkc qif c NRXcWUVU Ij ¨ DHqGf eYV_Yc DhhEu IDGif
DHiqf K^YzSTu ¥VUYX K[W^ MRXcUpf JlTYYZVWZZU IF ¨B DHiqf ea ^Ukc ¥VUYX ?X^U[ K _U J_s[bWX JYb`W] BZ]YzS[] Up KZYa_YVTf © IGQqj KbWc KVWXUzYc JW[Zu hDQ Nl[cU B[YZY BZ]Q Xc[sTf VVLVcU DHf Ala^sccl_lcRc^f Ne [UbWSUVWRkX _U ^URkQ kUVUW`S_YZ Xla^sccl_lf c Iq B DHFhf
DHihf dUVU`WXcU }QIh KVT][YZ~u A`YZ BVVY O]UcaSZf JUTWZU IH eWVW DHihf ea LPC @SzY[c KVWUX KVT][YZ _U BZYX JYVYZU NYR[TUZf © jq OVVW JWV_U CRRVW^^W JRkUf \S Ijf ·B CPP Xla^sSX IEu WZXRkXcRc^ IHf ARSQ ck TYZVWZZUZ Ala^sVUWc ^l\ccsWZX IHQjIf pV[ ?\ Ac[sTzY[] Oz Xla^sVUWVSXSX WZX jIQ B jFf ?RVR ?\ `SWTUQ_U Xla^sWZX jFQqDf ± ?\ t»M Oz cY^Z _Sac qIQqEf Jrn cSWT_ qEQGif ?\ J]WZ P\VVlXc\XVUWc aUVW QWN `k _ h I½f PUZXUWZ`lVWZYZ PURkkU^UTUQ [W ^STWc _lX FDQ J]WZ PURk CYSVVWXRRXVUWcS^XYc VURcU^ _lX qEQqHu k_ qHQhhf CPn k_ jjQjGu rRaYVWZVUWcVWWccS qHQu ACA k_ hIQhqf A Ala^sWZXVWWccS aUVW _lX hiQhju A LWW^YTWYX\ab hDQFj eWYXcWXllcWs hDQf e@ qu eT I ^Uu AL Pu ? U[f NT jHQqiu NT qDQqhf BZXTU_ Fhf c h eBBB DHGqf BXl jjf
DHiFf KVSZYZu >WWVS O[cR[f J^W Dq D DHijf ea `UWabYT PU[V O[caR[ K _U K[W^U AUVTWZYZf © jE BbU KbWca AcUZ]f \S Iqf O?C jif eUVc « [y`WXWSVUWc kUV` IFQjFf N`sa VWW^YUVUVVU
J]WXXlfQc IG BB DHhqf
DEHHf LWZbzY[]u eSWccS OU[[Y eWacS[Wf PWR^UWZYZ H Be DHijf ea VWW^YT PRXcUU eWacS[W L _U ARSTU ASpWU JYVVTUZf BLVVYu VVLVcU DEf
DHiif Al[Tl }QIG AcYZ`UVV~u PR[c K[W^f rS[W ji B DHiIf ea ^URkk PU[V Kb`U[b AcYZ`UVV _U OWZU dSXYpWZU LsZZ£`WXcf © IG
DHiGf KcYVl`UU[U }QiF AsbY[zST~u KWZS JYW^^Wf J^W DF ¨B DHijf ea VWW^YT PZRc JYW^^W K _U OTUZbU @SXWZU LWZbQ aSVTf © Iq eWYZS OVY^XUZb[U LUU^XSZYZf ewVcl IDf LWW^YQ TWYXu cSWTW J]WXXlf c DH e DHhDf
DHDh
DHiEf M[ScYZpYVcu VYTTWcc\f J^W j eBB DHihf ea k[Sp PRXQ cU`W M _U OZZU JYVYZU NUcWVbU AWVp`YZWRXf \S Ijf ?kWX^ Jn aWXcQ^WYVWcWYc SXUXcf p F e DHjEf
DHiHf M[sZVRZbu K[W^ eUVbYTU[ }K[^^W~f J^W Ij B¨ DHihf ea VWW^YT MWbYSZ eUVbYTU[ M _U dSaUZZU OR]RXcU [Yb[W^U CSVkSf © IG VW_U OZbY[XXSZf \S Iqf ?kWX^ TUUcQTYcXlc cWYbY^ IHQjDf rRRcU`U[UQUVUVVU _U cWVS_YZ WXlZZ IFQjDf ?\ OV^SaSVWVWW^Y kll^SZcc jIQjjf rUkY[WcRScY ?\ kUkY[WcYac }eUV^YU^SX^W~ k[S^ _U T\\ZcWkllVV jjQqif LcZ qif JU[[ _UV^UkUVVSu UTTRZcUf PUUcRW CY[YZccWVlXXl ID BB DHqif eYVW DhFDf
DHDif JU^UVYacS }QiF JU]VRZb~u >WWVS ?X^U[Wf J^W h ¨BB
DHiqf ea Jn ^R[XS[W PU[V OR]RXc JU]Q
VRZb _U PU[SVWZU eWVaYVTWZU KZ]VRZbf © jI LYU A\V`WU PUU[WZU LUUXSZYZf LUkXYc dRaUZW jj p DHFHu BV^^U jFu dAQ OZZUQNUU[WU qqf \S Iqf ANP }CP~ [` Jn IHu kUXcS[UUVWcRc^ CUTkY[YYZ cRSQ TWS^Uk jIf nVWT kUkkWZU CSW`U^UXXU
IHQjiu PRaTUVUabYXXU jif d\`lX^\VlZ
^URkX[^ jiu N\[X^\VlXXU jiQjDu PTZRQ
VUXXU jDu OX^SVUXXU jDQjIu d\`lX^\VlZ
TUUX[^ jIQjj _U @WWaWTlYVVl jjQjFf rlV^lZYYZ ^UkkUVUWZYZ jFQqFu ^a[U qhQGiu _SVVSWZ Ycl^^f PUZ]UXUVUZ [S`UXcW^ `c L[S` hGQhEu L[S` hHQGif @WWaWTlYZ \acV\X RX^ _U aWXc SkYcc jFf @WWaWTlYZ `U[U`UZ^WVU kUXc jjQjFf rlV^lZYYZ \ac^ RX^ SkYcc qHQhEf AWW[cS`lYZ aRSVcS_Sac qi _U eUkUU JRSVcS XWac jHQqq rlV^lZYYVVlf rlV^lZYYZ NUZZY[aYWTVWWccS kWW[WSX XScUQ S[kS_YZ aRSVcU_U qqQhEu Ar@ kWW[WSX k_ hiQhju rYVUXcU^UU LUkXYc [\ UXWUT hFQGif Jn cYSV cWYbY^RZZ cS`Y[WZYR`SXcS k_ IFQIHf dRV^ rWYcU[W ¥YbY[XkU[[Y ^W[^SVVWXYZ kWYcWXTWZ YXcUWXcYQ VW_Uf CYSVS]WU _U ^W[^^S Fiu U[cW^^ XUZSTUQ_U UW^U^VYabWXXlf CRZZRXcR^XWU ^ScWXYRcRcRc^WYVTWXcU ZV\X cS`Y[W^RZZUVcUf @S`UXcW hIu Ae@ Pu rgJu NT jHQqiu NT qDQqhf ASckUXcf JU[[ kRRcU[aUZaSWcSu RWZcWf eYV_Yc HEFu DIjju DEIhf
DHDDf JU^SVUu eWVaS dSaUZZYXf ³AYWZl_S^W DG eB DHijf ea cWVUZSTWXc dRaS J _U NU[WU OVWWZU NU[ccWVUf © qF KVTU LYacSTl^Wf BewVcU DEu JlTYYZVWZZUZ V\X \S Ijf KLPf IG _U KL jD }gY[VWWZW~u kWW[WYVVll^Q cRc^ qjf ec PRZZKL IEQjIf VWcWZ PRZZQ KP jIQhGf VWcWZ aY`SX\Xcl`lWZ XYR[ XWac _U [Uaa jjQhjf e@ q cV^u e@ qu NT jHQqif KLVll^TU_f p VWccW IH DDD DHhGf
DHDIf JYVW^W`W }YZc JYVVXcYZ~u rUU`S O[`Wbf rS[ZUWZYZ j eB DHijf ea U_R[W O[`Wb K[ZXc JYVVXcYZ _U NU[WU dSXYpWZU gUy^Q TUZf © IG JWVTU dRVWU AUVS`UU[Uf oVWVcU DHf O K^Vsp ?\ TYcXlc\sZ_Sac IGQjFf JYZ^W`U^\ac AUVUTU UVRYcU[^ jFQhDf rS[ZUWXcYZ rUVS`U^\ab cSWT_ qHQu rS[ZUWXcYZ Ak hqQf KcQA AllXcskUZ^^W\ab _SacS^ _lX hqQu k_ FIQu rS[ZUWXcYZ ^RZZ`UVc _lX qEQhju ^RZZaUVV hGQhEu FDQu ^W[^^S`UVc hIQu p I eBBB DHEhf
DHDjf J_YVTTUZu elWZs dSaUZZYXf J^W h DDD DHiqf ea k[Sp OVY^XUZbY[ LYSZU[b J _U KVXU PUcU[WZU LWZbzY[]f © qj @UW_U rWV`Wsf \S Ijf PUbP IqQIFf re ZkW RkXu ^STkkkllVV _U cXcSRkX IFQjhf LWW^YUVUVVU jFQjHu qqQqHf JUUkU`YbYZ \ac^ [RScXWZ SkYcc qHQu e@ ju e@ qu NT jHQqiu NT qDQqhf elZ[ IFu VcZ IHu ^Ukc qif p Di eB DHGDf eYVW DGjFf
DHDqf Jl]]TUZu ¥aU[VYX tYXVY\f ³CUTkY[Y IE B DHijf ea TYcSbWXcWkUXcS[W dSZUX eWVaYVT J _U OZZU CWbYTUZf p J^W DG ¨ DHDEf eYV_Yc DIIIu DqGEu DFhFu IjHju IjHqf
DHDhf Bc^SZYZu JYZ[W^ }JYW^^W~ MUz[WYVf BZU[W IG e DHiqf ea [S` LUR[W O[`Wb B _U OTUZbU ASpWU PU[_UVUWZYZf © jhQqH KVWZU LWZZUZZWYTWf BewVcl DHu ?RVRZ XRST V\X \S Ijf P IEu N IHf PU_UUZWZ \acV\X XU^XUZ _U [UZX^UZ `c `kW VYac
DEi
jiQjIu `kW VYac jIQFqu [Yac hEQhHf PU_UUZWZ NWYXQLURVU_Uc aWXcS[WSWcXW_Uf eT If p PU_UUZW IE ¨B DHFqf
DHDFf dU[UTUU }YZc dSaUZXXSZ~u OU[ZY OR]RXcf J^W Dq BB DHiqf ea `UacWTYXc dSaUZ OR]RXc dSaUZXXSZ _U ¥aU[VSccU @WyacY[f ©IG dYZZ\ ·U]TU[ PR[^YVUf BBwVcU DGf PURkkUQ YbRXcU_U ?RVRXXUf p Di e DHFHf
DHDGf PUU[ZUu PUU[VS PUVY[`S }PUVVY~f J^W I BB DHiqf ea `UacWTYXc PUU[VS eWacS[W P _U eWVaYVQ TWZl K[W^XSZf © jq L? OWVW BZ^Y[W rUUQ XSZYZf ewVcl IIu J]WZ T`V\X \S IFf PUbP IGQIHu ALNP qhf r D IHQqhf LWWQ ^YQYVlTlZ kUV` qFQu ?RVR_S^W ?\ }NRQ aSX~ ^SZcc`W[^ hIQf e@ j T^u e@ q T^f NT jHQqiu NT qDQqhf elZ[ IHu VcZ jDu ^Ukc jHu TU_ qIf JU[[ TUUZQ kRSVRXcRXu XaU^^Wu TWYX^RS[SVURVRu ^WYQ VYcf p jD DDD DHEGf eYV_Yc GEDu HiFu DiGju IiEEf
DHDEf PUaUZkll }Qjh PUaYVWZ~u eYW^^S BVTU[Wf rS[`SS DH B¨ DHihf ea JZcS> JYZ[W^ J_UVTU[ P _U OZZU NU[WU tUVVWZf © jEQqq B[TU tWyaTUZZu BB qF NU[WUZZY PlcaY KVXY ¾WTTY[TUZZf \S Iqf LP IGu LL jIu LPC jEu ZUWXcYZcURc _U X\ZZ\c\XcYZ Y[W^Vll^ jhu ZUWXcYZcURc XlbYaSWbSZ Y[W^Vll^ qGf Jn >UWXcYZ^VWZ UkRVVll^ jqQjGf eWWkR[WZ >UWXcYZXUW[ UVWVll^ jEQ jHf J]WZ >UWXcYZ^VWZ UkRV\VWVll^ jqQqq JSWc BB >UWXcYZ^VWZ k[Sp `W[^UU hDf JnPA AlbYaSWcS^VWZ ZUWXcYZcURcWSkWZ \VWVll^ qqQf Jn bSX qIQu n^XWc\WXVll^ J]WXXl jFQf A M\ZY^SVS]W\ab _SacS^ _lX hGQu `k_ hEf QFiu k_ FDQFjf A Lll^YcWYc [UbWSWXScSSkkW\ab _SacS^ _lX hEQFIf A\skl\ab `UVcRRX^ _lX hhQ r[SpYXXS[W hFu e@ q kRZ [^u e@ q cV^f Lll^^Ukc qif JU[[ TYcXlZaSWcSu ^UVUXcRXf p IF B DHGif eYV_Yc DhGiu DGqDf
DHDHf PUVVWSu LUR[W dRaUZWf J^W ID BB DHiqf ea ^W[`YXT dSaUZ [Yb[W^ P _U NUcWVbU LS`WWXU JUcczY[]f © jD p DHqj NU[caU NU[WU OU[ZWSf eVVLVcU Iqu \S Iqf K^SZ PPP IGf J]WZ c\s`lYZ Ak kUV`f eY[S`UVTWXcYVR`XcS kUV` qIQf J]WZ cRVSQ _U STUWXRRX`Y[SVURcU^ _lXf p IH Be DHGqf
DHIif Pl[^WZYZu @UpUYVf ³eUUXU D BB DHiIf ea _Sac NUccW g[\ZSVp P _U @SXU B tUaV[SSXf © IH NW[_UT KVYSZS[U LUWZYf DGf
g N TUUcUVSRX`U[UXcS U][ IHQjqf NUUcUVSRXXYR[S_YZ ^YX^RXVWWccS `UVWS^ m qf XWac fjqf K[`UQLUc`UVU ?\ kUV` jqQjhf NUUcUVSRXaUZ \VWT YXWcc jhf oRXW ARSQ TW TUUcUVSRXcSWT jFf BM ^U[aYZ © >S[X^ J\b[S TUUZ`WV_ZYR`SZcU ^SZWcQ N kllVV jFQqDf NUUZ ARSVU cSWTXWac jFQ qDf PW[_YSkWXcS SkYcc IHQjqf e@ qf p Dq eB DHqDf
DHIDf PUcU_Uu PSXcW PSZ[Ub PVYScRXf J^W G ¨ DHiqf ea ^URkk PUU[VS PRXcUU P _U AYVTU NU[WU tl[_lf © IGQqF OZZW KVWXUzYc Nl^WZYZu hiQ KY`W PUc[W PWWX^Wf oVWVcU DEf eU[UXQ cSUVUVVU J]WXXlf p Di e DHFEf eYVW GGEf
DHIIf PY[^^SZYZu NU[ccW OUccS ?VU`Wf LWTWZ^U Dj B¨
DHihf ea PSRVR> PUU[VS P dU OZZW
B PRVcU ASpWU P[UZ^f © ji C MRZ`S[ JYVYZU OTUVWU JSVTzY[]f \S Ijf N IGu C jFf JlTYYZVWZZUZ TUU^RZQ
cUQU[^WXcS aSWc IHQjqu eWWkR[WZ jqQjGf eUVcWSZU[^WXcS U[^WXcSZaSWc jGQhIu U[Q
^WXcS> hIQFGu `UVcWSZU[^WXcSZaSWcu k[Sp
FGQGif A JWXcS[WUVVWXYZ AYR[ cRc^W_U_lX
qHQu k_ hhu [UaU`U[UWZaSWc FjQ O[^WXcSQ \a}_ k_ qGf Ka[YZX`l[b AYR[ k_ FqQf e@ q T^u AL @ Du NT jHQqi TX^u NT qDQqhf PUkc qIf c IE BB DHHif eYV_Yc DFjiu DFFIf
DHIjf PWZZRZYZu K`UVb [Yb[W^ dSaUZZYXf rSa_U DE eBB
NUXQff NR DHiqf ea TYcXlZ `U[c ·U`Wb dSaUZ P_U VVRWNWNa^ tc OVY^XUZb[U eWVaYVTWZU gVSTzY[]f ©ji
J_s[bWX MRb[RZ JWVbY]U[b rYccY[XXSZf eWVcl Iif U[T Ihu k[S` jIf eYXUZQ ZSZ UkcYY^^U[W qjQqGf e@ ju e@ qf p PRSkWS Ij ¨B DHqGf eYVW DFFjf
DHIqf PW`Wu LUR[W O[TUXf AS[cU`UVU IH eB DHiqf ea [llclVWQ TYXc CYkkS PUU[VS P _U OZZUVWWXU PS^^Sf \S Iqf LP jDu LL jGf PSZccS[WQ_U XUZSTUVYacWUVUVVU IqQjDf @UUaYZ `c kWW[WQ Vll^ jEQqIf e@ qf Lll^^Ukc qif JU[[ cUWbY^W[_UVVWXRRXu VWW^RZcUQu ^R`UUTUQ_U Zl\cclTscUWbYf PUUcRW DE B DHqIf
DHIhf PSWXcWZYZu ?VVW dSaUZZYXf J^W Iq eB DHiqf ea kRRQ XYkkl dSaUZ JYZ[W^ P _U JUZZU OaSVUf © IF KVVYZ @WWkWf BeWVcl DHf @URTUZ XYTWZUU[WZ kllXcscSb IHf PUZXU^S @WWQ aWTlYVVl IHQf JU[[ ^RS[SVURVRf p IE eBB DHqFf
DHIFf PScWVUWZYZu PUVY[`Sf J^W DD ¨ DHiqf ea Xl`YVcl_l
?ccS P _U BbU NU[WU LRR^^SZYZf © jH
AJ KVXU NU[WU ¥U[VXXSZf \S Ihf LP jDu LL jEf n^XVll^ NUc^UXYVlXXl jHQ qiu PSc^UXXU qiQqhf @URcUcWYVll^ jHQ qif AU`SZ[UZZUZ ^RZZVll^ qhQqFf Lll^VcZ jIf JU[[ TYcXlXc\Xu ^UVUXcRXu TYVSZcUf p IF DDD DHqFf
DHIGf PU[Y }YZc PRTVUZbY[~u PRXcUU K[^^W @UpUYVf @URTU DE e DHijf ea c\sZ_Sac PRXcUU eWVaYVT PRTVUZbY[ _U OWZS OVWZU >WXXWVlf © ji KXcY[ KVWZU KX^SZYZf \S Ijf PUbP ^R[XXW jIQjju CPP cSkS][UpWXQ]YSbYYccWZYZ cRc^ jhQjGf nY XScWVUXcSkS][UpW IhQf e@ q T^u NT jHQqiu NT qDQqhf @YX`lZ[ Ihu [YXVcZ jIu ^Ukc qiu TU_f p J^W IH B DHqFf rSW^U hFFGf
DHIEf PRRXWXcSu CUZYVWf § J^W DH eB DHihf ea cRSTWS[S`u CC
ay OZccW tWVVWUT P _U JYVTW Ä^Y[TUZf © IH JL CUWTW JYVTW P\VVW^^W eUVcSQ
ZYZf BLVcU DFu AUVSZ \ac^ DDQeu AU`SZQ
VWZZUZ V\X \S Ijf P IEu N jFf J]WZ PW[^^STRXWW^^WSkWXc jDu J]WZ PSZXY[Q `UcS[WSZ bWkV jhu SkWZcS_U rU[WWXWXXUu LYWk¦W]WXXUu AcRcc]U[cWXXU _U oAOwXXUf NRXWW^^WU[`SXc _U \^XWc\WZYZ N? IGQ jFf J]WZ rSa_ XRST X[^ CssVsZ ^W[^^S R[^R[W jif CssVsZ X[^ R[^R[W qjQFjf
nLK TRXWW^^WkllVV UkRV jFQjHu qiQqDf ARST ?SkkY[U ^RSQ [SZ_Sac qIQqFf eWWkR[WZ LURVR`YW^Sc _Sac qhQhDf AWzYVWRXQ O^Uc SkYcc qEQhhu ^W[^^STRXSX _Sac hhQhGu `[Yac hFQhHu [Yac _U k[Sp hHQu oRXW ARSTW TRXU[`SXc hIQhFf O^UcYTWUVURcU^ _lX FiQu A Al`YVcUWc CR^WXllcWs aUVW k_ hGQu CSWT U^cWW`WTRRQ
XW^^SZUu Xl`YVcl_lZlu R[^R[WZU _U XlYXcl_lkWUZWXcWZUf oX TRQ XWW^^WcYSXcYZ cSWT _lXf rWUZSYZXW^SZXY[ccW _U Xl`YVV\XYZXW^SZQ
XY[ccW jju R[^RYZXW^SZXY[ccW jhf ·W[ TRX qqu AL Pu r[S WZQ VUZbWUu ? U[ Df c ji DDD DHEEf eYVW DqEGf
DHIHf P\csTUUu rYZccW }QqE rS_R~f eWWkR[W ID Be DHihf ea cSWT PUU[VS P dU KVWZ eWVaYVTWZU oX^YVUZbY[f © qi KY`U LWWXU Pl[^^lWZYZf eLVcU IDu eWVWVVY IIu \S Iqf O?C jGu Y^SZf nVWcU[^UXcU_U J]WXXlf eYVW DGHHf
DHjif LUacW`W[cU }QiF tW^Xc[sT~u PUVY[`S BVTU[Wf J^W E e DHihf ea ^URkk dUVTU[W O[ccR[W L _U OZZU dSaUZZU LWkkSQ ZYZf © jF p DHHi JYVYZU OZZW^^W r\alVlf oVWVcU DGu CUTQ kY[YYZ ^VV\X \S Iqf P _U N jqf ?[W`YbYZ SkWXc VRSZZSZQ cWYcYWbYZ SkYcc jhQhIu `_Sac jEQhIf JSW^UZ SkWXc _Sac hIQf AL @ Df LcZf p Ih B¨ DHGEf BXl qiDf
DHjDf LUWZYu LUR[Wf J^W DiD DHiqf ea XYkkl OZccW UzWUZ L _U OWZS PU[SVWWZU @UZcUZYZf © Ih » DHqD BTkW KTWVWU dSaUZXXSZf BV qI
JYVTW JUZ^UVUf eWWVVl Iif eU^S\ rSa_SVU kll^SZcc cWVWSXUXcSVVU IiQjqu C[YYZ ^SZcc YXWT jqQ _U kWW[W_Sac FIQf CUTkY[YYZ TWYX^RS[S LURVU_Uc XWacu _SacS^_lX _U ^RZZWU_lX FqQf C[YYZ eU^Q \ab _SacS^ _lXf e@ qu eT Iu NT jHQ qiu NT qDQqhf nVW^f JU[[ TWYX^RSQ [SVURVRu ^R`UUTUcUWbYf pV H B¨ DHEGf
DHjIfLUWZYu CURZS >\\[W^^Wf J^W I e DHihf ea [^T ?bY[c L _U JWVbU MRXcU`U J\[[\f © jh N? B ORZY AW[^^U eUV^SVUf \S Iqf ·B B CPP jDf ?\ JWXXWaRSVcS Oz cSWT_ _U
dAÐ T\sa _SacS^ k_ jDQFif Jrn kUV` FDQuQ c DF e DHGEf eYVW EqIf
DHjjf LYacSu OacW KWZU[Wf J^W Ij ¨B DHiqf ea N Oz[UaUT Kb¯U[b L_U BbU OVY^XUZb[U CUZZY[f p J^W H Be DHIif BXl Gif
DHjqf LYacSu CSW`S YVW^Xf J^W DD ¨ DHiDf ea c\sZ_Sac dSaUZ [Yb[W^ L _U JWVTU eUaVzY[]f eWVcl DHf p DF B¨ DHIif
DHjhf LWZZUZ^SX^Wu CSR^Sf CR[^R DF BB DHihf ea ^W[_UWVW_U dRaS eWacS[W rYVcSZYZ _U KXcY[ ·[R]]f \S Ijf ?kWX^ Jn VUWZSk cWYbY^f c J^W Di ¨ DHIGf
DHjFf LWXcSu n[_s CUkWSf J^W G Be DHiFf ea YXWccYVW_lXWac O^XYVW OR]RXc L _U YbRX^ ^SZY^W[_^UZXQ VWUZ _Sac JWVTU NU[WU AYbY[aSVTf © qG pU[T OZZW^^W CSVSZYZf LUkXYc NU[_UcQ cU qHu dRaUZW hIf \S Ihf ·V jj CPPf ?RVRZ TUUZ`WV_YV\XWZXkWW[W jjQqFf LUQ kWZ T`WZXkWW[W qFQu `YXWkWW[W kWW[WQWZX FIQf @ScU[\cSWTWZZUXXUf e@ q cV^u e@ q T^f AL U[u CX TTu dX TTf BZXQ TU_f JU[[ VR^YTWZYZu RV^SWVRf eYV_Yc DqHIu DhEGu IEIIf
DHjGf LWR^XWUVU }QiF NYR[TUZ~u ORVWX O[kUbf J^W h ¨BB
DHiqf ea ^UZXVWU> tY[ZY[ KVWUX L _U
PVU[U KVVWbU LYWXcYZf © jj p DHEF e>
M[YcU CY[YXWU @sZZzY[]f LUkXYc o[kR qDu KW_U qqf \S Iqf K^SZ JPPP IEf
PW[_UZkWc J?P IhQIFu A?P IGf KbRXc
?\ A\XcYTU IEQjiu ?\ KVVUTX ·RkVWyUQ
cS[ ¥S jDQjIf LUX^RcRXSX kllVV J]WZ
Xla^sVUWcSX jjQqHf PWWZcYWXcsSX kllVV
Jrn hiQFHf oX ^WWZcYWXcs_YZ WXlZZ jhQ
Gif KVl^^ FHQu eT Du Ae@ Bu e@ q cV^f
eT If oZf eYV_Yc DhhGu DhEEu WXl ^X SkYccTUc[W^^YVW LWR^Q XWUVUu t Ku c\ccl[YZc\ccl[Yc EHjhu HDEFu DiiDGf
DHjEf LU`WVU }QjI LRZbXc[sT~u A`YZQK[Wy @SzY[c }K[^^W~f J^W Dq DDD DHihf ea ^UcXUXcU_U @SzY[c Y[bWZUZb L_U OVTU ¥aU[VSccU NUVTf © hi PY[ccR PUcU_UTl^Wf \S Iqf LP IEu LL jFf rWc^lZWYTYZ XUW[ UVWVll^ jFQqDu LUkWZVUabYZ XUW[ qIQ qjf n^XVll^ Cs\XlXXl qjQf Cs\XlZ _U LYacWTlYZ `c ^RZZVll^ RX ^Y[cS_Uf CSWTWZRc A^WXXU IqQqqu OPA jiQqqf Lll^^Ukc jHf JU[[ pWVUcYVWUu aWXcS[WUf eYVW IDijf
DHjHf LlacYYZTl^Wu oRZS BVTU[Wf JlTYYZ^\[s IF eB DHiqf ea _Sac CUU`YccW L _U KVWZU rURVWZU rUWcRVUf © ORZY LUZbYZf oVWVcU Iif PR[^W_SYZ TUUTWYXSkWXc LUZbzSaSYQ X^SVY CUZX^UXXUf p Ii e DHhFf
DHqif LlZXW`UU[Uu O[`S JYZ[W^f J^W j eBB DHijf ea WXlZZ JYZ[W^ dSaUZ L _U KppWU dlZccWf eLVcU Iif ALNP ^R[XXW IiQIIu PUbP IIQu p J^W Dj ¨ DHIjf
DHqDf NU[cWUVU }Qjh NUVTXc[sT~u KZXWSf PRSkWS F DHihf ea ^W[_UZkUWZU_U PU[V [Yb[W^ NUVTXc[sT _U NWVTU ¥aU[VScQ cU M[UZWcf © jh B[TU PUU[WZU eUU[ZUf \S Ijf J]WZ kSVWWQ XWVUWc ^W[_R[W IqQIFf LY JU`[Y¿Z ^SZXRVUUccW XWac IGf M JU[cQ TUZZWZ PSZYVWW^Y T\\_l _U eWWkR[WZ ^SZcc aSWc IEQjDf ?\ [W]UcS[ Oz T\\ZcWkllVV _U UkRVcSWT_ jDQhDf dll^SZY ?\ cSWT_ _U _SacS^ k_ qFQ e@ ju e@ qu NT DEf PUkc qDf c Iq BB DHHif eYVW IIHif
DHqIf NYVUZbY[u MRXcUp JYZ[W^ BVTU[Wf J^W F B¨ DHiqf ea k[Sp MRXcUp N _U KVXU NU[WU gY[]f © B jh KVWZU NU[_UccU CRRVWSu p Gju BB GF LWV_U OZZUQLWWXU OZZYVW PUWkWU LUkXYc KY`UQPUU[WZU NU[]U[YcaU jFu OZZUQLYYZU NU[_UccU jGu PUU[VS PRXcUU BVTU[W qju LUR[W NW^^S ?VU`W qhf BeWVcl DHu J]WZ XRST \ac^ \S Iqf nÁC IHu LUP _U eC jDu LUL _U LUC qif NPJ ZSc jDQjju `UVcWS^SZcc jjQjGu PP? jGQqif Jn XW`WWVWSW^ _U \V VUWZSk `c UkRV qiQqDu UkRV qDQqGu XW`WWVWSW^ `c k[Sp qGQqEu cUVSRXSW^ qEQhDu TUUQ_U `YXWSW^ k[Sp hDu SW^cWYc cWYbY^ bY^ FIQFhf J]WZ aRSZYYZ`RS^[UVURcU^RZcWYZ \ac k_ qiQqhf PPP ^URkkUSW^ SkYcc qhQhIf nVWSkWXc UkcYY^^WcSWTW^ k_ hGQu cWYbY^RZcU_lW_ ^YX^RXcSWTW^ hhQFDu ?W^YRXcWYc cRc^Q XllcWs FIQFGf tA?n aZcSZYR` k_ hDQGIf nac\ZYYc PR`UVYaQ bYc ?\ aUVW k_ FjQf J]WZ @UcXUXcU_Uc k_ FqQu Ae@ Pu AL Pu ¨¨¨u PPP UT[f c h e DHEGf
DHqjf NUU[ZW }YZc NWy^YVXXSZ~u P\sXcW ?VU`Wf J^W Di B DHiqf ea ^W[_UZXWcS_U KYTYVW NWy^YVXXSZ _U dYZZ\ KTWVWU JYZ[W^XXSZf © jh NY[W OVY^XUZb[U LUU^XSZYZf oVWVcU Iif PURkkUQUVUVVU J]WXXlf p Ij VWW DHGqf
DHqqf >WYTWZYZu LUR[W ?X^U[f JSVVSVUZ LUacW j DDD DHiIf ea ^SZYkU_UZ c\sYXWT ?X^U[ eUVp[Wb > _U @SXU LYacSZYZf © jG @URaU dl[`YQ VlWZYZf BewVcl Iif eUUccR[Wf ?VVRc r CSW`UZYZu ? e PU[_UVUWZYZu e Nl^YVlu
L ¥UXRV^WZu dU^SzS¯WcXyau > PUR^UWQ
ZYZu O ?zXczURT _U O[`SQOXR kUV`YQ VR^XYXXUf c Ih B¨ DHGDf
DHqhf >WYTWXcs }YZc >lXTlZ~u PUU[VS dSaUZZYXf J^W jD eBBB DHiIf ea \VW_RZUWVW_U dRaS Kb`U[b > _U eWVaYVTWZU AUVSZYZf © jq OXcU NU[WU g_R[Xc[sTf eLVcU IDf ALNP kllXcscSb Ijf PS[kW`UU[U © JUVVU ?\ kUV` IhQu k[S^ _U `U[USXkllVVf W[YXcSZY @YZ]UXcR^^R ?\ T\\ZcWkllVV _U @YZQ ]UXcUVS ?\ cSWTW Qqqf JUZ^Y ?\ cSWT_ qqQuQph ¨V DHhqf eYVW DiHGf
DHqFf >WXXWZYZu n[_s PRXcUUf J^W DF Be DHiqf ea ^URkkWUX >WWVS PRXcUU > _U BbU OUVcSZYZf © jG TY[^SZ ORZY KVWXUzYca AWkWVlf \S Ijf ·B CPP TUUZTWccSX IGf NNJ ZkW WZX IGQjhu `kW WZX jhQhiu UXYTU^UU`UQ TWccURXcXcS _Sac _U \VWQWZX hiQFju ^U[cSQ ][UpWXYZ cXcSZ _Sac _U \VWQWZX FjQf CPP ]YSbYXWUZ UXXWXc jGQ hif rS[^^UVUZZWYQ TYZ [U_UXY^U^STWc _lX qqu AUWTUUZ ^UQ ZU`UZ [U_UXY^U^STWXXWS _lX FjQFqf MYSbYYccWZYZ ^Y[aS XWac jGQqGf A ScSQ ][UTTYc[WZYZ XYR[ kY[RXcU_U_lXf A PU[cS][UpWZYZ XYR[ aUVW _lX FjQu AL Pu Ae@ @ Du NT qDQqhu ¨¨¨f c DI eB DHGDf rSW^U hhGqf
DHqGf >SkSZYZu ?XTS OZcY[Sf J^W DG BB DHiqf ea ^UZXU^S OVkS > _U dSaUZZU AUVSTY dR[`UZYZf © jh ^UZXU^S ORZY dSaUZZU LUkkUVUWQ ZYZf \S Ijf CYSV Y[ScRc^ IGf nVWT kUkkWZU AWTSXXU IGQIEu PRW`UZWYTYXQ Xl IEu VWXUVTYZ TUUX[^ IHQjjf PSZZYQ `YbYZ ^a[U jjQf PSZZY`YbYZ eUkUU JRSVcS k_ jHQqiu qDQqqf @S`UXcW hFf AcTf pj? eBBB DHGqf eYV_Yc DDFHu DIFDu DFGHu IIHqf
DHqEf >W`UZ^S }QIE >\VUZbY[~u KWZS AY`Y[Wf § VWXUVTW Dh BB DHihf ea TUUcUVSRX> JUZZYX tWVVWUT >\VUZbY[ _U JYVTW LU]RXf © jE P K[W^U KR]YZWY eWW[XUVRf \S Ijf P _U N IGf Jn ^W[_UXcS aU[_SWZ IEQjiu UTUZ jiQjEu ZkW UVW^W[_UXcSZQ aSWc jEQqqu `kW UVW^W[_UXcSZaSWc qqQhHu ^W[_UXcSZaSWc }^ScWQ TUWXYZ SX YXWT~ hHQu >\^\XRSTYZ XUZU^W[_U UkRcSWT jiQjqf APA ^W[_UXcSZaSWc jFQhFu _SacS^ _lX jFQhFf rU[WWXWZ rSa_T ^W[_UXcS XRST ^W[_UXcSZaSWc hDQhju aZcSZYR`_lX hhQf CWYcYYVQ VWXcYZ ^W[_UXcS_YZ VURcU^ XWac hqQu CWYc PW[_UXcSXYR[ aUVW _lX qjQqGu hqQhGf A PW[_UXcSXYR[ ^YX^RXcSWTW^ _U _SacS^ `k_ hhQ Fif CWYc SkkW^W[_UXcS_YZ cSWTW^ k_ FIQFjf rUV^WZcS_U `Y[^^SQ kUVVSXXU jIQjGf Ae@ @ Du eT Du eT Iu NT jHQqi TX^f PY[X qIf p DG B¨ DHEGf
DHqHf ?cWVU }YZc ?VYZWRX~u KTWV KWZU[f J^W Di ¨B DHiqf ea c\sZ_Sac dSaUZ OVp[Yb ?VYZWRX _U dRXcWWQ ZU NU[_UTl^Wf \S Ijf eUVc rSVWWXWQ ^SRV kllVV\Xcs^R[XXW qjf J]WZ kSVWWXWVUWc IGQu ^STWXXUU[Wu [W^SXSX UkRV hIQu O^Uc XaU^^W^VRzW k_f O^Uc AaU^^WVWWccS ^RZQ ZWU_lX jFf PUZXUVVWX^VRzW _SacS^ _lXf AL @u r U[u NT jHQqiu i UTu ¨¨¨f nVWVf JU[[ XaU^^Wf « ID ¨BB DHEqf
DHhif rUU^^U[Wu KWZS }KZS^~ OR]RXcf J^W Dj eB DHijf ea ^URkk PUU[VY OR]RXc r _U NU[WU ASpWU AcYZzY[]f eWVcl IIf eUVS^R`UU_Uf p F Be DHIGf eYVW DDGjf
DHhDf rUUXW^UVVWSu JYW^^Wf J^W DHiqf ea ^UZXU^S PUU[VY
JYZ[W^ r _U ?W`U AYVWZU NU[ccWVUf © jq
B[TU PUU[WZU ARZbzY[]f ewVcl Iiu
J]WZ XRST \ac^ \S Iqf ·B CPP IHf CeJ XRRZZWcc IHQjqu ZkW WZX jqu AUWQ
TUUZ ^UZU`U c\skllVV jqQjEf eUUXUZ
cWYQ _U `YXW[U^kWW[W ^UcXYVTRXWZX jEQjHu
`YXWXcs_l[_SX }`kW WZX qjQ~ jHQqGf tl[cQ
XWVlQ\ac\Tl ?\ [U^kllVV _U [U^SX _Sac
qGQhDf O[U`U SXWZX hDQhqf PRVRcRXQ SXRRX^RZcWYZ PYX^RXVWWccS [U^SXkllVV
hqQhFf PCN [U^cU[^ hFQFIf CWV^UZ eUVSkUWZS ?\ cSWT_ hIQu ?\ ?¦Uk[WZc hHQf J]WZ [YXRkX^Y[aS kWSZSX k_f BZXRkXQ\ab `k_f eUVS_lV_YZZ\X\ab k_ hjQf OTTRZZUXXU AN jH _U Fqf e@ ju e@ qu NT jHQqiu NT qDQqhf BZXTU_ qIf JU[[ R[aYWVRUTTRZcU _U TYcXlXc\Xu XRS_YVRX^RZcUf p IF ¨BB DHGIf
DHhIf rURZWu P\sXcW OV`U[ rYccY[f J^W jD e DHihf ea [llclVW [UZX VSaUZ NUR[Wc¦ r _U KVWZ OR[S[U LsZZzY[]f ewVcl IIf PSZccS[WXcWf p J^W II Be DHIEf eYVW IDDIf
DHhjf rY^SZYZu KX^S PUVY[`Sf eUV^YUVU DE ¨BB DHiIf ea aUU`R[W [WbSVp r _U OTUZbU rY^SZYZf © qH ^UZXVWXcW KVVYZ NUV`WZU rR[aSf \S Ijf LUWZSkWVVWXYZ cWYbY^ UV^RcYZcWcu eUVc kSVWWXW^SRV kllVV\Xcs^R[XXW qjf J]WZ kSVWWXWVUWc JWYcUZWYTYZ kSVWWXWkWWQ [W ^W[_R[W IFQqIu [W^SXSX ^STWXU[WS qIQ J]WZ AUZSTUc IjQjH _U oRXW ARSTW jHQ R[aYWVRU`RXcU_Uf dllkUVVSXXU q AN _U Di TUUSccYVRUu JBP _SacS^ RX `f A rUVVSVWWccS Y[ScRSTU[W`UVWS^ _lX jEQu k_f
PUZXUWZ`lVWZYZ _UV^UkUVVSQ _U _llkUVVSY[ScRSTU[Wf AL @u ?
UTu Ao ^RVc U[f AcTf JU[[ R[aYWVRf eYV_Yc DIDEu DIFGf
DHhqf r\\^sZYZu O[`Sf ¬LUacW G D DHihf ea VYWkR[WTYXc VSaUZ OVY^XUZbY[ r_U K[W^U eWVaYVTWZU K^VRZbf © jID DHqh AJ NU[WU OVY^XUZb[U tUaVXc[sTu qFQ VWW^^YYZaU[_ ARSTU KXcY[W @UZcUZYZf \S Ijf LP IEu LL jqf n^XVll^ J]WXXlf Lll^^Ukc jFf
DHhhf @URcU`UU[Uu OZcY[S gY[cYVf ¬J^W DE Be DHihf ea ^UZXVWUkllVV OVzWZ K`UVb @_U BZ][Wb LWV_Y£RWXcf © jD AU]U MURppWZf oVWVcU DHu AYWZl_SYZ nac^ _U oRXW nac^ \S Ihf PUbP IEQjiu UXY^R[XXW jqu ^Ukc^R[XXW jEu APP Skk jHu RX _SacUTWXcUWbSZ ^R[XXY_U @RScXWXXU qFQhIf P\TYZVUU^XSZ X^kWW[W UVRYkllVV jiQjFu B XScWVUXSa_UU_U jFQjHf eW[SVUabYZ OVUVSa^Su DD|@C@u @r j ^ST jHQqDf Ne KXW^ cXcSkllVV qDQ qju rllTU_UZ qjQqqu NAP `_Sac qqQqhf CUkUcR[TUcS[_RZcU [\ SXkllVV qhQqFu aUVW k_ hiQu CYSVV C\sZ_SacSQSkWXc [Yac qFQ UTTUccW^SRVR_YZ UXWUTu OU`U[UZZUZ ^R[XXW^YX^RX ^SRVRcRXQ `UVWS^ k_ qEQf ACP ^SRVRcRXSX kllVVf A AScWVUX kllcSWTf C\sQ `lYZXRS_YVRZl\ccYV\ _SacS^ _lXf PUZXUVUWX^UX`UcRX^YX^RX _U OKL aUVW _lXf LURccUXUU[YZ \ac^ _SacS^ k_ hEQf LURccUXUU[YZ @ScU[\^VRzW k[YX hHQFif J]WZ Y`QVRc X[^WWYZ ^W[^^SaZcS^ _lX FDQFIf ?kYcRXZYR`SX hqu AL Pu e@ I T^u e@ j T^u A^ U[u NT jHQqiu NT qDQqhu eW[ APu eUV^ @ jf @YX`lZ[ IFu oZ jiu ^UkW jEu TU_ qDf JU[[ TY[Wf eYV_Yc DFiIf DEhjf
DHhFf@WZZYu eWV_S dSaUZZYXf J^W Ii e DHiqf ea `UacWTYXc
À[c[pWWWW dSaUZ KzYZaU[b @_U eWVaYVTWZU ?[YQ ZWRXf © jI PY[ccR OZZW^^W MUVVYZWRXf \S Ijf ·B CPP IEu WZXRkXcRc^ IHf
CeJ IEQu ZRS[ WZX jiQjhu cXcSkllVV jHQ qiu qqQqHu ^UZU`USX \VWQWZX qHQhGf AUWQ
TUUZ ^UZU`U ^UZU`UWZX jFQjEu `c ^UQ
ZU `UkllVV qDQqqf e@ qu eT I ^Uu Ae@ @ Du NT jHQqif BZXTU_ qIf JU[[ ^W[_Ucf c DE B DHhGf eYVW DIGIf
DHhGf AUWZWSu PUU[VS AU^U[Wf J^W DE eB DHiqf ea ^URkk PUU[VS JYW^^W A _U eWVaYVTWZU LUU^XSf © jI KVXUQNUW_U dUTUVUWZYZf \S Iqf ·V CPP jif rCJ \VYWXQ[UbWS^SZcc XRRZZWccWZX jIQjjf nLK XRRZZWccWZX jjQ jGu ^l\ccskllVV jGQu [UbWSUXYTUSX kllVV qDQFq _SacS^ `_lXf A [UbWSUTUcss[WVWWcQ cS k_ IGQqDu qGQqHu ^RZZWUk_ qEf nVWQ WZX hIu e@ q T^u e@ q ^Uu AL @u NT jHQqif BZX^Ukc qIf JR^^RW AWkSSZ XUU[WXcSXXU Dq e DHFqf
AUVSVU }QiF gSTUZ~u eWV_Sf § rY[ZWs I Be
cSWT_ [WbSVp OVY^XUZbY[ A _U JWV_U JYb`W] @Y]WZU Jl^VWf JU[[ TRXWW^^Wu TUcYTUcWW^^Uf p J^W Ih eB DHIjf eYVQ _Yc DEHqu IiqIf
DHhHf AUZbzY[]u gs[_Y gS[WXf CR[^R Dh BB DHiFf ea U][ J_UVTU[ eUVp[Wb A _U AUVV\ gVSZbWZU AsbY[aSVTf © IE cUWc VWZYX LUWcWZYZf \S Iqf P IFu N IGf A NUc^Uc cSWTW jiQqGf A NUc^UWVW_U\ab _RV^UWXR_YZ cSWT IFQjiu cXcSkllVV jiQ jjf A aScYVVWQ_U [U`WZcSVU^SRV kY[RXc _U _Sac jhQjFu qiu XllcWs UXWUT hDQhjf A >Y¯ nS[^WZ TUc^UWVRcWYbSZUZcScXcS XWac jFQ qFf NUc^U[U`WZcS ?\ _SacS^ _lX IEQjHf eUVc TUc^UWVR^STWc XWac jhQjGf rSa_T TUc^UWVRVWW^YZZYcSWTW^ _lX _U XWacf NUcQ ^UWVR`lYZ ^Y[aS `k_ jFQqFf A MUXc[SZSTWYZ XYR[ aUVW k_ qhQ hDf eUVc cWYbScRXVUWc _U rllTU_UZ cWYbScRXSX kUV` jHQqjf c jD ¨ DHhhf
DHFif AYclVlu LUR[W KZXWS eY[ZY[f PS^YTl^W E ¨ DHiIf ea [S` Kb`U[b ?kcUcRX A _U KVWZ NU[WU JYVVXcYZf oVWVcU DHu PS^YTlYZ \ac^ VewVcl Iif PS^YTlYZ TUUTWYXSkWXc IDu PR[^W_SYZ IhQIFf NUUcUVSRXZYR`SQ _U _U cWVUZaSWcf c JU[_U`UVcU II BB DHjEf
DHFDf AZYVVTUZ }jhQqj tUUaY[XUVS~u LUR[W PRXcU`Wf CR[^R F B¨ DHihf ea VUUTUZZW eYVW PRXcU`W A _U OVW LSRWXY rSVYZf © qE cY[`Y\XXWXU[ eU[TU NU[WU JSZ^U`UU[Uf \S Ijf nÁC jhf gYV]WUZ J]WZ VlaYc\XcsZ ^UZXQ VWXcW IHf oN U`RXc _U XWac jiu jDQjIu VlaYc\Xcsl`RXc NSX^S`UXXU jiQjDf OO B^UUVWXWXXU _U rU[^UZSXXU jFQqIu LSkYVQ VU qEQhhf CUTkY[YYZ @? `c ?W^>T jG
B^UUVWXcYZ _l[_YXc\XSW^ k_ jGQjEf eU^RRQ cRXSW^ YXWcc jEf OA? \VWT YXWcc qFf
BXBJ@ @f JU[[ ^W[_UVVWXRRXf p DF ¨V DHFFf BXl DFIf
DHFIf @YZ^SZYZ }Qqi Ac[YZ]~u PU[V ?VSp }?VVW~f J^W Ih D
DHihf ea U[^^WUc[W tY[ZY[ ?X`UVb @ _U JYVYZU KTWVWU g[ScQ aY[RXf © jD P JYV`W OZccSZYZf LUkXYc ?XXW jju ?VVWQeYW^^S jhu CRRVU jEu NY[_U qju PW[XcW qFf \S Ijf P IFu N _U LP IGu LL jju LPC jhf NU[WUZ XUW[ UkRVVll^ jjQjEf Jn Vll^YQ cWYcQ^YTWUVV VUWc UXXWXc jqQjFu XY[SzU^cY[WSVS]WXYZ VUWc jFQqIu bSX jGQqI zU^cYY[WSkWZ _U XY[SVS]WUZ k[Sp qIQGIf NYaWVlWXYZ XUW[ VUzS[UcS[WSVll^ jGQjHf AL Pu e@ ju e@ qu Ae@ Pu NT jHQqiu NT qDQqhf Lll^Y`V qqf c IG e DHEFf eYVW IiqHf
DHFjf ARSTWZYZu O[`S PUaW KVWYVf PX SkYccU_UTUc[W^^YVWf C\cQ cl[YZkSW^U HhHif
DHhEf
DHiqf ea
DHFqf ARSTWZYZu CSW`S BVTU[Wf J^W IH ¨B DHiIf ea c\sT ?ccS dSaUZ A _U dSaUZZU AUVTWZYZf ewVcl Iif BZXWZss[W J]WXXlf
DHFhf AU[VWS }QID A`l[bVS¯~u eWVaS }eWVVY~f J^W Ij e DHijf ea ^SZYYZ^l\cc OVY^XUZcY[W A _U OR[YQ VWY tW[cUZYZf © jD ^UXXUZaSWc OZZUQ LWWXU @SSXf \S Ihf ARS[ Jn \V SW^YRXTUcR[WcYYccW^S^YYZ _U ^W[_UZkWQ bSZ _U cWVWZkllcsXcY^ZWW^UZ cRc^f ·U\Q cSZ eUU^U ?\ _U LYWZS NSVUZbY[ ¥Su k[S^ _U ^SZcckllVV jDQjEu qiQqj J]WZ C\s`lYZ Ak PUVVWSZ ^SZcc YXWT qjQf OXRZcSQS\ aUVW k_f PWWZcYWXcs_YZ `Y[SQu ^W[_UZkWcSQ _U cWVWZcU[^UXcRXcYacl`Wlf A rUZ^^WTWYXVWWccS VWWccSaUZ _U c\s`UVWS^ _lX FiQf rUZ^^WTWYXQ VYacW cSWTWcRX^ _lX FjQ CeP VWWccS`UVcRRXcS _lX FjQf J]WZ Ak`W[^UWVW_Uc kY[RXcU_UQ _U aUVW _lX hIQhHf J]WZ C\s`lYZ Ak CSWTYZaUVcW_Uc k_ hGQ e@ ju e@ qu NT jHQqiu NT qDQqhf PUkc qif JU[c TYcXl^UVVWSkUVXcUf
DHFFf AsbY[VRZbu @U]ZU[ dSaUZ eWVaYVTf J^W q e DHiqf ea c\kS][UpW K[ZXc eWVaYVT A _U OVTU MRXQ cU`U OaVpS[Xf © IHQqD NU[ccU NU[WU tW^Xc[sTu qDQ MRVVYQNU\ MsXXVWZ]f eLVcU Iif ?\ PJ @YZVRZb ^SZcc IiQ Ijf @URcU^SZccS[W ?\ ^W[_YYZ`UWac _U SXkllVV IjQIGu ^URkkUTUc^RXc IGQjDu J _Sac jDQjhu cSWT_ jhQqHf CaY OZ]VSQ WZZWXa JU[b¯U[Y ¥S _SacS^ k_f NY[WQ `U^ ?\ O[]S aZcSYR` k_f rRSVTUc^UZ CYSVV ?\u ?\ Mt ASaVzY[]u JU^UXUVTW ?\ _U ?X[UT ?\ _SacS^ _lXf LRÃYTzR[]WZ ^RZZWU^SZXRVW jGf Qc E DD DHqHf
DHFGf CUZZY[u KY[S PUVY[`Sf J^W IF ¨B DHijf ea `UacWTYXc ?X^U[W C _U OR]RXcU JSVTf © jHQqq OWVU PU[WZ AW][Wb PS[Q aSZYZf \S Ihf PUbP IFQIEf oRbYZTUUZ [\^T IEQjIf AWW[[Ycc\ UVRY_l[_ `UVTWXcYVRcsWaWZ jIu XWccYTTWZ AYWZl_SYZ Ak KXW^f QjFf nVYWZYZ WZUZXXW ?\ _U NY[W^WWcS ?\ kUV` jFQ hFf e@ q cV^u e@ q T^u NT jHQqiu NT qDQqhf elZ[ IEu VcZ jiu ^Ukc qDf p h eJ DHhFf eYV_Yc EFDu DDDif
DHFEf CSW`SVUu o[aS KWZU[Wf J^W H eBBB DHiqf ea ^URkkWUX CUU`W dUVTU[W C _U BbU NU[WU r\V^^lQ Wx B ZYZf O jj N KV`W KTWVWU KZl_l[`Wf ¡W \S Ijf QLP IGf LL jDf aY[TSQ _U TWYVWQ prWX BXrAB VURc `[W^Vll^ qGf @URaUZ kWW[WTWYVWXUW[
UVWVll^ jjQjHf LUkWZVUabYZ XUW[ UkRVQ Vll^ qFQqGf NW^^YVWZ kWW[WTWYVWXUW[ `c UVWVll^ _U \VWVll^ jIQjju `c \VWVll^ jHQ qFu \VWVll^ qGQFif ALL `UVcRRX^ _lX hIf rWW[WTWYVWXUW[Vll^\ab XWac qIQhGf Lll^^Ukc qjf JU[[ ^ScWXYRbRZ TRWQ ZUWX_llZZs^XYcu ^W[_UVVWXRRXf p Dj Be DHFif eYVW IhFHf
DHFHf CsccY[TUZu OR]RXc NW^UYVf >R[TW_l[`W IE e DHihf ea TYcXl> PU[V OR]RXc [Yb[W^ C _U dSaUZZU [Yb[W^U AUbYQ ZWRXf © qh p DHhG AJ ?V]U dSaUZZU rYVcSZYZf \S Ijf ·B CPP IEf ?\ ORcSQeWU Oz aRSVcSkllVV IEQIHf PRSkWSZ UVRYYZ TSSccS[WU_SZYR`S_YZ ^UcXUXcRXT jiQjEf PRV^RVUWcQ TWZ \VWcU[^ jHQFiu \VWQWZX FiQ PRSkWSZ rRaYVWZ\ab cSWT_ jjQjEf PUZXUZaRSVcSTWZ cXcSkllVV qiQqGu UkRVSXkllVV qGQqEf nVYWZYZ ORcSVWWccS PRSkWSZ SX XWac jiQjEf Ae@ @LQ JU[[ ^UVUXcRXu UX^U[cYVRf p F DDD DHEjf eYVW DIEhf
DHGif eUWZWSu KY[S KYTYVWf J^W Ih ¨BB DHijf ea ^W[_UVcU_U À± dSaUZ KTWV e _U BbU eWVaYVTWZU LWZbQ [SSXf © jH B[YZY KVWXUzYca A\f BewVcl DHu J]WZ XRST V\X \S Iqf N jju SkWX^ gY[VWWZWXXl IHu NWWZyaYZWXXl qjf PRVSXUU[YZ \ac^ XU^XUZ _U [RScXWZ SkYcc qIQFju PUVVWSZ \ac^ jFQjGu J]WZ BB XRST V\X jFQqIf @RScXWZ^WYVYZ SkYcc \ab aUVW _lXf eT Du NT DEu NT jHQ qif ellkf JU[[ ^W[_UVVWXRRXu aWWacSu RWZcWu Qc IF ¨B DHFjf
DHGDf tUVcU[Wu dUU^^S CSW`Sf JUTkR[W IE BB DHiqf ea [S` CSW`S PRXcUU e _U OVTU NUcWVbU NUZbYVWZf © jE @Rca ¥aU[Q VSccU LWZbaSVTf eLVcU Iju \S IFf Pu Nf J]WZ ^URk aRSVcS`XcS kUV`f eUUXUZ ^URk VUXcYZXRS_YVRc\s _Sacf PKLO eUUXUZ cU[^kWW[W kWW[WcU[^ jEQqDu kll^SZcc \V SX qDQqqu XWacYYQ [WXcs XWac qqQFqf Pl\[lZ ^UX`UcRXVUWc \VW^UcXUXcU_U _U `c _Sacf JRSkUVUabYZ ^RZZ VUXcYZ`UV`S_Uf LcZf p KXkSS DF ¨ DHFqf BXl qiGu `YVW IIjDf
DHGIf tW^TUZu PU[V LYSf PRSkWS F eBB DHihf ea C PU[V ?X^U[ t _U KVVYZ ¥SZXcUZyY >S[bYZX`UZf © jI KV`W OVWyY S[XYZf eVLVcl Iju LUabYZ \ac^ \^X \S IFu PUbP IjQIhf re ZkW RkX IhQjGu cXcSRkX _U cXcSYXWRkX jGQqDu gY[VWWZWZ XScUXWQ UTWYaYZ UkRV qIQqju ^STkkkllVV _U kUcV^ST qDQqIu qjQqq Y`k qhf @RScXWWZf e@ j T^u e@ q T^f NT jHQqiu NT qDQqhu AU^XPµ Du @RScXNµ @LQ elZ[ Ihu VcZ IGu ^Ukc jqu TU_ qDf eYVW IDjEf
DHGjf eW[^^RZYZu CWTS rlW`Wsf PX SkYccU_UTUc[W^^YVWf eYVQ _Yc IihHu IIFFu IqEju IHGHu jDhif
DHGqf eW[cUZY`U }QhI eW[cUZYZ~u elWZs eWVVYaUbf J^W ji ¨ DHiqf ea ^URkk PUU[VS KTWV eW[cUZYZ _U [`U OVTU PR^^SZYZf © jH p DHGH [`U OZZY OVWyY ObUTXXSZf LUkXYc LYS jDu JWV^^U jqu CRRVW^^W jHu PUU[VS hD cf Q\S Ihf K^SZ IEu PCP IHu PCN jq _U PCL PPP qHf dSYZXRRZ ^URkkUQ SkWXc VYac IHQjGf JlTYYZVWZZUZ ^URkQ kUSkkWVUWc [Yac jGQqhf ALNPQ ZS[TUUQ VW^URkkUSkkWVUWcSX VYac qhQhiu \VWSkYcc hiQhF _U [Yac hFQFhf JlTYYZVWZZUZ PPUT[ qjQqqf Jn SW^YRXcWYc cWYbY^ VWW^YVUX^YZZUZ SkYcc hjQf PURkkUSkkWVUWcSXcYZ cU[^ hiQFhf Jn VUWZSk cWYbY^ VWW^YQ VUX^YZZUZ SkYcc hFQFhu CUTkY[YYZ ^YXl\VWSkWXc SkYcc hFu LUkkYYZ[UZZUZ \VWSkWXc ^YXlSkYcc hGQFDu FqQFEf dSYZXRRZ c\sZ`lVWc\XVURcU^ k_ jqQjGu ^URk`UVc _lX jGf JlTYYZVWZZUZ ^UZXUZaRSVcSVURcU^ k_ qiQqhf CWVWZcU[^\ab JCN aUVW _lX hhu k_ hFQ J]WZ Y`QVRc X[WyWYZ ^W[^^S`UVc _lX hjQFiu PCPQ\ab k_ FiQFIf A PRVccRR[W[UaUXcS PUZZUcRX\ab _lX FjQ dRV^ SkkWQ ^W[_S_Uf ?kYcRXZYR`SX hEu e@ ju e@ qu Ae@ @LQ NU_ qIf dRV^ RX SkkW^W[_S_Uf JU[[ TUUVURXu TRXWW^^Wf rSW^U hIFDu `YVW DGHju kS_UZkSW^U GEjhf
DHGhf n[_sVlu n[_s dSaUZZYXf J^W Di BB DHiqf ea [UWcWScWYQ c\sT dSaUZZYX n _U AYVTU NU[WU B^SQ ZYZf © jG JL eWYZS CYVVY[`S @S^^UQ ZYZf ewVcl Iif ALNP kllXcscSb IIf PSZY^URkkU ?\ OUc[U kll^W[_UZkWc IIQ Iqf J]WZ C\s`lYZ Ak ^SZccaSWc IqQqhu ^UT[ qhQhiu ^SZccS[WYZ cU[^ FiQFGu UkRV_Sac FGQGif rUZ^^WcU[^UXcR^XYZ Tll[llTl VRS`RcYccR_YZ UVRYWbYZ Ak cWQ VWZcU[ qDQqIf AllXcskUZ^^WYZ KVl^Y^UXQ XU aUVW _lX qjQhju cWVWZcU[^ FDQFEf Ak UT[f PS[k[ qDf rS_Uc FihFu FDEhu kS_UZc\ccl[Yc HDHiu Hhhjf
DHGFf ml[Wu KWZS BVTU[Wf ?RVR Iq BB DHihf ea [^T OZccW
eWVaYVT m _U UZZ\ dSXYpWZU nVWQCRSQ
TUVUf © jF U[^WXcSZaSWc BTkW BbU OVTU
PY[Sf eLVcU Iju \^XWc \S IFf ·B
NWWZyaYZWZ cY^Z ^S[^YU^ jDf CeJ
eUUXUZ kWW[W WZX jIQjhf @U^cXcS ml[W
cSWT_ jhQqiu @U^Q _U WZXcXcS ml[W ?\
qiQhjf BcXYZlWZYZ XRRZZWccWZX hjQFjf
AScY`U aWZZSWcRXVURcU^ cY^Z UXWUZcRZcf oX XS`WZcSQSW^ _lXf oX UXRZcSQS\wWbYZ NPPT _SacS^ _lXf @YkSVUQeWWkR[W ?\ _U OXpUVcQ
cW ?\ LYTTWZ^lWZYZ _SacS^ k_f ArA `^STTSbS[W qiQqqf e@ ju e@ qf PUkcf JU[[ kR[_YabRXu ^UVUXcRXf p DF B¨ DHFjf eYVW DEGEf
DHDF
DHGGf rYc[YVVu OU[ZY @RbSVp BTTUZRYVf oRXW^UU[VYk\\ D eB DEHHf ea [S`u UXyXX PU[V eW^cS[ r _U @SXU MVUpW[U dSXYpWZU tWZcY[f © qH L\\VW KWVU KXcY[ AUVTWZYZf eLVVYu \S DEu eUUXUZ V\X BQeB B^f O][ IIf NlZQ c\aU[_RZ BXSZQrUkkWVUZ `W[^UcUVSZ aSWc IjQjjf JYTWlWXcYZ ^U[cUZSZ cWVUZaSWc jjQjGu tYXcY[^RVVUZ ^U[cUZSZ jGQjHf rW^UQUXRcRXcSWTW^ _U TUUZVRZUXcRXVc^ U][SZSTW_lX qiQqD _U qhQqGf tll^X\Z ^U[cUZSZ cWVUZaSWc qIQqhu qGQFIf JlQ TYYZQAUcU^RZZUZ AWYTYZ`WV_\ab _U JY[^^RkY[RZU\ab _SaQ cS^ _lXf OVW^f JU[[ kY[aSXYcf c DI DDD DHFHf
DHGEf rUU`SVUu NU[ccW LUR[Wf ³dUZU^^UVU Ii eBB DEHEf ea `U^RRcRX\VWcU[^ PRXcUU r _U JWVTU oV[W^U PU[VXXSZf © jF N? LYYZU BZ^Y[W JW[`YZXUVSf eLVVYu eLVcU DGf J]WZ TRXWW^^WSkWXc DGQIiu JSyaXyaRVY pWW[ bWY NRXW^ }gY[VWWZW~ IiQ IDu LYWk¦W]WZ ^SZXY[`UcS[WS IDQIqu SkWX^ rU[WWXWXXU IGu IEu jif J]WZ PUZXUZ^SZXY[`UcS[WS SkYcc IqQjFf J]WZ PSZXY[Q `UcS[WS _U AWzYVWRXQO^Uc SkYcc _U VYac IGQFiu kWUZSkYbU]S]WWQ ^UZ k[Sp FiQFhf K[W VYacWYZ TRXU[`SXc IqQjFf rWUZS^SZXY[cQ cY_U _U XSSVSYXWWZc\TWXWl IFQf Ae@ @ Du AL r f OVW^f JU[[ ^UVUXcRXf c IF DDD DHHif
DHGHf dUTUVUWZYZu eWV_S OVY^XUZcY[Wf JWYcUTl^W }BZ^Y[W~ Iq e DEHHf ea T` OZccW d_U JYVYZU CWWXZY^^Uf © IG OWZS OVWWZU PlTlf eWVVYu eWVcl DGf PSVkkUZUZ XYTWZUU[W _U AS[cU`UVUZ XYTWZUU[Wf PUZXU^S IiQu `WWTY^XW PYTWZ eYWcXWVRSbSXXUf ?XUVVWXcRW BZ^Y[WZ `UkURXXScUUZf JU[[ ^UX`WcU[aUu ^WYVYcu `UVS^R`URXf p PYTW G eB DHFjf eYVW DIqif
DHEif JUVTYu CSW`S JYV]Yf eUUXU IE eWVW DHiDf © jFQhH N? JYWbW MUz[WYVVU ARZbzVUbu hHQ ^W[Q _U^URkk ?ZY[`U NU[_UccU PW[`YXZWYTWf LUkXW JUZZR ?VSp MUz[WYVf oVWVVYu eLVcU Iiu JTV V\X \S Ijf nÁC IFu LUP IEu LULu eC jDf PP VU^WT jDQ qju ?\ OV^SaSVWVWW^Y qjQqhf LUWZ`UVQ TWXcYVR^RZZ ZkW _lX _U LX> qhQhEu `kW _lX hEQFqf eW[^U\VWSW^ _lX qFQf C\sZYR` `k _ qFQqHf p DG B¨ DHGIf
DHEDf NUcaYVWZu CUkWS MRZZU[f Cs\Xl D B DHiqf ea UXYTUQ kllVV KTWV OR]RXc N _U JYVYZU ?V]U NU[WUZU JSVXcf © IG OWVW KVZU BZ^Y[W CYZaS`UU[Uf oVWVVYu \S IIf P IFu N IGf CWVUXcSVV kllcXcS \VWT ZkW U^cRUU[W IhQIFf CJ cWVUXcS^SZcc U^cRUU[W IGQjHu UkRVkllVV ji Dqu cWVUXcScXcS kllVV qqQFif A CWVUXcSXYR[ _SacS^ _lXf A CRVVW`W[^UT\ab _SacS^ k_f AL @ Df p IE BB DHFif BXl qif
DHEIf rUUcY[Su PUU[VS eYW^^Sf ?kYccU_UTUc[W^^YVWf oVWVVYf rS_Uc FjDhu FqEjf
DHEjf AUVSu rURVW eWVaYVTf J^W IG eBBB DHiIf ea kRRXYkkl OZccW eWVaYVT A _U ASpWU ellclZYZf © jD K`U NW[WUT OZbY[XQ XSZf BBwVVYu \S IIf ·B CPP IGf PUbP U^cWW`WQWZXRkXcRc^ IEf rLN [U^YZZRXSX WZX IFQFhf e@ ju Ae@ @ Du NT jHQqiu NT qDQqhf BZXVcZ IEu WZX^Ukc IHu WZXTU_ jhu WZXY`V qIf
DHEqf ¾YccY[Xc[sTu K[W^ ?ccS ?VU`Wf PRSkWS H Be DHiIf ea kRRcU[aR[W dSaUZ OÃYV ¾ _U L\bWU rURVWZU MRXcUpXXSZf BLVVYu BewVcl DHf ?XUVV eW[SZ `UkURXXScUUZu aUU`SWccRW PSWQ ^\VlXXl TUUVWX^RRXXUf p J^W DE ¨B DHDHf eYVW IDFIf
DHEhf OUVcSZYZu @YWZS ?VU`Wf NlZcXlVl E BB DHihf ea _UV^WQ ZYVWW^^YYZ aU[_ dSaUZ ml[Yc O _U PU[SVWWZU rYXSZYZf © IE OWVW AUVVW LWZZYU AUVSTUUf \S Iqf PUbP IFQIEu APP jhQ jGf @C D IhQjhf NY[W`K SkY[Uc BXcS_U SX kllVV jEQqhf @UWQ `URX?X F kllVV qhQqFf C@C VWZZU^^YWXcSZ ^ST qGQhif JUZQ ]SZ @UZZrXcS ^ST hiQhjf If·W` YXW^kllVV hjQhhf NAP _Sac hhQFif rK c\^WXcsSX kllVV FiQFhf @UZZW^^Sc\^RkX\ab k_ hGf nYQRkX jhu AL Pu e@ I cV^u Ae@ @f @YX`lZ[ Ihu `lZ[ IEu BcZ IHu ^Ukc jju TU_ qiu Y`V qIu Y` hjf JU[[ XScUaWXcS[WUf c Dj eB DHHif eYV_Yc DEiDu DEDiu IiGif
DHEFf OabYu PUU[VS NUccW CUkWSf S[XXU }CUTTYVU~ ji eBBB DHiqf ea ^UZXU^S PUU[VS O _U VWZU eUVWZu © jH OWVU PUVY[`Sf oVWVcU IIu NW^^YVWZ XRST \ac^ BeQeB B^f J]WZ PSZXY[`UcS[WSZ kU^SVVWXYc UWZYYc }kllUWZY `WRVR~ IFQjDf ASWccUZRc Y[W YVS^R`UcYUccY[YWbYZ S[^YXcY[YWXXUf e@ `W[^UT qEQf OVW^f JU[[ `WRVR_YZ [U^YZZRXu VUW`S_YZ kWYZSWXTUVVWcf Q«Ij BB DHGDf
DHEGf OaVU`U }YZc OaV£`WXc~u KX^S BVTU[Wf J^W Dj BB DHiGf ea kSVWWXW^STWXU[WS O[TUX OVY^XUZbY[ OaV£`WXc _U @SXU OVY^XUZb[U dY[TWVlf © jF c DHjH ARSTW ARVUTW elalTl^Wu qIQ AUU[U LWV_U NU[_UccU OUVcSZYZf BeWVcl Iqf @^T JCP jDf @^T J]WXXl _U PSc^UXXU jDQqhf AlcY[W ?\ [U^kllVV qhQ Fqf eUV^YU^SX^YZ LWSZX ¥VRz k[YX FIf p eUV^YU^SX^W F B DHFqf eYVW IFDGf
DHEEf OaSu dS[TU ?VU`Wf J^W DE eBB DHiFf ea cSWT_ OZccW O _U KVZU eW^cS[WU JYVYZWRXf © jq @Rca JYVTW ¥SZXcUZyY tWVaYVTWZU M[SRZbXc[SYTf \S Iqf nÁC jqu eC qIf OXWUZU_ScXcSXXU jqQjFf PJ? \VWT `W[^UT jhQjFf oN U`RXc jFQjEu ?XVSZ VlaYc\Xcs U`RXc jEQjHu @SSTUZ jHQqif CR^aSVQ TUZ VlaXcs XSc UXWUT ^l\csXXl qjQqhf ASXWUUVWTWZ ZkW JcRXQ AWac qFQqEu `kW JcRXAWac qEQhHf e@ ju e@ ju e@ qu NT jHQqiu NT qDQqhu >r?@ @u eW[eC@ qf PUkc qIf p IH B¨ DHFhf rSW^U hjjif
DHEHf OaSu oRZS eWVaYVTf J^W IF B¨ DHiqf ea cYacUUZc\sT eWVaYVT O _U AY`Y[WWZU @YW_SZYZf © ji JYV`W AW`Wl >W^RkUU`SVUf \S Iqf K^SZ JPPP IGf J]WZ C\s`lYZ AllXQ cskUZ^^W ^SZccaSWc IGQu ^UT[ qIu \VWQ ^UT[ qGQFif oX \ac cWVWZcU[^f c Ii ¨B DHFif
DHHif OWVWSu CSW`S gYZ_UTWZf J^W IJB DHihf ea T` O[`Wb gYZ_UTWZ m _U KbVU Nl^WZYZf ©jj JYV`W LWZZYU Kp[UWTXXSZf \S Ihf K^SZ JPPP IEf LWW^YUVUVVU IEQjIf J]WZ TV^ aRSVcS_Sac jIQqif BZ`UVWbWXllcWs cSWTWZZUZ_ qiQ QoX ^RZZ _U `UVc ^ST _lXf ASXWUUVWaRSVVSZ PYX^RXVWWccS XWac jjQqEu k_ qHQhGf oX XllcWsWbYZ aUVW `k_u _lX _U XWacf ASXWUUVWZYR`SX hhf e@ q T^u Ae@ @BuAL@ Du NT jHQqiu NT qDQqhu rgJu A^ [URc U[f PUkc qif JU[[ kRRcU[aUZaSWcSf Qpq Be DHEDf rSW^U hqjGf
DHDF
DHHDf OVW`W[cUu rUU`UVWf J^W II B DHihf ea UXYZcU_U PRXcUU
OVzY[c O_U KVWZ ASpWU dSaUZXXSZf © jj c DHhq ^WW_UZkWc K`U eUVzS[] NUcaWVbU
>WYTWTl^Wu BB hG AJ JYV`W LWZZYU
O[UZ^Sf \S Iqf LP IEu LL jhu aY[Q
TSQ _U TWYVWcURc Y[W^Vll^ qEf PYVVSQ ^SX^YZ XUW[ BB UVWVll^ jhQjHu B UVWVll^ jqQqEu \VWVll^ qEQu ALL `UVcRRX^ _lX hiQFqf NWYVWXUW[aRSVcSkWW[WYZ VWWccS _SaQ cS^ _lX FDQu e@ ju e@ qu Ae@ @ Df Lll^TU_ qIf JU[[ TRXWW^^Wf p DI Be DHFHf eYVW IGGjf
DHHIf OR[Uu C\\^S BVTU[Wf J^W E Be DHihf ea `UUccR[WTYXc OVzWZ O _U OWZS NU[WU ARZbYVWZf \S Ihf KbRXcU_U _U ^SZcQ cS[WXcW J]WXXlf elZ[ c WXlZTUUZ kRSVYXcU Ih ¨BB DHqIf eYVW DHiIf
DHHjf gVlXXU[u OacW PR^WZcSf eWWkR[WZ TV^ ji Be DHiFf ea VWW^YZZYSX _Sac CRR[Y O^XYV gY[ZaU[b rYWcXU[U _U OV`U NU[WU NU^^SZYZf © jI VWW^^YYZaU[_ BZ]YzS[] J_s[bWX NU[WU LWZbzY[]f eWVVWVcl Ihu \S \^XWc jDf Jn ^UZXUZcUVSRXQ _U ^WYVW^R[XXY_U XY^l ^WW_UZkWcS^R[XXW jDQjju \VYWZYZ VWW^YZQ ZY`W[^UcRc^ IEf e@ IFQu Xla^sccl_l jiQjhu BB ^W[_R[W jhQjHu B ^W[_R[W jHQqhu VWW^YZZYcU[^ qhQf AScY`UZ [URcUcWY^RVQ _YcRXcYZ `UV`S_U qqQhDf CRScUZZSZ PRV_YcRXUXWUWZ ZYR`SccYVR^ UXWUT hDQhIf rSa_T @URcUcWYQ `W[^UT\ab A SX ·Q_USXcSZ XWac jGQjHu SXaUVV XWac hiQhDf BcXYQ ZlWX\\bYZ LWWccS _SacS^ _lX _U cUVa jjQjHf J]WZ ARS_YVRX^ AWZWXYZ @\^T klcW Ub_ IGQIEf PSZ`YZcWZ k_ IjQIqf e@ j T^u e@ q T^u NT jHQqiu NT qDQqhu AU^XPµ jf PUkcf JU[[ kR[_YabRXf p ji e DHEIf eYV_Yc DGDqu DGIFu IGGEf
DHHqf KZl_l[`W }QIq K^VRZb~u dUU^^S KV_UXf eWacW Dq DDD DHiFf ea PRXcUU Kb`U[b K^VRZb _U KVWZ eWVaYVTWZU OZbzY[]f © jH rW[^^SQCRRVW^^W AUVTWf LUkXYc rW[^^SQLWWXU qiu NU[ccW dUU^^S dRaUZW qIu dUU^^S OZcY[S qFf \S Iqf nÁC jhu eC jEu LUP jHu LULf PCN YXWcc jHQqIu `kW JcRXAWac qIQhif PP? ?W^> hiQFhf ?P FhQGif PUZXUZaRSVcSTWZ cXcSQ _U UkRVSXkllVV qiQqqf LUWZ`UVTWXcYVR^RZZ _lX qhQqEf rY[RXcRXQ VU^W`UVWS^ XWac qhQqEf KVWZcU[`W^YZYR`SccYVR^ k_f eUVcWSZ UT[^cSWTW^ FFQu eYXWVUWZXllb cl\clZcssZkUZS^STWc k_ FHQf AL XRR[[u Ae@ P Df LcZf p Ii Be DHEif rSW^U FiEGu `YVW IEEHf
DHHhf KVSZYZu >RRccW PU[V PRXcUUf J^W q B DHihf ea [URcUQ cWYZc\sT PU[V O[caR[ K_U K[W^U AUVTWZYZf QD J^W h DDD DHDHf eYVW DHiFf
DHHFf KVS`UU[Uu PUU[VS O[`Wbf J^W IE eBB DHiqf ea U_R[W PUU[VS MRXcUp K _U PU[SVWZU LspTUZf © jh NU[ccU LUR^^UQ ZYZf oVWVcU DHf PURkkUQUVUVVU J]WXXlf
DHHGf [UZXXWVUu NUccW ?VU`Wf Ì @URTU Ij eB DHihf ea ^SRQ VR> PUU[VS OVp[Yb _U OWZW NU[WU gSZXbS[ppf © jF KW_U JWVQ VY`W ·UaVzly^f \S Iqf P IHu L jFu C qif BVTUcWYc PYX^RXVUWc ZkW UkRV IHQjGu `kW UkRV jGQqhu SX_Sac qhQhIu _Sac _U k[Sp hjQ JPPP \VWT SkYcc jiQqhf APP SkYcc jEQjHf CPP SkYcc qHQhDf Jn bSX qiQf A NUUZcWYc AYR[U c\s_lX jGQu k_ hGf MYSp\XWW^UZ AYR[ k_ qq _U hhf A CWYbYU^Uc _lX hqQu e@ q T^u AL Pu Ae@ @LQ LcZ qqf QJU[[ VYZ^^YWV\f p jD ¨ DHGFf
DHHEf M[sZ£`WXcu JSV]Y[ JY[zY[cf J^W II eB DHihf ea `UaQ cWTYXc OÃYV JY[WzY[c M _U BbU >R[TWZYZf © qG >UbYXyabU AURVUTSf BVWVcU Iif rSXcWVUWc kUV`u NSRaW_l[`YZ kSXcWZaSWc qGQuQpj? e DHEDf
DHHHf JYWTSu BZcS Kb`U[bf J^W DH eB DHihf ea ^URkk [YbQ [W^ Kb`U[b J _U KTWVWU ASpWU PSX^WZYZf © MYS[]WY NU[\QOZZ LYWZzY[]f \S Iqf nÁC jiu eC jjf OO jiQjhf J]WZ @? XW`WWVWZSc Y[W UW^SWZU jiQjGf P?r ZScU[WUUccWSX jhQf LcZ jDf PUUcRW F DDD DHqif
Iiiif JY[`SZYZ }QjF JYWZ[WyWRX~u LUR[W rWYcU[Wf J^W D eBB DHihf ea eC OZccW MUz[WYW JYWZ[WyWRX _U [Yb[W^U gY[][Scaf © jj N OWZS NU[WU eWaTUf rS_Uc OZccW LUR[W dRaUZW qq _U JYW^^W LUR[W rY^^U qGf \S Iqf P IGu N IGu nÁC jIu LUP jju LUL qEu eC qDf >WVXWlZ kWW[WZ `c >N jjf PRSkWSZ LJ YXWcc jjQjEu LAWac jEQqIf eeN `Y[SQSX cXcSkllVV qIQu JcRX> qHQFHf PRSkWSZ VllZWZ `Y[ScRXZYR`S_U jGQqIf oRbYZTUUZ VllZWZ cU[^Vc^ _lX qqQhEf NY[WTWYX`Y[S^SZcc k_ hEQ PYX^RX`Y[SVc^ _lX _U `k_ FiQf PRSkWSZ nacYWXcYUcc _SaQ cS^ _lX jEQqIf rSa_QAU`SZ TUU^RZcUVWWccS XWac jFQqIf AL Pu NT jHQqiu NT qDQqhu eXX UT D X^f PY[X qDf JU[[ cUWbYQ aWXcS[WUu ^W[_UVVWXRRXf p IG ¨ DHGIf eYVW DDqhf
IiiDf JW[`W^UZcUu o[kS eUVbYf CR[^R Ii e DHihf ea J? k[YXu `UkUUa[U MRXcUp eUVbYTU[ J _U C\\ZY OZcSWZYccY ARXUZZU LUWcWZYZf BewVcl IIf « CR[^R DH DDD DHjif
IiiIf JRccRZYZu JYWTS AU^U[Wf J]WZ kWc Dh B¨ DHiqf ea `UZ]WZ`U[c AU^U[WUX J _U K`U MRXcU`U eUWZW^UWZYZf © qG JWV^^U OZZW^^W eYkXlVlWZYZf \S Iqf ?kWX^ Jnf J]WZ ^URk^W[_UXc Plk\VlZ aUU[USX _Sac IFQjFf LUW`UXcSVYab cSWTQ XWac IEQjhf A TY[WkYVUXcRXXYR[U UXWUT jDQjhf A @U`WZcSVSWcQ XW_UWZ VWWccS XWac _U UXWUT XY^l JScYVVWQ _U @U`WZcSVUVYab kllQ cSWT jhQu VWWcSZ aUVW _lX qhQqFf JRacUTl^W \ac\TlZ Y[W^SWXQ T\\ZcWcYacl`WXXl qHQf p Ih e DHhDf
Iiijf Up JlVVXc[sTu MRXcUp MUz[WYV @SVUZbf LYTkllVl Ij eBBB DHihf ea [^T >WVX O[caR[ MUz[WYV Up J _U >UcaUVWU LS`WXU PU[XcYZf © IG LUa_U P\VVW^^W tYVV[SSXu BB hi KV`W NUcWVbU JYWZSZYZf \S Iqf ?kWX^ Jn IqQIFf @J ^WVSQ TYc[W^SZcc kUV` IqQIFf OUTRVYacW cSWT IFQjFf ACC [UbWSQSX aSWc _U RRcWXcYZ VR^W_U jFQjEu jHQqhf ?a_ VR^RWXWU YVS^R`WU Y[W \acWsWbYZ kUV` jEQu YZZUbUQ\ac _U YZZSQ WVTW qhQhFf ?a_UU_U TT CUTkY[YYZu rS[WZ _U eUUXUZ cYUccY[YWXXUf c ID BB DHhFf
Iiiqf JlTYYZaYWTSu n[_s OZcY[Sf J^W DG Be DHiFf ea ^URkk dSaUZ J _U eWVaYVTWZU LYW`SZYZf © NU\QKVXY PSW[UQ ZYZf \S IGf LP jIu ?L jqf n^XWc\WXaV J]WXXlu eW[[SWVVU _U eUUXUXXUf eUUXUZ ^URk XRST ^UZXU^ aUTTUXVll^ jFQf c DE eB DHqEf eYV_Yc DqiDu IFqjf
Iiihf JlTlVlWZYZu LUR[Wf PX SkYccU_UTUc[f eYVW jHiif
IiiFf BclQOaSu O[`S KZXWSf J^W DG B¨ DHiIf ea XRRcU[W OR]RXc eWVaYVT B _U OZZUQLYYZU rWkkR[Wf © IF ?WVW ·U]TU[ LUkkWf BeWVcl IDf JUTTUXcY^ZW^^S J]WXXlf c ID ¨BB DHqDf eYVW IjHhu kSW^U qjDGf
IiiGf dl[`WZYZu OR]RXc KTWVf J^W ID eBBB DHijf ea ^W`WQ c\sT eW^cS[ d _U NUcWVbU PU[SVWZU dRaUZUZc\cl[f © p DHhq AUZZW BVS^UVVWSf eWVcl IDf rSXcW`W[^UTWYX PRSkWSXXUf c H eBBB DHGEf
IiiEf PUW[UTSu ORVWX ?X¯UVbf J^W IH Be DHihf ea XYZUUcQ cS[W OVp[Yb ?X¯UVb P _U OZZU g[RXWVUf © ji OWZS AS[YZ¦U }rWkkY~ PRV`W^f BLVcU DGu oVWVVY DEu \S Iqu JTV V\X BB B^f ·B CPP PS jif Pl\ccsWZX KZXSQMRc¦YWc ?\ jDQjhu ?RVR ?\ jFf ARZWVU ?\ cY^Z _Sac jFQqFf ?RVR ?\ cSWT_ qFQhju aUVVQ ZYR` _lX qqQqhu GqQu PYTW ?\ cSWT_ _U _SacS^ k_ hjQFFf KVVWQ VlZ ^U[cUZSZ WXlZcl FFQf PU_UUZW ?\ _SacS^ jEQhI _U FGQu PYTW_S^W ?\ aUVVZYR` hqQFif dSacS^ k_ @S`UZWYTYZ AUaU ?\ hjQhHu JY[TUZ OZbY[XXSZ ?\ qFQhju Jsy^Y[cWZ AYR[UUQ
dUc ?\ hjQu ?\ PYTW YbY[UcWSZ AcY`YbS[YX Lcb hjQu >UU[Q
bYZQPYTW > e }JSVVUZcW~ FDQ_U ?\ ?Vb AcY`YbS[WZ] Lcb FiQu
OTY[QCRkU^^U ?\ _U OcSTWYZY[]WU ?\ aUVVZYR` _lX hhQu
eU^\ac rSa_SVU aUVVZYR` _lX hDQGhf PYTW_SYZ oWccS\ab aUVW k_ hjQhGu `k_ hEQu CS[ZWSZ rRR ?\ aUVW k_ hjQf PYTWZ PURkQ kU^UTU[W aUVW k_ hFQFIf oX \acu `U^\ac _U \abWXc\XcYZ _SacS^ _U aUVW _lXf eRS[WZYR`SX hHf AL Pu e@ q cV^u e@ qu @oL ^RVc UT[^f NU_f JU[[ TYcXlXc\Xu ^UVUXcRXu bYZb[SVS]WUu TRXWW^Q ^Wu ^UWcUpWVTURXf
IiiHf PU_UZcSu ORVWX AUTRYVf § eWWkR[W D e DHihf ea eWWkRQ [WZ rS[T K[ZXc AUTRYV P _U ?V]U OVYÃUZb[U LWZbXc[sTf
eVLVcU IIu d\`lX^\VlZ V\X \S Iqf ?kWX^ Jn }[RScXWZ _U XU^Q
XUZ ^WYVWcRc^~f PURaU`UZ \^ XU^XUZ _U [RScXWZ SkYcc jiQf nVW^f
IiDif PUVUu CYW_S OZ]Y[`Sf J^W IG B¨ DHiFf ea N dRaS
JYW^^W P_U NUW_U K[W^U S[X][YZf O jj B AUVVW JYVYZU rYZXUVUf LUkXYc eWV_S jqu
@WXcS qDf \S Ihf oRXW ARSTW cSWT
IEQjif J?r `W[^ jDu k[S^ jhu SXkllVV qEu YVl^^ GDf PPP ^RVc _U aSk UT[^f LcZ hFf rS_Uc hDFHu hHEHu `YV_Yc DqEDu IIEGu VUZ^S jqhEf
IiDDf PUVVWSu @YWZS @UpUYVf J^W Di BB DHihf ea TRR[U[W [UZX P _U KRpYTWU KTWVWU OaVXcYbcf \S Iqf ?kWX^ Jn
VU^WUf OXWUZU_U_U J]WXXlf p Dj e DHGhf
IiDIf PSRVW }Qhi PUZ^UUZkll~u n[_s LYSf J^W DF eWVW
DHijf ea ^W[`YXTWYX KVWUX eWVaYVT PUZ^UUZkll _U NUcWVbU PRXcUUZc\cl[f © Iq « DHqE ?WVW JYVYZU n[_sVlu BB hi
rW[^^S CRRVW^^W dS^YVUf oVWVcU DEf nPP cRc^WZZSc XUZSTUVYacWSkWXXU _U
^UZXUWZ`lVWXYXXl kSVWcWW^UXXU jDQjIf ?\ Ac[sTzY[] Ozu CRVVW^UTU[WZ _U ?\ A ARSVWVWW^Y Oz kUV`f PCN c\s`SWTUQ _U [U^YZZRXUXWUWZ SX cWYbScRXkllVV qqQ qEf elYXcsVWWccS UXRZcSUXWUWZSX kllVV
qEQhDf rRRcUVS ?\ cWYbScRXkllVV_U T\\ZZWZYbWXclTWXSX kllVV qEQhhu N\\ZcW\abWXc\X rRRcUVS hhQu eUkUU [UbWScSWTu nLK jFQqHf CUVSRXZXcS cWYbScRXXWac qFQqGf eUVc cUVSRbYVV cWYbSQ cRXcSWTW^ _lX hDQhIf Plk\VlQAYR[U YZXWTTlWZYZ XWacf CWYbSQ cRXTWYXcYZ kY[RXcU_U_lX _U k_ qGQu ^RZZWU_lX Fjf eXX UT D X^f PY[Xu XSc`W[^f JU[[ pWVTURXu `UVS^R`URXu [RZSRXu UW^ R[aYWVRf p Di BB DHGEf
IiDjf PW`Wu rUU`S eWXUf ARSTRXXUVTW IG eB DHihf ea `YWXQ
cSZSkYcc dRaS P _U JWVTU ASpWU ?WZSQ
ZYZf © jq p DHjG B[_U ?ZY[`U NU^^SQ
ZYZu jHQ OWVW O[`SVUf e¡Vcl IIu PUVVWSZ \^ \S Ihf K^SZ jiu P _U N qjf
J]WZ ^URk cYR[UXcUTS cUVa jFQjHf AllXQ cskUZ^^WYZcU[^ jHQqhf PRXcUZZRX ?\ PUZXUZ`UVcU UkRV^SZcckllVV jiQjFu cSWT_ qhQGDf J]WZ C\s`lYZ Ak aUVW hIQ OLP? aZcSZYR` _lX hiQGjf dSacS^ _lX @URcUcWY^W[_U^URkkU ?\ qFQGI _U
J]WZ PW[_UQOWccU ?\ qFQGIu ?\ nac\ZYYc @U`WZcSVUc hiQGqu AUZSTUVYacWYZ WVTSWcRXcXcS hjQGDf ACC aUVW hFQGDf M[UUp PYX^RXVWWccS _U c\sZUZcU_UVWWccS aUVW _lXf AUZSTUVYacWVWWccS _SacS^ FiQGDf CYSVVWXRRXZYR`SX GDf Ae@ @ Du eT Iu NT jHQqiu NT qDQqhf nVW^f JU[[ XaU^^Wf p IE ¨ DHHif
IiDqf PSaSZYZu OU[[Y elWZs @UpUYVf J^W jD eWVW DHiFf ea ^SRVR> OUkS P_U AYVTU dSaUZZU eWVaYVTWZU UUXyaf © jD C\\ZY BVSZU JUVVUf BVV[VcU Iif @UbWSQ _U cR[^WXUVUVVUf LWW^YQ TWYXf PUkcf c Ii ¨BB DHFFf eYV_Yc GiDu GEGf
IiDhf PSW`RTl^Wu dRaS eWVaSf J^W h B¨ DHihf ea VlTTWcQ Vl_l dSaUZ ObSVp P_U rURVWZU eWVaYVTWQ ZU LWZbYVVf © IH VUzS[UZccW NW[_UT OZQ >W^^W PU[aRZYZf \S Iqf ?kWX^ Jn aWXcQ^WYVWcWYc SXu e@ aUVVWZZSW¢ `W[^UcRc^ jDf e@ IEQu cSWT @J RX SXUXcu [URcUQ cWY[U^SX cU[^^UU_Uf J]WZ ^URk XRSQ TYZ^ c\s`lYZSkWXc `UVS^R`UR^XYZ N SkYcc hGQu PUTY[UXYR[S_YZ aUVWu k_f A PUTY[UXYR[S_YZ LWWccS \VYWXXWacf eUVSQ ¯TVTT¾ ^ oeUQ _U ^UWVUYVS^R`UVYacWyZ cSWTf e@ q XUu AL @u NT jHQqiu NT qDQqhf nVWV hGf JU[[ `UVS^R`URXu ^UWcUYVS^R`URXf p IF e DHEGf rSW^U qEhHf
IiDFf LUTkYZu K[^^W dRaUZUf NWYaW^^lVl q BB DHiFf ea NJ O[`Wb KTWV L _U ORZY NUcaWVbU AZYVVTUZf © jH NUW^^W ?[`S^^W CR[cSVUf BewVcl Iiu XRST \^ eQ eBu J]WZ TUUZ`WVQ _YV\XV\X \S Ihf ·B CPP @ jEf ?\ tYcY^ Oz cWYSX _Sac jjQjFf ?\ NUX^S Oz _U CTW CQ^ JUZXYZ cU[_SRXWZX _U c\sQ kllVV @WWUXXU jFQjGf A @UcWSZUVWXSWTWXc\sZ KbWXclTWX\ab }qIQhi CYSVV C\scYaSVWWccSu hiQ ?\ @UXcS[ Oz~ kUV` jHQu SXkllVV qDQu \VWQWZX hFQf CYaSXcU_U kllcSWT hjQu ?\ CWYcSQ TWYX Oz _SacS^ _lX hFQf CPP UXX qhQf BL? UXWUZcRZc PaU[cRQ TWXXU FiQFDf BZX^VRzW _U ACA ^Y[aS k_f NY[YZ^l`W_lc ^VRzWQ TYXc hIQhEu FhQu e@ ju e@ qu i UTu PP UT ¨¨ef @UcQ XRTYXc qjf JU[[ TYcXlXc\Xu ^UVUXcRXu kR[_YabRXf BXl Ijqf
IiDGf LYacSZYZu LYS PU[V ?VU`Wf J^W DH ¨B DHijf ea ^URkk PU[V eW^cS[ L _U OVY^XUZb[U PU[SVWZU [WTUZf © jE PY[ccR NU[WU K[W^XXSZf o[WcU DEf ?XUXcSkllVVW^^s J]WXXlf QD DF B DHEjf
IiDEf LYW`WX^lu CSW`S BVTU[Wf J^W Ij B DHiFf ea ^UkkUV JUZZYX L _U KVWZ dSaUZZU A_s][YZf © jFQjE ASW_U A\V`WU OXcUVUu jHQFq C\\ZY NU[]Wc rUXSVUf o[WcU DEu PS^^SVUZ \acV\X DEQIju J]WZ RRXW \^\S Ihf ?kWX^ CPP IhQjju qFQqGf rLN Xla^sVUz [UbWSWZX jqQjHf eUVTWXc Sa_URX^WcYWcl U[Q TYW_UVVY jHQqhu VYZZlcWZVUWcS^XYVVYu nLK _U VUW`SWVVYf K[W cYaQ cUWbYZ kUV` _U \^XWc\WX\[Wccl_l [UbWSUVUVVUf @UbWSUTUcss[WQ VWWccS _SacS^ _lXf PY[Xf JU[[ [UcUQUTTRZcUu XRS_YVRX^RZcU }DHQqq~u [UbWScRc^WTRXf p DI DDD DHEFf eYVW jjjFf
IiDHf LY`lTl^Wu LUR[W KVWUXf NW^^YVW DE ¨ DHiFf ea cSWT_ AUVSTSZ L _U OZZU OVWZU PRWcRZYZf \S Iqf P _U N IGf BcXYZlWX\\bYZ LWWccS UkRVXWac IEQIHf A NUc^UWVR\ab cSWTQ XWac jiQjqu cXcSkllVV jqQjGf PUZXUVV KbWXc\XkRSVRY kRSVRYXWac jEQqDf eUVcWSZ cWYbScRXVUWc `UVcWSZVUWZUcXcS cXcSkllVV qDQqIf rAr aRSVcScXcS YXWT qIQqju `c rUZ^d qjQqqf JAAr BB _Sac qqQqGf A AllXcskUZ^^WVWWccS cSWT_ qGQu aUVW _lX qFQqGu hEQu aUVW k_ qFQqGu hEQFIf @UaUVUWcSXcYZ ZYR`SccYVR^ XWac _U _lX qEQf PUZXUTTY CUVSRXQVYab kllcSWT hDQhhf PUZXUZ`UVcUWQ ZYZ nVWSkk\ab k_ jIf eY[SZTU^XU_UWZ PYX^RXVWWccS aUVW `k_ FjQf A AW`WWVWQ _U OXY`YV`SVVWXRRXWZ` LWWccS aUVW FDQu PYX^ eU^\ac CU[TS aUVVZYR` _lX hEQu k_ FqQf PYX^ eU^\ac PUVY`U aUVVZYR` _lX hHQf AL Pf c Dh B¨ DHGjf
IiIif LRScSu oX^S NUR[WcXf § >R[TW_l[`W Dj VWW DHiqf ea c\sZ_Sac NUR[WcX L_U KXcY[ AUVSf © jI LWWXU KTWVWU K^VRZbf e[Vcl IDf CY^Z JCP jif Be? klW`\Xcl_l BTUc[UVVUu JW^WlZ TRRZcSUXYTUZ TRRZcSTYXc _U TRRZcSkWW[WZ Xla^s\VWTYXcf p JURX_l[`W E ¨BB DHFhf
IiIDf NU_UTUUu OU[ZY O[TUXf J^W jD ¨ DHiIf ea [llclVW eWVaS BXTUYV N _U KVXU NU[WU ·RZ^Y[pYVcf o[WcU DEf
IiIIf NYVU[cu K[^^W O[`Wf PYWcYVY DH Be DHiFf ea UkcYY^^UQ [Wu N PU[V O[`Wb AWÃcRX N _U O]bU dRZ]f \S Iqf ?kWX^ Jn VUWZSk cWYbY^f c J^W IE B DHIFf eYVW IhqIf
IiIjf NY[WZYZu K[^^W OVY^XUZcY[Wf J^W jD eBB DHiqf ea XRRcU[WTYXc K[^^W eUVY[WUZ N _U PU[SVWZU OVYÃUZb[U tWy^Q Xc[sTf © jD SXkllVV C\\ZY KVWXUzYca LUTkWf o[WcU DEf PURkkUVYacW cSWTWcRX DEQu cSWTXWac IHQu cUVSRXcSWT qhQf QrC kY[RXcU_U_lX IIf rrL _U AeoL_SacSYVWTWXXU IFQu TT rrL k_u kYVWXllZcs`UVWS^ k_ hGQf rYXlkUVVSXllcWs `UVcRRX^ k\X\`l _lXu
aUVW k_ FIQ A AUZSTUVYacWTWYXcYZ LWWccS [Uaa hEQf A o[aYWQ
VRVYacW _SacS^ k_ FqQ LUUcWZRc R[aYWVRSkkUWcUf CUVSRXZYRQ `SX hEu e@ q }I ^kV~u NT jHQqiu NT qDQqhu ? U[ Du Ao ^RVc U[u PP ^RVc UT[u AeoL ^RVc UT[ _U ^RVc kVu rrL ^RVc UT[u AUZUZ`UkURbYZ TWY^^Uf c I B¨ DHGqf
IiIqf >WYTWu KY[S @SzY[cf J^W Ij ¨BB DHihf ea WZX PU[V Kb`U[b > _U NU[WU OVY^XUZb[U g_s[^£`WXcf BLVcU DHf LlTQ TWccl_l TY[WVVlf p Ij e DHjjf
IiIhf >S[cWTS }YZc >WYTWZYZ~u dS[TU PRXcUU ?VU`Wf J^W IiD DHiFf ea `UacWTYXc PRXcUU >WYTWQ ZYZ _U NU[WU ¥aU[VSccU rU_UVUf © IE cXcSUkRV KXcY[ P\VVW^^W KVWXUzYc OXkf \S Ihf OcYZYRTWZ cUWbYcYSVV^ TUUQ VURXVWZ_Uf ?N cWVUXcScXcS cWVUXcSUkRV IEf A PUZXUVVWXcYUcc Zl\ccYVW_l jFQqFu __¯Qu hGQhEf CR[RZ PURkcYUcc kll_Sac qFQhhf J]WZ PUZXUZcYUccY[WQ C\s`lYZcYUcc _Sac hhQhHf PUZXUVVWXSSkkY[U Sa_UU_U hEf nVWSkkWVUXcYUcc _Sac _U Sa_UU_U jjQjFf oX [UbWSQ_U pWVTWSa_UR^XWUu QSXUXRS[WcR^XWU _U Q^lXW^W[_SWcR^Q XWUf ARSTYZcUZRc cYS^XWUf A CYUccY[W^ SkYcc qhQqFf e@ ju e@ qf PUkc qDf JU[[ TUUVURXu p I eBB DHhEf eYV_Yc DFGGu jDDEf
IiIFf >WWZW`UU[Uu NU[ccW AU^U[Wf JUTWZU DG ¨BB DHihf ea kUXc [UZX eY[ZY[W > _U JYVTW JYVVWZ rU^U[WZYZf © ji KY`U rYb[W^Xf \S Iqf P IEf Jn XRSTYZ ^WYVYZ `c VYac jiQjhf K[lWbYZ SkkW^SRV _U nPP SkYccf p CR^aSVTU DI B¨ DHjhf eYV_Yc IIiIu Ihqqu kSW^U qGHEf
IiIGf >W^VUZbY[u OU[ZY PSZXcUZcWZf J^W Dj eBB DHiqf ea U_R[W PSZXcUZcWZ > _U KVWZ KVXU CSVSZYZf © jD OWZW OVWZU LUkkWf VVLVcU DHf J]WZ CYSVV^ jIQjhf J]WZ ^URk `U[UXQ cSUVRYWbYZ cU[^ jhQf p Di Be DHGHf eYVW Ihqhf
IiIEf ?^XUZYZu ARVS CUU`Wf dUUVU IG ¨ DHijf ea T` dRaS CUU`W ?_U K[W^U rYVcS[WXcWVlf © IGQqI dYZZ\ NUcWVbU @UZcUQ TUUu BB qH KXcY[ OVY^XUZb[U rYZccWf ewVcl IDf LUW`UXcSZ TY[^WZUZcSTYXc cRc^ IGu NrPP _Uc^S^ }`UXcUU VUW`R[WZcRc^~ IGQIEf J]WZ AScXUW[ ^UZXVWXcW IDQIIf @UZZW^^SVUW`UXcSZ Y[W cYacl`WXXl IqQjEf e@ c\sZ_Sac qDQqFf tl[cXWVl ?\ JWYcUVUaQ bYZ cYVU^^U `U[UXcSQ_U aRSVcSTWYX IGQhHf PSZY ?\ `U[UXcST FiQf J]WZ ^URk c\sccsTWYZ TY[WTWYXcYZ ^R[XXWYZ TY[YZ^RQ VRZSkYcc jIf LUW`UXcSZ Y[W^SWXTYXc^Y[aS XWac IGQjqf Ae@ TWc Iu eW[r@ UT[ jf JU[[ ^W[_UVVWXRRXu TYcXl[Yc^YWV\cu UWYTQ TWZ UTTRZcUu XaU^^Wu ^YWVUWVRf p G DDD DHFHf
IiIHf ?[TWS }YZc ?VYZWRX~u OU[ZY dSaUZZYXf J^W DH B¨ DHiqf ea c\sT Kb`U[b Y[bWZUZb ?VYZWRX _U dSaUZZU ATUQ VYZf \S Iqf ?kWX^ CPP IFQIEf elZ[f p J^W Dj DDD DHIEf eYVW DhiDf
Iijif ?VVWVUu @YWZS dSaUZZYXf rR^^WVU IE Be DHijf ea ^UZQ
XU^? PUU[VS dRaS eWcUVWX ?_U BZYX B[YQ ZY NU_UZbY[f © IG p DHqE ^UZXU^S KVWZ NUcWVbU KZ[SSXu BB qH ^UZXU^S PUc[W BZ^Y[W Nl^YVlf \S Iqf PUZXU^S
@URTUZ XYTWZ Ihf eWabWZ ?V^^UVUZ
^UZXU^S IFQqHf r\al_l[`YZ }oB~ OVWTQ TUWXcYZ ^UZXU^S qHQ r\al_l[`YZ Ak WXlZZWXc k_ FFQf r\al_l[`YZ }PU[^^WVUZ~ ^W[^^SaUVVWZcS^ k_u ^RZZUVV _U `UVcWSVV `UUVWVURcU^ _lX _U k_f PU[^^WVUZ @ScU[\Q
^VRzW k[YX FhQFFf e@ q T^u NT jHQqiu NT qDQqhf LcZf
JU[[ XR^RQ _U ^ScWXYRcRcRc^WTRXf p IE BB DHGhf
IijDf rUUXWSu CSW`S @UpUYVf J^W G DD DHiFf ea [S` PRXcUU ObSVp r_U BbU ?VW`WU U]Y[VRZbf © qD OVVW OVY^XUZb[U AU^XWQ cUf \S Iqf ·B CPP jIf @URTUZ ^URk WZX UkRV jqf CR[RZ cWYQ_U `YXW[U^kWW[ WZX jhf eUVc VYZcS^SZYQ_U c\^^WcYac [U^cXcS _U cY^Z SX jFQqFf P\T[S ?\ cXcSWZX _U cXcSkllVV qFQqHf JP@ cUVSZ[U^SX hiQu e@ qf BZX^Ukcf eYV_Yc DqIGu IqIhf
IijIf rWkSZWRXu @RZS KX^WV NURZSf J^W DD BB DHiFf ea k[Sp KVWUX OR]RXc r _U L\bWU B[YZY NUVTXc[sTf © jq JYVTW CYVVY[`S @WZQ ZYf \S Iqf ·B CPP PS IHu VUW`UXcSZ U^c WZXRkXcRc^ jDf AScUXUcUTU VUW`UZQ [U^WZX jiQjIu TSSccS[WkU_UZ _Sac jIQ jjf LUW`UXcSUXYTU TSSccS[W`U[kllVV jjQjFf ?\ tUVbaSp Oz ^S[_kU_UZ _U kWWQ [RXcRX^SZcc kllVVu T\sa cYacUUZ \VWQWZXu `SWTUVUWc _U [U^SX _Sac jFQjHf ?RVRZ PSZYkU_U ?\ VUW`UZ[U^WZX _U ^SZYQ XRRZZ qiQqDf ?\ NUyaWZY[\ Oz ^SZYWZX _U XRRZZ SX kllVV qDQqhf CYW_UZ CYacUUc ?\ cY^Z _Sac qhQqFf eUVTYc ?\ J]WZ CYVU^UZ XScU^S[`URXc[SSVU[WYZ csWbYZ _l[_YXcYV\ _U cYVU^^UQ UVRYYZ RRbYVVYYZXRRZZWccYVR qFQhIf P\TYZ AB WZX hqQFif @U_U`U[cWSXW YXW^ VUW`UcXcSZ kllVV FiQFjf e@ j T^u e@ q T^u NT jHQqiu NT qDQqhf @YXWZXVcZ jiu WZXVcZ jDu WZXQ ^UkcV jIu WZX^ST^Ukc qDf JU[[ VUW`S_YZ _U cYVU^SWbYZ ^YaWQ c\Xu ^UVUXcRXu kRRcU[aUZaSWcSf p IG ¨BB DHFHf
Iijjf rSacSu NUR[W @UpUYVf CUTkY[Y DE B¨ DHihf ea ^W[Q _UZkWcl_l AUVSTS ObWYV r _U OZZU ASpWU rW[WVlf © jG rRVTR OWZW^^W OVUZ^Sf ewVcl Iju JTV V\X \S IFf JLP jDu JLL jju JLC jEf Jn bSX qEu aUTkUUZcl\ccsSkWZ k[Sp hGQGIu aUTTUXVll^YcWYc VUWc YXWT FjQGIf A JUTTUXVll^XYR[U aUVW `k_ jhu jFu qqf dUV^UQ_U _llkUVVSXXU U^Uc TYXc IFQIGf QAL Pu e@ qf Lll^TU_f JU[[ ^UVUXcRXf p IH ¨BB DHEHf
Iijqf rSVSZu [Yb[W^ KbRU[bf J^W Di ¨ DHihf ea cSWT_ KbRU[b oV[W^ tWVaYVT r _U KbWc NU[WU ?ccWVWU OaZ]Y[f © jD NU[\ OZZY OXkYVWZf BLVcU DGu J]WZ ARST n^ \S Ihf CYSV Y[ScRc^ jDu ^UX`UcRXSkWZ cRc^ jhu P jGf K[W ^SRVR_YZ RX^SZZSZ SkYccf A PRTWcYabUX ^SZcc SXkllVV jEQFjf eYVW DEqEf
Iijhf rRV^^WZYZu K[^^W ?VU`Wf J^W Dq eB DHiFf ea ^WaVU^ cRST OVzWZ r _U OWZS AY[UpWU ?VVW^UWZYZf © qG P PW[XcW CRRVW^^W CY[`Sf \S Ihf ?kWX^ CPPwXXUu P Jn qGu N Jnf PSYUTkRTUQUXYTU zUVVWXcWZYZ cXcS \VWT TUcYTUUcW^Q ^S jHQhjf rK zUVVWXc cXcS TUcYTUUcW^^S hjQFif APP SkYcc qFQqEf QcH eBB DHFif
IijFf @URcWSu CURZS AUVSTSf J^W IG ¨ DHihf ea ^SZYTYXc A`YZ AUVSTS @ _U OTUZbU OVY^XUZb[U rWaVTUZf © jh pU[T ORZY KTWVWU eWWZW^^Uf \S Iqf nÁC jiu eC jjf CJ `c ZScUU[W jDQjIf AWTSZ kWW[ >N jIQjqu JRSkUVUabYZ >N jqQ qhu KXkSSZ >N qhf JRSkUVUabYZ PeSRcW qFQhGf J]WZ TUWXc[ ?W^>T hGu J]WZ B PeSRcW hEQu J]WZ ^WaVU^ `c P[eSRcW qIQqjf A PeSRcWYZ \ab k_ hqQhFu hEQFjf e@ qu NT jHQqiu NT qDQqhf LcZ qif JU[[ ^WYVYcf
IijGf @WcU`RS[Wu PUU[VS dUVTU[Wf J^W Di B DHihf ea LUP JYW^^W @ _U KVXU PUcU[WZU AcYZzly^f © jj AWW[W CW[[SZYZf Be¡Vcl IDu J]WZ ^SYV\X \S Ihf QNJ jIf QNJ \VWT _U UkRVNJ jIQjEf @S`UZWYTYZ TYcXlc\sZ`lVWc\XcXcSZ aSWc jEQqDf AUVQ VUZ kW^UQUXRcRXcSWTW^ _lX qDQqIf PCN \VWT YXWcc qIQqhf rSa_QrSa_UZTUUZ aUZ^WZcUkWW[ kllVV qhQqGf eYWcXWVRScS ?\ kUV` qGQqEf LlZXWQA rUkY[WkRR\ac\Tl UXWUT qEQhFf eUUXUZ c\s`SWTUkWW[W hFQFEu YVl^^ FEQf e@ q cV^u e@ qu eT If LcZ jGf p DI e DHFHf
IijEf @SWZYu KWZU[ eUVbYTU[f JSVVSVU Dh BB DHiqf © IG LYTkW NUcWVbU JUVSZYZf BLVcU DGf J]WZ PURkk PURkkU^f KVUZZSZ ^W[_UZkWc _U cU[^ IDQIHf eWWkR[WZ SXRRXV SXkllVV IHQqif J]WZ ^UZXUZaRSVcSVc^ aWZcUcU[^^UWVW_U qif PUZXUZQ aRSVcSTWZ VWaUQ_U ^UVUcXcS_YZ kllVV qDQqhf LWaU^YX^RXVWWccS cXcSkllVV qhQqGu cSWT_ qGQhjf LWaUcYSVV\ab UXWUT qFQhqf KVUZcS SXkllVV hjQu _Sac FjQf p I B¨ DHEqf
IijHf @lXlZYZu K[^^W BVTU[Wf PRSkWS Dh ¨ DHijf ea Y[bWQ ZUZb @ _U KVVW JYWTSZYZf B VcU DEf Pl\Z\c ?[W`YbYZ ^UZXUZSkWXc _U LYkUUZ kRRcU[aU^f rRRcU[aR[W PU[_UVUXXUf c J^W ji ¨ DHIhf
Iiqif AUU[WZYZu CURZSf J^W IF BB DHihf ea ^URkk CRSTUX A _U NUcWVbU JUTTU[Xc[sTf © qq A\V`W NUcWVbU OVUZZYf LVcl DGf PS[WXcYTUUVU[W _U ^URkkWUX J]WXXl QqEf eYVW DIGhf
IiqDf AUWZWSu rY^^U >WWVS OVY^XUZbY[f KXkSS DF B DHihf ea kRRcU`U[UVWW^YT >WWVS A _U BbU tWVaYVTWZU LWZbf © jh kUZ^Q ^W`W[^ PW[XcW NUW[Y JYVVY`W LU[TUVUf \S Iqf NJ Jn IGf NJ IEQqDf rLN XScaUVV _U VWZZSWcRXSX kRRcU`U[UaUZ^WZcUSX kllVV qDQqqf rYc^S ?\ TYcXlkllVV qqQqFf DDD TUUWVTUZ TYcQ Xl^SZ][ [Yc^YWV\Q _U _l[_cSWTW^ XWac qGQhDf NJ hIQ Qe@q }I ^kV~f nVWVf p IG Be DHEFf rSW^U hhEju `YVW IqFjf
IiqIf AUVSVU }QiF gSTUZ~u ORVWXf rY[ZWs IH Be DHiFf ea cSWT_ [WbSVp OVY^XUZbY[ A _U JWV_U JYb`W] @Y]WZU Jl^VWf \S Iqf ?kWX^ Jn cYSV cWYbY^f JU[[ XaU^^Wu kW^U^W[Q _SWcRXu `UZaUc ^WYVYcf c ji DDD DHIhf eYV_Yc DEHqu DHhEf
Iiqjf AUVSZYZu eWVaS AY`Y[Wf CUTkY[Y II B¨ DHijf ea
`U[UXcSYXWT dRaS A _U [Yb[W^U LU]Y[f © jI OZZU OTUZbU LWZbXcYbcf \S Iqf
O?C qiu ^W[_UZkWcScRc^ Jn jhu e@ aUVVWZZSW¢ `W[^UcRc^ jDf @J `W[^UT
IFQu ^W[_UZkWcl_l jGQqiu [Y`WWXS[W qiQqju
^UT[ qjQhqu cXcSkllVV hqQ hFu `c \VWQ
^UT[ hFQFhu \VW^UT[ FhQFFf e@ c\sQ
YacSXSkWTRXZYR`SccYVR^ k_ hDQf @URcUQ
cWYSkWXc SkYcc qqQ e@ CUVSRXSXUXW eW[Q ^UTWYaYc k_f @URcUcWY`W[^UTVWWccS aUVWf
nVWSkkWVUXcYUccY[W _Sac jDQjjf PSZ`YZcWZ k_ IIQIjf AL @ Du Ae@ @u NT qDQqhu ¨¨¨f PS[k[f JU[[ TUc^RXcUTWZYZu ^W[_UVVWXRRXf c J^W DE B DHFFf eYVW DqFjf
Iiqqf AUVSZYZu eYW^^S OVp[Ybf J]WZ kWc Iq B¨ DHiqf ea `UZ]WZ`U[cW_U OVp[Yb AUVSZYZ _U OZZU CUVV][YZf © eWYZS KVWQ XUzYca LYaTRX`RS[Wf e¡Vcl IDf dSacUTWXcUWbSZ ^R[XXW hjf Q?B KVUZcS ^YX^RX`U[UXc ^W[_R[W _U VWaUQ_U VYW^^YVYT\\TlVlWZ cU[^ IDQjIf ?B eSWTU [RS^UcU`U[USX aSWc jIQjhf ?CP eWWkRQ [WZ VWaUZ_UVSXcRXcYac aSWc jhQqiu C[YYZ VWaUZ_UVSXcRXcYac aSWc qiQqFu J]WZ VWaUSX SXkllVV _U k[S^ qFQf p B`UVS DE eBB DHFif rS_Uc hjHhu FDGIu FHqIf
Iiqhf AU[`Wu dSRZWf J^W DE B DHiFf ea \VWcW[Yacu C ?ccS A_U MWXYVU ?ccWVWU KZYzY[]f \S Iqf P IEu Y^SZ IEu PCP jIf PUVVWSVUZ `UkUUSkWXc SkYcc IEQjif eUUXUZ ^URkkU^ `X SkYcc jjf AWccYTTWZ VWW^YUVUVVUf elZ[ Ihf p Ii eB DHEHf
IiqFf AU[`WVUacWu elWZs tWVaYVTf J^W II Be DHiqf ea XR^YVcU_U NUccW A _U NU[WU ASpWU rRbUXf © Ih ^UZXU^S OWZU JYZZW JYVkWZYZf o[WcU DEf J]WZ PURkk PURkkU^ DHQIDf eUUXUZ @URcUzYcSZW ?\ ^SZcc IDQIIf dRaS N\ZccW ?\ eYbYZQ S_UZ cYac ^SZcckllVV IjQIFf rSa_UQ\ac\Tl kWW[WcU[^ IFQIEf BcXYZlWZYZ VWW^YT IEQjqf nVYWZYZ WZUZXXW ?\ cSWT_ jhQhqu hqQ ^ScWQ _U RV^SV YbRXcR^XYXXUf eUUXUZ UTTUccWVUWX^ UTQ TUccWWZW SkYcc IEQjDf A PUUXRXRS_YVR_l[_ ^UUXRXRS_YVR^YX^ cXcSkllVV jIQjGf OVW^f eYVW DFDIf
IiqGf AU`SVUWZYZu n[_s Kb`U[bf J^W Dh eBBB DHiqf ea kRRQ
XYkkl B`U[ A _U dSaUZZU @sZ^lf © jD C\[U eW^cS[WU eUVVYQ ZWRXf Be[Vcl IDf eUacWTYXcU[Wu SXUXcSkllVVW^^sf p J^W IH ¨V DHFhf
IiqEf AUR^^Su JYWTS PUR^STWYVWf rW[^^UVU F Be DHihf ea TUUVU[W ?X^U[ OVY^XW A _U KVWZU AUVTWZYZf © hi cXcS`W[^ ORZY KVTU AWZWXUVSf BVLVcU Iif CY^ZWVVWZYZ ^SRVRf A Js\[\VUWQ `U ?\u eY[ZY[ JUy^VWZ ?\ _U ?\ WZZVWZYX Lcb \VW^SZYTYXc _U ^SZYkllVVf eT Iu NT jHQqif PY[Xf p II B DHEqf
IiqHf @YZ^SZYZ }Qqi Ac[YZ]~u JU[[\ ?X`UVbf J^W Dj eB DHiFf ea k[Sp tY[ZY[ ?X`UVb @ _U JYVYZU KTWVWU g[ScaY[RXf © jDQjF CUWZU KVVWZS[ B`UVSu BB jGQqh @WWccU KXcY[W PU[aRQ TUUu DDD qF Vll^ K`U KVWXUzYc ¾WVVWUyRXf C\ccl[Yc LYYZU qhu rWU qGf \S Iqf LP IGu LL jju LPC jHu ^W[ cURc Y[W^Vll^ jEu k[Sp Fhf NW^^YVWZ VllZWZXUW[ UVWVll^ qDQqFf CRn ^W[ bSX qFQhI _U ^W[ ^VWZ UkRV\VWVll^ qFQhIf dSYZXRRZ \V XUW[ \VWVll^ hIf rSa_Q PU[_UVUZ PA \VWVll^ hjQu _SacU`U Vll^ hjQFIf e@ j T^u e@ qu Ae@ @LQ Lll^TU_f JU[[ XaU^^W }j U^Uc TYXc~f p D ¨BB DHGqf eYVW DHFIf
Iihif Al[^WXWVcUu rYZccW OZcWZkSW^Uf J^W Ii ¨ DHihf ea VWW^YZZYcU[^ OZccW tWVaYVT >S[bTUZ }QiF A~ _U KXcY[ JYb`W] KVWXUzYc JUTQ TU[Xc[sTf © jH K`U NU]bUVYZU dSQ aUZXXSZf LUkXYc NU[_UccU qDu PUU[WZU qFf \S IGu C[YYZ ^VV\X I VR^R^f P Jn jqu N jFu [WYTRTUWXc EFf P?r kll^SZcc jhu rS[`SSZ ^SZcc k[S^ jFQ jEu CUTTWXUU[YZ ^SZcc _Sac jEQFHf CUTTWXUU[YZ ^URk`UVc _lX qhQhi _U hjQ FHf LlZXWQoRbYZTUUZ ^URkkU^UTU[ aUVW qEQFHf Ae@ @u eT Iu NT jHQqiu NT qDQqhu CUWkUQ VYYZ [u Ao aSk UTu JSkYUXRXW hEf ARSTUV >S[TUUVWV\X rU[Q cWSk DEQu `U[cWSZ_Sac DHQIhf A rU[cWSkSW^UVWWccS XWac IHQjGu oRbYZTUUZ rU[cWSkSW^UkWW[ _Sac hiQhGu A rU[cWSkS_Uc VWWcSZQ _Sac hEQFif OVW^f JU[[ pWVUcYVWUu TYcXlXc\Xf
IihDf CUZZY[u CURZS Y[bWZUZbf OTY[W^^U DD e DHihf ea Vll^ OZbY[X Y[bWZUZb C _U eYZbVU MRXcU`U tYXcY[VRZbf BewVcl IIf LlacYZ\c oAOwUZf
IihIf CU[^^UZYZu OacW NUcWUXf dR[`U h B DHihf ea T` OZcQ cW NW^UYV C _U JWVTU OVWWZU LYacWZYZf © JWVTU ARXUZZU oWcQ cSf BVLVcU DHf NUUZ`WV_YVW_l dR[`UXXUf
Iihjf CUR[WUVUu >WWVS OVY^XWf J^W IH ¨ DHiqf ea [^T PUU[Q VY eWacS[W C _U BbU OR[S[U CUR[WZYZf © jq NU[ccU L\bWU @RSXcYWZYZf BVLVcU DHf NRR[U[W J]WXXlf QD D e DHFGf eYVQ _Yc DEFhu IqGFu IGIHf
Iihqf eUVcWUWZ }Qjh tUVVbYZ~u rURV MRZZU[f NW^^YVW Dj J DHihf ea XUcRVUXYkkl K[W^ dSaUZ tUVVQ bYZ _U dSaUZZU tWVaYVTWZU L\]bTUZf © ji p DHFD N NU[ccU CY[l^XWZYZf \S Iqf NJ IHu NNP jFu PYX^RXTYcQ XlXYR[U CUkWSZ XRSZ^RW`URX^R[XXW jif Jn TYcXlcY^ZSV VUWc UXX IHQjEf NKCQ LO TYcXlcY^ZSV UXX jGQqDf K`SZ TYcQ Xl^ `c NJ jjf PRSkWSZ ^URk NJ jFf NYcXlcUVSRXQVYab kY[RXc _U cSWTXWac jGQ qDf NYcXlTWYaYc k_ jqQjhf LcZ qDf JU[[ ^R`UUTUcUWcYYcf PUUcRW DF eBB DHqDf eYV_Yc IjIDu IGqDf
Iihhf eUU[ZY }Qjh tUVVYZWRX~u O[`S dSaUZZYXf J^W DI eBBB DHihf ea `UX^WXYkklTYXc dSaUZ MRXcUp tUVVYZWRX _U JWVTU dRXcWWZU d\[lf © jiQ qh B[_U dRbWc AUVTWZYZu BB qG p DHhh LUWZYQNUZU ?XTWSf ewVcl IDf N\\Q _lQu TUWZSXURcScY^ZQu XScWVUXQ _U _SacQ ^R[XXY_U IHQqEf LSa_UZ PUV^^WcYabUX ?\ IjQIFf CTW > rRZy^ IFQIGf rS[WZ PSZYkU_U ?\ URcSQSX IGQjIf AUcU^RZQ ZUZ ORcS ?\ jIQjqf ?TU URcSQ _U ^SQ ZYcU[`W^YVWW^Y rS[WXXU jqQqDf t @SXYZQ VY¯ © ¥S ?\u ORcSTSu \ac\TlZ VWW^YZZYkllVV qjQu ARS_YQ VRX^ DHQqqf K LSa_UZ >RS[WXSXYR[U Zl\cclTsTYXcf AUcU^ OTkR_ _SacS^ _lXu `k_ _U k_ jIQFIf rS[WZ BVTUWVR^Y[aS k_ qFQ
FIf rS[WZ ORcScY^ZW^Sc k_ jGQqiu qFQhju ^RZZWUk_ hqQf A OTkR_UWZVWWccS AUcU^RZZUZ _U LSRZUWXQA kWW[ kWW[WaUVV _lX _U k_ qFQFjf @OoL AUcU^ kWW[ k_ hHQFIf rWXcSSVWUTTRZZUZ XRR[TYXcU[Wu TSZcU kWW[WZTYXcf eT Du NT jHQqiu NT qDQ qhu Ao aSk UTu RX UT[^f ellkf JU[[ R[aYWVRUTTRZcUu ^UVUXcRXu TYcXlXc\Xu TRXWW^^Wu kRRcU[aUf p Ih B DHFEf
IihFf eU[cWUWZYZu BVTU[W OVY^XUZcY[Wf J^W DI B¨ DHihf ea
^YX^RX`UZ^WVUZ c\sTYXc eWacS[W e _U
KbVU NU[WU JYVVXcYZf © jI KVVW KXcY[ AYkklZYZf LUkXYc AWZW^^U jj pu NU[Q
^YccU jGu K[^^W qjf \S Iqf LP IGu LL jDu LPC jqu XWXlcURc Y[W^Vll^ jhf PWQ
`YVlZ XUW[ XWXlcURcWSX UkRVVll^ jjQjFu
UVWVll^ jFQqEf NU[WUZ XUW[ XWXlcURcWSX \VWVll^ qEQhif Jn XWXlcURcWSkWZ bSX qiQ
hiu k[Sp hiQGiu cWYbY^ bY^UUZW hGQFif LPJ XScU`UTTUXUW[SX SXkllVV qqQqGf
JnPA _SacU_U\VWVll^ FDQGiu `k_ JnPA VWWccS` hGQGju YVl^^ GqQf ·RSbYyWT ks\cl^W[_R[W qIQqhu ^_ GDf A AWXlcURcWVll^Q \ab aUVW _lX jGQqGu k_ hiQhIu ^_ GDf Ae@ Pu AL Pu e@ ju e@ qu NT jHQqiu NT qDQqhu B[LO@ Pf Lll^Y`V qjf p h eB DHEhf eYV_Yc DGiqu IEFif
IihGf eW[UTS }QjI tWy^Xc[sT~u KZXWS gY[ZaU[bf J^W IF eB DHihf ea pU^cS[W KTWV gY[ZaU[b e _U OWZU KRp[SX\\ZY >\Q aSVTf © jq kUZ^^W`W[^ KXcY[W PUcU[WWZU JWVbYZf BewVcl IDu \^X e Iqf e@ `W[^UcRc^WZZScf e@ VlaYccW IIQIqu aU[_SWZ IhQjIu BB Xla^sccl_l }JW^Wl~ jIQqGu BB ^W[_R[W qGQhGu \k UXYQ TUTYXc }JW^Wl~ hGQ NT jHQqif OVW^f
IihEf eW[cUTS }QIF tW^Xc[sT~u >WWVS OZcY[Sf CUTkY[Y DF e DHiFf ea `U[UNµV OZccW KZ]YVzY[c tW^Xc[sT _U KVWZ B[YZY PWZZRZYZf © jI N AW[^^U NU[_UccU PUVVWSf \S Iqf ·B CPP IEu `U^UU_UZ cRc^ IHf NUUZTWcc URX^ IHQjDu \VWT N@B jDQjhu eUUXUZ VllZWZ TUUZTWcc^SZcc cU[^ jhu N@B eUUXUZ VllZWXXl jhQhiu JlTYYZ VllZWXXl hiQFif JlTYYZ VllQ ZWZ TUUZTWcc^SZcc UkRVVllZWZNµV FiQFGu VllZWZNµV FGQu NBL aUVW _lX qhQqF _U qHQhEf NUUZTWccaZSZ ·WkVQWZX [\ aUVW qhQhEu k_ qhQqF _U qEQhIf e@ qu AL @ Du NT jHQqiu NT qDQqhu ¨¨¨u NBL aSk kVf BZX^Ukc qDf JU[[ TWYX^RS[SQ VURVRu `UVS^R`URXf p I e DHGIf
IihHf eW[^^RZYZu rUU`S CUkUZWf PUZ]UXUVU DH eBBB DHiFf ea k[Sp rUU`S KTWV e _U PUc[W >UYTW CaRVYf © jh OWVW OTUZbU eUaUZbY[f \S IGf nÁC jqu eC jEf JlTYYZ LJ YXWcc _U Y[W kWW[ `c >N jhQjFf All^XTlYZ `c >N jFQjEf @RSQ `YbYZ kWW[ `c aYZ^W^W[_SWZ jEQqjf ACP SXkllVV qjQhhu _Sac hhQf P?r PR[RZ ^SZWc YXWT jEQqjf J]WZ ^URk`UVc qFQhju ^URk kUV^^UVc^ _lX qGQhhu k_ hFQFjf C\sZYR`SXcS _lX qGQ CYSVV VU^WTWYXcYZ \ab k_ FiQf AL Pu Ae@ @ Du eT Iu NT jHQqiu NT qDQqhf p F ¨B DHEEf rSW^U hjFhu `YV_Yc DHGju IIFFu IqEju IHGHu jDhif
DHDG
IiFif A^S]Xc[sTu >WVX dSaUZf J^W q e DEHHf ea ·Bu CeJ kll_Sacu TWZWXcY[W K`Y[c eWVaYVT A _U KTTU ·U]TU[ g[UZQ bY[f © jF p DHFE AU]U LWZZYU LWZb£`WXcf LUkXYc LYS jGu K`U qDf eWVWVVYu eVKVcl DEf eWWkR[WZ RkX^S^Q^R[XXW }NU[^S`WVQ VU~u URcS^SRVRZSkYcc cRc^ OKLu c\sZcRc^^R[XXW CC?Lf ORQ
cSr RkX IIQu JRSVcSr RkX jqu ORcSe|JRSVcSr kllVV jFu JRSVQ cSµ ^ST jEu Y`k qqf CUTkY[YYZ CYSVV rSVccSkRR ?\ URcS^RVQ _YcRXkllVV qqQqFf N\sa CUTkY[YYZ ORcScRSZcW ?\ kUV` _U
CUTkY[YYZ ORcS^SRVR SkYccf e@ ju e@ qu NT DEu NT jHQqif ellk DHu `lZ[ DHu VcZ IIu ^Ukc IHu TU_f JU[[ cYZZWXu kR[_YabRXu UTTRZcU }ZlWXcl RX kUV^~u XaU^^W¡ Y[W^aU[[ kX\^SQ VS]WU XY^l \acYWX^RZcUQ _U ^UX`UcRXSkkWf
IiFDf S[XcYZu @YWZaSVb BVTU[Wf PRSkWS D DDD DEHEf ea ^URkVll^ MRXcU` [Yb[W^ _U OaZY LUZb¦Y[cf eVKVVYu \S DHu
PRSkWSZ \^ BQeBB B^f K^SZ JPPP Iqf U¦Y[WZ XR^VUUcYac ^W[_YYZ`UWac IqQIHf eU^ ?\ rSa_SVU `W[^ jiQFhf JU[[ TRXWW^^W }kWUZS~f c IE eBBB DHEqf eYVW IiFGf
IiFIf PU[`SZYZu PUVY[`S OVY^XUZcY[Wf eYZ_S^W }BZ^Y[W~ Ij B¨ DHijf ea ^UkkUV OVYÃUZbY[ P _U PUc[W PRR^^SZYZf © jhQhF cXcSUkRV B[_U OZZW^^W >R[TYVUu FDQ cXcSUkRV BVSQ ZU OV`WZU J\csZYZf VVLVVYu eLVcU Iiu J]WZ TUUZ`WV_YV\XV\X \S Ijf NNP jDu NNN hHf PYX^RXSXRRXV eUVWS KcQ rSa_UZTUUZ NYW_Y[WVWWccS cY^Z ^SZXRQ VYZccW jDQqiu JlTYYZQoRbYZTUUZ cSWTW qDQqHu kll^SZcc Y[W cYac hiQf e@ q cV^u e@ qu NAP ^RVc TWcf LcZ jEf JU[[ TYcXlXc\Xu ^UVUXcRXf c Dh ¨ DHGhf
IiFjf LU`SZWRXu K[^^W dU[VYf J^W j eBB DHihf ea cSWT_ tWVaYVT OVYÃUZbY[ L _U JWVbY]U[b KTWVWU CSTzY[]f © jhQqj A`YU tU[bu BB qF g[WcY B[TYVWZ CsT[SSXf BLVVYu \S IFu J]WZ XRST \^ BQBB B^f MYZY[UV NScS[X BZXcWcRcY Sp CYyaZSVS]\ }oAO~ IEQIHf MYZY[UV NScS[X >S[bWX^U }CR^aSVTU~ IHQjif Ala^s ?\ JYbYZ][YZ jiQjju qqQqGf ?\ AaYVV Oz }J^W~u ^RVQ _YcRXkllVV jjQqqf JU^UZWYTYZ PYZ^lUWccU ?\ cSWT_ qGQhEf ?TU U]YZcRR[WVWW^Y hEQf A ORcS^VRzWZ ^WVkUWVR_USXc _lX qFQ hIu RX TUUZcWY^WVkUWVRkUV^WZcS_Uf NT jHQqiu NT qDQqhf OVW^f JU[[ kR[_YabRXu aWWacSu RWZcWf c q DDD DHFGf BXl jHhu `YVW IDqIf
IiFqf LUR[WVUu eWacS[Wf PRSkWS IF ¨BB DHiqf ea ^URkkWUX eWVaS L_U dSXYpWZU O[kWUWZYZf © jD P OWVW KbWca PS[aSZYZf VVKVVYu BewVcl DEu PRSkWSZ V\X BQBB B^u Be B^ \S Ijf P IEu ^UX`UcRXSkWZ cRc^ jju kRaYcY^Z cRc^ jhu L hFu C hGf PRXQ cUZZRX S\ ?cU`U A PUZXUVVWX^W[_UVVWXRRbYZ cSWT IEQjhf CR[RZ XRST ^VV\X XRSTYZ _U ^W[_UVVWXRRbYZ VYac jhQjFu ASTY[SZ \^ jFQjGu @WWaWTlYZ \acV\X jGQjEf Jn ^ScWTUWXYZ ^W[_UVV cRcQ ^UXX jHQqif A ASXWUVWbYTS^[UUcWZ ^W[_UVVWXRRXU[`SXcYVW_U qIQ qjf PRXcUZZRXS\ CUTTW ^W[_UVV _Sac qjQqHf J]WZ ?PP lWbWZQ ^WYVYZ SkYcc hiQhFu NYWVUabYZ \^ SkYcc hiQu PW[_UVVWXRRbYZQ cRc^W_UWZ AYR[U XWac jIQjhf PUZXUVV KbWXc\XkRSV \VWSkWXcS`UQ VWS^u >RS[cUXU`UVcUVUWXcYZ LWWccS _U BaTWXSW^YR^XWYZ LWWccS _SacS^ _lX jqQjFf KXWcYVTWl [UbWSXXUu SkWXcSWXXU _U cWYc XYRQ [SWXXUu RX cWYc cRc^WTR^XWUf eT If QPS[k[f p h BB DHEEf
IiFhf LYacS`UU[Uu JR]Sf eWWkR[W F eBB DHiqf ea \VW^SZXc rY^^U L _U NU[WU NU^^SZYZf VVKVVYu oVWVcU DEu eWWkR[WZ XRST V\X eKVcU IIQ p DHIiQVR`RVVUf
IiFFf >RS[W`UU[U }YZc >\zY[]~u ¾Uya[WX KZ¦WS NW^UYV }NW^Q ^S~f AS[cU`UVU Ii B DHiqf ea ^UZXUZSkWXc _Sac gY[Zbc NWQ ^UYV >\zY[] _U BbU KVWXUzYca LYWZzY[]f © IH KVWXUzYca VS[YZQ yY ¥SZXcUZyY `SZ tYWXXYZzY[]f VVKVVYu BewVcl DEu AS[cU`UVUZ V\X \S Ijf ·V CPP IEf K[W cYac WZX IEQjhf CY^Z _Sac JlTY UZY[WcYabUX ?\ AS[cU`UVUZ cYac jhQqiu ?\ AU`SZ `UZY[WcYac qiQqju PRSkWSZ ^RWcRVY`\cYac qjQqGu oZWSZ OVVRTYccWY[Y AO qGQhF _U AUTTSZ @RVVU ?\ PRSkWSZ ^RWcRVY`\cYac hFQFqf J AUUXcUTSWZYZ ?\ ^SZXRVcSW`U WZX FqQf e@ q T^u e@ UT Iu NT jHQqi T^f BZXVcZf p Iq ¨B DHHif
IiFGf S[XcYZu K[W^ KTUZRYVf PRSkWS ji ¨VV DHiDf ea Vll^ MRXcUp [Yb[W^ _U OVY^XUZb[WZY LUZb]Y[cf © qq OZZU KTWQ VWU JRScU[Wf BewVVYu ewVcl DHf PURkkUYbRXcU_U J]WXXlf LcZf p q ¨ DHFEf eYVW IiFDf
IiFEf OUVcSu ?XTS OZcY[Sf J^W DH D DHiFf ea `UX^WXYkkl dSaUZ OVp[Yb O _U BbU eWVaYVTWZU JYVVXc[sTf © qi LUWVU JYVYZU LWZbaSVTf ewVcl IIu \S Iqf P jqf rUZ^^WUVUVVU J]WXXlf
IiFHf OUVcSu CaYSbS[ eUVbYTU[f J^W DF DDD DHiFf ea kRRQ XYkkl dSaUZZYX O_U oVVU NU[WU @YkSZYZf © jh ^URkk NW[Q _UTW OZZUQLWWXU dS[TUVUf \S IFf J]WZ rSVWWXWVUWc kUV` jDQ Fju ZkW ^STWXU[WS jGQqju `kW ^STWXU[WS qjQqFu \VW^STWXU[WS qFQFju Y[SXW XUW[URbYZ cU^WUf J]WZ rSVWWXWVURVU_WYZ kY[RXcU_U
_U k_ QFjf e@ qu Ae@ @u r U[f p J^W Dq ¨ DHFhf rSW^U Fhjif
IiGif O[XcWVU }Qqq OUVcSZYZ~u PSXcW KVWUXf NlZcXlVl h Be DHiGf ea _UV^WZYVWW^^YYZaU[_ dSaUZ O[Yc OUVcSZYZ _U PU[SVWQ ZU rYXSZYZf © jh pU[T JWV^^U CYVVY[`S @WWkWZYZf \S Ihf LP IHu LL jqu XWXlcURc Y[W^Vll^ jFf O^cVll^RkXQcRc^ jEf
LUkkU_l[`YZ ^RZZUZVll^ jqQjhf Jn DDD XWXlcURcWXUW[ UkRVVll^ jhQjHf rS[WZ \V XUW[ SXVll^ jHQ Fiu XWXlcURcWYZ SX \VWVll^ FiQf rS[WZ AUW[UUZaSWcSQSkWXc XWXlcURcWUVUZ SkYccf rS[WZ eY[^^SQ kUVVSXYR[U kY[RXcU_Uk_ qhQhif AUcU^RZZUZ @YRTU\ab k_f AUQ cU^RZZUZ A\blZcURcW\ab `k_ _U k_ FqQu e@ j cV^u e@ ju Ae@ @LQ Lll^TU_ jHu Vll^Y`V qIf cQ eYV_Yc DEiDu DEDiu DHEhf
IiGDf OTWZSppu PU[V K[W^ NU]ZRXf J^W j eJ DHiGf ea N PU[V MRXcUp O _U OVpaWVb dRVWU NU]bUVYZU LWZbaSVTf © qI JYVTW ASpWU AW^Xc[sTf \S Ihf ?kWX^ Jn VU^WcWYc _U pWVSX cWYbY^f KcYVlQA rUZ^^W _U LWWccSkUZ^^W `W[^ IhQjif PWYVcYZQ SkYccU_Uf J]WZ `Y[S`UVTWXcYVR`XcSZ SXkllVV qFQf p Dj ¨ DHFIf eYVW IjFEf
IiGIf O[Su NUccWf J^W DI DDD DHiF ea \VW`UacWTYXc PU[V
JYZ[W^ O _U JWVTU dRXcYZf © jF BTkW
OUVVScU[ Ac{aVzY[]f \S IGf ?kWX^ Jn IGQjiu A >l\cclTsSkWXcS jqu Y[WVUWXWU cYUccY[WUVUZ ^R[XXY_U qhQ A o[aYWVRQ VYacW cSWT _U cSWTXWac IEQjhu jEQqDf >l\ccYVW_l _U cYUccY[WZ_Sac jIQu d\`lX^\Q VlZ cYUcc _Sac qHQhju LUabYZ hjQhhf A CYUccY[W^SRVR `U[UQ _U `U [Yac hhQFDu J]WZ PUZXUZcYUccY[WQC\s `lYZ cYUcc _Sac FDQFhf J]WZ PURkcYUcc UkRV_Sac FhQf
nVWSkkWVUXcYUcc _Sac jEQqjf A CYUccY[W^u CYUccY[W^S[^YU^ _U ^\TTYZWYZ ^R[XX VRYZZSWcXW_Uu SkYccf oX [UbWSQ _U cYVY`WXWSQ YXWWZc\TWXWlf CYUccY[WZ_SacU_UQ_U Sa_UU_UVWWcSZu CYUccY[W_l[Q _YXcs_YZ PYX^RXVWWcSZ _U OVY^XWX PW`WQXYR[UZ aUVW _lXf dRS^Q XRWXXU U^Ucu A?ou J?o _U >S[XXWZ TYXcU[RR^XWUf CYUccY[WQ ZYR`SXf e@ qu AL r f LcZ qDf JU[[ ^RVccRR[WaWXcS[WUu cYUcQ cY[W^SRVRcRXf c DHHDf eYVW jjIFf
IiGjf rS[Y }QIq gVST£`WXc~u oRZS dSaUZZYXf JYWZSVUZ
TUUX[^ DH ¨BB DHihf ea ^URkk dSaUZ eW^cS[ gVST£`WXc _U OZZUQAVWWZU CSTkR[Wf © qq AJ OVVW OVYÃUZb[U PUVVWSf oVWVcU IDu J]WZ XRST [YUUVWV\X \^X \S Ihf P _U N jDf eU^ ?\ rSa_SVU IFQu kUVS_lVVYYZ`U^SX kllVV hEQf @RRXRQ @WXcW XWac IEQhIu _Sac hjQu JU[[ cYSXSpWUu RX^SZZScu kRRcU[Q aUZaSWcSu ^UVUXcRXf p ji B DHEIf eYVW IIGIf
IiGqf K^YzSTu @RZU[ J_s[`U[b NUccaWUXf JlTYYZVWZZU DI DDD DHiFf ea ^Ukc ¥VUYX ?X^U[ K _U J_s[bWX JYb`W] BZ]YQ zS[] Up KZYa_YVTf © jiQjh KbWc MYS[]WU KWVY[cXYZu jFQ PU[WZ NU[WU M[sZaSVTf BLVcU Iif LUU^UTYXcU[W J]WXXlf p G Be DHFhf eYVW DHiqf
IiGhf K[cUTS }YZc K^Xc[sT~u elWZs K`Y[cf J^W Ih BB DHihf ea XR^YVcU_U dSaUZ K`Y[c K^Xc[sT _U ?V]U ?VW`WU K[W^XXSZf BLVcU IIf p Di B DHFGf eYVW DEIif
IiGFf KVSu dRaS K[^^Wf J^W Iq B¨ DHihf ea [^T dSaUZ KVWX K_U dSXYpWWZU LWV_Uf © qD NUW_U OZZW^^W >\\XXsVlf \S IGf P _U N jIu L jEf Jn k[SkYbYRccWXQ^UX`WcWYc VUWc \VWT UXX jhQu elZ[f PUUcRW Iq eBBB DHqDf
qIf \S Ihf nÁC jDu eC jqf eWWkR[WZ J? \VWT `W[^UT jFQjEf NJ \VWT `W[^UT jEf J]WZ @? [W^SXUX ZScUU[W jHu `c ?W^>T qiQqFf CUTkY[YYZ aYZ^W^W[_SWccU_U qFQFDu oV`WVUZ FDQGDf OO C[Y qHQhHu @URTU GIu C[Y GhQGHf AScUcRSTU[W qqQGGf A JYZ^W^W[_\ab XWac hIQFIu `k_ FIQu Ae@ @u e@ qu e@ qf NU_ FGf JU[[ [Yc^YWV\f c G Be DHEqf eYVW IHHhf
IiGEf JUU`WXcSu JYWTS >\\[W^^Wf § J^W q eBB DHiFf ea OV^SaSVWVWW^^ cU[^ OVzWZRX J _U OVWWZU KVWWZU ?_UVUf © NW[_UT NU]bUVYZU NYQ [W`UU[Uf BLVcU IDu JTV V\X \S IFf gY[VWWZWZ KLPP IGQIHu PUbP jIQjqf @UZX^UZ TRR^UVUWXVY]WSSZU IHQjIf oRbYZTUUZ [U^[\^T ZkW RkX jqQjHf PSTkkllVV jHQqif hf r[ ^STkkkllVV qiQqDf rUcV^ST qDf e@ q T^f NT jHQqiu @UZX^ XScU[WXcW c _U kUVTRZW ^u XWW[cSTUUTWc NU[Sy Yc AUaU[Uf @YXQ
`lZ[ IGu ^ST jqu oZ jFu [UcXRTYXc qif PUUcRW BaUZcUVUXXU Ih eBBB DHqDf
IiGHf JU^UVUu KWZS K[W^f J^W q ¨ DHiFf ea c\sZ_Sac OZcSZ J _U OTUZbU NU[WU ?[YVVf KWcl DEf p eUV^YU^SX^W jD ¨ DHIGf
IiEif JUVSZYZu n[_s MWbYSZf J^W ID ¨B DHiqf ea c\sT PSZXcUZcWZ J _U OVTU eWVaYVTWZU JWy^Xc[sTf © IG PUc[W NU[WU LYacSZYZf ewVcl IIf PURkkUQUVUVVUu VWW^^YYZaU[_SWcQ cU_U LYkkl`UU[UXXUf c IE B¨ DHGFf
IiEDf JYWZWVlu K[^^W BVTU[Wf J^W D DF eBB DHiGf ea \VW^SQ ZYTYXc r[UZX eWacS[W J _U OZZU PS^Q ^SVUf © jq CSWZW OZZW^^W AUU[WXcSf \S IFf PUbP jiu WVTU`SWT ^Ukc^R[XXW jFu CUWXcP ^ST^R[XXW hDu XScVYZcS^SQ ZYYZ Sa_UU_UcRc^ jif K[NUULYLUu LYZcSOX h _U LY@ I ZkW VYZcSRkX _U VYZQ cRYYZkllVV jiQjHf LY@ j VUW`RYYZ^ST qiQqIf LY@ q _U LY@ j VUW`RYYZ^ST qFQhif BVTU`K _U LY@ q cXcSkllVV qjQ qhf LY@ I ^ST hDQhIf jfLYZZSXcS ^ST hjQhhf P?r AU`WcUWkUVYYZ ^SZWc YXWT hhQf BVTU`SWT ^RZQ ZWUcRSTWSWXcRWTYZ _lX qFQhDf AU`WcUWkUVYYZ o[aYWVW_Uc k_ hGf e@ j cV^u e@ ju e@ qu NT jHQqiu NT qDQqhu A VYZcSTY[^Q ^Wu AU^Xµ[ If @YX`lZ[ IGu `lZ[ jiu VcZ jIu ^Ukc jFu TU_ qIu Y`V hIfQpABBB DHHif
IiEIf JU[`Y }QjD JYWZSZYZ~u rUU`S eWVaSf J^W E BB DHiG ea WZXu @J UkRV_Sac eWVaS JYWZSZYZ _U NU[WU AWVcUZYZf © qj cXcSUkRV NU[_UQ LWWXU rYZcW^lWZYZf LUkXYc KWVU qqu rY^Q ^U qhu rW[^^S qEu NUccW hDu OZccW hjf \S IGf NJ jDu NNP qDf Jn UXX jDQjhf NCL ZkW UXX }cRc^~ jhQqq _U qHQ hIf PUZXUZaRSVcSTWZ cXcSkllVV qqQqGu SXkllVV qEQqHf J]WZ ^URk ^URkRZQ ]WZNJ hIQGIf Jn TYcXlcUVSRbYZ VWWQ ^YcWYc SkYcc qGQhHf A rRRcU`U[U^URkQ kWUWbYZ nab PYX^RXVWWccS UXWUT hDQhjf J]WZ ^URk kSVccSUWQ ZYkllVV hIQFif J]WZ TYcXlZaSWcU_U\ab aUVW _lX qiQqhf NRZ^^W`RS[YZ X[^ ^W[^^SZYR` FGQGEf NYcXlZYR`SX Gif e@ j cV^u e@ ju e@ q cV^u e@ qu NT jHQqiu NT qDQqhu ALAn aSk UTu J]WZ X[^WWYZ UTf PUkc qDf dRV^ _U U[cW^^ VlaWZZl \acWsWbYZ TUUZaUZ^WZZUXcUu TYcXl`Y[ScR^XYXcUu kRRZ ^UZcSQ aWZZSWXcU _U kRRcU`U[UZ aUZ^WZcU^RXcUZZR^XWXcUf JU[[ VRSZZSZXRS_YVRu ^YXlTs^^WUX^U[YYcu kSXcWTY[^^YWV\f BXl HFu `YV_Yc DjHGu IDGhu jDHHf
IiGGf ?[WXkll }YZc [s_bTUZ~u PUU[VS LUR[Wf J^W IE eB
DHiGf ea ?W^>T PUU[VS JY[TUZ n[_s [s_bTUZ _U OWVW
dSaUZZU LsZZ£`WXcf © jH PW[XcW NUW_U NRXcSZYZf LUkXYc LUR[W n[_s dSaUZZYX qiu @WXcS ORZRX qIu PW[XcW OWVW NY[_U
IiEjf rYZccWVl }QDH JWVbYZ~u K[^^W ORVWXf JYWZSVU DI B DHiEf ea ^UZXU^ \VWcU[^u N PSZ[Ub KTWV JWVbYZ _U OZZU NU[WU U]Y[][YZf © qD ^UZXU^S JYV`W OZZUQLWWXU @WXcSVUf LUkXYc KY[S qju ?RcW hiu AW[^^R hEf \S IFf P jDu C hFf JYWZSVUZ ^YX^W^ _Uc^SVRS^^ YZ]Vu XU^XUZ _U [UZX^UZ SkYcc jIQ qEu [Yac jHQqEf JPPP YZ]V VYac qEQFqu bSX qEQFqu UkRVk[Sp FqQGDf Jn YZ]VUZcWV pWVSV bSX FjQGDu `c UkRVk[Sp FIQFju Fhf
JYWZSVUZ @ScU[\^VRzW XWac qhQqEf e@ q cV^u e@ q T^u AL
@LQ LcZ qif dRV^ CaY SVb YZ]VWXa eY[zX Sp eWXWSZ }`lWQ
csX^~u U[cW^^ YZ]V pWVSVS]WUZ UVUVcUf rSW^U FIhhu `YV_Yc DGDhu DEEif
IiEqf JS[TWZ }YZc JSVTXcYZ~u JU[UVb dSXYpf PRSkWS j ¨
DHihf ea TY^UUZW^^S PU[V OÃYV
JSVTXcYZ _U JRVbU LWZbaSVTf © jh
OWVW ¥YyWVWU CUTTWVYacSf \S Ihf P _U N jif CWVUXcSVV kllcXcS UkRVU^Q cRUU[W jiQjhf ACP cWVUXcSTWYX jhQqhu cWVUXcSQSX kllVV qhQhDu ^YX^RXVWWcSZ _Sac qGQFjf eOP? c\sZUZcU_U_lX qGf e@ j ^Uu AL Pu Ae@ @ Du NT jHQqiu NT qDQqhf p J^W h BB DHFjf
IiEhf JSZ^U`UU[Uu CYYTR dSaUZZYXf J^W IE eBBB DHiGf ea N ?ZZW J _U Nu C aY OWZU dSaUZZU LlacYYZS_Uf © jq NNP JYVTW ASpWU NU[^^RVUf LUkXYc PU[W jFu LWWXU jGu JWV^Q ^U qju CWTS hiu LYYZU hqf \S Ihf NNP jIu U][ jjf Jn T`Q^YTWUVV VUWc UXX jqf KcYVlQrSa_UZTUUZ ^UX`WZ`WV_YV\^SYQ UXYTU _Sac jqQGju YVl^^ Gqf eUUXUZ cU[^UXcRXSW^ `U[U_lX qFQqEf Ae@ @ Du ¨¨¨u NAPL ^RVc UTu A?P Tf OVW^f PWV`SWcR^XWU UVUZ UTTUccWVYab _U XUZSTUVYacWU[cW^^f JU[[ VRSZcSf
IiEFf JRW^U[WZYZu NUccW PUVY[`Sf @URTU Di eB DHiFf ea WZX dRaS Kb`U[b J _U BbU ¥YyWVWU ·U]TU[ @WZbYVVf © jI ·S[WX LWZZYU KaTXcYZf BeWVcl IIf eUUXUZ UXYTUZ ^WW_R[W qhQFFu oRbYZ^URkRZ]WZ UXYTUkllVV FFQu
IiEGf dl[ZYpYVcu ¥U[V K[W^ ?VU`W }?VUW~f CRRXRVU j ¨ DHiFf ea KY[S >W^SVUW d _U AUWTW rWU A¯UZf © jiQjH JYVTW NU[Q _UccULURZSu qiQ ·U[WU NUzYV gUy^TUZf oVWVcU Iiu ARST \^ \S Ihf P jIu SkWX^ CR^aSVTUZ CPP jqQjhf MYSVS]WXYZ cSWTW^ ]YSVS]W _U ^UW[URXcYZ _Sac rYcXUTSXXU jIQjqf BZcY[ZUQ cWSZUV >Wy^YV ¥S Sp ¥UZUbU _U ?RcS^RTkR ?\ ]YSVS]W jhQqhf NU]ZYXWcU AO }gYVS JS[W¦SZcYu g[UXWVWU~ ^YTWXcW _U `RS[WQWZX qFQFDf e@ qu NT jHQqif BZX^Ukc hGf p gYVS JS[W¦SZcY Dq DDD DHFDf
IiEEf PUU[ZUu NU[ccW eYVWf J^W DE Be DHiGf ea `UacWTYXc PU[V eW^cS[ P _U eWVaYVTWZU K[W^XXSZf \S IFf p J^W Ih B DHIHf eYV_Yc GEDu HiFu DiGju DHDGf
IiEHf PUVY[`Su LYZZWf J^W H e DHiFf ea [llclVW [UZX dUVQ TU[W K _U JWVTU eWVaYVTWZU PUVVWSf © IG KWZY NU[ccU O^XYQ VWZf BLVcU Iif LWW^YUkRVUWXcYZ WVcU^R[XXWf A?P kUV`YVR^Q XYXXU IqQhHu ^Ua`WkUUacWTSZ UkRV_Sac jFQhHf JU[[ ^YWVUWVRu cYUccY[Wf p Dq Be DHhHf
IiHif PUZcUZYZu oRZS rYccY[f J^W IH eBBB DHihf ea _RZUWQ VW_U OXU[WUX P _U BbU eWVaYVTWZU NYVWZ]f © IH OWVW dSaUZZU LUTTWZYZf BeWVcl IDf C\sZ_SacU_Uf
IiHDf PS[U }QIH PU[YVV~u ?ZZW CSW`Sf J^W Ii eB DHiGf ea ^URkk PUU[VS PU[YVV _U KbVU PU[SVWZU ·UaVXc[sTf © jF KVVW eWYZS @UU^YV AWY^^WZYZf \S Ihf nÁC jhu eC jEf J]WZ rUZccWVUWZU^SZcc IhQIEf tWyUZbY[ © LU[XSZ IEQjif J]WZ `Y[S`XcS YXWcc jFf rWWkkSVUZ cRSTWS^ C>Sc jFQjEf OO }STU cXcS~ @S`UZWYTYVVl jHQqqu PYTWXXl qhQf AScUcRST qIQqFf e@ q }I ^kV~f LcZ qif JU[[ ^UVUXcRXf c ID ¨B DHFHf
IiHIf PWVVWZYZu ?VU`Wf J^W Ih Be DHiGf ea kll_Sac BVTU[W P _U LWVVW PU[SVWZU JUVWTUZf © IE NU_ LWUZYU >Sa[Xc[sTu BB jq UZZ\ KTWVWU ¥[SZ¯UVVu DDD qG LYU NUW[Y rWVccWf oVWVcU IDf ALNP IqQIFf LWW^YQYVlTlZ _U cYSVV kUV` jjQhGf OVUZ^SQ TUWbYZ XRR[VlaXcs ^URkUVV U`RXc hGQu ARSTQaSVVUZcWVUWXYZ \ab _SacS^f LWSZX `U[UkWW[W^R`YT FjQFqf PUkcf p H DDD DHEGf
IiHjf PWVkWZYZu CURZS ?X^U[Wf J^W Dq DDD DHiGf ea ^UT[ ?X^U[ KXUWUX P _U OWZS KVWXUzYc ARZbTUZf © qjQhH A\V`W ASpWU ASWZWu FqQ UZZ\ KVWXUzYc PWV]UXcf BLVcU IDu J]WZ \^XQ
VRS^Uc \S IEf NJ jju Y^SZ jHf nVWT NJ jjQjEf LUabYZ ^URk _U JSVVSVUZ ^RZZUZ kW^UQUXRcRXcSWTW^ _lX qDQqIf JUUkU ?\ kWW[WNJ jHQqDu eOr? kWW[WNJ qIQu e@ ju e@ qu NT jHQqiu NT qDQqhf PUkc qDf BXl DqDf
IiHqf PW`W_l[`Wu dS[TUf CUTkY[Y ID B DHiFf ea N PUU[VY K[^^W P _U MY[c[Rb OVWyY [WXYVVf © B AWXYQNU[WY CRSTWZYZu BB OWVW ¥U[SVWZU NUZYVWRXf oVWVcU IDu J]WZ n^XVRS^Uc eWVWVclf PUbP IGQIHf >kW RkX IHQjHf PSTkkllVV jHQqif @oP SkYQ cRXRkX qiQqDf PSTkkllVV _U ÄPK cXcSkllVV qDQqhf LWW^YTWYX AUVSXXU qhQ e@ qu e@ qu NT jHQqiu NT qDQqhf @YX`lZ[ IGu VcZ jDu ^Ukc qIf eYVW IiHhf
IiHhf PW`W_l[`Wu PUW As[YZf B J^W Ii B¨ DHiGf ea ^W[_UWVW_Uf N PUU[VY K[^^W P _U OVWyY [WXYVVf © jq VW[W AUZZU NU[WU M[RZbXc[sTf \S IGf P _U N jIf J]WZ AUZSTUc cSWT jIf A PR`UVYacW cSWTXWac jhQjGf ?\ PU[V U¦Y[ PSZbWcS[WU _SacS^ _lX qhQu `k_ hhQFhu k_ FhQu T\\ZZWZ_Sac qhQhhu aUVVWZcSZYR` _lX hqQFju cSWTW hhQFhf JUZ]SZ PY^XW ?\ _SacS^ _lX qhQu ?RVRVUWZYZ ?\ _SacS^ k_ hEQf A NUWZSX\ab XWac jjQjhf KVWZcU[`W^YcYSVV VWWccS aUVW `U[U_lX qEQhqu _lX hhQf A CYSVV VWWccS aUVW _lX hhQf A NYXXRc ?XRRX^RZcU aUVVZYR` _lX hGu aUVW _lX hEu aUVW k_ FIf NUWZSXQCe aUVVZYR` _lX hGQu LUXcYZcURcWYZ CRc^XllcWs _SaQ cS^ k_ FIf ARST LWSZXQ_l[_ kY[RXcU_U_lXf LWSZX ¥VRz J^W k[YX hDQhIf PURkkUZYR`SX FGu e@ ju e@ q XUu AL @ Du @·O jf PUkc qqf JU[[ TUc^Ucu `UVS^R`URXu pWVSVS]WUf p DG eBBB DHFEf eYVW IiHqf
IiHFf PSXSZYZu KY[Sf CUTkY[Y DI D DHiFf ea eWacS[W P_U JUZZU Y[WZf © IH VURVU_UcU[ JYVTW ¥U[YZf C\cl[ rW[_S qqf eWVcl IIf J]WZ ^SZXY[`UcS[WS IIQIGf ?kWZcSTUc^ AU^XUu BclQ `UVcUu @UZX^Uu KZ]VUZcWu oAOf @URTUZ S[^YXcY[W _Sac IFQ IGf A`YZX^U cYUcYTu J^Wu ^UkYVVWTYXc IHQjDf CUTkY[YYZ PURkRZ]WZS[^YXcY[W _Sac }^UkYVVWTYXc~ jIQFHf C[YYZ TRQ XWW^^WSkWXc SkYcc jjQjHu C[YYZ C\s`lYZSkWXc SkYcc jEQFEf C[YYZ ?SkkY[U ^UkYVVWTYXc hIQGIf dllTWYZ PRS[S _Sac jqQ qGf r[SpYXXS[W FHf e@ qu Ae@ @u AL r f nVWV hFf eYVW DGDFf
IiHGf LUU^XSZYZf elWZs KTWVf J^W Di BB DHiFf ea ^W[`YXT OZXaYVT L _U BbU PSX^YVWZf © jF `U^Q `W[^ B[TU P\VVW^^W >\TUZf LUkXW AWQ ZW^^U NU[_UccU qjf \S Ihf nÁC jhu eC qDf CRRXRVUZ UkRV>N jFQjEf >UXcSVUZ >N jEu JURaSZ >N jEQhhu eUV^YU^SX^YZ >N hhQFEf P?r JURQ aSZ ^SZcc YXWT jHQhDf AL @u NT jHQ qiu eXX UT Du dR]L@ ^T[ ^RVc c^f c DD Be DHGqf
IiHEf LYacSZYZu PSXcW dSaUZf J^W H B¨ DHihf ea [llclVW dSaUZZYX L _U K`U ASpWU CSW`SZYZf © IE @WZ]U NU[WU LWYzYf KWcl DEf eU[UXcSZYXWTWYX KXkSSXXUf p Ii ¨BB DHHif
IiHHf LYW`WX^lu eWV_S eYW^^Sf J^W h e DHiEf ea k[Sp VW`U[W MUz[WYV L _U ASpWU ¥UXc[YZf © jI NUW_U OTUVWU PSX^WZYZf \S Ihf P IHu N jIf eU^ ?\ eU[TU UkRVTUcYTUUcW^Q ^S jiQjju kllTUcYTUUcW^^S jjQjHf c Dj ¨ DHjHf eYVW DGhhf
IDiif LUR[UTS }QIH LWZbaSVT~u PUU[VS NURZS LYZZU[c
W
}LYZZW~f J^W Di DDD DHihf ea c\sZ_Sac
PU[V [Yb[W^ LWZbaSVT _U ASpWU LS`WXU
PU[VXbSccY[f © jh Y^SZ AW]z[Wc NU[WU
AY[YZWRXf LUkXYc OZ_UQgW jhu @UWZY[ qDf eLVcl Iqu J]WZ [YUVWV\X \^XSkk
eVLVclf PUbP IGQIHu [cQRkX ^Ukc^R[XQ
XW jEu P|L ARSTYZ dSRcXYZ Ff TUc^U
jFQjGu CP \V ^ST^R[XXW hIf K[µcrXcS
ZkW RkX IHQjju kc[WZ kllVV jEQqDf @r j ^ST qDf @C@ I kXcSZ ^ST qIQqqf NYQ
[W`K [cQcXcS _U ^STSX kllVV qFQhIf @C@ G|AUU[µr[ J ^ST qq½qhf [c D kXcSZ ^ST hIQhjf NAP Skk^STkkkllVV hjQhhfD kXcS|CR[µcµ ^ST hhQFif e@ ju e@ qu NT jHQqiu NT qDQqhf @YX`lZ[ IFu BcZ jDu ^Ukc jGu TU_ qIf
IDiDf LURcXU }YZc LWZb£`WXc~u OU[ZY KV_UXf J^W ID VWW DHiFf ea kSXcWV_ MRXcUp ObSVp LWZb£`WXc _U BbU tWVaYVTWZU LspQ zY[]f © IH dYZZ\ OVVW CWVUZbY[f BewVcl Ijf J]WZ ^URk kSVWWXWVUWc IGQjGu rLJ ^UZXVWUSX [W^SXcRc^ jGQu \VWT VWW^YZZYQ cU[^ FjQf Ae@ @u eT D k[^u eT I ^Uu ¨¨¨f c q BB DHGjf eYVW DHqDu kSW^U hhIHf
IDiIf LWZZU^S[kWu rY[ccYVWf J^W I e DHiFf ea `YcR[WZ^RV_ dSaUZZYX L _U UZZ\ ASpWU gY[]f © jE AWW[W ARcYVUWZYZf VVLVcU DEf eYcR[WZ^RV_YccU_Uf p IH eWVW DHEIf eYV_Yc IFGju qihjf
IDijf LU`WVU }QjI LRZbXc[sT~u CS[XcYZ ?X`UVbf J^W E B¨ DHiFf ea WXlZZsWcXW_l @SzY[c Y[bWQ
ZUZb L _U OVTU ¥aU[VSccU NUVTf © jH
JRP ORZY OZZW^^W JlZZWZYZf LUkXYc _rgA
NUW_UQLWWXU qjf NUccW qqu eYVW hif Q\S t¬ C IGf P _U N Jn jqu L CRn qHu C
¿ CRn hif LS`WWXUZ \^ VRSZZSZaWXc _U TUUZcWYc SkYcc _U [Yac jEQhjf LS`WWXUZ
\acV\X VRSZZSZaWXc _U TUUZcWYc `kW VYac b XY^l `c [Yac _U [Yac hjQFjf ?n SkYccUQ _UWZ`UVTWXcRXVUWc VYac FjQGDf ?n SkYcc`UVTVUWc `U[UYXWT FGQGDf LRYZZ ?n TUUZcWYc VUWc _U dn XY^l ?RVRZ _U d^V ^YXl\VWSkWXc FGQGjf ?n VRSZZSZTUUZcWYc bSX GiQGjf dn SkYcc`UVTVUWc `c VYac GDQGIf KA? ^UZXUZ`UQ VWXcRXXWac _U VUWZU[UaUXW _SacS^ k_ jqQjGf O^Uc BVTUZXRS_YVRQ \ab cUVa jGQjEf oRbYZTUUZ >RS[WXSXYR[ PYX^RXV XWac jGQqif eUVcWSZ CWYbScRXVUWc kUV` qDQqqf LS`WWXUZ X[^ ^W[^^S `UVc qDQ hGu _U^ScSWTW^ hGu ^W[^^SZYR` hEQhHf rU[cWSVWkkR^ eUVVW`YWQ ^Sc `UZaZYR` k_ qFQFjf rYbU]S] \VWSkk PWVcU }?n~ ^R[UUZ FjQFqf ?n SkWZcS\acYWXc\sVc^ FGQFEf NUUZcWYcYYZ AYR[U c\sQ _lXf r[SpYXXS[W Gqf NT jHQqiu NT qDQqhf dRV^ LRTWXUQ bYTll[lZ UVRYYVVWZYZ _U^URcRTWZYZ ARSTYXXU }`lWcsX^~ qHu VR^RWXWU cWYcYYVV _RV^ _U U[cW^^u LS`WWXUZ \^Q\acV\X SkkWVUXTUcQ [W^^YVW jGQGh }_RV^ Ei~f eYVW DHjEf
IDiqf NUVTWu oZcS PUVY[`Sf J^W j B¨ DHiGf ea [^T O^XYVW
tUVbYTU[ N _U dRVWU KVYSZS[U tYXcY[Q
VRZbf © c DHqi CSWZW P\VVW^^W PUcU_UQ `RS[Wu BB qD aS`WTYXc AU]U LWZZYU
NUVTXc[sTf \S IGf CPP U[^^cRc^ B SXU jjf NUc^UcXcS PUVY`U ?\ `W[^u
cXcSkllVVu UkRV_Sac jhQjHuqGQhiu hhQFDf A NUc^UcXcS ?\ cXcSYXWT hiQhhf OP TUc^UcXcSZ T\\ZcWTWYX FIf JScYVVW JYVXWZ^W UkRV_Sac jHQqjf PUZXUZaRSVQ
cSTWZ cXcSXWac qjQqGf J]WZ rSVWWXWVUWc
kUXXWcXcS RV^SVUWX`UV`S_U FIQ nL XWac _U TUc^UZ_Sacf e@ qu NT jHQqiu NT qDQqhf LcZf JU[[ TWYX^RS[STRXWW^^Wu TUc^UWVRf c E e DHGEf
IDihf NUZZWZYZu A¯UZ ?acS OZcY[Sf J^W Di ¨V DHiGf ea [RZSWVW_Uu k[Sp ?ccS N _U ^W[_UWVW_U OZZW KTWVWU A¯UZf © jj p HD P PUc[W JYVYQ ZU JUU`WSf LUkXYc dUU^^S jqu JYVVY`W jFu dRXXW qDu ?acS qjf \S Ihf P Jn jiu L Jn hjf Jn \VWT ^SZXWXc UTUZ jGQjEu UkRVXWac jEQGiu cXcSkllVV GiQGqu Jn aWXcQ^WYVWc SX ZScUU[W jDQGif nVWQ SkkWVUXVYab cSWTXWac IEQIHu kllcSWT jjQjqf ARSTYZ JYWTS kllcSWT jGQqif Jn cWYbSZUZcS_YZ kllcSWT hjQGif eUVc cWYbScRXVUWc cSWT jHQqi _U qDQqqf ?cU`UZ BXS CWYcSXUZU^W[_U _U ARSTYZ KZX\^VSkYbWU \VYWXcU[^UXcU_Uf Jnn XWac jDf AnL XWac jhQjFf C aY Fqf Ae@ @ Du NT jHQqiu NT qDQqhu ¨¨¨f ?ccS NUZZWXYZ AYR[U ^RZZWU_u PUZ]UXZWYTYZ ^RZcUu PUZ]UXZWYTYZ PScWXYRcR\ab _U nLK `WW[Wcf A^Q^S[k[u XSQ bUZUW^ XSc`W[^UTQVcZf dRV^ TT PUZ]UXZWYTYZ aWXcS[WU DDDu BBu ARSTYZ ^UZXUZ U_UZcWYcSf J\`lSZZWXYZ TWYaYZ TRWXcW^RQ `WUu XUcR_Uu cSWTWZ RX cWYcScYS^XWUu XRSTYZW Z ji cWYcSQ cUW ^URZS^W[_U¢¢ cYSXcUf O[cW^^ _U ^W[_UQU[`SXc Y[W UW^U^Q_U klW`lQ VYabWXXlf n`SZZY bY ¥SkkYc }XRSTYZZSX~ kUV^u Jn cWYbSZQ _RV^WXcUTWXkUV^f eSWccUZRc Z ji nLK cWYcS^WVkf eWWXUXcYZ ^Y[Q aS _lX qhQEhf JU[[ ^W[_Ucu pWVUcYVWUu TYcXlZaSWcSf rS_Uc hiFEu hEGFu FIiHu `l`\ qFHFu `YVW IIHDu kS_UZkS_Uc GHIju EiEHu HGjEu kS_UZc\cl[ HIiiu c\ccl[YZkS_Uc EiGIu EEiHu c\ccl[YZc\cl[ EIqDf
IDiFf NURZSVUu ?XTS dUVTU[Wf All^XTl^W II ¨VV DHihf ea cY^Z dY[YTWUX dUVTU[W N _U AUWTU NUcWVbU eUV^UTUf VVLVcU IDf p G B¨ DHIjf eYV_Yc DFGju IFGGf
IDiGf CRSaWTl^W }QjD Nl^WZYZ~u dS[TU OVkS eUVWSf J^W Ii Be DHiGf ea [S` PRXcUU OVp[Yb Nl^WZYZ _U SkYcc KVWZ OVY^XUZb[U AWVYZf © qj c DHEq AJ K`U gR[^aU[bcf LUkXYc OZZW^U qhD DHhFu PWT qGf Q\S Ihf QLL jGu WaSQ_U XR^RkRSQ VWcURc Y[W^Vll^ qqf PAA D WaSc SX UkRVVll^ qhQFDu SXVll^ FDQFFu `U \VWVll^ FFQFGu \VWVll^ FGQGIf JnPA WaSc SX UkRVQ Vll^ jHQqhf J]WZ ^URk B `YZ ^VWZ UkRVVll^ qhQhIu UVWVll^ hjQ hFu `X UkRVVll^ jhQjFu jEQqhf ·Y[TUcSV \ab XWac qhQqGf Lll^RkXV aUVW FhQFHf Qe@ j cV^u e@ q cV^u AL @ Du NT jHQqiu NT qDQqhu ¨¨¨f Lll^Y` GIf dRV^ U[cW^^ ·RSbYyWTQ VYabYXXlf
IDiEf >Y`UVUWZYZu O[`S OZccW JYZ[W^^Wf J^W I Be DHiqf ea TRR[U[W dSaUZ > _U BTkW NUcWVbU >RTTWZYZf BLVcU DEf J]WZ ^URkk ^URkkU^ kllXcscSbf eU^RRcRX`W[^UWVW_U J]WXXlf « IH eBB DHEDf eYVW DEqjf
IDiHf >WYTWu o[aS ?W`U OR]RXcf J^W IG eJ DHihf ea TUUQ VU[W OR]RXc > _U NU[WU JYW^^WZYZf © qh KVXU NU[WU NYcXlVlf BLVcU DHf rRRcU[aR[Wf Qc DD Be DHFjf
IDDif >WXRVUu NUccW dS[TU >\\[W^^Wf J^W IE DDD DHiGf ea N@B NUccW OVY^XWX > _U LYTkW L\bWU eUacY[f © jq PUc[W A\V`WU KVVSZYZf \S Ihf K^SZ JPPP IGf eU^ ?\ rSa_SVU `W[^ IHQjHf ARS_UccR ^ScW cSWTXWac jqQjHf elZ[ IEf JU[[ ^W[_UVVWXRRXu [Yc^YWV\f PUcSXW ARS_l[`YVVl j ¨BB DHjHf
IDDDf rUUXW`RS[Wu O[`S PRVVY[`Sf J^W q Be DHihf ea XYZUUcQ VS[W NUccW r_U NU[WU KVWXUzYc LWZb][YZf A © jq ^UZXUZYbRXc C\\ZY NU[WU PUVVWSf \S Ihf P jHf J]WZ ^URk ^RZZUVQ VWX^Sb _U c\sVUWc ^SZcc jqQqiu UkRV_Sac qiQhDu _Sac }J]WZ ^URk `UZaRXcYZ aRSVcSVUWcSXcYZ _Sac~ hDQf PUZXUZQ YbRXcU_U _U XSXbYTQYbRX^RZcU[\aTlZ B XWac qhQqEf J]WZ ^URk`UVc _lX hDQhIf eUVc YVS^R`UcU[^UXcUTS k_ qHQu C\sQ `lYZ XUZSTUVYacWYZ cWYcScXcS kllcSWT qE qHf eUVc ^W[_UVVWXRRXVc^ _lX qhQqEf KbRX^RZZUZ ^W[_UXcS aUVW qGQhDf nLK Sa_YVTUZYR` hhQFDf ?B KVUZcS YbRXcU_ _lX qhQhFf PUUcRZYWccYZ TRWXcSXllcWs aUVW qhQf ASbUZ Ra[WYZ ^R^^UX[UaUXcS aUVW `k_ qhQf J]WZ XSXbYT c\s`lYZ\ab k_ qDQ hEf Ae@ @u e@ qf nVWV hGf eYW^SZ cSWT IjQIqf >S[XXWZ VURXRZcUTYXc Iqf c ji e DHEGf eYV_Yc IqIFu IFHqf
DHDG
IDDIf rURZWSu CURZS K[aU[bf J^W Dq D DHiGf ea [llclVWTYXc [UZX dSaUZ NUR[WcX r _U KVWZ OR]RXcU LsZZzY[]f © IGQqh AUU[U KVWZU KVS`UU[Uu qFQ OZUXcUXWU O[kSVUf Be¡Vcl IIf LWW^YTWYX CR^aSVTUXXU IGQqiu qGQu Qc ID eBBB DHGDf eYVW DHhIf
IDDjf rY^^U[WZYZu eWVaS KZXWSf J^W Dj Be DHiGf ea ^URkQ
kWUX ?ccS KTWV r _U JWVTU ASpWU JRccRQ
ZYZf © jGQhD NY[W NUVWZu BB hD JYV`W JRccRZYZf LUkXYc CWTS OZcY[S qhu PU[W KZXWS qEu JYW^^W dRaUZW hiu eWXUQ ?VVW KTWV hDu rWUQ@WWccU hIu CRRVUQNU[Q _U hju rY^^U CUkUZW hGu rW[^^S LWWXU Fqf eLVcU IGu \S IHf nÁC jGu eC qif
@RS`YbYZ cRSTWS^ C>Sc qif J?r
`W[^u XW`R^SZcc cU[^UXcU_WYZ UkRVu k[S^ _U XW`R^SZcc YXWT jGQqhf AllXcskUZ^Q
^WYZ cU[^ qhQqFf JYWZSVUZ Ak cSWT_ qhQhqf OO JYWZSVUXXU qhQhFu LUabYXXU hFQGHf e@ q }I ^kV~f NT jHQqiu NT qDQ qhf PUkc qjf JU[[ TRXWW^^Wu ^W[_UVVWXRRXf p ji B DHEjf eYVW IqIEf
IDDqf rYVcSZYZu ?W`U OR]RXcf J^W B Be DHiEf ea ^URkk OR]RXc eWVaYVT r _U KTTU KTWVWU M[sZVRZbf © jh eY[U PU[WZ LWZZYU OZcXSZf eVLVcl IEu \^X \S jIf K^SZ jq _U PCP hi JPPPf KZXWZ VWW^YUVUVVUf oN jHQu `c [Y`WWXS[W qGQhDu _USXcSXWac hEQhHu FDQFIu FIQFhf BB VlaXcsXWac gY[Z hhQ hEuD VlaXcsXWac ?XVS hHQFDu LSZcSS FhQu ^SZXRVW LSZcSS FhQf AL @ Du NT jHQqi X^u >r? @ Df c LSZcSS IH B¨ DHFFf
IDDhf rRSVUZZYu K[^^W ?VU`Wf ¬J^W jD eBBB DHiGf ea JL NWYVS KY[S r _U OVY^XUZb[U OR[SS[U tUcaYZf © jHQqF JYVVl
PUU[WZU PU[_UVUWZYZf \S IEf ?kWX^ Jn _U PPPu cRVVW`W[Q ^UTWYX^R[XXWc B _U BB hFQhGf JlTYYZVWZZUZ cRVVWZaSWcu cRVVWQ cU[^ FiQu eUVTWXcY`Y[ScU[^ FiQf e@ q ^Uu NT jHQqiu NT qDQqhf PY[Xf eYVW Ijiif
IDDFf rlW`Wsu rYZccW gRXcY[ g[S¯Zf ¬ >Y¯ nS[^ Dj Be DHihf ea cSWT_ elWZs dSaUZZYX r _U JYVTW [UZ]f © IEQqh dYZZW NU[WU Pl^WZYZu qGQ KzzU J_s[bWX eWSVU JYVVXcYZf BLVcU Iif PURkkUYbRXcU_Uf p ?RVR Dq ¨B DHFjf
IDDGf @URcUZYZu PU[V NU[cWZ rURV }PUU[VY~f ¬ Op[W^^U DH ¨ DHihf ea VlaYc\XXUU[ZUU_U PU[V P[WXcWUZ @YWZaSVb @ _U @SXU PU[XcYZf © jI KVVU KVWXUzYca LUR[WVUf BLVcU Iif NNL ^U[Q cSWccU_Uf ?RVRZ VllZWZ TUUZTWcc^SZcc U[^af p DD ¨B DHGif BXl jDGf
IDDEf @WZZYu rUU`S eUVWSf ¬J^W Ih B DHiGf ea [^T ?X^U[ >W^SVUW @ _U OWZU eUV`Yf BLVcU Iif p DF ¨BB DHIIf eYVW Ihhhf
IDDHf @sZ^lu KY[S dRaUZWf J^W DF ¨B DHiFf ea `YcR[WZ^RV_
·U`Wb dSaUZ @ _U JWVTU [Yb[W^U PS[Q kYVUf © jH e> OWZS VWbU OZZW^^W AYWcUQ TSf LUkXYc NUccW dRaUZW qDu CRRVU @WWccU OZZW^^W qFu rY^^U eYW^^S dRaUQ ZW hIf \S IGf nÁC jFu eC jEf
JYW^^W gS[YZWR^XYZ UXWUZU_ScXcS jEQ qif J]WZ ^URkaUVV UXWUTWYXSX VUWZSk
UkRV qDQqFf JPL UXWUT qFQhqf J]WZ @? `kW ?W^>T hhQGjf PJ? \VWT `W[^UT qjQqqf J]WZ ^URk SW^YRXUkRVc^
_lX _U `k_ FDQFEf PRZZUVVWX`W[^UTVWWccS XWac _U cUVa qjQqHu k_ hiQFGu ^RZZWU_lX FEf JYZ^WXYZ C\sZ PYX^RXVWWccS aUVW qqQhhu `k_ hIQhhf OPOeO aUVW hiQhIu A LU^WTWYXVWWccS aUVW qEQhiu Fjf A?oL VWWccSZYR` _U ^YX^RX_SacS^ _lX IFQqGf JPe _SacS^ IFu hEQFif AoL cUVSRX`UVWS^ }UW^UWXYTTWZ~ _U ^R[WZkWcS`UQ VWS^ _lX hhQFHf eUZaS_YZ >S[XXWYZ k_ hhQhHu eUZaS_YZ CR[Q ZU[WYZ hhQFHf Jnn AYZWS[Wc k_ hFQFHf A PURkcRST nab aUVW hhQGqu `k_ FFu k_ FGQGIf r\^lVl k_ jqQjhf A?o \T TYXcu >S[XXWZ YZZlc\X Dii T _RS^XRXXUu rSa_T YZZlc\X DiÃDii T `WYXcWXXlf e@ j cV^u e@ ju e@ qu Ae@ @ Du CRTU[WYZ ^RVc UT[^u AU`? ^T[^u Ao aSk U[f PUkc qDf JU[[ \abWXc\XcSWQ TWZcUu R[aYWVRu RV^SWVRf p D ¨ DHGHf
IDIif AUU[WSu ARVS BVTU[Wf J^W DH Be DHiFf ea c\sT OZXYVT A _U JWV_U MRXcU`U PSZcWUWZYZf © jF JYVTW PUU[WZU dS^WZYZf VVVwVcU IDf ALNP IGf CSWTd J]WXXlf JrA _SaQ cS^ _lXf dUV^UkUVVSXXU j ANu H TUUSccYVRUf p Di ¨ DHEhf
IDIDf AUVS^SX^Wu OWTS ?VU`Wf J^W Ih B¨ DHiEf ea ^W[_UVcU_U ·U`Wb A _U OVWZU eUV^SZYZ © jhQqj M[YcYV gW[]WccU M\VVYZQ zY[]u BB hI A`YU NU[WU ·UaVzY[]f \S IFf rnr Y[W cYacl`WXXl IHQhHu XW`R^SZccS[WYZ cU[^ hhQhHf ?XUTU^XR ?\ cSWT_ hHQ AL @ Du eT If PY[Xf JU[[ UV]Yz[Uu R[aYWVR^UVUXcRXf
IDIIf AU`SVUu CUR[W NU[ccWf J^W Iq Be DHiGf ea VlaYc\XQ XUU[ZUU_Uu kUXc OVzWZ A _U NU[WU >W^^WZYZf © jG CUWTW LYTQ TW^^W CU^SVUf BLVcU DHf PU[cSWccU_U J]WXXlf p I DDD DHGhf
IDIjf AYkklVlu PUU[VY PURZS PRVVY[`Sf PYR[RR jD e DHihf ea [^T PUVVY PRXcUU A _U dSXYpWZU m^Y[]{[bf © jI KXcY[ >WYQ TWZYZf VVLVcU DHu rS[WZ V\X \S Ihf nÁC jDu eC qIf PUZ^UUZkllZ >N jDQhIf JlTYYZ VllZWZ kSVWWXWcU[^ hIQhGf PUZ^UUZkllZ Ak ^RcXRZcUQUX XWac qiQqEf PUZ^UUZkllZ `W[Q `SWcRX_RSTU`UVTWXcY`Y[ScU[^ qiQqFu cY[`Y\bYZaSWcSQ _U kUQ VSVc^ _lX qGQhIu SXRRX^UXX aUVVZYR` _lX qhQu [U^cU[^ qEQhif AL @u r U[u NT jHQqi X^f LcZ qqf JU[[ [WWXcUZaSWcSf p PRR[WVU Dh DDD DHhGf eYVW IIDHf
IDIqf AWV`Su oRZS o[kSf J^W Ih e DHiFf ea kSVWWXW^SZXc NSSXYX A _U NU[WU JYVYZU NYZccUVUf \S IFf p Dh DDD DHIHf
IDIhf AZYVVu PUU[VS ?XTS nVY[TWf ¬J^W ID VWW DHiGf ea ^URkkUSkWXcSZSkYcc PUU[VS ?ZZW A _U KXcaY[ AW]ZY LY^TUZf VVLVcU Iiu CR[RZ [YUUVWV\X \S IFf ?kWX^ Jn _U JPPPf CSWTWccU_Uf BcXYZlWX\\bYZ VWWccS XWacf p DH eB DHFIf
IDIFf AU[TU_U }Qjh AZYVVTUZ~u oRZS BZcSf J^W IE ¨B DHiqf ea ^S[WXcYTUUVU[W dSaUZ MRXcUp AZYVVTUZ _U dSaUZZU ·U]Q TU[ AWV_UZbY[f © IF OWVW OZZU @Y]WZU JU^UVUf VVLVcU Iif NUUVU[W J]WXXlf
IDIGf ASaVzY[]u eWVVY AU^U[Wf ¬ J^W F eB DHiGf ea ·Bu `RS [W> tWVaYVT OVY^XUZbY[ A _U eUVTU LWYc¦YZf © hD eCu KXWcc> rlW`W^^W CRQ VYZaYWTSf \S Ihf P IGu LUP jju LUL jFu eC jFf AScU\VWSW^ XWac jGu `c ZkW _U \VWT XScU\VWcRST qIQqhu XScU`WX^ qqu ZkW XScU\VWcRST qEf CR[RZ J? UXYXQ XS[W qHf J]WZ J? UXYXX hIu J?> hFf « PP? _lX _U ?W^> hGQGhf ?\ Mt ASaVzY[] Oz aUVW `k_ jEQhDu k_ hDQEqf J]WZ rUZccWVUWZU^SZcc _SacS^ qju k_ FDQ FFf @U^Y ?\ aUVW hiu k_ FiQEFf dlX cUW k_ Y[lWXXl XScVUWZXllblZc ^SX^ ^STf AScWVUXVU^WTWYaYc [\ k_ hGQGDu ^RZZWU_ GIf A P[WQ TWZUVWXcW\ab k_ hHQFhf A LU^WTWYXVWWccS aUVW _lX hHQFDu aUVW k_ FDQFju VWWcSZ k_ FqQGIu ^RZZWU_ Eqf rSa_SWXT VU^WTWYX^S^S A SX _SacS^ `k_ FGQFHu k_ FHQEDf AL XRR[[u Ae@ P Du AL Pu e@ ju e@ qu BXBJ@ XRR[[u NT jHQqiu NT qDQqhf PUkc qif BXl IqGf
IDIEf ASVUu rYZccW ?VU`Wf J^W IE e DHiGf ea k[Sp dUVS elWZs A _U KVVW NUVTf © eWYZS LYacWZYZf \S Ihf ?kWX^ VU^WU IhQu J]WZ ^SZXY[`UcS[WSZ ^R[XXWu P _U N jGf rWUZWXcWf PUVYQ `UZ NUc^UcXcS jFQjEf nLK TRXWW^^WkllVV UkRV jEQqif elZ[ jif JU[[ XaU^^Wf p PSVVUUVVU XUUTWWZXU aUU`SWaWZ E Be DHqif eYVW IEhif
IDIHf ARSTUVUWZYZu rUU`Sf J^W IE ¨ DHiGf ea ^UZXVWU>
TaaT
PRXcUU eWacS[W A_U OVY^XUZb[U eWVaYVQ
TWZl LlabYf © qi N OVTU eUVzS[]
LskksZYZf \S Ihf P _U N jiu L jFu C jGf Jn YVlWZcWYc VUz \VWT UXX
IGQjGu UXX jHQqiu YVlWZcWYc bSX jEQ qiu
k[Sp qiQu TUcYTQVRSZZSZcWYc SX `U[UQ
bY^UUZW hiQhqu bY^UUZW hqQFif eUVc
^S[^YU^SRVRVUWc XRRZZWcc^ST k_f oX cWYQ
cScYSXcYZ cSWTWcRX^ _lXf A CWYbYU^Uc _lX qqQu aUVW _lX qGQhiu gWSVS]WyUQXU[_UZ
cSWT FqQu A CWYbYXYR[U _lX hIQu ASyWYcUX gWSyaYTWyU YZZWUY aUVW hFQu A \XWSVS]W\ab aUVW FDf AP@ aUVVZYR` _lX FDQu C aY FD M[YWpX¯UVbu AL P Du Ae@ Pu NT jHQqiu NT qDQqhu eXX UT D X^u eXX UT I X^f JU[[ `UVS^R`URXf QD DF ¨ DHGFf rSW^U FihIu `YV_Yc IqGDu jDjGf
IDjif CUX^WZYZu rUU`S dRaUZWf J^W DG eBBB DHiGf ea k[Sp
PUU[VS C _U OVTU BZ^Y[W gSbXc[sTf © jD ^W[_UXcSUkRV rURVU OW[U ?[`S^^W CRSTUVUf \S Ihf ·B CPP N jiu
`U^UU_UcRc^ jhf oRbYZTUUZ _U eUUQ XUZ VllZYWXXl TUUZTWcc URX^ jiQjIu eUUXUZ VllZWZ \VWT N@B jIQjGu jf kV^ N@B jGQqqu If kV^ qqQhqu Df kV^ hqQhFf eUUXUZ VllZWZ TUUZTWcc^SZcc `c cU[^ jFQjEf rW^UQUXRcRXcSWTW^ k_ qiQqDf BVQ TU_SYZ _U >l[kWsZ ^WaVU^ `U^UU_U hjQ
hFf PRZZUVV VRScc cSWTWU PURaU_SYVVU qqQhFf PURaU_SYZ UTkR_WYZ kY[RXcU_U_lX _U k_ jHQhFf PURaU_SYZ @ScU[\^VRzW kY[RXcU_U_lX _U XWac hhQhFf PURaU_SYZ \^ _SacS^ _lX hIQhFf PURaU_SYZ CYZZWXXYR[U kY[RXcU_U_lX _Uk_ hDQf AL @ Du NT jHQqiu NT qDQqhu NUUXYRbRZ ORcSWVW_U¢ B B^ UTf OVW^f JU[[ cYZZWXu UTTRZcUu VWW^YZZY^WVkUWVRcu pWVUcYVWUu kWUZSZQ XSWccSf NR[aUccR c\skUW^UVVUUZ BXS^\[sXXl j eBB DHhFf eYVQ _Yc IjDFu IHHjf
IDjDf CUR[WUVUu NUR[W dRaUZWf J^W II B¨ DHiFf ea [^T PUU[VS eWacS[W C _U BbU OR[S[U CUR[WZYZf © ji p DHjH CUWTW NU[ccU LYacWZYZu BB jH ^SZcc OVVW CRRVW^^W PSXSZYZf e¡Vcl Iqf J]WZ CYSVV^SRVR I `f @U^YZZRXUVUVVU jFQjHf oW^SQ_U ^ScWTUUZ^URkUZ YbRXc qhQf CSWT J]WZ XRS_YVRX^ DHQjHf Lll^^S[k[f p H ¨ DHEIf eYV_Yc DEFhu Iihju IqGFu IGIHf
IDjIf CSW`SZYZu ?VU`W KWZSf J^W DI DDD DHihf ea ^URkk ObSVp C _U JWWTU OTUVWU PS[cTUZf © jF C? AUWTU PURkkWQ ZYZf C\ccl[Yc LWWXU NU[_U dSaUZZU qiu @WWccU CRRVW^^W qIf \S Ihf nÁC jqu eC qhf P?r kll^SZcc k[S^ jqQjFu KW[UZ ^SZcc YXWT jFQqju PUcU_UZS^UZ qjQqGf BTUc[UZ UVRY^SZcc YXWT qGQFHf ALNP _Uc^SVRS^^ ^URkkUSW^ _U kUZ^^WSkWZ SkYcc qFQqGf PUU^^SWXQA PURkkU^UT aUVW _lXf BTUc[UZ @ScU[\^VRzW k[YX hEQhHf JU[[ `UVS^R`URXf p I eB DHEIf eYVW DGEHf
IDjjf eUVS_l[`W }YZc dSaUZXXSZ~u KWZS n[_sf J^W IG eBB DHihf ea _Sac dSaUZ CYSbS[ dSaUZXXSZ _U OTUZbU PU[SVWZU PU[YZf BLVcU Iif PSZccS[WXcW J]WXXlf p II Be DHqif eYVW IqEif
IDjhf eUVcSZYZu eYW^^S eUVWSf J^W ji B¨ DHihf ea [^T MRXcUp ObSVp e _U NU[WU KVWXUzYc M[YRXXf © jq AUU[U LYU CRSTWS_Uf LUkQ XYc eWV_U PUU[WZU jFu NU[_U BZ^Y[W jGu AW[^^U JYVYZU qDu eWVVY eYW^^S qqu NUccW eYW^^S qGf \S IGf LP jIu LL jqu LL qqu Y[W^V aUTTUXc qqu aUTTUXQ ^W[ hGu k[Sp Gif n^XWc\WXaV jqQu rK cXcSRkX hhQu kRSV`SWT XScWVUX\VWaV FIQ Fhf PW`YVlZ XUW[ aV qGQGIf Jn aUTQ TUXVll^YcWYc VUWc UXX qqQqGu UkRVSkYcc hDQhqf eUVc CUkUcR[TUcXcS aUTTUXVll^QUXWUZcRZcW_Uf JUTTUX`lVWZY ?\ _SacS^ k_f ?\ @Y]RVRX aUVVZYR` _lXf A JUTTUXVll^XYR[UZ CSWTWcRXcYZ cSWTXWac _U kllcSWTu ^RZQ ZWU_lX FGf e@ ju e@ qu i U[ Iu CRTU[WYZ ^RVcUTY[^^Wf elZ[ IEu Vll^VcZ jGu Vll^^Ukc qiu Vll^TU_ qIu Vll^Y`V Fjf JU[[ TYcXlXc\Xu ^UVUXcRXf c G ¨ DHGFf rS_Uc FjGhu FFDHu `YV_Yc hjqu hEEu DiDHf
IDjFf eURa^SZYZu ?ZZW ?VU`Wf J^W DI DDD DHiFf ea J_UVQ TU[ e _U ?V]U NU[WU @UZcUZYZf © jh c DHEF JYVTW KVWWXU PS^^Sf LUkXYc PUWXU jFu LWWXU qqf \S IFf P jju eCL hHu eCC FDf LWTWZ]UZ >RS[WXSQ XWW[cSVU _Sac jqQjFf AWkkSVUZ ^UX`UcRXQ VUWc _Sac jFQqhf LPJ SXkllVVu cUVSRX> qhQFHf Jn XSXkSV bSX FGQGjf AUWQ [UUVUaUVVWZZSZ ^SRVRcRXXllcWs aUVW k_ FIQGIf r[SpYXXS[W aYu e@ q cV^u e@ qu AL Pu Ae@ @LQ nVWV hGf elYXcsZ XUW[UUVUZ^l\ccsl ^SX^ cRc^WT `WWXW`RScWX^URXWZ FiQEhf nVWV hGf CRTU[WYZ k_ IjQIqf JU[[ kRRcU[aUZaSWcSf
IDjGf eW[`UZZY }Qjq tWy^Xc[sT~u PUU[VS gW[]Y[f J^W DH e DHihf ea \VW^SZXc PUU[VS eWy^Xc[sT _U OWZS KTWVWU eWy^Q Xc[sTf © qh NUW[Y PUU[WZU CRSTWf \S IFf nÁC qIu eC qHf J]WZ kSVWWXWVUWc ^W[_R[W IEQqqf AN ^SRVRcRXQ _U aRSVcSQ _USXc _USXcSXWac qqu \VWT YXWcc qhQhif NlZcXlVlZ >N hiQf eUVc kSVWWXW^ cUVa qqQqHf AL @f nVWV Fif JU[[ TYcXlXc\Xu ^UVUXcRXfQc Dq eBB DHHif
IDjEf tW^TUZu OX^S ?X^U[f J^W I ¨ DHiGf ea C PU[V ?X^U[ t _U KVVYZ ¥SZXcUZyY >S[bYZX`UZf © hG AYZ_U A\ZY[Q `U PU[kf BLVcU Iiu ARST [YUUVWV\X ^YX^W^ IGf ?kWX^ ALNPf LWW^YUVUVVU RV^STUWVVU XY^l TY[WVVlf c DH ¨B DHGjf eYVW DHGIf
IDjHf tW[^SVU }Qjh tWVVzY[]~u PU[V MRZZU[f PWX^S IF ¨B DHiGf ea `UUccR[WTYXc PU[V AW]p[Wb tWVVzY[] _U JUZZU @U]ZQ aWVb dSZXXSZf © jj KVXY ` JY[c¦YZf \S Ihf K^SZ IEu PCP IHu PCL qHf ARSTWQ\acWs `W[^ IHQqhu aUZ^WZcUSX YXWT qhu ^UT[ qFQhju UkRV_Sac hju _Sac hqQu ALNP ^URkkUSW^ XY^l `U^Q_U kUZ^^WSkWZ SkYcc qGQhIf KVl^Y`U^ S\ BVTU[WZYZ ^YZQ clZ ZYR`^_lX FDQu A eU^\ab aUVW _lX hiQu A `U^aUZ^WZcUkllVVQ \ab k_ hHQFDf eU^cRc^WZcS`UVcRRX^ hEQf rR[XWTf eYV_Yc IhEiu jHGEf
IDqif eRS[Wu ?X^U[ O[`Wbf J^W IH ¨ DHihf ea [^T PUVVY ?X^U[ e _U NU[WU NU]bUVYZU gR[]TUZf © jq OW[W eYVVUTS LSRZWf BLVcU Iiu n^XWc\WXVRS^Uc e B^f @^T J]WZ CPf @UcXRTYXcf p j B DHEFf
IDjqf eUVcU[Wu AUTRYVf CUTkY[Y Ih e DHiGf ea VYac CSWTW O[TUX e _U ?V]U NU[WU dSaUZXXSZf © jDQjF LWWXU rlVXWu jGQ ?VVW^^W PU[_UVUWZYZf ewVcl Iqu TUUZ`WV_YV\XV\X \S IGf ?kWX^ Jn TUUcQTYcXlc cWYbY^f PUZXU^Sf LcZf Qp DD ¨B DHhjf BXl hiDu `YVW IIjif
IDqDf Jl[TY }QjI ÄzY[]~u elWZs BVTU[Wf CRRXRVU D e DHihf ea T` ObSVp CYSbS[ ÄzY[] _U L\\bWU eWVaYVTWZU @SXYZzY[]f © jj ^UZXU^S C\\ZW NY[WcU KVWXUzYc AW`YZf ewVcl IIu J]WZ TUUZ`WV_YV\XV\X \S Ihf ·B CPP N jif NNL N@B oRbYZQ TUUZ VllZWXXlf NNJ _U^SUX cXcS cXcSkllVV FFf dl[`YZkllZ TUUZTWcc cXcS _Sac FEf rW^UQUXRcRXc^ k_ qiQqDf NUUZVRZUXQ cRXVc^ k_ qhQhif CU[^UXcRXSW^ _lXf NBL aUVW hIQhhf NUUZQ TWccaUVV ·WkVQWZX [\ k_ hIQhjf e@ q }I ^kV~u AL @ Du NT jHQqiu NT qDQqhu ¨¨¨u NBL k[ kVf PUkcf eYVW jDEFf
IDqIf LU`SZWRXu PU[W O[ZYf J^W j Be DHiju ea cSWTW tWVQ
aYVT OVYÃUZbY[ L _U JWVbY]U[b KTWVWU CSTzY[]f © qj c DHhF OZ_RcU tY]YQ VWRXf e¡VVYu \S Iqf P jif >S[bYZQ \ab XWac jGQjHf O]YZyY JU`UXQRRcWXcXcS }J^W~ jHQqif PRXcUZZRX ?\ PW`W ^RXQ cUZZRX`W[^ qiQhEf A N\\ZcWQ _U NUWQ ZSX\ab UXWUT qEQqHf CUVSRbYVVWZYZ CWYbSWcRXcXcS FiQFjf BZXWZss[WRRcWXYc cSWT FIQFju BZbRXc[WcWbZWZ]YZ FiQFIf PW[_SWccUZRc \acWsQ _U VWWccSaWXcS[WSWcUf
NT jHQqiu i UTf p q B¨ DHGDf BXl jHhu `YVW IiFjf
IDqjf CS[`Wu O[`W NW^^Sf J^W Ii B¨ DHiqf ea `Y[aSWVW_U NW^^S KVWUUZkSW^U C _U JWVTU LS`WWXU AW[YZf © jF ^UZXUZQ YbRXc B[TU NW[WUT @SZ^UZYZf BLVVYu VVLVcU DEf PP VWW^Q ^YYZaSWc _U cU[^UXW ^R[XXW IFu nPP SXRRXcSWTWZcUcRc^ jFu XSXWSZSTW hIf ?B KVUZcS T\\TlVlUkRV _U QaSWc IiQjGf iD eSWTU }C[Y~ T\\TlVlWZcU[^ _U ^WW_XWac jGQqIf ?B Oa_S }J\Q `WZ^ll~ UkRV_Sac qIQqhf ?B PUZXU }rS[W~ cSWTW qhQhDf ?RVRZ ?XRRX^URkkU cSWTW hDQhHf ?\ PSZYVU Oz hHQu Z\^ PSZYVUQ N\\ZcW ^SZcckllVVf CoL oRbYZTUUZ kWW[ k_ IiQVR`RVVUf oRbYZTUUZ ?XRRX^URkkUVWWccS XWacf A>A ?RVRZ kWW[W_l[_ k_ hIQhHf oRbYZTUUZ @URaUZZYR` `k_ FDQ p Dh ¨BB DHGDf
IDqqf CRR[Wu eWYZS dRaUZWf PW[^^SZRTTW Dh eB DHihf ea ^YZcclTYXc dSaUZ [Yb[W^ C _U NU[WU eWVaYVTWWZU K^aSVTf © qi CUWTW NU[WU PW`WZYZf BLVVYu BewVcl IDu J]WZ n^XV\X eBB B^ \^XSkkf LYkUUZ rRRcU[aR[W^ Iqf JP@ UkRVUWX^URkRZQ ]WZkRRcU[aR[Wf p IF BB DHEEf
DHDE
IDqhf DjIHf
IDqFf DqjEf
IDqGf AU[US_Uu KY[S PRXcUUf Ì J^W Iq e DHijf ea VYacu k[Sp
aY MRXcUp KTWV A _U KbWca B[YZY LWV_YQ
Xc[sTf © qj @Rca NU[WU JWVbYZf eLVVYu \S IDu CssVsZ \^ BQe B^f CPP ·B Ihu C^C qHf ?\ Ac[sTzY[] Oz ^SZYXRRZZWcc jiQjDf Be? cRc^ SX jIQ jGf A Ala^sVUWcSX\ab cRc^SX _Sac jEQFEf LR^RWXcYZ cY^Z cSWTW^ k_ cUW XWacf A PUZSSccWVWWccS XWacf e@ qu eT Df BZXVcZ qIf P\TTYZWl U[cW^^ ^ScWQ _U RV^ST cY^Z VYabWXXlf PUacYZU `RSZZU
cYY^^U[WYZ hiii T _RS^XRZ TYXcU[RRXf JU[[ clacWcWYbYu \bWZp\XWW^^Uu KWZXcYWZWZ cYS[WUcf
IDqEf CUWZWSu CURZS BVTU[Wf CR[^R DG ¨B DHiIf ea ^UZXUZ YbRXc CUU`W C _U ?V]U dSaUZXXSZf © jH e> BVSZU OR[Uf eBwVVYu \S IDu CR[RZ XRST V\X B B^u C[YYZ V\X DDQBe B^u PRSQ kWSZ V\X e B^f ?CP IEQu ^W[_YYZ`UWac cSWTu TUWZSXcSWTu TUWZSXSX kllVV jFQ jEu _SacS^ XWac jEQhIu kllXWac hIQ
PUTY[UXYR[U aUVW Z h `RSccUf AcTf
ARSTYZcUZRc Z hi cYSXcUf JU[[ ^W[_UVQ VWXRRXu `UVS^R`URXu `WY[UUc ^WYVYcu cWYcSQ ^WVkUWVRc }nLK eWWXUXcYZ ^Y[aS _lX qhQ
FF~fQpGBBB DHEFf rSW^U hEHIf
IDqHf JYZ[W^XXSZu tYW_S eWVaSf rSa_UZ kWc G B DHijf ea ^SZcckllVV MRXcUp tWVaYVT J _U L\bWU dSaUZZU Ac[sTzY[]f © ji OZZU LWXU @SXYZzY[]f LUkXYc NSZUQLWXU dSaUZZU jDu ?VU`W PU[V MRXcU` jFf ewVVYu \S IIu AU`SZVWZZUZ V\X BQe B^f nÁC jiu eC jIf CR[RZ J? \VWT `W[^UT jiQjDf NlZcXlVlZ kWWc >N jIQjju KVWTlYZ _U OZ_UVUZ kWW[ >N jjQjEf oRbYZTUUZ LJ ZkW LAWac jEQqif e> UkRVYXWcc qiQ qjf JcRX> _U AN UXRZcSUXWUWZcXcS kllVV qjQqGf J]WZ PRZZrS[T qGQu ?W^YRXTWZWXcY[W hqQhFf J?r PS[WUZ ^SZcc _Sac jjQjEf J]WZ aRSZYYZ`RS^[UVc^wWYZ cSWQ TWZZUZW qFQqGf eUVcWS^SZcc VWXlc\Z _SacS^_lX qGQhif A LU^WQ TWYXVWWccS aUVW hIu ZYR`^ _lX hDQhEf A PURkRZ^WcRSTU[WYZ \ab k_ hiQFIu ^RZZWU_lX Fqf A CRSTU[WYZ VWWccS aUVW hhQf J]WZ ^RZZUVVWX`W[^UT\ab aUVW `k_ hqQFif J]WZ rSa_SVUQ>S[bYZ \ab k_ FiQFhf rSa_SVUQ>S[bYZ VWWccS aUVW FiQf e@ qu Ae@ Pu AL Pu NT DEu NT jHQqiu eXX UT Du @RScXrµ PVu C·@ PVf LcZ hFf JU[[ kSa_SWXTUWZYZ \acYWXc\sf p ID Be DHGjf IDhif dRRcWVUWZYZu CSW`S KZ¦WSf AU`SZVWZZU DH eBB DHijf ea VYac tWVVWUT OVp[Yb d _U KWV_U OVY^Q XUZb[U LWZbzSaTf © jHQqG AUVV\ BZ^Y[W dS^WTWYXu hIQ O[VU B[YZY CUV`WSf ewVVYu eLVcU DHf U[T Iqf OkcYY^YWXXU AUVQ TWXXUu eWWkR[WXXU _U J]WXXl IhQjEf CYSZ ?\ cSWT_ jHQhif J^WQrUV`YVR ?\ cSWT_ _U _SacS^ k_ hIQu JYVXWZ^WVlWZYZQu rllQ [UcUQ _U rY[aYkWW[WQVYac cUVSRX_Sacf eUQ [UccSTWYZ VUkXWkScWVUWbYZ \Xcl`WYZ aUVW k_ hqQf JU[[ TRXWW^^Wf p G ¨BB DHGEf
IDhDf AYkklVlu n[_s gY[ZaU[bf J^W H Be DHiIf ea VWW^YT eW^cS[ A _U ASpWU tWVaYVTWZU rYccY[XXSZf © p DHhE B[_U ¥UcQ aY[WZU NWS_S @lZ]TUZf eWVVYu eLVcU IDu J]WZ TUUZ`WV_YV\XQ V\X \S Ijf PUbP IjQIhu APP jhQjGf PC@ j ZkW RkX _U kc[WZkllVV IhQjjf KcQrSa_UZTUUZ A^QkWW[ UVRYkllVV jjQjqf J]WZ AkK cXVSRkX jGQjHu rLN cXcSRkX jHQqDf Af·K YXW^kllVV qDQqqf rK cXcSYXWRkX qqQqhf JU[_ kRRcU`U[UVWW^Yccl qhQf e@ I cV^u e@ Iu e@ ju Ae@ @f elZ[ Ihu VcZ IGu ^Ukc jju TU_ qiu Y`V qIu \YQRkXf eYVW EiIu kSW^U hFIGf
IDhIf gV{pWYVbu JYZ[W^ @RZU[f NlZccl G DDD DHijf ea kSXQ T cWZaSWc JR]S @WyaU[b g_U OWZS L\bWU >S[Xc[sTf B eWVVYu BeWVcl Iiu dlTXlZ n^u eWWcUXUU[YZ \^ eBB B^f PUbP IFQ IGf PU[_UVUZ PUU[cW ZkW RkX IGQjIf eT Iu NT DE X^f @YX`lZ[ Ihu `lZ[ IGu BcZ IHf p eWWkR[W D ¨B DHjIf
IDhjf tUVVQJU^UVUu eWV_S BVTU[Wf eWWkR[W G DDD DHiqf ea cUVSVV tWVVWUT AY`Y[WZ JU^UVU _U JWVTU NU[WU PWW^^Uf © IEQ jD ARXUZZU NU[]U[YcaU gUVcaUXU[u jIQhj AWW[W OTUVWU rU[Q `WUWZYZu hHQ CSWZW CYVVY[`S LUU^XSZYZf BeWVVYu BeWVcl Iif ALNP Iqf LlZXWQKR[SSkUXXU cY^XcWWVWUVUVVU IjQIEf ARSTUV U]YZcRR[WVWW^^YWXXl IEQjIf rY[RXcW jI RX cY^XcWWVWT\\TlVsWcl J^WWZf LlZXWQA AR^^U ?\ SXU^UX jFQu _SacS^_lXf JSVVTWZ] © ¥S cUWbY^URkUZ cSWZYZ STWXcU_Uf p Dj ¨B DHGjf
IDhqf PUW[YZWRXu K[^^W Kb`U[bf J^W DG DDD DHijf ea c\sZQ _Sac KZS^ @WyaU[b P _U JYVYZU CW^^UZYZf © qh ASWVY PUXcY NU[_UccU dl[`YVlf BeWVVYu eWVcl IDf ALNP IjuD B^ [UbWSXlaQ ^sccl_lcRc^ IGf oRXW ARSTW [UbWSXla^sccu cSWT IjQhhf A [UbWSXla^sccl_lVWWccS _U A [UbWSUTUcss[WVWWccS XWacf @UbWS ?JQ VYab `UXcUU`U cSWTf Qe@queTBueT Iu NT jHQqif QD Ij B DHhhf
IDhhf AUU[YVUu O[`S gW[]Y[ dSaUZZYXf eUV^YUVU B eBBB DHiDf ea VWW^YT dSaUZZYX A _U KVWXUzYc rRaU^^Uf © IG LWWXW NU[WU
KX^SVUf VewVVYu Ve¡Vcl DHu dlTXlZ [YUVWVR^ \S Iqf PUZXU^S AS[cU`UVUZ XYTWZ IEf Al\ZYWXYZ eWWcUZWYTYZ ^UZXU^S IHQ qHfQc DH DDD DHFIf
IDhFf eW[`UX`RS[W }Qjh Ac[sTzY[]~u elWZs eUVcY[ eUVbYTU[f eWWkR[W ID ¨ DHiIf ea XYkklTYXc OZccW Ac[sTzY[] _U LWWXU PSV_SZYZf © qE JYVTW OR[S[U ARZbzY[]f JLVVY DEu BewVcl Iif OkcYY^^WUVUVVUf p ji eBB DHEif
IDhGf Ac[UaSppu rUU`Sf CUTkY[Y H BB DHijf ea WZX tUXWVW A _U JUZZU [Yb[W^U tWbVRZbf BewVVYu BewVcl Iif Qp DH eBB DHIjf
IDhEf gS[]u LU[X }LUXXY~ Kb`U[b CS[z_s[Zf rWY^XlTl^W DG B¨ DHiFf ea TYcXl^SRVRZ_Sac dSaUZ O[SZ O[`Wb g _U KbWca KbVU tWZzVUbf © jj p DHFD ?V]U NUcWVbU AYkklVlf BLVVYu VVLVcU DHu AYWZl_SYZ \^ \S IFf NJ jiu NNP jqf NYcXlQ ^SRVRZ SkYcc jhQjGf NYcXl^SRVRZ NJ jGQhif >W^^U[WVUZ TYcXlSkWXc _Sac hiQf e@ ju e@ q cV^u e@ qu AL @ Df nVWVf JU[[ [WWXcUZaSWcSu TYcXlXc\Xu ^UVUXcRXu UTkRTUR[aYWVRf
IDhHf K[WyXXSZu JYV]Y NU]ZRX O[caR[ nZ]`Yf J^W DH eWVW DHihf ea NJ O[caR[ K _U MY[c[Rb NU[WU dSaUZXXSZf © jDQqG AU]U Ä^Y[VRZbu hiQ Nl[cU NU[WcU LspTUZf BLVVYu BLVcU IDu J]WZ XRST V\X eVLVclf PUbP IFQIGu APP jHf PUW_UVUZ PUU[cWZ [\^T ZkW RkX _U ^STkkkllVV IGQjhf If·K cXcSkllVV jhQjEf r[W^ YXW^kllVVu rN cXcSYXWRkX _U cXcSkllVVu ·K YXW^Q kllVV jHQqqf LSRZUWXQA AB cXcSkllVV _U YXW^kllVV qhQqFf @URQ TUZ Ak ^ST qFQqGf d@ q kUcV^ST qGQhDf @S`UZWYTYZ Ak ^ST hDQhjf rSa_QAAB YXW^kllVV hjQFif e@ Iu e@ ju e@ ju @RScXNµ @LQ @YX`lZ[ IFu oZ jiu ^Ukc jFu TU_ qDu Y`V qqu \YQRkXf p DG eB DHEFf
IDFif JlTlVlWZYZu K[^^W OZcY[Sf ³dSaUZZYX D eB DHiF ea ^a[U eW^cS[ J _U KVWZ P[WXcWWZU OVcf © qh BZ^Y[W OVU_S^Wf LUkQ XYc OZcY[S hiu rY^^U hIf BLVVY DEu \S Ihf nÁC jIu eC jhf PJ? ZScUU[W jHf >kW ?P XWac qiQqFu `kW ?P XWac qFQhif PJ? \VWT JZcS> hiQhju JZcS> hjQGjf AL XRR[[u Ae@ P Du e@ q T^u NT jHQqiu NT qDQqhu ¨¨¨f LcZ hGf JU[[ ^UX`WcWYbYf rS_Uc FHHhu GIIqu `YVW DFIFf
IDFDf AS[U`UU[U }YZc AUZb[YZ~u YVWÃ gY[ZaU[b }rY[ccW~f J^W jD DDD DHiFf ea VUXWTYXc [UZX OR]RXc AUZb[YZ _U OWZU NU[WU rUUXWSf © qi c DHFI cWVUXcSUkRV CUWZU PUU[WZU LUU^XSf BLVVYu eLVcU Iqu J]WZ XRST \^XV\X eVLVclf PUbP IhQIEu CPP c\^RkX^R[XXW jiQjDf @UZZW^^SVUW` ZkW RkX IHQjiu Ub_ jDf rUZXXU[WV elWZlTsWZYZ RkX jIQjhu jHQqju ^SRVRV A dSRcQ XYZ RkX jFf C\^^W`YZYYZ kllVV jGQjEf NY[W`K cXcSkllVV qFQ qHf J @UW`URXSX kllVV qHQhIf J]WZ LUW`UXcSUX hjf NAP SkYcc qq½qFu _Sac UkRV hqf J]WZ LWkkRY ^ST hhQhGf e@ ju e@ qu eW[ A^ `UV^ @ jf OVWV IEu oZ jiu ^UkcV jhu ^ST^Ukc qDu ^ST qEf
IDFIf ¾YccY[Xc[sTu dRaUZW ?ccS NW^UYVf PU[^^R I ¨ DHiqf ea ^URkkUkRRcU[aR[W dRaUZ OÃYV ¾ _U L\bWU rURVWZU MRXQ cUpXXSZf © IG LYTkW L\bWU ?^XUZYZf BLVVYu VVLVcU Iif rY[RXcUZRc d ¾YccY[Xc[sTWZ Ala^S^SZYkU_UZ jqu ¾Yc^SZY ?\ qh _U ¾YckS d ¾YccY[Xc[sT _U rS_Uc FDf NYcUVVWcYSVVWXRRbYZ JU[_SWccU_Uc _SacS^ k_f CYSVVWXRRbYZ JUW_SWccU_WYZ LWWccS `UVc _U _SacS^f OVW^f c DE eB DHEGf eYVW DHEqf
IDFjf OUTRclacW }YZc OZcTUZ~u NS[Wc¦ eSVcY[f J^W E ¨ T DHiqf ea VWW^YT PU[V Kb`U[b O_U JWVQ bU PU[SVWZU AsbY[TUZf © ji « DHjh OWVW NUW[Y eYa^SZYZf ewVcl Iqf eYXWQ _U VlTks_SacSUVUZ `U[UXcSZaSWcu c\sZ_Sac _U SXkllVV IEQFif eT If ASc`W[^u ^Y[Xf JU[[ kYXlkUVVSu ^W[_UVVWQ XRRXf Qc ID ¨ DHGIf
AyaTWbcf eVwVVU Ihu J]WZ XRST \^XV\X eWVVWVclf PUbP jDQ jjf PC@ D ZkW RkX IEQjDu jjQjGu kc[WZ `U[UkllVV jEQjHu kc[WZkllVV jHu `X kXcSZ^ST jHQqif PSRVrXcS ^ST qif PC@ q kXcSZ^ST qDQqqf Pe H kllVV qqQqGf e@ Iu e@ ju e@ qu NT jHQqiu AU^Xµ[ If @YX`lZ[ IGu [YXVcZ jDu BcZ jju ^Ukc qiu TU_ qIf
IDFhf O[SVUu dSR^S OVVUZf § J^W DD B DHiEf ea ^URkkU> CUU`W eWacS[W O_U OZZU NUcWVbU CWaQ `Y[lf © qG C\\ZY dSaUZZU CSW`SZYZf \S IGf O[^^ CPP jFf CXcSU[^^ jFQ qDf AScU`UaWZ^SU[`WSWTWXSX kWW[WcU[^ _U eWWkR[WZ VllZWZ TUUZ`WV_YV\XXYR[ _lVQ VYYZ[U^cSWTW^ kWW[WU[^^ qIQqqf rSa_QA TUUXYRbRZ kWW[WU[^^ _U ?RVRZ CUVSRXQ XYR[UZ UXRcRXcSWTW^ _lX qqQqEf NUUcUQ VSRXXYR[S_YZ ^YX^RXVWWccS UXRcRX`UVWS^ U[^^ qEQu oRbYZTUUZ VllZWZ`U^cU[^ hD½hqf OVW^f p D B¨ DHFif eYVW IDFGf
IDFFf LSRaWTWYX }Qjh gUy^TUZ~u CURZS eYVW NUWZWSf rS[Q ZUWZYZ H eBBB DHiFf ea TY[^SZ PU[V @WyaU[b gUy^TUZ _U OWZU MSccaWVbU LlacYYZS_Uf © jF c DHjG CUWTW PUZY[`Uu qiQ ^UZXU^S AUZZW NW[_UTW ?_UZYZf KWcl DHu \^X ^YX^W^f PUZQ XU^S d\`lX^\VlZ XYTWZ jIu ^W[_UXcSZaSWbSZcRc^ jIf PUZXUQ ^S TT LSa_Uu ASbUZ^\Vlu eUV^YU^SX^W _U rS[W jIQu @YkSXUUQ [YZ ^SRVRZ _Sac qHQu @YkSXUU[YZ c\s`lYZSkWXc _Sac hiQhIf ASbUZ^\VlZ \^ cSkYcc qjQqqu @YkSXUU[YZ hiQhGf rS[WZ ^UZQ XUVVWXXYR[U XWac hFQu _SacS^ _lX hHQu JU[[ TUUVURXcUWbYu sV_\Q `l[WQ _U kUXcYVVWc\scu cYUccY[Wu XRS_YVRX^RZcU }Qqq~f p h BB DHEqf eYVW DEDGf
IDFGf O[SVUu dSWVW OU[SZf J^W DI B¨ DHiHf ea WZX CUU`W eWacS[W O _U OZZU NUcWVbU CWa`Y[lf \S IFf rWUZWXcWf c XScU`UTTUZ UWaYRccUTUUZ X\blZaUV`UR^XYYZ IE D DHqhf eYVW IDFhf
IDFEf PUVYVU }Qjh ¥U_UZbY[~u OWTS OU[ZS OZcY[Sf LUTTW Ih B DHiEf ea kll_Sacu k[Sp OWTS PUU[VS ¥U_UZbY[ _U LUWZU KVWXUzYca ¥YbY[zY[]f © jH N OWVW ?ZY[`U CWW[W^^Uf \S IFf P jIu L jEf Jn ^UX`WcWYc VUWc \VWT UXX IHQjDu UXXW jHQ qFu bSX qiQqFu ^UX`WcWYc `c k[Sp qIQqFu k[Sp qFQu ^UX`WcWYc VUWcu TRXYSZ _U kRRcU[aUZ `c YXWT qqQqFu YXWT qFQf ?n `lVWUW^ ^SZXWXc _lX hHQFif ?RVRZ ^YXl\VWSkWXc Vc^ _lX FiQu eUUXUZ ^YXl\VWSkWXc cWYc `UVcRRX^ _lX FDQf eUZUTSQAYR[U _SacS^ _lX qIQu XWac qIQhIu `k_ hIQu ALAn aUVW qjQf A NYcXlcWYc AYR[U aUVW FDQu k_ FIQFjf ARST CWYbYU^Uc qFQu A CWYbYXYR[U hjQf AL Pf PS[k[f p IH DDD DHGGf eYVW IIGhf
IDFHf PUVYVU }Qjh ¥U_UZbY[~u KWZS OZcY[S ?VU`Wf J^W Ih VWW DHiEf ea C KWZS ¥U_UZbY[ _U AUWTU nSVUZbU ¥YbY[zY[]f © qq KcYV NU[]U[YcU K^Xc[sTf \S IFf P jqu L jHu C hDfQ Jn YVlWZcWYc TRXYSZ UTUZ qiQqDu ^RXcSX qDQhGu bSX qiQhGu \VWT k[Sp hGQ A VWZcRcWYc \ab _SacS^ qjQu XWac hFQFif eUZUQ TSQXYR[U _SacS^ hDQf ?TWX YZZWyU kllcSWT hFQf ARST CWYQ bYU^Uc _lX hFQu AL Pu Ae@ @ Df p II e DHGqf
IDFqf OaSZYZf NU[ccW KZS^f J^W jD eBB DHiFf ea UXYcWZQ VUWcYTWYX dRaS KZS^ O _U dSaUZZU rWaWf © jj K`U PVU[U
IDGif ¥UXc[YZu @YWZS dUVTU[Wf § J^W q ¨BB DHiEf ea kll_Sacu ¬o k[Sp dUVTU[ ¥_U KVVW NSZcYVVf © B jD ¢ rURVU AUW^^SZYZu DD hD eY[U AS[YVWf LUkXYc KVWZU jIu OW[W jju dSR^S jFu @WXQ cS jEu @YW_S jEu rY^^U qiu n[_s qD cu elWZs qju NU[_Rc hIf \S IFf ·B jDu C^C jHu [YXWZXRkXcRc^ jIf e@ [UcU_U^Q XS_YZ WZX jDQjqf @J aUVW SXwXXU e@ aWXQ cS[WUZ cRc^ jqQjGu cU[WppWSX cU[WppWYZ VUUQ cW_U jGQjEu [URcUcWY[U^SX cUVSRb cRc^ jEQqH }jHQ BB B^ [UcUWZX~f JPL UkRV_Sac _U VWW^YZZYkllVV qHQhFf J]WZ ^URk TYc[ScSWTW^ cXcSkllVV hFQ FEf ¥UVyRccU NYc[SkSVWcUZ rVUZZWZ] ?[] ^SZXRVccW FEf rN cXcSkllVV jHQqif BcPU[AK SXkllVV qDQqIf rN [URc _U cWYb SX qIQqqf CWVUXcSVV rllcXcS ck ^UZXUWZ`lV cWVUXcScXcSZ kllVV qqQ qhf CPP VWW^YZZYcUVSRbYZ bSX jHQf J]WZ ^URkkU^UT VWW^YZQ ZY`UVWS^ hIQFIu UVRYXRRZZ`UVWS^ hqQu PSZ`YZcWZ k_ Ihu J]WZ CS`Y[W^RZcUVWWccS k_ IFQIGf A NUUZcWYc AYR[U c\s_lX
qjQu e@ j T^u e@ q cV^u e@ q T^u ? U[ Iu NT jHQqiu NT qDQqhu AU^XPµ j T^f BZXTU_ qqf p I ¨BB DHEDf rSW^U FIjju `YV_Yc DhhEuDHiju kS_UZkS_Uc EHqFu HIEDuDiiIhu kS_UZQ c\ccl[Yc EhGEu EFEDu EHIDf
IDGDf K^VRZbu O^XYV gY[cYVf J^W IF B¨ DHihf ea kRRcU[aR[W dSaUZ OÃYV Kf o[WcU IIf p Dj ¨BB DHjif
IDGIf K[lZZY }Qji KZ]VRZb~u JYVVY K[W^f J^W IE eBBB DHiGf ea ^UT[ K[W^ @YWZaSVb KZ]VRZb _U JWV_U NU[WU >YbY[Xc[sTf © jh Y^SZ B[TU B[YZY AZYVVTUZf LUkXYc CU[R jGu CWTS jHf \S IGf K^SZ JPPP jDf rnr }Anr~ PUVVWSZ ^SZcc `W[^ jIQjFu @WWaWTlYZ ^SZcc _Sac jFQhiu PRSkWSZ ^SZcc BB _Sac hiQhGu LUabYZ ^SZcc BB _U B _Sac hGQGDf @WWaWTlYZ ^URkkQ `UVc _lXf @WWaWTlYZ PURkkUXYR[U k_ qGQqEf PRSkWSZ rRaYQ VWZ\ab aUVW _lX hhQhGf ?\ KVS[UZcU _SacS^f rSa_QAU`SZ K^SZ k_f LUabYZ AYRbRZ K^SZ _SacS^ _lXf K^SZSTWVWWccS aUVW _lX _U
VWWcSZ B `k_f e@ ju e@ q cV^u e@ qu NT jHQqiu NT qDQqhu @oL UT[^f PUkc qIf
IDGjf JUUacWu oX^S AU^U[Wf J^W Ii e DHiHf ea [S` JUZZR J _U LS`WWXU MUz[WYVVU MYWcVWZf © jI NU[_U AUWTU LYTTW^^W JR[TYf o[WcU IDu J]WZ ARST \^ \S IGf PUbP IEQ jiu APP XScUcY^Z SX jjQjFu SkWX^ Jn `UVcWScWYc cWYbY^ qFQqGf PC@ j ZkW RkX jiQjjf @oP SkYcRXRkX jjf nVYWXQ YXW^ cXcSRkX jFQjGu KXW^ `lYXcsZXRS_YQ VRkllVV jGQqDf Dhf·K SkSX kllVV qDf ·W` d YXW^kllVV qDQqIf jf· kUcV^ST qIQqjf rN SkSX kllVV qjQqhf rWblcYcc\Zl UXYQ
^lc^YZcl_RcRXcU qhQqEf eU^ ?\ rSa_SVU UkRV^YZcclkllVV qEQ hiu ^YZcclkllVV hiQhFu UkRV_Sac hFQf APP SkYcc jGQjHf nPP cSkYcc hIQhFf KVl^Y`U^ ?\ BVTU[WZYZ ^YZclZ ZYR`^ FIQf eU^cRc^^STWc `k_ hEQf J]WZ ^UbkWW[ k_ hHQf A eU^aUZQ ^WZcUkllVV nab aUVW k_ hqQhGf eUaWZ^S`U^\ab ^YZccl_USXc k_ FDQf e@ I cV^u e@ I T^u e@ q T^f NT jHQqiu eXX UT D X^f NT qDQqhu AU^X @[ Du AU^Xµ[ Iu oZ^ r CUkUZWZ T^f @YXQ `lZ[ IEu `lZ[ jiu oZ jIu ^Ukc jFu TU_ qiu Y`V qjf JU[[ TRXWW^^Wu ^W[_UVVWXRRXf p Ih ¨ DHGEf eYV_Yc DiFDu DFqEf
IDGqf JUUkUXUVSu rUU`S dSaUZZYXf J^W DI Be DHiEf ea cUWc dSaUZZYX J _U BbU ?VVW^UWZYZf ewVcl Ihf p J^W IH JB DHIGf eYVW DEIqf
IDGhf JU[`Y }Qji JYWZSZYZ~u ASWZW eWVaSf PURZWUWZYZ E eB
DHiEf ea WZX eWVaS JYWZSZYZ _U NU[_U AWVcUZYZf © qh XSXWUUVWXWWZ @URaU JYVQ
TW CRRVW^^W @UkSf rSW^U LUR[W qFf \S IGf P Jn jqu PXXoP jhf rN cSkS][ SX \VWT cSWTYZaUVcu cXcSXWac jHQ qhf eWTkYVWZ \^ VRSZZSZaWXc _U TUUZQ cWYc SkYcc qhQqFu >U^^WVUZ \^ qFQqHf PUZ]UXUVUZ \^ VRSZZSZaWXc _U TUUZcWYc ZkW VYac qHQhhu `kW VYac hhQGDf PUZQ O ]UXUVUZ PWXU `k_ hIQFHf P\TkkWQFq `k_ FqQu PUZ]UXUVUZ PUZXUVVWXXYR[U _SacS^ hEQu e@ q T^f NT jHQqiu NT qDQqhu rN T[u @oL ^RVc UT[^f P\TkkWQFq _U PUZ]UXUVUZ PWXU ^RZZWU_f nVWV FEf AOL TYXcV^ ^W` UTTu B B^ kWYZ^W` _U B B^ kWXcf JU[[ UTkRTWZYZu pWVUcYVWUu ZRTWXTUQ cWW^^Uf BXl HFu `YV_Yc DjHGu IiEIu jDHHf
IDGFf JWbYZu tWVaS dSXYp rWRXu J^W Ii e DHiEf ea UkRVQ k[Sp PU[V dRVWRX J _U JYVTW LWWXW rU[TUZYZf © jh BVTU JYVYQ ZU PSX^Wf \S IFf CYSV Y[ScRc^ jIu `Wa kUk jju kUXccRc^ jFu qGu P IHu CP jhu CL qHu N hif nVWT kUkkW OX^SVU _U mlZY^SX^W jju LSa_U jqQjhu JlTYYZVWZZU jhQjFu dUZU^^UVU jFQjGu eWacW jEf eWabWZ ^UkkU¢ jEQFju eWabWZ ^a[U FjQf eWabWZ \^ RX^ SkYcc jEQqDf PUZZYV_l[`YZ ^UZXUZSkWXc SkYcc qiQqjf eWabWZ ^RZZ ZRS[cYZ cUV^SSkllVV qiQqju PUZXUZU`RZ ^Y[l\X_Sac qqu qEf NLL _U Ar@ kWW[WSX _SacS^f eUZaRRXU`RXQ cRXVURcU^ k_ hIu ^ScWXYRcRQ _U TRXYS\ab _SacS^ k_f @S`UXcW FDf NT jHQqiu NT qDQqhf ASckUXcf JU[[ ^ScWXYRcRcRc^WQ TRX _U aYZ^WVsaWXcS[WUu _SWVcU UVSWVcU _RV^ cRc^WYVTWUf eYV_Yc DEIEu IjEGf
IDGGf JWVcRZYZu eYW^^S o[aS BVTU[Wf J^W Iq e DHiEf ea _Sac eWVaS J _U JWVTU KVWXUzYc OZZUVUf eKVcU Ihu J]WZ XRST \^XV\X \S IGf nÁC jju cRVVW`W[^UTcRc^ jhf CJ \VWT ^UTU[W^W[_R[Wu cRVVWZaSWc _U UkRVcRVVWcU[^f p J^W Dj Be DHjFf
IDGEf JRScU[Wu BVTU[Wf CR[^R I DHiHf ea VYZZlcWZcU[^ NUcQ cW JYW^^W J _U KbWca OR]RXcU CUTTWZYZf © jD KWZ AUWTW AW][Wb KVSTUUf eKVcU IFf @URcUcWY`W[^UTWYX IGQqhf OXQ ^SZ CYacUUc ?\ SXkllVV qhQqGf N\\ZcW\ab rRR[U^YZZY [UcWSQ ZUVWXkllVVu ^SZcckllVV qGQhFf JAAr ^SZcc_Sac hFQu e@ q T^f NT jHQqiu NT qDQqhf nVWVf JU[[ TWYX^RS[SVURVRf rSW^U hGiEf
IDGHf J\`l[WZYZu PUVVY AYVWTf rS[`SSZ TUUX[^ D ¨ DHiqf ea ^W[`YXT PUVVY J _U NU[WU JWZcW^^Uf © qi JYV^U A\V`WU @SWZYf ewVcl Iqf @^T J]WZ cYSVV^ jDf rRSV`SWT RkXYYQ [WZU _U [^Tf >S[XXWZ kU[cWSZ _Sac IGQjIf e@ qf elZ[ IGu oZ jGu \VWV hGf JU[[ kU[cWSu VURVRu UTkRTWZYZu XaU^^Wf DIE BB DHFhf
IDEif J\`l[WZYZu ?W`U BVTU[Wf r\al_l[`W }oB~ DH Be DHiEf ea cY^Z PUU[VS PRXcUU J _U OZZU NU[WU rYXSZYZf © jF ^W[Q _UZkWc JYV`W KbWca JSZ^UZYZf \S IFf ·B CPP @ jhf AUWTUUZ AllZZsXcYV\cXcS jqQjEu BZXcXcS O @SXYZbUaV jEQqqf CUXU ?\ }C[Y~ cSWT_ qhQqGu J]WZ AUcS ?\ qEQhjf ?TU XRRZQ ZWccYVRcXcSf e@ q cV^u e@ qf PUkcf p J^W IG DDD DHFhf eYVW IjHDf
IDEDf BVTSZYZu KWZS ?XXWUZf J^W jD DDD DHiEf ea Nu VYac OVY^XW OR]RXc B _U AW][Wb >S[bXc[sTf © jj U[^^ OZZU @UWVSf LUkXYc CUV`W^^W jGu NUW[Y qIu rURVU qEu o[aS hjf \S IFf ·B CPP jDu C^C CPP qGu cScUUV TUUZkRSV^R[XXW Fqf rWYcU[XUU[YZ PSQ
cZYkU_U
c\skU_UWZX jjQjFf ?\ CUTkYVVU Oz UXYSXUXc WZX _U _Sac jFQqhf ?\ OTQ p TRX WXlZZ qFQqGf LS^STS ?\ WXlZZ B ° B qGQFDf A NYcUVVWcYSVV C\sZUZcU_UVWWccS W ± Atg¯¯¯ cSWT_ FDQFIf ?\ ASppyS cY^Z _Sac FIQ Fhf J]WZ ^URk NYc[ScXcS SXQ _U cSWTkllVV FFQGIf O BVTSZYZ ?\ cY^Z _Sac GjQEGf OTTUccWUWZ cSkYcc CC?L jEQqhu JC?L GiQEGf A NYcUVVWcYSVV\ab aUVW qGQFDf A NYcUVVWcYSVV C\sZUZcU_UVWWccS aUVW _lX qHQFDu `k_ hIQhhf C[YYZ cY^Z XYR[U k_ hiQFif e@ qu e@ UT Iu Ae@ @ Du AL @ Du NT jHQqiu NT qDQqhu A^ UTf C[YYZ cY^Z XYR[ ^RZZWU_ FDf BZXTU_ FIf elWcsX^ o[U^^UkUV^^S_YZ Tll[llTWZYZ ^SZYkU_UcYSVVWXRRQ bYXXU qGu RX ^W[_ cY^Z _U cUVSRbYVV UWaYWXcUf OALOQXcWk oAO hIf JU[[ TUUZkRSVRXcRXu cYSVVWXRRXcUVSRXf BXl jEHu `YVW jjEFf
IDEIf BZzY[]u ?VVW dSaUZZYXf OaVUWZYZ D DDD DHiEf ea eC PUU[VS dSaUZZYX B _U OZZU N\[zY[]f © jj NW[_UT PU_UTUUf rSW^U dS[TU ?VVW CUkUZW jhf \S IFf nÁC jju eC jFf P?r jhQu rS[WZ ^SZcc BB _Sac jHQhFu @WWaWTlYZ UVRY^SZcc YXWT hFQFju C[YYZ UVRY^SZcc FjQGjf rS[WZQOaVUWXcYZ elVWQ XYRbRZ Ala^s ?\ _SacS^ k_ _U cSWT_ qFQhDf rS[WZ X[^WWYZ ^W[^^S`UVc hju ^W[^^SaUVVWZcS^ hqf Ar@ AUcU^RZZUZ kWW[W_SaQ cS^ hhf A ORcS^VRzW rS[WZ kWW[ _SacS^ `k_ hiQhFf @WWaWTlYZ rRaYVWZ ?\ _SacS^ FDQFjf C[YYZ PURkkU^UT aUVW FqQf PRXQ cUU JWY^UZ XllcWs _SacS^ `k_ FjQGjf e@ qu NT jHQqiu NT qDQqhf JU[[ ^W[_UVVWXRRXf p DH DDD DHEif eYVW IhIjf
IDEjf dUVS`UU[Uu KX^S O[TUXf AS[cU`UVUZ TV^ DI B¨ DHihf ea kRRcU[aR[W ?ZZW K`Y[c d _U KY`U rlW`WZYZf © jh ^SZcc CUWTW B[YZY LUXXWf LUkXYc KZXWS jFu PW[XcW jH pu CRRVU qqf oVWVcU IDu AS[cU`UVUZ V\X DDDQeBu PSc^UZ \acV\X eBBu \S IEf ·B CPP N jIf nVWT N@B jFQqIu `U^WZ N@B qIQu UkRVVllQ ZWZNµV FiQGif rW^UQUXRcRXcSWTW^ k_ qiu TUUZVRZUXcRXVc^ k_ qhQqGf PYX^WQA VllZWZSW^ VWXl_lX FiQGif PYX^WQA @YXQ RkXkWW[ aUVW hFQFDf PYX^WQA OTkR_WYZ aUVW FiQFqu k_ FhQu OTTRZZUXXU A `YcY[UUZWTYXc Fhf e@ q cV^u e@ qu AL @ Du NT jHQqiu NT qDQqhu ¨¨¨f PUkc qqf p q ¨BB DHEqf
IDEqf dS^Wu KX^S @SSkYf PX SkYccU_UTUc[f rS_Uc hqiFu hEGif
IDEhf dl[`Wu dS[TUf >UXcSVU DD eWVW DHiEf ea k[Sp CSW`S JYZ[W^ d _U JYVp[Wb JYVYZU AWRcWVUf © jj ORVW NU[_UccU NU[_SVUQPUWXVU[UZcUf \S IGf O[^^ CPP jjf CXcSU[^^ jjQ jqf J]WZ kSXcWcUVSZ U[^^ jhQjEu RWTUQ XcUbWSZWZ jHf rRRcUVS ?\ XRRZZ SX kllVV qiQqHf ?TU U[^^cXcS qHQf r[Sp AW[YQ ZWZ UXX jEQqDf eCC ZYR`^ _lX qqQqHf eUVc [U^cUWbYVURcU^ _lX hjQf AO O `k_ hhQhFu hHQf e@ qf JU[[ RWZcWf p DD ¨B DHFIf BXl IEhu `YVW IjHEf
IDEFf PUWkWSu CSW`S oZS BVTU[Wf AUU[W_l[`W h ¨ DHihf ea ^UZXUZYbRXcu ^UZXU^S ?X^U[ tWV_UT P _U KTTU LS`WWXU CRSTWZYZf © qi JYV`W AW`Wl LY[^^Wf BLVcU Iif OcYZYRT CUWbYU^Uc ^SRVR IDQIqu CUWbYU^UcYTWU ¥SVU[SXXW }rU[WWXW~ IFu IEf K[W^SWXcRZRc aYZ^WVs^R`UTUUVUR^XYYZf NUUZ`WV_YV\XcWQ VUZ STWXcU_U jiQu T\sa cR[^WXUVUZ kWYZcYSVV aU[_SWccU_Uf CSWT J]WZ OcVYYccW^VRzW Iiu IGu rU[cWSkSW^U_lW_ DHQIiu J]WZ XRS_YVRX^ IiQIIf AcTf JU[[ `WRVRZXSWccSf c IG ¨BB DHEhf
IDEGf PYW_SVU }YZc A_szVST~u dRaS K[^^Wf J^W D B DHiEf ea ^a[U P[WXcWUZ JUZZYX P _U KVVYZ KbVU NU[WU rs\[\f © jI JYVTW CYVVY[`S @WZZYf KWcl DHu \S IFf AQdUkUZWZ PURkkU ?\ ^SZcc _U k[S^ QjDf oRXW OR[U J]WZ ^SZcc aSWc jDQjIf c J^W DI ¨B DHjIf eYV_Yc DEEGu jFqIu jFFEf
IDEEf PYXcWu MRZZU[ tWVaYVTf @URTU j DD DHiEf ea TY[WQ ^SRVRZ SkYcc JYZ[W^ tWVaYVT P _U KTWVWY CaY[YXY P[RTTf
© jiQqI KVVW KVWZU ?[U`Uu qI `U^`W[^ JYV`W NU[ccU JRXRVUf BewVcl Iju eLVVY Ihu \S IHu ?RVRZ ^VV\X BeQe B^f ?kWX^ Jn aWXcQ^WYVWcWYc SXu cYSV UV^RcRc^ hhf BVcUVYacW cUWbYU[`SXc IGQ jif K|@C D YXW^ ^W[_ jiQjDf PRXcUZZRX ?\ AlWVl cSWTXWac _U ^WYVYZcU[^ jFQqif rSa_SWXQAU`S kllcSWT qif eUUXUQVYab ^RVcQ cRR[W^[WWcW^^S _U kU^WZSWcXW_U hIQu CY[`Y\X _U PScWQVYab kllQ cSWT qqQqFf OVW^f JU[[ cUWbYTUUVURX _U ^VUXXWVVWZYZ TRQ XWW^^Wf p I Be DHGhf eYVW DGqhf
IDEHf PW`Wu ?XTS oZcUTSf CR[^R G ¨BB DHiGf ea `UVcWS> elWZs P _U LUWZU NU[WU LWZbXcYbcf © jj LUWVU OWVW NWYVWcc\ CR^WUWZYZf \S IFf nÁC jIu oP jqu eC jqu oL qHf PP? \VWT `W[^UT jhQqqu ZSc qqQqFu ZkW ?W^AWac qFQhIu `kW ?W^AWac hIQhGf ?N `c ZkW JcRXAWac jGu `c ZSc jGQjEf Jn k[SXYXXWSW^ UXX qGQqEf eUVcU^ [UQ _UZ^l\ZcW`UVcRRX^ _lX qif AScU\VWSW^ `WX^ qIQu XWac qDDhu UkR_lXu `c `kW _U `c
Z k_ XScU\VWcRST qjQqhf J]WZ ^URk `Y[SVc^ _lX qqQqEu `RS^[UZcU[^Vc^ qhQqEf PRVSXUU[YZ `Y[SVc^ qqQqEf @URTUQ@YkSVU ?\ aUVVZYR` hhQf J]WZ OXRZcS^WWZQ cYWXcs\ab `k_ qFQf PY[X qDf e@ q ^Uu NT jHQqi TX^f p DF eBB DHhGf eYVW DGqGf
IDHif PSX^YZZWYTWu NUccWf dUkUZW DH ¨BB DHiEf ea [S` OZcSZ KWZU[W P _U @Rca JWV_U KZ[Scaf © jj N AW[^^R OZZW^^W PRRXWXcSf okXYc ?XTS jFu AYkkS jEu dSR^S qju PWTTS qhf VVLVcU Iiu CR[RZ ^VV\X \S IFf P jiu L jFu C jGu ^UZXU^? jjf PUZXU^S CR[RXXU jjQjFf AUVSZ kWW[ ^UZQ XU^cU[^ jFQqqf dPP ^l\clZZsZ ^UX`UcRXSkWZ k[Sp qqQqEf Jn ^UX`UcRXcWYc k[Sp hhQGIf LR^RWXWU ^ST k_Q_U _lXYZcYacf ·SX jEQhhf C aY okkXUVU Eiu PC aY CR[^R EFf AL Pu e@ q }^UabYXcW~u ¨¨¨f NU_ FEf PUX`UcRXcWYc UVUVcU DE TSZS][ _U VR^RWXWU U[cW^^ ^ScWQ _U RV^STUWVVUf AP@ ^RZZWUkUV^ GFf rS_UZc\cl[ HGjqf
IDHDf PRZZUXu KWZSf VWccW II eB DHiFf ea OZccW P_U NU[WU CUU`WVUf © qD @SXU oV[W^U NU[WU NSVWZf LUkXYc OZ_U qqu OZccW qFf \S IFf O?C jIu `W[^UTWYXcRc^ jif CRVVWVUWcSXf CRVVW\VWcU[^ IFQGIf e@ qu AL @ Du ¨Lu CRVVW`W[^UT ^RVc ^T[^f PUkW qDf
IDHIf P\VVWlWZYZu CYR`S eYW^^Sf B J^W DF ¨ DHiqf ea TUUQ VU[W CRSTUX P _U BbU L\bWU Nl^WZYZf © jI K`U NU[WU eWV^TUZf BewVcl Ijf CYSVV^SRVR IHf @J [UcUSX [U^cY^Z SX aRSZY[U^_USXcSZ [^T IHQu C\^^WTf JU[[ VURVRu kUVXcU`WV_YV\f c IF ¨ DHGhf rS_Uc hDiIu hFGiu `YVW DDFqf
IDHjf P\\[su CURZS dSaUZZYXf J^W IF e DHiFf ea ^URkk dSaUZZYX P _U JRVbU NU[WUf © IH AW[^^U LWZbaSVTf BewVcl Iqf PURkkWUX J]WXXlf c Ih Be DHGif eYVW Ihjhu kSW^U hijEf
IDHqf Pl\a^su PU`S }KWZS PUVY[`S~f rWYcU[W H ¨ DHiGf ea \VW_RZUWVW_U dRaS P _U OWZU LS`WWXU rUVT[SSXf © jq AW[^^U rU^^UZYZf Q\S IFf Q·B CPP cWYQ_U `YXW[U^SX jDf QOz el]Q pz[zlccZWZ]U[ }@RScXW~ c\sTUUWZX jiQjDf ?\ eWU[YycU Ozu ?\ ¥SVUX Oz cY^Z _Sac jIQqhf @U^YZZRXQS\ ¥RVcS[ kY[RXcU_Uu aUVW k_ _U cSWT_ qhQf @U^YZZRXWZXWZss[WQVYab kllcSWT _U cUVa qhQhqf rSa_T cWYcY^Z VWWcSZ _U A CWY\ab aUVW _lXf A OXpUVccWQ c\sZUZcU_UWZ LWWccS aUVW `k_f OXpUVccWR[U^SWcXW_UWZ LWWccS k_f e@ ju e@ qu AL Pu Ae@ @LQ NU_ qqf JU[[ XUZU _U ^R`Uf eYVW IFFjf
IDHhf LUabYZXRSu CSW`S CUkWSf LUkRU IH Be DHiEf ea N K[ZXc dUVTU[W L _U KY`U OVY^XUZb[U PVYTYccWf © DDD hFQ JYV\ NW[_UT AUVSTWYXf VVLVcU IDu J]WZ XRST V\X \S IGf K^SZ JPPP jIf eUVc rUc[RRZUcYac [Uaa jIQqIf eY[ScU[^UXcU_U qIQf DIj ¨ DHEif
IDHFf LUacWu eYW^^S BVTU[Wf NW^^YVW DI ¨B DHiGf ea ^W[_UQ ^URkk dUVTU[W NYZYVURX L_U KbVU JYZ[W^U AWV_UZbY[f © qD DF PUc[W JU[cRXf ewVcl IIu \S IFf P jDu L }`lWc~ jhf ?kWX^ rU[WWXWXXUu JYWbYVzY[]WXXUu NWVUZSXXU _U M[YWpX¯UVbWXXUf J]WZ AUZSTUc cSWT jDQjFf eWW^^SXUZSTUc kllcSWT jGQqDf CR[RZ ^VV\X XU^XUZ _U [UZX^UZ `kW VYac qhQhGf CR[RZ ZS[TUUQ VWV\X \VWSkYcc hGQf CRn [STUUZWXcYZ ^WYVcYZ bSX qHQf M[YWpXQ ¯UVbWZ \VWSkWXc XRSTYZ VYac jqQjhf JU[[ TUc^UWVRf p ji ¨ DHFqf
IDHGf LUWZYu dUU^^S ?VU`Wf All^XTl^W DE B¨ DHihf ea T` PRXcUU ObSVp L_U BbU NU[WU oScWVUf © jH JYV`W B[YZY JSVSQ kUWZYZf BLVcU Iif PURkkUSkWXcSf ?XUXcSZaSWcU_Uf LcZf PUUcRW IG eBB DHqDf eYVW jiiqf
IDHEf LWZZUZaYWTS }QIq LYWZS~u @YWZS OVY^XWf CR[^R DH eBB DHiFf ea _Sac dSaUZ MRXcUp L _U O^XU dSaUZZU M[sZQ VRZbf BLVcU IIf PSZccS[WXcWf p WVTUkSTTWcR^XYXXU ji ¨B DHjHf
IDHHf LYkklVlu PUR^S OZcSZ PUVY[`Sf J^W Dj B DHiEf ea cYacUWVW_U OZcSZ J_UVTU[ L _U KVVW dRVWU JSVTWVUf © jiQjG NU_QKVXY OVY^XUZb[U PSW[UZYZu jHQ B[TU gW[]WccU KVWXUzYca @URcU`UU[Uf eVLVcl IGu \^X \S IHf ?kWX^ Jn VU^WUf LWW^YQ UVUVVUu _SacU_Uf nVWV hHf rSW^U qHjHf
IIiif LWV_YzY[]u dUpYc MSccaU[bf J^W D ¨BB DHihf ea T` KTWV L_U NU[WU ASpWU ·U`WbXSZf VVLVcU IDf Pl\Z\c J]WZ cYSVV^SRVRZf p J^W DE DD DHjif eYV_Yc DDFFu DIhDu DqDEf
IIiDf NlZb }Qhq BXSTlZc\u YZc NlZb~u @YWZS OVp[Ybf J^W DG e DHiGf ea ^URkk OZcSZ OVp[Yb N _U BbU PUXWVUf © jqQhF JYV`W NU[WU PURcWZYZu hFQ BVTW AW`Wl CUTkkY[Wf BLVcU IDu J]WZ XRST \^XV\X eBB B^f @URcUcWY `W[^UT WYXu ARWZRVUZ UXYQ TUkllVV FDQf p DI ¨ DHEHf
IIiIf >WWZW`UU[Uu K[^^W ?VU`Wf Ì J^W IG ¨BB DHiGf ea [S`
[UZX eY[ZY[W > _U JYVTW JYVVWZ rU^UQ
[WZYZf © qD AJ JYVVW^^W LURZWXf LUkXYc dR^^U qju LYYZU qqu OZZUQNUW_U qhu
JYVW qGu @WWccU hif \S IFf P jiu cYSV
Y[ScRc^ jIu CP jEu CL qEf rS[`SSZ
\acV\X `kW VYac jqQjEf nVWT kUkkW J]WXQ
Xl jEQqhf rS[`SSZ XRST X[^ ^a[U qhQ hGf NYWVUabYZ ^a[U hGQGIu YVl^^ GIQu
CssVsZ [S`UXcW^ VllZWZ[S` hHQf CYSV cWYbY^ XUUTUQ_U SkYcRXaU[_ _Sac jFu jEQ
qiu qIQqjf eU[cW_UQVYab cSWTWcRX qDQhDu kllcSWT hIQGIu GGQ GEf OXY`YVWkUkWc k_ qIQqqf PW[^SVVWX^S^ _lX qDQhEf e@ ju e@ qu Ae@ d Df LcZf p IH eBBB DHEhf eYV_Yc IiIFu Ihqqf
IIijf ?WVUu PUU[VS KZXWSf J^W Iq ¨BB DHiEf ea [^T PUU[VS PRXcUU ? _U OVTU MRXcU`U JYW^^WVlf © jH AW[^^U dSaUZZU KY[SVUf eW[Wcl Ihu J]WZ NUUZ`WV_YV\XV\X \S IEf O][ jqu NNP jhf OXJ YXWcc jqQjGf OA? U][ jEQqIf CR^^R^URkkSQ _YZ ?\ cWVUZaSWc qIQqGf CWVUZaRSVcS ?\ cSWT_ qGf NCP SXaSWc qEQu Jn U][UU[WkSVWWcc VUWc UXX jhQjFf A NYcXlXc\X\ab aUVW _lX jFQhEu k_ qHQhEf A OTkR_UWZVWWccS `k_ FjQu _SacS^ _lX qHQFju k_ FDQFjf e@ q cV^u e@ q T^u AL @ Du Ao aSk U[f LcZ qif JU[[ R[aYWVRUTTRZcU }^UZXUWZ`lV UTkRTU^WVk UTkR_UZU _U _SacU_UZU~u TYcXlXc\Xf pjV ¨ DHEHf eYVW IqIIf
IIiqf ?VVWVUu NUccW BVTU[Wf J^W I eBBB DHiEf ea ·B ?ZZW eUVbYTU[ ? _U BZ^Y[W JWVTU dSXYpWZU AWZW`Yf © jF OZZUQLWWXU ARSTUVUWZYZf \S IGf ?kWX^ Jn aWXcQ^WYVWcWYc SXf @Y^VUTcY^ZWX^U BZXcWcRcYc }CR^aSVTU~ jDQjIf J]WZ AUZSTUc cSWT IHQ oX R[aYWVRcSWTWZZUZ VRSccUTRXcSWTWUf elZ[ IEf PUUcRW H eBBB DHqDf eYVW IqIju kS_Uc hFEIu hEEif
IIihf rY[^Wsu ?W`U PUU[VSf J^W IH e DHiGf ea YcXW`l ^SZXc PUU[VS r _U NU[WU KTWVWU M[sZ[SSXf © jq K`U OVYÃUZb[U KY[SVUf LUkXYc CRSTS jhu NUW_UQLYYZU jHu NUccW qDf \S IGf CYSV Y[ScRc^ jIu `Wa kUk jIu kUXccRc^ jhf A^Q^YZcclkUkkWQ ^R[XXW CRRXRVUZ kllVV^ qif LRSkWSWXcYZ `c ^a[U jIQjjf J]WZ Yc XRST X[^ ^a[UZ UkRV jjQjqf d\`lX^\VlZ ^URk X[^ kUkWXcSZ UkRV jqQjGf C[YYZ JU[_RZ X[^ `c ^a[U jGQjEf LYTkllVlZ ^UkQ kUV jHQhEf PUVVWSZ X[^ B ^UkkUV hEQGjf KVl^^ Gjf J]WZ >NPn UkRVXWac jiQjD _U jjQjqf oX^ SkYcc LYTkllVlZ ^UZQ XUVUWX^ hqQhEu LYTkllVlZ \^ hhQhE _U J]WZ >S[TUUVWV\X hEQ hHf LYTkllVlZ ^RZZ`UVc `k_ qGu k_ qEQqHf A PW[^SZ rUkkWXQ VWWccS XWac hHQFIu _SacS^ FIQFqf J]WZ X[^ bWU^^YX^ k_ hEQFhf Ar@ JlTYYZ kWW[ kWW[WaUVV _U XYZ `UVTWXcQ _U aRSVcS_USXc _lX hiQhGf ?XRRX^UXXS_YZ PYX^RXVWWccS aUVVZYR` qFQhGf LYTkllQ VlZ AYRbRZ ?XRRX^UXXU aUVVZYR` k_ qEQhhf J]WZ Y` ^UZXUZQ ^S[^YU^ XllcWs aUVW _U aUVVZYR` hHQGqf @S`UXcW Fif e@ q T^ }I ^kV~u Ar@ k[ UTu >NPn ^RVc UTu ?XRRX^UXXS_YZ UTf PW[Q
^SZ bWU^SZWUZ UTu XUZSTUV PScWTUU UTu AScU`YcY[ k[ UTf PY[X jhu XSckUXc jHf dRV^ P\VlZ`UZaWTTUT kU^WZSWcU PScWTUUQVYab hhQFF }IGj kU^WZUU~f
IIiFf rYXSZYZu NU[ccW NW^UYVf J^W IH ¨B DHiFf ea ^SRQ VR> NUccW r_U KVVYZ B[YZY NUVTzY[]f © jI VWbU BZ][Wb @lXlQ ZYZf oVWVcU Ijf PUZXUVUWX^S[^YU^ XUZSTUVYacWTVWZ_U D VR^R`u ^UZXUZSkWXcS IEQIHu cY[`Y\bYZaSWbSZcU[^UXc ^R[XXW hEu `U^RRcRX^R[XXW Fiu ^WYVW^R[XXY_Uf J]WZ LYacW cSWT jDf N` STUVVU TUUcWVUVVU AllTWZ]WXXl jIQFjf eUkUU ^\ZlWVW_l FjQ PUU[cWVUZ >RS[WXSXYR[U k_ jjQjhf OVW^f JU[[ ^W[_UVQ VWXRRXf p DE e DHEEf BXl DiGu `YV_Yc DGDEu DEiGu DEqGu IqhIu jDIqf
IIiGf OWZUTS }QIH rSa_UZaYWTS~u PUU[VY K[^^Wf J^W H B DHiEf ea N PUU[VS rWYcU[W O _U AW]ZY JUZZU ¥[SZUf © jIQqh kUZ^^W`W[^ AUUQ [U eWYZS ?[`S^^W JRWTUu BB qh VURVU_UQ cU[ AW[^^UVWWXU O`YVUf LUkXYc NUccW K[^Q ^Wu dR^^U PUVY[`Su AYkkS ?VU`Wu rW[^^S CRRVW^^Wu PW[XcW PUU[WZUu LWWXU AWZW^^Uu NU[_U JUZZYVYf eBLBcl IGu J]WZ ARST \^XV\X \S IEf NAP }U^cRkX^R[XQ XW~ IEQjDu TY[W^UkccRc^ hqu SkWX^ Jn `UVcWScWYc hiQhIf NY[We IEQhhw TWWZUQ _U `U[cWSVUW`RYu XR^YVVRXVUW`RY _U ^SRVRVUW`U A dSRcXYZu AUcUQ ^RZZUZ X^QkWW[ TY[WXScWVUXSa_UU_U jEQqiu AUcU^RZZUZ LSa^S ^ST jHQqiu _Uc^SXSbUXXU mlZWXYZ LUW`UXcSQSX VUW`RYYZkllVVf nLK llZWU[^WXc aSWc hhQf A KVS^R`UXl`YVcl_lc UXWUT hqQf ABe J]WZ kWW[ `k_u J]WZ AScUWZ`UV _U XYZ JUU]UZ UVRY_USXc _SacS^f J^WQNRZ^^WZWYTYZ LWSZXQ¥VRz k[YX FjQFqf e@ j cV^u e@ ju e@ qu eXX UT Du i U[ Iu NT jHQqiu NT qDQqhu AU^XPµ U[ jf ÄVWV jDu VcZ jju ^UkcV jHu ^ST^Ukc qjf ARSQ TYZcUZRc TT D SSkkY[UZu G SkY[YcWZ _U jiii VURVRZ cY^XcWZf JU[[ kSXcWTY[^^YWV\u `l[W`UVS^R`URXf p Di B¨ DHGqf
IIiEf rSa_SVUu NU[ccW dY[YTWUXf J^W Iq eBBB DHiEf ea cUVSVV dY[YTWUX r_U JWVbU @WWkWZYZf ewVcl IFf p G ¨ DHqIf
IIiHf rSa_SVUu @YWZSf AUVS DG ¨BB DHiEf ea cYacUWVW_U dSaUZ ± r_U JYVTW KTWVWU JU^RVWZYZf Q\S IGf LP jDu LL jGf ^W[ y[W^Vll^ qEf `W[cXUQ YVWZ^W[ Y[W^Vll^ hjf dSYZXRRZ `U[RXQ ^RZcUXUW[ kllVVW^^sVll^ qiQqDf J]WZ \V XUW[ ^W[ SX UkRVVll^ qGQqHf NU[WUZ XUW[ ^W[ SX UkRVVll^ hiQhFu ck UkRV\VWVll^ hFf PAA D ^W[ SX UkRVVll^ hGf @WWaWTlYZ XYRbRZ XUW[ ^W[ SX SXVll^ hEQFif PRSQ kWSZ PA UkRV\VWVll^ FiQFqf LPAYR[U §±VV T]TTµT _SacS^ jFQjGf Qe@ q cV^u e@ qf Lll^Q TU_ qIf QJU[[ RV^SWVRf p J^W IF BB DHFFf
IIDif rRWXcSu >WWVS eWVaSf J^W Dq eBB DHiFf ea `UUccR[WQ TYXc OZbY[X eWVaS r _U JWVbU ASpWU JYZ[Wy^XXSZf © qI VWW^Q ^YYZaU[_ gY[caU @U^YV O[SZYZf \S IGf K^SZ JPPP jif J]WZ ^URk [Y`WXWS`XcS [Y`WWXS[W qGQ e@ qf LcZf p Dh Be DHEIf
IIDDf @YYZ^SVU }QjH @YZ`UVV~u NWYX O[ZS JYW^^Wf J^W IH BB DHiEf ea XYZUUccS[Wu kll_Sac JYW^^W MUz[WYV @YZ`UVV _U OWZS Oy^cYf © ji c DHjE ^U[cUZkWW[c JWV^^U NW[_UT LWZbaSVTu BB jHQhi AJ A\V`W NU[WU PS[aSZYZu DDD hj cU[_SWVW_U PY[ccR JWVbU LWXzYca JUVSZYZf \S IGf LP jiu LL jFu LPC qDu ZUWXcYZcURc _U X\ZZ Y[W^Q Vll^ qif J]WZ ·WU^SZWXXUVUWc ZUWXcYZW SX UkRVVll^ jFf J]WZ ZUWXcYZ^VWZ `UkYac UkRVVll^ jFQjEu UkRVVll^ jEQqIu `c UkRV\VWVll^ _U `c \VWVll^ qDQqh RX ^Y[cS_Uf CRn ZUWXcYZ^VWZ UkRV\VWVll^ qEQhju ZUWXcYZcURcWQ _U X\ZZ\c\XSkWZ bSX qEQFjf @URTUZ UVRYXUW[ ZUWXcYZQ _U X\ZZ\c\XSX \VWVll^ hhQu _SacU`U \VWVll^ FqQu @URTUZ ^URk `UVc _lX FDQu @URTUZ V\X `UZaQ ZYR` _lX hEQf @URTUZ Ak WXlZcl hGQu P?r @URTUZ ^SZcc `UV`S_U hEf @URTUZTY[W ?\ aUVW _lXf @URTUZ LWSZXQ^VRzW k[YX hEf AUcU^RZZUZ Vll^l[W\ab k_ FqQu @URTUZ cUWbY\ab FIQu Qe@ q cV^u e@ qu A ARR[QLSSXWZ UT[ Bf Lll^^Ukc qif JU[[ `UkUUTRR[U[WRXf p DD ¨ DHEEf
IIDIf @SXYZcaUVu NU[WX NW^YVWXf @WW^U j eBBB DHiGf ea cUWQ bYTUUVU[W VlZ @ _U KVVW S[XYVVf ©jD URXcU Ac[URcWZf KWcl Iif LUc`WUZ cUWbYU^Uc SkkWVUXf @WWUZ ^URk Xla^sQ _U ^UUXRQ VUWc `W[^UTWYX jiQVR`RVVUf
IIDjf @RSkkWVUu eYW^^S BVTU[Wf LUTTW E eBBB DHiGf ea
^YVVSXYkkl >YXcS[W @ _U PW[XcW AUVSf © jh ^UZXU^S NU[ccU CR^WUWZYZf LUkXYc BXcS jhu NU[^YccU jGu BV^^U qIf \S IFf P jDu C qIf AUZU^W[_UXllcWs UXX _U
VY^XW^S][UpW jIQqIf eUVc CWYbScRXVUWc cXcSkllVV _U SXkllVV qjQqFf NUUAP XRSQ
TYZ ^WYVYZ SkYcc qFQqEf Jn bSX qEQhHu
UkRVk[Sp hHQGqu YVl^^ GqQu nVWSkkWVUXQ
cRc^Vc^ _lX FqQGGf PScW^WYVYZ AYR[U ^W[_UXcSZQ_U [Uaau XYR[UZ UW^U^VYab eWQ
[Wccl_l kllcSWT FiQGif e@ ju e@ qu Ae@ @LQ PUkc qIf elWcsX^ PScWYVlWZcYZ ZWTWc\^XYc XRSTYZ TR[cYWXXU qju XYZ _Uc^SQSXU qGu RX cYS^X XRSTYZ _U XYZ VlaWXR^R^WYVcYZ llZZYQ _U TRScSQSkWZ XY^l XUZUXcSZ UVUVcUf ARSTUV CWYbYU^Uc _lX GFu PScW^WYVYZ AYR[U ^RZZWU_ GFf
IIDqf AUU[WZYZu tWV_S O[TUXf J^W ji DDD DHiFf ea kRRXYkQ kl MRXcUp A _U BbU NU[WU @WZcUVUf © JUZZYVY >W^RVUWZYZf BewVcl Ijf OXYTUcU[^UXcU_U J]WXXlf rSW^U hHFjf
IIDhf AUVS`UU[Uu ?TU O[ccR[Wf eWWkR[W I eWVW DHiGf ea cSWT O[TUX O[ccR[W A _U ?V]U JlZZWZYZf KWcl Iif
IIDFf AUVS`UU[U }YZc AW[YZ~u eSWccS OVVUZf J^W DF DDD DHiGf ea [llclVWu VWW^^YYZaU[_ K[W^ A _U KVWZ OR]RXcU J_S[cf © qi c DHEi ^Ya[ll_l CSWZW B[YZY LWZbzSTf rSW^U @WXcS hIf BLVcU DHf rRc^WUXYZc Y[W VWW^^YWXXlf OVW^ IEf
IIDGf AUZbXc[sTu ARVS AUZp[Wbf rU[W^^UVU Dh eBBB DHiEf ea [UcUTYXc dSaUZ ?X^U[ @YWZaSVb A _U KVWZ NU[WU PSX^WZYZf © qqQFI JYVTW dSaUZZU LURZWXf VVLVcU IIf e@ kUV` CUTkYQ [YYVVUf
IIDEf AU[^^WVUu dS[TU OZcY[Sf J^W G VWW DHiEf ea ^UT[ J_UVTU[ A _U JWVbU AYVWZU JYWy^YVVf © FD C\\ZY PS[aSZYZf \S IEf CY^Z SkWXcSf CY^ZW^^Sf p ID Be DHEHf
IIDHf AYkklVlu OVVUZ ORVWXf JUR^WkRbUX Ih eB DHiFf ea c\sZ_Sac PUVVY PRXcUU A _U dSXYpWZU O^Y[]{[bf © qh p DHqE PY[ccR P\VVW^^W >WWZW^SX^Wf LVcl DHu rS[WZ V\X \S IGf nÁC jFu eC jHf B^UUVWXcYZ cRSTWS^ C>Sc jEf BXSZ^\[sZ >N jHQqDu LU`WUZ >N qDQhHf NT jHQqif PS[k[ IEf JU[[ TYcXlXc\Xu ^UVUXcRXf p LU`WU DF e DHhHf eYVW IDIjf
IIIif A^S]Xc[sTu elWZs OZcY[S ?X^U[f PRSkWS jD eBB DHiEf ea kll_Sac K`Y[c tWVaYVT A _U KTTU ·U]TU[ g[UZQ bY[f © jj JL ORZY PUc[W A_sZzY[]f \S IEf ·B CPP cWYQ _U `YXW[U^ jIf oRbYZTUUZ cWYQ _U `YXW[U^kWW[W jIQqFf CeJ VYZcS^YZcclSX cU[^ qFQqEu cWYSX cY^Z cU[^ qEQhhu cXcSkllVV hhQ FDu cWYXRRZZ SX _Sac _U [U^YZZRX> FDQ PRV^RVUWcSXZYR` cY^Z XWac hqQu AC hIQhqu A CWY\ab hiQ _U @U^WZX\ab qEQqHu hDQhq aUVW _lXf CeJ bWkVQWZX\ab aUVW qhQqEu hDQhhu k_ hqQhhf AL Pu Ae@ @ Du NT jHQqiu ¨¨¨f eYVW IiFif
IIIDf ASaVzY[]u dS[TU ?VU`Wf J^W D ¨B DHiEf ea cYacUUZQ _Sac CSW`S BVTU[W A _U AUZZW OR]RXcU rYXSVUf © qi ·S[WXQ gYZWcU NU[WU AcUy^YVzY[]f \S IEf nÁC jhu eC jEf ?\ Mt ASaVzY[] Oz k[S^ jEu UkRV_Sac jHu cSWT_ qiQu aUVW _lX jjQ ?\ eWVYZWZ CYacUUc _U ?\ JY[TYcWy Oz cSWT_ _U _SacS^ _lX hHQf Jrn aUVW _lX hiQu k_ FIQf NYcYÃ SXRRX^RZcU aUVW _lX qEQu ARSTYZ NYXXRc ?XRRX^RZcU aUVVZYR` _lX qHQu PYX^ eU^\ac AUTkS hiQu PYX^ eU^\ac PUVY`U hhQu P?r hhQu A NYcUVVWcYSVV\ab aUVW qIQu k_ hjQhGf A NYcUVVWcYSVV C\sZUZcU_UQ VWWccS VWWccSaUZ qGQ ACP VWWccSZYR` qEQf A LWW^YTWYX\ab _SaQ cS^ qEQu n^XWc\WX\[Wccl_lWZ AllcWs aUVW qHQu J]WZ PURkkU^UT hiQu @oL ^UZZUcRX\ab hIQhGu CYaS^^UUZ CRScUZZSZ CRc^Q XllcWs hhQu A CYSVV VWWccS aUVW hhQu B `k_ hhQhGf rRSVRXcRXcUV
ARRZZWccYVR^ _lX _U TYcUVVWcSWTW^ k_ hFQf A CYSVV`UVcRRX^ TYcUVVW_USXc hGQu CYSVVZYR`^ TYcUVVW_USXc k_ FDQf A rU[cWSkSWQ ^U_l[_ cR^W`UVWS^ _lX hEQFif NUUZkRSVRXcR^XYZ CR^W aUVW k_ hHQf PPP aUVW `k_ FHQf rU[cWSXllcWs aUVVZYR` _lX FiQf NUZQ ZY[aYWTQAllcWs `UVcRRX^ FiQu ARSTQAU^XUVUWZYZ nab FiQf LWW^YXW`WXc\X[UaUXcS aUVW FiQf A PUZXUVVWXcYUcc _SacS^ FiQu JPPP aUVW FiQf KcYVlXRSTUVUWXcYZ \VWSkk XllcWs `UVcRRX^ _lX FqQf eRS[WZYR`SX FDu AL Pu eT Iu e@ q ^Uu eXX UT Du NT jHQqiu NT qDQqhu @oL ^RVc UT[^f LcZ FDf JU[[ R[aYWVRQ TYcXlXc\Xu Q^UVUXcRXf BXl jIju `YV_Yc DEFDu IIIIf
IIIIf ASaVzY[]u CUkUZW oSVY`Wf J^W IH ¨BB DHiFf ea cY^Z _Sac CSW`S BVTU[W ASaVzY[] _U AUZZW « OR]RXcU rYXSVUf © jFQhj OZZU OU[ZYf BV hj PU[WZ KVWXUzYca M[sZ[SXf eLVcU IFu JUZb¯Y[^Y[Q RZb PRZXc¯Y[zY[Q XyaRVY }gU[TYZu AU^XU~ IHQjif ?\ Mt ASaVzY[] Oz IFQIEf AWccYTTWZ _Sac STWXcUTUXXUUZ VWW^^YYXXl CTW eUQ VS^SkWSf ARR[TYXcU[W `UkUUQ _U kWYQ ZSWX^W`QUTTRZZSWXXUu A YbRXc NNQ D u[ ^WVk qGf JU[[ UTkRTWZYZu ^UVUXcRXf c ji ¨B DHEEf BXl jIju `YV_Yc DEFDu IIIDf
IIIjf ASWZWZYZu K[^^W ?VU`Wf J^W I eB DHiEf ea [^T PRXQ cUU eWVaS A _U JYccW eWVaYVTWZU JYVYZWRXf © jHQhh NY[W CYVQ VY[`S rYXXWu hFQ NU[WU CY[ccR CSW`U^^Uf e¡Vcl Iju eLVVY Iqu \S IEf K^SZSTWf p ji ¨ DHGGf
IIIqf ASWZWZYZu eWVaS BVTU[Wf J^W jD B DHihf ea [llclVW eWVQ aS PUU[VSZkSW^U A _U KXcY[ JYZ[W^WZc\cl[ eWWZW^UWZYZf BLVcU IDf PURkkUQUkRVUWZYZf p F eWVW DHIEf
IIIhf ASVbUZu ?VU`Wf J^W DD eBBB DHiGf ea kSXcWZaSWc dSaUZ [Yb[W^ A _U NUW_U @lWalf © jGQFD AUWTW NU[WU PU[_UVUWZYZu FjQ BTkW dSaUZZU rSa_SVUf VVLVcU Iqf CSWT J]WXXl Y[W UVSWVVUf p ID B¨ DHEhf eYVW IqFHf
IIIFf AcYZWRXu rYZccW eYW^^S AU^U[Wf J^W Dj B DHiGf ea kSXcWTYXc dSaUZZYX M[Y]S[WRX A _U UZZ\ KVWXUzYc PS[cYf © qE N PW[XcW eWSVU ARVUTWc PS^^WZYZf VVLVcU IDu P[WXcWWZUZ XRST ^YX^W^ _Uc^SVRS^Uc \S IFf P jjf >R[TW_l[`YZ \^ SkYcc jhQjGf LUTTWZ \^ ^WYVcYZ SkYcc jGQu [Yac qHQhqf c F BB DHEjf eYVW DFHGf
IIIGf CR[kYWZYZu ?XTS PUVY[`Sf CUTkY[Y Dh DDD DHiEf ea UkcYY^^U[Wu C ?ZZW OR]RXc C _U KVXU AW][Wb OaSVUf © jIQhI LPC PUWXU PYQ cSZYZu hIQ A BQ_Sac OWVW KXcY[ >RkkSVUf LUkXYc CRRVU jHu rW[^^S qiu PWTTS hIu BV^^U qhu o[XRVU hiu ?cXS hju ?VVW hqf \S IFf Jn P IHu LP jiu LL jhu L jFu LPC _U C qqu XWXlcURc Y[W^Vll^ qFu [UbWSWXScSSkkW^R[XXW ?U^ @Wb]Y BZXc Sp >RyVYU[ AcRbWYXu oAOu qHf rLN ^YQ TWUVV ^SYVUWc Vll^ jhQqqf tWaR[WZ cRc^Q VUWc XUW[ Vll^ qhQqFf KLPP p\XWSV _U Vll^YcWYc ^YTWUZ `c k[Sp qFQqGu k[Sp qGQFju zWS^YTWUZ k[Sp FjQGjf Jn [U`WZcSp\XWSV bSX qFQhqf n^XWc\WXk[U^c aU[_SWccU`U Vll^ qFQf ·RSbYyWTQ XYR[U _SacS^ qFQqHf eUVc Vll^YcWYcYYZ cSWTW^ FjQFFf OTY[WQ yUZ JYU[c OXXSy ^RZZWU_ GGu A MUXc[SZSTWZYZ AYR[U ^RZZWU_ Eju A @U`WcXYTRXcWYc \ab ^RZZWU_ Hif AL Pf Lll^TU_ qIf oXYWcU ^\TTYZWl cRc^[UkS[cc [U`WZcSp\XWSVu VWkWbWYZ zWS^YQ TWUZu X\blZXUW[UR^XWYZ Ya^lWX\Z \T UVSWVcU cWYcYYVV UW^U^VYaQ bWXXlf CYS^XYc \XWSVS]WU _U @RS^UQUWZYcURVR^^Sf nVYWXcU_RWQ XWU U[cW^^ YT UVSWVcUu TWYVWkWbY^W[_SWcR^XWU TT J]WZ AUZSQ TWXXUf JU[[ [Yc^YWV\ TUUVVU _U TY[YVVlu ^WYVYcu OCPf eYV_Yc IGjEu jihEf
IIIEf eUWZWSu ?XTS JWVVY[`Sf J^W Dq ¨ DHiGf ea c\sZ_Sac
[UZX tWVaYVT e _U OTUZbU OVY^XUZbQ [U JYVYZWRXf © jG p DHjH VWbU NU[WU CR[RZYZf \S IEf K^SZ JPPP jif PSZcc J]WXXlf pIh eBB DHqDf eYVW DhIFf
IIIHf tWWX^UZcU }iFQqh eUV^UTUu QiF eW^Xc[sT~u OU[cS AWTYSZf J^W D ¨B DHihf ea WXlZZ K[W^ dSaUZ eW^Xc[sT _U ?V]U dSXYpWZU JW[`SZYZf © jG AW[^^U AYVTU ARSTYcU[ AWkkSQ VUf BewVcl Iqf ?kWX^ CUWbYcYSZ ^YX^RX^f CUWcYWVW_Uf eYVQ _Yc EFGu DIEEu DhIGu DGiju kSW^U
IIjif tUVcU[Wu NW^U CSWTWf J^W DH B¨ DHiEf ea VYac CSWTW O[TUX t_U ?V]U dSaUZXXSZf © jD NUW_UccU LRR^^SZYZf \S IFf P IHf A PR`UVYacW cSWTXWac jFQjEf eUVc CWYbSWcRXVUWc qDQqqf A O^Uc _lX hGQf NUUXYRbRZ CRVY`UWXRRX ^WW_UVVWXRRbYZ U[`SXcYVW_U jIQqIf nLK ^W[_UVVWXRRXXYVSXc jGQjEf A PW[_UWVW_UQ VWWccS _SacS^ _lX jiQqhu `k_ jEQqif AL P Du AL r f A PW[_UWQ VW_UVWWccSu A >l\cYVTl^W[_UWVW_UVWWccS_U KA? ^RZZWU_f AcTf PW[_UWVW_Uf dRV^UWXXRc VR^RWXWU cYS^XWUf JU[[ XUVUkSVWWXW[SQ TUUZWcf c IF eBBB DHGHf BXl hiDu `YVW IDjqf
IIjDf tUVcU[Wu tYW^^S LYTTWcc\f J^W ji ¨B DHiGf ea CC CSW`S PRXcUU t _U OVTU NUcWVbU NUZbYVWZf © jE `U^`W[^ VW_U BVTU ASpWU rWc^lZYZf \S IGf nÁC jqu eC jEf >UUZQ cUVWZ kSVWWXW^STWXU[WS jFQjGf @URTUZ kSVWWXWTYXc jGQqDu PeSRcW qDQu OO @URTUVVU qDQf @URTUQ@YkSVU ?\ VU^WT @URTUVVU jGQhjf @URTUZ TY[YZ^RV^R^ VUWZSkWZ SkYcc qqQu e@ j T^u e@ q T^u e@ qu NT jHQqiu NT qDQqhu eXX UT D X^f PUkcf JU[[ URcSWVRu `UVS^R`URXu TYcXlXc\Xf BXl qiGu `YVW DHGDf
IIjIf tU[cWS`UU[Uu ?cXS oSVY`Wf J^W DF ¨B DHiEf ea \VWcWQ
[Yac dSZUcaUZ eWZbWyWUZ t _U YbRX^ ^SZY^W[_^UZXV kllVV AWW[W >\XcYZf © jF NUWZY JYVTW PUU[WZU OVUZYZf LUkXYc dS[TU jEu @WXcS qIu CWTS qqf \S IFf nÁC jIu LUP jqu eC jqf oN jqu VlaXcsU`RXc rU[WWXW jFQjHf oN _USXcSQ XWac jHQqDu _USXcSkllVV qDQqIu qhQqHf LlaXcsXWac CR^aSVTU qIQqqf PSZXRVW JUUkU[UZcU qqQqhf LlaXcs> tUXaWZ]Q cSZ qHQhIf oN aUVVWZZ SX kllVV hIQhqu
SW^ SX kllVV hqQhFf Lla _U XRR[Vla gYV][Ub hFQFDu XUTUVVU OcYYZU hFQFDf ARR[Vla tWYZ FDQFEu XUTUVVU k\X\`l YbRXc VOKO XY^l XRR[Vla r\alZ WXcRWTYZ VRSZU FFQFEf ARR[Vla LSZcSS FEQGqf KbRX^ RV^SUXWUWZ`UVWS^ XWac qEQqHu hqQhFf LlaYc\Xcs> qIu Y[W^SWXVlaYccWVlX _U cl\XW`UVc TWZWXcY[W hqf AL XRR[[u Ae@ P Du e@ q ^Uu rgJu Ao aSk U[u eXX UT D X^u ¨¨¨u Bcl`Oµ XRR[W ^RVc ^T[ T^u KZ]Veµ XRR[[ ^^u P[ @ XRR[[u rUU`rµ XRR[[u dR]L@ XRR[[u @RScXrµ P Du >r?@ Pu @RScXeµ Pu @NC@ Df A^Q`llkf p J^W Iq DDD DHHDf eYVW IqEIu kSW^U hhqHf
IIjjf tU[cWS`UU[Uu eYW_S PUVY[`Sf J^W Ih ¨B DHiGf ea XWVQ
TlVll^ O[`W PRXcUU OVY^XUZcY[W t }YZc tYy^TUZ~ _U e? C\[U ¥aU[VSccU JY[Q VWZf © jG AJu SXa @U^YV KVWXUzYc LY^U[Wf LUkXYc LWWXU jHu CY[ccR qDu OWTS qI p d\[^W qqu BZ^Y[W qGf BLVcU IDu J]WZ n^XWc\WXVRS^Uc G `u \S IGf P jhu L qIu `lWc qIf Jn UXXf tWaR[WZ cRc^VUWc zWSVS]W qhQu PYX^RXVUzS[UcS[WS ?\ SXQ _Sac qEQhqf Jn ^UX`WcWYc bSX qEQhqu k[Sp FIQGjf CSWT RX VRSZZSZc XYRQ
[SWXXUf LRYZcS_U Y[W ^YXl\VWSkWXcf AL Pu e@ qu eT Du NT jHQqiu NT qDQqhu AWZWZYZ [u AScU`YcY[ _RaVUTWcu qf· T[u LlZXWQPUZZU^XYZ [f PY[Xf elWcsX^ ÓzY[ bWY CYTkY[UcR[Q UzalZ]W]^YWc bY[ r[ScSkVUXTUkY[TYUzWVWclcu U`RXc VUU_YTQ
TWXXl cYS^XWXXUf JU[[ kW^^RcUWcYWVRUf rSW^U FIFEu `l`\ hhhIf
IIjqf eYXUTUUu K[^^W AU^U[Wf J^W ji eWVW DHiGf ea eC PUU[VS dUVS e_U OWZS NU[W gss^f VVLVcU IIf p Ij eB DHGhf eYV_Yc IIjhu IEGhf
IIjhf tYXUTUUu CYW_S ?VU`Wf J^W BB ¨V DHiEf ea eC PUU[VS dUVS rWYcU[W t _U OWZU NU[WU gss^f © jG U[^^ rW[^^S PWWUZVWZZUf Q\S IGf Q·B CPP cWYQ_U `YXW[U^ jqf Be? [U^SX jqf CeJ ^UZU`USX \VWT WZX jqQjEf BZXcXcS r P\[YZWRX ^SZXcQ [R^css[W jEf ?\ AUXY^U Oz aRSZY[U^ UVUZ ZYR`SZcUWZX jEQu ZYR`SZcUSX kllVV hqQu CPP `YXWQ _U kSa_U[U^ UXX qiQqDu qjQqFf BZXcXcS ¥SZXRVcWZ] ^SZXc[R^c qjQqFf J]WZ TV^ [U^Vc^ _lX hDQhqu [U^cU[^Vc^ _lX hhQhEf @BL ^Y`\czYcSZWcSWTW^ _lX qEQf eUZcUUZ @ScU[\^VRzW k[YX FjQFqf PUkc qIf p Dj e DHEHf rSW^U FDGHu `YV_Yc IIjqu IEGhf
IIjFf eYccYZTUU }Qjh tYccY[`W^~u O[`S K[VUZbf J^W I ¨BB DHiqf ea c\sZ_Sac KTWV K[VUZb e _U OVY^XUZb[U eUWZWSf © jh VUzS[UZccW ORZY NU[WU OVVYZf \S IFf O?Cu e> hIf J]WZ kSVWWXWVUWc kSVWWXW`W[^UT IEQf e@ qu AL U[f QnVWVf JU[[ VURVR }nLu PUVY`UZ LURVU_Ucu J]WZ rSVWWXWVURVU_Uc~u UXWUZU_SQ cYacl`lcf
IIjGf tWVYZu PUU[VS K[^^Wf eWWkR[W DF Be DHiEf ea LL PU[V AYVWT t _U NU[]U[YcU rURV }M[YcU eUW`UZZY~f © jFQFi NU[]U[YcU AcYWZz\u BB FiQFh KVXU eW^VRZbf BLVcU DHu eWWkRQ [WZ XRST V\X \S IFf P _U N jqf AU`SZVWZZUZ \acV\X jGQjEu JUTWZUZ \acV\X jEQhHf CR[RZ ZS[TUUVWV\X `kW VYac hHQFDf ?RVRZ ZS[TUUVWV\X [RScXWZ \VWSkYcc FDQFhu d\`lX^\VlZ FFQf ?n XU^XUZ k[S YÃY[yWcWSQSkYcRXf JUTWZUZ [ScU[\^V k[YX hqQhhf JUTWZUZ KZ]VUZZWZ^Y[aS k_ qGQhHu >S[bYZ \ab k_ hFQhHf O^Uc TYXc pVS[YccWQ _U XlWVlTWY^^UWVRXXU jjf rUVQ ^WZcS_U XaU^WXXUu cYZZW^XYXXl _U `UVS^R`UR^XYXXUf NUUVURXQ Zl\ccYV\Wclf e@ qf
IIjEf JU`R^SX^W }QIH eWVYZWRX~u ?XTS ObSVpf J]WZ kWc h BB DHiGf ea T` PRXcUU ObSVp J _U ?V]U ObSVpWZU PU[VXXSZf © jj p DHjF PY[ccR NU[]U[YcU MRXcUpXXSZu BB jH ^UZXU^S KVVW CY^VU NU[WU eUa`UXYV^lf C\cl[ NUW_U PUU[WZU qjf \S IFf O?C IHu nÁC qiu eC qFu LUP qEf NUU^RZcUWZ rUZ^^W ?\ CW^^R[WVUZ ^SZcc _Sac IHQjIf oRbYZTUUZ LJ `W[^ jIQjjf KXkSSZ kWW[WZ UkRV>N jjQjqu J]WZ kWW[WZ jqQ qq CRRXRVUZ ^WaVU^ aYZ^W^W[_ qEQGiu J\`WZ^llZ _l[_SW^ rS[T FiQFEf Ae@ @ Du NT jHQqiu NT qDQqhu ¨¨¨f JU[[ URcSWVRu TUc^UWVRf p Ij BB DHEIf
IIjHf eUaY[`UU[U }YZc tWZzY[]~u K[^^W dRVWRXf J^W E eBB DHiGf ea ^SZcc dRVWRX KTWV tWZzY[] _U OVY^XUZb[U JYVWZf © jI p DHFI pU[T LUWVU g[WccU BZ^Y[W dSaUZXXSZu FqQ cXcSUkRV JYV`W NU[_UccU CS[`WZYZf Be¦Vcl Ijf J]WZ ^URkk ^URkkU^ Ihf J?r kll^SZcc IhQjDu PW`W_l[`YZ ^SZcc YXWT jDQjFu @URcUVUTTWZ jGQjEu dS^YVUZ ^SZcc _Sac jEQFIu kll^SZcc aYZ^WVs^RZcUQ_U cUVSRXSX ^UT[ FIQu CRRXRVUZ ^RZZUZ`UVc _lX qEQhjf PPP ¨Lf
IIqif AWTSVUu rUU`S KY`Y[ccWf OVUcSTWS DG eBB DHiIf ea
± k[Sp K`Y[c [WcWSp A _U AW]ZY ·U]TU[
T
B AS[[WVUf ©ji JL PY[ccR NU[_UVcU AWTSQ
B VUf eWVVWVVYu \S Iiu JTV V\X BQeBB B^f
Z P_U N Iqf LP IFu LL IHu LPC jDu
¡ «dJ L jDu C jIf QJn Vll^YcWYc ^YTWUZ
e { d k[Sp jjQFDu Vll^YcWYc cWybY^ `U[UbY^UUQ
ZW jHQqEu bY^UUZW qEQhDf ·RSbYyWT
dLf OycU OQXU[_UZ cSWT jHQFDf ARST CWYQ
bYU^Uc _lX jHQf A ^VWWZWXYZ ^YTWUZ _U
p\XWSVS]WUZ \ab ^RZZWU_lX Fif J? WZXQ kYacS[W qhQhhf e@ ju e@ qu Ae@ @ Du eXX UTf Lll^TU_f JU[[ TRXWW^^Wu Y[WcclWZ^WZ `WRVRZXSWccSf p Ih eB DHFDf rS_Uc hDDEu hEDGu FqEGu kS_UZc\cl[ HIqIf
IIqDf JY[c¦zY[]u ?VSp K[W^f J^W DE ¨V DHiqf ea rUZ^d
JR]S J _U NU[WU MUz[WYVU @YWZf © qq ^SZcc CY^VU eWSVU KZ]Xc[sTf eLBVYu \S IIu J]WZ ARST \^ DQe B^f P _U N jIf A P[YTUcS[WS\ab jFQjEf @J jHQqDf eU^RRcRXZYR`SXcS }eOP?~ qDQ qqf A @RScX r\al^SRVRVWWcc ^SZcckllVV B[À qq½ QOZcUZRc \^XWc\WXSkYVf J]WZ @RScX
PW[^^S`YV_Yc XWac qHQhIf A nVYWX^W[^SVV No««
CSWTW^ }K^RTYYZWZYZ ZYR`~ [Uaa hEQf J]WZ @RScX >NPn `k_ hHQu AR^R\ab KbVU _U MUz[WYV @YWZWZ _lV^YV k_ hEQf NT jHQqi TX^f AcTf JU[[ k\al^SRVRc\su ^WYVWSkWZZScf p Ii eB DHEDf
IIqIf dScRZWu dRaUZWf >R[TYX D B¨ DHiqf ea ^UZXU^cU[^ dRaS OVp[Yb d _U OVpaWVb NUVT][YZf eLBVYu \S IIf nÁC IGf NlZcXlVlZ >N IEQIHf p IG eWVW DHIHf eYVW IIFif
IIqjf LU]RXu dRaS dSR^Sf VWXUVTW Ii DDD DHiqf ea U][ [YbQ [W^ dSaUZZYX L _U AUWTU KVWXUzYca PUU[VSZYZf © hi c DHhD e> OWZS AWW[Uu BB hE N OWZW NU[WU tUVVYZf eLBVYu \S IIu VWXUVTYZ \^ DDQe B^f ·B CPP N IHu SkWX^ Jn TUUcUVSRbYZ UWZf NUUZTWcc URX^ IEQjDf NNJ `c ZkW WZX jDQjFf NW^^YVWZ VllZWZ \VWT N@B jIu ±L ZW kV N@B jhf oRbYZTUUZ VllZ BB kV w B N@B qFQhIu BkV N@B hIQu QJn TUUcQ
²§§ Gju ±± TYcXlc cWYbY^ TWccURXaU[_ UXX jDQqqf CPP _U^ScY^Z UXX hif A _U >YR`SXcSVWWcSZ Be [U_UZ^l\ZcWQ UVUXY^U^ST _lX qif Djf TUUZVRZUXcRXVc^ k_ qhQqHf AOoL aWWacS_USXc k_ jjQjEf AoL XRRZZWXcRX`UVWS^ _lX jhQqhf oRbYZTUUZ TUUZ_U^STWYaYc _SacS^ hHQFqf CRZcR[WVUcR _SaQ cS^ hhQFqf e@ q cV^u e@ q T^u Ae@ @ Du NT jHQqiu NT qDQqhu ¨¨¨u @oL ^RVc UT[^u CRTU[WYZ ^RVc UT[^f PUkc qIf JU[[ aWWacSu XRRZZWXcRXf p IG eBBB DHFGf eYV_Yc IIEEu IHIFf
IIqqf rUcU_S^Wu @WXcS g_U[ZY KZ]YVzY[cf J^W G ¨B DHiqf ea Z©X XrºÐ T` ?X^U[ P[WXcSppY[ r_U AWVkU NU[WU Ac{aVXc[sTf © jD OZZW tUVVWRXf eLBVY DHu \S IIf ·B CPP IHu WZXRkXcRc^ jDu BVTUe Sa_UU_UcRc^ jIf B K[WVV TY[WVYZQ cSVUW` ^SZYcY^Z IHQjif VVTUWVRP WZX jiQjqf VVTU`K cU[^WZX jqQjHf PCN XWQ `WWVWQWVTUWVRZ cY^Z kllcU[^ jHQqjf elZ[ IEu WZXVcZ IHu WZX^Ukc jDu WZXTU_f PUUcRW Iq e DHqjf
IIqhf [s_bTUZu LU[X O[ZYf eUUXU DI DDD DHiIf ea _Sac OZbY[X eWVaYVT r _U gYbU LS`WXU AUVTWZYZf © IH @U]ZaWVb KVWXUzYca dRZ]YVVf eWVVYu eLVcU Iif PURkkU^ AU^XUXXUf
Ac[sTzY[] IjQIFf J?r IGQqhu LSa_UQPSc^U ?\ qhQf e@ qu NT DE \Tf LcZf JU[[ cYZZWXu URcSWVRf p II B¨ DHGIf
IIqFf AUVTYZXUU[Wu PRVcWTSf J^W ID B DHihf ea ^SRVR> ARVS AUZcY[W A_U OR]RXcU NU[WU JWVcRZYZf © jG p DHqE ^SZcc BbU NU[WU eYXUVUu BB hi C? LWWXU @WTTWf rSW^U AYkkS hhf eWVVYu \S Iju C[YYZ XRST \^ DFQDEu CssVsZ \^ DEQDHf P IHu cYSV Y[ScRc^ jju URX^ ^UZXUSkWXc `U[cYZ qFu tYXcaWVV C[UWQ
ZWZ] ¥SVVY]Y jFf eWa `UkUU^W[^SZ kUk jju Y`VRc kUk Gqf PJ
`c ZSc IjQIqf eUkUU^W[^SZ AUVSZ XYRb XUU[ZUU_U jjQjqu PScQ ^UZ X[^ XUUT jqu PU[ccRVUZ X[^ YXWTXUUT jqQjhf A eUkUU^W[Q ^SZ VlaSkWXc _Sac jFQjHu XSX_Sac YXWTWYaYZ UkRV qiQqhf AUZQ cUVUZ ^[ ^UZXUZSkWXc [Yac qFQGIf JUZ]SZ XRST X[^ `c ^a[U Ghu `W[UVV UkRV GGf AUZcUVUZ ^[ SkWXc SkYcc GIQGjf JUZ]SZ @UZrXcS XSckUXc GhQGGf eUkUU^W[^SZ `W[UVV YbRXc G Y[W TUUXXU jjQhFf dRV^ ARSTYZ eUkUU^W[^^Su XYZ X\Zc\u kY[WQ UUccYYc _U cSWTWZcU jqu eUkUUc ^[ \ab\X^RZZUc FDf eU[aUWXQ ZRS[WXSQVYab kllcSWT qqQqhf nVYWX^W[^SVV cSWTW^ _lX qIQhFf rU[cWSVWkkR^ J]WZ eY[XS`YW^Sc _Sac jGQqFf JU[[ Z\^\^[YW^Q ^Uf eYVW IIqHf
IIqGf eUXUTUu oRZS BVTU[Wf rW[^^UVU DH B¨ DHiIf ea T` PUU[VS OR]RXc e _U KTTU rYVcSZYZf © ID JYVTW L\\bWU el[csf eWVVYu eWVcl Iif rRSV`SWT UVWRkX _U cUVa IDQjqf PSZccS[WkllVV J]WXXlf ?XUVV A _U eW[SZ `UkURXXScWWZ DEQDHf Qc J ¨B DHEGf
IIqEf NYVUu rYZccW AUTRYVf NlZcXlVl IF eWVW DHihf ea T` ?X^U[W N _U JWVbU KTWVWU rRRcRVUf © qD ^UZXU^S NY[W NW[_UTW K[lZZYf
« BeWVVYu \S Ihf PUZXU^S AS[cU`UVUZ B XYTWZ IGu cUWbYkWW[W OcYZYRT cUWbYcYSZ ± ^YX^RX^ ][UUp SX jIf PUZXU^S IGQIH G O[c_l[`Wu ASTY[Su jhQjE CY[W_S^Wu JW[Q
§ `YZXUVTW _U PSc^Uu qiQFh PWW^UVU _U rR^^WVUf CUWbYUVUVVU IHQjhu XW`Rc\sZl VlaWZZl TUUVU[WZUf PU^XW \^XWc\WXZl\cQ m§Ð pQ{AXT cYV\lf oRXWTUUQVYab kU^WZSWcXW_U hDQfQ rR^^WVUXXU SkYccU_U\ab k_u TRXYS\ab cSWTWZZUZ_f AcTf JU[[ XRSTYZ ^WYVWu ^W[_UVVWXRRXu XURZUf c ji B¨ DHFFf
IIqHf AUVTYZXUU[Wu LYTTWcc\f J]WZ kWc DF D DHiFf ea ^SRQ VR> ARVS AUZcY[W A _U NUW^^W JWVcRZYZf © jq @URaU eUWXTUUf BeWVVYu \S Iqf ·B IHu C^L Fjf nVYWZYZ @U^YZZRX ?\ jiQjqf AUZWcSX ?\ jqQjFf ?CP jFQjGf @OPJ jGQjEf JU^U jH½qFf rRRcUVS ?\ qGQhhf JP@ hhQu \VYWXYZ SX SXkllVV FDQ FGf ?n k[Sp FEQGFf CPP Y[W^SkYcc qEQFIu aSWcUZRc k[Sp SkYcRXcSWZcU FjQFqf CSWT rU[cWSkSW^U_l[_u Ar@u elYXcsZXRSQ _YVR_l[_f e@ j T^u e@ q T^f NT jHQqiu NT qDQqhu eXX UT Df BZXTU_ qDf eYVW IIqFf
IIhif AUVTY }QiF ARZbXc[sTu Qji AUVSZYZ~u JYVTY[ [WcWSpf rY[ZWs DD e DHijf ea c\sTWYX dRaS PRXcUU A _U NU[WU LS`WXU LWZbzY[]f © jD p DHjj K`U OVWZU dSXYVWZu BB jh SkYcc JWVVY`W CYVVY[`S @\c^sZYZf Be¡VVYu \S Iqf P IEu C jEf NRWZUWXcWYc cSWQ TW^ aWXc SX UTUZ IEQjju WZcYZbYZccW jjQjEu YXWaWXc SX _Sac jEQf Jn [UaUQ_U TWcUVW^S^SYV aSWc jDQjEf A ^ScWXYRbRZQ cRc^ ^YX^RX`UVWS^ XWac IFQjEf PScWXYRQ cRVYab XWac IHQjqf A NRWZUWXTRWXcS\ab _SacS^ _lX jhQjEf A o[aYWVRTRXYS aUVW _lX hHQf AU^XUZ O[^YSV BZXcWc ^W[_`UWac_lX FDf e@ qu AL @ Du NT jHQqi TX^u NT qDQqhf LcZf QJU[[ R[aYWVRu ^R^^WYZaSWcSf c Dq B¨ DHGjf
IIhDf rYZZUZYZu dU[ZS KVWXU[f J^W E ¨ DHiFf ea Zl\cc OU[ZY ?[_UcXUVS _U ^W[_UWVW_U OWZ¿ KVWXUzYc rYZZUZYZQ@SVpf © IGQqF B[_U KXcY[W eW[cUu qFQ ^W[_UWVW_U OZ_U LYWVU JYTTW^ eUTTYV`RSf oVWVVYu BeWVcl IDf K[W XUZSTUVYac cSWT IqQ jDu jHQqif dS^U`WW^^SQVYab kllcSWT IEu PW[_UVVWXRRXVYabYZ jIQjEu A>A qhQqGf C\s^UZXUZ AUZSTUc cSWTkllVV hDQhIf eUkUU AUZU cSWTkllVV qEQqHu kllcSWT hjQhFf PUZXUZ oRcWQ XYc kllcSWT hGu NSX^S`UZ ^W[_YYZ`UWac hGQFif CWVUZZYQVYab kllcSWT FDQf A c\s`lYZcYUcc Sa_ qHQhif c Iq eBB DHFHf
IIhIf CU[aS}QjD MRXcUpXXSZ~u eYVW O^XYV OVp[Ybf CY[`SVU F eWVW DHiFf ea \VWQWZX OVp[Yb MRXcUpXXSZ _U OZZU [Yb[W^U
>\VRZbf © jF KzzU Ac[sTzSTf BVV[VVYu \S IFu eUUXUZ [YUVWQ V\X BQDDD B^f ·B CPP jDf Ala^s ?\ AWYTYZX jEQqhu ?\ Ac[sTzY[] qhQqFu BZXc[RTYZcU[WRT ?\ qFQqEf ?\ ¥[SZ`UVV cXcSWZX jqQjGu qEQFIf BZXVcZf
IIhjf NYR[TUZu rSZcRX JYW^^W [Yb[W^f PU[^^R IG eBBB DHiFf ea kWW[WVll^ ?ccS N _U OWZU B]ZUcWRXf © jH cY[`Y\XXWXU[ OWVW BZ^Y[W PR_UVUf BBBwVVYu ewVcl IDu J]WZ XRST \^ \S Ihf O][ Jn jIu NNP Jn jIf NUUcUV CRc^^YX^ kRRcU[aUZcRc^Q VUWV IhQqDu PU[_UVUZ ^SYUXYTU _Sac qDQFHf CSWT X^Q_l[_ IGQ qIf Ae@ @ Du ¨¨¨f nVW^ qif NUUcUVSRbYZ ^WW_ VYabWXXl _U cRc^WTRX^YX^R^XYZ cWYbSWcR^XWXXUf JU[[ kRRcU[aUZ aSWcSu kRRc\scf eYV_Yc FDEu GqDu HIFf
IIhqf rUVUZbY[u A`YZ K[W^ MWbYSZf d\`lX^\Vl IH ¨B DHihf ea LL MUz[WYV r _U OZZU OR]RXcU gSZXbS[ppf © jG oV[W^U M[UZpYVcf oVWVVYu eVVLVcU IFf ·B ·[YXbYZWZ CPP jjf O OaVXc[sT ?\ tU[^URbYZ cYac cRc^WZX jqu kRRcUVScYac cY^Z _Sac qiQu tU[^URbYZ AUaUZ qGQu PU[aRVUZ kRRaWSTS cRc^WZX jEQqif e@ Iu NT jHQqif JU[[ ^UVUXcRXf p Di BB DHEqf
IIhhf @URXXWu @YWZSf eW[SVUacW IE eB DHiFf ea ^SZXRVYZccW OZcSZ @ _U tWVaYVTWZU @SXYZzVUbf oVWVVYf c J^W E e DHIjf
IIhFf AUaUTU }QqE AUaVXcYWZ~u KWZS eUVcY[f NW^^YVW IH e DHiFf ea eC MYS[] eUVcY[ AUaVXcYWZ _U M[YcU PU[SVWZU OVSQ kUYRXf © qq ^UZXW KTTW CRS`W P\VVW^^W rRV^^WZYZf oVWVVYu BeWVcl Iju ARST V\X \S IGf nÁC jFu eC qjf ACP SXXWac jGf LUkWZ cRSTWS^ C>Sc qDQqIf PCN \VWT YXWcc qqQhqf e@ q cV^u e@ qu NT jHQqiu NT qDQqhf PUkc qIf p H eBB DHhEf eYVW IhhFf
IIhGf tW[cUZYZu dRaS eYW^^Sf J^W H B¨ DHiqf ea ^URkk dRaS t _U ?V]U ¥aU[VSccU AcW]YVVf © IGQjj AW][Wb OVWyY M[sZQ [SSXu jqQ PU[WZ BZ]Y]Y[b KVWXUzYc NS[YZf oVWVVY oVWVcU Iif PSZccS[WXcW J]WXXlf c DF BB DHhif
IIhEf MUVWZWXu ObSVpf CR^aSVTU IE BB DHiGf PUX`UcRXlWcW CSWZW B[YZY Bc^SZYZf BVWVVYu JWaU DHf c II Be DHIjf
IIhHf JRR[Wu eUVcY[ PUVY[`Sf eWWkR[W DI Be DHiEf ea WZX OVY^XUZcY[W J _U JWVTU ObYVUWbY ¥U[VXXSZf BVWVVYu eVWVcU Ihu \^X \S IEf P jju L qDf LcZf PUUcRW F ¨B DHqDf
IIFif dScRZWu AU^U[Wf BVSTUZcXW j eBB DHiGf ea VYac dRaS OVp[Yb d _U OVpaWVb NUVT][YZf © qi NW[_UT JYVYZU JRXRf BVWVVYu oVWVcU Iiu J]WZ XRST V\X \Sf P _U N jGf elZ[f PUUcRW Dh eBB DHqDf eYVW IIqIf
IIFDf LWZbYVspu dU[Vf J^W IE ¨BB DHihf ea N @WyaU[b NUcaWUX L _U MR[VW ÄzY[]f © jqQjF JWV_U ·U]TU[ CRS[YXf BVWVVYu oVWVcU Ijf Pl\Z\c ^URkkU^f PSZccS[WXcW J]WXXlf c ID eWVW DHqif
IIFIf @UZZWXcSu PURZS BVTU[Wf ³CUTkY[Y h eB DHiFf ea
^SRVR> dSaUZ Kb`U[b @ _U ?V]U PUcUQ [WZU LYWZWsf © ^UZXU^S NUW_U OZZUQ LWWXU OR^YYf BLVVYu BewVcl Iju J]WZ XRST \^_U JYWZSVUZ ^YX^W^ _U _Uc^SW \S IGf N jqu VWW^YZZY`W[^UTcRc^ jFf e@ jqQu @J cWVUXcScXcS ^W[_UZkWc qjQqhu DD cU[^^UU_U qhQqEu U^cRUU[W qEQhqu ^SZcckllVV hqQf @URcUVWYSkWXc cSkYcc qhQu @J eW[^UTWYaYc k_ qGQu AL @ Du NT jHQqiu NT qDQqhu eXX UT I X^f
PY[Xf JU[[ TUc^UWVRUUcYf c ji ¨ DHEEf
IIFjf AU[U`WWcU }QIE AWVYZ~u dUU^^S dRaUZWf J^W ji B¨ DHiGf ea ^a[U PUU[VY OzYV AWVYZ _U @SXU BZ]YzS[] AY`SZf © jh JL B[TU OWZS ClacWZYZf BVWVVYu \S IFf nÁC jqu LUP _U eC jEf PYTkYVYYZ >N jhQjHf ?RVRZ LJ \VWT YXWcc jqQjhu VllZWZ[Y`WWXS[W jHQqÉf JUUkU_l[`YZ ^WaVU^ `c aYZ^W^W[_ qiQ qIf ?RVRZ VllZWZ `Y[ScU[^ qjQqhf OO ?RVRXXU qhQf e@ qu
eT Du NT jHQqiu NT qDQqhf ellk qIf JU[[ ^UVUXcRXf c IG BB DHFHf BXl IqFf
IIFqf eUX^WS }YZc tWbYZWRX~u JYW^^Wf PRSkWS E B¨ DHiFf ea N PU[V O tWbYZWRX _U K`U KTWVWU KZ][SSXf © ji PW[XcW MU[\ NW[UZbU >WXXWZYZf B VVYu BBwVcU DHu oZW` AyaSSVu JUXQ cWZ]X }KZ]VUZcW~ IDQIhf PUbP IFQIEu XScUcY^Z ^SRVR jjQjqf rRSV`SWT ZkW `WYXcWRkX IEQjGu ^STkkkllVV jGQqif ·W`u ABu [\aT _U OP `WYXcW^ST qiQqjf rNu rLJ _U rK cXcSkllVV qjQ qhf eWYXcWe kllVV qhQhDf LWW^YTWYX hDQu e@ j cV^u e@ ju e@ q @YX`lZ[ IFu BcZ jiu ^Ukc jGu TU_ qDQhDf JU[[ UTkRTWQ ZYZf p H Be DHEEf eYV_Yc Djiiu Djihf
IIFhf tYXcYZu o[aS dSaUZZYXf J^W ji ¨B DHiqf ea kUVSXSc dSaUZZYX t _U BbU NU[WU eUaV[SSXf © jj JYVTW KVWZU eWV_UQ `Uf BBwVVYu ewVcl Ihf rRSV`SWT IGQhIf e@ ju e@ qu Ae@ TWc Iu NT jHQqiu NT qDQqhu eXX UT Df PY[X IEu \VW^ IHu `llk jGu BcZ jHu ^Ukc qIf p DH B DHEGf rS_Uc hGqIu hGqju hHjIf
IIFFf eW[^^RZYZu NUccW AUTRVWf PUZ]UXUVU IE e DHiEf ea k[Sp rUU`S KTWV e _U PUc[W >UYTW CaRVYf © jF N KY`U JSZ^U_RR[Wf LUkQ XYc KY`U PUU[WZU jGu NUccW dRaUZW qju JYVTW NU[_UUZU qGf BLVVYu \S IGf nÁC jqu eC jGf oN jqQjHf `U[U^SZX LSZcSS jHQqDf oN _USXcSXWac qDu ^URkQ kUkSVWWcc SX UkRVSXkllVV qDQqhu SXkllVV qhQqEf P?r _SacS^ _lX qGQu kll_Sac qEQ Ghf PPP k_ hiQGIf PUZXUWZ`lV PURkQ kU^UcR `U[Uk[YX _U A SX k_ hEQGif @URQ TUQ@YkSVU ?\ aUVVZYR` _U aUVW k_ hIQGhf eU^ ?\ rSa_SVU aUVVZYR` qEQFqu _SacS^ `k_ FqQGFff eU^\ac AUVUTU aUVVZYR` k_ hFQFHf A rUZ^^W\ab k_ cUW `k_ qEQGhf @UaUVUWcSXcYZ >YR`^ k_ hqQGqf CRn `UVcRRX^ k_ hqQGjf JPPP `UVcRRX^_U aUVW `k_ hjQFFu k_ FFQGjf LWW^YXW`WXc\X[UaUXcS aUVW k_ FiQu @oL `UVQ cRRX^ k_f oX \[Wc\XcYZ aUVW k_ cUW _lXf LUc`PC@ @ jFu LWYccQ MYbµ jFu e@ j T^u NT jHQqi X^u AL Pu AL XRR[[u BcCO@ Pu @RScX r@ Pu C aY }CR[^R~ Fhu PCC aY }J^W~ FFf NU_ Fjf p DD eBB DHEif eYV_Yc DHjGu IihHu IqEju IHGHu jDhif
IIFGf ARRcU[WZYZu K`UVbf rWYcU[W q B¨ DHiqf ea `UWabYTWYX rWYcU[W A _U OZZY AWV`YZcSWZYZf © IH PY[ccR NU[WU K[W^XXSZf BVWVVYu o[WcU DHu CY[W_SYZ n^ BQBB B^f J]WZ PURkk PURkkU^ DHQIDf dU^YVR^W[_U^URkUZ VlaYcc IDQIIf e@ IIQhqu YVl^Q ^YYVVY UXYTUTWYaYZlf OVW^f p H eBBB DHEqf
IIFEf OUVcSu rY[QK[W^ @U]ZU[f PU[_UU IH eBBB DHiEf ea VWW^YZZYcU[^ JY[zY[c KTY[W^ O _U JWVQ bR[ BZ]YzS[] LWZbzY[]f © hE cY^XccUWc KY`U KVXU NU[WU PSX^YZUVRXcUQOUVcSf \S IGf ·B CPP cWYQ _U `YXW[U^ jDf CeJ eUUXUZ kWW[W jDQjqu J^W jqQjEf CC?L TY^UZWW^UZ VYac jEQhFu \VWSkYcc hFQGIu YVl^^ GIQf CY^Z SkkWVUWcSXcYZ SkYcc\ab [Uaa qGQu C[YYZ XYRbRZ XaU^Q ^WkWW[W XWac _U [Uaa hhQf C[YYZ pWVUcYVWXcWQ XYR[U XWac hhQFDf e@ q T^u AL @ Du NT jHQqiu NT qDQqhu ¨¨¨f BZX^Ukc qjf JU[[ kRRcU[Q aUZaSWcSf c ji B¨ DHEhf
IIFHf OUVcSu eWV_S PUVY[`Sf J^W IF e DHiGf ea @WyaU[b O _U JYVYZU LUU^^SZYZf © jh BbU @U^YV eW[cUZYZf C\cl[ @URZW jFf eWVcl Ihf nVWkY[lTcRc^ IH _U TY[W^UkccRc^ jj CR[RZ TY[YZ^RV^RSkWXcf PSVTWTUXcSkU[^^W rU`YV j `RSccUf K[W ^URkkUVUW` Y[W \acWsWXXlf eWWTYWXYc jh ` _llZTR[cU_WYZ kllVVu YVl^^ Gif e@ qu Ae@ @LQ LcZf eYVW IjFDf
IIGif OVWcUVSu KWZS BVTU[Wf J^W H ¨ DHiFf ea ^SZYUXYZc
KTWV ?VURX O _U \^ `UacWTYXc UZZ\ KRp[SX\ZY ÁaTUZf © jD c DHGG VURVU_UQ
cU[ OZZQLWX LYUZbY[u BB GG Vll^WZcs>
PUWXU CR[kYWZYZf \S IGf CYSV Y[SQ cRc^ Jn jDu SkWX^ CPP U[^^ SX IEu Jn kWW[RXcRXVUWc IEQIH _U qFQFiu kUXcS[cRc^ jqu URX^ SkkW^ `U[cYZ hGu kW^U^W[_cRc^ hif AScWVUXkUkkW Y[W _SR^^SQSX jDQhEf rK ^YZcclkWWXkUZcXcS cXcSkllVV hEQFjf
NY[W` ^YZccl[S` FjQFFu YVl^^ FFQu K[W
X[^ \VWT kUkkW FFQGFf J]WZ X[^ cWYbXWac hIf PAA D XScWVUXQ kUXc hHQFjf J]WZ >NPn _SacS^ _lXu UkRVXWacu ZRS[WXSc\sZcY^ IEQjif A>NPn aUVW _lXu XWac _U c\s`UVWS^ _lX qqQhif A Y^RT ZYR` _lX qEQFHu cWYbXWac hhQFEf J]WZ ?[WTUccWVU^Y[aS k_ FiQFhu ^RZZWUk_ EEf CSWT A CUWcYWVW_Uc [\f @S`UXcW hFf e@ ju e@ qu Ae@ d Du Ae@ du ¨¨¨f PYZccl[S` Fjf JY[lccl_lQ VYab ^W[_`UWac hhQFjf ?XUVVWXcRZRc cUWbYZl\cc >S[_UXXUu @RScXWXXU _U ARSTYXXUf JU[[ cUWbYTUUVURXu SkWX^ VURVRU AU]U LYUZbY[WZ _SabSVVU FjQEIf
IIGDf PUVVWUVU }YZc gY[][Sca~u >WWVS ?VU`Wf LUTTW Ih BB DHiHf ea UkcYY^^U[W [UZX Kb`WZ gY[][Sca _U LWZbU PU[SVWZU dSaUZXXSZf © jj JU]U[ BZ]YzS[] LYWZSZYZf ewVcl IGf rSVWWXW^STWXU[WSu cSWTW _U cSWT_ J]WXXlf PUkc qIf Qp ID Be DHhEf eYVW IhiGf
IIGIf rS[Y }YZc gVST£`WXc~u eWYZS eWacS[Wf JYWZSVU Iq Be DHiEf ea k[S^ dSaUZ eW^cS[ gVST£`WXc _U OZZU AcWWZU CSTQ kR[Wf © jq LYU NW[_UT NU[]U[YcaU AU[VWZf \S IEf eU^RRQ cRXcY^ZWVV ^R[XXW jGu ^W[_UZkWcSQ _U cWYcS^SZY^R[XXY_Uf PYX^WQ ZlWZYZ eU^\ac PUVY`U jiQu k[S^ qhQhhu ^UT[ hhQhHu ^SZccQ kllVV hHQu aUVW _lX _U _SacU_U hHQf LURVRQNWYaYc cUVa _U LN ^WWZcYWXcs ?\ aUVW _lX hHQf e@ q }I ^kV~f NT jHQqiu NT qDQqhu A^ UTu PPP ^RVc UT[^f PUkc qqf QDii T _RS^XRZ ZRS[cYZ ANf JU[[ TWYX^RS[SVURVRu UX^U[cYVRf p IF ¨B DHGHf eYVW IiGjf
IIGIEf K^VRZbu PUU[VS BVTU[Wf J^W IE e DHiHf ea \VW_RZUWQ VW_U PU[V Ob[WUZ K _U LWWXW Nl^WZYZf Be¡Vcl Ihf p II eWVW DHIGf
IIGjf g[ScaY[RXu PU[V JYZ[W^ }JYW^^W~ J^W D Be DHiHf ea
k[Sp PU[V @SzY[c g _U eY[U OR]RXcU
¥U[VXSZf © jh PUc[W LWWXU B]ZUcWRXf \S IGf N jIf oN jhQFif [YY VUZyY FiQFDf OkRQVYab Y[W^SWXcSWT FDQFjf A PR`UVYacW cSWTkllVV FjQ eUZaS_YZ
>S[XXWYZ aUVW k_ FjQf LlaXcs>u kllQ
^SZXRVWu AL Pu e@ qu RX RV^STUWXWU ^RZZWUTu >S[XXWZ ^RZZWUT[^f OVW^ IHf JU[[ ^W[_UVVWXRRXf c ji ¨ DHEhf eYVW IEEju kS_Uc hFFIu FGhiu FGhDf
IIGjEf K[`W }Qjh KVY[X~u rURVW JYZ[W^f J^W Ih B DHiHf ea WZX JYZ[W^ dUVS eWYZS KVY[X _U LWWXW PSX^YZUVaSf © jh VYZZlQ cWZ`W[^ KXcaY[ tWVaYVTWZY @URcUZYZf Be¡Vcl Ihu J]WZ NUUZ`WV_YV\XV\X eQeBB B^f PUbP jDQjju ^Ukc^R[XXW jHu ^ST^R[XXW qEu TUWZSXaSWc ^S[^YU^SRVRVWZ_U hjQhqf BVTUQ `SWT IHQhqf A ORcS^VRzW VWW^YZZYSX kllVV hqQhEu cSWT_ FiQf CUV_U ^YZcclkllVV hEQhHf oX ^UZXUWZ` ^STf okXVWWccS aUVW hiQ hIf BVTUWVRVWWccS aUVW qhQhEf e@ j T _U cV^u e@ j T^u e@ q T^u AU^Xµ[ Iu AU^XPµ jf @YX`lZ[ jiu `lZ[ jju VcZ jhu ^Ukc qiu TU_ qIu Y`V hjf JU[[ URcSWVRu cYZZWXu aWWacSf p q ¨BB DHEHf eYVW IjGGf
IIGqf g[RTTY[u PUU[VS K[^^W oSVY`Wf J^W ji eBB DHiHf ea KXWcc> PUU[VS dSaUZZYX g _U OWVW NU[WU g[RTTY[f © jh p DHFi C? PY[ccR OZZW^^W g[RTTY[u BB FF JCPP PSQSX ZSc PY[ccR OZZW^^W MUVVYZWRXf LUkXYc CRW_U jFu NUW_R^^U qhf \S IGf ·B CPP PS jqf A Ala^s ?\ MSccp[ Ac[sTzY[] Xla^sVUWcSXSX kWW[c _U VUWcYXRRZZ jqQjGf rRSV`SWT J]WZ cYSVVQ kWW[ YXW^RZcUWZX jGf CY[`U^SX^W ?\ CY[`U^SX^YZ kUkY[WcYac Xla^sZ ^l\ccsWZX jGQqGf ?\ CUTkYVVU BZ^Y[SWXcYZ _U OZ_UVUZ cYac `SWTUWZX qGQhif nac\ZYYc rUkY[WcYac ?\ eUV^YU^SX^W
`SWTUWZX hiQhDf M O AY[VUyaWRX ?\ NlZccl `SWTUWZX _U `SWQ TUkllVV hDQGqu ^SZXRVccWcYac GqQGFf CYSVV VlTkscY^Z ^Y[aS k_f rSa_QJlTYYZ rRaYVWZ\ab _SacS^f dUZU^^UVUZ ^RZZ ZRSQ [WXSVc^f CY[`U^SX^YZ rW^^R^W[^^S\ab `k_f NlZclZ >NPn `k_f NlZclZ X[^ ^W[^^S`UVcf BZ^Y[SWXcYZ nacYWX^ _SacS^f @RSQ `YbYZ Ala^sVUWc _SacS^f eT Iu NT jHQqiu eXX UT If dSWcU^WZ _RV^ cY^ZWVV _U TRWXXU UW^U^VYabWXXlf JU[[ ^UVUXcRXu URcSTUc^UWVRu TRXWW^^Wf
IIGqEf @WX^UVU }QhF [WX^zY[]~u PR[c tWVzR[f J^W Ii B DHiHf ea ^YX^RX^STWXU[WS ?ccS tWVaYVT _U JWV_U KTWVWU OaV£`WXcf © jh OZZU PUcU[WWZU AUVSTUUf \S IGf nÁC jqu eC jGf JYZ^W^W[_SWZ jhQqhu aYZ^W^W[_SWcR^XYZ \VWcU[^ qhQ qHf oRbYZTUUZ LJ VllZWZ> qHQFIu cU[^UXcRXVc^ k_ hjQhHf PJ? _lX _U JZcS> FIQf J]WZ kSVWWXWVUWc ^W[_R[W IGQjqf OO PU[_UUVVU _U LS`WWXUXXU jhQqhf A aYZ^W^W[_SWccU_U\ab _SacS^ _lX _U XWac jGQqhu ^RZZWU_lX qhQf LllZWYZ aUVVWZcScRST \ab k_ hFQFDf A VU^WTWYXVWWccS aUVW hEQFju `k_ FqQu AL Pf PS[k[f JU[[ ^W[_UVVWXRRXf eYVW jqjGf
IIGhf PUVYVU }Qjh ¥U_UZbY[~u PUU[VS K[^^W PUVY[`Sf J^W Di e DHiHf ea k[Sp OWTS PUU[VS ¥U_UZbY[ _U LUWZU KVWXUzYca ¥YbY[zY[]f © jq N OWZS NU[_UccU AUU[WZYZf \S IEf NJ jDu NNP jqu NNL jGu `lWcYVV\c jFf Jn TYcXlZaSWcScWYc bSX jGQqFu hjQFqu NJ qFQhjf PYX^RXTYcXlXYR[U CUkWS cSWTW hjQFIf NKCLO \VW_Sac _U k[Sp FIQFqf ?P?u ?XRRX^UXXS_YZ PYX^RXQ VWWccS _U PYX^ `U^\ac OR[UZ aUVVZYR` _lXf A LRSZZSZ `U[UWZ CRc^XllcWs aUVWf rRSVRXcRXcUVSRbYVV XRRZZWccYVR^ _lX FiQFqf e@ qu AL Pu Ae@ @ Du NT jHQqiu NT qDQqhu RX TYcXl\abWXc UT[^f nVWV hFf p J^W F e DHFqf eYVW IDFEf
IIGhEf Pl[^sVl }Qjh M[sZ[SSX~u ?W`U JYW^^Wf eWacW IE ¨V DHiFf ea [llclVW OR^RXcW M[sZ[SSX _U OTUZbU ASpWU JYZYVVf ewVcl Iqu J]WZ n^XWc\WXVRS^Uc \S jif K^SZ JPPP jIf ?\ O[UzWU ^SZcc jIQqjf rSa_SVUQPSWccS ?\ }JlTYYZVWZZU~ ^SZcckllVV qjQhGf JlTYYZVWZZUZ PURkkUSkkWVUWc cSkYcc FIQu LcZf p Dq B¨ DHEIf
IIGFf ¥UXc[YZu K[^^W ?VU`Wf B^UUVWZYZ IH eBB DHiHf ea k[Sp ¾Uya[WX ¥ _U KVVW P\UZbY[f © qD CUWTW NUcWVbU eUU_Uf LUkXYc LWWXU qIu LYYZU qqu NUW_U hiu BVSZU hIf \S IGf CP jju CL jEu CC jHf K[W SkkW^ RX^SZZSZ _U pWVSXSpWUZ VYac jhQhEf Jn bSX qqQhEu cYSV YXW^lXWccYWbYZ `c UkRV qFQqHu hFQ hEu UkRVk[Sp hEQGDu X\XcYT cYSV UkRVQ k[Sp GDQf K[W X[^ ^YXlXW_UWXkUkkWZU qIQqHf Ae@ @ Df c h eB DHGHf
IIGFEf JUUacWu dSaUZ ?VU`Wf J^W DF eB DHiGf ea XUcRVUQ XYkkl ?ZZW dSaUZ J _U dYZZ\ NU[WU AWVp`YZWRXf \S IGf K^SZ JPPP jif rnr kUV` AU`SZVWZZU jiQjqu eU[^URX jqQ jEu eWWkR[W jEQjHf LcZf PUUcRW PW`YZZU`UVVU I ¨BB DHjHf
IIGGf O[aS }YZc JU^UVWZ~u JYWTS rlW`Wsf ?RVR Ii ¨B DHiGf ea \VWc\sZ_Sac NUccW JU^UVWZ _U KVVW JWV_U AUVSf © jq `U^`W[^ @Rca BZ]YzS[] dSaZXSZf BewVcl Iqf A?P eUU_U^SX^YZ cYac \VWc\sZ_Sac jHQqFu rUUXW`UU[U JY[ccSZWYTYZ cYac qHQhIf tl[cXWVl ?\ J]WZ cYac ^SZY^S[_UUTSZ aSWc hIQf p Ii B DHEHf
IIGEf JWVVTUZu OU[ZY eW^cS[f B^UUVWXcYZ kWc Dq ¨B DHiGf PUX`UcRXWXl ^SZYYZ^l\cc dRaS Kp[UWT Jf © jq KVZU eWVaYVQ TWZU OUVcSf BLVcU Iif @llclVW @URTUVVUf p IF e DHqqf
IIGHf JW[Zu dRaS O^XYV ObWYVf ¬J^W IE DDD DHiHf ea k[Sp CUU`W J _U K`U OVpaWVb gY[][Scaf © qDQqh OZZUQLYU LSRaWQ `RS[Wu qGQ ·S[bW NU[]U[YcU JSaYZcaUVf JLVcU Iqu J]WZ
XRST \^ \S jif LUzS[UZccWf p Ij ¨ DHhIf BXl DjDu `YVW IhDGf
IIEif JU[WTU }QjF JSaYZcaUV~u dS[TUf PS^^SVU IE eB
DHiEf ea ^URkkU> AUTRVW OVzY[c J _U OZZU NUcWVbU g_s[^VRZbf © jI eUVTU KVSu qh OZXU rUU`SVUf oVWVcU Iqf
J]WZ ^URkk ^URkkU^ IhQIGf CUVSRXQ ?XU^Y^URkkU YbRXc jIQjEu k[S^ jEQ qju cSWT_ _U _SacS^ _lX qjQFjf J]WZ CUVSRXQ ^URkkU ?\ _SacS^ k_ hEQFju eW[^Y ?\ qEQFju eUVcU[W ?\u PRVcU^Sc^U ?\ hiQ
Fjf A CR^^R^URkkWUWccYZ LWWccS _SacS^ hjQf CR^^R^URkkS_YZ ?\ aUVVZYR` hFQ
J]WZ ^URkkU^UTu LWW^YXW`WXc\X[UaUXc _U A\blZXllcWsZ aUVWf PURkkUZYR`SX Fif Qp DD eWVW DHFjf
IIEDf JSVSkUWZYZu OU[ZY dSaUZZYXf ³PY[WTl^W Ih eBBB DHiFf ea c\sT dRaS MUz[WYV J _U AcWWZU OVzWZU >Y`UVUWZYZf eWVVWVcl IGf QpIg BB DHjif
IIEIf JSZ^UZYZu g[RZS dSaUZZYXf J^W Ij ¨BB DHiFf ea ^URkk >W^VUX J _U B[YZY ?VW`WUf © jI ASWZcR PU[VXXSZf oVWVcU Iqf
IIEjf dS^WVYacSu KY[S BVTU[W }PSXR~f J^W DG eBB DHiGf ea c\sZ_Sac PUVVY eWacS[W d }PU[V eW^cS[ dU^SzXSZ~ _U K[W^U PUZcSVUf © jF kWUZWXcW JWV^^U OZZW^^W rsVasf LUkXYc dR^^U jEu OZZUQNUW_U qDu oVVUQAU[W qjf \S IGf O[^^ CPP jFf O[^^cXcS K[^^W JRccRZYZ jqQqhf NW^^YVWZ ^URkU[^^ qhQhIf ?TU U[^^cXcS hIQEhf NW^^YVWZ VllZWZU[^^ hGQGif ARR[Q AU`SZ CY^Z XYR[U ^RZZWU_u NW^^YVWZ PVRzW ^RZZWU_f e@ q cV^u e@ qu NT jHQqiu NT qDQqhf PUkc qjf JU[[ ^W[_SWcQ cUTWZYZu U^`U[YVVWTUUVURXf
IIEqf dl[`WZYZu dSYV KXUWUX }KXU~f J^W F eBB DHiGf ea \VWQ ^SZXc ?ccS d _U KTWVWU eWVaYVTWWZU JU^U_l[`Wf © jE ^ScWcUQ VSRXcY^Z PVUU[U NU[^YccU PUR[UVUf eWWcU IFf NRXcWUVUZ TUUTWYXSkWXc IEQIHf NUUcUVSRXaU[_ _U cWVUZaSWc IqQIGf rWYZ`WV_YVW_lWZ PYX^RXVWWccS ZYR`S_U IHQjiu jDQjEf N` rlV^lQ ZYYVVl jjQf JlTYYZ SXRRXTYW_ _U rlV^lZYYZ SXRRX^UXXU aUVVZYR` _lXf rlV^lZYYZ `RS^[UcSWTW^ k_f LcZf JU[[ TUUQ cUVSRXcRc^WTRXf p Dh eBB DHFEf eYVW DIqIf
IIEhf PUWVU }YZc dSaUZXXSZ~u LUR[W eWVaYVTf J^W F e DHiHf ea U[^^WkWWXkU K[^^W P WU OWZU NU[WU ·[U^Yf © QFq AW[^^U CY[ccR JU`Rf eLVcU Ihf K^SZ jDu PCP jhu PCL hqu `UVUZQ cYaZ\c ^WYVYZ^llZc hjf JlTYYZVWZZUZ ^URkkUSkkWVUWc VYacf c H DDD DHEHf eYV_Yc Gjiu Hiqu DiGqu Djhqu DqEif
IIEFf PUWcWVUu KXU JYW^^Wf ³eWWkR[W II Be DHiHf ea k[Sp
BVTU[W eY[ZY[ P _U AYVTU ¥aU[VSccU NWYccWZYZf © qi VUzaSWc JWV^^U NUW[Y KTWVWU JSZ]WXcSf \S IHf P jqu C qhf ACP UXWUT _U ^SZcckllVV qIQqFf CUVSRbYVV CRc^^YX^RX _Sac qFQhif CPPP VWW^YcUVSRXcWYc k[Sp hiQhGf Jn ^UZXUZcUVSRXcWYc UkRVk[Sp hEQFIf eUVQ cWS^SZcc kll_Sac FIQ QK[W aUVVWcR^XWXXU XSXWUUVWTWZWXcY[Wu BB `UVcWS`U[UWZTWZWXQ cY[Wu ^URkkUQ _U cYSVVTWZWXcY[W _U `UVcWSQ
`U[UWZTWZWXcY[W }FqQFF~f PUZXUZYbRXcU_U hDQFFf J]WZ ^URkQ `UVc _lXf CYSVVWXRRXQVYab kllcSWTf A PUZXUZkRSVRY `k_ _U k_u YbRX^RZcU[\aTlZ k_u LWzY[UUV PUZXUZkRSVRY `k_ FhQu rAr aUVW `k_ FhQf r[SpYXXS[W FFu e@ qu AL P Du rRSVrµ Pf LcZf p DE eB DHGhf rS_Uc hHEEu FIiDf
IIEGf PUVUu CSW`S BaTU[Wf ³J^W DH DDD DHiHf ea N dRaS JYW^^W P _U NUW_U K[W^U S[X][YZf © qI JYVTW NU[£RWcU }ÉRWcU~ ¥U[kYVUZf LUkXYc OZZW^^W qju NUccW qhu dSaUZ hif \S IEf K^SZ JPPP jiu PCP JPPP jju P Jn hiu PCL JPPP hju oZW` Sp LSZbSZ IHu KUXc A\bZY\ CYyZaWyUV ¥SVQ VY]Y Fjf P?r `W[^ IEQjif dSYZXRRZ ^URkkU^ SkYcc jDQjIf oN jjQGqu YbRXcRXcSZkllVV YÃ hIu `WWTY^XW kll^SZX >Y¯ nS[^f KVl^^ GqQu eYV_Yc DqEDu IiDif
IIEEf JW[`YZXUVS }Qjq LU]RX~u NW^^S ?VU`Wf VWXUVTW IH B¨ DHiEf ea U][ [Yb[W^ dSaUZZYX LU]RX _U AUWTU KVWXUzYca PUU[VSZYZf © qh pU[T B[TU CYVVY[`S ?[U`RSf LUkXYc @YW_S dRQ aUZW qiu rW[_S B[TYVW qFf \S IGf LP jIu LL jEu VUXcYZcURc Y[W^Vll^ qFu LPC qHf LUabYZ `U[RX^RZcUXUW[ kllVVll^ qif J]WZ ^URk ^RV^RcURcWXUW[ UkRVVll^ qDQqFu J]WZ \V XUW[ VUXcYZcURc SX qFQqGu NU[WUZ XUW[ VUXcYZSX qEQhif J]WZ ^URk VWWcSXUVRYYZ ^UZXU^Vll^ hIQhGu PlcWVsQ SkWXc VUXcYZW SkWZ UkRVSkYcc hGQFDu VUXcYZW SX \VWVll^ FDQ LUabYZ X^QkWW[ Vll^ qiQqDf e@ I T^u e@ j k[^u e@ q k[^u Ae@ @ Du NT jHQqiu NT qDQqhf Lll^TU_ qIf JU[[ TRXWW^^Wu ^RS[SVURVRf c IH B DHGhf eYV_Yc IIqju IHIFf
IIEHf LYWZSu dS[TU dSaUZZYXf J^W DD e DHiHf ea ^UkYVVWQ TYXc dRaS L _U ?V]U PSXSZYZf ewVcl IFf
IIHif NU[cWUVU }Qjh NUVTXc[sT~u PURZS PUU[VY }PUVVY~f PRSkWS IG B DHiEf ea ^W[_UkUWZS^ SkYcc PU[V [Yb[W^ NUVTXc[sT _U NWVQ TU ¥aU[VSccU M[UZWcf © jI K`W JWVVY[`S LWZbf LUkXYc KWVU jju PU[W qDu dRaU qqf eLVcU IFu VWXUVTYZ \^ \^XWc eBB B^ IGf @oP IEQIHu PUbP WVTUXScUV IHQjDu ^Ukc^R[XXW jFQjGu \V ^ST^R[XXW hDf BVTUe¡ IfK[ LYV`u LYOX ju LYL` DF ZkW VYZcSRkXu Ub_u VYZcRYYZ kllVVu `WYXcWQu cWYbQ _U XllRkX jDQqif r` B^kQcXcS cXcSRkX qDf LYL` DF cWYbRkXu LY@ D \YQRkX qDQqqf BVTU`er ^SRVcXcS kllVV qqQhIu ^ST hjQhhf K`k hhf dll^SZY ?\ ^SZccQ kllVV hhQFFf ?\ ·UZpSXX Oz `U[Q _U ^RV_kllVV FFQGhf JlTYYZVWZZUZ ^URk`UVc hDQhjf e@ I T^u e@ j T^u e@ q T^f NT jHQqiu NT qDQqhu LUkWZXSbUZ XSV^Wf A VYZcSTY[^^W Sa_ _U cla hjf @YX`lZ[ IHu `lZ[ jDu BcZ jju ^Ukc jHu TU_ qju Y`V hjf JU[[ TWZY[UVS]WUu cY^ZWVVWZYZ TRXYScSWTWZcUf rS_Uc FjHGu FjHEu `YVW DHqDf
IIHDf NUZZWZYZu PUU[VS ?ccS ARVY`Wf J^W Iq ¨BB DHiHf ea k[Sp ?ccS N _U OZZW KTWVWU A¯UZf \S IGf P jju cYSV UV^RcRc^ jhf dRV^ [RZS^S^SYVTUZf P[WXc \SQVWWccS aUVW _lXf c Oa`YZWXcSZ kU[UZcSVU Di BB DHjFf eYVW IDihf
IIHIf Nl^Wu PU[V rY[ccYVW >W^SVUWf ³J^W DH ¨BB DHihf ea c\sT PU[V dSaUZZYX N _U L\bWU rSW^SZYZf VWWcl Iif
IIHjf Nl^WZYZu KWZS K`Y[cf ³J^W Dj B DHiEf ea c\sZ_Sac CUU`YccW K`Y[c N _U JWV_U P[WXcWZU ?^XTUZf © qI AW[^^U NU[WU PYWZlZYZf \S IGf P jFf CSWTWccu ^R`Wcc _U _RVQ ^UWXXRc Z ji cYSXcUf PUZXUcWYc WVTW pbTWQu `UVS^R`URXQ _U TR[cYWbYZ^YTRcsWXXl jhQqIf ASbUZUW^ `UVS^R`UQ _U pWVTWQ k[SkU]UZbUZ aSWcSf rW^U^W[_SWcR^XYZ SkYccf rWc[YQkUV^u dRXQ XWQkUV^u ^RVcUTWc rU[WWXWZ _U g[\XXYVWZ TUUWVTUZZl\cc \T kUV^f K BOrQU[`Sf c q Be DHEGf
IIHqf >SkSZYZu rY^^U OR^RXcWf J^W Dq ¨B DHiHf ea ^UZQ XU^S OVkS > _U dSaUZZU AUVSTY dR[`UZYZf \S IGf e@ \VYWZYZ VWW^YZZY`W[^UcRc^ jHf e@ kUV`u ^W[_R[W LSa_UVVU qhQf PS[k[f p j ¨BB DHEqf eYV_Yc DDFHu DIFDu DFGHu DHqGf
IIHhf >R[TYVUu CURZS ?VU`Wf ³CR[^R E Be DHiEf ea c\sT BXU^ LYUZbY[ > _U JWVbU OVYÃUZb[U AcYZXc[sTf © jq A`YU OXc[Wb JYVVTUZf eWVVWVcl IHf CXcSXWacYY[W J]WXXlf p Dh e DHFif
IIHFf ?ccYVWZu K[^^Wf LS`WWXU ID DDD DHiFf ea ^URkk K[W^ dSaUZ ? _U NU[WU OZbY[XXSZf © hq PXYZWU S[Xf VWW^U IIu ^l\Z\c J]WZ XRST V\Xf LWW^^YYZ STWXcU_Uf CSWT J]WZ >\[^^YWV\XYR[UXXU _U oWTU[YWXXUf
IIHGf ?RcWZYZu OR`S dUVS OZcY[Sf JURaS DI BB DHiEf ea [S` JYZ[W^ MUz[WYV ?_U OZZU OVWZU M[UZaSVTf \S IFu JTV V\X SXU B B^f nÁC jFu eC jHf ?N \VWT ZScUU[W jFf PRSQ kWSZ cRSTWS^ C>Sc jEQjHf J]WZ `Y[S`XcS `Y[S^lXWccYVW_l qif
eUVcWSZ cUkUcR[TUcXcS YXWcc qDQhIu \k SXXWac hIQFIu cXcSkllVV FIQGDu `c SXkllVV hHQGDf ¨¨¨f p DI eBB DHGHf IIHEf rU[`WUWZYZu JYW^^W AU^U[Wf ³dSYZXRR h e DHiHf ea kWW[WVll^ AWTS [WcaWSp r _U Nl[caU NUcWVbU OVSkUYRXf © jI P\VVW^^W OUVVScU[ rWWXkUZYZf \S IGf LP jiu LL jFu LPC qDu ZUWXcYZcURc _U X\ZZ Y[W^Vll^ qif OkRVVll^ eWWkR[W _U J^W jFQqjf J]WZ \V XUW[ D ZUWXcYZ^VWZ UkRV\VWVll^ qqQhIf J]WZ \VWQ Sk bSX qqQhIu X\ZZ\c\XSkWZ aYZ^^Sac \VWT k[Sp hIQhFf CRn X\ZZ\c\XQ _U ZUWXcYZcURcWSkWZ k[Sp hFQFIf CnPA X\ZZ\c\XQ _U ZUWXcYZcURc ^VWZ \VWVll^ hjQf C\scY[`Y\XVUWc ]\ZY^SVS]W hIQ hFf J]WZ ^URk lWcW\XZYR`SVSWbYZ `UV`S`U Vll^ hjQhFf A M\Q ZY^SVS]W\ab k_ hGf e@ j k[^u e@ qf Lll^^Ukc qif c H BB DHFIf
IIHHf rSZcY`Uu KWZS eUVSf J^W DI e DHiFf ea ^SZcc K`Y[c tUVbYTU[ r _U eWVaYVTWZU occY[f © jI BbU NU[WU BTTSZYZf BVLVcU IIu J]WZ XRST V\X \^X \S qjf PURkkU^ Iqu O?C qGf J]WZ kSXcW^SZcc kSXcW`W[^UT IGQhIf rLJ YXWcc hIQhFf d\Q `lX^\VlZ kSXcW^SZcc aSWc hFQf Ae@ @u NT jHQqiu NT qDQ qhf QpI B¨ DHEjf eYVW DEhif
Ijiif rRSVUZZYu CURZS OU[[Yf J^W II eBBB DHiHf ea LL _U ?L NWYVS KY[S r _U AUZZW OR[S[U tUcaYZf © jH P OZZUVWWQ XU AUacWf \S IEf O?C qFu e>f rLL kUV` jhQu rLJ RV^SQ TUUZSX _Sac FjQf OVUZ UTTUccWSkYcRX^R[XX SkYcc Ij `f CSWT nL jIQjEu J]WZ @ScU[\Q^VRzW hGQ e@ q T^u Ae@ @ Du NT jHQqiu NT qDQqhu eXX UT I X^ UTu ? UTf PUkcf c DE Be DHGGf rSW^U FFqHu `YVW IDDhf
IjiDf @UWZWSu NU[ccW OVY^XWf J^W Iq DDD DHiGf ea `URZRZQ cU[^ r[WcWSp OVY^XWX @ _U NUcWVbU JsVcclf © jh NUW_U KXcY[W ?VVWVUf \S IGf ·B jjf K[W TUUZ`WV_YV\XWZXkWW[YWXXl jqQu PS^^SVUZ TUUZ`WV_QWZXkWW[ kWW[WQWZX hGQf ?RVRZ CP cSkYcc hhQhGf e@ q T^ }I ^kV~u Ae@ @ Du NT jHQqiu NT qDQqhf LcZf JU[[ TYcXlXc\Xu ]SVpf c Dq ¨BB DHGhf
IjiIf @\cs^SX^W }YZc @YaZXc[sT~u oZS gY[ZaU[bf J^W Ih DDD
DHiHf ea cYacUWVW_U ?X^U[ @YaZXc[sT _U
NU[WU LS`WXU g[\¦]UZf © ji KVZU NU[Q ]U[YcU gUy^VRZbf oVWVcU IIf OX^SZ
aRSZY^UVRcYac T\\TlVlWZ aSWcf ?TU aRSZY^UVRVWW^Y LUabYXXUf AcSy^TUZZWZ
aRSZY^UVRSX _Sac J]WXXlf okS ?\ hjQu `WWTY^XW T\\ZZWZ_Sacf NLL LUabYZ SX k_ hhQf p CR[^R G DDD DHhHf
Ijijf AUW[UZYZu ?ZZW ?VU`Wf P\TW DD eBBB DHiGf ea c\sZQ _Sac ·U`Wb A _U K`U el[csf © jh KVVW eUUTUVUf e¡Vcl Iqf ALNP kllXcscSb IFf P?r kUV` IFQu LUkRUZ ^SZcc YXWT jFQFDu d\`lX^\VlZ ^SZcc YXWT FDQfQ LUkRUZ >Ua^UQ_U eUVQ _UXcYab ?\ cSWT_ jGQFIf KQrSa_UZTUUZ PURkkU^UT `k_ hDQ hEf LUkRUZ ^RZZ`UVc `k_ hEQFif KQrSa_UZTUUZ o[a CR^W_UWZ _U rSa_UZTUUZ o[aSkWXcSZ XllcWsZ k_ hDQhEf Dqjf @ScU[\kWW[ ]S`YTS[ hEQhHf AL @ Df OVW^f JU[[ URcSTUc^UWVRf c IH B¨ DHGif
Ijiqf AUVWZWu AWTS NW^^Sf PS^^SVU DH ¨ D DHiFf ea VY`\Q XYkkl PUVVY A _U VWbU PRXcUU`U LYkWXcsf © jG cXcS`W[^ eWYZS NU[WU PSW`Rf ewVcl Iqu WVcU^ \^XWc eBQeBB B^f N\\ZQ cWQ_U TUWZSX^ B ^R[XXWf PS[kW `UU[U ?\ `U[UXcSUkRVu cU[`W^YT\\_l IqQjqf W[YQ
XcSZY @YZ]UXcR^^R ?\ `U[UXcSZaSWc jqQqif K[W ?\ `U[UXcSZaSWc }qiQ~ qhQqFu ZW\\ZcWT qFQqEu T\\ZcWkllVV qEQqHu ^URkUVV _Sac qHQu e@ qf nVWVf »Ih eB DHEjf
Ijihf AUVTWZYZu K[W^ dSaUZZYXf J^W Iq B DHiGf ea c\sT K[VUZb A _U OWZU ASpWUf Be¡Vcl Iqf p F DDD DHjD
IjiFf AUVS[UZcUu CURZS ?VU`Wf AUVS Ij ¨BB DHiFf ea ^SZYQ TYXc JY[TUZ A _U JWV_U NU[WU tYXcY[WZYZf © jh BbU PR[SVUf ewVcl Ihf Ala^sWZX C[YYZ C? jDf @UZZW^^SVUW`UXcS XlaQ ^sTYXc jIQjqf rLJ VYZZlcWZcY^Z SX jqQu VYZZlcWZcY^Z qiQqju VWZ_UcU[^ qjQhqu `UZa UkRVWZX hqQf ?RVRZ \VWT kRaYVWZkWW[ ck kllVV FiQFIu `c kllVV FIQFFf e@ qu eXX UT If LcZf eYVW jqDiu kSW^U hFHif
IjiGf AU^XYVU }QjF AUÃYZ~u >WWVS oZSf eWWkR[W DD BB DHiHf ea ^SRVR> oZS AUÃYZ _U OZZU NU[WU rYXSZWRXf © jF OW[U OZZW^^W rYZccWVlf LUkXYc KY[S dRaUZW jGu OZZU PUU[WZU jHu K[^^W ?VU`W hif \S IGf LP jiu LL jFu LPC qiu XWXlcURc Y[W^Vll^ qif rSQ [WZ \V XUW[ `UkYac UkRVVll^ jGQjEf J]WZ ·WU^SZWXXUVUWc XWXlcURc SX B UkRVVll^ jEQqif Jn DDD XWXlcURc SX UkRVVll^ qiQ qhu UkRVSkYcc qFf J]WZ \V XUW[ B XWXlcURc SX UkRV\VWVll^ qGQqHf PW`YVlZ XUW[ ^RZZ XWXlcURc SX UVWVll^ qHQhFu UkRV\VWVll^ hGQFEf Jn XWXlcURcWSk bSX hDQhHf A XWXlcURcWYZ Vll^\ab XWac qhQqEu _SacS^_lX hGQhHf rSa_T XWXlcURcWVll^\ab A XWac hiQhqf A\blZXllcWs aUVW _lX hFQ FGu k_ FIQFGf A\skl\ab `UVcRRX^ _lX hqQu e@ j k[^u e@ q cV^u e@ qf r[SpYXXS[W FDf Lll^TU_ qqf p Ih eB DHGEf eYV_Yc DhjGu Dhqqf
IjiEf AW`RVU }Qjh AWW`SZYZ~u CU[TS eWVaSf J^W j ¨ DHiHf ea TUUVU[WTYXc eWVVYaU[b A _U JWV_U NU[WU eWaSZYZf © jH NUWXXW B^lVlWZYZf \S IEf nÁC jhf CJ `c ZSc _U UkRVQ X\\ccl_l jFQjHf oRbYZTUUZ LJ \VWT YXWcc jHQqDu VllZWZ V``QcXcS UkRV_Sac qDQ qhf n^XWc\WX\[Wccl_lWZ LWWccS VU^WUXWUWZSX aSWc qFQqHf A @URcUQ _U PSZYVWW^^YWbYZ nab UXWUT qFQqHf ?\ JRSVWZcU^YX^RX Oz _Sac qHQhGf PYX^RXQAUcS ?\ cSWTW hGQhEf ?\ JRSVWZcU^YX^RX Oz _U XYZ c\cl[\ac cl\XWklW` _SacS^ k_ hHQGqf @l_lab\XUWZYcR^^RQ ^URkk nab UXWUT qEQhEf A OXRZcSa\kScYY^^WkUZ^^W aUVW qEQ GHu `k_ GIQGHf ?\ U[TY[ Oz _SacS^ k_ FDQGEf PYX^ eU^\ac AUTkSQCU[TS aUVVZYR` GDQGqu `k_ GhQGFf eRS^[UZYR`SXc _lX GjQGFf C\scRSTWSWXc `_lX qGQhFf ?\ LS`WXU AaWkkWZ] Oz aUVW k_ FGQGGf J]WZ ^URk`UVc qHQhiu cRc^W_UVc^ hiQGGu XUcUQ TUVc^ hiQhj _U hHQFqu ^WWZcVc^ FhQFFf eY[SZTU^XU_UWZ PYXQ ^RX¢ aUVW _lX qGQGiu k_ FqQGiu `UVcRRX^ GiQHDf n[Wcc LWWccS _SacS^ FIQFEuD `k_ FHQGIf LCP aUXVV hHQGju aRSVWZcU_USXc k_ hHQGjf AUcUT XSX\ab aUVW hHQGqf AUcUTUQUVUZ c\sYVl^Y^UXXU `UVcRRX^ FIQGIf A PWWZcVWWccS k_ GjQGqu aUVW FjQGqu VWWccS`UVc GqQGHf J]WZ OXRZcS\ac nab aUVW qEQFIu k_ FIQEjf PPP `Y[SQ ZYR`^ FhQGjf PRZcWYZ TUUZaUZ^WZcU^ST FHQGIf eC jHf AL @ Du J]WZ ^URk ^RVc UT[^u n[Wcc LWWccS ^RVc UT[^u A PWWZcQ VWWccS Y[W^UT[^f AcTf PW[_ XUZSTUQ _U UTTUccWVYabWXXlf
IjiHf AWVVUZkllu CSW`Sf J^W h e DHiEf ea ^SZYYZ^l\cc dSaZ PSZXcUZcWZ A _U @SXU OTUZbU eUVS[UZcUf © IH PY[ccR KVWXUQ zYc >WYTWZYZf BewVcl Ijf gYZXWWZWZ PRVRccU_UWZ ?\ _U ORcScU[`W^Y ?\ cSWT_ J]WXXl jEQqFf MRVp ?WV ¥S C[YYZ ^SZcc _Sac jIQjEu kll^SZcc SXkllVV qFQqHf O^TS ?\ _U NYcUVS ?\ cSWT_ qHQhFf BcXYZlWZYZ VWW^YT hFQu ORcSQ_U `SWcYVRUVUZ Y[W \ab _SacS^ _lXf A PYWVUWVRVWWccS aUVW _lXf PYWVUWVRXXU XRR[TYXQ cU[W _U NNQYbRXcf
IjDif AWVSZYZu AYkkS PRVVY[`S B^laYWTSf J^W DE BB DHiHf ea ^URkk CSzWUX A _U KY`U dSaUZZU oc[WUWZYZf © jG B[_U JYVVWZ JU^SZYZf BLVcU IDf ORcSZ^RV_YccU_U J]WXXlf p DD B¨ DHHif
IjDDf ASVUu O[`S ARVSf J^W Dj BB DHiGf ea TRR[U[W PUU[VY PRXcUU A _U KbVU ASpWU PU[YVVf © jH OWVW BZ]YzS[] LRSXcU[WQ ZYZf \S IEf O?C jDf @UUaYZ cRVVW^UT cRVVWZaSWc jqQjGf CJ UkRVXWac jGQqDu \V cRVVWcU[^ qDQhFu cRVVW\VWcU[^ hFf CRVVWQ
VUWc \VWT aRSVcScU[^ qHQhFf A CRVVW`W[^UTWYXVWWccS XWac qjQhFf Ae@ @u ? UT If AcTf p Ii ¨ DHhFf eYVW DDiFf
IjDIf AS`Y[Wu dS[TU KYVWXf LUTTW D e DHiHf ea T` KYVWX AYVWT A _U JWVTU L\bWU NUccWVUf © jh JYVTW KXcY[ PUZcSZYZf oVWVcU Iju JTV V\X \S IEf P jhu L qiu C qDf LSa_UZ \^ VRSZZSZaWXc _U TUUZc SkYcc jHQqDf J]WZ XRST \^ SkYcc qDQu [Yac hqQFqu SkYcRX^S^YWVRUXWUZcRZc FqQf PRXcUZZRXS\ ?cU`U `W[^ qhQhFf PS[^YUXUU[YZ `U `UV`S_U qqQqFf Jn LUTQ TWZ zWSVS] UXYT YXWT hqQFqf n^XSkkW^VWWccS k_ hEQFif Ae@ @ Du AL @ Du eT If p J^W H e DHFGf
IjDjf rRSVUZZY }QjD AkSVUZbY[~u OWTS >WWVSf J^W IF ¨B
DHiHf ea cRVVWcU[^ @UWTS >WWVS AkSVUZQ bY[ _U JWVTU eWVaYVTWZU eYZaSVUf © jF NU[ccU BbU P\VVW^^W LSTTWf LUkXYc LYYZU P\VVW^^W jEu dS[TU >WWVS dRaUZW qIu O[cS @UWTS OZcY[S qFf \S IHf nÁC jFf CRVVWVUWc cRVVWcU[^ jHf CJ cU[WppWSX cRVVWcU[^ jHQqIu kllVV _U cRVVW> qIQGIu `X kll_Sac hqQGIf J]WZ \V XUW[ aUVW XWac qiQhEf JnPA XUW[aUVV XWac hEQ FDf Jn Vll^YcWYc cWYbY^ ZSc qiQFFf A
CRVVW`W[^UTWYXVWWccS k_ qjQqhf CSWT nL jiQjEu LURVRQNWYaYc jEQFGf e@ qu AL Pu Ae@ @ Du NT jHQqi TX^u NT qDQqhui U[ Iu @RScXrµ Pf LPC aY Jn FFf LcZ jH JU[[ TWYX^RSQ [SVURVRf c IE ¨ DHGFf eYVW IGIqf
IjDqf AU[kU[UZcU }Qjh AsbY[TUZ~u LUXXY KTWV AUTRYVf
J^W IH eB DHiHf ea ·B KWZS KTWV
AsbY[TUZ _U AW]ZY KTWVWU NlasZYZf © jq KXcY[ KVWXUzYc `SZ KXXYZf \S IGf LP jiu LL jFu XWXlcURc Y[W^Vll^ qif eWWkR[WZ VllZWZXUW[ UkRVVll^ _U SXVll^ jFQjGf eWWkR[WZ ^URkXUW[ XWXlcURc SX UkRVVll^ jGQjEf J]WZ \V XUW[ B XWXlcURc SX UkRVVll^ jEQqqf AUVSZ XYRb UVRYXUW[ XWXlcURc SX SXVll^ qhQFDu XWXlcURc SX \VWQ Vll^ FDQu ·RSbYyWT AUVSZ SX XWac _U
`k_f AUVSZ [YXRkX^Y[aS _SacS^f AUVSZ @ScU[\Q^VRzW XWac _U k[YXf e@ j k[^u e@ q k[^u @oL ^RVc UT[f Lll^TU_ FFf JU[[ RV^SWVRf p II eBB DHHif eYVW IqGhf
IjDhf CUZccR }QDj L\bYZ~u K[^^W LUR[Wf eWWkR[W j ¨ DHiGf ea UXYTUkllVV KVWYV LUR[YZcWRX L\bYZ _U L\\VW JWV_U NU[WU CUZccRf © jh K`U P[YYcU JYVYZU JYR[VWZf LUkXYc dRaU jFu CWTS jHu NU[^^R qqf BVWVcU IDu LUkkYYZ[UZZUZ \^ eWVcl Ihf CUWbYcYSZ ^YX^RX^ IHQjiu SkWX^ PRZXcXyaRVY NUÃSZQPUVQ VYZzY[] NRZyaYZ jqf tA?n X\`lkUWZSc\sVu kWW[cl_lu cUWccUQ _U IGQjDu JU^^UkYVWWccUQVYab jDQqqf eUkUU cUWc qhQu PR`WccUQ ZRc VR^RWXWU cYS^XWUf rRRkWW[[SXZl\ccYV\Wcl AWXXUu rSa_SWXQ TUWXXU _U BcUVWUXXUu \acYWXZl\cc Y[W kRSVWVVU TUUWVTUUf eUVcWSZ cUWcYWVW_UYVl^Y Gif r[Sp GIf A cUWbY][UUpW^Sc k_ FjQGiu ^RZQ ZWU_lXf A cUWcYWVW_UXYR[U aUVW _lX hFQFjf OVY^XWX PW`YZ XYR[UZu PR`UcUWc XYZWS[Wcu A CUWcXYR[U ^RZZWU_lXf PY[Xf eT Du eT Iu AL r f NW^UYV O][WySVUu OVzY[c MYzaU[bc _U >S[cUTS QTWcUVWcu PUVY`UVUXYR[UZ `YcY[UUZWkUV^ Eiu @RbSVp PSW`RZ kUV^ h ^Y[cUUu rY^^U rRRkll QaUccR EIf JU[[ XU`RXURZUf c h e DHEhf
IjDFf CUX^WZYZu dUU^^S PUU[VSf J^W q e DHiHf ea k[Sp
PUU[VS C _U OVTU BZ^Y[W gSbXc[sTf © jh AJ KTl JYVVY`W tWZ£RWXcf \S IEf
LP jDu LL jFu ^S[`UcURc Y[W^Vll^ qhf
AUVVUZ UVRYVll^ jGQqqf PAA I ^S[`USX Vll^ qGQf P\TWZVUU^XSZ Vll^XYR[U [Uaa qEQf e@ ju e@ qf Lll^Y`V FGf
JU[c XVUVST }@R^UcRZcR[W ?\ kY[RXcUQ _U_lX~f p II ¨BB DHEHf eYV_Yc IDjiu IHHjf
IjDGf CRW[Uu CYR`S OVY^XUZcY[Wf ¬rWYcU[W I ¨BB DHiFf ea c\SZ_Sac dUU^^S OVY^XUZcY[W C _U NU[ccU JYVYZU LUU^XSf © hi ^UZXU^S LUWZU KXcY[W eRSkWSf eWVcl Iqf PUZXU^S AS[Q
cU`UVUZ XYTWZf PUZXU^S LYkkl`W[cUu PSc^Uu >UR`Su PU[XQ cRVU _U nVWcS[ZWSf nVWcS[ZWSZ ^UZXU^Vc^ _U ^ScWXYRcRVc^ XWacf OVW^fQ«Ig BB DHFGf
IjDEf CR[kYWZYZu ?ZZW rYVVY[`Sf J^W DE ¨B DHiEf ea XRRcUQ [W PUVVY Cf © jI JYV`W B[YZY eSRcWVUWZYZf eVVLVcU IEf AUZSTUVYabYZcSWTf p B ¨BB DHqif
IjDHf oX^Wu KWZS PRVVY[`Sf J^W DI DD DHiEf ea c\sZ`lVWc\XQ ZYR`S_U CUkUZW o _U dSaUZZU NYcYVWZYZf © jG A\V`W JlTlQ VlWZYZf LUkXYc dS[TU CUkUZW jEu OZ_U AWZW^^U qIf \S IEf nÁC jFu eC jHf eWWkR[WZ LJ jFQjEf eWWkR[WZ ^URk SW^YRXQ UkRcXcS kllVV jHQqif J]WZ ^URk ^UZXVWUXWac qDQqFu ^UZXUZQ aRSVVSZ_Sac qGQqEu cYSVV VUWcSXcYZ VU^WT qHQhqu UkRVPd hhQ Gif rUW^UVVWX XUW[VWWccS aUVW `k_ FDQf AUW[UUVUVWWccS aUVW `k_ FqQ JnPA aUVW `k_ hEQf BZ`UVWbWXllcWsZ aUVW _lX FhQf AL Pu e@ q T^f LcZ qIf p Dj B DHGif rSW^U hEjif
IjIif tUVWZu >WWVS PRVVY[`Sf J^W DI ¨BB DHiGf ea T` >YXQ CS[ >WT[Sb t dU NUcWVbU Ac[YZ]f © qD XSWcSZSk KV`W BVSZU AUZcUVUf \S IGf nÁC jDu eC jqf eUVcWS^SZcc \VWT `W[Q ^UT VWXUVTYZ cT^ UkRV jqQjhf ASXN \VWT `W[^UT jFf ZkW JUVVAWac jGQ qFQ PCN `c ZkW JUVVAWac qHQhiu `U^WZ hiQhIf c Dj ¨BB DHhIf
IjIDf eUVcWUVU }Qjh tUVVbYZ~u eW[^S gY[cYV }rY[ccW~f ¬ NW^Q ^YVW h eB DHiGf ea XUcRVUXYkkl K[W^ dSaUZ tUVVbYZ _U dSaUZZU eWVaYVTWZU L\]bTUZf © jF NU[]U[YcaU >YS`WRXf BewVcl Iqu J]WZ XRST V\X \^X e Ihf CR[RZ ^URkkUSkWXc IGQIHf NUWZSXQ_U cUVSRXUVUVVUf LUW`UXcSVYab cSWTXWacf c G BB DHFDf eYV_Yc Iihqu IGqDf
IjIIf eUVkUXu eYW^^S eWVaSf ¬O^UU DF B¨ DHiFf ea c\sZQ _Sac tUVp[Wb e _U BbU LS`WXU tUVVWZf © jq VWW^^YYZaU[_ KVVW KXcY[W rRV^^WZYZf VWWcl Iiu J]WZ XRST V\X \S IGf NJ jIf NYcXlVWWccS ?\ aUZ^WZcUkllVV jqQqIf J AUUXcUTSWZYZ ?\ TYcXlkllVV qIQf PRSkWSZ TYcXlkWW[ _Sac qIQqhf PRSkWSZ ^URkkU^UT aUVW _lX hEQf PSW`R^YX^RX hhQf NYcXlTWYaYc k_ jDQjIf QAL@ Df nVWV hEf JU[[ ^W[_UVVWXRRXf p IiBe DHEjf eYVW DGDHf
IjIjf eWY[cS^UZ]UXu dS[TU PUVY[`Sf BVTU_S^W DF eB DHiGu ea TUUZTWcc PU[V JYZ[W^ e _U UZZ\ ·UaVXc[sTf © jh c DHFi U[^^ OW[W AWQ ZW^^U AYW^^UVUf \S IEf ·B CPP jqu U^cWZXRkXcRc^ PUbP jhu ^S[^YUTkW zYQ cSZWcY^Z ^R[XXW CR^aSVTUZ CPP qhf rLN CY^Z SX cXcSWZX jqQjHu kY[RXaUZQ ^WZcS_YZ [U^ SX jHQqhf PCN cXcSkllVV qhQqFu [U^YZZRXUXWUWZ cSWTW^ k_ hDf Oz A^{ZX^U ¥YTYZc]_RcY[WYc cXcSWZX qFf J]WZ OXRZcS^YX^RX^RZcU JU^U cSWT_ qFQqEu _SacS^ k_ hjQhqf PP [U^SX SXkllVV qFQqEf ASXWUUVWZYZ UXRZZSZcRScUZcS S\ AUcS cSWT_ hqQf CPP [U^cY^Z UXX _U `c VYac qhQqFu [U^csWbYZ _l[_YXcYV\SkWZ \VWT SkYcc hiQhDf PYXQ ^RXQAUcS ?\ _SacS^ _lX hqQhGu ^SRVR[U^^ST k_ hIQhFf eUVc c\^^WcYac VUU_YZZRX^ST UXWUZcRZc_lX jEQqqf e@ qf BZXQ ^Ukcf JU[[ TYcXlZaSWcSu `UVS^R`URXf p IH ¨BB DHFHf rSWQ ^U hFqDf
IjIqf eWaY[VYacSu NUccW KTWVf ¬ J^W DG ¨B DHiGf ea ^URkRXQ cYVW_U dSaUZ MRXcUp e _U ?V]U KTWVWU eRS[WZYZf © jF KVWZ dRVWU JWYcUVUacWf BVWVcU IDf e@ `YcR[WZ^RV_YccU_Uf nVWTUc[f JU[[ TYaWVlWXcYZaSWcSf
IjIhf tWV_Uu tWV_S tYW^^Sf J^W ID eBBB DHiFf PUX`UcRX`a kRRXYkkl PUU[VY KTWV t WU [Yb[W^U PWVkYVlWZYZf eWVWVcl IFf CRZcW^W[_R[W J]WXXlf LYZcSUXYTUZaSWcU_Uf c h eBBB DHqhf
IjIFf tl[Yu NUccW OUT oSVY`Wf J^W Ij ¨B DHiEf ea ^UZQ XU^S A`YZ OVp[Yb t _U ?V]U OTUZbU JYWZSZYZf © jE pU[T JWVbU LUacYVUf \S IEf ·B jq _U C^C qH CPPu NJ jHf
J]WZ TUUZ`WV_WZXkWW[W WZX jqQqIf NUUcUVSRXaUZ `YXWcY^Z cRc^cXcS _Sac qIQFDu TUUZ`WV_YV\XQ\VWQWZX _U WZXSX kllVV FFf ?n `YXW[U^ `c k[Sp FDQFju k[Sp FjQFFf PJ? \VWQWZX> FIQf e@ ju e@ qf BZXTU_f JU[[ TRXWW^^Wf eYVW IhEIf
IjIGf tW^XcYbcu eUVcY[ Kb`U[bf § J^W DD eBBB DHiqf ea aWYQ ZSXYkkl PU[V Kb`U[b t _U K[W^U ASpWU AUZbYVVf eWVcl Ijf PSZccS[WXcWf c IG Be DHEIf
DHIi
IjIEf P[SaZu KWZS LYSkSVbf J^W E DD DHiIf ea `RS[WQWZX LYSkSVb Kb`U[b P _U kSXcWZa gYcc\ rYXSZYZf © IHQqi PW[XcW KTWVWY CaYXVYppu qiQ Zl\ccYVW_l PY[ccR AW`Wl AUVSZYZf LUkXYc OUTW jiu JYWbW jqu NU[_S qIu CWWZU hDf eWVVWVVYu \S IDf P _U N jiu L _U C jFf PRVTU^ [RScXWZ _U YZ]V SkYcc IEQhIu `kW VYac hjQhEf Jn YXcYcWW^UZ bSX qGQFDf CRn ^ScWT _U \V ^W[_UVV k[Sp hEQhHu \V ^W[_UVVcWYc k[Sp hHQFHf CUn \V ^W[_UVVcWYc `c k[Sp GDQGjf A cYUccY[W^ SkYcc qqQhHu J]WZ c\s`lYZSkWXc qHQhHu CR[RZ hHQFFf PW[_UVV cRc^ XYR[U `k_ hFQGhu ^RZZWU_ FIf CR[RZ cUWbY\ab k_ FIQFqu `k_ FhQFGf J]WZ cYUcc^Y[aS k_ qHQhHu ^RZZWUk_ hHf J M rS[caUZQWZXcWc aUVW _lX FI _U Fhu k_ Fj½Fhf AL Pf nVW^f dRV^ Dq cYSXcU ^W[_UVVu YXcYcWW^UZ _U pWVSXSp UVRYWVVUu TT ?z_Y^cW`WXcWZYZ YXcYcWW^^U jhu JYZ^WXYZ
^RVccRR[WTTY ^SacUVS qEu KXcYYccWZYZ TUUWVTU hhu K[SX _U >U[^WXXSX hFu PU^XW VR^WccRU VWkUXcU FDu PllZZY^SacWU FGu
MsXcU AcYZTUZ Vs\cs[Yc^YWVW_l cUWcYYZ TUUWVTUXXU Gif
JU[[ ^W[_UVVWXRRXu cYSXSpWUf p DE BB DHEGf eYVW IjIHf
IjIHf P[SaZu A`YZ BVTU[Wf J^W H e DHijf ea @J ·B
LYSkSVb Kb`U[b P _U kSXcWZa gYcc\ rYXSZYZf © ji AJu cY[`Q XWXU[u UkRaSWcU_U^R[XX _Sac @Rca AW][Wb ASpWU M[sZ[SSXf LUkQ
XYc AYW_U jIu A\ZZs`Y jqu PUW jFu NU[_U jEu JUZZYVY qjf eWVVWVVYu \S IDu oRXW \^ BQe B^u @UUaYZ ^YX^W^ _Uc^SW eBQeBB B^f Q P Jn IHu L CRn }`lWc~ qHu C hiu Jn bSX hDf oRXW ARSTW RV^STUUZSX jif PRVTU^ SkYcc jiQFif CRn pWVSXSpWUZ `c k[Sp hFQFiu k[Sp FiQGi }cYS[YYcc pWVSX k[Sp hEQGi~f Jn cYS[ pWVSX bSX hDQGiu `c k[Sp hqQhhu FiQFju FhQFEu Gif CR[RZ ^YXl\VWSkWXc hiQGif CRn ^l\c pWVSX `X k[Sp FhQFEu Gqf AlVVQ X^UkYc ps[ kX\^WX^ pS[X^ZWZ] k_ jhQqif A kU[UkX\^SV XYR[U k_ jEQhFf rS[caUZ AYR[U k_ k_ FIQGDf J M rS[caUZ BZXcWc k_f rSa_SWXWZ ^YXlU^Uc }>Ao~ A SX aUVW hFQGqu k_ GiQGqf >Ao k[YXWbWRT k_ GDQGIf A pWVSXSpWUZ _U pYZSTYZSVS]WXYZ cRc^ AYRQ [U k_ FIQGIf CR[RZ aWXcS[WU¢¢ \ab cRc^_lXf AL ^T[^f nC aY dn Eiu C aY ?n EHf AcTf dRV^ pWVSXSpWUU \T YVlTlZ^UcQ XSTRXcU ^SX^YZ ^W[_S_U¡ dlVVYYZ Vs\bYcc\ XWYVR ^YX^RXcYVR_U kU[UkX\^SVS]WUXcU jFu ·Y[ VS]WXyaY KTkW[WXTRX B }`lWcsX^~ qHu BB hiu ·WY >S[TUcW`Y tY[cYcW^ jEu ·YpWZWcWSZXp[U]Y hju O[`S_YZ \VYWXklcY`\\bYZ SZ]YVTU hju O[`S _U WaTWZYZ FGu BaTWZYZu VRSZcS _U VS]SX EDu nbWZWaTWZYZ U`URX pWVSX WaTWXcRc^WTR^XYYZ EHf CSWXcUXUcUU U[cW^^u [RZS^S^SYVTUu YXXYY^S^ \Tf eYVW IjIEf
Ijjif PUR^SZYZu KY[Sf ³PRSkWS Dj BB DHiqf ea cYacUWVW_U OZccW dRaS P _U BbU NU[WU PYTWVlWZYZf © qF pU[T g[WcU NU_U ·UaVXc[sTf eWVWVVYu eWVWVcl IDu PRSkWSZ XRST V\X \S IIf nÁC jiu eC jjf oN U`RXc _U _USXcSXWac jif PYXlVUabYZ >N jiQjIf PJ? \VWT `W[^UT _U YXWcc jqQjFu ZSc jFQjHu ZkW JZcSAWac jHQhqu `kW JZcSAWac hqQhEu KXWcc> hEu \VWT JZcS> hFQhHu JZcS> hHQf e@ q T^u Ae@ P Du AL Pu eT Du eT Iu eXXUTu NT DEu NT jHQqiu NT qDQqhuu C[YYZ `UVVSWcR^XYZ TTf LcZf JU[[ TSSccS[WR[au R[aYWVR^UVUXcRXf p jD ¨ DHGjf eYV_Yc IjjHu IFhiu IFhDf
Dq >S[XXWc DEFGQDHHI
IjjDf eYWXcY[l }QjF `SZ tYWXXYZzY[]~u @UWZY[ OVY^XUZbY[f eWWkR[W IH B¨ DHijf ea J?> O[caR[ KTWV `SZ tYWXXYZQ zY[] _U KXcaY[ B[YZY PRTWWZf © ji OZZU LWWXU Aya[SYbY[f LUkXYc K[^^WQdRaUZW jhu KWVUQNU[_UccU jGu eW[`YQLWWXU qju PU[W @UWZY[W qFf eWVWVVYu \S IIf nÁC IHf P?r IHQhhf CYSVVWXcUTWX[UaUXcS ?\ hFQFjf OXWUZU_ScXcS JYWZSZYZ © CRQ VYZaYWTSu XWccYTTWZ @UWZY[ eYWXcY[l © yS STWXc FjQf PU[_UQ VUZ PW[_UkUWZS ?\ aUVW _ _U k_ FIQEiu eU^WS[U^YZZY ?\ aUVW _ GiQGhf PUkcf c ID DD DHEhf rSW^U hDhjf
IjjIf dl[`WZYZu eYW^^S KTWV >YXcS[f CR[^R E DD DHijf ea ^UZXU^cU[^ OVzWZ d _U JUZZU OY_TYVUYRXf © jIQqq PW[XcW JU^UVUu BB qhQFD KVXU CRSTUWZYZf eVWVVYu eLVcU IDu CR[RZ XRST V\X BQe B^u J]WZ XRST V\X eBB B^ \^XWcf PUbP IIQIqu BcZ^R[XXW IEu ^Ukc^R[XXW jGf rRSV`SWT RkX PU_UUZWZ AWXXWr IqQIhu @oP IhQjiu dr[K jiQjIu CUTLAkK jIQjhu rSa_Q JlTYYZ A^QkWW[W jhQjEu A eUV^SWZYZ PUU[cW jEQjHu nVYWXYXW^ qiQqDu cUV`WQ_U _Uc^SXSbWXXU kUcV^ST _U PSRVP kllVVf Qe@ j }I ^kV~u e@ qu JYWTSXScUµu NT jHQqiu NT qDQqhu ORZR^Q XYZ TTf elZ[ Iqu BcZ IFu ^Ukc jIu TU_ qif JU[[ ^W[_UVVWQ XRRXf eYVW IhIFf
Ijjjf PSX^WZYZu JYW^^W K[^^W AU^U[Wf AS[cU`UVU F B¨ DHihf ea ^SRVR> [UZX JYZ[W^ P _U OTUZbU PVYTSVUf © jj P AW[^^U ?RcW P\VVW^^W >SkSZYZf LUkXYc ?VVW jqu JYW^^W jG cu rY^^U qju LWWXU qFf eVWVVYu \S Iqu CssVsZ \^ BQe B^f Q·B CPP cWYQ _U `YXW[U^ jjf CeJ oRbYZTUUZ kWW[ \VWT WZX jjQjEf JP@ ^UcR[U^ SX \VWT WZXu ZkW WZXu `kW WZX _U qFQFE kWW[WQWZXf e@ q }I ^kV~f NT jHQqif BZXVcZf c D eB
DHHif
Ijjqf LSaTUZu @YWZS @SzY[cf PRSkWS H e DHijf ea ^URkk @SzY[c L _U OWZU eWVaYVTWZU NSzY[]f eBwVVYu \S Ijf ?kWX^ Jn VUWZSk cWYbY^f elZ[ Ihf p J^W G ¨B DHIEf eYVW IFGqf
Ijjhf OW[U^XWZYZu dRaUZW }dRXXW~ NW^UYLf PRSkWS I ¨BB DHiqf ea ^UkkUV rY^^U O _U CY^VU KTWVWU @SXYZVspf © IE @U^YV B[YZY LYacSZYZf C\cl[ LYYZU NU[_UccUf eWVVYu eVWVcU IIu PSR`SVUZ \acV\X \^X eBBf PUbP jiQjIu BVTU`SWT ^UkcQ ^R[XXW jFQjGf BVTU`SWT ZkW RkX IFQjqu \YQRkX jqQjEu qDQ qIu `UVS^R`URXcXcS kllVV jEQqiu cWYbRXcYVRQRkX qiQqDu VYZcSQ _SR^^ `UVS^R`URXSX _Sac qIQqqf eU^cU[^ _U cXcSZaSWc qEQFhf e@ ju e@ qu Ae@ @u NT DEf @YX`lZ[ IFu [YXVcZ IHu BcZ jIu ^Ukc jEu TU_ qjf c ji B DHEIf eYVW IjjGf
IjjFf IDqIf
IjjGf OW[U^XWZYZu LUR[W rY^^Uf ³PRSkWS I ¨BB DHiqf ea kUXc rY^^U O_U CY^VU KTWVWU @SXYZVspf © jI kUZ^^W`W[^ BVcU NU[_UccU JRccRZYZf C\ccl[Yc @Wc`U AWZW^^Uu AYW_U NU[_UccUu @WWccUQLYYZU B[TYVWf BeWVVYu BeWVcl IIu JUUkUTlYZ \^ eBB IHf PUbP jiQjIu XScaUVV^ jqQjhu eXX_Sac^R[XXW Fhf Jn SbSZcSVS]WXYZ VUWc aUTTUXcY^Z IjQIqu rRSV`SWT UVWRkX IFQ IGu ZkW RkX IGQjju [\^T cUVSRXkllVV jjQjFf ÄPK cXcSkllVV jGQjHf eWWkR[WZ A^kK aRSVcSkllVV qiu AWXlQA AkK qDu qhf PYXQ ^RXe F aRSVcSkllVV qhQhju PRSkWSZ AkK hjQhHf Df ·K cUVcXcS kllVV hHf PRSkWSZ WXlZTUUVV XYR[U `k_u X[^ ^W[^^SZYR` _U Q`UVc _lXf e@ I [Uu e@ ju e@ qu ¨¨¨f @YX`lZ[ IFu BcZ jIu ^Ukc qiu TU_ qjf JU[[ k\al^SRVRc\su XR^RcRc^WTRXu XScUQ aWXcS[WUu TYaWVlWXaSWcSf p Dh B DHGHf eYVW Ijjhf
IjjEf JU^Ukll }QqI JU]VRZb~u NUR[W OZcY[Sf J^W DI eBB DHiGf ea rUZ^d eW^cS[ OZbY[X JU]VRZb _U ¾RVYWTU NU[WU C`^^SZYZf © qD @UWVU AW[^^U PUU[WZU OZcY[Sf rSW^U PU[W NUR[W OZcY[S qhf BeWVVYu \S Ihu rS[WZ V\X B B^u CR[RZ XRST ^VV\X DDQDDD B^f nÁC jDu eC jqf OO J]WXXl jqQu >WYTYVl © @YVUZbY[WZ VU^WUXcXcS SXU^UX qIQqGu JU^Ukll © O[U_l[`YZ IiH
UXWUZU_ScXcS SXU^UX qGQFIu JU^Ukll © NUccWVUZ UXWUZU_ScXcS SXU^UX FIQu ORcSUVUZ VRSccUTRXZYR` k_ _U UXWUZW qIQhhf NUUcUVSRX^SZYUVUZ VWW^^YWbYZ VWWccS k_ _U UXWUT qhQhEf BZcY[Q ZUcWSZUV LU¯ OXX aUVW _lXf BZcY[ZUcWSZUV gU[ OXX A k[YXf A UXWUZU_U_UVWWccS `k_ hFQFDu k_ hHQFEf eT Df LcZ qqf JU[[ ^W[_UVVWXRRXu RV^SWVRf c G DDD DHGqf eYVW Ijqjf
IjjHf PUR^SZYZu CURZSf PRSkWS Ij eB DHiFf ea cYacUWVW_U OZccW dRaS P _U BbU NU[WU PYTWVlWZYZf BewVVYu ewVcl Iju J]WZ XRST \^XV\X \S IGf eYV_Yc Ijjiu IFhiu IFhDf
Ijqif >W^^Su ?W`Uf eUUXU IH e DHiFf ea ^SZcc KWZU[ > _U OVVR AW][Wb MRXcUpXXSZf © jD ?V]U @URbXYkkf BewVVYu e¡Vcl Ijf PURkkUYbRXcU_U J]WXXlf p DH Be DHEif eYVW IjhEf
IjqDf AU[^WSu CURZS OU[[Yf ³AS[cU`UVU H eB DHihf ea U][ PU[V OR]RXc A _U OZZU NU[WU LSW^^UZYZf © qF UkcYY^^U[W JWVbU BZ][Wb dSaUZZU gVST£`WXcf BewVVYu BewVcl IIf c IH eBBB DHFEf BXl jHf
IjqIf gUy^TUZu [Wc¦QJR]Sf ³gY[VWWZW IE BB DHiGf © jqQqG NU[ccU KbWc PSZcRVUu qGQ OXcU KVWXUzYc BZzY[]f PUZXUZ >l\cclTs Zl\cc IGQjhu eWWkR[WZ CYUcc jhQjGu CUTkY[YYZ CYUcc jGQqDu A PUZXUVVWXcYUcc qDQqju FhQ rS[WZ CYUcc _Sac qjQqGu LUabYZ qGQhju hHQFju JlTYYZVWZZUZ PUZXUZcYUcc FjQFhf @UbWS^RRVRccU_U qDQqqf AL r f
Ijqjf JU^Ukll }QqI JU]VRZb~u K[^^W OZcY[Sf ³J^W DF B¨ DHiEf ea rUZ^d OZbY[X eW^cS[ JU]VRZb _U ¾RVYWTU NU[WU CW[^^SZYZf © jH SkYcc^UZb KY`U KVWXUzYca Nl^WZYZf VVLVVYu \S IFu CR[RZ XRST ^VV\X BQBB B^f ·B CPP jIf CeL jIQjFf ?RcS^RTkR ?\ ?RcS^RTTRZ ^UW` UkRV^UW`SXWZX jFQqiu ^UW`S^XYZ ^l\ccsWZX qiQqIu ^UW`SXSX kllVV qjQqHu ^UW`S^XYZ _Sac qHQf rSa_QPU[_UVUZ WZX\ab k_ qGQqHu hDQhIf rSa_QPU[Q _UVUZ UTkR_UWZkWW[ k_ _U OTkR_UWZVWWccS aUVW _lX hiQFif rSa_Q PU[_UVUZ ^URkkU^UT k_ FiQu NUUZkRSVRXcR^XYZ cRYZ aUVW _lX FIQu AL @ Du e@ UT Iu NT qDQqhu eXX UT I X^f OTkR_UWZQ VWWccS ^RVc UT[^f nVW^f JU[[ UTkRTWZYZf eYVW IjjEf
Ijqqf PZRRcWVUu JR]S CSW`S KZXWSf ³CR[^R jD e DHiGf ea VllZWZNµV JR]S dSaUZZYX P _U AW][Wb KVYSZS[U PS[^WZf © qj VYac CSWZW PUU[WZU AU[WSVUf LUkXYc OZ_UQ@WWccU qqu PW[XcWQ NUW_U qFu NW[_UQLYYZU qHf VVLVVYu \S IFf CYSV Y[ScRc^ jDu `Wa kUk jIu P qhf PY[U`UZ \^ jIQjHu PUVVWSZ \^ jHQGiu [Yac hhQGiu YVl^^ GiQu Jn cYSV XYTWZUU[W^W[_UXc UTUZ jqQ jFf J]WZ rW^^R^W[^^S\ab XWac jFQhqf nPP pWV _U kX\^ cSkYcc qHQhDf e@ jf e@ qu AL @ Bf nVWVf JU[[ WcUVWUVUWXYc `UV^SQ `WWZWcf p IF eBB DHGjf
Ijqhf @UY^UVVWSu ?VU`Wf CUTkY[Y Ii ¨B DHiFf ea [^T KVWX @ _U KVWZ OTUZbU eWV_UZYZf BBBwVVYu \S IFf Q·B CPP jqf JlTYYZ cWYQ _U `YXW[U^kWW[ _U AUWTUUZ XllZZsXcYV\cXcSZ kUV`f LcZ jHf JU[[ TWY^^UWVRu TRQ XWW^^Wu [Yc^YWV\f PUUcRW CUWkUVYYXXU h B DHqif
FGu `c VllZWZ^UT[ FiQFDf AN `c ZkW JcRXAWac qGQqEf Ae@ @u e@ q ^Uf LcZ FIf p DF ¨B DHGIf
IjqHf AU[UTWYX }QjG ¥YbY[zY[]~u PUU[VS MRXcUp @U]ZU[f dSYZXRR Dq B¨ DHiFf ea cSWT_ tlWZs Kb`U[b ¥YbY[zY[] _U KXcY[ PU[SVWZU M[sZzY[]f © jE p DHhh SkYcc AWX^S KVWXUzYca rRaU^^Uf LUkXYc PW[XcW NU[WcU jFu rYZccW PUVY[`S jEu JU[[W dRaUZW qqu OZccW OU[ZY OZUZWUX qG BLVVYu eLVcU Ihu C[YYZ \^ \S IHf QCUV`WXSbUXXU ^SRVRcRXRkXf nVWVcZf PUUcRW eRSQ XUVTYZ [WZcUTUVVU q eBBB DHqqf eYVW IjGqf
Ijhif JU^RVWZYZu LUR[W rY^^Uf KZS DE Be DHiHf ea _Sac rY^^U J _U OZZU LUWcWZYZf BBw BVYu \S IEf eYVW DGIif
IjhDf JYW^^SZYZu OZccW PUVY[`Sf AS[cU`UVU DH DDD DHiEf ea VWZ_UcU[^ OZccW J _U eY[U NU^U[SVCf © hG kSXcW`W[^ OWZW OZZW^^W JSVcU[Wf VVLVVYu \S IFu AS[cU`UVUZ V\X BQBB B^f O?C jEf oRbYZTUUZ LJ ^UZXVWXcW jEQqIf JRSkUVUabYZ kWW[WZ `c UkRV>N qIQqju NUVTWZ qjQqqf J]WZ UkRV>N qhQqGf dUUVUZ >N qEQqHu eYa^UVUabYZ qHQhFu LRRTlYZ hFQhEu @RS^SVUaQ bYZ hEQu AL @f nVWV FDf JU[[ aWXcS[WUu kX\^SVS]WUu ^W[_UVQ VWXRRXf p G B DHEHf
IjhIf JRccRZYZu PUVY[`Sf ³eWWkR[W ji ¨B DHiEf ea cSWT K`Y[c dSaUZ eUVbYTU[ J _U NU[ccU NU[WU eRS[YVUf © qF JYVQ ^U eW[SVUWZYZf BLVVYu \S IGf nÁC jqu L?Pf LPJ `c ZSc jFu `c XWac jFf J]WZ `Y[S`XcS ^lXWccYVW_l jGf PCN \VWT ZSc jEQqiu `c ZkW JcRXAWac qiQqju ZkW JcRXAWac qjQhju `kW JcRXQ AWac hjQFif PJ? \VWT YXWcc qIQqqu qGf oRbYZTUUZ VllZWZ cU[^Vc^ _lX qhQhjf e> YVl^Y`UVWS^ _lX qGQFif Ae@ @ Du JU[[ ^RS[SVURVRf p J^W DE eB DHFif
Ijhjf PU[Wu PUVY[`Sf eWWkR[W DI B¨ DHiGf ea TY[W^Ukc g[\Q ZSVpP _U ASa`W @WYklXf © jG ORZY NU[WU O`YVUf BLVVYu ewVcl Ihf NY[^SZ ALNP IGf P?r kll^SZcc `W[^ IGQIHu rYcXUQ TSZ ^SZcc _Sac IHQqqu rWYcU[XUU[YZ ^SZcc qhQhiu CR[RZ UVRY^SZcc _Sac hiQu >S[_UZ `U[U^SZX rYcXUTSXXU jGQqqf rYcXUTSZ ^RZZ`UVc _lX qDQqqu XScU`UaWZ^S_YZ U[`WSWTWXVc^ k_f CR[RZ ^URkkUSkWXc [Uaaf CR[RZ ARSTQKZ]VUZcWV \ab _SaQ cS^ hiQu A PW[^^S_YZ _lVVYYZ[U^^ST XllcWs `k_f CR[RZ ^URkQ kU^UT cWVWTWYX`UVWS^ _lXf JU[[ ^WYVYcu ^UVUXcRXu TYcXlXc\Xf
Ijhqf PS[kWZYZu CYZaS PUVY[`Sf J^W IF e DHiEf ea cUVSZQ STWXc OR^RXcW P _U ?V]U eWVaYVTWWZU dS^YVUf © jh kWUZScUWc LWZZYU KVVW PUU[WZU JS`WSf rS_Uc BVTS jEu LUR[W qFf BLVVYu \S IEu PUVVWSZ \^ B B^f CYSV Y[Sc jIu cYSV cRc^ qG K^RT WZXcWc A`YWcXWXXlu `Wa kUk jIu kUXccRc^ jqf nVWT kUkkWZU jIQjhf C[YYZ cRSTWS^W[^^SX[^ ^UkkUV jhQhif BVTU_SYZ ^a[U hiQhGf A r\al^SRVR\ab _U LlaYc\XXYR[UZ kUV` hEQFif NY[W`SWT kllVVkUkkW FiQFjf rK ^W[^SVVWXUXWUWZcXcS kllVV FjQFEu YVl^^ FEQu J^W X[^ XUW[kUXc NYWVUacW FEQf @S`UXcW hGu e@ ju e@ qu Ae@ d Du NT qDQqhf PYZccl[S` Fqf JU[[ [Yc^YWV\u TRXWW^Q ^Wf p Dj eB DHGEf eYVW Ihjjf
Ijhhf PRRVUu PUR^Sf eUUXU Ii eB DHiHf ea _Sac O[`S NUcWQ UX P _U OVTU B[YZY @WZZYf BLVVYu VewVcl Iqf J]WZ NRXWW^Q ^WSkWXc _U PW[^^STRXWW^^W^ IhQIGf rWUZSZXSWccU_U S[^YXcYQ [YWXXU J]WXXlu CUTkY[YYVVU LS`WWXUXXU _U CUTTWXUU[YXXUf p CUTTWXUU[W Iq Be DHjqf eYV_Yc IEDFu jDiEu jDiHf
IjqFf A_szVSTu PU[V MRXcUpf CUTTYVU j B¨ DHihf ea U][ dSaUZZYX A _U OVTU ASpWU JYVWZf © jh p DHqj NU[]Wc B[YZY M[YZTUZu qqQ PUU[WZU JWVVY[`S rYZccWVlf VVLVVYu ewVcl Iqu \Sf CUWcYWVW_U J]WXXlf LcZf p D eB DHFEf
IjqGf nVcWsu LWYcS oZcUTSf ³CUTkY[Y h B¨ DHiFf ea T` rYZccW n _U AUZb[U nVsXcUVSf © hE JWV_U @URaU Nl^WZYZf VVLVVYu ewVcl Iju BVcUSkkW^ eBQeBB B^f PUZXVWXcWf
IjqEf ¥U`YZu OU[ZY OR]RXc OZUZWUXf eWacW D DDD DHiEf ea T` OR]RXc OZUZWUX ¥ _U JYVYZU NUcaWVbU JSVTzY[]f © jh eW`UZ NU[WU JlVVf BLVVYu BewVcl Iqu NUUZ`WV_YV\XV\X \S IHf nÁC jqu eC jGf NUVTWZ UkRV>N jhQjGf rS[`SSZ >N jEu eWabWZ jHQFif oRbYZTUUZ LJ `kW LAWac Fiu kSVWWXWcU[^ FiQ
IjhFf LUZ]Yu BVTU[Wf ³AUVVU F ¨ DHiFf ea NJ g[S[ PU[V ObSVp L _U ¾YVWU NU[WU JSVTXc[sTf © qi e?u Vll^`SWT OWZS ASpWU PW`WXcsf LUkXYc OZccW qDu PUU[VY qDu JYW^^W qFf BLVVYu BewVcl Iju XRST V\X \S IEf P Jn jGf J]WZ `Y[ScXcS YZZU^SZcU[^ QGDf LWW^YTWYXcYZ ^URkkUSkkWVUWc [RScXWZ ^WYQ VYZ VYacf AL @f AcTf JU[[ `UVS^R`URXu RWZcWf eYVW OU[ZY LUZ]Yf
IjhGf LWV_Uu LU[X K[W^f § J^W DE e DHiEf ea ^URkk PU[V K[W^ PSZXcUZcWZ L _U OWZU OcaUVWU AcYZWRXf © ji A`YU tWVaYVTWZU tW^Xc[sTf BLVVYu ewVcl Ihf K[W aRSZY^UVRVWW^^ IEQjFf ?\ ?VSZ cSWT_ jFQf A JRSZY^UVR^URkk VWWccS aUVW `k_f eY[aSWQ VW_UWZ UTTUccW^ _SacS^ k_ jqf JRSZY^UVRVWW^^YWbYZ ?\_SacS^ `k_f p IG B DHGHf
IjhEf >W^^Su @WYTR }@SzY[c~f eUUXU II eWVW DHiEf ea ^SZcc KWZU[ > _U OVVR AW][Wb MRXcUpXXSZf BB¡VVYu e¡Vcl Iqf PSZcQ cS[WXcW J]WXXlf PUUcRW Dq B¨ DHqIf eYVW Ijqif
IjhHf @SWZWu OU[ZS OVp[Ybf ³AU`SZVWZZU Dj B¨ DHiGf ea ^SZcckllVV OVp[Yb @ _U NU[WU eWVaYVTWZU AUVWZf © jj LUa_U @UyaYV eWVaYVTWZU @UZcUZYZf BLVVYu ewVcl IFf ?kWX^
JsaY[Y UyaXyaRVY pWW[ CYÃcWVQ RZb gY^VYWbRZ]XWZbRXc[WY }gY[VWWZW~u `UVTWXc ARSTYXXU jI Z\s[WZkRZS_UTYXcf ?\ tWVa AUVWZ Oz Z\s[WZkRZSTSZ _U ZURaUcYac cY^Z _Sac jIQu cSWT_ qHQf CSWT >RS[YZ eSWTUZ LWWccS IHQjju ARVUXSV J]WZ kWW[W qFQhhf >eL ^RVc UT[^u PP ^RVc UT[^f JU[[ ^RS[SVURVRu `UVS^R`URXf rSW^U hHhqf
IjFif AUVSu ARVS AY`Y[Wf J^W Dq ¨B DHDif ea ^URkk AY`Y[W A _U ^URkk BbU NU[WU LUkkUVUWZYZf © hj cXcSkllVVu UkRV^UT[u e> JYVYZU NU]bUVYZU PUZbYVWZf C\cl[ ?RcW Fjf BLVVYu \S IEu JU]TUZWZ \^ B B^f nÁC jqu eC jGf PU_UUZWZ cRSTWS^ C>Sc jFQjGf NNN YXWcc jEQjHf AN \VWT YXWcc qiQqhf @U_U`U[cWSVUWc aUVVWZZSW¢ cXcS kllVV qhQqGu aUVVWZZSW¢ ?X SXkllVV qGQGif @U_U_ll^l[WQVYab kllcSWT qHQ FDf PUWZRRZ OXY`YV_WYZ LWWccS cSWQ NWZZUZ~ qiQqhf eC jGf AL Pu e@ j T^u e@ q T^u AL @ Du NT jHQqiu NT qDQqhu @`V U[u ¨¨¨f NU_ FFf JU[[ cYZQ ZWXf
IjFDf OUVcSu O[TUX ?VU`Wf J^W eBBB DHiEf ea \VW^SZXc @W^Q
TTTTTTTTTTTTTT aU[b O _U JYVYZU LUU^^SZYZf © jj « NUW[Y A\ZZs`Y PUX^f ewVcl IFf eWWQ VW ky[lT^R[XXW IHQjiu Ty[W^Ukc^R[XXW jhQ
c jF CR[RZ TY[W^f NPJ jFQu kY[lTWYQ aYZl _U qiQ_llZTR[cU_WYZ kllVV _U juh ` [U^YZZRX`UV`S_UZUf JWYcUVUabYZ CYQ
VU^^U ^SYU_SkllVVf A LUW`UZkllVV\XcsQ
VWWccS aUVW hEQf e@ j T^u e@ q T^u
Ae@ @u AU^XPµ U[ jf PUkcVf JU[[ `UVS^R`URXf p Dj eWVW DHGhf eYVW IIFHf
IjFIf OUVcSu O[`S NUccWf J^W j Be DHiHf ea cUZ^^UU_U NUcQ
cW O _U ?WVW NU[WU >WWZW`UU[Uf © jE TY[^SZ NYY[W LWR^^Sf eLVcU IEf c Dh eBBB DHGIf
IjFjf OUVcSu PUR^S PUVY[`Sf J^W Ii ¨V DHDif ea VWW^YT KTWV OVY^XUZbY[ O_U OWZS JUVSZYZf © hD KWVU OZZU KVWXUzYc CWTSZYZf Bebcl IFf CTW A eRS[WS VWW^YUkRV IFQjHf OXYQ kUV` qiQqFu WZ`UVWbW qjQ KXkSSZ ZWTWXTWYXkWW[ ^UZXVWXcW qGQu OVW^f JU[[ ^UVUXcRXf
IjFqf OaSVUu CSW`S dSaUZZYXf ³LYkkl`W[cU j eB DHDif ea [^T dRaS JY[TUZ O _U ?V]U OR[S[U rUWTYZf © jF JYV]U KVWXUzYca LWTZYVVf \S IEf K^SZ jEf L``Q^SZcc UkRV_Sac qFQf e@ j cV^u e@ ju e@ q cV^u e@ qu AL @ Du NT jHQqi TX^u NT qDQqhf PUkcf pIg eBB DHFEf rS_Uc hhDhu hHiif
IjFhf OVUZ^Su J_UVTU[ ?VU`Wf J^W Dh eB DHiHf ea ^URkk [UZX J_UVTU[ O _U JWVTU ASpWU PUZbSVWZf © B qiQFH @UWVW ?ZY[`U dU^SzXXSZu BV Gq NUW[Y CY[aSf rS_Uc CWTS ?VU`W qDu JUZZR dRaUZW qj p FDf \S IEf nÁC jIu eC jhf CeJ \VWT VU^WT jFQqjf ASXN `U^cU[^ qjQhIu JcRX> hIQGIf AL Pu Ae@ @ Du NT qDQqhf Qp DD ¨B DHGFf
IjFFf OVaSu PUU[VS OR]RXcf J^W h ¨B DHiGf ea `U[UXcSZW OR]RXc P[WXcY[X O_U dSaUZZU [Yb[W^U LsZZzY[]f © jF NUWQ VWX [Yb[W^U >Y[cUTSf Bebcl Iqu ^YX^W^f CXcSZ_Sac KXQ kSSXXUf p ID eBB DHEqf eYVW IFIif
IjFGf OWccS`UU[U }Qjh OVVYZ~u NU[ccW AU^U[Wf J^W h ¨B DHiGf ea ^URkkUQUkRV dUVTU[W Kb`U[b O_U NU[WU dRZcRZYZf © jF PC? PW[XcW JWVVY`W JS[ccUZUWZYZf \S IEf K^SZ JPPP jIf ?\ AcSy^TUZZ jIQjqf A o[aYWVRSkWXc cUVSRXQ kllVV jqQjEf ?\ oRXW ARSTW cUVSRX_Sac jEQu A eSWTWXcYVRQ VWWccS _SacS^f J]WZ eSWTWXcYVW_Uc _SacS^ _lXu k_ q `f e@ ju e@ q cV^u e@ qu Ao UT ^[^u ? UTf PUkc qjf QJU[c RV^SWVRu VYZcSkUVVSf p E BB DHGjf rSW^U hhHIf
IjFEf OTWZSppu CURZS MRXcU` OVp[Ybf J^W ji e DHDif ea ^UZXU^cU[^ PU[V MRXcUp O _U OVpaWVb dRVWU NU]bUVYZU LWZbQ aSVTf © qq ^UZXU^S OWZW JYV`W NU[WU LWV_Uf \S IEf nÁC jIu eC jhf OXJ \VWT YXWcc jjQjFu jGQjEu `c UXRcRX[UaUXc cXcSXWac jEQqDf OA? `c ZkW JcRXAWac qDu qqQqhu `c aUVVWZZSVV _USXc _USXcSkllVVqhu SW^YRbYVV _USXc _USXcSkllVV qhQqFu `c VUWZQ SkWZ cXcSZ kllVV qFQhif NNJ SW^YRbYVV cXcS _Sacu UXYXXS[W hiQGIf PJ? \VWT `W[^UT jjQqDf NUUZTWccURXZYR`SX GIf e@ q T^ }I ^kV~u AL Pu Ae@ @ Du NT jHQqif nVWVf JU[[ XaU^^W ^UVUXcRXf rS_Uc FqFIu FFEHu FHhju `YVW IiGDf
IjFHf OkU[Wu dSaUZ eYW^^Sf J^W F eBB DHiHf © jI OWVW JWVQ TU @SXzY[]f KWcl IIf
IjGif ORY[u KY[S @UpUYVf CR[^R IG ¨B DHiHf ea kSXcWcU[^ oZS ?X^U[ O _U KzzU ¥aU[VSccU `SZ tWVVYz[UZbf © jhQqI kSXcW`W[^ B[_U AWVS^U[Wu qh kUZ^^W`W[^ JWVTU OZZUQLWWXU dSQ aUZXXSZf \S IEf O?C jju kSXcW`W[^UT^R[XXW jqu cRVVW`W[Q ^UT^R[XXW jFf rLJ `W[^ jiQjqf nVWT UkRVcRVVWcU[^ _U cRVVWQ cU[^ jqQhDf CSWT_ hIQhFf JRSVWcXW_U hFQf NT jHQqif
PS[k[f c IE ¨BB DHEDf
IjGDf gUy^u AUXXUf J^W E ¨B DHiHf ea ^URkk OZcSZ g _U LWVVW NU[]U[YcU JU[c¦YVVf © jF JYV`W OZccSVUWZYZf BewVcl IFf OXYXYkkl^ UXYXYkkl^R[XXW jqu UXYTYXc^R[XXW qDu qFu cl\b^R[XXW hIu NAP cY^Z ^R[XXW jGQ jEf PSZYcYSVV kUV` IGQjjf rRSV`SWT UXYaRSVcScYac jqQFiu `WWTY^XW NY[WAP UXYcY^Zf tl[cXWVlQ\ac\Tl J]WZ cYVU^^U c\sZ_Sac FDQf e@ qu AL @u NT jHQqi TX^f NT qDQqhf c ID eB DHEif
IjGIf g_s[^TUZu JU[[\ _UVU[ tUVbYTU[f J^W h ¨ DHDif ea TU^^U[UZ`UVTWXc dSaUZ gY[ZaU[b g _U L\\VW KRp[SX\ZY ObUTXXSZf \S IHf ?kWX^ Jn `SWTWXcYVRVUWcf p J^W DH D DHjIf eYVW IEEDf
IjGjf PU[^WVU }YZc ¥UW[YZWRX~u eWYZS eSWccSf J^W DH BB DHiHf ea kRRXYkkl MRXcUp Kb`U[b ¥UW[YZWRX _U KVWZ eWVaYVQ TWZU AYVWZf © qi NU[WUZZY M[YcU rY[`SVUf \S IHf ?kWX^ Jn VU^WUf J]WZ kSVWWXWVUWc kUV` jGQqqf LWW^^ kSVWWXW ^STWXUQ [WS qDQqhu cSWTWRkX qhQu aRSVcSkllVV qqQu A @UbWSUTUcssQ [WWZZY k_ hGQu Ae@ @u NT jHQqiu NT qDQqhu r U[u Bcl` ^RVc UT[f p IF ¨B DHGHf eYVW DEDHf
IjGqf AU[UTWYX }QjE ¥YbY[zY[]~u ¥U[VW dSaUZ }dUZZY~f dSYZXRR Dj DDD DHiEf ea cSWT_ tlWZs Kb`U[b ¥YbY[zY[] _U KXcY[ PU[SVWZU M[sZzY[]f \S IHf O][ _U NNP jGf CSWT CRTU[YWXXUu NY[WTYVS_WXXUu rUWQ ZWTWYaWXXlf elZ[f JU[[ `UVS^R`URXf PUUcRW PU[_UVUZ PUZZU^XYVVU E ¨BB DHjHf eYVW IjqHf
IjGhf KaSu KY[S LYZZWf J^W DI Be DHDif ea _l[_YXcYV\TYXc
tY[ZY[ LYZZU[c K _U OVTU tWVaYVTWWZU
AYVWZf © qD JL OWVW BZ^Y[W Jl\[WZYZf LUkXYc KX^S qIu KY`U qFu dR^^U qE c DHhiu KY[S hDf \S IHf nÁC jhu eC jEf PU_UUZWZ C>Sc jEf LUkWZ LJ ZSc jHu ZkW LAWac qjQqqf PUWZRRZ LU^WUXcXQ cS qhQqHf PRRXUTSZ >N qHQhHf ?RVRZ LJ ZkW LAWac hHu `kW LAWac Fiu LO FIQ Fju L> FqQGjf dRV^UWXRcU[^ qiQqD _UqjQqqf PRRXUTSZ ^RZZUZ `UV`S_U qHQ hHf PRRXUTSZ X[^ ^W[^^SaUVVWZcS^ k_ qHQhhf ARSTUV LU^WQ TWYX\ab ?RVRZ SX k_ FEQFHf @S^RUZ cY[`Q _U ^RZcSRccUTWXQ XllcWs aUVW k_ GDQGFu YbRXcU_ k_ GFQEhf PRRXUTSZ VR^ _SacS^ k_ hFQhHf e@ q T^u AL Pu Ae@ @ Du NT jHQqi X^f nVWV Fhf JU[c TUc^UWVRu ^WYVYcf
IjGFf KaUX }YZc K^£`WXc~u KWZU[ Kb`WZf J^W DG B DHDif ea RRZWZcY^W_l PU[V OR]RXc K^£`WXc _U JWVTU dSXYpWZU PU[VXXSZf © qh MRZaWVb NU[]U[YcU PSbWXTUUf BLVcU Ihu XUW[UUZU IDQ Iqf eUacWTYXcU[W J]WXXlf p Iq e DHEqf eYVW DGIEf
IjGGf K[`W }Qjh KVY[X~u OU[ZY Ob[WUZf S[XXU DH e DHDif ea ·B dUVS JYZ[W^ eWYZS KVY[X _U LWWXW PSX^YZUVaSf © jh LC? >UYTW BZ^Y[W dSaUZZU JlZZWZYZu BB hE Zl\ccYVW_l @URZW NU[WU K[W^U LRSTUf VVLVcU Ihu J]WZ XRST \^ \S jif O[^^ CPP jhf O[^^ OV`U[ OUVVSVVU jhQjFu CSW`S rUUcYVUVVU jGu JP@ jqu jGQjEf ?TU U[^^cXcS jEQf J]WZ ^URkXRRZZ`XcS kllVV FhQu CPP UXX jFQjGu [U^YZZRXSkWZ SkYcc qqQqhf CUWQ bYcYSZ ^YX^RX^ c\\VWSkWZ SkYcc jFQjGf AO O XcUZbU[bWXSWQ TWXVUWc _Sac qjQqqf AO O aUVW _lX hqQu @U^Y`U aUVW k_f @U^YZZRXcUWcYYZ XYR[U _SacS^ _lXf O MUVVYZQPUVVYVUZ TRXYSQ XllcWs aUVW k_f J^WQAYR[U `UVcRRX^ k_f C^C aY }AcRcc]U[c~u Ae@ @LQ LcZf p IF B¨ DHGGf eYVW IIGj gf
IjGEf K[`UXcWu PUU[VS KVWX @UpUYVf JUTWZU Ij eBB DHDif ea OWTS @UpUYV K _U @UyaYV gY[][Scaf © qq JRVbU }JYVWZl~ eW^Q cS[WU tW^Xc[sTf BewVcl IFu \^XVRS^^WYZ eLVcUf ALNP kllXcscSb jDf PYX^ `U^\ac OU[ZW `W[^ qjQqHu eU^ ?\ rSaQ _SVU jhQqjuqHQf JU[[ zWzVWSpVVWUu pWVUcYVWUf p IqDDD DHEGf BXl IGhf
IjGHf `SZ WYUZbcu PUW eW^cS[ dSaUZZYXf J^W Iq eBBB DHiHf ea Vll^u LPC JUV`Uc NU]ZRX ` _U U[^^ NU[WU }NU_~ P[SQ ]Y[RXf © jE AJ LUa_U JYVVWZ ?^XUZYZf LUkXYc dRaUZW qDu NUW_U qqu NURZS qEf \S IEf P Jn jDu L _U C Jn jEf LY]Wc kX\^SV hDf Jn UXX jHQqFf J]WZ ^URk UTTUcWZ`UVWZQ cUkX\^SV qFQhIf Jn kX\^SV k[Sp hDQGjf eUZ^WV kX\^WUc[ UXX qDQqqf Jn bSX jHQqqf JYZ^WXYZ TUUZkRSV ^ST k_ FiQFIf rX\^SVS]W^ST k_ FDQFqf ARST cWYbYU^Uc _lX hIQu WVSXSp \ab _SacS^ jiQ_U qiQVR`f A AScWVUXkX\^SV XYR[U ^RZZWUk_f AScUcWYQ cYYZ XYR[U ^RcXR_lXf A rX\^SV XYR[U k_ hjQf Ae@ Pu AL Pu NT jHQqiu NT qDQqhu ¨¨¨u rRSV`SWT ^RVc VY`u AUZXTu KA? ^T[^f nVWV FIf dRV^ kX\^SV SkkWQ _U ^R[XXW^W[_S_U qFQ GGu cl[^YWZ ^UZXUWZ`lV CaY kY[kYcRUV tS[Vb GGu UVUZ U[cW^^ `RSXWQ _U UW^U^^WW_f AZYVVTUZWZ SkkW WaTWXYXcl }JWXc U[^ FG~ XY^l XR^R^[SZW^^U EEf eWY[ k[Sp oAOwXXU }XcWk ¥STYVV hGu CYÃUX hEu ¥SVS[UbS FqQFh~u A^ScVUZZWXXU }KbWZzR[]a FI~f JU[[ XR^RcRc^WTRXu XScWVUXkX\^SVS]WUu [Yc^YWV\u ^UVUXcRXf eYVW IFjif
IjEDf dR`UX }Qji MRXYpp~u PUU[VS NUWZWSf PRSkWS E B¨ DHiHf ea ^WaVU^cRST JYVWSbS[RX MRQ XYpp _U JUZZU JYVYZU LY`UZbY[f © jG c DHqG dRbWc MWXYVU MUVVYu BB hD AJ NUW[Y OTUZbU ?XTUVUf \S IEf P jju N jqf J]WZ ^URk aRSVcS`XcS `W[^ jqQjhf CJ U^cRUU[W jFQqif A CYSVVWQ XRRXVWWccS cWVUXcSQSX kllVV qiQu CYSVVcUQ VSRbYVV \ab aUVW FjQf e@ qu NT jHQ qiu NT qDQqhu AU^XPµ ju ABe U[f LcZ qDf JU[[ XaU^^Wu cYZZWXf QpH Be DHEif rSW^U GqIEf
IjEIf JYW^WZaYWTSu NUccWf J^W DG B DHDDf ea k[Spu ·V aazTzaT OR^RXcW NW^^S J }QiF JYW^YV~ _U ^UT[ B OZZU JYWZWVl }QiF @YaZzly^~f ©jF P JYVTW CYVVY[`S >SRXWUWZYZf LUkXYc NU[_U jGu NUccW qIf \S IEf NJ Jn jjf NYcXlZSTWXc NYcXl^YX^RX ?\ NJ jqQjFf NYcXlcWYc cRc^VUWc UXX jjQ jqu NJ jFQqif NNN kW^UQUXRcRXcSWQ TW^ _lX qiQqDu kW^UQUXRcRXcSWTWZZUZ `UV`S_U qDf e@ ju e@ qf PUkc qDf JU[[ aWWacSu UTTRZcUu XRRZZWXcRXf ?XUVV jiQVR` U^UcYYTWXYZ UTkRTUR[aYWVRZ YV`\ccu TT AOoL UTkRTU_US^XYZ kY[RXcUTWXYYZ XY^l XYZ ^WVkQ _U ^SRQ VRcRXcSWTWZZUZ _l[_YXcf PUUcRW BclQPU[_UVUXXU PU[aRTlYZ [WZcUTUVVU G ¨B DHqDf eYVW IFjGf
IjEjf JYW^^WZYZu eYW^^S BVTU[Wf J^W G Be DHiHf ea `Y[aSc VW_U NW^^S J _U NU[WU K`YVWWZU PSVU[Wf \S IHf A ASXWUVWbYTS^[UUccW cSWTQ aU[_SWccYVW_U IHf p eWWkR[WZ XScWVUXXUWQ [UUVU G BB DHjif eYVW DGjjf
IjEif OU[[SX }YZc [WX^~u CS[Y K[^^W KbTRZbf CR^aSVTU ID DDD DHiHf PUX`UcRX`a c[W dRVWRX [WX^ _U B[TU B[YZY OaVQ aSVTf © DDD qFQ PUWXU NU[_UccU OUVcSZYZf VVLVcU Iqf LWWQ ^YTWYXf p Di ¨BB DHGif
IjEqf JYWZSu KX^S rUU`Sf J^W G Be DHDif ea [^T PUU[VS J _U OV`WWZU OZccWVUf © qi AUU[U NWYVW^^W CU^UVUf C\cl[ KW_UQ LYYZU hjf \S IHf nÁC jHu eCf J]WZ `Y[S`XcS `W[^ jEQ hif eeN \VWT `Y[ScU[^ hiQhIu `Y[SUXWUWZSX \VWcU[^ hIQu eY[SaUVV \VWcU[^ GiQGjf Ae@ @ Df p DG ¨BB DHEFf
IjEhf JYWZlTWYX }Qjh JYVYZWRX~u NUccW PUVY[`Sf J^W ji ¨B DHiHf ea ^URkk OZbY[X CaYSbS[ J _U BbU M[sZ[SSXf © jE c DHEF B[_U CYVVY[Q `S LUZ]WZ^SX^Wf LUkXYc LYYZU jHu KVWZU qDu JYW^^W qhu LUR[U qFu dRXXW qHu PUcW hqf \S IHf nÁC qiu L?P qif J]WZ ^UZXUZaRSVcSVc^ cY^XcWWVWSX aSWc qiQqDf PUZXUZaRSVcSTWZ cY^XcWWVWQu ZUa^UQ _U _UV^WZYSX SXXWac qDQqqu cXcSkllVV qqQqhu SXkllVV qhQqFu ZYR`SWc UXWUZcRZc _U e> YXWcc qEQqHf LUXXWVU © CW^UZS_U ?\ VUQ PWT qFQhDf ?TU U]YZcRR[WVWW^Y hDQEDf OZcSWZY ?\ cSWTW hFQ FDf rRSVWRXcRXcUVSRbYVV XRRZZ^RZcU _lX FjQEif AScU^W[_Q `UWac cUV`WXSbUXXUu kXQVUW`U BVTU[WXYXXU \Tf dRV^ AYWcXYTlZ TWZRRccWU TY[YVVl }^R`URX kXQVUW`U BVTU[WXYZ cRaSXcU~ qhf e@ q }I ^kV~u NT jHQqif nVWV FEf PUV`SVUZ NYcXlXc\XXYRQ [U ^RZZWU_lXf JU[[ TYcXlXc\Xu ^UVUXcRXf rS_Uc FqFFu FEIDu `YVW DjHHf
IjEFf JYVWZu KY[S KR]YZf >Y¯ nS[^ Dq eBB DHiHf ea TY^UUZW^^S K[W^ eUVp[Wb J _U BbU NU[WU rUVT[SSXf VVLVcU IIf OTY[W^^UUZ IIf
IjEGf JWWcSZYZ }QjD JWbYZ~u AU^U[W oZWS YVWÃf J^W Di eB DHDif ea UkRVk[Sp PU[V dRVWRX JWbYZ _U JYVTW LWWXW rU[TUQ ZYZf © jh P OVTU B[YZY JUU`UTlYf \S IEf ?kWX^ Jnf KbWXc\XkRSV oRbYZTUUZ kWW[WXWac jiQjDf PUZXUVUWX`UXcRR [\ UkRVXWac _U cXcSZaSWc jIQjhf ?\ AaYVV Oz TUWZSXQu aYZ^WVsQ_U
^WWZcYWXcsUXWUWZ aSWcu SXkllVV jFQqHf J]WZ OXRZcS^YX^RX^ JU^U WXlZZ qHQFiu aUVVZYR` XWac qHQu BXlZZ ?V\TkWU^\Vl qHQ FIu @SWaR`RS[YZ JU^UQUV hhQhGu JU^UZ CUVSZaSWcS ?\ FiQu OVRYaSWcS\ab _U O[U`U^WWZcYWXcsVWWccS aUVW _lX FFQu Jnn aUVW _lX jju YbRXVU_ _lX jIQjjf eUkUUZ \VWSkkWVUXQVYab cUVa jIf ?\ AaYVV Oz aYZ^WVs^ ^Y[aS_YZ ^YX^RX^ST k_f Plk\VlQXYR[U `k_f oRbYZTUUZ ZRS[WXSXYR[ _U J]WZ [UWccWRX_l[_ ^YX^RX_SaQ cS^ _lX jiQVR`RVVUf rSa_UZclacWQVYab cSWT jiQjDf BXlZZsWcXWQ _l\ab k_ FFf PY[Xf JU[[ `UVS^R`URXu UTTUccWUVUZ ^W[_SWcQ cYVRf eYV_Yc DEIEu IDGFf
IjEEf JWTUZ^Uu K[^^W AU^U[Wf J^W I B DHDif ea [^T P\sXQ
cW OVzY[c J _U ^UZXU^S AYVTU dSaUZZU
>l[aWZYZf © Qqh JYV`W C\\ZY >W^^UQ
ZYZu BB qF `WRVRcUWc rWkkU AUVSTY JRQ
zY[cWZY JUW^UVU qFQGiu DDD Gi cUWbYTUUV NU[_UQLWWXU OUVcSZYZf LUkXYc ?XXW qEu
JU[[W hi c DHEGf \S jif LP jju LL qiu ^YRa^SXUW[ Y[W^Vll^ qHu [sZc]YZcRc^ Y[W^Vll^ hiu VUWVVWXc Vll^ @RScXWXXU hDu X\sklc _U XlbYaSWb Y[W^Vll^ FHf rYV^SQ
XYZZWYTYZ _U AU`R^SX^YZ kWW[WVll^ qhf
CWR[RZWYTYZ kU[UZW UVWVll^ qFQqEf @c]Q\VWVll^ KcQAUWTUUZ PA hhQFIu rS[`SSZ UVRYXUW[ FIQGif CU nPA XlbYaSWcSQSX \VWQ Vll^ GiQGjf LUX W UVRZ [c]QU`b UVWVll^ qEQhif Á[Yz[S ¥X [UbWS^VWZ UkRV\VWVll^ hiQhIf CR^aSVTUZ ^URk AsbY[QA_R^aRX [c]QSX UVWVll^ hIQhjf PU[SVWZX^U A_R^a [UbWRTaYTTYc UVWQ Vll^ hjQhhf J]WZ XlbYaSWcS^VWZ ck UTUZ jFf PUU^^SWXQA XlbYaSWcS^ScW hFQFIf JnPA XlbYa ^VWZ cS Y[W^Vll^ ScS Fjf rS[`SSZ UVRYXUW[ _Sac Vll^ FHQGif @c]QVUWc K JWTUZ^U _U ^RTkk Vll^ hGQFGf rS[`SSZ [c]QVll^ FjQGif LUkkYYZ[UZQ ZUZ ?[^ k_ hhQFIf Lk[ TRXSkWXc _U ^UZZUcRX\ab k_f r[YX `UVWcXW_UTYab FEf rS[`SSZ ^URk`UVc FHQGiu ^RVccVc^ k_f e@ q }I ^kV~f NT jHQqiu NT qDQqhu AU^Xekp Tf Lll^TU_ FGf dRV^ AlbYXRS_UR^XYXcUu [c]QcRc^WTu XWVTlZ _U X\blTYZ [c]Q p\XWSVS]WUXcUf OZUcSTWZYZ c\s ^WVkW[URaUXYZ `SV\TWXcUf JU[[ UVccS`WRVRZXSWccSu ^UTU[WTRXWW^^Wu TWYcY^WW_u RWZcWf eYVQ _Yc IGHqu jjiif
IjEHf JRRX^SZYZu OZcSZf J^W IH B¨ DHiGf ea kSVWWXW^SZXc OzYV J _U OZZU OTUVWU Bbf B eWVcl Iqf P?r `W[^f OVW^f PUUcRW JRTUV_SYVVU Dq BB DHqif eYVW qijHf
IjHif J\csZYZu PVURX ?VU`Wf J^W DF B¨ DHiHf ea kUVSTWYX CUU`W J _U NU[WU CRkkR[UWZYZf © qi U[^^ B[TU AUVTY @UZQ cUVUf \S IEf P jHf Jn YVlWZTRXYS IEQqif NNN qiQqqf ASXN qhf ?kkW^ SkYcc qhQu TT >S[XXW qhQqFu NUUAP qGQqEu J]WZ BB V\X hFQFif eUkUU XUZSTUVYacWTf BXlZZf A LWZcRcWYc nab XWac jiQjFf ASc`W[^f JU[[ S[ZWcSVS]WUf p Ii eB DHGHf
IjHDf J\`l[WZYZu eYW^^S ?VU`Wf r\al_l[`W oB DFD DHDif ea cY^Z _Sac PUU[VS PRXcUU J _U OZZU NU[WU rYXSZYZf © jqQjh A\XcY[ PU[WZ NU[WU LRZbXc[sTu qFQ LUWVU KVWXU PUcU_Uf eWVVYu eWVcl IIu eWVVY Iqu \S IEf K^SZ JPPPf LWW^YUVUVVUu _Sacf LcZf c J^W D ¨VV DHhjf eYVW IDEif
IjHIf Jl]]zVSTu Ä^Y K[W^ OVp[Ybf J^W II D DHiEf ea ^URkk OVY^XUZbY[ J _U NU[WU @UcWVUWZYZf oVWVcU Ijf
IjHjf Jl]]TUZu dSSZUX tUVcY[f J^W G ¨BB DHiGf ea kUXc dSZUX tWVaYVT J _U OZZU CWbYTUZZf © BB qh JYVTW NUW[Y NU[]Wc @\\X\VlWZYZf eWVcl Ihf ?\ CWV]TUZZ Oz SppXYckUWQ ZS IhQjFf NY[W`K TY[W^U[ccUVUWc `UVS^R`URXSX aSWc jFQqFf APA PW[_UkUWZSZ SppXYcSX pU^c qFQhhf CTW CUWcS^R`U kY[RXc _U STWXc hFQf CSWT XRS_YVRX^RZZUXXU DEQqqf JU[[ UTkRQ TWZYZu TSSccS[W`YZYYcu URcScf eYV_Yc DIIIu DqGEu DFhFu DHDqu IjHqf
IjHqf Jl]]TUZu A`YZ eYW^^Sf J^W DD DDD DHiHf ea kUXc dSZUX eWVaYVT J _U OZZU AWbYTUZf © jj CY[ccR CYVVY[`S L\V\f eWVcl IFf BZX CY^Z Ll[S` jDf eUVc VUW`UcYVU^^U kWW[cl_l jDQjqf dSaZ AcYZzY[]WZ ^SZYcYac ^SZYkU_UWZX jqQjFf ?\ NUXUVWZ _U PRTkk WZX jFQjEf p DI BB DHjEf eYV_Yc DIIIu DqGEu DFhFu DHDqu IjHjf
IjHhf BclQOaSu eWV_S eWVaSf J^W IE e DHiHf ea _UV^WZYVWW^^Q ± ± ±]fpY aU[_ OR]RXc eWVaYVT BdU OZZU LYYZU B rWkkR[Wf © qH JYVVW BZ^Y[W CW^^Uf ±py « eWVcl Ihf PUZccS[WQR[^R[Wf VURVRZQ SkYccf p DE eBBB DHFIf eYVW IiiFu
IjHFf dRRXYVUu CUZYVW PRXcUUf CR[^R Dj B DHiHf ea N PVUX MRXcUp elWZs d _U JYV`W KVWZU MYQ ZYc¦f © jh OWZS P\VVW^^W PYccRZYZf \S IHf ·B jqu C^C qGf AUVUS_WcRX\ab WZX jhQqqf OA? UXRcRX>u cXcSkllVV qqQhDu S_WcRX^SYcSWTWZZUZ _Sac hDQhHu `YXWXQ cscSWTW^ _lX FiQFIf g[WcWXa ¥SVRTzWUZ \VWSkWXc `WY[UWVY`U k[Sp FIQFjf NJ RWQ cSZ`UV`SZcUQ _U ^UcXYVTRXcXcS cXcSkllVV FjQFFf NCJ XUVUS_WcRXQ _U `YXWaRSVQ cScXcS FFQu Jn TUUcUVSRbYZ a\b[SQ cY^Z _U ^RW`UcRXcY^Z SkYccu bSX hqQu PJ? \VWQWZX>f e@ q T _U cV^u e@ q T^u ACA _Ycf nVWVf JU[[ TUc^UWVRu ^W[_UVVWXRRXf c Ij DDD DHGhf eYV_Yc IhIhu IFqhu jhGHf
IjHGf OR[Y }Qqi dl]Y[~u LYS JY[zY[cf J^W DH DDD DHiHf ea JR]S OVY^XUZbY[ dl]Y[ _U OZZU NUcWVbU NUVTzY[]f oVWVcU Iqf
IjHEf dl[`Wu ?XTS JYZ[W^f J^W D D DHDDf ea ^UVUcUV cRc^VUWc _Sacu k[Sp CSW`S JYZ[W^ d _U ^UZXU^S JYVp[Wb JYVYZU AWRcWVUf © jG p DHHi LLu XWXlc Y[W^Vll^ KZZYQNUW_U PWZZRZYZf LUkXYc LYYZU jEu CWTS qIu ?RcW qhu CRRVW hif \S IHf LP jIu LL _U LPC jG }`lWc jh~f NW^[SX^ UZUc bSX qiQqhu SkWZc OVUZ^STUUc _U @RScXW jEQjH }@Sy^YpYVVY[QXcWk~u oAO hj _U Fi }@SyQ ^YpYVVY[Q _U OALOQLYUbY[ XcWk~f Jn UZUcST VUWc UTUZ jIQjG _U qiu kUcSVSQ ]WXQUZUcST VUWc UTUZ jHQqqf CRn kUVSW UZUcSTWUZ k[Sp qqQ GGu Vll^YcWYc cWYbY^ bY^UUZW qhQhqu [YacS[W hqQFif CRn aUVW qhQhqf CRn kUcSV UZUc _U zU^cQXY[SV VUWc [U^XRRZZ UXWUZW qhQ qEf CRnn ^RZZUZ `UZaWZ qhQqGf ASy NYb AyUZb aUVW qGQhif CRn ^W[_UXW [U^cSWTW^ qGQhDf CR[RZ PA _U CnPA [U^cSWTW^ _lX hDQhGf PUZXUWZ` X\s`lZ`UXcRXcUTWXVUWc A `UVc YbRXc }rUQ [WWXW~ qHQhDf tJ? [RS^UcS[`YZ _U TUaUZ ^UX`UWZcYZ _U ZWTWXcs^ST FEQGFf A rUcSVS]W\ab k_ hIQFIu ^SZ][ k[YX FDf rUcaSV © NWy[SzWSV AyUZb A cSWT hjQGGf A CWYbYU^Uc FiQu YXWT EiQEDu NYbWyUQXU[_ cSWT FFQEif KTWV OUVcSXYZ XllcWs aUVW FiQEhf AW][Wb dRXYVWR^XYZ Xllc UXWUZcRZc FEu GIQEjf AP@ eU[XQA [UaUXW FqQGFu AP@ ^UZZ\ab ^RZZWU_ GEf tS[Vb ¥RVcRQ [UV ¥SRZyWV }NY^XW^S~ BZcY[bWXyWkV ¥STT EjQ }XllcWs _U^UU OVzY[c KWZXcYWZWZ tS[Vb Sp AyWYZyYu dSXY eUXySZyYVSX t O¯U[b Sp KbRyUcWSZQ_U LYSZU[bS bU eWZyW t O¯U[b Sp O[cXQ kUV^~f ALL VRSccUTRXZYR` k_ GIQEjf C aY ÄO FEu LPC aY CRn Ei _U ?n Ejf AL P Du Ae@ Pu e@ q T^ _U cV^u C·@ Pf Lll^TU_ FEf dRV^ X\V^W[URau aUWTUZ _U XRSZWkRZSXcYZ TW^Q [SX^SSkk [U^YZcYYXcU _U Y[Wc\XcUkUacRTUXcUu [RSUZXRVUcRX^UQ ZU`UZu aYZ]Wc\XcYWbYZ _U VRRXcSZ kUcSVS]WUXcUu Y[Wc ^UX`UWTWXQ cUu XY^l Y[WccYWbYZ XSVRbWU]ZSXcWW^UXcU \T¡ rSabWZcUUu kRaYWQ cU _U ^W[_SWcR^XWU FGf rSa_SVUZ kUV^ Vll^Yc Eju A CWYbYU^Uc ^RZZWUkUV^ EFf JU[[ ^R`UUTUcUWcYYcf BXl IEhu `YVW IDEhf
IjHHf PUVVWSu OWTS OUcYf J^W Dq eBB DHiHf ea kSVWWXW^SZXc
?X^U[ P _U JRVbU L\bWU oScWVUf © jG
JYV`W AUU[Wf \S IHf ?kWX^ Jn VUWZSk
cWYbY^f J]WZ kSVWWXWVUWc jIQu _l[_YXc\XQ
kSVWWX ZkW ^STWXU[WS qFu `kW ^STWXU[WS qGu eUVVWVUZ kWW[ kllVV _U \VW^STWXU[WS qEQhHf e@ q T^u Ae@ @u NT jHQqiu NT qDQqhu i UTf PUkcf p DE BB DHhHf
Iqiif PUZY[`Uu K[^^W KTWVf J^W E eBB DHiEf ea _UV^WZYQ
VWW^^ aUW_ [UZX KTWV P _U JRVbU OVWZU oScWZYZf © qi AJ C\\ZW LUa_U eWVaYVQ
TWWZU PS[X^Wf BewVcl Iqu T\sa \^XWc ^YX^W^f BZX JC? aYW^^S`W[cUSkX qEf O[]YZcWWZUXXU IqQIEf Ala^s ?\ AWYQ TYZX UXYZZRXQ _U XRRZZcYacl` jiQqFf rLJ [UbWSQSX WVTUWVR`WYXcW_USXc XRRZZQ _U ^l\ccsWZX qEQhhf ?\ raWVWkX Oz kRQ aYVWZcY^Z SX SXQ _U T\\ZcWkllVV hhQu NT jHQqiu NT qDQqhf eWYXcWTYXWf JU[[ cY^ZWVVWZYZ UX^U[cYVRu [UbWSUTUcss[WcSWTWZcUu `UVS^RQ `URXf p E eBBB DHHif rSW^U FEIqf
IqiDf PUZZY[ }Qjh PU[VXXSZ~u ?VU`W KZXWSf J^W IF B DHiHf e¡Vcl Ihf
IqiIf PU[`SZYZu LUR[W dSaUZZYXf ³eWWkR[W q BB DHiEf ea ^UTU[W> dSaUZZYX P _U JUZZU ASpW BZZUZYZf © jF TY[^SZ CUWTW AWX^S JU`Rf ewVcl Ihf NY[^SZ ALNP jIf NY[WVVl IFQIGf @U^Y IEQjiu `Y[S`XcS _U ?CP jIQjFf JP@ UkRV^W[Q _UZkWcl_l jFQ jHu ^W[_UZkWcl_l jHQhDu SX^UT[ hDQf A PUZXUZQ kRSVRY CssVsZ SX_SacS^ _lXf AW[^^UVUZ PYXl^ScW _SacS^ _lXf e@ q }I ^kV~u NT jHQqiu NT qDQqhf LcZf
Iqijf PURaUZYZu OU[ZY KTWVf J^W IH ¨B DHiHf ea ^URkk ±V UT Td©T OZccW P _U OVTU ARZbXcYZf © jDQqq A\V`WU >\zVSTf eBBwVcl IFf ALNP kllXcscSb IEf PSZccS[WXcW J]WXXlf LcZf p DD ¨ DHqHf
Iqihf PRRXWu @YWZS PUVY[`Sf CUTkY[Y DE ¨ DHiEf ea k[Sp KWZS O^XYVW P _U JUZZU gY[]TUZf © jh VYac PUWXU NU[WU KZl_l[`Wf \S IGf P jIu N qIf eUVcWSZU[^WXc \VWT UTUZ jIQjhu ZkW UTUZ jFQjGf ?RVRZ TUU^RZcUQU[^WXc U[^a jhQjFf JlTYYZQ VWZZUZ TUU^RZcUQU[^WXc aSWc jGQqFf oN U[^a qFQf QJTV ^URkkU^ SkYcc qjQ qFf JTV ^URkaUVV _U `UVc _lX qhf J]WZ ^URk aRSVcSVc^ k_ hHQu LlaYc\XcsZYRQ `SX hEu AL Pu Ae@ @ Du C·@ Pu CRZC@ Pf OVW^f JU[[ XSXWUUVWXYc ^\X\T\^XYcf p Dj e DHEEf BXl qihf
IqiFf LUR[WVUu OU[ZYQPRXcUUf J^W IE DDD DHDDf ea k[Sp PUU[VY AUZp[Wb L _U CYVVY[`S PWVVWZYZf \S IEf nÁC jqu eC jGu SkWX^ AS[zSZZYZ \VWSkWXcf PCN \VWT `W[^UT jhQjGf AUVTWZ cRSTWS^ C>Sc jGf ?rN UkRVYXWcc jEQjHf OO J]WXXl _U CUTkY[YYVVU jHQqjf J]WZ ^URk kUV` qjQqhf CRVVWVUWc kUV` qEQu J]WZ cRVVW^UT \VWT cRVVWcU[^ \k hIQhGu CJ cU[WpCWSX cRVVWQ cU[^ hGQhEf JU[[ ^WYVYc _U XSXWSVS]WXYc ^\X\T\^XYcf Qp DE B¨ DHhEf
IqiGf LUR[WVUu LYkS dS[TUf NlZcXlVl Di eBB DHDif ea bW[ TRX dSaUZ LYSkSVb L _U NU[WU OVWZU AUU[aSVTUf \S IHf nÁC jGu J?Of J]WZ cYUccY[WS[^ _lX jiQ p j B DHqif
IqiEf LYTzY[]u KTWV Kb`U[bf J^W jD eBBB DHiGf ea c\sT [UZX KTWV L_U KbVU NU[WU @UZcUZYZf p Ij eBBB DHIqf
IqiHf LYTWZYZu JUZZS rlW`Wsf J^W h B DHDif ea VWW^YT JUZZS L _U JWVbU OVWZU @WZZYf © qi Zl\ccYVW_lcl[ OWZW JYVYQ ZU PU[Uf LUkXYc KXU qDu dU[W qFu NU[_Rc qHf \S jif ARSTW WVTW XcRbWSkllVV jGQqiu cRScUZcSkllVV hIQhEf A WVTWcYSVVWQ XRRX XcRbWSkllVV _U YVS^R`USa_ qiQqHf ObUTX WVTW cRScUZcSQ _Sac qHQhIf NCe SaWYVTUkllVV hEQFqf YZZUbUQ WVTW ?\ ^URkUVV _Sac Fqf ARSTYZ Ce SXkllVV FqQFhf Ce I_Sac FhQGhf A WVZWW`l^W [\ aUVW _lXf A WVTW`UVTWXcU_WYZ VWWccS aUVW _lXf e@ qu Ae@ @ Du NT jHQqiu NT qDQqhu i U[ If AUUZRc q dRXXWQkUcXUXcUf ?V\TkWU hIQ pWVTWZ XRRZZu Sa_URX _U VYW^^URXf JU[[ TSSccS[WR[aYWWRu R[aYWVR^UVUXcRXf
IqDif LSWTRu o[aS eUVbYTU[f J^W h eB DHiHf ea VlTTWZ dSaUZ eWacS[W L _U ?ccYV_UUZU PWaVQ Xc[sTf © jF K[Y_W KTYV\ LU¯[YZyY MUVQ VUf \S IHf ?XcScY^Zu ^SRVRcRXQ _U [U`WZcSVU_SabSZ ^R[XXWc hHQFqf ?B KVUZZSZ T\\TlVlWZcU[^ jGQqGf ?\ naQ c\ZYYc @U`WZcSVUc [U`WZcSVUWZcU[^ qGQ hDu [U`WZcSVUZ_Sac hDQhHu SXcSkllVV FiQ FIu ^SRVRcRXkllVV FIQu p I B DHGHf
IqDDf LRZbYVVu NW^^S AUTRVWf ³dUZU^^UVU II e DHiEf ea ^U[cUZSZSTWXc PRXcUU eWVVaU[b L _U NU[WU MRXcU`U NYVU[cf c h Be DHIFf
Iqiqf @WW^^Uu OZccW ?XTS dSaUZZYXf J^W II eBB DHiHf ea ·B OZccW P _U dYZZ\ NU[WU tW[cUZYZf © GE aV NUW_UQLWWXU CRSTkS SX JUTRZYZf rS_Uc OZccW qFu NU[ccW qHf Be[Vcl Ihu eWWkR[WZ [YUVW^SRVR eQeBB B^f BZX CCPP jIu CY^ZWX^U BZXc CR^aSVTU jFf LYZZU[c JSVTzY[] ?\ XRRZZWccWZX jEQjHf @UQ ^S\ r\[UTWb c\skllVV qiQhFf CY^ZSXQTUUVWc ?\ cSWT_ hFQEIu kllcSWT aUVW k_ EIQEFf CY^ZSXTUUVWc ?\ _SacS^u ZUWW k_ hHQEEf el[WcYSVV\ab [\ aUVW _lX hEQEIu `k_ FqQFhu k_ FFQGhf PYTWUZ PYX^RXVWWccS [\ aUVW _lX FGQGEu _SacS^ _lX GIQGEu `k_ FGQGFf A CYSVVWXRRXVWWccS aUVW _lX FGQGhf CPL aUVW _lX FGQGhf CPL YbRXcU_WXcS _lX FGQGhf YZZWU l[] Og CR^aSVTU aUVW _lX FGQGhf el[WZYR`SXcS [\ aUVW _lX FGQGqu k_ FGQGIf >S[bWX^U l[]WZbRXc[W^STTWc aUVW _lX FFQGhu k_ GiQGIf CssVsZ @ScUQ [\^VRzWu k[YX FiQFDf e@ ju e@ q XUu Ae@ @ Du AL @ Du NT jHQqiu NT qDQqhu e@ q cV^f PUkc qqf el[WcYSS\ab [\ ^RZZWUk_u >S[bWX^U l[]WZbRX[cW^STTWc ^RZZWU_lXf JU[[ `UZaUc ^U[cUcf
IqDIf NUUaYWTSu OU[YXf J^W G eBB DHiHf ea XUcRVUXYkkl PUU[VS JY[TUZ N _U OZZU L\\bWU Pll[WlWZYZf © jG @UWZW OVWWXU PSX^WZYZf o[WcU IDf AUVSZ >Ua^UcU`U[U ?\ }P © O NUUaYWTS qFQ~ jDQu cSWT_f Ae@ TWc Df JU[[ erPf
IqDjf NUZZY[u eYW^^S eY[ZY[Wf ³J^W H ¨ DHiHf ea aUTQ TUXcY^Z BXU^ N _U JWVTU LYacWTl^Wf © LYWVU P\VVW^^W NU[Q ]U[YcU eUW[Yf KWcl IIf JUTTUXcY^Z J]WXXlf p DE eWVW DHGqf
IqDqf NUZZWVUu n[_s KY[W^^Wf J^W Dq ¨B DHiHf ea kSVWWXWQ ^SZXc [UZX KZS^ N _U OVTU NU[WU PSX^WZYZf eW[Wcl IFf p IF eB DHjqf
IqDhf NU[^^UZYZu ARVS O[TUXf J^W H ¨B DHiEf ea [llclVW dSaUZ ·U`Wb N _U JWVbU rRc^SZYZf © jI AWW[W ARSTU gS[]Q
TUZf BewVcl Ihf N\\TlVlWZcU[^UXcU_Uf r[S^R[WXcWf c Ij eB DHhhf eYVW IFGhf
IqDFf NU[^^RVUu ARVS KVWXf NRSVUU G ¨BB DHiGf ea `UWaQ bYTWYX¢ YXWT KTWV N _U JWVTU OVWWZU AUÃYVWZf © jh T\\_lcl[ JYVTW J\[\VlWZYZf BewVcl Ijf tl[cXWVlQ\ac\Tl ?\ `U[UXQ cS^W[_UZkWcu QaSWcU_U _U QkllVV IqQqHf PRTWQCR^^R ?\ T\\ZQ cWkllVV qHQFIf JUTTUX ?\ `U[UXcSkllVV FqQu AeoL J]WZ kWW[ _U ARRZZWXcRXVWWcSZ c\s`UVWS^ _lXf J]WZ dSRXW _U @UXcWQ eYW^Sc k_f o[aYWVRQr[SkU]UZbU k_f NYcXl`UYVcU_Uc `k_f e@ TWc D ^[^f OVW^f JU[[ ^YWVUWVRu XRRZZWXcRXf p IH ¨B DHEqf
IqDGf NYVVY[u CURZS ?VU`Wf J^W ID ¨BB DHiEf ea VWZ_UcU[^ PU[V eW^cS[ N _U ASpWU eWWaYVTWWZU M[UZ[SSXf © jF A\V`W ObYVY PUW[WSVUf \S IEf PUbP IHQjDu XScWVUXVYZc Sa_UU_UQ cRc^ jDu cla\Xcl_lcRc^ jIu WVTU`SWT ^Ukc^R[XXW jFQjGu APP XScUcY^Z SX qFQqHf BVTU`SWT LY@ D ZkW RkX jDQjEu LY@ q VYZcRYYZkllVV jEQqIu VUW`RYYZ^ST qjQqGf BVTU`SWT eWYXcWr ^ST qHf BVTU`K `WYXcW^ST _U `WYXcWSX kllVV qHQhIf BfLYZZSXQ cS ^ST hjQhhf BVTUAP _Sac qGQqHu hFQFif K[S k\\ZZsXcl Fif A BVTUWVRVWWccS cSWTWZZUZ¢ FIQu nYQRkX hiu e@ I T^u e@ j cV^u e@ ju e@ qu Ae@ Pu NT jHQqiu NT qDQqhf elZ[ jDu BcZ jju ^Ukc jEu TU_ qIu Y`V qEu Y` hhf JU[[ WVTUWVRu TUcYQ TUcWW^^Uu VRSZZSZcWYcYYcf p DF ¨ DHGhf eYV_Yc IFGEu jDDhf
IqDEf NSVU }Qjh NSVUZbY[~u @RZU[ tWVaYVTf J^W Dh eB DHDif ea ^SZc[SVVss[W O[caR[ tWVaYVT NSVUZbY[ _U KbWca AWVp`YZWRXf © jH AJ OZZU B[TYVYZ LWZb£RWXcf \S IHf JLL jFf n^XWc\WXaVf Jn aUTTUX^VWZ UXX jGQqDf JUTTUXVll^ PYX^RXVUz cSWT_ jGQqDf J]WZ >\[^^YWV\ XYR[U XWac IHf A JUTTUXVll^ LWWccS XWac jGQqDf A JUTTUXVll^ AYR[U ^VRzWQ TYXc hHQFDf Lll^^Ukcf JU[[ cR[WXTWu Z\[^^YWV\f
IqDHf NlZc\ZYZu eWV_S AY`Y[Wf J^W Iq e DHiHf ea ^URkk AY`Y[RX N _U OV`WWZU NU[ccWVUf BewVcl Ihu J]WZ XRST \^XV\X \S jjf K^SZ JPPP jFf OkRV_SacU_U J]WXXlf QD kSTTWcR^Q XYXXU ji ¨V DHjHf eYVW FIhDf
IqIif >WYTWu KWZS [UZXf J^W Dj Be DHiHf e^ ^URkk [UZX JYZ[W^ > _U ¾UWbU NUcWVbU ARSTWZYZf © qj KVXY ¥U[VXSZf oVWVcU Iqf NY[W^UkccRc^ jF @URTUVVUf p q eBBB DHHif
IqIDf >WWZW^SX^Wu JYW^^W O[TUXf J^W ji ¨B DHiHf ea [llQ clVW JYW^^W > _U MYTWZU ·UVWVU LWZbXc[sTf © qD ·U]TU[ KVYSZS[U dSaUZXXSZf C\cl[ NU_UQLWXU ¥a[WXcWZU qGf BewVcl IFu J]WZ XRST \^XV\X \S jif QnÁC jHu eC qhf OXWUZU_ScXQ cSZ UkRV jHQqif rRSV`SWT VWZZSWcRX_SR^SWXXU qiQqqf rUV^^UQ ZYR` \VWcU[^ qhQ qFf rRRZ_UVSXcRXcYSVV C\sZUZcU_UVWWccS SXQ kllVV _U ^YTWUVV kRRZ_UVSXcRXcYSVV UXWUT qFQu UkRV_ Giu _Sac GIQGqf AL @ Du e@ q cV^u e@ qf PUkc qjf p ji ¨BB DHEDf
IqIIf ?WVUu K[^^W ?VU`Wf J^W D eB DHDif ea [^T PUU[VS PRXcUU ? _U OVTU PRXcUU`U JYW^^WVlf © jG ORZY JYVYZU K[_UVUf \S IEf K^SZ IE _U PCP jI JPPPu ·B jG CPPf nac\ZYYc rUkY[WcYacUUc ?\ dlTXlZ^SX^YZ cYac VlaYc\XQ _U SXcSkllVV jiQjDf KZXSQMRc¦YWc ?\ WZX jGQhiu T\\ZcW_Sac hiQ Fqf A rUkY[WcYacUWccYZ \ab SX B cY^Z _Sac FqQf KcYVlQOp[W^UZ cUXU`UVVUZ kll^SZXRVW hqQ A rUkY[WZQ _U ^U[cSZ]WZ_UVSXcU_UWZ \ab _SacS^ _lX qFQFj _U `WYZcW_USXcSZ k_ FiQFjf A rUkY[WcYaQ cUWccYZ \ab hDQFj _U A PU[cSZ^W\ab hDQhF _SacS^ _lXf JU[[ UTkRTWZYZf eYVW IIijf
IqIjf ?VVWVUu dUU^^S eYW^^Sf J^W D Be DHDif ea N@Bu ·V ?ZZW eUVbYTU[ ? _U ^U[cUZkWW[c BZ^Y[W dSXYpWZU AWZW`Yf © jF C? KTl MRZ`S[ ASTWf LUkXYc rY^^U jH p eYXU qhf \S IHf ·V CPP N jhu A` CY^ZSVS]pb[YQ ZWZ] AW]cRZU ^WWZcU[`^SRV hjf NNL kWW[WQ _U cXcSWZX jhQqHf rLN N@B qHQ hDf eUVc `SWTUVUWc \ac N@Bu cXcSkllVV hDQGhf eUVTYc ?\ N@B qHQGIf AQ>L [U_UZ^ UVU^ST qiu qqu qhu qGf AQ>SW_U [U_UZ^ UVU^ST k_ hif @U_UZ^ [U_U`UVQ cRRX^ YbRXc NSX^S`U qif CR[RZ Nd? VWXl_lX hFQFDf Jn \VWT SkYcc qhQhDf CPP Y[W^SkYcc GIQGjf ?\ PRZZUVVWXcY^ZWW^Q ^U| WZZTUk ?\ _SackS^ hDQGEf LWZ_U^UcR^ST XWac hDQhIf J]WZ ^URk R[aQ _U [Yc^Vc^ hGQFqf J]WZ OTkRTU[UcUXllcWs UXWUT hHQGDf CYX`WXWS _SacS^ FIQFqf NBL XWac qHQhDu k_ hDQ hI _U hFQhGu aUVW qEQhI _U hqQhGf ACA `UVcu aUVW _U cl\b^SRVQ `UVWS^ hFQEDf ?cUZWYTYZ o[aXllcWs `UVc B `k_ FDQFHu aUVW hiQhEf AcUbWSZQAllcWs YbRXcU_ FhQFGf AOoL `U[UYXWT qEQFFf roA _SacS^ jjQjqu k_ _U YXWT qEQGHu ^RZZWUk_ Eif A CY^Z NRXYS\ab aUVW EiQEIf CY^Z TRXYS TUUZTWccSX TRXYScSWQ
TW^ k_ EIQEFu SXWZcYZb GGQEIf e@ ju e@ q cV^u e@ q XUu AL @ Du Ae@ @u Ao ^RVc _U aSk U[u AWZWZYZ [u ^RVc UT[^ CPnu NPu roAu AOoLu AoLu AOLu ANnu eXXQ_l[_u CRTU[Wc }^UaQ bYXcW~u AeoL ^RVc kVu ACA _Ycu PPP aSk UT[^u NBL aSk kVu eUZaUc >S[XXWc UT }^UabYXcW~u CRTU[Wc ^RVc DiiQ` TWcu NNL jhi `QTWcu A CY^Z NRXYS\ab k[ VY` ZwS Du @tgP Xc ZwS If BZXTU_ FEf dRV^ CY^XcURXQ _U ^U[cUZkWW[RXcRXSkUX }\ab L Pl[^^lWXYZ ^~u cSWT CRTU[WYZ DiiQ`RScWXaWXcS[ XY^l VURVRQ ^W[_UZ LURVRVY^^Y[Wf CY^Z OW^U^^W[_U cSWTWcRX^ hqQGDu CYY^Q ^U[WQVYab R[acSWT jDQjqu NUUZTWccU[WQVYab cSWTXWac qGf PW[_ NNL jhiQ`RScWXaWXc SXUZ PSZXRVccWcSWTWZcU Ejf PRZZWU_lX NBLu NPu MYSbYYccWYZ PY[YaSu CRTU[Wcu roAu eSWTU\ac CYZZWX^Y[aSf eUZaUc >S[XXWc aUVW _lX _U `k_ hqQEFu CRTUQ [WYZ XWac IEu eUZaUc CRTU[Wc hqQGEf eWWXURbYZ AU[`W IEu B^WQ ZS[XXW EFf >S[XXWZ _SR^^ TT J]WZ SkkW^ _llkUVVSTYXc IHf JU[[ XUZU[WXcW^Scu ^W[_UVVWXRRXu CeQR[aYWVRf rSW^U FqDEu `YVW IIiqf
IqIqf ?VVWZYZu CU[TS PUVY`Uf J^W ji B¨ DHiHf ea VYac dRaS [Yb[W^ ? _U AYVTU BbU gVSZbWZU gly^Xc[sTf © jH KY`UQLWWXU J\Z\ZYZf \S jif NJ jFf BclQA kWW[W^RZZ U`RXcU`U NJ jFQqif elZ[ jDf JU[[ `UVS^R`URXf c LUUQ cS^UZ rYcl_lXUU[YXXU XUUTWWZXU aUU`SWaWZ Ih BB DHqif eYV_Yc DDGIu DqIFu DhiIf
IqIhf rUUXWSu eWV_S PRXcUU AU^U[Wf J^W DH ¨ DHiHf ea [S` PRXcUU ObSVp r _U BbU ?VW`WU U]Y[VRZbf \S IHf PUUcRW oSTUUVVU q ¨BB DHjHf eYV_Yc DqIGu IijDf
IqIFf rUUXW`RS[Wu OWTS NUccWf J^W IH eBB DHiG ea XYZUUcQ cS[W r _U NU[WU KVWXUzYc LWZb][YZf \S IEf ?kWX^ Jn VU^WU IEQjqf p I ¨ DHGEf eYV_Yc IDDDu IFHqf
IqIGf rUVSaYWTSu K[^^W KZXWSf §J^WVg e DHDDf ea cYSVQ VWXRRX> [UZX OVp[Yb r _U JYVTW BZ][Wb OVSkUYRXf © jh CSWZW AW`Wl CRR[Wf LUkQ XYc KY[S jFu rY[ccW qDu @WXcS qju LWWXU qGf \S IEf ·B CPP @ jIf ?\ BZXcXQ cS OVp[Yb O rUVTzY[] ^SZXcR^css[W _U c\sTUUWZX jqQqDu [U^kllVV qDQhiu `U[UQ cSWT_ hiQhjf @U^YZZRXWZXcXcS K[^^W rUVSaYWTS © ¥S kY[RXcU_U _U cSWT_ hjQu É\ P[YRCS Oz cSWTW hFQGDf ACA [U^WZX^Y[aS k_ qHQhif @U^WZXR[U^SWcXWQ _lc k_ FDQFjf Ae@ @ Du e@ ju e@ qu NT jHQqi T^u NT qDQqhf NU_ qqf JU[[ TYcXlXc\Xu XR^RcRc^WTRXf c D eBBB DHEHf rS_Uc hjhFu FiFju FIGHu `YVW Dhijf
IqIEf rY^^U[WZYZu oRZS eYW^^Sf J^W j B¨ DHiEf ea ^URkk
?ccS KTWV r _U JWVTU ASpWU JRccRZYZf © jq PU[WZ OaSf LUkXYc NW[_U jhu PW[XQ cW qqu JUZZR qFu JYW^^W qEu OZccW hif \S jif PUbP jIQjqu CP BcZ^ jGu A^rP kUcV^ST^ qju CP \V ^ST^R[XXW hqQhhu Aed eXXQRkX^ hHu VR^ Y[W^^R[XX jqQFHf o@ ZkW RkX jIu e@ ZkW RkX jqQjFu JRSVcSµ ZkW RkX jGQjHf d@ jj }d@ F~ [\^T^XXRkX jHQqif DD|Ifr[ aRSVQ cSRkX qiQqDf Ifr[ aRSVcSkllVV qDf DD|d@
D ^ST UkRV qIf DDD|d@ D ^ST qjQqqf jf·K `UVWXcRkXu ^SRV|^`lVcXcS kllVV qhQhDf d@ E }hfr[~ OoP_Sacu Afr[K ^SRVQ _U _l[_cXcS kllVV hIQhhf dSYAkK _l[_Q _U aRSVcScXcS XY^l UXY`cXQ cS kllVVu ^RcXRZcUQUX XWac hFQFjf K`k Fjf dSYZXRRZ ^URk `XXQ kllVV FiQFFf rQP LJ `lYXcsZXRS_ cU[^ FGQGif dSYeXXnab cSWT_ FjQFhf rQP eXX\ab cSWT_ FFQGIf eUVcU^RZeUkYac rYQ VUXcRXkUV` _U NY[WkYVkUV` UVRYSa_UU_U BclQA }j ^URk _U Eh ^RZQ cUU~ FqQGDf LWSZX ¥VRz dSYZXRR k[YX FFQFGf Ar@ PU[_UVUZ kWW[WaUVV FDQFFu dSYZXRRZ SX k_ FjQFqf rUVS^RZcUVWWccS aUVW FDQFFf e@ j T^u e@ q cV^u e@ qu e@ qu AL @ Du NT jHQqiu NT qDQqhu eXX UT Du ¨¨¨u PQPUZZ T[u Dif· T[u AWZWZYZ [u Aed U[u PU[AWW[cS`lYZ TTu AScU`YcY[ IhQ` TWcf @YX`lZ[ jDu oZ jFu ^Ukc qiu TU_ qju Y`V Fjf AScUaWXcS[WU¢¢ cUWXc^Y[cSTRXw eUV^YUXUU[YZ cUWXcYVR HfQDifiFfDHqqf eUVcU^RZZUc¢ eUkYac rYVkUV` UW GDf ARSTYZ LUcR ^RVc aWWacST[^f AO D B^ ^W`UTQ kRTUTu B B^ aWWacSTf JU[[ ^WW_UVVWXRRXu \VYWZYZ _U XScUaWXQ cS[WUu XR^RcRc^WTRXu pWVUcYVWUu VWW^RZcUf eYVW IDDjf
IqIHf rYVVWZYZu JYW^^W OcXS ?VU`Wf Ì J^W Ii eBB DHDDf ea LUP O^XYVW dSaUZZYX r _U OVY^XUZb[U NU[WU JUTTU[YZf © jH OZZW^^W B[TU PUU[WZU dSRcXYZf \S IHf nÁC jGu eCf LcZf PUUcRW IE eBB DHqDf
IqjifQIqqHf >RTY[Sc ^l\cclTlcclf
Iqhif rYVcSVUu JYW^^W ?VU`Wf LUTTW Ii e DHiHf ea cWVUZQ STWXc JYZ[W^ dSaUZ r _U OVWZU JUZZRVUf © qE ^UZXU^S LWZQ bU NW[_UT NUVTWZYZf BewVcl Ihf PUZXU^SRVRZSkYccU_Uf OVW^fQp LUTTW Di eBB DHhhf
IqhDf rYVcSZYZu KX^S KZXWSf J^W F eB DHiEf ea RRZWTYXc dSaZ OTbc r _U NUcWVbU LWZbXc[sTf © jH p DHFI OZZW^^W eWVaYVTWZU CWVV\u BB FF VUXcYZVll^u LL KWVU NU[_UccU PUXXWVUf LUkXYc dR^^U qIu BV^^U qju CWTS qqf \S IHf nÁC jEf PWcYYZ cRSTWS^ C>Sc jEQqif BcXYZlWZYZ OO qDQhif AU`SZQ VWZZUZ PAWac _U PeWX^ hiQhHf LUkkYYZ[UZZUZ Pd hHQFhf P\TYZ VllZWZ TUUaY[[U FhQGhf A A\blZcURcWVWWccS aUVW _lXu `UVc k_f eC qif Ae@ Pu Ae@ @LQ ellk FEf KbRXc >S[XQ XWU \VYWXR[a XY^l _UV^UQ_U _llkUVVSXXUf JU[[ VWW^RZcUu TRXWW^Q ^Wf
IqhIf rYXSZYZu ?VU`W AUTRYVf J^W E Be DHiHf ea ^UZXU^Q
cU[^u ^SRVRZ NUccW r _U KVVYZ B[YZY NUVTzY[]f © jj c DHhE VYacu N AW[^Q ^R ORZY NU[]U[YcU L\\cW^lWZYZu BB qGQ FD LWWXU @WcU[XUVSf LUkXYc OZccW jqu NUccW jFf \S IEf P _U N Jn jIu J]WZ PW[^^STRXSkWXc jqu AWzYVWRXQ O^Uc R[^RbWkV jHf J]WZ ^URk ^UZXU^ VURVRZSkYcc jjQqGf AWzYVWRXQO^Uc VYac qGQhGf J]WZ ?PP TRX VYac hFQhHf PJ \VWcU[^ hHQGIf J]WZ `UZaUZ ^URcURXQ
TUUZ ^Ukk ^UZccQR[^ qFQhhf J]WZ >S[TV\X VURVRZSkYcc hjQ
hFf J>NPn XY^U^RS[ _Sac jhQqDf oRXW ARSTW TRXW^^WU[Q `SXc qhQhHf A LURVRZSkYcc \ab k_ jHQqFf A Al`YVcl_lc k_ hFQFh _U GGQEDf A TRXZYR` k_ hFQFhu `UVcWSZ Xl`YVcUWbYcSWQ
TW^ k_ FFQGiu ZRS[WXSZ TRXcSWTW^ k_ FiQGif PSRVR_YZ TRXQ
^YX^ aUVW FqQFGu TRX SkkWVUWcSXVURcU^ k_ GiQGIf ·W[ TRX hqf e@ qu Ae@ @ Du AL rKu A LURVRZSkY[cc \ab ^RVc UT[^f >RSQ [YZ eSWTUZ B ^T[^f nVWV hGf PRXWW^^WUVUZ _RV^u VlaWZZl
SkkW^W[_S_Uu XY^l Xl`YVV\^XWlf Al`YVV TT ^U^XW XWZpSZWUUu RX ^UZcUUccY_UXu ^RS[SQ _U \^XWZVURVR_Uf rUV^ Xl`YVV\X^WVkf BXl DiGu `YV_Yc DGDEu DEiGu DEqGu IIiFu jDIqf
Iqhjf @UZcUZYZu PUU[VS KWZS rUU`Sf J^W q DDD DHiHf ea TUUVURXc\sZ_Sacu WXlZZ PU[V eW^cS[ @ _U ?V]U eWVaYVTWWZU M\VbYZf © qD kUZQ ^WZ^UT[ B[_U LYWVU OZZW^^W dR[`Uf \S IEf K^SZ JPPP jiu C\sZcRc^ PWVcU c\sZcRc^ TYXccRc^ qHu Y[W^^R[XX JPPPu BgN hHQFhf P?rQNUUcUQ VSRXkUZ^^W kUZ^^W`W[^ IHQjGf eUVc cUQ kUcR[TUWXcU ^UT[ jEQqhf Nll[ S[]UZWX _U `UV` XSbUXXU ^UUcRZu aUU`SWcc _U WZQ `UV ^S[`URXkllc TU^XUcRXcU jHQqhf eeN aUVVWZZ [UcWSZUVWXcRc^ qhQqGu _l[_SX cXcSkllVV qEQGIf e> YXWcc Fjf eUVc cWYcS_YZ^lXWcc^ST k_ FiQFhf CWYcS_YZ^lXWcc ^UZXUVV ^ST FiQFqf J]WZ K^SZSTWc _SacS^ hqQhFf dRV^WXYZ cUVSRbYZ Y^SZSTW^Y[aS k_ hGQFjf JKP? VWW^^YYZ_SabSZ ^Y[aS _SacS^ FHQGif J]WZ AWacSkWXc _SacS^ FGQGif K^SZSTWQ _l[_YXc nacYWXcSWT`UVWS^ hGQhEf @UcWSZUVWXSWZcW`W[^UTWYaYc [\ k_ hiQGDf CRSccU`RRXTWYXcYZ PWVcU ^Y[aSZYR` hIQhju cRcQ ^WZcSVc^ hEQFFf Ae@ @ Du ¨¨¨u K^SZ UT[^u J]WZ K^SZ ^RZZWU`f dRV^ ^SZccS[WZ [UcWSZUVWXSWZZWZ VRYZcSXU[_S_U ^R[XXWcSWTWZcUU `U[cYZf PRZZWU_ JKP? LWW^^YYZ_SabSZQ ^Y[aSu J]WZ @UcWSZUVWX\abf JU[c `UVS^R`URXu TUc^UWVRf
Iqhqf @URZWSTl^Wu dSR^S >YXcS[f J^W I e DHiHf ea ^W`WQ c\sZ_Sac >YXcS[ @ _U BbU NU[WUf © jh aVu JLL NUW[W PY[ccR PW`Wf LUkXYc @WXcS jFu n[_s jHf \S IEf ·B CPP N jjf eU^UU_UcRc^ qGf NNJ UXYTU^UU`UTWccURXWZX jhQhIu cSWQ TWcRXWZX P\TYZ VllZWXXl hIQFIf P\TYZ VllZ TUUZTWccURXQ ^SZcc cXcSWZX _U cU[^ FIQGIf eU^UU_U qGQhFf rU^^SVRZcYac oRbYVVU AUWTUUZ ^UZU`UVVU FjQFhf e@ qu NT jHQqiu ¨¨¨f BZX^Ukc qIf JU[[ `WY[UWbYZ ^WYVcYZ SkWX^YVRu TUcQ ^UWVRf
Iqhhf LYTkllVl }QhF @WkUccW~u OU[ZY BVTU[Wf PSc^U jD JB DHiEf ea c\sTWYX NUccW @WkUccW _U eWVaYVTWWZUf © jIQhI JWVQ _U L\bWU A\`lZYZu BB hGQ LUWTW A\V`WU >\VUZbY[f KWcl IDf LYWkR[Wf p ID eBB DHFqf
IqhFf @SWZYu @YWZS ?VU`Wf J^W F eBB DHiHf ea `U[UXcSZaSWV dSaUZ [Yb[W^ @ _U AYVTU PSkSZYZ © qD JYV`W ?ZY[`U AWXXUVUf LUkXYc dRaUZW qju NW^^S qFf \S IEf NJ jIf KcQ rSa_UZTUUZ TYcXlZaSWcSVc^ jEQGIf e@ qu Ae@ @u NT jHQqiu NT qDQqhf PUkcf
IqhGf @SRXcWu dS[TU ?X^U[Wf J^W IG B¨ DHDif ea [^T P\sXQ cW dUU^^S @ _U JWV_U BVcU KTY[YZcWU LYacSZYZf © jEQqj B[_U A\V`WU ARSTWu qjQ B[TU PUU[WZU AYkklVlf \S IEf ?kWX^ JPPPf PSZcckllVV J]WXXlf p IE B¨ DHhGf eYVW DFiEf
IqhEf @RRcau JUZZS BXTUYVf J^W I VWW DHDif ea k[Sp NU[ccW dSaUZZYX @ _U OZZU NU[WU gSÃXc[sTf \S jif ?kWX^ Jn TUcQVRSZZSZc SXf p J^W DD BB DHjju BXl DHu `YV_Yc IqhHf IGDD
IqhHf @RRcR }Qjh @RRca~u NU[ccW ObSVpf J^W I DDD DHDif ea
CCu k[Sp NU[ccW dSaUZZYX @RRca _U
^WYVcYZSkYcc OZZU NU[WU gSÃXc[sTf © jF N PUU[WZU @Sc^Sf LUkXYc OZZUQ
PUU[WZU jGu JUZZS qiu @WXcS qqu NU[Q
_UccU qGf \S IEf P _U N jIu L _U
C qif PUVVWSZ \^ [Yac XY^l aWXc _U
\acYWX^RZcUSk SkYcc jEQhqf J]WZ ?PP
[Yac hqQGqf Jn SkYcc^SRVVUWc YXWT GqQ
Ghu ^UX`UcRXcWYc SX bY^UUZW GqQGhf
eUVc cWYbScRXVUWc ^ScWTUUZSX kllVV qDQ
qqf Jn ARSTYZ aWXc bSX qhQEif PUVVWSZ \^ _SacS^ _lX hhQu k_ FGQGGf PUVVWSZ VR^ _SacS^ k_ GGQEhf A JWXc XYR[U cRc^_lXu YXWT hiQhDf A ^W[^^SaWXc XYR[U _SacS^ qDQGDu ^RZZWU_f ?kkWQ ^SRVRZ XWX RRbWXc^ST c\s`UVWS^ k_ hiQhqf ?kkW^ SkYcc ^YXQ ^RX_l[_ k_ _U ?kkW^SRVRQVYab kllcSWT hIQhhf A ^UX`UcRXSkWZ \ab k_ FDQGDf PRSkWSZ TRXVR^ _SacS^ `k_ FGQGhf AU`?
^R[UUccS[W qFQqHf AU`? VURVU_Uc _Sac jIQFif AU`SZ aWXcS[WU cSWTWcRX^ k_f r[SpYXXS[W FIf AL Pu AL @ Df CUV`WXSbUZ UW^
XSc`W[^UTu ^Y[X Fif CRc^WT ARSTYZ ^RVccRR[WaWXc UVUVcUu A aWXcS[WUZ SkkW^W[_U VR^WSVVYu [RZXUUXcW ^SRVRU _U ^UX`Uc ^SX^ U[cW^^f >S[XXWXXU ^SZ`YZcWS k_ IFQIGu YbRXcRX_SR^^ _lX \VYWXR[au _llkUVVS }TUUVW`UacW~f JU[[ R[aYWVRu TRXWW^^Wf BXl DHu `YV_Yc IqhEu IGDDf
IqFif @\\ZlZYZu @YWZaSVbf J^W Di ¨BB DHiEf ea _Sac ?X^U[ @YWZaSVb _U Ca\[U LWZbzVUbf © qi MRZaWVb B[YZY dSaUZXXSZf \S IEf ?\ KXXS Oz jIQhIu ?\ MRVp ?WV Oz hIQu SXkllVVu SkY[UcWSZX TUZU]Y[f nVW^f p H BB DHGIf
IqFDf AUU[YZaYWTSu ?VVW @SzY[cf J^W G eB DHiHf ea c\sZQ _Sac OVY^XUZbY[ A _U KbVU eWVaYVTWZU OXkYVWZf © jq KVXU KTWVWU LUWZYf eWVcl Ihf NY[W^UkccRc^ @URTUZ TY[YZ^RVQ ^RSkWXc jFf p E e DHjHf rSW^U hqEqf
IqFIf AUU[WUaSu KWZS PRXcUUf J^W H ¨BB DHiEf ea [^T PRXQ cUU OVY^XUZbY[ A _U gYUcU OW[U^XWZYZf \S IHf
IqFjf AUWZWSu OVkS PRVVY[`Sf J^W q eBB DHiEf ea VWW^YT >WWVS A _U BbU eWVaYVTWZU LWZbf © jF PYW_S CRRVW^^W rYcl_lf \S IHf NJ jqf NJ \VWT NJ jhQjGf BclQPU[_UVUZ TYcXlZQ aSWcSVc^ kWW[WNJ jGQqiu rSa_QAU`SZ qiQqDf rN VWZZSWcRXSX
Y[W^cYac qDQqjf ?\ tUVbaSp Oz kWW[WNJ qjQqqf PUZXUZaRSVQ
cSTWZ VWW^YZZYSX UkRVcXcSkllVV qqQqhf CYabUXkRR ?\ TYcXlQ kllVV qhQhju cSWT_ qFQhif e@ qu eT If PUkc qIf JU[[ R[aYWVRu [Yc^YWV\u kWW[RXcRXf p Iq eB DHhjf eYVW IiqDf
IqFqf AUVU^U[Wu dSaUZ KZ]YVzY[cf J^W I eWVW DHiEf ea `UaQ cWTYXc rYccY[ dSaUZ A _U KVWZ KVWXUzYca OaVXc[sTf eWVWVcl jiu J]WZ XRST \^XV\X eBB B^f PUZXU^SRVR_YZ kUV` jiQf K[W _RVQ ^UWXR_YZ ^R`WccU_Uf elZ[ jqf JU[[ TRXWW^^Wf PUUcRW eRSQ XUVTYVVU DD DDD DHqif
IqFhf AU[`Uu eYW_S MRZZU[f ³eWWkR[W Ih BB DHDif ea k[Sp
elWZs MRZZU[ A _U CSWZW KVWXUzYc PYQ
^SZWf © jF OZZW^^W eUUacY[Uf \S IEf
KLP jDu KL JUZZS`Y[WZ KLPP jqf
KVVll^ rRZ^UVUWcRTYVVU jhQjFf rlV^lQ
ZYYZ ^RZZUZYVVll^ jFQf rlV^lZYYZ
cY[`aSWcSVc^ k_ qHQhhf NLL rlV^lZYYZ
SX _SacS^ _lX jFQqhf rlV^lZYYZ JY`SXQ
\Xcl`lWZXYR[U k_ jEQhFf rlV^lZYYZ \^
^UZZUcRX\ab XWac _U _SacS^ _lX qFQhHf
JlTYYZQAUcU^RZZUZ KVVll^XYR[U XWac
qGQqHf e@ q cV _U T^u e@ q T^f NT jHQqi TX^u NT qDQqhf KVVll^^Ukc qDf JU[[ XR^RcRc^WTRXf c Dq eBBB DHGEf BXl qDFf
IqFFf AU`SVUWZYZu PUU[VS CURZSf ³dUkUZW ji eBB DHiEf ea VlaYc\XXUU[ZUU_U dSaUZ eW^cS[ A _U JWVbR[ NU[WU PU[VRZbf © jE L\\VW >\^lZYZf BLVcU IDf eYVW jEGqf
IqFGf AyaUVWZu JY[TUZ PUVY[`Sf ³J^W IH ¨B DHiHf ea cUVSZSTWXc JY[TUZ eUVYZcWZ A _U KVVYZ eW^cS[WU Aya\Vbcf © qD UkcYY^^U[W K[W^U JYVYZU JYbYZXcUTf eWVcl IGf U[T
jIf r[S`WWXS[Wu NRR[UTYZ UkcYY^WXXU hIQf e@ qf LcZ qjf
c DG BB DHFHf
IqFEf AWWcSZYZu NURZR PYW_Sf J^W IG DDD DHDDf ea U[^^ O[TUX OVY^XUZcY[W A _U ?V]U eWVaYVTWZU tYZc¦f © jF NY[W ·U]TU[ rR[SVUf LUkXYc CRRVW^^W jGu dS[TU jEu dSR^S qIu rYZccW qhu OZccW qhf \S IEf O[^^ CPP jFf PP [U^SX cXcSU[^^ jFQjGf ?B eUVWS [U^SX aSWc jGQhif ?TU U[^^WcYacRRQ [WcXcS hiQGEf CPP [U^YZZRXSkWZ Y[W^SkYcc hhQFHf e@ q cV^u e@ qf PUkc qIf JU[[ `UVS^R`URXf c DF ¨ DHEFf
IqFHf ASVbUZu PUVY[`Sf J^W q eB DHiHf ea kSXcWZaSWc dSaUZ [Yb[W^ A _U NUW_U @lWalf oVWVcU Iqf eYVW IIIhf
IqGif ARSVUacWu ?XTS dRaUZUf J^W ABe DHDif ea ^UZXVY[W eW^cS[ JR]S A _U M[YcU NU[WU ` WYQ UZbcf © jG JYVYZU NU[WU J[WTUV\f \S IEf N jFu C hDf ASXN VUz _U gWS^YTWU¢¢ cRc^VUWc jFQjGf rRRcY^Z cRc^VUWc jGQqIf eCC cRc^WZX qIQ hqu VUQ aSXRS_URXSX _Sac hqQFjf LUaSZcS[Q _RZcU [\ UXWUT _U aUVW XWac hiQFjf BTQ k[Y]ZSWTWXcSWTW^ XWac qFQqGf e@ q cV^u e@ q T^f PUkcf JU[[ ^UX`WTUUQ WVTUu `UVS^R`URXf p DH ¨ DHFjf
IqGDf ARSTUVUWZYZu KX^Sf J^W DD eB DHDif ea ^UZXVWU> PRXcUU eWacS[W A _U OVY^XUZb[U }AUZZW~ eWVaYVTWWZU LlabYf © qj N eUVTU B[_U CYVVY[`S C\ZZWf LUkXYc PUU[WZU qqu ?VU`W qGf \S IEf Jn P jqu N jhu L qiu C hif Jn YVlWZcWYc VUWc \VWT UXX jiQjFu kY[WZZsVVWX\\XcWYc VUWc UXX jF QqEu YXWT qHQGFu kY[WZZsVVWX\\XcWYc bSX qDQqEu kY[WZZcWYc k[Sp qEQGFf LRZbWZ \VWSkWXc `WY[UWVY`U k[Sp hqf A O^Uc XWac hDQhFf eUVc VRSZZSZcWYc cSWTW^ FDQFq _U GiQGDf A oZYXySQcSWTW^ _lX _U `k_ hGQFhu k_ Fhf A `UVcRRX^ _lX oZYXySZ \VYWX^S^ rU[WWXW Fiu FI _U Fqf Jn ^R`UVUWc _SacS^ k_ hHQGGf rY[WZZsVVZYR`SZZUZ k_ hGQEjf PUZXUZ`UVWXcRXXYR[U `UVcRRX^ `k_ GjQHif OVp[Yb PS[bYVWZWZ XllcWs aUVW `k_ GIQGGf ARSTUV CWYbYU^Uc \VYWXXWac FqQGiu YXWT GqQGhf eUVc SkYcRXQ YVS^R`UcSWTW^ _lX hHQGIu k_ FqQFGf O^UcYYTW^^S Hif AL Pu e@ qu NT jHQqiu NT qDQqhu ¨¨¨f >SWZ IIi cWYcYYVV _RV^ kY[WZZsVVWX\\XQ_U YVlWZcWYc UVSWVcUf NTf oAOWXXU kUWZYccR VUUQ _Ua^S ^W[_U ¥\cSVS]\ UZb Y`SVRcWSZ WZ kU[caYZS]YZYXWX _U nVYWXzWSVS]WUZ kY[RXcYYc BQDDDf ARSTUV CWYbYU^Uc ^RZZWUQ kUV^ Gqu AP@ kUV^ EIf nabY^XlZ ^ScWQ _U RV^ST cWYcYYVV XYRQ [UZ ^RZZWU_lXf JU[[ kY[aSXcRc^WTRXu `UVS^R`URXf eYV_Yc IDjHu jDjGf
IqGIf ARSTYVUu rUU`S BVTU[Wf J^W DI D DHiHf ea kYVcWXYkkl g[RRZS LRb`W] A _U VWbU NU[WU >RTTYZkllf eWVcl IEf JUTTUXcY^ZW^^S^ IHQjif Jn SbSZcSVS]WUZ VUWc jDf AYZ _lVQ ^YYZ XUW[URbYZ cU^WU `UWZ U_SWccUWZ k\Xc\Z\c c\sasZf c q B¨ DHEqf
IqGjf A`YZcS }YZc A`YZcS[¦YcX^W~u C[R`S[f eWWkR[W Ii BB DHDif ea ^UZXUZYbRXc @YWZaSVb PSZXcUZcWZ A`YZcS _U K`W JUy^¦YVVf \S IEf ?kWX^ AWzYVWRXQU^Uc Xl`YVV\Xclf Al`YVXW XWZpSZWUZ _U Oa`YZUZTUUQXU[_UZf elZ[f PUUcRW Ij ¨BB DHjHf eYV_Yc IEhqu jDjEf
IqGqf A\`l[UZcUu KWZS ?VU`Wf J^W DIF B DHDif ea cUVSZQ STWXc dUVTU[W A _U VWbU NUcWVbU LWZbQ [SSXf © jE p DHFD N JYV`W L\bWU AWVQ `Sf LUkXYc OZ_U jHu rW[^^S qDu @URZW qDu dS[TU qqu B[TU qhu PU[W qFf \S IHf O][ jhu NNP jEf rW^UQUXRcRXcSWQ TW^ _lX qiQqDf NUUZaUZ^WZcUVUWZ cSWQ TYYZkUZSZ cU[^ qhQhDf OXRcRXcU[^ hIQ hqf OA? `c _USXcSkllVV hhQhEf OXJ cXcSkllVV hHQGDf e@ qu AL @ Du NT jHQqiu NT qDQqhu ¨¨¨f nVWV hFf JU[[ RV^SWVRf
IqGhf AU[kU[UZcU }Qjh AsbY[TUZ~u CST KWZS _UVU[f J^W
Iq ¨ DHDif ea ·B KWZS KYTWV AsbY[Q TUZ _U AW]ZY KTWVWU NlasZYZf © qj
LSccU PUU[WZ @RScXUVUWZYZf C\cl[ JYVW qEf \S jDf ·B jEf rRRcY^Z cRc^cXcS jGQjEf O OaVXc[sT ?\ jEQqDf NJ
@Ua^YY ?\ qDQqhf LSa_UZ PUV^^WcYaQ bUX ?\ AUXY^UZ ^l\ccsWZX qhQGhf
CSWT kU[cWSu XRS_YVRX^u ACAf eT Iu eT Iu A^ UT[f oX kUV^WZcS_U kYXlkUVQ VSXXU _U UTkRTWXYXXUf JU[[ URcSWVRu [Yc^YWV\f c Di ¨ DHEFf eYVW IjDqf
IqGFf CUR[WUVUu rUU`S eWacS[Wf J^W IE BB DHiHf ea [^T PUU[VY eWacS[W C _U BbU OR[S[U CUR[WZYZf © jF CSWZW CY[ccR OZZW^^W AUU[WZYZf \S IEf PUbP jIQjqf rRSV`SWT ZkW RkX jqQjHf @`XcS h ^STkkkllVV qiQqDu @`XcS I qDu PSRVP qDQqqu d@ qE qqf PSZccS[WXcW J]WXXl qhQu e@ qf @YX`lZ[ jDu BcZ jFu ^Ukc qDf p Dj e DHGGf eYV_Yc DEFhu Iihju IDjDu IGIHf
IqGGf CSW`SZYZu elWZs KYTYVWf J^W ji e DHiHf ea c\sZ_Sac KYTWV C _U OWZU NUcWVbU LsZZzY[]f eWVWVcl IEf c IE Be DHjif
IqGEf CRSTW^SX^Wu ?XTS BVTU[Wf J^W Iq e DHiHf ea ^UT[
PUU[VS nW_s C _U JWVbU KVWXUzYc OVU^UQ [Wf \S IEf K^SZ JPPP jif PW[W dU OUTRVYacW cSWT jiQjjf rU[WWXWZ VlaXcs ^URkUVV SX XWac jju MYZY`YZ `kW ^UZXQ VWUQUkRV jqQjhf A oV^STUUZ^URkkUQ VYab cSWTXWac jhu kllcSWT jFQjGf JSQ cYVVWQ _U [U`WZcSVU^SRVR _Sac jEQqif @UZX^QXRST ^URkkU^UT XWac jhQjHf AOoL \VYWXR[a_USXc _SacS^ _lX IHQjif elZ[ jIf PUUcRW ARTTUXXU DI BB DHqif eYV_Yc IGjhu IGjFf
IqGHf C\ZZWu @YWZS dSaUZZYXf eYZ_S^W }BZ^Y[W~ Di eB DHiHf ea VYac PUUk[Y C _U LWV_U NU[WU rWWkkSZYZf eVVLVcU IE XUW[URbYZ `RS^XWf QLN K[WyXXSZWZ kRaYVWZcYac `U[UXcSUkRV hiQf p Dh B¨ DHEjf eYVW jGqDf
IqEif eUVS_l[`Wu dS[TU BVTU[Wf J^W j ¨BB DHiEf ea cSWT_ dSaUZ CYSbS[ dSaUZXXSZ _U OTUZbU PU[SVWZU PU[YZf © jq PY[ccR KVWXUzYc PSX^Wf \S IEf ?L jqf JUTTUXVll^ LUaQ bYXXUf A JUTTUXVUl^VWWccS aUVW _lX hDQhqf LUabYZ JUTQ TUXVll^XYR[U k_ qFQhDf e@ qu Ae@ @f Lll^VcZ qDf eYVW IDjjf
IqEDf eU[WXu o[aS dSR^S PRVVY[`Sf rSV`W_l[`W H Be DHDif ea cUVSVV elWZs dSaUZZYX e _U OZZU rRaU^^Uf © KVVYZ ASV^WQ ZYZf VVLVcU Iju dSYZXRRZ \^ \S IEf ·B CPP N jqf elZ[f PUUcRW BclQPU[_UVUXXU DH ¨ DHqDf
IqEIf tU[cWS`UU[Uu dSR^S PUVY`Wf J^W Dq eB DHDif ea `UWQ cWS^SZcc \VWcW[Yac dSZUcaUZ eWZbWyWUZ t _U YbRX^ ^SZY^WW_^UZXV kllVV AWW[W >\XcYZf © jH ·B KY`U rRVVWZYZf LUkXYc B[TU jHu CUkWS qIu NUW_UccU qqf \S IHf PUbP jiQjIu kUVSRkX^R[XXW jIu Sa_Q
SkYcc^R[XXW jFu `WYXcWRkX^R[XXW jGQjEf >kW RkX _U VYZcRYYZ `U[UkllVV jIQjqf
BVT^SRVR ^SRVRkX jhQjEf OY[S ?\ VWWQ
^YZZYVYZc jHQqhf PCN WVTUWVRcU[^ qhQ
|V ^WZTW[ VWW¡ BZZp |DD TW ¬W W [`VWV O D O qGf WZZUW[ ?\ VYZcScSWTWZZUZ _Sac qGQ hEu _Sac }VWW^YZZYkSVWc _U QXRRZZ~ hHQGjf dlX VR^ WVTUWVRUVUU
^SX^ ^ST _U cSWTW^ qhQGjf J]WZ VYZcSUXYTU kllVV qGf OR[WZQ
^STUc^Uc ?\ aUVW _lX _U k_ FjQFGf J]WZ BVTUWVR\ab k_ qhQqFf CssVsZ @ScU[\^VRzW k[YX FjQFqf LYZcS^UkcYYZW Fif AL Pu e@ q T^ }I ^kV~u Ae@ @ Du ? U[ Iu NT jHQqiu NT qDQqhu @RScXNµ Du BXBJ@ Du @NOC qu AU^Xµ[ If PUkc qDf JU[[ ^R`UUTUcUWcYYcf eYVW IIjIf
IqEjf eW[^^RZYZu NW^^S KV_UXf J^W IG DDD DHDif ea ^a[Uu CC rUU`S KTWV e _U Pc\? PUc[W >UYTW CaRVYf © jF OZZU LWWXU ¥U[VXYZf LUkXYc @WWccU jGu rUU`S jHu LWWXU qju OZccW qFu rYZccW qFf \S IEf LL jFu LPC qju XWXlc Y[W^Vll^ qiu [YRTUQ cURc Y[W^Vll^ Fju XWXlcURcWSkWZ bSX qEf AWXlcURc SX UkRVVll^ J]WZ ·WU^SZWXXUVUWcu J]WZ \VX XUW[u PW`YVlZ XUW[ jGQqEf PW`YQ VlZ XUW[ XWXlc SX UVWVll^ _U UkRV\VWVll^ qEQFGu \VWVll^ _U XUW[ _Sac FGQGjf Jn UkcYY^^WcSWTW^ hDQGDf JnPA VWWccSaUZ FGQ Gjf LPJ cWYcYYVV ZYR` hEQFGf A @YRTUcSVS] \ab XWac jFQhju k_ hjQhEf A AWXlcVll^\ab _SacS^ hDQhFf @YRTUVWWccS aUVW hEQ FGf AUW[ NYaWVlWZYZ _SacS^ qHQFqf AUW[ XWYVRZaSWbSZ _SacS^ FqQGIf CssVsZ X[^ ^W[^^SZYR` GIQGGf A`YZX^U @URTUcSVS]Q ps[ ^RZZWU_f r[SpYXXS[W FIf e@ ju e@ qf Lll^^Ukc qif elWcsX^W[_UZ VWXl^XW _RV^ XWXlcURbYWXcU _U [YRTUcSVS]WUXcUf JU[[ ^UVUXcRXu kRRcU[aUZ aSWcSf rSW^U hEDEu `YV_Yc DHGju IihHu IIFFu IHGHu jDhif
IqEqf el\[\ZYZu ?VU`W rWYcU[W PRVVY[`Sf J^W Ih B¨ DHiHf ea cSWT_ rYccY[ e _U JWVbU NU[WU LWZbQ [SSXf © jI KY`U NUWVU KVWXUzYc S[XcYZf \S IEf O][ jIf N` eWabWZ N\VV\Q TlYZ cWVUVVU jIQ_U eYW^^SVUZ ^U[cUZSXQ XU jFQf LcZ jHf PUUcRW eWWkR[WZVUaQ bYVVU F DDD DHqif eYV_Yc IGhju jIEhu jIEFu jGqEf
IqEhf >WX^UVUu CYR`S OZcY[Sf eWWkR[W ID eBB DHiqf ea ^UZQ XUVUWXSkWXc _Sac OZccW O[`Wb > _U @SXU ?VW`WU >\zY[]f © jj OVVW OVWZU JR[X^UWZYZf eVLVVYu \S Ijf P IHu N jif JYZ^W`U^\ac rSa_SVU UkRVTUcYTUUcW^^S IHQjju kllTUcYQ TUUcW^^S jqQjGf eW? ^R[UUccS[W jDQjqf Jnn k_ jjQjqf p J^W Di eBB DHjGf eYVW IEjif
IqEFf @URaUu K[^^W JU[UVbf CR[^R D VWW DHijf ea c\sTWYX dSaUZ [Yb[W^ @ _U OTUZbU P[WXcWZU ¥U[VzS[]f © IH AJ AWW[W NU[WU B^^UVUf rS_Uc OZcY[S jiu LUR[W jIu NU[ccW jF c jGu rY[ccW jHf eBBfBBY \S IIu CR[RZ XRST V\X BQeB B^f PUZXU^S @URTUZ XYTWZ Iju cYSV Y[ScRc^ Jn IGf eUTQ kRVUZ ^a[UZ UkRV IGQIEf NSRaW_l[`YZ `c ^UkkUV IHf LUWcWVUZ `c ^UkkUV jiu ^UkkUV jDQFif r\alTUUZ ^a[U FiQFEu YVl^^ FEQu LUWcWVUZ \^ RX^ _U XWYVRcWYc SkYcc qhQFif JY[lccl_lQVYab cSWTWcRX^ _lX \VW ji `f CSWT NLL LUWcWVUZ SXf @S`UXcWu e@ q k[^u NLL aSk UTf AScQ kUXcf JU[[ XUZSTUVYacW^W[_SWccYVRf p D ¨BB DHEjf
DHID
IqEGf g[YTY[u OU[ZY BTTUZRYVf J^W DF BCB DHiqf ea eC NUVU^WUX g _U KbWca OVY^XUZb[U K^VRZbf © ji KVWXU OaSVUu DDD NW[_UT LWZZYU >RS[cWTSf eLVVYu eLVcU IIu CR[RZ XRST V\X eBB Ijf PUbP IjQIhu B B^ [UbWSXla^cRc^ jqf BVTU`SWT IhQqqu VUW`^ST jFQjHu Wc^YX^ kllVV jHQqIu B`r q ^ST qjQqqf eU^RRcRXUVUVVU qqQu eU^\ac CU[TS \VWcU[^ Qhhf e@ q T^u Ae@ @u NT jHQqiu AU^XPcµ If elZ[ Ihu VcZ IGu ^Ukc jqu TU_ qIf p DE eB DHhhf eYV_Yc IqHFu IGGHf
IqEEf rU^UXVUacWu @YWZS VWXU^^Wf ?RVR Iq eBB DHihf ea ^URkk OZccW r _U dSaUZZU NUZZWZYZf © jF LWWXW LWZZYU LRZbTU[^f eCwVVYu \S Iqf K^SZ JPPP IFf ?\ rnr IEQhFf @U^YZZRXVWW^Y PU[_UZVUacW ?\ hGQu LcZf JU[[ kRRQ cU[aUZaSWcSf eYVW IqHhf
IqEHf rWa^UVUu PUU[VS oSVY`W }?VVW~f d\`lX^\Vl ji eB DHihf ea ^SRVRZSkYccu cSWT_ NU[ccW OVY^XUZQ
Sf cY[W r }QiF MRTTY[RX~ _U ^UZXU^S JWVQ
bU KX^SVUf © jF p DHhG AJ KVVW @URaU eU[kYZWRXu BB hH NNNu U][ >WZU dYUZQ
ZY KVWXUzYca gYUR[UWZf LUkXYc LWWXU jGu
KY[S qiu @YWZS qI p DHEhu rY^^U qqf
eVWVVYu \S Iju d\`lX^\VlZ V\X BQeB B^f NNP jiu U][ jEu NNL _U NNC qDf
NUUcUVSRX^SYVUWc ^ScWYVlWZaSWcSQSX \WW T UXX jiQjqf NUUcUVSRXaUZ cWVUXcSQ
cXcS U^cRUU[W jqQjGu _Sac jGQqEf Jn TUUcUVSRXkSVWc k[Sp qEQ
GIf K[WV XWaccYac XSbUZ UW^ cUW _lV^YWXWXXl `UVcWSZ^STf NUUQ
cUVSRXY^SZSTWXcWYZ PUZX`lV nab }VOOK~ _lX _U A SX ^W[_`UWac qGQGif A CWVUXcSXYR[U `k_f A NUUcUVSRXcWYc AYR[U `k_ _U k_ FjQFqf NUUcUV\SQ\ab AUTkXU YXWT FhQGIf AUTkXU ^RZZWU_ GGu NUUcUVSRXcWYc AYR[U ^RZZWU_ GHu CUVSRXcWYc AYR[U ^RZZWU_ EDf e@ qu AL Pu CX Tf NT qDQqhu ¨¨¨f PUkc qDf elWQ
csX^ TUUcUVSRbYZ TU[^^WZUcWYc UVUVcUf CRc^WT cWVUXcSZu UXRQ cRXcSWTWZZUZu ^ScWYVlWZcWYcYYZ _U TUUcUVSRXQ _U TYcXlY^SZSQ TWUZ UVUVcUu T\sX cUVSRXaWXcS[WUUw ARSTYZ J\kScYY^^W\abWXQ c\^XYZ aWXcS[WUf ?XRRXcSWTWZZUZ cYS[WUXcUf KVl^YUW^UZU ^W[_ _U kU[W _RV^ BX[UYVWZ cUVSRbYVV _U kSVWWcc SZ]YVTWXcUf JU[[ TUUZ`WV_YV\Xu ^U[_UZaSWcS }aSWc `` IGQjI _U FIQ kWYZYa^sZ TUUcWVUZ cUVSRccU~u aWWacS _U `UVS^R`URXu VlaWZZl ^UWcUpWVQ TURXf eYVW IHhjf
IqHif OW[WVUu KY[S KTWVf AS[cU`UVU II DDD DHiGf ea JZcS> KTWV LYUZbY[ O _U JWV_U JYVTW dSaUZQ ZU M[ScYZpYVcf © jDQqF PUWXR P\VVW^^W JW[`SZYZu qG TRScWVWW^^ STWXc JWV_U KTWVWU PU[ccRZYZf e¡VVYu eLVcU Iqu \^X \S IFu CR[RZ XRST \^ BQBe B^f P jIu N jjf PSR`SVUZ @U^YZZRXUWZY ?\ UkRV_ jDQjFf A?P kll^SZcc XWac UkRV jEQqIf AP@ UXWUT qIQqjf PU[^^WVUZ ^URkk XSXXWac hDQu ^URkkUVUZ^W[_UXc aSWc hDQFIf r_ @Y^SVUZ o[au PSR`SQ VlZ eY[^^SkXYR[Uu A?P eY[^^SkXYR[Uu A?P J]WZ ^Y[aSf rWcRRXa\k\Z kWW[WTYXc jIf eT Iu NT jHQqi T^f OVW^f JU[[ kWUZSZXSWccSu Zl\cclTsSa_URXu XaU^^Wu cYZZWXf Qp DD BB DHGIf
IqHDf PU[aU }Qjq ¥U[VXc[sT~u MWbYSZf eWWkR[W F ¨B DHihf ea rUZ^d [UZX OVY^XUZbY[ ¥U[VXc[sT _U NUcWVbU AUZbYVWZf © IH AWW[W rURVWZU P\VTlVlf eWVVYu eWVcl Ijf C\sZ_Sac J]WXXlf JU[[ _llkUVVS }TUUSccYVRYbRXc~u TSSccS[WR[aYWVRf c IF eBB DHjHf eYVW DjGFf
IqHIf JYcYTl^Wu PUU[VS eSWccS dSaUZZYXf AUU[W_l[`W Ii eB DHiqf ea SkYcc dRaS KTWV Kb`U[b J _U JWV_U P[WXcWWZU @RcUQ ZYZf eWVVYu eKVcU IIf NUUcUVSRXcY^Zf JR^^RW LUR^UUXXU DE ¨V DHjjf
IqHjf LU`SVUu PUU[VS dSaUZZYXf dSYZXRR F ¨BB DHiqf ea
cSWT_ PU[V ?X^U[ L _U gY[caU NU[]U[YQ cU >Sa[Xc[sTf © jG B[_U PU[WZ PSTSQ
ZYZf ewVVYu eV¡VcU Iju dSYZXRRZ ^VV\X
BQBe B^f JlTsXUZbWZ cY^Z XUaU^f
K[W \acWsWbYZ ^SZcckllVVf ?RcS^RTkR ?\ cUVSRXkllVVf @URTUQ@YkSVU dSYZQ
XRRZ cYac SXcSkllVVf ?\ ¥SZXc[RycS[ Oz
SXcSkllVVf ?TU U]YZcRR[W hEQf PRRXQ
_l[`YZ `Y[ScRXVc^ _U ^UZXUZaRSVcSVc^ k_
qIQqjf e@ qf LcZ jHf JU[[ TYcXlXQ
c\Xu TWYX^RS[SVURVRf p II eB DHEEf eYVW Ihihf
IqHqf >W^RkUU`SVUu KWZS KZXWSf ³eWWkR[WZ TUUX[^ DF ¨B DHihf ea c\sZ_Sac PU[V eW^cS[ > _U UZZ\ KTWVWU eUVVYZWRXf © D jqQhD @U]ZaWVb JYb`W] @SWZYu BB hI JYV\ rW[^^SQLWWXU dRR[WZYZf LUkXYc @YZZY OZXXW jFu @WWcU NU[_UccU qFu O[cS dRaUZW hhu dU[W NU[yRX hHf eWVVYu \S Ihf n D SW^c jIu eC jFu LUP qDu LUC hqf >N NRSZWS jju NRSVUU jqu dUU^^WTU jEf @U_U_SYZ `c P[eSRcW jGf eWWkR[WZ LJ `c L@Y` jGu PR[^W_SYZ `c P[eSRcW jEu eWWkR[WZ D UkRVkSVWWXWcU[^ jHu e`N U[`WSWQ
TWXVc^ cU[^ qiu PUVU_SYZ >N qqu PRSkWSZ D kSVWWXWcU[^ qFu eUVcWSZ kSVWWXW^ _Sac qEu PP? ZRS[ ?W^AWac Uk hhu \k hhf JURaSZ cRSTWS^ cRST hGu rW[^^UVUZ FjQGjf NT jHQqiu eXX UT Du e@ qu NT qDQqhu AL Pu eW[^UQUT[ Gqf PUkc qqf Qc C[Y DieB DHED eYVW IFEFf
IqHhf rU^UXVUacWu NURZR dRaSf ?RVR IH DDD DHiGf ea ^URkk OZccW r _U JUZZU NUZZWZYZf eWVVYf c J^W DF eWVW DHIIf eYVW IqEEf
IqHFf g[YTY[u LUR[W }LUXXY~ dSaUZZYXf PRSkWS Ij eB DHiFf ea eC NUVU^WUX g _U KbWca OVY^XUZb[U K^VRZbf © jI JY[ccU ?WaSZZU LWZb£`WXcf BeWVVYu \S IGu CR[RZ XRST V\X
BQBe B^f PUbP IEQjiu APP jGQjHf BVTU`SWT VYZcSRkX jiQjIu ^STkkkllVV jjQjqu LY@ Ub_ jhu VYZcRYYZkllVV jFQjHu VUW`RYYZ^ST qiQqqu LY@ \YQRkX qhu ^ST qFQhIf BVTU`SWT YXW^kllVV hjQhhf eU^RRcRX\ac cU[^ hFQhEf N\\ZcWkllVV hHQu CUWXcP WVTUXScUcUWbSZ SkYcc qFQhhf LYZcSQSZZYccSTRR^XWYZ cRc^^ST _lX hGf CSWT XRS_YVRX^ DEQIGu NLL ocWZ XYRbRZ SX k_ hDQhju PUb^RZZ BVTU`SWT kWW[ k_ hjQ hhf okXVWWccS NRZ^^WZWYTYZ SX k_ hjQhhf eUV^YUVUZ ^RZZ`UVc _lX qEQhju BB `k_ qHQhjf nYQRkX qDu e@ Iu eg ju e@ qu >S[XXWZ UT[^f elZ[ IEu oZ jIu ^Ukc jGu TU_ qDu Y`V qFu Y` hjf JU[[ kWUZSZQu aUZR[WZQ _U ^WcU[UZXSWccSf eYV_Yc IqEGu IGGHf
IqHGf KbYVTUZu MRZZU[ Kb`U[bf eUUXU E e DHiEf ea eC MRXcUp Kb`U[b K _U C\[U ¥U[VXXSZf © jF AYZZW ORcY[Yf LUkXYc K[W^ Kb¯U[b jGu NU[WcU qDu @UWZY[ MRZZU[ qqf JLVVYu \S IGu eUUXUZ XRST V\X BQBB B^f nÁC jqf BclQA J? ^W[_UU_U qqu ZSc qhQqEu J?eWX^ qEQhDu J?QUXYXX hDf rWYVWX_l[`YZ cT^ cRST hDQhFf eYaTUUZ cT^ cRST hFQGqf NW^^YVWZ cU[^UXQ cRXSW^ `k_ _U VUWZSkkWZRc _lX qhQqEf AL Pu e@ q T^ }I ^kV~u Ae@ @ Du NT jHQqi TX^u NT qDQqhf nVWVcZ FEf
IqHEf B]ZUcWRXu @UWZY[ MRXcUpf JRWccWZYZ IE eBB DHiEf ea ^UX`WcU[aU`WV_ cU[^ MRXcUp AYVWT B _U KVTU K^VRZbf © BB qFQ OW[U AW[^^U OZZW^^W rWc^lZYZf oVWVVYu eWVcl Ihu J]WZ XRST \^ e Ihf ALNP kllXcscSb IEf LWW^YUVUVVUf p ASc^UTS DH eBB DHFqf eYVW IEijf
IqHHf rU[VUZbu JYZ[\ MYS[] tWVVWUTf eWWkR[W DF eBB DHiEf ea WZX ?X`UVb r _U NU[WU AYXYTUZZf oVWVVYu BeWVcl IIu PURQ ZWUWXcYZ \^ \S IGf ?kWX^ Jn VUWZSk cWYbY^ IGQIHf PURZUQ XWZ [RScX ^SZXRVWZ`XcS XWacf PW[_UWVW_Uf c PURZUXu LWYccRU Di ¨B DHjif
Ihiif rRS^^Uu rUU`S oSVY`Wf J^W j eWVW DHiGf ea _Sac elWQ Zs J_UVTU[ r _U UZZ\ KVWXU LUTkYZf ±PoJ^¿ © jh PUc[W NUW_UVWWXU rUy^UVYZf VVLVVYu eVVLVcU IGf ?kWX^ tWYZWZ ][UUp SkYcRXQ _U ^SYVUWc IEQjif Oz CWV]Q TUZZ ?\ XW`R^SZcc YXWT C[YYVVU jiQjjf PW[_UkUWZScU[`W^Y ?\ SXU^UX jhQjFf p J^W H ¨BB DHjFf eYV_Yc IEjHu jiqqf
IhiDf rl[ZlZYZu rY^^U ?TUf >R[TW_l[`W Ij ¨ DHiFf ea [S` KY`Y[ccW r _U JWVbU tWVaYVTWWZU @S^^UZYZf © jj YXWcc OVVW ·U]TU[ LUR[WVUf LUkXYc NUccW jq p KY`U jEf PUc[W qhf oVWVVYu eLfVcU Ihu eWWkR[WZ ^VV\X \S IGf ·B jIu U[^^ hEu `YZlQ _lZ SkYcc kW^U`UVT^ qhf PU[_UVUZ cWYQ_U `YXW[U^kWW[ \VWT WZX jIQjEf eUVc `XXQ^YX^ _U `XXQkllVV YXW^ [U^WZX jEQjHu AN `XXQ UXWUWZSX _USXcSWZX jHQqhf PP UXRZcSQSX SX_Sac UkRV _U SX_Sac qHQhFf CeJ cXcSWZX qhQqHu XWVcUSX hFQFiu cY^Z cU[^ FiQGIf e@ q cV^u e@ qu Ae@ @ Du eXX UT Df PUkc qIf JU[[ ^WYVYcf BXl hiHu kSW^U hDDqf
IhiIf AUU[W^W`Wu rUU`S rYVVY[`Sf AS[cU`UVU I Be DHiHf ea ^RZZUZ^W[_R[W AUZcY[W A _U L\\bWU @Y]WZU rYZZUZYZf BVWVVYu eWVcl IFf eYVW IGDqf
Ihijf BbTUZu O[TUX O[ccR[Wf J^W II DDD DHiEf ea XRRcU[W [UZX O[ccR[W B _U OZZU Jl[^sZYZf © ji C\\ZW eW^cS[WU LWZbQ
[SSXf e¡Vcl Ihf PURkkUTUc^RXcU_Uu `U[UXcSZaSWcU_Uu c D e DHhGf
Ihiqf CSVSZYZu LYS OR^RXcWf LUkkYYZ[UZcU IH ¨B DHDif ea _Sac OR]RXc C _U AYVTU NU[WU PU[_UVUWZYZf BLVVYu \S IEf nÁC jqu LUP jhu eC jGf eYVW IEhFf
Ihihf LU`SVUu PUU[VS PUVY`Wf ³dSYZXRR Dq B DHiGf ea k[S^ ?X^U[ L _U gY[caU >Sa[Xc[sTf oVWVVYu BewVcl Iqf eYVW IqHjf
IhiFf OVW`W[cUu BVTU[Wf J^W D Be DHiHf ea kWUZSZ`W[Wcc eW^Q cS[ J_UVTU[ O _U AUWTU L\bWU >l^^WZYZf © KWZW BVSZU ASWZWQ ZYZf KWcl IIf PURkkUYbRXcu PRSkWSXXUf p E DDD DHGif
IhiGf PUVVWUVU }YZc gY[][Sca~u O^XYVW gY[cYVf LUTTW Ih BB DHDIf ea UkcYY^^U[W [UZX Kb`WZ gY[][Sca _U LWZbU PU[SVWZU dSaUZXXSZf © JYVYZU dSaUZZU NU[WU PWZZRZYZf oVWVcU IFf rSVWWXW J]WXXl QjGf KbRXcf
IhiEf KVSTUUu PUU[VS PUVY[`Sf ³J^W DF B DHiHf ea _Sac
PUU[VY dSaUZ K _U JWV_U NU[WU A_s][YZf © jHQhi AUU[U PUU[WZU eU[cWS`UU[Uf
BLVcU Iju JUZ]SZ XRST \^ \S jIf
PUZXU^S J]WZ ?PP hhu ^UZXUVUWX^Q
SkYcc cRc^ Fif rRSV`SWT ZkW RkX jFQ jGf O^Uc BVTUXRS_YVR\ab cSWT_Sac jGQ jHf NUUZkRSVRXcRXZRS[WXSQVYab kllQ
cSWT jFQqDf PUZXU^S hiQhEu ^UZXUQ
VUWX^ SkYcc hEQf dS^YVUZ ^UZXUVUWX^ _Sac FiQf dS^YVUZ ^UZXUVUWXSkWXc [Yac FqQu
CRRXRVUZ UTTUccWSkkWc^ k_ FIQf J\`WZ^llZ ?XRRX^UXXU aUVVZYR` _lX FqQf e@ qf nVWV hFf p Dj e DHGFf
IhiHf K[kS }QjF KX^YVWZ~u PUWaS NU[ccW KZXWSf J^W IE Be DHDif ea ^URkk dSaUZ tUVp[Wb KX^YVWZ _U AY[UpWZU AUVSf © jEQqqu BB qF VUzSQ [UZccW OWZS LWZZYU >S[UZcUf LUkXYc OW_U jHu dRaS qGu eYVWQrY^^U qEf \S jif K^SZ JPPP jjf Q?\ OV^S Oz T\\T YXWTu cXcSkllVVu XWX cU[^ }T\\ZcWQ `Y[^SXcS~ jqQGIf K?L ^T[^u nL UT[^f nVW^ qjf JU[[ TRXWW^^W }K?L nLu LURVRQNWYaYc~f
IhDif U]Y[Xc[sTu ?VU`W dSaUZZYXf ³eWWkR[W DI B DHDDf ea ?W^> dSaUZ tUVbYTU[ _U AW][Wb PU[SVWZU rYXSZWRXf VBLBcU Ihf
IhDDf JU^UZYZu O[`S ?VU`W }?VVW~ § J^W E B DHDif ea \VWQ ^SZbR^c PUU[VS KYTWV J _U eWVaYVTWWZU >WXXWZYZf © hD JL PUc[W BZ^Y[W dlZccWf \S jqf O?Cf eU^\ac rSa_SVU `U^`W[^ jqQjGf J]WZ kSVWWXWVUWc ^W[_R[W _U ZkW ^UZXW jGQjEf PKLO cXcSQ UkRV jEQqhu kWW[WUXWUT qhQqHu cXcSkllVV qHQf oX UXRZcS\ac WXlZZ _U _SacS^ _lXf e@ q T^u e@ q cV^u AL @u NT jHQqiu NT qDQqhu AU^XPµf PUkc qjf JU[[ ^RS[SVURVRu kWUZSZQ XSWccSf p Dq ¨BB DHEDf
IhDIf JUVVWSu LWYcSf ³PRSkWS Dh Be DHDDf ea P >YXcS[ Y[bWZUZb J _U JWVTU PU[SVWWZU CR[RZYZf © qi TY[^SZ LWWQ XU NU[WU PSX^WZYZf LUkXYc ?VVW qiu JYW^^W qhu NUW_U PUU[WZU qGf \S IHf nÁC jGf eU^RRcRXZYR`SXW \VWT `W[^UT jhu `U^WZ jFQjEu \VWT YXWcc qIf eU^S\ rSa_SVU SXkllVV jEQGhf eOP? \VWT YXWcc qjQqqf A eU^RRcRX`W[^UWVW_Uc LWWccS `k_ qFf J]WZ PWXUQeYW^Sc XWac qEf e@ qf LcZ qif JU[[ cYZZWXu XaU^^Wf p G B¨ DHEIf rSW^U hEFhf
IhDjf JUVTWZYZu rlW`Wsf ³J^W Ii Be DHDif ea XUZSTUVYaQ bYZcSWT oRZS CYSbS[ J _U AYVTU NU[WU PW`WXUVSf © jEQqh L\\VW rU^U[WZYZu qhQ NUW_UQLWWXU JlTl[Wf e[Vcl IFu J]WZ XRST V\X \S jDf ?kWX^ Jn aWXcQ^WYVWcWYc SX jIQjqf ACC cSWT jIQqIf ABe cWYbScRXkllVV qjQu AScUWZ`UVWWbWQVYab kllQ cSWT hiQhIf e@ qu AL @u rgJf nVWVf JU[[ c\kS][UpWUf c h eBBB DHEIf
IhDqf JURcUZYZu K[^^W ?VU`Wf J^W IH e DHDif ea c\sZ_Sac K[W^ J WU KVWXU NU[WU JWYcUf © jh eY[U eWSVU ÁaTUZ BBwVcU Ihf eU[UXcSUVUVVU J]WXXlf LcZf PUUcRW DF eBB DHqqf
IhDhf JYW^^WVlu OWTS PUVY[`Sf PRaTSWZYZ GBe DHDDf ea cRST P\sXcW OVp[Yb J _U KbWc KVWXY WZZY[zly^f e¡Vcl IGf p PRaTSWZYZ j VWW DHqGf
IhDFf JYWTSZYZu n[_s O[TUXf J^W H DHiEf ea kRRXYkkl ObUT J _U JRVbU O[TWbU A^S]VRZbf \S IHf ?kWX^ Jn aWXcQ^WYVWcWYc SXf c E DDD DHqqf eYV_Yc IGEEu jiDqf
IhDGf JW[Zu >WWVS CUU`W P[WXcWUZf J^W Iq D DHDDf ea k[Sp CUU`W J _U K`U gY[][Scaf © hi A\V`WU PUcU[WWZU LUWZYf o[WcU Iju n^XWc\WXVRS^Uc \S jDf P jFu N hif ?\ ARSTWQ WVTW TUWZSXkllVVu A WVTWcYSVVWXRRX TUWZSXkllVVf >WbY ?\ cSWT_ qhQFDf LYacWUWccU ?\ ^SZcckllVV FIQu e@ qu NT jHQqif nVWVf JU[[ ^WW_UVVWXRRXu TRXWW^^Wf QD Ih BB DHGFf BXl DjDu `YVW IIGHf
IhDEf J_YVcu rUU`S O[caR[ AUTRYVf J^W AeB DHDDf ea k[Sp O[cR[ LRb`W] NW^UYV J _U OWZS NU[WU >YS`WRXf © OZZYQ NU[WY LYXyaYf Be[Vcl Ihu ARST \^ \S jif LP jqu LL qhf Lll^l[W @RScXWXXUu JlVVpS[XWXXUf @RScXWZ ^UZXUc hGf e@ qu e@ qf Lll^^Ukc qIf eYV_Yc DDGqu DFhqf
IhDHf JRccRZYZu dSR^S Kb`U[bf CR[^R IH Be DHDDf ea XSWcQ cScUWc Kb`U[b J _U K`U AU`SVUWZYZf © jh AJ NUWVWX OZZW^^W PYXcWf rSW^U NUccW jEf \S IHf LP jIu LL jGu \VYWXVll^Yc Y[W^Vll^ GDu Lll^> Gqf r\al_l[`YZ }ekV~ ^RZZUZVll^ jEQ qif rYcXUTSZ UVRYVll^ qiQqqf J\`WZ^llZ ^URkVll^ qhQFEu B ^URkVll^ FHQGIu ^cc _Sac Vll^ GIQGjf ALL _Uc^S^SRVRcRXQ ^ST _lX hEQFqu `UVcRRX^ FEQGiu rSa_QoRbYZTUUZ kWW[WSX k_ FIQGFf JRSVcU_UXllcWs WXlZZWXc _lXf oRbYZTUUZ A\blZcURcWQ \ab aUVW _lXf @ScU[\ BZcYT ^YX^RXaUZ _lX FIQFqf e@ ju e@ qu AL @ Du NT jHQqiu NT qDQqhu AU^XPµ U[ ju Ar@ k[ UTu Ae@ @L Lll^TU_ FHf JU[[ TRXWW^^Wu ^W[_UVVWXRRXf p Ii ¨B DHEhf
IhIif BaUTRScWVUu eYW^^S O[ccR[Wf J^W DG DD DHDDf ea N O[ccR[W OR]RXc B _U JWVbU PUZcUVUf © jF OZZUQLWWXU PSR^Wf \S IHf O][ jhu NNP jhu cScUUVWXYZ TUUZkRSV ^R[XXW Fif Jn TUUZ`WV_YV\XcUV VUWc UXX jFQjHf rYVVSZ[UW`URX ?\ SXkllVV qiQqDu cSWT_ qIQqhf NCP _SacS^ k_ hqQu KXkSSZ JWXcUZ cWVUVVU T` jIQf rYVVSZ[UW`URX ?\ SXkllVV qiQqDu cSWT_ qIQqhu _SacS^ k_ qIQhHf rY[RX\ac\Tl ?\ _SacS^ `k_ hHf NUUQ _U TYcXlcUV TWZWXcY[W Ghf OR[U _SacS^ _lX qHQ AUVUS_WcRX\ab _SacS^ _lX qHf ?\ NYcXlVWWcSZ AYVVRVSSXU _U rUkY[W _SacS^ k_f AU`SZ AYVVR ?\ _SacS^ k_ FhQf APP VRYZZSWcXW_U FDQ oX `UVcWSZ ^STWc _U cSWTW^ _lXf OA? TUUVURcU^ _lX qhQhqf rYVVY[`SQXYR[U `UVcRRX^ k_ hhQf AL XRR[[u e@ qu AL Pu Ae@ @ Du C·@ XRR[[u NCP ^RVc UT[^u PPP ^RVc UT[^u CUkWS ^RVc ^T[^f PUkc FEf JU[[ TYcXlXQ c\Xu ^UVUXcRXf p I BB DHGHf
IhIDf B^SZYZu LYZZU[c OR]RXcf J^W IE B¨ DHDif ea `YcRQ [WZVlTTWcc OR]RXc rYccY[ B _U KVWZU Pl[^^lWZYZf © qj ^SZccQ UkRV PY[ccR OZZW^^W rsVVlZYZf rSW^U KX^S dRaUZW qqf \S IHf nÁC jhu LUP jFu LUL qEu eC qDf LUkWZ LJ \VWT YXWcc _U VllZWZ[Y`WWXS[W jEQqIf eOP? \VWT XWac qqQqhf C[YYZ @? ZkW ?W^>T qFQhIu `kW ?W^>T hjQu p q Be DHGjf
IhIIf BVTUZYZu rYZccW OVU[W^ dSaUZZYXf eWWkR[W F B¨ DHDDf ea eC AU^U[W dSaUZZYX B _U OWVW NUcWVbU L\zYy^f e[Vcl IEu
n^XWc\WXVRS^Uc \S jIf ?kWX^ Jn VUWZSk cWYbY^f JU[[ kU[Q cWSf c >RTTYVUZ kU[UZcSVU DH Be DHjqf
IhIjf BZzY[]u dUU^^Sf ¬rS[W Dq DDD DHDif ea eCu `U^_Sac
PUU[VS dSaUZZYX B _U OZZU NUcaWVbU
N\[zY[]f © jH NU[]Wc KTWVWU tUXXf N LUkXYc JYVYZU qDu PVURX qHu JU[[W hDfQ
ewVcl IFu \^XWc \S jIf NJ jEf rRRQ dakc §m¢ cY^Z cRc^VUWc jEQjHf CTW dSaZ OX^SVWZ jHQqif JSWcUZRc kllcSWTWXYXcW `UZaUU
XR^RcWVUU NUVT]{[bWZ ^U[cUZSU OaVUWQ XWXXU qDQ NUUZVRZUXcRXVc^ qiQqDf
AUcU^RZZUZ NYcXlZaSWc VWWccS k_ Fif A @ScU[\ BZcYT DqDf kWW[]S`YTS[ FhQFFf NUUXYRbRZ C\sZUZcU_UVWWccS k_ Fif eT Du eT Iu NT qDQ qhf PY[Xf JU[[ ^RVccRR[WaWXcS[WUZ cRc^WTRXu XR^RcRc^WTRXu ^R`UcUWcYYcf eYVW IDEIf
IhIqf dUVU`Uu dS[TUf eWacW q eBB DHDif ea KWZS d _U >UWTW dSXYpWZU LSRaWf © jq ARSTU ORZY NU[_UccU oScWVUf LUkXYc AYW_U jhu @UW_U jHf \S IHf K^SZ JPPP jIu PCP jqu PCN hif ?B PSZXRT cSWTW jFQqif PP VWW^^YYZaSWb cU[^ qDQqIf PCN ^SQ cWTUUZ^URkkUcXcS `c kllVV qIQqhf A?Q p CKeO cXcSkllVV qqQqhf PP SkWZcSQSX aSWc qhQqGu kllXWac qGQFDu kll_Sac FIQ xAaff Ghf KVl^^ GhQ dSacS^ _lX ?CPu PUZQ xL§ KVl^Y^UXXU CR^Wu ?B KVUZcSu @U^^RZcU JU^Uf dSacS^ k_ ?\ CUTTWu PW[_UcR^^Ru AW`YZWZ PSZYVWW^Y ?\u PZUXUZ NUc^UcXcSu NUWZSX[YZ]UXf PW[_UZkWcSQ VU^W^ST _U ^W[_UZkWcSVUWZ UXWUZcRZcVc^ _lX _U XWacf eJP _SacS^ qjQqhf CRVVWcU[WppWVc^ hhQGhf eUkUUXUcUTU^STu UZcWbRTkWZ]Q ^ST _U `U[UXcScWVU^ST _lXf A?CKeO cU[^cSWTW^ _lXf MOCCQ ^ST hqu MOCCQ`UVcRRX^ hqQhh _U hGu FiQFDf K COQ`UVcRRX^ FiQFDf dlX RV^STUUZ^URkUZ ZYR`^u cUVSRXZYR`SXcSu YVWZcU[Q `W^YZUR`^u UXRZcScRScUZcSZYR`^u TUUcUV TU[^^cSWTW^u ^URQ kUZ ZYR`^u NCe aUVVZYR`u ?\ CYX`WXWS aUVVZYR`u ALNP _SacS^ _U XllcWsZ aUVWf C\s` O^Uc aUVVZYR` _lX hiu k_ FFQEjf PSZYVU ?\ aUVW FhQEIf rSa_SWXT SXRRXcSWTWZZUZ UXRZcScRSQ cUZcS_l[_ >g? aUVW FIQGhf BZcYT ¥SQSkY[UcW`Y OVVWUZyY aUVW FjQFFu FHQGIf @SyabUVYQUT[^f nVWV Fhf eYV_Yc IEiqu jjiIf
IhIhf dRRXYVUu O[`W dRaUZWf LUacW IE eBBB DHDif ea ^s\Q alWZaSWbSZ \VWcU[^ PVUX MRXcUp elWZs d _U JYV`W KVWZU MYQ ZYc¦f © qi AJ OZZUQLWWXU AWVVUZkllf C\ccl[Yc JYV`W qDu LYYZU hqf oVWVcU Iqu eLVVY IEu \S jiu PSc^UZ \acV\X BeQeB B^f ·B CPP N jGf NUUZTWcc URX^ jGQjHf nVWT N@B qiQhDf N@B >SS[TU[^RZ kWW[WXXl hIQhhf CR[RZ _S rS[WZ VllZ TUUZTWccQ ^SZcc cU[^ hhQFif P\TYZ VllZ TUUZTWcc^SZcc UkRVVllZWZNQ @ D FDQFEf JlTYYZ VllZ UkRVVllZWZNµV FEQu VllZWZNµV FHQ GDf mlZWXVWZZUZ ^URk]YSb qIQqqf NUUZVRZUXcRXVc^ k_ qhQ qGf eUUXUZ Nd? _lX hjf P\TYZ VllZWZ TUUZTWccU[W^Y[aS k_ FIQFjf e@ q T^u BclQPUZZU^XYZ [WXcWu dX qDQqh TTu ¥@ q T^u Ae@ @ Du ¨¨¨f LcZ qDf JU[[ ^RS[SVURVRu UW^ Z\[^Q ^YWV\f p h eBB DHEIf eYV_Yc IjHFu IFqhu jhGHf
IhIFf dl[`WZYZu OU[[Y AU^U[W KVWXf rWW^^Ws DI e DHDif ea N OVzWZ d _U JUZZU NUcWVbU OY_TYVUYRXf © jF e> OVVW NUcWVbU NU[]U[YcaU JUUcU_Uf LUkXYc rUZR OU[[Y OVzWZ qIu oVVU KVWZU qqu OZZR^^U hiu AWTS eYW^^S ?XTS jEf \S IHf LL jGu LPC qIu k[Sp FEf >S^WUZ ^URkk Vll^ jGQjHf Ar@ XUW[ UkRVVll^ qhQqHu UVWVll^ qHQhGf JnPA Be ^W[ ^VWZ UkRV\VWQ Vll^ hEQf Jn ^W[ bSX qqQf ?\ BZXc[RTYZcU[WRT _SacS^ _lX hqQFHu aUVVZYR` _lX FHQf A PW[R[]W\ab aUVW _lX hGQ KÃyY[kcU NYbWyU }JSVVUZcW~ ^W[_`UWac qGQf >S[bWX^ ^W[ ps[YZWZ] XWac qGQ hDf e@ ju e@ qf Lll^TU_f c DI eBB DHGjf rSW^U hhIqu `YVW IjjIf
IhIGf PUWcU[UZcUu LYS KZXWSf J^W IE DDD DHDif © qD OZZW^^W NU[ccWZUf ewVcl IGf NUUZTWccURXQ UkRVf LcZf PUUcRW ARS^RTUUVVU DI eBBB DHqD
IhIEf PUVVU`RS }Qjh PU[VXcYbc~u BVkS dRaUZWf d\`lX^\Vl h e DHiHf ea rUZ^d dRXXW P _U gY[caU ?ccWVWU PU[VXcYbcf © jI OZZU KVWXUzYc @URcWSf \S IEf K^SZ jIf K[W `UZ^WVSWbYZ ^W[_UZkWc _U cUVSRXkllVV jIQjHf LPJ BB ^UT[ jHQhiu cUVSRXcU[^ hiQhGf ?N cWVWcXcS \VW^UT[ _U cXcSkllVV hGQ e@ q T^u AL @ Du NT qDQqhf PUkc qqf eYVW IHHGf
IhIHf rU_U[W }QjI @Sy^~u eYW^^S BÃSZU[bf J^W IG eB DHDif ea _Sac oRZS LYSZU[b PSy^ _U My[bU AyasZzY[]f © jG JYV`W P`VVW^^W PSaSQ ZYZf \S jDf ?kWX^ JPPP jjQjhf U B PUccSaRSkU\ab cSWT_ jFQhhu aUVW k_ T §§§ p§ jFQhHf ¥SVSTzWUZ PUa`W ?\ _Sac hqQu PUkc qqf c j eB DHGIf rSW^U hhGFf
Ihjif PSV_SZYZu eWVaSf KZS DE eWVW DHDif ea Tl^WcRkUV ?ccS P _U OVTU PU[SVWZU BZ]TUZf ewVcl IFf
IhjDf PSkSZYZu PUR^S PUWTUf PRSkWS jD DDD DHiHf © jE O[TW OVWZU JYW^Sf BLVcU IIf OVWkY[lTWYXcRc^ jEu \VWkY[lQ TWYXcRc^ jHu TY[W^UkccRc^ qFf @URTUQ@YkSVU ?\ @URTUZ cYac TY[WcXcS YXWTWYXf
IhjIf PS[kYVUu eWV_S PRVVY[`Sf J^W E eBB DHDDf ea _RZUWVW_U TT¬w cT PRXcUU AYVWT P_U OWZU OTUZbU ?bYVVf D © jG ?L JWV^^U P\VVW^^W rYRa^R[WZYZf ¸n¼ ¸LP jjf LL qif JTV VllZWZQ °g XUW[ \VWT Vll^ jEQjHf LSkYZ _U PS[kWQ Wt \ VUabYZ `c ^RZZUZVll^ jHf Lll^^Ukc qDf PUUcRW DI eBBB DHqqf eYVW DEjFf
Ihjjf PS[kWZYZu O[`S OR^RXcW dSaUZZYXf J^W q Be DHDIf ea cUVSZSTWXc OR]RXc P _U ?V]U eWVaYVTWQ ±Ð_ Pt dQ ZU dS^YVUf © jF CUWTW CRRVW^^W A\`lQ ZWYTWf \S IHf CYSV Y[ScRc^ jqf JSVQ VSVUZ ^a[UZ UkRV jhQjHf A LRcY[WVUWXYZ K`UZ^YVWRTW\ab kUV` jhQf p ji Be DHjHf eYVW Ijhqf
Ihjqf PR[SZYZu CSW`S O[TUX BVTU[Wf J^W I eBBB DHDif ea R[U^SWcXW_U OzYV P _U KVWZU ASpWU >\]{[bf © jG AUVTY ?ZY[`U eW^cS[WU PScW[UZcUf \^X \S jIf P qEu N qHf Jn ^YTWUZ VUWc \VWT UXX qIQqjf rRR^YTWU ?\ cRc^UXX qjQqqf ?\ OV^SaSVWVWW^Y Oz @U_UTlYZ cYac VUzUXX qhQqHu ^l\ccsWZX qHQ hju SXWZX hjQFiu UkRVWXlZZ FiQFju WXlZZ FjQf e@ ju e@ qu AL @ Du eXX UT Du NT jHQqiu NT qDQqhf LcZf p ID J DHGqf eYVW DjhGf
Ihjhf P\\[su >WWVS ?VU`Wf J^W IH B¨ DHDif ea ^URkk dSaUZQ ZYX P_U JRVbU NU[WU dRaSZc\cl[f © qH CSWZW KbWc JUZZRVUf BewVcl IGf eU[UXcSUkRV ?RVRZ^\VlXXlf p j ¨ DHhIf
IhjFf LUU^XS`W[cUu KY[S Ac\[z_s[Zf J^W jD ¨BB DHDif ea
^UZXUZSkWXc _Sac OU[ZY Y[bWZUZb
Ac\[z_s[Z L _U A\V`W KVWXUzYca JUZZWQ
^UWZYZf © hI eCN AW[^^U OZZW^^W CYVQ
VY[`S CRSTSVUf Q\S jDf Q P_U N qGf
Jn ^YTWUZ VUWc UXX qiQqDu qhQhqf
O[^UbWUZ \acV\X ^YT _U p\X SkYcc qEQhGf
J]WZ XRST \^ ^YT VYac hGQ PUW_UVUZ
\^ ^YT Sk hqQhGf eUVcWSZ [sZc]YZUkRVQ
^R[XXWYZ `UVS^R`URX^YTWUZ VRYZZSWcX hhQu Jn PYTWXcWc k_ hif CPC `k_ hDQ
hjf LRSZcSQLWWccS _USXcS^R[UUccS[W qEQhFf dRV^ RX SkkW^W[_SQ _Uf A PUTY[UXYR[S_YZ VWWcSZ TYXc hDf e@ qu kU[cWSUT[^_lf nVWV hGf JU[c `UVS^R`URXu ZRS[WXSc\sf p Ih BB DHEIf
IhjGf LUWcWZYZu PU[V tUVcY[f J^W DG BB DHDif ea VWW^YT PUVVY rY^^U L _U OZZU g[YTY[f © qq NU[_UccU OTUZbU PUWQ `SZYZf ewVcl IEf dSacU_U J]WXXlf p IG ¨BB DHFDf
IhjEf LYkWXcsu elWZs OZcY[Sf All^XTl^W Ii e DHDif ea _Sac >WWVS O[`Wb L _U C\\ZY KVVW JUUkUZWYTWf © BB hj OZZW^Q ^W CWYZU[Wf o[WcU Iqf CSWTWccU_U J]WXXlf p G eB DHGFf
IhjHf LWWZkll }Qjh LWZbzly^~u PU[V JSV]Y[f J^W DD DDD DHDif ea \^XWc\WXYcXW`l PU[V [Yb[W^ LWZbzly^ _U NU[WU B[YZY dSaUZXXSZf © jqQqE PY[ccR OZZUQLWWXU AYkklVlu BB qE VURVUQ _UcU[ A\V`W JY[VY`W NRXcU^UVVWSf \S IHf O?C jHf NUUQ ^RZcUWZ rUZ^^W ?\ `W[^ IHQjIf P?r `W[^ jIQu P[RRZRZaUUZ ^SZcc YXWT jqQhEu K[SccU_UZ ^SZcc YXWT hEQu ?\ r[YXY[`U Oz cSWT_ hhQu ASXWUUVWa\]WYZ nab _SacS^ _lX _U [Uaa qEf A LUXcYZ ^R^^UX[UaUXcS aUVW _lX FIf nVWVf p I BB DHGHf rSW^U FIiGu `YVW jHEjf
Ihqif LsZZzY[]u oSVY`W LYSZU[bf J^W IF ¨BB DHiHf ea TUUVU[W [UZX JYZ[W^ LYSZU[b L _U KVWZ BVTU[WZYZf © jhQhF OZZUQLWWXU rWYcU[WZYZu FqQ JYV]U JYVYZU JS[ccUZUWZYZf o[WcU IFf ?kWX^ NRXWW^^WSkWXc `WRVRZXSWccSU _U VURVRUf ARSTUV ?SkkY[U VURVU_U qjQu ZRScWXcSZaSWc hIQ WVTW_l[Q _YXcl_lf ARST ?SkkY[UZ PRS[SVURVU_U\ab k_f JU[[ TUUQ VURXcUWbYf c F VWW DHFGf
IhqDf NUZ^WZu K[^^W ?VU`Wf J^W Dj B¨ DHiEf ea kRRXYkkl JUZX N _U ASpWU KTWVWY Ac{aVzY[]f © jG >UWTU NU[WU ASVQ zY[]f o[WcU Iqf N` CRRXRVUXXUf p E ¨B DHFIf
IhqIf NYVU[cu @YWZS dRVWRXf ³PYWcYVY Dq Be DHiDf ea N PU[V O[`Wb N _U O]bU dRZ]f eW[Wcl IEf c J^W Dq B DHIHf eYVW IiIIf
Ihqjf NsVXlu ORVWX C[\]`Y dSaUZZYXf J^W j eBB DHiHf ea ^SZXc dSaUZ N _U OVTU OR[S[U JWZy^f © jI kSXcW`W[^ OZZU NU_ gU[z[S JUVVQ bYZf oVWVcU Ihf AcSy^aSVTX CY^Z BZXcWcRc ^YTScY^Z VWZ_Uf C\sX^YZZYVQ
V\c ^YTWUVV UVUVVU CR^aSVTUXXUf PY[Xf JU[[ ]SVpu URcSWVRu Z\[^^YWV\u XRS_YVRXQ ^RZcUf PUUcRW rS`YZcXUXXU Di ¨BB DHqDf
Ihqqf >WWZW`UU[Uu @YWZS AUTRVWf j J^W DG B DHDDf ea [S`
[UZX eY[ZY[W > _U JYVTW JYVVWZ rU^UQ
[WZYZf © jH Pc\? LWWXU P\[sf \S IHf
nÁC jhf C[YYZ cRSTWS^Uk `c XWac jHf
O^Uc VURXRZcUTYXc jDf elZ[ jFf
PUUcRW G ¨BB DHjHf eYV_Yc IiIFu IIiIf
Ihqhf >W^VUZbY[u CURZS ORVWXf J^W DE ¨B DHDDf ea U_R[W PSZXcUZcWZ > _U KVXU PUcU[WZU CSVSQ ZYZf © qq aV JWVTU LUa_U dSaUZZU OVUQ [UZcUf \S jif nÁC Jn jFu LUP Jn qIu LUL Jn qEf CRVVWVUWc `W[^UT jFQ qFf PCN JcRXAWac qFQhhf NPJ TYQ [YZ^RV^R> hFQFIu \VW_Sac FIQGEf Jn VUWZSkWZ cWYbY^ ZSc qHQhIu ^URkkUSW^ UXX hDf eC qIf AL Pu AL @ Du ¨¨¨f eYVW IiIGf
IhqFf >W^SVUWZYZu OWTS CURZSf J^W Di eBB DHDIf ea [URQ cUc`W[^UTu UXYTUkllVV CURZS BX[UYV > _U @URaU eW^cS[WU rYc[YVVf © jF AJ KWVU AWX^S A\V`WU OVUZYZf LUkXYc NU[_U jFu rW[^^S jE c DHGju AU^U[W qDu @Rca qIu NU[^RX qhu LYU qHf \S IHf Jn XUy[W TWZ ^UZb jIu P _U N jju CP jqu `lWc cYSV cSac jGu CC qif d\`lX^\VlZ TUUX[^ `W[UVV UkRV jhQjEf J]WZ ZS[TV\X RX^ _U pWVSXSp UV^ `c `kW VYac jEQjHf Jn bSX _U `c UkRV jHQqqu cYSVVS] YXW^lXWcc UkRV qqQqhu oRbYZ cYXcUTYZcWZ Y^XY]Yc k[Sp qFQGIf J]WZ aWWkkU^ kWWXkU GIQEIf @UUTUcRZ^llZZsX^ST k_ GjQHDf Jn cYSV cWYbY^ ZSc jHQqhu `U[UbY^ qHQhqu bY^ hqQFHf PW[^SZ RV^STUUZUX cSWTW^ _lX _U `k_ qFQGhf PW[^^S_YZ TUUWVTUZQ ZYR`SXc ^YX^RXcSWTW^ _lX hqQGhf nVWSkkWVUXcRc^Vc^ _lX qEQGIf A Y^XY]YYcc XYR[U k_ hhQFj _U FEQGDf A Y^RT ZYR` `k_ qGQFGu k_ EDQEqf A ^W[^SZ kUkkWXVWWccS k_ hDQGif PW[^SZ ZRS[WXS k_ FIQFqf eUZaUc >S[XXWc k_ FiQFjf AX^QSkWXc XllcWs k_ GjQEjf A ^W[^SZ X[^QcSWTWZZ VWWccS`UVc k_ GjQEjf J]WZ ·WU^SZWXXUZW aUVVZYR` k_ GIQEIf PW[^SZ VlaYc\XUXWUWZ ^YX^ k_ GjQEjf ARSQ TUV CWYbYU^Uc _lX hjQu YXWT EDQEIf PW[^SVVWX^S^ _lX _U XYZ kY[RXcY`UVWS^ k_ hEu FEu GDu GIQEIf PSZXcUZcWZRX ARR[YZ @WcU[W^ A Y^XU[^^W EIQHIu XUTUZ _l[_ XRR[[f Ae@ P Du AL Pu e@ j T^u e@ q T^ ^UabYXcWu rP@ P Du rNU[^ D B^ cu reVUQ bWT I B^ cu ¨¨¨u r` ^RVc UTWcf PS[k[f CUV`WXSbUXXU bW` kUXc jHQqi PUZZUXu _Uc^SXSb bW` kUXc qDQqI A\`l[Wf hqf TUUZkRSV^R[XXW SVcY[TUZZWf dRV^ ZSWZ Gi cYSXcUu TT LlQ aWTTlWZYZ oRbYXXU cYXcUTYZcWXXU }`lWcsX^~ jGu BaTWZYZ Y`UZ^YVWRTWYZ `UVSXXU qDu ·Y[ ORpY[XcYaRZ]X]VURzYZ WZ bY[ gWzYV RZb Wa[Y[ oZ¯YVc BQBB qq _U qFu XYVWc\XcYS^XYc LRR^^UUZ Y`UZ^ hDu Gi|Iu OkSXcSVWYZ cY^ hGu GG|Iu @SSTUVUWX^W[_ Ghu dSaUZZY^XYZ WVTYXc Fhu GI _U dSaUZZY^XYZ Y`UZ^ EHu oRbYZ cYXcUTYZcWZ cRV^WZcU _U cRc^WTRXu oC cYSV ^S^SZUWXYXWc\X GDu GF|Iu NUc^U^W[_Uu rUWTYZ^W[_Y Gju NYWblZ TUUWVTUTTY GHu XY^l DIQSXUWZYZ XYVWc\XcYSXXU[_U O`UU oRXW CYXcUTYZccWXW oC ^UW^^ ^W[_SWaWZ EjQEHu TRWXcYVTUcYSX elVlab\^XWl Hif JU[[ ^UR^STUc^UWVR }^l\Z\c ^UW^^WYZ TUUZSX Z Gi Y[W TUUXXU~f rSW^U FqDFf
IhqGf >SRXWUWZYZu PUR^S PUVY[`Sf J^W D ¨BB DHiEf ea [^T CUZYVW > _U ASpWU K`YVWWZU LUZ]f © qi ^UU`UkWW[c OZZW^^W A\[_l^U[Wf BLVcU Ijf J]WZ CP jqf JP@ UkRV[^T jqQu ^UcR[U^`XcS `UXc [^T jEQFIu kRc^W`UVWQ TSZ aSWc FIQ PS[k[f p IF B DHGif
IhqEf >RS[`UVU }YZc >\VYZWRX~u PUU[VS BVTU[Wf eWWkR[W IE eB DHDif ea JZcS> PU[V KVWUX >\VYZWRX _U OWZS C\\ZY @UZQ cUf © jE ^W[_UU_UZ UkRV JWV^^UQLWWXU JWVVY`W @SZWf \S IHf AUZSTUVYacWTWYXu `UkUU ^W[_UWVW_U _U _l[_YXcscYacf WVTWUVUVVU qFQu YZZUbU dRZWS[ cRScUZcSkllVV FDQf rSa_T WVTWQ _U CeQoZWSZ `k_f CYVY`WXWSZ M[UZb r[WÃ ¥UZZYX Fjf PY[Xf JU[[ YVS^R`Uf p J^W Iq eB DHFGf eYV_Yc IFHiu jijEu jIjIf
IhqHf ?WZWVU }YZc LSRaW^W`W~u NURZS oSVY`Wf J^W D h ¨B
DHDif ea [llclVW NUccW LSRaW^W`W _U
JYVTW ¥aU[VSccU PSX^W`UU[Uf \S jDf
PSZccS[WXcWu cUWcYWVW_Uf c ?RVRZ^\Vl
DI eBBB DHjHf
Ihhif ?cWVU }QjE ?VYZWRX~u KWZS PU_ OVp[Ybf J^W G eBBB
DHDDf ea [URVUcWY`W[^UT OVp[Yb ?VYZWRX _U NU]bU NU[WU
tYXcY[aSVTf © qi AJ LUa_U ARZWf LUkXYc d\[^W qDu PW[XW qjf \S IHf LL Jn jGu VUXcYZcURc Y[W^Vll^ qIu LPC qEu cU[cRZQ
cUcURc Y[W^Vll^ hFf OR[SS[UZ XUW[ UkRVVll^ jEQqqf C[YYZ ^URk ^RV^RcURcWXUW[ }r\\ZW^WZ XUW[~ \VWVll^ qqQqhu hFQGqf C[YYZ ^URk VUXcYZVll^ hDQhFf C[YYZ cYUccY[WXllcWs k_f NLL C[YYZ SX k_f C[YYZ XUW[UUVUVc^ hjQhEf C[YYZ PYX^RXXUW[ [U^Q cSWTW^ _lXf C[YYZ PUX`UcRXZYR`SVU _SacS^ k_ hGQGGf C[YYZ LUXcYZcU[aUXYTWZ aUVW k_ FjQGEf C[YYZ cY[`Y\XVc^ GjQGFf C[YYZ oWTUXYR[U k_ }E `~f C[YYZ Lll^l[WXYR[U k_ G `f e@ ju e@ qu Ao aSk U[u NLL ^RVc UTu oWTUVWWccS UT[^f Lll^TU_ qjf dRV^ TT `lWcsX^ ^YX^SXcYZ XYV^l\bWZZYXcYWXclf JU[[ ^VUXXWZYZ TRXWW^^Wu RWZcWu cYZZWXf eYVW IHqDf
IhhDf rYVVSXZWYTWu ?VU`W gY[ZaU[bf J^W Dj ¨BB DHiHf ea
VWW^YT gY[ZaU[b r _U BbU PSX^WZYZf © jE p DHFq AW[^^U P\VVW^^W PSVYaTUWQ ZYZf ewVcl IGf J]WZ ^URkk ^URkkU^ IEQjiu JC?L aRSZYYZ[U^SX jqQjGu eCC gQzYcSZW^R[XXW qEf ?TUZ \[Wc\^Q XYZ LUXWccU_UZ PYX^RX ?\ ^W[_UZkWcu VWW^^YYZaSWc jDQjGf @^T Y[W cYac jGQqEf P?r ^WWZcYWXcsQ _U [U^SX _U ?\ CUVSVU Y[W cYacl`WXXl qHQf oX UXRZcSQS\wWbYZ WXlZZ qHQf PWWZcYWXcsU[`WSW_U qFQf
LURccUXUU[YZ n^ PUZZUcRX\ab _SacS^_lX hDQf eT D }I ^kV~u J]WZ [^TQ\ab kVf ellkf JU[[ RV^SWVRu XaU^^Wu kSXcWTY[^Q ^YWV\f p Ih e DHGHf
IhhIf r\V^^lZYZu eWVaS ?VU`Wf PRVWZ] }PWWZU~ DG eB DHDDf ea VlaYc\XXUU[ZUU_U eWVaS O[TUX Kb`U[b r _U JWV_U AY[UpWU PSWXcWZYZf \S IHf eSWccSQAUZSTUZ \T aYZ]YVV _RV^UWXR_YZ cSWT jhQu JYVVRZcUWaY[lc\^XYZ XUU[ZUU_U jjQf J]WZ JYVVRZQ cUW\Xcl`lWZ X[^ _Sac hEQ p I Be DHEGf eYVW IEqif
Ihhjf @U_UVUu KWZS dSaUZZYXf J^W DG ¨BB DHiHf ea dSaUZ
tWVaYVT @ _U ARSTU NU[WU Nl^YVlf © qI AU]U Ms\U [UZXWX^U >WVXYZf rSW^U rUZR qhf \S jif nÁC jGu eC jHf JlTYYZ^\[sZu rW[^^UVUZ \T kWW[ `c >N Y[W UW^ jDQjEf r@J _USXcSkllVV qjQ hGf eeN JcRXAWac hEQGIf oX ^ST _U cSWTW^ k_ cUW _lXf Ae@ @ Du AL @u NT qDQqhf dRV^ PY^XW_lZ LUWZSkkW qGu ^W[_SWcR^XWU UVUZ UW^U^VYabWXXlf rSW^U FjDHf
Ihhqf @URaUVUu CSW`S O[TUXf J^W H e DHiHf ea VWW^^YYZQ aU[_ Kb`WZ OVU[W^ @ _U PUWXU NU[WU JRccRZYZf © jE AWW[W NU[WU PRRXW_l[`Wf ewVcl IFf eUVcWSZ rSVWWXW^ qqQqhu kSVWWQ XWkllVV _Uc^S^R[XXWc Fiu `lYXcsZXRS_YVRkllVVQ _U ^SRVRccU_UQ ^R[XXWc FIu Fqf PYX^RXSXRRXVWW^Y JUZ^^W_U ^SZcc IFQjjf LWW^^R`U kSVWWXW ^SZXc _U \VW^SZXc jqQqiu \VW^SZXcu DDDu BB _U D B^ ^STWXU[WS qiQqhf J]WZ ^STYZbUZcWZ`XcS VlaYccWRkX qif J]WZ kSVWWXWVUWc B B^ ^STWXU[WS qFQf e@ qu Ae@ @u NT jHQqiu NT qDQqhf nVWV hGf p Dh B DHGhf eYV_Yc jIqDu jhDDf
Ihhhf @WZZYu @WXcS NURZSf J^W II ¨BB DHDif ea [^T ?X^U[ >W^SVUW @ _U OWZU eUV`Yf VVLWVU Ihf eYVW IDDEf
IhhFf AUaUTU }QjF AUaVXcYWZ~u CaR[Y MYS[]f eWWkR[W Dq ¨ DHDif ea eC MYS[] eUVcY[ AUaVXcYWZ _U M[YcU PU[SVWZU OVSQ kUYRXf \S IHf P jqu C jEf Jn TWZY[UVS]WXYZ VUWc UXXu bSX jEQqiu \VWT aYZ^WVs^Sac k[Sp qFQf eUVcWSZ]YSVS]W qiQ qFf ARST CWYbYU^Uc _lX qHf AL Pu e@ q T^u C aY }g[\XQ XYV~f nVWVf p E DDD DHEjf eYVW IIhFf
IhhGf AUVY[`Su OR]RXc ?VU`Wf J^W G B DHDIf ea CSW`S OR]RXc A _U JYVTW NUcWVbU @YkSf © jH JYV`W LUWVU P\VVW^^W PR[^YVUf LUkXYc NU[^YccU qF p DHhHu AYkkS qE c DHEqf \S IHf nÁC Jn jFu eC jHu cScUUV TUUZkRSV ^R[XXW Fjf BTUc[UZ cT^ UkRV _U C>Sc jFQjEf ?N VUWZSkkWZRc ZSc jHQqDf KbRX^ ?O XWac qDQqjf ?N ZkW JcRXAWac qjQqFf LUWZ`UVTWXcYVRQ ^RZcU ZkW _lX _U LX> qFQhDu `kW _lX hDQ hhf KbRX^RZZUZ kllXWac hhQGhf PP?
\VWT `W[^UT jHQqDf ?N \VWT YXWcc qIQqjf oRbYZTUUZ cU[Q ^UXcRXSW^ VU^WTWYX_lX _U `k_ qhQqEf KbRX^ kY[RXcRXVU^W`UVWS^ XWac qEQhhf KbRX^ ^W[_UXW aUVW k_ hhQGIf AWac k[YXWbYZcWZ`UUQ
VYWXXU hFu FI _U FEf KbRX^ aWXcS[WU^ST _U aWXcS[WUcYS^X cSWTWQ cRX^ k_ hhQEIf rU[VUTYZccWYZ kllXWac VWWccS _lX hhQGh _U cSWQ
TYYZkUZY`UZ ^ST _lX FqQFGf Ae@ P Du AL P Du e@ q T^u ¨¨¨u Bcl`Oµ XRR[W ^RVc ^T[^ c^u gYV] L BB @ XRR[RkXu C·@ P Du BXBJ@ XRR[[Wc c^u OVUZ^ST?Nµ XRR[RkXu dR]SXVLµ P Du @STC@ Be B^ ^T[^ c^f PY[X FEf dRV^ KbRX^RZZUZ _l[_YXQ c\XQ _U c\sTRSbSc DHiGQDHFj }A ^UZXUZYbRXcRXVUWc aWXcS[WU ¨¡V~ GDu U[cW^^ _R[WbWXWXXU _U `UVcWScWYc _RV^UWXRWXXUf rSW^U FGiHf
IhhEf AUVTWZYZu O[`S KWZU[Wf J^W F BB DHiHf ea ^W[`YXT JYW^^W >W^SVUW A _U BbU NU[WU rUcWZYZf © qD ^UZXW C\\ZY NU[WU dl[`YZkllf \S IHf eUVc rSVWWXW^ kllVV VRS^^U qjf rSVWWXWUVUVVU jqQu PYX^RX[W^SXkSVWWXWZ cRc^WZcUcXcS cXcSkllVV FiQu e@ qu Ae@ @u NT jHQqiu NT qDQqhf nVWV hGf c DD eWVW DHGhf
IhhHf AUVSZYZu O[`W dSaUZZYXf J^W Iq ¨BB DHiHf ea cS[`WQ c\sZcY^ OR]RXc dRaS A _U JWVTU JlTlVlWZYZf © jj ORZY KXcY[ nVlQJYTTWVlf \S IHf JUTTUXcY^Zf rRSV`SWT UVWRkX jIQqiu cXcSRkX _U Ub_ qiQqGf e@ q cV^u e@ qu eT Df elZ[ qiu oZ qDu ^Ukc qqf p Ij e DHGHf
IhFif AUVUX }YZc AUVS`WRX~u oZcS ?VU`Wf J^W IE ¨B DHDif ea kSVWWXW^SZXc [UZX KTWV AUVS`WRX _U OZZU NU[WU nVWTUccWVUf © jF BZ^Y[W KVWZU ARSTYVUf \S IHf P _U N jqf S[XXUZ LYacW kllcSWT jqQjhf K[W VYacWYZ cSWT _U n^XWc\WX\[Wcc LUabYZ UVRY_l[_ cSWTWZZUZ_f eeN \VWT ^UZXUZcUVcRc^ hIQu cUVSRXkSQ VWWcc XRRZZWccYVRcXcS `c UkRVcXcSkllVV hFQFif eT If p h ¨B DHEqf rS_Uc FiGDu FIhEf
IhFDf AU[US_Uu eYW^^S dSaUZZYXf J^W Ih DDD DHDDf ea ·B dSaUZZYX A _U UZZW eWaY[XUU[Wf © jH e> NUW_U LUR[WVUf C\cl[ CRRVU NU[^YccU qif \S IHf nÁC jqu LUP qju LULu eC jEf dR`UZ cT^ C>Sc jGQjHf CJ UkRV^UZZY`WX^UUVW jHQ qDu `c ^UZZY`WX^ qDQqIu ^UZZY`WX^ qIQhqf LUkkYYZ ^WaVU^ aYZ^W^W[_SWccU_U hqQGqf Jn VUWZSkWZ cWYbY^ ZSc qIQqEf A JUTTUXVll^VWWccS UXWUT qIQhIf ALL XWac qFQhDf >RS[cYZ LU^WTWYXcYZ aUVW _lX qqQqhf e@ qu CX _U NT qDQqhf LcZ qif JU[[ aWXcS[WUVVWZYZ ^W[_UVVWXRRXf p II B¨ DHGGf
IhFIf AYVWZu PUU[VS @YWZSf J^W IH B¨ DHiEf ea kYVcWXYkkl PU[V O[`W O[^UbWRX A _U BbU CRSTWZYZf © jh LYTkW OZZU ASpWU rlW`l[WZcUf BewVcl Iqf @UbWScR^^R ?\ T\\ZcWkllVV IHQjiu @UbWS`SÃ ?\ jiQjGf AYVW ?\ cSWTW _U aUVW k_ jGQhGf @UbWScR^^RQ VWW^^YWbYZ VWWccS k_ qEQf n^XWc\WX\[WcclQ _WYZ J]WZ UVRY_l[_ aUVW `k_ qGQu ?\ gS¯Q VWZ] Oz _U J]WZ gS¯VWZ] VWWccS aUVW _lXf c IF B¨ DHhGf
IhFjf AYVWZaYWTSu AWTS OcXS PUVY`W n[_lZl }n[_s~ eWVaSf
Ì J^W IF BB DHDDf ea LAWac PUU[VY eWVQ aS A _U ?V]U >UYTU AUZbVRZbf © qH N OWVW eUVcSZYZf \S jif ?kWZc Jn qiQqDf AUZSTUVYacWUVUVVU QjHf AUU[WQ _l[`YZ \^ cRZcWSk qEQqHf >W`UVUZ ^YXQ ^W^ ^WYVcYZ SkYcc _U [Yac qHQhjf oRbYZQ
^URkRZ]WZ \acV\X [RScXWZ _U XU^XUZ `X `kW VYac hjQhqf >RTTYZ \^ cSkYcc hFQ
Fif S[XXUZ \acV\X XU^XUZ `X `kW VYac FiQFDf CSWT J]WZ XRS_YVRX^ PCr IGQ
jjf AUU[W_l[`YZ AUVS`YW^Sc kU[cWSQSa_UU_Uu WVTUWVR^Y[aSZ cSWQ TWZZUZf¢f >W`UVUZ rU[cWS kQSa_f >RTTYZ AUTSS_Uc kY[RXc hFu VWkkR^_Sac hFQFif eT Du eT Iu NT jHQqiu NT qDQqhf eUkYac kXQ_ll^f JU[[ kU[cWSu ^W`WYZ `llZclTWZYZf c Ih ¨BB DHGIf eYV_Yc DjIHuDqjEf
IhFqf ARSTYVUu ?VU`W ?X^U[f J^W Ih eBB DHiEf ea U_R[W dRaS ?X^U[ A _U BbU eWVaYVTWZU OVWcUVSf © jiQjF NU[ccU OVWQ XU dS^WZYZu jEQ ORZY KXcY[ KVS[UZcUf BVLVcU Ihf PSZYUXYZQ cU_U J]WXXlfQpg¨B DHFDf
IhFhf ARR[SZYZu eSWccS PUXWTW[f J^W I ¨BB DHiEf ea _UV^WQ
ZYc\sZcY^ PUXWTW[ A _U OTUVWU PYcSf © jhQqh ORZY B[YZY CY[SZYZu hiQ KVWZU eYXUVUWZYZf ewVcl Ihf K[WXcl_l J]WXXlf c F e DHEhf
IhFFf CY[lX`RS[Wu OVVUZf J^W h Be DHDif ea UXYZc dSaUZ OVzY[c C _U KbVU dSXYpWZU AU`UZbY[f © jIQqG Ca\[U ASpWU A^sZu qGQ B[TU LWZZYU PSR`Sf eLVcU IEf J]WZ PSZXY[`UQ cS[WS S[^YXcY[WVWZ_U IIQIEf NRRXW^^S IEQu CUTkY[YYZ S[^ B aRWVWXcW jDQjIf eWWkR[WZ NRXWW^^WSkWXc kRaUVVWZXSWcSZ SkYcc _U LUabYZ S[^ B aRWVWXcW qhQhDf ?\ OV^SaSVWVWW^Y Oz T\\_l jqQjEu UkRVYXWT jEQqhu Y[W cYac hIQhFu UkRVU[^a hFQf QnVW^f p q B DHGDf
IhFGf CWVUWZYZu NUccW dSaUZ [UZXf rWYcU[W Dq BB DHDif ea ZSc [UZX AcYpUZWUX C _U OWZS NU[WU rU[`WUWZYZf eLVcU IHu J]WZ XRST \^XV\X \S jj ?kWX^ Jnf PSZccS[WXcWf PUUcRW IF ¨ DHqDf eYVW IGjIf
IhFEf CWTSZYZu LUR[W BVTU[Wf r\al_l[`W ekV DI e DHDif ea _Sac Kb`U[b O[`W C _U JYVTW ·UaVzly^f © qj N KY`U @WWccU LYX^WZYZf \S IHf O][ qjf OA? _U OXJ \VWT YXWcc qqQu e@ j k[^u e@ q T^f NT jHQqi T^f NT qDQqhf p Iq B¨ DHGGf eYVW IHGhf
IhGif CSVSZYZu PUR^S KTWVf LUacW G B DHDif ea aRSVcScSW TYZ cU[^ KTWV ObSVp C _U JYVTW NU[WU KVWXUzYc PSX^WZYZf © jF NW[_UT JYW^Q ^WZYZf ewVcl Ihf PRSkWSZ ^URkkUQ SkWXc IFQIEf Pl[^^lWZYZ © rRc^SZYZ ?\ ^W[_`UWac jiQjDf PRSkWSZ ^URk aRSVcScSWTYZ kUV`u aRSVcSVc^ XWac _U PRSkWSZ [UbWSUXYTU Sa_YVTUkllVV jDQ qif elZ[ IHf JU[[ aWWacSu XYVVSZXSWcQ cSf PUUcRW rWc^l[UZZUXXU DG B DHqif
IhGDf CRSTWS_Uu AU^U[W AY`Y[Wf CUTkY[Y IH eBBB DHDDf ea eC eUVcS eWacS[W C _U LUWZU ASpWU gSQ TUZf © jH eUkkR BVVW^Y tRSVW_S^Wf \S IHf LUP jGu LULf eC qif KbRX^RZQ ZUZ kW^U^W[_SWcc jhQjEu `UVcWS`U[UWZ`UQ VWS^ XWac jEQqif eUVcWSZcWVWZcU[^UXW XWac jHQqif eeN JcRX> _U SXkllVV qiQqhf Ar _SacS^ k_ qhQhhf LSZcSSZ XRR[Vla hhQhGu CR^aSVTUZ XRR[Vla FDQFqf nP KR[SSkUZ ^STWXX kllXWac hGQFiu kllQ XWac aYZ^WVs^Sac YbRXc LUSXWXXU hHu FDu P\k[S^XYZ ^WWXcUZ XS`WccYVW_U Fqf BB `UVcWS`U[UWZTWZWXcY[W qqQ qhu `UVcWSQ`U[UWZTWZWXcY[W qhu ^URkkUQ _U cYSVVTWZWXcY[W hiu RV^SUXWUWZTWZWXcY[W hDQhIu kllTWZWXcY[W hhQhqf eUVc VWXYZXQ XWcSWTW^ k_ qhQqHf A oV^STUUZ^URkkUVWWccS k_ qhQqEf rAr aUVW k_ qFQhhf CY[`U^SX^W ?\ _SacS^ k_ qFQhhf KZXSQMRc¦YWc ?\u eYWcXWVRScS ?\u ?RVR ?\ _U ?RcS^RTkR ?\ qFQhhf PYXQ ^WZ JYZ^W`U^\ac ARSTW aUVVZYR` hIQu nac\ZYYc rUkY[WcYaQ cUUc ?\ aUVVZYR` hFQu WZUZXXWcSWTW^ _lXf K[W^SWXVlaYccWVlX _U cl\XW`UVc TWZWXcY[W hDu Ae@ XRR[[u AL Pu @RScXeµ XRR[[u BXBJ@ XRR[[u @PL Pu BcCO@ XRR[[u ? U[f p H B¨ DHFqf eYVW jIEqf
IhGIf CUV_UVU }Qjh Cs[Z[SSX~u eYW^^S ObSVpf JYWZSVU H B DHiHf ea cUVSZSTWXc ?X^U[ Cs[Z[SSX _U JWVbU NU[WU >RkkSQ ZYZf KWcl IIf C\sXWW[cSVUZ kllVVf p Dh eB DHEDf
IhGjf oZaSVUu dRVWRX dUU^^Sf J^W IE B DHDif ea TUUVU[W dRVWRX KZ]YVzY[c o _U VWcU OaSVUf © qi ?V]U OVYÃUZb[U AWkSQ VUWZYZf ewVcl IEf NY[^SZ ALNP jif CTW oZaSVU _U ?\ oZaSVU cY^XcWWVWVWW^^ ^SZccaSWcu cSWT_ qIQ p IF DDD DHEjf
IhGqf eUWZW^UWZYZu ?XTS CURZSf J^W Di Be DHiHf ea dSaUZZYX e _U dSaUZZU ARS[XUf BLVcU Ijf
IhGhf tUVS[UZcUu o[aS Kb`U[bf J^W DE DDD DHDif ea _U[[RQ TWYX PRXcUU Kb`U[b e _U OWZU OTUZbU OZccSVUf © jG K`U OZcWVUf BLVcU Iqu PY[U`UZ \^ ^YX^W^f dRZUWVW_U PY[U`UVQ VUf
IhGFf eU[WXu d S[TU dRaUZW BVTU[Wf rSV`W_l[`W F ¨B DHDD ea T` elWZs dSaUZZYX e _U OZZU rRaU^^Uf BLVcU Iju dSYZXRRZ \^ \S IHf ?kWX^ Jn VU^WU IHQjIu PUbP jqQjFf LY@ q ZkW RkX jFQjHf LYZcSAP ^SRVRcRXRkX jHQqDf LY@ I aRSVcSkllVV qDf e@ q T^u NT jHQqif elZ[ jFu BcZ jEu ^Ukc qDf PUUcRW DG ¨B DHqDf eYVW IqEDf
IhGGf eU[WXu CURZS OZcSZf J^W G BB DHDif ea `YcR[WZ^RV_ OZcSZ e _U JWVbU dSaUZZU OUVcSf © jh `U^`W[^ NU[]U[YcU B[YZY ?VYZWRXf LUkXYc eYXU qju dRaU qhu oVVU hDf \S jDf K^SZ JPPP jjf @URcU^W[_U ?\ ^SZcc jqQjGu ^UXXUSX cXcSQ kllVV jGQqqu VYacWSX SXkllVV qqQhqu VYacWSX _Sac hqQGhf e@ qu AL @u NT jHQqiu NT qDQqhf nVWV hGf JU[[ pWVUcYVWUu R[aYWVRu VWW^RZcUf
IhFHf CSW`SVUu KWZS JYWTSf ¬J^W Ih B¨ DHDif ea ^URkk CUU`W dUVTU[W C _U BbU NU[WU r\V^^lZYZf © qD NUW_UQLWWXU OWZS CY[`SVUf Be¡Vcl Iqf CY^ZW^^Sf c DF ¨B DHHif
IhGEf eYXUZYZu @YWZS BVTU[Wf CUTkY[Y G ¨BB DHDif ea _Sac eWVaYVT K`Y[c e _U NUcWVbU PSX^WZYZf © jE PY[ccR eWVTU AW`Wl J\kksVlf \S jDf nÁC qjf Oz ¥YZc[UV]U[U]Yc cSWT_ _U_SacS^k_ jHQqDf CYSVVWXRRXQPWWZcYWXcs ?\ cSWT_ qDQu e OLQ r? \VWT YXWcc qqu `c SXkllVV qhf AN cRc^WZcUYVWTYZ kllVV qhQ hif rUkY[WkRXXWcYab _U PURkkU S\ _SacS^ _lX _U UkRV_Sac qqQ hFf J\kksVl S\ _SacS^ _lX _U VU^WT hGQu AnL aUVW _lXu \VYWXQ _U RV^SUXWUWZ`UVWS^ k_f J]WZ A^ YXW^ _lX IEQqqf eT Du NT
jHQqiu NT qDQqhu r U[f ellk qjf JU[[ kR[_YabRXu `UVSQ
^R`URXf p C[Y II B DHFGf
IhGHf eWaY[_RR[Wu NUccW NUR[WWXWf J^W DH e DHDIf ea cSWT
LYSZU[b NUR[WcX t _U PU[WZ NU[WU
OU[ZWSf © qD OZZUQPUU[WZU >WYTYVlWQ
ZYZf \S IHf P _U N jqf J]WZ
AUZSTUc [YkS[ccY[W jjQjFf PRRXWZYZ ?\ TUWZSXkllVV jFQhhu `lVWVVl NUWQ
ZSXcXcS AKP cRScUZcSkllVV }qGQqE~ _U p[YY VUZyY k[QTWYXf NU[^^WZSWZcW eWaY[Q
_RR[W cSWTW hFQf A MUXc[SZSTWYZ AYRQ
[U k_ hDQf ¥aUWZy bYX @scWXXYR[X aWXcSQ
[WS][UpW FqQf NUWZSXcXcS_YZ LWWccS aUVW
_lX hGQu NUWZSXQ_U N\\ZcW\abwXXl TT ^VRzWTYXcf NUYyYZUXQ ^WVcU k_ hGQf e@ q cV^u e@ qf PUkcf JU[[ XRZZRZcUWTUUQ VURXu TUc^RXcRXu ^WYVYcf p E DDD DHEGf
IhEif eW[^SVU }QjI tWVVzY[]~u Ä^Y AW]p[Wbf PU[_UVSa_U IF eVV DHDDf ea `UUccR[WTYXc PU[V AW]p[Wb tWVVzY[]_U JUZZU @U]ZaWVb dSZXXSZf © jF JYVVY`W PR[SZYZf \S IHf K^SZ jDu PCP jqf ?\ J]WZ eWVVU^Ya[llTs
^SZcc jIQjqf PYX^RXSXRRXVWW^Y eUVWS
^WW_`UWac jqQu _SacS^_lX hjQu `U[UcSWT_ hEQf PUZXUZaRSVcSTWZ SXXWacu UkRVcXcSQ kllVVu cXcSkllVVu UkRVSXkllVV qDQqGf ?\ J]WZ NYW_Y[WVWW^Y cSWT_ qGQhjf LCP
aUVW _U c\s`UVWS^ _lXf KVWZcU[`W^YcYSVV VWWccS aUVW _lXf nVWVf p Di ¨BB DHEHf
IhEDf eW[^^RZYZu O[cS JYW^^Wf J^W Iq B¨ DHDDf ea k[Sp
XXpYXfuuÔ J wWw O[ccR[W JYW^^W e _U JYVTW KVWXUzYc
NYR[TUZf © jGQhq LWWXU NU[WU AYkklQ
Vlu hqQ BZ^Y[W OVUZZYf BLVcU IIu ewVVY Ihu \S IHu CR[RZ ^VV\X DDQBe B^f PUbP jIQjqf rRSV`SWT ZkW RkX jqQjHu ^STkkkllVV jHQqDu ^Y`\YZ SX ^ST qIu kUcV^ST qIQqju qqf ORZR^XYZ @\aTl
YXW^ cXcSkllVV qjQqqf rK SkY[Uc SX cXcSQ
YXWRkX qqQqhu aRSVcSQSX cXcSkllVV qHQ hif PYX^ `U^\ac AUTkS aUZ^WZcUkllVV
hiQhju _Sac hqQhEf PYX^ _lVVYYZ`U^\ac AUTkXU cSWT_ hqQhEf PYX^ `U^\ac CU[TS _Sac hHQu cSWT_ XW_UWZYZ FFQf A NYcXlXQ cl_lVWWccS k_ FjQu A eU^aUZ^WZcUkllVV \ab FGQf A PYZZYVVWWccS aUVW `k_ FhQf PUb^RZZ XWac qHf e@ Iu e@ j cV^u e@ ju e@ qf AU^Xµ[ Iu >S[XXWZ UT[^f @YX`lZ[ jIu `lZ[ jqu oZ jFu ^Ukc qiu TU_ qIu Y`V hEf JU[[ TYcXlXc\X _U ^UZU^SW[U^SRVRcRXf p Dh eBB DHEif
IhEIf tl[Yu dUU^^S PUU[VS dRaUZWf J^W DG eBB DHDDf ea A`YZ OVp[Yb t _U ?V]U OTUZbU JYWZSZYZf \S IHf eYVW IjIFf
IhEjf nVW^UZ]UXu JYW^^W ?VU`Wf J^W I eB DHDIf ea cSWT_ JYZ[W^ n _U JYVTW tWbYZWRXf © qq PUU[WZU NW^^SVUf LUkXYc JYW^^W dRaUZW qhu PVURX JYZ[W^ qH \S IHf nÁC qiu eC qjf
Ar `W[^ qif eeN `W[^UT qDu qhQqGf NYVU © JYW^SXYZ UXWUZU_ScXcS VU^WT qqf CR[RZ ^URk `c TUWXc[UUcWZXWac qhf A?CKeO ^URkUVV VU^WT qGQqEf NY[yUcS[WZ ^W[_UkUWZS_U ^RXQ cUZZRX ?\ cSWT_ qHQGDf ?\ CWV]TUZZ Oz cSWT_ hqQGDf s[YZ PSZXcXUTpRZbYc ^WWZcYWXcsd GDQGG M[UUpWXYZ CYSVV LWWccS aUVW _lX hIQGif M[UUp PYX^RXVWWcS `k_ FDQGif rSa_T PW[_UZQ kUWZU_UZYR` _lX hFQGif OW^U^URXVYacWYZ LWWccS `k_ qHQf e@ ju e@ qu Ae@ @ Du AL Pf QnVWV hEf c q eBBB DHEEf
DHII
IhEqf OR[UTSu JUZZR d\[^Wf JlTYYZVWZZU Di eBBB DHihf ea cXcSkllVV eW^cS[ KVWYV O_U JUZZU gVSTf © jI e? CRRVW^Q ^W JRccRZYZf eWVWVVY \S Iqu eWWkR[WZ ^VV\X BQeB B^f ·B CPP
Dh >S[XXWc DEFGQDHHI
cWYQ_U `YXW[U^ IHf Qe@ SXWZX IEf ?CP [U^WZX IHQjDu cY^Z SX _Sac jDQqIf CTW d JUVVYZzY[] _U CUTTWXRSZ CWWVW ?\ cSWTW qIQqqf ?\ @UcWS Oz cRc^WZX qqQqhf NURZRVUQ\acWsWbYZ cSWTW qhQqEf BZXcXcS J OR[UTS STWXcU_U _U cSWTW qGQf eW[QJU ?\ cSWTWf JYZ^WQrSa_U _U eUaWZ^SQrSa_U aUVVZYR` _lXf A PRV_YQ cRXcUVSRbYZ nab _SacS^ _lXf NT jHQqif JU[[ kU[cWSu SZ^WTWZYZf BXl Dqiu kSW^U hDhHf
IhEhf Plk\u NUccW NUR[Wf J^W Dh B DHiGf ea WZX O[ccR[W O^XYVW P _U O]ZYX NU[WU @YWZWRXf cl{A{Y B etBYf eWWcU Iju J]WZ XRST V\X \S Ihf AUaUcYSVV^ TYcXlQu RWccSQ _U XUaUc\sZQ _SacSX cSb IHu NJ Jn jIf PST IFf c WSYZXRR Ih eBB DHjIf eYVW IFFIf
IhEFf M[RZbXc[sTu NUccW dSaUZZYX ASTY[Sf J^W I eB DHiFf ea `RS[W>u PCP yay WSaZ M _U TY[^ UZZ\ NU[WU gR[TUZf © ji cY^XcSkYccu `UkUUaY[[UcU[ MRZaWVb NU[]U[YcaU ¥U[kYVUZf LUkXW rUyS FF }UbSkc~f ewVVYu ewVcl Iju JUUkU`YQ bYZ \^ \S IEf ?kWX^ Jn VUWZSk IEQjiu ¥Wc\ Sp LSZbSZ ¥SVVY]Y jhQjFu P CRn hiu N CRn hDf VVTSWcRX^YX^RX ^RXcVUX^W_U jiQjIf OV^SaSVWVWW^Y `U[aSWc jIf A AS^Y[W ?\ OR[UZ cYac ^SZcckllVVu PSc^UZ cYac ^SZcckllVV hqQu kll^SZcc _U^YVRkllVV FIf WSacS^ _lX PSc^UZ ÁV_\T\VV\u ?RVRZ PSZYQ kU_U _U WRR[W^UXXS^Y[Wf PS[k[ qif JU[[ XR^RcRc^WTRXu ^U[W^Uc\\[WkWW[RXcRXf LUZ^S IiHhf
IhEGf ARVUTUUu dR^^U KYTYVW OR^RXcWf § rlV^lZY DHiEf ea VUUTUZZW KYTYVW gY[ZaU[b A _U JYVVWZ LUa_U NU[WU >\TUZf © jj JL KXcY[ ASpWU K^zY[]f eWVVYu ewVcl Iju JTV V\X BQBe B^u d^V V\X \S IFf nÁC jIu eC jhf OO jqQhFf PRSkWSZ @? ZkW ?W^>T jGQhFu `kW ?W^>T hFQf PRSkWSZ `RS^[UZcU[^UXQ cRXVc^ k_ qDf PRSkWSZ `UVcWSZ`Y[SVc^ k_ qjf ARST LU^WTWYXQ \ab XWac qjQhGu k_ hGQu PRSkWSZ NUc^UWVW_U\ab k_ FqQu @R^UcRZcR[W ?\ _SacS^ k_ FqQf e@ q }I ^kV~u Ae@ @ Du NT jHQqiu NT qDQqhf PUkc qDf JU[[ kR_SccYVRaWWacSf eYVW jDFDf
IhEEf JWWXW`UU[Uu CUkWSf J^W DF eB DHiGf ea kYVcWXYkkl YVWÃ J_UVTU[ J _U KTWVWU LWZbzY[]f © qI AW[^^U LWWXU PS^Q ^Sf BeWVVYu BeWVcl Ijf CSWT A ASXWUVWbYTS^[UUccW jDu jGQqhu rSa_UZTUUZ PUZXU jDQjIu PUZXUZ LYacW jIQjGu A PR`UVYacW _U WZVUZbWU rWycS[WUV qHf eWW^^SXUZSTUc kllcSWT hIQhjf eUkUU ^W[_UWVW_U qhQu _RV^ RX cYS^XWU qiQf e@ ju e@ qu eT If LcZf JU[[ XScUaWXcS[WUu pWVUcYVWUu ^WYVYcf c Ih ¨BB DHGDf
IhEHf LYacSZYZf CYR`S CUkWSf CR[^R Dh Be DHiFf ea ^W[_UZQ kWc elWZs @RbSVp L _U LUWZU PSWcU[ dS^WZYZf © qD CSWZW PU[SVWZU eUWZWSf BeWVVYu BeWVcl Ijf PURkkUTUc^RXcU_Uu ^SZccS[WXcWf p E Be DHhGf eYVW IFihf
IhHif AU[`UX }QIG ARZb`UVV~u @WXcS ?VU`Wf rS[W Di BB DHiEf ea ^URkk tWVaYVT [Yb[W^ ARZb`UVV _U AYVTU KRp[SX\ZY MRXcUpXXSZf © jH TUWXc OW[U JYV^U rYZcW^lWZYZf DDDwVVYu \S IGu C[YYZ V\X BQBB B^f NJ jDu NNP jGu NNL qqu NNC qqu _Uc^SQ SkWZc KzY[X¯UVbYZ _U CaU[UZbcWZ TYcQ XlU^Uc jhQjFf NYcXlaUVV NJ jDQjqf Jn _U NYcXlZcRc^VUWc jhQhjf NYcXlZQ cRc^VUWc k[Sp hjQu cRc^SX YXWTWYX hFQGqf NYcXlkRWbYZ [SbRZ_UVSXcRXXllcWs cSWQ
TWZZUZ_ qGQhjf A TYcXlcWYc XYR[U k_ hjf ASyWYcUX ]YZYcWyU pYZZWyU aUVW _lX hhQf A TUUZcWYc XYR[U aUVW _lX FIQf A CWYbYU^Uc _lX FjQu e@ q cV^u e@ qu Ae@ Pu NT jHQqif LcZ qif p E Be DHGqf