2012-2014 Catalog
;HISL VM *VU[LU[Z
=VS\TL ???= *VTT\UP[` *VSSLNL +PZ[YPJ[ 3HRL 3HUK )V\SL]HYK 4H[[VVU 0SSPUVPZ
/LYL»Z OV^ [OPZ JH[HSVN JHU OLSW `V\ >P[O [OPZ JH[HSVN `V\ JHU NL[ H NSPTWZL VM ^OH[ P[»Z SPRL [V IL HU 33* Z[\KLU[ 6UJL `V\ HYL LUYVSSLK H[ 3HRL 3HUK OHUN VU [V P[ MVY PTWVY[HU[ YLMLYLUJLZ LZWLJPHSS` [V Ã&#x201E;UHUJPHS TH[[LYZ <ZL [OL Z[PJRLYZ [V THYR [OL WYVNYHTZ `V\ ^V\SK SPRL [V Z[\K` 9LMLY [V [OL .L[ :[HY[LK WHNL VU [OL PUZPKL MYVU[ JV]LY [V ILNPU `V\Y 3HRL 3HUK QV\YUL` :[\K` [OL /V^ [V 7H` MVY *VSSLNL ZLJ[PVU [V ILNPU WSHUUPUN [VKH` <ZL [OL (JHKLTPJ *HSLUKHY WHNL [V UV[L YLNPZ[YH[PVU [PTLZ ZLTLZ[LY Z[HY[ KH[LZ PTWVY[HU[ KLHKSPULZ HUK K\L KH[LZ
>LSJVTL MYVT 7YLZPKLU[ 3LUZPUR :JOLK\SL H *HTW\Z =PZP[ 4LL[ [OL )VHYK VM ;Y\Z[LLZ 4PZZPVU =PZPVU =HS\LZ ,U]PZPVU ,K\JH[L ,UNHNL MVY H Z\Z[HPUHISL M\[\YL .L[[PUN [V 2UV^ 3HRL 3HUK *VSSLNL (JHKLTPJ *HSLUKHY ,K\JH[PVUHS .\HYHU[LL
;LJOUPJHS 7YVNYHTZ *LY[PÃ&#x201E;JH[L HUK KLNYLL WYVNYHTZ SLHKPUN [V HU PTTLKPH[L JHYLLY
;YHUZMLY 7YVNYHTZ -PYZ[ [^V `LHYZ VM H IHJOLSVY»Z KLNYLL (KTPZZPVUZ /V^ [V .L[ :[HY[LK /V^ [V 7H` MVY *VSSLNL -PUHUJPHS (PK :JOVSHYZOPWZ 7H`TLU[ 7SHU 9LZV\YJLZ [V /LSW @V\ )L :\JJLZZM\S * V\UZLSPUN :[\KLU[ (JJVTTVKH[PVUZ =L[LYHUZ :[\KLU[ :\WWVY[ 7YVNYHTZ ;\[VYPUN 3PIYHY` *HYLLY :LY]PJLZ 6USPUL 3LHYUPUN *OPSK *HYL 3HI )VVRZ[VYL 7VSPJPLZ (JHKLTPJ :[HUKHYKZ .YHKLZ (KKPUN HUK +YVWWPUN *SHZZLZ >P[OKYH^HSZ ,HYUPUN *YLKP[ MYVT 7HZ[ ,_WLYPLUJLZ :[\KLU[ *HSS [V 4PSP[HY` +\[` 7VSPJPLZ .YHK\H[PVU 9LX\PYLTLU[Z *VSSLNL 3PML 3 HRLY 7VPU[ :LJVUK :[VY` 7VSPJL +LWHY[TLU[ :[\KLU[ 3PML HUK :[\KLU[ .V]LYUTLU[ /V\ZPUN *S\IZ ;L_[IVVRZ :[\KLU[ 0+Z 7HYRPUN :[\K` (IYVHK >323 (S\TUP :LY]PUN [OL *VTT\UP[` HUK >VYRMVYJL *)0 *+3 7VZ[ H 1VI 6WLUPUN *VTT\UP[` 3LHYUPUN +\HS *YLKP[ ;YPV +LZ[PUH[PVU (K\S[ ,K\JH[PVU ,_[LUZPVU *LU[LYZ -V\UKH[PVU 7YVMLZZPVUHS (K]PZVY` *VTTP[[LLZ
7OVUL +PYLJ[VY`
*V\YZL +LZJYPW[PVUZ *VSSLNL 7LYZVUULS 0UKL_
9L]PL^ [OL 7VSPJPLZ ILJH\ZL THU` VM [OLT HMMLJ[ `V\ Ã&#x201E;UHUJPHSS`
*VUULJ[ ^P[O \Z VU ZVJPHS TLKPH ZP[LZ!
0TWVY[HU[ 7OVUL 5\TILYZ *VSSLNL 6MÃ&#x201E;JLZ
6MM *HTW\Z 3VJH[PVUZ
(SS U\TILYZ HYL HYLH JVKL \USLZZ V[OLY^PZL ZWLJPÃ&#x201E;LK 0UMVYTH[PVU MVY HSS JVSSLNL U\TILYZ L_JLW[ [OVZL SPZ[LK ILSV^ 3(2,
(K\S[ ,K\JH[PVU *LU[LY 3HRL 3HUK )S]K ,HZ[LYU 9LNPVU *LU[LY H[ [OL -VYZ`[OL *LU[LY : :P_[O :[ 4HYZOHSS 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` 5L[^VYR *LU[YL )S]K ,MÃ&#x201E;UNOHT 4HZZHNL ;OLYHW` 7YVNYHT 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7YVNYHT *VYYLJ[PVUHS 7YVNYHTZ >VYRMVYJL +L]LSVWTLU[ *LU[LY 9PJOTVUK (]LU\L ,HZ[ *LU[LY MVY )\ZPULZZ 0UK\Z[Y` *VTT\UP[` 7YVMLZZPVUHS 7YVNYHTZ *VYYLJ[PVUHS 7YVNYHTZ ;YPV +LZ[PUH[PVU :\JJLZZ ;YHMÃ&#x201E;J :HML[` ;Y\JR +YP]LY ;YHPUPUN >LZ[LYU 9LNPVU *LU[LY , -PYZ[ :[ 7HUH
(JJV\U[PUN ;\P[PVU -LLZ 7H`TLU[ (KQ\UJ[ -HJ\S[` (KTPZZPVUZ 6MÃ&#x201E;JL -H_ .YHK\H[PVU 9LJVYKZ 9LNPZ[YH[PVU (NYPJ\S[\YL +P]PZPVU (SSPLK /LHS[O +P]PZPVU (S\TUP (ZZVJPH[PVU (ZZLZZTLU[ +PUPUN :LY]PJLZ )VVRZ[VYL ;L_[IVVR 9LU[HS )\ZPULZZ +P]PZPVU *HYLLY :LY]PJLZ *LU[LY MVY ;LJOUVSVN` 7YVMLZZPVUHS +L]LSVWTLU[ 6USPUL /LSW +LZR *OPSK *HYL 3HI *VTT\UP[` HUK 7YVMLZZPVUHS 7YVNYHTZ *V\UZLSPUN :LY]PJLZ +\HS *YLKP[ 6MÃ&#x201E;JL VM :[\KLU[ (JJVTTVKH[PVUZ +PZHIPSP[` :LY]PJLZ ;;@ /LHYPUN 0TWHPYLK -PUHUJPHS (PK ¶ =L[LYHUZ :LY]PJLZ ,K\JH[PVUHS 3VHUZ =L[LYHU :LY]PJLZ -V\UKH[PVU :JOVSHYZOPWZ /LHS[O :LY]PJLZ /HUKPJHWWLK 7HYRPUN /VUVYZ 7YVNYHT /\THUP[PLZ HUK *VTT\UPJH[PVUZ +P]PZPVU /\THU 9LZV\YJLZ 3LHYUPUN (ZZPZ[HUJL *LU[LYZ ;LZ[PUN ;\[VYPUN 3PIYHY` =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY -H_ 4H[O HUK :JPLUJL +P]PZPVU 7HY[ULYZOPWZ MVY *VSSLNL *HYLLY :\JJLZZ 7YLZPKLU[»Z 6MÃ&#x201E;JL :VJPHS :JPLUJL HUK ,K\JH[PVU +P]PZPVU :[\KLU[ (J[P]P[PLZ :[\KLU[ 3PML ;YPV :[\KLU[ :\WWVY[ :LY]PJLZ ;LJOUVSVN` +P]PZPVU
=PZP[ [OL WOVUL KPYLJ[VY` VUSPUL
^^^ SHRLSHUK JJ PS \Z
;OPZ W\ISPJH[PVU PZ UV[ H JVU[YHJ[ VY VMMLY [V JVU[YHJ[ ;OL )VHYK VM ;Y\Z[LLZ JVSSLNL L_LJ\[P]L VMÃ&#x201E;JLYZ HUK [OLPY HNLU[Z YLZLY]L [OL YPNO[ [V JOHUNL PUMVYTH[PVU JVU[HPULK OLYLPU ^P[OV\[ UV[PJL ^OLU JPYJ\TZ[HUJLZ ^HYYHU[ Z\JO HJ[PVU
>LSJVTL MYVT [OL 7YLZPKLU[ >LSJVTL [V 3HRL 3HUK *VSSLNL VUL VM [OL ILZ[ ¶ HUK ZHMLZ[ ¶ JVSSLNLZ PU [OL <UP[LK :[H[LZ (SS VM V\Y HS\TUP JHU H[[LZ[ [V V\Y HJHKLTPJ L_JLSSLUJL ^OPJO ^HZ YLJVNUPaLK I` [OL (ZWLU 0UZ[P[\[L ^OLU P[ YHURLK 3HRL 3HUK PU [OL [VW WLYJLU[ VM HSS JVTT\UP[` JVSSLNLZ PU [OL JV\U[Y` 0U HKKP[PVU [OL >LI ZP[L :[H[L<UP]LYZP[` JVT UHTLK 3HRL 3HUK [OL ZHMLZ[ JVSSLNL JHTW\Z PU [OL Z[H[L VM 0SSPUVPZ HUK [OL MV\Y[O ZHMLZ[ JHTW\Z PU [OL <UP[LK :[H[LZ ;OL HJYL JHTW\Z PZ HSP]L ^P[O I\Z` Z[\KLU[Z LULYNL[PJ MHJ\S[` HUK Z[HMM HUK Z[H[L VM [OL HY[ [LJOUVSVN` :\YYV\UKLK I` H WYLTPLY Z\Z[HPUHIPSP[` WYVNYHT [OL JVSSLNL OHZ HS[LYUH[P]L LULYN` PUZ[HSSH[PVUZ [OH[ NLULYH[L LUV\NO LULYN` [V JVTWSL[LS` WV^LY H]LYHNL 0SSPUVPZ OVTLZ LHJO `LHY )` WYHJ[PJPUN [OPZ Z\Z[HPUHISL J\S[\YL [OL JVSSLNL ZH]LZ ULHYS` OHSM H TPSSPVU KVSSHYZ H `LHY HUK OHZ ZPNUPÃ&#x201E;JHU[S` YLK\JLK P[Z JHYIVU MVV[WYPU[ ,]LY` KVSSHY ZH]LK [OYV\NO V\Y ,U]PZPVU ,K\JH[L ,UNHNL MVY H Z\Z[HPUHISL M\[\YL WYVNYHT TLHUZ [\P[PVU YH[LZ YLTHPU SV^ HUK LK\JH[PVU YLTHPUZ HJJLZZPISL 6\Y )VHYK VM ;Y\Z[LLZ MHJ\S[` HUK Z[HMM HYL JVTTP[[LK [V TH_PTPaPUN `V\Y PU]LZ[TLU[ PU `V\Y LK\JH[PVU >HU[ [V ZLL ^OH[ P[»Z HSS HIV\[& 0 LUJV\YHNL `V\ [V ZJOLK\SL H JHTW\Z ]PZP[ HUK SLHYU ^O` 3HRL 3HUK *VSSLNL PZ H NYLH[ Z[HY[ MVY YLHJOPUN `V\Y KYLHTZ 0 RUV^ `V\ OH]L H JOVPJL ZV 0 HWWYLJPH[L [OH[ `V\ [VVR [OL [PTL [V SLHYU TVYL HIV\[ V\Y JVSSLNL HUK OV^ ^L JHU OLSW `V\
:JV[[ 3LUZPUR Â&#x2039; 7YLZPKLU[
=PZP[ \Z ;OL ILZ[ ^H` [V SLHYU TVYL HIV\[ 3HRL 3HUK *VSSLNL PZ [V ]PZP[ JHTW\Z @V\ JHU ZJOLK\SL H JHTW\Z [V\Y K\YPUN [OL HJHKLTPJ `LHY VY H[[LUK +PZJV]LY 3HRL 3HUK H OHSM KH` VWLU OV\ZL OLSK PU IV[O [OL MHSS HUK ZWYPUN @V\ JHU HSZV ]PZP[ 3HRL 3HUK *VSSLNL PU H ULHYI` JVTT\UP[` 3HRL 3HUK VMMLYZ JSHZZLZ H[ HYLH OPNO ZJOVVSZ HUK PU 4HYZOHSS 7HUH HUK ,MÃ&#x201E;UNOHT ,HZ[LYU 9LNPVU *LU[LY PU 4HYZOHSS
>LZ[LYU 9LNPVU *LU[LY PU 7HUH
;V ZJOLK\SL H JHTW\Z [V\Y! ,THPS! JHTW\Z[V\YZ 'SHRLSHUK JJ PS \Z *HSS!
2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` PU ,MÃ&#x201E;UNOHT
3HRL 3HUK *VSSLNL
)VHYK VM ;Y\Z[LLZ
-PYZ[ YV^ SLM[ [V YPNO[ ;64 50,)9<.., +PL[LYPJO :LJYL[HY` ¶ " .(9@ *(+>,33 4VKL )VHYK 4LTILY ¶ " *(93 /(9; :OLSI`]PSSL *OHPY ¶ :LJVUK YV^ SLM[ [V YPNO[ *(963 :*/9(44 7HUH )VHYK 4LTILY ¶ 96),9; 2 3<;/,9 4H[[VVU )VHYK 4LTILY ¶ 402, :<330=(5 4H[[VVU =PJL *OHPY ¶ " HUK +690: 9,@563+: 4H[[VVU )VHYK 4LTILY ¶ 5V[ WPJ[\YLK! 20,9:;,5 2(:,@ (ZOTVYL :[\KLU[ ;Y\Z[LL ¶
3HRL 3HUK *VSSLNL 4PZZPVU
=PZPVU
3HRL 3HUK *VSSLNL JYLH[LZ HUK JVU[PU\V\ZS` PTWYV]LZ HU HMMVYKHISL HJJLZZPISL HUK LMMLJ[P]L SLHYUPUN LU]PYVUTLU[ MVY [OL SPMLSVUN LK\JH[PVUHS ULLKZ VM [OL KP]LYZL JVTT\UP[PLZ ^L ZLY]L
,UNHNPUN TPUKZ JOHUNPUN SP]LZ [OYV\NO [OL WV^LY VM SLHYUPUN
6\Y JVSSLNL M\SÃ&#x201E;SSZ [OPZ TPZZPVU [OYV\NO! Â&#x2039; <UP]LYZP[` [YHUZMLY LK\JH[PVU Â&#x2039; ;LJOUPJHS HUK JHYLLY LK\JH[PVU Â&#x2039; >VYRMVYJL KL]LSVWTLU[ Â&#x2039; *VTT\UP[` HUK JVU[PU\PUN LK\JH[PVU Â&#x2039; 0U[LSSLJ[\HS HUK J\S[\YHS WYVNYHTZ
=HS\LZ *HYPUN Â&#x2039; :OV^PUN YLZWLJ[ HUK JVTWHZZPVU MVY V[OLYZ *VTT\UPJH[PVU Â&#x2039; *YLH[PUN HU LU]PYVUTLU[ [OH[ ]HS\LZ [OL VWLU L_JOHUNL VM PKLHZ ;LHTZOPW Â&#x2039; >VYRPUN [VNL[OLY HUK ^P[O V[OLYZ [V JYLH[L H ^OVSL NYLH[LY [OHU [OL Z\T VM [OL WHY[Z 0UUV]H[PVU Â&#x2039; ;HRPUN YPZRZ [V JYLH[L UL^ VWWVY[\UP[PLZ ,_JLSSLUJL Â&#x2039; *VUZPZ[LU[S` HJOPL]PUN [OL OPNOLZ[ SL]LS VM X\HSP[`
,U]PZPVU ,K\JH[L ,UNHNL MVY H Z\Z[HPUHISL M\[\YL 3HRL 3HUK *VSSLNL PZ SLHKPUN [OL UH[PVU PU JYLH[PUN HU LULYN` PUKLWLU KLU[ JHTW\Z ^P[O H SP]PUN SHIVYH[VY` VM LULYN` NLULYH[PVU HUK YLK\J[PVU >PUK [\YIPULZ HUK ZVSHY WHULSZ NLULYH[L LULYN` ^OPSL NLV[OLYTHS Ã&#x201E;LSKZ OLH[ HUK JVVS [OL I\PSKPUNZ 0U HKKP[PVU [V WYV]PKPUN H [YLTLUKV\Z ZH]PUNZ [V [OL JVSSLNL [OL Z\Z[HPUHIPSP[` WYVNYHT WYV]PKLZ H SH\UJOPUN WHK MVY H OVZ[ VM UL^ JV\YZLZ HUK WYVNYHTZ PU YLUL^HISL LULYN` 3VVR MVY [OL :\Z[HPUHIPSP[` HUK (KK .YLLU [V @V\Y *HYLLY I\[[VUZ MYVT [OL OVTL WHNL H[ ^^^ SHRLSHUK JJ PS \Z
.L[[PUN [V RUV^ 3HRL 3HUK *VSSLNL *OVVZPUN H JVSSLNL JHU IL H KPMÃ&#x201E;J\S[ KLJPZPVU /LYL HYL ZVTL YLHZVUZ ^O` `V\ ZOV\SK NL[ Z[HY[LK H[ 3HRL 3HUK! Â&#x2039; ;\P[PVU HUK MLLZ HYL VUL MV\Y[O VM [OL JVZ[ VM [OL H]LYHNL Z[H[L \UP]LYZP[` Â&#x2039; (JHKLTPJ L_JLSSLUJL ¶ V\Y Z[\KLU[Z ^OV [YHUZMLY [V \UP]LYZP[PLZ LHYU NYHKLZ [OH[ HYL IL[[LY [OHU [OVZL ^OV LU[LY [OL \UP]LYZP[` HZ MYLZOTLU Â&#x2039; @V\Y JSHZZLZ ^PSS IL ZTHSS ¶ [OL H]LYHNL JSHZZ ZPaL PZ Â&#x2039; ;L_[IVVR YLU[HS ZH]LZ `V\ H `LHY Â&#x2039; 6\Y PUZ[Y\J[VYZ HYL OPNOS` X\HSPÃ&#x201E;LK IV[O PU LK\JH[PVUHS KLNYLLZ HUK ^VYR L_WLYPLUJL ¶ UV NYHK HZZPZ[HU[Z [LHJOPUN OLYL Â&#x2039; @V\»SS SLHYU VU [OL SH[LZ[ ZVM[^HYL HUK LX\PWTLU[ H]HPSHISL PU [OL PUK\Z[Y` ¶ VM[LU [PTLZ TVYL HK]HUJLK [OHU HYLH I\ZPULZZLZ Â&#x2039; @V\»SS IL ZHML ¶ 3HRL 3HUK PZ YHURLK [OL ZHMLZ[ JHTW\Z PU 0SSPUVPZ HUK MV\Y[O ZHMLZ[ PU [OL UH[PVU
Â&#x2039; @V\ JHU JOHSSLUNL `V\YZLSM ^P[O [OL /VUVYZ 7YVNYHT Â&#x2039; 6\Y MHJ\S[` ^PSS RUV^ `V\Y UHTL Â&#x2039; 5PUL V\[ VM HYLH LTWSV`LYZ OH]L OPYLK H 33* NYHK\H[L PU [OL WHZ[ KLJHKL Â&#x2039; @V\»SS SLHYU PU JSHZZYVVTZ HUK SHIZ UV[ H\KP[VYP\TZ Â&#x2039; 1\Z[ 65, ZJOVSHYZOPW HWWSPJH[PVU HUK `V\»SS IL JVUZPKLYLK MVY VUL VM ZJOVSHYZOPWZ MYVT [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU Â&#x2039; @V\»SS IL H WLYZVU H[ 3HRL 3HUK *VSSLNL UV[ H U\TILY 6\Y MHJ\S[` HUK Z[HMM ^PSS JHYL HIV\[ `V\ HUK `V\Y Z\JJLZZ Â&#x2039; WLYJLU[ VM 3HRL 3HUK *VSSLNL Z[\KLU[Z ^V\SK YLJVTTLUK 33* [V H MYPLUK VY MHTPS` TLTILY ( SPTP[LK U\TILY VM ZJOVSHYZOPWZ YLX\PYL HKKP[PVUHS HWWSPJH[PVU TH[LYPHSZ
:V\YJLZ! 3HRL 3HUK *VSSLNL ;YHUZMLY -VSSV^ <W 9LWVY[ :[H[L<UP]LYZP[` JVT ,U]PYVUTLU[HS (ZZLZZTLU[ 9LWVY[ 3HRL 3HUK *VSSLNL *VTT\UP[` *VSSLNL :\Y]L` VM :[\KLU[ ,UNHNLTLU[
(JHKLTPJ *HSLUKHY -(33 :,4,:;,9
:7905. :,4,:;,9
:<44,9 ;,94
(<.<:; :[HMM +L]LSVWTLU[ ¶ H T ¶ -\SS :LY]PJLZ 9LZ\TL ' H T -PYZ[ 4LL[PUN VM -HSS :LTLZ[LY 4VK 0 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 0
1(5<(9@ *VSSLNL *SVZLK ¶ :LTLZ[LY )YLHR :[HMM +L]LSVWTLU[ ¶ H T ¶ -\SS :LY]PJLZ 9LZ\TL ' H T -PYZ[ 4LL[PUN VM :WYPUN :LTLZ[LY 4VK\SL 0 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 0 *VSSLNL *SVZLK ¶ 4HY[PU 3\[OLY 2PUN 1Y +H` 3HZ[ +H` MVY 9LM\UK ¶ -\SS :LTLZ[LY
4(@ 3HZ[ KH` MVY 9LM\UK ¶ 0U[LYZLZZPVU -PYZ[ +H` VM *SHZZLZ ¶ 0U[LYZLZZPVU *VSSLNL *SVZLK ¶ 4LTVYPHS +H`
:,7;,4),9 *VSSLNL *SVZLK ¶ 3HIVY +H` 3HZ[ +H` MVY 9LM\UK ¶ -\SS :LTLZ[LY 4PK ;LYT 4VK\SL 0 6*;6),9 5V +H` VY ,]LUPUN *SHZZLZ ¶ *VSSLNL *HYLLY +H` (KQ\UJ[ -HJ\S[` +L]LSVWTLU[ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 4VK\SL 0 4PK ;LYT -HSS :LTLZ[LY -PYZ[ 4LL[PUN VM 4VK\SL 00 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 00 *SHZZLZ 56=,4),9 4PK ;LYT ¶ 4VK\SL 00 5V +H` VY ,]LUPUN *SHZZLZ ¶ :[HMM +L]LSVWTLU[ *VSSLNL *SVZLK ¶ ;OHURZNP]PUN 9LJLZZ +,*,4),9 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ -\SS :LTLZ[LY 4VK\SL 00 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY -HSS 3HZ[ +H` VM *SHZZLZ -PUHS ,_HTPUH[PVUZ :LTLZ[LY *SVZLZ ¶ .YHKLZ +\L H[ 5VVU *VSSLNL *SVZLK ¶ :LTLZ[LY )YLHR
-,)9<(9@ 4PK ;LYT 4VK\SL 0 4(9*/ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 4VK\SL 0 4PK ;LYT :WYPUN :LTLZ[LY 5V +H` VY ,]LUPUN *SHZZLZ ¶ :WYPUN )YLHR ¶ *VSSLNL 6MÃ&#x201E;JLZ 6WLU *VSSLNL *SVZLK ¶ :WYPUN )YLHR -PYZ[ 4LL[PUN VM 4VK\SL 00 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 00 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY :WYPUN *VSSLNL *SVZLK ¶ .VVK -YPKH`
1<5, 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 0U[LYZLZZPVU 3HZ[ +H` VM *SHZZLZ ¶ 0U[LYZLZZPVU -PYZ[ 4LL[PUN VM *SHZZLZ ¶ -\SS ;LYT 3HZ[ +H` MVY 9LM\UK ¶ -\SS ;LYT 1<3@ 4PK ;LYT :\TTLY ;LYT *VSSLNL *SVZLK ¶ 0UKLWLUKLUJL +H` 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY :\TTLY
(<.<:; 3HZ[ +H` VM *SHZZLZ -PUHS ,_HTPUH[PVUZ :\TTLY ;LYT *SVZLZ ¶ .YHKLZ +\L 5VVU
(7903 5V +H` VY ,]LUPUN *SHZZLZ ¶ :[HMM +L]LSVWTLU[ 4PK ;LYT 4VK\SL 00 4(@ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ -\SS :LTLZ[LY 4VK\SL 00 3HZ[ +H` VM *SHZZLZ -PUHS ,_HTPUH[PVUZ *VTTLUJLTLU[ ¶ ! W T :LTLZ[LY *SVZLZ ¶ .YHKLZ +\L 5VVU
+H[LZ [OH[ HSS JVSSLNL VMÃ&#x201E;JLZ HYL JSVZLK ¶ Â&#x2039; :LW[LTILY ¶ 3HIVY +H` Â&#x2039; 5V]LTILY ¶ ¶ ;OHURZNP]PUN Â&#x2039; +LJLTILY ¶ 1HU\HY` ¶:LTLZ[LY )YLHR Â&#x2039; 1HU\HY` ¶ 4HY[PU 3\[OLY 2PUN 1Y +H`
Â&#x2039; 4HYJO ¶ :WYPUN )YLHR Â&#x2039; 4HYJO ¶ .VVK -YPKH` Â&#x2039; 4H` ¶ 4LTVYPHS +H` Â&#x2039; 1\S` ¶ 0UKLWLUKLUJL +H`
*VSSLNL VWLU 4VUKH` [OYV\NO ;O\YZKH` VUS` 4H` [OYV\NO (\N\Z[
-(33 :,4,:;,9
9LNPZ[YH[PVU +H[LZ -HSS :LTLZ[LY 4(9*/ -HSS :JOLK\SL H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z (7903 9 LNPZ[YH[PVU ILNPUZ MVY JVU[PU\PUN HUK YLHKTP[ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z 9LNPZ[YH[PVU ILNPUZ MVY JVU[PU\PUN HUK YLHKTP[ UVU KLNYLL Z[\KLU[Z 6YPLU[H[PVU 9LNPZ[YH[PVU ILNPUZ MVY UL^ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z 4(@
9 LNPZ[YH[PVU ILNPUZ MVY UL^ UVU KLNYLL Z[\KLU[Z
(<.<:; 9LNPZ[LY I` [OPZ KH[L
:WYPUN :LTLZ[LY 6*;6),9 :WYPUN :JOLK\SL H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z 56=,4),9 9LNPZ[YH[PVU ILNPUZ MVY JVU[PU\PUN HUK YLHKTP[ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z 6YPLU[H[PVU 9LNPZ[YH[PVU ILNPUZ MVY UL^ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z HUK JVU[PU\PUN HUK YL HKTP[ UVU KLNYLL Z[\KLU[Z 9LNPZ[YH[PVU ILNPUZ MVY UL^ UVU KLNYLL Z[\KLU[Z 1(5<(9@ 9LNPZ[LY I` [OPZ KH[L
(<.<:; :[HMM +L]LSVWTLU[ ¶ H T ¶ -\SS :LY]PJLZ 9LZ\TL ' H T -PYZ[ 4LL[PUN VM -HSS :LTLZ[LY 4VK\SL 0 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 0 :,7;,4),9 *VSSLNL *SVZLK ¶ 3HIVY +H` 3HZ[ +H` MVY 9LM\UK ¶ -\SS :LTLZ[LY 4PK ;LYT 4VK\SL 0 6*;6),9 5V +H` VY ,]LUPUN *SHZZLZ ¶ *VSSLNL *HYLLY +H` (KQ\UJ[ -HJ\S[` +L]LSVWTLU[ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 4VK\SL 0 4PK ;LYT -HSS :LTLZ[LY -PYZ[ 4LL[PUN VM 4VK\SL 00 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 00 56=,4),9 4PK ;LYT ¶ 4VK\SL 00 5V +H` VY ,]LUPUN *SHZZLZ ¶ :[HMM +L]LSVWTLU[ *VSSLNL *SVZLK ¶ ;OHURZNP]PUN 9LJLZZ +,*,4),9 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ -\SS :LTLZ[LY 4VK\SL 00 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY -HSS 3HZ[ +H` VM *SHZZLZ -PUHS ,_HTPUH[PVUZ :LTLZ[LY *SVZLZ ¶ .YHKLZ +\L 5VVU *VSSLNL *SVZLK ¶ :LTLZ[LY )YLHR
:\TTLY ;LYT
:7905. :,4,:;,9
4(9*/ :\TTLY :JOLK\SL H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z
1(5<(9@ *VSSLNL *SVZLK ¶ :LTLZ[LY )YLHR :[HMM +L]LSVWTLU[ ¶ H T ¶ -\SS :LY]PJLZ 9LZ\TL ' H T -PYZ[ 4LL[PUN VM :WYPUN :LTLZ[LY 4VK\SL 0 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 0 *VSSLNL *SVZLK ¶ 4HY[PU 3\[OLY 2PUN 1Y +H` 3HZ[ +H` MVY 9LM\UK ¶ -\SS :LTLZ[LY
(7903 9 LNPZ[YH[PVU ILNPUZ MVY JVU[PU\PUN HUK YLHKTP[ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z 9LNPZ[YH[PVU ILNPUZ MVY JVU[PU\PUN HUK YLHKTP[ UVU KLNYLL Z[\KLU[Z 6YPLU[H[PVU 9LNPZ[YH[PVU ILNPUZ MVY UL^ KLNYLL JLY[PÃ&#x201E;JH[L Z[\KLU[Z 9LNPZ[YH[PVU ILNPUZ MVY UL^ UVU KLNYLL Z[\KLU[Z 4(@ 9LNPZ[LY I` [OPZ KH[L MVY HU 0U[LYZLZZPVU JSHZZ 1<5, 9LNPZ[LY I` [OPZ KH[L MVY H :\TTLY JSHZZ
-,)9<(9@ 4PK ;LYT 4VK\SL 0 4(9*/ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 4VK\SL 0 4PK ;LYT :WYPUN :LTLZ[LY 5V +H` VY ,]LUPUN *SHZZLZ ¶ :WYPUN )YLHR ¶ *VSSLNL 6MÃ&#x201E;JLZ 6WLU *VSSLNL *SVZLK ¶ :WYPUN )YLHR -PYZ[ 4LL[PUN VM 4VK\SL 00 *SHZZLZ 3HZ[ +H` MVY 9LM\UK ¶ 4VK\SL 00 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY :WYPUN (7903 5V +H` VY ,]LUPUN *SHZZLZ ¶ :[HMM +L]LSVWTLU[ 4PK ;LYT ¶ 4VK\SL 00 *VSSLNL *SVZLK ¶ .VVK -YPKH` 4(@ 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ -\SS :LTLZ[LY 4VK\SL 00 3HZ[ +H` VM *SHZZLZ -PUHS ,_HTPUH[PVUZ *VTTLUJLTLU[ ¶ ! W T :LTLZ[LY *SVZLZ ¶ .YHKLZ +\L 5VVU
:<44,9 ;,94 4(@ 3HZ[ KH` MVY YLM\UK ¶ 0U[LYZLZZPVU -PYZ[ +H` VM *SHZZLZ ¶ 0U[LYZLZZPVU *VSSLNL *SVZLK ¶ 4LTVYPHS +H` 1<5, 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS ¶ 0U[LYZLZZPVU 3HZ[ +H` VM *SHZZLZ ¶ 0U[LYZLZZPVU -PYZ[ 4LL[PUN VM *SHZZLZ ¶ -\SS ;LYT 3HZ[ +H` MVY 9LM\UK ¶ -\SS ;LYT 1<3@ 4PK ;LYT :\TTLY ;LYT 3HZ[ +H` MVY :[\KLU[ >P[OKYH^HS 3HZ[ +H` [V -PSL 0U[LU[ [V .YHK\H[L MVY :\TTLY 3HZ[ +H` VM *SHZZLZ
(<.<:; -PUHS ,_HTPUH[PVUZ :\TTLY ;LYT *SVZLZ ¶ .YHKLZ +\L 5VVU
+H[LZ [OH[ HSS JVSSLNL VMÃ&#x201E;JLZ HYL JSVZLK ¶ Â&#x2039; :LW[LTILY ¶ 3HIVY +H` Â&#x2039; 5V]LTILY ¶ ¶ ;OHURZNP]PUN Â&#x2039; +LJLTILY ¶ 1HU\HY` ¶ :LTLZ[LY )YLHR Â&#x2039; 1HU\HY` ¶ 4HY[PU 3\[OLY 2PUN 1Y +H`
Â&#x2039; 4HYJO ¶ :WYPUN )YLHR Â&#x2039; (WYPS ¶ .VVK -YPKH` Â&#x2039; 4H` ¶ 4LTVYPHS +H` Â&#x2039; 1\S` ¶ 0UKLWLUKLUJL +H`
*VSSLNL VWLU 4VUKH` [OYV\NO ;O\YZKH` VUS` 4H` [OYV\NO (\N\Z[
6\Y ,K\JH[PVUHS .\HYHU[LL ;^V LK\JH[PVUHS N\HYHU[LLZ HYL VMMLYLK [V 3HRL 3HUK *VSSLNL NYHK\H[LZ ;OL 6JJ\WH[PVUHS 7YVNYHT .\HYHU[LL PZ VMMLYLK [V Z[\KLU[Z NYHK\H[PUN MYVT HU VJJ\WH[PVUHS WYVNYHT ^P[O HU (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL VY H JLY[PÃ&#x201E;JH[L ;OL )HJJHSH\YLH[L ;YHUZMLY 7YVNYHT .\HYHU[LL PZ VMMLYLK [V Z[\KLU[Z NYHK\H[PUN ^P[O HU (ZZVJPH[L PU (Y[Z (ZZVJPH[L PU (Y[Z PU ;LHJOPUN (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL VY (ZZVJPH[L PU :JPLUJL KLNYLL
.\HYHU[LL
.\HYHU[LL
0[ PZ [OL WVSPJ` VM 3HRL 3HUK *VSSLNL [OH[ Z[\KLU[Z NYHK\H[PUN ^P[O HU (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL VY JLY[PÃ&#x201E;JH[L PU H JHYLLY VJJ\WH[PVUHS WYVNYHT IL N\HYHU[LLK JVTWL[LUJ` PU [OL [LJOUPJHS ZRPSSZ [OH[ [OL WYVNYHT PZ KLZPNULK [V [LHJO PU [OL KLNYLL VY JLY[PÃ&#x201E;JH[L .YHK\H[LZ VM KLNYLL WYVNYHTZ ^OV QVPU[S` ^P[O [OLPY LTWSV`LYZ KL[LY TPUL [OL` HYL SHJRPUN PU [OL [LJOUPJHS ZRPSSZ JVU[HPULK PU [OL WYVNYHT HUK NYHK\H[LZ ^OV OH]L ILLU \UZ\JJLZZM\S PU WHZZPUN YLX\PYLK SPJLUZ\YL L_HTZ HM[LY [^V H[[LTW[Z ZOHSS IL WLYTP[[LK [V LUYVSS PU \W [V JYLKP[ OV\YZ VM YL[YHPUPUN MVY H KLNYLL VY UPUL JYLKP[ OV\YZ VM YL[YHPUPUN MVY H JLY[PÃ&#x201E;JH[L [\P[PVU MYLL
0[ PZ [OL WVSPJ` VM 3HRL 3HUK *VSSLNL [OH[ Z[\KLU[Z NYHK\H[PUN ^P[O HU (ZZVJPH[L PU (Y[Z (ZZVJPH[L PU (Y[Z PU ;LHJOPUN (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL VY HU (ZZVJPH[L PU :JPLUJL KLNYLL IL N\HYHU[LLK [OL [YHUZMLYHIPSP[` VM 3HRL 3HUK JYLKP[Z LHYULK PU [OL KLNYLL WYVNYHT [V H WYL]PV\ZS` KLJSHYLK IHJJHSH\YLH[L KLNYLL NYHU[PUN 0SSPUVPZ W\ISPJ JVSSLNL VY \UP]LYZP[` 0M H JV\YZL [OH[ PZ ZLSLJ[LK MYVT [OL (Y[PJ\SH[PVU ;YHUZMLY .\PKL PZ Z\JJLZZM\SS` JVTWSL[LK ^P[O H NYHKL VM ¸*¹ VY IL[[LY ^P[OPU [OYLL `LHYZ VM PUP[PHS LUYVSSTLU[ HUK PZ UV[ HJJLW[LK MVY [YHUZMLY I` H NP]LU \UP]LYZP[` 3HRL 3HUK *VSSLNL ^PSS YLM\UK [\P[PVU WHPK I` [OL Z[\KLU[ MVY ZHPK JV\YZL
5V[PÃ&#x201E;JH[PVU HUK *VUKP[PVUZ
5V[PÃ&#x201E;JH[PVU HUK *VUKP[PVUZ
;OPZ WVSPJ` ZOHSS ILJVTL LMMLJ[P]L ^P[O UL^ KLNYLL VY JLY[PÃ&#x201E;JH[L ZLLRPUN Z[\KLU[Z VM [OL MHSS [LYT
;OPZ WVSPJ` ZOHSS ILJVTL LMMLJ[P]L ^P[O UL^ KLNYLL ZLLRPUN Z[\KLU[Z VM [OL MHSS [LYT
(SS JV\YZL ^VYR MVY [OL KLNYLL VY JLY[PÃ&#x201E;JH[L T\Z[ OH]L ILLU JVTWSL[LK H[ 3HRL 3HUK *VSSLNL ^P[O H NYHKL VM ¸*¹ VY IL[[LY ^P[OPU [OYLL `LHYZ VM PUP[PHS LUYVSSTLU[ H[ [OL JVSSLNL HUK [OL NYHK\H[L T\Z[ OH]L ILLU LTWSV`LK M\SS [PTL PU H QVI KPYLJ[S` YLSH[LK [V OPZ OLY [YHPUPUN ^P[OPU VUL `LHY HM[LY NYHK\H[PVU MYVT [OL WYVNYHT <WVU ^YP[[LU ]LYPÃ&#x201E;JH[PVU MYVT [OL LTWSV`LY ^P[OPU ZP_ TVU[OZ VM [OL NYHK\H[L»Z PUP[PHS LTWSV`TLU[ [OH[ [OL NYHK\H[L SHJRZ JVTWL[LUJ` PU ZWLJPÃ&#x201E;J [LJOUPJHS ZRPSSZ HZ YLWYLZLU[LK I` [OL KLNYLL VY JLY[PÃ&#x201E;JH[L PUMVYTH[PVU WYPU[LK PU [OL JVSSLNL JH[HSVN VY V[OLY WYPU[LK TH[[LY H YL[YHPUPUN WSHU ^PSS IL KL]LSVWLK [OYV\NO [OL VMÃ&#x201E;JL VM [OL (ZZVJPH[L =PJL 7YLZPKLU[ MVY >VYRMVYJL +L]LSVWTLU[ ;OL YL[YHPUPUN ^PSS IL SPTP[LK [V JV\YZLZ YLN\SHYS` VMMLYLK I` [OL JVSSLNL VU [OL THPU JHTW\Z HUK T\Z[ IL JVTWSL[LK ^P[OPU VUL JHSLUKHY `LHY
;V JHSS [OL N\HYHU[LL [OL Z[\KLU[ T\Z[ Z\ITP[ H SL[[LY [V [OL HZZVJPH[L ]PJL WYLZPKLU[ MVY LK\JH[PVUHS ZLY]PJLZ ZOV^PUN L]PKLUJL VM HJJLW[HUJL H[ HUK LUYVSSTLU[ PU [OL [YHUZMLY PUZ[P[\[PVU HUK Z[H[PUN ^OPJO JYLKP[Z KPK UV[ [YHUZMLY HSVUN ^P[O H SL[[LY MYVT [OL [YHUZMLY PUZ[P[\[PVU Z[H[PUN ^O` [OL JV\YZL Z KPK UV[ [YHUZMLY 0M [OL JVSSLNL ]LYPÃ&#x201E;LZ [OH[ [OL JV\YZL Z ZOV\SK OH]L [YHUZMLYYLK HJJVYK PUN [V JV\YZL LX\P]HSLUJ` N\PKLZ PU LMMLJ[ H[ [OL [PTL [OL JV\YZL ^HZ [HRLU HUK ^OLU [OL [YHUZMLY ^HZ H[[LTW[LK HUK PM [OL JVSSLNL PZ \UHISL [V YLJ[PM` [OL WYVISLT ^P[O [OL [YHUZMLY PUZ[P[\[PVU [OL Z[\KLU[»Z [\P[PVU WHPK MVY [OL JV\YZL Z ^PSS IL YLM\UKLK 5V YLM\UKZ ^PSS IL PZZ\LK MVY [\P[PVU WHPK I` H [OPYK WHY[`
6JJ\WH[PVUHS 7YVNYHT .\HYHU[LL 7VSPJ`
(JJYLKP[LK I`! ;OL /PNOLY 3LHYUPUN *VTTPZZPVU" 4LTILY ¶ 5VY[O *LU[YHS (ZZVJPH[PVU B 5VY[O 3H:HSSL :[YLL[ :\P[L *OPJHNV 03 D *VTTPZZPVU MVY (JJYLKP[H[PVU PU 7O`ZPJHS ;OLYHW` ,K\JH[PVU ¶ (TLYPJHU 7O`ZPJHS ;OLYHW` (ZZVJPH[PVU *V\UJPS VU +LU[HS ,K\JH[PVU (TLYPJHU +LU[HS (ZZVJPH[PVU *VZTL[VSVN` ¶ :[H[L VM 0SSPUVPZ +LWHY[TLU[ VM 7YVMLZZPVUHS 9LN\SH[PVU
5H[PVUHS 3LHN\L MVY 5\YZPUN (JJYLKP[PUN *VTTPZZPVU 5H[PVUHS 7OSLIV[VT` (ZZVJPH[PVU (\[VTV[P]L :LY]PJL ,_JLSSLUJL 4HZ[LY *LY[PÃ&#x201E;LK (WWYV]LK HZ H *SHZZ 0 *VTT\UP[` *VSSLNL I`! 0SSPUVPZ *VTT\UP[` *VSSLNL )VHYK 0SSPUVPZ :[H[L )VHYK VM /PNOLY ,K\JH[PVU
)HJJHSH\YLH[L ;YHUZMLY 7YVNYHT .\HYHU[LL 7VSPJ`
(MÃ&#x201E;YTH[P]L (J[PVU ,X\HS 6WWVY[\UP[` 3HRL 3HUK *VSSLNL PZ JVTTP[[LK [V THPU[HPUPUN H ^VYRPUN HUK SLHYUPUN LU]PYVUTLU[ [OH[ WYVTV[LZ LX\HS VWWVY[\UP[` HUK HMÃ&#x201E;YTH[P]L HJ[PVU HUK [OH[ PZ MYLL MYVT \USH^M\S KPZJYPTPUH[PVU HUK OHYHZZTLU[ 0[ PZ [OL WVSPJ` VM 3HRL 3HUK *VSSLNL UV[ [V LUNHNL PU KPZJYPTPUH[PVU VY OHYHZZTLU[ HNHPUZ[ HU` WLYZVU ILJH\ZL VM YHJL JVSVY ZL_ HNL YLSPNPVU UH[PVUHS VYPNPU HUJLZ[Y` KPZHIPSP[` THYP[HS VY JP]PS \UPVU Z[H[\Z ]L[LYHU Z[H[\Z ZL_\HS VYPLU[H[PVU VY HU` IHZPZ VM KPZJYPTPUH[PVU WYLJS\KLK I` HWWSPJHISL MLKLYHS HUK Z[H[L Z[H[\[LZ ;OPZ WVSPJ` HWWSPLZ [V HKTPZZPVU HUK HJJLZZ [V HUK WHY[PJPWH[PVU [YLH[TLU[ HUK LTWSV`TLU[ PU [OL *VSSLNL»Z WYVNYHTZ HJ[P]P[PLZ HUK ZLY]PJLZ ;OL MVSSV^PUN JHTW\Z VMÃ&#x201E;JL PZ HZZPNULK [OL YLZWVUZPIPSP[` MVY LUZ\YPUN JVTWSPHUJL ^P[O [OPZ WVSPJ` HZ ^LSS HZ MLKLYHS HUK Z[H[L Z[H[\[LZ HUK YLN\SH[PVUZ JVUJLYUPUN HMÃ&#x201E;YTH[P]L HJ[PVU HUK LX\HS HJJLZZ! 6MÃ&#x201E;JL VM [OL +PYLJ[VY VM /\THU 9LZV\YJLZ Â&#x2039; /\THU 9LZV\YJLZ 6MÃ&#x201E;JL *VTWSHPU[ MVYTZ HUK WYVJLK\YLZ MVY Ã&#x201E;SPUN JHU IL VI[HPULK [OYV\NO *V\UZLSPUN :LY]PJLZ VY /\THU 9LZV\YJLZ 0U HKKP[PVU [OLZL VMÃ&#x201E;JLZ ^PSS THPU[HPU J\YYLU[ JVWPLZ VM HWWYVWYPH[L SH^Z YLN\SH[PVUZ HUK WVSPJPLZ
;LJOUPJHS 7YVNYHTZ
0U [OPZ JOHW[LY! (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLLZ *LY[PÄJH[LZ *VVWLYH[P]L (NYLLTLU[Z ;YHUZMLY (NYLLTLU[Z (ZZVJPH[L PU 3PILYHS :[\KPLZ +LNYLL
;LJOUPJHS 7YVNYHTZ 3LHKPUN [V *HYLLYZ ;LJOUPJHS WYVNYHTZ HYL KLZPNULK [V TV]L WLVWSL MYVT JVSSLNL PU[V [OL ^VYRMVYJL PU H YLSH[P]LS` ZOVY[ [PTL WLYPVK 7YVNYHTZ YHUNL MYVT TLKPJHS JVKPUN HUK U\YZPUN [V LSLJ[YVUPJZ JVTW\[LYZ HUK YLUL^HISL LULYN`
/PNOSPNO[Z VM ;LJOUPJHS 7YVNYHTZ H[ 33* Â&#x2039; (ZZVJPH[L +LNYLL WYVNYHTZ HYL [`WPJHSS` [^V `LHY WYVNYHTZ OV^L]LY ZVTL ZWLJPHS HKTPZZPVU WYVNYHTZ YLX\PYL ZL]LYHS WYL YLX\PZP[LZ Â&#x2039; *LY[PÃ&#x201E;JH[L WYVNYHTZ HYL ZLTLZ[LYZ VY SLZZ Â&#x2039; -HJ\S[` HZZPZ[ Z[\KLU[Z PU ZLJ\YPUN OHUKZ VU L_WLYPLUJLZ PU [OL ^VYRMVYJL [OYV\NO PU[LYUZOPWZ WYHJ[PJ\TZ HUK :6, ZWLJPHSPaLK VJJ\WH[PVUHS L_WLYPLUJL Â&#x2039; 5PUL V\[ VM [LU HYLH LTWSV`LYZ OH]L OPYLK H 3HRL 3HUK NYHK\H[L PU [OL WHZ[ `LHYZ
,HYUPUN H )HJOLSVY»Z +LNYLL Â&#x2039; 0M H IHJOLSVY»Z KLNYLL PZ PU `V\Y M\[\YL L]LU PM P[»Z KV^U [OL YVHK TLL[ ^P[O `V\Y HK]PZVY HUK SLHYU ^OH[ JSHZZLZ `V\ ZOV\SK [HRL Â&#x2039; 4HU` VM [OL [LJOUPJHS WYVNYHTZ WYV]PKL ¸[YHUZMLY [YHJRZ¹ MVY Z[\KLU[Z WYV]PKPUN VW[PVUZ [V [HRL JSHZZLZ [OH[ ^PSS [YHUZMLY [V [OL \UP]LYZP[` Â&#x2039; 33* VMMLYZ ZL]LYHS HNYLLTLU[Z ^P[O HYLH \UP]LYZP[PLZ [OH[ WYV]PKL H ZLHTSLZZ [YHUZMLY VM H [LJOUPJHS KLNYLL ZLL WHNL MVY ZWLJPÃ&#x201E;JZ
(.90*<3;<9, *VKL ((: (.4: ((: (.7>9 *9; (.7>9 ((: (.7*( *9; (.)<: ((: (.)<: ((: (.796 ((: (3(. *9; *967 *9; /9; ((: /9; ((: 1+(; *9; 3=:;
;P[SL 7HNL
(N 4HJOPULY` :HSLZ ((: (N 7V^LY ;LJOUVSVN` ((: (N 7V^LY ;LJOUVSVN` *LY[PÃ&#x201E;JH[L ( N 7YVMLZZPVUHS *\Z[VT (WWSPJH[PVU ((: (NYPJ\S[\YL )\ZPULZZ *LY[PÃ&#x201E;JH[L (NYPJ\S[\YL )\ZPULZZ :\WWS` ((: (NYPJ\S[\YL 7YVK\J[PVU 4HUHNLTLU[ ((: (S[LYUH[P]L (N 7YVK\J[PVU ((: *YVW 7YVK\J[PVU *LY[PÃ&#x201E;JH[L /VY[PJ\S[\YL *LY[PÃ&#x201E;JH[L /VY[PJ\S[\YL 7YVK\J[PVU 3HUKZJHWL ((: 1VOU +LLYL ;LJO ((: 3P]LZ[VJR 7YVK\J[PVU *LY[PÃ&#x201E;JH[L
(330,+ /,(3;/ VY *VKL
;P[SL
;9(*2 796.9(4: ((: (+5 ;92 (ZZVJPH[L +LNYLL PU 5\YZPUN ;YHJR ((: +/ ;92 +LU[HS /`NPLUL ;YHJR *9; 4; ;92 4HZZHNL ;OLYHW` ;YHJR ((: 7;( ;92 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;YHJR *9; 75 ;92 7YHJ[PJHS 5\YZPUN ;YHJR
7HNL
+,.9,, *,9;0-0*(;, 796.9(4: ((: (+5 (ZZVJPH[L +LNYLL PU 5\YZPUN ((: 5+7 5( )HZPJ 5\YZL (ZZPZ[PUN *LY[PÃ&#x201E;JH[L ((: +/ +LU[HS /`NPLUL ((: 5+7 ,4: ,TLYNLUJ` 4LKPJHS :LY]PJLZ *LY[PÃ&#x201E;JH[L ((: -:; -PYL :JPLUJL ;LJOUVSVN` *9; 4; 4HZZHNL ;OLYHW` *LY[PÃ&#x201E;JH[L ((: 7: 7HYHTLKPJHS :LY]PJLZ ((: ((: 7;( 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ((: *9; 75 7YHJ[PJHS 5\YZPUN *LY[PÃ&#x201E;JH[L
)<:05,:: *VKL
;P[SL
7HNL
;9(*2 796.9(4: *9; *6: ;92 *VZTL[VSVN` ;YHJR 5+7 5(03 ;92 *VZTL[VSVN` 5HPS ;LJOUVSVN` ;YHJR *9; ,:;/ ;92 ,Z[OL[PJZ ;YHJR +,.9,, *,9;0-0*(;, 796.9(4: ((: (** (JJV\U[PUN ((: *9; (** (JJV\U[PUN *LY[PÃ&#x201E;JH[L ((: ((,?, (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ ,_LJ\[P]L ((: ((: ((3,. (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 3LNHS ((: ((: ((4,+ (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 4LKPJHS ((: 5+7 *47(7 * VTW\[LY (WWSPJH[PVUZ :WLJPHSPZ[ *LY[PÃ&#x201E;JH[L *9; *6: *VZTL[VSVN` *LY[PÃ&#x201E;JH[L 5+7 5(03 *VZTL[VSVN` 5HPS ;LJOUVSVN` *LY[PÃ&#x201E;JH[L *9; *6:;9 *VZTL[VSVN` ;LHJOLY *LY[PÃ&#x201E;JH[L ((: +7.+ +LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU ((: *9; +7.+ + LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU *LY[PÃ&#x201E;JH[L *9; ,42; , *VTTLYJL *LY[PÃ&#x201E;JH[L 5+7 ,5;9, ,U[YLWYLUL\YZOPW *LY[PÃ&#x201E;JH[L *9; ,:;/ ,Z[OL[PJZ *LY[PÃ&#x201E;JH[L ((: /04* /LHS[O 0UMVYTH[PVU 4LKPJHS *VKPUN ((: 0;(7: 0 UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ ((: *9; 0;(7: 0 UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ *LY[PÃ&#x201E;JH[L *9; 0;.(4, 0 UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY .HTL +L]LSVWTLU[ *LY[PÃ&#x201E;JH[L *9; 0;+4: 0 UMVYTH[PVU ;LJOUVSVN` ¶ +PNP[HS 4LKPH :WLJPHSPZ[ *LY[PÃ&#x201E;JH[L
*VKL
;P[SL
7HNL
((: 0;5,;
0 UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU ((: *9; 0;5,; 0 UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU *LY[PÃ&#x201E;JH[L ((: 0;796 0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN ((: *9; 0;796. 0 UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN *LY[PÃ&#x201E;JH[L ((: 0;>,) 0 UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` ((: *9; 0;>,) 0 UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` *LY[PÃ&#x201E;JH[L ((: 4.; 4HUHNLTLU[ ((: 5+7 4.; 4HUHNLTLU[ *LY[PÃ&#x201E;JH[L ((: 42;. 4HYRL[PUN ((: *9; 42;. 4HYRL[PUN *LY[PÃ&#x201E;JH[L *9; 4*: 4LKPJHS *VKPUN :WLJPHSPZ[ *LY[PÃ&#x201E;JH[L *9; 4+;95 4LKPJHS ;YHUZJYPW[PVUPZ[ *LY[PÃ&#x201E;JH[L *9; 6-9,* 6MÃ&#x201E;JL (ZZPZ[HU[ 9LJLW[PVUPZ[ *LY[PÃ&#x201E;JH[L ((: 6-4.; 6MÃ&#x201E;JL 4HUHNLTLU[ ((: 5+7 6-:2 .,5 6 MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ .LULYHS *LY[PÃ&#x201E;JH[L 5+7 6-:2 4,+ 6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 4LKPJHS 5+7 6-:2 46: 6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 46: *9; :(3,: 7YVMLZZPVUHS :HSLZ *LY[PÃ&#x201E;JH[L
/<4(50;0,: (5+ *644<50*(;065: *VKL *9; 9;=(5 *9; 9)9+ ((: 9;= 5+7 ;=-:
;P[SL 7HNL
)YVHKJHZ[ (UUV\UJPUN *LY[PÃ&#x201E;JH[L 9HKPV )YVHKJHZ[PUN *LY[PÃ&#x201E;JH[L 9HKPV ;= )YVHKJHZ[PUN ((: ;= -PLSK :[\KPV 7YVK\J[PVU *LY[PÃ&#x201E;JH[L
4(;/ (5+ :*0,5*, *VKL *9; .0:
;P[SL .LVZWH[PHS ;LJOUVSVN` *LY[PÃ&#x201E;JH[L
7HNL
;,*/5636.@ *VKL *9; ((* *9; (<;6 ((: (<;6 ((: )*; ((: *,; ((: *,;*6 ((: *,;(; ((: *(+ *9; *(+ ((: *04 *9; *64;* 5+7 *; *9; ,*; ((: 0*: ((: ,,; ((: ,,;,: *9; /=(* *9; 05+4; ((: 0*; ((: 4,; ((: 774 ((: 77; 5+7 73* ((: 9,5,> *9; 9,5,> ((: 9,4.; *9; 9,4.; 5+7 9,:>9 5+7 :59. *9; >,3
;P[SL 7HNL
( K]HUJLK (\[VTH[PVU HUK *VU[YVS ;LJOUVSVN` *LY[PÃ&#x201E;JH[L (\[VTV[P]L 4LJOHUPJ *LY[PÃ&#x201E;JH[L (\[VTV[P]L ;LJOUVSVN` ((: )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` ((: *P]PS ,UNPULLYPUN ;LJOUVSVN` ((: *P]PS ,UNPULLYPUN ;LJOUVSVN` *V VW ((: * P]PS ,UNPULLYPUN ;LJOUVSVN` (K]HUJLK ;LJOUPJHS :[\KPLZ ((: *VTW\[LY (PKLK +LZPNU ((: *VTW\[LY (PKLK +YHM[PUN *LY[PÃ&#x201E;JH[L * VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN ;LJOUVSVN` ((: *VTW\[LY ;LJOUPJPHU *LY[PÃ&#x201E;JH[L *VTW\[LY ;YV\ISLZOVV[PUN *LY[PÃ&#x201E;JH[L , SLJ[YVUPJ *VTT\UPJH[PVU ;LJOUPJPHU *LY[PÃ&#x201E;JH[L ,SLJ[YVUPJ *VU[YVS ;LJOUVSVN` ((: ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` ((: ,SLJ[YVUPJ :`Z[LT :WLJPHSPZ[ ((: / LH[PUN =LU[PUN (PY *VUKP[PVUPUN 9LMYPNLYH[PVU ;LJOUVSVN` 0UK\Z[YPHS 4HPU[LUHUJL *LY[PÃ&#x201E;JH[L 0 UZ[Y\TLU[H[PVU HUK *VU[YVS ;LJOUVSVN` ((: 4LJOHUPJHS ,SLJ[YPJHS ;LJOUVSVN` ((: 7V^LY 7SHU[ 4LJOHUPJ ((: 7V^LY 7SHU[ ;LJOUVSVN` ((: 7 YVNYHTTHISL 3VNPJ *VU[YVSSLYZ *LY[PÃ&#x201E;JH[L 9LUL^HISL ,ULYN` ((: 9LUL^HISL ,ULYN` *LY[PÃ&#x201E;JH[L 9LUL^HISL ,ULYN` 4HUHNLTLU[ ((: 9 LUL^HISL ,ULYN` 4HUHNLTLU[ *LY[PÃ&#x201E;JH[L 9LZPKLU[PHS >PYPUN *LY[PÃ&#x201E;JH[L :\Z[HPUHISL ,ULYN` *LY[PÃ&#x201E;JH[L >LSKPUN ;LJOUVSVN`
7LUKPUN 0**) (WWYV]HS
:6*0(3 :*0,5*, ,+<*(;065 *VKL ((: *-: ((: ,*,
;P[SL 7HNL
*OPSK -HTPS` :LY]PJLZ ((: , HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU ((: ((: /:7 :6* /\THU :LY]PJLZ ((: *9; 5**7 5HUU` *OPSK *HYL 7YV]PKLY *LY[PÃ&#x201E;JH[L ((: 79796 7HYHWYVMLZZPVUHS ,K\JH[PVU ¶ ;LHJOLY (PKL ((: *9; 79796 7HYHWYVMLZZPVUHS ,K\JH[PVU ¶ ;LHJOLY (PKL *LY[PÃ&#x201E;JH[L 5+7 >>6 >HZ[L >H[LY 6WLYH[VY *LY[PÃ&#x201E;JH[L 5+7 >76 >H[LY 7SHU[ 6WLYH[VY *LY[PÃ&#x201E;JH[L
*6<5:,305. :,9=0*,: (3: 30)
(ZZVJPH[L +LNYLL PU 3PILYHS :[\KPLZ
*,5;,9 -69 )<:05,:: (5+ 05+<:;9@ ¶ 90*/465+ (=, , *VKL 5+7 *;+;
;P[SL * VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN *LY[PÃ&#x201E;JH[L
7HNL
9LX\PYLTLU[Z
0U[LYLZ[LK PU [YHUZMLYYPUN&
9LX\PYLTLU[Z MVY (ZZVJPH[L (WWSPLK :JPLUJL +LNYLL
3HRL 3HUK *VSSLNL OHZ ZL]LYHS HY[PJ\SH[PVU HNYLLTLU[Z ^P[O ZLUPVY PUZ[P[\[PVUZ [OH[ HSSV^ MVY H ZLHTSLZZ [YHUZMLY VUJL [OL Z[\KLU[ OHZ JVTWSL[LK [OL (ZZVJPH[L PU (Y[Z (( (ZZVJPH[L PU :JPLUJL (: (ZZVJPH[L PU 3PILYHS :[\KPLZ (3: +LNYLL VY (ZZVJPH[L PU (WWSPLK :JPLUJL ((:
.LULYHS ,K\JH[PVU YLX\PYLTLU[Z HYL ZWLJPÃ&#x201E;LK PU LHJO TVKLS WYVNYHT ILNPUUPUN VU WHNL ;OL Z[\KLU[ T\Z[ JVTWSL[L HU HWWYV]LK Z`Z[LTH[PJ ZLX\LUJL VM JV\YZLZ SLHKPUN [V H ^LSS KLÃ&#x201E;ULK VIQLJ[P]L ;OPZ YLX\PYLTLU[ TH` IL ZH[PZÃ&#x201E;LK I` [OL JVTWSL[PVU VM [OL THQVY HZ ZWLJPÃ&#x201E;LK \UKLY HU` VUL VM [OL SPZ[LK WYVNYHTZ :\IZ[P[\[PVUZ VY L_LTW[PVUZ HYL WLYTP[[LK VUS` I` WLYTPZZPVU VM [OL (ZZVJPH[L =PJL 7YLZPKLU[ MVY >VYRMVYJL +L]LSVWTLU[ PU HK]HUJL VM LUYVSSPUN PU [OL JV\YZL ^VYR HUK OH]PUN H ¸*¹ H]LYHNL PU [OVZL JV\YZLZ ^OPJO HYL HWWSPJHISL [V TLL[ [OL YLX\PYLTLU[Z VM [OL THQVY
*LY[PÃ&#x201E;JH[L 7YVNYHT 9LX\PYLTLU[Z ;LJOUPJHS JLY[PÃ&#x201E;JH[LZ HYL H^HYKLK [V [OVZL Z[\KLU[Z ^OV ZOV^ L]PKLUJL [OH[ H ^LSS KLÃ&#x201E;ULK SL]LS VM WYVÃ&#x201E;JPLUJ` OHZ ILLU H[[HPULK PU KLZPNUH[LK [LJOUPJHS Ã&#x201E;LSKZ *LY[PÃ&#x201E;JH[L WYVNYHTZ HYL H]HPSHISL PU TVZ[ VM [OL VJJ\WH[PVUHS HYLHZ MVY ^OPJO [OL JVSSLNL VMMLYZ [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ;V X\HSPM` MVY H [LJOUPJHS JLY[PÃ&#x201E;JH[L [OL Z[\KLU[ T\Z[ TLL[ HSS NYHK\H[PVU YLX\PYLTLU[Z MVY Z[\KLU[Z PU JLY[PÃ&#x201E;JH[L WYVNYHTZ HZ ZWLJPÃ&#x201E;LK \UKLY [OL .LULYHS .YHK\H[PVU 9LX\PYLTLU[Z ZLJ[PVU VM [OL JH[HSVN *LY[PÃ&#x201E;JH[L WYVNYHTZ YLX\PYPUN SLZZ [OHU JYLKP[ OV\YZ MVY JVTWSL[PVU HUK SLZZ [OHU VUL ZLTLZ[LY PU SLUN[O HYL UV[ LSPNPISL MVY -LKLYHS ;P[SL 0= Ã&#x201E;UHUJPHS HPK VY [OL 0SSPUVPZ 4VUL[HY` (^HYK 7YVNYHT NYHU[
.LULYHS ,K\JH[PVU 9LX\PYLTLU[Z *(9,,9 ;,*/50*(3 796.9(4: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL *VTT\UPJH[PVU
:LTLZ[LY /V\YZ
:VJPHS :JPLUJL
:LTLZ[LY /V\YZ
4H[OLTH[PJZ :JPLUJL
:LTLZ[LY /V\YZ
/LHS[O 7O`ZPJHS ,K\JH[PVU VY
:[YH[LNPLZ MVY :\JJLZZ VY
9LJYLH[PVU
:LTLZ[LY /V\YZ
:,4,:;,9 /6<9:
:P_ ZLTLZ[LY OV\YZ VM NLULYHS LK\JH[PVU HYL KLZPNUH[LK PU [OL TVKLS ZJOLK\SLZ VM [OL PUKP]PK\HS WYVNYHTZ ;OLZL ZP_ ZLTLZ[LY OV\YZ T\Z[ IL [HRLU PU H TPUPT\T VM [^V VM [OL MVSSV^PUN HYLHZ! *VTT\UPJH[PVUZ 4H[OLTH[PJZ 7O`ZPJHS 3PML :JPLUJLZ /\THUP[PLZ -PUL (Y[Z HUK :VJPHS )LOH]PVYHS :JPLUJLZ *V\YZLZ PU /LHS[O 7O`ZPJHS ,K\JH[PVU 9LJYLH[PVU HUK :[YH[LNPLZ MVY :\JJLZZ HYL HSZV LSPNPISL :,4,:;,9 /6<9:
(Y[PJ\SH[PVU ;LJOUPJHS ;YHUZMLY (NYLLTLU[Z ,HZ[LYU 0SSPUVPZ <UP]LYZP[` (JJV\U[PUN (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ ,_LJ\[P]L (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 3LNHS (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 4LKPJHS (NYPJ\S[\YL )\ZPULZZ :\WWS` )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` *OPSK -HTPS` :LY]PJLZ *P]PS ,UNPULLYPUN (K]HUJLK ;LJOUPJHS :[\KPLZ *VTW\[LY (PKLK +LZPNU *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN ;LJOUVSVN` +LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU ,HYS` *OPSKOVVK ,K\JH[PVU ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` /\THU :LY]PJLZ /\THU :LY]PJLZ /LHS[O *VUJLU[YH[PVU /\THU :LY]PJLZ 7Z`JOVSVN` *VUJLU[YH[PVU /\THU :LY]PJLZ *YPTPUHS 1\Z[PJL *VUJLU[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ *VUJLU[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN *VUJLU[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` 4HUHNLTLU[ 4HYRL[PUN 7HYHTLKPJHS :LY]PJLZ 9HKPV ;= )YVHKJHZ[PUN 0SSPUVPZ :[H[L <UP]LYZP[` +LU[HS /`NPLUL ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` /\THU :LY]PJLZ (U` ;LJOUVSVN` 7YVNYHT
7HY[ULYZOPWZ MVY *VSSLNL HUK *HYLLY :\JJLZZ 0UMVYTH[PVU ;LJOUVSVN` 0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ 0UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN 0UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` (U` HWWYVWYPH[L KLNYLL PU [OL 3PJLUZPUN (YLHZ MVY [OL 6JJ\WH[PVUHS :WLJPHSPZ[ ;LHJOLY Z\JO HZ (JJV\U[PUN 0UMVYTH[PVU ;LJOUVSVN` 4HUHNLTLU[ (\[VTV[P]L ;LJOUVSVN` *VTW\[LY (PKLK +LZPNU *VT W\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` 4LJOHUPJHS ,SLJ[YPJHS ;LJOUVSVN` (ZZVJPH[L +LNYLL 5\YZPUN 3HRL]PL^ *VSSLNL VM 5\YZPUN (ZZVJPH[L +LNYLL 5\YZPUN 4PSSPRPU <UP]LYZP[` (JJV\U[PUN )\ZPULZZ (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ 0UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN 0UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` 4HUHNLTLU[ 4HYRL[PUN 9VILY[ 4VYYPZ (JJV\U[PUN 0UMVYTH[PVU ;LJOUVSVN` 4HUHNLTLU[ 4HYRL[PUN 6MÃ&#x201E;JL 4HUHNLTLU[ :V\[OLYU 0SSPUVPZ <UP]LYZP[` )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` *P]PS ,UNPULLYPUN (K]HUJLK ;LJOUPJHS :[\KPLZ +LU[HS /`NPLUL ,SLJ[YVUPJZ ,UNPULLYPUN ;LJOUVSVN` ,SLJ[YVUPJ :`Z[LTZ :WLJPHSPZ[ -PYL :JPLUJL ;LJOUVSVN` 0UMVYTH[PVU ;LJOUVSVN` 9HKPV ;=
7HY[ULYZOPWZ MVY *VSSLNL HUK *HYLLY :\JJLZZ PZ HU PUP[PH[P]L PU[LUKLK [V WYV]PKL Z[\KLU[Z ^P[O [OL HJHKLTPJ HUK [LJOUPJHS ZRPSSZ ULJLZZHY` [V Z\JJLLK PU [OL Z[ *LU[\Y` ZRPSSZ IHZLK LJVUVT` 7HY[ULYZOPWZ WYV]PKLZ ZLHTSLZZ [YHUZP[PVUZ MVY Z[\KLU[Z MYVT ZLJVUKHY` [V WVZ[ZLJVUKHY` LK\JH[PVU HUK JHYLLYZ *HYLLY HUK [LJOUPJHS LK\JH[PVU WYVNYHTZ \UKLY [OPZ SLNPZSH[PVU HYL OLSK [V ZWLJPÃ&#x201E;J ]HSPK HUK YLSPHISL HJJV\U[HIPSP[` Z[HUKHYKZ HZ ^LSS HZ PUK\Z[Y` IHZLK Z[HUKHYKZ ;OL PUP[PH[P]L PU]VS]LZ ZLJVUKHY` HUK WVZ[ZLJVUKHY` LK\JH[PVU ^VYRPUN ^P[O U\TLYV\Z JVUZ[P[\LUJ` NYV\WZ PUJS\KPUN I\ZPULZZ HUK PUK\Z[Y` SVJHS JVTT\UP[PLZ JV\UZLSVYZ WYPUJPWHSZ WHYLU[Z HUK Z[\KLU[Z PUJS\KPUN ZWLJPHS WVW\SH[PVUZ PU VYKLY [V LK\JH[L Z[\KLU[Z MVY OPNO ^HNL OPNO ZRPSS VY OPNO KLTHUK VJJ\WH[PVUZ
7LYRPUZ 7YVNYHTZ VM :[\K` 7YVNYHTZ VM Z[\K` HYL ZLX\LUJLZ VM JV\YZLZ [OH[ PUJVYWVYH[L H UVU K\WSPJH[P]L WYVNYLZZPVU VM ZLJVUKHY` HUK WVZ[ZLJVUKHY` LSLTLU[Z ^OPJO PUJS\KL IV[O HJHKLTPJ HUK JHYLLY HUK [LJOUPJHS LK\JH[PVU JVU[LU[ 7YVNYHTZ VM Z[\K` ZOV\SK Z[HY[ UV SH[LY [OHU UPU[O NYHKL HUK JVU[PU\L [OYV\NO H[ SLHZ[ [^V `LHYZ VM WVZ[ZLJVUKHY` LK\JH[PVU 7YVNYHTZ VM Z[\K` PUJS\KL VWWVY[\UP[PLZ [V LHYU JVSSLNL JYLKP[ K\HS JYLKP[ PU OPNO ZJOVVS HU PUK\Z[Y` YLJVNUPaLK JYLKLU[PHS VY JLY[PÃ&#x201E;JH[L H[ [OL ZLJVUKHY` WVZ[ZLJVUKHY` SL]LS HUK HU HZZVJPH[L VY IHJJHSH\YLH[L KLNYLL
7HY[ULYZOPWZ (K]HU[HNL /PNO ZJOVVS Z[\KLU[Z JVTWSL[PUN ZWLJPÃ&#x201E;J 7LYRPUZ 7YVNYHTZ VM :[\K` TH` IL! Â&#x2039; ,SPNPISL [V LHYU JVSSLNL JYLKP[ MVY RUV^SLKNL HJX\PYLK HUK VY ZRPSSZ SLHYULK THZ[LYLK Â&#x2039; >HP]LK MYVT JV\YZL WYLYLX\PZP[LZ PU ZWLJPÃ&#x201E;J WYVNYHTZ Â&#x2039; (UK VY X\HSPM` MVY WYLMLYYLK ZLSLJ[PVU PU[V WYVNYHTZ YLX\PYPUN ZWLJPHS HKTPZZPVU ;V YLJLP]L [OL 7HY[ULYZOPWZ HK]HU[HNL Z[\KLU[Z T\Z[! Â&#x2039; .YHK\H[L PU H OPNO ZJOVVS 7HY[ULYZOPWZ 7YVNYHT VM :[\K` Â&#x2039; *VTWSL[L [OL YLX\PYLK ZLX\LUJL VM JV\YZLZ Â&#x2039; *VU[PU\L PU H 7LYRPUZ 7YVNYHT VM :[\K` UV[ SH[LY [OHU TVU[OZ HM[LY OPNO ZJOVVS NYHK\H[PVU
4VYL PUMVYTH[PVU YLNHYKPUN 7HY[ULYZOPWZ (K]HU[HNL PZ H]HPSHISL I` JHSSPUN [OL +PYLJ[VY VM 7LYRPUZ 7YVNYHTZ H[ VY [OL 7LYRPUZ :WLJPHSPZ[ H[ VY ^^^ SHRLSHUK JJ PS \Z WJJZ
0U[LYLZ[LK PU Z[\K`PUN H WYVNYHT UV[ VMMLYLK I` 3HRL 3HUK *VSSLNL&
7HY[ULYZOPWZ JVU[PU\LK 7HY[ULYZOPWZ 7YVNYHTZ 3HRL 3HUK *VSSLNL WYVNYHTZ VM Z[\K` J\YYLU[S` KLZPNUH[LK MVY [OL 7HY[ULYZOPWZ (K]HU[HNL HYL! Â&#x2039; (ZZVJPH[L +LNYLL PU 5\YZPUN Â&#x2039; +LU[HS /`NPLUL Â&#x2039; 7HYHTLKPJHS :LY]PJLZ Â&#x2039; 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ Â&#x2039; 7YHJ[PJHS 5\YZPUN
7YL ;LJOUVSVN` :\TTLY :LZZPVU (Z [OL ^VYSK VM [LJOUVSVN` ILJVTLZ TVYL PU]VS]LK HUK WYVNYLZZLZ `LHY I` `LHY [OL JV\YZL ^VYR PU [LJOUVSVN` WYVNYHTZ T\Z[ RLLW WHJL :[\KLU[Z PU [OLZL WYVNYHTZ HYL HISL [V HJOPL]L [OLPY NVHSZ T\JO IL[[LY PM [OL` OH]L H NVVK HJHKLTPJ IHJRNYV\UK IHZLK VU TH[O ZJPLUJL SHIVYH[VY` JV\YZLZ HUK Z[\K` ZRPSSZ -VY Z[\KLU[Z ^OV MLLS H ULLK [V PTWYV]L [OLPY ZRPSSZ PU [OLZL HYLHZ [OL MVSSV^PUN PZ YLJVTTLUKLK!
:LTLZ[LY /V\YZ ;<;
,_WVULU[Z 9HKPJHSZ .LVTL[Y` (SNLIYH
;,*
0U[YVK\J[PVU [V +YHM[PUN
9+.
9LHKPUN ¶ :[\K` :RPSSZ
;6;(3
0[ PZ LZZLU[PHS [OH[ WLYZVUZ JVUZPKLYPUN [OL Z\TTLY WYL [LJOUVSVN` WYVNYHT THRL HYYHUNLTLU[Z ^P[O [OL JVSSLNL *V\UZLSPUN :LY]PJLZ [V [HRL [OLPY HZZLZZTLU[ [LZ[PUN WYPVY [V [OL ILNPUUPUN VM [OL Z\TTLY [LYT
3HRL 3HUK VMMLYZ TVYL [OHU KLNYLLZ HUK JLY[PÃ&#x201E;JH[LZ I\[ Z[\KLU[Z TH` IL PU[LYLZ[LK PU H Z\IQLJ[ TH[[LY UV[ VMMLYLK I` [OL JVSSLNL 0U [OH[ JHZL H Z[\KLU[ JHU H[[LUK HUV[OLY JVTT\UP[` JVSSLNL PU 0SSPUVPZ 4HU` JVTT\UP[` JVSSLNLZ PU 0SSPUVPZ OH]L HNYLLTLU[Z [OH[ HSSV^ Z[\KLU[Z [V Z[\K` H ZWLJPÃ&#x201E;J WYVNYHT H[ HUV[OLY JVSSLNL PM [OLPY OVTL JVSSLNL KVLZ UV[ VMMLY [OH[ WYVNYHT *HSSLK *VVWLYH[P]L (NYLLTLU[Z [OL JVSSLNLZ HSSV^ Z[\KLU[Z MYVT 3HRL 3HUK *VSSLNL +PZ[YPJ[ [V Z[\K` VUL VM [OL MVSSV^PUN WYVNYHTZ H[ [OL PU KPZ[YPJ[ [\P[PVU YH[L PU LMMLJ[ H[ [OL JVSSLNL ZLSLJ[ LK :[\KLU[Z PU[LYLZ[LK PU KVPUN [OPZ T\Z[ MVSSV^ [OL JVSSLNL»Z WYVJLK\YLZ MVY H ;\P[PVU *OHYNLIHJR
3HRL 3HUK *VSSLNL OHZ [OL MVSSV^PUN *VVWLYH[P]L (NYLLTLU[Z (U` HWWYV]LK VJJ\WH[PVUHS JYLKP[ ILHYPUN JLY[PÃ&#x201E;JH[L VY HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL WYVNYHT )SHJR /H^R *VSSLNL *HYS :HUKI\YN *VSSLNL +HU]PSSL (YLH *VTT\UP[` *VSSLNL ,SNPU *VTT\UP[` *VSSLNL /LHY[SHUK *VTT\UP[` *VSSLNL /PNOSHUK *VTT\UP[` *VSSLNL 0SSPUVPZ *LU[YHS *VSSLNL 0SSPUVPZ =HSSL` *VTT\UP[` *VSSLNL 1VOU >VVK *VTT\UP[` *VSSLNL 1VSPL[ 1\UPVY *VSSLNL 2HURHRLL *VTT\UP[` *VSSLNL 2HZRHZRPH *VSSLNL 2PZO^H\RLL *VSSLNL 3L^PZ HUK *SHYR *VTT\UP[` *VSSLNL 3PUJVSU 3HUK *VTT\UP[` *VSSLNL 4J/LUY` *V\U[` *VSSLNL 4VY[VU *VSSLNL 7YHPYPL :[H[L *VSSLNL 9PJOSHUK *VTT\UP[` *VSSLNL 9VJR =HSSL` *VSSLNL :H\R =HSSL` *VTT\UP[` *VSSLNL :V\[O :\I\YIHU *VSSLNL
:V\[O^LZ[LYU 0SSPUVPZ *VSSLNL :WVVU 9P]LY *VSSLNL >H\IVUZLL *VTT\UP[` *VSSLNL 0SSPUVPZ ,HZ[LYU *VTT\UP[` *VSSLNLZ 6SUL` *LU[YHS *VSSPZPVU 9LWHPY ;LJOUVSVN` ((: 3PUJVSU ;YHPS 7OHYTHJ` ;LJOUPJPHU ((: 7HYRSHUK *VSSLNL 6JJ\WH[PVUHS ;OLYHW` (ZZPZ[HU[ ((: 9HKPVSVNPJHS ;LJOUVSVN` ((: 9LZWPYH[VY` *HYL ((: /V[LS 4V[LS 4HUHNLTLU[ *LY[ ((: 9LZ[H\YHU[ 4HUHNLTLU[ ((: -VVK :LY]PJL *LY[ :\YNPJHS ;LJOUVSVN` *LY[ ((: (\[V *VSSPZPVU ((: *VTW\[LY ;VTVNYHWO` *LY[ 4HNUL[PJ 9LZVUHUJL 0THNPUN *LY[
;\P[PVU *OHYNLIHJRZ 0M H Z[\KLU[ ^PZOLZ [V [HRL H J\YYPJ\S\T VM Z[\K` UV[ VMMLYLK PU [OL OVTL JVTT\UP[` JVSSLNL KPZ[YPJ[ VY [OYV\NO H JVVWLYH[P]L HNYLLTLU[ [OL Z[\KLU[ TH` LUYVSS PU [OL WYVNYHT H[ HUV[OLY W\ISPJ 0SSPUVPZ JVTT\UP[` JVSSLNL KPZ[YPJ[ ;OL OVTL JVTT\UP[` JVSSLNL KPZ[YPJ[ ^PSS WH` [OL UVU YLZPKLU[ WVY[PVU VM [OL [\P[PVU ^OPSL OL ZOL PZ LUYVSSLK PU Z\JO H WYVNYHT ;OPZ WYVJLZZ PZ NLULYHSS` YLMLYYLK [V HZ H ¸JOHYNLIHJR ¹ (WWSPJH[PVU +LHKSPUL (WWSPJH[PVU MVY (\[OVYPaH[PVU VM 7HY[PHS :\WWVY[ T\Z[ IL THKL WYPVY [V [OL Ã&#x201E;YZ[ KH` VM JSHZZLZ VM [OH[ ZLTLZ[LY VY [OH[ Z\TTLY [LYT H[ 3HRL 3HUK *VSSLNL HUK T\Z[ IL YLUL^LK LHJO `LHY +LÃ&#x201E;UP[PVU VM *\YYPJ\S\T ( J\YYPJ\S\T PZ PU[LYWYL[LK HZ HU VYNHUPaLK WH[[LYU VM PUZ[Y\J[PVU ^P[OPU H KPZJPWSPUL SLHKPUN [V H JLY[PÃ&#x201E;JH[L VY HZZVJPH[L KLNYLL ^OPJO PZ W\ISPJPaLK PU [OL VMÃ&#x201E;JPHS JH[HSVN VM HU 0SSPUVPZ W\ISPJ JVTT\UP[` JVSSLNL HUK HWWYV]LK I` [OL 0SSPUVPZ *VTT\UP[` *VSSLNL )VHYK HUK [OL 0SSPUVPZ )VHYK VM /PNOLY ,K\JH[PVU )V[O M\SS [PTL HUK WHY[ [PTL H[[LUKHUJL PZ HSSV^HISL 0UKP]PK\HS JV\YZLZ HZ PU HK\S[ JVU[PU\PUN LK\JH[PVU WYVNYHTZ HYL UV[ JVUZPKLYLK WYVNYHTZ MVY HWWYV]HS W\YWVZLZ UVY HYL WYVNYHTZ [OH[ HYL NLULYHSS` JVUZPKLYLK [V IL IHJJHSH\YLH[L VYPLU[LK L N HYJOP[LJ[\YL ZPUJL [OL THQVYP[` VM [OL JV\YZLZ UVYTHSS` [HRLU K\YPUN [OL Ã&#x201E;YZ[ [^V `LHYZ VM Z\JO WYVNYHTZ HYL YLHKPS` H]HPSHISL H[ 3HRL 3HUK *VSSLNL +L[LYTPUH[PVU VM >OL[OLY VY UV[ H *\YYPJ\S\T PZ 6MMLYLK I` 3HRL 3HUK *VSSLNL ( JOHYNLIHJR PZ UV[ H\[OVYPaLK PM [OL KLZPYLK J\YYPJ\S\T PZ VMMLYLK I` 3HRL 3HUK *VSSLNL VY [OYV\NO H JVVWLYH[P]L HNYLLTLU[ ^P[O HUV[OLY JVSSLNL ;OL KL[LYTPUH[PVU VM ^OL[OLY VY UV[ [OL KLZPYLK WYVNYHT PZ VMMLYLK PZ THKL I` JVTWHYPUN [OL YLSL]HU[ 3HRL 3HUK *VSSLNL WYVNYHTZ HUK HU` JVVWLYH[P]L HNYLLTLU[ JVSSLNL WYVNYHTZ [V [OL KLZPYLK J\YYPJ\S\T HUK P[Z JVTWVULU[ JV\YZLZ PU [OL VMÃ&#x201E;JPHS JH[HSVN\L VM [OL JVSSLNL [OL HWWSPJHU[ ^PZOLZ [V H[[LUK 0M 3HRL 3HUK *VSSLNL VY H JVVWLYH[P]L HNYLLTLU[ JVSSLNL OHZ H JVTWHYHISL J\YYPJ\S\T HZ KL[LYTPULK I` [OL 3HRL 3HUK *VSSLNL +LHU VM (KTPZZPVUZ :LY]PJLZ UV JOHYNLIHJR ^PSS IL H\[OVYPaLK 9LZPKLUJ` 8\HSPÃ&#x201E;JH[PVU ;V X\HSPM` MVY H JOHYNLIHJR [OL Z[\KLU[ T\Z[ IL H WLYTHULU[ YLZPKLU[ VM +PZ[YPJ[ ;OL YLZPKLUJL VM \ULTHUJPWH[LK WLYZVUZ PZ [OH[ VM [OLPY WHYLU[Z 0M [OL HWWSPJHU[ PZ VM MVYLPNU JP[PaLUZOPW WYVVM VM WLYTHULU[ YLZPKLUJL NYLLU JHYK VY P[Z UL^ LX\P]HSLU[ PZ YLX\PYLK *OHUNL PU 9LZPKLUJ` 9LZPKLU[Z VM +PZ[YPJ[ HYL LSPNPISL MVY JOHYNLIHJRZ HM[LY [OL` OH]L YLZPKLK PU [OL KPZ[YPJ[ KH`Z HUK ]LYPM` [OLPY YLZPKLUJ` ^P[O H ]V[LYZ YLNPZ[YH[PVU JHYK :[\KLU[Z ^OV OH]L 3HRL 3HUK *VSSLNL JOHYNLIHJRZ I\[ LZ[HISPZO
WLYTHULU[ YLZPKLUJL V\[ VM [OL KPZ[YPJ[ ^PSS OH]L [OLPY JOHYNLIHJRZ [LYTPUH[LK H[ [OL LUK VM [OL [LYT PU ^OPJO [OL` TV]LK +PZ[HUJL HUK 0UJVU]LUPLUJL +PZ[HUJL HUK PUJVU]LUPLUJL HYL UV[ JVUZPKLYLK HZ [OL IHZPZ MVY HWWYV]PUN JOHYNLIHJRZ 0M H WYVNYHT PZ VMMLYLK HU`^OLYL ^P[OPU +PZ[YPJ[ L_JS\KPUN WYVNYHTZ H[ JVYYLJ[PVUHS JLU[LYZ P[ PZ Q\KNLK [V IL H]HPSHISL ;OL [PTL VM KH` [OL KH` VM [OL ^LLR VY [OL WHY[PJ\SHY ZLTLZ[LY VY [LYT VM VMMLYPUN VM [OL WYVNYHT VY P[Z JVTWVULU[ WHY[Z HYL UV[ JVUZPKLYLK HZ MHJ[VYZ HMMLJ[PUN HWWYV]HS ,UYVSSTLU[ 3PTP[H[PVU ;OL MHJ[ [OH[ H 3HRL 3HUK *VSSLNL J\YYPJ\S\T TH` OH]L SPTP[LK LUYVSSTLU[ PZ [LTWVYHYPS` JSVZLK [V LUYVSSTLU[ VY PZ YLN\SHYS` V]LY Z\IZJYPILK PZ UV[ JVUZPKLYLK HZ H MHJ[VY HMMLJ[PUN HWWYV]HS -HPS\YL [V 4LL[ ,U[YHUJL 9LX\PYLTLU[Z ;OL MHJ[ [OH[ HU HWWSPJHU[ MVY H JOHYNLIHJR ^HZ YLM\ZLK HKTPZZPVU [V H 3HRL 3HUK *VSSLNL J\YYPJ\S\T ILJH\ZL VM MHPS\YL [V TLL[ LU[YHUJL YLX\PYLTLU[Z PZ UV[ JVUZPKLYLK NYV\UKZ MVY H\[OVYPaPUN H JOHYNLIHJR MVY H JVTWHYHISL WYVNYHT H[ HUV[OLY PUZ[P[\[PVU 3HRL 3HUK *VSSLNL ^PSS UV[ H\[OVYPaL H JOHYNLIHJR [V ZVTLVUL H[[LTW[PUN [V TLL[ [OL LU[YHUJL YLX\PYLTLU[Z VY WYLYLX\PZP[LZ MVY H WHY[PJ\SHY WYVNYHT H[ HUV[OLY JVSSLNL *VU[PU\P[` VM (\[OVYPaH[PVU 0M 3HRL 3HUK *VSSLNL H\[OVYPaLZ H JOHYNLIHJR HUK Z\IZLX\LU[S` KL]LSVWZ H JVTWHYHISL J\YYPJ\S\T [OL Z[\KLU[ PZ UV[ YLX\PYLK [V [YHUZMLY IHJR [V 3HRL 3HUK *VSSLNL MVY [OL IHSHUJL VM [OL WYVNYHT 3PTP[ VU 5\TILY VM 7YVNYHTZ WLY (WWSPJHU[ ( Z[\KLU[ TH` UV[ OH]L TVYL [OHU VUL JOHYNLIHJR H[ [OL ZHTL [PTL 9LWLH[LK *V\YZLZ L N 0UJVTWSL[LZ -HPS\YLZ +YVWZ VY >P[OKYH^HSZ ;OL JVSSLNL ^PSS UV[ WH` MVY YLWLH[LK JV\YZLZ Z[\KLU[Z [HRL [V LP[OLY YHPZL [OLPY NYHKL WVPU[ H]LYHNL VY PU ^OPJO [OL` YLJLP]LK PUJVTWSL[LZ MHPS\YLZ KYVWZ VY ^P[OKYH^HSZ :JOLK\SL VM *V\YZLZ ;OL Z[\KLU[ PZZ\LK H JOHYNLIHJR H\[OVYPaH[PVU PZ YLX\PYLK [V JVTWSL[L H ZJOLK\SL VM JV\YZLZ WYVNYHT HUK YL[\YU ZHTL [V [OL 3HRL 3HUK *VSSLNL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL WYPVY [V [OL Z[HY[ VM JSHZZLZ *VTWSPHUJL .\PKLSPUL ;OL 3HRL 3HUK *VSSLNL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL ^PSS H\KP[ LHJO IPSSPUN VM JOHYNLIHJRZ YLJLP]LK *V\YZLZ [HRLU ^OPJO HYL UV[ WHY[ VM [OL HWWYV]LK WYVNYHT ^PSS UV[ IL OVUVYLK MVY JOHYNLIHJR ;OH[ PZ [OL LU[PYL V\[ VM KPZ[YPJ[ [\P[PVU MVY Z\JO JV\YZLZ T\Z[ IL IVYUL I` [OL Z[\KLU[
3HRL 3HUK *VSSLNL
(JJV\U[PUN
((: (** (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL (JJV\U[PUN WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU [OL HJJV\U[PUN Ã&#x201E;LSK ;OL NYHK\H[L JHU ILJVTL H NLULYHS HJJV\U[HU[ MVY H ZTHSS I\ZPULZZ VY JOVVZL H ZWLJPHSPaLK HYLH PU H SHYNL JVTWHU` Z\JO HZ H JSLYPJHS WVZP[PVU PU HJJV\U[Z YLJLP]HISL HJJV\U[Z WH`HISL VY WH`YVSS ,TWSV`TLU[ VWWVY[\UP[PLZ L_PZ[ PU ZTHSS I\ZPULZZLZ SHYNL I\ZPULZZLZ W\ISPJ HJJV\U[PUN Ã&#x201E;YTZ PUK\Z[Y` UV[ MVY WYVÃ&#x201E;[ VYNHUPaH[PVUZ HUK NV]LYUTLU[HS HNLUJPLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; ,5. ,5. Æ&#x2018; :-:
/,+ 7,+
:,*65+ @,(9 /V\YZ
-\UKHTLU[HSZ VM (JJV\U[PUN 0U[YVK\J[PVU [V )\ZPULZZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ 4H[O )\ZPULZZ ,UNSPZO VY *VTWVZP[PVU 0 :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
,*6
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018;
-PUHUJPHS (JJV\U[PUN ;OL (TLYPJHU ,JVUVT` VY 7YPUJPWSLZ VM ,JVUVTPJZ 0 7YPUJPWSLZ VM 4HUHNLTLU[ 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ (JJLZZ .LULYHS ,K\JH[PVU ,SLJ[P]L ;6;(3
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018;
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ,*6
-PYZ[ :LTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! *PUK` 7OPWWZ ,THPS! JWOPWWZ'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
*VTW\[LYPaLK (JJV\U[PUN -LKLYHS ;H_ (JJV\U[PUN 7YPUJPWSLZ VM *VZ[ (JJV\U[PUN (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ Â&#x2020;Â&#x2020;Â&#x2020; (JJV\U[PUN 0U[LYUZOPW VY )<: *0: )<: *0: ,SLJ[P]L ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
/V\YZ 0U[LYTLKPH[L (JJV\U[PUN 4HUHNLYPHS (JJV\U[PUN )\ZPULZZ *VTT\UPJH[PVUZ :[H[PZ[PJZ MVY )\ZPULZZ Â&#x2020; ,_JLS .LULYHS ,K\JH[PVU ,SLJ[P]L ;6;(3
56;,:!
796.9(4 ;6;(3
3HRL 3HUK *VSSLNL
(JJV\U[PUN
*9; (** *LY[PÃ&#x201E;JH[L ;OL JLY[PÃ&#x201E;JH[L PU (JJV\U[PUN WYVNYHT WYLWHYLZ Z[\KLU[Z [V WYV]PKL [LJOUPJHS HKTPUPZ[YH[P]L Z\WWVY[ [V WYVMLZZPVUHS HJJV\U[HU[Z HUK V[OLY Ã&#x201E;UHUJPHS THUHNLTLU[ WLYZVUULS (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU (JJV\U[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<:
,5.
/V\YZ -\UKHTLU[HSZ VM (JJV\U[PUN )\ZPULZZ 4H[O 0U[YVK\J[PVU [V )\ZPULZZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ VY )\ZPULZZ ,UNSPZO ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018;
Æ&#x2018; )<: Æ&#x2018; ,*6 ,*6 Æ&#x2018; *0:
*0:
/V\YZ
-PUHUJPHS (JJV\U[PUN ,SLJ[P]L JOVVZL )<: )<: )<: )<: VY )<: 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ ;OL (TLYPJHU ,JVUVT` VY 7YPUJPWSLZ VM ,JVUVTPJZ 0 (JJLZZ VY ,_JLS ;6;(3
:\TTLY ;LYT
Æ&#x2018;
, SLJ[P]L JOVVZL )<: )<: )<: )<: VY )<: ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! *PUK` 7OPWWZ ,THPS! JWOPWWZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ ,_LJ\[P]L ((: ((,?, (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
7YLWHYLZ NYHK\H[LZ MVY H OPNO KLNYLL VM HKTPUPZ[YH[P]L Z\WWVY[ YLZWVUZPIPSP[PLZ .YHK\H[LZ ^PSS IL YLHK` [V WLYMVYT PU H ]HYPL[` VM WVZP[PVUZ K\L [V KP]LYZL [YHPUPUN PU ZVM[^HYL WHJRHNLZ UV[L[HRPUN SLNHS [LYTPUVSVN` KLZR[VW W\ISPZOPUN HUK [YHUZJYPW[PVU :[\KLU[Z NHPU OHUKZ VU L_WLYPLUJL [OYV\NO H Ã&#x201E;]L OV\Y PU[LYUZOPW 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018; :-:
/,+ 7,+
:,*65+ @,(9 /V\YZ
(K]HUJLK -VYTH[[PUN 5V[L[HRPUN Â&#x2020; 0U[YVK\J[PVU [V )\ZPULZZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ ,UNSPZO :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
)<: )<: )<: *0: *0: *0:
7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; )\ZPULZZ 4H[OLTH[PJZ >LI 7HNL +LZPNU VY *VTW\[LYPaLK (JJV\U[PUN -\UKHTLU[HSZ VM (JJV\U[PUN VY -PUHUJPHS (JJV\U[PUN 0U+LZPNU VY 8\HYR?7YLZZ (JJLZZ :VJPHS :JPLUJL ,SLJ[P]L E ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018;
,5. :7, *0: )<: )<: )<: )<:
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
0U[YVK\J[PVU [V 7Z`JOVSVN` (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW 6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY E :6: /\THU 9LSH[PVUZ HUK 7:@ JHU UV[ IL \ZLK HZ H ZVJPHS ZJPLUJL LSLJ[P]L -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ *VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 VY 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ,_JLS 3LNHS ;LYTPUVSVN` 46+ VY 3LNHS ;YHUZJYPW[PVU 46+ VY 4LKPJHS ;YHUZJYPW[PVU 46+ 6MÃ&#x201E;JL ;YHUZJYPW[PVU 46+ ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
(KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 3LNHS ((: ((3,. (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
7YLWHYLZ NYHK\H[LZ MVY H JHYLLY PU WYP]H[L HUK JVYWVYH[L SH^ VMÃ&#x201E;JLZ HUK PU MLKLYHS Z[H[L VY SVJHS JV\Y[Z .YHK\H[LZ ^PSS IL YLHK` [V WLYMVYT YLJLW[PVUPZ[ K\[PLZ HUK [V WYLWHYL SLNHS JVYYLZWVUKLUJL HUK KVJ\TLU[Z \ZPUN SLNHS [LYTPUVSVN` :[\KLU[Z NHPU OHUKZ VU L_WLYPLUJL [OYV\NO H Ã&#x201E;]L OV\Y PU[LYUZOPW 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; Æ&#x2018; )<: Æ&#x2018; ,5. Æ&#x2018; :-:
/,+ 7,+
:,*65+ @,(9 /V\YZ
(K]HUJLK -VYTH[[PUN 5V[L[HRPUN Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L E 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ )\ZPULZZ ,UNSPZO :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *1: Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018;
,5. :7, )<: )<:
/V\YZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ 0U[YVK\J[PVU [V *YPTPUHS 1\Z[PJL *VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 VY 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 3LNHS ;LYTPUVSVN` 46+ 3LNHS ;YHUZJYPW[PVU 46+ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; )<: )<:
Æ&#x2018; *0: Æ&#x2018; )<:
7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ 4H[OLTH[PJZ -\UKHTLU[HSZ VM (JJV\U[PUN VY -PUHUJPHS (JJV\U[PUN (JJLZZ 6MÃ&#x201E;JL ;YHUZJYPW[PVU 46+ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
0U[YVK\J[PVU [V 7Z`JOVSVN` (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW 6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY E :6: /\THU 9LSH[PVUZ HUK 7:@ JHU UV[ IL \ZLK HZ H ZVJPHS ZJPLUJL LSLJ[P]L -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 4LKPJHS ((: ((4,+ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
7YLWHYLZ NYHK\H[LZ MVY H JHYLLY PU TLKPJHS VMÃ&#x201E;JLZ OVZWP[HSZ VY JSPUPJZ :[\KLU[Z ILJVTL MHTPSPHY ^P[O TLKPJHS [LYTPUVSVN` TLKPJHS VMÃ&#x201E;JL WYVJLK\YLZ ^OPJO PUJS\KL [YHUZJYPW[PVU HUK IPSSPUN WYVJLK\YLZ HUK KL]LSVW [OL PU[LYWLYZVUHS ZRPSSZ ULJLZZHY` [V ^VYR \UKLY WYLZZ\YL :[\KLU[Z NHPU OHUKZ VU L_WLYPLUJL [OYV\NO H Ã&#x201E;]L OV\Y PU[LYUZOPW 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )06 Æ&#x2018; ,5. Æ&#x2018; :-:
/,+ 7,+
:,*65+ @,(9 /V\YZ
(K]HUJLK -VYTH[[PUN 5V[L[HRPUN Â&#x2020; )HZPJ (UH[VT` HUK 7O`ZPVSVN` )\ZPULZZ ,UNSPZO :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; )<:
)<:
Æ&#x2018; (/, Æ&#x2018;
7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 4LKPJHS 0UZ\YHUJL HUK *VKPUN -\UKHTLU[HSZ VM (JJV\U[PUN VY -PUHUJPHS (JJV\U[PUN 4LKPJHS ;LYTPUVSVN` :VJPHS :JPLUJL ,SLJ[P]L E ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018;
,5. :7, *0: )<: )<:
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
0U[YVK\J[PVU [V 7Z`JOVSVN` (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW ¶ 4LKPJHS 6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY E :6: /\THU 9LSH[PVUZ HUK 7:@ JHU UV[ IL \ZLK HZ H ZVJPHS ZJPLUJL LSLJ[P]L -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[OSLLU +H\NOLY[` ,THPS! RKH\NOLY[`'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ *VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 VY 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU (JJLZZ 4LKPJHS ;YHUZJYPW[PVU 46+ (K]HUJLK 4LKPJHS ;YHUZJYPW[PVU 46+ ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
(K]HUJLK (\[VTH[PVU *VU[YVS ;LJOUVSVN` *9; ((* *LY[PÃ&#x201E;JH[L
.YHK\H[LZ VM [OPZ JLY[PÃ&#x201E;JH[L ^PSS OH]L KL]LSVWLK [OL RUV^SLKNL [V PU[LNYH[L ZVM[^HYL ^P[O OHYK^HYL PU [OL 0UK\Z[YPHS (\[VTH[PVU LU]PYVUTLU[ *VTW\[LY SVNPJ IHZPJ WYVNYHTTPUN ZRPSSZ M\UKHTLU[HSZ VM UL[^VYRPUN HUK JVU[YVSSPUN H WYVJLZZ ^P[O PUZ[Y\TLU[H[PVU ^PSS IL LTWOHZPaLK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 73* Æ&#x2018; ,,; Æ&#x2018; 73* Æ&#x2018; *0:
/V\YZ -\UKHTLU[HSZ VM 0UZ[Y\TLU[H[PVU *VTW\[LY :`Z[LTZ (YJOP[LJ[\YL 73* 0 Â&#x2020; *VTW\[LY 3VNPJ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 73* Æ&#x2018; ,,;
0UK\Z[YPHS *VTW\[LY :`Z[LTZ +H[H *VTT\UPJH[PVUZ 73* 00 /40 ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` 3PUKSL` ,THPS! NSPUKSL`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(N 4HJOPULY` :HSLZ
((: (.4: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OPZ WYVNYHT WYV]PKLZ PU[LUZP]L [YHPUPUN PU ZHSLZ HUK THYRL[PUN HUK PZ JVTWSLTLU[LK ^P[O ^VYR L_WLYPLUJL PU HU HN THJOPULY` KLHSLYZOPW :[\KLU[Z ^PSS NHPU H IHJRNYV\UK PU HN THJOPULY` I\ZPULZZ HNYP I\ZPULZZ HUK NHPU L_WLYPLUJL H[ [OL ]HYPV\Z KLHSLYZOPWZ HZ [OL` WYLWHYL MVY H JHYLLY PU HNYPJ\S[\YL ZHSLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
:,*65+ @,(9
-PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
,5. (.9 4(; (.9 (.9 (.9 /,+
/V\YZ *VTWVZP[PVU 0 VY *VTT\UPJH[PVUZ 0 (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY .LULYHS ,K\JH[PVU 4H[OLTH[PJZ ¶ 7YPUJPWSLZ VM *YVW 7YVK\J[PVU Â&#x2020; ,SLJ[YPJHS :`Z[LTZ 4VK 0 Â&#x2020; )\ZPULZZ (UHS`ZPZ HUK 9LJVYKZ Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; (.9 Æ&#x2018; )<: Æ&#x2018; 76: Æ&#x2018; 7:@ :6: Æ&#x2018; )<:
/V\YZ 6MÃ&#x201E;JL (JJV\U[PUN +PLZLS -\LS :`Z[LTZ Â&#x2020; 7YPUJPWSLZ VM 4HUHNLTLU[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ 0U[YVK\J[PVU [V )\ZPULZZ ;6;(3
¶ ¶
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; :7, Æ&#x2018; (.9 Æ&#x2018; Æ&#x2018; (.9
: 6 , 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 7SHU[PUN HUK ;PSSHNL ,X\PWTLU[ Â&#x2020;Â&#x2020;Â&#x2020; :\NNLZ[LK ,SLJ[P]L 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3 Â&#x2020;Â&#x2020;Â&#x2020;
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
: 6 , 00 (NYPJ\S[\YHS ,JVUVTPJZ (KQ\Z[PUN 5L^ HUK <ZLK 4HJOPULY` ;6;(3
Æ&#x2018; */4 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VU (S[OH\Z ,THPS! QHS[OH\Z'SHRLSHUK JJ PS \Z 7OVUL!
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; *0: Æ&#x2018; *0:
:THSS ,UNPULZ Â&#x2020; -HYT 4HUHNLTLU[ Â&#x2020; :VPSZ Â&#x2020; 0U[YVK\J[PVU [V 0U[LYUL[ 0U[YVK\J[PVU [V 4PJYVJVTW\[LYZ
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
7O`ZPJHS :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YHS :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; 9L[HPSPUN VM (NYPJ\S[\YHS :\WWSPLZ Â&#x2020;Â&#x2020;Â&#x2020; 4HYRL[PUN VM (NYPJ\S[\YHS 7YVK\J[Z Â&#x2020;Â&#x2020;Â&#x2020; : 6 , 000 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
56;,:!
¶
3HRL 3HUK *VSSLNL
(N 7V^LY ;LJOUVSVN`
((: (.7>9 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL (NYPJ\S[\YL 7V^LY ;LJOUVSVN` PZ KLZPNULK [V NP]L Z[\KLU[Z ZRPSSZ PU KPLZLS THJOPULZ NLULYHS V]LYOH\S [YHUZTPZZPVUZ LSLJ[YPJHS Z`Z[LTZ HUK [OL V[OLY ZRPSSZ YLX\PYLK [V VWLYH[L HZ H [LJO UPJPHU ;OL WYVNYHT PZ HSZV KLZPNULK [V KL]LSVW Z[\KLU[Z» ZRPSSZ PU ZHSLZ WHY[Z HUK Z\WWSPLZ PU THJOPULY` KLHSLYZOPWZ :[\KLU[Z T\Z[ W\YJOHZL OHUK [VVSZ ULJLZZHY` MVY \ZL PU [OPZ WYVNYHT 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. ,5.
Æ&#x2018; /,+ Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; ;,* 4(;
Æ&#x2018; (.9
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 VY *VTT\UPJH[PVUZ 0 9LZWVUKPUN [V ,TLYNLUJPLZ /`KYH\SPJZ Â&#x2020; 0NUP[PVU HUK ,SLJ[YPJHS :`Z[LTZ Â&#x2020; :THSS ,UNPULZ Â&#x2020; (WWSPLK :OVW *VTW\[H[PVUZ VY .LULYHS ,K\JH[PVU 4H[O VY /PNOLY 0U[YVK\J[PVU [V (NYPJ\S[\YL 6JJ\WH[PVUZ Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; :7,
,5. ,5.
Æ&#x2018; 76: Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; Æ&#x2018; 7:@ :6:
/V\YZ (TLYPJHU 5H[PVUHS .V]LYUTLU[ Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 Â&#x2020; +PLZLS -\LS :`Z[LTZ Â&#x2020; (N ;YHUZ HUK 7V^LY ;YHPU Â&#x2020; ,SLJ[P]L 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ ¶ ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
;YHJ[VY 6]LYOH\S Â&#x2020;Â&#x2020;Â&#x2020; : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0= Â&#x2020;Â&#x2020;Â&#x2020; EE (K] ,SLJ[YPJHS :`Z[LTZ Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; EE ;6;(3
(K]HUJLK /`KYH\SPJZ Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; 7SHU[PUN HUK ;PSSHNL ,X\PWTLU[ Â&#x2020;Â&#x2020;Â&#x2020; 0U[YV [V :WLLJO VY *VTWVZP[PVU 00 VY *VTT\UPJH[PVUZ 00 ;6;(3
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 Â&#x2020;Â&#x2020; (N 4HJOPULY` (PY *VUKP[PVUPUN Â&#x2020;Â&#x2020; (KQ\Z[PUN 5L^ HUK <ZLK 4HJOPULY` Â&#x2020;Â&#x2020; ;6;(3
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; >,3
(NYPJ\S[\YHS )\ZPULZZ -PUHUJPUN Â&#x2020; (NYPJ\S[\YL :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; >LSKPUN -\UKHTLU[HSZ
796.9(4 ;6;(3
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
-PYZ[ :LTLZ[LY
:<..,:;,+ ,3,*;0=,:
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 9HUK` (WLY ,THPS! YHWLY'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(N 7V^LY ;LJOUVSVN` *9; (.7>9 *LY[PÃ&#x201E;JH[L
(NYPJ\S[\YL 7V^LY ;LJOUVSVN` PZ KLZPNULK [V WYLWHYL Z[\KLU[Z HZ [LJOUPJPHUZ HUK WHY[Z JV\U[LY JSLYRZ MVY HNYPJ\S[\YL THJOPULY` KLHSLYZOPWZ ;OL WYVNYHT KL]LSVWZ [OL Z[\KLU[»Z ZRPSSZ ULJLZZHY` [V KPHNUVZL HUK YLWHPY KPLZLS M\LS Z`Z[LTZ LUNPULZ [YHUZTPZZPVUZ HUK LSLJ[YPJHS Z`Z[LTZ VM HNYPJ\S[\YHS LX\PWTLU[ :[\KLU[Z T\Z[ W\YJOHZL OHUK [VVSZ ULJLZZHY` MVY \ZL PU [OPZ WYVNYHT 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; ;,* Æ&#x2018; (.9
(++0;065(3 *6<9:,: /V\YZ
/`KYH\SPJZ Â&#x2020; 0NUP[PVU HUK ,SLJ[YPJHS :`Z[LTZ Â&#x2020; +PLZLS -\LS :`Z[LTZ Â&#x2020; (N ;YHUZTPZZPVUZ HUK 7V^LY ;YHPUZ Â&#x2020; (WWSPLK :OVW *VTW\[H[PVUZ Â&#x2020; :THSS ,UNPULZ Â&#x2020; ;6;(3
:6, 00 6:/( (NYPJ\S[\YL 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020;
796.9(4 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
;YHJ[VY 6]LYOH\S Â&#x2020;Â&#x2020;Â&#x2020; 7SHU[PUN HUK ;PSSHNL ,X\PWTLU[ Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK ,SLJ[YPJHS :`Z[LTZ Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK /`KYH\SPJZ Â&#x2020;Â&#x2020;Â&#x2020; : 6 , 0 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9
(N 4HJOPULY` (PY *VUKP[PVUPUN (KQ\Z[PUN 5L^ HUK <ZLK /HY]LZ[ ,X\PWTLU[ ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 9HUK` (WLY ,THPS! YHWLY'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
Æ&#x2018; (.9 Æ&#x2018; (.9
56;,:!
3HRL 3HUK *VSSLNL
(N 7YVMLZZPVUHS *\Z[VT (WWSPJH[PVU ((: (.7*( (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
(NYPJ\S[\YL *\Z[VT (WWSPJH[PVU PZ KLZPNULK [V WYLWHYL Z[\KLU[Z [V ILJVTL WYVMLZZPVUHS J\Z[VT HWWSPJH[VYZ ^P[OPU [OL HN PUK\Z[Y` ;OPZ WYVNYHT ^PSS L_WHUK [OL Z[\KLU[»Z HIPSP[PLZ PU [OL UL^ HUK L_JP[PUN MHJL[Z VM HNYPJ\S[\YL ;OPZ J\YYPJ\S\T PZ KLZPNULK MVY (NYPJ\S[\YL *\Z[VT (WWSPJH[PVU I\[ HSZV WYV]PKLZ [YHUZMLYHIPSP[` [V :V\[OLYU 0SSPUVPZ ¶ *HYIVUKHSL >LZ[LYU 0SSPUVPZ HUK 0SSPUVPZ :[H[L \UP]LYZP[PLZ 5V[L! ;OVZL Z[\KLU[Z [OH[ HYL JVUZPKLYPUN [YHUZMLYYPUN [V H `LHY PUZ[P[\[PVU ZOV\SK JVU[HJ[ [OLPY HK]PZVY HZ ZVVU HZ WVZZPISL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. ,5. Æ&#x2018; 7:@ :6: Æ&#x2018; /,+ Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 VY *VTT\UPJH[PVUZ 0 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ 9LZWVUKPUN [V ,TLYNLUJPLZ (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY :VPSZ Â&#x2020; VY :VPS :JPLUJL (N *\Z[VT (WWSPJH[PVU Â&#x2020; 0U[YV [V (NYPJ\S[\YHS 6JJ\WH[PVUZ Â&#x2020; ;6;(3
¶
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU VY *VTWVZP[PVU 00 VY *VTT\UPJH[PVUZ 00 ¶ 7O`ZPJHS :JPLUJL 00 Â&#x2020;Â&#x2020;Â&#x2020; 0U[LUZP]L *YVW :JV\[PUN Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; :VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; VY *VTW\[LY (WWSPJH[PVUZ PU (NYPJ\S[\YL Â&#x2020;Â&#x2020;Â&#x2020; ¶ ;6;(3 ¶
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 (NYPJ\S[\YHS ,JVUVTPJZ 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HYR 5PLTLYN ,THPS! TUPLTLYN'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ .7: (WWSPJH[PVUZ PU (. Â&#x2020; 7YPUJPWSLZ VM *YVW 7YVK\J[PVU Â&#x2020; VY -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; ¶ 7YPUJPWSLZ VM (NYPJ\S[\YHS 4LJOHUPJZ Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 Â&#x2020; ,SLJ[P]L ;6;(3 ¶
:LJVUK :LTLZ[LY ¶ ¶
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
Æ&#x2018; (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
¶
:LJVUK :LTLZ[LY
Æ&#x2018; :7, ,5. ,5. Æ&#x2018; */4 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 (.9
-PYZ[ :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
(TLYPJHU 5H[PVUHS .V]LYUTLU[ : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0= Â&#x2020;Â&#x2020;Â&#x2020; 9L[HPSPUN VM (NYPJ\S[\YHS :\WWSPLZ Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YHS :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]L ;6;(3
(++0;065(3 *6<9:,:
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
(JJV\U[PUN 7YVJLZZ -PUHUJPHS (JJV\U[PUN 7YPUJPWSLZ VM 4HUHNLTLU[
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; *0:
(NYPJ\S[\YHS )\ZPULZZ -PUHUJPUN Â&#x2020; )\ZPULZZ (UHS`ZPZ 9LJVYKZ Â&#x2020; *+3 ;YHPUPUN ,_JLS
796.9(4 ;6;(3
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` +LWHY[TLU[ *OHPY VY 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
3HRL 3HUK *VSSLNL
(NYPJ\S[\YL )\ZPULZZ *9; (.)<: *LY[PÃ&#x201E;JH[L
;OL (NYPJ\S[\YL )\ZPULZZ JLY[PÃ&#x201E;JH[L WYVNYHT PZ KLZPNULK [V WYLWHYL Z[\KLU[Z MVY LTWSV`TLU[ PU ILNPUUPUN THUHNLTLU[ HUK ZHSLZ JHWHJP[PLZ PU HNYPJ\S[\YL I\ZPULZZLZ PUJS\KPUN LSL]H[VYZ MLY[PSPaLY JVTWHUPLZ HUK MLLK JVTWHUPLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
:\TTLY ;LYT
-PYZ[ :LTLZ[LY
Æ&#x2018; (.9
4(;
Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; Æ&#x2018;
(.9 (.9 (.9
/V\YZ (NYPJ\S[\YL 4H[O Â&#x2020; VY .LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY *YVW 7YVK\J[PVU Â&#x2020; VY -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; (UPTHS /\ZIHUKY` Â&#x2020; :VPSZ Â&#x2020; VY :VPS :JPLUJL (NYPJ\S[\YHS )\ZPULZZ -PUHUJPUN Â&#x2020; )\ZPULZZ (UHS`ZPZ HUK 9LJVYKZ Â&#x2020; ;6;(3
¶ ¶ ¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
6:/( (N 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (N :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; 4HYRL[PUN VM (NYPJ\S[\YHS 7YVK\J[Z Â&#x2020;Â&#x2020;Â&#x2020; 9L[HPSPUN VM (NYPJ\S[\YHS :\WWSPLZ Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YL :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; : 6 , 0 Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]LZ ;6;(3
Æ&#x2018; (.9 (.9
Æ&#x2018; (.9 Æ&#x2018; (.9
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
-HYT *YLKP[ HUK -PUHUJL Â&#x2020;Â&#x2020;Â&#x2020; :VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; (UPTHS 5\[YP[PVU Â&#x2020;Â&#x2020;Â&#x2020; .7: (WWSPJH[PVUZ PU (NYPJ\S[\YL Â&#x2020; 0U[LUZP]L *YVW :JV\[PUN Â&#x2020;Â&#x2020;Â&#x2020;
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` +LWHY[TLU[ *OHPY VY 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VU (S[OH\Z ,THPS! QHS[OH\Z'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ (NYPJ\S[\YL ,JVUVTPJZ VY 0U[YVK\J[PVU [V (NYPJ\S[\YL ,JVUVTPJZ ¶ 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ : 6 , 00 ;6;(3
56;,:!
¶
3HRL 3HUK *VSSLNL
(NYPJ\S[\YL )\ZPULZZ :\WWS` ((: (.)<: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OPZ JVYL J\YYPJ\S\T PZ KLZPNULK MVY [OVZL Z[\KLU[Z ^OV HYL WSHUUPUN H JHYLLY PU MLY[PSPaLY WLZ[ THUHNLTLU[ HNYP I\ZPULZZ ZHSLZ THUHNLTLU[ VY V^ULYZOPW PU [OLZL HYLHZ >OPSL [OPZ J\YYPJ\S\T PZ KLZPNULK MVY (NYPJ\S[\YHS )\ZPULZZ P[ HSZV WYV]PKLZ [YHUZMLYHIPSP[` [V :V\[OLYU 0SSPUVPZ ¶ *HYIVUKHSL >LZ[LYU 0SSPUVPZ HUK 0SSPUVPZ :[H[L \UP]LYZP[PLZ 5V[L! ;OVZL Z[\KLU[Z [OH[ HYL JVUZPKLYPUN [YHUZMLYYPUN [V H `LHY PUZ[P[\[PVU ZOV\SK JVU[HJ[ [OLPY HK]PZVY HZ ZVVU HZ WVZZPISL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
Æ&#x2018; ,5. ,5. Æ&#x2018; 7:@ :6: Æ&#x2018; /,+ Æ&#x2018; (.9 Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 (.9
/V\YZ *VTWVZP[PVU 0 VY *VTT\UPJH[PVUZ 0 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ ¶ 9LZWVUKPUN [V ,TLYNLUJPLZ 0U[YVK\J[PVU [V (NYPJ\S[\YHS 6JJ\WH[PVUZ Â&#x2020; (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY ¶ :VPSZ Â&#x2020; VY :VPS :JPLUJL ¶ (UPTHS /\ZIHUKY` Â&#x2020; VY 0U[YVK\J[PVU [V (UPTHS :JPLUJL ¶ ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; :7, ,5. ,5. Æ&#x2018; */4 Æ&#x2018; (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; Æ&#x2018; (.9 (.9
Æ&#x2018; (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
/V\YZ :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 (NYPJ\S[\YHS ,JVUVTPJZ VY 0U[YVK\J[PVU [V (NYPJ\S[\YL ,JVUVTPJZ ¶ 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ ;6;(3 ¶
:,*65+ @,(9 -PYZ[ :LTLZ[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
:\TTLY ;LYT
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU VY *VTWVZP[PVU 00 VY *VTT\UPJH[PVUZ 00 ¶ 7O`ZPJHS :JPLUJL 00 Â&#x2020;Â&#x2020;Â&#x2020; 6:/( (NYPJ\S[\YHS 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020; 0U[LUZP]L *YVW :JV\[PUN Â&#x2020;Â&#x2020;Â&#x2020; VY (UPTHS 5\[YP[PVU Â&#x2020;Â&#x2020;Â&#x2020; ¶ :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]L 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; VY *VTW\[LY (WWSPJH[PVUZ PU (NYPJ\S[\YL Â&#x2020;Â&#x2020;Â&#x2020; ¶ ;6;(3 ¶
Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
7YPUJPWSLZ VM *YVW 7YVK\J[PVU Â&#x2020; VY -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; ¶ .7: (WWSPJH[PVUZ PU (N Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 Â&#x2020; (NYPJ\S[\YHS )\ZPULZZ -PUHUJPUN Â&#x2020; )\ZPULZZ (UHS`ZPZ HUK 9LJVYKZ Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
(TLYPJHU 5H[PVUHS .V]LYUTLU[ : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0= Â&#x2020;Â&#x2020;Â&#x2020; 4HYRL[PUN VM (NYPJ\S[\YHS 7YVK\J[Z Â&#x2020;Â&#x2020;Â&#x2020; 9L[HPSPUN VM (NYPJ\S[\YHS :\WWSPLZ Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YHS :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]L ;6;(3
(++0;065(3 *6<9:,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; *0:
0U[YVK\J[PVU [V 3P]LZ[VJR ,]HS\H[PVU Â&#x2020; )LLM HUK +HPY` 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; :^PUL 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; 7V^LY 7VPU[
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<:
:VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; (JJV\U[PUN 7YVJLZZ 0 ,_JLS 6MÃ&#x201E;JL (JJV\U[PUN
796.9(4 ;6;(3
¶
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HYR 5PLTLYN ,THPS! TUPLTLYN'SHRLSHUK JJ PS \Z 7OVUL!
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` +LWHY[TLU[ *OHPY VY 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
3HRL 3HUK *VSSLNL
(NYPJ\S[\YL 7YVK\J[PVU 4HUHNLTLU[ ((: (.796 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ JVYL J\YYPJ\S\T PZ KLZPNULK MVY [OVZL Z[\KLU[Z ^OV HYL WSHUUPUN H JHYLLY PU HNYPJ\S[\YHS WYVK\J[PVU MHYTPUN HN WYVK\J[PVU ZHSLZ HUK THUHNLTLU[ VY V^ULYZOPW PU [OLZL HYLHZ >OPSL [OPZ J\YYPJ\S\T PZ KLZPNULK MVY (NYPJ\S[\YHS 7YVK\J[PVU P[ HSZV HSSV^Z [YHUZMLYHIPSP[` [V 0SSPUVPZ :[H[L :V\[OLYU 0SSPUVPZ HUK >LZ[LYU 0SSPUVPZ \UP]LYZP[PLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. ,5. Æ&#x2018; 7:@ :6: Æ&#x2018; /,+ Æ&#x2018; (.9 Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 (.9
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 VY *VTT\UPJH[PVUZ 0 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ ¶ 9LZWVUKPUN [V ,TLYNLUJPLZ 0U[YVK\J[PVU [V (NYPJ\S[\YHS 6JJ\WH[PVUZ Â&#x2020; (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY ¶ :VPSZ Â&#x2020; VY :VPS :JPLUJL ¶ (UPTHS /\ZIHUKY` Â&#x2020; VY (UPTHS :JPLUJL ¶ ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; :7, ,5. ,5. Æ&#x2018; */4 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 (.9
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU VY *VTWVZP[PVU 00 VY *VTT\UPJH[PVUZ 00 ¶ 7O`ZPJHS :JPLUJL 00 Â&#x2020;Â&#x2020;Â&#x2020; 6:/( (NYPJ\S[\YHS 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020; (UPTHS 5\[YP[PVU Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; -HYT )\ZPULZZ 9LJVYKZ Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; VY * VTW\[LY (WWSPJH[PVUZ PU (NYPJ\S[\YL Â&#x2020;Â&#x2020;Â&#x2020; ¶ ;6;(3 ¶
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 (NYPJ\S[\YHS ,JVUVTPJZ VY 0U[YVK\J[PVU [V (N ,JVUVTPJZ ¶ 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 9`HU 6YYPJR ,THPS! ZVYYPJR'SHRLSHUK JJ PS \Z 7OVUL!
-PYZ[ :LTLZ[LY
Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
/V\YZ 7YPUJPWSLZ VM *YVW 7YVK\J[PVU Â&#x2020; VY -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; ¶ 7YPUJPWSLZ VM (NYPJ\S[\YHS 4LJOHUPJZ Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 Â&#x2020; -HYT 4HUHNLTLU[ Â&#x2020; ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
(TLYPJHU 5H[PVUHS .V]LYUTLU[ : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0= Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YL 4HYRL[PUN Â&#x2020;Â&#x2020;Â&#x2020; -HYT *YLKP[ HUK -PUHUJL Â&#x2020;Â&#x2020;Â&#x2020; :VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
(++0;065(3 *6<9:,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
0U[YVK\J[PVU [V 3P]LZ[VJR ,]HS\H[PVU Â&#x2020; ( Y[PÃ&#x201E;JPHS 0UZLTPUH[PVU 4HUHNLTLU[ MVY )LLM HUK +HPY` *H[[SL Â&#x2020;Â&#x2020;Â&#x2020; )LLM HUK +HPY` 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; :^PUL 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; : ^PUL 9LWYVK\J[PVU HUK (Y[PÃ&#x201E;JPHS 0UZLTPUH[PVU Â&#x2020;Â&#x2020;Â&#x2020; 4LH[ :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020;
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; *0:
0U[LUZP]L *YVW :JV\U[PUN Â&#x2020;Â&#x2020;Â&#x2020; .7: (WWSPJH[PVU PU (. Â&#x2020; *YVW /HY]LZ[PUN +Y`PUN HUK :[VYHNL Â&#x2020; ,_JLS
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
¶
3HRL 3HUK *VSSLNL
(S[LYUH[P]L (NYPJ\S[\YL 7YVK\J[PVU ((: (3(. (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ JVYL J\YYPJ\S\T PZ KLZPNULK MVY [OVZL Z[\KLU[Z ^OV HYL WSHUUPUN H JHYLLY PU HS[LYUH[P]L HNYPJ\S[\YL WYVK\J[PVU PUJS\KPUN MHYTPUN HN WYVK\J[PVU ZHSLZ HUK THUHNLTLU[ VY V^ULYZOPWZ PU [OLZL HYLHZ ;OL M\UKHTLU[HSZ VM (NYVLJVSVN` [OL PUJVYWVYH[PVU VM IPVSVNPJHS WLZ[ THUHNL TLU[ HZ ^LSS HZ Z\Z[HPUHISL JYVW HUK SP]LZ[VJR WYVK\J[PVU ^PSS IL LTWOHZPaLK >OPSL [OPZ J\YYPJ\S\T PZ KLZPNULK MVY PTTLKPH[L WSHJLTLU[ PU (S[LYUH[P]L (NYPJ\S[\YL 7YVK\J[PVU P[ HSZV HSSV^Z [YHUZMLYHIPSP[` [V 0SSPUVPZ :[H[L :V\[OLYU 0SSPUVPZ HUK >LZ[LYU 0SSPUVPZ \UP]LYZP[PLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. ,5. Æ&#x2018; (.9 Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 VY *VTT\UPJH[PVU 0 0U[YV [V (NYVLJVSVN` Â&#x2020; (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY :VPSZ Â&#x2020; VY :VPS :JPLUJL (UPTHS /\ZIHUKY` Â&#x2020; ;6;(3
¶
Æ&#x2018; (.9
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU VY *VTWVZP[PVU 00 VY *VTT\UPJH[PVUZ 00 ¶ 7O`ZPJHS :JPLUJL 00 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; (UPTHS 5\[YP[PVU Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; -HYT )\ZPULZZ 9LJVYKZ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3 ¶
:\TTLY ;LYT
Æ&#x2018; (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 (NYPJ\S[\YHS ,JVUVTPJZ VY 0U[YVK\J[PVU [V (N ,JVUVTPJZ ¶ )PVSVNPJHS 7LZ[ 4HUHNLTLU[ ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; /9; Æ&#x2018; 7:@ :6:
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; :7, ,5. ,5. Æ&#x2018; */4 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
-PYZ[ :LTLZ[LY
/V\YZ 6YNHUPJ *YVW 7YVK\J[PVU Â&#x2020; 7YPUJPWSLZ VM (N 4LJOHUPaH[PVU Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 Â&#x2020; 0U[YVK\J[PVU [V /VY[PJ\S[\YL Â&#x2020; 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ ¶ ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; /,+ Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
(TLYPJHU 5H[PVUHS .V]LYUTLU[ 9LZWVUKPUN [V ,TLYNLUJPLZ : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0= Â&#x2020;Â&#x2020;Â&#x2020; 4HYRL[PUN VM (NYPJ\S[\YHS 7YVK\J[Z Â&#x2020;Â&#x2020;Â&#x2020; -HYT *YLKP[ HUK -PUHUJL Â&#x2020;Â&#x2020;Â&#x2020; -VYHNLZ HUK 7HZ[\YL 4HUHNLTLU[ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
0U[LUZP]L *YVW :JV\[PUN Â&#x2020;Â&#x2020;Â&#x2020; *YVW /HY]LZ[PUN +Y`PUN :[VYHNL Â&#x2020; ( Y[PÃ&#x201E;JPHS 0UZLTPUH[PVU 4HUHNLTLU[ MVY )LLM +HPY` *H[[SL Â&#x2020;Â&#x2020;Â&#x2020; )LLM +HPY` 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; :^PUL 7YVK\J[PVU :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; : ^PUL 9LWYVK\J[PVU (Y[PÃ&#x201E;JPHS 0UZLTPUH[PVU Â&#x2020;Â&#x2020;Â&#x2020; 796.9(4 ;6;(3
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-HJ\S[` *VU[HJ[! 1VU (S[OH\Z ,THPS! QHS[OH\Z'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(ZZVJPH[L +LNYLL PU 3PILYHS :[\KPLZ (3: 30) (ZZVJPH[L +LNYLL PU 3PILYHS :[\KPLZ (K\S[Z ^OV HYL YL[\YUPUN [V ZJOVVS VY Z[\KLU[Z ^OV HYL W\YZ\PUN HU HYLH VM SLHYUPUN [OH[ PZ UV[ JV]LYLK I` HU` VM [OL VUL VY [^V `LHY WYVNYHTZ TH` ^PZO [V JVUZPKLY [OL (ZZVJPH[L PU 3PILYHS :[\KPLZ (3: KLNYLL ;OL (3: KLNYLL WYVNYHT H[ 3HRL 3HUK *VSSLNL OHZ H TPUPTHS MVYTHS Z[Y\J[\YL [V LUZ\YL [OH[ H Z[\KLU[ HJX\PYL H IHZPJ SPILYHS LK\JH[PVU ( Z[\KLU[ PZ YLX\PYLK [V [HRL H TPUPT\T VM ZLTLZ[LY OV\YZ PU [YHKP[PVUHS HJHKLTPJ KPZJPWSPULZ /V^L]LY H Z[\KLU[ TH` HJX\PYL JYLKP[ [V TLL[ NYHK\H[PVU YLX\PYLTLU[Z [OYV\NO H ]HYPL[` VM V[OLY TL[OVKZ ;OL (3: KLNYLL VMMLYZ H Ã&#x2026;L_PISL SLHYU PUN WYVNYHT ;OL Z[\KLU[ ZL[Z WLYZVUHS HUK WYVMLZZPVUHS NVHSZ [OLU W\YZ\LZ [OVZL NVHSZ I` H ]HYPL[` VM SLHYUPUN L_WLYPLUJLZ
/V^ *YLKP[ 4H` )L ,HYULK MVY [OL (3: +LNYLL *YLKP[ TH` IL HJJ\T\SH[LK MVY [OL HZZVJPH[L PU SPILYHS Z[\KPLZ KLNYLL PU [OL MVSSV^PUN THUULY! (JJLW[HUJL I` 3HRL 3HUK *VSSLNL VM ^VYR JVTWSL[LK
H[ HUV[OLY PUZ[P[\[PVU (U` IHJJHSH\YLH[L VYPLU[LK JV\YZL H[ 3HRL 3HUK (U` VJJ\WH[PVU VYPLU[LK JV\YZL H[ 3HRL 3HUK 0UKLWLUKLU[ Z[\K` TH_PT\T VM ZLTLZ[LY OV\YZ
H[ 3HRL 3HUK 7YVÃ&#x201E;JPLUJ` L_HTPUH[PVUZ (K]HUJLK Z[HUKPUN *3,7 [LZ[ *YLKP[ MVY L_WLYPLU[PHS SPML L_WLYPLUJL PUJS\KPUN
*,< JYLKP[Z ^VYRZOVWZ HUK VY ZWLJPHSPaLK [YHPU PUN L_WLYPLUJLZ \W [V H TH_PT\T VM WLYJLU[ VM [OL JYLKP[ [OH[ PZ JVUZPZ[LU[ ^P[O [OL Z[\KLU[»Z KLNYLL VIQLJ[P]LZ TH` IL HWWSPLK [V^HYK [OL (3: KLNYLL VY [OL (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! *PUK` 3HUTHU ,THPS! JSHUTHU'SHRLSHUK JJ PS \Z 7OVUL!
0U VYKLY [V YLJLP]L JYLKP[ MVY L_WLYPLU[PHS SPML L_WLYPLUJL [OL Z[\KLU[ T\Z[ IL LUYVSSLK PU [OL JVSSLNL HUK JVTWSL[L 05: 7VY[MVSPV +L]LSVWTLU[
.YHK\H[PVU 9LX\PYLTLU[Z 4LL[ HSS JVSSLNL HKTPZZPVU YLX\PYLTLU[Z (JJ\T\SH[L H [V[HS VM ZLTLZ[LY OV\YZ VY P[Z
LX\P]HSLU[ *VTWSL[L [OL MVSSV^PUN TPUPT\T YLX\PYLTLU[Z
VY [OLPY LX\P]HSLU[Z ^OPJO [V[HS JYLKP[ OV\YZ! *VTT\UPJH[PVU :RPSSZ ¶ ZLTLZ[LY OV\YZ 4H[OLTH[PJZ VY :JPLUJL ¶ ZLTLZ[LY OV\YZ /\THUP[PLZ ¶ ZLTLZ[LY OV\YZ :VJPHS :JPLUJL ¶ ZLTLZ[LY OV\YZ ;V[HS ZLTLZ[LY OV\YZ (JJ\T\SH[L H NYHKL WVPU[ H]LYHNL VM * 4LL[ [OL NLULYHS NYHK\H[PVU YLX\PYLTLU[Z VM
3HRL 3HUK *VSSLNL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
56;,:!
3HRL 3HUK *VSSLNL
(ZZVJPH[L +LNYLL PU 5\YZPUN ;YHJR ((: (+5 ;92
;OL U\YZPUN WYVNYHTZ H[ 3HRL 3HUK *VSSLNL HYL JVTWL[P[P]L HUK ZWLJPHS HKTPZZPVU ;OL (ZZVJPH[L +LNYLL PU 5\YZPUN ;YHJR ((: (+5 ;92 WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL (ZZVJPH[L +LNYLL PU 5\YZPUN (+5 WYVNYHT ^OPJO ILNPUZ -HSS ZLTLZ[LY VUS` (WWSPJHU[Z HYL PUZ[Y\J[LK [V WYLWHYL MVY [OL (+5 WYVNYHT I` MVSSV^PUN ((: (+5 ;92 N\PKLSPULZ :[\KLU[Z HYL JV\UZLSLK YLNHYKPUN JVTWSL[PVU HUK JV\YZL YLX\PYLTLU[Z ^OLU ZLLRPUN HKTPZZPVU PU[V [OL (+5 WYVNYHT HZ ^LSS HZ JV\YZL ^VYR [OH[ TH` PUJYLHZL [OLPY Z\JJLZZ VUJL HJJLW[LK PU[V [OL (+5 WYVNYHT <WVU HJJLW[HUJL PU[V [OL (+5 WYVNYHT [OL KPYLJ[VY ^PSS JOHUNL [OL WYVNYHT JVKL [V ((: (+5 0U[LYLZ[LK Z[\KLU[Z ZOV\SK Z\ITP[ [OL 0U[LU[ [V ,UYVSS MVYT HUK SPZ[ [OLPY (JHKLTPJ 7YVNYHT HZ ((: (+5 ;92 ;OLU MVSSV^ [OL (+5 *OLJRSPZ[ JHYLM\SS` MVY PUZ[Y\J[PVUZ HIV\[ [OL HWWSPJH[PVU WYVJLK\YL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 5PJVSL ALSSLY ,THPS! UaLSSLY'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
(ZZVJPH[L +LNYLL PU 5\YZPUN ((: (+5 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL (ZZVJPH[L +LNYLL PU 5\YZPUN WYVNYHT PZ HU PU[LUZP]L [^V `LHY HJHKLTPJ WYVNYHT [OH[ PUJS\KLZ JSHZZYVVT ZRPSSZ SHIVYH[VY` HUK JSPUPJHS L_WLYPLUJL PU ]HYPV\Z OLHS[OJHYL HNLUJPLZ ;OL Z[\KLU[ PZ H^HYKLK HU (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL \WVU JVTWSL[PVU VM [OL WYVNYHT HUK TH` HWWS` [V JVTWSL[L [OL 5H[PVUHS *V\UJPS 3PJLUZ\YL ,_HTPUH[PVU MVY 9LNPZ[LYLK 5\YZLZ 5*3,? 95 <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL 5*3,? 95 [OL NYHK\H[L TH` HWWS` MVY 95 SPJLUZ\YL *VTWSL[PVU VM [OL (+5 WYVNYHT KVLZ UV[ N\HYHU[LL 95 SPJLUZ\YL ;OLYL HYL ZVTL JVUKP[PVUZ MVY ^OPJO [OL +LWHY[TLU[ VM -PUHUJPHS HUK 7YVMLZZPVUHS 9LN\SH[PVU TH` YLM\ZL [V PZZ\L H SPJLUZL 7SLHZL JVUZ\S[ ^P[O [OL KPYLJ[VY VM (+5 WYVNYHT [V H]VPK SPJLUZL HWWSPJH[PVU OPUKYHUJLZ ;OL WYVNYHT PZ HWWYV]LK I` [OL 0SSPUVPZ +LWHY[TLU[ VM -PUHUJPHS HUK 7YVMLZZPVUHS 9LN\SH[PVU HUK HJJYLKP[LK I` [OL 5H[PVUHS 3LHN\L MVY 5\YZPUN (JJYLKP[PUN *VTTPZZPVU 535(* 7LHJO[YLL 9K 5, :\P[L ([SHU[H .( " 7OVUL! -H_! (+5 IYVJO\YLZ HKTPZZPVU YLX\PYLTLU[Z PUMVYTH[PVU ZOLL[Z WYVNYHT JVTWL[LUJPLZ OHUKIVVR HUK PU[LU[ MVYTZ HYL H]HPSHISL [OYV\NO *V\UZLSPUN :LY]PJLZ HUK VY [OL (SSPLK /LHS[O KP]PZPVU 5V[L! :[H[L YLN\SH[PVUZ YLX\PYL [OH[ X\HSPÃ&#x201E;LK PU KPZ[YPJ[ YLZPKLU[Z T\Z[ IL HJJLW[LK Ã&#x201E;YZ[ ILMVYL HU` JVUZPKLYH[PVU JHU IL NP]LU [V V\[ VM KPZ[YPJ[ HWWSPJHU[Z (WWSPJHU[Z ZLLRPUN HKTPZZPVU PU[V [OL (+5 7YVNYHT T\Z[ OH]L H JVTWSL[LK U\YZPUN KLWHY[TLU[ HWWSPJH[PVU Ã&#x201E;SL PU [OL U\YZPUN KLWHY[TLU[ I` -LIY\HY` VY [OL WYLJLKPUN I\ZPULZZ KH` PM -LIY\HY` MHSSZ VU H ^LLRLUK (WWSPJHU[Z ^PSS IL UV[PÃ&#x201E;LK PU ^YP[PUN VM HJJLW[HUJL KLUPHS ^P[OPU ZP_ ^LLRZ VM [OL KLHKSPUL ;OL MVSSV^PUN HKTPZZPVU JYP[LYPH HUK WYVJLK\YLZ HYL PU HJJVYKHUJL ^P[O 0SSPUVPZ SH^! 0M [OLYL HYL TVYL X\HSPÃ&#x201E;LK HWWSPJHU[Z [OHU ZWHJLZ H]HPSHISL PU [OL WYVNYHT HKTPZ ZPVU PZ JVTWL[P[P]L HUK ZLSLJ[P]L \ZPUN HU VIQLJ[P]L MVYT\SH HWWYV]LK I` [OL 5\YZPUN +LWHY[TLU[ :LSLJ[PVU JYP[LYPH PUJS\KLZ [OL KH[L VU PU[LU[ MVYT Ã&#x201E;SLK PU U\YZPUN VMÃ&#x201E;JL" HJHKLTPJ HJOPL]LTLU[ PU WYL YLX\PZP[L HUK JV YLX\PZP[L JV\YZLZ" HUK WYL 95 HZZLZZTLU[ JVTWVZP[L YH^ ZJVYL H JVTWVZP[L ILSV^ PZ UV[ HJJLW[HISL" [OL TVZ[ YLJLU[ [LZ[ ZJVYL PZ \ZLK ;OL HKTPZZPVU ZLSLJ[PVU MVYT HUK J\YYLU[ WYVNYHT WVSPJPLZ HYL H]HPSHISL MYVT [OL U\YZPUN KPYLJ[VY +V^USVHK [OL (+5 JOLJRSPZ[ MVY [OL JVTWSL[L HWWSPJH[PVU WYVJLK\YL
(KTPZZPVU *YP[LYPH ;OL MVSSV^PUN WYVJLK\YLZ HUK WYLYLX\PZP[LZ T\Z[ IL ZH[PZÃ&#x201E;LK ILMVYL HKTPZZPVU [V [OL 3HRL 3HUK *VSSLNL (ZZVJPH[L +LNYLL 5\YZPUN WYVNYHT JHU IL JVUZPKLYLK *VTWSL[L HU HWWSPJH[PVU [V 3HRL 3HUK *VSSLNL HUK Z\ITP[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL 5V[L! (JJLW[HUJL [V [OL JVSSLNL KVLZ UV[ N\HYHU[LL HKTPZZPVU PU[V [OL (+5 WYVNYHT
6I[HPU HU (+5 7YVNYHT 0U[LU[ -VYT HUK YL[\YU P[ JVTWSL[LK [V [OL 5\YZPUN KLWHY[TLU[ :\ITP[ HU VMÃ&#x201E;JPHS [YHUZJYPW[ MYVT HSS JVSSLNLZ HUK VY U\YZPUN ZJOVVSZ H[[LUKLK [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL 7YV]PKL KVJ\TLU[H[PVU [OH[ [OL MVSSV^PUN WYLYLX\PZP[LZ OH]L ILLU JVTWSL[LK *V\YZLZ T\Z[ IL JVTWSL[LK ^P[OPU Ã&#x201E;]L `LHYZ VM WYVNYHT HWWSPJH[PVU KLHKSPUL ^P[O H NYHKL VM ¸*¹ VY IL[[LY /PNO ZJOVVS HWWSPJHU[Z TH` WYV]PKL OPNO ZJOVVS [YHUZJYPW[ KLTVUZ[YH[PUN WYVNYLZZ [V^HYKZ JVTWSL[PVU VM WYLYLX\PZP[LZ H 6UL `LHY VM OPNO ZJOVVS IPVSVN` VY )06 H[ 3HRL 3HUK *VSSLNL VY LX\P]HSLU[ JVSSLNL SL]LS JV\YZL I 6UL `LHY VM OPNO ZJOVVS JOLTPZ[Y` VY */4 */4 VY */4 H[ 3HRL 3HUK *VSSLNL VY LX\P]HSLU[ JVSSLNL SL]LS JV\YZL +LTVUZ[YH[L ZH[PZMHJ[VY` ZJVYLZ PU [^V VM [OL [OL [OYLL JH[LNVYPLZ VU [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ [LZ[Z! *VTWHZZ 9LHKPUN " *VTWHZZ ,UNSPZO " HUK *VT WHZZ 4H[O *7; 9LHKPUN " *7; ,UNSPZO " *7; 4H[O¶*VTW ,S (SN VY 0U[ (SN ,SPNPIPSP[` [V [HRL [OL WYL 95 [LZ[ PZ KL[LYTPULK I` [OLZL [LZ[Z (*; ZJVYLZ TH` IL Z\ITP[[LK PUZ[LHK VM [HRPUN [OL WSHJLTLU[ L_HT (*; ZJVYLZ ZOV\SK IL YLWVY[LK KPYLJ[S` [V [OL JVS SLNL MYVT (*; *VU[HJ[ U\YZPUN KPYLJ[VY MVY JVTWHYHISL ZJVYLZ [V 33* [LZ[ +LTVUZ[YH[L ZH[PZMHJ[VY` ZJVYLZ VU [OL WYL 95 HZZLZZ TLU[ [LZ[ ( WYL 95 JVTWVZP[L YH^ ZJVYL ILSV^ PZ UV[ HJJLW[HISL ;LZ[ ZJVYLZ TVYL [OHU [OYLL `LHYZ WYLJLKPUN [OL -LIY\HY` KLHKSPUL HYL UV[ HJJLW[HISL 7YL 95 HZZLZZTLU[Z HYL VMMLYLK H[ SLHZ[ [^V [PTLZ H `LHY +H[LZ MVY WYL 95 HZZLZZTLU[Z HUK WYVNYHT WVSPJPLZ HYL H]HPSHISL MYVT [OL 5\YZPUN +LWHY[TLU[ /PNO ZJOVVS Z[\KLU[Z ^OV Z\JJLZZM\SS` JVTWSL[L 7HY[ULYZOPW MVY *HYLLY HUK *VSSLNL :\JJLZZ 7**: J\YYPJ\S\T ZOV\SK JVUZ\S[ ^P[O [OL KPYLJ[VY YLNHYKPUN LUYVSSTLU[ YLX\PYLTLU[Z HUK WYVJLK\YLZ ;OL (+5 J\YYPJ\S\T PZ V\[SPULK PU [OPZ JH[HSVN *V YLX\PZP[L JV\YZLZ TH` IL [HRLU WYPVY [V VY K\YPUN [OL ZLTLZ[LY KLZPNUH[LK I\[ UV[ HM[LY *V YLX\PZP[L JV\YZLZ HYL VUS` HJJLW[LK ^P[O H ¸*¹ VY HIV]L 7YPVY JVTWSL[PVU VM ZJPLUJL JV\YZLZ YLX\PYLK PU [OL (+5 WYVNYHT T\Z[ IL J\YYLU[ ^P[OPU Ã&#x201E;]L `LHYZ VM [OL WYVNYHT HWWSPJH[PVU KLHKSPUL 7YHJ[PJHS U\YZPUN NYHK\H[LZ TH` HWWS` PU ^YP[PUN [V [OL 5\YZPUN +LWHY[TLU[ MVY H ^HP]LY VM (+5 (+5 (+5 HUK /,+ 7SLHZL ZLL [OL KPYLJ[VY MVY ^HP]LY JYP[LYPH" HSZV JVU[HJ[ [OL U\YZPUN KPYLJ[VY U\YZ PUN HK]PZVY MVY HKKP[PVUHS U\YZPUN HWWSPJH[PVU JYP[LYPH 375»Z ^P[O H JLY[PÃ&#x201E;JH[L MYVT H UVU HJJYLKP[LK ]VJH[PVUHS ZJOVVS ^PSS IL YLX\PYLK [V [HRL /,+ 0M `V\ HYL HSYLHK` HU 375 HUK ^HU[ [V HWWS` [V [OL (+5 WYVNYHT JSPJR OLYL [V KV^USVHK [OL JOLJRSPZ[
3HRL 3HUK *VSSLNL
(ZZVJPH[L +LNYLL PU 5\YZPUN
((: (+5 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL JVU[PU\LK 375 HWWSPJHU[Z T\Z[ JVTWSL[L ^P[O H ¸*¹ NYHKL VY OPNOLY 7:@ /\THU +L]LSVWTLU[" )06 /\THU (UH[VT` HUK 7O`ZPVSVN` 0" (/, 4H[O MVY 4LKZ )06 /\THU (UH[VT` HUK 7O`ZPVSVN` 00" /,+ +PZLHZL 7YVJLZZ VY )06 4PJYVIPVSVN` YLX\PYLK MVY ):5 +LNYLL " HUK (+5 ;YHUZP[PVU [V (+5 VY LX\P]HSLU[ JVSSLNL SL]LS JV\YZLZ ILMVYL LUYVSSTLU[ :[\KLU[Z ^P[O ZLTLZ[LY OV\YZ VM JVSSLNL JYLKP[ ^P[O H NYHKL VM ¸*¹ VM HIV]L .7( TH` HWWS` PU ^YP[PUN [V [OL U\YZPUN KLWHY[TLU[ MVY H ^HP]LY VM J\YYLU[ 33* HZZLZZTLU[ [LZ[Z VY (*; [LZ[ ZJVYLZ ;^V ZLTLZ[LY JYLKP[ OV\YZ MVY (+5 TH` IL NYHU[ LK [V *LY[PÃ&#x201E;LK 5\YZPUN (ZZPZ[HU[Z *5(Z ( JVW` VM JLY[PÃ&#x201E;JH[PVU HUK ]LYPÃ&#x201E;JH[PVU VM J\YYLU[ *5( LTWSV` TLU[ T\Z[ IL Z\ITP[[LK [V [OL KPYLJ[VY MVY HWWYV]HS
(JJLW[HUJL
7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (+5 Æ&#x2018; (+5 Æ&#x2018; 7:@ Æ&#x2018; )06 Æ&#x2018; (/,
/V\YZ 5\YZPUN 0 Â&#x2020; 5\YZPUN :RPSSZ Â&#x2020; /\THU +L]LSVWTLU[ /\THU (UH[VT` HUK 7O`ZPVSVN` 0 4H[O MVY 4LKPJH[PVUZ ;6;(3
;OL MVSSV^PUN HKTPZZPVU YLX\PYLTLU[Z T\Z[ IL JVTWSL[LK HM[LY UV[PÃ&#x201E;JH[PVU VM HJJLW[HUJL
*VTWSL[L [OL 3HRL 3HUK *VSSLNL (+5 7YVNYHT 7O`ZPJHS ,_HTPUH[PVU HUK )HJRNYV\UK *OLJR MVYTZ ;OLZL MVYTZ HYL WYV]PKLK I` [OL U\YZPUN KLWHY[TLU[
:LJVUK :LTLZ[LY
6I[HPU HUK VY THPU[HPU J\YYLU[ *79 JLY[PÃ&#x201E;JH[PVU UV[ VSKLY [OHU VUL `LHY :\ITP[ H JVW` VM JLY[PÃ&#x201E;JH[PVU [V [OL 33* 5\YZL»Z VMÃ&#x201E;JL :[\KLU[Z T\Z[ THPU[HPU J\YYLU[ JLY[PÃ&#x201E;JH[PVU MVY [OL K\YH[PVU VM [OL (+5 WYVNYHT ([[LUK [OL U\YZPUN WYVNYHT VYPLU[H[PVU PU [OL ZLTLZ[LY WYLJLKPUN WYVNYHT Z[HY[ :[\KLU[Z ^PSS IL UV[PÃ&#x201E;LK I` THPS VM [OL VYPLU[H[PVU KH[L 4HPU[HPU H ¸*¹ VY IL[[LY PU HSS (+5 WYVNYHT JV\YZLZ ;OPZ PZ H YLX\PYLTLU[ [V WYVNYLZZ NYHK\H[L MYVT [OL (+5 WYVNYHT
*VZ[ 0U HKKP[PVU [V [\P[PVU HUK MLLZ JVZ[Z MVY U\YZPUN WYVNYHT PUJS\KL! [L_[IVVRZ \UPMVYTZ Z\WWSPLZ WO`ZPJHS L_HTPUH[PVU HUK PTT\UPaH[PVUZ IHJRNYV\UK JOLJR H JVTWYLOLUZP]L HZZLZZTLU[ [LZ[ HUK 5*3,? L_HT MLLZ HUK [YHUZWVY[H[PVU [V OVZWP[HS JSPUPJHS L_WLYPLUJLZ (KKP[PVUHS L_WLUZLZ \WVU JVTWSL[PVU VM [OL WYVNYHT ^PSS PUJS\KL SPJLUZ\YL HWWSPJH [PVU MLLZ 5*3,? 95 [LZ[ MLLZ HUK 95 SPJLUZL MLLZ \WVU Z\JJLZZM\S JVTWSL[PVU VM [OL 5*3,? 95 L_HT -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 5PJVSL ALSSLY ,THPS! UaLSSLY'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; (+5 Æ&#x2018; )06 Æ&#x2018; /,+
5\YZPUN 00 Â&#x2020;Â&#x2020;Â&#x2020; /\THU (UH[VT` HUK 7O`ZPVSVN` 00 5\[YP[PVU ;6;(3
:\TTLY ;LYT
Æ&#x2018; /,+ )06
+PZLHZL 7YVJLZZLZ VY 4PJYVIPVSVN` ;6;(3
¶ ¶
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (+5 Æ&#x2018; ,5. Æ&#x2018; 7:@ Æ&#x2018; (+5
5\YZPUN 000 Â&#x2020; *VTWVZP[PVU 0 0U[YVK\J[PVU [V 7Z`JOVSVN` 5\YZPUN 7YVJLZZ HUK 7OHYTHJVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (+5 Æ&#x2018; ,5. :7, Æ&#x2018; Æ&#x2018; (+5
5\YZPUN 0= Â&#x2020;Â&#x2020;Â&#x2020; *VTWVZP[PVU 00 VY 7\ISPJ :WLHRPUN :VJPHS :JPLUJL ,SLJ[P]L EE :LUPVY :LTPUHY Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
3HRL 3HUK *VSSLNL
(\[VTV[P]L 4LJOHUPJ *9; (<;6 *LY[PÃ&#x201E;JH[L
;OPZ KLNYLL WYLWHYLZ Z[\KLU[Z ^P[O LU[Y` SL]LS ZRPSSZ HUK RUV^SLKNL ULJLZZHY` MVY LTWSV`TLU[ PU H\[V TV[P]L YLWHPY THPU[LUHUJL ZOVWZ HZ ZLY]PJL VY WHY[Z WLYZVUULS ;OL J\YYPJ\S\T PZ (\[VTV[P]L :LY]PJL ,_JLSSLUJL (:, JLY[PÃ&#x201E;LK HUK PZ KLZPNULK [V WYLWHYL Z[\KLU[Z MVY (:, JLY[PÃ&#x201E;JH[PVU 0UZ[Y\J[PVU PZ WYV]PKLK PU H ZOVW LX\PWWLK ^P[O [OL TVZ[ \W [V KH[L LX\PWTLU[ H]HPSHISL :[\KLU[Z LU[LYPUN [OPZ WYVNYHT T\Z[ W\YJOHZL OHUK [VVSZ HUK \UPMVYTZ ULLKLK MVY \ZL PU [OL WYVNYHT ;OL JVZ[ VM [OL YLX\PYLK [VVSZ JHU IL \W [V KLWLUKPUN VU IYHUK ZV\YJL ;OL YLX\PYLK \UPMVYTZ HYL HWWYV_ HUK [L_[IVVRZ SHI THU\HSZ HYL HWWYV_ ( SPZ[ VM YLX\PYLK [VVSZ JHU IL VI[HPULK MYVT JV\UZLSVYZ VY H\[V PUZ[Y\J[VYZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; ,5. Æ&#x2018; ;,*
/V\YZ 0U[YVK\J[PVU [V (\[VTV[P]L ;LJOUVSVN` Â&#x2020; ,UNPUL 9LWHPY Â&#x2020; ,SLJ[YPJHS :`Z[LTZ 0 >YP[PUN MVY 0UK\Z[Y` (WWSPLK :OVW *VTW\[H[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; :7, Æ&#x2018; Æ&#x2018; /,+ Æ&#x2018; (<;
Â&#x2020;
,UNPUL 7LYMVYTHUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPHS :JPLUJL ,SLJ[P]L 9LZWVUKPUN [V ,TLYNLUJPLZ )YHRL :`Z[LTZ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2L]PU 4PSSLY ,THPS! RTPSSLY'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
(\[VTV[P]L ;LJOUVSVN`
((: (<;6 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OPZ KLNYLL WYLWHYLZ Z[\KLU[Z ^P[O LU[Y` SL]LS ZRPSSZ HUK RUV^SLKNL ULJLZZHY` MVY LTWSV`TLU[ PU H\[V TV[P]L YLWHPY THPU[LUHUJL ZOVWZ HZ ZLY]PJL VY WHY[Z WLYZVUULS ;OL J\YYPJ\S\T PZ (\[VTV[P]L :LY]PJL ,_JLSSLUJL (:, JLY[PÃ&#x201E;LK HUK PZ KLZPNULK [V WYLWHYL Z[\KLU[Z MVY (:, JLY[PÃ&#x201E;JH[PVU 0UZ[Y\J[PVU PZ WYV]PKLK PU H ZOVW LX\PWWLK ^P[O [OL TVZ[ \W [V KH[L LX\PWTLU[ H]HPSHISL :[\KLU[Z LU[LYPUN [OPZ WYVNYHT T\Z[ W\YJOHZL OHUK [VVSZ HUK \UPMVYTZ ULLKLK MVY \ZL PU [OL WYVNYHT ;OL JVZ[ VM [OL YLX\PYLK [VVSZ JHU IL \W [V KLWLUKPUN VU IYHUK ZV\YJL ;OL YLX\PYLK \UPMVYTZ HYL HWWYV_ HUK [L_[IVVRZ SHI THU\HSZ HYL HWWYV_ ( SPZ[ VM YLX\PYLK [VVSZ JHU IL VI[HPULK MYVT JV\UZLSVYZ VY H\[V PUZ[Y\J[VYZ *VUZ\S[ HU HK]PZVY MVY [YHUZMLY VW[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; ,5. Æ&#x2018; ;,*
/V\YZ 0U[YVK\J[PVU [V (\[VTV[P]L ;LJOUVSVN` Â&#x2020; ,UNPUL 9LWHPY Â&#x2020; ,SLJ[YPJHS :`Z[LTZ 0 >YP[PUN MVY 0UK\Z[Y` (WWSPLK :OVW *VTW\[H[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; :7, Æ&#x2018; :-: Æ&#x2018; /,+ Æ&#x2018; (<;
,UNPUL 7LYMVYTHUJL 0 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :[YH[LNPLZ MVY :\JJLZZ VY :VJPHS :JPLUJL ,SLJ[P]L ¶ 9LZWVUKPUN [V ,TLYNLUJPLZ )YHRL :`Z[LTZ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
:\TTLY ;LYT
Æ&#x2018; (<; Æ&#x2018; (<;
/V\YZ /LH[PUN HUK (PY *VUKP[PVUPUN : \WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL :6, ;6;(3
¶ ¶
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018;
,SLJ[YPJHS :`Z[LTZ 00 Â&#x2020; :[LLYPUN HUK :\ZWLUZPVU Â&#x2020; ,UNPUL 7LYMVYTHUJL 00 Â&#x2020; ,JVUVTPJZ ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018; (<; Æ&#x2018;
(\[VTH[PJ ;YHUZTPZZPVUZ ;YHUZH_SLZ Â&#x2020;Â&#x2020;Â&#x2020; 4HU\HS +YP]L ;YHPU HUK (_SLZ Â&#x2020;Â&#x2020;Â&#x2020; ,UNPUL 7LYMVYTHUJL 000 Â&#x2020;Â&#x2020;Â&#x2020; (:, ;LZ[ 9L]PL^ Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; :-: Æ&#x2018; ,*6
,*6
Æ&#x2018; 05+ 4;; >,3 )<:
: [YH[LNPLZ MVY :\JJLZZ VY :VJPHS :JPLUJL LSLJ[P]L (TLYPJHU ,JVUVT` VY 7YPUJPWSLZ VM ,JVUVTPJZ -S\PK 7V^LY VY 0U[YV [V 4HJOPUPUN VY >LSKPUN -\UKHTLU[HSZ VY 0U[YV [V )\ZPULZZ 796.9(4 ;6;(3
¶
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS` -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2L]PU 4PSSLY ,THPS! RTPSSLY'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
)HZPJ 5\YZL (ZZPZ[PUN 7YVNYHT 5+7 5( *LY[PÃ&#x201E;JH[L
;OL )HZPJ 5\YZL (ZZPZ[PUN WYVNYHT WYLWHYLZ Z[\KLU[Z MVY U\YZL HZZPZ[HU[ YVSLZ HUK TLL[Z YLX\PYLTLU[Z MVY 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O *LY[PÃ&#x201E;JH[L (PKL JV\YZL ;OL Z[H[L H^HYKZ H JLY[PÃ&#x201E;JH[L [V Z[\KLU[Z ^OV Z\JJLZZM\SS` JVTWSL[L [OL Z[H[L JLY[PÃ&#x201E;JH[PVU L_HT ;OPZ WYVNYHT KVLZ UV[ X\HSPM` MVY -LKLYHS ;P[SL 0= Ã&#x201E;UHUJPHS HPK VY 0SSPUVPZ 4VUL[HY` (^HYK 4(7 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; (/,
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PUKH 2PTIHSS ,THPS! SRPTIHSS'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
)HZPJ 5\YZL (ZZPZ[PUN 7YVNYHT ;6;(3
796.9(4 ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
)YVHKJHZ[ (UUV\UJPUN *9; 9;=(5 *LY[PÃ&#x201E;JH[L
:[\KLU[Z ^PSS IL WYLWHYLK MVY H JHYLLY HZ HU VU HPY [HSLU[ MVY YHKPV VY [LSL]PZPVU I` ^VYRPUN ^P[O ]HYPV\Z MVYTZ VM SP]L HUK YLJVYKLK HUUV\UJPUN PUJS\KPUN UL^Z ^LH[OLY HUK HK]LY[PZPUN (SS JV\YZL^VYR PU [OL )YVHKJHZ[PUN (UUV\UJPUN JLY[PÃ&#x201E;JH[L JHU IL HWWSPLK [V HU HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL PU 9HKPV ;= )YVHKJHZ[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
/V\YZ
0U[YVK\J[PVU [V )YVHKJHZ[PUN Â&#x2020; 9HKPV ;= (UUV\UJPUN Â&#x2020; 9HKPV 6WLYH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; )YVHKJHZ[ >YP[PUN Â&#x2020;Â&#x2020;Â&#x2020; -HSS :WVY[ZJHZ[PUN Â&#x2020; VY -HSS ([OSL[PJ (UUV\UJPUN Â&#x2020; :WYPUN :WVY[ZJHZ[PUN Â&#x2020;Â&#x2020;Â&#x2020; VY :WYPUN ([OSL[PJ (UUV\UJPUN Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU *HYLLY ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= 9;= Æ&#x2018; 9;= 9;= Æ&#x2018; :7, Æ&#x2018;
Â&#x2020;
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .YLN 7V^LYZ ,THPS! NWV^LYZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
)\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` ((: )*; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL WYPTHY` VIQLJ[P]L VM [OL )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` WYVNYHT PZ [V WYLWHYL [OL Z[\KLU[ MVY JHYLLY LTWSV`TLU[ PU [OL I\PSKPUN JVUZ[Y\J[PVU PUK\Z[Y` PTTLKPH[LS` \WVU NYHK\H[PVU ;OPZ HZZVJPH[L KLNYLL WYVNYHT PZ ZL[ \W [V WYVK\JL ]LYZH[PSL I\PSKPUN JVUZ[Y\J[PVU [LJOUPJPHUZ JHWHISL VM ^VYRPUN PU H ]HYPL[` VM WVZP[PVUZ Z\JO HZ JVZ[ LZ[PTH[VYZ JVTW\[LY KYHM[LYZ Z\Y]L`VYZ HUK THU\MHJ[\YLYZ» YLWYLZLU[H [P]LZ >P[O HKKP[PVUHS L_WLYPLUJL [OLZL [LJOUPJPHUZ JV\SK Ã&#x201E;SS [OL WVZP[PVUZ VM LUNPULLY»Z YLWYLZLU[H[P]L JVUZ[Y\J[PVU Z\WLY]PZVY I\PSKPUN PUZWLJ[VY VY ZLSM LTWSV`LK I\PSKPUN JVU[YHJ[VYZ ,TWSV`LYZ PU[LYLZ[LK PU Z\JO [LJOUPJPHUZ HYL JVUZ\S[PUN LUNPULLYZ I\PSKPUN JVU[YHJ[VYZ THU\MHJ[\YLYZ HUK [LZ[PUN SHIVYH[VYPLZ
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; )*; Æ&#x2018; *(+ Æ&#x2018; )*; Æ&#x2018; *,;
:[\KLU[Z HYL YLX\PYLK [V M\YUPZO [OLPY V^U IHZPJ KYHM[PUN LX\PWTLU[ ;OL JVZ[ VM [OL LX\PWTLU[ PZ HWWYV_PTH[LS`
*VUZ\S[ HU HK]PZVY MVY [YHUZMLY VW[PVUZ
:,*65+ @,(9
7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-PYZ[ :LTLZ[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; )*; Æ&#x2018; ;,* Æ&#x2018; *(+ Æ&#x2018; )*; Æ&#x2018; ,5. ,5.
;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL 7SHUZ HUK :WLJPÃ&#x201E;JH[PVUZ 4VK\SL 0U[YVK\J[PVU [V +YHM[PUN 0 4VK\SL *(+ 0 *VUZ[Y\J[PVU 4H[LYPHSZ 4VK\SL *VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 5LHS /HHYTHU ,THPS! UOHHYTHU'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; :7, Æ&#x2018; /,+ Æ&#x2018;
/V\YZ
/V\YZ
;LJOUPJHS 4H[OLTH[PJZ 000 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 0= 4VK\SL (YJOP[LJ[\YHS +YHM[PUN 00 *(+ 00 *VUZ[Y\J[PVU 4HUHNLTLU[ :\Y]L` 0 ;6;(3
(UHS`[PJHS 4LJOHUPJZ :\Y]L` 00 4VK\SL 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 9LZWVUKPUN [V ,TLYNLUJPLZ :\NNLZ[LK ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; )*; Æ&#x2018; )*; Æ&#x2018; ,*6 Æ&#x2018; *,;
:[YLUN[O VM 4H[LYPHSZ (YJOP[LJ[\YHS +YHM[PUN 000 *VUZ[Y\J[PVU ,Z[PTH[PUN (TLYPJHU ,JVUVT` VY :VJPHS :JPLUJL ,SLJ[P]L 7* *VUJYL[L ;OLVY` 4VK ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; )*; Æ&#x2018; )*;
:6, 7VZ[ -YHTL *VUZ[Y\J[PVU
796.9(4 ;6;(3
56;,:!
¶
3HRL 3HUK *VSSLNL
*OPSK -HTPS` :LY]PJLZ
((: *-: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL WYPTHY` VIQLJ[P]L VM [OL *OPSK -HTPS` :LY]PJLZ WYVNYHT PZ [V WYV]PKL Z[\KLU[Z ^OV HYL PU[LYLZ[LK PU H JHYLLY ^VYRPUN ^P[O JOPSKYLU HUK VY [OL MHTPS` ZLJ[VY ^P[O [OL HWWYVWYPH[L HJHKLTPJ IHJRNYV\UK HUK WYHJ[P JHS L_WLYPLUJL ULLKLK [V Z\JJLZZM\SS` NHPU LTWSV`TLU[ PU H ]HYPL[` VM QVI VWWVY[\UP[PLZ HZZVJPH[LK ^P[O [OPZ ZWLJPÃ&#x201E;J IHJRNYV\UK ,TWSV`TLU[ VWWVY[\UP[PLZ PUJS\KL [OL MVSSV^PUN! WHYLU[ HK]VJH[L WHYLU[HS TVKLS [YHPULY Z\IZPK` ZWLJPHSPZ[ JOPSK JHYL ZWLJPHSPZ[ HUK MHTPS` HPKL ZWLJPHSPZ[ 0U HKKP[PVU [OL WYVNYHT ^HZ KLZPNULK HUK JYLH[LK [V IL H [YHUZMLYHISL VW[PVU [V HJOPL]L H IHJO LSVY VM ZJPLUJL KLNYLL PU MHTPS` HUK JVUZ\TLY ZJPLUJLZ ^P[O H MVJ\Z PU MHTPS` ZLY]PJL *VU[HJ[ HU HJHKLTPJ HK]PZVY YLNHYKPUN [YHUZMLYHIPSP[` VW[PVUZ ,*, HUK T\Z[ IL [HRLU [OL ZHTL ZLTLZ[LY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
:LJVUK :LTLZ[LY
Æ&#x2018; /:7 /:7
Æ&#x2018; 7:@ Æ&#x2018; ,5. Æ&#x2018; (9; (9; 4<: Æ&#x2018; 7:@
Æ&#x2018; ,5. Æ&#x2018; 7:@ Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; :7, Æ&#x2018; :6*
/V\YZ
:,*65+ @,(9
-09:; @,(9 -PYZ[ :LTLZ[LY
0U[YVK\J[PVU [V :VJPHS >VYR VY +`UHTPJZ VM +VTLZ[PJ =PVSLUJL *OPSK +L]LSVWTLU[ *VTWVZP[PVU 00 -\UKHTLU[HSZ VM (Y[ VY <UKLYZ[HUKPUN (Y[ VY <UKLYZ[HUKPUN 4\ZPJ 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
/V\YZ *VTWVZP[PVU 0 /\THU +L]LSVWTLU[ 3PML :WHU 0U[YV [V ,HYS` *OPSKOVVK ,K\JH[PVU *OPSK )LOH]PVY HUK 4HUHNLTLU[ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V :VJPVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; 7:@
)PVSVNPJHS :JPLUJL /LHS[O :HML[` 5\[YP[PVU @V\UN *OPSK *YLH[P]L (J[P]P[PLZ -VY *OPSKYLU 0UMHU[ ;VKKSLY ,U]PYVUTLU[ -HTPS` 9LSH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,+< Æ&#x2018; /,+ Æ&#x2018; ,*,
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
6YNHUPaH[PVU 4HUHNLTLU[ VM 7YL :JOVVSZ 0UZ[Y\J[PVUHS 4L[OVKZ -PLSK ,_WLYPLUJL :LTPUHY +P]LYZP[` 0U :JOVVSZ HUK :VJPL[PLZ 9LZWVUKPUN [V ,TLYNLUJPLZ -PLSK ,_WLYPLUJL ;6;(3
796.9(4 ;6;(3
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;LYLZH 3HUN ,THPS! [SHUN'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*P]PS ,UNPULLYPUN ;LJOUVSVN` ((: *,; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z ^P[O ZRPSSZ ULJLZZHY` MVY LTWSV`TLU[ HZ H JP]PS LUNPULLYPUN [LJOUPJPHU ^P[O JVUZ\S[PUN LUNPULLYPUN Ã&#x201E;YTZ [LZ[PUN SHIVYH[VYPLZ \[PSP[PLZ HUK SVJHS Z[H[L HUK MLKLYHS NV]LYUTLU[ HNLUJPLZ ,TWOHZPZ PZ WSHJLK VU Z\JO [HZRZ HZ Z\Y]L`PUN TH[LYPHSZ [LZ[PUN KYHM[PUN JVUZ[Y\J[PVU PUZWLJ[PVU L[J HZZVJPH[LK ^P[O JP]PS LUNPULLYPUN ;OLYL PZ H Z[YVUN KLTHUK MVY JP]PS [LJOUPJPHUZ" [O\Z LTWSV`TLU[ VWWVY[\UP[PLZ HYL NVVK *P]PS ,UNPULLYPUN ;LJOUVSVN` WYV]PKLZ H IHSHUJL IL[^LLU V\[KVVY HUK PUKVVY ^VYR ^OPJO THU` Ã&#x201E;UK KLZPYHISL :\Y]L`PUN Ã&#x201E;LSK [LZ[PUN JVUZ[Y\J[PVU Z\WLY]PZPVU HUK [LZ[PUN HYL LZZLU[PHSS` V\[KVVY ^VYR ^OPSL KYHM[PUN KLZPNU HUK SHIVYH[VY` [LZ[PUN HYL PUKVVY ^VYR 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ,5.
:,*65+ @,(9 /V\YZ
;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL :\Y]L`PUN 0 4VK\SL :VPSZ HUK (NNYLNH[LZ 4VK\SL Â&#x2020; *P]PS *VUZ[Y\J[PVU 0 Â&#x2020; >YP[PUN MVY 0UK\Z[Y` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ;,* Æ&#x2018; /,+ Æ&#x2018; *(+ Æ&#x2018; :7,
-PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *0: Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018;
Æ&#x2018; *,;
: 6 , VW[PVUHS ;6;(3
Æ&#x2018; *,; Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,;
.7: ;OLVY` HUK (WWSPJH[PVU Â&#x2020;Â&#x2020;Â&#x2020; :[YLUN[O VM 4H[LYPHSZ Â&#x2020;Â&#x2020;Â&#x2020; /`KYH\SPJZ HUK +YHPUHNL Â&#x2020;Â&#x2020;Â&#x2020; :\Y]L`PUN 000 Â&#x2020;Â&#x2020;Â&#x2020; *(+ MVY *P]PS ,UNPULLYPUN Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HSLU (S[THU ,THPS! NHS[THU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
;LJOUPJHS 4H[OLTH[PJZ 000 ;LJOUPJHS 4H[OLTH[PJZ 0= 7* *VUJYL[L ;OLVY` 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; ( ZWOHS[ ;OLVY` HUK +LZPNU 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V +YHM[PUN 9LZWVUKPUN [V ,TLYNLUJPLZ *(+ 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:\TTLY ;LYT
/V\YZ (UHS`[PJHS 4LJOHUPJZ Â&#x2020; :\Y]L`PUN 00 4VK\SL Â&#x2020; *VTW\[LY (WWSPJH[PVUZ *P]PS *VUZ[Y\J[PVU 00 Â&#x2020; *P]PS +YHM[PUN Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
*P]PS ,UNPULLYPUN ;LJOUVSVN` *VVWLYH[P]L :[\K` 6W[PVU ((: *,;*6 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ JVVWLYH[P]L Z[\K` VW[PVU OHZ [OL ZHTL JV\YZL ^VYR HZ [OL YLN\SHY WYVNYHT" OV^L]LY P[ PZ L_[LUKLK [V PUJS\KL TVU[OZ VM VU [OL QVI L_WLYPLUJL HZ HU PU[LNYHS WHY[ VM [OL [YHPUPUN ;OL Z[\KLU[ ^PSS LHYU JVSSLNL JYLKP[ WS\Z [`WPJHSS` LHYU H ZHSHY` K\YPUN [OPZ L_WLYPLUJL ;OL RUV^SLKNL NHPULK K\YPUN [OL Ã&#x201E;LSK JVVWLYH[P]L ^VYR L_WLYPLUJL PZ ]LY` NVVK MVY I\PSKPUN H YLZ\TL MVY M\[\YL LTWSV`TLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ,5. Æ&#x2018; ;,*
/V\YZ ;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL :\Y]L`PUN 0 4VK\SL :VPSZ HUK (NNYLNH[LZ 4VK\SL Â&#x2020; *P]PS *VUZ[Y\J[PVU 0 Â&#x2020; >YP[PUN MVY 0UK\Z[Y` ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL ;6;(3
Æ&#x2018; ;,* Æ&#x2018; /,+ Æ&#x2018; *(+ Æ&#x2018; :7,
-PYZ[ :LTLZ[LY
Æ&#x2018; *,;
/V\YZ : 6 , ;6;(3
:LJVUK :LTLZ[LY
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,;
:,*65+ @,(9
;LJOUPJHS 4H[OLTH[PJZ 000 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 0= 4VK\SL 7* *VUJYL[L ;OLVY` 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; ( ZWOHS[ [OLVY` HUK +LZPNU 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V +YHM[PUN 9LZWVUKPUN [V ,TLYNLUJPLZ *(+ 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
Æ&#x2018; *,;
: 6 , ;6;(3
:\TTLY ;LYT
Æ&#x2018; *,;
: 6 , ;6;(3
796.9(4 ;6;(3
;/09+ @,(9 -PYZ[ :LTLZ[LY
:\TTLY ;LYT
Æ&#x2018; *,;
: 6 , ;6;(3
Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *0: Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018;
(UHS`[PJHS 4LJOHUPJZ Â&#x2020; :\Y]L`PUN 00 4VK\SL Â&#x2020; *VTW\[LY (WWSPJH[PVUZ *P]PS *VUZ[Y\J[PVU 00 Â&#x2020; *P]PS +YHM[PUN Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HSLU (S[THU ,THPS! NHS[THU'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; *,; Æ&#x2018; ;,* Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,;
.7: ;OLVY` HUK (WWSPJH[PVU Â&#x2020;Â&#x2020;Â&#x2020; :[YLUN[O VM 4H[LYPHSZ Â&#x2020;Â&#x2020;Â&#x2020; /`KYH\SPJZ HUK +YHPUHNL Â&#x2020;Â&#x2020;Â&#x2020; :\Y]L`PUN 000 Â&#x2020;Â&#x2020;Â&#x2020; *(+ MVY *P]PS ,UNPULLYPUN Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
3HRL 3HUK *VSSLNL
*P]PS ,UNPULLYPUN ;LJOUVSVN` (K]HUJLK ;LJOUPJHS :[\KPLZ ((: *,;(; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ VW[PVU VM [OL *P]PS ,UNPULLYPUN ;LJOUVSVN` WYVNYHT HSSV^Z H NYHK\H[L [V JVU[PU\L OPZ VY OLY LK\JH[PVU H[ :V\[OLYU 0SSPUVPZ <UP]LYZP[` PU *HYIVUKHSL VY ,HZ[LYU 0SSPUVPZ <UP]LYZP[` .YHK\H[LZ MYVT [OPZ WYVNYHT VM Z[\K` HYL HISL [V JVT WSL[L H IHJOLSVY VM ZJPLUJL KLNYLL PU ;LJOUPJHS 9LZV\YJL 4HUHNLTLU[ H[ :0<* ^P[O VUS` HU HKKP[PVUHS ZLTLZ[LY OV\YZ VM JV\YZL ^VYR <WVU JVTWSL[PVU VM [OL ;94 KLNYLL H NYHK\H[L ^PSS IL HISL [V [HRL [OL :\Y]L`VY PU ;YHPUPUN L_HTPUH[PVU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ,5.
:,*65+ @,(9 /V\YZ
*VSSLNL (SNLIYH :\Y]L`PUN 0 Â&#x2020; :VPSZ HUK (NNYLNH[LZ Â&#x2020; *P]PS *VUZ[Y\J[PVU 0 Â&#x2020; *VTWVZP[PVU 0 ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; *,; Æ&#x2018; *0: Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; 4(;
/V\YZ *VSSLNL 7O`ZPJZ 0 Â&#x2020; :\Y]L`PUN 00 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ *P]PS *VUZ[Y\J[PVU 00 Â&#x2020;Â&#x2020;Â&#x2020; *P]PS +YHM[PUN Â&#x2020;Â&#x2020;Â&#x2020; ;YPNVUVTL[Y` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ;,* Æ&#x2018; :7, Æ&#x2018; /,+ Æ&#x2018; *(+
-PUP[L 4H[OLTH[PJZ 7* *VUJYL[L ;OLVY` Â&#x2020;Â&#x2020;Â&#x2020; (ZWOHS[ ;OLVY` HUK +LZPNU Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V +YHM[PUN 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 9LZWVUKPUN [V ,TLYNLUJPLZ *(+ 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018;
*VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; /`KYH\SPJZ HUK +YHPUHNL Â&#x2020;Â&#x2020;Â&#x2020; :\Y]L`PUN 000 Â&#x2020;Â&#x2020;Â&#x2020; *(+ MVY *P]PS ,UNPULLYPUN Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]LZ EE ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HSLU (S[THU ,THPS! NHS[THU'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
*VTTLYJPHS +YP]LY ;YHPUPUN 5+7 *;+; *LY[PÃ&#x201E;JH[L
+LZPNULK MVY PUKP]PK\HSZ ^P[O SP[[SL VY UV JVTTLYJPHS KYP]PUN L_WLYPLUJL [OPZ WYVNYHT PUJS\KLZ L]LY`[OPUN H Z[\KLU[ ULLKZ [V VI[HPU HU LU[Y` SL]LS KYP]PUN WVZP[PVU PU [OL [Y\JRPUN PUK\Z[Y` ;OL 3HRL 3HUK *VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN 7YVNYHT ^VYRZ ^P[O THU` [Y\JRPUN JVTWHUPLZ [OH[ ^PSS WYL OPYL Z[\KLU[Z ;Y\JR KYP]PUN PZ VUL VM [OL ML^ VJJ\WH[PVUZ ^OLYL Z[\KLU[Z ^OV JVTWSL[L [YHPUPUN HYL HSTVZ[ JLY[HPU [V NV [V ^VYR PTTLKPH[LS` 4VZ[ Z[\KLU[Z YLJLP]L ZL]LYHS QVI VMMLYZ WYPVY [V JVTWSL[PVU VM [OLPY [YHPUPUN ;YHPUPUN PZ JVUK\J[LK H[ [OL 3HRL 3HUK *VSSLNL >VYRMVYJL +L]LSVWTLU[ *LU[LY 9PJOTVUK (]L ,HZ[ 4H[[VVU 0SSPUVPZ -VY TVYL PUMVYTH[PVU HIV\[ [OL WYVNYHT QVI VWWVY[\UP[PLZ HUK WH`TLU[ VW[PVUZ JVU[HJ[ [OL WYVNYHT JVVYKPUH[VY H[ VY ]PZP[ V\Y ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z JIP JKS 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
Â&#x2020;
*6<9:,
Æ&#x2018; *+3
/V\YZ *VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN
(++0;065(3 *6<9:,:
Æ&#x2018; *+3 Æ&#x2018; *+3
*SHZZ ) *VTTLYJPHS +YP]LY ;YHPUPUN Â&#x2020; *+3 9LMYLZOLY *V\YZL Â&#x2020; 796.9(4 ;6;(3
¶
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` -PUJO ,THPS! NÃ&#x201E;UJO'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VTW\[LY (WWSPJH[PVUZ :WLJPHSPZ[ 5+7 *47(7 *LY[PÃ&#x201E;JH[L
;OPZ JLY[PÃ&#x201E;JH[L WYV]PKLZ [OL Z[\KLU[ ^P[O [OL [OLVY` HUK [OL WYHJ[PJHS HWWSPJH[PVUZ VM TPJYVJVTW\[LYZ YLSH[PUN [V IV[O I\ZPULZZ HYLHZ HUK WLYZVUHS \ZLZ /HUKZ VU [YHPUPUN PZ LTWOHZPaLK :[\KLU[Z ZLLRPUN [OPZ JLY[PÃ&#x201E;JH[L TH` KV ZV MVY LU[Y` SL]LS ZRPSSZ ULLKLK [V ^VYR ^P[O L_PZ[PUN ZVM[^HYL VY MVY WLYZVUHS HWWSPJH[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018;
:<..,:;,+ ,3,*;0=,: /V\YZ
*VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ :VM[^HYL ,SLJ[P]LZ ;6;(3
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0:
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! (UNPL +H]PZVU ,THPS! HKH]PZVU'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
/V\YZ 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 00 Â&#x2020; =PZ\HS )HZPJ Â&#x2020; 1H]H 7YVNYHTTPUN Â&#x2020;Â&#x2020;Â&#x2020; (JJLZZ +H[HIHZL 4HUHNLTLU[ *VTW\[LY .HTL +L]LSVWTLU[ (K]HUJLK .HTL +L]LSVWTLU[ + *VTW\[LY (UPTH[PVU (K]HUJLK (UPTH[PVU HUK 4VKLSPUN 0U[YVK\J[PVU [V 5L[^VYRPUN 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ >LI 7HNL +LZPNU (K]HUJLK >LI +LZPNU 0U+LZPNU (KVIL 7OV[VZOVW (KVIL 0SS\Z[YH[VY 8\HYR?WYLZZ (K]HUJLK +LZR[VW :RPSSZ >VYK 7V^LY7VPU[
3HRL 3HUK *VSSLNL
*VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN ;LJOUVSVN` ((: *04 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT PZ KLZPNULK [V NP]L [OL Z[\KLU[ H IYVHK IHJRNYV\UK PU [OL IHZPJZ VM TLJOHUPJZ Ã&#x2026;\PK WV^LY *(+ LSLJ[YVUPJZ HUK JVTW\[LY HWWSPJH[PVUZ PU THU\ MHJ[\YPUN .YHK\H[LZ ^PSS IL WYLWHYLK MVY [OL THU\MHJ[\YPUN QVIZ VM [OL M\[\YL PU WVZP[PVUZ Z\JO HZ *(+ *(4 6WLYH[VY +LZPNULY 4HU\MHJ[\YPUN ,UNPULLYPUN ;LJOUPJPHU 8\HSP[` *VU[YVS ;LJOUPJPHU 9VIV[PJZ ;LJOUPJPHU *5* 6WLYH[VY 7YV NYHTTLY *04 ;LJOUPJPHU VY *04 ,X\PWTLU[ 0UZ[HSSLY ,TWSV`TLU[ VWWVY[\UP[PLZ L_PZ[ PU THU` [`WLZ VM THU\MHJ[\YPUN PUK\Z[YPLZ ZLY]PJL PUK\Z[YPLZ HUK JVUZ\S[PUN Ã&#x201E;YTZ :[\KLU[Z WSHUUPUN [V JVU[PU\L [OLPY LK\JH[PVU H[ ,HZ[LYU 0SSPUVPZ <UP]LYZP[` VY :V\[OLYU 0SSPUVPZ <UP]LYZP[` [V LHYU H IHJOLSVY»Z KLNYLL PU 0UK\Z[YPHS ;LJOUVS VN` VY (WWSPLK ,UNPULLYPUN ZOV\SK JVUZ\S[ [OLPY HK]PZVY JV\UZLSVY MVY JV\YZL YLX\PYLTLU[Z HUK Z\IZ[P[\[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYL TLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *(+ Æ&#x2018; ,,; Æ&#x2018; ,5. ,5. Æ&#x2018; ,,;
:,*65+ @,(9 /V\YZ
0U[YVK\J[PVU [V +YHM[PUN ;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL *(+ 0 )HZPJ ,SLJ[YVUPJZ 4VK\SL *VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 ,SLJ[YPJ *PYJ\P[Z 4VK\SL ;6;(3
*(+ 00 ;LJOUPJHS 4H[OLTH[PJZ 000 4VK :VJPHS :JPLUJL ,SLJ[P]L 0U[YVK\J[PVU [V 4HJOPUL 7YVJLK\YLZ *VTW\[LY 5\TLYPJHS *VU[YVS Â&#x2020;Â&#x2020;Â&#x2020; >LSKPUN -\UKHTLU[HSZ ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ,YPJ 4\LSSLY ,THPS! HJSVKMLS'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; Æ&#x2018; /,+ Æ&#x2018; *04 Æ&#x2018; *04 Æ&#x2018; 05+ Æ&#x2018; ;,* Æ&#x2018; ,,;
/V\YZ ;LJOUPJHS ,SLJ[P]LZ 9LZWVUKPUN [V ,TLYNLUJPLZ 0UK\Z[YPHS 9VIV[PJZ Â&#x2020; *VTW\[LY (PKLK 4HU\MHJ[\YPUN Â&#x2020; -S\PK 7V^LY 7YVWLY[PLZ VM 4L[HS 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 0 ;6;(3
:LJVUK :LTLZ[LY
:LJVUK :LTLZ[LY
Æ&#x2018; *(+ Æ&#x2018; ;,* Æ&#x2018; Æ&#x2018; 4;; Æ&#x2018; *04 Æ&#x2018; >,3
-PYZ[ :LTLZ[LY
Æ&#x2018; >,3 Æ&#x2018; 4,; Æ&#x2018; *04 Æ&#x2018; Æ&#x2018; ,,; Æ&#x2018;
4L[HS *\[[PUN HUK -HIYPJH[PVU ;LJOUPJHS 4LJOHUPZTZ Â&#x2020;Â&#x2020;Â&#x2020; *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 00 ;LJOUPJHS ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 05+ Æ&#x2018; 4,; Æ&#x2018; *(+ Æ&#x2018; ;,* Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; >,3
*(+ +YHM[PUN :`Z[LTZ Â&#x2020; :WLJPHS (WWSPJH[PVUZ VM *(+ Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL :VSPK :[H[L +L]PJLZ ,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU *VTW\[LY /HYK^HYL 0UK\Z[YPHS *VTW\[LY :`Z[LTZ 0UK\Z[YPHS *VU[YVS 0 ,SLJ[YPJHS 0UZ[HSSH[PVU 7YVJLK\YLZ 4V[VYZ HUK .LULYH[VYZ 0U[YVK\J[PVU [V :VSPK^VYRZ Â&#x2020;Â&#x2020;Â&#x2020; ,UNPULLYPUN .YHWOPJZ :OPLSKLK 4L[HS (YJ >LSKPUN 0 .HZ 4L[HS (YJ >LSKPUN .HZ ;\UNZ[LU (YJ >LSKPUN
796.9(4 ;6;(3
3HRL 3HUK *VSSLNL
*VTW\[LY ;LJOUPJPHU *9; *64;* *LY[PÃ&#x201E;JH[L
;OL *VTW\[LY ;LJOUPJPHU WYVNYHT WYLWHYLZ [OL Z[\KLU[ MVY LU[Y` PU[V [OL IYVHK Ã&#x201E;LSK VM JVTW\[LY YLWHPY HUK THPU[LUHUJL PU H ]HYPL[` VM HYLHZ Z\JO HZ WLYZVUHS JVTW\[LYZ [LSLJVTT\UPJH[PVUZ PUK\Z[YPHS HUK JVTW\[LY UL[^VYR Z`Z[LTZ ;OL WYVNYHT HSZV WYLWHYLZ [OL Z[\KLU[ MVY ( JLY[PÃ&#x201E;JH[PVU [LZ[PUN H Z[HUKHYK VM L_JLSSLUJL ZL[ I` [OL JVTW\[LY PUK\Z[Y` 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,,;
/V\YZ )HZPJ ,SLJ[YVUPJZ 4VK\SL ,SLJ[YPJ *PYJ\P[Z 0 4VK\SL ,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU *VTW\[LY /HYK^HYL ;LJOUPJHS 4H[O 0 4VK\SL ;LJOUPJHS 4H[O 00 4VK\SL *HISPUN -PILY 6W[PJZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; ,,; Æ&#x2018; ,5. ,5. Æ&#x2018; ;,3 Æ&#x2018; ,,;
*SPLU[ 6WLYH[PUN :`Z[LT *VTW\[LY :LY]PJPUN ;LJOUPX\LZ >YP[PUN MVY 0UK\Z[Y` VY *VTWVZP[PVU 0 5L[^VYRPUN )HZPJ Â&#x2020;Â&#x2020;Â&#x2020; +H[H *VTT\UPJH[PVU Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
/V\YZ
:\TTLY ;LYT
Æ&#x2018; ,,; Æ&#x2018; ,,;
( *VTW\[LY *LY[PÃ&#x201E;JH[PVU 7YLW ( 6WLYH[PUN :`Z[LTZ ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` 3PUKSL` ,THPS! NSPUKSL`'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
*VTW\[LY ;YV\ISLZOVV[PUN 5+7 *; *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z ^OV HSYLHK` OH]L H IHJRNYV\UK PU JVTW\[LY [LJOUVSVN` HUK ^PZO [V ZOHYWLU [OLPY JVTW\[LY [LJO ZRPSSZ ^OPSL ^VYRPUN [V VI[HPU [OL *VTW;0( ( 5L[ VY *LY[PÃ&#x201E;LK ,SLJ[YVUPJ ;LJOUPJPHU *5:; JLY[PÃ&#x201E;JH[LZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; *0: Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,3 ,,;
/V\YZ
*SPLU[ 6WLYH[PUN :`Z[LT *VTW\[LY /HYK^HYL ( 7YLWHYH[PVU ;LJOUPJPHU ( *VTW\[LY ,ZZLU[PHSZ *VTW\[LY :LY]PJPUN ;LJOUPX\LZ )HZPJ 5L[^VYRPUN Â&#x2020;Â&#x2020;Â&#x2020; VY +H[H *VTT\UPJH[PVU ;6;(3
796.9(4 ;6;(3
¶ ¶ ¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` 3PUKSL` ,THPS! NSPUKSL`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VTW\[LY (PKLK +LZPNU
((: *(+ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL *VTW\[LY (PKLK +LZPNU *(+ PZ H JVTW\[LY NYHWOPJZ IHZLK [VVS [OH[ HSSV^Z KYHM[LYZ KLZPNULYZ HUK LUNPULLYZ [V KL]LSVW UL^ WYVK\J[Z MHZ[LY I` H\[VTH[PUN THU` JVTWSL_ HUK [LKPV\Z KLZPNU [HZRZ ;OPZ WYVNYHT ^PSS WYV]PKL PU KLW[O RUV^SLKNL HUK L_WLYPLUJL PU [^V HUK [OYLL KPTLUZPVUHS KLZPNU HUK KYHM[PUN ;OL Z[\KLU[ ^PSS ^VYR ^P[O Z[H[L VM [OL HY[ *(+ HUK ZVSPK TVKLSPUN ZVM[^HYL HUK OHYK^HYL ;OVZL LHYUPUN [OPZ KLNYLL ^PSS IL WYLWHYLK MVY H JHYLLY HZ H *(+ KLZPNULY TLJOHUPJHS KLZPNULY LUNPULLYPUN [LJOUPJPHU VY *(+ [LJOUPJPHU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *(+ Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018;
:LJVUK :LTLZ[LY /V\YZ
;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL ,UNPULLYPUN .YHWOPJZ *(+ 0 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ *VTT\UPJH[PVUZ 0 :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; *04 Æ&#x2018;
;LJOUPJHS 4H[OLTH[PJZ 000 4VK ;LJOUPJHS 4H[OLTH[PJZ 0= 4VK *(+ 00 :WLJPHS (WWSPJH[PVUZ VM *(+ Â&#x2020;Â&#x2020;Â&#x2020; * VTW\[LY 5\TLYPJHS *VU[YVS 4HJOPUPUN Â&#x2020;Â&#x2020;Â&#x2020; +LZPNU +YHM[PUN ,SLJ[P]L ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *(+ Æ&#x2018; *04 Æ&#x2018; *(+ Æ&#x2018; ;,* Æ&#x2018; /,+ Æ&#x2018;
*(+ :`Z[LTZ Â&#x2020; *VTW\[LY (PKLK 4HU\MHJ[\YPUN *(4 Â&#x2020; + :VSPK 4VKLSPUN Â&#x2020; (UHS`[PJHS 4LJOHUPJZ Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ +LZPNU +YHM[PUN ,SLJ[P]L ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; ;,* Æ&#x2018; 4,; Æ&#x2018; *(+ Æ&#x2018; Æ&#x2018;
/V\YZ
:[YLUN[O VM 4H[LYPHSZ Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS 4LJOHUPZTZ Â&#x2020;Â&#x2020;Â&#x2020; + 7HYHTL[YPJ +LZPNU Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L +LZPNU +YHM[PUN ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; ;,* Æ&#x2018; )*; Æ&#x2018; )*; Æ&#x2018; *(+ Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; ,,; Æ&#x2018; 4;; Æ&#x2018; *04 Æ&#x2018; *04 Æ&#x2018; *(+
0U[YVK\J[PVU [V +YHM[PUN (YJOP[LJ[\YHS +YHM[PUN 00 Â&#x2020;Â&#x2020;Â&#x2020; (YJOP[LJ[\YHS +YHM[PUN 000 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :VSPK^VYRZ Â&#x2020;Â&#x2020;Â&#x2020; 4HW +YHM[PUN *(+ MVY *P]PS ,UNPULLYPUN Â&#x2020;Â&#x2020;Â&#x2020; *P]PS +YHM[PUN Â&#x2020; ,SLJ[YVUPJZ +LZPNU HUK -HIYPJH[PVU 0U[YVK\J[PVU [V 4HJOPUPUN 7YVJLK\YLZ *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN Â&#x2020;Â&#x2020;Â&#x2020; 0UK\Z[YPHS 9VIV[PJZ Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
56;,:!
3HRL 3HUK *VSSLNL
*VTW\[LY (PKLK +YHM[PUN *9; *(+ *LY[PÃ&#x201E;JH[L
*VTW\[LY (PKLK +YHM[PUN *(+ HSZV JHSSLK *VTW\[LY (PKLK +LZPNU OHZ L]VS]LK MYVT HU L_WLYPTLU[HS WYVJLZZ [V H OPNOS` LMÃ&#x201E;JPLU[ [VVS PU [OL WHZ[ `LHYZ *(+ UV[ VUS` YLWSHJLZ TVZ[ THU\HS KYHM[PUN I\[ JHU HSZV IL \ZLK MVY NLULYH[PUN IPSSZ VM TH[LYPHSZ KVPUN JVTW\[LYPaLK Z[Y\J[\YHS HUHS`ZPZ HUK JVU[YVSSPUN THU\MHJ[\YPUN THJOPULZ :L]LYHS JVTWHUPLZ PU [OL SVJHS HYLH HUK ^VYSK^PKL IV[O SHYNL HUK ZTHSS \[PSPaL *(+ MVY H ]HYPL[` VM W\YWVZLZ *VTW\[LY (PKLK +YHM[PUN PZ H \UPX\L HWWSPJH[PVU VM JVTW\[LY NYHWOPJZ ;OL *(+ KYHM[ZTHU JHU LHZPS` WYVK\JL HUK TVKPM` WSHUZ IS\LWYPU[Z KLZPNUZ [LJOUPJHS PSS\Z[YH[PVUZ HUK ZJOLTH[PJZ 6UJL H Z[\KLU[ JVTWSL[LZ [OL *(+ JLY[PÃ&#x201E;JH[L WYVNYHT OL VY ZOL ^PSS UV[ VUS` RUV^ OV^ [V VWLYH[L H *(+ Z`Z[LT I\[ HSZV OV^ [V ZL[ \W J\Z[VTPaL HUK [YV\ISLZOVV[ P[ ;OL THU` \ZLZ VM *(+ OH]L VWLULK THU` JHYLLY VWWVY[\UP[PLZ PU [OPZ L_JP[PUN OPNO [LJO Ã&#x201E;LSK (Z H Z[HUK HSVUL JLY[PÃ&#x201E;JH[L [OL NYHK\ H[L JHU L_WLJ[ [V Ã&#x201E;UK LTWSV`TLU[ HZ H *(+ KYHM[ZTHU VY *(+ VWLYH[VY ;OVZL LHYUPUN HU HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL JHU JVTWSL[L H ML^ HKKP[PVUHS JV\YZLZ HUK LHYU H *(+ JLY[PÃ&#x201E;JH[L ;OL *(+ JLY[PÃ&#x201E;JH[L JHU NYLH[S` PUJYLHZL [OL VWWVY[\UP[PLZ MVY H NVVK WH`PUN QVI PU Z\JO Ã&#x201E;LSKZ HZ THU\MHJ[\YPUN JP]PS LUNPULLYPUN LSLJ[YVUPJZ VY I\PSKPUN JVUZ[Y\J[PVU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* ;,* Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,5. Æ&#x2018;
/V\YZ 0U[YV [V +YHM[PUN VY ,UNPULLYPUN .YHWOPJZ ¶ *(+ 0 4VK *(+ :`Z[LTZ 4VK Â&#x2020; ;LJOUPJHS 4H[O 0 4VK ;LJOUPJHS 4H[OLTH[PJZ 00 4VK *VTT\UPJH[PVUZ 0 :\NNLZ[LK ,SLJ[P]L ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; *0: Æ&#x2018;
*(+ 00 :WLJPHS (WWSPJH[PVUZ VM *(+ Â&#x2020;Â&#x2020;Â&#x2020; 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ :\NNLZ[LK ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
Æ&#x2018; )*; Æ&#x2018; ;,* Æ&#x2018; )*; Æ&#x2018; 4;; Æ&#x2018; 4;; Æ&#x2018; 4,; Æ&#x2018; *(+ Æ&#x2018; *,; Æ&#x2018; *,; Æ&#x2018; )*; Æ&#x2018; *(+ Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,:* Æ&#x2018; ,:*
7SHUZ :WLJPÃ&#x201E;JH[PVUZ )S\LWYPU[ 9LHKPUN MVY 0UK\Z[Y` (YJOP[LJ[\YHS +YHM[PUN 00 0U[YVK\J[PVU [V 4HJOPUPUN 7YVJLK\YLZ *VTW\[LY 5\TLYPJHS *VU[YVS 4HJOPUPUN 0U[YV [V 9VIV[PJZ *VTW\[LY (PKLK 4HU\MHJ[\YPUN *(+ MVY *P]PS ,UNPULLYPUN :\Y]L`PUN 0 (YJOP[LJ[\YHS +YHM[PUN 000 *(+ : 6 , +LZPNU -HIYPJH[PVU *VTW\[LY /HYK^HYL 0U[YV [V .0: 0U[YV [V 9HZ[LY .0:
796.9(4 ;6;(3
¶
-HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VZTL[VSVN` ;YHJR *9; *6: ;92
;OL *VZTL[VSVN` *LY[PÃ&#x201E;JH[L ;YHJR WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL *VZTL[VSVN` WYVNYHT (WWSPJHU[Z HYL PUZ[Y\J[LK [V ILNPU [OLPY *VZTL[VSVN` (WWSPJH[PVU ^P[O [OL *9; *6: ;92 THQVY JVKL :[\KLU[Z HYL JV\UZLSLK VU HKTPZZPVU YLX\PYLTLU[Z PU[V [OL *VZTL[VSVN` WYVNYHT 6UJL HJJLW[LK PU[V [OL *VZTL[VSVN` WYVNYHT [OL THQVY JVKL ^PSS IL JOHUNLK [V *9; *6:
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
*VZTL[VSVN` *9; *6: *LY[PÃ&#x201E;JH[L
;OL *VZTL[VSVN` WYVNYHT TLL[Z [OL 0SSPUVPZ +LWHY[TLU[ VM 7YVMLZZPVUHS 9LN\SH[PVU Z[HUKHYK YLX\PYLTLU[Z WLY[HPUPUN [V MHJ\S[` X\HSPÃ&#x201E;JH[PVUZ LX\PWTLU[ MHJPSP[PLZ JV\YZL JVU[LU[ HUK JVU[HJ[ OV\YZ ,U[YHUJL PU[V [OL WYVNYHT PZ NYHU[LK MHSS HUK ZWYPUN ZLTLZ[LYZ MVSSV^PUN H ZJYLLUPUN WYVJLZZ ( [V[HS VM JVUZLJ\[P]L OV\YZ PZ YLX\PYLK MVY JVTWSL[PVU VM [OL WYVNYHT 0U HKKP[PVU [V [\P[PVU HUK ZLY]PJL MLLZ JVZTL[VSVN` Z[\KLU[Z ^PSS W\YJOHZL H \UPMVYT THUP RPUZ JVZTL[VSVN` RP[ HUK ^VYRIVVRZ :[\KLU[Z ^PSS OH]L [OL VWWVY[\UP[` [V H[[LUK VMM JHTW\Z JVZTL[VSVN` ZLTPUHYZ ;V ZLJ\YL HU 0SSPUVPZ *VZTL[VSVN` SPJLUZL LHJO Z[\KLU[ PZ YLX\PYLK [V [HRL H JVTW\[LYPaLK 0SSPUVPZ Z[H[L IVHYK L_HTPUH[PVU \WVU JVTWSL[PVU VM [OL J\YYPJ\S\T :LL JHYLLY [YHJR WYVNYHT *VZTL[VSVN` ;YHJR ^OLU ZLSLJ[PUN H THQVY *VU[HJ[ [OL +PYLJ[VY VM *VZTL[VSVN` H[ MVY TVYL PUMVYTH[PVU YLNHYKPUN [OL ZJYLLUPUN WYVJLZZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; :6: Æ&#x2018; *6: Æ&#x2018; *6: Æ&#x2018; :7,
/V\YZ /\THU 9LSH[PVUZ *VZTL[VSVN` 0 *VZTL[VSVN` 00 0U[LYWLYZVUHS *VTT\UPJH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; *6: Æ&#x2018; *6:
*VZTL[VSVN` 000 *VZTL[VSVN` 0= *VTW\[LY (WWSPJH[PVUZ MVY *VZTL[VSVN` ;6;(3
;OPYK :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; *6:
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
:HSVU 4HUHNLTLU[ *VZTL[VSVN` = ;6;(3
796.9(4 ;6;(3
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VZTL[VSVN` ¶ 5HPS ;LJOUVSVN` ;YHJR 5+7 5(03 ;92
;OL *VZTL[VSVN` 5HPS ;LJOUVSVN` ;YHJR WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL *VZTL[VSVN` 5HPS ;LJOUVSVN` WYVNYHT (WWSPJHU[Z HYL PUZ[Y\J[LK [V ILNPU [OLPY *VZTL[VSVN` 5HPS ;LJOUVSVN` (WWSPJH[PVU ^P[O [OL 5+7 5(03 ;92 THQVY JVKL :[\KLU[Z HYL JV\UZLSLK VU HKTPZZPVU YLX\PYLTLU[Z PU[V [OL *VZTL[VSVN` 5HPS ;LJOUVSVN` WYVNYHT 6UJL HJJLW[LK PU[V [OL *VZTL[VSVN` 5HPS ;LJOUVSVN` WYVNYHT [OL THQVY JVKL ^PSS IL JOHUNLK [V 5+7 5(03
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
*VZTL[VSVN` ¶ 5HPS ;LJOUVSVN` 5+7 5(03 *LY[PÃ&#x201E;JH[L
;OL 5HPS ;LJOUVSVN` WYVNYHT TLL[Z [OL 0SSPUVPZ +LWHY[ TLU[ VM 7YVMLZZPVUHS 9LN\SH[PVU Z[HUKHYK YLX\PYLTLU[Z WLY[HPUPUN [V MHJ\S[` X\HSPÃ&#x201E;JH[PVUZ LX\PWTLU[ MHJPSP [PLZ JV\YZL JVU[LU[ HUK JVU[HJ[ OV\YZ ,U[YHUJL PU[V [OL WYVNYHT PZ MHSS ZLTLZ[LY VUS` MVSSV^PUN H ZJYLLUPUN WYVJLZZ ( [V[HS VM JVUZLJ\[P]L OV\YZ PZ YLX\PYLK MVY JVT WSL[PVU VM [OL WYVNYHT 0U HKKP[PVU [V [\P[PVU HUK ZLY]PJL MLLZ 5HPS ;LJOUVSVN` Z[\KLU[Z ^PSS W\YJOHZL H \UPMVYT UHPS [LJOUVSVN` RP[ HUK ^VYRIVVRZ ;V ZLJ\YL H Z[H[L SPJLUZL HZ H 5HPS ;LJOUPJPHU LHJO Z[\KLU[ PZ YLX\PYLK [V [HRL H ^YP[[LU 0SSPUVPZ Z[H[L IVHYK L_HTPUH [PVU \WVU JVTWSL[PVU VM [OL J\YYPJ\S\T 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; *6:
:LJVUK :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; *6:
Â&#x2020;
/V\YZ 5HPS ;LJOUVSVN` 0 Â&#x2020; 5HPS ;LJOUVSVN` 00 Â&#x2020; ;6;(3
5HPS ;LJOUVSVN` 000 Â&#x2020;Â&#x2020;Â&#x2020; 5HPS ;LJOUVSVN` 0= Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VZTL[VSVN` ;LHJOLY *9; *6:;9 *LY[PÃ&#x201E;JH[L
0SSPUVPZ *VZTL[VSVN` SPJLUZL YLX\PYLK *VZTL[VSVN` ;LHJOLY 0 00 HUK 000 KL]LSVWZ [OL [LHJOPUN [LJOUPX\LZ MVY [OL PUZ[Y\J[PVU VM JVZTL[VSVN` ZRPSSZ ;OL Z[\K` VM IHZPJ [OLVY` HUK WYPUJPWSLZ VM JVZTL[VSVN` PUZ[Y\J[PVU HUK I\ZPULZZ WYVJLK\YLZ HYL L_HTPULK ;OL Z[\KLU[ ^PSS JVTWSL[L YLX\PYLTLU[Z MVY Z[H[L IVHYK L_HTPUH[PVU HUK SPJLUZPUN PU [OL Z[H[L VM 0SSPUVPZ *VU[HJ[ [OL +PYLJ[VY VM *VZTL[VSVN` H[ MVY TVYL PUMVYTH[PVU YLNHYKPUN [OL ZJYLLUPUN WYVJLZZ MVY [OPZ WYVNYHT 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; ,5. ,5. Æ&#x2018;
/V\YZ *VZTL[VSVN` ;LHJOLY 0 )\ZPULZZ ,UNSPZO VY *VTWVZP[PVU 0 *VZTL[VSVN` ;LHJOLY ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; :7, Æ&#x2018;
*VZTL[VSVN` ;LHJOLY 00 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU *VZTL[VSVN` ;LHJOLY ,SLJ[P]L ;6;(3
;OPYK :LTLZ[LY
Æ&#x2018; *6:
*VZTL[VSVN` ;LHJOLY 000 ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; ,+0
)\ZPULZZ *VTT\UPJH[PVU 7YPUJPWSLZ VM 4HUHNLTLU[ 0U[YVK\J[PVU [V ,K\JH[PVU
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
*YVW 7YVK\J[PVU *9; *967 *LY[PÃ&#x201E;JH[L
;OL *YVW 7YVK\J[PVU JLY[PÃ&#x201E;JH[L PZ KLZPNULK [V WYLWHYL Z[\KLU[Z MVY LTWSV`TLU[ PU JYVW WYVK\J[PVU ZP[\H[PVUZ ;OLZL ZP[\H[PVUZ PUJS\KL MHYTPUN MHYT THUHNLTLU[ HUK MHYT VWLYH[PVUZ 7YVNYHT JVU[HPUZ H TPUPT\T VM LPNO[ ^LLRZ VM PU[LYUZOPW H[ HU HWWYV]LK SVJH[PVU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
:\TTLY ;LYT /V\YZ
(NYPJ\S[\YL 4H[O Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY ¶ 7YPUJPWSLZ VM *YVW 7YVK\J[PVU Â&#x2020; VY 7YPUJPWSLZ VM -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; ¶ (UPTHS /\ZIHUKY` Â&#x2020; VY (UPTHS :JPLUJL ¶ :VPSZ Â&#x2020; VY :VPS :JPLUJL ¶ -HYT 4HUHNLTLU[ Â&#x2020; ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018;
6:/( (N 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V (N :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YL 4HYRL[PUN Â&#x2020;Â&#x2020;Â&#x2020; :VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; -HYT )\ZPULZZ 9LJVYKZ Â&#x2020;Â&#x2020;Â&#x2020; : 6 , 0 Â&#x2020;Â&#x2020;Â&#x2020; 0U[LUZP]L *YVW :JV\[PUN Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]LZ ;6;(3
Æ&#x2018; (.9 (.9 Æ&#x2018; (.9
/V\YZ (NYPJ\S[\YL ,JVUVTPJZ VY 0U[YV [V (N ,JVUVTPJZ 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ ;6;(3
¶ ¶
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
-HYT *YLKP[ HUK -PUHUJL Â&#x2020;Â&#x2020;Â&#x2020; ;YHJ[VY ;\UL <W HUK 9LWHPY (KQ\Z[PUN 5L^ HUK <ZLK 4HJOPULY` (NYPJ\S[\YL 4LJOHUPJZ Â&#x2020; : 6 , 00 .7: (WWSPJH[PVUZ PU (N Â&#x2020;Â&#x2020;Â&#x2020;
796.9(4 ;6;(3
¶
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HYR 5PLTLYN ,THPS! TUPLTLYN'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
+LU[HS /`NPLUL ;YHJR ((: +/ ;92
;OPZ WYVNYHT WYLWHYLZ [OL Z[\KLU[ MVY HKTPZZPVU PU[V [OL +LU[HS /`NPLUL WYVNYHT ((: +/ :[\KLU[Z PU [OPZ [YHJR HYL HK]PZLK [V LUYVSS PU JV\YZLZ [OH[ ULLK [V IL JVTWSL[LK WYPVY [V HKTPZZPVU PU[V [OL +LU[HS /`NPLUL WYVNYHT ;OL` HYL HSZV HK]PZLK [V LUYVSS PU JV\YZLZ [OH[ ^PSS PUJYLHZL [OLPY Z\JJLZZ YH[L VUJL [OL` OH]L LU[LYLK [OL WYVNYHT 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +LIVYHO 2PY[Z 7YVNYHT +PYLJ[VY ,THPS! KRPY[Z'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
+LU[HS /`NPLUL
((: +/ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL +LU[HS /`NPLUL WYLWHYLZ [OL Z[\KLU[ ^P[O ZWLJPHSPaLK ZRPSSZ ULJLZZHY` MVY LTWSV`TLU[ HZ H KLU[HS O`NPLUPZ[ ,TWOHZPZ PZ VU WH[PLU[ [YLH[TLU[ Z\JO HZ YLTV]HS VM JHSJ\S\Z Z[HPU HUK KLWVZP[Z MYVT [OL [LL[O WYL]LU[PVU VM VYHS KPZLHZL HUK VU [OL O`NPLUPZ[»Z YVSL HZ H KLU[HS OLHS[O LK\JH[VY ;OL O`NPLUPZ[»Z ZLY]PJLZ HYL ZV\NO[ I` KLU[PZ[Z ZJOVVSZ WYPZVUZ OVZWP[HSZ KLWHY[TLU[Z VM OLHS[O HUK PUK\Z[Y` ;OL +LU[HS /`NPLUL WYVNYHT PZ M\SS` HJJYLKP[LK I` [OL (TLYPJHU +LU[HS (ZZVJPH[PVU *VTTPZZPVU VU +LU[HS (JJYLKP[H[PVU (WWSPJHU[Z ZLLRPUN HKTPZZPVU PU[V [OL +LU[HS /`NPLUL WYVNYHT MVY [OL MHSS ZLTLZ[LY T\Z[ OH]L H JVTWSL[LK KLU[HS O`NPLUL HWWSPJH[PVU Ã&#x201E;SL PU [OL KLWHY[TLU[ I` 1HU\HY` H[ W T VY [OL WYLJLKPUN I\ZPULZZ KH` PM 1HU\HY` MHSSZ VU [OL ^LLRLUK (WWSPJHU[Z ^PSS IL PUMVYTLK PU ^YP[PUN ^P[OPU ZP_ ^LLRZ VM [OL KLHKSPUL VU [OL Z[H[\Z VM [OLPY JHUKPKHJ` ( Z[\KLU[ PUMVYTH[PVU WHJRL[ TH` IL VI[HPULK MYVT WYVNYHT KPYLJ[VY VMÃ&#x201E;JL ;OL MVSSV^PUN HKTPZZPVU JYP[LYPH HUK WYVJLK\YLZ HYL PU HJJVYKHUJL ^P[O 0SSPUVPZ SH^! 0U [OVZL `LHYZ ^OLU [OLYL HYL TVYL X\HSPÃ&#x201E;LK HWWSPJHU[Z [OHU ZWHJLZ H]HPSHISL PU [OL WYVNYHT HKTPZZPVU PZ JVTWL[P[P]L HUK ZLSLJ[P]L \ZPUN HU VIQLJ[P]L MVYT\SH HWWYV]LK I` [OL +LU[HS /`NPLUL KLWHY[TLU[ ;OPZ MVYT\SH PUJS\KLZ HJOPL]LTLU[ PU WYLYLX\PZP[L HUK JV YLX\PZP[L JV\YZLZ U\TILY VM JVTWSL[LK JYLKP[ OV\YZ" (*; ZJVYLZ" KLU[HS HZZPZ[PUN L_WLYPLUJL" HUK NYHKL WVPU[ H]LYHNL ;OL WYVNYHT LX\PWZ Z[\KLU[Z ^P[O [OL TLHUZ [V SLHYU HUK HWWS` [OL MVSSV^PUN JVYL JVTWL[LU JPLZ YLX\PYLK MVY YLNPZ[LYLK +LU[HS /`NPLUPZ[Z
*VYL *VTWL[LUJPLZ * (WWS` H WYVMLZZPVUHS JVKL VM L[OPJZ PU HSS LUKLH]VYZ Â&#x2039; *SPUPJ 7VSPJ` 4HU\HS! L[OPJHS JVUK\J[ JVUÃ&#x201E;KLU[PHSP[` HNYLLTLU[ Â&#x2039; 7YLJSPUPJ 0 00 Â&#x2039; *SPUPJ 0 00 000 Â&#x2039; +LU[HS /`NPLUL 0= ¶ L[OPJZ HUK Q\YPZWY\KLUJL * ( KOLYL [V Z[H[L HUK MLKLYHS SH^Z YLJVTTLUKH[PVUZ HUK YLN\SH[PVUZ PU [OL WYV]PZPVU VM KLU[HS O`NPLUL JHYL Â&#x2039; *SPUPJ 7VSPJ` 4HU\HS! YLJLPW[ JVUÃ&#x201E;KLU[PHSP[` HNYLLTLU[ L[OPJHS JVUK\J[ Â&#x2039; +LU[HS /`NPLUL 0= ¶ L[OPJZ HUK Q\YPZWY\KLUJL * 7 YV]PKL KLU[HS O`NPLUL JHYL [V WYVTV[L WH[PLU[ JSPLU[ OLHS[O HUK ^LSSULZZ \ZPUN JYP[PJHS [OPURPUN HUK WYVISLT ZVS]PUN PU [OL WYV]PZPVU VM L]PKLUJL IHZLK WYHJ[PJL Â&#x2039; *SPUPJ 00 ¶ JHZL Z[\K` Â&#x2039; +LU[HS /`NPLUL 00 ¶ KLU[HS O`NPLUL KPHNUVZPZ HUK JHYL WSHU Â&#x2039; *SPUPJ 0 00 ¶ KH[H JVSSLJ[PVU HUK JHYL WSHU JVTWL[LUJPLZ Â&#x2039; +LU[HS /`NPLUL 0= * < ZL L]PKLUJL IHZLK KLJPZPVU THRPUN [V L]HS\H[L HUK PUJVYWVYH[L LTLYNPUN [YLH[TLU[ TVKHSP[PLZ Â&#x2039; *SPUPJ 00 HUK 7VSPJ` 4HU\HS! ZLSM L]HS\H[PVU VM JHZL Z[\K` Â&#x2039; +LU[HS /`NPLUL 000 ¶ QV\YUHS HIZ[YHJ[Z * ( ZZ\TL YLZWVUZPIPSP[` MVY KLU[HS O`NPLUL HJ[PVUZ ZJPLU[PÃ&#x201E;J [OLVYPLZ HUK YLZLHYJO HZ ^LSS HZ [OL HJJLW[LK Z[HUKHYK VM JHYL Â&#x2039; +/@ ¶ 7LYPV JHZL [`WL Â&#x2039; +LU[HS /`NPLUL 000 ¶ QV\YUHS HIZ[YHJ[Z Â&#x2039; *SPUPJ 0 00 000
* * VU[PU\V\ZS` WLYMVYT ZLSM HZZLZZTLU[ MVY SPML SVUN SLHYUPUN HUK WYVMLZZPVUHS NYV^[O Â&#x2039; +LU[HS /`NPLUL 000 ¶ ZLSM HZZLZZTLU[ VM JVTT\UP[` Â&#x2039; +LU[HS /LHS[O 7YVQLJ[Z Â&#x2039; +LU[HS /`NPLUL 0= ¶ WVY[MVSPVZ Â&#x2039; *SPUPJ 000 ¶ 4VJR )VHYK (ZZLZZTLU[ Â&#x2039; 7YLJSPUPJ 00 ¶ ZLSM HZZLZZTLU[ VM WH[PLU[ LK\JH[PVU ]PKLV * 7 YVTV[L [OL WYVMLZZPVU [OYV\NO ZLY]PJL HJ[P]P[PLZ HUK HMÃ&#x201E;SPH[PVUZ ^P[O WYVMLZZPVUHS VYNHUPaH[PVUZ Â&#x2039; :(+/( TLTILYZOPW ¶ ]VS\U[HY` Â&#x2039; >0* ZJYLLUPUN ¶ LUYPJOTLU[ VWWVY[\UP[` Â&#x2039; >0* ZLHSHU[ WYVNYHTZ YLZ[VYH[P]L JSPUPJZ LUYPJOTLU[ VWWVY[\UP[PLZ *
7YV]PKL X\HSP[` HZZ\YHUJL TLJOHUPZTZ MVY OLHS[O ZLY]PJLZ Â&#x2039; *SPUPJ 0 00 000 ¶ JOHY[ H\KP[Z Â&#x2039; 7YLJSPUPJ 0 00 ¶ ZRPSS WYVJLZZ L]HS\H[PVUZ Â&#x2039; *SPUPJ 0 00 000 ¶ ZRPSS JVTWL[LUJ` L]HS\H[PVUZ
* * VTT\UPJH[L LMMLJ[P]LS` ^P[O PUKP]PK\HSZ HUK NYV\WZ IV[O ]LYIHSS` HUK PU ^YP[PUN Â&#x2039; +LU[HS /`NPLUL 000 ¶ ZWLJPHS ULLKZ Ã&#x2026;PW JOHY[ Â&#x2039; *SPUPJ 00 ¶ HK\S[ SLHYUPUN HUK JVTT\UPJH[PVU \UP[ Â&#x2039; +LU[HS /`NPLUL 000 0= ¶ U\YZPUN OVTL ZJOVVS HUK ZWLJPHS ULLKZ L_HTZ WYLZLU[H[PVUZ" JVTT\UP[` Â&#x2039; +LU[HS /LHS[O 7YVQLJ[Z Â&#x2039; *SPUPJ 0 00 000 ¶ 7HYPZ YV[H[PVUZ ¶ >VTLU *OPSKYLU -PYZ[ +LU[HS 7YVNYHT :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 4VIPSL +LU[HS <UP[ * 7YV]PKL HJJ\YH[L JVUZPZ[LU[ HUK JVTWSL[L KVJ\TLU[H [PVU MVY HZZLZZTLU[ KPHNUVZPZ WSHUUPUN PTWSLTLU[H[PVU HUK L]HS\H[PVU VM KLU[HS O`NPLUL ZLY]PJLZ Â&#x2039; *SPUPJ 0 00 000! 8\HSP[` (ZZ\YHUJL H\KP[Z * 7 YV]PKL JHYL [V HSS JSPLU[Z \ZPUN HU PUKP]PK\HSPaLK HWWYVHJO [OH[ PZ O\THUL LTWH[OL[PJ HUK JHYPUN Â&#x2039; 7H[PLU[ )PSS VM 9PNO[Z Â&#x2039; 7YLJSPUPJ 000! [YLH[TLU[ VM WH[PLU[Z Â&#x2039; *SPUPJ 0 00 000! [YLH[TLU[ VM WH[PLU[Z
(KTPZZPVU 7YVJLZZ /H]L ZH[PZMHJ[VYPS` NYHK\H[LK MYVT H YLJVNUPaLK OPNO ZJOVVS ^P[O H NYHKL H]LYHNL VM ¸*¹ VY IL[[LY VY OH]L H .,+ /PNO ZJOVVS Z[\KLU[Z ^OV Z\JJLZZM\SS` JVTWSL[L ;LJO 7YLW J\YYPJ\S\T ZOV\SK JVUZ\S[ ^P[O [OL KPYLJ[VY YLNHYKPUN LUYVSSTLU[ YLX\PYLTLU[Z HUK WYVJLK\YLZ /H]L Z\JJLZZM\SS` JVTWSL[LK JVSSLNL JOLTPZ[Y` ^P[O H ¸*¹ VY IL[[LY *VUJLW[Z VM *OLTPZ[Y` */4 PZ YLJVTTLUKLK /H]L JVTWSL[LK (*; [LZ[ HUK OHK ZJVYLZ ZLU[ [V 3HRL 3HUK *VSSLNL (*; [LZ[ ZJVYLZ HYL ]HSPK MVY MV\Y `LHYZ /H]L JVTWSL[LK JVSSLNL PU[LU[ [V LUYVSS HUK OH]L OPNO ZJOVVS HUK JVSSLNL [YHUZJYPW[Z ZLU[ [V 3HRL 3HUK *VSSLNL 6MÃ&#x201E;JL VM (KTPZZPVUZ HUK 9LJVYKZ /H]L JVTWSL[LK 3HRL 3HUK *VSSLNL IH[[LY` VM LU[YHUJL L_HTZ PM UV (*; ZJVYLZ
3HRL 3HUK *VSSLNL
+LU[HS /`NPLUL
((: +/ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL JVU[PU\LK /H]L JVTWSL[LK Z[\KLU[ PUMVYTH[PVU MVYT ZLU[ [V WYVNYHT KPYLJ[VY *VTWSL[LK HWWSPJH[PVUZ ^PSS IL L]HS\H[LK I` [OL +LU[HS /`NPLUL (KTPZZPVUZ *VTTP[[LL 5V[PÃ&#x201E;JH[PVU VM HJJLW[HUJL ^PSS IL WYV]PKLK [V [OVZL PUKP]PK\HSZ TLL[PUN [OL LU[YHUJL JYP[LYPH VU H ZWHJL H]HPSHISL IHZPZ (JJLW[HUJL [V [OL JVSSLNL KVLZ UV[ LUZ\YL HJJLW[HUJL PU[V [OL +LU[HS /`NPLUL WYVNYHT (SS JV\YZLZ YLX\PYLK MVY [OL KLU[HS O`NPLUL WYVNYHT T\Z[ IL JVTWSL[LK ^P[O H ¸*¹ VY IL[[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; /,+ Æ&#x2018;
/V\YZ (UH[VT` HUK 7O`ZPVSVN` 0 +LU[HS (UH[VT` HUK /PZ[VSVN` +LU[HS /`NPLUL 0 7YLJSPUPJHS /`NPLUL 0 5\[YP[PVU +LU[HS ,SLJ[P]L ;6;(3
(JJLW[HUJL *YP[LYPH
(M[LY HJJLW[HUJL PU[V [OL WYVNYHT H JVTWYLOLUZP]L WO`ZPJHS L_HTPUH[PVU PZ YLX\PYLK
:LJVUK :LTLZ[LY
(M[LY HJJLW[HUJL H J\YYLU[ *79 JHYK PZ YLX\PYLK (M[LY HJJLW[HUJL Z\ITP[ H WHZZWVY[ WOV[V (M[LY HJJLW[HUJL /LWH[P[PZ ) PTT\UPaH[PVUZ HYL Z[YVUNS` YLJVTTLUKLK MVY HSS LU[LYPUN Z[\KLU[Z
Æ&#x2018; +/@ Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018; +/@ Æ&#x2018; +/@
(M[LY HJJLW[HUJL [OL Z[\KLU[ T\Z[ HJOPL]L NYHKLZ VM ¸*¹ VY IL[[LY PU HSS JV\YZLZ [V YLTHPU LUYVSSLK
(M[LY HJJLW[HUJL [OL Z[\KLU[ T\Z[ Z\ITP[ [V H IHJRNYV\UK JOLJR HWWYV_PTH[L JVZ[ WLY WYVNYHT WVSPJ`
:\TTLY ;LYT
(M[LY HJJLW[HUJL [OL Z[\KLU[ T\Z[ Z\ITP[ [V YHUKVT KY\N [LZ[PUN WLYPVKPJHSS` [OYV\NOV\[ [LU\YL PU [OL WYVNYHT HWWYV_PTH[LS` WLY [LZ[ WLY WYVNYHT WVSPJ` ;OL (UH[VT` HUK 7O`ZPVSVN` 0 00 JV\YZL J\YYPJ\S\T T\Z[ PUJS\KL [OL Z[\K` VM H JHKH]LY PUJS\KPUN OLHK HUK ULJR HUH[VT` ( JYLKP[ JHKH]LY JV\YZL (+5 PZ VMMLYLK ZOV\SK ( 7 JV\YZLZ [HRLU H[ V[OLY JVSSLNLZ UV[ PUJS\KL O\THU JHKH]LY
*VZ[ 0U HKKP[PVU [V [\P[PVU SHI MLLZ HUK ZLY]PJL MLLZ Z[\KLU[Z HYL L_WLJ[LK [V I\` [OLPY \UPMVYTZ HWWYV_PTH[LS` KLU[HS O`NPLUL RP[Z HWWYV_PTH[LS` HUK WH` MVY V[OLY PUJPKLU [HS L_WLUZLZ :WLJPHS IVVRZ HUK TPZJLSSHULV\Z P[LTZ H]LYHNL HIV\[ WLY ZLTLZ[LY 3PJLUZPUN L_HTPUH[PVUZ HUK SLHYUPUN L_WLYPLUJLZ VMM JHTW\Z ^PSS IL H[ [OL L_WLUZL VM [OL Z[\KLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +LIVYHO 2PY[Z ,THPS! KRPY[Z'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; +/@
9HKPVSVN` (UH[VT` HUK 7O`ZPVSVN` 00 4PJYVIPVSVN` +LU[HS /`NPLUL 00 7YLJSPUPJHS /`NPLUL 00 ;6;(3
7LYPVKVU[VSVN` +LU[HS /`NPLUL :LTPUHY *SPUPJ 0 ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; 7:@ Æ&#x2018; +/@ Æ&#x2018; +/@
7H[OVSVN` 7OHYTHJVSVN` +LU[HS /`NPLUL 000 *SPUPJ 00 0U[YVK\J[PVU [V 7Z`JOVSVN` 3HI 7YVJLK\YLZ +LU[HS /`NPLUPZ[Z ,_WHUKLK +\[PLZ MVY +LU[HS /`NPLUPZ[Z ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; :6* Æ&#x2018; +/@ Æ&#x2018; +/@ Æ&#x2018; :7, Æ&#x2018; +/@ Æ&#x2018; +/@
*VTWVZP[PVU 0 0U[YVK\J[PVU [V :VJPVSVN` +LU[HS 7\ISPJ /LHS[O +LU[HS /`NPLUL 0= 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU *SPUPJ 000 +LU[HS /`NPLUL )VHYK 9L]PL^ ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
3HRL 3HUK *VSSLNL
+LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU ((: +7.+ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT PZ KLZPNULK [V WYLWHYL NYHK\H[LZ MVY JHYLLYZ YLX\PYPUN H ZVSPK RUV^SLKNL VM KLZR[VW W\ISPZOPUN ,TWOHZPZ PZ WSHJLK VU [YHPUPUN PU J\YYLU[ NYHWOPJ HY[Z ZVM[^HYL HUK ^LI WHNL KLZPNU [LJOUPX\LZ JVTIPULK ^P[O [OL SH[LZ[ VMÃ&#x201E;JL [LJOUVSVN` [YLUKZ :[\KLU[Z ^PSS KLZPNU HUK JYLH[L HY[^VYR MVY JVTTLYJPHS W\ISPJH[PVU HUK ZLL [OL WYVJLZZ [OYV\NO [V THRL P[ WYLZZ WSH[L YLHK` :[\KLU[Z TH` HZZ\TL WVZP[PVUZ HZ M\SS [PTL KLZR[VW W\ISPZOLYZ NYHWOPJ KLZPNULYZ WYL WYLZZ VWLYH[VYZ VY WVZP[PVUZ PU]VS]PUN H ISLUK VM HKTPUPZ[YH[P]L VMÃ&#x201E;JL K\[PLZ HUK KLZR[VW W\ISPZOPUN :VTL Z[\KLU[Z Z\JJLLK HZ MYLLSHUJLYZ HUK VWLU [OLPY V^U I\ZPULZZLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; :-: Æ&#x2018;
/,+ 7,+ :7, ,5.
:,*65+ @,(9 /V\YZ
>LI 7HNL +LZPNU (KVIL 7OV[VZOVW 4VK (KVIL 0SS\Z[YH[VY 4VK 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU VY *VTWVZP[PVU 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; 0;;
0UKLZPNU 4VK 8\HYR?WYLZZ 4VK +LZPNUPUN MVY [OL >LI (K]HUJLK -VYTH[[PUN )\ZPULZZ *VTT\UPJH[PVUZ +PNP[HS 4LKPH (Y[Z Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; :6* Æ&#x2018; )<: Æ&#x2018; ,5.
/V\YZ (K]HUJLK +LZR[VW :RPSSZ Â&#x2020; :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V :VJPVSVN` VY :VJPHS :JPLUJL ,SLJ[P]L E )\ZPULZZ 4H[OLTH[PJZ )\ZPULZZ ,UNSPZO ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; 169 )<: )<: *0: Æ&#x2018; 7:@
(\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 4VK Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 4VK .YHWOPJ +LZPNU *HWZ[VUL 4VK Â&#x2020;Â&#x2020;Â&#x2020; 0U[YV [V 1V\YUHSPZ[PJ 7OV[VNYHWO` VY 3LNHS ,U]PYVU )\ZPULZZ VY (U` )<: VY *0: *V\YZL 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY E >OLU 7:@ PZ YLX\PYLK :6: TH` UV[ IL \ZLK HZ H ZVJPHS ZJPLUJL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HYJ` :H[[LY^OP[L ,THPS! TZH[[LY^'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
+LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU *9; +7.+ *LY[PÃ&#x201E;JH[L
;OPZ JLY[PÃ&#x201E;JH[L WYV]PKLZ ZRPSSZ HUK RUV^SLKNL [V WYLWHYL Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU KLZR[VW W\ISPZOPUN HUK ^LI WHNL KLZPNU >P[O H RUV^SLKNL VM RL`IVHYKPUN NYHWOPJ HY[Z ZVM[^HYL HUK ^LI WHNL KLZPNU NYHK\H[LZ TH` Ã&#x201E;SS ]HYPV\Z WVZP[PVUZ PU [OL KLZR[VW W\ISPZOPUN ^LI WHNL KLZPNU HUK NYHWOPJ KLZPNU Ã&#x201E;LSKZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0:
:,*65+ @,(9 /V\YZ
(K]HUJLK -VYTH[[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ (KVIL 7OV[VZOVW 4VK (KVIL 0SS\Z[YH[VY 4VK >LI 7HNL +LZPNU ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; ,5.
796.9(4 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<:
*0:
+LZPNUPUN MVY [OL >LI (K]HUJLK :VM[^HYL (WWSPJH[PVUZ 0U+LZPNU 4VK 8\HYR?WYLZZ 4VK (U` )<: )\ZPULZZ *SHZZ VY (U` *0: *VTW\[LY *SHZZ ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HYJ` :H[[LY^OP[L ,THPS! TZH[[LY^'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ (K]HUJLK +LZR[VW :RPSSZ Â&#x2020; )\ZPULZZ *VTT\UPJH[PVUZ )\ZPULZZ ,UNSPZO ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
, *VTTLYJL 4HYRL[PUN *9; ,42; *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU , *VTTLYJL 4HYRL[PUN [YHPUZ Z[\KLU[Z [V LMMLJ[P]LS` THYRL[ HU VYNHUPaH[PVU HUK P[Z WYVK\J[Z [OYV\NO P[Z >LIZP[L ;OL WYVNYHT ^PSS OPNOSPNO[ Z[YH[LNPLZ MVY KYH^PUN TVYL [YHMÃ&#x201E;J [V H Ã&#x201E;YT»Z >LIZP[L PUJYLHZPUN VUSPUL YL]LU\LZ HUK LUOHUJPUN [OL VYNHUPaH[PVU»Z YLW\[H[PVU (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU 4HYRL[PUN VY 4HUHNLTLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<:
/V\YZ >LI 7HNL +LZPNU 0U[YVK\J[PVU [V )\ZPULZZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 7YPUJPWSLZ VM 4HYRL[PUN ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0:
7YPUJPWSLZ VM 9L[HPSPUN 7YPUJPWSLZ VM (K]LY[PZPUN 7YPUJPWSLZ VM , *VTTLYJL (K]HUJLK >LI 7HNL +LZPNU ;6;(3
796.9(4 ;6;(3
/V\YZ
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,HYS` *OPSKOVVK *HYL ,K\JH[PVU ((: ,*, (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL ,HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU WYVNYHT WYV]PKLZ [OL HJHKLTPJ IHJRNYV\UK HUK WYHJ[PJHS L_WLYPLUJL ULJLZZHY` [V VWLYH[L H WYP]H[L OVTL KH` JHYL HUK [LHJO VY KPYLJ[ PU JOPSK JHYL MHJPSP[PLZ (KKP[PVUHS LTWSV`TLU[ VWWVY[\UP[PLZ PUJS\KL U\YZLY` ZJOVVSZ /LHK :[HY[ WYVNYHTZ HUK WHYHWYVMLZZPVUHS [LHJOLY»Z HPKL PU WYPTHY` NYHKLZ ;OL WYVNYHT PZ LZWLJPHSS` Z\P[LK [V PUKP]PK\HSZ ^OV LUQV` ^VYRPUN HUK [LHJOPUN `V\UN JOPSKYLU HUK [V [OVZL OH]PUN H JHYPUN HUK WH[PLU[ WLYZVUHSP[` ( ¸*¹ H]LYHNL PU YLX\PYLK ,HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU JVYL JSHZZLZ T\Z[ IL THPU[HPULK I` Z[\KLU[Z WYPVY [V LUYVSSPUN PU ,*, 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. ,5. Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; Æ&#x2018; )06
)06
:,*65+ @,(9 /V\YZ
*VTT\UPJH[PVUZ 0 VY *VTWVZP[PVU 0 0U[YV [V ,HYS` *OPSKOVVK ,K\JH[PVU *OPSK )LOH]PVY HUK 4HUHNLTLU[ ,SLJ[P]L ¶ 5H[\YHS :JPLUJL VY )PVSVNPJHS :JPLUJL ¶ ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; :6* Æ&#x2018; /,+ Æ&#x2018; 7:@ Æ&#x2018; ,*,
/V\YZ *YLH[P]L (J[P]P[PLZ -VY *OPSKYLU 0UMHU[ ;VKKSLY ,U]PYVUTLU[ 0U[YVK\J[PVU [V :VJPVSVN` 9LZWVUKPUN [V ,TLYNLUJPLZ *OPSK +L]LSVWTLU[ /LHS[O :HML[` 5\[YP[PVU @V\UN *OPSK ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,*, Æ&#x2018; (9; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
(9; 4<: ,+< 7:@ :7,
,HYS` *OPSKOVVK *SPUPJHS -\UKHTLU[HSZ VM (Y[ VY <UKLYZ[HUKPUN (Y[ VY <UKLYZ[HUKPUN 4\ZPJ 0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU 0U[YVK\J[PVU [V 7Z`JOVSVN` 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ,SLJ[P]L ¶ ;6;(3 ¶
Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,+< Æ&#x2018; 7,+ Æ&#x2018; ,*,
-PLSK ,_WLYPLUJL :LTPUHY 6YNHUPaH[PVU 4HUHNLTLU[ VM 7YL :JOVVSZ 0UZ[Y\J[PVUHS 4L[OVKZ ;LHJOPUN 3LHYUPUN ^P[O ;LJOUVSVN` ) HZPJ (J[P]P[PLZ ,SLTLU[HY` :LJVUKHY` *OPSK -PLSK ,_WLYPLUJL ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;LYLZH 3HUN ,THPS! [SHUN'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
¶
3HRL 3HUK *VSSLNL
,SLJ[YVUPJ *VTT\UPJH[PVU ;LJOUPJPHU *9; ,*; *LY[PÃ&#x201E;JH[L
;OL ,SLJ[YVUPJ *VTT\UPJH[PVU *LY[PÃ&#x201E;JH[L ^PSS WYV]PKL [YHPUPUN PU JHISPUN HUK Ã&#x201E;ILY VW[PJZ HUHSVN HUK KPNP[HS LSLJ[YVUPJZ JVTW\[LYZ KH[H JVTT\UPJH[PVU ^P[O IHZPJ YV\[PUN ZRPSSZ ;OL Z[\KLU[ ^PSS YLJLP]L OHUKZ VU [YHPUPUN VU ^PKL YHUNL VM LSLJ[YVUPJ LX\PWTLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,,; Æ&#x2018; ,,;
/V\YZ )HZPJ ,SLJ[YVUPJZ ,SLJ[YPJ *PYJ\P[Z *HISPUN 0UZ[HSS ^P[O -PILY 6W[PJZ ;LJO 4H[O 0 4VK ;LJO 4H[O 00 4VK ,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU *VTW\[LY /HYK^HYL ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,5. Æ&#x2018; ;,3
,,;
:VSPK :[H[L /VTL ;LJOUVSVN` 0U[LNYH[PVU *VTW\[LY :LY]PJPUN ;LJO >YP[PUN MVY 0UK\Z[Y` )HZPJ 5L[^VYRPUN Â&#x2020;Â&#x2020;Â&#x2020; VY +H[H *VTT\UPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
/V\YZ ¶ ¶ ¶
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` 3PUKSL` ,THPS! NSPUKSL`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,SLJ[YVUPJ *VU[YVS ;LJOUVSVN` ((: 0*: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
.YHK\H[LZ VM [OPZ WYVNYHT OH]L KL]LSVWLK [OL RUV^SLKNL JVTT\UPJH[PVU ZRPSSZ HUK THUHNLTLU[ HIPSP[` [V PU[LYMHJL ^P[O HUK IL[^LLU H ]HYPL[` VM THU\MHJ[\YPUN HUK V[OLY PUK\Z[Y` WYVMLZZPVUHSZ ;OL NYHK\H[LZ HYL WYLWHYLK MVY H WVZP[PVU [OH[ THPU[HPUZ YLWHPYZ VY PUZ[HSSZ LSLJ[YVUPJ Z`Z[LTZ PU I\ZPULZZLZ MHJ[VYPLZ Z[VYLZ VY OLHS[O JHYL MHJPSP[PLZ ,SLJ[YVUPJ *VU[YVS NYHK\H[LZ \UKLYZ[HUK LSLJ[YVUPJZ MVY [LJOUPJHS Z\WWVY[ WYVNYHTTPUN PU VYKLY [V JVYYLJ[ HUK TVKPM` ZV\YJL JVKL HUK UL[^VYRPUN PU VYKLY [V PU[LNYH[L LX\PWTLU[ HUK L_WHUK UL[^VYRZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; *0: Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,5.
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJZ ,SLJ[YPJ *PYJ\P[Z 0 *VTW\[LY (WWSPJH[PVUZ ,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU ;LJOUPJHS 4H[O 0 4VK ;LJOUPJHS 4H[O 00 4VK >YP[PUN MVY 0UK\Z[Y` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; :7,
Æ&#x2018; /,+ Æ&#x2018; ,,;
+PNP[HS 3VNPJ :VSPK :[H[L ;LJOUPJHS 4H[O 000 4VK 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVUZ 9LZWVUKPUN [V ,TLYNLUJPLZ 0UK\Z[YPHS *VTW\[LY :`Z[LTZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018;
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4PJOHLS )LH]LYZ ,THPS! TILH]LYZ'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; ;,3 Æ&#x2018; ;,* Æ&#x2018; Æ&#x2018; Æ&#x2018; ,,;
5L[^VYRPUN )HZPJZ ;LJOUPJHS 7YVQLJ[ 4HUHNLTLU[ ;LJOUPJHS ,SLJ[P]L :VJPHS :JPLUJL ,SLJ[P]L /\THU 4HJOPUL 0U[LYMHJL ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
/V\YZ +PNP[HS *PYJ\P[Z *VTW\[LY :`Z[LT (YJOP[LJ[\YL 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 0 4PJYVJVU[YVSSLY (WWSPJH[PVUZ ;LJOUPJHS ,SLJ[P]L ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` ((: ,,; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` WYVNYHT PZ KLZPNULK [V WYLWHYL [OL Z[\KLU[ MVY [YHUZMLY [V VUL VM 0UKPHUH :[H[L <UP]LYZP[`»Z VY :V\[OLYU 0SSPUVPZ <UP]LYZP[`»Z MV\Y `LHY LSLJ[YVUPJ KLNYLL WYVNYHTZ :[\KLU[Z JVTWSL[PUN [OL ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` KLNYLL WYVNYHT OH]L [OL ZRPSSZ HUK RUV^SLKNL [V IL LTWSV`LK PU THU` KPMMLYLU[ LSLJ[YVUPJ Ã&#x201E;LSKZ ;OPZ WYVNYHT [LHJOLZ H IYVHK YHUNL VM LSLJ[YVUPJZ Z\JO HZ YHKPV MYLX\LUJ` JVTT\UPJH[PVU TPJYVWYVJLZZVYZ KPNP[HS HUK SPULHY LSLJ[YVUPJZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,5. Æ&#x2018; *(+ Æ&#x2018; ,,; Æ&#x2018; 4(;
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJ 4VK ,SLJ[YPJ *PYJ\P[Z 4VK Â&#x2020; *VTWVZP[PVU 0 *(+ 0 4VK ,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU (SNLIYH ^P[O ;YPNVUVTL[Y` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,5. Æ&#x2018; /,+ Æ&#x2018;
+PNP[HS 3VNPJ :VSPK :[H[L +L]PJLZ Â&#x2020; *VTWVZP[PVU 00 9LZWVUKPUN [V ,TLYNLUJPLZ :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 7/@ Æ&#x2018; ,,; Æ&#x2018; 73*
/V\YZ 3PULHY ,SLJ[YVUPJ Â&#x2020; 0UK\Z[YPHS *VU[YVSZ 0 4VK 73* 4VK Â&#x2020; *VSSLNL 7O`ZPJZ 0 Â&#x2020; 4PJYVJVU[YVSSLY (WWSPJH[PVUZ Â&#x2020; -\UKHTLU[HSZ VM 0UZ[Y\TLU[HPVU Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 7/@ Æ&#x2018; Æ&#x2018;
9 - *VTT\UPJH[PVUZ Â&#x2020; ,SLJ[YVUPJ 7YVQLJ[ Â&#x2020; *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS ,SLJ[P]LZ :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4PJOHLS )LH]LYZ ,THPS! TILH]LYZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,SLJ[YVUPJ :`Z[LTZ :WLJPHSPZ[
((: ,,;,: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL ,SLJ[YVUPJ :`Z[LTZ :WLJPHSPZ[ WYVNYHT WYLWHYLZ [OL Z[\KLU[ MVY LTWSV`TLU[ PU [OL LSLJ[YVUPJZ Ã&#x201E;LSK VM JOVPJL \[PSPaPUN H OHUKZ VU HWWYVHJO ;OL NYHK\H[L TH` JOVZL JSHZZLZ PU [OL LSLJ[YVUPJZ Ã&#x201E;LSKZ VM JVTW\[LYZ UL[^VYRPUN [LSLJVTT\UPJH[PVUZ VY THU\MHJ[\YPUN ,SLJ[YVUPJZ :`Z[LTZ :WLJPHSPZ[ HWWSPLZ [OLPY RUV^SLKNL VM LSLJ[YVUPJZ I` HZZPZ[PUN LSLJ[YVUPJZ LUNPULLYZ 7LYMVYTPUN [LZ[ VU UL^ LX\PWTLU[ KLZPNUZ KVPUN Ã&#x201E;LSK ZLY]PJL ^VYR VY WLYMVYTPUN THPU[LUHUJL HUK YLWHPY VU ZVWOPZ[PJH[LK LSLJ[YVUPJ Z`Z[LTZ Z\JO HZ YVIV[PJZ JVTW\[LYZ HUK PUK\Z[YPHS JVU[YVSZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; *(+
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJ ,SLJ[YPJ *PYJ\P[Z 0 ;LJOUPJHS ,SLJ[P]L ,SLJ[YVUPJZ +LZPNU HUK -HIYPJH[PVU ;LJO 4H[O 0 4VK ;LJO 4H[O 00 4VK *(+ 0 ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 73*
/V\YZ +PNP[HS *PYJ\P[Z 0UK\Z[YPHS *VU[YVS 0 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 0 4PJYVJVU[YVSSLY (WWSPJH[PVUZ 3PULHY ,SLJ[YVUPJZ -\UKHTLU[HSZ VM 0UZ[Y\TLU[HPVU Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; :7, Æ&#x2018; /,+ Æ&#x2018;
+PNP[HS 3VNPJ :VSPK :[H[L +L]PJLZ ;LJO 4H[O 000 4VK 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 9LZWVUKPUN [V ,TLYNLUJPLZ ;LJOUPJHS ,SLJ[P]L ;6;(3
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; Æ&#x2018; Æ&#x2018; ,5.
9 - *VTT\UPJH[PVUZ ,SLJ[YVUPJ 7YVQLJ[ ;LJOUPJHS ,SLJ[P]L :VJPHS :JPLUJL ,SLJ[P]L >YP[PUN MVY 0UK\Z[Y` ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4PJOHLS )LH]LYZ ,THPS! TILH]LYZ'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
,TLYNLUJ` 4LKPJHS :LY]PJLZ 5+7 ,4: *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU ,TLYNLUJ` 4LKPJHS :LY]PJLZ WYVNYHT PUJS\KLZ JSHZZYVVT ZRPSSZ SHIVYH[VY` OVZWP[HS HUK Ã&#x201E;LSK JSPUPJHS L_WLYPLUJLZ ;OL Z[\KLU[ PZ H^HYKLK H JLY[PÃ&#x201E;JH[L \WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT HUK ^PSS IL LSPNPISL [V [HRL [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O ,4; 0U[LYTLKPH[L SPJLUZPUN L_HTPUH[PVU VY [OL 5H[PVUHS 9LNPZ[Y` VM ,4;Z L_HTPUH[PVU *VTWSL[PVU VM [OL JLY[PÃ&#x201E;JH[L PU ,TLYNLUJ` 4LKPJHS :LY]PJLZ KVLZ UV[ N\HYHU[LL SPJLUZ\YL ;OLYL HYL ZVTL JVUKP[PVUZ MVY ^OPJO [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O TH` YLM\ZL [V PZZ\L H SPJLUZL 7SLHZL JVUZ\S[ ^P[O [OL ,4: +PYLJ[VY [V H]VPK SPJLUZL HWWSPJH[PVU OPUKYHUJLZ ;OPZ WYVNYHT PZ JVUK\J[LK PU JVVWLYH[PVU ^P[O :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY HUK PZ HWWYV]LK I` [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O +P]PZPVU VM ,4: HUK /PNO^H` :HML[`
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,4:
/V\YZ
,TLYNLUJ` 4LKPJHS ;LJOUPJPHU ¶ )HZPJ ;6;(3
796.9(4 ;6;(3
7YVNYHT NYHK\H[LZ HYL WYLWHYLK MVY JHYLLY VWWVY[\UP [PLZ PU [OL Ã&#x201E;LSK VM ,TLYNLUJ` 4LKPJHS :LY]PJLZ ,4: PUJS\KPUN I\[ UV[ SPTP[LK [V \YIHU HUK Y\YHS HTI\SHUJL ZLY]PJLZ HUK VY Ã&#x201E;YL KLWHY[TLU[Z" PUK\Z[YPHS ZL[[PUNZ" JSPUPJHS ZL[[PUNZ" HUK WVZP[PVUZ V]LYZLHZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +H]L )\KKL ,THPS! KI\KKL 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,U[YLWYLUL\YZOPW ¶ :THSS )\ZPULZZ 6^ULYZOPW 5+7 ,5;9, *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY V^ULYZOPW VM [OLPY V^U I\ZPULZZ *V\YZLZ OH]L ILLU JHYLM\SS` JOVZLU [V NP]L [OL Z[\KLU[ [OL ZVSPK PUMVYTH[PVUHS IHZL ULLKLK [V Z\JJLLK PU I\ZPULZZ V^ULYZOPW (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU 4HUHNLTLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: )<: Æ&#x2018; )<: Æ&#x2018; )<:
/V\YZ
)<:
:THSS )\ZPULZZ 4HUHNLTLU[ 7YPUJPWSLZ VM 9L[HPSPUN 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ -\UKHTLU[HSZ VM (JJV\U[PUN VY -LKLYHS ;H_ (JJV\U[PUN 7YPUJPWSLZ VM 4HYRL[PUN 7YPUJPWHSZ VM 4HUHNLTLU[ VY /\THU 9LZV\YJL 4HUHNLTLU[ ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
,Z[OL[PJZ ;YHJR *9; ,:;/ ;92
;OL ,Z[OL[PJZ *LY[PÃ&#x201E;JH[L ;YHJR WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL ,Z[OL[PJZ WYVNYHT (WWSPJHU[Z HYL PUZ[Y\J[LK [V ILNPU [OLPY ,Z[OL[PJZ (WWSPJH[PVU ^P[O [OL *9; ,:;/ ;92 THQVY JVKL :[\KLU[Z HYL JV\UZLSLK VU HKTPZZPVU YLX\PYLTLU[Z PU[V [OL ,Z[OL[PJZ WYVNYHT 6UJL HJJLW[LK PU[V [OL ,Z[OL[PJZ WYVNYHT [OL THQVY JVKL ^PSS IL JOHUNLK [V *9; ,:;/
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,Z[OL[PJZ
*9; ,:;/ *LY[PÃ&#x201E;JH[L ;OL ,Z[OL[PJZ WYVNYHT TLL[Z [OL 0SSPUVPZ +LWHY[TLU[ VM 7YVMLZZPVUHS 9LN\SH[PVU Z[HUKHYK YLX\PYLTLU[Z WLY[HPUPUN [V MHJ\S[` X\HSPÃ&#x201E;JH[PVUZ LX\PWTLU[ MHJPSP[PLZ JV\YZL JVU[LU[ HUK JVU[HJ[ OV\YZ ,U[YHUJL PU[V [OL ,Z[OL[PJZ WYVNYHT PZ MHSS ZLTLZ[LY VUS` MVSSV^PUN H ZJYLLUPUN WYVJLZZ ( [V[HS VM JVUZLJ\[P]L OV\YZ PZ YLX\PYLK MVY JVTWSL[PVU VM [OL WYVNYHT 0U HKKP[PVU [V [\P[PVU HUK ZLY]PJL MLLZ ,Z[OL[PJ Z[\KLU[Z ^PSS W\YJOHZL \UPMVYTZ HU ,Z[OL[PJZ RP[ HUK ^VYRIVVRZ ;V ZLJ\YL H Z[H[L SPJLUZL HZ HU ,Z[OL[PJPHU LHJO Z[\KLU[ PZ YLX\PYLK [V [HRL H ^YP[[LU 0SSPUVPZ Z[H[L IVHYK L_HTPUH[PVU \WVU JVTWSL[PVU VM [OL J\YYPJ\S\T 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *6: Æ&#x2018; ,:; Æ&#x2018; ,:;
/V\YZ *VTW\[LY (WWSPJH[PVUZ MVY *VZTL[VSVN` ,Z[OL[PJZ 0 Â&#x2020; ,Z[OL[PJZ 00 Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,:; Æ&#x2018; ,:; Æ&#x2018; *6:
,Z[OL[PJZ 000 Â&#x2020;Â&#x2020;Â&#x2020; ,Z[OL[PJZ 0= Â&#x2020;Â&#x2020;Â&#x2020; :HSVU 4HUHNLTLU[ ;6;(3
:\TTLY ;LYT
Æ&#x2018; ,:;
,Z[OL[PJZ = ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 7LNN` :[YHUNL ,THPS! WZ[YHUNL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
-PYL :JPLUJL ;LJOUVSVN`
((: -:; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL HZZVJPH[L KLNYLL PU -PYL :JPLUJL ;LJOUVSVN` PZ H [^V `LHY WYVNYHT IHZLK VU H TVKLS JYLH[LK I` ;OL -PYL HUK ,TLY NLUJ` :LY]PJLZ /PNOLY ,K\JH[PVU -,:/, UL[^VYR VM Ã&#x201E;YL ZJPLUJL WYVNYHTZ ;OL 5H[PVUHS -PYL (JHKLT` OHZ HK]VJH[LK Z[HUKHYKPaPUN LK\JH[PVU MVY Ã&#x201E;YL Ã&#x201E;NO[LYZ HUK VMÃ&#x201E;JLYZ HJYVZZ [OL UH[PVU -,:/,»Z TPZZPVU PZ! ¸[V WYV]PKL VYNHUPaH[PVU VM WVZ[ ZLJVUKHY` PUZ[P[\[PVUZ [V WYVTV[L OPNOLY LK\JH[PVU HUK [V LUOHUJL [OL YLJVNUP[PVU VM [OL Ã&#x201E;YL HUK LTLYNLUJ` ZLY]PJLZ HZ WYVMLZZPVUZ [V YLK\JL SVZZ VM SPML HUK WYVWLY[` MYVT Ã&#x201E;YL HUK V[OLY OHaHYKZ ¹ ;OPZ WYVNYHT ^PSS WYLWHYL [OL Z[\KLU[ MVY LTWSV`TLU[ PU [OL -PYL :LY]PJL Ã&#x201E;LSK ;OL WYVNYHT [YHPUZ MVY LTWSV`TLU[ PU [OL -PYL :LY]PJL Ã&#x201E;LSK ;OL WYVNYHT [YHPUZ [OL Z[\KLU[ [V JVUZPKLY MHJ[VYZ Z\JO HZ I\PSKPUN JVUZ[Y\J[PVU Z[YH[LN` HUK [HJ[PJZ Ã&#x201E;YL WYL]LU[PVU HUK PU]LZ[PNH[PVU 3HRL 3HUK *VSSLNL OHZ HU HY[PJ\SH[PVU HNYLL TLU[ ^P[O :V\[OLYU 0SSPUVPZ <UP]LYZP[` PU *HYIVUKHSL HUK HSS JSHZZLZ ^PSS IL [YHUZMLYHISL ^P[O M\SS JYLKP[ [V :V\[OLYU 0SSPUVPZ <UP]LYZP[` MVY [OLPY -PYL :LY]PJL 4HUHNLTLU[ WYVNYHT ;OL MVSSV^PUN WYVJLK\YLZ HUK WYLYLX\PZP[LZ T\Z[ IL ZH[PZÃ&#x201E;LK ILMVYL HKTPZZPVU [V [OL 3HRL 3HUK *VSSLNL -PYL :JPLUJL ;LJOUVSVN` 7YVNYHT ;OL MVSSV^PUN HKTPZZPVU JYP[LYPH HUK WYVJLK\YLZ HYL PU HJJVYKHUJL ^P[O 0SSPUVPZ SH^ (KTPZZPVU [V 3HRL 3HUK *VSSLNL 6MÃ&#x201E;JPHS OPNO ZJOVVS [YHUZJYPW[ VY .,+ JLY[PÃ&#x201E;JH[L :H[PZMHJ[VY` ZJVYLZ VU WSHJLTLU[ [LZ[Z :[H[L YLN\SH[PVUZ YLX\PYL 3HRL 3HUK *VSSLNL [V Ã&#x201E;YZ[ HJJLW[ X\HSPÃ&#x201E;LK PU KPZ[YPJ[ HWWSPJHU[Z 0M ZWHJL WLYTP[Z JVUZPKLYH[PVU ^PSS [OLU IL NP]LU [V V\[ VM KPZ[YPJ[ HWWSPJHU[Z (WWSPJHU[Z ZLLRPUN HKTPZZPVU PU [OL -PYL :JPLUJL ;LJOUVSVN` 7YVNYHT T\Z[ OH]L H JVTWSL[LK Ã&#x201E;SL PU [OL ,4: KLWHY[TLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; ,5. Æ&#x2018; 4(;
/V\YZ -PYL )LOH]PVY HUK *VTI\Z[PVU 7YPUJPWSLZ VM ,TLYNLUJ` :LY]PJLZ 6JJ\WH[PVUHS :HML[` HUK /LHS[O *VTWVZP[PVU 0 .LULYHS ,K\JH[PVU 4H[O ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +H]L )\KKL ,THPS! KI\KKL 'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; ,5. Æ&#x2018; :7,
/V\YZ
)\PSKPUN *VUZ[Y\J[PVU -PYL 7YL]LU[PVU -PYL 0U]LZ[PNH[PVU 0 *VTWVZP[PVU 00 :WLLJO *VTT\UPJH[PVU ZWLJPÃ&#x201E;J JSHZZ ;6;(3
:,*65+ @,(9 -PYZ[ ZLTLZ[LY
Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; */4 Æ&#x2018; :6* Æ&#x2018; Æ&#x2018;
-PYL 7YV[LJ[PVU :`Z[LTZ -PYL :LY]PJL :HML[` HUK :\Y]P]HS *VUJLW[Z VM *OLTPZ[Y` 0U[YVK\J[PVU [V :VJPVSVN` (WWYV]LK (Y[ ,SLJ[P]L ZLL JOVPJLZ ILSV^ ;6;(3
:LJVUK ZLTLZ[LY
Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; -:; Æ&#x2018; 7:@ Æ&#x2018; )06 Æ&#x2018; ,SLJ[P]L
3LNHS (ZWLJ[Z VM -PYL :JPLUJL -PYL (KTPUPZ[YH[VY 0 -PYL 0U]LZ[PNH[PVUZ 00 0U[YVK\J[PVU [V 7Z`JOVSVN` )PV :JPLUJL 0 ZLL ILSV^ MVY JOVPJLZ ;6;(3
(7796=,+ (9; *6<9:,:
Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; ,5. Æ&#x2018; 4<:
+ +LZPNU + +LZPNU 0U[YVK\J[PVU [V -PST (WWYLJPH[PVU (Y[ HUK .LUKLY <UKLYZ[HUKPUN (Y[ *YLH[P]L >YP[PUN <UKLYZ[HUKPUN 4\ZPJ
-09, :*0,5*, ,3,*;0=,:
Æ&#x2018; -:; Æ&#x2018; -:;
Æ&#x2018; Æ&#x2018; Æ&#x2018;
-:; -:; ,4:
/`KYH\SPJZ HUK >H[LY :\WWS` : [YH[LN` HUK -PYL ;HJ[PJZ /PNOS` YLJVTTLUKLK 9LX\PYLK MVY -PYL 6MÃ&#x201E;JLY *LY[PÃ&#x201E;JH[L -PYL (KTPUPZ[YH[VY 00 -PYL 0UZ[Y\J[VY 0 ,4; )HZPJ
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; * V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
3HRL 3HUK *VSSLNL
.0: ¶ 0U[YV [V .LVNYHWOPJ 0UMVYTH[PVU :`Z[LTZ *9; .0: *LY[PÃ&#x201E;JH[L
;OL .LVZWH[PHS *LY[PÃ&#x201E;JH[L 7YVNYHT ^PSS WYV]PKL Z[\KLU[Z ^P[O [OL RUV^SLKNL HUK WYHJ[PJHS ZRPSSZ ULJLZZHY` [V KL]LSVW HUK THUHNL .LVNYHWOPJ 0UMVYTH[PVU WYVQLJ[Z HUK [V PU[LYWYL[ HUK PTWSLTLU[ .0: HZ H KLJPZPVU Z\WWVY[ Z`Z[LT ;OPZ JLY[PÃ&#x201E;JH[L ^PSS LUHISL Z[\KLU[Z [V KL]LSVW Z\IZ[HU[PHS [OLVYL[PJHS HUK WYHJ[PJHS JVTWL[LUJPLZ YLSH[PUN [V .0:" KL]LSVW MV\UKH[PVUHS \UKLYZ[HUKPUN HUK ZRPSSZ PU [OL \ZL VM PUK\Z[Y` Z[HUKHYK ZVM[^HYL" HUK IL HISL [V KLTVUZ[YH[L [V LTWSV`LYZ [OL HIPSP[` [V WLYMVYT .0: [HZRZ H[ [OL [LJOUPJPHU SL]LS 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; .0: Æ&#x2018; .,6 Æ&#x2018; *,;
(.9
:<..,:;,+ ,3,*;0=,: /V\YZ
0U[YV [V .LVZWH[PHS ;LJOUVSVN` >VYSK .LVNYHWO` +H[H *VSSLJ[PVU MVY .0: 4HWWPUN VY .7: (WWSPJH[PVUZ PU (N ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; .0: Æ&#x2018; *0:
(K]HUJLK .0: Â&#x2020;Â&#x2020;Â&#x2020; 0UMVYTH[PVU ;LJOUVSVN` ,SLJ[P]L EE ;6;(3
.LVZWH[PHS ;LJOUVSVN` 0U[LYUZOPW ;6;(3
=PZ\HS )HZPJ Â&#x2020; )HZPJ *VTW\[LY 7YVNYHTTPUN +H[HIHZL 4HUHNLTLU[ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ *VTW\[LY (PKLK +YHM[PUN LSLJ[P]L
796.9(4 ;6;(3
:\TTLY ;LYT
Æ&#x2018; .0:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *(+
56;,:!
¶ ¶
3HRL 3HUK *VSSLNL
/LHS[O 0UMVYTH[PVU 4LKPJHS *VKPUN 6USPUL ((: +LNYLL ((: /04* (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT ^PSS WYLWHYL Z[\KLU[Z MVY THUHNLTLU[ WVZP[PVUZ PU /LHS[O 0UMVYTH[PVU :[\KLU[Z HYL PUZ[Y\J[LK PU TLKPJHS L[OPJZ JVKPUN PUMVYTH[PVU [LJOUVSVN` Z[H[PZ[PJZ THUHNLTLU[ HUK TLKPJHS YLPTI\YZLTLU[ <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT NYHK\H[LZ ^PSS IL HISL [V ZP[ MVY TLKPJHS JVKPUN L_HTZ H]HPSHISL [OYV\NO UH[PVUHS VYNHUPaH[PVUZ Z\JO HZ [OL (TLYPJHU /LHS[O 0UMVYTH[PVU 4HUHNLTLU[ (ZZVJPH[PVU (/04( HUK [OL (TLYPJHU (JHKLT` VM 7YVMLZZPVUHS *VKLYZ ((7* (KKP[PVUHSS` Z[\KLU[Z ^PSS IL HISL [V VI[HPU H 9LNPZ[LYLK /LHS[O 0UMVYTH[PVU ;LJOUVSVNPZ[ 9/0; JYLKLU[PHS [OYV\NO [OL (/04( 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; 4*: Æ&#x2018; )06 Æ&#x2018; (/, Æ&#x2018; (/, Æ&#x2018; :-:
:,*65+ @,(9 /V\YZ
7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ /LHS[O 0UMVYTH[PVU MVY 7YVMLZZPVUHSZ )HZPJ (UH[VT` HUK 7O`ZPVSVN` 4LKPJHS ;LYTPUVSVN` 7H[OVWO`ZPVSVN` :[YH[LNPLZ MVY :\JJLZZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; )<: Æ&#x2018; 4*:
/V\YZ (K]HUJLK *7; *VKPUN HUK 4VKPÃ&#x201E;LYZ (K]HUJLK 0*+ *4 *VKPUN 4LKPJHS 4HUHNLTLU[ ,[OPJZ -\UKHTLU[HSZ VM (JJV\U[PUN *YLKLU[PHSPUN ,TLYNPUN *VKPUN ;YLUKZ ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; 75* Æ&#x2018; 75* Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; (/, Æ&#x2018; ,5.
)HZPJ 7OHYTHJVSVN` 46+ )HZPJ 7OHYTHJVSVN` 46+ 7YPUJPWSLZ VM *7; *VKPUN 7YPUJPWSLZ VM 0*+ *4 *VKPUN 4LKPJHS ;YHUZJYPW[PVU 46+ (K]HUJLK 4LKPJHS ;YHUZJYPW[PVU 46+ 4H[O MVY 4LKZ )\ZPULZZ ,UNSPZO ;6;(3
Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; 7:@ Æ&#x2018; 4*: Æ&#x2018; )<: Æ&#x2018; 4*:
4*:
/LHS[OJHYL :[H[PZ[PJZ 4LKPJHS 9LJVYKZ ;OL 3H^ 0U[YVK\J[PVU [V 7Z`JOVSVN` 4LKPJHS 0UZ\YHUJL 9LPTI\YZLTLU[ )\ZPULZZ *VTT\UPJH[PVUZ /VZWP[HS ¶ 4LKPJHS *VKPUN 0U[LYUZOPW VY /VZWP[HS *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW *SPUPJ ¶ 4LKPJHS *VKPUN 0U[LYUZOPW VY *SPUPJ *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW ;6;(3
796.9(4 ;6;(3
4*:
Æ&#x2018; 4*:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[OSLLU +H\NOLY[` ,THPS! RKH\NOLY[`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
/LH[PUN =LU[PUN (PY *VUKP[PVUPUN 9LMYPNLYH[PVU *9; /=(* *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z [V NHPU LU[Y` SL]LS LTWSV`TLU[ PU [OPZ PUK\Z[Y` :[\KLU[Z SLHYU ZRPSSZ PU PUZ[HSSH[PVU YLWHPY HUK THPU[LUHUJL VM JVTTLYJPHS HUK YLZPKLU[PHS OLH[PUN HUK JVVSPUN \UP[Z 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; /=* Æ&#x2018; /=* Æ&#x2018; /=* Æ&#x2018; /=*
/V\YZ (WWSPLK :OVW *VTW\[H[PVUZ 0U[YVK\J[PVU [V /=(*9 ,SLJ[YPJP[` Â&#x2020; 9LMYPNLYH[PVU 0 Â&#x2020; /=(*9 )S\LWYPU[ 9LHKPUN Â&#x2020; (PY *VUKP[PVUPUN 0 Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; /=* Æ&#x2018; /=* Æ&#x2018; /=* Æ&#x2018; /=*
9LMYPNLYH[PVU 00 Â&#x2020;Â&#x2020; (PY *VUKP[PVUPUN 00 Â&#x2020;Â&#x2020; /LH[ .LULYH[PVU :`Z[LTZ Â&#x2020;Â&#x2020; 7PWL HUK +\J[^VYR 0UZ[HSSH[PVU Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
Â&#x2020;
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY
Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
/VY[PJ\S[\YHS 7YVK\J[PVU 3HUKZJHWL ((: /9; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL /VY[PJ\S[\YL 7YVK\J[PVU HUK 3HUKZJHWL KLNYLL PZ MVY Z[\KLU[Z ZLLRPUN HK]HUJLK [YHPUPUN ^P[OPU [OL NYLLU PUK\Z[Y` PUJS\KPUN NYLLUOV\ZL THUHNLTLU[ NVSM JV\YZL THUHNLTLU[ SHUK ZJHWL KLZPNU U\YZLY` THUHNLTLU[ HUK SHUKZJHWL JVUZ[Y\J[PVU ;OL ^LLRZ VM PU[LYUZOPW HSSV^ [OL Z[\KLU[ [V ZWLJPHSPaL ^P[OPU [OL WYVK\J[PVU VY SHUKZJHWL HYLHZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; (.9 4(; Æ&#x2018; (.9 (.9
:,*65+ @,(9 /V\YZ
0U[YVK\J[PVU [V /VY[PJ\S[\YL Â&#x2020; >VVK` 7SHU[ 0KLU[PÃ&#x201E;JH[PVU Â&#x2020; 3HUKZJHWL *VUZ[Y\J[PVU HUK 4HPU[LUHUJL Â&#x2020; (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; VY . LULYHS ,K\JH[PVU 4H[OLTH[PJZ VY OPNOLY :VPSZ Â&#x2020; VY :VPS :JPLUJL ¶ ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9;
Æ&#x2018; /9; Æ&#x2018; (.9 (.9 Æ&#x2018; Æ&#x2018; /,+
,]LYNYLLUZ =PULZ HUK .YV\UKJV]LYZ Â&#x2020;Â&#x2020;Â&#x2020; /LYIHJLV\Z 3HUKZJHWL 7SHU[Z 7LYLUUPHSZ Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0U[YVK\J[PVU [V (NYPJ\S[\YL :VM[^HYL Â&#x2020;Â&#x2020;Â&#x2020; VY *VTW\[LY (WWSPJH[PVUZ PU (NYPJ\S[\YL Â&#x2020;Â&#x2020;Â&#x2020; ¶ /9; VY (.9 ,SLJ[P]L 9LZWVUKPUN [V ,TLYNLUJPLZ ;6;(3 ¶
:\TTLY ;LYT
Æ&#x2018; (.9 (.9 Æ&#x2018; /9; Æ&#x2018; /9;
(NYPJ\S[\YL ,JVUVTPJZ VY 0U[YVK\J[PVU [V (N ,JVUVTPJZ ¶ /LYIHJLV\Z 3HUKZJHWL 7SHU[Z (UU\HSZ :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; )06 Æ&#x2018; ,5. ,5. Æ&#x2018; 7:@ :6:
/V\YZ ;\YM 4HUHNLTLU[ Â&#x2020; 3HUKZJHWL +LZPNU Â&#x2020; )PV :JPLUJL *VTWVZP[PVU VY *VTT\UPJH[PVUZ 0 0U[YVK\J[PVU [V 7Z`JOVSVN` VY /\THU 9LSH[PVUZ ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; Æ&#x2018; 76: Æ&#x2018; :7,
. YLLUOV\ZL 4HUHNLTLU[ HUK 7YVK\J[PVU Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL /9; VY (.9 ,SLJ[P]L (TLYPJHU 5H[PVUHS .V]LYUTLU[ 7\ISPJ :WLHRPUN ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; /9; Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
(NYPJ\S[\YL :HSLZTHUZOPW Â&#x2020;Â&#x2020;Â&#x2020; 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ :VPS -LY[PSP[` Â&#x2020;Â&#x2020;Â&#x2020; 3HUKZJHWL +LZPNU ¶ 3H`V\[ .YHWOPJZ Â&#x2020;Â&#x2020;Â&#x2020; 0U[YV [V (NYVLJVSVN` Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *YVW 7YVK\J[PVU Â&#x2020;Â&#x2020;Â&#x2020; )PVSVNPJHS 7LZ[ 4HUHNLTLU[ Â&#x2020;Â&#x2020;Â&#x2020; 9L[HPSPUN VM (NYPJ\S[\YHS :\WWSPLZ Â&#x2020;Â&#x2020;Â&#x2020;
796.9(4 ;6;(3
¶
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +`RL )HYRSL` ,THPS! KIHYRSL`'SHRLSHUKJVSSLNL LK\ 7OVUL!
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` /VY[PJ\S[\YL 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
3HRL 3HUK *VSSLNL
/VY[PJ\S[\YL *9; /9; *LY[PÃ&#x201E;JH[L
;OL /VY[PJ\S[\YL JLY[PÃ&#x201E;JH[L PZ KLZPNULK MVY Z[\KLU[Z ZLLRPUN LK\JH[PVUHS [YHPUPUN HUK LTWSV`TLU[ PU [OL PUK\Z[YPLZ VM SHUKZJHWPUN NYLLUOV\ZL THUHNLTLU[ WSHU[ WYVWHNH[PVU U\YZLY` THUHNLTLU[ NVSM JV\YZL THUHNLTLU[ HUK [\YMNYHZZ THUHNLTLU[ 0U HKKP[PVU [V JYLKP[ OV\YZ VM ZWLJPHSPaLK JV\YZLZ PU OVY[PJ\S[\YL I\ZPULZZ HUK ZVPS ZJPLUJL Z[\KLU[Z ^PSS YLJLP]L ^LLRZ VM Z\WLY]PZLK VJJ\WH[PVUHS L_WLYPLUJL H[ HWWYV]LK PU[LYUZOPW SVJH[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; (.9 Æ&#x2018; (.9 (.9
/V\YZ 0U[YVK\J[PVU [V /VY[PJ\S[\YL Â&#x2020; >VVK` 7SHU[ 0KLU[PÃ&#x201E;JH[PVU Â&#x2020; ;\YM 4HUHNLTLU[ Â&#x2020; 3 HUKZJHWL *VUZ[Y\J[PVU HUK 4HPU[LUHUJL Â&#x2020; (NYPJ\S[\YHS 4H[OLTH[PJZ Â&#x2020; :VPSZ VY :VPS :JPLUJL ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9; Æ&#x2018; /9;
¶
:\TTLY ;LYT
Æ&#x2018; /9;
/ LYIHJLV\Z 3HUKZJHWL 7SHU[Z (UU\HSZ :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL ;6;(3
796.9(4 ;6;(3
Æ&#x2018; /9;
Â&#x2020;
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +`RL )HYRSL` ,THPS! KIHYRSL`'SHRLSHUKJVSSLNL LK\ 7OVUL!
/V\YZ
,]LYNYLLUZ =PULZ HUK .YV\UK *V]LYZ Â&#x2020;Â&#x2020;Â&#x2020; / LYIHJLV\Z 3HUKZJHWL 7SHU[Z 7LYLUUPHSZ Â&#x2020;Â&#x2020;Â&#x2020; .YLLUOV\ZL 4HUHNLTLU[ 7YVK\J[PVU Â&#x2020;Â&#x2020;Â&#x2020; 3HUKZJHWL +LZPNU Â&#x2020;Â&#x2020;Â&#x2020; :\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
/\THU :LY]PJLZ
((: /:7 :6* (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL /\THU :LY]PJLZ WYVNYHT PZ KLZPNULK [V WYLWHYL Z[\KLU[Z ^P[O ZRPSSZ [V ^VYR PU H ]HYPL[` VM ZL[[PUNZ Z\JO HZ OVTLZ MVY [OL KL]LSVWTLU[HSS` KPZHISLK HJ[P]P[` WZ`JOVZVJPHS HYLHZ VM ZLUPVY YLZPKLU[PHS OVTLZ ZWLJPHS LK\JH[PVU ZJOVVSZ Z[H[L HNLUJPLZ JVYYLJ[PVUHS JLU[LYZ WYVIH[PVU VMÃ&#x201E;JLZ ZVJPHS ZLY]PJL HYLHZ VM OVZWP[HSZ HUK TLU[HS OLHS[O MHJPSP[PLZ *SHZZYVVT [YHPUPUN HUK Ã&#x201E;LSK L_WLYPLUJL WYLWHYL NYHK\H[LZ VM [OL /\THU :LY]PJLZ WYVNYHT [V WYV]PKL NYLH[S` ULLKLK ZLY]PJLZ [V WLVWSL ^OV YLX\PYL HZZPZ[HUJL ;V IL LSPNPISL MVY [OL Ã&#x201E;LSK L_WLYPLUJL [OL MVSSV^PUN T\Z[ IL JVTWSL[LK! ZLTLZ[LY OV\YZ VM [OL YLX\PYLK J\YYPJ\S\T .7( -V\UKH[PVUZ VM /\THU :LY]PJLZ /:7 HUK :VJPHS >LSMHYL /:7 ;OPZ WYVNYHT VM Z[\K` JHU SLHK [V H IHJOLSVY»Z KLNYLL PU MHTPS` HUK JVUZ\TLY ZJPLUJL ZVJPVSVN` WZ`JOVSVN` OLHS[O Z[\KPLZ VY ZVJPHS ^VYR :[\KLU[Z ZOV\SK JVUZ\S[ ^P[O HU HK]PZVY K\YPUN [OLPY Ã&#x201E;YZ[ `LHY YLNHYKPUN ZWLJPÃ&#x201E;J [YHUZMLY J\YYPJ\SH HUK LSLJ[P]LZ JV\YZL ^VYR [V MHJPSP[H[L H [YHUZMLY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 7:@ Æ&#x2018; /:7 Æ&#x2018; Æ&#x2018; /,+
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V 7Z`JOVSVN` -V\UKH[PVUZ VM /\THU :LY]PJLZ 4H[O 0(0 4 VY :JPLUJL 0(0 3 VY 0(0 7 7YPUJPWSLZ VM /LHS[O ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; /:7 Æ&#x2018; /:7 Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ >VYR ,_WLYPLUJL :LTPUHY 00 -PLSK ,_WLYPLUJL 00 (YLH VM *VUJLU[YH[PVU /\THUP[PLZ 0(0 / ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
:7, /:7 *0: /,+
*VTWVZP[PVU 00 VY 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPHS >LSMHYL 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 9LZWVUKPUN [V ,TLYNLUJPLZ (YLH VM *VUJLU[YH[PVU ;6;(3
:\TTLY ;LYT
Æ&#x2018; /:7 Æ&#x2018; /:7 Æ&#x2018;
>VYR ,_WLYPLUJL :LTPUHY 0 -PLSK ,_WLYPLUJL 0 (YLH VM *VUJLU[YH[PVU ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
67;065 ( /:7 /:7
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
67;065 )
Æ&#x2018; Æ&#x2018;
>VYR ,_WLYPLUJL :LTPUHY 000 -PLSK ,_WLYPLUJL 000 (YLH VM *VUJLU[YH[PVU ,SLJ[P]LZ ;6;(3
¶ ¶ ¶ ¶ ¶
(YLH VM *VUJLU[YH[PVU ,SLJ[P]LZ ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! /LSLU /LUKYLU ,THPS! OOLUKYLU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
/\THU :LY]PJLZ
((: /:7 :6* (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL JVU[PU\LK :LTLZ[LY (YLHZ VM *VUJLU[YH[PVU
;OL /\THU :LY]PJLZ Z[\KLU[ OHZ [OL VWWVY[\UP[` [V JOVVZL MYVT Ã&#x201E;]L HYLHZ VM JVUJLU[YH[PVU! LK\JH[PVU OLHS[O JYPTPUHS Q\Z[PJL WZ`JOVSVN` HUK ZVJPVSVN` -PM[LLU ZLTLZ[LY OV\YZ HYL YLX\PYLK MYVT VUL VM [OL Ã&#x201E;]L HYLHZ [V JVTWSL[L [OL WYVNYHT (SS LSLJ[P]LZ T\Z[ IL HWWYV]LK I` WYVNYHT JVVYKPUH[VY
:LTLZ[LY (YLHZ VM *VUJLU[YH[PVU ,+<*(;065 ,+< ,+< ,+< ,+< ,*, ,*, ,*, 7,+ 7:@ ,+< /:7
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ
0U[YVK\J[PVU [V ,K\JH[PVU ;LHJOPUN 3LHYUPUN ^P[O ;LJOUVSVN` 0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU ,K\JH[PVUHS 7Z`JOVSVN` 0UZ[Y\J[PVUHS 4L[OVKZ *OPSK )LOH]PVY 4HUHNLTLU[ *YLH[P]L (J[P]P[PLZ MVY @V\UN *OPSKYLU )HZPJ (J[P]P[PLZ MVY ,SLTLU[HY` *OPSKYLU *OPSK +L]LSVWTLU[ +P]LYZP[` VM :JOVVSZ :VJPL[` 0U[YVK\J[PVU [V :VJPHS >VYR
*90405(3 1<:;0*, *1: *VYYLJ[PVUZ *1: *YPTPUHS 0U]LZ[PNH[PVU 0 *1: *YPTPUHS ,]PKLUJL 7YVJLK\YLZ *1: 1\]LUPSL 1\Z[PJL *1: 0U[YVK\J[PVU [V *YPTPUHS 1\Z[PJL *1: *YPTPUHS 3H^
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
/,(3;/ (/, (/, (/, ,*,
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; ,4: Æ&#x2018; /,+ Æ&#x2018; /,+ Æ&#x2018; /,+ Æ&#x2018; 7,+
)HZPJ 5\YZPUN (ZZPZ[PUN 4LKPJHS ;LYTPUVSVN` (K]HUJLK 4LKPJHS ;LYTPUVSVN` / LHS[O :HML[` 5\[YP[PVU MVY @V\UN *OPSKYLU ,TLYNLUJ` 4LKPJHS ;LJOUPJPHU ¶ )HZPJ *VTT\UP[` /LHS[O 5\[YP[PVU +PZLHZL 7YVJLZZLZ -P[ULZZ MVY 3PML
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! /LSLU /LUKYLU ,THPS! OOLUKYLU'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
7:@*/636.@ ,*, /:7 /:7 :6* :6* 7:@ 7:@ 7:@ 7:@ 7:@ 7:@ 7:@ /:7
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
*OPSK )LOH]PVY 4HUHNLTLU[ +`UHTPJZ VM +VTLZ[PJ =PVSLUJL )LOH]PVY 4HUHNLTLU[ 0U[YVK\J[PVU [V :VJPVSVN` +LH[O +`PUN ;OL 7Z`JOVSVN` VM 4H[\YP[` 6SK (NL *OPSK +L]LSVWTLU[ -HTPS` 9LSH[PVUZ /\THU +L]LSVWTLU[ (IUVYTHS 7Z`JOVSVN` :VJPHS 7Z`JOVSVN` *\S[\YL 7Z`JOVSVN` 0U[YVK\J[PVU [V :VJPHS >VYR
:6*0636.@ (5; *1: :6* :6* :6* :6* /:7
.LULYHS (U[OYVWVSVN` 0U[YVK\J[PVU [V *YPTPUHS 1\Z[PJL 0U[YVK\J[PVU [V :VJPVSVN` :VJPHS 7YVISLTZ :VJPVSVN` VM +L]PHU[ )LOH]PVY 9HJPHS ,[OUPJ .YV\WZ 0U[YVK\J[PVU [V :VJPHS >VYR
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
/<4(5 :,9=0*,: ,3,*;0=,: .LULYHS ,K\JH[PVU JV\YZLZ JHU IL \ZLK HZ LSLJ[P]L JYLKP[ ,SLJ[P]LZ! ULLK JYLKP[ OV\YZ PM JVTWSL[L -PLSK ,_WLYP LUJL 000 ULLK JYLKP[ OV\YZ PM KV UV[ JVTWSL[L -PLSK ,_WLYPLUJL 000 *V\YZLZ SPZ[LK \UKLY HYLHZ VM JVUJLU[YH[PVU JHU HSZV IL \ZLK HZ LSLJ[P]LZ *VTW\[LY JV\YZLZ JHU IL \ZLK HZ LSLJ[P]LZ ^P[O H TH_PT\T VM OV\YZ 7/0 ,[OPJZ ,*6 ;OL (TLYPJHU ,JVUVT` :7, 0U[LYWLYZVUHS *VTT\UPJH[PVU :7, 0U[YVK\J[PVU [V .YV\W +PZJ\ZZPVUZ :7, 7LYZ\HZP]L :WLHRPUN :-: :[YH[LNPLZ MVY :\JJLZZ )<: )\ZPULZZ *VTT\UPJH[PVUZ /:7 0U[YV [V :\IZ[HUJL (I\ZL ,5. 4HU\HS *VTT\UPJH[PVU MVY +LHM ,5. (K]HUJLK :PNUPUN 76: (TLYPJHU 5H[PVUHS .V]LYUTLU[ ,*, /LHKZ \W 9LHKPUN *0: 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ *0: 7HNL4HRLY *0: 7V^LY7VPU[ *0: >LI 7HNL +LZPNU *0: ,_JLS *0: (JJLZZ *0: >VYK
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
3HRL 3HUK *VSSLNL
0UK\Z[YPHS 4HPU[LUHUJL *9; 05+4; *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS PU[V [OL Ã&#x201E;LSK VM PUK\Z[YPHS THPU[LUHUJL ,TWOHZPZ PZ WSHJLK VU Z\JO HYLHZ HZ THJOPUL ZOVW WS\TIPUN HUK LSLJ[YPJP[` HZ ^LSS HZ JVUJLU[YH[PVU VM TLJOHUPJHSS` VYPLU[LK JV\YZL ^VYR 5H[PVU^PKL [OL PUK\Z[Y` ULLKZ ZRPSSLK THPU[LUHUJL TLJOHUPJZ -VY H WLYZVU ^P[O [YHPUPUN PU PUK\Z[YPHS THPU[LUHUJL H ]HYPL[` VM QVIZ HYL H]HPSHISL PU THU` SVJH[PVUZ >HNLZ PU [OPZ QVI JSHZZPÃ&#x201E;JH[PVU HYL OPNO YHUNPUN SVJHSS` MYVT HU LU[Y` SL]LS VM ¶ WLY OV\Y \W [V WLY OV\Y 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 4;; Æ&#x2018; ;,* Æ&#x2018; 4,; Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; :6: Æ&#x2018; 05+ Æ&#x2018; 4,;
/V\YZ 0U[YVK\J[PVU [V 4HJOPUPUN 7YVJLK\YLZ )S\LWYPU[ 9LHKPUN MVY 0UK\Z[Y` Â&#x2020; + * *PYJ\P[Z 4VK Â&#x2020; :OVW *VTW\[H[PVUZ 0UK\Z[YPHS :HML[` /\THU 9LSH[PVUZ 7PWLÃ&#x201E;[[PUN 7YVJLK\YLZ ( * *PYJ\P[Z 4VK Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4,; Æ&#x2018; 05+
4V[VYZ HUK .LULYH[VYZ 4VK Â&#x2020;Â&#x2020; / LH[PUN =LU[PSH[PVU HUK (PY *VUKP[PVUPUN Â&#x2020;Â&#x2020; ; YV\ISLZOVV[PUN HUK 7YL]LU[P]L 4HPU[LUHUJL Â&#x2020;Â&#x2020; -S\PK 7V^LY >LSKPUN -\UKHTLU[HSZ , SLJ[YPJHS 0UZ[HSSH[PVUZ 7YVJLK\YLZ 4VK Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; >,3 Æ&#x2018; 05+
/V\YZ
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY 4\Z[ WHZZ 4,;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2YPZ 2LYZL` ,THPS! RRLYZL`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ ((: 0;(7: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL JVUJLU[YH[PVU PU *VTW\[LY (WWSPJH[PVUZ WYV]PKLZ Z[\KLU[Z ^P[O LU[Y` SL]LS ZRPSSZ ULJLZZHY` [V ^VYR HZ H OLSW KLZR [LJOUPJPHU ZVM[^HYL [YHPULY VY V[OLY JVTW\[LY WYVMLZZPVUHS ;OL Z[\KLU[ ^PSS IL WYV]PKLK ^P[O H ^LSS YV\UKLK JVTW\[LY J\YYPJ\S\T MLH[\YPUN JV\YZLZ PU HWWSPJH[PVU HUK NYHWOPJZ ZVM[^HYL OHYK^HYL PU[LYUL[ ^LI WHNL KLZPNU UL[^VYRPUN HUK WYVNYHTTPUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0: Æ&#x2018; :-: Æ&#x2018; Æ&#x2018;
7,+ /,+ *0: ,,;
:,*65+ @,(9 /V\YZ
*VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ :[YH[LNPLZ MVY :\JJLZZ VY 7 , ,SLJ[P]L VY /LHS[O ,SLJ[P]L >LI 7HNL +LZPNU *VTW\[LY /HYK^HYL ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 4(; 4(; Æ&#x2018; )<:
*VTWVZP[PVU 0 (JJLZZ 8\HYR?WYLZZ (K]HUJLK >LI 7HNL +LZPNU 4H[O MVY *VTW\[LY (WWSPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; VY 4H[O ,SLJ[P]L 0U[YVK\J[PVU [V )\ZPULZZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0:
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! (UNPL +H]PZVU ,THPS! HKH]PZVU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0: Æ&#x2018; *0: VY 0;; Æ&#x2018; 7:@ Æ&#x2018; ,*6 Æ&#x2018; :7,
0; :LTPUHY 0 ; *VTW\[LY (WWSPJH[PVUZ +LNYLL 0U[LYUZOPW (KVIL -SHZO 0; ,SLJ[P]LZ 7Z`JOVSVN` VY :VJPHS :JPLUJL ,SLJ[P]L 7YPUJPWSLZ VM ,JVUVTPJZ VY :VJPHS :JPLUJL ,SLJ[P]L 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
/V\YZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ +H[HIHZL 4HUHNLTLU[ 7YVQLJ[ 4HUHNLTLU[ =PZ\HS )HZPJ Â&#x2020; (KVIL 7OV[VZOVW (KVIL 0SS\Z[YH[VY ,_JLS ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY (WWSPJH[PVUZ *9; 0;(7: *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU *VTW\[LY (WWSPJH[PVUZ SH`Z [OL MV\UKH[PVU MVY LU[Y` SL]LS ^VYR HZ H OLSW KLZR HZZPZ[HU[ VY JVTW\[LY \ZLY ;OL JV\YZL ^VYR PZ ZWYLHK HTVUN [OL ]HYPV\Z 0UMVYTH[PVU ;LJOUVSVN` JVUJLU[YH[PVUZ HUK HSSV^Z MVY M\[\YL JVTWSL[PVU VM HU` VM [OL 0; KLNYLLZ ^P[OV\[ JVTWSPJH[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0: Æ&#x2018; *0: Æ&#x2018; *0:
/V\YZ *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ >LI 7HNL +LZPNU 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ ,_JLS (KVIL 7OV[VZOVW ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; ,,; Æ&#x2018; *0: Æ&#x2018; 0;;
(JJLZZ *VTW\[LY /HYK^HYL (K]HUJLK :VM[^HYL (WWSPJH[PVUZ 0 ; *VTW\[LY (WWSPJH[PVUZ *LY[PÃ&#x201E;JH[L 0U[LYUZOPW *0: (K]HUJLK >LI 7HNL +LZPNU *0: VY 0;; 0; ,SLJ[P]LZ ;6;(3
Æ&#x2018; Æ&#x2018;
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! (UNPL +H]PZVU ,THPS! HKH]PZVU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ *VTW\[LY .HTL +L]LSVWTLU[ *9; 0;.+ *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU *VTW\[LY .HTL +L]LSVWTLU[ [YHPUZ Z[\KLU[Z PU HSS WOHZLZ VM [OL NHTL KL]LSVWTLU[ WYVJLZZ *V\YZL^VYR PUJS\KLZ KLZPNU WYVNYHTTPUN + HUK + HUPTH[PVU HUK HY[ ;OL JLY[PÃ&#x201E;JH[L HSSV^Z MVY ZVTL Ã&#x2026;L_PIPSP[` [V HKK V[OLY ZWLJPHS[` JSHZZLZ HZ ^LSS 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;;
/V\YZ *VTW\[LY 3VNPJ (KVIL 7OV[VZOVW *VTW\[LY .HTL +L]LSVWTLU[ + *VTW\[LY (UPTH[PVU Â&#x2020;Â&#x2020;Â&#x2020; +PNP[HS 4LKPH (Y[Z Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: VY 0;;
6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK .HTL +L]LSVWTLU[ (K]HUJLK (UPTH[PVU HUK 4VKLSPUN 0; ,SLJ[P]L VY (Y[ ,SLJ[P]L 0; .HTL +L]LSVWTLU[ *LY[ 0U[ 0UKPL .HTL +L]LSVWTLU[ ;6;(3
796.9(4 ;6;(3
(9;
Æ&#x2018; 0;; Æ&#x2018; 0;;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :JV[[ 9OPUL ,THPS! ZYOPUL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ +PNP[HS 4LKPH :WLJPHSPZ[ *9; 0;+4: *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU +PNP[HS 4LKPH [YHPUZ H Z[\KLU[ [V ^VYR H[ [OL UL_\Z VM ^LI KL]LSVWTLU[ TV]PL WYVK\J[PVU HUK IYVHKJHZ[ ;= WYVK\J[PVU ;OL ZRPSSZ YLX\PYLK MVY JVTWSL[L KL]LSVWTLU[ VM H ]PKLV WYVK\J[PVU MYVT JVUJLW[ [V JVTWSL[LK IYVHKJHZ[ V]LY [OL HPY VY VU [OL ^LI ^PSS IL JV]LYLK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0: VY 0;;
/V\YZ (KVIL 7OV[VZOVW 4HJYVTLKPH -SHZO >LI 7HNL +LZPNU +PNP[HS =PKLV 7YVK\J[PVU Â&#x2020; +PNP[HS 4LKPH (Y[Z Â&#x2020;Â&#x2020;Â&#x2020; 0; ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 9;= Æ&#x2018; 0;; Æ&#x2018; 0;;
(K]HUJLK >LI 7HNL +LZPNU (K]HUJLK +PNP[HS =PKLV 7YVK\J[PVU + *VTW\[LY (UPTH[PVU Â&#x2020;Â&#x2020;Â&#x2020; )HZPJ ;= 7YVK\J[PVU 0; +PNP[HS 4LKPH *LY[ 0U[ +PNP[HS =PKLV ,MMLJ[Z ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :JV[[ 9OPUL ,THPS! ZYOPUL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU ((: 0;5,; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL JVUJLU[YH[PVU PU 5L[^VYR (KTPUPZ[YH[PVU WYV]PKLZ HU PU[LUZP]L JV\YZL VM Z[\K` [OH[ WYLWHYLZ H Z[\KLU[ [V ^VYR PU H I\ZPULZZ LU]PYVUTLU[ ^OPSL THPU [HPUPUN VY HKTPUPZ[LYPUN H TPJYVJVTW\[LY UL[^VYR ;OL JVYL YLX\PYLK JSHZZLZ JV]LY NLULYHS HYLHZ PU PUMVYTH[PVU [LJOUVSVN` HUK [OL JVUJLU[YH[PVU JSHZZLZ JV]LY IV[O [OL WO`ZPJHS UL[^VYR HUK VWLYH[PUN Z`Z[LT LU]PYVUTLU[ PU NYLH[ KL[HPS 4HU` VM [OL JSHZZLZ JHU IL \ZLK HZ WYLWHYH[PVU MVY ]HYPV\Z OHYK^HYL UL[^VYRPUN HUK 6: JLY[PÃ&#x201E;JH[PVUZ MYVT 4PJYVZVM[ *VTW;0( *PZJV HUK V[OLYZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0:
Æ&#x2018; :-: Æ&#x2018;
7,+ /,+ *0:
:,*65+ @,(9 /V\YZ
*VTW\[LY /HYK^HYL *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ :[YH[LNPLZ MVY :\JJLZZ VY 7 , ,SLJ[P]L VY /LHS[O ,SLJ[P]L >LI 7HNL +LZPNU ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; ,*6 Æ&#x2018; 7:@ Æ&#x2018; )<:
/V\YZ :LY]LY 6WLYH[PUN :`Z[LTZ ;*7 07 HUK 9V\[PUN Â&#x2020; :\Y]L` VM 6WLYH[PUN :`Z[LTZ Â&#x2020; 7YPUJPWSLZ VM ,JVUVTPJZ VY :VJPHS :JPLUJL ,SLJ[P]L 7Z`JOVSVN` VY :VJPHS :JPLUJL ,SLJ[P]L 0U[YVK\J[PVU [V )\ZPULZZ ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018; *0: Æ&#x2018; 4(; 4(; Æ&#x2018; :7,
*SPLU[ 6WLYH[PUN :`Z[LTZ 5L[^VYR ,ZZLU[PHSZ *VTWVZP[PVU 0 7YVQLJ[ 4HUHNLTLU[ Â&#x2020; 4H[O MVY *VTW\[LY (WWSPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; VY 4H[O ,SLJ[P]L 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: VY 0;; Æ&#x2018; *0:
0; :LTPUHY 5L[^VYR (KTPUPZ[YH[PVU 0U[LYUZOPW (K]HUJLK :LY]LY 6WLYH[PUN :`Z[LTZ (K]HUJLK 9V\[PUN Â&#x2020;Â&#x2020;Â&#x2020; 5L[^VYR :LJ\YP[` Â&#x2020; 0; ,SLJ[P]L >PYLSLZZ 5L[^VYRPUN Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :JV[[ 9OPUL ,THPS! ZYOPUL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ 5L[^VYR (KTPUPZ[YH[PVU *9; 0;5,; *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU 5L[^VYR (KTPUPZ[YH[PVU SH`Z [OL MV\UKH[PVU MVY LU[Y` SL]LS ^VYR HZ H UL[^VYR [LJOUPJPHU VY 7* [LJOUPJPHU ;OL JV\YZL ^VYR PZ ZWYLHK HTVUN [OL ]HYPV\Z 0UMVYTH[PVU ;LJOUVSVN` JVUJLU[YH[PVUZ HUK HSSV^Z MVY M\[\YL JVTWSL[PVU VM HU` VM [OL 0; KLNYLLZ ^P[OV\[ JVTWSPJH[PVUZ ;OL JLY[PÃ&#x201E;JH[L PZ L_JLSSLU[ MVY Z\WWSLTLU[PUN HUV[OLY HZZVJPH[L KLNYLL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0:
Æ&#x2018; *0:
/V\YZ *VTW\[LY /HYK^HYL *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ *SPLU[ 6WLYH[PUN :`Z[LTZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0: VY 0;;
5L[^VYR ,ZZLU[PHSZ >LI 7HNL +LZPNU :\Y]L` VM 6WLYH[PUN :`Z[LTZ Â&#x2020; :LY]LY 6WLYH[PUN :`Z[LTZ 5L[ (KTPU *LY[ 0U[LYUZOPW 0; ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :JV[[ 9OPUL ,THPS! ZYOPUL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN ((: 0;796 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL JVUJLU[YH[PVU PU 7YVNYHTTPUN WYV]PKLZ [OL ULJLZZHY` [YHPUPUN [V WYLWHYL H Z[\KLU[ [V LU[LY I\ZPULZZ PUK\Z[Y` VY NV]LYUTLU[ ^VYR PU WYVNYHTTPUN HUK YLSH[LK QVIZ ;OL JVYL YLX\PYLK JSHZZLZ JV]LY NLULYHS HYLHZ VM 0UMVYTH[PVU ;LJOUVSVN` HUK [OL JVUJLU[YH[PVU JSHZZLZ JV]LY H ]HYPL[` VM HWWSPJH[PVU WYVNYHTTPUN SHUN\HNLZ ^LI WYVNYHTTPUN HUK KH[HIHZL PU[LYHJ[P]P[` 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0: Æ&#x2018; :-: Æ&#x2018; Æ&#x2018;
7,+ /,+ ,,; *0:
:,*65+ @,(9 /V\YZ
*VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ :[YH[LNPLZ MVY :\JJLZZ VY 7 , ,SLJ[P]L VY /LHS[O ,SLJ[P]L *VTW\[LY /HYK^HYL >LI 7HNL +LZPNU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 4(; 4(; Æ&#x2018; :7, Æ&#x2018; )<:
*VTWVZP[PVU 0 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK >LI 7HNL +LZPNU 4H[O MVY *VTW\[LY (WWSPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; VY 4H[O ,SLJ[P]L 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V )\ZPULZZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; ,*6 Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: VY 0;;
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! (UNPL +H]PZVU ,THPS! HKH]PZVU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; 7:@
:`Z[LTZ +LZPNU Â&#x2020;Â&#x2020;Â&#x2020; 1H]H 7YVNYHTTPUN Â&#x2020;Â&#x2020;Â&#x2020; 0; :LTPUHY 0; 7YVNYHTTPUN +LNYLL 0U[LYUZOPW 0U[YVK\J[PVU [V 7Z`JOVSVN` VY :VJPHS :JPLUJL ,SLJ[P]L (K]HUJLK >LI ;LJOUVSVNPLZ Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
796.9(4 ;6;(3
Æ&#x2018; *0:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
/V\YZ +H[HIHZL 4HUHNLTLU[ =PZ\HS )HZPJ Â&#x2020; 7YPUJPWSLZ VM ,JVUVTPJZ VY :VJPHS :JPLUJL ,SLJ[P]L 7YVQLJ[ 4HUHNLTLU[ 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 00 Â&#x2020; 0; ,SLJ[P]LZ ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ 7YVNYHTTPUN *9; 0;796 *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU 7YVNYHTTPUN SH`Z [OL MV\UKH[PVU MVY LU[Y` SL]LS ^VYR HZ H JVTW\[LY VWLYH[VY VY JVTW\[LY WYVNYHTTLY ;OL JV\YZL ^VYR PZ ZWYLHK HTVUN [OL ]HYPV\Z 0UMVYTH[PVU ;LJOUVSVN` JVUJLU[YH[PVUZ HUK HSSV^Z MVY M\[\YL JVTWSL[PVU VM HU` VM [OL 0; KLNYLLZ ^P[OV\[ JVTWSPJH[PVUZ ;OL JLY[PÃ&#x201E;JH[L PZ L_JLSSLU[ MVY Z\WWSLTLU[PUN HUV[OLY HZZVJPH[L KLNYLL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0: Æ&#x2018; *0: Æ&#x2018; *0:
/V\YZ *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ >LI 7HNL +LZPNU 7YVQLJ[ 4HUHNLTLU[ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0: VY 0;;
/V\YZ
*VTW\[LY /HYK^HYL =PZ\HS )HZPJ Â&#x2020; 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; 0; 7YVNYHTTPUN *LY[PÃ&#x201E;JH[L 0U[LYUZOPW 0; ,SLJ[P]LZ ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! (UNPL +H]PZVU ,THPS! HKH]PZVU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` ((: 0;>,) (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL JVUJLU[YH[PVU PU >LI ;LJOUVSVN` KLNYLL PZ KLZPNULK [V WYV]PKL Z[\KLU[Z ^P[O [OL ZRPSSZ ULJLZZHY` [V ^VYR PUKLWLUKLU[S` VY PU I\ZPULZZ HZ H ^LI WHNL KLZPNULY KL]LSVWLY ;OL Z[\KLU[ ^PSS IL WYV]PKLK ^P[O H ^LSS YV\UKLK JVTW\[LY J\YYPJ\S\T MLH[\YPUN JV\YZLZ PU HWWSPJH[PVU HUK NYHWOPJZ ZVM[^HYL OHYK^HYL PU[LYUL[ ^LI WHNL KLZPNU HUK WYVNYHTTPUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0: Æ&#x2018; :-: 7,+ /,+ Æ&#x2018; *0: Æ&#x2018; ,,;
/V\YZ *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[YVK\J[PVU [V 5L[^VYRPUN VY 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ :[YH[LNPLZ MVY :\JJLZZ VY 7 , ,SLJ[P]L VY /LHS[O ,SLJ[P]L >LI 7HNL +LZPNU *VTW\[LY /HYK^HYL ;6;(3
:,*65+ @,(9
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; 4(; 4(; Æ&#x2018; *0:
+LZPNUPUN MVY [OL >LI 7YVQLJ[ 4HUHNLTLU[ (KVIL 7OV[VZOVW (KVIL -SHZO 0U[YVK\J[PVU [V )\ZPULZZ 4H[O MVY *VTW\[LY (WWSPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; VY 4H[O ,SLJ[P]L 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +LUPZL >HSR ,THPS! K^HSR'SHRLSHUK JJ PS \Z 7OVUL!
-PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; :7, Æ&#x2018; ,*6 Æ&#x2018; ,5. Æ&#x2018; *0: VY 0;;
/V\YZ (K]HUJLK >LI 7HNL +LZPNU +H[HIHZL 4HUHNLTLU[ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 7YPUJPWSLZ VM ,JVUVTPJZ VY :VJPHS :JPLUJL ,SLJ[P]L *VTWVZP[PVU 0 0; ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; 7:@
:`Z[LTZ +LZPNU 1H]H 7YVNYHTTPUN (K]HUJLK >LI ;LJOUVSVNPLZ 0; :LTPUHY 0; >LI ;LJOUVSVN` +LNYLL 0U[LYUZOPW 0U[YVK\J[PVU [V 7Z`JOVSVN` VY :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
3HRL 3HUK *VSSLNL
0UMVYTH[PVU ;LJOUVSVN` ¶ >LI ;LJOUVSVN` *9; 0;>,) *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU >LI ;LJOUVSVN` SH`Z [OL MV\UKH[PVU MVY LU[Y` SL]LS ^VYR HZ H ^LI WHNL KLZPNULY ;OL JV\YZL ^VYR LTWOHZPaLZ ZVM[^HYL HWWSPJH[PVUZ HUK ^LI WHNL KLZPNU PUZ[Y\J[PVU HUK HSSV^Z MVY M\[\YL JVTWSL[PVU VM [OL >LI ;LJOUVSVN` 0; KLNYLL ^P[OV\[ JVTWSPJH[PVUZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: *0:
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<:
/V\YZ *VTW\[LY 3VNPJ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ VY 0U[YVK\J[PVU [V 5L[^VYRPUN (KVIL 7OV[VZOVW >LI 7HNL +LZPNU 7YPUJPWSLZ VM , *VTTLYJL ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; 0;; Æ&#x2018; *0:
+LZPNUPUN MVY [OL >LI (K]HUJLK >LI 7HNL +LZPNU (KVIL -SHZO 0; >LI ;LJOUVSVN` *LY[PÃ&#x201E;JH[L 0U[LYUZOPW >LI ,SLJ[P]LZ ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +LUPZL >HSR ,THPS! K^HSR'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
0UZ[Y\TLU[H[PVU *VU[YVS ;LJOUVSVN` ((: 0*; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
.YHK\H[LZ VM [OPZ WYVNYHT OH]L KL]LSVWLK [OL RUV^SLKNL JVTT\UPJH[PVU ZRPSSZ HUK THUHNLTLU[ HIPSP[` [V PU[LNYH[L ZVM[^HYL KLZPNU ^P[O OHYK^HYL ;OL NYHK\H[LZ HYL WYLWHYLK MVY H WVZP[PVU [OH[ THPU[HPUZ YLWHPYZ VY PUZ[HSSZ LSLJ[YVUPJ H\[VTH[PVU Z`Z[LTZ 0UZ[Y\TLU[H[PVU *VU[YVS ;LJOUVSVN` NYHK\H[LZ \UKLYZ[HUK LSLJ[YVUPJZ MVY [LJOUPJHS Z\WWVY[ WYVNYHTTPUN MVY HWWSPJH[PVUZ [V T\S[PW\YWVZL LSLJ[YVUPJ JVTW\[LYZ HUK WLYPWOLYHS LX\PWTLU[ \ZLK PU HU PUK\Z [YPHS WSHU[ LU]PYVUTLU[ HUK UL[^VYRPUN PU VYKLY [V PU[LNYH[L LX\PWTLU[ HUK L_WHUK UL[^VYRZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; 73* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,5.
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJZ ,SLJ[YPJ *PYJ\P[Z 0 -\UKHTLU[HSZ VM 0UZ[Y\TLU[H[PVU ;LJO 4H[O 0 4VK ;LJO 4H[O 4VK >YP[PUN MVY 0UK\Z[Y` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 73* Æ&#x2018; ,,; Æ&#x2018; :7, Æ&#x2018; ,,; Æ&#x2018;
/V\YZ 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 00 *VTW\[LY :`Z[LTZ (YJOP[LJ[\YL 0U[YV [V :WLLJO *VTT\UPJH[PVU 4PJYVJVU[YVSSLY (WWSPJH[PVUZ ;LJOUPJHS ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; 73* Æ&#x2018; ;,* Æ&#x2018; *0: Æ&#x2018; /,+ Æ&#x2018; ,,;
+PNP[HS 3VNPJ 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 0 ;LJO 4H[O 4VK *VTW\[LY 3VNPJ 9LZWVUKPUN [V ,TLYNLUJPLZ 0UK\Z[YPHS *VTW\[LY :`Z[LTZ ;6;(3
Æ&#x2018; )<: Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; ,,;
:[H[PZ[PJZ MVY )\ZPULZZ VY )\ZPULZZ :[H[PZ[PJZ ;LJOUPJHS 7YVQLJ[ 4HUHNLTLU[ ;LJOUPJHS ,SLJ[P]L :VJPHS :JPLUJL ,SLJ[P]L +H[H *VTT\UPJH[PVUZ ;6;(3
796.9(4 ;6;(3
)<: ;,*
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .HY` 3PUKSL` ,THPS! NSPUKSL`'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
1VOU +LLYL ;LJO
((: 1+( (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ( UL^ NLULYH[PVU VM MHYT LX\PWTLU[ KLTHUKZ H UL^ NLULYH[PVU VM ZLY]PJL [LJOUPJPHUZ ;V TLL[ [OPZ KLTHUK 1VOU +LLYL *VTWHU` OHZ JYLH[LK [OL 1VOU +LLYL ;LJO WYVNYHT HUK OHZ ZLSLJ[LK 3HRL 3HUK *VSSLNL HZ VUL VM H SPTP[LK U\TILY VM 5VY[O (TLYPJHU ZP[LZ ;OL 1VOU +LLYL ;LJO WYVNYHT VMMLYLK QVPU[S` I` 1VOU +LLYL HUK 3HRL 3HUK *VSSLNL PU JVVWLYH[PVU ^P[O 1VOU +LLYL KLHSLYZ VMMLYZ Z[\KLU[Z THU` \UPX\L VWWVY[\UP[PLZ PUJS\KPUN LHYUPUN H ZHSHY` ^OPSL SLHYUPUN [OYV\NO VU [OL QVI [YHPUPUN H[ H WHY[PJPWH[PUN KLHSLYZOPW" [YHPUPUN VU [OL SH[LZ[ 1VOU +LLYL [YHJ[VYZ JVTIPULZ HUK PTWSLTLU[Z HUK SLHYUPUN [OL UL^LZ[ KPHNUVZ[PJ HUK ZLY]PJPUN WYVJLK\YLZ :[\KLU[Z HSZV OH]L [OL VWWVY[\UP[` [V TV]L KPYLJ[S` PU[V LTWSV`TLU[ ^P[O [OLPY ZWVUZVYPUN KLHSLYZOPW \WVU Z\JJLZZM\S JVTWSL[PVU VM [OPZ HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL WYVNYHT :[\KLU[Z LUYVSSLK PU [OL 1VOU +LLYL ;LJO WYVNYHT T\Z[ HJOPL]L H NYHKL VM ¸*¹ VY OPNOLY PU HSS 1+( JSHZZLZ HUK ;,* [V YLTHPU PU HUK NYHK\H[L MYVT [OL WYVNYHT (U` Z[\KLU[ YLJLP]PUN SLZZ [OHU H ¸*¹ PU [OLZL JSHZZLZ ^PSS IL YLX\PYLK [V ^P[OKYH^ MYVT [OL WYVNYHT HUK YLWLH[ [OL JSHZZ K\YPUN [OL UL_[ ZJOLK\SLK VMMLYPUN WYPVY [V JVU[PU\PUN PU VY NYHK\H[PUN MYVT [OL WYVNYHT 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[ ;OPZ PZ H ZWLJPHS HKTPZZPVU WYVNYHT *VU[HJ[ *V\UZLSPUN :LY]PJLZ VY [OL WYVNYHT JVVYKPUH[VY MVY ZWLJPÃ&#x201E;J YLX\PYLTLU[Z
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. ,5. Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; ,*6 Æ&#x2018;
>YP[PUN MVY 0UK\Z[Y` VY *VTWVZP[PVU 0 1VOU +LLYL 7V^LY ;YHPUZ Â&#x2020;Â&#x2020;Â&#x2020; 1VOU +LLYL *VTIPUL 7YVK\J[PVU Â&#x2020;Â&#x2020;Â&#x2020; 1VOU +LLYL /`KYH\SPJZ Â&#x2020;Â&#x2020;Â&#x2020; ;OL (TLYPJHU ,JVUVT` 1VOU +LLYL ,SLJ[P]L ;6;(3
/V\YZ
:\TTLY ;LYT
Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018;
1VOU +LLYL (PY *VUKP[PVUPUN 1VOU +LLYL :6, 1VOU +LLYL ,SLJ[P]L ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; :7, Æ&#x2018;
1VOU +LLYL : 6 , 00 1VOU +LLYL -\LS :`Z[LTZ 1VOU +LLYL ,UNPULZ 0U[YV ;V :WLLJO *VTT\UPJH[PVU 1VOU +LLYL ,SLJ[P]L Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 1+( Æ&#x2018; ;,* Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; 1+( Æ&#x2018; /,+ Æ&#x2018;
/V\YZ 1VOU +LLYL ,SLJ[YPJHS :`Z[LTZ Â&#x2020; (WWSPLK :OVW *VTW\[H[PVUZ Â&#x2020; 1VOU +LLYL :OVW :RPSSZ Â&#x2020; 1VOU +LLYL /`KYH\SPJZ Â&#x2020; 1VOU +LLYL (N :VM[^HYL Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ 1VOU +LLYL ,SLJ[P]L ;6;(3
Æ&#x2018; 1+( Æ&#x2018; 76: Æ&#x2018; 1+( Æ&#x2018; 1+(
1VOU +LLYL ,X\PWTLU[ +PHNUVZ[PJZ Â&#x2020;Â&#x2020;Â&#x2020; (TLYPJHU 5H[PVUHS .V]LYUTLU[ 1 VOU +LLYL (K]HUJLK ,SLJ[YPJHS ,SLJ[YVUPJ :`Z[LTZ Â&#x2020;Â&#x2020;Â&#x2020; 1VOU +LLYL :6, Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; >,3 Æ&#x2018; 1+( Æ&#x2018; 1+(
>LSKPUN -\UKHTLU[HSZ 1VOU +LLYL (K]HUJLK 7V^LY ;YHPUZ 1VOU +LLYL ;PSSHNL :LLKPUN Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
796.9(4 ;6;(3
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-HJ\S[` *VU[HJ[! (SSLU +YHRL ,THPS! HKYHRL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
3P]LZ[VJR 7YVK\J[PVU *9; 3=:; *LY[PÃ&#x201E;JH[L
;OL ZWLJPHSPaLK 3P]LZ[VJR 7YVK\J[PVU JLY[PÃ&#x201E;JH[L PZ KLZPNULK [V WYLWHYL Z[\KLU[Z MVY LTWSV`TLU[ WVZP[PVUZ PU H ]HYPL[` VM SP]LZ[VJR HYLHZ ;OLZL QVIZ PUJS\KL OLYKZTHU WVZP[PVUZ ( 0 [LJOUPJPHUZ SP]LZ[VJR THUHNLYZ HUK OVTL MHYT VWLYH[VYZ ;OL :6, PU[LYUZOPW WYV]PKLZ HKKLK L_WLYPLUJL PU SP]LZ[VJR THUHNLTLU[ HUK WYVK\J[PVU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
:\TTLY ;LYT
-09:; @,(9 -PYZ[ :LTLZ[LY
/V\YZ
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; Æ&#x2018;
(NYPJ\S[\YL 4H[O Â&#x2020; VY 4H[O VY OPNOLY *YVW 7YVK\J[PVU Â&#x2020; (UPTHS /\ZIHUKY` Â&#x2020; :VPSZ Â&#x2020; VY (.9 :VPS :JPLUJL (.9 -HYT 4HUHNLTLU[ Â&#x2020; (.9 3P]LZ[VJR ,]HS\H[PVU Â&#x2020; ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
(.9
Æ&#x2018; (.9
0U[YVK\J[PVU [V (N :VM[^HYL 6:/( (N 4HJOPULY` :HML[` Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YL 4HYRL[PUN Â&#x2020;Â&#x2020;Â&#x2020; (UPTHS 5\[YP[PVU Â&#x2020;Â&#x2020;Â&#x2020; -HYT *YLKP[ HUK -PUHUJL Â&#x2020;Â&#x2020;Â&#x2020; )LLM HUK +HPY` :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; :^PUL :RPSSZ Â&#x2020;Â&#x2020;Â&#x2020; )LLM ( 0 Â&#x2020;Â&#x2020;Â&#x2020; VY :^PUL ( 0 Â&#x2020;Â&#x2020;Â&#x2020; : 6 , 0 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
Æ&#x2018; (.9 Æ&#x2018;
Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9 Æ&#x2018; (.9
4LH[ :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; 0U[LNYH[LK 7LZ[ 4HUHNLTLU[ 0 Â&#x2020;Â&#x2020;Â&#x2020; -HYT )\ZPULZZ 9LJVYKZ Â&#x2020;Â&#x2020;Â&#x2020; (NYPJ\S[\YL 4LJOHUPJZ Â&#x2020; : 6 , 00
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 9`HU 6YYPJR ,THPS! ZVYYPJR'SHRLSHUK JJ PS \Z 7OVUL!
:<..,:;,+ ,3,*;0=,:
Â&#x2020;Â&#x2020;Â&#x2020;
/V\YZ (NYPJ\S[\YL ,JVUVTPJZ ,SLJ[P]L ;6;(3
56;,:!
¶
3HRL 3HUK *VSSLNL
4HUHNLTLU[
((: 4.; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL 4HUHNLTLU[ KLNYLL PZ KLZPNULK MVY [OVZL ^OV WSHU [V V^U HUK VWLYH[L [OLPY V^U I\ZPULZZ HUK [OVZL ^OV WSHU [V ^VYR HZ [LJOUPJPHUZ Z\WLY]PZVYZ VY THUHNLYZ PU MVY WYVÃ&#x201E;[ VY UV[ MVY WYVÃ&#x201E;[ VYNHUPaH[PVUZ <ZPUN JHYLLY LSLJ[P]LZ H ZWLJPHSPaLK THUHNLTLU[ J\YYPJ\S\T JHU IL KLZPNULK [V TLL[ [OL ULLKZ VM Z[\KLU[Z PU Z\JO KP]LYZL HYLHZ HZ THYRL[PUN YL[HPSPUN ZHSLZ THU\MHJ[\YPUN JVUZ[Y\J[PVU [YHUZWVY[H[PVU [LJOUVSVN` HUK [OL [YHKLZ ;V[HS JYLKP[ OV\YZ MVY NYHK\H[PVU PU [OPZ WYVNYHT T\Z[ LX\HS VY L_JLLK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ,*6 Æ&#x2018; ,5. ,5. Æ&#x2018; )<: Æ&#x2018;
:-: /,+ 7,+
:,*65+ @,(9 /V\YZ
0U[YVK\J[PVU [V )\ZPULZZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 *VTWVZP[PVU 0 VY )\ZPULZZ ,UNSPZO 2L`IVHYKPUN VY *HYLLY ,SLJ[P]L :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
Æ&#x2018; )<:
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; ,*6
76:
7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 7YPUJPWSLZ VM 4HUHNLTLU[ 7YPUJPWSLZ VM 4HYRL[PUN )\ZPULZZ *VTT\UPJH[PVUZ VY *HYLLY ,SLJ[P]L 7YPUJPWSLZ VM ,JVUVTPJZ 00 VY :[H[L HUK 3VJHS .V]LYUTLU[ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; :7, Æ&#x2018; )<:
4(;
/V\YZ /\THU 9LZV\YJL 4HUHNLTLU[ -PUHUJPHS (JJV\U[PUN 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ VY *HYLLY ,SLJ[P]L )\ZPULZZ 4H[OLTH[PJZ VY 4H[OLTH[PJZ ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<:
)<:
3HIVY 9LSH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; 4HUHNLTLU[ :LTPUHY VY *HYLLY ,SLJ[P]L 4HUHNLTLU[ 0U[LYUZOPW VY *HYLLY ,SLJ[P]L 4HUHNLTLU[ 4HYRL[PUN *HWZ[VUL -LKLYHS ;H_ (JJV\U[PUN VY 4HUHNLYPHS (JJV\U[PUN ;6;(3
796.9(4 ;6;(3
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
:\TTLY ;LYT
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
)<:
7YPUJPWSLZ VM (K]LY[PZPUN 7YPUJPWSLZ VM :LSSPUN 7YPUJPWSLZ VM 9L[HPSPUN VY :THSS )\ZPULZZ 4HUHNLTLU[ ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY ;OL 4HUHNLTLU[ 7YVNYHT *VVYKPUH[VY T\Z[ HWWYV]L HSS JHYLLY LSLJ[P]LZ :[\KLU[Z ZOV\SK TLL[ ^P[O [OL WYVNYHT JVVYKPUH[VY WYPVY [V LUYVSSSPUN PU PU[LYUZOPW HUK JHYLLY LSLJ[P]L JV\YZLZ PU VYKLY [V KLZPNU HU PUKP]PK\HSPaLK THUHNLTLU[ WYVNYHT [OH[ ^PSS TLL[ [OLPY ULLKZ
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
4HUHNLTLU[ 5+7 4.; *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU 4HUHNLTLU[ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU Z\WLY]PZPVU HUK THUHNLTLU[ ,TWSV`LLZ JHU \ZL [OPZ WYVNYHT [V WYLWHYL MVY \W^HYK TVIPSP[` HUK VY \WKH[L THUHNLTLU[ HUK Z\WLY]PZVY` ZRPSSZ (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU 4HUHNLTLU[ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<:
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ;OL JHYLLY LSLJ[P]L T\Z[ IL HWWYV]LK I` [OL *VVYKPUH[VY VM 4HUHNLTLU[ ;YHPUPUN 7YVNYHTZ
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ :THSS )\ZPULZZ 4HUHNLTLU[ VY 0U[YVK\J[PVU [V )\ZPULZZ /\THU 9LZV\YJL 4HUHNLTLU[ 7YPUJPWSLZ VM 4HUHNLTLU[ 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ *HYLLY ,SLJ[P]L ;6;(3
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
)<: )<: )<: )<: *0:
56;,:!
3HRL 3HUK *VSSLNL
4HYRL[PUN
((: 42;. (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL 4HYRL[PUN WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LTWSV`TLU[ WVZP[PVUZ PU ZHSLZ YL[HPSPUN THYRL[PUN HUK V[OLY YLSH[LK I\ZPULZZ HYLHZ 0[ JHU HSZV IL \ZLK [V \WNYHKL ZRPSSZ HUK RUV^SLKNL VM WYLZLU[S` LTWSV`LK WLYZVUULS [V HSSV^ [OLT [V HK]HUJL [OLPY JHYLLYZ ;OPZ WYVNYHT WYV]PKLZ [OL IYVHK IHJRNYV\UK ULJLZZHY` [V Z\JJLLK PU TVKLYU THYRL[PUN ^P[O ZWLJPHS LTWOHZPZ WSHJLK VU WYPJPUN WYVTV[PVU KPZ[YPI\[PVU HUK WYVK\J[ JVUJLW[PVU ^P[OPU IV[O [OL WYVÃ&#x201E;[ HUK UV[ MVY WYVÃ&#x201E;[ ZLJ[VYZ ;V[HS JYLKP[ OV\YZ MVY NYHK\H[PVU PU [OPZ WYVNYHT T\Z[ LX\HS VY L_JLLK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: 4(; Æ&#x2018; ,5. Æ&#x2018; :-: Æ&#x2018;
/,+ 7,+ :6:
:,*65+ @,(9 /V\YZ
0U[YVK\J[PVU [V )\ZPULZZ )\ZPULZZ 4H[O VY 4H[O ,SLJ[P]L *VTWVZP[PVU 0 :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]LZ /\THU 9LSH[PVUZ ;6;(3
7YPUJPWSLZ VM 4HUHNLTLU[ 7YPUJPWSLZ VM 4HYRL[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ *VTWVZP[PVU 00 (JJV\U[PUN 7YVJLZZ VY *HYLLY ,SLJ[P]L ;6;(3
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; ,*6 Æ&#x2018; )<: Æ&#x2018; :7,
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018; )<:
-PYZ[ :LTLZ[LY
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; ,*6
0U[YVK\J[PVU [V 7Z`JOVSVN` 7YPUJPWSLZ VM ,JVUVTPJZ 00 VY :[H[L HUK 3VJHS .V]LYUTLU[ 7YPUJPWSLZ VM , *VTTLYJL VY *HYLLY ,SLJ[P]L ¶ 4HYRL[PUN 0U[LYUZOPW VY *HYLLY ,SLJ[P]L 4HYRL[PUN :LTPUHY VY *HYLLY ,SLJ[P]L 4HUHNLTLU[ 4HYRL[PUN *HWZ[VUL ;6;(3 ¶
796.9(4 ;6;(3
76:
/V\YZ -PUHUJPHS (JJV\U[PUN )\ZPULZZ *VTT\UPJH[PVUZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
:\TTLY ;LYT
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
7YPUJPWSLZ VM :LSSPUN 7YPUJPWSLZ VM (K]LY[PZPUN 7YPUJPWSLZ VM 9L[HPSPUN ;6;(3
¶
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ;OL 4HYRL[PUN 7YVNYHT *VVYKPUH[VY T\Z[ HWWYV]L HSS JHYLLY LSLJ[P]LZ :[\KLU[Z ZOV\SK TLL[ ^P[O [OL WYVNYHT JVVYKPUH[VY WYPVY [V LUYVSSSPUN PU PU[LYUZOPW HUK JHYLLY LSLJ[P]L JV\YZLZ PU VYKLY [V KLZPNU HU PUKP]PK\HSPaLK THYRL[PUN WYVNYHT [OH[ ^PSS TLL[ [OLPY ULLKZ
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
4HYRL[PUN
*9; 42;. *LY[PÃ&#x201E;JH[L ;OL JLY[PÃ&#x201E;JH[L PU 4HYRL[PUN WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU HJJV\U[ THUHNLTLU[ ZHSLZ YL[HPSPUN HUK THYRL[PUN *\YYLU[ LTWSV`LLZ JHU \ZL [OPZ WYVNYHT [V WYLWHYL MVY \W^HYK TVIPSP[` HUK VY \WKH[L THYRL[PUN ZRPSSZ (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU 4HYRL[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0:
/V\YZ 0U[YVK\J[PVU [V )\ZPULZZ 7YPUJPWSLZ VM 4HYRL[PUN )\ZPULZZ *VTT\UPJH[PVUZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018;
7YPUJPWSLZ VM 9L[HPSPUN 7YPUJPWSLZ VM (K]LY[PZPUN 7YPUJPWSLZ VM :LSSPUN *HYLLY ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ;OL 4HYRL[PUN 7YVNYHT *VVYKPUH[VY T\Z[ HWWYV]L HSS JHYLLY LSLJ[P]LZ
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
/V\YZ
3HRL 3HUK *VSSLNL
4HZZHNL ;OLYHW` *LY[PÃ&#x201E;JH[L ;YHJR *9; 4; ;92
;OL 4HZZHNL ;OLYHW` *LY[PÃ&#x201E;JH[L ;YHJR WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL 4HZZHNL ;OLYHW` WYVNYHT (WWSPJHU[Z HYL PUZ[Y\J[LK [V ILNPU [OLPY 4HZZHNL ;OLYHW` (WWSPJH[PVU ^P[O [OL *9; 4; ;92 THQVY JVKL :[\KLU[Z HYL JV\UZLSLK VU HKTPZZPVU YLX\PYLTLU[Z PU[V [OL 4HZZHNL ;OLYHW` WYVNYHT 6UJL HJJLW[LK PU[V [OL 4HZZHNL ;OLYHW` WYVNYHT [OL THQVY JVKL ^PSS IL JOHUNLK [V *9; 4; 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HY[OH 4PV\_ 7YVNYHT +PYLJ[VY ,THPS! TTPV\_'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
4HZZHNL ;OLYHW` 6W[PVU *9; 4; *LY[PÃ&#x201E;JH[L
;OL 4HZZHNL ;OLYHW` J\YYPJ\S\T PZ KLZPNULK [V WYLWHYL [OL PUKP]PK\HS PU HSS HYLHZ VM THZZHNL 4HZZHNL [LJOUPX\LZ HUK IVK`^VYR HUH[VT` WYVMLZZPVUHSPZT ^P[O JSPLU[Z HUK I\ZPULZZ WYHJ[PJLZ HYL PUJS\KLK PU [OL J\YYPJ\S\T 0U HKKP[PVU [V [\P[PVU HUK MLLZ JVZ[Z MVY [OL 4HZZHNL ;OLYHW` WYVNYHT Z[\KLU[Z PUJS\KL! ^VYRIVVRZ THZZHNL Z\WWSPLZ [HISL \UPMVYTZ HUK [OL IVHYK L_HT SPJLUZL MLL ;OLYL HYL [^V VW[PVUZ H]HPSHISL MVY JVTWSL[PVU VM [OL 4HZZHNL ;OLYHW` WYVNYHT 6W[PVU PZ H WHY[ [PTL UPNO[ WYVNYHT SHZ[PUN ZLTLZ[LYZ *SHZZLZ PU [OPZ WYVNYHT ILNPU LHJO MHSS ZLTLZ[LY 6W[PVU PZ HU HJJLSLYH[LK M\SS [PTL KH` WYVNYHT SHZ[PUN ZLTLZ[LYZ *SHZZLZ PU [OL HJJLSLYH[LK WYVNYHT ILNPU LHJO ZWYPUN ZLTLZ[LY 6UJL HKTP[[LK [V VUL VM [OL WYVNYHTZ [OL Z[\KLU[ T\Z[ WYVNYLZZ [OYV\NO [OL JV\YZLZ JVYYLZWVUKPUN [V [OL YLZWLJ[P]L J\YYPJ\S\T TVKLS ( ¸*¹ NYHKL PZ YLX\PYLK PU HSS THZZHNL [OLYHW` J\YYPJ\S\T JV\YZLZ MVY WYVNYLZZPVU JVTWSL[PVU <WVU JVTWSL[PVU VM [OL JV\YZL [OL Z[\KLU[ ^PSS YLJLP]L H JLY[PÃ&#x201E;JH[L HUK ^PSS IL HISL [V ZP[ MVY VUL VM [OYLL 0SSPUVPZ HWWYV]LK IVHYK L_HTZ 4HZZHNL ;OLYHW` HWWSPJH[PVU YLX\PYLTLU[Z PUJS\KL HKTPZZPVU [V 3HRL 3HUK *VSSLNL JVTWSL[PVU VM [OL 4HZZHNL ;OLYHW` 7YVNYHT HWWSPJH[PVU MVYT VI[HPULK MYVT 7YVNYHT ^LIZP[L HUK JVTWSL[PVU VM [OL *64 7(:: HZZLZZTLU[ [LZ[Z ;V IL JVUZPKLYLK H JHUKPKH[L Z[\KLU[Z T\Z[ OH]L HU HWWSPJH[PVU Ã&#x201E;SL JVTWSL[LK I` 4HYJO VY 1\S` MVY JVUZPKLYH[PVU MVY [OL ZLTLZ[LY WHY[ [PTL UPNO[ WYVNYHT ILNPUUPUN PU [OL MHSS ZLTLZ[LY VY 6J[VILY VY +LJLTILY MVY JVUZPKLYH[PVU MVY [OL HJJLSLYH[LK ZLTLZ[LY M\SS [PTL KH` WYVNYHT ILNPUUPUN PU [OL ZWYPUN ZLTLZ[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 4(: Æ&#x2018; )06
/V\YZ 4HZZHNL ;OLYHW` 0 )HZPJ (UH[VT` HUK 7O`ZPVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(: Æ&#x2018; 4(:
4HZZHNL ;OLYHW` 00 Â&#x2020;Â&#x2020;Â&#x2020; (UH[VT` HUK 7O`ZPVSVN` MVY [OL 4HZZHNL ;OLYHWPZ[ 00 Â&#x2020;Â&#x2020; ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HY[OH 4PV\_ 7YVNYHT +PYLJ[VY ,THPS! TTPV\_'SHRLSHUK JJ PS \Z 7OVUL!
:\TTLY ;LYT
Æ&#x2018; 4(: Æ&#x2018; /,+
7H[OVSVN` MVY [OL 4HZZHNL ;OLYHWPZ[ Â&#x2020;Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 4(: Æ&#x2018; 4(: Æ&#x2018; 4(:
4HZZHNL ;OLYHW` 000 ,[OPJZ MVY [OL 4HZZHNL ;OLYHWPZ[ Â&#x2020; 4HZZHNL *SPUPJ 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(: Æ&#x2018; )<: Æ&#x2018; 4(:
4HZZHNL ;OLYHW` 0= :THSS )\ZPULZZ 4HUHNLTLU[ 4HZZHNL *SPUPJ 00 ;6;(3
796.9(4 ;6;(3
:LL JHYLLY [YHJR WYVNYHT 4HZZHNL ;OLYHW` ;YHJR *9; 4; ;92 ^OLU ZLSLJ[PUN H THQVY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
56;,:!
3HRL 3HUK *VSSLNL
4HZZHNL ;OLYHW` 6W[PVU *9; 4; *LY[PÃ&#x201E;JH[L
;OL 4HZZHNL ;OLYHW` J\YYPJ\S\T PZ KLZPNULK [V WYLWHYL [OL PUKP]PK\HS PU HSS HYLHZ VM THZZHNL 4HZZHNL [LJO UPX\LZ HUK IVK`^VYR HUH[VT` WYVMLZZPVUHSPZT ^P[O JSPLU[Z HUK I\ZPULZZ WYHJ[PJLZ HYL PUJS\KLK PU [OL J\YYPJ\S\T 0U HKKP[PVU [V [\P[PVU HUK MLLZ JVZ[Z MVY [OL 4HZZHNL ;OLYHW` WYVNYHT Z[\KLU[Z PUJS\KL! ^VYRIVVRZ THZZHNL Z\WWSPLZ [HISL \UPMVYTZ HUK [OL IVHYK L_HT SPJLUZL MLL ;OLYL HYL [^V VW[PVUZ H]HPSHISL MVY JVTWSL[PVU VM [OL 4HZZHNL ;OLYHW` WYVNYHT 6W[PVU PZ H WHY[ [PTL UPNO[ WYVNYHT SHZ[PUN ZLTLZ[LYZ *SHZZLZ PU [OPZ WYVNYHT ILNPU LHJO MHSS ZLTLZ[LY 6W[PVU PZ HU HJJLSLYH[LK M\SS [PTL KH` WYVNYHT SHZ[PUN ZLTLZ[LYZ *SHZZLZ PU [OL HJJLSLYH[LK WYVNYHT ILNPU LHJO ZWYPUN ZLTLZ[LY 6UJL HKTP[[LK [V VUL VM [OL WYVNYHTZ [OL Z[\KLU[ T\Z[ WYVNYLZZ [OYV\NO [OL JV\YZLZ JVYYLZWVUKPUN [V [OL YLZWLJ[P]L J\YYPJ\S\T TVKLS ( ¸*¹ NYHKL PZ YLX\PYLK PU HSS THZZHNL [OLYHW` J\YYPJ\S\T JV\YZLZ MVY WYVNYLZZPVU JVTWSL[PVU <WVU JVTWSL[PVU VM [OL JV\YZL [OL Z[\KLU[ ^PSS YLJLP]L H JLY[PÃ&#x201E;JH[L HUK ^PSS IL HISL [V ZP[ MVY VUL VM [OYLL 0SSPUVPZ HWWYV]LK IVHYK L_HTZ 4HZZHNL ;OLYHW` HWWSPJH[PVU YLX\PYLTLU[Z PUJS\KL HKTPZZPVU [V 3HRL 3HUK *VSSLNL JVTWSL[PVU VM [OL 4HZZHNL ;OLYHW` 7YVNYHT HWWSPJH[PVU MVYT VI[HPULK MYVT [OL 7YVNYHT ^LIZP[L HUK JVTWSL[PVU VM [OL *647(:: HZZLZZTLU[ [LZ[Z ;V IL JVUZPKLYLK H JHUKPKH[L Z[\KLU[Z T\Z[ OH]L HU HWWSPJH[PVU Ã&#x201E;SL JVTWSL[LK I` 4HYJO VY 1\S` MVY JVUZPKLYH[PVU MVY [OL ZLTLZ[LY WHY[ [PTL UPNO[ WYVNYHT ILNPUUPUN PU [OL MHSS ZLTLZ[LY VY 6J[VILY VY +LJLTILY MVY JVUZPKLYH[PVU MVY [OL HJJLSLYH[LK ZLTLZ[LY M\SS [PTL KH` WYVNYHT ILNPUUPUN PU [OL ZWYPUN ZLTLZ[LY
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; 4(: Æ&#x2018; 4(: Æ&#x2018; 4(:
/V\YZ )HZPJ (UH[VT` HUK 7O`ZPVSVN` 4HZZHNL ;OLYHW` 0 4VK\SL 0 4HZZHNL ;OLYHW` 00 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; 7H[OVSVN` MVY [OL 4HZZHNL ;OLYHWPZ[ Â&#x2020;Â&#x2020; ;6;(3
:\TTLY ;LYT
Æ&#x2018; 4(: Æ&#x2018; 4(: Æ&#x2018; 4(:
UH[VT` HUK 7O`ZPVSVN` MVY [OL ( 4HZZHNL ;OLYHWPZ[ 00 Â&#x2020;Â&#x2020; 4HZZHNL ;OLYHW` 000 4HZZHNL *SPUPJ 0 ;6;(3
;OPYK :LTLZ[LY
Æ&#x2018; /,+ Æ&#x2018; 4(: Æ&#x2018; 4(: Æ&#x2018; 4(: Æ&#x2018; )<:
9LZWVUKPUN [V ,TLYNLUJPLZ ,[OPJZ MVY [OL 4HZZHNL ;OLYHWPZ[ Â&#x2020; 4HZZHNL ;OLYHW` 0= 4HZZHNL *SPUPJ 00 :THSS )\ZPULZZ 4HUHNLTLU[ ;6;(3
796.9(4 ;6;(3
:LL JHYLLY [YHJR WYVNYHT 4HZZHNL ;OLYHW` ;YHJR *9; 4; ;92 ^OLU ZLSLJ[PUN H THQVY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HY[OH 4PV\_ 7YVNYHT +PYLJ[VY ,THPS! TTPV\_'SHRLSHUK JJ PS \Z 7OVUL!
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
56;,:!
3HRL 3HUK *VSSLNL
4LJOHUPJHS ¶ ,SLJ[YPJHS ;LJOUVSVN` ((: 4,; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL 4LJOHUPJHS ,SLJ[YPJHS ;LJOUVSVN` 4,; WYVNYHT PZ KLZPNULK [V NP]L [OL Z[\KLU[ H ^PKL IHJRNYV\UK PU TL JOHUPJHS HUK LSLJ[YPJHS ZRPSSZ ;OLZL ZRPSSZ HUK RUV^SLKNL PUJS\KL ^LSKPUN O`KYH\SPJZ WUL\TH[PJZ *(+ *5* /=(* (* +* JPYJ\P[Z SHKKLY SVNPJ TV[VYZ HUK 73*»Z ;LJOUPJHS LSLJ[P]LZ HYL PUJVYWVYH[LK PU[V [OPZ KLNYLL [V HSSV^ [OL Z[\KLU[ [V MVJ\Z TVYL JVUJLU[YH[PVU PU HU HYLH VM [OLPY PU[LYLZ[ SPRL >PUK VY :VSHY .YHK\H[LZ ^PSS IL WYLWHYLK MVY THU` KPMMLYLU[ RPUKZ VM [LJOUPJHS QVIZ MVY [VKH` HUK [OL M\[\YL :VTL VM [OLZL LTWSV`TLU[ VWWVY [\UP[PLZ PUJS\KL! *(+ VWLYH[VY KLZPNULY *5* VWLYH[VY WYVNYHTTLY /=(* [LJOUPJPHU THPU[LUHUJL [LJOUPJPHU PUK\Z[YPHS LSLJ[YPJPHU HUK ZLY]PJL [LJOUPJPHU ( NYHK\H[L ^P[O H 4,; KLNYLL ^PSS IL WYLWHYLK MVY OPNO WH`PUN [LJOUPJHS QVIZ [OH[ HYL H]HPSHISL SVJHSS` HUK UH[PVU^PKL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; 05+ Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,5. ,5.
/V\YZ )S\LWYPU[ 9LHKPUN MVY 0UK\Z[Y` Â&#x2020; -S\PK 7V^LY ;LJOUPJHS 4H[OLTH[PJZ 0 4VK\SL ;LJOUPJHS 4H[OLTH[PJZ 00 4VK\SL )HZPJ ,SLJ[YVUPJZ 4VK\SL ,SLJ[YPJ *PYJ\P[Z 4VK\SL *VTT\UPJH[PVU 0 VY >YP[PUN MVY 0UK\Z[Y` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4,; Æ&#x2018; ;,* Æ&#x2018; 4,; Æ&#x2018; 4;; Æ&#x2018; 05+ Æ&#x2018; *(+ Æ&#x2018; /,+
:VSPK :[H[L (WWSPJH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS 4H[OLTH[PJZ 000 4VK\SL 4V[VYZ HUK .LULYH[VYZ 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; 0 U[YVK\J[PVU [V 4HJOPUL 7YVJLK\YLZ 4VK\SL , SLJ[YPJHS 0UZ[HSSH[PVU 7YVJLK\YLZ 4VK\SL Â&#x2020;Â&#x2020;Â&#x2020; *(+ 0 9LZWVUKPUN [V ,TLYNLUJPLZ ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +PVU )\aaHYK ,THPS! KI\aaHYK'SHRLSHUK JJ PS \Z 7OVUL!
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 05+ Æ&#x2018; *0: Æ&#x2018; *(+ Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; Æ&#x2018;
/V\YZ / LH[PUN =LU[PSH[PVU HUK (PY *VUKP[PVUPUN 0 *VTW\[LY (WWSPJH[PVUZ :WLJPHS ;VWPJZ Â&#x2020; *(+ 00 0UK\Z[YPHS *VU[YVSZ 0 4VK\SL Â&#x2020; 7 YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 0 4VK\SL Â&#x2020; :VJPHS :JPLUJL ,SLJ[P]L ;LJOUPJHS ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 05+
Æ&#x2018; *04 Æ&#x2018; 4,; Æ&#x2018; >,3 Æ&#x2018; Æ&#x2018;
; YV\ISLZOVV[PUN HUK 7YL]LU[H[P]L 4HPU[LUHUJL Â&#x2020;Â&#x2020;Â&#x2020; * VTW\[LY 5\TLYPJHS *VU[YVS 4HJOPUPUN Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS 4LJOHUPZTZ Â&#x2020;Â&#x2020;Â&#x2020; >LSKPUN -\UKHTLU[HSZ ,JVUVTPJZ ,SLJ[P]L ;LJOUPJHS ,SLJ[P]LZ ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; >5+ Æ&#x2018; ,,; Æ&#x2018; 05+ Æ&#x2018; ;,* Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; *(+ Æ&#x2018; *(+ Æ&#x2018; ,,;
0U[YVK\J[PVU [V >PUK 7OV[V]VS[HPJ :`Z[LTZ 7PWLÃ&#x201E;[[PUN 7YVJLK\YLZ 0UK\Z[YPHS :HML[` 7YVN 3VNPJ *VU[YVSSLYZ 00 /40 ¶ /\THU 4HJOPUL 0U[LYMHJL *(+ :`Z[LTZ :WLJPHS (WWSPJH[PVUZ VM *(+ 9LZPKLU[PHS >PYPUN 0
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
3HRL 3HUK *VSSLNL
4LKPJHS *VKPUN :WLJPHSPZ[ 6USPUL *LY[PÃ&#x201E;JH[L *9; 4*: *LY[PÃ&#x201E;JH[L
4LKPJHS *VKPUN :WLJPHS *LY[PÃ&#x201E;JH[L ¶ *9; 4*: WYLZLU[Z H JVTWYLOLUZP]L Z[\K` VM IV[O KPHNUVZ[PJ HUK WYVJLK\YHS TLKPJHS JVKPUN \ZPUN UH[PVUHSS` YLJVNUPaLK 0*+ *4 *7; HUK /*7*: JVKPUN 0[ WYLWHYLZ [OL Z[\KLU[ MVY LTWSV`TLU[ HZ H JVKPUN ZWLJPHSPZ[ PU OVZWP[HSZ JSPUPJZ Z\YNLY` JLU[LYZ SVUN [LYT HUK OVTL OLHS[O JHYL MHJPSP[PLZ *VKPUN ZWLJPHSPZ[Z HYL HSZV LTWSV`LK I` JVUZ\S[PUN Ã&#x201E;YTZ JVKPUN HUK IPSSPUN ZLY]PJLZ PUZ\YHUJL JVTWHUPLZ HUK NV]LYUTLU[HS HNLUJPLZ <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT NYHK\H[LZ ^PSS IL HISL [V WHZZ JVKPUN L_HTZ H]HPSHISL [OYV\NO UH[PVUHS VYNHUPaH[PVUZ Z\JO HZ [OL (TLYPJHU /LHS[O 0UMVYTH[PVU 4HUHNLTLU[ (ZZVJPH[PVU (/04( HUK [OL (TLYPJHU (JHKLT` VM 7YVMLZZPVUHS *VKLYZ ((7* 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; 4*: Æ&#x2018; )06 Æ&#x2018; (/,
:,*65+ @,(9 /V\YZ
7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ /LHS[O 0UMVYTH[PVU MVY 7YVMLZZPVUHSZ )HZPJ (UH[VT` HUK 7O`ZPVSVN` 7H[OVWO`ZPVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 4*: Æ&#x2018; )<: Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; 4*:
4*:
796.9(4 ;6;(3
4*:
:LJVUK :LTLZ[LY
Æ&#x2018; 75* Æ&#x2018; 75* Æ&#x2018; (/, Æ&#x2018; 4*: Æ&#x2018; 4*: Æ&#x2018; )<: Æ&#x2018; )<:
)HZPJ 7OHYTHJVSVN` 0 46+ )HZPJ 7OHYTHJVSVN` 00 46+ 4LKPJHS ;LYTPUVSVN` 7YPUJPWSLZ VM *7; *VKPUN 7YPUJPWSLZ VM 0*+ *4 *VKPUN 4LKPJHS ;YHUZJYPW[PVU 46+ (K]HUJLK 4LKPJHS ;YHUZJYPW[PVU 46+ ;6;(3
/V\YZ 4LKPJHS 0UZ\YHUJL 9LPTI\YZLTLU[ )\ZPULZZ *VTT\UPJH[PVUZ (K]HUJLK *7; *VKPUN HUK 4VKPÃ&#x201E;LYZ (K]HUJLK 0*+ *4 *VKPUN /VZWP[HS ¶ 4LKPJHS *VKPUN 0U[LYUZOPW VY /VZWP[HS *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW *SPUPJ ¶ 4LKPJHS *VKPUN 0U[LYUZOPW VY *SPUPJ *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW ;6;(3
Æ&#x2018; 4*:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[OSLLU +H\NOLY[` ,THPS! RKH\NOLY[`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
4LKPJHS ;YHUZJYPW[PVUPZ[ *9; 4+;95 *LY[PÃ&#x201E;JH[L
4LKPJHS ;YHUZJYPW[PVUPZ[ *9; 4+;95 ¶ WYLWHYLZ NYHK\H[LZ MVY H JHYLLY PU [OL NYV^PUN TLKPJHS Ã&#x201E;LSK 0U [OPZ PU[LUZP]L VUL `LHY WYVNYHT Z[\KLU[Z NHPU RUV^SLKNL VM TLKPJHS [LYTPUVSVN` TLKPJHS [YHUZJYPW[PVU TLKPJHS PUZ\YHUJL HUK JVKPUN WYVJLK\YLZ PU HKKP[PVU [V [OL SH[LZ[ HK]HUJLZ PU JVTW\[LY ZVM[^HYL HUK VMÃ&#x201E;JL WYVJLK\YLZ :[\KLU[Z NHPU OHUKZ VU L_WLYPLUJL [OYV\NO H [OYLL OV\Y PU[LYUZOPW 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 :\TTLY ;LYT
Æ&#x2018; (/, Æ&#x2018; *0:
/V\YZ 4LKPJHS ;LYTPUVSVN` 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ ;6;(3
(K]HUJLK -VYTH[[PUN )\ZPULZZ ,UNSPZO 4LKPJHS ;YHUZJYPW[PVU 46+ ( K]HUJLK 4LKPJHS ;YHUZJYPW[PVU 46+ 4LKPJHS 0UZ\YHUJL HUK *VKPUN )HZPJ (UH[VT` HUK 7O`ZPVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ,5. Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )06
:LJVUK :LTLZ[LY
Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[OSLLU +H\NOLY[` ,THPS! RKH\NOLY[`'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
:WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ 7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 4LKPJHS ;YHUZJYPW[PVUPZ[ 0U[LYUZOPW 6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
5HUU` *OPSK *HYL 7YV]PKLY *9; 5**7 *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ [OL Z[\KLU[ MVY [OL JHYL VM JOPSKYLU PU H SP]L V\[ VY SP]L PU MHTPS` VYPLU[LK ZL[[PUN 0U HKKP[PVU [V KL]LSVWPUN [OL ZRPSSZ HUK RUV^SLKNL ULLKLK [V WYV]PKL MVY [OL JOPSK»Z WO`ZPJHS PU[LSSLJ[\HS LTV[PVUHS HUK ZVJPHS ^LSS ILPUN [OL UHUU` ^PSS HJX\PYL IHZPJ OVTL THUHNLTLU[ ZRPSSZ ,TWOHZPZ PZ HSZV NP]LU [V PU[LYWLYZVUHS YLSH[PVUZOPWZ ZPUJL [OL UHUU` PZ VM[LU JVUZPKLYLK H TLTILY VM [OL MHTPS` ( ¸*¹ H]LYHNL PU YLX\PYLK ,HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU JVYL JSHZZLZ T\Z[ IL THPU[HPULK I` Z[\KLU[Z WYPVY [V LUYVSSPUN PU ,*, ,*, HUK T\Z[ IL [HRLU [OL ZHTL ZLTLZ[LY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; /,+
/V\YZ 0U[YV [V ,HYS` *OPSKOVVK ,K\JH[PVU /LHS[O :HML[` 5\[YP[PVU @V\UN *OPSK *YLH[P]L (J[P]P[PLZ -VY *OPSKYLU 0UMHU[ ;VKKSLY ,U]PYVUTLU[ *OPSK )LOH]PVY HUK 4HUHNLTLU[ 9LZWVUKPUN [V ,TLYNLUJPLZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; ,*, Æ&#x2018; 7:@ Æ&#x2018; :7, Æ&#x2018; ,*, Æ&#x2018; ,*,
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
-HTPS` 9LSH[PVUZ 5HUU` -HTPS` 9LSH[PVUZOPWZ *OPSK +L]LSVWTLU[ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU -PLSK ,_WLYPLUJL :LTPUHY -PLSK ,_WLYPLUJL ;6;(3
796.9(4 ;6;(3
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;LYLZH 3HUN ,THPS! [SHUN'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
6MÃ&#x201E;JL (ZZPZ[HU[ 9LJLW[PVUPZ[ *9; 6-9,* *LY[PÃ&#x201E;JH[L
7YLWHYLZ NYHK\H[LZ PU HU PU[LUZP]L VUL `LHY WYVNYHT MVY LU[Y` SL]LS VMÃ&#x201E;JL Z\WWVY[ WVZP[PVUZ :[\KLU[Z NHPU IHZPJ RUV^SLKNL VM J\YYLU[ VMÃ&#x201E;JL WYVJLK\YLZ HUK JVTW\[LY ZVM[^HYL HJJV\U[PUN HUK SL[[LY JVTWVZP[PVU (SS JV\YZLZ HWWS` [V^HYK [OL (KTPUPZ[YH[P]L (ZZPZ[HU[ KLNYLLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; ,5. Æ&#x2018; )<: )<: Æ&#x2018; *0:
/V\YZ (K]HUJLK -VYTH[[PUN )\ZPULZZ 4H[OLTH[PJZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ ,UNSPZO -\UKHTLU[HSZ VM (JJV\U[PUN VY -PUHUJPHS (JJV\U[PUN ,_JLS ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0:
*0: *0: *0: *0: )<:
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ
7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; )\ZPULZZ *VTT\UPJH[PVUZ 6MÃ&#x201E;JL ;YHUZJYPW[PVU 46+ 0U+LZPNU VY 8\HYR?7YLZZ VY :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ VY (JJLZZ VY >LI 7HNL +LZPNU VY *VTW\[LYPaLK (JJV\U[PUN ¶ ;6;(3 ¶
56;,:!
¶
3HRL 3HUK *VSSLNL
6MÃ&#x201E;JL 4HUHNLTLU[
((: 6-4.; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL 7YLWHYLZ NYHK\H[LZ [V TH_PTPaL VMÃ&#x201E;JL LMÃ&#x201E;JPLUJ` I` JVVYKPUH[PUN JSLYPJHS Z[HMM ^VYR Ã&#x2026;V^ HUK VMÃ&#x201E;JL WYVJLK\YLZ HUK [V HJ[ HZ H SPHPZVU IL[^LLU THUHNLTLU[ HUK JSLYPJHS ^VYRLYZ :[\KLU[Z NHPU OHUKZ VU L_WLYPLUJL [OYV\NO H Ã&#x201E;]L OV\Y PU[LYUZOPW 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ,5. ,5.
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: )<:
Æ&#x2018; :-:
/,+ 7,+
:,*65+ @,(9 /V\YZ
5V[L[HRPUN Â&#x2020; )\ZPULZZ ,UNSPZO VY *VTWVZP[PVU 0 (K]HUJLK -VYTH[[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 7YPUJPWSLZ VM (K]LY[PZPUN VY 0U[YVK\J[PVU [V )\ZPULZZ :[YH[LNPLZ MVY :\JJLZZ VY /LHS[O ,SLJ[P]L VY 7 , ,SLJ[P]L ;6;(3
*0:
Æ&#x2018; ,*6
)\ZPULZZ 4H[OLTH[PJZ 7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; 7YPUJPWSLZ VM 4HUHNLTLU[ -\UKHTLU[HSZ VM (JJV\U[PUN VY -PUHUJPHS (JJV\U[PUN ,_JLS VY 0U[YVK\J[PVU [V 5L[^VYRPUN 7YPUJPWSLZ VM ,JVUVTPJZ 0 ;6;(3
Æ&#x2018; *0: Æ&#x2018; *0: )<:
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; :7,
/V\YZ (K]HUJLK :VM[^HYL (WWSPJH[PVUZ >LI 7HNL +LZPNU VY *VTW\[LYPaLK (JJV\U[PUN :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ (JJLZZ )\ZPULZZ *VTT\UPJH[PVUZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<:
0U[YVK\J[PVU [V 7Z`JOVSVN` (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; 6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW 6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY ;6;(3
796.9(4 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: )<: Æ&#x2018; *0:
-PYZ[ :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ .LULYHS 5+7 6-:2 .,5 *LY[PÃ&#x201E;JH[L
;OPZ ZOVY[ [LYT JLY[PÃ&#x201E;JH[L JHU IL [HPSVYLK [V Ã&#x201E;[ [OL ULLKZ VM H Z[\KLU[ ^P[O UV WYL]PV\Z VMÃ&#x201E;JL L_WLYPLUJL VY H Z[\KLU[ ^OV ^HU[Z [V \WNYHKL ZRPSSZ :[\KLU[Z JHU JOVVZL MYVT ZL]LYHS JV\YZLZ [V LUOHUJL VY JVTWSLTLU[ WYL]PV\Z L_WLYPLUJL HUK VY [YHPUPUN ,TWOHZPZ PZ WSHJLK VU J\YYLU[ VMÃ&#x201E;JL [LJOUVSVN` ULLKZ HUK LMMLJ[P]L QVI ZLHYJO [LJOUPX\LZ (SS JV\YZLZ TLL[ YLX\PYLTLU[Z MVY V[OLY 6MÃ&#x201E;JL ;LJOUVSVN` KLNYLLZ HUK JLY[PÃ&#x201E;JH[LZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: )<: Æ&#x2018; )<: Æ&#x2018;
/V\YZ (K]HUJLK -VYTH[[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ VY 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; -\UKHTLU[HSZ VM (JJV\U[PUN ,SLJ[P]LZ ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; )<: Æ&#x2018; *0:
,_JLS (JJLZZ 7YVJLZZPUN 0UMVYTH[PVU Â&#x2020;Â&#x2020; (K]HUJLK :VM[^HYL (WWSPJH[PVUZ 0U+LZPNU 8\HYR?WYLZZ *VTW\[LYPaLK (JJV\U[PUN >LI 7HNL +LZPNU (K]HUJLK >LI 7HNL +LZPNU (\[VTH[LK 6MÃ&#x201E;JL 7YVJLK\YLZ 46+ Â&#x2020;Â&#x2020;Â&#x2020; :WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN HUK Z\TTLY ZLTLZ[LYZ Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LYZ ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 6MÃ&#x201E;JL ;LJOUVSVN` *VVYKPUH[VY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 4LKPJHS 5+7 6-:2 4,+ *LY[PÃ&#x201E;JH[L
;OPZ ZOVY[ [LYT JLY[PÃ&#x201E;JH[L PZ [HPSVYLK [V Ã&#x201E;[ [OL ULLKZ VM H Z[\KLU[ ^P[O UV WYL]PV\Z VMÃ&#x201E;JL L_WLYPLUJL VY H Z[\KLU[ ^OV ^HU[Z [V \WNYHKL ZRPSSZ PU [OL TLKPJHS Ã&#x201E;LSK ,TWOHZPZ PZ WSHJLK VU J\YYLU[ VMÃ&#x201E;JL [LJOUVSVN` ULLKZ TLKPJHS [LYTPUVSVN` HUK TLKPJHS VMÃ&#x201E;JL WYVJL K\YLZ HUK LMMLJ[P]L QVI ZLHYJO [LJOUPX\LZ (SS JV\YZLZ TLL[ YLX\PYLTLU[Z MVY [OL (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 4LKPJHS ¶ (ZZVJPH[L +LNYLL WYVNYHT HUK [OL 4LKPJHS ;YHUZJYPW[PVUPZ[ *LY[PÃ&#x201E;JH[L 4HU` JV\YZLZ HYL VMMLYLK VUSPUL 6[OLY JV\YZLZ JHU IL JVTWSL[LK Z\JJLZZM\SS` K\YPUN [OL KH` VY L]LUPUN JVSSLNL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: )<: Æ&#x2018; (/, Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018;
/V\YZ
(K]HUJLK -VYTH[[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ VY 7YVMLZZPVUHS +L]LSVWTLU[ 4VK Â&#x2020;Â&#x2020;Â&#x2020; 4LKPJHS ;LYTPUVSVN` 4LKPJHS 0UZ\YHUJL HUK *VKPUN 4LKPJHS ;YHUZJYPW[PVU 4VK (K]HUJLK 4LKPJHS ;YHUZJYPW[PVU 4VK (WWYV]LK ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY 9LJVTTLUK Z[\KLU[Z [HRL )06 )HZPJ (UH[VT` HUK 7O`ZPVSVN`
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[OSLLU +H\NOLY[` ,THPS! RKH\NOLY[`'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 46: 5+7 6-:2 46: *LY[PÃ&#x201E;JH[L
;OPZ ZOVY[ [LYT JLY[PÃ&#x201E;JH[L PZ [HPSVYLK [V Ã&#x201E;[ [OL ULLKZ VM H Z[\KLU[ ^P[O UV WYL]PV\Z VMÃ&#x201E;JL L_WLYPLUJL VY H Z[\KLU[ ^OV ^HU[Z [V \WNYHKL ZRPSSZ HUK HWWS` MVY JLY[PÃ&#x201E;JH[PVU PU [OL \ZL VM 4PJYVZVM[ 6MÃ&#x201E;JL I\ZPULZZ HWWSPJH[PVUZ 0U VYKLY [V YLJLP]L 46: JLY[PÃ&#x201E;JH[PVU Z[\KLU[Z T\Z[ WH` H MLL [V [HRL HU L_HT H[ H 4PJYVZVM[ HWWYV]LK SVJH[PVU ,TWOHZPZ PZ WSHJLK UV[ VUS` VU J\YYLU[ VMÃ&#x201E;JL [LJOUVSVN` ULLKZ I\[ HSZV VU LMMLJ[P]L QVI ZLHYJO [LJOUPX\LZ 4HU` VM [OL JV\YZLZ TLL[ YLX\PYLTLU[Z MVY V[OLY 6MÃ&#x201E;JL ;LJOUVSVN` KLNYLLZ HUK JLY[PÃ&#x201E;JH[LZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; *0: Æ&#x2018; )<: )<: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; *0:
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3PZH 1VIL ,THPS! SQVIL'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ (K]HUJLK -VYTH[[PUN 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ *VTT\UPJH[PVUZ VY 7YVMLZZPVUHS +L]LSVWTLU[ 46+ Â&#x2020;Â&#x2020;Â&#x2020; (JJLZZ +H[HIHZL 4HUHNLTLU[ ,_JLS (K]HUJLK :VM[^HYL (WWSPJH[PVUZ ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
7HYHTLKPJHS :LY]PJLZ
((: 7: (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL HZZVJPH[L KLNYLL PU 7HYHTLKPJHS :LY]PJLZ PZ H [^V `LHY PU[LUZP]L WYVNYHT [OH[ PUJS\KLZ JSHZZYVVT ZRPSSZ SHIVYH[VY` OVZWP[HS HUK Ã&#x201E;LSK JSPUPJHS L_WLYPLUJLZ ;OL Z[\KLU[ PZ H^HYKLK HUK HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL \WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT HUK ^PSS IL LSPNPISL [V [HRL [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O ,4; 7HYHTLKPJ SPJLUZPUN L_HTPUH[PVU VY [OL 5H[PVUHS 9LNPZ[Y` VM ,4;»Z L_HTPUH[PVU *VTWSL[PVU VM [OL [OL HZZVJPH[L KLNYLL PU 7HYHTLKPJHS :LY]PJLZ KVLZ UV[ N\HYHU[LL SPJLUZ\YL ;OLYL HYL ZVTL JVUKP[PVUZ MVY ^OPJO [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ TH` YLM\ZL [V PZZ\L H SPJLUZL HWWSPJH[PVU OPUKYHUJLZ ;OPZ WYVNYHT PZ JVUK\J[LK PU JVVWLYH[PVU ^P[O :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY HUK PZ HWWYV]LK I` [OL 0SSPUVPZ +LWHY[ TLU[ VM 7\ISPJ /LHS[O +P]PZPVU VM ,4: HUK /PNO^H` :HML[` 7YVNYHT NYHK\H[LZ HYL WYLWHYLK MVY JHYLLY VW WVY[\UP[PLZ PU [OL Ã&#x201E;LSK VM ,TLYNLUJ` 4LKPJHS :LY]PJLZ ,4: PUJS\KPUN I\[ UV[ SPTP[LK [V \YIHU HUK Y\YHS HTI\SHUJL ZLY]PJLZ HUK VY Ã&#x201E;YL KLWHY[TLU[Z" PUK\Z[YPHS ZL[[PUNZ" JSPUPJHS ZL[[PUNZ" HUK WVZP[PVUZ V]LYZLHZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,4: Æ&#x2018; )06 Æ&#x2018; 7:@ Æ&#x2018; (/,
/V\YZ ,TLYNLUJ` 4LK ;LJO ¶ )HZPJ /\THU (UH[VT` HUK 7O`ZPVSVN` 0 /\THU +L]LSVWTLU[ 3PML :WHU 4H[O MVY 4LKPJH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,4: Æ&#x2018; ,4: Æ&#x2018; )06 Æ&#x2018; /,+ Æ&#x2018; ,5.
7HYHTLKPJHS :LY]PJLZ 0 7HYHTLKPJ :RPSSZ 0 /\THU (UH[VT` HUK 7O`ZPVSVN` 00 +PZLHZL 7YVJLZZLZ *VTWVZP[PVU 0 ;6;(3
:\TTLY ;LYT
Æ&#x2018; ,4:
7HYHTLKPJHS :LY]PJLZ 00 ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,4: Æ&#x2018; ,4: Æ&#x2018; 7:@
,4: 7OHYTHJVSVN` 7HYHTLKPJHS :LY]PJLZ 000 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,4: Æ&#x2018; ,4:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
7HYHTLKPJHS :LY]PJLZ 0= 7HYHTLKPJ :RPSSZ 00 ;6;(3
796.9(4 ;6;(3
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +H]L )\KKL ,THPS! KI\KKL 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7HYHWYVMLZZPVUHS ,K\JH[PVU ¶ ;LHJOLY (PKL ((: 79796 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT PZ KLZPNULK [V WYV]PKL Z[\KLU[Z ^P[O [OL RUV^SLKNL IHZL HUK WYHJ[PJHS ZRPSSZ ULJLZZHY` MVY HZZPZ[PUN [LHJOLYZ PU H W\ISPJ ZJOVVS ZL[[PUN ;OPZ KLNYLL PZ Z\P[LK MVY PUKP]PK\HSZ ^OV KLZPYL H JHYLLY ^VYRPUN ^P[O JOPSKYLU PU HU LK\JH[PVUHS SLHYUPUN LU]PYVUTLU[ 0U YLZWVUZL [V [OL 5V *OPSK 3LM[ )LOPUK (J[ [OPZ KLNYLL PU 7HYHWYVMLZZPVUHS ,K\JH[PVU TLL[Z [OL YLJVTTLUKLK J\YYPJ\S\T V\[SPULK I` [OL 0SSPUVPZ :[H[L )VHYK VM ,K\JH[PVU ,*, HUK T\Z[ IL [HRLU [OL ZHTL ZLTLZ[LY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,+< Æ&#x2018; 30; Æ&#x2018; ,+< Æ&#x2018; 4(; Æ&#x2018; ,*,
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V ,K\JH[PVU *OPSKYLU»Z 3P[LYH[\YL ;LHJOPUN HUK 3LHYUPUN ^P[O ;LJOUVSVN` 4H[O MVY ,SLTLU[HY` ;LHJOLYZ *OPSK )LOH]PVY HUK 4HUHNLTLU[ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; ,5. Æ&#x2018; ,*, Æ&#x2018; 7:@ Æ&#x2018; ,*,
/V\YZ )PVSVNPJHS :JPLUJL *VTWVZP[PVU 00 /LHS[O :HML[` 5\[YP[PVU @V\UN *OPSK 0U[YVK\J[PVU [V 7Z`JOVSVN` *YLH[P]L (J[P]P[PLZ -VY *OPSKYLU ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; :7, Æ&#x2018; ,+< Æ&#x2018; 4(; Æ&#x2018; ,*,
*OPSK +L]LSVWTLU[ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU 4H[O MVY ,SLTLU[HY` ;LHJOLYZ 00 0UZ[Y\J[PVUHS 4L[OVKZ ;6;(3
Æ&#x2018; /<4 Æ&#x2018; ,+< Æ&#x2018; ,*, Æ&#x2018; ,*, Æ&#x2018; ,+< Æ&#x2018;
/\THUP[PLZ [OYV\NO [OL (Y[Z ,K\JH[PVUHS 7Z`JOVSVN` -PLSK ,_WLYPLUJL :LTPUHY -PLSK ,_WLYPLUJL +P]LYZP[` PU :JOVVSZ HUK :VJPL[PLZ ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;LYLZH 3HUN ,THPS! [SHUN'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
7HYHWYVMLZZPVUHS ,K\JH[PVU ¶ ;LHJOLY (PKL *9; 79796 *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT PZ KLZPNULK [V WYV]PKL Z[\KLU[Z ^P[O [OL RUV^SLKNL IHZL HUK WYHJ[PJHS ZRPSSZ ULJLZZHY` MVY HZZPZ[PUN ^P[O JOPSKYLU HUK [LHJOLYZ PU H W\ISPJ ZJOVVS ZL[[PUN ;OL JLY[PÃ&#x201E;JH[L VW[PVU PZ [OL Ã&#x201E;YZ[ `LHY VM [OL [^V `LHY (ZZVJPH[L PU (WWSPLK ZJPLUJL +LNYLL PU 7HYHWYVMLZZPVUHS ,K\JH[PVU :[\KLU[Z HYL LUJV\YHNLK [V JOLJR ^P[O [OLPY SVJHS ZJOVVS KPZ[YPJ[ VU ZWLJPÃ&#x201E;J JVSSLNL LK\JH[PVU YLX\PYLTLU[Z ULLKLK PU [OL Ã&#x201E;LSK VM WHYHWYVMLZZPVUHS LK\JH[PVU 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,+< Æ&#x2018; 30; Æ&#x2018; ,*, Æ&#x2018; 4(; Æ&#x2018; ,*,
/V\YZ *VTWVZP[PVU 0 0U[YVK\J[PVU [V ,K\JH[PVU *OPSKYLU»Z 3P[LYH[\YL *YLH[P]L (J[P]P[PLZ -VY *OPSKYLU 4H[O MVY ,SLTLU[HY` ;LHJOLYZ *OPSK )LOH]PVY HUK 4HUHNLTLU[ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,+< Æ&#x2018; 7:@ Æ&#x2018; :7, Æ&#x2018; ,+< Æ&#x2018; 4(;
;LHJOPUN HUK 3LHYUPUN ^P[O ;LJOUVSVN` *OPSK +L]LSVWTLU[ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU 4H[O MVY ,SLTLU[HY` ;LHJOLYZ 00 ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;LYLZH 3HUN ,THPS! [SHUN'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;YHJR ((: 7;( ;92 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;YHJR WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7;( WYVNYHT (WWSPJHU[Z HYL PUZ[Y\J[LK [V ILNPU [OLPY 7;( (WWSPJH[PVU ^P[O [OL ((: 7;( ;92 THQVY JVKL :[\KLU[Z HYL JV\UZLSLK VU HKTPZZPVU YLX\PYLTLU[Z PU[V [OL 7;( WYVNYHT HZ ^LSS HZ WYLWHYH[VY` JV\YZL ^VYR [OH[ ^PSS PUJYLHZL [OLPY Z\JJLZZ YH[L VUJL [OL` HYL HJJLW[LK PU[V [OL 7;( WYVNYHT 6UJL HJJLW[LK PU[V [OL 7;( WYVNYHT [OL THQVY JVKL ^PSS IL JOHUNLK [V ((: 7;( 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HY[OH 4PV\_ ,THPS! TTPV\_'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[
((: 7;( (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7;( PZ H ZRPSSLK OLHS[O LTWSV`LL ^VYRPUN \UKLY [OL Z\WLY]PZPVU VM H SPJLUZLK 7O`ZPJHS ;OLYHWPZ[ [V WYV]PKL KPYLJ[ JHYL [V WH[PLU[Z PU H ]HYPL[` VM OLHS[O JHYL ZL[[PUNZ ;OL WYVMLZZPVUHS JHYL NP]LU I` [OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ MVJ\ZLZ VU WH[PLU[Z VM HSS HNLZ ^P[O [LTWVYHY` VY WLYTHULU[ M\UJ[PVUHS SPTP[H[PVUZ K\L [V PSSULZZ KPZLHZL VY PUQ\Y` ;OL 7;( ^VYRZ JSVZLS` ^P[O WH[PLU[Z [V YLZ[VYL M\UJ[PVU WYL]LU[ VY YLSPL]L WHPU WYL]LU[ KPZHIPSP[` HUK YLZ[VYL WO`ZPJHS JVVYKPUH[PVU Z[YLUN[O HUK TVIPSP[` [OYV\NO [OLYHWL\[PJ L_LYJPZL HUK [OL HWWSPJH[PVU VM TVKHSP[PLZ ;OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ WYVNYHT PZ H Ã&#x201E;]L JVUZLJ\[P]L ZLTLZ[LY WYVNYHT ^OPJO PUJS\KLZ JSHZZYVVT ZRPSSZ SHIVYH[VY` HUK JSPUPJHS L_WLYPLUJL PU ]HYPV\Z OLHS[OJHYL MHJPSP[PLZ 6UJL HKTP[[LK [V [OL WYVNYHT [OL Z[\KLU[ T\Z[ WYVNYLZZ [OYV\NO [OL JV\YZLZ JVYYLZWVUKPUN [V [OL J\YYPJ\S\T TVKLS ( ¸*¹ NYHKL PZ YLX\PYLK PU HSS 7;( J\YYPJ\S\T JV\YZLZ MVY WYVNYLZZPVU JVTWSL[PVU ;OPZ WYVNYHT PZ HJJYLKP[LK I` [OL *VTTPZZPVU MVY (JJYLKP[H[PVU PU 7O`ZPJHS ;OLYHW` ,K\JH[PVU *(7;, VM [OL (TLYPJHU 7O`ZPJHS ;OLYHW` (ZZVJPH[PVU (7;( :[\KLU[Z ^OV OH]L Z\JJLZZM\SS` JVTWSL[LK [OL WYVNYHT ^PSS IL HSSV^LK [V ZP[ MVY [OL 5H[PVUHS )VHYK ,_HTPUH[PVU MVY 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[Z 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ HWWSPJH[PVU YLX\PYLTLU[Z PUJS\KL HKTPZZPVU [V 3HRL 3HUK *VSSLNL" JVTWSL[PVU VM [OL 7;( 7YVNYHT HWWSPJH[PVU MVYT VI[HPULK MYVT [OL 7;( ^LIZP[L " JVTWSL[PVU VM [OL *647(:: HZZLZZTLU[ [LZ[Z" JVTWSL[PVU ^P[O H ¸*¹ VY IL[[LY VM VUL `LHY OPNO ZJOVVS IPVSVN` VY aVVSVN` VY 3HRL 3HUK *VSSLNL )PV :JPLUJL 0 )06 ^P[OPU [OL WHZ[ Ã&#x201E;]L `LHYZ 0[ PZ [OL YLZWVUZP IPSP[` VM Z[\KLU[Z [V ZLL [OH[ [OLPY HWWSPJH[PVU Ã&#x201E;SL PZ JVTWSL[LK I` 4HYJO MVY JVUZPKLYH[PVU MVY [OL MHSS ZLTLZ[LY 0U HKKP[PVU [V [\P[PVU HUK MLLZ JVZ[Z MVY [OL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ WYVNYHT Z[\KLU[Z PUJS\KL! WO`ZPJHS L_HTPUH[PVU HUK PTT\UPaH[PVU ^VYRIVVRZ JYPTPUHS IHJRNYV\UK JOLJR KY\N [LZ[PUN JSPUPJHS H[[PYL [YHUZWVY[H[PVU [V JSPUPJHS L_WLYPLUJLZ H[[LTW[Z ^PSS IL THKL [V RLLW [YH]LS KPZ[HUJL UV NYLH[LY [OHU TPSLZ VUL ^H` VY OV\YZ HUK [OL IVHYK L_HT SPJLUZL MLL +V^USVHK [OL 7;( :LSLJ[PVU 7YVJLZZ :OLL[ HUK *OLJRSPZ[ MVY JVTWSL[L HWWSPJH[PVU WYVJLK\YL :LL JHYLLY [YHJR WYVNYHT 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;YHJR ((: 7;( ;92 ^OLU ZLSLJ[PUN H THQVY 3HRL 3HUK *VSSLNL OHZ JVVWLYH[P]L HNYLLTLU[Z PU WSHJL ^P[O 7HYRSHUK *VSSLNL 9PJOSHUK *VTT\UP[` *VSSLNL HUK +HU]PSSL (YLH *VTT\UP[` *VSSLNL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4HY[OH 4PV\_ 7YVNYHT +PYLJ[VY ,THPS! TTPV\_'SHRLSHUK JJ PS \Z 7OVUL!
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 7/@
/V\YZ -\UKHTLU[HSZ VM 7;( 0 Â&#x2020; 7;( *SPUPJHS 7YHJ[PJ\T 0 Â&#x2020; *VTWVZP[PVU 0 /\THU (UH[VT` HUK 7O`ZPVSVN` 0 *VUJLW[Z VM 7O`ZPJZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7;( Æ&#x2018; )06 Æ&#x2018; 7,+ Æ&#x2018; 7:@
-\UKHTLU[HSZ VM 7;( 00 Â&#x2020;Â&#x2020;Â&#x2020; /\THU (UH[VT` HUK 7O`ZPVSVN` 00 2PULZPVSVN` Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
:\TTLY ;LYT
Æ&#x2018; 7;(
7;( *SPUPJHS 7YHJ[PJ\T 000 ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; /,+ Æ&#x2018; :7,
-\UKHTLU[HSZ VM 7;( 000 Â&#x2020; 6Y[OVWLKPJ *VUJLW[Z HUK (WWSPJH[PVUZ Â&#x2020; 7;( *SPUPJHS 7YHJ[PJ\T 0= Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; 7;( Æ&#x2018; 7:@
-\UKHTLU[HSZ VM 7;( 0= Â&#x2020;Â&#x2020;Â&#x2020; 7H[OVSVN` MVY 7;( Â&#x2020;Â&#x2020;Â&#x2020; 7;( :LTPUHY Â&#x2020;Â&#x2020;Â&#x2020; 7;( *SPUPJHS 7YHJ[PJ\T = Â&#x2020;Â&#x2020;Â&#x2020; 7Z`JOVSVN` VM 4H[\YP[` HUK 6SK (NL ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL VMMLYLK PU Z\TTLY [LYT VUS`
3HRL 3HUK *VSSLNL
7V^LY 7SHU[ 4LJOHUPJ
((: 774 (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OL 7V^LY 7SHU[ 4LJOHUPJ WYVNYHT PZ HU (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL KLZPNULK [V WYLWHYL NYHK\H[LZ MVY LTWSV`TLU[ PU WV^LY NLULYH[PVU MHJPSP[PLZ ;OL WYVNYHT MVJ\ZLZ VU T\S [PWSL ^LSKPUN WYVJLZZLZ THJOPUPUN HUK TLJOHUPJHS Z`Z[LTZ HZZVJPH[LK ^P[O WV^LY NLULYH[PVU MHJPSP[PLZ .YHK\H[LZ VM [OPZ WYVNYHT ^PSS M\UJ[PVU HZ ZRPSSLK [LJOUPJPHUZ WLYMVYTPUN PUZ[HSSH[PVU [YV\ISLZOVV[PUN THPU[LUHUJL HUK YLWHPY VM TLJOHUPJHS Z`Z[LTZ LTWSV`LK PU [OL WYVK\J[PVU VM LSLJ[YPJ WV^LY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; >,3 Æ&#x2018; ;,* Æ&#x2018; 77; Æ&#x2018; :6: Æ&#x2018; ;,* Æ&#x2018; ;,*
:,*65+ @,(9 /V\YZ
>LSKPUN -\UKHTLU[HSZ 7YVWLY[PLZ VM 4L[HSZ 7V^LY 7SHU[ ;LJOUVSVN` 0 /\THU 9LSH[PVUZ (WWSPLK :OVW *VTW\[H[PVUZ )S\L 7YPU[ 9LHKPUN MVY 0UK\Z[Y` Â&#x2020; ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 05+ Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; :7, Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; ;,*
/V\YZ 0UK\Z[YPHS 7\TWZ .HZ 4L[HS (YJ >LSKPUN 0 .HZ 4L[HS (YJ >LSKPUN 00 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 7PWLÃ&#x201E;[[PUN 7YVJLK\YLZ -S\PK 7V^LY 0UK\Z[YPHS :HML[` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; >,3 Æ&#x2018; 05+ Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; ,5. Æ&#x2018; /,+ Æ&#x2018; 4,;
4L[HS *\[[PUN -HIYPJH[PVU 9PNNPUN /VPZ[PUN :OPLSKLK 4L[HS (YJ >LSKPUN 0 :OPLSKLK 4L[HS (YJ >LSKPUN 00 >YP[PUN MVY 0UK\Z[Y` 9LZWVUKPUN [V ,TLYNLUJPLZ 4LJOHUPJHS +YP]L :`Z[LTZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 05+ Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; 4;; Æ&#x2018;
0UK\Z[YPHS =HS]LZ .HZ ;\UNZ[LU (YJ >LSKPUN 7PWL -P[[PUN >LSKPUN 0U[YVK\J[PVU [V 4HJOPUPUN 7YVJLK\YLZ :VJPHS :JPLUJL ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
:\TTLY ;LYT
Æ&#x2018; 77;
: 6 , ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU .LU[Y` ,THPS! QNLU[Y`'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
7V^LY 7SHU[ ;LJOUVSVN`
((: 77; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL 7V^LY 7SHU[ ;LJOUVSVN` NYHK\H[LZ WLYMVYT PUZ[HSSH[PVU HUK THPU[LUHUJL M\UJ[PVUZ VU PUZ[Y\TLU[H[PVU HUK JVU[YVS LX\PWTLU[ PU LSLJ[YPJ \[PSP[` WV^LY WSHU[Z HUK V[OLY YLSH[LK PUK\Z[YPLZ 1VI YLZWVUZPIPSP[PLZ PUJS\KL PUZ[HSSH[PVU JHSPIYH[PVU THPU[LUHUJL [YV\ISLZOVV[ PUN HUK YLWHPY VM JVTT\UPJH[PVUZ Z`Z[LTZ TV[VY JVU[YVSZ WYVNYHTTHISL SVNPJ JVU[YVSSLYZ WUL\TH[PJ HUK O`KYH\SPJ LX\PWTLU[ HUK /=(* Z`Z[LTZ <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT Z[\KLU[Z HYL WYLWHYLK MVY LU[Y` SL]LS LTWSV` TLU[ PU [OL \[PSP[` PUK\Z[Y` HZ PUZ[Y\TLU[ JVU[YVS [LJOUPJPHUZ VY LSLJ[YPJHS YLWHPYTLU PU H WV^LY NLULYH[PVU MHJPSP[` VY YLSH[LK PUK\Z[Y` 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,5. Æ&#x2018; 77; Æ&#x2018; *0: Æ&#x2018; ;,* Æ&#x2018; ;,*
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJZ 4VK ,SLJ[YPJ *PYJ\P[Z 0 4VK >YP[PUN MVY 0UK\Z[Y` 7V^LY 7SHU[ ;LJOUVSVN` 0 Â&#x2020; *VTW\[LY (WWSPJH[PVUZ ;LJOUPJHS 4H[O 0 4VK ;LJOUPJHS 4H[O 00 4VK ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 05+ Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ;,* Æ&#x2018; 77; Æ&#x2018;
/V\YZ 7UL\TH[PJ *VU[YVSZ Â&#x2020; 0UK\Z[YPHS *VU[YVSZ 0 4VK 73* 0 4VK ,SLJ[YPJ 7V^LY +PZ[YPI\[PVU 7V^LY 7SHU[ ;LJOUVSVN` 000 Â&#x2020; ;LJOUPJHS ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; 77; Æ&#x2018; Æ&#x2018; :7, Æ&#x2018; ;,* Æ&#x2018; 77; Æ&#x2018; /,+ Æ&#x2018; ;,*
7V^LY 7SHU[ 7O`ZPJZ Â&#x2020;Â&#x2020;Â&#x2020; ;LJOUPJHS ,SLJ[P]L 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;LJOUPJHS 4H[O 000 4VK 7V^LY 7SHU[ ;LJOUVSVN` 00 Â&#x2020;Â&#x2020;Â&#x2020; 9LZWVUKPUN [V ,TLYNLUJPLZ 0UK\Z[YPHS :HML[` ;6;(3
, SLJ[YPJHS 0UZ[HSSH[PVU 7YVJLK\YLZ 4VK Â&#x2020;Â&#x2020;Â&#x2020; /=(* 0 4V[VYZ HUK .LULYH[VYZ 4VK Â&#x2020;Â&#x2020;Â&#x2020; 73* 00 4VK /40 4VK :VJPHS :JPLUJL ,SLJ[P]L ;LJOUPJHS ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
:\TTLY ;LYT
Æ&#x2018; 77;
Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; 4,; Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; Æ&#x2018;
: 6 , ;6;(3
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; ,,; Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; >,3 Æ&#x2018; >5+
7OV[V]VS[HPJ :`Z[LTZ 0UK\Z[YPHS 7\TWZ 0UK\Z[YPHS =HS]LZ -S\PK 7V^LY (S[LYUH[P]L ,ULYN` :THY[ .YPK 0U[YVK\J[PVU >LSKPUN -\UKHTLU[HSZ 0U[YV [V >PUK ;LJOUVSVN`
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY 7YLYLX\PZP[L! 4\Z[ OH]L JVTWSL[LK ZLTLZ[LY OV\YZ [V^HYK [OPZ KLNYLL ^P[O H TPUPT\T .7(
3HRL 3HUK *VSSLNL
7YHJ[PJHS 5\YZPUN ;YHJR *9; 75 ;92
;OL U\YZPUN WYVNYHTZ H[ 3HRL 3HUK *VSSLNL HYL JVTWL[P[P]L ZWLJPHS HKTPZZPVU WYVNYHT :[\KLU[Z ZOV\SK MVSSV^ [OL HWWSPJH[PVU WYVJLZZ JHYLM\SS` ;OL 7YHJ[PJHS 5\YZPUN *LY[PÃ&#x201E;JH[L ;YHJR *9; 75 ;92 WYLWHYLZ [OL Z[\KLU[ MVY HJJLW[HUJL PU[V [OL 7YHJ[PJHS 5\YZPUN 75 WYVNYHT ^OPJO ILNPUZ -HSS ZLTLZ[LY VUS` :[\KLU[Z HYL JV\UZLSLK YLNHYKPUN HKTPZZPVU YLX\PYLTLU[Z PU[V [OL 7YHJ[PJHS 5\YZPUN WYVNYHT HZ ^LSS HZ WYLWHYH[VY` JV\YZL ^VYR [OH[ TH` PUJYLHZL [OLPY Z\JJLZZ VUJL [OL` HYL HJJLW[LK PU[V [OL 75 WYVNYHT 7YLYLX\PZP[L JV\YZL ^VYR PZ UV[ YLX\PYLK MVY HJJLW[HUJL <WVU HJJLW[HUJL PU[V [OL 75 WYVNYHT [OL KPYLJ[VY ^PSS JOHUNL [OL WYVNYHT JVKL [V *9; 75 0U[LYLZ[LK Z[\KLU[Z ZOV\SK Z\ITP[ [OL 0U[LU[ [V ,UYVSS MVYT HUK SPZ[ [OLPY (JHKLTPJ 7YVNYHT HZ *9; 75 ;92 ;OLU MVSSV^ [OL 75 *OLJRSPZ[ JHYLM\SS` MVY PUZ[Y\J[PVUZ HIV\[ [OL HWWSPJH [PVU WYVJLK\YL 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 5PJVSL ALSSLY ,THPS! UaLSSLY'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
7YHJ[PJHS 5\YZPUN *9; 75 *LY[PÃ&#x201E;JH[L
;OL 7YHJ[PJHS 5\YZPUN WYVNYHT PZ H [OYLL JVUZLJ\[P]L ZLTLZ[LY WYVNYHT [OH[ PUJS\KLZ JSHZZYVVT ZRPSSZ SHIVYH[VY` HUK JSPUPJHS L_WLYPLUJL PU ]HYPV\Z OLHS[OJHYL HNLUJPLZ <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT [OL NYHK\H[L TH` HWWS` [V ^YP[L [OL 5H[PVUHS *V\UJPS 3PJLUZ\YL ,_HTPUH[PVU MVY 7YHJ[PJHS 5\YZPUN 5*3,? 75 <WVU Z\JJLZZM\S JVTWSL[PVU VM [OL 5*3,? 75 [OL NYHK\H[L TH` HWWS` MVY 75 SPJLUZ\YL *VTWSL[PVU VM [OL 75 WYVNYHT KVLZ UV[ N\HYHU[LL 75 SPJLUZ\YL ;OLYL HYL ZVTL JVUKP[PVUZ MVY ^OPJO [OL +LWHY[TLU[ VM -PUHUJPHS HUK 7YVMLZZPVUHS 9LN\SH[PVUZ TH` YLM\ZL [V PZZ\L H SPJLUZL 7SLHZL JVUZ\S[ ^P[O [OL KPYLJ[VY VM [OL 3HRL 3HUK *VSSLNL 75 WYVNYHT [V H]VPK SPJLUZL HWWSPJH [PVU OPUKYHUJLZ ;OL WYVNYHT PZ HWWYV]LK I` [OL 0SSPUVPZ +LWHY[TLU[ VM -PUHUJPHS HUK 7YVMLZZPVUHS 9LN\SH[PVU HUK HJJYLKP[LK I` [OL 5H[PVUHS 3LHN\L MVY 5\YZPUN (JJYLKP[PUN *VTTPZZPVU 535(* 7LHJO[YLL 9K 5, :\P[L ([SHU[H .( " 7OVUL! -H_! 75 IYVJO\YLZ HKTPZZPVU YLX\PYLTLU[Z PUMVYTH[PVU ZOLL[Z HUK PU[LU[ MVYTZ HYL H]HPSHISL [OYV\NO *V\UZLSPUN :LY]PJLZ HUK [OL (SSPLK /LHS[O KP]PZPVU (WWSPJHU[Z ZLLRPUN HKTPZZPVU PU[V [OL 7YHJ[PJHS 5\YZPUN WYVNYHT T\Z[ OH]L H JVTWSL[LK HWWSPJH[PVU Ã&#x201E;SL PU [OL 5\YZPUN +LWHY[TLU[ I` 4HYJO VY [OL WYLJLKPUN I\ZPULZZ KH` PM 4HYJO MHSSZ VU H ^LLRLUK (WWSPJHU[Z ^PSS IL UV[PÃ&#x201E;LK PU ^YP[PUN VM HJJLW[HUJL KLUPHS ^P[OPU ZP_ ^LLRZ VM [OL KLHKSPUL +V^USVHK [OL 75 JOLJRSPZ[ MVY [OL JVTWSL[L HWWSPJH[PVU WYVJLK\YL
(KTPZZPVU *YP[LYPH ;OL MVSSV^PUN WYVJLK\YLZ HUK WYLYLX\PZP[LZ T\Z[ IL ZH[PZÃ&#x201E;LK ILMVYL HKTPZZPVU [V [OL 3HRL 3HUK *VSSLNL 7YHJ[PJHS 5\YZPUN 7YVNYHT JHU IL JVUZPKLYLK *VTWSL[L HU HWWSPJH[PVU [V 3HRL 3HUK *VSSLNL
HUK Z\ITP[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL 5V[L! (JJLW[HUJL [V [OL JVSSLNL KVLZ UV[ N\HYHU[LL HKTPZZPVU PU[V [OL 7YHJ[PJHS 5\YZPUN WYVNYHT -VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
6I[HPU H 75 7YVNYHT 0U[LU[ -VYT HUK YL[\YU P[
JVTWSL[LK [V [OL 5\YZPUN +LWHY[TLU[ +LTVUZ[YH[L ZH[PZMHJ[VY` ZJVYLZ PU [^V VM [OL [OYLL
JH[LNVYPLZ VU [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ [LZ[Z! *VTWHZZ 9LHKPUN " *VTWHZZ ,UNSPZO " HUK *VTWHZZ 4H[O *7; 9LHKPUN " *7; ,UNSPZO " *7; 4H[O¶*VTW ,S (SN VY 0U[ (SN ,SPNPIPSP[` [V [HRL [OL WYL 75 PZ KL[LYTPULK I` [OPZ [LZ[ (*; ZJVYLZ TH` IL Z\ITP[[LK PUZ[LHK VM [HRPUN [OL WSHJLTLU[ L_HT (*; ZJVYLZ ZOV\SK IL YLWVY[LK KPYLJ[S` [V [OL JVSSLNL MYVT (*; *VU[HJ[ U\YZPUN KPYLJ[VY MVY JVTWHYHISL ZJVYLZ [V 33* [LZ[ +LTVUZ[YH[L ZH[PZMHJ[VY` ZJVYLZ VU [OL WYL 75
HZZLZZTLU[ [LZ[ ( WYL 75 JVTWVZP[L ZJVYL ILSV^ PZ UV[ HJJLW[HISL ;LZ[ ZJVYLZ TVYL [OHU [OYLL `LHYZ WYLJLKPUN [OL 4HYJO KLHKSPUL HYL UV[ HJJLW[HISL ;OL TVZ[ YLJLU[ [LZ[ ZJVYLZ ^PSS IL \ZLK MVY HKTPZ ZPVUZ 7YL 75 L_HTZ HYL VMMLYLK H[ SLHZ[ [^V [PTLZ H `LHY +H[LZ MVY WYL 75 [LZ[PUN HUK WYVNYHT WVSPJPLZ HYL H]HPSHISL MYVT [OL 5\YZPUN +LWHY[TLU[ 0M [OLYL HYL TVYL X\HSPÃ&#x201E;LK HWWSPJHU[Z [OHU ZWHJLZ
H]HPSHISL PU [OL WYVNYHT HKTPZZPVU PZ JVTWL[P[P]L HUK ZLSLJ[P]L \ZPUN HU VIQLJ[P]L MVYT\SH HWWYV]LK I` [OL 5\YZPUN +LWHY[TLU[ :LSLJ[PVU JYP[LYPH PUJS\KLZ [OL KH[L VU PU[LU[ MVYT Ã&#x201E;SLK ^P[O 5\YZPUN +LWHY[ TLU[ HUK WYL 75 HZZLZZTLU[ JVTWVZP[L YH^ ZJVYL /PNO ZJOVVS Z[\KLU[Z ^OV Z\JJLZZM\SS` JVTWSL[L
7HY[ULYZOPW MVY *HYLLY HUK *VSSLNL :\JJLZZ 7**: J\YYPJ\S\T ZOV\SK JVUZ\S[ ^P[O [OL KPYLJ[VY YLNHYKPUN LUYVSSTLU[ YLX\PYLTLU[Z HUK WYVJLK\YLZ ;^V ZLTLZ[LY JYLKP[ OV\YZ MVY 75* TH` IL
NYHU[LK [V *LY[PÃ&#x201E;LK 5\YZPUN (ZZPZ[HU[Z *5(Z ( JVW` VM JLY[PÃ&#x201E;JH[PVU HUK ]LYPÃ&#x201E;JH[PVU VM J\YYLU[ *5( LTWSV`TLU[ T\Z[ IL Z\ITP[[LK [V [OL KPYLJ[VY MVY HWWYV]HS 5V[L! :[H[L 9LN\SH[PVUZ YLX\PYL [OH[ X\HSPÃ&#x201E;LK PU KPZ[YPJ[ YLZPKLU[Z T\Z[ IL HJJLW[LK Ã&#x201E;YZ[ ILMVYL HU` JVUZPKLYH[PVU JHU IL NP]LU [V V\[ VM KPZ[YPJ[ HWWSPJHU[Z
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 5PJVSL ALSSLY ,THPS! UaLSSLY'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YHJ[PJHS 5\YZPUN *9; 75 *LY[PÃ&#x201E;JH[L JVU[PU\LK (JJLW[HUJL ;OL MVSSV^PUN HKTPZZPVU YLX\PYLTLU[Z T\Z[ IL JVTWSL[LK HM[LY UV[PÃ&#x201E;JH[PVU VM HJJLW[HUJL *VTWSL[L [OL 3HRL 3HUK *VSSLNL 7YHJ[PJHS 5\YZPUN
7YVNYHT 7O`ZPJHS ,_HTPUH[PVU HUK )HJRNYV\UK *OLJR MVYTZ ;OLZL MVYTZ HYL WYV]PKLK I` [OL 5\YZPUN +LWHY[TLU[ 6I[HPU HUK VY THPU[HPU J\YYLU[ *79 JLY[PÃ&#x201E;JH[PVU
UV[ VSKLY [OHU VUL `LHY :\ITP[ H JVW` VM JLY[PÃ&#x201E;JH[PVU [V [OL 33* 5\YZL»Z VMÃ&#x201E;JL :[\KLU[Z T\Z[ THPU[HPU J\YYLU[ JLY[PÃ&#x201E;JH[PVU MVY [OL K\YH[PVU VM [OL 75 WYVNYHT ([[LUK [OL U\YZPUN WYVNYHT VYPLU[H[PVU 75 WYVNYHT
\UPMVYT TLHZ\YPUN HUK VYKLYPUN ^PSS IL KVUL K\YPUN VYPLU[H[PVU :[\KLU[Z ^PSS IL UV[PÃ&#x201E;LK I` THPS VM [OL VYPLU[H[PVU KH[L 4HPU[HPU H ¸*¹ VY IL[[LY PU HSS 75 WYVNYHT JV\YZLZ
;OPZ PZ H YLX\PYLTLU[ [V WYVNYLZZ NYHK\H[L MYVT [OL 75 WYVNYHT
*VZ[ 0U HKKP[PVU [V [\P[PVU HUK MLLZ JVZ[Z MVY 75 WYVNYHT PUJS\KL! [L_[IVVRZ \UPMVYTZ Z\WWSPLZ WO`ZPJHS L_HTPUH[PVU HUK PTT\UPaH[PVUZ IHJRNYV\UK JOLJR H JVTWYLOLUZP]L HZZLZZTLU[ [LZ[ HUK 5*3,? L_HT MLLZ HUK [YHUZWVY[H[PVU [V OVZWP[HS JSPUPJHS L_WLYPLUJLZ (KKP[PVUHS L_WLUZLZ \WVU Z\JJLZZM\S JVTWSL[PVU VM [OL WYVNYHT PUJS\KL SPJLUZ\YL HWWSPJH[PVU MLLZ 5*3,? 75 [LZ[ MLLZ HUK 75 SPJLUZL MLLZ \WVU Z\JJLZZM\S JVTWSL[PVU VM [OL 5*3,? 75 L_HT
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 75* Æ&#x2018; 75* Æ&#x2018; 75*
Æ&#x2018; 75* Æ&#x2018; 75*
Æ&#x2018; 75* Æ&#x2018; 75*
-HJ\S[` *VU[HJ[! 5PJVSL ALSSLY ,THPS! UaLSSLY'SHRLSHUK JJ PS \Z 7OVUL!
7YHJ[PJHS 5\YZPUN 00 Â&#x2020;Â&#x2020;Â&#x2020; 7OHYTHJVSVN` 0 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
7YHJ[PJHS 5\YZPUN 000 7OHYTHJVSVN` 00 ;6;(3
796.9(4 ;6;(3
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
:\TTLY ;LYT
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
:LJVUK :LTLZ[LY
7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[ Â&#x2020;
/V\YZ -V\UKH[PVUZ VM 5\YZPUN Â&#x2020; 7YHJ[PJHS 5\YZPUN 0 Â&#x2020; 7YHJ[PJHS 5\YZPUN :RPSSZ Â&#x2020; ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
7YVMLZZPVUHS :HSLZ *9; :(3,: *LY[PÃ&#x201E;JH[L
;OL JLY[PÃ&#x201E;JH[L PU 7YVMLZZPVUHS :HSLZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU ZHSLZ ,TWSV`LLZ JHU \ZL [OPZ WYVNYHT [V WYLWHYL MVY \W^HYK TVIPSP[` HUK VY \WKH[L ZHSLZ HUK THYRL[PUN ZRPSSZ (SS JV\YZLZ ZH[PZMHJ[VYPS` JVTWSL[LK PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT ^PSS HWWS` [V [OL HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O H THQVY PU 4HUHNLTLU[ VY 4HYRL[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; )<:
/V\YZ
7YPUJPWSLZ VM 9L[HPSPUN VY 0U[YVK\J[PVU [V )\ZPULZZ 7YPUJPWSLZ VM 4HYRL[PUN 7YPUJPWSLZ VM :LSSPUN )\ZPULZZ *VTT\UPJH[PVUZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ )\ZPULZZ 4H[OLTH[PJZ *HYLLY ,SLJ[P]L *HYLLY ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
)<: )<: )<: )<: *0: )<:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL ;OL 4HYRL[PUN 7YVNYHT *VVYKPUH[VY T\Z[ HWWYV]L HSS JHYLLY LSLJ[P]LZ
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU *HYWLU[LY ,THPS! QJHYWLU['SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 5+7 73* *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z ^OV HSYLHK` OH]L H IHJRNYV\UK PU LSLJ[YPJHS VY LSLJ[YVUPJ ZRPSSZ HUK ^PZO [V VI[HPU ZWLJPHSPaLK ZRPSSZ PU 73* WYVNYHTTPUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; ,,;
/V\YZ
7YVN 3VNPJ *VU[YVSSLYZ 0 7YVN 3VNPJ *VU[YVSSLYZ 00 /40 /\THU 4HJOPUL 0U[LYMHJL ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4PJOHLS )LH]LYZ ,THPS! TILH]LYZ'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
9HKPV )YVHKJHZ[PUN *9; 9)9+ *LY[PÃ&#x201E;JH[L
:[\KLU[Z ^PSS SLHYU OV^ [V IL H T\S[P ZRPSSLK IYVHKJHZ[LY JHWHISL VM WLYMVYTPUN H ^PKL ]HYPL[` VM [HZRZ WLYMVYTLK H[ H YHKPV Z[H[PVU I` WHY[PJPWH[PUN PU HU PU[LUZP]L OHUKZ VU WYVNYHT :[\KLU[Z ^PSS NHPU RUV^SLKNL VM ZHSLZ HUUV\UJPUN YHKPV VWLYH[PVUZ HUK [OL WYHJ[PJHS [OLVYL[PJHS HZWLJ[Z VM YHKPV IYVHKJHZ[PUN (SS JV\YZL^VYR PU [OL 9HKPV )YVHKJHZ[PUN JLY[PÃ&#x201E;JH[L JHU IL HWWSPLK [V HU HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL PU 9HKPV ;= )YVHKJHZ[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; :7,
/V\YZ 0U[YVK\J[PVU [V )YVHKJHZ[PUN Â&#x2020; 9HKPV ;= (UUV\UJPUN Â&#x2020; 9HKPV 7YVK\J[PVU 3HI Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018;
9HKPV 6WLYH[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; )YVHKJHZ[ >YP[PUN Â&#x2020;Â&#x2020;Â&#x2020; )YVHKJHZ[ :HSLZ Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK 9HKPV 7YVK\J[PVU *HYLLY ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
Â&#x2020;
¶ ¶ ¶
*V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .YLN 7V^LYZ ,THPS! NWV^LYZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
9HKPV ;= )YVHKJHZ[PUN
((: 9;= (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL 9HKPV ;= )YVHKJHZ[PUN WYV]PKLZ Z[\KLU[Z ^P[O [OL ZRPSSZ ULJLZZHY` MVY WVZP[PVUZ VM LTWSV`TLU[ PU SVJHS HUK YLNPVU HS YHKPV HUK [LSL]PZPVU Z[H[PVUZ :[\KLU[Z YLJLP]L OHUKZ VU [YHPUPUN ^P[O T\JO VM [OL ZHTL LX\PWTLU[ MV\UK PU [V KH`»Z IYVHKJHZ[ PUK\Z[Y` <WVU JVTWSL[PVU VM H 9HKPV ;= KLNYLL Z[\KLU[Z ^PSS IL HISL [V ^YP[L UL^Z ZWVY[Z JVT TLYJPHSZ HUK WYVTV[PVUHS HUUV\UJLTLU[Z MVY \ZL VU YHKPV HUK [LSL]PZPVU" [V M\UJ[PVU HZ YHKPV [LSL]PZPVU HUUV\UJLYZ" HUK [V VWLYH[L Z[H[L VM [OL HY[ KPNP[HS H\KPV Z`Z[LTZ H UVU SPULHY KPNP[HS ]PKLV LKP[PUN Z`Z[LT HUK H YHKPV JVU[YVS JVUZVSL :[\KLU[Z ^PSS HSZV IL WYVÃ&#x201E;JPLU[ PU [OL LMMLJ[P]L [LJOUPX\LZ VM YHKPV HUK [LSL]PZPVU ZHSLZ HUK ^PSS IL HISL [V VWLYH[L HU HZZVY[TLU[ VM ]PKLV WYVK\J[PVU LX\PWTLU[ -VY [OVZL PU[LYLZ[LK [YHPUPUN PU ZWVY[Z WSH` I` WSH` PZ HSZV H]HPSHISL ,_WLYPLUJL PZ VI[HPULK VU [OL JVSSLNL -4 Z[LYLV YHKPV Z[H[PVU [OYV\NO ^VYR PU [OL UVU IYVHKJHZ[ [LSL]PZPVU Z[\KPV I` \ZPUN [LSL]PZPVU Ã&#x201E;LSK LX\PWTLU[ HUK [OYV\NO [OL \ZL VM H\KPV HUK ]PKLV KPNP[HS LKP[PUN Z`Z[LTZ 0U[LYU ZOPWZ H[ SVJHS YHKPV HUK [LSL]PZPVU Z[H[PVUZ HYL H]HPSHISL -VY [OVZL PU[LYLZ[LK PU [YHUZMLYYPUN [V :V\[OLYU 0SSPUVPZ <UP]LYZP[` H[ *HYIVUKHSL VY ,HZ[LYU 0SSPUVPZ <UP]LYZP[` H ZWLJPÃ&#x201E;J J\YYPJ\S\T JHU IL KLZPNULK -VY Z[\KLU[Z ^OV ^HU[ [V [YHUZMLY! ( WYVNYHT JHU IL KLZPNULK MVY H Z[\KLU[ ^OV ^HU[Z [V [YHUZMLY [V H MV\Y `LHY \UP]LYZP[` ^P[O HU LTWOHZPZ PU 9HKPV HUK ;LSL]PZPVU 0M H Z[\KLU[ JVTWSL[LZ [OL WYVNYHT [OL 0SSPUVPZ (Y[PJ\SH[PVU 0UP [PH[P]L 0(0 .LULYHS ,K\JH[PVU 9LX\PYLTLU[Z HYL M\SÃ&#x201E;SSLK *SHZZLZ PU 9HKPV ;= HYL HJJLW[LK HZ HU LX\P]HSLU[ NLULYHS LSLJ[P]L PU [OL THQVY VY NLULYHS LSLJ[P]L -VSSV^PUN JVT WSL[PVU H Z[\KLU[ YLJLP]LZ HU HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL ^P[O HSS NLULYHS LK\JH[PVU YLX\PYLTLU[Z ZH[PZÃ&#x201E;LK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .YLN 7V^LYZ ,THPS! NWV^LYZ'SHRLSHUK JJ PS \Z 7OVUL!
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; ,5. Æ&#x2018; :7, Æ&#x2018; 7:@
/V\YZ 0U[YVK\J[PVU [V )YVHKJHZ[PUN Â&#x2020; 9HKPV ;= (UUV\UJPUN Â&#x2020; *VTWVZP[PVU 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; ,:* Æ&#x2018;
9HKPV 6WLYH[PVU Â&#x2020;Â&#x2020;Â&#x2020; )YVHKJHZ[ >YP[PUN Â&#x2020;Â&#x2020;Â&#x2020; >LH[OLY HUK *SPTH[L ,SLJ[P]LZ ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; ,*6 ,*6 Æ&#x2018;
)HZPJ ;= 7YVK\J[PVU Â&#x2020; 9HKPV 7YVK\J[PVU 3HI Â&#x2020; (TLYPJHU ,JVUVT` VY 7YPUJPWSLZ VM ,JVUVTPJZ 0 ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; /0: Æ&#x2018; Æ&#x2018;
)YVHKJHZ[ :HSLZ Â&#x2020;Â&#x2020;Â&#x2020; (K]HUJLK 9HKPV 7YVK\J[PVU Â&#x2020;Â&#x2020;Â&#x2020; /PZ[VY` VM [OL <UP[LK :[H[LZ 00 ,SLJ[P]LZ /LHS[O 7, ,SLJ[P]L :-: ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 76: Æ&#x2018; 76: Æ&#x2018; :7, Æ&#x2018; *0: Æ&#x2018; *0:
-HSS :WVY[ZJHZ[PUN Â&#x2020; :WYPUN :WVY[ZJHZ[PUN Â&#x2020;Â&#x2020;Â&#x2020; -HSS ([OSL[PJ (UUV\UJPUN Â&#x2020; :WYPUN ([OSL[PJ (UUV\UJPUN Â&#x2020;Â&#x2020;Â&#x2020; (TLYPJHU 5H[PVUHS .V]LYUTLU[ :[H[L HUK 3VJHS .V]LYUTLU[ 0U[YVK\J[PVU [V .YV\W +PZJ\ZZPVU Â&#x2020; >LI 7HNL +LZPNU +PNP[HS =PKLV 7YVK\J[PVU
796.9(4 ;6;(3
3HRL 3HUK *VSSLNL
9LUL^HISL ,ULYN`
((: 9,5,> (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL ;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS WVZP[PVUZ PU[V [OL Ã&#x201E;LSK VM YLUL^HISL LULYN` [LJOUPJPHUZ HUK [LJOUPJHS THPU[LUHUJL ,TWOHZPZ PZ WSHJLK VU ¸NYLLU¹ [LJOUVSVNPLZ PUJS\KPUN LSLJ[YPJP[` WO`ZPJZ JOLTPZ[Y` ^PUK WOV[V]VS[HPJZ ZVSHY [OLYTHS IPVLULYN` LULYN` LMÃ&#x201E;JPLUJ` HUK ZTHY[ NYPK [LJOUVSVN` ;OLYL PZ H JYP[PJHS ZRPSS ZOVY[HNL VM [YHPULK ^VYRLYZ RUV^SLKNLHISL ^P[O PZZ\LZ YLSH[PUN ZWLJPÃ&#x201E;JHSS` [V YLUL^HISL LULYN` HUK ^OV JHU [YV\ISLZOVV[ YLUL^HISL LULYN` Z`Z[LTZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,,; Æ&#x2018; ,,; Æ&#x2018; /,+ Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; >5+
:,*65+ @,(9 /V\YZ
)HZPJ ,SLJ[YVUPJZ ,SLJ[YPJ *PYJ\P[Z 0 9LZWVUKPUN [V ,TLYNLUJPLZ ;LJOUPJHS 4H[O 0 4VK ;LJOUPJHS 4H[O 00 4VK 0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` 0U[YVK\J[PVU [V >PUK ;LJOUVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ,5. Æ&#x2018; ;,* Æ&#x2018; ;,*
*VUJLW[Z VM 7O`ZPJZ ;LJOUPJHS 4H[O 000 4VK ;LJOUPJHS 4H[O 0= 4VK *VTWVZP[PVU 0 9LZV\YJL :\Z[HPUHIPSP[` (S[LYUH[P]L ,ULYN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; */4 Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,*
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVUZ *VUJLW[Z VM *OLTPZ[Y` :VSHY ,ULYN` )PVLULYN` :THY[ .YPK 0U[YVK\J[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,*6 Æ&#x2018; ;,* Æ&#x2018;
7YPUJPWSLZ VM ,JVUVTPJZ 0 ,SLJ[YPJ 7V^LY +PZ[YPI\[PVU ;LJOUPJHS ,SLJ[P]LZ ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
9LUL^HISL ,ULYN` *9; 9,5,> *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS PU[V [OL Ã&#x201E;LSK VM YLUL^HISL LULYN` PUZ[HSSH[PVU HUK THPU[LUHUJL ,TWOHZPZ PZ WSHJLK VU ¸NYLLU¹ [LJOUVSVNPLZ PUJS\K PUN LSLJ[YPJP[` ^PUK WOV[V]VS[HPJ»Z HUK ZTHY[ NYPK [LJOUVSVN` ;OLYL PZ H JYP[PJHS ZRPSS ZOVY[HNL VM [YHPULK [LJOUPJPHUZ MVY YLWHPY PUZ[HSSH[PVU HUK THPU[LUHUJL VM YLUL^HISL Z`Z[LTZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; 4,; Æ&#x2018; 4,; Æ&#x2018; >5+
/V\YZ 0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` )S\L 7YPU[ 9LHKPUN MVY 0UK\Z[Y` 0 (WWSPLK :OVW *VTW\[H[PVUZ 0UK\Z[YPHS :HML[` +* *PYJ\P[Z (* *PYJ\P[Z 0U[YVK\J[PVU [V >PUK ;LJOUVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4,; Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; 05+ Æ&#x2018; ,,; Æ&#x2018; >5+ Æ&#x2018; >5+
4V[VYZ HUK .LULYH[VYZ ;YV\ISL :OVV[PUN HUK 7YL]LU[H[P]L 4HPU[ -S\PK 7V^LY ,SLJ[YPJHS 0UZ[HSSH[PVU 7YVJLK\YLZ 7OV[V]VS[HPJ :`Z[LTZ >PUK ;LJOUVSVN` 4HPU[LUHUJL 0 ;V^LY 9LZJ\L HUK *VTWL[LU[ *SPTILY ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
9LUL^HISL ,ULYN` 4HUHNLTLU[ *9; 9,4.; *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS PU[V [OL Ã&#x201E;LSK VM YLUL^HISL LULYN` ZHSLZ THYRL[PUN THUHNLTLU[ HUK HKTPUPZ[YH[PVU ,TWOHZPZ PZ WSHJLK VU ¸NYLLU¹ [LJOUVSVNPLZ PUJS\KPUN LSLJ[YPJP[` ^PUK WOV[V]VS[HPJZ ZVSHY [OLYTHS IPVLULYN` LULYN` LMÃ&#x201E;JPLUJ` HUK ZTHY[ NYPK [LJOUVSVN` ;OLYL PZ H JYP[PJHS ZRPSS ZOVY[HNL VM [YHPULK ^VYRLYZ RUV^SLKNLHISL ^P[O PZZ\LZ YLSH[PUN ZWLJPÃ&#x201E;JHSS` [V YLUL^HISL LULYN` HUK ^OV JHU HJ[ PU Z\WWVY[ YVSLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ,5. )<:
Æ&#x2018; ,*6 )<: Æ&#x2018; ;,* Æ&#x2018;
/V\YZ 0U[YVK\J[PVU [V )\ZPULZZ *VTWVZP[PVU 0 VY )\ZPULZZ *VTT\UPJH[PVUZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 VY 7YPUJPWSLZ VM 4HYRL[PUN 0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` ;LJOUPJHS ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ,*6
;LJOUPJHS 7YVQLJ[ 4HUHNLTLU[ 7YPUJPWSLZ VM ,JVUVTPJZ 00 VY 7YPUJPWSLZ VM 4HUHNLTLU[ VY 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVUZ (S[LYUH[P]L ,ULYN` ;LJOUPJHS ,SLJ[P]LZ ;6;(3
796.9(4 ;6;(3
Æ&#x2018; Æ&#x2018;
)<: :7, ;,*
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
9LUL^HISL ,ULYN` 4HUHNLTLU[ ((: 9,4.; (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL
;OPZ WYVNYHT WYLWHYLZ Z[\KLU[Z MVY LU[Y` SL]LS PU[V [OL Ã&#x201E;LSK VM YLUL^HISL LULYN` ZHSLZ THYRL[PUN THUHNLTLU[ HUK HKTPUPZ[YH[PVU ,TWOHZPZ PZ WSHJLK VU ¸NYLLU¹ [LJOUVSVNPLZ PUJS\KPUN LSLJ[YPJP[` ^PUK WOV[V]VS[HPJZ ZVSHY [OLYTHS IPVLULYN` LULYN` LMÃ&#x201E;JPLUJ` HUK ZTHY[ NYPK [LJOUVSVN` ;OLYL PZ H JYP[PJHS ZRPSS ZOVY[HNL VM [YHPULK ^VYRLYZ RUV^SLKNLHISL ^P[O PZZ\LZ YLSH[PUN ZWLJPÃ&#x201E;JHSS` [V YLUL^HISL LULYN` HUK ^OV JHU HJ[ PU Z\WWVY[ YVSLZ 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; ;,* Æ&#x2018; *0:
:,*65+ @,(9 /V\YZ
,U]PYVUTLU[HS :JPLUJL *VTWVZP[PVU 0 7YPUJPWSLZ VM ,JVUVTPJZ 0 0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; :7, Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018;
*VTWVZP[PVU 00 7YPUJPWSLZ VM ,JVUVTPJZ 00 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVUZ (S[LYUH[P]L ,ULYN` :P[L (ZZLZZTLU[ MVY 9LUL^HISL ,ULYN` ;LJOUPJHS ,SLJ[P]L ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; )<: Æ&#x2018; ,:* Æ&#x2018;
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; ;,* Æ&#x2018; 4(; Æ&#x2018; ;,* Æ&#x2018;
3LNHS ,U]PYVU )\ZPULZZ ;LJOUPJHS 7YVQLJ[ 4HUHNLTLU[ .LULYHS ,K\JH[PVU 4H[O 9LZV\YJL :\Z[HPUHIPSP[` ;LJOUPJHS ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
; OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
/V\YZ :VSHY ,ULYN` ,ULYN` ,MÃ&#x201E;JPLUJ` 0U[YVK\J[PVU [V )\ZPULZZ >LH[OLY HUK *SPTH[L ;LJOUPJHS ,SLJ[P]L ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
9LZPKLU[PHS >PYPUN 5+7 9:>09 *LY[PÄJH[L
;OL 9LZPKLU[PHS >PYPUN WYVNYHT PZ H JLY[PÄJH[L KLZPNULK [V WYLWHYL NYHK\H[LZ MVY LTWSV`TLU[ PU YLZPKLU[PHS JVUZ[Y\J[PVU VJJ\WH[PVUZ ;OL WYVNYHT MVJ\ZLZ VU [OL M\UKHTLU[HSZ VM KPYLJ[ J\YYLU[ HUK HS[LYUH[PUN J\YYLU[ [LJOUPJHS TH[OLTH[PJZ ZHML[` HUK YLZPKLU[PHS ^PYPUN WYVJLK\YLZ HJJVYKPUN [V [OL 5H[PVUHS ,SLJ[YPJHS *VKL .YHK\H[LZ VM [OPZ WYVNYHT ^PSS M\UJ[PVU HZ ZRPSSLK [LJOUPJPHUZ WLYMVYTPUN PUZ[HSSH[PVU [YV\ISLZOVV[PUN THPU[LUHUJL HUK YLWHPY VM LSLJ[YPJHS Z`Z[LTZ HZZVJPH[LK ^P[O YLZPKLU[PHS WV^LY 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÄJ KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Ƒ 05+ Ƒ ;,* Ƒ ;,*
/V\YZ )HZPJ ,SLJ[YPJHS 4HPU[LUHUJL ;LJO 4H[O 0 4VK ;LJO 4H[O 00 4VK ;6;(3
:LJVUK :LTLZ[LY
Ƒ ;,* Ƒ ,,;
0UK\Z[YPHS :HML[` 9LZPKLU[PHS >PYPUN 0 ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
:\Z[HPUHISL ,ULYN` 5+7 :59. *LY[PÃ&#x201E;JH[L
;OL :\Z[HPUHISL ,ULYN` *LY[PÃ&#x201E;JH[L PZ H IYVHK Z\Y]L` VM [OL LTLYNPUN [LJOUVSVNPLZ MVY YLUL^HISL HUK HS[LYUH[P]L LULYN` HUK [OL WV[LU[PHS MVY [OLPY KL]LSVW TLU[ HUK \ZL :[\KLU[Z ^PSS IL HISL [V KLZJYPIL [OL [`WLZ VM YLUL^HISL HUK HS[LYUH[P]L LULYN` OV^ P[ PZ NLULYH[LK HUK [OL WV[LU[PHS MVY LULYN` KL]LSVWTLU[ *VTWSL[PUN [OL JLY[PÃ&#x201E;JH[L ^PSS KL]LSVW H MV\UKH[PVUHS \UKLYZ[HUKPUN VM YLUL^HISL LULYN` [OH[ JHU IL \ZLK MVY TVYL HK]HUJLK JV\YZL^VYR VY [V NHPU LU[Y` SL]LS LTWSV`TLU[ PU [OL LTLYNPUN NYLLU [LJOUVSVN` Ã&#x201E;LSK 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,*
/V\YZ 0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ;,*
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;PT =HU+`RL ,THPS! []HUK`RL'SHRLSHUK JJ PS \Z 7OVUL!
(S[LYUH[P]L ,ULYN` ;6;(3
796.9(4 ;6;(3
56;,:!
3HRL 3HUK *VSSLNL
;= -PLSK :[\KPV 7YVK\J[PVU 5+7 ;=-: *LY[PÃ&#x201E;JH[L
:[\KLU[Z ^PSS NHPU L_WLYPLUJL ^P[O [OL LX\PWTLU[ \ZLK PU Z[\KPV HUK VU SVJH[PVU [LSL]PZPVU WYVK\J[PVUZ HUK SLHYU [V ^VYR HZ H KPYLJ[VY UVU SPULHY LKP[VY H\KPV LUNPULLY Ã&#x2026;VVY KPYLJ[VY HUK JHTLYH VWLYH[VY (SS JV\YZL^VYR PU [OPZ JLY[PÃ&#x201E;JH[L WYVNYHT JHU IL HWWSPLK [V HU HZZVJPH[L PU HWWSPLK ZJPLUJL KLNYLL PU 9HKPV ;= )YVHKJHZ[PUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; :7, Æ&#x2018;
/V\YZ
0U[YVK\J[PVU [V )YVHKJHZ[PUN Â&#x2020; 9HKPV ;= (UUV\UJPUN Â&#x2020; )HZPJ ;= 7YVK\J[PVU Â&#x2020; )YVHKJHZ[ >YP[PUN Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0UKLWLUKLU[ :[\K` ¶ (K]HUJLK ;= 7YVK\J[PVU *HYLLY ,SLJ[P]L ;6;(3
796.9(4 ;6;(3
Æ&#x2018;
Â&#x2020;
,SLJ[P]LZ T\Z[ IL HWWYV]LK I` 7YVNYHT *VVYKPUH[VY *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
Â&#x2020;Â&#x2020;Â&#x2020;
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! .YLN 7V^LYZ ,THPS! NWV^LYZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
>HZ[L >H[LY 6WLYH[VY
>H[LY 7SHU[ 6WLYH[VY
>(:;, >(;,9 67,9(;69 -09:; @,(9
>(;,9 73(5; 67,9(;69 -09:; @,(9
5+7 >>6 *LY[PÃ&#x201E;JH[L
-PYZ[ :LTLZ[LY
Æ&#x2018; >;6 Æ&#x2018; >;6
/V\YZ
)HZPJ >HZ[L >H[LY 6WLYH[VY (K]HUJLK >HZ[L >H[LY 6WLYH[VY ;6;(3
796.9(4 ;6;(3
5+7 >76 *LY[PÃ&#x201E;JH[L
-PYZ[ :LTLZ[LY
Æ&#x2018; >;6 Æ&#x2018; >;6
/V\YZ
)HZPJ >H[LY ;YLH[TLU[ 6WLYH[VY (K]HUJLK >H[LY :\WWS` 6WLYH[VY ;6;(3
796.9(4 ;6;(3
;OL 7\ISPJ /LHS[O JV\YZLZ H[ 3HRL 3HUK *VSSLNL LHJO SLHK [V HU LPNO[ OV\Y JLY[PÃ&#x201E;JH[L HZ H >H[LY 7SHU[ 6WLYH[VY 5+7 >76 VY >HZ[L >H[LY 6WLYH[VY 5+7 >>6 ;OL JSHZZLZ HYL HSS SLJ[\YL SHIVYH[VY` JSHZZLZ ^P[O PUZ[Y\J[VY WYLWHYLK L_HTPUH[PVUZ PUJS\KPUN H Ã&#x201E;UHS L_HT ;OL ILNPUUPUN JV\YZLZ >;6 HUK >;6 WYLWHYL Z[\KLU[Z MVY [OL ,U]PYVUTLU[HS 7YV[LJ[PVU (NLUJ` VWLYH[VY JLY[PÃ&#x201E;JH[PVU L_HTZ MVY *SHZZ -V\Y HUK *SHZZ ;OYLL SPJLUZLZ PU ^HZ[L ^H[LY" HUK *SHZZ + HUK *SHZZ * PU W\ISPJ ^H[LY Z\WWS` VWLYH[VY ;OLZL SPJLUZLZ HYL YLX\PYLK PU ZTHSS ]PSSHNLZ Z\JO HZ >PUKZVY HUK :[L^HYKZVU :[YHZI\YN ;OL HK]HUJLK JV\YZLZ >;6 HUK >;6 HYL ZPTPSHY PU Z[Y\J[\YL [V [OL ILNPUUPUN JV\YZLZ ^P[O PUZ[Y\J[VY WYLWHYLK L_HTZ I\[ [OLZL JV\YZLZ WYLWHYL Z[\KLU[Z MVY [OL ,U]PYVUTLU[HS 7YV[LJ[PVU (NLUJ` VWLYH[VY JLY[PÃ&#x201E;JH[PVU L_HT MVY *SHZZ ;^V HUK *SHZZ 6UL SPJLUZLZ PU ^HZ[L ^H[LY VWLYH[VY HUK *SHZZ ) HUK *SHZZ ( SPJLUZLZ PU W\ISPJ ^H[LY VWLYH[VYZ *VTT\UP [PLZ Z\JO HZ :\SSP]HU YLX\PYL H *SHZZ ;^V VY *SHZZ ) SPJLUZL 4H[[VVU *OHYSLZ[VU HUK V[OLY JP[PLZ ^OPJO [YLH[ V]LY VUL TPSSPVU NHSSVUZ KHPS` YLX\PYL H *SHZZ 6UL VY *SHZZ ( SPJLUZL ,U]PYVUTLU[HS 7YV[LJ[PVU (NLUJ` L_HTPUH[PVUZ HYL NP]LU TVU[OS` Ã&#x201E;YZ[ ;\LZKH` H[ [OL :[H[L VM 0SSPUVPZ VMÃ&#x201E;JL PU :WYPUNÃ&#x201E;LSK HUK IP TVU[OS` H[ YLNPVUHS VMÃ&#x201E;JL Z\JO HZ *OHTWHPNU ( TPUPT\T VM ZP_ TVU[OZ L_WLYPLUJL PZ YLX\PYLK ILMVYL H WLYZVU PZ LSPNPISL [V [HRL [OL Z[H[L SPJLUZ\YL L_HT ;OLZL WYVNYHTZ KV UV[ X\HSPM` MVY -LKLYHS ;P[SL 0= Ã&#x201E;UHUJPHS HPK VY 0SSPUVPZ 4VUL[HY` (^HYK 4(7 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! *OHYSLZ 1HYYLSS ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
56;,:!
3HRL 3HUK *VSSLNL
>LSKPUN ;LJOUVSVN` *9; >,3 *LY[PÃ&#x201E;JH[L
;OPZ WYVNYHT WYV]PKLZ L_WLYPLUJLZ ^OPJO LUHISL Z[\KLU[Z [V KL]LSVW JVTWL[LUJPLZ ULJLZZHY` MVY LTWSV`TLU[ PU HUK VY JVU[PU\LK LK\JH[PVU PU ^LSKPUN ,TWOHZPZ [OYV\NOV\[ [OL WYVNYHT PZ WSHJLK VU KL]LSVWPUN ZRPSSZ PU [OL MVSSV^PUN HYLHZ! ZHML[` TL[HS PKLU[PÃ&#x201E;JH[PVU V_` HJL[`SLUL ^LSKPUN TL[HS J\[[PUN WYVJLZZLZ ZOPLSKLK TL[HS HYJ ^LSKPUN NHZ TL[HS HYJ ^LSKPUN NHZ [\UNZ[LU HYJ ^LSKPUN HUK IS\LWYPU[ YLHKPUN 7YVNYHT YLX\PYLTLU[Z TH` JOHUNL V]LY [PTL :WLJPÃ&#x201E;J KLNYLL NYHK\H[PVU YLX\PYLTLU[Z HYL KL[LYTPULK I` [OL Z[\KLU[»Z KLNYLL H\KP[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ;,* Æ&#x2018; >,3 Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; ;,* Æ&#x2018; >,3
/V\YZ (WWSPLK :OVW *VTW\[H[PVUZ >LSKPUN -\UKHTLU[HSZ 0UK\Z[YPHS :HML[` 7YVWLY[PLZ VM 4L[HSZ )S\LWYPU[ 9LHKPUN MVY 0UK\Z[Y` Â&#x2020; 4L[HS *\[[PUN HUK -HIYPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; >,3 Æ&#x2018; >,3
:OPLSKLK 4L[HS (YJ >LSKPUN 0 :OPLSKLK 4L[HS (YJ >LSKPUN 00 .HZ 4L[HS (YJ >LSKPUN 0 .HZ 4L[HS (YJ >LSKPUN 00 .HZ ;\UNZ[LU (YJ >LSKPUN ;6;(3
796.9(4 ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY
-VY TVYL PUMVYTH[PVU YLNHYKPUN YLSH[LK VJJ\WH[PVUZ NYHK\H[PVU YH[LZ HUK WYVNYHT JVZ[Z NV [V O[[W! ^^^ SHRLSHUK JJ PS \Z HJHKLTPJWYVNYHTZ PUKL_ JMT HUK ZLSLJ[ .HPUM\S ,TWSV`TLU[ PU [OL [OPYK JVS\TU VU [OL YPNO[
56;,:!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VOU .LU[Y` ,THPS! QNLU[Y`'SHRLSHUK JJ PS \Z 7OVUL!
;LJOUPJHS 7YVNYHT (K]HU[HNLZ /HUKZ VU L_WLYPLUJLZ 7YLWHYH[PVU MVY JLY[PÄJH[PVU [LZ[PUN
3LHYU VU [OL SH[LZ[ ]LYZPVUZ VM ZVM[^HYL HUK LX\PWTLU[
3HI ZPT\SH[PVUZ [OH[ WYV]PKL JSPUPJHS L_WLYPLUJL
7YVMLZZPVUHS L_WLYPLUJL
[OYV\NO PU[LYUZOPWZ JV VWZ HUK WYHJ[PJ\TZ PU [OL ÄLSK
-HJ\S[` JVU[HJ[Z ^P[O I\ZPULZZ HUK PUK\Z[Y`
-HJ\S[` ^OV OH]L ^VYRLK PU PUK\Z[Y` HUK HYL UV^ KL]V[LK [V [LHJOPUN
:[\KLU[ [V MHJ\S[` YH[PV VM !
:[HY[ `V\Y IHJOLSVY»Z KLNYLL H[ 3HRL 3HUK *VSSLNL 8\HSP[` ¶ >OLU V\Y -HJ\S[` ¶ 6\Y MHJ\S[` ^PSS NYHK\H[LZ [YHUZMLY [OL` LHYU NYHKLZ [OH[ HYL IL[[LY [OHU [OL Z[\KLU[Z ^OV Z[HY[ V\[ HZ MYLZOTLU H[ [OL \UP]LYZP[`
*SHZZ :PaL ¶ (]LYHNL JSHZZ
ZPaL PZ 3LHYUPUN [HRLZ WSHJL PU JSHZZYVVTZ HUK SHIZ UV[ H\KP[VYP\TZ
;L_[IVVR YLU[HS ¶ ZH]PUNZ VM H `LHY
;LHJOPUN ¶ 6\Y PUZ[Y\J[VYZ
HYL OPNOS` X\HSPÄLK IV[O PU LK\JH[PVUHS KLNYLLZ HUK ^VYR L_WLYPLUJL HUK ^HU[ [V [LHJO¶ UV NYHK HZZPZ[HU[Z VY YLZLHYJO MVJ\Z OLYL
0U KPZ[YPJ[ [\P[PVU HUK MLLZ
¶ HIV\[ H `LHY ¶ HYL VUL MV\Y[O [OL H]LYHNL JVZ[ VM Z[H[L \UP]LYZP[PLZ
RUV^ `V\Y UHTL HUK JHYL HIV\[ `V\Y Z\JJLZZ
:HML[` ¶ 3HRL 3HUK *VSSLNL PZ [OL ZHMLZ[ JHTW\Z PU 0SSPUVPZ HUK [OL MV\Y[O ZHMLZ[ PU [OL UH[PVU
(K]HUJLK ,_WLYPLUJLZ ¶ ^L
OH]L JOLTPZ[Y` LX\PWTLU[ VUS` H]HPSHISL [V Q\UPVYZ HUK ZLUPVYZ VU \UP]LYZP[` JHTW\ZLZ ^L OH]L H JHKH]LY ^L OH]L H SHYNL ZUHRL H [\Y[SL HUK H NYLLUOV\ZL YHKPV ;= Z[H[PVU HUK ^L OH]L [OL SH[LZ[ [LJOUVSVN` LX\PWTLU[ HUK ZVM[^HYL H]HPSHISL PU [OL PUK\Z[Y`
:V\YJLZ! 3HRL 3HUK *VSSLNL ;YHUZMLY -VSSV^ <W 9LWVY[ :[H[L<UP]LYZP[` JVT ,U]PYVUTLU[HS (ZZLZZTLU[ 9LWVY[
;YHUZMLY *\YYPJ\SH
0U [OPZ JOHW[LY! .LULYHS ,K\JH[PVU 0SSPUVPZ (Y[PJ\SH[PVU 0UP[PH[P]L (ZZVJPH[L PU (Y[Z +LNYLLZ (ZZVJPH[L PU :JPLUJL +LNYLLZ (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL +LNYLL /VUVYZ 7YVNYHT ;YHUZMLY (NYLLTLU[Z ^P[O <UP]LYZP[PLZ
*VSSLNL ;YHUZMLY *\YYPJ\SH *OHSSLUNL @V\YZLSM ^P[O [OL /VUVYZ 7YVNYHT ;OL /VUVYZ 7YVNYHT PZ KLZPNULK [V WYV]PKL LUYPJOLK SLHYUPUN VWWVY[\UP[PLZ MVY Z\WLYPVY Z[\KLU[Z [OYV\NO ZWLJPHS OVUVYZ JSHZZLZ HUK [OL VWWVY[\UP[` [V WHY[PJPWH[L PU PUKLWLUKLU[ Z[\K` MVY OVUVYZ JYLKP[ PU ZWLJPHSPaLK HYLHZ VM PU[LYLZ[
(K]HU[HNLZ VM [OL 7YVNYHT
6\Y Z[\KLU[Z [YHUZMLY THU` WSHJLZ PUJS\KPUN! ,HZ[LYU 0SSPUVPZ <UP]LYZP[` :V\[OLYU 0SSPUVPZ <UP]LYZP[` *HYIVUKHSL <UP]LYZP[` 6M 0SSPUVPZ ' <YIHUH :V\[OLYU 0SSPUVPZ <UP]LYZP[` ,K^HYKZ]PSSL 0UKPHUH :[H[L <UP]LYZP[` :V\[OLYU 0SSPUVPZ <UP]LYZP[` ,K^HYKZ]PSSL 7\YK\L <UP]LYZP[` 4PJOPNHU :[H[L 6OPV :[H[L ;L_HZ ;LJO 3HRL]PL^ *VSSLNL 6M 5\YZPUN 4PSSPRPU <UP]LYZP[` <UP]LYZP[` 6M 7OVLUP_ 0SSPUVPZ :[H[L <UP]LYZP[` 0V^H :[H[L 2HUZHZ :[H[L <UP]LYZP[` 6M 0SSPUVPZ ' :WYPUNÃ&#x201E;LSK .YLLU]PSSL *VSSLNL 6RSHOVTH :[H[L >LZ[LYU 0SSPUVPZ <UP]LYZP[` (ZOMVYK <UP]LYZP[` <UP]LYZP[` 6M :V\[OLYU 0UKPHUH +L]Y` <UP]LYZP[` ¶ +\WHNL 3PUKLU^VVK <UP]LYZP[` <UP]LYZP[` 6M 0SSPUVPZ ([ *OPJHNV ;YP[VU *VSSLNL 4\YYH` :[H[L <UP]LYZP[` ;L_HZ ( 4 :V\[OLHZ[ 4PZZV\YP :[H[L <UP]LYZP[` <UP]LYZP[` VM (SHIHTH H[ ;\ZJHSVVZH :[ 1VOU»Z <UP]LYZP[` <UP]LYZP[` VM (SHIHTH H[ )PYTPUNOHT *HZWLY *VSSLNL )L[OLS <UP]LYZP[` *VS\TIPH *VSSLNL 0UKPHUH >LZSL`HU <UP]LYZP[`
;OL /VUVYZ 7YVNYHT OHZ THU` HK]HU[HNLZ MVY WHY[PJPWHU[Z /VUVY Z[\KLU[Z! 4H` YLJLP]L OVUVYZ H^HYKZ HUK ZJOVSHYZOPWZ 4H` IL YLJVNUPaLK I` [OL 5H[PVUHS +LHUZ 3PZ[ (SS (TLYPJHU :JOVSHYZ HUK >OV»Z >OV PU (TLYPJHU 1\UPVY *VSSLNLZ >PSS JHYY` OVUVYZ KLZPNUH[PVU VU [OLPY [YHUZJYPW[Z MVY LHJO OVUVYZ JV\YZL VY OVUVYZ PUKLWLUKLU[ Z[\K` Z\JJLZZM\SS` JVTWSL[LK 4H` WHY[PJPWH[L PU LK\JH[PVUHS Ã&#x201E;LSK [YPWZ HUK ZWLJPHS ZVJPHS HJ[P]P[PLZ (YL N\LZ[Z H[ OVUVYZ S\UJOLVUZ 9LJLP]L OVUVYZ YLJVNUP[PVU H[ JVTTLUJLTLU[
>OV 4H` (WWS` 9LX\PYLTLU[Z MVY [OL /VUVYZ 7YVNYHT MVJ\Z VU HJHKLTPJ [HSLU[Z HUK JHYLLY NVHSZ ;V IL HJJLW[LK PU[V [OL WYVNYHT Z[\KLU[Z T\Z[ TLL[ [OL MVSSV^PUN JYP[LYPH!
,U[LYPUN -YLZOTHU :[\KLU[Z T\Z[ W\YZ\L H JVSSLNL [YHUZMLY THQVY H[ 3HRL 3HUK *VSSLNL HUK TLL[ [^V VM [OL MVSSV^PUN! .YHK\H[L PU [OL [VW VM [OLPY OPNO ZJOVVS JSHZZ" /H]L H JVTWVZP[L (*; VM VY OPNOLY" /H]L H OPNO ZJOVVS JVTWVZP[L .7( VU H WVPU[ ZJHSL VY LX\P]HSLU[
*\YYLU[ 3HRL 3HUK :[\KLU[Z :[\KLU[Z T\Z[ OH]L H .7( VM VY HIV]L HM[LY [OL JVTWSL[PVU VM H[ SLHZ[ ZLTLZ[LY OV\YZ VM 3HRL 3HUK [YHUZMLY JSHZZLZ HUK IL LUYVSSLK PU H JVSSLNL [YHUZMLY WYVNYHT
7YVNYHT 9LX\PYLTLU[Z /VUVYZ Z[\KLU[Z T\Z[ JVTWSL[L [OL WYVNYHT YLX\PYLTLU[Z PU VYKLY [V NYHK\H[L HZ HU OVUVYZ Z[\KLU[ ;OL` HYL! /H]L H V]LYHSS NYHKL WVPU[ H]LYHNL" .YHK\H[L MYVT H [YHUZMLY WYVNYHT" *VTWSL[L MV\Y OVUVYZ VW[PVUZ OVUVYZ JSHZZLZ VY OVUVYZ PUKLWLUKLU[ Z[\K` MVY M\SS OVUVYZ Z[H[\Z NYHK\H[PVU ;^V VM [OL MV\Y YLX\PYLK OVUVYZ VW[PVUZ TH` IL PUKLWLUKLU[ Z[\K` -VY HZZVJPH[L OVUVYZ Z[H[\Z H Z[\KLU[ T\Z[ JVTWSL[L H[ SLHZ[ [^V OVUVYZ VW[PVUZ
(U 0U]P[H[PVU ;OYV\NO [OL `LHYZ [OL 3HRL 3HUK /VUVYZ 7YVNYHT OHZ H[[YHJ[LK U\TLYV\Z V\[Z[HUKPUN Z[\KLU[Z -VY TVYL PUMVYTH[PVU JVU[HJ[ +Y 4HYPH )VLYUNLU /VUVYZ 7YVNYHT +PYLJ[VY H[ VY I` LTHPS H[ OVUVYZ'SHRLSHUKJVSSLNL LK\ VY ]PZP[ [OL /VUVYZ 7YVNYHT OVTL WHNL H[ ^^^ SHRLSHUK JJ PS \Z OVUVYZ
(::6*0(;, 05 (9;: +,.9,,:
;YHUZMLY VM *VTWSL[LK (ZZVJPH[L +LNYLLZ 0M H Z[\KLU[ JVTWSL[LZ HU (( VY HU (: KLNYLL OL VY ZOL ^PSS IL JVUZPKLYLK [V OH]L H[[HPULK Q\UPVY Z[HUKPUN HUK [V OH]L TL[ SV^LY KP]PZPVU NLULYHS LK\JH[PVU YLX\PYLTLU[Z \WVU [YHUZMLY [V HU 0SSPUVPZ W\ISPJ JVSSLNL VY \UP]LYZP[` =PZP[ ^^^ P[YHUZMLY VYN MVY TVYL PUMVYTH[PVU
*(<;065! 9LX\PYLTLU[Z KPMMLY MYVT VUL PUZ[P[\[PVU [V HUV[OLY ;OL Z[\KLU[ ZOV\SK YLMLY [V [OL JH[HSVN VM [OL MV\Y `LHY \UP]LYZP[` [V ^OPJO OL VY ZOL WSHUZ [V [YHUZMLY HUK JVUZ\S[ ^P[O H TLTILY VM [OL JVSSLNL JV\UZLSPUN Z[HMM WYPVY [V YLNPZ[LYPUN MVY [OL JV\YZLZ OL VY ZOL ZLSLJ[Z ,_HTWSLZ VM TVKLS WYVNYHTZ HYL SPZ[LK VU [OL MVSSV^PUN WHNLZ :VTL *VSSLNL ;YHUZMLY *\YYPJ\SH HYL SPZ[LK [V [OL YPNO[ ^P[O H ZHTWSL WYVNYHT TVKLS VU [OL MVSSV^PUN WHNLZ :LL `V\Y HJHKLTPJ HK]PZVY VY *V\UZLSPUN :LY]PJLZ MVY [OVZL *VSSLNL ;YHUZMLY 7YVNYHT TVKLSZ UV[ SPZ[LK
*VKL (( (9; (( *1: (( ,5. (( /0: (( 3(: (( 7: (( 7:@ (( ::> (( :7*/
;P[SL (Y[ *YPTPUHS 1\Z[PJL ,UNSPZO /PZ[VY` 3PILYHS (Y[Z 7VSP[PJHS :JPLUJL 7Z`JOVSVN` :VJPVSVN` :VJPHS >VYR :WLLJO *VTT\UPJH[PVU <UKLJPKLK ZLL 3PILYHS (Y[Z
7HNL
(::6*0(;, 05 :*0,5*, +,.9,,: *VKL (: (.9 (: )06 (: )(
;P[SL 7HNL
(NYPJ\S[\YL )PVSVNPJHS :JPLUJL 5VU ;LHJOPUN )\ZPULZZ (KTPUPZ[YH[PVU (JJV\U[PUN -PUHUJL 4HUHNLTLU[ 4HYRL[PUN (: ), )\ZPULZZ ,K\JH[PVU (: */,4 *OLTPZ[Y` (: *3: *SPUPJHS 3HIVYH[VY` :JPLUJL (: *65:- *VUZLY]H[PVU ¶ 7YL -VYLZ[Y` (: *65:> *VUZLY]H[PVU ¶ 7YL >PSKSPML (: ,*/,+ ,HYS` *OPSKOVVK ,K\JH[PVU (: ,(:* ,HY[O :JPLUJL (: ,*6 ,JVUVTPJZ (: ,3,+ ,SLTLU[HY` ,K\JH[PVU (: ,5:* ,U]PYVUTLU[HS :JPLUJL (: /,(+ /LHS[O ,K\JH[PVU (: 4(;/ 4H[OLTH[PJZ (: 4(,+ 4H[OLTH[PJZ ,K\JH[PVU (: 7/@,+ 7O`ZPJHS ,K\JH[PVU (: 7/@: 7O`ZPJZ (: 7*/0 7YL *OPYVWYHJ[PJ (: 7+,5 7YL +LU[PZ[Y` (: 7,5. 7YL ,UNPULLYPUN (: 74,+ 7YL 4LKPJPUL (: 75<9 7YL 5\YZPUN (: 77/4 7YL 7OHYTHJ` (: 77;/ 7YL 7O`ZPJHS ;OLYHW` (: 7=,; 7YL =L[LYPUHY` 4LKPJPUL (: 9,* 9LJYLH[PVU (: :*,+ )06 : JPLUJL ,K\JH[PVU )PVSVN` :WLJPHSPaH[PVU (: :*,+ */4 : JPLUJL ,K\JH[PVU *OLTPZ[Y` :WLJPHSPaH[PVU (: :*,+ 7/@ : JPLUJL ,K\JH[PVU 7O`ZPJZ :WLJPHSPaH[PVU (: :7,+ :WLJPHS ,K\JH[PVU
::6*0(;, 05 ,5.05,,905. :*0,5*, ( +,.9,, *VKL (,: ,5.9
;P[SL ,UNPULLYPUN
7HNL
.LULYHS ,K\JH[PVU *V\YZL 9LX\PYLTLU[Z MVY (ZZVJPH[L PU (Y[Z (( HUK (ZZVJPH[L PU :JPLUJL (: (ZZVJPH[L PU (Y[Z HUK (ZZVJPH[L PU :JPLUJL +LNYLLZ :LTLZ[LY /V\YZ ;6;(3 .,5,9(3 ,+<*(;065 *69, *<990*<3<4 *VTT\UPJH[PVUZ 0(0 *
OV\YZ
4H[OLTH[PJZ 0(0 4
OV\YZ
7O`ZPJHS HUK 3PML :JPLUJLZ 0(0 7 0(0 3
OV\YZ
/\THUP[PLZ HUK -PUL (Y[Z 0(0 / 0(0 - 0(0 /-
OV\YZ
:VJPHS HUK )LOH]PVYHS :JPLUJLZ 0(0 :
OV\YZ
9,*644,5+,+ 4(169 *6<9:,: ,3,*;0=,: :LL ZHTWSL THQVYZ VU MVSSV^PUN WHNLZ
;6;(3 40504<4 /6<9: 9,8<09,+ -69 +,.9,,
(SS JV\YZLZ T\Z[ IL H[ [OL JV\YZL SL]LS VY HIV]L
(( HUK (: +LNYLL .LULYHS ,K\JH[PVU 9LX\PYLTLU[Z HUK [OL 0SSPUVPZ (Y[PJ\SH[PVU 0UP[PH[P]L 3HRL 3HUK *VSSLNL PZ H WHY[PJPWHU[ PU [OL 0SSPUVPZ (Y[PJ\SH [PVU 0UP[PH[P]L 0(0 H Z[H[L^PKL HNYLLTLU[ [OH[ HSSV^Z [YHUZMLY VM [OL JVTWSL[LK 0SSPUVPZ .LULYHS ,K\JH[PVU *VYL *\YYPJ\S\T IL[^LLU WHY[PJPWH[PUN PUZ[P[\[PVUZ *VTWSL[PVU VM [OL .LULYHS ,K\JH[PVU *VYL *\YYPJ\S\T H[ HU` WHY[PJP WH[PUN JVSSLNL VY \UP]LYZP[` PU 0SSPUVPZ HZZ\YLZ [YHUZMLYYPUN Z[\KLU[Z [OH[ SV^LY KP]PZPVU NLULYHS LK\JH[PVU YLX\PYL TLU[Z MVY HU HZZVJPH[L VY IHJOLSVY»Z KLNYLL OH]L ILLU ZH[PZÃ&#x201E;LK ;OPZ HNYLLTLU[ PZ PU LMMLJ[ MVY Z[\KLU[Z LU[LYPUN HU HZZVJPH[L VY IHJJHSH\YLH[L KLNYLL NYHU[PUN PUZ[P[\[PVU HZ H Ã&#x201E;YZ[ [PTL MYLZOTHU PU Z\TTLY VY [OLYLHM[LY ;OL 0(0 JV\YZL U\TILY MVY LHJO 33* JV\YZL PZ PUJS\KLK PU ILSV^ @V\ TH` JOLJR [OL 0(0 ^LIZP[L H[ ^^^ P[YHUZMLY VYN MVY \WKH[LZ [V [OL HWWYV]LK JV\YZL SPZ[
* * 9 *
( NYHKL VM ¸*¹ VY IL[[LY PZ YLX\PYLK PU *VTWVZP[PVU 0 HUK 00 ,5. ,5. [V NYHK\H[L ^P[O HU HZZVJPH[L PU HY[Z HZZVJPH[L PU ZJPLUJL VY HZZVJPH[L PU LUNPULLYPUN ZJPLUJL KLNYLL
4(;/,4(;0*: 0(0 4 JV\YZL ZLTLZ[LY OV\YZ PZ YLX\PYLK 4(; .LULYHS ,K\JH[PVU 4H[O 4(; :[H[PZ[PJZ
4 4 4 4 4 4
¶ ¶ ¶
7/@:0*(3 (5+ 30-, :*0,5*,: 0(0 7 (5+ 0(0 3 JV\YZLZ [V ZLTLZ[LY OV\YZ HYL YLX\PYLK ^P[O VUL JV\YZL ZLSLJ[LK MYVT WO`ZPJHS ZJPLUJL 0(0 7 HUK VUL JV\YZL ZLSLJ[LK MYVT SPML ZJPLUJLZ 0(0 3 PUJS\KPUN H[ SLHZ[ VUL SHIVYH[VY` JV\YZL UV[LK ^P[O HU 3 H[ [OL LUK VM [OL 0(0 U\TILY
7O`ZPJHS :JPLUJL 0(0 7 */4 */4 */4 */4 ,:* ,:* ,:* 7/@ 7/@ 7/@ 7/@
7O`ZPJHS :JPLUJL *OLTPZ[Y` *VUJLW[Z VM *OLTPZ[Y` 0U[YVK\J[VY` *OLTPZ[Y` 0 .LULYHS *OLTPZ[Y` 0 7O`ZPJHS .LVSVN` >LH[OLY HUK *SPTH[L 7O`ZPJHS .LVNYHWO` *VUJLW[Z VM 7O`ZPJZ (Z[YVUVT` *VSSLNL 7O`ZPJZ 0 <UP]LYZP[` 7O`ZPJZ 0
7 7 7 7 7 7 7 7 7 7 7
3 3 3 3 3 3 3 3 3 3
3 3 3 3
3 3
3PML :JPLUJL 0(0 3 )06 )06 )06 )06
)PVSVNPJHS :JPLUJL 0 ,U]PYVUTLU[HS :JPLUJL )PV[LJOUVSVN` PU :VJPL[` 0U[YVK\J[PVU [V .LUL[PJZ
/<4(50;0,: (5+ -05, (9;: 0(0 / 0(0 - 0(0 /- JV\YZLZ ZLTLZ[LY OV\YZ HYL YLX\PYLK ^P[O H[ SLHZ[ VUL JV\YZL ZLSLJ[LK MYVT O\THUP[PLZ 0(0 / HUK H[ SLHZ[ VUL JV\YZL MYVT Ã&#x201E;UL HY[Z 0(0 - /0:
JV\YZLZ ZLTLZ[LY OV\YZ HYL YLX\PYLK PUJS\KPUN H [^V JV\YZL ZLX\LUJL PU ^YP[PUN ZLTLZ[LY OV\YZ HUK VUL JV\YZL ZLTLZ[LY OV\YZ PU VYHS JVTT\UPJH[PVU *VTWVZP[PVU 0 *VTWVZP[PVU 00 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU
4(; 4(; 4(;
-PUP[L 4H[OLTH[PJZ 4H[OLTH[PJHS (UHS`ZPZ 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 000
/\THUP[PLZ 0(0 /
*644<50*(;065: 0(0 *
,5. ,5. :7,
4(; 4(; 4(;
4 4
/ PZ[VY` *\S[\YL VM [OL ;OPYK >VYSK / /0: >LZ[LYU *P]PSPaH[PVU [V / /0: >LZ[LYU *P]PSPaH[PVU MYVT / /<4 4`[OZ 3LNLUKZ / /<4 /\THUP[PLZ [OYV\NO [OL (Y[Z /- /<4 5H[\YL PU [OL /\THUP[PLZ / 30; 0U[YVK\J[PVU [V 3P[LYH[\YL / 30; <UKLYZ[HUKPUN +YHTH / 30; 0U[YVK\J[PVU [V -PJ[PVU / 30; (TLYPJHU 3P[LYH[\YL :\Y]L` 0 / 30; (TLYPJHU 3P[LYH[\YL :\Y]L` 00 / 30; 4\S[PJ\S[\YHS (TLYPJHU 3P[LYH[\YL / 30; :\Y]L` VM ,UNSPZO 3P[LYH[\YL 0 / 30; :\Y]L` VM ,UNSPZO 3P[LYH[\YL 00 / 30; 3P[LYH[\YL VM >VTLU / 30; )PISL HZ 3P[LYH[\YL / 7/0 >VYSK 9LSPNPVUZ /
5 + +
7/0 7/0 7/0
0U[YVK\J[PVU [V 7OPSVZVWO` ,[OPJZ 0U[YVK\J[PVU [V 3VNPJ
/ / /
(Y[PJ\SH[PVU ;YHUZMLY (NYLLTLU[Z
-PUL (Y[Z 0(0 - (9; (9; (9; (9; (9; /<4 4<:
0U[YVK\J[PVU [V -PST (WWYLJPH[PVU - (Y[ .LUKLY - <UKLYZ[HUKPUN (Y[ - (Y[ /PZ[VY` 0 - (Y[ /PZ[VY` 00 - /\THUP[PLZ ;OYV\NO [OL (Y[Z /- 4\ZPJ PU (TLYPJHU /PZ[VY` *\S[\YL - 4<: <UKLYZ[HUKPUN 4\ZPJ -
+
: 6*0(3 (5+ ),/(=069(3 :*0,5*,: 0(0 : JV\YZLZ ZLTLZ[LY OV\YZ HYL YLX\PYLK ^P[O JV\YZLZ ZLSLJ[LK MYVT H[ SLHZ[ [^V KPMMLYLU[ KPZJPWSPULZ (5; ,*6 .,6 /0: 76: 7:@ :6* (5; ,*6 ,*6 .,6 /0: /0: 76: 76: 76:
.LULYHS (U[OYVWVSVN` 7YPUJPWSLZ VM ,JVUVTPJZ 0 7YPUJPWSLZ VM ,JVUVTPJZ 00 >VYSK .LVNYHWO` /PZ[VY` VM <UP[LK :[H[LZ 0 /PZ[VY` VM <UP[LK :[H[LZ 00 (TLYPJHU 5H[PVUHS .V]LYUTLU[ :[H[L HUK 3VJHS .V]LYUTLU[ 0 U[YVK\J[PVU [V 0U[LYUH[PVUHS 9LSH[PVUZ 7:@ 0U[YVK\J[PVU [V 7Z`JOVSVN` 7:@ *OPSK +L]LSVWTLU[ 7:@ 7Z`JOVSVN` VM 4H[\YP[` 6SK (NL 7:@ :VJPHS 7Z`JOVSVN` 7:@ -HTPS` 9LSH[PVUZ 7:@ /\THU +L]LSVWTLU[ 3PML :WHU :6* 0U[YVK\J[PVU [V :VJPVSVN` :6* :VJPHS 7YVISLTZ :6* 9HJPHS HUK ,[OUPJ .YV\WZ
: : : : : : : :
5 5
: : : : : : : : : :
+
*HU [HRL 7:@ VY :6* ¶ UV[ IV[O [V M\SÃ&#x201E;SS ZVJPHS HUK ILOH]PVYHS ZJPLUJL YLX\PYLTLU[
33* +LNYLL
<UP]LYZP[`
(NYPJ\S[\YL
<UP]LYZP[` VM 0SSPUVPZ
(NYPJ\S[\YL
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)\ZPULZZ (KTPUPZ[YH[PVU
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)PVSVNPJHS :JPLUJL 5VU ;LHJOPUN
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*YPTPUHS 1\Z[PJL
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
,HY[O :JPLUJL
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
,JVUVTPJZ
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
.LVNYHWO`
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
3PILYHS (Y[Z
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
3PILYHS :[\KPLZ
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
7O`ZPJHS ,K\JH[PVU
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
7Z`JOVSVN`
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:WLLJO *VTT\UPJH[PVU
,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)\ZPULZZ (KTPUPZ[YH[PVU
0UKPHUH :[H[L <UP]LYZP[`
*YPTPUHS 1\Z[PJL
0UKPHUH :[H[L <UP]LYZP[`
,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN`
0UKPHUH :[H[L <UP]LYZP[`
,UNSPZO
0UKPHUH :[H[L <UP]LYZP[`
/LHS[O ,K\JH[PVU
0UKPHUH :[H[L <UP]LYZP[`
7YL 7OHYTHJ`
0UKPHUH :[H[L <UP]LYZP[`
:VJPVSVN` :VJPHS >VYR
0UKPHUH :[H[L <UP]LYZP[`
(U` ;LJOUVSVN` 9LSH[LK -PLSK
0UKPHUH :[H[L <UP]LYZP[`
)\ZPULZZ (KTPUPZ[YH[PVU
(ZZVJPH[L PU ,UNPULLYPUN :JPLUJL +LNYLL (,:
4PSPRPU <UP]LYZP[` 6USPUL 4PSPRPU <UP]LYZP[` :[ 4HY` VM [OL >VVKZ
.LULYHS ,K\JH[PVU YLX\PYLTLU[Z MVY HU (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL KLNYLL HYL KLZJYPILK VU [OL ZHTWSL THQVY WHNL MVY ,UNPULLYPUN
*YPTPUHS 1\Z[PJL
:[ 4HY` VM [OL >VVKZ
,SLTLU[HY` ,K\JH[PVU
:[ 4HY` VM [OL >VVKZ
4H[OLTH[PJZ
:[ 4HY` VM [OL >VVKZ
+LNYLL (\KP[ +LNYLL ZLLRPUN Z[\KLU[Z ZOV\SK Y\U H KLNYLL H\KP[ WYPVY [V YLNPZ[YH[PVU LHJO ZLTLZ[LY [V KL[LYTPUL OV^ JV\YZLZ JVTWSL[LK HWWS` [V^HYK [OLPY PU[LUKLK KLNYLL HUK PKLU[PM` HKKP[PVUHS JV\YZLZ ULLKLK
7SLHZL UV[L WYLYLX\PZP[LZ VY JV\YZL YLX\PZP[LZ SPZ[LK PU [OL *V\YZL +LZJYPW[PVUZ ZLJ[PVU VM [OPZ JH[HSVN
3HRL 3HUK *VSSLNL
(NYPJ\S[\YL
(: (.9 (ZZVJPH[L PU :JPLUJL +LNYLL ;OL (NYPJ\S[\YL [YHUZMLY J\YYPJ\S\T PZ KLZPNULK MVY [OVZL Z[\KLU[Z ^OV HYL WSHUUPUN [V [YHUZMLY [V H MV\Y `LHY PUZ[P[\[PVU VM OPNOLY SLHYUPUN HUK LHYU [OL IHJOLSVY VM ZJPLUJL KLNYLL PU (NYPJ\S[\YL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; (.9 Æ&#x2018; 7:@
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 *VSSLNL (SNLIYH 0U[YV [V (UPTHS :JPLUJL 0U[YV [V 7Z`JOVSVN` VY V[OLY 0(0 ZVJPHS ILOH]VYPHS ZJPLUJL ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
4(; (.9 /0: ,*6
*VTWVZP[PVU 00 -PUP[L 4H[OLTH[PJZ VY 4H[O (UHS`ZPZ 0U[YV [V :VPS :JPLUJL >LZ[LYU *P]PSPaH[PVU VY V[OLY 0(0 O\THUP[PLZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
0U[YVK\J[VY` *OLTPZ[Y` 0 VY */4 .LULYHS *OLTPZ[Y` 0 :7, 0U[YV [V :WLLJO *VTT\UPJH[PVU /0: /PZ[VY` *\S[\YL VM YK >VYSK VY V[OLY 0(0 O\THUP[PLZ (.9 0U[YV [V (NYPJ\S[\YHS ,JVUVTPJZ (.9 0U[YV [V (N 4LJOHUPaH[PVU Â&#x2020; VY /9; 0U[YV [V /VY[PJ\S[\YL Â&#x2020; ;6;(3
Æ&#x2018; */4 */4 Æ&#x2018; (9;
Æ&#x2018; 76: Æ&#x2018; (.9 Æ&#x2018;
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY (.9 0U[YV [V (NYPJ\S[\YHS ,K\JH[PVU VY V[OLY LSLJ[P]L ZLSLJ[LK PU JVUZ\S[H[PVU ^P[O [OL 7YVNYHT *VVYKPUH[VY
-HJ\S[` *VU[HJ[! 4HYPH )VLYUNLU ,THPS! TIVLYUNLU'SHRLSHUK JJ PS \Z 7OVUL!
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ
Æ&#x2018; */4
0U[YVK\J[VY` *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; VY .LULYHS *OLTPZ[Y` 00 <UKLYZ[HUKPUN (Y[ VY V[OLY 0(0 Ã&#x201E;UL HY[Z (TLYPJHU 5H[PVUHS .V]LYUTLU[ VY V[OLY 0(0 ZVJPHS ZJPLUJL 7YPUJ VM -PLSK *YVW :JPLUJL Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]L ;6;(3
¶ ¶
3HRL 3HUK *VSSLNL
(Y[
(( (9; (ZZVJPH[L PU (Y[Z +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; 4(;
4(;
:,*65+ @,(9 /V\YZ
+YH^PUN 0 -HSS ZLTLZ[LY Â&#x2020; ;^V +PTLUZPVUHS +LZPNU (Y[ /PZ[VY` 0 Â&#x2020; + +LZPNU :[H[PZ[PJZ VY .LULYHS ,K\JH[PVU 4H[O ;6;(3
/V\YZ
Æ&#x2018; ,5. *VTWVZP[PVU 00 Æ&#x2018; (9; 7 YPU[THRPUN 0 Æ&#x2018; :7, 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPHS )LOH]PVYHS :JPLUJL 0(0 : Æ&#x2018; :JPLUJL 0(0 7 Æ&#x2018;
;6;(3
:LJVUK :LTLZ[LY
:LJVUK :LTLZ[LY
Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018; (9;
-PYZ[ :LTLZ[LY
+YH^PUN 00 Â&#x2020;Â&#x2020;Â&#x2020; * LYHTPJZ Â&#x2020;Â&#x2020;Â&#x2020; *VTWVZP[PVU 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : :JPLUJL 0(0 3 (Y[ /PZ[VY` 00 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
¶ ¶
Æ&#x2018; (9; Æ&#x2018; Æ&#x2018; Æ&#x2018;
7HPU[PUN :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ 0(0 / ,SLJ[P]LZ ;6;(3
¶ ¶
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; (9; Æ&#x2018; /<4 Æ&#x2018; /0: Æ&#x2018; /0: Æ&#x2018; /0:
0U[YVK\J[PVU [V -PST (WWYLJPH[PVU (Y[ .LUKLY <UKLYZ[HUKPUN (Y[ /\THUP[PLZ [OYV\NO [OL (Y[Z /PZ[VY` VM [OL <: 0 /PZ[VY` VM [OL <: 00 /PZ[VY` *\S[\YL VM [OL ;OPYK >VYSK
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 1VKP )PYK^LSS ,THPS! QIPYK^LSS 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
)PVSVNPJHS :JPLUJL 5VU ;LHJOPUN (: )063 (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )PV ZJPLUJL 0 .LULYHS *OLTPZ[Y` 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; ,:* Æ&#x2018; Æ&#x2018;
/V\YZ .LULYHS )V[HU` 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; 0U[YV [V .0: :VJPHS )LOH]PVYHS :JPLUJL 0(0 : -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS AVVSVN` .LULYHS *OLTPZ[Y` 00 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ 0(0 / ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 =LY[LIYH[L AVVSVN` Â&#x2020;Â&#x2020;Â&#x2020; ,U]PYVUTLU[HS :JPLUJL /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
3HRL 3HUK *VSSLNL
)\ZPULZZ (KTPUPZ[YH[PVU (JJV\U[PUN -PUHUJL 4HUHNLTLU[ 4HYRL[PUN (: )( (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ KLNYLL PZ HSZV H]HPSHISL VUSPUL ;OPZ J\YYPJ\S\T PZ MVY Z[\KLU[Z PU[LYLZ[LK PU I\ZPULZZ HKTPUPZ[YH[PVU HJJV\U[PUN Ã&#x201E;UHUJL THUHNLTLU[ THYRL[PUN JVTW\[LY PUMVYTH[PVU Z`Z[LTZ WSHUUPUN [V [YHUZMLY [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` *V\YZL YLX\PYLTLU[Z HYL TVKPÃ&#x201E;LK [V TLL[ KLTHUKZ VM PUKP]PK\HS \UP]LYZP[PLZ <WVU JVTWSL[PVU VM [OPZ WYVNYHT Z[\KLU[Z TH` [YHUZMLY HZ Q\UPVYZ [V MV\Y `LHY JVSSLNLZ HUK \UP]LYZP[PLZ ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018; )<:
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 *VSSLNL (SNLIYH :JPLUJL 0(0 7 /\THUP[PLZ 0(0 / 0U[YVK\J[PVU [V )\ZPULZZ ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; 4(; Æ&#x2018; ,*6 Æ&#x2018; Æ&#x2018; )<:
/V\YZ -PUHUJPHS (JJV\U[PUN 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ 4H[OLTH[PJHS (UHS`ZPZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 -PUL (Y[Z 0(0 - *HYLLY 7YVMLZZPVUHS +L]LSVWTLU[ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *0: Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; :7,
*VTWVZP[PVU 00 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ -PUP[L 4H[OLTH[PJZ :JPLUJL 0(0 3 ¶ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; ,*6 Æ&#x2018; Æ&#x2018;
4HUHNLYPHS (JJV\U[PUN )\ZPULZZ :[H[PZ[PJZ 7YPUJPWSLZ VM ,JVUVTPJZ 00 /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2H[O` )SHJR ,THPS! RISHJR'SHRLSHUKJVSSLNL LK\ 7OVUL!
3HRL 3HUK *VSSLNL
)\ZPULZZ ,K\JH[PVU
(: ), (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ J\YYPJ\S\T PZ MVY Z[\KLU[Z PU[LYLZ[LK PU I\ZPULZZ LK\JH[PVU ^OV WSHU [V [YHUZMLY [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` *V\YZL YLX\PYLTLU[Z HYL TVKPÃ&#x201E;LK [V TLL[ KLTHUKZ VM PUKP]PK\HS \UP]LYZP[PLZ <WVU JVTWSL[PVU VM [OPZ WYVNYHT Z[\KLU[Z TH` [YHUZMLY HZ Q\UPVYZ [V MV\Y `LHY JVSSLNLZ HUK \UP]LYZP[PLZ ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )<: Æ&#x2018; Æ&#x2018; Æ&#x2018;
:LJVUK :LTLZ[LY /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V )\ZPULZZ :JPLUJL 0(0 3 /\THUP[PLZ 0(0 / -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *0: Æ&#x2018; Æ&#x2018; :7, Æ&#x2018;
*VTWVZP[PVU 00 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ :JPLUJL 0(0 7 ¶ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ,SLJ[P]L ;6;(3 ¶
:,*65+ @,(9
Æ&#x2018; )<: Æ&#x2018; ,*6 Æ&#x2018; 76: Æ&#x2018; 4(; Æ&#x2018; ,+<
-PUHUJPHS (JJV\U[PUN 3LNHS ,U]PYVUTLU[ VM )\ZPULZZ 7YPUJPWSLZ VM ,JVUVTPJZ 0 /PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK ,SLJ[P]L ;6;(3
Æ&#x2018; )<: Æ&#x2018; 7:@ Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; *0:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;`UPH 2LZZSLY ,THPS! [RLZZSLY'SHRLSHUK JJ PS \Z 7OVUL!
:<..,:;,+ ,3,*;0=,:
-PYZ[ :LTLZ[LY
Æ&#x2018; )<: Æ&#x2018; )<: Æ&#x2018; ,*6 Æ&#x2018; /0: Æ&#x2018;
/V\YZ
4HUHNLYPHS (JJV\U[PUN 7YPUJPWSLZ VM ,JVUVTPJZ 00 (TLYPJHU 5H[PVUHS .V]LYUTLU[ :[H[PZ[PJZ 0U[YVK\J[PVU [V ,K\JH[PVU ;6;(3
)\ZPULZZ *VTT\UPJH[PVUZ 0U[YVK\J[PVU [V 7Z`JOVSVN` 7YPUJPWSLZ VM 4HYRL[PUN 7YPUJPWSLZ VM 4HUHNLTLU[ 3HIVY 9LSH[PVUZ 0U[YVK\J[PVU [V 0U[LYUH[PVUHS )\ZPULZZ /\THU 9LZV\YJL 4HUHNLTLU[ 0U[LYUL[ :`Z[LTZ (WWSPJH[PVUZ
3HRL 3HUK *VSSLNL
*OLTPZ[Y`
(: */,4 (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
.LULYHS *OLTPZ[Y` 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 *VTWVZP[PVU 0 /\THUP[PLZ 0(0 / :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; 7/@ Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018;
/V\YZ 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; <UP]LYZP[` 7O`ZPJZ 00 Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )PV ZJPLUJL 0 -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; 7/@ Æ&#x2018;
.LULYHS *OLTPZ[Y` 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 *VTWVZP[PVU 00 <UP]LYZP[` 7O`ZPJZ 0 Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018; Æ&#x2018;
6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; (UHS`[PJ .LVTL[Y` *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; <UP]LYZP[` 7O`ZPJZ 000 Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 4(; Æ&#x2018; 4(;
+PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; 3PULHY (SNLIYH Â&#x2020;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*SPUPJHS 3HIVYH[VY` :JPLUJL 7YL 4LKPJHS 3HIVYH[VY` ;LJOUVSVN` (: *3: (ZZVJPH[L PU :JPLUJL +LNYLL
;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY *SPUPJHS 3HIVYH[VY` :JPLUJL Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL *SPUPJHS 3HIVYH[VY` :JPLUJL [YHUZMLY YLX\PYLTLU[Z VM [OL 0SSPUVPZ (Y[PJ\SH[PVU 0UP[PH[P]L <WVU JVTWSL[PVU VM [OPZ JV\YZL ZLX\LUJL *SPUPJHS 3HIVYH[VY` :JPLUJL Z[\KLU[Z ^PSS YLJLP]L HU HZZVJPH[L PU ZJPLUJL KLNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; 7:@
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 .LULYHS *OLTPZ[Y` 0 4H[O 0(0 4 EE 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; :7, Æ&#x2018; (5;
*VTWVZP[PVU 00 .LULYHS AVVSVN` .LULYHS *OLTPZ[Y` 00 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU (U[OYVWVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; :6* Æ&#x2018; 30;
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; )06 Æ&#x2018; (9; Æ&#x2018; 4<:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ /\THU (UH[VT` HUK 7O`ZPVSVN` 0 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; 0U[YVK\J[PVU [V :VJPVSVN` 0U[YVK\J[PVU [V 3P[LYH[\YL ;6;(3
/\THU (UH[VT` HUK 7O`ZPVSVN` 00 6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; 4PJYVIPVSVN` <UKLYZ[HUKPUN (Y[ <UKLYZ[HUKPUN 4\ZPJ ;6;(3
3HRL 3HUK *VSSLNL
*VUZLY]H[PVU ¶ 7YL -VYLZ[Y` (: *65:- (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 4H[O 0(0 40 EE )PV ZJPLUJL 0 0U[YVK\J[VY` *OLTPZ[Y` 0 Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018; ,:* Æ&#x2018;
/V\YZ .LULYHS )V[HU` ,U]PYVUTLU[HS :JPLUJL 0U[YV [V .0: -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS AVVSVN` 0U[YVK\J[VY` *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ 0(0 / ;6;(3
Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; :7, Æ&#x2018; Æ&#x2018;
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 =LY[LIYH[L AVVSVN` Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
*VUZLY]H[PVU ¶ 7YL >PSKSPML (: *65:> (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 :[H[PZ[PJZ )PV ZJPLUJL 0 .LULYHS *OLTPZ[Y` 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS AVVSVN` .LULYHS *OLTPZ[Y` 00 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ 0(0 / ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018; ,:* Æ&#x2018; Æ&#x2018;
Æ&#x2018; 4(; Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018;
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ .LULYHS )V[HU` ,U]PYVUTLU[HS :JPLUJL 0U[YV [V .0: -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU =LY[LIYH[L AVVSVN` Â&#x2020;Â&#x2020;Â&#x2020; /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
3HRL 3HUK *VSSLNL
*YPTPUHS 1\Z[PJL
(( *1: (ZZVJPH[L PU (Y[Z +LNYLL ;OPZ WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z KLZPYPUN [V LU[LY H JYPTPUHS Q\Z[PJL Ã&#x201E;LSK SH^ LUMVYJLTLU[ JVYYLJ[PVUZ WYVIH[PVU L[J KPYLJ[S` \WVU NYHK\H[PVU VY MVY Z[\KLU[Z KLZPYPUN [V [YHUZMLY [V H `LHY JVSSLNL \UP]LYZP[` ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z <UP]LYZP[` YLX\PYLTLU[Z TH` ZWLJPÃ&#x201E;JHSS` YLX\PYL JLY[HPU JV\YZLZ ZV [OL Z[\KLU[ ZOV\SK JVUZ\S[ H JV\UZLSVY VY OPZ VY OLY HJHKLTPJ HK]PZVY WYPVY [V YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *1: Æ&#x2018; *1: Æ&#x2018; Æ&#x2018; *0:
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V *YPTPUHS 1\Z[PJL *YPTPUHS 3H^ :JPLUJL 0(0 3 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; *1: Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; :6*
*VTWVZP[PVU 00 *YPTPUHS 0U]LZ[PNH[PVU 0 :JPLUJL 0(0 7 4H[O 0(0 4 /\THUP[PLZ 0(0 / 0U[YVK\J[PVU [V :VJPVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; *1: Æ&#x2018; Æ&#x2018; Æ&#x2018; *1:
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU *VYYLJ[PVUZ -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : *YPTPUHS ,]PKLUJL HUK 7YVJLK\YLZ ;6;(3
:LJVUK :LTLZ[LY ¶ ¶
Æ&#x2018; *1: Æ&#x2018; Æ&#x2018;
1\]LUPSL 1\Z[PJL :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- /,+ 9LZWVUKPUN [V ,TLYNLUJPLZ 7:@ 0U[YVK\J[PVU [V 7Z`JOVSVN` ,SLJ[P]LZ ;6;(3
Æ&#x2018; Æ&#x2018; Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! +\Z[PU /L\LYTHU ,THPS! KOL\LYTHU 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,HYS` *OPSKOVVK ,K\JH[PVU (: ,*/,+ (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z KLZPYPUN [V [YHUZMLY [V H `LHY JVSSLNL HUK VI[HPU H ;`WL 0SSPUVPZ ;LHJOPUN *LY[PÃ&#x201E;JH[L )PY[O ¶ .YHKL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /0: /0:
Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; ,*,
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 < : /PZ[VY` 0 VY < : /PZ[VY` 00 )PV ZJPLUJL 0 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 0 0 U[YVK\J[PVU [V ,HYS` *OPSKOVVK ,K\JH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,+< Æ&#x2018; 7/@ */4 Æ&#x2018; 4(; Æ&#x2018;
*VTWVZP[PVU 00 +P]LYZP[` PU :JOVVSZ HUK :VJPL[` *VUJLW[Z VM 7O`ZPJZ VY *VUJLW[Z VM *OLTPZ[Y` 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 00 ,SLJ[P]L ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; 76: Æ&#x2018; :7, Æ&#x2018; Æ&#x2018;
Æ&#x2018; ,+< Æ&#x2018; 7,+ Æ&#x2018; ,+< Æ&#x2018; /0: Æ&#x2018; 4<: (9; Æ&#x2018;
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! 2PT +H]PZ ,THPS! RKH]PZ 'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ *OPSK .YV^[O HUK +L]LSVWTLU[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ 7\ISPJ :WLHRPUN 0(0 30; 3P[LYH[\YL 0(0 / ,SLJ[P]L ;6;(3
0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU )HZPJ (J[P]P[PLZ ,SLTLU[HY` :LJVUKHY` ;LHJOPUN HUK 3LHYUPUN ^P[O ;LJOUVSVN` /PZ[VY` HUK *\S[\YL VM [OL YK >VYSK <UKLYZ[HUKPUN 4\ZPJ VY <UKLYZ[HUKPUN (Y[ ,SLJ[P]L ;6;(3
3HRL 3HUK *VSSLNL
,HY[O :JPLUJL .LVSVN` ¶ .LVNYHWO` (: ,(:* (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL <UP]LYZP[` VM 0SSPUVPZ HK]PZLZ Z[\KLU[Z [V [HRL H M\SS `LHY VM WO`ZPJZ HUK JOLTPZ[Y` :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,:* Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 >LH[OLY HUK *SPTH[L :[H[PZ[PJZ ,U]PYVUTLU[HS :JPLUJL /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; ,:* Æ&#x2018; .,6 Æ&#x2018; ,:* Æ&#x2018; Æ&#x2018;
/V\YZ 0U[YV [V .0: >VYSK .LVNYHWO` 7O`ZPJHS .LVNYHWO` :VJPHS )LOH]PVYHS :JPLUJL 0(0 : -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,:* Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 7O`ZPJHS .LVSVN` ,SLJ[P]L /\THUP[PLZ 0(0 / 4H[O 0(0 4 ;6;(3
¶ ¶
Æ&#x2018; :7, Æ&#x2018; Æ&#x2018;
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]LZ ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 7/@ Æ&#x2018; */4 Æ&#x2018; *0: Æ&#x2018; *0:
*VUJLW[Z VM 7O`ZPJZ *VUJLW[Z VM *OLTPZ[Y` 0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,JVUVTPJZ
(: ,*6 (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 7YPUJPWSLZ VM ,JVUVTPJZ 0 *VSSLNL (SNLIYH :JPLUJL 0(0 3 /\THUP[PLZ -PUL (Y[Z 0(0 / ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; ,*6 Æ&#x2018; Æ&#x2018; 7:@ Æ&#x2018; 4(;
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 7YPUJPWSLZ VM ,JVUVTPJZ 00 /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- 0U[YVK\J[PVU [V 7Z`JOVSVN` 4H[OLTH[PJHS (UHS`ZPZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 -PUP[L 4H[OLTH[PJZ :JPLUJL 0(0 7 -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; Æ&#x2018; )<: Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! /\THUP[PLZ *VTT\UPJH[PVUZ +P]PZPVU *OHPY ,THPS! ZOVY[LUZ'SHRLSHUK JJ PS \Z 7OVUL!
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 4(; Æ&#x2018; :-:
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
:VJPHS )LOH]PVYHS :JPLUJL 0(0 : )\ZPULZZ :[H[PZ[PJZ ,SLJ[P]L ;6;(3
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
,SLTLU[HY` ,K\JH[PVU
(: ,3,+ (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ^PSS KPMMLY KLWLUKPUN VU ^OLYL `V\ KLZPYL [V [YHUZMLY :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ 4\Z[ OH]L NWH VM ¸*¹ VY IL[[LY [V YLJLP]L [YHUZMLY JYLKP[ [V ,0< ( Z[\KLU[ JHU JOVVZL HU HYLH VM JVUJLU[YH[PVU MYVT ,UNSPZO -PUL (Y[Z -VYLPNU 3HUN\HNL .LULYHS :JPLUJL 4H[OLTH[PJZ VY :VJPHS :JPLUJL
-09:; @,(9 -PYZ[ :LTLZ[LY
/V\YZ
Æ&#x2018; ,5. Æ&#x2018; /0: /0: Æ&#x2018; 7/@ Æ&#x2018; Æ&#x2018;
:,*65+ @,(9
*VTWVZP[PVU 0 /PZ[VY` VM < : 0 VY /PZ[VY` VM < : 00 *VUJLW[Z VM 7O`ZPJZ VY */4 *VUJLW[Z VM *OLTPZ[Y` 4(; 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 0 ,+< 0U[YVK\J[PVU [V ,K\JH[PVU ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018; :7, Æ&#x2018;
/V\YZ (TLYPJHU 5H[PVUHS .V]LYUTLU[ *OPSK +L]LSVWTLU[ :VJPHS )LOH]PVYHS :JPLUJL 0(0 : VY :JPLUJL 0(0 3 VY 0(0 7 ¶ :WLLJO *VTT\UPJH[PVUZ (YLH VM *VUJLU[YH[PVU ;6;(3 ¶
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 7:@ Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; ,+<
*VTWVZP[PVU 00 0U[YVK\J[PVU [V 7Z`JOVSVN` )PV ZJPLUJL 0 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 00 ;LHJOPUN HUK 3LHYUPUN ^P[O ;LJOUVSVN` ;6;(3
Æ&#x2018; /0: Æ&#x2018; ,+< Æ&#x2018; Æ&#x2018; Æ&#x2018; 30; Æ&#x2018; (9;
/PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK +P]LYZP[` PU :JOVVSZ (YLH VM *VUJLU[YH[PVU -PUL (Y[Z 0(0 - 3P[LYH[\YL 0(0 / <UKLYZ[HUKPUN (Y[ VY 4<: <UKLYZ[HUKPUN 4\ZPJ ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2PT +H]PZ ,THPS! RKH]PZ 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,UNPULLYPUN
(,: ,5.9 (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL +LNYLL ;OL ,UNPULLYPUN [YHUZMLY WYVNYHT OHZ H OLH]` LTWOHZPZ VU TH[O HUK ZJPLUJL 0[ PZ KLZPNULK [V WYV]PKL H ZVSPK IHZPZ MVY ^VYR H[ [OL Q\UPVY HUK ZLUPVY SL]LSZ PU [OL ]HYPV\Z KPZJPWSPULZ VM LUNPULLYPUN ;OL <UP]LYZP[` VM 0SSPUVPZ HUK :V\[OLYU 0SSPUVPZ <UP]LYZP[` ¶ *HYIVUKHSL VY ,K^HYKZ]PSSL YLX\PYL ZWLJPÃ&#x201E;J TPUPT\T .7(Z MVY LU[Y` PU[V [OL ]HYPV\Z JVSSLNLZ VM LUNPULLYPUN *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL ;OPZ PZ H ZHTWSL SPZ[ VM YLX\PYLTLU[Z MVY [OPZ THQVY :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; 4(; Æ&#x2018; ;,* Æ&#x2018; */4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 7YPUJPWSLZ VM ,JVUVTPJZ 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 ,UNPULLYPUN .YHWOPJZ .LULYHS *OLTPZ[Y` 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018; */4
*VTWVZP[PVU 00 7YPUJPWSLZ VM ,JVUVTPJZ 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 <UP]LYZP[` 7O`ZPJZ 0 Â&#x2020;Â&#x2020;Â&#x2020; .LULYHS *OLTPZ[Y` 00 ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; 7/@ Æ&#x2018; 4(;
Æ&#x2018; Æ&#x2018; 4(; 4(;
Æ&#x2018; 7/@ Æ&#x2018; 4(; Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY /0: /PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK HUK LP[OLY /0: >LZ[LYU *P]PSPaH[PVU [V VY /0: >LZ[LYU *P]PSPaH[PVU MYVT WYLZLU[ HYL Z[YVUNS` YLJVTTLUKLK :LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! ;VUPH ;PTSPU ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
¶ ¶
:LJVUK :LTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ <UP]LYZP[` 7O`ZPJZ 00 Â&#x2020; 4LJOHUPJZ 0 Â&#x2020; * 7YVNYHTTPUN ,UNPULLYPUN (WWSPJH[PVUZ Â&#x2020; /\THUP[PLZ 0(0 / 4H[YP_ (SNLIYH Â&#x2020; VY 3PULHY (SNLIYH Â&#x2020; ;6;(3
<UP]LYZP[` 7O`ZPJZ 000 Â&#x2020;Â&#x2020;Â&#x2020; (UHS`[PJ .LVTL[Y` *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; +PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; 4LJOHUPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; /\THUP[PLZ 0(0 / ;6;(3
3HRL 3HUK *VSSLNL
,UNSPZO
(( ,5. (ZZVJPH[L PU (Y[Z +LNYLL ;OL ,UNSPZO [YHUZMLY WYVNYHT LTWOHZPaLZ SP[LYH[\YL ^YP[PUN HUK YLSH[LK HYLHZ HUK PZ KLZPNULK [V WYV]PKL H ZVSPK IHJRNYV\UK MVY ^VYR H[ [OL Q\UPVY HUK ZLUPVY SL]LSZ PU ,UNSPZO ( Z[\KLU[ ^OV MVSSV^Z [OL YLJVTTLUKLK JV\YZL ZLX\LUJL MVY ,UNSPZO THQVYZ ^PSS IL HISL [V! Â&#x2039; \ZL JYP[PJHS [OPURPUN PU]LZ[PNH[PVU HUK YLÃ&#x2026;LJ[PVU [V PU[LYHJ[ ^P[O [L_[Z HUK PKLHZ" Â&#x2039; Q\KNL [OL ]HS\L VM [OL SP[LYHY` LUKLH]VY I` PKLU[PM`PUN NLULYH[PUN HUK HWWS`PUN [OL HWWYVWYPH[L JYP[PJHS ]VJHI\SHY`" Â&#x2039; L_WSHPU ^OH[ TV[P]H[LZ WLVWSL [V YLHK HUK ^OH[ TV[P]H[LZ ^YP[LYZ [V WYVK\JL SP[LYHY` ^VYRZ" Â&#x2039; L_HTPUL [OL J\S[\YHS HUK OPZ[VYPJHS MHJ[VYZ [OH[ PUÃ&#x2026;\LUJL [OL YLHKLY ^YP[LY HUK [L_[" HUK Â&#x2039; HWWYHPZL OV^ SP[LYH[\YL YLSH[LZ [V HU \UKLYZ[HUKPUN VM V\YZLS]LZ HUK [OL ^VYSK *VUZ\S[ IV[O [OL MVSSV^PUN SPZ[ VM THQVY YLX\PYLTLU[Z HUK HU HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN HZ L_WLJ[H[PVUZ VM ,UNSPZO KLWHY[TLU[Z H[ MV\Y `LHY JVSSLNLZ ]HY` -VY L_HTWSL ZVTL OH]L H MVYLPNU SHUN\HNL YLX\PYLTLU[
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ *VTWVZP[PVU 0 /PZ[VY` VM [OL <UP[LK :[H[LZ 0 VY /PZ[VY` VM [OL <UP[LK :[H[LZ 00 .LULYHS ,K\JH[PVU 4H[O VY :[H[PZ[PJZ /\THUP[PLZ [OYV\NO [OL (Y[Z 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 30; Æ&#x2018; /0: /0: Æ&#x2018; Æ&#x2018;
;OPZ PZ H ZHTWSL SPZ[ VM YLX\PYLTLU[Z MVY [OPZ THQVY :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
,5. /0: /0: 4(; 4(; /<4 :7,
*VTWVZP[PVU 00 0U[YVK\J[PVU [V 3P[LYH[\YL >LZ[LYU *P]PSPaH[PVU [V VY >LZ[LYU *P]PSPaH[PVU 7YLZLU[ -PUL (Y[Z 0(0 - :JPLUJL 0(0 7 ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; 7/0 Æ&#x2018; Æ&#x2018; Æ&#x2018;
0U[YVK\J[PVU [V 3VNPJ :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]L ;^V 3P[LYH[\YL ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
Æ&#x2018; Æ&#x2018; Æ&#x2018;
:JPLUJL 0(0 3 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]LZ ;6;(3
¶ ¶ ¶
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! /\THUP[PLZ *VTT\UPJH[PVUZ +P]PZPVU *OHPY ,THPS! ZOVY[LUZ'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
,U]PYVUTLU[HS :JPLUJL (: ,5:* (ZZVJPH[L PU :JPLUJL +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 .LULYHS *OLTPZ[Y` 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ 0(0 / ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS )V[HU` .LULYHS *OLTPZ[Y` 00 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : -PUL (Y[Z 0(0 - ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018; ,:* Æ&#x2018;
Æ&#x2018; 4(; Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018;
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ .LULYHS AVVSVN` ,U]PYVUTLU[HS :JPLUJL 0U[YV [V .0: /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU =LY[LIYH[L AVVSVN` Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
3HRL 3HUK *VSSLNL
/LHS[O ,K\JH[PVU
(: /,(,+ (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ HU HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /,+ Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; /<4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 7YPUJPWSLZ VM /LHS[O :[H[PZ[PJZ )PV ZJPLUJL 0 /\THUP[PLZ ;OYV\NO [OL (Y[Z ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; /,+ Æ&#x2018; (9; Æ&#x2018; 76: Æ&#x2018; )06 Æ&#x2018; /,+
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU +PZLHZL 7YVJLZZLZ <UKLYZ[HUKPUN (Y[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ /\THU (UH[VT` HUK 7O`ZPVSVN` 0 *VTT\UP[` /LHS[O ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /,+ Æ&#x2018; */4 Æ&#x2018; 4<: Æ&#x2018;
*VTWVZP[PVU 00 5\[YP[PVU 7O`ZPJHS :JPLUJL 00 <UKLYZ[HUKPUN 4\ZPJ :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; 7,+ Æ&#x2018;
0U[YVK\J[PVU [V 7Z`JOVSVN` -P[ULZZ MVY 3PML ,SLJ[P]L ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; )06 Æ&#x2018; /,+ Æ&#x2018; ,+< Æ&#x2018; :-:
,U]PYVUTLU[HS :JPLUJL 9LZWVUKPUN [V ,TLYNLUJPLZ 0U[YV [V ,K\JH[PVU :[YH[LNPLZ MVY :\JJLZZ
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
/PZ[VY`
(( /0: (ZZVJPH[L PU (Y[Z +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /0: Æ&#x2018; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 < : /PZ[VY` 0 4H[O 0(0 4 :JPLUJL 0(0 7 /\THUP[PLZ 0(0 / ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; /0: Æ&#x2018; Æ&#x2018; Æ&#x2018; /0:
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU >LZ[LYU *P]PSPaH[PVU [V /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /0: Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 < : /PZ[VY` 00 :JPLUJL 0(0 3 -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; Æ&#x2018; /0: Æ&#x2018; 76: Æ&#x2018;
:VJPHS )LOH]PVYHS :JPLUJL 0(0 : >LZ[LYU *P]PSPaH[PVU MYVT [V 7YLZLU[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ ,SLJ[P]LZ ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; ,+< Æ&#x2018; /0: Æ&#x2018; :-:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
0U[YVK\J[PVU [V ,K\JH[PVU /PZ[VY` VM 3H[PU (TLYPJH :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
3PILYHS (Y[Z
(( 3(: (ZZVJPH[L PU (Y[Z +LNYLL ;OL ZLX\LUJL ILSV^ ^VYRZ MVY Z[\KLU[Z ZLLRPUN HU HZZVJPH[L KLNYLL [V WYLWHYL MVY [YHUZMLY [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` ^OV ^PZO [V JV]LY H IYVHK ZLSLJ[PVU VM JV\YZLZ JLU[LYLK VU [OL SPILYHS HY[Z :[\KLU[Z ^OV ^PZO [V LHYU HU HZZVJPH[L KLNYLL MVY [YHUZMLY I\[ HYL \UKLJPKLK HIV\[ [OLPY THQVY TH` HSZV \ZL [OPZ ZLX\LUJL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 4H[O 0(0 4 /\THUP[PLZ -PUL (Y[Z 0(0 / :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]LZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :JPLUJL 0(0 7 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 :JPLUJL 0(0 3 /\THUP[PLZ -PUL (Y[Z 0(0 - ,SLJ[P]LZ ;6;(3
Æ&#x2018; Æ&#x2018; Æ&#x2018;
/\THUP[PLZ -PUL (Y[Z 0(0 / VY 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]LZ ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! *PUK` 3HUTHU ,THPS! JSHUTHU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
4H[OLTH[PJZ
(: 4(;/ (ZZVJPH[L PU :JPLUJL +LNYLL 4H[OLTH[PJZ WYLWHYLZ [OL Z[\KLU[ [V [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU ^P[O H THQVY PU TH[OLTH[PJZ ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z 9LX\PYLTLU[Z ]HY` MYVT \UP]LYZP[` [V \UP]LYZP[` *VUZ\S[ [OL JH[HSVN VM [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018; 7/0
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )PV ZJPLUJL 0 0U[YVK\J[PVU [V 3VNPJ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 7O`ZPJHS :JPLUJL 0(0 7 ¶ 7/@ <UP]LYZP[` 7O`ZPJZ YLJVTTLUKLK ¶ :VJPHS )LOH]PVYHS :JPLUJL 0(0 : -PUL (Y[Z 0(0 - ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ * 7YVNYHTTPUN ,UNPULLYPUN (WWSPJH[PVUZ Â&#x2020; 3PULHY (SNLIYH Â&#x2020; /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]L ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018;
(UHS`[PJ .LVTL[Y` *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; +PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]L ¶ ;6;(3 ¶
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 7/@ Æ&#x2018; *0: Æ&#x2018; *0: Æ&#x2018; ,+<
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
<UP]LYZP[` 7O`ZPJZ 00 Â&#x2020; *VTW\[LY 3VNPJ 6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V ,K\JH[PVU
3HRL 3HUK *VSSLNL
4H[OLTH[PJZ ,K\JH[PVU (: 4(,+ (ZZVJPH[L PU :JPLUJL +LNYLL
4H[OLTH[PJZ ,K\JH[PVU WYLWHYLZ [OL Z[\KLU[ [V [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU ^P[O H THQVY PU TH[OLTH[PJZ LK\JH[PVU ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z 9LX\PYLTLU[Z ]HY` MYVT \UP]LYZP[` [V \UP]LYZP[` *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; :7, Æ&#x2018; Æ&#x2018; ,+<
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 (UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :JPLUJL 0(0 3 ¶ 0U[YVK\J[PVU [V ,K\JH[PVU ;6;(3 ¶
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; 7:@ Æ&#x2018; ,+<
*VTWVZP[PVU 00 (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 00 :JPLUJL 0(0 7 ¶ 0U[YVK\J[PVU [V 7Z`JOVSVN` +P]LYZP[` PU :JOVVSZ HUK :VJPL[` ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; ,+< Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018; /0:
/V\YZ ,K\JH[PVUHS 7Z`JOVSVN` 3PULHY (SNLIYH Â&#x2020; -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
(UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; +PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ,SLJ[P]L EE ¶ ;6;(3 ¶
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ :LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7O`ZPJHS ,K\JH[PVU
(: 7/@,+ (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ HJV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :[\KLU[Z ZOV\SK LUYVSS PU H WO`ZPJHS LK\JH[PVU HJ[P]P[` HUK WO`ZPJHS LK\JH[PVU [LJOUPX\L JSHZZ L]LY` ZLTLZ[LY :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 7,+ Æ&#x2018; Æ&#x2018; )06 Æ&#x2018; /<4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V 7O`ZPJHS ,K\JH[PVU 4H[O 0(0 40 )PV ZJPLUJL 0 /\THUP[PLZ ;OYV\NO [OL (Y[Z ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; 7,+ Æ&#x2018; (9; Æ&#x2018; 76: Æ&#x2018; Æ&#x2018; 7,+
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )HZPJ (J[ MVY ,SLTLU[HY` :LJ *OPSK <UKLYZ[HUKPUN (Y[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ ,SLJ[P]LZ 2PULZPVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 7,+ Æ&#x2018; */4 Æ&#x2018; )06 Æ&#x2018;
*VTWVZP[PVU 00 ) )HSS HUK = )HSS :WVY[Z 6MÃ&#x201E;JPH[L 7O`ZPJHS :JPLUJL 00 /\THU (UH[VT` 7O`ZPVSVN` 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018; 7,+ Æ&#x2018; /,+ Æ&#x2018; 7,+
0U[YVK\J[PVU [V 7Z`JOVSVN` /\THUP[PLZ 0(0 / -P[ULZZ MVY 3PML 7YPUJPWSLZ VM /LHS[O 4V[VY 3LHYUPUN ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; ,+< Æ&#x2018; 7,+ Æ&#x2018; 7,+ Æ&#x2018; :-:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
0U[YVK\J[PVU [V ,K\JH[PVU :RPSS *SHZZLZ ;LJOUPX\L VM *SHZZLZ :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
7O`ZPJZ
(: 7/@: (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
.LULYHS *OLTPZ[Y` 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 *VTWVZP[PVU 0 /\THUP[PLZ 0(0 / :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; 7/@ Æ&#x2018;
.LULYHS *OLTPZ[Y` 00 (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 00 *VTWVZP[PVU 00 <UP]LYZP[` 7O`ZPJZ 0 Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018; Æ&#x2018;
/V\YZ <UP]LYZP[` 7O`ZPJZ 00 Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )PV ZJPLUJL 0 7O`ZPJZ 4H[O LSLJ[P]L -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
<UP]LYZP[` 7O`ZPJZ 000 Â&#x2020;Â&#x2020;Â&#x2020; (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; 7O`ZPJZ 4H[O LSLJ[P]L /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 4(; Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018; 7/@
+PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; 3PULHY (SNLIYH Â&#x2020; 4LJOHUPJZ 0 Â&#x2020; 4LJOHUPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7VSP[PJHS :JPLUJL
(( 7: (ZZVJPH[L PU (Y[Z +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL 0M [YHUZMLYYPUN [V [OL <UP]LYZP[` VM 0SSPUVPZ KV UV[ [HRL 4(; " JV\YZL ZOV\SK IL IHZLK VU TH[O IHJRNYV\UK HUK WSHJLTLU[ ZJVYLZ :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 76: Æ&#x2018; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 (TLYPJHU 5H[PVUHS .V]LYUTLU[ 4H[O 0(0 4 :JPLUJL 0(0 3 /\THUP[PLZ 0(0 / ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; 76: Æ&#x2018; Æ&#x2018; Æ&#x2018;
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YV [V 0U[LYUH[PVUHS 9LSH[PVUZ /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : 9LJVTTLUKLK VY 6WLU ,SLJ[P]LZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 76: Æ&#x2018; Æ&#x2018; Æ&#x2018; 7:@
*VTWVZP[PVU 00 :[H[L HUK 3VJHS .V]LYULTLU[ :JPLUJL 0(0 7 -PUL (Y[Z 0(0 - 0U[YV [V 7Z`JOVSVN` ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; Æ&#x2018; /0: Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! /\THUP[PLZ *VTT\UPJH[PVUZ +P]PZPVU *OHPY ,THPS! ZOVY[LUZ'SHRLSHUK JJ PS \Z 7OVUL!
¶ ¶
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 4(; Æ&#x2018; /0: Æ&#x2018; /0: Æ&#x2018; /0: Æ&#x2018; :-:
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
:VJPHS )LOH]PVYHS :JPLUJL 0(0 : >LZ[LYU *P]PSPaH[PVU [V ,SLJ[P]LZ ;6;(3
:[H[PZ[PJZ >LZ[LYU *P]PSPaH[PVU -YVT [V 7YLZLU[ /PZ[VY` HUK *\S[\YL VM ;OPYK >VYSK /PZ[VY` VM 3H[PU (TLYPJH :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
7YL *OPYVWYHJ[PJ
(: 7*/0 (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL *OPYVWYHJ[PJ Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL 7YL *OPYVWYHJ[PJ [YHUZMLY YLX\PYLTLU[Z MVY [OL 3VNHU *VSSLNL VM *OPYVWYHJ[PJ <WVU JVTWSL[PVU VM [OPZ JV\YZL ZLX\LUJL WYL *OPYVWYHJ[PJ Z[\KLU[Z ^PSS YLJLP]L HU HZZVJPH[L PU ZJPLUJL KLNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYL TLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; */4 Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; :7,
/V\YZ *VTWVZP[PVU 0 .LULYHS *OLTPZ[Y` 0 )PV ZJPLUJL 0 4H[O 0(0 4 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
*VTWVZP[PVU 00 .LULYHS *OLTPZ[Y` 00 .LULYHS AVVSVN` /\THU (UH[VT` HUK 7O`ZPVSVN` 0 /\THUP[PLZ 0(0 / ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; */4 Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018;
:,*65+ @,(9
/V\YZ
*/4 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; */4 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; 7/@ *VSSLNL 7O`ZPJZ 0 Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; 7/@ Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018;
6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V 7Z`JOVSVN` :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YL +LU[PZ[Y`
(: 7+,5 (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL +LU[PZ[Y` Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL WYL KLU[HS [YHUZMLY YLX\PYLTLU[Z MVY [OL <UP]LYZP[` VM 0SSPUVPZ +LU[HS :JOVVS HUK V[OLY KLU[HS ZJOVVSZ PU 0SSPUVPZ <WVU JVTWSL[PVU VM [OPZ JV\YZL ZLX\LUJL WYL KLU[HS Z[\KLU[Z ^PSS YLJLP]L HU HZZVJPH[L PU ZJPLUJL KLNYLL 4VZ[ WYVMLZZPVUHS ZJOVVSZ YLX\PYL H [OPYK `LHY VM WYL KLU[PZ[Y` SLHKPUN [V^HYK H IHJJHSH\YLH[L KLNYLL (KKP[PVUHS JV\YZLZ YLX\PYLK K\YPUN [OL [OPYK `LHY PUJS\KL VUL M\SS `LHY VM MVYLPNU SHU N\HNL VUL M\SS `LHY VM JVSSLNL WO`ZPJZ WS\Z HKKP[PVUHS TH[OLTH[PJZ OPZ[VY` HUK SP[LYH[\YL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL 7YL KLU[PZ[Y` Z[\KLU[Z TH` HSZV OH]L [V JVUZPKLY Z\TTLY ZJOVVS -VY M\Y[OLY PUMVYTH[PVU JVU[HJ[ H WYL KLU[PZ[Y` HK]PZVY :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 7:@ Æ&#x2018; 4(; Æ&#x2018; */4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 0U[YVK\J[PVU [V 7Z`JOVSVN` 4H[O 0(0 4 EE .LULYHS *OLTPZ[Y` 0 ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; */4 Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS AVVSVN` (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 00 -PUL (Y[Z 0(0 - ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; /0: Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; 30; Æ&#x2018; :7, Æ&#x2018;
:LJVUK :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018;
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
/V\YZ < : /PZ[VY` 0 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; (TLYPJHU 3P[LYH[\YL :\Y]L` 0 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
*VTWHYH[P]L (UH[VT` VM =LY[LIYH[LZ 4PJYVIPVSVN` 6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
3HRL 3HUK *VSSLNL
7YL ,UNPULLYPUN
(: 7,5. (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL ;OPZ KLNYLL PZ KLZPNULK MVY Z[\KLU[Z ^OV KV UV[ WSHU [V [YHUZMLY [V [OL <UP]LYZP[` VM 0SSPUVPZ :[\KLU[Z ^OV HYL WSHUUPUN [V [YHUZMLY [V [OL < VM 0 ZOV\SK ZLL [OL ,UNPULLYPUN (,: ,5.9 KLNYLL WYVNYHT :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; ,*6 Æ&#x2018; ;,*
:,*65+ @,(9 /V\YZ
.LULYHS *OLTPZ[Y` 0 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 0 *VTWVZP[PVU 0 7YPUJPWSLZ VM ,JVUVTPJZ 0 ,UNPULLYPUN .YHWOPJZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; */4 Æ&#x2018; 4(; Æ&#x2018; ,5. Æ&#x2018; 7/@ Æ&#x2018; ,*6
.LULYHS *OLTPZ[Y` 00 (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 00 *VTWVZP[PVU 00 <UP]LYZP[` 7O`ZPJZ 0 Â&#x2020;Â&#x2020;Â&#x2020; 7YPUJPWSLZ VM ,JVUVTPJZ 00 ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; :7, Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018;
/V\YZ <UP]LYZP[` 7O`ZPJZ 00 Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU )PV ZJPLUJL 0 * 7YVNYHTTPUN ,UNPULLYPUN (WWSPJH[PVUZ Â&#x2020; 4LJOHUPJZ 0 Â&#x2020; /\THUP[PLZ 0(0 / ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 4(; Æ&#x2018; 7/@ Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
+PMMLYLU[PHS ,X\H[PVUZ Â&#x2020;Â&#x2020;Â&#x2020; 4LJOHUPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 000 Â&#x2020;Â&#x2020;Â&#x2020; -PUL (Y[Z 0(0 - /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! ;VUPH ;PTSPU ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YL 4LKPJPUL
(: 74,+ (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL 4LKPJPUL Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL WYL TLKPJPUL [YHUZMLY YLX\PYLTLU[Z MVY [OL <UP]LYZP[` VM 0SSPUVPZ 4LKPJHS :JOVVS HUK V[OLY TLKPJHS ZJOVVSZ PU 0SSPUVPZ <WVU JVTWSL[PVU VM [OPZ JV\YZL ZLX\LUJL WYL TLKPJPUL Z[\KLU[Z ^PSS YLJLP]L HU HZZVJPH[L PU ZJPLUJL KLNYLL 4VZ[ WYVMLZZPVUHS ZJOVVSZ YLX\PYL H [OPYK `LHY VM WYL TLKPJPUL SLHKPUN [V^HYK H IHJJHSH\YLH[L KLNYLL 7YL TLKPJPUL Z[\KLU[Z TH` HSZV OH]L [V JVUZPKLY Z\TTLY ZJOVVS (KKP[PVUHS JV\YZLZ PUJS\KL VUL M\SS `LHY VM MVYLPNU SHUN\HNL VUL M\SS `LHY VM JVSSLNL WO`ZPJZ WS\Z HKKP[PVUHS TH[OLTH[PJZ OPZ[VY` HUK SP[LYH[\YL -VY M\Y[OLY PUMVYTH [PVU JVU[HJ[ H WYL TLKPJPUL HK]PZVY ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; */4 Æ&#x2018; 7/@
*VTWVZP[PVU 00 .LULYHS AVVSVN` (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 00 *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; ;6;(3
/V\YZ
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; /0: Æ&#x2018; /0: /0: Æ&#x2018; 30; Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; :7,
< : /PZ[VY` 0 >LZ[LYU *P]PSPaH[PVU [V VY >LZ[LYU *P]PSPaH[PVU -YVT [V 7YLZLU[ 0U[YVK\J[PVU [V 3P[LYH[\YL 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )06
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; 7/@ Æ&#x2018; 7:@
/V\YZ *VTWVZP[PVU 0 )PV ZJPLUJL 0 .LULYHS *OLTPZ[Y` 0 *VSSLNL 7O`ZPJZ 0 Â&#x2020; 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWHYH[P]L (UH[VT` VM =LY[LIYH[LZ VY )06 )V[HU` ¶ */4 6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; */4 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; -PUL (Y[Z 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3 ¶
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YL 5\YZPUN
(: 75<9 (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL 5\YZPUN Z[\KLU[Z ^OV OH]L UV[ HSYLHK` JVTWSL[LK HU (+5 95 WYVNYHT *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :[\KLU[Z ^OV HYL ZLLRPUN HKTPZZPVU [V [OL 3HRL 3HUK *VSSLNL (ZZVJPH[L +LNYLL PU 5\YZPUN 95 VY *LY[PÃ&#x201E;JH[L PU 7YHJ[PJHS 5\YZPUN 75 ZOV\SK YLMLY [V [OL ((: (+5 VY *9; 75 ZLJ[PVUZ VM [OL JH[HSVN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJL TLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 7:@ Æ&#x2018; */4 Æ&#x2018; :7,
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 0U[YVK\J[PVU [V 7Z`JOVSVN` 0U[YVK\J[PVU [V *OLTPZ[Y` 0 Â&#x2020; 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; 7/0 Æ&#x2018; :6*
*VTWVZP[PVU 00 /\THU (UH[VT` HUK 7O`ZPVSVN` 0 0U[YVK\J[VY` *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; ,[OPJZ 0U[YVK\J[PVU [V :VJPVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; 7/0 Æ&#x2018; 7:@ Æ&#x2018;
/V\YZ /\THU (UH[VT` HUK 7O`ZPVSVN` 00 :[H[PZ[PJZ 0U[YVK\J[PVU [V 3VNPJ /\THU +L]LSVWTLU[ 3PML :WHU ,SLJ[P]L EE ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; Æ&#x2018; /,+ Æ&#x2018;
4PJYVIPVSVN` -PUL (Y[Z 0(0 - 5\[YP[PVU ,SLJ[P]LZ EE ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; (5; Æ&#x2018; *0: Æ&#x2018; 76: Æ&#x2018; :7,
.LULYHS (U[OYVWVSVN` 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ (TLYPJHU 5H[PVUHS .V]LYUTLU[ 0U[LYWLYZVUHS *VTT\UPJH[PVU
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY EE *VUZ\S[ (JHKLTPJ (K]PZVY MVY HWWYVWYPH[L JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YL 7OHYTHJ`
(: 77/4 (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL 7OHYTHJ` Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL 7YL 7OHYTHJ` [YHUZMLY YLX\PYLTLU[Z MVY [OL <UP]LYZP[` VM 0SSPUVPZ :JOVVS VM 7OHYTHJ` *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; */4 Æ&#x2018; 7/@
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 0 *VSSLNL 7O`ZPJZ 0 Â&#x2020; ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; ,*6 Æ&#x2018; :7, Æ&#x2018;
/V\YZ (UH[VT` HUK 7O`ZPVSVN` 0 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020; 7YPUJPWSLZ VM ,JVUVTPJZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU -PUL (Y[Z 0(0 - ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 7/@ Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 30; Æ&#x2018; */4
*VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; *VTWVZP[PVU 00 .LULYHS AVVSVN` 0U[YVK\J[PVU [V 3P[LYH[\YL .LULYHS *OLTPZ[Y` 00 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4 Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018;
(UH[VT` HUK 7O`ZPVSVN` 00 6YNHUPJ *OLTPZ[Y` 00 Â&#x2020;Â&#x2020;Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 00 Â&#x2020;Â&#x2020;Â&#x2020; 0U[YVK\J[PVU [V 7Z`JOVSVN` :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; )06
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
.LULYHS )V[HU`
3HRL 3HUK *VSSLNL
7YL 7O`ZPJHS ;OLYHW`
(: 77;/ (ZZVJPH[L PU :JPLUJL +LNYLL ;OL MVSSV^PUN JV\YZLZ HYL YLJVTTLUKLK MVY 7YL 7O`ZPJHS ;OLYHW` Z[\KLU[Z ;OLZL JV\YZLZ TLL[ [OL 7YL 7O`ZPJHS ;OLYHW` [YHUZMLY YLX\PYLTLU[Z MVY [OL <UP]LYZP[` VM 0SSPUVPZ HUK V[OLY ZJOVVSZ PU 0SSPUVPZ <WVU JVTWSL[PVU VM [OPZ JV\YZL ZLX\LUJL WYL WO`ZPJHS [OLYHW` Z[\KLU[Z ^PSS YLJLP]L HU HZZVJPH[L PU ZJPLUJL KLNYLL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; */4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV ZJPLUJL 0 (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; 7:@ Æ&#x2018; 30;
*VTWVZP[PVU 00 /\THU (UH[VT` HUK 7O`ZPVSVN` 0 .LULYHS *OLTPZ[Y` 00 0U[YVK\J[PVU [V 7Z`JOVSVN` 0U[YVK\J[PVU [V 3P[LYH[\YL ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; 7,+ Æ&#x2018; 7/@ Æ&#x2018; /0: /0: Æ&#x2018; 4(;
/V\YZ /\THU (UH[VT` HUK 7O`ZPVSVN` 00 2PULZPVSVN` *VSSLNL 7O`ZPJZ 0 Â&#x2020; >LZ[LYU *P]PSPaH[PVU [V VY >LZ[LYU *P]PSPaH[PVU MYVT [V 7YLZLU[ :[H[PZ[PJZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; 7/@ Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018;
0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; 7Z`JOVSVN` ,SLJ[P]L -PUL (Y[ 0(0 - :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; 4(;
(UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 00
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 4H[O :JPLUJL +P]PZPVU *OHPY ,THPS! [[PTSPU'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
7YL =L[LYPUHY` 4LKPJPUL (: 7=,; (ZZVJPH[L PU :JPLUJL +LNYLL
;OL 7YL =L[LYPUHY` 4LKPJPUL THQVY PZ KLZPNULK MVY [OVZL Z[\KLU[Z ^OV HYL WSHUUPUN [V [YHUZMLY [V H MV\Y `LHY PUZ[P[\[PVU VM OPNOLY SLHYUPUN Z\JO HZ [OL <UP]LYZP[` VM 0SSPUVPZ [V LHYU H )HJOLSVY VM :JPLUJL KLNYLL PU (UPTHS :JPLUJL ^P[O H WYL ]L[LYPUHY` TLKPJPUL JVUJLU[YH[PVU VY ZLLR LHYS` HKTPZZPVU [V H *VSSLNL VM =L[LYPUHY` 4LKPJPUL ;OPZ THQVY JHU HSZV IL \ZLK [V TLL[ YLX\PYLTLU[Z MVY [OL WYL ]L[LYPUHY` TLKPJPUL JVUJLU[YH[PVU H[ ,HZ[LYU 0SSPUVPZ <UP]LYZP[` ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; 4(;
Æ&#x2018; (.9 Æ&#x2018; 7:@
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 )PV :JPLUJL 0 *VSSLNL (SNLIYH VY (SNLIYH ^P[O ;YPNVUVTL[Y` 0U[YV [V (UPTHS :JPLUJL 0U[YV [V 7Z`JOVSVN` ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; )06 Æ&#x2018; 4(; 4(; Æ&#x2018; :6* Æ&#x2018; /0:
7/0
*VTWVZP[PVU 00 .LULYHS AVVSVN` 4H[O (UHS`ZPZ VY (UHS`[PJHS .LVTL[Y` *HSJ\S\Z 0 0U[YV [V :VJPVSVN` >LZ[LYU *P] WYLZLU[ VY ,[OPJZ ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; */4 Æ&#x2018; 7/@ Æ&#x2018; (.9 )06 Æ&#x2018; (9;
¶ ¶
Æ&#x2018; )06
Æ&#x2018; Æ&#x2018; Æ&#x2018; Æ&#x2018;
)06 */4 7/@ ,*6 /0: 7/0
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! 4HYPH )VLYUNLU ,THPS! TIVLYUNLU'SHRLSHUK JJ PS \Z 7OVUL!
:LJVUK :LTLZ[LY
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
/V\YZ 0U[YV [V :WLLJO *VTT\UPJH[PVU .LULYHS *OLTPZ[Y` 0 *VSSLNL 7O`ZPJZ 0 Â&#x2020; 0U[YV [V (N ,JVUVTPJZ VY /\THU (UH[VT` 7O`ZPVSVN` 0 <UKLYZ[HUKPUN (Y[ ;6;(3
4PJYVIPVSVN` VY /\THU (UH[VT` 7O`ZPVSVN` 00 .LULYHS *OLTPZ[Y` 00 *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; 7YPUJPWSLZ VM ,JVUVTPJZ 0 /PZ[VY` *\S[\YL VM YK >VYSK VY 0U[YV [V 7OPSVZVWO` ;6;(3
3HRL 3HUK *VSSLNL
7Z`JOVSVN`
(( 7:@ (ZZVJPH[L PU (Y[Z +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL PUJS\KPUN [OL TH[O YLX\PYLTLU[Z :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 7:@ Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V 7Z`JOVSVN` :[H[PZ[PJZ :JPLUJL 0(0 3 /\THUP[PLZ 0(0 / ;6;(3
¶ ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; 7:@ Æ&#x2018; Æ&#x2018; Æ&#x2018; 7:@
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPHS 7Z`JOVSVN` /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ,SLJ[P]LZ -HTPS` 9LSH[PVUZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; :6* Æ&#x2018; Æ&#x2018; Æ&#x2018; 4(;
*VTWVZP[PVU 00 0U[YVK\J[PVU [V :VJPVSVN` :JPLUJL 0(0 7 -PUL (Y[Z 0(0 - *VSSLNL (SNLIYH VY ,SLJ[P]L ;6;(3
¶
:LJVUK :LTLZ[LY
Æ&#x2018;
,SLJ[P]LZ ;6;(3
¶ ¶
¶
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 3HYH )HJPUV (S[OH\Z ,THPS! SIHJPUV'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
9LJYLH[PVU
(: 9,* (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 9,* Æ&#x2018; 4(; Æ&#x2018; )06 Æ&#x2018; /<4
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 3LHKLYZOPW PU 9LJYLH[PVU :[H[PZ[PJZ )PV ZJPLUJL 0 /\THUP[PLZ ;OYV\NO [OL (Y[Z ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; ,+< Æ&#x2018; (9; Æ&#x2018; 7:@ Æ&#x2018; 9,* Æ&#x2018; 9,*
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU 0U[YVK\J[PVU [V ,K\JH[PVU <UKLYZ[HUKPUN (Y[ 0U[YVK\J[PVU [V 7Z`JOVSVN` *HTWPUN 9LJYLH[PVU MVY :WLJPHS .YV\WZ ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 9,* Æ&#x2018; */4 Æ&#x2018; 4<: Æ&#x2018;
*VTWVZP[PVU 00 0U[YVK\J[PVU [V *VTT\UP[` 9LJYLH[PVU 7O`ZPJHS :JPLUJL 00 <UKLYZ[HUKPUN 4\ZPJ ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; 76: Æ&#x2018; :6* Æ&#x2018; Æ&#x2018; 7,+
(TLYPJHU 5H[PVUHS .V]LYUTLU[ 0U[YVK\J[PVU [V :VJPVSVN` ,SLJ[P]L -P[ULZZ MVY 3PML ;6;(3
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; /,+ Æ&#x2018; /,+ Æ&#x2018; :-:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
7YPUJPWSLZ VM /LHS[O 9LZWVUKPUN [V ,TLYNLUJPLZ :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
:JPLUJL ,K\JH[PVU )PVSVN` :WLJPHSPaH[PVU
(: :*,+ (ZZVJPH[L PU :JPLUJL +LNYLL :JPLUJL ,K\JH[PVU WYLWHYLZ [OL Z[\KLU[ [V [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU ^P[O H THQVY PU ZJPLUJL LK\JH[PVU PU ZLJVUKHY` LK\JH[PVU ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z 9LX\PYLTLU[Z ]HY` MYVT \UP]LYZP[` [V \UP]LYZP[` *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY ILMVYL YLNPZ[LYPUN
:WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; Æ&#x2018; 76: Æ&#x2018; )06 Æ&#x2018; */4
/V\YZ *VTWVZP[PVU 0 :[H[PZ[PJZ (TLYPJHU 5H[PVUHS .V]LYUTLU[ )PV:JPLUJL 0 .LULYHS *OLTPZ[Y` 0 ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; */4 Æ&#x2018; Æ&#x2018; )06 Æ&#x2018;
*VTWVZP[PVU 00 .LULYHS *OLTPZ[Y` 00 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : .LULYHS )V[HU` /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
:,*65+ @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; :7, Æ&#x2018; Æ&#x2018; ,+< Æ&#x2018; 7/@
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
.LULYHS AVVSVN` 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU -PUL (Y[Z 0(0 - 0U[YVK\J[PVU [V ,K\JH[PVU *VSSLNL 7O`ZPJZ 0 Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; )06 Æ&#x2018; 7/@ Æ&#x2018; /0: Æ&#x2018; ,+< Æ&#x2018;
/\THU (UH[VT` HUK 7O`ZPVSVN` 0 *VSSLNL 7O`ZPJZ 00 Â&#x2020;Â&#x2020;Â&#x2020; /PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK +P]LYZP[` PU ,K\JH[PVU :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
:<..,:;,+ ,3,*;0=,: *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
Æ&#x2018; )06 Æ&#x2018; */4 Æ&#x2018; */4
/\THU (UH[VT` HUK 7O`ZPVSVN` 0 6YNHUPJ *OLTPZ[Y` 0 Â&#x2020; 6YNHUPJ *OLTPZ[Y` 3HI 0 Â&#x2020;
3HRL 3HUK *VSSLNL
:JPLUJL ,K\JH[PVU *OLTPZ[Y` :WLJPHSPaH[PVU
(: :*,+ */4 (ZZVJPH[L PU :JPLUJL +LNYLL
:JPLUJL ,K\JH[PVU WYLWHYLZ [OL Z[\KLU[ [V [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU ^P[O H THQVY PU ZJPLUJL LK\JH[PVU PU ZLJVUKHY` LK\JH[PVU ^P[O H ZWLJPHSPaH[PVU PU *OLTPZ[Y` ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z 9LX\PYLTLU[Z ]HY` MYVT \UP]LYZP[` [V \UP]LYZP[` *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY ,5. 4(; */4 76:
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 (UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 0 (TLYPJHU 5H[PVUHS .V]LYUTLU[ /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- Â&#x2020; ;6;(3
-PYZ[ :LTLZ[LY :7, 7/@ ,+< )06
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU -PUL (Y[Z 0(0 - <UP]LYZP[` 7O`ZPJZ 00 0U[YVK\J[PVU [V ,K\JH[PVU )PV:JPLUJL 0 ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY ,5. 4(; 7/@ */4
*VTWVZP[PVU 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 <UP]LYZP[` 7O`ZPJZ 0 .LULYHS *OLTPZ[Y` 00 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ;6;(3
/0: ,+<
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
/PZ[VY` HUK *\S[\YL VM [OL ;OPYK >VYSK +P]LYZP[` PU ,K\JH[PVU :VJPHS )LOH]PVYHS :JPLUJL 0(0 : ,SLJ[P]L ;6;(3
3HRL 3HUK *VSSLNL
:JPLUJL ,K\JH[PVU 7O`ZPJZ :WLJPHSPaH[PVU
(: :*,+ 7/@ (ZZVJPH[L PU :JPLUJL +LNYLL
:JPLUJL ,K\JH[PVU WYLWHYLZ [OL Z[\KLU[ [V [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU ^P[O H THQVY PU ZJPLUJL LK\JH[PVU PU ZLJVUKHY` LK\JH[PVU ^P[O HU ZWLJPHSPaH[PVU PU 7O`ZPJZ ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z 9LX\PYLTLU[Z ]HY` MYVT \UP]LYZP[` [V \UP]LYZP[` *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY ,5. 4(; */4 76:
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 (UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 0 .LULYHS *OLTPZ[Y` 0 (TLYPJHU 5H[PVUHS .V]LYUTLU[ /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
-PYZ[ :LTLZ[LY :7, 4(; 7/@ ,+<
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU (UHS`[PJ .LVTL[Y` HUK *HSJ\S\Z 000 -PUL (Y[Z 0(0 - <UP]LYZP[` 7O`ZPJZ 00 0U[YVK\J[PVU [V ,K\JH[PVU ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY ,5. 4(; 7/@ */4
*VTWVZP[PVU 00 (UHS`[PJ .LVTL[Y` *HSJ\S\Z 00 <UP]LYZP[` 7O`ZPJZ 0 :VJPHS )LOH]PVYHS :JPLUJL 0(0 : .LULYHS *OLTPZ[Y` 00 ;6;(3
)06 7/@ ,+<
)PV:JPLUJL 0 <UP]LYZP[` 7O`ZPJZ 000 +P]LYZP[` PU ,K\JH[PVU :VJPHS )LOH]PVYHS :JPLUJL 0(0 : /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
:VJPVSVN` :VJPHS >VYR (( ::> (ZZVJPH[L PU (Y[Z +LNYLL
;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; :6* Æ&#x2018; 4(; Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 0U[YVK\J[PVU [V :VJPVSVN` :[H[PZ[PJZ :JPLUJL 0(0 3 /\THUP[PLZ 0(0 / ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; :6* Æ&#x2018; Æ&#x2018; Æ&#x2018; 7:@
*VTWVZP[PVU 00 :VJPHS 7YVISLTZ :JPLUJL 0(0 7 -PUL (Y[Z 0(0 - 0U[YVK\J[PVU [V 7Z`JOVSVN` ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; :6* Æ&#x2018; Æ&#x2018; Æ&#x2018; /,+ Æ&#x2018; 7:@
¶ ¶
/V\YZ 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :VJPVSVN` VM +L]PHU[ )LOH]PVY /\THUP[PLZ VY -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVYHS :JPLUJL 0(0 : 7YPUJPWSLZ VM /LHS[O :VJPHS 7Z`JOVSVN` ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; :6* Æ&#x2018; /:7 Æ&#x2018;
9HJPHS HUK ,[OUPJ .YV\WZ 0U[YV [V :VJPHS >VYR ,SLJ[P]LZ ;6;(3
¶ ¶
:<..,:;,+ ,3,*;0=,:
Æ&#x2018; /0: Æ&#x2018; /0: Æ&#x2018; (5; Æ&#x2018; 7:@ Æ&#x2018; :-:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! :VJPHS :JPLUJL ,K\JH[PVU +P]PZPVU *OHPY ,THPS! JQHYYLSS'SHRLSHUK JJ PS \Z 7OVUL!
>LZ[LYU *P]PSPaH[PVU [V >LZ[LYU *P]PSPaH[PVU MYVT [V 7YLZLU[ .LULYHS (U[OYVWVSVN` -HTPS` 9LSH[PVUZ :[YH[LNPLZ MVY :\JJLZZ
3HRL 3HUK *VSSLNL
:WLJPHS ,K\JH[PVU
(: :7,+ (ZZVJPH[L PU :JPLUJL +LNYLL ;OPZ WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z WSHUUPUN [V W\YZ\L H ZWLJPHS LK\JH[PVU [LHJOPUN JHYLLY HZ H 3LHYUPUN )LOH]PVY :WLJPHSPZ[ 0 +LHM HUK /HYK VM /LHYPUN 3V^ =PZPVU HUK )SPUKULZZ HUK ,HYS` *OPSKOVVK :WLJPHS ,K\JH[PVU ;OPZ PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z `LHY JVSSLNL YLX\PYL TLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL *VUZ\S[ [OL JH[HSVN MYVT [OL PU[LUKLK [YHUZMLY \UP]LYZP[` HUK H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVWTLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; /0: /0:
Æ&#x2018; )06 Æ&#x2018; 4(; Æ&#x2018; ,+<
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 < : /PZ[VY` 0 VY < : /PZ[VY` 00 )PV:JPLUJL 0 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 0 0U[YVK\J[PVU [V ,K\JH[PVU ;6;(3
-PYZ[ :LTLZ[LY
Æ&#x2018; 7:@ Æ&#x2018; 7:@ Æ&#x2018; :7, Æ&#x2018; /0: Æ&#x2018;
/V\YZ 0U[YVK\J[PVU [V 7Z`JOVSVN` *OPSK .YV^[O HUK +L]LSVWTLU[ 7\ISPJ :WLHRPUN /PZ[VY` HUK *\S[\YL VM [OL YK >VYSK ,SLJ[P]L ;6;(3
:LJVUK :LTLZ[LY :LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; ,+< Æ&#x2018; 7/@ */4 Æ&#x2018; 4(; Æ&#x2018;
*VTWVZP[PVU 00 0U[YVK\J[PVU [V :WLJPHS ,K\JH[PVU *VUJLW[Z VM 7O`ZPJZ VY *VUJLW[Z VM *OLTPZ[Y` 4H[OLTH[PJZ MVY ,SLTLU[HY` ;LHJOLYZ 00 ,SLJ[P]L ;6;(3
Æ&#x2018; ,+< Æ&#x2018; ,+< Æ&#x2018; Æ&#x2018; 4<: (9; Æ&#x2018; 76: Æ&#x2018;
+P]LYZP[` PU :JOVVSZ HUK :VJPL[` ;LHJOPUN HUK 3LHYUPUN ^P[O ;LJOUVSVN` 0(0 30; 3P[LYH[\YL 0(0 / <UKLYZ[HUKPUN 4\ZPJ VY <UKLYZ[HUKPUN (Y[ (TLYPJHU 5H[PVUHS .V]LYUTLU[ ,SLJ[P]L ;6;(3
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL *V\YZL YLX\PYLZ H OV\Y WYHJ[PJ\T L_WLYPLUJL PU HKKP[PVU [V JSHZZYVVT SLJ[\YL OV\YZ
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:! *HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z -HJ\S[` *VU[HJ[! 2PT +H]PZ ,THPS! RKH]PZ 'SHRLSHUK JJ PS \Z 7OVUL!
3HRL 3HUK *VSSLNL
:WLLJO *VTT\UPJH[PVU (( :7*/ (ZZVJPH[L PU (Y[Z +LNYLL
;OL :WLLJO [YHUZMLY WYVNYHT LTWOHZPaLZ [OL PTWVY[HUJL VM KL]LSVWPUN H ]HYPL[` VM JVTT\ UPJH[PVU ZRPSSZ MVY HU PUMVYTH[PVU LJVUVT` ;OL MVJ\Z VU YOL[VYPJ PU[LYWLYZVUHS ZRPSSZ HUK VY THZZ TLKPH WYLWHYLZ Z[\KLU[Z MVY [OL Q\UPVY HUK ZLUPVY SL]LSZ VM Z[\K` PU :WLLJO *VTT\UP JH[PVU ;OL MVSSV^PUN PZ H ZHTWSL SPZ[ VM THQVY YLX\PYLTLU[Z *VUZ\S[ H JV\UZLSVY VY HJHKLTPJ HK]PZVY ILMVYL YLNPZ[LYPUN -V\Y `LHY JVSSLNL YLX\PYLTLU[Z ]HY` MYVT JVSSLNL [V JVSSLNL ( MVYLPNU SHUN\HNL TH` IL YLX\PYLK H[ ZVTL \UP]LYZP[PLZ :WLJPÃ&#x201E;J NYHK\H[PVU YLX\PYLTLU[Z HYL PKLU[PÃ&#x201E;LK [OYV\NO KLNYLL H\KP[ (KKP[PVUHS KL]LSVW TLU[HS JV\YZLZ PU TH[O YLHKPUN HUK ,UNSPZO TH` IL YLX\PYLK IHZLK VU WSHJLTLU[ ZJVYLZ 6US` JV\YZLZ ^P[O H JV\YZL U\TILY VM VY OPNOLY TLL[ NYHK\H[PVU YLX\PYLTLU[Z MVY (( (: HUK (,: KLNYLLZ
-09:; @,(9 -PYZ[ :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; Æ&#x2018; :7, Æ&#x2018; Æ&#x2018;
:,*65+ @,(9 /V\YZ
*VTWVZP[PVU 0 :VJPHS )LOH]PVY :JPLUJL 0(0 : 0U[YVK\J[PVU [V :WLLJO *VTT\UPJH[PVU :JPLUJL 0(0 3 ¶ /\THUP[PLZ 0(0 / ;6;(3 ¶
-PYZ[ :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018; 9;= Æ&#x2018; Æ&#x2018; Æ&#x2018; :7,
/V\YZ 0U[LYWLYZVUHS *VTT\UPJH[PVU 0U[YVK\J[PVU [V )YVHKJHZ[PUN /\THUP[PLZ -PUL (Y[Z 0(0 / 0(0 - VY 0(0 /- :VJPHS )LOH]PVY :JPLUJL 0(0 : 0U[YVK\J[PVU [V .YV\W +PZJ\ZZPVU Â&#x2020; ;6;(3
:LJVUK :LTLZ[LY
Æ&#x2018; ,5. Æ&#x2018; 4(; 4(; Æ&#x2018; Æ&#x2018; Æ&#x2018;
*VTWVZP[PVU 00 :[H[PZ[PJZ VY .LULYHS ,K\JH[PVU 4H[O -PUL (Y[Z 0(0 - :VJPHS )LOH]VYPHS 0(0 : :JPLUJL 0(0 7 ;6;(3
¶ ¶
:LJVUK :LTLZ[LY
Æ&#x2018; :7, Æ&#x2018;
Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; 9;= Æ&#x2018; *0: Æ&#x2018;
:LL WHNL MVY ZWLJPÃ&#x201E;J NLULYHS LK\JH[PVU YLX\PYLTLU[Z HUK JV\YZL SPZ[PUNZ
56;,:!
-HJ\S[` *VU[HJ[! /\THUP[PLZ *VTT\UPJH[PVUZ +P]PZPVU *OHPY ,THPS! ZOVY[LUZ'SHRLSHUK JJ PS \Z 7OVUL!
¶ ¶
:<..,:;,+ ,3,*;0=,:
;OLYL HYL WYLYLX\PZP[LZ JV\YZL YLX\PZP[LZ VY TPUPT\T WSHJLTLU[ [LZ[ ZJVYLZ MVY [OPZ JV\YZL Â&#x2020; *V\YZL VUS` VMMLYLK MHSS ZLTLZ[LY Â&#x2020;Â&#x2020;Â&#x2020; *V\YZL VUS` VMMLYLK ZWYPUN ZLTLZ[LY
*HSS *V\UZLSPUN :LY]PJLZ! ,THPS! JV\UZLS'SHRLSHUK JJ PS \Z
7LYZ\HZPVU Â&#x2020;Â&#x2020;Â&#x2020; ,SLJ[P]LZ ;6;(3
9HKPV ;= (UUV\UJPUN 9HKPV :[H[PVU 6WLYH[PVU )HZPJ ;= 7YVK\J[PVU 7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ (U` (WWYV]LK ,SLJ[P]L *HYLLY ,SLJ[P]L ¶
(KTPZZPVUZ
0U [OPZ JOHW[LY! ,UYVSSTLU[ 9LX\PYLTLU[Z /V^ [V ,UYVSS 9LNPZ[LY 0U[LYUH[PVUHS :[\KLU[Z
*VSSLNL (KTPZZPVUZ (KTPZZPVU 7VSPJ` 3HRL 3HUK *VSSLNL THPU[HPUZ HU VWLU KVVY HKTPZZPVU WVSPJ` [OH[ WYV]PKLZ HJJLZZ [V OPNOLY LK\JH[PVU MVY [OVZL PUKP]PK\HSZ ^OV JHU ILULÃ&#x201E;[ MYVT P[Z JVTWYLOLUZP]L WYVNYHTZ (KTPZZPVU [V [OL JVSSLNL KVLZ UV[ LUZ\YL LU[YHUJL PU[V H WHY[PJ\SHY JV\YZL VY WYVNYHT VM Z[\K` ZPUJL HWWSPJHU[Z TH` OH]L [V TLL[ ZWLJPÃ&#x201E;J YLX\PYLTLU[Z MVY LU[YHUJL PU[V JLY[HPU WYVNYHTZ 7YLMLYLUJL T\Z[ IL NP]LU [V X\HSPÃ&#x201E;LK PU KPZ[YPJ[ Z[\KLU[Z HUK [OVZL Z[\KLU[Z MYVT X\HSPÃ&#x201E;LK YLNPVUHS WYVNYHTZ 3HRL 3HUK *VSSLNL HKTP[Z Z[\KLU[Z PU [OL MVSSV^PUN JH[LNVYPLZ! /PNO ZJOVVS NYHK\H[L 9LJPWPLU[ VM H .,+ *LY[PÃ&#x201E;JH[L ;YHUZMLY Z[\KLU[ MYVT HU HJJYLKP[LK JVSSLNL 5VU OPNO ZJOVVS NYHK\H[L `LHYZ VM HNL VY VSKLY :[\KLU[ ^OVZL JVUULJ[PVU ^P[O H ZLJVUKHY` ZJOVVS PZ ZL]LYLK (U` Z[\KLU[ ^OV PZ `LHYZ VM HNL VY V]LY HUK OHZ ZL]LYLK JVUULJ[PVUZ ^P[O H ZLJVUKHY` ZJOVVS HZ JLY[PÃ&#x201E;LK PU ^YP[PUN I` [OL JOPLM L_LJ\[P]L VMÃ&#x201E;JLY VM [OL ZLJVUKHY` ZJOVVS PU ^OPJO [OL Z[\KLU[ OHZ SLNHS YLZPKLUJL :[\KLU[ J\YYLU[S` LUYVSSLK PU H ZLJVUKHY` ZJOVVS WYVNYHT TH` IL HJJLW[LK PU[V H JVSSLNL JV\YZL Z 0M Z\JO JV\YZLZ HYL VMMLYLK K\YPUN [OL YLN\SHY ZJOVVS KH` LZ[HISPZOLK I` [OL ZLJVUKHY` ZJOVVS VY HYL VMMLYLK MVY ZLJVUKHY` ZJOVVS JYLKP[ WYPVY HWWYV]HS VM [OL JOPLM L_LJ\ [P]L VMÃ&#x201E;JLY VM [OL ZLJVUKHY` ZJOVVS KPZ[YPJ[ T\Z[ IL YLJLP]LK ( NPM[LK Z[\KLU[ SLZZ [OHU `LHYZ VM HNL TH` LUYVSS PU JV\YZL ^VYR H[ 3HRL 3HUK *VSSLNL ( NPM[LK Z[\KLU[ PZ LUKV^LK ^P[O H OPNO KLNYLL VM TLU[HS HIPSP[` HUK OHZ HU PUUH[L NLULYHS HIPSP[` ^OPJO YPZLZ HIV]L [OL UVYT ( Z[\KLU[ T\Z[ TLL[ [OL MVSSV^PUN YLX\PYLTLU[Z [V LUYVSS HZ H 3HRL 3HUK *VSSLNL NPM[LK Z[\KLU[!
H )L PU [OL \WWLY VM OPZ OLY JSHZZ HZ JLY[PÃ&#x201E;LK I` ZJOVVS VMÃ&#x201E;JPHSZ I /H]L H NYHKL WVPU[ H]LYHNL IHZLK VU H ZJHSL MVY WYPVY ZLTLZ[LY VY [LYT J /H]L QVPU[ HWWYV]HS VM [OL 7YLZPKLU[ VM 3HRL 3HUK *VSSLNL HUK [OL JOPLM L_LJ\[P]L VMÃ&#x201E;JLY VM [OL ZJOVVS VU [OL .PM[LK :[\KLU[ (KTPZZPVUZ MVYT 3HRL 3HUK *VSSLNL YLZLY]LZ [OL YPNO[ [V YLX\LZ[ [LZ[PUN VM WYVZWLJ[P]L NPM[LK Z[\KLU[Z :[\KLU[ PU H WYVNYHT MVY H ZWLJPHS NYV\W
,UYVSSTLU[ 9LX\PYLTLU[Z +LNYLL ZLLRPUN :[\KLU[Z +LNYLL ZLLRPUN Z[\KLU[Z HYL [OVZL Z[\KLU[Z ^OV HYL ZLLRPUN H 3HRL 3HUK *VSSLNL KLNYLL VY JLY[PÃ&#x201E;JH[L VM VY TVYL JYLKP[ OV\YZ
5VU KLNYLL :[\KLU[Z 5VU KLNYLL Z[\KLU[Z HYL [OVZL Z[\KLU[Z ^OV ^PZO [V LUYVSS PU JV\YZLZ H[ 3HRL 3HUK *VSSLNL I\[ HYL UV[ W\YZ\PUN H KLNYLL VY JLY[PÃ&#x201E;JH[L VM VY TVYL JYLKP[ OV\YZ
7SHJLTLU[ ;LZ[PUN :[\KLU[Z ZLLRPUN H KLNYLL VY JLY[PÃ&#x201E;JH[L HYL YLX\PYLK [V JVTWSL[L WSHJLTLU[ [LZ[PUN (SS UVU KLNYLL ZLLRPUN Z[\KLU[Z ZLLRPUN LUYVSSTLU[ PU HU ,5. VY 4(; JV\YZL HYL YLX\PYLK [V JVTWSL[L WSHJLTLU[ [LZ[PUN ^P[OPU [OL YLZWLJ[P]L HYLH 3HRL 3HUK *VSSLNL \[PSPaLZ *647(:: H NYV\W VM L_HTZ JYLH[LK I` [OL (TLYPJHU *VSSLNL ;LZ[PUN (*; 7YVNYHT :[\KLU[Z ^OV JVTWSL[L WSHJLTLU[ [LZ[PUN TH` YL[LZ[ VUL [PTL VU LHJO ZLJ[PVU VM [OL [LZ[ :[\KLU[Z TH` Z\ITP[ (*; ZJVYLZ [V IL \ZLK PUZ[LHK VM [OL WSHJLTLU[ [LZ[ :[\KLU[Z ^OV Z\ITP[ (*; ZJVYLZ TH` HSZV [LZ[ HUK YL[LZ[ :[\KLU[Z HYL WSHJLK HJJVYKPUN [V [OLPY OPNOLZ[ ZJVYL HTVUN HSS VM [OL [LZ[Z 0M MV\Y VY TVYL `LHYZ
OH]L WHZZLK ZPUJL H Z[\KLU[»Z SHZ[ YL[LZ[ [OL Z[\KLU[ TH` JOVVZL [V JVTWSL[L VUL HKKP[PVUHS YL[LZ[ PU LHJO Z\IQLJ[ HYLH ( TPUPTHS MLL PZ JOHYNLK MVY LHJO YL[LZ[
*647(:: :JVYLZ MYVT 6[OLY *VSSLNLZ :[\KLU[Z TH` Z\ITP[ *647(:: ZJVYLZ MYVT V[OLY JVSSLNLZ [V [OL 3LHYUPUN (ZZPZ[HUJL *LU[LY :JVYLZ ^PSS IL LU[LYLK PU[V [OL Z[\KLU[»Z YLJVYK HUK HWWSPLK [V [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ YLX\PYLTLU[Z 5V[L! 33* KVLZ UV[ HJJLW[ [OL V[OLY JVSSLNL»Z WSHJLTLU[ YLJVTTLUKH[PVUZ 0M [OL Z[\KLU[ ^HU[Z [V YL[HRL *647(:: HM[LY Z\ITP[[PUN ZJVYLZ MYVT HUV[OLY JVSSLNL H TPUPTHS MLL PZ JOHYNLK MVY LHJO YL[LZ[
,_LTW[PVUZ >HP]LYZ MVY ;YHUZMLY *YLKP[ :[\KLU[Z ^OV WYLZLU[ H [YHUZJYPW[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL *V\UZLSPUN :LY]PJLZ VY HU ,5. VY 4(; +P]PZPVU *OHPY ]LYPM`PUN JVTWSL[PVU VM ZLTLZ[LY OV\YZ VM JVSSLNL JV\YZL ^VYR PU NVVK Z[HUKPUN ^PSS YLJLP]L H 9+. ^HP]LY HUK HYL UV[ YLX\PYLK [V JVTWSL[L [OL YLHKPUN WSHJLTLU[ [LZ[ :[\KLU[Z ^OV OH]L LHYULK SLZZ [OHU ZLTLZ[LY OV\YZ VM JVSSLNL JV\YZL ^VYR VY ^LYL UV[ PU NVVK Z[HUKPUN T\Z[ OH]L [OL HWWYVWYPH[L WSHJLTLU[ [LZ[ VY H [YHUZJYPW[ ]LYPM`PUN Z\JJLZZM\S JVTWSL[PVU VM [OL YLX\PYLK 9+. JV\YZLZ :[\KLU[Z ^OV OH]L JVTWSL[LK ZVTL VM [OL YLX\PYLK 9+. JV\YZLZ TH` IL WSHJLK HJJVYKPUNS` :[\KLU[Z ^PZOPUN [V YLNPZ[LY MVY HU ,5. VY 4(; JV\YZL T\Z[ OH]L [OL HWWYVWYPH[L WSHJLTLU[ [LZ[ ZJVYL VY H [YHUZJYPW[ ]LYPM`PUN Z\JJLZZM\S JVTWSL[PVU VM [OL WYLYLX\PZP[L JV\YZL ;OLYL PZ UV ZLTLZ[LY OV\Y L_LTW[PVU MVY ,5. VY 4(; JV\YZLZ :[\KLU[Z TH` WYLZLU[ [OLPY [YHUZJYPW[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL *V\UZLSPUN :LY]PJLZ VY [OL ,5. VY 4(; KP]PZPVU JOHPYZ [V YLX\LZ[ HWWYVWYPH[L WSHJLTLU[
>OPSL HU VMÃ&#x201E;JPHS [YHUZJYPW[ PZ UV[ YLX\PYLK MVY WSHJLTLU[ W\YWVZLZ PU VYKLY [V YLJLP]L 3HRL 3HUK *VSSLNL JYLKP[ MVY HU` JV\YZLZ JVTWSL[LK H[ HUV[OLY JVSSLNL Z[\KLU[Z T\Z[ ZLUK HU VMÃ&#x201E;JPHS [YHUZJYPW[ HUK H [YHUZJYPW[ L]HS\H[PVU YLX\LZ[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL
7YLYLX\PZP[L *OLJRPUN 7YLYLX\PZP[L JOLJRPUN PZ JVUK\J[LK H[ [OL [PTL VM YLNPZ[YH[PVU MVY HSS 9+. ,5. HUK 4(; JV\YZLZ :[\KLU[Z ^PSS UV[ IL HSSV^LK YLNPZ[LY MVY 9+. ,5. HUK 4(; JV\YZLZ MVY ^OPJO [OL` OH]L UV[ TL[ [OL WYLYLX\PZP[L :[\KLU[Z ^PZOPUN [V YLNPZ[LY MVY H 9+. ,5. VY 4(; JV\YZL T\Z[ OH]L [OL HWWYVWYPH[L WSHJLTLU[ ZJVYL IL J\YYLU[S` LUYVSSLK PU [OL WYLYLX\PZP[L JV\YZL VY OH]L H ^HP]LY VU Ã&#x201E;SL ]LYPM`PUN Z\JJLZZM\S JVTWSL[PVU VM [OL WYLYLX\PZP[L JV\YZL :[\KLU[Z ^P[O H KPZHIPSP[` TH` THRL ZWLJPHS HYYHUNLTLU[Z MVY WSHJLTLU[ [LZ[PUN I` JVU[HJ[PUN [OL *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL HUK VY *LY[PÃ&#x201E;JH[L 7YVNYHTZ :[\KLU[Z T\Z[ TLL[ 3HRL 3HUK *VSSLNL»Z HKTPZZPVU YLX\PYLTLU[Z *LY[HPU WYVNYHTZ OH]L ZWLJPHS HKTPZZPVU LU[YHUJL YLX\PYLTLU[Z ^OPJO T\Z[ IL TL[ WYPVY [V ILPUN HJJLW[LK PU[V [OL WYVNYHT 9LMLY [V [OL ZWLJPHS WYVNYHT MVY HKTPZZPVU YLX\PYLTLU[Z (ZZVJPH[L PU 3PILYHS :[\KPLZ :[\KLU[Z T\Z[ TLL[ 3HRL 3HUK *VSSLNL»Z HKTPZZPVU YLX\PYLTLU[Z (ZZVJPH[L PU (Y[Z (ZZVJPH[L PU :JPLUJL HUK (ZZVJPH[L PU ,UNPULLY PUN :JPLUJL :[\KLU[Z T\Z[ TLL[ 3HRL 3HUK *VSSLNL»Z HKTPZZPVU YLX\PYLTLU[Z HUK OH]L H[ SLHZ[ \UP[Z VM OPNO ZJOVVS JV\YZL ^VYR MYVT [OL MVSSV^PUN Ã&#x201E;]L JH[LNVYPLZ! H -V\Y `LHYZ VM ,UNSPZO LTWOHZPaPUN ^YP[[LU HUK VYHS JVTT\UPJH[PVUZ HUK SP[LYH[\YL " I ;OYLL `LHYZ VM ZVJPHS Z[\KPLZ LTWOHZPaPUN OPZ[VY` HUK NV]LYUTLU[ "
+LNYLL *LY[PÃ&#x201E;JH[L :LLRPUN *OLJRSPZ[ J ;OYLL `LHYZ VM TH[OLTH[PJZ PU[YVK\J[VY` [OYV\NO HK]HUJLK HSNLIYH NLVTL[Y` [YPNVUVTL[Y` VY M\UKHTLU[HSZ VM JVTW\[LY WYVNYHTTPUN " K ;OYLL `LHYZ VM ZJPLUJL SHIVYH[VY` ZJPLUJLZ " HUK L ;^V `LHYZ VM LSLJ[P]LZ PU MVYLPNU SHUN\HNLZ T\ZPJ ]VJH[PVUHS LK\JH[PVU VY HY[ 0M H[ [OL [PTL VM HKTPZZPVU P[ OHZ UV[ ILLU KL[LYTPULK MYVT [OL HWWSPJHU[»Z Ã&#x201E;UHS OPNO ZJOVVS [YHUZJYPW[ [OH[ [OL OPNO ZJOVVS JV\YZL WH[[LYU OHZ ILLU ZH[PZÃ&#x201E;LK [OL Z[\KLU[ ^PSS IL WYV]PZPVU HSS` HKTP[[LK ;OL Z[\KLU[ ^PSS YLTHPU VU WYV]PZPVUHS Z[H[\Z \U[PS [OL OPNO ZJOVVS WH[[LYU OHZ ILLU ]LYPÃ&#x201E;LK VY KLÃ&#x201E;JPLUJPLZ OH]L ILLU THKL \W [OYV\NO HWWYVWYPH[L JV\YZL ^VYR 5VU KLNYLL Z[\KLU[Z HYL L_LTW[ MYVT JVTWSL[PUN [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ [LZ[ VY Z\ITP[[PUN [OLPY (*; ZJVYLZ \USLZZ! Â&#x2039; ;OL Z[\KLU[ ^PZOLZ [V LUYVSS PU HU ,UNSPZO VY TH[O JV\YZL PU ^OPJO OL ZOL OHZ UV[ TL[ [OL WYLYLX\PZP[L :[\KLU[Z ^OV OH]L [HRLU [OL (*; TH` JOVVZL [V \ZL [OLPY (*; ZJVYLZ PUZ[LHK VM [HRPUN [OL WSHJLTLU[ [LZ[ :LL ZLJ[PVU VU /V^ [V <ZL (*; :JVYLZ :[\KLU[Z ^OV OH]L UV[ Z\JJLZZM\SS` JVTWSL[LK OPNO ZJOVVS VY JVSSLNL NLVTL[Y` VY ^OV KV UV[ OH]L H [YHUZJYPW[ VU Ã&#x201E;SL KVJ\TLU[PUN JVTWSL[PVU VM [OL JV\YZL ^PSS IL YLX\PYLK [V LUYVSS PU H JVSSLNL NLVTL[Y` JV\YZL ILMVYL LUYVSSPUN PU H 4(; VY OPNOLY JV\YZL Â&#x2039; ;OL Z[\KLU[ PZ JOHUNPUN MYVT UVU KLNYLL Z[H[\Z [V KLNYLL Z[H[\Z
5L^ :[\KLU[ =PZP[ \Z VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z -VSSV^ [OPZ JOLJRSPZ[ HUK SLHYU TVYL KL[HPSZ VUSPUL ]PH [OL ¸.L[ :[HY[LK¹ I\[[VU VU [OL OVTL WHNL @V\ JHU HSZV ZH]L HUK YL[YPL]L `V\Y SPZ[
Æ&#x2018; (WWS` MVY Ã&#x201E;UHUJPHS HPK I` JVTWSL[
PUN [OL VUSPUL -(-:( H[ ^^^ MHMZH LK NV] 0[ PZ YLJVTTLUKLK [OH[ HSS Z[\KLU[Z JVTWSL[L H -(-:( (^HYKZ HYL THKL H[ 33* VU H Ã&#x201E;YZ[ JVTL Ã&#x201E;YZ[ ZLY]LK IHZPZ ;PTLSPULZ HUK HJJ\YHJ` VM HWWSPJH[PVU HYL ]LY` PTWVY[HU[ *VU[HJ[ [OL 6MÃ&#x201E;JL VM -PUHUJPHS (PK H[ ^P[O X\LZ[PVUZ
Æ&#x2018; (WWS` MVY 3HRL 3HUK *VSSLNL
-V\UKH[PVU :JOVSHYZOPWZ (WWSPJH [PVUZ HYL K\L I` WT VU 4HYJO VM LHJO `LHY *HSS [OL -V\UKH[PVU 6MÃ&#x201E;JL H[ MVY TVYL PUMVYTH[PVU
Æ&#x2018; *VTWSL[L [OL 0U[LU[ [V ,UYVSS Æ&#x2018; <UKLJPKLK HIV\[ `V\Y THQVY&
*VU[HJ[ *HYLLY :LY]PJLZ H[ MVY PUMVYTH[PVU YLNHYKPUN PU[LYUL[ IHZLK JHYLLY HZZLZZTLU[ WYVNYHTZ [OH[ JHU OLSW JSHYPM` LK\JH[PVUHS JHYLLY VIQLJ[P]LZ
Æ&#x2018; :LUK 33* (KTPZZPVUZ HUK 9LJVYKZ
HU VMÃ&#x201E;JPHS JVW` VM HSS [OL MVSSV^PUN [OH[ HWWS`! Ã&#x201E;UHS OPNO ZJOVVS [YHUZJYPW[Z ^P[O NYHK\H[PVU KH[L .,+ [YHUZJYPW[Z HU` JVSSLNL [YHUZJYPW[Z
Æ&#x2018; *VTWSL[L [OL 33* WSHJLTLU[ [LZ[
VY Z\ITP[ `V\Y (*; ZJVYLZ (Z H KLNYLL JLY[PÃ&#x201E;JH[L ZLLRPUN Z[\KLU[ `V\ HYL YLX\PYLK [V [HRL V\Y WSHJL TLU[ [LZ[ [OH[ JVUZPZ[Z VM TH[O YLHKPUN HUK ,UNSPZO 0U SPL\ VM [HRPUN [OL L_HT `V\ TH` Z\ITP[ `V\Y (*; ZJVYLZ VUSPUL [OYV\NO ^^^ HJ[ VYN ,_LTW[PVU MYVT [OL YLHKPUN YLX\PYL TLU[ TH` IL VI[HPULK PM `V\ OH]L LHYULK OV\YZ VM JVSSLNL JV\YZL ^VYR PU NVVK Z[HUKPUN MYVT H YLNPVUHSS` HJJYLKP[LK JVSSLNL VY \UP]LYZP[` ;V VI[HPU [OPZ ^HP]LY `V\ TH` OH]L HU VMÃ&#x201E;JPHS [YHUZJYPW[ ZLU[ [V [OL 33* HKTPZZPVUZ VMÃ&#x201E;JL
Æ&#x2018; ([[LUK 33*»Z VYPLU[H[PVU MVY
UL^ Z[\KLU[Z @V\ ^PSS IL ZLU[ VYPLU[H[PVU PUMVYTH[PVU PU [OL THPS HJJVYKPUN [V [OL KH[L `V\ Z\ITP[[LK `V\Y PU[LU[ [V LUYVSS MVYT (K]PZL TLU[ ZLZZPVUZ ^PSS [HRL WSHJL ^P[O H JV\UZLSVY K\YPUN VYPLU[H[PVU 5L^ Z[\KLU[Z JHU YLNPZ[LY MVY [OLPY VYPLU[H[PVU HK]PZLTLU[ ZLZZPVU VUSPUL [OYV\NO [OL 3HRL 3HUK /\I" NV [V 0U[LYUL[ 9LNPZ[YH[PVU 0UMVYTH[PVU :`Z[LT 090:
Æ&#x2018; 0M `V\ OH]L WYL]PV\ZS` H[[LUKLK
JVSSLNL `V\ ^PSS UV[ IL YLX\PYLK [V H[[LUK VYPLU[H[PVU *VU[HJ[ *V\UZLSPUN :LY]PJLZ H[ MVY HU HJHKLTPJ HK]PZLTLU[ HWWVPU[TLU[
Æ&#x2018; (Z WHY[ VM [OL VYPLU[H[PVU UL^
Z[\KLU[Z ^PSS NL[ H Z[\KLU[ 0+ 0M `V\ JOVVZL UV[ [V NL[ HU 0+ [OH[ KH` `V\ TH` NL[ VUL HU` [PTL HM[LY LUYVSSTLU[ PU [OL )VVRZ[VYL @V\ T\Z[ OH]L VUL [V WPJR \W `V\Y [L_[IVVRZ
Æ&#x2018; 9LZLHYJO HJHKLTPJ
Z\WWVY[ ZLY]PJLZ Z\JO HZ! ;\[VYPUN *LU[LY 9LHKPUN *LU[LY +PZHIPSP[` :LY]PJLZ HUK ;9P6
56;, -69 (33 :;<+,5;:! 0[ PZ [OL Z[\KLU[»Z YLZWVUZPIPSP[` [V YLNPZ[LY WYVWLYS` LHJO ZLTLZ[LY HUK [V ZH[PZM` HSS NYHK\H[PVU YLX\PYLTLU[Z ;OPZ PUJS\KLZ TLL[PUN JV\YZL WYLYLX\PZP[LZ MVY YLNPZ[YH[PVU *V\YZL WYLYLX\PZP[LZ HYL PUJS\KLK PU [OL *V\YZL +LZJYPW [PVU ZLJ[PVU VM [OL J\YYLU[ JH[HSVN VY PU [OL VUSPUL *V\YZL +LZJYPW[PVUZ :[\KLU[Z ^OV YLNPZ[LY MVY H JV\YZL ^P[OV\[ TLL[PUN [OL WYLYLX\PZP[L TH` IL YLTV]LK MYVT [OL JV\YZL
5VU +LNYLL :LLRPUN *OLJRSPZ[ Æ&#x2018; *OLJR V\[ :[\KLU[ 3PML [V ZLL
OV^ `V\ JHU ILJVTL PU]VS]LK PU [OL THU` ZWVY[Z JS\IZ HUK V[OLY HJ[P]P[PLZ [OH[ 33* OHZ [V VMMLY
Æ&#x2018; *OLJR V\[ [OL /\I ¶ 3HRL 3HUK
*VSSLNL»Z Z[\KLU[ JVTT\UPJH[PVU WVY[HS H]HPSHISL MYVT [OL JVSSLNL»Z OVTL WHNL @V\ JHU HJJLZZ `V\Y LTHPS Ã&#x201E;UHUJPHS PUMVYTH[PVU HUK ZJOLK\SL MYVT [OPZ ZP[L
5L^ :[\KLU[ =PZP[ \Z VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z -VSSV^ [OPZ JOLJRSPZ[ HUK SLHYU TVYL KL[HPSZ VUSPUL ]PH [OL ¸.L[ :[HY[LK¹ I\[[VU VU [OL OVTL WHNL @V\ JHU HSZV ZH]L HUK YL[YPL]L `V\Y SPZ[
Æ&#x2018; 9LZLHYJO HJHKLTPJ
Z\WWVY[ ZLY]PJLZ Z\JO HZ! ;\[VYPUN *LU[LY 9LHKPUN *LU[LY +PZHIPSP[` :LY]PJLZ HUK ;9P6
Æ&#x2018; *OLJR V\[ :[\KLU[ 3PML [V ZLL OV^ [V ILJVTL PU]VS]LK PU [OL THU` ZWVY[Z JS\IZ HUK V[OLY HJ[P]P[PLZ [OH[ 33* OHZ [V VMMLY
Æ&#x2018; *OLJR V\[ [OL /\I ¶ 3HRL 3HUK
*VSSLNL»Z Z[\KLU[ JVTT\UPJH[PVU WVY[HS H]HPSHISL MYVT [OL JVSSLNL»Z OVTL WHNL @V\ JHU HJJLZZ `V\Y LTHPS Ã&#x201E;UHUJPHS PUMVYTH[PVU HUK ZJOLK\SL MYVT [OPZ ZP[L
Æ&#x2018; *VTWSL[L [OL 0U[LU[ [V ,UYVSS Æ&#x2018; *VTWSL[L [OL 33* WSHJLTLU[ [LZ[ Æ&#x2018; 7H` MVY JV\YZLZ I` [OL K\L KH[L
PUKPJH[LK VU `V\Y IPSS 0M `V\ KLJPKL UV[ [V H[[LUK JSHZZLZ `V\ T\Z[ KYVW [OLT I` [OL KLHKSPUL VY IL YLZWVUZPISL MVY `V\Y IPSS )PSSZ TH` IL WHPK PU WLYZVU I` WOVUL VY VUSPUL [OYV\NO [OL 3HRL 3HUK /\I" ZLSLJ[ 090:
Æ&#x2018; 7PJR \W `V\Y YLU[HS IVVRZ MVY [OL
ZLTLZ[LY @V\ T\Z[ OH]L `V\Y 33* Z[\KLU[ 0+ JHYK HUK [L_[IVVR SPZ[ WYPU[ MYVT 090: PU VYKLY [V VI[HPU `V\Y IVVRZ +H[LZ HUK [PTLZ MVY IVVR WPJR \W JHU IL MV\UK PU [OL /\I HUK VU [OL )VVRZ[VYL ^LIZP[L
Æ&#x2018; -VY PTWVY[HU[ KH[LZ WLY[HPUPUN
[V [OL ZLTLZ[LY JSPJR VU [OL ¸.L[ :[HY[LK¹ I\[[VU MYVT 33*»Z OVTL WHNL
Æ&#x2018; ([[LUK 5L^ :[\KLU[ *LSLIYH[PVU
VU Ã&#x201E;YZ[ >LKULZKH` VM [OL MHSS ZLTLZ[LY @V\ ^PSS IL VMÃ&#x201E;JPHSS` ^LSJVTLK [V 33* TLL[ `V\Y HK]PZVY HUK JLSLIYH[L [OL Z[HY[ VM [OL `LHY ^P[O MYLL MVVK T\ZPJ M\U HUK NP]L H^H`Z
VY Z\ITP[ `V\Y (*; ZJVYLZ (Z H UVU KLNYLL ZLLRPUN Z[\KLU[ `V\ HYL UV[ YLX\PYLK [V [HRL V\Y WSHJLTLU[ [LZ[ \USLZZ `V\ WSHU [V [HRL TH[O YLHKPUN VY ,UNSPZO JV\YZLZ 0U SPL\ VM [HRPUN [OL L_HT `V\ TH` Z\ITP[ `V\Y (*; ZJVYLZ VUSPUL [OYV\NO ^^^ HJ[ VYN ,_LTW[PVU MYVT [OL YLHKPUN YLX\PYLTLU[ TH` IL VI[HPULK PM `V\ OH]L LHYULK OV\YZ VM JVSSLNL JV\YZL^VYR PU NVVK Z[HUKPUN MYVT H YLNPVUHSS` HJJYLKP[LK JVSSLNL VY \UP]LYZP[` ;V VI[HPU [OPZ ^HP]LY `V\ TH` OH]L HU VMÃ&#x201E;JPHS [YHUZJYPW[ ZLU[ [V [OL 33* HKTPZZPVUZ VMÃ&#x201E;JL
Æ&#x2018; 9LNPZ[LY MVY JV\YZLZ MVY [OL
\WJVTPUN ZLTLZ[LY [OYV\NO 33*»Z 0U[LYUL[ 9LNPZ[YH[PVU 0UMVYTH[PVU :`Z[LT 090: VY YLNPZ[LY I` WOVUL *VU[HJ[ *V\UZLSPUN :LY]PJLZ H[ MVY NLULYHS YLNPZ[YH[PVU PUMVYTH[PVU VY ]PZP[ \Z VUSPUL
Æ&#x2018; .L[ HU 33* :[\KLU[ 0+ *HYK
HM[LY LUYVSSPUN HUK ILMVYL WPJRPUN \W [L_[IVVRZ
Æ&#x2018; 7H` MVY JV\YZLZ I` [OL K\L KH[L
PUKPJH[LK VU IPSS 0M `V\ KLJPKL UV[ [V H[[LUK JSHZZLZ `V\ T\Z[ KYVW [OLT VY IL YLZWVUZPISL MVY `V\Y IPSS )PSSZ TH` IL WHPK PU WLYZVU I` WOVUL VY VUSPUL [OYV\NO [OL 3HRL 3HUK /\I" NV [V 0U[LYUL[ 9LNPZ[YH [PVU 0UMVYTH[PVU :`Z[LT 090:
Æ&#x2018; 7PJR \W YLU[HS IVVRZ MVY [OL ZLTLZ[LY
/H]L 33* Z[\KLU[ 0+ JHYK HUK [L_[IVVR SPZ[ WYPU[ MYVT 090: PU [OL /\I PU VYKLY [V VI[HPU [L_[IVVRZ +H[LZ HUK [PTLZ MVY IVVR WPJR \W JHU IL MV\UK PU [OL /\I HUK VU [OL )VVRZ[VYL ^LIZP[L
Æ&#x2018; -VY PTWVY[HU[ KH[LZ WLY[HPUPUN [V [OL ZLTLZ[LY JSPJR VU [OL ¸.L[ :[HY[LK¹ I\[[VU MYVT 33*»Z OVTL WHNL
Æ&#x2018; ([[LUK 5L^ :[\KLU[ *LSLIYH[PVU [OH[
PZ OLSK [OL Ã&#x201E;YZ[ >LKULZKH` VM [OL MHSS ZLTLZ[LY )L VMÃ&#x201E;JPHSS` ^LSJVTLK [V 33* TLL[ HK]PZVYZ HUK JLSLIYH[L [OL Z[HY[ VM [OL `LHY ^P[O MYLL MVVK T\ZPJ M\U HUK NP]L H^H`Z
56;, -69 :;<+,5;: ;9(5:-,9905. ;6 3(2, 3(5+ -964 (56;/,9 *633,.,! ;YHUZMLY Z[\KLU[Z ^OV ^PZO [V LUYVSS PU HK]HUJLK JV\YZLZ T\Z[ WYLZLU[ H JVSSLNL [YHUZJYPW[ KVJ\TLU[PUN Z\JJLZZM\S JVTWSL[PVU VM WYLYLX\PZP[L JV\YZLZ
/PNO :JOVVS :[\KLU[Z
/V^ [V \ZL (*; ZJVYLZ 0U VYKLY [V \ZL (*; ZJVYLZ Z[\KLU[Z T\Z[ YLX\LZ[ [OH[ H JVW` VM [OLPY ZJVYLZ IL ZLU[ LSLJ[YVUPJHSS` [V 3HRL 3HUK *VSSLNL KPYLJ[S` MYVT (*; 0UMVYTH[PVU HIV\[ YLX\LZ[PUN (*; [LZ[ ZJVYLZ PZ H]HPSHISL H[ ^^^ HJ[ VYN :[\KLU[Z ^OV OH]L [HRLU [OL (*; WSHJLTLU[ L_HT TH` JOVVZL [V \ZL [OLPY (*; ZJVYLZ PUZ[LHK VM [HRPUN [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ [LZ[
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
IL TL[ PU HKKP[PVU [V [OL YLX\PYLK WSHJLTLU[ ZJVYL ;OLZL WYLYLX\PZP[LZ HYL SPZ[LK PU [OL *V\YZL +LZJYPW[PVU ZLJ[PVU VM [OL JVSSLNL JH[HSVN HUK PU [OL *V\YZL +LZJYPW[PVUZ VU [OL 3HRL 3HUK *VSSLNL ^LIZP[L
(KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL /V\YZ ;OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL PZ VWLU MYVT ! H T [V ! W T 4VUKH` ¶ -YPKH` K\YPUN [OL HJHKLTPJ `LHY HUK 4VUKH` [OYV\NO ;O\YZKH` K\YPUN [OL Z\TTLY (KKP[PVUHS L]LUPUN OV\YZ HYL WYV]PKLK I` HWWVPU[TLU[ HUK K\YPUN ZWLJPÃ&#x201E;J YLNPZ[YH[PVU WLYPVKZ ;OL VMÃ&#x201E;JL PZ SVJH[LK PU [OL :[\KLU[ :LY]PJLZ ^PUN VM [OL 3\[OLY :[\KLU[ *LU[LY /V\YZ HYL Z\IQLJ[ [V JOHUNL :[\KLU[Z JHU HSZV JVU[HJ[ [OL (KTPZ ZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VUSPUL H[ [OL JVSSLNL OVTLWHNL! ^^^ SHRLSHUK JJ PS \Z ;OL 6MÃ&#x201E;JL VM (KTPZZPVUZ HUK 9LJVYKZ» TPZZPVU PZ [V WYV]PKL HU HYYH` VM X\HSP[` ZLY]PJLZ [V Z[\KLU[Z WV[LU[PHS J\YYLU[ HUK WHZ[ VM HSS HNLZ MYVT TH[YPJ\SH[PVU [V NYHK\H[PVU 0U WYV]PKPUN [OLZL ZLY]PJLZ ^L ^PSS IL ZLUZP[P]L [V [OL ULLKZ VM LHJO Z[\KLU[
:[\KLU[Z ^OV HYL J\YYLU[S` LUYVSSLK PU OPNO ZJOVVS HUK HYL H[ SLHZ[ `LHYZ VM HNL TH` H[[LUK 3HRL 3HUK *VSSLNL :[\KLU[Z ^OV LUYVSS PU JV\YZLZ VMMLYLK K\YPUN [OL YLN\SHY ZJOVVS KH` VY [OVZL VMMLYLK MVY OPNO ZJOVVS JYLKP[ T\Z[ YLJLP]L WYPVY HWWYV]HS VM [OL JOPLM L_LJ\[P]L VMÃ&#x201E;JLY VM [OLPY OPNO ZJOVVS (U HKKP[PVUHS HWWSPJH[PVU MVYT PZ YLX\PYLK VM HSS OPNO ZJOVVS Z[\KLU[Z ZLLRPUN HKTPZZPVU [V [OL JVSSLNL :[\KLU[Z ^OV HYL SLZZ [OHU `LHYZ VM HNL HUK HYL JVUZPKLYLK ¸NPM[LK¹ I` IV[O [OLPY ZLJVUKHY` ZJOVVS HUK 3HRL 3HUK *VSSLNL TH` H[[LUK 3HRL 3HUK *VSSLNL 0U HKKP[PVU [V [OL YLN\SHY HWWSPJH[PVU H NPM[LK HWWSPJH[PVU T\Z[ IL Z\ITP[[LK :[\KLU[Z ^OV HYL `LHYZ VM HNL VY VSKLY HUK OH]L ZL]LYLK [OLPY JVUULJ [PVUZ ^P[O H ZJOVVS Z`Z[LT HZ JLY[PÃ&#x201E;LK PU ^YP[PUN I` [OL JOPLM L_LJ\[P]L VMÃ&#x201E;JLY VM [OL OPNO ZJOVVS KPZ[YPJ[ PU ^OPJO [OL` OH]L SLNHS YLZPKLUJL ^PSS IL LSPNPISL [V H[[LUK 3HRL 3HUK *VSSLNL 0U HKKP[PVU [V [OL \Z\HS HKTPZZPVU TH[LYPHSZ HU HKKP[PVUHS HWWSPJH[PVU MVYT ^PSS IL YLX\PYLK
;YHUZJYPW[Z ;YHUZJYPW[Z VM H Z[\KLU[»Z JVTWSL[L HJHKLTPJ YLJVYK TH` IL VI[HPULK [OYV\NO [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VY [OL 0U[LYUL[ 9LNPZ[YH[PVU HUK 0UMVYTH[PVU :`Z[LT 090: PU ;OL /\I H[ ^^^ SHRLSHUK JJ PS \Z (SS YLX\LZ[Z T\Z[ JVU[HPU [OL JVTWSL[L THPSPUN HKKYLZZ VM [OL PUKP]PK\HS VY PUZ[P[\[PVU [V ^OPJO [OL [YHUZJYPW[ ZOV\SK IL ZLU[ ;OL JVSSLNL YLZLY]LZ [OL YPNO[ [V ^P[OOVSK [YHUZJYPW[Z VM WLYZVUZ ^OV OH]L \UWHPK Ã&#x201E;UHUJPHS VISPNH[PVUZ [V [OL PUZ[P[\[PVU
;YHUZJYPW[ ,]HS\H[PVU (U VMÃ&#x201E;JPHS L]HS\H[PVU VM [YHUZJYPW[Z MYVT 3HRL 3HUK *VSSLNL VY V[OLY YLNPVUHSS` HJJYLKP[LK JVSSLNLZ HUK \UP]LYZP[PLZ PZ H]HPSHISL [V Z[\KLU[Z I` Ã&#x201E;SPUN H [YHUZJYPW[ L]HS\H[PVU MVYT H[ [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL
;OL MVYT PZ HSZV H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z :[\KLU[ JVWPLZ ^PSS UV[ IL L]HS\H[LK 0M HU PUMVYTHS L]HS\H[PVU PZ KVUL [OL Z[\KLU[ HZZ\TLZ YLZWVUZPIPSP[` MVY JV\YZL ZLSLJ[PVU
6\[ 6M +PZ[YPJ[ :[\KLU[Z *OHYNLIHJRZ -VY Z[\KLU[Z YLZPKPUN PU [OL Z[H[L VM 0SSPUVPZ V\[ZPKL VM 3HRL 3HUK *VSSLNL +PZ[YPJ[ SLNPZSH[P]L WYV]PZPVUZ OH]L ILLU THKL ^OLYLI` [OL JVTT\UP[` JVSSLNL KPZ[YPJ[ VM YLZPKLUJL TH` IL YLX\PYLK [V WH` [OL WLY JHWP[H JVZ[ VM LK\JH[PUN H Z[\KLU[ LU[LYPUN 3HRL 3HUK *VSSLNL SLZZ [OL PU KPZ[YPJ[ [\P[PVU JOHYNLK 9LZPKLU[Z VM V[OLY JVTT\UP[` JVSSLNL KPZ[YPJ[Z ^OV ^PZO [V LUYVSS PU H J\YYPJ\S\T UV[ VMMLYLK PU [OLPY OVTL KPZ[YPJ[ ZOV\SK THRL HWWSPJH[PVU [V [OL OVTL KPZ[YPJ[ MVY JOHYNL IHJR [\P[PVU HZZPZ[HUJL ^LSS PU HK]HUJL VM [OL [PTL [OL` L_WLJ[ [V LUYVSS H[ 3HRL 3HUK *VSSLNL
9LZPKLUJ` :[\KLU[Z ^PSS IL JSHZZPÃ&#x201E;LK I` YLZPKLUJ` HJJVYKPUN [V [OL MVSSV^PUN WYV]PZPVUZ!
:[H[L 9LZPKLU[ ;V IL JSHZZPÃ&#x201E;LK HZ H YLZPKLU[ VM [OL Z[H[L VUL T\Z[ OH]L VJJ\WPLK H K^LSSPUN ^P[OPU [OL Z[H[L VM 0SSPUVPZ MVY [OPY[` KH`Z PTTLKPH[LS` WYPVY [V [OL KH[L LZ[HISPZOLK MVY JSHZZLZ [V ILNPU :[\KLU[Z ^OV MHPS [V TLL[ [OL KH` Z[H[L YLZPKLUJ` YLX\PYLTLU[ TH` UV[ TLL[ [OL YLX\PYLTLU[ I` H[[LUKPUN JSHZZLZ H[ 3HRL 3HUK *VSSLNL ;OL MVSSV^PUN JH[LNVYPLZ VM WLVWSL ZOHSS IL JSHZZPÃ&#x201E;LK HZ YLZPKLU[Z VM 0SSPUVPZ ^P[OV\[ TLL[PUN [OL KH` YLZPKLUJ` YLX\PYLTLU[! H -LKLYHS QVI JVYWZ ^VYRLYZ Z[H[PVULK PU 0SSPUVPZ I 4LTILYZ VM [OL HYTLK MVYJLZ Z[H[PVULK PU 0SSPUVPZ J 0UTH[LZ VM Z[H[L JVYYLJ[PVUHS YLOHIPSP[H[PVU PUZ[P[\[PVUZ SVJH[LK PU 0SSPUVPZ K :[\KLU[Z ^OV HYL LTWSV`LK M\SS [PTL PU 0SSPUVPZ
+PZ[YPJ[ 9LZPKLU[ ;V IL JSHZZPÃ&#x201E;LK HZ H YLZPKLU[ VM +PZ[YPJ[ VUL T\Z[ OH]L VJJ\WPLK H K^LSSPUN PU [OL JVTT\UP[` JVSSLNL KPZ[YPJ[ MVY KH`Z PTTLKPH[LS` WYPVY [V [OL KH[L LZ[HISPZOLK [V ILNPU JSHZZLZ H[ 3HRL 3HUK *VSSLNL :[\KLU[Z ^OV MHPS [V TLL[ [OL KH` KPZ[YPJ[ YLZPKLUJ` YLX\PYLTLU[ TH` UV[ TLL[ [OH[ YLX\PYLTLU[ I` H[[LUKPUN JSHZZLZ H[ [OL JVSSLNL MVY KH`Z VY TVYL
6\[ VM +PZ[YPJ[ 9LZPKLU[ ;OL MVSSV^PUN JH[LNVYPLZ VM WLVWSL ZOHSS UV[ IL JSHZZPÃ&#x201E;LK HZ YLZPKLU[Z VM [OL KPZ[YPJ[! -LKLYHS QVI JVYWZ ^VYRLYZ Z[H[PVULK PU [OL KPZ[YPJ[ 4LTILYZ VM [OL HYTLK MVYJLZ Z[H[PVULK PU [OL KPZ[YPJ[ 0UTH[LZ VM Z[H[L VY MLKLYHS JVYYLJ [PVUHS YLOHIPSP[H[PVUHS PUZ[P[\[PVUZ SVJH[LK PU [OL KPZ[YPJ[ -\SS [PTL Z[\KLU[Z H[[LUKPUN H WVZ[ ZLJVUKHY` LK\JH[PVUHS PUZ[P[\[PVU ^OV OH]L UV[ KLTVU Z[YH[LK [OYV\NO KVJ\TLU[H[PVU H ]LYPÃ&#x201E;HISL PU[LYLZ[ PU LZ[HISPZOPUN WLYTHULU[ YLZPKLUJ` :[\KLU[Z ^OV VJJ\W` H YLZPKLUJL V\[ZPKL [OL KPZ[YPJ[ I\[ ^OV HYL LTWSV`LK I` H Ã&#x201E;YT SVJH[LK PU [OL KPZ[YPJ[ :[\KLU[Z H[[LUKPUN [OL JVTT\UP[` JVSSLNL \UKLY [OL WYV]PZPVUZ VM H JOHYNLIHJR VY JVVWLYH[P]L HNYLLTLU[ ^P[O V[OLY JVTT\UP[` JVSSLNL KPZ[YPJ[Z :[\KLU[Z VU HU - ]PZH
6[OLY 7YV]PZPVUZ
(U` HWWYV]LK JOHUNL PU YLZPKLUJ` Z[H[\Z PZ UV[ YL[YVHJ[P]L [V WYL]PV\Z ZLTLZ[LYZ VY [LYTZ +VJ\TLU[H[PVU ]LYPM`PUN Z[H[L HUK KPZ[YPJ[ YLZPKLUJ` TH` PUJS\KL ZPNULK Z[H[LTLU[Z VU [OL HWWSPJH[PVU HZ ^LSS HZ V[OLY YLX\LZ[LK KVJ\TLU[Z
9LZPKLUJ` MVY :WLJPHS .YV\WZ VM :[\KLU[Z ;OL MVSSV^PUN NYV\WZ VM WLVWSL HYL JVUZPKLYLK HZ PU KPZ[YPJ[ YLZPKLU[Z MVY [\P[PVU JOHYNLZ VUS`! :[\KLU[Z LUYVSSLK PU JV\YZLZ [H\NO[ H[ I\ZPULZZ HUK PUK\Z[Y` SVJH[PVUZ PU [OL KPZ[YPJ[ -\SS [PTL Z[\KLU[Z LUYVSSLK H[ ,HZ[LYU 0SSPUVPZ <UP]LYZP[` L_JLW[ Z[\KLU[Z VU HU - ]PZH ^OV ^PSS IL JSHZZPÃ&#x201E;LK HZ V\[ VM Z[H[L 0U[LYUH[PVUHS Z[\KLU[Z VU H - ]PZH ^OV HYL ZWVUZVYLK I` H YLZPKLU[ VM [OL 3HRL 3HUK *VSSLNL KPZ[YPJ[ VY ^OV OH]L H[[LUKLK H TPUPT\T VM VUL ZLTLZ[LY H[ HU PU KPZ[YPJ[ OPNO ZJOVVS
9LZPKLUJ` MVY :LSLJ[ 0UKPHUH :[\KLU[Z :[\KLU[Z ^OV HYL SLNHS YLZPKLU[Z VM [OL 0UKPHUH JV\U[PLZ VM =PNV *SH` HUK WHY[Z VM 7HYRL HUK =LYTPSSPVU ZV\[O VM < : 9V\[L PUJS\KPUN OPNO ZJOVVS KPZ[YPJ[Z [OH[ HYL LP[OLY HKQHJLU[ [V VY PUJS\KL 9V\[L PU [OLPY KPZ[YPJ[ IV\UKHYPLZ HYL LSPNPISL MVY H ZWLJPHS [\P[PVU YH[L (U` HWWYV]LK JOHUNL PU YLZPKLUJL Z[H[\Z PZ UV[ YL[YVHJ[P]L [V WYL]PV\Z ZLTLZ[LYZ VY [LYTZ
7LYZVUZ ^OV YLZPKL PU [OL JVSSLNL KPZ[YPJ[ ^OVZL WYPTHY` PU[LU[ PU VI[HPUPUN Z\JO YLZPKLUJL PZ UV[ [V H[[LUK [OL JVSSLNL ZOHSS IL L_LTW[ LK MYVT [OL KH` Z[H[L HUK VY KPZ[YPJ[ YLZPKLUJ` YLX\PYLTLU[ PM [OL` KLTVUZ[YH[L [OYV\NO KVJ\ TLU[H[PVU H ]LYPÃ&#x201E;HISL PU[LYLZ[ PU LZ[HISPZOPUN H WLYTHULU[ YLZPKLUJ` :[\KLU[Z ^OV MHPS [V TLL[ [OL KH` Z[H[L HUK VY KPZ[YPJ[ YLZPKLU J` YLX\PYLTLU[ TH` TLL[ [OH[ YLX\PYLTLU[ \WVU WYLZLU[H[PVU VM H ]V[LY»Z YLNPZ[YH[PVU JHYK ]LYPM`PUN PU KPZ[YPJ[ YLZPKLUJ`
+PZ[YPJ[ 9LZPKLU[Z ;OL MVSSV^PUN ZJOVVS KPZ[YPJ[Z HYL PUJS\KLK PU [OL 3HRL 3HUK *VSSLNL KPZ[YPJ[! (S[HTVU[ (Y[O\Y )LLJOLY *P[` )YV^UZ[V^U *HZL`¶>LZ[Ã&#x201E;LSK *OHYSLZ[VU *V^KLU¶/LYYPJR *\TILYSHUK +PL[YPJO ,MÃ&#x201E;UNOHT 2HUZHZ 3V]PUN[VU 4HYZOHSS 4HY[PUZ]PSSL 4H[[VVU 5LVNH 5L^[VU .YV]L +PZ[YPJ[ 5VY[O *SH` 5VY[OLYU 7HY[ 6HRSHUK 6RH^ =HSSL` 7HUH 7HYPZ 9HTZL` :OLSI`]PSSL :OPSVO :V\[O *LU[YHS WHY[Z VM :[ ,STV :[L^HYKZVU¶:[YHZI\YN :\SSP]HU ;L\[VWVSPZ >PUKZVY
0U[LYUH[PVUHS :[\KLU[Z 3HRL 3HUK *VSSLNL PU HJJVYKHUJL ^P[O YLN\SH[PVUZ VM [OL < : *P[PaLUZOPW HUK 0TTPNYH[PVU :LY]PJLZ ^PSS HKTP[ JP[PaLUZ MYVT V[OLY JV\U[YPLZ ^OV TLL[ [OL MVSSV^PUN HKTPZZPVU YLX\PYLTLU[Z 0U[LYUH[PVUHS Z[\KLU[Z HYL HJJLW[LK VU [OL IHZPZ VM H]HPSHISL ZWHJL PU [OL ]HYPV\Z LK\JH[PVUHS WYVNYHTZ *VUZPKLYH [PVU PZ HSZV NP]LU [V ZLSLJ[PUN H KP]LYZPÃ&#x201E;LK PU[LYUH[PVUHS Z[\KLU[ WVW\SH[PVU (SS KVJ\TLU[Z ZOV\SK IL ^YP[[LU PU ,UNSPZO VY HJJVTWHUPLK I` HU VMÃ&#x201E;JPHS ,UNSPZO [YHUZSH[PVU 0U[LYUH[PVUHS Z[\KLU[ PUMVYTH[PVU PZ HSZV H]HPSHISL VUSPUL H[ [OL JVSSLNL OVTLWHNL H[ ^^^ SHRLSHUK JJ PS \Z PU[LYUH[PVUHS
(KTPZZPVU VM 0U[LYUH[PVUHS :[\KLU[Z (KTPZZPVU ^PSS IL KL[LYTPULK IHZLK \WVU [OL MVSSV^PUN PUMVYTH[PVU! *VTWSL[PVU VM HU 0U[LYUH[PVUHS :[\KLU[ 0U[LU[ [V ,UYVSS :\ITPZZPVU VM VMÃ&#x201E;JPHS [YHUZJYPW[Z ZOV^PUN JVTWSL[PVU VM [OL LX\P]H SLU[ VM H OPNO ZJOVVS ZLJVUKHY` LK\JH[PVU :\ITPZZPVU VM VMÃ&#x201E;JPHS [YHUZJYPW[Z MYVT HU` WYL]PV\Z JVSSLNLZ VY \UP]LYZP[PLZ H[[LUKLK PUJS\KPUN [YHPUPUN PU ,UNSPZO HZ H :LJVUK 3HUN\HNL :\ITPZZPVU VM KVJ\TLU[H[PVU Z\WWVY[PUN [OL HIPSP[` [V JV]LY HSS JVSSLNL HUK SP]PUN L_WLUZLZ MVY HU HJHKLTPJ `LHY ;\P[PVU PZ JOHYNLK H[ [OL V\[ VM Z[H[L YH[L MVY PU[LYUH[PVU HS Z[\KLU[Z L_JLW[ MVY Z[\KLU[Z ^OV HYL ZWVUZVYLK I` H YLZPKLU[ VM [OL 3HRL 3HUK *VSSLNL KPZ[YPJ[ VY ^OV OH]L H[[LUKLK H TPUPT\T VM VUL ZLTLZ[LY H[ HU PU KPZ[YPJ[ OPNO ZJOVVS ^OV ^PSS IL JOHYNLK [\P[PVU H[ [OL PU KPZ[YPJ[ YH[L 4LL[ [OL JVSSLNL»Z OLHS[O PUZ\YHUJL YLX\PYLTLU[ 0M HWWSPJHISL H ;LZ[ VM ,UNSPZO HZ H -VYLPNU 3HUN\HNL ;6,-3 ZJVYLZ :LL ;6,-3 7VSPJ` *VTWSL[PVU VM [OL 3HRL 3HUK *VSSLNL WSHJLTLU[ [LZ[ PU YLHKPUN TH[O HUK ,UNSPZO VY Z\ITPZZPVU VM (*; ZJVYLZ 7SHJLTLU[ [LZ[PUN ^PSS IL KLMLYYLK MVY Z[\KLU[Z LUYVSSLK PU [OL 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT ,UYVSSTLU[ HZ H M\SS [PTL Z[\KLU[
;6,-3 7VSPJ` MVY 0U[LYUH[PVUHS :[\KLU[Z :[\KLU[Z ^P[O H ;6,-3 ZJVYL H ;6,-3 :JVYLZ VM HUK HIV]L! :[\KLU[Z ^PSS IL HSSV^LK [V LUYVSS PU YLN\SHY HJHKLTPJ JV\YZLZ ^P[OV\[ HU` Z\WWVY[ MYVT [OL 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT I ;6,-3 :JVYLZ VM HUK ILSV^! :[\KLU[Z ^PSS IL YLX\PYLK [V LUYVSS PU [OL 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT \U[PS [OL` HYL HKLX\H[LS` WYLWHYLK MVY YLN\SHY HJHKLTPJ JV\YZLZ
:[\KLU[Z ^P[O UV ;6,-3 ZJVYL :[\KLU[Z ^OV OH]L UV[ [HRLU [OL ;6,-3 ^PSS IL HKTP[[LK [V [OL 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT (ZZPNUTLU[ [V [OL HWWYVWYPH[L SL]LS ^PSS IL THKL IHZLK VU WSHJLTLU[ [LZ[PUN MYVT [OL 4PJOPNHU ,UNSPZO 7SHJLTLU[ ;LZ[ WYPVY [V YLNPZ[YH[PVU ,UYVSSTLU[ PU [OL ^LLR Z\TTLY 0,37 ZLZZPVU KVLZ UV[ HSSV^ HK]HUJLTLU[ [V [OL UL_[ SL]LS VY [V YLN\SHY JVSSLNL JSHZZLZ :\TTLY Z[\KLU[Z HYL YLX\PYLK [V JVU[PU\L PU 0,37 [OYV\NO [OL Z\IZLX\LU[ MHSS ZLTLZ[LY H[ [OL SLHZ[
0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT 0,37 ;OL 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT 0,37 PZ KLZPNULK [V HZZPZ[ UVU UH[P]L ZWLHRLYZ VM ,UNSPZO ;OL WYVNYHT WYV]PKLZ ILNPUUPUN PU[LYTL KPH[L HUK HK]HUJLK PUZ[Y\J[PVU PU YLHK PUN ^YP[PUN HUK ZWLHRPUN :[\KLU[Z PU [OL ILNPUUPUN HUK PU[LYTLKPH[L SL]LSZ ^PSS IL LUYVSSLK M\SS [PTL PU [OL WYVNYHT (K]HUJLK SL]LS Z[\KLU[Z TH` IL JV LUYVSSLK PU VUL YLN\SHY JVSSLNL JV\YZL ^P[O [OL HWWYV]HS VM [OL JV\UZLSVY MVY PU[LYUH[PVUHS Z[\KLU[Z ,UYVSSTLU[ PU [OL 0,37 PZ THUKH[VY` MVY Z[\KLU[Z ^OV OH]L UV[ [HRLU [OL ;6,-3 [LZ[ VY ^OV OH]L ZJVYLK SLZZ [OHU VU [OL LUOHUJLK JVTW\[LY IHZLK [LZ[ 7YPVY [V LUYVSSTLU[ 0,3 Z[\KLU[Z ^PSS [HRL [OL 4PJOPNHU ,UNSPZO 7SHJLTLU[ ;LZ[ 4,7; [V IL WSHJLK H[ [OL HWWYVWYPH[L SL]LS 6UJL HKTP[[LK [V [OL WYVNYHT Z[\KLU[Z T\Z[ H[[HPU NYHKLZ VM ¸*¹ VY IL[[LY PU HSS 0,3 JV\YZLZ HUK YLHJO [OL HWWYVWYPH[L ZJVYL VU [OL WVZ[ [LZ[ \ZPUN [OL 4,7; ,UYVSSTLU[ PU [OL LPNO[ ^LLR Z\TTLY 0,37 ZLZZPVU KVLZ UV[ HSSV^ HK]HUJLTLU[ [V [OL UL_[ SL]LS VY [V YLN\SHY JVSSLNL JSHZZLZ :\TTLY Z[\KLU[Z HYL YLX\PYLK [V JVU[PU\L PU 0,37 [OYV\NO [OL Z\IZLX\LU[ MHSS ZLTLZ[LY H[ [OL SLHZ[
/V^ [V 7H` MVY *VSSLNL
0U [OPZ JOHW[LY! ;`WLZ VM (ZZPZ[HUJL ;\P[PVU -LLZ
3HRL 3HUK *VSSLNL PZ HU HMMVYKHISL PU]LZ[TLU[
:[\KLU[ -PUHUJPHS (ZZPZ[HUJL
([ HIV\[ MVY H `LHY MVY PU KPZ[YPJ[ Z[\KLU[Z 3HRL 3HUK *VSSLNL»Z [\P[PVU HUK MLLZ HYL [OL JVZ[ VM H W\ISPJ \UP]LYZP[` VY JVSSLNL
-(*;: 7H`TLU[ 7SHU
(IV\[ WLYJLU[ VM 33* Z[\KLU[Z YLJLP]L ZVTL [`WL VM Ã&#x201E;UHUJPHS HPK
4HQVY -PUHUJPHS (PK 7YVNYHTZ
;OL 3HRL 3HUK *VSSLNL -V\UKH[PVU H^HYKZ TVYL [OHU ZJOVSHYZOPWZ LHJO `LHY
:JOVSHYZOPW (WWSPJH[PVU ;PWZ :JOVSHYZOPWZ
-(-:( *VTWSL[PVU L]LU[Z OLSK [OYV\NOV\[ [OL JVSSLNL KPZ[YPJ[ PU 1HU\HY` HUK -LIY\HY` HZZPZ[ Z[\KLU[Z PU NL[[PUN H Q\TW Z[HY[ VU [OLPY Ã&#x201E;UHUJPHS HPK HWWSPJH[PVU MVY [OL MHSS ;L_[IVVR YLU[HS ZH]LZ `V\ HIV\[ H `LHY -(-:( -YLUa` L]LU[Z VU JHTW\Z PU 4HYJO HUK (WYPS JHU OLSW `V\ JVTWSL[L HUK Z\ITP[ [OL ULJLZZHY` Ã&#x201E;UHUJPHS HPK WHWLY^VYR *VTWSL[L Q\Z[ 33* ZJOVSHYZOPW HWWSPJH[PVU HUK `V\»SS IL JVUZPKLYLK MVY VUL VM ZJOVSHYZOPWZ MYVT [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU
/V^ [V 7H` MVY *VSSLNL 7H`PUN MVY *VSSLNL ;OLYL HYL ZL]LYHS VW[PVUZ MVY WH`PUN MVY JVSSLNL 3HRL 3HUK *VSSLNL YLJVTTLUKZ HSS Z[\KLU[Z JVTWSL[L [OL -(-:( VY -YLL (WWSPJH[PVU MVY -LKLYHS :[\KLU[ (PK ,]LU Z[\KLU[Z ^OV KV UV[ ILSPL]L [OL` ^PSS X\HSPM` MVY Ã&#x201E;UHUJPHS HPK ZOV\SK JVTWSL[L P[ ILJH\ZL P[ PZ VUL VM [OL Z[LWZ YLX\PYLK [V YLJLP]L H Z[\KLU[ SVHU HUK PZ YLX\PYLK I` [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU [V IL JVUZPKLYLK MVY H ZJOVSHYZOPW ;`WLZ VM HZZPZ[HUJL! -LKLYHS VY Z[H[L Ã&#x201E;UHUJPHS HPK NYHU[Z ¶ UV WH`IHJR YLX\PYLK :[\KLU[ SVHUZ ¶ WH`IHJR YLX\PYLK -LKLYHS >VYR :[\K` 3HRL 3HUK *VSSLNL -V\UKH[PVU ZJOVSHYZOPWZ ;OPYK WHY[` ZJOVSHYZOPWZ ;OVZL ^OV KV UV[ X\HSPM` MVY Z[H[L VY MLKLYHS Ã&#x201E;UHUJPHS NYHU[Z OH]L [OYLL VW[PVUZ! 7H` [OL IPSS PU M\SS I` [OL K\L KH[L 7H`TLU[ JHU IL THKL ]PH THPS VUSPUL PU 090: VY PU WLYZVU H[ [OL (JJV\U[PUN 6MÃ&#x201E;JL :PNU \W MVY [OL -(*;Z [\P[PVU WH`TLU[ WSHU 9LX\LZ[ H Z[\KLU[ SVHU =PZP[ ^^^ SHRLSHUK JJ PS \Z Ã&#x201E;UHUJPHSHPK HUK JSPJR VU ¸:[\KLU[ 3VHUZ¹ MVY PUMVYTH[PVU HIV\[ [OL -LKLYHS +PYLJ[ 3VHU 7YVNYHT LSPNPIPSP[` YLX\PYLTLU[Z HUK [OL [OYLL Z[LWZ YLX\PYLK [V YLX\LZ[ H Z[\KLU[ SVHU H[ 3HRL 3HUK *VSSLNL
5L[ 7YPJL *HSJ\SH[VY ;OL 5L[ 7YPJL *HSJ\SH[VY [VVS WYV]PKLZ H IYVHK LZ[PTH[L VM OV^ T\JO Z[\KLU[Z SPRLS` ^PSS OH]L [V WH` V\[ VM WVJRL[ [V LUYVSS M\SS [PTL H[ 33* HM[LY JVUZPKLY PUN HU` NYHU[ VY ZJOVSHYZOPW HZZPZ[HUJL [OL` TH` IL LSPNPISL [V YLJLP]L IHZLK VU Z[HUKHYKPaLK PUW\[Z 0[ [HRLZ [OL Z[\KLU[»Z *VZ[ VM ([[LUKHUJL IV[O KPYLJ[ HUK PUKPYLJ[ JVZ[Z HUK Z\I[YHJ[Z [OL WVZZPISL HPK [V WYV]PKL H ¸IV[[VT SPUL¹ KVSSHY HTV\U[ ;OL JHSJ\SH[VY PZ
H]HPSHISL \UKLY H ¸>OH[ ^PSS P[ JVZ[&¹ ZLNTLU[ VU [OL Ã&#x201E;UHUJPHS HPK OVTL WHNL ^^^ SHRLSHUK JJ PS \Z Ã&#x201E;UHUJPHS HPK )L Z\YL [V YLHK [OYV\NO [OL JH]LH[Z HUK KPZJSHPTLYZ H[ [OL LUK
;\P[PVU HUK -LLZ ;\P[PVU MVY JYLKP[ JV\YZLZ PZ IHZLK VU `V\Y SLNHS WSHJL VM YLZPKLUJL HUK JOHYNLK VU H WLY ZLTLZ[LY JYLKP[ OV\Y YH[L (M[LY YLNPZ[LYPUN MVY JV\YZLZ Z[\KLU[Z ^PSS IL THPSLK H IPSS [OH[ ^PSS PUKPJH[L [OL HTV\U[ K\L :[\KLU[Z ^OV KV UV[ WH` [OL [V[HS HTV\U[ K\L ^PSS OH]L H ISVJR WSHJLK VU [OLPY Ã&#x201E;SL WYVOPIP[PUN [OLT MYVT YLJLP]PUN [YHUZJYPW[Z THRPUN ZJOLK\SL JOHUNLZ VY YLNPZ[LYPUN MVY M\[\YL ZLTLZ[LYZ
;\P[PVU *OHYNLZ WLY ZLTLZ[LY OV\Y 0U KPZ[YPJ[ YLZPKLU[ 6\[ VM KPZ[YPJ[ ^P[O JOHYNLIHJR H\[OVYPaH[PVU 6\[ VM KPZ[YPJ[ ^P[OV\[ JOHYNLIHJR H\[OVYPaH[PVU 6\[ VM Z[H[L 0UKPHUH 9LZPKLU[Z VM =PNV *SH` HUK WHY[Z VM 7HYRL HUK =LYTPSPVU *V\U[PLZ <WKH[LK L]LY` ZWYPUN LMMLJ[P]L Z\TTLY *OLJR VUSPUL MVY TVZ[ HJJ\YH[L YH[LZ
*V\YZL -LLZ :VTL JV\YZLZ YLX\PYL WH`TLU[ VM H JV\YZL MLL *V\YZL MLL SL]LSZ YHUNL MYVT HUK OPNOLY HUK HYL SPZ[LK PU [OL *V\YZL +LZJYPW[PVU ZLJ[PVU VM [OPZ JH[HSVN
:[\KLU[ (J[P]P[` -LL :[\KLU[Z LUYVSSPUN PU VU JHTW\Z HUK 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` JV\YZLZ ^PSS IL HZZLZZLK H MLL MVY LHJO ZLTLZ[LY OV\Y 5V HJ[P]P[` MLL PZ JOHYNLK MVY Z[\KLU[Z LUYVSSLK PU UVU JYLKP[ JVU[PU\PUN LK\JH[PVU JV\YZLZ V[OLY VMM JHTW\Z JV\YZLZ HUK HKTPUPZ[YH[P]LS`
KL[LYTPULK JVU[YHJ[\HS JV\YZLZ ;OL :[\KLU[ 3PML ZLJ[PVU VM [OL JH[HSVN L_WSHPUZ \ZLZ VM [OPZ MLL
:LY]PJL -LL (SS Z[\KLU[Z LUYVSSLK PU JVSSLNL JYLKP[ JV\YZLZ HYL YLX\PYLK [V WH` H WLY ZLTLZ[LY OV\Y ZLY]PJL MLL ;OPZ ZLY]PJL MLL PZ JVTWYPZLK VM MLLZ MVY SPIYHY` [LJOUVSVN` ZLY]PJLZ YLNPZ[YH [PVU WYVNYHT JOHUNL ZLY]PJLZ OLHS[O ZLY]PJLZ [L_[IVVR YLU[HS ZLY]PJLZ M\UKPUN THQVY THPU[LUHUJL WYVQLJ[Z L_[LUZPVU JLU[LY ZLY]PJLZ W\ISPJH[PVU ZLY]PJLZ HUK JVTW\[LY UL[^VYR 0U[LYUL[ ZLY]PJLZ
;L_[IVVR 9LU[HS 3HRL 3HUK *VSSLNL PZ HTVUN [OL ML^ JVSSLNLZ HUK \UP]LYZP[PLZ HJYVZZ [OL <UP[LK :[H[LZ [OH[ OH]L H [L_[IVVR YLU[HS Z`Z[LT 0[ PZ LZ[PTH[LK [OH[ M\SS [PTL 3HRL 3HUK Z[\KLU[Z TH` ZH]L \W [V WLY `LHY \ZPUN [OL [L_[IVVR YLU[HS Z`Z[LT ]LYZ\Z W\YJOHZPUN [OLPY IVVRZ ;L_[IVVRZ TH` IL W\YJOHZLK H[ [OL YLX\LZ[ VM [OL Z[\KLU[ 9LMLY [V [OL [L_[IVVR ZLJ[PVU VM [OPZ JH[HSVN MVY TVYL KL[HPSZ
0U[LYUL[ *V\YZLZ :[\KLU[Z LUYVSSPUN PU HU 0U[LYUL[ JV\YZL ^PSS IL HZZLZZLK H ZLY]PJL MLL WLY JSHZZ 33* Z[\KLU[Z T\Z[ WPJR \W [L_[IVVRZ [OYV\NO [OL ;L_[IVVR 9LU[HS :LY]PJL SVJH[LK PU [OL 3HRL 3HUK *VSSLNL )VVRZ[VYL VU [OL THPU JHTW\Z :[\KLU[Z \UHISL [V WPJR \W HUK YL[\YU [OLPY [L_[IVVRZ VU JHTW\Z ZOV\SK THRL HYYHUNLTLU[Z [V W\YJOHZL [L_[IVVRZ [OYV\NO [OL 3HRL 3HUK )VVRZ[VYL WOVUL ;L_[IVVRZ TH` HSZV IL W\YJOHZLK MYVT V[OLY ZV\YJLZ *LY[HPU 0U[LYUL[ JV\YZLZ TH` YLX\PYL Z[\KLU[Z [V W\YJOHZL HSS [L_[IVVRZ :[\KLU[Z JHU WYPU[ [OLPY [L_[IVVR SPZ[ MYVT 090:
:LUPVY *P[PaLUZ +PZ[YPJ[ YLZPKLU[Z HNL VY V]LY ^OV OH]L LUYVSSLK PU H JSHZZ MVY JYLKP[ HUK OH]L Ã&#x201E;SLK [OL :LUPVY *P[PaLUZ
;Y\Z[LLZ ;\P[PVU >HP]LY MVYT PU [OL (JJV\U[PUN VMÃ&#x201E;JL ^PSS OH]L [OLPY [\P[PVU JVZ[Z ^HP]LK H[ [OL J\YYLU[ [\P[PVU YH[L MVY LHJO JYLKP[ OV\Y LUYVSSLK [OYV\NO [OL JVSSLNL" OV^L]LY ZLUPVY JP[PaLUZ ^PSS IL YLZWVUZPISL MVY [OL WH`TLU[ VM HWWSPJHISL MLLZ ;OPZ MVYT T\Z[ IL JVTWSL[LK WYPVY [V LUYVSSPUN LHJO ZLTLZ[LY VY [LYT
;\P[PVU MVY 0UKPHUH 9LZPKLU[Z ;OL 3HRL 3HUK )VHYK VM ;Y\Z[LLZ WYV]PKLZ H ZWLJPHS [\P[PVU YH[L MVY 0UKPHUH YLZPKLU[Z VM [OL JV\U[PLZ VM =PNV *SH` HUK WHY[Z VM 7HYRL HUK =LYTPSPVU *VU[HJ[ [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL MVY TVYL PUMVYTH[PVU
;\P[PVU *SHZZPÃ&#x201E;JH[PVU (U` JOHUNL VM [\P[PVU JSHZZPÃ&#x201E;JH[PVU MVY Z[\KLU[Z J\YYLU[S` LUYVSSLK ZOHSS IL KL[LYTPULK I` [OL +LHU VM (KTPZZPVU :LY]PJLZ 7LYZVUZ YLZWVUZPISL MVY THRPUN [\P[PVU JSHZZPÃ&#x201E;JH[PVU KL[LYTP UH[PVUZ HYL H\[OVYPaLK [V YLX\PYL Z\JO JLY[PÃ&#x201E;JH[LZ HMÃ&#x201E;KH]P[Z KVJ\TLU[Z VY V[OLY L]PKLUJL HZ [OL` KLLT ULJLZZHY` 0U HSS JHZLZ [OL I\YKLU VM WYVVM ZOHSS IL \WVU [OL Z[\KLU[ THRPUN H JSHPT [V YLZPKLU[ Z[\KLU[ Z[H[\Z ( Z[\KLU[ ^OV WYV]PKLZ MHSZL PUMVYTH[PVU VY YLM\ZLZ VY JVUJLHSZ PUMVYTH[PVU MVY [OL W\YWVZL VM HJOPL] PUN YLZPKLU[ Z[H[\Z VY ^OV MHPSZ [V UV[PM` [OL +LHU VM (KTPZZPVU :LY]PJLZ VM H JOHUNL VM MHJ[Z ^OPJO TPNO[ LMMLJ[ YLJSHZZPÃ&#x201E;JH[PVU MYVT YLZPKLU[ [V UVU YLZPKLU[ Z[H[\Z ZOHSS IL YLX\PYLK [V WH` YL[YVHJ[P]LS` HU` [\P[PVU MLLZ ^OPJO ^V\SK UVYTHSS` OH]L ILLU JOHYNLK HUK ZOHSS IL Z\IQLJ[ [V HWWYVWYPH[L KPZJPWSPUHY` HJ[PVU PUJS\KPUN I\[ UV[ ULJLZZHYPS` SPTP[LK [V KPZTPZZHS MYVT [OL JVSSLNL
*OHUNLZ MYVT 5VU YLZPKLU[ [V 9LZPKLU[ :[H[\Z 0[ PZ [OL YLZWVUZPIPSP[` VM [OL Z[\KLU[ [V HWWS` [V [OL +LHU VM (KTPZZPVU :LY]PJLZ MVY YLJSHZZPÃ&#x201E;JH[PVU [V YLZPKLU[ Z[H[\Z PM [OL Z[\KLU[ ILSPL]LZ [OH[
JOHUNLZ PU MHJ[Z Q\Z[PM` Z\JO H YLJSHZ ZPÃ&#x201E;JH[PVU ;OL JVSSLNL ^PSS UV[ HZZ\TL YLZWVUZPIPSP[` MVY PUP[PH[PUN Z\JO HU PUX\PY` PUKLWLUKLU[S` ;OL Z[\KLU[ TH` Z\ITP[ Z\JO HU HWWSPJH[PVU PU ^YP[PUN VU H MVYT HWWYV]LK I` [OL +LHU VM (KTPZZPVU :LY]PJLZ H[ HU` [PTL HM[LY [OL HWWYVWYPH[L KVTPJPSPHY` YLX\PYLTLU[Z OH]L ILLU TL[ I\[ UV SH[LY [OHU KH`Z HM[LY [OL KH` VU ^OPJO JSHZZLZ ILNPU MVY [OL ZLZZPVU MVY ^OPJO YLJSHZZPÃ&#x201E;JH[PVU PZ YLX\LZ[LK
*OHUNLZ MYVT 9LZPKLU[ [V 5VU YLZPKLU[ :[H[\Z 0M H Z[\KLU[ PZ JSHZZPÃ&#x201E;LK HZ H YLZPKLU[ LP[OLY [OL Z[\KLU[ VY [OL JVSSLNL TH` PUP[PH[L H YLJSHZZPÃ&#x201E;JH[PVU PUX\PY` IHZLK VU JOHUNLZ PU MHJ[Z ^OPJO ^V\SK Q\Z[PM` Z\JO HU PUX\PY` (U \ULTHUJPWH[LK YLZPKLU[ Z[\KLU[ ^OVZL WHYLU[Z VY SLNHS N\HYKPHU SLH]L [OL KPZ[YPJ[ HUK LZ[HI SPZO KVTPJPSL V\[ZPKL [OL KPZ[YPJ[ ZOHSS IL YLJSHZZPÃ&#x201E;LK [V UVU YLZPKLU[ Z[H[\Z LMMLJ[P]L ^P[O [OL ILNPUUPUN VM [OL UL_[ HJHKLTPJ ZLZZPVU MVSSV^PUN ZHPK JOHUNL
;\P[PVU 7H`TLU[Z :[\KLU[Z TH` WH` [\P[PVU HUK MLLZ I` JHZO JOLJR VY IHUR JHYK H[ [OL (JJV\U[PUN 6MÃ&#x201E;JL PU [OL 3\[OLY :[\KLU[ *LU[LY ;OL JVSSLNL HJJLW[Z =PZH 4HZ[LY*HYK HUK +PZJV]LY :[\KLU[Z ^OV OH]L YLJLP]LK H IPSS TH` Z\ITP[ [OLPY JYLKP[ JHYK PUMVYTH[PVU VU [OLPY IPSSPUN Z[H[LTLU[ HUK YL[\YU P[ [V [OL (JJV\U[PUN 6MÃ&#x201E;JL VY WH` VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z :[\KLU[Z ^OV OH]L UV[ YLJLP]LK H IPSS VY KV UV[ RUV^ [OL HTV\U[ K\L JHU JHSS ^P[O [OLPY PUMVYTH[PVU
-(*;: 7H`TLU[ WSHU 3HRL 3HUK *VSSLNL VMMLYZ [OL -(*;: WH`TLU[ WSHU [OH[ HSSV^Z Z[\KLU[Z [V ZWYLHK [OLPY [\P[PVU WH`TLU[Z V\[ V]LY [OL ZLTLZ[LY HZ VWWVZLK [V WH`PUN [OLPY IPSS PU M\SS 5VYTHSS` Z[\KLU[Z HYL YLX\PYLK [V WH` [\P[PVU PU M\SS I` TPK [LYT 0M [OL` KV UV[ [OL` HYL \UHISL [V YLNPZ[LY MVY JSHZZLZ [OL UL_[ ZLTLZ[LY VY VI[HPU [YHUZJYPW[Z
HUK OH]L [V WH` WLYJLU[ PU[LYLZ[ VU [OL IHSHUJL K\L ;OL -(*;: WH`TLU[ WSHU OHZ H HWWSPJH[PVU MLL HUK PZ H]HPSHISL [OYV\NO 090: PU [OL /\I MVY J\YYLU[ Z[\KLU[Z -VY TVYL PUMVYTH[PVU YLNHYKPUN [OL -(*;: WH`TLU[ WSHU VY OV^ [V ZPNU \W JVU[HJ[ 4HKNL :OVV[ H[ VY TIHPSL` 'SHRLSHUK JJ PS \Z
9LM\UKZ ¶ 0UJS\KPUN -PUHUJPHS (PK 9LM\UK JOLJRZ ^PSS IL PZZ\LK HM[LY [OL MV\Y[O ^LLR VM JSHZZ HUK THPSLK [V [OL Z[\KLU[»Z HKKYLZZ VU Ã&#x201E;SL VY [OYV\NO HU LSLJ[YVUPJ YLM\UK ;OLZL JOLJRZ ^PSS IL MVY V]LYWH`TLU[Z YLZ\S[PUN MYVT KYVWWLK VY JHUJLSLK JSHZZLZ HUK HU` Ã&#x201E;UHUJPHS HPK [OH[ JHU IL KPZI\YZLK KPYLJ[S` [V [OL Z[\KLU[ (M[LY [OPZ PUP[PHS KPZI\YZLTLU[ [OL HJJV\U[PUN VMÃ&#x201E;JL ^PSS PZZ\L YLM\UKZ IP^LLRS` ;\P[PVU HUK MLL JOHYNLZ ^PSS IL YLK\JLK HUK HU` V]LYWH`TLU[Z ^PSS IL YLM\UKLK WLYJLU[ \UKLY [OL MVSSV^PUN JVUKP[PVUZ! *SHZZ PZ JHUJLSSLK I` H JVSSLNL VMÃ&#x201E;JPHS ( Z[\KLU[ KYVWZ H JSHZZ LZ SHZ[PUN HU LU[PYL ZLTLZ[LY ^P[OPU [OL Ã&#x201E;YZ[ PUZ[Y\J[PVUHS KH`Z VM [OL ZLTLZ[LY ( Z[\KLU[ KYVWZ H TVK\SL JSHZZ LZ ^P[OPU [OL Ã&#x201E;YZ[ Ã&#x201E;]L PUZ[Y\J[PVUHS KH`Z VM [OL TVK\SL ( Z[\KLU[ KYVWZ H JSHZZ LZ [OH[ TLL[Z SLZZ [OHU H TVK\SL PU SLUN[O WYPVY [V [OL Ã&#x201E;YZ[ VMÃ&#x201E;JPHS TLL[PUN VM [OL ZLTLZ[LY
+H[LZ [V +YVW H *SHZZ HUK (]VPK *OHYNLZ ;OL Ã&#x201E;YZ[ PUZ[Y\J[PVUHS KH`Z PUZ[Y\J[PVUHS KH`Z MVY Z\TTLY [LYT MVY ZLTLZ[LY SVUN JSHZZLZ PU!
(JHKLTPJ @LHY ¶ -HSS ! (\N\Z[ [V :LW[LTILY :WYPUN ! 1HU\HY` [V 1HU\HY` :\TTLY ! 1\UL [V 1\UL
(JHKLTPJ @LHY ¶ -HSS ! (\N\Z[ [V :LW[LTILY :WYPUN ! 1HU\HY` [V 1HU\HY` :\TTLY ! 1\UL [V 1\UL ;OL Ã&#x201E;YZ[ Ã&#x201E;]L PUZ[Y\J[PVUHS KH`Z MVY 4VK\SL JSHZZLZ PU!
(JHKLTPJ @LHY ¶ -HSS ! (\N\Z[ [V (\N\Z[ :WYPUN ! 1HU\HY` [V 1HU\HY`
(JHKLTPJ @LHY ¶ -HSS ! (\N\Z[ [V (\N\Z[ :WYPUN ! 1HU\HY` [V 1HU\HY` ;OL Ã&#x201E;YZ[ Ã&#x201E;]L PUZ[Y\J[PVUHS KH`Z MVY 4VK\SL JSHZZLZ PU!
(JHKLTPJ @LHY ¶ -HSS ! 6J[VILY [V 6J[VILY :WYPUN ! 4HYJO [V 4HYJO
(JHKLTPJ @LHY ¶ -HSS ! 6J[VILY [V 6J[VILY :WYPUN ! 4HYJO [V 4HYJO -VY JSHZZLZ TLL[PUN SLZZ [OHU H TVK\SL PU SLUN[O ZLL JVSSLNL [PTL[HISL MVY SPZ[PUN VM Ã&#x201E;YZ[ VMÃ&#x201E;JPHS TLL[PUN 5V YLM\UK YLWH`TLU[ ^PSS IL H\[OVYPaLK MVY ^P[OKYH^HSZ VY JOHUNLZ THKL HM[LY [OL YLZWLJ[P]L KYVW WLYPVK (KKP[PVUHSS` UV YLM\UK YLWH`TLU[ ^PSS IL PZZ\LK PM! ( Z[\KLU[ PZ ^P[OKYH^U I` [OL JVSSLNL MVY KPZJPWSPUHY` YLHZVUZ ( Z[\KLU[ PZ ^P[OKYH^U I` [OL JVSSLNL MVY UVU H[[LUKHUJL ( Z[\KLU[ OHZ Ã&#x201E;UHUJPHS VISPNH[PVUZ [V [OL JVSSLNL -PUHUJPHS HPK YLJPWPLU[Z ZOV\SK YL]PL^ [OL YLM\UK YLWH`TLU[ WVSPJ` PU [OL :[\KLU[ -PUHUJPHS (ZZPZ[HUJL ZLJ[PVU VM [OL JH[HSVN
,SLJ[YVUPJ 9LM\UKZ 9LM\UKZ ^PSS IL PZZ\LK HM[LY [OL ZP_[O ^LLR VM JSHZZ KPYLJ[S` [V [OL Z[\KLU[ ;OPZ JHU IL KVUL [OYV\NO WHWLY JOLJRZ ZLU[ [V [OL Z[\KLU[»Z HKKYLZZ VU YLJVYK VY [OYV\NO HU (*/ PU[V [OL Z[\KLU[»Z IHUR PUN HJJV\U[ VM JOVPJL 7SLHZL JVU[HJ[ [OL HJJV\U[PUN VMÃ&#x201E;JL H[ MVY M\Y[OLY PUMVYTH[PVU VU (*/Z
:[\KLU[ -PUHUJPHS (ZZPZ[HUJL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL 3VJH[PVU HUK /V\YZ ;OL 3HRL 3HUK *VSSLNL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL PZ SVJH[LK PU >LII /HSS 6MÃ&#x201E;JL OV\YZ HYL ! H T [V W T 4VUKH` [OYV\NO -YPKH` :\TTLY VMÃ&#x201E;JL OV\YZ ]HY` (KKP[PVUHS OV\YZ HYL WYV]PKLK I` HWWVPU[TLU[ HUK K\YPUN ZWLJPÃ&#x201E;J YLNPZ[YH[PVU WLYPVKZ
4PZZPVU :[H[LTLU[ ;OL TPZZPVU VM [OL 3HRL 3HUK *VSSLNL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL PZ [V HZZPZ[ Z[\KLU[Z HUK [OLPY MHTPSPLZ PU HJ[P]LS` ZLLRPUN JVSSLNL Ã&#x201E;UHUJPHS YLZV\YJLZ PU [OL MVYT VM MLKLYHS HUK Z[H[L SVHUZ NYHU[Z HUK ZJOVSHYZOPWZ ;OPZ ^PSS IL HJJVT WSPZOLK PU H MYPLUKS` JHYPUN HUK OLSWM\S THUULY :[\KLU[Z HUK MHTPSPLZ ^PSS RUV^ [OH[ [OL` OH]L ILLU ZLY]LK ^P[OPU YLN\SH[VY` N\PKLSPULZ HUK PU [OL ILZ[ THUULY WVZZPISL
;P[SL 0= -PUHUJPHS (PK 7YVNYHTZ ;OYV\NO [OL /PNOLY ,K\JH[PVU (J[ VM /,( HZ HTLUKLK *VUNYLZZ LZ[HISPZOLK [OL IHZPJ YLN\SH[VY` MYHTL^VYR ^OPJO NV]LYUZ [OL HKTPUPZ [YH[PVU VM MLKLYHS Ã&#x201E;UHUJPHS HPK WYV NYHTZ UH[PVU^PKL ;OL /,( PZ VM[LU YLMLYYLK [V HZ ;P[SL 0= ;OL WYVNYHTZ PUJS\KLK \UKLY ;P[SL 0= HUK HKTPUPZ [LYLK H[ 3HRL 3HUK *VSSLNL PUJS\KL! [OL -LKLYHS 7LSS .YHU[ 7YVNYHT -7,33 [OL -LKLYHS *VSSLNL >VYR :[\K` 7YVNYHT -*>:7 [OL -LKLYHS :\WWSL TLU[HS ,K\JH[PVUHS 6WWVY[\UP[` .YHU[ 7YVNYHT -:,6. [OL -LKLYHS +PYLJ[ 3VHU 7YVNYHT +3 HUK [OL -LKLYHS 7HYLU[HS 3VHU MVY <UKLYNYHK\H[L :[\KLU[Z +73<: HUK HSZV PUJS\KLK PU [OL Ã&#x201E;UHUJPHS HPK WYVNYHTZ HKTPUPZ [LYLK I` 3HRL 3HUK *VSSLNL PZ [OL 0SSPUVPZ 4VUL[HY` (^HYK 7YVNYHT 4(7
=LYPÃ&#x201E;JH[PVU =LYPÃ&#x201E;JH[PVU PZ [OL WYVJLZZ I` ^OPJO KVJ\TLU[H[PVU PZ \ZLK [V KL[LYTPUL [OL HJJ\YHJ` VM [OL PUMVYTH[PVU [OH[ H Z[\KLU[ OHZ WYV]PKLK ^OLU HWWS`PUN
MVY Ã&#x201E;UHUJPHS HPK ;OL -PUHUJPHS (PK VMÃ&#x201E;JL ]LYPÃ&#x201E;LZ KH[H VU HSS HWWSPJH[PVUZ ZLSLJ[LK MVY ]LYPÃ&#x201E;JH[PVU I` [OL < : +LWHY[TLU[ VM ,K\JH[PVU (U HWWSPJHU[ JHUUV[ YLJLP]L Ã&#x201E;UHUJPHS HPK \U[PS [OL YLX\LZ[LK KVJ\TLU[H[PVU PZ Z\ITP[[LK HUK ]LYPÃ&#x201E;JH[PVU PZ JVTWSL[LK (WWSP JHU[Z HYL \YNLK [V HWWS` HJJ\YH[LS` [V H]VPK KLSH`Z PU YLJLP]PUN Ã&#x201E;UHUJPHS HPK
+L[LYTPUPUN -PUHUJPHS (PK ,SPNPIPSP[` 3HRL 3HUK *VSSLNL HKTPUPZ[LYZ JVTWYLOLUZP]L Ã&#x201E;UHUJPHS HPK WYVNYHTZ ^OPJO PUJS\KL ZJOVSHYZOPWZ NYHU[Z SVHUZ HUK MLKLYHS ^VYR Z[\K` LTWSV` TLU[ >L ILSPL]L WLYZVUZ ZOV\SK UV[ IL KLUPLK HJJLZZ [V JVSSLNL K\L [V Ã&#x201E;UHUJPHS JPYJ\TZ[HUJLZ :[\KLU[Z HUK [OLPY MHTPSPLZ HYL HZZPZ[LK I` Ã&#x201E;UHUJPHS HPK WYVNYHTZ [OH[ OLSW JV]LY ZJOVVS L_WLUZLZ PUJS\KPUN [\P[PVU HUK MLLZ YVVT HUK IVHYK IVVRZ Z\WWSPLZ HUK [YHUZWVY[H[PVU JVZ[Z 0UMVYTH[PVU JVUJLYUPUN Ã&#x201E;UHUJPHS HPK LSPNPIPSP[` HUK HWWSPJH[PVU HZZPZ[HUJL TH` IL VI[HPULK MYVT [OL 3HRL 3HUK *VSSLNL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL ;V IL LSPNPISL MVY ;P[SL 0= Ã&#x201E;UHUJPHS HPK WYVNYHTZ H[ 3HRL 3HUK *VSSLNL H Z[\KLU[ T\Z[! /H]L H OPNO ZJOVVS KPWSVTH .,+ VY JLY[PÃ&#x201E;JH[L VM JVTWSL[PVU MYVT H OVTL ZJOVVS WYVNYHT )L HJJLW[LK HUK LUYVSSLK PU H ;P[SL 0= LSPNPISL KLNYLL VY JLY[PÃ&#x201E;JH[L WYVNYHT H[ 3HRL 3HUK *VSSLNL *LY[PÃ&#x201E;JH[L WYVNYHTZ VM SLZZ [OHU JYLKP[ OV\YZ HYL UV[ LSPNPISL" )L PU H[[LUKHUJL H[ 3HRL 3HUK *VSSLNL MVY [OL W\YWVZL VM VI[HPU PUN HU HZZVJPH[L KLNYLL VY LSPNPISL JLY[PÃ&#x201E;JH[L" *VTWSL[L [OL -YLL (WWSPJH[PVU MVY -LKLYHS :[\KLU[ (PK -(-:( VUSPUL H[ ^^^ MHMZH NV] -VY^HYK [V [OL -PUHUJPHS (PK 6MÃ&#x201E;JL HSS YLX\LZ[LK KVJ\TLU[Z YLX\PYLK [V JVTWSL[L ]LYPÃ&#x201E;JH[PVU 0M `V\ HYL H KLWLUKLU[ Z[\KLU[ JVTWSL[L [OL Ã&#x201E;UHUJPHS HPK HWWSPJH [PVU MVYTZ ^P[O `V\Y WHYLU[Z )V[O [OL Z[\KLU[ HUK [OL WHYLU[Z HYL L_WLJ[LK [V \UKLYZ[HUK [OL MVYTZ HUK HJJLW[ YLZWVUZPIPSP[` MVY [OL PUMVYTH[PVU YLWVY[LK VU [OLT"
:PNU H Z[H[LTLU[ VM ,K\JH[PVUHS 7\YWVZL HUK :LSLJ[P]L :LY]PJL 9LNPZ[YH[PVU :[H[\Z ;OPZ PZ WHY[ VM [OL -(-:( HWWSPJH[PVU HUK -LKLYHS 7LSS .YHU[ H^HYKPUN WYVJLZZ" 4HPU[HPU :H[PZMHJ[VY` 7YVNYLZZ HZ LZ[HISPZOLK MVY Ã&#x201E;UHUJPHS HPK HWWSPJHU[Z YLJPWPLU[Z HUK" +LTVUZ[YH[L Ã&#x201E;UHUJPHS ULLK ;V KL[LYTPUL [OL Ã&#x201E;UHUJPHS ULLK MHJ[VY H 3HRL 3HUK HWWSPJHU[ JVTWSL[LZ [OL -YLL (WWSPJH[PVU MVY -LKLYHS :[\KLU[ (PK -(-:( -PUHUJPHS ULLK PZ JVUZPK LYLK [V IL [OL KPMMLYLUJL IL[^LLU VUL HJHKLTPJ `LHY»Z LK\JH[PVUHS L_WLUZLZ [\P[PVU IVVRZ MLLZ YVVT HUK IVHYK WLYZVUHS HUK [YHUZWVY[H[PVU HUK [OL Z[\KLU[»Z YLZV\YJLZ L_WLJ[LK MHTPS` JVU[YPI\[PVU MVY [OL ZHTL WLYPVK (SS Z[\KLU[Z HUK [OLPY MHTPSPLZ HYL LUJV\YHNLK [V HWWS` LHYS` MVY Ã&#x201E;UHUJPHS HPK HUK ^P[O HJJ\YHJ`
:\TTLY ;LYT -PUHUJPHS (PK 5L^ Z[\KLU[Z HWWS`PUN ILMVYL 1\UL HUK JVU[PU\PUN Z[\KLU[Z ^OV KPK UV[ H[[LUK H[ H M\SS [PTL Z[H[\Z K\YPUN [OL WYL]PV\Z [^V ZLTLZ[LYZ TH` IL LSPNPISL MVY H -LKLYHS 7LSS .YHU[ HUK VY Z[\KLU[ SVHU ;OL 0SSPUVPZ 4VUL[HY` (^HYK 7YVNYHT PZ UV[ H]HPSHISL MVY HU` Z\TTLY [LYT ( SPTP[LK U\TILY VM ¸JHTW\Z IHZLK H^HYKZ¹ -*>:7 HUK -:,6. TH` IL H]HPSHISL *VU[HJ[ [OL -PUHUJPHS (PK 6MÃ&#x201E;JL K\YPUN [OL ZWYPUN ZLTLZ[LY MVY H -PUHUJPHS (PK 0UMVYTH[PVU -VYT [V IL JVUZPKLYLK MVY H Z\TTLY [LYT 56;,! Z\TTLY [LYT PZ [OL SHZ[ [LYT PU HU H^HYK `LHY
4HQVY -PUHUJPHS (PK 7YVNYHTZ 0SSPUVPZ 4VUL[HY` (^HYK 7YVNYHT 4(7 <UKLY H\[OVYP[` NYHU[LK I` [OL 0SSPUVPZ .LULYHS (ZZLTIS` 0:(* HKTPUPZ[LYZ H WYVNYHT VM TVUL[HY` H^HYKZ MVY Z[\KLU[Z PU [OL Z[H[L VM 0SSPUVPZ ^OV H[[LUK VUL VM [OL 0:(* HWWYV]LK JVSSLNLZ \UP]LYZP[PLZ VY OVZWP[HS ZJOVVSZ VM U\YZPUN PU 0SSPUVPZ
;V IL LSPNPISL MVY H TVUL[HY` H^HYK [OL HWWSPJHU[ T\Z[! H )L H < : JP[PaLU VY LSPNPISL UVUJP[PaLU I )L H YLZPKLU[ VM [OL Z[H[L VM 0SSPUVPZ J )L LUYVSSLK H[ SLHZ[ OHSM [PTL ZP_ JYLKP[ OV\YZ K *VTWS` ^P[O MLKLYHS ZLSLJ[P]L ZLY]PJL YLNPZ[YH[PVU YLX\PYLTLU[Z L )L HU \UKLYNYHK\H[L Z[\KLU[ ^OV OHZ UV[ YLJLP]LK H IHJJHSH\YLH[L KLNYLL M +LTVUZ[YH[L Ã&#x201E;UHUJPHS ULLK HZ KL[LYTPULK I` 0:(* MYVT PUJVTL HZZL[ KH[H Z\WWSPLK VU [OL -YLL (WWSPJH[PVU MVY -LKLYHS :[\KLU[ (PK N 4HPU[HPU ZH[PZMHJ[VY` HJHKLTPJ WYVNYLZZ HJJVYKPUN [V [OL Z[HUKHYKZ VM [OL PUZ[P[\[PVU O 5V[ IL PU KLMH\S[ VU HU` Z[\KLU[ SVHU UVY V^L H YLM\UK VY YLWH` TLU[ VU HU` Z[H[L VY MLKLYHS NYHU[ VY ZJOVSHYZOPW P 5V[ IL PUJHYJLYH[LK Q 5V[ OH]L L_JLLKLK [OL TH_PT\T 4(7 WHPK JYLKP[ OV\YZ H[ [OL MYLZOTHU VY ZVWOVTVYL SL]LS ;OL H^HYKZ YHUNL MYVT WLY HJHKLTPJ `LHY [V H TH_PT\T VM HZ J\YYLU[S` LZ[HISPZOLK I` [OL .LULYHS (ZZLTIS` I\[ JHUUV[ L_JLLK [OL HTV\U[ VM [\P[PVU HUK THUKH[VY` MLLZ WHPK I` HSS Z[\KLU[Z H[ HU PUZ[P[\[PVU
-LKLYHS 7LSS .YHU[ -7,33 ;OL -LKLYHS 7LSS .YHU[ PZ JVUZPKLYLK [V IL [OL MV\UKH[PVU VM HSS ;P[SL 0= Ã&#x201E;UHUJPHS HZZPZ[HUJL WYVNYHTZ 7LSS PZ H ULLK IHZLK NYHU[ ^OPJO PZ NLULYHSS` UV[ YLWH`HISL ;OL L_HJ[ KVSSHY H^HYK PZ KL[LYTPULK I` [OL Z[\KLU[»Z JV\YZL SVHK HUK [OL ,_WLJ[LK -HTPS` *VU[YP I\[PVU ,-* U\TILY HZ JHSJ\SH[LK I` [OL MLKLYHS NV]LYUTLU[
-LKLYHS *VSSLNL >VYR :[\K` 7YVNYHT -*>:7 -LKLYHS >VYR :[\K` PZ H JHTW\Z IHZLK WYVNYHT H^HYKLK [OYV\NO [OL -PUHUJPHS (PK 6MÃ&#x201E;JL PU [OL MVYT VM WHY[ [PTL LTWSV`TLU[ :[\KLU[Z ^OV WHY[PJPWH[L PU -*>:7 NLULYHSS` ^VYR MYVT [V OV\YZ WLY ^LLR ,SPNPIPSP[` MVY -*>:7 PZ IHZLK VU Ã&#x201E;UHUJPHS ULLK -LKLYHS ^VYR Z[\K` WVZP[PVUZ HYL SPTP[LK PU U\TILY
-LKLYHS :\WWSLTLU[HS ,K\JH[PVUHS 6WWVY[\UP[` .YHU[ -:,6. -LKLYHS :\WWSLTLU[HS ,K\JH[PVUHS 6WWVY[\UP[` .YHU[ PZ H JHTW\Z IHZLK WYVNYHT [OH[ PZ KLZPNULK [V WYV]PKL MLKLYHS NYHU[ TVUL` [V Z[\KLU[Z ^P[O [OL NYLH[LZ[ Ã&#x201E;UHUJPHS ULLK -:,6. H^HYKZ HYL H^HYKLK [V Z[\KLU[Z ^P[O H aLYV L_WLJ[LK MHTPS` JVU[YPI\[PVU ^OV HWWS` ILMVYL 4H` VM [OL H^HYK `LHY
-LKLYHS +PYLJ[ 3VHU 7YVNYHT -LKLYHS :[HMMVYK 3VHU ¶ :\IZPKPaLK +::3 9LN\SHY Z[\KLU[Z LUYVSSLK H[ SLHZ[ OHSM [PTL TH` HWWS` MVY [OPZ ULLK IHZLK SVHU 9LWH`TLU[ VM [OPZ SVHU ILNPUZ ZP_ TVU[OZ HM[LY [OL Z[\KLU[ NYHK\H[LZ VY MHSSZ ILSV^ OHSM [PTL LUYVSSTLU[ +LMLYTLU[ WYV]PZPVUZ KV L_PZ[ MVY [OL :[HMMVYK SVHU 0U[LYLZ[ VU [OL SVHU PZ WHPK I` [OL MLKLYHS NV]LYUTLU[ ^OPSL `V\ HYL PU ZJOVVS 0UP[PHS WYVJLZZPUN MVY [OL SVHU H[ 3HRL 3HUK *VSSLNL ILNPUZ ^OLU HWWS`PUN MVY Ã&#x201E;UHUJPHS HPK (SS -LKLYHS :[HMMVYK 3VHU HWWSPJHU[Z T\Z[ OH]L [OLPY Ã&#x201E;SLZ WYVJLZZLK I` [OL -PUHUJPHS (PK 6MÃ&#x201E;JL WYPVY [V YLX\LZ[PUN H Z[\KLU[ SVHU
-LKLYHS :[HMMVYK 3VHU ¶ <UZ\IZPKPaLK +<:3 ;OPZ -LKLYHS :[HMMVYK 3VHU WYVNYHT PZ KLZPNULK MVY Z[\KLU[Z ^OV HYL UV[ LSPNPISL VY VUS` WHY[PHSS` LSPNPISL MVY [OL Z\IZPKPaLK Z[\KLU[ SVHU :\IZPKPaLK SVHU LSPNPIPSP[` T\Z[ IL KL[LYTPULK WYPVY [V JHSJ\SH[PUN [OL \UZ\IZPKPaLK SVHU LSPNPIPSP[` ;OPZ PZ UV[ H ULLK IHZLK SVHU ;OL HWWSPJHU[ PZ YLZWVUZPISL MVY WH`PUN [OL PU[LYLZ[ VU [OPZ [`WL VM SVHU MYVT [OL KH[L VM KPZI\YZLTLU[
-LKLYHS 7HYLU[HS 3VHU MVY <UKLYNYHK\H[L :[\KLU[Z +73<: -LKLYHS 73<: SVHUZ HYL H]HPSHISL [V WHYLU[Z VM KLWLUKLU[ Z[\KLU[Z ^OV HYL LUYVSSLK H[ SLHZ[ OHSM [PTL 7HYLU[Z TH` IVYYV^ HUU\HSS` \W [V [OL JHSJ\SH[LK KPMMLYLUJL IL[^LLU [OL JVZ[ VM LK\JH[PVU SLZZ [OL Z[\KLU[»Z Ã&#x201E;UHUJPHS HPK 9LWH`TLU[ ILNPUZ VU KH[L VM KPZI\YZLTLU[ H[ H Ã&#x201E;_LK PU[LYLZ[ YH[L
/V^ [V 9LUL^ -PUHUJPHS (PK -VY 5L_[ @LHY -PUHUJPHS HZZPZ[HUJL HKTPUPZ[LYLK I` [OL -PUHUJPHS (PK 6MÃ&#x201E;JL PZ H^HYKLK VU H `LHY [V `LHY IHZPZ ;V IL JVUZPKLYLK MVY ;P[SL 0= HZZPZ[HUJL MVY [OL UL_[ HJHKLTPJ `LHY HSS J\YYLU[ YLJPWPLU[Z T\Z[ YLHWWS` (KQ\Z[TLU[Z PU `V\Y LSPNPIPSP[` ^PSS IL THKL HUU\HSS` [V YLÃ&#x2026;LJ[ JOHUNLZ PU [OL MLKLYHS HUK Z[H[L LSPNPIPSP[` MVYT\SHZ [OL Ã&#x201E;UHUJPHS ZP[\H[PVU VM `V\ HUK VY `V\Y MHTPS` [OL JVZ[ VM H[[LUKPUN JVSSLNL HUK [OL HTV\U[ HUK [`WL VM YLZV\YJLZ H]HPS HISL ;OL -(-:( MVY [OL UL_[ H^HYK `LHY ^PSS IL H]HPSHISL VU VY HIV\[ 1HU\HY` (Z `V\ WSHU [V YLHWWS` YLTLTILY [OH[ Ã&#x201E;UHUJPHS HPK H^HYKZ HYL THKL H[ 3HRL 3HUK *VSSLNL VU H Ã&#x201E;YZ[ JVTL Ã&#x201E;YZ[ ZLY]L IHZPZ ;OLYLMVYL [PTLSPULZZ HUK HJJ\YHJ` VM HWWSPJH[PVU HYL ]LY` PTWVY[HU[
/V^ [V 2LLW @V\Y -PUHUJPHS (PK -PUHUJPHS (PK :[HUKHYKZ VM :H[PZMHJ[VY` 7YVNYLZZ 3HRL 3HUK *VSSLNL OHZ LZ[HISPZOLK ZH[PZMHJ[VY` WYVNYLZZ Z[HUKHYKZ MVY -LKLYHS HUK :[H[L Ã&#x201E;UHUJPHS HPK YLJPWP LU[Z PU HJJVYKHUJL ^P[O [OL <UP[LK :[H[LZ +LWHY[TLU[ VM ,K\JH[PVU YLN\SH[PVUZ ;OLZL Z[HUKHYKZ LUZ\YL [OH[ VUS` [OVZL YLJPWPLU[Z KLTVUZ[YH[ PUN ZH[PZMHJ[VY` WYVNYLZZ [V^HYK [OL JVTWSL[PVU VM [OLPY LK\JH[PVUHS VIQLJ[P]L JVU[PU\L [V YLJLP]L Ã&#x201E;UHUJPHS HZZPZ[HUJL ;OL ¸-PUHUJPHS (PK :[HU KHYKZ VM :H[PZMHJ[VY` 7YVNYLZZ¹ HWWSPLZ [V HSS Z[\KLU[Z YLNHYKSLZZ VM WYL]PV\Z Ã&#x201E;UHUJPHS HPK LSPNPIPSP[` Z[H[\Z -PUHUJPHS HPK WYVNYHTZ ZWLJPÃ&#x201E;JHSS` JV]LYLK I` [OLZL Z[HUKHYKZ PUJS\KL! [OL 0SSPUVPZ 4VUL[HY` (^HYK 0SSPUVPZ =L[LYHU .YHU[ 0SSPUVPZ 5H[PVUHS .\HYK .YHU[ -LKLYHS 7LSS .YHU[ -LKLYHS >VYR :[\K` 7YVNYHT -LKLYHS :\WWSLTLU[HS ,K\JH[PVUHS 6WWVY[\UP[` .YHU[ -LKLYHS :[HMMVYK 3VHU Z\IZPKPaLK HUK \UZ\IZPKPaLK HUK [OL -LKLYHS 7HYLU[ 3VHU MVY <UKLYNYHK\H[L :[\KLU[Z
:H[PZMHJ[VY` 7YVNYLZZ ;OL Ã&#x201E;UHUJPHS HPK ¸:[HUKHYKZ VM :H[PZMHJ[VY` 7YVNYLZZ¹ HYL TLHZ\YLK LHJO ZLTLZ[LY HUK KL[LYTPULK I` H JVTIPUH[PVU VM [OL MVSSV^PUN LSLTLU[Z!
*VTWSL[PVU 9H[L ;V JVU[PU\L Ã&#x201E;UHUJPHS HPK LSPNPIPSP[` Z[\KLU[Z T\Z[ Z\JJLZZM\SS` JVTWSL[L WLYJLU[ VM VUL»Z VMÃ&#x201E;JPHS J\T\SH[P]L JYLKP[ OV\Y LUYVSSTLU[ HZ KL[LYTPULK H[ [OL LUK VM [OL ¸KYVW HKK¹ WLYPVK .YHKLZ VM º-» º>» º0» HUK º<» KV UV[ TLL[ ZH[PZMHJ[VY` WYVNYLZZ Z[HUKHYKZ ( JV\YZL MVY ^OPJO H NYHKL VM º-» VY º+» ^HZ YLJLP]LK TH` IL YLWLH[LK VUJL PU LZ[HISPZOPUN ZH[PZMHJ[VY` WYVNYLZZ ( Z[\KLU[ JVTWSL[PUN HWWYV]LK KL]LSVWTLU[ YLTLKPHS JYLKP[Z ^OPSL LUYVSSLK PU H WYVNYHT LSPNPISL MVY Ã&#x201E;UHUJPHS HPK ^PSS IL HISL [V PUJS\KL [OVZL JYLKP[Z [V^HYK LZ[HISPZOPUN ZH[PZMHJ[VY` WYVNYLZZ
(JHKLTPJ :[HUKPUN >OL[OLY VY UV[ VUL OHZ WYL]PV\ZS` YLJLP]LK Ã&#x201E;UHUJPHS HPK Ã&#x201E;UHUJPHS HPK YLJPWPLU[Z T\Z[ OH]L H[[HPULK HU HJJLW[HISL TPUPT\T NYHKL WVPU[ H]LYHNL YLX\PYLK I` [OL JVSSLNL [V YLTHPU PU NVVK HJHKLTPJ Z[HUKPUN ZLL JVSSLNL JH[HSVN \UKLY ¸(JHKLTPJ :[HUKHYK HUK 9LN\SH[PVUZ! :JOVSHZ[PJ :[HUKPUN ¶ 4PUPT\T (JJLW[HISL :[HUKHYKZ ¹
<WWLY 3PTP[Z ;LYTPUH[PVU :[H[\Z 9LNHYKSLZZ VM HU` JVTIPUH[PVU VM JV\YZL ^VYR H[[LTW[LK H[ 3HRL 3HUK *VSSLNL H Z[\KLU[ TH` UV[ YLJLP]L Ã&#x201E;UHUJPHS HPK IL`VUK WLYJLU[ VM [OL Z[\KLU[»Z WYVNYHT VM Z[\K` HZ TLHZ\YLK PU ZLTLZ[LY OV\YZ
:H[PZMHJ[VY` 7YVNYLZZ HUK -LKLYHS :[\KLU[ 3VHU 7YVNYHTZ 0U VYKLY [V HWWS` MVY HUK THPU[HPU LSPNPIPSP[` PU [OL -LKLYHS :[HMMVYK 3VHU 7YVNYHTZ Z[\KLU[Z T\Z[ OH]L ILLU PU NVVK HJHKLTPJ Z[HUKPUN H[ [OLPY TVZ[ YLJLU[ WVZ[ ZLJVUKHY` PUZ[P[\[PVU
>HYUPUN :\ZWLUZPVU HUK 9LPUZ[H[LTLU[ ( Ã&#x201E;UHUJPHS HPK YLJPWPLU[ UV[ TLL[PUN ZH[PZMHJ[VY` WYVNYLZZ Z[HUKHYKZ ^PSS IL UV[PÃ&#x201E;LK HUK WSHJLK VU Ã&#x201E;UHUJPHS HPK
^HYUPUN MVY [OL UL_[ [LYT VM LUYVSS TLU[ ( Z[\KLU[ VU ^HYUPUN Z[H[\Z ^OV KVLZ UV[ [OLU TLL[ ZH[PZMHJ[VY` WYVNYLZZ Z[HUKHYKZ ^PSS IL UV[PÃ&#x201E;LK HUK WSHJLK VU Ã&#x201E;UHUJPHS HPK Z\ZWLUZPVU HUK SVZL Ã&#x201E;UHUJPHS HPK ( Z[\KLU[ Z\ZWLUKLK MYVT YLJLP]PUN Ã&#x201E;UHUJPHS HPK T\Z[ TLL[ [OL *VTWSL[PVU HUK (JHKLTPJ :[HUKHYKZ L_WSHPULK HIV]L [V YLNHPU LSPNPIPSP[`
(WWLHS 7YVJLK\YL )LJH\ZL \U\Z\HS JPYJ\TZ[HUJLZ TH` PUÃ&#x2026;\LUJL ZH[PZMHJ[VY` WYVNYLZZ Z[\KLU[Z TH` Ã&#x201E;SL HU HWWLHS *VTWSL[L KL[HPSZ MVY [OL HWWLHS WYVJLK\YL HYL H]HPSHISL MYVT [OL -PUHUJPHS (PK 6MÃ&#x201E;JL ( WLYZVUHS JVUMLYLUJL ^P[O H -PUHUJPHS (PK HK]PZVY PZ YLX\PYLK WYPVY [V Ã&#x201E;SPUN HU HWWLHS +LJPZPVUZ VM [OL -PUHUJPHS (PK :H[PZMHJ[VY` 7YVNYLZZ (WWLHS *VTTP[[LL HYL Ã&#x201E;UHS 56;,! ;OL IHZPJ ZH[PZMHJ[VY` WYVNYLZZ WVSPJ` ^HZ HWWYV]LK I` [OL 3HRL 3HUK *VSSLNL )VHYK VM ;Y\Z[LLZ VU +LJLTILY HUK PZ HWWSPLK YL[YVHJ[P]LS` HUK PYYLZWLJ[P]L VM Ã&#x201E;UHUJPHS HPK Z[H[\Z
9LM\UKZ HUK 9LWH`TLU[Z MVY -PUHUJPHS (PK 9LJPWPLU[Z ;P[SL 0= 9LM\UK 7VSPJ` -LKLYHS YLN\SH[PVUZ NV]LYU [OL YL[\YU VM ;P[SL 0= M\UKZ KPZI\YZLK MVY H Z[\KLU[ ^OV JVTWSL[LS` ^P[OKYH^Z MYVT H ZLTLZ[LY ;OPZ Y\SL HZZ\TLZ [OH[ H Z[\KLU[ LHYUZ OPZ VY OLY HPK IHZLK VU [OL WLYPVK VM [PTL OL VY ZOL YLTHPULK LUYVSSLK +\YPUN [OL Ã&#x201E;YZ[ WLYJLU[ VM [OL ZLTLZ[LY H Z[\KLU[ LHYUZ ;P[SL 0= M\UKZ PU KPYLJ[ WYVWVY[PVU [V [OL SLUN[O VM [PTL OL VY ZOL YLTHPUZ LUYVSSLK ;OL WLYJLU[HNL VM [PTL K\YPUN [OL ZLTLZ[LY [OH[ [OL Z[\KLU[ YLTHPULK LUYVSSLK PZ [OL WLYJLU[HNL VM KPZI\YZHISL HPK MVY [OH[ WLYPVK [OH[ [OL Z[\KLU[ LHYULK ( Z[\KLU[ ^OV YLTHPUZ LUYVSSLK IL`VUK [OL WLYJLU[ WVPU[ LHYUZ HSS HPK MVY [OL ZLTLZ[LY ;OL -PUHUJPHS (PK 6MÃ&#x201E;JL ^PSS YL[\YU \ULHYULK HPK [V [OL MLKLYHS NV]LYUTLU[ ;OL Z[\KLU[ PZ [OLU YLZWVUZPISL MVY YL[\YUPUN [OL \ULHYULK HPK OL VY ZOL YLJLP]LK [V [OL JVSSLNL
-PUHUJPHS (ZZPZ[HUJL MVY =L[LYHUZ HUK 9LZLY]PZ[Z =L[LYHUZ» )LULÃ&#x201E;[Z . 0 )PSS ¶ *OHW[LY HUK 3HRL 3HUK *VSSLNL PZ HWWYV]LK MVY LK\JH[PVUHS . 0 )PSS ILULÃ&#x201E;[Z :LY]PJL TLU HUK ]L[LYHUZ ZOV\SK JVU[HJ[ [OL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL MVY PUMVYTH[PVU JVUJLYUPUN [OL Ã&#x201E;UHUJPHS HZZPZ[HUJL HUK VY ILULÃ&#x201E;[Z H]HPSHISL [V [OLT [OYV\NO [OL <UP[LK :[H[LZ +LWHY[TLU[ VM =L[LYHUZ» (MMHPYZ
0SSPUVPZ =L[LYHUZ» .YHU[ 0=. ( ]L[LYHU ^OV LU[LYLK [OL HYTLK MVYJLZ ^OPSL H YLZPKLU[ VM 0SSPUVPZ HUK OHZ ILLU OVUVYHIS` KPZJOHYNLK TH` IL H^HYKLK H ZJOVSHYZOPW WYV]PKLK OL ZOL OHZ [OL YLX\PYLK WLYPVK VM ZLY]PJL ;OPZ ZJOVSHYZOPW WH`Z YLZPKLU[ [\P[PVU HUK JLY[HPU MLLZ H[ HU 0:(* HWWYV]LK PUZ[P[\[PVU 7YVVM VM ZLY]PJL HUK YLZPKLUJ` YLX\PYLTLU[ PZ WYV]PKLK VU [OL 9LWVY[ VM :LWHYH[PVU ++ HUK T\Z[ IL Z\ITP[[LK ^P[O [OL 0=. HWWSPJH[PVU [V 0:(* (WWSPJH[PVUZ MVY [OL 0=. TH` IL VI[HPULK MYVT `V\Y SVJHS 0SSPUVPZ +LWHY[TLU[ VM =L[LYHUZ» (MMHPYZ 6MÃ&#x201E;JL VY [OL *VSSLNL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL
:LY]PJLZ 6MÃ&#x201E;JL MVY PUMVYTH[PVU JVUJLYUPUN [OL Ã&#x201E;UHUJPHS HZZPZ[HUJL HUK VY ILULÃ&#x201E;[Z H]HPSHISL [V [OLT [OYV\NO [OL <UP[LK :[H[LZ +LWHY[TLU[ VM =L[LYHUZ» (MMHPYZ
>HY 6YWOHUZ (ZZPZ[HUJL 7YVNYHT *OHW[LY ;OL >HY 6YWOHUZ (ZZPZ[HUJL (J[ PZ KLZPNULK [V WYV]PKL ILULÃ&#x201E;[Z H]HPSHISL UV[ VUS` [V ^PKV^Z HUK JOPSKYLU VM KLJLHZLK ]L[LYHUZ I\[ HSZV ^P]LZ HUK JOPSKYLU VM ]L[LYHUZ ^OV OH]L ZLY]PJL YLSH[LK KPZHIPSP[PLZ ^OPJO HYL JVUZPK LYLK [V IL [V[HS HUK WLYTHULU[ (KKP[PVUHS PUMVYTH[PVU TH` IL VI[HPULK MYVT `V\Y SVJHS 0SSPUVPZ +LWHY[TLU[ VM =L[LYHUZ» (MMHPYZ 0U 4H[[VVU [OL 0+=( PZ SVJH[LK H[ 5 [O :[YLL[ WOVUL
=L[LYHU»Z =VJH[PVUHS 9LOHIPSP[H[PVU *OHW[LY ;OL =L[LYHU»Z =VJH[PVUHS 9LOHIPSP[H[PVU PZ H JVTWYLOLUZP]L LK\JH[PVUHS WYVNYHT HKTPUPZ[LYLK I` [OL =( VWLU [V ]L[LYHUZ ^P[O H JVTWLUZHISL ZLY]PJL JVUULJ[LK KPZHIPSP[` ( TVU[OS` Z[PWLUK PZ H^HYKLK HSVUN ^P[O HSS [\P[PVU HUK MLLZ HZ ^LSS HZ ULJLZZHY` [VVSZ VY Z\WWSPLZ *VU[HJ[ [OL =L[LYHUZ (KTPUPZ[YH[PVU MVY TVYL PUMVYTH[PVU
=L[LYHUZ (MMHPYZ =( ! 7VSPJ` VU :H[PZMHJ[VY` 7YVNYLZZ :[\KLU[Z ^OV HYL YLJLP]PUN LK\JH[PVUHS ILULÃ&#x201E;[Z [OYV\NO [OL < : +LWHY[TLU[ VM =L[LYHUZ» (MMHPYZ =( HUK VY [OL 0SSPUVPZ =L[LYHUZ» .YHU[ VY 0SSPUVPZ 5H[PVUHS .\HYK .YHU[ T\Z[ JVU[PU\L [V THRL ZH[PZMHJ[VY` WYVNYLZZ PU [OLPY HJHKLTPJ THQVY :H[PZMHJ[VY` WYVNYLZZ [V^HYK HU LK\JH[PVUHS VIQLJ[P]L ^PSS IL TLHZ\YLK PU [LYTZ VM H ]L[LYHU»Z J\T\SH[P]L .7( [OH[ KVLZ UV[ Z\IQLJ[ OPT VY OLY [V HJHKLTPJ WYVIH[PVU Z[H[\Z MVY [^V JVUZLJ\[P]L [LYTZ ZLL ZLJ[PVU (JHKLTPJ 0UMVYTH[PVU 0M H JLY[PÃ&#x201E;LK ]L[LYHU THPU[HPUZ H WYVIH[PVUHY` .7( MVY [^V JVUZLJ\[P]L LUYVSSTLU[ WLYPVKZ [OL ]L[LYHU»Z LUYVSSTLU[ JLY[PÃ&#x201E;JH[PVU T\Z[ IL Z\ZWLUKLK >OLU [OL HJHKLTPJ WYVIH[PVU Z[H[\Z PZ SPM[LK LUYVSSTLU[ JLY[PÃ&#x201E;JH[PVU JHU IL YLPUZ[H[LK ( ]L[LYHU PZ L_WLJ[LK [V JVTWSL[L HSS VM [OL JYLKP[ OV\YZ OL VY ZOL PZ JLY[PÃ&#x201E;LK MVY LHJO ZLTLZ[LY 0U ZVTL ZP[\H[PVUZ H ]L[LYHU ^OV KVLZ UV[ JVTWSL[L HSS JYLKP[ OV\YZ PU H ZLTLZ[LY TH` IL JOHYNLK ^P[O HU V]LYWH`TLU[ =L[LYHUZ HYL YLTPUKLK [OH[ [OL` TH` VUS` LUYVSS PU JSHZZLZ ^OPJO HWWS` [V [OLPY KLJSHYLK THQVY PM [OL` L_WLJ[ [V YLJLP]L . 0 )LULÃ&#x201E;[Z 0U ZWLJPHS
0SSPUVPZ 5H[PVUHS .\HYK .YHU[ 05. ,USPZ[LK WLYZVUZ ^OV OH]L ZLY]LK VUL `LHY PU [OL 0SSPUVPZ 5H[PVUHS .\HYK VY 5H]HS 4PSP[PH TH` HWWS` ;OL 05. WH`Z [\P[PVU HUK JLY[HPU MLLZ MVY LSPNPISL WLYZVUZ H[[LUKPUN HU 0:(* HWWYV]LK PUZ[P[\[PVU 7LYZVUZ HYL LSPNPISL MVY 05. VUS` K\YPUN [OL WLYPVK [OL` HYL LUSPZ[LK PU [OL N\HYK VY TPSP[PH (WWSPJH[PVUZ HYL ZLJ\YLK MYVT `V\Y SVJHS 5H[PVUHS .\HYK (YTVY` *VT THUKLY VY [OL *VSSLNL -PUHUJPHS (PK HUK =L[LYHU :LY]PJLZ 6MÃ&#x201E;JL (WWSPJH [PVUZ T\Z[ IL YLUL^LK HUU\HSS`
-LKLYHS :LSLJ[LK 9LZLY]L )LULÃ&#x201E;[Z *OHW[LY 3HRL 3HUK *VSSLNL PZ HWWYV]LK MVY :LSLJ[LK 9LZLY]L )LULÃ&#x201E;[Z 9LZLY]PZ[Z HUK 5H[PVUHS .\HYKZTLU ZOV\SK JVU[HJ[ [OL -PUHUJPHS (PK HUK =L[LYHU
JPYJ\TZ[HUJLZ ]L[LYHUZ TH` LUYVSS PU UVU JYLKP[ KL]LSVWTLU[HS YLTLKPHS JSHZZLZ Z\JO HZ YLHKPUN TH[OLTH[PJZ HUK ,UNSPZO =L[LYHUZ HYL LUJV\YHNLK [V JVUZ\S[ MYLX\LU[S` ^P[O [OLPY HJHKLTPJ HK]PZVY VY H 3HRL 3HUK *VSSLNL JV\UZLSVY PU YLNHYKZ [V [OLPY HJHKLTPJ WYVNYLZZ
;HSLU[LK :[\KLU[ (^HYK 7YVNYHT ;:(
*VTT\UP[` :LY]PJLZ )SVJR .YHU[
;OL ;HSLU[LK :[\KLU[ (^HYK ;:( PZ H [\P[PVU ^HP]LY ZJOVSHYZOPW WYVNYHT MVY NYHK\H[PUN OPNO ZJOVVS HUK . , + Z[\KLU[Z ^P[O V\[Z[HUKPUN HJOPL]LTLU[ PU HJHKLTPJZ H[OSL[PJZ HUK SP]LZ[VJR Q\KNPUN ^OV H[[LUK 3HRL 3HUK *VSSLNL HZ M\SS [PTL Z[\KLU[Z
6[OLY -PUHUJPHS (PK :V\YJLZ
;OL (JHKLTPJ ;HSLU[LK :[\KLU[ (^HYK
;OL 0SSPUVPZ +LWHY[TLU[ VM *VTTLYJL HUK *VTT\UP[` (MMHPYZ +**( [OYV\NO SVJHS VMÃ&#x201E;JLZ WYV]PKLZ HU HZZPZ[HUJL WYVNYHT MVY Z[\KLU[Z LUYVSSLK PU [YHPUPUN MVY OPNO LTWSV` TLU[ WV[LU[PHS Ã&#x201E;LSKZ ,SPNPIPSP[` PZ IHZLK VU ULLK HUK SPRLS` Z\JJLZZ PU H JOVZLU J\YYPJ\S\T *VU[HJ[ [OL +**( +P]PZPVU VM ,JVUVTPJ 6WWVY[\UP[` MVY [OL SVJH[PVU VM [OL JVTT\UP[` HJ[PVU VMÃ&#x201E;JL PU `V\Y JV\U[`
=VJH[PVUHS 9LOHIPSP[H[PVU .YHU[Z ;OL :[H[L VM 0SSPUVPZ +LWHY[TLU[ VM 9LOHIPSP[H[PVU :LY]PJLZ +69: TH` WYV]PKL M\UKZ MVY [\P[PVU YVVT HUK IVHYK [YHUZWVY[H[PVU HUK V[OLY ULJLZZHY` L_WLUZLZ MVY WLYZVUZ ^OV HYL MV\UK [V IL KPZHISLK (WWSPJHU[Z T\Z[ OH]L H KPZHIPSP[` ^OPJO WYL]LU[Z [OLT MYVT LHYUPUN H SP]PUN NL[[PUN H Z\P[HISL QVI VY [OYLH[LUZ [OLPY JVU[PU\ PUN LTWSV`TLU[ (WWSPJHU[Z T\Z[ OH]L H YLHZVUHISL JOHUJL VM ILPUN HISL [V ^VYR PU Z\P[HISL LTWSV`TLU[ HM[LY [YHPUPUN PZ WYV]PKLK :[\KLU[Z ^OV OH]L H TLKPJHS VY WO`ZPJHS KPZHIPSP[` ZOV\SK JVU[HJ[ HU VMÃ&#x201E;JL VM [OL 0SSPUVPZ +LWHY[TLU[ VM 9LOHIPSP[H[PVU :LY]PJLZ MVY M\Y[OLY PUMVYTH[PVU 0U 4H[[VVU +69: PZ SVJH[LK H[ 5VY[O [O :[YLL["
>VYRMVYJL 0U]LZ[TLU[ (J[ >0( ;OL >VYRMVYJL 0U]LZ[TLU[ (J[ HZZPZ[Z X\HSPÃ&#x201E;LK Z[\KLU[Z ^P[O [\P[PVU MLLZ HUK YLSH[LK L_WLUZLZ [V LUYVSS PU HWWYV]LK ]VJH[PVUHS WYVNYHTZ *VU[HJ[ `V\Y ULHYLZ[ >VYRMVYJL +L]LSVWTLU[ *LU[LY VY JHSS L_[ MVY HKKP[PVUHS PUMVYTH[PVU
:WLJPHS :JOVSHYZOPWZ ;OL 0SSPUVPZ :[\KLU[ (ZZPZ[HUJL *VT TPZZPVU 0:(* ZWVUZVYZ ZJOVSHYZOPW WYVNYHTZ MVY ZWLJPHS NYV\WZ ;OLZL PUJS\KL KLWLUKLU[Z VM WVSPJLTLU HUK Ã&#x201E;YLTLU RPSSLK PU [OL SPUL VM K\[`" KLWLUKLU[Z VM JVYYLJ[PVUHS ^VYRLYZ RPSSLK PU [OL SPUL VM K\[` VY WLYTHULU[S` KPZHISLK" HUK [LHJOLY ZOVY[HNL ZJOVSHYZOPWZ 0UMVYTH[PVU MVY [OLZL ZWLJPHS WYVNYHTZ TH` IL VI[HPULK I` ]PZP[PUN ^^^ JVSSLNLPSSPUVPZ VYN VY I` JHSSPUN [OL 0SSPUVPZ :[\KLU[ (ZZPZ[HUJL *VTTPZZPVU H[
PZ MVY H TH_PT\T VM [^V JVUZLJ\[P]L JHSLUKHY `LHYZ HUK PZ H^HYKLK I` HU PU KPZ[YPJ[ OPNO ZJOVVS [V [^V NYHK\H[LZ ^OV WSHU [V H[[LUK [OL JVSSLNL ,HJO NYHK\H[L T\Z[ OH]L H JSHZZ YHUR VM H[ SLHZ[ [OL [O WLYJLU[PSL VY HU (*; JVTWVZP[L ZJVYL VM VY OPNOLY
;OL 3P]LZ[VJR 1\KNPUN ;LHT HUK ([OSL[PJ ;HSLU[LK :[\KLU[ (^HYKZ HYL H^HYKLK I` 3HRL 3HUK *VSSLNL JVHJOLZ MVY H ZWLJPÃ&#x201E;J LUYVSSTLU[ WLYPVK [V Z[\KLU[Z ^OV PU [OLPY Q\KNTLU[ OH]L V\[Z[HUKPUN HIPSP[` [V WLYMVYT VU [OLPY [LHT (SS [\P[PVU HUK MLLZ MVY JYLKP[ JV\YZLZ HYL ^HP]LK L_JLW[ SH[L MLLZ HUK ZWLJPHS HZZLZZ TLU[Z MVY TH[LYPHSZ \ZLK PU JSHZZ ;OL U\TILY HUK HKTPUPZ[YH[PVU VM [OL ([OSL[PJ ;:( HYL PU HJJVYKHUJL ^P[O [OL 5H[PVUHS 1\UPVY *VSSLNL ([OSL[PJ (ZZVJPH[PVU HUK [OL 3HRL 3HUK *VSSLNL )VHYK VM ;Y\Z[LLZ N\PKLSPULZ .\PKLSPULZ MVY [OL HKTPUPZ[YH[PVU VM [OL ;HSLU[LK :[\KLU[ (^HYK 7YVNYHT HYL WYLZLU[LK MVY HWWYV]HS [V [OL )VHYK VM ;Y\Z[LLZ MVY [OYLL [^V `LHY J`JSLZ ;OL ;:( N\PKLSPULZ HYL H]HPSHISL MYVT [OL 6MÃ&#x201E;JL VM [OL =PJL 7YLZPKLU[ MVY :[\KLU[ :LY]PJLZ
;YHKL 9LHKQ\Z[TLU[ (J[ 7YVNYHT ;9( ;OL ;YHKL 9LHKQ\Z[TLU[ (J[ 7YVNYHT PZ H MLKLYHSS` M\UKLK WYVNYHT JVVYKP UH[LK [OYV\NO [OL 0SSPUVPZ +LWHY[TLU[ VM ,TWSV`TLU[ :LJ\YP[` ¶ ,TWSV`TLU[ :LY]PJL +P]PZPVU HUK 3HRL 3HUK *VSSLNL +PZSVJH[LK >VYRLY :LY]PJLZ ;OPZ WYVNYHT JHU HZZPZ[ ^VYRLYZ ^OVZL QVIZ OH]L ILLU SVZ[ K\L [V MVYLPNU JVTWL[P[PVU ]PH SH`VMMZ HUK VY MHJ[VY` JSVZPUNZ ,SPNPISL WLYZVUZ JHU VI[HPU HZZPZ[HUJL MVY YL[YHPUPUN HUK VY PU SVJH[PUN LTWSV`TLU[ -VY HWWSPJH[PVU HUK LSPNPIPSP[` WYVJLK\YLZ WSLHZL JVU[HJ[ [OL *YVZZYVHKZ >VYR MVYJL *LU[LY VY JHSS L_[
+PZSVJH[LK >VYRLY :LY]PJLZ ;OPZ WYVNYHT VMMLYZ HZZPZ[HUJL [V WLVWSL \ULTWSV`LK K\L [V H I\ZPULZZ JSVZPUN VY H WLYTHULU[ SH`VMM ;OL +PZSVJH[LK >VYRLY 7YVNYHT JHU WYV]PKL ]VJH[PVUHS JSHZZYVVT [YHPUPUN VU [OL QVI [YHPUPUN QVI ZLHYJO HZZPZ [HUJL WLYZVUHS JV\UZLSPUN HUK V[OLY Z\WWVY[ ZLY]PJLZ -VY HWWSPJH[PVU HUK LSPNPIPSP[` WYVJLK\YLZ WSLHZL JVU[HJ[ [OL +PZSVJH[LK >VYRLY 7YVNYHT H[ 9PJOTVUK (]L ,HZ[ 4H[[VVU L_[
7\ISPJ (ZZPZ[HUJL .YHU[ 7YVNYHT :[\KLU[Z ^P[O HU HJ[P]L +/: JHZL 0+ TH` IL LSPNPISL MVY [\P[PVU HZZPZ[HUJL MVY H TH_PT\T VM JYLKP[ OV\YZ -VY H SPZ[ VM HWWYV]LK JSHZZLZ HUK H KL[LYTPUH[PVU VM LSPNPIPSP[` JVU[HJ[ [OL 3HRL 3HUK *VSSLNL (K\S[ ,K\JH[PVU 7YVNYHT VY WOVUL L_[
7YP]H[L :JOVSHYZOPWZ )L Z\YL [V SVVR PU[V `V\Y SVJHS JVTT\UP[` MVY WVZZPISL M\UKPUN 6M[LU JVTT\UP[` W\ISPJ ZLY]PJL VYNHUPaH[PVUZ SVJHS SLUKPUN PUZ[P[\ [PVUZ MYH[LYUHS VYKLYZ I\ZPULZZ JS\IZ HUK PUK\Z[YPLZ ZWVUZVY H ]HYPL[` VM WYP]H[L ZJOVSHYZOPWZ @V\Y Z[H[L SLNPZSH[VYZ HUK ZLUH[VYZ JHU H^HYK ZJOVSHYZOPWZ 0U HKKP[PVU `V\Y YLNPVUHS Z\WLYPU[LUKLU[ VM ZJOVVSZ TH` W\ISPZO H JVTWYLOLUZP]L SPZ[PUN VM ZJOVSHYZOPWZ HUK NYHU[Z :LL HSZV 3HRL 3HUK *VSSLNL -V\UKH[PVU :JOVSHYZOPWZ PU [OPZ JH[HSVN =PZP[ V\Y ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z Ã&#x201E;UHUJPHSHPK MVY HKKP[PVUHS PUMVYTH[PVU VU ZJOVSHYZOPW ZLHYJOLZ
3HRL 3HUK *VSSLNL -V\UKH[PVU )\PSKPUN IYPNO[LY M\[\YLZ HUK Z[YVUNLY JVTT\UP[PLZ [OYV\NO LK\JH[PVU ;PWZ MVY Z\ITP[[PUN
H ZJOVSHYZOPW HWWSPJH[PVU [V [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU
â&#x153;&#x201D; <ZL WYVWLY NYHTTHY HUK W\UJ[\H[PVU ^OLU
JVTWSL[PUN `V\Y HWWSPJH[PVU HUK [OL WLYZVUHS Z[H[LTLU[ LZZH` X\LZ[PVUZ
â&#x153;&#x201D; 7YVVMYLHK `V\Y HWWSPJH[PVU .P]L L_[YH H[[LU[PVU [V [OL [OYLL LZZH` X\LZ[PVUZ
â&#x153;&#x201D; :LSS `V\YZLSM @V\ HYL KLZJYPIPUN `V\YZLSM HUK
^O` `V\ KLZLY]L H ZJOVSHYZOPW V]LY V[OLY HWWSPJHU[Z [V H JVTTP[[LL ^OV VUS` OHZ `V\Y HWWSPJH[PVU [V L]HS\H[L `V\Y ULLK MVY HZZPZ[HUJL
â&#x153;&#x201D; 4HRL Z\YL `V\Y HWWSPJH[PVU PZ JVTWSL[L
*VTWSL[L HSS YLX\LZ[LK PUMVYTH[PVU HZ ^LSS HZ [OL WLYZVUHS Z[H[LTLU[ LZZH`Z HUK ZPNU HUK KH[L [OL HWWSPJH[PVU
â&#x153;&#x201D; ;\YU PU H UL^ HWWSPJH[PVU LHJO HJHKLTPJ `LHY -V\UKH[PVU ZJOVSHYZOPWZ HYL UV[ H\[VTH[PJHSS` YLUL^LK HUK Z[\KLU[Z T\Z[ Z\ITP[ H UL^ HWWSPJH[PVU LHJO `LHY
â&#x153;&#x201D; :\ITP[ HWWSPJH[PVU VUSPUL >OPSL ^L KV
HJJLW[ OHYK JVW` HWWSPJH[PVUZ ^L LUJV\YHNL Z[\KLU[Z [V Z\ITP[ [OLPY HWWSPJH[PVU VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z MV\UKH[PVU
â&#x153;&#x201D; ;\YU HWWSPJH[PVU PU VU [PTL ;V IL JVUZPKLYLK
MVY HSS ZJOVSHYZOPWZ ^L OPNOS` YLJVTTLUK OH]PUN `V\Y HWWSPJH[PVU PU I` 4HYJO VY [OL WYLJLKPUN I\ZPULZZ KH` PM 4HYJO MHSSZ VU H ^LLRLUK VM [OL WYLJLKPUN HJHKLTPJ `LHY (WWSPJH[PVUZ YLJLP]LK HM[LY [OH[ [PTL ^PSS IL JVUZPKLYLK HZ ZJOVSHYZOPWZ ILJVTL H]HPSHISL M\UKPUN WLYTP[Z HUK PUKP]PK\HS ULLKZ HYL KL[LYTPULK
:JOVSHYZOPWZ :JOVSHYZOPW H^HYKZ YHUNL MYVT [V WLY `LHY :JOVSHYZOPW HWWSPJH[PVUZ HYL K\L I` ! W T 4HYJO VY [OL WYLJLKPUN I\ZPULZZ KH` PM 4HYJO MHSSZ VU H ^LLRLUK VM [OL WYLJLKPUN HJHKLTPJ `LHY (WWSPJH[PVUZ YLJLP]LK HM[LY [OH[ [PTL ^PSS IL JVUZPKLYLK HZ ZJOVSHYZOPWZ ILJVTL H]HPSHISL M\UKPUN WLYTP[Z HUK PUKP]PK\HS ULLKZ HYL KL[LYTPULK :JOVSHYZOPWZ HYL UV[ H\[VTH[PJHSS` YLUL^LK HUK Z[\KLU[Z T\Z[ YLHWWS` LHJO `LHY 0UMVYTH[PVU WLY[HPUPUN [V H]HPSHISL ZJOVSHYZOPWZ N\PKLSPULZ MVY PUKP]PK\HS ZJOVSHYZOPWZ HUK HWWSPJH[PVUZ HYL H]HPSHISL I` JVU[HJ[PUN [OL -V\UKH[PVU 6MÃ&#x201E;JL H[ LTHPSPUN MV\UKH[PVU' SHRLSHUK JJ PS \Z VY ^^^ SHRLSHUK JJ PS \Z MV\UKH[PVU 7SLHZL UV[L [OH[ VUS` VUL HWWSPJH[PVU ULLKZ [V IL JVTWSL[LK MVY JVUZPKLYH[PVU VM HSS -V\UKH[PVU :JOVSHYZOPWZ 0U HKKP[PVU [V [OL -V\UKH[PVU»Z ZJOVSHYZOPW HWWSPJH[PVU H ZWLJPHS HWWSPJH[PVU PZ YLX\PYLK MVY [OL 33* -HJ\S[` (ZZVJPH[PVU HUK 5:- ¶ 5H[PVUHS :JPLUJL -V\UKH[PVU ZJOVSHYZOPWZ 7SLHZL JVU[HJ[ [OL -V\UKH[PVU 6MÃ&#x201E;JL H[ MVY PUMVYTH[PVU VU [OLZL ZJOVSHYZOPWZ
*\YYPJ\S\T :JOVSHYZOPWZ (NYPJ\S[\YL 1VOU +LLYL *VTWHU` +LRHSI (ZNYV^ 4PRL /PJRTHU 4LTVYPHS 7H\S HUK 4HYZOH 3LL -HTPS` (NYPJ\S[\YL .HY` HUK ;OLYLZH 4LS]PU :JV[[ :[H[L )HUR 1PT HUK :HUKYH :OHMMLY >HYYLU HUK 9VZLSSH :\OS (NYPJ\S[\YHS <SSYPJO ;Y\Z[ (\[VTV[P]L ;LJOUVSVN` +\Z[ :VUZ (\[V :\WWSPLZ ,KNHY 3VYH (UU 5LHS )\YUOHT 5HUJ` 9VZLTHY` 5LHS )\ZPULZZ :[H[L )HUR VM (Y[O\Y -PYZ[ 5LPNOIVYOVVK )HUJZOHYLZ .PSILY[ 4L[aNLY HUK 4HKPNHU 3LUZPUR )\ZPULZZ 9`HU )LUUL[[ 9HKSVMM (Y[ 1LHUUL >PSSLUIVYN -HTPS` *VTT\UPJH[PVUZ 33* *VTT\UPJH[PVUZ /\THU 9LZV\YJLZ 33* ,HYS` *OPSKOVVK HUK -HTPS` :LY]PJLZ 33* /\THU :LY]PJLZ *S\I 4LKPJHS )VU\[[P 6Y[OVWLKPJ :LY]PJLZ 3[K 1VOU )\YRL :\ZHU 2 )\YRL :VWOPH 4HYPL )VNHYK +LJH[\Y +LU[HS /`NPLUL *VTWVULU[ *V\UJPS +Y + . 4HYP[H /\LSZRVL[[LY 0SSPUVPZ /LHS[O 0TWYV]LTLU[ (ZZVJPH[PVU )L[[` 2VLILYSLPU 5\YZPUN 33* -V\UKH[PVU 5\YZPUN 33* 5\YZPUN 1LUUPMLY +YHRL 4LTVYPHS 33* 5\YZPUN 2HYLU /HYYPZ 4LTVYPHS 33* 5\YZPUN 9VILY[H ;OVTWZVU 33* 5\YZPUN 1HZVU AHUN 33* 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ *S\I 33: :(+/( .HY` HUK ;OLYLZH 4LS]PU * * =PYNPUPH 5\UHTHRLY -V\UKH[PVU
1PT 4HY` 7HKNL[[ 7HYPZ *VTT\UP[` /VZWP[HS 7LHYTHU 7OHYTHJ` 9HKPV ¶ ;= )YVHKJHZ[PUN 33* >323 9HKPV *S\I ;LJOUVSVN` (NYP -HI 0UJ 99 +VUULSSL` *V -PYL 7YV *VYWVYH[PVU +PHUL .SVZZLY .Y\USVO *VUZ[Y\J[PVU +L^L` /L\LYTHU =PYNPS 9 /V^LSS 4LTVYPHS 5H[PVUHS :JPLUJL -V\UKH[PVU 5:- 7OPSSPW ;\JRLY 4LTVYPHS
.LULYHS :JOVSHYZOPWZ (TLYLU *07: (YLH ,K\JH[PVUHS *YLKP[ <UPVU (UU )HJVU ,K^PUPL (SILY[ )LJRLY :[LWOLU +LIIPL )LULÃ&#x201E;LS )LULÃ&#x201E;[ (KTPUPZ[YH[P]L :`Z[LTZ 1HTLZ 4HYN\LYP[L )LUUL[[ 3H\YH )YHUKLUI\YN 4LTVYPHS )Y\TSL]L 0UK\Z[YPLZ 0UJ 1VOU )\YRL )Y`HU 2YPZ[H )\YYLSS )\ZL` )HUR )\ZO\L /\THU 9LZV\YJLZ 0UJ .HY` *HK^LSS *HZL` 3PVUZ *S\I *OHW[LYZ 28 4- VM [OL 7,6 :PZ[LYOVVK *OYPZ[PHU *V\U[` 0U[LNYH[LK *VTT\UP[` :LY]PJLZ 0UJ *P[PaLUZ 5H[PVUHS )HUR VM 7HYPZ *VSLZ *V\U[` )\ZPULZZ 7YVMLZZPVUHS >VTLU *VSLZ 4V\S[YPL ,SLJ[YPJ *VVWLYH[P]L *VTT\UP[` )HURZ VM :OLSI` *V\U[` *VU[YVS ;LJOUVSVN` :VS\[PVUZ *YVZZYVHKZ ()(;, *OHW[LY 1VOU -LYU +PLS 4LTVYPHS ,KNHY *V\U[` )HUR ;Y\Z[ ,MÃ&#x201E;UNOHT :\UYPZL 9V[HY` ,MÃ&#x201E;UNOHT >HS 4HY[ -PYZ[ 4PK 0SSPUVPZ )HUR ;Y\Z[ -PYZ[ 4PK 0SSPUVPZ 0UZ\YHUJL .YV\W ;OL -PYZ[ 5H[PVUHS )HUR VM 4H[[VVU -PYZ[ 5H[PVUHS )HUR VM +PL[LYPJO -PYZ[ 5H[PVUHS )HUR VM 7HUH
-PYZ[ :[H[L )HUR VM )LLJOLY *P[` .LYHSK 9 -VYZ`[OL ;OLVKVYL , -\SSLY 4LTVYPHS 1VL .HY` 4LTVYPHS 4H[[VVU 2P^HUPZ *S\I 7H\S HUK 2H[O` .SLUUL` *HYS :\a` /HY[ 5VYTHU /H[Ã&#x201E;SS 1VZLWO 5 /LUKYP_ 0),> :JOVSHYZOPWZ 0 / 0 ;\YIV 0U[LYUH[PVUHS 7HWLY 1 1 =LU[\YLZ -YHUR (UUL 2HIILZ +LVU 2HUTHJOLY 1VOU , 2LSSL` 2S\[OL *LU[LY 2UPNO[Z VM *VS\TI\Z *V\UJPS *HYS *HYVS`U 2VLYULY .HY` 2\OUZ >HSS` ;H`SVY 3LYUH 3PVUZ *S\I 1VOU :VUUH 3P]LZH` 33* (KTPUPZ[YH[P]L *V\UJPS 33* (S\TUP (ZZVJPH[PVU 33* *\Z[VKPHS (ZZVJPH[PVU 33* -HJ\S[` (ZZVJPH[PVU 33* .,+ 33* /VUVYZ 33* /\THU :LY]PJLZ *S\I 33* 5H]PNH[VY >YP[LY 33* 7OP ;OL[H 2HWWH 33* 7YVQLJ[ 7(3 33* :[\KLU[ (TIHZZHKVYZ 33* :[\KLU[ .V]LYUTLU[ 33* :[\KLU[ 3PML 33* :[\KLU[ :LY]PJLZ *VUZ\LSSV 3\[[YLSS :JO\S[a 4H[[VVU (TLYPJHU 3LNPVU 4H[[VVU 7HUOLSSLUPJ *S\I 4H[[VVU >HS 4HY[ 7H\S *OYPZ[PUL 4J2PSSPW 1LMM ;VUP 4LMMVYK :[L]L 4L[aNLY 4LTVYPHS )HZLIHSS 4PKSHUK :[H[LZ )HUR 4PK^LZ[ 6MÃ&#x201E;JL :\WWS`
7H[ HUK (UUPL 4VUHOHU 2L]PU 4VVYL 4LTVYPHS 5H[PVUHS )HUR ([SHTVU[ )YHUJO 5H[PVUHS )HUR ,MÃ&#x201E;UNOHT )YHUJO 5H[PVUHS )HUR 7HUH )YHUJO :HSPZH ;VT 6STZ[LK 7 / 4HU\MHJ[\YPUN )VI 3HUH 7HUJVHZ[ 7H[[LYZVU +LU[HS :\WWS` 0UJ 9HTZL` /PNO :JOVVS :[\KLU[ *V\UJPS -PYZ[ 5H[PVUHS )HUR 9HTZL` 9VIIPUZ :JO^HY[a 5PJOVSHZ 3PM[VU HUK ;H`SVY 3[K *OHYSLUL 9V` 4LTVYPHS : 2 (PY 7V^LY ;VVS HUK :\WWS` 9VILY[ :JOP]LY 4LTVYPHS :JO\THJOLY 6Y[OVKVU[PJZ )HYI :JV[[ :OLSI` *V\U[` 7VYR 7YVK\JLYZ :OLSI` *V\U[` :[H[L )HUR :OLSI` ,SLJ[YPJ *VVWLYH[P]L ;VU` +LIIPL :WHYRZ 9PW 3PZH :[VYT 4LTVYPHS *OHYSLZ :[YPRLY 4LTVYPHS ;H`SVY 3H^ 6MÃ&#x201E;JLZ 7 * ;H`SVY]PSSL *VTT\UP[` *YLKP[ <UPVU ,KP[O 1VOU ;LY^PSSPNLY )YPHU :HYH ;P[\Z ;OL <WJO\YJO .YV\W =PSSHNL VM +PL[LYPJO ,K\JH[PVUHS (K]HU[HNL >HSTHY[ ¶ 4HYZOHSS >H[ZVU 4HZVUPJ 3VKNL 4LTVYPHS *HYVS`U >LSZO 4LTVYPHS >YPNO[ -\YUP[\YL
,UKV^TLU[ :JOVSHYZOPWZ (SS LUKV^TLU[ H^HYKZ HYL IHZLK VU PU[LYLZ[ HJJY\LK >HYYLU HUK 7H\SPUL (UKYL^Z +Y >PSSPHT , (UUH (`YLZ 4LTVYPHS 4HY` )H\LY 4LTVYPHS
=PYNPUPH 9HUKHSS )LHZSL` )VU\[[P 6Y[OVWLKPJ :LY]PJLZ ;VI` )YHU[ 4LTVYPHS 5VLS *HYSZVU 4LTVYPHS *HYWLU[LYZ 3VJHS 5PUH *H[L` /PKKLU >HUL[H :LKN^PJR *H[L` > / HUK >HUL[H *H[L` ,YULZ[ HUK 4PSKYLK :LKNL^PJR 4HYNPL 0 *H[YVU 4LTVYPHS *VOPOV -HTPS` -V\UKH[PVU *VSLZ *V\U[` )\ZPULZZ HUK 7YVMLZZPVUHS >VTLU *VSLZ *V\U[` /LHS[O 0TWYV]LTLU[ (ZZVJPH[PVU .HY` *YHPN 4LTVYPHS /HaLS 4 *YVZI` *VZTL[VSVN` 4LTVYPHS /HaLS 4 *YVZI` 5\YZPUN 4LTVYPHS -SV`K ; *\YS 4LTVYPHS .LVYNL 1V`JL +HURZ 4LTVYPHS +H]PK +HUULY 4LTVYPHS 9VNLY 9VZPL +L[[YV *PUK` (UU +PJRLYZVU 4LTVYPHS :[L]LU +PSSPLY 4LTVYPHS ,HZ[ *LU[YHS 0SSPUVPZ ;YHMÃ&#x201E;J *S\I ,MÃ&#x201E;UNOHT +VSSHYZ MVY :JOVSHYZ -PYZ[ 5H[PVUHS )HUR 4H[[VVU 3PUKH 3LL 9VILY[Z -SL[JOLY 4LTVYPHS 4HY]PU (SILY[H .HYIL 4LTVYPHS 4HY[PU ; .HYIL 4LTVYPHS >HYYLU .VISL 4HYPS`U .V]LY (JJV\U[PUN .YLN +LUUPZVU 4LTVYPHS 2HYLU /HYYPZ 4LTVYPHS 9VILY[ + /HYYPZ /LHS[O 0TWYV]LTLU[ -V\UKH[PVU 6ILK 1V(UU /LUKLYZVU -LYU /PSS 7YHJ[PJHS 5\YZPUN 4H_ 3V\HUUH 1HLNLY 1L[[ -HTPS` :JOVSHYZOPW .YHU[ =PYNPS / 1\KNL ¶ 4H[[VVU 9V[HY` *S\I 2LU 3HPISL 4LTVYPHS
3HRL 3HUK *VSSLNL (S\TUP (ZZVJPH[PVU 3HRL 3HUK *VSSLNL -V\UKH[PVU ;OVTHZ +LHU 3HYZVU 3H^ ,UMVYJLTLU[ >PSSPHT +VYV[OLH 3LHJO +Y 9VILY[ 2 3\[OLY 3\[[YLSS :JOVSHYZOPW -\UK 4H[[VVU 3PVUZ *S\I 4PRL /PJRTHU 4PSSLY 4LKPH .YV\W 4PSKYLK ( 4P[JOLSS 4LTVYPHS 4VUZHU[V *VTWHU` 2LUUL[O 4VZLZ 4LTVYPHS .YHJL :PTZ 4V`LY 4PRL 5H\[H *O\JR >VTHJR 4LTVYPHS ,KNHY 3VYH (UU 5LHS )\YUOHT 5HUJ` 5LHS 9VZLTHY` 5LHS *SLT 7OPWWZ 1VOU 7OPWWZ 5VYILY[ 7\KLUa 4LTVYPHS 9(05 0UJVYWVYH[LK ;VT 9LLK` (NYPJ\S[\YL ,K^HYK 4 9LZJO 4LTVYPHS 9VNLY 9L`UVSKZ 4LTVYPHS (4)<*: *OHYSLUL 9V` 4LTVYPHS 6SH 4 :HSTVUZ +Y *HYVS :HUKLYZ 9VILY[ :JOPUKSLY 4LTVYPHS :JV[[ ,\NLUL :P]LYS` 4LTVYPHS 2LYTP[ HUK 7H[YPJPH :WLLY 4PSKYLK 4 :[HY^HS[ 4LTVYPHS 1VL (SSLLU :[LWOLU (NYPJ\S[\YL 1VL (SSLLU :[LWOLU 5\YZPUN >HS[LY 3VSH :[LWOLUZVU *VSL 2* 7H\SPUL :\TTLYZ 4LTVYPHS 4H\YPJL ¸)\K¹ ;VWLS 4LTVYPHS 3H\YH ;YH\L ;9> -V\UKH[PVU 1VL` >HSR 4LTVYPHS +VU , >HSRLY 4HY` 3V\PZL >LZ[QVOU *O\JR >PLJR 7YL LUNPULLYPUN
3HRL 3HUK *VSSLNL -V\UKH[PVU )VHYK VM +PYLJ[VYZ 6MÃ&#x201E;JLYZ /H]L X\LZ[PVUZ HIV\[ H ZJOVSHYZOPW ¶ JVU[HJ[ H -V\UKH[PVU )VHYK TLTILY MYVT [OL JVTT\UP[` ;OL )VHYK VM +PYLJ[VYZ JVTWYPZLK VM JVTT\UP[` SLHKLYZ OLHKZ [OL -V\UKH[PVU ;OL IVHYK V]LYZLLZ [OL OVSKPUN PU]LZ[PUN THUHNPUN HUK H^HYKPUN VM -V\UKH[PVU HZZL[Z
;VT >YPNO[
7YLZPKLU[ Â&#x2039; +PL[LYPJO
)VI 7HUJVHZ[
=PJL 7YLZPKLU[ Â&#x2039; :OLSI`]PSSL
(T` )VYU[YHNLY
:LJYL[HY` Â&#x2039; 4H[[VVU
4LTILYZ +LIIPL )LULÃ&#x201E;LS Â&#x2039; 7HYPZ *OHK -HSSLY Â&#x2039; *OHYSLZ[VU +H]L -YPZZL Â&#x2039; 7HYPZ 7H\S .SLUUL` Â&#x2039; 4H[[VVU 5HUJP /\LSZ Â&#x2039; (S[HTVU[ 1LUUPMLY 1HUZLU Â&#x2039; ,MÃ&#x201E;UNOHT .HY[O 1VULZ Â&#x2039; 4H[[VVU 1VOU 3P]LZH` Â&#x2039; 7HUH 4HYR 4H`OVVK Â&#x2039; ,MÃ&#x201E;UNOHT
3PUKH 4J*HIL Â&#x2039; )L[OHU` 1LMM 4LMMVYK Â&#x2039; ,MÃ&#x201E;UNOHT 9HUK` 4PSSLY Â&#x2039; ;H`SVY]PSSL +LHUH 5\_VSS Â&#x2039; ,MÃ&#x201E;UNOHT 7YLZ[VU :TP[O Â&#x2039; 4H[[VVU +H]L :[VYT Â&#x2039; ,MÃ&#x201E;UNOHT 3HYY` @HYN\Z Â&#x2039; 4HYZOHSS
:[HMM
/VUVYHY` +PYLJ[VYZ
+PYLJ[VY VM -V\UKH[PVU HUK (S\TUP
(UUL 2HIILZ Â&#x2039; ,MÃ&#x201E;UNOHT :\ZHU 3LHJO Â&#x2039; :OLSI`]PSSL 7H[ 4VUHOHU Â&#x2039; (YJVSH
=HJHU[
*OPLM ,_LJ\[P]L 6MÃ&#x201E;JLY HUK *VSSLNL =PJL 7YLZPKLU[ MVY 0UZ[P[\[PVUHS (K]HUJLTLU[
+H]L *V_
9OPHUUVU 2SPLY
-V\UKH[PVU 6WLYH[PVUZ *VVYKPUH[VY
,_ 6MÃ&#x201E;JPV
4HKNL :OVV[
:JV[[ 3LUZPUR
*HZZPL )P]PUZ
*VSSLNL 7YLZPKLU[
+VYPZ 9L`UVSKZ
3HRL 3HUK *VSSLNL )VHYK VM ;Y\Z[LLZ 3PHPZVU
;YLHZ\YLY
-V\UKH[PVU 6WLYH[PVUZ (ZZPZ[HU[
;OL 3HRL 3HUK *VSSLNL -V\UKH[PVU ^HZ LZ[HISPZOLK L_JS\ZP]LS` MVY LK\JH[PVUHS ZJPLU[PÃ&#x201E;J HUK JOHYP[HISL W\YWVZLZ ;OL -V\UKH[PVU HZZPZ[Z [OL JVSSLNL PU KL]LSVWPUN HUK LUOHUJPUN [OL LK\JH[PVUHS VWWVY[\UP[PLZ HUK ZLY]PJL [V P[Z Z[\KLU[Z HS\TUP HUK JP[PaLUZ VM [OL KPZ[YPJ[ ;OL -V\UKH[PVU PZ JOHY[LYLK \UKLY [OL 0U[LYUHS 9L]LU\L *VKL HZ H J [H_ L_LTW[ UVU WYVÃ&#x201E;[ VYNHUPaH[PVU ^OPJO TH` HJJLW[ NPM[Z VM TVUL` WYVWLY[` ^VYRZ VM HY[ OPZ[VYPJHS WHWLYZ HUK KVJ\TLU[Z T\ZL\T ZWLJPTLUZ HUK V[OLY TH[LYPHSZ OH]PUN LK\JH[PVUHS HY[PZ[PJ VY OPZ[VYPJHS ]HS\L HUK I` Z\JO V[OLY WYVWLY TLHUZ HZ TH` IL KLLTLK HK]PZHISL ;OL [OY\Z[ VM [OL -V\UKH[PVU PZ [V WYV]PKL Z[\KLU[ ZJOVSHYZOPWZ [OYV\NO M\UKZ JVU[YPI\[LK I` PUKP]PK\HSZ HNLUJPLZ HUK JVYWVYH[PVUZ
9LZV\YJLZ [V /LSW @V\ )L :\JJLZZM\S
0U [OPZ JOHW[LY!
;906
)VVRZ[VYL
*VTT\UPJH[PVU
3,(7
6USPUL 3LHYUPUN
*V\UZLSPUN
;\[VYPUN 3(*
7LYRPUZ 7YVNYHT
6MÄJL VM :[\KLU[ (JJVTTVKH[PVUZ
3PIYHY`
*VSSLNL 5\YZL
*HYLLY :LY]PJLZ
*VSSLNL *SVZPUN
*OPSK *HYL 3HI
7VSPJPLZ
=L[LYHUZ
9LZV\YJLZ [V /LSW @V\ )L :\JJLZZM\S /V^ 33* *VTT\UPJH[LZ ^P[O :[\KLU[Z 3HRL 3HUK *VSSLNL JVTT\UPJH[LZ ^P[O Z[\KLU[Z ]PH LTHPS HUK [OL Z[\KLU[ WVY[HS JHSSLK [OL /\I 6UL VM [OL Ã&#x201E;YZ[ Z[LWZ UL^ Z[\KLU[Z ZOV\SK KV PZ HJ[P]H[L [OLPY JVTT\UPJH[PVU \ZLY 0+ HUK WHZZ^VYK
2L` JVTT\UPJH[PVU [LYTZ H[ 33* <:,9 0+ ¶ ( Z[\KLU[»Z 33* LSLJ[YVUPJ PKLU[PÃ&#x201E;JH[PVU WYLZLU[LK H[ 5L^ :[\KLU[ 6YPLU[H[PVU 0[ JHU HSZV IL MV\UK VU [OL JVSSLNL»Z ^LIZP[L PU [OL /<) HUK [OLU PU 090: *SPJR VU ¸(JJV\U[ 0UMVYTH[PVU¹ ;OLU NV [V ¸>OH[»Z 4` <ZLY 0+&¹ ;OL Z`Z[LT ^PSS HZR MVY H SHZ[ UHTL HUK ZVJPHS ZLJ\YP[` U\TILY 0[ ^PSS [OLU KPZWSH` [OL \ZLY 0+ 7(::>69+ ¶ 0UP[PHSS` H Z[\KLU[»Z IPY[OKH` PU ZP_ KPNP[Z ?? ?? ?? ( WYVTW[ [V JOHUNL [OL WHZZ^VYK ^PSS HWWLHY ;/, /<) ¶ ( JLU[YHSPaLK WVY[HS JVU[HPUPUN HSS [OL JVTT\UPJH[PVU HUK Z[\KLU[ LUNHNLTLU[ [VVSZ H Z[\KLU[ ULLKZ [V IL Z\JJLZZM\S 33* ,4(03 ¶ 2L` [V JVTT\UPJH[PUN Z\JJLZZM\SS` ^P[O 3HRL 3HUK MHJ\S[` Z[HMM HUK VMÃ&#x201E;JLZ 090: ¶ 0U[LYUL[ 9LNPZ[YH[PVU HUK 0UMVYTH[PVU :`Z[LT [OH[ JVU[HPUZ WLYZVUHS Z[\KLU[ HJJV\U[ PUMVYTH[PVU HJJLZZPISL [OYV\NO [OL /\I )3(*2)6(9+ ¶ (U 0U[LYUL[ IHZLK JV\YZL THUHNLTLU[ WYVNYHT [OH[ PUZ[Y\J[VYZ HUK Z[\KLU[Z \ZL MVY IV[O MHJL [V MHJL HUK VUSPUL JSHZZLZ 0[ PZ HJJLZZPISL [OYV\NO [OL /\I
;OL TPZZPVU VM *V\UZLSPUN :LY]PJLZ PZ [V WYVTV[L Z[\KLU[ KL]LSVWTLU[ [OLVY` HUK WYHJ[PJL
IV[O HJHKLTPJ HUK WLYZVUHS KLJPZPVU THRPUN WYVJLZZLZ (Z WHY[ VM [OL VYPLU[H[PVU WYVNYHT UL^ Z[\KLU[Z ^PSS YLNPZ[LY MVY JV\YZLZ MVY [OLPY Ã&#x201E;YZ[ [LYT VM LUYVSSTLU[
0UKP]PK\HS (ZZPZ[HUJL
:\JJLZZ *V\YZLZ
*V\UZLSPUN :LY]PJLZ
*V\UZLSVYZ WYV]PKL MYLL HUK JVUÃ&#x201E;KLU[PHS HZZPZ[HUJL ^P[O! Â&#x2039; ,K\JH[PVUHS HUK JHYLLY KL]LSVWTLU[ Â&#x2039; 0UMVYTH[PVU YLNHYKPUN 3HRL 3HUK *VSSLNL KLNYLLZ HUK [YHUZMLY YLX\PYLTLU[Z Â&#x2039; *YPZPZ PU[LY]LU[PVU HUK YLMLYYHS [V JHTW\Z HUK JVTT\UP[` YLZV\YJLZ Â&#x2039; +L]LSVWPUN Z[YH[LNPLZ [V LUOHUJL SPML HUK HJHKLTPJ ZRPSSZ
*V\UZLSPUN /V\YZ *V\UZLSVYZ HYL H]HPSHISL H T ¶ ! W T 4VUKH` HUK ;\LZKH` HUK H T ¶ W T >LKULZKH` ¶ -YPKH` ^OLU JSHZZLZ HYL PU ZLZZPVU /V\YZ HYL Z\IQLJ[ [V JOHUNL :\TTLY OV\YZ ]HY` (U HWWVPU[TLU[ PZ YLJVTTLUKLK [V YLK\JL ^HP[PUN [PTL I\[ PZ UV[ HS^H`Z YLX\PYLK 4LTILYZ VM [OL JV\UZLSPUN Z[HMM HYL H]HPSHISL H[ ]HYPV\Z VMM JHTW\Z JLU[LYZ [OYV\NOV\[ [OL `LHY 7SLHZL JHSS VY LTHPS JV\UZLS'SHRLSHUKJVSSLNL LK\ MVY PUMVYTH[PVU HIV\[ HYYHUNPUN [V TLL[ ^P[O H JV\UZLSVY ( JV\UZLSVY HJJLW[Z HWWVPU[TLU[Z H[ [OL 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` PU ,MÃ&#x201E;UN OHT ^OLU JSHZZLZ HYL PU ZLZZPVU 7SLHZL WOVUL [V ZJOLK\SL HU HWWVPU[TLU[
5L^ :[\KLU[ 6YPLU[H[PVU 5L^ Z[\KLU[Z H[ 3HRL 3HUK *VSSLNL ^OV WSHU [V ZLLR H KLNYLL VY JLY[PÃ&#x201E; JH[L VM VY TVYL OV\YZ ^PSS WHY[PJP WH[L PU HU VYPLU[H[PVU WYVNYHT ;OPZ WYVNYHT WYV]PKLZ UL^ Z[\KLU[Z ^P[O PUMVYTH[PVU HUK ZRPSSZ ULLKLK MVY H Z\JJLZZM\S [YHUZP[PVU [V JVSSLNL HUK IL`VUK 5L^ Z[\KLU[Z ^PSS WHY[PJPWH[L PU H ]HYPL[` VM HJ[P]P[PLZ KLZPNULK [V LTWV^LY [OLT [V IL Z\JJLZZM\S PU
3HRL 3HUK *VSSLNL VMMLYZ [OYLL JSHZZLZ [OH[ JHU OLSW `V\ ^P[O IHSHUJPUN JSHZZ ^VYR Ã&#x201E;UHUJLZ HUK OVTL (SS [OYLL JV\YZLZ TH` IL [HRLU [V ZH[PZM` NYHK\H[PVU YLX\PYLTLU[Z H[ 3HRL 3HUK *VSSLNL :-: :[YH[LNPLZ MVY :\JJLZZ PZ H JV\YZL [V PTWYV]L UL^ Z[\KLU[ [YHUZP[PVU PU[V JVSSLNL HUK [OL KL]LS VWTLU[ VM SPML ZRPSSZ 9LZLHYJO VU :-: OHZ ZOV^U H WVZP[P]L YLSH[PVUZOPW IL[^LLU Z[\KLU[ LUYVSSTLU[ PU [OL JV\YZL HUK NYHKL WVPU[ H]LYHNL JVSSLNL WLYZPZ[LUJL HUK NYHK\H[PVU :-: :[YH[LNPLZ MVY 4VUL` 4HUHNL TLU[ PZ H JV\YZL KLZPNULK [V HZZPZ[ Z[\KLU[Z ^P[O PTWYV]PUN [OLPY Ã&#x201E;UHUJPHS WSHUUPUN HUK I\KNL[PUN ZRPSSZ :-: 3PML :[YH[LNPLZ PZ KLZPNULK MVY ZVWOV TVYL SL]LS Z[\KLU[Z HUK ^PSS HZZPZ[ Z[\KLU[Z PU SLHYUPUN JYP[PJHS [OPURPUN ZRPSSZ JYLH[PUN LMMLJ[P]L NVHSZ HUK JYLH[PUN H Z\JJLZZM\S SPML HUK Ã&#x201E;UHUJPHS WSHU :[\KLU[Z TH` UV[ LHYU JYLKP[ MVY LUYVSSPUN PU IV[O :-: :[YH[LNPLZ MVY 4VUL` 4HUHNLTLU[ HUK :-: 3PML :[YH[LNPLZ :[\KLU[Z TH` LHYU JYLKP[ MVY LUYVSSPUN PU :-: :[YH[LNPLZ MVY :\JJLZZ HUK :-: :[YH[LNPLZ MVY 4VUL` 4HUHNLTLU[
(JHKLTPJ (K]PZLTLU[ *V\UZLSVYZ HZZPZ[ PU [OL HK]PZLTLU[ HUK YLNPZ[YH[PVU VM Z[\KLU[Z LUYVSSPUN H[ 3HRL 3HUK *VSSLNL MVY [OL Ã&#x201E;YZ[ [PTL VY YL[\YUPUN Z[\KLU[Z UV[ YLNPZ[LYLK MVY [OL WYL]PV\Z [LYT -VSSV^PUN [OL Ã&#x201E;YZ[ [LYT VM LUYVSSTLU[ JVU[PU\PUN Z[\KLU[Z ^OV WSHU [V LHYU H KLNYLL VY JLY[PÃ&#x201E;JH[L VM VY TVYL OV\YZ HYL HZZPNULK H MHJ\S[` HK]PZVY (K]PZVYZ ^PSS HZZPZ[ Z[\KLU[Z ^P[O NVHS PKLU[PÃ&#x201E;JH[PVU JHYLLY WSHUUPUN KL]LSVWPUN HU LK\JH[PVUHS WSHU HUK JOVVZPUN HWWYVWYPH[L JV\YZLZ MVY NYHK\H[PVU (SS Z[\KLU[Z T\Z[ JVU[HJ[ [OLPY HK]PZVY [V IL LSPNPISL MVY
YLNPZ[YH[PVU LHJO ZLTLZ[LY :[\KLU[Z JHU PKLU[PM` [OLPY HK]PZVY I` ]PZP[PUN [OL (K]PZLTLU[ 0UMVYTH[PVU WHNL \UKLY 9LNPZ[YH[PVU VU [OL /\I
6MÃ&#x201E;JL VM :[\KLU[ (JJVTTVKH[PVUZ 3HRL 3HUK *VSSLNL LTWSV`Z H *V\UZLSVY *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ [V WYV]PKL Z[\KLU[ HJJVTTVKH[PVUZ MVY Z[\KLU[Z ^P[O H ]HYPL[` VM KPZHIPSP[PLZ +PZHIPSP[PLZ TH` PUJS\KL ]PZ\HS H\KP[VY` ZWLLJO WZ`JOV SVNPJHS WO`ZPJHS OLHS[O VY SLHYUPUN :[\KLU[ (JJVTTVKH[PVUZ HYL [VVSZ \ZLK I` Z[\KLU[Z [V OLSW [OLT HJOPL]L [OLPY M\SS WV[LU[PHS ,_HTWSLZ VM ZVTL ZLY]PJLZ HYL! YLJVYKLK [L_[IVVRZ TH[LYPHSZ PU[LYWYL[LYZ MVY OLHYPUN PTWHPYLK [\[VYZ [LZ[PUN HJJVTTVKH [PVUZ HK]PZPUN HUK HZZPZ[P]L [LJOUVS VN` :PUJL ULLKZ ]HY` MYVT WLYZVU [V WLYZVU [OL KL[LYTPUH[PVU VM ZLY]PJL PZ JVTWSL[LK VU HU PUKP]PK\HS IHZPZ (WWSPJH[PVU MVY Z\WWVY[ ZLY]PJLZ PZ THKL I` JVTWSL[PUN HSS MVYTZ PU [OL
:[\KLU[ (JJVTTVKH[PVUZ (WWSPJH[PVU WHJRL[ 6UJL [OL YLX\PYLK PUMVYTH[PVU PZ YLJLP]LK HU HWWVPU[TLU[ ^P[O [OL *V\UZLSVY *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ ^PSS IL HYYHUNLK ;OL HYJOP[LJ[\YHS KLZPNU VM [OL JHTW\Z HUK I\PSKPUNZ PZ Z\JO [OH[ 3HRL 3HUK *VSSLNL OHZ ILLU KLLTLK ]LY` HJJLZZPISL I` [OL 0SSPUVPZ +LWHY[ TLU[ VM 9LOHIPSP[H[PVU :LY]PJLZ (KHW[H[PVUZ OH]L ILLU THKL PU [OL MVSSV^PUN HYLHZ [V HJJVTTVKH[L PUKP]PK\HSZ! YLZLY]LK WHYRPUN MVY Z[\KLU[Z ^P[O WO`ZPJHS KPZHIPSP[PLZ YHTWZ PU WHYRPUN SV[Z HUK H[ HJJLZZ KVVYZ [V HSS THPU I\PSKPUNZ YLZ[YVVTZ KLZPNULK MVY M\SS HJJLZZ HU LSL]H[VY PU [OL =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY HUK H\[VTH[PVU VM ZLSLJ[LK KVVYZ MVY HSS THQVY JSHZZYVVT I\PSKPUNZ 3HRL 3HUK *VSSLNL OHZ HU PUZ[P[\ [PVUHS JVTTP[TLU[ [V WYV]PKL H X\HSP[` LK\JH[PVUHS L_WLYPLUJL [V HSS Z[\KLU[Z 0U VYKLY [V THRL 3HRL 3HUK *VSSLNL TVYL YLJLW[P]L [V Z[\KLU[Z ^P[O KPZHIPSP[PLZ WSLHZL PKLU[PM` `V\Y ULLKZ ^LSS PU HK]HUJL VM [OL [LYT `V\ ^PZO [V H[[LUK [V LUZ\YL [OH[ [OL ULJLZZHY`
HJJVTTVKH[PVUZ JHU IL WYV]PKLK 0M [OL JVSSLNL KVLZ UV[ YLJLP]L HK]HUJL UV[PJL [OLU [OL JVSSLNL TH` UV[ IL HISL [V WYV]PKL HJJVTTVKH[PVUZ MVY [OL Ã&#x201E;YZ[ [LYT *LY[HPU HJJVTTVKH[PVUZ HYL H]HPSHISL VUS` VU JHTW\Z 7LVWSL ^OV HYL KLHM VY OLHYPUN PTWHPYLK TH` JVU[HJ[ [OL *V\UZLSVY *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ I` KPHSPUN ;;@ ;OL 6MÃ&#x201E;JL VM :[\KLU[ (JJVTTVKH[PVUZ PZ VWLU H T \U[PS W T 4VUKH` [OYV\NO -YPKH` /V\YZ ]HY` IL[^LLU [LYTZ HUK PU [OL Z\TTLY ,]LUPUNZ H]HPSHISL I` HWWVPU[TLU[ -VY TVYL PUMVYTH[PVU WOVUL VY ]PZP[ ^^^ SHRLSHUK JJ PS \Z KPZHIPSP[`ZLY]PJLZ
=L[LYHUZ (MMHPYZ 3HRL 3HUK *VSSLNL HWWYLJPH[LZ [OL ZLY]PJL VM HJ[P]L K\[` HUK ]L[LYHU Z[\KLU[Z HUK ZLLRZ [V WYV]PKL [OL ZLY]PJLZ ULLKLK [V Z\WWVY[ [OLZL Z[\KLU[Z ^P[O [OLPY PUP[PHS [YHUZP[PVU [V JVSSLNL HUK [OYV\NOV\[ [OLPY LUYVSSTLU[ -VSSV^PUN PZ H Z\TTHY` VM ZLY]PJLZ J\YYLU[S` H]HPSHISL
*VU[HJ[ PUMVYTH[PVU MVY [OL JVVYKPUH[VY VM ]L[LYHUZ ZLY]PJLZ! =L[LYHUZ (K]PZVY -PUHUJPHS (PK HUK =L[LYHUZ :LY]PJLZ >LII /HSS Ã&#x201E;UHUJPHSHPK'SHRLSHUK JJ PS \Z 0UMVYTH[PVU YLNHYKPUN TPSP[HY` LK\JH[PVUHS ILULÃ&#x201E;[Z TPSP[HY` V[OLY JYLKP[ L]HS\H[PVU HUK [OL Z[\KLU[ ]L[LYHUZ» VYNHUPaH[PVU *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ *V\UZLSPUN :LY]PJLZ 3\[OLY :[\KLU[ *LU[LY JV\UZLS'SHRLSHUK JJ PS \Z 0UMVYTH[PVU YLNHYKPUN LK\JH[PVUHS HJJVTTVKH[PVUZ Z\WWVY[ YLSH[LK [V 7;:+ HUK ;)0 YLMLYYHS [V V[OLY JVSSLNL HUK JVTT\UP[` YLZV\YJLZ HUK [OL Z[\KLU[ ]L[LYHUZ» VYNHUPaH[PVU 3HRL 3HUK *VSSLNL PKLU[PÃ&#x201E;LZ ]L[LYHUZ HUK HJ[P]L K\[` TPSP[HY` WLYZVUULS [OYV\NO [OL HKTPZZPVUZ HWWSPJH[PVU HUK Ã&#x201E;UHUJPHS HPK WYVJLZZ 3HRL 3HUK *VSSLNL ZLY]LZ HIV\[ ]L[LYHUZ H `LHY :WLJPHS ZLY]PJLZ HYL H]HPSHISL [V ]L[LYHUZ HJ[P]L K\[` WLYZVUULS HUK [OLPY MHTPSPLZ [OYV\NO [OL VMÃ&#x201E;JLZ VM (KTPZZPVUZ HUK 9LJVYKZ -PUHUJPHS (PK HUK =L[LYHUZ :LY]PJLZ HUK *V\UZLSPUN :LY]PJLZ
3HRL 3HUK *VSSLNL )VHYK 7VSPJ` WYV]PKLZ [OH[ Z[\KLU[Z JHSSLK [V HJ[P]L K\[` K\YPUN [OL ZLTLZ[LY TH` YLX\LZ[ [V IL ^P[OKYH^U MYVT [OL JSHZZ HUK YLJLP]L H YLM\UK [Y` [V JVTWSL[L [OL JV\YZLZ PU WYVNYLZZ VY YLX\LZ[ PUJVTWSL[L NYHKLZ ;OL TVZ[ HWWYVWYPH[L HJ[PVU ^PSS KLWLUK VU [OL [PTL K\YPUN ^OPJO [OL Z[\KLU[ PZ JHSSLK [V K\[` :[\KLU[Z JHSSLK [V K\[` ZOV\SK JVU[HJ[ [OLPY PUZ[Y\J[VYZ HUK [OL 6MÃ&#x201E;JL VM [OL +LHU VM (KTPZZPVUZ :LY]PJLZ H[ 3HRL 3HUK *VSSLNL HJJLW[Z TPSP[HY` JYLKP[ HJJVYKPUN [V [OL (*, .\PKL [V [OL ,]HS\H[PVU VM ,K\JH[PVUHS ,_WLYPLUJLZ PU [OL (YTLK :LY]PJLZ HUK HJJLW[Z +(5;,: JYLKP[Z =L[LYHUZ TH` LHYU OV\YZ VM JVSSLNL JYLKP[ MVY JVTWSL[PUN IHZPJ [YHPUPUN I` Z\ITP[[PUN H ++ ^P[O OVUVYHISL KPZJOHYNL VY V[OLY WYVVM VM JVTWSL[PVU VM IHZPJ [YHPUPUN :\ITPZZPVU VM HU ((9;: [YHUZJYPW[ ^PSS OLSW L_WLKP[L [OL L]HS\H[PVU WYVJLZZ 7YVMLZZPVUHS KL]LSVWTLU[ [YHPUPUN YLSH[LK [V ]L[LYHUZ HUK HJ[P]L K\[` WLYZVUULS PZ H]HPSHISL [V 3HRL 3HUK *VSSLNL Z[HMM 0U[LYLZ[LK Z[HMM ZOV\SK JVU[HJ[ [OL *VVYKPUH[VY VM :[\KLU[ (JJVTTVKH[PVUZ H[ :[\KLU[ ]L[LYHUZ HJ[P]L K\[` TPSP[HY` WLYZVUULS HUK MHTPS` TLTILYZ TH` [HRL HK]HU[HNL VM HSS VM [OL Z\WWVY[ ZLY]PJLZ H]HPSHISL [V V[OLY 3HRL 3HUK *VSSLNL Z[\KLU[Z
;OVZL ZLY]PJLZ PUJS\KL I\[ HYL UV[ SPTP[LK [V! (JHKLTPJ (K]PZPUN *HYLLY :LY]PJLZ *OPSK *HYL *V\UZLSPUN -PUHUJPHS (PK 3LHYUPUN (ZZPZ[HUJL *LU[LY ;\[VYPUN 3PIYHY` :[\KLU[ (JJVTTVKH[PVUZ HUK ;906 :[\KLU[ :\WWVY[ :LY]PJLZ +LZJYPW[PVUZ VM [OL ZLY]PJLZ H]HPSHISL HUK [OL JVU[HJ[ PUMVYTH [PVU MVY LHJO HYLH HYL WYV]PKLK VU [OL ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z ZLY]PJLZ :[\KLU[ ]L[LYHUZ HJ[P]L K\[` WLYZVUULS HUK MHTPS` TLTILYZ TH` HSZV [HRL HK]HU[HNL VM ZVJPHS L]LU[Z HUK V[OLY HJ[P]P[PLZ WYV]PKLK [V V[OLY 3HRL 3HUK *VSSLNL Z[\KLU[Z [OYV\NO :[\KLU[ 3PML +LZJYPW[PVUZ VM [OL Z[\KLU[ SPML VWWVY[\UP[PLZ H]HPSHISL HUK JVU[HJ[ PUMVYTH[PVU HYL H]HPSHISL VU [OL ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z Z[\KLU[FSPML
;906 :[\KLU[ :\WWVY[ :LY]PJLZ ;OL ;906 :[\KLU[ :\WWVY[ :LY]PJLZ ::: TPZZPVU PZ [V WYV]PKL HU LU]PYVUTLU[ [OH[ WYVTV[LZ HJHKLTPJ ZVJPHS HUK WLYZVUHS NYV^[O MVY Ã&#x201E;YZ[ NLULYH[PVU HUK LJVUVTPJHSS` KPZHK ]HU[HNLK Z[\KLU[Z HUK VY Z[\KLU[Z ^P[O KPZHIPSP[PLZ ;OL :[\KLU[ :\WWVY[ :LY]PJLZ WYVNYHT HUU\HSS` ZLY]LZ 3HRL 3HUK *VSSLNL Z[\KLU[Z HUK WYV]PKLZ VWWVY[\UP[PLZ PU [OL MVSSV^PUN HYLHZ! Â&#x2039; (JHKLTPJ WLYZVUHS HUK Ã&#x201E;UHUJPHS JV\UZLSPUN Â&#x2039; >VYRZOVWZ ¶ Z[YLZZ THUHNLTLU[ SLHYUPUN Z[`SLZ WLYZVUHS Ã&#x201E;UHUJL Â&#x2039; *HYLLY YLZLHYJO ¶ HZZPZ[HUJL ^P[O PU[LY]PL^Z HUK ^YP[PUN YLZ\TLZ Â&#x2039; ;YHUZMLY VWWVY[\UP[PLZ [V MV\Y `LHY PUZ[P[\[PVUZ HUK ]PZP[Z [V HYLH \UP]LYZP[PLZ HUK JVSSLNL MHPYZ Â&#x2039; ;LJOUVSVN` YLZV\YJLZ Â&#x2039; ;\[VYPUN ¶ PUKP]PK\HS VY NYV\W [\[VYPUN ZLY]PJLZ Â&#x2039; -PUHUJPHS HPK N\PKHUJL ¶ HZZPZ[HUJL JVTWSL[PUN [OL -(-:( HUK ZJOVSHY ZOPW HWWSPJH[PVUZ Â&#x2039; 0UJYLHZL YL[LU[PVU NYHK\H[PVU HUK [YHUZMLY YH[LZ
;906 :[\KLU[ :\WWVY[ :LY]PJLZ 7YVNYHT PZ SVJH[LK PU :[\KLU[ :LY]PJLZ VU JHTW\Z -VY TVYL PUMVYTH[PVU WOVUL LTHPS [YPVZZZ' SHRLSHUKJVSSLNL LK\ VY ]PZP[ ^^^ SHRLSHUK JJ PS \Z [YPVZ\WWVY[ZLY]PJLZ
,HYS` (K]HU[HNL 7YVNYHT 3,(7 :[\KLU[Z ^OV HYL Z[Y\NNSPUN PU HU` JSHZZ JHU HZR [OLPY PUZ[Y\J[VYZ HIV\[ 3,(7 VY [OL 3HRL 3HUK *VSSLNL ,HYS` (K]HU[HNL 7YVNYHT 3,(7 ;OYV\NO [OPZ WYVNYHT MHJ\S[` Z[HMM HUK Z[\KLU[ ZLY]PJLZ Z[HMM ^VYR [VNL[OLY [V OLSW Z[\KLU[Z YLHJO [OLPY NVHSZ ;OYV\NO VUL VU VUL HZZPZ[HUJL 3,(7 YLWYLZLU [H[P]LZ OLSW Z[\KLU[Z Ã&#x201E;UK [OL YLZV\YJLZ HUK Z\WWVY[ ZLY]PJLZ [OL` ULLK VU JHTW\Z HUK PU [OL JVTT\UP[` 6UJL `V\ OH]L HZRLK HU PUZ[Y\J[VY ¶ VY H MHJ\S[` TLTILY ILSPL]LZ H Z[\KLU[ JV\SK ILULÃ&#x201E;[ MYVT 3,(7 ¶ [OL Z[\KLU[ ^PSS YLJLP]L H JVTT\UPJH[PVU ]PH 33* Z[\KLU[ LTHPS -VY TVYL PUMVYTH[PVU HIV\[ 3,(7 ¶ JVU[HJ[ *V\UZLSPUN :LY]PJLZ VY ]PZP[ [OL *V\UZLSPUN :LY]PJLZ ^LIZP[L
3LHYUPUN (ZZPZ[HUJL *LU[LYZ ;\[VYPUN ;OL TPZZPVU VM [OL 3LHYUPUN (ZZPZ[HUJL *LU[LYZ PZ [V VMMLY [\[VYPUN ZLY]PJLZ [OH[ ^PSS HPK PU YLTV]PUN IHYYPLYZ [V SLHYUPUN [V V]LYZLL WSHJLTLU[ [LZ[PUN HUK HZZPNUTLU[ PU[V [OL HWWYVWYPH[L SL]LSZ VM JVSSLNL JV\YZL^VYR HUK [V WYV]PKL Z\WWSLTLU[HS Z\WWVY[ [V Z[\KLU[Z ^P[O KPZHIPSP[PLZ (SS ZLY]PJLZ HYL WYV]PKLK PU Z\JO H ^H` HZ [V LUZ\YL YLZWVUZP]LULZZ HUK ZLUZP[P]P[` [V PUKP]PK\HS KPMMLYLUJLZ PU HSS SLHYULYZ ;OL 3LHYUPUN (ZZPZ[HUJL *LU[LYZ SVJH[LK PU >LII /HSS HYL KLZPNULK [V OLSW Z[\KLU[Z KL]LSVW [OL ZRPSSZ ULJLZZHY` MVY WLYZVUHS ZH[PZMHJ[PVU HUK HJHKLTPJ HJOPL]LTLU[ ;OL ZLY]PJLZ VM [OL 3LHYUPUN (ZZPZ[HUJL *LU[LYZ HYL H]HPSHISL [V Z[\KLU[Z HUK V[OLY TLTILYZ VM [OL JVTT\UP[` HUK PUJS\KL [OL MVSSV^PUN HYLHZ ;OL ;\[VYPUN *LU[LY VWLU H T [V W T 4VUKH` [OYV\NO -YPKH` HUK L]LUPUNZ I` HWWVPU[TLU[ 4VUKH` ¶ ;O\YZKH`
K\YPUN Z\TTLY [LYT VMMLYZ [\[VYPUN PU JVSSLNL JSHZZLZ" IHZPJ ZRPSSZ JV\YZLZ PU TLTVY` [LZ[ [HRPUN HUK JVTW\[LY HU_PL[`" JV\YZLZ PU ,UNSPZO HZ H :LJVUK 3HUN\HNL" HUK Z\WWSLTLU[HS ZLY]PJLZ MVY Z[\KLU[Z ^P[O KPZHIPSP[PLZ" WOVUL ;OL 7SHJLTLU[ ;LZ[PUN *LU[LY HKTPUPZ[LYZ [OL IHZPJ WSHJLTLU[ [LZ[ IH[[LY` MVY [OL JVSSLNL WOVUL -VY TVYL PUMVYTH[PVU HIV\[ LP[OLY VM [OL JLU[LYZ JHSS [OL +PYLJ[VY VM [OL 3LHYUPUN (ZZPZ[HUJL *LU[LYZ H[
*HYLLY :LY]PJLZ ;OL TPZZPVU VM *HYLLY :LY]PJLZ PZ [V LK\JH[L HUK Z\WWVY[ PUKP]PK\HSZ ^P[O [OLPY JHYLLY KL]LSVWTLU[ ZRPSSZ HUK QVI ZLHYJO PUP[PH[P]LZ -YVT JHYLLY L_WSVYH[PVU [V YLHSPaPUN Z\JJLZZ VU [OL QVI *HYLLY :LY]PJLZ JHU OLSW PUKP]PK\HSZ KL]PZL H J\Z[VTPaLK JHYLLY WSHU QVI ZLHYJO Z[YH[LN` [V! Â&#x2039; *SHYPM` JHYLLY VIQLJ[P]LZ ILMVYL JOVVZPUN HU HJHKLTPJ WYVNYHT" Â&#x2039; ,_WSVYL PU[LYLZ[Z ZRPSSZ HUK HIPSP[PLZ HUK TH[JO [OLT ^P[O ]HYPV\Z JHYLLYZ" Â&#x2039; -PUK HUK L]HS\H[L JHYLLY PUMVYTH[PVU Â&#x2039; 3LHYU TVYL HIV\[ H WHY[PJ\SHY I\ZPULZZ VY PUK\Z[Y`" Â&#x2039; )LJVTL HKLW[ H[ QVI ZLHYJO [LJO UPX\LZ Z\JO HZ UL[^VYRPUN YLZ\TL ^YP[PUN HUK LMMLJ[P]L PU[LY]PL^PUN ZRPSSZ" HUK Â&#x2039; 9LZLHYJO J\YYLU[ QVI VWWVY[\UP[PLZ
*HYLLY :LY]PJLZ WYV]PKLZ HJJLZZ [V ZVM[^HYL HUK ^LI YLZV\YJLZ VU JHYLLY L_WSVYH[PVU HUK HZZPZ[HUJL ^P[O HSS HZWLJ[Z VM [OL QVI ZLHYJO
*VUM\ZLK VY \UKLJPKLK VU H THQVY& *HYLLY :LY]PJLZ VMMLYZ JHYLLY PU[LYLZ[ ZVM[^HYL HUK JHYLLY JV\UZLSPUN ZLY]PJLZ ;OL VUSPUL JHYLLY N\PKHUJL WYVNYHT JHU IL JVTWSL[LK MYVT HU`^OLYL ^P[O 0U[LYUL[ HJJLZZ HUK OLSWZ WLVWSL L_WSVYL [OLPY JHYLLY YLSH[LK PU[LYLZ[Z HUK ZRPSSZ ;OL Z`Z[LT WYV]PKLZ PU KLW[O PUMVYTH[PVU VU [OV\ZHUKZ VM JHYLLY VW[PVUZ HUK VMMLYZ HU VUSPUL WVY[MVSPV [OH[ PZ MYLL HUK HJJLZZPISL MVY SPML *HYLLY JV\UZLSPUN \[PSPaLZ [OL YLZ\S[Z VM [OL JHYLLY N\PKHUJL WYVNYHT \[PSPaLZ MHJL [V MHJL TLL[PUNZ HUK JHU [HRL MYVT VUL [V MV\Y HWWVPU[TLU[Z ;OLZL ZLZZPVUZ HYL H NYLH[ [PTL MVY Z[\KLU[Z [V [HSR ^P[O H WYVMLZZPVUHS HIV\[ ^OH[ [OL` ^HU[ HUK LUQV` PU SPML HUK OV^ [OVZL [OPUNZ Ã&#x201E;[ PU[V WVZZPISL JHYLLYZ -VY MYLL HJJLZZ [V [OL VUSPUL JHYLLY N\PKHUJL HWWVPU[ TLU[ VY [V THRL HU HWWVPU[TLU[ MVY JHYLLY JV\UZLSPUN JVU[HJ[ *HYLLY :LY]PJLZ H[ JHYLLYZLY]PJLZ'SHRLSHUK JJ PS \Z VY
5LLK ZVTL L_WLYPLUJL& ;OL *VVWLYH[P]L >VYR :[\K` 7YVNYHT *>:7 VMMLYZ Z[\KLU[Z ZLLRPUN H KLNYLL VY JLY[PÃ&#x201E;JH[L [OL VWWVY[\UP[` [V NHPU ^VYR L_WLYPLUJL YLSH[LK [V [OLPY HJHKLTPJ THQVYZ HUK [LZ[ [OLPY
PU[LYLZ[Z ILMVYL NYHK\H[PVU :[\KLU[Z JHU LHYU HU PUJVTL HUK JYLKP[ [V HWWS` [V [OLPY KLNYLL VY JLY[PÃ&#x201E;JH[L ;OL Z[\KLU[ ULLKZ [V OH]L JVTWSL[LK H[ SLHZ[ JVSSLNL JYLKP[ OV\YZ OH]L H[ SLHZ[ H NYHKL WVPU[ H]LYHNL HUK IL PU[LYLZ[LK PU NHPUPUN ]HS\HISL ^VYR L_WLYPLUJL *HSS [OL *>:7 *VVYKPUH[VY H[
>HU[ H QVI& ;OL QVI ZLHYJO PZ H JYP[PJHS JVTWVULU[ VM HU PUKP]PK\HS»Z JHYLLY Z\JJLZZ *HYLLY :LY]PJLZ VMMLYZ HZZPZ[HUJL ^P[O HSS HZWLJ[Z VM [OL QVI ZLHYJO WYVJLZZ PUJS\KPUN YLZ\TLZ JV]LY SL[[LYZ YLMLYLUJLZ HUK PU[LY]PL^PUN 0U HKKP[PVU SVJHS HUK YLNPVUHS QVI SPZ[PUNZ HYL WVZ[LK I` LTWSV`LYZ HUK H]HPSHISL VU [OL *HYLLY :LY]PJLZ ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z JHYLLYZLY]PJLZ >HU[ OLSW VY TVYL PUMVYTH[PVU& *HYLLY :LY]PJLZ PZ VWLU KHPS` MYVT H T [V W T ,]LUPUN OV\YZ H]HPSHISL I` HWWVPU[TLU[ :\TTLY OV\YZ ]HY`
3PIYHY` ;OL SPIYHY` PZ SVJH[LK PU [OL JLU[LY VM [OL 3HRL 3HUK JHTW\Z PU [OL =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY ;OL SPIYHY` WYV]PKLZ HJJLZZ [V TVYL [OHU P[LTZ PUJS\KPUN IVVRZ LIVVRZ +=+Z HUK *+Z HUK TVYL [OHU WLYPVKPJHS Z\IZJYPW[PVUZ PUJS\KPUN ZL]LYHS KHPS` UL^ZWHWLYZ 0U HKKP[PVU [OL SPIYHY` Z\IZJYPILZ [V TVYL [OHU VUSPUL KH[HIHZL ZLY]PJLZ ^OPJO WYV]PKL HJJLZZ [V PUMVYTH[PVU MYVT TVYL [OHU THNHaPUL HUK QV\YUHS [P[SLZ V]LY VM [OVZL HYL H]HPSHISL PU M\SS [L_[ HZ ^LSS HZ SLNHS I\ZPULZZ IPVNYHWOPJHS HUK UL^ZWHWLY PUMVYTH[PVU ;V HJJLZZ [OL VUSPUL ZLY]PJLZ NV [V [OL 3PIYHY` +H[HIHZLZ WHNL VU [OL >LI H[ ^^^ SHRLSHUK JJ PS \Z HZ SZ KH[HIHZLZ JMT 0U HKKP[PVU [V SVJHS YLZV\YJLZ [OL SPIYHY` WYV]PKLZ KPYLJ[ HJJLZZ [V [OL JVSSLJ[PVUZ VM TVYL [OHU SPIYHYPLZ PU [OL ,HZ[ *LU[YHS 0SSPUVPZ HYLH [OYV\NO 305* H ZOHYLK VUSPUL JH[HSVN Z`Z[LT :[\KLU[Z TH` HSZV ZLHYJO [OL OVSKPUNZ VM [OL THQVY JVSSLNLZ HUK \UP]LYZP[PLZ HJYVZZ [OL Z[H[L [OYV\NO 0 :OHYL HZ ^LSS HZ [OL OVSKPUNZ VM [OV\ZHUKZ VM SPIYHYPLZ HJYVZZ [OL JV\U[Y` [OYV\NO [OL
>VYSK*H[ ZLY]PJL 3PIYHY` ZLY]PJLZ HYL H]HPSHISL [V Z[\KLU[Z MHJ\S[` Z[HMM HUK YLZPKLU[Z VM [OL 3HRL 3HUK *VSSLNL KPZ[YPJ[ 4VZ[ TH[LYPHSZ JHU IL JOLJRLK V\[ MVY \ZL H[ OVTL HUK [LSLWOVUL YLUL^HS PZ H]HPSHISL MVY TVZ[ P[LTZ ;OLYL PZ H W\ISPJ \ZL WOV[VJVW` THJOPULZ MVY THRPUN JVWPLZ MYVT UVU JPYJ\SH[PUN TH[LYPHSZ JLU[Z WLY JVW` ;OL W\ISPJ PZ ^LSJVTL [V \ZL HSS VM V\Y YLZV\YJLZ VU ZP[L I\[ HJJLZZ [V ZVTL ZLY]PJLZ LZWLJPHSS` VMM JHTW\Z HJJLZZ [V KH[HIHZLZ PZ YLZ[YPJ[LK [V Z[\KLU[Z MHJ\S[` HUK Z[HMM -VVK HUK KYPUR HYL UV[ WLYTP[[LK VU [OL THPU Ã&#x2026;VVY VM [OL SPIYHY` I\[ JHU IL LUQV`LK PU ;OL :LJVUK :[VY` [OL SPIYHY`»Z SV\UNL ZWHJL VU [OL \WWLY Ã&#x2026;VVY 0U HKKP[PVU YVVTZ HYL H]HPSHISL [V WYHJ[PJL WYLZLU[H[PVU HUK ZJOLK\SL NYV\W Z[\K` ZLZZPVUZ ;OL SPIYHY` OVZ[Z TVU[OS` HY[ ZOV^Z MLH[\YPUN [OL ^VYR VM SVJHS HUK YLNPVUHS HY[PZ[Z HUK OVZ[Z [OL [^V THQVY ZOV^Z ZWVUZVYLK I` [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU LHJO `LHY 0UMVYTH[PVU HIV\[ [OL TVU[OS` ZOV^Z JHU IL VI[HPULK MYVT [OL 0UMVYTH[PVU :LY]PJLZ 3PIYHYPHU H[ VY H[ SPIYLM'SHRLSHUK JJ PS \Z ;OL SPIYHY` PZ VWLU 4VUKH` ¶ ;O\YZKH` MYVT ! H T [V ! W T -YPKH` MYVT ! H T [V ! W T :H[\YKH`Z MYVT ! W T [V ! W T HUK :\UKH`Z MYVT UVVU [V ! W T K\YPUN [OL MHSS HUK ZWYPUN ZLTLZ[LYZ +\YPUN [OL Z\TTLY [LYT [OL OV\YZ HYL 4VUKH` ;O\YZKH` ! H T [V ! W T 7SLHZL UV[L [OH[ OV\YZ KV VJJHZPVUHSS` JOHUNL ZV WSLHZL JVUZ\S[ [OL ^LIZP[L MVY [OL J\YYLU[ OV\YZ PU LMMLJ[ -VY TVYL PUMVYTH[PVU HIV\[ SPIYHY` ZLY]PJLZ JVU[HJ[ [OL *PYJ\SH[PVU +LZR H[ -VY HZZPZ[HUJL ^P[O YLZLHYJO PUX\PYPLZ JVU[HJ[ [OL 9LMLY LUJL +LZR H[ VY ]PZP[ [OL ^LIZP[L H[! ^^^ SHRLSHUK JJ PS \Z HZ SZ PUKL_ JMT
*OPSK *HYL 3HI ( SPJLUZLK JOPSK JHYL MHJPSP[` VWLYH[LZ VU JHTW\Z MVY JOPSKYLU VM 3HRL 3HUK *VSSLNL Z[\KLU[Z VY LTWSV`LLZ 0[ HSZV WYV]PKLZ JOPSK JHYL ZLY]PJLZ [V [OL NLULYHS W\ISPJ 0[ PZ SVJH[LK VMM [OL
5VY[O^LZ[ WHYRPUN SV[ ULHY [OL )VVRZ[VYL ;OPZ OPNO X\HSP[` WYVNYHT VMMLYZ H JYLH[P]L [OLTL IHZLK WYL ZJOVVS [`WL J\YYPJ\S\T ^P[O KL]LSVW TLU[HSS` HNL HWWYVWYPH[L SLZZVUZ HUK HJ[P]P[PLZ [OH[ WYLWHYL [OL JOPSKYLU MVY 2PUKLYNHY[LU 0[ PZ H NYLH[ WSHJL MVY JOPSKYLU [V Z[HY[ [OLPY LHYS` SLHYUPUN WYVJLZZ PU H WVZP[P]L JVSVYM\S \UPX\L ZL[[PUN ;OL V]LYHSS JVTTP[TLU[ PZ MVJ\ZLK VU LK\JH[PUN `V\UN TPUKZ MVY H IL[[LY ^VYSK ;OL JOPSK LUYVSSTLU[ LSPNPIPSP[` YLX\PYLTLU[Z HYL! Â&#x2039; *OPSKYLU T\Z[ IL JVTWSL[LS` [VPSL[ [YHPULK Â&#x2039; *OPSKYLU IL[^LLU [OL HNLZ VM ¶ `LHYZ VSK Â&#x2039; :JOVVS HNL JOPSKYLU IL[^LLU ¶ `LHYZ VSK ¶ Z\TTLY ZLTLZ[LY VUS` 7HYLU[Z T\Z[ JVTWSL[L [OL *OPSK *HYL 3HI HKTPZZPVUZ WYVJLZZ ILMVYL LUYVSSTLU[ JHU IL HWWYV]LK VY ZLY]PJLZ WYV]PKLK -VY X\LZ[PVUZ HIV\[ [OL WYVNYHT [OL KHPS` YH[LZ VY [V YLX\LZ[ HU LUYVSSTLU[ WHJRL[ WSLHZL JVU[HJ[ [OL *OPSK *HYL 3HI H[ VY ZLUK H TLZZHNL [V ZO\NOLZ'SHRLSHUK JJ PS \Z
)VVRZ[VYL ;OL )VVRZ[VYL PZ SVJH[LK VU [OL ZV\[O LUK VM [OL UVY[O^LZ[ WHYRPUN SV[ VM [OL THPU JHTW\Z ;OL Z[VYL WYV]PKLZ HSS YLX\PYLK HUK YLJVTTLUKLK [L_[IVVRZ ^VYRIVVRZ HUK Z\WWSPLZ ;OL )VVR Z[VYL OHZ H M\SS ZLSLJ[PVU VM 3HRL 3HUK *VSSLNL JSV[OPUN ;OL )VVRZ[VYL PZ VWLU 4VUKH` ¶ -YPKH` MYVT ! H T ¶ ! W T ^P[O L_[LUKLK OV\YZ K\YPUN IVVR WPJR\W HUK YL[\YU ;OL )VVRZ[VYL PZ JSVZLK -YPKH` K\YPUN [OL Z\TTLY [LYT -VY TVYL PUMVYTH[PVU VU ZLY]PJLZ JHSS
6USPUL 3LHYUPUN 3HRL 3HUK *VSSLNL VUSPUL JV\YZLZ HYL PUZ[Y\J[VY SLK ^P[O [OL THQVYP[` VM [OL JV\YZL [H\NO[ V]LY [OL 0U[LYUL[ >OPSL VUSPUL JV\YZLZ WYV]PKL Ã&#x2026;L_PIPSP[` [OL` KV YLX\PYL H SV[ VM ZLSM KPZJPWSPUL HUK TV[P]H[PVU 6USPUL Z[\KLU[Z ZOV\SK OH]L IHZPJ JVTW\[LY RUV^SLKNL 0M Z[\KLU[Z HYL UV[ MHTPSPHY ^P[O JVTW\[LYZ [OL JVSSLNL YLJVTTLUKZ LUYVSSPUN PU
*0: 0U[YVK\J[PVU [V *VTW\[LY ILMVYL [HRPUN HU VUSPUL JV\YZL ;OL JVSSLNL»Z VUSPUL SLHYUPUN ZP[L H[ ^^^ SHRLSHUK JJ PS \Z VUSPUL WYV]PKLZ THU` YLZV\YJLZ MVY Z[\KLU[Z [OPURPUN HIV\[ VY [HRPUN VUSPUL JV\YZLZ PUJS\KPUN!
Â&#x2039; (YL 6USPUL *V\YZLZ MVY 4L& :LSM ,]HS\H[PVU YLZV\YJLZ MVY WV[LU[PHS VUSPUL Z[\KLU[Z [LJOUPJHS YLX\PYLTLU[Z ULLKLK [V [HRL HU VUSPUL JV\YZL HUK MYLX\LU[S` HZRLK X\LZ[PVUZ PUMVYTH[PVU [V LUZ\YL H Z\JJLZZM\S Z[HY[ PZ WYV]PKLK
Â&#x2039; 3LHYUPUN 4HUHNLTLU[ :`Z[LT ;\[VYPHS >VYRZOVWZ ;OL VUSPUL SLHYUPUN ZP[L WYV]PKLZ H [\[VYPHS [V [OL SLHYUPUN THUHNLTLU[ Z`Z[LT \[PSPaLK I` VUSPUL PUZ[Y\J[VYZ HUK HSZV PUZ[Y\J[VYZ ^OV \[PSPaL [OL Z`Z[LT MVY [YHKP[PVUHS JV\YZLZ H[ [OL JVSSLNL 0U HKKP[PVU [OL JVSSLNL WYV]PKLZ MHJL [V MHJL [YHPUPUN ZLZZPVUZ H[ [OL ILNPUUPUN VM LHJO ZLTLZ[LY .V [V [OL JVSSLNL»Z VUSPUL SLHYUPUN ZP[L MVY KH[LZ HUK [PTLZ
Â&#x2039; 7YVJ[VYPUN :LY]PJLZ ;LZ[Z HUK X\PaaLZ MVY JV\YZLZ HYL \Z\HSS` JVTWSL[LK VUSPUL" OV^L]LY ZVTL PUZ[Y\J[VYZ TH` OH]L [OLPY [LZ[Z WYVJ[VYLK VU JHTW\Z ;V ZL[ \W H [PTL VY OH]L X\LZ[PVUZ HUZ^LYLK WOVUL VY LTHPS WYVJ[VY'SHRLSHUK JJ PS \Z ( WOV[V 0+ PZ YLX\PYLK [V OH]L H [LZ[ VY L_HT HKTPUPZ[LYLK
Â&#x2039; ;L_[IVVRZ :[\KLU[Z [HRPUN PU[LYUL[ JV\YZLZ T\Z[ WPJR \W YLU[LK [L_[IVVRZ *+Z [OYV\NO [OL ;L_[IVVR 3PIYHY` :LY]PJL SVJH[LK PU [OL 3HRL 3HUK *VSSLNL )VVRZ[VYL VU [OL THPU JHTW\Z :[\KLU[Z \UHISL [V WPJR \W HUK YL[\YU [OLPY [L_[IVVRZ *+Z VU JHTW\Z ZOV\SK THRL HYYHUNL TLU[Z [V W\YJOHZL [OLZL P[LTZ [OYV\NO [OL 3HRL 3HUK *VSSLNL )VVRZ[VYL WOVUL VY MYVT V[OLY ZV\YJLZ ;OL *LU[LY MVY ;LJOUVSVN` HUK 7YVMLZZPVUHS +L]LSVWTLU[ *;7+ SVJH[LK PU [OL =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY WYV]PKLZ Z\WWVY[
MVY Z[\KLU[Z ^HU[PUN [V [HRL VUSPUL JV\YZLZ ;OL *;7+ Z[HMM JHU IL JVU[HJ[LK H[ VY I` LTHPS H[ J[WK'SHRLSHUK JJ PS \Z VY PU WLYZVU
7LYRPUZ 7YVNYHT ;OL 7LYRPUZ 7YVNYHT PZ H MLKLYHSS` M\UKLK PUP[PH[P]L KLZPNULK [V OLSW Z[\KLU[Z [V Z\JJLLK PU [LJOUPJHS WYVNYHTZ *HYS 7LYRPUZ .YHU[ M\UKZ HYL \ZLK PU WHY[ [V HZZPZ[ [LJOUPJHS WYVNYHT Z[\KLU[Z ^OV HYL H[ YPZR VM UV[ Z\J JLLKPUN PU [OLPY LK\JH[PVUHS W\YZ\P[Z ;OL MLKLYHS NV]LYUTLU[ OHZ PKLU[PÃ&#x201E;LK JLY[HPU PUKPJH[VYZ [OH[ TH` WYL]LU[ Z[\KLU[Z MYVT Z\JJLZZM\SS` JVTWSL[PUN [OLPY LK\JH[PVUHS NVHSZ ;OLZL IHYYPLYZ PUJS\KL! LJVUVTPJ KPZHK]HU[HNL KPZHIPSP[` KPZHIPSP[PLZ ZPUNSL WHYLU[ VY KPZWSHJLK OVTLTHRLY Z[H[\Z LUYVSS TLU[ PU H WYVNYHT ^OLYL VUL»Z NLUKLY PZ \UKLYYLWYLZLU[LK UVU[YHKP[PVUHS HUK SPTP[LK ,UNSPZO WYVÃ&#x201E;JPLUJ` :[\KLU[Z ^OV Ã&#x201E;[ PU[V VUL VY TVYL VM [OLZL JH[LNVYPLZ TH` IL LSPNPISL MVY
7LYRPUZ Z\WWVY[ ZLY]PJLZ [OYV\NO [OL 7LYRPUZ 7YVNYHT [OPZ TH` PUJS\KL MYLL [\[VYPUN HZZPZ[HUJL ^P[O [OL W\YJOHZL VM Z\WWSPLZ ^VYRIVVRZ HUK \UPMVYTZ HUK HZZPZ[HUJL [OL [YHUZWVY[H[PVU JVZ[Z ZPUNSL WHYLU[ KPZWSHJLK OVTLTHRLYZ VUS` 4VYL PUMVYTH[PVU PZ H]HPSHISL I` JHSSPUN [OL +PYLJ[VY VM 7LYRPUZ 7YVNYHTZ H[ VY ]PZP[ [OL ^LIZP[L H[ O[[W! ^^^ SHRLSHUK JJ PS \Z WLYRPUZWYVNYHT PUKL_ JMT
/LHS[O :LY]PJLZ *VSSLNL 5\YZL :[\KLU[ /LHS[O :LY]PJLZ PZ SVJH[LK PU [OL 3\[OLY :[\KLU[ *LU[LY ;OL *VSSLNL 5\YZL PZ H]HPSHISL [V KPZJ\ZZ HU` X\LZ[PVUZ VY [V OLSW Z[\KLU[Z PU YLNHYK [V WO`ZPJHS KPZVYKLYZ VY OLHS[O YLSH[LK JPYJ\TZ[HUJLZ HUK WYV]PKL LTLYNLUJ` Ã&#x201E;YZ[ HPK [YLH[TLU[ HUK ]HYPV\Z TLKPJHS ZLY]PJLZ /V^L]LY P[ PZ YLJVTTLUKLK [OH[ Z[\KLU[Z Z\IZJYPIL [V [OL Z[\KLU[ OLHS[O PUZ\YHUJL WYVNYHT VY OH]L H WYP]H[L WVSPJ` [OH[ WYV]PKLZ JVTWYLOLUZP]L TLKPJHS HUK Z\YNPJHS ILULÃ&#x201E;[Z *VU[HJ[ /LHS[O :LY]PJLZ MVY TVYL PUMVYTH[PVU /LHS[O :LY]PJLZ HSZV VMMLYZ HZZPZ [HUJL PU VI[HPUPUN [OL ZLY]PJLZ VM SVJHS WO`ZPJPHUZ HUK HNLUJPLZ PM ULJLZZHY`
6]LY [OL JV\U[LY KY\NZ HYL H]HPSHISL /LHS[O WYVTV[PVU WYVNYHTZ VU Z\IZ[HUJL HI\ZL U\[YP[PVU PUMLJ[PV\Z KPZLHZL WO`ZPJHS Ã&#x201E;[ULZZ HUK V[OLY [VWPJZ HYL WYV]PKLK I` [OPZ ZLY]PJL *VZ[ VM OVZWP[HSPaH[PVU KVJ[VYZ HWWVPU[TLU[Z WYLZJYPW[PVU TLKPJPUL ? YH`Z HUK SHIVYH[VY` MLLZ T\Z[ IL JV]LYLK I` Z[\KLU[Z 0U JHZL VM WYVSVUNLK HIZLUJLZ ILJH\ZL VM PSSULZZ HJJPKLU[ VY OVZWP[HS PaH[PVU Z[\KLU[Z ZOV\SK UV[PM` [OL /LHS[O :LY]PJLZ 6MÃ&#x201E;JL ZV WYVWLY UV[PÃ&#x201E;JH[PVU JHU IL THKL [V PUZ[Y\J[VYZ /V\YZ HYL ! H T [V ! W T 4VUKH` [OYV\NO -YPKH` WOVUL
*VTT\UPJHISL +PZLHZLZ ;OL 3HRL 3HUK *VSSLNL )VHYK VM ;Y\Z[LLZ WVSPJ` VU *OYVUPJ *VTT\UP JHISL +PZLHZL WYV]PKLZ Y\SLZ HUK YLN\SH[PVUZ MVY Z[\KLU[Z ^P[O JVTT\UPJHISL KPZLHZLZ :[\KLU[Z ^OV HYL KPHNUVZLK HZ OH]PUN VY JHYY`PUN H JVTT\UPJHISL KPZLHZL ZOV\SK YLWVY[ [V [OL *VSSLNL 5\YZL *VTT\UPJHISL KPZLHZLZ HYL [OVZL KLÃ&#x201E;ULK I` [OL 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O [V IL JVU[HNPV\Z PUMLJ[PV\Z JVTT\UP JHISL HUK KHUNLYV\Z [V [OL W\ISPJ OLHS[O ( Z[\KLU[ ZOHSS IL WLYTP[[LK [V YLTHPU PU JSHZZ ^OLUL]LY [OYV\NO YLHZVUHISL HJJVTTVKH[PVU [OLYL PZ
UV ZPNUPÃ&#x201E;JHU[ YPZR VM [YHUZTPZZPVU VM [OL KPZLHZL [V V[OLYZ
7O`ZPJHS ,_HT 6US` [OVZL LU[LYPUN WYVNYHTZ PU +LU[HS /`NPLUL (ZZVJPH[L +LNYLL PU 5\YZPUN HUK 7YHJ[PJHS 5\YZPUN T\Z[ YLX\LZ[ H ZWLJPHS MVYT MVY H WO`ZPJHS L_HT
*VSSLNL *SVZPUN 0U [OL L]LU[ VM PUJSLTLU[ ^LH[OLY TLJOHUPJHS VY WV^LY MHPS\YL VY V[OLY LTLYNLUJPLZ [OL MVSSV^PUN WYVJLK\YLZ ^PSS IL PTWSLTLU[LK ,]LY` LMMVY[ ^PSS IL THKL [V RLLW [OL JVSSLNL VWLU 0U ZVTL JHZLZ 3HRL 3HUK *VSSLNL ^PSS YLTHPU VWLU ^OLU LSLTLU[HY` HUK ZLJVUKHY` ZJOVVSZ HYL JSVZLK
9LJLP]L H ;L_[ :[\KLU[Z JHU VW[ PU [V YLJLP]L JSVZPUN UV[PJLZ ]PH H [L_[ TLZZHNL VY LTHPS ;OPZ JHU IL KVUL PU 090: >OLU ^LH[OLY JVUKP[PVUZ WYL]LU[ [OL VWLUPUN VM [OL JVSSLNL VY JH\ZL H KLSH`LK VWLUPUN VM [OL JVSSLNL L]LY` LMMVY[ ^PSS IL THKL [V THRL HUUV\UJLTLU[Z VU [OL MVSSV^PUN YHKPV Z[H[PVUZ HUK ;= Z[H[PVUZ I` H T MVY [OH[ KH`!
>*)/ ¶ ,MÃ&#x201E;UNOHT -4 >323 ¶ *HTW\Z -4 >74) ¶ =HUKHSPH (4 -4 >?,- ¶ ,MÃ&#x201E;UNOHT -4 >,0* ¶ *OHYSLZ[VU (4 >,0< ¶ *OHYSLZ[VU -4 >*9( >*9* ¶ ,MÃ&#x201E;UNOHT (4 -4 >05/ ¶ 7HYPZ (4 -4 >?,; ¶ 4H[[VVU -4 >39> ¶ *OHTWHPNU -4 >4*0 ¶ 4H[[VVU -4 >,1; ¶ +LJH[\Y -4 >022 ¶ 5L^[VU -4 >A5? ¶ 4H[[VVU -4 >/88 ¶ 4H[[VVU -4 >>.6 ¶ 4H[[VVU -4 >9(5 ¶ :OLSI`]PSSL -4 >(5+ ;= ¶ +LJH[\Y *OHUULS ()* >0*+ ;= ¶ *OHTWHPNU *OHUULS 5)* >;>6 ;= ¶ ;LYYL /H\[L *OHUULS 5)* >*0( ;= ¶ *OHTWHPNU *OHUULS *): >;/0 ;= ¶ ;LYYL /H\[L *OHUULS *): *SVZPUNZ HYL HSZV WVZ[LK VU [OL JVSSLNL»Z ^LIZP[L! ^^^ SHRLSHUK JJ PS \Z *HUJLSSH[PVU VM KH` JSHZZLZ PZ UV[ HU H\[VTH[PJ JSVZPUN MVY L]LUPUN ZLZZPVUZ ;OL KLJPZPVU [V JSVZL JSHZZLZ [OH[ ILNPU H[ W T VY SH[LY ^PSS IL THKL HZ JSVZL [V W T HZ WVZZPISL ;OL ZHTL YHKPV HUK ;= Z[H[PVUZ HSZV ^PSS JHYY` JSVZPUN HUUV\UJLTLU[Z PU [OL L]LU[ [OH[ L]LUPUN ZLZZPVUZ VY HJ[P]P[PLZ OH]L [V IL JHUJLSLK VU H KH` [OH[ [OL JVSSLNL ^HZ V[OLY^PZL VWLU *SHZZLZ OLSK H[ [OL 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` PU ,MÃ&#x201E;UNOHT ^PSS MVSSV^ [OL NLULYHS WVSPJPLZ VM [OL THPU JHTW\Z" OV^L]LY JSHZZLZ OLSK H[ V[OLY VMM ZP[L SVJH[PVUZ ^PSS MVSSV^ [OL WVSPJ` MVY [OH[ SVJH[PVU
:[\KLU[ 9PNO[Z HUK 9LZWVUZPIPSP[PLZ :[H[L Z[H[\[LZ WYV]PKL [OH[ [OL SLNHS YLZWVUZPIPSP[` MVY HKVW[PUN HUK LUMVYJPUN HSS Y\SLZ HUK YLN\SH[PVUZ MVY [OL VYKLYS` VWLYH[PVU VM [OL JVSSLNL YLZ[Z ^P[O [OL )VHYK VM ;Y\Z[LLZ ;OL YLZWVUZPIPSP[` MVY LUMVYJPUN YLN\SH[PVUZ HUK WVSPJPLZ HKVW[LK I` [OL )VHYK PZ KLSLNH[LK [V [OL JVSSLNL HKTPUPZ[YH[PVU HUK Z[HMM
:[\KLU[ *VUK\J[ HUK +PZJPWSPUHY` 7YVJLK\YLZ :[\KLU[Z HZ TLTILYZ VM [OL HJHKLTPJ JVTT\UP[` HYL L_WLJ[LK HUK YLX\PYLK [V VIZLY]L JLY[HPU Z[HUKHYKZ VM ILOH]PVY (SZV HZ JP[PaLUZ Z[\KLU[Z OH]L H YLZWVUZPIPSP[` [V RUV^ HUK VIL` [OL SH^Z VM [OL <UP[LK :[H[LZ [OL Z[H[L VM 0SSPUVPZ HUK SVJHS NV]LYUTLU[Z 7VSPJPLZ NV]LYUPUN Z[\KLU[ JVUK\J[ HUK KPZJPWSPUHY` WYVJLK\YLZ JHU IL MV\UK PU [OL :[\KLU[ /HUKIVVR H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z Z[\KLU[OHUKIVVR
:[\KLU[ *VUJLYUZ HUK .YPL]HUJLZ :[\KLU[Z ^OV OH]L H JVUJLYU HIV\[ HU PZZ\L [OH[ HK]LYZLS` HMMLJ[Z [OLT VY ZVTLVUL LSZL VY MLLS [OLPY YPNO[Z OH]L ILLU PUMYPUNLK \WVU I` [OL LUMVYJL TLU[ VM WVSPJPLZ HUK YLN\SH[PVUZ TH` [OYV\NO HWWYVWYPH[L JOHUULSZ ^VYR [V YLZVS]L Z\JO WYVISLTZ I` MVSSV^PUN WYVJLK\YLZ V\[SPULK PU [OL :[\KLU[ *VUJLYUZ HUK .YPL]HUJL ZLJ[PVU VM [OL :[\KLU[ /HUKIVVR ;OL :[\KLU[ /HUKIVVR PZ H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z Z[\KLU[OHUKIVVR
*HTW\Z :JOLK\SPUN ;OL 6MÃ&#x201E;JL VM =PJL 7YLZPKLU[ MVY )\ZPULZZ :LY]PJLZ JVVYKPUH[LZ [OL JHTW\Z ZJOLK\SPUN PUJS\KPUN [OL JVSSLNL»Z ZLH[ [OLH[LY HUK -PLSK /V\ZL :LTPUHYZ ^VYRZOVWZ HUK ZWLJPHS WYVNYHTZ HYL HSZV WSHUULK HUK JVVYKPUH[LK [OYV\NO [OPZ VMÃ&#x201E;JL
7VSPJPLZ 0U JVTWSPHUJL ^P[O :[H[L HUK -LKLYHS :[H[\[LZ 3HRL 3HUK *VSSLNL OHZ [OL MVSSV^PUN WVSPJPLZ!
(MÃ&#x201E;YTH[P]L (J[PVU ,X\HS 6WWVY[\UP[` 3HRL 3HUK *VSSLNL PZ JVTTP[[LK [V THPU[HPUPUN H ^VYRPUN HUK SLHYUPUN LU]PYVUTLU[ [OH[ WYVTV[LZ LX\HS VWWVY[\UP[` HUK HMÃ&#x201E;YTH[P]L HJ[PVU HUK [OH[ PZ MYLL MYVT \USH^M\S KPZJYPTPUH [PVU HUK OHYHZZTLU[ 0[ PZ [OL WVSPJ` VM 3HRL 3HUK *VSSLNL UV[ [V LUNHNL PU KPZJYPTPUH[PVU VY OHYHZZTLU[ HNHPUZ[ HU` WLYZVU ILJH\ZL VM YHJL JVSVY ZL_ HNL YLSPNPVU UH[PVUHS VYPNPU HUJLZ[Y`
KPZHIPSP[` THYP[HS VY JP]PS \UPVU Z[H[\Z ]L[LYHU Z[H[\Z ZL_\HS VYPLU[H[PVU VY HU` IHZPZ VM KPZJYPTPUH[PVU WYLJS\KLK I` HWWSPJHISL MLKLYHS HUK Z[H[L Z[H[\[LZ ;OPZ WVSPJ` HWWSPLZ [V HKTPZZPVU HUK HJJLZZ [V HUK WHY[PJPWH[PVU [YLH[TLU[ HUK LTWSV`TLU[ PU [OL *VSSLNL»Z WYVNYHTZ HJ[P]P[PLZ HUK ZLY]PJLZ ;OL MVSSV^PUN JHTW\Z VMÃ&#x201E;JL PZ HZZPNULK [OL YLZWVUZPIPSP[` MVY LUZ\YPUN JVTWSPHUJL ^P[O [OPZ WVSPJ` HZ ^LSS HZ MLKLYHS HUK Z[H[L Z[H[\[LZ HUK YLN\SH[PVUZ JVUJLYUPUN HMÃ&#x201E;YTH[P]L HJ[PVU HUK LX\HS HJJLZZ! 6MÃ&#x201E;JL VM [OL +PYLJ[VY VM /\THU 9LZV\YJLZ /\THU 9LZV\YJLZ 6MÃ&#x201E;JL *VTWSHPU[ MVYTZ HUK WYVJLK\YLZ MVY Ã&#x201E;SPUN JHU IL VI[HPULK [OYV\NO *V\UZLSPUN :LY]PJLZ VY /\THU 9L ZV\YJLZ 0U HKKP[PVU [OLZL VMÃ&#x201E;JLZ ^PSS THPU[HPU J\YYLU[ JVWPLZ VM HWWYVWYPH[L SH^Z YLN\SH[PVUZ HUK WVSPJPLZ
/HYHZZTLU[ 7VSPJ` 3HRL 3HUK *VSSLNL PZ JVTTP[[LK [V JYLH[PUN HUK THPU[HPUPUN H JVTT\UP[` PU ^OPJO Z[\KLU[Z MHJ\S[` HUK Z[HMM JHU ^VYR [VNL[OLY PU HU H[TVZWOLYL MYLL VM HSS MVYTZ VM OHYHZZTLU[ L_WSVP[H[PVU VY PU[PTPKH[PVU :L_\HS OHYHZZTLU[ SPRL OHYHZZTLU[ VU [OL IHZPZ VM YHJL VY YLSPNPVU PZ H MVYT VM KPZJYPTPUH[PVU L_WYLZZS` WYVOPIP[LK I` SH^ 0[ PZ H ]PVSH[PVU VM ;P[SL =00 VM [OL MLKLYHS *P]PS 9PNO[Z (J[ VM ;P[SL 0? VM [OL ,K\JH[PVUHS (TLUKTLU[Z VM HUK H JP]PS YPNO[Z ]PVSH[PVU VM [OL 0SSPUVPZ /\THU 9PNO[Z (J[ 0U HKKP[PVU [V ILPUN PSSLNHS ZL_\HS OHYHZZTLU[ Y\UZ JV\U[LY [V [OL VIQLJ[P]LZ VM [OL JVSSLNL >OLU WLVWSL MLLS JVLYJLK [OYLH[LULK PU[PTPKH[LK VY V[OLY^PZL WYLZZ\YLK I` V[OLYZ PU[V NYHU[PUN ZL_\HS MH]VYZ VY HYL ZPUNSLK V\[ MVY YPKPJ\SL VY HI\ZL ILJH\ZL VM [OLPY NLUKLY [OLPY HJHKLT PJ HUK VY ^VYR WLYMVYTHUJL PZ SPRLS` [V Z\MMLY :\JO HJ[PVUZ ]PVSH[L [OL KPNUP[` VM [OL PUKP]PK\HS HUK [OL PU[LNYP[` VM [OL JVSSLNL HZ HU PUZ[P[\[PVU VM SLHYUPUN (JH KLTPJ MYLLKVT JHU L_PZ[ VUS` ^OLU L]LY` WLYZVU PZ MYLL [V W\YZ\L PKLHSZ PU H UVU [OYLH[LUPUN UVU JVLYJP]L H[TVZWOLYL VM T\[\HS YLZWLJ[ :L_\HS OHYHZZTLU[ PZ OHYTM\S UV[ VUS` [V [OL WLYZVUZ PU]VS]LK I\[ HSZV [V [OL LU[PYL JVSSLNL JVTT\UP[`
>OLYL [V .V MVY /LSW VU *HTW\Z -VY M\Y[OLY PUMVYTH[PVU HIV\[ [OL ZL_\HS OHYHZZTLU[ WVSPJ` HUK JVT WSHPU[ YLZVS\[PVU WYVJLK\YLZ `V\ TH` JVU[HJ[ VUL VM [OL :L_\HS /HYHZZTLU[ 0UMVYTH[PVU *LU[LYZ SPZ[LK ILSV^! Â&#x2039; *V\UZLSPUN :LY]PJLZ 3\[OLY :[\KLU[ *LU[LY :[\KLU[ :LY]PJLZ ^PUN Â&#x2039; /LHS[O :LY]PJLZ 3\[OLY :[\KLU[ *LU[LY SVII` Â&#x2039; /\THU 9LZV\YJLZ 6MÃ&#x201E;JL
*VUÃ&#x201E;KLU[PHSP[` VM :[\KLU[ 9LJVYKZ HUK +PYLJ[VY` 0UMVYTH[PVU 0U HJJVYKHUJL ^P[O WYV]PZPVUZ VM 7\ISPJ 3H^ HZ HTLUKLK 7 3 [OL -HTPS` ,K\JH[PVUHS 9PNO[Z HUK 7YP]HJ` (J[ VM JVTTVUS` RUV^U HZ [OL ¸)\JRSL` (TLUKTLU[ ¹ 3HRL 3HUK *VSSLNL THPU[HPUZ VUS` [OVZL ¸,K\JH[PVUHS 9LJVYKZ¹ ^OPJO HYL LZZLU[PHS [V [OL WYVJLZZ HUK WYVJLK\YLZ YLX\PYLK [V KL]LSVW HUK THPU[HPU HU HJJ\YH[L HJHKLTPJ YLJVYK MVY LHJO Z[\KLU[ HUK [V Z\WWVY[ Z\JO Z[\KLU[ HJJV\U[PUN ULLKZ HUK YLX\PYLTLU[Z HZ HYL PTWVZLK I` SH^ Z[H[L HUK MLKLYHS YLN\SH[PVUZ HUK JVSSLNL VWLYH[PVUHS WYVJLK\YLZ ;OLZL YLJVYKZ TH` IL MV\UK H[ [OL MVSSV^PUN VMÃ&#x201E;JLZ! (KTPZ ZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL (JJV\U[PUN 6MÃ&#x201E;JL :[\KLU[ :LY]PJLZ 6MÃ&#x201E;JLZ HJH KLTPJ KP]PZPVUZ KLWHY[TLU[Z HUK HK]PZVYZ :\IQLJ[ [V WYV]PZPVUZ VM JVSSLNL WVSPJ` Z[\KLU[Z TH` YL]PL^ [OLPY YLJVYKZ \WVU YLX\LZ[
>OH[ [OL *VSSLNL *HU 9LSLHZL (IV\[ @V\ 0UMVYTH[PVU JVU[HPULK PU H Z[\KLU[»Z LK\JH[PVUHS YLJVYK PZ JVUÃ&#x201E;KLU[PHS HUK ^PSS VUS` IL YLSLHZLK \WVU HWWYVWYPH[L ^YP[[LU H\[OVYPaH[PVU VM [OL Z[\KLU[ ^P[O [OL MVSSV^PUN L_JLW[PVUZ! 3HRL 3HUK *VSSLNL TH` KPZJSVZL LK\JH[PVU YLJVYKZ VY JVTWVULU[Z [OLYLVM ^P[OV\[ ^YP[[LU JVUZLU[ VM Z[\KLU[Z [V! H (\[OVYPaLK YLWYLZLU[H[P]LZ VM [OL MVSSV^PUN MVY H\KP[ VY L]HS\H[PVU VM MLKLYHS HUK Z[H[L Z\WWVY[LK WYVNYHTZ VY MVY LUMVYJLTLU[ VM VY JVTWSPHUJL ^P[O MLKLYHS SLNHS YLX\PYLTLU[Z ^OPJO YLSH[L [V [OVZL WYVNYHTZ!
;OL *VTW[YVSSLY .LULYHS VM [OL <UP[LK :[H[LZ ;OL :LJYL[HY` VM [OL +LWHY[TLU[ VM ,K\JH[PVU :[H[L LK\JH[PVUHS H\[OVYP[PLZ I : [H[L HUK SVJHS VMÃ&#x201E;JPHSZ [V ^OVT KPZJSVZ\YL PZ ZWLJPÃ&#x201E;JHSS` YLX\PYLK I` :[H[L Z[H[\[L HKVW[LK WYPVY [V 5V]LTILY J = L[LYHUZ (KTPUPZ[YH[PVU VMÃ&#x201E;JPHSZ UV[ JV]LYLK I` -,97( I\[ ZWLJPÃ&#x201E;LK \UKLY ;P[SL :LJ[PVU J <UP[LK :[H[LZ *VKL K 6 [OLY ZJOVVS VMÃ&#x201E;JPHSZ KL[LY TPULK I` [OL PUZ[P[\[PVU [V OH]L H SLNP[PTH[L LK\JH[PVUHS PU[LYLZ[ L 6 MÃ&#x201E;JPHSZ VM V[OLY PUZ[P[\[PVUZ PU ^OPJO H Z[\KLU[ ZLLRZ VY PU[LUKZ [V LUYVSS VU [OL JVUKP[PVU [OH[ 3HRL 3HUK *VSSLNL THRLZ H YLHZVUHISL H[[LTW[ [V PUMVYT [OL Z[\KLU[ VM [OL KPZJSVZ\YL \USLZZ [OL Z[\KLU[ PUP[PH[LZ [OL [YHUZMLY M 7LYZVUZ VY VYNHUPaH[PVUZ WYV]PK PUN Ã&#x201E;UHUJPHS HPK [V Z[\KLU[Z VY KL[LYTPUPUN Ã&#x201E;UHUJPHS HPK KLJPZPVUZ JVUJLYUPUN LSPNPIPSP[` HTV\U[ JVUKP[PVU HUK LUMVYJL TLU[ VM [LYTZ VM ZHPK HPK N 6 YNHUPaH[PVUZ JVUK\J[PUN Z[\KPLZ MVY VU VY ILOHSM VM LK\JH[PVUHS HNLUJPLZ VY PUZ[P[\ [PVUZ [V KL]LSVW ]HSPKH[L HUK HKTPUPZ[LY WYLKPJ[P]L [LZ[Z [V HKTPUPZ[LY Z[\KLU[ HPK WYVNYHTZ VY [V PTWYV]L PUZ[Y\J[PVU ;OVZL VYNHUPaH[PVUZ TH` UV[ KPZJSVZL WLYZVUHSS` PKLU[PÃ&#x201E;HISL PUMVYTH [PVU VU Z[\KLU[Z HUK PUMVYTH[PVU ZLJ\YLK T\Z[ IL KLZ[YV`LK ^OLU UV SVUNLY ULLKLK MVY [OLPY WYVQLJ[Z O ( JJYLKP[PUN VYNHUPaH[PVUZ JHYY`PUN V\[ [OLPY HJJYLKP[PUN M\UJ[PVUZ P 7 HYLU[Z VM H Z[\KLU[ ^OV OH]L LZ[HISPZOLK [OH[ Z[\KLU[»Z Z[H[\Z HZ H KLWLUKLU[ HJJVYKPUN [V 0U[LYUHS 9L]LU\L *VKL VM :LJ[PVU Q 7 LYZVUZ PU JVTWSPHUJL ^P[O H Q\KPJPHS VYKLY VY H SH^M\SS` PZZ\LK Z\IWVLUH WYV]PKLK [OH[ 3HRL 3HUK *VSSLNL THRLZ H YLHZVUHISL H[[LTW[ [V UV[PM` [OL Z[\KLU[ PU HK]HUJL VM JVTWSPHUJL
LYZVUZ PU HU LTLYNLUJ` PM [OL R 7 RUV^SLKNL VM PUMVYTH[PVU PU MHJ[ PZ ULJLZZHY` [V WYV[LJ[ [OL OLHS[O VY ZHML[` VM Z[\KLU[Z VY V[OLY WLYZVUZ S ( U HSSLNLK ]PJ[PT VM HU` JYPTL VM ]PVSLUJL HZ [OH[ [LYT PZ KLÃ&#x201E;ULK PU < : * VM [OL YLZ\S[Z VM HU` PUZ[P[\[PVUHS KPZJPWSPUHY` WYVJLLKPUN HNHPUZ[ [OL HSSLNLK WLYWL[YH[VY VM [OH[ JYPTL ^P[O YLZWLJ[ [V [OH[ JYPTL 3HRL 3HUK *VSSLNL THRLZ W\ISPJ JLY[HPU ¸KPYLJ[VY` PUMVYTH[PVU¹ HIV\[ Z[\KLU[Z 0[ PZ [OL PU[LU[PVU VM [OL JVSSLNL [V KV ZV ^P[OPU [OL ZJVWL VM YLN\SHY JVSSLNL WVSPJPLZ HUK HZ TH` IL HWWYVWYPH[L [V [OL UVYTHS JV\YZL VM JVSSLNL I\ZPULZZ HUK VWLYH[PVUZ ;OL MVSSV^PUN PUMVYTH[PVU PZ YLNHYKLK [V IL ¸KPYLJ[VY`¹ [`WL PUMVYTH[PVU HUK ZVTL VY HSS VM P[ TH` IL THKL W\ISPJ! Z[\KLU[ UHTL HKKYLZZ HUK [LSLWOVUL SPZ[PUN LTHPS HKKYLZZ LUYVSSTLU[ Z[H[\Z M\SS VY OHSM [PTL Z[\KLU[ JSHZZPÃ&#x201E;JH[PVU THQVY Ã&#x201E;LSK WHY[PJPWH[PVU PU VMÃ&#x201E;JPHSS` YLJVNUPaLK HJ[P]P[PLZ HUK ZWVY[Z ^LPNO[ HUK OLPNO[ VM TLTILYZ VM H[OSL[PJ [LHTZ HNL HUK VY KH[L VM IPY[O KH[LZ VM H[[LUKHUJL KLNYLLZ HUK H^HYKZ YLJLP]LK TVZ[ YLJLU[ WYL]PV\Z ZJOVVS H[[LUKLK HUK WOV[VNYHWO (U` Z[\KLU[ VIQLJ[PUN [V OPZ VY OLY KPYLJ[VY` PUMVYTH[PVU ILPUN THKL W\ISPJ T\Z[ Ã&#x201E;SL UV[PJL PU ^YP[PUN VM Z\JO VIQLJ[PVUZ ^P[O [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL
7VSPJPLZ 7YVJLK\YLZ HUK 7YVNYHTZ :VTL WYVNYHTZ HUK JV\YZLZ PU [OL 3HRL 3HUK *VSSLNL *H[HSVN ^LYL PU [OL Ã&#x201E;UHS HWWYV]HS WYVJLZZ H[ [OL [PTL VM JH[HSVN W\ISPJH[PVU 4PUVY JOHUNLZ TH` VJJ\Y (K]PZVYZ HUK JV\UZLSVYZ ^PSS OH]L [OL Ã&#x201E;UHS PUMVYTH[PVU VU HSS WYVNYHTZ 6JJHZPVUHSS` P[ PZ ULJLZZHY` [V JOHUNL WVSPJPLZ WYVJLK\YLZ HUK WYVNYHTZ HM[LY [OL WYPU[PUN VM [OL 3HRL 3HUK *VSSLNL *H[HSVN (Z H YLZ\S[ WVSPJPLZ WYVJLK\YLZ HUK WYVNYHTZ HZ PUKPJH[LK PU [OPZ JH[HSVN TH` JOHUNL ^P[OV\[ UV[PJL
(JHKLTPJ :[HUKHYKZ
0U [OPZ JOHW[LY! .YHKPUN :`Z[LT :JOVSHZ[PJ :[HUKPUN ,HYUPUN *YLKP[ MYVT 7HZ[ ,_WLYPLUJLZ .YHK\H[PVU 9LX\PYLTLU[Z :[\KLU[ *HSS [V 4PSP[HY` +\[`
(JHKLTPJ :[HUKHYKZ 9LN\SH[PVUZ .YHKLZ ( Z[\KLU[»Z JV\YZL ^VYR ^PSS IL L]HS\H[LK HJJVYKPUN [V [OL MVSSV^PUN Z`Z[LT! .YHKL 7LYMVYTHUJL ( :\WLYPVY ) .VVK * (]LYHNL + 7VVY - -HPS\YL > >P[OKYH^HS < (\KP[ 0 0UJVTWSL[L 7 7HZZ PZ UV[ \ZLK PU H]LYHNPUN NYHKLZ I\[ KVLZ JHYY` JYLKP[
:[\KLU[ *SHZZPÃ&#x201E;JH[PVU :[\KLU[Z HYL JSHZZPÃ&#x201E;LK HZ MVSSV^Z! .YHKL 7VPU[ =HS\L
-PUHS NYHKLZ HYL WVZ[LK [V LHJO PUKP]PK\HS Z[\KLU[»Z YLJVYK H[ [OL LUK VM [OL HJHKLTPJ [LYT PU ^OPJO [OL JV\YZL ^HZ JVTWSL[LK :[\KLU[Z TH` HJJLZZ [OLPY NYHKLZ VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z ;OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL KVLZ UV[ THPS NYHKLZ :[\KLU[Z ^OV KV UV[ OH]L HJJLZZ [V [OL 0U[LYUL[ ZOV\SK JHSS [V YLX\LZ[ H JVW` VM [OLPY NYHKLZ
-PN\YPUN .YHKL 7VPU[ (]LYHNL .7( ( Z[\KLU[»Z HJHKLTPJ Z[HUKPUN H[ [OL JVSSLNL PZ KL[LYTPULK I` OPZ VY OLY NYHKL WVPU[ H]LYHNL .7( :[\KLU[Z JHU Ã&#x201E;N\YL [OLPY .7( I` KP]PKPUN [OL [V[HS U\TILY VM NYHKL WVPU[Z LHYULK I` [OL [V[HS U\TILY VM ZLTLZ[LY OV\YZ H[[LTW[LK ;OL ZLTLZ[LY NYHKL WVPU[ H]LYHNL YLWYLZLU[Z [OL H]LYHNL VM JSHZZ NYHKLZ MVY VUL ZLTLZ[LY ( J\T\SH[P]L NYHKL WVPU[ H]LYHNL YLWYLZLU[Z [OL H]LYHNL VM [OL NYHKLZ VM HSS JV\YZLZ H Z[\KLU[ OHZ [HRLU H[ 3HRL 3HUK *VSSLNL VUS` 6US` NYHKLZ MVY JV\YZLZ H[ [OL SL]LS VY HIV]L HYL \ZLK [V JVTW\[L NYHKL WVPU[ H]LYHNL
+LNYLL ZLLRPUN :[\KLU[Z +LNYLL ZLLRPUN Z[\KLU[Z HYL [OVZL Z[\KLU[Z ^OV HYL ZLLRPUN H 3HRL 3HUK *VSSLNL KLNYLL VY JLY[PÃ&#x201E;JH[L VM VY TVYL JYLKP[ OV\YZ
5VU KLNYLL ZLLRPUN :[\KLU[Z :[\KLU[Z LUYVSSLK PU JV\YZLZ H[ 3HRL 3HUK *VSSLNL ^OV HYL UV[ W\YZ\ PUN H KLNYLL VY JLY[PÃ&#x201E;JH[L VM VY TVYL JYLKP[ OV\YZ HYL JVUZPKLYLK [V IL UVU KLNYLL ZLLRPUN Z[\KLU[Z
9L HKTP[ :[\KLU[Z 9L HKTP[ Z[\KLU[Z HYL [OVZL Z[\ KLU[Z ^OV OH]L PU[LYY\W[LK [OLPY JVU[PU\LK LUYVSSTLU[ MVY H[ SLHZ[ VUL M\SS `LHY
*VU[PU\PUN :[\KLU[Z *VU[PU\PUN Z[\KLU[Z HYL Z[\KLU[Z ^OV OH]L H JVU[PU\V\Z LUYVSSTLU[ Z[H[\Z MYVT [OL Ã&#x201E;YZ[ KH` VM [OLPY PUP[PHS LUYVSSTLU[ \U[PS [OL` JLHZL LUYVSSTLU[ MVY H ZLTLZ[LY L_JS\KPUN Z\TTLY
5VU JYLKP[ :[\KLU[Z ;OVZL Z[\KLU[Z LUYVSSLK VUS` PU ZWLJPHS PU[LYLZ[ UVU JYLKP[ JV\YZLZ ^OPJO KV UV[ HWWS` [V^HYKZ H KLNYLL VY JLY[PÃ&#x201E;JH[L WYVNYHT HYL JSHZZPÃ&#x201E;LK HZ UVU JYLKP[ Z[\KLU[Z
5L^ :[\KLU[Z 5L^ Z[\KLU[Z HYL Ã&#x201E;YZ[ [PTL LUYVSSLLZ H[ 3HRL 3HUK *VSSLNL ^OV OH]L UV[ LUYVSSLK PU H KLNYLL VY JLY[PÃ&#x201E;JH[L WYVNYHT H[ HU` V[OLY PUZ[P[\[PVU VM OPNOLY LK\JH[PVU
;YHUZMLY :[\KLU[Z ;YHUZMLY Z[\KLU[Z HYL [OVZL ^OV OH]L [HRLU JV\YZL ^VYR H[ HU` V[OLY PUZ[P[\[PVU VM OPNOLY LK\JH[PVU
-YLZOTLU -YLZOTLU HYL Z[\KLU[Z ^OV OH]L LHYULK JVSSLNL JYLKP[Z VY SLZZ
:VWOVTVYLZ :VWOVTVYLZ HYL Z[\KLU[Z ^OV OH]L LHYULK JVSSLNL JYLKP[Z
-\SS [PTL :[\KLU[Z -\SS [PTL Z[\KLU[Z HYL Z[\KLU[Z ^OV HYL JHYY`PUN VY TVYL JYLKP[Z 0U [OL Z\TTLY [OL` HYL Z[\KLU[Z ^OV HYL JHYY`PUN ZP_ VY TVYL JYLKP[Z
7HY[ [PTL :[\KLU[Z 7HY[ [PTL Z[\KLU[Z HYL Z[\KLU[Z ^OV HYL LUYVSSLK MVY ML^LY [OHU JYLK P[Z 0U [OL Z\TTLY [OL` HYL Z[\KLU[Z LUYVSSLK MVY ML^LY [OHU ZP_ JYLKP[Z
:[\KLU[ *HSS [V 4PSP[HY` +\[` 3HRL 3HUK *VSSLNL Z[\KLU[Z JHSSLK [V HJ[P]L K\[` PU [OL HYTLK MVYJLZ ^PSS \WVU [OLPY YLX\LZ[ IL NP]LU H WLYJLU[ YLM\UK VM [\P[PVU HUK MLLZ MVY [OL J\YYLU[ [LYT PM [OL` WYV]PKL [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL ^P[O H ^YP[[LU YLX\LZ[ [V IL KYVWWLK MYVT JSHZZLZ H[ WLYJLU[ YLM\UK HUK H JVW` VM [OLPY VMÃ&#x201E;JPHS VYKLYZ MVY H JHSS [V HJ[P]L K\[` 0M [OL JHSS [V HJ[P]L K\[` JVTLZ HM[LY TPK [LYT [OL Z[\KLU[ TH` YLX\LZ[ [V IL ^P[OKYH^U MYVT JSHZZLZ H[ WLYJLU[ YLM\UK [Y` [V JVTWSL[L JV\YZLZ PU WYVNYLZZ HM[LY JVUZ\S[PUN ^P[O [OL PUZ[Y\J[VYZ VY YLX\LZ[ PUJVTWSL[L NYHKLZ ¸0¹ HM[LY JVUZ\S[PUN ^P[O [OL PUZ[Y\J[VYZ
(JHKLTPJ /VUVYZ ,HJO ZLTLZ[LY L_JS\KPUN Z\TTLY [LYT HJHKLTPJ OVUVYZ HYL H^HYKLK [V Z[\KLU[Z ^OV OH]L JVTWSL[LK JYLKP[ OV\YZ VM JV\YZLZ H[ [OL SL]LS VY HIV]L [OH[ JV\U[ PU [OL NYHKL WVPU[ H]LYHNL ^P[O H ZLTLZ[LY .7( HZ MVSSV^Z! /VUVY»Z ¶ .7(" +LHU»Z 3PZ[ OPNO OVUVYZ ¶ .7(" HUK 7YLZPKLU[»Z 3PZ[ OPNOLZ[ OVUVYZ ¶ .7( (JHKLTPJ OVUVYZ MVY WHY[ [PTL Z[\KLU[Z HYL H^HYKLK [V Z[\KLU[Z ^OV JVTWSL[L [V JYLKP[ OV\YZ WLY ZLTLZ[LY L_JS\KPUN Z\TTLY [LYT ^P[O H ZLTLZ[LY NYHKL WVPU[ H]LYHNL .7( HZ MVSSV^Z! /VUVY»Z ¶ .7(" +LHU»Z 3PZ[ OPNO OVUVYZ ¶ .7(" HUK 7YLZPKLU[»Z 3PZ[ OPNOLZ[ OVUVYZ ¶ .7(
:[\KLU[ >P[OKYH^HSZ MYVT *V\YZLZ 0[ PZ ILULÃ&#x201E;JPHS MVY Z[\KLU[Z [V ZLLR HK]PJL MYVT [OL PUZ[Y\J[VY HUK VY JV\UZLSVY ^OLU JVUZPKLYPUN ^P[OKYH^HS MYVT H JV\YZL :[\KLU[Z JHU ^P[OKYH^ MYVT JV\YZLZ PU VUL VM [OL MVSSV^PUN ^H`Z! <ZL [OL 0U[LYUL[ 9LNPZ[YH[PVU HUK 0UMVYTH[PVU :`Z[LT 090: :[\KLU[Z TH` UV[ \ZL 090: [V ^P[OKYH^ MYVT JV\YZLZ PM [OL` OH]L H ISVJR VU [OLPY YLJVYKZ :\ITP[ H JOHUNL VM ZJOLK \SL MVYT [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VU JHTW\Z VY H[ [OL 2S\[OL *LU[LY *HSS [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VY [OL 2S\[OL *LU[LY [V PUMVYT [OLT VM [OLPY PU[LU[PVUZ ;OL VMÃ&#x201E;JPHS KH[L VM ^P[OKYH^HS ^PSS IL [OL KH[L [OL MVYT VY WOVUL JHSS PZ YLJLP]LK PU [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VY [OL 2S\[OL *LU[LY -VY JSHZZLZ TLL[PUN LPNO[ ^LLRZ VY SVUNLY Z[\KLU[Z JHU ^P[OKYH^ WYPVY [V MV\Y PUZ[Y\J[PVUHS KH`Z ILMVYL [OL Ã&#x201E;YZ[ KH` VM [OL Ã&#x201E;UHS L_HTPUH[PVU WLYPVK HUK YLJLP]L H ¸>¹ VU [OLPY HJHKLTPJ [YHUZJYPW[ -VY JSHZZLZ TLL[PUN SLZZ [OHU LPNO[ ^LLRZ PU SLUN[O Z[\KLU[Z TH` ^P[OKYH^ WYPVY [V [OL KH[L VM [OL SHZ[ JSHZZ ZLZZPVU HUK YLJLP]L H NYHKL VM ¸>¹ VU [OLPY HJHKLTPJ [YHUZJYPW[ :[\KLU[Z ^OV KV UV[ VMÃ&#x201E;JPHSS` ^P[OKYH^ TH` YLJLP]L HU ¸-¹ NYHKL VU [OLPY [YHUZJYPW[ 6UJL Z[\KLU[Z [HRL [OL Ã&#x201E;UHS L_HT [OL` JHUUV[ ^P[OKYH^ MYVT [OH[ JSHZZ 0[ PZ PTWVY[HU[ [V JVUZPKLY [OL MVSSV^PUN ^OLU ^P[OKYH^PUN MYVT H JV\YZL! ;OL YLM\UK WVSPJ` 5V YLM\UK ^PSS IL H\[OVYPaLK MVY ^P[OKYH^HSZ VY JOHUNLZ THKL HM[LY [OL YLM\UK WLYPVK -PUHUJPHS HPK PTWSPJH[PVUZ :[\KLU[Z TH` SVZL IV[O J\YYLU[ Ã&#x201E;UHUJPHS HPK NYHU[ SVHU HUK M\[\YL Ã&#x201E;UHUJPHS HPK LSPNPIPSP[` PM [OL` ^P[OKYH^ HUK TH` IL OLSK YLZWVUZPISL MVY M\SS WH` TLU[ VM [\P[PVU HUK MLLZ *VU[HJ[ [OL -PUHUJPHS (PK 6MÃ&#x201E;JL MVY TVYL PUMVYTH[PVU
0UZ[Y\J[VY >P[OKYH^HSZ MYVT *V\YZLZ (U PUZ[Y\J[VY TH` ^P[OKYH^ H Z[\KLU[ MYVT JSHZZ PM [OL U\TILY VM HIZLUJLZ PZ KL[YPTLU[HS [V [OL Z[\KLU[»Z HIPSP[` [V TLL[ [OL JV\YZL VIQLJ[P]LZ
;V 6I[HPU HU 0UJVTWSL[L MVY H *V\YZL 0M H Z[\KLU[ PZ \UHISL [V JVTWSL[L [OL YLX\PYLTLU[Z MVY H JV\YZL K\YPUN [OL HSSV[[LK [PTL WLYPVK K\L [V PSSULZZ VY V[OLY L_[YLTL JPYJ\TZ[HUJLZ [OL Z[\KLU[ TH` YLX\LZ[ [OL PUZ[Y\J[VY [V HZZPNU H NYHKL VM ¸0¹ 0UJVTWSL[L ;V YLJLP]L [OPZ NYHKL [OL Z[\KLU[ T\Z[ OH]L ILLU THPU[HPUPUN H WHZZPUN NYHKL H[ [OL [PTL [OL PSSULZZ VY L_[YLTL JPYJ\TZ[HUJL Z[HY[LK [OL PUZ[Y\J[VY T\Z[ HNYLL [OH[ [OPZ PZ HU HWWYVWYPH[L NYHKL PU [OL ZWLJPÃ&#x201E;J JPYJ\TZ[HUJL HUK [OL Z[\KLU[ HUK [OL PUZ[Y\J[VY T\Z[ JVTWSL[L H 9LX\LZ[ [V 6I[HPU HU 0UJVTWSL[L MVYT +\YPUN [OL UL_[ YLN\SHY [LYT L_JS\KPUN Z\TTLY [OL Z[\KLU[ ^PSS IL NP]LU [OL VWWVY[\UP[` [V JVTWSL[L [OL YLX\PYLTLU[Z MVY [OL JV\YZL (M[LY [OL YLX\PYLTLU[Z OH]L VY OH]L UV[ ILLU JVTWSL[LK [OL PUZ[Y\J[VY ^PSS KL[LYTPUL [OL NYHKL [OL Z[\KLU[ LHYULK ( ) * + - VY 7 HUK YLWVY[ P[ [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL I` [OL TPK [LYT KH[L MVY [OH[ [LYT (U` ¸0¹ NYHKL YLTHPUPUN HM[LY [OL TPK [LYT KH[L ^PSS H\[VTH[PJHSS` IL JOHUNLK [V HU ¸-¹ NYHKL :[\KLU[Z HMMLJ[LK I` [OPZ WYVJLK\YL ZOV\SK YLMLY [V [OL NYHKL HWWLHS ZLJ[PVU VM [OL JH[HSVN
.YHK\H[PVU ^P[O /VUVYZ 0U JVTW\[PUN [OL Ã&#x201E;UHS NYHKL WVPU[ H]LYHNL MVY NYHK\H[PVU ^P[O OVUVYZ VUS` JV\YZLZ HUK NYHKLZ LHYULK H[ 3HRL 3HUK *VSSLNL ^PSS IL \ZLK ;OL Ã&#x201E;UHS YHUNL VM J\T\SH[P]L NYHKL WVPU[ H]LYHNL .7( [V IL H^HYKLK NYHK\H[PVU OVUVYZ HYL HZ MVSSV^Z! J\T SH\KL ¶ .7(" THNUH J\T SH\KL ¶ .7(" HUK Z\TTH J\T SH\KL ¶ .7( 6US` [OVZL Z[\KLU[Z JVTWSL[PUN KLNYLL YLX\PYLTLU[Z VY H JLY[PÃ&#x201E;JH[L WYVNYHT VM OV\YZ VY TVYL JHU IL KLZPNUH[LK HZ NYHK\H[PUN ^P[O OVUVYZ ;OL NYHKL L_JS\ZPVU WVSPJ` ^PSS UV[ HMMLJ[ [OL JHSJ\SH[PUN VM [OL Ã&#x201E;UHS NYHKL WVPU[ H]LYHNL \ZLK [V KL[LYTPUL NYHK\H[PVU ^P[O OVUVYZ Z[H[\Z /VUVYZ MVY ZWYPUN JHUKPKH[LZ MVY KLNYLLZ HUK JLY[PÃ&#x201E;JH[LZ HYL [LU[H[P]L HUK HYL IHZLK \WVU [OLPY J\T\SH[P]L NYHKL WVPU[ H]LYHNL MVY JV\YZLZ [HRLU H[ 3HRL 3HUK *VSSLNL K\YPUN [OL WYL]PV\Z ZLTLZ[LYZ :\TTLY JHUKP KH[LZ MVY NYHK\H[PVU HS[OV\NO HSSV^LK [V WHY[PJPWH[L PU [OL ZWYPUN NYHK\H[PVU JLYLTVU` ^PSS UV[ OH]L HU OVUVYZ KLZPNUH[PVU SPZ[LK PU [OL WYVNYHT ([ [OL [PTL JHUKPKH[LZ HYL JLY[PÃ&#x201E;LK MVY NYHK\H[PVU H UV[H[PVU ^PSS IL WSHJLK VU [OLPY HJH KLTPJ [YHUZJYPW[ HUK KPWSVTH PUKPJH[PUN [OL` NYHK\H[LK ^P[O OVUVYZ
(JHKLTPJ 3VHK 4H_PT\T /V\YZ WLY ;LYT +\YPUN [OL MHSS HUK ZWYPUN ZLTLZ[LYZ UV Z[\KLU[ TH` YLNPZ[LY MVY TVYL [OHU ZLTLZ[LY OV\YZ ^P[OV\[ WLYTPZZPVU MYVT [OL HZZVJPH[L ]PJL WYLZPKLU[ MVY LK\JH[PVUHS ZLY]PJLZ +\YPUN [OL Z\TTLY [LYT UV Z[\KLU[ TH` YLNPZ[LY MVY TVYL [OHU ZLTLZ[LY OV\YZ ^P[OV\[ WLYTPZZPVU MYVT [OL HZZVJPH[L ]PJL WYLZPKLU[ MVY LK\JH[PVUHS ZLY]PJLZ
.YHKL (WWLHSZ .YHKL HWWLHSZ T\Z[ IL PUP[PH[LK I` [OL Z[\KLU[ UV SH[LY [OHU [OL LUK VM [OL ZP_[O ^LLR MVSSV^PUN [OL JSVZL VM [OL ZLTLZ[LY MVY ^OPJO [OL HZZPNULK NYHKL ^HZ YLJVYKLK ;OPZ YLX\LZ[ T\Z[ IL PUP[PH[LK ^P[O [OL PUZ[Y\J[VY VM [OL JV\YZL [OL JOHPYWLYZVU VM [OL KP]PZPVU VY [OL (ZZVJPH[L =PJL 7YLZPKLU[ MVY ,K\JH[PVUHS :LY]PJLZ ;OL (ZZVJPH[L =PJL 7YLZPKLU[ VM ,K\JH[PVUHS :LY]PJLZ OHZ [OL Ã&#x201E;UHS HWWYV]HS VM NYHKL HWWLHSZ
.YHKL ,_JS\ZPVU 7VSPJ` :[\KLU[Z HYL VMMLYLK H VUJL VUS` VWWVY[\UP[` [V PTWYV]L [OLPY NYHKL WVPU[ H]LYHNL WYV]PKLK [OL` TLL[ [OL MVSSV^PUN JVUKP[PVUZ! ;OL` T\Z[ UV[ OH]L ILLU LUYVSSLK PU JYLKP[ JV\YZLZ H[ 3HRL 3HUK *VSSLNL MVY H[ SLHZ[ Ã&#x201E;]L JVUZLJ\[P]L JHSLUKHY `LHYZ MYVT [OLPY SHZ[ LUYVSSTLU[ WLYPVK 4\Z[ OH]L JVTWSL[LK H TPUPT\T VM ZLTLZ[LY OV\YZ ^P[O H NYHKL WVPU[ H]LYHNL VM VY IL[[LY H[ 3HRL 3HUK HM[LY [OL Ã&#x201E;]L `LHY ^HP[PUN WLYPVK 6US` ¸-¹ NYHKLZ [OH[ ^LYL LHYULK PU H ZPUNSL ZLTLZ[LY VY [LYT VM LUYVSSTLU[ ^PSS IL L_JS\KLK ;OL .YHKL ,_JS\ZPVU 7VSPJ` JHUUV[ IL HWWSPLK ILMVYL [OL TPUPT\T JYLKP[Z ^HP[PUN WLYPVK HUK NYHKL WVPU[ H]LYHNL HYL LHYULK :[\KLU[Z WSHUUPUN [V [YHUZMLY [V HUV[OLY PUZ[P[\[PVU HYL JH\[PVULK [OH[ [OL YLJLP]PUN \UP]LYZP[` TH` \ZL HSS NYHKLZ LHYULK PU L_JS\KLK JV\YZLZ MVY JVTW\[H[PVU VM NYHKL WVPU[ H]LYHNL MVY HKTPZZPVU VY V[OLY W\YWVZLZ ,SPNPISL Z[\KLU[Z ZOV\SK ZLL H JV\UZLSVY VY HJHKLTPJ HK]PZVY [V ILNPU [OL WYVJLZZ -VYTZ JHU IL VI[HPULK MYVT [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL
2LLW @V\YZLSM PU .VVK (JHKLTPJ :[HUKPUN 3HRL 3HUK *VSSLNL PU[LYWYL[Z H J\T\SH [P]L ¸*¹ H]LYHNL ($ )$ *$ +$ HZ [OL TPUPT\T HJJLW[HISL Z[HUKHYK VM ZJOVSHYZOPW MVY NYHK\H[PVU :[\KLU[Z ^PSS IL UV[PÃ&#x201E;LK VM [OLPY HJHKLTPJ Z[HUKPUN VU [OLPY NYHKL YLWVY[Z LHJO [LYT 4PUPT\T HJJLW[ HISL Z[HUKHYKZ PU [LYTZ VM NYHKL WVPU[ H]LYHNL .7( [V YLTHPU PU ¸NVVK HJHKLTPJ Z[HUKPUN¹ HYL HZ MVSSV^Z! ¶ OYZ ¶ OYZ .7( .7(
¶ OYZ .7(
¶ OYZ ¶ OYZ .7( .7(
OYZ .7(
(JHKLTPJ 7YVIH[PVU :\ZWLUZPVU HUK +PZTPZZHS 9LX\PYLTLU[Z (JHKLTPJ 7YVIH[PVU (U` Z[\KLU[ ^OVZL J\T\SH[P]L NYHKL WVPU[ H]LYHNL MHSSZ ILSV^ [OL TPUPT\T HJJLW[HISL Z[HUKHYKZ [V YLTHPU PU ¸NVVK HJHKLTPJ Z[HUK PUN¹ HM[LY ZLTLZ[LY OV\YZ ^PSS IL WSHJLK VU HJHKLTPJ WYVIH[PVU >OPSL VU WYVIH[PVU Z[\KLU[Z TH` JVU[PU\L [V LUYVSS PU [OL JVSSLNL OV^L]LY [OL`! H 4\Z[ JVU[HJ[ H JV\UZLSVY ILMVYL YLNPZ[YH[PVU I 4\Z[ LUYVSS PU UV TVYL [OHU ZLTLZ[LY OV\YZ TH_PT\T K\YPUN [OL MHSS HUK ZWYPUN ZLTLZ[LYZ HUK UV TVYL [OHU ZLTLZ[LY OV\YZ K\YPUN [OL Z\TTLY [LYT J 4\Z[ LUYVSS PU :[YH[LNPLZ MVY :\JJLZZ :-: K *HU IL YLX\PYLK [V [HRL KL]LSVW TLU[HS YLHKPUN JV\YZLZ VY [\[VYPUN PU ZWLJPÃ&#x201E;J HYLHZ \WVU [OL YLJVTTLUKH[PVU VM JV\UZLS PUN HUK YLHKPUN WYVMLZZPVUHSZ
L 4\Z[ LHYU H ZLTLZ[LY NYHKL WVPU[ H]LYHNL VY H J\T\SH[P]L NYHKL WVPU[ H]LYHNL H[ VY HIV]L [OL TPUPT\T HJJLW[HISL Z[HUKHYK MVY [OL U\TILY VM ZLTLZ[LY OV\YZ H[[LTW[LK ( Z[\KLU[ PZ YLTV]LK MYVT WYVIH[PVUHY` Z[H[\Z HUK JVUZPKLYLK PU ¸NVVK HJHKLTPJ Z[HUKPUN¹ ^OLU [OL J\T\SH[P]L NYHKL WVPU[ H]LYHNL PZ H[ VY HIV]L [OL TPUPT\T HJJLW[HISL Z[HUKHYK MVY [OL U\TILY VM ZLTLZ[LY OV\YZ H[[LTW[LK
(JHKLTPJ :\ZWLUZPVU (U` Z[\KLU[ VU HJHKLTPJ WYVIH[PVU ^OV H[[LTW[Z VUL VY TVYL JVSSLNL JYLKP[ JV\YZLZ H[ [OL JV\YZL SL]LS VY HIV]L HUK MHPSZ [V HJOPL]L H ZLTLZ[LY NYHKL WVPU[ H]LYHNL VY H J\T\SH[P]L NYHKL WVPU[ H]LYHNL H[ VY HIV]L [OL TPUPT\T HJJLW[ HISL Z[HUKHYK ^PSS IL HJHKLTPJHSS` Z\ZWLUKLK MYVT [OL JVSSLNL ;OL Z\ZWLUZPVU ^PSS IL MVY [OL M\SS [LYT MVSSV^PUN [OL [LYT VM J\YYLU[ LUYVSSTLU[ 9LHKTP[[HUJL [V [OL JVSSLNL ^PSS IL H\[VTH[PJ MVY Z[\KLU[Z ^OV OH]L ILLU Z\ZWLUKLK 5V Z[\KLU[ TH` LUYVSS PU HU` JVSSLNL JYLKP[ JV\YZLZ K\YPUN [OL Z\ZWLUZPVU WLYPVK" OV^L]LY ^P[O JVUZLU[ VM H JV\UZLSVY [OL Z[\KLU[ TH` LUYVSS PU JV\YZLZ ILSV^ [OL JV\YZL SL]LS KL]LSVWTLU[HS HUK NLULYHS Z[\KPLZ 9+. 9LHKPUN HUK :[\K` :RPSSZ 0 HUK :-: :[YH[LNPLZ MVY :\JJLZZ :[\KLU[Z YL[\YUPUN MYVT HJHKLTPJ Z\ZWLUZPVU ^PSS IL WSHJLK VU HJHKLTPJ WYVIH[PVU Z[H[\Z HUK ^PSS IL YLX\PYLK [V Z\JJLZZM\SS` JVTWSL[L VI[HPU H WHZZPUN NYHKL PU :-: :[YH[LNPLZ MVY :\JJLZZ :[\KLU[Z TH` HSZV IL YLX\PYLK [V JVTWSL[L 9LHKPUN HUK :[\K` :RPSSZ 9+. VY [\[VYPUN PU ZWLJPÃ&#x201E;J HYLHZ
(JHKLTPJ +PZTPZZHS (U` Z[\KLU[ WYL]PV\ZS` Z\ZWLUKLK ^OV YL LU[LYZ [OL JVSSLNL HUK ^OPSL VU WYVIH[PVU KVLZ UV[ LHYU H TPUPT\T ZLTLZ[LY NYHKL WVPU[ H]LYHNL VY H J\T\SH[P]L NYHKL WVPU[ H]LYHNL H[ VY HIV]L [OL TPUPT\T HJJLW[HISL Z[HUKHYK MVY [OL U\TILY VM ZLTLZ[LY OV\YZ H[[LTW[LK ^PSS IL KPZTPZZLK MVY UV[ SLZZ [OHU VUL JHSLUKHY `LHY
(M[LY [OL VUL `LHY KPZTPZZHS WLYPVK H Z[\KLU[ T\Z[ WL[P[PVU [OL (JHKLTPJ :[HUKHYKZ *VTTP[[LL MVY YLHKTPZZPVU ;OL WL[P[PVU MVY YLHKTPZZPVU T\Z[ IL Z\ITP[[LK H[ SLHZ[ [OYLL ^LLRZ WYPVY [V [OL ILNPUUPUN VM [OL [LYT [OL Z[\KLU[ ^PZOLZ [V LUYVSS (U` Z[\KLU[ YLHKTP[[LK I` [OL (JHKLTPJ :[HUKHYKZ *VTTP[[LL ^PSS IL UV[PÃ&#x201E;LK PU ^YP[PUN VM [OL ZWLJPÃ&#x201E;J [LYTZ VM YLHKTPZZPVU :[\KLU[Z YL[\YUPUN MYVT HJHKLTPJ KPZTPZZHS ^PSS IL WSHJLK VU HJHKLTPJ WYVIH[PVU Z[H[\Z HUK ^PSS IL YLX\PYLK [V Z\JJLZZM\SS` JVT WSL[L VI[HPU H WHZZPUN NYHKL PU :-: :[YH[LNPLZ MVY :\JJLZZ :[\KLU[Z TH` HSZV IL YLX\PYLK [V JVTWSL[L KL]LSVWTLU[HS YLHKPUN JV\YZLZ VY [\[VYPUN PU ZWLJPÃ&#x201E;J HYLHZ (U` Z[\KLU[ ^OV YLLU[LYZ [OL JVSSLNL HM[LY HJHKLTPJ KPZTPZZHS HUK KVLZ UV[ TLL[ [OL JVUKP[PVUZ YLX\PYLK I` [OL (JHKLTPJ :[HU KHYKZ *VTTP[[LL TH` IL WLYTH ULU[S` KPZTPZZLK MYVT [OL JVSSLNL
(KKPUN *V\YZLZ :[\KLU[Z TH` HKK JV\YZLZ [V [OLPY ZJOLK\SL [OYV\NO [OL Ã&#x201E;YZ[ [^V PUZ[Y\J [PVUHS KH`Z VM [OL ZLTLZ[LY VY TVK\SL :[\KLU[Z TH` HKK HU L]LUPUN JSHZZ WYPVY [V [OL ZLJVUK JSHZZ TLL[PUN 0U VYKLY [V HKK H JV\YZL KLNYLL ZLLRPUN Z[\KLU[Z TH` LP[OLY \ZL 090: VY Z\ITP[ H JVT WSL[LK *OHUNL VM :JOLK\SL MVYT [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VY H[ [OL 2S\[OL *LU[LY 6MM JHTW\Z Z[\KLU[Z TH` JVU[HJ[ [OL SVJHS L_[LUZPVU JLU[LY JVVYKPUH[VY 5VU KLNYLL ZLLRPUN Z[\KLU[Z TH` JHSS [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL Z[HMM [V HKK JSHZZLZ
+YVWWPUN *V\YZLZ :[\KLU[Z OH]L [OYV\NO [OL Ã&#x201E;YZ[ PUZ[Y\J[PVUHS KH`Z VM [OL ZLTLZ[LY [V KYVW H JV\YZL [OH[ TLL[Z ^LLRZ VY SVUNLY ^P[O UV UV[H[PVU VU [OLPY HJHKLTPJ [YHUZJYPW[ HUK YLJLP]L H YLM\UK -VY JV\YZLZ TLL[PUN SLZZ [OHU ^LLRZ I\[ H[ SLHZ[ H TVK\SL PU SLUN[O Z[\KLU[Z OH]L [OYV\NO [OL Ã&#x201E;YZ[ Ã&#x201E;]L PUZ[Y\J[PVUHS KH`Z [V KYVW [OL JV\YZL ^P[O UV UV[H[PVU VU [OLPY YLJVYK HUK YLJLP]L H YLM\UK -VY JV\YZLZ TLL[PUN
SLZZ [OHU H TVK\SL PU SLUN[O Z[\KLU[Z OH]L \U[PS [OL Ã&#x201E;YZ[ PUZ[Y\J[PVUHS KH` VM [OL JSHZZ [V KYVW [OL JV\YZL ^P[O UV UV[H[PVU VU [OLPY YLJVYK HUK YLJLP]L H YLM\UK 0U VYKLY [V KYVW H JV\YZL ^P[O UV YLJVYK Z[\KLU[Z T\Z[ LP[OLY \ZL [OL 0U[LYUL[ 9LNPZ[YH[PVU HUK 0UMVYTH[PVU :`Z[LT 090: VY Z\ITP[ H JVTWSL[LK *OHUNL VM :JOLK\SL MVYT [V [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL VY H[ [OL 2S\[OL *LU[LY VY [OL` TH` JHSS [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL [V PUMVYT [OLT VM [OLPY PU[LU[PVUZ 0[ PZ [OL Z[\KLU[»Z YLZWVUZPIPSP[` [V KYVW JV\YZLZ HJJVYKPUN [V WVSPJ` HUK [V ZLJ\YL WYVWLY KVJ\TLU[H[PVU
*OHUNL VM 7YVNYHT VM :[\K` <USLZZ PUMVYTLK V[OLY^PZL Z[\KLU[Z HYL HZZPNULK [OL WYVNYHT VM Z[\K` THQVY [OL` PUKPJH[L VU [OLPY 0U[LU[ [V ,UYVSS 0M H Z[\KLU[ ^HU[Z [V JOHUNL OPZ VY OLY THQVY HUK OHZ UV[ LUYVSSLK `L[ [OLU [OL Z[\KLU[ ZOV\SK JVU[HJ[ [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL 0M HSYLHK` LUYVSSLK [OL Z[\KLU[ ZOV\SK JVU[HJ[ *V\UZLSPUN :LY]PJLZ
;V (\KP[ H *V\YZL ;V H\KP[ H JV\YZL [OL Z[\KLU[ T\Z[ WH` [OL ZHTL [\P[PVU HUK MLLZ HZ PM [OL JV\YZL ^LYL ILPUN [HRLU MVY JYLKP[ ;OL Z[\KLU[ T\Z[ KLJSHYL [OL PU[LU[PVU [V H\KP[ [OL JV\YZL PU ^YP[PUN VU [OL WYVWLY MVYT ^P[O [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL H[ [OL [PTL VM YLNPZ[YH[PVU MVY [OL JSHZZ ;OL MVYT PZ H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z ( Z[\KLU[ TH` JOHUNL MYVT H\KP[ [V JYLKP[ Z[H[\Z K\YPUN [OL Ã&#x201E;YZ[ Ã&#x201E;]L KH`Z VM [OL ZLTLZ[LY
9LWLH[LK *V\YZLZ :[\KLU[Z TH` YLWLH[ JV\YZLZ UV[ KLZPNUH[LK HZ YLWLH[HISL [HRLU H[ 3HRL 3HUK *VSSLNL ^P[O [OL \UKLYZ[HUKPUN [OH[ [OL SHZ[ JYLKP[ OV\YZ HUK NYHKLZ LHYULK ^PSS IL JVTW\[LK PU [OL Z[\KLU[»Z NYHKL WVPU[ H]LYHNL ;OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL T\Z[ IL UV[PÃ&#x201E;LK I` [OL Z[\KLU[ PU ^YP[PUN VU [OL WYVWLY MVYT VM H YLWLH[LK JV\YZL ILMVYL [OL YLWLH[ PZ UV[LK VU [OL
[YHUZJYPW[ ;OPZ MVYT PZ H]HPSHISL H[ [OL (KTPZZPVUZ HUK 9LJVYKZ VMÃ&#x201E;JL VY VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z )LJH\ZL YLWLH[ JV\YZL WVSPJPLZ ]HY` MYVT JVSSLNL [V JVSSLNL Z[\KLU[Z WSHUUPUN [V [YHUZMLY HYL LUJV\YHNLK [V MHTPSPHYPaL [OLTZLS]LZ ^P[O [OL WVSPJ` VM [OL JVSSLNL [OL` ^PSS H[[LUK 9LWLH[Z ^PSS HSZV IL UV[LK H[ [OL [PTL [OL Z[\KLU[ HWWSPLZ MVY NYHK\H[PVU
0TWVY[HUJL VM ([[LUKPUN *SHZZ )LJH\ZL YLN\SHY W\UJ[\HS JSHZZYVVT H[[LUKHUJL PZ JVUZPKLYLK PTWVY[HU[ MVY X\HSP[` WLYMVYTHUJL HUK Z\JJLZZ Z[\KLU[Z HYL L_WLJ[LK [V W\UJ[\HSS` H[[LUK HSS TLL[PUNZ VM JSHZZLZ PU ^OPJO [OL` HYL LUYVSSLK 0UZ[Y\J[VYZ HUK VY KP]PZPVU JOHPYWLYZVUZ OH]L [OL WYLYVNH [P]L [V KL[LYTPUL TPUPT\T YLX\PYL TLU[Z" VM[LU[PTLZ [OLZL YLX\PYLTLU[Z HYL KL[LYTPULK I` HJJYLKP[PUN HUK JYLKLU[PHS NYHU[PUN HNLUJPLZ 0UZ[Y\J[VYZ HSZV OH]L [OL WYLYVNH[P]L VM SV^LYPUN NYHKLZ MVY \UL_J\ZLK HIZLUJLZ )LJH\ZL [OL 0SSPUVPZ *VTT\UP[` *VSSLNL )VHYK YLX\PYLZ PUZ[Y\J[VYZ [V JLY[PM` [OL H[[LUKHUJL VM Z[\KLU[Z H[ TPK [LYT HU PUZ[Y\J[VY TH` ^P[OKYH^ H Z[\KLU[ MYVT JSHZZ PM [OL U\TILY VM HIZLUJLZ PZ KL[YPTLU[HS [V OPZ OLY HIPSP[` [V TLL[ [OL JV\YZL VIQLJ[P]LZ 0U JHZL VM WYVSVUNLK HIZLUJL ILJH\ZL VM PSSULZZ HJJPKLU[ VY OVZWP[HSPaH[PVU Z[\KLU[Z T\Z[ UV[PM` [OL *VSSLNL /LHS[O :LY]PJLZ ZV [OH[ WYVWLY UV[PÃ&#x201E;JH[PVU JHU IL THKL [V PUZ[Y\J[VYZ :[\KLU[ HIZLUJLZ MVY [OL W\YWVZL VM H[[LUKPUN YLN\SHY UH[PVUHS N\HYK VY TPSP[HY` YLZLY]L \UP[ HJ[P]P[PLZ ^PSS IL JVUZPKLYLK L_J\ZLK HIZLUJLZ
-PUHS ,_HTPUH[PVUZ 9LZJOLK\SPUN VM Ã&#x201E;UHS L_HTZ PZ UV[ WLYTP[[LK L_JLW[ ^P[O WLYTPZZPVU VM [OL =PJL 7YLZPKLU[ MVY (JHKLTPJ :LY]PJLZ HUK ^P[O [OL JVUZLU[ VM [OL PUZ[Y\J[VY ;OL ZJOLK\SL JHU IL MV\UK H[ ^^^ SHRLSHUK JJ PS \Z [OLU J\YYLU[ Z[\KLU[Z JV\YZL ZJOLK\SLZ
*V\YZL 7YVÃ&#x201E;JPLUJ` 0M YLHZVUHISL L]PKLUJL L_PZ[Z [OH[ H Z[\KLU[ WVZZLZZLZ HJHKLTPJ WYVÃ&#x201E;JPLUJ` PU H Z\IQLJ[ HYLH [OL Z[\KLU[ TH` WL[P[PVU [V [HRL H WYVÃ&#x201E;JPLUJ` L_HTPUH [PVU 7YVÃ&#x201E;JPLUJ` L_HTPUH[PVUZ HYL SPTP[LK [V [OVZL JV\YZLZ YLJVTTLUKLK I` [OL KP]PZPVU JOHPYWLYZVU HUK HWWYV]LK I` [OL KLHU :[\KLU[Z T\Z[ JVTWSL[L H ^YP[[LU WL[P[PVU HUK OH]L P[ HWWYV]LK I` [OL PUZ[Y\J[VY VM [OL JV\YZL [OLPY HK]PZVY KP]PZPVU JOHPY HZZVJPH[L ]PJL WYLZPKLU[ MVY LK\JH[PVUHS ZLY]PJLZ HUK [OL KP]PZPVU JOHPY VM [OL Z\IQLJ[ HYLH PU ^OPJO [OL JV\YZL PZ VMMLYLK (U L]HS\H[PVU MLL PZ YLX\PYLK MVY H WYVÃ&#x201E;JPLUJ` L_HTPUH[PVU HUK T\Z[ IL WHPK PU HK]HUJL ;OL L]HS\H[PVU MLL PZ WLY JYLKP[ OV\Y ( NYHKL ^PSS IL NP]LU HUK [OL JYLKP[ LHYULK ^PSS IL WVZ[LK [V [OL Z[\KLU[»Z [YHUZJYPW[ 5V VMÃ&#x201E;JPHS YLJVYK PZ THKL VM MHPS\YLZ ;\P[PVU HUK MLLZ ^PSS UV[ IL HZZLZZLK MVY JYLKP[ LHYULK I` WYVÃ&#x201E;JPLUJ` L_HTPUH[PVU 7YVÃ&#x201E;JPLUJ` L_HTPUH[PVUZ HYL NP]LU ^P[O [OL MVSSV^PUN JYP[LYPH! ,_HTPUH[PVUZ HYL NP]LU MVY WVZ[ OPNO ZJOVVS LK\JH[PVU HUK VY ^VYR L_WLYPLUJL MYVT ^OPJO UV WYPVY JVSSLNL JYLKP[ OHZ ILLU YLJLP]LK :[\KLU[Z ^PSS UV[ IL JLY[PÃ&#x201E;LK MVY HJHKLTPJ JYLKP[ PU HU` JV\YZL [OH[ [OL` HYL UV[ LSPNPISL [V YLNPZ[LY MVY JYLKP[ ( TH_PT\T VM ZLTLZ[LY OV\YZ VM JYLKP[ TH` IL LHYULK [OYV\NO WYVÃ&#x201E;JPLUJ` L_HTPUH[PVUZ ^P[O H SPTP[ VM LPNO[ ZLTLZ[LY OV\YZ MVY JV\YZLZ PU VUL KP]PZPVU 5V WYVÃ&#x201E;JPLUJ` L_HTPUH[PVU TH` IL [HRLU HM[LY [OL Z[\KLU[ OHZ LUYVSSLK PU [OL JV\YZL ,_HTPUH[PVUZ TH` UV[ IL [HRLU PM H Z[\KLU[ OHZ YLJLP]LK JYLKP[ MVY HK]HUJLK ^VYR PU [OL Z\IQLJ[ HYLH IL`VUK [OL JV\YZL PU ^OPJO [OL L_HTPUH[PVU PZ YLX\LZ[LK ;OL Z[\KLU[ T\Z[ IL HKTP[[LK PU[V [OL JVSSLNL HUK T\Z[ UV[ OH]L H\KP[LK VY [HRLU [OL JV\YZL ,_HTPUH[PVUZ TH` UV[ IL [HRLU [V YHPZL NYHKLZ VY [V YLTV]L H MHPSPUN NYHKL
(K]HUJLTLU[ 7SHJLTLU[ 3HRL 3HUK *VSSLNL NYHU[Z JYLKP[ MVY JV\YZLZ [HRLU I` OPNO ZJOVVS Z[\KLU[Z ^OV WHY[PJPWH[L PU [OL (K]HUJLK 7SHJLTLU[ 7YVNYHT *YLKP[ PZ IHZLK VU JV\YZL L_HTPUH[PVUZ HKTPUPZ[LYLK I` [OL *VSSLNL ,U[YHUJL ,_HTPUH[PVU )VHYK HUK [OL MVSSV^PUN WYV]PZPVUZ HWWS`! :[\KLU[Z T\Z[ OH]L ZJVYLZ ZLU[ KPYLJ[S` [V 3HRL 3HUK *VSSLNL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL :JVYLZ MYVT V[OLY JVSSLNL [YHUZJYPW[Z JHUUV[ IL \ZLK +LWLUKPUN VU [OL L_HTPUH[PVU [HRLU H Z[\KLU[ T\Z[ ZJVYL VY PU VYKLY [V YLJLP]L JYLKP[ :LL YPNO[ MVY ZWLJPÃ&#x201E;J PUMVYTH[PVU VU ZJVYLZ HUK JYLKP[ [V IL NYHU[LK *YLKP[ ^PSS UV[ IL \ZLK [V JHSJ\SH[L NYHKL WVPU[ H]LYHNLZ ( TH_PT\T VM Ã&#x201E;M[LLU OV\YZ VM (K]HUJLK 7SHJLTLU[ JYLKP[ JHU IL \ZLK [V^HYK NYHK\H[PVU YLX\PYLTLU[Z (SS ZJVYLZ ^PSS IL PUKP]PK\HSS` L]HS\H[LK [V KL[LYTPUL ZWLJPÃ&#x201E;J JV\YZL JYLKP[ HUK [OL HTV\U[ VM JYLKP[ [V IL H^HYKLK :[\KLU[Z ZOV\SK IL H^HYL [OH[ (K]HUJLK 7SHJLTLU[ *YLKP[ TH` UV[ IL HJJLW[LK I` HUV[OLY JVSSLNL VY \UP]LYZP[` (7 ;,:; ;0;3,
*6<9:, *9,+0; /6<9: .9(5;,+
40504<4 :*69,
:WHUPZO 3HUN\HNL 3P[LYH[\YL
-3. HUK -3. OYZ
-YLUJO 3HUN\HNL 3P[LYH[\YL
-3. HUK -3. OYZ
,UNSPZO 3HUN\HNL *VTWVZP[PVU
,5. OYZ
,UNSPZO 3P[LYH[\YL *VTWVZP[PVU
30; OYZ
*VTW\[LY :JPLUJL
*0: OYZ
)PVSVN`
)06 OYZ
*OLTPZ[Y`
*/4 OYZ
*OLTPZ[Y`
*/4 HUK OYZ
7O`ZPJZ ¶ 3L]LS )
7/@ HUK OYZ
7O`ZPJZ ¶ 3L]LS * 7HY[
7/@ OYZ
7O`ZPJZ ¶ 3L]LS * 7HY[
7/@ OYZ
*HSJ\S\Z ()
4(; OYZ
*HSJ\S\Z )*
4(; HUK 4(; OYZ
:[H[PZ[PJZ
4(; OYZ
,JVUVTPJZ
,*6 VY ,*6 OYZ
<UP[LK :[H[LZ /PZ[VY`
/0: VY /0: OYZ
7VSP[PJHS :JPLUJL
76: VY 76: OYZ
7Z`JOVSVN`
7:@ OYZ
*YLKP[ ;OYV\NO [OL *3,7 ,_HT
3PML ,_WLYPLUJL *YLKP[
*VSSLNL JYLKP[ PZ NP]LU MVY L_HTPUH[PVUZ [HRLU [OYV\NO [OL *VSSLNL 3L]LS ,_HTPUH [PVU 7YVNYHT *3,7 VM [OL *VSSLNL ,U[YHUJL ,_HTPUH[PVU )VHYK PM ZH[PZMHJ[VY` ZJVYLZ HYL HJOPL]LK *3,7 L_HTPUH[PVUZ HYL IHZLK VU JVSSLNL SL]LS Z\IQLJ[ TH[LYPHS 0M Z[\KLU[Z WHY[PJPWH[L PU [OLZL WYVNYHTZ [OL` T\Z[ YLX\LZ[ [OH[ [OL L_HTPUH[PVU YLZ\S[Z IL MVY^HYKLK [V [OL 3HRL 3HUK *VSSLNL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL :[\KLU[Z KLZPYPUN [V [HRL [OLZL [LZ[Z TH` VI[HPU PUMVYTH[PVU MYVT [OL +PYLJ[VY VM [OL 3LHYUPUN (ZZPZ[HUJL *LU[LYZ H[ :[\KLU[Z ZOV\SK IL H^HYL [OH[ *3,7 JYLKP[Z TH` UV[ IL HJJLW[LK I` HUV[OLY \UP]LYZP[`
;\YU `V\Y SPML HUK ^VYR L_WLYPLUJLZ PU[V JVSSLNL JYLKP[! 5V[ HSS SLHYUPUN [HRLZ WSHJL PU [OL JSHZZYVVT =HS\HISL JVSSLNL SL]LS RUV^SLKNL TH` IL HJX\PYLK [OYV\NO QVI L_WLYPLUJL HUK V[OLY SPML HJJVT WSPZOTLU[Z ;OYV\NO H \UPX\L VUSPUL JSHZZ 05: 7VY[MVSPV +L]LSVWTLU[ SLHYU OV^ [V L_HTPUL `V\Y SPML HUK ^VYR L_WLYPLUJLZ HUK KL]LSVW H WVY[MVSPV ZOV^JHZPUN `V\Y RUV^SLKNL *YLKP[ LHYULK [OYV\NO SPML L_WLYP LUJL TH` IL \ZLK [V TLL[ \W [V Ã&#x201E;M[` WLYJLU[ VM [OL YLX\PYLTLU[Z MVY H [LJOUPJHS JLY[PÃ&#x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
*3,7 ZJVYLZ [OH[ ^PSS IL JVUZPKLYLK MVY JYLKP[ HYL PKLU[PÃ&#x201E;LK PU [OL *3,7 ;LZ[ *OHY[ 40504<4 :*69,
*9,+0; .9(5;,+
,8<0=(3,5*,
*VSSLNL (SNLIYH
OYZ
4(;
*HSJ\S\Z
OYZ
4(;
*VSSLNL *VTWVZP[PVU
OYZ
,5.
/\THUP[PLZ
OYZ
/<4
:VJPHS :JPLUJLZ /PZ[VY`
OYZ
:VJPHS :JPLUJL LSLJ[P]L
-PUHUJPHS (JJV\U[PUN
OYZ
)<:
7YPUJPWSLZ VM 4HUHNLTLU[
OYZ
)<:
7YPUJPWSLZ VM 4HYRL[PUN
OYZ
)<:
(TLYPJHU .V]LYUTLU[
OYZ
76:
/PZ[VY` VM [OL <:! ,HYS` *VSVUPaH[PVU
OYZ
/0:
/PZ[VY` VM [OL <:! [V 7YLZLU[
OYZ
/0:
/\THU .YV^[O HUK +L]LSVWTLU[
OYZ
7:@
7YPUJPWSLZ VM 4PJYVLJVUVTPJZ
OYZ
,*6
7YPUJPWSLZ VM 4HJYVLJVUVTPJZ
OYZ
,*6
0U[YVK\J[VY` 7Z`JOVSVN`
OYZ
7:@
>LZ[LYU *P]PSPaH[PVU 0! (UJPLU[ 5LHY ,HZ[ [V
OYZ
/0:
>LZ[LYU *P]PSPaH[PVU 00! [V WYLZLU[
OYZ
/0:
0U[YVK\J[VY` :VJPVSVN`
OYZ
:6*
*OLTPZ[Y`
OYZ
*/4 VY */4
)PVSVN`
OYZ
)06
0U[YVK\J[VY` )\ZPULZZ 3H^
OYZ
)<:
(UHS`aPUN HUK 0U[LYWYL[PUN 3P[LYH[\YL
OYZ
30;
*VSSLNL *VTWVZP[PVU 4VK\SHY
^P[O LZZH`
OYZ
,5.
(TLYPJHU 3P[LYH[\YL
^P[O LZZH`
OYZ
30;
,UNSPZO 3P[LYH[\YL
^P[O LZZH`
OYZ
30;
-YLUJO 3HUN\HNL
OYZ
-3.
:WHUPZO 3HUN\HNL
OYZ
-3.
7YLJHSJ\S\Z
OYZ
4(;
*3,7 ;,:;
3PML L_WLYPLUJL JYLKP[ TH` IL NP]LU ^P[O [OL MVSSV^PUN JYP[LYPH! 7VY[MVSPV JYLKP[ ^PSS IL H^HYKLK [V Z[\KLU[Z HJ[P]LS` HKTP[[LK PU[V [OL JVSSLNL HUK ^OV OH]L Z\JJLZZM\SS` JVTWSL[LK 05: 7VY[MVSPV +L]LSVWTLU[ 7VY[MVSPV JYLKP[ ^PSS VUS` IL H^HYKLK MVY JV\YZLZ [OL Z[\KLU[ OHZ UV[ LUYVSSLK PU WYL]PV\ZS` VY MVY JV\YZLZ UV[ J\YYLU[S` LUYVSSLK 7H`TLU[ VM [OL WLY JYLKP[ L]HS\H [PVU MLL ^PSS IL YLX\PYLK WYPVY [V YL]PL^ VM [OL WVY[MVSPV *VTWSL[LK WVY[MVSPVZ ^PSS IL Z\ITP[[LK [V [OL HWWYVWYPH[L KP]PZPVU JOHPY [V ILNPU [OL L]HS\H[PVU WYVJLZZ :[\KLU[Z TH` H[[LTW[ WVY[MVSPV JYLKP[ VUL [PTL WLY JV\YZL
(SS WVY[MVSPVZ ^PSS IL PUKP]PK\HSS` L]HS\H[LK [V KL[LYTPUL ZWLJPÃ&#x201E;J JV\YZL JYLKP[ HUK [OL HTV\U[ VM JYLKP[ [V IL H^HYKLK 5V WHY[PHS JYLKP[ ^PSS IL NYHU[LK 7VY[MVSPVZ T\Z[ IL JVTWSL[LK HUK Z\ITP[[LK PU [OL MHSS VY ZWYPUN ZLTLZ[LY WYPVY [V [OL ILNPUUPUN VM [OL ZLTLZ[LY PU ^OPJO [OL Z[\KLU[ WSHUZ [V NYHK\H[L 7VY[MVSPV JYLKP[ LHYULK ^PSS UV[ IL \ZLK [V JHSJ\SH[L NYHKL WVPU[ H]LYHNLZ 5V VMÃ&#x201E;JPHS YLJVYK ^PSS IL WVZ[LK PM UV JYLKP[ PZ NYHU[LK MVY [OL WVY[MV SPV 05: 7VY[MVSPV +L]LSVWTLU[ ^PSS JV\U[ HZ LHYULK JYLKP[ VM ZLTLZ[LY OV\YZ
0UKLWLUKLU[ :[\K` :[\KLU[Z TH` W\YZ\L Z\WLY]PZLK Z[\K` MVY VUL [V MV\Y ZLTLZ[LY OV\YZ VU HU PUKLWLUKLU[ IHZPZ MVY HJHKLTPJ ^VYR ^OPJO YLÃ&#x2026;LJ[Z H YLHZVUHISL HUK TVKLYH[L L_[LUZPVU VM JV\YZLZ HSYLHK` HWWYV]LK MVY [OL HZZVJPH[L KLNYLL WYVNYHTZ H[ 3HRL 3HUK *VSSLNL :[\KLU[Z ^PSS IL WLYTP[[LK [V LUYVSS PU 0UKLWLUKLU[ :[\K` ^P[O WLYTPZZPVU VM [OL PUZ[Y\J[VY HUK HWWYV]HS I` [OL KP]PZPVU JOHPYWLYZVU HUK [OL HZZVJPH[L ]PJL WYLZPKLU[ MVY LK\JH[PVUHS ZLY]PJLZ ,HJO KLNYLL SPTP[Z [OL HTV\U[ VM 0UKLWLUKLU[ :[\K` JYLKP[ [OH[ ^PSS HWWS` :LL JV\YZL KLZJYPW[PVU MVY 05: 0UKLWLUKLU[ :[\K`
;YHUZMLY [V 6[OLY *VSSLNLZ VY <UP]LYZP[PLZ :[\KLU[Z PU[LUKPUN [V [YHUZMLY [V V[OLY JVSSLNLZ VY \UP]LYZP[PLZ HYL LUJV\YHNLK [V WSHU [OLPY WYVNYHTZ ^P[O H JV\UZLSVY [V LUZ\YL JVTWH[PISL JV\YZL ZLSLJ[PVU ;OL .LULYHS ,K\JH[PVU *VTWHJ[ (NYLLTLU[ WYV]PKLZ [OH[ HU` Z[\KLU[ ^OV LHYUZ HU HZZVJPH[L KLNYLL PU H IHJJHSH\YLH[L VYPLU[LK WYVNYHT H[ 3HRL 3HUK *VSSLNL ZOHSS LU[LY [OL MVSSV^PUN ZLUPVY JVSSLNLZ HUK \UP]LYZP [PLZ ^P[O H Q\UPVY Z[HUKPUN OH]PUN M\SÃ&#x201E;SSLK HSS SV^LY KP]PZPVU NLULYHS LK\JH[PVU YLX\PYLTLU[Z VM [OL ZLUPVY PUZ[P[\[PVU!
Â&#x2039; *OPJHNV :[H[L <UP]LYZP[` Â&#x2039; ,HZ[LYU 0SSPUVPZ <UP]LYZP[` Â&#x2039; .V]LYUVYZ :[H[L <UP]LYZP[` Â&#x2039; 0SSPUVPZ :[H[L <UP]LYZP[` Â&#x2039; 5VY[OLHZ[LYU 0SSPUVPZ <UP]LYZP[` Â&#x2039; 5VY[OLYU 0SSPUVPZ <UP]LYZP[` Â&#x2039; <UP]LYZP[` VM 0SSPUVPZ ¶ :WYPUNÃ&#x201E;LSK Â&#x2039; :V\[OLYU 0SSPUVPZ <UP]LYZP[` ¶ *HYIVUKHSL HUK ,K^HYKZ]PSSL Â&#x2039; >LZ[LYU 0SSPUVPZ <UP]LYZP[` )HJJHSH\YLH[L WYVNYHTZ PUJS\KL (ZZVJPH[L PU (Y[Z (( HUK (ZZVJPH[L PU :JPLUJL (: :[\KLU[Z ^OV VW[ UV[ [V JVTWSL[L [OL ( ( VY ( : KLNYLL HYL HK]PZLK [V JVTWSL[L [OL 0SSPUVPZ (Y[PJ\SH[PVU 0UP[PH[P]L .LULYHS ,K\JH[PVU *VYL *\YYPJ\S\T ;OPZ VW[PVU HZZ\YLZ Z[\KLU[Z [OH[ ^OLU [OL` [YHUZMLY [V H ZLUPVY PUZ[P[\[PVU [OL` ^PSS OH]L TL[ HSS SV^LY KP]PZPVU NLULYHS LK\JH[PVU YLX\PYLTLU[Z :[\KLU[Z [YHUZMLYYPUN ^P[OV\[ JVTWSL[PUN [OL (ZZVJPH[L PU (Y[Z VY (ZZVJPH[L PU :JPLUJL KLNYLL HUK ^OV OH]L UV[ JVTWSL[LK [OL .LULYHS ,K\JH[PVU *VYL *\YYPJ\S\T ^PSS OH]L [OLPY [YHUZMLY JYLKP[Z L]HS\H[LK VU H JV\YZL I` JV\YZL IHZPZ (SZV [OLZL Z[\KLU[Z ^PSS IL YLX\PYLK [V TLL[ [OL NLULYHS LK\JH[PVU YLX\PYLTLU[Z VM [OL PUZ[P[\[PVU [V ^OPJO [OL` [YHUZMLY
;YHUZJYPW[ ,]HS\H[PVU (U VMÃ&#x201E;JPHS L]HS\H[PVU VM YLNPVUHSS` HJJYLKP[LK JVSSLNL HUK \UP]LYZP[` [YHUZJYPW[Z 3HRL 3HUK *VSSLNL HUK TPSP[HY` JYLKP[ PZ H]HPSHISL [V Z[\KLU[Z I` Ã&#x201E;SPUN H [YHUZJYPW[ L]HS\H[PVU MVYT H[ [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL ;OL MVYT PZ H]HPSHISL VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z :[\KLU[ JVWPLZ ^PSS UV[ IL L]HS\H[LK 0M HU PUMVYTHS L]HS\H[PVU PZ KVUL [OL Z[\KLU[ HZZ\TLZ YLZWVUZPIPSP[` MVY JV\YZL ZLSLJ[PVU
(ZZLZZTLU[ )LJH\ZL VM P[Z JVTTP[TLU[ [V JVU[PU\ HSS` PTWYV]L [OL X\HSP[` VM LK\JH[PVUHS L_WLYPLUJLZ 3HRL 3HUK *VSSLNL \ZLZ PUMVYTH[PVU MYVT HUK HIV\[ Z[\KLU[Z [V PTWYV]L PUZ[Y\J[PVUHS WYVNYHTZ HUK
NLULYHS LK\JH[PVU 6\[JVTLZ (ZZLZZTLU[ PZ [OL WYVJLZZ VM TLHZ\YPUN Z[\KLU[ WLYMVYTHUJL HUK \ZPUN [OL YLZ\S[Z [V PTWYV]L JV\YZLZ HUK WYV NYHTZ ;OL WYVJLZZ PZ PU[LNYHS [V [OL JVSSLNL»Z HMÃ&#x201E;YTH[PVU VM HJJYLKP[H[PVU ^P[O [OL /PNOLY 3LHYUPUN *VTTPZ ZPVU»Z 5VY[O *LU[YHS (ZZVJPH[PVU ;V LUZ\YL [OH[ HKLX\H[L PUMVYTH[PVU PZ H]HPSHISL Z[\KLU[Z ^PSS IL HZRLK [V WHY[PJPWH[L PU WLYZVUHS PU[LY]PL^Z [V [HRL WYVNYHT HUK VY NLULYHS LK\JH[PVU HZZLZZTLU[Z VY [V JVTWSL[L Z\Y]L`Z 4VYL PUMVYTH[PVU HIV\[ 6\[JVTLZ (ZZLZZTLU[ JHU IL MV\UK VUSPUL H[ ^^^ SHRLSHUK JJ PS \Z 8\PJRF3PURZ HZZLZZTLU[ PUKL_ JMT
+LNYLLZ HUK *LY[PÃ&#x201E;JH[LZ (^HYKLK ;OL (ZZVJPH[L PU (Y[Z VY [OL (ZZVJPH[L PU :JPLUJL KLNYLL ^PSS IL H^HYKLK [V [OVZL Z[\KLU[Z ^OV W\YZ\L H JV\YZL VM Z[\K` SLHKPUN [V [YHUZMLY [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` ;OL YLX\PYLTLU[Z MVY [OL KLNYLL HYL HZ YPNVYV\Z HZ [OVZL H[ [OL MV\Y `LHY JVSSLNL VY \UP]LYZP[` HUK \WVU JVTWSL[PVU VM [OL YLX\PYL TLU[Z Z[\KLU[Z HYL HKTP[[LK ^P[O Q\UPVY Z[HUKPUN [V [OVZL JVSSLNLZ HUK \UP]LYZP[PLZ [OH[ LUKVYZL [OL .LULYHS ,K\JH[PVU *VTWHJ[ (NYLLTLU[ ZWVUZVYLK I` [OL 0SSPUVPZ )VHYK VM /PNOLY ,K\JH[PVU :[\KLU[Z TH` ZLSLJ[ LP[OLY [OL HZZVJPH[L PU HY[Z VY [OL HZZVJPH[L PU ZJPLUJL KLNYLL :[\KLU[Z WSHUUPUN [V YLJLP]L [OL IHJOLSVY VM ZJPLUJL \Z\HSS` ZLSLJ[ [OL HZZVJPH[L PU ZJPLUJL KLNYLL HUK Z[\KLU[Z WSHUUPUN [V YLJLP]L [OL IHJOLSVY VM HY[Z ZLSLJ[ [OL HZZVJPH[L PU HY[Z KLNYLL ;OL (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL KLNYLL ^PSS IL H^HYKLK [V [OVZL Z[\KLU[Z ^OV W\YZ\L H JV\YZL VM Z[\K` SLHKPUN [V [YHUZMLY [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` ^P[O H THQVY PU LUNPULLYPUN +LNYLL YLX\PYLTLU[Z KPMMLY ZPNUPÃ&#x201E;JHU[S` MYVT [OL HZZVJPH[L PU HY[Z HUK HZZVJPH[L PU ZJPLUJL KLNYLLZ ZV Z[\KLU[Z ULLK [V MVSSV^ WYLJPZLS` [OL J\YYPJ\S\T TVKLS MVY [OL HZZVJPH[L PU LUNPULLYPUN ZJPLUJL KLNYLL :[\KLU[Z PU[LYLZ[LK PU W\YZ\PUN H IHJOLSVY»Z KLNYLL PU HYJOP[LJ[\YHS VY JOLTPJHS LUNPULLYPUN ZOV\SK JVUZ\S[ H JV\UZLSVY ILMVYL JOVVZPUN [OL KLNYLL WH[O [V MVSSV^
;OL (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL ^PSS IL H^HYKLK [V [OVZL Z[\KLU[Z ^OV TLL[ [OL ZWLJPÃ&#x201E;J YLX\PYLTLU[Z IHZLK VU VJJ\WH[PVUZ ZLTP [LJOUPJHS HUK [LJOUPJHS J\YYPJ\SH :[\KLU[Z W\YZ\L [OPZ KLNYLL PU VYKLY [V VI[HPU [YHPUPUN MVY PTTLKPH[L LTWSV`TLU[ PU I\ZPULZZ VY PUK\Z[Y` ;OL (ZZVJPH[L PU 3PILYHS :[\KPLZ (3: KLNYLL ^PSS IL H^HYKLK [V [OVZL Z[\KLU[Z ^OV JVTWSL[L H SPILYHS JV\YZL VM Z[\K` ;OL (3: KLNYLL WYV]PKLZ H Z[\KLU[ ^P[O H \UPX\L VWWVY[\UP[` [V KL]LSVW HU PUKP]PK\HSPaLK WYVNYHT [OH[ JYVZZLZ [YHKP[PVUHS HJHKLTPJ KPZJPWSPULZ ;OPZ KLNYLL WLYTP[Z H Z[\KLU[ [V KL]LSVW H SLHYUPUN WYVNYHT [OH[ TH` IL MVJ\ZLK [V^HYK H JHYLLY WLYZVUHS PU[LYLZ[ HUK LUYPJOTLU[ VY H JVTIPUH[PVU VM [OLZL VIQLJ[P]LZ *LY[PÃ&#x201E;JH[LZ ^PSS IL H^HYKLK [V Z[\KLU[Z ^OV JVTWSL[L [OL WYLZJYPILK WYVNYHT TVKLS HZ SPZ[LK PU [OL JH[HSVN *LY[PÃ&#x201E;JH[L WYVNYHTZ HYL VJJ\WH[PVU HSS` VYPLU[LK HUK ]HY` MYVT ZP_ JYLKP[ OV\YZ [V VUL `LHY VM Z[\K` *LY[PÃ&#x201E;JH[L WYVNYHTZ YLX\PYPUN SLZZ [OHU JYLKP[ OV\YZ HYL UV[ LSPNPISL MVY MLKLYHS ;P[SL 0= Ã&#x201E;UHUJPHS HPK VY [OL 0SSPUVPZ 4VUL[HY` (^HYK 7YVNYHT NYHU[
.LULYHS .YHK\H[PVU 9LX\PYLTLU[Z 9LX\PYLK VM (SS :[\KLU[Z PU +LNYLL 7YVNYHTZ :[\KLU[Z ^PSS IL LSPNPISL MVY NYHK\H[PVU ^OLU [OL` OH]L TL[ HSS VM [OL MVSSV^PUN YLX\PYLTLU[Z! 4L[ HSS JVSSLNL HKTPZZPVUZ YLX\PYLTLU[Z -\SÃ&#x201E;SSLK HSS NLULYHS HUK ZWLJPÃ&#x201E;J YLX\PYLTLU[Z PU VUL VM [OL HZZVJP H[L KLNYLL J\YYPJ\S\TZ SPZ[LK PU [OL JH[HSVN (ZZVJPH[L PU :JPLUJL HUK (ZZVJPH[L PU (Y[Z KLNYLL THQVY YLX\PYLTLU[Z TH` ]HY` MYVT ZHTWSL JVSSLNL [YHUZMLY J\YYPJ\S\T KLWLUK PUN \WVU [OL Z[\KLU[Z» ZLSLJ[PVU VM JV\YZLZ [V TLL[ MV\Y `LHY JVSSLNL YLX\PYLTLU[Z (JJ\T\SH[LK H TPUPT\T VM ZP_[` MV\Y ZLTLZ[LY OV\YZ (JJ\T\SH[LK H NYHKL WVPU[ H]LYHNL VM * PU [OL NLULYHS HUK ZWLJPÃ&#x201E;J YLX\PYLTLU[Z MVY [OL KLNYLL 6US` JV\YZLZ H[ [OL JV\YZL SL]LS VY HIV]L ^PSS JV\U[ [V^HYK NYHK\H[PVU MVY HU ( ( : VY (3: KLNYLL 6US` JV\YZLZ H[ [OL JV\YZL SL]LS VY HIV]L ^PSS
JV\U[ [V^HYK NYHK\H[PVU MVY H [YHUZMLY WYVNYHT ( ( ( : ( , : H ;OL Ã&#x201E;UHS NYHKL WVPU[ H]LYHNL MVY NYHK\H[PVU VM Z[\KLU[Z ^OV OH]L THKL H THQVY JHYLLY WYVNYHT JOHUNL VUS` PUJS\KLZ [OVZL JYLKP[ OV\YZ HUK NYHKLZ VM JV\YZLZ HWWSPJHISL [V TLL[ [OL YLX\PYLTLU[Z VM [OL THQVY I ;OL Ã&#x201E;UHS NYHKL WVPU[ H]LYHNL MVY NYHK\H[PVU VM [YHUZMLY Z[\KLU[Z KVLZ UV[ PUJS\KL NYHKLZ LHYULK H[ V[OLY PUZ[P[\[PVUZ MVY JV\YZLZ HJJLW[LK [V^HYK NYHK\H[PVU H[ 3HRL 3HUK *VSSLNL (K]HUJLK Z[HUKPUN HUK [YHUZMLY JYLKP[ HYL NYHU[LK MVY JV\YZLZ WHZZLK PU HJJYLKP[LK JVSSLNLZ HUK \UP]LYZP [PLZ ;OL JVSSLNL KLÃ&#x201E;ULZ HJJYLK P[LK HZ [OL 5VY[O *LU[YHS (ZZVJPH[PVU VY V[OLY YLNPVUHS HJJYLKP[PUN HNLUJPLZ :[\KLU[Z LUYVSSLK PU [OL (ZZVJPH[L +LNYLL PU 5\YZPUN +LU[HS /`NPLUL HUK 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ WYVNYHTZ HYL YLX\PYLK [V THPU[HPU Ã&#x201E;UHS NYHKLZ VM ¸*¹ VY IL[[LY LHJO ZLTLZ[LY PU L]LY` YLX\PYLK JV\YZL PU [OL J\YYPJ\SH
:[\KLU[Z LUYVSSLK PU [OL 1VOU +LLYL ;LJO WYVNYHT T\Z[ HJOPL]L H NYHKL VM ¸*¹ VY OPNOLY PU HSS 1+( JSHZZLZ HUK ;,* [V YLTHPU PU HUK NYHK\H[L MYVT [OL WYVNYHT (U` Z[\KLU[ YLJLP]PUN SLZZ [OHU H ¸*¹ PU [OLZL JSHZZLZ ^PSS IL YLX\PYLK [V ^P[OKYH^ MYVT [OL WYVNYHT HUK YLWLH[ [OL JSHZZ K\YPUN [OL UL_[ ZJOLK\SLK VMMLYPUN WYPVY [V JVU[PU\PUN PU VY NYHK\H[PUN MYVT [OL WYVNYHT (JX\PYLK H TPUPT\T VM [OPY[` [^V ZLTLZ[LY OV\YZ MYVT 3HRL 3HUK *VSSLNL ( TPUPT\T VM [^LU[` MV\Y VM [OL SHZ[ [OPY[` [^V ZLTLZ[LY OV\YZ T\Z[ IL LHYULK H[ 3HRL 3HUK *VSSLNL *YLKP[ OV\YZ I` WYVÃ&#x201E;JPLUJ` L_HTPUH[PVU HUK L_WLYPLU[PHS SLHYUPUN HYL L_JS\KLK PU [OL HIV]L PUKPJH[LK U\TILY VM OV\YZ -PSLK H 5V[PJL VM 0U[LU[ [V .YHK\H[L ^P[O [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL I` [OL WVZ[LK KH[L VM [OL ZLTLZ[LY PU ^OPJO [OL Z[\KLU[ ^PSS TLL[ HJHKLTPJ NYHK\H[PVU YLX\PYLTLU[Z ( NYHKL VM ¸*¹ VY IL[[LY PZ YLX\PYLK PU *VTWVZP[PVU 0 HUK 00 ,5. HUK ,5. [V NYHK\H[L ^P[O HU (ZZVJPH[L PU (Y[Z (ZZVJPH[L PU :JPLUJL +LNYLL VY (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL
9LX\PYLTLU[Z MVY 4VYL ;OHU 6UL (ZZVJPH[L +LNYLL :[\KLU[Z TH` VUS` LHYU VUL VM [OL MVSSV^PUN! HU (ZZVJPH[L PU :JPLUJL ( : VY (ZZVJPH[L PU (Y[Z ( ( KLNYLL /V^L]LY Z[\KLU[Z TH` LHYU HU (ZZVJPH[L PU :JPLUJL HUK HU (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL ( , : KLNYLL :[\KLU[Z TH` LHYU HU (ZZVJPH[L PU (WWSPLK :JPLUJL KLNYLL ( ( : HUK [YHUZMLY KLNYLL ( ( ( : VY ( , : KLNYLL PM [OL` TLL[ [OL ZWLJPÃ&#x201E;J J\YYPJ\S\T YLX\PYLTLU[Z MVY [OL ( ( : KLNYLL HUK JVTWSL[L HSS [OL NLULYHS HUK ZWLJPÃ&#x201E;J YLX\PYLTLU[Z MVY [OL ( ( ( : VY ( , : KLNYLL HZ V\[SPULK PU [OL ZLJ[PVU VM [OL JH[HSVN MVY JVSSLNL [YHUZMLY KLNYLL YLX\PYLTLU[Z 0[ PZ PTWVY[HU[ [OH[ Z[\KLU[Z TLL[ ^P[O [OLPY HK]PZVY VY JV\UZLSVY ILJH\ZL UV[ HSS
JV\YZLZ YLX\PYLK PU HU HZZVJPH[L PU HWWSPLK ZJPLUJL WYVNYHT HYL PU[LUKLK MVY VY HJJLW[LK HZ [YHUZMLY JYLKP[ [V ZLUPVY PUZ[P[\[PVUZ 0U VYKLY MVY Z[\KLU[Z [V IL LSPNPISL MVY TVYL [OHU VUL KLNYLL V[OLY [OHU [OL JVTIPUH[PVU VM HZZVJPH[L PU ZJPLUJL HUK HZZVJPH[L PU LUNPULLYPUN ZJPLUJL KLNYLLZ [OL` T\Z[ ZH[PZMHJ[V YPS` JVTWSL[L HU HKKP[PVUHS ZP_[LLU ZLTLZ[LY OV\YZ H[ 3HRL 3HUK *VSSLNL (SS ZWLJPÃ&#x201E;J JV\YZL YLX\PYLTLU[Z MVY [OL ZLJVUK KLNYLL T\Z[ IL ZH[PZÃ&#x201E;LK HUK H[ SLHZ[ ZLTLZ[LY OV\YZ UV[ HWWSPJHISL [V TLL[ [OL TPUPT\T YLX\PYLTLU[Z MVY [OL Ã&#x201E;YZ[ KLNYLL T\Z[ IL LHYULK :[\KLU[Z ^OV ZLLR H ZLJVUK KLNYLL MYVT 3HRL 3HUK *VSSLNL HYL Z\IQLJ[ [V W\ISPZOLK KLHKSPULZ [V Ã&#x201E;SL HU PU[LU[ [V NYHK\H[L MVYT
9LX\PYLK VM (SS :[\KLU[Z PU *LY[PÃ&#x201E;JH[L 7YVNYHTZ :[\KLU[Z ^PSS IL LSPNPISL MVY NYHK\H[PVU ^OLU [OL` OH]L TL[ HSS VM [OL MVSSV^PUN YLX\PYLTLU[Z! 4L[ HSS JVSSLNL HKTPZZPVUZ YLX\PYLTLU[Z -\SÃ&#x201E;SSLK HSS NLULYHS HUK ZWLJPÃ&#x201E;J YLX\PYLTLU[Z PU VUL VM [OL JLY[PÃ&#x201E; JH[L WYVNYHTZ SPZ[LK PU [OL JH[HSVN (JOPL]LK H ¸*¹ VY YLJLP]LK H NYHKL VM 7 7HZZ H]LYHNL PU [OVZL JV\YZLZ HWWSPJHISL [V TLL[ [OL YLX\PYLTLU[Z VM [OL JLY[PÃ&#x201E;JH[LZ *VTWSL[LK H[ 3HRL 3HUK *VSSLNL H[ SLHZ[ VUL OHSM VM [OL [V[HS U\TILY VM ZLTLZ[LY OV\YZ YLX\PYLK MVY [OL JLY[PÃ&#x201E;JH[L HUK JVTWSL[LK H[ SLHZ[ VUL JV\YZL H[ 3HRL 3HUK *VSSLNL K\YPUN [OL ZLTLZ[LY [OL JLY[PÃ&#x201E;JH[L PZ LHYULK -PSLK H 5V[PJL VM 0U[LU[ [V .YHK\H[L ^P[O [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL I` [OL WVZ[LK KH[L VM [OL ZLTLZ[LY PU ^OPJO [OL Z[\KLU[ ^PSS TLL[ HJHKLTPJ NYHK\H[PVU YLX\PYLTLU[Z 56;,! ( Z[\KLU[ ^OV KPZJVU[PU\LZ H[[LUKHUJL MVY H M\SS `LHY VY TVYL ^PSS IL Z\IQLJ[ [V YLX\PYLTLU[Z PU [OL J\YYLU[ JH[HSVN H[ [OL [PTL VM YLNPZ[YH[PVU ;OL Z[\KLU[ PZ YLZWVU ZPISL MVY WYVWLY YLNPZ[YH[PVU LHJO ZLTLZ[LY HUK MVY ZH[PZM`PUN HSS NYHK\H[PVU YLX\PYLTLU[Z
.LULYHS ,K\JH[PVU .VHSZ ;OL W\YWVZL VM NLULYHS LK\JH[PVU PZ [V WYV]PKL HSS Z[\KLU[Z ^P[O SLHYUPUN L_WLYPLUJLZ [OH[ HYL ULJLZZHY` [V LUHISL [OLT [V THPU[HPU YLZWVUZPISL HUK ZH[PZM`PUN YLSH[PVUZOPWZ [V ZVJPL[` HUK [OL LU]PYVUTLU[ ;OL .LULYHS ,K\JH[PVU *VTTP[[LL ^P[O [OL HWWYV]HS VM [OL 3HRL 3HUK *VSSLNL MHJ\S[` OHZ HKVW[LK [OL MVSSV^PUN HZ ZWLJPÃ&#x201E;J NVHSZ VM NLULYHS LK\JH[PVU! Â&#x2039; *VTT\UPJH[PVU Â&#x2039; *YP[PJHS ;OPURPUN Â&#x2039; 7YVISLT :VS]PUN Â&#x2039; +P]LYZP[` Â&#x2039; *P[PaLUZOPW Â&#x2039; -V\UKH[PVUHS 2UV^SLKNL
0TWYV]PUN /\THU 9LSH[PVUZ 0[ PZ [OL WVSPJ` VM 3HRL 3HUK *VSSLNL [V PUJS\KL PU P[Z .LULYHS ,K\JH[PVU YLX\PYLTLU[Z JV\YZL ^VYR VU PTWYV]PUN O\THU YLSH[PVUZ ;OPZ WVSPJ` PUJS\KLZ PTWYV]LTLU[ PU \UKLYZ[HUKPUN HIV\[ YHJL L[OUPJP[` NLUKLY HUK KP]LYZP[` PZZ\LZ ,HJO NLULYHS LK\JH[PVU JV\YZL ^PSS HKKYLZZ [OL PZZ\LZ VM YHJL L[OUPJP[` NLUKLY HUK V[OLY PZZ\LZ HZ [OL` YLSH[L [V YHJPZT HUK ZL_\HS OHYHZZTLU[ HZ H WHY[ VM [OL KPZJPWSPUL ,HJO KPZJPWSPUL ^PSS HZ H WHY[ VM [OL JV\YZL KL]LSVW JV\YZL ^VYR ^OPJO PZ HWWYVWYPH[L [V [OH[ HYLH VM Z[\K`
*VSSLNL 3PML
0U [OPZ JOHW[LY!
;L_[IVVRZ
7VSPJL +LWHY[TLU[
:[\KLU[ 0+Z
/V\ZPUN 3HRLY 7VPU[ :LJVUK :[VY` :[\KLU[ 3PML :[\KLU[ .V]LYUTLU[ :[\KLU[ (J[P]P[` )VHYK
7HYRPUN :[\K` (IYVHK ([OSL[PJZ *S\IZ ;L_[ TLZZHNPUN >323 (S\TUP (ZZVJPH[PVU
.L[ PU]VS]LK 3HRL 3HUK *VSSLNL VMMLYZ ZV THU` VWWVY[\UP[PLZ [V IYVHKLU `V\Y LK\JH[PVU IL`VUK [OL JSHZZYVVT 1VPU H JS\I Y\U MVY HU VMÄJL SLHK H JVTT\UP[` ZLY]PJL WYVQLJ[ JOLLY VU [OL IHZRL[IHSS [LHT VY ZPUN PU [OL *VTT\UP[` *OVPY ¶ HSS VM [OLZL VW[PVUZ HYL H]HPSHISL [V LUYPJO `V\Y JVSSLNL L_WLYPLUJL ,]LU HM[LY `V\ NYHK\H[L VY JVTWSL[L `V\Y NVHS `V\ JHU IL H WHY[ VM 33* [OYV\NO [OL (S\TUP (ZZVJPH[PVU
:[\KLU[ (TIHZZHKVYZ
*VSSLNL 3PML JVSSLNL ^LIZP[L H[! ^^^ SHRLSHUK JJ PS \Z ZLY]PJLZ OV\ZPUN PUKL_ O[T ;OL JVSSLNL WYV]PKLZ [OPZ PUMVYTH[PVU MVY JVU]LUPLUJL HUK HZZPZ[HUJL I\[ KVLZ UV[ HJJLW[ YLZWVUZPIPSP[` MVY [OL UH[\YL VM [OL OV\ZPUN MHJPSP[PLZ 5VUL VM [OL MHJPSP[PLZ OH]L ILLU L_HTPULK VY HWWYV]LK I` JVSSLNL WLYZVUULS 5LP[OLY 3HRL 3HUK *VSSLNL UVY HU` VM P[Z HNLU[Z VY LTWSV`LLZ HZZ\TL YLZWVUZPIPSP[` MVY HU` SLHZL VY YLU[HS HNYLLTLU[Z HUK JHUUV[ IL OLSK SPHISL MVY UVUWH`TLU[ VY KHTHNL
3HRLY 7VPU[
7VSPJL +LWHY[TLU[
/V\ZPUN
3HRL 3HUK *VSSLNL»Z 7VSPJL +LWHY[TLU[ JYLH[LZ H ]LY` ZHML JHTW\Z LU]PYVU TLU[ MVY Z[\KLU[Z HUK MHJ\S[` 7VSPJL VMÃ&#x201E;JLYZ HYL VU K\[` OV\YZ H KH` HUK WYV]PKL H M\SS YHUNL VM SH^ LUMVYJLTLU[ ZLY]PJLZ [V HZZPZ[ PU WYV]PKPUN Z[\KLU[Z MHJ\S[` HUK Z[HMM ^P[O H ZHML HUK ZLJ\YL LU]PYVUTLU[ ;OL 7VSPJL +LWHY[TLU[ I\PSKPUN PZ SVJH[LK VU [OL MHY ZV\[O LUK VM [OL JHTW\Z ;OL 7VSPJL +LWHY[TLU[ WYV]PKLZ THU` ZLY]PJLZ MVY [OL 3HRL 3HUK JVTT\UP[` PUJS\KPUN JYPTL H^HYLULZZ WYVNYHTZ LZJVY[Z HZZPZ[HUJL ^P[O TV[VYPZ[ LTLYNLUJPLZ JVYYLJ[PVU VM ZHML[` OHaHYKZ HUK WYVJLZZPUN VM SVZ[ HUK MV\UK P[LTZ -VY HZZPZ[HUJL VY X\LZ[PVUZ JVUJLYUPUN H]HPSHISL ZLY]PJLZ JVU[HJ[ [OL 7VSPJL +LWHY[TLU[ H[ VY 0U JHZL VM HU LTLYNLUJ` `V\ TH` HSZV JHSS MYVT HU` WOVUL PUJS\KPUN WH` WOVULZ ^P[OV\[ \ZPUN JVPUZ 0U 3HRL 3HUK *VSSLNL ^HZ UHTLK [OL ZHMLZ[ JHTW\Z PU [OL Z[H[L VM 0SSPUVPZ HUK [OL MV\Y[O ZHMLZ[ JHTW\Z PU [OL <UP[LK :[H[LZ I` [OL >LI ZP[L :[H[L<UP]LYZP[` JVT
3HRL 3HUK *VSSLNL KVLZ UV[ THPU[HPU OV\ZPUN MVY Z[\KLU[Z" OV^L]LY OV\ZPUN PZ H]HPSHISL HKQHJLU[ [V JHTW\Z HUK PU ULHYI` JVTT\UP[PLZ ( SPZ[PUN VM ]HJHUJPLZ TH` IL VI[HPULK MYVT [OL JSHZZPÃ&#x201E;LK HK]LY[PZPUN ZLJ[PVU PU SVJHS UL^ZWHWLYZ HUK [OL JVSSLNL UL^ZWH WLY ;OL 5H]PNH[VY ( SPZ[PUN VM OV\ZPUN VWWVY[\UP[PLZ PZ H]HPSHISL VU [OL
5LLK H WSHJL [V Z[\K` HUK ZUHJR&
3VJH[LK PU [OL 3\[OLY :[\KLU[ *LU[LY ILOPUK [OL [OLH[LY 3HRLY 7VPU[ PZ [OL WSHJL MVY Z[\KLU[Z HUK Z[HMM [V NV MVY H ]HYPL[` VM IYLHRMHZ[ S\UJO KPUULY HUK ZUHJR JOVPJLZ ^OPSL LUQV`PUN [OL ]HYPV\Z Z[\KLU[ MYPLUKS` Z[\K` HUK JVU]LYZH[PVU HYLHZ :[\KLU[Z JHU YLSH_ NH[OLY ^P[O MYPLUKZ TLL[ ^P[O Z[\K` NYV\WZ L[J ¸/V[ ZWV[¹ ^PYLSLZZ JVUULJ[PVU PZ H]HPSHISL HZ ^LSS HZ H U\TILY VM JHTW\Z WYV]PKLK JVTW\[LYZ SVJH[LK H[ [OL JVTW\[LY IHYZ ( SHYNL ^PKL ZJYLLU [LSL]PZPVU IYVHKJHZ[Z ZWVY[Z UL^Z L[J [OYV\NOV\[ [OL KH` *H[LYPUN MVY SHYNL VY ZTHSS L]LU[Z PZ H]HPSHISL MVY HU`VUL \ZPUN 3HRL 3HUK *VSSLNL MHJPSP[PLZ ;OPZ PUJS\KLZ JHTW\Z
*OLJR V\[¯
3VJH[LK H[ [OL JLU[LY VM JHTW\Z PU [OL =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY [OL :LJVUK :[VY` SV\UNL VMMLYZ [HISLZ JOHPYZ HUK JV\JOLZ MVY H YLSH_LK Z[\K` H[TVZWOLYL ;OLYL HYL ZL]LYHS ]LUKPUN THJOPULZ H]HPSHISL PM `V\ ULLK H ZUHJR :THSS JVUMLYLUJL YVVTZ [OH[ JHU IL YLZLY]LK MVY NYV\W ^VYR [V WYHJ[PJL WYLZLU[H[PVUZ VY MVY X\PL[ Z[\K` [PTL ;V YLZLY]L H YVVT Z[VW I` [OL *PYJ\SH[PVU +LZR VY JHSS
KLWHY[TLU[Z HUK VYNHUPaH[PVUZ HSVUN ^P[O V\[ZPKL NYV\WZ \ZPUN [OL JVSSLNL»Z MHJPSP[PLZ (U`[OPUN MYVT M\SS JH[LYLK TLHSZ [V ZPTWSL ZUHJR [YH`Z JHU IL VYKLYLK MYVT VUL VM H ]HYPL[` VM HWWYV]LK JH[LYLYZ -VY H SPZ[ VM [OLZL JH[LYLYZ HUK H ZHTWSL VM [OLPY TLU\ VW[PVUZ WSLHZL JVU[HJ[ [OL +PYLJ[VY VM (\_PSPHY` :LY]PJLZ H[
:[\KLU[ 3PML :[\KLU[ 3PML H[ 3HRL 3HUK *VSSLNL PZ JVTWYPZLK VM [OL :[\KLU[ .V]LYUTLU[ (ZZVJPH[PVU :[\KLU[ (J[P]P[` )VHYK :[\KLU[ 7\ISPJH[PVUZ PU[LYJVSSLNPH[L HUK PU[YHT\YHS H[OSL[PJZ HUK JS\IZ ;OL THQVY M\UKPUN ZV\YJL MVY :[\KLU[ 3PML JVTLZ MYVT [OL :[\KLU[ (J[P]P[` -LL
:[\KLU[ .V]LYUTLU[ (ZZVJPH[PVU :.( ;OL :.( HJ[Z HZ [OL VMÃ&#x201E;JPHS ]VPJL VM [OL Z[\KLU[ IVK` [V [OL JVSSLNL JVTT\UP[` ;OPZ PZ H WVW\SHYS` LSLJ[LK Z[\KLU[ VYNHUPaH[PVU [OH[ WYV]PKLZ Z[\KLU[Z ^P[O [OL VWWVY[\UP[` [V I\PSK SLHKLYZOPW ZRPSSZ HUK ZLY]L [OL JHTW\Z HUK JVTT\UP[` HZ H ^OVSL ;OL :.( WYV]PKLZ JYP[LYPH [OYV\NO ^OPJO JS\IZ HUK VYNHUPaH[PVUZ HYL YLJVNUPaLK I` [OL 3HRL 3HUK *VSSLNL )VHYK VM ;Y\Z[LLZ =HYPV\Z L]LU[Z HYL OVZ[LK [OYV\NOV\[ [OL `LHY PUJS\KPUN [OL /PNO :JOVVS 3LHKLYZOPW *VUMLYLUJL *S\I 3\UJOLVU :[\KLU[ 9LJVNUP[PVU )HUX\L[ ISVVK KYP]LZ HUK V[OLY JVTT\UP[` ZLY]PJL WYVNYHTZ
:[\KLU[ (J[P]P[` )VHYK :() ;OL WYPTHY` M\UJ[PVU VM [OL :() PZ [V WYV]PKL ZVJPHS HUK J\S[\YHS L]LU[Z MVY [OL JVSSLNL Z[\KLU[ IVK` 6U >LKULZKH`Z H[ H T [OL :() IYPUNZ UH[PVUHSS` [V\YPUN JVTLKPHUZ T\ZPJPHUZ O`WUV [PZ[Z HUK TVYL [V JHTW\Z (SS L]LU[Z HYL MYLL [V Z[\KLU[Z ,]LU[Z HYL HSZV OLSK TVU[OS` H[ [OL 2S\[OL *LU[LY ;OL :() HSSV^Z Z[\KLU[Z [V KL]LSVW JYLH[P]P[` HUK [LHTI\PSKPUN ZRPSSZ :() TLTILYZ HYL
ZLSLJ[LK [OYV\NO HU HWWSPJH[PVU HUK PU[LY]PL^ WYVJLZZ
;OL 5H]PNH[VY 5L^Z ;OL JVSSLNL UL^ZWHWLY PZ KLZPNUH[LK H W\ISPJ MVY\T HUK PZ H Z[\KLU[ Y\U W\ISPJH[PVU 0[ M\UJ[PVUZ \UKLY [OL KPYLJ[PVU VM Z[\KLU[ LKP[VYZ ]VS\U[LLY Z[HMM ^YP[LYZ JHY[VVUPZ[Z WOV[VNYHWOLYZ HUK HK]PZVY ;OL WYPTHY` W\YWVZLZ VM ;OL 5H]PNH[VY 5L^Z HYL! [V PUMVYT Z[\KLU[Z VM PUZ[P[\[PVUHS HUK SVJHS UL^Z" [V WYV]PKL Z[\KLU[Z H MVY\T MVY [OL ZOHYPUN VM PKLHZ" [V L_WVZL Z[\KLU[Z [V KPMMLYLU[ WVPU[Z VM ]PL^" [V WYV]PKL QV\YUHSPZ[PJ L_WLYPLUJLZ MVY Z[\KLU[Z" HUK [V ZLY]L HZ H ZV\YJL VM LU[LY[HPU TLU[ MVY Z[\KLU[Z ;OL J\YYLU[ PZZ\L VM ;OL 5H]PNH[VY 5L^Z JHU IL MV\UK H[ ^^^ [OLUH]PNH[VYUL^Z JVT
:[\KLU[ (TIHZZHKVYZ ;OL :[\KLU[ (TIHZZHKVYZ HYL H NYV\W VM Z[\KLU[Z ^OV ZLY]L HZ VMÃ&#x201E;JPHS YLWYLZLU[H[P]LZ VM 3HRL 3HUK *VSSLNL ;OL (TIHZZHKVYZ HZZPZ[ [OL JVSSLNL I` PUMVYTPUN WYVZWLJ[P]L Z[\KLU[Z VM [OL VWWVY[\UP[PLZ H]HPSHISL [V [OLT H[ 3HRL 3HUK 0U HKKP[PVU [OL` HZZPZ[ ^P[O ZL]LYHS JHTW\Z VYNHUPaH[PVUZ HUK WLYZVUULS ^P[O ZWLJPHS ZJOVVS M\UJ[PVUZ
;V ILJVTL HU (TIHZZHKVY Z[\KLU[Z T\Z[ TLL[ [OL MVSSV^PUN JYP[LYPH! Â&#x2039; IL H[ SLHZ[ H OHSM [PTL Z[\KLU[ MVY IV[O MHSS HUK ZWYPUN ZLTLZ[LYZ Â&#x2039; THPU[HPU H .7( Â&#x2039; JVTWSL[L HU HWWSPJH[PVU Â&#x2039; JVTWSL[L HU PU[LY]PL^ 6UJL Z[\KLU[Z HYL ZLSLJ[LK [OL` H[[LUK [YHPUPUN ZLZZPVUZ HUK ^LLRS` TLL[PUNZ [V SLHYU TVYL HIV\[ [OL JVSSLNL +\YPUN [OL ZJOVVS `LHY [OL (TIHZZHKVYZ NP]L [V\YZ VM [OL JHTW\Z H[[LUK JVSSLNL JHYLLY MHPYZ ]PZP[ OPNO ZJOVVSZ HUK HZZPZ[ ^P[O ZWLJPHS ZJOVVS M\UJ[PVUZ 0U[LYLZ[LK Z[\KLU[Z ZOV\SK JVU[HJ[ [OL (KTPZZPVUZ HUK 9LJVYKZ 6MÃ&#x201E;JL
;L_[IVVRZ ;OL ;L_[IVVR 9LU[HS :`Z[LT PZ WHY[ VM [OL )VVRZ[VYL 3HRL 3HUK *VSSLNL PZ HTVUN [OL ML^ JVSSLNLZ HUK \UP]LYZP [PLZ HJYVZZ [OL <UP[LK :[H[LZ [OH[ OH]L H [L_[IVVR YLU[HS Z`Z[LT 0[ PZ LZ[PTH[LK [OH[ Z[\KLU[Z ZH]L H `LHY \ZPUN [OL [L_[IVVR YLU[HS Z`Z[LT (SS Z[\KLU[Z HYL YLX\PYLK [V WH` [OL ZLY]PJL MLL ZLL -PUHUJPHS 0UMVYTH[PVU JOHW[LY VM [OPZ JH[HSVN ^OPJO PUJS\KLZ [OL W\YJOHZL
HYL WYV]PKLK MVY HWWYVWYPH[L \ZL MVY PKLU[PÃ&#x201E;JH[PVU HUK HJJLZZ [V ZLY]PJLZ ( :[\KLU[ 0+ *HYK PZ YLX\PYLK [V YLU[ IVVRZ MYVT [OL )VVRZ[VYL ( Z[\KLU[ PZ YLX\PYLK [V JHYY` [OL JHYK ^OLU VU [OL THPU JHTW\Z H[ [OL 2S\[OL *LU[LY VY H[ HU L_[LUZPVU JLU[LY ;OL Z[\KLU[ ZOV\SK YLWVY[ H SVZ[ VY Z[VSLU JHYK [V 7\ISPJ :HML[` ^P[OPU OV\YZ ( Z[\KLU[ PZ YLZWVUZPISL MVY HSS [YHUZHJ [PVUZ ^P[O [OL JHYK \U[PS [OL JHYK PZ YLWVY[LK TPZZPUN [V 7\ISPJ :HML[` ( MLL ^PSS IL JOHYNLK [V PZZ\L YLWSHJLTLU[ JHYKZ ;OL 3HRL 3HUK *VSSLNL :[\KLU[ 0+ *HYK PZ MVY [OL Z[\KLU[»Z \ZL VUS` 0[ PZ UV[ [V IL SVHULK [V HU`VUL ;OL ZJOLK\SL VM KH[LZ HUK [PTLZ K\YPUN ^OPJO :[\KLU[ 0+ *HYKZ HYL ILPUN PZZ\LK IV[O VU JHTW\Z HUK H[ VMM JHTW\Z ZP[LZ Z\JO HZ [OL 2S\[OL *LU[LY ^PSS IL THPU[HPULK I` [OL )VVRZ[VYL HUK W\ISPZOLK VU [OL 3HRL 3HUK *VSSLNL ^LIZP[L HUK THUHNLTLU[ VM [L_[IVVRZ MVY [OL [L_[IVVR YLU[HS Z`Z[LT ;L_[IVVRZ HYL PZZ\LK I` [OL IVVRZ[VYL Z\IQLJ[ [V [OL MVSSV^PUN! 7YVNYHTZ ^P[O ZWLJPHS HJHKLTPJ VY Z[\KLU[ ULLKZ TH` YLX\PYL [OH[ [L_[IVVRZ IL W\YJOHZLK I` [OL Z[\KLU[ *VUZ\THISL IVVRZ ^PSS IL W\YJOHZLK I` [OL Z[\KLU[ :[\KLU[Z ^OV JOVVZL [V RLLW [OLPY [L_[IVVRZ WHZ[ [OL ZLTLZ[LY»Z W\ISPZOLK [L_[IVVR YL[\YU KLHKSPUL ^PSS IL Z\IQLJ[ [V [OL MVSSV^PUN WLUHS[PLZ! Â&#x2039; -VY H WLYPVK VM [PTL [OLYL ^PSS IL H SH[L MLL JOHYNLK MVY LHJO YLU[LK [L_[IVVR YL[\YULK SH[L 7SLHZL YL]PL^ [OL [L_[IVVR YL[\YU KLHKSPULZ W\ISPZOLK VU [OL JVSSLNL»Z ^LIZP[L HUK PU [OL -\SS *PYJSL MVY [OPZ [PTLMYHTL Â&#x2039; (U` YLU[LK [L_[IVVRZ [OH[ OH]L UV[ ILLU YL[\YULK [V [OL JVSSLNL HM[LY [OPZ WLYPVK VM [PTL ^PSS ILJVTL [OL WYVWLY[` VM [OL Z[\KLU[Z HUK [OL YL[HPS JVZ[ MVY [OVZL IVVRZ ^PSS IL HKKLK [V [OLPY IPSS ([ [OH[ [PTL IVVRZ JHU UV SVUNLY IL YL[\YULK [V [OL JVSSLNL HUK HU` M\[\YL Ã&#x201E;UHUJPHS HPK ZJOVSHYZOPWZ VY Z[\KLU[ SVHUZ TH` IL OLSK VY HWWSPLK HNHPUZ[ [OLZL JOHYNLZ
:[\KLU[Z ^PSS IL JOHYNLK MVY KLMHJLK VY KHTHNLK IVVRZ :[\KLU[Z ^P[O SH[L [L_[IVVRZ ^PSS IL YLZ[YPJ[LK MYVT YLJLP]PUN [YHUZJYPW[Z YLZ[YPJ[LK MYVT YLU[PUN [L_[IVVRZ HUK YLZ[YPJ[LK MYVT HU` M\Y[OLY YLNPZ[YH[PVU HJ[P]P[` \U[PS [OL IVVRZ HYL YL[\YULK HUK VY HSS Ã&#x201E;ULZ HYL WHPK :[\KLU[Z ^P[O VUS` VMM JHTW\Z JSHZZLZ ^OV YLNPZ[LY MVY VMM JHTW\Z JSHZZLZ I` [OLPY L_[LUZPVU JLU[LY»Z YLN\SHY YLNPZ[YH[PVU KH[LZ ^PSS YLJLP]L [L_[IVVRZ [OL Ã&#x201E;YZ[ JSHZZ ZLZZPVU :[\KLU[Z YLNPZ[LYPUN HM[LY [OL ZWLJPÃ&#x201E;LK KH[L ^PSS YLJLP]L [OLPY [L_[IVVRZ [OL ZLJVUK ^LLR VM JSHZZ :[\KLU[Z ^OV YLNPZ[LY HM[LY [OL ZLJVUK IVVR KLSP]LY` T\Z[ JVTL [V [OL )VVRZ[VYL [V NL[ [OLPY IVVRZ :[\KLU[Z ^OV ^PZO [V W\YJOHZL [OLPY [L_[IVVRZ TH` KV ZV MYVT [OL [OPYK [OYV\NO [OL LSL]LU[O ^LLR VM LHJO HJHKLTPJ [LYT HUK [OL [OPYK [OYV\NO [OL Ã&#x201E;M[O ^LLR VM LHJO TVK\SL HUK Z\TTLY [LYT
:[\KLU[ 0+ *HYKZ :[\KLU[Z V[OLY [OHU [OVZL LUYVSSLK PU [OL +\HS *YLKP[ WYVNYHT VY [OVZL LUYVSSLK PU H *VYYLJ[PVUHS *LU[LY WYVNYHT ^PSS IL PZZ\LK H :[\KLU[ 0+ *HYK (SS Z[\KLU[ 0+ *HYKZ HYL [OL WYVWLY[` VM 3HRL 3HUK *VSSLNL HUK
7HYRPUN 7HYRPUN PZ WYV]PKLK MVY HSS Z[\KLU[Z PU HWWYV]LK WHYRPUN SV[Z VU JHTW\Z ^P[OV\[ JOHYNL 9LZLY]L WHYRPUN PZ H]HPSHISL MVY WLVWSL ^P[O KPZHIPSP[PLZ 7HYRPUN PZ TVUP[VYLK I` 7VSPJL 6MÃ&#x201E;JLYZ <UH\[OVYPaLK WHYRPUN PZ Z\IQLJ[ [V H Ã&#x201E;UL
0U[LYUH[PVUHS :[\KPLZ HUK 7YVNYHTZ 3HRL 3HUK *VSSLNL PZ JVTTP[[LK [V [OL PU[LYUH[PVUHSPaH[PVU HUK NSVIHSPaH[PVU VM [OL JHTW\Z JVTT\UP[` [V HZZ\YL Z[\KLU[Z [OL IYVHKLZ[ VM HSS LK\JH[PVUHS L_WLYPLUJLZ 6WWVY[\UP[PLZ HYL H]HPSHISL MVY MHJ\S[` Z[HMM HUK Z[\KLU[Z [V ^VYR HUK Z[\K` HIYVHK
:[\K` (IYVHK 7YVNYHT 3HRL 3HUK *VSSLNL LUJV\YHNLZ Z[\KLU[Z [V L_WSVYL [OL ILULÃ&#x201E;[Z VM SP]PUN HUK Z[\K`PUN PU H MVYLPNU J\S[\YL :[\KLU[Z TH` JOVVZL MYVT H ]HYPL[` VM WYVNYHTZ ZWVUZVYLK I` [OL 0SSPUVPZ *VUZVY[P\T MVY 0U[LYUH[PVUHS :[\KPLZ HUK 7YVNYHTZ 0*0:7 *V\YZLZ PU HSS WYVNYHTZ WYV]PKL JVSSLNL JYLKP[ ;V IL LSPNPISL MVY [OLZL WYVNYHTZ H TPUPT\T VM JYLKP[ OV\YZ PUJS\KPUN ,5. ^P[O H J\T\SH[P]L
0U[YHT\YHS ([OSL[PJZ (U PU[YHT\YHS WYVNYHT H]HPSHISL [V IV[O TLU HUK ^VTLU PUJS\KLZ! ZVM[IHSS IHZRL[IHSS ]VSSL`IHSS IHKTPU[VU IV^SPUN HUK NVSM
:[\KLU[ (J[P]P[PLZ
NYHKL WVPU[ H]LYHNL VM H[ SLHZ[ (WWSPJH[PVUZ HYL H]HPSHISL MYVT [OL +PYLJ[VY VM 0U[LYUH[PVUHS :[\KPLZ 7YVNYHTZ -PUHS KL[LYTPUH[PVU VM HJJLW[HUJL YLZ[Z ^P[O 3HRL 3HUK *VSSLNL
:;( *VTT\UP[` TLTILYZ JHU H\KP[ [OL :;( Z[\K` HIYVHK JV\YZL [OH[ KPZJ\ZZLZ J\S[\YHS KPMMLYLUJLZ :;( WYLWHYLZ Z[\KLU[Z MVY HU LK\JH[PVUHS [YPW
([OSL[PJZ 0U[LYJVSSLNPH[L ([OSL[PJZ ;OL WYVNYHT VM PU[LYJVSSLNPH[L H[OSL[PJZ PZ KLKPJH[LK [V [OL ILSPLM [OH[ H[OSL[PJ JVTWL[P[PVU JVTWSLTLU[Z [OL L_PZ[PUN WYVNYHTZ VMMLYLK I` 3HRL 3HUK *VSSLNL ([OSL[PJZ PZ HU PU[LNYHS WHY[ VM [OL [V[HS LK\JH[PVUHS WYVJLZZ ^OPJO MVZ[LYZ ZV\UK LK\JH[PVUHS NVHSZ JVUJ\YYLU[ ^P[O [OVZL VM [OL JVSSLNL ;OL JVSSLNL PZ H TLTILY VM [OL 5H[PVUHS 1\UPVY *VSSLNL ([OSL[PJ (ZZVJPH[PVU 51*(( HUK JVTWL[LZ PU 9LNPVU ??0= ;OL 51*(( OHZ H JVOLZP]L WYVNYHT MVY YLJVNUP[PVU VM ZWVY[Z HUK H[OSL[LZ MYVT [^V `LHY JVSSLNLZ [OYV\NOV\[ [OL UH[PVU 9LNPVUHS HUK UH[PVUHS [V\YUHTLU[Z HYL OLSK PU HSS ZWVY[Z 3HRL 3HUK *VSSLNL HZ H +P]PZPVU 0 HUK +P]PZPVU 00 51*(( *VSSLNL H^HYKZ H[OSL[PJ ZJOVSHYZOPWZ [V [HSLU[LK Z[\KLU[ H[OSL[LZ ;OL JVSSLNL WYVNYHT VM PU[LYJVSSL NPH[L H[OSL[PJZ MVY TLU PUJS\KLZ IHZRL[IHSS HUK IHZLIHSS >VTLU JVTWL[L PU ]VSSL`IHSS ZVM[IHSS HUK IHZRL[IHSS VU [OL PU[LYJVSSLNPH[L SL]LS
-YVT JVTLKPHUZ T\ZPJPHUZ O`WUV [PZ[Z HUK ZWLHRLYZ [V NYLH[ NP]LH^H`Z MYLL TLHSZ HUK H ZWYPUN JHYUP]HS [OL JVSSLNL WYV]PKLZ Z[\KLU[Z ^P[O H ^PKL YHUNL VM MYLL LU[LY[HPUTLU[ HUK HJ[P]P[PLZ [V LUQV` VU JHTW\Z HUK H[ [OL 2S\[OL *LU[LY
*S\IZ :L]LYHS JS\IZ HYL H]HPSHISL MVY Z[\KLU[Z [V WHY[PJPWH[L PU Z\JO HZ! (NYPJ\S[\YL )\ZPULZZ 7YVK\J[PVU (NYPJ\S[\YL ;YHUZMLY (\[VTV[P]L ;LJOUVSVN` ).3(++ :[\KLU[Z >P[O H ;LZ[PTVU` )YVHKJHZ[PUN *S\I *S\I 0; *VSSLNPH[L =L[LYHUZ (SSPHUJL *VTTVU *VYULYZ *VUZ[Y\J[PVU :WLJPÃ&#x201E;JH[PVU 0UZ[P[\[L *VZTL[VSVN` ,HYS` *OPSKOVVK ,K\JH[PVU -HTPS` :LY]PJLZ ,U]PYVU TLU[HS *S\I -\[\YL ,K\JH[VYZ VM (TLYPJH *S\I -\[\YL ,SLJ[YVUPJZ ;LJOUPJPHUZ /VY[PJ\S[\YL *S\I /\THU :LY]PJL *S\I 0UK\Z[YPHS ;LJOUVSVN` (ZZVJPH[PVU 0U[LYUH[PVUHS :[\KLU[Z (ZZVJPH[PVU 4H[O HUK :JPLUJL 5\YZPUN 7OP ;OL[H 2HWWH
7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7VZ[ :LJVUKHY` (NYPJ\S[\YHS HUK :[\KLU[Z *YLH[PUN *OHUNL 0UMVYTH[PVU VU [OL :[\KLU[ .V]LYUTLU[ (ZZVJPH[PVU :.( :[\KLU[ (J[P]P[` )VHYK :() 5H]PNH [VY JS\IZ HUK VYNHUPaH[PVUZ JHU IL VI[HPULK MYVT [OL :[\KLU[ 3PML 6MÃ&#x201E;JL SVJH[LK PU [OL 3\[OLY :[\KLU[ *LU[LY VY MYVT [OL 3HRL 3HUK *VSSLNL ^LIZP[L! ^^^ SHRLSHUK JJ PS \Z
;L_[ TLZZHNPUN :[\KLU[Z JHU ZLSLJ[ [V YLJLP]L H [L_[ TLZZHNL [V UV[PM` [OLT VM JSHZZ JHUJLSSH[PVUZ LTLYNLUJ` ^LH[OLY JSVZPUNZ LTLYNLUJ` JVTT\UPJH[PVU TLZZHNLZ VY NLULYHS PUMVYTH[PVU KLHKSPUL YLTPUKLYZ ;OPZ VW[PVUZ PZ H]HPSHISL [OYV\NO 090: PU [OL /\I
*VSSLNL 9HKPV :[H[PVU >323 ;OL 3HRL 3HUK -4 Z[LYLV Z[H[PVU JV]LYZ H [V TPSL YHKP\Z VM JHTW\Z ;OL Z[H[PVU IYVHKJHZ[Z HS[LYUH[P]L T\ZPJ UL^Z ZWVY[Z HUK ^LH[OLY OV\YZ H KH` ZL]LU KH`Z H ^LLR KH`Z H `LHY >323 PZ SVJH[LK H[ VU [OL -4 KPHS HUK JHU IL OLHYK VUSPUL H[ [OLTH_ JVT
3HRL 3HUK *VSSLNL (S\TUP (ZZVJPH[PVU ;OL 3HRL 3HUK *VSSLNL (S\TUP (ZZVJPH[PVU PZ VWLU [V HU`VUL ^OV OHZ [HRLU H JSHZZ H[ 3HRL 3HUK *VSSLNL 4LTILYZOPW PZ MYLL HUK WYV]PKLZ `V\ ^P[O H TVU[OS` LSLJ[YVUPJ UL^ZSL[[LY HZ ^LSS HZ HU HUU\HS WYPU[LK LKP[PVU 4HU` HS\TUP YLTHPU HJ[P]L ^P[O [OL JVSSLNL I` ZLY]PUN VU [OL (S\TUP (ZZVJPH[PVU )VHYK VM +PYLJ[VYZ ^OPJO KL]LSVWLK (S\TUP 7HYR VU JHTW\Z HUK LZ[HISPZOLK [OL +PZ[PUN\PZOLK (S\TUP :VJPL[` OVUVYPUN HS\TUP MVY [OLPY V\[Z[HUKPUN HJJVTWSPZOTLU[Z (S\TUP TH` HSZV WHY[PJPWH[L PU ]HYPV\Z HJ[P]P[PLZ [OYV\NOV\[ [OL `LHY Z\JO HZ :WLJPHS 6S`TWPJZ -HTPS` -LZ[P]HS HUK /VSPKH` ;YHKP[PVUZ VU 3HRL 3HUK»Z JHTW\Z ;OL HZZVJPH[PVU HSZV ZWVUZVYZ [OL (S\TUP (ZZVJPH[PVU :JOVSHYZOPW [OYV\NO [OL 3HRL 3HUK *VSSLNL -V\UKH[PVU ;OL ZJOVSHYZOPW PZ H^HYKLK [V HU HS\TUP VY MHTPS` TLTILY VM HU HS\TUP LHJO `LHY 1VPU \Z VU -HJLIVVR [V RLLW \W ^P[O `V\Y HSTH TH[LY
(S\TUP (ZZVJPH[PVU )VHYK 6MÄJLYZ +HUPLSSL +V^UZ 7YLZPKLU[ *OHYSLZ[VU
1LUU` 3HUNL =PJL 7YLZPKLU[ 4H[[VVU
2HYLU 5VMMRL :LJYL[HY` :\SSP]HU
)VHYK 4LTILYZ :JV[[` (KHTZ >LZ[ÄLSK 9HUK` (KRPUZ 4H[[VVU )HYI (Y[O\Y 4H[[VVU +`RL )HYRSL` 7HYPZ 7HT -YLUJO +PL[LYPJO ;LYY` 4J*VUULSS 4H[[VVU 4PUKPL 4J4HUH^H` (S[HTVU[ 4LSPZZH 4V_SL` 4H[[VVU *HYSH 5LHS *OHYSLZ[VU +V\N 6]LYT`LY 4H[[VVU
5HUJ` 7HSZ ;L\[VWVSPZ ;PT :HUKLYZ 4HYZOHSS ;PT :[LWOLUZ ,MÄUNOHT 4PRL :\SSP]HU 4H[[VVU )HYYL[ =VU )LOYLU 4HY[PUZ]PSSL
/VUVYHY` )VHYK 4LTILYZ 3PZH *VSL ;VSLKV 2H[PL +\YIPU :[YHZI\YN 3PUKH /HTW[VU ,MÄUNOHT )HYI ;P[\Z 5LVNH
:[HMM =HJHU[ ,_LJ\[P]L 6MÄJLY HUK *VSSLNL =PJL 7YLZPKLU[ -VY 0UZ[P[\[PVUHS (K]HUJLTLU[
+H]PK *V_ +PYLJ[VY VM -V\UKH[PVU HUK (S\TUP
4HKNL :OVV[ ;YLHZ\YLY
3PZH +P[[HTVYL 9LJVYKPUN :LJYL[HY`
:LY]PUN [OL *VTT\UP[` >VYRMVYJL
0U [OPZ JOHW[LY! >VYRMVYJL +L]LSVWTLU[
;YPV +LZ[PUH[PVU *VSSLNL 7H[O^H`Z
*)0
(K\S[ ,K
*+3
7YVQLJ[ 7(3
4:;3 7VZ[ H 1VI 6WLUPUN
/PNO^H` *VUZ[Y\J[PVU *HYLLYZ ;YHPUPUN 7YVNYHT
*VTT\UP[` 3LHYUPUN
,_[LUZPVU *LU[LYZ
+\HS *YLKP[
7YVMLZZPVUHS (K]PZVY` *VTTP[[LLZ
:LY]PUN [OL *VTT\UP[` *LU[LY MVY )\ZPULZZ HUK 0UK\Z[Y` ;OL *LU[LY MVY )\ZPULZZ 0UK\Z[Y` WSH`Z H SLHKPUN YVSL PU WYV]PKPUN J\Z[VTPaLK LTWSV`LL [YHPUPUN HUK KL]LSVWTLU[ ZLY]PJLZ [V YLNPVUHS LTWSV`LYZ ;OL *LU[LY THPU[HPUZ OPNO Z[HUKHYKZ MVY [YHPUPUN WYVNYHT HZZLZZ TLU[ KLZPNU KLSP]LY` HUK L]HS\H[PVU (U L_WLYPLUJLK Z[HMM HUK IYVHK YHUNL VM ZLY]PJLZ LUZ\YL YLZWVUZP]LULZZ [V H ]HYPL[` VM [YHPUPUN ULLKZ ;OLZL PUJS\KL! Â&#x2039; 6YNHUPaH[PVUHS HUK >VYRMVYJL +L]LSVWTLU[ Â&#x2039; *VU[PU\V\Z 7YVJLZZ 0TWYV]LTLU[ HUK 8\HSP[` :`Z[LTZ Â&#x2039; *VTW\[LY :VM[^HYL (WWSPJH[PVUZ Â&#x2039; 4HU\MHJ[\YPUN :RPSSZ ;YHPUPUN Â&#x2039; (K]LU[\YL 3LHYUPUN *LU[LY Â&#x2039; *VTTLYJPHS +YP]LYZ 3PJLUZPUN Â&#x2039; *VUZ\S[PUN :LY]PJLZ Â&#x2039; 4LL[PUN 9VVT 9LU[HSZ *)0 OVZ[Z [OL YLNPVU»Z Ã&#x201E;YZ[ 4HU\MHJ[\YPUN :RPSSZ ;YHPUPUN 3HI ;OL SHI WYV]PKLZ OHUKZ VU [YHPUPUN VM ZRPSS ZL[Z YLX\PYLK I` THJOPUL VWLYH[VYZ THPU[LUHUJL WLYZVUULS THJOPUL [LJOUPJPHUZ VY [OVZL ZLLRPUN [V \WNYHKL [V [OLZL WVZP[PVUZ PU TVKLYU THU\MHJ[\YPUN VWLYH[PVUZ ;OL LX\PWTLU[ PZ WVY[HISL VMMLYPUN JVTWHUPLZ [OL VW[PVU VM ZLUKPUN LTWSV`LLZ [V [OL SHI VY OVZ[PUN VU ZP[L [YHPUPUN :RPSS HYLHZ PUJS\KL! TLJOHUPJHS KYP]L Z`Z[LTZ Ã&#x2026;\PK WV^LY Z`Z[LTZ LSLJ[YPJHS Z`Z[LTZ LSLJ[YPJHS THJOPULZ TV[VY JVU[YVSZ LSLJ[YV Ã&#x2026;\PK WV^LY WYVNYHTTHISL SVNPJ JVU[YVS HUK X\HSP[` HZZ\YHUJL 3HRL 3HUK *VSSLNL PZ H KLZPNUH[LK [YHPUPUN WYV]PKLY MVY 0SSPUVPZ 4HU\MHJ [\YLY»Z (ZZVJPH[PVU HUK 0SSPUVPZ *VT T\UP[` JVSSLNL )VHYK NYHU[Z ;YHPUPUN M\UKZ HYL H]HPSHISL [V X\HSPM`PUN VYNHUPaH[PVUZ *)0 PZ SVJH[LK PU [OL >VYRMVYJL +L]LSVWTLU[ *LU[LY 9PJOTVUK (]L ,HZ[ 4H[[VVU -VY TVYL PUMVYTH[PVU JHSS VY ]PZP[ V\Y ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z JIP
*VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN 7YVNYHT +LZPNULK MVY PUKP]PK\HSZ ^P[O SP[[SL VY UV JVTTLYJPHS KYP]PUN L_WLYPLUJL [OPZ WYVNYHT PUJS\KLZ L]LY`[OPUN H Z[\KLU[ ULLKZ [V VI[HPU HU LU[Y` SL]LS KYP]PUN WVZP[PVU PU [OL [Y\JRPUN PUK\Z[Y` ;OL 3HRL 3HUK *VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN 7YVNYHT ^VYRZ ^P[O THU` [Y\JRPUN JVTWHUPLZ [OH[ ^PSS WYL OPYL Z[\KLU[Z ;Y\JR KYP]PUN PZ VUL VM [OL ML^ VJJ\WH[PVUZ ^OLYL Z[\KLU[Z ^OV JVTWSL[L [YHPUPUN HYL HSTVZ[ JLY[HPU [V NV [V ^VYR PTTLKPH[LS` 4VZ[ Z[\KLU[Z YLJLP]L ZL]LYHS QVI VMMLYZ WYPVY [V JVTWSL[PVU VM [OLPY [YHPUPUN ;YHPUPUN PZ JVUK\J[LK H[ [OL 3HRL 3HUK *VSSLNL >VYRMVYJL +L]LSVWTLU[ *LU[LY 9PJOTVUK (]L ,HZ[ 4H[[VVU 0SSPUVPZ -VY TVYL PUMVYTH[PVU HIV\[ [OL WYVNYHT QVI VWWVY[\UP[PLZ HUK WH`TLU[ VW[PVUZ JVU[HJ[ [OL WYVNYHT JVVYKPUH[VY H[ VY ]PZP[ V\Y ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z JIP
7VZ[ H 1VI 6WLUPUN *HYLLY :LY]PJLZ WYV]PKLZ HU VWWVY[\UP[` MVY LTWSV`LYZ HUK QVI ZLLRLYZ [V JVUULJ[ [OYV\NO [OL VUSPUL LTWSV`TLU[ KH[H IHZL ;OL Z`Z[LT HSSV^Z LTWSV`LYZ [V SPZ[ QVI VWWVY[\UP[PLZ HUK YLSH[LK PUMVYTH [PVU ^OPSL QVI ZLLRLYZ JHU UHYYV^ [OLPY ZLHYJO [V H KLNYLL HYLH VY ZRPSSZ [OL` WVZ ZLZZ ;OPZ ZLY]PJL PZ MYLL MVY L]LY`VUL HUK JHU IL HJJLZZLK H[ ^^^ SHRLSHUK JJ PS \Z JHYLLYZLY]PJLZ
*VTT\UP[` HUK 7YVMLZZPVUHS 7YVNYHTZ *VTT\UP[` HUK 7YVMLZZPVUHS 7YVNYHTZ VMMLYZ H ]HYPL[` VM JVTT\UP[` LK\JH [PVU WYVMLZZPVUHS KL]LSVWTLU[ HUK WLYZVUHS LUYPJOTLU[ JV\YZLZ HUK ZLTPUHYZ -VY TVYL PUMVYTH[PVU WSLHZL JHSS
*VU[PU\PUN ,K\JH[PVU /V\YZ HUK 7YVMLZZPVUHS +L]LSVWTLU[ :LTPUHYZ 3HRL 3HUK *VSSLNL PZ SPJLUZLK [V WYV]PKL JVU[PU\PUN LK\JH[PVU MVY HJJV\U[HU[Z U\YZPUN OVTL HKTPUPZ[YH [VYZ [LHJOLYZ WHYHWYVMLZZPVUHSZ KLU[HS O`NPLUPZ[Z HZZPZ[HU[Z HUK JVZTL[VSVNPZ[Z LZ[OL[PJPHUZ UHPS [LJO 6[OLY WYVMLZZPVUHS KL]LSVWTLU[ ZLTPUHYZ HYL VMMLYLK Z\JO HZ 7OLVJOYV TVJ`[VTH :`TWVZP\T HUK +L]LSVW TLU[ ,K\JH[PVU :\TTP[ :LTPUHYZ HYL WYV]PKLK MVY [OLZL NYV\WZ HUK V[OLYZ H[ ]HYPV\Z [PTLZ [OYV\NOV\[ [OL `LHY ( ZJOLK\SL PZ H]HPSHISL VU [OL ^LIZP[L H[! ^^^ SHRLSHUK JJ PS \Z SLHYU
*VTT\UP[` 3LHYUPUN *V\YZLZ 3HRL 3HUK *VSSLNL VMMLYZ THU` ZWLJPHS PU[LYLZ[ JV\YZLZ HUK [YPWZ [OH[ HYL UV[ WHY[ VM [OL YLN\SHY ]VJH[PVUHS VY HJHKLTPJ KLNYLL WYVNYHTZ +PZ[YPJ[ YLZPKLU[Z TH` LUYVSS PU [OLZL JV\YZLZ HJJVYKPUN [V [OLPY V^U PU[LYLZ[Z ;OLZL JV\YZLZ HYL VMMLYLK PU [OL HYLH VM OLHS[O HUK ^LSSULZZ JVTW\[LY ZRPSSZ WLYZVUHS LUYPJOTLU[ LUNHNPUN NLULYH[PVUZ Ã&#x201E;UHUJLZ HUK TVUL` WOV[VNYHWO` YLJYLH[PVU SLPZ\YL HUK L_LYJPZL YLUL^HISL LULYN` [LZ[ WYLWHYH[PVU JYLH[P]L HY[Z HUK J\SPUHY` HUK OVTL *VTT\UP[` 3LHYUPUN JV\YZLZ HYL PKLU[PÃ&#x201E;LK I` [P[SL PU H ZLWHYH[L SPZ[PUN MV\UK PU [OL JSHZZ ZJOLK\SL ;OLZL JV\YZLZ ]HY` PU SLUN[O MYVT VUL JSHZZ TLL[PUN [V ZL]LYHS -VY TVYL PUMVYTH[PVU ]PZP[ [OL ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z SLHYU
*VU[PU\PUN ,K=LU[\YLZ *VU[PU\PUN ,K=LU[\YLZ TLL[Z LK\JH [PVUHS ULLKZ VM TH[\YL HK\S[Z PU [OL KPZ[YPJ[ ^OV ILSPL]L PU 30-, [OH[ ¸3LHYUPUN PZ -VY,]LY ¹ ;OYV\NO *VTT\UP[` 3LHYUPUN JSHZZLZ HUK [YPWZ HYL VMMLYLK MVY [OVZL SPMLSVUN SLHYULYZ HNL HUK V]LY ;\P[PVU ^HP]LYZ MVY JYLKP[ *5* JSHZZLZ HYL H]HPSHISL MVY [OVZL HUK V]LY
:\TTLY *VSSLNL MVY 2PKZ
;YHMÃ&#x201E;J :HML[` 7YVNYHT
:\TTLY *VSSLNL MVY 2PKZ PZ H JVTT\ UP[` LK\JH[PVU WYVNYHT MVY JOPSKYLU IPY[O [V `LHYZ VSK ;OL WYVNYHT PZ KLZPNULK [V WYV]PKL MYLZO Z\IQLJ[ TH[[LY JOHSSLUNPUN PKLHZ HUK H WVZP[P]L L_WLYPLUJL MVY JOPSKYLU ;OL JSHZZLZ HUK [YPWZ HYL SLK WYPTHYPS` I` HYLH [LHJOLYZ ^OV OH]L L_WLYPLUJL ^VYRPUN ^P[O JOPSKYLU ;OL Z\IQLJ[ HYLHZ ]HY` LHJO Z\TTLY PU [OL [VWPJZ VM HY[Z HUK JYHM[Z MVVK HUK M\U KPZJV]LY HUK SLHYU T\ZPJHS UV[LZ [YPWZ HUK [V\YZ LUNHNPUN NLULYH[PVUZ ZJPLUJL HK]LU[\YLZ ZWVY[Z HUK YLJYLH[PVU HUK [LZ[ WYLWHYH[PVU ;OL JSHZZLZ \Z\HSS` TLL[ PU [OL TVYUPUN VY HM[LYUVVU 4VUKH` [OYV\NO ;O\YZKH` MVY ]HY`PUN ^LLRZ K\YPUN [OL TVU[OZ VM 1\UL 1\S` HUK (\N\Z[ -VY PUMVYTH[PVU ]PZP[ [OL ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z SLHYU
3HRL 3HUK *VSSLNL ;YHMÃ&#x201E;J :HML[` 7YVNYHT VMMLYZ +LMLUZP]L +YP]PUN *V\YZLZ MVY PUKP]PK\HSZ ^OV OH]L YLJLP]LK H [YHMÃ&#x201E;J JP[H[PVU PU ,MÃ&#x201E;UNOHT *VSLZ 4V\S[YPL VY *\TILYSHUK JV\U[PLZ ;OPZ ++* JV\YZL PZ H MV\Y OV\Y JV\YZL KL]LSVWLK I` [OL 5H[PVUHS :HML[` *V\UJPS 0[ JV]LYZ Z\JO [VWPJZ HZ KYP]PUN JVUKP[PVUZ \UZHML ILOH]PVYZ HUK HNNYLZZP]L KYP]PUN 0[ PZ VMMLYLK PU ,MÃ&#x201E;UNOHT :\SSP]HU *OHYSLZ[VU HUK 4H[[VVU ;OLYL PZ HSZV HU VUSPUL JV\YZL [OH[ PZ H]HPSHISL MVY HU HKKP[PVUHS MLL 0M `V\ OH]L YLJLP]LK H [YHMÃ&#x201E;J JP[H[PVU PU H JV\U[` V[OLY [OHU ,MÃ&#x201E;UNOHT *VSLZ 4V\S[YPL VY *\TILY SHUK `V\ TH` Z[PSS IL LSPNPISL [V LUYVSS @V\ HYL VUS` HSSV^LK [V JVTWSL[L [OL JV\YZL VUL [PTL PU H TVU[O WLYPVK ;OL 3HRL 3HUK *VSSLNL ;YHMÃ&#x201E;J :HML[` 7YVNYHT HSZV VMMLYZ H MV\Y OV\Y +<0 JSHZZ PU 4H[[VVU HUK *OHYSLZ[VU ;OPZ WYVNYHT ^HZ KLZPNULK ZWLJPÃ&#x201E;JHSS` MVY *VSLZ *V\U[` I\[ TH` X\HSPM` MVY +<0Z PU V[OLY JV\U[PLZ 0M `V\ YLJLP]LK
H +<0 PU HUV[OLY JV\U[` `V\ ULLK [V JVU[HJ[ [OH[ JV\U[` [V ZLL PM [OPZ WYVNYHT PZ HJJLW[HISL [V [OLT -VY TVYL PUMVYTH[PVU JVU[HJ[ [OL 3HRL 3HUK *VSSLNL ;YHMÃ&#x201E;J :HML[` 7YVNYHT :WLJPHSPZ[ H[ [YHMÃ&#x201E;JZHML[`WYV NYHT'SHRLSHUK JJ PS \Z VY ]PZP[ V\Y ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z [YHMÃ&#x201E;J ZHML[`
+PZ[HUJL 3LHYUPUN 3HRL 3HUK *VSSLNL OHZ ILLU [LHJOPUN JSHZZLZ MYVT JHTW\Z [V KPZ[HU[ SVJH[PVUZ ZPUJL 1HU\HY` *SHZZLZ HYL [H\NO[ VU H [^V ^H` M\SS TV[PVU PU[LYHJ[P]L ]PKLV HUK H\KPV Z`Z[LT ;OL JSHZZYVVTZ HYL LX\PWWLK ^P[O Z[H[L VM [OL HY[ LX\PWTLU[ WYV]PKPUN [OL PUZ[Y\J[VY HUK Z[\KLU[Z ^P[O [OL ILZ[ ZV\UK HUK WPJ[\YL X\HSP[` 0U HKKP[PVU [V PUZ[Y\J[PVU [OL Z`Z[LT JHU JVUULJ[ [^V VY TVYL ZP[LZ MVY ]PKLV TLL[PUNZ HUK Z[HMM KL]LSVWTLU[ HJ[P]P[PLZ
\UP]LYZP[` ]VJH[PVUHS ZJOVVS VW[PVUZ HZZPZ[HUJL PU JVTWSL[PUN JVSSLNL HWWSPJH[PVUZ Â&#x2039; *VSSLNL =PZP[Z ¶ Z[\KLU[Z [YH]LS [V ]HYPV\Z WVZ[ZLJVUKHY` PUZ[P[\[PVUZ PU 0SSPUVPZ HUK Z\YYV\UKPUN Z[H[LZ Â&#x2039; -PUHUJPHS 3P[LYHJ` -PUHUJPHS (PK (ZZPZ[HUJL ¶ PUMVYTH[PVU VU [OL Ã&#x201E;UHUJPHS HPK WYVJLZZ HUK ZJOVSHY ZOPWZ HZZPZ[HUJL JVTWSL[PUN [OL -YLL (WWSPJH[PVU MVY -LKLYHS :[\KLU[ (PK -(-:( ZJOVSHYZOPW YLZLHYJO
+\HS *YLKP[ 7YVNYHT ;OL +\HS *YLKP[ 7YVNYHT PZ H WHY[ULY ZOPW IL[^LLU 3HRL 3HUK *VSSLNL HUK KPZ[YPJ[ OPNO ZJOVVSZ [OH[ WYV]PKLZ Z[\KLU[Z [OL VWWVY[\UP[` [V LHYU JVSSLNL JYLKP[ WYPVY [V OPNO ZJOVVS NYHK\H[PVU +\HS JYLKP[ JV\YZLZ HYL VMMLYLK PU [OL JVU]LUPLUJL HUK JVTMVY[ VM [OL OPNO ZJOVVS JSHZZYVVT K\YPUN [OL YLN\SHY OPNO ZJOVVS KH` :[\KLU[Z KV UV[ WH` [\P[PVU MVY K\HS JYLKP[ JV\YZLZ YLZ\S[PUN PU ZPNUPÃ&#x201E;JHU[ ZH]PUNZ [V^HYK JVSSLNL L_WLUZLZ /PNO ZJOVVSZ HYL JOHYNLK H MLL MVY K\HS JYLKP[ JV\YZLZ HUK TH` YLX\PYL Z[\KLU[Z [V JV]LY [OL JVZ[ VM [OPZ MLL :[\KLU[Z ZOV\SK JOLJR ^P[O [OL K\HS JYLKP[ JVVYKPUH[VY H[ [OL OPNO ZJOVVS HIV\[ K\HS JYLKP[ MLLZ +\HS JYLKP[ JV\YZLZ HYL YLZLY]LK MVY OPNO ZJOVVS Z[\KLU[Z ^OV HYL Q\UPVYZ VY ZLUPVYZ OH]L VI[HPULK WLYTPZZPVU [V LUYVSS PU JVSSLNL SL]LS JV\YZLZ MYVT [OLPY OPNO ZJOVVS HUK OH]L H OPNO ZJOVVS .7( VM ¸*¹ VY IL[[LY :[\KLU[Z LUYVSS PU K\HS JYLKP[ JV\YZLZ [OYV\NO [OL K\HS JYLKP[ JVVYKPUH[VY H[ [OLPY OPNO ZJOVVS :[\KLU[Z LUYVSSPUN PU TH[O VY ,UNSPZO JV\YZLZ HYL YLX\PYLK [V [HRL H WSHJLTLU[ [LZ[ VY Z\ITP[ (*; ZJVYLZ [V 3HRL 3HUK *VSSLNL WYPVY [V [OL Z[HY[ VM [OL JSHZZ ( WSHJLTLU[ [LZ[ Z[\K` N\PKL PZ H]HPSHISL H[ ^^^ SHRLSHUK JJ PS \Z HKTPZZPVUZ ;OL +\HS *YLKP[ :[\KLU[ 7HYLU[ /HUKIVVR PZ H]HPSHISL VU [OL +*7 ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z K\HSJYLKP[ -VY TVYL PUMVYTH[PVU HIV\[ [OL +\HS *YLKP[ 7YVNYHT WSLHZL JHSS VY
;906 +LZ[PUH[PVU *VSSLNL ;OL ;906 +LZ[PUH[PVU *VSSLNL WYV NYHT PKLU[PÃ&#x201E;LZ HUK HZZPZ[Z PUKP]PK\HSZ PU [HYNL[LK TPKKSL HUK OPNO ZJOVVSZ ^OV OH]L [OL WV[LU[PHS [V Z\JJLLK PU OPNOLY LK\JH[PVU ;OL WYVNYHT WYV ]PKLZ HJHKLTPJ JHYLLY HUK Ã&#x201E;UHUJPHS HPK HK]PZLTLU[ [V P[Z WHY[PJPWHU[Z [V LUJV\YHNL [OLT [V NYHK\H[L MYVT OPNO ZJOVVS HUK JVTWSL[L H OPNOLY LK\JH [PVU WYVNYHT VM [OLPY JOVPJL +LZ[PUH[PVU *VSSLNL HUU\HSS` ZLY]LZ WHY[PJPWHU[Z PU [OL [O [V [O NYHKLZ VM HYLH ZJOVVSZ +LZ[PUH [PVU *VSSLNL HSZV ZLY]LZ ]L[LYHUZ OPNO ZJOVVS KYVWV\[Z HUK HK\S[Z ^OV ^HU[ [V JVU[PU\L [OLPY LK\JH[PVU +LZ[PUH[PVU *VSSLNL WHY[PJPWHU[Z OH]L [OL VWWVY[\UP[` [V [HRL HK]HU[HNL VM [OL MVSSV^PUN ZLY]PJLZ! Â&#x2039; *HYLLY ,_WSVYH[PVU ¶ YLZLHYJO JHYLLYZ HUK JHYLLY ZP[L [YPWZ Â&#x2039; :[\K` :RPSSZ ¶ [LZ[ [HRPUN Z[YH[LNPLZ [PTL THUHNLTLU[ HUK NLULYHS Z[\K` ZRPSSZ Â&#x2039; (JHKLTPJ ;\[VYPUN ¶ PUKP]PK\HS VY NYV\W [\[VYPUN ZLY]PJLZ Â&#x2039; 7HYLU[HS ,K\JH[PVU ¶ ^VYRZOVWZ HUK PUMVYTH[PVU WYV]PKLK [V WHYLU[Z Â&#x2039; (JHKLTPJ (K]PZLTLU[ ¶ N\PKL Z[\KLU[Z [V JVTWSL[PUN OPNO ZJOVVS JV\YZL ^VYR PU WYLWHYH[PVU MVY JVS SLNL HKTPZZPVU Â&#x2039; 7YL JVSSLNL (K]PZLTLU[ (WWSP JH[PVU (ZZPZ[HUJL ¶ ILULÃ&#x201E;[Z VM H JVSSLNL LK\JH[PVU JVSSLNL HKTPZ ZPVU YLX\PYLTLU[Z YLZLHYJO JVSSLNL
:[\KLU[Z ^OV TH` ILULÃ&#x201E;[ MYVT ;906 +LZ[PUH[PVU *VSSLNL TH` JVU[HJ[ [OL WYVNYHT MVY HU HWWSPJH[PVU +LZ[PUH [PVU *VSSLNL PZ SVJH[LK H[ [OL 33* >VYRMVYJL +L]LSVWTLU[ *LU[LY 9PJOTVUK (]LU\L ,HZ[ 4H[[VVU -VY TVYL PUMVYTH[PVU WOVUL LTHPS! [YPV[Z'SHRLSHUK JVSSLNL LK\ VY ]PZP[ ^^^ SHRLSHUK JJ PS \Z [YPV[HSLU[ZLHYJO
7H[O^H`Z [V [OL -\[\YL 7H[O^H`Z [V [OL -\[\YL PZ HU HS[LYUH[P]L LK\JH[PVU WYVNYHT VMMLYLK I` 3HRL 3HUK *VSSLNL PU JVVWLYH[PVU ^P[O [OL 9LNPVUHS 6MÃ&#x201E;JL VM ,K\JH[PVU
PU *OHYSLZ[VU HUK [OL 9LNPVUHS 6MÃ&#x201E;JL VM ,K\JH[PVU PU ,MÃ&#x201E;UNOHT 7H[O^H`Z ZLY]LZ [OL Z[\KLU[ WVW\SH[PVU VM 3HRL 3HUK *VSSLNL»Z KPZ[YPJ[ IL[^LLU [OL HNLZ VM HUK ^OV OH]L KYVWWLK V\[ VM ZJOVVS VY HYL H[ YPZR VM KYVWWPUN V\[ VM ZJOVVS ;OL WYVNYHT PUJS\KLZ .,+ WYLWHYH[PVU OPNO ZJOVVS [YHUZMLY JYLKP[ JV\YZLZ QVI ZLLRPUN HUK QVI RLLWPUN ZRPSSZ ZLSM LZ[LLT LUOHUJLTLU[ JVTW\[LY MHTPSPHYP[` WHYLU[PUN ZRPSSZ HUK ]VJH[PVUHS ZRPSSZ ;OL NVHS MVY HSS Z[\KLU[Z PZ OPNO ZJOVVS JVTWSL[PVU [OYV\NO H KPWSVTH VY H .,+ 7H[O^H`Z OHZ ZL]LU ZP[LZ SVJH[LK PU *OHYSLZ[VU 4HYZOHSS 4H[[VVU ,MÃ&#x201E;UNOHT :OLSI`]PSSL 7HYPZ HUK .YLLU\W ;OLYL PZ UV JVZ[ [V [OL Z[\KLU[ -VY TVYL PUMVYTH[PVU JVU[HJ[ [OL 7H[O^H`Z *VVYKPUH[VY H[ [OL 4H[[VVU >VYRMVYJL +L]LSVWTLU[ *LU[LY
(K\S[ ,K (K\S[ ,K\JH[PVU WYV]PKLZ Z[\KLU[Z ^P[O H ]HYPL[` VM ZLY]PJLZ PU HKKP[PVU [V .,+ WYLWHYH[PVU JSHZZLZ H[ UV JVZ[ :[\KLU[Z HNL HUK VSKLY ^OV HYL ZLWHYH[LK MYVT H OPNO ZJOVVS TH` H[[LUK MYLL .,+ WYLWHYH[PVU JSHZZLZ H[ [OL 3HRL 3HUK *VSSLNL (K\S[ ,K\JH[PVU *LU[LY [OL 2S\[OL *LU[LY MVY /PNOLY ,K\JH [PVU [OL 3HRL 3HUK *VSSLNL ,HZ[LYU 9LNPVU *LU[LY PU 4HYZOHSS HZ ^LSS HZ ZP[LZ PU (Y[O\Y *OHYSLZ[VU *V^KLU 7HYPZ HUK :OLSI`]PSSL 4HU` HK\S[ Z[\KLU[Z Ã&#x201E;UK [OH[ LHYUPUN H .,+ KPWSVTH PZ [OL Ã&#x201E;YZ[ Z[LW PU WYLWHYH[PVU MVY YL[\YUPUN [V ZJOVVS VY LU[LYPUN [OL QVI THYRL[ ( .,+ NYHK\H[PVU JLYLTVU` JVT WSL[L ^P[O JHWZ HUK NV^UZ PZ HSZV OLSK LHJO `LHY :[\KLU[Z ^OV HYL LUYVSSLK PU [OL :6: -HTPS` 3P[LYHJ` 7YVNYHT YLJLP]L MYLL JOPSK JHYL HUK WHYLU[PUN JSHZZLZ ^OPSL H[[LUKPUN [OL .,+ WYLWHYH[PVU JSHZZLZ H[ [OL (K\S[ ,K\JH[PVU *LU[LY PU 4H[[VVU ;OLYL HYL [^V JVTW\[LY SHIZ ^P[O MYLL PU[LYUL[ ZLY]PJL ^OPJO HYL VWLU [V [OL W\ISPJ H[ [OL (K\S[ ,K\JH[PVU *LU[LY THKL WVZZPISL I` H +PNP[HS +P]PKL NYHU[ >PYLSLZZ PU[LYUL[ HJJLZZ PZ HSZV H]HPSHISL
;\P[PVU HZZPZ[HUJL MVY 3HRL 3HUK *VSSLNL ]VJH[PVUHS JSHZZLZ PZ H]HPSHISL MVY LSPNPISL +/: JSPLU[Z -VY TVYL PUMVYTH[PVU VU [OL VMMLYPUNZ VM [OL 3HRL 3HUK *VSSLNL (K\S[ ,K\JH[PVU WYVNYHT JVU[HJ[ (K\S[ ,K\JH[PVU H[ VY [VSS MYLL H[
7YVQLJ[ 7(3 7HY[ULYZ PU (K\S[ 3P[LYHJ` 7YVQLJ[ 7(3 PZ HU HK\S[ SP[LYHJ` ]VS\U[LLY WYVNYHT ^OPJO PZ H JVVWLYH[P]L LMMVY[ HTVUN HYLH HK\S[ LK\JH[PVU WYV]PKLYZ HZ ^LSS HZ W\ISPJ SPIYHYPLZ (KKP[PVUHSS` 7YVQLJ[ 7(3 WHY[ULYZ ^P[O [OL *VHSP[PVU (NHPUZ[ +VTLZ[PJ =PVSLUJL [V WYV]PKL SP[LYHJ` ZLY]PJLZ [V [OLPY JSPLU[Z ;OL W\YWVZL VM [OL WYVNYHT PZ [V YLJY\P[ [YHPU HUK WSHJL ]VS\U[LLY [\[VYZ ^P[O HK\S[Z ^OV ULLK [V PTWYV]L [OLPY IHZPJ ZRPSSZ PU YLHKPUN ^YP[PUN TH[O HUK VY ,:3 :\WWVY[ PZ WYV]PKLK [V L_PZ[PUN HK\S[ LK\JH[PVU WYV]PKLYZ ^OPJO ZLY]L [OL 3HRL 3HUK *VSSLNL KPZ[YPJ[ I` WSHJPUN ]VS\U[LLYZ HZ [LHJOLY HPKLZ HUK VUL VU VUL [\[VYZ PU YLZWLJ[P]L (), .,+ JSHZZLZ 6UL VU VUL [\[VYPUN PZ HSZV WYV]PKLK PU [OL HYLH W\ISPJ SPIYHYPLZ -VY TVYL PUMVY TH[PVU JVU[HJ[ [OL 7YVQLJ[ 7(3 VMÃ&#x201E;JL H[ [OL 3HRL 3HUK *VSSLNL (K\S[ ,K\JH[PVU *LU[LY
/PNO^H` *VUZ[Y\J[PVU *HYLLYZ ;YHPUPUN 7YVNYHT ;OYV\NO H [YHPUPUN WYVNYHT VMMLYLK I` 3HRL 3HUK *VSSLNL HUK [OL 0SSPUVPZ +LWHY[TLU[ VM ;YHUZWVY[H[PVU WLVWSL PU[LYLZ[LK PU [OL OPNO^H` JVUZ[Y\J[PVU [YHKL JHU WYLWHYL [V [YHUZP[PVU PU[V H \UPVU HWWYLU[PJLZOPW WYVNYHT ;OPZ LPNO[ ^LLR WYVNYHT NLHYLK [V ^VTLU TPUVYP[PLZ HUK KPZHK]HU[HNLK ^VYRLYZ MVJ\ZLZ VU M\UKHTLU[HS QVI ZRPSSZ WYVISLT ZVS]PUN TV[P]H[PVU [LHT^VYR W\UJ[\HSP[` TVUL` THUHNLTLU[ JVUÃ&#x2026;PJ[ YLZVS\[PVU HUK PU[LY]PL^PUN [LJOUPX\LZ 0U HKKP[PVU [V [YHPUPUN Z[\KLU[Z ^PSS WHY[PJPWH[L PU TVJR PU[LY]PL^Z HUK VU ZP[L ]PZP[Z ^P[O \UPVU VMÃ&#x201E;JPHSZ WYPVY [V ILPUN HJJLW[LK PU[V HU HWWYLU[PJLZOPW ;OLZL ZRPSSZ HYL HWWSPJHISL MVY SHIVYLYZ LX\PWTLU[ VWLYH[VYZ PYVU ^VYRLYZ JHYWLU[LYZ JLTLU[ THZVUZ LSLJ[YPJPHUZ WPWLÃ&#x201E;[ [LYZ WS\TILYZ HUK WHPU[LYZ ;V IL LSPNPISL Z[\KLU[Z T\Z[ IL OH]L H ]HSPK KYP]LY»Z SPJLUZL WHZZ HU HZZLZZTLU[ [LZ[ HUK OH]L LP[OLY H OPNO ZJOVVS KPWSVTH VY .,+ (JJLW[LK Z[\KLU[Z ^PSS WHY[PJPWH[L PU YHUKVT KY\N [LZ[PUN [OYV\NOV\[ [OL WYVNYHT -VY TVYL PUMVYTH[PVU WSLHZL JHSS [OL /**;7 *VVYKPUH[VY H[
,_[LUZPVU *LU[LYZ 3HRL 3HUK *VSSLNL»Z [OYLL L_[LUZPVU JLU[LYZ HSSV^ Z[\KLU[Z [V [HRL JSHZZLZ PU [OLPY V^U JVTT\UP[PLZ
,HZ[LYU 9LNPVU *LU[LY H[ [OL -VYZ`[OL *LU[LY 4HYZOHSS 3VJH[LK PU 4HYZOHSS [OL ,HZ[LYU 9LNPVU *LU[LY H[ [OL -VYZ`[OL *LU[LY VMMLYZ HYLH YLZPKLU[Z H ]HYPL[` VM NLULYHS LK\JH[PVU ^LSKPUN HUK [LJOUPJHS JHYLLY JV\YZLZ HZ ^LSS HZ I\ZPULZZ HUK PUK\Z[Y` [YHPUPUN ;OL ZX\HYL MVV[ MHJPSP[` OVZ[Z H ZWHJPV\Z T\S[PW\YWVZL ]VJH[PVUHS ZRPSSZ SHI HUK JSHZZYVVT [^V [YHKP[PVUHS JSHZZYVVTZ H JVTW\[LY SHI HUK H JVTW\[LY YLZV\YJL HYLH MVY [OL JVTT\UP[` 0U HKKP[PVU HYLH OPNO ZJOVVS K\HS JYLKP[ H\[VTV[P]L HUK ZTHSS LUNPULZ JSHZZLZ TLL[ H[ [OL *LU[LY 3VJH[LK H[ : :P_[O :[ PU 4HYZOHSS [OL MHJPSP[` PZ H]HPSHISL MVY I\ZPULZZLZ HUK JVTT\UP[` VYNHUP aH[PVUZ [V \ZL MVY TLL[PUNZ VY [YHPUPUN VWWVY[\UP[PLZ -VY TVYL PUMVYTH[PVU JHSS VY [OL +PYLJ[VY VM (KQ\UJ[ -HJ\S[` HUK 6MM JHTW\Z 3VJH[PVUZ H[
2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` ,MÃ&#x201E;UNOHT 3VJH[LK PU ,MÃ&#x201E;UNOHT [OL 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN` ZLY]LZ TVYL [OHU Z[\KLU[Z LHJO `LHY :[\KLU[Z JHU JOVVZL MYVT TVYL [OHU NLULYHS LK\JH[PVU [YHUZMLY HUK JHYLLY [LJOUPJHS JV\YZLZ [OH[ HYL VMMLYLK K\YPUN [OL KH` L]LUPUN HUK ^LLRLUK ;OL 2S\[OL *LU[LY PZ VUL VM [OL SHYNLZ[ L_[LUZPVU JLU[LYZ PU [OL Z[H[L HUK PZ SVJH[LK H[ 5L[^VYR *LU[YL )S]K VMM VM 0 HUK L_P[ ;OL [^V Z[VY` ZX\HYL MVV[ Z[Y\J[\YL OV\ZLZ MV\Y M\SS [PTL WYV NYHTZ¶ WYHJ[PJHS U\YZPUN HZZVJPH[L KLNYLL PU U\YZPUN WO`ZPJHS [OLYHWPZ[ HZZPZ[HU[ HUK THZZHNL [OLYHW` 4HZ ZHNL JSPUPJZ HYL OLSK ^LLRS` HZ WHY[ VM [OL Z[\KLU[ [YHPUPUN WYVJLZZ ;OL /LH[PUN =LU[PUN (PY *VUKP[PVUPUN 9LMYPNLYH[PVU JLY[PÃ&#x201E;JH[L HUK [OL ^LLR [Y\JR KYP]PUN ZJOVVS HYL H]HPSHISL PU [OL ,MÃ&#x201E;UNOHT JVTT\UP[` :[\KLU[Z TH` HSZV JVTWSL[L ZL]LYHS V[OLY JLY[PÃ&#x201E;JH[LZ VY KLNYLLZ I` [HRPUN JSHZZLZ VUS` H[ [OL 2S\[OL *LU[LY VY ^P[O H JVTIPUH[PVU VM VUSPUL JV\YZLZ ;OL *LU[LY OHZ ZL]LU JSHZZYVVTZ H T\S[P TLKPH SHI MVY KPZ[HUJL LK\JH [PVU JSHZZLZ H U\YZPUN SHI H WO`ZPJHS [OLYHWPZ[ HZZPZ[HU[ THZZHNL [OLYHW` SHI H ZJPLUJL SHI H JVUMLYLUJL YVVT H Z[\KLU[ SV\UNL Ã&#x201E;]L JVTW\[LY SHIZ H YLZV\YJL YVVT HUK VMÃ&#x201E;JLZ :[\KLU[Z JHU YLNPZ[LY MVY JSHZZLZ TLL[ ^P[O H JV\UZLSVY JVTWSL[L HZZLZZTLU[ \ZL SPIYHY` YLZV\YJLZ HUK TLL[ ^P[O H [\[VY H[ [OL 2S\[OL *LU[LY 6USPUL WYVJ[VYPUN HUK WOV[V 0+Z HYL HSZV H]HPSHISL .,+ ,UNSPZO HZ H :LJVUK 3HUN\HNL 7H[O^H`Z HS[LYUH[P]L OPNO ZJOVVS JV\YZLZ HUK OPNO ZJOVVS K\HS LUYVSSTLU[ JV\YZLZ HYL HSZV VMMLYLK H[ [OL *LU[LY
;OL 6MÃ&#x201E;JL VM *VTT\UP[` HUK 7YVMLZZPVUHS 7YVNYHTZ VMMLYZ *VTT\ UP[` 3LHYUPUN *VSSLNL MVY 2PKZ *VU[PU\PUN ,K=LU[\YLZ HUK 33* ;YHMÃ&#x201E;J :HML[` JSHZZLZ H[ [OL *LU[LY *SHZZYVVTZ HUK SHIZ HYL HSZV \ZLK MVY [YHPUPUNZ HUK TLL[PUNZ I` HYLH I\ZPULZZLZ HUK JVTT\UP[` VYNHUPaH[PVUZ :[\KLU[Z HUK Z[HMM TH` \[PSPaL W\ISPJ [YHUZWVY[H[PVU ZLY]PJLZ MVY YPKLZ [V HUK MYVT [OL THPU JHTW\Z PU 4H[[VVU +HPS` TVU[OS` VY ZLTLZ[LY WHZZLZ HYL H]HPSHISL *HSS [OL *LU[LY MVY TVYL PUMVYTH[PVU ;OL JVSSLNL :[\KLU[ (J[P]P[` )VHYK ZWVUZVYZ TVU[OS` L]LU[Z Z\JO HZ >LSJVTL +H` Z[\KLU[ LSLJ[PVUZ TPUP OLHS[O MHPY KYP]L PU TV]PLZ HUK JOHPY THZZHNLZ H[ [OL 2S\[OL *LU[LY 6MÃ&#x201E;JL OV\YZ HYL ! H T \U[PS ! W T 4VUKH` [OYV\NO ;O\YZKH` ! H T ¶ ! W T -YPKH` ;OL 9LZV\YJL 9VVT PZ SVJH[LK VU [OL Ã&#x201E;YZ[ Ã&#x2026;VVY HUK PZ LX\PWWLK ^P[O LPNO[ JVTW\[LY Z[H[PVUZ ^OPJO HYL H]HPSHISL MVY W\ISPJ \ZL K\YPUN UVYTHS VMÃ&#x201E;JL OV\YZ HUK HSZV VU :H[\YKH` :\UKH` MYVT ! ¶ ! W T :\TTLY OV\YZ ]HY` -VY TVYL PUMVYTH[PVU JHSS [OL +PYLJ[VY VM [OL 2S\[OL *LU[LY H[ LTHPS 2S\[OL'SHRL SHUK JJ PS \Z VY ]PZP[ [OL ^LIZP[L H[ ^^^ SHRLSHUK JJ PS \Z RS\[OL
7YVMLZZPVUHS (K]PZVY` *VTTP[[LLZ ;LJOUPJHS 7YVNYHTZ (K]PZVY` *VTTP[[LLZ
>LZ[LYU 9LNPVU *LU[LY 7HUH ;OL >LZ[LYU 9LNPVU *LU[LY VMMLYZ NLULYHS LK\JH[PVU HUK [LJOUPJHS JV\YZLZ [V YLZPKLU[Z SP]PUN VU [OL ^LZ[LYU LKNL VM [OL JVSSLNL KPZ[YPJ[ *V\YZLZ PU IHZPJ U\YZPUN HZZPZ[PUN WYHJ[PJHS U\YZPUN ,UNSPZO JVTW\[LYZ OPZ[VY` SP[LYH[\YL HUK TH[O WZ`JOVS VN` HUK ZVJPVSVN` HYL VMMLYLK VU H YLN\SHY IHZPZ H[ [OL *LU[LY ;OL TVYL [OHU ZX\HYL MVV[ MHJPSP[` SVJH[LK H[ , -PYZ[ :[ 7HUH ZOHYLZ ZWHJL ^P[O [OL 7HUH (K\S[ ,K\JH[PVU *LU[LY HUK OV\ZLZ ZP_ JSHZZYVVTZ H YLZV\YJL HYLH HU HKTPUPZ[YH[P]L HZZPZ[HU[»Z VMÃ&#x201E;JL HUK HU HKQ\UJ[ MHJ\S[` VMÃ&#x201E;JL 6UL JSHZZYVVT PZ LX\PWWLK HZ H JVTW\[LY SHI VUL PZ LX\PWWLK HZ H U\YZPUN SHI VUL PZ H *5( JSHZZYVVT MVY [OL (K\S[ ,K\JH [PVU *LU[LY ^OPSL [OL YLZ[ HYL SHYNLY [YHKP[PVUHS JSHZZYVVTZ 7YVJ[VYPUN ZLY]PJLZ MVY Z[\KLU[Z [HRPUN VU SPUL JV\YZLZ HUK WOV[V 0+Z HYL HSZV H]HPSHISL ( JVTT\UP[` YLZV\YJL HYLH PZ H]HPSHISL [V YLZPKLU[Z ^OV ULLK HJJLZZ [V H JVTW\[LY *VTT\UP[` VYNHUPaH [PVUZ HYL ^LSJVTL [V \ZL [OL >LZ[LYU 9LNPVU *LU[LY MVY TLL[PUNZ VY [YHPUPUN VWWVY[\UP[PLZ ;OL *LU[LY PZ VWLU 4VUKH` [OYV\NO ;O\YZKH`Z H T ¶ W T HUK -YPKH`Z H T ¶ W T -VY TVYL PUMVYTH[PVU JHSS VY [OL +PYLJ[VY VM (KQ\UJ[ -HJ\S[` HUK 6MM JHTW\Z 3VJH[PVUZ H[
;OL MVSSV^PUN HK]PZVY` JVTTP[[LLZ HYL JVTWYPZLK VM ]VS\U[LLYZ ^OV WYV]PKL ]HS\HISL PUW\[ PU[V 3HRL 3HUK *VSSLNL»Z ;LJOUPJHS WYVNYHTZ 4LTILYZ VM [OL JVTTP[[LL HYL YLWYLZLU[H[P]LZ MYVT I\ZPULZZ HUK PUK\Z[Y` HUK V\Y JVTT\UP[PLZ :L]LYHS TLTILYZ HYL 3HRL 3HUK NYHK\H[LZ HUK VY [OLPY I\ZPULZZLZ OPYL 3HRL 3HUK NYHK\H[LZ ;OLZL ]VS\U[LLYZ HYL H ]HS\HISL YLZV\YJL [V 3HRL 3HUK HUK [OLPY HZZPZ[HUJL PU ^VYRPUN ^P[O Z[HMM PU THPU[HPUPUN \W [V KH[L X\HSP[` JV\YZL VMMLYPUNZ HUK WYVNYHTZ PZ YLJVNUPaLK I` HSS 3HRL 3HUK LTWSV`LLZ
(**6<5;05. 4HKNL )HPSL` 4PJOLSSL .PSS 4HYPS`U /VVK 3PUKH 3L]PUNZ[VU ;PZOH 3 7MLPMMLY ;HTT` >LU[L ;PMMHU` >OP[L
3HRL 3HUK *VSSLNL 3HRL 3HUK *VSSLNL +VLOYPUN >PUKLYZ *V 337 *VUZVSPKH[LK *VTT\UPJH[PVUZ 0UJ * / 0 6]LYOLHK +VVYZ 0UJ ,MÃ&#x201E;UNOHT /VTLZ (47(+
4H[[VVU 4H[[VVU 4H[[VVU 4H[[VVU (Y[O\Y ,MÃ&#x201E;UNOHT 4H[[VVU
(.90*<3;<9, +H]L (SSLU ,SPaHIL[O )HYUZ )VI )LJR 4H[[ )L`LYZ )YL[ )PLYTHU +LUUPZ )YV^U 4PUKPL )\UZLSTL`LY ;VT *VSL 4HYR *V_ 4HY` *V_ )YLU[ *\YY` +PHUH .SVZZLY 4HYR /HYYPZ *VYR` /VWWLY :[HUSL` 1VLYNLUZ )VI 1\YNLUZ :[L]L 1\YNLUZ .YLN 2LSSLY +LI 2VY[L +LYLR 3PNO[ 4PRL 3VOTHU )SHRL 4PSSLY +LUUPZ 4VU[H]VU :JV[[ 4VU[NVTLY` .HY` 7H[[LYZVU ;VU` 9LPUOHY[ *\Y[ 9PUJRLY *OHYSPL :HWWPUN[VU +^PNO[ :JOPSSPUN :[HU :JO\[[L )YVJR ;HYY ;YV` <WOVMM 1VOU >LSZO =PUJL >LSZO 4HYR >PSKTHU 9`HU >PSKTHU >LZ >PZL :[L]L >VSML 1VL ALYY\ZLU
9PJO *VUULSS (NYP :LHYJO :>*+ >PU-PLSK :VS\[PVUZ =V (N 0UZ[Y\J[VY *VSLZ *V\U[` -:( )YV^U :LLKZ +PZ[YPJ[ -*(, (K]PZVY -HYTLY -PYZ[ 4PK 0SSPUVPZ )HUR ;Y\Z[ *VSLZ *V\U[` -HYT )\YLH\ :SVHU 0TWSLTLU[ 7LYRPUZ 3HRL 3HUK *VSSLNL =V (N 0UZ[Y\J[VY -HYTLY ,MÃ&#x201E;UNOHT *SH` :LY]PJL -VYTLY 33* (N -HJ\S[` -HYTLY *HZL` -LY[PSPaLY ::0 =V (N 0UZ[Y\J[VY +P[[HTVYL 0TWSLTLU[ *V 0SSPUP -: ,MÃ&#x201E;UNOHT ,X\P[` -HYT *YLKP[ :LY]PJLZ :SVHU ,X\PWTLU[ *VTWHU` 4H[[VVU -HYT 7YPKL 3HRL 3HUK *VSSLNL -HJ\S[` =V (N 0UZ[Y\J[VY :JOPSSPUN )YV[OLYZ 0UJ -HYTLY =V (N 0UZ[Y\J[VY 0SSPUVPZ -HYT )\YLH\ >LSZO -HYTZ >LSZO -HYTZ =V (N 0UZ[Y\J[VY =V (N 0UZ[Y\J[VY =V (N 0UZ[Y\J[VY >PU-PLSK :VS\[PVUZ -VYTLY =V (N 0UZ[Y\J[VY
(Y[O\Y *SPU[VU *OH[OHT ;H`SVY]PSSL *OHYSLZ[VU 5LVNH <YIHUH >PUKZVY 4H[[VVU *OHYSLZ[VU :OLSI`]PSSL 4H[[VVU *HZL` .H`Z ,MÃ&#x201E;UNOHT 4H[[VVU (Y[O\Y *HZL` :OLSI`]PSSL 5LVNH ;L\[VWVSPZ <YIHUH ,MÃ&#x201E;UNOHT *OHYSLZ[VU :OLSI`]PSSL 4H[[VVU :OLSI]PSSL ;VSLKV 4H[[VVU :[L^HYKZVU 5L^[VU -PUKSH` 4H[[VVU 4H[[VVU :[YHZI\YN 4H[[VVU (S[HTVU[ 4VU[YVZL 5L^[VU
7YVMLZZPVUHS (K]PZVY` *VTTP[[LLZ JVU[PU\LK (. ;,*/
*0=03 ,5.05,,905. ;,*/5636.@
+VU .YHUIHJR
9LWYLZLU[H[P]L :HSL :UHW 6U ;VVSZ
>H`UL 7L[LYZ 2LSS` 9VLWRL ;PT =HUK`RL
:\WLY]PZVY 5LHS ;PYL 4HUHNLY *V 6^ULY @ @HYK 3HRL 3HUK *VSSLNL ;LJOUVSVN` +P]PZPVU *OHPY 3HRL 3HUK *VSSLNL >VYRMVYJL +L]LSVWTLU[ (ZZVJPH[L =PJL 7YLZPKLU[
3PUKH =VU)LOYLU
+V^ULYZ .YV]L ;VSLKV ,MÄUNOHT
3`UU )YLLY 9VNLY -\SR .YLN 2VLZ[LY *OHYSLZ 4PSSLY
4H[[VVU
4H[[ 4`LYZ ,SLHUVY 6ZIVYU
4H[[VVU
4PRL >HKL 4PJOLSSL >PSRLUZ
(<;646;0=, ;,*/5636.@ :JV[[` (KHTZ 1LMM )YHUKLUI\YN 2LU )YV^U 4PRL .LU[Y` +VU .YHUIHJR
:JV[[»Z :OVW /79 +PLWOVSa -VYK *HYX\LZ[ 9LWYLZLU[H[P]L :HSL :UHW 6U ;VVSZ
9VJO /HY[RL 2\Y[ 2VUYHK 1VOU 2VY[[L 1PT 3VUN )LJR` 4VYYPZ 9VI 4`LYZJV\NO >H`UL 7L[LYZ ,YPJ 7MVYY )PSS 9PJOL` 2LSS` 9VLWRL 1VL :JYPIULY 2LSS` :[VY[a\T 1PT :[YV\K 1H` >PSSL`
9VJR»Z (K]HUJLK (\[VJHYL 2(9: +HU /LJO[ *OL]YVSL[ 4PKHZ 4\MÅLY *HYX\LZ[ 4`LYZJV\NO (\[VTV[P]L :\WLY]PZVY 5LHS ;PYL 7PSZVU 7HY[Z +LW[ 4HYZOHSS /PNO :JOVVS 4HUHNLY *V 6^ULY @ @HYK :JYPIULY (\[V ,MÄUNOHT /PNO :JOVVS *VUZ\S[HU[ >LIZ[LY -VYK
>LZ[ÄLSK :\SSP]HU ,MÄUNOHT 4H[[VVU +V^ULYZ .YV]L ,MÄUNOHT ,MÄUNOHT ,MÄUNOHT *OHYSLZ[VU *OHYSLZ[VU *OHYSLZ[VU ;VSLKV 4H[[VVU 4HYZOHSS ,MÄUNOHT :\SSP]HU ,MÄUNOHT 3LYUH 5L^[VU
)<03+05. *65:;9<*;065 ;,*/5636.@ )Y\JL +L]HSS +VUU` +PSS 7LYY` .HYKULY 1LMM 4P[JOLSS 4PRL :ULKKVU
,MÄUNOHT )\PSKPUN 6MÄJPHS (29( )\PSKLYZ 0UJ (YJOP[LJ[ *VSJVU *VYW ;OL <WJO\YJO .YV\W
,MÄUNOHT ,MÄUNOHT 4H[[VVU :\SSP]HU 4H[[VVU
*(+ *04 ;VKK -\YY ;PT /LSTPUR +H]PK 4PUHYKP :[L]L 6»)YPLU 9VILY[ :WHUNSLY 2LSS` :\[OLYSHUK
:OLSI` ;VVS +PL +*; 0UK\Z[YPHS :\WWS` *V 5V]H :VS\[PVUZ 0UJ 4PKZ[H[L ;HURZ 4H[[VVU 7YLJPZPVU 4MN (NYP -HI 0UJ
:OLSI`]PSSL 4[ =LYUVU ,MÄUNOHT :\SSP]HU 4H[[VVU :\SSP]HU
/V^LSS 7H]PUN 0UJ -H`L[[L *V /PNO^H` +LW[ *P[` VM ,MÄUNOHT 0SSPUVPZ +LWHY[TLU[ VM ;YHUZWVY[H[PVU +PZ[YPJ[ 4PK 0SSPUVPZ *VUJYL[L 0SSPUVPZ +LWHY[TLU[ VM ;YHUZWVY[H[PVU +PZ[YPJ[ 0SSPUVPZ +LWHY[TLU[ VM ;YHUZWVY[H[PVU +PZ[YPJ[ *P[` VM ,MÄUNOHT
4H[[VVU =HUKHSPH ,MÄUNOHT ,MÄUNOHT ,MÄUNOHT ,MÄUNOHT 7HYPZ ,MÄUNOHT
*6:4,;636.@ 3\ (UU )LUUL[[ 2LYH ,TTLYPJO >LUK` 2LSSHTZ =HSLYPL 2PUJHPK ,YPU 7VU[PV\Z *OLY`S 9H\JO :HYHO >PSSPHTZ
*VZTV 7YVM ¶ 4H[[VVU 4HUHNLY 2LYH *\[a ¶ 6^ULY :[`SPZ[ 2LSSHTZ» ;OLYHWL\[PJ 4HZZHNL HUK )YHUJOLZ 4HZZHNL +H` :WH 6^ULY 4HZZHNL ;OLYHWPZ[ ,_OHSL :[\KPV ¶ 6^ULY :[`SPZ[ :[`SLa ¶ 5HPS ;LJOUPJPHU 4HPUS` @V\ :HSVU :WH ¶ 6^ULY :[`SPZ[ .YLH[ *SPWZ ¶ .LULYHS 4HUHNLY
3LYULY ,MÄUNOHT ,MÄUNOHT
+LU[HS /`NPLUPZ[ 3HRL 3HUK *VSSLNL 3HRL 3HUK *VSSLNL +LU[HS /`NPLUPZ[ 3HRL 3HUK *VSSLNL +LU[HS (ZZPZ[HU[ +LU[PZ[ +LU[PZ[ 3HRL 3HUK *VSSLNL
9LKTVUK 4H[[VVU 5L^[VU 4H[[VVU ;VSLKV 9LKTVUK +LJH[\Y 4H[[VVU 4H[[VVU
+LU[PZ[ 3HRL 3HUK *VSSLNL +LU[PZ[ ,HZ[LYU 0SSPUVPZ ,K\JH[PVU MVY ,TWSV`TLU[ :`Z[LT +LU[PZ[ +LU[HS /`NPLUPZ[ 3HRL 3HUK *VSSLNL +LU[PZ[ 3HRL 3HUK *VSSLNL +LU[PZ[
,MÄUNOHT *OHYSLZ[VU
4H[[VVU ,MÄUNOHT ;L\[VWVSPZ )PUNOHT
+,5;(3 4VUPJH +\UU +PHUH .SVZZLY ,SPaHIL[O /HY[YPJO 7HT /VLSZJOLY 2YPZ[LU /VSZHWWSL 3VYHPUL /VYZLS` +Y >HYYLU 1LZLR +Y 7OPSPW 2LWW +LIVYHO 2PY[Z +Y 4HYNHYL[ 4LYY` 5PLIY\NNL +Y 1PT 7HKNL[[ .HY` 7OPSPWWP +Y 1HJVI 7ZJOPYYLY *HYSH :LHTHU 1HUL :SH\NO[LY +Y 9VILY[ :TP[O 3PUKH =VU)LOYLU +Y 1HTLZ >PUÄLSK
*OHYSLZ[VU *OHYSLZ[VU 4H[[VVU *OHYSLZ[VU (YJVSH 4HY[PUZ]PSSL (Y[O\Y
+,:2;67 7<)30:/05. +H]PK *SH`WVVS +H]PK ,HYW 9HJOHLS 2PUNLY` :OLSS` 5VS[L 1LUU` 6ZIVYU 7H\SH 9VZPUL =PJRPL :^PZOLY +LS >VY[THU
:HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 7YPU[ :OVW *VVYKPUH[VY .YHWOPJ +LZPNULY >H]L .YHWOPJZ .YHWOPJ +LZPNULY 7\ISPJ 9LSH[PVUZ :[\KPV c >VY[THU»Z .YHWOPJZ
-09, :*0,5*, ;,*/5636.@ 4H[[VVU 4H[[VVU ;VSLKV 4H[[VVU 4H[[VVU 4H[[VVU ;VSLKV ,MÃ&#x201E;UNOHT
, (93@ */03+/66+ ,+<*(;065 -(403@ :,9=0*,: ;YL]H )YHKK 3PUKH *OP[[PJR 2H[O` *SHYR 1\SPL *VOHU *OYPZ[P +PLWOVSa 9VILY[H /VSSHKH 1LUUPMLY 4HZ[ +VUUH 9OVKLZ (UKYLH )PLYTHU 3\SH =HPS )HYIHYH >HYTV[O 1LUUPMLY >LPKULY :OPYSL` >OP[L
(YSHUK + >PSSPHTZ ,SLTLU[HY` +*-: 9L[PYLK 3PJLUZPUN 9LWYLZLU[H[P]L *OHYSLZ[VU /PNO :JOVVS 7YV[V ;`RLZ :[ 1VOU»Z 3\[OLYHU 7YLZJOVVS 33* 9L[PYLL 7YVQLJ[ / , 3 7 ,MÃ&#x201E;UNOHT /PNO :JOVVS *OPSK *HYL 9LZV\YJL 9LMLYYHS -HTPS` +H` *HYL 7YV]PKLY *OHYSLZ[VU *VTT\UP[` +H` *HYL *LU[LY ,9)( /LHK :[HY[ **(9 0UK\Z[YPLZ ¶ )PY[O ;^V
4H[[VVU 7HYPZ *OHYSLZ[VU :\SSP]HU 4H[[VVU 4H[[VVU 4H[[VVU ,MÃ&#x201E;UNOHT *OHYSLZ[VU *OHYSLZ[VU *OHYSLZ[VU .YLLU\W *OHYSLZ[VU
,3,*;9650* ,5.05,,905. ;,*/5636.@ 1VL .VZZL[[ ,YPJ /HTPS[VU *OYPZ 4H[OPHZ 7OPS 4J2PUUL` 4H[[ :OLYLY
(TLYLU*07: 3HRL 3HUK *VSSLNL 0*;* 9 9 +VUULSSL` :VUZ <UP]LYZP[` VM 0SSPUVPZ
:WYPUNÃ&#x201E;LSK 4H[[VVU ;H`SVY]PSSL *OHYSLZ[VU *OHTWHPNU
,4,9.,5*@ 4,+0*(3 :,9=0*,: 1VZLWO )\Y[VU +6 +H]PK )\KKL .HY` 7OPSPWWP :OPYSL` :OLY^VVK 3PUKH =VU)LOYLU *OYPZ >YPNO[ 1HUL :SH\NO[LY :OLYP )HYUL[[ :JV[[ )SHUK ;VU` 5PJOVSZ 9PJOHYK ,K^HYKZ 9VU *\YY` 1HZVU >YPNO[ 9`HU )LYROLPTLY 4H[[ 4HJ+VUHSK
:HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 3HRL 3HUK *VSSLNL ,HZ[LYU 0SSPUVPZ ,K\JH[PVU MVY ,TWSV`TLU[ :`Z[LT :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 3HRL 3HUK *VSSLNL :\SSP]HU -PYL +LW[ 3HRL 3HUK *VSSLNL :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY .YLLU\W 4H[[VVU -PYL +LW[ *OHYSLZ[VU -PYL +LW[ >HIHZO -PYL +LW[ :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY
4H[[VVU 4H[[VVU *OHYSLZ[VU 4H[[VVU 4H[[VVU :\SSP]HU 4H[[VVU 4H[[VVU .YLLU\W 4H[[VVU *OHYSLZ[VU 4H[[VVU 4H[[VVU ;YPSSH 4H[[VVU
4PRL ;YPURSL .HY` 2PZ[ULY ;VU` 5PJOVSZ :LHU 1\UNL 9HUK` 4`LYZ 2YPZ 7OPWWZ 7H[ .VVK^PU :[L]L )LUUL[[ )YPHU .H[LZ 1VL /VSVT` +VU )SHPY +LUU` >PSZVU 1HUL :SH\NO[LY +H]PK )\KKL
6MÃ&#x201E;JL VM [OL :[H[L -PYL 4HYZOHSS :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4H[[VVU -PYL +LWHY[TLU[ 4H[[VVU -PYL +LWHY[TLU[ 4H[[VVU -PYL +LWHY[TLU[ *OHYSLZ[VU -PYL +LWHY[TLU[ *OHYSLZ[VU -PYL +LWHY[TLU[ *OHYSLZ[VU -PYL +LWHY[TLU[ 7HYPZ -PYL +LWHY[TLU[ ,MÃ&#x201E;UNOHT -PYL +LWHY[TLU[ ,MÃ&#x201E;UNOHT -PYL +LWHY[TLU[ 3PUJVSU -PYL +LWHY[TLU[ 3HRL 3HUK *VSSLNL 3HRL 3HUK *VSSLNL
:WYPUNÃ&#x201E;LSK *HYIVUKHSL 4H[[VVU 4H[[VVU 4H[[VVU *OHYSLZ[VU *OHYSLZ[VU *OHYSLZ[VU 7HYPZ ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT 4H[[VVU 4H[[VVU 4H[[VVU
/<4(5 :,9=0*,: +LUUPZ *HYL` 7H[[` +PLS 4PRL -PUUL` :OLYY` -YLUJO +PHUH .SVZZLY )YLUKH 0UNSL *OLY`S 4L`LYZ +HUL 7LYKPL\ )L[[` >H[RPUZ
0SSPUVPZ +LWHY[TLU[ VM *OPSK -HTPS` :LY]PJLZ ,MÃ&#x201E;UNOHT +PLS *V\UZLSPUN +<0 :LY]PJLZ ,MÃ&#x201E;UNOHT **(9 0UK\Z[YPLZ *OHYSLZ[VU *YVZZYVHKZ >VYR -VYJL *LU[LY 4H[[VVU 3HRL 3HUK *VSSLNL ¶ 7LYRPUZ 7YVNYHT 4H[[VVU 0**: 6WLU +VVY 7YVNYHT *OHYSLZ[VU ,MÃ&#x201E;UNOHT *V 7YVIH[PVU ,MÃ&#x201E;UNOHT *,(+ *V\UJPS *OHYSLZ[VU :(03 :OLSI`]PSSL
05-694(;065 ;,*/5636.@ .YLN )PZZL` (UKYLH +HPS` *V[[PL +PHS )YPHU 2HP -YHUR 2PUNLY` 1LMM 4\YWO` :\L 5\NLU[ +LHUUH 5\_VSS 4HYR :WLUJL )PSS >HYMLS 1H` >LZ[LUKVYM
4PK (TLYPJH *VY]L[[L 3HRL 3HUK *VSSLNL :[L]LUZ 0UK\Z[YPLZ := 4LKPH ,HZ[LYU 0SSPUVPZ <UP]LYZP[` /LHY[SHUK +LU[HS 3HRL 3HUK *VSSLNL 0THNPUL ;OPZ 4HYRL[PUN :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 3HRL 3HUK *VSSLNL 3HRL 3HUK *VSSLNL
,MÃ&#x201E;UNOHT 4H[[VVU ;L\[VWVSPZ 4H[[VVU *OHYSLZ[VU ,MÃ&#x201E;UNOHT 4H[[VVU ,MÃ&#x201E;UNOHT 4H[[VVU 4H[[VVU 4H[[VVU
16/5 +,,9, ;,*/ *OHK )YHKLU (SHU +LURLY 1LYY` -PZOLY *OHK /LUZSL` .HY` /\PZPUNH 9PJR 3PNO[ 1LUUP 4J*S\YL .HY` 7H[[LYZVU *VYL` 9HIL .LVYNL :JOTPK[ 3HYY` :TP[O *O\JR :[HUKSL` 1VL =HOSPUN 3\JHZ =LHSL +H]PK >OP[L
(YLUKZ )YVZ *YVZZ )YVZ 0TWSLTLU[ /LH[O»Z VM 4VU[PJLSSV +LLYL HUK *V /LH[O»Z VM 4VU[PJLSSV /VNHU >HSRLY ,X\PWTLU[ +LLYL *V :SVHU ,X\PWTLU[ +LLYL HUK *V >T 5VIIL HUK *V :SVHU ,X\PWTLU[ :SVHU ,X\PWTLU[ :JOPSSPUN )YVZ :SVHU ,X\PWTLU[ +LLYL HUK *V
(ZOTVYL 4PUPLY 4VU[PJLSSV 4HOVTL[ 4VU[PJLSSV >H[ZLRH 3LUL_H 2: :OLSI`]PSSL =HUKHSPH :[LLSL]PSSL :OLSI`]PSSL (ZZ\TW[PVU 4H[[VVU (ZZ\TW[PVU :OLSI`]PSSL
7YVMLZZPVUHS (K]PZVY` *VTTP[[LLZ JVU[PU\LK 3<;/, *,5;,9 -69 /0./,9 ,+<*(;065 2 (5+ ;,*/5636.@ 1LMM )SVLTRLY +PHUUH )VYYPLZ 1PT )\OULYRLTWL 1VU 3HURV^ 5VYTH 3HUZPUN 2H[O` 3LVUHYK 4HYR 3V]L[[ ;HYH 9HKKH[a *OHYSLZ :JO\L[[L 1\SPL :[LWOLUZ 3H\YH :[LWOLUZ 4HY[` :[VJR
/LHY[SHUK /\THU :LY]PJLZ 7H[[LYZVU ;LJOUVSVN` *LU[LY :[L]LUZ 0UK\Z[YPLZ 0UJ *SH` *V /LHS[O +LW[ ,MÃ&#x201E;UNOHT *OHTILY VM *VTTLYJL 2LTWLY *7( .YV\W 337 8\LILJVY >VYSK 7L[[` 7YPU[PUN ,MÃ&#x201E;UNOHT /PNO :JOVVS :[ (U[OVU` 4LTVYPHS /VZWP[HS ,MÃ&#x201E;UNOHT *V\U[` -HYT )\YLH\ /4(* *VTWVULU[Z <:( 33* /VTLI\PSKLYZ 7S\Z 0UJ
,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ;L\[VWVSPZ :[L^HYKZVU ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT
4(5(.,4,5; 4(92,;05. +V\N (IV[[ +LI )LHZSL` )YPHU )SVTL :[L]L )\ZO\L ;YH]PZ )\ZO\L 1LYY` +VSS
*VUZVSPKH[LK *VTT\UPJH[PVUZ 0UJ 4PK (TLYPJH 4V[VY^VYRZ /LHY[SHUK +LU[HS )\ZO\L /\THU 9LZV\YJLZ )\ZO\L /\THU 9LZV\YJLZ 56=( :VS\[PVUZ
4H[[VVU ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT
4(::(., ;/,9(7@ (UP[H ,PYOHY[ 1VL /LUY` :HYH /VSTLZ +LI 7V^LY 2LYP 9HUKHSS :OLPSH :WLUJLY
:LSM LTWSV`LK :LSM LTWSV`LK )V[HUPJHS /LHSPUN (Y[Z 7V^LY ;OLYHWL\[PJ 4HZZHNL :LSM LTWSV`LK 7V^LY ;OLYHWL\[PJ 4HZZHNL
4HYZOHSS /PNOSHUK ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT :HSLT ,MÃ&#x201E;UNOHT
,*/(50*(3 ¶ ,3,*;90*(3 4 (5+ 05+<:;90(3 4(05;,5(5*, *OHYSLZ *SPUL 9PJO *SV\NO :[L]L 2U\[ZVU :[\HY[ 3HUKYL[O .YLNVY` 4VYYPZ 1HJR 7VMM
:5*11 /VSKPUNZ 33* :[L]LUZ 0UK\Z[YPLZ 0TWLYPHS )VUK^HYL 2HS 2HU */0 6]LYOLHK +VVYZ (-: ,U[LYWYPZLZ
3`THU :\[[VU /HYVSK ;HY[LY
(TLYLU *07: =LZ\]PV\Z *VTWHU`
,MÃ&#x201E;UNOHT ;L\[VWVSPZ :OLSI`]PSSL 4H[[VVU (Y[O\Y )LLJOLY *P[` *VMMLLU *OHYSLZ[VU
5<9:05. *`U[OPH )V`LY ,K^HYKZ 2H[O` .YVILUNLPZLY :\ZHU /HUÃ&#x2026;HUK
:HYHO )\ZO 3PUJVSU /LHS[O *LU[LY :[ (U[OVU`»Z 4LTVYPHS /VZWP[HS ,HZ[LYU 0SSPUVPZ ,K\JH[PVU MVY ,TWSV`TLU[ :`Z[LT 2HYLU /PSSL 3\[OLYHU *HYL *LU[LY 4HY` 3V\ 9HUKVSWO :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 1HUPJL 9\ZZLSS 7YVMLZZPVUHS 4LTILY *O\JR :JO\L[[L :[ (U[OVU`»Z 4LTVYPHS /VZWP[HS 2H[OP =H\NOU 3\[OLYHU *HYL *LU[LY 2HYLU >HYYLU 0SSPUVPZ 4HZVUPJ /VTL
4H[[VVU ,MÃ&#x201E;UNOHT *OHYSLZ[VU (S[HTVU[ 4H[[VVU 5LVNH ,MÃ&#x201E;UNOHT (S[HTVU[ :\SSP]HU
6--0*, ;,*/5636.@ 1HU +VSL :HYHO >YPNO[ 3PZH )S\OT 4HY[OH 4PSSLY ;LYP 7OPSSPWZ 9\[O )YH` *`U[OPH >PZL :OLY`S )HSSPUNLY
*YHPN *YHPN ([[VYUL`Z ,MÃ&#x201E;UNOHT <YVSVN` (ZZVJPH[LZ : * *P[` VM *OHYSLZ[VU , 1 >H[LY *VYW :[ (U[OVU` /VZWP[HS -HTPS` *HYL (ZZVJPH[LZ 4PK 0SSPUVPZ 4LKPJHS *HYL (ZZVJPH[LZ 3 3 * 4HYR , -LYN\ZVU 3[K
4H[[VVU ,MÃ&#x201E;UNOHT *OHYSLZ[VU +PL[LYPJO ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT ,MÃ&#x201E;UNOHT 4H[[VVU
7/@:0*(3 ;/,9(70:; (::0:;(5; 1HPTPL )HSSPUNLY 7;( :[ (U[OVU` 4LTVYPHS /VZWP[HS 9VIPU +LJRHYK 7;( *OYPZ[PL *SPUPJ 4H[[OL^ -YHURPL 7; *HYSL ;OLYHW` *VY` /HUSL` 7; *OHTWPVU -P[ULZZ 3LZSPL 1HUZLU 7;( :HYHO )\ZO 3PUJVSU /LHS[O *LU[LY 1VU 3HURV^ 7;( *SH` *V\U[` /VZWP[HS (T` 1V 3HYY` 7; +LJH[\Y 4LTVYPHS /VZWP[HS 4HYR 4HZZL 7; *HYSL ;OLYHW` +HYSLUL 4L`LY 7;( )PVTH_ +VYV[O` ;OVTHZ 7;( :OLSI` 4LTVYPHS /VZWP[HS
,MÃ&#x201E;UNOHT *OHTWHPNU 4H[[VVU *HZL` 4H[[VVU -SVYH +LJH[\Y 4H[[VVU ,MÃ&#x201E;UNOHT :OLSI`]PSSL
9(+06 ;= )96(+*(:;05. 3HYY` )SHJRLYI` *HYVS -SV`K 1 * -\S[a +VJ 2YHSTHU )\I 4J*\SSV\NO 9HUK` 4PSSLY *OHPY 1LMM 6^LUZ 9VILY[ 9LLZL ;PT :HUKLYZ .YLN :HWW
>9;= *YVT^LSS .YV\W >(5+ ;= 7YLTPLY )YVHKJHZ[PUN *YVT^LSS .YV\W 4PSSLY 4LKPH .YV\W >,0< -4 >,0< ;= >*0( ;= >;>6 ;= 7YLTPLY )YVHKJHZ[PUN
0UKPHUHWVSPZ 4H[[VVU +LJH[\Y ,MÃ&#x201E;UNOHT 4H[[VVU ;H`SVY]PSSL *OHYSLZ[VU *OHTWHPNU ;LYYL /H\[L ,MÃ&#x201E;UNOHT
*V\YZL +LZJYPW[PVUZ
*V\YZL +LZJYPW[PVUZ *V\YZL 5\TILYPUN :`Z[LT ;OL MVSSV^PUN PZ H SPZ[ VM JV\YZLZ [V IL VMMLYLK H[ 3HRL 3HUK *VSSLNL *V\YZLZ HYL SPZ[LK PU HSWOHIL[PJ VYKLY I` JV\YZL WYLÃ&#x201E;_ HUK JH[HSVN U\TILY +LWHY[TLU[Z VY HYLHZ HYL SPZ[LK PU HSWOHIL[PJHS VYKLY ^P[O [OL KLWHY[TLU[ VY HYLH U\TILY PUKPJH[LK PU WHYLU[OLZPZ 5\TILYZ YLWYLZLU[ [OL MVSSV^PUN JV\YZLZ! [V
+L]LSVWTLU[ 7YVNYHT *V\YZLZ
[V
.LULYHS :[\KPLZ *V\YZLZ
[V
- YLZOTHU =VJH[PVUHS HUK ;LJOUPJHS *V\YZLZ
[V
: VWOVTVYL =VJH[PVUHS HUK ;LJOUPJHS *V\YZLZ
6US` JV\YZLZ HUK OPNOLY JV\U[ [V^HYK H [YHUZMLY KLNYLL [V
-YLZOTHU *VSSLNL ;YHUZMLY *V\YZLZ
[V
:VWOVTVYL *VSSLNL ;YHUZMLY *V\YZLZ
(U` L_JLW[PVUZ [V [OL U\TILYPUN Z`Z[LT ^PSS IL UV[LK PU [OL ZWLJPÃ&#x201E;J J\YYPJ\S\T KLZJYPW[PVU HUK H[ [OL ILNPUUPUN VM [OL JV\YZL KLZJYPW[PVUZ MVY [OH[ WHY[PJ\SHY WYVNYHT 4VZ[ JV\YZLZ ILSV^ KV UV[ X\HSPM` MVY -LKLYHS ;P[SL 0= VY 0SSPUVPZ 4VUL[HY` (^HYK 4(7 *VU[HJ[ [OL +PYLJ[VY VM -PUHUJPHS (PK MVY ZWLJPÃ&#x201E;J KL[HPSZ *V\YZLZ ^OPJO JV\SK JVTL \UKLY TVYL [OHU VUL WYVNYHT HYL WSHJLK PU [OL OPNOLZ[ U\TILYLK JH[LNVY` WVZZPISL 4HU` [LJOUPJHS JV\YZLZ HYL HZ YPNVYV\Z HZ JVSSLNL [YHUZMLY JV\YZLZ HUK JV]LY TH[LYPHS ^OPJO WHYHSSLSZ H JVSSLNL [YHUZMLY JV\YZL VMMLYLK H[ MV\Y `LHY JVSSLNLZ HUK VY \UP]LYZP[PLZ 0[ PZ HU[PJPWH[LK [OH[ ^OLU Z[\KLU[Z ^OV OH]L [LJOUPJHS JV\YZLZ SPZ[LK VU [OLPY [YHUZJYPW[Z TH[YPJ\SH[L [V H MV\Y `LHY JVSSLNL VY \UP]LYZP[` WLYZVUULS PU [OH[ PUZ[P[\[PVU ^PSS JOLJR [OL JV\YZL [P[SL HUK JV\YZL KLZJYPW[PVU HUK HSSV^ [OL Z[\KLU[ JVSSLNL [YHUZMLY JYLKP[ MVY Z\JO JV\YZLZ PM [OL` HYL WHYHSSLS 3HRL 3HUK *VSSLNL ^PSS M\YUPZO PUMVY TH[PVU YLNHYKPUN ZWLJPÃ&#x201E;J [LJOUPJHS JV\YZLZ ^OLU HUK PM ULLKLK [V ]LYPM` [OH[ [OL JV\YZLZ HYL WHYHSSLS ;OL U\TILY VM ZLTLZ[LY OV\YZ JYLKP[ PZ PUKPJH[LK MVY LHJO JV\YZL *V\YZLZ ^OPJO YLX\PYL SHIVYH[VY` TLL[PUNZ OH]L [OL U\TILY VM JSHZZ WLYPVKZ HUK U\TILY VM SHIVYH [VY` WLYPVKZ PUKPJH[LK \UKLY [OL JV\YZL [P[SL ;OL [PTL ZJOLK\SL ZOV\SK IL JOLJRLK MVY [OL KH`Z HUK [PTLZ ^OLU JSHZZLZ TLL[
*V\YZL -LLZ +LWHY[TLU[Z VY (YLHZ VM :[\K` *V\YZLZ HYL VMMLYLK PU [OL MVSSV^PUN KLWHY[TLU[Z VY HYLHZ VM Z[\K` ,HJO KLWHY[TLU[ VY HYLH VM Z[\K` OHZ ILLU HZZPNULK H WYLÃ&#x201E;_
+LWHY[TLU[ (YLH VM :[\K` 7YLÃ&#x201E;_LZ
+LWHY[TLU[ (YLH VM :[\K` 7YLÃ&#x201E;_LZ
(K\S[ ,K\JH[PVU ¶ (), .,+ (,+ (LYVUH\[PJZ (,9 (NYPJ\S[\YL (.9 (SSPLK /LHS[O (/, (U[OYVWVSVN` (5; 1VOU +LLYL (N ;LJO 1+( (Y[ (9; (ZZVJPH[L +LNYLL 5\YZPUN (+5 (\[VTV[P]L ;LJOUVSVN` (<; )PV ZJPLUJL )06 )PV[LJOUVSVN` );* )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` )*; )\ZPULZZ )<: *(+ *(+ *OLTPZ[Y` */4 *P]PS ,UNPULLYPUN ;LJOUVSVN` *,; *VTW\[LY 0UMVYTH[PVU :`Z[LTZ *0: *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN *04 *VZTL[VSVN` *6: +LU[HS /LHS[O +/@ ,HYS` *OPSKOVVK ,K\JH[PVU ,*, ,HY[O :JPLUJL ,:* ,JVUVTPJZ ,*6 ,K\JH[PVU ,+< ,K\JH[PVUHS 0U[LYWYL[PUN 7YVNYHT ,03 ,SLJ[YVUPJZ ,UNPULLYPUN ;LJOUVSVN` ,,; ,TLYNLUJ` 4LKPJHS :LY]PJLZ ,4: ,4; ,UNSPZO ,5. ,UNSPZO (Z H :LJVUK 3HUN\HNL ,:3 ,Z[OL[PJZ ,:; -VYLPNU 3HUN\HNL -3. .LULYHS ;LJOUVSVN` ;,* .LVSVN` .,6 /LHS[O ,K\JH[PVU /,+ /LH[PUN =LU[PSH[PVU ( * HUK 9LMYPN ;LJOUVSVN` /=* /PZ[VY` /0: /VTL ,JVUVTPJZ /,* /VY[PJ\S[\YL /9; /\THU :LY]PJLZ /:7 /\THUP[PLZ /<4 0UKLWLUKLU[ :[\K` 05: 0UK\Z[YPHS ,X\PWTLU[ 4HPU[LUHUJL 05+ 0UMVYTH[PVU ;LJOUVSVN` ;YHPUPUN 0;;
0U[LUZP]L ,UNSPZO 3HUN\HNL 0,3 1V\YUHSPZT 169 3H^ ,UMVYJLTLU[ *1: 3LHYUPUN (ZZPZ[HUJL *LU[LYZ ¶ , : 3 ,:3 ;<; 3PIYHY` 30) 3P[LYH[\YL 30; 4HJOPUL ;VVS ;LJOUVSVN` 4;; 4HZZHNL ;OLYHW` 4(: 4H[OLTH[PJZ 4(; 4LJOHUPJHS ,SLJ[YPJHS ;LJOUVSVN` 4,; 4LKPJHS *VKPUN :WLJPHSPZ[ 4*: 4\ZPJ 4<: 7OPSVZVWO` 7/0 7O`ZPJHS ,K\JH[PVU 7,+ 7O`ZPJHS :JPLUJL 7/@ 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7;( 7VSP[PJHS :JPLUJL 76: 7V^LY 7SHU[ ;LJOUVSVN` 77; 7YVNYHTTHISL 3VNPJ *VU[YVSSLY 73* 7Z`JOVSVN` 7:@ 7YHJ[PJHS 5\YZPUN 75* 7\ISPJ /LHS[O >;6 9HKPV ;= )YVHKJHZ[PUN 9;= 9LHKPUN 9+. 9LJYLH[PVU 9,* :LY]PJL 3LHYUPUN :35 :VJPHS :JPLUJL :6: :VJPVSVN` :6* :[\KLU[ :\JJLZZ :-: :[\K` (IYVHK :;( :WLLJO ;OLH[YL (Y[Z :7, >HZ[L >H[LY >;6 >LSKPUN >,3
:VTL JV\YZLZ YLX\PYL WH`TLU[ VM H JV\YZL MLL *V\YZL MLL SL]LSZ HYL SPZ[LK ILSV^ ^OPSL ZWLJPÃ&#x201E;J JV\YZL MLL SL]LSZ HYL SPZ[LK ^P[O [OL JV\YZL KLZJYPW[PVU
3L]LS Â&#x2039; -LL (WWSPLK [V JV\YZLZ \ZPUN SPTP[LK LX\PWTLU[ HUK VY Z\WWSPLZ ^P[O LX\PWTLU[ UV[ YHWPKS` ILJVTPUN VIZVSL[L
3L]LS Â&#x2039; -LL (WWSPLK [V TVZ[ JV\YZLZ \ZPUN JVTW\[LYZ VY V[OLY OPNOS` ZWLJPHSPaLK LX\PWTLU[ PU H YHWPKS` JOHUNPUN [LJOUVSVN` HUK JV\YZLZ \ZPUN SHYNL HTV\U[Z VM Z\WWSPLZ
3L]LS Â&#x2039; -LL (WWSPLK [V JV\YZLZ YLX\PYPUN ]LY` L_WLUZP]L LX\PWTLU[ VY ]LY` OPNO \ZHNL VM Z\WWSPLZ
3L]LS Â&#x2039; -LL ¶ (WWSPLK [V JV\YZLZ YLX\PYPUN ]LY` L_WLUZP]L LX\PWTLU[ HUK ]LY` OPNO \ZHNL VM Z\WWSPLZ YLU[HS VM MHJPSP[PLZ HUK LX\PWTLU[ NYLH[ KPZ[HUJLZ [YH]LSLK [V ]PZP[ : 6 , Z[\KLU[Z L[J
â&#x2013;¼ *V\YZLZ ^P[O [OPZ Z`TIVS HYL YLWLH[HISL :LL WHNL MVY TVYL PUMVYTH[PVU
(.9 â&#x2013;¼
(.9
6U [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK HNYPJ\S[\YL VJJ\WH[PVU 4\Z[ IL PU J\YYPJ\S\T [OH[ KLNYLL PZ H^HYKLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
+LZPNULK [V KL]LSVW ULLKLK ZRPSSZ PU]VS]LK PU WYVK\J[PVU VM [OL THQVY Ã&#x201E;LSK JYVWZ PU JLU[YHS 0SSPUVPZ HUK 0UKPHUH 7SHU[ NYV^[O JYVW JOVPJL [PSSHNL WSHU[PUN HUK ZV^PUN MVY TH_PT\T `PLSKZ HYL LTWOHZPaLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)HZPJ .YV\UK :JOVVS
(.9 â&#x2013;¼
(.9
)HZPJ NYV\UK PUZ[Y\J[PVU MVY [OL WYP]H[L WPSV[ 0UJS\KLZ HLYVK`UHTPJZ [OLVY` VM Ã&#x2026;PNO[ WYPUJPWSLZ VM (PYJYHM[ HUK LUNPUL VWLYH[PVU TL[LVYVSVN` Ã&#x2026;PNO[ JVTW\[LY IHZPJ HUK YHKPV UH]PNH[PVU Ã&#x2026;PNO[ WSHUUPUN HUK MLKLYHS H]PH[PVU YLN\SH[PVUZ 7YLWHYH[PVU MVY WYP]H[L WPSV[ ^YP[[LU L_HTPUH[PVU 5V[ HWWSPJHISL [V ((: KLNYLL JYLKP[Z 3LJ[\YL
6U [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK HNYPJ\S[\YL VJJ\WH[PVU 4\Z[ IL PU J\YYPJ\S\T [OH[ KLNYLL PZ H^HYKLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
+LZPNULK [V KL]LSVW H ^VYRPUN RUV^SLKNL VM HNYPJ\S[\YHS JOLTPJHSZ HZ [OL` HYL YLSH[LK [V OLYIPJPKLZ HUK PUZLJ[PJPKLZ :[\KLU[Z ZOV\SK OH]L H ^VYRPUN RUV^SLKNL VM JHSPIYH[PVU HUK THPU[LUHUJL VM HNYPJ\S[\YHS JOLTPJHS LX\PWTLU[ 0KLU[PÃ&#x201E;JH[PVU VM THQVY ^LLK ZWLJPLZ PU [OPZ HYLH HUK [OLPY JVU[YVS PZ LTWOHZPaLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(K\S[ ,K\JH[PVU (,+ ( JVTWSL[L SPZ[ VM (K\S[ ,K\JH[PVU JSHZZLZ PZ H]HPSHISL I` JHSSPUN
(LYVUH\[PJZ (,9 (,9
(NYPJ\S[\YL (.9 (.9
(NYPJ\S[\YL <WKH[L :[\K` VM J\YYLU[ HNYPJ\S[\YHS [YLUKZ HUK [LJOUPX\LZ PU [OL HYLHZ VM HNYVUVT` HNYPI\ZPULZZ HUPTHS ZJPLUJL HUK HNYPJ\S [\YHS TLJOHUPaH[PVU JYLKP[Z 3LJ[\YL
(.9
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0=
(.9
0U[YVK\J[PVU [V (NYPJ\S[\YHS 6JJ\WH[PVUZ (U PU[YVK\J[PVU [V [OL ]HZ[ JVTWSL_ I\ZPULZZ VM HNYPJ\S[\YL ^H`Z VM KVPUN I\ZPULZZ N\PKLZ MVY Z\JJLZZ VM H WLYZVU PU [OL HNYPJ\S[\YHS I\ZPULZZ VM MHYT THJOPULY` [LJOUVSVN` HUK MHTPSPHYPaLZ [OL Z[\KLU[ ^P[O [OL WYLWHYH[PVU MVY HNYPJ\S[\YHS WYVK\J[PVU I\ZPULZZ HUK TLJOHUPJZ QVIZ JYLKP[Z 3LJ[\YL
*LY[ *YVW (K]PZVY ;LZ[ 7YLW ;OPZ JV\YZL PZ KLZPNULK [V WYLWHYL PUKP]PK\HSZ [V [HRL [OL :[H[L HUK 5H[PVUHS >YP[[LU ,_HTZ ZV [OL` TH` IL *LY[PÃ&#x201E;LK *YVW (K]PZVY **( *LY[PÃ&#x201E;LK JYLKP[Z 3LJ[\YL
(.9
(NYPJ\S[\YHS 4H[OLTH[PJZ (WWSPJH[PVUZ VM TH[OLTH[PJZ HZ P[ HWWSPLZ [V [OL VWLYH[PVU VM NYHPU HUK SP]LZ[VJR MHYTZ HNYPJ\S[\YL I\ZPULZZ HUK HNYPJ\S[\YL TLJOHUPaH[PVU JYLKP[Z 3LJ[\YL
(.9 â&#x2013;¼
:\WLY]PZLK 6JJ\WH[PVUHS ,_W 0 6U [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK HNYPJ\S[\YL VJJ\WH[PVU 4\Z[ IL PU J\YYPJ\S\T [OH[ KLNYLL PZ H^HYKLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(.9 â&#x2013;¼
:\WLY]PZLK 6JJ\WH[PVUHS ,_W 00 6U [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK HNYPJ\S[\YL VJJ\WH[PVU 4\Z[ IL PU J\YYPJ\S\T [OH[ KLNYLL PZ H^HYKLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(.9
6:/( (N 4HJO :HML[` 7YV]PKLZ HU PU[LUZPÃ&#x201E;LK Z[\K` PU[V HNYPJ\S[\YHS THJOPULY` ZHML[` -VJ\ZLZ VU ^O` HNYPJ\S[\YL THJOPULY` HJJPKLU[Z OHWWLU OV^ [OL` JHU IL WYL]LU[LK HUK OV^ [V JYLH[L H ZHML ^VYRPUN LU]PYVUTLU[ =PZ\HS HPKZ HYL \[PSPaLK [V KPZWSH` LMMLJ[ JYLKP[Z 3LJ[\YL
(.9 :VPSZ
7SHUULK SLHYUPUN HJ[P]P[PLZ HUK L_WLYPLUJLZ KLZPNULK [V JV]LY ZVPS KL]LSVWTLU[ M\UJ[PVUZ VM ZVPS TPULYHSZ ZVPS [`WLZ HUK [OLPY JSHZZ ( THQVY Z[\K` VM ZVPS [`WLZ PU 0SSPUVPZ HUK 0UKPHUH HUK [OLPY JVUZLY]H[PVU WYHJ[PJLZ HYL PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
:VPS -LY[PSP[` 7YLYLX\PZP[LZ! 9LJVTTLUK (.9 VY (.9 ,UHISLZ [OVZL PU]VS]LK ^P[O ZVPSZ HUK JYVWZ [V THRL PU[LSSPNLU[ HUK LMÃ&#x201E;JPLU[ \ZL VM MLY[PSPaLY TH[LYPHSZ H]HPSHISL JYLKP[Z 3LJ[\YL
7YPUJPWSLZ VM *YVW 7YVK\J[PVU
0U[LNYH[LK 7LZ[ 4HUHNLTLU[
(.9
*YVW /HY]LZ[PUN +Y`PUN :[VYHNL -\UKHTLU[HSZ VM OHY]LZ[PUN KY`PUN HUK Z[VYHNL 6WWVY[\UP[PLZ VM ]HYPV\Z Z`Z[LTZ HYL L_WSVYLK [OYV\NO ]PZP[H[PVUZ H[ KPMMLYLU[ ZP[LZ HUK Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(UPTHS /\ZIHUKY` 7YLWHYLZ Z[\KLU[Z ^P[O H IHZPJ \UKLYZ[HUK PUN VM SP]LZ[VJR JHYL WYVK\J[PVU HUK THUHNLTLU[ MYVT ZLSLJ[PVU [OYV\NO IYLLKPUN HUK THYRL[PUN VM ILLM HUK KHPY` JH[[SL Z^PUL HUK ZOLLW ,TWOHZPZ PZ WSHJLK VU JVUÃ&#x201E;ULTLU[ WSHUZ HUK UL^ [YLUKZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
3P]LZ[VJR ,]HS\H[PVU +L[HPSLK Z[\K` VM ILLM JH[[SL KHPY` JH[[SL Z^PUL ZOLLW HUK OVYZL ZLSLJ[PVU ;OPZ SHIVYH[VY` VYPLU[LK JV\YZL HSSV^Z Z[\KLU[Z [V HWWYHPZL SP]LZ[VJR ]PL^PUN WVZP[P]L HUK ULNH[P]L ZLSLJ[PVU WVPU[Z HUK WH`Z WHY[PJ\SHY H[[LU[PVU [V Q\KNPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(K]HUJLK 3P]LZ[VJR ,]HS\H[PVU 7YLYLX\PZP[LZ! (.9 7YV]PKLZ HU HK]HUJLK Z[\K` VM ILLM Z^PUL HUK ZOLLW ZLSLJ[PVU )V[O SP]L HUPTHS HUK WLYMVYTHUJL YLJVYK HUHS`ZPZ ^PSS IL PUJVYWVYH[LK \[PSPaPUN H JVTIPUH[PVU VM ]PZ\HS HUK NLUL[PJ WV[LU[PHS HWWYHPZHS :WLJPHS LTWOHZPZ ^PSS IL WSHJLK VU VYHS YLHZVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(.9
(.9
*V]LYZ M\UKHTLU[HS WYPUJPWSLZ VM SP]LZ[VJR U\[YP[PVU ^P[O HU \UKLYZ[HUKPUN VM [OL TVUV NHZ[YPJ HUK Y\TPUHU[ KPNLZ[P]L Z`Z[LT LZZLU[PHS U\[YPLU[Z MLLK PUNYLKPLU[Z HUK HKKP[P]LZ HUK IHSHUJPUN VM YH[PVUZ 7YP]H[L HUK JVTTLYJPHS MLLK ZHSLZ PTWSPJH [PVUZ HYL PUJS\KLK JYLKP[Z 3LJ[\YL
-VJ\ZLZ VU [OL WZ`JOVSVN` HUK WO`ZPVSVN` PU]VS]LK PU [YHPUPUN HUK YPKPUN :[\K` PUJS\KLZ WYVNYLZZP]L [YHPUPUN ZJOLK\SLZ TV[P]H[PVU HUK YLZWVUZL [V YPKLY J\LZ ;OL JV\YZL L_HTPULZ ]HYPV\Z LX\PUL [YHPUPUN [LJOUPX\LZ HUK L_LYJPZLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! (.9 " (.9 *V]LYZ Z[HUKHYK HUK H\[VTH[PJ [YHUZTPZ ZPVUZ [OLPY NLHYZ HUK NLHY YH[PVZ HWWSPJH [PVU HUK \ZL ZLY]PJL YLX\PYLTLU[Z HUK HKQ\Z[TLU[Z PU MHYT WV^LY LX\PWTLU[ HUK THJOPULY` \UP[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(UPTHS 5\[YP[PVU
(.9
)LLM +HPY` 7YVK\J[PVU :RPSSZ 7YLWHYLZ Z[\KLU[Z ^P[O [OL ULJLZZHY` ZRPSSZ YLX\PYLK PU TVKLYU JH[[SL WYVK\J[PVU [OL KPMMLYLU[ TL[OVKZ HUK [VVSZ \ZLK [V WLYMVYT [OLZL ZRPSSZ HUK H JSVZL PUZWLJ[PVU VM OHUKSPUN MHJPSP[PLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
( 0 4HUHNLTLU[ *H[[SL 7YV]PKLZ H IHZPJ \UKLYZ[HUKPUN VM YLWYV K\J[P]L WO`ZPVSVN` HUK [YHPUZ PUKP]PK\HSZ [V HY[PÃ&#x201E;JPHSS` PUZLTPUH[L ILLM VY KHPY` JH[[SL ,_WSHPUZ HUK NP]LZ OHUKZ VU L_WLYPLUJL PU HJ[\HS PUZLTPUH[PVU WYVK\JLYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
4LH[ :JPLUJL 7YV]PKLZ H IHZPJ \UKLYZ[HUKPUN VM TLH[ JSHZZPÃ&#x201E;JH[PVU HUK NYHKPUN ,TWOHZPZ PZ WSHJLK VU [OL SP]L L]HS\H[PVU VM ILLM WVYR HUK SHTI -VSSV^PUN OHY]LZ[ [OL JHYJHZZLZ ^PSS IL L]HS\H[LK MVY JVUZ\TLY HJJLW[HIPS P[` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
:^PUL 7YVK\J[PVU :RPSSZ 7YLWHYLZ Z[\KLU[Z ^P[O [OL ULJLZZHY` ZRPSSZ YLX\PYLK PU TVKLYU Z^PUL WYVK\J[PVU [OL KPMMLYLU[ TL[OVKZ HUK [VVSZ \ZLK [V WLYMVYT [OLZL ZRPSSZ \UKLYZ[HUKPUN OLYK OLHS[O HUK SVVRPUN H[ HUK THRPUN Z^PUL LU]PYVU TLU[HS KLJPZPVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
:^PUL 9LWYVK\J[PVU HUK ( 0 ;YHPUZ PUKP]PK\HSZ [V \UKLYZ[HUK YLWYVK\J [P]L WO`ZPVSVN` ZLTLU JVSSLJ[PVU HUK HY[PÃ&#x201E;JPHS PUZLTPUH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
(.9
,X\PUL *HYL HUK 4HUHNLTLU[ ( Z\Y]L` VM PZZ\LZ MVY [OL OVYZL V^ULY HKKYLZZPUN IHZPJ LX\PUL JHYL HUK THUHNL TLU[ PUJS\KPUN OLHS[O MHYYPLY ZJPLUJL U\[YP[PVU Z[HISL THUHNLTLU[ LX\PUL LX\PWTLU[ HUK I\`PUN ZLSSPUN YPKPUN HUK [YHPUPUN OVYZLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,X\PUL ;YHPUPUN ;LJOUPX\LZ
(.9
0NUP[PVU ,SLJ[YPJHS :`Z[LTZ +LZPNULK [V KL]LSVW H ^VYRPUN RUV^SLKNL VM [OL JVUJLW[Z HUK JVTWVULU[Z VM MHYT WV^LY HUK THJOPULY` LSLJ[YPJHS Z`Z[LTZ +PZJ\ZZLZ IHZPJ LSLJ[YPJHS WYPUJPWSLZ VM LSLJ[YVTHNUL[PZT HUK \ZL VM LSLJ[YPJHS [LZ[ TL[LYZ PUJS\KPUN [OL YLWHPY VM PNUP[PVU HUK JOHYNPUN Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(K]HUJLK ,SLJ[YPJHS :`Z[LTZ 7YLYLX\PZP[LZ! (.9 +LZPNULK [V PUJYLHZL RUV^SLKNL PU LSLJ[YPJHS Z`Z[LTZ (M[LY JVTWSL[PVU VM [OPZ JV\YZL Z[\KLU[Z ^PSS IL HISL [V WYVWLYS` \ZL ZLY]PJL LX\PWTLU[ [V KPHNUVZL LSLJ[YVUPJHSS` JVU[YVSSLK TVUP[VY Z`Z[LTZ HUK JVTWVULU[Z VU [YHJ[VYZ HUK OHY]LZ[PUN LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
:THSS ,UNPULZ +LZPNULK [V KL]LSVW H ^VYRPUN RUV^SLKNL VM [`WLZ VM NHZ LUNPULZ Z`Z[LTZ PU H NHZ LUNPUL JVTWVULU[Z VM Z`Z[LTZ WYPUJPWSLZ VM VWLYH[PVUZ JHYL THPU[LUHUJL YLWHPY HUK HKQ\Z[TLU[ VM NHZ LUNPULZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(KQ\Z[PUN 5L^ HUK <ZLK 4HJO +LZPNULK [V [LHJO [OL IHZPJ M\UKHTLU[HSZ VM [OL VWLYH[PUN WYPUJPWSLZ HUK HKQ\Z[TLU[Z VM JVTIPULZ HUK IHPSLYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
+PLZLS -\LS :`Z[LTZ 7YLYLX\PZP[LZ! (.9 7YV]PKL IHZPJ \UKLYZ[HUKPUN VM KPLZLS LUNPUL M\LS Z`Z[LTZ HUK VWLYH[PVU :[\KLU[Z ^PSS SLHYU KPHNUVZPZ YLTV]HS VM KPLZLS W\TWZ HUK PUQLJ[VY YLWHPY *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(N ;YHUZ 7V^LY ;YHPUZ
(.9
;YHJ[VY 6]LYOH\S 7YLYLX\PZP[LZ! (.9 +LZPNULK [V KL]LSVW Z[\KLU[Z» ZRPSSZ ULJLZZHY` [V Z\JJLZZM\SS` V]LYOH\S H NHZ SPX\PK WYVWHUL VY KPLZLS MHYT LX\PWTLU[ LUNPUL :[\KLU[Z ^PSS IL HISL [V HJJVTWSPZO KPZHZZLTIS` HUK HZZLTIS` WYVJLK\YLZ TLHZ\YL WHY[Z MVY ^LHY LUNPUL V]LYOH\S HUK [\UL \W HUK IYLHR PU WYVJLK\YLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
7YPUJPWSLZ VM (NYP 4LJOHUPJZ *V]LYZ [OL M\UKHTLU[HSZ VM IHZPJ WYL]LU [P]L THPU[LUHUJL MVY [YHJ[VYZ HUK MHTPSPHY PaLZ [OL Z[\KLU[ ^P[O ZL[[PUN HUK HKQ\Z[PUN ZWYH`LYZ [PSSHNL LX\PWTLU[ WSHU[LYZ HUK JVTIPULZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9 /`KYH\SPJZ
*V]LYZ [OLVY` HUK WYPUJPWSLZ PU]VS]LK PU O`KYH\SPJZ HUK [OLPY HWWSPJH[PVU [V [OL TLJOHUPaH[PVU HUK THPU[LUHUJL VM MHYT WV^LY THJOPULY` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(K]HUJLK /`KYH\SPJZ 7YLYLX\PZP[LZ! (.9 7YV]PKLZ HU PU KLW[O Z[\K` VM O`KYH\SPJZ HUK P[Z M\UJ[PVUZ PU TLJOHUPaH[PVU ;OPZ JV\YZL SVVRZ ZWLJPÃ&#x201E;JHSS` H[ 1VOU +LLYL *HZL 0/ +L\[a (SSPZ HUK -VYK Z`Z[LTZ ,TWOHZPZ ^PSS IL WSHJLK VU [OLVY` VM VWLYH[PVU KPHNUVZPZ HUK YLWHPY VM THJOPULY` THU\MHJ[\YLYZ» LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(N 4HJOPULY` (PY *VUKP[PVUPUN -VJ\ZLZ VU [OL [OLVY` VM HPY JVUKP[PVUPUN KPHNUVZPZ VM WYVISLTZ HUK [OL ZHML OHUKSPUN VM HPY JVUKP[PVUPUN TH[LYPHS ,_[LUZP]L OHUKZ VU PZ WYV]PKLK MVY KPHNUVZPZ ZLY]PJL WYVJLK\YLZ HUK HNYPJ\S[\YHS HPY JVUKP[PVUPUN JVTWVULU[ YLWHPY ,X\PWTLU[ [OH[ ^PSS IL JV]LYLK ^PSS IL [^V HUK MV\Y ^OLLS KYP]L [YHJ[VYZ JVTIPULZ HUK MLY[PSPaLY HWWSPJH[VY [Y\JRZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(.9
+LZPNULK MVY LSLTLU[HY` HUK ZLJVUKHY` [LHJOLYZ [V WYV]PKL MVY HU LZZLU[PHS IHJRNYV\UK PU [OL HNYPJ\S[\YL PUK\Z[YPLZ HUK SVVR H[ UL^S` KL]LSVWPUN [LJOUVSVNPLZ PU [OH[ Ã&#x201E;LSK JYLKP[Z 3LJ[\YL
(U PU[YVK\J[PVU [V IHZPJ LJVUVTPJ JVUJLW[Z VM [OL HNYPJ\S[\YHS ZLJ[VY ^P[O LTWOHZPZ VU JVZ[Z YL]LU\L WYPJL KL[LYTP UH[PVU Z\WWS` HUK KLTHUK HUK MHYT WVSPJ` JYLKP[Z 3LJ[\YL
(.9
(.9
7YLYLX\PZP[LZ! (.9 VY JVUZLU[ VM [OL PUZ[Y\J[VY (U L_[LUZPVU VM (N 0UZ[P[\[L 0 P[ PZ VUJL HNHPU KLZPNULK MVY LSLTLU[HY` HUK ZLJVUKHY` [LHJOLYZ ;OPZ JV\YZL MVJ\ZLZ PU[LUZP]LS` VU [OL PTWHJ[ VM HNYPJ\S[\YL PUK\Z[YPLZ HUK UL^ [LJOUVSVNPLZ VU ZVJPL[` 3LZZVU WSHUZ HUK TL[OVKZ MVY KLSP]LYPUN PUMVYTH[PVU ^PSS IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
(U PU[YVK\J[PVU PU[V IHZPJ MHYT YLJVYK RLLWPUN 7YLWHYLZ Z[\KLU[Z [V JVTWPSL YLJVYKZ HZZVJPH[LK ^P[O ZWLJPÃ&#x201E;J MHYT LU[LYWYPZLZ 9LJVYK HUHS`ZPZ PZ LTWOHZPaLK MVY MHYT LMÃ&#x201E;JPLUJ` TLHZ\YLZ JYLKP[Z 3LJ[\YL
(NYPJ\S[\YL 0UZ[P[\[L 0
(NYPJ\S[\YL 0UZ[P[\[L 00
(.9
7SHU[PUN HUK ;PSSHNL ,X\PWTLU[ 7YLYLX\PZP[LZ! (.9 " (.9 *V]LYZ [OL [OLVY` HUK WYPUJPWSLZ VM VWLYH[PVU ZL[ \W HUK HKQ\Z[TLU[ [YV\ISL ZOVV[PUN HUK YLWHPY VM THQVY IYHUKZ VM WSHU[LYZ KYPSSZ Ã&#x201E;LSK J\S[P]H[VYZ HUK WYPTHY` [PSSHNL LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9 â&#x2013;¼
(NYPJ\S[\YL 0UZ[P[\[L 000 (U L_[LUZPVU VM (N 0UZ[P[\[LZ 0 00 [OPZ JV\YZL MVJ\ZLZ PU[LUZP]LS` VU [OL PTWHJ[ VM \YIHU HNYPJ\S[\YL HUK P[Z PUK\Z[YPLZ HNYPJ\S[\YL JVTT\UPJH[PVUZ HUK HS[LYUH [P]L LULYN` 3LZZVU WSHUZ HUK PTWSLTLU[H [PVU ^P[OPU J\YYPJ\SH ^PSS IL KPZJ\ZZLK 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
(.9
0U[YV [V (NYPJ\S[\YL :VM[^HYL <ZL VM JVTW\[LYZ PU MHYT HUK HNYP I\ZPULZZ THUHNLTLU[ ^P[O LTWOHZPZ VU JVTTLY JPHSS` H]HPSHISL ZVM[^HYL MVY HJJV\U[PUN I\KNL[PUN YLJVYK RLLWPUN HUK THYRL[ HUHS`ZPZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
(.9
*VTW\[LY (WWSPJ (NYPJ\S[\YL 0(0 (. *V]LYZ [OL LMMLJ[P]L \ZL VM RL`IVHYK THUPW\SH[PUN HNYPJ\S[\YL Ã&#x201E;SLZ \ZPUN ^VYK WYVJLZZVYZ ZWYLHKZOLL[Z KH[HIHZL HUK WYLZLU[H[PVU ZVM[^HYL HUK KPZJV]LYPUN H]HPSHISL HNYPJ\S[\YL ZVM[^HYL MVY HJJV\U[ PUN I\KNL[PUN YLJVYK RLLWPUN HUK THYRL[ HUHS`ZPZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
(NYPJ\S[\YL ,JVUVTPJZ
-HYT )\ZPULZZ 9LJVYKZ
(.9
-HYT 4HUHNLTLU[ 7YLYLX\PZP[LZ! (.9 ,JVUVTPJZ WYPUJPWSLZ HWWSPLK KPYLJ[S` [V [OL VYNHUPaH[PVU HUK VWLYH[PVU VM TPK^LZ[ MHYTZ HYL KPZJ\ZZLK 4HUHNLTLU[ LMMLJ[P]L ULZZ PU JYVWWPUN HUK SP]LZ[VJR Z`Z[LTZ HUK YLZV\YJL \[PSPaH[PVU MVY TH_PT\T WYVÃ&#x201E;[ HYL Z[YLZZLK JYLKP[Z 3LJ[\YL
(.9
4HYRL[PUN VM (N 7YVK\J[Z (U PU[YVK\J[VY` JV\YZL JV]LYPUN MHYT THYRL[PUN Z[YH[LNPLZ M\[\YLZ THYRL[Z JHZO THYRL[Z MVY SP]LZ[VJR HUK NYHPU HUK NLULYHS WYVISLTZ PU WYPJPUN THQVY HNYPJ\S[\YHS JVTTVKP[PLZ JYLKP[Z 3LJ[\YL
(.9
-HYT *YLKP[ HUK -PUHUJL (U PU[YVK\J[PVU [V Ã&#x201E;UHUJPUN Z[H[LTLU[Z JHWP[HS HUK JYLKP[ ULLKZ VM MHYTLYZ ZV\YJLZ VM JYLKP[ HUK WYVISLTZ VM IVYYV^LYZ HUK SLUKLYZ JYLKP[Z 3LJ[\YL
(.9
(NYPJ\S[\YL )\ZPULZZ -PUHUJPUN *V]LYZ [OL \ZL ZV\YJLZ HUK TL[OVKZ VM VI[HPUPUN JYLKP[ HZ P[ HWWSPLZ [V MHYTPUN HUK [OL MHYT Z\WWS` I\ZPULZZ JYLKP[Z 3LJ[\YL
(.9
9L[HPSPUN (NYP :\WWSPLZ *V]LYZ [OL WYHJ[PJHS HWWSPJH[PVU VM YL[HPSPUN HZ P[ HMMLJ[Z MHYT I\ZPULZZ Z\WWSPLZ I` KP]PZPVUZ TLYJOHUKPZPUN ZHSLZ WYVTV[PVU WLYZVUULS JVU[YVS HUK VWLYH[PVU JYLKP[Z 3LJ[\YL
(.9
(NYPJ\S[\YL :HSLZTHUZOPW *V]LYZ [OL IHZPJ WYPUJPWSLZ \UKLYS`PUN [OL ZHSLZ WYVJLZZ PU HNYPJ\S[\YHS MHYT Z\WWS` HUK WYHJ[PJHS HWWSPJH[PVU HUK KL]LSVWTLU[
VM ZHSLZ [LJOUPX\LZ )HZPJ [V [OL JV\YZL PZ HU \UKLYZ[HUKPUN VM [OL ZHSLZWLYZVU»Z VISPNH[PVU [V ZLSM OPZ VY OLY JVTWHU` HUK OPZ VY OLY J\Z[VTLY JYLKP[Z 3LJ[\YL
(.9
)\ZPULZZ (UHS`ZPZ 9LJVYKZ (U HUHS`[PJHS HWWYVHJO [V Ã&#x201E;UHUJPHS Z[H[LTLU[Z HUK YLJVYKZ VM HNYPJ\S[\YHS I\ZPULZZ PTWSPJH[PVUZ HUK KLJPZPVUZ THKL VU [OL IHZPZ VM [OLZL YLJVYKZ JYLKP[Z 3LJ[\YL
(.9
0U[YVK\J[PVU [V (NYVLJVSVN` ;OPZ JV\YZL PU[YVK\JLZ LJVSVNPJHS WYPUJPWSLZ HZ [OL` YLSH[L [V HNYPJ\S[\YL HUK PUJS\KLZ Z\Z[HPUHISL MVVK WYVK\J[PVU Z`Z[LTZ HUK JVUJLW[Z VM HNYVLJVSVN` (SZV LTWOHZPaLK PZ KPZJ\ZZPVU VM WVW\SH[PVU LJVSVN` HUK WSHU[ KLTVNYHWOPJZ HZ ^LSS HZ [OL JVU]LYZPVU MYVT JVU]LU[PVUHS [V HS[LYUH[P]L WYVK\J[PVU JYLKP[Z 3LJ[\YL
(.9
6YNHUPJ *YVW 7YVK\J[PVU 6YNHUPJ JYVW WYVK\J[PVU ^PSS L_WSVYL [OL OPZ[VY` WYVK\J[PVU OHY]LZ[PUN Z[VYHNL HUK THYRL[PUN VM WYVK\J[Z :[H[L HUK MLKLYHS SH^Z HZ [OL` YLSH[L [V VYNHUPJ JYVW WYVK\J[PVU ^PSS HSZV IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
)PVSVNPJHS 7LZ[ 4HUHNLTLU[ )PVSVN` VM WLZ[ THUHNLTLU[ ^PSS KPZJ\ZZ [OL WLZ[ JVUJLYUZ VM HU VYNHUPJ WYVK\J[PVU Z`Z[LT ;OL KPZJ\ZZPVU ^PSS PUJS\KL PKLU[PÃ&#x201E;JH[PVU WYL]LU[PVU HUK HWWYV]LK JVU[YVS TLHZ\YLZ ^P[OPU HU VYNHUPJ Z`Z[LT *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
.7: (WWSPJH[PVUZ PU (N ;OPZ JSHZZ PZ KLZPNULK [V WYV]PKL Z[\KLU[Z [OL VWWVY[\UP[` [V ILJVTL MHTPSPHY ^P[O NSVIHS WVZP[PVUPUN Z`Z[LTZ HZ [OL` YLSH[L [V HNYPJ\S[\YL HUK KL]LSVW H ^VYRPUN RUV^SLKNL VM ]HYPHISL YH[L Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
0U[LUZP]L *YVW :JV\[PUN :JV\[PUN ZRPSSZ HYL [H\NO[ ^P[O LTWOHZPZ VU PUZLJ[Z HUK WSHU[ KPZLHZLZ 3PML J`JSLZ WYL]LU[PVU HUK JVU[YVS TLHZ\YLZ HYL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
(N *\Z[VT (WWSPJH[PVUZ +LZPNULK [V MHTPSPHYPaL Z[\KLU[Z ^P[O J\Z[VT HWWSPJH[PVU LX\PWTLU[ ,TWOHZPZ PZ WSHJLK VU YLN\SH[PVUZ WYVJLK\YLZ ZHML[` LU]PYVUTLU[ HUK WYVMLZZPVUHS JVUK\J[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
*+3 ;YHPUPUN ;OPZ JSHZZ ^PSS WYLWHYL Z[\KLU[Z [V [HRL [OL *+3 KYP]LYZ SPJLUZL L_HT 9\SLZ HUK YLN\SH[PVUZ PUJS\KPUN [OL WLYMVYTPUN VM ZHML[` JOLJRZ ^PSS IL JV]LYLK JYLKP[Z 3LJ[\YL
(.9
-VYHNLZ HUK 7HZ[\YL 4HUHNLTLU[ =HYPV\Z MVYHNL JYVWZ ^PSS IL KPZJ\ZZLK PUJS\KPUN [OLPY YVSL PU [VKH`»Z HNYPJ\S[\YL HUK NYHZZSHUK LJVSVN` WSHU[ WO`ZPVSVN` UP[YVNLU Ã&#x201E;_H[PVU LZ[HISPZOPUN HUK THPU [HPUPUN MVYHNLZ HUK OHY]LZ[PUN 7HZ[\YL THUHNLTLU[ PUJS\KPUN PKLU[PÃ&#x201E;JH[PVU LZ[HISPZOPUN WHZ[\YLZ HUK PU[LUZP]L HUK YV[H[PVUHS NYHaPUN Z`Z[LTZ ^PSS IL KPZJ\ZZLK JYLKP[Z 3LJ[\YL
(.9 â&#x2013;¼
(NYPJ\S[\YL 0UZ[P[\[L 0= (U L_[LUZPVU VM (N 0UZ[P[\[LZ 0 00 000 [OPZ JV\YZL MVJ\ZLZ PU[LUZP]LS` VU YLUL^HISL LULYN` HUK [OL PTWHJ[ VU HNYPJ\S[\YL HUK [OL NYV^PUN LULYN` ULLKZ VM V\Y ZVJPL[` 3LZZVU WSHUZ HUK PTWSLTLU[H[PVU ^P[OPU J\YYPJ\SH ^PSS IL KPZJ\ZZLK 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
(.9
0U[YV (NYPJ\S[\YL ,K\JH[PVU 0(0 (. ( NLULYHS PU[YVK\J[PVU PU[V [OL ]HYPV\Z HZWLJ[Z HUK UH[\YLZ VM [OL [LHJOPUN WYVMLZZPVU 6WWVY[\UP[PLZ HUK YLZWVUZPIPSP [PLZ HYL L_WSVYLK [OYV\NO PUKP]PK\HS ^VYR HUK ZP[L ]PZP[H[PVUZ ,]HS\H[PVUZ HYL THKL [V L]HS\H[L HU PUKP]PK\HS»Z WV[LU[PHS [V [LHJO JYLKP[Z 3LJ[\YL
(.9
7YPU -PLSK *YVW :JPLUJL 0(0 (. +LZPNULK [V KL]LSVW H ^VYRPUN HUK ZJPLU[PÃ&#x201E;J RUV^SLKNL VM TVKLYU JYVW WYVK\J[PVU HZ H NLYTPUH[PVU NYV^[O YLWYVK\J[PVU [PSSHNL HUK ^LLK JVU[YVS VM HNYPJ\S[\YHS Ã&#x201E;LSK JYVWZ ,TWOHZPZ PZ HSZV WSHJLK VU MLY[PSP[` KPZLHZLZ HUK PUZLJ[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
0U[YV :VPS :JPLUJL 0(0 (. (WWSPJH[PVU VM [OL IHZPJZ PU [OL WO`ZPJHS JOLTPJHS HUK IPVSVNPJHS HZWLJ[Z PU ZVPSZ :VPSZ VM 0SSPUVPZ HUK 0UKPHUH HYL LTWOHZPaLK HSVUN ^P[O JVUJLW[Z VM MLY[PSP[` JVUZLY]H [PVU HUK Ã&#x201E;LSK KLZJYPW[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZ J\ZZPVU
(.9
0U[YV (UPTHS :JPLUJL 0(0 (. -VJ\ZLZ VU H Z[\K` VM ILLM Z^PUL ZOLLW WV\S[Y` HUK OVYZLZ" HUK [OL ZJPLU[PÃ&#x201E;J MHJ[VYZ HMMLJ[PUN U\[YP[PVU ZLSLJ[PVU HUK NLUL[PJZ WYVK\J[Z LU]PYVUTLU[ HUK WO`ZPVSVN` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(.9
0U[YV (N ,JVUVTPJZ 0(0 (. 7YPUJPWSLZ VM LJVUVTPJZ HWWSPLK [V WYVISLTZ PU HNYPJ\S[\YL THYRL[PUN VM HNYPJ\S[\YHS WYVK\J[Z HNYPJ\S[\YHS WVSPJ` HUK [OL YVSL VM HNYPJ\S[\YL PU [OL < : HUK ^VYSK LJVUVTPLZ JYLKP[Z 3LJ[\YL
(.9
0U[YV (N 4LJOHUPaH[PVU 0(0 (. :[\K` VM WYVISLTZ HUK SHIVYH[VY` L_LYJPZLZ WVPU[PUN [V WYLZLU[ HUK WV[LU[PHS LUNPULLYPUN HWWSPJH[PVUZ PU HNYPJ\S[\YL HYL WYLZLU[LK ,TWOHZPZ PZ WSHJLK VU MHYT WV^LY HUK THJOPULY` ZVPS HUK ^H[LY JVU[YVS LSLJ[YPJP[` HUK Z[Y\J[\YLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(SSPLK /LHS[O (/, (/,
)HZPJ 5\YZL (ZZPZ[PUN 7YLWHYLZ Z[\KLU[Z MVY U\YZL HZZPZ[HU[ YVSLZ 4LL[Z YLX\PYLTLU[Z MVY 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O *LY[PÃ&#x201E;LK (PKL *V\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(/,
4LKPJHS ;LYTPUVSVN` -VJ\ZLZ VU ]VJHI\SHY` \ZLK PU TLKPJPUL U\YZPUN HUK HSSPLK OLHS[O VJJ\WH[PVUZ JYLKP[Z 3LJ[\YL
(/,
(K]HUJLK 4LKPJHS ;LYTPUVSVN` )\PSKZ HUK LUSHYNLZ VU IHZPJ TLKPJHS ]VJHI\SHY` \ZLK PU TLKPJPUL U\YZPUN HUK HSSPLK OLHS[O VJJ\WH[PVUZ JYLKP[Z 3LJ[\YL
(/,
(SaOLPTLYZ +PZLHZL <WNYHKL 7YLWHYLZ Z[\KLU[Z MVY U\YZL HZZPZ[HU[ YVSLZ 4LL[Z YLX\PYLTLU[Z MVY 0SSPUVPZ +LWHY[TLU[ VM 7\ISPJ /LHS[O MVY (SaOLPTLY»Z +PZLHZL ;PTL 9LX\PYLTLU[Z JYLKP[Z 3LJ[\YL
(/,
7H[OVWO`ZPVSVN` ;OPZ JV\YZL WYV]PKLZ IHZPJ JVUJLW[Z VM IV[O Z[Y\J[\YHS HUK M\UJ[PVUHS JOHUNLZ JH\ZLK I` KPZLHZL PU [PZZ\LZ HUK VYNHUZ HZ H IHZPZ MVY \UKLYZ[HUKPUN JSPUPJHS THUPMLZ[H[PVUZ HUK WYPUJPWSLZ VM [YLH[TLU[ JYLKP[Z 3LJ[\YL
(/,
7OSLIV[VT` ;LJOUPX\LZ ;OL 7OSLIV[VTPZ[ PZ HU PU[LNYHS TLTILY VM [OL SHIVYH[VY` [LHT ^OV KYH^Z ISVVK ZWLJPTLUZ ;OPZ JV\YZL ^PSS PUJS\KL HSS HZWLJ[Z VM ZWLJPTLU JVSSLJ[PVU HUK WYVJLZZPUN ^OPSL THPU[HPUPUN OPNO Z[HUKHYKZ VM WYVMLZZPVUHSPZT JYLKP[Z 3LJ[\YL
(/,
7OSLIV[VT` 7YHJ[PJ\T 7YLYLX\PZP[LZ! (/, ;OPZ JV\YZL WYV]PKLZ PU[LUZL JSPUPJHS [YHPUPUN PU H WH[PLU[ JHYL LU]PYVUTLU[ [V HJOPL]L [OL ZRPSSZ YLX\PYLK [V ILJVTL H JVTWL[LU[ HUK WYVMLZZPVUHS WOSLIV[VTPZ[ <WVU JVTWSL[PVU Z[\KLU[ PZ LSPNPISL [V [HRL [OL 7,; (:*7 JLY[PÃ&#x201E;JH[PVU L_HT *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(/, â&#x2013;¼
/LHS[O :JPLUJL *HYLLYZ ;OPZ JV\YZL ^PSS L_WSVYL PU KLW[O OLHS[O JHYLLY WH[O^H`Z LK\JH[PVUHS HUK HW[P[\KL YLX\PYLTLU[Z HUK VJJ\WH[PVUHS VWWVY[\UP [PLZ ULLKLK I` OLHS[O JHYL ^VYRLYZ 9LWLH[HISL [PTL JYLKP[Z 3LJ[\YL
(/,
4H[O MVY 4LKZ ;OPZ JV\YZL ^PSS WYLWHYL [OL Z[\KLU[ [V WLYMVYT KY\N JHSJ\SH[PVUZ ZHMLS` HUK HJJ\YH[LS` :[\KLU[Z ^PSS IL PU[YVK\JLK [V PKLU[PÃ&#x201E;JH[PVU HUK HKTPUPZ[YH[PVU VM VYHS HUK WHYLU[LYHS TLKPJH[PVUZ JYLKP[Z 3LJ[\YL
(/,
,_WSVYPUN (SSPLK /LHS[O *HYLLYZ +LZPNULK MVY LSLTLU[HY` HUK ZLJVUKHY` [LHJOLYZ [V WYV]PKL PUMVYTH[PVU HIV\[ [OL JHYLLYZ H]HPSHISL PU (SSPLK /LHS[O >PSS PUJS\KL PUMVYTH[PVU HIV\[ UL^ [LJOUVSV NPLZ PU OLHS[O JHYLLYZ JYLKP[Z 3LJ[\YL
(U[OYVWVSVN` (5; (5;
.LULYHS (U[OYVWVSVN` 0(0 : 5 ;OL JV\YZL WYV]PKLZ HU PU[YVK\J[PVU [V J\S[\YHS HUK WO`ZPJHS HU[OYVWVSVN` /\THU HUK HUPTHS ILOH]PVY PZ Z[\KPLK I` \ZPUN [OL JVTWHYH[P]L TL[OVK :VTL VM [OL [VWPJZ JV]LYLK HYL! YLSPNPVU THNPJ RPUZOPW ZL_ YVSLZ O\THU L]VS\[PVU YHJL HYJOLVSVN` HUK WYPTH[LZ JYLKP[Z 3LJ[\YL
(Y[ (9; (9;
+YH^PUN 0 0(0 (9; -\UKHTLU[HS JVUJLW[Z HUK HWWSPJH[PVU VM [LJOUPX\LZ VM KYH^PUN \ZPUN H ]HYPL[` VM TLKPH :[\KPLZ MYVT UH[\YL HUK SPML SLHKPUN [V HU PU[LYWYL[H[P]L HWWYVHJO [V \UKLYZ[HUKPUN [OL ]PZ\HS LU]PYVUTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
KPMMLYLU[ [VVSZ HUK TLKPH ^PSS IL \ZLK [V \UKLYZ[HUK IV[O [OL WYVJLZZLZ HUK WYVK\J[Z VM + KLZPNU *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
JHU]HZ Z[YL[JOPUN HUK MYHTPUN JVTWVZP [PVU [LJOUPX\LZ HUK Z[`SLZ VM L_WYLZZPVU *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(9;
(9;
7YLYLX\PZP[LZ! (9; HUK OPNOS` YLJVTTLUKLK 0U[YVK\J[VY` 7YPU[THRPUN JV\YZL JV]LYPUN ]HYPV\Z WYPU[THRPUN [LJOUPX\LZ Z\JO HZ! >VVKJ\[ 3PUVJ\[ ,[JOPUN 4VUV[`WL 4VUVWYPU[ *VSSHNYHWO HUK :PSRZJYLLU 3LJ[\YLZ HUK KLTVUZ[YH[PVUZ ^PSS JV]LY WYPU[THRPUN OPZ[VY` HUK J\YYLU[ [YLUKZ *VTWL[LUJ` PU KYH^PUN HUK KLZPNU YLX\PYLK PU VYKLY [V HJOPL]L JVUJLW[Z JVTWVZP[PVUZ HUK JYHM[ZTHUZOPW *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
( Z[\KPV HY[ JV\YZL ^OPJO L_WSVYLZ KPMMLYLU[ TL[OVKZ VM ^VYRPUN ^P[O [OL TLKPH VM JSH` ;OL OHUK I\PSKPUN TL[OVKZ VM WPUJO JVPS ZSHI HUK TVSK HUK HU PU[YVK\J[PVU [V [OYV^PUN WV[[LY` VU [OL ^OLLS ^PSS IL JV]LYLK HZ ^LSS HZ PUZ[Y\J[PVU VU KPMMLYLU[ TL[OVKZ VM Z\YMHJL KLZPNU +L]LSVWPUN NVVK JYHM[ZTHUZOPW HZ ^LSS HZ JYLH[P]L PU]LU[P]LULZZ ^PSS HSZV IL L_WSVYLK *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YPU[THRPUN 0
(9;
-\UKHTLU[HSZ VM (Y[ ( JVTWYLOLUZP]L V]LY]PL^ VM ]VJHI\SHY` HUK [OLVYPLZ PU]VS]PUN [OL LSLTLU[Z HUK WYPUJPWSLZ VM KLZPNU \ZLK PU JYLH[PUN ]PZ\HS HY[ ( Z[\KPV L_WLYPLUJL NLHYLK [V Z[\KLU[Z W\YZ\PUN H JOPSK JHYL VY LSLTLU[HY` LK\JH[PVU KLNYLL PZ [OL MVJ\Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZ J\ZZPVU
(9;
0U[YV [V -PST (WWYLJPH[PVU 0(0 -
(U PU[YVK\J[VY` JV\YZL [OH[ JV]LYZ [OL IHZPJ WYPUJPWSLZ HUK [LJOUPX\LZ VM ISHJR HUK ^OP[L WOV[VNYHWO` PUJS\KPUN! LX\PW TLU[ \ZL L_WVZ\YL JVU[YVS Ã&#x201E;ST WYVJLZZPUN HUK WYPU[PUN HUK [OL HLZ[OL[PJ JVUJLYUZ HZ H Ã&#x201E;UL HY[ TLKP\T *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *VTWSL[L ,5. ^P[O H TPUPT\T NYHKL VM ¸*¹ :[\KLU[Z ^PSS LUYPJO [OLPY RUV^SLKNL VM Ã&#x201E;ST HY[ HUK [OLPY HIPSP[PLZ [V JYP[PJHSS` HUHS`aL HUK L]HS\H[L Ã&#x201E;STZ )` ]PL^PUN HUK KPZJ\ZZPUN H ]HYPL[` VM Ã&#x201E;STZ Z[\KLU[Z ^PSS \UKLYZ[HUK Ã&#x201E;ST [LJOUPX\LZ KPYLJ[VYPHS Z[`SLZ NLUYLZ Z[Y\J[\YL JYP[PJHS HWWYVHJO LZ HUK J\S[\YHS PUÃ&#x2026;\LUJLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(9;
(9;
( JVTWYLOLUZP]L Z[\K` VM [OL LSLTLU[Z HUK WYPUJPWSLZ VM H [^V KPTLUZPVUHS KLZPNU ,_WLYPLUJL ^P[O H ]HYPL[` VM TH[LYPHSZ HUK [LJOUPX\LZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! (9; *VU[PU\LK Z[\K` VM JVUJLW[ HUK [LJOUPX\L VM KYH^PUN" LTWOHZPZ VU KL]LSVWPUN PUKP]PK\HS L_WYLZZPVU [OYV\NO H JVUJLW[\HS HWWYVHJO HUK KYH^PUN MYVT SPML *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(9;
7OV[VNYHWO` 0
+ +LZPNU 0(0 (9;
(9;
+ +LZPNU 0(0 (9; ( MV\UKH[PVU Z[\KPV JV\YZL JVUJLYULK ^P[O \UKLYZ[HUKPUN OV^ [V THUPW\SH[L IHZPJ LSLTLU[Z HUK WYPUJPWSLZ VM KLZPNU [V KL]LSVW ]PZ\HS PTHNLZ [OH[ L_PZ[ PU YLHS ZWHJL ( ]HYPL[` VM L_WLYPLUJLZ \ZPUN
+YH^PUN 00 0(0 (9;
(9;
7HPU[PUN 0(0 (9; 7YLYLX\PZP[LZ! (9; 0U[YVK\J[PVU HUK HWWSPJH[PVU [V VWHX\L HUK [YHUZWHYLU[ WHPU[PUN TLKPH" JVSVY TP_PUN
*LYHTPJZ 0 0(0 (9;
(9;
(Y[ HUK .LUKLY 0(0 - + 7YLYLX\PZP[LZ! ,5. ;OPZ JV\YZL ^PSS L_HTPUL [OL L_WYLZZPVU VM [OL ]PZ\HS HY[Z [OYV\NO NLUKLY OPZ[VY` HUK J\S[\YL ;OL Z[\K` VM HY[ HUK NLUKLY PZ JV]LYLK [V IL[[LY \UKLYZ[HUK HUK KLÃ&#x201E;UL [OL PU[LU[ HUK JYLH[PVU VM HY[ MVYTZ MYVT HUJPLU[ [V JVU[LTWVYHY` J\S[\YL JYLKP[Z 3LJ[\YL
(9;
<UKLYZ[HUKPUN (Y[ 0(0 - ( Z\Y]L` VM [OL ]PZ\HS HY[Z MYVT (UJPLU[ [V JVU[LTWVYHY` [PTLZ HU \UKLYZ[HUKPUN [OL THQVY J\S[\YHS HUK OPZ[VYPJHS YLSH[PVUZOPWZ [V [OL HY[ MVYTZ JYLKP[Z 3LJ[\YL
(9;
(Y[ /PZ[VY` 0 - (9; ;OL WYPTHY` MVJ\Z VM [OPZ JV\YZL ^PSS PU]VS]L HU \UKLYZ[HUKPUN VM [OL OPZ[VYPJHS KL]LSVWTLU[Z VM [OL ]PZ\HS HY[Z WHPU[PUN ZJ\SW[\YL HYJOP[LJ[\YL MYVT 7YL OPZ[VYPJ [OYV\NO [OL .V[OPJ WLYPVK >VYRZ VM HY[ ^PSS IL L_HTPULK HZ L_WYLZZPVUZ VM PKLHZ ILSPLMZ HUK WYHJ[PJLZ VM HY[PZ[Z J\S[\YLZ HUK ZVJPL[PLZ ;OL YLSH[PVUZOPW IL[^LLU [OL Z[`SL Z`TIVSPZT HUK M\UJ[PVU VM HY[" [OL WVSP[PJHS YLSPNPV\Z HUK WOPSVZVWOPJHS PKLHZ Z\WWVY[PUN [OLT" HUK [OL PKLHSZ VM [OL J\S[\YL [OH[ WYVK\JLK [OLT ^PSS HSZV IL L_WSVYLK JYLKP[Z 3LJ[\YL
(9;
(Y[ /PZ[VY` 00 - (9; ;OL Z[\K` VM [OL OPZ[VYPJHS KL]LSVWTLU[ VM HY[ MYVT 7YL 9LUHPZZHUJL [OYV\NO [OL Z[ *LU[\Y` )LSPLMZ HUK WYHJ[PJLZ VM J\S[\YLZ HUK ZVJPL[PLZ ^PSS IL L_HTPULK :[`SL HUK
Z`TIVSPZT JVTIPULK ^P[O WVSP[PJHS YLSPNPV\Z HUK WOPSVZVWOPJHS [YHP[Z ^PSS IL L_WSVYLK [OYV\NO HY[ JYLKP[Z 3LJ[\YL
(ZZVJPH[L +LNYLL 5\YZPUN (+5 (+5 5\YZPUN 0
0U[YVK\JLZ YVSL VM [OL (+ HZ WYV]PKLY VM JHYL THUHNLY VM JHYL HUK TLTILY VM [OL WYVMLZZPVU ;OL U\YZPUN WYVJLZZ JYP[PJHS [OPURPUN HUK [LJOUVSVN` HYL \ZLK [V WYV]PKL L]PKLUJL IHZLK JHYL PU TLL[PUN IHZPJ TVIPSP[` YLZ[ HUK U\[YP[PVU LSPTPUH[PVU ULLKZ PU [OL JSPUPJHS ZL[[PUN ^OPSL HKKYLZZPUN J\S[\YHS HUK HNL YLSH[LK JVUJLYUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(+5
5\YZPUN :RPSSZ 0U [OL SHI ZL[[PUN [OL Z[\KLU[ ^PSS SLHYU IHZPJ ZRPSSZ PU JHYPUN MVY WH[PLU[Z ^OPSL HKKYLZZPUN J\S[\YHS HUK HNL YLSH[LK JVUJLYUZ *VYLX\PZP[L JV\YZLZ! (+5 *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU 9LZ[YPJ[PVUZ! *<(+5 *9:, (+5 4HQVYZ 6US` ,X\P]HSLU[ [V
(+5 5\YZPUN 00
7YLYLX\PZP[LZ! (+5 (+5 -\Y[OLY KL]LSVWZ YVSL VM [OL (+ U\YZL 7YL]PV\Z SLHYULK ZRPSSZ HUK JVUJLW[Z HYL \ZLK [V KLSLNH[L HUK WYV]PKL L]PKLUJL IHZLK JHYL PU TLL[PUN ZPTWSL IHZPJ ULLKZ PU [OL JSPUPJHS ZL[[PUN *SPUPJHS HZZPNUTLU[Z WYVNYLZZ MYVT ZPTWSL [V JVTWSL_ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU 9LZ[YPJ[PVUZ! *<(+5 *9:, (+5 4HQVYZ 6US` ,X\P]HSLU[ [V
(+5
;YHUZP[PVU [V (+5 *VTWYLOLUZP]L HWWYVHJO [V [OL JSPUPJHS HWWSPJH[PVU VM KY\N [OLYHW` [OYV\NO [OL \ZL VM [OL U\YZPUN WYVJLZZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(+5
(<;
7YLYLX\PZP[LZ! (+5 VY JVUZLU[ VM PUZ[Y\J[VY 7YLWHYLZ [OL Z[\KLU[ MVY [OL [YHUZP[PVU [V [OL YVSL VM [OL NYHK\H[L HZZVJPH[L KLNYLL U\YZL ,TWSV`TLU[ PZZ\LZ SLNHS PTWSPJH[PVUZ U\YZPUN VYNHUPaH[PVUZ JVU[PU\PUN LK\JH [PVU U\YZPUN THUHNLTLU[ HUK J\YYLU[ PZZ\LZ PU U\YZPUN HYL PKLU[PÃ&#x201E;LK HUK KPZJ\ZZLK JYLKP[Z 3LJ[\YL
;OPZ JV\YZL PZ H Z[\K` VM LUNPUL KLZPNU KPHNUVZPZ YLTV]HS J`SPUKLY OLHK HUK ]HS]L [YHPU YLWHPY :OVY[ ISVJR YLWHPY S\IYPJH[PUN Z`Z[LTZ JVVSPUN Z`Z[LTZ ^PSS IL KPZJ\ZZLK HUK OHUKZ VU YLHZZLTIS` VM [OL LUNPUL PZ PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
5\YZPUN :LTPUHY
(+5
(<;
,SLJ[YPJHS :`Z[LTZ 0
,UOHUJLZ IHZPJ WO`ZPJHS HZZLZZTLU[ ZRPSSZ ULLKLK PU [OL OLHS[OJHYL ZL[[PUN )VK` Z`Z[LTZ HYL L_HTPULK PUKP]PK\HSS` JYLKP[Z 3LJ[\YL
;OPZ JV\YZL PZ H Z[\K` VM [OL WYPUJPWSLZ VM LSLJ[YPJP[` HUK LSLJ[YPJHS JPYJ\P[ KLZPNU HUK KPHNUVZPUN *V]LYZ IH[[LY` KPHNUVZPZ HUK ZLY]PJL :[HY[PUN :`Z[LTZ KPHNUVZPZ HUK YLWHPY ^PSS IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(+5
(<;
7YLYLX\PZP[LZ! (+5 )YVHKLUZ HUK HTWSPÃ&#x201E;LZ YVSL VM [OL (+ U\YZL PU TLL[PUN JVTWSL_ IHZPJ ULLKZ PU JSPUPJHS ZL[[PUN *VTWSL_ OPNOLY VYKLY ULLKZ HZZVJPH[LK ^P[O TLU[HS OLHS[O HYL Z[\KPLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;OPZ JV\YZL PZ H Z[\K` VM PNUP[PVU Z`Z[LTZ ILNPUUPUN ^P[O HUK I\PSKPUN VU IHZPJ PNUP[PVU Z`Z[LTZ HUK J\STPUH[PUN ^P[O JVTW\[LYPaLK PNUP[PVU Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(+5
)YHRL :`Z[LTZ
/LHS[O (ZZLZZTLU[
5\YZPUN 000
5\YZPUN 0=
7YLYLX\PZP[LZ! (+5 (+5 VY JVUZLU[ VM PUZ[Y\J[VY )YVHKLUZ HUK HTWSPÃ&#x201E;LZ YVSL VM [OL (+ U\YZL PU TLL[PUN [OL JVTWSL_ IHZPJ ULLKZ PU [OL JSPUPJHS ZL[[PUN *VTWSL_ OPNOLY VYKLY ULLKZ HZZVJPH[LK ^P[O [OL JOPSK YLHYPUN MHTPS` HYL Z[\KPLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(+5
7H[PLU[ ;LHJO *VTT\UPJH[PUN *VU[PU\LZ [OL WYPUJPWSLZ VM JVTT\UPJH[PVU HUK OLSWZ [OL NYHK\H[L U\YZL VY YLNPZ[LYLK U\YZL [V KL]LSVW [LHJOPUN TL[OVKZ HUK [LJOUPX\LZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
(\[VTV[P]L ;LJOUVSVN` (<;
(+5
(<;
7YLYLX\PZP[LZ! (+5 (+5 VY (+5 LX\P]HSLU[ VY JVUZLU[ VM PUZ[Y\J[VY *VTWYLOLUZP]L HWWYVHJO [V [OL JSPUPJHS HWWSPJH[PVU VM KY\N [OLYHW` [OYV\NO [OL \ZL VM [OL U\YZPUN WYVJLZZ JYLKP[Z 3LJ[\YL
;OPZ JV\YZL PZ H Z[\K` VM JOLTPJHSZ ZOVW ZHML[` HUK VWLYH[PVUZ [VVSZ HUK LX\PWTLU[ HUK JHYLLYZ PU H\[VTV[P]L [LJOUVSVN` ;LJOUPX\LZ HZZVJPH[LK ^P[O LSLJ[YPJHS LSLJ[YVUPJZ OLH[PUN HUK HPY JVUKP[PVUPUN LUNPUL YLWHPY IYHRLZ Z[LLYPUN HUK Z\ZWLUZPVU HUK LUNPUL WLYMVYTHUJL ^PSS IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
5\YZPUN 7YVJLZZ 7OHYTHJVSVN`
,UNPUL 9LWHPY
0U[YV [V (\[VTV[P]L ;LJOUVSVN`
,UNPUL 7LYMVYTHUJL 0
(<;
;OPZ JV\YZL PZ H Z[\K` VM [OL O`KYH\SPJ WYPUJPWSLZ VM KY\T KPZJ HUK (): IYHRL Z`Z[LTZ +PHNUVZPZ HUK YLWHPY VM WV^LY HZZPZ[LK KY\T KPZJ HUK HU[PSVJR IYHRL Z`Z[LTZ ^PSS IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
/LH[PUN HUK (PY *VUKP[PVUPUN 0 7YLYLX\PZP[LZ! (<; (<; VY JVUZLU[ VM PUZ[Y\J[VY ( Z[\K` VM OLH[PUN HUK HPY JVUKP[PVUPUN M\UKHTLU[HSZ HZ \ZLK VU J\YYLU[ H\[VTV IPSLZ [Y\JRZ HUK MHYT LX\PWTLU[ 7YHJ[PJHS L_WLYPLUJL ^PSS IL WYV]PKLK PU KPHNUVZPZ YLWHPY HUK ZLY]PJL VM ]HYPV\Z [`WLZ VM JVTWVULU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
,SLJ[YPJHS :`Z[LTZ 00 7YLYLX\PZP[LZ! (<; (<; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL PZ H Z[\K` VM KPHNUVZPZ HUK YLWHPY VM [OL JOHYNPUN HUK SPNO[PUN Z`Z[LTZ ( KPZJ\ZZPVU VM HJJLZZVYPLZ PUJS\KPUN HPY IHNZ NH\NLZ ^PSS HSZV IL JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 7YLYLX\PZP[LZ! (<; (<; (<; (<; (<; +LZPNULK [V WYVTV[L VU [OL QVI L_WLYPLUJL PU H\[VTV[P]L [LJOUVSVN` HUK HWWS`PUN ZRPSSZ RUV^SLKNL SLHYULK PU [OL WYVNYHT ;OL LTWSV`LYZ Z\WLY]PZPUN PUZ[Y\J[VYZ ^VYR JSVZLS` ^P[O [OL Z[\KLU[ PU HU VMM JHTW\Z QVI ZP[L K\YPUN [OL Z\TTLY ZLZZPVU *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(<;
(\[V ;YHUZTPZZPVUZ ;YHUZH_SLZ 7YLYLX\PZP[LZ! (<; HUK (<; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL PZ H Z[\K` VM H\[VTH[PJ [YHUZTPZZPVUZ [YHUZH_SLZ THPU[LUHUJL KPHNUVZPZ HUK HKQ\Z[TLU[ 6U IVHYK HUK VMM IVHYK O`KYH\SPJ JVU[YVS VWLYH[PVUZ HUK YLWHPY HYL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
:[LLYPUN HUK :\ZWLUZPVU 7YLYLX\PZP[LZ! (<; HUK (<; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL PZ H Z[\K` VM Z[LLYPUN Z`Z[LTZ MYVU[ HUK YLHY Z\ZWLUZPVU Z`Z[LTZ 0[ HSZV JV]LYZ IHZPJ ^OLLS HSPNUTLU[ KPHNUVZPZ HUK YLWHPY J\STPUH[PUN PU JVTWSL[L MV\Y ^OLLS JVTW\[LYPaLK HSPNUTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
,UNPUL 7LYMVYTHUJL 00 7YLYLX\PZP[LZ! (<; (<; ;OPZ JV\YZL PZ H Z[\K` VM M\LS HUK L_OH\Z[ Z`Z[LTZ PUJS\KPUN JHYI\YL[PVU M\LS PUQLJ[PVU HUK JVTW\[LY JVU[YVSSLK M\LS Z`Z[LTZ +PLZLS M\LS PUQLJ[PVU HUK [\YIV JOHYNLYZ ^PSS HSZV IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
4HU\HS +Y ;YHPU HUK (_SLZ 7YLYLX\PZP[LZ! (<; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL PZ [OL Z[\K` VM [OL KPHNUVZPZ HUK YLWHPY VM JS\[JOLZ THU\HS [YHUZTPZZPVUZ [YHUZH_SLZ HUK KPMMLYLU[PHSZ *= QVPU[Z KYP]L ZOHM[Z MYVU[ ^OLLS KYP]L HUK MV\Y ^OLLS KYP]L VWLYH[PVUZ ^PSS IL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
,UNPUL 7LYMVYTHUJL 000 7YLYLX\PZP[LZ! (<; VY JVUZLU[ VM PUZ[Y\J[VY
;OPZ JV\YZL PZ H Z[\K` VM WVZP[P]L JYHURJHZL ]LU[PSH[PVU HUK LTPZZPVU JVU[YVS Z`Z[LTZ 0UKP]PK\HS LTPZZPVU JVU[YVS KL]PJLZ PUJS\KPUN ,.9 JH[HS`[PJ JVU]LY[LYZ HUK ZWHYR [PTPUN JVU[YVSSLYZ HYL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(<;
(:, ;LZ[ 9L]PL^ 9L]PL^ VM Z\IQLJ[ TH[LYPHS JV]LYLK I` 5H[PVUHS 0UZ[P[\[L (\[VTV[P]L :LY]PJL ,_JLSSLUJL *LY[PÃ&#x201E;JH[L ;LZ[Z (ZZPZ[Z [OL [LJOUPJPHU PU WZ`JOVSVN` VM OV^ [V [HRL [OL [LZ[Z JYLKP[Z 3LJ[\YL
)PV :JPLUJL )06 )06
)HZPJ (UH[VT` 7O`ZPVSVN` ;OPZ JV\YZL WYV]PKLZ [OL M\UKHTLU[HSZ VM HUH[VTPJHS Z[Y\J[\YLZ HUK M\UJ[PVUZ VM [OL O\THU IVK` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
)06
)PV :JPLUJL 0 0(0 3 3 (U PU[YVK\J[PVU [V [OL M\UKHTLU[HS WYVJLZZLZ HUK Z[Y\J[\YLZ JVTTVU [V HSS SP]PUN [OPUNZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
.LULYHS )V[HU` 0(0 )06 7YLYLX\PZP[LZ! )06 ( Z\Y]L` VM [OL WSHU[ RPUNKVT ^P[O LTWOHZPZ VU L]VS\[PVUHY` HK]HUJLTLU[Z HUK [OL Z[Y\J[\YL HUK M\UJ[PVU VM WSHU[Z HUK [OLPY LJVUVTPJ PTWVY[HUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
.LULYHS AVVSVN` 0(0 )06 7YLYLX\PZP[LZ! )PV (U PU[YVK\J[PVU [V [OL IHZPJ JVUJLW[Z VM HUPTHS SPML HUK P[Z KP]LYZP[` 0UJS\KPUN! [H_VUVT` JLSS\SHY HUK VYNHUPZTPJ Z[Y\J[\YL HUK M\UJ[PVU KL]LSVWTLU[ HUK LJVUVTPJ PTWVY[HUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
,U]PYVUTLU[HS :JPLUJL 0(0 3 3 (U PU[YVK\J[VY` JV\YZL KLHSPUN ^P[O [OL WYPUJPWSLZ [OH[ NV]LYU UH[\YHS LU]PYVUTLU[Z PUJS\KPUN THU»Z YLSH[PVUZOPW [V [OLT 7HY[ VM [OL JV\YZL ^PSS IL JVUK\J[LK PU [OL Ã&#x201E;LSK VIZLY]PUN HUK TLHZ\YPUN ]HYPV\Z HZWLJ[Z VM LJVSVN` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
)PV[LJOUVSVN` PU :VJPL[` 0(0 3 ;OPZ JV\YZL L_WSVYLZ [OL Ã&#x201E;LSK VM IPV[LJOUVS VN` PU H JVTWYLOLUZP]L V]LY]PL^ 4H[LYPHS JV]LYLK PUJS\KLZ [OL MVSSV^PUN! OPZ[VY` VM IPV[LJOUVSVN`" IHZPJ [LJOUPX\LZ \ZLK PU IPV[LJOUVSVN`" J\YYLU[ HUK M\[\YL PTWHJ[Z VM IPV[LJOUVSVN`" HUK L[OPJHS PZZ\LZ ^P[OPU IPV[LJOUVSVN` JYLKP[Z 3LJ[\YL
)06
0U[YVK\J[PVU [V .LUL[PJZ 0(0 3 (U PU[YVK\J[PVU [V [OL WYPUJPWSLZ VM NLUL[PJZ ^P[O LTWOHZPZ VU O\THU OLYLKP[` 0UJS\KLK HYL 4LUKLSPHU NLUL[PJZ OLYLKP [HY` KPZVYKLYZ NLUL L_WYLZZPVU NLUL[PJ LUNPULLYPUN HUK HNYPJ\S[\YHS NLUL[PJZ JYLKP[Z 3LJ[\YL
)06
=LY[LIYH[L AVVSVN` 7YLYLX\PZP[LZ! )06 )06 3HIVYH[VY` HUK Ã&#x201E;LSK JV\YZL (U PU KLW[O Z[\K` VM 5VY[O (TLYPJHU ]LY[LIYH[LZ ^P[O LTWOHZPZ VU 0SSPUVPZ ZWLJPLZ 0UJS\KLZ [H_VUVT` KPZ[YPI\[PVU OHIP[H[Z HKHW[H [PVU HUK LJVUVTPJ PTWVY[HUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
*VTWHYH[P]L (UH[VT` VM =LY[LIYH[LZ 7YLYLX\PZP[LZ! )06 )06 *SHZZPÃ&#x201E;JH[PVU HUK JVTWHYH[P]L HUH[VT` HUK ]LY[LIYH[LZ PUJS\KPUN [OL M\UJ[PVUZ HUK L]VS\[PVU VM [OLPY VYNHU Z`Z[LTZ 3HIVYH[VY` ^VYR PUJS\KLZ H ]HYPL[` VM ]LY[LIYH[L MVYTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
)06
/\THU (UH[VT` HUK 7O`ZPVSVN` 0 *3: 5<9
+LZPNULK [V NP]L WYHJ[PJHS ZJPLUJL L_WLYPLUJL [V Z[\KLU[Z VM JOPSK JHYL LSLTLU[HY` HUK ZWLJPHS LK\JH[PVU 4\JO VM [OL [PTL PZ ZWLU[ SLHYUPUN [V KV [OPUNZ YH[OLY [OHU SLHYUPUN HIV\[ [OPUNZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! )06 VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL LTWSV`Z [OL YLNPVUHS HWWYVHJO [V O\THU Z[Y\J[\YL HUK M\UJ[PVU \ZPUN O\THU JHKH]LYZ -PYZ[ VM H [^V JV\YZL ZLX\LUJL MVY HSSPLK OLHS[O THQVYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
5H[\YHS :JPLUJL
)06
/\THU (UH[VT` HUK 7O`ZPVSVN` 00 *3: 5<9 7YLYLX\PZP[LZ! )06 *VU[PU\H[PVU VM )06 /\THU ( 7 0 ,TWOHZPZ VU O\THU HUH[VT` HUK WO`ZPVS VN` [OYV\NO [OL YLNPVUHS HWWYVHJO \ZPUN O\THU JHKH]LYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)06
4PJYVIPVSVN` *3: 5<9 7YLYLX\PZP[LZ! )06 VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL JV]LYZ H Z\Y]L` VM TPJYVVYNHU PZTZ ^P[O KL[HPSLK Z[\K` VM [OL IPVSVN` TL[HIVSPZT NYV^[O KLH[O NLUL[PJZ HUK TL[OVKZ VM KPMMLYLU[PH[PVU VM IHJ[LYPH (SZV JSHZZPÃ&#x201E;JH[PVU JVU[YVS VM VYNHUPZTZ I` WO`ZPJHS HUK JOLTPJHS TL[OVKZ PTT\UVS VN` HUK KPZLHZLZ HYL JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)\PSKPUN *VUZ[Y\J[PVU ;LJO )*; )*;
7VZ[ -YHTL *VUZ[Y\J[PVU 7YLYLX\PZP[LZ! )*; )*; ;OPZ JV\YZL PZ KLZPNULK [V [LHJO [OL Z[\KLU[Z WYVWLY I\PSKPUN JVUZ[Y\J[PVU [LJOUPX\LZ \ZPUN H JVTIPUH[PVU VM SLJ[\YL HUK OHUKZ VU L_WLYPLUJL ,TWOHZPZ PZ WSHJLK VU QVI ZP[L ZHML[` MYHTPUN [LJOUPX\LZ ^PUKV^ KVVY PUZ[HSSH[PVU YVVM PUZ[HSSH[PVU HUK ZPKPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)*;
)*;
(YJOP[LJ[\YHS +YHM[PUN 00 7YLYLX\PZP[LZ! )*; ;,* )*; ,TWOHZPZ PZ WSHJLK VU YLZPKLU[PHS HUK ZTHSS JVTTLYJPHS KLZPNU 7YVISLTZ WYLZLU[LK OH]L ]HYPLK TH[LYPHSZ HUK Z[Y\J[\YHS Z`Z[LTZ :VTL LTWOHZPZ PZ WSHJLK VU I\PSK PUN JVKL YLX\PYLTLU[Z *(+ 0UJVYWVYH[LK ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ [\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)*;
*VUZ[Y\J[PVU 4HUHNLTLU[ 7YLYLX\PZP[LZ! )*; +LZPNULK [V NP]L [OL Z[\KLU[ HU \UKLY Z[HUKPUN VM [OL K\[PLZ HUK YLZWVUZPIPSP[PLZ VM [OL JVUZ[Y\J[PVU THUHNLY ,TWOHZPZ WSHJLK VU JVZ[ JVU[YVS ZJOLK\SPUN JVUZ[Y\J[PVU KVJ\TLU[Z HUK YLWVY[Z :P[L ]PZP[Z ^OLU WVZZPISL JVTW\[LY PUJVYWV YH[LK ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ[\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL JYLKP[Z 3LJ[\YL
)*;
(YJOP[LJ[\YHS +YHM[PUN 000 7YLYLX\PZP[LZ! )*; 7YLWHYLZ [OL Z[\KLU[ [V KV Z[Y\J[\YHS Z[LLS LYLJ[PVU KYH^PUNZ PUJS\KPUN ZOVW KYH^PUNZ (SZV PUJS\KLK PZ H Z[\K` VM TLJOHUPJHS Z`Z[LTZ VM H I\PSKPUN Z\JO HZ WS\TIPUN OLH[PUN ]LU[PSH[PVU HUK HPY JVUKP[PVUPUN HUK LSLJ[YPJHS ^PYPUN YLX\PYLTLU[Z HUK JVKL YLZ[YPJ[PVUZ ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ[\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7SHUZ HUK :WLJPÃ&#x201E;JH[PVUZ ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ [\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL JYLKP[Z 3LJ[\YL
)*;
*VUZ[Y\J[PVU 4H[LYPHSZ +LZPNULK [V NP]L [OL Z[\KLU[ H IHZPJ \UKLYZ[HUKPUN VM [OL WYVWLY[PLZ \ZLZ HUK SPTP[H[PVUZ VM JVUZ[Y\J[PVU TH[LYPHSZ ,TWOHZPZ PZ WSHJLK VU JVUJYL[L Z[LLS HUK ^VVK ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ[\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL JYLKP[Z 3LJ[\YL
)*;
(YJOP[LJ[\YHS : 6 , ,UHISLZ [OL Z[\KLU[ [V NHPU VU [OL QVI L_WLYPLUJL PU [OL JVUZ[Y\J[PVU PUK\Z[Y` ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ [\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)*;
*VUZ[Y\J[PVU ,Z[PTH[PUN 7YLYLX\PZP[LZ! )*; HUK )*; 7YLWHYLZ Z[\KLU[Z [V KV X\HU[P[` [HRL VMM»Z VU TH[LYPHS LX\PWTLU[ HUK SHIVY LZ[PTH[LZ MVY I\PSKPUN JVUZ[Y\J[PVU 0UJVYWVYH[LZ
JVTW\[LY LZ[PTH[PUN ,UHISLZ [OL Z[\KLU[ [V PU[LYWYL[ HYJOP[LJ[\YHS HUK LUNPULLYPUN ^VYRPUN KYH^PUNZ HUK ZWLJPÃ&#x201E;JH[PVUZ MVY YLZPKLU[PHS HUK JVTTLYJPHS JVUZ[Y\J[PVU 0UJVYWVYH[LZ ZP[L ]PZP[Z ^OLU WVZZPISL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)\ZPULZZ )<: )<:
4HYRL[PUN :LTPUHY ,UHISLZ [OL Z[\KLU[ [V WHY[PJPWH[L PU NYV\W KPZJ\ZZPVUZ YLSH[PUN [V Z\JJLZZM\S LTWSV` TLU[ ;OL Z[\KLU[ T\Z[ JVTWSL[L H WYVQLJ[ YLSH[PUN [V OPZ OLY QVI ;OPZ JV\YZL T\Z[ IL [HRLU JVUJ\YYLU[S` ^P[O [OL 4HYRL[PUN 0U[LYUZOPW HUK PZ YLWLH[HISL MVY JYLKP[ *VYLX\PZP[L JV\YZLZ! )<: JYLKP[Z 3LJ[\YL
)<:
4HYRL[PUN 0U[LYUZOPW 7YV]PKLZ LTWSV`TLU[ L_WLYPLUJL PU H WVZP[PVU JVUZPZ[LU[ ^P[O [OL JHYLLY VIQLJ[P]L VM [OL Z[\KLU[ ;OL WVZP[PVU T\Z[ IL HWWYV]LK I` [OL WYVNYHT KPYLJ[VY ;OPZ MHSS ZWYPUN VY Z\TTLY ZLTLZ[LY ]HYPHISL JYLKP[ JV\YZL TH` IL [HRLU HZ [OL Ã&#x201E;YZ[ VY ZLJVUK Z[\KLU[ PU[LYUZOPW HUK PZ YLWLH[HISL MVY JYLKP[ ;V IL [HRLU JVUJ\YYLU[S` ^P[O )<: *VYLX\PZP[L JV\YZLZ! )<: *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)<:
4LKPJHS 0UZ\YHUJL HUK *VKPUN 0U[YVK\J[PVU [V [`WLZ VM TLKPJHS PUZ\YHUJL HUK WYVJLK\YHS HUK KPHNUVZ[PJ JVKPUN 0UJS\KLZ WYLWHYH[PVU VM PUZ\YHUJL MVYTZ 0*+ *4 JVKPUN WYVJLK\YHS JVKPUN \ZPUN /*7*: Z`Z[LT JVTTVU PUZ\YHUJL JHYYPLYZ HUK JSHPTZ WYVJLZZPUN N\PKLSPULZ 4LKPJHYL 4LKPJHPK HUK ^VYRLYZ» JVTWLUZH[PVU JYLKP[Z 3LJ[\YL
)<:
(\[VTH[LK 6MJ 7YVJLK\YLZ 7YLYLX\PZP[LZ! )<: VY JVUZLU[ VM PUZ[Y\J[VY :[\KLU[Z OHUKSL VMÃ&#x201E;JL HJ[P]P[PLZ \ZPUN JVTW\[LYZ PU H ZPT\SH[LK VMÃ&#x201E;JL LU]PYVU TLU[ :[\KLU[Z HJJLZZ ZVM[^HYL PUJS\KPUN ^VYKWYVJLZZPUN LSLJ[YVUPJ THPS HUK JHSLUKHYPUN HUK V[OLY ZWLJPHSPaLK ZVM[^HYL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
)<:
6MÃ&#x201E;JL ;YHUZJYPW[PVU 7YLYLX\PZP[LZ! )<: +LZPNULK [V KL]LSVW ZRPSS PU [YHUZJYPIPUN YLJVYKLK KPJ[H[PVU MVY H ]HYPL[` VM I\ZPULZZ ZLJ[VYZ PU HU LMÃ&#x201E;JPLU[ THUULY \ZPUN WYVWLY MVYTH[Z ZWLSSPUN HUK NYHTTHY JYLKP[Z 3LJ[\YL
)<:
3LNHS ;YHUZJYPW[PVU 7YLYLX\PZP[LZ! )<: +LZPNULK [V KL]LSVW ZRPSSZ PU [YHUZJYPIPUN YLJVYKLK SLNHS KPJ[H[PVU PU HU LMÃ&#x201E;JPLU[ THUULY \ZPUN WYVWLY MVYT\SHZ ZWLSSPUN NYHTTHY HUK SLNHS [LYTPUVSVN` JYLKP[Z 3LJ[\YL
)<:
4LKPJHS ;YHUZJYPW[PVU 7YLYLX\PZP[LZ! )<: (/, +LZPNULK [V KL]LSVW ZRPSS PU [YHUZJYPIPUN YLJVYKLK TLKPJHS KPJ[H[PVU PU HU LMÃ&#x201E;JPLU[ THUULY \ZPUN WYVWLY MVYTH[Z NYHTTHY ZWLSSPUN HUK TLKPJHS [LYTPUVSVN` JYLKP[Z 3LJ[\YL
)<:
3LNHS ;LYTPUVSVN` .P]LZ RUV^SLKNL HUK \UKLYZ[HUKPUN VM [LYTZ JVTTVUS` \ZLK PU [OL SLNHS WYVMLZ ZPVU :[\KLU[Z SLHYU [V KLÃ&#x201E;UL [LYTZ HUK \ZL [OLT PU SLNHS JVU[L_[ JYLKP[Z 3LJ[\YL
)<:
4HUHNLTLU[ :LTPUHY ,UHISLZ [OL Z[\KLU[ [V WHY[PJPWH[L PU KPZJ\ZZPVUZ YLSH[PUN [V Z\JJLZZM\S LTWSV` TLU[ ;OL Z[\KLU[ T\Z[ JVTWSL[L H WYVQLJ[ YLSH[PUN [V OPZ OLY QVI ;OPZ JV\YZL T\Z[ IL [HRLU JVUJ\YYLU[S` ^P[O [OL 4HUHNLTLU[ 0U[LYUZOPW HUK PZ YLWLH[HISL MVY JYLKP[ *VYLX\PZP[L JV\YZLZ! )<: JYLKP[Z 3LJ[\YL
)<:
4HUHNLTLU[ 0U[LYUZOPW *VYLX\PZP[L JV\YZL! )<: 7YV]PKLZ LTWSV`TLU[ L_WLYPLUJL PU H WVZP[PVU JVUZPZ[LU[ ^P[O [OL JHYLLY VIQLJ[P]L VM [OL Z[\KLU[ ;OL WVZP[PVU T\Z[ IL HWWYV]LK I` [OL WYVNYHT KPYLJ[VY ;OPZ MHSS ZWYPUN VY Z\TTLY ZLTLZ[LY ]HYPHISL JYLKP[ JV\YZL TH` IL [HRLU HZ [OL Ã&#x201E;YZ[ VY ZLJVUK Z[\KLU[ PU[LYUZOPW HUK PZ YLWLH[HISL MVY JYLKP[ ;V IL [HRLU JVUJ\YYLU[S` ^P[O )<: *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
YLÃ&#x201E;ULTLU[ VM ZVJPHS ZRPSSZ VMÃ&#x201E;JL THUHNL TLU[ KLJPZPVUZ HUK YL]PL^ VM VMÃ&#x201E;JL ZRPSSZ HUK YLZWVUZPIPSP[PLZ JYLKP[Z 3LJ[\YL
)<:
6MÃ&#x201E;JL ;LJOUVSVN` :LTPUHY *VYLX\PZP[L JV\YZLZ! )<: )<: ,UHISLZ [OL Z[\KLU[ [V WHY[PJPWH[L PU KPZJ\ZZPVUZ YLSH[PUN [V Z\JJLZZM\S LTWSV` TLU[ ;OPZ JV\YZL T\Z[ IL [HRLU JVUJ\Y YLU[S` ^P[O [OL PU[LYUZOPW JV\YZL )<: )<: VY )<: JYLKP[Z 3LJ[\YL
)<:
6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW 7YLYLX\PZP[LZ! )<: +LZPNULK [V WYV]PKL LTWSV`TLU[ L_WLYP LUJL PU H WVZP[PVU \ZPUN ZWLJPHSPaLK ZRPSSZ -PLSK L_WLYPLUJL! TPUPT\T VM OV\YZ YLX\PYLK VM (KTPUPZ[YH[P]L (ZZPZ[HU[ ,_LJ\[P]L HUK 3LNHS HUK 6MÃ&#x201E;JL 4HUHNL TLU[ THQVYZ *VYLX\PZP[L JV\YZLZ! )<: *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)<:
4LKPJHS ;YHUZJYPW[PVUPZ[ 0U[LYUZOPW 7YLYLX\PZP[LZ! )<: )<: )06 HUK TPUPT\T [`WPUN ZWLLK VM ^VYKZ WLY TPU\[L +LZPNULK [V WYV]PKL LTWSV`TLU[ L_WLYP LUJL PU H WVZP[PVU [OH[ ^PSS \[PSPaL [OL ZWLJPHSPaLK ZRPSSZ VM [OL Z[\KLU[ 7SHJLTLU[Z ^PSS PUJS\KL WVZP[PVUZ PU KVJ[VYZ» VMÃ&#x201E;JLZ OVZWP[HSZ TLKPJHS JSPUPJZ L[J ;V IL [HRLU JVUJ\YYLU[S` ^P[O )<: *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)<:
6MÃ&#x201E;JL ;LJOUVSVN` 0U[LYUZOPW ¶ 4LKPJHS 7YLYLX\PZP[LZ! )<: " [V IL [HRLU JVUJ\YYLU[S` ^P[O )<: +LZPNULK [V WYV]PKL LTWSV`TLU[ L_WLYP LUJL PU H WVZP[PVU [OH[ ^PSS \[PSPaL [OL ZWLJPHSPaLK ZRPSSZ VM [OL Z[\KLU[ 7SHJLTLU[Z ^PSS PUJS\KL WVZP[PVUZ PU TLKPJHS VMÃ&#x201E;JLZ OVZWP[HSZ HUK JSPUPJZ -PLSK L_WLYPLUJL! TPUPT\T VM OV\YZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)<:
)<:
+LZPNULK HZ H JHWZ[VUL JSHZZ MVY IV[O 4HUHNLTLU[ HUK 4HYRL[PUN THQVYZ (YLHZ VM JVUJLU[YH[PVU ^PSS PUJS\KL J\YYLU[ [VWPJZ PU I\ZPULZZ QVI ZLLRPUN HUK RLLWPUN ZRPSSZ VYNHUPaH[PVUHS WVSP[PJZ HUK KPWSVTHJ` HUK HU PU KLW[O L_HTPUH[PVU VM THUHNLTLU[ THYRL[PUN JVUJLW[Z JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! )<: 9LHSPZ[PJ KPJ[H[PVU ^P[O JVTWYLOLUZP]L [LYTPUVSVN` PU ZWLJPHS[PLZ I` TLKPJHS WYVMLZZPVUHSZ MYVT ]HYPV\Z L[OUPJ NYV\WZ JYLKP[Z 3LJ[\YL
4HUHNLTLU[ 4HYRL[PUN *HWZ[VUL
)<:
7YVMLZZPVUHS +L]LSVWTLU[ +LZPNULK HZ H WYL LTWSV`TLU[ JV\YZL (YLHZ VM Z[\K` PUJS\KL QVI ZLHYJOPUN ZRPSSZ
(K] 4LKPJHS ;YHUZJYPW[PVU
)<:
(JJV\U[PUN 7YVJLZZ +L]LSVWZ H MV\UKH[PVU HUK H ^VYRPUN RUV^SLKNL VM [OL IHZPJ HJJV\U[PUN WYVJLK\YLZ :[\KLU[Z ^PSS ^VYR [OYV\NO [OL HJJV\U[PUN J`JSL JYLKP[Z 3LJ[\YL
)<:
:[H[PZ[PJZ MVY )\Z +L]LSVWZ H ^VYRPUN RUV^SLKNL VM ZVTL VM [OL Z[H[PZ[PJHS [VVSZ \ZLK PU I\ZPULZZ HUHS`ZPZ HUK KLJPZPVU THRPUN JYLKP[Z 3LJ[\YL
)<:
(JJV\U[PUN 0U[LYUZOPW +LZPNULK [V WYV]PKL LTWSV`TLU[ L_WLYP LUJL PU H WVZP[PVU [OH[ ^PSS \[PSPaL [OL ZWLJPHSPaLK ZRPSSZ VM [OL Z[\KLU[ ;OL WVZP[PVU T\Z[ IL HWWYV]LK I` [OL HJJV\U[ PUN WYVNYHT JVVYKPUH[VY *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)<:
:THSS )\ZPULZZ 4HUHNLTLU[ *V]LYZ LU[YLWYLUL\YZOPW VWWVY[\UP[PLZ HUK JOHSSLUNLZ MHJPUN ZTHSS I\ZPULZZ THUHNLYZ PUJS\KPUN OV^ [V JVUJLW[\HSPaL H MLHZPISL I\ZPULZZ JVUJLW[ KL]LSVW H JVTWYLOLU ZP]L I\ZPULZZ WSHU VI[HPU Z[HY[ \W JHWP[HS L_LJ\[L [OL Ã&#x201E;YT Z Z[YH[LN` HUK THPU[HPU Ã&#x201E;UHUJPHS HUK PU]LU[VY` JVU[YVS JYLKP[Z 3LJ[\YL
)<:
7YPU VM 9L[HPSPUN +LZPNULK MVY [OVZL V^UPUN VY WSHUUPUN [V ILJVTL V^ULYZ VM H YL[HPS I\ZPULZZ [OVZL PU]VS]LK VY WSHUUPUN [V ILJVTL PU]VS]LK PU [OL THUHNLTLU[ M\UJ[PVU VM H YL[HPS I\ZPULZZ HUK VY [OVZL KLZPYPUN H NLULYHS RUV^SLKNL VM YL[HPSPUN HZ HU PUZ[P[\[PVU JYLKP[Z 3LJ[\YL
)<:
7YPU VM (K]LY[PZPUN 7YV]PKLZ HU V]LY]PL^ VM PU[LNYH[LK IYHUK WYVTV[PVU WYVTV[PVUHS Z[YH[LN` YLZLHYJO JYLH[P]P[` [OL YVSL VM HU HK]LY[PZPUN HNLUJ` HUK V[OLY Z\WWVY[ VYNHUPaH[PVUZ TLKPH ZLSLJ[PVU HUK HZZLZZTLU[ L[OPJHS HUK YLN\SH[VY` JVUZPKLYH[PVUZ HUK I\KNL[HY` HSSVJH[PVUZ JYLKP[Z 3LJ[\YL
)<:
7YPUJPWSLZ VM :LSSPUN *V]LYZ [OL ]HYPV\Z HZWLJ[Z VM [OL WLYZVUHS ZLSSPUN WYVJLZZ PUJS\KPUN VYNHUPaH[PVUHS I\`PUN TV[P]LZ JVUZ\TLY ILOH]PVY HWWYVHJOPUN [OL J\Z[VTLY THRPUN [OL WYLZLU[H[PVU OHUKSPUN VIQLJ[PVUZ [LJOUPX\LZ MVY JSVZPUN [OL ZHSL HUK THUHNPUN [OL ZHSLZMVYJL JYLKP[Z 3LJ[\YL
)<:
:LJ\YP[PLZ 0U]LZ[TLU[ +LZPNULK [V PUJYLHZL RUV^SLKNL PU PU]LZ[TLU[ HJ[P]P[PLZ I` WYV]PKPUN IHZPJ PUMVYTH[PVU ULLKLK MVY ZV\UK WLYZVUHS PU]LZ[TLU[ [OYV\NO L_WSVYPUN H ]HYPL[` VM PU]LZ[PUN Ã&#x201E;LSKZ HUK [VVSZ JYLKP[Z 3LJ[\YL
)<:
)<:
)<:
*V]LYZ IHZPJ HWWSPJH[PVUZ VM TH[OLTH[PJZ PU [OL I\ZPULZZ ^VYSK WLYJLU[HNLZ LSLTLU[HY` HSNLIYH PU[LYLZ[ PUZ[HSSTLU[ I\`PUN Z[H[PZ[PJZ PUZ\YHUJL L[J 0[ PZ KLZPNULK [V YLPUMVYJL HUK L_WHUK I\ZPULZZ JVUJLW[Z OLSK I` [OL Z[\KLU[ [OYV\NO [OL \ZL VM TH[OLTH[PJZ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! )<: VY HIPSP[` [V [`WL ^VYKZ WLY TPU\[L +L]LSVWTLU[ VM ZRPSS PU MVYTH[[PUN I\ZPULZZ JVYYLZWVUKLUJL YLWVY[Z MVYTZ HUK [HISLZ [V TLL[ THPSHIPSP[` HUK WYVK\J[PVU Z[HUKHYKZ 0UZ[Y\J[PVU VU ^VYK WYVJLZZPUN ZVM[^HYL PZ PU[LNYH[LK [OYV\NOV\[ [OL JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*V]LYZ [OL VIQLJ[P]LZ VYNHUPaH[PVU HUK YVSL VM I\ZPULZZ PU [OL MYLL LU[LYWYPZL Z`Z[LT ;OL JV\YZL PZ KLZPNULK [V WYV]PKL HU V]LY]PL^ VM [OL Ã&#x201E;LSK VM I\ZPULZZ HUK [V WYV]PKL H MYHTL^VYR PU[V ^OPJO ZWLJPHS PaLK Ã&#x201E;LSKZ TH` IL Z[\KPLK JYLKP[Z 3LJ[\YL
)\ZPULZZ 4H[O
)<:
-\UKHTLU[HSZ VM (JJV\U[PUN (U PU[YVK\J[PVU [V IHZPJ HJJV\U[PUN WYPUJPWSLZ HUK [LJOUPX\LZ KLZPNULK [V NP]L [OL Z[\KLU[ H NLULYHS RUV^SLKNL VM HJJV\U[PUN WYHJ[PJLZ HUK [LYTPUVSVN` JYLKP[Z 3LJ[\YL
)<:
-LK ;H_ (JJV\U[PUN -VJ\ZLZ VU H WYHJ[PJHS Z[\K` VM [OL J\YYLU[ MLKLYHS YL]LU\L HJ[ HZ P[ YLSH[LZ [V I\ZPULZZ HUK PUKP]PK\HSZ JYLKP[Z 3LJ[\YL
(K]HUJLK -VYTH[[PUN
)<:
7YVJLZZPUN 0UMV 7YLYLX\PZP[LZ! )<: +L]LSVWTLU[ VM ZRPSS PU WYVJLZZPUN PUMVYTH [PVU \ZPUN ^VYK WYVJLZZPUN ZVM[^HYL HUK HWWS`PUN JYP[PJHS [OPURPUN MYVT H ]HYPL[` VM VMÃ&#x201E;JL ZPT\SH[PVUZ (K]HUJLK MVYTH[[PUN ZRPSSZ HYL M\Y[OLY KL]LSVWLK [OYV\NO HWWSPJH[PVU [V ZWLJPHSPaLK VMÃ&#x201E;JL ZP[\H[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
0U[YVK\J[PVU [V )\ZPULZZ 0(0 )<:
)<:
-PUHUJPHS (JJV\U[PUN 0(0 )<: 7YLYLX\PZP[LZ! /: HJJ[ )<: )<: VY JVUZLU[ VM PUZ[Y\J[VY ( Z[\K` VM [OL Ã&#x201E;UHUJPHS Z[H[LTLU[Z [OL HJJV\U[PUN WYVJLZZ HUK [OL WYPUJPWSLZ HUK WYVJLK\YLZ \UKLYS`PUN P[LTZ VU [OL Ã&#x201E;UHUJPHS Z[H[LTLU[Z JYLKP[Z 3LJ[\YL
)<:
)<:
4HUHNLYPHS (JJV\U[PUN 0(0 )<:
7YLYLX\PZP[LZ! )<: ^P[O NYHKL VM º*» VY OPNOLY ( Z[\K` VM QVI VYKLY WYVJLZZ HUK Z[HUKHYK JVZ[ Z`Z[LTZ HUK THUHNLTLU[»Z \ZLZ VM JVZ[ PUMVYTH[PVU MVY WSHUUPUN HUK JVU[YVS JYLKP[Z 3LJ[\YL
;OPZ JV\YZL JV]LYZ JHYLLY KL]LSVWTLU[ MYVT [HYNL[PUN HUK YLZLHYJOPUN H I\ZPULZZ JHYLLY [V WYLWHYPUN LTWSV`TLU[ JVTT\UP JH[PVUZ HUK PU[LY]PL^PUN ;OL JV\YZL HSZV JV]LYZ I\ZPULZZ ^YP[PUN [LJOUPX\LZ L THPS HUK TLTVYHUK\T JVTT\UPJH[PVU [LHT^VYR WYVMLZZPVUHS KL]LSVWTLU[ HUK I\ZPULZZ L[PX\L[[L JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! )<: +LZPNULK [V \ZL HJJV\U[PUN PUMVYTH[PVU [V OLSW THUHNLTLU[ THRL KLJPZPVUZ JVUJLYUPUN WYVK\J[ JVZ[PUN WSHUUPUN HUK JVU[YVSSPUN VWLYH[PVUZ PU HU L]LY JOHUNPUN I\ZPULZZ LU]PYVUTLU[ JYLKP[Z 3LJ[\YL
)<:
)<:
3LNHS ,U]PYVU )\ZPULZZ 0(0 )<:
+L]LSVWZ ZRPSS \ZPUN HIIYL]PH[LK ^YP[PUN PU VYKLY [V [HRL UV[LZ X\PJRS` HUK HJJ\YH[LS` 7YV]PKLZ PUZ[Y\J[PVU MVY ILNPUULYZ ^OV [YHUZJYPIL I\ZPULZZ SL[[LYZ TLTVZ HUK YLWVY[Z X\PJRS` PU HJJLW[HISL MVYTH[[LK JVW` TLL[PUN Z[YPJ[ THPSHIPSP[` Z[HUKHYKZ JYLKP[Z 3LJ[\YL
(U PU[YVK\J[PVU [V SLNHS Z`Z[LTZ HUK SH^ LZWLJPHSS` [OL < : SLNHS Z`Z[LT )\ZPULZZ SLNHS YLSH[PVUZOPWZ PU [OL HYLHZ VM JYPTPUHS SH^ [VY[Z WYVK\J[ SPHIPSP[` HUK JVU[YHJ[Z HYL L_HTPULK (U[P[Y\Z[ JVUZ\TLY SHIVY HUK LU]PYVUTLU[HS SH^ HYL Z[\KPLK" HSZV [OL PU[LYUH[PVUHS THYRL[WSHJL JYLKP[Z 3LJ[\YL
)<:
)<:
( Z[\K` VM [OL WSHUUPUN HUK Z[HY[\W WOHZLZ VM HU L I\ZPULZZ PUJS\KPUN [VWPJZ VU [OL NSVIHS L I\ZPULZZ LJVUVT` Ã&#x201E;UHUJPUN VW[PVUZ THYRL[PUN SLNHS PZZ\LZ ^LI ZP[L PZZ\LZ YPZR THUHNLTLU[ HUK ZLJ\YP[` JYLKP[Z 3LJ[\YL
*V]LYZ [OL ZLSLJ[PVU VM [HYNL[ THYRL[Z" [OL JVU[YVSSHISL ]HYPHISLZ VM [OL THYRL[PUN TP_ PUJS\KPUN WYVK\J[ WSHJL WYPJL HUK WYVTV[PVU" HUK [OL \UJVU[YVSSHISL ]HYPHISLZ PUJS\KPUN SLNHS LU]PYVUTLU[ LJVUVTPJ LU]PYVUTLU[ YLZV\YJLZ HUK VIQLJ[P]LZ J\S[\YHS LU]PYVUTLU[ HUK [OL L_PZ[PUN I\ZPULZZ Z[Y\J[\YL JYLKP[Z 3LJ[\YL
)<:
7YPU *VZ[ (JJV\U[
0U[LYTLKPH[L (JJV\U[PUN 7YLYLX\PZP[LZ! )<: ^P[O NYHKL VM º*» VY OPNOLY 7YV]PKLZ HU PU KLW[O Z[\K` VM HJJV\U[PUN [OLVY` HUK J\YYLU[ WYHJ[PJL 0UJS\KLZ [OL KL]LSVWTLU[ VM HJJV\U[PUN [OLVY` [OL MVYTH[ HUK JVU[LU[ VM [OL Ã&#x201E;UHUJPHS Z[H[LTLU[Z HUK LTWOHZPaLZ HZZL[Z JYLKP[Z 3LJ[\YL
)<:
*VTW\[LYPaLK (JJV\U[PUN 7YLYLX\PZP[LZ! )<: VY )<: ( JHWZ[VUL JV\YZL ^OPJO YLPUMVYJLZ Ã&#x201E;UHUJPHS HJJV\U[PUN JVUJLW[Z HUK WYVJLK\YLZ [OYV\NO [OL \ZL VM WLYZVUHS JVTW\[LYZ HUK WVW\SHY JVTTLYJPHS ZVM[^HYL ( JVTWYLOLUZP]L Z[\K` VM JVTW\[LYPaLK HJJV\U[PUN Z`Z[LTZ PU IV[O ZLY]PJL HUK TLYJOHUKPZPUN LU]PYVUTLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
)<:
2L`IVHYKPUN +L]LSVWTLU[ VM RL`IVHYKPUN ZRPSS VU SL[[LYZ U\TILYZ HUK Z`TIVSZ RL`Z :[\KLU[Z SLHYU [V MVYTH[ HUK WYPU[ I\ZPULZZ SL[[LYZ TLTVZ YLWVY[Z HUK [HISLZ \ZPUN ^VYK WYVJLZZPUN MLH[\YLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
)\ZPULZZ *HYLLY +L]LSVWTLU[
5V[L[HRPUN
7YPUJPWSLZ VM , *VTTLYJL
)<:
)\ZPULZZ *VTT\UPJH[PVUZ 7YLYLX\PZP[LZ! )<: VY [OL LX\P]HSLU[ 7YV]PKLZ Z[\KLU[Z H WYHJ[PJHS Z[YH[LN` MVY JYLH[PUN Z\JJLZZM\S JVTT\UPJH[PVU WYVK\J[Z \ZLK PU I\ZPULZZ JYLKP[Z 3LJ[\YL
)<:
7YPUJPWSLZ VM 4HYRL[PUN
)<:
7YPUJPWSLZ VM 4HUHNLTLU[ 7YV]PKLZ HU V]LY]PL^ VM OV^ THUHNLYZ \[PSPaL WSHUUPUN VYNHUPaH[PVU SLHKLYZOPW HUK JVU[YVS PU VYKLY [V LUZ\YL [OH[ H Ã&#x201E;YT HJOPL]LZ P[Z NVHSZ PU [OL TVZ[ LMÃ&#x201E;JPLU[ ^H` WVZZPISL JYLKP[Z 3LJ[\YL
)<:
*/4
7YLYLX\PZP[LZ! 4(; (U PU[YVK\J[PVU [V Z[H[PZ[PJZ HZ \ZLK PU I\ZPULZZ KLJPZPVU THRPUN [OH[ PUJS\KLZ H]LYHNLZ KPZWLYZPVU WYVIHIPSP[PLZ WYVIHIPSP[` KPZ[YPI\[PVUZ ZHTWSPUN LYYVY ZHTWSL ZPaL JVUÃ&#x201E;KLUJL PU[LY]HSZ O`WV[O LZPZ [LZ[Z YLNYLZZPVU HUK JVYYLSH[PVU HUHS`ZPZ JYLKP[Z 3LJ[\YL
(U PU[YVK\J[VY` KPZJ\ZZPVU VM JOLTPJHS WYPUJPWSLZ 7YLZLU[Z H IHSHUJL IL[^LLU IHZPJ RUV^SLKNL ULLKLK [V \UKLYZ[HUK [OL \ZLZ VM JOLTPJHSZ HUK HWWSPJH[PVUZ VM JOLTPJHSZ PU L]LY`KH` SPML *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)\ZPULZZ :[H[PZ[PJZ 0(0 )<:
)<:
3HIVY 9LSH[PVUZ 7YLYLX\PZP[LZ! )<: VY JVUZLU[ VM PUZ[Y\J[VY ( Z[\K` VM [OL SHIVY HUK LTWSV`TLU[ SH^Z [OH[ OH]L [OL NYLH[LZ[ PTWHJ[ VU [OL YLSH[PVUZOPW IL[^LLU LTWSV`LYZ HUK LTWSV`LLZ HUK [OL Z[YH[LNPLZ THUHNLYZ \[PSPaL [V THPU[HPU HU LMMLJ[P]L SL]LS VM LTWSV`LL ZH[PZMHJ[PVU ;YHUZMLYZ HZ LSLJ[P]L JYLKP[ VUS` JYLKP[Z 3LJ[\YL
)<:
0U[YV [V 0U[LYUH[PVUHS )\ZPULZZ 7YLYLX\PZP[LZ! )<: VY JVUZLU[ VM PUZ[Y\J[VY (U PU[YVK\J[PVU [V MVYLPNU [YHKL [OLVY` HUK WYHJ[PJL ^P[O ZWLJPHS LTWOHZPZ VU J\S[\YHS KP]LYZP[` PU [OL HYLHZ VM THYRL[PUN THUHNLTLU[ Ã&#x201E;UHUJL LJVUVTPJZ HUK [OL LU]PYVUTLU[ PU ^OPJO I\ZPULZZLZ M\UJ[PVU ;YHUZMLYZ HZ LSLJ[P]L JYLKP[ VUS` JYLKP[Z 3LJ[\YL
)<:
/\THU 9LZV\YJL 4HUHNLTLU[ 7YLYLX\PZP[LZ! )<: VY JVUZLU[ VM PUZ[Y\J[VY ;OL THUHNLYPHS WYVJLZZ VM WSHUUPUN KL]LSVWPUN HUK JVU[YVSSPUN O\THU YLZV\YJLZ ^P[OPU [OL VYNHUPaH[PVU PZ L_HTPULK :WLJPHS LTWOHZPZ ^PSS IL WSHJLK VU [OL HYLHZ VM YLJY\P[PUN ZLSLJ[PVU [YHPUPUN SHIVY YLSH[PVUZ ZHSHY` HUK MYPUNL ILULÃ&#x201E;[ HKTPUPZ[YH[PVU ;YHUZMLYZ HZ LSLJ[P]L JYLKP[ VUS` JYLKP[Z 3LJ[\YL
*OLTPZ[Y` */4 */4 â&#x2013;¼
:WLJPHS ;VWPJZ PU *OLTPJHS :JPLUJL +LZPNULK MVY LSLTLU[HY` HUK ZLJVUKHY` [LHJOLYZ [V WYV]PKL HU LZZLU[PHS IHJRNYV\UK PU [OL HWWSPJH[PVU VM ZJPLUJL [V H [VWPJ VM ZVJPL[HS PU[LYLZ[ ;OL JV\YZL TH` IL YLWLH[LK MVY JYLKP[ PM H KPMMLYLU[ [VWPJ PZ [H\NO[ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
7O`ZPJHS :JPLUJL 00 0(0 7 3
*/4
*VUJLW[Z VM *OLTPZ[Y` 0(0 7 3 (U PU[YVK\J[PVU [V [OL JVUJLW[Z VM JOLTPZ[Y` ^OLYL PUMVYTH[PVU PZ WYLZLU[LK [V Z[\KLU[Z ^P[O SP[[SL IHJRNYV\UK VY UV WYPVY PU[LYLZ[ PU JOLTPZ[Y` HUK [OVZL Z[\KLU[Z ^OV HYL UV[ PU[LYLZ[LK PU HIZ[YHJ[ VY TH[OLTH[PJHS [OLVYPLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*/4
0U[YVK\J[VY` *OLTPZ[Y` 0 0(0 7 3 -\UKHTLU[HSZ VM PUVYNHUPJ JOLTPZ[Y` PUJS\KPUN OPZ[VY` H[VTPJ [OLVY` IVUKPUN Z[VPJOPVTL[Y` NHZLZ ZVSPKZ ZVS\[PVUZ JOLTPJHS LX\PSPIYPH HJPKZ IHZLZ ZHS[Z W/ HUK LSLJ[YVJOLTPZ[Y` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*/4
0U[YVK\J[VY` *OLTPZ[Y` 00 7YLYLX\PZP[LZ! */4 :[\K` VM VYNHUPJ HUK IPVSVNPJHS JOLTPZ[Y` MVY Z[\KLU[Z PU HSSPLK OLHS[O WYVNYHTZ HNYPJ\S[\YL MVYLZ[Y` HUK V[OLY THQVYZ ^P[O JVTWHYHISL YLX\PYLTLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*/4
.LULYHS *OLTPZ[Y` 0 0(0 7 3 7YLYLX\PZP[LZ! `Y /: *OLTPZ[Y` */4 VY JVUZLU[ VM +P]PZPVU *OHPY .LULYHS WYPUJPWSLZ VM JOLTPZ[Y` MVY Z[\KLU[Z THQVYPUN PU JOLTPZ[Y` LUNPULLYPUN VY ZJPLUJL WYVMLZZPVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*/4
.LULYHS *OLTPZ[Y` 00 7YLYLX\PZP[LZ! */4 *VU[PU\LZ [OL Z[\K` VM NLULYHS JOLTPJHS WYPUJPWSLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*/4
6YNHUPJ *OLTPZ[Y` 0 7YLYLX\PZP[LZ! */4 -\UKHTLU[HS PU[YVK\J[PVU [V VYNHUPJ JOLTPZ[Y` PUJS\KPUN H Z[\K` VM O`KYVJHY IVUZ HUK HSJVOVSZ ^P[O ZWLJ[YVZJVW` Z[LYLVJOLTPZ[Y` HUK YLHJ[PVU TLJOHUPZTZ ;V IL [HRLU JVUJ\YYLU[S` ^P[O */4 *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*/4
6YNHUPJ *OLTPZ[Y` 00 7YLYLX\PZP[LZ! */4 ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM 6YNHUPJ *OLTPZ[Y` 0 */4 ^P[O MVJ\Z VU JHYIVU`SZ JOLTPZ[Y` V_PKH[PVU HUK YLK\J[PVU HUK IPVTVSLJ\SLZ ;V IL [HRLU JVUJ\YYLU[S` ^P[O */4 *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*/4
6YNHUPJ *OLTPZ[Y` 3HI 0 3HIVYH[VY` JV\YZL PU[YVK\JLZ Z`U[OLZPZ HUK [OL IHZPJ [LJOUPX\LZ MVY [OL ZLWHYH[PVU PZVSH[PVU W\YPÃ&#x201E;JH[PVU HUK PKLU[PÃ&#x201E;JH[PVU VM VYNHUPJ JVTWV\UKZ *V\YZL PZ KLZPNULK MVY JVUJ\YYLU[ YLNPZ[YH[PVU PU */4 *VYLX\PZP[L JV\YZLZ! */4 JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*/4
6YNHUPJ *OLTPZ[Y` 3HI 00 3HIVYH[VY` L_WLYPTLU[Z PU VYNHUPJ JOLTPZ[Y` ^P[O H MVJ\Z VU T\S[P Z[LW Z`U[OLZPZ *V\YZL PZ KLZPNULK MVY JVUJ\YYLU[ YLNPZ[YH[PVU PU */4 *VYLX\PZP[L JV\YZLZ! */4 JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*P]PS ,UNPULLYPUN ;LJOUVSVN` *,; *,;
*P]PS *VUZ[Y\J[PVU 0 :[\K` VM JP]PS JVUZ[Y\J[PVU PUJS\KPUN [`WLZ VM WYVQLJ[Z WLYZVUULS LX\PWTLU[ TH[LYPHSZ HUK TL[OVKZ )S\L WYPU[ YLHKPUN HUK ZWLJPÃ&#x201E;JH[PVU PU[LYWYL[H[PVU MVY OLH]` JVUZ[Y\J[PVU PZ HSZV LTWOHZPaLK JYLKP[Z 3LJ[\YL
*,;
*P]PS *VUZ[Y\J[PVU 00 7YLYLX\PZP[LZ! *,; -HTPSPHYPaLZ [OL Z[\KLU[ ^P[O IHZPJ JVUJLW[Z VM JVUZ[Y\J[PVU THUHNLTLU[ ^P[O ZWLJPHS LTWOHZPZ VU JVU[YHJ[Z JVZ[ LZ[PTH[PUN WYVNYLZZ ZJOLK\SPUN LUNPULLY PUN LJVUVTPJZ HUK X\HSP[` JVU[YVS JYLKP[Z 3LJ[\YL
*,;
:VPSZ (NNYLNH[LZ 7YLYLX\PZP[LZ! ;,* -HTPSPHYPaLZ [OL Z[\KLU[ ^P[O IHZPJ JVUJLW[Z VM JVUZ[Y\J[PVU THUHNLTLU[ ^P[O ZWLJPHS LTWOHZPZ VU JVU[YHJ[Z JVZ[ LZ[PTH[PUN WYVNYLZZ ZJOLK\SPUN LUNPULLY PUN LJVUVTPJZ HUK X\HSP[` JVU[YVS *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
7** ;OLVY` HUK +LZPNU 7YLYLX\PZP[LZ! *,; VY )*; +PZJ\ZZPVU VM JVUJYL[L [OYV\NO HSS Z[HNLZ VM KLZPNU TP_ KLSP]LY` WSHJLTLU[ HUK J\YPUN ^P[O ZWLJPHS LTWOHZPZ VU KLZPNU WYVWVY[PVUPUN HUK Ã&#x201E;LSK [LZ[PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
(ZWOHS[ ;OLVY` HUK +LZPNU 7YLYLX\PZP[LZ! *,; +PZJ\ZZPVU VM HZWOHS[ WH]PUN MYVT WSHU[ [V WH]LY ^P[O ZWLJPHS LTWOHZPZ VU [LZ[PUN HUK WYVWVY[PVUPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
;OPZ JSHZZ PZ KLZPNULK [V MHTPSPHYPaL Z[\KLU[Z ^P[O [OL [OLVY` VM [OL NSVIHS WVZP[PVUPUN Z`Z[LT HUK KH[H JVSSLJ[PVU TL[OVKZ HZZVJPH[LK ^P[O NLVNYHWOPJ PUMVYTH[PVU Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
:\WLY]PZLK 6JJ\WH[PVUHS ,_W ,UHISLZ [OL Z[\KLU[ [V NHPU VU [OL QVI L_WLYPLUJL PU *P]PS ,UNPULLYPUN ;LJOUVSVN` K\YPUN [OL Z\TTLY ZLZZPVU *V\YZL 3L]LS -LL =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*,;
:\WLY]PZLK 6JJ\WH[PVUHS ,_W ,UHISLZ [OL Z[\KLU[ [V NHPU VU [OL QVI L_WLYPLUJL PU *P]PS ,UNPULLYPUN ;LJOUVSVN` *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*,;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 7YLYLX\PZP[LZ! *,; ,UHISLZ [OL Z[\KLU[ [V NHPU VU [OL QVI L_WLYPLUJL PU *P]PS ,UNPULLYPUN ;LJOUVSVN` *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
:\Y]L`PUN 0
*,;
-\UKHTLU[HSZ VM IHZPJ Z\Y]L`PUN VWLYH[PVUZ Z\JO HZ JOHPUPUN SL]LSPUN HUK \ZL VM [OL [YHUZP[ HUK [OL IHZPJ JHSJ\SH[PVUZ HZZVJPH[LK ^P[O [OLZL VWLYH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *,; ,UHISLZ [OL Z[\KLU[ [V NHPU VU [OL QVI L_WLYPLUJL PU *P]PS ,UNPULLYPUN ;LJOUVSVN` *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL
*,;
*,;
7YLYLX\PZP[LZ! *,; ;,* +LZPNULK [V HWWS` [OL ZRPSSZ SLHYULK PU :\Y]L`PUN 0 [V WYHJ[PJHS WYVISLTZ Z\JO HZ JSVZLK [YH]LYZL HYLH JHSJ\SH[PVUZ SHUK Z\Y]L`PUN [VWVNYHWOPJ THWWPUN Z[HKPH Z\Y]L`Z HUK KPMÃ&#x201E;J\S[ SL]LS JPYJ\P[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *,; +LZPNULK [V WYV]PKL [OL Z[\KLU[ ^P[O ^VYR L_WLYPLUJL PU [OL Ã&#x201E;LSK ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O HU PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
:\Y]L`PUN 00
*,;
:\Y]L`PUN 000 7YLYLX\PZP[LZ! *,; (UHS`ZPZ VM OVYPaVU[HS HUK ]LY[PJHS J\Y]LZ WYLJPZL JVU[YVS [YH]LYZLZ HUK SL]LSPUN ,TWOHZPaLZ [OL \ZL VM [V[HS Z[H[PVUZ LSLJ[YVUPJ KH[H JVSSLJ[VYZ .7: LX\PWTLU[ HUK LUNPULLYPUN ZVM[^HYL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
+H[H *VSSLJ[PVU MVY .0: 4HWWPUN 7YLYLX\PZP[LZ! ,:* VY *,;
:\WLY]PZLK 6JJ\WH[PVUHS ,_W
*,;
*(+ MVY *P]PS ,UNPULLYPUN 7YLYLX\PZP[LZ! *,; ( Z[\K` VM *VTW\[LY (PKLK +YHM[PUN *(+ YLSH[LK [V JP]PS LUNPULLYPUN HWWSPJH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
*P]PS +YHM[PUN 7YLYLX\PZP[LZ! *(+ -VJ\ZLZ VU KL]LSVWPUN JVTWL[LUJL PU KYHM[PUN Z[Y\J[\YHS HUK KL[HPS KYH^PUNZ ^P[O ZWLJPHS LTWOHZPZ VU PU[LYWYL[PUN Ã&#x201E;LSK KH[H [V WYVK\JL OPNO^H` JVUZ[Y\J[PVU KYH^PUNZ
HUK ZWLJPÃ&#x201E;JH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*,;
/`KYH\SPJZ +YHPUHNL 7YLYLX\PZP[LZ! ;,* -\UKHTLU[HSZ VM Z[H[PJZ RPULTH[PJZ HUK K`UHTPJ Ã&#x2026;V^" KYHPUHNL HYLH HUK ]VS\TL VM Ã&#x2026;V^ JHSJ\SH[PVUZ JYLKP[Z 3LJ[\YL
*VTTLYJPHS +YP]LYZ 3PJLUZL *+3 *+3
*SHZZ ) *VTTLYJPHS +YP]LY ;YHPUPUN ;OPZ JV\YZL WYLWHYLZ [OL Z[\KLU[ ^P[O JVYL RUV^SLKNL HUK ZRPSSZ ULLKLK [V WHZZ 0SSPUVPZ :LJYL[HY` VM :[H[L *SHZZ ) ^YP[[LU HUK ILOPUK [OL ^OLLS SPJLUZPUN [LZ[Z JYLKP[Z
*+3
*+3 9LMYLZOLY *V\YZL +LZPNULK MVY [OL Z[\KLU[ ^OV OHZ WYL]P V\ZS` WHZZLK *+3 HUK ^OV OHZ UV[ KYP]LU K\YPUN [OL KH`Z PTTLKPH[LS` MVSSV^PUN NYHK\H[PVU :[\KLU[ ^PSS IL YLPZZ\LK H J\YYLU[ JVTWSL[PVU JLY[PÃ&#x201E;JH[L HZ YLX\PYLK I` TVZ[ LTWSV`LYZ [V IL LSPNPISL MVY LU[Y` SL]LS LTWSV`TLU[ JYLKP[
*VTW\[LY (PKLK +YHM[PUN *(+ *(+
4PJYVZ[H[PVU *(+ 0 :[\KLU[ ^PSS SLHYU [V \ZL [OL 0U[LNYHWO 4PJYVZ[H[PVU *VTW\[LY (PKLK +YHM[PUN Z`Z[LT [V JYLH[L ZPTWSL [V TVKLYH[LS` JVTWSL_ [LJOUPJHS KYH^PUNZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+ â&#x2013;¼ *(+ 0
)HZPJ ;OLVY` VM *(+ :[\KLU[ ^PSS SLHYU [V \ZL H *VTW\[LY (PKLK +YHM[PUN Z`Z[LT [V JYLH[L ZPTWSL [V TVKLYH[LS` JVTWSL_ [LJOUPJHS KYH^PUNZ 9LWLH[HISL ;PTL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+ *(+ 00
7YLYLX\PZP[LZ! *(+ ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM *(+ 0 *(+ :\JO Z\IQLJ[Z HZ :`TIVS 3PIYHYPLZ )SVJR ([[YPI\[LZ + +LZPNU :VSPK 4VKLSPUN HUK :SPKL :OV^Z HYL Z[\KPLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+
*(+ â&#x2013;¼
7YLYLX\PZP[LZ! *(+ ;OPZ JV\YZL MHTPSPHYPaLZ [OL Z[\KLU[ ^P[O [OL ZL[\W \ZL HUK MLH[\YLZ VM ]HYPV\Z *(+ Z`Z[LTZ :\JO Z\IQLJ[Z HZ VWLYH[PUN Z`Z[LTZ Ã&#x201E;SL THUHNLTLU[ HUK J\Z[VTPaPUN (\[V*(+ HYL HSZV Z[\KPLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+LZPNULK [V WYVTV[L VU [OL QVI L_WLYPLUJL PU *(+ [LJOUVSVN` ^OPSL HWWS`PUN ZRPSSZ HUK RUV^SLKNL SLHYULK PU [OL WYVNYHT ;OL LTWSV`LYZ HUK Z\WLY]PZPUN PUZ[Y\J[VYZ ^VYR JSVZLS` ^P[O [OL Z[\KLU[ PU HU VMM JHTW\Z QVI ZP[L 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*(+ +YHM[PUN :`Z[LTZ
*(+
:WLJPHS (WWSPJH[PVUZ VM *(+ 7YLYLX\PZP[LZ! *(+ HUK *(+ VY JVUJ\YYLU[ LUYVSSTLU[ ;OPZ JV\YZL PZ H TVYL PU KLW[O Z[\K` VM JVTW\[LY HPKLK KLZPNU ;OL Z[\KLU[ ^PSS L_WSVYL ZWLJPÃ&#x201E;J HWWSPJH[PVUZ VM *(+ HUK PUK\Z[Y` YLX\PYLTLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+
+ :VSPK 4VKLSPUN 7YLYLX\PZP[LZ! *(+ ;OPZ JV\YZL PZ HU PU KLW[O Z[\K` VM [OYLL KPTLUZPVUHS ZVSPK TVKLSPUN \ZPUN KPMMLYLU[ JVTW\[LY HPKLK KLZPNU WYVNYHTZ ;OL Z[\KLU[ ^PSS SLHYU [V JYLH[L ]PL^ YLUKLY HUK WSV[ + TVKLSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+
+ 7HYHTL[YPJ +LZPNU 7YLYLX\PZP[LZ! *(+ ;OPZ JV\YZL PZ Z[\K` VM [OYLL KPTLUZPVUHS WHYHTL[YPJ KLZPNU HUK WYV[V[`WL JYLH[PVU ;OL Z[\KLU[ ^PSS SLHYU [V JYLH[L H MHTPS` VM WHY[ KLZPNUZ \ZPUN WHYHTL[YPJ TVKLSPUN *(+ ZVM[^HYL *YLH[PUN KLZPNU WYV[V[`WLZ ^PSS HSZV IL JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+ â&#x2013;¼
0U[YVK\J[PVU [V :VSPK^VYRZ ;OPZ JV\YZL PZ H Z[\K` VM [OYLL KPTLUZPVUHS ZVSPK TVKLSPUN \ZPUN [OL :VSPK^VYRZ Z`Z[LT ;OL Z[\KLU[ ^PSS SLHYU [V JYLH[L ]PL^ YLUKLY HUK WSV[ + TVKLSZ HUK HZZLTISPLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*(+ â&#x2013;¼
>PUK ,ULYN` +LZPNU ;OPZ JV\YZL PZ HU PU KLW[O Z[\K` VM [OL TLJOHUPJHS KLZPNU VM ^PUK [\YIPUL JVTWVULU[Z ;OL Z[\KLU[ ^PSS SLHYU [V KLZPNU WYV[V[`WL [LZ[ HUK PTWYV]L [\YIPUL ISHKLZ HUK [V^LYZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:\WLY]PZLK 6JJ\WH[PVUHS ,_W
*(+
*VTW\[LY (PKLK 4HU\MHJ[\YPUN (U PU[YVK\J[PVU [V [OL \ZL VM H *(+ *(4 Z`Z[LT :[\KLU[ ^PSS SLHYU [V \ZL H JVTW\[LY MVY KLZPNU HUK [V H\[VTH[PJHSS` JYLH[L WYVNYHTZ [V JVU[YVS THU\MHJ[\YPUN LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*(+
*VTW\[LY 0U[LNYH[LK 4HUM (U PU[YVK\J[PVU [V *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN :[\KLU[ ^PSS SLHYU [V ZL[\W WYVNYHT HUK [YV\ISLZOVV[ H *04 Z`Z[LT ;OPZ PZ [OL Ã&#x201E;UHS JV\YZL PU [OL *04 ;LJOUVS VN` KLNYLL WYVNYHT *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*VTW\[LY 0UMVYTH[PVU :`Z[LTZ *0: *0: â&#x2013;¼
0U[YVK\J[PVU [V *VTW\[LYZ (U VWLYH[PVUHS VYPLU[LK JV\YZL ^OPJO PU]VS]LZ Z[\KLU[ L_WLYPLUJL \ZPUN OHYK ^HYL ZVM[^HYL WLYPWOLYHSZ VWLYH[PUN WYVJLK\YLZ HUK PU[LYUL[ +LZPNULK MVY UV]PJL JVTW\[LY \ZLYZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
.YHWOPJ +LZPNU *HWZ[VUL 7YLYLX\PZP[LZ! *0: *0: *0: *0: *0: *0: *0: ;OPZ JHWZ[VUL JV\YZL ^PSS PU[LNYH[L 8\HYR 0U+LZPNU 0SS\Z[YH[VY 7OV[VZOVW HUK >LI 7HNL +LZPNU JVUJLW[Z ;OL JV\YZL MLH[\YLZ H ZPT\SH[LK ^VYR LU]PYVUTLU[ :[\KLU[Z ^PSS JVTWSL[L NYHWOPJ KLZPNU HWWSPJH[PVUZ PU WYPU[ HUK VU [OL ^LI MVY H ZPT\SH[LK I\ZPULZZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0:
â&#x2013;¼
(KVIL -SHZO 7YLYLX\PZP[LZ! *0: VY JVUJ\YYLU[ LUYVSSTLU[ ;OL IHZPJZ VM (KVIL -SHZO ^LI HUPTH[PVU ZVM[^HYL ^PSS IL JV]LYLK PUJS\KPUN ^VYRPUN ^P[O NYHWOPJZ HUK ZV\UKZ \ZPUN
[OL KYH^PUN [VVSZ JYLH[PUN HUPTH[PVUZ HUK ZWLJPHS LMMLJ[Z \ZPUN HJ[PVUZJYPW[Z HUK W\ISPZOPUN TV]PLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
(K]HUJLK >LI ;LJOUVSVNPLZ 7YLYLX\PZP[LZ! *0: *0: *0: VY *0: ;OPZ JV\YZL MVJ\ZLZ VU ZLY]LY ZPKL [LJOUVSVNPLZ [V JYLH[L KH[HIHZL KYP]LU ^LIZP[LZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
+LZPNUPUN MVY [OL >LI 7YLYLX\PZP[LZ! *0: *0: VY LX\P]HSLU[ L_WLYPLUJL ;VVSZ [LJOUPX\LZ HUK KLZPNU [OLVY` MVY JYLH[PUN ^LSS KLZPNULK ^LI ZP[LZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
=PZ\HS )HZPJ 7YLYLX\PZP[LZ! *0: *VU[PU\H[PVU VM M\UKHTLU[HSZ VM WYVNYHT TPUN ZLSLJ[PVU P[LYH[PVU HUK JVUKP[PVU Z[Y\J[\YLZ 0U[YVK\J[PVU [V NYHWOPJHS PU[LYMHJL Z HUK VIQLJ[ VYPLU[LK L]LU[ KYP]LU HWWSPJH[PVUZ YLX\PYPUN [OL \ZL VM JVU[YVSZ L]LU[Z HYYH`Z LYYVY OHUKSPUN HUK TVYL (SZV PUJS\KLZ 4VIPSL 6MÃ&#x201E;JL HUK (:7 5,; HWWSPJH[PVUZ (+6 5,; HUK JSHZZLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
>PYLSLZZ 5L[^VYRPUN 7YLYLX\PZP[LZ! *0: *0: (U V]LY]PL^ JV\YZL VM ^PYLSLZZ 3(5 [LJOUVSVNPLZ HUK PTWSLTLU[H[PVUZ *V\YZL VM Z[\K` PUJS\KLZ IV[O [OLVY` HUK JVUÃ&#x201E;N\ YH[PVU VM J\YYLU[ ^PYLSLZZ KL]PJLZ KL[HPSZ VM Z[HUKHYKZ HUK KPZJ\ZZPVUZ VM ZLJ\YP[` PTWSLTLU[H[PVUZ HUK JVUJLYUZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
7V^LY7VPU[ 0U[YVK\J[PVU [V [OL NYHWOPJ WYLZLU[H[PVU ZVM[^HYL 7V^LY7VPU[ ;OL IHZPJZ VM 7V^LY7VPU[ ^PSS IL JV]LYLK PUJS\KPUN JYLH[ PUN LKP[PUN HUK MVYTH[[PUN ZSPKLZ" HKKPUN JSPW HY[ HUK WPJ[\YLZ" HUK JYLH[PUN ]HYPV\Z JOHY[Z HUK NYHWOZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼ >VYK
(U PU[YVK\J[PVU [V [OL ^VYK WYVJLZZPUN ZVM[^HYL WHJRHNL >VYK [OH[ PUJS\KLZ
KVJ\TLU[ WYLWHYH[PVU Z[VYHNL LKP[PUN HUK WYPU[PUN 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
(K]HUJLK :VM[^HYL (WWSPJH[PVUZ 7YLYLX\PZP[LZ! *0: (K]HUJLK PUZ[Y\J[PVU PU HU VMÃ&#x201E;JL Z\P[L WYVNYHT ^P[O LTWOHZPZ VU HK]HUJLK [VWPJZ PU ^VYK WYVJLZZPUN ZWYLHKZOLL[ HUK WYLZLU[H[PVU ZVM[^HYL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
:WLJPHSPaLK :VM[^HYL (WWSPJH[PVUZ :[\KLU[Z OHUKSL VMÃ&#x201E;JL HJ[P]P[PLZ HUK \ZL JHYLLY YLSH[LK ZVM[^HYL Z\JO HZ HU HJJV\U[ PUN Z`Z[LT KLZR[VW W\ISPZOPUN MVYT THUHNLTLU[ JHSJ\SH[VY TLKPJHS ZJOLK\S PUN HUK PU]VPJPUN HUK SLNHS KVJ\TLU[ WYLWHYH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
7YVQLJ[ 4HUHNLTLU[ (U V]LY]PL^ VM WYVQLJ[ THUHNLTLU[ HZ P[ HWWSPLZ [V PUMVYTH[PVU [LJOUVSVN` WYVQLJ[Z 7YVQLJ[ THUHNLTLU[ ZVM[^HYL ^PSS IL PU[YVK\JLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
*VTW\[LY .HTL +L]LSVWTLU[ 7YLYLX\PZP[LZ! *0: ( WYHJ[PJHS L_WSVYH[PVU VM ]PKLV NHTL KL]LSVWTLU[ \ZPUN IV[O VYPNPUHS WYVNYHT TPUN HUK TVKPÃ&#x201E;JH[PVU VM L_PZ[PUN NHTL JVKL ( ]HYPL[` VM NHTL [`WLZ ^PSS IL L_WSVYLK HUK JYLH[LK ^P[O [OL MVJ\Z ILPUN VU \UKLYZ[HUKPUN L_WSVYH[PVU HUK JYLH[P]P[` PU [OL KL]LSVWTLU[ WYVJLZZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
+ *VTW\[LY (UPTH[PVU (U V]LY]PL^ HUK L_WSVYH[PVU VM [OL KPMMLYLU[ HWWSPJH[PVUZ HUK [LJOUPX\LZ \ZLK PU [OL KL]LSVWTLU[ VM + TVKLSZ MVY NHTL ]PKLV HUK ^LI HUPTH[PVU ;OL JV\YZL ^PSS L_WSVYL H ]HYPL[` VM JVTTVUS` \ZLK [VVSZ HUK ^PSS PKLU[PM` [OLPY Z[YLUN[OZ HUK JHWHJP[PLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
(K]HUJLK .HTL +L]LSVWTLU[ 7YLYLX\PZP[LZ! *0: (U PU KLW[O L_HTPUH[PVU VM [OL KPMMLYLU[ NHTL NLUYLZ H]HPSHISL HUK OV^ [V JYLH[L HWWYVWYPH[L JVU[LU[ MVY LHJO 0U[LNYH[PVU VM IHZPJ WYVNYHTTPUN HUK HUPTH[PVU ZRPSSZ ^P[O TVYL HK]HUJLK [VWPJZ ^PSS IL
KPZJ\ZZLK HUK KL]LSVWLK [OYV\NO ZL]LYHS PUKP]PK\HS HUK NYV\W WYVQLJ[Z 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
+PNP[HS =PKLV 7YVK\J[PVU (U V]LY]PL^ JV\YZL KPZJ\ZZPUN [OL KL]LSVWTLU[ VM KPNP[HS ]PKLV PUJS\KPUN WSHUUPUN HUK ZOVV[PUN LKP[PUN [P[SPUN LMMLJ[Z HUK HUPTH[PVU ZV\UK[YHJR JYLH[PVU HUK H\KPV LKP[PUN HUK V\[W\[ PU +=+ ]PKLV HUK [OL >LI :[YLHTPUN V\[W\[ ^PSS HSZV IL KPZJ\ZZLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
(K]HUJLK +PNP[HS =PKLV 7YVK\J[PVU 7YLYLX\PZP[LZ! *0: (K]HUJLK [YHPUPUN PU [OL THU` HZWLJ[Z VM ]PKLV WYVK\J[PVU ^PSS IL JV]LYLK MYVT JVUJLW[ KL]LSVWTLU[ [OYV\NO Ã&#x201E;UHS LKP[PUN HUK KLSP]LY` ,TWOHZPZ PZ WSHJLK VU WYLWYVK\J[PVU ZRPSSZ HUK [LJOUPX\LZ HUK SP]L HJ[PVU KPYLJ[PVU VM [HSLU[ HUK JYL^ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
*VTW\[LY (WWS :WLJPHS ;VWPJZ -HTPSPHYPaLZ [OL Z[\KLU[ ^P[O H ^VYK WYVJLZZPUN WHJRHNL HUK H ZWYLHKZOLL[ WHJRHNL ^P[O LTWOHZPZ VU ZWLJPHS [VWPJZ WLY[PULU[ [V [OL Z[\KLU[ WVW\SH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0:
â&#x2013;¼
(K]HUJLK (UPTH[PVU HUK 4VKLSPUN 7YLYLX\PZP[LZ! *0: (K]HUJLK MLH[\YLZ VM TVKLSPUN HUK HUPTH[PVU ZVM[^HYL ^PSS IL JV]LYLK PUJS\KPUN I\PSKPUN HUK JOHYHJ[LY JYLH[PVU [L_[\YPUN HUK HUPTH[PVU ,TWOHZPZ ^PSS IL WSHJLK VU [OL PTWVY[PUN VM TVKLSZ MYVT [OL LU]PYVUTLU[ HUK L_WVY[PUN VM JVTWSL[LK TVKLSZ [V V[OLY HWWSPJH[PVUZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
5L[^VYR :LJ\YP[` 7YLYLX\PZP[LZ! *0: *0: (U V]LY]PL^ JV\YZL VM ZLJ\YP[` [VWPJZ HZ P[ HWWSPLZ [V H [`WPJHS :LY]LY IHZLK UL[^VYR *V\YZL VM Z[\K` PUJS\KLZ :LJ\YP[` ,_HT JVU[LU[! H\[OLU[PJH[PVU YLTV[L HJJLZZ L_[LYUHS H[[HJRZ PU[Y\ZPVU KL[LJ[PVU ^LI HUK LTHPS ZLJ\YP[` HUK KPZHZ[LY YLJV]LY` 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
0U[YVK\J[PVU [V 5L[^VYRPUN (U V]LY]PL^ VM JVTW\[LY OHYK^HYL ZVM[^HYL UL[^VYRZ 0U[LYUL[ ^LI HWWSPJH [PVUZ Z`Z[LTZ ZLJ\YP[` HUK [YV\ISLZOVV[ PUN ;V IL \ZLK HZ HU PU[YVK\J[PVU [V [OL 5L[^VYR (KTPUPZ[YH[PVU WYVNYHT VY [V Z\WWSLTLU[ HUV[OLY JVTW\[LY YLSH[LK KLNYLL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
:\Y]L` VM 6WLYH[PUN :`Z[LTZ (U V]LY]PL^ Z[\K` VM 6WLYH[PUN :`Z[LTZ MYVT [L_[ IHZLK +6: Z`Z[LTZ [OYV\NO [OL IP[ .<0 PU[LYMHJL 6WLYH[PUN :`Z[LTZ ;OL IYVHK L_WVZ\YL PZ HWWYVWYPH[L MVY [OL ILNPUULY I\[ [OL KLW[O VM Z[\K` HSZV THRLZ P[ HWWYVWYPH[L MVY [OL HK]HUJLK Z[\KLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼ 0; :LTPUHY
7YLYLX\PZP[LZ! *0: *0: 7SHJLZ LTWOHZPZ VU [OL Z[\KLU[»Z VU [OL QVI L_WLYPLUJLZ 1VI YLSH[LK HW[P[\KL [LZ[Z HZ ^LSS HZ QVI O\U[PUN [LJOUPX\LZ HYL KPZJ\ZZLK 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
*0:
â&#x2013;¼
*SPLU[ 6WLYH[PUN :`Z[LT ( JVTWYLOLUZP]L L_HTPUH[PVU VM *SPLU[ 6WLYH[PUN :`Z[LTZ *V\YZL VM Z[\K` PUJS\KLZ I\[ PZ UV[ SPTP[LK [V 4PJYVZVM[ JSPLU[ VWLYH[PUN Z`Z[LTZ ;VWPJZ PUJS\KL PUZ[HSSH[PVU JVUÃ&#x201E;N\YH[PVU VW[PTPaH[PVU HKTPUPZ[YH[PVU UL[^VYR PU[LNYH[PVU HUK V[OLY Z\WWVY[ PZZ\LZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
5L[^VYRPUN ,ZZLU[PHSZ 7YLYLX\PZP[LZ! ,,; (U PU[YVK\J[PVU [V UL[^VYRPUN [LJOUVSVN` MVY 3VJHS (YLH 5L[^VYRZ 3(5Z >PKL (YLH 5L[^VYRZ >(5Z HUK [OL 0U[LYUL[ +LZPNULK MVY [OVZL ZLLRPUN H JHYLLY PU UL[^VYR HKTPUPZ[YH[PVU HUK Z\WWVY[ VY [OVZL ZLLRPUN WYVMLZZPVUHS JLY[PÃ&#x201E;JH[PVU 3LHKZ [V^HYK 5L[^VYR *LY[PÃ&#x201E;JH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
:`Z[LTZ +LZPNU 7YLYLX\PZP[LZ! *0: *0: *0: *0: *0: :[\K` VM [OL :`Z[LTZ +L]LSVWTLU[ 3PML *`JSL PUJS\KPUN KVJ\TLU[H[PVU Z[HUKHYKZ ZVM[^HYL WHJRHNLZ KH[H JVTT\UPJH[PVUZ HUK Z`Z[LTZ JVU]LYZPVUZ ^PSS IL JV]LYLK
,TWOHZPZ PZ WSHJLK VU HUHS`aPUN KLZPNU PUN PTWSLTLU[PUN HUK KVJ\TLU[PUN H JVTWSL[L Z`Z[LT 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
:LY]LY 6WLYH[PUN :`Z[LTZ 7YLYLX\PZP[LZ! *0: ( JVTWYLOLUZP]L L_HTPUH[PVU VM ZLY]LY VWLYH[PUN Z`Z[LTZ *V\YZL VM Z[\K` PUJS\KLZ I\[ PZ UV[ SPTP[LK [V 4PJYVZVM[ ZLY]LY VWLYH[PUN Z`Z[LTZ ;VWPJZ PUJS\KL PUZ[HSSH[PVU JVUÃ&#x201E;N\YH[PVU VW[PTPaH[PVU HKTPUPZ[YH[PVU UL[^VYR PU[LNYH[PVU HUK V[OLY Z\WWVY[ PZZ\LZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
(K] :LY]LY 6WLYH[PUN :`Z[LT 7YLYLX\PZP[LZ! *0: (U HK]HUJLK JV\YZL PU [OL KLZPNU PUZ[HSSH[PVU JVUÃ&#x201E;N\YH[PVU HUK Z\WWVY[ VM H 3VJHS (YLH 5L[^VYR \ZPUN [OL ZLY]LY VWLYH[PUN Z`Z[LTZ HUK [OLPY [VVSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
;*7 07 HUK 9V\[PUN 7YLYLX\PZP[LZ! *0: (U PU KLW[O Z[\K` VM [OL ;*7 07 WYV[VJVS HUK YV\[LY [LJOUVSVN` ;VWPJZ PUJS\KL PUZ[HSSH[PVU JVUÃ&#x201E;N\YH[PVU VW[PTPaH[PVU HUK HKTPUPZ[YH[PVU VM YV\[LYZ PU HU 0U[LYUL[ PU[YHUL[ VY 3(5 LU]PYVUTLU[ ;YV\ISLZOVV[ PUN UL[^VYR PU[LNYH[PVU HUK V[OLY Z\WWVY[ PZZ\LZ ^PSS HSZV IL KPZJ\ZZLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
(KVIL 7OV[VZOVW 7YLYLX\PZP[LZ! *0: VY LX\P]HSLU[ L_WLYPLUJL ;OPZ JV\YZL PU[YVK\JLZ [OL IHZPJZ VM 7OV[VZOVW HU PTHNL LKP[PUN WYVNYHT ;OLZL IHZPJZ PUJS\KL ^VYRPUN ^P[O SH`LYZ ZLSLJ[PVUZ JVSVY HKQ\Z[TLU[ WHPU[ [VVSZ Ã&#x201E;S[LYZ HUK [`WL [YHUZMVYTPUN 0THNLZ JHU IL KV^USVHKLK MYVT [OL ^LI ZJHUULK JYLH[LK \ZPUN H KPNP[HS JHTLYH VY JYLH[LK PU 7OV[VZOVW 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0:
â&#x2013;¼
(K]HUJLK 9V\[PUN 7YLYLX\PZP[LZ! *0: (U PU KLW[O SVVR H[ [OL JVTWVULU[Z VM [OL 9V\[PUN HUK :^P[JOPUN HUK [OL [VVSZ [OH[ HYL \ZLK PU [OL PTWSLTLU[H[PVU JVUÃ&#x201E;N\YH [PVU VW[PTPaH[PVU HUK [YV\ISLZOVV[PUN VM [OL 3(5 >(5 LU]PYVUTLU[ :[\K` ^PSS
SLHK [V^HYK *PZJV **5( JLY[PÃ&#x201E;JH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*0: â&#x2013;¼
(K]HUJLK +LZR[VW :RPSSZ
7YLYLX\PZP[LZ! *0: VY LX\P]HSLU[ L_WLYPLUJL 0U+LZPNU PZ H KLZR[VW W\ISPZOPUN ZVM[^HYL :[\KLU[Z ^PSS PU[LNYH[L [L_[ NYHWOPJZ JOHY[Z HUK V[OLY LSLTLU[Z [V JYLH[L KVJ\TLU[Z 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! *0: *0: *0: *0: 8\HYR?WYLZZ 0U+LZPNU 0SS\Z[YH[VY HUK 7OV[VZOVW HYL \ZLK [V JYLH[L HK]HUJLK KLZR[VW W\ISPZOPUN KLZPNUZ ,TWOHZPZ PZ WSHJLK VU JYLH[PUN `V\Y V^U Z[`SLZ NYHWOPJZ HUK SH`V\[Z 7YL WYLZZ HUK WYPU[PUN [LJOUPX\LZ HYL HSZV JV]LYLK 9LWLH[HISL ;PTLZ *VYLX\PZP[L JV\YZLZ! *0: *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
*0:
7YLYLX\PZP[LZ! *0: VY LX\P]HSLU[ L_WLYPLUJL (KVIL 0SS\Z[YH[VY ZVM[^HYL H 7VZ[:JYPW[ IHZLK KYH^PUN WYVNYHT PZ \ZLK [V JYLH[L ZVWOPZ[PJH[LK HY[^VYR ^OPJO JHU IL PTWVY[LK PU[V V[OLY WYVNYHTZ MVY M\Y[OLY THUPW\SH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! ;`WL ^VYKZ WLY TPU\[L ;OPZ PU[YVK\J[VY` JV\YZL MVJ\ZLZ VU JYLH[PUN HUK THPU[HPUPUN ^LI WHNLZ \ZPUN ?/;43 HUK *:: JVKL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼ 0U+LZPNU
(KVIL 0SS\Z[YH[VY
*0: â&#x2013;¼ (JJLZZ
7YLYLX\PZP[LZ! *0: VY LX\P]HSLU[ L_WLYPLUJL (U PU[YVK\J[PVU [V 4PJYVZVM[ (JJLZZ H KH[HIHZL THUHNLTLU[ HWWSPJH[PVU KLZPNULK [V VWLYH[L PU [OL >PUKV^Z LU]PYVUTLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼ ,_JLS
;OL IHZPJZ VM [OL ,_JLS ZVM[^HYL WHJRHNL ^PSS IL JV]LYLK ;OPZ PUJS\KLZ ZWYLHKZOLL[ IHZPJZ MVYT\SHZ M\UJ[PVUZ JOHY[PUN KH[H THUHNLTLU[ HUK JVSSHIVYH[P]L [VVSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
+H[HIHZL 4HUHNLTLU[ 7YLYLX\PZP[LZ! *0: VY PUZ[Y\J[VY JVUZLU[ :[Y\J[\YLK 8\LY` 3HUN\HNL ^PSS IL \ZLK [V KLZPNU HUK THUHNL H KH[HIHZL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0:
â&#x2013;¼
8\HYR ?WYLZZ 7YLYLX\PZP[LZ! *0: VY LX\P]HSLU[ L_WLYPLUJL 8\HYR?7YLZZ ZVM[^HYL PZ \ZLK [V SLHYU [OL IHZPJZ VM KLZR[VW W\ISPZOPUN :[\KLU[Z \ZL [VVSZ VM 8\HYR [V TP_ [L_[ HUK NYHWOPJZ [V WYVK\JL KVJ\TLU[Z Z\JO HZ I\ZPULZZ JHYKZ Z[H[PVULY` UL^ZSL[[LYZ HUK Ã&#x2026;PLYZ 9LWLH[ HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
â&#x2013;¼
>LI 7HNL +LZPNU
*0: â&#x2013;¼
(K]HUJLK >LI 7HNL +LZPNU 7YLYLX\PZP[LZ! *0: *0: ;OPZ JV\YZL MVJ\ZLZ VU \ZPUN JSPLU[ ZPKL [LJOUVSVNPLZ [V JYLH[L PU[LYHJ[P]L ^LI WHNLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
0U[LYUL[ :`Z[LTZ HUK (WWSPJH[PVUZ (U PU[YVK\J[PVU [V UL[^VYRPUN IHZPJZ [OYV\NO [OL 0U[LYUL[ :[\KLU[Z ^PSS SLHYU HIV\[ 0U[LYUL[ ZLY]PJLZ L[PX\L[[L ZLHYJOLZ , THPS HUK V[OLY PU[LYUL[ ZRPSSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
*VTW\[LY 3VNPJ 7YLYLX\PZP[LZ! *0: VY JVUJ\YYLU[ LUYVSSTLU[ VY /: JVTW\[LY JSHZZ -HTPSPHYPaLZ [OL Z[\KLU[ ^P[O [LJOUPX\LZ HUK WYVISLT ZVS]PUN HPKZ ULJLZZHY` MVY [OL ZVS\[PVU VM JVTW\[LY WYVNYHTTPUN ;OL L_LYJPZLZ ^PSS \ZL H WYVNYHTTPUN SHUN\HNL [V KL]LSVW [OL ZRPSSZ ULLKLK MVY ZVS]PUN WYVISLTZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
7YHJ[PJHS :VM[^HYL (WWSPJH[PVUZ 0(0 )<: 7YLYLX\PZP[LZ! :[\KLU[Z T\Z[ [HRL *0: VY OH]L WYL]PV\Z /: L_WLYPLUJL 7YV]PKLZ HU VWWVY[\UP[` MVY [OL Z[\KLU[ [V ^VYR ^P[O ]HYPV\Z [`WLZ VM ZVM[^HYL VU [OL 7* ;OLZL SLHYUPUN HJ[P]P[PLZ PUJS\KL 4: >PUKV^Z >VYK 7YVJLZZPUN :WYLHKZOLL[ +LZPNU +H[HIHZL 4HUHNLTLU[ 0U[LYUL[ HJJLZZ HUK WYLZLU[H[PVU WYVNYHT 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
*04
*6:
7YLYLX\PZP[LZ! *0: VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL [LHJOLZ [OL M\UKHTLU[HSZ VM VIQLJ[ VYPLU[LK WYVNYHTTPUN 0[ KL]LSVWZ HU \UKLYZ[HUKPUN VM KH[H [`WLZ TL[OVKZ JSHZZLZ HUK VIQLJ[Z ZLSLJ[PVU HUK YLWL[P[PVU Z[Y\J[\YLZ M\UJ[PVUZ VUL HUK [^V KPTLU ZPVUHS HYYH`Z 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! 4;; *(+ (U PU[YVK\J[PVU [V [OL \ZL VM H *(+ *(4 Z`Z[LT :[\KLU[ ^PSS SLHYU [V \ZL H JVTW\[LY MVY KLZPNU HUK [V H\[VTH[PJHSS` JYLH[L WYVNYHTZ [V JVU[YVS THU\MHJ[\YPUN LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *6: *6: *6: *6: ;OPZ JV\YZL PZ H Z[\K` VM IHZPJ HUH[VT` HUK [OL YLSH[LK HYLHZ" HSZV YL[HPSPUN QVI THYRL[PUN ZRPSSZ HUK Z[\KLU[ ZHSVU PU[LYU ZOPW *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*04
*6:
7YLYLX\PZP[LZ! *(+ 4,; (U PU[YVK\J[PVU [V *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN :[\KLU[ ^PSS SLHYU [V ZL[\W WYVNYHT HUK [YV\ISLZOVV[ H *04 Z`Z[LT ;OPZ PZ [OL Ã&#x201E;UHS JV\YZL PU [OL *04 ;LJOUVS VN` KLNYLL WYVNYHT *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *6: *6: *6: *6: +LZPNULK MVY 3HRL 3HUK *VSSLNL *VZTL[VS VN` Z[\KLU[Z ^OV OH]L UV[ JVTWSL[LK [OL Z[H[L YLX\PYLK OV\YZ K\YPUN [OL YLN\SHY TVK\SLZ JYLKP[Z 3HI
6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 0
*0: â&#x2013;¼
6IQLJ[ 6YPLU[LK 7YVNYHTTPUN 00 7YLYLX\PZP[LZ! *0: ;OPZ JV\YZL [LHJOLZ HK]HUJLK JVUJLW[Z PU VIQLJ[ VYPLU[LK WYVNYHTTPUN 0[ KL]LSVWZ HU \UKLYZ[HUKPUN VM >PUKV^Z WYVNYHTTPUN L]LU[Z PUOLYP[HUJL KH[H Ã&#x201E;SLZ KH[HIHZLZ KLI\NNPUN L_JLW[PVUZ HUK >LI IHZLK HWWSPJH[PVUZ 9LWLH[HISL [PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*0: â&#x2013;¼
1H]H 7YVNYHTTPUN 7YLYLX\PZP[LZ! *0: *0: ( Z[\K` VM VIQLJ[ VYPLU[LK WYVNYHTTPUN \ZPUN [OL 1H]H SHUN\HNL 0UJS\KLZ ZJHSHY HNNYLNH[L Z[H[LTLU[Z L_WYLZZPVUZ TL[OVKZ SPIYHYPLZ JSHZZLZ HUK VIQLJ[Z +L]LSVWTLU[ VM VIQLJ[Z PUJS\KPUN [OL JVUJLW[Z VM WVS`TVYWOPZT LUJHWZ\SH[PVU HUK PUOLYP[HUJL HYL JV]LYLK 9LWLH[HISL [PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*VTW\[LY 0U[LNYH[LK 4HU\M *04 *04 â&#x2013;¼
0UK\Z[YPHS 9VIV[PJZ ( JVTWYLOLUZP]L Z[\K` VM PUK\Z[YPHS YVIV[PJZ \ZLK PU JVTW\[LY PU[LNYH[LK THU\ MHJ[\YPUN Z`Z[LTZ :VTL HYLHZ VM Z[\K` PUJS\KL OPZ[VY` JSHZZPÃ&#x201E;JH[PVU [VVSPUN ZLUZVYZ ZHML[` HUK Q\Z[PÃ&#x201E;JH[PVU VM YVIV[PJ Z`Z[LTZ ;OL Z[\KLU[ ^PSS SLHYU YVIV[PJZ YLSH[LK [V THU\MHJ[\YPUN HUK M\UKHTLU[HS YVIV[PJ WYVNYHTTPUN 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
*04
*VTW\[LY (PKLK 4HU\MHJ[\YPUN
*VTW\[LY 0U[LNYH[LK 4HUM
*VZTL[VSVN` *6: *6:
*VZTL[VSVN` 0 ;OPZ JV\YZL MVJ\ZLZ VU WYVMLZZPVUHS Y\SLZ HUK YLN\SH[PVUZ ZOHTWVVPUN IHZPJ JOLTPZ[Y` OHPY ZOHWPUN IHJ[LYPVSVN` MHJPHSZ ZJHSW [YLH[TLU[Z ZHUP[H[PVU HUK ZHML[` MVY Z[\KLU[Z HUK JSPLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6:
*VZTL[VSVN` 00 7YLYLX\PZP[LZ! *6: ;OPZ JV\YZL MVJ\ZLZ VU [OLYTHS KLZPNUPUN WLYTHULU[ ^H]PUN THUPJ\YPUN WLKPJ\Y PUN THRL \W [LJOUPX\LZ HUK OHPY JVSVYPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6:
*VZTL[VSVN` 000 7YLYLX\PZP[LZ! *6: *6: ;OPZ JV\YZL JVUZPZ[Z VM HK]HUJLK OHPY JVSVYPUN KLJVSVYPaPUN OHPY Z[`SPUN JVTWL[P[PVU Z\WLYÃ&#x2026;\V\Z OHPY HY[PÃ&#x201E;JPHS UHPSZ W/ JOLTPZ[Y` HUK JOLTPJHS YLSH_PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*5* 4HJOPUPUN
*6:
7YLYLX\PZP[LZ! *(+ 0U[YVK\J[PVU [V JVTW\[LY U\TLYPJHS JVU[YVSSLK *5* THJOPUL [VVS VWLYH[PVU WYVNYHTTPUN HUK WYVJLZZLZ 4HU\HS HUK JVTW\[LY HZZPZ[LK WHY[ WYVNYHTTPUN ^P[O THJOPUL [VVS ]LYPÃ&#x201E;JH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *6: *6: *6: ;OPZ JV\YZL MVJ\ZLZ VU UHPS Z[Y\J[\YL PUJS\KPUN KPZVYKLYZ HUK KPZLHZLZ KLYTH[VS VN` KPZVYKLYZ VM [OL ZRPU HUK ZJHSW LSLJ[YPJP[` HY[PÃ&#x201E;JPHS OHPY HUK HK]HUJLK JOLTPZ[Y` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*VZTL[VSVN` 0=
*VZTL[VSVN` =
*VZTL[VSVN` *SPUPJ
*6:
:HSVU 4HUHNLTLU[ *V]LYZ HYLHZ VM VWWVY[\UP[` HUK [OL V\[SVVR MVY ZTHSS I\ZPULZZ THUHNLYZ Z\JJLZZ HUK MHPS\YL WH[[LYUZ JHWP[HS ULLKZ HUK ZV\YJLZ VYNHUPaPUN KPYLJ[PUN JVU[YVSSPUN Ã&#x201E;UHUJL SVJH[PVUZ MHJPSP[PLZ THYRL[PUN HUK PU]LU[VY` JVU[YVS JYLKP[Z 3LJ[\YL
*6:
*VTW\[LY (WWS MVY *VZTL[VSVN` 7YV]PKLZ HU VWWVY[\UP[` MVY [OL Z[\KLU[ [V ^VYR ^P[O ]HYPV\Z [`WLZ VM ZVM[^HYL VU [OL TPJYVJVTW\[LY ;OLZL SLHYUPUN HJ[P]P[PLZ PUJS\KL 4: >PUKV^Z ^VYK WYVJLZZPUN ZWYLHKZOLL[ KLZPNU KH[HIHZL THUHNLTLU[ 0U[LYUL[ HJJLZZ HUK JVZTL[VSVN` ZWLJPÃ&#x201E;J ZVM[^HYL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*6:
*VZTL[VSVN` ;LHJOLY 0 ;OPZ JV\YZL PZ KLZPNULK [V KL]LSVW IHZPJ JVZTL[VSVN` [LHJOPUN ZRPSSZ" H Z[\K` VM IHZPJ [OLVY` HUK M\UKHTLU[HS WYPUJPWSLZ VM [LHJOPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6:
*VZTL[VSVN` ;LHJOLY 00 7YLYLX\PZP[LZ! *6: ;OPZ JV\YZL WYV]PKLZ Z\WLY]PZLK Z[\KLU[ [LHJOPUN" WYLWHYH[PVU HUK WYLZLU[H[PVUZ VM SLZZVU WSHUZ L]HS\H[PVU VM Z\IQLJ[ TH[[LY I\ZPULZZ WYVJLK\YLZ YLSH[LK [V [OL VWLYH[PVU VM H JVZTL[VSVN` ZJOVVS *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6:
*VZTL[VSVN` ;LHJOLY 000 7YLYLX\PZP[LZ! *6: ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM WYLZLU[PUN ]HYPV\Z LK\JH[PVUHS TL[OVKZ! [LZ[PUN Z[\KLU[ HUK JVTWSL[PUN H [LHJOPUN WVY[MVSPV *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6: â&#x2013;¼
5HPS ;LJOUVSVN` 0 *V\YZL PZ KLZPNULK [V PUZ[Y\J[ Z[\KLU[Z PU IHZPJ THUPJ\YLZ WLKPJ\YLZ KPZPUMLJ[PUN PTWSLTLU[Z HUK IHJ[LYPVSVN` ;OL JV\YZL ^PSS HSZV PUJS\KL UHPS Z[Y\J[\YL WHYHMÃ&#x201E;U ^H_ [YLH[TLU[Z HUH[VT` VM [OL OHUKZ HUK MLL[ HUK YLJVNUP[PVU VM UHPS KPZVYKLYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*6:
5HPS ;LJOUVSVN` 00 7YLYLX\PZP[LZ! *6: *V\YZL PZ KLZPNULK [V PUZ[Y\J[ Z[\KLU[Z PU [OL \ZL HUK JHYL VM LSLJ[YPJ Ã&#x201E;SLZ ZHSVU I\ZPULZZ HUK YL[HPSPUN (K]HUJLK [LJO UPX\LZ Z\JO HZ UHPS [PW HWWSPJH[PVU UHPS ^YHWZ HJY`SPJ UHPSZ ZJ\SW[\YLK UHPSZ NLS UHPSZ HUK UHPS HY[ HYL HSZV PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
6WLU [V JYPTPUHS Q\Z[PJL THQVYZ VUS` :\IQLJ[ [V PU[LYUZOPW JVVYKPUH[VY HUK HNLUJ` HWWYV]HS PUJS\KPUN IHJRNYV\UK JOLJR *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*1:
0U[YV *YPTPUHS 1\Z[ 0(0 *91 -VJ\ZLZ VU HU V]LY]PL^ VM [OL Q\Z[PJL Z`Z[LT ^P[O LTWOHZPZ VU [OL [V[HS Z`Z[LT VM WVSPJL JV\Y[Z HUK JVYYLJ[PVUZ JYLKP[Z 3LJ[\YL
*1:
*VYYLJ[PVUZ 0(0 *91 ,UHISLZ [OL Z[\KLU[ [V KL]LSVW HU \UKLYZ[HUKPUN VM [OL J\YYLU[ WYVISLTZ PU JVYYLJ[PVUHS PUZ[P[\[PVUZ :LU[LUJPUN [YLUKZ HS[LYUH[P]LZ [V PUJHYJLYH[PVU PUTH[L SPML VM WVW\SH[PVU HUK [OLPY LMMLJ[ VU [OL Z`Z[LT ^PSS IL L_HTPULK JYLKP[Z 3LJ[\YL
+LU[HS /`NPLUL +/@
*1:
+/@
-VJ\ZLZ VU [OL M\UKHTLU[HSZ VM PU]LZ[PNH [PVU JYPTL ZJLUL HWWSPJH[PVUZ HUK PU]LZ[PNH[P]L [LJOUPX\LZ HUK WYVJLK\YLZ <WVU JVTWSL[PVU VM [OPZ JV\YZL [OL Z[\KLU[ ^PSS \UKLYZ[HUK [OL [OLVY` HUK WYHJ[PJHSP[` VM PU]LZ[PNH[PVU MYVT JYPTL ZJLUL [V JV\Y[YVVT JYLKP[Z 3LJ[\YL
;OPZ JV\YZL PZ KLZPNULK [V TLL[ [OL LK\JH[PVUHS YLX\PYLTLU[Z HUK SHI L_WLYP LUJL ULJLZZHY` MVY [OL +LU[HS (ZZPZ[HU[ [V IL JLY[PÃ&#x201E;LK [V WSHJL WP[ HUK Ã&#x201E;ZZ\YL ZLHSHU[Z PU [OL VMÃ&#x201E;JL JYLKP[Z 3LJ[\YL
*YPTPUHS 0U]LZ[PNH[PVU 0
*1:
7P[ HUK -PZZ\YL :LHSHU[Z
+/@
*VYVUHS 7VSPZOPUN +LU[HS (ZZ[
;OPZ JV\YZL MVJ\ZLZ VU [OL K\[PLZ HUK YLZWVUZPIPSP[PLZ VM [OL WH[YVS VMÃ&#x201E;JLY ;VWPJZ JV]LYLK ^PSS PUJS\KL YV\[PUL WH[YVS [YHMÃ&#x201E;J LUMVYJLTLU[ HUK VMÃ&#x201E;JLY Z\Y]P]HS JYLKP[Z 3LJ[\YL
;OPZ JV\YZL ^PSS TLL[ [OL SLNHS YLX\PYL TLU[Z YLNHYKPUN JVYVUHS WVSPZOPUN I` +LU[HS (ZZPZ[HU[Z ;OPZ JV\YZL ^PSS PUJS\KL H TPUPT\T VM MV\Y OV\YZ VM KPKHJ[PJ Z[\K` PU HUH[VT` WO`ZPVSVN` WOHYTHJVSVN` KLU[HS LTLYNLUJPLZ HUK [^V OV\YZ VM JSPUPJHS PUZ[Y\J[PVU JYLKP[Z 3LJ[\YL
*6: â&#x2013;¼
*1:
+/@
7YLYLX\PZP[LZ! *6: *6: *V\YZL PZ KLZPNULK [V PUZ[Y\J[ Z[\KLU[Z PU [OL \ZL HUK JHYL VM LSLJ[YPJ Ã&#x201E;SLZ ZHSVU I\ZPULZZ HUK YL[HPSPUN (K]HUJLK [LJO UPX\LZ Z\JO HZ UHPS [PW HWWSPJH[PVU UHPS ^YHWZ HUK UHPS HY[ HYL PUJS\KLK 9LWLH[ HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
( Z[\K` VM [OL JVUJLW[ VM ZVJPHS VYKLY L_HTPUPUN JYPTPUHS SH^ *YPTL PZ KLÃ&#x201E;ULK HUK L_HTPULK HZ PZ JYPTPUHS YLZWVUZPIPSP[` TLU[HS Z[H[L WO`ZPJHS HJ[ HUK V[OLY M\UKHTLU[HS SLNHS KVJ[YPULZ JYLKP[Z 3LJ[\YL
5HPS ;LJOUVSVN` 000
*6: â&#x2013;¼
5HPS ;LJOUVSVN` 0= 7YLYLX\PZP[LZ! *6: *6: *6: *V\YZL PZ KLZPNULK MVY PU[LUZL PUZ[Y\J[PVU VM HK]HUJLK [LJOUPX\LZ PUJS\KPUN HJY`SPJ UHPSZ ZJ\SW[\YLK UHPSZ HUK NLS UHPSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*YPTPUHS 1\Z[PJL *1: *1:
*YPTPUHS 1\Z[PJL :LTPUHY 0U[LYUZOPW 7YLYLX\PZP[LZ! :VWOVTVYL Z[HUKPUN" JYLKP[ OV\YZ VM *1: JSHZZLZ 6MM JHTW\Z ^VYR L_WLYPLUJL PU [OL JYPTPUHS Q\Z[PJL Ã&#x201E;LSK :[\KLU[Z ^PSS IL HZZPNULK [V H JYPTPUHS Q\Z[PJL HNLUJ` Z HUK VIZLY]L [OL JYPTPUHS Q\Z[PJL Ã&#x201E;LSK
7VSPJL 6WLYH[PVUZ
*YPTPUHS 3H^ 0(0 *91
*1:
1\]LUPSL 1\Z[PJL 0(0 *91 +LZPNULK [V MHTPSPHYPaL [OL Z[\KLU[ ^P[O KL]LSVWTLU[ HUK [YLUKZ PU [OL Q\]LUPSL Q\Z[PJL Z`Z[LT 0[ PUJS\KLZ KLSPUX\LUJ` WYL]LU[PVU JH\ZH[PVU VM Q\]LUPSL JYPTL HUK [YLH[TLU[ HUK JVU[YVS VM [OL Q\]LUPSL KLSPUX\LU[ JYLKP[Z 3LJ[\YL
*1:
*YPTPUHS ,]PKLUJL HUK 7YVJLK\YL 7YLYLX\PZP[LZ! *1: -VJ\ZLZ VU [OL HWWSPJH[PVU VM *VUZ[P[\[PVUHS SH^ 7YVJLK\YHS YLZWVUZPIPSP[PLZ VM [OL WVSPJL HZ [OL` HWWS` [V [OL JVUZ[P[\[PVUHS YPNO[Z VM [OL PUKP]PK\HS ^PSS IL LTWOHZPaLK JYLKP[Z 3LJ[\YL
5P[YV\Z 6_PKL +LU[HS (ZZPZ[HU[ ;OL 0SSPUVPZ +LU[HS 7YHJ[PJL (J[ PKLU[PÃ&#x201E;LZ UP[YV\Z V_PKL ZLKH[PVU TVUP[VYPUN HZ H KLU[HS HZZPZ[PUN K\[` ;OL +LU[HS (ZZPZ[HU[ ^PSS YLJLP]L KPKHJ[PJ HUK JSPUPJHS [YHPUPUN [OH[ ^PSS X\HSPM` OPT OLY [V TVUP[VY [OPZ MVYT VM WHPU JVU[YVS JYLKP[Z 3LJ[\YL
+/@
+LU[HS ;LYTPUVSVN` 7YLWHYLZ Z[\KLU[ [V LU[LY [OL KLU[HS O`NPLUL WYVNYHT I` [OL PU[YVK\J[PVU VM [LYTZ JVTTVUS` \ZLK PU [OL WYHJ[PJL VM KLU[PZ[Y` HUK KLU[HS O`NPLUL ;OL Z[\KLU[ ^PSS HSZV IL L_WVZLK [V IHZPJ U\TILYPUN Z`Z[LTZ HUK JOHY[PUN TL[OVKZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
+/@
+LU[HS /`NPLUL )VHYK 9L]PL^ .LULYHSPaLK YL]PL^ VM KLU[HS O`NPLUL J\YYPJ\S\T [OH[ OLSWZ [V WYLWHYL [OL Z[\KLU[ [V [HRL [OL 5H[PVUHS +LU[HS /`NPLUL )VHYK ,_HTPUH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
+/@
+/@
+/@
;OPZ JV\YZL PZ KLZPNULK [V LK\JH[L HUK NP]L JSPUPJHS L_WLYPLUJL [V [OL +LU[HS /`NPLUPZ[ PU [OL HKTPUPZ[YH[PVU VM SVJHS HULZ[OLZPH PU JVTWSPHUJL ^P[O [OL +LU[HS 7YHJ[PJL (J[ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! +/@ ( JVU[PU\H[PVU VM 7YLJSPUPJ 0" 7YLJSPUPJ 00 JVU[PU\LZ ^P[O [OL KL]LSVWTLU[ VM JSPUPJHS ZRPSSZ ,TWOHZPZ ^PSS IL WSHJLK VU WYL]LU [PVU [OYV\NO WH[PLU[ LK\JH[PVU ;OL Z[\KLU[ ^PSS WYV]PKL [YLH[TLU[ MVY SP]L WH[PLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! +/@ +LZPNULK [V PTWYV]L [OL JSPUPJHS ZRPSSZ VM [OL KLU[HS O`NPLUL Z[\KLU[ -VJ\Z PZ VU [V[HS HZZLZZTLU[ VM PUKP]PK\HS WH[PLU[ ULLKZ HK]HUJLK PUZ[Y\TLU[H[PVU WYVJL K\YLZ HUK [OL ZWLJPHS ULLKZ WH[PLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+/@
+/@
.P]LZ H IYPLM PUZPNO[ PU[V NLULYHS WYPUJPWSLZ VM WH[OVSVN` ^P[O OLH]` LTWOHZPZ VU ZWLJPÃ&#x201E;JZ VM VYHS WH[OVSVN` ;LYTPUVSVN` ^PSS IL [H\NO[ PU HKKP[PVU [V KLZJYPW[PVU VM VYHS KPZLHZLZ SLZPVUZ HUK [OLPY [YLH[TLU[ JYLKP[Z 3LJ[\YL
( JVTWYLOLUZP]L Z[\K` VM [OL ZJPLUJL VM KLU[HS TH[LYPHSZ HUK [OLPY HWWSPJH[PVU PU KLU[HS O`NPLUL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(KTPU VM 3VJHS (ULZ[OL[PJZ
+/@ 9HKPVSVN`
;OPZ JV\YZL PZ KLZPNULK [V PUJS\KL [OL WYPUJPWSLZ HUK IPVSVNPJHS LMMLJ[Z VM YHKPH[PVU HUK ZHML[` TLHZ\YLZ \ZLK PU KLU[HS YHKPVSVN` *VYYLJ[ TL[OVKZ VM L_WVZPUN WYVJLZZPUN HUK TV\U[PUN PU[YHVYHS YHKPVNYHWOZ MVY KPHNUVZ[PJ W\YWVZLZ ^PSS IL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+/@
+LU[HS (ZZPZ[PUN (U ^LLR TVK\SL PU +LU[HS (ZZPZ[PUN [V WYLWHYL [OL Z[\KLU[ PU [OVZL HYLHZ WLY[PULU[ MVY LTWSV`TLU[ PU [OL KLU[HS VMÃ&#x201E;JL +VLZ UV[ X\HSPM` MVY -LKLYHS ;P[SL =0 Ã&#x201E;UHUJPHS HPY VY 0SSPUVPZ 4VUL[HY` (^HYK 4(7 *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+/@
+LU[HS (UH[VT` /PZ[ +LZPNULK [V WYV]PKL H [OVYV\NO RUV^SLKNL VM [OL OLHK ULJR [LL[O HUK YLSH[LK Z[Y\J[\YLZ I` MVSSV^PUN [OLPY NYV^[O KL]LSVWTLU[ HUK M\UJ[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+/@
+LU[HS /`NPLUL 0 +LZPNULK [V HJX\HPU[ [OL ILNPUUPUN KLU[HS O`NPLUL Z[\KLU[ ^P[O K\[PLZ HUK YLZWVUZPIPSP[PLZ PU [OL JSPUPJHS HZWLJ[ VM [OL WYVMLZZPVU HUK [OL YVSL [OL O`NPLUPZ[ WSH`Z PU [VKH`»Z OLHS[O JYLKP[Z 3LJ[\YL
+/@
7YL *SPUPJ /`N 0 (U PU[YVK\J[PVU [V [OL K\[PLZ HUK IHZPJ ZRPSSZ [OL KLU[HS O`NPLUPZ[ \ZLZ PU KHPS` JSPUPJHS WYHJ[PJL *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
+/@
+LU[HS /`NPLUL 00 7YLYLX\PZP[LZ! +/@ ( JVU[PU\H[PVU VM +LU[HS /`NPLUL 0 HK]HUJLK PUZ[Y\TLU[H[PVU HUK L]HS\H[PVU VM [OL WH[PLU[»Z VYHS OLHS[O HYL NP]LU NYLH[LY H[[LU[PVU (U PU[YVK\J[PVU [V LTLYNLUJPLZ PU [OL KLU[HS VMÃ&#x201E;JL HUK H JVU[PU\H[PVU VM WYL]LU[P]L KLU[PZ[Y` HUK WH[PLU[ LK\JH[PVU HYL PUJS\KLK JYLKP[Z 3LJ[\YL
7YL *SPUPJ /`N 00
7H[OVSVN`
+/@
7LYPVKVU[VSVN` -VJ\ZLZ VU [OL JSPUPJHS HZWLJ[Z VM [OL KPMMLYLU[ MVYTZ VM WLYPVKVU[HS KPZLHZL HUK WOPSVZVWO` VM [YLH[TLU[ [OL YVSL VM [OL KLU[HS O`NPLUPZ[ PU WH[PLU[ LK\JH[PVU MVY [OL WYL]LU[PVU VM WLYPVKVU[HS WYVISLTZ HUK [OL JOHPYZPKL THUHNLTLU[ VM [OLZL WH[OVSVNPJHS JVUKP[PVUZ JYLKP[Z 3LJ[\YL
+/@
+LU[HS /`NPLUL :LTPUHY ;OPZ VUL OV\Y JYLKP[ JV\YZL M\Y[OLY PU[YV K\JLZ [OL KLU[HS O`NPLUL Z[\KLU[ [V JSPUPJHS YLZWVUZPIPSP[PLZ YLX\PYLK PU WYV]PKPUN WH[PLU[ [YLH[TLU[ JYLKP[Z 3LJ[\YL
+/@ *SPUPJ 0
7YLYLX\PZP[LZ! +/@ 9LX\PYLZ [OL Z[\KLU[ [V WLYMVYT \UKLY Z\WLY]PZPVU H ZWLJPÃ&#x201E;J U\TILY VM VYHS WYVWO`SH_PZ VU JOPSK HUK HK\S[ WH[PLU[Z :VTL HK]HUJLK ZRPSSZ ^PSS IL PU[YVK\JLK HUK L_WLYPLUJL PZ NHPULK PU Z[LYPSPaH[PVU HUK YLJLW[PVU YLZWVUZPIPSP[PLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
+/@
7OHYTHJVSVN` ;OL Z[\K` VM KY\NZ HMMLJ[PUN [OL WYHJ[PJL VM KLU[PZ[Y` JYLKP[Z 3LJ[\YL
+/@
+LU[HS /`NPLUL 000 7YLYLX\PZP[LZ! +/@ ;OPZ JV\YZL WYV]PKLZ MVY JVU[PU\PUN HK]HUJLTLU[ PU JSPUPJHS HUK JVTT\UP[` ZL[[PUNZ *VU[LU[ PUJS\KLZ [YLH[TLU[ VM ZWLJPHS ULLKZ WH[PLU[Z KL]LSVWTLU[ VM H WYL ZJOVVS LK\JH[PVUHS TVKLS HUK KLZPNUPUN H JVTT\UP[` KLU[HS OLHS[O WYVQLJ[ JYLKP[Z 3LJ[\YL
*SPUPJ 00
3HI 7YVJLK +LU[ /`N
+/@
,_W +\[PLZ +LU[ /`N 7YLWHYLZ Z[\KLU[Z [V WLYMVYT L_WHUKLK K\[PLZ WLYTP[[LK I` [OL J\YYLU[ +LU[HS 7YHJ[PJL (J[ VM 0SSPUVPZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+/@
+LU[ 7\ISPJ /LHS[O (WWSPJH[PVUZ VM [OL KLU[HS W\ISPJ OLHS[O Z\Y]L` HUHS`ZPZ WYVNYHT WSHU WYVNYHT VWLYH[PVU Ã&#x201E;UHUJL HUK HWWYHPZHS WYVJL K\YLZ ^PSS IL JVUK\J[LK PU [OL U\YZPUN JHYL OVTLZ HUK ZJOVVSZ VM [OL JVTT\UP[` *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
+/@
+LU[HS /`NPLUL 0= ;OPZ JV\YZL PZ KLZPNULK [V NP]L PUZPNO[ PU[V [OL HWWSPJH[PVUZ VM KLU[HS O`NPLUL WYHJ[PJL HUK Z[YLZZ [OL KL]LSVWTLU[ VM WYVMLZZPVUHS PZT 0U[YVK\J[PVU [V [OL 0SSPUVPZ +LU[HS 7YHJ[PJL (J[ L[OPJZ HUK Q\YPZWY\KLUJL HUK [OL OPZ[VY` HUK VYNHUPaH[PVU VM [OL (TLYPJHU +LU[HS /`NPLUPZ[Z» (ZZVJPH[PVU JYLKP[Z 3LJ[\YL
+/@ *SPUPJ 000
7YLYLX\PZP[LZ! +/@ *VU[PU\LK HK]HUJLTLU[ VM JSPUPJHS JVTWL[LUJ` PZ Z[YLZZLK ;OL Z[\KLU[ PZ YLX\PYLK [V WLYMVYT L_WHUKLK M\UJ[PVUZ PU JSPUPJHS ZP[\H[PVUZ [V IYVHKLU JSPUPJHS L_WLYPLUJL" [YLH[TLU[ ^PSS IL WYV]PKLK MVY WH[PLU[Z MYVT ZLSLJ[LK V\[ZPKL HNLUJPLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,HYS` *OPSKOVVK ,K\JH[PVU ,*, ,*, â&#x2013;¼
;OL *YLH[P]L 7SH` *SHZZYVVT ;OL LTWOHZPZ PU [OPZ JV\YZL PZ VU KL]LSVWPUN OHUKZ VU TH[LYPHSZ [OH[ LUOHUJL WSH` PU H JYLH[P]L SLHYUPUN LU]PYVUTLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
0UMHU[ ;VKKSLY ,U]PYVUTLU[ ;OPZ JV\YZLZ LTWOHZPaLZ [OL JOHYHJ[LYPZ[PJZ VM OPNO X\HSP[` PUMHU[ [VKKSLY JHYLNP]LYZ J\YYPJ\S\T PUKVVY V\[KVVY ZWHJL HUK WSH` LX\PWTLU[ [V`Z ]P[HS MVY KL]LSVWTLU[HS SLHYUPUN *V\YZL YLX\PYLTLU[Z PUJS\KL OV\YZ VM OHUKZ VU WYHJ[PJ\T PU H JVTT\UP[` ZL[[PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
/LHKZ <W 9LHKPUN ;OPZ JV\YZL MVJ\ZLZ VU KL]LSVWTLU[HSS` HWWYVWYPH[L TL[OVKZ MVY LUOHUJPUN SP[LYHJ` KL]LSVWTLU[ PU `V\UN JOPSKYLU MYVT IPY[O [OYV\NO HNL Ã&#x201E;]L HUHS`aPUN HUK ZLSLJ[PUN SP[LYH[\YL MVY KP]LYZL NYV\WZ [OL [LHJOLY»Z YVSL PU WYVTV[PUN SHUN\HNL HUK SP[LYHJ` HUK HWWS`PUN [OLZL TL[OVKZ PU LHYS` JOPSKOVVK ZL[[PUNZ JYLKP[Z 3LJ[\YL
,*,
,HYS` *OPSKOVVK *SPUPJHS 7YLYLX\PZP[LZ! ,*, VY HWWYV]HS I` WYVNYHT JVVYKPUH[VY ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z L_WLYPLUJL PU WYLWHYPUN HUK PTWSLTLU[PUN KL]LSVWTLU [HSS` HWWYVWYPH[L HJ[P]P[PLZ :[\KLU[Z NHPU \UKLYZ[HUKPUN VM JSHZZYVVT THUHNLTLU[ [LJOUPX\LZ HUK HYLHZ VM MVJ\Z ^OLU WSHUUPUN ;OL JV\YZL PUJS\KLZ OV\YZ VM WYHJ[PJHS L_WLYPLUJL PU [OL VU ZP[L *OPSK *HYL 3HI *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
,*,
0UZ[Y\J[PVUHS 4L[OVKZ ;OPZ JV\YZL LUHISLZ Z[\KLU[Z [V KV [V[HS WYVNYHT WSHUUPUN JVUZPZ[LU[ ^P[O [OL KL]LSVWTLU[HS ULLKZ VM JOPSKYLU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
5HUU` -HTPS` 9LSH[PVUZ -VJ\ZLZ VU ZWLJPÃ&#x201E;J YLZWVUZPIPSP[PLZ VM [OL UHUU` HZ H WYVMLZZPVU HZ ^LSS HZ PU[LYWLY ZVUHS YLSH[PVUZOPWZ HUK WLYZVUHS HKQ\Z[TLU[ ^P[OPU [OL SP]L PU MHTPS` ZL[[PUN JYLKP[Z 3LJ[\YL
,*,
6YNHUPaH[PVU 4N[ VM 7YLZJOVVSZ ;OPZ JV\YZL MVJ\ZLZ VU Z[H[L Y\SLZ HUK YLN\SH[PVUZ MVY VWLYH[PUN H SPJLUZLK JOPSK JHYL MHJPSP[` 9VVT SH`V\[ VM HU LMÃ&#x201E;JPLU[ MHJPSP[` HYYHUNLTLU[ VM V\[ZPKL WSH`NYV\UK HYLHZ HUK [OL ZLSLJ[PVU VM M\YUP[\YL HUK LX\PWTLU[ ^PSS HSZV IL KPZJ\ZZLK JYLKP[Z 3LJ[\YL
,*,
*YLH[P]L (J[P]P[PLZ MVY *OPSKYLU ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z HU \UKLY Z[HUKPUN VM [OL ]HS\L VM HUK WYHJ[PJHS L_WLYPLUJL PU WYLWHYPUN JYLH[P]L HJ[P]P[PLZ HUK L_WLYPLUJLZ MVY JOPSKYLU ;OL Z[\KLU[ PZ NP]LU THU` VWWVY[\UP[PLZ [V L_WSVYL KL]LSVW HUK HWWYLJPH[L ]HYPV\Z [`WLZ VM JYLH[P]L TLKPH MVY WYLZJOVVS JOPSKYLU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
0U[YV [V ,HYS` *OPSKOVVK ,K\J ;OPZ JV\YZL MVJ\ZLZ VU HU V]LY]PL^ VM LHYS` JOPSKOVVK JHYL HUK LK\JH[PVU [OH[ PUJS\KLZ IHZPJ ]HS\LZ WYVMLZZPVUHS KPZWVZP[PVU WYVNYHT VWLYH[PVU OPZ[VYPJHS PUÃ&#x2026;\LUJLZ HZZLZZTLU[ HUK Z[Y\J[\YL 0UJS\KLZ OV\YZ VM WYHJ[PJ\T *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
/LHS[O :HML[` 5\[YP[PVU @V\UN *OPSK ;OPZ JV\YZL MVJ\ZLZ VU [OL OLHS[O ZHML[` HUK U\[YP[PVUHS ULLKZ VM JOPSKYLU PU NYV\W ZL[[PUNZ HZ ^LSS HZ [OL WLYZVUHS OLHS[O VM [OL PUKP]PK\HS ,TWOHZPZ PZ WSHJLK VU WYL]LU[P]L OLHS[O [OYV\NO LK\JH[PVU HUK [OL KL]LSVWTLU[ VM OLHS[O` OHIP[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,*,
*OPSK )LOH]PVY 4HUHNLTLU[ ;OPZ JV\YZL MVJ\ZLZ VU [OL \ZL VM WVZP[P]L YLKPYLJ[P]L [LJOUPX\LZ PU ZOHWPUN ILOH]PVY ZV JOPSKYLU JHU SLHYU ZLSM KPZJPWSPUL HUK ZLSM JVU[YVS 6IZLY]H[PVU VM KPZJPWSPUL WYVISLTZ HUK HUHS`aH[PVU VM WYVJLK\YLZ HYL YLX\PYLK VM [OL Z[\KLU[ JYLKP[Z 3LJ[\YL
,*,
-PLSK ,_WLYPLUJL :LTPUHY 0(0 ,*, 7YLYLX\PZP[LZ! 4VK WYPVY [V ,*, VY HWWYV]HS VM WYVNYHT JVVYKPUH[VY ;OPZ JV\YZL WYLWHYLZ [OL Z[\KLU[ MVY [OL -PLSK ,_WLYPLUJL WYHJ[PJ\T ,*, HUK PUJS\KLZ WYLWHYH[PVU VM JYLKLU[PHSZ MVY ZLLRPUN LTWSV`TLU[ JYLKP[Z 3LJ[\YL
,*,
-PLSK ,_WLYPLUJL 0(0 ,*, 7YLYLX\PZP[LZ! ,UYVSSLK PU ,*, HUK HWWYV]HS I` WYVNYHT JVVYKPUH[VY ( ¸*¹ H]LYHNL PU ,*, HUK ,+< WYLÃ&#x201E;_ JV\YZLZ PZ YLX\PYLK :\WLY]PZLK WYHJ[PJ\T KLZPNULK MVY ,HYS` *OPSKOVVK *OPSK -HTPS` :LY]PJLZ HUK 7HYHWYVMLZZPVUHS ,K\JH[PVU THQVYZ [V WYV]PKL VU [OL QVI L_WLYPLUJL 7YHJ[PJ\T ^PSS PUJS\KL HWWSPJH[PVU VM! WYVNYHT HUK JSHZZYVVT THUHNLTLU[ ZRPSSZ THUHNPUN KHPS` YV\[PULZ J\YYPJ\S\T KL]LSVWTLU[ HNLUJ` WVSPJPLZ HUK YLN\SH[PVUZ HUK LUOHUJLTLU[ VM MHTPS` PU]VS]LTLU[ *V\YZL 3L]LS -LL =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
,HY[O :JPLUJL ,:* ,:*
7O`ZPJHS .LVSVN` 0(0 7 3 7O`ZPJHS NLVSVN` Z[YLZZLZ [OL IHZPJ NLVSVNPJ JVUJLW[Z HUK WYVJLZZLZ [OH[ HYL YLZWVUZPISL MVY JYLH[PUN HUK ZOHWPUN [OL ,HY[O 4H[LYPHSZ JV]LYLK PUJS\KL [OL [VWPJZ VM! YVJRZ TPULYHSZ ]VSJHUVLZ LHY[OX\HRLZ Z[YLHT LYVZPVU ^PUK LYVZPVU NSHJPLYZ NYV\UK^H[LY ,HY[O PU[LYPVY WSH[L [LJ[VUPJZ HUK NYH]P[` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:*
>LH[OLY HUK *SPTH[L 0(0 7 3 ;OPZ JV\YZL LTWOHZPaLZ [OL K`UHTPJZ VM [OL H[TVZWOLYL ^P[O MVJ\ZLZ VU H[TVZWOLYPJ L]VS\[PVU ZLHZVUHS JVU[YVSZ VM JSPTH[L O\THU PTWHJ[Z H[TVZWOLYPJ O\TPKP[` HPY WYLZZ\YL ZL]LYL ^LH[OLY HUK JSPTH[L JSHZZPÃ&#x201E;JH[PVU ,_[LUZP]L \ZL VM 0U[LYUL[ YLZV\YJLZ HUK ZVM[^HYL ^PSS IL YLX\PYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:*
7O`ZPJHS .LVNYHWO` 0(0 7 3 :[YLZZLZ [OL WO`ZPJHS LU]PYVUTLU[ VM LHY[O ,TWOHZPZ PZ WSHJLK \WVU IHZPJ JVUJLW[Z PU NLVNYHWO` ^P[O H MVJ\Z VU [OL IPVZWOLYL SP[OVZWOLYL H[TVZWOLYL HUK O`KYVZWOLYL ,_[LUZP]L \ZL VM 0U[LYUL[ YLZV\YJLZ HUK ZVM[^HYL ^PSS IL YLX\PYLK MVY [OPZ JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:*
0U[YVK\J[PVU [V .LVNYHWOPJ 0UMV :`Z[LTZ
,K\JH[PVU ,+< ,+<
0U[YVK\J[PVU [V IHZPJ .LVNYHWOPJ 0UMVYTH [PVU :`Z[LTZ .0: JVUJLW[Z \ZPUN [OL (YJ=PL^ .0: ZVM[^HYL WYVNYHT *V\YZL ^PSS MVJ\Z VU KL]LSVWPUN IV[O H [OLVYL[PJHS IHJRNYV\UK PU [OL [LJOUVSVN` HUK YLHS ^VYSK HWWSPJH[PVUZ \ZPUN .0: [LJOUPX\LZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7HYHWYVMLZZPVUHS ;LZ[ 7YLW
,:*
,+<
7YLYLX\PZP[LZ! ,:* ;OL JV\YZL [LHJOLZ IHZPJ YHZ[LY JVUJLW[Z HUK PU[YVK\JLZ .0: TVKLSZ 0[ LTWOHZPaLZ WYVISLTZ [OH[ HYL ILZ[ ZVS]LK PU H YHZ[LY LU]PYVUTLU[ Z\JO HZ Z\YMHJL HUHS`ZPZ HUK KPZ[HUJL TLHZ\YLTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(U V]LY]PL^ VM [OL (TLYPJHU LK\JH[PVU Z`Z[LT :VJPHS OPZ[VYPJHS HUK WOPSVZVWOPJHS MV\UKH[PVUZ NP]L WLYZWLJ[P]L [V HU L_HTPUH[PVU VM J\YYLU[ PZZ\LZ WVSPJPLZ HUK [YLUKZ PU [OL Ã&#x201E;LSK VM LK\JH[PVU PUJS\KPUN J\S[\YHS KP]LYZP[` ( OV\YZ WYHJ[PJHS SHI PZ YLX\PYLK MVY [OPZ JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0U[YVK\J[PVU [V 9HZ[LY .0:
,:*
(K]HUJLK =LJ[VY .0: ;OPZ ZP_ TVK\SL JV\YZL PU[YVK\JLZ (YJ.0: HUK WYV]PKLZ [OL MV\UKH[PVU MVY ILJVTPUN H Z\JJLZZM\S (YJ=PL^ (YJ,KP[VY VY (YJ0UMV \ZLY :[\KLU[Z SLHYU OV^ [V \ZL (YJ4HW (YJ*H[HSVN HUK (YJ;VVSIV_ HUK ZLL OV^ [OL` ^VYR [VNL[OLY [V WYV]PKL H JVTWSL[L .0: ZVM[^HYL ZVS\[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,JVUVTPJZ ,*6 ,*6
;OL (TLYPJHU ,JVUVT` *VTIPULZ 4HJYVLJVUVTPJZ HUK 4PJYVLJV UVTPJZ HUK MVJ\ZLZ VU IHZPJ Z\WWS` HUK KLTHUK HUHS`ZPZ UH[PVUHS PUJVTL HJJV\U[PUN I\ZPULZZ J`JSLZ PUÃ&#x2026;H[PVU \ULTWSV`TLU[ Ã&#x201E;ZJHS HUK TVUL[HY` WVSPJ` HUK PU[LYUH[PVUHS LJVUVTPJ WYVISLTZ JYLKP[Z 3LJ[\YL
,*6
7YPUJPWSLZ VM ,JVUVTPJZ 0 4HJYV 0(0 : -VJ\ZLZ VU [OL UH[\YL HUK TL[OVK VM LJVUVTPJZ IHZPJ Z\WWS` HUK KLTHUK HUHS`ZPZ UH[PVUHS PUJVTL HJJV\U[PUN I\ZPULZZ J`JSLZ PUÃ&#x2026;H[PVU HUK \ULTWSV` TLU[ Ã&#x201E;ZJHS WVSPJ` TVUL` HUK IHURPUN HUK TVUL[HY` WVSPJ` JYLKP[Z 3LJ[\YL
,*6
;OPZ JV\YZL PZ HZ H YLMYLZOLY YL]PL^ JV\YZL MVY WHYHWYVMLZZPVUHSZ [OH[ OH]L SLHYULK [OL Z\IQLJ[ TH[[LY LHYSPLY PU [OLPY LK\JH[PVUHS L_WLYPLUJL PU VYKLY [V WYLWHYL MVY [OL 7HYHWYVMLZZPVUHS *LY[PÃ&#x201E;JH[PVU [LZ[ THUKH[LK I` [OL 5V *OPSK 3LM[ )LOPUK 5*3) (J[ JYLKP[Z 3LJ[\YL
0U[YVK\J[PVU [V ,K\JH[PVU
,+<
;LHJOPUN 3LHYUPUN > ;LJOUVSVN` 7YLYLX\PZP[LZ! *0: VY /: JVTW\[LY HWWSPJH[PVU JSHZZ ;OPZ JV\YZL MLH[\YLZ WYHJ[PJHS ^H`Z [V \ZL ]HYPV\Z [`WLZ VM [LJOUVSVN` MVY [OL 2 JSHZZYVVT [LHJOLY ;OPZ PZ H IHZPJ JV\YZL PU TPJYVJVTW\[LYZ [OLPY VWLYH[PVU HUK \[PSPaH[PVU PU 2 JSHZZYVVTZ JYLKP[Z 3LJ[\YL
,+<
0U[YVK\J[PVU :WLJPHS ,K\JH[PVU 0(0 ,*, ;OPZ JV\YZL PZ KLZPNULK [V PU[YVK\JL [OL Z[\KLU[ [V [OL Z[\K` VM L_JLW[PVUHS JOPSKYLU PUJS\KPUN H Z\Y]L` VM [OL JOPSK»Z KL]LSVWTLU[HS [YHP[Z HUK L_HTPUH[PVU VM HWWYVWYPH[L PU[LY]LU[PVU [LJOUPX\LZ ( Ã&#x201E;]L OV\Y WYHJ[PJHS SHI PZ YLX\PYLK PU [OPZ JV\YZL JYLKP[Z 3LJ[\YL
,+<
,K\JH[PVUHS 7Z`JOVSVN` 0(0 :,+ ;OL HWWSPJH[PVU VM WZ`JOVSVN` WYPUJPWSLZ [V LK\JH[PVU :WLJPHS LTWOHZPZ VU \UKLYZ[HUKPUN NYV^[O HUK KL]LSVWTLU[ [OL SLHYUPUN WYVJLZZ TV[P]H[PVU PU[LSSP NLUJL L]HS\H[PVU TLHZ\YLTLU[ JYLH[P]P[` HUK [OL PTWHJ[ VM J\S[\YL VU SLHYUPUN Z[`SLZ JYLKP[Z 3LJ[\YL
7YPUJPWSLZ VM ,JVUVTPJZ 00 4PJYV 0(0 :
,+<
7YLYLX\PZP[LZ! ,*6 -VJ\ZLZ VU MYLL LU[LYWYPZL HUK [OL LJVUVTPJ M\UJ[PVUZ VM NV]LYUTLU[ HK]HUJLK Z\WWS` HUK KLTHUK HUHS`ZPZ WYPJPUN PU JVTWL[P[P]L UVU JVTWL[P[P]L THYRL[Z HUK WYPJPUN PU YLZV\YJL THYRL[Z JYLKP[Z 3LJ[\YL
;OPZ JV\YZL PZ H Z[\K` VM OV^ ZJOVVSPUN PZ ZOHWLK I` HUK V\NO[ [V YLZWVUK [V [OL ZVJPHS JVU[L_[Z PU ^OPJO P[ VJJ\YZ WHY[PJ\ SHYS` PU T\S[PJ\S[\YHS HUK NSVIHS JVU[L_[Z JYLKP[Z 3LJ[\YL
+P]LYZP[` PU :JOVVSZ HUK :VJPL[PLZ
,SLJ[YVUPJ ,UNPULLYPUN ;LJO ,,; ,,;
)HZPJ ,SLJ[YVUPJZ +L]LSVWZ HU \UKLYZ[HUKPUN VM [OL IHZPJ +* LSLJ[YPJP[` JVUJLW[Z Z\JO HZ ]VS[HNL J\YYLU[ YLZPZ[HUJL WV^LY HUK LULYN` ;OL JV\YZL JV]LYZ YLZPZ[P]L JPYJ\P[Z [OYV\NO ZLYPLZ WHYHSSLS JPYJ\P[Z 3HIVYH[VY` ^VYR PUJS\KLZ \ZL VM HUHSVN HUK KPNP[HS TL[LYZ HUK JPYJ\P[ JVUZ[Y\J[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
(J[P]L +L]PJLZ -\UKHTLU[HSZ VM IHZPJ ZVSPK Z[H[L JVTWV ULU[Z [OYV\NO [OL TVZ[ JVTTVU HUK WVW\SHY KL]PJLZ HUK [OLPY HWWSPJH[PVUZ HYL WYLZLU[LK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
=PKLV :`Z[LTZ 7YLYLX\PZP[LZ! ,,; ,,; *VTWYLOLUZP]L JV]LYHNL VM HSS [`WLZ VM ]PKLV Z`Z[LTZ MYVT [OL Z[HUKWVPU[ VM [OLVY` VWLYH[PVU [YV\ISLZOVV[PUN HSPNUTLU[ HUK HWWSPJH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
+PNP[HS *PYJ\P[Z 7YLYLX\PZP[LZ! ,,; (WWSPJH[PVUZ VM KPNP[HS JPYJ\P[Z HUK KL]PJLZ [V JVUZ\TLY WYVK\J[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
9VIV[PJZ -\UKHTLU[HSZ 0U[YVK\JLZ [OL JVUJLW[Z VM YVIV[PJZ H\[VTH[PVU HUK N\PKLK ]LOPJSLZ I` SVVRPUN H[ ]HYPV\Z HWWSPJH[PVUZ [`WLZ JSHZZPÃ&#x201E;JH[PVUZ HUK VWLYH[PVU 6WLYH[VY HUK ZHML[` WYLJH\[PVUZ HYL Z[YLZZLK JYLKP[Z 3LJ[\YL
,,;
,SLJ[YPJ *PYJ\P[Z 0 7YLYLX\PZP[LZ! ,,; ^P[O H ¸*¹ VY IL[[LY 0U[YVK\JLZ [OL Z[\KLU[ [V [OL ZPU ^H]L HUK [OL YLSH[P]L WHYHTL[LYZ Z\JO HZ MYLX\LUJ` WLYPVK YTZ HUK H]L ]HS\LZ *HWHJP[HUJL HUK PUK\J[HUJL HYL PU[YVK\JLK HUK [OLPY LMMLJ[ PU ZPU ^H]L JPYJ\P[Z HYL Z[\KPLK 3HI ^VYR PUJS\KLZ MHTPSPHYPaH[PVU ^P[O [OL VZJPSSVZJVWL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
,,; â&#x2013;¼
7YLYLX\PZP[LZ! ,,; ;,* :[\K` VM IHZPJ ZVSPK Z[H[L KL]PJLZ HUK HZZVJPH[LK JPYJ\P[Z +L]PJLZ PUJS\KLK ^PSS IL NLULYHS W\YWVZL KPVKLZ aLULY KPVKLZ IPWVSHY Q\UJ[PVU [YHUZPZ[VYZ Ã&#x201E;LSK LMMLJ[ [YHUZPZ[VYZ 0U[LNYH[LK JPYJ\P[Z ^PSS IL PU[YVK\JLK *PYJ\P[ HWWSPJH[PVUZ ^PSS PUJS\KL YLJ[PÃ&#x201E;LYZ [YHUZPZ[VYZ Z^P[JOPUN JPYJ\P[Z HUK SPULHY HTWSPÃ&#x201E;LYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! ,,; ;OPZ JV\YZL PZ KLZPNULK [V [LHJO HK]HUJLK JVUJLW[Z HUK HYJOP[LJ[\YHS KLZPNU VM JVTW\[LY OHYK^HYL :[\KLU[Z ^PSS L_HTPUL HUK HUHS`aL [OL THQVY 7* JVTWVULU[Z Z[\K` [OL KPMMLYLU[ Z[HUKHYKZ HUK WSH[MVYTZ H]HPSHISL HUK L_WLYPTLU[ ^P[O J\Z[VT 7* HUK WLYPWOLYHS HKKP[PVUZ HUK TVKPÃ&#x201E;JH[PVUZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:VSPK :[H[L +L]PJLZ
,,; â&#x2013;¼
( ;LJOUPJPHU 7YLWHYH[PVU 7YLWHYH[PVU MVY [OL *VTW\[PUN ;LJOUVSVN` 0UK\Z[Y` (ZZVJPH[PVU ( 6WLYH[PUN :`Z[LTZ ;OPZ JV\YZL PZ KLZPNULK [V JV]LY [OL 6WLYH[PUN :`Z[LT *VTWVULU[ VM [OL ( ,_HT :VTL VM [OL [VWPJZ KPZJ\ZZLK HYL 6WLYH[PUN :`Z[LTZ :`Z[LT (KTPUPZ[YH[PVU ;VVSZ 5L[^VYR 4HUHNLTLU[ HUK :`Z[LT 4HPU[LUHUJL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,,;
*HISPUN 0UZ[HSS > -PILY 6W[PJZ ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL LU[Y` SL]LS JHISPUN PUZ[HSSLYZ ^P[O [OL IHJR NYV\UK RUV^SLKNL HUK IHZPJ ZRPSSZ ULJLZZHY` [V JVTWSL[L JHISPUN PUZ[HSSH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
,SLJ[YVUPJ +LZPNU HUK -HIYPJH[PVU +LZPNULK [V WYLZLU[ [OYV\NO HJ[\HS WYHJ[PJL [OL LSLTLU[Z VM LSLJ[YVUPJZ KYHM[PUN HUK MHIYPJH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
*VTW\[LY :`Z[LTZ (YJOP[LJ[\YL 7YLYLX\PZP[LZ! ,,; ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H [LJOUPJHS MV\UKH[PVU MVY Z`Z[LT KLZPNU Z`Z[LTZ PTWSLTLU[H[PVU OHYK^HYL HUK ZVM[^HYL WYVJ\YLTLU[ HUK JVTW\[PUN YLZV\YJL THUHNLTLU[ JYLKP[Z 3LJ[\YL
,,;
*VTW\[LY /HYK^HYL ;OPZ JV\YZL PZ KLZPNULK [V [LHJO [OL M\UKHTLU[HSZ VM JVTW\[LY OHYK^HYL HUK NP]L Z[\KLU[Z OHUKZ VU L_WLYPLUJL PU HZZLTISPUN \WNYHKPUN HUK [YV\ISLZOVV[PUN IHZPJ JVTW\[LY Z`Z[LTZ HUK OHYK^HYL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(K]HUJLK *VTW\[LY /HYK^HYL
,,;
*HISPUN -PILY 6W[PJZ 3HU :`Z >OLU H Z[\KLU[ JVTWSL[LZ [OPZ JV\YZL [OH[ Z[\KLU[ ZOV\SK OH]L H NVVK \UKLYZ[HUKPUN VM" ]HYPV\Z JVUULJ[VYZ HUK JVWWLY JHISL Z`Z[LTZ \ZLK PU [OL PUK\Z[Y` IS\L WYPU[ Z`TIVSZ HUK [VVSZ HZZVJPH[LK ^P[O UL[^VYRZ HUK JHISPUN IHZPJ UL[^VYR [VWVSVNPLZ Ã&#x201E;ILY VW[PJZ ^PYLSLZZ UL[^VYRZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,; â&#x2013;¼
0UK\Z[YPHS *VTW\[LY :`Z[LTZ -\UKHTLU[HSZ VM WYVNYHTTPUN MVY PUK\Z[Y` ^P[O LTWOHZPZ PU WYVISLT ZVS]PUN PUK\Z[YPHS HWWSPJH[PVUZ >YP[PUN HUK TVKPM`PUN WYVNYHTZ ^P[O PUK\Z[YPHS HWWSPJH[PVUZ HYL JVTWSL[LK *VUULJ[P]P[` \ZPUN TPJYV JVU [YVSSLYZ HUK PU[LYMHJL SVNPJ IVHYKZ HYL HSZV KLTVUZ[YH[LK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
( *VTW\[LY ,ZZLU[PHSZ 7YLWHYH[PVU MVY [OL *VTW\[PUN ;LJOUVSVN` 0UK\Z[Y` (ZZVJPH[PVU ( [LZ[ ;OPZ JV\YZL PZ KLZPNULK [V JV]LY IV[O [OL *VYL HUK +6: >PUKV^Z TVK\SLZ :VTL VM [OL [VWPJZ KPZJ\ZZLK HYL PUZ[HSSH[PVU \WNYHKPUN [YV\ISLZOVV[PUN OHYK^HYL UL[^VYRZ HUK +6: >PUKV^Z ? HUK >PUKV^Z JYLKP[Z 3LJ[\YL
,,; â&#x2013;¼
PUJS\KL HU PU KLW[O SVVR H[ KH[H [YHUZTPZ ZPVU HUK JV]LYZ IHZPJ [LSLWOVU` 3(5 :H[LSSP[LZ TVKLTZ LYYVY JVU[YVS HUK KH[H ZLJ\YP[` JYLKP[Z 3LJ[\YL
,,;
*VTW\[LY :LY]PJPUN ;LJOUPX\LZ 7YLYLX\PZP[LZ! ,,; ;OPZ SHI PZ KLKPJH[LK [V HK]HUJLK JVUÃ&#x201E;N\ YH[PVU HUK [YV\ISL ZOVV[PUN HUK PZ KLZPNULK [V ZPT\SH[L WYVISLTZ PU OVTL VY I\ZPULZZ JVTW\[LYZ :[\KLU[ ^PSS IL NP]LU H KLZJYPW[PVU VM [OL WYVISLT MYVT HU VWLYH[VYZ ]PL^WVPU[ HUK ^PSS JVYYLJ[ [OL WYVISLTZ LUJV\U[LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,; â&#x2013;¼
7OV[V]VS[HPJ :`Z[LTZ 7YLYLX\PZP[LZ! ,,; ,,; ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H [LJOUPJHS MV\UKH[PVU MVY KLZPNU PUZ[HSSH [PVU HUK L]HS\H[PVU VM YLZPKLU[PHS HUK JVTTLYJPHS WOV[V]VS[HPJ Z`Z[LTZ *VU JLW[Z VM Z`Z[LT HK]HU[HNLZ HUK KPZHK]HU [HNLZ ZP[L L]HS\H[PVU Z`Z[LT KLZPNU HUK ZPaPUN HYL HZZLZZLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
â&#x2013;¼
9LZPKLU[PHS >PYPUN 0 ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O HU \UKLYZ[HUKPUN VM YLZPKLU[PHS ^PYPUN ;VWPJZ PUJS\KL ZHML[` WSHUUPUN HUK PUZ[HSSH[PVU VM YLZPKLU[PHS ^PYPUN Z`Z[LTZ HJJVYKPUN [V [OL 5H[PVUHS ,SLJ[YPJHS *VKLÂ&#x201D; 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,; â&#x2013;¼
7OV[V]VS[HPJ ;LJOUPJPHU ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H [LJOUPJHS MV\UKH[PVU MVY Z`Z[LT KLZPNU Z`Z[LTZ PTWSLTLU[H[PVU LSLJ[YPJHS JVKLZ HUK OHYK^HYL PUZ[HSSH[PVU 4HPU[HPUPUN HUK [YV\ISLZOVV[PUN Z`Z[LTZ HYL WLYMVYTLK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/VTL ;LJOUVSVN` 0U[LNYH[PVU ;OPZ JV\YZL PZ KLZPNULK MVY Z[\KLU[Z PU[LYLZ[LK PU [OL Ã&#x201E;LSK VM OVTL [LJOUVSVN` PU[LNYH[PVU -VJ\ZLZ VU IHJRNYV\UK RUV^SLKNL HUK OHUKZ VU ZRPSSZ [V WYLWHYL MVY [OL *VTW;0( +/;0 ,_HT 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
+H[H *VTT\UPJH[PVUZ ;OPZ JV\YZL JV]LYZ TH[LYPHS ULLKLK [V WHZZ [OL *VTW\[PUN ;LJOUVSVN` 0UK\Z[Y` (ZZVJPH[PVU 5L[ HUK ,SLJ[YVUPJZ ;LJOUP JPHUZ (ZZVJPH[PVU *5:; L_HT ;VWPJZ
,,;
0UK\Z[YPHS *VU[YVS 0 7YLYLX\PZP[LZ! ,,; ,,; VY PUZ[Y\J[VY JVUZLU[ ;OPZ JV\YZL WYV]PKLZ [OL Z[\KLU[ ^P[O HU \UKLYZ[HUKPUN VM PUK\Z[YPHS LSLJ[YPJHS HUK LSLJ[YVUPJ WV^LY Z`Z[LTZ ;VWPJZ JV]LYLK PUJS\KL [OYLL WOHZL JPYJ\P[Z TV[VYZ ^PYPUN SHKKLY SVNPJ [YHUZMVYTLYZ HUK LSLJ[YVUPJHS TV[VY JVU[YVSSLYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,; â&#x2013;¼
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL +LZPNULK [V WYV]PKL [OL Z[\KLU[ ^P[O ^VYR L_WLYPLUJL PU Ã&#x201E;LSK ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O [OL VJJ\WH[PVUHS PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL 9LWLH[HISL ;PTL *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
,,;
/40 /\THU 4HJOPUL 0U[LYMHJL 7YLYLX\PZP[LZ! ,,; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL JV]LYZ IHZPJ /40 VWLYH[PVU HUK WYVNYHTTPUN \ZPUN >VUKLY^HYL ¶ 0U ;V\JO ZVM[^HYL ;VWPJZ PUJS\KL! +LZPNUPUN /40 ^PUKV^Z PU[LYMHJPUN [V [OL 73* IHZPJ HUPTH[PVU \ZPUN HUK JYLH[PUN SVNPJ ZJYPW[Z \ZPUN ++, ZL[[PUN HSHYTZ JOHY[Z HUK [YLUKPUN HUK ZLJ\YP[` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
+PNP[HS 3VNPJ 7YLYLX\PZP[LZ! ,,; ,,; ;OL Z[\K` VM KPNP[HS Z`Z[LTZ WYPUJPWSLZ HUK [LJOUPX\LZ )PUHY` /L_PKLJPTHS )*+ SVNPJ [OLVY` (5+ 69 56; 5(5+ HUK 569 NH[LZ HZ ^LSS HZ JVTIPUH[PVU NH[L -SPW -SVWZ HUK OHYK^HYL HYL JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
3PULHY ,SLJ[YVUPJZ 7YLYLX\PZP[LZ! ,,; ( Z[\K` VM SPULHY LSLJ[YVUPJ JPYJ\P[Z *VTIPULZ [OLVY` VM WHZZP]L HUK HJ[P]L JPYJ\P[Z PU[V VWLYH[PVUHS \UP[Z ;VWPJZ PUJS\KL HTWSPÃ&#x201E;LYZ MYLX\LUJ` YLZWVUZL MLLKIHJR VZJPSSH[VYZ OPNO MYLX\LUJ` VWLYH[PVUHS HUK PUZ[Y\TLU[H[PVU HTWSPÃ&#x201E;LYZ SPULHY HUK Z^P[JOPUN YLN\SH[VYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
9 - *VTT\UPJH[PVU 3PJLUZPUN 7YLYLX\PZP[LZ! ,,; VY JVUJ\YYLU[ LUYVSSTLU[ PU ,,; 7YLWHYH[PVU MVY 5(),9 5(9;, :), HUK - * ¶ .LULYHS 9HKPV[LSLWOVUL 3PJLUZL [LZ[Z 9HKPV SV^ 9 * * Y\SLZ HUK YLN\SH [PVUZ YLSH[LK [V SPJLUZPUN HUK YL]PL^ VM IHZPJ LSLJ[YVUPJZ HUK YHKPV [OLVY` WLY[PULU[ [V [LZ[Z *VYLX\PZP[L JV\YZLZ! ,,; ,,; JYLKP[Z 3LJ[\YL
,,;
9 - *VTT\UPJH[PVUZ 7YLYLX\PZP[LZ! ,,; ;OL Z[\K` VM LSLJ[YVUPJ JVTT\UPJH[PVU JVTWVULU[Z HUK Z`Z[LTZ (4 -4 :PUNSL :PKL )HUK JVTTLYJPHS IYVHKJHZ[PUN HUK
KPNP[HS [YHUZTP[[LYZ HUK YLJLP]LYZ HZ MV\UK PU [^V ^H` YHKPV HYL Z[\KPLK ;YHUZTPZZPVU SPULZ LSLJ[YVTHNUL[PJ Ã&#x201E;LSKZ HUK HU[LUUHZ HYL PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
4PJYVJVU[YVSSLY (WWSPJH[PVUZ 7YPUJPWSLZ VM TPJYV JVU[YVSSLYZ ;VWPJZ PUJS\KL! -SV^ JOHY[PUN 0UW\[ V\[W\[ KL]PJLZ HUK PU[LYMHJPUN :PNUHS JVUKP[PVU PUN 7YVNYHTTPUN HUK IHZPJ WYVJLZZ JVU[YVS \ZPUN H TPJYV JVU[YVSSLY *SHZZ Z[YLZZLZ \ZPUN [OL TPJYV JVU[YVSSLYZ [V JVU[YVS 0 6 KL]PJLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,; â&#x2013;¼
,SLJ[YVUPJ 7YVQLJ[Z 7YLYLX\PZP[LZ! ,,; ,,; ,,; 0UZ[Y\J[VY HWWYV]LK HUK Z[\KLU[ ZLSLJ[LK LSLJ[YVUPJ WYVQLJ[ WYV]PKPUN L_WLYPLUJL PU KLZPNU MHIYPJH[PVU HUK [LZ[PUN VM HU LSLJ[YVUPJ \UP[ ;OL WYVQLJ[ ZOV\SK JVPUJPKL ^P[O Z[\KLU[»Z VJJ\WH[PVUHS NVHS HUK HYLH VM LSLJ[YVUPJ ^VYR PU[LYLZ[ *VTT\UPJH [PVUZ JVTW\[LYZ PUK\Z[YPHS L[J 9LWLH[ HISL ;PTLZ *VYLX\PZP[L JV\YZLZ! ,,; ,,; *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
7YVN 3VNPJ *VU[YVSSLYZ 0 7YLYLX\PZP[LZ! ,,; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL JV]LYZ IHZPJ 73* VWLYH[PVU HUK WYVNYHTTPUN \ZPUN 9ZSVNP_ ZVM[^HYL HUK (SSLU )YHKSL` 73*»Z ;VWPJZ PUJS\KL! )HZPJ SHKKLY KLZPNU 0UW\[ 6\[W\[ ;PTLYZ *V\U[LYZ )H[JO 7YVJLZZLZ :OPM[ YLNPZ[LYZ >VYK JVTWHYL HUK 4H[O *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,,;
7YVN 3VNPJ *VU[YVSSLYZ 00 7YLYLX\PZP[LZ! ,,; VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL JV]LYZ HK]HUJLK [VWPJZ VM [OL 4PJYVSVNP_ 73* VWLYH[PVU HUK WYVNYHTTPUN \ZPUN 9ZSVNP_ ZVM[^HYL HUK (SSLU )YHKSL` 73*»Z ;VWPJZ PUJS\KL (UHSVN 0 6 4H[O HUK +H[H OHUKSPUN PUZ[Y\J[PVU WYVNYHT Ã&#x2026;V^ TLZZHNL PUZ[Y\J[PVUZ HUK JVTT\UPJH[PVU WYV[VJVSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,TLYNLUJ` 4LKPJHS :LY]PJLZ ,4: ,4: â&#x2013;¼
/LHY[ZH]LY -PYZ[ (PK *79 (,+ 7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLY Z[HUKPUN MVY HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STVUHY` YLZ\ZJP[H[PVU HUK MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\ ]LYZ HJJVYKPUN [V J\YYLU[ (TLYPJHU /LHY[ (ZZVJPH[PVU N\PKLSPULZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
*79 MVY /LHS[OJHYL 7YV]PKLYZ 7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLY Z[HUKPUN MVY HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STVUHY` YLZ\ZJP[H[PVU" HK\S[ H\[VTH[LK L_[LYUHS KLÃ&#x201E;IYPSSH[PVU" HUK HK\S[ JOPSK HUK PUMHU[ MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\]LYZ HJJVYKPUN [V J\YYLU[ (TLYPJHU /LHY[ (ZZVJPH[PVU N\PKLSPULZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
/LHY[ZH]LY -PYZ[ (PK *79 *79 (,+ 0 7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLYZ[HUK PUN MVY IHZPJ Ã&#x201E;YZ[ HPK HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STVUHY` YLZ\ZJP[H[PVU HUK MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\]LYZ PUJS\KPUN \ZL VM HU (\[VTH[LK ,_[LYUHS +LÃ&#x201E;IYPSSH[VY HJJVYKPUN [V J\YYLU[ (TLYPJHU /LHY[ (ZZVJPH[PVU N\PKLSPULZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
*79 MVY /LHS[OJHYL 7YV]PKLYZ 7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLYZ[HUKPUN MVY HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STVUHY` YLZ\ZJP[H[PVU" H\[VTH[LK L_[LYUHS KLÃ&#x201E;IYPSSH[PVU" \ZL VM [OL )=4" HUK HK\S[ JOPSK HUK PUMHU[ MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\]LYZ HJJVYKPUN [V J\YYLU[ (TLYPJHU /LHY[ (ZZVJPH[PVU N\PKLSPULZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
/LHY[ZH]LY *79 HUK (,+ 7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLYZ[HUK PUN MVY HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STV UHY` YLZ\ZJP[H[PVU HUK MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\]LYZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,,;
,4: â&#x2013;¼
+LZPNULK [V WYV]PKL [OL Z[\KLU[ ^P[O ^VYR L_WLYPLUJL PU [OL Ã&#x201E;LSK VM THQVY ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O [OL PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YV]PKL WHY[PJPWHU[Z ^P[O H IHZPJ \UKLYZ[HUK PUN MVY HK\S[ JOPSK HUK PUMHU[ JHYKPVW\STV UHY` YLZ\ZJP[H[PVU HUK MVYLPNU IVK` HPY^H` VIZ[Y\J[PVU YLTV]HS THUL\]LYZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
:\WLY]PZLK 6JJ\WH[PVUHS ,_W
/LHY[ZH]LY *79
,4:
/HaHYKV\Z 4H[LYPHSZ (^HYLULZZ ;OPZ WYVNYHT WYV]PKLZ LTLYNLUJ` TLKPJHS ZLY]PJLZ SH^ LUMVYJLTLU[ HUK PUK\Z[YPHS WLYZVUULS H IHZPJ H^HYLULZZ VM OHaHYKV\Z TH[LYPHSZ 4LL[Z 6:/( *-9 YLX\PYLTLU[Z MVY (^HYLULZZ SL]LS JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
9LZWVUKPUN [V ;LYYVYPZ[ (J[Z 7YV]PKL LTLYNLUJ` TLKPJHS ZLY]PJLZ WLYZVUULS ^P[O H IL[[LY \UKLYZ[HUKPUN VM [OL ]HYPV\Z [`WLZ VM ^LHWVUZ VM THZZ KLZ[Y\J[PVU HUK OV^ [OPZ HMMLJ[Z WH[PLU[ HZZLZZTLU[ HUK THUHNLTLU[ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4:
7YLOVZWP[HS 9LNPZ[LYLK 5\YZL 7YLYLX\PZP[LZ! 906 SPJLUZL ;OL JV\YZL ^PSS WYV]PKL RUV^SLKNL HUK ZRPSSZ YLX\PYLK [V WYLWHYL 95Z [V M\UJ[PVU HZ HU LU[Y` SL]LS 7YLOVZWP[HS 9LNPZ[LYLK 5\YZL 7/95 ,TWOHZPZ PZ VU [OL YVSL VM [OL 7/95 [OL YLJVNUP[PVU HZZLZZTLU[ HUK THUHNLTLU[ VM TLKPJHS HUK [YH\TH[PJ LTLYNLUJPLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
,TLYNLUJ` 4LKPJHS ;LJO )HZPJ 7YLYLX\PZP[LZ! ([ SLHZ[ `LHYZ VM HNL /: KPWSVTH VY .,+ HUK J\YYLU[ OLHS[OJHYL WYV]PKLY VY LX\P]HSLU[ *79 JHYK 7YV]PKLZ [OL Z[\KLU[ ^P[O HU \UKLYZ[HUKPUN VM OPZ OLY YVSLZ HUK YLZWVUZPIPSP[PLZ ^P[OPU [OL ,4: Z`Z[LT PUJS\KPUN VWLYH[PVUZ WH[PLU[ HZZLZZTLU[ HUK LTLYNLUJ` TLKPJHS JHYL :[\KLU[Z Z\JJLZZM\SS` JVTWSL[PUN [OPZ JV\YZL ^PSS IL LSPNPISL [V [HRL [OL ,4; )HZPJ SPJLUZPUN L_HTPUH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
0U[YVK\J[PVU [V -PYZ[ 9LZWVUZL 0U[YVK\J[PVU [V -PYZ[ 9LZWVUZL WYV]PKLZ HU PU[YVK\J[PVU [V [OL IHZPJ RUV^SLKNL HUK ZRPSSZ ULJLZZHY` MVY LTLYNLUJ` TLKPJHS [YHPUPUN ;OPZ JV\YZL PZ KLZPNULK MVY WLYZVUZ ^OV HYL Ã&#x201E;YZ[ VU [OL ZJLUL VM HU PUQ\Y` VY TLKPJHS PSSULZZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
7HYHTLKPJHS :LY]PJLZ 0 7YLYLX\PZP[LZ! (KTPZZPVU PU[V WYVNYHT" ,4; ) VY 0 SPJLUZL 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O HU \UKLYZ[HUKPUN VM OPZ OLY YVSLZ HUK YLZWVUZPIPSP[PLZ ^P[OPU [OL ,4: Z`Z[LT PUJS\KPUN ZHML[` TLKPJHS SLNHS PZZ\LZ ,4: VWLYH[PVUZ HUK ZWLJPHSPaLK ZJLUL
YLZWVUZLZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
7HYHTLKPJHS :LY]PJLZ 00 7YLYLX\PZP[LZ! ,4: 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ [V PU[LNYH[L [OL WYPUJPWSLZ VM RPUL[PJZ WH[OVWO`ZPVSVN` HUK HZZLZZTLU[ Ã&#x201E;UKPUNZ [V MVYT\SH[L H Ã&#x201E;LSK PTWYLZZPVU HUK PTWSLTLU[ H [YLH[TLU[ WSHU MVY [OL [YH\TH WH[PLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
7HYHTLKPJHS :LY]PJLZ 000 7YLYLX\PZP[LZ! ,4: ,4: 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ [V PU[LNYH[L WH[OV WO`ZPVSVNPJHS WYPUJPWSLZ HUK HZZLZZTLU[ Ã&#x201E;UKPUNZ [V MVYT\SH[L H Ã&#x201E;LSK PTWYLZZPVU HUK PTWSLTLU[ H [YLH[TLU[ WSHU MVY [OL TLKPJHS WH[PLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4:
â&#x2013;¼
7HYHTLKPJHS :LY]PJLZ 0= 7YLYLX\PZP[LZ! ,4: ,4: ,4: ,4: ,4: 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ [V PU[LNYH[L WH[OV WO`ZPVSVNPJHS WYPUJPWSLZ HUK HZZLZZTLU[ Ã&#x201E;UKPUNZ [V MVYT\SH[L H Ã&#x201E;LSK PTWYLZZPVU HUK PTWSLTLU[ H [YLH[TLU[ WSHU MVY [OL TLKPJHS VIZ[L[YPJ WLKPH[YPJ NLYPH[YPJ VY V[OLY ZWLJPHS WH[PLU[Z 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
,4: 7OHYTHJVSVN` 7YLYLX\PZP[LZ! ,4: ,4: ,4: 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ [V PU[LNYH[L WH[OV WO`ZPVSVNPJHS WYPUJPWSLZ VM WOHYTHJVSVN` HUK [OL HZZLZZTLU[ Ã&#x201E;UKPUNZ [V MVYT\SH[L H Ã&#x201E;LSK PTWYLZZPVU HUK PTWSLTLU[ H WOHYTH JVSVNPJ THUHNLTLU[ WSHU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4: â&#x2013;¼
7HYHTLKPJ :RPSSZ 0 7YLYLX\PZP[LZ! (KTPZZPVU PU[V WYVNYHT" ,4; ) VY 0 SPJLUZL 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL ZRPSSZ ULLKLK MVY WH[PLU[ HZZLZZTLU[ HUK TLKPJHS OPZ[VY`" HPY^H` THUHNLTLU[ HUK ]LU[PSH[PVU" JSPUPJHS KLJPZPVU THRPUN" JVTT\UPJH[PVUZ" HUK KVJ\TLU[H[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
7HYHTLKPJ :RPSSZ 00 7YLYLX\PZP[LZ! ,4: ,4: ,4: ,4: 7YV]PKLZ [OL WHYHTLKPJ Z[\KLU[ ^P[O [OL ZRPSSZ ULLKLK [V PU[LNYH[L WH[OVWO`ZPVSVNP JHS WYPUJPWSLZ HUK HZZLZZTLU[ Ã&#x201E;UKPUNZ [V MVYT\SH[L H Ã&#x201E;LSK PTWYLZZPVU HUK PTWSLTLU[ H [YLH[TLU[ WSHU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4: â&#x2013;¼
-PYZ[ 9LZWVUKLY 7YV]PKLZ IHZPJ LTLYNLUJ` TLKPJHS [YHPUPUN [V [OVZL WLYZVUZ ^OV TPNO[ IL Ã&#x201E;YZ[ VU [OL ZJLUL VM HU PUQ\Y` VY TLKPJHS PSSULZZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,TLYNLUJ` 4LKPJHS ;LJO ,4; ,4; â&#x2013;¼
,4; )HZPJ 9LMYLZOLY *V\YZL 7YLYLX\PZP[LZ! ,4; ) SPJLUZL 7YV]PKLZ [OL J\YYLU[ ,4; )HZPJ ^P[O H YL]PL^ VM RUV^SLKNL HUK ZRPSSZ ULLKLK [V M\UJ[PVU ^P[OPU [OL ,4: Z`Z[LT PUJS\KPUN VWLYH[PVUZ WH[PLU[ HZZLZZTLU[ HUK LTLYNLUJ` TLKPJHS JHYL :[\KLU[Z Z\JJLZZM\SS` JVTWSL[PUN [OPZ JV\YZL ^PSS YLJLP]L ,4; )HZPJ YLMYLZOLY JYLKP[ [V^HYKZ SPJLUZL YLUL^HS 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4; â&#x2013;¼
;5** 7YV]PKLY *V\YZL 7YLYLX\PZP[LZ! 95 SPJLUZ\YL 7YV]PKLZ JVYL SL]LS [YH\TH RUV^SLKNL HUK WZ`JOVTV[VY ZRPSSZ HZZVJPH[LK ^P[O [OL KLSP]LY` VM WYVMLZZPVUHS U\YZPUN JHYL [V [OL [YH\TH WH[PLU[ :[\KLU[Z Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L WYV]PKLY YLJVNUP[PVU MYVT [OL ,TLYNLUJ` 5\YZLZ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
:WLJPHS ;VWPJZ PU ,4: 7YV]PKL [OL Z[\KLU[Z ^P[O PUMVYTH[PVU HUK VY WYHJ[PJHS ZRPSSZ WLY[HPUPUN [V [OL M\UJ[PVUZ YLX\PYLK PU [OL THUULY PU ^OPJO [OL` WLYMVYT [OLPY QVIZ PU [OL ,TLYNLUJ` 4LKPJHS :LY]PJLZ WYVMLZZPVU 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,4; â&#x2013;¼
,4; â&#x2013;¼
,5.
7YLYLX\PZP[LZ! 95 SPJLUZ\YL 7YV]PKLZ JVYL SL]LS RUV^SLKNL HUK WZ`JOVTV[VY ZRPSSZ HZZVJPH[LK ^P[O [OL KLSP]LY` VM WYVMLZZPVUHS U\YZPUN JHYL [V [OL LTLYNLU[ WLKPH[YPJ WH[PLU[ :[\KLU[Z Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L WYV]PKLY YLJVNUP[PVU MYVT [OL ,TLYNLUJ` 5\YZLZ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YV]PKLZ [OL WO`ZPJPHU U\YZL WHYHTLKPJ VY HSSPLK OLHS[O WYVMLZZPVUHS ^P[O [OL RUV^S LKNL HUK ZRPSSZ ULLKLK MVY [OL THUHNLTLU[ VM [OL LTLYNLU[ WLKPH[YPJ WH[PLU[ ;OVZL Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L WYV]PKLY YLJVNUP[PVU MYVT [OL (TLYPJHU /LHY[ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:[\KLU[Z ^PSS SLHYU Z[YH[LNPLZ MVY ^YP[PUN LZZH`Z PUZ[Y\J[PVUZ THU\HSZ WYVWVZHSZ YLWVY[Z JHYLLY KVJ\TLU[Z HZ ^LSS HZ KLSP]LY VYHS WYLZLU[H[PVUZ [V WYLWHYL [OLT MVY H WYVMLZZPVU PU PUK\Z[Y` :[\KLU[Z ^PSS WYHJ[PJL YLZLHYJO Z[YH[LNPLZ I` \ZPUN SPIYHY` YLZV\YJLZ HUK [OL 0U[LYUL[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,57* 7YV]PKLY *V\YZL
,4; â&#x2013;¼
)3: 0UZ[Y\J[VY *V\YZL 7YLYLX\PZP[LZ! *\YYLU[ *79 JLY[PÃ&#x201E;JH[PVU 7YV]PKLZ [OL Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ ULLKLK [V ZLY]L HZ MHJ\S[` MVY (/( )3: HUK 7)3: 7YV]PKLY JV\YZLZ ;OVZL Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L PUZ[Y\J[VY YLJVNUP[PVU MYVT [OL (TLYPJHU /LHY[ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
4LKPJHS HUK 3LNHS (ZWLJ[Z VM ,4: 7YLYLX\PZP[LZ! ,4: SPJLUZ\YL ;OPZ WYVNYHT PZ KLZPNULK [V WYV]PKL ,4: WLYZVUULS ^P[O H IL[[LY \UKLYZ[HUKPUN VM OV^ [OL SLNHS Z`Z[LT PU[LYHJ[Z ^P[O ,4: 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
,4; â&#x2013;¼
,[OPJZ PU 7YLOVZWP[HS *HYL 7YLYLX\PZP[LZ! ,4: SPJLUZ\YL ;OPZ WYVNYHT PZ KLZPNULK [V WYV]PKL ,4: WLYZVUULS ^P[O H IL[[LY \UKLYZ[HUKPUN VM OV^ L[OPJZ WSH` H ]P[HS YVSL PU JSPUPJHS KLJPZPVU THRPUN 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
7(3: 7YV]PKLY *V\YZL
,4; â&#x2013;¼
7(3: 0UZ[Y\J[VY *V\YZL 7YV]PKLZ [OL Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ ULLKLK [V ZLY]L HZ MHJ\S[` MVY (/( 7(3: 7YV]PKLY JV\YZLZ ;OVZL Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L PUZ[Y\J[VY YLJVNUP[PVU MYVT [OL (TLYPJHU /LHY[ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
,TLYNLUJ` 4LKPJHS ;LJO )HZPJ 7YV]PKLZ [OL Z[\KLU[ ^P[O HU \UKLYZ[HUKPUN VM OPZ OLY YVSLZ HUK YLZWVUZPIPSP[PLZ ^P[OPU [OL ,4: Z`Z[LT PUJS\KPUN VWLYH[PVUZ WH[PLU[ HZZLZZTLU[ HUK LTLYNLUJ` TLKPJHS JHYL :[\KLU[Z Z\JJLZZM\SS` JVTWSL[PUN [OPZ JV\YZL ^PSS IL LSPNPISL [V [HRL [OL ,4; )HZPJ SPJLUZPUN L_HTPUH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
-PYZ[ 9LZWVUKLY 7YV]PKLZ Ã&#x201E;YZ[ YLZWVUZL HNLUJPLZ HUK WLYZVUULS ^P[O [OL RUV^SLKNL HUK ZRPSSZ ULLKLK [V M\UJ[PVU HZ HU PU[LNYHS WHY[ VM [OL ,4: Z`Z[LT 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
(*3: 7YV]PKLY *V\YZL 7YV]PKLZ [OL WO`ZPJPHU U\YZL WHYHTLKPJ VY HSSPLK OLHS[O WYVMLZZPVUHS ^P[O [OL RUV^S LKNL HUK ZRPSSZ ULLKLK MVY [OL THUHNLTLU[ VM [OL LTLYNLU[ HK\S[ JHYKPV]HZJ\SHY WH[PLU[ ;OVZL Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L WYV]PKLY YLJVNUP[PVU MYVT [OL (TLYPJHU /LHY[ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,4; â&#x2013;¼
(*3: 0UZ[Y\J[VY *V\YZL 7YV]PKLZ [OL Z[\KLU[ ^P[O [OL RUV^SLKNL HUK ZRPSSZ ULLKLK [V ZLY]L HZ MHJ\S[` MVY (/( (*3: 7YV]PKLY JV\YZLZ ;OVZL Z\JJLZZM\SS` JVTWSL[PUN [OL JV\YZL ^PSS YLJLP]L PUZ[Y\J[VY YLJVNUP[PVU MYVT [OL (TLYPJHU /LHY[ (ZZVJPH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,UNSPZO ,5. ,5. â&#x2013;¼
-V\UKH[PVUZ PU *VTWVZP[PVU ;OPZ JV\YZL LUHISLZ Z[\KLU[Z [V \WNYHKL ^YP[PUN ZRPSSZ [OYV\NO H JVUJLU[YH[PVU VU NYHTTHY HUK ZLU[LUJL Z[Y\J[\YL (YLHZ PUJS\KLK HYL WHY[Z VM ZWLLJO WHY[Z VM ZLU[LUJL HUK W\UJ[\H[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
>YP[PUN MVY 0UK\Z[Y`
,5.
)\ZPULZZ ,UNSPZO <ZPUN JYP[PJHS [OPURPUN ZRPSSZ Z[\KLU[Z ^PSS Z[\K` HUK YLPUMVYJL [OL IHZPJZ VM [OL ,UNSPZO SHUN\HNL HZ [OL` HWWS` [V I\ZPULZZ JVTT\UPJH[PVUZ ,TWOHZPZ PZ WSHJLK VU NYHTTHY W\UJ[\H[PVU ZWLSSPUN ^VYK \ZHNL HUK ZLU[LUJL Z[Y\J[\YL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,5.
*VTT\UPJH[PVUZ 0 :[\KLU[Z ^PSS SLHYU [OL WYPUJPWSLZ VM JVTT\UPJH[PVUZ I` SPZ[LUPUN ZWLHRPUN HUK ^YP[PUN ,TWOHZPZ PZ WSHJLK VU JVTT\UPJH[PVU ZRPSSZ YLSH[LK [V [OL KLTHUKZ VM [OL Z[\KLU[»Z JHYLLY HYLH *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,5.
*VTT\UPJH[PVUZ 00 7YLYLX\PZP[LZ! ,5. :[\KLU[Z ^PSS JVU[PU\L [V LUYPJO [OL SPZ[LUPUN ZWLHRPUN HUK ^YP[PUN ZRPSSZ PU[YVK\JLK PU *VTT\UPJH[PVUZ 0 ,TWOHZPZ PZ WSHJLK VU YLZLHYJO YLWVY[ ^YP[PUN HUK JVTT\UPJH[PVU ZRPSSZ MVY [OL \W^HYKS` TVIPSL JHYLLY Z[\KLU[ *V\YZL -LL 3L]LS JYLKP[Z SLJ[\YL
,5.
4HU\HS *VTT +LHM 0UZ[Y\J[PVU PU TL[OVKZ VM JVTT\UPJH[PVU ^P[O [OL KLHM [OYV\NO ZPNUPUN JYLKP[Z 3LJ[\YL
,5.
(K]HUJLK :PNUPUN 7YLYLX\PZP[LZ! ,5. ( JVU[PU\H[PVU VM 4HU\HS *VTT\UPJH[PVU MVY [OL +LHM (K]HUJLK ]VJHI\SHY` HUK ZPNUPUN JYLKP[Z 3LJ[\YL
,5.
,5. â&#x2013;¼
*VTWVZP[PVU 0 0(0 *
:[\KLU[Z ^PSS YL]PL^ [OL IHZPJZ VM ZWLSSPUN NYHTTHY HUK [OL JVTWVULU[Z VM [OL ZOVY[ LZZH` :[\KLU[Z ^PSS I` [OL LUK VM [OL [LYT WYVK\JL [OVYV\NOS` YL]PZLK LZZH`Z [OH[ HYL MYLL VM HSS THQVY NYHTTHY HUK YLHKHIPSP[` LYYVYZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! 4\Z[ HZZLZZ PU[V ,5. VY [HRL ,5. ^P[O TPUPT\T NYHKL VM ¸*¹ :[\KLU[Z ^PSS Z[\K` [OL ^YP[PUN WYVJLZZ I` YLHKPUN LZZH`Z [OH[ PSS\Z[YH[L H ]HYPL[` VM YOL[VYPJHS Z[YH[LNPLZ HUHS`aPUN ^YP[PUN [HZRZ HUK [L_[Z HUK ^YP[PUN YL]PZPUN HUK LKP[PUN ZOVY[ LZZH`Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
*VTWVZP[PVU :RPSSZ
,5.
*VTWVZP[PVU 00 0(0 * 9 7YLYLX\PZP[LZ! *VTWSL[L ,5. ^P[O H TPUPT\T NYHKL VM ¸*¹ :[\KLU[Z ^PSS SLHYU OV^ [V Ã&#x201E;UK \ZL HZZLZZ HUK KVJ\TLU[ YLZLHYJO ZV\YJLZ WYVK\JPUN HU L_[LUKLK ^YP[PUN WYVQLJ[ IHZLK WYPTHYPS` VU SPIYHY` YLZLHYJO *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,5.
*YLH[P]L >YP[PUN ¶ -PJ[PVU 7YLYLX\PZP[LZ! ,5. HUK ,5. HK]PZLK :[\KLU[Z ^PSS \UKLYZ[HUK [OL Z[Y\J[\YL HUK LSLTLU[Z VM Ã&#x201E;J[PVU HUK [OL ^YP[PUN WYVJLZZ WYVK\JL M\SS` KL]LSVWLK ^VYRZ VM Ã&#x201E;J[PVU HUK KLTVUZ[YH[L HU \UKLYZ[HUKPUN VM [OL JYP[PJHS [LYTPUVSVN` VM [OL JYLH[P]L ^YP[LY *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
,5.
*YLH[P]L >YP[PUN ¶ 7VL[Y` 0(0 ,.3 7YLYLX\PZP[LZ! ,5. :[\KLU[Z ^PSS \UKLYZ[HUK [OL Z[Y\J[\YL HUK LSLTLU[Z VM WVL[Y` HUK [OL ^YP[PUN WYVJLZZ WYVK\JL M\SS` KL]LSVWLK ^VYRZ VM WVL[Y` HUK KLTVUZ[YH[L HU \UKLYZ[HUKPUN VM [OL JYP[PJHS [LYTPUVSVN` VM [OL JYLH[P]L ^YP[LY JYLKP[Z 3LJ[\YL
,UNSPZO HZ H :LJVUK 3HUN\HNL ,:3 ,:3 â&#x2013;¼
,:3 ,U[Y` 3L]LS 0 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:3 ,U[Y` 3L]LS 00 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:3 ,U[Y` 3L]LS 000 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:;
7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! ,:; -VJ\ZLZ VU OPZ[VSVN` VM [OL ZRPU KPZVYKLYZ HUK KPZLHZLZ ZRPU HUHS`ZPZ JVYYLJ[ WYVK\J[ ZLSLJ[PVU HUK [YLH[TLU[ YVVT WYLWHYH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:3 0U[LYTLKPH[L 3L]LS 0
,:3 â&#x2013;¼
,:3 0U[LYTLKPH[L 3L]LS 00 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3
â&#x2013;¼
,:3 0U[LYTLKPH[L 3L]LS 000 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:3 (K]HUJLK 3L]LS 0 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:3 (K]HUJLK 3L]LS 00 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,:3 â&#x2013;¼
,:3 (K]HUJLK 3L]LS 000 7YLYLX\PZP[LZ! 7SHJLTLU[ PZ IHZLK VU MVYTHS HUK PUMVYTHS HZZLZZTLU[ I` 3LHYUPUN (ZZPZ[HUJL *LU[LY Z[HMM 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
,Z[OL[PJZ ,:; ,:;
,Z[OL[PJZ 0 0U[YVK\J[PVU [V [OL WYPUJPWSLZ HUK HWWSPJH [PVUZ VM IHZPJ ZRPU JHYL ;OL Z[\KLU[ PZ PU[YVK\JLK [V [OL OPZ[VY` VM ZRPU JHYL WYVMLZZPVUHS L[OPJZ ZHUP[H[PVU HUH[VT` HUK WO`ZPVSVN` HUK JVZTL[PJ JOLTPZ[Y` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,Z[OL[PJZ 00
,:;
,Z[OL[PJZ 000 7YLYLX\PZP[LZ! ,:; ,:; ;OPZ JV\YZL PZ KLZPNULK [V PU[YVK\JL [OL LZ[OL[PJPHU [V MHJPHS THZZHNL [LJOUPX\LZ OHPY YLTV]HS THRL \W HWWSPJH[PVU IHZPJ MHJPHSZ HUK V[OLY ZRPU [YLH[TLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:;
,Z[OL[PJZ 0= 7YLYLX\PZP[LZ! ,:; ,:; ,:; -VJ\ZLZ VU [OL IHZPJZ VM LSLJ[YPJP[` SPNO[ [OLYHW` PTWSLTLU[Z HUK LSLJ[YPJHS J\YYLU[ \ZLK ^P[O MHJPHS THJOPULZ HUK LWPKLYTHIYHZPVU TPJYVKLYTHIYHZPVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,:;
,Z[OL[PJZ = 7YLYLX\PZP[LZ! ,:; ,:; ,:; ,:; *VU[PU\H[PVU VM ,Z[OL[PJZ 0= *VUJLU[YH[LK [V^HYK HK]HUJLK LZ[OL[PJZ ZHSVU ZWH I\ZPULZZ YL[HPSPUN WYVK\J[Z HUK JHYLLY WSHUUPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
-PYL :JPLUJL ;LJOUVSVN` -:; -:; â&#x2013;¼
:WLJPHS ;VWPJZ ¶ -PYL :LY]PJL ;YLUKZ 7YV]PKL [OL Z[\KLU[Z ^P[O PUMVYTH[PVU HUK VY WYHJ[PJHS ZRPSSZ WLY[HPUPUN [V [OL M\UJ[PVUZ YLX\PYLK PU [OL THUULY PU ^OPJO [OL` WLYMVYT [OLPY QVIZ PU [OL -PYL ,TLYNLUJ` :LY]PJLZ WYVMLZZPVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
-:;
-PYL )LOH]PVY HUK *VTI\Z[PVU ,_WSVYLZ [OL [OLVYPLZ HUK M\UKHTLU[HSZ VM OV^ HUK ^O` Ã&#x201E;YLZ Z[HY[ ZWYLHK HUK OV^ [OL` HYL JVU[YVSSLK JYLKP[Z 3LJ[\YL
-:;
7YPUJPWSLZ VM ,TLYNLUJ` :LY]PJLZ 7YV]PKLZ HU V]LY]PL^ [V Ã&#x201E;YL WYV[LJ[PVU" PUJS\KPUN JHYLLY VWWVY[\UP[PLZ" WOPSVZVWO` HUK OPZ[VY` VM Ã&#x201E;YL WYV[LJ[PVU ZLY]PJL" Ã&#x201E;YL
SVZZ HUHS`ZPZ" VYNHUPaH[PVU HUK M\UJ[PVU VM WYP]H[L Ã&#x201E;YL WYV[LJ[PVU ZLY]PJLZ" SH^Z HUK YLN\SH[PVUZ HMMLJ[PUN [OL Ã&#x201E;YL ZLY]PJL" HUK Ã&#x201E;YL ZLY]PJL UVTLUJSH[\YL JYLKP[Z 3LJ[\YL
-:;
6JJ\WH[PVUHS :HML[` HUK /LHS[O 0U[YVK\JLZ IHZPJ JVUJLW[Z VM YPZR L]HS\H [PVU JVU[YVS WYVJLK\YLZ ,4: OHaHYKV\Z TH[LYPHSZ HUK [LJOUPJHS YLZJ\L MVY Ã&#x201E;YL Z[H[PVUZ [YHPUPUN ZP[LZ LTLYNLUJ` ]LOPJSLZ HUK LTLYNLUJ` ZP[\H[PVUZ PU]VS]PUN Ã&#x201E;YL JYLKP[Z 3LJ[\YL
-:;
)\PSKPUN *VUZ[Y\J[PVU 7YV]PKLZ [OL JVTWVULU[Z VM I\PSKPUN JVUZ[Y\J[PVU [OH[ YLSH[L [V Ã&#x201E;YL HUK SPML ZHML[` ^P[O MVJ\Z VU Ã&#x201E;YLÃ&#x201E;NO[LY ZHML[` ,SLTLU[Z VM JVUZ[Y\J[PVU HUK KLZPNU VM Z[Y\J[\YLZ HYL RL` MHJ[VYZ ^OLU PUZWLJ[PUN I\PSKPUNZ WYLWSHUUPUN Ã&#x201E;YL VWLYH[PVUZ HUK VWLYH[PUN H[ LTLYNLUJPLZ JYLKP[Z 3LJ[\YL
-:;
-PYL 7YL]LU[PVU 7YV]PKLZ \ZL VM Ã&#x201E;YL JVKLZ PKLU[PÃ&#x201E;JH[PVU HUK JVYYLJ[PVU VM Ã&#x201E;YL OHaHYKZ HUK [OL YLSH[PVUZOPWZ VM Ã&#x201E;YL WYL]LU[PVU ^P[O I\PS[ PU Ã&#x201E;YL WYV[LJ[PVU Z`Z[LTZ Ã&#x201E;YL PU]LZ[PNH[PVU HUK Ã&#x201E;YL HUK SPML ZHML[` LK\JH[PVU JYLKP[Z 3LJ[\YL
-:;
-PYL 0U]LZ[PNH[PVU 0 7YV]PKL [OL M\UKHTLU[HSZ HUK [LJOUPJHS RUV^SLKNL ULLKLK MVY WYVWLY Ã&#x201E;YL ZJLUL PU[LYWYL[H[PVUZ PUJS\KPUN YLJVNUPaPUN HUK JVUK\J[PUN VYPNPU HUK JH\ZL WYLZLY]H[PVU VM L]PKLUJL HUK KVJ\TLU[H[PVU ZJLUL ZLJ\YP[` TV[P]LZ VM [OL Ã&#x201E;YL ZL[[LY HUK [`WLZ VM Ã&#x201E;YL JH\ZLZ JYLKP[Z 3LJ[\YL
-:; â&#x2013;¼
-PYL :LY]PJL :HML[` :\Y]P]HS ;OPZ JV\YZL ^PSS WYV]PKL IHZPJ WYPUJPWSLZ HUK OPZ[VY` YLSH[LK [V [OL 5H[PVUHS -PYL 3PML :HML[` 0UP[PH[P]LZ MVJ\ZPUN VU J\S[\YHS HUK ILOH]PVYHS JOHUNL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
-:;
-PYL 7YV[LJ[PVU :`Z[LTZ 7YV]PKLZ PUMVYTH[PVU YLSH[PUN [V [OL MLH[\YLZ VM KLZPNU HUK VWLYH[PVU VM Ã&#x201E;YL HSHYT Z`Z[LTZ ^H[LY IHZLK Ã&#x201E;YL Z\WWYLZZPVU Z`Z[LTZ ZWLJPHS OHaHYK Ã&#x201E;YL Z\WWYLZZPVU Z`Z[LTZ ^H[LY Z\WWS` MVY Ã&#x201E;YL WYV[LJ[PVU HUK WVY[HISL Ã&#x201E;YL L_[PUN\PZOLYZ JYLKP[Z 3LJ[\YL
-:;
-:; /`KYH\SPJZ HUK >H[LY :\WWS` 7YV]PKLZ H MV\UKH[PVU VM [OLVYL[PJHS RUV^SLKNL PU VYKLY [V \UKLYZ[HUK [OL WYPUJPWSLZ VM [OL \ZL VM ^H[LY PU Ã&#x201E;YL WYV[LJ[PVU HUK [V HWWS` O`KYH\SPJ WYPUJPWSLZ [V HUHS`aL HUK [V ZVS]L ^H[LY Z\WWS` WYVISLTZ JYLKP[Z 3LJ[\YL
-:;
3LNHS (ZWLJ[Z VM [OL -PYL :LY]PJL 0U[YVK\JLZ [OL MLKLYHS Z[H[L HUK SVJHS SH^Z [OH[ YLN\SH[L LTLYNLUJ` ZLY]PJLZ UH[PVUHS Z[HUKHYKZ PUÃ&#x2026;\LUJPUN LTLYNLUJ` ZLY]PJLZ Z[HUKHYK VM JHYL [VY[ SPHIPSP[` HUK H YL]PL^ VM YLSL]HU[ JV\Y[ JHZLZ JYLKP[Z 3LJ[\YL
-:;
-VYLPNU 3HUN\HNL -3. -3.
,SLT :WHUPZO 0 -\UKHTLU[HSZ VM :WHUPZO NYHTTHY VYHS JVTT\UPJH[PVU YLHKPUN HUK ^YP[PUN HUK PU[YVK\J[PVU [V J\S[\YLZ VM ]HYPV\Z :WHUPZO ZWLHRPUN JV\U[YPLZ JYLKP[Z 3LJ[\YL
-3.
,SLT :WHUPZO 00 7YLYLX\PZP[LZ! -3. *VU[PU\LK Z[\K` VM IHZPJ NYHTTHY VYHS JVTT\UPJH[PVU YLHKPUN HUK ^YP[PUN 0UJS\KLZ J\S[\YHS HZWLJ[Z VM ]HYPV\Z :WHUPZO ZWLHRPUN JV\U[YPLZ JYLKP[Z 3LJ[\YL
-PYL (KTPUPZ[YH[PVU 0
-3.
7YV]PKLZ Z[\KLU[ ^P[O LK\JH[PVU PU Ã&#x201E;YL ZJPLUJL VYNHUPaH[PVU HUK THUHNLTLU[ HKTPUPZ[YH[P]L WYVJLK\YLZ HUK TL[OVKZ I\KNL[PUN JVU[YVS VM YLZV\YJLZ HUK [OL THPU[LUHUJL VM YLJVYKZ +PZJ\ZZLZ THUHNLYPHS H[[P[\KLZ HUK KLJPZPVUZ NLULYHS VYNHUPaH[PVUHS WSHUUPUN HUK JHYLLY KL]LSVWTLU[ JYLKP[Z 3LJ[\YL
)HZPJ NYHTTHY Z`U[H_ HUK ]VJHI\SHY` MVY ILNPUULYZ ;`WPJHS ZP[\H[PVUZ HYL Z[HNLK HUK [OL (\Z[YPHU OVZ[ MHTPSPLZ HYL PU[LNYH[ LK PU[V [OL SLHYUPUN WYVJLZZ JYLKP[Z 3LJ[\YL
-:;
-PYL 0U]LZ[PNH[PVU 00 7YV]PKLZ HK]HUJLK [LJOUPJHS RUV^SLKNL VU Y\SL VM SH^ Ã&#x201E;YL ZJLUL HUHS`ZPZ Ã&#x201E;YL ILOH]PVY L]PKLUJL JVSSLJ[PVU HUK WYLZLY]H [PVU ZJLUL KVJ\TLU[H[PVU JHZL WYLWHYH [PVU HUK [LZ[PM`PUN JYLKP[Z 3LJ[\YL
-:;
-PYL (KTPUPZ[YH[PVU 00
)LNPUUPUN .LYTHU 0
-3.
)LNPUUPUN .LYTHU 00 7YLYLX\PZP[LZ! -3. .YHTTHY HUK Z`U[H_ HYL YL]PL^LK HUK JVU[PU\LK VU H TVYL JVTWSL_ SL]LS [OHU PU [OL )LNPUUPUN .LYTHU JV\YZL ;OL JV\YZL ^PSS SLHK Z[\KLU[Z [V \UKLYZ[HUK ZPTWSPÃ&#x201E;LK 5VYTHS .LYTHU [L_[Z HUK [V LUNHNL PU HJ[\HS JVU]LYZH[PVU VU NLULYHS PZZ\LZ :HSaI\YN 7YVNYHT 6US` JYLKP[Z 3LJ[\YL
7YV]PKLZ Z[\KLU[ ^P[O LK\JH[PVU PU Ã&#x201E;YL ZLY]PJL VYNHUPaH[PVU HUK THUHNLTLU[ HKTPUPZ[YH[P]L WYVJLK\YLZ HUK TL[OVKZ I\KNL[PUN JVU[YVS VM YLZV\YJLZ HUK [OL THPU[LUHUJL VM YLJVYKZ +PZJ\ZZLZ THUHNLYPHS H[[P[\KLZ HUK KLJPZPVUZ NLULYHS VYNHUPaH[PVUHS WSHUUPUN HUK JHYLLY KL]LSVWTLU[ JYLKP[Z 3LJ[\YL
-3.
-:;
-3.
-PYL :[YH[LN` HUK ;HJ[PJZ 7YV]PKLZ HU PU KLW[O HUHS`ZPZ VM [OL WYPUJPWSLZ VM Ã&#x201E;YL JVU[YVS [OYV\NO \[PSPaH[PVU VM WLYZVUULS LX\PWTLU[ HUK L_[PUN\PZOPUN HNLU[Z VU [OL Ã&#x201E;YL NYV\UK JYLKP[Z 3LJ[\YL
-:; â&#x2013;¼
-PYL :LY]PJL 0UZ[Y\J[VY 0 7YV]PKLZ \W [V KH[L PUMVYTH[PVU YLX\PYLK [V TLL[ [OL TVKLYU QVI WLYMVYTHUJL YLX\PYLTLU[Z MVY [OL -PYL :LY]PJL 0UZ[Y\J[VY 0 HZ V\[SPULK I` [OL 5H[PVUHS -PYL 7YV[LJ[PVU (ZZVJPH[PVU YLSH[PUN [V [OL :HML[` K\YPUN [OL 3LHYUPUN 7YVJLZZ HUK 0UZ[Y\J[VY 4HUHNLTLU[ JYLKP[Z 3LJ[\YL
.LYTHU *VU]LYZH[PVU 0 +LZPNULK MVY ILNPUULYZ HJJVTWHU` [OL NYHTTHY VYPLU[LK ¸)LNPUUPUN .LYTHU¹ JV\YZL )HZLK VU SHUN\HNL M\UJ[PVUZ WYLZLU[H[PVU WYHJ[PJL HUK HWWSPJH[PVU :HSaI\YN 7YVNYHT 6US` JYLKP[Z 3LJ[\YL
UK @LHY -YLUJO 0 7YLYLX\PZP[LZ! -3. .YHTTHY HUK L_LYJPZLZ PU JVTWVZP[PVU JVU]LYZH[PVU HUK YLHKPUN 9LHKPUN VM HK]HUJLK SP[LYHJ` ^VYRZ JYLKP[Z 3LJ[\YL
-3.
UK @LHY :WHUPZO 0 7YLYLX\PZP[LZ! -3. >PSS M\Y[OLY JVTWYLOLUZPVU VM NYHTTHY JVU]LYZH[PVU HUK JVTWVZP[PVU :[\K` VM :WHUPZO J\S[\YLZ [OYV\NO YLHKPUN HUK KPZJ\ZZPVU VM ZLSLJ[LK SP[LYHY` ^VYRZ JYLKP[Z 3LJ[\YL
-3.
.0:
/,+
7YLYLX\PZP[LZ! -3. :[\K` VM HK]HUJLK NYHTTHY JVTWVZP[PVU HUK JVU]LYZH[PVU 9LHKPUN HUK KPZJ\ZZPVU VM ZLSLJ[LK SP[LYHY` ^VYRZ HUK J\S[\YHS VYPLU[H[PVU JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! .0: " .0: ( KPYLJ[LK Ã&#x201E;LSK Z[\K` WYVNYHT ^OLYLI` Z[\KLU[Z ^PSS HWWS` JSHZZYVVT PUZ[Y\J[PVU [V YLHS ^VYSK .LVNYHWOPJ 0UMVYTH[PVU :`Z[LTZ .0: WYVQLJ[Z PU [OL JVTT\UP[` :[\KLU[Z ZOV\SK JVTWSL[L .0: HUK .0: HUK HYYHUNL MVY HU HK]PZVY WYPVY [V LUYVSSPUN PU HU PU[LYUZOPW *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
:[\KPLZ HSS WOHZLZ VM HK]HUJLK Ã&#x201E;YZ[ HPK HUK ZHML[` (SZV PUJS\KLZ *HYKPVW\STVUHY` YLZ\ZJP[H[PVU *79 :[\KLU[Z YLJLP]L HU (K]HUJLK -PYZ[ (PK JHYK HUK H *79 JHYK ^P[O [OL Z\JJLZZM\S JVTWSL[PVU VM [OL JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
:LJVUK @LHY :WHUPZO 00
-3.
.LYTHU *VU]LYZH[PVU 00 7YLYLX\PZP[LZ! -3. *V\YZL PZ KLZPNULK MVY Z[\KLU[Z ^P[O H[ SLHZ[ [OYLL ZLTLZ[LYZ VM JVSSLNL SL]LS .LYTHU +PHSVN\LZ HUK [LZ[Z HYL TVYL JVTWSL_ UH[\YL HUK JVU]LYZH[PVU PZ KL]LSVWLK [V^HYKZ N\PKLK KPZJ\ZZPVUZ :HSaI\YN 7YVNYHT 6US` JYLKP[Z 3LJ[\YL
.LVNYHWO` .,6 .,6
>VYSK .LVNYHWO` 0(0 : 5 ;OPZ JV\YZL PZ HIV\[ [OL ^VYSK»Z NYLH[ YLHSTZ Z\Y]L`LK HUK KPZJ\ZZLK PU NLV NYHWOPJ WLYZWLJ[P]L 0[ SPURZ O\THU ZVJPL[` HUK J\S[\YL [V [OL ^VYSK»Z UH[\YHS LU]PYVU TLU[ HUK JSPTH[LZ JYLKP[Z 3LJ[\YL
.LVZWH[PHS 0UMVYTH[PVU :`Z[LTZ .0: .0:
0U[YVK\J[PVU [V .LVZWH[PHS ;LJOUVSVN` ;OPZ JV\YZL WYV]PKLZ HU PU KLW[O PU[YVK\J [PVU [V [OL M\UKHTLU[HSZ VM .LVNYHWOPJ 0UMVYTH[PVU :`Z[LTZ .0: PUJS\KPUN [OL OPZ[VY` VM H\[VTH[LK THWWPUN ;OL JV\YZL ^PSS PUJS\KL HU PU[YVK\J[PVU [V IHZPJ .0: JVUJLW[Z HZZVJPH[LK ^P[O KH[HIHZL KL]LSVW TLU[ LKP[PUN HUK THW THRPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
.0:
(K]HUJLK .0: ;OPZ JV\YZL WYV]PKLZ HU PU[YVK\J[PVU [V HK]HUJLK HWWSPJH[PVUZ VM .LVNYHWOPJ 0UMVYTH[PVU :`Z[LTZ .0: \ZPUN (YJ=PL^ HUK (YJ0UMV -VJ\Z ^PSS IL WSHJLK VU [LJOUPJPHU SL]LS PZZ\LZ HZZVJPH[LK ^P[O KH[H JHW[\YL HUK HZZVJPH[LK X\HSP[` JVU[YVS PZZ\LZ HZZVJPH[LK ^P[O KL]LSVWPUN HJJ\YH[L PUMVYTH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
.LVZWH[PHS ;LJOUVSVN` 0U[LYUZOPW
(K]HUJLK Z[ (PK HUK *79
/,+
7YPUJPWSLZ VM /LHS[O
/LHS[O ,K\JH[PVU /,+ /,+
-VVK :LY]PJL :HUP[H[PVU ;OPZ JV\YZL JV]LYZ [OL WYPUJPWSLZ VM MVVK TPJYVIPVSVN` ZV\YJLZ HUK [`WLZ VM MVVKIVYUL PSSULZZ WLYZVUHS O`NPLUL HUK HSS V[OLY Y\SLZ HUK YLN\SH[PVUZ MVY [OL ZHML OHUKSPUN VM MVVK JYLKP[Z 3LJ[\YL
/,+
;OPZ JV\YZL PZ KLZPNULK [V L_WSVYL [OL TVZ[ PTWVY[HU[ OLHS[O PZZ\LZ J\YYLU[ HUK WHZ[ /LSWPUN Z[\KLU[Z [V THRL YLZWVUZPISL KLJPZPVUZ [OH[ ^PSS HMMLJ[ [OLT [OYV\NOV\[ [OLPY SPML -VJ\Z ^PSS IL VU PU[LYYLSH[PUN ILOH]PVY ^P[O VUL»Z V^U OLHS[O KLJPZPVUZ JYLKP[Z 3LJ[\YL
/,+
*VTT\UP[` /LHS[O ( Z[\K` VM W\ISPJ OLHS[O ZJOVVS OLHS[O VJJ\WH[PVUHS OLHS[O ZVJPHS HUK YLJYLH[PVUHS ZLY]PJLZ HUK ZLSM JHYL JYLKP[Z 3LJ[\YL
-VVK *LY[PÃ&#x201E;JH[L 9LUL^HS ¶ -::4 ;OPZ YLMYLZOLY JV\YZL PZ PU[LUKLK [V TLL[ [OL ULLKZ VM JLY[PÃ&#x201E;LK MVVK ZLY]PJL ZHUP[H [PVU THUHNLYZ ZLLRPUN YLUL^HS VM [OLPY Ã&#x201E;]L `LHY 0SSPUVPZ -::4* JLY[PÃ&#x201E;JH[L HM[LY 6J[VILY ;OL JVYL LSLTLU[Z VM [OL JSVJR OV\Y JV\YZL ^PSS IL LTWOHZPaLK JYLKP[Z 3LJ[\YL
/,+ 5\[YP[PVU
( IHZPJ JV\YZL PU U\[YP[PVUHS LK\JH[PVU PUJS\KPUN! MVVK NYV\WZ KPL[ NVHSZ LULYN` U\[YPLU[Z KPNLZ[PVU HIZVYW[PVU HUK TL[HIVSPZT >H[LY ]P[HTPUZ HUK TPULYHSZ ^PSS IL Z[\KPLK +PL[ HUHS`ZPZ HUK KPZLHZL VM KPNLZ[PVU ^PSS IL JV]LYLK JYLKP[Z 3LJ[\YL
/,+
+PZLHZL 7YVJLZZLZ 7YLYLX\PZP[LZ! )06 ;OL JV\YZL KL[HPSZ ^P[O [OL LWPKLTPVSVN` VM [OL THQVY JVTT\UPJHISL KPZLHZLZ HUK [OL JH\ZH[P]L MHJ[VYZ VM [OL KLNLULYH[P]L KPZLHZLZ /PZ[VYPJHS HZWLJ[Z VM KPZLHZLZ HYL Z[\KPLK ;OL Z`Z[LT VM O\THU PTT\UP[` PZ [OL ZLJVUK \UP[ JV]LYLK JYLKP[Z 3LJ[\YL
/LH[ =LU[ (PY *VUK 9LMN /=* /=*
/=(*9 )S\LWYPU[ 9LHKPUN
( YL]PL^ VM [OL SH[LZ[ TL[OVKZ \ZLK PU JHYKPVW\STVUHY` YLZ\ZJP[H[PVU ( YLUL^LK *79 JHYK ^PSS IL NP]LU H[ [OL Z\JJLZZM\S JVTWSL[PVU VM [OL JV\YZL JYLKP[Z 3LJ[\YL
;OPZ JV\YZL WYLWHYLZ Z[\KLU[Z [V YLHK HUK PU[LYWYL[ IS\LWYPU[Z MVY OLH[PUN ]LU[PSH[PVU HPY JVUKP[PVUPUN HUK YLMYPNLYH[PVU Z`Z[LTZ :[\KLU[Z SLHYU OV^ [V LTWSV` WYVWLY KYHM[PUN [LJOUPX\LZ [V KL]LSVW H ZL[ VM WSHUZ HUK WYLWHYL HU LZ[PTH[L VM JVZ[ MVY H WYVQLJ[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/,+
/=*
;OL W\YWVZL VM [OL (TLYPJHU 9LK *YVZZ 9LZWVUKPUN [V ,TLYNLUJ` JV\YZL PZ [V WYV]PKL [OL JP[PaLU YLZWVUKLY ^P[O [OL RUV^SLKNL HUK ZRPSSZ ULJLZZHY` PU HU LTLYNLUJ` [V OLSW Z\Z[HPU SPML *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
;OPZ JV\YZL JV]LYZ WYPUJPWSLZ VM LSLJ[YPJP[` HZ \ZLK PU [OL /=(*9 PUK\Z[Y` PUJS\KPUN JPYJ\P[Z LSLJ[YPJHS [OLVY` HUK ZJOLTH[PJ PU[LYWYL[H[PVU :[\KLU[Z SLHYU [V \ZL OHUK [VVSZ HUK [LZ[ LX\PWTLU[ :HML[` HUK HWWSPJH[PVU VM TH[O ZRPSSZ HYL Z[YLZZLK ,TWSV`HIPSP[` ZRPSSZ HYL PU[YVK\JLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/,+
-PYZ[ (PK 9L]PL^
9LZWVUKPUN [V ,TLYNLUJPLZ
0U[YV [V /=(*9 ,SLJ[YPJP[`
/=*
9LMYPNLYH[PVU 0 ;OPZ JV\YZL JV]LYZ [OL IHZPJ YLMYPNLYH[PVU J`JSL HZ ^LSS HZ YLMYPNLYH[PVU JVTWVULU[Z HUK [`WLZ VM YLMYPNLYHU[Z :[\KLU[Z ^VYR ^P[O [VVSZ HUK NH\NLZ TLHZ\YL [LTWLYH[\YLZ HUK WYLZZ\YLZ HUK WYHJ[PJL YLMYPNLYH[PVU ZHML[` WYVJLK\YLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/=*
9LMYPNLYH[PVU 00 ;OPZ JV\YZL JV]LYZ [OL [YV\ISLZOVV[PUN VM YLMYPNLYH[PVU Z`Z[LTZ PUJS\KPUN SPNO[ JVTTLYJPHS 9LJSHPTPUN WYVJLK\YLZ HYL JV]LYLK HUK LTWSV`HIPSP[` HU[ JHYLLY WSHUUPUN ZRPSSZ HYL Z[YLZZLK :[\KLU[Z HSZV WYLWHYL MVY JLY[PÃ&#x201E;JH[PVU L_HTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/=*
(PY *VUKP[PVUPUN 0 ;OPZ JV\YZL JV]LYZ ]HYPV\Z [`WLZ VM HPY JVUKP[PVUPUN Z`Z[LTZ HUK [OLPY JVTWV ULU[Z /\TPKPÃ&#x201E;JH[PVU KLO\TPKPÃ&#x201E;JH[PVU HUK HPY Ã&#x201E;S[YH[PVU HUK OLH[ W\TW VWLYH[PVU HYL JV]LYLK HZ ^LSS HZ PUZ[HSSH[PVU WYVJLK\YLZ MVY LHJO [`WL VM Z`Z[LT *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/=*
(PY *VUKP[PVUPUN 00 0U [OPZ JV\YZL Z[\KLU[Z SLHYU [V KLZPNU HUK [YV\ISLZOVV[ ]HYPV\Z [`WLZ VM HPY JVUKP[PVUPUN Z`Z[LTZ /LH[ 3VHK HUK OLH[ SVZZ JHSJ\SH[PVUZ HYL THKL HUK /=(*9 QVI ZLHYJO ZRPSSZ HYL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/=*
/LH[ .LULYH[PUN :`Z[LTZ ;OPZ JV\YZL JV]LYZ WYPUJPWSLZ VM ^VYRPUN ^P[O 37 HUK UH[\YHS NHZ 7YVJLK\YLZ MVY PUZ[HSSPUN HUK [YV\ISLZOVV[PUN NHZ VPS HUK LSLJ[YPJ M\YUHJLZ HYL JV]LYLK :HML[` HUK SLHR [LZ[PUN HYL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/=*
7PWL +\J[^VYR 0UZ[HSSH[PVU ;OPZ JV\YZL JV]LYZ K\J[^VYR MHIYPJH[PVU HUK PUZ[HSSH[PVU (U PU[YVK\J[PVU [V MHIYPJH[PVU WYHJ[PJLZ HUK WYVJLK\YLZ SH`V\[ HUK OLH[PUN HUK YLMYPNLYH[PVU WPWPUN PZ WYV]PKLK :HML[` WYHJ[PJLZ HYL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/PZ[VY` /0: /0:
/PZ[VY` VM 0SSPUVPZ +LZJYPIL 0UKPHU J\S[\YLZ -YLUJO Y\SL HUK WYVISLTZ VM LHYS` Z[H[LOVVK" HZZLZZ WH[[LYUZ VM ZL[[SLTLU[" KLZJYPIL PTWHJ[ VM *P]PS >HY HUK [YHJL [OL LJVUVTPJ [YHUZP[PVU [V HU PUK\Z[YPHS WV^LY" HZZLZZ [O *LU[\Y` JOHUNLZ HUK J\YYLU[ Z[H[LZ WYVISLTZ JYLKP[Z 3LJ[\YL
/0:
/PZ[VY` *\S[\YL VM ;OPYK >VYSK 0(0 / 5 ;OL JV\YZL ^PSS PU[YVK\JL [OL Z[\KLU[ [V OPZ[VY` HUK J\S[\YL PU [OL [OPYK ^VYSK MYVT HUJPLU[ JP]PSPaH[PVUZ [V [OL TVKLYU LYH ;OPZ JV\YZL ^PSS MVJ\Z \WVU IYVHK [OLTLZ PU OPZ[VY` HUK J\S[\YL HUK ^PSS L_HTPUL [OVZL [OLTLZ PU LHJO THQVY OPZ[VYPJHS LYH JYLKP[Z 3LJ[\YL
/0:
/PZ[VY` VM [OL < : 0 : /:; ( Z\Y]L` VM LHYS` (TLYPJHU OPZ[VY` ]PL^LK ^P[O HU LTWOHZPZ VU [OL WVSP[PJHS ZVJPHS LJVUVTPJ HUK PKLVSVNPJHS MV\UKH[PVUZ VM [OL 9LW\ISPJ 4HQVY [VWPJZ PUJS\KL JVSVUPHSPZT YL]VS\[PVU MLKLYHSPZT UH[PVUHSPZT ZLJ[PVUHSPZT L_WHUZPVU ZSH]LY` YLSPNPVU *P]PS >HY JYLKP[Z 3LJ[\YL
/0:
/PZ[VY` VM [OL < : 00 : /:; =PL^Z < : /PZ[VY` ZPUJL [OL LUK VM 9LJVUZ[Y\J[PVU ^P[O LTWOHZPZ VU OV^ [OL KVTLZ[PJ HUK PU[LYUH[PVUHS JVUÃ&#x2026;PJ[Z OLSWLK ZOHWL V\Y TVKLYU ZVJPL[` JYLKP[Z 3LJ[\YL
/0:
>LZ[LYU *P]PS [V / /:; ( Z\Y]L` VM [OL WVSP[PJHS LJVUVTPJ J\S[\YHS HUK ZVJPHS KL]LSVWTLU[ VM >LZ[LYU *P]PSPaH[PVU [V ;VWPJZ PUJS\KL WYLOPZ[VY` HUJPLU[ ULHY LHZ[ .YLJV 9VTHU ^VYSK .LYTHUPJ TPNYH[PVUZ TPKKSL HNLZ 9LUHPZZHUJL HUK 9LMVYTH[PVU HUK [OL ILNPUUPUNZ VM [OL 4VKLYU >VYSK JYLKP[Z 3LJ[\YL
/0:
>LZ[ *P]PS ¶ 7YLZLU[ / /:; :\Y]L` VM >LZ[LYU *P]PSPaH[PVU ^P[O [VWPJZ PUJS\KPUN HIZVS\[PZT [OL YPZL VM TVKLYU ZJPLUJL [OL -YLUJO 9L]VS\[PVU [OL 0UK\Z[YPHS 9L]VS\[PVU [OL (NL VM 0KLVSVN`
0TWLYPHSPZT [OL 9\ZZPHU 9L]VS\[PVUZ >VYSK >HY 0 [OL 9PZL VM ;V[HSP[HYPHUPZT >VYSK >HY 00 HUK [OL *VU[LTWVYHY` (NL JYLKP[Z 3LJ[\YL
/VY[PJ\S[\YL /9; /9;
0U[YVK\J[PVU [V /VY[PJ\S[\YL 0U[YVK\J[PVU [V /VY[PJ\S[\YL ^PSS HJX\HPU[ [OL Z[\KLU[ ^P[O H IHZPJ \UKLYZ[HUKPUN VM WSHU[Z MVYT HUK M\UJ[PVU ;OPZ JV\YZL ^PSS JV]LY LTWSV`HIPSP[` VWWVY[\UP[PLZ HUK ZRPSSZ ULJLZZHY` MVY LTWSV`TLU[ ^OPJO ^PSS IL YLPUMVYJLK [OYV\NOV\[ [OL YLTHPUKLY VM [OL WYVNYHT *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9; :VPSZ
;OPZ JV\YZL ^PSS NP]L [OL Z[\KLU[ HU V]LY]PL^ VM ZVPS Z[Y\J[\YL OVYPaVUZ [L_[\HS JSHZZPÃ&#x201E;JH[PVUZ HUK JOLTPJHS WYVWLY[PLZ 0[ WYV]PKLZ H IHZPJ RUV^SLKNL VM ZVPS W/ U\[YPLU[ YLX\PYLTLU[Z HUK ^H[LY YLX\PYL TLU[Z *VUJLW[ MVY ZVPS HUHS`ZPZ HUK YLJVT TLUKH[PVU MVY [PS[O PTWYV]LTLU[ HUK MLY[PSP[` *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
7LZ[ *VU[YVS ;OPZ JV\YZL PUJS\KLZ PKLU[PÃ&#x201E;JH[PVU VM THQVY WLZ[Z HUK [OLPY SPML J`JSLZ 4L[OVKZ VM WLZ[ JVU[YVS HYL JV]LYLK HSVUN ^P[O PKLU[PÃ&#x201E;JH [PVU HUK \ZL VM WLZ[PJPKLZ 7YVWLY ZHML[` WYVJLK\YLZ HYL LTWOHZPaLK :[\KLU[Z ^PSS [HRL [OL 0SSPUVPZ *VTTLYJPHS 7LZ[PJPKL 6WLYH[VY *HYL ;LZ[ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
.YLLUOV\ZL 6WLYH[PVU ;OPZ JV\YZL PZ HU PU[YVK\J[VY` JV\YZL KLZPNULK [V NP]L Z[\KLU[Z H IHZPJ \UKLY Z[HUKPUN VM [OL THPU[LUHUJL HUK WYVWLY \ZL VM NYLLUOV\ZL Z[Y\J[\YLZ HUK LX\PW TLU[ 7YVWLY ZHML[` WYVJLK\YLZ NYV^PUN [LJOUPX\LZ HUK THUHNLTLU[ \ZLK PU WYVK\JPUN NYLLUOV\ZL JYVWZ HYL JV]LYLK *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
;\YMNYHZZ 4HUHNLTLU[ ;OPZ JV\YZL WYV]PKLZ [OL IHZPJ RUV^SLKNL HUK ZRPSSZ MVY H JHYLLY PU [\YM NYHZZ THUHNL TLU[ ^P[O LTWOHZPZ VU [OL LZ[HISPZOTLU[ YLUV]H[PVU HUK THPU[LUHUJL VM [\YM NYHZZ :[\KLU[Z ^PSS PKLU[PM` HUK L_HTPUL J\S[\YHS YLX\PYLTLU[Z MVY THQVY [\YMNYHZZLZ PU 0SSPUVPZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
/9;
/9;
;OPZ JV\YZL PUJS\KLZ WYPUJPWSLZ VM ^VVK` WSHU[ WYVK\J[PVU MYVT WSHU[PUN [V ZHSHISL WSHU[Z *\S[\YHS WYVJLK\YLZ MVY Ã&#x201E;LSK HUK JVU[HPULY U\YZLY` WYVK\J[PVU ^PSS IL PU[YVK\JLK (WWYV]LK WYHJ[PJLZ VM MLY[PSPaH[PVU WLZ[ JVU[YVS WSHU[PUN PYYPNH[PVU V]LY ^PU[LYPUN HUK OHY]LZ[PUN HYL PU[YVK\JLK *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4L[OVKZ VM LZ[HISPZOTLU[ HUK THPU[LUHUJL VM [\YMNYHZZ MVY SH^UZ W\ISPJ NYV\UKZ HUK YLJYLH[PVUHS HYLHZ (SZV PUJS\KLZ [OL PKLU[PÃ&#x201E;JH[PVU HUK THUHNLTLU[ VM WSHU[ HUK ZVPS TH[LYPHSZ PU KPMMLYLU[ LU]PYVUTLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:[\KLU[Z ^PSS SLHYU JVUZ[Y\J[PVU TL[OVKZ MVY YLZPKLU[PHS HUK ZTHSS JVTTLYJPHS SHUKZJHWLZ" ZLSLJ[PVU HUK PUZ[HSSH[PVU VM WSHU[Z" [LJOUPX\LZ HUK \ZLZ VM TH[LYPHSZ YLSH[LK [V ]HYPV\Z SHUKZJHWL MLH[\YLZ" WYLWHYL JVZ[ LZ[PTH[LZ" JVU[YVS VM SHUKZJHWL KPZLHZLZ HUK WLZ[Z" HUK THPU[LUHUJL VM SHUKZJHWL HYLHZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
5\YZLY` 6WLYH[PVUZ
/9;
;\YM 4HUHNLTLU[
/9;
/LYIHJLV\Z 3HUKZJHWL 7SHU[Z
;OPZ JV\YZL ^PSS PU[YVK\JL Z[\KLU[Z [V ^VVK` HUK OLYIHJLV\Z WLYLUUPHSZ :[\KLU[Z ^PSS SLHYU [V PKLU[PM` WSHU[Z HJJVYKPUN [V SLHM V]LYHSS ZOHWL ZPaL HUK \ZL 7SHU[Z ^PSS IL NYV\WLK I` KLJPK\V\Z VY L]LYNYLLU [YLLZ ZOY\IZ HUK NYV\UK JV]LYZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
( Z[\K` PU [OL PKLU[PÃ&#x201E;JH[PVU ZLSLJ[PVU HUK \ZL VM OLYIHJLV\Z WSHU[Z WYPTHYPS` \ZLK PU [OL SHUKZJHWL PUJS\KPUN WLYLUUPHSZ IPLUUPHSZ VYUHTLU[HS NYHZZLZ ^PSKÃ&#x2026;V^LYZ HUK ZWLJPHS[` HUU\HSZ ,TWOHZPZ PZ WSHJLK VU J\S[\YHS YLX\PYLTLU[Z VM [OL WSHU[Z WYVWHNH[PVU HUK WSHU[ \ZHNL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
/9;
;OPZ JV\YZL JV]LYZ IHZPJ WYPUJPWSLZ VM SHUKZJHWL KLZPNU [LJOUPX\LZ HUK TH[LYPHSZ \ZLK PU [OL SHUKZJHWPUN 0[ PUJS\KLZ IHZPJ Z[Y\J[\YLZ HUK V[OLY UVU WSHU[ TH[LYPHSZ \ZLK PU [OL SHUKZJHWL HUK WYV]PKLZ H IHZPJ RUV^SLKNL VM WSHU[ ZLSLJ[PVU WSHU[PUN WYVJLK\YLZ HUK JVUZ[Y\J[PVU TH[LYPHSZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*V]LYZ [OL PKLU[PÃ&#x201E;JH[PVU HUK \ZL VM Ã&#x2026;V^LYPUN ILKKPUN HUU\HSZ ZWLJPHS[` HUU\HSZ HUK [YVWPJHS WSHU[Z \ZLK MVY V\[KVVY KPZWSH`Z 0TWYV]LTLU[ PU ZLSLJ[PVU JOHUNLZ PU THYRL[PUN HUK IYHUKPUN HUK UL^ [YLUKZ HYL KPZJ\ZZLK ,TWOHZPZ PZ WSHJLK VU \ZL PU [OL 0SSPUVPZ SHUKZJHWL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
/9;
;OPZ JV\YZL JV]LYZ WYPUJPWSLZ MVY THPU[HPU PUN SHUKZJHWLZ [OYV\NO WYVWLY JHYL MLY[PSPaH[PVU PYYPNH[PVU KPZLHZL HUK WLZ[ JVU[YVS WY\UPUN HUK V[OLY [LJOUPX\LZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
( Z[\K` VM [OL JVTTLYJPHS WYVK\J[PVU VM Ã&#x2026;VYPJ\S[\YHS JYVWZ PUJS\KPUN NYLLUOV\ZL JVUZ[Y\J[PVU THUHNLTLU[ HUK VWLYH[PVU ([[LU[PVU ^PSS IL NP]LU [V [OL WYVK\J[PVU VM IL[[LY WSHU[Z [OYV\NO [OL Z[\K` VM [LTWLYH [\YL SPNO[ ZVPS U\[YP[PVU ZJOLK\SPUN WYVWHNH[PVU TL[OVKZ HUK WSHU[ IYLLKPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
3HUKZJHWL 7SHU[ 0KLU[PÃ&#x201E;JH[PVU
3HUKZJHWL +LZPNU 0UZ[HSSH[PVU
3HUKZJHWL 7SHU[ 4HPU[LUHUJL
/9;
>VVK` 7SHU[Z 0KLU[PÃ&#x201E;JH[PVU ( Z[\K` PU [OL PKLU[PÃ&#x201E;JH[PVU VM KLJPK\V\Z [YLLZ HUK ZOY\IZ \ZLK WYPTHYPS` PU SHUK ZJHWPUN ,TWOHZPZ PZ WSHJLK VU J\S[\YHS YLX\PYLTLU[Z VM [OL WSHU[Z [OLPY UH[\YHS OHIP[H[ HUK WSHU[ \ZHNL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
,]LYNYLLU =PULZ .YV\UK *V]LY ( Z[\K` PU [OL PKLU[PÃ&#x201E;JH[PVU ZLSLJ[PVU \ZL WYVWHNH[PVU HUK J\S[\YHS YLX\PYLTLU[Z VM ^VVK` HUK OLYIHJLV\Z NYV\UK JV]LYZ ]PULZ ULLKSLK L]LYNYLLUZ HUK IYVHK SLH]LK L]LYNYLLU WSHU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/LYIHJLV\Z 3HUKZJHWL 7SHU[Z 00
.YLLUOV\ZL 4N[ HUK 7YVK\J[PVU
/9;
3HUKZJHWL +LZPNU ;OPZ JSHZZ ^PSS JV]LY [OL IHZPJ WYPUJPWSLZ VM SHUKZJHWL KLZPNU TL[OVKZ HUK [LJOUPX\LZ VM [OL SHUKZJHWL KLZPNU WYVJLZZ MVY YLZPKLU[PHS HUK JVTTLYJPHS ZL[[PUNZ PUJS\KPUN HU HWWYLJPH[PVU VM ]HYPV\Z SHUKZJHWL [OLVYPLZ HUK VIQLJ[P]LZ HY[ PU SHUKZJHWL KLZPNU HUK ZWLJPHS SHUKZJHWL WYVISLTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
3HUKZJHWL *VUZ[Y\J[PVU 4HPU[
/9;
3HUKZJHWL +LZPNU 00 ¶ 3H`V\[ .YHWOPJZ ;OPZ JV\YZL YL]PL^Z [OL KLZPNU WYVJLZZLZ HUK [LJOUPX\LZ HZ [OL` HWWS` [V YLZPKLU[PHS SHUKZJHWL KLZPNUZ HUK PU[LNYH[LZ [OLT PU[V SHUKZJHWL WYVQLJ[Z *V\YZL ^PSS PUJS\KL WLU HUK PUR NYHWOPJ KLZPNU [LJOUPX\LZ MYLLOHUK ZRL[JOPUN WYLWHYPUN X\PJR KLZPNUZ WLYZWLJ[P]L ZRL[JOPUN HUK JVSVY KYH^PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 0 ;OPZ JV\YZL WYV]PKLZ PU[YVK\J[VY` VU [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK OVY[PJ\S[\YL WYVK\J[PVU VY SHUKZJHWPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 00 ;OPZ JV\YZL WYV]PKLZ PU[LYTLKPH[L SL]LS VU [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK OVY[PJ\S[\YL WYVK\J[PVU VY SHUKZJHWPUN VJJ\WH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 000 ;OPZ JV\YZL WYV]PKLZ HK]HUJLK VU [OL QVI L_WLYPLUJL HZ H M\SS [PTL LTWSV`LL PU ZLSLJ[LK OVY[PJ\S[\YL WYVK\J[PVU VY SHUKZJHWPUN VJJ\WH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/9;
0U[YVK\J[PVU [V /VY[PJ\S[\YL ( Z[\K` HUK PU[YVK\J[PVU [V [OL WYPUJPWSLZ HUK WYHJ[PJLZ PU]VS]LK PU [OL KL]LSVWTLU[ WYVK\J[PVU HUK \ZL VM OVY[PJ\S[\YHS JYVWZ MY\P[Z ]LNL[HISLZ NYLLUOV\ZL [\YM U\YZLY` Ã&#x2026;VYHS HUK SHUKZJHWL *V\YZL ^PSS PUJS\KL H IYVHK V]LY]PL^ VM [OL NYLLU PUK\Z[Y` PUJS\KPUN WYVWHNH[PVU WYVK\J[PVU HUK KLZPNU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
/\THU :LY]PJLZ /:7 /:7
>VYR ,_WLYPLUJL :LTPUHY 0 7YLYLX\PZP[LZ! /:7 /:7 ZLT OYZ YLX\PYLK HUK .7( ;OPZ JV\YZL HJJVTWHUPLZ [OL Ã&#x201E;LSK L_WLYP LUJL JSHZZ ;OLZL ZLTPUHYZ NP]L VWWVY[\UP[` [V WYV]PKL PUKP]PK\HS HZZLZZTLU[ HUK HZZPZ[ ^P[O QVI JVTWL[LUJL JYLKP[Z 3LJ[\YL
/:7
-PLSK ,_WLYPLUJL 0 7YLYLX\PZP[LZ! /:7 /:7 ZLT OYZ YLX\PYLK HUK .7( ;OPZ JV\YZL WYV]PKLZ OV\YZ VM Z\WLY ]PZLK LTWSV`TLU[ PU ]HYPV\Z O\THU ZLY]PJL HNLUJPLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
/:7
>VYR ,_WLYPLUJL :LTPUHY 00 7YLYLX\PZP[LZ! /:7 /:7 ;OPZ JV\YZL HJJVTWHUPLZ [OL Ã&#x201E;LSK L_WLYP LUJL JSHZZ :LTPUHYZ NP]L VWWVY[\UP[` [V WYV]PKL PUKP]PK\HS HZZLZZTLU[ HUK HZZPZ[ ^P[O QVI JVTWL[LUJL JYLKP[Z 3LJ[\YL
/:7
/:7
/<4
:[\K` VM K`UHTPJZ VM +VTLZ[PJ =PVSLUJL MVJ\ZPUN VU WYVNYHT WOPSVZVWO` J\S[\YHS KP]LYZP[` KPYLJ[ YLSH[PVU VM Z\IZ[HUJL HI\ZL JYPZPZ PU[LY]LU[PVU \UKLYZ[HUK 03 +VTLZ[PJ =PVSLUJL (J[ JYPTPUHS HZWLJ[Z IH[[LYPUN [YLH[TLU[ OV^ +VTLZ[PJ =PVSLUJL HMMLJ[Z JOPSKYLU V\Y ZVJPL[` JYLKP[Z 3LJ[\YL
:[\KLU[Z ^PSS Z\Y]L` [OL O\THU JVUKP[PVU HZ YL]LHSLK [OYV\NO [OL HY[Z PUJS\KPUN HU L_HTPUH[PVU VM WHPU[PUN ZJ\SW[\YL HYJOP[LJ[\YL SP[LYH[\YL KYHTH Ã&#x201E;ST WOV[VN YHWO` HUK T\ZPJ JYLKP[Z 3LJ[\YL
+`UHTPJZ VM +VTLZ[PJ =PVSLUJL
/:7
)LOH]PVY 4HUHNLTLU[ ;OPZ JV\YZL PU[YVK\JLZ [OL SLHYUPUN WYPUJPWSLZ VM ILOH]PVY TVKPÃ&#x201E;JH[PVU TLHZ\YLTLU[ HUK Z[YH[LNPLZ [V JOHUNL O\THU ILOH]PVYZ PU LK\JH[PVUHS HUK JSPUPJHS ZL[[PUNZ JYLKP[Z 3LJ[\YL
/:7
-V\UKH[PVUZ VM /\THU :LY]PJLZ -V\UKH[PVUZ PU [OL KPZJPWSPUL VM O\THU ZLY]PJLZ PUJS\KPUN! /PZ[VYPJHS VYPNPUZ L[OPJZ HUK ]HS\LZ ZRPSS KL]LSVWTLU[ YVSLZ VM [OL WYVMLZZPVU JHYLLY VWWVY[\UP[PLZ JOHSSLUNLZ L_HTPUH[PVU VM KP]LYZL HUK H[ YPZR WVW\SH[PVUZ HUK WVSPJ` PZZ\LZ PU O\THU ZLY]PJLZ JYLKP[Z 3LJ[\YL
/:7
0U[YVK\J[PVU [V :VJPHS >VYR
7YLYLX\PZP[LZ! /:7 /:7 ;OPZ JV\YZL WYV]PKLZ OV\YZ VM Z\WLY ]PZLK LTWSV`TLU[ PU ]HYPV\Z O\THU ZLY]PJL HNLUJPLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(U PU[YVK\J[PVU [V NLULYHSPZ[ WYHJ[PJL! /PZ[VYPJHS VYPNPUZ ]HS\LZ HUK L[OPJZ WYHJ[PJL TL[OVKZ YLZLHYJO JVUZPKLYH[PVUZ HUK WVSPJ` PZZ\LZ PU ZVJPHS ^VYR ,_HTPUH [PVU VM KP]LYZL HUK H[ YPZR WVW\SH[PVUZ" [OL ^PKL ]HYPL[` VM WYVISLTZ ^VYRLYZ JVUMYVU[ RUV^SLKNL HUK ZRPSSZ VM [OL ^VYRLY JYLKP[Z 3LJ[\YL
/:7
/:7
-PLSK ,_WLYPLUJL 00
>VYR ,_WLYPLUJL :LTPUHY 000 7YLYLX\PZP[LZ! /:7 /:7 ;OPZ JV\YZL HJJVTWHUPLZ [OL Ã&#x201E;LSK L_WLYP LUJL JSHZZ ;OLZL ZLTPUHYZ NP]L VWWVY[\UP[` [V WYV]PKL PUKP]PK\HS HZZLZZTLU[ HUK HZZPZ[ ^P[O QVI JVTWL[LUJL JYLKP[Z 3LJ[\YL
/:7
-PLSK ,_WLYPLUJL 000
/\THUP[PLZ ;OYV\NO [OL (Y[Z 0(0 /-
0UKLWLUKLU[ :[\K` 05: 05:
7VY[MVSPV +L]LSVW :[\KLU[Z ^PSS HUHS`aL HUK L]HS\H[L [OLPY SLHYUPUN ZRPSSZ HUK [HSLU[Z PU VYKLY [V KL]LSVW H WVY[MVSPV JVUZPZ[PUN VM [YHUZJYPW[Z [LZ[Z [YHPUPUN WYVNYHTZ ^VYRZOVWZ ^OPJO JHU IL L]HS\H[LK MVY JVSSLNL JYLKP[ 0U WYLWHYPUN WVY[MVSPV Z[\KLU[Z ^PSS JSHYPM` LK\JH[PVUHS JHYLLY HUK WLYZVUHS VIQLJ [P]LZ JYLKP[Z 3LJ[\YL
05: â&#x2013;¼
0U[LYUZOPW *VVWLYH[P]L ,K\JH[PVU 9LWLH[HISL ;PTLZ -VY TVYL PUMVYTH[PVU HIV\[ [OPZ JV\YZL WSLHZL JHSS *HYLLY :LY]PJLZ H[ *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
05:
â&#x2013;¼
0UKLWLUKLU[ :[\K` 9LWLH[HISL ;PTLZ -VY TVYL PUMVYTH[PVU HIV\[ [OPZ JV\YZL VY [V ZLJ\YL H JVU[YHJ[ [V [HRL HU PUKLWLUKLU[ Z[\K` WSLHZL JVU[HJ[ [OL (ZZVJPH[L =PJL 7YLZPKLU[ MVY ,K\JH[PVUHS :LY]PJLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
:VJPHS >LSMHYL ( Z[\K` VM [OL OPZ[VY` W\YWVZL WOPSVZVWO` TL[OVKZ HUK ]HS\LZ NV]LYUPUN ZVJPHS ^LSMHYL ^P[O HU V]LY]PL^ VM [OL (TLYPJHU ZVJPHS ^LSMHYL Z`Z[LT WYVNYHTZ HUK Z[Y\J[\YL VM ZLY]PJL KLSP]LY` ,_HTPUH[PVU VM [OL YLSH[PVUZOPWZ HTVUN ZVJPHS ^LSMHYL Z`Z[LTZ HUK PUZ[P[\[PVUHS Z[Y\J[\YLZ JYLKP[Z 3LJ[\YL
0UK\Z[YPHS 4HPU[LUHUJL 05+ 05+
7PWLÃ&#x201E;[[PUN 7YVJLK\YLZ -VJ\ZLZ VU [OL IHZPJ WYPUJPWSLZ VM PUZ[HSSH [PVU HUK THPU[LUHUJL VM PUK\Z[YPHS WPWPUN Z`Z[LTZ 4LJOHUPJHS QVPUPUN TL[OVKZ HYL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! /:7 /:7 ;OPZ JV\YZL WYV]PKLZ OV\YZ VM Z\WLY ]PZLK LTWSV`TLU[ PU ]HYPV\Z O\THU ZLY]PJL HNLUJPLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
/\THUP[PLZ /<4
/:7
4`[OZ HUK 3LNLUKZ 0(0 /
05+
7YLYLX\PZP[LZ! ,5. " TPUPT\T NYHKL VM ¸*¹ (U PU[YVK\J[PVU [V THQVY T`[OZ HUK SLNLUKZ ZWHUUPUN MYVT (UJPLU[ .YLLJL [V 4VKLYU (TLYPJH ^P[O HU LTWOHZPZ VU OV^ [OL TV[PMZ HYJOL[`WLZ HUK [OLTLZ HYL JVUZPZ[LU[S` YL]P]LK PU WVW\SHY J\S[\YL JYLKP[Z 3LJ[\YL
+L]LSVWZ IHZPJ \UKLYZ[HUKPUN VM [OL YLMYPNLYH[PVU J`JSL IHZPJ [LYTZ Z`Z[LT JVTWVULU[Z JVU[YVSZ HUK [LZ[ LX\PWTLU[ :[\KLU[ SLHYUZ WYVWLY \ZL VM [VVSZ HUK [LZ[ LX\PWTLU[ [V KV IHZPJ [YV\ISLZOVV[PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0U[YV [V :\IZ[HUJL (I\ZL ;OPZ JV\YZL LUJVTWHZZLZ ZVJPHS WZ`JOV SVNPJHS HUK TLKPJHS ]PL^Z VM KY\N \ZL ;OL OPZ[VYPJHS L]VS\[PVU VM KY\N \ZL HUK YLN\SH[PVU [OL KPMMLYLUJLZ IL[^LLU KY\N \ZL TPZ\ZL HUK HI\ZL HUK [OLPY JVUZLX\LUJLZ JYLKP[Z 3LJ[\YL
/<4
/LH[ =LU[ ( * 0
05+
05+ â&#x2013;¼
0;; â&#x2013;¼
7YV]PKLZ [OL TLJOHUPJ ^P[O [OL IHZPJ JVUJLW[Z VM WUL\TH[PJZ HUK O`KYH\SPJZ 0[ ^PSS JVUJLU[YH[L VU WYPTL TV]LYZ HUK [OLPY JVU[YVSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM YLWHPY HUK THPU[LUHUJL VM PUK\Z[YPHS JLU[YPM\NHS HUK WVZP[P]L KPZWSHJLTLU[ W\TWZ :[\KLU[Z SLHYU PUK\Z[Y` YLSL]HU[ ZRPSSZ PUJS\KPUN OV^ [V! PUZ[HSS THPU[HPU [YV\ISLZOVV[ HUHS`aL WLYMVYTHUJL HUK ZLSLJ[ JLU[YPM\NHS HUK WVZP[P]L KPZWSHJLTLU[ W\TWZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; *VTW\[LY (WWSPJH[PVUZ WYVNYHT ^P[O TPUPT\T .7( +LZPNULK [V NP]L *VTW\[LY (WWSPJH[PVUZ Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[LK HYLH 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
-S\PK 7V^LY
05+
/LH[ =LU[ ( * 00 7YLYLX\PZP[LZ! 05+ *VU[PU\LZ Z[\K` VM /LH[PUN =LU[PSH[PUN HUK (PY *VUKP[PVUPUN 0 *V\YZL Z[\KPLZ ]HYPV\Z [`WLZ VM OLH[PUN ]LU[PSH[PUN HUK HPY JVUKP[PVUPUN Z`Z[LTZ HWWSPJH[PVUZ SVHK JHSJ\SH[PVUZ WZ`JOYVTL[YPJ WYPUJPWSLZ WS\Z THPU[LUHUJL YLWHPY HUK ZLY]PJPUN VM YLMYPNLYH[PVU \UP[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
05+
)HZPJ ,SLJ[YPJHS 4HPU[LUHUJL 7YV]PKLZ [OL Z[\KLU[ ^P[O [OL IHZPJ LSLJ[YPJHS [OLVY` HUK OHUKZ VU L_WLYPLUJL \ZPUN H ]HYPL[` VM IHZPJ [LZ[ LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
05+
,SLJ[YPJHS 0UZ[HSSH[PVU 7YVJLK\YLZ 7YLYLX\PZP[LZ! ,,; ,,; -VJ\ZLZ VU [OL TL[OVKZ HUK TH[LYPHSZ \ZLK PU LSLJ[YPJHS PUZ[HSSH[PVU HUK [OL WYVISLTZ LUJV\U[LYLK PU JVUZ[Y\J[PVU ^VYR ;OL 5H[PVUHS ,SLJ[YPJHS *VKL PZ \ZLK HZ H N\PKL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
05+
;YV\ISL :OVV[PUN HUK 7YL]LU[H[P]L 4HPU[ 7YLYLX\PZP[LZ! ,,; ,,; 7YV]PKLZ [OVZL ZRPSSZ HUK PUZPNO[Z ULJLZZHY` [V KL[LJ[ HUK ZVS]L WYVISLTZ ^OPJO VJJ\Y PU PUK\Z[YPHS THJOPULY` 0UJS\KLZ WYVJL K\YLZ HPTLK H[ WYL]LU[PVU YH[OLY [OHU LTLYNLUJ` HJ[PVU *V\YZL 3L]LS -LL =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
05+ â&#x2013;¼
7UL\TH[PJ *VU[YVSZ ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM WUL\TH[PJ JVU[YVS Z`Z[LTZ YLSH[LK [V WV^LY WSHU[ [LJOUVSVN` :[\KLU[Z SLHYU PUK\Z[Y` YLSL]HU[ ZRPSSZ PUJS\KPUN OV^ [V VWLYH[L PUZ[HSS HUK HUHS`aL WLYMVYTHUJL VM IHZPJ WUL\TH[PJ Z`Z[LTZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0UK\Z[YPHS 7\TWZ
05+ â&#x2013;¼
0UK\Z[YPHS =HS]LZ ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM PUK\Z[YPHS JVU[YVS ]HS]LZ HUK HJ[\H[VYZ :[\KLU[Z SLHYU PUK\Z[Y` YLSL]HU[ ZRPSSZ PUJS\KPUN OV^ [V! VWLYH[L PUZ[HSS THPU[HPU HUK HUHS`aL WLYMVYTHUJL VM JVU[YVS ]HS]LZ HUK HJ[\H[VYZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
05+ â&#x2013;¼
9PNNPUN HUK /VPZ[PUN ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM OVPZ[PUN HUK YPNNPUN LX\PWTLU[ :HML[` YLN\SH[PVUZ ^PSS IL KPZJ\ZZLK HSVUN ^P[O KL[LYTPUH[PVU VM ZHML ^VYRPUN SVHKZ HUK WYVWLY JHYL VM LX\PWTLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
0UMVYTH[PVU 3P[LYHJ` 30) 30)
0U[YV [V 0UMVYTH[PVU 3P[LYHJ` :[\KLU[Z ^PSS Z[\K` H]HPSHISL YLZV\YJLZ HUK YLZLHYJO TL[OVKZ [OH[ OLSW [OLT \UKLYZ[HUK OV^ [V \ZL SPIYHY` HUK 0U[LYUL[ YLZV\YJLZ :[\KLU[Z ^PSS MVYT\SH[L H YLZLHYJO Z[YH[LN` KL]LSVW ZLHYJO ZRPSSZ HUK L]HS\H[L ZV\YJLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
0UMVYTH[PVU ;LJOUVSVN` ;YHPU 0;; 0;; â&#x2013;¼
0; *VTW\[LY (WWSPJH[PVUZ *Y[ 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; *VTW\[LY (WWSPJH[PVUZ JLY[PÃ&#x201E;JH[L ^P[O TPUPT\T .7( +LZPNULK [V NP]L *VTW\[LY (WWSPJH[PVUZ Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[LK HYLH 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0; *VTW\[LY (WWZ +LNYLL 0U[LYUZOPW
0;; â&#x2013;¼
0; 5L[ (KTPU *LY[ 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; 5L[^VYR (KTPUPZ[YH[PVU JLY[PÃ&#x201E;JH[L ^P[O TPUPT\T .7( +LZPNULK [V NP]L 5L[^VYR (KTPUPZ[YH[PVU Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[LK HYLH 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
0; 5L[^VYR (KTPU +LNYLL 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; 5L[^VYR (KTPUPZ[YH[PVU WYVNYHT ^P[O TPUPT\T .7( +LZPNULK [V NP]L 5L[^VYR (KTPUPZ[YH[PVU Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[LK HYLH 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
0; 7YVNYHTTPUN *LY[PÃ&#x201E;JH[L 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; 7YVNYHTTPUN *LY[PÃ&#x201E;JH[L ^P[O TPUPT\T .7( +LZPNULK [V NP]L 7YVNYHTTPUN Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[ LK HYLH 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
0; 7YVNYHTTPUN +LNYLL 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; 7YVNYHTTPUN +LNYLL ^P[O TPUPT\T .7( +LZPNULK [V NP]L 7YVNYHTTPUN Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[ LK HYLH 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
0;;
0,3 â&#x2013;¼
7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; >LI ;LJOUVSVN` JLY[PÃ&#x201E;JH[L ^P[O TPUPT\T .7( +LZPNULK [V NP]L >LI ;LJOUVSVN` Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[ LK HYLH 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[L! *0: VY LX\P]HSLU[ L_WLYPLUJL *0: YLJVTTLUKLK (U PU[YVK\J[PVU [V \ZPUN KPNP[HS [LJOUVSVN` [V WYVK\JL HY[PZ[PJ JYLH[PVUZ VU [OL JVTW\[LY :[\KLU[Z ^PSS SLHYU IHZPJ HY[ [OLVYPLZ VM KLZPNU JVSVY [`WVNYHWO` HUK ]PZ\HS LSLTLU[Z HUK OV^ [V HWWS` [OLT PU H KPNP[HS LU]PYVUTLU[ 9LWLH[HISL ;PTLZ JYLKP[Z SLJ[\YL
;OL JV\YZL PZ PU[LUKLK MVY Z[\KLU[Z ^P[O SPTP[LK RUV^SLKNL VM ,UNSPZO NYHTTHY HUK ^YP[PUN :[\KLU[Z ^PSS IL [H\NO[ ZLU[LUJL Z[Y\J[\YL HUK Y\SLZ VM NYHTTHY HUK ^PSS ILNPU [V \ZL ,UNSPZO PU ^YP[PUN ZPTWSL ZLU[LUJLZ HUK IHZPJ WHYHNYHWOZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0; >LI ;LJOUVSVN` *LY[ 0U[LYUZOPW
0;; â&#x2013;¼
+PNP[HS 4LKPH (Y[Z
0; >LI ;LJOUVSVN` +LNYLL 0U[LYUZOPW
0;; â&#x2013;¼
7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; >LI ;LJOUVSVN` KLNYLL ^P[O TPUPT\T +LZPNULK [V NP]L >LI ;LJOUVSVN` Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU H JVTW\[LY YLSH[ LK HYLH 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! *0: *0: ( WYHJ[PJHS SHI IHZLK JSHZZ [OH[ JVUJLU [YH[LZ VU [OL KLZPNU KL]LSVWTLU[ HUK PTWSLTLU[H[PVU VM WO`ZPJHS HUK LSLJ[YVUPJ JVTW\[LY PU[LYMHJLZ ;OL NVHS PZ [V L_[LUK [OL YLHSP[` VM JVTW\[LY \ZL HUK VY NHTL WSH` \ZPUN IV[O J\YYLU[S` H]HPSHISL HUK J\Z[VT OHYK^HYL HUK ZVM[^HYL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
0; +PNP[HS 4LKPH *LY[PÃ&#x201E;JH[L 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; +PNP[HS 4LKPH ^P[O TPUPT\T .7( +LZPNULK [V NP]L +PNP[HS 4LKPH :WLJPHSPZ[ Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` KVPUN ]PKLV ^LI VY HUPTH[PVU WYVK\J[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0;;
â&#x2013;¼
0U[YVK\J[PVU [V +PNP[HS =PKLV (U PU[YVK\J[VY` JV\YZL JV]LYPUN [OL IHZPJ [LYTPUVSVN` [LJOUPX\LZ HUK LX\PWTLU[ \ZLK PU WYVMLZZPVUHS HUK WYVZ\TLY ]PKLV WYVK\J[PVUZ ;OL JVUJLU[YH[PVU ^PSS IL VU \UKLYZ[HUKPUN M\UKHTLU[HSZ HZ [OL [LJOUPX\LZ HUK LKP[PUN VM [OL ]PKLV ^PSS IL JV]LYLK PU H SH[LY JSHZZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
0;; â&#x2013;¼
0; .HTL +L]LSVWTLU[ *LY[ 0U[LYUZOPW 7YLYLX\PZP[LZ! *VTWSL[PVU VM ZLTLZ[LY OV\YZ PU 0; .HTL +L]LSVWTLU[ JLY[PÃ&#x201E;JH[L ^P[O TPUPT\T .7( +LZPNULK [V NP]L .HTL +L]LSVWTLU[ Z[\KLU[Z VU [OL QVI L_WLYPLUJL ;OL Z[\KLU[Z T\Z[ ^VYR PU [OL JVTT\UP[` PU HU HUPTH[PVU TVKLSPUN VY WYVNYHTTPUN YLSH[LK HYLH 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
/\THU *VTW\[LY 0U[LYHJ[PVU 3HI
0;; â&#x2013;¼
0UKPL .HTL +L]LSVWTLU[ 3HI 7YLYLX\PZP[LZ! *VTWSL[L *0: ;OPZ JV\YZL PZ H WYVK\J[PVU JSHZZ [OH[ TPTPJZ [OL NHTL KL]LSVWTLU[ LU]PYVU TLU[ PU HU PUKPL KL]LSVWTLU[ OV\ZL 4L[OVKZ VM WYVK\J[PVU ^PSS IL JV]LYLK VW[PVUZ ^PSS IL KPZJ\ZZLK HUK HZZPNUTLU[Z ^PSS IL THKL IHZLK VU ZRPSS HUK HIPSP[` 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0;; â&#x2013;¼
+PNP[HS =PKLV ,MMLJ[Z 7YLYLX\PZP[LZ! *VTWSL[L 0;; ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM WVZ[ WYV K\J[PVU [LJOUPX\LZ [OH[ PUJS\KLZ I\[ PZ UV[ SPTP[LK [V JVTWVZP[PUN JOYVTHRL`PUN YV[VZJVWPUN TV[PVU [YHJRPUN TH[[L LMMLJ[Z + WYVK\J[PVU [LJOUPX\LZ HUK TV[PVU NYHWOPJZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0U[LUZP]L ,UNSPZO 3HUN\HNL 0,3 0,3 â&#x2013;¼
)LN 9LHKPUN =VJHI\SHY` 0 ;OL JV\YZL PZ KLZPNULK MVY Z[\KLU[Z ^P[O SPTP[LK RUV^SLKNL VM ,UNSPZO YLHKPUN HUK ]VJHI\SHY` M\UKHTLU[HSZ :[\KLU[Z ^PSS IL [H\NO[ IHZPJ WOVUPJZ HUK HSWOHIL[ ZRPSSZ ,TWOHZPZ ^PSS IL WSHJLK VU YLHKPUN ZPTWSL WHZZHNLZ JVU[HPUPUN IHZPJ ]VJHI\SHY` HUK L_WYLZZPVUZ ULJLZZHY` [V M\UJ[PVU PU L]LY`KH` SPML 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)LN .YHTTHY >YP[PUN 0
0,3 â&#x2013;¼
)LN :WLHRPUN 3PZ[LUPUN 0 ;OL JV\YZL PZ KLZPNULK MVY Z[\KLU[Z ^P[O SPTP[LK RUV^SLKNL VM ZWVRLU ,UNSPZO :[\KLU[ ^PSS JVUJLU[YH[L VU PTWYV]PUN VYHS ,UNSPZO ZRPSSZ PU VYKLY [V M\UJ[PVU PU L]LY`KH` SPML HUK PU HJHKLTPJ ZL[[PUNZ 7YHJ[PJL ^PSS PUJS\KL ^VYRPUN ^P[O WOVUPJZ JVU]LYZH[PVU HUK SPZ[LUPUN 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3 â&#x2013;¼
0U[ 9LHKPUN =VJHI\SHY` 0 ;OL JV\YZL PZ PU[LUKLK [V KL]LSVW ]VJHI\ SHY` HUK YLHKPUN H[ [OL PU[LYTLKPH[L SL]LS :[\KLU[Z ^PSS YL]PL^ WOVUPJZ L_WHUK ]VJHI\SHY` WYHJ[PJL V\[SPUPUN HUK Z\TTHYPaPUN HUK PUJYLHZL [OLPY JVTWYL OLUZPVU [OYV\NO ^VYR VU YLHKPUN MVY [OL THPU PKLH HUK YLJVNUPaPUN Z\WWVY[PUN KL[HPSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3
â&#x2013;¼
0U[ .YHTTHY >YP[PUN 0 ;OL JV\YZL PZ KLZPNULK [V PUJYLHZL RUV^SLKNL VM NYHTTHY HUK ^YP[PUN [LJOUPX\LZ H[ [OL PU[LYTLKPH[L SL]LS :[\KLU[Z ^PSS YL]PL^ HUK L_WHUK VU ,UNSPZO NYHTTHY Y\SLZ HUK ZLU[LUJL Z[Y\J[\YLZ HUK ^PSS \ZL ,UNSPZO [V ^YP[L JVTWV\UK HUK JVTWSL_ ZLU[LUJLZ WHYHNYHWOZ HUK ZOVY[ WHWLYZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3 â&#x2013;¼
0U[ :WLHRPUN 3PZ[LUPUN 0 ;OL JV\YZL PZ KLZPNULK [V PTWYV]L ZWLHRPUN HUK SPZ[LUPUN ZRPSSZ H[ [OL PU[LYTLKPH[L SL]LS :[\KLU[Z ^PSS L_WHUK [OLPY HIPSP[` [V JVU]LYZL PU ,UNSPZO HUK ^VYR VU PTWYV]PUN [OLPY VYHS ZRPSSZ MVY L]LY`KH` PU[LYHJ[PVU HUK MVY HJHKLTPJ ZL[[PUNZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3 â&#x2013;¼
(K] 9LHKPUN =VJHI\SHY` 0 ;OL JV\YZL PZ KLZPNULK [V PTWYV]L YLHKPUN HUK ]VJHI\SHY` ZRPSSZ MVY Z[\KLU[Z H[ [OL HK]HUJLK SL]LS ,TWOHZPZ ^PSS IL WSHJLK VU L_WHUKPUN ]VJHI\SHY` HUK KL]LSVWPUN [OL HIPSP[` [V YLHK JVSSLNL SL]LS [L_[Z UL^ZWH WLYZ THNHaPULZ HUK QV\YUHSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3 â&#x2013;¼
(K] .YHTTHY >YP[PUN 0 ;OL JV\YZL PZ KLZPNULK [V HZZPZ[ [OL UVU UH[P]L ZWLHRLY PU H[[HPUPUN HU HK ]HUJLK RUV^SLKNL VM ,UNSPZO NYHTTHY HUK ^YP[PUN :[\KLU[Z ^PSS Z[\K` ZRPSSZ ULLKLK PU JVSSLNL SL]LS JVTWVZP[PVU JSHZZLZ 9LWLH[ HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3 â&#x2013;¼
(K] :WLHRPUN 3PZ[LUPUN 0 ;OL JV\YZL PZ KLZPNULK [V PTWYV]L ZWLHRPUN HUK SPZ[LUPUN ZRPSSZ MVY Z[\KLU[Z H[ [OL HK]HUJLK SL]LS ,UNSPZO VM H TVYL JVTWSL_ UH[\YL ^PSS IL Z[YLZZLK ,TWOHZPZ ^PSS IL VU VYHS JVTT\UPJH[PVU ZRPSSZ MVY HJHKLTPJ HWWSPJH[PVU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3
)LN ,UNSPZO 5VU 5H[P]L :WLHRLY ;OL JV\YZL PZ KLZPNULK MVY Z[\KLU[Z ^P[O SPTP[LK RUV^SLKNL VM ,UNSPZO :[\KLU[Z ^PSS IL PU[YVK\JLK [V IHZPJ ,UNSPZO WOVUPJZ HUK HSWOHIL[ ZRPSSZ HUK PSS ILNPU [V SLHYU YLHKPUN NYHTTHY ZWLHRPUN HUK SPZ[LUPUN PU ,UNSPZO *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3
0U[ ,UNSPZO 5VU 5H[P]L :WLHRLY ;OL JV\YZL PZ PU[LUKLK [V KL]LSVW ]VJHI\ SHY` YLHKPUN NYHTTHY HUK VYHS ,UNSPZO ZRPSSZ H[ [OL PU[LYTLKPH[L SL]LS :[\KLU[Z ^PSS YL]PL^ HUK L_WHUK YLHKPUN HUK ^YP[PUN ZRPSSZ HUK PTWYV]L VYHS ,UNSPZO ZRPSSZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
0,3
(K] ,UNSPZO 5VU 5H[P]L :WLHRLY ;OL JV\YZL PZ KLZPNULK MVY Z[\KLU[Z H[ [OL HK]HUJLK SL]LS ,TWOHZPZ ^PSS IL WSHJLK VU H[[HPUPUN HU HK]HUJLK WYVÃ&#x201E;JPLUJ` PU YLHKPUN NYHTTHY HUK ^YP[PUN ZWLHRPUN HUK SPZ[LUPUN HZ P[ YLSH[LZ [V HJHKLTPJ HJOPL]LTLU[ HUK Z\JJLZZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1VOU +LLYL ;LJO 1+( 1+( â&#x2013;¼
1VOU +LLYL :LY]PJL (K]PZVY 00 (K]HUJLK [YHPUPUN PU \ZL VM :LY]PJL (K]PZVY¹ JVTW\[LYZ HUK ZVM[^HYL ,_WLYPLUJL ^PSS IL NHPULK PU KPHNUVZ[PJ VM THJOPULZ KV^USVHKPUN JVU[YVSSLY WYVNYHTZ HUK NH[OLYPUN ZLY]PJL PUMVYTH [PVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
1+( â&#x2013;¼
1VOU +LLYL ,SLJ[YPJHS *LY[PÃ&#x201E;JH[L ;OPZ JSHZZ ^PSS JV]LY IHZPJ LSLJ[YPJHS [OLVY` PUJS\KPUN 6OT»Z 3H^ THNUL[PZT ZLYPLZ HUK WHYHSSLS JPYJ\P[Z 6WLYH[PVU VM H KPNP[HS T\S[PTL[LY ^PSS IL L_WSHPULK HUK L_WLYP LUJL ^PSS IL NHPULK VU LSLJ[YPJHS HUK LSLJ[YVUPJ JPYJ\P[Z HUK JVTWVULU[Z 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
1+(
1VOU +LLYL :6, 0 7YLYLX\PZP[LZ!,5. VY ,5. 1+( 1+( 1+( /,+ 1+( (.9 VY PUZ[Y\J[VY JVUZLU[ :[\KLU[Z ^PSS YLJLP]L VU [OL QVI L_WLYPLUJL PU H 1VOU +LLYL KLHSLYZOPW ;OPZ ^PSS HSSV^ [OLT [V WYHJ[PJL HUK \[PSPaL [OL ZRPSSZ HUK RUV^SLKNL SLHYULK WYL]PV\ZS` ;OPZ ^VYR ^PSS IL Z\WLY]PZLK I` [OL ZWVUZVYPUN KLHSLYZOPW HUK H 3HRL 3HUK *VSSLNL 1VOU +LLYL (N ;LJO PUZ[Y\J[VY *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL :6, 00 7YLYLX\PZP[LZ! 1+( 1+( :7, 1+( 1+( 1+( 1+( VY PUZ[Y\J[VY JVUZLU[ :[\KLU[Z ^PSS YLJLP]L VU [OL QVI L_WLYPLUJL PU H 1VOU +LLYL KLHSLYZOPW ;OPZ ^PSS HSSV^ [OLT [V WYHJ[PJL HUK \[PSPaL [OL ZRPSSZ HUK RUV^SLKNL SLHYULK WYL]PV\ZS` ;OPZ ^VYR ^PSS IL Z\WLY]PZLK I` [OL ZWVUZVYPUN KLHSLYZOPW HUK H 3HRL 3HUK *VSSLNL 1VOU +LLYL (N ;LJO PUZ[Y\J[VY *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL :6, 000 7YLYLX\PZP[LZ! 1+( VY PUZ[Y\J[VY JVUZLU[ :[\KLU[Z ^PSS YLJLP]L VU [OL QVI L_WLYPLUJL PU H 1VOU +LLYL KLHSLYZOPW ;OPZ ^PSS HSSV^ [OLT [V WYHJ[PJL HUK \[PSPaL [OL ZRPSSZ HUK RUV^SLKNL SLHYULK WYL]PV\ZS` ;OPZ ^VYR ^PSS IL Z\WLY]PZLK I` [OL ZWVUZVYPUN KLHSLYZOPW HUK H 3HRL 3HUK *VSSLNL 1VOU +LLYL (N ;LJO PUZ[Y\J[VY *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL ,UNPUL :`Z[LTZ (U PU[YVK\J[PVU [V 1VOU +LLYL LUNPULZ HUK [OLPY Z`Z[LTZ )HZPJ [OLVY` VM LUNPUL WYPUJPWSLZ ^PSS IL KPZJ\ZZLK HSVUN ^P[O KPHNUVZPZ HUK YLWHPY VM PU[HRL HUK L_OH\Z[ JVVSPUN S\IYPJH[PVU Z`Z[LTZ J`SPUKLY OLHKZ ILHYPUNZ HUK JYHURZOHM[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1+ ;PSSHNL :LLKPUN ,X\PWTLU[ ;OPZ JSHZZ PZ HU PU[YVK\J[PVU [V 1VOU +LLYL [PSSHNL HUK ZLLKPUN LX\PWTLU[ PUJS\KPUN [OLVY` HUK WYPUJPWSLZ VM VWLYH[PVU ZL[ \W HUK HKQ\Z[TLU[ [YV\ISL ZOVV[PUN HUK YLWHPY *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+( â&#x2013;¼
1+ *VUZ\TLY *VTTLYJPHS ,X\PW 7YLYLX\PZP[LZ! *VUJ\YYLU[ LUYVSSTLU[ PU 1VOU +LLYL :OVW :RPSSZ HUK ,SLJ[YPJHS :`Z[LTZ VY JVUZLU[ VM PUZ[Y\J[VY ;OPZ JV\YZL PZ H Z[\K` VM 1VOU +LLYL JVUZ\TLY HUK JVTTLYJPHS LX\PWTLU[ 6WLYH[PVU KPHNUVZPZ HUK YLWHPY VM PU[LYUHS JVTI\Z[PVU LUNPULZ LUNPUL PNUP[PVU Z`Z[LTZ LSLJ[YPJHS HUK ZHML[` Z`Z[LTZ M\LS Z`Z[LTZ HUK TV^PUN H[[HJOTLU[Z ^PSS IL JV]LYLK 9LWLH[HISL ;PTL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL 7V^LY ;YHPUZ ;OLVY` VM WV^LY [YHUZTPZZPVU MYVT LUNPUL [V [YHJ[PVU ^OLLSZ 0UJS\KLZ [OL M\UJ[PVU HUK VWLYH[PVU VM NLHYZ JOHPUZ JS\[JOLZ WSHUL[HY` NLHYZ KYP]L SPULZ KPMMLYLU[PHSZ HUK [YHUZTPZZPVUZ *VTWSL[L KPZHZZLTIS` PUZWLJ[PVU HUK YLHZZLTIS` VM 1VOU +LLYL JVTWVULU[Z ^PSS VJJ\Y (SZV KPHNUVZPZ YLWHPY HUK HKQ\Z[TLU[ VM 1VOU +LLYL [YHUZTPZZPVUZ ^PSS IL JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1+ (K]HUJLK 7V^LY ;YHPUZ 7YLYLX\PZP[LZ! 1+( :[\KLU[Z ^PSS W\[ PU[V WYHJ[PJL [OL [OLVYPLZ VM KPHNUVZPZ KPZHZZLTIS` PUZWLJ[PVU YLWHPY HUK YLHZZLTIS` VM 1VOU +LLYL WV^LY [YHPU JVTWVULU[Z ;OLZL JVTWVULU[Z ^PSS PUJS\KL JS\[JOLZ [YHUZTPZZPVUZ KPMMLYLU[PHS HUK Ã&#x201E;UHS KYP]LZ MVY IV[O JVTIPULZ HUK [YHJ[VYZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+( â&#x2013;¼
1+(
7YVJLK\YLZ ^P[O YLZWLJ[ [V ZOVW ZHML[` HUK VYNHUPaH[PVU PKLU[PÃ&#x201E;JH[PVU HUK WYVWLY \ZL VM [VVSZ \ZL VM TLHZ\YPUN LX\PWTLU[ WS\Z VYPLU[H[PVU [V 1VOU +LLYL THU\HSZ ^HYYHU[` WYVJLK\YLZ ZOVW [PJRL[Z HUK WYVK\J[ PKLU[PÃ&#x201E;JH[PVU L]VS\[PVU 9LWLH[ HISL ;PTL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! ,UYVSSLK PU 1VOU +LLYL ;LJO 7YVNYHT *V]LYZ WYPUJPWSLZ HUK HWWSPJH[PVU VM [OLVY` JVUZ[Y\J[PVU Ã&#x2026;\PK Ã&#x2026;V^ HUK [LZ[PUN VM JVTWVULU[Z \ZLK VU 1VOU +LLYL [YHJ[VYZ JVTIPULZ HUK JVUZ\TLY HUK JVTTLYJPHS LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+( â&#x2013;¼
1+(
1+ :OVW :RPSSZ -\UKHTLU[HSZ
1VOU +LLYL ,SLJ[YPJHS :`Z[LTZ )HZPJ LSLJ[YPJHS WYPUJPWSLZ HUK HWWSPJH[PVUZ VM THNUL[PZT LSLJ[YVTHNUL[PZT HUK [OL ZHML \[PSPaH[PVU VM LSLJ[YPJHS [LZ[ TL[LYZ 7YPUJPWSLZ VM VWLYH[PVU [LZ[PUN HUK YLWHPY VM PNUP[PVU Z`Z[LTZ JYHURPUN Z`Z[LTZ HUK JOHYNPUN Z`Z[LTZ ^PSS IL KLTVUZ[YH[LK HUK WYHJ[PJLK 9LWLH[HISL ;PTL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1K (K]HUJLK ,SLJ[ ,SLJ[YVUPJ :`Z 7YLYLX\PZP[LZ! 1+( +LZPNULK [V KL]LSVW HUK Z[YLUN[OLU [OL Z[\KLU[»Z RUV^SLKNL PU LSLJ[YPJHS LSLJ[YVUPJ Z`Z[LTZ <WVU JVTWSL[PVU [OL Z[\KLU[ ^PSS IL HISL [V WYVWLYS` \ZL ZLY]PJL LX\PWTLU[ [V KPHNUVZL LSLJ[YVUPJHSS` JVU[YVSSLK JVTWVULU[Z HUK TVUP[VY Z`Z[LTZ \ZLK VU [YHJ[VYZ WSHU[PUN HUK OHY]LZ[PUN LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL *VTIPUL 7YVK\J[PVU 7YLYLX\PZP[LZ! 1+( 1+( ;,* VY OPNOLY ;OPZ JV\YZL PZ H Z[\K` VM [OL [OLVY` HUK WYPUJPWSLZ VM VWLYH[PVU VM 1VOU +LLYL JVU]LU[PVUHS HUK :;: JVTIPULZ JVYU OLHKZ HUK NYHPU WSH[MVYTZ 7YL KLSP]LY` ZL[ \W HUK HKQ\Z[TLU[ VM JVTIPULZ HUK OLHKLYZ ^PSS IL WLYMVYTLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL -\LS :`Z[LTZ 7YLYLX\PZP[LZ! 1+( VY PUZ[Y\J[VY HWWYV]HS )HZPJ \UKLYZ[HUKPUN VM [OL VWLYH[PUN WYPUJPWSLZ VM 1VOU +LLYL M\LS Z`Z[LTZ :[\KLU[Z ^PSS HSZV SLHYU KPHNUVZPZ YLTV]HS PUZ[HSSH[PVU HUK YLWHPY VM 1VOU +LLYL TLJOHUPJHS HUK LSLJ[YPJHS LSLJ[YVUPJ M\LS Z`Z[LT JVTWVULU[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1VOU +LLYL /`KYH\SPJZ 0
1VOU +LLYL /`KYH\SPJZ 00
3LHYUPUN (ZZPZ[HUJL *LU[LY ;<; ;<; â&#x2013;¼
)HZPJ 4LTVY` +`UHTPJZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;<;
;LZ[ ;HRPUN :[YH[LNPLZ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! 1+( ( Z[\K` VM 1VOU +LLYL [YHJ[VY HUK JVTIPUL HUK ZWYH`LY O`KYH\SPJ Z`Z[LTZ ,TWOHZPZ ^PSS IL WSHJLK VU KPHNUVZPZ HUK YLWHPY VM O`KYH\SPJ HUK O`KYVZ[H[PJ KYP]L Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;<;
1+(
0U[YV [V 3P[LYH[\YL 0(0 /
1VOU +LLYL (PY *VUK :`Z[LTZ ;OLVY` HUK WYPUJPWSLZ VM VWLYH[PVU KPHNUVZPZ HUK YLWHPY VM 1VOU +LLYL OLH[PUN HUK HPY JVUKP[PVUPUN Z`Z[LTZ :[\KLU[Z ^PSS HSZV ILJVTL JLY[PÃ&#x201E;LK [V JVTWS` ^P[O Z[H[L HUK MLKLYHS SH^Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+(
1VOU +LLYL ,X\PW +PHNUVZ[PJZ ;OPZ JSHZZ ^PSS WYV]PKL [OL Z[\KLU[ ^P[O HU VWWVY[\UP[` [V KL]LSVW WYVWLY KPHNUVZ[PJ ZRPSSZ ULLKLK H[ H KLHSLYZOPW *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1+( â&#x2013;¼
1VOU +LLYL (N :VM[^HYL <ZL VM JVTW\[LYZ HZ YLX\PYLK I` 1VOU +LLYL KLHSLYZOPW ZLY]PJL LTWSV`LLZ ,TWOHZPZ ^PSS IL VU SVJH[PUN ZLY]PJL KPHNUVZ[PJ HUK YLWHPY PUMVYTH[PVU 9LWLH[HISL ;PTL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
1V\YUHSPZT 169 169
0U[YV [V 1V\YUHSPZ[PJ 7OV[VNYHWO` ;LHJOLZ [OL Z[\KLU[ IHZPJ WOV[VNYHWOPJ [LJOUPX\LZ PUJS\KPUN \ZLZ VM KPMMLYLU[ [`WLZ VM JHTLYHZ WYPUJPWSLZ VM [OL [HRPUN VM WOV[VNYHWOZ KHYRYVVT WYVJLK\YLZ MVY Ã&#x201E;ST KL]LSVWTLU[ HUK WYPU[PUN WOV[VNYHWOPJ LKP[PUN J\[SPUL ^YP[PUN HUK L_HTPUH[PVU VM J\YYLU[ [YLUKZ PU QV\YUHSPZ[PJ WOV[VNYHWO` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9LSPL]PUN *VTW\[LY (U_PL[` JYLKP[Z 3LJ[\YL
3P[LYH[\YL 30; 30;
7YLYLX\PZP[LZ! *VTWSL[L ,5. ^P[O H TPUPT\T NYHKL VM ¸*¹ :[\KLU[Z ^PSS YLHK L_HTPUL HUK KPZJ\ZZ H ]HYPL[` VM SP[LYHY` ^VYRZ MYVT KPMMLYLU[ NLUYLZ HZ H ^H` [V HUHS`aL HUK \UKLYZ[HUK [OL ]HS\L W\YWVZL HUK JVTWVULU[Z VM 3P[LYH[\YL JYLKP[Z 3LJ[\YL
30;
0U[YVK\J[PVU [V :OHRLZWLHYL 0U[YVK\J[PVU [V :OHRLZWLHYL HZ H SP[LYHY` HUK KYHTH[PJ ^YP[LY" Z[\K` VM [OYLL :OHRLZWLHYL WSH`Z PU ,SPaHIL[OHU 1HJVILHU [OLH[LY PKLHZ J\S[\YL WVSP[PJZ TVKLYU JYP[PJHS KLIH[LZ HUK JOHUNPUN Z[`SLZ VM WYVK\J[PVU ,_HTPUH[PVU VM PUKP]PK\HS WSH`Z" YLSH[PVU ZOPWZ J\S[\YHS PKLVSVNPJHS [OLH[YPJHS JVU[L_[Z HUK HZWLJ[Z JYLKP[Z 3LJ[\YL
30;
0U[YVK\J[PVU [V -PJ[PVU / ,.3 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK KPZJ\ZZ HUK HUHS`aL ZOVY[ Z[VYPLZ HUK UV]LSZ ^YP[[LU I` KPMMLYLU[ H\[OVYZ MYVT H ]HYPL[` VM [PTL WLYPVKZ HZ H ^H` VM HWWYLJPH[PUN HUK \UKLYZ[HUKPUN [OL W\YWVZLZ MVYTZ [LYTZ HUK JYP[PJHS HWWYVHJOLZ HZZVJPH[LK ^P[O [OLZL [^V SP[LYHJ` TVKLZ JYLKP[Z 3LJ[\YL
30;
*OPSKYLU»Z 3P[LYH[\YL 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\K` VM ]HYPV\Z MVYTZ HUK [`WLZ VM SP[LYH[\YL MVY [OL PU[LSSLJ[\HS Z[PT\SH[PVU VM [OL ZTHSS JOPSK HUK Z[VY`[LSSPUN HUK VYHS PU[LYWYL[H[PVU [LJOUPX\LZ JYLKP[Z 3LJ[\YL
30;
30;
4(:
7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK HUK Z[\K` (TLYPJHU SP[LYHY` ^VYRZ ^YP[[LU IL[^LLU ¶ [OH[ HYL PUKPJH[P]L YLÃ&#x2026;LJ[P]L VM [OL [PTL WLYPVK»Z PUÃ&#x2026;\LU[PHS H\[OVYZ HUK L]VS]PUN PKLHZ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK [OL 6SK ;LZ[HTLU[ (WVJY`WOH HUK 5L^ ;LZ[HTLU[ )` Z[\K`PUN PU [OL )PISL»Z THU` NLUYLZ HUK [VULZ Z[\KLU[Z ^PSS KPZJV]LY [OH[ HM[LY THU` JLU[\YPLZ [OL )PISL YLTHPUZ H JVTWLSSPUN SP[LYHY` THZ[LYWPLJL JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! 4(: ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM H M\SS IVK` THZZHNL L_WHUKPUN [OL IHZPJ [OLYHW` HUK [LJOUPX\LZ VM THZZHNL [OLYHW` ;OL Z[\KLU[ ^PSS SLHYU HS[LYUH[P]L TL[OVKZ PU[YVK\J[PVU [V [HISL :OPH[Z\ KLLW [PZZ\L YLÃ&#x2026;L_VSVN` JSPLU[ HZZLZZTLU[ HUK :6(7 ^YP[PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(TLY 3P[LYH[\YL :\Y]L` 0 / ,.3
30;
(TLY 3P[LYH[\YL :\Y]L` 00 / ,.3 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK Z[\K` HUK L_HTPUL (TLYPJHU 3P[LYHY` ^VYRZ ^YP[[LU HM[LY [OL *P]PS >HY [V [OL WYLZLU[ [OH[ HYL YLÃ&#x2026;LJ[P]L VM [OL [PTL WLYPVK»Z ZPNUPÃ&#x201E;JHU[ SP[LYHY` TV]LTLU[Z HUK JOHUNPUN PU[LSSLJ[\HS ZVJPHS HUK WVSP[PJHS WLYZWLJ[P]LZ JYLKP[Z 3LJ[\YL
30;
)PISL (Z 3P[LYH[\YL 0(0 /
4HJOPUL ;VVS ;LJOUVSVN` 4;; 4;;
0U[YV [V 4HJOPUPUN 7YVJLK\YLZ ( Z[\K` KLZPNULK [V OPNOSPNO[ [OL [OLVY` HUK HWWSPJH[PVU VM J\[VMM THJOPULZ KYPSS WYLZZ LUNPUL SH[OL TPSSPUN THJOPULZ HUK IHZPJ ILUJO^VYR PU]VS]PUN SH`V\[ HUK OHUK [VVSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4\S[PJ\S[\YHS (TLYPJHU 3P[ / + ,.3
4;;
7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * (U PU[YVK\J[PVU [V [OL SP[LYHY` HUK J\S[\YHS [YHKP[PVUZ VM 5H[P]L (TLYPJHU (MYPJHU (TLYPJHU HUK /PZWHUPJ (TLYPJHU WLVWSL HUK [V NLULYHS PZZ\LZ VM J\S[\YHS THYNPUHS PaH[PVU VM TPUVYP[PLZ PU [OL (TLYPJHU L_WLYPLUJL JYLKP[Z 3LJ[\YL
0U[YVK\J[PVU [V JVTW\[LY U\TLYPJHS JVU[YVSSLK *5* THJOPUL [VVS VWLYH[PVU WYVNYHTTPUN HUK WYVJLZZLZ 4HU\HS HUK JVTW\[LY HZZPZ[LK WHY[ WYVNYHTTPUN ^P[O THJOPUL [VVS ]LYPÃ&#x201E;JH[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
30;
,UNSPZO 3P[ :\Y]L` 0 / ,.3 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK HUK Z[\K` )YP[PZO SP[LYHY` ^VYRZ [V [OH[ HYL PUKPJH[P]L HUK YLÃ&#x2026;LJ[P]L VM [OL [PTL WLYPVK»Z PUÃ&#x2026;\LU[PHS H\[OVYZ HUK L]VS]PUN PKLHZ JYLKP[Z 3LJ[\YL
30;
,UNSPZO 3P[ :\Y]L` 00 / ,.3 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS YLHK HUK Z[\K` )YP[PZO SP[LYHY` ^VYRZ MYVT [V [OL WYLZLU[ [OH[ HYL PUKPJH[P]L HUK YLÃ&#x2026;LJ[P]L VM [OL [PTL WLYPVK»Z PUÃ&#x2026;\LU[PHS H\[OVYZ HUK L]VS]PUN PKLHZ JYLKP[Z 3LJ[\YL
30;
3P[LYH[\YL >VTLU 0(0 / + 7YLYLX\PZP[LZ! ,5. " 4PUPT\T NYHKL * :[\KLU[Z ^PSS Z[\K` ^VTLU HZ IV[O ^YP[LYZ HUK JOHYHJ[LYZ PU SP[LYH[\YL ^YP[[LU I` ^VTLU PU ,UNSPZO :[\KLU[Z ^PSS L_WSVYL PTWVY[HU[ [OLTLZ HUK PKLHZ HZ ^LSS HZ SLHYU HIV\[ MVYT [LJOUPX\L HUK SP[LYHY` [LYTZ JYLKP[Z 3LJ[\YL
*5* 4HJOPUPUN
4HZZHNL ;OLYHW` 4(: 4(:
4HZZHNL ;OLYHW` 0 7YLYLX\PZP[LZ! (KTPZZPVU [V 7YVNYHT ;OPZ JV\YZL ZLY]LZ HZ HU PU[YVK\J[PVU [V [OL IHZPJ WYPUJPWSLZ HUK :^LKPZO THZZHNL [LJOUPX\LZ ;OPZ JV\YZL PU[YVK\JLZ Z[\KLU[Z [V [OL OPZ[VYPJHS V]LY]PL^ VM THZZHNL [OLYHW` HUK ZWLJPÃ&#x201E;J HYLHZ VM THZZHNL WYHJ[PJL PUJS\KPUN! KYHWPUN IVK` TLJOHU PJZ JLU[LYPUN HUK JSPLU[ WVZP[PVUPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4(:
( 7 MVY 4HZZHNL ;OLYHWPZ[ 00 7YLYLX\PZP[LZ! )06 ;OPZ JV\YZL WYV]PKLZ [OL IHZPJ Z[Y\J[\YL HUK M\UJ[PVU VM [OL T\ZJ\SVZRLSL[HS Z`Z[LT VM [OL O\THU IVK` HUK IHZPJ [OLVY` VM HUH[VT` WO`ZPVSVN` ;OL Z[\KLU[Z ^PSS SLHYU [OL VYPNPU PUZLY[PVU HUK HJ[PVU VM [OL THQVY T\ZJSLZ VM [OL O\THU IVK` JYLKP[Z 3LJ[\YL
4HZZHNL ;OLYHW` 00
4(:
7H[OVSVN` 4HZZHNL ;OLYHWPZ[ ;OPZ PZ H JV\YZL VM [OL UH[\YL HUK JH\ZL VM KPZLHZLZ ^OPJO PU]VS]LZ JOHUNLZ PU Z[Y\J[\YL HUK M\UJ[PVU HUK [OL JVUKP[PVUZ WYVK\JLK I` [OL KPZLHZLZ :[\KLU[ ^PSS \UKLYZ[HUK [OL LMMLJ[Z VM ZWLJPÃ&#x201E;J THZZHNL [YLH[TLU[Z HUK OV^ [V ZLSLJ[ [OL TVZ[ HWWYVWYPH[L [LJOUPX\LZ MVY [OL JVUKP[PVU JYLKP[Z 3LJ[\YL
4(:
,[OPJZ MVY 4HZZHNL ;OLYHWPZ[ ;OPZ JV\YZL ^PSS KPZJ\ZZ L[OPJZ KLHSPUN ^P[O H ]HYPL[` VM ZP[\H[PVUZ [OH[ JHU VJJ\Y IL[^LLU [OLYHWPZ[ HUK JSPLU[ ;OL 4HZZHNL ;OLYHWPZ[ *VKL VM ,[OPJZ ^PSS IL YL]PL^LK :[\KLU[ ^PSS SLHYU HIV\[ Z[H[L SH^Z HUK YLN\SH[PVUZ NV]LYUPUN THZZHNL [OLYHW` HUK SPJLUZ\YL JYLKP[Z 3LJ[\YL
4(:
4HZZHNL ;OLYHW` 000 7YLYLX\PZP[LZ! 4(: ;OPZ JV\YZL PZ KLZPNULK [V I\PSK VU TVYL JVU[LTWVYHY` HUK IVK`^VYR [LJOUPX\LZ *OHPY THZZHNL O`KYV[OLYHW` ZWVY[Z THZZHNL [YPNNLY WVPU[ [OLYHW` HUK V[OLYZ ^PSS IL KPZJ\ZZLK HUK WYHJ[PJLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4(:
4HZZHNL *SPUPJ 0 7YLYLX\PZP[LZ! 4(: ;OPZ JV\YZL PZ H Z\WLY]PZLK PU OV\ZL JSPUPJHS WYHJ[PJ\T PU ^OPJO [OL Z[\KLU[Z ^PSS HWWS` UL^S` HJX\PYLK ZRPSSZ VM [OLYHWL\[PJ THZZHNL [V JSPLU[Z PUJS\KPUN :^LKPZO 4HZZHNL *OHPY 4HZZHNL :WVY[Z 4HZZHNL HUK 9LÃ&#x2026;L_VSVN` *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4(:
4HZZHNL ;OLYHW` 0= 7YLYLX\PZP[LZ! 4(: ;OPZ JV\YZL ^PSS PU[YVK\JL [OL Z[\KLU[ [V (ZPHU IVK`^VYR HUK JVU[PU\L [V I\PSK VU HKKP[PVUHS JVU[LTWVYHY` HUK IVK`^VYR [LJOUPX\LZ ;OL Z[\KLU[ ^PSS SLHYU UL^ HUK HKHW[P]L THZZHNL [LJOUPX\LZ PUJS\KPUN Ã&#x2026;VVY :OPH[Z\ T`VMHZJPHS YLSLHZL PUMHU[
THZZHNL NLYPH[YPJ THZZHNL HUK HYVTH[OLY HW` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4(:
4HZZHNL *SPUPJ 00 7YLYLX\PZP[LZ! 4(: ;OPZ JV\YZL PZ H Z\WLY]PZLK PU OV\ZL JSPUPJHS WYHJ[PJ\T PU ^OPJO [OL Z[\KLU[Z ^PSS HWWS` UL^ HUK WYL]PV\ZS` HJX\PYLK ZRPSSZ VM [OLYHWL\[PJ THZZHNL [V JSPLU[Z PUJS\KPUN :^LKPZO 4HZZHNL *OHPY 4HZZHNL :WVY[Z 4HZZHNL HUK :OPH[Z\ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4H[OLTH[PJZ 4(; 4(; â&#x2013;¼ 7YL (SNLIYH
7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ ( JV\YZL LUHISPUN Z[\KLU[Z [V YL]PL^ HUK PTWYV]L TH[O ZRPSSZ ,TWOHZPZ PZ VU [OL MVSSV^PUN [VWPJZ! MYHJ[PVUZ KLJPTHSZ WLYJLU[Z WYVWVY[PVU TLHZ\YLTLU[ ZPTWSL NLVTL[Y` ZPNULK U\TILYZ HUK HSNLIYHPJ LX\H[PVUZ ;LJOUPX\LZ MVY V]LYJVTPUN TH[O HU_PL[` ^PSS IL PU[LY^V]LU [OYV\NOV\[ [OL JV\YZL 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
4(; â&#x2013;¼
)LNPUUPUN (SNLIYH 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL VM º*» VY OPNOLY ;OPZ JV\YZL PZ MVY Z[\KLU[Z ^P[O SP[[SL VY UV ^VYRPUN RUV^SLKNL VM LSLTLU[HY` HSNLIYH ,TWOHZPZ PZ WSHJLK VU THUPW\SH[P]L ZRPSSZ ^P[O YLHS U\TILYZ ZVS]PUN SPULHY LX\H[PVUZ HUK PULX\HSP[PLZ HUK Z`Z[LTZ VM LX\H[PVUZ M\UJ[PVUZ HUK WYVWLY[PLZ VM SPULHY M\UJ [PVUZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
4(; â&#x2013;¼
0U[LYTLKPH[L (SNLIYH 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL VM º*» VY OPNOLY ;OPZ JV\YZL PZ MVY Z[\KLU[Z ^P[O ZVTL ^VYRPUN RUV^SLKNL VM LSLTLU[HY` HSNLIYH ,TWOHZPZ PZ WSHJLK VU L_WVULU[Z WVS`UV TPHSZ MHJ[VYPUN X\HKYH[PJ M\UJ[PVUZ YH[PVUHS L_WYLZZPVUZ YVV[Z HUK YHKPJHSZ ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
4(;
.LVTL[Y` 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; ;OPZ JV\YZL PZ HU PU[YVK\J[VY` JV\YZL PU WSHUL NLVTL[Y` MVY Z[\KLU[Z ^P[O SLZZ [OHU
VUL `LHY VM OPNO ZJOVVS NLVTL[Y` ;VWPJZ PUJS\KLK I\[ UV[ SPTP[LK [V HYL! SPULZ HUNSLZ WYVVMZ [YPHUNSLZ 7`[OHNVYLHU [OLVYLT JPYJSLZ ]HYPV\Z NLVTL[YPJHS MVYT\SHZ HUK JVVYKPUH[L NLVTL[Y` JYLKP[Z 3LJ[\YL
4(;
4H[O MVY *VTW\[LY (WWSPJH[PVUZ 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; *V]LYZ TH[OLTH[PJHS JVUJLW[Z \ZLK PU [OL JVTW\[LY HUK I\ZPULZZ Ã&#x201E;LSK ;VWPJZ PUJS\KL HSNLIYH" HKKP[PVU Z\I[YHJ[PVU T\S[PWSPJH [PVU KP]PZPVU VM KLJPTHSZ HUK MYHJ[PVUZ" OL_HKLJPTHS IPUHY` HUK VJ[HS U\TILY Z`Z[LTZ 7YVISLT ZVS]PUN [LJOUPX\LZ ^PSS IL \ZLK [V ZVS]L I\ZPULZZ YLSH[LK UHYYH[P]L WYVISLTZ JYLKP[Z 3LJ[\YL
4(;
.LULYHS ,K\JH[PVU 4H[O 0(0 4 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL VM º*» VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; :\Y]L` VM TH[OLTH[PJHS [VWPJZ ^P[O LTWOHZPZ VU ZVS\[PVUZ [V YLHS SPML WYVISLTZ ;VWPJZ ^PSS PUJS\KL ZL[Z SVNPJ JV\U[PUN [LJOUPX\LZ WYVIHIPSP[` HUK Z[H[PZ[PJZ 7YVISLT ZVS]PUN WYVQLJ[Z PU]VS]PUN KL[HPSLK ^YP[[LU ZVS\[PVUZ ^PSS IL YLX\PYLK *HSJ\SH [VYZ HUK JVTW\[LYZ ^PSS IL \ZLK JYLKP[Z 3LJ[\YL
4(;
4H[O MVY ,SLT ;LHJOLYZ 0 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL º*» VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; ( JV\YZL KLZPNULK MVY ,SLTLU[HY` ,K\JH [PVU THQVYZ ;VWPJZ PUJS\KL U\TILY [OLVY` WYVIHIPSP[` HUK Z[H[PZ[PJZ KL]LSVWTLU[ VM U\TLYH[PVU Z`Z[LTZ ZL[Z M\UJ[PVUZ TH[OLTH[PJHS YLHZVUPUN HUK WYVISLT ZVS]PUN *V\U[Z HZ NLULYHS LK\JH[PVU YLX\PYLTLU[ MVY LSLTLU[HY` LK\JH[PVU THQVYZ ^OLU [HRLU PU ZLX\LUJL ^P[O 4(; JYLKP[Z 3LJ[\YL
4(;
:[H[PZ[PJZ 0(0 4 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL º*» VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; (WWSPJH[PVU VM LSLTLU[HY` WYPUJPWSLZ VM KLZJYPW[P]L Z[H[PZ[PJZ PUJS\KPUN MYLX\LUJ` KPZ[YPI\[PVU NYHWOPJHS WYLZLU[H[PVU TLHZ\YL VM SVJH[PVU HUK ]HYPH[PVU ,SLTLU[Z VM WYVIHIPSP[` ZHTWSPUN [LJO UPX\LZ IPUVTPHS HUK UVYTHS KPZ[YPI\[PVU HUK V[OLY [VWPJZ JYLKP[Z 3LJ[\YL
4(;
*VSSLNL (SNLIYH 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL VM º*» VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; 9L]PL^ VM [OL YLHS U\TILY Z`Z[LT YHKPJHSZ LX\H[PVUZ HUK L_WVULU[Z YLSH[PVUZ HUK M\UJ[PVUZ SVNHYP[OTZ Z`Z[LTZ VM LX\H[PVUZ TH[YPJLZ JVTWSL_ U\TILYZ WVS`UVTPHSZ HUK [OLVY` VM LX\H[PVUZ ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVU JYLKP[Z 3LJ[\YL
4(;
;YPNVUVTL[Y` 7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM º*» VY OPNOLY :[\K` VM [YPNVUVTL[YPJ M\UJ[PVUZ [YPNVUVTL[YPJ PKLU[P[PLZ NYHWOPUN ZVS]PUN [YPNVUVTL[YPJ LX\H[PVUZ PU]LYZL [YPNVUVTL[YPJ M\UJ[PVUZ YPNO[ [YPHUNSL [YPNVUVTL[Y` HWWSPJH[PVU VM SH^ VM ZPULZ HUK SH^ VM JVZPULZ JVTWSL_ U\TILYZ HUK ]LJ[VYZ ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH [PVU JYLKP[Z 3LJ[\YL
4(;
(SNLIYH >P[O ;YPNVUVTL[Y` 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; NYHKL VM º*» VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; ( \UPÃ&#x201E;LK Z[\K` VM [OL HSNLIYHPJ HUK [YPNVUVTL[YPJ JVUJLW[Z ULLKLK MVY JHSJ\S\Z *YLKP[ UV[ NYHU[LK MVY IV[O [OPZ JV\YZL HUK *VSSLNL (SNLIYH ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVUZ JYLKP[Z 3LJ[\YL
4(;
* 7YVNYHT > ,UNPULLYPUN (WWS 0(0 ,.9 7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM º*» VY OPNOLY 0U[YVK\J[PVU [V [OL WYVNYHTTPUN SHUN\HNL * -\UKHTLU[HS WYPUJPWSLZ JVUJLW[Z HUK TL[OVKZ VM JVTW\[PUN ^P[O LTWOHZPZ VU JHSJ\S\Z IHZLK WYVISLT ZVS]PUN [LJOUPX\LZ HUK HWWSPJH[PVUZ MYVT LUNPULLYPUN HUK WO`ZPJHS ZJPLUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4(;
-PUP[L 4H[OLTH[PJZ 0(0 4 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; ^P[O NYHKL VM º*» VY OPNOLY" HSZV `LHY VM /: NLVTL[Y` VY 4(; (U PU[YVK\J[PVU [V -PUP[L 4H[OLTH[PJZ TH[YPJLZ SPULHY Z`Z[LTZ VM LX\H[PVUZ HUK PULX\HSP[PLZ SPULHY WYVNYHTTPUN JV\U[PUN [OLVY` HUK WYVIHIPSP[` JYLKP[Z 3LJ[\YL
4(;
4H[O (UHS`ZPZ 0(0 4 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY" HSZV `LHY /: NLVTL[Y` VY 4(; 4H[OLTH[PJHS HUHS`ZPZ VM WVS`UVTPHS JHSJ\S\Z ^P[O HWWSPJH[PVUZ [V I\ZPULZZ HUK ZVJPHS ZJPLUJLZ PUJS\KPUN [OL TH[OLTH[PJZ VM ร UHUJL [LJOUPX\LZ HUK HWWSPJH[PVUZ VM KPMMLYLU[PH[PVU HUK PU[LNYH[PVU VW[PTPaH[PVU [OLVY` HUK HYLH ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVU JYLKP[Z 3LJ[\YL
4(;
(UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 000 4 4;/ 7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY ( JVU[PU\H[PVU VM HUHS`[PJ NLVTL[Y` HUK *HSJ\S\Z 00 ;OL MVJ\Z PZ VU ZVSPK HUHS`[PJ NLVTL[Y` ]LJ[VYZ WHY[PHS KLYP]H[P]LZ SPUL ]VS\TL HUK Z\YMHJL PU[LNYHSZ PU ]HYPV\Z JVVYKPUH[L Z`Z[LTZ HUK ]LJ[VY ร LSKZ ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVUZ JYLKP[Z 3LJ[\YL
4(;
4(;
7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY ;OL Z[\K` VM [OL JVUJLW[Z HUK [OLVY` VM TLHZ\YLTLU[ HUK NLVTL[Y` ]PH [OL WYVISLT ZVS]PUN HWWYVHJO \ZPUN IV[O JHSJ\SH[VYZ HUK TPJYVJVTW\[LYZ [OYV\NO V\[ +LZPNULK MVY ,SLTLU[HY` ,K\JH[PVU THQVYZ *V\U[Z HZ NLULYHS LK\JH[PVU YLX\PYLTLU[ MVY LSLTLU[HY` LK\JH[PVU THQVYZ ^OLU [HRLU PU ZLX\LUJL ^P[O 4(; JYLKP[Z 3LJ[\YL
*VYLX\PZP[L! 4(; +LZPNULK MVY WYL LUNPULLYPUN Z[\KLU[Z HUK V[OLYZ ^OV ULLK H ^VYRPUN RUV^SLKNL VM VYKPUHY` KPMMLYLU[PHS LX\H[PVUZ JYLKP[Z 3LJ[\YL
4H[O MVY ,SLT ;LHJOLYZ 00 0(0 4
4(;
(UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 0 4 4;/ 7YLYLX\PZP[LZ! 7SHJLTLU[ I` HZZLZZTLU[ VY 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY" 4(; HUK 4(; TH` IL Z\IZ[P[\[LK MVY 4(; ^P[O +P]PZPVU *OHPY HWWYV]HS" HSZV `LHY /: NLVTL[Y` VY 4(; +PMMLYLU[PHS HUK PU[LNYHS JHSJ\S\Z VM LSLTLU[HY` M\UJ[PVUZ VM VUL ]HYPHISL Z\JO HZ WVS`UVTPHS YH[PVUHS YHKPJHS [YPNVUVTL[YPJ PU]LYZL [YPNVUVTL[YPJ L_WVULU[PHS HUK SVNHYP[OTPJ M\UJ[PVUZ ^PSS IL JV]LYLK (WWSPJH[PVUZ PUJS\KL YH[LZ VM JOHUNL VW[PTPaH[PVU J\Y]L ZRL[JOPUN HUK HYLH ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVUZ JYLKP[Z 3LJ[\YL
4(;
(UHS`[PJHS .LVTL[Y` HUK *HSJ\S\Z 00 4 4;/ 7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY ( JVU[PU\H[PVU VM *HSJ\S\Z 0 ^P[O LTWOHZPZ VU KPMMLYLU[ TL[OVKZ VM PU[LNYH[PVU HUK HWWSPJH[PVUZ 3ยป /ร WP[HSZ 9\SL :LX\LUJLZ ZLYPLZ 7V^LY ZLYPLZ ;H`SVY ZLYPLZ HUK 4HJSH\YPU ZLYPLZ ( NYHWOPUN JHSJ\SH[VY PZ YLX\PYLK (ZR PUZ[Y\J[VY MVY JHSJ\SH[VY YLJVTTLUKH[PVUZ JYLKP[Z 3LJ[\YL
+PMMLYLU[PHS ,X\H[PVUZ ,.9 4;/
4(;
3PULHY (SNLIYH 7YLYLX\PZP[LZ! 4(; ^P[O NYHKL VM ยบ*ยป VY OPNOLY ( Z[\K` VM SPULHY HSNLIYH HUK P[Z HWWSPJH [PVUZ JYLKP[Z 3LJ[\YL
4LJOHUPJHS ,SLJ[YPJHS ;LJO 4,; 4,;
+ * *PYJ\P[Z ;OPZ JV\YZL PU[YVK\JLZ [OL Z[\KLU[ [V IHZPJ [OLVY` VM +* LSLJ[YPJP[` *VYLX\PZP[L JV\YZLZ! ;,* ;,* *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4,;
( * *PYJ\P[Z 7YLYLX\PZP[LZ! 4,; ;OPZ JV\YZL WYLZLU[Z [OL [OLVY` VM (* LSLJ[YPJP[` HUK [OL HWWSPJH[PVU VM [YHUZMVYT LYZ HUK KPZ[YPI\[PVU LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4,;
4V[VYZ HUK .LULYH[VYZ 7YLYLX\PZP[LZ! ,,; VY 4,; ;OPZ JV\YZL MVJ\ZLZ VU [OL PUZ[HSSH[PVU THPU[LUHUJL HUK HWWSPJH[PVU VM TV[VYZ LX\PWTLU[ HUK JVU[YVSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4,;
0U[YVK\J[PVU [V 9VIV[PJZ 0U[YVK\JLK JVUJLW[Z VM YVIV[PJZ I` L_HTPUPUN [OL OPZ[VY` VM YVIV[Z OV^ Y VIV[Z HYL JSHZZPร LK OV^ ;OL` ร [ PU[V [OL THU\MHJ[\YPUN WPJ[\YL HUK ^OH[ PZ ULLKLK [V WYVNYHT [OLT JYLKP[Z 3LJ[\YL
4,; โ ผ
4LJOHUPJHS +YP]L :`Z[LTZ ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM TLJOHUPJHS KYP]L Z`Z[LTZ HUK JVTWVULU[Z :[\KLU[Z ^PSS SLHYU PUK\Z[Y` YLSL]HU[ ZRPSSZ PUJS\KPUN OV^ [V! PUZ[HSS HUHS`aL WLYMVYTHUJL THPU[HPU HUK [YV\ISLZOVV[ OLH]` K\[` TLJOHUPJHS [YHUZTPZZPVU Z`Z[LTZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4,;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL +LZPNULK [V WYV]PKL ^VYR L_WLYPLUJL PU ร LSK ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O VJJ\WH[PVUHS PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4,;
:VSPK :[H[L +L]PJLZ (WWZ 7YLYLX\PZP[LZ! ,,; VY 4,; 7YV]PKLZ [OL Z[\KLU[ ^P[O H IHZPJ \UKLY Z[HUKPUN VM [OL TVZ[ MYLX\LU[S` \ZLK KPZJYL[L ZLTPJVUK\J[VYZ (UHSVN HUK KPNP[HS PU[LNYH[LK JPYJ\P[Z HSZV HYL Z[\KPLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4,;
;LJOUPJHS 4LJOHUPZTZ 7YLYLX\PZP[LZ! *(+ ;,* -VJ\ZLZ VU TV[PVU HUHS`ZPZ VM TLJOHUPJHS Z`Z[LT JVTWVULU[Z Z\JO HZ SPURHNLZ ZSPKLY JYHUR TLJOHUPZTZ ^VYRPUN JVUULJ[VYZ JHTZ NLHYZ HUK NLHY [YHPUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4LKPJHS *VKPUN :WLJPHSPZ[ 4*: 4*:
/LHS[O 0UMVYTH[PVU MVY 7YVMLZZPVUHSZ (U PU[YVK\J[PVU HUK V]LY]PL^ [V OLHS[O PUMVYTH[PVU THUHNLTLU[ ;OL JV\YZL ^PSS JV]LY [OL OPZ[VY` HUK [OL THU` HWWSPJHISL ร LSKZ H]HPSHISL [V H OLHS[O PUMVYTH[PVU THUHNLTLU[ ZWLJPHSPZ[ :[\KLU[Z ^PSS L_WSVYL [OL KPMMLYLU[ HYLHZ VM OLHS[O PUMVYTH[PVU JYLKP[Z 3LJ[\YL
4*:
4*:
( ILNPUULY Z JV\YZL MVY [OL *7; JVKPUN Z`Z[LT ;OPZ JSHZZ ^PSS WYV]PKL Z[\KLU[Z ^P[O H NLULYHS \UKLYZ[HUKPUN VM [OL MVYTH[ HUK N\PKLSPULZ ULJLZZHY` MVY *7; JVKPUN JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! 75* )06 4*: 4*: ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O [OL VWWVY[\UP[` [V PU[LYU PU H OVZWP[HS ZL[[PUN 0[ WYV]PKLZ Z\WLY]PZLK ^VYR L_WLYPLUJL JVVYKPUH[LK ^P[O H OLHS[OJHYL Z`Z[LTZ YLSH[LK LTWSV`LY ( TPUPT\T VM OV\YZ VM PU[LYUZOPW [PTL PZ YLX\PYLK MVY VUL JYLKP[ OV\Y *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YPUJPWSLZ VM *7; *VKPUN
4*:
7YPUJPWSLZ VM 0*+ *4 *VKPUN ( ILNPUULY»Z JV\YZL PU 0*+ *4 JVKPUN HUK N\PKLSPULZ :[\KLU[Z ^PSS IL PU[YVK\JLK [V H ^PKL ]HYPL[` VM JVKPUN ZLNTLU[Z HUK IVK` Z`Z[LTZ JYLKP[Z 3LJ[\YL
4*:
*YLKLU[PHSPUN ,TLYNPUN *VKPUN 7YLYLX\PZP[LZ! 4*: 4*: ;OPZ JV\YZL JV]LYZ /*7*: JVKPUN IHZPJ WO`ZPJPHU JYLKLU[PHSPUN HUK HU PU[YVK\J [PVU [V 0*+ *4 JYLKP[Z 3LJ[\YL
4*:
4LKPJHS 0UZ 9LPTI\YZLTLU[ (U HK]HUJLK JV\YZL JVUJLYUPUN TLKPJHS PUZ\YHUJL IPSSPUN HUK YLPTI\YZLTLU[ ;OPZ JV\YZL ^PSS MVJ\Z VU PUZ\YHUJL JVTWHUPLZ Z\JO HZ )S\L *YVZZ HUK )S\L :OPLSK 4LKPJHYL HUK 4LKPJHPK JYLKP[Z 3LJ[\YL
4*:
(K] *7; *VKPUN HUK 4VKPÃ&#x201E;LYZ 7YLYLX\PZP[LZ! 4*: (U HK]HUJLK JV\YZL [OH[ L_WSVYLZ [OL KPMMLYLU[ Z\IZLJ[PVUZ VM [OL *7; HUK JVYYLJ[ JVKPUN VM WYVJLK\YLZ :[\KLU[Z ^PSS MHTPSPHYPaL [OLTZLS]LZ ^P[O *7; JVKPUN I` JVKPUN JHZL Z[\KPLZ HUK ZJLUHYPVZ JYLKP[Z 3LJ[\YL
4*:
4LKPJHS 4HUHNLTLU[ HUK ,[OPJZ 7YLYLX\PZP[LZ! 4*: ;OPZ JV\YZL JV]LYZ [OL THUHNLTLU[ VM H TLKPJHS VMÃ&#x201E;JL HZ ^LSS HZ L[OPJZ IPVTLKPJHS L[OPJZ HUK L[OPJHS JOHSSLUNLZ HMMLJ[PUN [OL TLKPJHS THUHNLY JYLKP[Z 3LJ[\YL
4*:
(K]HUJLK 0*+ *4 *VKPUN 7YLYLX\PZP[LZ! 4*: (U HK]HUJLK JV\YZL ZWLJPHSPaPUN PU HSS HZWLJ[Z VM 0*+ *4 JVKPUN ;OPZ JV\YZL ^PSS MVJ\Z VU ZWLJPÃ&#x201E;J IVK` Z`Z[LTZ HUK UV[ [OL V]LYHSS HZWLJ[ VM 0*+ *4 JVKPUN JYLKP[Z 3LJ[\YL
/VZWP[HS 4LK *VKPUN 0U[LYUZOPW
4*:
*SPUPJ 4LK *VKPUN 0U[LYUZOPW 7YLYLX\PZP[LZ! 75* )06 4*: 4*: ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O [OL VWWVY[\UP[` [V PU[LYU PU H JSPUPJ ZL[[PUN 0[ WYV]PKLZ Z\WLY]PZLK ^VYR L_WLYPLUJL JVVYKPUH[LK ^P[O H OLHS[OJHYL Z`Z[LTZ YLSH[LK LTWSV`LY ( TPUPT\T VM OV\YZ VM PU[LYUZOPW [PTL PZ YLX\PYLK MVY VUL JYLKP[ OV\Y *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
4*:
/VZWP[HS *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW 7YLYLX\PZP[LZ! 4*: 4*: 4*: VY JVUZLU[ VM PUZ[Y\J[VY (U L_HT WYLWHYH[PVU JV\YZL [OH[ ^PSS WYV]PKL Z[\KLU[Z ^P[O H JVTWYLOLUZP]L YL]PL^ MVY [OL *7* / HUK **: L_HTZ JYLKP[Z 3LJ[\YL
4*:
*SPUPJ *VKPUN *LY[PÃ&#x201E;JH[PVU 7YLW 7YLYLX\PZP[LZ! 4*: 4*: 4*: VY JVUZLU[ VM PUZ[Y\J[VY (U L_HT WYLWHYH[PVU JV\YZL [OH[ ^PSS WYV]PKL Z[\KLU[Z ^P[O H JVTWYLOLUZP]L YL]PL^ MVY [OL *7* HUK **: 7 L_HTZ JYLKP[Z 3LJ[\YL
4*:
/LHS[OJHYL :[H[PZ[PJZ 7YLYLX\PZP[LZ! (/, ;OPZ JV\YZL PZ H Z[H[PZ[PJZ JSHZZ MVJ\ZLK VU JHSJ\SH[PUN HUK YLWVY[PUN OLHS[OJHYL Z[H[PZ[PJZ HUK [OL JVTTVU MVYT\SHZ \ZLK I` OVZWP[HSZ HUK WO`ZPJPHU VMÃ&#x201E;JLZ JYLKP[Z 3LJ[\YL
4*:
4LKPJHS 9LJVYKZ HUK [OL 3H^ 7YLYLX\PZP[LZ! 4*: 4*: ;OPZ PZ HU HK]HUJLK JV\YZL MVJ\ZLK VU [OL (TLYPJHU SLNHS Z`Z[LT HUK [OL PTWHJ[ [OL SH^ OHZ VU TLKPJHS YLJVYKZ OLHS[O PUMVYTH[PVU PU NLULYHS HUK /07(( JYLKP[Z 3LJ[\YL
4PSP[HY` :JPLUJL 4:3 4:3
96;* ¶ 3LHKLYZOPW 7LYZVUHS +L]LSVWTLU[ 4:3 PU[YVK\JLZ [OL WLYZVUHS JOHS SLUNLZ HUK JVTWL[LUJPLZ [OH[ HYL JYP[PJHS MVY LMMLJ[P]L TPSP[HY` SLHKLYZOPW ;OL MVJ\Z PZ VU KL]LSVWPUN RUV^SLKNL HUK JVTWYL OLUZPVU VM (YT` SLHKLYZOPW KPTLUZPVUZ ^OPSL NHPUPUN HU \UKLYZ[HUKPUN VM [OL 96;* WYVNYHT HUK HK]HU[HNLZ MVY [OL Z[\KLU[ JYLKP[Z 3LJ[\YL
4:3
96;* ¶ 0U[YV [V ;HJ[PJHS 3LHKLYZOPW 4:3 V]LY]PL^Z TPSP[HY` SLHKLYZOPW M\UKHTLU[HSZ! ZL[[PUN KPYLJ[PVU WYVISLT ZVS]PUN SPZ[LUPUN WYLZLU[PUN IYPLMZ WYV]PKPUN MLLKIHJR HUK \ZPUN LMMLJ[P]L ^YP[PUN ZRPSSZ +PTLUZPVUZ VM SLHKLYZOPW ]HS\LZ H[[YPI\[LZ ZRPSSZ HUK HJ[PVUZ PU JVU[L_[ VM WYHJ[PJHS OHUKZ VU PU[LYHJ[P]L L_LYJPZLZ ^PSS IL L_WSVYLK JYLKP[Z 3LJ[\YL
4\ZPJ 4<: 4<: â&#x2013;¼
3HRL 3HUK *VTT\UP[` *OVPY 0(0 4<: 0UZ[Y\J[PVU PU JOVYHS T\ZPJ HUK L_WLYPLUJL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4<:
*SHZZ 0UZ[Y\J[PVU PU 7PHUV 0 0(0 4<: 7YLYLX\PZP[LZ! 5V WPHUV L_WLYPLUJL VY JVUZLU[ VM PUZ[Y\J[VY ( ILNPUUPUN JV\YZL PU WPHUV Z[\K` *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4<:
*SHZZ 0UZ[Y\J[PVU PU 7PHUV 00 0(0 4<: 7YLYLX\PZP[LZ! 4<: VY JVUZLU[ VM PUZ[Y\J[VY *SHZZ PUZ[Y\J[PVU PU WPHUV SP[LYH[\YL HUK ZRPSSZ 9LX\PYLK VM T\ZPJ THQVYZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
4<:
4\ZPJ PU (TLYPJHU /PZ[VY` *\S[\YL 0(0 - ( Z\Y]L` VM [OL T\ZPJHS MVYTZ HUK Z[`SLZ PU [OL <UP[LK :[H[LZ MYVT [OL T\ZPJ VM [OL LHYS` JVSVUPZ[Z [V [OL WVW\SHY T\ZPJ VM [VKH` 4\ZPJHS MVYTZ HUK Z[`SLZ HYL JVUZPKLYLK PU [OLPY J\S[\YHS JVU[L_[ JYLKP[Z 3LJ[\YL
4<:
<UKLYZ[HUKPUN 4\ZPJ 0(0 - ( NLULYHS O\THUP[PLZ JV\YZL Z[\K`PUN ]HYPV\Z [`WLZ HUK MVYTZ VM T\ZPJ HUK [OL OPZ[VYPJHS KL]LSVWTLU[ VM [OL HY[ MVYT :\Y]L`Z T\ZPJ SP[LYH[\YL MYVT 4PKKSL (NLZ [V WYLZLU[ JYLKP[Z 3LJ[\YL
7OPSVZVWO` 7/0 7/0
0U[YV [V 7OPSVZVWO` 9LSPNPVU *V\YZL ZOV^Z OV^ HWWSPJH[PVU VM [LJO UPX\LZ VM WOPSVZVWOPJHS HUHS`ZPZ HZZPZ[ JSHYPÃ&#x201E;JH[PVU VM JVNUP[P]L HUK JVUJLW[\HS WYVISLTZ PU YLSPNPV\Z ILSPLM 6\[SPUL PU[YVK\J[PVU [V >LZ[LYU WOPSVZVWO`" WOPSVZVWOPJHS TL[OVKVSVN`" JVUJLW[ VM .VK HUK [OLPZ[PJ ILSPLM" YLSPNPV\Z SHUN\HNL" YLSPNPV\Z L_WLYPLUJL" YLSPNPV\Z ILSPLMZ HUK YLSPNPV\Z KVJ[YPUL *HU[LYI\Y` 7YVNYHT 6US` JYLKP[Z 3LJ[\YL
7/0
>VYSK 9LSPNPVUZ 0(0 / ;OPZ JV\YZL PZ KLZPNULK [V WYVTV[L J\S[\YHS KP]LYZP[` HZZVJPH[LK ^P[O YLSPNPV\Z WYHJ[PJLZ 0[ PUJS\KLZ H Z\Y]L` VM YLSPNPV\Z Z`Z[LTZ HUK L_HTPULZ JVUJLW[Z HUK [OLVYPLZ YLSH[LK [V [OL UH[\YL VM KLP[PLZ NVVK HUK L]PS YLHZVU HUK MHP[O L[OPJZ HUK HM[LYSPML JYLKP[Z 3LJ[\YL
7/0
0U[YVK\J[PVU [V 7OPSVZVWO` 0(0 / (U PU[YVK\J[PVU [V WOPSVZVWOPJHS X\LZ[PVU PUN HUK YLHZVUPUN ;OPZ JV\YZL ^PSS PUJS\KL HU OPZ[VYPJHS Z\Y]L` VM ^LZ[LYU WOPSVZVWO` MVJ\ZPUN VU [OL KL]LSVWTLU[ VM ZWLJPÃ&#x201E;J IYHUJOLZ ^P[OPU [OL Ã&#x201E;LSK PUJS\KPUN LWPZ[LTVSVN` TL[HWO`ZPJZ L[OPJZ WOPSVZVWO` VM ZJPLUJL HUK ZVJPHS WVSP[PJHS WOPSVZVWO` JYLKP[Z 3LJ[\YL
7/0
,[OPJZ 0(0 / 0U[YVK\J[PVU [V PZZ\LZ HUK [OLVYPLZ VM L[OPJZ 0UJS\KLZ OPZ[VYPJHS Z\Y]L` VM THQVY ]HS\L Z`Z[LTZ HUK JVU[LTWVYHY` PZZ\LZ JYLKP[Z 3LJ[\YL
7/0
0U[YV [V 3VNPJ 0(0 / 0U[YVK\J[PVU [V MVYTHS YLHZVUPUN PUJS\KPUN! SHUN\HNL HUK TLHUPUN KLK\J[PVU HUK PUK\J[PVU L]PKLUJL Z`SSVNPZ[PJ HYN\TLU[ HUK ZJPLUJL HUK O`WV[OLZLZ JYLKP[Z 3LJ[\YL
7O`ZPJHS ,K\JH[PVU 7,+ 7,+
;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ ;LUUPZ
)HZRL[IHSS *SHZZ KLZPNULK [V [LHJO IHZPJ ZRPSSZ Y\SLZ HUK YLN\SH[PVUZ HUK HSSV^ Z[\KLU[Z [V WHY[PJPWH[L PU WO`ZPJHS HJ[P]P[` *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
)LNPUUPUN JV\YZL PU[YVK\JPUN [OL Z[\KLU[ [V [OL NHTL VM [LUUPZ HUK [LUUPZ ZRPSSZ )HZPJ ZRPSSZ VM MVYLOHUK HUK IHJROHUK ZLY]PUN HYL LTWOHZPaLK *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+
7,+
)V^SPUN
;OPZ JV\YZL PZ KLZPNULK MVY [OL ILNPUUPUN IV^SLY HUK MVY [OVZL ^OV ^PZO [V SLHYU H YLJYLH[PVUHS HJ[P]P[` *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+
(K]HUJLK ;LUUPZ 7YLYLX\PZP[LZ! 7,+ VY WYVVM VM ZRPSS VY PUZ[Y\J[VY JVUZLU[ (U HK]HUJLK JV\YZL PU [LUUPZ ,TWOHZPaPUN HK]HUJLK ZRPSSZ HUK [LJOUPX\LZ VM [LUUPZ HUK PU ZL[[PUN \W [V\YUHTLU[Z *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
(K]HUJLK )V^SPUN 7YLYLX\PZP[LZ! 7,+ VY WYVVM VM ZRPSS VY PUZ[Y\J[VY JVUZLU[ *SHZZ PZ KLZPNULK [V [LHJO HK]HUJLK IV^SPUN ZRPSSZ Y\SLZ HUK YLN\SH[PVUZ VM IV^SPUN HUK HSSV^ Z[\KLU[Z [V WHY[PJPWH[L PU WO`ZPJHS HJ[P]P[` *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼ .VSM
+LZPNULK [V OLSW H Z[\KLU[ \UKLYZ[HUK HUK HWWYLJPH[L NVSM >PSS [LHJO [OL IHZPJ ZRPSSZ HUK [LJOUPX\LZ MVY NVSM HZ H YLJYLH[PVUHS HUK WO`ZPJHS HJ[P]P[` MVY HSS HNLZ 9LWLH[ HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼
(K]HUJLK .VSM 7YLYLX\PZP[LZ! 7,+ .VSM PUZ[Y\J[PVU MVY [OL HK]HUJLK NVSMLY *V\YZL KLZPNULK [V PUJYLHZL [OL ZRPSS SL]LS 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+
7,+ â&#x2013;¼
>LPNO[ ;YHPUPUN ;V PU[YVK\JL [V [OL Z[\KLU[ [OL IHZPJ WYPUJPWSLZ VM ^LPNO[ [YHPUPUN [V KLTVU Z[YH[L HUK WHY[PJPWH[L PU ]HYPV\Z WYVNYHTZ HUK PUJYLHZL Z[YLUN[O 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼ (LYVIPJZ
;OL JV\YZL PZ KLZPNULK [V HJX\HPU[ Z[\KLU[Z ^P[O KPMMLYLU[ L_LYJPZL YV\[PULZ [V PTWYV]L [OLPY V]LYHSS WO`ZPJHS JVUKP[PVU WYVNYLZZ MYVT HU PU[LYTLKPH[L SL]LS [V H TVYL HK]HUJLK SL]LS 9V\[PULZ HYL L_LJ\[LK [V \WILH[ T\ZPJ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+
;OLVY` VM 4V[VY 3LHYUPUN 7YV]PKLZ H Z[\K` VM [OL KPMMLYLU[ [OLVYPLZ VM [OL HJX\PZP[PVU VM TV[VY ZRPSSZ HUK [OL UH[\YL VM O\THU SVJVTV[PVU JYLKP[Z 3LJ[\YL
â&#x2013;¼
2HYH[L
7,+ â&#x2013;¼
7YLYLX\PZP[LZ! 7,+ (U PU[YVK\J[PVU [V [OL ^VYSK VM 4HY[PHS (Y[Z ^P[O LTWOHZPZ VU [OL HY[ VM ;HL 2^VU +V :[\KLU[ ^PSS SLHYU IHZPJ [LYTPUVSVN` ZRPSSZ HUK ZLSM KLMLUZL 0U HIV\[ [^V `LHYZ [OL Z[\KLU[ ZOV\SK IL JSVZL [V H ISHJR ILS[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
;YHW HUK :RLL[ :OVV[PUN )HZPJ [LJOUPX\LZ VM ZOVV[PUN [OL ZOV[N\U JSH` [HYNL[ NHTLZ VM ;YHW HUK :RLL[ :[\KLU[Z ^PSS IL MHTPSPHYPaLK ^P[O [OL ZHML OHUKSPUN VWLYH[PVU HUK JSLHUPUN VM ZOV[N\UZ HUK ZOV[ ZOLSS YLSVHKPUN 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼
7,+
7YLYLX\PZP[LZ! 7,+ +LZPNULK [V JVU[PU\L H IYVHK YHUNL VM HJ[P]P[PLZ PU ;HL 2^VU +V [YHPUPUN VYPLU[LK [V^HYK WO`ZPJHS Ã&#x201E;[ULZZ WVZP[P]L ZLSM H[[P [\KL H ZLUZL VM YLZWLJ[ MVY V[OLYZ PU ZVJPL[` ZLSM KLMLUZL HUK M\U 9LWLH[HISL
-VJ\ZLZ VU NHTLZ HUK HJ[P]P[PLZ MVY LSLTLU[HY` HUK ZLJVUKHY` SL]LS PUJS\KPUN IVK` TLJOHUPJZ IHZPJ L_LYJPZLZ HUK YO`[OTZ 0UJS\KLZ [LHT NHTLZ MVY ZLJVUK HY` SL]LS ,+< PZ [HRLU ZPT\S[HULV\ZS` JYLKP[Z 3LJ[\YL
2HYH[L 00
)ZJ (J[ ,SLT :LJ *OPSK
7,+
7,+ â&#x2013;¼
-VJ\ZLZ VU [OL NLULYHS ZJVWL W\YWVZL OPZ[VY` NYV^[O HUK KL]LSVWTLU[ VM 7O`ZPJHS ,K\JH[PVU JYLKP[Z 3LJ[\YL
;OL Ã&#x201E;UHS Z[LW MVY YLHJOPUN [OL )SHJR )LS[ Z[H[\Z HUK SLHYUPUN [OL YLX\PYLTLU[Z MVY PUZ[Y\J[PVU ;OL Z[\KLU[ ^PSS IL HISL [V KLTVUZ[YH[L HSS WYPVY SLHYULK TH[LYPHS HUK IL HISL [V PUZ[Y\J[ V[OLYZ HZ HU HZZPZ[HU[ PUZ[Y\J[VY 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
0U[YVK\J[PVU [V 7O`ZPJHS ,K\JH[PVU
7,+
) )HSS = )HSS :WVY[Z 6MÃ&#x201E;JPH[L -VJ\ZLZ VU [OL NLULYHS ZJVWL VM ZWVY[Z VMÃ&#x201E;JPH[PUN :\JJLZZM\S JVTWSL[PVU VM [OL JSHZZ HSSV^Z [OL Z[\KLU[ [V ^YP[L 0/:( MVY [OL VMÃ&#x201E;JPHSZ L_HT JYLKP[Z 3LJ[\YL
7,+
â&#x2013;¼
(LYVIPJ -P[ULZZ *SHZZ PZ KLZPNULK [V [LHJO IHZPJ ZRPSSZ Y\SLZ HUK YLN\SH[PVUZ HUK [V HSSV^ Z[\KLU[Z [V WHY[PJPWH[L PU ^LPNO[ [YHPUPUN HUK JHYKPV ]HZJ\SHY HJ[P]P[PLZ :[\KLU[ ^PSS IL NP]LU H NYHKL HJJVYKPUN [V [OL U\TILY VM TPU\[LZ WLYMVYTLK PU [OL ZLTLZ[LY 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼
7 - (LYVIPJ -P[ULZZ *SHZZ PZ KLZPNULK [V [LHJO IHZPJ ZRPSSZ Y\SLZ HUK YLN\SH[PVUZ HUK [V HSSV^ Z[\KLU[Z [V WHY[PJPWH[L PU ^LPNO[ [YHPUPUN HUK JHYKPV ]HZJ\SHY HJ[P]P[PLZ 7HZZ VY -HPS ^PSS IL NP]LU H[ [OL LUK VM [OL ZLTLZ[LY 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+
â&#x2013;¼
2HYH[L 000 7YLYLX\PZP[LZ! 7,+ :[\KLU[Z OH]L SLHYULK [OL IHZPJZ HUK HYL YLHK` MVY TVYL HK]HUJLK [LJOUPX\LZ /PNOLY WO`ZPJHS HUK TLU[HS ZRPSSZ HYL LTWOHZPaLK .YLH[LY JVUÃ&#x201E;KLUJL HUK H^HYLULZZ VM WLYZVUHS HIPSP[` ^PSS WYVTV[L ZLSM PTWYV]L TLU[ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼ 2HYH[L 0=
+LZPNULK [V IL [OL Ã&#x201E;UHS Z[LW MVY YLHJOPUN [OL )SHJR ILS[ Z[H[\Z ([ [OPZ WVPU[ [OL Z[\KLU[ ^PSS WVZZLZZ [OL RUV^SLKNL I\[ T\Z[ SLHYU TVYL ZLSM JVU[YVS :[\KLU[Z ^PSS SLHYU OV^ [V KLTVUZ[YH[L WV^LY HUK HSS [OL` OH]L SLHYULK 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7,+ â&#x2013;¼ 2HYH[L =
0U[YVK\JLZ [OL Z[\KLU[ [V SLHKLYZOPW YLZWVU ZPIPSP[PLZ HUK TVYL HK]HUJLK [LJOUPX\LZ ,TWOHZPZ ^PSS IL WSHJLK VU WV^LY HUK ¸Ã&#x201E;UL¹ TV[VY ZRPSSZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
2HYH[L =0
7,+
;OLVY` VM )HZLIHSS ;OPZ JV\YZL MVJ\ZLZ VU Y\SLZ HUK OPZ[VY` VM IHZLIHSS IHZPJ ZRPSSZ VYNHUPaPUN WYHJ[PJLZ HUK HJX\PYPUN H NLULYHS RUV^SLKNL VM IHZLIHSS ;OPZ WYLWHYLZ [OL Z[\KLU[ [V [LHJO HUK JVHJO IHZLIHSS *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7,+
;OLVY` VM )HZRL[IHSS :[\KLU[Z HYL [H\NO[ [OL ULJLZZHY` ZRPSSZ [V JVUK\J[ JSHZZLZ HUK JVHJO [OL ZWVY[ VM IHZRL[IHSS +YPSSZ NHTL [LJOUPX\LZ HUK Z[YH[LNPLZ HYL WYHJ[PJLK PU [OL SHI ZP[\H[PVU ,HJO Z[\KLU[ ^PSS [LHJO H \UP[ PU IHZRL[IHSS [OLVY` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7,+
;LJO )V^SPUN .VSM 7YLYLX\PZP[LZ! 7,+ 7,+ VY JVUZLU[ VM PUZ[Y\J[VY *V\YZL VMMLYLK MVY [OL PUKP]PK\HS ^OV PZ PU[LYLZ[LK PU OV^ [V [LHJO VY JVHJO NVSM IV^SPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7,+
;LJO )HKTU[U ;LUUPZ 7YLYLX\PZP[LZ! 7,+ *V\YZL VMMLYLK MVY [OL PUKP]PK\HS ^OV TH` ZOV^ HU PU[LYLZ[ PU OV^ [V [LHJO VY JVHJO [LUUPZ IHKTPU[VU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7,+
2PULZPVSVN` 7YLYLX\PZP[LZ! )06 )06 VY )06 ;OL Z[\K` VM M\UJ[PVUHS T\ZJ\SVZRLSL[HS HUH[VT` T\ZJSL HJ[PVUZ HUK [OL SH^Z VM WO`ZPJZ \ZLK PU [OL WLYMVYTHUJL VM O\THU TV[PVU JYLKP[Z 3LJ[\YL
7,+
-P[ULZZ MVY 3PML (U PUKP]PK\HS HWWYVHJO [V HZZPZ[ Z[\KLU[Z [V KL]LSVW H SPML[PTL VM ^LSSULZZ [OYV\NO Ã&#x201E;[ULZZ ;OL JV\YZL PUJS\KLZ H [OVYV\NO WO`ZPJHS Ã&#x201E;[ULZZ YPZR MHJ[VY HZZLZZTLU[ IH[[LY` :[\KLU[Z ^PSS IL YLX\PYLK OV\YZ VM WO`ZPJHS ^VYRV\[ H ^LLR *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7;( 7;(
-\UKHTLU[HSZ VM 7;( 0 7YLYLX\PZP[LZ! (KTPZZPVU [V 7YVNYHT (U PU[YVK\J[PVU [V [OL WYVMLZZPVU VM 7O`ZPJHS ;OLYHW` HUK [OL YVSL VM [OL 7;( ^P[OPU [OL OLHS[O WYVMLZZPVU ;OPZ JV\YZL WYV]PKLZ IHZPJ WO`ZPJHS [OLYHW` ZRPSSZ PUJS\KPUN! IVK` TLJOHUPJZ [YHUZMLYZ ILK TVIPSP[` NHP[ [YHPUPUN HZLW[PJ [LJOUPX\LZ HUK HZZLZZTLU[ VM ]P[HS ZPNUZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7;(
7;( *SPUPJHS 7YHJ[PJ\T 0 7YLYLX\PZP[LZ! (KTPZZPVU [V 7YVNYHT (U PU OV\ZL SHIVYH[VY` WYHJ[PJL VM ZRPSSZ HUK [LJOUPX\LZ JVYYLZWVUKPUN ^P[O -\UKHTLU[HSZ VM 7;( 0 7;( :[\KLU[Z ^PSS VIZLY]L PU H U\YZPUN OVTL ZL[[PUN *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7;(
-\UKHTLU[HSZ VM 7;( 00 7YLYLX\PZP[LZ! -\UKHTLU[HSZ VM 7;( 0 7;( *SPUPJHS 7YHJ[PJ\T 7;( TPUPT\T .7( ;OPZ JV\YZL WYV]PKLZ WO`ZPJHS [OLYHW` ZRPSSZ PUJS\KPUN [OL \ZL VM [OLYHWL\[PJ OLH[ HUK JVSK LSLJ[YPJHS Z[PT\SH[PVU THZZHNL [LJOUPX\LZ NVUPVTL[Y` ^V\UK THUHNL TLU[ HUK SHIVYH[VY` WYHJ[PJL :[\KLU[Z ^PSS IL PU[YVK\JLK [V WYVZ[OLZPZ HUK VY[OV[PJZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7;(
7;( *SPUPJHS 7YHJ[PJ\T 000 7YLYLX\PZP[LZ! -\UKHTLU[Z VM 7;( 0 7;( *SPUPJHS 7YHJ[PJ\T 7;( -\UKHTLU[HSZ VM 7;( 00 7;( TPUPT\T .7( ( M\SS [PTL Z\WLY]PZLK JSPUPJHS WYHJ[PJL PU H WO`ZPJHS [OLYHW` MHJPSP[` :[\KLU[Z ^PSS WHY[PJPWH[L PU ZLSLJ[LK WH[PLU[ JHYL ZRPSSZ HUK [LJOUPX\LZ SLHYULK PU -\UKHTLU[HSZ VM 7;( 0 7;( *SPUPJHS 7YHJ[PJ\T 0 7;( HUK -\UKHTLU[HSZ VM 7;( 00 7;( *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7;(
7H[OVSVN` MVY 7;( ;OPZ JV\YZL ^PSS KPZJ\ZZ [OL L[PVSVN` Z`TW[VTZ YPZR MHJ[VYZ WH[OVNLULZPZ HUK WYVNUVZPZ VM ZWLJPÃ&#x201E;J KPZLHZL 4LKPJHS WYHJ[PJLZ MVY [YLH[TLU[ VM [OLZL KPZLHZLZ HUK PSSULZZLZ ^PSS IL KPZJ\ZZLK HSVUN ^P[O ZWLJPHS PTWSPJH[PVUZ MVY [OL 7;( 7OHYTH JVSVN` ^PSS HSZV IL KPZJ\ZZLK JYLKP[Z 3LJ[\YL
7;(
-\UKHTLU[HSZ VM 7;( 000 7YLYLX\PZP[LZ! -\UKHTLU[HSZ VM 7;( 00 7;( *SPUPJHS 7YHJ[PJ\T 000 7;( TPUP\T .7( PU 7;( J\YYPJ\S\T ;OPZ JV\YZL PZ H JVU[PU\H[PVU VM [OL ZRPSSZ HUK RUV^SLKNL \ZLK I` H 7;( *VUJLU[YH [PVU PZ VU T\ZJSL [LZ[PUN SLUN[O [LZ[PUN [OLYHWL\[PJ L_LYJPZL HUK WVZ[\YHS HUHS`ZPZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7;(
6Y[OVWLKPJ *VUJLW[Z (WWS 7YLYLX\PZP[LZ! *SPUPJHS 7YHJ[PJ\T 000 7;( -\UKHTLU[HSZ VM 7;( 00 7;( JVUJ\YYLU[ LUYVSSTLU[ PU -\UKHTLU[HSZ VM 7;( 000 7;( TPUPT\T .7( ;OL JV\YZL MVJ\ZLZ VU VY[OVWLKPJ KPHNUV ZLZ HUK YLOHIPSP[H[PVU 5VYTHS NHP[ ^PSS IL HUHS`aLK JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7;(
-\UKHTLU[HSZ VM 7;( 0= 7YLYLX\PZP[LZ! -\UKHTLU[HSZ VM 7;( 000 7;( 6Y[OVWLKPJ *VUJLW[Z HUK (WWSPJH[PVUZ 7;( *SPUPJHS 7YHJ[PJ\T 0= 7;( TPUPT\T .7( ;OPZ JV\YZL LTWOHZPaLZ HZZLZZTLU[ HUK [YLH[TLU[ VM ZWLJPÃ&#x201E;J HYLHZ ;OLZL HYLHZ PUJS\KL! UL\YVSVNPJHS JVUKP[PVUZ WLKPH[ YPJZ NLYPH[YPJZ VIZ[L[YPJZ JHYKPVW\STVUHY` PUK\Z[YPHS HUK THU\HS [OLYHW` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7;(
7;( *SPUPJHS 7YHJ[PJ\T 0= 7YLYLX\PZP[LZ! 7;( *SPUPJHS 7YHJ[PJ\T 000 7;( -\UKHTLU[HSZ VM 7;( 000 7;( 6Y[OVWLKPJ *VUJLW[Z HUK (WWSPJH [PVUZ 7;( TPUPT\T .7( -\SS [PTL Z\WLY]PZLK JSPUPJHS WYHJ[PJL L_WLYPLUJL H[ H WO`ZPJHS [OLYHW` MHJPSP[` :[\KLU[Z ^PSS WHY[PJPWH[L PU ZLSLJ[LK WH[PLU[ JHYL ZRPSSZ HUK [LJOUPX\LZ SLHYULK PU -\UKHTLU[HSZ VM 7;( 000 7;( HUK 6Y[OVWLKPJ *VUJLW[Z HUK (WWSPJH[PVUZ 7;( ^OPSL JVU[PU\PUN [V WYVNYLZZ WYL]PV\ZS` SLHYULK ZRPSSZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7;(
7;( :LTPUHY 7YLYLX\PZP[LZ! -\UKHTLU[Z VM 7;( 000 7;( 6Y[OVWLKPJ *VUJLW[Z HUK (WWSPJH [PVUZ 7;( 7;( *SPUPJHS 7YHJ[PJ\T 0= 7;( JVUJ\YYLU[ LUYVSSTLU[ PU -\UKHTLU[HSZ VM 7;( 0= 7;( HUK 7H[OVSVN` MVY 7;( 7;(
7YLWHYH[PVU [V LU[LY PU[V [OL ^VYR MVYJL HZ H 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;OPZ JV\YZL LTWOHZPaLZ SPHIPSP[` PZZ\LZ 4LKPJHYL N\PKLSPULZ HKTPUPZ[YH[PVU OLHS[O PUZ\Y HUJLZ HUK L[OPJHS HZWLJ[Z 3PJLUZ\YL WYLWHYH[PVU HUK [OL L_JOHUNL VM JSPUPJHS L_WLYPLUJLZ HYL PUJVYWVYH[LK JYLKP[Z 3LJ[\YL
7;(
7[H *SPUPJHS 7YHJ[PJ\T = 7YLYLX\PZP[LZ! 7;( *SPUPJHS 7YHJ[PJ\T 0= 7;( 7H[OVSVN` MVY 7;( 7;( -\UKHTLU[HSZ VM 7;( 0= 7;( 7;( :LTPUHY 7;( TPUPT\T .7( PU 7;( J\YYPJ\S\T -PUHS M\SS [PTL Z\WLY]PZLK JSPUPJHS WYHJ[PJ\T L_WLYPLUJL H[ H WO`ZPJHS [OLYHW` MHJPSP[` [V WYLWHYL HZ HU LU[Y` SL]LS 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ :[\KLU[ ^PSS WLYMVYT ZLSLJ[LK WYL]PV\ZS` SLHYULK ZRPSSZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7O`ZPJZ 7/@
7/@
*VSSLNL 7O`ZPJZ 00 0(0 )06 7YLYLX\PZP[LZ! 7/@ (U PU[YVK\J[PVU [V LSLJ[YPJP[` HUK THNUL [PZT ^H]L TV[PVU VW[PJZ HUK IHZPJ TVKLYU WO`ZPJZ MVY WYL WYVMLZZPVUHS HY[Z HUK ZJPLUJLZ HUK MV\Y `LHY [LJOUVSVN` THQVYZ ;OPZ JV\YZL PZ [V IL [HRLU ^P[O 7/@ [V MVYT H JVTWSL[L ZLX\LUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7/@
<UP]LYZP[` 7O`ZPJZ 0 0(0 7 3 7YLYLX\PZP[LZ! 4(; ;OPZ PZ H Z[\K` VM 5L^[VUPHU 4LJOHUPJZ ;OL JV\YZL PZ MVY WO`ZPJZ THQVYZ HUK TPUVYZ LUNPULLYPUN Z[\KLU[Z HUK [OL TH[OLTH[PJHSS` VYPLU[LK Z[\KLU[ ;OPZ PZ [OL Ã&#x201E;YZ[ VM H [OYLL JV\YZL ZLX\LUJL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7/@
7/@
7OLUVTLUH VYPLU[LK JV\YZL LTWOHZPaPUN L]LY`KH` SPML HWWSPJH[PVUZ MVY [OL NLULYHS Z[\KLU[ ,SLTLU[HY` TLJOHUPJZ LSLJ[YPJP[` OLH[ HUK TVKLYU WO`ZPJZ HYL Z[\KPLK ;OPZ JV\YZL JV\U[Z [V^HYKZ [OL NLULYHS LK\JH[PVU ZJPLUJL YLX\PYLTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! 7/@ ^P[O NYHKL VM º*» VY OPNOLY 4(; ;OPZ JV\YZL PZ H Z[\K` VM OLH[ LSLJ[YPJP[` HUK THNUL[PZT MVY Z[\KLU[Z PU WO`ZPJZ LUNPULLYPUN JOLTPZ[Y` HUK TH[OLTH[PJZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*VUJLW[Z VM 7O`ZPJZ 0(0 7 3
7/@
(Z[YVUVT` 0(0 7 ;OPZ JV\YZL JV]LYZ [OL OPZ[VY` HUK M\[\YL WYVZWLJ[Z VM HZ[YVUVT` [OL UPNO[ ZR` [OL ,HY[O HZ JVTWHYLK [V =LU\Z HUK 4HYZ [OL KLH[O VM Z[HYZ HUK JVZTVSVN` ,TWOHZPZ PZ HSZV WSHJLK VU [OL PUÃ&#x2026;\LUJLZ [OH[ HZ[YVUVT` OHZ OHK VU J\S[\YL JYLKP[Z 3LJ[\YL
7/@
*VSSLNL 7O`ZPJZ 0 7 3 )06 7YLYLX\PZP[LZ! 4(; VY /: ;YPN ;OPZ JV\YZL JV]LYZ 5L^[VUPHU 4LJOHUPJZ OLH[ Ã&#x2026;\PK TV[PVU 0U[LUKLK MVY Z[\KLU[Z PU [OL WYL WYVMLZZPVUHS HYLHZ HY[Z HUK ZJPLUJLZ HUK MV\Y `LHY [LJOUVSVN` THQVYZ 0[ PZ UV[ PU[LUKLK MVY Z[\KLU[Z ^OV WSHU [V THQVY VY TPUVY PU WO`ZPJZ VY LUNPULLYPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
<UP]LYZP[` 7O`ZPJZ 00 )06 ,.9
7/@
<UP]LYZP[` 7O`ZPJZ 000 0(0 ,.9 7YLYLX\PZP[LZ! 7/@ ^P[O NYHKL VM º*» VY OPNOLY 4(; ;OPZ JV\YZL PZ H Z[\K` VM ^H]L TV[PVU ZV\UK SPNO[ HUK TVKLYU WO`ZPJZ MVY Z[\KLU[Z PU WO`ZPJZ LUNPULLYPUN JOLTPZ[Y` HUK TH[OLTH[PJZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7/@
4LJOHUPJZ 0 0(0 ,.9 7YLYLX\PZP[LZ! 7/@ ^P[O NYHKL VM º*» VY OPNOLY 4(; ;OPZ JV\YZL PZ H Z[\K` VM [OL TLJOHUPJZ VM Z[H[PJ YPNPK IVKPLZ MVY LUNPULLYPUN Z[\KLU[Z JYLKP[Z 3LJ[\YL
7/@
4LJOHUPJZ 00 0(0 ,.9 7YLYLX\PZP[LZ! 7/@ ^P[O NYHKL VM º*» VY OPNOLY HUK JVYLX\PZP[LZ 4(; HUK 4(; ;OPZ JV\YZL PZ H Z[\K` VM [OL TV[PVU VM YPNPK IVKPLZ HUK Z`Z[LTZ VM WHY[PJSLZ MVY LUNPULLYPUN Z[\KLU[Z JYLKP[Z 3LJ[\YL
7/@
:VSPK 4LJOHUPJZ 7YLYLX\PZP[LZ! 7/@ ^P[O NYHKL VM º*» VY OPNOLY HUK JVYLX\PZP[L 4(; ;OPZ JV\YZL PZ [OL Z[\K` VM [OL YLSH[PVUZOPW IL[^LLU [OL L_[LYUHS SVHKPUNZ VU H KLMVYTHISL VIQLJ[ HUK [OL YLZ\S[PUN KLMVYTH[PVUZ HUK PU[LYUHS Z[YLZZLZ HUK Z[YHPUZ JYLKP[Z 3LJ[\YL
7VSP[PJHS :JPLUJL 76: 76:
7V^LY 7SHU[ ;LJOUVSVN` 77;
7YHJ[PJHS 5\YZPUN 75*
77; â&#x2013;¼
75*
;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN PU [OL VWLYH[PVU VM LX\PW TLU[ \ZLK PU [OL WYVK\J[PVU VM LSLJ[YPJP[` PUJS\KPUN ^H[LY Z`Z[LTZ JVTI\Z[PVU Z`Z[LTZ IVPSLY Z`Z[LTZ [\YIPULZ NLULYH [VYZ JVVSPUN [V^LYZ JVUKLUZLYZ HUK LSLJ[YPJHS KPZ[YPI\[PVU Z`Z[LTZ HYL KPZ J\ZZLK 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! (KTPZZPVUZ [V [OL 75 7YVNYHT (U PU[YVK\J[PVU [V O\THU HUH[VT` HUK WO`ZPVSVN` ILNPUUPUN H[ [OL TVSLJ\SHY SL]LS 5\[YP[PVU LZZLU[PHSZ HYL JV]LYLK ;OLZL [VWPJZ HYL YLSH[LK [V U\YZPUN HUK KPZLHZL WYL]LU[PVU WYVTV[PVU THPU[L UHUJL HUK YLZ[VYH[PVU JYLKP[Z 3LJ[\YL
7V^LY 7SHU[ ;LJOUVSVN` 0
77; â&#x2013;¼
7V^LY 7SHU[ ;LJOUVSVN` 00 7YLYLX\PZP[LZ! 77; ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL HU HK]HUJLK \UKLYZ[HUKPUN PU [OL VWLYH[PVU VM WV^LY WSHU[ Z`Z[LTZ ;VWPJZ PUJS\KL! Z[HY[\W ZO\[KV^U YV\[PUL VWLYH[PVU THPU[LUHUJL HUK MH\S[ YLZVS\[PVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
(TLYPJHU 5H[PVUHS .V]LYUTLU[ : 73:
77; â&#x2013;¼
;OL M\UKHTLU[HS WYPUJPWSLZ VM [OL (TLYP JHU .V]LYUTLU[ HYL Z\TTHYPaLK :\JO [VWPJZ HZ MLKLYHSPZT JP]PS SPILY[PLZ JP[PaLUZOPW WHY[PLZ HUK LSLJ[PVUZ [OL 7YLZPKLUJ` *VUNYLZZ 1\KPJPHY` HUK UH[PVUHS WVSPJPLZ HUK WVSP[PJZ HYL KPZJ\ZZLK ^P[OPU [OL MYHTL^VYR VM [OL (TLYPJHU *VUZ[P[\[PVUHS Z`Z[LT JYLKP[Z 3LJ[\YL
7YLYLX\PZP[LZ! ;,* ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H IHZPJ \UKLYZ[HUKPUN VM [OL WO`ZPJHS TLHZ\YL TLU[Z [OH[ HYL WLYMVYTLK VU ]HYPV\Z WV^LY WSHU[ Z`Z[LTZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
76:
:[H[L 3VJHS .V]LYU : 73: -VJ\ZLZ VU SLNHS H\[OVYP[` Z[Y\J[\YL SLHKLYZOPW HUK M\UJ[PVUZ VM Z[H[L JV\U[` JP[` [V^UZOPW HUK ZWLJPHS KPZ[YPJ[ NV]LYU TLU[Z ;OL 0SSPUVPZ :[H[L *VUZ[P[\[PVU PZ HUHS`aLK JYLKP[Z 3LJ[\YL
76:
0U[YV 0U[LYU[US 9LS : 5 73: (U L_HTPUH[PVU VM [OL UH[PVU Z[H[L Z`Z[LT HUK [OL ZV\YJLZ VM JVUÃ&#x2026;PJ[ PU [OL PU[LYUH [PVUHS JVTT\UP[` *VTWHYH[P]L WVSP[PJHS LJVUVTPJ Z`Z[LTZ HYL Z[\KPLK HZ ^LSS HZ [OL YPZL VM T\S[P UH[PVUHS JVYWVYH[PVU HUK PU[LYUH[PVUHS VYNHUPaH[PVUZ JYLKP[Z 3LJ[\YL
7V^LY 7SHU[ ;LJOUVSVN` 7O`ZPJZ
77;
7V^LY 7SHU[ ;LJOUVSVN` 000 ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O HU \UKLYZ[HUKPUN VM ^H[LY [YLH[TLU[ TL[OVKZ PUZ[Y\TLU[H[PVU HUK LU]PYVUTLU[HS YLN\SH[PVUZ WLY[HPUPUN [V MVZZPS M\LS WV^LY WSHU[Z JYLKP[Z 3LJ[\YL
77;
:\WLY]PZLK 6JJ\WH[PVUHS ,_WLYPLUJL 7YLYLX\PZP[LZ! :VWOVTVYL Z[HUKPUN PU 77; VY 774 +LZPNULK [V WYV]PKL [OL Z[\KLU[ ^P[O ^VYR L_WLYPLUJL PU [OL Ã&#x201E;LSK ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O HU PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
-V\UK VM 5\YZPUN
75*
7YHJ[PJHS 5\YZPUN 0 7YLYLX\PZP[LZ! (KTPZZPVU [V [OL 75 7YVNYHT 0U[YVK\J[PVU [V YVSL VM WYHJ[PJHS U\YZL \ZPUN [OL HWWSPJH[PVU VM [OL U\YZPUN WYVJLZZ [V KLSP]LY O\THUL JHYPUN L]PKLUJL IHZLK JHYL PU [OL JSPUPJHS ZL[[PUN +L]LSVWTLU[HS ]HYPH[PVUZ WZ`JOVZVJPV J\S[\YHS PUÃ&#x2026;\LUJL VU IHZPJ ULLKZ VM [OL PUKP]PK\HS MHTPS` HUK JVTT\UP[` HYL JVUZPKLYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
75*
7YHJ[PJHS 5\YZPUN :RPSSZ 7YLYLX\PZP[LZ! (KTPZZPVU [V [OL 75 7YVNYHT ;OPZ JV\YZL WYLZLU[Z [V [OL Z[\KLU[ ZRPSSZ YLX\PYLK [V KLSP]LY ZHML JVTWL[LU[ IHZPJ U\YZPUN JHYL ;OL JVSSLNL SHI PZ [OL WYPTHY` ZP[L [OL MVY ZRPSS HJX\PZP[PVU HUK L_[LUKLK [V [OL JSPUPJHS ZL[[PUN *VYLX\PZP[L JV\YZLZ! 75* *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
75*
7YHJ[PJHS 5\YZPUN 00 7YLYLX\PZP[LZ! 75* 75* 75* :[\KLU[ \[PSPaLZ [OL U\YZPUN WYVJLZZ PU [OL OLHS[O WYVTV[PVU THPU[LUHUJL HUK YLZ[VYH[PVU VM [OL PUKP]PK\HS MHTPS` HUK JVTT\UP[` *SPUPJHS HZZPNUTLU[Z WYVNYLZZ MYVT ZPTWSL [V JVTWSL_ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
75*
)HZPJ 7OHYTHJVSVN` 0 7YLYLX\PZP[LZ! (KTPZZPVU [V 75 7YVNYHT ;OL U\YZPUN WYVJLZZ HUK [OL YVSL VM KY\N [OLYHW` PU [OL WYL]LU[PVU VM KPZLHZL WYVTV[PVU VM OLHS[O HUK [YLH[TLU[ VM KPZLHZL WYV]PKLZ [OL MYHTL^VYR PU [OPZ Z[\K` VM WOHYTHJVSVN` HUK [OL HKTPUPZ[YH [PVU VM TLKPJH[PVU *VYLX\PZP[L JV\YZLZ! 75* *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
75*
74;
7YLYLX\PZP[LZ! 75* 75* *VU[PU\H[PVU VM 75* :[\KLU[ JVU[PU\LZ THZ[LY` VM ZRPSSZ HUK JVUJLW[Z PU[LNYH[PUN [OL U\YZPUN WYVJLZZ PU OLHS[O WYVTV[PVU THPU[LUHUJL HUK YLZ[VYH[PVU HJ[P]P[PLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
+LZPNULK [V WYV]PKL LTWSV`TLU[ L_WLYP LUJL PU H WVZP[PVU [OH[ ^PSS \[PSPaL HUK KL]LSVW WYPU[ [LJOUVSVN` ZRPSSZ *VYLX\PZP[L JV\YZLZ! 74; *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
7YHJ[PJHS 5\YZPUN 000
75*
)HZPJ 7OHYTHJVSVN` 00 7YLYLX\PZP[LZ! 75* 75* *VU[PU\H[PVU VM 75* ;OL U\YZPUN WYVJLZZ HUK [OL YVSL VM KY\N [OLYHW` PU [OL WYL]LU[PVU VM KPZLHZL WYVTV[PVU VM OLHS[O HUK [YLH[TLU[ VM KPZLHZL WYV]PKLZ [OL MYHTL^VYR PU [OPZ Z[\K` VM WOHYTHJVSVN` HUK [OL HKTPUPZ[YH[PVU VM TLKPJH[PVU *VYLX\PZP[L JV\YZLZ! 75* JYLKP[Z 3LJ[\YL
7YPU[ ;LJOUVSVN` 74; 74;
7YPU[ ;LJOUVSVN` 0 ;OPZ JV\YZL WYV]PKLZ H IHZPJ V]LY]PL^ VM [OL WYPU[PUN PUK\Z[Y` HUK [OL WYPU[PUN WYVJLZZ MYVT ZTHSS QVI ZOVWZ [V SHYNL LTWSV`LY JYLKP[Z 3LJ[\YL
74;
7YPU[ ;LJOUVSVN` 00 7YLYLX\PZP[LZ! 74; <ZPUN 7YPU[ ;LJOUVSVN` 0 HZ H IHZPZ MVY PUMVYTH[PVU [OPZ JV\YZL V\[SPULZ [OL V]LY]PL^ VM [OL PUK\Z[Y` I\[ ^P[O LTWOHZPZ VU [OL ]HYPV\Z WYPU[ WYVJLZZLZ JYLKP[Z 3LJ[\YL
74;
,SLJ[YVUPJ 7YLWYLZZ 7YLYLX\PZP[LZ! 74; 74; ;OPZ JV\YZL WYV]PKLZ H IHZPJ V]LY]PL^ ^P[O H ^VYRPUN \UKLYZ[HUKPUN VM [OL WYPU[PUN PUK\Z[Y` HUK [OL WYPU[PUN WYVJLZZ HUK [OL RUV^SLKNL P[ [HRLZ [V NV MYVT PKLH [V YLHSP[` \ZPUN ,SLJ[YVUPJ 7YLWYLZZ [LJOUPX\LZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
74;
7YPU[ ;LJOUVSVN` :LTPUHY 7YLYLX\PZP[LZ! *0: *0: +LZPNULK HZ HU PU[YVK\J[PVU [V 7YPU[ ;LJOUVSVN` HUK +LZR[VW 7\ISPZOPUN HWWYLU[PJLZOPW *VUZPZ[Z VM HU V]LY]PL^ VM WYPU[ WYVJLZZ HUK [LJOUPX\LZ \ZLK PU [OL WYPU[ PUK\Z[Y` -VJ\ZLZ VU WYPU[ [LYTPUVSVN` HUK OHUKZ VU L_WLYPLUJL JYLKP[Z 3LJ[\YL
7YPU[ ;LJO (WWYLU[PJLZOPW
7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 73* 73*
-\UKHTLU[HSZ VM 0UZ[Y\TLU[H[PVU -\UKHTLU[HSZ VM +* HUK (* TL[OVKZ VM HUHS`ZPZ JHWHJP[HUJL PUK\J[HUJL THNUL[PZT ZPTWSL [YHUZPLU[Z HUK [YHUZ MVYTLYZ (UHS`ZPZ VM JPYJ\P[Z \ZPUN H ]HYPL[` VM [OLVYLTZ HUK YLHZVUPUN 4\S[PZPT ZVM[^HYL PZ \[PSPaLK [V ZPT\SH[L TL[OVKZ VM HUHS`ZPZ JYLKP[Z 3LJ[\YL
73* â&#x2013;¼
73* 0 (SSLU )YHKSL` :3* _ ;OPZ JV\YZL JV]LYZ IHZPJ 73* VWLYH[PVU HUK WYVNYHTTPUN \ZPUN 9Z3VNP_ ZVM[^HYL HUK (SSLU )YHKSL` :3* _ WYVJLZZVYZ ;VWPJZ PUJS\KL! :LYPHS HUK ,[OLYUL[ JVTT\UPJH[PVUZ )HZPJ SHKKLY KLZPNU 0UW\[ 6\[W\[ ;PTLYZ *V\U[LYZ )H[JO 7YVJLZZLZ :OPM[ YLNPZ[LYZ :LX\LUJLYZ >VYK JVTWHYL 4H[O HUK OHYK^HYL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
73* â&#x2013;¼
73* 00 (SSLU )YHKSL` :3* _
7:@
(IUVYTHS 7Z`JOVSVN` 0(0 7:@ 7YLYLX\PZP[LZ! 7:@ ;HRLZ HU PU[LNYH[P]L HWWYVHJO [V WZ`JOVWH [OVSVN` (YLHZ VM Z[\K` PUJS\KL YLZLHYJO TL[OVKZ" JSPUPJHS HZZLZZTLU[ HUK KPHNUVZPZ" KLZJYPW[PVUZ JH\ZLZ HUK [YLH[TLU[Z VM [OL THQVY WZ`JOVSVNPJHS KPZVYKLYZ" HUK SLNHS HUK L[OPJHS PZZ\LZ PU HIUVYTHS WZ`JOVSVN` JYLKP[Z 3LJ[\YL
7:@
*OPSK +L]LSVWTLU[ :[\K` VM [OLVYPLZ HUK TL[OVKZ \ZLK [V Z[\K` KL]LSVWTLU[ MYVT JVUJLW[PVU [V HKVSLZJLUJL ;VWPJZ PUJS\KL WO`ZPJHS ZLUZVY` HUK WLYJLW[\HS JVNUP[P]L SHUN\HNL LTV[PVUHS ZVJPHS HUK NLUKLY KL]LSVWTLU[ HZ ^LSS HZ MHTPS` WLLY HUK PUZ[P[\[PVUHS PUÃ&#x2026;\LUJLZ VU KL]LSVWTLU[ JYLKP[Z 3LJ[\YL
7:@
;OL 7Z`JOVSVN` VM 4H[\YP[` HUK 6SK (NL : 7:@ 7YLYLX\PZP[LZ! 7:@ :[\K` VM [OLVYPLZ HUK YLZLHYJO Ã&#x201E;UKPUNZ PU [OL WO`ZPJHS JVNUP[P]L HUK ZVJPHS LTV[PVUHS KL]LSVWTLU[ VM PUKP]PK\HSZ WHZ[ TPKKSL HNL JYLKP[Z 3LJ[\YL
7:@
:VJPHS 7Z`JOVSVN` 0(0 7:@
;OPZ JV\YZL JV]LYZ HK]HUJLK [VWPJZ VM [OL (SSLU )YHKSL` :3* _ ZLYPLZ 73*Z VWLYH[PVU HUK WYVNYHTTPUN \ZPUN 9ZSVNP_ ZVM[^HYL HUK (SSLU )YHKSL` :3* _ 73* Z ;VWPJZ PUJS\KL (UHSVN 0 6 :JHSPUN 9HTWPUN 70+ HK]HUJL 4H[O +H[H OHUKSPUN PUZ[Y\J[PVU HUK WYVNYHT Ã&#x2026;V^ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! 7:@ :[\K` VM ZVJPHS ILOH]PVY PUJS\KPUN YLZLHYJO TL[OVKZ H[[P[\KL MVYTH[PVU HUK JOHUNLZ ZVJPHS JVNUP[PVU PU[LYWLYZVUHS YLSH[PVUZ NYV\W WYVJLZZLZ HUK ZVJPHS PUÃ&#x2026;\LUJLZ JYLKP[Z 3LJ[\YL
7Z`JOVSVN` 7:@
,_HTPULZ OV^ PU[PTH[L YLSH[PVUZOPWZ HYL MVYTLK HUK THPU[HPULK HUK ^O` [OL` ZVTL[PTLZ MHPS ;OLVY` HUK YLZLHYJO VU H[[YHJ[PVU ZVJPHS JVNUP[PVU JVTT\UPJH [PVU PU[LYKLWLUKLUJ` MYPLUKZOPW SV]L ZL_\HSP[` JVUÃ&#x2026;PJ[ WV^LY HUK ]PVSLUJL HYL HYLHZ VM MVJ\Z JYLKP[Z 3LJ[\YL
7:@
0U[Y 7Z`JOVSVN` : :7, -VJ\ZLZ VU WZ`JOVSVN` HZ H ZJPLUJL PU[YVK\JPUN JVUJLW[Z HUK YLZLHYJO PU H ]HYPL[` VM Z\IÃ&#x201E;LSKZ PUJS\KPUN UL\YVZJP LUJL ZLUZH[PVU HUK WLYJLW[PVU JVUZJPV\Z ULZZ SLHYUPUN HUK TLTVY` JVNUP[PVU TV[P]H[PVU HUK LTV[PVU KL]LSVWTLU[ WLYZVUHSP[` KPZVYKLYZ HUK [OLYHW` HUK ZVJPHS WZ`JOVSVN` JYLKP[Z 3LJ[\YL
7:@
-HTPS` 9LSH[PVUZ 0(0 :
7:@
/\THU +L] 3PML :WHU :[\K` VM [OLVYPLZ HUK YLZLHYJO Ã&#x201E;UKPUNZ PU WO`ZPJHS JVNUP[P]L HUK ZVJPHS LTV[PVUHS KL]LSVWTLU[ MYVT JVUJLW[PVU [OYV\NO KLH[O JYLKP[Z 3LJ[\YL
9HKPV ;= )YVHKJHZ[PUN 9;= 9;=
9HKPV 7YVK\J[PVU 3HI 7YLYLX\PZP[LZ! 9;= ;OL M\Y[OLY HWWSPJH[PVU VM [OL [LJOUPX\LZ VM NVVK IYVHKJHZ[PUN PZ JV]LYLK PUJS\KPUN HUUV\UJPUN ^YP[PUN THUHNPUN HUK ^VYRPUN MVY H Z[H[PVU PTHNL 6WLYH[PVU VM ]HYPV\Z H\[VTH[PVU Z`Z[LTZ HSVUN ^P[O HPY ^VYR VU [OL JVSSLNL YHKPV Z[H[PVU PZ LTWOHZPaLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
-HSS :WVY[ZJHZ[PUN ;OPZ JV\YZL PZ KLZPNULK [V NP]L H IHJR NYV\UK PU HUUV\UJPUN ]HYPV\Z ZWVY[PUN L]LU[Z ,_WLYPLUJL PUJS\KLZ IYVHKJHZ[PUN MHSS ZWVY[Z H[ SVJHS OPNO ZJOVVSZ HUK 3HRL 3HUK *VSSLNL VU >323 33*»Z YHKPV Z[H[PVU ;YHPUPUN VM IYVHKJHZ[ LX\PWTLU[ PZ HSZV PUJS\KLK *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
9;=
:WYPUN :WVY[ZJHZ[PUN ;OPZ JV\YZL PZ KLZPNULK [V PTWYV]L IHZRL[IHSS IHZLIHSS HUK ZVM[IHSS HUUV\UJ PUN ZRPSSZ ;YHPUPUN HUK WYHJ[PJL VM ZWVY[Z JHZ[PUN JVU[PU\LZ ^P[O JV]LYHNL VM 3HRL 3HUK *VSSLNL HUK OPNO ZJOVVS ZWVY[PUN L]LU[Z VU >323 33* Z YHKPV Z[H[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
-HSS ([OSL[PJ (UUV\UJPUN ;OPZ JV\YZL PZ KLZPNULK [V YLÃ&#x201E;UL ZWVY[Z HUUV\UJPUN ZRPSSZ ,_WLYPLUJL PUJS\KLZ IYVHKJHZ[PUN MHSS ZWVY[Z H[ SVJHS OPNO ZJOVVSZ HUK 3HRL 3HUK *VSSLNL VU >323 33* Z YHKPV Z[H[PVU ;YHPUPUN VM IYVHKJHZ[ LX\PWTLU[ PZ HSZV PUJS\KLK *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
9;=
:WYPUN ([OSL[PJ (UUV\UJPUN ;OPZ JV\YZL PZ KLZPNULK [V LUOHUJL IHZRL[IHSS IHZLIHSS HUK ZVM[IHSS HUUV\UJ PUN ZRPSSZ ,_WLYPLUJL PUJS\KLZ IYVHKJHZ[PUN OPNO ZJOVVS HUK 3HRL 3HUK *VSSLNL ZWVY[Z VU >323 33* Z YHKPV Z[H[PVU ;OL M\UKH TLU[HSZ VM WSH` I` WSH` JVSVY JVTTLU[HY` HUHS`ZPZ HUK PU[LY]PL^PUN HYL PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
0U[YVK\J[PVU [V )YVHKJHZ[PUN 0(0 4* ,TWOHZPZ PZ WSHJLK VU HSS HZWLJ[Z VM [OL IYVHKJHZ[PUN PUK\Z[Y` PUJS\KPUN OPZ[VY` KPNP[HS YHKPV OPNO KLÃ&#x201E;UP[PVU [LSL]PZPVU WYVNYHTTPUN [OL -** HK]LY[PZPUN HUK YLZWVUZPIPSP[` [V ZVJPL[` ( IYPLM L_WSHUH[PVU VM [OL [LJOUPJHS VWLYH[PVUZ VM H Z[H[PVU PZ WYLZLU[LK JYLKP[Z 3LJ[\YL
9;=
9HKPV ;= (UUV\UJPUN 0(0 4* ;OL WYPUJPWSLZ VM IYVHKJHZ[ HUUV\UJPUN HYL KPZJ\ZZLK HUK HYL HWWSPLK [V YLHKPUN JVTTLYJPHSZ UL^Z ]VPJL [YHJRPUN ZWVY[Z HUK VU HPY T\ZPJ HUUV\UJPUN 0U[LY]PL^PUN [LJOUPX\LZ HUK [OL YLSH[PVUZOPW IL[^LLU [OL HUUV\UJLY HUK [OL W\ISPJ HYL PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
9HKPV :[H[PVU 6WLYH[PVU 0(0 4* ( WYHJ[PJHS KLTVUZ[YH[PVU JV\YZL [V ILNPU ¸VU HPY¹ ^VYR 0U HKKP[PVU [V HPY [PTL V[OLY K\[PLZ Z\JO HZ UL^Z NH[OLYPUN WYVK\J[PVU WYVNYHTTPUN L[J HYL HZZPNULK 9LHKPUN TL[LYZ Ã&#x201E;SSPUN V\[ VWLYH[PUN SVNZ HUK LKP[PUN H\KPV HYL HSZV PUJVYWVYH[LK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
)YVHKJHZ[ >YP[PUN 0(0 4* ;OL WYPUJPWSLZ VM IYVHKJHZ[ QV\YUHSPZT HUK JVW` ^YP[PUN HYL WYLZLU[LK HSVUN ^P[O VYHS Z[`SL LKP[PUN YL^YP[PUN Z[VYPLZ HUK ^YP[PUN JVTTLYJPHSZ [OH[ ZLSS ;OL SLNHS HZWLJ[Z VM SPILS HUK ZSHUKLY HYL KPZJ\ZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
9;=
)YVHKJHZ[ :HSLZ )YVHKJHZ[ ZLSSPUN WYPUJPWSLZ MYVT [OL 9HKPV (K]LY[PZPUN )\YLH\ HYL WYLZLU[LK *VUK\J[ PUN H JSPLU[ ULLKZ HUHS`ZPZ HUK ZLY]PJPUN HU HJJV\U[ HYL Z[YLZZLK (UHS`ZPZ VM Z\Y]L`Z PZ PUJS\KLK ;OL 9HKPV 4HYRL[PUN 7YVMLZZPVUHS UH[PVUHS L_HT PZ NP]LU HZ WHY[ VM [OL JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
9;=
)HZPJ ;= 7YVK\J[PVU 0(0 4* ;OL JV\YZL PZ KLZPNULK [V HJX\HPU[ Z[\KLU[Z ^P[O ]HYPV\Z HZWLJ[Z VM WYVMLZZPVUHS ;= Z[\KPV WYVK\J[PVU ;LJOUPJHS WYVÃ&#x201E;JPLUJ` PU IHZPJ JHTLYH VWLYH[PVU KPYLJ[PVU HUK
UVU SPULHY LKP[PUN HYL Z[YLZZLK (J[\HS WYVK\J[PVU VM PU[LY]PL^Z JVTTLYJPHSZ HUK UL^Z HYL PUJS\KLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
(K]HUJLK 9HKPV 7YVK\J[PVU 7YLYLX\PZP[LZ! 9;= 0U [OPZ JV\YZL Z[\KLU[Z WVSPZO [OL ZRPSSZ HUK [LJOUPX\LZ VM IVHYK^VYR HUUV\UJPUN ]VPJL [YHJRPUN UL^Z HUK ZWVY[Z ^YP[PUN HUK WYVK\J[PVU ;OL PTWVY[HUJL VM WYVTV[PVU THUHNLTLU[ VM Z[H[PVU WLYZVUULS HUK WYVNYHTTPUN H Z[H[PVU MVY WYVÃ&#x201E;[ HYL Z[YLZZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9;=
)HZPJ (UPTH[PVU :[\KLU[Z ^PSS IL PU[YVK\JLK [V [OL UL^LZ[ [YLUKZ PU 4\S[PTLKPH ;LJOUVSVN` ,TWOHZPZ ^PSS IL WSHJLK VU KL]LSVWPUN HW[P[\KL PU +=+ H\[OVYPUN WVZ[WYVK\J[PVU ZVM[^HYL HUPTH[PVU Z[YLHTPUN TLKPH ZOVV[PUN ]PKLV LKP[PUN SPNO[PUN HUK H\KPV ;OL JV\YZL ^PSS IL WYPTHYPS` WYVQLJ[ IHZLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9LHKPUN 9+. 9+. â&#x2013;¼
-\UKHTLU[HSZ VM 9LHKPUN 7YLYLX\PZP[LZ! 7SHJLTLU[ KL[LYTPULK I` HZZLZZTLU[ 9LX\PYLK VM Z[\KLU[Z ^OV ULLK HKKP[PVUHS WYLWHYH[PVU ILMVYL LUYVSSPUN PU 9+. ,ZZLU[PHSZ VM 9LHKPUN ,TWOHZPZ PZ WSHJLK VU IHZPJ YLHKPUN ZRPSSZ PUJS\KPUN WOVUPJZ ZWLSSPUN ]VJHI\SHY` JVTWYLOLUZPVU HUK JYP[PJHS YLHKPUN 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9+.
â&#x2013;¼
,ZZLU[PHSZ PU 9LHKPUN 9LX\PYLK VM Z[\KLU[Z ^OV ULLK HKKP[PVUHS WYLWHYH[PVU ILMVYL LUYVSSPUN PU 9LHKPUN HUK :[\K` :RPSSZ 9+. ,TWOHZPZ PZ WSHJLK VU ZP_ JVTWL[LUJPLZ H WLYZVUHS YLHKPUN WSHU HUK H JVTW\[LYPaLK WYLZJYPW[P]L YLHKPUN WYVNYHT 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9+.
7YLWHYH[PVU MVY (*; :(; +LZPNULK [V WYLWHYL Z[\KLU[Z [HRPUN [OL (*; :(; L_HTZ ,TWOHZPZ PZ WSHJLK VU WLYMVYTHUJL ZRPSSZ PU ^VYK \ZHNL TH[O YLHKPUN PU [OL JVU[LU[ HYLHZ HUK UH[\YHS ZJPLUJL ;OPZ JV\YZL KVLZ UV[ HWWS` [V^HYK HU (ZZVJPH[L +LNYLL JYLKP[Z 3LJ[\YL
9+. â&#x2013;¼
9LHKPUN HUK :[\K` :RPSSZ 0 +LZPNULK [V PTWYV]L YLHKPUN Z[\K` ZRPSSZ ^P[O THQVY LTWOHZPZ VU JVTWYLOLUKPUN JVSSLNL [L_[IVVRZ :[YLZZ PZ WSHJLK VU [LJOUPX\LZ MVY PTWYV]PUN PUKP]PK\HS ZRPSSZ PU SPZ[LUPUN UV[L [HRPUN Z[\K` [`WL YLHKPUN [PTL THUHNLTLU[ WLYJLW[PVU SPIYHY` HJJLZZ [LZ[ [HRPUN TLTVY` Ã&#x2026;L_PISL YH[L ZRPTTPUN ZJHUUPUN ;OPZ JV\YZL KVLZ UV[ HWWS` [V^HYK HU (ZZVJPH[L +LNYLL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9+.
*;, 9LHKPUN :[\K` :RPSSZ ;OPZ JV\YZL PZ KLZPNULK [V PTWYV]L YLHKPUN Z[\K` ZRPSSZ ^P[O LTWOHZPZ VU JVTWYLOLUKPUN [L_[IVVRZ HUK JVU[L_[\HS PaLK JV\YZL ^VYR 0[ ^PSS PUJS\KL T\S[PWSL JVU[L_[ TL[OVKZ MVY PTWYV]PUN [LJOUPJHS YLHKPUN ;OPZ JV\YZL KVLZ UV[ HWWS` [V^HYK HU (ZZVJPH[L KLNYLL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
9LJYLH[PVU 9,* 9,*
3LHKLYZOPW 9LJYLH[ ( [OLVYL[PJHS V]LY]PL^ VM [VWPJZ VM SLHKLYZOPW NYV\W K`UHTPJZ HUK TV[P]H [PVU HZ [OL` YLSH[L [V [OL Ã&#x201E;LSK VM YLJYLH[PVU HUK OV^ P[ JHU IL HWWSPLK [V ZWLJPÃ&#x201E;J ZP[\H[PVUZ JYLKP[Z 3LJ[\YL
9,*
0U[YV *VTT 9LJYLH[ ;V PU[YVK\JL [V [OL Z[\KLU[ [OL OPZ[VYPJHS KL]LSVWTLU[ VM [OL YLJYLH[PVU WYVMLZZPVU PU [OL <UP[LK :[H[LZ HUK [V NP]L [OL Z[\KLU[ HU L_WVZ\YL [V WYVMLZZPVUHS YLJYLH[PVUHS VYNHUPaH[PVUZ HUK [OLPY ZLY]PJLZ JYLKP[Z 3LJ[\YL
9,*
LMMVY[Z [OYV\NO HU LZ[HISPZOLK VYNHUPaH[PVU 0UKP]PK\HS Z[\KLU[Z ZLSM HZZLZZ [OLPY SLHYUPUN V\[JVTLZ HUK THRL HWWSPJH[PVUZ [V WLYZVUHS LK\JH[PVUHS NVHSZ LZ[HISPZOPUN H ZLUZL VM JVTT\UP[` JVTTP[TLU[ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
:OVY[ ;LYT :[\K` (IYVHK :;( :;( â&#x2013;¼
:OVY[ ;LYT :[\K` (IYVHK ;OPZ JV\YZL ZLY]LZ HZ HU PU[YVK\J[PVU [V ZOVY[ [LYT Z[\K` HIYVHK VWWVY[\UP[PLZ 0[ ^PSS MVJ\Z VU [OL ]HYPV\Z JOHSSLUNLZ VM [YH]LSPUN HUK SLHYUPUN PU HUV[OLY JV\U[Y` J\S[\YHS H^HYLULZZ JYVZZ J\S[\YHS ZLUZP[P] P[` PU[LYJ\S[\YHS JVTT\UPJH[PVU HUK HKHW[HIPSP[` [V H UL^ J\S[\YL 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:VJPHS :JPLUJL :6: :6:
/\THU 9LSH[PVUZ 7YV]PKLZ HU \UKLYZ[HUKPUN VM [OL O\THU TLJOHUPZT ^OLU HZZVJPH[LK ^P[O PU[LYWLYZVUHS YLSH[PVUZOPWZ VU [OL QVI ,TWOHZPZ PZ WSHJLK VU ]VJH[PVUHS WYVISLTZ JVUULJ[LK ^P[O TV[P]H[PVU JVTT\UPJH [PVU WLYJLW[PVU HUK OV^ [V ^VYR ^P[O V[OLYZ JYLKP[Z 3LJ[\YL
:6:
+LH[O HUK +`PUN ;OPZ JV\YZL MVJ\ZLZ VU [OL WZ`JOVSVNPJHS HUK ZVJPVSVNPJHS LMMLJ[Z VM K`PUN HUK KLH[O PU V\Y TVKLYU (TLYPJHU *\S[\YL 4HQVY HYLHZ Z[\KPLK HYL! WZ`JOVSVNPJHS JOHUNLZ H K`PUN WLYZVU L_WLYPLUJLZ" Z\Y]P]VYZ HUK NYPLM" KLH[O HUK [OL JOPSK" [OL M\ULYHS" KLTVNYHWO` VM KLH[O" JVU[LTWVYHY` PZZ\LZ JYLKP[Z 3LJ[\YL
*HTWPUN
:[\KLU[Z OH]L [OL VWWVY[\UP[` [V SLHYU V\[KVVY SP]PUN ZRPSSZ JHTWPUN LX\PWTLU[ HUK [LJOUPX\LZ VYPLU[LLYPUN ZRPSSZ ;^V JHTWPUN [YPWZ ^PSS IL [HRLU K\YPUN [OL ZLTLZ[LY *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:LY]PJL 3LHYUPUN :35 :35
*VTT\UP[` :LY]PJL ( JV\YZL IHZLK VU H T\S[P KPZJPWSPUHY` WYVQLJ[ JVVYKPUH[PUN JVTT\UP[` ZLY]PJL
:VJPVSVN` :6* :6*
0U[YVK\J[PVU [V :VJPVSVN` 0(0 : :[\K` VM O\THU PU[LYHJ[PVU MVJ\ZPUN VU ZVJPHS PUÃ&#x2026;\LUJLZ ZOHWPUN WLYZVUHSP[` Z[Y\J[\YL HUK K`UHTPJZ VM O\THU ZVJPL[` ;VWPJZ PUJS\KL! ZVJPVSVNPJHS WLYZWLJ[P]L J\S[\YL ZVJPL[` ZVJPHS PU[LYHJ[PVU" ZVJPHS JOHUNL PU NSVIHS WLYZWLJ[P]L" ZVJPHSPaH[PVU" MHTPSPLZ" ZVJPHS JSHZZ" HUK ZVJPHS Z[YH[PÃ&#x201E;JH [PVU" YHJL HUK L[OUPJP[`" HUK KL]PHUJL JYLKP[Z 3LJ[\YL
:6*
:VJPHS 7YVISLTZ 0(0 : (U PZZ\L VYPLU[LK JV\YZL (TVUN [OL PZZ\LZ JV]LYLK HYL OV^ ZVJPVSVNPZ[Z ]PL^ ZVJPHS WYVISLTZ [OL JOHUNPUN MHTPS` WV]LY[` YHJL HUK L[OUPJ YLSH[PVUZ HNPUN JYPTL HUK JYPTPUHS Q\Z[PJL O\THU ZL_\HS ILOH]PVY WYVISLTZ VM WO`ZPJHS HUK TLU[HS PSSULZZ \YIHU WYVISLTZ HUK V[OLY HYLHZ IHZLK \WVU Z[\KLU[ PU[LYLZ[Z JYLKP[Z 3LJ[\YL
:6*
:VJPVSVN` +L]PHU[ )LOH]PVY 0(0 :6* 5H[\YL HUK K`UHTPJZ VM KL]PHU[ ILOH]PVY ;OL JV\YZL PUJS\KLZ [OLVYPLZ VM KL]PHUJL ZVJPHS JVU[YVS HUK MVYTZ VM KL]PHU[ ILOH]PVY -VYTZ TH` PUJS\KL KY\N \ZL ZL_\HS ILOH]PVY WYVZ[P[\[PVU HUK WVYUVNYH WO` WLYZVUHS ]PVSLUJL JYPTL HUK KLSPUX\LUJ` HUK TLU[HS KPZVYKLYZ JYLKP[Z 3LJ[\YL
:6*
9HJPHS HUK ,[OUPJ .YV\WZ (U L_HTPUH[PVU VM (TLYPJHU YHJPHS HUK L[OUPJ KP]LYZP[` ^P[O HU H[[LTW[ [V \UKLYZ[HUK YHJPHS HUK L[OUPJ YLSH[PVUZ ;OL L_HTPUH[PVU PZ THKL LTWOHZPaPUN [OL ZVJPVSVNPJHS WLYZWLJ[P]L ^OPSL PUJS\KPUN TH[LYPHS MYVT [OL V[OLY ZVJPHS ZJPLUJLZ JYLKP[Z 3LJ[\YL
:WLLJO :7, :7,
0U[YV [V :WLLJO *VTT\UPJH[PVU -VJ\ZLZ VU [OL M\UKHTLU[HS WYPUJPWSLZ HUK TL[OVKZ VM ZLSLJ[PVU HUHS`aPUN VYNHUPaPUN KL]LSVWPUN HUK JVTT\UPJH[PUN PUMVYTH[PVU L]PKLUJL HUK WVPU[Z VM ]PL^ [V H\KPLUJLZ JYLKP[Z 3LJ[\YL
:7,
0U[LYWLYZVUHS *VTT\UPJH[PVU 7YPUJPWSLZ HUK WYHJ[PJLZ VM VYHS JVTT\UP JH[PVU LTWOHZPaPUN TLZZHNL MVYTH[PVU HUK KLSP]LY` SPZ[LUPUN WLYJLW[PVU H^HYLULZZ VM ]LYIHS HUK UVU ]LYIHS JVKLZ HUK THUHNPUN JVUÃ&#x2026;PJ[ JYLKP[Z 3LJ[\YL
:7,
0U[YV .YV\W +PZJ\ZZPVU 7YLYLX\PZP[LZ! :7, -VJ\ZLZ VU [OL WYPUJPWSLZ HUK HWWSPJH[PVU VM W\ISPJ HUK JSVZLK NYV\W KPZJ\ZZPVUZ ^P[O LTWOHZLZ VU W\YWVZLZ HUK JVTTVU MVYTZ JYP[PJHS HUHS`ZLZ HUK WHY[PJPWH[PVU JYLKP[Z 3LJ[\YL
:7,
;,*
7YLYLX\PZP[LZ! :7, :[\KPLZ H\KPLUJL H[[P[\KLZ SVNPJHS SPULZ VM YLHZVUPUN HUK LTV[PVUHS HWWLHSZ \ZLK PU JH\ZPUN HU H\KPLUJL [V HJJLW[ KPMMLYLU[ ]PL^Z VY [V HKVW[ YLJVTTLUKLK JV\YZLZ VM HJ[PVUZ JYLKP[Z 3LJ[\YL
-\UKHTLU[HSZ WYPUJPWSLZ HUK WYHJ[PJLZ PU]VS]LK PU WYVK\JPUN HUK YLHKPUN PUK\Z[YPHS IS\LWYPU[Z *V]LYZ IHZPJ [OYV\NO HK]HUJLK IS\LWYPU[ YLHKPUN HUK IHZPJ KYHM[PUN WYVJLK\YLZ (K]HUJLK ^VYR PZ HKQ\Z[LK [V ZWLJPHS PU[LYLZ[ NYV\WZ JYLKP[Z 3LJ[\YL
7LYZ\HZP]L :WLHRPUN
:7,
0U[YV [V (J[PUN -VJ\ZLZ VU HWWYVHJOLZ [V HJ[PUN ^P[O LTWOHZPZ VU IHZPJ [LJOUPX\LZ HUK [OL KL]LSVWTLU[ VM JOHYHJ[LY HZ P[ YLSH[LZ [V [OL YVSL JYLKP[Z 3LJ[\YL
:[YH[LNPLZ MVY :\JJLZZ :-: :-:
:[YH[LNPLZ MVY :\JJLZZ +LZPNULK [V PTWYV]L Z[\KLU[ WLYMVYTHUJL PU JVSSLNL HUK IL`VUK ;VWPJZ PUJS\KL! JVSSLNL YLZV\YJLZ" PKLU[PÃ&#x201E;JH[PVU VM JVSSLNL HUK JHYLLY NVHSZ" PTWSLTLU[H[PVU VM Z[\K` UV[L [HRPUN HUK [LZ[ [HRPUN Z[YH[LNPLZ" HUK KL]LSVWTLU[ VM SPML THUHNLTLU[ ZRPSSZ PUJS\KPUN [PTL THUHNLTLU[ Z[YLZZ THUHNLTLU[ HUK YLSH[PVUZOPW ZRPSSZ JYLKP[Z 3LJ[\YL
:-:
:[YH[LNPLZ MVY 4VUL` 4HUHNLTLU[ +LZPNULK [V PTWYV]L Z[\KLU[ TVUL` THUHNLTLU[ HUK PU]LZ[TLU[ ZRPSSZ ;VWPJZ PUJS\KL I\KNL[PUN IHURPUN THUHNPUN JYLKP[ HUK KLI[ WH`PUN [\P[PVU HUK SVHUZ ZH]PUN PU]LZ[PUN HUK WSHUUPUN MVY YL[PYLTLU[ HZ ^LSS HZ WYV[LJ[PUN HUK YLJV]LYPUN MYVT PKLU[P[` [OLM[ HUK \UKLY Z[HUKPUN HK]LY[PZPUN JYLKP[Z 3LJ[\YL
:-:
3PML :[YH[LNPLZ +LZPNULK [V HZZPZ[ Z[\KLU[Z PU PTWYV]PUN JYP[PJHS [OPURPUN ZRPSSZ KLZPNUPUN LMMLJ[P]L NVHSZ HUK JYLH[PUN H Z\JJLZZM\S SPML HUK Ã&#x201E;UHUJPHS THUHNLTLU[ WSHU ,TWOHZPZ ^PSS IL WSHJLK VU JHYLLY HUK [YHUZMLY HK]HUJLTLU[ HZ ^LSS HZ Ã&#x201E;UHUJPHS WSHUUPUN JYLKP[Z 3LJ[\YL
;LJOUVSVN` ;,* ;,*
â&#x2013;¼
;LJOUVSVN` :LTPUHY -\UKHTLU[HSZ WYPUJPWHSZ HUK WYHJ[PJLZ VM 0UK\Z[YPHS [LJOUVSVN` *V]LYZ IHZPJ [OYV\NO HK]HUJLK WYVJLK\YLZ HZZVJPH[LK ^P[O J\YYLU[ [LJOUVSVN` (K]HUJLK ^VYR PZ HKQ\Z[LK [V ZWLJPHS PU[LYLZ[ NYV\WZ 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
)S\LWYPU[ 9LHKPUN MVY 0UK\Z[Y` 0
;,*
0UK\Z[YPHS :HML[` +LZPNULK [V NP]L [OL Z[\KLU[ IHZPJ PUMVYTH[PVU HUK WYVJLK\YLZ JVUJLYUPUN PUK\Z[YPHS ZHML[` H^HYLULZZ HUK HJJPKLU[ WYL]LU[PVU JYLKP[Z 3LJ[\YL
;,*
)HZPJ ;LJO :JPLUJL 0U]VS]LZ HJ[P]P[PLZ YLSH[PUN [V IHZPJ WYVWLY[PLZ VM TH[[LY ZWLLK HUK HJJLSLYH[PVU TLJOHUPJZ LSLJ[YPJP[` HUK TPZJLSSHU` (\[VTV[P]L HWWSPJH[PVUZ HYL LTWOHZPaLK HUK TLTVYPaH[PVU TPUPTPaLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,*
NYHWOZ ( ZJPLU[PÃ&#x201E;J JHSJ\SH[VY PZ YLX\PYLK ZV [OLYL PZ SP[[SL VY UV TLTVYPaH[PVU JYLKP[Z 3LJ[\YL
;,*
;LJOUPJHS 4H[O 0 -\UKHTLU[HSZ VM IHZPJ HYP[OTL[PJ JHSJ\SH [VY \ZHNL HSNLIYH NLVTL[Y` HUK YPNO[ HUNSL [YPNVUVTL[Y` JYLKP[Z 3LJ[\YL
;,*
;LJOUPJHS 4H[O 00 7YLYLX\PZP[LZ! ;,* 6MMLYZ [OL Z[\KLU[ HU PU KLW[O Z[\K` VM HSNLIYH PUJS\KPUN MHJ[VYPUN ZVS]PUN SPULHY Z`Z[LTZ X\HKYH[PJ LX\H[PVUZ HUK L_WVULU[Z JYLKP[Z 3LJ[\YL
;,*
;LJOUPJHS 7YVQLJ[ 4HUHNLTLU[ ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL H [LJOUPJHS MV\UKH[PVU MVY 7YVQLJ[ 4HUHNLTLU[ :[\KLU[Z ^PSS L]HS\H[L JVTWYLOLUZP]L ZHTWSLZ VM ]HYPV\Z [VVSZ HUK [LJOUPX\LZ MVY PUK\Z[YPHS WYVQLJ[ WYVNYHT HUK WVY[MVSPV THUHNLTLU[ [OH[ HJOPL]L VYNHUPaH[PVUHS Z\JJLZZ JYLKP[Z 3LJ[\YL
0U[YVK\J[PVU [V +YHM[PUN 7YLZLU[Z IHZPJ KYHM[PUN ZRPSSZ HUK JVUJLW[Z WYLWHYH[VY` [V HK]HUJLK KYHM[PUN HUK JVTW\[LY HPKLK KYHM[PUN JV\YZLZ 7VY[HISL KYHM[PUN PUZ[Y\TLU[Z ^PSS IL YLX\PYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,*
4HU\MHJ[\YPUN :RPSSZ 0 +L]LSVWZ H IHZPJ \UKLYZ[HUKPUN VM \UP[Z VM TLHZ\YLTLU[ HUK TLHZ\YLTLU[ [LJOUPX\LZ \ZLK PU [OL THU\MHJ[\YPUN PUK\Z[Y` -\UKHTLU[HSZ VM JYLH[PUN [LJOUPJHS KYH^PUNZ HUK ]HYPV\Z THU\MHJ[\YPUN ZRPSSZ 9LZLHYJO PU JHYLLYZ OPZ[VY` HUK J\YYLU[ L]LU[Z PU [OL THU\MHJ[\YPUN PUK\Z[Y` *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,*
;LJOUPJHS 4H[O 000 7YLYLX\PZP[LZ! ;,* 6MMLYZ [OL Z[\KLU[ H TVYL PU KLW[O Z[\K` VM [YPNVUVTL[Y` WS\Z SVNHYP[OTZ JVTWSL_ U\TILYZ HUK M\UJ[PVUHS ]HYPH[PVU JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
:WLJPHS ;VWPJZ PU ;LJOUVSVN` -\UKHTLU[HSZ WYPUJPWHSZ HUK WYHJ[PJLZ VM 0UK\Z[YPHS ;LJOUVSVN` *V]LYZ IHZPJ [OYV\NO HK]HUJLK WYVJLK\YLZ HZZVJPH[LK ^P[O J\YYLU[ [LJOUVSVN` (K]HUJLK ^VYR PZ HKQ\Z[LK [V ZWLJPHS PU[LYLZ[ NYV\WZ 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
;,*
;,*
*VU[PU\H[PVU VM ;,* :[\KLU[Z JVU[PU\L Z[\K` VM O`KYH\SPJZ WUL\TH[PJZ LSLJ[YPJHS Z`Z[LTZ TLJOHUPJHS KYP]L Z`Z[LTZ H\[VTH[LK TH[LYPHS OHUKSPUN YVIV[PJZ X\HSP[` JVU[YVS Z`Z[LTZ THJOPUPUN HUK JVTW\[LY HPKLK KYHM[PUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! ;,* -HTPSPHYPaLZ [OL Z[\KLU[ ^P[O [OL IHZPJ JVUJLW[Z VM HUHS`[PJHS NLVTL[Y` HUK Z[H[PZ[PJZ JYLKP[Z 3LJ[\YL
4HU\MHJ[\YPUN :RPSSZ 00
;,*
(WWSPLK :OVW *VTW\[H[PVUZ -VJ\ZLZ VU IHZPJ HYP[OTL[PJ HUK JHSJ\SH [PVUZ ULJLZZHY` MVY ZVS]PUN ZOVW VYPLU[LK WYVISLTZ PU]VS]PUN NLVTL[YPJ Ã&#x201E;N\YLZ MVYT\SHZ HUK HSNLIYH :[\KLU[Z KYH^
;LJOUPJHS 4H[O 0=
;,* â&#x2013;¼
0U[YVK\J[PVU [V 9LUL^HISL ,ULYN` ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O HU PU[YVK\J[PVU [V MVYTZ VM YLUL^HISL LULYN` OV^ P[ PZ WYVK\JLK HUK \[PSPaLK ;VWPJZ PUJS\KL WOV[V]VS[HPJ NLV[OLYTHS ZVSHY ^PUK O`KYV HUK IPVTHZZ LULYN` WYVK\J[PVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
;,* â&#x2013;¼
;,*
;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O HU PU[YVK\J[PVU [V MVYTZ VM HS[LYUH[P]L LULYN` ;VWPJZ PUJS\KL M\LS JLSSZ LSLJ[YPJ WV^LYLK ]LOPJSLZ SPX\LÃ&#x201E;LK UH[\YHS NHZ HUK V[OLY LTLYNPUN NYLLU [LJOUVSVNPLZ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
-\UKHTLU[HSZ VM LULYN` \ZL HUK WYVK\J [PVU MYVT IPVNHZ IPVM\LSZ HUK IPVTHZZ PUJS\KPUN WYVK\J[PVU TL[OVKZ KVTLZ[PJ HUK PUK\Z[YPHS \ZLZ HUK Z\Z[HPUHIPSP[` VM [OL THYRL[ 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
-HTPSPHYPaLZ [OL Z[\KLU[ ^P[O [OL ULLK MVY OLH[ [YLH[TLU[ VM TL[HSZ HUK [OL WYVJLZZLZ HUK [LJOUPX\LZ \ZLK HUK [OL YLZ\S[PUN LMMLJ[Z (SZV PUJS\KLZ H Z[\K` VM [OL THJOPUHIPSP[` VM TL[HSZ HUK [OL JVU[YPI\[ PUN WO`ZPJHS HUK TL[HSS\YNPJHS MHJ[VYZ JYLKP[Z 3LJ[\YL
;,*
;,* â&#x2013;¼
(S[LYUH[P]L ,ULYN`
â&#x2013;¼
>LH[OLYPaH[PVU ;LJOUPJPHU 0UZ[HSSLY :\JJLZZM\S JVTWSL[PVU VM [OPZ JV\YZL WYLWHYLZ WHY[PJPWHU[Z [V HZZLZZ HUK PTWYV]L OVTLZ HJJVYKPUN [V J\YYLU[ PUK\Z[Y` Z[HUKHYKZ MVY YLZPKLU[PHS I\PSKPUN ^LH[OLY PaH[PVU 0[ PUJS\KLZ ISV^LY KVVY [LZ[PUN HUK YLJVTTLUKLK ^LH[OLY ZLHSPUN [LJOUPX\LZ [V HJOPL]L PTWYV]LK YLZPKLU[ JVTMVY[ HUK LULYN` JVZ[ ZH]PUNZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,*
(UHS`[PJHS 4LJOHUPJ 7YLYLX\PZP[LZ! ;,* ,UHISLZ [OL Z[\KLU[ [V HUHS`aL MVYJLZ HJ[PUN VU Z[Y\J[\YHS LSLTLU[Z HUK YPNPK IVKPLZ ;OL JVUJLW[Z VM Z[YLZZ HUK Z[YHPU PU Z[Y\J[\YHS TH[LYPHSZ PZ PU[YVK\JLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,* â&#x2013;¼
:VSHY ,ULYN` -\UKHTLU[HSZ VM ZVSHY LULYN` JVSSLJ[PVU HUK \[PSPaH[PVU PUJS\KPUN YLZPKLU[PHS ZVSHY OV[ ^H[LY ZVSHY OLH[PUN WHZZP]L SPNO[PUN LSLJ[YPJP[` YLZPKLU[PHS HUK PUK\Z[YPHS HWWSPJH[PVUZ VM WOV[V]VS[HPJZ HUK ZVSHY LSLJ[YPJ NLULYH[PVU 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
:VSHY ;OLYTHS (WWSPJH[PVUZ (WWSPJH[PVUZ VM ZVSHY LULYN` JVSSLJ[PVU HUK \[PSPaH[PVU LTWOHZPaPUN ZVSHY OV[ ^H[LY OLH[PUN HUK ZWHJL OLH[PUN MVY KVTLZ[PJ \ZL -\UKHTLU[HSZ MVY YLZPKLU[PHS ZPaPUN PUZ[HSSH[PVU VWLYH[PVU HUK THPU[LUHUJL VM VWLU SVVW HUK KYHPUKV^U ^H[LY OLH[PUN Z`Z[LTZ ^PSS IL JV]LYLK 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,*
,SLJ[YPJ 7V^LY +PZ[YPI\[PVU 7YLYLX\PZP[LZ! ,,; ;,* -\UKHTLU[HSZ VM [OL LSLJ[YPJ WV^LY KPZ[YPI\[PVU HUK [YHUZTPZZPVU Z`Z[LT PUMYHZ[Y\J[\YL JVTWVULU[Z WV^LY Ã&#x2026;V^Z HUK Z`Z[LT YLSPHIPSP[` JYLKP[Z 3LJ[\YL
)PVLULYN`
,ULYN` ,MÃ&#x201E;JPLUJ` -\UKHTLU[HSZ VM LULYN` [YHUZMLY KPZ[YPI\[PVU JVUZLY]H[PVU HUK LMÃ&#x201E;JPLUJ` HZ P[ YLSH[LZ [V YLZPKLU[PHS JVTTLYJPHS HUK PUK\Z[YPHS \ZL 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
9LZV\YJL :\Z[HPUHIPSP[` ;OPZ JV\YZL ^PSS L_HTPUL Z\Z[HPUHISL LULYN` NLULYH[PVU HUK \ZL OV\ZPUN Z\Z[HPU HIPSP[` ^H[LY \ZL YLJ`JSPUN YLZV\YJL YLK\J[PVU HUK J\S[\YHS PZZ\LZ YLSH[PUN [V SPMLZ[`SLZ VM OLHS[O HUK Z\Z[HPUHIPSP[` 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
:THY[ .YPK 0U[YVK\J[PVU -\UKHTLU[HSZ VM [OL LSLJ[YPJHS ZTHY[ NYPK PUJS\KPUN JVU]LU[PVUHS HUK KPZ[YPI\[LK LSLJ[YPJHS NLULYH[PVU HUK [YHUZTPZZPVU YLUL^HISL LULYN` PZZ\LZ LSLJ[YPJHS Z`Z[LT VWLYHIPSP[` KLTHUK YLZWVUZL HUK ZTHY[ TL[LYPUN 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
;,* â&#x2013;¼
:W ;VWPJZ 9LUL^HISL ,ULYN` ;OPZ JV\YZL ^PSS L_HTPUL M\UKHTLU[HSZ WYPUJPWSLZ WYHJ[PJLZ HUK PZZ\LZ HZZVJPH[LK ^P[O ZWLJPHS [VWPJZ PU YLUL^HISL LULYN` 0[ JV]LYZ IHZPJ [OYV\NO HK]HUJLK PZZ\LZ HUK [VWPJZ HZZVJPH[LK ^P[O Z\Z[HPUHIPSP[` HUK [OL YLUL^HISL LULYN` Ã&#x201E;LSK (K]HUJLK JV\YZL^VYR PZ HKQ\Z[LK [V ZWLJPHS PU[LYLZ[ NYV\WZ 9LWLH[HISL ;PTLZ =HYPHISL *YLKP[ JYLKP[Z 3LJ[\YL
;,*
7YVWLY[PLZ VM 4L[HS
;,* â&#x2013;¼
6:/( .LULYHS :HML[` ;OPZ 6:/( ZHML[` JV\YZL WYV]PKLZ LU[Y` SL]LS JVUZ[Y\J[PVU VY NLULYHS PUK\Z[Y` ^VYRLYZ PUMVYTH[PVU HIV\[ [OLPY YPNO[Z LTWSV`LY YLZWVUZPIPSP[PLZ HUK OV^ [V Ã&#x201E;SL H JVTWSHPU[ HZ ^LSS HZ OV^ [V PKLU[PM` HIH[L H]VPK HUK WYL]LU[ OHaHYKZ VU H QVI ZP[L 9LWLH[HISL [PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL
;,*
:[YLUN[O 4H[LYPHSZ 7YLYLX\PZP[LZ! ;,* +L]LSVWZ [OL Z[\KLU[»Z HIPSP[` [V HUHS`aL Z[Y\J[\YHS LSLTLU[Z Z\IQLJ[LK [V ]HYPV\Z [`WLZ VM SVHKPUN =HYPV\Z TLHUZ VM QVPUPUN Z[Y\J[\YHS LSLTLU[Z HYL HSZV JV]LYLK JYLKP[Z 3LJ[\YL
;,*
,K\JH[PVU ;V *HYLLYZ JYLKP[Z 3LJ[\YL
;,*
*HYLLY ;LJOUVSVNPLZ ;OPZ JV\YZL WYV]PKLZ [OL IHZPJZ MVY [OL PUKP]PK\HS [V ZLLR NHPU HUK RLLW LTWSV` TLU[ LTWOHZPaPUN [OL HYLHZ VM KVJ\TLU[ KL]LSVWTLU[ HWWSPJH[PVUZ WLYZVUHS KL]LSVWTLU[ HUK JVUZ\TLY ZRPSSZ [V LMMLJ[P]LS` [YHUZP[PVU Z[\KLU[Z IHJR [V ZVJPL[` 0U VYKLY [V LX\PW Z[\KLU[Z ^P[O ULJLZZHY` ZRPSSZ [V M\UJ[PVU LMMLJ[P]LS` PU [OL J\YYLU[ ^VYRMVYJL H Z[YVUN MVJ\Z VM [OPZ JV\YZL ^PSS IL VU [LJOUVSVNPJHS HK]HUJL TLU[Z HUK JVTW\[LY JVUJLW[Z JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
â&#x2013;¼
:P[L (ZZLZZTLU[ MVY 9LUL^HISL ,ULYN`
;,*
;OPZ JV\YZL KL[LYTPULZ [OL ZP[L ZWLJPÃ&#x201E;J Z\P[HIPSP[` VM WOV[V]VS[HPJ ZVSHY [OLYTHS HWWSPJH[PVUZ HUK ZTHSS ^PUK LULYN` PUZ[HSSH[PVUZ ;OL JV\YZL ^PSS MVJ\Z VU WO`ZPJHS ZP[L MLH[\YLZ HUK OV^ [OH[ HMMLJ[Z [OL ZVSHY ^PUKV^ HUK [OL X\HSP[` VM ^PUK LULYN` 9LWLH[HISL [PTLZ JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*VTWYLOLUZP]L V]LY]PL^ VM [OL IHZPJ ZRPSSZ VM LUNPULLYPUN KYH^PUN KLZJYPW[P]L NLVTL[Y` HUK JVTW\[LY HPKLK KYHM[PUN *(+ :THSS WVY[HISL KYHM[PUN LX\PWTLU[ HUK H ^VYRIVVR HYL YLX\PYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
,UNPULLYPUN .YHWOPJZ
;LSLJVTT\UPJH[PVUZ ;,3 ;,3
0U[YV [V ;LSLJVTT\UPJH[PVUZ 7YV]PKLZ Z[\KLU[Z ^P[O HU PU[YVK\J[PVU PU[V [OL Ã&#x201E;LSK VM [LSLJVTT\UPJH[PVUZ ,TWOHZPZ PZ WSHJLK VU [LSLJVTT\UPJH[PVU [LJOUVS VN` HUK [OL KPMMLYLU[ UL[^VYR JVTT\UPJH [PVU VWLYH[PVUZ JYLKP[Z 3LJ[\YL
;,3
+PNP[HS *VTT\UPJH[PVUZ +LZPNULK MVY Z[\KLU[Z [V SLHYU HIV\[ [OL IHZPJ KPNP[HS Z`Z[LTZ HUK OV^ [OL` VWLYH[L ,TWOHZPZ WSHJL VU [YV\ISL ZOVV[PUN [LJOUPX\LZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
(K]HUJLK +PNP[HS :LY]PJLZ +LZPNULK [V LUHISL Z[\KLU[Z [V \UKLYZ[HUK [OL [LJOUPJHS VWLYH[PVUZ VM OPNO ZWLLK Z^P[JOPUN HUK WYV[VJVSZ HZZVJPH[LK ^P[O KH[H [YHUZMLY ,TWOHZPZ WSHJLK VU! IHUK ^PK[O (+:3 **: 357 HUK =VPJL V]LY 07 *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
5L[^VYRPUN )HZPJZ 7YV]PKLZ [OL Z[\KLU[ ^P[O H IHZPJ \UKLY Z[HUKPUN VM UL[^VYRPUN 6:0 TVKLS PUK\Z[Y` Z[HUKHYKZ HUK 07 HKKYLZZPUN ,TWOHZPZ WSHJLK VU OHUKZ VU SLHYUPUN *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
9V\[PUN )HZPJZ 7YV]PKLZ [OL Z[\KLU[ ^P[O H IHZPJ \UKLY Z[HUKPUN VM YV\[LY JVUÃ&#x201E;N\YH[PVUZ HUK YV\[LY WYV[VJVSZ ,TWOHZPZ WSHJLK VU OHUKZ VU SLHYUPUN *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
:^P[JOPUN HUK 9V\[PUN 7YV]PKLZ [OL Z[\KLU[ ^P[O HU \UKLYZ[HUKPUN VM 3(5 Z^P[JOPUN HUK HK]HUJLK YV\[LY JVUÃ&#x201E;N\YH[PVUZ ,TWOHZPZ WSHJLK VU OHUKZ VU SLHYUPUN *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
;LSLWOVU` 7YV]PKLZ Z[\KLU[Z ^P[O HU Z[YVUN \UKLY Z[HUKPUN VM ;LSLWOVU` HUK [OL ZRPSSZ ULLKLK [V PUZ[HSS [YV\ISLZOVV[ HUK THPU[HPU IV[O YLZPKLU[PHS HUK JVTTLYJPHS 7)? WOVUL Z`Z[LTZ *V\YZL 3L]LS -LL 5- JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
>;6
;OPZ JV\YZL MVJ\ZLZ VU [OL IHZPJ ZRPSSZ YLX\PYLK MVY H Ã&#x201E;LSK [LJOUPJPHU PU [LSLJVT T\UPJH[PVUZ ,TWOHZPZ PZ WSHJLK VU ZRPSSZ PU WVSL JSPTIPUN I\JRL[ [Y\JR VWLYH[PVU HUK YLZPKLU[PHS PUZ[HSSH[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
)HZPJ IHJRNYV\UK PU WSHU[ VWLYH[PVUZ PUJS\KPUN Z\YMHJL ^H[LY [YLH[TLU[ SPTL ZVM[LUPUN Ã&#x201E;S[YH[PVU PVU L_JOHUNL WYVJLZZ ^HZ[L KPZWVZHS JOLTPJHS [YLH[TLU[ HUK Z`Z[LT THUHNLTLU[ +VLZ UV[ HWWS` [V HZZVJPH[L KLNYLL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
;,3
>;6
+LZPNULK [V LUHISL Z[\KLU[Z [V \UKLYZ[HUK [YV\ISLZOVV[PUN [LJOUPX\LZ \ZLK MVY [YHUZTPZZPVU HUK ZPNUHSPUN Z`Z[LTZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:[\K` VM [OL JOLTPJHS WO`ZPJHS HUK IPVSVNPJHS HZWLJ[Z VM ^HZ[L^H[LY [YLH[TLU[ MHJPSP[PLZ HUK JVSSLJ[PVU Z`Z[LT THPU[L UHUJL +VLZ UV[ HWWS` [V HZZVJPH[L KLNYLL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
6\[ZPKL 7SHU[ 0
;LSLJVT ;YV\ISLZOVV[PUN
;,3 â&#x2013;¼
6\[ZPKL 7SHU[ 00
(K] >H[LY ;YLH[TLU[
)HZPJ >HZ[L >H[LY ;YLH[TLU[
>;6
;OPZ JV\YZL MVJ\ZLZ VU [OL IHZPJ ZRPSSZ YLX\PYLK MVY H Ã&#x201E;LSK [LJOUPJPHU PU [LSLJVT T\UPJH[PVUZ ,TWOHZPZ PZ WSHJLK VU ZRPSSZ PU HLYPHS JHISL PUZ[HSSH[PVU HUK THPU[L UHUJL \UKLYNYV\UK JHISL PUZ[HSSH[PVU OVYPaVU[HS IVYPUN HUK IHJROVL VWLYH[PVUZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(K] >HZ[L >H[LY ;YLH[TLU[
;,3
>,3
;LSLJVTT\UPJH[PVUZ :LTPUHY ;OL Z[\KLU[ ^PSS IL PU[YVK\JLK [V [OL SVJHS LTWSV`LYZ HUK L_WLY[Z PU [LSLJVTT\UPJH [PVUZ HUK OLHY [OLPY [OV\NO[Z VU [OL PZZ\LZ [OH[ LMMLJ[ [OL [LSLJVTT\UPJH[PVU PUK\Z[Y` JYLKP[Z 3LJ[\YL
;,3
;LSLJVTT\UPJH[PVUZ : 6 , +LZPNULK [V WYV]PKL [OL Z[\KLU[ ^P[O ^VYR L_WLYPLUJL PU [OL Ã&#x201E;LSK VM THQVY ^OPSL THPU[HPUPUN JVU[HJ[ ^P[O [OL PUZ[Y\J[VY MVY YL]PL^ HUK HZZPZ[HUJL *V\YZL 3L]LS -LL 5- JYLKP[Z 3HI 3HI +PZJ\ZZPVU
>H[LY ;YLH[TLU[ 6WLYH[VY >;6 >;6
)HZPJ >H[LY ;YLH[ )HZPJ IHJRNYV\UK PU WSHU[ VWLYH[PVUZ PUJS\KPUN ^H[LY X\HSP[` Z[VYHNL KPZ[YPI\ [PVU JOSVYPUH[PVU Ã&#x2026;\VYPKH[PVU ]HS]LZ HUK W\TWZ JOLTPZ[Y` HUK TH[OLTH[PJZ +VLZ UV[ HWWS` [V HZZVJPH[L KLNYLL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
:[\K` VM [OL JOLTPJHS WO`ZPJHS HUK IPVSVNPJHS HZWLJ[Z VM HK]HUJLK ^HZ[L^H[LY [YLH[TLU[ MHJPSP[PLZ +VLZ UV[ HWWS` [V HZZVJPH[L KLNYLL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>LSKPUN >,3 0U[YVK\J[PVU [V >LSKPUN ;OPZ JV\YZL WYLWHYLZ Z[\KLU[Z [V PKLU[PM` VI[HPU HUK RLLW QVIZ PU [OL ^LSKPUN Ã&#x201E;LSK +LTVUZ[YH[PUN HWWYVWYPH[L ^VYR ILOH]PVYZ KL]LSVWPUN LMMLJ[P]L ^VYRPUN YLSH[PVUZOPWZ ^P[O V[OLYZ WYHJ[PJPUN ^VYR YLSH[LK JVTT\UPJH[PVU ZRPSSZ \UKLYZ[HUKPUN YVSLZ I\ZPULZZ PTHNLZ HUK HKHW[PUN [V JOHUNL JYLKP[Z 3LJ[\YL
>,3
0U[YV [V >LSKPUN :HML[` ;OPZ JV\YZL JV]LYZ [OL IHZPJ ZHML[` WYPUJPWSLZ M\UKHTLU[HS [V ^LSKPUN PUJS\KPUN [OL JVYYLJ[ \ZL VM OHUK HUK WV^LY [VVSZ ^LHYPUN HUK JHYPUN MVY ZHML[` HWWHYLS LTLYNLUJ` HUK Ã&#x201E;YZ[ HPK WYVJL K\YLZ HUK H]VPKPUN OHaHYKV\Z JVUKP[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
4L[HS 0KLU[PÃ&#x201E;JH[PVU ;OPZ JV\YZL WYLWHYLZ Z[\KLU[Z [V PKLU[PM` MLYYV\Z HUK UVU MLYYV\Z TL[HS \ZPUN ]HYPV\Z [LZ[ WYVJLK\YLZ 7YVJLK\YLZ MVY PKLU[PM`PUN SV^ TLKP\T HUK OPNO JHYIVU Z[LLS HYL HSZV JV]LYLK *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
>,3
>,3
;OPZ JV\YZL WYLWHYLZ Z[\KLU[Z [V THUPW\ SH[L ZL[ \W HUK THRL HJJLW[HISL ^LSKZ PU ]HYPV\Z WVZP[PVUZ \ZPUN V_` HJL[`SLUL LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
*V\YZL ^PSS JV]LY IHZPJ ^LSKPUN WYVJLZZLZ PUJS\KPUN! 6_` (JL[`SLUL ^LSKPUN (YJ ^LSKPUN *\[[PUN HUK )YHaPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! >,3 *V\YZL ^PSS JV]LY HK]HUJLK WYVJLK\YLZ VM WYVJLZZLZ YLSH[LK [V ^LSKPUN 40. ;0. WSHZTH [VYJO HUK HYJ ^LSKPUN *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
>,3
;OPZ JV\YZL JV]LYZ [OL WYVJLZZLZ MVY J\[[PUN TL[HS ^P[O V_` HJL[`SLUL HUK WSHZTH J\[[PUN LX\PWTLU[ HUK NV\NPUN ^P[O HPY JHYIVU HYJ LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
7YLYLX\PZP[LZ! >,3 VY >,3 ;OPZ JV\YZL PU[YVK\JLZ NHZ TL[HS HYJ ^LSKPUN WYVJLK\YLZ HUK LX\PWTLU[ :[\KLU[Z SLHYU [V WLYMVYT ZPUNSL HUK T\S[PWSL WHZZ ^LSKZ PU [OL Ã&#x2026;H[ WVZP[PVU ^P[O NHZ TL[HS HYJ ^LSKPUN LX\PWTLU[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
6_` (JL[`SLUL >LSKPUN
4L[HS *\[[PUN 7YVJLZZLZ
>,3
:OPLSKLK 4L[HS (YJ >LSKPUN 0 7YLYLX\PZP[LZ! >,3 VY >,3 ;OPZ JV\YZL WYV]PKLZ HU PU[YVK\J[PVU [V ZOPLSKLK TL[HS HYJ ^LSKPUN :[\KLU[Z SLHYU [V ZL[ \W LX\PWTLU[ PKLU[PM` LSLJ[YVKLZ Z[YPRL HUK Y\U ILHKZ PU [OL Ã&#x2026;H[ WVZP[PVU *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
:OPLSKLK 4L[HS (YJ >LSKPUN 00 7YLYLX\PZP[LZ! >,3 0U [OPZ JV\YZL Z[\KLU[Z SLHYU [V WLYMVYT ZPUNSL HUK T\S[PWSL WHZZ ^LSKZ ^P[O ZOPLSKLK TL[HS HYJ ^LSKPUN LX\PWTLU[ PU HSS WVZP[PVUZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
:OPLSKLK 4L[HS (YJ >LSKPUN 000 ;OPZ JV\YZL YLX\PYLZ Z[\KLU[Z [V ^LSK PU HSS WVZP[PVUZ Z\PUN :4(> LX\PWTLU[ ;OLZL ^LSKZ T\Z[ WHZZ H N\PKLK ILUK [LZ[ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3 â&#x2013;¼
7PWLÃ&#x201E;[[PUN >LSKPUN 7YLYLX\PZP[LZ! >,3 ;OPZ PZ H IHZPJ JV\YZL PU WPWLÃ&#x201E;[[PUN HUK ^LSKPUN LX\PWTLU[ HUK ZHML[` ;VWPJZ PUJS\KL! MHIYPJH[PVU HUK PUZ[HSSH[PVU VM PUK\Z[YPHS WPWPUN Z`Z[LTZ WPWL SH`V\[ HUK ^LSKPUN [LJOUPX\LZ HWWSPJH[PVUZ 9LWLH[ HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3 â&#x2013;¼
4L[HS *\[[PUN HUK -HIYPJH[PVU 7YLYLX\PZP[LZ! >,3 ;OPZ JV\YZL PZ KLZPNULK [V WYV]PKL HU \UKLYZ[HUKPUN VM TL[HS J\[[PUN HUK MHIYPJH[ PUN WYVJLZZLZ HUK ^LSK QVPU[ KLZPNU 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>LSKPUN -\UKHTLU[HSZ
.HZ 4L[HS (YJ >LSKPUN 0
>,3
.HZ 4L[HS (YJ >LSKPUN 00 7YLYLX\PZP[LZ! >,3 ;OPZ JV\YZL [LHJOLZ Z[\KLU[Z [V WLYMVYT NHZ TL[HS HYJ ^LSKZ PU [OL OVYPaVU[HS ]LY[PJHS HUK V]LYOLHK WVZP[PVUZ \ZPUN ZPUNSL HUK T\S[PWSL WHZZ ^LSKZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
.HZ 4L[HS (YJ >LSKPUN 000 :[\KLU[Z PU [OPZ JV\YZL T\Z[ WYLWHYL NHZ TL[HS HYJ HUK Ã&#x2026;\_ JVYL ^LSKZ ^OPJO WHZZ N\PKLK ILUK [LZ[Z *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
.HZ ;\UNZ[LU (YJ >LSKPUN 7YLYLX\PZP[LZ! >,3 VY >,3 ;OPZ JV\YZL PU[YVK\JLZ Z[\KLU[Z [V NHZ [\UNZ[LU HYJ ^LSKPUN LX\PWTLU[ HUK WYVJLK\YLZ >LSKZ HYL WYLWHYLK PU Ã&#x2026;H[ OVYPaVU[HS HUK ]LY[PJHS WVZP[PVUZ VU IV[O MLYYV\Z HUK UVU MLYYV\Z TL[HSZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>,3
>LSKPUN )S\LWYPU[ 9LHK 3H`V\[ ;OPZ JV\YZL [LHJOLZ Z[\KLU[Z [V YLHK HUK PU[LYWYL[ ^LSKPUN Z`TIVSZ HUK IS\LWYPU[Z HUK [V WLYMVYT H TPUVY ^LSKPUN SH`V\[ 4H[O ZRPSSZ LZWLJPHSS` MYHJ[PVUZ HYL LTWOHZPaLK YL]PL^LK HUK YLPUMVYJLK [OYV\NOV\[ [OPZ JV\YZL *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
(K]HUJLK >LSKPUN
>,3
>LSKPUN : 6 , >LSKPUN Z\WLY]PZLK VJJ\WH[PVUHS L_WLYP LUJL PU H ^LSKPUN ZOVW VY ^VYR YLSH[LK THU\MHJ[\YPUN JVTWHU` WVZP[PVU *V\YZL 3L]LS -LL 5- =HYPHISL *YLKP[ JYLKP[Z 3HI 3HI +PZJ\ZZPVU
>PUK ;LJOUVSVN` >5+ >5+
0U[YVK\J[PVU [V >PUK ;LJOUVSVN` ;OPZ JV\YZL WYV]PKLZ Z[\KLU[Z ^P[O HU \UKLYZ[HUKPUN VM IHZPJ ^PUK [LJOUVSVN` JVUJLW[Z ;VWPJZ PUJS\KL [\YIPUL WHY[Z HUK VWLYH[PVU HULTVTL[Y` KH[H JVSSLJ[PVU HUK HUHS`ZPZ HUK L]HS\H[PVU VM IHZPJ [\YIPUL [LJOUVSVN` 9LWLH[HISL ;PTLZ JYLKP[Z 3LJ[\YL
>5+ â&#x2013;¼
>PUK ;LJOUVSVN` 4HPU[LUHUJL 0 7YLYLX\PZP[LZ! >5+ 4,; 4,; ;,* VY >5+ ,,; ,,; ;,* ;,* ;OPZ JV\YZL PU[YVK\JLZ Z[\KLU[Z [V ^PUK [\YIPUL THPU[LUHUJL 3LJ[\YLZ MVJ\Z VU NLHYIV_ HUK LSLJ[YPJHS Z`Z[LT THPU[LUHUJL ^OPSL [OL SHIZ MVJ\Z VU [VVSZ JSPTIPUN HUK ZHML[` 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3LJ[\YL 3HI 3HI +PZJ\ZZPVU
>5+ â&#x2013;¼
;V^LY 9LZJ\L HUK *VTWL[LU[ *SPTILY 7YLYLX\PZP[LZ! >5+ ;OPZ JV\YZL WYLWHYLZ [OL Z[\KLU[Z [V ZHMLS` JSPTI H ]HYPL[` VM ^PUK [\YIPUL [V^LYZ HUK [V ZHMLS` HUK LMMLJ[P]LS` WLYMVYT ZLSM YLZJ\L HUK WHY[ULY YLZJ\L [LJOUPX\LZ PU LTLYNLUJ` ZP[\H[PVUZ 9LWLH[HISL ;PTLZ *V\YZL 3L]LS -LL JYLKP[Z 3HI 3HI +PZJ\ZZPVU
*VSSLNL 7LYZVUULS
0U [OPZ JOHW[LY!
0UZ[P[\[PVUHS :\WWVY[ :[HMM
(KTPUPZ[YH[PVU
7HYHWYVMLZZPVUHS :[HMM
-HJ\S[`
:\WLY]PZVY` :[HMM
([OSL[PJ :[HMM
*VYYLJ[PVUZ -HJ\S[` :[HMM
*\Z[VKPHS 4HPU[LUHUJL :[HMM
*VSSLNL 7LYZVUULS (KTPUPZ[YH[PVU 6--0*, 6- ;/, 79,:0+,5; :JV[[ 3LUZPUR 7YLZPKLU[ ) ( 5VY[O^LZ[LYU *VSSLNL 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:[L]L .HYYLU
3LL :WHUPVS
+PYLJ[VY VM 3LHYUPUN ;LJOUVSVNPLZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
+PYLJ[VY VM 0UMVYTH[PVU :`Z[LTZ HUK :LY]PJLZ ( ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( <UP]LYZP[` VM 0SSPUVPZ
6--0*, 6- )<:05,:: :,9=0*,: 9H` 9PLJR
6--0*, 6- +,=,3674,5;
6--0*, 6- (*(+,40* :,9=0*,:
=PJL 7YLZPKLU[ MVY )\ZPULZZ :LY]PJLZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
=HJHU[
1HTLZ /\SS
4PJOHLS 2HZKVYM
2LSS` (SSLL
=PJL 7YLZPKLU[ MVY (JHKLTPJ :LY]PJLZ ( : :V\[OLHZ[LYU 0SSPUVPZ *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 ) ( :V\[OLYU 0SSPUVPZ <UP]LYZP[` 7O + :V\[OLYU 0SSPUVPZ <UP]LYZP[`
+PYLJ[VY VM -HJPSP[PLZ 7SHUUPUN ( ( : :V\[OLYU 0SSPUVPZ <UP]LYZP[` ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 ( <UP]LYZP[` VM 0SSPUVPZ
+PYLJ[VY VM *VTT\UPJH[PVUZ HUK *YLH[P]L :LY]PJLZ ) : <UP]LYZP[` VM 0SSPUVPZ
+H^U :JOSLJO[L
+LIVYHO /\[[P
+PYLJ[VY VM /\THU 9LZV\YJLZ ) : <UP]LYZP[` VM 7OVLUP_
+PYLJ[VY VM 0UZ[P[\[PVUHS 9LZLHYJO ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : 4PJOPNHU :[H[L <UP]LYZP[` 7O + 4PJOPNHU :[H[L <UP]LYZP[`
(ZZVJPH[L =PJL 7YLZPKLU[ MVY ,K\JH[PVUHS :LY]PJLZ ) ( <UP]LYZP[` VM 4PZZV\YP 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 7O + <UP]LYZP[` VM 0SSPUVPZ
3PUKH =VU)LOYLU (ZZVJPH[L =PJL 7YLZPKLU[ MVY >VYRMVYJL +L]LSVWTLU[ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4HKNL :OVV[ *VTW[YVSSLY ( ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
=PJL 7YLZPKLU[ MVY 0UZ[P[\[PVUHS (K]HUJLTLU[
3`UU )YLLY
+H]PK *V_ +PYLJ[VY VM -V\UKH[PVU HUK (S\TUP ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
,TPS` 9HTHNL +PYLJ[VY VM .YHU[Z +L]LSVWTLU[ ( ( 2HZRHZRPH *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
6--0*, 6- :;<+,5; :,9=0*,: 4HY[PUH :[V]HSS =PJL 7YLZPKLU[ MVY :[\KLU[ :LY]PJLZ ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,K\JH[PVU ,HZ[LYU 0SSPUVPZ <UP]LYZP[` ,K + <UP]LYZP[` VM 0SSPUVPZ
1VU =HU +`RL +LHU VM (KTPZZPVU :LY]PJLZ ( ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
7H\SH *HYWLU[LY +PYLJ[VY VM -PUHUJPHS (PK HUK =L[LYHUZ :LY]PJLZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+LUU` ;OYVULI\YN ([OSL[PJ +PYLJ[VY ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
-(*<3;@ 0MMH[ (SP *OLTPZ[Y` 0UZ[Y\J[VY ) : 9HQZOHOP <UP]LYZP[` 4 : 9HQZOHOP <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 7O + :V\[OLYU 0SSPUVPZ <UP]LYZP[`
1VU (S[OH\Z +P]PZPVU *OHPY (NYPJ\S[\YL (NYPJ\S[\YL 0UZ[Y\J[VY ) : >LZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : >LZ[LYU 2LU[\JR` <UP]LYZP[`
.HSLU (S[THU *P]PS ,UNPULLYPUN ;LJOUVSVN` 0UZ[Y\J[VY *VVYKPUH[VY ( ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
9HUKHSS (WLY (NYPJ\S[\YL 7V^LY ;LJOUVSVN` 0UZ[Y\J[VY ( ( : 0SSPUVPZ *LU[YHS *VSSLNL
3HYH )HJPUV (S[OH\Z 7Z`JOVSVN` 0UZ[Y\J[VY ) : 5VY[OLYU 0SSPUVPZ <UP]LYZP[` 4 : :V\[O^LZ[ 4PZZV\YP :[H[L <UP]LYZP[` 4 : *HWLSSH <UP]LYZP[`
+`RL )HYRSL`
,TPS` )\OULYRLTWL
/VY[PJ\S[\YL 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) : <UP]LYZP[` VM 0SSPUVPZ 4 ( :HPU[ 4HY` VM [OL >VVKZ *VSSLNL
4H[OLTH[PJZ 0UZ[Y\J[VY ) : .YHUK =HSSL` :[H[L <UP]LYZP[` ) ( .YHUK =HSSL` :[H[L <UP]LYZP[` 4 : 4PHTP <UP]LYZP[`
*OLY`S )LHT
*H[O` )\U[VU
5\YZPUN 0UZ[Y\J[VY 3 7 5 3HRL 3HUK *VSSLNL 9 5 6SUL` *LU[YHS *VSSLNL ) : 5 :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : 5 :V\[OLYU 0SSPUVPZ <UP]LYZP[`
/LHS[O HUK 7O`ZPJHS ,K\JH[PVU 0UZ[Y\J[VY ) ( *LKHY]PSSL *VSSLNL 4 : :SPWWLY` 9VJR <UP]LYZP[`
4PJOHLS )LH]LYZ ,SLJ[YVUPJZ ,UNPULLYPUN ;LJOUVSVN` 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ( : *VT *VS (PY -VYJL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
1\K` )LUUL[[ +L]LSVWTLU[HS 9LHKPUN >YP[PUN 0UZ[Y\J[VY *VVYKPUH[VY ( ( 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( 0UKPHUH :[H[L <UP]LYZP[`
1VKP )PYK^LSS (Y[ 0UZ[Y\J[VY ) ( 3HUKLY <UP]LYZP[` 4 - ( <UP]LYZP[` VM 0SSPUVPZ
2H[O` )SHJR +P]PZPVU *OHPY )\ZPULZZ 6MÄJL ;LJOUVSVN` 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
;HYH )SHZLY 7OPSVZVWO` ,UNSPZO *VTWVZP[PVU 0UZ[Y\J[VY ) : :[H[L <UP]LYZP[` VM 5L^ @VYR H[ 6ULVU[H 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4HYPH )VLYUNLU (NYPJ\S[\YL )\ZPULZZ 0UZ[Y\J[VY ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : <UP]LYZP[` VM 0SSPUVPZ 7O + <UP]LYZP[` VM 0SSPUVPZ
*LKYPJ )YV^U ,K\JH[PVU 0UZ[Y\J[VY ) : 3LOTHU *VSSLNL 4 : :V\[O +HRV[H :[H[L <UP]LYZP[`
2YPZ[H )\YYLSS (JHKLTPJ *V\UZLSVY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)Y`HU )\YYLSS 7Z`JOVSVN` 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ,K :WYPUNÄLSK *VSSLNL
+PVU )\aaHYK 0UK\Z[YPHS ;LJOUVSVN` 0UZ[Y\J[VY ) : <UP]LYZP[` VM 0SSPUVPZ 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
5HUJ` *HSK^LSS 4\ZPJ 0UZ[Y\J[VY ) 4 *VSSLNL VM >VVZ[LY 5 4 <UP]LYZP[` VM /V\Z[VU 7O + 0UKPHUH <UP]LYZP[`
;OVTHZ *HSK^LSS 7OPSVZVWO` ,UNSPZO 0UZ[Y\J[VY ( : 0SSPUVPZ =HSSL` *VTT\UP[` *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
.YLNVY` *HWP[VZ[P *OLTPZ[Y` 0UZ[Y\J[VY ) : <UP]LYZP[` VM 7P[[ZI\YNO 7O + <UP]LYZP[` VM (RYVU
1VOU *HYWLU[LY )\ZPULZZ 0UZ[Y\J[VY *VVYKPUH[VY VM 4HUHNLTLU[ 4HYRL[PUN 7YVNYHTZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4PJOHLS )LU *VOHU (Y[ 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) ( 4PSSPRPU <UP]LYZP[` 4 ( :V\[OLYU 0SSPUVPZ <UP]LYZP[`
4HYJ +HS7VU[L )PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ) : <UP]LYZP[` VM 0SSPUVPZ 4 : <UP]LYZP[` VM 0SSPUVPZ
2H[OSLLU +H\NOLY[`
1VOU .LU[Y`
3\JPUKH /VY[VU
6MÄJL ;LJOUVSVN` 0UZ[Y\J[VY 6MÄJL ;LJO 4LKPJHS 7YVNYHTZ *VVYKPUH[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ,K <UP]LYZP[` VM 4PZZV\YP
7V^LY 7SHU[ 4LJOHUPJ 0UZ[Y\J[VY *VVYKPUH[VY ( ( : 3HRL 3HUK *VSSLNL
)PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
2PTILYS` +H]PZ
5\YZPUN 0UZ[Y\J[VY ) : 5 4PSSPRPU <UP]LYZP[` 4 : 5 4PSSPRPU <UP]LYZP[`
,K\JH[PVU 0UZ[Y\J[VY *VVYKPUH[VY VM ,K\JH[PVUHS 7YVNYHTZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
(UNLSH +H]PZVU 0; 7YVNYHTTPUN ¶ 7YVNYHT *VVYKPUH[VY 0; 0UZ[Y\J[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
3H\YH +L[LYZ )HZPJ 5\YZL 0UZ[Y\J[VY ( ( :WYPUNÄLSK *VSSLNL :[ 1VOUZ :JOVVS VM 5\YZPUN :WYPUNÄLSK ) : 5 :V\[OLYU 0SSPUVPZ <UP]LYZP[` ,K^HYKZ]PSSL
:\aL[[ +V[` )PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ) ( :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+HUPLSSL +V^UZ -PUHUJPHS (PK =L[LYHU :LY]PJLZ (K]PZVY ( ( 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
;PZOH .VHK
4H[[OL^ .YLPKLY /PZ[VY` 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
5LHS /HHYTHU )SKN *VUZ[Y\J[PVU ;LJOUVSVN` 0UZ[Y\J[VY *VVYKPUH[VY ( ( : 3HRL 3HUK *VSSLNL
2HYSH /HYKPLR 5\YZPUN 0UZ[Y\J[VY ) : 5\YZPUN :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : 5\YZPUN 4J2LUKYLL <UP]LYZP[`
,TPS` /HY[RL
;LYYP -PLSKZ (JHKLTPJ *V\UZLSVY ( ( : 7HYRSHUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
2H[O` -VYK ,UNSPZO *VTWVZP[PVU 0UZ[Y\J[VY ;LJOUVSVN` *VVYKPUH[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
2H` -VYLTHU 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 0UZ[Y\J[VY ( ( : )LSSL]PSSL (YLH *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,K ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)YLUKH /\UaPUNLY )PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*OHYSLZ 1HYYLSS
3PZH 1VIL
:OLSSL /HY[aLS
*VZTL[VSVN` 0UZ[Y\J[VY *VZTL[VSVN` *LY[PÄJH[L 3HRL 3HUK *VSSLNL
4H[OLTH[PJZ 0UZ[Y\J[VY ) : 0SSPUVPZ :[H[L <UP]LYZP[` 4 : 0SSPUVPZ :[H[L <UP]LYZP[`
,SPaHIL[O /HY[YPJO
1VOU +LLYL (N ;LJO 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL
(T` +\JRL[[
,YPJH /V[ZPUWPSSLY
+P]PZPVU *OHPY :VJPHS :JPLUJL ,K\JH[PVU 7Z`JOVSVN` 0UZ[Y\J[VY ( ( : 1VOU ( 3VNHU *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( 4VYLOLHK :[H[L <UP]LYZP[`
(SSLU +YHRL
+PYLJ[VY VM 3PIYHY` :LY]PJLZ ( ( 4HWSL >VVKZ *VTT\UP[` *VSSLNL ) ( <UP]LYZP[` VM 4PZZV\YP 4 : <UP]LYZP[` VM 0SSPUVPZ
+P]PZPVU *OHPY /\THUP[PLZ *VTT\UPJH[PVUZ ,UNSPZO :WLLJO 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*OHPY VM *V\UZLSPUN HUK 1\KPJPHS (MMHPYZ (K]PZLTLU[ ( ) <UP]LYZP[` VM 0SSPUVPZ 4 : ,K ,HZ[LYU 0SSPUVPZ <UP]LYZP[` +LU[HS /`NPLUL 0UZ[Y\J[VY ( ( : 7HYRSHUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:JV[[ +YVUL :PS]LYZ
:HSPZH /VY[LUZ[PUL 6STZ[LK
4H[OLTH[PJZ 0UZ[Y\J[VY ) : <UP]LYZP[` VM 0SSPUVPZ 4 ( <UP]LYZP[` VM (YPaVUH
6MÄJL ;LJOUVSVN` 0UZ[Y\J[VY 6MÄJL ;LJO 7YVNYHT *VVYKPUH[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+H]PK 1VOUZVU
/\THU :LY]PJLZ 0UZ[Y\J[VY *VVYKPUH[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
/LHS[O 7O`ZPJHS ,K\JH[PVU 0UZ[Y\J[VY >VTLU»Z )HZRL[IHSS *VHJO ( ( : +HU]PSSL (YLH *VTT\UP[` *VSSLNL ) : 0SSPUVPZ :[H[L <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+\Z[PU /L\LYTHU
)HTIP 1VULZ
/LSLU /LUKYLU
*YPTPUHS 1\Z[PJL 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) : 0UKPHUH :[H[L <UP]LYZP[` 4 : 0UKPHUH :[H[L <UP]LYZP[`
4H[OLTH[PJZ 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL ) ( <UP]LYZP[` VM 0SSPUVPZ H[ :WYPUNÄLSK 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
1VYKHU /PJRZ
5PJVSL 1VULZ
(JHKLTPJ *V\UZLSVY *VVYKPUH[VY +PZHIPSP[` :LY]PJLZ ( ( 9LUK 3HRL *VSSLNL ) : :V\[O^LZ[ )HW[PZ[ <UP]LYZP[` 4 : ,K :V\[OLYU 0SSPUVPZ <UP]LYZP[`
5\YZPUN 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : 4J2LUKYLL <UP]LYZP[`
2YPZ 2LYZL`
2YPZ[LU /VSZHWWSL
0UK\Z[YPHS 4HPU[LUHUJL 0UZ[Y\J[VY *VVYKPUH[VY *LY[PÄJH[L 3HRL 3HUK *VSSLNL ( ( : 3HRL 3HUK *VSSLNL
+LU[HS /`NPLUL 0UZ[Y\J[VY ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
;`UPH 2LZZSLY )\ZPULZZ 0UZ[Y\J[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
1HTLZ 2PTIHSS
>HS[LY 4J/LUY`
4HYPH 5VOYLU
5\YZPUN 0UZ[Y\J[VY ( ( : 9PJOSHUK *VTT\UP[` *VSSLNL ) : 5 3HRL]PL^ *VSSLNL VM 5\YZPUN
4H[OLTH[PJZ 0UZ[Y\J[VY ) ( 0UKPHUH <UP]LYZP[` 4 ( 0UKPHUH <UP]LYZP[` 4 : 1VOU /VWRPUZ <UP]LYZP[`
5\YZPUN 0UZ[Y\J[VY ) : 5 :V\[OLYU 0SSPUVPZ <UP]LYZP[` ,K^HYKZ]PSSL
+LU[HS /`NPLUL 0UZ[Y\J[VY +PYLJ[VY VM +LU[HS /`NPLUL ( ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,K ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:[LWOHUPL 4LKSL` 9H[O
)PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ) : <UP]LYZP[` VM AHTIPH 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4H[[ 3HUKY\Z
4HYNHYL[ 4LYY` 5PLIY\NNL + 4 +
,UNSPZO *VTWVZP[PVU 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+LU[HS /`NPLUL 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` + 4 + :V\[OLYU 0SSPUVPZ <UP]LYZP[`
;LYLZH 3HUN
2L]PU 4PSSLY
,HYS` *OPSKOVVK ,K\JH[PVU 0UZ[Y\J[VY *VVYKPUH[VY ( ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
(\[VTV[P]L ;LJOUVSVN` 0UZ[Y\J[VY *VVYKPUH[VY ( ( : 3HRL 3HUK *VSSLNL
+LIVYHO 2PY[Z
*PUK` 3HUTHU (JHKLTPJ *V\UZLSVY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
1VUH[OHU 3LIVSK )\ZPULZZ 0UZ[Y\J[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( <UP]LYZP[` VM 7OVLUP_
.HY` 3PUKSL` ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` 0UZ[Y\J[VY ( ( : +HU]PSSL (YLH *VTT\UP[` *VSSLNL ) : 0UKPHUH :[H[L <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
(HYVU 3PULILYY` *OLTPZ[Y` 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 7O + <UP]LYZP[` VM (RYVU
2H[PL 3V[a ,JVUVTPJZ 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
)YPHU 3`UJO ,JVUVTPJZ 0UZ[Y\J[VY ) ( <UP]LYZP[` VM +\ISPU 0YLSHUK 4 ( <UP]LYZP[` VM +\ISPU 0YLSHUK
=HSLYPL 3`UJO +PYLJ[VY VM :[\KLU[ 3PML ( : 3HRL 3HUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : 0UKPHUH :[H[L <UP]LYZP[`
)YPHU 4HKSLT (\[VTV[P]L ;LJOUVSVN` 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL
:VJPHS :JPLUJL 0UZ[Y\J[VY ) ( :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 ( .LVYNPH :[H[L <UP]LYZP[` 7O + .LVYNPH :[H[L <UP]LYZP[`
4HY[OH 4PV\_ 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 0UZ[Y\J[VY 7YVNYHT +PYLJ[VY 4HZZHNL ;OLYHW` 0UZ[Y\J[VY 7YVNYHT +PYLJ[VY ) : 4HY`]PSSL *VSSLNL 4 / : >HZOPUN[VU <UP]LYZP[`
;PUH 4VVYL +PYLJ[VY VM *HYLLY :LY]PJLZ ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,K ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*OHYSLZ 4\LSSLY 7O`ZPJZ 0UZ[Y\J[VY ) : <UP]LYZP[` VM 0SSPUVPZ 4 : ,UNPULLYPUN <UP]LYZP[` VM 0SSPUVPZ
,YPJ 4\LSSLY (JHKLTPJ *V\UZLSVY ) 4 , :\ZX\LOHUUH <UP]LYZP[` 4 : :[H[L <UP]LYZP[` VM 5L^ @VYR 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
9\ZZLSS 5L\ 1VOU +LLYL (N ;LJO 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
9VILY[ 5L^LSS ,UNSPZO *VTWVZP[PVU 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4HYR 5PLTLYN (NYVUVT` 0UZ[Y\J[VY -HYT 4HUHNLY ( ( : 3HRL 3HUK *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
/LH[OLY 5VOYLU (JHKLTPJ *V\UZLSVY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
0RLTLM\UH 5^VZ\
:HT\LS 6YYPJR (NYPJ\S[\YL 0UZ[Y\J[VY 1\KNPUN ;LHT *VHJO ( : 3HRL 3HUK *VSSLNL ) : 2HUZHZ :[H[L <UP]LYZP[` 4 : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
)YHK 6ZIVYUL 1VOU +LLYL (N ;LJO 0UZ[Y\J[VY ( ( : 7HYRSHUK *VSSLNL ) : <UP]LYZP[` VM 0SSPUVPZ
*`U[OPH 7OPWWZ )\ZPULZZ 0UZ[Y\J[VY *VVYKPUH[VY (JJV\U[PUN 7YVNYHTZ ) : <UP]LYZP[` VM 0SSPUVPZ 4 : <UP]LYZP[` VM 0SSPUVPZ
*HZZHUKYH 7VY[LY 5\YZPUN 0UZ[Y\J[VY ) : 5 :[ 1VOU»Z *VSSLNL VM 5\YZPUN 4 : 5 :V\[OLYU 0SSPUVPZ <UP]LYZP[`
.YLNVY` 7V^LYZ :WLLJO *VTT\UPJH[PVU )YVHKJHZ[PUN 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*HZL` 9L`UVSKZ :WHUPZO ,UNSPZO 0UZ[Y\J[VY ) ( <[HO :[H[L <UP]LYZP[` 4 ( 0SSPUVPZ :[H[L <UP]LYZP[`
:JV[[ 9OPUL 0; 0UZ[Y\J[VY *VVYKPUH[VY 0; 5L[^VYR (KTPUPZ[YH[PVU 7YVNYHTZ ) : ;VJJVH -HSSZ *VSSLNL 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
,]H 9P[JOL` :WLLJO *VTT\UPJH[PVU 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4 :OHUL 9VNLYZ 7VSP[PJHS :JPLUJL 0UZ[Y\J[VY ( ( 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4PRL 9\KPIH\NO .LVNYHWO` ,HY[O :JPLUJL 0UZ[Y\J[VY ( ( 3PUJVSU ;YHPS *VTT\UP[` *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( 0UKPHUH :[H[L <UP]LYZP[` 7O + 0UKPHUH :[H[L <UP]LYZP[`
4HYJ` :H[[LY^OP[L
;PT =HU +`RL
)\ZPULZZ 0UZ[Y\J[VY *VVYKPUH[VY +LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU ( : +HU]PSSL (YLH *VTT\UP[` *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) , ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+P]PZPVU *OHPY ;LJOUVSVN` *P]PS ,UNPULLYPUN ;LJOUVSVN` 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
;PT :JOYLPILY 0UMVYTH[PVU :LY]PJL 3PIYHYPHU ) ( 0UKPHUH <UP]LYZP[` 4 ( 0UKPHUH <UP]LYZP[` 4 3 : <UP]LYZP[` VM 0SSPUVPZ
+H]PK :LPSLY /PZ[VY` 0UZ[Y\J[VY ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
1HUL ( :SH\NO[LY +P]PZPVU *OHPY (SSPLK /LHS[O +LU[HS /`NPLUL 0UZ[Y\J[VY ( ( : 7HYRSHUK *VSSLNL ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
*OLY`S :[HSL` )\ZPULZZ 0UZ[Y\J[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
7LNN` :[YHUNL *VZTL[VSVN` 0UZ[Y\J[VY +PYLJ[VY VM *VZTL[VSVN` *LY[PÄJH[L 3HRL 3HUK *VSSLNL ( ( : 3HRL 3HUK *VSSLNL ) ( -YHURSPU <UP]LYZP[`
,YPU :^PUNSLY 5\YZPUN 0UZ[Y\J[VY ) : :0< ,K^HYKZ]PSSL
,K^HYK ;OVTHZ
+LUPZL >HSR 0; 0UZ[Y\J[VY *VVYKPUH[VY 0; >LI ;LJOUVSVN` 7YVNYHT ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
3VYP >HSR 0+6; 8* 8( 0UZ[Y\J[VY *VVYKPUH[VY *LY[PÄJH[L 3HRL 3HUK *VSSLNL ( ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:OHYVU )HYNLY *\Z[VKPHU
>PSSPHT )H_[LY 4HPU[LUHUJL 00
=PJ[VY )YLLaL *\Z[VKPHU
+VUHSK )`LYZ *\Z[VKPHU
;HTT` *HU[^LSS 4HYNPL *VUV\Y
1HUL[ >H`TV[O 5\YZPUN 0UZ[Y\J[VY ) : :0< ,K^HYKZ]PSSL 4 : :0< ,K^HYKZ]PSSL
1LMM >OP[L )PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
5PJVSL ALSSLY 5\YZPUN 0UZ[Y\J[VY +PYLJ[VY VM 5\YZPUN ( ( : 3HRL 3HUK *VSSLNL ) ( >H`UL :[H[L <UP]LYZP[` 4 : 5 <UP]LYZP[` VM 0SSPUVPZ *OPJHNV
(;/3,;0* :;(--
1VZLWO ;PSSTHU
*LKYPJ )YV^U
([OSL[PJ ;YHPULY
9LUL^HISL ,ULYN` 0UZ[Y\J[VY *VVYKPUH[VY ( : 9PJOSHUK *VTT\UP[` *VSSLNL ) ( <UP]LYZP[` VM 0SSPUVPZ ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
4LU»Z )HZRL[IHSS *VHJO
;VUPH ;PTSPU
5PJ 5LSZVU
+P]PZPVU *OHPY 4H[O :JPLUJL 7O`ZPJZ 0UZ[Y\J[VY ) : <UP]LYZP[` VM 0SSPUVPZ 4 : <UP]LYZP[` VM 5V[YL +HTL
9VILY[ 6YY
*\Z[VKPHU
0+6; 8\HSP[` *VU[YVS 8\HSP[` (ZZ\YHUJL 0UZ[Y\J[VY ( ( : 3HRL 3HUK *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
;VT )LHSZ
)PVSVNPJHS :JPLUJL 0UZ[Y\J[VY ( : /\KZVU =HSSL` *VTT\UP[` *VSSLNL ) : :[H[L <UP]LYZP[` 4 : 0V^H :[H[L <UP]LYZP[` 7O + 0V^H :[H[L <UP]LYZP[`
9V` (IZ[VU
9PJR >H[ZVU
:WLLJO *VTT\UPJH[PVU 0UZ[Y\J[VY ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
+H]PK ;\YUI\SS
*<:;6+0(3 4(05;,5(5*, :;(--
+H]PK 1VOUZVU >VTLU»Z )HZRL[IHSS *VHJO
+HUPLSSL 3LN\[ +HUJL *OLLY *VHJO >VTLU»Z :VM[IHSS *VHJO +PYLJ[VY VM 0U[YHT\YHSZ
(TVY` 7VY[LY =VSSL`IHSS *VHJO
;VU` :PTTVUKZ )HZLIHSS *VHJO
+LUU` ;OYVULI\YN ([OSL[PJ +PYLJ[VY
*\Z[VKPHU *\Z[VKPHU
7O`SSPZ .\`L[[L *\Z[VKPHU
+VU /HYK^PJR *\Z[VKPHU
9VILY[ /PSS *\Z[VKPHU
7H\S 0JLUVNSL 4HZ[LY .HYKULY
1HYYVSK 1LUUPUNZ *\Z[VKPHU
9VUHSK 1VULZ .YV\UKZRLLWLY
7HTLSH 4H`LY *\Z[VKPHU
:[L]L 4J+L]P[[ 4HPU[LUHUJL 00
9VILY[ 4J2LYYV^ *\Z[VKPHU
;OLVKVYL 4PSSLY *\Z[VKPHU
1PTTPL 9VZH .YV\UKZRLLWLY
9HUK` :LHTHU :LY]PJL >VYRLY
1HTLZ :OVV[ *\Z[VKPHU
1VK` :OYP]LY 4HPU[LUHUJL 00
)LUQHTPU ;VTHZLSSV *\Z[VKPHU
(Y[O\Y ;\YULY 3LHK *\Z[VKPHU
4PJOHLS ;\YULY
,YPJ /HTPS[VU
1LMMYL` 6KLY
*\Z[VKPHU
0UZ[P[\[PVUHS ,X\PWTLU[ ;LJOUPJPHU 00
+PYLJ[VY VM :\Z[HPUHIPSP[`
+PHUH >OP[L
1VOU /HTW[VU
3LZSPL 7HY[SV^
*\Z[VKPHU
7VSPJL 6MÄJLY
;YHMÄJ :HML[` 7YVNYHT :WLJPHSPZ[
*HZL` /HYSL`
2YPZ[H 7PJRLYPUN
;906 ;HSLU[ :LHYJO 6\[YLHJO (K]PZVY
-PUHUJPHS (UHS`Z[
)YPHU /HZRPUZ
2LSSP 7VWL
(K\S[ ,K\JH[PVU HUK ;YHUZP[PVU *VVYKPUH[VY
-PUHUJPHS (PK (JJV\U[HU[
4HYR /LUKLYZVU
;LJOUVSVN` HUK :\Z[HPUHIPSP[` :WLJPHSPZ[
05:;0;<;065(3 :<7769; :;(-(Y[O\Y (ILUK 1VOU +LLYL ;YHPULY 7YPU[ :OVW ;LJOUPJPHU
4HUHNLY 8\HSP[` 7YVNYHTZ :LY]PJLZ ¶ *)0
1HYLK )P[aHU
+LIYH /PULZ
;OVTHZ )HSLZ
1VOU +LLYL ;YHPULY
/\THU 9LZV\YJLZ (ZZPZ[HU[
.HY` )YHUZVU
1HJRPL /\KKSLZ[\U
2S\[OL ,SLJ[YVUPJ ,X\PWTLU[ ;LJOUPJPHU
+H]PK )\KKL +PYLJ[VY ,TLYNLUJ` :LY]PJLZ
3PZH *VSL 7YVNYHTTLY (UHS`Z[
:JV[[ 9H^SPUNZ 2YPZ[PUH 9LPKLY +\HS *YLKP[ :WLJPHSPZ[
(SL_ 9P[a 7VSPJL 6MÄJLY
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL = 7 MVY :[\KLU[ :LY]PJLZ
7H\SH 9VZPUL
(UKYLH 0TLZ
9`HU 9\OS
.YHWOPJ +LZPNULY
)LULÄ[Z *VVYKPUH[VY
1VOU +LLYL ;YHPULY
+H^U 1HIZ
9VU :HUKLYZVU
*;7+ :WLJPHS 7YVQLJ[Z ;LJOUPJPHU
*VVYKPUH[VY :WLJPHS 7YVQLJ[Z
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL = 7 MVY )\ZPULZZ :LY]PJLZ
:[LWOHUPL 1VOUZVU
;VU` :OHYW
(S[LYUH[P]L ,K\JH[PVU 0UZ[Y\J[VY
7YVNYHTTLY (UHS`Z[
)PHUJH *VZ[HU[PUV
)YPHU 2HP
*`U[OPH :O\WL
*VUUPL *VTW[VU
7VSPJL 6MÄJLY
>LI 3LHYUPUN :WLJPHSPZ[
/HUUHO *YURV]PJO
1HUH 2LSS`
-PUHUJPHS (PK =LYPÄJH[PVU :WLJPHSPZ[
>LITHZ[LY
1LZZPJH +H\NOLY[`
:HIYPUH 2PSL
(KTPZZPVUZ 9LWYLZLU[H[P]L
(S[LYUH[P]L ,K\JH[PVU 0UZ[Y\J[VY
3PZH +P[[HTVYL
3PUKH 2PTIHSS
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL = 7 MVY 0UZ[P[\[PVUHS (K]HUJLTLU[
)HZPJ 5\YZPUN (ZZPZ[HU[ *VVYKPUH[VY
;YHJP +V^
-V\UKH[PVU 6WLYH[PVUZ *VVYKPUH[VY
:PT\SH[PVU 3HI *VVYKPUH[VY
9OPHUUVU 2SPLY 1\K` 3HTI
9LILJJH ,HYW
*OPSK *HYL 3HI ;LHJOLY
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL = 7 MVY (JHKLTPJ :LY]PJLZ
3PZH 4HKSLT
1LUUPMLY -LYN\ZVU 4LKPH :WLJPHSPZ[
.HY` -PUJO *VTTLYJPHS +YP]LY ;YHPULY
7VSPJL :LYNLHU[
7H\SH :TP[O *VVYKPUH[VY VM ,UYVSSTLU[ :LY]PJLZ
:OLSI` :TP[O (S[LYUH[P]L ,K\JH[PVU 0UZ[Y\J[VY
;LYY` :TP[O ;YHPUPUN 9LZV\YJL :WLJPHSPZ[
=PJRPL :TP[O 4PJYVJVTW\[LY :\WWVY[ :WLJPHSPZ[
2LY^`U :[VSS
*OLSZLH 4J)YPKL
9HUKHSS :[YVOS
.YHU[Z :WLJPHSPZ[
1LUUPMLY 4LS[VU
-PUHUJPHS (PK 3VHU :WLJPHSPZ[
3HUH -\SSLY
*OHZL 4PSLT
,_LJ\[P]L (ZZPZ[HU[ [V [OL 7YLZPKLU[
1VOU +LLYL ;YHPULY ¶ (4: :WLJPHSPZ[
4H[[OL^ .PSSLU^H[LY
4HYPHUUH 4VMML[[
>LI 7YVNYHTTLY
(S[LYUH[P]L ,K\JH[PVU 0UZ[Y\J[VY
+PHUH .SVZZLY
+PYR 4\MÅLY
+PYLJ[VY VM 7LYRPUZ 7YVNYHTZ
(S[LYUH[P]L ,K\JH[PVU 0UZ[Y\J[VY
(HYVU /HJRLY
:\ZHU 5\NLU[
(K\S[ ,K\JH[PVU (K]PZVY
*OHK :TP[O
7YVMLZZPVUHS +L]LSVWTLU[ HUK (ZZLZZTLU[ -HJPSP[H[VY
+PYLJ[VY VM 0U[LYUH[PVUHS :[\KPLZ 7YVNYHTZ
(\Z[PU -YHUR
/PNO^H` *VUZ[Y\J[PVU *HYLLYZ ;YHPUPUN 7YVNYHT *VVYKPUH[VY
*;7+ :\WWVY[ ;LJOUPJPHU
1VOU +LLYL 7YV ;LJO +L]LSVWLY ;YHPULY ,SLJ[YVUPJHS :`Z[LTZ ;YHPUPUN :WLJPHSPZ[ ¶ *)0
*OLY`S :^PJR (K\S[ ,K\JH[PVU 0UMVYTH[PVU :`Z[LTZ :WLJPHSPZ[
1HZVU ;H`SVY 4PJYVJVTW\[LY :\WWVY[ :WLJPHSPZ[
:OHYVU <WOVMM *VSSLNL 5\YZL
;VKK =LUH[[H (ZZPZ[HU[ 5L[^VYR (KTPUPZ[YH[VY
)YLUKH =LUH[[H 7YVNYHTTLY (UHS`Z[
9HUK` >HYUZPUN
;YPZOH 2LP[O
1VOU +LLYL +L]LSVWLY *VVYKPUH[VY
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V (ZZVJPH[L = 7 MVY ,K\JH[PVUHS :LY]PJLZ
1HTLZ >LZ[LUKVYM :LY]LY (KTPUPZ[YH[VY
5H[OHU >LZ[LUKVYM 7YVNYHTTLY (UHS`Z[
:<7,9=0:69@ :;(-;VUP (UKYLZ
:[\KLU[ :LY]PJLZ :WLJPHSPZ[ 000 ¶ (KTPZZPVUZ
+PYLJ[VY VM (KQ\UJ[ -HJ\S[` 6MM *HTW\Z
*OLY`S 3LL
+\YI (ZRL^
2H[OLYPUL 2ULHYLT
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V ;906
+PYLJ[VY VM 7O`ZPJHS 7SHU[ 6WLYH[PVUZ
(S[LYUH[P]L ,K\JH[PVU *HZL^VYRLY
3PZH 3LPZJO
*OHYSLZ )V]HYK
2H[OLYPUL >PSSLUIVYN
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V *V\UZLSPUN :LY]PJLZ
+PYLJ[VY VM >VYRMVYJL ;YHPUPUN
;OVTHZ )\[SLY
4HYSLUL 4LLR (KTPUPZ[YH[P]L (ZZPZ[HU[ [V :[\KLU[ 3PML
(ZZPZ[HU[ +PYLJ[VY VM 7O`ZPJHS 7SHU[ 6WLYH[PVUZ
*H[O` 4VU[NVTLY`
(UKYLH +HPS`
4HYPHO >OP[L
0+6; 8* 8( 7YVNYHT :WLJPHSPZ[
4PJOHLS >VSM 1VOU +LLYL ;YHPULY
=PJ[VYPH AL[LY ;906 (K]PZPUN *V\UZLSVY
7(9(796-,::065(3 :;(-)HYIHYH (Y[O\Y 7H`YVSS :WLJPHSPZ[
7HTLSH )HY[SL[[ (KTPUPZ[YH[P]L (ZZPZ[HU[ [V (SSPLK /LHS[O ¶ +LU[HS
;HTT` )VLZLY (KTPUPZ[YH[P]L (ZZPZ[HU[ [V (NYPJ\S[\YL HUK ;LJOUVSVN`
(UKYLH )YPNO[ :[\KLU[ :LY]PJLZ :WLJPHSPZ[ 000 ¶ (KTPZZPVUZ
(WYPS )`HYK (KTPUPZ[YH[P]L (ZZPZ[HU[ [V *LU[LY MVY )\ZPULZZ 0UK\Z[Y` 6WLYH[PVUZ
+LIYH +HTTLYTHU
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V /\THUP[PLZ
)\ZPULZZ (UHS`Z[
4LNHU 5LSZVU
+H]PK ,HYW
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL +PYLJ[VY VM *VTT\UPJH[PVUZ *YLH[P]L :LY]PJLZ
7YPU[ 4HPS :LY]PJLZ :\WLY]PZVY
:[L]L ,HZ[LYKH`
1HUL 7S\TTLY
*\Z[VKPHS :LY]PJLZ :\WLY]PZVY
:[\KLU[ :LY]PJLZ :WLJPHSPZ[ 0
9HUK` ,Y]PU
3LL 7VMÄUIHYNLY
*OPLM VM 7VSPJL
:[\KLU[ :LY]PJLZ :WLJPHSPZ[ 000 ¶ (KTPZZPVUZ
:OLPSH /\NOLZ
*OHYSV[[L 9H[SPMM
*OYPZ[PUH 2YHTLY
3PIYHY` *H[HSVNPUN (JX\PZP[PVUZ (ZZPZ[HU[
*H[OLYPUL 9LUULSZ (KTPUPZ[YH[P]L (ZZPZ[HU[ [V -PLSK /V\ZL 6WLYH[PVUZ
)YL[[ 9VILY[Z 3PIYHY` *PYJ\SH[PVU (ZZPZ[HU[
4HY` 9VNLYZ (KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL +PYLJ[VY VM *VTT\UP[` 7YVMLZZPVUHS 7YVNYHTZ
)VVRZ[VYL (ZZPZ[HU[
3PZH :[L]LUZ
4PJOLSSL .PSS
:[\KLU[ :LY]PJLZ :WLJPHSPZ[ 000 ¶ (KTPZZPVUZ
(JJV\U[PUN (ZZPZ[HU[ 00 ¶ (JJV\U[Z 7H`HISL
:[HJL` /HRTHU (JJV\U[PUN (ZZPZ[HU[ 00 ¶ (JJV\U[Z 9LJLP]HISL
(\KYL` /\MMTHZ[LY )VVRZ[VYL (ZZPZ[HU[
(UNLSH 0UTHU
9LILJJH :[YVOS *;7+ (\KPV =PZ\HS ;LJOUPJHS (ZZPZ[HU[
*OYPZ[PUL :[YVOS (KTPUPZ[YH[P]L (ZZPZ[HU[ [V (SSPLK /LHS[O ¶ 5\YZPUN
9LILJJH ;H`SVY 4HPSYVVT (ZZPZ[HU[
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V [OL 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU HUK ;LJOUVSVN`
2PTILYS` >LSSIH\T
7HTLSH 2HP
9PJOLSSL A\/VUL
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V *HYLLY :LY]PJLZ
(JJV\U[PUN (ZZPZ[HU[ 00 ¶ *HZOPLY
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V 7O`ZPJHS 7SHU[ 6WLYH[PVUZ
+PYLJ[VY VM *OPSK *HYL 3HIVYH[VY` +PYLJ[VY VM (\_PSPHY` :LY]PJLZ
2HYLU 2\SS +PYLJ[VY VM 2S\[OL *LU[LY MVY /0NOLY ,K\JH[PVU HUK ;LJOUVSVN`
2HYSH 4PSSLY +PYLJ[VY VM [OL 3LHYUPUN (ZZPZ[HUJL *LU[LY
4HYR 4VOSLUOVMM +PYLJ[VY ;906 :[\KLU[ :\WWVY[ :LY]PJLZ
1VOUUH 4VYLJYHM[ +PYLJ[VY VM *VTT\UP[` HUK 7YVMLZZPVUHS 7YVNYHTZ
3VYP 6OULZVYNL +PYLJ[VY ;906 ;HSLU[ :LHYJO
(S[OLH 7LUKLYNHZ[ (S[LYUH[P]L ,K\JH[PVU *VVYKPUH[VY
3PZH :O\THYK :OLS[VU +PYLJ[VY 5L^ :[\KLU[ (KTPZZPVUZ
)YLU[ ;VKK +PYLJ[VY VM +\HS *YLKP[
>PSSPHT >HYMLS :`Z[LTZ 7YVNYHTTLY 5L[^VYR (KTPUPZ[YH[VY
*VYYLJ[PVUZ -HJ\S[` :[HMM
;PTV[O` >H[ZVU
7H[YPJPH )\YJOL[[
(ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : <UPVU <UP]LYZP[` 4 : 6HRSHUK *P[` <UP]LYZP[`
*VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
*699,*;065: (+4050:;9(;065
7H\S >PSZVU
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
1VOU (SSLU (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[` 4 : <UP]LYZP[` VM 0SSPUVPZ
/HYVSK )HOUL` (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : 0SSPUVPZ :[H[L <UP]LYZP[`
1LUUPMLY )PSSPUNZSL` +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ¶ 5VY[OLYU 9LNPVU ) : 0SSPUVPZ >LZSL`HU <UP]LYZP[` 4 ( >LZ[LYU 0SSPUVPZ <UP]LYZP[`
4HYNHYL[ )SHPY (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) ( 6SP]L[ 5HaHYLUL <UP]LYZP[`
.SLU +VUHSKZVU (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
:[L]LU +YHRL (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[`
(SPJL /VS[aOV\ZLY (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ 4 ) ( 4PZZV\YP :[H[L <UP]LYZP[` ) : <UP]LYZP[` VM 4PZZV\YP
*OYPZ[PUL 3LOY *VYYLJ[PVUHS :P[L +PYLJ[VY ) : >LZ[LYU 0SSPUVPZ <UP]LYZP[`
1HTLZ 4J*VUULSS
(ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) ( >LZ[LYU 0SSPUVPZ <UP]LYZP[` 1 + 5VY[OLYU 0SSPUVPZ <UP]LYZP[` 3H^ :JOVVS 4 ( >LZ[LYU 0SSPUVPZ <UP]LYZP[` +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ¶ :V\[OLYU 9LNPVU ) ( 0UKPHUH <UP]LYZP[` 4 ( >LZ[LYU 0SSPUVPZ <UP]LYZP[`
*VYYLJ[PVUHS 6MÄJL (ZZPZ[HU[
*H[OLL *SH\ZLU
;OVTHZ AHIVYHJ
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
(ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : >LZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : >LZ[LYU 0SSPUVPZ <UP]LYZP[`
*699,*;065(3 -(*<3;@ )YHKSL` )YHUUVU /VY[PJ\S[\YL 0UZ[Y\J[VY
5H[OHU 4PSSLY *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
9VUUPL >HYULY (\[V )VK` 0UZ[Y\J[VY (\[VTV[P]L *LY[PÄJH[L
:HT\LS *VS\TI\Z *VYYLJ[PVUHS (\[VTV[P]L ;LJOUVSVN` 0UZ[Y\J[VY
7LNN` *VVWLY *VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
1\SPL *VYUPUN *VYYLJ[PVUHS 6MÄJL (ZZPZ[HU[
=PYNPS *V_ *VYYLJ[PVUHS (\[V ;LJOUVSVN` 0UZ[Y\J[VY
2HSLP +H` *VYYLJ[PVUHS 6MÄJL (ZZPZ[HU[ *VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
)PSS` (KHTZ
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
*VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHS 0UZ[Y\J[VY
9VILY[ +H^K`
)YVVRL +LUUPZ[VU
4\YYH` (SMVYK
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
.YLNN +VN^PSLY
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY *VYYLJ[PVUHS *\Z[VKPHS 4HPU[LUHUJL 0UZ[Y\J[VY
/HYY` )LSS *VYYLJ[PVUHS >LSKPUN 0UZ[Y\J[VY
.LUV )YVZTHU *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
*VYYLJ[PVUHS :P[L +PYLJ[VY ( ( 9LUK 3HRL *VSSLNL ) : :V\[OLYU 0SSPUVPZ <UP]LYZP[`
+HYSLUL )YV^U
;OVTHZ ;OLPZZ
*VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
(ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) ( :V\[OLYU 0SSPUVPZ <UP]LYZP[` ,K^HYKZ]PSSL 4 ( <UP]LYZP[` VM 0SSPUVPZ :WYPUNÄLSK
4PUH *VSLTHU
*699,*;065(3 05:;9<*;69: :;(--
1VOU )LH]LYZ
7LUU` 4\YWO`
*VYYLJ[PVUZ 6MÄJL (ZZPZ[HU[
2H[PL +H]PKZVU
+LUUPZ 4POSIHJOSLY
(ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : 0SSPUVPZ :[H[L <UP]LYZP[` 4 ( 7HJPÄJ :[H[L <UP]LYZP[`
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
4HY` *HY`
3VYHUKH )HURLY
(SHU 4VY[LUZLU
+H]PK *HYY
)YHUKVU @V\UN
*VYYLJ[PVUHS :P[L +PYLJ[VY ( ( :V\[OLHZ[LYU 0SSPUVPZ *VSSLNL ) ( ,HZ[LYU 0SSPUVPZ <UP]LYZP[` (ZZVJPH[L +LHU VM *VYYLJ[PVUHS 7YVNYHTZ ) : ,K ,HZ[LYU 0SSPUVPZ <UP]LYZP[` 4 : 4 5H[PVUHS 3V\PZ <UP]LYZP[`
4HYJPL )\Y[VU
*VYYLJ[PVUHS 6MÄJL (ZZPZ[HU[
+L^H`UL )YV^U
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
4HYJPH +VYTPYL *VYYLJ[PVUHS 6MÄJL (ZZPZ[HU[
1VZLWO +\YIPU *VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
3PUKH ,KT\UKZ *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
)VUUPL ,SZL` *VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
1VOU -LUULSS` *VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
*OHYSLZ -VSSV^LSS *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
1LMMYL` .HY^VVK
7HTLSH 4\YWO`
3PZH :OVVR
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
*VYYLJ[PVUHS =VJH[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
1\SPL /HYYPZ
.PUNLY 4\YYH`
*VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
)L]LYS` /LTYPJO *VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
*PUK` 5PJOVSZVU
=PJRPL /LYTHU
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
*VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
1LUUPMLY /VNHU *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
9PJR /\U[LY
9PJOHYK 5PUULZZ *VYYLJ[PVUHS >HYLOV\ZL 0UZ[Y\J[VY
1VOU 5V^HR *VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
9PJR 6K\T
>PSSPHT 1HJRZVU
*VYYLJ[PVUHS (\[VTV[P]L ;LJOUVSVN` 0UZ[Y\J[VY
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
9PJOHYK 2LSSLY
5PJVSL 6ZIVYUL *VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
*VYYLJ[PVUHS 7YPU[PUN ;LJOUVSVN` 0UZ[Y\J[VY
9PJOHYK 7H[LYH
(IPNHPS 2LYROVMM
/HSL` 7LYaLL
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
9`HU 2SH\ZLY
)YPHU 7L[LYZ
*VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
;` 2ULILS
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
*VYYLJ[PVUHS (\[V )VK` 0UZ[Y\J[VY
4PJOHLS 7VSPJOH
1LUUPMLY 3HUNL
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
(KTPUPZ[YH[P]L (ZZPZ[HU[ [V *VYYLJ[PVUHS 7YVNYHTZ
+V\NSHZ 3H\TIH[[\Z *VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
1HTLZ 4J*YH` *VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
*H[OHY`U 4LPUZ
)YHK :SHURHYK
(T` :TP[O *VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
4PYHUKH :TP[O *VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
*HYVS`U :W\YSPUN *VYYLJ[PVUHS *VZTL[VSVN` 0UZ[Y\J[VY
=PUJLU[ :[HUSL` *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
2LP[O :[L]LUZVU *VYYLJ[PVUHS >HYLOV\ZPUN 0UZ[Y\J[VY
(UUH :[\IISLÃ&#x201E;LSK *VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
9\Z[` ;VSSL` *VYYLJ[PVUHS (\[V ;LJOUVSVN` 0UZ[Y\J[VY
4PJOHLS ;\JR *VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
*VSSLLU ;\YULY *VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
)YLU[ <YMLY
2L]PU 7VSSP[[
*VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHS 0UZ[Y\J[VY
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
:OH\U[H` =HUOVVZLY
:\aHUUL 7VY[LY *VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
.LVYNL 7YPJL *VYYLJ[PVUHS *\Z[VKPHS 0UZ[Y\J[VY
*VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
)L]LYS` >HSRLY *VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
1LZZL >HYKLU
*VYYLJ[PVUHS /VY[PJ\S[\YL 0UZ[Y\J[VY
-YHUR 9VVR
*VYYLJ[PVUHS *VTTLYJPHS *VVRPUN 0UZ[Y\J[VY
2LU[VU 4LYZOVU
*VYYLJ[PVUHS (\[VTV[P]L ;LJOUVSVN` 0UZ[Y\J[VY
3VYP >H[[Z
*VYYLJ[PVUHS 9LTLKPHS )YPKNL 0UZ[Y\J[VY
5HUJ` 4PJOHLS
4HY[PU :JOUVYM
*VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
1VOU >PSSPHTZ
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
+H^U 4PSSLY
;VUP :JV[[
+HUHS`U >PSZVU >LZ[
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY
7LNN` 4VUYVL *VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
*VYYLJ[PVUHS 6MÃ&#x201E;JL (ZZPZ[HU[
1HJRPL :OHMMLY
*VYYLJ[PVUHS 1VI 7YLWHYLKULZZ 0UZ[Y\J[VY *VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
5HUJ` >VVK
1LHUUL 4VVYL
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
*VYYLJ[PVUHS :LY]PJL +VN ;YHPUPUN 0UZ[Y\J[VY
:[L]LU :OHSLZ
)YPHU 4V`LYZ
*VYYLJ[PVUHS (\[V )VK` 0UZ[Y\J[VY
*VYYLJ[PVUHS *VTTLYJPHS *\Z[VKPHU 0UZ[Y\J[VY
+H]PK :OHYWL
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
*VYYLJ[PVUHS *VUZ[Y\J[PVU 6JJ\WH[PVUZ 0UZ[Y\J[VY
4HY` >\Y[aILYNLY
9VUUH 4V`LYZ *VYYLJ[PVUHS *VZTL[VSVN` 0UZ[Y\J[VY
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
4HY` >VYSL`
*VYYLJ[PVUHS *HYLLY ;LJOUVSVN` 0UZ[Y\J[VY
0UKL_
0UKL_ ( (IV\[ [OL *VSSLNL (*; :JVYLZ (JHKLTPJ (K]PZLTLU[ (JHKLTPJ *HSLUKHY (JHKLTPJ +PZTPZZHS (JHKLTPJ /VUVYZ (JHKLTPJ 3VHK (JHKLTPJ 7YVIH[PVU (JHKLTPJ :[HUKHYKZ 9LN\SH[PVUZ (JHKLTPJ :\ZWLUZPVU (JJV\U[PUN (JJV\U[PUN (K]PZVY` *VTTP[[LL (JJYLKP[H[PVU (KKPUN *V\YZLZ (KTPUPZ[YH[PVU (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ ,_LJ\[P]L (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 3LNHS (KTPUPZ[YH[P]L (ZZPZ[HU[ ¶ 4LKPJHS (KTPZZPVU 7VSPJ` (KTPZZPVUZ (KTPZZPVUZ 9LJVYKZ (+5 ¶ (ZZVJPH[L +LNYLL PU 5\YZPUN (+5 ¶ (ZZVJPH[L +LNYLL PU 5\YZPUN ;YHJR (K\S[ )HZPJ ,K\JH[PVU (K\S[ ,K\JH[PVU (K\S[ 3P[LYHJ` (K]HUJLK (\[VTH[PVU HUK *VU[YVS ;LJOUVSVN` (K]HUJLK 7SHJLTLU[ (7 7YVNYHT (K]PZVY` *VTTP[[LLZ (LYVUH\[PJZ (MÃ&#x201E;YTH[P]L (J[PVU (N 4HJOPULY` :HSLZ (N 7V^LY ;LJOUVSVN` (N 7YVMLZZPVUHS *\Z[VT (WWSPJH[PVU (N ;LJO (K]PZVY` *VTTP[[LL (NYPJ\S[\YL (NYPJ\S[\YL (K]PZVY` *VTTP[[LL (NYPJ\S[\YL )\ZPULZZ (NYPJ\S[\YL )\ZPULZZ :\WWS` (NYPJ\S[\YL 7YVK\J[PVU 4HUHNLTLU[ (NYPJ\S[\YL ;LJOUPJHS 7YVNYHTZ (NYPJ\S[\YL ;YHUZMLY (SSPLK /LHS[O (S[LYUH[P]L (NYPJ\S[\YL 7YVK\J[PVU (S\TUP (ZZVJPH[PVU (U[OYVWVSVN` (WWS`PUN ,UYVSSPUN 6USPUL (Y[ (Y[PJ\SH[PVU (NYLLTLU[Z (ZZLZZTLU[ (ZZVJPH[L +LNYLL PU 5\YZPUN ;YHJR (ZZVJPH[L +LNYLL PU 5\YZPUN (ZZVJPH[L PU (WWSPLK :JPLUJL +LNYLL (ZZVJPH[L PU (Y[Z +LNYLL (ZZVJPH[L PU ,UNPULLYPUN :JPLUJL +LNYLL (ZZVJPH[L PU 3PILYHS (Y[Z +LNYLL (ZZVJPH[L PU 3PILYHS :[\KPLZ +LNYLL (ZZVJPH[L PU :JPLUJL +LNYLL ([OSL[PJZ ([OSL[PJ :[HMM
([[LUKHUJL 7VSPJ` (\KP[ *V\YZL (\[VTV[P]L )VK` (\[VTV[P]L 4LJOHUPJ (\[VTV[P]L ;LJOUVSVN` (\[VTV[P]L ;LJOUVSVN` (K]PZVY` *VTTP[[LL ) )HZPJ (ZZLZZTLU[ ¶ )HZPJ 5\YZL (ZZPZ[PUN 7YVNYHT )PV ZJPLUJL )PVSVNPJHS :JPLUJL 5VU ;LHJOPUN )PV[LJOUVSVN` )VHYK VM ;Y\Z[LLZ )VVRZ[VYL )YVHKJHZ[ (UUV\UJPUN )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` )\PSKPUN *VUZ[Y\J[PVU ;LJOUVSVN` (K]PZVY` *VTTP[[LL )\ZPULZZ (KTPUPZ[YH[PVU )\ZPULZZ *V\YZLZ )\ZPULZZ ,K\JH[PVU )\ZPULZZ ;LJOUPJHS 7YVNYHTZ * *(+ *(+ *04 (K]PZVY` *V\UJPS *HML[LYPH :[\KLU[ <UPVU 3HRLY 7VPU[ *HSLUKHY (JHKLTPJ *HTW\Z 4HW *HTW\Z :JOLK\SPUN *HYLLY *LU[LY *HYLLY :LY]PJLZ *LU[LY MVY )\ZPULZZ 0UK\Z[Y` *LU[LY MVY ;LJOUVSVN` 7YVMLZZPVUHS +L]LSVWTLU[ *LY[PÃ&#x201E;JH[LZ *OHUNL VM 7YVNYHT *OHYNLIHJRZ 6\[ VM +PZ[YPJ[ (\[OVYPaH[PVU *OLTPZ[Y` *OPSK -HTPS` :LY]PJLZ *OPSK *HYL :LL ,HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU *OPSK *HYL *LU[LY *P]PS ,UNPULLYPUN ;LJOUVSVN` *P]PS ,UNPULLYPUN ;LJOUVSVN` *V 6W *P]PS ,UNPULLYPUN ;LJOUVSVN` (K]HUJLK ;LJOUPJHS :[\KPLZ *P]PS ,UNPULLYPUN ;LJOUVSVN` (K]PZVY` *VTTP[[LL *3,7 ,_HTPUH[PVUZ *SPUPJHS 3HI :JPLUJL *S\IZ *VSSLNL (JOPL]LTLU[Z /PZ[VY` ¶ *VSSLNL )VHYK VM ;Y\Z[LLZ *VSSLNL *HSLUKHY *VSSLNL *SVZPUN *VSSLNL 3PML *VSSLNL -V\UKH[PVU *VSSLNL 7LYZVUULS *VTTLYJPHS ;Y\JR +YP]LY ;YHPUPUN *VTT\UPJHISL +PZLHZLZ *VTT\UP[` 3LHYUPUN
*VTT\UP[` 7YVMLZZPVUHS 7YVNYHTZ *VTWHZZ *VTW\[LY (PKLK +LZPNU *VTW\[LY (PKLK +YHM[PUN *(+ *VTW\[LY (WWSPJH[PVUZ :WLJPHSPZ[ *VTW\[LY .HTL +L]LSVWTLU[ *VTW\[LY 0UMVYTH[PVU :`Z[LTZ *V\YZLZ *VTW\[LY 0U[LNYH[LK 4HU\MHJ[\YPUN ;LJOUVSVN` *VTW\[LY 7YVNYHTZ ZLL )\ZPULZZ *VTW\[LY ;LJOUPJPHU *VTW\[LY ;YV\ISLZOVV[PUN *VUZLY]H[PVU ¶ 7YL -VYLZ[Y` *VUZLY]H[PVU ¶ 7YL >PSKSPML *VU[PU\PUN ,K=LU[\YLZ *VVWLYH[P]L (NYLLTLU[Z ^P[O 6[OLY *VTT\UP[` *VSSLNL +PZ[YPJ[Z *VVWLYH[P]L >VYRZ[\K` 7YVNYHT *VYYLJ[PVUZ -HJ\S[` :[HMM *VZTL[VSVN` *VZTL[VSVN` ;YHJR *VZTL[VSVN` (K]PZVY` *VTTP[[LL *VZTL[VSVN` 5HPS ;LJOUVSVN` *VZTL[VSVN` 5HPS ;LJOUVSVN` ;YHJR *VZTL[VSVN` ;LHJOLY *V\UZLSPUN :LY]PJLZ *V\YZL +LZJYPW[PVUZ *V\YZL -LLZ *V\YZL 5\TILYPUN :`Z[LT *V\YZL 7YVÃ&#x201E;JPLUJ` *V\YZL >P[OKYH^HS *YLKP[ (K]HUJLK 7SHJLTLU[ 7YVNYHT *SLW ,_HT *YPTPUHS 1\Z[PJL *YVW 7YVK\J[PVU *\Z[VKPHS 4HPU[LUHUJL :[HMM + +LNYLLZ *LY[PÃ&#x201E;JH[LZ +LNYLL *LY[PÃ&#x201E;JH[L 9LX\PYLTLU[Z ;LJOUPJHS +LNYLL 9LX\PYLTLU[Z ;YHUZMLY +LU[HS (K]PZVY` *VTTP[[LL +LU[HS /`NPLUL +LU[HS /`NPLUL ;YHJR +LZR[VW 7\ISPZOPUN .YHWOPJ +LZPNU +LZR[VW 7\ISPZOPUN (K]PZVY` *VTTP[[LL +L]LSVWTLU[ 6MÃ&#x201E;JL +PNP[HS 4LKPH :WLJPHSPZ[ +PYLJ[VY` 0UMVYTH[PVU +PZTPZZHS (JHKLTPJ +PZ[HUJL 3LHYUPUN +PZ[YPJ[ 4HW +PZ[YPJ[ 9LZPKLU[Z +YVWWPUN *V\YZLZ +\HS *YLKP[ , ,HYS` (K]HU[HNL 3,(7 , *VTTLYJL 4HYRL[PUN ,HYS` *OPSKOVVK *HYL HUK ,K\JH[PVU ,HYS` *OPSKOVVK ,K\JH[PVU (K]PZVY` *VTTP[[LL ,HY[O :JPLUJL
,HZ[LYU 9LNPVU *LU[LY ,JVUVTPJZ ,K\JH[PVU ,SLTLU[HY` ,K\JH[PVUHS .\HYHU[LL ,MÃ&#x201E;UNOHT 2S\[OL *LU[LY ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` ,SLJ[YVUPJ ,UNPULLYPUN ;LJOUVSVN` (K]PZVY` *VTTP[[LL ,SLJ[YVUPJ *VTT\UPJH[PVU ;LJOUPJPHU ,SLJ[YVUPJ *VU[YVS ;LJOUVSVN` ,SLJ[YVUPJ 9LM\UKZ ,SLJ[YVUPJ :`Z[LT :WLJPHSPZ[ ,SLTLU[HY` ,K\JH[PVU ,THPS (JJV\U[Z ,TLYNLUJ` 4LKPJHS :LY]PJLZ ,TLYNLUJ` 4LKPJHS :LY]PJLZ (K]PZVY` *VTTP[[LL ,TLYNLUJ` 4LKPJHS ;LJO ,UNPULLYPUN ;YHUZMLY 7YVNYHT ,UNSPZO ,UNSPZO HZ H :LJVUK 3HUN\HNL ,UYVSSTLU[ 7YVJLZZ ,UYVSSTLU[ 9LX\PYLTLU[Z +LNYLL :LLRPUN ,UYVSSTLU[ 9LX\PYLTLU[Z 5VU KLNYLL :LLRPUN ,UYVSSTLU[ 9LX\PYLTLU[Z /PNO :JOVVS :[\KLU[Z ,U[YLWYLUL\YZOPW ¶ :THSS )\ZPULZZ 6^ULYZOPW ,U]PYVUTLU[HS :JPLUJL ,Z[OL[PJZ ,Z[OL[PJZ ;YHJR ,_HTPUH[PVUZ ,_WLYPLU[PHS *YLKP[ 3PML ,_WLYPLUJL *YLKP[ ,_[LUZPVU *LU[LYZ -HJ[Z 7H`TLU[ 7SHU -HJ\S[` -HTPS` ,K\JH[PVU 7YVNYHT -LKLYHS -LLZ -PUHS ,_HTZ -PUHUJPHS (PK -PUHUJPHS (PK +L[LYTPUPUN ,SPNPIPSP[` -PUHUJPHS (PK 3VHUZ .YHU[Z -PUHUJPHS (PK 4HQVY 7YVNYHTZ -PUHUJPHS (PK :[HUKHYKZ VM :H[PZMHJ[VY` (JHKLTPJ 7YVNYLZZ -PUHUJPHS (PK =LYPÃ&#x201E;JH[PVU -PUHUJPHS (PK 9LM\UK 9LWH`TLU[ -PUHUJPHS (PK 9LUL^HS -PUHUJPHS (PK :\TTLY ;LYT -PUHUJPHS (PK =L[LYHUZ 9LZLY]PZ[Z -PUHUJPHS 0UMVYTH[PVU (ZZPZ[HUJL -PUKPUN H 1VI -PYL :JPLUJL ;LJOUVSVN` -PYL :JPLUJL ;LJOUVSVN` (K]PZVY` *V\UJPS -PZO >PSKSPML 7YL *VUZLY]H[PVU -VYLPNU 3HUN\HNL -VYLZ[Y` 7YL *VUZLY]H[PVU -VYZ`[OL *LU[LY -V\UKH[PVU -V\UKH[PVU :JOVSHYZOPWZ
. .,+ ¶ .LULYHS ,K\JH[PVU +L]LSVWTLU[ .LULYHS ,K\JH[PVU .VHSZ .LULYHS ,K\JH[PVU 9LX\PYLTLU[Z .LVNYHWO` .LVNYHWOPJ 0UMVYTH[PVU :`Z[LTZ .0: *LY[PÃ&#x201E;JH[L .LVZWH[PHS ;LJOUVSVN` .VHSZ 4PZZPVU .YHKL (WWLHSZ .YHKL ,_JS\ZPVU .YHKL 7VPU[ (]LYHNL .YHKLZ .YHK\H[PVU 9LX\PYLTLU[Z .YHK\H[PVU ^P[O /VUVYZ .YHU[Z 3VHUZ .\HYHU[LL / /HYHZZTLU[ 7VSPJ` /LHS[O 0UMVYTH[PVU 4LKPJHS *VKPUN 6USPUL ((: +LNYLL /LHS[O ,K\JH[PVU /LHS[O :LY]PJLZ /LH[PUN 9LMYPN (PY *VUKP[PVUPUN /PNO :JOVVS :[\KLU[Z /PNO^H` *VUZ[Y\J[PVU *HYLLYZ ;YHPUPUN /PZ[VY` /PZ[VYPJHS :\TTHY` ¶ /VUVYZ (JHKLTPJ /VUVYZ .YHK\H[PVU /VUVYZ 7YVNYHT /VY[PJ\S[\YL /VY[PJ\S[\YL 7YVK\J[PVU 3HUKZJHWL /V\ZPUN /\THUP[PLZ /\THUP[PLZ *VTT\UPJH[PVU /\THU 9LSH[PVUZ /\THU 9LZV\YJLZ /\THU :LY]PJLZ /\THU :LY]PJLZ (K]PZVY` *VTTP[[LL 0 0SSPUVPZ (Y[PJ\SH[PVU 0UP[PH[P]L 0SSPUVPZ *VTT\UP[` *VSSLNLZ 6USPUL 0SSPUVPZ =PY[\HS *HTW\Z 0UJVTWSL[L *V\YZL 0UKLWLUKLU[ :[\K` 0UKPHUH 9LZPKLU[Z ;\P[PVU 0UK\Z[YPHS 4HPU[LUHUJL 0UMVYTH[PVU ;LJOUVSVN` 0UMVYTH[PVU ;LJOUVSVN` (K]PZVY` *VTTP[[LL 0UMVYTH[PVU ;LJOUVSVN` *VTW\[LY (WWSPJH[PVUZ 0UMVYTH[PVU ;LJOUVSVN` *VTW\[LY .HTL +L]LSVWTLU[ 0UMVYTH[PVU ;LJOUVSVN` +PNP[HS 4LKPH :WLJPHSPZ[ 0UMVYTH[PVU ;LJOUVSVN` 5L[^VYR (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` 7YVNYHTTPUN 0UMVYTH[PVU ;LJOUVSVN` ;YHPUPUN 0UMVYTH[PVU ;LJOUVSVN` >LI ;LJOUVSVN`
0UZ[P[\[PVUHS :\WWVY[ :[HMM 0UZ[Y\J[VY >P[OKYH^HSZ MYVT *V\YZLZ 0UZ[Y\TLU[H[PVU *VU[YVS ;LJOUVSVN` 0U[LUZP]L ,UNSPZO 3HUN\HNL 7YVNYHT 0U[LU[ [V ,UYVSS 0U[LYJVSSLNPH[L ([OSL[PJZ 0U[LYUH[PVUHS :[\KLU[Z 0U[LYUH[PVUHS :[\KPLZ 7YVNYHTZ 0U[LYUL[ *V\YZLZ 0U[LYUL[ 9LNPZ[YH[PVU 0UMVYTH[PVU :`Z[LT 090: 0U[YHT\YHS ([OSL[PJZ 0U[YVK\J[PVU [V .0: 1 1VOU +LLYL ;LJO 1VOU +LLYL ;LJO (K]PZVY` *VTTP[[LL 1V\YUHSPZT 7OV[VNYHWO` 1\Z[PJL *YPTPUHS 2 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU ;LJOUVSVN` 2S\[OL *LU[LY MVY /PNOLY ,K\JH[PVU ;LJOUVSVN` (K]PZVY` *V\UJPS 3 3HRLY 7VPU[ 3,(7 3LHYUPUN (ZZPZ[HUJL *LU[LYZ 3LHYUPUN 9LZV\YJL *LU[LY =PYNPS / 1\KNL 3PILYHS (Y[Z 3PILYHS :[\KPLZ (ZZVJPH[L +LNYLL 3PIYHY` 3PML ,_WLYPLUJL *YLKP[ ,_WLYPLU[PHS *YLKP[ 3P[LYH[\YL 3P]LZ[VJR 1\KNPUN ;LHT ;:( 3P]LZ[VJR 7YVK\J[PVU 3VHUZ -PUHUJPHS (PK 4 4HJOPUL ;VVS ;LJOUVSVN` 4HUHNLTLU[ 4HUHNLTLU[ 4HYRL[PUN (K]PZVY` *VTTP[[LL 4HU\MHJ[\YPUN ;LJOUVSVN` *VTW\[LY 0U[LNYH[LK 4HW VM *VSSLNL *HTW\Z 4HW VM *VSSLNL +PZ[YPJ[ 4HYRL[PUN 4HYZOHSS ,HZ[LYU 9LNPVU *LU[LY 4HZZHNL ;OLYHW` 4HZZHNL ;OLYHW` ;YHJR 4HZZHNL ;OLYHW` (K]PZVY` *V\UJPS 4H[O :JPLUJL 4H[OLTH[PJZ 4H[OLTH[PJZ ,K\JH[PVU 4LJOHUPJHS ¶ ,SLJ[YPJHS 0UK\Z[YPHS 4HPU[LUHUJL (K]PZVY` *VTTP[[LL 4LJOHUPJHS ¶ ,SLJ[YPJHS ;LJOUVSVN` 4LKPJHS *VKPUN :WLJPHSPZ[ 4LKPJHS 3HIVYH[VY` ;LJOUVSVN` 7YL 4LKPJHS ;YHUZJYPW[PVUPZ[
4LKPJPUL 7YL 4PSP[HY` +\[` :[\KLU[ *HSS [V 4PSP[HY` :JPLUJL 4PZZPVU :[H[LTLU[ 4\ZPJ 5 5HPS ;LJOUVSVN` *VZTL[VSVN` 5HUU` *OPSK *HYL 7YV]PKLY 5H]PNH[VY 5L[^VYR (KTPUPZ[YH[PVU 0UMVYTH[PVU ;LJOUVSVN` 5L^ZWHWLY :[\KLU[ 5\YZPUN (K]PZVY` *VTTP[[LL 5\YZPUN (+5 5\YZPUN 7YHJ[PJHS 5VU YLZPKLUJ` :[H[\Z ;\P[PVU 6 6JJ\WH[PVUHS 7YVNYHT .\HYHU[LL 6MM *HTW\Z :P[LZ 6MÃ&#x201E;JL (ZZPZ[HU[ 9LJLW[PVUPZ[ 6MÃ&#x201E;JL 4HUHNLTLU[ 6MÃ&#x201E;JL ;LJOUVSVN` (K]PZVY` *VTTP[[LL 6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ .LULYHS 6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 4LKPJHS 6MÃ&#x201E;JL ;LJOUVSVN` :RPSSZ ¶ 46: 6USPUL 3LHYUPUN 6YNHUPaH[PVUZ :[\KLU[ 6YPLU[H[PVU 6\[ VM +PZ[YPJ[ :[\KLU[Z *OHYNLIHJRZ 6\[JVTLZ (ZZLZZTLU[ 7 7(3 7HYRPUN 7HYHTLKPJHS :LY]PJLZ 7HYHWYVMLZZPVUHS :[HMM 7HYHWYVMLZZPVUHS ,K\JH[PVU ;LHJOLY (PKL 7HY[ULYZOPWZ MVY *VSSLNL HUK *HYLLY :\JJLZZ 7H[O^H`Z [V [OL -\[\YL 7H`TLU[ VM ;\P[PVU -LLZ 7LYRPUZ 7YVNYHT 7LYZVUULS 7OHYTHJ` 7YL 7OPSVZVWO` 7O`ZPJZ 7O`ZPJHS ,K\JH[PVU 7O`ZPJHS :JPLUJL 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ ;YHJR 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ 7O`ZPJHS ;OLYHWPZ[ (ZZPZ[HU[ (K]PZVY` *VTTP[[LL 7SHJLTLU[ ;LZ[PUN 7VSPJL +LWHY[TLU[ 7VSP[PJHS :JPLUJL 7VSPJPLZ 7YVJLK\YLZ 7YVNYHTZ 7VZ[PUN H 1VI 6WLUPUN 7V^LY 7SHU[ 4LJOHUPJ 7V^LY 7SHU[ ;LJOUVSVN` 7YHJ[PJHS 5\YZPUN 7YHJ[PJHS 5\YZPUN ;YHJR 7YLZPKLU[»Z >LSJVTL 7YL *OPYVWYHJ[PJ 7YL +LU[PZ[Y` 7YL ,UNPULLYPUN 7YL -VYLZ[Y` *VUZLY]H[PVU 7YL 4LKPJHS 3HIVYH[VY` ;LJOUVSVN` 7YL 4LKPJPUL 7YL 5\YZPUN
7YL 7OHYTHJ` 7YL 7O`ZPJHS ;OLYHW` 7YLYLX\PZP[L *OLJRPUN 7YL ;LJOUVSVN` :\TTLY :LZZPVU 7YL =L[LYPUHY` 4LKPJPUL 7YL >PSKSPML *VUZLY]H[PVU 7YPU[ ;LJOUVSVN` 7YP]H[L :JOVSHYZOPWZ 7YVIH[PVU (JHKLTPJ 7YVJ[VYPUN 7YVMLZZPVUHS +L]LSVWTLU[ :LTPUHYZ 7YVMLZZPVUHS :HSLZ 7YVÃ&#x201E;JPLUJ` VM *V\YZLZ 7YVNYHTTHISL 3VNPJ *VU[YVSSLYZ 7YVNYHTTPUN 7YVQLJ[ 7(3 7Z`JOVSVN` 7\ISPJ (ZZPZ[HUJL .YHU[ 7YVNYHT 7\ISPJ /LHS[O 9 9HKPV ;= )YVHKJHZ[PUN 9HKPV ;= )YVHKJHZ[PUN (K]PZVY` *V\UJPS 9HKPV )YVHKJHZ[PUN 9HKPV :[H[PVU 9LHKPUN 9LJYLH[PVU 9LM\UKZ 9LNPZ[LYPUN 6USPUL 9LNPZ[YH[PVU 7YVJLK\YLZ 9LUL^HISL ,ULYN` VU *HTW\Z 9LUL^HISL ,ULYN` 7YVNYHT 9LUL^HISL ,ULYN` 4HUHNLTLU[ 9LWLH[LK *V\YZLZ 9LX\PYLTLU[Z +LNYLL :LL ZWLJPÃ&#x201E;J KLNYLL 9LZPKLU[PHS >PYPUN 9LZPKLUJ` 9LX\PYLTLU[Z 9LZPKLUJ` :[H[\Z ;\P[PVU : :JOLK\SPUN MYVT 6MM *HTW\Z :JOVSHYZOPWZ :JPLUJL ,K\JH[PVU :JPLUJL ,K\JH[PVU *OLTPZ[Y` :WLJPHSPaH[PVU :JPLUJL ,K\JH[PVU 7O`ZPJZ :WLJPHSPaH[PVU :LUPVY *P[PaLUZ ;\P[PVU :LY]PJL 3LHYUPUN :L_\HS /HYHZZTLU[ 7VSPJ` :VJPHS :JPLUJL :VJPHS :JPLUJL ,K\JH[PVU 7YVNYHTZ :VJPVSVN` :VJPHS >VYR :WLJPHS ,K\JH[PVU :WLLJO ;OLH[YL (Y[Z :WLLJO *VTT\UPJH[PVU :[YH[LNPLZ MVY :\JJLZZ :[\KLU[ (JJVTTVKH[PVUZ :[\KLU[ (J[P]P[PLZ :[\KLU[ (J[P]P[` )VHYK :[\KLU[ (TIHZZHKVYZ :[\KLU[ *HSS [V 4PSP[HY` +\[` :[\KLU[ *SHZZPÃ&#x201E;JH[PVU :[\KLU[ *VUJLYUZ .YPL]HUJLZ :[\KLU[ *VUK\J[ :[\KLU[ 0+ *HYK :[\KLU[ .V]LYUTLU[ (ZZVJPH[PVU :[\KLU[ 3PML :[\KLU[ 6YNHUPaH[PVUZ :[\KLU[ 9LJVYKZ +PYLJ[VY` 0UMVYTH[PVU :[\KLU[ 9PNO[Z 9LZWVUZPIPSP[PLZ
:[\KLU[ :\JJLZZ :[\KLU[ <UPVU 3HRLY 7VPU[ :[\KLU[ >P[OKYH^HSZ MYVT *V\YZLZ :[\K` (IYVHK :[\K` 9VVTZ :\JJLZZ *V\YZLZ :\TTLY *VSSLNL MVY 2PKZ :\TTLY ;LYT -PUHUJPHS (PK :\WLY]PZVY` :[HMM :\WWVY[ :[HMM :\ZWLUZPVU (JHKLTPJ :\Z[HPUHISL ,ULYN` ; ;= -PLSK :[\KPV 7YVK\J[PVU ;HSLU[LK :[\KLU[ (^HYK ;LHJOLY (PKL ;LJOUPJHS 7YVNYHTZ ;LJOUPJHS 7YVNYHTZ (K]PZVY` *VTTP[[LLZ ;LJOUVSVN` +P]PZPVU 7YVNYHTZ ;LJOUVSVN` *V\YZLZ ;LSLJVTT\UPJH[PVUZ ;LSLWOVUL +PYLJ[VY` ;L_[ 5V[PÃ&#x201E;JH[PVUZ ;L_[IVVR 9LU[HS ;OLH[YL (Y[Z :WLLJO ;P[SL 0= -PUHUJPHS (PK ;6,-3 7VSPJ` ;YHMÃ&#x201E;J :HML[` 7YVNYHT ;YHUZJYPW[ ,]HS\H[PVU ;YHUZJYPW[Z ;YHUZMLY 7YVNYHTZ ;YHUZMLY VM *YLKP[Z ;YHUZMLY +LNYLL 9LX\PYLTLU[Z ;YHUZMLY 7YVNYHT .\HYHU[LL ;906 :[\KLU[ :\WWVY[ :LY]PJLZ ;906 +LZ[PUH[PVU *VSSLNL ;Y\JR +YP]LY ;YHPUPUN 7YVNYHT ;Y\Z[LLZ )VHYK VM ;\P[PVU -LLZ ;\P[PVU *OHYNLIHJR ;\P[PVU *SHZZPÃ&#x201E;JH[PVU ;\P[PVU 0UKPHUH 9LZPKLU[Z ;\P[PVU 7H`TLU[Z ;\[VYPUN ;^V WS\Z [^V ;YHUZMLY (NYLLTLU[ MVY ;LJOUPJHS 7YVNYHTZ ;^V WS\Z [^V ;YHUZMLY (NYLLTLU[ MVY ;YHUZMLY 7YVNYHTZ = =LOPJSL 7HYRPUN =LUKPUN 3V\UNL :LJVUK :[VY` =L[LYHUZ (MMHPYZ =L[LYHUZ 9LZLY]PZ[Z -PUHUJPHS (ZZPZ[HUJL =L[LYPUHY` 4LKPJPUL 7YL =PYNPS / 1\KNL 3LHYUPUN 9LZV\YJL *LU[LY 3PIYHY` =PZPVU :[H[LTLU[ > >HZ[L >H[LY 6WLYH[VY >H[LY 7SHU[ 6WLYH[VY >LI ;LJOUVSVN` >LSKPUN >LZ[LYU 9LNPVU *LU[LY >PUK ;LJOUVSVN` >P[OKYH^PUN MYVT *V\YZLZ >323 9HKPV >VYRMVYJL +L]LSVWTLU[ *LU[LY >VYRMVYJL 0U]LZ[TLU[ (J[ >VYR :[\K` 7YVNYHT
5001 Lake Land Boulevard Mattoon, IL 61938-9366 (217) 234-LAKE Bound Printed Matter
To Get Started at Lake Land, visit us @
www.lakeland.cc.il.us