9LWYVK\J[P]LOLHS[OPZHO\THUYPNO[HUKSPRLHSSV[OLYO\THUYPNO[ZP[HWWSPLZ[VYLM\ NLLZPU[LYUHSS`KPZWSHJLKWLYZVUZHUKV[OLYZSP]PUNPUO\THUP[HYPHUZL[[PUNZ;VYLHSPaL [OPZYPNO[HMMLJ[LKWVW\SH[PVUZT\Z[OH]LHJJLZZ[VJVTWYLOLUZP]LYLWYVK\J[P]LOLHS[O PUMVYTH[PVUHUKZLY]PJLZZV[OL`HYLMYLL[VTHRLPUMVYTLKJOVPJLZHIV\[[OLPYOLHS[OHUK ^LSSILPUN
;OLWYV]PZPVUVMJVTWYLOLUZP]LHUKOPNOX\HSP[`YLWYVK\J[P]LOLHS[OZLY]PJLZYLX\PYLZ HT\S[PZLJ[VYHSPU[LNYH[LKHWWYVHJO7LYZVUULSMYVTZLJ[VYZZ\JOHZWYV[LJ[PVUOLHS[O U\[YP[PVULK\JH[PVUHUKJVTT\UP[`ZLY]PJLHSSOH]LHUPTWVY[HU[YVSLPUWSHUUPUNHUK KLSP]LYPUNYLWYVK\J[P]LOLHS[OZLY]PJLZ5LLKZHYLILZ[TL[[OYV\NOPU]VS]PUNHMMLJ[LK JVTT\UP[PLZPUL]LY`WOHZLVMHJ[PVU!MYVTHZZLZZPUNULLKZ[VKLZPNUPUNWYVNYHTTLZ[V SH\UJOPUNHUKTHPU[HPUPUNWYVNYHTTLZHUKL]HS\H[PUN[OLPYPTWHJ[
;OL0U[LYHNLUJ`-PLSK4HU\HSVU9LWYVK\J[P]L/LHS[OPU/\THUP[HYPHU:L[[PUNZPZ[OLYL Z\S[VMHJVSSHIVYH[P]LHUKJVUZ\S[H[P]LWYVJLZZLUNHNPUNV]LYTLTILYZMYVT<UP[LK 5H[PVUZHNLUJPLZHUKUVUNV]LYUTLU[HSVYNHUPaH[PVUZ[OH[THRL\W[OL0U[LYHNLUJ` >VYRPUN.YV\W0(>.VU9LWYVK\J[P]L/LHS[OPU*YPZLZ
;OL\WKH[LKPUMVYTH[PVUPU[OPZ-PLSK4HU\HSPZIHZLKVUUVYTH[P]L[LJOUPJHSN\PKHUJL VM[OL>VYSK/LHS[O6YNHUPaH[PVU0[HSZVYLÅLJ[Z[OLNVVKWYHJ[PJLZKVJ\TLU[LKPUJYPZPZ ZL[[PUNZHYV\UK[OL^VYSKZPUJL[OLPUP[PHSÄLSK[LZ[]LYZPVUVM[OL-PLSK4HU\HS^HZYL SLHZLKPU MVSSV^LKI`[OL ]LYZPVU9LWYVK\J[P]L/LHS[OPU9LM\NLL:P[\H[PVUZ! (U0U[LYHNLUJ`-PLSK4HU\HS;OPZSH[LZ[LKP[PVUYLÅLJ[Z[OL^PKLHWWSPJH[PVUVM[OL-PLSK 4HU\HS»ZWYPUJPWSLZHUK[LJOUPJHSJVU[LU[IL`VUKYLM\NLLZP[\H[PVUZL_[LUKPUNP[Z\ZL PU[VKP]LYZLJYPZLZPUJS\KPUNJVUÅPJ[aVULZHUKUH[\YHSKPZHZ[LYZ
:PUJL [OLO\THUP[HYPHUJVTT\UP[`OHZM\Y[OLYKL]LSVWLKZ[HUKHYKZHUKN\PKLSPULZ MVYHYLHZYLSH[LK[VYLWYVK\J[P]LOLHS[OPUJS\KPUNNLUKLYNLUKLYIHZLK]PVSLUJLHUK/0= (0+:PUO\THUP[HYPHUZL[[PUNZ;OLYL]PZLK:WOLYL/\THUP[HYPHU*OHY[LYHUK4PUP T\T:[HUKHYKZPU+PZHZ[LY9LZWVUZLPUJVYWVYH[LZ[OL4PUPT\T0UP[PHS:LY]PJL7HJRHNL MVY9LWYVK\J[P]L/LHS[O·*OHW[LYVM[OPZ-PLSK4HU\HS·HZHTPUPT\TZ[HUKHYKVM JHYLPUKPZHZ[LYYLZWVUZL5L^[VVSZHUKN\PKLSPULZKL]LSVWLK[OYV\NO[OLO\THUP[HYPHU YLMVYTWYVJLZZHUK[OLJS\Z[LYZ`Z[LTJVU[PU\L[VYLJVNUPaL[OLH\[OVYP[H[P]LN\PKHUJLVM [OL-PLSK4HU\HSMVYYLWYVK\J[P]LOLHS[OPU[LY]LU[PVUZPUO\THUP[HYPHUZL[[PUNZ
;OLNSVIHSWVSP[PJHSJVTT\UP[`OHZHSZVTHKLWYVNYLZZLZWLJPHSS`PUHKKYLZZPUN[OL NYH]P[`VMZL_\HS]PVSLUJLPUHYTLKJVUÅPJ[;OL<UP[LK5H[PVUZ:LJ\YP[`*V\UJPS9LZVS\ [PVUZHUK VU>VTLU7LHJLHUK:LJ\YP[`HMÄYT[OL\UPX\LULLKZ WLYZWLJ[P]LZHUKJVU[YPI\[PVUZVM^VTLUHUKNPYSZPUJVUÅPJ[ZL[[PUNZ-VY[OLÄYZ[[PTLPU OPZ[VY`YLWYVK\J[P]LOLHS[OOHZILLUYLJVNUPaLKH[[OL:LJ\YP[`*V\UJPSSL]LS^P[O9LZV S\[PVU L_WSPJP[S`YLMLYLUJPUN[OLULLK[VLUZ\YL^VTLUHUKNPYSZ»HJJLZZ[VYLWYVK\J [P]LOLHS[OZLY]PJLZHUKYLWYVK\J[P]LYPNO[Z[VHJOPL]LIL[[LYZVJPVLJVUVTPJJVUKP[PVUZPU WVZ[JVUÅPJ[ZP[\H[PVUZ
<UMVY[\UH[LS`SHYNLWVW\SH[PVUZHYLZ[PSSMVYJLK[VZWLUKKLJHKLZH^H`MYVT[OLPYOVTLZPUYLM\NLLJHTWZPU[LYUHSS` KPZWSHJLKWLYZVUZL[[SLTLU[ZVY\YIHUZL[[PUNZ\UMHTPSPHY[V[OLTK\L[VVUNVPUNJVUÅPJ[VYHZHYLZ\S[VMHUH[\ YHSKPZHZ[LY;OLH]LYHNLSLUN[OVMKPZWSHJLTLU[MVYYLM\NLLZPZ`LHYZ4HU`WLYZVUZHMMLJ[LKI`[OLZLJOYVUPJ LTLYNLUJPLZHYLOPNOS`]\SULYHISL[VSPML[OYLH[LUPUNYLWYVK\J[P]LPSSOLHS[OWVZPUNZLYPV\ZJOHSSLUNLZ[VLMMVY[Z[V HJOPL]LNSVIHSILUJOTHYRZPUJS\KPUN[OL4PSSLUUP\T+L]LSVWTLU[.VHSZ;OPZYL]PZLK-PLSK4HU\HSHPTZ[VPTWYV]L [OLOLHS[OHUK^LSSILPUNVMHMMLJ[LKWVW\SH[PVUZMYVTYLSPLM[OYV\NO[OL[YHUZP[PVU[VKL]LSVWTLU[^OPSLMVZ[LYPUN WYLWHYLKULZZHUKOPNOX\HSP[`ZLY]PJLZ[OH[LUZ\YL[OLTH_PT\TWHY[PJPWH[PVUVMHMMLJ[LKJVTT\UP[PLZ
4VYL[OHU`LHYZOH]LWHZZLKZPUJL[OL 0U[LYUH[PVUHS*VUMLYLUJLVU7VW\SH[PVUHUK+L]LSVWTLU[YLJVN UPaLKYLWYVK\J[P]LOLHS[OHZHO\THUYPNO[HUKV]LY`LHYZOH]LILLUZWLU[PU[OLWYHJ[PJHSHWWSPJH[PVUVM[OL -PLSK4HU\HS(ZTLTILYZVM[OLO\THUP[HYPHUJVTT\UP[`^LOH]LHJVSSLJ[P]LYLZWVUZPIPSP[`[V\WOVSKHUK YLHSPaL[OLYPNO[[VYLWYVK\J[P]LOLHS[OMVYHSS^VTLUTLUHUKHKVSLZJLU[ZPUO\THUP[HYPHUZL[[PUNZ