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,U YLZ\TLU -RUQDGD 0pGLFD GH OD &RSD GH (XURSD GH $WOHWLVPR ,S WHZHKV KxH KL Q\UPV JVPUJPKPLUKV JVU SH JLSLIYHJP}U LU 4mSHNH KL SH *VWH KL ,\YVWH KL ([SL[PZTV [\]V S\NHY \UH 1VYUHKH 4tKPJH VYNHUPaHKHZ JVUQ\U[HTLU[L WVY LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *(4+ ` SVZ ZLY ]PJPVZ TtKPJVZ KL SH 9LHS -LKLYHJP}U ,ZWH|VSH KL ([SL[PZTV 9-,( 3H *VWH KL ,\YVWH KL ([SL[PZTV ZL KLZHYYVSS} LU[YL SVZ KxHZ ` KL Q\UPV LU LS LZ[HKPV *P\KHK KL 4mSHNH JVU SH WHY[PJPWHJP}U KL H[SL[HZ WYVJLKLU[LZ KL VUJL WHxZLZ! -YHUJPH (SLTHUPH .YHU )YL[H|H 7VSVUPH 9\ZPH <JYHUPH 0[HSPH -PUSHUKPH 9\THUPH ` :\LJPH HKLTmZ KL ,ZWH|H 3H QVYUHKH TtKPJH X\L ZL KLZHYYVSS} xU[LNYHTLU[L LU PUNStZ ZL JLSLIY} LU SH ZLKL KLS 0UZ[P[\[V (UKHS\a KLS +LWVY[L 0(+ LU[YL SHZ ` SHZ KL SH TH|HUH ( SH TPZTH HZPZ[PLYVU WYVMLZPVUHSLZ ZHUP[HYPVZ LZWLJxÄJHTLU[L TtKPJVZ ` ÄZPV[LYHWL\[HZ KL SHZ VUJL KLSLNHJPVULZ WHY[PJPWHU[LZ LU SH *VWH KL ,\YVWH KL ([SL[PZTV Q\U[V JVU WYVMLZPVUHSLZ HUKHS\JLZ L_WLY[VZ LU TLKPJPUH KLS KLWVY[L X\PLULZ HUHSPaHYVU SHZ WYPUJPWHSLZ WH[VSVNxHZ X\L ZL WYVK\JLU LU LS T\UKV KLS H[SL[PZTV HZx JVTV SVZ [YH[HTPLU[VZ ` [tJUPJHZ [LYHWt\[PJHZ TmZ PUUV]HKVYHZ *VTV WVULU[LZ KL SH TPZTH PU[LY]PUPLYVU 1\HU 4HU\LS (SVUZV YLZWVUZHISL KL SH *VTPZP}U (U[PKVWHQL KL SH -LKL YHJP}U 0U[LYUHJPVUHS 0((- " 7LKYV )YHUJV KLSLNHKV KLS *VU[YVS (U[P KVWHQL KL SH (ZVJPHJP}U ,\YVWLH KL ([SL[PZTV (,( LU SH JVTWL[PJP}U" 4H[[ 3HUJHZ[LY ÄZPV[LYHWL\[H KLS ,UNSPZO :WVY[ 0UZ[P[\[L ` KL SH KLSLNHJP}U IYP[mUPJH ` LS LZWLJPHSPZ[H LU 4LKPJPUH KLS +LWVY[L THSHN\L|V .\PSSLYTV ÍS]HYLa
4+ 5¢ 5V]PLTIYL
,U YLZ\TLU
;YHZ \U IYL]L HJ[V KL IPLU]LUPKH ` HWLY[\YH KL SHZ QVYUHKHZ WVY WHY[L KL SHZ KPYLJ[VYHZ KLS *(4+ ` LS 0(+ SH +YH +ยก *HYTLU (KHT\a ` +ยก (\YVYH *VZHUV YLZWLJ[P]HTLU[L LS +Y (SVUZV PUPJP} Z\ KPZLY[HJP}U ZVIYL [LTHZ HU[PKV WHQL YL]PZHUKV SH UVYTH[P]H HJ[\HS KL SHZ (\[VYPaHJPVULZ KL <ZV ;LYHWt\[PJV ` SH 3PZ[H KL :\Z[HUJPHZ ` 4t[VKVZ 7YVOPIPKVZ ( JVU[PU\HJP}U LS +Y )YHUJV L_W\ZV \U PU[LYLZHU[L ZPZ[LTH PUMVYTm[PJV KL NLZ[P}U KL /PZ[VYPHZ *SxUPJHZ ` YLJVNPKH KL KH[VZ LU 4LKPJPUH KLS +LWVY[L H [YH]tZ KL 0U[LYUL[" WHZHUKV WVZ[LYPVYTLU[L LS [\YUV HS +Y ร S]HYLa X\PLU L_W\ZV \UH WYVM\UKH YL]PZP}U ZVIYL SHZ [LUKPUVWH[xHZ ` SHZ U\L]HZ [LYHWPHZ KPZWVUPISLZ LU TLKPJPUH KLS KLWVY[L WHYH Z\ [YH[HTPLU[V 4mZ [HYKL LS :Y 3HUJHZ[LY WYLZLU[} \UH YLJHWP[\SHJP}U KLS LZ[HKV HJ[\HS KL JVUVJPTPLU[VZ JPLU[xร JVZ LU [VYUV H SH YLJ\WLYHJP}U KLS LZM\LYaV JVTWL[P[P]V ,S IYVJOL ร UHS KL SHZ QVYUHKHZ M\L W\LZ[V WVY LS +Y (SVUZV JVU \UH PU[LYLZHU[L WVULUJPH ZVIYL SVZ \ZVZ KL SH OVTLVWH[xH LU 4LKPJPUH KLS +LWVY[L 3H HJ[P]H WHY[PJPWHJP}U KL SVZ HZPZ[LU[LZ KL SVZ KP]LYZVZ LX\PWVZ H SHZ 1VYUHKHZ KPV WPL H PU[LYLZHU[LZ KLIH[LZ WVZ[LYPVYLZ X\L ZPU K\KH JVU[YPI\`LYVU HS t_P[V KL SHZ TPZTHZ ` H SH ZH[PZMHJJP}U NLULYHSPaHKH ZVIYL Z\ WYV]LJOV LU LS THYJV NLULYHS KL \U LUJ\LU[YV KLWVY[P]V L\YVWLV 5V WVKxH MHS[HY \UH JVWH KL ]PUV HUKHS\a HJVTWH|HKH KL WLX\L|HZ KLSPJPHZ SVJHSLZ JVU SHZ X\L JSH\Z\YHY LZ[L LUJ\LU[YV ` KLQHY \U I\LU ZHIVY KL IVJH H [VKVZ SVZ WHY[PJPWHU[LZ NYHJPHZ H SH HTHIPSPKHK KL SVZ SHIVYH[VYPVZ /LLS WH[YVJPUHKVYLZ KL SH TPZTH
,U YLZ\TLU
4+ 5ยข 5V]PLTIYL
(NLUKH ,]LU[VZ KL PU[LYtZ 56=0,4)9, 0? *65.9,:6 :<+(4,90*(56 ?00 *65.9,:6 (9 .,5;056 +, 4,+0*05( +,3 +,769;, 0= *65.9, :6 05;,95(*065(3 +, :(3<+ @ (*;0=0+(+ -ร :0*( ยธ3HZ JPLUJPHZ HWSPJHKHZ HS ร [ULZZ ` LS KLWVY[Lยน 6YNHUPaH! (ZVJPHJP}U 3H[PUVHTLYPJHUH KL :HS\K ` (J[P]P KHK -xZPJH -LJOH! ` KL UV]PLTIYL KL 3\NHY! )\LUVZ (PYLZ >LI! O[[W! ^^^ ZWVY[ZHS\[ JVT HY L THPS!PUMVYTLZZWVY[ZHS\['ร ILY[LS JVT HY YK *65.9,:: 6- ;/, 05;,95(;065(3 (::6*0( ;065 6- ;/, 7/@:0*(3 ;/,9(70;: >69205. >0;/ 63+,9 7,673, 07;67 3\NHY! ,Z[HTI\S ;\YX\xH -LJOH! HS KL UV]PLTIYL KL >LI! ^^^ PW[VWJVUNYLZZ VYN *<9:6 ;,ร 90*6 79ร *;0*6 +, ,*6.9(-ร ( 4ร : *<36 ,:8<,3i;0*( ,5 ,3 +,769;, -LJOH! HS KL UV]PLTIYL 3\NHY! :HU[ *\NH[ )HYJLSVUH ;LS! -H_! , THPS! ZYVKYPN\La'H[SHU[H]PHQLZ LZ ;/ :*(5+05(=0(5 *65.9,:: 6- 4,+0*05, (5+ :*0,5*, 05 :769;: 6YNHUPaH! -PUUPZO :VJPL[` VM :WVY[Z 4LKPJPUL -PUUPZO :V JPL[` MVY 9LZLHYJO PU :WVY[Z HUK 7O`ZPJHS ,K\JH[PVU -LJOH! HS KL UV]PLTIYL KL 3\NHY! =PLY\THRP /LSZPURP ;LS! " -H_! >LI! O[[W! ^^^ ZJHUKPHU]PHUZWVY[ZTLKPJPUL VYN L THPS! LL]H [\SPZHSP'S[Z ร ??0= *<9:6 (5(4,+, +, 4,+0*05( +,3 +,769 ;,! .63- 00 1695(+(: 5(*065(3,: +, 4,+0*05( +,3 +,769;, 9,<50ร 5 +,3 .,4,+, 6YNHUPaH! (5(4,+, -LJOH! KL UV]PLTIYL 3\NHY! 7HTWSVUH ;LS! -H_! L THPS! MJIYPI'JMUH]HYYH LZ
4+ 5ยข 5V]PLTIYL
(NLUKH
,3 4i;6+6 703(;,: 6YNHUPaH! =PJLJVUZLQLYxH KLS +LWVY[L KL SH *VUZLQLYxH KL ,K\JHJP}U ` *PLUJPH KL SH 1\U[H KL *VT\UPKHKLZ KL *HZ[PSSH 3H 4HUJOH 3\NHY! =PSSHYVISLKV (SIHJL[L -LJOH! KL UV]PLTIYL KL -H_! >LI! ^^^ QJJT LZ LK\JHJPVU KLWVY[LZ LZJ\LSH PUKL_ O[TS ?0= 3(;05 (4,90*(5 *65.9,:: 6- 5<;90;065 6YNHUPaH! :VJPLKHK 3H[PUVHTLYPJHUH KL 5\[YPJP}U -LJOH! HS KL UV]PLTIYL 3\NHY! -SVYPHU}WVSPZ :HU[H *H[HYPUH )YHZPS ;LS! >LI! O[[W! ^^^ZSHUIYHZPS VYN L THPS! ZSHU'ZSHUIYHZPS VYN ;,94(30:46 @ +,769;, -LJOH! HS KL UV]PLTIYL KL 3\NHY! (SOHTH KL .YHUHKH .YHUHKH ;LS! -H_! >LI! O[[W! ^^^ J[JK Q\U[H HUKHS\JPH LZ PHK MVYTHJPVU WYVNYHTH(U\HS QZW L THPS! MVYTHJPVU PHK J[JK'Q\U[HKLHUKHS\JPH LZ ?=00 1695(+(: +, 4,+0*05( @ :6*6996 ,5 465;(j( ? *65.9,:6 +, 3( :,4(4 -LJOH! KL UV]PLTIYL 3\NHY! (SIHJL[L ;LS! -H_! , THPS! IV[LSSHQH]'N]H LZ 1695(+( 4,+0*05( -ร :0*( 9,/()030;(*0ร 5 @ ;9( ;(40,5;6 +,3 +6369 -HYTHJVSVNxH ` HNLU[LZ MxZPJVZ -LJOH! KL UV]PLTIYL KL 3\NHY! 4HKYPK ;LS MH_ ! L THPS! ZLYTLM'ZLYTLM LZ 0? *65.9,:6 +, 3( -,+,9(*0ร 5 (:0ร ;0*( +, 4,+0*05( +,3 +,769;, -LJOH! KL UV]PLTIYL 3\NHY! 9P`HKO (YHIPH :H\Kx ;LS! -H_! >LI! ^^^ HZMT JVT ZH L THPS! PUMV'HMZT JVT ZH
+0*0,4)9, 00 1695(+(: (5+(3<A(: +, 5<;90*0Ô5 79Í*;0*( 6YNHUPaH! +PL[LJVT ,ZWH|H -LJOH! KL UV]PLTIYL KL 3\NHY! :L]PSSH ;LS! -H_! >LI! KPL[LJVT'KPL[LJVT PUMV 00 1695(+(: :6)9, 796.9(4(: +, ,1,9*0*06: ,5 (7(9(;6 36*646;69 6YNHUPaH! <UPKHK KL 9LOHIPSP[HJP}U KL SH -\UKHJP}U KLS /VZWP[HS KL (SJVYJ}U 3\NHY! 4HKYPK -LJOH! KL UV]PLTIYL KL ;LS! -H_! >LI! O[[W! HYLHZ JZ \YQJ LZ ÄZPVLYHWPH L THPS! JLJOH]HYYP'MOHSJVYJVU LZ" YVZHYPVWPUV'^HUHKVV LZ
,=(3<(*0Ô5 /()030+(+,: 46;90*,: -05(: -LJOH ! :mIHKV KL KPJPLTIYL KLS 3\NHY! *OHJHx[V *HYHJHZ =LULa\LSH 4HPS! UL\YVKLZHYYVSSV '`HOVV JVT T_ *65.9,:6 0),96(4,90*(56 +, 4,+0*05( @ :(3<+ ,:*63(9 @ <50=,9:0;(90( -LJOHZ! +PJPLTIYL 3\NHY! 7HSHJPV KL SHZ *VU]LUJPVULZ KL SH /HIHUH *\IH >LI! ^^^ JWHSJV JVT L THPS! TH`YHV'PUOLT ZSH J\ ??=0 05;,95(;065(3 *65.9,:: 6- 9/,<4(;/636.@ 3\NHY! 4VU[L]PKLV <Y\N\H` -LJOH! HS KL +PJPLTIYL KL ;LS! , THPS! Z\Y'YL\TH\Y\N\H` VYN >LI! O[[W! ^^^JVUNYLZVZ YVOY JVT
= *<9:6 05;,95(*065(3 +, (9;9673(:;0(: 6YNHUPaH! +Y ( 5H]HYYV 8\PSPZ -LJOH! KL UV]PLTIYL ` KL KPJPLTIYL 3\NHY! )HYJLSVUH ;LS! -H_! L THPS! PUMV'HJ[P]LJVUNYLZZ JVT >LI! O[[W! ^^^ HJ[P]LJVUNYLZZ JVT 0= *65.9,:6 0),96(4,90*(56 +, 4,+0*05( +,3 +,769;, -LJOH! KL UV]PLTIYL H KL KPJPLTIYL 3\NHY! ;VS\JH 4t_PJV L THPS! OLJ[SH[VHHYTa'OV[THPS JVT
(NLUKH
4+ 5¢ 5V]PLTIYL
,5,96
-,)9,96
=0 *65.9,:6 4<5+0(3 +, 4,+0*05( @ -ร ;)63 -LJOH! LULYV KL 3\NHY! (U[HSPH ;\YX\xH ;LS! -H_! >LI! ^^^ ZLYLUHZ JVT [Y L THPS! LH[LZ'ZLYLUHZ JVT [Y
*<9:6 05;,95(*065(3 +, (*;<(30A(*0ร 5 ,5 79ร ;,:0: @ 69;i:0: ยก ,+0*0ร 5 69;(.9( 3\NHY! .YHUHKH -LJOH! KL MLIYLYV KL ;LS! -H_! L THPS! WH[YPJPH']PHQLZNLUPS JVT
796.9,:6: +, 79,=,5*0ร 5 @ ;9(;(40,5;6 +, 7(;636.ร (: +,3 +,769;, -LJOH! KL LULYV KL 3\NHY! ;\YxU 0[HSPH ;LS! -H_! >LI! ^^^ \UP]LYZPHKP[VYPUV P[ L THPS! JHUH[H'VY[VZWVY[ P[ :769; 4,+ 6YNHUPaH! 6U[HYPV 4LKPJHS (ZZVJPH[PVU -LJOH! KL LULYV KL 3\NHY! 6U[HYPV ;VYVU[V *HUHKm ;LS! _ -H_! >LI! O[[W! ^^^ VTH VYN L THPS! QLUUPMLY JZHTLY'VTH VYN
4+ 5ยข 5V]PLTIYL
(NLUKH