Md 12748 06

Page 1



,KP[VYPHS 3VZ S[PTVZ H]H[HYLZ X\L ]P]L SH 4LKPJPUH KLS +LWVY[L LU ,ZWH|H UVZ HMLJ[HU H [VKVZ PUJS\PKH SH +PYLJ[VYH KL LZ[H 9L]PZ[H X\L ZPU ZLY 4tKPJV LZWLJPHSPZ[H LU 4LKPJPUH KLS +LWVY[L ]P]L JVTWYVTL[PKH JVU LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L KLZKL 1\SPV KLS H|V JVTWYVTL[PKH JVU SH MVYTHJP}U KL SVZ M\[\YVZ TtKPJVZ LZWLJPHSPZ[HZ LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY [L LU (UKHS\JxH JVTWYVTL[PKH JVU -,4,+, JVTV 7YLZPKLU[H KLS WY}_PTV *VUNYLZV KL SH -LKLYHJP}U ,ZWH|VSH KL 4LKPJPUH KLS +LWVY[L LU 6J[\IYL KLS ` LU KLÄUP[P]H¯JVTWYVTL[PKH JVU KPMLYLU[LZ WYV`LJ[VZ ` ULJLZPKHKLZ YLSHJPVUHKHZ JVU LS mTIP[V KL SH 4LKPJPUH KLS +LWVY[L H ]LJLZ LUMVJHKH HS KLWVY[L KL tSP[L LU U\LZ[YH JVT\UPKHK V[YHZ KPYPNPKHZ H MVTLU[HY SH WYmJ[PJH KLWVY[P]H LU[YL SVZ JP\KHKHUVZ KL (UKHS\JxH ` V[YHZ T\JOHZ H KHY ZVWVY[L HS WYVWPV WYVMLZPVUHS LS 4tKPJV LZWLJPHSPZ[H LU 4LKPJPUH KLS +LWVY[L [HU[V LU LS mTIP[V KL SH MVYTHJP}U JVTV LU LS KL SH PU]LZ[PNHJP}U /HJL [PLTWV X\L OL WVKPKV KL[LJ[HY J}TV KLZKL LS PU[LYPVY KL KPMLYLU[LZ VYNH UPZTVZ LU[PKHKLZ L PUZ[P[\JPVULZ YLSHJPVUHKHZ JVU SH 4LKPJPUH KLS +LWVY[L LU ,ZWH|H ZL ]PLUL YLJSHTHUKV SH ULJLZPKHK KL YLWLUZHY LS TVKLSV KL MVYTHJP}U LZWLJPHSPaHKH ` ZVIYL [VKV LS WHWLS X\L LS LZWLJPHSPZ[H LU 4LKPJPUH KLS +LWVY[L W\LKL [LULY ¶]H [LUPLUKV WYVNLZP]HTLU[L H\UX\L H U KL MVYTH PUJVTWSL[H LU SH ZVJPLKHK HJ[\HS H [YH]tZ KL KPMLYLU[LZ VWJPVULZ ` WYVW\LZ[HZ X\L WLYTP[HU LS HJLYJHTPLU[V KLS 4tKPJV ,ZWLJPHSPZ[H LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L JVU SVZ JP\KHKHUVZ [HU[V H [YH]tZ KL SVZ JLU[YVZ KLWVY[P]VZ W ISPJVZ ` WYP]HKVZ JVTV H [YH]tZ KLS TVKLSV ZHUP[HYPV W ISPJV 3LQVZ KL SH KLZHWHYPJP}U KL SH LZWLJPHSPKHK LZ[V` ZLN\YH KL X\L SVZ YLJPLU[LZ HJVU[LJPTPLU[VZ H SVZ X\L ZL LUMYLU[H SH 4LKPJPUH KLS +LWVY[L LU ,ZWH|H ZLYmU \U YL]\SZP]V WHYH SH TLQVY PU[LNYHJP}U ` JVUZVSPKHJP}U KLS WHWLS ZVJPHS KL SH LZWLJPHSPKHK LU LS JH[mSVNV HJ[\HS KL LZWLJPHSPKHKLZ TtKPJHZ [HS ` JVTV HW\U[HU SVZ WYLZPKLU[LZ KL -, 4,+, @ -,+(4,-0+, SVZ KVJ[VYLZ 7LKYV 4HUVULSSLZ ` ÍUNLS 4HY[xULa LU LS KVJ\TLU[V X\L WVKYmU SLLY H JVU[PU\HJP}U =HSNHU Z\Z WHSHIYHZ WHYH YLWYLZLU [HY SH KL SVZ LZWLJPHSPZ[HZ KL [VKH ,ZWH|H ` WVY [HU[V TLYLJLKVYHZ KL \U S\NHY KLZ[HJHKV LU LZ[H YL]PZ[H 4+ YL]PZ[H JPLU[xÄJH KL 4,+0*05( +,3 +,769;, KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *(4+ H SHZ X\L JLKLTVZ LZ[L LZWHJPV LKP[VYPHS WHYH Z\ SPIYL L_WYLZP}U =H`HU WVY HKLSHU[HKV TP YLJVUVJP TPLU[V ` MLSPJP[HJP}U H HTIHZ ZVJPLKHKLZ ¶MLKLYHJPVULZ X\L OHU ZHIPKV KLQHY KL SHKV Z\Z KPMLYLUJPHZ LZ[Y\J[\YHSLZ WHYH YLHSPaHY \U UPJV WSHU[LHTPLU[V LZ [YH[tNPJV JVT U

,KP[VYPHS ¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ (Y[xJ\SVZ VYPNPUHSLZ (UmSPZPZ KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ YLHSPaHKHZ K\YHU[L SVZ JHTWLVUH[VZ KL ,ZWH|H PUMHU[PS ` JHKL[L KL IHSVUJLZ[V

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ (Y[xJ\SV KL YL]PZP}U (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ 7mNPUH HIPLY[H *HY[H KL ZLY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ <UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U ØS[PTHZ (KX\PZPJPVULZ

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ +VZZPLYLZ ;LTm[PJVZ

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ 5\L]VZ 7YVK\J[VZ +VJ\TLU[HSLZ

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ 5VZ PU[LYLZH

¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ ,U YLZ\TLU ¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ (NLUKH ¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶ ,S JVU[LUPKV KL SH YL]PZ[H WVKYm KLZJHYNHYZL

4¡ *HYTLU (KHT\a 9\Pa +PYLJ[VYH KLS *(4+

LU MVYTH[V 7+- LU SH ZPN\PLU[L KPYLJJP}U! ^^^ Q\U[HKLHUKHS\JPH LZ [\YPZTVJVTLYJPV `KLWVY[L KVJ\TLU[HJPVU

,KP[VYPHS

4+ 5¢ 5V]PLTIYL


3H Z\WYLZP}U KL SH LZWLJPHSPKHK KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` KLS +LWVY[L ,S WHZHKV KxH KL VJ[\IYL ZL X\LKHYm NYHIHKV LU U\LZ [YH TLTVYPH JVTV SH MLJOH LU SH X\L JVUVJPTVZ LS WYV `LJ[V KL 9LHS +LJYL[V X\L LZ[HISLJL SH Z\WYLZP}U KL SH LZWLJPHSPKHK KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` KLS +L WVY[L LU LS 7SHU 5HJPVUHS KL MVYTHJP}U 409 KLS 4PUPZ[LYPV KL :HUPKHK ` *VUZ\TV 3VZ LZWLJPHSPZ[HZ LU 4LKPJPUH KLS +LWVY[L ZHILTVZ SV X\L UVZ OH JVZ[HKV ZHSPY HKLSHU[L WVY SV X\L LZ[H UV[PJPH UVZ OH WYVK\JPKV H [VKVZ WLUZHTPLU[VZ ` ZLU[PTPLU[VZ WHYLJPKVZ [HSLZ JVTV SH ZLUZHJP}U KL MY\Z[YHJP}U PUKPN UHJP}U YHIPH JVUZ[LYUHJP}U aVaVIYH TPLKV¯ ` KLZJVU Z\LSV PUPJPHS `H X\L Z\WVUKYxH KLQHYUVZ ZPU M\[\YV H SH ]La X\L ZPU WHZHKV (MVY[\UHKHTLU[L JVTV KLJxH LS ÄS}ZVMV UV L_PZ[L LS WH ZHKV WLYV [HTWVJV L_PZ[L LS M\[\YV 3V UPJV X\L L_PZ[L LZ LS WYLZLU[L ` LS WYLZLU[L H SVZ X\L OLTVZ [LUPKV SH VWVY[\UPKHK KL JVUVJLY SH VWPUP}U KL T\JOVZ KL U\LZ [YVZ JVTWH|LYVZ UVZ OHJL L_WLYPTLU[HY \U ZLU[PTPLU[V KL ZH[PZMHJJP}U LUVYTL WHYH ZLY TmZ L_HJ[VZ KL ]HYPHZ LTVJPVULZ L_[YHVYKPUHYPHTLU[L WVZP[P]HZ 3H WYPTLYH LZ X\L LZ[HTVZ JVU]LUJPKVZ KL X\L LZ[L WYV `LJ[V UV ]H H Z\WYPTPY U\LZ[YH LZWLJPHSPKHK ,S JVU]\SZV HaV[L PUPJPHS OH KHKV WHZV H \UH JVU]PJJP}U KL PKLU[PKHK YLZWLJ[V KL U\LZ[YH LZWLJPHSPKHK ` YLZWLJ[V KLS S\NHY X\L VJ\WH LS LZWLJPHSPZ[H LU 4LKPJPUH KLS +LWVY[L LU \UH ZVJPL KHK X\L J\LU[H JVU KVJL TPSSVULZ KL WYHJ[PJHU[LZ KL HSN U [PWV KL HJ[P]PKHK KLWVY[P]H iZ[L LZ U\LZ[YV mTIP[V UH[\YHS KL [YHIHQV ` LZ LU LS X\L KLZHYYVSSHTVZ U\LZ[YH HJ[P]PKHK WYVMLZPVUHS KL \UH MVYTH PULX\x]VJH L PYYLLTWSHaHISL (KLTmZ LS YLWYLZLU[HU[L SLNx[PTV KL SH ]VS\U[HK WVW\SHY LS *VUNYLZV KL SVZ +PW\[HKVZ HJHIH KL HWYVIHY SH 3L` 6YNmUPJH KL 7YV[LJJP}U KL SH :HS\K ` KL S\JOH JVU[YH LS KVWHQL LU LS +LWVY[L ,Z[H SL` WYLJPZH PUL_VYHISLTLU[L KL \U LSL]HKxZPTV U TLYV KL LZWLJPHSPZ[HZ LU 4LKPJPUH KLS +LWVY[L WHYH WVKLY J\TWSPY JVU LS JVTWYVTPZV YLP[L YHKHTLU[L THUPMLZ[HKV WVY LS :LJYL[HYPV KL ,Z[HKV WHYH LS +LWVY[L JVTV YLWYLZLU[HU[L KLS .VIPLYUV ,ZWH|VS KL KLZHYYVSSHY [VKVZ SVZ JVU[LUPKVZ KL SH SL` KL \UH MVYTH LMLJ[P]H [HU[V LU SV X\L Z\WVULU SVZ HZWLJ[VZ KL S\JOH JVU[YH LS KVWHQL JVTV SVZ X\L ZL JVU[LTWSHU JVTV WYV [LJJP}U KL SH ZHS\K LZWLJPHSTLU[L SVZ YLJVUVJPTPLU[VZ TtKPJV KLWVY[P]VZ KL HW[P[\K 3VZ X\L OLTVZ [LUPKV SH VWVY[\UPKHK KL WHY[PJPWHY LU LS KLZHYYVSSV KL SH SL` LZ[H TVZ JVU]LUJPKVZ KL SH ZPUJLYPKHK KL LZ[L JVTWYVTPZV 7LYV OH` V[YV ZLU[PTPLU[V KL ZH[PZMHJJP}U ` LZ X\L SH 4L KPJPUH KLS +LWVY[L KL SH TPZTH THULYH X\L ZL W\ZV KL HJ\LYKV WHYH SVNYHY SH TVKPÄJHJP}U KL SH 3L` KL 7YV[LJ

4+ 5¢ 5V]PLTIYL

,KP[VYPHS

JP}U KL SH :HS\K ` KL 3\JOH JVU[YH LS +VWHQL YLJVYKLTVZ SV T\JOV X\L LZ[H SL` WLYQ\KPJHIH U\LZ[YH WYVMLZP}U ` U\LZ[YH LZWLJPHSPKHK LU HSN\UVZ HZWLJ[VZ KLS WYPTLY HU[L WYV`LJ[V KL SH TPZTH ZL OH THUPMLZ[HKV LU \UH ]VS\U[HK Z}SPKH KL \UPKHK KLTVZ[YHUKV JVU LSSV \UH NYHU THK\YLa 3H -LKLYHJP}U ,ZWH|VSH KL 4LKPJPUH KLS +LWVY[L -,4, +, ` SH -LKLYHJP}U ,ZWH|VSH KL (ZVJPHJPVULZ KL 4tKP JVZ KL SH ,K\JHJP}U -xZPJH ` KLS +LWVY[L -,+(4,-0+, SHZ KVZ ZVJPLKHKLZ KL SH LZWLJPHSPKHK OHU HZ\TPKV Z\ YLZWVUZHIPSPKHK KL U\L]V ` ZL OHU W\LZ[V H [YHIHQHY KL \UH MVYTH JVUQ\U[H YLJVNPLUKV [VKHZ SHZ PUPJPH[P]HZ KL SVZ KP]LYZVZ mTIP[VZ KL SH 4LKPJPUH KLS +LWVY[L JLU[YVZ YL NPVUHSLZ JLU[YVZ T\UPJPWHSLZ JLU[YVZ KL HS[V YLUKPTPLU [V MLKLYHJPVULZ KLWVY[P]HZ UHJPVUHSLZ L[J WHYH SPKLYHY SHZ WYVW\LZ[HZ KL HSLNHJPVULZ JVU[YHYPHZ H SH Z\WYLZP}U KL SH LZWLJPHSPKHK LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L ZPU UPUN U [PWV KL ÄZ\YHZ (KLTmZ ZL OH WLKPKV LS HTWHYV KL SH 6YNHUPaHJP}U 4tKP JH *VSLNPHS X\L `H HZ\TP} \U WHWLS KLJPZP]V LU SH TVKPÄ JHJP}U KL SH SL` KL S\JOH JVU[YH LS KVWHQL ` X\L UVZ ]\LS]L H VMYLJLY Z\ HWV`V PULX\x]VJV ,Z[HTVZ JVU]LUJPKVZ KL X\L LZ[L WYV`LJ[V KL 9LHS +L JYL[V WVKYm ZLY TVKPÄJHKV WHYH X\L UV ZL WYVK\aJH SH KLZHWHYPJP}U KL SH LZWLJPHSPKHK ` X\L HKLTmZ ZL LZ[H ISLJLYm \U ZPZ[LTH KL MVYTHJP}U HJVYKL JVU SHZ KPYLJ[YP JLZ KL MVYTHJP}U KL LZWLJPHSPZ[HZ *YLLTVZ [HTIPtU X\L LZ[H WYVW\LZ[H OH ZLY]PKV WHYH X\L UVZ KLTVZ J\LU[H KL U\LZ[YH [YHZJLUKLUJPH ZVJPHS ` KL X\L SH LZWLJPHSPKHK ZL JVUZVSPKHYm KL \UH MVYTH KLÄUP[P]H LU LS JH[mSVNV KL SHZ KP]LYZHZ LZWLJPHSPKHKLZ TtKPJHZ 5V VIZ[HU[L LZ[V UVZ ]H H VISPNHY H \U LZM\LYaV L_[YHVYKPUHYPV KL S\JOH WVY LS HÄHUaHTPLU[V KL U\LZ[YH LZWLJPHSPKHK ` KL U\LZ[YH WYVML ZP}U LZM\LYaV X\L X\LYLTVZ JVTWHY[PY JVU LS X\L LZ[mU YLHSPaHUKV [VKVZ U\LZ[YVZ JVTWH|LYVZ KL SH 4LKPJPUH KLS +LWVY[L

+Y 7LKYV 4HUVULSSLZ 4HYX\L[H ,ZWLJPHSPZ[H LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` KLS +L WVY[L :LJYL[HYPV .LULYHS KL SH -LKLYHJP}U ,ZWH|VSH KL 4LKPJPUH KLS +LWVY[L -,4,+, +Y ÍUNLS 4HY[xU 7HZ[VY ,ZWLJPHSPZ[H LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` KLS +LWVY[L 7YLZPKLU[L KL SH -LKLYHJP}U ,ZWH|VSH KL (ZV JPHJPVULZ KL ,ZWLJPHSPZ[HZ KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` KLS +LWVY[L -,+(4,-0+,


(Y[xJ\SVZ VYPNPUHSLZ (UmSPZPZ KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ YLHSPaHKHZ K\YHU[L SVZ JHTWLVUH[VZ KL ,ZWH|H PUMHU[PS ` JHKL[L KL IHSVUJLZ[V (UHS`ZPZ VM TLKPJHS L]LU[Z YLNPZ[LYLK K\YPUN H [LLU‘Z IHZRL[IHSS ZWHUPZO JOHTWPVUZOPW

9,:<4,5 *VU ]PZ[HZ H WYVTVJPVUHY HS KLWVY[L JVTV LSLTLU[V M\U KHTLU[HS WHYH LS THU[LUPTPLU[V ` TLQVYH KL U\LZ[YH ZH S\K M\UKHTLU[HSTLU[L LU[YL SVZ TmZ Q}]LULZ JHKH ]La ZVU TmZ SVZ JHTWLVUH[VZ KLWVY[P]VZ VYNHUPaHKVZ :PU LTIHYNV LZJHZH H[LUJP}U ZL KLKPJH LU SH SP[LYH[\YH LZWL JPHSPaHKH H SH VYNHUPaHJP}U ` WSHUPÄJHJP}U KL SH HZPZ[LUJPH ZHUP[HYPH KL LZ[VZ L]LU[VZ 7HYH PU]LY[PY LZ[H [LUKLUJPH ZL KPZL|} LS WYLZLU[L LZ[\ KPV JVU LS VIQL[P]V KL HUHSPaHY SHZ HZPZ[LUJPHZ HJVU[LJPKHZ K\YHU[L SVZ *HTWLVUH[VZ KL ,ZWH|H 0UMHU[PS ` *HKL[L KL )HSVUJLZ[V LU LS X\L WHY[PJPWHYVU Q}]LULZ H|VZ ,S :LY]PJPV 4tKPJV VWLYH[P]V KLZKL SHZ ! O KLS KxH OHZ[H SHZ ! KLS KL LULYV YLHSPa} \U [V[HS KL HZPZ[LUJPHZ ZHUP[HYPHZ TtKPJHZ ` ÄZPV[LYmWPJHZ SH NYHU TH`VYxH KL JHYmJ[LY SL]L 3HZ HZPZ[LUJPHZ TtKPJHZ ZL YLWHY[PLYVU LU[YL 0UZ[HSHJPVULZ KLWVY[P]HZ 7VSP JSxUPJH ` /V[LS KL JVUJLU[YHJP}U (KLTmZ KL Q\NHKVYLZ [HTIPtU WYLJPZHYVU HZPZ[LUJPH mYIP[YVZ LU[YLUHKVYLZ ` TPLTIYVZ KL VYNHUPaHJP}U KLS L]LU[V *LU[YmUKVUVZ LU SVZ KLWVY[PZ[HZ M\LYVU TH `VYP[HYPHTLU[L ]HYVULZ ` KL JH[LNVYxH JHKL[L @ H\UX\L ZL H[LUKPLYVU Q\NHKVYLZ KL [VKHZ SHZ KLSLNHJPV ULZ [LYYP[VYPHSLZ WHY[PJPWHU[LZ 4LSPSSLUZLZ ` (Z[\YPH UVZ M\LYVU SVZ TmZ U\TLYVZVZ 3H KPZ[YPI\JP}U KL SHZ H[LUJPVULZ ÄZPV[LYmWPJHZ M\L ZPTPSHY H SHZ TtKPJHZ -\[\YVZ LZ[\KPVZ LU LZ[H TPZTH SxULH KL [YHIHQV ZVU ULJL ZHYPVZ WHYH JVU[YPI\PY JVTV YLMLYLU[L LU HZWLJ[VZ M\UKH TLU[HSLZ KLS :LY]PJPV 4tKPJV JVTV YLJ\YZVZ O\THUVZ ` TH[LYPHSLZ W\U[VZ KL H[LUJP}U OVYHYPV HZPZ[LUJPHS WYV[V JVSVZ KL HJ[\HJP}U PU[LNYHS TtKPJV ÄZPV[LYmWPJH KL WH[V SVNxHZ TmZ MYLJ\LU[LZ LU[YL V[YVZ 7HSHIYHZ JSH]L! *HTWLVUH[V KLWVY[P]V" (ZPZ[LUJPH 4tKP JH" (ZPZ[LUJPH -PZPV[LYmWPJH" (KVSLZJLU[LZ

4HU\LS 9VZL[` 9VKYxN\La 4+ 7O+ *HYTLU =Ha 4+ ,]H -LYUmUKLa *OHTPaV 4+ 0ZHILS 4HJPHZ 4PN\LS (UNLS 9VZL[` *HYTLU 9\Pa :HS]HKVY :HPa (SLQHUKYV 9VKYxN\La 4V`H -YHUJPZJV 1H]PLY 6YK}|La 4\|Va 4+ 7O+

,ZJ\LSH KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L <UP]LYZPKHK KL *mKPa *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *mKPa 0S\Z[YL *VSLNPV 7YVMLZPVUHS KL -PZPV[LYHWPH KL (UKHS\JxH *VYYLZWVUKLUJPH H! 4 9VZL[` 9VKYxN\La ,ZJ\LSH KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L <UP]LYZPKHK *mKPa =PYNLU KLS :HSPLU[L Z U *VTWSLQV )HOxH :\Y :HU -LYUHUKV *mKPa ;LS L THPS! THU\LS YVZL[`YVKYPN\La'\JH LZ ():;9(*; 0U YLJLU[ `LHYZ ZWVY[ JOHTWPVUZOPWZ HYL PUJYLHZPUN PU WV W\SHYP[` THPUS` H[ LHYS` SPML Z[HNLZ ZPUJL [OLYL PZ NYV^PUN L]PKLUJL [OH[ WO`ZPJHS HJ[P][` TH` IL JVUZPKLYLK H RL` YVSL PU [OL WYVTV[PVU VM V\Y OLHS[O ;OL WYV]PZPVU VM VU ZP[L TLKPJHS JHYL K\YPUN [OLZL L]LU[Z PZ LZZLU[PHS [V LUZ\YL [OL OLHS[O HUK ZHML[` VM [OL H[OSL[LZ HUK [O\Z [OL Z\JJLZZ VM [OL ZWVY[ /V^L]LY SP[[SL PUMVYTH[PVU PZ H]HPSHISL PU [OL SP[LYH[\YL YLNHYKPUN [OPZ [VWPJ -VY [OL YLHZVUZ HSYLHK` TLU[PVULK [OL WYLZLU[ Z[\K` ^HZ KLZPNULK [V HUHS`ZL TLKPJHS L]LU[Z WYVK\JLK K\YPUN H \UKLY 5H[PVUHS )HZRL[IHSS *OHTWPVUZOPW ;OPZ ZWVY[ L]LU[ PU]VS]LK V]LY `V\UN WSH`LYZ MYVT ZWHUPZO YLNPVUZ 4LKPJHS ZLYP]PJL ^HZ VU HJ[P]L K\[` MYVT QHU\HY` UK [V [O +\YPUN [OL ^OVSL *OHTWPVUZOPW OLHS[O JHYL HZZPZ[HUJLZ ^LYL YLNPZ[LYLK I` ZWVY[Z TLKPJPUL WO`ZPJPHUZ HUK I` WO`ZPV[OLYHW`Z[ 9LNHYKPUN TLKPJHS HZZPZ[HUJLZ [OL` ^LYL YLNPZ[LYLK H[ :WVY[ ]LU\LZ WVSPJSPUPJ HUK OV[LS (S[OV\NO TVZ[ VM [OLT ^LYL WSH`LYZ YLMLYLLZ JVHJOLZ HUK VYNH UPaH[PVU TLTILYZ ^LYL HSZV H[[LUKLK -VJ\ZZLK VU WSH`LYZ TVZ[ VM [OLT ^LYL THSLZ 0U [OPZ YLZWLJ[ 4LSPSSH HUK (Z[\YPHZ‘Z [LHTZ YLX\PYLK [OL OPNOLZ[ TLKPJHS H[[LU[PVU HUK YLZWLJ[P]LS` ( ZPTPSHY KPZ[YPI\[PVU ^HZ YLNPZ[LYLK MVY WO`ZPV[OLYHW` HZZPZ[LUJLZ -\Y[OLY Z[\KPLZ VU [OPZ [VWPJ HYL OPNOS` YLX\PYLK [V KL[LY TPUL OV^ TLKPJHS JHYL ZOV\SK IL KLZPNULK Z[HMMLK HUK LX\PWWLK MVY ZWVY[ L]LU[Z 2L` >VYKZ! :WVY[ ,]LU[" 4LKPJHS *HYL" 7O`ZPV[OLYHW`" (KVSLZJLU[

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


4HU\LS 9VZL[` 9VKYxN\La *HYTLU =Ha ,]H -LYUmUKLa *OHTPaV 0ZHILS 4HJPHZ 4PN\LS (UNLS 9VZL[` *HYTLU 9\Pa :HS]HKVY :HPa (SLQHUKYV 9VKYxN\La 4V`H -YHUJPZJV 1H]PLY 6YK}|La 4\|Va 4+ 7O+ (UmSPZPZ KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ YLHSPaHKHZ K\YHU[L SVZ JHTWLVUH[VZ KL ,ZWH|H PUMHU[PS ` JHKL[L KL IHSVUJLZ[V (UHS`ZPZ VM TLKPJHS L]LU[Z YLNPZ[LYLK K\YPUN H [LLU‘Z IHZRL[IHSS ZWHUPZO JOHTWPVUZOPW WmNZ

05;96+<**0Ô5 ,S YLJVUVJPTPLU[V KL SH HJ[P]PKHK MxZPJH ` LS KLWVY[L JVTV LSLTLU[VZ M\UKHTLU[HSLZ LU SH WYVTVJP}U KL SH ZHS\K NVaH JHKH ]La KL TH`VY YLSL]HUJPH LU SH ZVJPLKHK HJ[\HS 0UJS\ZV ZL SSLNH H HJLW[HY X\L IHQV \U HKLJ\HKV ZLN\P TPLU[V TtKPJV KLWVY[P]V KLWVY[L KL JVTWL[PJP}U ` ZHS\K ZVU JVTWH[PISLZ PUJS\ZV LU[YL SVZ TmZ Q}]LULZ 7VY JVUZPN\PLU[L SHZ HKTPUPZ[YHJPVULZ W‚ISPJHZ HW\LZ [HU WVY MVTLU[HY SH HJ[P]PKHK MxZPJH H [VKHZ SHZ LKHKLZ LU NLULYHS ` LU WHY[PJ\SHY H LKHKLZ [LTWYHUHZ YLJ\YYPLUKV LU[YL V[YHZ LZ[YH[LNPHZ H X\L JHKH ]La ZLHU TmZ SVZ JHT WLVUH[VZ KLWVY[P]VZ WHYH Q}]LULZ :PU LTIHYNV ZHS]V YLJPLU[LZ L_JLWJPVULZ LZJHZH H[LUJP}U ZL SL OH KLKPJHKV LU SH SP[LYH[\YH TtKPJH LZWLJPH SPaHKH H SH HZPZ[LUJPH ZHUP[HYPH X\L ZL WYLZ[H LU LZ[L [PWV KL L]LU[VZ (MVY[\UHKHTLU[L LZ[H [LUKLUJPH LZ[m JHTIPHUKV ` WY}_PTHTLU[L LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY [L *(4+ KL SH 1\U[H KL (UKHS\JxH W\ISPJHYm SH TLTVYPH KLS :LY]PJPV 4tKPJV KL SVZ YLJPLU[LZ 1\LNVZ KLS 4LKP[L YYmULV (STLYxH X\L H I\LU ZLN\YV YLWYLZLU[HYm \U W\U[V KL PUÅL_P}U LU LZ[L HZ\U[V @ LZ X\L LS KL[HSSHKV JVUVJPTPLU[V KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ LU LZ[L [PWV KL L]LU[VZ WVKYxH ZLY KL NYHU PU[LYtZ H SH OVYH KL LZ[HISLJLY HZWLJ[VZ M\UKHTLU[HSLZ KLS :LY]PJPV 4tKPJV JVTV! ÄQHY SVZ YLJ\YZVZ O\THUVZ ` TH[LYPHSLZ SVZ W\U[VZ KL H[LU JP}U LS OVYHYPV KL HZPZ[LUJPH SVZ WYV[VJVSVZ KL HJ[\HJP}U KL SHZ WH[VSVNxHZ TmZ MYLJ\LU[LZ LU[YL V[YVZ T\JOVZ 7VY [VKHZ SHZ YHaVULZ HU[LYPVYTLU[L L_W\LZ[HZ KPZL|H TVZ LS WYLZLU[L [YHIHQV JVU LS VIQL[P]V KL HUHSPaHY SHZ HZPZ[LUJPHZ ZHUP[HYPHZ TtKPJHZ ` ÄZPV[LYmWPJHZ YLHSPaHKHZ K\YHU[L LS *HTWLVUH[V KL ,ZWH|H 0UMHU[PS ` *HKL[L KL )HSVUJLZ[V 4(;,90(3 @ 4,;6+6 ,S WYLZLU[L LZ[\KPV KLZJYPW[P]V ` VIZLY]HJPVUHS HUHSPaH SHZ HZPZ[LUJPHZ TtKPJHZ YLJVNPKHZ K\YHU[L LS *HTWLVUH[V KL ,ZWH|H KL )HSVUJLZ[V KL JH[LNVYxHZ 0UMHU[PS ` *HKL [L JLSLIYHKV LU SHZ JP\KHKLZ KL :HU -LYUHUKV *OPJSHUH 7\LY[V 9LHS ` 7\LY[V KL :HU[H 4HYxH *mKPa ,ZWH|H LU LS X\L WHY[PJPWHYVU HSYLKLKVY KL Q}]LULZ KL LU[YL ` H|VZ PUMHU[PSLZ ` JHKL[LZ ` KL HTIVZ ZL_VZ T\QLYLZ ` ]HYVULZ ,S :LY]PJPV 4tKPJV KLS JHTWLVUH[V JVU[} JVU SH WHY[PJP WHJP}U KL \U [V[HS KL WYVMLZPVUHSLZ TtKPJVZ LZWL JPHSPZ[HZ LU TLKPJPUH KLS KLWVY[L LUMLYTLYVZ ÄZPV [LYHWL\[HZ [tJUPJVZ ZHUP[HYPVZ KL [YHUZWVY[L ` HKTP UPZ[YH[P]VZ JVU \UH LKHK TLKPH p ZK KL p H|VZ JVVYKPUHKVZ WVY SH +YH *HYTLU =Ha 7HYKHS KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *(4+ ` Z\ HKQ\U[V LS +Y 4HU\LS 9VZL[` 9VKYxN\La KL SH ,ZJ\LSH KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L KL SH <UP]LYZPKHK KL *mKPa <*( 6WLYH[P]V KLZKL SHZ ! O KLS KxH KL LUL

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ

YV OHZ[H SHZ ! O KLS KxH KL LULYV KL NHYHU[Pa} JVILY[\YH ZHUP[HYPH PUPU[LYY\TWPKH SHZ O KLS KxH K\YHU[L SH JLSLIYHJP}U KLS L]LU[V 7VY SV KLTmZ JHIL KLZ[HJHY X\L SH HZPZ[LUJPH TtKPJH ZL LZ[Y\J[\Y} LU [YLZ W\U[VZ KL HJ[\HJP}U! 0UZ[HSHJPVULZ KLWVY[P]HZ LU SHZ KPZ[PU[HZ JP\KHKLZ ZLKL :HU -LYUHUKV *OPJSHUH 7\LY[V 9LHS ` ,S 7\LY[V KL :HU[H 4HYxH K\YHU[L SH JLSLIYHJP}U KL [VKVZ SVZ WHY [PKVZ 7VSPJSxUPJH ZP[\HKH LU LS LKPÄJPV X\L JVTWHY[LU LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L ` SH ,ZJ\LSH KL 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L KL SH <UP]LYZPKHK KL *mKPa LU LS *VTWSLQV )HOxH :\Y VWL YH[P]H KLZKL SHZ ! OHZ[H SHZ ! OVYHZ ,Z[H ZPY ]P} JVTV *LU[YV KL 9LMLYLUJPH KLS :LY]PJPV :HUP[HYPV HKVUKL LYHU KLYP]HKVZ HX\LSSVZ \Z\HYPVZ X\L WYLJP ZHIHU \U L_HTLU TtKPJV TmZ KL[HSSHKV V J\HSX\PLY HJ[\HJP}U WYVWPH KL SH LUMLYTLYxH KLS KLWVY[L ( Z\ ]La LU tZ[L ZL PUZ[HS} LS :LY]PJPV KL -PZPV[LYHWPH SV X\L WLYTP[P} \UH LZ[YLJOH JVSHIVYHJP}U LU[YL HTIVZ WYV MLZPVUHSLZ SV X\L YLK\UK} LU \UH TLQVY JHSPKHK HZPZ [LUJPHS 7VY ‚S[PTV LU LZ[L TPZTV YLJPU[V ZL \IPJ} LS *LU[YV *VVYKPUHKVY KLZKL KVUKL ZL HY[PJ\SHIH [VKV LS KPZWVZP[P]V TtKPJV WYL]PZ[V WHYH LS *HTWLVUH[V JVU LZWLJPHS PU[LYtZ LU SH JVVYKPUHJP}U KL SVZ [YHZSHKVZ H V[YVZ JLU[YVZ ZHUP[HYPVZ JVUJLY[HKVZ /V[LS LU LS X\L ZL HSVQHYVU SVZ WHY[PJPWHU[LZ VWLYH[P]V KL ! H ! OVYHZ 7HYH SH YLHSPaHJP}U KL LZ[L [YHIHQV KL [PWV VIZLY]HJPVUHS ` KLZJYPW[P]V ZL YLJVNPLYVU [VKHZ SHZ HJ[\HJPVULZ ZHUP[HYPHZ TtKPJHZ ` ÄZPV[LYmWPJHZ HJVU[LJPKHZ H SV SHYNV KLS JHT WLVUH[V ;HS ` JVTV LZ[HISLJPLYVU JVU HU[LYPVYPKHK V[YVZ H\[VYLZ JHKH HJ[\HJP}U TLKPJH LU \U L]LU[V ZL KLÄUL JVTV HX\LS LWPZVKPV KVUKL \U KLWVY[PZ[H YLJPIL H[LUJP}U TtKPJH `H ZLH JVUZLQV ` V [YH[HTPLU[V TtKPJV 3H WYLZ[HJP}U KL SVZ ZLY]PJPVZ KL ÄZPV[LYHWPH ZL YLHSPa} H [YH]tZ KL \UH <UPKHK )mZPJH KL ([LUJP}U -PZPV[LYmWP JH <)(- VWLYH[P]H KPHYPHTLU[L KL ! H ! OVYHZ \IPJHKH LU SH 7VSPJSxUPJH JVVYKPUHKH WVY (SLQHUKYV 9VKYx N\La 4V`H 0S\Z[YL *VSLNPV 7YVMLZPVUHS KL -PZPV[LYHWPH KL (UKHS\JxH @ LU J\HSX\PLY JHZV KLZKL \U W\U[V KL ]PZ[H LZ[HKxZ[PJV ZL YLJ\YYPYm H [YH[HTPLU[VZ KLZJYPW[P]VZ [HISHZ KL MYLJ\LU JPH L PUMLYLUJPHSLZ [LZ[ KL SH JOP J\HKYHKV 7YLJPZHTLU[L WHYH WVULY KL THUPÄLZ[V WVZPISLZ HZVJPHJPVULZ LU[YL ]H YPHISLZ LS UP]LS KL ZPNUPÄJHJP}U ZL ZP[\HYm H \UH W# 9,:<3;(+6: ,S ZLY]PJPV TtKPJV VWLYH[P]V KLZKL SHZ ! O KLS KxH OHZ[H SHZ ! KLS KL LULYV YLHSPa} \U [V[HS KL HZPZ[LUJPHZ ZHUP[HYPHZ TtKPJHZ ` ÄZPV[LYmWPJHZ SH


4HU\LS 9VZL[` 9VKYxN\La *HYTLU =Ha ,]H -LYUmUKLa *OHTPaV 0ZHILS 4HJPHZ 4PN\LS (UNLS 9VZL[` *HYTLU 9\Pa :HS]HKVY :HPa (SLQHUKYV 9VKYxN\La 4V`H -YHUJPZJV 1H]PLY 6YK}|La 4\|Va 4+ 7O+ (UmSPZPZ KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ YLHSPaHKHZ K\YHU[L SVZ JHTWLVUH[VZ KL ,ZWH|H PUMHU[PS ` JHKL[L KL IHSVUJLZ[V (UHS`ZPZ VM TLKPJHS L]LU[Z YLNPZ[LYLK K\YPUN H [LLU‘Z IHZRL[IHSS ZWHUPZO JOHTWPVUZOPW WmNZ

NYHU TH`VYxH KL JHYmJ[LY SL]L 3HZ HZPZ[LUJPHZ TtKPJHZ ZL YLWHY[PLYVU LU[YL 0UZ[HSHJPVULZ KLWVY[P]HZ 7V SPJSxUPJH ` /V[LS KL JVUJLU[YHJP}U 7VY KxHZ SHZ HZPZ[LUJPHZ ZL KPZ[YPI\`LYVU ZPN\PLUKV \UH JHTWHUH KL .H\ZZ ZPLUKV SHZ QVYUHKHZ JVU TH`VY WYLZP}U HZPZ [LUJPHS SVZ KxHZ ` KL LULYV ¢ ` ¢ KxH KL JVTWL[PJP}U YLZWLJ[P]HTLU[L (KLTmZ KL Q\NHKVYLZ [HTIPtU WYLJPZHYVU HZPZ[LU JPH mYIP[YVZ LU[YLUHKVYLZ ` TPLTIYVZ KL VYNH UPaHJP}U KLS L]LU[V *LU[YmUKVUVZ LU SVZ KLWVY[PZ[HZ M\LYVU TH`VYP[HYPHTLU[L ]HYVULZ ` KL JH[LNVYxH JHKL[L @ H\UX\L ZL H[LUKPLYVU Q\NHKVYLZ KL [VKHZ SHZ KLSLNHJPVULZ [LYYP[V YPHSLZ WHY[PJPWHU[LZ 4LSPSSLUZLZ ` (Z[\YPHUVZ M\LYVU SVZ TmZ U\TLYVZVZ ,U SV X\L H SVZ Q\PJPVZ JSxUPJVZ ZL YLÄLYL LS M\LYVU KL UH[\YHSLaH }Z[LV T\ZJ\SHY JVU[\ZPVULZ T\ZJ\SHYLZ JHWZ\SP[PZ HY[PJ\SHJPVULZ TL [HJHYWVMHSmUNPJHZ L PU[LYMHSmUNPJHZ LZN\PUJLZ KL [VIPSSV M\UKHTLU[HSTLU[L ZLN\PKV H JPLY[H KPZ[HUJPH WVY WYVJL ZVZ ]xYPJVZ KL ]xHZ YLZWPYH[VYPHZ ` KPNLZ[P]H JLMHSLHZ ` V[YVZ 7VY V[YV SHKV M\LYVU SHZ KLYP]HJPVULZ X\L ZL YLHSPaHYVU H V[YVZ *LU[YVZ :HUP[HYPVZ JVUJLY[HKVZ JVU HU[LSHJP}U HS PUPJPV KLS L]LU[V LU Z\ TH`VYxH WHYH YLHSPaHY WY\LIHZ KPHNU}Z[PJHZ KL PTHNLU -PUHSTLU[L ZL LUJVU[Y} \UH HZVJPHJP}U ZPNUPÄJH[P]H LU[YL HZPZ[LUJPH Tt KPJH ` OHILY WLYKPKV LS ‚S[PTV WHY[PKV W$ " W% ,U SV X\L YLZWLJ[H H SH KPZ[YPI\JP}U KL SHZ HZPZ[LUJPHZ Ä ZPV[LYmWPJHZ LZ[H M\L T\` ZPTPSHY H SHZ KLZJYP[HZ JVU HU[L YPVYPKHK WHYH SVZ HJ[VZ TtKPJVZ (Zx LS U‚TLYV KL HZPZ[LU JPHZ WVY KxH UVZ YLJ\LYKH SH JSmZPJH JHTWHUH KL .H\ZZ ,U J\HU[V HS WLYÄS KLS \Z\HYPV X\L KLTHUK} LZ[L [PWV KL ZLY]PJPV M\LYVU TmZ MYLJ\LU[LZ LU[YL Q\NHKVYLZ ]HYVULZ KL JH[LNVYxH JHKL[L ` WYVJLKLU[LZ KL SH KLSLNHJP}U KL 4LSPSSH ,U SV X\L H [tJUPJHZ KL [YH[HTPLU[V ZL YLÄLYL \S[YHZVUPKVZ THZHQLZ KL KLZJHYNH ` LZ[PYHTPLU[VZ HZPZ[PKVZ YLZ\S[HYVU ZLY SVZ ZLY SVZ TmZ \[PSPaHKVZ WVY SVZ WYVMLZPVUHSLZ +0:*<:0Ô5 ,S LZJHZV PU[LYtZ X\L OHZ[H LS TVTLU[V OH NLULYHKV LZ[L [LTH JVTV WHYLJL PUKPJHY LS YLK\JPKV U‚TLYV KL YLML YLUJPHZ LUJVU[YHKHZ LU SH SP[LYH[\YH LZWLJPHSPaHKH SPTP[H JVUZPKLYHISLTLU[L SH JHWHJPKHK KL KPZJ\ZP}U KL LZ[L [YH IHQV ,U J\HSX\PLY JHZV HS YL]PZHY SHZ WH[VSVNxHZ H[LUKPKHZ KLZ [HJH LS JHYmJ[LY SL]L KL SH TH`VYxH KL SHZ TPZTHZ JVPU JPKPLUKV JVU V[YVZ YLZ\S[HKVZ YLMLYPKVZ JVU HU[LYPVYPKHK 3H JHYNH HZPZ[LUJPHS UV ZL KPZ[YPI\`} KL THULYH OV TVNtULH LU SVZ KxHZ KL JVTWL[PJP}U ZPUV X\L TVZ[Y} \UH KPZ[YPI\JP}U ZPTPSHY H SH JHTWHUH KL .H\ZZ @ YLZWLJ[V H SH KPZ[YPI\JP}U WVY ZL_VZ SH TH`VY PUJPKLUJPH LU ]HYVULZ JVPUJPKL JVU LZ[\KPVZ WYL]PVZ

,U[YL LZ[HZ ‚S[PTHZ ZL H[LUKPLYVU U\TLYVZHZ WH[VSVNxHZ }Z[LV T\ZJ\SHYLZ X\L HS WYVK\JPYZL LU LS ‚S[PTV WHY[PKV KLS KxH UV ZL THUPMLZ[HIHU OHZ[H SL SSLNHKH HS /V[LS 7YLJP ZHTLU[L SH WYLZLUJPH KLS TtKPJV HOVYYHIH KLZWSHaHTPLU [VZ PUULJLZHYPVZ H V[YVZ *LU[YVZ /VZWP[HSHYPVZ L]P[HUKV LS [YHZ[VYUV X\L LSSV Z\WVUKYxH UV ZVSV WHY LS YLUKPTPLU[V KLS Q\NHKVY HS KxH ZPN\PLU[L HZP JVTV SH LUVYTL HUZPLKHK X\L tZ[L [YHZSHKV NLULYHYxH LU SVZ YLZWVUZHISLZ KL SVZ LX\PWVZ ` LU SH MHTPSPH KLS TLUVY *VTV `H H]HUaHYVU V[YVZ H\[VYLZ JVU HU[LYPVYPKHK SH LZ[HJP}U KLS H|V LU SH X\L ZL JLSLIYLU LZ[VZ L]LU[VZ WV KYxH JVUKPJPVUHY SHZ WH[VSVNxHZ UV KPYLJ[HTLU[L YLSHJPVUH KVZ JVU SH HJ[P]PKHK MxZPJH HJVU[LJPKHZ (Zx TPLU[YHZ LU LS *HTWLVUH[V KL ,ZWH|H KL SH 1\]LU[\K JLSLIYHKV LU ]LYHUV M\LYVU MYLJ\LU[LZ SVZ J\HKYVZ KL KLZOPKYH[H JP}U ` SHZ X\LTHK\YHZ ZVSHYLZ LU LS WLYPVKV PU]LYUHS KLS WYLZLU[L JHTWLVUH[V WYLKVTPUHYVU WYVJLZVZ NYPWHSLZ ` MHYPUNVHTPNKHSP[PZ IHJ[LYPHUHZ +L SHZ HZVJPHJPVULZ LU[YL ]HYPHISLZ KLZ[HJH SH LUJVU[YHKH LU[YL SH ZVSPJP[\K KL HZPZ[LUJPH TtKPJH LU SH PUZ[HSHJP}U ` OHILY WLYKPKV LS WHY[PKV ,Z[L OLJOV WVKYxH ZLY L_WSPJHKV HS TLUVZ LU WHY[L WVY SH TH`VY WYLWHYHJP}U UV ZVSV [tJUP JV [mJ[PJH ZPUV MxZPJH KL SVZ LX\PWVZ JVU TLQVY YLUKPTPLU [V KLWVY[P]V LU LS JHTWLVUH[V /HILY [LUPKV JVTV T\LZ[YH WVISHJPVUHS H Q}]LULZ KL H|VZ YLZ\S[H KL LZWLJPHS PU[LYtZ `H X\L ZL JVYYLZWVUKL JVU SH MYHUQH L[HYPH X\L TmZ SLZPVULZ YLSHJPVUHKHZ JVU SH HJ[P]PKHK MxZPJH WYLZLU[H LU[YL KLWVY[PZ[HZ 7VY LSSV ZLYxH ULJLZHYPV YLK\JPY HS Tm_PTV WVZPISL V[YHZ WH[VSVNxHZ UV KPYLJ[HTLU[L YLSHJPVUHKHZ JVU SH HJ[P]PKHK MxZPJH X\L W\ KPLYHU WYLZLU[HY SVZ KLWVY[PZ[HZ K\YHU[L SH JVTWL[PJP}U @ LZ X\L SH HWHYPJP}U KL SLZPVULZ LZ JVUZPKLYHKH WVY U\ TLYVZVZ H\[VYLZ \U WYVISLTH KL LUVYTL [YHZJLUKLU JPH `H X\L LYVZPVUHYxH SH PTHNLU ZHS\KHISL KLS KLWVY[L MH]VYLJPtUKVZL \U LZ[PSV KL ]PKH ZLKLU[HYPV 3V X\L LU LS JHZV KL SVZ Q}]LULZ YLZ\S[H KL LZWLJPHS PTWVY[HUJPH `H X\L WVKYxH JVUKPJPVUHY ULNH[P]HTLU[L SH WYmJ[PJH KLWVY[P]H JVTV OmIP[V ZHS\KHISL WHYH [VKH SH ]PKH 7VY V[YV SHKV TLYLJL ZLY KLZ[HJHKH SH PKVULPKHK KL VMYL JLY \U [YH[HTPLU[V PU[LNYHS TtKPJV ÄZPV[LYmWPJV LU L]LU [VZ KLWVY[P]VZ @ KL THULYH WHY[PJ\SHY KL SHZ <UPKHKLZ )mZPJHZ KL ([LUJP}U -PZPV[LYmWPJH <)(- X\L IHZHKHZ LU SH YLHSPaHJP}U KL [tJUPJHZ JVTIPUHKHZ WLYTP[LU \UH VW[P TPaHJP}U KL YLJ\YZVZ KL NYHU PU[LYtZ ZP [LULTVZ LU J\LU[H SV SPTP[HKV KLS WYLZ\W\LZ[V KLZ[PUHKV HS :LY]PJPV 4tKPJV LU LZ[L [PWV KL L]LU[VZ @ \UH ]La LU M\UJPVUHTPLU[V JV PUJPKPTVZ JVU LZ[\KPVZ WYL]PVZ LU SVZ X\L SH THZV[LYHWPH LU Z\Z KPZ[PU[HZ ]HYPHU[LZ YLZ\S[H SH [tJUPJH TmZ ZVSPJP[HKH WVY SVZ KLWVY[PZ[HZ -\[\YVZ LZ[\KPVZ LU LZ[H TPZTH SxULH KL [YHIHQV ZVU ULJL ZHYPVZ WHYH JVU[YPI\PY H \UH TLQVY VYNHUPaHJP}U ` WSHUPÄJH JP}U KLS ZLY]PJPV TtKPJV KL LZ[VZ L]LU[VZ

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


4HU\LS 9VZL[` 9VKYxN\La *HYTLU =Ha ,]H -LYUmUKLa *OHTPaV 0ZHILS 4HJPHZ 4PN\LS (UNLS 9VZL[` *HYTLU 9\Pa :HS]HKVY :HPa (SLQHUKYV 9VKYxN\La 4V`H -YHUJPZJV 1H]PLY 6YK}|La 4\|Va 4+ 7O+ (UmSPZPZ KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ YLHSPaHKHZ K\YHU[L SVZ JHTWLVUH[VZ KL ,ZWH|H PUMHU[PS ` JHKL[L KL IHSVUJLZ[V (UHS`ZPZ VM TLKPJHS L]LU[Z YLNPZ[LYLK K\YPUN H [LLU‘Z IHZRL[IHSS ZWHUPZO JOHTWPVUZOPW WmNZ

-PN\YH +PZ[YPI\JP}U KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ WYLZ[HKHZ LU SVZ KPZ[PU[VZ W\U[VZ OHIPSP[HKVZ H [HS LMLJ[V K\YHU[L LS *HTWLVUH[V

-PN\YH +PZ[YPI\JP}U KL SH JHYNH HZPZ[LUJPHS K\YHU[L SVZ KxHZ KL JLSLIYHJP}U KLS L]LU[V

9,-,9,5*0(:

-PN\YH +PZ[YPI\JP}U KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ ZLN‚U LS YVS X\L LS WHJPLU[L KLZLTWL|HIH K\YHU[L LS L]LU[V

-PN\YH +PZ[YPI\JP}U KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ LU M\UJP}U KL SH WYVJLKLUJPH NLVNYmÄJH KL SVZ \Z\HYPVZ

-PN\YH +PZ[YPI\JP}U KL SHZ HZPZ[LUJPHZ ZHUP[HYPHZ LU M\UJP}U KLS Q\PJPV JSxUPJV HZPNUHKV

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ

:V`L\Y + 7YL JVTWL[P[PVU OLHS[O ZJYLLUPUN VM `V\UN OPNO SL]LS H[OSL[LZ 9L] 4LK 3PLNL " ! -LYYVU * 4PJOH\K 7( 5HYYPUN - L[ HS :WVY[Z HJ[P]P[PLZ VM :^PZZ `V\[OZ! WYHJ[PJLZ TV[P]H[PVUZ HUK SPURZ [V OLHS[O (YJO 7LKPH[Y " ! (KHT\a 4* 7YHKH ( 6YK}|La -1 L[ HS 6YNHUPaHJP}U WSHUP ÄJHJP}U NLZ[P}U ` YLZ\S[HKVZ KL SH HZPZ[LUJPH ZHUP[HYPH LU SVZ ?= 1\LNVZ 4LKP[LYYmULVZ KL (STLYxH 9L] *PLU[ 4LK +LWVY " ! .YLTPVU . )PLSPUZRP 9 =HSSV[[VU 1 L[ HS .`TUHZ[PJ ^VYSK JOHTWPVUZOPW PU 3H\ZHUUL! TLKPJHS Z[HMÄUNS 9L] 4LK :\PZZL 9VTHUKL " ! 9VZL[` 9VKYPN\La 4 6YKV|La -1 5V[H WYL]PH ZVIYL SH WYL ]LUJP}U KL WH[VSVNxHZ UV KPYLJ[HTLU[L YLSHJPVUHKHZ JVU HJ [P]PKHK MxZPJH WYLZLU[HKHZ WVY Q}]LULZ [HSLU[VZ LU \U JHT WLVUH[V UHJPVUHS 000 1VYUHKHZ 0U[LYUHJPVUHSLZ +L[LJJP}U KL ;HSLU[VZ +LWVY[P]VZ 4mSHNH VJ[\IYL 6WKHOS ( +PTLUZPVUZ VM OLHS[O ZLY]PJLZ MVY IPN ZWVY[ L]LU[Z (YL WYL]LU[P]L TLHZ\YLZ LMMLJ[P]L& ;PKZZRY 5VY 3HLNLMVYLU " ! /HKKLU >( 2LSS` : 7\TMVYK 5 4LKPJHS JV]LY MVY º;OL 6WLU» NVSM JOHTWPVUZOPW )Y 1 :WVY[Z 4LK " ! (ZLTIV 14 >LRLZH 4 0UQ\Y` WH[[LYU K\YPUN [LHT OHUKIHSS JVTWL[P[PVU PU LHZ[ (MYPJH ,HZ[ (MY 4LK 1 " ! ,TLY` *( 9PZR MHJ[VYZ MVY PUQ\Y` PU JOPSK HUK HKVSLZJLU[ ZWVY[! H Z`Z[LTH[PJ YL]PL^ VM [OL SP[LYH[\YL *SPU 1 :WVY[ 4LK " ! (KPYPT ;( *OLUN ;3 6]LY]PL^ VM PUQ\YPLZ PU [OL `V\UN H[OSL[L :WVY[Z 4LK " ! +]VYHR 1 1\UNL ( *OVTPHR 1 L[ HS 9PZR MHJ[VY HUHS`ZPZ MVY PUQ\YPLZ PU MVV[IHSS WSH`LYZ 7VZZPIPSP[PLZ MVY H WYL]LU[PVU WYV NYHT (T 1 :WVY[Z 4LK " ! 1LSZTH 1 +H^ZVU / :TP[O . L[ HS 7YV]PZPVU VM WO`ZPV[OL YHW` ZLY]PJLZ H[ [OL ZP_[O (SS (MYPJH .HTLZ )Y 1 :WVY[Z 4LK " ! .YLTPVU . *OHU[YHPUL ( ;OL ]HS\L VM WO`ZPV[OLYHW` PU ZWVY [Z [YH\TH[VSVN` ;OLY <TZJO " ! .HSSV^H` :+ >H[[ 14 4HZZHNL WYV]PZPVU I` WO`ZPV[OLYH WPZ[Z H[ THQVY H[OSL[PJZ L]LU[Z IL[^LLU HUK )Y 1 :WVY[Z 4LK " !


(Y[xJ\SVZ VYPNPUHSLZ (\[VYLZ! ,ZTLYHSKV 4HY[xULa 7HYKV 0,: *HIV KL SH /\LY[H 7SH`H KL :HU 1\HU (SPJHU[L

,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K`

7LKYV , (SJHYHa 9HT}U +W[V KL (J[P]PKHK -xZPJH ` +LWVY[L <UP]LYZPKHK *H[}SPJH KL 4\YJPH 3\xZ *HYYHZJV 7mLa +W[V KL +PKmJ[PJH KL SH ,_WYLZP}U 4\ZPJHS 7SmZ[PJH ` *VYWVYHS <UP]LYZPKHK KL :L]PSSH (U[VUPV )Y\UL[ .}TLa (ZLZVYxH +LWVY[P]H () (SPJHU[L +PYLJJP}U WHYH JVYYLZWVUKLUJPH! ,ZTLYHSKV 4HY[xULa 7HYKV * ;YPKLU[L ¢+ *HIV KL SHZ /\LY[HZ (SPJHU[L

9,:<4,5

():;9(*;

,S VIQL[P]V KLS WYLZLU[L LZ[\KPV M\L KL[LYTPUHY LS LMLJ[V KL SH L_WVZPJP}U H ]PIYHJPVULZ TLJmUPJHZ K\YHU[L \U WLYxVKV KL ZLTHUHZ ZVIYL KPMLYLU[LZ WHYmTL[YVZ KL SH M\LYaH JVTV ZVU! SH WV[LUJPH TLKPH KLZHYYVSSHKH HU[L JHYNHZ KL KPMLYLU[L THNUP[\K SH M\LYaH KPUmTPJH Tm_PTH HIZVS\[H ` SH M\LYaH KPUmTPJH YLSH[P]H <U [V[HS KL Z\QL[VZ ZHUVZ ` HJ[P]VZ JVUMVYTHYVU SH T\LZ[YH KLS LZ[\KPV MVYTmUKV ZL \U NY\WV JVU[YVS U$ ` \U NY\WV L_WLYPTLU[HS U$ ,S NY\WV L_WLYPTLU[HS ZL ZVTL[P} H ZLZPVULZ ZLTHUH SLZ KL LZ[PT\SHJP}U ZVIYL \UH WSH[HMVYTH ]PIYH[VYPH X\L PUK\JxH VZJPSHJPVULZ ]LY[PJHSLZ KL KPMLYLU[L MYLJ\LUJPH ` HTWSP[\K (U[LZ KLS WLYPVKV KL LZ[PT\SHJP}U ]PIYH[VYPH HZx JVTV KLZW\tZ KLS TPZTV ZL ]HSVYHYVU KPMLYLU[LZ WH YmTL[YVZ KL SH M\LYaH 3VZ YLZ\S[HKVZ VI[LUPKVZ T\LZ[YHU \U LMLJ[V WVZP[P]V KLS LZ[xT\SV ]PIYH[VYPV ZVIYL SH M\LYaH KPUmTPJH Tm_PTH [HU[V HIZVS\[H JVTV YLSH[P]H HS WLZV JVYWVYHS ` SH WV[LUJPH TLKPH KLZHYYVSSHKH JVU SH JHYNH JVYYLZWVUKPLU[L HS KL 94 :L W\LKL JVUJS\PY WVY [HU[V X\L \U WYVNYHTH KL LU[YLUHTPLU[V KL LZ[PT\SHJP}U ZVIYL WSH[HMVYTH ]PIYH [VYPH JVTIPUHUKV KPMLYLU[LZ MYL J\LUJPHZ JVU IHQHZ HTWSP[\KLZ LU Z\ VZJPSHJP}U NLULYH \U LMLJ[V WVZP[P]V LU SH M\LYaH KPUmTPJH Tm_PTH ` LU SH WV[LUJPH TLKPH JVU JHYNHZ Tm_PTHZ

;OL HPT VM [OPZ Z[\K` ^HZ [V KL[LYTPUL [OL LMMLJ[ VM Ä]L ^LLRZ TLJOHUPJHS ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY Z[YLUN [O WHYHTL[LYZ Z\JO \Z TLHU WV^LY MYVT KPMMLYLU[ ^LPNO[ SVHKZ HUK TH_PTHS K`UHTPJ Z[YLUN[O \ZPUN IV[O HIZVS\[L HUK YLSH[P]L TLHZ\YLTLU[Z 5PUL HJ[P]L HUK OLHS[O` THSLZ ^OV ^LYL KPZ[YPI\[LK PU JVU[YVS HUK L_WLYPTLU[HS NYV\WZ U$ HUK U$ YLZWLJ[P]LS` [VVR WHY[ PU [OPZ PU]LZ[PNH[PVU ,_WLYPTLU[HS NYV\W OHK H Ä]L ^LLRZ TLJOHUPJHS Z[PT\ SH[PVU VU ]PIYH[PVU WSH[MVYT [^V ZLZZPVUZ WLY ^LLR ^P[O JLY[HPU ]HS\LZ VM HTWSP[\KL HUK MYLX\LUJ` )V[O ILMVYL HUK HM[LY Z[PT\SH[PVU WLYPVK T\ZJ\SHY Z[YLUN[O WHYHTL[LYZ ^LYL L]HS\H[LK ;OL YLZ\S[Z ZOV^ H WVZP[P]L LMMLJ[ VM ]PIYH [VY` Z[PT\S\Z VU TH_PTHS K`UHTPJ Z[YLUN[O IV[O HIZVS\[L HUK YLSH[P]L HUK VU TLHU T\ZJ\SHY WV^LY KL]LSVWLK ^P[O H ^LPNO[ LX\HS [V 94 0[ JHU IL JVUJS\KLK [OH[ H ^OVSL IVK` ]PIYH[PVU [YHPUPUN JVTIPUPUN H ZWLJPÄJ MYL X\LUJPLZ ^P[O SV^ HTWSP[\KLZ NLULYH[LZ H WVZP[P]L LMMLJ[ VU TH_PTHS K`UHTPJ Z[YLUN[O HUK VU TLHU WV^LY K\YPUN [OL SPM[ VM TH_PTHS ^LPNO[ SVHKZ 2L` ^VYKZ! [YHPUPUN ]PIYH[VY` WSH[MVYT T\ZJ\SHY Z[YLUN[O T\ZJ\SHY WV^LY

7HSHIYHZ JSH]L! LU[YLUHTPLU[V WSH[HMVYTH ]PIYH[VYPH M\LYaH WV[LUJPH

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


,ZTLYHSKV 4HY[xULa 7HYKV 7LKYV , (SJHYHa 9HT}U 3\xZ *HYYHZJV 7mLa (U[VUPV )Y\UL[ .}TLa ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K` WmNZ

05;96+<**0Ô5 3H YLHSPaHJP}U KL LQLYJPJPVZ IHQV SH HJJP}U KL LZ[PT\SHJPV ULZ ]PIYH[VYPHZ ZVU \U U\L]V Tt[VKV KL LU[YLUHTPLU[V UL\YVT\ZJ\SHY X\L ZL HWSPJH [HU[V LU H[SL[HZ JVTV LU [L YHWPHZ WHYH WYL]LUPY SH VZ[LVWVYVZPZ 3VZ PTWHJ[VZ TLJmUPJVZ H SVZ X\L ZL ZVTL[L HS ZPZ[LTH LZX\LSt[PJV SVZ JHTIPVZ KL WYLZP}U H UP]LS KL SVZ ]HZVZ ZHUN\xULVZ X\L PYYPNHU LS WYVWPV O\LZV ` SHZ M\LYaHZ H_PHSLZ X\L ZV IYL LS O\LZV LQLYJL SH T\ZJ\SH[\YH J\HUKV tZ[H ZL HJ[P]H WHYLJLU ZLY MHJ[VYLZ JSH]L LU SVZ WYVJLZVZ KL HKHW[HJP}U }ZLH ,U LZ[L ZLU[PKV YLJPLU[LZ LZ[\KPVZ OHU Z\NLYPKV X\L LZ[xT\SVZ TLJmUPJVZ ]PIYHJPVULZ KL HS[H MYLJ\LUJPH ` IHQH THNUP[\K W\LKLU LQLYJLY \U LMLJ[V WVZP[P]V ZVIYL SH TVYMVSVNxH }ZLH ILULÄJPHUKV Z\ JHU[PKHK ` JHSPKHK ,Z[V ZL VIZLY]} LU \U LUZH`V HSLH[VYPV KL \U H|V KL K\ YHJP}U KVUKL WHY[PJPWHYVU T\QLYLZ WVZ[TLUVWm\ZPJHZ KLTVZ[YHUKV X\L WLYxVKVZ JVY[VZ KL ]PIYHJP}U PUMLYPVYLZ H TPU JVU IHQVZ UP]LSLZ KL MYLJ\LUJPH ` HTWSP[\K W\L KLU PUOPIPY SH WtYKPKH }ZLH LU SH JVS\TUH ` LU LS MtT\Y PUJYLTLU[mUKVZL ZPNUPÄJH[P]HTLU[L LU HX\LSSVZ Z\QL[VZ JVU PUMLYPVY xUKPJL KL THZH JVYWVYHS +L PN\HS MVYTH LS NYHU PU[LYtZ WVY YLHSPaHY PU]LZ[PNHJPVULZ X\L WYL]LUNHU SHZ MYHJ[\YHZ H JH\ZH KL SH VZ[LVWVYVZPZ SV LUJVU[YHTVZ LU LS mTIP[V KLWVY[P]V H [YH]tZ KL SH TLQVYH T\ZJ\SHY H WHY[PY KL LZ[xT\SVZ ]PIYH[VYPVZ @H KLZKL OHJL HSN‚U [PLTWV ZL ]PLUL VIZLY]HUKV X\L SHZ ]PIYHJPVULZ X\L PUJPKLU LU T‚ZJ\SVZ ` [LUKVULZ WYV]VJHU \UH TLQVYH LU Z\Z M\UJPV ULZ iZ[HZ W\LKLU HWSPJHYZL KL MVYTH KPYLJ[H ZVIYL SH T\ZJ\SH[\YH PTWSPJHKH V PUKPYLJ[HTLU[L ZVIYL LS T‚ZJ\SV X\L ZL WYL[LUKL LU[YLUHY WYVK\JPLUKV LU HTIVZ JHZVZ \UH LZ[PT\SHJP}U T\ZJ\SHY +PJOVZ LMLJ[VZ ]LUKYmU KL[LYTPUHKVZ WVY SH VZJPSHJP}U TLJmUPJH KL SH ]PIYHJP}U X\L X\LKH KLÄUPKH WVY SH MYLJ\LUJPH JPJSVZ WVY \UPKHK KL [PLTWV TLKPKH LU /a SH HTWSP[\K TP[HK KL SH KPMLYLUJPH LU[YL LS Tm_PTV ` LS TxUPTV ]HSVY KL SH VZJPSHJP}U WLYP}KP JH TLKPKH LU TT SH THNUP[\K V HJLSLYHJP}U WHYmTL[YV KLYP]HKV KL SH MYLJ\LUJPH ` HTWSP[\K L_WYLZHKH LU T‚S[P WSVZ KL SH M\LYaH N V M\LYaH NYH]P[H[VYPH! TÇZ ` SH K\ YHJP}U KL SH L_WVZPJP}U H SH TPZTH 3H JVTIPUHJP}U KL LZ[HZ ]HYPHISLZ LU Z\ HWSPJHJP}U ZVIYL SH T\ZJ\SH[\YH OH WYV]VJHKV KPMLYLU[LZ LMLJ[VZ (Zx ZL OH VIZLY]HKV X\L [YHZ \U WLYxVKV KL TLZLZ LU[YLUHUKV JVU ]PIYHJPVULZ ZP U\ZVPKHSLZ /a N \U NY\WV KL T\QLYLZ TLQVY} ZPNUPÄJH[P]HTLU[L SH M\LYaH T\ZJ\SHY PZVTt[YPJH ` KPUmTPJH (Zx TPZTV [YHZ ZLTHUHZ HS JVTWHYHY LS LU[YLUHTPLU[V KLZHYYVSSHKV WVY [YLZ NY\WVZ" \UV KL LSSVZ X\L \[PSPaHIH YLZPZ[LUJPHZ V[YV X\L ZL LU[YLUHIH JVU WSH [HMVYTH ]PIYH[VYPH /a H /a ` WVY ‚S[PTV \U NY\ WV JVU[YVS ZL W\KV VIZLY]HY \U H\TLU[V ZPNUPÄJH[P]V KL SH M\LYaH KLZHYYVSSHKH LU LS ZHS[V JVU JVU[YHTV]PTPLU[V *41 LU LS NY\WV X\L LU[YLU} JVU ]PIYHJP}U 9LZ\S [HKVZ WHYLJPKVZ LUJVU[YHTVZ LU V[YV LZ[\KPV KVUKL ZL T\LZ[YH \U H\TLU[V ZPNUPÄJH[P]V LU SH HS[\YH KLS ZHS[V LU HK\S[VZ ZHUVZ [YHZ J\H[YV TLZLZ L_W\LZ[VZ H LZ [PT\SHJPVULZ TLJmUPJHZ ,Z[L H\TLU[V X\L HWHYLJP} H SVZ KVZ TLZLZ KL LU[YLUHTPLU[V UV ZL ]PV YLÅLQHKV HS ÄUHS KL SVZ J\H[YV TLZLZ KL PU[LY]LUJP}U `H X\L SH HS[\YH KLS ZHS[V

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ

ZL TVZ[Y} ZLUZPISLTLU[L HMLJ[HKH 3VZ LMLJ[VZ WVZP [P]VZ ZL YLWP[LU H‚U J\HUKV LS LZ[\KPV ]PLUL H YLHSPaHYZL LU \U WLYxVKV KL KxHZ LU SVZ X\L \U NY\WV KL Z\QL[VZ ZVTL[PKV H ]PIYHJPVULZ KL /a HTWSP[\K! TT" HJLSL YHJP}U! N JVUZPN\P} \UH TLQVYH ZPNUPÄJH[P]H W# LU SH HS[\YH HSJHUaHKH HS LMLJ[\HY LS *41 ` LU SH M\LYaH Tm_PTH TLJmUPJH LU \UH ZLYPL KL ZHS[VZ JVU[PU\VZ *1 K\YHU[L Z W# ,U LZ[L ZLU[PKV HSN\UVZ H\[VYLZ OHU SSLNHKV H LZ[HISLJLY LX\P]HSLUJPHZ LU[YL LS LU[YLUH TPLU[V KL ]PIYHJP}U ` LS LU[YLUHTPLU[V JVU ZVIYLJHYNHZ +L LZ[H MVYTH ZL OH WVZ[\SHKV X\L \U LU[YLUHTPLU[V KL ]PIYHJP}U KL TPU ]PLUL H ZLY ZPU}UPTV KL YLHSPaHY KYVW Q\TWZ +1 JVU \U HS[\YH KL JHxKH KL JT KVZ ]L JLZ WVY ZLTHUH K\YHU[L TLZLZ :P IPLU LS LU[YLUHTPLU[V H TLKPV ` SHYNV WSHaV WHYLJL [LULY LMLJ[VZ WVZP[P]VZ ZVIYL SHZ NHUHUJPHZ KL M\LYaH ` WV[LUJPH T\ZJ\SHY ZL OH JVTWYVIHKV [HTIPtU X\L LZ[VZ LMLJ[VZ HWHYLJLU Q\Z[V KLZW\tZ KL \UH ‚UPJH ZLZP}U KL ZLYPLZ X\L HWSPJHKHZ H IHQH MYLJ\LUJPH /a T\LZ[YHU \U H\TLU[V ZPNUPÄJH[P]V LU SH ÅL_PIPSPKHK KLS [LUK}U KL SH JVY]H ` LU LS :1 0UJS\ZV HU[L ]H SVYHJPVULZ KL SVZ TPLTIYVZ Z\WLYPVYLZ JVTV M\L LS JHZV KL IV_LHKVYLZ X\L ZVTL[PLYVU \UV KL Z\Z IYHaVZ H ]PIYHJPVULZ TLJmUPJHZ MYLJ\LUJPH! /a" HTWSP[\K! TT" HJLSLYHJP}U! TÇZ H SV SHYNV KL JPUJV ZLYPLZ KL Z HWHYLJP} \UH TLQVYH LZ[HKxZ[PJHTLU[L ZPNUPÄJH[P]H W# LU SH M\LYaH TLJmUPJH KL KPJOV IYHaV UV TVZ [YHUKV JHTIPVZ LU SH M\LYaH TLKPKH LU LS IYHaV X\L ZPY]P} KL JVU[YVS 9LZ\S[HKVZ WHYLJPKVZ ]\LS]LU H HWHYLJLY HS TLKPY SH M\LYaH L_WSVZP]H LU \U J\YS KL IxJLWZ YLHSPaH KV LU WVZPJP}U KL ZLU[HKV [YHZ HKTPUPZ[YHYZL \UH ]PIYH JP}U KL /a ` \UH HJLSLYHJP}U KL TÇZ [YHUZTP[PKV H [YH]tZ KLS JHISL KL \UHZ HNHYYHKLYHZ H[YPI\`tUKVZL H SH LZ[PT\SHJP}U ]PIYH[VYPH \U H\TLU[V KL SH M\LYaH L_WSVZP]H KL ` > ` YLZWLJ[P]HTLU[L WHYH SH WV[LUJPH Tm_PTH ` WV[LUJPH TLKPH YLZWLJ[P]HTLU[L LU \U NY\WV KL tSP[L ` KL ` > ` YLZWLJ[P]HTLU[L LU \U NY\WV HTH[L\Y +L LZ[H MVYTH KPMLYLU[LZ LZ[\KPVZ X\L ]HSVYHU SH PUÅ\LU JPH KL SHZ ]PIYHJPVULZ L_WVULU YLZ\S[HKVZ }W[PTVZ [HU[V LU SHZ NHUHUJPHZ KL THZH }ZLH JVTV \UH TLQVYH LU SH WV[LUJPH Tm_PTH ` LU SH WV[LUJPH TLKPH KL SVZ TPLTIYVZ Z\WLYPVYLZ" PUJYLTLU[HUKV WVY V[YV SHKV SH HS[\YH KL ]\L SV LU LS ZX\H[ Q\TW :1 +1 ` *41 LU SV X\L YLZWLJ[H H Z\Z LMLJ[VZ HN\KVZ ZVIYL SVZ TPLTIYVZ PUMLYPVYLZ :PU LTIHYNV L_PZ[LU KH[VZ JVU[YHKPJ[VYPVZ `H X\L LU LS LZ [\KPV KL *HYKPUHSL ` 3PT ` [YHZ ZVTL[LY H SVZ Z\QL[VZ WHY[PJPWHU[LZ H JPUJV ZLYPLZ KL Z KL K\YHJP}U JVU \UH MYLJ\LUJPH KL /a ZL VIZLY]} \UH KPZTPU\JP}U KLS LU SH HS[\YH KLS :1 LMLJ[\HKV [YHZ LS LZ[xT\SV ]PIYH [VYPV (Zx TPZTV SH HWSPJHJP}U KL ]PIYHJPVULZ MYLJ\LUJPH KL — /a HTWSP[\K KL — TÇZ ` \UH KLZWSHaHTPLU[V KL TT K\YHU[L JVU[YHJJPVULZ KLS TPLTIYV PUMLYPVY KVTPUHU[L UV JVU[YPI\`LU H \UH HJ[P]H JP}U T\ZJ\SHY V H \UH TLQVYH LU SH WYVK\JJP}U KL M\LYaH LU JVU[YHJJPVULZ PZVTt[YPJHZ Tm_PTHZ HSNV X\L ZL


,ZTLYHSKV 4HY[xULa 7HYKV 7LKYV , (SJHYHa 9HT}U 3\xZ *HYYHZJV 7mLa (U[VUPV )Y\UL[ .}TLa ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K` WmNZ

YLWP[L LU LS LZ[\KPV KL *VJOYHUL L[ HS KVUKL LS LU[YLUHTPLU[V H JVY[V WSHaV JVU ]PIYHJPVULZ JVYWVYHSLZ UV WYVK\QV \UH TLQVYH KLS YLUKPTPLU[V LU H[SL[HZ HÄJPV UHKVZ ;LUPLUKV LU J\LU[H [VKV SV HU[LYPVY ` HU[L SH ULJLZPKHK KL KLÄUPY \U LZ[PT\SV ]PIYH[VYPV JHWHa KL VW[PTPaHY KPMLYLU [LZ HJJPVULZ T\ZJ\SHYLZ LZ[L LZ[\KPV [PLUL JVTV WYPUJP WHS VIQL[P]V KL[LYTPUHY SVZ LMLJ[VZ X\L H UP]LS T\ZJ\SHY LQLYJL \U WYVNYHTH KL LU[YLUHTPLU[V ]PIYH[VYPV KL KVZ ZLZPVULZ ZLTHUHSLZ H SV SHYNV KL ZLTHUHZ LU \U NY\WV KL Z\QL[VZ ZHUVZ 4(;,90(3 @ 4i;6+6 (WYV_PTHJP}U HS WYVISLTH *VU LS ÄU KL HSJHUaHY LS VIQL[P]V WSHU[LHKV ZL WYVNYHT} \U LU[YLUHTPLU[V IHQV LZ[PT\SHJP}U ]PIYH[VYPH KL ZLTH UHZ KL K\YHJP}U J\`HZ JHYHJ[LYxZ[PJHZ X\LKHU KL[HSSHKHZ LU SH ;HISH +L LZ[H THULYH ` H U [YH[mUKVZL KL \U LZ[\KPV WYLSPTPUHY ZL VW[} WVY \U KPZL|V KL [PWV X\HZP L_ WLYPTLU[HS ` SVUNP[\KPUHS JVU \UH L]HS\HJP}U KL [PWV WYL ` WVZ[ [LZ[ ;HISH 7YVNYHTH KL ZLTHUHZ KL LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ 3URJUDPD GH HQWUHQDPLHQWR

,U LS LU[YLUHTPLU[V KPZL|HKV SH JVTIPUHJP}U KL MYLJ\LU JPH HTWSP[\K ` SH HJLSLYHJP}U KLYP]HKH ZL LZJVNP} LU IHZL H LZ[\KPVZ WYL]PVZ LU SVZ X\L ZL OH KLTVZ[YHKV X\L LZ[PT\SHJPVULZ KL LZ[L [PWV JVUZPN\LU \U LMLJ[V WVZP[P]V ZVIYL SHZ NHUHUJPHZ KL M\LYaH :PU LTIHYNV LZ[HZ NHUHUJPHZ KL M\LYaH UV OHU ZPKV ]HSVYHKHZ KL SH TPZTH THULYH LU [VKVZ SVZ LZ[\KPVZ YLHSPaHKVZ ZPLUKV ULJLZHYPV HKLTmZ KL ÄUPY SVZ LMLJ[VZ ZVIYL WHYmTL[YVZ JVTV ZVU! SH WV[LUJPH TLKPH KLZHYYVSSHKH HU[L JHYNHZ KL KPMLYLU[L THNUP[\K SH M\LYaH KPUmTPJH Tm_PTH HIZVS\[H ` SH M\LYaH KPUmTPJH YLSH[P]H 7HYH LSSV ZL \[PSPa} LS [YHUZK\J[VY SPULHS KL TV]P TPLU[V 9LHS 7V^LY .SVI\Z 0[HSPH X\L WLYTP[L VI[LULY LZ[L [PWV KL ]HYPHISLZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KP MLYLU[LZ JHYNHZ

4\LZ[YH ,U LZ[L LZ[\KPV WHY[PJPWHYVU KL MVYTH ]VS\U[HYPH Z\QL [VZ ZHUVZ [VKVZ LSSVZ ]HYVULZ X\L YLHSPaHIHU HJ[P]PKHK MxZPJH JVU YLN\SHYPKHK 3H T\LZ[YH X\LK} KP]PKPKH LU KVZ NY\WVZ! LS NY\WV JVU[YVS JVUZ[P[\PKV WVY Z\QL[VZ LKHK! H|VZ" WLZV! RN" HS[\YH! JT" ÐUKPJL KL 4HZH *VYWVYHS 04* ! RNÇT " WVYJLU[HQL KL NYHZH JVYWVYHS KL X\L UV YLH SPaHYVU UPUN U LU[YLUHTPLU[V VYPLU[HKV HS KLZHYYVSSV KL SH M\LYaH LU SVZ TPLTIYVZ PUMLYPVYLZ ` \U NY\WV L_WLYPTLU[HS JVTW\LZ[V WVY Z\QL[VZ LKHK! H|VZ" WLZV! RN" HS[\YH! JT" ÐUKPJL KL 4HZH *VYWVYHS 04* ! RNÇT " WVYJLU[HQL KL NYHZH JVYWVYHS KL X\L YLHSPaHYVU KVZ LU[YLUHTPLU [VZ ZLTHUHSLZ ZVIYL WSH[HMVYTH ]PIYH[VYPH ZPU SSL]HY H JHIV UPUN U V[YV [PWV KL LU[YLUHTPLU[V JVU YLZPZ[LUJPHZ LU SVZ TPLTIYVZ PUMLYPVYLZ ;VKVZ SVZ Z\QL[VZ M\LYVU PU MVYTHKVZ WYL]PHTLU[L KL SHZ JHYHJ[LYxZ[PJHZ KLS LZ[\KPV HU[L SV X\L TVZ[YHYVU Z\ JVUZLU[PTPLU[V 7YVJLKPTPLU[V ;HU[V HS PUPJPV WYL [LZ[ JVTV HS ÄUHS KLS WLYxVKV KL LU [YLUHTPLU[V WVZ[ [LZ[ ZL YLNPZ[YHYVU TLKPKHZ KLS WLZV LZ[H[\YH 04* ` WVYJLU[HQL KL THZH NYHZH JVU LS ÄU KL KL[LJ[HY WVZPISLZ JHTIPVZ LU SH JVTWVZPJP}U JVYWVYHS X\L W\KPLYHU HMLJ[HY ZLUZPISLTLU[L H SVZ YLZ\S[HKVZ VI [LUPKVZ (U[LZ KL SSL]HY H JHIV LS L_WLYPTLU[V SVZ Z\QL[VZ ZL MHTPSPHYPaHYVU [HU[V JVU LS WYV[VJVSV KL ]HSVYHJP}U 9LHS 7V^LY ;LZ[ JVTV JVU LS [YHIHQV X\L ZL KLIxH YLHSPaHY ZV IYL SH WSH[HMVYTH ]PIYH[VYPH 3H ]HSVYHJP}U KL SH M\LYaH KPUmTPJH KL SVZ TPLTIYVZ PUML YPVYLZ ZL YLHSPa} WVY TLKPV KLS [YHUZK\J[VY SPULHS KL TV ]PTPLU[V X\L JVUZ[H KL \U LUJ}KLY SPULHS YV[H[VYPV X\L M\UJPVUH JVU \U ZPZ[LTH KL KxUHTV \U YLNPZ[YV TxUPTV KL WVZPJP}U KL TT ` \U JHISL J\`V L_[YLTV ZL HZLN\YH LU \U ZP[PV LZWLJxÄJV KL SH IHYYH KL TVKV X\L UV TVSLZ[L SH LQLJ\JP}U KLS LQLYJPJPV ,S M\UJPVUHTPLU[V WLYTP[L X\L J\HUKV LS Z\QL[V YLHSPJL LS LQLYJPJPV LS JHISL ZL KLZWSHJL LU MVYTH ]LY[PJHS ZLN U SH KPYLJJP}U KLS TV]PTPLU[V KL [LJ[HUKV L PUMVYTHUKV SH WVZPJP}U KL SH IHYYH JHKH TZ /a H \U PU[LYMHJL JVULJ[HKV H \U VYKLUHKVY WVY[m [PS 4LKPHU[L LS ZVM[^HYL 9LHS 7V^LY )S\L ]LYZP}U ZL JHSJ\S} KL MVYTH PUKPYLJ[H LU LS LQLYJPJPV KL ñ ZLU[HKPSSH ` LU JHKH JHZV SVZ ZPN\PLU[LZ WHYmTL[YVZ! [PLTWV KL LQL J\JP}U ]LSVJPKHK TLKPH ]LSVJPKHK WPJV WV[LUJPH TLKPH M\LYaH TLKPH WPJV KL M\LYaH ` [PLTWV OHZ[H HSJHUaHY LS WPJV KL M\LYaH ;VKVZ LZ[VZ WHYmTL[YVZ M\LYVU YLNPZ[YHKVZ HS KLZWSHaHY JHYNHZ JVYYLZWVUKPLU[LZ HS ` KLS WLZV Tm_PTV 94 KL[LYTPUHKV KL THULYH PUKPYLJ[H ZLN U SVZ JmSJ\SVZ WYVW\LZ[VZ WVY )Ya`JRP 7HYH SSL]HY H JHIV LZ[VZ VIQL[P]VZ SVZ Z\QL[VZ ZL L_W\ZPL YVU H \U LU[YLUHTPLU[V TLKPHU[L ]PIYHJPVULZ ZPU\ZVPKHSLZ \[PSPaHUKV \UH WSH[HMVYTH ]PIYH[VYPH 7V^LY 7SH[L ;OL 5L [OLYSHUKZ 3H WVZPJP}U X\L ZL HKVW[} ZVIYL tZ[H ZP[\HIH

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


,ZTLYHSKV 4HY[xULa 7HYKV 7LKYV , (SJHYHa 9HT}U 3\xZ *HYYHZJV 7mLa (U[VUPV )Y\UL[ .}TLa ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K` WmNZ

SVZ WPLZ ZVIYL \UHZ aVUHZ THYJHKHZ JLU[xTL[YVZ H JHKH SHKV KLS W\U[V JLU[YHS KL Z\ IHZL X\LKHUKV Ã…L_PVUHKHZ SHZ WPLYUHZ OHZ[H ¢ THU[LUPLUKV H Z\ ]La \UH Ã…L_P}U KL JHKLYH ` \UH SPNLYH PUJSPUHJP}U KLS [YVUJV OHJPH KLSHU[L X\LKHUKV Z\QL[V WVY SHZ THUVZ HS ZVWVY[L ]LY[PJHS KL SH WSH[HMVYTH ,U LZ[H WVZPJP}U SVZ Z\QL[VZ ZL ZVTL[PLYVU H SHZ ZLYPLZ JVYYLZWVUKPLU[LZ H JHKH \UH KL SHZ ZLTHUHZ X\L PU[LNYHIHU LS WYVNYHTH KL LU[YLUHTPLU[V ,U SH ;HISH X\LKHU KL[HSSHKHZ SHZ ]HYPHISLZ! K\YHJP}U Z HTWSP[\K TT [PLTWV KL YLJ\WLYHJP}U MYLJ\LUJPH /a LTWSLHKH ` HJLSLYHJP}U Tm_PTH [L}YPJH TÇZ WYVW\LZ[HZ LU KPJOV WYVNYHTH

;HISH 4LKPH ` KLZ]PHJP}U LZ[mUKHY KL SH M\LYaH Tm_PTH ` SH WV[LUJPH TLKPH KLZHYYVSSHKH JVU KPZ[PU[HZ JHYNHZ LU ñ ZLU[HKPSSH 7YL ;LZ[ ` 7VZ[ ;LZ[ NY\WV JVU[YVS U $ ` NY\WV L_WLYPTLU[HS U $

(UmSPZPZ LZ[HKxZ[PJV ;VKVZ SVZ KH[VZ ZL L_WYLZHU JVTV TLKPH — KLZ]PHJP}U LZ[mUKHY :+ :L \[PSPaHYVU HUmSPZPZ KL SH ]HYPHUaH (56=( KL \U MHJ[VY ` KL TLKPKHZ YLWL[PKHZ WHYH LS JVU[YHZ[L KL SHZ ]HYPHISLZ JVUZPKLYHKHZ [LUPLUKV LU J\LU[H LS NY\WV L_WLYPTLU[HS ` JVU[YVS ` [HTIPtU KL JHYH H LZ[HISLJLY SH JVTWHYH[P]H LU[YL SHZ WY\LIHZ YLHSPaHKHZ HU[LZ ` KLZW\tZ KL SH PU[LY]LUJP}U ]PIYH[VYPH ,U J\HSX\PLY JHZV LS PU[LY]HSV KL JVUÄHUaH ZL ZP[\} LU \U

7V[LUJPH 4LKPH 3H WV[LUJPH TLKPH JVU IHYYH RN TLQVY} LU LS NY\WV X\L \[PSPa} LS LU[YLUHTPLU[V ]PIYH[VYPV LU \U TPLU [YHZ X\L LU LS NY\WV JVU[YVS [HU Z}SV TLQVY} \U :PU LTIHYNV LZ[HZ KPMLYLUJPHZ UV ZVU ZPNUPÄJH[P]HZ 7VY LS JVU[YHYPV SH WV[LUJPH TLKPH JVU LS KL 94 KPZTP U\`} SPNLYHTLU[L LU LS WVZ[ [LZ[ [HU[V LU LS NY\WV JVU[YVS JVTV LU LS L_WLYPTLU[HS ` YLZWLJ[P]HTLU[L

9,:<3;(+6: -\LYaH 4m_PTH +PUmTPJH 3H [HISH T\LZ[YH SVZ YLZ\S[HKVZ KL SH M\LYaH Tm_PTH KPUmTPJH LU ñ ZLU[HKPSSH LU ]HSVYLZ HIZVS\[VZ 5 ` LU ]HSVYLZ YLSH[P]VZ HS WLZV JVYWVYHS 5ÇRN (\UX\L UV ZL YLNPZ[YHYVU JHTIPVZ ZPNUPÄJH[P]VZ LU SH JVTWVZPJP}U JVY WVYHS KL SVZ Z\QL[VZ WHY[PJPWHU[LZ LU LS LZ[\KPV ZL VW[} WVY L_WYLZHY SVZ KH[VZ KL MVYTH HIZVS\[H ` YLSH[P]H WHYH HZx HUHSPaHYSVZ KL \UH MVYTH TmZ LZWLJxÄJH +L LZ[H TH ULYH SH M\LYaH Tm_PTH KPUmTPJH HIZVS\[H LU LS WYL [LZ[ LZ SPNLYHTLU[L TH`VY LU LS NY\WV JVU[YVS p 5 X\L LU LS NY\WV L_WLYPTLU[HS p 5 :PU LTIHYNV LZ[HZ KPMLYLUJPHZ UV ZVU ZPNUPÄJH[P]HZ *\HUKV ZL VIZLY]HU SVZ KH[VZ KL SH M\LYaH Tm_PTH KPUmTPJH YL SH[P]H SHZ KPMLYLUJPHZ ZL YLK\JLU LU[YL LS NY\WV JVU[YVS p 5ÇRN ` LS NY\WV L_WLYPTLU[HS p 5ÇRN :L WYVK\JLU TLQVYHZ LZ[HKxZ[PJHTLU[L ZPNUPÄJH[P]HZ LU SH M\LYaH Tm_PTH KPUmTPJH [HU[V HIZVS\[H p 5 JVTV YLSH[P]H HS WLZV JVYWVYHS p 5ÇRN LU [YL SH ZP[\HJP}U WYL [LZ[ ` WVZ[ [LZ[ KLS NY\WV L_WLYPTLU[HS W # ,U LS NY\WV JVU[YVS UV ZL WYVK\QLYVU H\TLU [VZ ZPNUPÄJH[P]VZ LU LZ[HZ ]HYPHISLZ p 5" p 5ÇRN

7HYH SH WV[LUJPH TLKPH WYVK\JPKH JVU LS KL 94 L_PZ[LU H\TLU[VZ UV ZPNUPÄJH[P]VZ LU LS NY\WV JVU[YVS

,U LS NY\WV L_WLYPTLU[HS SVZ H\TLU[VZ M\LYVU TxUP TVZ 3HZ KPMLYLUJPHZ L_PZ[LU[LZ LU[YL LS NY\WV JVU[YVS ` LS NY\ WV L_WLYPTLU[HS LU SH WV[LUJPH TLKPH WYVK\JPKH JVU LS KL 94 M\LYVU LZ[HKxZ[PJHTLU[L ZPNUPÄJH[P]HZ 3VZ H\TLU[VZ VIZLY]HKVZ LU LZ[L WHYmTL[YV LU[YL SHZ ZP[\H JPVULZ WYL ` WVZ[ [LZ[ M\LYVU SPNLYHTLU[L Z\WLYPVYLZ LU LS NY\WV JVU[YVS MYLU[L H LU LS NY\WV L_WL YPTLU[HS UV HSJHUaHUKV LU UPUN\UV KL SVZ KVZ JHZVZ SH ZPNUPÄJHJP}U LZ[HKxZ[PJH 5V L_PZ[PLYVU H\TLU[VZ ZPNUPÄJH[P]VZ LU[YL SH ZP[\HJP}U WYL ` WVZ[ [LZ[ LU SH WV[LUJPH TLKPH HS KL 94 LU UPUN\UV KL SVZ NY\WVZ ,U LS NY\WV JVU[YVS ZL WYVK\QLYVU H\TLU[VZ LU SH WYVK\JJP}U KL WV[LUJPH LU[VYUV HS KL MVYTH ZPTPSHY SVZ H\TLU[VZ LU LS NY\WV JVU[YVS LZ[\]PL YVU HSYLKLKVY KLS ,_PZ[PLYVU H\TLU[VZ LZ[HKxZ[PJHTLU[L ZPNUPÄJH[P]VZ LU SH WYVK\JJP}U KL WV[LUJPH JVU LS KL 94 [HU[V LU LS NY\WV JVU[YVS JVTV LU LS NY\WV L_WLYPTLU[HS ,U LS NY\WV L_WLYPTLU[HS ZL WYVK\QLYVU H\TLU[VZ KLS (\TLU [VZ X\L K\WSPJHYVU SVZ ]HSVYLZ VI[LUPKVZ LU LS NY\WV JVU [YVS ZPLUKV LZ[VZ [HTIPtU ZPNUPÄJH[P]VZ +0:*<:0Ô5 *VU LZ[L LZ[\KPV KL JHYmJ[LY SVUNP[\KPUHS X\LKH WH[LU[L X\L JPUJV ZLTHUHZ KL LU[YLUHTPLU[V TLKPHU[L LZ[PT\ SHJP}U ]PIYH[VYPH LU WLYZVUHZ HK\S[HZ ZHUHZ PUK\JL H \UH

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ


,ZTLYHSKV 4HY[xULa 7HYKV 7LKYV , (SJHYHa 9HT}U 3\xZ *HYYHZJV 7mLa (U[VUPV )Y\UL[ .}TLa ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K` WmNZ

TLQVYH ZPNUPÄJH[P]H LU SH M\LYaH KPUmTPJH Tm_PTH [HU[V HIZVS\[H JVTV YLSH[P]H HS WLZV JVYWVYHS ` LU SH WV[LUJPH TLKPH HS KLS 94 ZPLUKV LS PUJYLTLU[V KL ( Z\ ]La ZL WYVK\JLU TLQVYHZ LU SH WV[LUJPH TLKPH JVU IHYYH JHYNH KL RN ` HS KLS 94 LU \U ` \U YLZWLJ[P]HTLU[L WHYH LS NY\WV L_WLYPTLU[HS ;LUPLUKV LU J\LU[H SH MYLJ\LUJPH HTWSP[\K ` K\YHJP}U KLS LZ[xT\SV \[PSPaHKHZ LU LZ[L LZ[\KPV ;HISH SVZ YLZ\S[H KVZ LUJVU[YHKVZ JVPUJPKLU JVU SVZ OHSSHKVZ LU \U LZ[\ KPV HU[LYPVY KVUKL [YHZ JVTWHYHY LS LU[YLUHTPLU[V KL ZLTHUHZ LU[YL [YLZ NY\WVZ" \UV WSHJLIV JVU[YVS V[YV KL LU[YLUHTPLU[V JVU YLZPZ[LUJPH ` \U [LYJLYV X\L ZL LU[YLUHIH JVU WSH[HMVYTH ]PIYH[VYPH 7V^LY 7SH[L ZL WYVK\QV \U H\TLU[V LU M\LYaH ]HSVYHKH LU LS NY\WV KL LU [YLUHTPLU[V JVU ]PIYHJP}U ,Z[VZ YLZ\S[HKVZ KPÄLYLU H Z\ ]La KL SVZ OHSSHKVZ WVY V[YVZ PU]LZ[PNHKVYLZ X\PLULZ VIZLY]HYVU X\L [YHZ ZLTHUHZ KL LU[YLUHTPLU[V LZ[mU KHY JVU ]PIYHJPVULZ /a TT UV WYVK\QLYVU TLQV YHZ M\UJPVUHSLZ LU SH M\LYaH T\ZJ\SHY KL SVZ L_[LUZVYLZ KL YVKPSSH LU Z\QL[VZ ZHUVZ :PU LTIHYNV V[YVZ LZ[\KPVZ JVUJS\`LU X\L [YHZ SH HWSPJHJP}U KL ]PIYHJPVULZ /a TT K\YHU[L ZLTHUHZ ZLYPLZ WVY ZLTHUH X\L HWHYL JLU NHUHUJPHZ LU SH M\LYaH PZV[}UPJH Tm_PTH ` LU SH ÅL_PIPSPKHK

,Z[L LMLJ[V W\LKL KLILYZL H X\L SH HTWSP[\K KLS YLÅLQV / / YLÅL_ H\TLU[H [LTWVYHSTLU[L KLZW\tZ KLS LZ[xT\SV ]PIYH[VYPV J\HUKV ZL HWSPJH JVU NYHUKLZ MYLJ\LUJPHZ ZVIYL LS [YxJLWZ Z\YHS 7HYLJL ZLY X\L LS TV]PTPLU[V ]PIYH[VYPV WYV]VJH \UH OPWLYHJ[P]HJP}U KLS YLÅLQV TPV[m[PJV ` JVU LSSV \U H\TLU[V KL SHZ JVU[YHJJPVULZ YLÅLQHZ ` [HTIPtU ]VS\U[HYPHZ WVY SH TH`VY PTWSPJHJP}U KL HSN\UHZ mYLHZ TV[VYHZ JLYLIYHSLZ X\L JVTWVY[H \UH TH`VY LZ[PT\SH JP}U KL SHZ TV[VUL\YVUHZ NHTTH LMLYLU[LZ +L LZ[H MVYTH SH ]PIYHJP}U HWSPJHKH HS T‚ZJ\SV V HS [LUK}U WYV ]VJH \U H\TLU[V ZPNUPÄJH[P]V KL SVZ WV[LUJPHSLZ TV[VYLZ L]VJHKVZ \U YHaVUHTPLU[V JVTWHY[PKV WVY V[YVZ H\[VYLZ X\PLULZ Z\NPLYLU X\L SH ]PIYHJP}U HMLJ[H H SH TVK\SHJP}U KL SH L_JP[HIPSPKHK KL SH JVY[LaH TV[VYH W\KPLUKV PUJPKPY H Z\ ]La ZVIYL SVZ PTW\SZVZ ]VS\U[HYPVZ

-PN\YH *\Y]HZ KL WV[LUJPH LU ZLU[HKPSSH JVU NY\WV JVU[YVS * ` NY\WV L_WLYPTLU[HS , LU 7YL ;LZ[ 7YL ` 7VZ[ ;LZ[ 7VZ[

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


,ZTLYHSKV 4HY[xULa 7HYKV 7LKYV , (SJHYHa 9HT}U 3\xZ *HYYHZJV 7mLa (U[VUPV )Y\UL[ .}TLa ,MLJ[VZ KL \U LU[YLUHTPLU[V JVU ]PIYHJPVULZ TLJmUPJHZ ZVIYL SH M\LYaH ` SH WV[LUJPH KLZHYYVSSHKHZ LU LS KLZWSHaHTPLU[V ]LY[PJHS KL KPMLYLU[LZ JHYNHZ ,Z[\KPV WYLSPTPUHY ,MMLJ[Z VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU T\ZJ\SHY WV^LY HUK Z[YLUN[O KL]LSVWLK K\YPUN ]LY[PJHS TV]LTLU[ VM KPMMLYLU[ ^LPNO[Z ( WYLSPTPUHY` Z[\K` WmNZ

)0)306.9(-ร ( 9P[[^LNLY 1 )LSSLY . -LSZLUILYN + (J\[L WO`ZPVSVNPJHS LMMLJ[Z VM L_OH\Z[P]L ^OVSL IVK` ]PIYH[PVU L_LYJPZL PU THU *SPU 7O`ZPVS " ! =LYZJO\LYLU :47 9VLSHU[Z 4 +LSLJS\ZL */ :^PUULU : =HUKLYZJO\LYLU + )VVULU : ,MMLJ[Z VM TVU[O ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU OPW KLUZP[` T\ZJSL Z[YLUN[O HUK WVZ[\YHS JVU[YVS PU WVZ[TLUVWH\ZHS ^VTLU! H YHUKV TPaLK JVU[YVSSLK WPSV[ Z[\K` 1 )VUL 4PU 9LZ " ! 4HY[xULa , *HYYHZJV 3 (SHJPK - ,MLJ[VZ KL SVZ PTWHJ[VZ TLJmUPJVZ PTWSPJHKVZ LU SH WYmJ[PJH KL KPMLYLU[LZ KLWVY [LZ ZVIYL SHZ JHYHJ[LYxZ[PJHZ }ZLHZ LU KLWVY[PZ[HZ :LSLJ JP}U " ! 9\IPU * ?\ . 1\KL_ : ;OL HUHIVSPJ HJ[P]P[` VM IVUL [PZ Z\L Z\WWYLZZLK I` KPZ\ZL PZ UVYTHSPaLK I` IYPLM L_WVZ\ YL [V L_[YLTLS` SV^ THNUP[\KL TLJOHUPJHS Z[PT\SP -HZLI 1 " 9\IPU * :VTTLYMLSK[ +> 1\KL_ : 8PU @ 0UOPIP[PVU VM VZ[LVWLUPH I` SV^ THNUP[\KL OPNO MYLX\LUJ` TLJOHUPJHS Z[PT\SP +Y\N +PZJV] ;VKH` " ! 9\IPU * 9LJRLY 9 *\SSLU + 9`HI` 1 4J*HIL 1 4J3LVK 2 7YL]LU[PVU VM WVZ[TLUVWH\ZHS IVUL SVZZ I` H SV^ THNUP[\KL OPNO MYLX\LUJ` TLJOHUPJHS Z[PT\SP! ( JSPUPJHS [YPHS (ZZLZZPUN JVTWSPHUJL LMร JHJ` HUK ZHML[` 1 )VUL 4PU 9LZ " !

;VY]PULU : 2HUU\Z 7 :Pw]HULU / 1pY]PULU ;(/ 7HZHULU 4 2VU[\SHPULU : L[ HS ,MMLJ[ VM MV\Y TVU[O ]LY[PJHS ^OV SL IVK` ]PIYH[PVU VU WLYMVYTHUJL HUK IHSHUJL 4LK :JP :WVY[Z ,_LYJ " ! )VZJV * *HYKPUHSL 4 ;ZHYWLSH 6 *VSSP 9 ;POHU`P 1 =VU +\SSP]HYK :7 L[ HS ;OL PUร \LUJL VM ^OVSL IVK` ]PIYH [PVU VU Q\TWPUN WLYMVYTHUJL )PVS :WVY[ " ! )VZJV * *HYKPUHSL 4 ;ZHYWLSH 6 0Uร \LUJL VM ]PIYH[PVU VU TLJOHUPJHS WV^LY HUK LSLJ[YVT`VNYHT HJ[P]P[` PU O\ THU HYT ร L_VY T\ZJSLZ ,\Y 1 (WWS 7O`ZPVS " ! 0ZZ\YPU =) 3PLILYTHUU +. ;LULUIH\T . ,MMLJ[ VM ]PIYH [VY` Z[PT\SH[PVU [YHPUPUN VU TH_PTHS MVYJL HUK ร L_PIPSP[` 1 :WVY[Z :JP " ! /\TWOYPLZ ) >HYTHU . 7\Y[VU 1 +V`SL ;3( +\NHU , ;OL PUร \LUJL VM ]PIYH[PVU VU T\ZJSL HJ[P]H[PVU HUK YH[L VM MVYJL KL]LSVWTLU[ K\YPUN TH_PTHS PZVTL[YPJ JVU[YHJ[PVUZ 1 :WVY[Z :JP 4LK " ! *VJOYHUL +1 3LNN :1 /VVRLY 41 ;OL ZOVY[ [LYT LMMLJ[ VM ^OVSL IVK` ]PIYH[PVU [YHPUPUN VU ]LY[PJHS Q\TW ZWYPU[ HUK HNPSP[` WLYMVYTHUJL 1 :[YLUN[O *VUK 9LZ " ! )Ya`JRP 4 :[YLUN[O [YHPUPUN [LZ[PUN! WYLKPJ[PUN PU 94 MYVT YLWZ [V MH[PN\L 16/7,9+ " !

*HYKPUHSL 4 3PT 1 ;OL HJ\[L LMMLJ[Z VM [^V KPMMLYLU[ ^OV SL IVK` ]PIYH[PVU MYLX\LUJPLZ VU ]LY[PJHS Q\TW WLYMVYTHU JL 4LK :WVY[ " !

0ZZ\YPU =) ;LULUIH\T . (J\[L HUK YLZPK\HS LMMLJ[Z VM ]PIYH[VY` Z[PT\SH[PVU VU L_WSVZP]L Z[YLUN[O PU LSP[L HUK HTH[L\Y H[OSL[LZ 1 :WVY[Z :JP " !

;VY]PULU : 2HUU\Z 7 :Pw]HULU / 1pY]PULU ;(/ 7HZH ULU 4 2VU[\SHPULU : L[ HS ,MMLJ[ VM H ]PIYH[PVU L_WVZ\YL VU T\ZJ\SHY WLYMVYTHUJL HUK IVK` IHSHUJL 9HUKVTP aLK JYVZZ V]LY Z[\K` *SPU 7O`ZPVS -\UJ 0T " !

5PZOPOPYH @ 0^HZHRP ; /H[[H ( >HZHRH ; 2HULKH ; 2\YVP^H 2 L[ HS ,MMLJ[ VM ^OVSL IVK` ]PIYH[PVU Z[PT\S\Z HUK ]VS\U[HY` JVU[YHJ[PVU VU TV[VUL\YVU WVVS (K] ,_LYJ :WVY[Z 7O`ZPVS " !

;VY]PULU : ,MMLJ[ VM ^OVSL IVK` ]PIYH[PVU VU T\ZJ\SHY WLYMVYTHUJL IHSHUJL HUK IVUL <UP]LYZP[` VM ;HTWLYL (J[H <UP]LYZP[H[PZ ;HTWLYLUZPZ" 3\V 1 4J5HTHYH ) 4VYHU 2 ;OL \ZL VM ]PIYH[PVU [YHP UPUN [V LUOHUJL T\ZJSL Z[YLUN[O HUK WV^LY :WVY[Z 4LK " ! +LSLJS\ZL */ 9VLSHU[Z 4 =LYZJO\LYLU : :[YLUN[O 0U JYLHZLK HM[LY >OVSL )VK` =PIYH[PVU *VTWHYLK ^P[O 9L ZPZ[HUJL ;YHPUPUN 4LK :JP :WVY[Z ,_LYJ " !

4+ 5ยข 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ

;V\Z 1 4VYH . ,U[YLUHTPLU[V WVY TLKPV KL ]PIYHJPVULZ TLJmUPJHZ! YL]PZP}U KL SH SP[LYH[\YHยน 3LJ[\YHZ! ,- ` +L WVY[LZ BZLYPHS VUSPULD +LJ BJP[HKV (NVZ[V D" ! B WHU[HSSHZD +PZWVUPISL LU! O[[W! ^^^ LMKLWVY[LZ JVT LMK ]PIYHJ O[T


(Y[xJ\SVZ VYPNPUHSLZ 1VZt (U[VUPV .VUamSLa 1\YHKV -HJ\S[HK KL *PLUJPHZ KLS +LWVY[L <UP]LYZPKHK 7HISV KL 6SH]PKL * .YHKLV *HZ[PSSLQH KL SH *\LZ[H * 7 :L]PSSH

,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN

*HYSVZ KL ;LYLZH .HS]mU *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L KL .YHUHKH -YHUJPZJV 7YHKHZ KL SH -\LU[L -HJ\S[HK KL *PLUJPHZ KL SH :HS\K ` KLS +LWVY[L <UP]LYZPKHK KL AHYHNVaH

9,:<4,5

():;9(*;

¦:L W\LKL LU[YLUHY H SVZ UP|VZ& ¦*\mS KLIL ZLY SH PU[LU ZPKHK KL SVZ LU[YLUHTPLU[VZ& ¦,Z WLYQ\KPJPHS WHYH SH ZH S\K LS [YHIHQV MxZPJV PU[LUZV& ¦( WHY[PY KL X\t LKHK W\LKV LTWLaHY H [YHIHQHY WYLWHYHJP}U MxZPJH JVU TPZ KLWVY[PZ[HZ Q}]LULZ& ,Z[HZ ZVU HSN\UHZ KL SHZ WYLN\U[HZ X\L T\JOVZ LU[YLUHKVYLZ X\L KLZHYYVSSHU Z\ SHIVY LU JH[LNVYxHZ PUML YPVYLZ [PLULU X\L JVU[LZ[HY LU Z\ SHIVY KPHYPH

;OL [YHPUPUN [V JOPSKYLU P[»Z WVZZPISL& >OPJO T\Z[ IL [OL PU[LUZP[` VM [OL [YHPUPUN& 0U[LUZL L_LYJPZL PZ KL[YPTLU[HS MVY [OL OLHS[O& ^OH[ HNL P[ PZ Z\P[HISL [V ILNPU [OL WO`ZPJHS [YHPUPUN ^P[O T` `V\UN H[OSL[LZ& ;OLZL HYL ZVTL VM [OL X\LZ[PVUZ [OH[ THU` [YHPULYZ ^OV KL]LSVW [OLPY ^VYR ^P[O `V\UN [OL` T\Z[ HUZ^LY L]LY` KH`

,S VIQL[P]V KL LZ[L [YHIHQV LZ PU[LU[HY KHY YLZW\LZ[H H LZ[HZ J\LZ[PVULZ (Zx W\LZ H [LUVY KL SV L_W\LZ[V WVY SH NYHU TH `VYxH KL SVZ H\[VYLZ YL]PZHKVZ WHYLJL X\L WVKLTVZ HÄYTHY JVU YV[\UKPKHK X\L UV Z}SV UV LZ WLYQ\KPJPHS LS LU[YLUH TPLU[V LU UP|VZ ` Q}]LULZ ZPUV X\L LZ YLJVTLUKHISL :PU LTIHYNV UV LZ TLUVZ JPLY[V ` TLUVZ JVU[\UKLU[L SH HÄYTHJP}U KL X\L [VKV LU[YLUHTPLU[V OH KL HKLJ\HYZL H SVZ UP]LSLZ KL JHWHJPKHK MxZPJH ` WVZPIPSPKHKLZ KL JHKH UP|V 7VY [HU[V LZ YLJVTLUKHISL ]HSVYHY ` HUHSPaHY J}TV L]VS\JPVUH ` ZL KLZHYYVSSH JHKH J\HSPKHK MxZPJH H SH OVYH KL KPZL|HY LS [PWV KL [YHIHQV KL HJVUKPJPVUHTPLU[V MxZPJV X\L ZL OH KL HWSPJHY LU M\UJP}U KL SHZ JHYHJ[LYxZ[PJHZ KLS UP|V 7HSHIYHZ JSH]L! ,U[YLUHTPLU[V UP|VZ J\HSPKHKLZ MxZPJHZ JVUKPJP}U MxZPJH

;OL VIQLJ[P]L VM [OPZ ^VYR PZ [V OLSW [V ZVS]L [OLZL X\LZ [PVUZ ;OLYLMVYL PU HJJVYKHUJL ^P[O [OL THQVYP[` VM [OL YL]PL^LK H\[OVYZ P[ ZLLTZ [OH[ ^L JHU HMÄYT [OH[ [OL [YH PUPUN PU JOPSKYLU HUK `V\UN H[OSL[LZ PZ UV[ KL[YPTLU[HS" VU [OL JVU[YHY` P[ PZ YLJVTTLUKHISL 5L]LY[OLSLZZ P[ PZ [Y\L [OH[ HSS [YHPUPUN WYVNYHTZ OH]L [V HKHW[ H[ [OL SL]LSZ VM WO`ZPJHS JVUKP[PVUPUN HUK WVZZPIP SP[PLZ VM LHJO IV` ;OLYLMVYL P[ PZ YLJVTTLUKHISL [V ]H S\L HUK [V HUHS`aL [OL L]VS\[PVU HUK KL]LSVWLK VM LHJO WO`ZPJHS X\HSP[` ^OLU ^L ^HU[ [V KLZPNU [OL L_LYJPZLZ VM WO`ZPJHS [YHPUPUN [OPZ ^VYR [OPZ ^VYR ^PSS IL HWWSPLK IHZLK VU [OL JOHYHJ[LYPZ[PJZ VM [OL `V\UN WLVWSL 2L` ^VYKZ! ;YHPUPUN JOPSKYLU WO`ZPJHS X\HSP[` WO`ZPJHS [YHPUPUN

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

05;96+<**0Ô5! *65*,7;6 +, *(7(*0+(+ -Ð:0*( )Í:0*(

,_PZ[L LU SH SP[LYH[\YH PUÄUPKHK KL JVUJLW[VZ [tYTPUVZ ` KLÄUPJPVULZ X\L OHJLU YLMLYLUJPH H SVZ JVTWVULU[LZ KL SH JVUKPJP}U MxZPJH V KL SH HW[P[\K MxZPJH 5V L_PZ[L \UH [LYTP UVSVNxH \UPMVYTL \[PSPaHKH \UP]LYZHSTLU[L ` LZ[V WYV]VJH \UH ZP[\HJP}U H ]LJLZ JVUM\ZH 3HZ L_WYLZPVULZ X\L WHYL JLU TmZ JVUZLUZ\HKHZ ZVU JHWHJPKHKLZ MxZPJHZ ImZPJHZ ` JVUKPJP}U MxZPJH

*HWHJPKHK MxZPJH ` WZxX\PJH KL ZVWVY[HY LS JHUZHUJPV MYLU[L H LZM\LYaVZ YLSH[P]HTLU[L SHYNVZ ` V SH JHWHJPKHK KL YLJ\WLYHJP}U YmWPKH KLZW\tZ KL SVZ LZM\LYaVZ *HWHJPKHK WZPJVMxZPJH KLS KLWVY[PZ[H WHYH YLZPZ[PY H SH MH[PNH

*VUKPJP}U MxZPJH ZLN U .YVZZLY LZ SH Z\TH WVU KLYHKH KL [VKHZ SHZ JHWHJPKHKLZ MxZPJHZ PTWVY[HU[LZ WHYH LS YLUKPTPLU[V KLWVY[P]V ` Z\ YLHSPaHJP}U H [YH]tZ KL H[YPI\ [VZ KL SH WLYZVUHSPKHK

3xTP[L KL [PLTWV ZVIYL LS J\HS LS [YHIHQV H \UH PU[LUZP KHK KL[LYTPUHKH W\LKL YLHSPaHYZL

,U JVUZLJ\LUJPH JVUZPKLYHTVZ SH YLZPZ[LUJPH JVTV SH JHWHJPKHK WHYH ZVWVY[HY SH MH[PNH MYLU[L H LZM\LYaVZ WYVSVUNHKVZ ` V WHYH YLJ\WLYHYZL TmZ YmWPKHTLU[L KLZW\tZ KL SVZ LZM\LYaVZ 5H]HYYV W

;PWVZ ` Tt[VKVZ KL KLZHYYVSSV KL SH YLZPZ[LUJPH :LN U :LIHZ[PHUP SH JVUKPJP}U MxZPJH LZ SH JH WHJPKHK KL YLHSPaHY [HYLHZ JV[PKPHUHZ ` HJ[P]PKHKLZ MxZPJHZ WYVWPHZ KLS [PLTWV SPIYL V KL SH JVTWL[PJP}U KLWVY[P]H KL SH TLQVY THULYH WVZPISL ÍS]HYLa KLS =PSSHY KLÄUL SHZ J\HSPKHKLZ V JHWH JPKHKLZ MxZPJHZ JVTV SVZ MHJ[VYLZ X\L KL[LYTPUHU SH JVU KPJP}U MxZPJH KL \U PUKP]PK\V ` SV VYPLU[HU WHYH SH YLHSPaHJP}U KL \UH KL[LYTPUHKH HJ[P]PKHK MxZPJH WVZPIPSP[HUKV TLKPHU[L LS LU[YLUHTPLU[V X\L \U Z\QL[V KLZHYYVSSL HS Tm_PTV Z\ WV [LUJPHS MxZPJV *3(:0-0*(*0Ô5 +, 3(: *(7(*0+(+,: -Ð:0*(: )Í :0*(: ( SH OVYH KL LZ[HISLJLY \UH JSHZPÄJHJP}U KL SHZ KPMLYLU[LZ JHWHJPKHKLZ MxZPJHZ ImZPJHZ UVZ LUJVU[YHTVZ JVU WYmJ[P JHTLU[L [HU[HZ JVTV H\[VYLZ :PU LTIHYNV WHYLJL X\L SH JSHZPÄJHJP}U KL JHWHJPKHKLZ MxZPJHZ TmZ L_[LUKPKH ` TmZ HJLW[HKH LZ SH X\L LZ[HISLJL J\H[YV [PWVZ KL JHWHJPKHKLZ MxZPJHZ ImZPJHZ X\L ZL KPMLYLUJPH KL SHZ X\L ZL ]PLULU H SSHTHY JHWHJPKHKLZ JVVYKPUH[P]HZ !

9LZPZ[LUJPH HLY}IPJH! ,Z SH JHWHJPKHK KL THU[LULY \U LZM\LYaV KL TLKPH PU[LUZPKHK K\YHU[L \U [PLTWV WYVSVU NHKV ,Z[L [PWV KL LZM\LYaV ZL YLHSPaH LU WYLZLUJPH KL V_xNLUV UV WYVK\JPtUKVZL \UH KL\KH KL V_xNLUV 7YL KVTPUHU WVY SV [HU[V SVZ TL[HIVSPZTVZ HLY}IPJVZ ZVIYL SVZ HUHLY}IPJVZ 3VZ Z\Z[YH[VZ V_PKHKVZ ZVU ZVIYL [VKV OPKYH[VZ KL JHYIVUV ` NYHZHZ 9LZPZ[LUJPH HUHLY}IPJH! +LIPKV H \UH NYHU PU[LUZPKHK KL SH JHYNH IPLU WVY \UH HS[H MYLJ\LUJPH KL TV]PTPLU[VZ V IPLU WVY \UH TH`VY TV]PSPaHJP}U KL M\LYaH UV LZ WVZPISL HWVY[HY LS (;7 WYLJPZV TLKPHU[L SH V_PKHJP}U VI[LUPtUKV ZL SH LULYNxH WVY ]xHZ HUHLY}IPJHZ :LN U SH ]xH HUHLY}IP JH WYLKVTPUHU[L WVKLTVZ OHISHY KL! 9LZPZ[LUJPH HUHLY}IPJH HSmJ[PJH SH LULYNxH ZL VI[PLUL KLS (;7 T\ZJ\SHY ` KL SH 7VZMVJYLH[PUH ` SH 9LZPZ[LUJPH HUHLY}IPJH SmJ[PJH LS (;7 ZL VI[PLUL KL SH TL[HIVSPaHJP}U HUHLY}IPJH KL SH NS\JVZH WYVK\JPtUKVZL mJPKV SmJ[PJV JVTV WYVK\J[V ÄUHS

3H YLZPZ[LUJPH 3H M\LYaH 3H ]LSVJPKHK

3H HTWSP[\K KL TV]PTPLU[V OHIP[\HSTLU[L SSHTHKH

ÅL_PIPSPKHK

3VZ Tt[VKVZ JSmZPJVZ KL KLZHYYVSSV KL SH YLZPZ[LUJPH ZL W\LKLU YLZ\TPY KL SH ZPN\PLU[L THULYH

+,:(996336 +, 3( 9,:0:;,5*0( ,5 1Ô=,5,: *VUJLW[V KL YLZPZ[LUJPH 3H TH`VYxH KL SHZ KLÄUPJPVULZ KL SH YLZPZ[LUJPH ZVZ[PLULU LU JVT U LS JVUJLW[V KL JHWHJPKHK WZPJVMxZPJH KLS KL WVY[PZ[H WHYH YLZPZ[PY SH MH[PNH ( JVU[PU\HJP}U ZL YLJVNLU SHZ KLÄUPJPVULZ KL KPMLYLU[LZ H\[VYLZ JP[HKVZ WVY 5H]HYYV W !

4+ 5¢ 5V]PLTIYL

7HYH JVTWYLUKLY SVZ TLKPVZ KL KLZHYYVSSV KL SH YLZPZ[LU JPH LZ JVU]LUPLU[L JVUVJLY J\mSLZ ZVU SVZ [PWVZ KL YLZPZ [LUJPH X\L WVKLTVZ [YHIHQHY `H X\L LZ[VZ Tt[VKVZ PYmU LUJHTPUHKVZ HS KLZHYYVSSV KL \U [PWV KL YLZPZ[LUJPH LZWL JxÄJH HZx [LULTVZ!

(Y[xJ\SVZ VYPNPUHSLZ

4i;6+6: *65;05<6: (WSPJHJP}U KL \UH JHYNH KL TH ULYH PUPU[LYY\TWPKH :LN U Z\ K\YHJP}U L PU[LUZPKHK W\L KL ZLY L_[LUZP]V V PU[LUZP]V ,Z[L Tt[VKV LZ LS X\L Z\LSL \[PSPaHY WHYH LS KLZHYYVSSV KL SH YLZPZ[LUJPH HLY}IPJH 4i;6+6: -9(**065(+6:! :L JHYHJ[LYPaHU WVYX\L L_PZ[L WH\ZH 4t[VKV PU[LY]mSPJV 3H WH\ZH LZ PUJVTWSL[H :LN U SHZ JHYHJ[LYxZ[PJHZ KL SH WH\ZH ` SH PU[LUZPKHK ZL W\LKLU \[PSP aHY WHYH LS LU[YLUHTPLU[V KL SVZ KVZ [PWVZ KL YLZPZ[LUJPH


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

4t[VKV KL YLWL[PJPVULZ 3H WH\ZH WLYTP[L SH YLJ\WLYH JP}U JVTWSL[H :VU SVZ X\L ZL Z\LSLU \[PSPaHY WHYH KLZHYYV SSHY SH YLZPZ[LUJPH HUHLY}IPJH

UHTPLU[V OHZ[H SVZ H|VZ WHYH SHZ T\QLYLZ ` SVZ H|VZ WHYH SVZ OVTIYLZ -PN\YH !

4t[VKV KL JVTWL[PJP}U 9LHSPaHY SH TPZTH WY\LIH LU SH X\L ZL WPLUZH JVTWL[PY +LZHYYVSSV KL SH YLZPZ[LUJPH LU LK\JHJP}U WYPTHYPH 3H YLZPZ[LUJPH (,9Ô)0*( LU UP|VZ! 7\LKL PUPJPHY Z\ LU[YLUHTPLU[V LU LKHKLZ [LTWYHUHZ H|VZ LU HT IVZ ZL_VZ H\UX\L OH` X\PLU PUJS\ZV JVUZPKLYH KLJPZP]V X\L LS KLZHYYVSSV KL SH YLZPZ[LUJPH JVTPLUJL LU[YL SVZ ` SVZ H|VZ JVU LQLYJPJPVZ KL JHYYLYH *\HSX\PLY HJ[P]PKHK X\L PTWSPX\L NYHUKLZ T‚ZJ\SVZ ` W\LKH ZLY THU[LUPKH K\YHU[L \U [PLTWV WYVSVUNHKV W\LKL ZLY \[PSPaHKH WHYH SH TLQVYH KL SH YLZPZ[LUJPH HLY}IPJH JHYKPV]HZJ\SHY 7HYH Z\ [YHIHQV ZL W\LKLU \[PSPaHY [VKV [PWV KL Q\LNVZ KL JHYYLYHZ KL YLSL]VZ L[J ,U LZ[L ZLU[PKV ]HYPHZ PU]LZ[PNHJPVULZ IPVX\xTPJHZ ZVIYL LS LZM\LYaV PUMHU[PS KLT\LZ[YHU X\L LS UP|V T\LZ[YH \UH JHWHJPKHK HUHLY}IPJH YLK\JPKH ` \UH JHWHJPKHK HLY}IPJH WLYPMtYPJH TH`VY HZx JVTV \UH WYLMLYLUJPH LU SH \[PSPaH JP}U V_PKH[P]H KL SVZ SxWPKVZ ,S TL[HIVSPZTV HLY}IPJV LU SVZ HK\S[VZ LZ TmZ PTWVY[HU[L HS ÄUHS KLS TPU\[V ` TLKPV WLYV LU SVZ UP|VZ LTWPLaH H ZLY WYLKVTPUHU[L H WHY[PY KL SVZ ZLN\UKVZ HWYV_PTHKHTLU[L ,Z[L YmWPKV H\TLU[V KLS TL[HIVSPZTV HLY}IPJV LU HS[HZ PU[LUZPKHKLZ KL [YHIHQV WVKYxH L_WSPJHY SHZ IHQHZ HJ\T\SHJPVULZ KL SHJ[H[V LU SVZ Q}]LULZ 3H YLZPZ[LUJPH (5(,9Ô)0*( LU UP|VZ! 5V LZ ULJLZH YPV [YHIHQHYSH KL TVKV LZWLJxÄJV `H X\L LZ OHIP[\HS X\L LS UP|V LZ Z\Z Q\LNVZ LZWVU[mULVZ ` WYmJ[PJHZ KLWVY[P]HZ SSLN\LU LU KL[LYTPUHKVZ TVTLU[VZ H MHZLZ KL [YHIHQV LU HUHLYVIPVZPZ 3H JHWHJPKHK NS\JVSx[PJH LZ ZPNUPÄJH[P]HTLU[L TLUVY KL IPKV H SH IHQH JHU[PKHK KL LUaPTHZ LZLUJPHSLZ LU SH NS\ JVSPZPZ HUHLY}IPJH JVTV SH NS\J}NLUV MVZMVYPSHZH SH MVZ MVMY\J[VX\PUHZH 7-2 ` SH 3+/ ,Z[H JHWHJPKHK NS\JVSx[PJH SPTP[HKH OHJL X\L SH JVUJLU[YHJP}U KL NS\J}NLUV LU SHZ YLZLY]HZ ZLH TLUVY ` WVY SV [HU[V Z\ ]LSVJPKHK KL \[PSPaH JP}U HUHLY}IPJH [HTIPtU SV ZLH (KLTmZ LS NYHKV KL HJPKVZPZ KVUKL LS T‚ZJ\SV [VKH]xH W\LKL JVU[YHLYZL LZ T\JOV TLUVY LU UP|VZ ,Z[V ZPNUPÄJH X\L SVZ UP|VZ UV W\LKLU HSJHUaHY UP]LSLZ [HU LSL]HKVZ KL mJPKV SmJ[PJV JVTV SVZ HKVSLZJLU[LZ ` SVZ HK\S[VZ 7HYLJL JVTV ZP LS VYNHUPZTV PUMHU[PS [\]PLZL \U ZPZ[LTH KL HSHYTH ` ZLN\YPKHK" X\L ZL WVUL LU M\UJPVUHTPLU[V J\HUKV ZL WYVK\JLU L_JLZVZ 7VY [HU[V SH YLZPZ[LUJPH HUHLY}IPJH SHJ[mJPKH V YLZPZ[LUJPH H SH ]LSVJPKHK UV ZL KLIL LU[YLUHY K\YHU[L SH PUMHUJPH :\ LU[YLUHIPSPKHK TLQVYH UV[HISLTLU[L LU SH HKVSLZJLUJPH 7VY LSSV SH YLZPZ[LUJPH HUHLY}IPJH KLIL YL[YHZHY Z\ LU[YL

-PN\YH (WSPJHJP}U KLS [YHIHQV KL SH YLZPZ[LUJPH ZLN‚U LKHK 9\Pa ` *VS

+,:(996336 +, 3( -<,9A( *VUJLW[V KL M\LYaH 3H M\LYaH JVTV J\HSPKHK MxZPJH ZL W\LKL KLÄUPY ZLN‚U .HYJxH 4HUZV JVTV SH JHWHJPKHK X\L [PLUL \U Z\QL[V WHYH ]LUJLY V ZVWVY[HY \UH YLZPZ[LUJPH LZ[H JHWH JPKHK LZ YLZ\S[HKV KL SH JVU[YHJJP}U T\ZJ\SHY 2U\[[NLU ` 2YHLTLY SH KLÄULU JVTV SH JHWHJPKHK KL [LUZP}U X\L W\LKL NLULYHY JHKH NY\WV T\ZJ\SHY JVU[YH \UH YLZPZ[LUJPH H \UH ]LSVJPKHK LZWLJxÄJH KL LQLJ\JP}U K\YHU[L \UH JVU[YHJJP}U T\ZJ\SHY Tm_PTH ]VS\U[HYPH ;PWVZ KL M\LYaH ` Tt[VKVZ WHYH Z\ KLZHYYVSSV 3H LUVYTL KP]LYZPKHK KL THUPMLZ[HJPVULZ MxZPJV KLWVY[P ]HZ LZ \UH JSHYH L]PKLUJPH KL SH NYHU ]HYPLKHK KL ZP[\H JPVULZ LU SHZ X\L LS T‚ZJ\SV W\LKL NLULYHY [LUZP}U 7V KLTVZ YLK\JPY SHZ KPMLYLU[LZ THUPMLZ[HJPVULZ KL SH M\LY aH LU KVZ ISVX\LZ KL WHY[PKH" THUPMLZ[HJP}U HJ[P]H KL SH M\LYaH ` THUPMLZ[HJP}U YLHJ[P]H KL SH M\LYaH .HYJxH W 4HUPMLZ[HJP}U HJ[P]H KL SH M\LYaH ,Z SH [LUZP}U JHWHa KL NLULYHY \U T‚ZJ\SV WVY HJJP}U KL \UH JVU[YHJJP}U T\ZJ\SHY ]VS\U[HYPH +LU[YV KL LZ[L NY\WV WVKLTVZ KPZ[PUN\PY V[YHZ THUPMLZ[HJPVULZ SHZ J\H SLZ YLZWVUKLU H SVZ JYP[LYPVZ KL Z\ THNUP[\K -\LYaH Tm_P TH Z\ ]LSVJPKHK KL LQLJ\JP}U -\LYaH ]LSVa ` Z\ [PLTWV KL K\YHJP}U -\LYaH YLZPZ[LUJPH 4HUPMLZ[HJP}U YLHJ[P]H KL SH M\LYaH ,Z SH JHWHJPKHK KL M\LYaH X\L YLHSPaH \U T‚ZJ\SV JVTV YLHJJP}U H \UH M\LYaH L_[LYUH X\L TVKPÄJH V HS[LYH Z\ WYVWPH LZ[Y\J[\YH :L JHYHJ[LYPaH WVY WYVK\JPYZL [YHZ \U *,( JPJSV KL LZ[PYHTPLU[V¶HJVY[HTPLU[V .VUamSLa ` .VYVZ[PHNH KPMLYLUJPHU SVZ Tt[VKVZ KL LU[YLUHTPLU[V KL SH M\LYaH LU M\UJP}U KL SH THUPMLZ[H JP}U KL SH TPZTH X\L KLZHYYVSSHU LZ KLJPY Tt[VKVZ WHYH

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

M\LYaH HJ[P]H ` Tt[VKVZ WHYH M\LYaH YLHJ[P]H 6[YH JSHZPÄJH JP}U KL Tt[VKVZ KL LU[YLUHTPLU[V KL SH M\LYaH LZ SH X\L KPMLYLUJPH LU[YL Tt[VKVZ NLULYHSLZ! (\[VJHYNH WHYLQHZ LSLTLU[VZ KL NPTUHZPV T\S[PZHS[VZ ` JPYJ\P[VZ NLUtYPJVZ ` Tt[VKVZ LZWLJxÄJVZ! /HS[LYVÄSPH PZVTt[YPJV PZVJPUt[PJV IVK` I\PSKPUN WSPVTL[YxH ` JPYJ\P[VZ LZWLJxÄJVZ L[J +LZHYYVSSV KL SH KL SH M\LYaH LU 1Ô=,5,: ,S H\TLU[V KL SH M\LYaH T\ZJ\SHY TLKPHU[L LS LU[YLUH TPLU[V LU TLUVYLZ LZ \U JHTWV X\L UV LZ[m [HU LZ[\KPH KV JVTV LU HK\S[VZ /V` LU KxH WVKLTVZ LUJVU[YHY LU SH SP[LYH[\YH LZ[\KPVZ ` VWPUPVULZ LUJVU[YHKHZ JVU YLSHJP}U H LZ[L [PWV KL [YHIHQV LU LKHK PUMHU[PS ` Q\]LUPS LZWLJPHSTLU [L H SV X\L ZL YLÄLYL HS LU[YLUHTPLU[V JVU ZVIYLJHYNHZ

7YPTHYPH 3HZ NHUHUJPHZ KL M\LYaH LU SVZ WYLW‚ILYLZ ZL SVNYHU LU NYHU TLKPKH ZPU UPUN‚U JHTIPV LU LS [HTH|V T\ZJ\SHY ZVU LS YLZ\S[HKV WYPUJPWHSTLU[L KL HKHW[HJPVULZ ULY]PV ZHZ (S ÄUHS KL SH 7YPTHYPH JVU LS PUPJPV KL SH W\ILY[HK JV TPLUaH SH HWHYPJP}U KL SH OPWLY[YVÄH T\ZJ\SHY ` [HTIPtU ZL WYVK\JL \U PTWVY[HU[L H\TLU[V KL SH M\LYaH L_WSVZP]H ,U LZ[H L[HWH WVY [HU[V LZ PTWVY[HU[L LS [YHIHQV KL T\S[PZHS [VZ ` T\S[PSHUaHTPLU[VZ LQLYJPJPVZ LU MVYTH KL Q\LNV X\L JVU[LTWSHU LS LTWSLV KL WLX\L|HZ ZVIYLJHYNHZ Q\LNVZ KL M\LYaH KL S\JOH ZVU TLKPVZ PUKPJHKVZ WHYH LZ[H L[HWH

3VZ VIQL[P]VZ X\L ZL I\ZJHU JVU LS LU[YLUHTPLU[V KL M\LY aH LU Q}]LULZ ` UP|VZ UVYTHSTLU[L ZVU KPMLYLU[LZ H SVZ X\L ZL WYL[LUKLU JVU HK\S[VZ KLZ[HJHTVZ ! 3VNYHY \U KLZHYYVSSV T\ZJ\SHY HYT}UPJV *VUZLN\PY \UH I\LUH WVZ[\YH JVYWVYHS *VUZLN\PY SH HKLJ\HKH HKHW[HJP}U T\ZJ\SHY X\L UVZ WLYTP[H LSPTPUHY YPLZNVZ KL SLZPVULZ *YLHY SHZ IHZLZ X\L WLYTP[HU LU LS M\[\YV HJJLKLY HS HS[V YLUKPTPLU[V KLWVY[P]V :LN‚U 9PIHZ KLIPKV H SH PUTHK\YLa KL SHZ LZ [Y\J[\YHZ HUH[}TPJHZ KL SVZ UP|VZ KL LZ[H LKHK JVTV SVZ [LQPKVZ JVULJ[P]VZ ` KL ZVZ[tU Z\ YLZPZ[LUJPH H SHZ JHYNHZ LZ[m ZVTL[PKH H JYP[LYPVZ LZ[YPJ[VZ ZP tZ[VZ UV ZL YLZWL [HU LZ WYVIHISL SH HWHYPJP}U KL HJJPKLU[LZ WVZ[\YHSLZ ` SLZPVULZ KL JVS\TUH 7VY SV X\L H\UX\L UV KLZJHY[H SH \[PSPaHJP}U KL OHS[LYHZ J\HUKV ZL \ZLU tZ[HZ OH KL ZLY JVU JHYNHZ WLX\L|HZ HKHW[HKHZ HS WLZV JVYWVYHS KLS UP|V 3VZ [PWVZ KL M\LYaH H [YHIHQHY LU LZ[HZ LKHKLZ OHU KL ZLY SH M\LYaH L_WSVZP]H ` SH M\LYaH YLZPZ[LUJPH WHYH SV J\HS KL ILTVZ \[PSPaHY LQLYJPJPVZ JVU JHYNHZ SP]PHUHZ :PLTWYL X\L WVKHTVZ I\ZJHYLTVZ MVYTHZ Q\NHKHZ ,S KLZHYYVSSV KL SH M\LYaH YmWPKH ` KL SH YLZPZ[LUJPH KL M\LYaH ZL ZP[‚H LU[YL SVZ ` SVZ H|VZ (S WYPUJPWPV SHZ JHYNHZ LTWSLHKHZ WHYH LS LU[YLUHTPLU[V KL LZ[HZ THUPMLZ[HJPVULZ KL M\LYaH ZLYmU TmZ SPNLYHZ WHYH WLYTP[PY \UH HS[H ]LSVJPKHK KL JVU[YHJJP}U T\ZJ\SHY LU LS JHZV KL SH M\LYaH YmWPKH ` \U HS[V U‚TLYV KL YLWL[PJPVULZ LU LS JHZV KL SH YLZPZ[LUJPH H SH M\LYaH iZ[H LZ \UH KL SHZ YHaVULZ WVY SHZ X\L JPLY[VZ KLWVY[LZ UH[HJP}U NPTUHZPH ` [VKVZ SVZ KLWVY[LZ JVU IH S}U W\LKLU PUPJPHYZL LU LZ[HZ LKHKLZ 7HYLJL ZLY X\L NLUt[PJHTLU[L LS VYNHUPZTV KLZHYYVSSH SH JHWHJPKHK KL M\LYaH T\ZJ\SHY Tm_PTH KLZW\tZ KL OHILY ZVSPKPÄJHKV LS JYLJPTPLU[V ` JVTWSL[HKV LS WYVJLZV KL KL ZHYYVSSV ZL_\HS ,Z[V ZPNUPÄJH X\L SH M\LYaH Tm_PTH W\LKL ZLY TLQVYHKH H WHY[PY KL SVZ H|VZ LU SHZ JOPJHZ ` KL SVZ H|VZ LU SVZ JOPJVZ ,Z[V UVZ Z\NPLYL SH PTWV ZPIPSPKHK KL LZ[PT\SHY SH M\LYaH Tm_PTH LU SH LK\JHJP}U

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ

+,:(996336 +, 3( =,36*0+(+ JVUJLW[V KL ]LSVJPKHK +LZKL LS W\U[V KL ]PZ[H MxZPJV KLWVY[P]V SH ]LSVJPKHK YL WYLZLU[H SH JHWHJPKHK KL \U Z\QL[V WHYH YLHSPaHY HJJPVULZ TV[YPJLZ LU \U TxUPTV [PLTWV ` JVU LS Tm_PTV KL LÄJHJPH 7HYH /HYYL LZ SH JHWHJPKHK X\L ZL THUPÄLZ[H WVY JVTWSL[V LU HX\LSSHZ HJJPVULZ TV[YPJLZ KVUKL LS YLU KPTPLU[V Tm_PTV UV X\LKL SPTP[HKV WVY LS JHUZHUJPV ;PWVZ KL ]LSVJPKHK /HIP[\HSTLU[L LU LS T\UKV KL SH HJ[P]PKHK MxZPJV KLWVY [P]H ZL \[PSPaHU KL MVYTH PUKPMLYLUJPHKH SVZ JVUJLW[VZ KL ]LSVJPKHK ` YHWPKLa +LU[YV KL SH YHWPKLa WVKLTVZ LUNSVIHY [VKHZ HX\LSSHZ HJJPVULZ HPZSHKHZ X\L LZ[mU JVUZ[P[\PKHZ WVY \U ZVSV TV ]PTPLU[V TPLU[YHZ X\L J\HUKV ZL [YH[H KL LUJHKLUHY TV ]PTPLU[VZ KLU[YV KL \UH HJJP}U KLWVY[P]H OHISHYLTVZ KL ]LSVJPKHK


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

(Zx .HYJxH W WYLZLU[HU SH ZPN\PLU[L JSHZPÄ JHJP}U KL SHZ KPMLYLU[LZ THUPMLZ[HJPVULZ KL SH ]LSVJPKHK -PN\YH !

,S [PWV KL [YHIHQV KL ]LSVJPKHK H YLHSPaHY ZLN‚U SH LKHK ZL W\LKL VIZLY]HY LU SH ÄN\YH [VTHKH KL 9\Pa W -PN\YH

-PN\YH 4HUPMLZ[HJPVULZ KL SH ]LSVJPKHK ;VTHKV KL .HYJxH 4HUZV

KLZHYYVSSV KL SH ]LSVJPKHK LU 1Ô=,5,: *VTV JVU SHZ KLTmZ JHWHJPKHKLZ SH ]LSVJPKHK KLWLUKL KLS KLZHYYVSSV ` LS JYLJPTPLU[V H\UX\L ZL LUJ\LU[YH HS[H TLU[L PUÅ\LUJPHKH WVY LS WV[LUJPHS NLUt[PJV KLS Z\QL[V +LZKL SVZ H|VZ V PUJS\ZV HU[LZ ZL W\LKL [YHIHQHY ZPU UPUN‚U WYVISLTH LS [PLTWV KL YLHJJP}U KL MVYTH HJxJSPJH L PUJS\ZV SH HJLSLYHJP}U KL MVYTH JxJSPJH ,S [YHIHQV KL SH ]LSVJPKHK Tm_PTH [HTWVJV Z\WVUL KLTHZPHKVZ WYVISL THZ SH KPÄJ\S[HK LZ THU[LULY SH TV[P]HJP}U WVY WHY[L KLS UP|V WHYH SV J\HS KLILYLTVZ YLHSPaHY [YHIHQVZ UV ZPZ[LTH [PaHKVZ H ZLY WVZPISL LU MVYTH Q\NHKH ` SV TmZ ]HYPHKVZ WVZPISL (SN\UVZ HZWLJ[VZ KL SH ]LSVJPKHK ZVU TLQVYHISLZ KLZKL LKHKLZ T\` [LTWYHUHZ JVTV ZVU SVZ JHZVZ KLS [PLTWV KL YLHJJP}U ` SH MYLJ\LUJPH KL TV]PTPLU[V HS LZ[HY LZ[VZ HZWLJ[VZ SPNHKVZ H SH THK\YHJP}U KLS ZPZ[LTH ULY]PVZV ` UV H V[YVZ HZWLJ[VZ M\UJPVUHSLZ ,Z[VZ WHYmTL[YVZ HS ÄUHS KL SH W\ILY[HK HSJHUaHU SVZ TPZTVZ ]HSVYLZ X\L LU LS HK\S[V 3H TLQVYH KL SVZ MHJ[VYLZ KL JVVYKPUHJP}U MHJPSP[HYm \UH TLQVY [tJUPJH \UH TH`VY LJVUVTxH KL LZM\LYaV ` \UH WLYMLJ[H Å\PKLa KLS TV]PTPLU[V SV X\L ZL [YHK\JPYm LU \U PUJYLTLU[V KL SH ]LSVJPKHK KLS NLZ[V KLWVY[P]V ,Z[L [PWV KL [YHIHQV [PLUL SH ]LU[HQH KL UV WYLZLU[HY KLTHZPHKVZ PU JVU]LUPLU[LZ LU Q}]LULZ WLYTP[PtUKVUVZ \UH NYHU NHTH KL WVZPIPSPKHKLZ ZPU JVYYLY LS YPLZNV X\L LU VJHZPVULZ JVU SSL]H LS \ZV KL JHYNHZ JVUKPJPVUHSLZ .YVZZLY ]LSVJPKHK!

-PN\YH (WSPJHJP}U KLS [YHIHQV KL SH ]LSVJPKHK ZLN‚U SH LKHK 9\Pa ` *VS

,U LZ[HZ LKHKLZ ZL WYVK\JL \U YmWPKV H\TLU[V KL WLZV ZP tZ[L UV ]H HJVTWH|HKV KL \UH TLQVYH LU SH M\LYaH W\LKL ]LYZL TLYTHKH SH ]LSVJPKHK KL KLZWSHaHTPLU[V ,U LZ[H L[HWH ZL WYVK\JL \U NYHU KLZHYYVSSV KL SH ]LSVJPKHK NLZ[\HS +LILTVZ L]P[HY [YHIHQHY SH YLZPZ[LUJPH H SH ]LSVJP KHK `H X\L Z\WVUKYxH \UH L_PNLUJPH KLTHZPHKV LSL]HKH WHYH LZ[HZ LKHKLZ +,:(996336 +, 3( (4730;<+ +, 46=040,5;6 *VUJLW[V KL HTWSP[\K KL TV]PTPLU[V ,U LS T\UKV KLS KLWVY[L ` SH HJ[P]PKHK MxZPJH LZ T\` JV YYPLU[L \[PSPaHY LS [tYTPUV ÅL_PIPSPKHK H SH OVYH KL KLÄUPY SH JHWHJPKHK V YHUNV KL TV]PTPLU[V KL \UH V ]HYPHZ HY[PJ\ SHJPVULZ :PU LTIHYNV T\JOVZ H\[VYLZ LU[PLUKLU X\L LZ[L ]VJHISV UV ZL HQ\Z[H LZL JVUJLW[V HTWSP[\K KL TV]PTPLU [V HY[PJ\SHY 7HYLJL TmZ HKLJ\HKV \[PSPaHY LS [tYTPUV TV ]PSPKHK V HTWSP[\K KL TV]PTPLU[V (+4 ! *HWHJPKHK KLS PUKP]PK\V KL HSJHUaHY SHZ Tm_PTHZ HTWSP[\KLZ HY[PJ\SHYLZ HJVTWH|HKHZ KL SHZ LSVUNHJPVULZ T\ZJ\SHYLZ ` SPNHTLU [VZHZ JVYYLZWVUKPLU[LZ

WYVWVUL SH ZPN\PLU[L L]VS\JP}U KL SH

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5¢ 5V]PLTIYL


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

;PWVZ KL HTWSP[\K KL TV]PTPLU[V

*65*3<:0Ô5

:LN‚U (U[}U [LULTVZ J\H[YV TVKVZ WHYH [YH IHQHY SH TV]PSPKHK!

:PN\PLUKV H .\P[PtYYHa LS LU[YLUHTPLU[V LU UP|VZ ` Q}]LULZ OH KL PY KPYPNPKV OHJPH \UH TLQVYH KL SHZ J\HSPKHKLZ MxZPJHZ NLULYHSLZ V OHJPH \U LZ[HKV KL IPLULZ [HY MxZPJV ` TLU[HS 7HYH [HS LMLJ[V KLILU ]HSVYHYZL J\H[YV MHJ[VYLZ LU SH WYLZJYPWJP}U KL LQLYJPJPV LU \U UP|V!

‹

4V]PTPLU[VZ â HJ[P]VZ SPIYLZ ,Z[VZ ZVU SVZ TmZ HKLJ\HKVZ WHYH SH Q}]LULZ

‹

4V]PTPLU[VZ â HJ[P]VZ HZPZ[PKVZ +LZHJVUZLQHKVZ LU Q}]LULZ

‹

4V]PTPLU[VZ WHZP]VZ YLSHQHKVZ :L W\LKLU YLHSPaHY â LU Q}]LULZ

‹

4V]PTPLU[VZ â WHZP]VZ MVYaHKVZ +LZHJVUZLQHKVZ LU Q}]LULZ

+LZHYYVSSV KL SH HTWSP[\K KL TV]PTPLU[V LU 1Ô=,5,: +L MVYTH NLULYHS WVKLTVZ KLJPY X\L SH TV]PSPKHK HSJHUaH Z\Z ]HSVYLZ Tm_PTVZ LU[YL SVZ ` SVZ [YLZ H|VZ KL LKHK +LZKL Z\ UHJPTPLU[V LS ZLY O\THUV [PLUL \UH NYHU TV]PSP KHK X\L ]H PY KPZTPU\`LUKV JVU SH LKHK `H KLZKL LKHKLZ T\` [LTWYHUHZ +LZKL SVZ H|VZ OHZ[H X\L ZVIYL]PLUL LS WLYPVKV KL KLZHYYVSSV LU[YL ` H|VZ UVYTHSTLU[L JVYYLZWVU KPLUKV SHZ WYPTLYHZ LKHKLZ H SHZ JOPJHZ X\L ZL Z\LSLU KLZHYYVSSHY HU[LZ H\UX\L SH ÅL_PIPSPKHK ZL THUPÄLZ[H KL MVYTH UH[\YHS U\UJH LZ[m KL TmZ YLHSPaHY HSN‚U [YHIHQV KL HTWSP[\K KL TV]PTPLU[V KL MVYTH ZPZ[LTH[PaHKH ,Z \UH JHWHJPKHK X\L ZL W\LKL [YHIHQHY H J\HSX\PLY LKHK \[PSPaHUKV SVZ Tt[VKVZ HKLJ\HKVZ 9\Pa YLJVTPLUKH X\L LU[YLUHTPLU[V KLIL PUP JPHYZL KLZKL LS PUPJPV KL SH L[HWH LZJVSHY 9LJVYKLTVZ X\L \UH I\LUH (+4 KHYm HS Z\QL[V TH`VYLZ WVZPIPSPKHKLZ WHYH LS KVTPUPV KL SH [tJUPJH ,U SH -PN\YH W\LKLU HWYLJPHYZL J}TV PUPJPHY Z\ LU[YLUHTPLU[V H SVZ H|VZ ` LU LS WLYPV KV KL H|VZ ZL HSJHUaHU SHZ TH`VYLZ WVZPIPSPKHKLZ KL LU[YLUH TPLU[V -PN\YH !

-YLJ\LUJPH +LILU YLHSPaHYZL LU[YL ` ZLZPVULZ WVY ZL THUH WHYH X\L \U UP|V VI[LUNH \UH YLZW\LZ[H ÄZPVS}NPJH KL LU[YLUHTPLU[V 0U[LUZPKHK 5V ZL KLIL SSL]HY H SVZ UP|VZ MYLJ\LUJPHZ JHY KPHJHZ Tm_PTHZ K\YHU[L SVZ LU[YLUHTPLU[VZ +\YHJP}U 3V UVYTHS LZ ULJLZP[HY LU[YL ` TPU\[VZ KL LQLYJPJPV HLYVIPV WHYH JVUZLN\PY \U LMLJ[V KL HKHW[H JP}U JVUZPKLYHISL ,U LZ[L ZLU[PKV LZ[L TPZTV H\[VY WYV WVUL SHZ ZPN\PLU[LZ PUKPJHJPVULZ WHYH LS LU[YLUHTPLU[V LU Q}]LULZ!

‹ *VU L_JLWJP}U KL SH JHYYLYH SH TH`VYxH KL SVZ UP|VZ JHYLJL OHZ[H SVZ JPUJV H|VZ KL SH OHIPSPKHK ULJLZHYPH WHYH LU[YLUHY J\HSX\PLY KLWVY[L ‹ 3H HNPSPKHK ` ]LSVJPKHK ZVU MHJ[VYLZ KL[LYTPUHKVZ WVY MHJ[VYLZ NLUt[PJVZ WVY SV [HU[V UV WVKLTVZ OHISHY [HU[V KL Z\ LU[YLUHIPSPKHK JVTV KL Z\ KLZHYYVSSV ` LZ[V W\LKL ` KLIL OHJLYZL SV HU[LZ WVZPISL PUZPZ[PLUKV LU HZWLJ[VZ TmZ [tJUPJVZ X\L W\YHTLU[L MxZPJVZ ‹ 3H M\LYaH ` SH WV[LUJPH ZL YLSHJPVUHU xU[PTHTLU[L JVU LS [HTH|V JVYWVYHS LS TVYMV[PWV ` SH THZH T\ZJ\SHY H\TLU[HUKV WVY SV [HU[V JVU LS JYLJPTPLU[V ` LS KLZH YYVSSV H SV X\L OH` X\L H|HKPY \U LU[YLUHTPLU[V YHJPV UHS JVU JHYNH YLZWL[HUKV JVTV OLTVZ KPJOV HU[LZ SH L[HWH W\ILYHS WYVWPJPH H SH HWHYPJP}U KL SLZPVULZ }ZLHZ ` [LUKPUVZHZ ‹ 3H YLZPZ[LUJPH JHYKPVYYLZWPYH[VYPH LZ[m PUÅ\LUJPHKH KL MVYTH LZJHZH WVY LS LU[YLUHTPLU[V HU[LZ KL SH W\ILY [HK

-PN\YH (WSPJHJP}U KLS [YHIHQV KL ÅL_PIPSPKHK ZLN‚U SH LKHK 9\Pa ` *VS

‹ *VU LS PUPJPV KL SH W\ILY[HK ` Z\Z JHTIPVZ KLYP]HKVZ WHYLJL ZPU LTIHYNV X\L KPZTPU\`L H TLUVZ X\L ZL THU[LUNH HJ[P]HTLU[L SH JVUKPJP}U MxZPJH ,Z[V Z\NPLYL SH ULJLZPKHK KL JVUZPKLYHY SH THK\YLa MxZPJH JVTV N\xH WHYH \U HJVUKPJPVUHTPLU[V PUMHU[PS ZLN\YV ‹ 0U[LU[HYLTVZ THU[LULY SH HTWSP[\K KL TV]PTPLU[V MYL UHUKV V KL[LUPLUKV Z\ WYVJLZV PU]VS\[P]V

4+ 5¢ 5V]PLTIYL

(Y[xJ\SVZ VYPNPUHSLZ


1VZt (U[VUPV .VUamSLa 1\YHKV *HYSVZ KL ;LYLZH .HS]mU -YHUJPZJV 7YHKHZ KL SH -\LU[L ,S LU[YLUHTPLU[V KL SHZ J\HSPKHKLZ MxZPJHZ ImZPJHZ LU UP|VZ ` Q}]LULZ ;YHPUPUN VM [OL WO`ZPJHS JHWHJP[PLZ PU JOPSKYLU HUK `V\UN WmNZ

)0)306.9(-ร ( .YVZZLY 4 @ 5L\THPLY ( ;tJUPJHZ KL LU[YLUHTPLU[V ยก ,K )HYJLSVUH! 4HY[xULa 9VJH"

9\Pa 3 4 L[ HS +LZHYYVSSV JVTWVY[HTPLU[V TV[VY ` KL WVY[L ยก ,K 4HKYPK! :xU[LZPZ"

:LIHZ[PHUP , @ .VUamSLa * *\HSPKHKLZ -xZPJHZ ยก ,K )HYJLSVUH! 05+,"

.HYJPH 14 L[ HS 3H M\LYaH ยก ,K 4HKYPK! .`TUVZ"

ร S]HYLa +LS =PSSHY * 7YLWHYHJP}U MxZPJH KLS Mย [IVS IHZHKH LU LS H[SL[PZTV ยก ,K 4HKYPK! .`TUVZ"

2U\[[NLU / . 2YHLTLY > 1 ;LYTPUVSVN` HUK TLHZ\YL TLU[ PU L_LYJPZL WLYMVYTHUJL 1V\YUHS VM HWWSPLK ZWVY[ ZJPLUJL YLZLHYJO " -LI 4HY!

.HYJxH 14 ,[ HS )HZLZ [L}YPJHZ KLS LU[YLUHTPLU[V KLWVY [P]V ยก ,K 4HKYPK! .`TUVZ" 4VYH 1 ;LVYxH KLS LU[YLUHTPLU[V ` KLS HJVUKPJPVUHTPLU[V MxZPJV ยก ,K *mKPa! *673,-" 5H]HYYV - 3H YLZPZ[LUJPH ยก ,K 4HKYPK! .`TUVZ"

)VTWH ; 3H ZLSLJ[PVU KLZ H[OSL[LZ [HSLU[\L\_ :JPLUJP K\ ZWVY[ 6[[H^H " -LIYLYV .YVZZLY 4 )Y\NNLTHU 7 @ APU[S - (S[V YLUKPTPLU[V KL WVY[P]V ยก ,K )HYJLSVUH! 4HY[xULa 9VJH" >LPULJR 1 ,U[YLUHTPLU[V }W[PTV ยก ,K )HYJLSVUH! /PZ WHUV L\YVWLH"

.VUamSLa 1 1 @ .VYVZ[PHNH , -\UKHTLU[VZ KLS LU[YL UHTPLU[V KL SH M\LYaH (WSPJHJP}U HS HS[V YLUKPTPLU[V KL WVY[P]V ยก ,K )HYJLSVUH! 0UKL" .HYJPH 14 L[ HS 3H ]LSVJPKHK ยก ,K 4HKYPK! .`TUVZ" /HYYL + ! -HJ[Z HIV\[ ZWLLK [YHPUPUN 4VKLYU H[OSL[L HUK JVHJO " ! (U[}U 1 3 L[ HS ,U[YLUHTPLU[V KLWVY[P]V LU Q}]LULZ )HZLZ KL HWSPJHJP}U ยก ,K 4mSHNH! 1\U[H KL (UKHS\JxH <UP]LYZPKHK 0U[LYUHJPVUHS +LWVY[P]H KL (UKHS\JxH" .\[PtYYLa ( ,U[YLUHTPLU[V JVU UP|VZ ,U 469(! ;LVYxH KLS LU[YLUHTPLU[V ` KLS HJVUKPJPVUHTPLU[V MxZPJV ยก ,K *mKPa! *673,-"

9PIHZ 1 L[ HS ,K\JHJP}U WHYH SH ZHS\K LU SH WYmJ[PJH KL WVY[P]H LU Q}]LULZ ยก ,K 4mSHNH! <UPZWVY[ 1\U[H KL (U KHS\JxH"

(Y[xJ\SVZ VYPNPUHSLZ

4+ 5ยข 5V]PLTIYL


(Y[xJ\SV KL 9L]PZP}U (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL

-LYUHUKV =LYK‚ 7YVMLZVY ;P[\SHY KL 4LKPJPUH 3LNHS <UP]LYZP[H[ KL =HSuUJPH ,Z[\KP .LULYHS -HJ\S[H[ KL 4LKPJPUH P 6KVU[VSVNxH (]KH )SHZJV 0Im|La =HSLUJPH ;LS! -H_! -LYUHUKV =LYK\'\] LZ (UH *HZ[LSS} 7YVMLZVYH (`\KHU[L KL 4LKPJPUH 3LNHS ` -VYLUZL <UP]LYZP[H[ KL =HSuUJPH ,Z[\KP .LULYHS -HJ\S[H[ KL 4LKPJPUH P 6KVU[VSVNxH (]KH )SHZJV 0Im|La =HSLUJPH ;LS! -H_!

05;96+<**0Ô5 (\U J\HUKV LS KVWHQL ]H H [LULY \U S\NHY JHZP ZPTI}SPJV LU LS [YHIHQV X\L HOVYH LTWPLaH ZL OHISHYm KL LZL MLU}TL UV `H X\L LU SH ]PNtZPTH [LYJLYH LKPJP}U KLS +PJJPVUHYPV KL SH 3LUN\H KL SH 9LHS (JHKLTPH ,ZWH|VSH SH WHSHIYH KVWHQL [LUKYm \UH U\L]H KLÄUPJP}U! (KTPUPZ[YHY MmYTHJVZ V Z\Z[HUJPHZ LZ[PT\SHU[LZ WHYH WV[LUJPHY HY[PÄJPHSTLU[L LS YLUKPTPLU[V KLS VYNHUPZTV H ]LJLZ JVU WLSPNYV WHYH SH ZH S\K¹ " SV X\L ]H [YHZ SH JVTH LZ SH LUTPLUKH LMLJ[\HKH WVY SVZ (JHKtTPJVZ ,Z \UH TLYH J\YPVZPKHK X\L WLYTP[L YVTWLY LS OPLSV WHYH JVTLUaHY H OHISHY KL \U JVTWSLQV T\UKV HS X\L OH` X\L WYLZ[HY \UH NYHU H[LUJP}U (\UX\L OHIYm HSNV TmZ (U[LZ KL HIVYKHY SVZ HZWLJ[VZ U\JSLHYLZ KLS [YHIHQV ¶SV X\L OH ]LUPKV LU SSHTHYZL SH Q\KPJPHSPaHJP}U KLS LQLYJPJPV KL SH TLKPJPUH LU LZ[L JHZV KLS +LWVY[L ZL WYVWVULU J\H[YV J\LZ[PVULZ X\L [HS ]La WLYTP[HU LU[LUKLY TLQVY WVY X\t LZ ULJLZHYPH LZH Q\KPJPHSPaHJP}U L PUJS\ZV TmZ X\L ULJLZHYPH WVY X\t LZ UVYTHS ` HIZVS\[HTLU[L L_PNPISL ¦(KTP[PYxH \U WYVMLZPVUHS ZHUP[HYPV X\L HS HJ\KPY H \U UV[HYPV WHYH OHJLY [LZ[HTLU[V UV X\LKHYHU YPN\YVZH TLU[L YLNPZ[YHKHZ ¶HUV[HKHZ LU MVYTH SLNPISL [VKHZ SHZ JPYJ\UZ[HUJPHZ L PUZ[Y\JJPVULZ ULJLZHYPHZ WHYH HS JHUaHY LS ÄU WYVW\LZ[V& 6[YV WYVMLZPVUHS ZHUP[HYPV X\PLYL ZHSPY KL ]HJHJPVULZ ` HJ\KL H \UH HNLUJPH KL ]PHQLZ" HSSx ¦J\mU[HZ WYLN\U [HZ ` HJSHYHJPVULZ ¶PUMVYTHJPVULZ YLJHIHYm HU[LZ KL JVU[YH[HY ¶JVUZLU[PY OHJLY \U KL[LYTPUHKV ]PHQL H J\HS X\PLY WHY[L KLS T\UKV&

4+ 5¢ 5V]PLTIYL

(Y[xJ\SV KL 9L]PZP}U

@ ZP UV ZHSL JVTV SL OHIxHU KPJOV X\L PIH H YLZ\S[HY LS ]PHQL ¦YLJSHTHYm ZLY PUKLTUPaHKV& -PUHSTLU[L! \U TtKPJV ULJLZP[H OHJLY KL[LYTPUHKHZ JVTWYVIHJPVULZ KPULYHYPHZ LU SHZ J\LU[HZ KL Z\ IHU JV" OH` HSNV X\L UV HJHIH KL J\HKYHYSL :L KPYPNL H Z\ VÄJPUH ` WPKL X\L SL LU[YLN\LU \U YLNPZ[YV JVU SVZ TV]PTPLU[VZ KL Z\ J\LU[H" LU V[YHZ WHSHIYHZ! Z\ OPZ [VYPH LJVU}TPJH ¦(KTP[PYxH X\L SL KPQLYHU X\L UV X\L ZL ULNHIHU H LU[YLNHYSH& ¦;VSLYHYxH X\L SL LU[YLNHYHU ZVSV \UH WHY[L& ,MLJ[P]HTLU[L! /PZ[VYPH JSxUPJH JVUZLU[PTPLU[V PUMVYTHKV YLZWVUZHIPSPKHK WYVMLZPVUHS ` KLYLJOV H SH KVJ\TLU[HJP}U *\H[YV JHUKLU[LZ WYVISLTHZ KLS LQLYJPJPV KL SH TLKPJPUH X\L LU V[YVZ mTIP[VZ LZ[mU WLYMLJ[HTLU[L ZVS\JPVUHKVZ ` WYmJ[PJHTLU[L UV HKTP[LU KPZJ\ZP}U :P ZL OPJPLYH LS LQLYJPJPV KL SSL]HY HS UP]LS KL SH JHSSL T\JOVZ KL SVZ WYVISLTHZ X\L ZL WSHU[LHU H KPHYPV LU SH YLSHJP}U JVU SVZ \Z\HYPVZ KL SVZ ZLY]PJPVZ ZHUP[HYPVZ SHZ JVZHZ WV KYxHU ZLY T\JOV TmZ MmJPSLZ =H LS ‚S[PTV IV[}U KL T\LZ[YH! ¦X\t TLKPJV ZL J\LZ[PVUH YxH X\L H \U UP|V X\L ZL LZ[m HOVNHUKV LU \UH WPZJPUH OH` X\L [YH[HY KL ZHS]HYSV PUKLWLUKPLU[LTLU[L KL JVU[HY V UV JVU SH H\[VYPaHJP}U KL SVZ WHKYLZ&


-LYUHUKV =LYK ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

,S WYVISLTH KL SH SSHTHKH Q\KPJPHSPaHJP}U KL SH TLKPJPUH LZ X\L SHZ KP]LYZHZ ZP[\HJPVULZ X\L W\LKLU NLULYHY K\ KHZ ZL WYLZLU[HU ` ZL LUMVJHU JVTV ZP ZL [YH[HYHU KL OLJOVZ U\L]VZ ` UPJVZ J\HUKV LU YLHSPKHK `H ZL OHU ZVS\JPVUHKV TPSLZ KL ]LJLZ IHQV V[YHZ S\JLZ ` WVY LSSV \U ZLUJPSSV HUmSPZPZ ZVTL[PKV H SH S}NPJH ]H H WLYTP[PY HSJHUaHY SH TLQVY ZVS\JP}U 6 HS TLUVZ SH TLUVZ THSH *VTV ZL SLL LU LS ,JSLZPHZ[tZ! 5POPS Z\I ZVSL UV]\T ULJ ]HSL[ X\PZX\HT KPJLYL LJJL OVJ YLJLUZ LZ[ PHT LUPT WYHL JLZZP[ PU ZHLJ\SPZ X\HL M\LY\U[ HU[L UVZ 5HKH OH` U\L]V IHQV LS ZVS" ` UV ]HSL X\L HSN\PLU KPNH! ¸TPYH LZ[V LZ KL HOVYH¹ W\LZ `H OH HWHYLJPKV LU SVZ [PLTWVZ X\L OHU WH ZHKV HU[LZ KL UVZV[YVZ 4<*/6 4Í: 8<, ,3 +67(1, ,S LQLYJPJPV KL SH 4LKPJPUH KLS +LWVY[L LU Z\Z KPMLYLU[LZ MVYTHZ [PLUL SHZ WLJ\SPHYPKHKLZ t[PJHZ ` SLNHSLZ Z\ÄJPLU[LZ JVTV WHYH YLHSPaHY \U ]\LSV WHUVYmTPJV ZVIYL LSSHZ WHYH X\L HÅVYLU ` WLYTP[HU SH WYmJ[PJH TmZ ZLN\YH YLZWL[\VZH ` L_PNLU[L JVU SVZ KLYLJOVZ ` KLILYLZ KL SHZ WHY[LZ PT WSPJHKHZ! WYVMLZPVUHSLZ ZHUP[HYPVZ LU \U SHKV ` WHJPLU[LZ V \Z\HYPVZ KL SVZ ZLY]PJPVZ LU LS V[YV ¶H\UX\L X\Pam ZLH TLQVY KLJPY ¸Q\U[V H LSSVZ¹ (Zx SV X\L ]H H ZLN\PY ZLYm KL \[PSPKHK WHYH [VKVZ SVZ WYV MLZPVUHSLZ KL SHZ *PLUJPHZ KL SHZ :HS\K X\L KL MVYTH WLY THULU[L \ VJHZPVUHS [PLULU JVU[HJ[V JVU WLYZVUHZ X\L WYHJ[PJHU OHU KL WYHJ[PJHY V OHU WYHJ[PJHKV KLWVY[L :L [YH[H LMLJ[P]HTLU[L KL \UH ZPTWSL HWYV_PTHJP}U VYPLU [HKVYH W\LZ[V X\L WYVM\UKPaHY LU LSSVZ L_JLKL PUJS\ZV H [YHIHQVZ TmZ HTWSPVZ 7905*0706: .,5,9(3,: 7YPT\T UVU UVJLYL :P ZL HJ[\HYH KL MVYTH S}NPJH ¶` SPIYL ZPU V[YHZ WYLZPVULZ WYVIHISLTLU[L LZ[L WYPUJPWPV NLULYHS KL UV OHJLY KH|V JVTV WYLTPZH WVKYxH IHZ[HY WHYH LQLYJLY J\HSX\PLY LZWL JPHSPKHK KL SH TLKPJPUH ,U YLHSPKHK WVKYxH ZLY Z\ÄJPLU[L WHYH LS KLZLTWL|V KL J\HSX\PLY WYVMLZP}U V HJ[P]PKHK O\ THUH WLYV KLZNYHJPHKHTLU[L UV LZ LZL LS T\UKV X\L UVZ JVYYLZWVUKL ]P]PY ;YHZ LZH WPLKYH HUN\SHY X\L H WVJV X\L ZL WPLUZL W\LKL OHJLYZL PULZ[HISL KL T\` KP]LYZHZ THULYHZ HWHYLJLU \UH ZLYPL KL VISPNHJPVULZ WYVMLZPVUHSLZ X\L OH` X\L JVUVJLY ` J\PKHY KL MVYTH LZTLYHKH 7VY LSSV UV W\LKL VS]PKHYZL X\L! 9LZWL[HY SH ]PKH O\THUH SH KPNUPKHK KL SH WLYZVUH ` LS J\PKHKV KL SH ZHS\K KLS PUKP]PK\V ` KL SH JVT\UPKHK ZVU SVZ KLILYLZ WYPTVYKPHSLZ KLS TtKPJV

3H WYPUJPWHS SLHS[HK KLS TtKPJV LZ SH X\L KLIL H Z\ WH JPLU[L ` SH ZHS\K KL tZ[L KLIL HU[LWVULYZL H J\HSX\PLY V[YH JVU]LUPLUJPH ,S TtKPJV U\UJH WLYQ\KPJHYH PU[LUJPVUHKHTLU[L HS WH JPLU[L UP SL H[LUKLYm JVU ULNSPNLUJPH 7VY ZLY WYPUJPWPVZ NLULYHSLZ `H IHZ[HYxH 7LYV" JVTV ZL ]LYm OH` X\L ZLY IHZ[HU[L TmZ JSHYVZ :\YNL HOVYH \UH KL LZHZ WYLN\U[HZ X\L ¶SLQVZ KL ZLY YL[} YPJH WPKL \UH YLZW\LZ[H X\L JHKH SLJ[VY KLIL KHYZL! ¦*\mU[HZ ZP[\HJPVULZ OH` LU LS LQLYJPJPV KL SH 4LKPJPUH KLS +LWVY[L ` LZWLJPHSPKHKLZ JVUL_HZ X\L JOVJHU MYVU[HS TLU[L JVU LZVZ 7YPUJPWPVZ .LULYHSLZ& 7YLZPVULZ KLS WHJPLU[L KL SVZ TLKPVZ¯KL SHZ PUZ[P[\JPV ULZ¯` JVTV LQLJ\[VY LS TtKPJV :P HSN\PLU WPLUZH X\L LZ[VZ 7YPUJPWPVZ .LULYHSLZ ZVU TL YHZ KLJSHYHJPVULZ KL PU[LUJPVULZ V THUPMLZ[HJPVULZ YL[}YP JHZ KLS mTIP[V t[PJV ` KLVU[VS}NPJV HUKH LX\P]VJHKV KL TLKPV H TLKPV :VU UVYTHZ KL SLHS JVTWVY[HTPLU[V LU[YL WLYZVUHZ X\L ]PVSHKHZ ZPU K\KH W\LKLU NLULYHY JVUÅPJ [VZ SLNHSLZ KL YLZWVUZHIPSPKHK WYVMLZPVUHS 7VY LSSV OH` X\L WYLZ[HYSLZ \UH L_[YHVYKPUHYPH H[LUJP}U M\UKHTLU[HSTLU[L WVY LS WHJPLU[L ` [HTIPtU WVY LS WYVML ZPVUHS ZHUP[HYPV 9,3(*065,: +,3 4i+0*6 *65 :<: 7(*0,5;,: 3H YLSHJP}U TtKPJV WHJPLU[L THYJH SV X\L OH KL ZLY LS LQLY JPJPV KL SH TLKPJPUH 3V X\L ZL HÄYTH LU SH MYHZL HU[LYPVY HWHYLU[LTLU[L Z\ WLYÅ\V ZPN\L ZPLUKV TV[P]V KL PU]LZ[PNHJP}U ` ZL WVUL U\L]HTLU[L KL THUPÄLZ[V X\L SH I\LUH YLSHJP}U LS YLZWL [V SH LTWH[xH SH HWYV_PTHJP}U O\THUH HS WHJPLU[L MH]V YLJLU SH HWHYPJP}U KL TLQVYLZ YLZ\S[HKVZ TtKPJVZ ` SH KPZTPU\JP}U KL SHZ YLJSHTHJPVULZ 9L]PZ[V SV KPJOV HWHYLJLU \UH ZLYPL KL HÄYTHJPVULZ H YLJVYKHY WHYH \U I\LU LQLYJPJPV WYVMLZPVUHS [HU[V KLZKL LS W\U[V KL ]PZ[H KL SVZ YLZ\S[HKVZ JVTV KLZKL LS KL SH [YHUX\PSPKHK Q\YxKPJH! 3H LÄJHJPH KL SH HZPZ[LUJPH TtKPJH L_PNL \UH WSLUH YL SHJP}U KL JVUÄHUaH LU[YL TtKPJV ` WHJPLU[L :P LS WHJPLU[L L_PNPLYH KLS TtKPJV \U WYVJLKPTPLU[V X\L tZ[L WVY YHaVULZ JPLU[xÄJHZ V t[PJHZ Q\aNH PUHKL J\HKV V PUHJLW[HISL LS TtKPJV [YHZ PUMVYTHYSL KLIP KHTLU[L X\LKH KPZWLUZHKV KL HJ[\HY *\HUKV SHZ TLKPKHZ WYVW\LZ[HZ Z\WVUNHU WHYH LS WH JPLU[L \U YPLZNV ZPNUPÄJH[P]V LS TtKPJV SL WYVWVYJPVUH

(Y[xJ\SV KL 9L]PZP}U

4+ 5¢ 5V]PLTIYL


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

Ym PUMVYTHJP}U Z\ÄJPLU[L ` WVUKLYHKH H ÄU KL VI[LULY WYLMLYLU[LTLU[L WVY LZJYP[V LS JVUZLU[PTPLU[V LZWLJx ÄJV PTWYLZJPUKPISL WHYH WYHJ[PJHYSHZ ‹ :P LS LUMLYTV UV LZ[\]PLZL LU JVUKPJPVULZ KL KHY Z\ JVUZLU[PTPLU[V WVY ZLY TLUVY KL LKHK LZ[HY PUJHWH JP[HKV V WVY SH \YNLUJPH KL SH ZP[\HJP}U ` YLZ\S[HZL PT WVZPISL VI[LULYSV KL Z\ MHTPSPH V YLWYLZLU[HU[L SLNHS LS TtKPJV KLILYm WYLZ[HY SVZ J\PKHKVZ X\L SL KPJ[L Z\ JVUJPLUJPH WYVMLZPVUHS ‹ 3H VWPUP}U KLS TLUVY ZLYm [VTHKH LU JVUZPKLYHJP}U JVTV \U MHJ[VY X\L ZLYm [HU[V TmZ KL[LYTPUHU[L LU M\UJP}U KL Z\ LKHK ` Z\ NYHKV KL THK\YLa ‹ 3VZ HJ[VZ TtKPJVZ X\LKHYmU YLNPZ[YHKVZ LU SH JVYYLZ WVUKPLU[L OPZ[VYPH JSxUPJH ,S TtKPJV [PLUL LS KLILY ` LS KLYLJOV KL YLKHJ[HYSH ‹ 3HZ OPZ[VYPHZ JSxUPJHZ ZL YLKHJ[HU ` JVUZLY]HU WHYH SH HZPZ[LUJPH KLS WHJPLU[L \ V[YH ÄUHSPKHK X\L J\TWSH SHZ YLNSHZ KLS ZLJYL[V TtKPJV ` J\LU[L JVU SH H\[VYPaHJP}U KLS TtKPJV ` KLS WHJPLU[L (ÄYTHJPVULZ [HU MHTPSPHYLZ ` JVUVJPKHZ TLYLJLU HSN‚U JVTLU[HYPV JVTWSLTLU[HYPV ` ]H H ZLY LS WYPTLYV WHYH SH ‚S[PTH KL LSSHZ

7VJV TmZ HKLSHU[L LU LS HY[xJ\SV HTWSxH LS JVUJLW[V L PUKPJH X\L SH /* JVTWYLUKL LS JVUQ\U[V KL SVZ KVJ\TLU[VZ YLSH[P]VZ H SVZ WYVJLZVZ HZPZ[LUJPHSLZ KL JHKH WHJPLU[L JVU SH PKLU[PÄJHJP}U KL SVZ TtKPJVZ ` KL SVZ KLTmZ WYVMLZPVUH SLZ X\L OHU PU[LY]LUPKV LU LSSVZ JVU VIQL[V KL VI[LULY SH Tm_PTH PU[LNYHJP}U WVZPISL KL SH KVJ\TLU[HJP}U JSxUPJH KL JHKH WHJPLU[L HS TLUVZ LU LS mTIP[V KL JHKH JLU[YV 9LZWLJ[V H SH KPZWVUPIPSPKHK KL SH PUMVYTHJP}U JVU[LUPKH LU SH /* LS HY[xJ\SV PUKPJH! ¸ ,S WHJPLU[L [PLUL LS KLYLJOV KL HJJLZV JVU SHZ YLZLY ]HZ ZL|HSHKHZ LU LS HWHY[HKV KL LZ[L HY[xJ\SV H SH KVJ\TLU[HJP}U KL SH OPZ[VYPH JSxUPJH ` H VI[LULY JVWPH KL SVZ KH[VZ X\L ÄN\YHU LU LSSH 3VZ JLU[YVZ ZHUP[HYPVZ YLN\SHYmU LS WYVJLKPTPLU[V X\L NHYHU[PJL SH VIZLY]HU JPH KL LZ[VZ KLYLJOVZ ,S KLYLJOV KL HJJLZV KLS WHJPLU[L H SH OPZ[VYPH JSxUPJH W\LKL LQLYJLYZL [HTIPtU WVY YLWYLZLU[HJP}U KLIPKH TLU[L HJYLKP[HKH

:VIYL SH /PZ[VYPH *SxUPJH <UH JVTWSL[H OPZ[VYPH JSxUPJH /* LU SV Z\JLZP]V ZPN\L KLTVZ[YHUKV ZLY \UV KL SVZ TLQVYLZ PUZ[Y\TLU[VZ WHYH SVZ JHZVZ KL HJ[\HJP}U WYVMLZPVUHS PTWLYMLJ[H X\L SSL N\LU H SVZ [YPI\UHSLZ

/VQH KL YLJVNPKH KL KH[VZ

4+ 5¢ 5V]PLTIYL

:PN\PLUKV JVU SH /* UV LZ[m KL TmZ YLJVYKHY X\L SH 3L` KL KL UV]PLTIYL ImZPJH YLN\SHKVYH KL SH H\[VUVTxH KLS WHJPLU[L ` KL KLYLJOVZ ` VISPNHJPVULZ LU TH[LYPH KL PUMVYTHJP}U ` KVJ\TLU[HJP}U JSxUPJH SH KL ÄUL JVTV LS JVUQ\U[V KL KVJ\TLU[VZ X\L JVU[PLULU SVZ KH[VZ ]HSVYHJPVULZ L PUMVYTHJPVULZ KL J\HSX\PLY xUKVSL ZVIYL SH ZP[\HJP}U ` SH L]VS\JP}U JSxUPJH KL \U WHJPLU[L H SV SHYNV KLS WYVJLZV HZPZ[LUJPHS

(Y[xJ\SV KL 9L]PZP}U

,S KLYLJOV HS HJJLZV KLS WHJPLU[L H SH KVJ\TLU[HJP}U KL SH OPZ[VYPH JSxUPJH UV W\LKL LQLYJP[HYZL LU WLYQ\PJPV KLS KLYLJOV KL [LYJLYHZ WLYZVUHZ H SH JVUÄKLUJPHSPKHK KL SVZ KH[VZ X\L JVUZ[HU LU LSSH YLJVNPKVZ LU PU[LYtZ [LYH


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

Wt\[PJV KLS WHJPLU[L UP LU WLYQ\PJPV KLS KLYLJOV KL SVZ WYVMLZPVUHSLZ WHY[PJPWHU[LZ LU Z\ LSHIVYHJP}U SVZ J\HSLZ W\LKLU VWVULY HS KLYLJOV KL HJJLZV SH YLZLY]H KL Z\Z HUV[HJPVULZ Z\IQL[P]HZ¯¹ ,Z[V X\PLYL KLJPY WHSHKPUHTLU[L X\L ZP \U WHJPLU[L V \U YLWYLZLU[HU[L SLNHSTLU[L HJYLKP[HKV WPKL \UH /* H \U JLU[YV ZHUP[HYPV SH ‚UPJH YLZW\LZ[H X\L JHIL LZ SH LU[YLNH ZPUV PUTLKPH[H Zx LU \U WSHaV YHaVUHISL 7VY SV ZL|HSHKV H UHKPL W\LKL LZJHWHY X\L ZL [YH[H KL \U KVJ\TLU[V KL L_[YHVYKPUHYPH [YHZJLUKLUJPH [HU[V WHYH LS ZLN\PTPLU[V KL \U WHJPLU[L JVTV WHYH WVKLY L]HS\HY SH JHSPKHK KLS WYVJLZV HZPZ[LUJPHS H X\L OH ZPKV ZVTL[PKV ,SSV PUJS\`L JVTV UV WVKxH ZLY TLUVZ Z\ WVZPISL \[PSPaH JP}U LU WYVJLKPTPLU[VZ Q\KPJPHSLZ :VIYL LS JVUZLU[PTPLU[V WHYH SHZ HJ[\HJPVULZ TtKPJHZ ,Z [YHKPJP}U LU SVZ HY[xJ\SVZ X\L [YH[HU KL KLYLJOV PU[YV K\JPY \UH JP[H LU SH[xU ¶ X\L UV \U SH[PUHQV X\L LU[LUKPKH HJSHYH LS HZ\U[V X\L ZL ]H H HIVYKHY ,U LZ[H VJHZP}U WYV JLKL KLS +PNLZ[V ! 0U [V[\T VTUPH X\HL HUPTP KLZ[PUH[PVUL HNLUKH Z\U[ UVU UPZP ]LYH L[ JLY[H ZJPLU[PH WLYÄJP WVZZ\U[ 5PUN\UH KL SHZ JVZHZ X\L ZL OHU KL OHJLY JVU KL[LYTPUHJP}U KLS mUPTV ZL W\LKL SSL]HY H JHIV ZPUV JVU JVUVJPTPLU[V ]LYKHKLYV ` JPLY[V 7VY LSSV UV KLIL L_[YH|HY X\L SH WYLJP[HKH 3L` PTWVUNH X\L ¸;VKH HJ[\HJP}U LU LS mTIP[V KL SH ZHS\K KL \U WHJPLU[L ULJLZP[H LS JVUZLU[PTPLU[V SPIYL ` ]VS\U[HYPV KLS HMLJ[HKV \UH ]La X\L YLJPIPKH SH PUMVYTHJP}U WYL]PZ[H LU LS HY[xJ\SV OH`H ]HSVYHKV SHZ VWJPVULZ WYVWPHZ KLS JHZV¹ ,S SLNPZSH[P]V OH X\LYPKV \[PSPaHY SH L_WYLZP}U [VKH HJ[\H JP}U X\L OHJPLUKV ]HSLY SH [LYJLYH HJLWJP}U KLS [tYTPUV [VKH X\L YLJVNL LS +PJJPVUHYPV KL SH 9LHS (JHKLTPH ,ZWH |VSH LX\P]HSL KLJPY [VKHZ SHZ HJ[\HJPVULZ LU LS mTIP[V KL SH ZHS\K KL \U WHJPLU[L (Zx W\LZ KHKV X\L SH 3L` KL 6YKLUHJP}U KL SHZ WYVMLZPV ULZ ZHUP[HYPHZ PUKPJH X\L JVYYLZWVUKL H SVZ TtKPJVZ SH YLHSPaHJP}U KL SHZ HJ[P]PKHKLZ KPYPNPKHZ H SH WYVTVJP}U ` THU[LUPTPLU[V KL SH ZHS\K H SH WYL]LUJP}U KL SHZ LUMLYTL KHKLZ ` HS KPHNU}Z[PJV [YH[HTPLU[V [LYHWt\[PJH ` YLOHIPSP [HJP}U KL SVZ WHJPLU[LZ [VKHZ LSSHZ X\LKHU PUJS\PKHZ LU LZH VISPNHJP}U KL VI[LULY LS *VUZLU[PTPLU[V 0UMVYTHKV *0 LU SV Z\JLZP]V HU[LZ KL WYHJ[PJHYSHZ! KLZKL SH HKTPUPZ[YHJP}U KL \UH ]HJ\UH WHYH SH WYL]LUJP}U KL SH NYPWL OHZ[H SH WYmJ [PJH KL \UH L_WSVYHJP}U YHKPVS}NPJH" KLZKL SH WYLZJYPWJP}U KL \U TLKPJHTLU[V OHZ[H SH PUKPJHJP}U KL \U [YH[HTPLU[V YLOHIPSP[HKVY ,S WYVMLZPVUHS KL SH ZHUPKHK ZHS]V LU SHZ L_ JLWJPVULZ WYL]PZ[HZ LU SH SL` LZ[m VISPNHKV H PUJS\PY LU Z\Z YLSHJPVULZ SHIVYHSLZ LZH U\L]H ÄN\YH Q\YxKPJH X\L LZ LS *0 ( WHY[PY KL HX\x `H UV JHIL KPZJ\ZP}U HSN\UH! LS *0 LZ \UH PTWVZPJP}U SLNHS X\L KLIL J\TWSPYZL ` JVU]PLUL YLJVYKHY

X\L ZLN‚U \U [YHKPJPVUHS HMVYPZTV KLS KLYLJOV LS X\L UV OHJL SV X\L KLIL OHJL SV X\L UV KLIL ,Z[H LZ SH WLZHKH JHYNH LZH U\L]H VISPNHJP}U SLNHS X\L HOVYH KLIL ZVWVY[HY LS WYVMLZPVUHS KL SH TLKPJPUH :PU LT IHYNV ¦LZ JPLY[V X\L LS *0 LZ \U JVUJLW[V U\L]V& ¦/H` TV[P]VZ WHYH JVUZPKLYHYSV JVTV HSNV HQLUV H SH L_PZ[LUJPH KPHYPH& 5V KL UPUN‚U TVKV =tHZL WVY X\t *\HUKV HSN\PLU KLJPKL HIVYKHY \U TLKPV KL [YHUZWVY[L ZLH KL SHYNV V KL JVY[V HSJHUJL SV OHJL JVU \UH JVTWSL[H PUMVYTHJP}U ZVIYL W\U[VZ KL WHY[PKH ` SSLNHKH PTWVY[L KLS ]PHQL JVTVKPKHK [PLTWV LZ[PTHKV KL K\YHJP}U L[J +L MVYTH ZLTLQHU[L H SV HU[LYPVYTLU[L L_W\LZ[V SH HZPZ [LUJPH H J\HSX\PLY LZWLJ[mJ\SV PTWSPJH \U JVUVJPTPLU[V WYL]PV KL Z\Z JHYHJ[LYxZ[PJHZ /VYHYPV KL JVTPLUaV K\ YHJP}U HWYV_PTHKH ` WYLJPV H ZH[PZMHJLY HKLTmZ KLS [x[\ SV ZVU PUMVYTHJPVULZ X\L VI[LULTVZ HU[LZ KL KLJPKPY ZP X\LYLTVZ HJJLKLY H tS *\HSX\PLYH KL SHZ HJ[P]PKHKLZ KL JVTWYH ]LU[H X\L ZL YLHSPaHU H SV SHYNV KL \UH QVYUHKH PTWSPJHU \U JVUVJPTPLU [V WYL]PV KL SH JVZH H JVTWYHY ` \UH JVUÄHUaH LU X\L SV JVTWYHKV ]H H J\TWSPY SHZ L_WLJ[H[P]HZ KLS HKX\PYPLU[L ,U LS TVTLU[V KL JVU[YH[HY ZLY]PJPVZ IHUJHYPVZ V YLHSPaHY VWLYHJPVULZ ÄUHUJPLYHZ KL J\HSX\PLY [PWV SVZ \Z\HYPVZ KL SHZ LU[PKHKLZ KLS YHTV L_HTPUHU KL MVYTH TPU\JPVZH SHZ JVUKPJPVULZ X\L ]HU H WHJ[HY @ YLJ\tYKLZL SH PTWVY[HUJPH KL SLLY SH SL[YH WLX\L|H KL SVZ JVU[YH[VZ 7VKYxH ZLN\PY \UH SPZ[H ¶ZP UV PU[LYTPUHISL Zx T\` HTWSPH KL HJ[P]PKHKLZ LU SHZ X\L LS *0 LZ[m WYLZLU[L KL \UH MVYTH \ V[YH 7\LKL VIZLY]HYZL X\L LU LZ[VZ JHZV SV ‚UPJV X\L OH LZ [HKV LU Q\LNV LU J\HSX\PLYH KL LSSVZ LYH LS KPULYV ` JVTV T\JOV HSNV KLS [PLTWV KL JHKH \UV KL SVZ WYV[HNVUPZ[HZ 7\LKL Z\YNPY HX\x \UH WYLN\U[H! ZP SVZ WYVMLZPVUHSLZ KL SH ZHUPKHK KLZHYYVSSHU SH WYmJ[PJH [V[HSPKHK KL Z\ ]PKH LTP [PLUKV JVUZLU[PTPLU[VZ PUMVYTHKVZ WHYH LQLYJLY \U ZPUU‚ TLYV KL HJ[P]PKHKLZ ¦WVY X\t UV ZL HJLW[H LS *0 WHYH SHZ HJ[P]PKHKLZ ZHUP[HYPHZ JVTV HSNV JVTWSL[HTLU[L UH[\YHS S}NPJV YLZWL[HISL ` KLZLHISL& *\HU[V HU[LZ ZL ZLWH X\L LS *0 UV LZ \UH U\L]H ÄN\YH SLNHS X\L OH Z\YNPKV LU SH WYmJ[PJH KL SH TLKPJPUH ZPUV X\L LZ \UH JSHYH THUPMLZ[HJP}U KL SH UVISLaH ` SLHS[HK X\L KLILU WYLZP KPY SH YLSHJP}U LU[YL LS TtKPJV ` Z\ WHJPLU[L TmZ WYVU[V KLZ HWHYLJLYmU SVZ WYVISLTHZ KLYP]HKVZ KL Z\ H\ZLUJPH :VIYL LS KVWHQL :L OHIxH ZL|HSHKV HS PUPJPV X\L LS KVWHQL PIH H [LULY \UH WYLZLUJPH WYmJ[PJHTLU[L HULJK}[PJH LU LZ[H YL]PZP}U WLYV IPLU WLUZHKV UV SV ZLYm [HU[V

(Y[xJ\SV KL 9L]PZP}U

4+ 5¢ 5V]PLTIYL


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

5V ZL ]H H [YH[HY KLS KVWHQL X\L [VKVZ JVUVJLU ` X\L WVY JPLY [V LZWLYH \UH U\L]H ` ZL]LYH YLN\SHJP}U X\L ]LYm SH S\a ¶[YHZ SVZ [YmTP[LZ WHYSHTLU[HYPVZ HU[LZ KL X\L ÄUHSPJL 3H UV[H IYL]L ZL YLÄLYL H LZH V[YH MVYTH KL HS[LYHY LS YLU KPTPLU[V KLS J\LYWV O\THUV UV PUJS\PKH LU SHZ KP]LYZHZ MVYTHZ KL KVWHQL ` X\L ¶LZ T\` L]PKLU[L UV LZ[mU HS HSJHUJL KL [VKVZ SVZ KLWVY[PZ[HZ <U [YHIHQV W\ISPJHKV LU LZ[H TPZTH YL]PZ[H W\LKL ZLY]PY KL YLMLYLUJPH UHJPVUHS" LU SH ‚S[PTH KL Z\Z JVUJS\ ZPVULZ W\LKL SLLYZL! ¸,U LS JHTWV KLS YLUKPTPLU[V KLWVY[P]V ` [LUPLUKV LU J\LU[H SHZ W\ISPJHJPVULZ HS YLZWLJ[V WHYLJL X\L LS 7O+ HWVY[H ILULÄJPVZ JSHYVZ JYLLTVZ X\L M\UKHTLU[HSTLU[L KLIPKV `H H \U YL[HYKV LU SH PUZ[H\YHJP}U KL SH MH[PNH `H H \UH HJLSLYHJP}U LU SVZ WYVJLZVZ KL YLJ\WLYHJP}U ` WVY LSSV WLYTP[PYm \U PUJYLTLU[V KLS LU[YLUHTPLU[V¹ ,U LS JHTWV PU[LYUHJPVUHS ZL LUJ\LU[YHU [YHIHQVZ ZPTPSH YLZ LU J\HU[V H SVZ VIQL[P]VZ *VTV LQLTWSV YLJPLU[L TLU[L ZL OH W\ISPJHKV SH \[PSPaHJP}U KL SH HJ\W\U[\YH WVY LSLJ[YVLZ[PT\SHJP}U WHYH TLQVYHY T\` ZLUZPISLTLU[L LS YLUKPTPLU[V KL ]LSVJPZ[HZ ` ZHS[HKVYLZ ,U THYaV KLS TPZTV H|V WVJV HU[LZ KL X\L ZL W\ISPJHYH LS HY[xJ\SV WYLJP[HKV OHIxH ]PZ[V SH S\a V[YV [YHIHQV X\L PUJPKL ZVIYL SH ULJLZPKHK KL YLWLUZHY ¶KLZKL LS W\U[V KL ]PZ[H IPVt[PJV LS WHWLS KL SH TLKPJPUH ` SH [LJUVSVNxH LU SH TVKPÄJHJP}U KLS YLUKPTPLU[V KL SVZ KLWVY[PZ[HZ *VTV ZVYWYLUKLU[L ÄUHS KL LZ[L HWHY[HKV KLKPJHKV HS KV WHQL UV W\LKL KLQHY KL TLUJPVUHYZL \U IYL]L LZJYP[V HWHYLJPKV LU \U U‚TLYV LZWLJPHS KL KPJPLTIYL KL KL ;OL 3HUJL[ KLKPJHKV H SH 4LKPJPUH KLS +LWVY[L LU LS X\L KL MVYTH JSHYH ZL HIVNH WVY SH SLNHSPaHJP}U KLS KVWH QL WVY [YLZ YHaVULZ M\UKHTLU[HSLZ! SH S\JOH HU[PKVWHQL LZ T\` JHYH \UH 5V OH` YLN\SHJP}U Z\ÄJPLU[L KL SHZ H`\KHZ LYNVNtUPJHZ KVZ -PUHSTLU[L SH [LYJLYH LZ X\L JHKH ]La OHIYm TLKPVZ KL KVWHQL TmZ ZVÄZ[PJHKVZ ` TLUVZ KL[LJ [HISLZ @ TmZ JHYVZ JLYYHUKV LS JxYJ\SV ¦,Z[HYmU LU SV JPLY[V& ¦/HIYm TmZ YHaVULZ& ,U[YL [HU[V ZL ZPN\L Q\NHUKV H SH Y\SL[H Y\ZH :VIYL LS WHJPLU[L TLUVY (U[LZ KL OHJLY HSN‚U JVTLU[HYPV YLZWLJ[V H SH YLSHJP}U WYVMLZPVUHS JVU LS KLWVY[PZ[H TLUVY ZL SL ]H H WYLZLU[HY HS TLUVY JVTV WLYZVUH JVTV Z\QL[V KL KLYLJOVZ ` KL ILYLZ (S JVUVJLYSV TmZ JVTV WLYZVUH KL SH JHSSL LU LS KxH H KxH ZL WVKYmU KLZWLQHY HSN\UHZ K\KHZ YLZWLJ[V H Z\ JHWHJPKHK KL KLJPZP}U *VTV ZVWVY[L SLNPZSH[P]V KLS LZJYP[V ZL OHYmU YLMLYLUJPHZ H KVZ UVYTHZ ImZPJHZ *}KPNV *P]PS ` 3L` KL 7YV[LJJP}U

4+ 5¢ 5V]PLTIYL

(Y[xJ\SV KL 9L]PZP}U

1\YxKPJH KLS 4LUVY X\L Q\U[V H SH *VUZ[P[\JP}U HTWHYHU LS SPIYL KLZHYYVSSV KL SH WLYZVUHSPKHK OHZ[H HIHUKVUHY SH TPUVYxH ;PLTWV KL SH TLUVY LKHK SLNHS KL \UH WLYZVUH ` HSJHUaHY Z\ JVUZLJ\LU[L WSLUH JHWHJPKHK KL VIYHY =HTVZ H ]LY LU SV Z\JLZP]V SV X\L VJ\YYL K\YHU[L SH TPUV YPKHK LU[LUKPKH LZ[H JVTV LS [PLTWV KL SH TLUVY LKHK KL \UH WLYZVUH ,S WYPTLY HZWLJ[V X\L TLYLJL SH WLUH YLZHS[HY LZ X\L ZL LZ[m HJVZ[\TIYHKV H ]LY HJ[\HY H SVZ TLUVYLZ JVU JVT WSL[H H\[VUVTxH ,U[YL HWYV_PTHKHTLU[L SVZ VJOV ` SVZ KPLJPVJOV H|VZ SVZ TLUVYLZ ZL KLKPJHU JVU HS[xZPTH MYL J\LUJPH H SVZ ULNVJPVZ 5HKPL KLIL ZVYWYLUKLYZL WVY LZ[H HÄYTHJP}U W\LZ[V X\L SH HKX\PZPJP}U KL \UH NVSVZPUH LU \U X\PVZJV LZ \U ULNVJPV KL JVTWYH]LU[H LU LS X\L LS ]LUKLKVY LU[YLNH \UH TLYJHUJxH HS JVTWYHKVY H JHTIPV KL \U WYLJPV 3V TPZTV X\L ZL YLHSPaH \U ULNVJPV J\HUKV \UH T\JOHJOH KL X\PUJL H|VZ HJ\KL H \U JLU[YV JVTLY JPHS WHYH HKX\PYPY \U YLSVQ V \UHZ NHMHZ KL TVKH ,U HTIVZ JHZVZ ZL LZ[HISLJLU JVU[YH[VZ X\L KLILU ZLY YLZWL[HKVZ WVY HTIHZ WHY[LZ" WLZL H ZLY JLSLIYHKVZ WVY \U TLUVY ZPU PU[LY]LUPY UPUN‚U YLWYLZLU[HU[L SLNHS ZL LU [PLUKL X\L WHYH KPJOVZ JHZVZ L_PZ[L \UH KLJSHYHJP}U KL ]VS\U[HK [mJP[H KL LZ[L SV X\L PTWPKL X\L [HSLZ JVU[YH[VZ W\LKHU JVUZPKLYHYZL U\SVZ V HU\SHISLZ :VU SxJP[VZ JVU[YH [VZ KL JVTWYH ]LU[H 9LZWLJ[V H V[YVZ JVU[YH[VZ TmZ JVTWSLQVZ H\UX\L LS *} KPNV *P]PS LZ[HISLJL LU Z\ HY[xJ\SV X\L SVZ TLUVYLZ UV W\LKLU WYLZ[HY \U JVUZLU[PTPLU[V ]mSPKV ZLN\PKHTLU [L PUKPJH X\L SVZ JVU[YH[VZ JLSLIYHKVZ WVY TLUVYLZ UV ZVU U\SVZ KL WSLUV KLYLJOV ZPUV ZPTWSLTLU[L HU\SHISLZ H[LUKPLUKV H SHZ JPYJ\UZ[HUJPHZ KL JHKH JHZV /H` HX\x \UH HWSPJHJP}U WYmJ[PJH KL SH 3L` KL 7YV[LJJP}U 1\YxKPJH KLS 4LUVY X\L LU Z\ HY[xJ\SV ZL|HSH X\L SHZ SPTP[HJPVULZ H SH JHWHJPKHK KL VIYHY KL SVZ TLUVYLZ KLILU PU[LYWYL[HY ZL KL MVYTH YLZ[YPJ[P]H :PN\PLUKV JVU LS *}KPNV *P]PS HS TLUVY KL LKHK UV LTHUJPWH KV ZL SL WLYTP[L SH YLHSPaHJP}U KL U\TLYVZVZ HJ[VZ Q\YxKPJVZ! H WHY[PY KL SVZ JH[VYJL H|VZ KL LKHK W\LKLU JVU[YHLY TH[YPTV UPV ZVSPJP[HUKV SH KPZWLUZH KL LKHK +L PN\HS MVYTH [HTIPtU LZ[mU JHWHJP[HKVZ WHYH YLJVUVJLY OPQVZ UV TH[YPTVUPHSLZ JVU HZPZ[LUJPH KL Z\Z YLWYLZLU[HU[LZ V KL SH H\[VYPKHK Q\KPJPHS ` LQLYJLY SH WH[YPH WV[LZ[HK ZVIYL Z\Z OPQVZ ;HTIPtU H SVZ JH[VY JL H|VZ ZL SLZ YLJVUVJL JHWHJPKHK WHYH V[VYNHY [LZ[HTLU[V ZPLTWYL X\L LZ[L UV ZLH VS}NYHMV *\TWSPKVZ `H SVZ KPLJPZtPZ H|VZ W\LKLU ZVSPJP[HY SH LTHUJPWHJP}U HZx JVTV HKTPUPZ[YHY SVZ IPLULZ X\L O\IPLYH HKX\PYPKV JVU Z\ [YHIHQV V PUK\Z[YPH /H` V[YVZ HJ[VZ KL SH LZMLYH JP]PS X\L YLX\PLYLU SH WHY[PJP WHJP}U HJ[P]H KLS TLUVY PUJS\ZV H LKHKLZ TmZ [LTWYHUHZ! LZ LS JHZV KL SH HKVWJP}U X\L WHYH X\L ZL SSL]L H JHIV KL MVYTH SLNHS ZL L_PNL LS JVUZLU[PTPLU[V L_WYLZV KLS HKVW [HKV J\HUKV J\LU[L JVU KVJL H|VZ J\TWSPKVZ


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

*VTV W\LKL JVTWYVIHYZL LS *}KPNV *P]PS LZWH|VS YLJV UVJL JHWHJPKHKLZ H SVZ TLUVYLZ T\JOV HU[LZ KL OHILY J\TWSPKV SH TH`VYxH KL LKHK SLNHS YLZWLJ[V H J\LZ[PVULZ X\L HMLJ[HU HS WH[YPTVUPV ` H SH MHTPSPH WVY LQLTWSV :P LU U\LZ[YH JVZ[\TIYL ]LTVZ UH[\YHS X\L SVZ TLUVYLZ [LUNHU JHWHJPKHK WHYH ULNVJPHY ` KLJPKPY YLZWLJ[V H JV ZHZ T\JOV TmZ UH[\YHS KLILYxH ]LYZL SH ULJLZPKHK KL ZLY LZJ\JOHKVZ ` H[LUKPKVZ J\HUKV SV X\L LZ[m LU Q\LNV ZVU SVZ ]HSVYLZ Z\WLYPVYLZ V KLYLJOVZ KL SH WLYZVUHSPKHK! ]PKH PU[LNYPKHK ` SPILY[HK ,Z[VZ UV HKTP[LU YLWYLZLU[H JP}U WVY [LYJLYVZ ZHS]V X\L ZLH WHYH KLMLUKLYSVZ 7VY [VKV LSSV OH` X\L HJVZ[\TIYHYZL H JVU[HY ÄLSTLU[L JVU LS TLUVY LU SH [VTH KL KLJPZPVULZ ZHUP[HYPHZ :P [VKV LSSV UV M\LYH Z\ÄJPLU[L SH P[LYHKH 3L` OH KLQHKV LZ[HISLJPKV J\mS OH KL ZLY LS JVTWVY[HTPLU[V KL SVZ WYVMLZPVUHSLZ ZHUP[HYPVZ LU Z\ YLSHJP}U JVU SVZ TLUV YLZ +PJL SH UVYTH! ¸(Y[xJ\SV 3xTP[LZ KLS JVUZLU[PTPLU[V PUMVYTHKV ` JVU ZLU[PTPLU[V WVY YLWYLZLU[HJP}U ¯ :L V[VYNHYm LS JVUZLU[PTPLU[V WVY YLWYLZLU[HJP}U LU SVZ ZPN\PLU[LZ Z\W\LZ[VZ!¯ J *\HUKV LS WHJPLU[L TLUVY KL LKHK UV ZLH JHWHa PU [LSLJ[\HS UP LTVJPVUHSTLU[L KL JVTWYLUKLY LS HSJHU JL KL SH PU[LY]LUJP}U ,U LZ[L JHZV LS JVUZLU[PTPLU[V SV KHYm LS YLWYLZLU[HU[L SLNHS KLS TLUVY KLZW\tZ KL OHILY LZJ\JOHKV Z\ VWPUP}U ZP [PLUL KVJL H|VZ J\T WSPKVZ *\HUKV ZL [YH[L KL TLUVYLZ UV PUJHWHJLZ UP PUJHWHJP[HKVZ WLYV LTHUJPWHKVZ V JVU KPLJPZtPZ H|VZ J\TWSPKVZ UV JHIL WYLZ[HY LS JVUZLU[PTPLU[V WVY YL WYLZLU[HJP}U :PU LTIHYNV LU JHZV KL HJ[\HJP}U KL NYH]L YPLZNV ZLN‚U LS JYP[LYPV KLS MHJ\S[H[P]V SVZ WHKYLZ ZLYmU PUMVYTHKVZ ` Z\ VWPUP}U ZLYm [LUPKH LU J\LU[H WHYH SH [VTH KL SH KLJPZP}U JVYYLZWVUKPLU[L¹ 4mZ JSHYV! WHYH SH [VTH KL KLJPZPVULZ LU LS mTIP[V ZHUP[H YPV JVU KVJL H|VZ J\TWSPKVZ ZL OH KL LZJ\JOHY HS TLUVY @ JVU KPLJPZtPZ H|VZ J\TWSPKVZ LS JVUZLU[PTPLU[V SV OH KL V[VYNHY LS TLUVY ,Z SH SL` :PU LTIHYNV LZ WYLJPZV KLQHY JVUZ[HUJPH KL \U OLJOV WVJV V UHKH JVUVJPKV! \U TLUVY KL KPLJPVJOV H|VZ KL LKHK UV [PLUL JHWHJPKHK SLNHS WHYH JVUZLU[PY X\L ZL SL WYHJ[PX\LU HJ[VZ X\L W\LKHU WLYQ\KPJHYSL 3H IHZL KL LZ[H HÄYTHJP}U LZ[m LU LS *}KPNV 7LUHS TmZ LZWLJxÄJHTLU[L LU LS KLSP[V KL SLZPVULZ LU LS HY[xJ\SV ! ¸,U SVZ KLSP[VZ KL SLZPVULZ ZP OH TLKPHKV LS JVUZLU[PTPLU[V ]mSPKH SPIYL LZWVU[mULH ` L_WYLZHTLU[L LTP[PKV KLS VMLUKP KV ZL PTWVUKYm SH WLUH PUMLYPVY LU \UV V KVZ NYHKVZ 5V ZLYm ]mSPKV LS JVUZLU[PTPLU[V V[VYNHKV WVY \U TLUVY KL LKHK V \U PUJHWHa¹ Z\IYH`HKV KL SVZ H\[VYLZ

,Z[V X\PLYL KLJPY ZPTWSL ` SSHUHTLU[L X\L \U TLUVY KL KPLJPVJOV H|VZ UV W\LKL JVUZLU[PY X\L ZVIYL Z\ J\LYWV ZL WYHJ[PX\LU HJ[VZ X\L W\LKHU WLYQ\KPJHYSL @ U\UJH OH KL VS]PKHYZL X\L SVZ YLWYLZLU[HU[LZ SLNHSLZ WH KYLZ [\[VYLZ KL \U TLUVY KL KPLJPVJOV H|VZ KL LKHK [HTWV JV W\LKLU JVUZLU[PY SH WYmJ[PJH KL HJJPVULZ \ VTPZPVULZ X\L W\LKHU [LULY JVTV JVUZLJ\LUJPH \U WLYQ\PJPV WHYH LS TLUVY 6[YH M\LU[L KL PUMVYTHJP}U WHYH JVUVJLY TLQVY J}TV OH KL ZLY SH YLSHJP}U WYVMLZPVUHS JVU LS TLUVY LZ SH +LJSHYH JP}U KL SH (ZVJPHJP}U 4tKPJH 4\UKPHS ZVIYL SHZ 5VYTHZ KL ([LUJP}U 4tKPJH WHYH SH 4LKPJPUH +LWVY[P]H =tH ZL SV X\L KPZWVUL! ¸*VUZPKLYHUKV SH WHY[PJPWHJP}U KL SVZ TtKPJVZ LU SH TLKP JPUH KLWVY[P]H SH (44 YLJVTPLUKH SHZ ZPN\PLU[LZ UVYTHZ t[PJHZ WHYH SVZ TtKPJVZ H ÄU KL H`\KHY H ZH[PZMHJLY SHZ ULJLZPKHKLZ KL SVZ H[SL[HZ YLJVUVJPLUKV SHZ JPYJ\UZ[HU JPHZ LZWLJPHSLZ LU SHZ X\L ZL KLIL WYLZ[HY Z\ H[LUJP}U TtKPJH ` JVUZLQVZ KL ZHS\K ,U JVUZLJ\LUJPH! ,S TtKPJV X\L H[PLUKL H H[SL[HZ [PLUL SH YLZWVUZHIPSPKHK t[PJH KL [VTHY LU J\LU[H SVZ LZM\LYaVZ LZWLJPHSLZ [HU [V MxZPJVZ JVTV TLU[HSLZ X\L ZL SLZ L_PNL K\YHU[L Z\Z WHY[PJPWHJPVULZ LU HJ[P]PKHKLZ KLWVY[P]HZ 0

*\HUKV LS WHY[PJPWHU[L LU JVTWL[PJPVULZ KLWVY[P]HZ LZ \U UP|V V \U HKVSLZJLU[L LS TtKPJV KLIL WYLZ[HY \UH H[LUJP}U WYPTVYKPHS H Z\ JYLJPTPLU[V ` H Z\ L[HWH KL KLZHYYVSSV

00 ,S TtKPJV KLIL HZLN\YHYZL KL X\L LS LZ[HKV KL JYLJP TPLU[V ` KL KLZHYYVSSV KLS UP|V HZx JVTV Z\ JVUKPJP}U NLULYHS KL ZHS\K W\LKHU YLZPZ[PY SVZ YPNVYLZ KLS LU[YL UHTPLU[V ` KL SH JVTWL[PJP}U ZPU WVULY LU WLSPNYV LS KLZHYYVSSV UVYTHS MxZPJV ` TLU[HS KLS UP|V V KLS HKVSLZ JLU[L ,S TtKPJV KLIL VWVULYZL H [VKH HJ[P]PKHK KLWVY[P]H V H[St[PJH X\L UV ZLH HWYVWPHKH WHYH LS JYLJPTPLU[V V KLZHYYVSSV KLS UP|V V WHYH Z\ LZ[HKV NLULYHS KL ZHS\K ,S TtKPJV KLIL HJ[\HY LU ILULÄJPV KL SH ZHS\K KLS UP|V V KLS HKVSLZJLU[L ZPU JVUZPKLYHY UPUN‚U V[YV PU[LYtZ V WYLZP}U KL J\HSX\PLY V[YH M\LU[L¹ ¦,Z ULJLZHYPV HSN‚U JVTLU[HYPV TmZ& <UV! SH [YxHKH KLS H[SL[PZTV MLTLUPUV ZPN\L ZPLUKV \U HZ\U[V KL PTWVY[HUJPH HS X\L ZL SL OH KL WYLZ[HY \UH H[LUJP}U LZWLJPHS *VU IHZL LU SV HU[LYPVYTLU[L L_W\LZ[V SVZ WYVMLZPVUHSLZ ZHUP[HYPVZ ZVU SLNHSTLU[L YLZWVUZHISLZ KL SHZ HS[LYHJPVULZ KL ZHS\K X\L HWHYLaJHU LU SHZ H[SL[HZ PUKLWLUKPLU[LTLU[L KL X\L SHZ PU[LY]LUJPVULZ TtKPJV KPL[t[PJHZ WYHJ[PJHKHZ ZL OH`HU YLHSPaHKV JVU LS JVUZLU [PTPLU[V KL SH TLUVY V KL Z\Z YLWYLZLU[HU[LZ SLNHSLZ

(Y[xJ\SV KL 9L]PZP}U

4+ 5¢ 5V]PLTIYL


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

9LP[LYHKHTLU[L ZL OH SSHTHKV SH H[LUJP}U ZVIYL LS [YH[V X\L KLIL KHYZL H SVZ TLUVYLZ LU SH WYmJ[PJH KL SVZ KLWVY [LZ KL tSP[L ` ZVIYL SH PTWLYH[P]H ULJLZPKHK KL WLUZHY TmZ LU LS ZLY O\THUV X\L LU LS H[SL[H 7LYV [HTIPtU ZL OH WYLZ[HKV H[LUJP}U H SV LZWLJPHS ` ‚UPJH X\L LZ SH t[PJH TtKPJH LU SH TLKPJPUH KLS KLWVY[L

,U LZ[H KLÄUPJP}U ZL KLILU JVUZPKLYHY [YLZ W\U[VZ LZLUJPHSLZ! 6ISPNHJP}U WLYTHULU[L KL ZPSLUJPV! :HS]V LU SVZ JHZVZ L_WYLZHTLU[L WYL]PZ[VZ LU SHZ SL`LZ V LU SHZ KPZWVZPJPVULZ KLS mTIP[V t[PJV V KLVU[VS}NPJV LS TtKPJV KLIL N\HYKHY \U ZPSLUJPV LZJY\W\SVZV WYLZLY]HU KV HZx SV X\L Z}SV H V[YV \ V[YVZ WLY[LULJL

:,*9,;6 796-,:065(3 4i+0*6 ,U LS [YHUZJ\YZV KL J\HSX\PLY YLSHJP}U WYVMLZPVUHS! /PSHUKV JVU SH ‚S[PTH JP[H ZL HIVYKH HOVYH \UV KL SVZ HZ WLJ[VZ KLS LQLYJPJPV KL SH TLKPJPUH KLS KLWVY[L LU LS X\L ZL KL[LJ[HU TH`VYLZ JHYLUJPHZ! LS ZLJYL[V WYVMLZPVUHS 3H YHxa ZLJY LUJ\LU[YH Z\ VYPNLU LU LS ]VJHISV SH[PUV ZJLY UtYL X\L [PLUL LS ZPNUPÄJHKV KL ZLWHYHY HPZSHY ` LZ[L H Z\ ]La KL JLYULYL! KPZ[PUN\PY JLYULY

:LH LU LS JHTWV KL SH TLKPJPUH W‚ISPJH V WYP]HKH LU LS [YHIHQV LU LX\PWV V SH TLKPJPUH PUKP]PK\HS LU SH TL KPJPUH HZPZ[LUJPHS V WLYPJPHS L[J *\HSX\PLY HJ[V TtKPJV NLULYH KL MVYTH PUKPZVS\ISLTLU[L \UPKH SH VISPNHJP}U KL ZPSLUJPV ;VKV SV ZHIPKV V PU[\PKV ZVIYL \UH V TmZ WLYZVUHZ!

,U HSN‚U TVTLU[V ZL OH YLSHJPVUHKV LS ]LYIV HU[PN\V ZL JYLZ[HY KLYP]HKV OV` KxH H ZLJ\LZ[YHY X\L [PLUL JVTV ZPN UPÄJHKV ¸HWHY[HY \UH JVZH KL SH JVT\UPJHJP}U JVU V[YVZ¹ :PU LTIHYNV SH YHxa KL LZ[L ‚S[PTV [tYTPUV LZ ZLX\LZ[LY! KLWVZP[HYPV V TLKPHKVY

(KLTmZ KL SVZ HZWLJ[VZ LZ[YPJ[HTLU[L TtKPJVZ LS WYV MLZPVUHS W\LKL SSLNHY V JVUVJLY V PU[\PY T\JOHZ V[YHZ MHJL[HZ KL SH ]PKH KL SH WLYZVUH JVU SH X\L ZL YLSHJPVUH V KL [LYJLYVZ ;VKV LSSV HIZVS\[HTLU[L [VKV MVYTH WHY[L PUZLWHYHISL KLS ZLJYL[V TtKPJV <UH I\LUH YLNSH WHYH HJ[\HY JVYYLJ[HTLU[L LZ [LULY IPLU WYLZLU[L KVZ OLJOVZ WYPUJPWHSLZ! ,S KLYLJOV H SH PU[PTPKHK KL \UH WLYZVUH U\UJH W\LKL WVULY LU WLSPNYV LS KLYLJOV H SH ]PKH SH PU[LNYPKHK WZPJVMx ZPJH V SH SPILY[HK KL V[YH \ V[YHZ WLYZVUHZ ,S KLYLJOV H SH PU[PTPKHK KL \UH WLYZVUH [HTWVJV W\L KL JVTWYVTL[LY HS IPLULZ[HY ZVJPHS X\L LU T\JOHZ VJH ZPVULZ KLWLUKL KL SH (KTPUPZ[YHJP}U KL 1\Z[PJPH

,S WHY[PJPWPV KL ZJLYUtYL LZ ZLJYL[\Z VYPNLU KLS [tYTPUV ZLJYL[V :L LU[PLUKL W\LZ WVY ZLJYL[V [VKV HX\LSSV ZL [PLUL YLZLY]HKV VJ\S[V HPZSHKV KL SH UVYTHS JVT\UPJHJP}U JVU SVZ KLTmZ <U NYHU 4HLZ[YV KL SH 4LKPJPUH 3LNHS KL [VKVZ SVZ [PLT WVZ LS 7YVMLZVY .0:),9; *(3()<0. KLÄUP} LS ZLJYL[V WYVMLZPVUHS KLS TtKPJV JVTV ¸SH VISPNHJP}U KLIPKH H SHZ JVUÄKLUJPHZ X\L LS TtKPJV YLJPIL KL Z\Z JSPLU[LZ JVTV TtKPJV OLJOHZ JVU ]PZ[HZ H VI[LULY J\HSX\PLY ZLY]PJPV KL SVZ X\L JVTWVULU LZ[H WYVMLZP}U¹ 7HYH LU[LUKLYSV LU [VKH Z\ HTWSP[\K ZL ]H H KLÄUPY LS ZL JYL[V WYVMLZPVUHS TtKPJV LU SVZ ZPN\PLU[LZ [tYTPUVZ! ¸,Z SH VISPNHJP}U WLYTHULU[L KL ZPSLUJPV X\L JVU[YHL LS TtKP JV LU LS [YHUZJ\YZV KL J\HSX\PLY YLSHJP}U WYVMLZPVUHS YLZWLJ[V H [VKV SV ZHIPKV V PU[\PKV ZVIYL \UH V TmZ WLYZVUHZ¹

4+ 5¢ 5V]PLTIYL

(Y[xJ\SV KL 9L]PZP}U

( WVJV X\L ZL WYLZ[L H[LUJP}U H SVZ TLKPVZ KL JVT\UP JHJP}U SH WYPTLYH PTWYLZP}U LZ X\L X\L LU 4LKPJPUH KLS +LWVY[L SH VISPNHJP}U KL ZLJYL[V ZL VS]PKH JVU L_JLZP]H MHJPSPKHK ,Z[H HÄYTHJP}U UV LZ TmZ X\L \UH ]LYKHK H TL KPHZ 3V X\L Zx LZ JPLY[V LZ X\L LZVZ JVTWVY[HTPLU[VZ KL HSN\UVZ WYVMLZPVUHSLZ JVU[YHYPVZ H SH KLVU[VSVNxH ` t[PJH TtKPJH ZPTWSLTLU[L [PLULU \UH TH`VY KPM\ZP}U ,Z[L [PWV KL LQLYJPJPV WYVMLZPVUHS LZ[m YLNPKV WVY SHZ TPZ THZ UVYTHZ t[PJHZ X\L J\HSX\PLY V[YV ` HZx SV YLJ\LYKH 3H +LJSHYHJP}U ZVIYL UVYTHZ KL H[LUJP}U TtKPJH WHYH SH TLKPJPUH KLWVY[P]H KL SH (ZVJPHJP}U 4tKPJH 4\UKPHS ¶`H JP[HKH X\L LU Z\ HY[PJ\SHKV YLJ\LYKH! ¸ ,U TLKPJPUH KLWVY[P]H JVTV LU V[YHZ YHTHZ KL SH TL KPJPUH ZL KLIL YLZWL[HY LS ZLJYL[V WYVMLZPVUHS H ÄU KL WYL ZLY]HY LS JHYmJ[LY JVUÄKLUJPHS KL SHZ H[LUJPVULZ WYLZ[HKHZ HS KLWVY[PZ[H V H[SL[H HZx JVTV Z\ PU[PTPKHK ` LZ[VZ LZWL JPHSTLU[L LU SV X\L JVUJPLYUL H KLWVY[PZ[HZ WYVMLZPVUHSLZ¹ ,U LS [LYYLUV KLS KLWVY[L HÄJPVUHKV W\YV UV Z\LSLU VIZLY ]HYZL LU SVZ TtKPJVZ JVTWVY[HTPLU[VZ KPMLYLU[LZ H SVZ


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

OHIP[\HSLZ LU J\HSX\PLY V[YV [PWV KL LQLYJPJPV WYVMLZPVUHS ,Z KLJPY UV ZL LZ [VKV SV J\PKHKVZV X\L ZLYxH KLZLHISL *\HUKV LU[YHTVZ LU LS JHTWV KLS X\L WVKYxH KLUVTP UHYZL KLWVY[L HÄJPVUHKV J\HSPÄJHKV ZLTP WYVMLZPVUHSLZ `H JVTPLUaHU H WLYJPIPYZL LU HSN\UVZ TtKPJVZ JPLY[HZ HJ [P[\KLZ X\L JOVJHU MYVU[HSTLU[L JVU SHZ KPZWVZPJPVULZ SLNHSLZ ` KLVU[VS}NPJHZ 7LYV ZPU K\KH LZ LU SH LZMLYH KLS KLWVY[L WYVMLZPVUHS LS S\NHY KVUKL KxH H KxH ZL JVUZ[H[HU ÅHNYHU[LZ ]PVSHJPVULZ KL SH VISPNHJP}U KL ZPSLUJPV :PU WLJHY KL L_HNLYHKV SVZ KPZ[PU[VZ TLKPVZ KL JVT\UPJHJP}U ZL JVU]PLY[LU JHKH ZLTHUH LU HS [HYLZ LU SVZ X\L ZL ZHJYPÄJH LS ZLJYL[V WYVMLZPVUHS TtKPJV ,S TtKPJV KLS KLWVY[L [PLUL KVZ [PWVZ KL YLSHJP}U WYVML ZPVUHS! \UH LZ SH LZ[HISLJPKH JVU SH LU[PKHK H SH X\L WLY[L ULJL ` SH V[YH [mJP[H LZ SH X\L ZL KH LU JHKH \UV KL SVZ HJ[VZ TtKPJVZ X\L YLHSPaH JVU SVZ KLWVY[PZ[HZ ,Z[VZ HJ[VZ TtKPJVZ W\LKLU ZLY T\` ]HYPHKVZ WLYV ZL ]H H OHJLY YLMLYLUJPH ‚UPJHTLU[L H KVZ! SVZ YLJVUVJPTPLU[VZ WYL]PVZ SVZ HJVU[LJPTPLU[VZ ZVIYL]LUPKVZ ZLHU SLZPVULZ V LUMLYTLKHKLZ JVT\ULZ +LIL WHY[PYZL KL \UH WYLTPZH <U TtKPJV UV KLILYxH LZ[HY U\UJH LU \UH Y\LKH KL WYLUZH WHYH OHISHY KL SH PU[PTPKHK KL Z\Z WHJPLU[LZ @ ZP ZL [YH[H KL \UH L_PNLUJPH JVU[YHJ[\HS WVY WHY[L KL SH LU[PKHK KLWVY[P]H LZ \U OLJOV X\L H[LU[H JVU[YH SVZ KLYLJOVZ JVUZ[P[\JPVUHSLZ W\LZ[V X\L UV YLZWL[H SH SPILY[HK KL JVUJPLUJPH ` ZL VISPNH H \U WYVMLZPVUHS H X\L KLZHYYVSSL Z\ [YHIHQV MHS[HUKV H \UH KL Z\Z TH`VYLZ VISPNH JPVULZ t[PJHZ (KLTmZ KL X\L LU SHZ LU[PKHKLZ KLWVY[P]HZ L_PZ[L \U U‚TLYV Z\ÄJPLU[L KL WLYZVUHZ X\L W\LKLU J\TWSPY LZL WHWLS ,S TtKPJV X\L OHISL KVUKL ` J\HUKV KLIH @ UV LZ[m KL TmZ YLJVYKHY X\L VI[LULY LS JVUZLU[PTPLU[V PUMVYTHKV HU[LZ KL YLHSPaHY J\HSX\PLY HJ[V TtKPJV LZ \UH ZHS]HN\HYKH T\` YLJVTLUKHISL ,U LZ[L JHZV LS JVUZLU [PTPLU[V V[VYNHKV ZLYxH WHYH KLZ]LSHY SV JVUVJPKV K\YHU[L SH YLSHJP}U WYVMLZPVUHS :LU[HKV LZ[V ZL L_WVUKYmU SHZ KVZ ZP[\HJPVULZ H SHZ X\L ZL OHJxH TLUJP}U TmZ HYYPIH ,Z WYmJ[PJH OHIP[\HS X\L J\HUKV ZL ]H H JVU[YH[HY H \U KLWVY[PZ[H ZL SL YLHSPJL \U YLJVUVJPTPLU[V TtKPJV :P ZL KL[LJ[H HSN‚U [PWV KL WH[VSVNxH X\L W\LKH JVUKPJPVUHY LS ÄJOHQL LS TtKPJV t[PJHTLU[L W\LKL PUMVYTHY KLS YLZ\S[H KV HS JS\I ,S HJ[V TtKPJV X\L ZL OH KLZHYYVSSHKV OH ZPKV \UH LZWLJPL KL WY\LIH WLYPJPHS LUJHYNHKH WVY LS JS\I WHYH JVUVJLY LS LZ[HKV KL ZHS\K KL \UH WLYZVUH ` WVY SV [HU[V LZ \U JVTWVY[HTPLU[V HIZVS\[HTLU[L JVYYLJ[V ,U SVZ HJVU[LJPTPLU[VZ ZVIYL]LUPKVZ ZLH \UH SLZP}U V \UH LUMLYTLKHK JVT‚U SHZ JVZHZ ZL LTWPLaHU H JVTWSPJHY ,U LZ[L JHZV ZL [YH[H KL \U HJ[V J\YH[P]V ` SH JVT\UPJHJP}U KLS YLZ\S[HKV H SH LU[PKHK LZ[m WLVY KLÄUPKH KLZKL LS W\U[V KL

]PZ[H KLVU[VS}NPJV ,U LZLUJPH UV KLILYxH KHYZL TmZ X\L \UH PUMVYTHJP}U LU [tYTPUVZ KL ¸JHWHJPKHK WHYH LS [YHIHQV¹ (KLTmZ LS KLWVY[PZ[H LZ WLYMLJ[HTLU[L JHWHa KL [YHUZTP[PY tS TPZTV [VKH SH PUMVYTHJP}U ZVIYL Z\ LZ[HKV KL ZHS\K HS JS\I ,U [VKV JHZV ZP LZ LS TtKPJV LS X\L PUMVYTH H SH LU[PKHK UV KLIL VS]PKHY LS VI[LULY SH H\[VYPaHJP}U KLS WHJPLU[L WHYH OHJLYSV ,U YLSHJP}U JVU SH UV JVTWHYLJLUJPH LU SHZ Y\LKHZ KL WYLUZH W\LKL KHYZL SH JPYJ\UZ[HUJPH KL X\L HWHYLaJHU MYPJJPVULZ V THSLZ[HY JVU SVZ TLKPVZ KL JVT\UPJHJP}U :L OHU KHKV HJ\ZHJPVULZ KL VZJ\YHU[PZTV WYLWV[LUJPH L[J H TtKPJVZ X\L ZL OHU ULNHKV H HJ\KPY HU[L SVZ TPJY}MVUVZ ` SHZ JmTHYHZ (U[L LZ[HZ HJ[P[\KLZ SH YLZW\LZ[H LZ T\` ZLUJPSSH" ‚UPJHTLU[L OH` X\L YLJVYKHY H SVZ WYVMLZPVUHSLZ KL SH PUMVYTHJP}U X\L LSSVZ [HTIPtU [PLULU \U *}KPNV KL i[PJH 7LYPVKxZ[PJH ,U \UV KL Z\Z HY[xJ\SVZ KPJL! ¸,S WLYPVKPZ[H YLJVUVJLYm ` YLZWL[HYm H SHZ WLYZVUHZ MxZPJHZ ` Q\YxKPJHZ Z\ KLYLJOV H UV WYVWVYJPVUHY PUMVYTHJP}U UP YLZWVUKLY H SHZ WYLN\U[HZ X\L ZL SLZ MVYT\SLU ZPU WLYQ\PJPV KL Z\ KLILY WYVMLZPVUHS KL H[LUKLY LS KLYLJOV KL SVZ JP\ KHKHUVZ H SH PUMVYTHJP}U¹ (KLTmZ KL SHZ KVZ ZL|HSHKHZ W\LKLU KHYZL V[YHZ ZP[\H JPVULZ X\L [HTIPtU W\LKLU JYLHY K\KHZ <UH KL LSSHZ LZ X\L ZL WYVK\aJH \U JHTIPV KL LU[PKHK KL WVY[P]H ¦X\t OHJLY J\HUKV \U JVSLNH KLS U\L]V JS\I WPKL HS TtKPJV KL SH LU[PKHK KL WYVJLKLUJPH PUMVYTHJP}U ZVIYL LS LZ[HKV KL ZHS\K KLS KLWVY[PZ[H& (WHYLU[LTLU[L W\LKL JYLHY HSN‚U [PWV KL JVUÃ…PJ[V WLYV LZ KL MmJPS ZVS\JP}U :L KLIL WHY[PY KL X\L ZPLTWYL LS WYVWPV KLWVY[PZ[H KLIL ZLY SH TLQVY M\LU[L KL PUMVYTHJP}U ` LZ WSLUHTLU[L JHWHa KL WLKPY \UH JLY[PÄJHJP}U KL ZHS\K H SH X\L [PLUL KLYLJOV ( WHY[PY KL HX\x JHILU KVZ WVZPIPSPKHKLZ! :P SH PUMVYTHJP}U X\L ZVSPJP[H LS JVSLNH LZ WYL]PH H SH JVU[YH[HJP}U KLS KLWVY[PZ[H SH VISPNHJP}U t[PJH LZ KL ZPSLUJPV HIZVS\[V :}SV OH` \UH ZHS]LKHK! X\L LZL ZP SLUJPV W\LKH WVULY LU WLSPNYV V WLYQ\KPJHY SVZ KLYL JOVZ KL V[YVZ :P SH PUMVYTHJP}U ZVSPJP[HKH LZ WHYH HWSPJHYSH H \UH TLQVY HZPZ[LUJPH KLS KLWVY[PZ[H LUMLYTV ZL W\LKL MHJPSP[HY KHKV X\L ZL LZ[HYxH LU SH ÄN\YH KLS ZLJYL[V JVTWHY[PKV 5H[\YHSTLU[L ZL KLIL L]HS\HY JHKH JHZV ` JVTWYVIHY X\L SH PUKHNHJP}U X\L LMLJ[‚H LS JVSLNH LZ WYLJPZH WHYH SH TLQVY HZPZ[LUJPH KLS WHJPLU[L ( LZ[L YLZWLJ[V LU LS 9LPUV <UPKV LZ[m LZ[HISLJPKV X\L LS LX\PWV X\L JVTWYL SVZ KLYLJOVZ KL \U Q\NHKVY [PLUL KLYL JOV H VI[LULY SH /PZ[VYPH *SxUPJV KLWVY[P]H KLS Q\NHKVY 7HY[PLUKV KL X\L OHZ[H LS TVTLU[V UV ZL OH OLJOV UPUN\UH HÄYTHJP}U X\L UV YLZWVUKH H SH TmZ LZ[YPJ[H YLHSPKHK ZL PUZPZ[L

(Y[xJ\SV KL 9L]PZP}U

4+ 5¢ 5V]PLTIYL


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

LU X\L LS LQLYJPJPV KL SH TLKPJPUH LU LZ[VZ JHZVZ ¶JVU YLZWL[V H SVZ WVZ[\SHKVZ t[PJVZ LZ JHZP PTWVZPISL 7VY LSSV LZ T\` WYVIHISL X\L LU U\LZ[YV WHxZ W\KPLYHU KHYZL YLZ\S[HKVZ Z\WLYWVUPISLZ H SVZ VI[LUPKVZ LU \U [YH IHQV YLHSPaHKV JVU TtKPJVZ ÄZPV[LYHWL\[HZ ` Q\NHKVYLZ LU LS 9LPUV <UPKV LU LS X\L ZL ZL|HSH SH PUL_PZ[LUJPH KL \U J}KPNV JVT‚U WHYH THULQHY SH JVUÄKLUJPHSPKHK KL SVZ Q\NHKVYLZ H\U J\HUKV SH -VV[IHSS (ZZVJPH[PVU OH LZ[H ISLJPKV KLZKL \UHZ SxULHZ THLZ[YHZ

PUMVYTHY H Z\ JSPLU[L ` UV OH KL J\TWSPTLU[HY LS JLY[PÄJH KV 5V KLIL VS]PKHYZL X\L SV WYL[LUKPKV WVY LS HZWPYHU[L LZ HJYLKP[HY \UH HW[P[\K ` WHYH LSSV OH JVUZLU[PKV X\L ZL YLHSPaHYHU SHZ L_WSVYHJPVULZ -PUHSTLU[L UV KLIL PUMVYTHY H SH MLKLYHJP}U :P WVY LS JVU[YHYPV LS WYVISLTH KL ZHS\K UV HMLJ[H H SH JHWHJPKHK WHYH LS KLWVY[L JHIL YLWL[PY SV ZL|HSHKV KVZ WmYYHMVZ TmZ HYYPIH! ZVSV WVKYm YL]LSHYZL ZP WVY WYLZLY]HY SH PU[PTPKHK KL \UV ZL WVUL LU WLSPNYV H V[YVZ

+LQHUKV `H KL SHKV LS KLWVY[L WYVMLZPVUHS V ZLTP WYVML ZPVUHS ZL OHIxH HW\U[HKV LU SH PU[YVK\JJP}U X\L LU SVZ YLJVUVJPTPLU[VZ TtKPJVZ H UV WYVMLZPVUHSLZ [HTIPtU W\LKL HWHYLJLY HSN‚U WYVISLTH

9LJ\tYKLZL X\L SH L]HS\HJP}U KL SVZ KLYLJOVZ LU JVUÃ…PJ [V LZ SH WPLKYH KL [VX\L WHYH KPZJLYUPY SH TLQVY HJJP}U

7HYH SH WYmJ[PJH MLKLYHKH KL SH PUTLUZH TH`VYxH KL SVZ KL WVY[LZ LZ WYLJPZV X\L ZL HJYLKP[L SH JHWHJPKHK WZPJVMxZP JH KLS KLWVY[PZ[H 3VZ TLU[HKVZ YLJVUVJPTPLU[VZ W\LKLU OHJLYSVZ TtKPJVZ KL SH MLKLYHJP}U JVYYLZWVUKPLU[L LZ SV TmZ KLZLHISL V IPLU \U WYVMLZPVUHS KL OH`H I\ZJHKV LS PU[LYLZHKV ` ZVU HJ[VZ TtKPJVZ KPMLYLU[LZ

*VTV ZL HÄYTHIH HS PUPJPV L_WVULY ` WYVM\UKPaHY LU SHZ T‚S[PWSLZ J\LZ[PVULZ KL VYKLU t[PJV ` SLNHS X\L ZL WSHU [LHU LU LS KxH H KxH ]H TmZ HSSm KL SVZ VIQL[P]VZ KL LZ[L LZJYP[V ` WVY LSSV ‚UPJHTLU[L ZL WYLZLU[HYmU HSN\UHZ WPU JLSHKHZ

6;9(: *<,:;065,: i;0*(: @ 3,.(3,:

*\HUKV ZL [YH[H KL OHJLY LS YLJVUVJPTPLU[V LU SH MLKLYH JP}U LZ SH WYVWPH LU[PKHK SH X\L LUJHYNH HS TtKPJV X\L L_HTPUL HS HZWPYHU[L HS KLWVY[PZ[H ` W\LKL ZLY KLWVZP[HYPH KL SH PUMVYTHJP}U" ZLYxH JVTV SH WY\LIH WLYPJPHS H SH X\L ZL OHJxH TLUJP}U TmZ HYYPIH ,U JHTIPV J\HUKV LZ \U TtKPJV I\ZJHKV WVY LS HZWPYHU [L LZ LS WYVWPV WHJPLU[L X\PLU ZVSPJP[H LS KVJ\TLU[V WHYH HJYLKP[HY X\L UV L_PZ[L UPUN\UH WH[VSVNxH X\L SL PTWPKH WYHJ[PJHY LS KLWVY[L 7VY SV [HU[V UV L_PZ[L UPUN\UH YLSH JP}U JVU SH MLKLYHJP}U ,U J\HSX\PLYH KL SVZ KVZ JHZVZ ZP KL SH WYmJ[PJH KL SVZ YLJVUVJPTPLU[VZ UV ZL KLZWYLUKL UPUN‚U KH[V WH[VS}NP JV ZL KLIL L_WLKPY LS JLY[PÄJHKV KL HW[P[\K ZPU UPUN‚U WYVISLTH :PU LTIHYNV J\HUKV HWHYLJL J\HSX\PLY HS[LYHJP}U WH[V S}NPJH OH` X\L ZLY T\` WY\KLU[L ` L]HS\HY IPLU JHKH ZP [\HJP}U 0U]LZ[PNHJP}U LU TLKPJPUH KLS KLWVY[L :P ZL [YH[H KLS TtKPJV KL SH MLKLYHJP}U ` LS WYVISLTH KL [LJ[HKV ZPTWSLTLU[L PTWPKL SH WYmJ[PJH KLS KLWVY[L KLIL JLY[PÄJHY X\L UV LZ HW[V 7LYV W\LKLU KHYZL V[YHZ JPY J\UZ[HUJPHZ <UH KL LSSHZ LZ X\L LS WYVISLTH KL ZHS\K KL[LJ[HKV UV HMLJ[L H SH JHWHJPKHK WHYH WYHJ[PJHY LZL KLWVY[L *VTV LU V[YHZ VJHZPVULZ LZH PUMVYTHJP}U LZ JVUÄKLUJPHS ` ‚UP JHTLU[L WVKYm YL]LSHYZL ZP WVY UV OHJLYSV ZL W\ZPLYH LU WLSPNYV HS WYVWPV WHJPLU[L V H V[YVZ ,U LS JHZV KL X\L ZL [YH[L KL \U TtKPJV I\ZJHKV WVY LS KLWVY[PZ[H ZP ZL KL[LJ[H \U WYVISLTH KL ZHS\K X\L ZPT WSLTLU[L PTWPKH SH WYmJ[PJH KLS KLWVY[L LS NHSLUV KLILYm

4+ 5¢ 5V]PLTIYL

(Y[xJ\SV KL 9L]PZP}U

:L OHU KL[LJ[HKV ZPNUPÄJH[P]HZ JHYLUJPHZ t[PJHZ LU SH PU]LZ[PNHJP}U X\L ZL KLZHYYVSSH LU LZ[L JHTWV SSLNHUKV H SH JVUJS\ZP}U KL X\L ZLYxH T\` KLZLHISL SH MVYTHJP}U LU t[PJH KL SH PU]LZ[PNHJP}U :VSV JVTV HUtJKV[H! LU T\` WVJVZ KL SVZ [YHIHQVZ W\ ISPJHKVZ LU LZ[H YL]PZ[H ZL OHJL YLMLYLUJPH L_WYLZH HS JVUZLU[PTPLU[V PUMVYTHKV KL SVZ WHY[PJPWHU[LZ LU SHZ L_ WLYPLUJPHZ ` TLUVZ [VKH]xH H \U NLUtYPJV YLZWL[V H SVZ WVZ[\SHKVZ t[PJVZ X\L KLILU YLZWL[HYZL LU [VKH PU]LZ[P NHJP}U JPLU[xÄJH


-LYUHUKV =LYK‚ ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

<UH I\LUH N\xH WHYH HKLJ\HY SHZ PU]LZ[PNHJPVULZ H SHZ L_P NLUJPHZ PU[LYUHJPVUHSLZ ZL W\ISPJ} LU LS )VSL[xU 6ÄJPHS KLS ,Z[HKV LU THYaV KL

+LZW\tZ KL LZH KPSPNLUJPH ¶LU M\UJP}U KL SVZ YLZ\S[HKVZ Zx WVKYxH NLULYHYZL HSN‚U [PWV KL YLJSHTHJP}U WVY WHY[L KL SVZ YLWYLZLU[HU[LZ KL SH WLYZVUH MHSSLJPKH

*HSPKHK KL YLJVUVJPTPLU[VZ TtKPJVZ WHYH JLY[PÄJH JPVULZ

,U SVZ JHZVZ KL T\LY[L Z‚IP[H JVU HU[LJLKLU[LZ KL JHYKPVWH[xH KLILYxH L]HS\HYZL ZP LS YL[VYUV KLS KLWVY [PZ[H H SH HJ[P]PKHK ZL OH YLHSPaHKV ZPN\PLUKV \UVZ JYP[LYPVZ YLJVUVJPKVZ

,U \UV KL SVZ KPHYPVZ TtKPJVZ KL YLMLYLUJPH LU SLUN\H LZWH|VSH WVKxH SLLYZL LS KL MLIYLYV KL SH ZP N\PLU[L UV[PJPH! ¸*VUKLUHKV \U TtKPJV WVY UV WYL]LUPY KL SVZ YPLZNVZ KLS IV_LV¹

*VTV ‚S[PTH UV[H X\L YLSHJPVUH LZ[L HWHY[HKV JVU LS HU[L YPVY ZL OH WSHU[LHKV SH WVZPIPSPKHK KL PUJS\PY LS LSLJ[YVJHY KPVNYHTH KL TH`VY WYLJPZP}U JVTV WY\LIH KL Y\[PUH LU SH L]HS\HJP}U WYL]PH KL SVZ H[SL[HZ

3H (\KPLUJPH KL 7HYxZ OH JVUKLUHKV H \U TtKPJV H WHNHY L\YVZ H \UH WHJPLU[L TPVWL X\L WLYKP} \U VQV H JVUZLJ\LUJPH KL \U JVTIH[L KL IV_LV HTLYPJHUV ,S [YPI\UHS OH LZ[PTHKV X\L LS MHJ\S[H[P]V JVTL[P} \U LYYVY HS UV WYL]LUPY H SH HMLJ[HKH ZVIYL SVZ YPLZNVZ H SVZ X\L LZ [HIH L_W\LZ[H WVY Z\Z WYVISLTHZ ]PZ\HSLZ 3H T\QLY WLYKP} KLÄUP[P]HTLU[L LS VQV [YHZ ZLPZ PU[LY]LUJPVULZ WVY KLZWYLU KPTPLU[V KL YL[PUH 3H ZHSH OH HYN\TLU[HKV X\L LS YPLZNV KL KLZWYLUKPTPLU[V KL YL[PUH ZL T\S[PWSPJ} WVY JPLU LU LZ[L JHZV YLZWLJ[V H \UH WLYZVUH JVU ]PZ[H UVYTHS ,Z[H KLJPZP}U YLJ\LYKH X\L SH L_WLKPJP}U KL \U JLY[PÄJHKV LU TLKPJPUH KLS KLWVY[L UV LZ \U HJ[V NYH[\P[V¹ 3H L_WLKPJP}U KL \U JLY[PÄJHKV TtKPJV UV LZ \U HJ[V NYH[\P[V ¶HYIP[YHYPV ZPU M\UKHTLU[V LU UPUN\UH JPYJ\UZ [HUJPH 7HYH J\TWSPY JVU SHZ VISPNHJPVULZ t[PJHZ ` SLNHSLZ LU SVZ YLJVUVJPTPLU[VZ TtKPJVZ LZ KL T\` YLJVTLUKHISL SLJ [\YH LS HY[xJ\SV W\ISPJHKV LU LS U‚TLYV KL LZ[H YL]PZ[H 4\LY[L LU YLSHJP}U JVU SH WYmJ[PJH KL KLWVY[L ,_WYLZHTLU[L ZL LWPNYHMxH LS HWHY[HKV KL LZH MVYTH WVY X\L LU SH T\LY[L W\LKL WYLZLU[HYZL LU KPZ[PU[HZ JPYJ\UZ [HUJPHZ! ‹

(Q XQ KHFKR YLROHQWR JUDYH

‹

(Q XQ KHFKR YLROHQWR QR JUDYH

‹

6LQ DQWHFHGHQWH YLROHQWR DOJXQR

‹

7UDQVFXUULGR XQ WLHPSR GH XQ KHFKR YLROHQWR QR JUDYH

*65*3<:0Ô5 :PN\LU X\LKHUKV JVZHZ ` JHZVZ LU LS [PU[LYV 7YVIHISLTLU[L ZL OHU NLULYHKV TmZ K\KHZ ` WYLN\U[HZ X\L ZVS\JPVULZ ZL OHU TVZ[YHKV 7VYX\L LU SHZ J\LZ[PVULZ t[PJHZ ` SLNHSLZ LU LS LQLYJPJPV KL SH TLKPJPUH ZPN\L ZPLUKV ]mSPKH SH HÄYTHJP}U JVU[LUPKH LU LS *VYW\Z /PWVJYH[PJ\T KL X\L UV OH` LUMLYTLKHKLZ ZPUV LUMLYTVZ! JHKH JHZV JHKH ZP[\HJP}U WYLJPZH \U HUmSPZPZ PUKP]PK\HS (\UX\L SH 4LKPJPUH KLS +LWVY[L JVTV [HS LZWLJPHSPKHK UV LZ \UH KL SHZ KL HS[V YPLNV Q\KPJPHS T\JOHZ KL SHZ LZ WLJPHSPKHKLZ X\L MVYTHU WHY[L KL LSSH V X\L ZL HWSPJHU LU Z\ mTIP[V Zx SV ZVU 7VY SV [HU[V ZP ZL OHJL LZL HUmSPZPZ ZL HSJHUaHYm \UH WYmJ[PJH t[PJH KL SH TLKPJPUH YLZWL[\VZH JVU LS WHJPLU[L ` JVTV JVUZLJ\LUJPH ZL [LUKYm LZH TH`VY [YHUX\PSPKHK Q\YxKPJH H SH X\L ZL OHJxH YLMLYLUJPH HS PUPJPV

3HZ [YLZ WYPTLYHZ JPYJ\UZ[HUJPHZ PUPJPHSTLU[L UV WSHU[LHU WYVISLTHZ W\LZ[V X\L SH 3L` KL ,UQ\PJPHTPLU[V *YPTPUHS WYL]t SH WYmJ[PJH KL SH H\[VWZPH WHYH LZ[HISLJLY SH JH\ZH KL SH T\LY[L ` Z\Z JPYJ\UZ[HUJPHZ

(Y[xJ\SV KL 9L]PZP}U

4+ 5¢ 5V]PLTIYL


-LYUHUKV =LYKย ` (UH *HZ[LSS} (ZWLJ[VZ TtKPJV SLNHSLZ KL SH 4LKPJPUH KLS +LWVY[L! 4\JOV TmZ X\L LS KVWHQL WmNZ

)0)306.9(-ร (

O[[W! I\ZJVU YHL LZ KYHLS :Y]S[6I[LULY/[TS&0+3,4($ 5,+0*$:P (JJLZV LU

3V\JRZ () 5H[[P] ( ;OL MLTHSL H[OSL[L [YPHK 3HUJL[ =VS\TL :\WWSL TLU[ +LJLTILY 7HNLZ : :

=LYKย 7HZJ\HS -( 4LKPJPUH 3LNHS KLS +LWVY[L ,KP[VYPHS *VTHYLZ .YHUHKH

9\[LUMYHUa 1 ,[OPJHS JVUZPKLYH[PVUZ! [OL WHY[PJPWH[PVU VM JOPSKYLU PU LSP[L ZWVY[Z 7LKPH[YPJPHU " !

:[V]P[a :+ :H[PU +1 7YVMLZZPVUHSPZT HUK [OL L[OPJZ VM [OL ZPKLSPUL WO`ZP JPHU *\YY :WVY[Z 4LK 9LW 4H`" !

,TLY` /4 *VUZPKLYH[PVUZ PU JOPSK HUK HKVSLZJLU[ H[OSL[LZ 9OL\T +PZ *SPU 5VY[O (T (\N" !

;\JRLY (4 ,[OPJZ HUK [OL WYVMLZZPVUHS [LHT WO`ZPJPHU *SPU :WVY[Z 4LK (WY" ! ]P

4VYLH\ ( )V\ZZHNLVU 9 .PYPLY 7 -PNVU : ;OL ยธKVJ[VYยน LMMLJ[ PU WYPTHY` JHYL 7YLZZL 4LK 1\U" 7[ !

(4,90*(5 (*(+,4@ 6- 7,+0(;90*:! 0U[LUZP]L ;YHPUPUN HUK :WVY[Z :WL JPHSPaH[PVU PU @V\UN ([OSL[LZ 7,+0(;90*: =VS 5V 1\S` WW

*OLY]LUHR -( 4J*\SSV\NO 3) ,[OPJZ HUK NYV^PUN SLNHS JYPZPZ PU TLKPJPUL *YVH[ 4LK 1 6J[" !

)LHJO 4* 9V[LY +3 >HUN 5@ +\NNHU 7: *VVWLY 3( (YL WO`ZPJPHUZยป H[[P[\KLZ VM YLZWLJ[ HJJ\YH[LS` WLYJLP]LK I` WH[PLU[Z HUK HZZVJPH[LK ^P[O TVYL WVZP[P]L JVTT\UPJH[PVU ILOH]PVYZ& 7H[PLU[ ,K\J *V\UZ 1\S " B,W\I HOLHK VM WYPU[D

9HKHR 1; ;OL TLKPJHS YLJVYK VU [YPHS! ^HZ P[ TLZV[OLSPVTH VY S\UN JHUJLY VY HUV[OLY MYP]VSV\Z SH^Z\P[& .LYPH[YPJZ :LW" !

=LYK\ 7HZJ\HS - ( (\[VWZ` PU TLKPJHS THSWYHJ[PJL *\HK TLK MV YLUZL BVUSPULD 1HU UV BJP[LK (\N\Z[ D W (]HPSHISL MYVT >VYSK >PKL >LI! #O[[W! ^^^ZJPLSV PZJPPP LZ ZJPLSV WOW&ZJYPW[$ZJPF HY[[L_[ WPK$: SUN$LU UYT$PZV% 0::5

O[[W !^^^ [VKHSHSL` JVT TVZ[YHY3L` W [U O[T HJJLZV LU KL HNVZ[V KL =LYKย 7HZJ\HS -( ,S KLIH[L ZVIYL LS HJJLZV H SH OPZ[VYPH JSxUPJH :PL[L +xHZ 4tKPJVZ O[[W! I\ZJVU YHL LZ KYHLS HJJLZV LU KL HNVZ[V KL O[[W !UV[PJPHZ Q\YPKPJHZ JVT IHZLFKH[VZ (KTPU O[TS HJJLZV LU KL HNVZ[V KL =LYKย 7HZJ\HS -( ,S JVUZLU[PTPLU[V H KPHYPV :PL[L +xHZ 4tKPJVZ O[[W !^^^ JZK TLJ LZ JZK ZHS\K +VWHQL 7Y3L`+VWHQL HJJLZV LU KL HNVZ[V KL ,Z[LIHU -LYUmUKLa , .\PZHKV )HYYPSHV 9 KL ;LYLZH .HS]mU * (SLQV /LY]mZ 13 =HYNHZ *VYaV 4* ` .HYJxH 4VYHSLZ * (WVY[L KL WOSLIVKP\T KLJ\TH U\T ` HJVUKPJPVUHTPLU[V MxZPJV ZHS\K WHYH PUJYLTLU[V KL M\LYaH WV[LUJPH KL TPLTIYV PUMLYPVY ! LZ[YH[LNPHZ WYL]LU[P]HZ 4+ ! 9L]PZ[H *PLU[xร JH LU 4LKPJPUH KLS +LWVY[L 5ยข WW

1VOUZVU 9 ;OL \UPX\L L[OPJZ VM ZWVY[Z TLKPJPUL *SPU :WVY[Z 4LK (WY" ! =LYKย 7HZJ\HS -( :LJYL[V 7YVMLZPVUHS 4tKPJV! 5VYTHZ ` \ZVZ ยก LKP JP}U ,KP[VYPHS *VTHYLZ .YHUHKH O[[W !^^^ [OLMH JVT ;OL-( :WVY[4LKPJHS ,_LYJPZL:JPLUJL 7VZ [PUN O[T HJJLZV LU KL HNVZ[V KL ;\JRLY (4 ,[OPJZ HUK [OL WYVMLZZPVUHS [LHT WO`ZPJPHU *SPU :WVY[Z 4LK (WY" ! ]P )LYUZ[LPU 1 7LYSPZ * )HY[VSVaaP (9 5VYTH[P]L L[OPJZ PU ZWVY[Z TLKPJPUL *SPU 6Y[OVW 9LSH[ 9LZ 4HY" ! 3 * (UKLYZVU 3* .LYYHYK +- ,[OPJHS PZZ\LZ JVUJLYUPUN 5L^ ALHSHUK ZWVY[Z KVJ[VYZ 1 4LK ,[OPJZ " ! ยถ >HKKPUN[VU 0 9VKLYPJR 4 4HUHNLTLU[ VM TLKPJHS JVUร KLU[PHSP[` PU ,UNSPZO WYVMLZZPVUHS MVV[IHSS JS\IZ! ZVTL L[OPJHS WYVISLTZ HUK PZZ\LZ )Y 1 :WVY[Z 4LK " ! ยถ :OLWOHYK 91 ,[OPJZ PU L_LYJPZL ZJPLUJL YLZLHYJO :WVY[Z 4LK " ! 4050:;,906 +, :(50+(+ @ *65:<46 )6, KL 69+,5 :*6 KL KL THYaV WVY SH X\L ZL HWY\LIHU SHZ IHZLZ YLN\SH KVYHZ WHYH SH JVUJLZP}U KL H`\KHZ KLZ[PUHKHZ H ร UHUJPHY LZ[Y\J[\YHZ LZ [HISLZ KL PU]LZ[PNHJP}U JVVWLYH[P]H LU LS mYLH KL IPVTLKPJPUH ` JPLUJPHZ KL SH ZHS\K LU LS THYJV KL SH PUPJPH[P]H 0UNLUPV 7YVNYHTH *VUZVSPKLY (JJPVULZ *0),9 O[[W !^^^ KPHYPVTLKPJV JVT HJJLZV LU KL HNVZ[V KL .HTLYV *HZHKV , 9tNPTLU Q\YxKPJV KL SVZ YLJVUVJPTPLU[VZ WYL]PVZ H SH WYmJ[PJH KLWVY[P]H 4+ 4H`" ! O[[W !UV[PJPHZ Q\YPKPJHZ JVT IHZLFKH[VZ 7LUHS SLJY O[TS HJJLZV LU KL HNVZ[V KL KL ;LYLZH , (KHT\a 4* 4\LY[L Zย IP[H LU LS KLWVY[L 0 4+ ,UL" !

@HUN /@ 3P\ ;@ 2\HP 3 .HV 4 ,SLJ[YPJHS HJ\WVPU[ Z[PT\SH[PVU PUJYLHZLZ H[OSL[LZยป YHWPK Z[YLUN[O AOVUNN\V AOLU 1P\ 4H`" !

KL ;LYLZH , (KHT\a 4* 4\LY[L Zย IP[H LU LS KLWVY[L 00 4+ 4H`" !

4PHO ( -YVT HU[P KVWPUN [V H ยบWLYMVYTHUJL WVSPJ`ยป ZWVY[ [LJOUVSVN`

7PHU[HUPKH 5( 6YPZJLSSV 9. 7L[[YVUL -( 6ยป*VUUVY -. :\KKLU JHYKPHJ KLH[O! L[OPJHS JVUZPKLYH[PVUZ PU [OL YL[\YU [V WSH` *\YY :WVY[Z 4LK 9LW (WY" !

ILPUN O\THU HUK KVPUN L[OPJZ ,\YVWLHU 1V\YUHS VM :WVY[ :JPLUJL 4HYJO " !

2H`ZLY ) 4H\YVU ( ` 4PHO ( 3LNHSPZH[PVU VM WLYMVYTHUJL LUOHUJPUN KY\NZ 3HUJL[ =VS\TL :\WWSLTLU[ +LJLTILY 7HNL : 3HUKY` .3 :\WWSLTLU[ YV\SL[[L *\YY :WVY[Z 4LK 9LW -LI" ! =LYK\ 7HZJ\HS -( 4PUVYxH ` TPUVYPKHK :PL[L +xHZ 4tKPJVZ O[[W !UV[PJPHZ Q\YPKPJHZ JVT IHZLFKH[VZ 7LUHS SV LU KL HNVZ[V KL

S [ O[TS HJJLZV

O[[W !^^^ ^TH UL[ Z WVSPJ` O O[T HJJLZV LU KL HNVZ[V KL

4+ 5ยข 5V]PLTIYL

(Y[xJ\SV KL 9L]PZP}U

+VUULSS` +2 /V^HYK ;4 ,SLJ[YVJHYKPVNYHWO` HUK [OL WYLWHY[PJPWH[PVU WO`ZPJHS L_HTPUH[PVU! PZ P[ [PTL MVY YV\[PUL ZJYLLUPUN& *\YY :WVY[Z 4LK 9LW (WY" ! 7LHYZHSS (> [O 2V]HSLZRP 1, 4HKHUHNVWHS :. 4LKPJVSLNHS PZZ\LZ HMMLJ[ PUN ZWVY[Z TLKPJPUL WYHJ[P[PVULYZ *SPU 6Y[OVW 9LSH[ 9LZ (WY" ! 7H[LYPJR ;, 7H[LYPJR ;1 -SL[JOLY .- 4HYVU )1 4LKPJHS HUK SLNHS PZZ\LZ PU [OL JHYKPV]HZJ\SHY L]HS\H[PVU VM JVTWL[P[P]L H[OSL[LZ 1(4( +LJ " !


7mNPUH HIPLY[H *65:,1,9Ð( +, ;<90:46 *64,9*06 @ +,769;, &HQWUR $QGDOX] GH 0HGLFLQD GHO 'HSRUWH

*HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L

3H *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L KL SH *VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L KL SH 1\U[H KL (UKHS\JxH [PLUL JVTV WYVW}ZP[V MHJPSP[HY H SHZ WLYZVUHZ \Z\HYPHZ KLS TPZTV SH VI[LUJP}U KL PUMVYTH JP}U ZVIYL SVZ ZLY]PJPVZ X\L WYLZ[H J}TV [LULY HJJLZV H SVZ TPZTVZ HZx JVTV SH WVZPIPSPKHK KL JVSHIVYHY LU Z\ TLQVYH H [YH]tZ KL Z\Z Z\NLYLUJPHZ 7HYH YLHSPaHY LZ[L WYVJLZV KL TLQVYH JVU[PU\H LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L HKVW[HYm SHZ TLKPKHZ ULJLZHYPHZ WHYH NHYHU[PaHY X\L LS JVU[LUPKV KL SH WYLZLU[L *HY[H ZL HWSPX\L H [VKHZ SHZ WLYZVUHZ X\L SV JVTWVULU

( +(;6: +, *(9Í*;,9 .,5,9(3 0 +(;6: 0+,5;0-0*(;0=6: 0 0 +H[VZ PKLU[PÄJH[P]VZ KLS *LU[YV (UKHS\a KL 4LKPJP UH KLS +LWVY[L ,S *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L LZ \U }YNHUV HKTPUPZ[YH[P]V HKZJYP[V H SH *VUZLQLYxH KL ;\YPZTV *VTLY JPV ` +LWVY[L KLWLUKPLU[L KL SH :LJYL[HYxH .LULYHS WHYH LS +LWVY[L 0 00 4PZP}U KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L

,S *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L [PLUL JVTV TPZP}U SH WYL]LUJP}U ` WYVNYHTHJP}U LU TH[LYPH KL ZHS\K KLWVY[P]H X\L PUJS\`L SH MVYTHJP}U ` WYVTVJP}U KLS KL WVY[L ZHS\K LS JVU[YVS KL SH HW[P[\K NLULYHS WHYH LS KLWVY [L SH WYV[LJJP}U ` ZLN\PTPLU[V TtKPJV KL SVZ KLWVY[PZ[HZ KL HS[H JVTWL[PJP}U SH WYL]LUJP}U KLS \ZV KL Z\Z[HUJPHZ UV H\[VYPaHKHZ KPYPNPKHZ H H\TLU[HY HY[PÄJPHSTLU[L SH JH WHJPKHK MxZPJH KL SVZ KLWVY[PZ[HZ HZx JVTV SH WYVTVJP}U KLS LZ[\KPV ` SH PU]LZ[PNHJP}U LU LS JHTWV KL SH TLKPJPUH KLWVY[P]H 0 000 0KLU[PÄJHJP}U KL SH <UPKHK YLZWVUZHISL KL SH LSHIV YHJP}U NLZ[P}U ` ZLN\PTPLU[V KL SH *HY[H KL :LY]PJPVZ 3H +PYLJJP}U KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L LZ SH \UPKHK YLZWVUZHISL KL SH JVVYKPUHJP}U VWLYH[P]H LU SVZ [YHIHQVZ KL LSHIVYHJP}U NLZ[P}U ` ZLN\PTPLU[V KL SH WYLZLU[L *HY[H KL :LY]PJPVZ

7mNPUH HIPLY[H

4+ 5¢ 5V]PLTIYL


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

0 0= -VYTHZ KL JVSHIVYHJP}U ` WHY[PJPWHJP}U JVU LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L 3HZ WLYZVUHZ \Z\HYPHZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L W\LKLU WYLZLU[HY J\HSX\PLY PUPJPH[P]H TLKPHU [L JVYYLV WVZ[HS KPYPNPKV HS TPZTV V WVY JVYYLV LSLJ[Y}UPJV JHTK J[KJ'Q\U[HKLHUKHS\JPH LZ 7HYH TH`VY JVTVKPKHK ZL YLJVTPLUKH SH \[PSPaHJP}U KL SVZ TVKLSVZ UVYTHSPaHKVZ KPZWVUPISLZ LU SH WmNPUH >LI KL SH *VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L ^^^ Q\U[H KLHUKHS\JPH LZ [\YPZTVJVTLYJPV`KLWVY[L (ZPTPZTV W\LKLU YLHSPaHY SHZ Z\NLYLUJPHZ V YLJSHTHJPV ULZ X\L LZ[PTLU VWVY[\UHZ KL THULYH VÄJPHS H [YH]tZ KLS 3PIYV KL :\NLYLUJPHZ ` 9LJSHTHJPVULZ KL SH 1\U[H KL (U KHS\JxH 00 :,9=0*06:

0UMVYTHJP}U ` KP]\SNHJP}U ! .LZ[PVUHY ` H[LUKLY SHZ JVUZ\S[HZ MVYT\SHKHZ YLZWLJ [V H SHZ TH[LYPHZ KL JVTWL[LUJPH KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L H [YH]tZ KLS JVYYLV LSLJ[Y} UPJV KL SH WmNPUH >LI OHIPSP[HKV WHYH LZ[L ÄU! JHTK J[JK'Q\U[HKLHUKHS\JPH LZ 6MYLJLY PUMVYTHJP}U ` KVJ\TLU[HJP}U LZWLJPHSPaHKH LU LS JHTWV KL SH 4LKPJPUH KLS +LWVY[L ` LU HX\LSSHZ JPLUJPHZ KL HWSPJHJP}U H SH ZHS\K ` LS YLUKPTPLU[V KLS KLWVY[PZ[H! WZPJVSVNxH WLKHNVNxH LU[YLUHTPLU[V L[J LU JVSHIVYHJP}U JVU LS *LU[YV KL +VJ\TLU[HJP}U KL SH *VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L (J[\HSPaHY SVZ JVU[LUPKVZ X\L ZVIYL LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L HWHYLJLU LU SH WmNPUH ^LI KL SH *VUZLQLYxH LU JVSHIVYHJP}U JVU LS :LY]PJPV KL 0UMVY THJP}U +VJ\TLU[HJP}U ,Z[\KPVZ ` 7\ISPJHJPVULZ

(S *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L SL JVYYLZWVU KLU SHZ ZPN\PLU[LZ H[YPI\JPVULZ !

,SHIVYHY SH YL]PZ[H 4+! 9L]PZ[H *PLU[xÄJH LU 4LKPJPUH KLS +LWVY[L ` W\ISPJHJPVULZ KL JVU[LUPKV [tJUPJV LU TH[LYPH KL TLKPJPUH KLWVY[P]H KLU[YV KLS 7SHU (U\HS KL 7\ISPJHJPVULZ KL SH *VUZLQLYxH

.LZ[P}U!

-VYTHJP}U!

.LZ[PVUHY ` [YHTP[HY *VU]LUPVZ KL *VSHIVYHJP}U JVU SHZ <UP]LYZPKHKLZ HUKHS\aHZ KL [P[\SHYPKHK W‚ISPJH ` V[YVZ 6YNHUPZTVZ ` *LU[YVZ W‚ISPJVZ HUKHS\JLZ KL PU ]LZ[PNHJP}U JVU WLYZVUHSPKHK Q\YxKPJH WYVWPH

6YNHUPaHY QVYUHKHZ ZLTPUHYPVZ ` MVYVZ KL KPZJ\ZP}U ZVIYL 4LKPJPUH KLS +LWVY[L KLU[YV KLS 7SHU (U\HS KL (J[P]PKHKLZ -VYTH[P]HZ KL SH *VUZLQLYxH

00 0 9LSHJP}U KL :LY]PJPVZ X\L WYLZ[H

.LZ[PVUHY ` JVUJLKLY H`\KHZ WHYH SH YLHSPaHJP}U KL WYV`LJ[VZ KL PU]LZ[PNHJP}U LU LS mTIP[V KL SH 4LKPJP UH KLS +LWVY[L JVU KLZ[PUV H <UP]LYZPKHKLZ HUKHS\aHZ KL [P[\SHYPKHK W‚ISPJH ` 6YNHUPZTVZ ` *LU[YVZ W‚ISPJVZ HUKHS\JLZ KL PU]LZ[PNHJP}U JVU WLYZVUHSPKHK Q\YxKPJH WYVWPH

6YNHUPaHY J\YZVZ KL MVYTHJP}U KLU[YV KLS 7SHU KL -VY THJP}U KLS WLYZVUHS KL SH *VUZLQLYxH *VU[YPI\PY H SH MVYTHJP}U KL TtKPJVZ LZWLJPHSPZ[HZ LU 4LKPJPUH KL SH ,K\JHJP}U -xZPJH ` LS +LWVY[L TLKPHU [L HSN\UH JVSHIVYHJP}U LU SH KVJLUJPH [L}YPJV WYmJ[PJH JVU SHZ ,ZJ\LSHZ KL -VYTHJP}U KL SH LZWLJPHSPKHK *VU[YPI\PY H SH MVYTHJP}U KL WYVMLZPVUHSLZ YLSHJPVUH KVZ JVU LS mTIP[V KL SH ZHS\K ` LS KLWVY[L! ÄZPV[LYHWPH +<, SPJLUJPHKVZ LU LK\JHJP}U MxZPJH L[J H [YH]tZ KL JVU]LUPVZ KL MVYTHJP}U JVU <UP]LYZPKHKLZ ` V[YHZ PUZ [P[\JPVULZ *VSLNPVZ 7YVMLZPVUHSLZ VYNHUPZTVZ W‚ISP JVZ JVTV LS 0UZ[P[\[V (UKHS\a KLS +LWVY[L LS 0((7¯ *VU]VJHY NLZ[PVUHY ` JVUJLKLY ILJHZ KL MVYTHJP}U LU LS mTIP[V KL SH 4LKPJPUH KLS +LWVY[L +PYPNPY ` Z\WLY]PZHY [LZPZ KVJ[VYHSLZ ` V[YVZ LZ[\KPVZ KL PU]LZ[PNHJP}U WHYH LZWLJPHSPZ[HZ LU 4LKPJPUH KLS +L WVY[L ` mYLHZ HÄULZ ,Z[\KPHY WYLWHYHY ` LSHIVYHY HY[xJ\SVZ KL PU]LZ[PNHJP}U TtKPJV KLWVY[P]H

4+ 5¢ 5V]PLTIYL

7mNPUH HIPLY[H


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

9LPU[LNYHY HS KLWVY[PZ[H SLZPVUHKV H Z\ WYmJ[PJH KLWVY [P]H OHIP[\HS TLKPHU[L SH \[PSPaHJP}U KL KPMLYLU[LZ [LYH WPHZ LStJ[YPJHZ THU\HSLZ ` KL OPKYV[LYHWPH <UPKHK KL 9LJ\WLYHJP}U -\UJPVUHS 9LHSPaHY JVU[YVSLZ KL ZHS\K JHYKPVS}NPJVZ [YH\TH[V S}NPJVZ WVKVS}NPJVZ¯ ¸PU ZP[\¹ LU JVSLNPVZ JVTWL [PJPVULZ KLWVY[P]HZ JS\ILZ L[J KL [VKH SH *VT\UPKHK (\[}UVTH TLKPHU[L \UH <UPKHK 4}]PS KLKPJHKH H KP JOV ÄU JVU SH JHYHJ[LYxZ[PJH KL YHWPKLa LU LS KPHNU}Z [PJV ` LU LS PUMVYTL ÄUHS <UPKHK 4}]PS KL :HS\K LU LS +LWVY[L (WV`V TtKPJV IPVS}NPJV HS KLWVY[PZ[H! ,]HS\HY LS LZ[HKV KL ZHS\K KLS KLWVY[PZ[H TLKPHU[L ]H SVYHJPVULZ TtKPJV KLWVY[P]HZ =HSVYHY SH UV JVU[YHPUKPJHJP}U WHYH SH WYmJ[PJH KLWVY [P]H SH WYLZLUJPH V UV KL WH[VSVNxHZ X\L W\LKHU JVU[YHPUKPJHY V SPTP[HY SH WYmJ[PJH KL HJ[P]PKHK MxZPJH ` KLWVY[L <UPKHK KL 4LKPJPUH 0U[LYUH ` *HYKPVSVNxH ` HKHW[HY SH WYLZJYPWJP}U KLS LQLYJPJPV MxZPJV H WVZPISLZ ZP[\HJPVULZ WH[VS}NPJHZ V M\UJPVUHSLZ JVUJYL[HZ =HSVYHY LS LZ[HKV KL MVYTH KLS KLWVY[PZ[H SH LÄJHJPH KLS LU[YLUHTPLU[V ` SH WYLZLUJPH KL WH[VSVNxHZ YLSHJPV UHKHZ JVU LS WYVWPV LU[YLUHTPLU[V TLKPHU[L SH YLHSP aHJP}U KL KPZ[PU[VZ [PWVZ KL WY\LIHZ KL LZM\LYaV LU LS SHIVYH[VYPV ` LU LS [LYYLUV KLWVY[P]V ` WY\LIHZ KL ]HSVYHJP}U KL SH M\LYaH T\ZJ\SHY <UPKHK KL -PZPVSVNxH KLS ,ZM\LYaV =HSVYHY SH HSPTLU[HJP}U KLS KLWVY[PZ[H ` Z\ HKLJ\HJP}U H Z\Z ULJLZPKHKLZ LULYNt[PJHZ ` U\[YPJPVUHSLZ TLKPHU[L LUJ\LZ[HZ KL MYLJ\LUJPHZ KL JVUZ\TVZ KL HSPTLU[VZ OPZ[VYPH KPL[t[PJH WVY U\[YPLU[LZ ` JVUZ\S[HZ L PU[LY]LU JPVULZ KPL[t[PJHZ LZWLJxÄJHZ 0N\HSTLU[L ]HSVYHY LS LZ [HKV KL ZHS\K ` LS MxZPJV KLS KLWVY[PZ[H TLKPHU[L \UH IH[LYxH KL KL[LYTPUHJPVULZ OLTH[VS}NPJHZ IPVX\xTP JHZ ` LUaPTm[PJHZ <UPKHK KL 5\[YPJP}U ` )PVX\xTPJH =HSVYHY TVYMVS}NPJHTLU[L HS KLWVY[PZ[H ` VIZLY]HY Z\Z TVKPÄJHJPVULZ LU LS [PLTWV LU M\UJP}U HS LU[YLUH TPLU[V ` HSPTLU[HJP}U TLKPHU[L KPMLYLU[LZ [tJUPJHZ KL TLKPJP}U <UPKHK KL *PULHU[YVWVTL[YxH =HSVYHY JSxUPJH TLJmUPJH ` M\UJPVUHSTLU[L LS HWHYH[V SVJVTV[VY JVU LS VIQL[V KL KL[LJ[HY WVZPISLZ KLZHSPULH JPVULZ HUH[}TPJHZ ` KLZJVTWLUZHJPVULZ T\ZJ\SHYLZ LU HYHZ H Z\ JVYYLJJP}U HKLTmZ KL KPHNUVZ[PJHY ` [YH[HY WH [VSVNxHZ SLZPVUHSLZ H [YH]tZ KL SH WYmJ[PJH KL KPMLYLU[LZ LZ[\KPVZ ` WY\LIHZ <UPKHK KL (WHYH[V 3VJVTV[VY ,Z[\KPHY JVUVJLY ` HWSPJHY SHZ [tJUPJHZ KL HUmSPZPZ KLS TV]PTPLU[V O\THUV JVU LS ÄU KL WYL]LUPY SLZPVULZ KLWVY[P]HZ ` TLQVYHY LS YLUKPTPLU[V <UPKHK KL )PV TLJmUPJH

(ZLZVYHTPLU[V TtKPJV KLWVY[P]V HS KLWVY[PZ[H! *VSHIVYHY ` HZLZVYHY H SVZ KLWVY[PZ[HZ LU SHZ KPMLYLU[LZ mYLHZ KL SH 4LKPJPUH KLS +LWVY[L *VSHIVYHY JVU SH (KTPUPZ[YHJP}U :HUP[HYPH KL SH 1\U[H KL (UKHS\JxH LU LS J\TWSPTPLU[V KL SHZ UVYTHZ ` KPYLJ [YPJLZ ZVIYL JVUKPJPVULZ KL OPNPLUL ` ZHS\IYPKHK KL SHZ PUZ[HSHJPVULZ KLWVY[P]HZ ,Z[HISLJLY TLKPKHZ KL WYL]LUJP}U ` JVU[YVS KLS \ZV KL Z\Z[HUJPHZ V Tt[VKVZ WYVOPIPKVZ X\L H\TLU[LU HY[PÄ JPHSTLU[L SH JHWHJPKHK MxZPJH V WZxX\PJH KL SVZ KLWVY [PZ[HZ (ZLZVYHY TtKPJHTLU[L H SVZ KLWVY[PZ[HZ ` LU[YLUHKV YLZ WHY[PJPWHU[LZ LU NYHUKLZ L]LU[VZ KLWVY[P]VZ JLSL IYHKVZ LU (UKHS\JxH ` H SVZ X\L KLZHYYVSSLU Z\Z WYV NYHTHZ KL LU[YLUHTPLU[V LU JLU[YVZ LZWLJPHSPaHKVZ KL (UKHS\JxH -VTLU[V KL SH ZHS\K ` LS LQLYJPJPV MxZPJV! 0TW\SZHY HJJPVULZ LUJHTPUHKHZ H TLQVYHY SH ZHS\K ` LS LQLYJPJPV MxZPJV TLKPHU[L ! ‹ 9LHSPaHY JOHYSHZ JVUMLYLUJPHZ QVYUHKHZ J\YZVZ ` HJ[P ]PKHKLZ ZVIYL KPMLYLU[LZ WYVISLTHZ KL ZHS\K LU NY\ WVZ KL WVISHJP}U JVU WYL]HSLUJPH KL HSN\UH WH[VSVNxH LU KP]LYZVZ S\NHYLZ KL SH *VT\UPKHK (\[}UVTH JLU [YVZ LZJVSHYLZ HZVJPHJPVULZ KL JP\KHKHUVZ H`\U[H

7mNPUH HIPLY[H

4+ 5¢ 5V]PLTIYL


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

TPLU[VZ KPW\[HJPVULZ¯ LUJHTPUHKHZ H PUJYLTLU[HY V WYVTV]LY SH YLHSPaHJP}U KL LQLYJPJPV ` V KLWVY[L

6I[LULY SH PUMVYTHJP}U HKTPUPZ[YH[P]H KL THULYH LÄ JHa ` YmWPKH

‹ 7YVTV]LY J\YZVZ KL MVYTHJP}U H MVYTHKVYLZ ZVIYL SH WSHUPÄJHJP}U JVU[YVS ` YLHSPaHJP}U KL HJ[P]PKHK MxZPJH LU SH WVISHJP}U NLULYHS

9LJPIPY \UH PUMVYTHJP}U HKTPUPZ[YH[P]H YLHS ]LYHa ` HJ JLZPISL KLU[YV KL SH TmZ LZ[YPJ[H JVUÄKLUJPHSPKHK 6I[LULY \UH VYPLU[HJP}U WVZP[P]H

00 00 5VYTH[P]H YLN\SHKVYH KL SVZ ZLY]PJPVZ WYLZ[HKVZ WVY LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L ‹ 3L` KL KL KPJPLTIYL KLS +LWVY[L )61( KLS KL KPJPLTIYL KL ‹ +LJYL[V KL KL UV]PLTIYL KL JYLHJP}U KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L )61( KLS KL UV]PLTIYL KL ‹ 6YKLU KL KL VJ[\IYL KL WVY SH X\L ZL LZ[H ISLJLU SHZ UVYTHZ YLN\SHKVYHZ WHYH SH JVUJLZP}U KL ILJHZ KLZ[PUHKHZ H SH MVYTHJP}U L PU]LZ[PNHJP}U LU TH[LYPHZ YLSHJPVUHKHZ JVU SH 4LKPJPUH KLS +LWVY[L )61( KL KL UV]PLTIYL KL ‹ 9LZVS\JP}U KL KL UV]PLTIYL KL WVY SH X\L ZL JVU]VJHU WHYH ILJHZ KLZ[PUHKHZ H SH MVYTHJP}U L PU]LZ[PNHJP}U LU TH[LYPHZ YLSHJPVUHKHZ JVU SH 4L KPJPUH KLS +LWVY[L )61( KL KL KPJPLTIYL KL ‹ 6YKLU KL KL MLIYLYV KL WVY SH X\L ZL LZ[HISL JLU SHZ IHZLZ YLN\SHKVYHZ WHYH SH JVUJLZP}U KL Z\I ]LUJPVULZ WHYH SH YLHSPaHJP}U KL WYV`LJ[VZ KL PU]LZ[P NHJP}U LU LS mTIP[V KL SH 4LKPJPUH KLS +LWVY[L )61( KL KL MLIYLYV KL ‹ 9LZVS\JP}U KL KL LULYV KL WVY SH X\L ZL JVU ]VJHU Z\I]LUJPVULZ WHYH SH YLHSPaHJP}U KL WYV`LJ[VZ KL PU]LZ[PNHJP}U LU LS mTIP[V KL SH 4LKPJPUH KLS +L WVY[L )61( KL KL MLIYLYV KL 000 +,9,*/6: +, 36: <:<(906: @ <:<(90(: +, 36: :,9=0*06: +L HJ\LYKV JVU SV KPZW\LZ[V LU SH 3L` KLS 9tNP TLU 1\YxKPJV KL SHZ (KTPUPZ[YHJPVULZ 7‚ISPJHZ ` KLS 7YV JLKPTPLU[V (KTPUPZ[YH[P]V *VT‚U SHZ WLYZVUHZ \Z\HYPHZ [PLULU KLYLJOV H! :LY [YH[HKHZ JVU LS KLIPKV YLZWL[V ` JVUZPKLYHJP}U 9LJPIPY PUMVYTHJP}U KL PU[LYtZ NLULYHS ` LZWLJxÄJH LU SVZ WYVJLKPTPLU[VZ X\L SLZ HMLJ[LU X\L ZL [YHTP[LU LU LZ[L *LU[YV +PYLJ[P]V KL THULYH WYLZLUJPHS [LSLM}UPJH PUMVYTm[PJH ` [LSLTm[PJH :LY VIQL[V KL \UH H[LUJP}U KPYLJ[H ` WLYZVUHSPaHKH

4+ 5¢ 5V]PLTIYL

7mNPUH HIPLY[H

*VUVJLY SH PKLU[PKHK KL SHZ H\[VYPKHKLZ M\UJPVUHYPVZ ` KLTmZ WLYZVUHS X\L [YHTP[HU SVZ WYVJLKPTPLU[VZ LU X\L ZLHU WHY[L (IZVS\[H JVUÄKLUJPHSPKHK JVUMVYTL H SH UVYTH[P]H ]P NLU[L KL SVZ KH[VZ TtKPJVZ WLYZVUHSLZ KLS KLWVY[PZ[H *\HSX\PLY V[YV X\L SL YLJVUVaJHU SH *VUZ[P[\JP}U ` SHZ 3L`LZ 0= :<.,9,5*0(: @ 9,*3(4(*065,: 0= 0 3PIYV KL :\NLYLUJPHZ ` 9LJSHTHJPVULZ 3H JP\KHKHUxH HUKHS\aH JVTV JSPLU[LZ L_[LYUVZ PU[LY UVZ [PLUL YLJVUVJPKV Z\ KLYLJOV H MVYT\SHY Z\NLYLU JPHZ ` YLJSHTHJPVULZ ZVIYL LS M\UJPVUHTPLU[V KL SVZ ZLY]PJPVZ WYLZ[HKVZ WVY SH (KTPUPZ[YHJP}U KL SH 1\U[H KL (UKHS\JxH ,S 3PIYV KL :\NLYLUJPHZ ` 9LJSHTHJPVULZ LZ [HTIPtU \U PUZ[Y\TLU[V X\L MHJPSP[H SH WHY[PJPWHJP}U KL [VKHZ SHZ WLYZVUHZ LU Z\Z YLSHJPVULZ JVU LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L `H X\L LZ[VZ W\LKLU WYLZLU[HY SHZ YLJSHTHJPVULZ VWVY[\UHZ J\HUKV JVUZPKLYLU OHILY ZPKV VIQL[V KL KLZH[LUJP}U [HYKHUaH V J\HSX\PLY V[YH HUVTHSxH HZx JVTV MVYT\SHY J\HU[HZ Z\NLYLUJPHZ LZ[P TLU JVU]LUPLU[LZ LU VYKLU H TLQVYHY SH LÄJHJPH KL SVZ ZLY]PJPVZ ,S 3PIYV KL :\NLYLUJPHZ ` 9LJSHTHJPVULZ ZL LUJ\LU[YH \IPJHKV LU MVYTH[V WHWLS LU [VKVZ SVZ 9LNPZ[YVZ KL KVJ\TLU[VZ KL SH 1\U[H KL (UKHS\JxH ;HTIPtU LZ[m KPZWVUPISL LU 0U[LYUL[ LU MVYTH[V LSLJ[Y}UPJV! ^^^ Q\U[HKLHUKHS\JPH LZ Q\Z[PJPH`HKTPUPZ[YHJPVUW\ISPJH SZY PUKL_ QZW 0= 00 -VYTHZ KL WYLZLU[HJP}U KL SHZ :\NLYLUJPHZ ` 9L JSHTHJPVULZ 8\PLULZ WYL[LUKHU MVYTHSPaHY \UH Z\NLYLUJPH V YLJSHTH JP}U WVKYmU OHJLYSV IPLU YLSSLUHUKV SHZ OVQHZ H\[VJVWPH [P]HZ KLS 3PIYV LU SVZ 9LNPZ[YVZ KL KVJ\TLU[VZ KL SH (K TPUPZ[YHJP}U KL SH 1\U[H (UKHS\JxH HZx JVTV LU SHZ KLTmZ MVYTHZ WYL]PZ[HZ LU LS HY[xJ\SV KL SH 3L` V IPLU WVY 0U[LYUL[ YLSSLUHUKV LS MVYT\SHYPV LSLJ[Y}UPJV LU SH WmNPUH ^LI! ^^^ Q\U[HKLHUKHS\JPH LZ Q\Z[PJPH`HKTP UPZ[YHJPVUW\ISPJH SZY PUKL_ QZW


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

:P SH Z\NLYLUJPH V YLJSHTHJP}U ZL YLHSPaH WVY 0U[LYUL[ ` ZL KPZWVUL KL \U JLY[PÄJHKV KPNP[HS LS MVYT\SHYPV ZL ÄYTHYm KPNP[HSTLU[L ` ZL WYLZLU[HYm LSLJ[Y}UPJHTLU[L ` KL MVYTH H\[VTm[PJH LU LS 9LNPZ[YV [LSLTm[PJV ‚UPJV KL SH 1\U[H KL (UKHS\JxH KLZKL SH TLUJPVUHKH WmNPUH ^LI :P ZL YLHSPaH WVY 0U[LYUL[ WLYV UV ZL KPZWVUL KL \U JLY[PÄJHKV KPNP[HS SH TPZTH KLILYm ZLY PTWYLZH LU WHWLS ÄYTHKH ` WYLZLU[HKH LU J\HSX\PLY 9LNPZ[YV KL KVJ\TLU[VZ KL SH (KTPUPZ[YHJP}U KL SH 1\U[H (UKHS\JxH ` LU SVZ (`\U[HTPLU[VZ HUKHS\JLZ HZx JVTV SHZ KLTmZ MVYTHZ WYL]PZ[HZ LU LS HY[xJ\SV KL SH 3L` KVUKL ZL KL]VS]LYm Z\ JVWPH ZLSSHKH

= 00 -VYTHZ KL HJJLZV ` [YHUZWVY[L ‹ (STLYxH! H\[VI‚Z \YIHUV 3xULH WHYHKH H T KLS ,Z[HKPV ,TPSPV *HTWYH 3xULH WHYHKH :HU 4PN\LS LU (]KH *HIV KL .H[H

0= 000 ;YHTP[HJP}U 3H 0UZWLJJP}U .LULYHS KL :LY]PJPVZ SSL]HYm LS JVU[YVS KL SHZ KLU\UJPHZ X\LQHZ Z\NLYLUJPHZ V YLJSHTHJPVULZ X\L WYL ZLU[LU SVZ JP\KHKHUVZ LU YLSHJP}U JVU LS M\UJPVUHTPLU[V KL SVZ ZLY]PJPVZ WYLZ[HKVZ WVY LS *LU[YV (UKHS\a KL 4L KPJPUH KLS +LWVY[L HU[L J\`V ZLY]PJPV ZL MVYT\S} SH Z\ NLYLUJPH V YLJSHTHJP}U JVYYLZWVUKPLU[L WHYH X\L HKVW[L SHZ TLKPKHZ X\L JVYYLZWVUKHU KLIPLUKV tZ[L UV[PÄJHY H X\PLU OPaV SH Z\NLYLUJPH V YLJSHTHJP}U LU LS WSHaV KL X\PUJL KxHZ SHZ HJ[\HJPVULZ YLHSPaHKHZ ` SVZ YLZ\S[HKVZ VI[LUPKVZ KmUKVZL J\LU[H [HTIPtU LU LS TPZTV WSHaV KL SV HJ[\HKV H SH 0UZWLJJP}U .LULYHS KL :LY]PJPVZ

‹ *mKPa! H\[VI‚Z \YIHUV ` [YLU KL JLYJHUxHZ 3xULH )HOxH :\Y (WHYJHTPLU[V WHYHKH KLS H\[V I‚Z H TL[YVZ 3xULH KL [YLU 1LYLa *mKPa HWLHKLYV H TL[YVZ

= +09,**065,: @ -694(: +, (**,:6 = 0 +PYLJJPVULZ WVZ[HSLZ [LSLM}UPJHZ ` [LSLTm[PJHZ ‹ (STLYxH! 0ZSH KL -\LY[L]LU[\YH KL[YmZ KLS ,Z[HKPV ,TP SPV *HTWYH Z U (STLYxH ;MUV! ‹ *mKPa! 7HZLV =PYNLU KLS *HYTLU Z U *VTWSLQV )HOxH :\Y :HU -LYUHUKV *mKPa ;MUV!

‹ *}YKVIH! H\[VI‚Z \YIHUV 3xULH 3xULH

‹ *}YKVIH! 7HILSS}U =PZ[HSLNYL W\LY[H VLZ[L 7SHaH =PZ[H (SLNYL Z U *}YKVIH ;MUV! ‹ .YHUHKH! /VZWP[HS :HU 1\HU KL +PVZ :HU 1\HU KL +PVZ Z U .YHUHKH ;MUV! ‹ /\LS]H! *P\KHK +LWVY[P]H KL /\LS]H (]KH 4HU\LS :P\YV[ Z U /\LS]H ;MUV ‹ 1HtU! 7HYX\L +LWVY[P]V 3H .HYaH 7HYHQL ,S (YKHS *H YYL[LYH 3H -LYUHUKPUH Z U 3PUHYLZ 1HtU ;MUV! ‹ 4mSHNH! 0UZ[HSHJPVULZ +LWVY[P]HZ KL *HYYHUX\L :HU[H 9VZH KL 3PTH 4mSHNH ;MUV! ‹ :L]PSSH :LY]PJPVZ *LU[YHSLZ ! *LU[YV KL (S[V 9LUKP TPLU[V 3H *HY[\QH 0ZSH KL SH *HY[\QH Z U .SVYPL[H KL )LH[YPa 4HUJO}U Z U :L]PSSH ;MUV! :LY]PJPVZ 4tKPJVZ! , THPS!JHTK J[K'Q\U[HKLHUKHS\JPH LZ

7mNPUH HIPLY[H

4+ 5¢ 5V]PLTIYL


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

‹ .YHUHKH! H\[VI‚Z \YIHUV 3xULH WHYHKH * .YHU *HWP[mU U¢ " H T KLS /VZ WP[HS :HU 1\HU KL +PVZ 3xULH * - WHYHKH LU * .YHU =xH U¢ " H T KLS /VZWP[HS :HU 1\HU KL +PVZ

‹ /\LS]H! H\[VI‚Z \YIHUV 3xULH AHMYH *VUX\LYV 6YKLU (S[H

‹ 1HtU! ]LOxJ\SV WHY[PJ\SHY *HYYL[LYH SH -LYUHUKPUH (JJLZV L_JS\ZP]V JVU ]LOxJ\ SV WHY[PJ\SHY

‹

4mSHNH! H\[VI‚Z \YIHUV 3xULH 3xULH 3xULH

‹

:L]PSSH! H\[VI‚Z \YIHUV 3xULH * 3xULH * 7HYHKH TmZ JLYJHUH LZ! ¸;LH[YV *LU[YHS KL 3H *HY[\QH¹

) +(;6: +,90=(+6: +, *6479640:6: +, *(30 +(+ @ +, 3( 5694(;0=( (730*()3, 0 *6479640:6: +, *(30+(+ 3VZ ZLY]PJPVZ WYLZ[HKVZ WVY LS *LU[YV (UKHS\a KL 4LKP JPUH KLS +LWVY[L YLJVNPKVZ LU LZ[H *HY[H ZL YLHSPaHYmU ` YLJVUVJLYmU JVUMVYTL H SVZ ZPN\PLU[LZ JVTWYVTPZVZ KL JHSPKHK! H *VU[YVSHY SH ZHS\K ` LS UP]LS KL YLUKPTPLU[V KLWVY[P]V KL SVZ KLWVY[PZ[HZ KL HS[H JVTWL[PJP}U KL (UKHS\JxH JVU TH`VY MYLJ\LUJPH X\L SH LZ[HISLJPKH LU SHZ UVY THZ KL WYV[LJJP}U KLS KLWVY[PZ[H I *VSHIVYHY JVU V[YHZ PUZ[P[\JPVULZ W‚ISPJHZ KL SH HKTP UPZ[YHJP}U KL SH 1\U[H KL (UKHS\JxH LU LS KLZHYYVSSV KL 7SHULZ ` V (J[P]PKHKLZ JVUJYL[HZ LU YLSHJP}U H SH WYV TVJP}U KLS LQLYJPJPV MxZPJV JVTV OmIP[V ZHS\KHISL LU \U TLKPV KL[LYTPUHKV SHIVYHS LZJVSHY L[J `H ZLH LU NLULYHS V LU WHY[PJ\SHY J (ZLZVYHY [tJUPJHTLU[L ` JVSHIVYHY JVU WYVWPL[HYPVZ KL PUZ[HSHJPVULZ KLWVY[P]HZ ` V VYNHUPaHKVYLZ KL L]LU[VZ KLWVY[P]VZ KL JHYmJ[LY SVJHS YLNPVUHS UHJPVUHS L PU

4+ 5¢ 5V]PLTIYL

7mNPUH HIPLY[H


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

[LYUHJPVUHS KL SVZ YLJ\YZVZ TH[LYPHSLZ ` WYVMLZPVUHSLZ TmZ HWYVWPHKVZ WHYH SH JVILY[\YH ZHUP[HYPH JVYYLZWVU KPLU[L

X 7YVWPJPHY SH MVYTHJP}U LZWLJPHSPaHKH ` JVU[PU\H KLS WLYZVUHS [tJUPJV KL SVZ JLU[YVZ JVU VIQL[V KL VMYLJLY SH TmZ HS[H JHSPKHK LU LS ZLY]PJPV

K =LSHY LU NLULYHS WVY NHYHU[PaHY HKLJ\HKHZ TLKPKHZ KL WYV[LJJP}U KL SH ZHS\K LU LS KLWVY[L PUJS\PKH SH S\JOH JVU[YH SH 4\LY[L :‚IP[H KLS +LWVY[PZ[H TLKPHU[L SH WYVTVJP}U KL WYVNYHTHZ KL HJJLZV W‚ISPJV H SH +LZ ÄIYPSHJP}U LU SHZ PUZ[HSHJPVULZ KLWVY[P]HZ HUKHS\aHZ

Y 9L]PZHY ` TLQVYHY LS TH[LYPHS TtKPJV KLWVY[P]V HU\HS TLU[L VMYLJPLUKV \UHZ PUZ[HSHJPVULZ HKLJ\HKHZ ` KV [HKHZ KL SVZ TLKPVZ ULJLZHYPVZ WHYH SH WYLZ[HJP}U KL U\LZ[YVZ ZLY]PJPVZ PUJS\`LUKV LS HJJLZV ` HKLJ\HJP}U KL SHZ PUZ[HSHJPVULZ H KLWVY[PZ[HZ JVU HSN\UH KPZJHWH JPKHK

L +HY JP[HZ WHYH YLJVUVJPTPLU[VZ LU M\UJP}U KL SHZ WL[P JPVULZ YLJPIPKHZ WYVJ\YHUKV X\L LS [PLTWV TLKPV KL LZWLYH UV ZVIYLWHZL SVZ KxHZ M :\TPUPZ[YHY LS PUMVYTL TtKPJV LU \U [PLTWV PUMLYPVY H KxHZ KLZKL SH YLHSPaHJP}U KLS YLJVUVJPTPLU[V TtKPJV N 7VULY H KPZWVZPJP}U KL JVSLNPVZ JS\ILZ ` MLKLYHJPV ULZ KLWVY[P]HZ SH <UPKHK 4}]PS KL :HS\K LU LS KLWVY[L WHYH SH YL]PZP}U NLULYHS ` WVKVS}NPJH KL Q}]LULZ WV [LUJPHSLZ KLWVY[PZ[HZ O ,SHIVYHY ` LKP[HY J\H[YPTLZ[YHSTLU[L \UH YL]PZ[H LZWL JPHSPaHKH LU 4LKPJPUH KLS +LWVY[L! 9L]PZ[H 4+ P *VU]VJHY NLZ[PVUHY ` JVUJLKLY HU\HSTLU[L H`\KHZ WHYH YLHSPaHJP}U KL WYV`LJ[VZ KL PU]LZ[PNHJP}U LU YLSH JP}U JVU SH TLKPJPUH KLS KLWVY[L

Z +HY H JVUVJLY HS TLUVZ HU\HSTLU[L SHZ LZ[HKxZ[PJHZ KL SVZ ZLY]PJPVZ WYLZ[HKVZ LU JHKH \UH KL SHZ ZLKLZ ` \UPKHKLZ KLS *LU[YV YLSHJPVUmUKVSHZ JVU SHZ KLS H|V HU[LYPVY [ ,SHIVYHY ` YLTP[PY ZLTHUHSTLU[L H SVZ \Z\HYPVZ PU[LYL ZHKVZ \U IVSL[xU KL UV[PJPHZ TtKPJHZ \ ,SHIVYHY ` THU[LULY HJ[\HSPaHKH SH IPISPV[LJH LZWLJPH SPaHKH KLS *LU[YV ` YLTP[PY TLUZ\HSTLU[L H SVZ \Z\HYPVZ PUMVYTHJP}U KL SHZ UV]LKHKLZ YLJPIPKHZ ] *VU]VJHY NLZ[PVUHY ` JVUJLKLY HU\HSTLU[L \U TxUP TV KL KVZ ILJHZ KL MVYTHJP}U L PU]LZ[PNHJP}U ^ 6YNHUPaHY ` NLZ[PVUHY KL MVYTH H\[}UVTH HS TLUVZ KVZ J\YZVZ HS H|V KL HS[V UP]LS MVYTH[P]V ZVIYL HZPZ[LU JPH TtKPJV KLWVY[P]H

Q +HY PUMVYTHJP}U PUTLKPH[H H SVZ \Z\HYPVZ KL MVYTH WYLZLUJPHS [LSLM}UPJH ` [LSLTm[PJH YLSHJPVUHKH JVU SH 4LKPJPUH LU LS +LWVY[L

00 05+0*(+69,:

R -HJPSP[HY LS HZLZVYHTPLU[V TtKPJV KLWVY[P]V ` YLHSPaHY \UH H[LUJP}U WLYZVUHSPaHKH HS TH`VY U‚TLYV KL KL WVY[PZ[HZ WVZPISL

*VU LS ÄU KL ]LYPÄJHY LS UP]LS VI[LUPKV LU LS J\TWSPTPLU[V KL SVZ JVTWYVTPZVZ HKX\PYPKVZ LU LZ[H *HY[H WVY LS *LU [YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L ZL LZ[HISLJLU SVZ ZPN\PLU[LZ PUKPJHKVYLZ KLS UP]LS KL JHSPKHK ` LÄJHJPH KL SVZ ZLY]PJPVZ WYLZ[HKVZ WVY LZ[L *LU[YV!

S +HY YLZW\LZ[H LU \U WSHaV PUMLYPVY H KxHZ H SHZ WL[PJPV ULZ KL ZLY]PJPVZ TtKPJVZ PU[LYW\LZ[HZ WVY MH_ V JVYYLV LSLJ[Y}UPJV T -HJPSP[HY LS HJJLZV H IHZLZ KL KH[VZ W\ISPJHJPVULZ V J\HSX\PLY V[YH OLYYHTPLU[H KL SHZ X\L KPZWVUL LS *LU [YV ` X\L TLQVYL SH PUMVYTHJP}U KLS \Z\HYPV LU TLUVZ KL KxHZ U 9LK\JPY LS [PLTWV TLKPV KL LZ[HUJPH WHYH \U YLJVUVJP TPLU[V TtKPJV PU[LNYHS KLS KLWVY[PZ[H H \U Tm_PTV KL OVYHZ V -HJPSP[HY H SVZ KLWVY[PZ[HZ SH YLHSPaHJP}U L_[LYUH KL WY\LIHZ X\L UV W\LKHU SSL]HYZL H JHIV LU LS JLU[YV ` ZLHU ULJLZHYPHZ WHYH Z\ KPHNU}Z[PJV W -HJPSP[HY H SVZ KLWVY[PZ[HZ SH WVZPIPSPKHK KL VI[LULY \UH ZLN\UKH VWPUP}U KL Z\ KPHNU}Z[PJV H [YH]tZ KL JVUZ\S [VYLZ J\HUKV HZx SV LZ[PTLU SVZ ZLY]PJPVZ TtKPJVZ KLS JLU[YV

H 5‚TLYV KL KLWVY[PZ[HZ KL HS[V UP]LS V HS[V YLUKPTPLU[V WYVNYHTH ,Z[YLSSH JS\ILZ WYVMLZPVUHSLZ ` -LKLYHJPV ULZ 0U[LYUHJPVUHSLZ H SVZ X\L ZL SLZ YLHSPa} \U YLJVUV JPTPLU[V TtKPJV KLWVY[P]V JVU TLUVY MYLJ\LUJPH X\L SH LZ[HISLJPKH I 5‚TLYV KL WSHULZ ` HJ[P]PKHKLZ YLHSPaHKHZ WHYH SH WYV TVJP}U KLS LQLYJPJPV MxZPJV JVTV OmIP[V ZHS\KHISL J 5‚TLYV KL HZLZVYHTPLU[VZ [tJUPJVZ ZHUP[HYPVZ YLHSPaH KVZ H WYVWPL[HYPVZ KL PUZ[HSHJPVULZ KLWVY[P]HZ ` V VY NHUPaHKVYLZ KL L]LU[VZ KLWVY[P]VZ KL JHYmJ[LY SVJHS K 5‚TLYV KL 0UMVYTLZ YLHSPaHKVZ LU YLSHJP}U JVU SH WYV [LJJP}U KL SH ZHS\K LU LS KLWVY[L ` SH WYVTVJP}U KL WYVNYHTHZ KL HJJLZV W‚ISPJV H SH +LZMYPIPSHJP}U LU SHZ PUZ[HSHJPVULZ KLWVY[P]HZ L 5‚TLYV KL JP[HZ H[LUKPKHZ LU [PLTWV TLKPV KL KxHZ LU YLSHJP}U JVU SHZ WL[PJPVULZ YLHSPaHKHZ

7mNPUH HIPLY[H

4+ 5¢ 5V]PLTIYL


*VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L *HY[H KL :LY]PJPVZ KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L WmNZ

M 5 TLYV KL PUMVYTLZ LU[YLNHKVZ LU WSHaV PUMLYPVY H KxHZ LU YLSHJP}U JVU LS [V[HS KL PUMVYTLZ LU[YLNHKVZ

_ 5 TLYV KL YL]PZPVULZ OPNPtUPJV ZHUP[HYPHZ YLHSPaHKHZ HU\HSTLU[L LU SHZ PUZ[HSHJPVULZ

N ;PLTWV TLKPV KL LTPZP}U KL PUMVYTLZ [YHZ SH YLHSPaH JP}U KLS YLJVUVJPTPLU[V TtKPJV

` 5 TLYV KL ILJHZ JVU]VJHKHZ ` JVUJLKPKHZ

O 5 TLYV KL Q}]LULZ X\L WHZHYVU YL]PZP}U LU SH <UPKHK 4}]PS KL :HS\K LU LS +LWVY[L P 5 TLYV W\ISPJHKVZ HU\HSTLU[L KL SH YL]PZ[H 4+ 4L KPJPUH KLS +LWVY[L

a 5 TLYV KL HJ[P]PKHKLZ MVYTH[P]HZ KL HS[V UP]LS TtKP JV ZHUP[HYPV YLHSPaHKHZ KPYLJ[HTLU[L WVY LS JLU[YV

+(;6: +, *(9Í*;,9 *6473,4,5;(906 0 /69(906: @ 6;96: +(;6: +, 05;,9i:

Q 5 TLYV KL WYV`LJ[VZ KL PU]LZ[PNHJP}U Z\I]LUJPVUH KVZ R 5 TLYV KL JVUZ\S[HZ WYLZLUJPHSLZ ` [LSLM}UPJHZ H[LU KPKHZ LU YLSHJP}U JVU LS [V[HS KL SHZ YLJPIPKHZ S 5 TLYV KL JVUZ\S[HZ H[LUKPKHZ WVY MH_ ` JVYYLV LSLJ [Y}UPJV JVU YLZWLJ[V HS [V[HS KL SHZ YLJPIPKHZ T 5 TLYV KL KLWVY[PZ[HZ H SVZ X\L ZL SLZ OPaV HSN U [PWV KL YL]PZP}U TtKPJH LU LS *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L U 5 TLYV KL JVUZ\S[HZ KL IHZLZ KL KH[VZ ` KL W\ISPJH JPVULZ YLHSPaHKHZ LU LS *LU[YV KL +VJ\TLU[HJP}U LU TLUVZ KL KxHZ LU YLSHJP}U HS [V[HS KL SHZ YLJPIPKHZ

0 0 /VYHYPVZ KL H[LUJP}U HS W ISPJV +L O H O KL S\ULZ H ]PLYULZ LU [VKVZ SVZ JLU[YVZ WYL]PH JP[H ` ZHS]V JVUZ\S[HZ \YNLU[LZ ` KL O H O KL S\ULZ H Q\L]LZ Z}SV LU LS *LU[YV 4tKPJV KL :L]PSSH 0 00 6[YVZ KH[VZ KL PU[LYtZ! 7mNPUH >LI KLS *LU[YV (UKHS\a KL 4LKPJPUH KLS +L WVY[L WLYTP[L YLHSPaHY JVUZ\S[HZ KL MVYTHJP}U WLYZV UHS PUZ[HSHJPVULZ JLU[YV KL KVJ\TLU[HJP}U ` MVYV KL VWPUP}U ZVIYL KP]LYZVZ [LTHZ KL KLIH[L! O[[W! ^^^ J[JK Q\U[H HUKHS\JPH LZ PU]LZ[PNHKVY KLWVY[L TLKPJP UH+LW QZW

W 5 TLYV KL WY\LIHZ L_[LYUHZ LUJHYNHKHZ WVY LS JLU[YV

(JJLZV KPYLJ[V HS MVYTH[V LSLJ[Y}UPJV KL SH 9L]PZ [H KL KP]\SNHJP}U JPLU[xÄJH KL 4LKPJPUH KLS +L WVY[L 4+! O[[W! ^^^ Q\U[HKLHUKHS\JPH LZ [\YPZ TVJVTLYJPV`KLWVY[L HIZ`Z HI^JIW L_L 3 ; +&(**$+09 ,?7$ [P[U

X 5 TLYV KL ZLZPVULZ JSxUPJHZ JLSLIYHKHZ WHYH KPHNU}Z [PJVZ KL ZLN\UKH VWPUP}U

:LY]PJPV KL PUMVYTHJP}U H [YH]tZ KLS JVYYLV LSLJ[Y}UPJV! JHTK J[JK'Q\U[HKLHUKHS\JPH LZ

V ;PLTWV TLKPV KL LZ[HUJPH KLS KLWVY[PZ[H LU \U YLJV UVJPTPLU[V PU[LNYHS

Y 5 TLYV KL J\YZVZ MVYTHJP}U JVU[xU\H YLHSPaHKVZ WVY LS WLYZVUHS [tJUPJV KL SVZ JLU[YVZ Z 7VYJLU[HQL KL 0U]LYZPVULZ WHYH Z\TPUPZ[YV KL TH[LYPHS TtKPJV KLWVY[P]V KL SVZ KPMLYLU[LZ JLU[YVZ KL (UKHS\ JxH JVU YLZWLJ[V HS [V[HS KL PU]LYZPVULZ YLHSPaHKHZ [ 7VYJLU[HQL KL H\TLU[V V KPZTPU\JP}U KL ZLY]PJPVZ WYLZ[HKVZ LU LS H|V JVU YLSHJP}U HS HU[LYPVY \ 5 TLYV KL 5V[PJPHYPVZ KL 4LKPJPUH KLS +LWVY[L W\ISP JHKVZ ` LU]PHKVZ ] 5 TLYV KL W\ISPJHJPVULZ ` TH[LYPHS KP]\SNH[P]V LSH IV YHKV ^ 5 TLYV KL JVT\UPJHJPVULZ YLHSPaHKHZ HJLYJH KL W\ ISPJHJPVULZ YLJPIPKHZ ` KPZWVUPISLZ LU SH IPISPV[LJH KLS JLU[YV

4+ 5¢ 5V]PLTIYL

7mNPUH HIPLY[H


<UPKHK KL -VYTHJP}U ` +VJ\TLU[HJP}U ØS[PTHZ HKX\PZPJPVULZ +VZZPLYLZ [LTm[PJVZ 5\L]VZ 7YVK\J[VZ +VJ\TLU[HSLZ 5VZ PU[LYLZH

Ø3;04(: (+8<0:0*065,: :JOVVS OLHS[O ZLY]PJLZ HUK WYVNYHTZ 1\SPH .YHOHT 3LHY :[L WOLU 3 0ZHHJZ 1HTLZ 9 2UPJRTHU 5L^ 1LYZL`! 1VZZL` )HZZ W " JT 0:)5 9LMLYLUJPH! *(4+

6MYLJL \UH PU[YVK\JJP}U H SVZ JVTWVULU[LZ KL SVZ WYVNYH THZ HJLY[HKVZ KL SH ZHS\K KL SH LZJ\LSH ,Z[H VIYH HJLU[‚H SH YLSHJP}U LU[YL SH ZHS\K KL SH LZJ\LSH ` SH ZHS\K KL SH JV T\UPKHK ` SH PTWVY[HUJPH KL SH WVSx[PJH IHZHKH LU LZ[YH [LNPHZ X\L ZL KPYPNLU H TLQVYHY SH ZHS\K KL UP|VZ 9LWHZH JVUJLW[VZ ImZPJVZ LU ZHS\K WYVWVYJPVUH \UH WLYZWLJ[P]H ` \U HUmSPZPZ OPZ[}YPJV YLWHZH LS WHWLS KL SHZ LUMLYTLYHZ ` L_HTPUH SH ZPNUPÄJHJP}U KL SVZ ZLY]PJPVZ TtKPJVZ KL SH LZJ\LSH LU WVISHJPVULZ ]\SULYHISLZ

-P[ULZZ HJ\m[PJV ! \UH ZLZP}U KL LQLYJPJPVZ JVTWSL[H KL IHQV PT WHJ[V WHYH LS J\LYWV 4PTP 9VKYx N\La (KHTP ;YLZ *HU[VZ 4HKYPK ! )S\TL JVW W ! PS " JT 4LUZ ZHUH PU JVYWVYL ZHUV 0:)5 9LMLYLUJPH! *(4+ 7SHU[LH \UH U\L]H ` LÄJHa MVYTH KL LQLYJP[HYZL LU LS HN\H (IVYKH LQLYJPJPVZ HLY}IPJVZ ` KL LZ[PYHTPLU[V MVY[HSLJP TPLU[V ` YLSHQHJP}U X\L WLYTP[LU [VUPÄJHYZL WLYKLY WLZV ` ZLU[PYZL TLQVY ,_WSPJH LQLYJPJPVZ KL IHQV PTWHJ[V ` KP ]LY[PKVZ HKLJ\HKVZ WHYH [VKV [PWV KL WLYZVUHZ HS ZLY T\` HKLJ\HKVZ JVTV LU[YLUHTPLU[V JVTWSLTLU[HYPV :L HÄYTH X\L LS HN\H OHJL X\L LS J\LYWV [YHIHQL TmZ X\L LU [PLYYH ` ZL X\LTHYmU TmZ JHSVYxHZ LU TLUVZ [PLTWV 0KLHS WHYH WPZ JPUH V THY LS SPIYV WYVWVUL HZPTPZTV ZLZPVULZ KL YLSHQHJP}U PUZWPYHKHZ LU [tJUPJHZ VYPLU[HSLZ

*HYKPVSVNxH KLS KLWVY[L JVVYKP UHKVY 7LKYV 4HUVULSSLZ 4HYX\L[H " KPYLJ[VYLZ (YHJLSP )VYHP[H 7tYLa ,TPSPV 3\LUNV -LYUmUKLa *HYSVZ 7VUZ KL )LYPZ[HPU )HYJLSVUH! 5L_\Z 4tKPJH W ! PS " JT + 3 ) 0:)5 9LMLYLUJPH! *(4+ 7SHU[LH KL MVYTH NSVIHS [VKV LS PU[LYtZ X\L Z\ZJP[H SH JHY KPVSVNxH LU LS mTIP[V KL SH HJ[P]PKHK MxZPJH ` LS KLWVY[L +H \U YLWHZV H [VKVZ SVZ mTIP[VZ KL SH JHYKPVSVNxH KLS KLWVY[L KL[LUPtUKVZL LU SH T\LY[L Z‚IP[H KLS KLWVY[PZ[H HIHYJHUKV [VKVZ Z\Z HZWLJ[VZ X\L [HU[V WYLVJ\WHU [HU[V HS JHYKP}SV NV JVTV HS TtKPJV KLS KLWVY[L :L [YH[H KL \UH VIYH X\L KLIL MVYTHY WHY[L KLS IHNHQL IPISPVNYmÄJV KL SVZ TtKPJVZ X\L ZL KLKPJHU HS [YHIHQV KLS KLWVY[PZ[H JVU PUKLWLUKLUJPH KL Z\ LZWLJPHSPKHK

.\xH KL U\[YPJP}U KLWVY[P]H KL 5HUJ` *SHYR 5HUJ` *SHYR )HKH SVUH )HYJLSVUH ! 7HPKV[YPIV W ! PS " JT 0:)5 9LMLYLUJPH! *(4+

-HJPSP[H WH\[HZ WHYH LS H\TLU[HY SH LULYNxH YLK\JPY LS LZ [YtZ WLYKLY NYHZH JVYWVYHS KLZHYYVSSHY T‚ZJ\SV ` TLQVYHY LS YLUKPTPLU[V 7YVWVYJPVUH ZVS\JPVULZ WYmJ[PJHZ WHYH JVTLY ` ZLU[PYZL IPLU JVU[YVSHY LS WLZV KPZWVULY KL LULYNxH K\YHU[L [VKH SH QVYUHKH ` KPZMY\[HY JVU SH JVTPKH H\UX\L ZL SSL]L \U LZ[PSV KL ]PKH LZ[YLZHU[L ` ZL KPZWVUNH KL WVJV [PLTWV WHYH JVTLY ` WYLWHYHY SH JVTPKH +PYPNPKH [HU[V HS KLWVY[PZ[H KL tSP[L JVTV H SH WLYZVUH X\L YLHSPaH HJ[P]PKHK MxZPJH KL MVYTH LZWVYmKPJH WLYV KLZLH HSPTLU[HYZL JVYYLJ[HTLU[L

<UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U

4+ 5¢ 5V]PLTIYL


(UH[VTPJHS N\PKL MVY [OL LSLJ[YVT `VNYHWOLY! [OL SPTIZ HUK [Y\UR (SKV 6 7LYV[[V" PS\Z[YHKV WVY 7O`SSPZ ) /HTTVUK (SKV 6 7LYV[[V ` /\NO ;OVTHZ ¡ LK :WYPUNÄLSK! *OHYSLZ * ;OVTHZ ?= W ! PS " JT 0:)5

,JVJHYKPVNYHMxH! WHYH SH [VTH KL KLJPZPVULZ JSxUPJHZ KPYLJ[VY +HUPLS 1 7P|LPYV" JVKPYLJ[VYLZ 4PN\LS / )\Z[HTHU[L 3HIHY[H BL[ HS D 4H KYPK! 4tKPJH 7HUHTLYPJHUH B D ??00 W ! PS JVS NYmM" JT 0:)5 ? 9LMLYLUJPH! *(4+

9LMLYLUJPH! *(4+

7YVWVYJPVUH PUMVYTHJP}U HUH[}TPJH ` M\UJPVUHS LUYPX\LJL SH JHWHJPKHK KPHNU}Z[PJH ` WYVU}Z[PJH ` HWVY[H LSLTLU [VZ T\` PTWVY[HU[LZ WHYH SH LSLJJP}U ` JVU[YVS KLS [YH[H TPLU[V ,Z[H VIYH KL JVUZ\S[H LZ[m YPJHTLU[L PS\Z[YHKH ` LZ[m KPYPNPKH [HU[V HS LZWLJPHSPZ[H LU SH KPZJPWSPUH JVTV HS JHYKP}SVNV NLULYHS PU[LYLZHKV LU LZ[H TL[VKVSVNxH ` WHY[PJ\SHYTLU[L LU Z\ \[PSPKHK LU KPMLYLU[LZ LZJLUHYPVZ JSxUPJVZ ,Z[m VYNHUPaHKH LU ZPL[L WHY[LZ ` J\H[YV HWtU KPJLZ .YHU H`\KH WHYH SH [VTH KL KLJPZPVULZ JSxUPJHZ

.\xH X\L LZ[\KPH SVZ T‚ZJ\SVZ KL SHZ L_[YLTPKHKLZ ` KLS [YVUJV 7YLZLU[H IYL]L KLZJYPWJP}U ` KPHNYHTH WHYH JHKH T‚ZJ\SV :L PUJS\`L \U KPHNYHTH ZLJJPVUHKV [YHUZ]LYZHS TLU[L WHYH SVZ T‚ZJ\SVZ PUKP]PK\HSLZ LU SVZ TPLTIYVZ ` LS [YVUJV JVU LS ÄU KL VYPLU[HY HS SLJ[VY LU SH JVSVJHJP}U KL SVZ LSLJ[YVKVZ :HILY SH THULYH M\UJPVUHS KL SH J\HS JHKH T‚ZJ\SV HJ[‚H H`\KHYm H HUHSPaHY ` H LU[LUKLY TLQVY SVZ YL Z\S[HKVZ KL SH LSLJ[YVTPVNYHMxH 3H [tJUPJH WHYH SH PUZLYJP}U KLS LSLJ[YVKV ZL OH KLZJYP[V LU KL[HSSL WHYH L]P[HY LYYVYLZ JVT\ULZ LU LZ[L WYVJLKPTPLU[V +L[LYTPUHU[LZ KL SH WYmJ[PJH KL SH HJ[P]PKHK MxZPJH! IHZLZ M\UKHTLU [VZ ` HWSPJHJPVULZ (SMVUZV 1PTt ULa 4HY[H 4VU[PS JVVYKPUHKVYLZ 4HKYPK! +`RPUZVU W ! PS " JT

;YHUZPJP}U HLY}IPJH HUHLY}IPJH! JVUJLW[V TL[VKVSVNxH KL KL[LY TPUHJP}U ` HWSPJHJPVULZ 1VZt 3}WLa *OPJOHYYV +PYLJ[VY :\ZHUH (aUHY 3HxU BL[ HS D 4HKYPK! 4HZ[LY 3PUL 7YVKPNPV W " JT )PISPVNYHMxH + 3 4 0:)5 9LMLYLUJPH! *(4+ (JLYJH KLS JVUJLW[V TL[VKVSVNxH KL KL[LYTPUHJP}U ` HWSP JHJPVULZ LZ[L SPIYV HJ[\HSPaH LS JVUVJPTPLU[V JPLU[xÄJV KL \UV KL SVZ [LTHZ TmZ H[YHJ[P]VZ ` KL TH`VY HWSPJHIPSPKHK LU SH ÄZPVSVNxH KLS LQLYJPJPV LU LS LU[YLUHTPLU[V KLWVY[P]V ` LU SH JSxUPJH TtKPJH :\Z H\[VYLZ IHQV SH KPYLJJP}U KL 1VZt 3}WLa *OPJOHYYV PUJVYWVYHU LU LZ[H LKPJP}U SHZ U\L ]HZ PU]LZ[PNHJPVULZ ZVIYL SVZ TLJHUPZTVZ X\L NVIPLYUHU SH [YHUZPJP}U LU SH WYVK\JJP}U LULYNt[PJH KLZKL SVZ LQLYJPJPVZ KL SPNLYH ` TVKLYHKH PU[LUZPKHK OHJPH SHZ HJ[P]PKHKLZ X\L YLX\PLYLU \UH TH`VY WV[LUJPH (`\KHZ LYNVNtUPJHZ! Z\Z[HUJPHZ X\L W\LKLU TLQVYHY LS YLUKPTPLU [V KLWVY[P]V 1H]PLY (SVUZV (SMVU ZLJH" JVSHIVYHKVYHZ (TLSPH 4VSPUH 4LSLYV *HYTLU =HYNHZ *VYaV ¡ LK :L]PSSH! *VUZLQLYxH KL ;\YPZTV *VTLYJPV ` +LWVY[L W " JT KPZJV JVTWHJ[V + 3 :, *VVYKPUHJP}U KL SH LKPJP}U! *LU[YV (UKHS\a KL 4LKPJPUH KLS +LWVY[L 9LMLYLUJPH! *(4+ ,Z[H W\ISPJHJP}U ZL JVUJPIL JVU LS VIQL[P]V KL ZLY \UH N\xH ZVIYL LS \ZV KL H`\KHZ LYNVNtUPJHZ LU LS KLWVY [L *VU LSSH ZL WYL[LUKL HWVY[HY S\a LU LS JVUVJPTPLU[V ` \ZV YHJPVUHS KL SVZ Tt[VKVZ JVUVJPKVZ L]P[HUKV SH [VTH PUULJLZHYPH KL Z\Z[HUJPHZ PULÄJHJLZ V WLYQ\KPJPHSLZ WHYH SH ZHS\K ` HZLZVYHUKV LU LS LTWSLV KL HX\LSSHZ V[YHZ X\L YLHSTLU[L W\LKHU HWVY[HY \U ILULÄJPV WHYH LS KLWVY[PZ[H

4+ 5¢ 5V]PLTIYL

<UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U

+ 3 :, 0:)5 9LMLYLUJPH! *(4+ :L HUHSPaHU J\mSLZ ZVU SVZ WYPUJPWHSLZ KL[LYTPUHU[LZ X\L JVUKPJPVUHU SH PUJVYWVYHJP}U H SH WYmJ[PJH KL SH HJ[P]PKHK MxZPJH HZx JVTV SH HKOLZP}U H SH TPZTH WVY WHY[L KL SH WV ISHJP}U (ZPTPZTV ZL HUHSPaHU SVZ U\TLYVZVZ ILULÄJPVZ KL SH WYmJ[PJH KLS LQLYJPJPV MxZPJV ` ZL LZ[\KPHU SVZ OmIP[VZ KL SVZ LZWH|VSLZ HU[L LS KLWVY[L +LZ[HJH \UH PTWVY[HU[L VYPLU[H JP}U WYmJ[PJH H [YH]tZ KL SHZ YLJVTLUKHJPVULZ X\L ZL YLHSP aHU WHYH SVZ KP]LYZVZ NY\WVZ KL WVISHJP}U

*\YZV KL YLZ\JP[HJP}U JHYKPVW\S TVUHY PUZ[Y\TLU[HS ` KLZMYPIPSHJP}U ZLTPH\[VTm[PJH! WYVNYHTH KL LTLYNLUJPHZ ` YLZ\JP[HJP}U 7SHU 5HJPVUHS KL 9*7 5 7LYHSLZ 9V KYxN\La KL =PN\YP BZ S D! :,40*@<*! ,KPRHTLK! 9*7 W ! PS JVS" JT 0:)5 9LMLYLUJPH! *(4+ 9LJVNL SVZ M\UKHTLU[VZ ` SHZ [tJUPJHZ KL SH 9*7 0UZ[Y\ TLU[HS ` KL SH KLZÄIYPSHJP}U ZLTPH\[VTm[PJH KL HJ\LYKV JVU SHZ 9LJVTLUKHJPVULZ KLS KLS ,\YVWLHU 9LZ\Z JP[H[PVU *V\UJPS (WVY[H HS WYVMLZPVUHS ZHUP[HYPV UV LZWL JPHSPZ[H [VKH SH PUMVYTHJP}U ULJLZHYPH WHYH LUMYLU[HYZL HS [YH[HTPLU[V PUPJPHS KL \UH 7*9 OHZ[H X\L SSLN\L \U LX\PWV HZPZ[LUJPHS TmZ L_WLY[V ,Z[L SPIYV LZ LS [L_[V VÄJPHS KL SVZ J\YZVZ KL 9*7 0UZ[Y\TLU[HS ` +LZÄIYPSHJP}U :LTPH\ [VTm[PJH KLS 7SHU 5HJPVUHS KL 9*7 KL SH :,40*@<*


7SHUUPUN OLHS[O WYVTV[PVU WYV NYHTZ! HU PU[LY]LU[PVU THWWPUN HWWYVHJO 3 2H` )HY[OVSVTL^ BL[ HS D ¡ LK :HU -YHUJPZJV! 1VZ ZL` )HZZ 3;+ 7\ISPZOLYZ ??0= W ! NYmM " JT 0:)5

:LHYJO MVY [OL WLYMLJ[ Z^PUN! ;OL 7YV]LU :JPLU[PÄJ (WWYVHJO [V -\U KHTLU[HSS` 0TWYV]PUN @V\Y .HTL (SHZ[HPY *VJOYHU 1VOU :[VIIZ *OPJHNV 0SSPUVPZ ! ;YP\TWO B D W ! PS " JT 0:)5

9LMLYLUJPH! *(4+

9LMLYLUJPH! *(4+

+L HJ\LYKV JVU \U HJLYJHTPLU[V WYmJ[PJV LZ[L [L_[V WYL ZLU[H \UH ZLYPL KL WHZVZ ` KL WYVJLKPTPLU[VZ LZWLJxÄJVZ WHYH KLZHYYVSSHY SVZ WYVNYHTHZ KL SH LK\JHJP}U ` KL SH WYV TVJP}U KL ZHS\K IHZHKVZ LU [LVYxH YLZ\S[HKVZ LTWxYPJVZ ` KH[VZ :L [YH[H KL \UH OLYYHTPLU[H WYmJ[PJH WHYH VJ\WHY ZL KL SVZ WYVISLTHZ KL ZHS\K W‚ISPJH TmZ JVTWSLQVZ [HSLZ JVTV :0+( [HIHJV ]PVSLUJPH L[J

+LZPNUPUN HUK JVUK\J[PUN OLHS[O Z\Y]L`Z! H JVTWYLOLUZP]L N\PKL 3\ (UU (KH` 3SL^LSS`U 1 *VYULSP\Z ¡ LK :HU -YHUJPZJV! 1VZZL` )HZZ 3;+ 7\ISPZOLYZ ? W " JT 0:)5 9LMLYLUJPH! *(4+

:L HUHSPaH SH L]VS\JP}U KLS NLZ[V [tJUPJV KLS NVSM KLZKL Z\Z PUPJPVZ 4VKLSH UV Z}SV LS TV]PTPLU[V KLS NVSÄZ[H LS [YHIHQV T\ZJ\SHY SH HJJP}U KL SHZ T\|LJHZ ZPUV [HTIPtU LS KL SH IVSH HUmSPZPZ KL [YH`LJ[VYPHZ LMLJ[V KL SH M\LYaH HLYVKPUm TPJH ` LS WHSV WLZV ` SVUNP[\K ÅL_PIPSPKHK ;HTIPtU UVZ YLÅLQH SHZ WVZPISLZ JVUZLJ\LUJPHZ KL \UH WYmJ[PJH \ HJJP}U PUJVYYLJ[H 7YLZLU[H \UH PU[YVK\JJP}U X\L [YH[H SVZ TmZ UV ]LKVZVZ H]HUJLZ [LJUVS}NPJVZ LU LS NVSM X\L H`\KHU H TL QVYHY LS Q\LNV KL NVSÄZ[HZ LU J\HSX\PLY UP]LS

7ZPJVSVNxH ` KLWVY[L ,UYPX\L 1H ]PLY .HYJtZ KL SVZ -H`VZ 9\Pa (\YL SPV 6STLKPSSH AHMYH 7LKYV 1HYH =LYH 4\YJPH! +PLNV 4HYxU W ! PS " JT + 3 4< 0:)5 0:)5 9LMLYLUJPH! *(4+

,Z[H LKPJP}U JVUZVSPKHYm LS LZ[HKV KL WYLWHYHJP}U WHYH KP ZL|HY SHZ LUJ\LZ[HZ ZVIYL SH HS[H JHSPKHK LU SH ZHS\K +PI\QH LU SH PU]LZ[PNHJP}U TL[VKVS}NPJH \U KPZL|V KLS L_HTLU LU NLULYHS ` KLS HSTHJLUHTPLU[V KL SHZ WLUL[YHJPVULZ ` KL SHZ PTWSPJHJPVULZ WYVWVYJPVUHKHZ WVY SH PU]LZ[PNHJP}U JVNUVZJP [P]H ZVIYL SH WYLN\U[H ` LS KPZL|V KLS J\LZ[PVUHYPV (KLTmZ [YLZ U\L]VZ LZ[\KPVZ IHZHKVZ LU UHJPVUHS PU[LYUHJPVUHS ` LZ[HKV SVJHS L_HTPUHU SHZ LUJ\LZ[HZ ZVIYL LS PUKPJHKVY KL SH <UPJLM LUJ\LZ[H ZVIYL LU[YL]PZ[H KL SH ZHS\K KL *HSPMVY UPH ` SH ULNSPNLUJPH KLU[HS UHJPVUHS

:L KLZJYPILU SVZ HZWLJ[VZ M\UKHTLU[HSLZ LU[YL SH WZPJVSV NxH ` LS KLWVY[L KLZKL \UH WLYZWLJ[P]H OPZ[}YPJH ` TL[V KVS}NPJH ` KL HJ[\HSPaHJP}U KL SVZ [}WPJVZ JSH]L WYVJLZVZ TV[P]HJPVUHSLZ LUMVX\LZ H[LUJPVUHSLZ ` JVUJLU[YHJP}U HUZPLKHK LZ[HKV KL Ã…VY¯ :\ HWVY[HJP}U TmZ ZPNUPÄJH[P]H LZ LS [YH[HTPLU[V HTWSPV KL SHZ KPMLYLU[LZ HWSPJHJPVULZ KL SH WZPJVSVNxH KLS KLWVY[L LU SH HJ[\HSPKHK :\WVUL \UH OL YYHTPLU[H X\L VMYLJL \UH L_WSPJHJP}U JVUJLW[\HS PU[LNYHKH HZx JVTV LZ[YH[LNPHZ WZPJVS}NPJHZ M\UKHTLU[HSLZ WHYH \UH TLQVY PU[LY]LUJP}U WYVMLZPVUHS LU LS mTIP[V KL SH HJ[P]PKHK MxZPJH ` KLS KLWVY[L

-VV[IHSS [YH\TH[VSVN` J\YYLU[ JVU JLW[Z ! MYVT WYL]LU[PVU [V [YLH[ TLU[ 7 =VSWP 4PSmU! :WYPUNLY =LY SHN W ! PS " JT 0:)5 0:)5 9LMLYLUJPH! *(4+

3VZ [PWVZ KL SLZPVULZ HZVJPHKHZ HS M‚[IVS OHU ]HYPHKV JVU SVZ H|VZ ` LZ[mU LU H\TLU[V KLIPKV H JHTIPVZ PTWVY[HU[LZ +LIPKV HS H\TLU[V KL SH PU[LUZPKHK ` SH ]LSVJPKHK KLS Q\LNV SVZ Tt[VKVZ KL LU[YLUHTPLU[V TVKLYUVZ ` SHZ PUUV]HJPV ULZ [tJUPJHZ ` [mJ[PJHZ L_PZ[LU TmZ WYVIHIPSPKHKLZ KL X\L H\TLU[L LS YPLZNV KL OLYPKHZ [YH\Tm[PJHZ *VU LZ[H VIYH M\[IVSPZ[HZ LU[YLUHKVYLZ ` LS WLYZVUHS TtKPJV KLS KLWVY[L LUJVU[YHYm HI\UKHU[L PUMVYTHJP}U ` JVUVJPTPLU[V ZVIYL SHZ SLZPVULZ [YH\Tm[PJHZ HZVJPHKHZ JVU LS M‚[IVS

<UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U

4+ 5¢ 5V]PLTIYL


+VZZPLYLZ [LTm[PJVZ /RV GRVVLHUHV WHPiWLFRV FRQVWLWX\HQ XQD VHOHFFLyQ GH GRFXPHQWDFLyQ UHOHYDQWH \ DFWXDOL]DGD (ODERUDGRV SDUD VDWLVIDFHU ODV QHFHVLGDGHV HVSHFt¿FDV GH LQIRUPDFLyQ GH QXHVWURV XVXDULRV OD FRQIHFFLyQ GH GRVVLHUHV VXSRQH XQ HVIXHU]R LPSRUWDQWH SDUD QXHVWURV GRFXPHQWDOLVWDV \D TXH VH FRPSRQHQ GH UHIHUHQFLDV ELEOLRJUi¿FDV DUWtFXORV D WH[WR FRPSOHWR QRWLFLDV GH SUHQVD HQODFHV GH LQWHUpV « ORFDOL]DGDV HQ IXHQWHV LPSUHVDV \ HOHFWUyQLFDV GH GLYHUVD UHFXUVRV SURSLRV EDVHV GH GDWRV LQWHUQHW LQYLVLEOH«

(O FRQWHQLGR GH HVWRV GRVVLHUHV SXHGH YLVXDOL]DUVH \ VHU VROLFLWDGR D WUDYpV GHO FDWiORJR DXWRPDWL]DGR GHO &HQWUR GH 'RFXPHQWDFLyQ KWWS ZZZ MXQWDGHDQGDOXFLD HV WXULVPRFRPHUFLR\GHSRUWH GRFXPHQWDFLRQ $ FRQWLQXDFLyQ VH GHWDOODQ ORV GRVVLHUHV TXH VH KDQ HODERUDGR GHVGH OD DSDULFLyQ GHO ~OWLPR 0' PDU]R GH KDVWD OD DFWXDOLGDG

(O SURGXFWR UHVXOWDQWH HV XQ GRFXPHQWR HOHFWUyQLFR FRQ WRGD OD GRFXPHQWDFLyQ LGHQWL¿FDGD H LQGL]DGD SDUD IDFLOLWDU HO WUDEDMR GHO LQYHVWLJDGRU

7tWXOR $OWHUDFLRQHV GHUPDWROyJLFDV HQ HO GHSRUWLVWD )HFKD MXQLR GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD 7tWXOR &XLGDGR GH OD HVSDOGD HQ HO PHGLR ODERUDO )HFKD MXOLR GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD 7tWXOR /HVLRQHV HQ HO PRWRFLFOLVPR )HFKD DJRVWR GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD

7tWXOR 'LVHxRV GH HVWXGLRV HSLGHPLROyJLFRV )HFKD VHSWLHPEUH GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD 7tWXOR &HUYH]D \ HMHUFLFLR ItVLFR )HFKD RFWXEUH GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD 7tWXOR +LSHUWHQVLyQ \ HMHUFLFLR ItVLFR )HFKD RFWXEUH GH 1ž 'RVVLHUHV GH PHGLFLQD GHO GHSRUWH 5HIHUHQFLD HQ OtQHD

5\L]VZ 7YVK\J[VZ +VJ\TLU[HSLZ 1270(' 1RWLFLDV GH 0HGLFLQD GHO 'HSRUWH %,%/,20(' GRVVLHU GH QRYHGDGHV ELEOLRJUi¿FDV HQ PHGLFLQD GHO GHSRUWH

7RGR DTXHO TXH HVWp LQWHUHVDGR HQ UHFLELU HQ VX EX]yQ GH FRUUHR HOHFWUyQLFR 1270(' \ R %,%/,20(' VLPSOHPHQWH QRV OR GHEHUi LQGLFDU HQ OD VLJXLHQWH GLUHFFLyQ GH FRUUHR HOHFWUyQLFR GH OD 8QLGDG GH ,QIRUPDFLyQ \ 'RFXPHQWDFLyQ GHO &HQWUR $QGDOX] GH 0HGLFLQD GHO 'HSRUWH PG FWFG#MXQWDGHDQGDOXFLD HV

4+ 5¢ 5V]PLTIYL

<UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U


5VZ PU[LYLZH ,3 4i+0*6 05;,9(*;0=6 +0(906 ,3,*;9Ô50*6 +, 3( :(50+(+ O[[W !LSTLKPJVPU[LYHJ[P]V JVT :L [YH[H KL \U KPHYPV LSLJ[Y}UPJV KL ZHUPKHK X\L VMYLJL UV[PJPHZ KL HJ[\HSPKHK W\ISPJHJPVULZ MVYTHJP}U JVU[P U\HKH HNLUKH KL JVUNYLZVZ ` V[YVZ ZLY]PJPVZ -\LU[L KL PUMVYTHJP}U HJ[\HSPaHKH KPHYPHTLU[L ` KLJSHYHKH KL PU[L YtZ JPLU[xÄJV WVY SH 6YNHUPaHJP}U 4tKPJH *VSLNPHS 64* :L VMYLJLU JVU[LUPKVZ L PUMVYTHJP}U KLS mTIP[V TtKPJV ZHUP[HYPV X\L JVTWYLUKL LU[YL V[YVZ HY[xJ\SVZ KL MHJ\S [H[P]VZ UV[PJPHZ KL mTIP[V UHJPVUHS L PU[LYUHJPVUHS KV J\TLU[VZ TtKPJVZ SLNPZSHJP}U LUJ\LZ[HZ ZLY]PJPVZ KL KPHNU}Z[PJV L[J ,U[YL Z\Z KP]LYZVZ ZLY]PJPVZ KLZ[HJH LS ¸7HJPLU[L =PY[\HS¹ ZPT\SHKVY KLZHYYVSSHKV WVY LS LX\PWV [tJUPJV KL ¸,S 4tKPJV 0U[LYHJ[P]V¹ X\L JVUZ[P[\`L \UH OL YYHTPLU[H WYmJ[PJH KL HJ[\HSPaHJP}U ` MVYTHJP}U JVU[PU\H WLYTP[PLUKV KLZHYYVSSHY JVU \U WHJPLU[L LSLJ[Y}UPJV [VKV LS WYVJLZV KL KPHNU}Z[PJV ` [LYHWt\[PJV X\L UVYTHSTLU[L ZL ZPN\L JVU \UH WHJPLU[L UVYTHS

/64TLKPH O[[W !^^^ OVU JO /65TLKPH

7mNPUH X\L KPZWVUL KL \UHZ PTmNLULZ TtKPJHZ ` ]xKLVZ KL HS[H JHSPKHK YLMLYLU[L H HZ\U[VZ ` [LTHZ /65TLKPH LZ \U ZLY]PJPV NYH[\P[V VMYLJPKV WVY /LHS[O 6U ;OL 5L[ -V\UKH[PVU Z\Z PTmNLULZ OHU ZPKV ZLSLJJPVUHKHZ L PUKPaHKHZ KL HJ\LYKV HS ZPZ[LTH KL JSHZPÄJHJP}U TtKPJH 4L:/ ,S VYPNLU KL JHKH PTHNLU LZ[m JSHYHTLU[L PKLU[PÄJH KV ` SHZ PTmNLULZ UV LZ[m HSVQHKHZ LU LS ZLY]PKVY KL /65 ZPUV LU LS ZLY]PKVY KL JHKH H\[VY ,Z[H IHZL KL KH[VZ OH ZPKV JYLHKH WVY /65 ` LZ[m LU JVUZ[HU[L JYLJPTPLU[V

4,+0*05(05-694(*0Ô5 O[[W !^^^^ TLKPJPUHPUMVYTHJP}U JVT PUKL_ O[T :P[PV X\L WLYTP[L LS HJJLZV NYH[\P[V H TmZ KL TH U\HSLZ SPIYVZ ` N\xHZ NYH[\P[VZ LU LZWH|VS KP]PKPKVZ WVY TH[LYPHZ ;VKHZ SHZ W\ISPJHJPVULZ PUJS\PKHZ LU KPJOH ^LI ZL W\LKLU KLZJHYNHY H [L_[V JVTWSL[V 7LYTP[L YLJPIPY NYH[\P[HTLU[L WVY L THPS SH SPZ[H KL UV]L KHKLZ HJ[\HSPaHKH ZLTHUHSTLU[L WHYH LSSV LZ ULJLZHYPV Z\IZJYPIPYZL KL MVYTH ZLUJPSSH ` NYH[\P[H *VU[PLUL JVTV UV]LKHK SH ZLJJP}U KL =PKLVZ VUSPUL WSHU[LH SH WVZPIPSPKHK KL ]LY LS ]PKLV H [YH]tZ KLS ^LI V Z\ KLZJHYNH H\[VTm[PJH

<UPKHK KL 0UMVYTHJP}U ` +VJ\TLU[HJP}U

4+ 5¢ 5V]PLTIYL


,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




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.