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TRANSCRIPT
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Y��N� ��
IN^NN
XN6RKD �NVWXN HVD IN^NN GNV HNXR IRGNO LM IG�N WNXV RN\N OFOV HJ¿RLZ�N= �RD
IX�NN=�G IXRVN HNXN [�N J6$ L]�NNX HD K GK IRNV�N GN�= �NVWXN HVD IXM^NMUN GV LZ�N= P8HZ\X@
/GZ\ 1NV0�XV GK YR/)NN UG GK IN^NN L]N,U GMXV GV OHNX YROM@ L]N)NIHG IR_N\�NVD OV
IRRIR_N\�NVD UG GV O+NK /UMNVD LM IN^NN GK [T�NR¿NN HVD OT�NNM YN6M IN^NN GV I\� ONHNIWG
YN�NNM+NZU �NDSV GK OTIR�NNYNVD GV IR/UNM �RD OT�NNM GK YNR�GUN LM F\ IQ�N [�N J6$ �V
PtV� XN6RKD �NVWXN GV Q/UNRVW �L]NVS LVLMРGV YN�NNM LM U6�NM IG� [� J6D$
GV8Q]K� OV'9M
�� OMGNM XV XN6RKD �NVWXN HVD IN^NN OV'9M GNV P3S L]N)NIHGUN QK J6 YN6M YN%RKD
LDSR�NK=� �NVWXN HVD >NS= IG� [� ������� GMNV0� �L� GK UT\XN HVD �������� GMNV0� �L�
YNFDI9U IG� J6D$ �J MNIN GV8Q]K� IN^NN IR+NN[ GNV PL\&�N �NX MNIN�NVD HVD \[+N[ UKX [TXN
RCI� GK _NVUG J6$ EOGN &�N6MN XKSV ONM�NK HVD IQ�N [�N J6�
ONM�NK �IN^NN GV I\� OV'9MRNM LIM2�� ¿GVDQ]¾
YN%RKD LDSR�NK=�
�NVWXN ¿2��¾
XN6RKD �NVWXNIN^NN GV PLOV'9M
GMNV0� �� L]IUNU GMNV0� �� L]IUNU
L]NMDI+NG ������� ���� �������� ����
HN��IHG ������� ���� ������� ����
IRRIR_N\� �RD P3S IN^NN ������� ���� ������� ����
UGXKGK IN^NN ������� ���� ������� ���
L]N6�� IN^NN ������ ��� ������ ���
Y8�+NN�NN�D@ LT/UG ODR�N=X@ 1N RCI¿N�ND@
N6I^NG �NVWXN �RD L]NNOX YNIQ
������ ��� ������ ���
WNV0� ������� ��� �������� ���
XN6RKD �NVWXN HVD 2�� ¿��������¾
�� XN6RKD �NVWXN GV LJ\V UKX R�NNV� GV QN6MNX@ ����� GMNV0� �L� 2�� JNV WNXV GK
OD+NNRXN J6 WNV XN6RKD LDSR�NK=� �NVWXN GV GT\ LIM2�� GN \[+N[ �� L]IUNU J6$ XN6RKD
LDSR�NK=� �NVWXN GV LJ\V UKX R�NNV� HVD OV'9MRNM IG� [� YNFD9X YN6M 2�� GN &�N6MN XKSV
ONM�NK� HVD IQ�N J6$
�� PL�T=l ONM�NK OV LUN S\UN J6 IG LJ\K UKX RNI�N=G �NVWXNYNVD HVD FW9K� YNFD9X
GT\ �NVWXN LIM2�� GN \[+N[ �� L]IUNU )NN@ WFIG ��������� UG L]5�NINU 2�� �����
L]IUNU JTYN JNV[N YN6M EO L]GNM YI8UH QNV R�NNV� HVD PL�NV[ GV I\� LIM2�� GN \[+N[ ��
L]IUNU +NN[ FS MJV[N$ HN��IHG@ P3S YN6M UGXKGK OV'9MNVD HVD YNFDI9U IXI�N�NVD GV PL�NV[
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HVD GHK MJK J6 IWOGV YXVG GNM�N J6D� IHU2��UN G9N6IU�ND@ X� GN�=G]HNVD GNV YI8UH �L IQ�
WNXV HVD QVMK@ YN6M >NNOUN6M LM IL10�V MN7�NVD HVD 2�� GK �NKHK [IU$
ONM�NK �ÑGMNV0� �L�VÐ
OV'9M XN6RKD
�NVWXN
YNFD9X
¿GMNV0� ��¾
������@ ������
YN6M �������� HVD
YNFDI9U IXI�N�NVD GN
YXTLNU
L]5�NINU
2��
���������
UG
XN6RKD �NVWXN GV
YDIUH QNV R�NNV�
HVD PL\&�N NV�N
MNIN ¿L]IUNU¾
L]NMDI+NG �������� ����� ����� �����
HN��IHG ������� ����� ����� �����
IRRIR_N\� �RD P3S
IN^NN
������� ����� ����� �����
UGXKGK IN^NN ������� ����� ����� �����
L]N6�� IN^NN ������ ����� ����� �����
Y8� +NN�NN�D@ LT/UG
ODR�N=X@ 1N RCI¿N�ND@
N6I^NG �NVWXN �RD
L]NNOX YNIQ
������ ����� ����� �����
WNV0� �������� ����� ����� �����
�� XN6RKD �NVWXN HVD N6I^NG IRGNO GV I\� IWX ^NV NVD# IR�N�NVD LM YI�NG WNVM IQ�N WNXN
J6@ RJ J6D� L]NMI(+NG IN^NN GN ONIR=GKGM�N@ LZ�N= L]N6�� ON^NMUN GK PL\I&�N@ O+NK /UMNVD LM
IN^NN GK [T�NR¿NN GNV cDSN P%NXN@ ^NV K� IR�NHUNYNVD GNV QZM GMXN@ IN^NN GNV 2�NRONI�G
FXNXN@ OZSXN L]N6_NVI[GK GV ^NV HVD P+NMUK JTE= STXN6IU�NVD GN HTGNF\N GMXV GV I\� LN%a�S�N=
GN XRKXKGM�N GMXN YN6M UKOMV /UM LM P5GC�9UN GV8Q]NVD GV IRGNO GV I\� OJN�UN#
OH)N=X QVXN$
L]NMI(+NG IN^NN
�� IN^NN OV'9M HVD PLOV'9M YNFD9XNVD GV HNH\V HVD L]NMI(+NG IN^NN GNV ORNV=3S L]N)NIHGUN
L]N,U J6$ EOOV �J ODGVU IH\UN J6 IG �NVWXN YRI�N GV QN6MNX OF GV I\� IN^NN ÑE= �4
�РGV \^� GNV L]N,U GMXV GV I\� QVN GV ODG<L GNV ORNV=3S L]N)NIHGUN GV ON)N LTX�
QNVJMN�N [�N J6$ �J U)� YXVG PLN�NVD GV HN��H OV L]N,U GMXV GN L]�NO IG�N WN�[N@
IWXHVD IX(XI\I>NU PLN� NNIH\ J6D�
• L]NMI(+NG IN^NN GNV �G HZ\ YI�NGNM FXNXV GV I\� ODIR�NNX HVD ODNNV�NX GMXN$
• IW\N@ >N�0 U)NN []NH /UMNVD LM /)NNXK� IXGN�NVD GV HN��H OV IN^NN GV YN�NVWX@
L�=RV^N�N YN6M L]F8�N GN IRGV8Q]KGM�N$
• L]N)NIHG IN^NN GV L]SNM L]ONM GV I\� YN6M L]N6�� ON^NMUN YI+N�NXNVD GV I\�
/)NNXK� OHTQN�NVD GNV ONHNIWG �L OV �GWT9 GMXN$
• ONR=I G L]NMI(+NG IN^NN GV I\� IRI+N8X /GKHNVD HVD UN\HV\ F6%NXN$
• [6MOMGNMK OD[%XNVD U)NN /R6I31G OD/)NNYNVD GV ON)N +NN[KQNMK GNV HWFZU GMXN$
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• ONR=I G L]NMI(+NG IN^NN GV I\� OH)N=X WT9NXN YN6M WX ODSNM HN��HNVD `NMN
YI+N�NX S\NXN$
• Y5�8U IL10�V E\NGNVD HVD /GZ\ OV FNJM GV F3SNVD GV I\� YN6M IN^NN GK LJTDS OV
FNJM MJV UFGNVD GV I\�@ UC�NHZ\ /UM LM GK [E= HND[NVD YN6M /)NNXK� W�MUNVD GV
P¿NM HVD@ YXN6LSNIMG U)NN R6GI<LG IN^NN GV YROMNVD GK 2�R/)NN GMXN$
L]NMDI+NG IN^NN GV I\� YNFD9XÑGMNV0� �L�VÐ
OMGNM RNI�N=G �NVWXN
������ ¿OD� Y�¾
RNI�N=G �NVWXN
������ ¿LIM2��¾
RNI�N=G �NVWXN
��������
¿LIM2��¾
GVDQ]K� OMGNM �@������
Ñ�� L]IUNUÐ
�@������
Ñ�� L]IUNUÐ
�@������
Ñ�� L]IUNUÐ
MN7�# OD"N MN7� ^NV �@������
Ñ�� L]IUNUÐ
�@������
Ñ�� L]IUNUÐ
�������
Ñ�� L]IUNUÐ
WNV0� �@������
Ñ��� L]IUNUÐ
�@������
Ñ��� L]IUNUÐ
�������
Ñ��� L]IUNUÐ
�� L]NMI(+NG IN^NN GV GN�= HVD IG� [� YDU�^NVLNVD@ �NXK P%N� [� GQHNVD GN PtV� J6�
L]N)NIHG /GZ\NVD GV F3SNVD GV I\� PXGK FI/U�NVD OV �G IG\NVHK9M GK QZMK GV +NKUM /GZ\
GK IN^NN PL\&�N GMNXN� YN6M P3SUM L]N)NIHG /GZ\NVD GV F3SNVD GV I\� �J QZMK UKX
IG\NVHK9M JNV[K$ /GZ\ GK L��NE= FKS HVD 1NV0�GM WNXV RN\V F3SNVD@ GNHGNWK F3SNVD YN6M
FNI\GNYNVD GV I\� IN^NN L]QNX GMXV GN R6GI<LG UMKGN YLXNXN JNV[N Y)NN=Ua YXN6LSNIMG
IN^NN 2�R/)NN GNV HWFZU GMXN JNV[N$ EOV L]N)NIHG U)NN P3SUM L]N)NIHG /UMNVD LM YI�N[H
GV 8�ZXUH /UM GV [T�NN5HG LJ\Z GV ON)N WNV0�XN JNV[N@ UNIG L]NMI(+NG IN^NN GNV ONR=I G
FXN�N WN OGV$
�� WJND UG LJTDS GN ORN\ J6@ ���� \N>N FI/U�NVD HVD MJXV RN\K �� L]IUNU []NHK�N
YNFNQK GV I\� YF �G IG\NVHK9M GK L6Q\ QZMK GV +NKUM /GZ\ J6@ YN6M �� L]IUNU []NHK�N
YNFNQK GV I\� YF � IG\NVHK9M GK L6Q\ QZMK GV +NKUM �G P3SUM L]N)NIHG /GZ\ J6$
�� �NVWXN YRI�N HVD@ LJTDS GNV F��NXV@ L]NMI(+NG /GZ\NVD HVD F3SNVD GK OD>�N GNV FXN� M>NXV
YN6M F3SNVD GK OK>NXV GK PL\I&�N�NVD HVD OT�NNM GMXV GV I\� OI(HI\U L]�NO IG� [� J6D$
��� IL1\V LNDS ON\NVD GV QN6MNX@ L]N)NIHG /UM LM IRMU 1N NVD@ �NXK FKS HVD L��NE= 1NV0�XV
RN\V 1N NVD GK QM HVD "N9UK JTE= L]RCI¿N IQ>NNE= QK J6$ R�N= ������ HVD �J QM �� L]IUNU )NK
WNV "N9GM ������ HVD ����� L]IUNU JNV [E=$ EO L]GNM@ EOHVD GT\ IH\NGM ���� L]IUNU
IF8QTYNVD GK GHK JTE= J6$ P3SUM L]N)NIHG /UM LM@ IRMU 1N NVD GK QM ������ HVD �����
L]IUNU )NK YN6M RJ "N9GM ���� �� HVD ����� L]IUNU MJ [E=$ EO L]GNM POHVD GT\
IH\NGM ���� L]IUNU GK GHK JTE=$ Y���XNVD OV LUN S\N J6 IG /GZ\ GK L��NE= FKS HVD
1NV0�XV GN HT>� GNM�N [MKFK J6$ �G Y8� GNM�N /GZ\K LN%a�S�N= +NK J6 WNV XKMO J6@ [6M
IQ\S/L J6 YN6M F3SNVD GV WKRX OV POGN GNVE= OMNVGNM XJKD$
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��� YI�N[H GV 8�ZXUH /UMNVD �H �\ �\РGN GN�=G]H YI�NGNDN MN7�NVD HVD SN\Z IG�N
[�N J6$ EO GN�=G]H GN PtV� O^NHUN GV PX /UMNVD GNV IX�NN=IMU GMXN J6 IW8JVD +NN�NN@
[I�NU U)NN L�N=RM�N Y���X IR�N�NVD HVD L]N,U GMXV GV I\� G^NN � OV � UG GV 1N NVD OV
YLV^NN GK WNUK J6 YN6M P8JVD L]N,U GMXV HVD OTIR�NN L]QNX GMXV GV I\� Y��NLXYI�N[H
L]IG]�N GN YI+NIR8�NO IG�N WNUN J6$ YXVG MN7�NVD XV GE= UMJ GV GN�=G\NL L]NMD+N GMXV GV
I\� YI�N[H GV 8�ZXUH /UMNVD GV IRSNM GN O4\UNLZR=G PL�NV[ IG�N J6� EX GN�=G\NLNVD HVD
LN%a�LT/UGNVD GN LTXMK^N�N@ LN%a�S�N= HVD LIMRU=X YN6M IN^N�N IRI�N�NVD U)NN Y��NLG L]IN^N�N
ONH[]K HVD 4VMFQ\ GMXN NNIH\ J6$
��� H��N�X +NNVWX GN�=G]H R�N= ������ HVD O(LZ�N= +NNMU HVD 46\ [�N )NN$ EO GN�=G]H
OV \N+NNI8RU 1N NVD GK OD>�N R�N= ������ HVD \[+N[ ��� \N>N /GZ\NVD HVD ��� GMNV0� )NK WNV
F��GM ������ HVD \[+N[ ���� \N>N /GZ\NVD HVD ���� GMNV0� JNV [E=$ L]NM(+N HVD F3SNVD@ IRNV�NU�
FNI\GNYNVD GK +NUK= YN6M +NN[KQNMK GV GN�=G]H GV �L HVD EOGN L]+NNR GN4K YXTGZ\ MJN$
SNM MN7�NVD@ �NXK P0�KON@ UIH\XN0T@ IJHNS\ L]QVN YN6M P¿NM L]QVN GV IRI+N8X OD/)NNXNVD GV
HN��H OV �NVWXN YN�NV[ `NMN IG� [� HZ<�NDGXY���XNVD OV LUN S\UN J6 IG H��N�X
+NNVWX GN�=G]H SN\Z IG� WNXV OV LJ\V GK YRI�N ÑY)NN=Ua ���� HVD �J /GKH L]NMD+N IG� WNXV
OV LJ\VРGK UT\XN HVD H��N�X +NNVWX GN�=G]H S\XV GK YRI�N HVD YN6OU PLI/)NIU QM F��K
J6 YN6M /GZ\ IRMIU QM Ñ0�NLYNP9 MV9Ð "N9K J6$ EX Y���XNVD HVD �J OT!NR IQ�N [�N J6 IG
ÑGÐ H��N�X +NNVWX GN�=G]H GV L�=RV^N�N YN6M IX[MNXK GV GN�= HVD Y��NLGNVD GNV NNIH\ IG�N
WN�$ Ñ>NÐ O+NK /GZ\NVD HVD FTIX�NQK YN�NNM+NZU OTIR�NNYNVD@ W6OV F0�V MONVE="NMNVD GK YNR�GUN J6$
Ñ[Ð H��N�X +NNVWX GN�=G]H GNV HT�U RQK=@ HT�U LN%a�LT/UGVD YN6M FO LNO YNIQ QVXV GV
IN^NN L6GVW GV ON)N WNV0� IQ�N WN�$ GN�=G]H GV I\� IXI�N�NVD GN YNFD9X YNR�GUN GV
YXTGZ\ XJKD MJN J6@ IWOGV LIM�NNH/R�L EO GN�=G]H GNV �N'GN \[N J6$ YI�NGUM MN7�
>NN_N8XNVD GNV [MHN[MH LGV +NNVWXNVD HVD FQ\XV GV I\� YNR�G YIUIM'U IXRVN GMXV GK
I/)NIU HVD XJKD MJV J6D$
��� L]NMI(+NG IN^NN GV OV'9M HVD FJTU F0�K OD>�N HVD YXVG X�X� GN�=G]H S\ MJV J6D
YN6M EX O+NK HN6WZQN GN�=G]HNVD GNV �G ON)N \NGM /L�9 PtV� GV ON)N �G ODLZ�N= U)NN
OHI8RU QCI�9GNV�N YLXN� WNXV GK YNR�GUN J6$ EOOV OHTQN� GK +NN[KQNMK GV ON)N@
YNR�GUNYN�NNIMU OJK ODQ+NNV� HVD �NVWXN FXNXV HVD OTIR�NN JNV[K$ LDSN�UK MNW OD/)NN�D IN^NN
GV IRGV8Q]KGCU L]F8�N GV I\� �G ONl ON�NX GV �L HVD P+NMK J6D$ GV8Q]K� IN^NN O\NJGNM
FNV0= GK IN^NN GV IRGV8Q]KGCU L]F8�N IR�N�G OIHIU GK IO4NIMNNVD GV YN\NVG HVD@ PXGK
+NZIHGN GNV YN6M 7�NQN F��NXV GN L]�NO IG�N WN�[N$ LJ\V OV S\K YN MJK /GKHVD SN\Z
IR¿NK� R�N= HVD +NK �)NNRU SN\Z MJVD[K$ Y[\V R�N= OV@ RV OR=IN^NN YI+N�NX GK IW\N /UMK�
L]NMDI+NG IN^NN �NVWXN GV �G +NN[ GV �L HVD IQ>NNE= WN�D[K$
��� IL1\V GT1 R�NNV� GV QN6MNX@ MN7� OMGNMNVD `NMN L]NMI(+NG IN^NN GV ^NV HVD F0�V L6HNXV LM
X� X� L]�NV[ IG� WN MJV J6D$ H�� L]QVN HVD IN^NN [NM�9K /GKH GV YDU[=U ��@��� OV
YI�NG GV8Q]NVD GK /)NNLXN@ MNW/)NNX HVD ��@��� OV YI�NG MNWKR [ND�NK /R�N= W�8UK LN%NN\N�D
>NNV\XN@ YN8�N] L]QVN@ [TWMNU@ H�� L]QVN YN6M P¿NM L]QVN HVD LMNY��NLGNVD GK F0�V L6HNXV LM
+NUK= �VOV JK GT1 X� GN�=G]H J6D WNV L]NMDI+NG IN^NN GV ONIR=GKGM�N GK IQNN HVD
OGNMN5HG GQH IO� JNV OGUV J6D$
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291
��� Y��NLGNVD GK OD>�N WNV R�N= ������ HVD OG\ �L OV ���� \N>N )NK@ F��GM ����
�� HVD ����� \N>N JNV [E=� EO L]GNM EOHVD 1J [TXN OV +NK 7�NQN F��NVUMK JTE=$ �JND +NK
HIJ\N Y��NLGNVD GK OD>�N POK YRI�N HVD ���� \N>N OV GN4K UVWK OV F��GM ���� \N>N JNV
[E=$ EOGV FNRWZQ@ Y��NLG1N YXTLNU Ñ9K LK YNMÐ L]N)NIHG /UM LM ���� OV F��GM ��
�� JNV [�N YN6M P3SUM L]N)NIHG /UM LM ���� OV F��GM ���� JNV [�N$ EO YXTLNU OV �J
LUN S\UN J6 IG L]NMDI+NG IN^NN GK HND[ F��K J6 YN6M /GZ\ WNXV RN\NVD GK HND[ GNV LZMN GMXV
GV I\� YI�NG IN^NN OD/)NN�D >NNV\XV@ YN6M YI�NG Y��NLG IX�T'U GMXV GK YNR�GUN
8�N�NVISU J6$
��� YXN6LSNIMG IN^NN �X �4 E=�NXK /GZ\ OV FNJM GV F3SNVD GK IN^NN GV GN�=G]H GN
IR/UNM GMGV POV OTQC�� FXN�N [�N J6$ EO OH� YXN6LSNIMG IN^NN GV8Q]NVD GK OD>�N \[+N[
���� \N>N J6 YN6M EXHVD \[+N[ ����� \N>N F3SV IN^NN L]N,U GM MJV J6D$ �� MN7�# OD"N
MN7� ^NV EO /GKH GNV GN�N=I8RU GM MJV J6D YN6M MN7� OMGNMNVD `NMN GVR\ FNI\GNYNVD GV
I\� JK ���� \N>N GV8Q] S\N� WN MJV J6D YN6M EX GV8Q]NVD GV I\� GV8Q]K� OMGNM �� L]IUNU
OJN�UN QVUK J6$ EOGV Y\NRN@ MN7� OMGNMNVD `NMN S\N� WN MJV OJIN^NN GV8Q]NVD GV I\� +NK
GV8Q]K� OMGNM �� L]IUNU OJN�UN QVUK J6$ ��� /R6I31G OD[%X +NK YXN6LSNIMG IN^NN GV8Q]
S\N MJV J6D$ EOGV YIUIM'U@ /GKH HVD XRNSNM GN�N=I8RU GMXV GV I\� [6MOMGNMK OD[%XNVD
GNV +NK �� L]N�NVI[G U)NN XRNSNIMG LIM�NVWXN�D S\NXV GK YXTHIU QK [E= J6$ LK E= YNV `NMN
IG� [� HZ<�NDGX Y���X OV LUN S\N IG MN7� U)NN GV8Q]K� OMGNMVD@ QNVXNVD JK YNFDI9U MNIN
GNV WNMK GMXV HVD �NKHK MJKD YN6M YXN6LSNIMG IN^NN GV8Q]NVD GNV IXI�N�NVD GN L]RNJ �GOHNX XJKD
MJN@ POHVD FJTU YI�NG PUNMS��NR YNUN MJN$ /)NNX GK GHK YN6M L]GNN GK YODUNV�NWXG
2�R/)NN +NK YXN6LSNIMG IN^NN GV8Q]NVD `NMN OJK WNXV RN\V Y8� F0�K OH/�N�D )NKD$
��� YNLMVNX &\6G FNV0= GK /GKH@ IWOGN PtV� L]N)NIHG /GZ\NVD GNV YN�NNM+NZU �NDSV GK
OTIR�NN�D@ YIUIM'U Y��NLG YN6M Y��NLXYI�N[H ONH[]K L]QNX GMGV G^NN GV L�N=RM�N GNV
OT�NNMXN YN6M �VOV /GZ\NVD GV I\� WJND +NUK= 1N NVD GK OD>�N ��� OV YI�NG JNV [E= JNV@ UKOMV
Y��NLG GK 2�R/)NN GMXN )NN@ YF P3SUM L]N)NIHG IR_N\�NVD UG F��N QK [E= J6$ N6I^NG
YN�NNM+NZU �NDSV ÑY��NLXYI�N[H ONH[]KÐ GV IRGNO GV I\� ���� \N>N L]N)NIHG /GZ\NVD GNV
YN6M ���� \N>N P3SUM L]N)NIHG /GZ\NVD GNV �NXMNIN�ND QK [E= J6D$ R�N= ������ UG �G
Y��NLG RN\V L]N)NIHG /GZ\NVD GV I\� Y��NLGNVD GV \[+N[ ���� \N>N YIUIM'U LQ@ P3SUM
L]N)NIHG /UM LM YIUIM'U Y��NLGNVD GV ���� \N>N LQ YN6M UKOMV Y��NLG GV ���� \N>N
LQ HDWZM IG� [� J6D$ IG8UT �J �G IS8UN GN IR�N� J6 IG YXVG MN7� YNLMVNX &\6G FNV0=
GV Y8U[=U HDWZM IG� [� Y��NLGNVD GV YIUIM'U LQ FXNXV GV I\� EO NU= GK RWJ OV
YIX31TG J6D IG Y��NLGNVD GV RVUX GK YNRUK= QV�UN�D �NVWXN GV YDU LM MN7�NVD GNV Y8UIMU
GM QK WN�D[K$
��� Y��NLG IN^NN GNV LTX� ODMISU YN6M LTX[=I%U GMXV GK /GKH GN PtV� Y��NLG
L]IN^N�N GV OD/)NN[U YN�NNM GNV HWFZU GMXN@ IRIN�9 ^NV NVD HVD Y��NLGNVD GV L]IN^N�N GV I\�
IRNV�N GN�=G]H JN)N HVD \VXN YN6M Y��NLG L]IN^N�N GV Y8� [6MOD/)NN[U GN�=G]H S\NXN
)NN$ EO ^NV HVD P<\V>NXK� L][IU GK [E= J6 YN6M L]NMDI+NG /GZ\ GV Y��NLGNVD@ L]N6�� IN^NN U)NN
YXN6LSNIMG IN^NN O(F8�NK GNIH=GNVD GK OVRN OV LJ\V YN6M OVRN GV FKS L]IN^N�N QVXV GV I\�
��� IW\N IN^NN �RD L]IN^N�N OD/)NNX Ñ0K YNE= E= 9KÐ HDWZM IG� WN STGV J6D$ ��� HN��IHG
Y��NLG IN^NN OD/)NNXNVD GN QWN= F��NGM P8JVD OK 9K E=# YNE= � �O E= FXN�N WN STGN J6$
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EOGV Y\NRN@ �� �O OK E= YNM 9K OD/)NNXNVD GNV +NK OF\ FXN�N [�N J6$ EX OD/)NNYNVD XV
OVRN LZR= YN6M OVRNGN\KX Y��NLX GK IR�N�R/UT@ L]IG]�N YN6M L]FD�N HVD OT�NNM GMXV YN6M
Y��NLG IN^N�N GV LTX[=%X HVD OJN�UN QK J6$ L]N)NIHG Y��NLGNVD GV IRNV�N YI+NIR8�NO
GN�=G]H GV YDU[=U \[+N[ �� \N>N Y��NLGNVD GNV NNIH\ IG�N WN STGN J6$ [TWMNU U)NN
H�� L]QVN HVD L]N)NIHG /GZ\NVD GV Y��NLGNVD GV L]IN^N�N GV I\� QZM/)N IN^NN XKIU GN PL�NV[
GMXV GV I\� �G L]N�NVI[G /GKH L]NMD+N GK [E= J6$
��� IW\N L]N)NIHG IN^NN GN�=G]H@ IWOV IRR F6DG U)NN �ZMNVLK� OD"N OV OJN�UN IH\UK J6@
GN PtV� �Z LK E=# �Z E= E= ÑONR=I G L]NMDI+NG IN^NNÐ GV I\� M�NXKIU�ND GN�N=I8RU GMXN
J6$ EOGV I\� HIJ\NYNVD GK GH ON^NMUN RN\V IW\NVD HVD IW\N IRNV�N GV I\� �NVWXN U6�NM
GK WNUK J6 YN6M IW\NVD GV YXTONM Y\[ \^� IX�NN=IMU IG� WNUV J6D$ �UQ)N= LZ�N= ON^NMUN
YI+N�NX O4\UNLZR=G S\N� WNUV J6D IWXGV 4\/R�L L]NMDI+NG IN^NN GV ONIR=GKGM�N GV
I\� YXTGZ\ RNUNRM�N U6�NM JNVUN J6$ EO LIM�NVWXN GV I\� �� L]IUNU GK IXI�N GK
2�R/)NN GV8Q]K� FW9 GV HN��H OV FNJMK YI+NGM�NNVD `NMN GK WNUK J6 YN6M NV�N �� L]IUNU
�NXMNIN GK 2�R/)NN ODFDI�NU MN7� OMGNMNVD `NMN GK WNUK J6$ EO GN�=G]H GV OD"N9GNVD HVD
NNIH\ J6D� G^NN GV GHMNVD GN YN6M X� /GZ\NVD GN IXHN=�N GMXN� YXN6LSNIMG# R6GI<LG IN^NN
GV8Q] >NNV\XN� X� Y��NLGNVD GK IX�TI'U� 1NV9V F3SNVD GV I\� IN^NN GV8Q]NVD GK /)NNLXN� MN7�
/UMK� N6I^NG YXTOD�NNX �RD L]IN^N�N LIM�NQNVD# IW\N /UMK� N6I^NG L]IN^N�N OD/)NNXNVD GNV
HWFZU GMXN� >N�0 ODON�NX GV8Q]NVD# '\/9M ODON�NX GV8Q]NVD GK /)NNLXN� Y��NLG L]IN^N�N GV
YDU^NVLK� GN�=G\NL@ IN^N�NYI�N[H ONH[]K GN IRGNO@ YXTO8�NNX YN6M FNI\GNYNVD@ YXTOZISU
WNIU�NVD# YXTOZISU WXWNIU�NVD YNIQ GK IN^NN LM F\ QVXN$ IRG\ND[ F3SNVD GNV �GKGCU
IN^NN QVXV YN6M Y��NLG L]IN^N�N GV I\� QZMRUK= IN^NN QVXV GN �G X�N GN�=G]H +NK IW\N
L]N)NIHG IN^NN GN�=G]H Ñ0K LK E= LK /GKHÐ HVD NNIH\ IG�N [�N J6$ EO OH� �J /GKH ��
MN7�NVD GV ��� GH HIJ\N ON^NMUN RN\V IW\NVD HVD GN�N=I8RU GK WN MJK J6$ P¿NM L]QVN GV
Y8� ���� IW\NVD@ MNW/)NNX HVD �� IW\NVD@ P0�KON GV � IW\NVD YN6M LISH FD[N\ GV � IW\NVD
UG EO LIM�NVWXN GN IR/UNM NK"N] JK IG�N WNXV RN\N J6$
��� FTIX�NQK IN^NN GV I\� FNJMK OJN�UN OV S\ MJK LIM�NVWXNYNVD HVD OV QNV LIM�NVWXN�D
J6D� MNW/)NNX IN^NN GHK= YN6M \NVG WTI(FN LIM�NVWXN$ �V QNVXNVD XE= LIM�NVWXN�D MNW/)NNX HVD
S\ MJK J6D YN6M EXGN PtV� L]N)NIHG �L OV HIJ\NYNVD LM ��NX GVI8Q]U GMUV JT� QZM/)N
YN6M ONHNIWG �L OV IL10�V [NDRNVD HVD [T�NN5HG OT�NNM GV ON)N ON)N L]NMDI+NG IN^NN GN
ONIR=GKGM�N GMXN J6$ �V LIM�NVWXN�D L]NMI(+NG ONIR=GKGM�N GV HN[= HVD YNXV RN\K GT1 F0�K
FN�NNYNVD OV IXL9XV GN L]�NO GMUK J6D$ �V FN�NN�D J6D� Y��NLGNVD GK YXTLI/)NIU@ GNHGNWK
F3SV@ FKS HVD L��NE= 1NV0�XV RN\NVD GK cDSK QM@ XKMO IN^N�N IRI�N�ND@ ODQ+N=[U YI�N[H ONH[]K
GN Y+NNR@ Y��NLGNVD GK IX(X L]VMG NI'U �RD ^NHUN@ �G GV8Q]KGCU YN6M \NVSQNM L�IU#
QCI�9GNV�N YNIQ$ EX LIM�NVWXNYNVD GV ONHTQNI�G OJ+NNI[UN LM IRNV�N ��NX IQ�N WNUN J6$
\NVG WTI(FN LIM�NVWXN IN^NN GV IRGV8Q]KGM�N GNV XKSV &\NG# >N�0 /UM UG \V WNUK J6
YN6M YI+N+NNRGNVD GNV ON)N \VXV GV I\� HNEG]NV YN�NVWX YN6M /GZ\ HNXIS �N UGXKGNVD GN
E/UVHN\ GMUK J6D UNIG �J OTIXISU JNV OGV IG F3SV /GZ\ WNUV J6D$
��� IRNV�N �L OV I\D[# HIJ\NYNVD LM ��NX GVI8Q]U GMUV JT�@ FNJMK OJN�UN OV S\ MJN
�G Y8� GN�=G]H J6� HIJ\N OHN>�N@ IWOGN PtV� � MN7�NVD HVD HIJ\NYNVD GNV YI�NGNM
O(L8X GMGV PXGK IN^NN GNV F��NRN QVXN J6$ �J GN�=G]H P¿NM L]QVN@ YN8�N] L]QVN@ GXN=9G@
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[TWMNU YN6M GVM\ MN7�NVD GV �� IW\NVD HVD I/)NU ���� [NDRNVD HVD 46\N JTYN J6$ HIJ\N OHN>�N
XV 1NV9V F3SNVD GK QV>N+NN\@ L]N6�� IN^NN@ YXN6LSNIMG IN^NN YN6M IN^NN OJN�G OTIR�NNYNVD GV ^NV
HVD GE= LIM�NVWXN�D L]NMD+N GK J6D IWXGN L]FD�N /R�D HIJ\NYNVD `NMN JK IG�N WNUN J6$ EO
GN�=G]H XV IRI+N8X IRGNO /GKHNVD GV PISU GN�=SN\X GNV OTIXISU GMXV HVD +NK �G YIU
OIG]� +NZIHGN IX+NNE= J6$ EO GN�=G]H GV YDU[=U /)NNILU IG� [� HIJ\N IN^N�N GV8Q]NVD HVD
�H �O GVРIXM^NM HIJ\N�D YN6M IGNNVM FNI\GN�D@ WNV IGOK YN6LSNIMG /GZ\ HVD G+NK +NUK=
XJKD JTE= J6D �N FKS HVD L��NE= 1NV0� STGK J6D@ YI+NXR GN�=IRI�N�NVD U)NN GN6N\ IRGNO GN�=G]HNVD
GK OJN�UN OV@ IRNV�N �L OV IXIH=U O"NX [T�NR¿NNLZ�N= N6I^NG LN%a�G]HNVD `NMN IN^NN L]N,U GM
MJK J6D$ GE= MN7�NVD HVD@ HIJ\N OHN>�N GV YDU[=U []NH /UM LM /)NNILU HIJ\N OD"N []NH /UM
LM �VOV HDSNVD GV �L HVD P+NM YN� J6D WJND HIJ\N�D U)NN Y8� R[= LDS 46O\V GV I\� YLXK
OH/�N�D L]/UTU GMUV J6D$
��� R�N= �������� GK YRI�N HVD 2�� HVD I[MNR9 LNE= [E= J6$ �� GMNV0� �L� GV LIM2��
GK UT\XN HVD �� WZX ���� UG GVR\ ���� GMNV0� �L� JK >NS= IG�N [�N )NN$ /GKH GV
I\� XN6RKD �NVWXN HVD �� GMNV0� �L� JK >NS= IG�N [�N )NN$ /GKH GV I\� XN6RKD �NVWXN HVD
�� GMNV0� �L� GN YNFD9X IG�V [�V )NV$ /GKH GV YDU[=U S\ MJV GN�=G\NLNVD GN YI�NG
WNVMQNM UMKGV OV LIMRK^N�N ÑHNXK9IMD[Ð GMXV GK YNR�GUN J6$
L]N6�� ON^NMUN
��� MN�9�K� ON^NMUN IHNX �X �\ �HРOXa ���� HVD /)NNILU IG�N [�N )NN$ UF POGN
\^� ���� YN�TR[= GV �� GMNV0� \NV[NVD GNV SM�NF� UMKGV OV ON^NM FXNXN )NN$ EOGV
`NMN IXM^NMUN P8HZ\X GV I\� ODSNI\U IRNV�N LIM�NVWXNYNVD GN ONHN8� �L OV LZ�N= ON^NMUN
YI+N�NX Ñ9K �\ OKÐ YN6M ON^NMUNV¿NM YI+N�NX ÑLK �\ OKÐ GJN WNUN J6$ EX YI+N�NXNVD GV
HN��H OV IHNX ����� GMNV0� \NV[NVD GNV ON^NM FXN STGN J6@ IWXHVD OV �� L]IUNU HIJ\N�D ��
L]IUNU YXTOZISU WNIU YN6M �� L]IUNU YXTOZISU WXWNIU GV \NV[ J6D$ YF UG ON^NMUN
YI+N�NXNVD GV YDU[=U ��� IW\V \N� WN STGV J6D IWXHVD OV ��� IW\V LZ�N= ON^NMUN YI+N�NX GV
YDU[=U YN6M ��� ON^NMUNV¿NM YI+N�NX GV YDU[=U@ �� []NHK�N GNH S\Nc ON^NMUN GN�=G]H GV
YDU[=U YN6M �� IW\V OUU IN^NN GN�=G]H GV YDU[=U \N� [� J6D$ GH ON^NMUN RN\V MN7�NVD HVD
9K �\ OK YN6M LK �\ OK GN�=G]HNVD GV ONHXV GT1 GI%XNE�ND YN MJK J6D@ IWXGN GNM�N J6
/R6I31G OD[%XNVD GN Y+NNR YN6M Y8� ONHNIWGOND/GCIUG FN�NN�D$ EO IR�N� HVD WN[�GUN
F�� MJK J6 IG OUU IN^NN GN�=G]H GNV [T�NN5HG �L OV P8XU FXNXV GK YNR�GUN J6 UNIG
�J OTOD[U ODQ+NN=5HG YN6M /RKGN�= FX OGV$ EO IR�N� HVD QVN GV GE= +NN[NVD HVD ON)N=G
L]�NO IQ>NNE= QV MJV J6D$
��� L]N)NIHG IN^NN@ YXN6LSNIMG IN^NN YN6M L]N6�� IN^NN GV ^NV HVD IG� [� O"NX �RD
OI(HI\U L]�NONVD GV 4\/R�L@ JHNMV QVN HVD IR_HNX ON^NMUN QMNVD HVD P<\V>NXK� RCI� JTE= J6$
MN�9�K� L]IUQN= ORV=^N�N OD;N%X �X �O �O YNVРXV JN\ JK HVD �VOV YNDG0�V EGsV IG� J6D
IWXOV ON^NMUN L]IUNU HVD JTE= L�N=,U RCI� GN LUN S\UN J6$
��� +NNMU GK ON^NMUN QM ���� HVD ���� L]IUNU )NK$ �X �O �O YNV GV YXTONM@ IQO(FM
���� GV YDU HVD �J QM �� L]IUNU )NK$
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��� LT��NNVD GK ON^NMUN QM ���� GV �� L]IUNU GV HTGNF\V ���� HVD �� L]IUNU JNV [E=
YN6M EOK YRI�N HVD HIJ\N ON^NMUN QM ���� L]IUNU OV F��GM �� L]IUNU JNV [E=$ �J WNX
\VXN P5ONJR�=G JNV[N IG LT��NNVD GK ON^NMUN HVD ������ GV FKS � L]IUNU GK RCI� JTE= J6
WFIG HIJ\N ON^NMUN QM �� L]IUNU F��K J6$
��� I4M +NK +NNMU �G �VON QVN J6 WJND IXM^NMNVD GK OFOV F0�K 4N6W J6$ PXGK OD>�N
YNW IRR GV IXM^NMNVD GK ODLZ�N= WXOD>�N GK �GIUJNE= GV FMNFM J6$ EO HNH\V HVD LT��NNVD
U)NN HIJ\NYNVD GV FKS GN4K IR�NHUN�D HNXK WNUK J6D YN6M Y8UM MN7� U)NN MN7�N8UM
ON^NMUN QMNVD HVD FJTU YI�NG Y8UM LN�N WNUN J6 WNV IS8UN GN IR�N� J6$
��� MN�9�K� ON^NMUN IHNX GV YDU[=U YNXV RN\K /GKHNVD# GN�=G]HNVD GNV YN6M YN[V OTQC��
FXNXV GV I\� XN6RKD LDSR�NK=� �NVWXN GV NV�N R�NNV� HVD YXVG X� GN�=G]H L]NM(+N GMXV GN
L]/UNR J6$ �V J6D�
ON^NMUN YI+N�NX �RD YN:LMVNX MV/9NVMVNX
��� EO /GKH GV YDU[=U@ ON^NMUN GV L]IU �G �GKGCU QCI�9GNV�N YLXN�N WN�[N$
�GKGCU L]/UNR HVD YXVG ON^NMUN YI+N�NXNVD GV GN�=G\NLNVD GNV L]+NNRK �L OV �G ON^NMUN
LIM�NVWXN GV YDU[=U \NXV GN L]�NO IG�N WN�[N UNIG PXHVD IXMDUMUN@ GN�=GTN\UN YN6M
�GIF8QTUN FXK MJV YN6M QNVXNVD YI+N�NXNVD GV FKS YXNR�G OH�N8UMN\ "N9NGM GH OV GH
IG�N WN OGV$
��� ON^NMUN YI+N�NXNVD GK RU=HNX IXI�NLNV�N�N 2�R/)NN YN[V +NK WNMK MJV[K$ ONHN8� IW\NVD
GV I\� GV8Q] U)NN MN7� OMGNM GV FKS IXI�N LNV�N�N YXTLNU ��� J6 YN6M WXWNUK�
PL�NVWXN GV YDU[=U YNXV RN\V IW\NVD HVD �J YXTLNU ��� J6$ 9K �\ OK �NXK LZ�N= ON^NMUN
YI+N�NX GV I\� L]IU IN^NN)NK= \N[U �� �L� OV ��� �L� UG L]IUR�N= M>NK [E= J6 YN6M �G
LK �\ OK �NXK ON^NMUNV¿NM YI+N�NX GV I\� �� �L� OV ��� �L� L]IUR�N= M>NK [E= J6$ �J
+NK L]/UNR J6 IG ON^NMUNV¿NM SM�N GV QN6MNX GN�N=8R�X GMXV RN\V YI+NGM�NNVD GNV FTIX�NQK
ON^NMUN ODFD�NK GN�=G\NLNVD LM >NS= GMXV GK YXTHIU QK WN�$ U)NNIL@ FTIX�NQK ON^NMUN LM
2�� L]IU IN^NN)NK= �� �L� OV ��� �L� UG GK \N[U GV YXTONM@ ON^NMUNV¿NM SM�N GV I\�
YXTHNVIQU OH[] FW9 HVD OV JK LZMN IG�N WN�$
��� []NHK�N GN�N=5HG ON^NMUN LIM�NVWXN GK /GKH GNV ON^NMUN YI+N�NXNVD YN6M YN:LMVNX
MV/9NVMVNX GV ON)N IH\N IQ�N [�N J6$ �J /GKH HN6WZQN L]NS\NVD GV YXTONM IW\N ON^NMUN
OIHIU�NVD `NMN GN�N=I8RU GK WN�[K$ UQXTONM L]VMGNVD GNV LNIM-IHG IQ�N WN�[N YN6M RV �G
IW\V HVD IW\N ON^NMUN OIHIU GV YDU[=U []NHK�N GN�N=5HG ON^NMUN LIM�NVWXN ÑYNM �4 �\
LKÐ S\N�D[V$
OUU IN^NN GK /GKH �
��ÑGÐ �J /GKH L]5�VG IW\V HVD G\'9M GK Y��^NUN HVD IW\N ON^NMUN OIHIU `NMN
GN�N=I8RU GK WNUK MJV[K$ \VIGX PX MN7�NVD HVD WJND �G OND[NVLND[ LDSN�UK MNW L]�NN\K
/)NNILU GK WN STGK J6@ PL�T'U OH!V WNXV LM@ GNVE= \NVGUNDI G MKIU OV IXRN=ISU IW\N
LIM�NQ GN Y��^N ÑSV�MH6XÐ +NK IW\N ON^NMUN OIHIU GN L]HT>N FX OGUN J6$ IW\N ON^NMUN
OIHIU OK E= OK# XN:0\ OK E= OK GN GN�=+NNM OD+NN\XV GV I\� RK �@ HIJ\N HD0\@
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LDSN�UK MNW OD/)NN�D@ �X RNE= GV ÑXVJ� �TRN GV8Q]Ð YNIQ GNV IX�NN=IMU GM OGUK J6$ \VIGX
IW\N ON^NMUN OIHIU GK EX YI+NGM�NVD `NMN GN�=G]H GV GN�N=8R�X GV OH8R�@ LIMRK^N�N
�RD L�=RV^N�N GV I\� IW(HVQNM JNV[K$ GN�=G]H GV LIMRK^N�N ÑHNXK9IMD[Ð GV I\� L]5�VG IW\N
ON^NMUN OIHIU GNV �G G(,�Z9M L]�NN\K QK WN�[K$
L]N6�� IN^NN GV ^NV HVD [6MOMGNMK OD[%XNVD GNV OJN�UNOH)N=X
��� ODON�NX GV8Q]NVD OV I+N8X [6M OMGNMK OD[%XNVD GNV YXTQNX IQ� WNXV GN GN�=
IRGV8Q]KGCU IG�N WN�[N$ �G IR¿NK� R�N= HVD IQ� WNXV RN\V O(LZ�N= YXTQNX HVD OV �� L]IUNU
YXTQNX MN7� ON^NMUN IHNX L]NI�NGNIM�NVD GV HN��H OV YN6M NV�N MN�9�K� ON^NMUN IHNX `NMN
IQ�N WN�[N$ YI+NXR LIM�NVWXNYNVD YN6M YI>N\ +NNMUK� /UM GV [6M OMGNMK OD[%XNVD OV
O(FI8�NU LIM�NVWXNYNVD LM MN�9�K� /UM LM /)NNILU OJN�UNYXTQNX OIHIU `NMN IRSNM IG�N
WN�[N$ QVN GV O+NK +NN[NVD HVD S\ MJV YI+NXR GN�=G]HNVD GV YIUIM'U@ OUU IN^NN GN�=G]H GNV
JN)N HVD \VXV GV I\� [6M OMGNMK OD[%XNVD GNV OJN�UN QK WN�[K$
��� HN6WZQN �O YNM OK �NXK MN7� ODON�NX GV8Q]NVD GNV OF\ FXN�N WN�[N YN6M PXGV
RNI�N=G YXTM^N�N YXTQNXNVD GNV OHTISU �L OV F��N�N WN�[N$ YXTM^N�N YXTQNX GK HN N GNV
U� GMXV GV I\� ODON�NX GV8Q]NVD GK -VI�N�NVD GK OD>�N GNV UKX OV "N9NGM QNV GM IQ�N
WN�[N$ IW\N ODON�NX �GG Ñ0K YNM �ZÐ WNV YF UG /RUD �L OV GN�= GM MJV )NV@ MN7�
ODON�NX GV8Q]NVD HVD NNIH\ GM IQ� WN�D[V$
WX IN^N�N OD/)NNX ¿WV �O �O¾ �
��� -IHG IR_NLK% �O RK LKРGK /GKH GNV X� XNH �NXK WX IN^N�N OD/)NNX GV XNH
OV WNMK M>NXV GN L]/UNR J6$ �J /GKH L]HT>N �L OV NJMK U)NN YN6_NVI[G E\NGNVD HVD
GN�N=I8RU GK WN MJN YXN6LSNIMG@ L]N6�� YN6M OUU IN^NN GN �G �I��HT'U GN�=G]H J6$ /GKH
GN HZ\ PtV� GNH[NMNVD GV 2�NRONI�G GN6N\ YN6M UGXKGK .NX HVD@ PXGK GN�=GTN\UN
U)NN P5LNQG ^NHUN F��NXV GV I\�@ OT�NNM GMXN J6$
L]NMDI+NG IN^NN YN6M L]N6�� ON^NMUN GV GN�=G]HNVD HVD IS8UN GV IR�N�
��� F3SNVD `NMN FKS HVD L��NE= 1NV0� IQ� WNXV YN6M PXGV /GZ\ HVD FXV MJXV GV FNMV HVD OZSXN
O+NK MN7�NVD HVD IX�IHU �L OV EGsK XJKD GK WN MJK J6$ EOI\� /GZ\NVD GV GN�=G\NLNVD HVD
F3SV IX�IHU �L OV IGUXN +NN[ \V MJV J6D@ EOGV FNMV HVD OJK OJK YNDG0�V EGsV GMXN
GI%X J6$
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)NV$ YXTHNX J6 IG �J OD>�N F��GM ����� \N>N JNV WN�[K$ EOI\� OFGV I\� IN^NN GV
\^� GNV L]N,U GMXV GV I\� EUXV JK YN6M F3SNVD GK +NUK= GMXV GK 2�R/)NN GMXK JNV[K$ +NUK=
IG� WNXV RN\V EX ����� \N>N F3SNVD HVD OV ����� \N>N F3SV YXTHNXU� EX YN% MN7�NVD@
Y)NN=Ua YN8�N] L]QVN@ IFJNM@ [TWMNU@ HJNMN�9�@ H�� L]QVN@ P0�KON@ P¿NM L]QVN YN6M LISH
FD[N\ HVD JNVD[V$
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I+N8X MN7�NVD HVD GN4K IR�NHUN J6$
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��� QVN HVD FTIX�NQK IN^NN GK I/)NIU GNV OT�NNMXV GK L]IG]�N HVD OFOV F0�K STXN6UK MJK J6�
F��UK JTE= WXOD>�N YN6M /GZ\NVD GV I\� /)NNX GK F��UK JTE= HND[$ /L�9U� EO U)� GV GNM�N
L]�NN\K GV IR/UNM YN6M O+NK F3SNVD GKV L]N)NIHG IN^NN GV I\� IG�N [�N IXRVN GH L0� [�N
J6@ JN\NDIG EO YRI�N HVD L]�NN\K HVD GE= [TXN IR/UNM JTYN J6$ F��UK JTE= HND[ GV YXTONM
ODON�NX WT9NXN@ IX/O8QVJ@ �NVWXNGNMNVD GV I\� �G F0�K STXN6UK J6$ EOK ODQ+N= HVD QVN XV ��
GV QNG HVD OFGV I\� IN^NN ÑE= �4 �Ð GV GN�=G]HNVD GNV [\V \[N�N )NN IWOOV IG
LIMHN�NN5HG U)NN [T�NN5HG QNVXNVD JK QCI�9�NVD OV L]�5XNVD GNV O"NX FXN GM OFGV I\� IN^NN GV
\^�NVD GNV L]N,U IG�N WN OGV$
��� QVN GV IRNN\ YNGNM YN6M FJTOND/GCIUG YN6M FJT+NN�NN�K LC�%+NZIH GNV QV>NUV JT�@
IWOHVD OFGV I\� IN^NN GV \^�NVD GNV L]N,U GMXN J6@ YDIUH QNG HVD GK [E= GNM=RNE= IW\N
U)NN PLIW\N /UMNVD LM GVI8Q]U MJK J6$ EOK O8Q+N= HVD YXVG XE= OD/)NN5HG ODMSXN�D W6OV
0K YNE= E= 9K@ FK YNM OK YN6M OK YNM OK@ >N0�K GK [E= J6D$ EX OD/)NN5HG 2�R/)NNYNVD XV
Y��NLG GK ^NHUN FXNXV GK W�MUNVD GNV YI�NG 2�NLG MKIU OV LZMN GMXV GN GNH NT� GM
IQ�N J6$
��� IG8UT IW\N U)NN PLIW\N /UMNVD LM IRGV8Q]KGM�N IG� WNXV OV PX /UMNVD LM IN^NN
GK �NVWXN U)NN L]F8�N GV I\� PL\&�N IRNV�N.UN GK GHWNVIM�NVD GN LQN=4NN JNV [�N J6$
�_IL /)NNXK� /UM GV �NVWXNGNMNVD U)NN L]NNOGNVD GK L]IN^N�N O(F8�NK W�MUNVD GNV LZMN GMXV
GV I\� MN7� /UM LM OD/)NN�D /)NNILU GMXV GV L]�5X L]NMD+N IG� WN STGV J6D@ \VIGX Y+NK
GT1 OH� \[V[N WF �V L]�5X OFGV I\� IN^NN GV GN�=G\NLNVD GV /RUD YN�NVWX U)NN
L]FD�N GV I\� O^NH IRNV�N. /)NNXK� /UM LM P5L8X GMXV HVD O4\ JNVD[V$
��� QVN HVD OFGV I\� IN^NN GV \^�NVD GNV L]N,U GMXV GV HN[= HVD HT>� STXN6UK O+NK F3SNVD
GNV IN^NN GK LJTDS HVD \NXV GK JK XJKD J6 FI<G �J OTIXISU GMXV GK +NK J6 IG O+NK F3SV
FTIX�NQK IN^NN GK L]IG]�N HVD +NN[KQNM FXVD$ JN\NDIG EX R�NNV� HVD L]�NN\K GN Y5�I�NG IR/UNM
JNV STGN J6@ I4M +NK GT1 /)N\@ R[= YF +NK ISGXV "N0�V FXV JT� J6D IG PX LM GNVE= YOM XJKD
JNV MJN J6 IWOGK RWJ OV I+N8XI+N8X +NN6[NVI\G ^NV NVD YN6M ONHNIWG OHZJNVD GV FKS IR�NHUN�D
FMGMNM J6D$ GIUL� IG/HNVD GK IRNV�NUN�D@ W6OV / KLT��N GN Y8UM@ IL1\V �� R�NNV� HVD GH
JNV [E= J6D$ I4M +NK@ OFGV I\� IN^NN GV ODR�N=X HVD ON(�N# OHNXUN YNW +NK N6I^NG
�NVWXNGNMNVD U)NN L]NNOGNVD GV I\� �G F0�K STXN6UK FXK JTE= J6$ �J HNXN WNUN J6 IG EO
STXN6UK GN HTGNF\N U+NK IG�N WN OGUN J6 WF /GZ\ U)NN OHTQN�# OHNW GNV IXG9
\N�N WN� YN6M UC�NHZ\ /UM LM +NN[KQNMNVD HVD /RNIH5R U)NN WRNFQJK GK +NNRXN L6QN GK
WN�$ YNNN GK WNUK J6 IG IRGV8Q]KGM�N GK L]IG]�N�D@ WNV QC�L9\ LM NX6� NX6� P+NM MJK
J6D@ EO OH/�N GN L]+NNRK MKIU OV ONHNXN GMXV HVD OJN�G IO� JNVD[K$
HN��IHG IN^NN
��� HN��IHG IN^NN OV �J YNNN GK WNUK J6 IG RJ XR�TRGNVD GNV GN�=^NV GV I\� YN6M
P3S IN^NN HVD L]RVN GV I\� U6�NM GMV[K$ HN��IHG YN6M P3S HN��IHG /GZ\NVD GK OD>�N WNV
������ HVD ���� \N>N )NK@ F��GM ������ HVD ���� \N>N YN6M ������ HVD ���� \N>N JNV
[E=� EO L]GNM EOHVD ������ OV ������ UG GK YRI�N HVD �� L]IUNU GK RCI� JTE=$
\VIGX QNI>N\N \VXV RN\V 1N NVD GK OD>�N GVR\ ���� GMNV0� )NK$ 1%V YI>N\ +NNMUK� N6I^NG
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ORV=^N�N HVD PL\&�N YXI8UH YNDG0�NVD OV �J LUN S\UN J6 IG R�N= ����� OV ���� GK YRI�N HVD
FNI\GNYNVD GV QNI>N\V HVD G^NN � YN6M �� HVD �� L]IUNU GK YN6M G^NN �� YN6M �� HVD ��
L]IUNU GK RCI� JTE= J6 WFIG L]N)NIHG /UM LM �� L]IUNU YN6M P3SUM L]N)NIHG /UM LM
�� L]INU GK RCI� JTE= J6$
��� HN��IHG IN^NN HDVD IWX FNUNVD LM ��NX GVI8Q]U IG�N WN MJN J6@ RV J6D� LJTDS HVD OT�NNM
GMXN� IR�NHUNYNVD GNV GH GMXN� IN^NN GV 2�RON�KGM�N YN6M MNVW[NMNV8HT>N LN%a�G]HNVD LM WNVM
QVUV JT� LN%a�S�N=YNVD GN XRKGM�N� >NT\K YI�N[H L]�NN\K GN IR/UNM YN6M IRIR�NKGM�N�
Y��NLG L]IN^N�N GN LTX[=%X YN6M XE= OZSXN U)NN ODSNM L]N6_NVI[IG�NVD@ IRNV�NU� G(,�Z9MNVD GN
YI�NG L]�NV[$
��� HN��IHG IN^NN HVD HJ¿RLZ�N= HTtNVD OV IXL9XV GV I\� IX(XI\I>NU IR�N�NVD LM ��NX QVXV
GN L]/UNR J6�
• LN%a�S�N=YNVD HVD ODNNV�NX$
• IN^NN GN 2�RON�KGM�N$
• HTl ÑYNVLXÐ /GZ\NVD GV HN��H OV QZM/)N IN^NN$
• [I�NU@ IR.NX YN6M G(,�Z9M GK IN^NN QVXN$
• FNI\GNYNVD GV I\� 1N NRNO GK OTIR�NN�D$
• Y<LOD>�GNVD GK IN^NN$
• IRG\ND[NVD GV I\� �GKGCU IN^NN$
��� MN�9�K� N6I^NG YXTO8�NNX �RD L]IN^N�N LIM�NQa �X OK E= YNM 9KРOV YNNN GK WNUK J6
IG RJ UVWK OV P+NMUK JTE= W�MUNVD GN HTGNF\N GMXV GV I\� LN%a�S�N=YNVD GV YN�NTIXGKGM�N
U)NN LN%a�LT/UGNVD GV /UM GNV F��NXV GV GN�= HVD HN[=QN=X QV[K$ I+N8X I+N8X HDSNVD OV L]N,U
IRSNMNVD �RD HUNVD GN IRNQKGM�N GMUV JT� �G SSN=L]\V>N L]SNIMU IG�N WN MJN J6$ �NLN\
OIHIU GV N&QNVD HVD YFNV�N GV +NNM GNV 1N NVD U)NN IN^NGNVD HVD GH GMXV GV I\� IN^NN
NN/ K� XKIU�NVD HVD LIMRU=X GMXN YNR�G J6 YN6M EOGV I\� IN^NNIRQNVD GNV +NNMK L]�NO
GMXV JNVD[V$ 1N NVD GV .NX GNV HNLXV YN6M POGN FMNFM@ 2�NLG@ LM/LMOIG]� YN6M LNMQNK=
HZ<�NDGX GMXV GV I\� LMK^NN L]�NN\K HVD OT�NNM GMXN IXUNDU YNR�G J6$ HN��IHG IN^NN GV
2�RON�KGM�N GK [IU GNV +NK UVW GMXV GK W�MU J6$ JHNMK OHC� OND/GCIUG LM(LMN LM
YN�NNIMU IN^NN GNV YN6M WKRX HZ<�NVD GNV Y^NT��N FXN� M>NXN JNV[N YN6M YI�NG NI'U �RD
ON)N=GUN GV ON)N P8JVD P8XU GMXN JNV[N$
��� GV8Q]K� IR_N\� OD[%X WNV ������ HVD �� GV8Q]K� IR_N\�NVD GV ON)N L]NMD+N JTYN )NN@
YF ��� GV8Q]K� IR_N\�NVD GN L]FD�N GM MJN J6 YN6M EOGN GN�=^NV YN6M +NK F�� MJN J6$
GV8Q]K� IR_N\�NVD `NMN ODSNI\U GT1 HT>� GN�=G\NL �V J6D� /)NNXNDUM�NK� OVRN RN\V GV8Q]K�
OMGNM GV GH=SNIM�NVD GK N6I^NG W�MUNVD GK 2�R/)NN GMXN� N6I^NG GN�=G\NLNVD U)NN
GN�=G]HNVD GK OHK^NN GMXN YN6M P8JVD Y_UX FXNXN� 2�RON�KGM�N@ OZSXN L]N6_NVI[GK@ N6I^NG
IRGNO GV I\� PISU YN�NNM+NZU �NDSN U6�NM GMXN@ GD,�Z9MKGM�N@ YNIQ$ OD[%X GNV YNFDI9U
�NXMNIN /GZ\ +NRXNVD GV IXHN=�N GK W�MUNVD GNV LZMN GMXV GV I\� JHVNN YL�N=,U MJK J6$
��� XRNVQ� IR_N\� OIHIU +NK@ L]HT>N �L OV []NHK�N ^NV NVD HVD I/)NU YLXK ��� OV YI�NG
OD/)NNYNVD GV HN��H OV@ YN�NNM+NZU OTIR�NNYNVD GV IR/UNM GV I\� 2�NRONI�G LN%a�G]H S\NXV GV
I\�@ Y��NLGNVD GV L]IN^N�N GV WIM� PXGK ^NHUN GNV OT�NNMXV GV I\� /GZ\ +NRXNVD GN IXHN=�N
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GMXV GV I\� YXVG GN�=G\NL S\N MJK J6$ OIHIU GV ONHXV +NK FMNFM �JK OH/�N MJK J6
IG POGV I\� FW9 HVD YNFDI9U MNIN L�N=,U XJKD JNVUK$ �J W�MU HJOZO GK WN MJK J6
IG /GZ\ +NRXNVD GN IXHN=�N L]NMD+N GMXV GV I\� YN6M Y8� YN�NNM+NZU OTIR�NNYNVD@ W6OV
L]�NV[NN\N@ GD,�Z9M@ YNIQ GK 2�R/)NN GMXV GV I\� EOGV �NVWXN[U YNFD9X HVD RCI� GK
WN�$ GV8Q]K� IR_N\� OD[%X YN6M XRNVQ� IR_N\� OIHIU QNVXNVD JK �NXMNIN�NVD GV Y+NNR HVD
INI)N\ JNVUV WNV MJV J6D$
��� MN�9�K� HTl ÑYNVLXÐ /GZ\ QZM/)N IN^N�N MKIU GV HN��H OV@ HN��IHG YN6M P3SUM
HN��IHG OV'9M HVD LJTDS# PL\&�NUN F��NXV GV I\� P<\V>NXK� �NV[QNX GMUN MJN J6$
��� HN��IHG IN^NN GV 2�RON�KGM�N GNV F��NRN QVXV GV I\�@ �� /UM LM ���� \N>N 1N NVD
GV I\� OTIR�NN�D IXIH=U GK [E= J6D$ IG8UT GT1 E\NGNVD GNV 1NV0�GM@ FNGK W[J �J �NVWXN
O4\ XJKD JTE= J6$ MN7�NVD OV L]N,U JTE= L]IUIG]�N GV YXTONM@ EO /GKH GNV MN7� OV'9M GNV
ON6DLXV GN L]/UNR J6$
P3S YN6M IRRIR_N\� IN^NN
��� IRRIR_N\� U)NN P3S IN^NN GV OV'9M HVD@ QVN GK P3S L]IU/L�N=5HG I/)NIU GNV
FXN� M>NXV GV I\� LJ\V OV S\V YN MJV L]�NONVD GNV YN[V +NK WNMK M>NN WN�[N YN6M EO JVUT
[T�NR¿NN HVD OT�NNM YN6M LN%a�S�N= GN YN�NTIXGKGM�N@ YN�NNM+NZU �NDSV GN XRKGM�N@ FW9FNJa�
ON�NX WT9NXN YN6M IRRIR_N\�NVD U)NN GN\VWNVD GV NNOX OV ODFDI�NU HTtNVD LM YI�NG ��NX QVXN
YNIQ PLN� FMNFM WNMK M>NV WN�D[V$ LJTDS@ OTOD[UUN YN6M [T�NR¿NN ODR�N=X GV HTtNVD LM ��NX
IQ�N WN�[N$ OTLN GN\VWNVD GNV YI�NG /RN�¿NUN QVXN YN6M YGNQIHG /9N4 GN\VWNVD GV
HN��H OV IN^NGNVD GV 2�NRONI�G P5)NNX GNV L]N)NIHGUN QK WN�[K$ IR/UNM L]HT>N �L OV
YOVIRU E\NGNVD HVD JK IG�N WN�[N YN6M HIJ\NYNVD U)NN Y<LOTIR�NNL]N,U R[NV� LM YI�NG ��NX
IQ�N WN�[N$ HTl IRRIR_N\� L]�NN\K@ WNV \NVGIL]�UN U)NN YNGNM QNVXNVD HVD FMNFM F��UK WN
MJK J6@ YLXV LN%a�G]HNVD HVD IRIR�NUN \NXV GN L]�NO GM MJK J6 YN6M YLXK [T�NR¿NN F��NGM
LJ\V OV YI�NG 2�NLG /RKGN�=UN L]N,U GM MJK J6$ �J HIJ\NYNVD U)NN []NHK�N OHNW GK
N6I^NG W��MUNVD LM YN6M OVRNMU GH=SNIM�NVD GV 2�NRONI�G L]IN^N�N LM YI�NG FNMKGK OV ��NX
GVI8Q]U GM MJK J6$
��� P3S IN^NN HVD EO FNU GNV O(�G �L OV ��NX HVD M>NN [�N J6 IG QVN GV LN� �G
YLXN YN�NNM+NZU �NDSN J6 WNV OH/�NYNVD GV JNVUV JT� +NK@ YNW IRGNONNK\ QTIX�N GV ORNV=¿NH
�NDSNVD HVD OV �G J6$ QVN GNV EO OTIR�NN GN \N+N P%NXN SNIJ� YN6M IRRFNWNM HVD YLXK
L]IU�NVI[UN5HGUN GNV F��NXV GV I\� EOV YN6M LT�9 GMXN SNIJ�$ EOI\� OD/)NN[U XV9RG=
/)NNILU GMGV YN6M IR/UNM GNV OKIHU M>NGM@ HN6WZQN YN�NNM+NZU �NDSV GNV OTQC�� FXNXV YN6M
POGN E�9UH PL�NV[ GMXV LM F\ IQ�N WN MJN J6 IWOOV IG LM(LMN[U IRRIR_N\�
L]�NN\K YN6M HTl IRRIR_N\� L]�NN\K QNVXNVD GV HN��H OV YOVIRU ^NV NVD GK HND[ GNV LZMN
IG�N WN OGV$ [T�NRU¿NN GV OT�NNM YN6M L]�NN\K� GTN\UN LM +NK YI�NG F\ IQ�N WN MJN
J6$ P3S IN^NN GN 2�RON�KGM�N �G HJ¿RLZ�N= IR�N� J6@ IWOGV FNMV HVD GNM=RNE= IG� WNXV
GK YNR�GUN J6$
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MN�9�K� IN^NN LMK^N�N ¿XV9¾
��� IRRIR_N\� YXTQNX YN�NV[ Ñ�Z WK OKÐ 2�N>�NUN Ñ\V'SMNMÐ GV LQNVD LM +NUK= GV I\�
YN6M GIX�% YXTO8�NNX Y��VUNRCI¿N�ND QVXV GV I\� MN�9�K� /UM LM �G LMK^NN Ñ9V/9Ð \VUN J6@
UNIG IN^N�N YN6M YXTOD�NNX GN�= HVD +NUK= JNVXV RN\NVD GV I\� 8�ZXUH HNXG OTIXISU IG� WN
OGVD$ HNXIRGK IR�N�NVD YN6M ONHNIWG IR.NXNVD HVD �J LMK^NN R�N= HVD QNV FNM@ WZX HVD YN6M
IQO(FM HVD YN�NVIWU GK WNUK J6$ Y8� IR.NX IR�N�NVD GK LMK^NN IRRIR_N\� YXTQNX YN�NV[
OK �O YNE= YNM GV ON)N IH\GM YN�NVIWU GMUN J6$ WNV P(HKQaRNM NNV�NGN�= GMXN SNJUV
J6D@ PXGV I\� GIX�% YXTOD�NNX Y��VUNRCI¿N Ñ46\NVINLÐ LNDS R�N= GV I\� PL\&�N JNVUK J6$ �Z
WK OK XV MN7� OMGNMNVD GNV +NK �VOK LMK^NN�D ODSNI\U GMXV GK YXTHIU QV M>NK J6 YN6M MN7�
OMGNMVD +NK 2�N>�NUN GV �L HVD IX�TI'U GV I\� P(HKQRNM GK LN UN IX�NN=IMU GMXV GV I\�
LMK^NN�D \VUK J6D$
IRRIR_N\� YN6M GN\VW GV IN^NGNVD GV RVUXHNXNVD HVD ODNNV�NX
��� OMGNM XV IRRIR_N\�NVD YN6M GN\VWNVD GV IN^NGNVD GV RVUXHNXNVD YN6M Y8� OVRN NUNV� GNV
�������� OV ODNNVI�NU GM IQ�N J6$ MN7� OMGNMNVD GNV +NK O\NJ QK [E= J6 IG RV YLXV MN7�
GV IRRIR_N\�NVD U)NN GN\VWNVD GV IN^NGNVD GV I\� �V RVUXHNX YLXN \VD$ �VOV JK ODNNV�NX PX
OD/)NNYNVD GV I\� +NK YXTHNVIQU GM IQ� [� J6D WNV UGXKGK IN^NN GV ^NV HVD YNUK J6D@ W6OV
YNE= YNE= 9K@ YNE= YNE= �H@ +NNMUK� IR.NX OD/)NNX@ +NNMUK� >NNX IR_N\�@ �X 9K 9K YNE=
E=@ ^NV K� EDWKIX�IMD[ GN\VW@ YNIQ$
/RN�µNNNOK GN\VW
��� IRRIR_N\� YXTQNX YN�NV[ XV GT1 STXV JT� GN\VWNVD GNV /RN�¿NUN QVXV GV GN�= GNV
P3S L]N)NIHGUN QK J6$ GN\VW GNV HN8�UN QVXV RN\V IRRIR_N\� `NMN POV /RN�¿N UF
"NNVI�NU IG�N WNUN J6 WF �J L]HNI�NU JNV WNUN J6 IG PO GN\VW HVD STXV JT� ^NV NVD HVD
YXTOD�NNX YN6M IN^N�N GK ^NHUN J6$ YF UG �Z WK OK `NMN ��� GN\VWNVD GNV /RN�¿NUN GN
QWN= IQ�N WN STGN J6$
Y8UMIRRIR_N\� GV8Q]
��� YN�NV[ XV IRRIR_N\� L]�NN\K HVD YXTOD�NNX GNV F��NRN QVXV GV PtV� OV Y[]LDIl GK
OTIR�NN�D U)NN OVRN�D QVXV GV I\� YXVG Y8UMIRRIR_N\� GV8Q] /)NNILU IG� J6D$ YNW UG
YN�NV[ XV �VOV YN% Y8UMIRRIR_N\� GV8Q] /)NNILU IG� J6D$
UGXKGK IN^NN
��� YNXV RN\V R�NNV� HVD UGXKGK IN^NN GV ^NV HVD FTIX�NQK UN6M LM@ [T�NR¿NN U)NN L]NODI[GUN
HVD OT�NNM LM WNVM IQ�N WN�[N$ EOGV I\� OMGNMK ^NV HVD JK XJKD@ FI<G IXWK ^NV HVD +NK
UGXKGK U)NN L]FD�N OD/)NNYNVVD GN XV9RG= U6�NM IG�N WN�[N$ EOGV 4\/R�L IR.NX U)NN
L]N6_NVI[GK GV ^NV HVD .NX GN +N�0NM U6�NM JNV[N YN6M ON)N JK YNE= YNE= 9K@ YNE= YNE= �O
OK@ FD[\N6M YN6M �VOV JK Y8� P5GC�9 OD/)NNXNVD OV L]N,U NNV�NGN�NV� GV IX�G�N= EGsV IG�
WN�D[V$ EO L]GNM IRSNMNVD U)NN YXT+NRNVD GV YNQNXL]QNX OV YN5HIX+N=MUN L]N,U GMXV GK IQNN
HVD YIUIM'U ODON�NX WT9NXV GV GN�= GNV L]NV5ONJX IH\V[N$ ^NV K� EDWKIX�IMD[ GN\VWNVD GNV
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P5GC�9UN GV GV8Q] GV �L HVD IRGIOU GMXV GN GN�= +NK Y5�8U HJ¿RLZ�N= J6$ IRR F6DG
OHI)N=U LIM�NVWXN YN6M GXN0N +NNMU OD/)NN[U OJ�NV[ LIM�NVWXN GV HN��H OV UGXKGK
IN^NN L]�NN\K GV OH[] IRGNO GV 4\/R�L LNV\K9VI'XG OD/)NN�D HNXR ODON�NX IRGNO GV
GN�=G\NLNVD HVD F��K JTE= ^NHUN@ [T�NR¿NN YN6M GN�=GTN\UN GN �NV[QNX GMXV HVD OH)N= JNVD[K$
PL�T'U L]N6_NVI[IG�NVD GV YDUM�N `NMN []NHK�N IRGNO ONHTQNI�G LN:I\9VI'XGNVD ÑOK LKÐ GK
�NVWXN GV HN��H OV IG�N WNUN MJV[N$ XN6RKD LDSR�NK=� �NVWXN GK YRI�N HVD O¿NNRX XE=
L]NVI\9VI'XG OD/)NN�D /)NNILU GK [E= J6D$ ��� \N>N IRG\ND[ 2�I'U�NVD GNV OJN�UN QVXV GV
I\�@ LNVI\9VI'XG HVD UGXKGK IN^NN QVXV GV I\� GQH P%N� [� J6D$ NNMKIMG �L OV
IRG\ND[ ÑYI/)N IRG\ND[@ YNDING �L OV HZG �RD FI�NMÐ \NV[NVD GNV HT>��NNMN HVD \NXV GV I\�
\[+N[ �� STXK JTE= LNVI\9VI'XG OD/)NNYNVD GNV P8XU IG�N WN MJN J6$ �J �G P<\V>NXK�
GQH J6$
��� � YNE= OK 9K E= YI�NIX�H GV YDU[=U PL\&�N GNXZXK UD NVD GV 4\/R�L@ IN^NGNVD@
IR_NI)N=�NVD YN6M YN�NNM+NZU �NDSV GK OH[] [T�NR¿NN HVD OT�NNM YN6M LM/LM U)NN +NKUMK O(LGNV� HVD
RCI� OD+NR JNV[K$ HIJ\NYNVD GNV ON'U FXNXV YN6M UGXKGK IN^NN L]�NN\K HVD PXGK OJ+NNI[UN
GNV F��NXV GV I\� YXVG X� GN�=G]H � YNE= OK 9K E= GK GN�=OZSK HVD NNIH\ IG� [� J6D$
L]�NV[NN\NYNVD GV YN�NTIXGKGM�N@ HJ¿RLZ�N= ^NV NVD GV IRGNO YN6M YXTOD�NNX U)NN IRGNO GV
PL�T'U YN�NNM GV IXHN=�N GV HN��H OV UGXKGK IN^NN L]�NN\K GK [T�NR¿NN U)NN GN�=GTN\UN
GV OH[] OT�NNM GN GN�= WNMK M>NN WN�[N$
��� OMGNM XV ;RNI\�M HVD +NNMUK� OZSXN L]N6_NVI[GK �RD L]F8�N OD/)NNX GK /)NNLXN GV
I\� YLXN YXTHNVQX QV IQ�N J6$ �J OD/)NNX OZSXN L]N6_NVI[GK U)NN L]FD�N GV ^NV NVD HVD IN^NN@
L]IN^N�N@ YXTOD�NNX@ LMNHN= YN6M 2�NRONI�G IRGNO GV I\� OTIR�NN�D L]QNX GMV[N$ �G Y8�
OZSXN L]N6_NVI[GK OD/)NNX@ E\NJFNQ HVD /)NNILU IG�N [�N J6$ +NNMUK� L]FD�N OD/)NNX ÑYNE=
YNE= �HРWNV +NNMU OMGNM `NMN ���� HVD E8QN6M HVD /)NNILU IG�N [�N )NN@ XV �� WZX@ ����
GNV YLXN LJ\N IN^NN O L]NMD+N GM IQ�N )NN YN6M +NNMUK� L]FD�N OD/)NNX@ GN\KG9 XV YLXN
O ������ HVD NT� GM IQ�N )NN$
��� OZSXN L]N6_NVI[GK LN%a�G]HNVD HVD HN6WZQN IN^NG1N YXTLNU GNV RNDI1U /UM UG "N9NXV
GV I\� O"NX L]�5X IG� WN MJV J6D YN6M HZ<� -CD>N\N GNV cLM \V WNXV GV I\�@ L]HT>N
OD/)NNYNVD HVD IRNV�N �L OV OZSXN L]N6_NVI[GK YN6M ON�9RV�M IRGNO GV ^NV HVD /XNUGNV¿NM#
YXTOD�NNX GN�=G]HNVD LM YI�NG ��NX IQ�N WN MJN J6$ EOGV 4\/R�L@ +NIR�� HVD YLVI^NU
OD>�N HVD 2�NRONI�G P5L8X GMXV GV PtV� OV Y8� OD/)NNYNVD HVD O4\UNLZR=G OZSXN
L]N6_NVI[GK ODFD�NK LN%a�G]H S\NXV GV I\� P3S GNVI9 GV L]N��NLGNVD GK PL\&�NUN F��V[K$
��� OZSXN L]N6_NVI[GK IR�N�G MN�9�K� GN�=Q\ GK IO4NIMNNVD GV YXTOM�N HVD /GKHVD U6�NM
GMXV GN QNI�5R# GN�= IN^NN IR+NN[ GN J6$ UXQTXONM@ OZSXN L]N6_NVI[GK YN6M ON�9RV�M
IRGNO O(F8�NK GN�=�NVWXN LM YXTRUK= GNM=RNE= GMXV GV I\� �G Y8UMHD N\� OIHIU
[I%U GK [E= J6$ ODNNVI�NU '\NO /GKH OIJU MN�9�K� GN�=Q\ GK IO4NIMNNVD GNV GN�N=I8RU
GMXV GV I\� YNR�G GT\ �NXMNIN \[+N[ �@��� GMNV0� �L� F6%UK J6$
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OMNVGNM# IS8UXK� IR�N�
��� OD/)NNYNVD GK F��K JTE= OD>�N YN6M NNIH\ IG� [� X� LN%a�G]HNVD GNV QV>NUV JT�@ �_IL
EO OV'9M HVD L�N=,U IR/UNM JNV STGN J6@ I4M +NK EOV YXVG OH/�NYNVD GN ONHXN GMXN L0�N
J6 WNV GT\ IH\NGM GN�=GTN\UN GNV GHWNVM FXNUK J6D$ �V OH/�N�D J6D�
• OZSXN L]N6_NVI[GK YN6M ON�9RV�M IRGNO GV ^NV HVD L�N=,U HN N HVD L]IN^N�N
GN�=G]HNVD GN Y+NNR@ YN6M IRNV�N �L OV OZSXN L]N6_NVI[GK U)NN ON�9RV�M GV P+NMUV
JT� ^NV NVD GV I\�@ >NNOUN6M LM YNE= YNE= 9K@ [TRNJN9K W6OK QZM/)N OD/)NNYNVD HVD@
L]IU+NNRNX �RD P3S �NV;�UN RN\V IN^NGNVD GK GHK$
• LNVI\9VI'XG OD/)NNYNVD HVD IRR F6DG OV L]N,U OJN�UN OV GK [E= L][IU U)NN UVWK
GNV FXN� M>NXV GV I\� L�N=,U 2�R/)NN GN Y+NNR$
• O+NK OD/)NNYNVD GNV HDJ[V ODON�NX PL\&�N GMXV GK YOH)N=UN$
• ^NV K� EDWKIX�MK GN\VWNVD@ +NNMUK� L]N6_NVI[GK OD/)NNXNVD YN6M Y8� EDWKIX�MK
OD/)NNYNVD `NMN �GQZOMV OV Y\[)N\[ �L OV GNH GMXN$
• YXVG Y8� MN7�NVD `NMN XE= YNE= YNE= 9K GK HND[$
• YNE= YNE= 9K YN6M Y8� L]IUI�%U OD/)NNYNVD HVD +NUK= HVD OKIHU RCI�$
• L]IU+NN GN L\N�X@ IWOGV LIM�NNH/R�L L]IUR�N= ODON�NXNVD GK FFN=QK JNVUK J6 YN6M
F0�K OD>�N HVD OTL]INI^NU YN6M OT�NV;� 2�NRONI�G QVN 1NV0�GM FNJM S\V WNUV J6D$
• L]N6_NVI[G YDUM�N GV L]�NO@ IRNV�N �L OV []NHK�N ^NV NVD HVD PUXV O4\ XJKD JT� J6D@
IWUXK YNNN )NK$
+NNRK GN�=L)N
��� UGXKGK IN^NN GK [T�NR¿NN GNV F��NXV GV I\� PL�T'U GQH P%N� WNXV SNIJ�D$
EOGV I\� +NIR�� HVD EO IN^NN GNV IRNV�N �L OV []NHK�N +NNMU GK W�MUNVD YN6M OZSXN
L]N6_NVI[GK U)NN ON�9RV�M IRGNO W6OK P+NMUK JTE= L]N6_NVI[IG�NVD GK YNR�GUNYNVD GV YXTONM
�N\XN JNV[N$ JN\NDIG IL1\V QNG HVD F0�K OD>�N HVD IXWK OD/)NN�D P+NM YNE= J6D@ \VIGX PXHVD
IN^NGNVD U)NN L�N=,U HN N HVD PL/GMNVD GK GHK J6$ YNR�GUN EO FNU GK J6 IG P3SNGND^NK
XR�TRGNVD GNV JHNMK YLXK OD/)NNYNVD HVD L]INI^NU IG�N WN� YN6M I4M O(HNXWXG LNIM-IHG
GV ON)N P8JVD STXN6UK +NMV GN�= GV YROM L]QNX IG� WN�D UNIG OTL]INI^NU IN^NG PL\&�N JNVD
YN6M L]IU+NNL\N�X GK OH/�N GNV GH IG�N WN OGV$ IRR F6DG GK OJN�UN OV IXIH=U
[IU GNV YN[V FXN� M>NXV GV I\� MN7�NVD GNV L�N=,U IR¿NK� L]NR�NNX GMXV JNVD[V$ L]N6_NVI[GK
IRGNO IHNXNVD XV OD/)NNYNVD YN6M P_NV[NVD GV FKS O4\UNLZR=G ODFD�N /)NNILU GM IQ� J6D IW8JVD
XN6RKD �NVWXN HVD YN6M YN[V F��NXV YN6M HWFZU GMXV GK YNR�GUN J6$ YN%RKD �NVWXN HVD
L]N6_NVI[GK IRGNO IHNXNVD `NMN P5L8X GK [E= [IU GNV EX IHNXNVD GV QZOMV SM�N GV �L HVD
YN[V WNMK M>NXN JNV[N$ OD/)NNYNVD GNV �J O\NJ QVXK JNV[K IG RV LMNHN= OVRNYNVD U)NN
ODIRQN[U YXTOD�NNX GN�=G]HNVD GV WIM� L�N=,U HN N HVD �NXMNIN L6QN GMVD$ L]5�NINU YN6M
�N6I[G ODRCI� GNV QV>NUV JT�@ LNVI\9VI'XG OD/)NNYNVD GV HN��H OV H��RUK= /UM GV UGXKGK
GNIH=GNVD GV L]IN^N�N GV L]�NONVD GNV O4\ FXNXV LM WNVM IQ�N WNXN SNIJ�$ SZDIG +NNMU W6OK
Y)N=2�R/)NN GV I\� HDJ[V ODON�NXNVD GN +NNM RJX GMXN OD+NR XJKD J6@ EOI\� OD/)NNYNVD GV
XV9RG= YN6M ODON�NXNVD HVD IJ/ON FD9NXN JK �GHN PLN� J6$ IRR+NM OV HN8�UNL]N,U#
L]INI^NU +NNMUK� L]N6_NVI[GK OD/)NNX OIG]� OJN�UN U)NN ON)N=G Y8UM IG]�N GV I\� ^NV K�
EDWKIX�IMD[ GN\VWNVD YN6M Y8� EDWKIX�IMD[ GN\VWNVD# OD/)NNYNVD GK YNVM JN)N F��N�D UNIG
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OFGV OI(HI\U L]�5XNVD OV ONHN8U�N Y��NLX# YI�N[H L]IG]�N�D HWFZU JNV OGVD YN6M IRNV�NU�
MN�9� GV ONHXV +NIR�� HVD YNXV RN\K STXN6IU�NVD GN HTGNF\N IG�N WN OGV$ PL�T'U WXNI'U
GN LZRN=XTHNX YNW GK �G Y8� YNR�GUN J6 UNIG YNW UGXKGK IN^NN HVD IG� WNXV RN\V
IXRVN G\ GK UGXKGK 2�NRONI�GNVD GK W�MUNVD GV YXTONM JNVD$ YNE= YNE= 9K HVD OK9NVD GK
OD>�N F��NXV GK W�MU J6@ EOGV I\� GT1 ^NV K� EDWKIX�IMD[ GN\VWNVD GNV YNE= YNE= 9K HVD
FQ\N WN OGUN J6 UNIG +NIR�� HVD P3S [T�NR¿NN RN\K UGXKGK WXNI'U GK HND[ GNV LZMN
IG�N WN OGV$ GT1 IRRIR_N\�NVD HVD EDWKIX�IMD[ U)NN L]N6_NVI[GK GV IR+NN[NVD GN QWN= F��NGM
P8JVD EDWKIX�IMD[ �RD L]N6_NVI[GK GV P3S GV8Q] FXN�N WN OGUN J6$ ONHTQNI�G LNVI\9VI'XGNVD
GNV �VOV QZMRUK= []NHK�N E\NGNVD HVD \V WNXV GK W�MU J6 WJND [MKFK GK MV>NN OV XKSV
WKRX�NLX GMXV RN\NVD GN WHNR J6$ �J +NK HJ¿RLZ�N= J6 IG WKRX /UM GNV U)NN O4NE= GK
QNN GNV OT�NNMXV GV PtV� OV@ []NHK�N W�MUNVD GNV LZMN GMXV GV I\� L]N6_NVI[GK GV Y8UM�N GV
L]�NONVD GNV /N"NX FX�N WN�$
MN7�NVD GV LIMQC� OV
��� MN7�NVD XV@ IRNV�N �L OV IRR F6DG GK OJN�UN OV@ LNVI\9VI'XG IN^NN HVD L�N=,U L][IU
GK J6$ YXVG MN7�NVD# OD"N MN7� ^NV NVD XV IOIR\ IXHN=�N GN�= GV ^NV HVD YLXV L]�5X WNMK M>NV
J6D$ IJHNS\ L]QVN@ IFJNM@ P¿NM L]QVN@ YN8�N] L]QVN@ H�� L]QVN YNIQ XV EO IQNN HVD GQH
P%N� J6D$
L]N6_NVI[GK IRGNO IHNX
��� EO LIM�NVWXN GV YDU[=U@ IQ<\K@ HTDFE=@ >N0�[LTM@ GNXLTM YN6M SV8XE= HVD I/)NU LNDS
+NNMUK� L]N6_NVI[GK OD/)NNXNVD HVD YN6M YNE= YNE= �O OK@ FD[\N6M HVD@ � WVXI9G IR�N�NVD HVD � P3S
/UMK� L]N6_NVI[GK IRGNO IHNX Ñ9K 0K �HÐ IQO(FM@ ���� HVD NT� IG� [�$ EX
LIM�NVWXNYNVD HVD YN6_NVI[G OJ�NV[ GN IRNV�N OD"N9G NNIH\ )NN$ O+NK L]N6_NVI[GK IRGNO
IHNXNVD GK YI8UH IMLNV9V� YN6M +NIR�� HVD GK WNXV RN\K GNM=RNE= GV FNMV HVD 9K 0K �H ODFD�NK
MN�9�K� ODSN\X OIHIU `NMN SSN= GK [E=$ �J IX�N=� I\�N [�N IG LIM�NVWXN GN �G QZOMN
SM�N JNV[N@ IWOGV I\� O+NK IHNX YLXK LIM�NVWXN IMLNV9V� U6�NM GMVD[V$ F6%G HVD EO HT>�
IR�N� LM IRNV�N ��NX IQ�N [�N IG XE= IRGIOU L]N6_NVI[GK GN RNI�NI7�GM�N G6OV IG�N
WN�[N@ YN6M +NN[ \VXV RN\V ��� P_NV[NVD HVD OV �� P_NV[NVD OV L]N,U L]IUIG]�N GNV P5ONJWXG
LN�N [�N$ YI�NGNDN OJ+NNI[�NVD XV HJOZO IG�N IG +NNMUK� L]N6_NVI[GK OD/)NNXNVD GV ON)N
IH\GM GNH GMXN �G OTO(L8X YXT+NR J6 YN6M �VOK LIM�NVWXNYNVD GNV P5LNQX GV ^NV HVD
JN)N HVD I\�N WN OGUN J6$ IHNXNVD XV L]N6_NVI[IG�NVD@ PL/GMNVD YN6M PLN�NVD GV X� IRGNO GNV
F��NRN QVXV GV GN�= HVD +NK OJN�UN QK@ YN6M GT1 HNH\NVD HVD PL/GM GV I0WNEX HVD 1NV9N ON
LIMRU=X +NK POGV GN�=@ IX�LNQX HVD GN4K RCI� GM OGUN J6$ GT1 JK P_NV[NVD GV GN�=G]H HVD
GT1 >NNIH�ND FUNE�@ W6OV@ \N[UL]+NNRK L]N6_NVI[GK GV IRGNO GV I\� OH� GN L�N=,U X
JNVXN� WFIG GT1 QZOMV P_NV[NVD XV HJOZO IG�N IG UKX ON\ GKYRI�N FJTU \(FK )NK@ YNIQ$
+NN�NNYNVD GK P8XIU YN6M IRGNO
��� IR+NN[ YMFK@ 4NMOK@ OD/GCU W6OK L]NSKX +NN�NNYNVD YN6M IJ8QK@ PQZ=@ IOD�NK W6OK
YN�NTIXG +NNMUK� +NN�NNYNVD GV IRGNO GV I\� OH)N=X U)NN OJN�UN QVUN MJN J6$ EO ODQ+N= HVD@
PQZ= +NN�NN GK UM'GK GV I\� MN�9�K� LIM�NQ GNV /RN�¿NUN L]QNX GMXN@ IOD�NK +NN�NN GK P8XIU
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GV I\� MN�9�K� LIM�NQ /)NNILU GMXN YN6M R�N= �������� GNV OD/GCUR�N= GV �L HVD HXNXN
GT1 P<\V>NXK� "N9XN�D J6D$ +NNMUK� L]NSKX +NN�NN YXTQNX YN�NV[ GK /)NNLXN GN L]/UNR
IRSNMN�NKX J6$ IRRGNVN �XONE'\N:LKI0G I0'NXMKРGK OHK^NN GK WN MJK J6 YN6M EOV
GV8Q]K� OMGNM GK ��� L]IUNU IR¿N 2�R/)NN GV ON)N MN�9�K� LIM�NVWXN HVD FQ\ QVXV GN
L]/UNR J6@ UNIG �J Y[\V �� R�NNV� HVD LZMK JNV WN�$ OD/GCU GNV GD,�Z9M GN�=@ YXTRNQ YN6M
IR.NX GK IN^NN GV ^NV HVD LTXWK=IRU GMXV GV I\� Y8� /GKHVD +NK GN�N=I8RU GK WN MJK J6D$
��� EOGV Y\NRN@ IR+NN[ GHKMK@ XVLN\K YN6M GNVDG�NK +NN�NNYNVD GV IRGNO GV L]/UNRNVD LM
+NK IRSNM GM MJN J6$
LT/UG ODR�N=X GN�=G\NL
��� IR+NN[ IRI+N8X /GKHNVD GV HN��H OV YN6M MN�9�K� LT/UG 8�NO GV HN��H OV LT/UG
ODR�N=X GV GN�=G\NL S\N MJN J6$ MN�9�K� LT/UG 8�NO ÑXVNX\ FTG 9�/9Ð ���� HVD ONVONE9K
LDWKGM�N YI�NIX�H GV YDU[=U �G /RN�¿N IXGN� GV �L HVD /)NNILU IG�N [�N )NN$ 8�NO
I4\JN\ IQ<\K HVD QNV IGMN� GV HGNXNVD HVD GNH GM MJN J6 '�NVDIG EOGV LNO YLXN +NRX
XJKD J6$
1N RCIµN�ND
��� IR+NN[ L]IU+NNNN\K U)NN W�MUHDQ 1N NVD GNV +NNMU HVD Y���X GMXV GV I\� IR¿NK�
OJN�UN QVUN J6 YN6M IRQVNNVD HVD IRIN�9 LN%a�G]HNVD GV I\� OTLN 1N NVD GNV STXGM IRQVN +NK
+NVWUN J6$ MN�9�K� 1N RCI¿N /GKH YN6M []NHK�N ^NV NVD GV I\� L]IU+NNRNX F3SNVD GK /GKH GK
OHK^NN GMXV GV I\� �G OIHIU [I%U GK [E= J6$ R�N= ���� HVD L]NMD+N GK [E= MN�9�K� B�N
1N RCI¿N /GKH GNV FQ\ GM POGV YDU[=U QK WNXV RN\K 1N RCI¿N GK MNIN�NVD GNV F��N�N WN
MJN J6 YN6M LZ�N=GNI\G HN8�UNL]N,U 2�NRONI�G LN%a�G]HNVD GV I\� 1N NVD GNV IQ� [� B�NNVD
LM &�NW OI&O0K QVXV GN IRSNM IG�N WN MJN J6$
YXTOZISU WNIU�NVD#YXTOZISU WXWNIU�NVD#Y8� IL10�V R[NV�#Y<LOD>�GNVD GK IN^NN
��� XN6RKD �NVWXN �O OK@ �O 9K@ YNV FK OK YN6M Y<LOD>�GNVD GNV P8XU YN6M NIlO(L8X
FXNXV GV I\� L]IUF� J6$ OMGNM GV MN�9�K� �WVD0N ÑXN[Ð HVD �J /L�9 �L OV GJN [�N J6
IG PL�T'U R6_@ GN�=GNMK YN6M ONHNIWG L]�5XNVD GV `NMN PXGV IJUNVD GK M^NN GK WN�[K@
PXGNV ONHNIWGYNI)N=G QCI�9 OV NI'U# YI�NGNM O(L8X FXN�N WN�[N@ PXGK N6I^NG
I/)NIU GNV OT�NNMN WN�[N@ YN6M EOGV I\� ���� UG ONR=WIXG L]N)NIHG IN^NN �Z LK E=РGN
OJNMN I\�N WN�[N$ EOGV Y\NRN@ GH ON^NMUN RN\V E\NGNVD LM@ MNVW[NMNV8HT>N IN^NN YN6M
IRIR�NKGCU 2�NRONI�G L]IN^N�N LM@ IHI0\# JNE= /GZ\ /UMNVD LM IN^NN GV 2�RON�KGM�N@
YN6M IRNV�N �L OV WXWNUK� ^NV NVD HVD GN�N=5HG QCI�9 OV O^NH U)NN P5LNQG IN^NN GK
2�R/)NN GMXV GV I\� GNHIQ\Nc O"NX LN%a�G]HNVD LM IRNV�N ��NX IQ�N WN�[N >NNOUN6M
LM@ [MKFK GK MV>NN OV XKSV WKRX�NLX GMXV RN\NVD GV I\�@ LK YNM YNE= GV HN��H OV@ IN^NN
GK L][IU LM XWM M>NXV GN IRSNM IG�N [�N J6$
��� �_IL IL1\V GT1 QNGNVD OV YXTOZISU WNIU�NVD# YXTOZISU WXWNIU�NVD GK ON^NMUN
QMNVD HVD GN4K LIMRU=X XWM YN MJN J6 YN6M IRI+N8X OMGNMK IR+NN[NVD `NMN EX OHZJNVD GNV \N+N
LJTDSNXV GV I\� LJ\V OV YI�NG OD>�N HVD /GKHVDVD@ IRNV�N �L OV N6I^NG /GKHVD S\ MJK J6D@ I4M
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+NK ONHN8� WXUN GK UT\XN HVD EX OHZJNVD GK ON^NMUN QMNVD YN6M +NUK=# XNHNDGX YXTLNU HVD
GN4K F0�N Y8UMN\ YF +NK HN6WZQ J6� Y\F¿NN@ L]N)NIHG /UM LM YXTOZISU WNIU�NVD GV
XNHNDGX YXTLNU HVD RCI� JTE= J6$
LZRNV=µNM ^NV HVD N6I^NG IRGNO
��� ,NZRNV=¿NM ^NV HVD IR+NN[ YXVG X� GN�=G]H S\N MJN J6$ LZRNV=¿NM ^NV HVD YL]INI^NU
Y��NLGNVD GV cDSV L]IUNU �� L]IUNUРGNV QV>NUV JT�@ RJND GV YL]INI^NU /GZ\K Y��NLGNVD GV
I\� E;XZ �NXK EI8QMN [N�DNK MN�9�K� HTl IRRIR_N\� YN6M �X OK E= YNM 9K �NXK MN�9�K�
N6I^NG YXTOD�NNX �RD L]IN^N�N LIM�NQa `NMN �G IRNV�N I0,\NVHN LN%a�G]H L]N)NIHG IN^NN HVD
I0,\NVHN Ñ0K LK E=Ð SN\Z IG�N [�N J6$ YN:LMVNX &\6GFNV0= ÑYNV FKÐ@ YN6LSNIMG IN^NN Ñ�X �4
E=Ð YN6M Y��NLG IN^NN Ñ9K E=Ð GK GV8Q] L]N�NVIWU /GKHVD +NK YI�NGNDN LZRNV=¿NM MN7�NVD HVD S\
MJK J6D$ IW\N L]N)NIHG IN^NN GN�=G]H Ñ0K LK E= LKÐ YOH GV XN6 IW\NVD HVD GN�N=I8RU IG�N
WN MJN J6$ \[+N[ �� GMNV0� �L�N LZRNV=¿NM ^NV HVD Y��NLGNVD GK IN^NN GV I\� IQ�N WN MJN
J6$
��� GV8Q]K� OMGNM `NMN LZRNV=¿NM ^NV HVD HN��IHG IN^NN GV ^NV HVD WNV GN�= IG� WN MJV J6D@
RV IR.NX GK IN^NN HVD OT�NNM@ /GZ\K IN^NN GN L�N=RMI�NG YI+NIR8�NO@ IN^NN GN
2�RON�KGM�N@ 1N NYNVD GV I\� FNVI0�[# JNV/9\ OTIR�NNYNVD GNV OTQC�� GMXV GV I\� [6M
OMGNMK OD[%XNVD GNV OJN�UN YN6M IRG\ND[ F3SNVD GV I\� �GKGCU IN^NN YNIQ GV I\� J6D$
LZRNV=¿NM ^NV HVD �� GV8Q]K� IR_N\� YN6M �� XRNVQ� IR_N\� S\ MJV J6D$
��� P3S U)NN UGXKGK IN^NN GV ^NV HVD@ XN6RKD �NVWXN YRI�N HVD@ GT\ IH\NGM GV8Q]K�
IRRIR_N\�NVD GV I\� ��� GMNV0� �L� GN YNFD9X IG�N [�N J6 IWOHVD OV �� GMNV0� �L�
LZRNV=¿NM ^NV GV XVJZ @ XN[N\6D0@ YOH YN6M UVWLTM IRRIR_N\�NVD GV I\� J6D WNV GV8Q]K�
IRRIR_N\�NVD GV I\� YNFDI9U FW9 GN ����� L]IUNU J6$ MN7�NVD GV IRRIR_N\� OV'9M HVD@
IRRIR_N\� YXTQNX YN�NV[ XV ����� GMNV0a �L� [TRNJN9K@ I0F]Z[��@ HI�NLTM YN6M I LTMN
IRRIR_N\�NVD GNV YNFDI9U IG� J6D WNV MN7� IRRIR_N\�NVD GNV YNFDI9U GT\ MNIN GN ����
L]IUNU J6D$
��� IR+NN[@ LZRNV=¿NM ^NV GV 1N NVD GK P3S U)NN UGXKGK IN^NN GV I\� OTIR�NN�D QVXV GNV
FJTU P5OTG J6$ XN6RKD �NVWXN HVD � YNE= E= OK 9K E= XV PO ^NV HVD � EDWKIX�IMD[ GN\VW@ ��
LNVI\9VI'XG@ � �H FK � YN6M � �H OK � /UM GV GN\VW >NNV\XV GV I\� YXTHNVQX QV IQ�N
J6$ GV8Q]K� OMGNM XV [TRNJN9K HVD �G YNE= YNE= 9K@ IO\SM HVD �G ^NV K� EDWKIX�IMD[
GN\VW@ YN6M E9NX[M HVD IR.NX U)NN L]N6_NVI[GK GN LZRNV=¿NM ^NV K� OD/)NNX@ OD�T'U PLG]HNVD GV
�L HVD /)NNILU IG� J6D$
��� PL�T='U GV YIUIM'U@ LZRNV=¿NM MN7�NVD GV 1N NVD GV I\� +NNMU GV IRI+N8X EDWKIX�IMD[
GN\VWNVD YN6M LNVI\9VI'XGNVD HVD I0[]K /UM LM ��� OK9VD YN6M I0,\NVHN /UM LM ��� OK9VD
YNMI^NU GK [E= J6D$
��� IJ8QK Y��NLGNVD GK IX�TI'U GK �NVWXN GV Y8U[=U@ � GMNV0� �L� GV GT\ L]NR�NNX HVD
OV LZRNV=¿NM GV I\� ���� GMNV0� �L� WNMK IG� WN STGV J6D$
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305
G\N YN6M OD/GCIU
��� OD/GCIU \NV[NVD GK PL\I&�N�NVD GN LZDWK+NZU �L JNVXV GV GNM�N@ O+NK IRGNON5HG
GN�=G\NLNVD OV Y5�8U "NIX�%UN OV WT0�K J6$ IRGNO �NVWXNYNVD GK O4\UN GN HZ<�NDGX YNH
WXUN GK OND/GCIUG NI'U YN6M Y8� IRIN�9UNYNVD GNV IJONF HVD I\� IFXN XJKD IG�N WN
OGUN$ EOI\� XN6RKD �NVWXN HVD OD/GCIU GV O+NK L^NNVD GV M^N�N@ ODM^N�N@ L]ONM�N U)NN ODR�N=X
LM F\ IQ�N [�N J6$ QVN GK LTMNUNI5RG IRMNOU GV LIMM^N�N U)NN /HNMGK� ODGT\NVD#
LIMOMNVD YN6M OD[]JN\�NVD GV IRGNO GK �G 2�NLG �NVWXN LM ��NX GVI8Q]U IG�N [�N J6$
EOGV Y\NRN@ YIH\V>NNVD O(F8�NK IRMNOU GV LIMM^N�N YN6M NN/ K�@ \NVG@ WXWNUK� G\N
U)NN IN<L �RD �VOK HN6I>NG LM(LMNYNVD GK P8XIU GV I\� +NK L]�NO IG� WN MJV J6D WNV \T,U
JNVXV GV G[NM LM J6D$
��� OD/GCIU IR+NN[ GNV XN6RKD �NVWXN GV I\� ������ GMNV0� �L� GK MNIN YNFDI9U GK [E=
)NK$ OD/GCIU IR+NN[ XV QVN HVD G\N U)NN OD/GCIU GV ODR�N=X GV I\� +NNMU OMGNM GK F0�K
F0�K /GKHVD YN6M GN�=G]H IX�LNIQU IG� J6D$ QVN GK OND/GCIUG IRMNOU GV ODR�N=X@ LIMM^N�N
YN6M ODM^N�N OV ODFDI�NU �NVWXN[U GN�=G]H EO IR+NN[ GV GN�N=\�NVD GV XV9RG= U)NN EOGV
IX�D �N HVD ODSNI\U OND/GCIUG OD/)NNYNVD GV HN��H OV GN�N=I8RU IG� WN MJV J6D$ OD/GCIU
IR+NN[ G\N U)NN OD/GCIU GV ODR�N=X U)NN L]ONM�N GK YXVG /GKHNVD GNV L]5�^N �L OV /R�D
IX�LNIQU GMUN J6$ EOGV GN�=G\NL U)NN GN�=G]H HNV9V UN6M LM ONU NK�NNV� GV YDU[=U
YN�NVIWU IG� WNUV J6D@ WNV EO L]GNM J6D� LTMNU5R@ OD[]JN\�@ YI+N\V>NN[NM@ HNXR IR.NX@
L]QN=XN5HG G\N�D@ LT/UGN\�@ FN6� �RD IU&FUK OD/)NNX YN6M Y8�$
��� WJND UG MN�9�K� YGNQIH�NVD GN ORN\ J6@ OD[KU XN9G YGNQHK R�N= ������ YN6M
������ GV QN6MNX YLXV FW9K� YNFD9X GN ��� L]IUNU PL�NV[ GM OGK YN6M RJ +NNMU
HVD L]IN^N�N GN�=G]HNVD@ 1N RCI¿N�NVD@ LTM/GNMNVD@ L]\V>NNVD YNIQ GV HN��H OV L]QN=XN5HG G\NYNVD GK
P8XIU GV I\� GN�=MU MJK$ EOGV I\�@ POXV XE= LK��K GV G\NGNMNVD OIJU@ IR>�NU �RD
L]IU+NNRNX G\NGNMNVD GV GN�=G]H L]/UTU IG�GMRN�$ YGNQHK XV +NNMUK� +NN�NNYNVD HVD X�
GN2�NVD U)NN XN9GNVD GK MSXN GV I\� X� GIR�NVD U)NN PQK�HNX \V>NGNVD GNV YROM L]QNX
GMXV GV L]�NVWX OV �G XE= /GKH XN9GGNM GN�=NN\N XNH OV L]NMD+N GK$ POXV P3S
/UMK� YXTOD�NNX U)NN L]IN^N�N GV I\� ;RNI\�M HVD +NNMUK� NN/ K� OD[KU GN �G X�N GV8Q]
+NK /)NNILU IG�N$ ONIJ5� YGNQHK GK XN6RKD �NVWXN GV QNVXNVD R�NNV� GV I\� FW9 HVD YNFDI9U
O(LZ�N= MNIN GN PL�NV[ GM OGK$ YGNQHK GV LNO@ L]IUR�N= YLXV GN�=G\NLNVD GNV O(L8X
GMXV GV I\� �G 2�NLG L]GNNX �RD GN�=G]H XKIU J6$ �J +NNMUK� +NN�NNYNVD HVD L]GNINU
ORNV=¿NH ONIJI5�G LI GNYNVD GNV LTM/GNM QVUK J6$
XKIU�ND YN6M M�NXKIU�ND X� GQH
��� LJ\V OV S\V YN MJV GN�=G]HNVD GNV YN[V WNMK M>NXV YN6M IRI+N8X G\N �RD OND/GCIUG
�LNVD U)NN OND/GCIUG IRMNOU GV ODR�N=X �RD LIMM^N�N GV YIUIM'U@ Y8UMOD[%X XV9RG= GNV
HWFZU GMXV GV GN�= LM F\ IQ�N [�N UNIG OND/GCIUG OD/)NNYNVD GV L]NNOX HVD L]FD�NNV8HT>N
QCI�9GNV�N YLXN�N WN OGV$ GV8Q]K� OD[]JN\�NVD GV FKS YNQNXL]QNX �RD O(LG= 2�R/)NN GNV
OTQC�� FXN�N [�N@ IWOOV �V OD/)NN�D OVRNGN\KX L]IN^N�N@ L]QN=IX�NVD GV YN�NVWX YNIQ GV
GN�= HVD YLXV YXT+NRNVD U)NN ODON�NXNVD GN YNQNXL]QNX GM OGVD$ Y8UMN=�9�K� HNXG /UM L]N,U
GMXV GV I\� OD[]JN\�NVD GNV YNG�N=G FXNXV GK YNR�GUN J6$ EOGV I\� PXHVD G\N
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306
R/UTYNVD GNV %KG OV L]QIN=U GMXN JNV[N YN6M G\NGCIU GNPD9M U)NN IG�NV/G >NNV\XV JNVD[V$
EO ODFD�N HVD MN�9�K� XKIU U6�NM GMXV GV I\� �G MN�9�K� OD[]JN\� YN�NV[ [I%U GMXV GK
YNR�GUN J6@ IWOV RU=HNX I/)NIU GK OHK^NN GMXV YN6M RNDI1U \^� L]N,U GMXV GV I\�
P%N� WNXV RN\V GQHNVD GV FNMV HVD IO4NIMN GMXV GN GNH ON6DLN WN OGUN J6$ OD[]JN\�NVD GN
�G XV9RG= /)NNILU IG�N [�N J6$ IWOGK XNV0\ IW(HVQNMK P¿NMK MN7�NVD GV I\� MN�9�K�
OD[]JN\�NVD GNV@ QI^N�NK MN7�NVD GV I\� O\NMWD[ OD[]JN\� GNV@ LZRK= U)NN P¿NMLZRK= MN7�NVD GV
I\� +NNMUK� OD[]JN\� U)NN IR'9NVIM�N HVHNVIM�\ GNV@ H��RUK= +NNMU GV I\� E\NJNFNQ
OD[]JN\� GNV@ LISHK MN7�NVD GV I\� IL]DO YN4 RV<O (�ZIW�H YN6M MN�9�K� XRG\N RKI)N@
HT(FE= GNV ON6DDLK [E= J6$ OND/GCIUG IRMNOU GV ODM^N�N GV I\� IR.NX U)NN L]N6_NVI[GK ODFD�NK
FVJUM IXIRI�9�NVD GK PL\&�NUN GNV OTIXISU GMXV GV I\� �G R6.NIXG O\NJGNM OIHIU
+NK [I%U GK [E= J6$ [6MOMGNMK OD[%XNVD GNV P5LNQX YXTQNXNVD U)NN RVUX GV I\� IR¿NK�
OJN�UN YN6M G\N U)NN OD/GCIU GV ^NV HVD Y��VUNRCI¿N�ND QVXV GK /GKH YF ODNNVI�NU GM QK
[E= J6 YN6M YI�NGNDN HNH\NVD HVD MNIN GNV ��� L]IUNU F��N IQ�N [�N J6 YN6M OND/GCIUG
Y)N=NN/ @ OND/GCIUG OD/)NNYNVD GN L]FD�N@ ODM^N�N GN R6.NIXG U)NN L]N6_NVI[GK� IO�N8U YNIQ
GV X� YXTOD�NNX ^NV NVD HVD 1N RCI¿N�ND F��N QK [E= J6D$ ^NV K� U)NN /)NNXK� OD[]JN\�NDVD GNV OTQC��
FXNXV GV I\� IR¿NK� OJN�UN GK /GKH HVD LIMRU=X IG�N [�N J6 YN6M POGN 2�NI,U ^NV F��N
IQ�N [�N J6 IWOOV QVN GV 1NV9V OD[]JN\�NVD GNV +NK OJN�UN QK WN OGV[K$ OD[]JN\�NVD OV �J
+NK GJN [�N J6 IG RV YLXV �NVWXN[U GN�=G\NLNVD GV YDU[=U G\N R/UTYNVD YN6M GCIU�NVD GV
I0IW9KGM�N U)NN L]\V>NX LM +NK WNVM QVD$
��� L�=9G HJ¿R GV YXTONM YI�NGNI�NG /HNMGNVD GNV YLXNXV GV Y\NRN@ +NNMUK� LTMNU¿R
ORV=^N�N IR+NN[ � �O YNE=РGV YDU[=U L�=9X /)N\NVD LM ODD[]JN\�NVD GNV /)NNILU GMXN YN6M
PXGN QWN= F��NXN +NK �G Y8� HJ¿RLZ�N= GN�= J6$ I+NI¿N IS NVD GN ODM^N�N �G GHWNVM L^N
MJN J6$ �NVWXN YN�NV[ XV �G YI>N\ +NNMUK� F6%G FT\NGM �G GN�=G]H L]NMD+N IG�N YN6M
I+NI¿N IS NVD GV ODM^N�N GK /GKH +NNMUK� LTMNU¿R ORV=^N�N `NMN R�N= ������ HVD L]NM(+N GK
[E=$ EO /GKH GNV QVJMNQZX@ E8QN6M@ W�LTM@ YN6MD[NFNQ YN6M H6OZM HVD YX8� �L OV I+NI¿N
IS NVD GV ODM^N�N GV I\� LNDS LIM�NVWXN NN>NN GN�N=\� >NNV\GM YN6M HWFZU IG�N [�N J6$
��� QVN GV LTMNUNI5RG IRMNOU GV ODM^N�N GV I\� YN6M /HNMGK� LIMOMNVD GV IRGNO GV
I\� �G 2�NLG �NVWXN FXNE= [E= J6$ � �O YNE= 2�NLG IRGNO GV I\� ��� /HNMGK�
LIMOMNVD GNV YLXV JN)N HVD \V[N� �J GN�= JNV MJN J6$ /HNMGNVD GV L]FD�N GK �G Y8� /GKH
L]NMD+N GK [E= J6 IWOGV YDU[=U /HNMGNVD GN LIMM^N�N IG�N WN�[N YN6M �VIUJNIOG P_NXNVD GNV
PXGK HZ\ N6\K HVD LTXWKIR=U IG�N WN�[N$ WJND UG � �O YNE= `NMN IXI�N�NVD GVV PL�NV[
GN ODFD�N J6@ �J XN6RKD �NVWXN GV LJ\V QNV R�NNV� HVD YNFDI9U MNIN GV ��� L]IUNU OV +NK YI�NG
J6$
��� +NNMUK� HNXR IR.NX ORV=^N�N IR+NN[ GV GN�=G]HNVD# GN�=G\NLNVD GNV HWFZU GMXV YN6M
PXHVD OT�NNM GMXV GV I\� OJN�UN QK [E= J6$ ONIJ5�@ G\N YN6M WKRX GV Y8� ^NV NVD GV YIU
IRIN�9 2�I'U�NVD GNV@ WNV YNI)N=G QCI�9 OV >N/UNJN\ J6D@ IQ� WNXV RN\V YXTQNXNVD HVD RCI� GMGV
OJN�UN QK [E= J6 YN6M OND/GCIUG GN�=G\NLNVD YNIQ HVD WT9V /R6I31G OD[%XNVD GNV YXTOD�NNX
GN�NV� GV I\� IR¿NK� OJN�UN QVXV GK /GKHNVD HVD ODNNV�NX GMGV YI�NG OH)N=XOJN�UN QK
[E= J6$ GT1 X� GN�=G]HNVD# OD/)NNYNVD GNV +NK OH)N=X �RD OJN�UN QK [E= J6@ W6OV@ +NNMU GV
MN�9�K� YI+N\V>NN[NM GV YDU[=U MN�9�K� LN�0TI\IL IHNX@ IRIN�9 L]QN=XK� G\N LIM�NVWXNYNVD
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307
GV I\� /R6I31G OND/GCIUG OD[%XNVD# 2�I'U�NVD GNV IR¿NK� OJN�UN GK /GKH GV YDU[=U
MN7�P5ORNVD GN YN�NVWX@ LN�0TI\IL�NVD GV LIMM^N�N U)NN ODM^N�N GV GN�= GNV OF\ FXNXN@
IWOGV I\� [6M OMGNMK OD[%XNVD U)NN OND/GCIUG 2�NI,U ^NV F��NXN@ MN�9�K� /UM GV
OD[]JN\�NVD `NMN "NMV\Z �NXK QVN HVD L]QN=IX�NVD LM YI�NG F\ QVXN@ OD[]JN\� GV GNIH=GNVD GV
I\� UGXKGK U)NN L]FD�NGK� L]IN^N�N GK 2�R/)NN GMXN@ MN�9�K� LTMNRNV�N MIW/9M U6�NM
GMXN YN6M IR.NX GV8Q] /)NNILU GMXN$
��� YNDSI\G OND/GCIU GV8Q]NVD@ MN�9�K� XN9a� IR_N\�NVD GV O+NK IRGNON5HG GN�=G\NLNVD GNV
OJNMN IQ�N [�N$
��� ONU YNDSI\G OND/GCIUG GV8Q]NVD XV QVN HVD OND/GCIU YN8QNV\X GNV YN6M YN[V F��NXV U)NN
HWFZU GMXV GV GN�= HVD YLXK HJ¿RLZ�N= +NZIHGN YQN GK$ EOGV I\� P8JNVDXV []NHK�N U)NN
NJMK E\NGNVD HVD OND/GCIUG OHNMNVJ# P5OR# GN�=G]H YN�NVIWU IG� YN6M MN7�NVD GV ODFDI�NU
IR+NN[NVD U)NN [6M OMGNMK OD[%XNVD GV ON)N IH\GM WXWNUK� U)NN \NVG G\N �LNVD GV
LIMM^N�N@ P8X�X U)NN ODM^N�N GV I\� YLXV L]�NO WNMK M>NV$ R�N= ���� HVD /)NNILU YX8UHZIU=
OIHIU XV ODMSXN5HG LIMRU=XNVD@ L]NNOIXG 2�� HVD G9N6UK@ YGNQIH�NVD U)NN YNDSI\G
OND/GCIUG GV8Q]NVD YNIQ GV FKS FVJUM OH8R� GK IO4NIMN GK )NK$
��� \VJ YN6M ONMXN)N HVD I/)NU FN6� U)NN IU&FUK Y���X GV8Q]NVD@ XN\DQN HVD XRXN\DQN
HJNIRJNM@ IU&FU JNPO UNRND[@ HNVXN/9�K /GZ\ YNIQ GNV OTQC�� FXNXV YN6M PXGV YN�NNM+NZU
�NDSV GNV OT�NNMXV GV I\� +NK OJN�UN QK WN MJK J6 '�NVDIG �V /)NNX FN6� �NH= GV QT\=+N []8)NNVD
GV +N�0NM J6D YN6M FN6� Y���X GV L]IO� GV8Q] J6D$ OHK^NN OIHIU�ND FXNE= [E� IW8JNVDXV PXGV
GN�=G\NLNVD GN IXMK^N�N �RD OHK^NN GK$ R�N= �������� GV QN6MNX \VJ I/)NU I/LUTG H% GNV
XRKGM�N �RD WK�NNV=�NM GV I\� �NVWXN YN�NV[ `NMN � GMNV0� �L� GK IRNV�N OJN�UN QK [E=$
��� LZRNV=¿NM ^NV HVD ÑIOI'GH OIJUÐ G\N U)NN OD/GCIU GV ^NV HVD IRGNO GN�NV� GV ODR�N=X
U)NN OH)N=X LM ��NX GVI8Q]U GMXN �NVWXN YN�NV[ GK XKIU�NVD GN HZ\ PtV� J6 YN6M O+NK
IR+NN[NVD GV �NVWXN FW9 GN �� L]IUNU +NN[ /L�9 �L OV PO ^NV GK �VOK LIM�NVWXNYNVD
U)NN GN�=G]HNVD GV I\� IX�NN=IMU IG�N WNUN J6$ LZRNV=¿NM ^NV HVD G\N U)NN OD/GCIU GV ODR�N=X
GV I\� �G IRNV�N GQH GV �L HVD@ OD/GCIU IR+NN[ IRI+N8X /GKHNVD GV YDU[=U �NXMNIN�ND
YNFDI9U GMUN J6$ EXHVD OV GT1 L]HT>N /GKHVD J6D� MN7�NVD HVD FJTL]�NVWXK OND/GCIUG ODGT\NVD GK
/)NNLXN@ IWOHVD F3SNVD GV ODGT\ NNIH\ J6D� ^NV K� U)NN /)NNXK� OD[]JN\�NVD GV ODR�N=X U)NN
OTQC��KGM�N GK /GKH@ [TRNJN9K HVD +NNMU GV MN�9�K� YI+N\V>NN[NM GV ^NV K� GV8Q] GK /)NNLXN@
MN7�NVD GK IRMNOU W6OV /HNMGNVD@ IS GNIM�NVD@ LN�0TI\IL�NVD GV ODM^N�N@ YXTM^N�N U)NN XRKGM�N
GV I\� IR¿NK� U)NN UGXKGK OJN�UN@ IR.NX GV8Q]# OD[]JN\�NVD GK /)NNLXN YN6M FN6� U)NN
IU&FUK OD/)NNXNVD# OD[%XNVD GNV OJN�UNYXTQNX QVXV GK �NVWXN$
MN7�NVD HVD IRµNK� L][IU
��� XN6RKD LDSR�NK=� �NVWXN GV I\�@ G\N U)NN OD/GCIU OV'9M GV YDU[=U ������ GMNV0�
�L� GN LIM2�� YXTHNVIQU IG�N [�N )NN@ POGK UT\XN HVD LJ\V QNV R�NNV� GV I\� L]5�NINU
2�� ���� GMNV0� �L� F6%5NN J6$
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GN�= �NVWXN
��� �VON QV>NN [�N J6 IG XN6RKD �NVWXN GV LJ\V QNV R�NNV� HVD@ OD/GCIU IR+NN[ XV �NVWXN
YN�NV[ GV ON)N OH8R� GMGV@ YXVG /GKHNVD GK OHK^NN GK J6 YN6M UQXTONM PXGNV ODNNVI�NU
U)NN P8XU FXN�N J6$ G\N U)NN OD/GCIU GV IRI+N8X �LNVD YN6M IRMNOU GV ODR�N=X U)NN
LIMM^N�N GV I\� YLXV LJ\V OV S\V YN MJV GN�=G\NLNVD GNV WNMK M>NUV JT�@ EO YRI�N GV
QN6MNX HT>� F\ EO FNU LM IQ�N WNUN MJN J6 IG XV9RG= /)NNILU GMGV OND/GCIUG OD/)NNYNVD
GV FKS GV ODFD�NNVD GNV QC�� IG�N WN� YN6M L]NNOX HVD L]FD�NNV8HT>NK QCI�9GNV�NNVD GNV YLXNGM YN6M
XRKXUH OZSXN L]N6_NVI[GK@ YN6M LD]FD�N U)NN R6.NIXG IO�N8UNVD GN YXTOM�N GMUV JT� PXGV
PtV�NVD GNV L]N,U IG�N WN�$ �V ONMV L]�NO G\N U)NN OD/GCIU GV ODR�N=X U)NN L]ONM GK
/GKH YN6M 1N RCI¿N�NVD GK /GKH HVD I\� [� OD[]JN\�NVD GV IRRM�NN5HG XV9RG= GK /)NNLXN@
OJN�UN YXTQNX W6OK YXVG IR¿NK� OJN�UN GK /GKHNVD HVD ODNNV�NX@ W6OK OJN�UN GNV ��
L]IUNU OV F��NGM ��� L]IUNU GMXN@ L]IUIFDIFU JNVUV J6D$ IXWK OV'9M GNV +NK OND/GCIUG
OV'9M HVD S\ MJV GN�=G\NLNVD HVD YN6M /HNMGK� L�=9X GV L]FD�N GNV F��NRN QVXV GV GN�= HVD
NNIH\ IG�N WN MJN J6 YN6M EO JVUT HNS= ���� HVD /)NNILU MN�9�K� OD/GCIU GNV�N GK /GKH
GN PL�NV[ IG�N WN MJN J6$ EOGV I\� YN�GM HVD ��� L]IUNU 1Z9 QK [E= J6$ EO /GKH
GV UJU GT1 X� L]/UNR +NK OD/GCIU IR+NN[ GV IRSNMN�NKX J6D$ WNVX\ OND/GCIUG GV8Q]NVD GV
GN�=G\NLNVD GV HN��H OV@ QZM/)N []NHK�N ^NV NVD HVD MJXV RN\V \NV[NVD UG LJTDSXN OD+NR JNV [�N
J6$ �V GN�=G\NL J6D� L]QN=XN5HG G\NYNVD U)NN IN<LNVD GK �NVWXN�D@ MN�9�K� OND/GCIUG YNQNX
L]QNX GN�=G]H@ \T,UL]N� �N HCUL]N� G\N �LNVD GK M^NN GV I\� L]\V>NX GV8Q]NVD GK /)NNLXN@
YN6M INI<L�NVD GNV ODR�N=XN5HG U)NN IRL�NXN5HG OTIR�NN�D QVXV GV I\� IN<L[]NHNVD GK /)NNLXN$
��� LTMNU5R@ LT/UGN\�NVD YN6M YI+N\V>NN[NMNVD GV OV'9M GV I\� XN6RKD �NVWXN GV L]HT>N IR�N�NVD
GV YXTONM@ LJ\V OV YI�NG LIMR�� M>NN [�N J6@ \VIGX OD[]JN\�NVD GV HNH\V HVD �J FJTU
GT1 PUXN JK MJN J6� �J �G IS8UN GN IR�N� J6$ GT1 /GKHNVD GN L]+NNRK U)NN GTN\
GN�N=8R�X XN6RKD �NVWXN GV LJ\V QNV R�NNV� HVD �NVWXN YNFD9X GV PL�NV[ HVD L]IUIFI(FU JNVUN J6$
GT1 ^NV NVD HVD UNV O4\UN YR� JK L]5�NINU /UM UG XJKD JTE= J6@ IRNV�N �L OV LZDWK[U
IXHN=�NGN�NV� HVD@ W6OV MN�9�K� XR G\NRKI)N GV OD\;X +NRX �XV'OKРGV IXHN=�N GN�=G]H HVD@
WNV Y+NK NT� JK XJKD JTYN J6@ YN6M MN�9�K� LT/UGN\�@ G\G¿NN GV +NN�NN +NRX GV IXHN=�N GN�=
HVD$
��� �J LN�N [�N J6 IG GT1 O(F� U)NN Y�NKX/)N GN�N=\�NVD GV HNH\V HVD 2�� GV /UM HVD
GHK MJK J6$ �V GN�N=\� J6D� +NNMU GN MN�9�K� YI+N\V>NN[NM@ MN�9�K� YXTOD�NNX L]�NV[NN\N@ YN6M
MN�9�K� LT/UGN\� G\G¿NN$ EOGV I\� WNV GNM�N FUN�N [�N J6@ RJ J6� LZDWK[U IXHN=�N
GN�NV� GV I\� YNFD9XNVD GV FKS ODUT\X GN Y+NNR YN6M ODFDI�NU OD/)NNYNVD `NMN P8JVD LZMN GMXV
GV HN[= HVD YNXV RN\K YN�NNM+NZU �NDSV GK �GNR9VD$
��� OD/GCIU IR+NN[ `NMN LZ�N= �L OV IRI�N LNVI�NU OD[%XNVD GV YI�NGNDN �NVWXN 2�� GN
PtV� PXGV ODM^N�N ODFD�NK GN�=G\NLNVD GN YN�NTIXGKGM�N@ P8X�X YN6M YXTM^N�N J6 YN6M G\N
R/UTYNVD@ LT/UGNVD U)NN LN�0TI\IL�NVD GV YI�NG ODM^N�N YN6M M^N�N GV I\� X� GN�=�H S\NXN J6
IW8JVD IR+NN[ XN6RKD �NVWXN HVD L]NM(+N GMXV GN IRSNM M>NUN J6$ P8JVD +NK XN6RKD �NVWXN GV I\�
O(HU IR¿NK� ODON�NX IQ� WNXV SNIJ�D$ GT1 OD/)NN�D@ W6OV YNE= WK YNM �H �O@ G\N ^NV @
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SV8XE= YNIQ YLXK LZDWK[U LIM�NVWXNYNVD GV I\� OJN�UN SNJUK J6D$ +NNMUK� LTMNU5R ORV=^N�N
GNV +NK HN6WZQN /HNMGNVD GV M>NM>NNR GV Y\NRN@ ODM^N�N GV X� /)N\NVD GV I\� YIUIM'U IXI�N�NVD
GK YNR�GUN JNV[K$ IR¿NK� ODON�NXNVD GK UD[K XV IR+NN[ GNV GT1 XE= LIM�NVWXN�D JN)N HVD
\VXV OV MNVG IQ�N J6 '�NVDIG YNFD9X LZRN=XTHNIXU /UM OV GN4K XKSV MJV J6D$
�TRN GN�= YN6M >NV\
��� �TRN R[= OHNW �N ORN=I�NG OCWXN5HG YD[ J6$ �TRN R[= +NNMU GK GT\ WXOD>�N GN
\;N+N[ �� L]IUNU J6$ 2�I'U[U P5LNQGUN GNV F��NXV GV I\� /RN/)� U)NN NNMKIMG /R/)NUN
GV I\� NNMKIMG IN^NN GK YNR�GUN U)NN HJ¿R UNV OR=HN8� J6 JK@ ON)N JK >NV\NVD GNV
HXNVMDWX YN6M OD+NNIRU ONHNIWG ON6JNQ= U)NN YXTNNOX GV ON�NX GV �L HVD LZ�N= HN8�UN L]N,U
J6$ XN6RKD LDSR�NK=� �NVWXN HVD IWO ^NV LM WNVM IQ�N [�N@ RJ J6 �TRN NI'U GN OQTL�NV[
GMXN$
��� �TRN GN�= YN6M >NV\ IR+NN[ GV I\� XN6RKD �NVWXN HVD ������ GMNV0a �L� GN LIM2��
YXTHNVIQU IG�N [�N J6 YN6M �������� GV QN6MNX OD+NRU�N \[+N[ ������ GMNV0� �L� >NS=
JT� J6D@ WNVIG YXTHNVIQU LIM2�� GN ����� L]IUNU J6$ EO IR+NN[ GK L]HT>N /GKHVD J6D� MN�9�K�
OVRN /GKH Ñ�X �O �OÐ@ XVJ� �TRN GV8Q] OD[%X Ñ�X RNE= GV �OÐ YN6M +NNMUK� >NV\
L]NI�NGM�N$
��� IR+NN[ XV FUN�N J6 IG YI�NGNDN /GKHNVD GV +NN6IUG \^� L]N,U IG� WN STGV J6D$ MN�9�K�
OVRN /GKH@ XVJ� �TRN GV8Q] OD[%X YN6M �X �O RK �O GV HNH\V HVD@ �TRN GN�= YN6M >NV\
IR+NN[ XV LJ\V QNV R�NNV� HVD YNXTLNIUG PL\I&�N OV GT1 7�NQN JK LN I\�N J6$ I4M +NK GT1
/GKHNVD GV \^�NVD HVD GT1 GHK MJK J6@ W6OV >NV\ ODFD�NK YN�NNM+NZU �NDSV GV IXHN=�N GV I\�
YXTQNX$ EOGN GNM�N �J MJN J6 IG MN7� OMGNMNVD OV L�N=,U HN N HVD L]/UNR L]N,U XJKD JT�
)NV$
��� �TRN GN�= �RD >NV\ IR+NN[ XV �������� HVD MN�9�K� LTXIXHN=�N GNVM Ñ�X YNM OKÐ
XNHG �G /GKH PX �TRNYNVD GV \N+N GV I\� FXNE= )NK IWXGK cWN= GNV MN�9� IXHN=�N GV
OCWXN5HG U)NN P5LNQG GN�=G\NLNVD HVD HNV0�XV GK W�MU J6$ �J /GKH QVN GV Y/OK IW\NVD
HVD �������� OV L]N�NVI[G /GKH GV �L HVD \N[Z GK [E= J6$ WF L]N�NVI[G YR/)NN HVD POGK
L]+NNRGNIMUN YN6M ON)N=GUN IO� JNV WN�[K UF EOV LZMV L6HNXV LM \N[Z IG�N WN�[N$
��� �TRN '\FNVD YN6M >NV\ '\FNVD GK /GKH GNV []NHK�N �TRN U)NN >NV\ '\FNVD GNV OJN�UN
GK /GKH HVD IH\N IQ�N [�N J6$ EOGN PtV� []NHK�N >NV\ L]IU+NNYNVD GNV >NNVWGM P8JVD YN[V
LXLXV GN YROM L]QNX GMXN YN6M �TRN '\FNVD GK ODRCI� GNV F��NRN QVXN J6@ '�NVDIG �TRN
'\FNVD GK ONHNIWG LIMRU=X HVD L]VMG +NZIHGN HNXK [E= J6$
��� IR+NN[ GK >NV\ O(F8�NK GE= /GKHNVD GNV FQ\UK LIMI/)NIU�NVD GV LIML]V^� HVD ODNNVI�NU
GM IQ�N [�N J6 YN6M PXGV IR¿NK� L]IUHNX cDSV IX�NN=IMU GM IQ� [� J6D$ �V /GKHVD J6D�
IRRIR_N\�NVD# GN\VWNVD HVD >NV\ GZQ GV I\� YXTQNX@ >NV\ O(F8�NK YN�NNM+NZU �NDSV GN
IXHN=�N GMXV GV I\� YXTQNX� IOD)NVI9G OUJ GK YNLZIU= YN6M OD/)NNLXN GV I\� OJN�UN� >NV\
L]IU+NN >NNVW 1N RCI¿N /GKHVD YNIQ$ I>N\NI0��NVD U)NN >NV\ O(F8�NK 2�I'U�NVD GNV L]NV5ONJX QVXV
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GV I\� Y8UMN=�9�K� >NV\NVD GV LQG IRWVUNYNVD YN6M PXGV L]IN^NGNVD GNV IRNV�N LTM/GNM GK
�NVWXN GNV ODNNVI�NU IG�N [�N J6$ EO /GKH GV YDU[=U PL\&�N LTM/GNM MNIN YF ����
\N>N �L� OV �� \N>N �L� UG JNV[K$
��� MN�9�K� OVRN /GKH �X �O �OРIRRIR_N\�NVD U)NN �� /UM GV 1N NVD GN ONHTQNI�G
OVRN GV HN��H OV IRGNO GMXV GV I\� �G Y5�8U HJ¿RLZ�N= �NVWXN J6$ YF EOV ODNNVI�NU
IG�N WN MJN J6$ IX�IHU GN�=G\NLNVD GV I\� YN6M IRNV�N INIRM GN�=G]H GV I\� GN�=G]H
IXI�N GNV F��N�N WN�[N$ GV8Q] U)NN IRNV�N -V�NK RN\V MN7�NVD GV FKS GK IR¿NK� L�IU ÑL69X=Ð
GNV EX MN7�NVD GV L^N HVD ODNNVI�NU GMXV GN +NK L]/UNR J6$ XN6RKD �NVWXN HVD /R�DOVRGNVD GN \^�
�� \N>N M>NN [�N )NN$ /GKH GV YDU[=U LDWKGCU /R�DOVRGNVD GK OD>�N R�N= ������ HVD
\[+N[ ����� \N>N )NK$
XVJ� �TRN GV8Q]NVD GV GN�=G]H GK GHWNVIM�ND YN6M IG� WNXV RN\V OT�NNMN5HG PLN�
���� XVJ� �TRN GV8Q] /GKH 1N VUM �TRNYNVD HVD �G \NVGIL]� /GKH MJK J6@ \VIGX EO
GN�=G]H HVD GT1 GHWNVIM�ND J6D$ EO /GKH GV OFOV GHWNVM LJ\TYNVD HVD OV �G LJ\Z �J J6
IG GN�N=5HG /UM ÑIW\N# >N�0 /UMÐ LM EOGN Y8� IRGNON5HG GN�=G\NLNVD GV ON)N
PISU O(LG= XJKD MJUN$ OKIHU O(LG= GN �G HT>� GNM�N �J MJN J6 IG Y8� IR+NN[NVD GV
ON)N EOGN OTLIM+NNI�NU OH8R� XJKD MJUN YN6M IW\N '\V'9MNVD GV LNO EO GN�= GV I\�
OH� GK GHK MJUK J6$ EOI\� YNR�GUN EO FNU GK J6 IG []NHK�N IRGNO GV I+N8X
I+N8X GN�=G]HNVD GK �NVWXN FXNUV OH� JK HN[=IXQV=N +NK EO L]GNM IX�NN=IMU GM I\� WN�D IG
�TRN '\F WNV 1N VUM �TRNYNVD GV OD[I%U /R6I31G OD"N J6D@ P8JVD +NK �VOV GN�=G]H FXNXV YN6M
IX�LNIQU GMXV GV GN�= HVD NNIH\ IG�N WN�$ EO OD[%X GV GN�=G\NLNVD HVD GHWNVM R[NV� GK
+NN[KQNMK GNV F��NRN QVXV GV I\�@ GN�=G]H GK IR�N� R/UT GNV PX R[NV� GK W�MUNVD GV
HTUNIFG �N\N WNXN W�MK J6$
���� XVJ� �TRN GV8Q] OD[%X XV LIMRK^N�N YN6M HZ<�NDGX GK �G L]IG]�N L]NM(+N GK J6 YN6M
6HNIOG L][IU IMLNV9NV� GV HN��H OV PXGV GN�NV� GV FNMV HVD WNXGNMK IH\UK MJUK J6 YN6M
L]NI�NGNMK IW\N GV8Q]NVD GN IX�IHU �L OV OH�OH� LM IXMK^N�N GMUV J6D$ EO YRI�N HVD
L]NI�NGNIM�NVD `NMN ��� IW\N GV8Q]NVD GN IXMK^N�N IG�N [�N$
XVJ� �TRN GV8Q] OD[%X
���� L�N=RM�N GNV Y31K I/)NIU HVD M>NXV GV I\� XVJ� �TRN GV8Q] OD[%X `NMN P%N� [�
GT1 F0�V GQHNVD GN &�NVMN XKSV IQ�N [�N J6�
U��N I RV�NK RX � LV0� \[NXV GN �G GN�=G]H IWOV +NNMUK� �I�� �RD LMDLMN OV
WNV0�N [�N J6$
JIMU +NNMU GN�=G]H � �J �G XE= �RD X� �D[ GK /GKH J6 WNV \NV[NVD GNV@ IRNV�N
�L OV �TRNYNVD GNV@ /RV31N OV LV0� \[NXV GV I\� L]NV5ONIJU GMUK J6$
R8� WKRX GK M>NRN\K � �J GN�=G]H XVJ� �TRN GV8Q] OD[%X YN6M 0&<�Z 0&<�Z
�4 +NNMU `NMN OD�T'U �L OV L]NMD+N IG�N [�N J6$ �J /)NNXK� OHTQN�NVD GNV HN6WZQN R8�
WKRX GV FNMV HVD OSVU M>NUN J6 YN6M RX ODM^N�N GN�= HVD +NN[ \VXV GK L]VM�NN QVUN J6$ �J
GN�=G]H QVN GV ��� IW\NVD HVD GN�N=I8RU IG�N WN MJN J6$
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���� +NNMUK� >NV\ L]NI�NGM�N �O � YNE=РGNV YXTQNX QVXN �TRN GN�= �RD >NV\ IR+NN[ GK
�G F0�K /GKH J6$ +NNMUK� >NV\ L]NI�NGM�N QVN HVD >NV\NVD GV IRGNO GV I\� YXVG /GKHVD
GN�N=I8RU GMUN J6@ W6OV@ MN�9�K� >NV\ L]IU+NN L]IU/L�NN=@ OVXN GV FN\GNVD GK GDLXK GK /GKH@
IRNV�N ^NV >NV\ /GKH@ �O � YNE= L]IN^N�N GV8Q]@ MN�9�K� >NV\ L]IN^N�N# GNVISD[ /GKH@
P5GC�9UN GV8Q] YN6M >NV\ YGNQIH�ND$
QVN HVD >NV\NVD GV IRGNO GV I\� OT!NR
���� �_IL Y8UMN=�9�K� >NV\GZQ OHNMNVJNVD HVD JHNMV L]QN=X HVD GT1 OT�NNM JTYN J6@ I4M +NK
Y8UMN=�9�K� >NV\ L]IU�NVI[UNYNVD W6OV YNV\I(LG >NV\NVD HVD@ JHNMV IX�LNQX GV /UM IF<GT\
ODUNV�NWXG XJKD GJV WN OGUV$ MN7�NVD HVD YN�NM+NZU �NDSV GV IRGNO GK L][IU FJTU JK �NKHK
MJK J6$
���� �G XE= >NV\ XKIU FXNXV GK YNR�GUN J6@ WJND []NHK�N ^NV NVD U)NN /GZ\NVD HVD >NV\
ODR�N=X GNV P3S L]N)NIHGUN QK WN�$ EOGV I\� YN�NNM+NZU �NDSV GN IRGNO GMXN JNV[N YN6M
>N�0@ IW\N@ MN7� U)NN MN�9�K� /UM LM 9ZXN=HVD9 YN�NVIWU GMXV JNVD[V$ []NHK�N ^NV NVD HVD []NH
LDSN�UNVD YN6M �TRN U)NN >NV\ '\FNVD GNV EO L]�NVWX GV I\� YN[V \NXV GK W�MU J6$
���� QVN HVD >NV\ OD/GCIU GNV F��NRN QVXV GV I\� YI�NG G<LXNNK\UN GV ON)N YN6M L]+NNRK
�D[ OV HNO HKI0�N GN PL�NV[ IG�N WN�$
���� +NNMUK� >NV\ L]NI�NGM�N@ >NV\NVD HVD JHNMV I>N\NI0��NVD GV L]QN=X GNV OT�NNMXV GV I\� LZMV
IQ\ OV [D+NKM L]�NO GMV$ >NV\NVD HVD P5GC�9UN GV I\� P8XU L]N6_NVI[GK GN OJNMN FJTU W�MK
J6$ EOGV ON)N JK YN�NNM+NZU �NDSV GNV HWFZU GMXN +NK W�MK J6$ ON)N JK@ LI9�N\N I/)NU >NV\
OD/)NNX �_IL OTOI7WU J6@ I4M +NK POGN YN�NTIXGKGM�N IG� WNXV YN6M >NV\ GV XRKXUH
PLGM�NNVD GNV /)NNILU GMXV GK W�MU J6$ �VOK JK I/)NIU HN6WZQN ^NV K� GV8Q]NVD GK +NK J6$
���� OHTQ]U9K� ^NV NVD HVD U6MNGK GV I\� YN6M �NXTIR=_N GV I\� WXWNUK� E\NGNVD HVD@ EOK L]GNM
Y8� >NV\ IR�NNYNVD GV I\� Y8�N8� ^NV NVD HVD /)NNXK� �L OV PL\&�N L]IU+NNYNVD GK >NNVW GV I\�
L]�5X IG� WNXV SNIJ�D$ R6OV UNV +NNMU OMGNM XV GT1 []NHK�N >NV\NVD GNV HN8�UN L]QNX GM QK
J6 YN6M PXGV L]IN^N�N GNV L]NV5ONJX QV MJK J6@ I4M +NK []NHK�N >NV\ GN�=G]H FJTU GHWNVM
IQ>NNE= QV MJV J6D YN6M PX LM YI�NG ��NX IQ� WNXV GK YNR�GUN J6$ [ND�NK WK GK FTIX�NQK
IN^NN L]�NN\K GV YXTONM@ []NHK�N I>N\NI0��NVD GNV L]NV5ONJX QVXV GV L]�NO IG� WNXV SNIJ�$
���� EX HNH\NVD HVD O\NJ QVXV GV I\� �TRN GN�= �RD >NV\ IR+NN[ `NMN �G >NV\ IR�N�G
[]NHK�N O\NJGNM OIHIU /)NNILU GK WN OGUK J6$ XVJ� �TRN GV8Q]NVD GNV []NHK�N >NV\NVD GV
ODR�N=X U)NN IRGNO GNV L]NV5ONJX QVXV@ []NHK�N L]IU+NNRNX I>N\NI0��NVD GN LUN \[NXV YN6M P8JVD
IRI+N8X >NV\ OHNMNVJNVD# L]IU�NVI[UNYNVD GV I\� L]N�NVIWU GMXV GK IW(HVQNMK ON6DLK WN OGUK
J6$ >NV\ OD"NNVD# OD[%XNVD GN ODSN\X YI�NG LNMQNK=@ \NVGUNDI G YN6M WRNFQVJ JNVXN SNIJ�$
���� IXWK OV'9M GV OJ�NV[ OV@ P8JVD YNG�N=G L]NV5ONJX QVGM@ >NV\ /GZ\ /)NNILU IG� WN
OGUV J6D$
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���� IXWK OV'9M# IX[H OV'9M GK OJ+NNI[UN OV >NV\ IRGNO GNV�N GNV F��N�N WN OGUN
J6 YN6M POGK OJN�UN OV >NV\NVD GN ODR�N=X YN6M >NV\ O(F8�NK YN�NNM+NZU �NDSV GN IRGNO
IG�N WN OGUN J6$
���� /)NNXK� IXGN�NVD@ /GZ\NVD GV L]FD�NGNVD YNIQ GK OJN�UN OV >NV\ O(F8�NK YN�NNM+NZU �NDSV
GV OHTISU M>NM>NNR GV I\� 2�R/)NN GK WN OGUK J6$
���� I>N\NI0��NVD U)NN U5O(F8�NK Y8� 2�I'U�NVD GNV R6.NIXG OJNMN QVXV GV I\� YN6M >NV\
L]IN^NGNVD#GNVSNVD GK GTN\UN GNV P8XU GMXV GV I\� YNR�G L]�NO LJ\V OV YI�NG HN N HVD
IG� WNXV SNIJ�D$ YI�NG O"NX L]IN^N�N YN6M YI�NG L]NV5ONJXNVD GK YNR�GUN J6$ ON)N JK "NI9�N
L]QN=X GV I\� WRNFQVJK U� GK WNXK SNIJ�$ J6QMNFNQ GK MN�9�K� LNV�NNJNM OD/)NN `NMN IG�
[� Y���X GK IO4NIMN GV YXTONM@ I>N\NI0��NVD GV Q6IXG +NNVWX >NS= HVD RCI� GMXV GK
YNR�GUN J6$ EO OH� PXGV +NNVWX LM WNV >NS= IG�N WN MJN J6@ RJ FJTU JK GH J6$
���� >NV\ YN6M NNMKIMG IN^NN GNV IN^NN GK LN%a�S�N= HVD L]+NNRK �L OV NNIH\ IG�N WNXN
SNIJ� YN6M EOGV I\� POV HN��IHG /UM UG �G YIXRN�= IR�N� GN QWN= IQ�N WNXN
SNIJ� YN6M POV 1N NVD GV HZ<�NDGX GK L]�NN\K HVD NNIH\ IG�N WNXN SNIJ�$
XN6RKD �NVWXN GK NV�N YRI�N GV I\� GN�= �NVWXN
���� \^�[U �TRNYNVD GNV@ OZSXN GN L]ONM YN6M YNR�G OH)N=XOJN�UN QVXV GV I\� �G
XNV0\ YI+NGM�N GV �L HVD �TRN GN�= �RD >NV\ IR+NN[ ODON�NXNVD GV L]+NNRK YN6M GTN\ PL�NV[
GV I\� Y8� HD N\�NVD# IR+NN[NVD GV ON)N XV9RG=# O(LG= 2�R/)NN FXNXV GK IRI�N�ND U6�NM
GMV$ �TRNYNVD HVD /RMNVW[NM YN6M P_IHUN GV IRGNO LM F\ IQ�N WN OGUN J6$
���� ONHTQNI�G LNVI\9VI'XGNVD YN6M [6M OMGNMK OD[%XNVD GNV XVJ� �TRN GV8Q] OD[%X GV
2�NRONI�G U)NN L]IN^N�N O(F8�NK GN�=�HNVD HVD 2�NLG �L OV NNIH\ GMXV GK YNR�GUN J6
UNIG []NHK�N U)NN JNIO�V LM M>NV [�@ �TRNYNVD GNV YROM ÑLJTDSÐ PL\&�N GMN� WN OGVD$ �TRN
GN�=G]HNVD GV ^NV HVD GNH GMXV RN\V /R6I31G OD[%XNVD YN6M /ROJN�UN OHZJNVD GNV OJN�UN
QVGM L]NV5ONIJU IG�N WN OGUN J6$ /R6I31G OD[%XNVD GNV IGNNVMNVD GV ^NV HVD GN�= GMXV GV
I\� +NK L]NV5ONJX IQ�N WN OGUN J6$ �TRN '\FNVD GV YN6M HWFZU GMXV GK YNR�GUN J6$
IXWK# IX[IHU OV'9M YN6M OHTQN� GV OH)N=X OV MN�9�K� >NV\ IRGNO GNVN GV ODON�NXNVD GNV
F��NXV GV L]X LM +NK W<QK OV IRSNM GMXV GK YNR�GUN J6$
���� OHNW HVD IGNNVMNVD GV I\� �G /)NN�K /)NNX FXNXV GV I\� OTIX�NVIWU L]�5X GMXV
JNVD[V UNIG PXGV /R/)N IRGNO GN GN�= OTGM JNV OGV$
���� >NV\NVD GNV IN^NN L]�NN\K HVD NNIH\ GMXV GV I\� �G 2�NLG LIML]V^� YLXNXV GK
W�MU J6$ EOK L]GNM@ MN7� OMGNMVD +NK YLXV IN^NN FW9NVD HVD >NV\NVD GV I\� YI�NG MNIN GK
2�R/)NN GMVD UNIG �TRNYNVD GNV OT�NMK JTE= >NV\ OTIR�NN�D PL\&�N GMNE= WN OGVD$
���� �TRN GN�= �RD >NV\ IR+NN[@ >NV\ IR_N\�NVD GK /)NNLXN GV O+NK L^NNVD LM �G I/)NIU
OZSG NNV�N L L]SNM GMV YN6M �IS \VXV RN\V 2�I'U�NVD GV IRSNM YNHDI U GMV$
[ ¿� ª ^ �6 � � «� � »9 [ % ( · Y� � ¡Y % ( · ±º� �% ([
313
���� [6M OMGNMK OD[%X YN6M P_NV[ GK >NV\NVD YN6M �TRN GN�=G\NLNVD GV I\� L]N�NVIWU
GN�=G]HNVD U)NN ODON�NXNVD HVD OJ+NNI[UN# +NN[KQNMK GNV F��NRN QVXV GV I\� �G XKIU IRGIOU
GK WN�$ IXWK U)NN ONR=WIXG ^NV GV �GGNVD GNV +NK >NV\ O(F8�NK YN�NNM+NZU �NDSV GV ODR�N=X
U)NN IRGNO GV I\� L]NV5ONIJU IG�N WN�$
���� >NV\NVD GV IR�N� HVD YXTOD�NNX YN6M IRGNO GNV F��NRN QVXV GK W�MU J6$ >NV\ O(F8�NK
ISIG5ONVD LM YXTOD�NNX GMXN YNR�G J6 YN6M EO GN�= HVD ISIG5ON GK O+NK L]�NNI\�NVD GN
PL�NV[ IG�N WN OGUN J6 YN6M ON)N JK I>N\NI0��NVD GK 0N'9MK QCI�9 OV PL�T'UUN#
/R/)NUN LM +NK F\ QVXV GK W�MU J6$ IRI+N8X OMGNMK U)NN [6MOMGNMK OD/)NNYNVD GNV EOGV
I\� YN�NNM+NZU �NDSV GK OTIR�NNYNVD GN IXHN=�N GMXV GV I\� L]NV5ONJX QVXV GK YNR�GUN J6$
���� �TRN GN�= �RD >NV\ IR+NN[ IRG\ND[NVD GK SNM -VI�N�NVD HVD >NV\GZQ GNV F��NRN QVXV GV
I\� �G IRNV�N /GKH FXN OGUN J6$ �V -VI�N�ND J6D� ÑGÐ cDSV �N QCI�9 IRG\ND[� Ñ>NÐ HZG �RD
FI�NM� Ñ[Ð HNXIOG �L OV IRG\ND[� YN6M Ñ[Ð NNMKIMG �L OV IRG\ND[$
���� EO ^NV HVD GNVSNVD �NXK >NV\ L]IN^NGNVD GK +NNMK GHK J6$ JN\ HVD >NV\ IR+NN[ GV ON)N
JTE= F6%G HVD �NVWXN YN�NV[ XV OT!NR IQ�N )NN IG >NV\ L]IN^NG LZRNV=¿NM ^NV OV JK@ ODIRQN GV
YN�NNM LM@ IX�T'U IG� WN�D UNIG RV I>N\NI0��NVD GV Y31V L]QN=X GNV OTIXISU GMXV GV I\�
PXHVD YI�NG IQ\S/LK \VD$ LZRNV=¿NM ^NV GNV >NV\ ODR�N=X GV I\� YN[V +NK IRNV�N OTIR�NN�D
IH\UK MJVD[K$