70732 .(0505. -964 40.9(;065 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZ PU[OL.YLH[LY4LRVUN:\IYLNPVU .(0505. -964 40.9(;065 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZ PU[OL.YLH[LY4LRVUN:\IYLNPVU ;OL>VYSK)HUR ;OL>VYSK)HUR [OÅVVY:PHT;V^LY  9HTH9VHK7H[O\T^HU )HUNRVR;OHPSHUK ^^^^VYSKIHURVYN[O ;LJOUPJHS7HWLYZHYLW\ISPZOLK[VJVTT\UPJH[L[OLYLZ\S[ZVM;OL>VYSK)HUR»Z^VYR[V[OL KL]LSVWTLU[JVTT\UP[`^P[O[OLSLHZ[WVZZPISLKLSH`;OL[`WLZJYPW[THU\ZJYPW[VM[OPZ WHWLY[OLYLMVYLOHZUV[ILLUWYLWHYLKPUHJJVYKHUJL^P[O[OLWYVJLK\YLZHWWYVWYPH[L[V MVYTHSS`LKP[LK[L_[Z:VTLZV\YJLZJP[LKPU[OLWHWLYTH`ILPUMVYTHSKVJ\TLU[Z[OH[ HYLUV[YLHKPS`H]HPSHISL ;OLMPUKPUNZPU[LYWYL[H[PVUZHUKJVUJS\ZPVUZL_WYLZZLKOLYLPUHYL[OVZLVM[OL H\[OVYZHUKKVUV[ULJLZZHYPS`YLMSLJ[[OL]PL^ZVM[OL0U[LYUH[PVUHS)HURMVY 9LJVUZ[Y\J[PVUHUK+L]LSVWTLU[;OL>VYSK)HURHUKP[ZHMÄSPH[LKVYNHUPaH[PVUZVY [OVZLVM[OL,_LJ\[P]L+PYLJ[VYZVM;OL>VYSK)HURVY[OLNV]LYUTLU[Z[OL`YLWYLZLU[ ;OL>VYSK)HURKVLZUV[N\HYHU[LL[OLHJJ\YHJ`VM[OLKH[HPUJS\KLKPU[OPZ^VYR;OL IV\UKHYPLZJVSVYZKLUVTPUH[PVUZHUKV[OLYPUMVYTH[PVUZOV^UVUHU`THWPU[OPZ ^VYRKVUV[PTWS`HU`Q\KNLTLU[VU[OLWHY[VM;OL>VYSK)HURJVUJLYUPUN[OLSLNHS Z[H[\ZVMHU`[LYYP[VY`VY[OLLUKVYZLTLU[VYHJJLW[HUJLVMZ\JOIV\UKHYPLZ 9PNO[ZHUK7LYTPZZPVUZ ;OLTH[LYPHSPU[OPZW\ISPJH[PVUPZJVW`YPNO[LK*VW`PUNHUKVY[YHUZTP[[PUNWVY[PVUZVY HSSVM[OPZ^VYR^P[OV\[WLYTPZZPVUTH`ILH]PVSH[PVUVMHWWSPJHISLSH^;OL0U[LYUH[PVUHS )HURMVY9LJVUZ[Y\J[PVUHUK+L]LSVWTLU[;OL>VYSK)HURLUJV\YHNLZKPZZLTPUH[PVUVM P[Z^VYRHUK^PSSUVYTHSS`NYHU[WLYTPZZPVU[VYLWYVK\JLWVY[PVUZVM[OL^VYRWYVTW[S` -VYWLYTPZZPVU[VWOV[VJVW`VYYLWYPU[HU`WHY[VM[OPZ^VYRWSLHZLZLUKHYLX\LZ[^P[O JVTWSL[LPUMVYTH[PVU[V[OL*VW`YPNO[*SLHYHUJL*LU[LY0UJ9VZL^VVK+YP]L+HU]LYZ 4( <:([LSLWOVUL MH_ ^^^JVW`YPNO[JVT (SSV[OLYX\LYPLZVUYPNO[ZHUKSPJLUZLZPUJS\KPUNZ\IZPKPHY`YPNO[ZZOV\SKILHKKYLZZLK [V[OL6MMPJLVM[OL7\ISPZOLY;OL>VYSK)HUR/:[YLL[5>>HZOPUN[VU+* <:(MH_LTHPSW\IYPNO[Z'^VYSKIHURVYN 9LWVY[5\TILY!4 ()\YTLZLTPNYHU[H[^VYRVU[OLJVUZ[Y\J[PVUVMHYLZVY[KL]HZ[H[LKI` *V]LY7OV[V! [OL[Z\UHTPVU2O\R2OHRILHJOPU)HUN5PHUN]PSSHNL4(5+(;69@ *9,+0;064;/0,99@-(30:,65(:0(I`;OPLYY`-HSPZL 00 -69,>69+ ;OLTV]LTLU[VMWLVWSLHJYVZZPU[LYUH[PVUHSIV\UKHYPLZOHZLUVYTV\ZPTWSPJH[PVUZMVY NYV^[OHUK^LSMHYLPUIV[OVYPNPUHUKKLZ[PUH[PVUJV\U[YPLZ)`HSSV^PUN^VYRLYZ[VTV]L [V^OLYL[OL`HYLTVYLWYVK\J[P]LTPNYH[PVUYLZ\S[ZPUHUPUJYLHZLPUHNNYLNH[LV\[W\[ HUKPUJVTL-\Y[OLYTVYLYLTP[[HUJLZZLU[I`TPNYHU[Z[V[OLPYJV\U[YPLZVMVYPNPU NLULYHSS`YLK\JLWV]LY[`HUK]\SULYHIPSP[`(S[OV\NOYLZLHYJOVUTPNYH[PVUOHZILLU L_WHUKPUNPUYLJLU[`LHYZKLTVUZ[YH[PUN[OLNLULYHSS`WVZP[P]LLMMLJ[ZVMTPNYH[PVU TPNYH[PVUYLTHPUZHOPNOS`JVU[YV]LYZPHSWVSPJ`PZZ\LPUTHU`KL]LSVWPUNHZ^LSSHZ KL]LSVWLKJV\U[YPLZ ;OPZYLWVY[KVJ\TLU[Z[OLYLSH[P]LS`SHYNL]VS\TLHUKNLULYHSS`WVZP[P]LLMMLJ[ZVM TPNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU0[PSS\Z[YH[LZ[OLLJVUVTPJILULÄ[ZIYV\NO[ I`TPNYH[PVU[V;OHPSHUK[OLTHPUKLZ[PUH[PVUJV\U[Y`HUK[VTPNYHU[ZMYVT;OHPSHUK»Z ULPNOIVYPUNJV\U[YPLZUHTLS`4`HUTHY;OLHUHS`ZPZWYVTV[LZIL[[LY\UKLYZ[HUKPUN VM[OLMVYJLZJOHYHJ[LYPZ[PJZHUKWVSPJ`PZZ\LZYLSH[LK[VTPNYH[PVUPU[OL.YLH[LY 4LRVUN:\IYLNPVU4VYLV]LY[OLHUHS`ZPZKYH^PUNVUH\UPX\LZ\Y]L`VMTPNYHU[ZMYVT 4`HUTHY[V;OHPSHUKYLJVNUPaLZHUKZLLRZ[VHKKYLZZ[OLYPZRZMHJPUNTPNYHU[ZPU[OLPY KLZ[PUH[PVUJV\U[Y` (Z[OLJV\U[YPLZPU[OL.YLH[LY4LRVUN:\IYLNPVUOH]LILLUZ[YP]PUN[VPTWYV]L[OL V\[JVTLZVMTPNYH[PVU[OPZYLWVY[¶HUK[OL>VYSK)HURLUNHNLTLU[H[[OLJV\U[Y` SL]LSPU[OL.YLH[LY4LRVUN:\IYLNPVUHUKHSZVPU[OL(:,(5MYHTL^VYR¶TH`ZLY]L [VWYV]PKL\ZLM\SPUZPNO[ZHUKZ\NNLZ[PVUZ  (UUL[[L+P_VU *V\U[Y`+PYLJ[VY;OHPSHUK ,HZ[(ZPHHUK7HJPÄJ9LNPVU ;OL>VYSK)HUR 000 (*256>3,+.,4,5;: ;OPZWVSPJ`YLWVY[JVUJS\KLZ[OL¸3HIVY4PNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU .4::LJVUK7OHZL¹WYVQLJ[^OPJOHPTZH[HK]HUJPUNWVSPJ`KPHSVN\LVUSHIVY TPNYH[PVUPU[OL.4:/HUH)YP_PSLK[OLJVTWSL[PVUVM[OL.4::LJVUK7OHZLWYVNYHT HZ[OL[LHTSLHKLYZPUJL6J[VILYI\PSKPUNVU[OLKLZPNUHUKLHYS`Z[HNLZVM[OL HUHS`ZPZKL]LSVWLKI`1HTLSL9PNVSPUPHUK-HJ\UKV*\L]HZ;OL[LHT^V\SKSPRL[V NYH[LM\SS`HJRUV^SLKNL(\Z(PKMVYNLULYV\ZZ\WWVY[HUKM\UKPUN ;OLYLWVY[KYH^Z\WVUYLZLHYJOMYVT[OL.4::LJVUK7OHZLWYVNYHTUHTLS`[OL MVSSV^PUNIHJRNYV\UKWHWLYZ!0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO!¸:[\K` VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹"0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO !¸;YHJRPUN4L[OVKVSVN`9LWVY[¹"*\L]HZ-HUK7HIVU3!¸4PNYH[PVU MYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHPU4`PU[ZOHYLK]HS\HISLJVTTLU[Z:VÄH )\ZJO;YPUU:\^HUUHWOHHUK=HJOYHYHZ7HZ\RZ\^HUTHUHNLK[OLKLZPNUHUK WYVK\J[PVUVM[OLYLWVY[ -PUHSS`[OL[LHT^V\SKSPRL[VL_WYLZZZPUJLYL[OHURZMVY[OLZ[YH[LNPJN\PKHUJLVM (UUL[[L+P_VU*V\U[Y`+PYLJ[VYMVY;OHPSHUK?PHVXPUN@\/\THU+L]LSVWTLU[:LJ[VY +PYLJ[VYMVY,HZ[(ZPHHUK7HJPMPJ9LNPVUHUK,TTHU\LS1PTLULaMVYTLY/\THU +L]LSVWTLU[:LJ[VY+PYLJ[VYMVY,HZ[(ZPHHUK7HJPÄJ9LNPVU 0= ():;9(*; ;OPZYLWVY[JVU[YPI\[LZ[V[OLTPNYH[PVUWVSPJ`KLIH[LZPU[OL.YLH[LY4LRVUN :\IYLNPVU.4:I`WYV]PKPUNL]PKLUJLVM[OLPTWHJ[ZVMTPNYH[PVU"H[[OLZHTL [PTLP[V\[SPULZWVZZPISLWVSPJ`HWWYVHJOLZ[VPUJYLHZLILULÄ[ZMYVTTPNYH[PVU;OL Z[\K`MVJ\ZLZWYPTHYPS`VU;OHPSHUKHUK4`HUTHY![OLTHPUSHIVYYLJLP]PUNHUK ZLUKPUNJV\U[YPLZYLZWLJ[P]LS`PU[OL.4:;OPZYLWVY[UV[VUS`WYLZLU[Z[OLYLJLU[ TPNYH[PVU[YLUKZHUKKYP]LYZPU[OL.4:I\[HSZVHKKYLZZLZWVSPJ`PZZ\LZYLSH[LK[V[OL LJVUVTPJHUKZVJPHSPTWHJ[VMTPNYH[PVUVUJV\U[YPLZIV[OYLJLP]PUNHUKZLUKPUNSHIVY" P[HSZVHKKYLZZLZ[OLPZZ\LVMTPNYHU[Z»^LSMHYL·PUJS\KPUNZVJPHSZLY]PJLZ"HUK[OLYVSLVM TPNYH[PVUWVSPJ`HUKPUZ[P[\[PVUZ ;OLMPUKPUNZJOHSSLUNLZL]LYHSL_PZ[PUNWHYHKPNTZVMKL]LSVWPUNJV\U[Y`TPNYH[PVU YLZLHYJOHUKTH`OH]LIYVHKLY[YHUZMLYHIPSP[`:WLJPMPJHSS`[OLWYVJLLKPUNHUHS`ZPZ Z\NNLZ[ZHKLTVNYHWOPJHUKPUJVTLKPMMLYLUJLZHTVUN[OL.4:JV\U[YPLZKYP]L TPNYH[PVU^P[OPU[OLYLNPVUZ\NNLZ[PUN[OLYPZPUNWYVTPULUJLVM:V\[O:V\[OTPNYH[PVU" ITPNYH[PVUPU[OL.4:[LUKZ[VILSVUN[LYTJVU[YHZ[PUN[OLTVYL[LTWVYHY`UH[\YL VMTPNYH[PVUMYVTTVZ[VM[OL^VYSK»ZKL]LSVWPUNJV\U[YPLZ"HUKJLJVUVTPJMHJ[VYZ JVU[YPI\[L[VTPNYH[PVU^P[OPU[OLYLNPVUZPNUPÄJHU[S`TVYLZV[OHUWVSP[PJHSMHJ[VYZ 1,3*VKLZ!,-01 2L`^VYKZ! 0U[LYUH[PVUHS4PNYH[PVU"3HIVY,JVUVTPJZ"7YV]PZPVUHUK,MMLJ[Z  VM>LSMHYL7YVNYHTZ = ;()3,6-*65;,5;: ())9,=0(;065:(5+(*965@4: ]PP ,?,*<;0=,:<44(9@ ]PPP 05;96+<*;065  40.9(;065*65;,?;    40.9(;0656=,9=0,>     H0U[LYUH[PVUHS4PNYH[PVUHUK9LTP[[HUJL;YLUKZ     I9LNPVUHS4PNYH[PVUHUK9LTP[[HUJL6]LY]PL^    +,;,9405(5;:6-40.9(;065  H.SVIHS4PNYH[PVU  I9LNPVUHS+L[LYTPUHU[ZVM4PNYH[PVU    40.9(5;*/(9(*;,90:;0*:     H4PNYHU[ZPU,(7HUK[OL.4:     I*VTWHYH[P]L*OHYHJ[LYPZ[PJZ·4`HUTHY4PNYHU[ZHUK;OHPZ  40.9(;0657630*@7,9:7,*;0=,:     ,*65640*,--,*;:6-0440.9(;065659,*070,5;*6<5;90,:     H,JVUVTPJ.YV^[O      I3HIVY4HYRL[    ,*65640*047(*;653()69:,5+05.*6<5;90,:     (5+90:2:-(*05.0440.9(5;:    H,JVUVTPJ.YV^[OHUK7V]LY[`    I9LTP[[HUJLZ[V4`HUTHY     J9PZRZ-HJPUN,TPNYHU[Z    7<)30*:,9=0*,:-6940.9(5;:  H/LHS[O*HYL  I,K\JH[PVU    40.9(;0654(5(.,4,5;   H4PNYH[PVU4HUHNLTLU[>VYSK^PKL   I4PNYH[PVU7VSPJPLZ0UZ[P[\[PVUZHUK4HUHNLTLU[PU[OL.4:  J4PNYH[PVU-VYTHSPaH[PVUPU[OL.4:  *65*3<:065:  4@(54(9!9,40;;(5*,:*09*<3(940.9(;065        (5+40.9(5;796;,*;065     H-HJPSP[H[PUN9LTP[[HUJLZHUK[OLPY+L]LSVWTLU[HS0TWHJ[     I)VSZ[LYPUN*PYJ\SHY4PNYH[PVU      J,_WHUKPUN*VYL3LNHSHUK7YV[LJ[PVU:LY]PJLZMVY,TPNYHU[Z  ;/(03(5+!9,.<3(90A(;065,5-69*,4,5;        (5+:,9=0*,:-6940.9(5;:     H9LK\JPUN6IZ[HJSLZ[V9LN\SHYPaPUN4PNYHU[ZHUK4PNYH[PVU     I7YV[LJ[PUN0TTPNYHU[Z»9PNO[Z[OYV\NO,TWSV`LYZ     J-\Y[OLY0TWYV]PUN4PNYHU[Z»(JJLZZ[V,ZZLU[PHS:LY]PJLZ  ;/,.4:!7630*@/(94650A(;06505:;0;<;065(3        :;9,5.;/,505.(5+(>(9,5,::     H/HYTVUPaPUN4PNYH[PVU7VSPJPLZ     I:[YLUN[OLUPUN0UZ[P[\[PVUHS(YYHUNLTLU[ZMVY4PNYH[PVU4HUHNLTLU[  )\PSKPUN7\ISPJ(^HYLULZZHIV\[4PNYH[PVUH[[OL*V\U[Y`HUK    J  (:,(59LNPVUHS3L]LS (77,5+0*,:  9,-,9,5*,:  =0 ())9,=0(;065: (5+(*965@4: (+)  (ZPHU+L]LSVWTLU[)HUR (,*  (:,(5,JVUVTPJ*VTT\UP[` (:,(5 (ZZVJPH[PVUVM:V\[OLHZ[(ZPHU5H[PVUZ ,(7  ,HZ[(ZPHHUK[OL7HJPÄJ ,90(  ,JVUVTPJ9LZLHYJO0UZ[P[\[LMVY(:,(5HUK,HZ[(ZPH ,<  ,\YVWLHU95  4PNYHU[>VYRLY9PNO[Z5L[^VYR 5,:+7  5H[PVUHS,JVUVTPJHUK:VJPHS+L]LSVWTLU[7SHU;OHPSHUK 5.6  5VUNV]LYUTLU[6YNHUPaH[PVU 5:6  5H[PVUHS:[H[PZ[PJZ6MÄJL 6,*+  6YNHUPaH[PVUVM,JVUVTPJ*VVWLYH[PVUHUK+L]LSVWTLU[ 76,(  7OPSPWWPUL6]LYZLHZ,TWSV`TLU[(KTPUPZ[YH[PVU 777  7\YJOHZPUN7V^LY7HYP[` 9:,  9LJVNUPaLK:LHZVUHS,TWSV`LY5L^ALHSHUK :(9  /VUN2VUN:WLJPHS(KTPUPZ[YH[P]L9LNPVU*OPUH :,9*  :[H[L,U[LYWYPZL>VYRLYZ9LSH[PVUZ*VUMLKLYH[PVUVM;OHPSHUK <5  VTLU <:  ;6  >VYSK;YHKL6YNHUPaH[PVU (SSKVSSHYHTV\U[ZHYL<:KVSSHYZ\USLZZV[OLY^PZLPUKPJH[LK =00 ,?,*<;0=,:<44(9@ ;OL^VYSK»ZU\TILYVMTPNYHU[ZPZH[HYLJVYKOPNOX\HY[LYIPSSPVUWLVWSLHUK P[PZL_WLJ[LK[VULHYS`KV\ISLI`;OL.4:YLWYLZLU[ZHRL`PU[LYUH[PVUHS TPNYH[PVUO\I>P[OPU[OL:\IYLNPVU;OHPSHUKPZ[OLTHPUSHIVYYLJLP]PUNJV\U[Y`^P[O HULZ[PTH[LKTPSSPVUPTTPNYHU[ZVM^OPJOULHYS`HSSHYLMYVTULPNOIVYPUNJV\U[YPLZ ^P[OHIV\[WLYJLU[MYVT4`HUTHY;OL]VS\TLHUKNYV^[OYH[LVMYLTP[[HUJLZPU [OL,HZ[(ZPHHUK7HJPÄJ,(7YLNPVU·PUJS\KPUN[OL.4:·HYL[OLOPNOLZ[HTVUN KL]LSVWPUNYLNPVUZPU[OL^VYSK 4PNYHU[Z\Y]L`ZZ\NNLZ[[OH[TPNYH[PVU[V;OHPSHUKPZKYP]LUWYPTHYPS`I`LJVUVTPJ PUJLU[P]LZ;OPZJVU[YHZ[Z^P[OWVSP[PJHSMHJ[VYZ[OH[OH]LOPZ[VYPJHSS`KYP]LU:V\[O:V\[O TPNYH[PVU>HNLKPMMLYLU[PHSZIL[^LLU;OHPSHUKHUKP[ZULPNOIVYPUNJV\U[YPLZHYL ZPNUPÄJHU[HUKHRL`JVU[YPI\[VY[VTPNYH[PVUPU[OL.4: +LTVNYHWOPJKPZWHYP[`HTVUN.4:JV\U[YPLZPZHTVYLWYVTPULU[MHJ[VY[OHU WYL]PV\ZS`JVUZPKLYLK;OLYLNPVU»ZJV\U[YPLZL_OPIP[JVUZPKLYHISLKPMMLYLUJLZPU [OLPYHNLZ[Y\J[\YL!;OHPSHUK»ZWVW\SH[PVUPZHNLPUN·JYLH[PUNSHIVYZOVY[HNLZ·^OPSL *HTIVKPH3HV7+9HUK4`HUTHYHYLL_WLYPLUJPUNH`V\[OI\SNLNLULYH[PUN HSHIVYZ\YWS\Z :\Y]L`ZPUKPJH[L[OH[TPNYH[PVU[V;OHPSHUKPZVM[LUWLYTHULU[;OPZHSZVJVU[YHZ[Z [V[OLVM[LU[YHUZPLU[UH[\YLVMPU[LYUH[PVUHS:V\[O:V\[OTPNYH[PVU4HU`PTTPNYHU[Z PU;OHPSHUKPUKPJH[L[OLPYPU[LU[PVU[VZ[H`PU;OHPSHUKL]LU^P[OV\[^VYRWLYTP[Z *VU[YHY`[VW\ISPJWLYJLW[PVUTPNYH[PVUOHZHNLULYHSS`WVZP[P]LPTWHJ[VU[OL;OHP LJVUVT`HUKSHIVYTHYRL[9LJLU[YLZLHYJOÄUKZ[OH[PTTPNYH[PVUPUJYLHZLZV\[W\[ ÄYTWYVÄ[HIPSP[`HUKLTWSV`TLU[^OPSLRLLWPUN[OL^HNLWYLZZ\YLMHJPUNSV^ZRPSSLK ^VYRLYZSPTP[LK-VYPUZ[HUJLTHJYVLJVUVTPJZPT\SH[PVUZPUKPJH[L[OH[PTTPNYHU[Z PUJYLHZL;OHPSHUK»ZUH[PVUHSV\[W\[I`WLYJLU[LTWSV`TLU[I`WLYJLU[HUKÄYT WYVÄ[HIPSP[`I`WLYJLU[>OPSLZVTLSV^ZRPSSLK;OHP^VYRLYZMHJL^HNLWYLZZ\YLH WOLUVTLUVU[OH[PZJVTTVU^P[OTPNYH[PVUHUKPU[LYUH[PVUHS[YHKL;OHPSHUK»ZZRPSSLK ^VYRLYZ·ILPUNJVTWSLTLU[HY`[V[OLNLULYHSS`SV^ZRPSSLKPTTPNYHU[Z·OH]LZLLU[OLPY ^HNLZIVVZ[LKI`TPNYH[PVU6]LYHSS^HNLZPU;OHPSHUKOH]LNYV^UMVYTVZ[^VYRLYZ" [OPZJVYYLZWVUKZ[V[OLJV\U[Y`»ZLJVUVTPJKL]LSVWTLU[Z\WWVY[LKI`PTTPNYH[PVU 0TWVY[HU[S`[OLHI\UKHUJLVMSV^ZRPSSLKPTTPNYHU[ZMYLLZ[OLKVTLZ[PJSHIVYMVYJL MYVTZLJ[VYZZ\JOHZHNYPJ\S[\YLMVYOPNOLYZRPSSLKQVIZ·H[YHUZP[PVU[OH[JHUILM\Y[OLY MVZ[LYLKI`PTWYV]LTLU[ZPU[YHPUPUNHUKLK\JH[PVUZPTPSHY[V4HSH`ZPH 3HIVYZLUKPUNJV\U[YPLZHSZVL_WLYPLUJLHWVZP[P]LLJVUVTPJPTWHJ[VMTPNYH[PVU ;OL`NHPUMYVTYLTP[[HUJLZHUKWVZP[P]LZWPSSV]LYZ[OH[HYLZPNUPÄJHU[·WHY[PJ\SHYS`PU JHZLZVMJPYJ\SHYTPNYH[PVUHUKPUHJ[P]LLUNHNLTLU[VMYL[\YUPUNTPNYHU[ZHUK+PHZWVYH PUHMH]VYHISLKVTLZ[PJPU]LZ[TLU[JSPTH[L4`HUTHY»ZPU^HYKYLTP[[HUJLZ·WHY[PJ\SHYS` [OYV\NOVMÄJPHSJOHUULSZ·HWWLHYT\JOSV^LY[OHUL_WLJ[LKNP]LU4`HUTHY»ZSHYNL LTPNYHU[WVW\SH[PVU;OPZTH`YLÅLJ[KPMÄJ\S[PLZPUHJJLZZ[VYLSPHISLMVYTHSJOHUULSZ PU[OLÄUHUJPHSZ`Z[LT"TPNYHU[Z»JVUJLYUZVMWYP]HJ`HUKZLJ\YP[`"HUK[YHUZHJ[PVUMLLZ ;HQPRPZ[HUVMMLYZH\ZLM\SL_WLYPLUJL[VJVUZPKLY!P[PUJYLHZLKP[ZPUJVTPUNYLTP[[HUJLZ MYVTWLYJLU[[VWLYJLU[VMP[Z.+7^P[OPU[OYLL`LHYZ =000 -VYLTPNYHU[ZLTPNYH[PVUPZHZV\YJLVMNHPUI\[JHUPU]VS]LYPZRZ,TPNYH[PVU VMMLYZLTWSV`TLU[VWWVY[\UP[PLZOPNOLY^HNLZHUKVM[LUIL[[LY^LSMHYL[OHU^OH[ PZH]HPSHISLPU[OLPYOVTLJV\U[YPLZL]LU^OLUP[PZILSV^[OLOVZ[JV\U[Y`»ZH]LYHNLZ 0M[OLLTPNYH[PVUPZPYYLN\SHYLTPNYHU[Z[LUK[VMHJLYPZRZ!L_JLZZP]L^VYRPUNOV\YZ ^HNL^P[OOVSKPUNHUKJVUZ[YHPU[Z[VJOHUNPUNQVIZ;OLPYPYYLN\SHYZ[H[\Z^LHRLUZ [OLPYWYV[LJ[PVU\UKLY[OLOVZ[JV\U[Y`»ZSH^ZHUKVM[LUKPZJV\YHNLZ[OLTMYVT YLWVY[PUNOHYKZOPWZHUKZLLRPUNOLSW 0YYLN\SHYTPNYH[PVU^OPJOHJJV\U[ZMVY[OLTHQVYP[`VMTPNYH[PVUPU[OL.4: JYLH[LZULNH[P]LL_[LYUHSP[PLZPUIV[OZLUKPUNHUKYLJLP]PUNJV\U[YPLZ0UMVYTHS UL[^VYRZ·^OPJOJVUZ[P[\[L[OLTHPUTPNYH[PVUJOHUULSZPU[OL.4:·LUNHNLPUPSSLNHS IVYKLYJYVZZPUNTVUL`SH\UKLYPUNHUKPSSPJP[[YHKL:\JOUL[^VYRZWVZLYPZRZ[VUH[PVUHS ZLJ\YP[`HUKJH\ZLMLHYHTVUNTPNYHU[ZHUKJVTT\UP[PLZ^OPSL\UKLYTPUPUN[OL LMMLJ[P]LULZZVMW\ISPJPUZ[P[\[PVUZHUKWVSPJPLZ4PNYHU[ZMHJLL_WSVP[H[PVUI`IYVRLYZ HUKLTWSV`LYZ"KLI[IVUKHNL[VWH`IHJRMLLZMVYKVJ\TLU[H[PVU[YHUZWVY[HUKQVI HYYHUNLTLU[Z"HUK[YHMÄJRPUNKYP]LUI`JVLYJPVUVYTPZPUMVYTH[PVU ;OHPSHUK»ZSVUNHUKWVYV\ZIVYKLYZTHRLJVTIH[PUNPYYLN\SHYTPNYH[PVU JOHSSLUNPUN·[OPZPZLZWLJPHSS`ZV^P[OV\[ILOPUK[OLIVYKLYHWWYVHJOLZ[V PUJLU[P]PaLMVYTHSTPNYH[PVU*\YYLU[S`[OLOPNOÄUHUJPHSHUKHKTPUPZ[YH[P]LI\YKLU VMYLN\SHYPaH[PVUHUK[OLV[OLYYLTHPUPUNJVUZ[YHPU[ZMHJPUNYLN\SHYTPNYHU[Z·Z\JOHZ [OLKPMÄJ\S[`VMJOHUNPUNQVIZSVJH[PVUZHUKSPTP[LKSLNHSHUKZVJPHSWYV[LJ[PVU·THRL MVYTHSPaH[PVU\UHWWLHSPUN[VTPNYHU[Z ;OHPSHUKHZ^LSSHZV[OLYSHIVYYLJLP]PUNJV\U[YPLZJHUJVUZPKLYPTWYV]PUN HJJLZZ[VLZZLU[PHSZVJPHSZLY]PJLZMVYYLN\SHYTPNYHU[ZHUK[OLPYKLWLUKLU[Z[V IVVZ[PUJLU[P]LZMVYMVYTHSPaH[PVUHUK[VPUJYLHZLWYVK\J[P]P[`HUKO\THUJHWP[HS KL]LSVWTLU[(ZPaHISLWVY[PVUVM;OHPSHUK»ZPTTPNYHU[WVW\SH[PVUWSHUZ[VZ[H` WLYTHULU[S`;OL`OH]LHSYLHK`L_WLYPLUJLKPTWYV]LTLU[ZPUHJJLZZ[VW\ISPJZLY]PJLZ LZWLJPHSS`LK\JH[PVUHS[OV\NOP[JVU[PU\LZ[VHWWLHYZ\IVW[PTHSMYVTIV[OLJVUVTPJ HUKZVJPHSWLYZWLJ[P]LZ6US`OHSMVM[OLYLN\SHY^VYRLYZOH]LOLHS[OPUZ\YHUJLHUK[OLPY KLWLUKLU[Z[LUK[VOH]LUVPUZ\YHUJL@LHYZVMZJOVVSPUNYLTHPUYLSH[P]LS`SV^HTVUN TPNYHU[JOPSKYLU^P[OLUYVSSTLU[WHY[PJ\SHYS`SV^H[[OLWVZ[IHZPJLK\JH[PVUSL]LS *V\U[YPLZPU[OL.4:JHUI\PSKVU[OLPYJVTTLUKHISLLMMVY[Z[VPTWYV]L[OL V\[JVTLZVMTPNYH[PVU([[OLSL]LSVM[OL.4:HUK[OL(ZZVJPH[PVUVM:V\[OLHZ[ (ZPHU5H[PVUZ(:,(5HZ^LSSHZH[OVTL[OYV\NOKVTLZ[PJJVUZ[P[\LUJPLZJV\U[YPLZ JV\SKYLJVNUPaL[OLWVZP[P]LYVSLHUKZPNUPÄJHUJLVMIV[O\UZRPSSLKHUKZRPSSLKTPNYH[PVU OHYTVUPaLTPNYH[PVUWVSPJPLZ^P[O[OLPYV^UJV\U[Y`»ZKL]LSVWTLU[Z[YH[LNPLZHUK \WKH[LIPSH[LYHSSHIVYHNYLLTLU[ZHJJVYKPUNS`;OLHSPNUPUNVMVIQLJ[P]LZVMSHIVY ZLUKPUNHUKYLJLP]PUNJV\U[YPLZHUK[OLLMMLJ[P]LULZZVMTPNYH[PVUWVSPJPLZHUK HNYLLTLU[Z^V\SKYLX\PYLHZ[YVUNJVVYKPUH[PVULMMVY[ 4`HUTHYJHUPUJYLHZL[OLNHPUZMYVTTPNYH[PVUI`MHJPSP[H[PUNYLTP[[HUJLÅV^ZHUK[OLPY KL]LSVWTLU[HSPTWHJ[I`IVSZ[LYPUNJPYJ\SHYTPNYH[PVUHUKI`WYV]PKPUNJVYLSLNHSHUK Z\WWVY[ZLY]PJLZ[VP[ZLTPNYHU[ZHIYVHK ;OHPSHUKJHUM\Y[OLYILULÄ[MYVTTPNYH[PVUI`YLK\JPUNVIZ[HJSLZ[VYLN\SHYPaPUNTPNYHU[Z HUKTPNYH[PVUI`WYV[LJ[PUNTPNYHU[Z»YPNO[Z[OYV\NOLTWSV`LYZHUKI`M\Y[OLYPTWYV]PUN TPNYHU[Z»HJJLZZ[VLZZLU[PHSZLY]PJLZ 0? 05;96+<*;065 ;OLYLWVY[HPTZ[VJVU[YPI\[L[V[OLVUNVPUNTPNYH[PVUWVSPJ`KLIH[LPU;OHPSHUK 4`HUTHYHUKV[OLYJV\U[YPLZPU[OL.YLH[LY4LRVUN:\IYLNPVU.4:HUK[OL (ZZVJPH[PVUVM:V\[OLHZ[(ZPHU5H[PVUZ(:,(5;OHPSHUKHZ[OLTHPUTPNYH[PVU O\IPU[OL.4:HUK4`HUTHYHZ[OL.4:THPUSHIVYZLUKPUNJV\U[Y`^P[OHU LZ[PTH[LKWLYJLU[VM[OLPTTPNYHU[WVW\SH[PVUPU;OHPSHUKZLY]LHZL_HTWSLZ ;OLTL[OVKVSVNPJHSHWWYVHJOJVTIPULZX\HU[P[H[P]LHUKX\HSP[H[P]LHUHS`ZPZ;OPZ Z[\K`PUJS\KLZHJYP[PJHSYL]PL^VMUL^S`JVTTPZZPVULKHUKYLJLU[TPNYH[PVUYLZLHYJO PU[OL,HZ[(ZPHHUK7HJPÄJ,(7YLNPVUHUK[OL.4:0UWHY[PJ\SHY[OLZ[\K`KYH^Z VUX\HU[P[H[P]LHUKX\HSP[H[P]LZ\Y]L`ZVM[OL^LSMHYLLTWSV`TLU[HUKZVJPHSZLY]PJL ZP[\H[PVUZVMTPNYHU[HUKUVUTPNYHU[^VYRLYZHUK[OLPYKLWLUKLU[ZPU;OHPSHUK;OL X\HU[P[H[P]LZ\Y]L`\ZLKHJVTWHYH[P]LKLZPNUVM;OHPHUKUVU;OHP OV\ZLOVSKZHUKVIZLY]H[PVUZPU[OL2HUJOHUHI\YPWYV]PUJLVM;OHPSHUK;OL X\HSP[H[P]LZ\Y]L`PU]VS]LKPU[LY]PL^ZPU:HT\[ZHROVUWYV]PUJL(YL]PL^VM[OL PU[LYUH[PVUHSHUK[OL.4:TPNYH[PVUL_WLYPLUJLJVTWSLTLU[Z[OLYLZLHYJO[V OPNOSPNO[YLSL]HU[WVSPJ`PZZ\LZ ;OLYLWVY[WYLZLU[ZP[ZÄUKPUNZHUKYLJVTTLUKH[PVUZPU[OYLLJOHW[LYZ*OHW[LY 0HZZLZZLZ[OLZJVWLYLHZVUZHUKJOHYHJ[LYPZ[PJZVMTPNYH[PVUPU[OL.4:*OHW[LY 00HZZLZZLZ[OLTHPUWVSPJ`PZZ\LZPU[OL.4:HUKWHY[PJ\SHYS`;OHPSHUKHUK4`HUTHY PUJS\KPUN[OLLJVUVTPJPTWHJ[VMTPNYH[PVU[OLZP[\H[PVUVMTPNYHU[ZHUKTPNYH[PVU THUHNLTLU[*OHW[LY000VMMLYZWVSPJ`JVUZPKLYH[PVUZWHY[PJ\SHYS`MVY;OHPSHUKHUK 4`HUTHY^OPJOHYL]HSPKMVYV[OLY.4:JV\U[YPLZPU[OLJVU[L_[VM[OL(:,(5 LJVUVTPJPU[LNYH[PVU 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  40.9(;065 *65;,?; (Z[OLU\TILYVM^VYSK^PKLTPNYHU[Z KPZWHYP[PLZHJYVZZJV\U[YPLZ"HUK^P[O HWWYVHJOLZHYLJVYKVMHX\HY[LY PU[LYUH[PVUHSHNYLLTLU[ZZLLRPUN[V IPSSPVUWLVWSLTPNYH[PVUJVU[PU\LZ[V SPILYHSPaLSHIVYTVIPSP[`M\Y[OLYZ\JO ILHWVSHYPaPUN[VWPJ[OH[YLTHPUZH[ HZ[OVZLVM[OL>VYSK[YHKL6YNHUPaH[PVU [OLMVYLMYVU[VM[OLWVSPJ`HNLUKHZVM >;6,\YVWLHU :WHPU[OLVYSK4PNYH[PVU9LWVY[.LUL]H  0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU>VYSK4PNYH[PVU9LWVY[.LUL]H"HUKVYSK^PKL HUKOHSMYLTHPUPU[OLZHTLYLNPVU;OL [OL[VWYLJPWPLU[JV\U[YPLZPU JVZ[VMTPNYH[PVUZ\JOHZ[YHUZWVY[HUK ^LYL*OPUH-YHUJL0UKPH4L_PJVHUK J\S[\YHSKPMMLYLUJLZHYLPTWVY[HU[MHJ[VYZ [OL7OPSPWWPULZ0UKPHHUK*OPUHLHJO MVY[OLJOVPJLVMHKLZ[PUH[PVUJV\U[Y`" YLJLP]LKULHYS`<: IPSSPVUMVSSV^LK WLYJLU[VMTPNYHU[ZHYLMHTPSPHY^P[O I`4L_PJV^P[O<: IPSSPVU[OL [OLSHUN\HNLPU[OLPYKLZ[PUH[PVUHUK 7OPSPWWPULZ^P[O<: IPSSPVU-YHUJL WLYJLU[ZOHYLHZPTPSHYYLSPNPVU(Z ^P[O<: IPSSPVUHUK)HUNSHKLZOH[ ZOV^UPU-PN\YLPU[YH(ZPHTPNYH[PVU Q\Z[V]LY<: IPSSPVU(ZHZOHYLVM PZ[OLTVZ[ZPaHISLTPNYH[PVUMSV^H[ .+7YLTP[[HUJLZHYLTVYLZPNUPÄJHU[ HWWYV_PTH[LS`TPSSPVUPUKP]PK\HSZ MVYZTHSSLYJV\U[YPLZ·MVYPUZ[HUJL HJJV\U[PUNMVYWLYJLU[VMNSVIHS YLTP[[HUJLZTHRL\WTVYL[OHU TPNYH[PVUMVSSV^LKI`HIV\[TPSSPVU WLYJLU[PU;VUNHHUK:HTVH;OLTHPU ^P[OPU,\YVWL YLTP[[HUJLZLUKPUNJV\U[YPLZPUJS\KLK [OLVYSK)HUR JHWP[HPUJVTL  4PNYH[PVUHUK9LTP[[HUJLZ-HJ[IVVR 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU   0TTPNYHU[Z[VJR  ,TTPNYHU[Z[VJR -PN\YL  0TTPNYHU[HUK,TPNYHU[ :[VJRZPU.4:  [OV\ZHUKZ  *HTIVKPH *OPUH 3HV7+9 4`HUTHY ;OHPSHUK =PL[UHT :V\YJL!>VYSK)HUR4PNYH[PVUHUK9LTP[[HUJLZ-HJ[IVVR 5V[L!*OPUHÄN\YLZMVYJV\U[Y`HZ^OVSLHUKUV[VUS`P[Z.4:YLNPVUZ 0YYLN\SHYTPNYH[PVUJHUILJVUZPKLYHISL ^P[OPU[OLYLNPVU/VUN2VUN:(9*OPUH HS[OV\NOP[[LUKZ[VIL\UKLYJV\U[LK 4HSH`ZPHHUK:PUNHWVYLLHJOOVZ[ (]HPSHISLLZ[PTH[LZZ\NNLZ[[OH[PYYLN\SHY TPSSPVUPTTPNYHU[Z;OLZ[VJRVMLTPNYHU[Z TPNYHU[ZHJJV\U[MVYV]LYWLYJLU[VM HZHZOHYLVM[OLWVW\SH[PVUPUWYPTHYPS` HSSTPNYHU[ZPUKL]LSVWPUNJV\U[YPLZHUK SHIVYZLUKPUNJV\U[YPLZYHUNLZMYVT \W[VWLYJLU[PU[OLJV\U[YPLZVM[OL WLYJLU[PU0UKVULZPH[VWLYJLU[PU 6YNHUPaH[PVUVM,JVUVTPJ*VVWLYH[PVU :HTVH0USHIVYYLJLP]PUNJV\U[YPLZ[OL HUK+L]LSVWTLU[6,*+;OLOPNOLY ZOHYLVMPTTPNYHU[ZJVTWHYLK[V[OL[V[HS ZOHYLVMPYYLN\SHYTPNYH[PVUPUKL]LSVWPUN WVW\SH[PVUYHUNLZMYVTWLYJLU[PU JV\U[YPLZ[LUKZ[VILL_WSHPULKI`[OLPY 2VYLH[VV]LYWLYJLU[PU:PUNHWVYL SV^LYSLNPZSH[P]LHUKPUZ[P[\[PVUHSJHWHJP[` HUKML^LYLUMVYJLTLU[TLJOHUPZTZ ;OL.4:TLTILYZHYLWYPTHYPS` 0TTPNYH[PVUHUKLTPNYH[PVUKH[HIHZLK ZLUKPUNJV\U[YPLZHS[OV\NO;OHPSHUK VUUH[PVUHSJLUZ\ZLZHS[OV\NOTVYL PZHSZVHZPNUPÄJHU[YLJPWPLU[JV\U[Y` YLSPHISL[OHUV[OLYZTH`\UKLYJV\U[ ;OHPSHUKPZLZ[PTH[LK[VOVZ[ PYYLN\SHYTPNYHU[Z0[PZLZ[PTH[LK[OH[ TPSSPVUTPNYHU[ZV\[VM^OPJOVUS`HIV\[ [OL<:JLUZ\ZTPZZLZ\W[VTPSSPVU TPSSPVU·WLYJLU[VM;OHPSHUK»Z PTTPNYHU[Z;OL\UKLYJV\U[PUNVM WVW\SH[PVU·HYLYLNPZ[LYLK*HTIVKPH»Z PYYLN\SHYTPNYHU[ZPZNLULYHSS`NYLH[LYPU LZ[PTH[LKPTTPNYHU[ZLX\HS KL]LSVWPUNJV\U[YPLZ^P[OSLZZZ[H[PZ[PJHS WLYJLU[VMP[ZWVW\SH[PVU-PN\YL6[OLY HUKTPNYH[PVUTHUHNLTLU[JHWHJP[` .4:TLTILYZOH]LPTTPNYHU[Z[VJRZ (]HPSHISLLZ[PTH[LZWSHJL[OLU\TILYVM ILSV^WLYJLU[VM[OLPYWVW\SH[PVU PYYLN\SHYTPNYHU[ZPUKL]LSVWPUNJV\U[YPLZ (M[LY*OPUH=PL[UHTOHZ[OLSHYNLZ[ H[TPSSPVU LTPNYHU[Z[VJRPUHIZVS\[L[LYTZVM TPSSPVUVYWLYJLU[VMP[ZWVW\SH[PVU I 9LNPVUHS4PNYH[PVUHUK MVSSV^LKI`;OHPSHUK^P[OHIV\[  9LTP[[HUJL6]LY]PL^ TPSSPVUVYWLYJLU[VMP[ZWVW\SH[PVU ;OL3HV7LVWSL»Z+LTVJYH[PJ9LW\ISPJ ;OL,HZ[(ZPHHUK7HJPMPJYLNPVU HUK*HTIVKPHOH]L[OLOPNOLZ[ZOHYL PZHTHQVYZLUKLYHUKYLJPWPLU[VM VMLTPNYHU[ZPU[OLPYWVW\SH[PVUH[ TPNYHU[Z/HSMVM[OLLZ[PTH[LKTPSSPVU WLYJLU[HUKWLYJLU[YLZWLJ[P]LS` PU[LYUH[PVUHSTPNYHU[ZPU,(7TPNYH[L  <5+7/\THU+L]LSVWTLU[9LWVY[   <5+7¸/\THU+L]LSVWTLU[9LWVY[!6]LYJVTPUNIHYYPLYZ!/\THU4VIPSP[`HUK+L]LSVWTLU[¹ 9LMLYLUJLZ[V  <5 ¸9LJVTTLUKH[PVUZVU:[H[PZ[PJZVM0U[LYUH[PVUHS4PNYH[PVU¹:[H[PZ[PJHS7HWLY:LYPLZ45V5L^@VYR! +LWHY[TLU[VM,JVUVTPJHUK:VJPHS(MMHPYZ"7HZZLS1:HUK+*VOU¸;YLUKZPUHZOPUN[VU+*!7L^/PZWHUPJ*LU[LY"*VTLSH[[V7((,3H[[LZ HUK*43L]P[¸4PNYHJP}U0U[LYUHJPVUHS`+PUmTPJH+LTVNYmÄJHLUSH(YNLU[PUH+\YHU[LSH:LN\UKH4P[HKKLS :PNSV??¹,Z[\KPVZ4PNYH[VYPVZ3H[PUVHTLYPJHUVZ! "(UKYPLURV@HUK:.\YPL]¸OLLSLY9 ¸;OL0TWHJ[VM0YYLN\SHY:[H[\ZVU/\THU+L]LSVWTLU[6\[JVTLZMVY4PNYHU[Z¹/\THU +L]LSVWTLU[9LZLHYJO7HWLY5V5L^@VYR!VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹"HUK064  ¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR4PNYH[PVUKH[HZOV\SKIL[YLH[LK^P[OJH\[PVUHZPYYLN\SHYZLHZVUHSHUK  JPYJ\SHYTPNYH[PVUTH`UV[ILHJJ\YH[LS`JHW[\YLK  .(0505.-96440.9(;065  ,HZ[(ZPHHUK7HJPMPJ ,\YVWLHUK*LU[YHS(ZPH 3H[PU(TLYPJHHUK*HYPIILHU 4PKKSL,HZ[HUK5VY[O(MYPJH :V\[O(ZPH  :\I:HOHYHU(MYPJH L                       :V\YJL!0U[LYUH[PVUHS4VUL[HY`-\UK»Z)HSHUJLVM7H`TLU[Z:[H[PZ[PJZ@LHYIVVR -PN\YL .SVIHSYLTP[[HUJLPUÅV^Z I`KL]LSVWPUNJV\U[Y` YLNPVU<: TPSSPVU  L IPSSPVU -+0    9LTP[[HUJLZ 7YP]H[L+LI[HUK,X\P[`  6+(  L                                        :V\YJL!>VYSK)HURMVY[OJVTPUN0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU,(7 -PN\YL ,(7L_[LYUHSÅV^ZHYL KVTPUH[LKI`-+0HUK YLTP[[HUJLZ 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ;OLJV\U[YPLZVM[OL,(7OH]L[OL K\YPUN ;OLZLSL]LSZHYLT\JO OPNOLZ[ZOHYLHUKNYV^[OYH[LVM SV^LY[OHU[OVZLYLJVYKLKMVYV[OLY.4: YLTP[[HUJLZHTVUN[OLKL]LSVWPUN JV\U[YPLZYLWYLZLU[PUNHTLYLWLYJLU[VM YLNPVUZPU[OL^VYSK+L]LSVWPUN [OLHTV\U[VMVMÄJPHSPU^HYKYLTP[[HUJLZ ,(7JV\U[YPLZOHKYLTP[[HUJLPUÅV^Z MSV^PUN[V=PL[UHTWLYJLU[VM[OVZL VMHWWYV_PTH[LS`<:  IPSSPVUPU [V;OHPSHUKHUKWLYJLU[VM[OLÅV^Z WSHJPUN[OLYLNPVUH[[OL[VWMVY [V*HTIVKPH(TVUN.4:JV\U[YPLZ PU^HYKÅV^Z;OLNYV^[OYH[LVMPU^HYK VUS`3HV7+9OHZSV^LYPU^HYKVMMPJPHS YLTP[[HUJLZMYVT  [V H]LYHNLK YLTP[[HUJLZ[OHU4`HUTHY-PUKPUNZMYVT WLYJLU[HZJVTWHYLK[VWLYJLU[ ZLSLJ[LKTPNYHU[Z\Y]L`ZZ\NNLZ[[OH[ MVY[OLKL]LSVWPUN^VYSKHZH^OVSL  UVUVMÄJPHSYLTP[[HUJLZ[V4`HUTHYTH` -\Y[OLY^OPSLYLTP[[HUJLZ^VYSK^PKLMLSS ILTVYL[OHU[^PJLHZOPNOHZVMMPJPHS PU ,(7PUÅV^ZPUJYLHZLK-PN\YL YLTP[[HUJLZ(Z[OLUL_[ZLJ[PVUPSS\Z[YH[LZ ;OL,(7JV\U[YPLZHYLZLJVUK[V YLTP[[HUJLZTH`KPMMLYZPNUPÄJHU[S`HJYVZZ KL]LSVWPUN,\YVWLHUHUKJLU[YHS SVJHSTPNYHU[JVTT\UP[PLZ (ZPHUJV\U[YPLZMVYV\[ÅV^Z9LTP[[HUJLZ WHY[S`KYP]L,(7»ZL_[LYUHSÅV^Z-PN\YL ;OL,(7JV\U[YPLZYLJVYKSHYNLPYYLN\SHY JVU[YPI\[PUNWLYJLU[VM.+7PU TPNYH[PVUYLÅLJ[PUNIV[OOPNOIHYYPLYZ =PL[UHTWLYJLU[PU[OL7OPSPWWPULZ [VHUKSV^WLYJLP]LKILULMP[ZVM HUKWLYJLU[PU;VUNHPU 0U YLN\SHYPaH[PVU;OL,(7JV\U[YPLZOH]L [OLZL[OYLLJV\U[YPLZ[OLH]LYHNL SHYNLWVY[PVUZVMTPNYHU[Z^OVSHJRSLNHS YLTP[[HUJLZLX\HSLKHUK Z[H[\ZVY^VYRWLYTP[Z(IV\[OHSMVM WLYJLU[VMYLZLY]LZHUKHUK 0UKVULZPHULTPNYHU[ZHYLLZ[PTH[LK[VIL  WLYJLU[VMUL[-+0YLZWLJ[P]LS`)V[O PYYLN\SHY;OLTHPU,(7O\IZVMPYYLN\SHY PU^HYKHUKV\[^HYKÅV^ZHYLL_WLJ[LK TPNYH[PVUHYL4HSH`ZPH[OL7OPSPWWPULZ [VYLTHPUYVI\Z[NP]LUUV[VUS`[OL HUK;OHPSHUK;OLWYL]HSLUJLVMPUMVYTHS JVU[PU\LKYLZPSPLUJLVMTHU`LJVUVTPLZ TPNYH[PVUPZHJJVTWHUPLKI`L_[LUZP]L PU[OLYLNPVUI\[HSZV[OLM\Y[OLYÄUHUJPHS PUMVYTHSIYVRLYUL[^VYRZ;OLYLOH]LILLU KLLWLUPUNHUKPUJYLHZPUNSHIVYTVIPSP[`PU UH[PVUHSLMMVY[Z[VJ\[PYYLN\SHYTPNYH[PVU [OLYLNPVU ^P[O2VYLHHUK4HSH`ZPHVMMLYPUNHTULZ[` [VPYYLN\SHYTPNYHU[Z^OVYLNPZ[LYHUK 0U[OL.4:4`HUTHYYLWYLZLU[Z ;OHPSHUKL_WHUKPUNP[ZYLNPZ[YH[PVU HUPU[LYLZ[PUNJHZLOH]PUNHSHYNL V\[YLHJO7HY[PLZVM[OL)HSP7YVJLZZVU LTPNYHU[WVW\SH[PVUI\[YLSH[P]LS`SV^ 7LVWSL:T\NNSPUN;YHMÄJRPUNPU7LYZVUZ VMÄJPHSPU^HYKYLTP[[HUJLZ(JJVYKPUN HUK9LSH[LK;YHUZUH[PVUHS*YPTLOLSK[OLPY [VH]HPSHISLKH[HVMÄJPHSYLTP[[HUJLZ MV\Y[OTLL[PUNPUHUKWYVWVZLK [V4`HUTHYYLTHPULKYLSH[P]LS`Z[HISL HYLNPVUHSJVVWLYH[PVUMYHTL^VYRMVY MYVT<: TPSSPVU[V<: TPSSPVU HKKYLZZPUN[OLPYYLN\SHYTV]LTLU[VM WLVWSLHUKO\THUZT\NNSPUN  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  >VYSK)HUR4PNYH[PVUHUK9LTP[[HUJLZ-HJ[IVVR  ;\YULSS:=PJHY`()YHKMYVK>¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z  4HJX\HYPLVYRLYZPU  ;OHPSHUK!7YLSPTPUHY`:\Y]L`9LZ\S[Z¹4HJX\HYPLVYRPUN  PU;OHPSHUK!(U6]LY]PL^VMH),>7YVQLJ[¹4HJX\HYPLVYSK)HUR4PNYH[PVUHUK9LTP[[HUJLZ-HJ[IVVR  ;\YULSS:=PJHY`()YHKMYVK>¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z  4HJX\HYPLVYSK4PNYH[PVU9LWVY[.LUL]H"HUK>VYSK  )HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 +,;,9405(5;:6-40.9(;065  .SVIHS4PNYH[PVU H ;OLTHPUKYP]LYZVMTPNYH[PVUJHUILJH[LNVYPaLKPU[VW\ZOHUKW\SSMHJ[VYZVM LJVUVTPJKLTVNYHWOPJHUKWVSP[PJHSUH[\YLZ;HISLWYLZLU[ZZ\JOMHJ[VYZ^OPJO QVPU[S`PUÅ\LUJLTPNYH[PVUJOVPJLZ 7\ZO-HJ[VYZPU3HIVY:LUKPUN*V\U[YPLZ 7\SS-HJ[VYZPU3HIVY9LJLP]PUN*V\U[YPLZ ,JVUVTPJ-HJ[VYZ /PNO\ULTWSV`TLU[ 3V^\ULTWSV`TLU[ ,_JLZZSHIVYZ\WWS` 3HIVYZOVY[HNLZ 9LSH[P]LS`SV^PUJVTL 9LSH[P]LS`OPNOPUJVTL 9LSH[P]LS`SV^^HNLZ 9LSH[P]LS`OPNO^HNLZ ,JVUVTPJJYPZPZVYKV^U[\YU ,JVUVTPJZ[HIPSP[` :VJPHS-HJ[VYZ @V\UNKLTVNYHWOPJZ[Y\J[\YL (NLPUNWVW\SH[PVU ,_WVZ\YL[VZOVJRZHUKKPZHZ[LYZ 9LSH[P]LZLJ\YP[`HUKZHML[` ;HISL 7VSP[PJHS-HJ[VYZ 7\ZOHUKW\SSMHJ[VYZVM TPNYH[PVU 7VSP[PJHSPUZ[HIPSP[`VYJYPZPZ 7VSP[PJHSZ[HIPSP[` :V\YJL!>VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹ 0USHIVYYLJLP]PUNJV\U[YPLZOPNO >HNLKPMMLYLU[PHSZHJ[HZHKYP]LYMVY SHIVYKLTHUKPZHWYPTHY`JH[HS`Z[ TPNYH[PVU;OLW\SSMHJ[VYPZWHY[PJ\SHYS` MVYPTTPNYH[PVU0UJV\U[YPLZ^P[OOPNO Z[YVUN^OLU[OLNHWPZ^PKLIL[^LLU SL]LSZVMLTWSV`TLU[YLHS^HNLZ[LUK[V WYV_PTH[LJV\U[YPLZZ\JOHZ[OL<: PUJYLHZLV]LY[PTLHZJVTWHUPLZJVTWL[L HUK4L_PJV^P[OHMP]LMVSKKPMMLYLUJL [VH[[YHJ[^VYRLYZ^P[O[OLYLX\PZP[LZRPSSZ PUH]LYHNLWLYJHWP[HPUJVTL>HNL 3HIVYZOVY[HNLZJHULTLYNLPU[OLZOVY[ KPMMLYLU[PHSZSHYNLS`L_WSHPUTPNYH[PVUMYVT [LYTV^PUN[VZLHZVUHSJ`JSLZVYSVUN (MYPJHHUK,HZ[LYU,\YVWL[V>LZ[LYU [LYTK\L[VZ[Y\J[\YHSZOPM[Z4PNYHU[ZJHU ,\YVWLHZ^LSSHZ[OLSHYNLPTTPNYH[PVU OLSWZTVV[O[OLSHIVYZ\WWS`[VHJJV\U[ Z[VJRZPUOPNOLYPUJVTL(ZPHUJV\U[YPLZ MVYÅ\J[\H[PVUPUZLHZVUHSSHIVYKLTHUK (ZKPZJ\ZZLKPU[OLUL_[ZLJ[PVU^HNL ^OPJOPZTVYLWYVUV\UJLKPUPUK\Z[YPLZ KPMMLYLU[PHSZHSZVSHYNLS`L_WSHPUTPNYH[PVU Z\JOHZHNYPJ\S[\YLHUK[V\YPZT0U[OL ^P[OPU[OL.4:^P[O;OHPSHUK»ZH]LYHNL SVUN[LYTNP]LU[OH[[OLYLPZVM[LUH[PTL WLYJHWP[HPUJVTLL_JLLKPUN[OH[VMP[Z SHNIL[^LLU[OLZ\WWS`VMHUHWWYVWYPH[LS` ULPNOIVYPUNJV\U[YPLZ\W[VZL]LUMVSK ZRPSSLKSHIVYMVYJLHUKZ[Y\J[\YHSLJVUVTPJ ZOPM[ZUL^LYHUKL_WHUKPUNPUK\Z[YPLZ +LTVNYHWOPJKPMMLYLUJLZJYLH[LIV[O VM[LUMHJLSHIVYZOVY[HNLZ^OPSLZOYPURPUN W\SSHUKW\ZOMVYJLZVMTPNYH[PVU PUK\Z[YPLZZOLKSHIVY-\Y[OLYTVYLHZ IL[^LLUHNPUNHUK`V\UNWVW\SH[PVUZ [OLLK\JH[PVUHUKZRPSSSL]LSZYPZLPUHU 0UHNLPUNWVW\SH[PVUZ[OLZPaLVM LJVUVT`[OLYLZLY]H[PVU^HNLHUKQVI [OLSHIVYMVYJLJVTWHYLK[V[OL[V[HS WYLMLYLUJLZ[LUK[VZOPM[![OPZTH`SLHK WVW\SH[PVUKLJSPULZ[OLPUK\Z[YPLZ [VSHIVYZOVY[HNLZHUK^HNLPUJYLHZLZ JH[LYPUN[V[OLLSKLYS`L_WHUKHUK[OL PUSV^ZRPSSQVIZ^OPJOIV[OHJ[HZW\SS KLTHUKMVYZVJPHSZLY]PJLZYPZLHUKJHU MHJ[VYZMVYTPNYHU[Z NLULYH[LÄZJHSWYLZZ\YLZ  -VYKPZJ\ZZPVUZLLVYSK4PNYH[PVU9LWVY[.LUL]H  >VYSK+L]LSVWTLU[0UKPJH[VYZ.50WLYJHWP[H([SHZTL[OVKJ\YYLU[<: <:  HUK4L_PJV   4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ;OPZKLJSPULPUSHIVYZ\WWS`HUK 9LNPVUHS+L[LYTPUHU[ZVM4PNYH[PVU I Z[Y\J[\YHSJOHUNLZJYLH[LVWWVY[\UP[PLZ MVYTPNYHU[Z0UJVU[YHZ[PUJV\U[YPLZ ,JVUVTPJHUKKLTVNYHWOPJMHJ[VYZ ^P[O`V\UNKLTVNYHWOPJZ[Y\J[\YLZ VMTPNYH[PVUHYLKVTPUHU[PU[OL,(7 [OLSHIVYZ\WWS`VM[LUL_JLLKZKLTHUK YLNPVU;OLTHPUW\ZOMHJ[VYZPUSV^ ^P[OHJVUZ[HU[PUMSV^VMUL^SHIVY PUJVTL,(7JV\U[YPLZPUJS\KLWV]LY[` MVYJLLU[YHU[Z(IZVYIPUNSHIVYMVYJL \ULTWSV`TLU[HUK\UKLYLTWSV`TLU[ LU[YHU[ZJYLH[LZJOHSSLUNLZWHY[PJ\SHYS` `V\[OI\SNLHUKSV^^HNLZJVTWHYLK PUSLZZK`UHTPJLJVUVTPLZW\ZOPUN [VOPNOLYPUJVTLJV\U[YPLZPU[OLYLNPVU ^VYRLYZ[VTPNYH[L[VJV\U[YPLZ^P[O *VU]LYZLS`W\SSMHJ[VYZPUOPNOLYPUJVTL TVYLLTWSV`TLU[VWWVY[\UP[PLZ^OPJO ,(7JV\U[YPLZPUJS\KLIL[[LY^HNLZHUK PUJS\KL[OVZL^P[OHNLPUNWVW\SH[PVUZ QVIVWWVY[\UP[PLZ·WHY[S`V^PUN[VHNLPUN (S[OV\NOKLTVNYHWOPJKPMMLYLUJLZHYL WVW\SH[PVUZMVYPUZ[HUJL1HWHU2VYLH TVYLJVTTVUIL[^LLUKL]LSVWLKHUK HUK:PUNHWVYL"LJVUVTPJ[YHUZP[PVU KL]LSVWPUNJV\U[YPLZ[OL`HSZVL_PZ[ [VOPNOLYWYVK\J[P]P[`QVIZ"HUKJVZ[ ^P[OPUKL]LSVWPUNJV\U[YPLZJVU[YPI\[PUN WYLZZ\YLZVUSHIVYPU[LUZP]LPUK\Z[YPLZ [V:V\[O:V\[OTPNYH[PVU·PUJS\KPUN TPNYH[PVU^P[OPU[OL.4: 0UJVTLHUKKLTVNYHWOPJKPZWHYP[PLZ HYLZPNUPÄJHU[HSZVPU[OL.4:;OL :PTPSHYS`KPZHZ[LYZHUKZOVJRZHMMLJ[ .4:PZOL[LYVNLULV\ZHSVUNTHU` TPNYH[PVU*VUMSPJ[ZHUKLJVUVTPJ KPTLUZPVUZ;HISL^P[OWLYJHWP[H WVSP[PJHSVYZVJPHSJYPZLZVM[LUIYPUNHIV\[ PUJVTLYHUNPUNMYVT<:  ZWPRLZPUTPNYH[PVUÅV^Z:\JOZWPRLZ PU4`HUTHYHUK*HTIVKPH[V<:  OH]LILLU^P[ULZZLKTVZ[YLJLU[S`PU[OL PU;OHPSHUKPU(]LYHNLWLY 4PKKSL,HZ[HUK5VY[O(MYPJH0U3PI`HMVY JHWP[HPUJVTLPU;OHPSHUK^HZZL]LU L_HTWSLI`1\ULTVYL[OHUVUL [PTLZOPNOLY[OHUPU4`HUTHYZP_[PTLZ [OPYKVM[OLTPSSPVUTPNYHU[ZÅLK[OL OPNOLY[OHUPU*HTIVKPHÄ]L[PTLZ JV\U[Y`0U[LUZPÄLKUH[\YHSKPZHZ[LYZPU OPNOLY[OHUPU[OL3HV7+9HUKMV\Y YLJLU[`LHYZOH]LJH\ZLK[OLTPNYH[PVUVM [PTLZOPNOLY[OHUPU=PL[UHT-PN\YL TPSSPVU^VYSK^PKLPUJVTWHYLK ;OPZPZJVUZPZ[LU[L]LUHM[LYZVTL [VTPSSPVUPU0UJVU[YHZ[[OL JVU]LYNLUJL·^P[OYLHS.+7NYV^[O TPNYH[PVUPTWHJ[VM[OLYLJLU[NSVIHS H]LYHNPUNHIV]LWLYJLU[PU*HTIVKPH LJVUVTPJJYPZPZOHZILLU^LHRLY[OHU 3HV7+9HUK=PL[UHTHUKWLYJLU[ L_WLJ[LK(S[OV\NO[OLNSVIHS PU;OHPSHUKMYVT*HTIVKPH LJVUVTPJKV^U[\YUJH\ZLKQVISVZZLZ 3HV7+9HUK4`HUTHYOH]L`V\UN HUKHKLJSPULPU[OLYLUL^HSVMTPNYHU[ WVW\SH[PVUZNLULYH[PUNHSHIVYZ\YWS\Z ^VYRWLYTP[ZPUSHIVYYLJLP]PUNJV\U[YPLZ ^OPSL*OPUH;OHPSHUKHUK=PL[UHTOH]L TPNYHU[ZOH]LNLULYHSS`YLTHPULKPU[OLPY ZVTL^OH[VSKLYWVW\SH[PVUZHUKH[PNO[LY OVZ[JV\U[Y`HUKTHPU[HPULKYLSH[P]LS` SHIVYZ\WWS`-PN\YL Z[HISLYLTP[[HUJLÅV^Z 5H[\YHSKPZHZ[LYZHUKWVSP[PJHSMHJ[VYZ ;OLHIV]LMHJ[VYZHYLL_WLJ[LK[V HSZVJVU[YPI\[L[VTPNYH[PVUPU[OL YLTHPUZ[YVUNHUK[VJVU[YPI\[L[V .4:;OL.4:YLNPVUPZWYVUL[VUH[\YHS M\Y[OLYTPNYH[PVUPU[OLM\[\YL KPZHZ[LYZZ\JOHZKYV\NO[ZÅVVKPUN ;OLJVUÅ\LUJLVM[OLYHWPKPUJYLHZLZ HUK[`WOVVUZ^OPJOPUÅ\LUJLÅV^ZVM PUNSVIHSLJVUVTPJPU[LNYH[PVU·HZ^LSS TPNYHU[Z)V_7VSP[PJHSMHJ[VYZL_WSHPU HZ^PKLUPUNKLTVNYHWOPJHUK^HNL ZVTLVM[OLLTPNYH[PVUMYVT4`HUTHY KPMMLYLUJLZHUKPKPVZ`UJYH[PJZOVJRZ· PUWYL]PV\ZKLJHKLZ![OLZLMHJ[VYZHYL OHZWSHJLKNSVIHSTPNYH[PVUH[HYLJVYK L_WLJ[LK[VWSH`HYVSLPU[OLM\[\YL OPNO;OLL_WHUZPVUVMJYVZZIVYKLYSHIVY YLÅLJ[PUN4`HUTHY»Z[YHUZP[PVU·WLYOHWZ ÅV^ZPZWYVQLJ[LK[VJVU[PU\L WHY[S`YL]LYZPUNZVTLVM[OLWHZ[ÅV^Z 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU>VYSK4PNYH[PVU9LWVY[.LUL]H  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹"HUK04-   >VYSK,JVUVTPJ6\[SVVR>HZOPUN[VU+*  .(0505.-96440.9(;065                   -PN\YL    .+77LY*HWP[HPU<:  *\YYLU[7YPJLZSLM[H_PZ *HTIVKPH%Thailand) 3HVZ7+9%Thailand) 4`HUTHY%Thailand) =PL[UHT%Thailand) HUK VM;OHPSHUK.+7 *HTIVKPH 3HV7+9 4`HUTHY =PL[UHT ;OHPSHUK 7LY*HWP[HYPNO[H_PZ :V\YJL!04->VYSK,JVUVTPJ6\[SVVR:LW[LTILY *OPUH@\UUHU  .4: *HTIVKPH 3HV7+9 4`HUTHY ;OHPSHUK =PL[UHT .\HUN_P.A (]LYHNL @\UUHU 7VW\SH[PVU  .A      TPSSPVUZ @\UUHU  .+7J\YYLU[  .A       <: IPSSPVUZ @\UUHU   .50WLYJHWP[H<:   .A <:       ([SHZTL[OVK @\UUHU /+0  .A        7V]LY[`OLHKJV\U[         KH`  @\UUHU (YLHZX\HYLTPSLZ    .A         3PMLL_WLJ[HUJ`H[  UH[PVUHS      IPY[O ;HISL 3P[LYHJ`YH[L HK\S[Z .4:*V\U[YPLZ!2L`   UH[PVUHS      :[H[PZ[PJZ HNL% :V\YJLZ!>VYSK)HUR>VYSK+L]LSVWTLU[0UKPJH[VYZ*OPUH:[H[PZ[PJHS@LHYIVVR04->VYSK,JVUVTPJ6\[SVVR (JVUÅ\LUJLVMW\ZOHUKW\SSMHJ[VYZ ZOPM[ZMYVTHNYPJ\S[\YL[VTHU\MHJ[\YPUN THRL;OHPSHUK[OLTHPUSHIVYYLJPWPLU[ HUKZLY]PJLZ:\JOJOHUNLOHZILLU JV\U[Y`PU[OL.4:;OHPSHUKVMMLYZ HJJVTWHUPLKI`OPNOLYLK\JH[PVUSL]LSZ ^HNLZ[OH[HYLNLULYHSS`OPNOLY[OHU HUK[OLJYLH[PVUVMUL^OPNOLYZRPSSLK TPNYHU[ZJV\SKLHYUPUV[OLY.4: QVIZ^OPJOPU[LYUHSS`W\SSZSHIVYMYVT JV\U[YPLZ0[OHZHUHNLPUNWVW\SH[PVU SV^LYZRPSSLKSHIVYPU[LUZP]LQVIZ3HIVY ^OPJOSPTP[Z[OLZPaLVMP[ZSHIVYMVYJL PU[LUZP]LPUK\Z[YPLZOH]LPUJYLHZPUNS` ;OLLJVUVT`PZHSZV\UKLYNVPUNZ[Y\J[\YHS YLSPLKVUTPNYHU[^VYRLYZ[VJVU[YVS 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU \UP[SHIVYJVZ[ZUV[VUS`[VTHPU[HPU IYLHK[OHUKKLW[OVMWV]LY[` JVTWL[P[P]LULZZI\[HSZV[VLUZ\YL TVYLWYL]HSLU[\ULTWSV`TLU[VY Z\MMPJPLU[SHIVYZ\WWS`6[OLY.4: \UKLYLTWSV`TLU[HUK`V\UNLY JV\U[YPLZI`JVU[YHZ[OH]LHU\TILY WVW\SH[PVUZL_LY[PUNWYLZZ\YLVU VMMHJ[VYZ[OH[LUJV\YHNLLTPNYH[PVU UH[PVUHSSHIVYTHYRL[Z ;OLZLMHJ[VYZNLULYHSS`PUJS\KLNYLH[LY *HTIVKPH *OPUH             -LTHSL -LTHSL    4HSL  4HSL                   3HV7+9 4`HUTHY             -LTHSL -LTHSL    4HSL  4HSL                     ;OHPSHUK =PL[UHT             -LTHSL -LTHSL    4HSL  4HSL     -PN\YL   +LTVNYHWOPJ:[Y\J[\YLZ I`(NLHUK.LUKLY              :V\YJL!<::V\YJL!<:*LUZ\Z)\YLH\0U[LYUH[PVUHSKH[HIHZL   >VYSK)HUR¸+V0TTPNYHU[Z0TWYV]L;OHPSHUK»Z*VTWL[P[P]LULZZ&¹9LWVY[:\ITP[[LK[V[OL>VYSK)HUR\UKLY   [OL7YVQLJ[LU[P[SLK¸4HUHNPUN*YVZZ)VYKLY3HIVY4VIPSP[`PU,HZ[(ZPHHUK[OL7HJPÄJ¹"HUK>VYSK)HURMVY[OJVTPUN   ¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 4VZ[TPNYHU[ZMYVT4`HUTHY[V;OHPSHUK^OV^LYLZ\Y]L`LKMVY[OPZYLWVY[KLZJYPILK LJVUVTPJYLHZVUZMVY[OLPYTPNYH[PVU-PN\YL;OLRL`MHJ[VYZ[OH[JVU[YPI\[LK[V [OLPYTPNYH[PVUKLJPZPVU^LYLLTWSV`TLU[WLYJLU[MHTPS`TLTILYZLHYJOWLYJLU[ JVUÅPJ[WLYJLU[HUKW\YZ\P[VMHTVYLJVTMVY[HISLSPMLWLYJLU[ ;OHPSHUK»ZTHZZP]LMSVVKZPU[OLTVZ[ZL]LYLPU`LHYZPTWHJ[LKPTTPNYHU[ZPU[OLJV\U[Y`HUK YL]LHSLK^LHRULZZLZPU;OHPSHUK»ZTPNYH[PVUWVSPJPLZHUKYLN\SH[PVUZ4PNYHU[ZMHJLKOHYHZZTLU[MVYUV[OH]PUN KVJ\TLU[H[PVUVYMVY[YH]LSPUNV\[ZPKLVM[OLPYYLNPZ[LYLKWYV]PUJLHZHSZVYLWVY[LKPU[OLX\HSP[H[P]LZ\Y]L` JVUK\J[LKMVY[OPZYLWVY[;OLÅVVKZOP[HYLHZ^P[OOPNOJVUJLU[YH[PVUZVMTPNYHU[ZHUKSLK[V[OLJSVZ\YLVM MHJ[VYPLZPURL`ZLJ[VYZMVYUVU;OHP^VYRLYZZ\JOHZHNYPJ\S[\YLHUKTHU\MHJ[\YPUN6]LY TPNYHU[ZSVZ[HZZL[ZHUKQVIZILJH\ZLVM[OLÅVVK;OLQVISVZZLZTHKL[OLTPSSLNHSPTTPNYHU[ZILJH\ZL^VYR WLYTP[ZHYLHZZVJPH[LK^P[OZWLJPÄJQVIZPUWHY[PJ\SHYWYV]PUJLZ4PNYHU[ZOHK[VYLS`VUIYVRLYZ[VYL[\YU[V 4`HUTHYHUKZ\IZLX\LU[S`[YH]LSIHJR[V;OHPSHUKPUZLHYJOVMUL^QVIZ-VSSV^PUN[OLÅVVKZIYVRLYZOH]L ILLUYLWVY[LK[VJOHYNLHIV\[)HO[<: WLYWLYZVU[VJYVZZIVYKLYZIHJR[V4`HUTHYHUKHUV[OLY )HO[<: WLYWLYZVU[VJYVZZIVYKLYZMYVT4`HUTHY[V;OHPSHUK .VVKWYHJ[PJLKPZHZ[LYYLZWVUZLZHKKYLZZ[OL^LSMHYLVMTPNYHU[ZHUK[OLPYMHTPSPLZ.VVKWYHJ[PJLX\HSP[H[P]L ULLKZHZZLZZTLU[Z[VPUMVYT[OLKLZPNUHUK[OL[HYNL[PUNVMHZZPZ[HUJLYLJVNUPaL[OLULLKZVMTPNYHU[Z-VY TPNYHU[ZNVVKWYHJ[PJLKPZHZ[LYYLZWVUZLZLLRZ[VYLZ[VYLLTWSV`TLU[VWWVY[\UP[PLZHUKYLTV]LLTWSV`TLU[ IHYYPLYZLUZ\YLLZZLU[PHSZVJPHSZLY]PJLZHUKMHJPSP[H[LTVIPSP[`WHY[PJ\SHYS`H]VPKPUNIVYKLYJSVZ\YLZ0+,9>VYSK)HUR :,9*HUK4>95>VYSK)HUR 3VVRPUNMVYHQVI 1VPUWHYLU[Z ,ZJHWLPU[LYUHS^HY 3P]LTVYLJVUMVY[HISLSPML 1VPUZWV\ZL ,JVUVTPJWYVISLT 6[OLYYLHZVUZ ,ZJHWLTPSP[HY`ZLY]PJL =PZP[HYLSH[P]L ;VSP]LPUWHYLU[ZOVTL .L[^VYRJVU[YHJ[ :LHZVUHS^VYR 6U[V\Y ,ZJHWLHYYLZ[ ,ZJHWLPUKP]PK\HSMHTPS`WYVISLT :[\K` *OHUNLQVI        :V\YJL!2+::ZHTWSLHUK>VYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹"1HTWHRSH`   (1)Y`HU[HUK93P[^PSSLY ¸.LUKLYHUKTPNYH[PVUMYVT*HTIVKPH3HV7+9HUK4`HUTHY[V;OHPSHUKº  PU.LUKLYHUK3HIVY4PNYH[PVUPU(ZPH¹0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU.LUL]H:^P[aLYSHUK"HUK>VYSK)HUR  3HIVY4PNYH[PVUPU[OL.YLH[LY4LRVUN:\I9LNPVU!:`U[OLZPZ9LWVY[7OHZL0>HZOPUN[VU+*  064¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR  /VS\T`VUN*HUK7\UW\PUN7¸(*VZ[)LULÄ[(UHS`ZPZVM[OL4PNYHU[:[H[\ZVM4PNYHU[Z¹0UZ[P[\[LMVY7VW\SH[PVU  HUK:VJPHS9LZLHYJO /VS\T`VUN*HUK7\UW\PUN7¸(*VZ[)LULÄ[(UHS`ZPZVM[OL4PNYHU[:[H[\ZVM4PNYHU[Z¹0UZ[P[\[LMVY7VW\SH[PVU   HUK:VJPHS9LZLHYJO  064¸;OHPSHUK4PNYH[PVU9LWVY[4PNYH[PVUMVYKL]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK[VVSZMVYWVSPJ`THRLYZ¸  )HUNRVR  .(0505.-96440.9(;065 [OLNHYTLU[PUK\Z[Y`HUK WLYJLU[PU MYVT4`HUTHYMVSSV^Z[OPZ[YLUK0U[OL HNYPJ\S[\YLHUKSP]LZ[VJRWYVJLZZPUN Y\YHS2HUJOHUHI\YPWYV]PUJL^OLYL[OL 3HV^VYRLYZHYL[OLTVZ[KVTPUHU[PU X\HU[P[H[P]LZ\Y]L`MVY[OPZZ[\K`[VVR ZLY]PJLZ^P[OWLYJLU[VMQVIZ^OPSL WSHJLTVZ[KVJ\TLU[LKTPNYHU[Z^VYRLK *HTIVKPHU^VYRLYZOVSKWLYJLU[ PUMVYTHSHNYPJ\S[\YLHUKJHZ\HSSHIVY^OPSL VM[OLÄZOPUNIVH[QVIZ \UKVJ\TLU[LK^VYRLYZ^LYLPUJHZ\HS SHIVY[OH[KPKUV[ULJLZZP[H[LYLNPZ[YH[PVU :WH[PHSKPZ[YPI\[PVUVMTPNYHU[Z ^P[OSVJHSH\[OVYP[PLZ0U:HT\[ZHROVU PUÅ\LUJLZ[OLPYQVIZ4VZ[PTTPNYHU[ZPU WYV]PUJL[OLSVJH[PVUVM[OLX\HSP[H[P]L ;OHPSHUK^VYRPUSVJH[PVUZ[OH[OH]LSHYNL Z\Y]L`MVY[OPZZ[\K`I`JVU[YHZ[TVZ[ +PHZWVYHZHUKHYLJSVZL[V[OLPYOVTL ^VYRLYZ^VYRLKPUMPZOLY`YLSH[LK JV\U[Y`;OLJVUJLU[YH[PVUVMTPNYHU[Z PUK\Z[YPLZHUKSPNO[THU\MHJ[\YPUN *H[LNVY` :[H` :[H`HUK^VYR 7YVMLZZPVUHSZRPSSLKHUKZLTPZRPSSLK^VYRLYZ   6[OLY[LTWVYHY`Z[H`  :[H`^P[O;OHPZ  :[H`^P[O;OHP^PML  :[H`^P[OYLZPKLU[MHTPSPLZ  9L[PYLTLU[  6[OLYZ   ;V\YPZ[HUK[YHUZP[]PZHL_[LUZPVU  :[\KLU[Z   6[OLYYLN\SHY  :\I[V[HS¶   9LZPKLU[ZH^HP[PUNUH[PVUHSP[`    )VYUPU;OHPSHUK[VUVUUH[PVUHSWHYLU[Z     7YL]PV\ZS`\UKVJ\TLU[LK   VYRLYZ(KTPUPZ[YH[PVU+LWHY[TLU[VM,TWSV`TLU[4PUPZ[Y`VM3HIVY  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  *VTWHYH[P]L*OHYHJ[LYPZ[PJZ· I Z\Y]L`LK^LYLTHSLJVTWHYLK[V 4`HUTHY4PNYHU[ZHUK;OHPZ  WLYJLU[MVYKVJ\TLU[LKTPNYHU[ZHUK WLYJLU[MVY\UKVJ\TLU[LKTPNYHU[Z ;OPZZLJ[PVUWYV]PKLZJOHYHJ[LYPZ[PJZVM :OVY[[LYTTPNYHU[Z^LYLL]LUTVYL ;OHPZHUKPTTPNYHU[ZMYVT4`HUTHY· SPRLS`[VILTHSLH]LYHNPUN`LHYZ THPUS`KYH^PUNVU[OLX\HU[P[H[P]LZ\Y]L` ^OLYLHZSVUN[LYTTPNYHU[ZOHKHTVYL PU2HUJOHUHI\YPWYV]PUJL IHSHUJLKNLUKLYYH[PVUVMWLYJLU[ THSL:L]LUV\[VML]LY`TPNYHU[Z 4PNYHU[ZPU[OLZHTWSLHYLNLULYHSS` OHKUV[JVTWSL[LKWYPTHY`LK\JH[PVU `V\UNLYSLZZLK\JH[LKTVYLSPRLS`[V JVTWHYLK[VWLYJLU[VM;OHPZPU[OL ILTHSLHUKUV[THYYPLKJVTWHYLK[V ZHTWSLVMHK\S[ZHIV]L`LHYZ4HYYPLK SVJHS;OHPZ*VTWHYLK[V[OL;OHPZPU[OL ;OHPZJVUZ[P[\[LKWLYJLU[^OPJOPZ Z\Y]L`KVJ\TLU[LKTPNYHU[Z^LYL[OYLL [^VWLYJLU[HNLWVPU[ZOPNOLY[OHU[OH[VM [VMV\Y`LHYZ`V\UNLYHUK\UKVJ\TLU[LK" KVJ\TLU[LKTPNYHU[ZWLYJLU[HUK SVUN[LYTTPNYHU[Z^LYLHIV\[ZP_`LHYZ \UKVJ\TLU[LKTPNYHU[ZWLYJLU[ `V\UNLY[OHU;OHPZ ;OHPOLHKZVM :OVY[[LYTTHYYPLKTPNYHU[ZTHKL\W OV\ZLOVSKH]LYHNLK`LHYZJVTWHYLK [OLSV^LZ[WLYJLU[HNLWLYJLU[^P[O [VMVYKVJ\TLU[LKHUK `LHYZ SVUN[LYTTPNYHU[ZZSPNO[S`OPNOLY MVY\UKVJ\TLU[LKTPNYHU[OLHKZVM WLYJLU[THYYPLK OV\ZLOVSKZ3VUN[LYTTPNYHU[OLHKZ  VMOV\ZLOVSK^LYLHUH]LYHNLVM 5LHYS`HSSTPNYHU[ZHKTP[[LKPSSLNHS `LHYZ^OPJOPZHIV\[MV\Y`LHYZVSKLY[OHU LU[Y`HSHJRVMH^VYRWLYTP[HUK ZOVY[[LYTTPNYHU[OLHKZVMOV\ZLOVSKZ HWSHU[VZ[H`MVY[OLSVUN[LYT(Z :PTPSHYHNLWH[[LYUZHYLZLLUPU[OLV]LYHSS WYLZLU[LKPU-PN\YLTVYL[OHU  ZHTWSL^P[O;OHPZH]LYHNPUN `LHYZ WLYJLU[VM[OLZ\Y]L`LKTPNYHU[ZLU[LYLK ]LYZ\Z`LHYZMVYKVJ\TLU[LKTPNYHU[Z ;OHPSHUKPSSLNHSS`HUKSHJRLK^VYRWLYTP[Z HUK MVY\UKVJ\TLU[LKTPNYHU[Z /V^L]LYHIV\[WLYJLU[HYLSLNHS ^OPSLSVUN[LYTTPNYHU[ZH]LYHNLK YLZPKLU[ZHUKLTWSV`LKHUKULHYS`HSS `LHYZHUKZOVY[[LYTTPNYHU[ZVUS` WSHUULK[VZ[H`PU;OHPSHUKMVYTVYL[OHU `LHYZ1\Z[\UKLYOHSM  VMHSS;OHPZ TVYL`LHYZ 7SHUUPUN[VZ[H`MVYV]LY`LHYZMYVTUV^ 3LNHSYLZPKLU[ ,U[LYLK;OHPSHUKSLNHSS` 1VIWYLHYYHUNLKILMVYLHYYP]PUN[V;OHPSHUK /LSWMPUKPUNHQVIYLJLP]LKILMVYLHYYP]PUN /LSWMPUKPUNHQVIYLJLP]LKHM[LYHYYP]PUN ,TWSV`LK -PN\YL /H]PUN^VYRWLYTP[ *OHYHJ[LYPZ[PJZVM 4PNYHU[Z ,_P[LK;OHPSHUKZPUJLHYYP]HS       :V\YJL!2+::ZHTWSLHUK>VYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHOPSL[OLTPUPT\TTVU[OS` ^VYRLYZ[LUK[VJOHUNLLTWSV`LYZ ^HNLZHYLZPTPSHY[OLTH_PT\T^HNLZ MYLX\LU[S`[VÄUKOPNOLYWH`PUN^VYR:\JO VMHUK)HO[MVY;OHPZ JO\YUPUNPZTVYLJVTTVUHTVUNSVUNLY KVJ\TLU[LKTPNYHU[ZHUK\UKVJ\TLU[LK [LYTTPNYHU[Z[OH[OH]LTVYLLZ[HISPZOLK TPNYHU[ZYLZWLJ[P]LS`ZOV^Z^PKL WLYZVUHSHUKWYVMLZZPVUHSUL[^VYRZHZ^LSS ^HNLKPZWLYZPVU4PNYHU[^HNLZPU HZOH]PUNWHPKVMMHU`KLI[ZPUJ\YYLK^OPSL 2HUJOHUHI\YPHYLSV^LYHUK[OLSV^LZ[MVY TPNYH[PUN4VYLL_WLYPLUJLKTPNYHU[Z[LUK \UKVJ\TLU[LK^VYRLYZPUHSSVJJ\WH[PVUZ [VZLLRQVIZPUSHYNLYHUKTVYLL_WVY[ ^P[O[OLL_JLW[PVUVMSVUN[LYTHNYPJ\S[\YL VYPLU[LKÄYTZ[OH[[LUK[VOH]LOPNOLYWH` -PN\YL -\Y[OLYTVYLTPNYHU[^HNLZ HUKV]LY[PTL^VYR[VPUJYLHZL[OLPY^HNLZ HYLILSV^[OLH]LYHNL^HNLMVYHSSI\[ 4PNYHU[ZJP[L^HU[PUN[VOH]LIL[[LYX\HSP[` VULVJJ\WH[PVU(ZWHY[VM[OLX\HSP[H[P]L SLZZKLTHUKPUNHUKOPNOLYWHPKQVIZ Z\Y]L`^VYRLYZHSSZ[H[LK[OH[[OL` HUK[VSP]LPU\YIHUHYLHZ YLJLP]LK[OLTPUPT\T^HNL^OPJOPZ  )HO[HKH`PU:HT\[ZHROVU·LTWSV`LYZ 0TTPNYHU[^VYRLYZYLJLP]LHSV^LY PU[LY]PL^LKZ[H[LK[OH[[OL`^V\SKMHJL H]LYHNL^HNL[OHU;OHP^VYRLYZ ^VYRZOVY[HNLZPM[OL`VMMLYLKHSV^LY 9LZLHYJOMV\UK[OH[TPNYHU[ZNLULYHSS` ^HNLHNL VM;OHPHUK4PNYHU[ >VYRLYZI`6JJ\WH[PVU 2+:::HTWSL  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK  036º;OL4LRVUN*OHSSLUNL¶VYRLYZMYVT4`HUTHY»7HWLYWYLZLU[LKH[[OL(7495  *VUMLYLUJLH[-\QPHU5VYTHSOPSL +LZWP[LHOPNOLYWYVWLUZP[`[VZH]L WLYJLU[VM;OHPZZHTWSLKWLYJLP]LK WLYJLU[VM;OHPOV\ZLOVSKZOHKKLI[ [OLPYV^UOV\ZLOVSK[VILWVVY ]LYZ\ZVUS`WLYJLU[MVYUVU;OHPZ WLYJLU[VMKVJ\TLU[LKHUKWLYJLU[ ;OLSV^LYZH]PUNZHUKPUKLI[LKULZZVM VM\UKVJ\TLU[LKTPNYHU[OV\ZLOVSKZ UVU;OHPZJHUILWHY[S`L_WSHPULKI`[OLPY YLWVY[LKZ\IQLJ[P]LWV]LY[`;OLOPNOLY SPTP[LKHJJLZZ[VÄUHUJPHSPUZ[P[\[PVUZ     -PN\YL 7LY*HWP[H/V\ZLOVSK *VUZ\TW[PVU       SVNVMWLYJHWP[HOV\ZLOVSKJVUZ\TW[PVU ;OHP VYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYSK)HUR  1\ULW  /VSaTHU9º7YLZLU[H[PVU!0U[LYUH[PVUHS3HIVY4VIPSP[`!4PNYH[PVU!+L[LYTPUHU[Z0TWHJ[HUK7VSPJ`0ZZ\LZ¹:LV\S  +LJLTILY  7OVSWOPY\SL[HS¸+V0TTPNYHU[Z0TWYV]L;OHPSHUK»Z*VTWL[P[P]LULZZ&¹>VYSK)HUR)HUNRVR6MÄJL"HUK  )Y`HU[1HUK9\R\TU\H`RP[7¸+VLZ0TTPNYH[PVU[V;OHPSHUK9LK\JL[OL>HNLZVM;OHP>VYRLYZ&3HIVY  4PNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU¹;OL>VYSK)HUR  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹ 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  JVTIPUH[PVUVM[OLPUJYLHZLKZ[VJRVM SVUN[LYTZ[Y\J[\YHSZOPM[I`MYLLPUN\W SHIVYHUKJHWP[HSOHZNLULYHSS`SLK[V KVTLZ[PJSHIVY[V^VYRPUTVYLWYVK\J[P]L HUPUJYLHZLPUYLHS.+7PUSHIVYYLJLP]PUN ZLJ[VYZ-PN\YL;OLWLYJLU[HNLVM JV\U[YPLZPU,(7 KVTLZ[PJ^VYRLYZPU[OLSLZZWYVK\J[P]L HNYPJ\S[\YHSZLJ[VYKLJSPULKMYVT[V 0TTPNYH[PVUJHUZ\WWVY[[LJOUVSVNPJHS HIV\[WLYJLU[MYVT HUK HK]HUJLTLU[PU[OLSVUN[LYTI` >OPSL[OLWLYJLU[VMTPNYHU[^VYRLYZPU[OL MYLLPUN\WKVTLZ[PJ^VYRLYZMVY ZLJ[VYHSZVKLJSPULKZSPNO[S`[OLU\TILY TVYLWYVK\J[P]LQVIZWHY[PJ\SHYS`PM VM^VYRLYZTVYL[OHU[YPWSLK4HSH`ZPHU HJJVTWHUPLKI`PTWYV]LTLU[ZPU ^VYRLYZZOPM[LK[VTHU\MHJ[\YPUN [YHPUPUNHUKLK\JH[PVU0U[OLSVUNLY HZ^LSSHZOPNOZRPSSLKZLY]PJLZQVIZ [LYTYLZLHYJOPU;OHPSHUKOHZUV[ Z\JOHZÄUHUJLHUKYLHSLZ[H[L^OLYL KL[LJ[LKHUL_WHUZPVUVMSV^ZRPSSLK [OLU\TILYVM^VYRLYZPUOPNOZRPSSLK SHIVYPU[LUZP]LZLJ[VYZV^PUN[V ZLY]PJLZPUJYLHZLKMYVT[V [LJOUVSVN`Z[HSSPUN^P[OTVZ[SHIVY :PTPSHYL]PKLUJLY\UZHNHPUZ[ TV]PUN^P[OPUHUKUV[IL[^LLUZLJ[VYZ [OL[LJOUVSVNPJHSZ[HSSPUNO`WV[OLZPZHUK 0U4HSH`ZPHTPNYH[PVU·QVPU[S`^P[O Z\NNLZ[ZZPNUPÄJHU[ILULÄ[ZPMTPNYH[PVU LMMVY[Z[VPTWYV]L[OLZRPSSZVMKVTLZ[PJ PZJVTIPULK^P[OPTWYV]LKKVTLZ[PJ ^VYRLYZ·HWWLHYZ[VOH]LMHJPSP[H[LKH LK\JH[PVUHUK[YHPUPUN 7HULS(!+PZ[YPI\[PVUVM5H[P]L>VYRLYZ         (NYPJ\S[\YL MVYLZ[Y` SP]LZ[VJRHUKMPZOPUN 4PUPUNHUK X\HYY`PUN 4HU\MHJ[\YPUN ,SLJ[YPJP[`NHZ HUK^H[LY *VUZ[Y\J[PVU >OVSLZHSLHUK YL[HPS[YHKL YLZ[H\YHU[HUKOV[LSZ ;YHUZWVY[Z[VYHNL HUKJVTT\UPJH[PVU -PUHUJLPUZ\YHUJL YLHSLZ[H[LHUK I\ZPULZZZLY]PJLZ *VTT\UP[`ZVJPHS HUKWLYZVUHSZLY]PJLZ      7HULS)!+PZ[YPI\[PVUVM4PNYHU[>VYRLYZ      -PN\YL  4HSH`ZPH!+PZ[YPI\[PVU  VM5H[P]LHUK4PNYHU[  >VYRLYZ [V   (NYPJ\S[\YL MVYLZ[Y` SP]LZ[VJRHUKMPZOPUN 4PUPUNHUK X\HYY`PUN 4HU\MHJ[\YPUN ,SLJ[YPJP[`NHZ HUK^H[LY *VUZ[Y\J[PVU >OVSLZHSLHUK YL[HPS[YHKL YLZ[H\YHU[HUKOV[LSZ ;YHUZWVY[Z[VYHNL HUKJVTT\UPJH[PVU -PUHUJLPUZ\YHUJL YLHSLZ[H[LHUK I\ZPULZZZLY]PJLZ *VTT\UP[`ZVJPHS HUKWLYZVUHSZLY]PJLZ      :V\YJL!>VYSK)HURMVY[OJVTPUN¹0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU,HZ[(ZPHHUK[OL7HJPÄJ¹   >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 3HIVY4HYRL[ I ZOV\SKILTVYLYLZ[YPJ[P]L^OPSLVUS` WLYJLU[ILSPL]LK[OH[TPNYHU[ZOHKH 0U[OLSHIVYTHYRL[PTTPNYH[PVU WVZP[P]LLMMLJ[VU[OLLJVUVT`/V^L]LY OHZILLUNLULYHSS`HZZVJPH[LK^P[O WLYJLU[L_WYLZZLKZ\WWVY[VMTPNYHU[Z L_WHUKPUNLTWSV`TLU[HUKHU HUKTPNYH[PVU^P[OH^PKLKPMMLYLUJLPU[OL HTIPN\V\ZPTWHJ[VU^HNLZ:[\KPLZ ZOHYLVMZ\WWVY[LYZIL[^LLU)HUNRVR VU,(7HUK6,*+JV\U[YPLZMV\UK[OH[ WLYJLU[HUK[OLYLNPVUZV\[ZPKL)HUNRVR PTTPNYH[PVUKVLZUV[LYVKLLTWSV`TLU[ WLYJLU[(036HUK<50-,4 VWWVY[\UP[PLZVMKVTLZ[PJ^VYRLYZ!P[ YLWVY[MV\UK[OH[YLZWVUKLU[ZNLULYHSS` JHUHJ[\HSS`L_WHUKLTWSV`TLU[HZP[ Z[H[LK[OH[;OHPSHUKKVLZUV[ULLK Z[PT\SH[LZV\[W\[;OLPTWHJ[VU^HNLZ TPNYHU[ZPU[OLHNYPJ\S[\YHSHUKPUK\Z[YPHS ZLLTZSLZZJSLHY/PNOZRPSSLKKVTLZ[PJ ZLJ[VYZ9LWYLZLU[H[P]LZVMMPYTZPU ^VYRLYZNLULYHSS`L_WLYPLUJLH^HNL ;OHPSHUKOV^L]LYOH]LYLJLU[S`L_WYLZZLK PUJYLHZLV^PUN[VPUJYLHZLKLJVUVTPJ JVUJLYUHIV\[[OLULNH[P]LJVUZLX\LUJLZ V\[W\[HUKÄYTWYVÄ[HIPSP[`;OL^HNLZ MYVTHWVZZPISLKLJSPULPU[OLU\TILYVM VMSV^ZRPSSLKKVTLZ[PJ^VYRLYZTH`OH]L PTTPNYHU[ZMYVT4`HUTHYVU[OL;OHP KLJYLHZLKI`SLZZ[OHUWLYJLU[PU SHIVYPU[LUZP]LPUK\Z[YPLZV^PUN[V[OL ;OHPSHUKHUKI`WLYJLU[PU4HSH`ZPH SPILYHSPaH[PVUVM4`HUTHY»ZLJVUVT` KLWLUKPUNVULK\JH[PVUSL]LSZ0UJVU[YHZ[ PTTPNYH[PVUKPKUV[JOHUNL^HNLZPU2VYLH 0TTPNYHU[ZPU;OHPSHUKHWWLHY[V HUKPUJYLHZLK^HNLZPU:PUNHWVYL;OL JVU[YPI\[LJVUZPKLYHIS`[VLJVUVTPJ SH[[LY[^VJV\U[YPLZOH]LZ[YVUNTPNYH[PVU V\[W\[LTWSV`TLU[HUKMPYT THUHNLTLU[Z`Z[LTZ[OH[HSSV^[OLT[V WYVMP[HIPSP[`·WHY[PJ\SHYS`PUSHIVY PTWVY[SHIVYPUZLJ[VYZ^P[OZOVY[HNLZ PU[LUZP]LZLJ[VYZ:[\KPLZOH]LZOV^U 6]LYHSS[OL^HNLPTWHJ[KLWLUKZ [OH[TPNYH[PVUZ\WWVY[ZSVJHSP[PLZI` VU^OL[OLYPU[LYUH[PVUHSTPNYHU[ZHYL H[[YHJ[PUNSHIVYPU[LUZP]LPUK\Z[YPLZHUK JVTWSLTLU[Z^OLYL[OLLMMLJ[ZHYLUL\[YHS PU]LZ[TLU[HUKP[JHUOH]LHWVZP[P]L VYWVZP[P]LVYZ\IZ[P[\[LZ^OLYLMVYLPNU LTWSV`TLU[ZWPSSV]LYI`JYLH[PUNHKKP[PVUHS ^VYRLYZTH`JVTWL[L^P[OZLNTLU[ZVM QVIZPU[OLZLVYZ\WWVY[PUNPUK\Z[YPLZ [OLKVTLZ[PJSHIVYMVYJLVUJVZ[VYZRPSSZ 0UHX\HSP[H[P]LZ\Y]L`PU:HT\[ZHROVU 0U;OHPSHUKMVYPUZ[HUJLPTTPNYHU[ZOH]L L]LU[OL;OHPYLZWVUKLU[ZHJRUV^SLKNLK NLULYHSS`JVTWSLTLU[LK[OLKVTLZ[PJSHIVY [OLJVU[YPI\[PVUVMTPNYHU[^VYRLYZ[V MVYJLILJH\ZL[OL`ÄSSLK[OLSHIVYZOVY[HNLZ QVIJYLH[PVUPUTHU\MHJ[\YPUNHUK[OL MHJPUN;OHPSHUK»ZSHIVYPU[LUZP]LPUK\Z[YPLZ ILULÄ[ZMYVTV]LY[PTL^HNLZPUJLY[HPU VJJ\WH[PVUZ0U;OHPSHUKÄYTZPU 0U;OHPSHUKZPTPSHY[VV[OLYJV\U[YPLZ SHIVYPU[LUZP]LL_WVY[PUK\Z[YPLZZ\JOHZ [OLW\ISPJTH`^VYY`[OH[TPNYHU[Z HNYPJ\S[\YLHUKTHU\MHJ[\YPUNILULÄ[LK ºZ[LHS»QVIZHUKKLWYLZZ^HNLZ0UHU MYVT[OLSV^LY\UP[SHIVYJVZ[Z^OPJO 036W\ISPJVWPUPVUWVSSVMH[[P[\KLZ[V^HYKZ OH]LZ\WWVY[LK[OLPYJVTWL[P[P]LULZZ TPNYHU[ZHUKTPNYH[PVUPU;OHPSHUKPU KVTLZ[PJHSS`HUKPU[LYUH[PVUHSS` HWWYV_PTH[LS` WLYJLU[VMYLZWVUKLU[Z 9LZLHYJO·\ZPUNJVTW\[HISLNLULYHS Z[H[LK[OH[NV]LYUTLU[TPNYH[PVUWVSPJ` LX\PSPIYP\TTVKLSZHUKNYV^[O  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  ;OL036WVSS^HZJVUK\J[LKHZWHY[VM[OL;YPWHY[P[L(J[PVU[V7YV[LJ[4PNYHU[Z^P[OPUHUKMYVT[OL.4:MYVT3HIVY  ,_WSVP[H[PVU;90(5.3,^P[OYLZWVUKLU[ZLHJOPU;OHPSHUK4HSH`ZPH:PUNHWVYLHUK2VYLHº:\WWVY[VM  TPNYHU[Z»PZKLÄULKHZOH]PUNRUV^SLKNLVMTPNYHU[ZHUKUVUKPZJYPTPUH[VY`ILOH]PVY:LLHSZV)L\[PU9L[HS   4PNYH[PVUHUK7\ISPJ7LYJLW[PVU)\YLH\VM,\YVWLHU7VSPJ`(K]PZLYZ,\YVWLHU*VTTPZZPVU"HUK;OL5H[PVU  º;OL,MMLJ[ZVM3V^:RPSS0TTPNYH[PVUVU[OL;OHP3HIVY4HYRL[»  >HSS:[YLL[1V\YUHS(WYPS¸4`HUTHY9LMVYTZ*V\SK4LHU;PNO[LY:,(ZPH3HIVY4HYRL[¹  7OVSWOPY\SL[HS¸+V0TTPNYHU[Z0TWYV]L;OHPSHUK»Z*VTWL[P[P]LULZZ&¹>VYSK)HUR)HUNRVR6MÄJL"HUK   )Y`HU[1HUK9\R\TU\H`RP[7¸+VLZ0TTPNYH[PVU[V;OHPSHUK9LK\JL[OL>HNLZVM;OHP>VYRLYZ&3HIVY  4PNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU;OL>VYSK)HUR¹  8\HSP[H[P]LZ\Y]L`VM0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹  WYVJLZZLK  7OVSWOPY\S7¸0TTPNYH[PVU1VI=HJHUJPLZHUK,TWSV`TLU[+`UHTPJZ!,]PKLUJLMYVT;OHP4HU\MHJ[\YLYZ¹>VYSK  )HUR 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  HJJV\U[PUN·LZ[PTH[L[OH[[OLYLTV]HS [VVWLYH[LTVYLVM[LUH[JHWHJP[`HUK VMTPNYHU[^VYRLYZMYVT[OLLJVUVT` OH]LV]LY[PTL^OLUKLTHUKPUJYLHZLK ^V\SKKLJYLHZL;OHPSHUK»ZYLHS.+7I` WLYJLU[HUK[V[HSLTWSV`TLU[I` ,*65640*047(*;653()69  WLYJLU[;OLKLJSPULZHYLH[[YPI\[LK[V :,5+05.*6<5;90,:(5+90:2: OPNOLY^HNLJVZ[ZHUKSV^LYWYVK\J[PVU -(*05.0440.9(5;: WHY[PJ\SHYS`PUSHIVYPU[LUZP]LPUK\Z[YPLZ [OH[^V\SKHJJVTWHU`[OLYLTV]HSVM H,JVUVTPJ.YV^[OHUK7V]LY[` TPNYHU[Z0U[OLHNYPJ\S[\YHSZLJ[VY[OL L_JS\ZPVUVMMVYLPNU^VYRLYZPZLZ[PTH[LK[V ,TPNYH[PVUNLULYHSS`NLULYH[LZH KLJYLHZL[OLZLJ[VY»ZV\[W\[I`WLYJLU[ WVZP[P]LPTWHJ[VUSHIVYZLUKPUN THU\MHJ[\YPUNV\[W\[^V\SKJVU[YHJ[I` JV\U[YPLZ[OYV\NOYLTP[[HUJLZ WLYJLU[HUKZLY]PJLZV\[W\[I`WLYJLU[ 9LTP[[HUJLZYHPZLOV\ZLOVSKPUJVTL ([[OLÄYTSL]LS[OLYLTV]HSVMPTTPNYHU[Z HUKJVUZ\TW[PVU[O\ZOLSWPUN[VYLK\JL PZLZ[PTH[LK[VYLK\JLWYVÄ[ZI`WLYJLU[ WV]LY[`PU[OLZOVY[Y\U;OL`JHUHSZV ^P[O[OLPUJYLHZPUNSHIVYJVZ[SPRLS`VMMZL[[PUN  HJ[HZHMVYTVMZVJPHSWYV[LJ[PVUHZ^LSS PTWYV]LTLU[ZPUWYVK\J[P]P[` HZHZV\YJLVMJHWP[HSMVYPU]LZ[TLU[;OL  WYVIHIPSP[`VMILPUNWVVYPU0UKVULZPH 4PNYHU[^VYRLYZPU;OHPSHUKWYV]PKL MVYL_HTWSLPZHYV\UKWLYJLU[SV^LY SHIVYPUSLZZKLZPYHISLVJJ\WH[PVUZ MVYYLTP[[HUJLYLJLP]PUNOV\ZLOVSKZ;OL (TVUN[OLULHYS`TPSSPVUYLNPZ[LYLK PTWHJ[VMYLTP[[HUJLZVUO\THUJHWP[HS TPNYHU[ZTVZ[^VYRLYZHYLJVUJLU[YH[LK HJJ\T\SH[PVUOHZILLUKPMMLYLU[HJYVZZ PUHNYPJ\S[\YLHUKJVUZ[Y\J[PVU^P[O JV\U[YPLZHUKKLWLUKLU[VUNLUKLYHZ LHJOLTWSV`PUNTVYL[OHU TV[OLYZOH]LILLUZOV^U[VTVYLSPRLS` ^VYRLYZ(TVUN[OLYLNPZ[LYLK [VZWLUK[OLYLTP[[HUJLZVULK\JH[PVU TPNYHU[^VYRLYZMYVT4`HUTHY VMHUKOLHS[OJHYLMVY[OLPYJOPSKYLU WLYJLU[^VYRPUHNYPJ\S[\YLHUKSP]LZ[VJR (TVUNSHIVYZLUKPUNJV\U[YPLZPU,(7 WLYJLU[PUZLY]PJLZHUKWLYJLU[ YLTP[[HUJLYLJLP]PUNOV\ZLOVSKZPU[OL PUJVUZ[Y\J[PVU;OLWLYJLU[VM[OL 7OPSPWWPULZHUK0UKVULZPHOH]LILLU 3HV7+9YLNPZ[LYLKTPNYHU[Z^VYR SPRLS`[VZWLUKTVYLVULK\JH[PVUHZ^LSS PUZLY]PJLZMVSSV^LKI`WLYJLU[PU HZOV\ZPUN 0U[OLSVUNLYY\UWHY[PJ\SHY V[OLYJH[LNVYPLZ;OL*HTIVKPHU JPYJ\SHYTPNYH[PVUHUK+PHZWVYHZJHU TPNYHU[ZHYLTVZ[JVUJLU[YH[LKPU Z\WWVY[WVZP[P]LZ[Y\J[\YHSJOHUNLZPU[OL JVUZ[Y\J[PVU^P[OWLYJLU[VM^VYRLYZ LJVUVT`[OYV\NOZRPSSZHUK[LJOUVSVN` MVSSV^LKI`HNYPJ\S[\YLHUKSP]LZ[VJR KPZZLTPUH[PVUHUKPU]LZ[TLU[Z:\JO ;OLZLZLJ[VYZHYLNLULYHSS`JVUZPKLYLK WVZP[P]LZWPSSV]LYZHYLWHY[PJ\SHYS`SPRLS` SV^ZRPSSLKHUKOH]LMHJLKZOVY[HNLZ PUSHIVYZLUKPUNJV\U[YPLZ^P[OHNVVK VM;OHP^VYRLYZWHY[PJ\SHYS`PUQVIZ[OH[ I\ZPULZZJSPTH[L HYLKHUNLYV\ZKLTLHUPUNVYKPY[` º+»QVIZ0U[OLZLY]PJLZZLJ[VYTVZ[ ;OLSPURHNLIL[^LLUYLTP[[HUJLZHUK TPNYHU[Z^VYRVU[OLSV^LYLUKVM[OL LJVUVTPJNYV^[OPU,(7JV\U[YPLZOHZ ZRPSSZZWLJ[Y\T·JVTWSLTLU[PUNYH[OLY UV[ILLU^LSSKVJ\TLU[LK(MVY[OJVTPUN [OHUZ\IZ[P[\[PUNKVTLZ[PJ^VYRLYZ >VYSK)HURZ[\K`[OH[\ZLZUPULZLUKPUN ,TWSV`LYZPU[OLX\HSP[H[P]LZ[\K` ,(7JV\U[YPLZZ\NNLZ[Z[OH[YLTP[[HUJLZ JVYYVIVYH[LK[OLILULÄ[ZVMTPNYHU[SHIVY OH]LH^LHRYLSH[PVUZOPW^P[ONYV^[OYH[LZ WYV]PKPUNHSHYNLYHUKTVYLZ[HISLZ\WWS` VMWLYJHWP[HPUJVTLZHUK.+7PUSHIVY VMSHIVY^OPJOHSSV^LK[OLPYMHJ[VYPLZ ZLUKPUNJV\U[YPLZ:PTPSHYS`HS[OV\NOVU  7OVSWOPY\SL[HS¸+V0TTPNYHU[Z0TWYV]L;OHPSHUK»Z*VTWL[P[P]LULZZ&¹>VYSK)HUR)HUNRVR6MÄJL6[OLY  Z[\KPLZ\ZLJVTW\[HISLNLULYHSLX\PSPIYP\TTVKLSZHUKZPTPSHYS`ÄUKKLJYLHZLZPUV\[W\[[OLZLZ[\KPLZPUJS\KL  :\ZZHUNRHYHU HUK7OVSWOPY\SHUK9\R\TU\H`RP[  6MÄJLVM-VYLPNU>VYRLYZ(KTPUPZ[YH[PVU+LWHY[TLU[VM,TWSV`TLU[4PUPZ[Y`VM3HIVY"HUK064;OHPSHUK  4PNYH[PVU9LWVY[)HUNRVR  8\HSP[H[P]LZ\Y]L`VM0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹  WYVJLZZLK   >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 H]LYHNLYLTP[[HUJLZOH]LHZSPNO[S`WVZP[P]L 9LTP[[HUJLZ[V4`HUTHY I LMMLJ[VUZH]PUNZHUKPU]LZ[TLU[PUSHIVY ZLUKPUNJV\U[YPLZNSVIHSS`[OLL]PKLUJLMVY :\Y]L`ZKPMMLYPU[OLPYÄUKPUNZHIV\[ [OLSHIVYZLUKPUN,HZ[(ZPHUJV\U[YPLZPZ [OL]VS\TLVMYLTP[[HUJLZZLU[I` PUJVUJS\ZP]L4VYLV]LYHOPNOYLSPHUJLVU 4`HUTHYPTTPNYHU[ZMYVT;OHPSHUK YLTP[[HUJLZTH`PUJYLHZL[OLSHIVYZLUKPUN 0U2HUJOHUHI\YPSLZZ[OHUWLYJLU[ JV\U[Y`»ZL_[LYUHSÄUHUJPHSL_WVZ\YL VMNLULYHSS`SVUN[LYTTPNYHU[ZZLU[ HZ^LSSHZJVU[YPI\[L[VL_JOHUNLYH[L JHZOYLTP[[HUJLZHJYVZZ[OLIVYKLY HWWYLJPH[PVU^P[OULNH[P]LJVUZLX\LUJLZ ^P[OHUH]LYHNLHTV\U[VM)HO[ MVYJVTWL[P[P]LULZZ-VYYLTP[[HUJL WLY`LHY(SSNLULYHSS`YLJLU[TPNYHU[Z YLJLP]PUNOV\ZLOVSKZYLTP[[HUJLZJHU Z\Y]L`LKPU:HT\[ZHROVUWYV]PUJLI` ZLY]LHZHKPZPUJLU[P]LMVYLTWSV`TLU[ JVU[YHZ[YLWVY[LKZLUKPUNYLTP[[HUJLZ[V HUKSHIVYMVYJLWHY[PJPWH[PVU 4`HUTHYTVU[OS`VYL]LY`ML^TVU[OZ  ^P[O[OLW\YWVZLVMZ\WWVY[PUNJOPSKYLU >OPSLZRPSSLKLTPNYH[PVUJHUOH]L VYLUHISPUNYLSH[P]LZ[VL_WHUKMHYTPUN WVZP[P]LLMMLJ[ZVUSHIVYZLUKPUN VY[VZ[HY[HZTHSSI\ZPULZZPU4`HUTHY JV\U[YPLZ[OYV\NO+PHZWVYHZHUK[OL 0UHUV[OLYZ\Y]L`VM4`HUTHYHIV\[OHSM JPYJ\SH[PVUVMPKLHZHUK[LJOUVSVN` VM[OL^VYRLYZPU;OHPWYV]PUJLZZLU[ KPZZLTPUH[PVUSHIVYZLUKPUNJV\U[PLZ YLTP[[HUJLZ[OH[OHKHTLKPHU]HS\LLX\HS ^P[OTVYLWLYTHULU[HUKPZVSH[LK [VOHSMVM[OLPYTLKPHUPUJVTL;OLZ\Y]L` LTPNYH[PVUYPZRSVZZLZPUO\THUJHWP[HS VMV]LY4`HUTHYTPNYHU[ZPU :LUKPUNJV\U[YPLZTH`Z\MMLYMYVTºIYHPU MV\UK[OLHNNYLNH[LYH[PVVMHUU\HS KYHPU»PMZRPSSLK^VYRLYZWLYTHULU[S` YLTP[[HUJLZ[VKPZWVZHISLPUJVTL[VIL LTPNYH[L^P[OV\[THPU[HPUPUNWYVK\J[P]L WLYJLU[JVTWHYHISL[V[OLH]LYHNL JVUULJ[PVUZ;OLLTPNYH[PVUYH[LVM WLYJLU[LZ[PTH[LKHTVUNTPNYHU[ZPU[OL \UP]LYZP[`NYHK\H[LZPZOPNOPU3HV7+9 <:HUKV[OLYJV\U[YPLZ>OPSLVUS`ILPUN  =PL[UHT HUK*HTIVKPH LZ[PTH[LZPML_[YHWVSH[LKMVYHSS4`HUTHY  HUKTH`PUKPJH[LHTVYLZPNUPÄJHU[ TPNYHU[ZPU;OHPSHUKH[[OL[PTL[OL ºIYHPUKYHPU»JVTWHYLK[V4`HUTHY  H\[OVYZZ\NNLZ[[OLHJ[\HSYLTP[[HUJLÅV^ *OPUH HUK;OHPSHUK 4PNYHU[Z TH`OH]LILLUÄ]L[PTLZ[OLVMÄJPHSSL]LS [OH[KVYL[\YUOV^L]LYTH`PU[YVK\JLUL^ ;OLZ\Y]L`HSZVMV\UK[OH[[OLHIZVS\[L PUUV]H[PVUZHUKJHWP[HSPU[VHULJVUVT` HTV\U[ZLU[PUJYLHZLK^P[OKPZWVZHISL ^P[O[OL+PHZWVYHMYVT*OPUHZV\[OLYU PUJVTLHUK[OH[YLTP[[HUJLZKLJSPULK^P[O =PL[UHT·HUKTVYLYLJLU[S`0UKPH· [OLK\YH[PVUVMZ[H`PU;OHPSHUK(TVUN WYV]PKPUNL_HTWSLZVMYL[\YUTPNYHU[Z[OH[ PUKP]PK\HSZSP]PUNPU;OHPSHUKÄ]L`LHYZ OH]LOLSWLKZW\YKL]LSVWTLU[PU[OLPY VYSVUNLYYLTP[[HUJLZH]LYHNLKHYV\UK OVTLJV\U[Y`[OV\NOLU[YLWYLUL\YZOPW  )HO[JVTWHYLK[VHIV\[ ZRPSSZZ[YVUN[YHKLHUKPU]LZ[TLU[[PLZ )HO[MVYYLZPKLU[ZVM`LHYZHUKTVYL HUKJHWP[HSHJJY\LKPUV[OLYJV\U[YPLZ-VY  SHIVYZLUKPUNJV\U[YPLZZ\JOHUL_WLYPLUJL 9LZWVUKLU[ZYLWVY[LKVIZ[HJSLZPU YLWYLZLU[ZºIYHPUJPYJ\SH[PVU»HZ^LSSHZ ZLUKPUNYLTP[[HUJLZ[V4`HUTHY HJJLZZ[VUL^ÄUHUJPUNZV\YJLZ:\JO *VUZ[YHPU[ZPUJS\KLK[OLSHJRVMWYVWLY NHPUZVM[LUKLWLUKVU[OLI\ZPULZZJSPTH[L PKLU[PÄJH[PVUKVJ\TLU[ZHTVUNTPNYHU[Z PUSHIVYZLUKPUNJV\U[YPLZHZ^LSSHZVU OPNOJVZ[Z[OLWYL]HSLUJLHUKWYLMLYLUJL WVSPJPLZ[VMHJPSP[H[L[OLPY[PLZ^P[O+PHZWVYHZ MVYPUMVYTHSJOHUULSZHUKLMMVY[Z[VH]VPK JPYJ\SHYTPNYH[PVUHUK[OLL]LU[\HSYL[\YUVM WVSP[PJHSPU[LYMLYLUJLMVYYLJPWPLU[Z0U[OL [OLPYZRPSSLKLTPNYHU[Z X\HSP[H[P]LZ\Y]L`HSSYLZWVUKLU[ZYLWVY[LK \ZPUNPUMVYTHSUL[^VYRZ:PNUPÄJHU[WVY[PVUZ  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  >VYSK)HUR4PNYH[PVUHUK9LTP[[HUJL-HJ[IVVR"HUK5L^SHUK2HUK7H[YPJR,¸)L`VUK9LTP[[HUJLZ!;OL  9VSLVM+PHZWVYHPU7V]LY[`9LK\J[PVUPU[OLPY*V\U[YPLZVM6YPNPU¹4PNYH[PVU7VSPJ`0UZ[P[\[L  ;\YULSS:=PJHY`()YHKMYVK>¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z  4HJX\HYPL¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z  4HJX\HYPLVYSK   +L]LSVWTLU[  >VYSK)HUR¸;HQPRPZ[HU7VSPJ`5V[L!,UOHUJPUN[OL+L]LSVWTLU[0TWHJ[VM9LTP[[HUJLZ¹>HZOPUN[VU+*  064¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR"HUK>VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK   +L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 :VTLTPNYHU[ZPU;OHPSHUKWHY[PJ\SHYS` PM[OL`JOHUNLKQVIZ"HUK[OH[[OL`MLHY YLJLU[HYYP]HSZPUKPJH[LKHYLSH[P]LS` [VYLWVY[L_WSVP[H[PVUI`LTWSV`LYZ OPNOSL]LSVM]\SULYHIPSP[`PUYLSH[PVU[V [OLPYLTWSV`LYZIYVRLYZHUKWVSPJL 7<)30*:,9=0*,:-6940.9(5;:  ;OLTHQVYP[`VMZOVY[[LYTTPNYHU[^VYRLYZ PU[LY]PL^LKPU[OLX\HSP[H[P]LZ\Y]L`PU (S[OV\NOVM[LUJVU[LZ[LK[OLWYV]PZPVU :HT\[ZHROVUYLWVY[LKNYLH[LY]\SULYHIPSP[` VMW\ISPJZLY]PJLZMVYTPNYHU[ZJHU [OHU[OLSVUN[LYTTPNYHU[ZPU[LY]PL^LKPU PUJYLHZLZOVY[[LYT^VYRLYWYVK\J[P]P[` [OLX\HU[P[H[P]LZ\Y]L`PU2HUJOHUHI\YP HUKSVUNLY[LYTO\THUJHWP[HS 0U[OLX\HSP[H[P]LZ\Y]L`TPNYHU[ZYLWVY[LK KL]LSVWTLU[4HU`KL]LSVWLKHUK ILPUNMLHYM\SVMHYYLZ[^OPJOJHUYLZ\S[ KL]LSVWPUNJV\U[YPLZMHJL[OLJOHSSLUNL PUKLWVY[H[PVUHUKVMWH`TLU[Z[VWVSPJL VMWYV]PKPUNHKLX\H[LJV]LYHNLHUKX\HSP[` YHUNPUNMYVT[V)HO[0M[OLZL VMZVJPHSZLY]PJLZMVY[OLPYV^UJP[PaLUZ" WH`TLU[ZHYLTHKLI`[OLLTWSV`LYP[ [OLYLMVYLL_[LUZPVU[VTPNYHU[^VYRLYZ JV\SKSLUN[OLU[OLWLYPVKVMKLI[IVUKHNL HUK[OLPYMHTPSPLZJHUILTL[^P[OZVTL 6[OLYZOH]LL_WLYPLUJLK\UKLYWH`TLU[ YLZPZ[HUJL*VZ[ILULÄ[L_LYJPZLZZOV\SK VYL_JLZZP]L^VYRPUNOV\YZ0UZVTL HJJV\U[MVYIV[O[OLLJVUVTPJJVU[YPI\[PVU PUZ[HUJLZTPNYHU[ZZ[H[LK[OH[IYVRLYZ VMTPNYHU[ZHUK[OLWYVK\J[P]P[`NHPUZ WYV]PKLK[OLT^P[OMHSZL^VYRWLYTP[Z MYVTPTWYV]LKOLHS[OHUK[YHPUPUN7\ISPJ HUKOLHS[OPUZ\YHUJLJHYKZ^OPJOL_JS\KLK ZLY]PJLZZ\JOHZOLHS[OHUKLK\JH[PVU [OLTMYVTLU[P[SLTLU[Z PUJYLHZL[OLO\THUJHWP[HSVMTPNYHU[  `V\[O^OPJOPZPU[OLUH[PVUHSPU[LYLZ[PM 4LKPHOHZYLWVY[LK[OLTPZ[YLH[TLU[VM THU`TPNYHU[ZHYLWLYTHULU[;OLYLHYL PTTPNYHU[^VYRLYZI`LTWSV`LYZ^OV HSZVYPNO[ZIHZLKHNYLLTLU[ZYLNHYKPUN ^P[OOVSK[OLPYKVJ\TLU[H[PVU·PUJS\KPUN [OLWYV]PZPVUVMZVJPHSZLY]PJLZHZ^LSSHZ YLNPZ[YH[PVUHUKOLHS[OJHYKZ·[VWYL]LU[ [OLJVUJLW[VMHZVJPHSJVU[YHJ[^OLYLI` [OLTMYVTSLH]PUN:\JOWYHJ[PJLPZTVYL PUL_JOHUNLMVYJVU[YPI\[PUN[VHZVJPL[` WYL]HSLU[HTVUNPYYLN\SHYPTTPNYHU[Z^OV P[PZHYN\LK[OH[Z\JOZLY]PJLZHYLIV[OHU HYLTVYLSPRLS`[VILPUKLI[IVUKHNLHUK VISPNH[PVUHUKJHUPUJYLHZLZVJPHSJVOLZPVU [OLPYLTWSV`LYZTH`ZOHYLPTTPNYH[PVU  JVZ[Z^P[OIYVRLYZ"PUJVUZLX\LUJL[OLZL (JJLZZ[VZVJPHSZLY]PJLZOHZILLU LTWSV`LYZZLLR[VRLLWPTTPNYHU[^VYRLYZ PTWYV]PUNPU[OL.4:I\[JOHSSLUNLZ \U[PS[OLZLL_WLUZLZOH]LILLUYLWHPK WLYZPZ[;OHPSHUK»Zº,K\JH[PVUMVY(SS» \UP]LYZHSOLHS[OJHYLHUKOLHS[OJHYLMVY ;OL;OHP^VYRWLYTP[WYV]PZPVU[OH[ TPNYHU[ZPUP[PH[P]LZOH]LYHPZLKZJOVVS WYL]LU[ZYLN\SHYTPNYHU[ZMYVT LUYVSTLU[ZVMTPNYHU[JOPSKYLUHUK JOHUNPUNLTWSV`LYZ^HZJP[LKHZ TPNYHU[Z»HJJLZZ[VLZZLU[PHSOLHS[OJHYL  HZV\YJLVML_WSVP[H[PVU9LN\SHY 4PNYHU[ZOV^L]LYZ[PSSMHJLVIZ[HJSLZPU PTTPNYHU[ZPUKPJH[LK[OH[[OLYPNPKP[` HJJLZZ[VLZZLU[PHSZVJPHSZLY]PJLZ;OL VM^VYRWLYTP[Y\SLZ[OH[WYL]LU[[OLT 2HUJOHUHI\YPZ\Y]L`WYV]PKLZHUPSS\Z[YH[PVU MYVTJOHUNPUNQVIZHUKSVJH[PVUZ^HZH VM[OLYLTHPUPUNNHWZ![OL`YLTHPU WYPTHY`ZV\YJLVM[OLPYUVULJVUVTPJYPZR WHY[PJ\SHYS`^PKLPUZVJPHSWYV[LJ[PVU^P[O ,TWSV`LYZOLSKSL]LYHNLV]LYTPNYHU[Z UVULK\JH[PVUNV]LYUTLU[SVHUZYLJLP]LK V^PUN[VUV[VUS`[OLL_JS\ZP]P[`VM[OL I`WLYJLU[VMTPNYHU[ZJVTWHYLK[V YLSH[PVUZOPWI\[HSZV[OLMLHYVMTPNYHU[ZVM WLYJLU[VM;OHPZLK\JH[PVUSVHUZWLYJLU[ SVZPUN[OLPYVMMPJPHSZ[H[\Z0U[OLZ\Y]L`Z JVTWHYLK[VWLYJLU[SP]PUNHSSV^HUJL JVUK\J[LKMVY[OPZYLWVY[ZVTLPTTPNYHU[Z MVY[OLLSKLYS`JVTWHYLK[VWLYJLU[ YLWVY[LK[OH[LTWSV`LYZRLLW[OLPY^VYR HUKZVJPHSZLJ\YP[`WLYJLU[JVTWHYLK WLYTP[Z"[OH[IYVRLYZ[OYLH[LULK[VYLWVY[ [VWLYJLU[;OLZLWYV[LJ[PVUZYLTHPU [OLT[V[OLWVSPJL V\[VMYLHJOMVYTVZ[TPNYHU[Z  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK   064¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR"HUK064¸064*HTIVKPHU4PUPZ[Y`VM/LHS[O:[YLUN[OLU4PNYHU[  /LHS[O:LY]PJLZPU)VYKLY(YLHZ¹O[[W!^^^PVTPU[QHOPH1HOPHTLKPHWYLZZIYPLÄUNUV[LZWIU(:JHJOL  VMMVUJLSHUNLU&LU[Y`0K$  2+::ZHTWSLHUK>VYSK)HUR¸4PNYH[PVUMYVT4`HUTHY[V;OHPSHUK!,TWPYPJHS-PUKPUNZMYVTHVYRPUN.YV\WVU0U[LYUH[PVUHS4PNYH[PVUPUJS\KPUN;YHMÄJRPUN"HUK0UZ[P[\[LMVY  7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK  .(0505.-96440.9(;065 ;OLJOHSSLUNLVMRLLWPUNTPNYHU[ ;OLIPSH[LYHSHUKT\S[PSH[LYHSJOHYHJ[LY JOPSKYLUPUZJOVVSIL`VUK[OLWYPTHY` VMTPNYH[PVUOHZJVTWSPJH[LK[OL SL]LSYLÅLJ[ZZL]LYHSMHJ[VYZ-PYZ[[OL KL]LSVWTLU[VMLMMLJ[P]LTPNYH[PVU LK\JH[PVUVMWHYLU[Z[LUKZ[VILSV^LY THUHNLTLU[Z`Z[LTZ;OLYLHYLML^ PUTPNYHU[OV\ZLOVSKZJVTWHYLK[V;OHP PUZ[HUJLZVMIV[OYLJPWPLU[HUKZLUKPUN OV\ZLOVSKZ0U[OLZHTWSL[OLOLHK JV\U[YPLZOH]PUNT\[\HSS`HNYLLK\WVU VM[OL;OHPOV\ZLOVSKH]LYHNLKJSVZL TPNYH[PVUWVSPJPLZ9LJPWPLU[JV\U[YPLZHYL [VMP]L`LHYZVMLK\JH[PVUJVTWHYLK TVYLSPRLS`[VOH]LTVYLYLZV\YJLZHUK [V[^V`LHYZVMLK\JH[PVUMVYTPNYHU[ PU[LYLZ[PUTHUHNPUNPUJVTPUNSHIVYÅV^Z OV\ZLOVSKZYLNHYKSLZZVM[OLPYYLNPZ[YH[PVU ^OPSLZLUKPUNJV\U[YPLZTH`OH]LSLZZ Z[H[\Z:LJVUKTPNYHU[JOPSKYLUHYYP]PUN PUJLU[P]LVYJHWHJP[`[VTHUHNLLTPNYH[PVU [V;OHPSHUKHM[LYJVTWSL[PUNWYPTHY` ;OLYLHYLJ\YYLU[S`ML^YLJPWPLU[JV\U[YPLZ ZJOVVSPU[OLPYOVTLJV\U[YPLZ^OPJO ^P[O^LSSHY[PJ\SH[LKWVSPJLZ"OV^L]LY[OLYL HWWLHYZ[VILHJVTTVUWYHJ[PJLMHJL PZWVZP[P]LHJ[PVUPU[OPZKPYLJ[PVUTVZ[ TVYLWYVUV\UJLKJ\S[\YHSHUKSHUN\HNL UV[HIS`[OL:[VJROVST7YVNYHTTLPU[OL VIZ[HJSLZHUKTH`YLX\PYLZWLJPHS ,<;OLYLHYLL]LUML^LYZLUKPUNJV\U[YPLZ HZZPZ[HUJLPUVYKLY[VLU[LY[OL;OHP ^P[OYVI\Z[TPNYH[PVUTHUHNLTLU[[OL ZJOVVSZ`Z[LT;OPYKTPNYHU[JOPSKYLU 7OPSPWWPULZILPUNVULVM[OLML^L_JLW[PVUZ  [LUK[VLU[LY[OLSHIVYMVYJLH[[OLHNLVM *VUÅPJ[PUNHUK\UJSLHYPU[LYLZ[ZYLTHPU `LHYZ^OPJOJVYYLZWVUKZ[V[OLLUK HJLU[YHSPZZ\LHZJV\U[YPLZVM[LUOH]L VMJVTW\SZVY`LK\JH[PVUPU;OHPSHUK KPMÄJ\S[`MVYT\SH[PUNTPNYH[PVUWVSPJLZ[OH[ M\SÄSS[OLLJVUVTPJZVJPHSHUKWVSP[PJHS 40.9(;0654(5(.,4,5;  PU[LYLZ[ZVMUH[PVUHSZ[HRLOVSKLYZ( ^LHRL]PKLUJLIHZLTPZ\UKLYZ[HUKPUNZ 4PNYH[PVUTHUHNLTLU[WYLZLU[ZH HUKTPZYLWVY[PUNM\Y[OLYPTWLKLWVSPJ`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` ZVS\[PVUZ[OH[JV\SKIL[HPSVYLKIHZLKVU MHJPSP[H[LQVIWSHJLTLU[0U[OLZVJPHSZLJ[VYZ JV\U[Y`JVU[L_[Z NVVKWYHJ[PJLZPUJS\KL[OLW\ISPJH^HYLULZZ I\PSKPUNYLNHYKPUNTPNYHU[Z»LSPNPIPSP[`MVY H 4PNYH[PVU4HUHNLTLU[>VYSK^PKL ZVJPHSZLY]PJLZ[OLWVY[HIPSP[`VMILULÄ[Z HUK[OL[YHUZP[PVUVMYL[\YUPUNTPNYHU[Z[V 4VZ[JV\U[YPLZSHJRJSLHYS`HY[PJ\SH[LK [OLKVTLZ[PJZVJPHSZLY]PJLKLSP]LY`Z`Z[LTZ HUKJVTWYLOLUZP]LVIQLJ[P]LKYP]LU ;HISLWYV]PKLZTVYLL_HTWSLZ TPNYH[PVUWVSPJPLZ4PNYH[PVUWVSPJPLZ [LUK[VILYLHJ[P]LHUKKYP]LUI`WVSP[PJHS 4PNYH[PVUWVSPJPLZTH`OH]LSVUN[LYT L_WLKPLUJ`YH[OLY[OHUI`Z[YH[LNPJZVJPV JVUZLX\LUJLZ4PNYH[PVUWVSPJPLZ[OH[ LJVUVTPJNVHSZHSPNULK^P[O[OLUH[PVUHS [HYNL[SV^ZRPSSLKVYSLZZLK\JH[LK^VYRLYZ KL]LSVWTLU[Z[YH[LN`(UVIQLJ[P]L [LYTLKºULNH[P]LZLSLJ[PVUIPHZ»TH` KYP]LUTPNYH[PVUZ[YH[LN`HSVUN^P[O OH]LKL[YPTLU[HSSVUN[LYTLMMLJ[ZVU YVI\Z[TVUP[VYPUNHUKL]HS\H[PVUYLVYPLU[ O\THUJHWP[HSHJJ\T\SH[PVUHUKJV\U[YPLZ TPNYH[PVUWVSPJ`[VHWYVHJ[P]LZ[HUJL[OH[ TH`^HU[[VIHSHUJL[OL[`WLVM^VYRLYZ HSSV^ZMVYTVYLYHWPKYLÄULTLU[Z[VTLL[ [OH[PTTPNYH[LHZ^LSSHZWYV]PKLZ\WWVY[ HJV\U[Y`»ZVIQLJ[P]LZ VMW\ISPJZLY]PJLZHUKMHJPSP[H[LPU[LNYH[PVU PU[OLOVZ[JV\U[Y`-VYPUZ[HUJL^P[OV\[  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK   /VSaTHUU9HUK7V\NL[@¸;V^HYKHU6IQLJ[P]L+YP]LU:`Z[LTVM:THY[3HIVY4PNYH[PVU4HUHNLTLU[¹>VYSK )HUR+LJLTILY 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ILULMP[[PUNMYVTHU`[HYNL[LKZ\WWVY[ PUVJJ\WH[PVUZ^OLYLKVTLZ[PJZRPSSZHYL JOPSKYLUVM,\YVWL»ZN\LZ[^VYRLYZYLJY\P[LK SPTP[LK^OPJOJHUZ\WWVY[TVYLK`UHTPJ PU[OL ZMYVTY\YHSHUKSV^PUJVTL LJVUVTPJNYV^[O;OLW\ISPJWLYJLW[PVU HYLHZVMV[OLY,\YVWLHUJV\U[YPLZL_OPIP[LK VMTPNYH[PVUOV^L]LYTH`PTWHJ[LMMVY[Z SV^LYLK\JH[PVUHSWLYMVYTHUJL[OHU[OLPY MVYZLSLJ[PUNTPNYHU[ZWHY[PJ\SHYS`HTVUN JVTWH[YPV[ZIHJROVTL9LHZVUZMVY ^VYRLYZ[OH[TH`MHJLNYLH[LYJVTWL[P[PVU [OLSV^LYH[[HPUTLU[PUJS\KLKKPMÄJ\S[PLZ 0U[OL<:PU WLYJLU[VMOPNO MVYPTTPNYHU[Z[VPU[LNYH[LPU[OLPYOVZ[ ZJOVVSKYVWV\[Z^HU[LK[VYLZ[YPJ[ JV\U[YPLZ0UJVU[YHZ[PU[OL<:WHY[S` PTTPNYH[PVUJVTWHYLK[VVUS`WLYJLU[ V^PUN[VSLZZWYVUV\UJLKTPNYH[PVU ^P[ONYHK\H[LLK\JH[PVUSHYNLS`ILJH\ZL ZLSLJ[PVUIPHZHUK^PKLPTTPNYHU[Z\WWVY[ TVZ[PTTPNYHU[Z^LYLSV^ZRPSSLKHUK UL[^VYRZTPNYHU[JOPSKYLUOH]LWLYMVYTLK JVTWL[LK^P[OKVTLZ[PJ^VYRLYZ IL[[LYJVTWHYLK[VWLLYZPU[OLPYVYPNPU (JJVYKPUNS`W\ISPJZ\WWVY[MVYPTTPNYH[PVU JV\U[Y`:LSLJ[P]LTPNYH[PVUHSSV^ZJV\U[YPLZ [LUKZ[VILOPNOLYPUJVTWSLTLU[HY`YH[OLY [VYLJY\P[^VYRLYZ^P[OOPNOO\THUJHWP[HS [OHUZ\IZ[P[\[PUNQVIZ :LUKPUNJV\U[YPLZ 9LJLP]PUNJV\U[YPLZ 4PNYH[PVU +L]LSVWWVSPJPLZ[VHSPNULJVUVTPJILULÄ[ZVM THUHNLTLU[ [LTWVYHY`HUKSVUN[LYTTPNYH[PVU^P[OJV\U[Y` KL]LSVWTLU[Z[YH[LN`HUK[VTLL[[OLLZZLU[PHS ULLKZVM[LTWVYHY`HUKSVUN[LYTTPNYHU[Z 9LTV]LIHYYPLYZ[VZLHZVUHSVY[LTWVYHY` TPNYH[PVU[OYV\NOSV^LYPUN[OLJVZ[HUK I\YLH\JYH[PJIHYYPLYZHUKHSSV^PUNYLNPZ[LYLK TPNYHU[Z[VYL[\YUPUM\[\YL`LHYZ -HJPSP[H[L[OLYL[\YUVMTPNYHU[ZHUKWYL]LU[ V]LYZ[H`PUN 0U]VS]LLTWSV`LYZKL]LSVWJVZ[ZOHYPUN TLJOHUPZTZ[VIHSHUJLTPNYH[PVUPUJLU[P]LZ >PKLUMVYTHSJOHUULSZMVYYLTP[[HUJLZ ,TWSV`TLU[ :JYLLUWV[LU[PHSLTPNYHU[Z 0UJVSSHIVYH[PVU^P[OLTWSV`LYZHUU\HSS`LZ[PTH[L 7YV]PKLWYLKLWHY[\YL[YHPUPUN [OL[`WLHUKU\TILYVMTPNYHU[ZULLKLK -HJPSP[H[LYLN\SHYTPNYH[PVUI`YLK\JPUN[OLJVZ[ -HJPSP[H[LPUMVYTH[PVUZOHYPUNQVIWSHJLTLU[HUK VMMVYTHSJOHUULSZHUKPUJLU[P]PaPUN^VYRLYZ ^VYRLYWYV[LJ[PVU HUKLTWSV`LYZ[V\ZL[OLT -VYYL[\YUPUNTPNYHU[ZMHJPSP[H[L[OLPY YLPU[LNYH[PVUPU[OLKVTLZ[PJSHIVYTHYRL[LN QVIWSHJLTLU[ ,K\JH[PVU -HJPSP[H[LU\[YP[PVUOLHS[OJHYLHUKLK\JH[PVUVM :WLJPM`TPNYHU[Z»ZVJPHSZLY]PJLLU[P[SLTLU[Z OLHS[OHUKZVJPHS TPNYHU[ZHUK[OLPYJOPSKYLU 9HPZLTPNYHU[Z»H^HYLULZZVM[OLPYZLY]PJL WYV[LJ[PVU :\WWVY[HJJLZZ[VHUKWVY[HIPSP[`VMILULÄ[Z LSPNPIPSP[` ;HISL PUJS\KPUNOLHS[OPUZ\YHUJLWLUZPVUZHUK 9LTV]LHKTPUPZ[YH[P]LIHYYPLYZPUTPNYHU[Z» .VVK4PNYH[PVU \ULTWSV`TLU[PUZ\YHUJLI`LZ[HISPZOPUN HJJLZZ[VZLY]PJLZLNH]VPKKVJ\TLU[H[PVU 4HUHNLTLU[7YHJ[PJL HNYLLTLU[Z^P[OYLJLP]PUNJV\U[YPLZ ^P[OOVSKPUN ,_HTWSLZPU:LUKPUNHUK -HJPSP[H[L[YHUZP[PVUVMYL[\YUPUNTPNYHU[ZHUK *VUZPKLYH\[VTH[PJLUYVSSTLU[VMTPNYHU[ZHUK 9LJLP]PUN*V\U[YPLZ [OLPYOV\ZLOVSKTLTILYZ[V[OLKVTLZ[PJZVJPHS [OLPYOV\ZLOVSKTLTILYZPUWYVNYHTZ[VHJJLZZ ZLY]PJLZ`Z[LTZ LZZLU[PHSZVJPHSZLY]PJLZ :V\YJL!(\[OVYZIHZLKVU/VSaTHUU9HUK7V\NL[ ,MMLJ[P]LTHUHNLTLU[YLNPTLZZLLR HSZVHY[PJ\SH[LZVJPHSZLY]PJLHUKV[OLY [VH]VPKHULNH[P]LO\THUJHWP[HS YLZWVUZPIPSP[PLZVMZLUKPUNHUKYLJPWPLU[ PTWHJ[.VVKWYHJ[PJLTPNYH[PVUWVSPJPLZ JV\U[Y`NV]LYUTLU[ZLTWSV`LYZTPNYHU[Z ZWLJPM`VIQLJ[P]LZMVY[LTWVYHY`VY HUKV[OLYZ[HRLOVSKLYZ(WWYVHJOLZ[LUK JPYJ\SHYTPNYH[PVUHZ^LSSHZSVUNLY[LYT [VKPMMLYLU[PH[LHTVUNTPNYHU[ZHJJVYKPUN TPNYH[PVUPUSPUL^P[OJV\U[Y`KL]LSVWTLU[ [V[OLPYSLUN[OVMZ[H`·SVUNLY[LYTTPNYHU[Z VIQLJ[P]LZ.VVKWYHJ[PJLTPNYH[PVUWVSPJLZ ^V\SKYLJLP]LTVYLL_[LUZP]LJV]LYHNL   +YVURLYZ1HUKKL/L\Z4¸5LNH[P]L:LSLJ[P]P[`VM,\YVWL»Z.\LZ[>VYRLY0TTPNYH[PVU&,K\JH[PVUHS(JOPL]LTLU[ VM0TTPNYHU[*OPSKYLU*VTWHYLK^P[O5H[P]L*OPSKYLUPU;OLPY6YPNPU*V\U[YPLZ¹9LZLHYJO*LU[YLMVY,K\JH[PVUHUK [OL3HIVY4HYRL[4HHZ[YPJO[VYRLYZ!*VUJLW[\HS-YHTL^VYR*V\U[Y`  0U]LU[VY`(ZZLZZTLU[HUK.\PKHUJL¹>VYSK)HURHUK4HYZLPSSL*LU[LYMVY4LKP[LYYHULHU0U[LNYH[PVU  .(0505.-96440.9(;065 4PNYH[PVU7VSPJPLZ0UZ[P[\[PVUZHUK I ZSV^LY[OHUL_WLJ[LK^P[OVIZ[HJSLZ 4HUHNLTLU[PU[OL.4: YLTHPUPUNPU[OLPTWSLTLU[H[PVUVM[OL  49(Z 3HIVYTVIPSP[`ZWLJPMPJHSS`MVYZRPSSLK ^VYRLYZPZILJVTPUNHYLNPVUHSWVSPJ` WYPVYP[`WHY[PJ\SHYS`PU[OL(:,(5 4PNYH[PVUWVSPJPLZPU[OL.4:KYH^VU JVU[L_[0U[OL(:,(5JV\U[YPLZ T\S[PSH[LYHSHNYLLTLU[ZHUKIPSH[LYHS HKVW[LK[OL(:,(5,JVUVTPJ)S\LWYPU[ 46VYRLYZYLJLP]LYLSH[P]LS`NVVKZVJPHSWYV[LJ[PVUJV]LYHNLPUJS\KPUNUH[PVUHSOLHS[OPUZ\YHUJLHUKPUK\Z[YPHS HJJPKLU[PUZ\YHUJLPMHJVTWHU`OPYLZTVYL[OHUVUL^VYRLY"LTWSV`TLU[PUZ\YHUJLPMTVYL[OHUMV\Y ^VYRLYZHYLOPYLKPUHNYPJ\S[\YLMVYLZ[Y`ÄZOLY`HUKOV\ZLRLLWPUN"HUKUH[PVUHSWLUZPVUPM[OLZLUKPUN JV\U[Y`OHZHYLJPWYVJHSHNYLLTLU[ -YVTHULJVUVTPJZ[HUKWVPU[[OL,7:PZ^LSSKLZPNULKHZP[HKHW[Z[VSHIVYKLTHUKHUKPUJYLHZL^VYRLY ZLSLJ[P]P[`;OLZ`Z[LTOHZI\PS[PUÅL_PIPSP[`PUJS\KPUNHX\V[HMVY[OLU\TILYVMMVYLPNU^VYRLYZIHZLKVU )V_ [OLLJVUVTPJHUKSHIVYTHYRL[JVUKP[PVUZPU2VYLH;OLYLPZHSZVJSVZLJVVYKPUH[PVU^P[OV[OLYNV]LYUTLU[ 2VYLHU,TWSV`TLU[ HNLUJPLZ[VWYL]LU[V]LYZ[H`PUN2VYLHHZ[OLYLJPWPLU[PZHISL[VPTWYV]LZLSLJ[P]P[`VM^VYRLYZHUKOH]L 7LYTP[:`Z[LT!.VVK HTVYLJVTWSLTLU[HY`[OHUZ\IZ[P[\[LLMMLJ[Z\JOHZOH]PUNZRPSSZPUPUK\Z[YPLZSHJRPUNZ\MÄJPLU[KVTLZ[PJ 4PNYH[PVU4HUHNLTLU[ SHIVY^OPSLYLX\PYPUN2VYLHUSHUN\HNLWYVÄJPLUJ`[VOLSWPU[LNYH[PVU 7YHJ[PJL   ;OL(,*JVUZVSPKH[LZWYL]PV\ZHNYLLTLU[ZUV[HIS`[OL(:,(5-YLL;YHKL(YLH[OL(:,(5-YHTL^VYR(NYLLTLU[ VU:LY]PJLZHUK[OL(:,(50U]LZ[TLU[(YLH;OL(,*)S\LWYPU[WYV]PKLZHIPUKPUNHNYLLTLU[MVY4LTILY*V\U[YPLZ  ^P[OWYPVYP[`HJ[PVUZI`  :VLZHZ[YV¸0TWSLTLU[PUN[OL(:,(5,JVUVTPJ*VTT\UP[`(,*)S\LWYPU[¹,90(WW  "@\L*OPH:PV^ ¸-YLL-SV^VM:RPSSLK3HIVYPU[OL(:,(5,JVUVTPJ*VTT\UP[`¹,90(HUK:PUNHWVYL0UZ[P[\[LVM0U[LYUH[PVUHS(MMHPYZ "HUK(:,(5¸(:,(5,JVUVTPJ*VTT\UP[`:JVYLJHYK¹1HRHY[H4HYJO   .4:JV\U[YPLZHZ>;6TLTILYZHYLL_WLJ[LK[VMVSSV^[OL>;6»Z.LULYHS(NYLLTLU[VU;YHKLPU:LY]PJLZ.(;:  ^OPJOZLLRZ[VSPILYHSPaL[OL[YHKLPUZLY]PJLZ^P[O4VKL0=HKKYLZZPUNTV]LTLU[VMWLVWSL>;6¸;OL.LULYHS (NYLLTLU[VU;YHKLPU:LY]PJLZ.(;:!6IQLJ[P]LZ*V]LYHNLHUK+PZJPWSPULZ¹O[[W!^^^^[VVYNLUNSPZO[YH[VWFL ZLY]FLNH[ZXHFLO[T 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  46OH[ HZ^LSSHZMVSSV^PUN[OL  ÄUHUJPHS OHZLUZ\LKOHZILLUHZLYPLZVMHJ[ZHUK JYPZPZ"OV^L]LY.4:JV\U[YPLZPUJYLHZLK YL]PZPVUZ[VNV]LYUTLU[WVSPJPLZNLULYHSS` YLZ[YPJ[PVUZVUMVYLPNULYLTWSV`TLU[ TVYLMVJ\ZLKVUHKKYLZZPUNZOVY[ 0U;OHPSHUKZ\IZLX\LU[ZOVY[HNLZMVY [LYTPZZ\LZ[OHUMVZ[LYPUNSVUNLY[LYT SV^ZRPSSLK^VYRLYZJVU[YPI\[LK[VWVSPJ` KL]LSVWTLU[,MMVY[ZOH]LILLUW\UP[P]L YL]LYZHS9LZ[YPJ[PVUZHYLJVTTVUPU PU[OLWHZ["[OL`PUJS\KLKKLWVY[PUN YLJPWPLU[JV\U[YPLZWHY[PJ\SHYS`PUZRPSSLK ^VYRLYZ[OH[SHJRLKSLNHSZ[H[\Z[OV\NO VJJ\WH[PVUZZ\JOHZHJJV\U[HU[Z TVYLYLJLU[PUP[PH[P]LZOH]LZV\NO[[V SH^`LYZHUKLUNPULLYZ PUK\JLMVYTHSPaH[PVU;OLZLWHZ[LMMVY[Z OH]LOHKTP_LKZ\JJLZZHZ[OLJVZ[Z ;OHPSHUK»ZTPNYH[PVUTHUHNLTLU[OHZ OH]LVM[LUILLUWSHJLKVULTWSV`LYZHUK ILLUTHRPUNJVTTLUKHISLWYVNYLZZ TPNYHU[ZZVPUJLU[P]LZMVYL]HZPVU^LYL ([[OLPU[LYUH[PVUHSSL]LS;OHPSHUKPZWHY[` OPNO(TVYLZLJ[VYIHZLKHWWYVHJOMVY [V[OL>;6HUK(:,(5HNYLLTLU[ZHUK YLNPZ[YH[PVU^HZ\ZLKHM[LYHUKPU OHZ46VYRLY(KTPUPZ[YH[PVU^HZLZ[HISPZOLK" [OL;OHPNV]LYUTLU[OHZ\ZLKJHIPUL[ JVUZLX\LU[S`ZPUJL[OLNV]LYUTLU[ HJ[ZHUKZPUJL[OL5H[PVUHSP[` OHZILLUTVYLWYVHJ[P]L[VYLNPZ[LY =LYPÄJH[PVU5=PUP[PH[P]L[VPUJYLHZL[OL ^VYRLYZHZ^LSSHZ[VL_[LUKZVJPHS ZOHYLVMYLN\SHYTPNYHU[Z(ZPUTHU` ZLY]PJLZ^P[OTP_LKZ\JJLZZ9LJLU[5= KL]LSVWPUNJV\U[YPLZ;OHPSHUK»ZTPNYH[PVU LMMVY[ZOH]LPUJYLHZLK[OLYLNPZ[YH[PVUVM WVSPJPLZSHJRZVTLJVOLZPVUPUKLZPNUHUK PYYLN\SHYTPNYHU[Z 4LRVUN4PNYH[PVU5L[^VYR¸4PNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU¹"HUK<5,:*(7¸,JVUVTPJ   *VVWLYH[PVUHUK9LNPVUHS0U[LNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU.4::LW[LTILY @\L*OPH:PV^¸-YLL-SV^VM:RPSSLK3HIVYPU[OL(:,(5,JVUVTPJ*VTT\UP[`¹,90(HUK:PUNHWVYL0UZ[P[\[LVM   0U[LYUH[PVUHS(MMHPYZ"HUK+LL7OPSPWWH¸:LY]PJLZ3PILYHSPaH[PVU;V^HYKZHU(:,(5,JVUVTPJ*VTT\UP[`¹ ,90(HUK(\Z[YHSPHU5H[PVUHSVYSK)HURMVY[OJVTPUN   ¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹"064¸;OHPSHUK4PNYH[PVU9LWVY[¹ )HUNRVR ;OL;LU[O5H[PVUHS,JVUVTPJHUK:VJPHS+L]LSVWTLU[7SHUPU;OHPSHUKMVYL_HTWSLYLJVNUPaLZ[OLULLK[VIL[[LY   HKHW[[VNYLH[TPNYH[PVUÅV^ZHZZVJPH[LK^P[ONSVIHSPaH[PVUOV^L]LY[OLYLPZSP[[SLKL[HPSVUOV^[VHKKYLZZZ\JO SHIVYTPNYH[PVUPZZ\LZ-\Y[OLYTVYLTVZ[YLMLYLUJLZHYLMVYYL[HPUPUNVYH[[YHJ[PUNOPNOZRPSSLK^VYRLYZ^P[OUV TLU[PVUVMSV^ZRPSSLK^VYRLYZ[OH[JVTWVZL[OLTHQVYP[`VM[OLTPNYHU[Z^VYRMVYJL:LLHSZV¸0U[LYUH[PVUHS4PNYH[PVU PU;OHPSHUK¹)HUNRVR  /VS\T`VUN*HUK7\UW\PUN7¸(*VZ[)LULÄ[(UHS`ZPZVM[OL4PNYHU[:[H[\ZVM4PNYHU[Z¹0UZ[P[\[LMVY7VW\SH[PVU  HUK:VJPHS9LZLHYJO"HUK064¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR  .(0505.-96440.9(;065 -\Y[OLYPTWYV]LTLU[ZPUTPNYH[PVU HWLYTP[PUJS\KLK[OLWLYJLW[PVU[OH[P[ MYHTL^VYRZPU[OL.4:HYLL_WLJ[LK ^HZUV[ULLKLKWLYJLU[HSHJRVM ;OLYLOH]LILLUWYVWVZHSZPUZVTL RUV^SLKNLVM[OLWYVJLK\YLZWLYJLU[ JV\U[YPLZPUJS\KPUN;OHPSHUK[VOH]LVUL HUK[OLJVUJLYU[OH[[OLWYVJLZZ^HZ[VV JLU[YHSHNLUJ`JVVYKPUH[LTPNYH[PVUWVSPJPLZ L_WLUZP]LWLYJLU[*SVZL[VWLYJLU[ HUK[OLPYPTWSLTLU[H[PVUHJYVZZTPUPZ[YPLZ VM[OVZLOVSKPUNH^VYRWLYTP[YLJLP]LKP[PU ([[OLZ\IYLNPVUHSSL]LSNV]LYUTLU[ZHUK SLZZ[OHU[OYLLTVU[OZHUK[OLH]LYHNLJVZ[ KL]LSVWTLU[VYNHUPaH[PVUZZ\JOHZ[OL064 ^HZ)HO[ [OL036HUK[OLVYSK)HURMVY[OJVTPUN   ¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹"HUK064¸;OHPSHUK4PNYH[PVU9LWVY[¹  )HUNRVR  064¸;OHPSHUK4PNYH[PVU9LWVY[4PNYH[PVUMVY+L]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK[VVSZMVYWVSPJ`THRLYZ¸  )HUNRVR  /VSaTHUU9HUK7V\NL[@¸(KTPZZPVU:JOLTLZMVY-VYLPNU>VYRLYZ!(3HIVY4HYRL[;VVSMVY5H[PVUHS,JVUVTPJ  +L]LSVWTLU[¹>VYSK)HUR6J[VILY 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  VMJHIPUL[HJ[ZPU[OLWHZ[[^VKLJHKLZ ;OL46<WYVJLZZJYLH[LZJVUZPKLYHISL [VPUJYLHZLYLN\SHYPaH[PVU[VJVTWSLTLU[ KPZPUJLU[P]LZIL[^LLUTPNYHU[ZHUK [OL[^VWYPTHY`SH^ZILPUN[OL (SPLU LTWSV`LYZ;OHPSHUK»ZJ\YYLU[46VYRLYZHYLYLX\PYLK[VZ[H` ^HZPU [OH[ZV\NO[[VWYV]PKL ^P[O[OLPYHZZPNULKLTWSV`LYHUKPU[OLPY [LTWVYHY`WLYTP[ZMVY4`HUTHY^VYRLYZ HZZPNULKWYV]PUJL,TWSV`LYZJVTWSHPU PUZLSLJ[WYV]PUJLZ·OV^L]LYML^[YPLK [OH[[OLWYVJLZZPZZSV^,TWSV`LYZHSZV [VYLNPZ[LY( JHIPUL[YLZVS\[PVU ^VYY`[OH[^VYRLYZTH`ÅLL^OPJO^V\SK ZV\NO[[VYLN\SHYPaLPYYLN\SHY^VYRLYZMYVT THRL[OLMLLZWHPK\WMYVU[HSVZZ;OL ULPNOIVYPUNJV\U[YPLZPM[OL`YLNPZ[LYLK X\HSP[H[P]LZ\Y]L`JVUK\J[LKMVY[OPZZ[\K` HUKHWWSPLKMVYH^VYRWLYTP[HUKV]LY PUKPJH[LZ[OH[LTWSV`LYZHUKIYVRLYZTH` YLNPZ[LYLKHUKYLJLP]LK WSHJLPTTPNYHU[^VYRLYZPUKLI[IVUKHNL ^VYRWLYTP[Z0U HX\V[HZ`Z[LT^HZ HZHYLZ\S[7HY[S`YLÅLJ[PUN[OLZLWYVISLTZ PUP[PH[LK[VSPTP[[OLU\TILYVMYLNPZ[LYLK *HTIVKPHHUK3HV7+9OH]LTL[HIV\[ ^VYRLYZ0UHJHIPUL[YLZVS\[PVU VUS`WLYJLU[VM;OHPSHUK»ZYLX\LZ[LK HSSV^LKLTWSV`LYZPUHSSZLJ[VYZ[VYLNPZ[LY U\TILYVM^VYRLYZ[OV\NO[OL46< [OLPY^VYRLYZ^P[OUVYLZ[YPJ[PVUZVU WYVJLZZ4HU`^VYRLYZOH]LVW[LK[V\ZL WYV]PUJLVYQVI[`WL^OPJOSLK[VULHYS` PUMVYTHSUL[^VYRZ[VZH]LTVUL`HUK[PTL ^VYRLYZYLNPZ[LYPUNHUK HUK[VH]VPKWVZZPISLKLI[IVUKHNLHUK YLUL^PUN[OLMVSSV^PUN`LHY0UH L_WSVP[H[PVU  JHTWHPNUZV\NO[[VYLN\SHYPaLHZTHU` ^VYRLYZHUK[OLPYMHTPSPLZHZWVZZPISL 0U;OHPSHUK[OL5H[PVUHSP[`=LYPÄJH[PVU WYV]PKPUNYLNPZ[LYLKMVYLPNU^VYRLYZ YLWYLZLU[ZHWVZP[P]LZ[LW[V^HYK HU0+JHYK[OH[HSSV^LK[LTWVYHY`Z[H` YLN\SHYPaH[PVUOPSL[OL TVU[O;OLTVZ[YLJLU[YLNPZ[YH[PVUWYVJLZZ WLYJLU[HNLVMTPNYHU[ZJVTWSL[PUN[OL5= ^HZPUMVYTPNYHU[^VYRLYZHUK OHZZPUJLPUJYLHZLK;HISLZOV^ZWYVNYLZZ JOPSKYLU\UKLY`LHYZVSK0UKP]PK\HSZ HZVM[OLLUKVM^P[OSLZZ[OHU [OH[LU[LYLK[OLJV\U[Y`PSSLNHSS`JV\SK WLYJLU[JVTWSL[PVUI`LSPNPISLTPNYHU[Z YLNPZ[LY"OV^L]LY[OLPYYLNPZ[YH[PVUJHYK MYVT4`HUTHY,MMVY[Z[VPUJYLHZL5=OH]L PUKPJH[LZ[OLPYPSSLNHSZ[H[\ZHUK[OH[[OL` PUJS\KLKOH]PUNTVYLVMÄJPHSZMYVTZLUKPUN HYLWLUKPUNKLWVY[H[PVU JV\U[YPLZLZ[HISPZOVMÄJLZPU;OHPSHUK" OV^L]LYVUS`*HTIVKPHOHZJVUZPZ[LU[S` KVULZV^P[OTVZ[VM3HV7+9»Z^VYRLYZ  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO»Z¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK"HUK   064¸;OHPSHUK4PNYH[PVU9LWVY[4PNYH[PVUMVY+L]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK;VVSZMVY7VSPJ`THRLYZ¸  )HUNRVR 4LTVYHUK\TVMVYRLYZ"4LTVYHUK\TVMVYRLYZ"0UZ[P[\[LMVY7VW\SH[PVUHUK :VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK"HUK064¸;OHPSHUK4PNYH[PVU9LWVY[ 4PNYH[PVUMVYKL]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK[VVSZMVYWVSPJ`THRLYZ¸)HUNRVR  .(0505.-96440.9(;065 ULLKPUN[VYL[\YUOVTL;OLYLHYLTVYL [V[YH]LS[V[OLPYOVTLJV\U[Y`JHU JVUJLYUZHTVUN4`HUTHY^VYRLYZ^OV SLHK[VZ\IZ[HU[PHSJVZ[ZPU[LYTZVM MLHY[OH[NVPUN[OYV\NO[OL5=WYVJLZZ [YHUZWVY[H[PVUMVYNVULLHYUPUNZHUK TH`YLZ\S[PU4`HUTHYVMMPJPHSZMVYJPUN [OLWVZZPISLULLK[V\ZLIYVRLYZMVY YLSH[P]LZPU4`HUTHY[VWYV]PKLHZOHYL HYYHUNPUN[YHUZWVY[H[PVUHUKLTWSV`TLU[ VM[OLPYYLTP[[HUJLPUJVTL^OPSLV[OLYZ \WVUYL[\YU;OLSPTP[LK5=[PTL^PUKV^ HYLJVUJLYULKVMHYYLZ[VYOH]PUN[VWH` \Z\HSS`VULTVU[O^HZJVTTVUS`JP[LK IYPILZ\WVUYL[\YUPUN[V4`HUTHY[V HZHYLHZVU^O`PUKP]PK\HSZSHJRLKYLN\SHY YLNPZ[LY4VYLV]LY[OLYLX\PYLTLU[\UKLY Z[H[\Z [OL5=WYVJLZZMVYPYYLN\SHYPTTPNYHU[Z 5H[PVUHSP[` ,SPNPISLMVY5=-LI *VTWSL[LK5=WYVJLZZ 5V[JVTWSL[LK5=WYVJLZZ +LJ +LJ *HTIVKPH       ;HISL 3HV7+9         :[H[\ZVM5H[PVUHSP[` =LYPÄJH[PVUHZVM 4`HUTHY         +LJLTILY ;V[HS    :V\YJL!064¸0U[LYUH[PVUHS4PNYH[PVUPU;OHPSHUK¹)HUNRVR ;OL(SPLU,TWSV`TLU[(J[PU ;OLWLYJLW[PVUZVM[OLLJVUVTPJHUK ;OHPSHUKZL[Z[OLMYHTL^VYRMVYYLN\SHY ZVJPHSJVZ[VMTPNYH[PVUI`[OLKPMMLYLU[ PTTPNYH[PVUVMSV^ZRPSSLK^VYRLYZ Z[HRLOVSKLYZPUÅ\LUJL[OLWYVJLZZVM ;OL(SPLU,TWSV`TLU[(J[LZ[HISPZOLZ MVYTHSPaH[PVU;HISL WYLZLU[ZZJLUHYPVZ [OLSLNHSN\PKLSPULZMVYH\[OVYPaLKTPNYHU[ MVY[OLÄ_LKLJVUVTPJJVZ[VMYLJY\P[TLU[ ^VYRLYZPUJS\KPUN[OLPYYPNO[ZHUK VMTPNYHU[^VYRLYZ[OLWLYJLP]LKZVJPHS VISPNH[PVUZOPSLUV[`L[HWWYV]LK[OLYLPZ KPZPUJLU[P]LMVYIV[OÄYTZHUKTPNYHU[Z HYLX\PYLTLU[MVY^VYRLYZHUKLTWSV`LYZ PU;OHPSHUK;OLJOVPJLVM^VYRLYZYLMLYZ [VJVU[YPI\[L[VHKLWVY[H[PVUM\UK^OPJO [V[OLZRPSSZVM^VYRLYZHUKTH[JOPUN PZYLM\UKLKPM^VYRLYZWH`MVY[OLPYV^U [OLT^P[OWYVWLYLTWSV`TLU[[V WHZZHNL4PNYHU[^VYRLYZT\Z[WYLZLU[ H]VPKHI\ZLVM[OLTPNYH[PVUZ`Z[LT [OLPY^VYRWLYTP[[VWYV]PUJPHSH\[OVYP[PLZ I`V]LYVY\UKLYX\HSPMPLK^VYRLYZ L]LY`[OYLLTVU[OZHUK[OLWLYTP[PZ *PYJ\SHYP[`·[OLLHZLVMTPNYH[PUN YLUL^LKHUU\HSS`Z\IQLJ[[VH  VUJLVYPU[OLM\[\YL·HSZVOLSWZH]VPK IHO[WYVJLZZPUNMLLH)HO[TLKPJHS PYYLN\SHYP[`.VVKTPNYH[PVUZJOLTLZ JOLJR\WHUKH)HO[JVU[YPI\[PVUMVY HKQ\Z[HJJVYKPUN[VJV\U[Y`»ZLJVUVTPJ [OL\UP]LYZHSOLHS[OPUZ\YHUJLZJOLTL JVUKP[PVUZ!MVYPUZ[HUJL[OLHUU\HS   0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK"HUK064 ¸;OHPSHUK4PNYH[PVU9LWVY[4PNYH[PVUMVYKL]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK[VVSZMVYWVSPJ`THRLYZ¸ )HUNRVR  UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU;OHPSHUK¹WYVJLZZLK"HUK064  ¸;OHPSHUK4PNYH[PVU9LWVY[4PNYH[PVUMVYKL]LSVWTLU[PU;OHPSHUK!6]LY]PL^HUK[VVSZMVYWVSPJ`THRLYZ¸ )HUNRVR 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ZL[[PUNVMX\V[HZ;OLPYPTWSLTLU[H[PVUPZ IL[^LLU[OLWLYJLP]LKLJVUVTPJILULÄ[Z KPMÄJ\S[WHY[PJ\SHYS`^OLU[OLZOHYLVMSV^ HUKZVJPHSJVZ[ZPZ^PKL ZRPSSLK^VYRLYZPZSHYNLHUK[OLKPZ[HUJL -P_LKJVZ[PZOPNO -P_LKJVZ[PZSV^ 7VSPJ`LTWOHZPZ :VJPHSJVZ[OPNO B(D B)D )\YKLUPZVUZLUKPUN  -PYTZ^HU[WLYTHULU[TPNYH[PVU  -PYTZJHUKV[LTWVYHY`  NV]LYUTLU[[VHJ[P]LS` :LUKPUNNV]LYUTLU[TH`^HU[  TPNYH[PVU ZJYLLUYLN\SH[LHUK WLYTHULU[TPNYH[PVU :LUKPUNNV]LYUTLU[TH`^HU[  YLWH[YPH[L /VZ[JV\U[Y`^HU[Z[LTWVYHY`  WLYTHULU[TPNYH[PVU 5LLKTLJOHUPZTZ  TPNYH[PVU /VZ[JV\U[Y`^HU[Z[LTWVYHY`  [VLUZ\YLZLUKPUN 7YVISLTHYLH·KVTLZ[PJHSS`HUK  TPNYH[PVU NV]LYUTLU[ 0U[LYUH[PVUHSS`·ÄYTZHUK/VZ[ 7YVISLTHYLHI\[KVTLZ[PJ  JVVWLYH[PVU JV\U[Y`^HU[KPMMLYLU[V\[JVTLZ JVVWLYH[PVUWVZZPISLILJH\ZL ÄYTZHUKOVZ[JV\U[Y`PU[LYLZ[Z HYLHSPNULK :VJPHSJVZ[SV^ B*D B+D )\YKLUVUOVZ[JV\U[Y`  -PYTZ^HU[WLYTHULU[TPNYH[PVU  ,P[OLYV\[JVTLWYVIHIS`  5LLKTLJOHUPZTZ[V  :LUKPUNNV]LYUTLU[^HU[Z  HJJLW[HISL LUZ\YLOVZ[JV\U[Y` [LTWVYHY`TPNYH[PVU JVTTP[TLU[HUK /VZ[JV\U[Y`^HU[ZWLYTHULU[  JVVWLYH[PVU TPNYH[PVU 0MOVZ[JV\U[Y`HUKÄYTZJVSS\KL  ;HISL  JVTTP[TLU[WYVISLT 4PNYH[PVU:JLUHYPVZMVY ,JVUVTPJHUK:VJPHS 7VSPJ`LTWOHZPZ )\YKLUVUÄYTZ·YVI\Z[LSPNPIPSP[`  *VZ[Z JYP[LYPHMVYLTWSV`LYZHUKZ[YVUN LUMVYJLTLU[^P[OL_WVZ[WLUHS[PLZ :V\YJL!3\[OYPH4>VYSK)HUR1HU\HY` 5V[L!-P_LKJVZ[$ZLSLJ[PVUYLJY\P[TLU[[YHPUPUNHUK[YH]LS"-PYTZKLUV[LLTWSV`LYZPU[OLOVZ[JV\U[Y`  .(0505.-96440.9(;065 *65*3<:065: ;OLHUHS`ZPZOHZPSS\Z[YH[LK[OL 4`HUTHYHZ^LSSHZV[OLYSHIVY ILULMP[ZHUKYPZRZWLY[HPUPUN[V ZLUKPUNJV\U[YPLZJHUPUJYLHZL TPNYH[PVUPU[OL.4:;OLMPUKPUNZ [OLNHPUZMYVTTPNYH[PVUI` ZOV^[OH[SHIVYYLJLP]PUNJV\U[YPLZ MHJPSP[H[PUNYLTP[[HUJLÅV^ZHUK[OLPY PUJS\KPUN;OHPSHUKILULÄ[MYVTTPNYH[PVU KL]LSVWTLU[HSPTWHJ[I`IVSZ[LYPUN WHY[PJ\SHYS`PU[LYTZVM[OLPYLJVUVTPJ JPYJ\SHYTPNYH[PVUHUKI`WYV]PKPUN V\[W\[LTWSV`TLU[HUKÄYTWYVÄ[HIPSP[` JVYLSLNHSHUKV[OLYZ\WWVY[ZLY]PJLZ 3HIVYZLUKPUNJV\U[YPLZNHPUMYVT [VP[ZLTPNYHU[ZHIYVHK YLTP[[HUJLZHUKWV[LU[PHSWVZP[P]L ZWPSSV]LYZVMRUV^SLKNL[LJOUVSVN` ;OHPSHUKHZ^LSSHZV[OLYSHIVY HUKPU]LZ[TLU[>OPSLWYV]PKPUNW\ISPJ YLJLP]PUNJV\U[YPLZJHUILULÄ[MYVT ZLY]PJLZZ\JOHZOLHS[OHUKLK\JH[PVU TPNYH[PVUI`YLK\JPUNVIZ[HJSLZ[V [VTPNYHU[ZTH`ILHWVSP[PJHSJOHSSLUNL YLN\SHYPaPUNTPNYHU[ZHUKTPNYH[PVU V]LYJVTPUN[OPZJOHSSLUNLJHUOLSWYHPZL I`WYV[LJ[PUNTPNYHU[Z»YPNO[Z[OYV\NO WYVK\J[P]P[`I\PSKO\THUJHWP[HSHUK LTWSV`LYZHUKI`M\Y[OLYPTWYV]PUN PUJLU[P]PaL[OLMVYTHSPaH[PVUVMTPNYH[PVU TPNYHU[Z»HJJLZZ[VLZZLU[PHSZLY]PJLZ HUKTPNYHU[Z0U[OPZYLZWLJ[;OHPSHUK OHZHJOPL]LKZPNUPMPJHU[WYVNYLZZPU 4@(54(9!9,40;;(5*,:  HKKYLZZPUN[OLKPZWHYP[PLZ·WHY[PJ\SHYS` *09*<3(940.9(;065(5+ PUTPNYHU[Z»HJJLZZ[VIHZPJLK\JH[PVU 40.9(5;796;,*;065 4PNYH[PVUWVSPJPLZHUKPUZ[P[\[PVUZ PUMS\LUJL[OLNHPUZUH[\YLHUKYPZRZ -HJPSP[H[PUN9LTP[[HUJLZHUK[OLPY H VMTPNYH[PVU)HZLKVU[OLÄUKPUNZHUK +L]LSVWTLU[HS0TWHJ[ PU[LYUH[PVUHSNVVKWYHJ[PJL[OPZZLJ[PVU VMMLYZJVUZPKLYH[PVUZMVYTPNYH[PVUWVSPJ` 4`HUTHYOHZHTHQVYZJVWL HUKTHUHNLTLU[PU4`HUTHY;OHPSHUK MVYPUJYLHZPUN[OL]VS\TLHUK HUK[OYV\NOV\[HSS.4:JV\U[YPLZ KL]LSVWTLU[HSNHPUZVMYLTP[[HUJLZ (ZKLTVUZ[YH[LKI`JV\U[YPLZZ\JOHZ *V\U[YPLZPU[OL.4:JHUI\PSKVU[OLPY ;HQPRPZ[HU^OLYLYLTP[[HUJLZHZHZOHYL JVTTLUKHISLLMMVY[Z[VPTWYV]L[OL VM.+7PUJYLHZLKMYVTWLYJLU[VM V\[JVTLZVMTPNYH[PVU([[OL.4:HUK .+7[VWLYJLU[^P[OPU[OYLL`LHYZP[ (:,(5SL]LSHZ^LSSHZH[OVTL[OYV\NO PZWVZZPISL[VIVVZ[[OLSL]LSHUKPTWHJ[ KVTLZ[PJJVUZ[P[\LUJPLZ[OLZLJV\U[YPLZ VMYLTP[[HUJLZHZWHY[VMLJVUVTPJ JV\SKYLJVNUPaL[OLWVZP[P]LYVSLHUK [YHUZP[PVU4`HUTHY»ZLJVUVTPJ ZPNUPÄJHUJLVMIV[O\UZRPSSLKHUKZRPSSLK [YHUZP[PVUPZSPRLS`[VH[[YHJ[[OLPU[LYLZ[ TPNYH[PVUOHYTVUPaLTPNYH[PVUWVSPJPLZ VMP[Z+PHZWVYHHUK·WHY[PJ\SHYS`PM ^P[O[OLPYV^UJV\U[Y`»ZKL]LSVWTLU[ JVTWSLTLU[LKI`TLHZ\YLZ[VHKKYLZZ Z[YH[LNPLZHUK\WKH[LIPSH[LYHSSHIVY [OLVIZ[HJSLZHUKJVUJLYUZL_WLYPLUJLK HNYLLTLU[ZHJJVYKPUNS`;OLHSPNUPUN I`P[ZLTPNYHU[ZHUK[OLPYYLSH[P]LZH[OVTL VMVIQLJ[P]LZVMIV[OSHIVYZLUKPUNHUK ^P[OYLZWLJ[[VYLTP[[HUJLÅV^Z·JHU YLJLP]PUNJV\U[YPLZHUK[OLLMMLJ[P]LULZZ IYPUNHIV\[HTHQVYPUJYLHZLPU[OLPUÅV^ VMTPNYH[PVUWVSPJPLZHUKHNYLLTLU[Z VMYLTP[[HUJLZ;VHJOPL]LZ\JOWVZP[P]L ^V\SKYLX\PYLHZ[YVUNJVVYKPUH[PVULMMVY[ YLZ\S[ZYLMVYTZULLK[V^VYRH[[^VSL]LSZ! IV[OKVTLZ[PJHSS`HUKHJYVZZJV\U[YPLZ -PYZ[THRLZLUKPUNYLTP[[HUJLZ·HUK[OL \ZLVMMVYTHSJOHUULSZMVY[OLPY[YHUZMLY· LHZPLYHUKTVYLH[[YHJ[P]L:LJVUK  >VYSK)HUR¸;HQPRPZ[HU7VSPJ`5V[L!,UOHUJPUN[OL+L]LSVWTLU[0TWHJ[VM9LTP[[HUJLZ¹>HZOPUN[VU+* 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  L_WHUK[OLWV[LU[PHSMVYWYVK\J[P]L (TLYPJHUYLNPVUMVYL_HTWSLSH\UJOLK PU]LZ[TLU[PUJS\KPUNPU]LZ[TLU[PU HYLTP[[HUJLWYPJLHZZLZZTLU[[VVS I\ZPULZZHUKO\THUJHWP[HS)LZ[ ,U]PHJLU[YVHTLYPJH^OPJOPUJS\KLZ WYHJ[PJLZMYVTPU[LYUH[PVUHSL_WLYPLUJLHYL HUVUSPULWYPJLJVTWHYPZVU[VVSMVY WYLZLU[LKILSV^ JVTWHYPUNZLUKPUNJVZ[ZMYVT[OL<: [VLHJOJV\U[Y`PU[OLYLNPVU;OPYK :[LWZ[VPUJYLHZLYLTP[[HUJLÅV^Z [VL_WHUKÄUHUJPHSZLJ[VYJV]LYHNL PUJS\KLHZ[VJR[HRPUNVM[OLJ\YYLU[ HUK[VWYVTV[LW\ISPJ[Y\Z[HUKWYPJL SL]LSHUKTP_VMYLTP[[HUJLTVKHSP[PLZ" JVTWL[P[PVU4`HUTHYJV\SKLUJV\YHNL IKPHNUVZPUN[OLJVUZ[YHPU[Z[V [OLLU[Y`VMWYP]H[LHUKMVYLPNUÄUHUJPHS YLTP[[HUJLÅV^ZNLULYHSS`HUK PU[LYTLKPHYPLZ;OPZZ[LWTH`NLULYH[L [OYV\NO[OLMVYTHSÄUHUJPHSZ`Z[LT" \ZLM\STVKLYUPaH[PVUZWPSSV]LYZMVY JZ[YLUN[OLUPUN[OLÄUHUJPHSZ`Z[LT 4`HUTHY»ZÄUHUJPHSZ`Z[LTHZH^OVSL [VIL[[LYZ\WWVY[YLTP[[HUJLÅV^Z" -V\Y[OJYLKPISLSLNHSHJ[PVUZ^V\SKIL HUKKYHPZPUNW\ISPJH^HYLULZZVM[OL ULJLZZHY`[VWYL]LU[YLTP[[HUJLYLU[ YLTP[[HUJLWYVJLZZLZ-VY4`HUTHY ZLLRPUNI`W\ISPJHUKWYP]H[LZLJ[VY [OLPUP[PHSZ[VJR[HRPUNKPZJ\ZZLKHIV]L HNLU[Z;VWYVTV[LH^HYLULZZVM PUKPJH[LZ[OH[YLTP[[HUJLPUÅV^ZHYL YLTP[[HUJLZLUKLYZHUKYLJPWPLU[ZVU[OL T\JOSV^LY[OHUL_WLJ[LKNP]LU[OL WYVJLZZLZMVYMVYTHSYLTP[[HUJLÅV^Z L_[LUZP]L+PHZWVYH"HUK4`HUTHY»Z HUKMVYTHSTPNYH[PVUHUKPU]LZ[TLU[ LTPNYHU[Z[LUK[VMH]VYPUMVYTHS HZ^LSSHZJVUZ\TW[PVUVWWVY[\UP[PLZPU YLTP[[HUJLJOHUULSZ*VUZ[YHPU[ZPUJS\KL 4`HUTHY[OLNV]LYUTLU[JV\SKWHY[ULY KPMÄJ\S[`PU\ZPUNMVYTHSJOHUULSZ^P[OV\[ ^P[OÄUHUJPHSPUZ[P[\[PVUZHUKSH\UJO WYVWLYPKLU[PÄJH[PVUKVJ\TLU[ZSPTP[LK V\[YLHJOJHTWHPNUZ ÄUHUJPHSZLJ[VYJV]LYHNLOPNO[YHUZMLY MLLZHUKV[OLYJVZ[ZTPZ[Y\Z[HUKWYP]HJ` 4LHZ\YLZ[VLUOHUJL[OLKL]LSVWTLU[ JVUJLYUZ[OYV\NO[OLMVYTHSÄUHUJPHS PTWHJ[VMYLTP[[HUJLZIHZLKVU Z`Z[LTHUKWVZZPISLYLU[ZLLRPUN PU[LYUH[PVUHSL_WLYPLUJLPUJS\KLH PTWYV]PUN[OLI\ZPULZZJSPTH[LHUKI 9LTP[[HUJLÅV^ZJV\SKILPUJYLHZLK PUJYLHZPUN[OLZ[H[PZ[PJHSJHWHJP[`[V [OYV\NOYLN\SHYPaH[PVUVMTPNYHU[Z PUMVYTWVSPJ`KLZPNUHUKHKQ\Z[TLU[Z SV^LYJVZ[ZHUKNYLH[LYJVTWL[P[PVU 0TWYV]LTLU[ZPU[OLI\ZPULZZ HTVUNYLTP[[HUJLPU[LYTLKPHYPLZ LU]PYVUTLU[PUJYLHZL[OLVWWVY[\UP[PLZ L_WHUKLKJV]LYHNLHUKTVKLYUPaH[PVU MVYWYVK\J[P]LPU]LZ[TLU[Z([[OLTPJYV VM[OLÄUHUJPHSZLJ[VY[OLWYL]LU[PVU SL]LSHIL[[LYI\ZPULZZJSPTH[L^V\SK VMYLU[ZLLRPUNHUKPUJYLHZPUN LUJV\YHNLOV\ZLOVSKZ[V\ZLYLTP[[HUJLZ W\ISPJH^HYLULZZ-PYZ[[VPUJYLHZL [V^HYKL_WHUKPUN[OLPYPUJVTL PU^HYKÅV^Z4`HUTHYJV\SKWYV NLULYH[PUNHJ[P]P[PLZHUK·PU[OLWYLZLUJL HJ[P]LS`Z\WWVY[;OHPSHUK»ZTPNYH[PVU VMX\HSP[`ZLY]PJLZPUJS\KPUNLK\JH[PVU YLN\SHYPaH[PVULMMVY[ZPUJS\KPUN[OL5= HUKOLHS[O·PU]LZ[PUNTVYLPU[OL HUKX\PJRS`HUKJOLHWS`WYV]PKL[OL O\THUJHWP[HSVMJOPSKYLU([[OLTHJYV YLX\PYLKPKLU[PÄJH[PVUKVJ\TLU[Z[V SL]LSIL`VUKMHJPSP[H[PUN[OLWYVK\J[P]L P[ZJP[PaLUZHIYVHK;OPZTH`YLX\PYL \ZLVMYLTP[[HUJLZHIL[[LYI\ZPULZZ [OH[4`HUTHYVWLUZTVYLTPNYHU[ LU]PYVUTLU[^V\SKZ\WWVY[[OLL_WHUZPVU Z\WWVY[PUNVMÄJLZPU;OHPSHUKHUKV[OLY VMWYP]H[LLJVUVTPJHJ[P]P[`HUKMVYLPNU OVZ[JV\U[YPLZULHY[OLTHPUTPNYHU[ PU]LZ[TLU[PUJS\KPUN[OLPU[YVK\J[PVUVM JVTT\UP[PLZ:LJVUK4`HUTHY UL^[LJOUVSVNPLZ:[H[PZ[PJHSJHWHJP[`[V JV\SKMHJPSP[H[LPUMVYTH[PVUZOHYPUNVU NH[OLYPUMVYTH[PVUVUYLTP[[HUJLZHUK YLTP[[HUJL[YHUZHJ[PVUZJVZ[;OL*LU[YHS [OLPY\ZL[OYV\NOPUZ[Y\TLU[ZZ\JOHZ   ,_HTWSLZVMMLLZPUJS\KLKHYL[YHUZHJ[PVUHUKMVYLPNUJ\YYLUJ`L_JOHUNLJVZ[Z:LL^^^LU]PHJLU[YVHTLYPJH VYN;OLWYVQLJ[PZPUJVSSHIVYH[PVU^P[O[OL*LU[LYMVY3H[PU(TLYPJHU4VUL[HY`:[\KPLZ[OL0U[LY(TLYPJHU +L]LSVWTLU[)HUR>VYSK)HURHUKV[OLYWHY[ULYZ  :LL>VYSK)HUR»Zº+VPUN)\ZPULZZ»HUKº,U[LYWYPZL:\Y]L`Z»MVYZWLJPÄJZVUPTWYV]PUN[OLI\ZPULZZHUK  PU]LZ[TLU[JSPTH[L  .(0505.-96440.9(;065 OV\ZLOVSKZ\Y]L`ZHUKJLUZ\ZLZJHU [VTPNYHU[Z^OPSLH]VPKPUN[OLULNH[P]L Z\WWVY[WVSPJ`L]HS\H[PVUHUKM\Y[OLY L_[LYUHSP[PLZVMPYYLN\SHYTPNYH[PVU)V[O YLMVYTZ ZLUKPUNJV\U[YPLZHUKYLJLP]PUNJV\U[YPLZ T\Z[JVVWLYH[LJSVZLS`MVYJPYJ\SHY )VSZ[LYPUN*PYJ\SHY4PNYH[PVU I TPNYH[PVU[VILZ\JJLZZM\S  ;LTWVYHY`HUKWHY[PJ\SHYS`JPYJ\SHY :WLJPMPJZ[LWZHUKYVSLZMVYZLUKPUN TPNYH[PVUJHUOH]LT\S[PWSLILULÄ[Z JV\U[YPLZZ\JOHZ4`HUTHYPUJS\KL MVYZLUKPUNJV\U[YPLZHUKP[PZVM[LU ZJYLLUPUN^VYRLYZ[VÄUK[OVZLTLL[PUN TVYLH[[YHJ[P]L[VOVZ[JV\U[YPLZ[OHU [OLZRPSSZYLX\LZ[LKI`HOVZ[JV\U[Y` WLYTHULU[TPNYH[PVU9LZLHYJOZOV^Z HZZPZ[PUN^P[OWYLKLWHY[\YL[YHPUPUNHUK [OH[ZOVY[LY[LYTTPNYHU[ZYLTP[TVYL ILPUNWYVHJ[P]L[VLUZ\YL[OH[^VYRLYZ [OHUSVUNLY[LYTTPNYHU[ZV^PUN[V YL[\YU[OV\NOPUJLU[P]LZ;OLZLPUJLU[P]LZ Z[YVUNLY[PLZ^P[O[OLPYOVTLJV\U[YPLZ JV\SKPUJS\KLQVIWSHJLTLU[HUKWH`TLU[Z ;OLZL[PLZHSZVTHRLZOVY[LY[LYT \WVUYL[\YUHUKJVVWLYH[PUN^P[OSH^ ^VYRLYZTVYLSPRLS`[VYL[\YU^OPJO LUMVYJLTLU[PUV[OLYJV\U[YPLZ[VKL[LY HSSV^ZMVYZRPSSZZOHYPUNHUK\ZLVMJHWP[HS V]LYZ[H`PUNPUJS\KPUNW\UP[P]LTLHZ\YLZ NHPULKHIYVHK(Z4`HUTHY»ZLJVUVT` /VZ[JV\U[YPLZZ\JOHZ;OHPSHUKJHUOH]L PZSPRLS`[VPUJYLHZLQVIVWWVY[\UP[PLZ [OLPYTPUPZ[Y`VMSHIVY^VYR^P[OLTWSV`LYZ HUK[VL_WLYPLUJLZ[Y\J[\YHSZOPM[Z[V [VKL[LYTPUL[OLHUU\HSKLTHUKHUK[OL TVYLWYVK\J[P]LZLJ[VYZ^P[OP[ZVUNVPUN ZRPSSWYVÄSLZMVY]HYPV\ZZLJ[VYZ[VHZZPZ[ YLMVYTZ[OLYLTH`ILNYLH[LYPU[LYLZ[Z ^P[OKVJ\TLU[H[PVU\WVUHYYP]HS[VWYV]PKL VMOH]PUN^VYRLYZYL[\YUHZ^LSSHZ[V Z\WWVY[[VTPNYHU[Z^OPSLPU[OLJV\U[Y` JPYJ\SH[L[VNHPUZRPSSZ HUK[VYLJLY[PM`JVTWHUPLZ[OH[JVTWS` ^P[O[OLY\SLZZ\JOHZWYV[LJ[PUN[OLPY >OPSL[LTWVYHY`TPNYH[PVUTH`ILH ^VYRLYZHUKLUZ\YPUN[OLPY[PTLS`YL[\YU WVSPJ`VIQLJ[P]LVMOVZ[HUKZLUKPUN JV\U[YPLZL]PKLUJLZ\NNLZ[[OH[ ;OL5L^ALHSHUK9LJVNUPaLK:LHZVUHS LZ[HISPZOPUNHUPUZ[P[\[PVUHSMYHTL^VYR ,TWSV`LYZ:JOLTL9:,PZ]PL^LKHZ MVYJPYJ\SHYTPNYH[PVUTH`ILTVYL ILPUNHZ\JJLZZM\SJPYJ\SHYTPNYH[PVU LMMLJ[P]LMVYWYVTV[PUNZOVY[LYZ[H`Z HYYHUNLTLU[^OPJOILULÄ[ZUV[VUS` I`^VYRLYZ9LZLHYJOOHZMV\UK[OH[ 5L^ALHSHUK»ZHNYPJ\S[\YHSLTWSV`LYZI\[ PUZ[P[\[PVUZHUKWVSPJPLZ[OH[HSSV^MVY HSZVPTTPNYHU[ZMYVTÄ]L7HJPÄJ0ZSHUK TPNYHU[Z[VLHZPS`JOLHWS`HUKYLWLH[LKS` JV\U[YPLZ,TWSV`LYZNHPUMYVTHZ[HISL TV]LIL[^LLUHUKHTVUNJV\U[YPLZ SHIVYZ\WWS`HUKSV^LY^HNLJVZ[Z^OPSL PUJYLHZLZ[OLSPRLSPOVVKVMZ\JOILOH]PVY TPNYHU[ZNHPUMYVTZLJ\YLLTWSV`TLU[HUK ^OLYLHZTVYLYLZ[YPJ[P]LWVSPJPLZ·Z\JO OPNOLY^HNLZ[OHU[OLPYOVTLJV\U[YPLZ HZUV[HSSV^PUNYL[\YUVYPUJ\YYPUNOPNO JHUVMMLY[OLT*PYJ\SHYTPNYH[PVUZJOLTLZ JVZ[ZHUK[PTLYLX\PYLTLU[Z·JHUSLHK OH]LILLUTVZ[Z\JJLZZM\SUV[VUS` TPNYHU[Z[VV]LYZ[H`VY[V\ZLPUMVYTHS ^OLUJVZ[ZHYLRLW[SV^MVY^VYRLYZHUK JOHUULSZ(KKP[PVUHSS`YLN\SHYJPYJ\SHY JVTWHUPLZI\[HSZV^OLU[OLYLPZHJ[P]L TPNYH[PVUVMMLYZNYLH[LYSLNHSWYV[LJ[PVU WHY[PJPWH[PVUI`[OLW\ISPJHUKWYP]H[L ZLJ[VYZPULHJOJV\U[Y`    :LLUL^S`YLSLHZLKZ[\K`0-790HUK>VYSK)HUR¸0TWYV]PUN[OLTLHZ\YLTLU[HUKWVSPJ`YLSL]HUJLVM TPNYH[PVUPUMVYTH[PVUPUT\S[P[VWPJOV\ZLOVSKZ\Y]L`Z¹>HZOPUN[VU+*  ;\YULSS:=PJHY`()YHKMYVK>¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z  4HJX\HYPLVYSK)HUR¸;HQPRPZ[HU7VSPJ`5V[L!,UOHUJPUN[OL+L]LSVWTLU[0TWHJ[VM9LTP[[HUJLZ¹>HZOPUN[VU+*" HUK(KHTZHUK7HNL¸+VPU[LYUH[PVUHSTPNYH[PVUHUKYLTP[[HUJLZYLK\JLWV]LY[`PUKL]LSVWPUNJV\U[YPLZ&¹>VYSK +L]LSVWTLU[  ;LTWVYHY`TPNYH[PVU\Z\HSS`YLMLYZ[VZOVY[[LYTTPNYH[PVU^OLYLHZJPYJ\SHYTPNYH[PVUPU]VS]LZMVYTVYL[OHUVULZ[H`  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹   /VSaTHUU9HUK7V\NL[@¸;V^HYKHU6IQLJ[P]L+YP]LU:`Z[LTVM:THY[3HIVY4PNYH[PVU4HUHNLTLU[¹  >VYSK)HUR"3\[OYPH4¸:LHZVUHSTPNYH[PVUMVYKL]LSVWTLU[&,]HS\H[PUN5L^ALHSHUK»Z9:,WYVNYHT¹>VYSK )HURHUK(\Z[YHSPHU5H[PVUHSVYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU [OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹ 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ,_WHUKPUN*VYL3LNHSHUK7YV[LJ[PVU J [VILJVTWSL[LKIL`VUK[OLJ\YYLU[S` :LY]PJLZMVY,TPNYHU[Z WYVISLTH[PJVULTVU[OKLHKSPUL 0TWVY[HU[S`[OL^VYRWLYTP[Y\SLZJHU >OPSL4`HUTHYOHZZVTLVMÄJLZPUSHIVY ILYLSH_LK[VHSSV^PTTPNYHU[Z[VJOHUNL YLJLP]PUNJV\U[YPLZZ\JOHZ;OHPSHUK LTWSV`LYZHUKNLVNYHWOPJSVJH[PVUZ [OLU\TILYVMVMÄJLZHUK[OLZLY]PJLZ ^P[OV\[SVZPUNZ[H[\Z·HUPZZ\L[OH[^HZ [OL`WYV]PKLJV\SKILM\Y[OLYL_WHUKLK WYV]LUJYP[PJHSHUKWYVISLTH[PJK\YPUN [VHKLX\H[LS`Z\WWVY[4`HUTHY»Z ;OHPSHUK»ZÅVVKZPU LTPNYHU[ZHIYVHK4`HUTHY»ZVMMPJLZ PU;OHPSHUKMVYPUZ[HUJLJHUWYV]PKL 0U[LYUH[PVUHSL_WLYPLUJLZ\NNLZ[Z LTPNYHU[Z^P[OPKLU[PMPJH[PVUHUKV[OLY [OH[;OHPSHUK^V\SKILULÄ[I`M\Y[OLY KVJ\TLU[H[PVUHUK^P[OHZZPZ[HUJL JVSSHIVYH[PUN^P[OP[ZULPNOIVYPUN PULTPNYHU[Z»UH[P]LSHUN\HNLZVU[OL JV\U[YPLZ[VYLK\JL[OLVIZ[HJSLZ[V YLN\SHYPaH[PVUWYVJLK\YLZHUKVU[OLYPNO[Z YLN\SHYTPNYH[PVU;OHPSHUKJV\SKZ\WWVY[ VMLTPNYHU[Z0UHKKP[PVUZ\JOVMÄJLZ SHIVYZLUKPUNJV\U[YPLZ[VVWLUTVYL JV\SKVMMLYSLNHSWYV[LJ[PVUPUJHZLZ^OLYL VMÄJLZPU;OHPSHUK[VHZZPZ[PTTPNYHU[ZPU LTWSV`LYZTH`ILIYLHRPUNSHIVYSH^ZVM [OLYLN\SHYPaH[PVUWYVJLZZ"[VMHTPSPHYPaL [OLOVZ[JV\U[Y`;OL7OPSPWWPULZ6]LYZLHZ TPNYHU[Z^P[O[OLPYYPNO[ZL_PZ[PUNWVSPJPLZ ,TWSV`TLU[(KTPUPZ[YH[PVU76,( HUK[OLILULÄ[ZVMYLN\SHYPaH[PVU"HUK[V YLWYLZLU[ZHNVVKTVKLSPU[OLYLNPVU;OL Z\WWVY[JPYJ\SHYTPNYH[PVU 76,(HZZPZ[Z^P[OQVIYLJY\P[TLU[WYPVY[V KLWHY[\YLHUKOLSWZ[VWYV[LJ[[OL^LSMHYL 7YV[LJ[PUN0TTPNYHU[Z»9PNO[Z I VMLTPNYHU[ZHIYVHK  [OYV\NO,TWSV`LYZ  ;/(03(5+!9,.<3(90A(;065 ;OHPSHUKJV\SKHKKYLZZ[OLUVU ,5-69*,4,5;(5+:,9=0*,:-69 LJVUVTPJYPZRZYLWVY[LKI`PTTPNYHU[Z 40.9(5;: I`PTWVZPUNZ[YPJ[ZHUJ[PVUZHNHPUZ[ LTWSV`LYZ^OV^P[OOVSKTPNYHU[ H 9LK\JPUN6IZ[HJSLZ[V9LN\SHYPaPUN KVJ\TLU[H[PVUVYV[OLY^PZLPUMYPUNL 4PNYHU[ZHUK4PNYH[PVU \WVUPTTPNYHU[Z»YPNO[Z;OHPSHUKJV\SK JSHYPM`[OLYPNO[ZVMIV[OYLN\SHYHUK 9LK\JPUN[OLMPUHUJPHSHUK PYYLN\SHYPTTPNYHU[ZHUKZ[YLUN[OLU[OLPY HKTPUPZ[YH[P]LI\YKLUHZZVJPH[LK^P[O LUMVYJLTLU[0UHKKP[PVU;OHPSHUKJV\SK YLN\SHYPaH[PVU^V\SKJVU[YPI\[L[V YL]PL^P[ZSLNHSHUKYLN\SH[VY`MYHTL^VYR YLN\SHYPaPUNWYVJLZZLZ[OLYLI`THRPUN [VPKLU[PM`HUKHKKYLZZHU`L_PZ[PUN PYYLN\SHYTPNYH[PVUSLZZH[[YHJ[P]L TLHZ\YLZ·Z\JOHZ[OLJVUULJ[PVUVM .P]LUP[ZSHYNLU\TILYVMPYYLN\SHY ^VYRWLYTP[Z[VHZPUNSLLTWSV`LYHUK TPNYHU[Z;OHPSHUKJV\SKJVUZPKLY SVJH[PVU[OH[^LHRLU[OLYLHSPaH[PVU Z[YLHTSPUPUN[OLU\TILYVMHKTPUPZ[YH[P]L VMPTTPNYHU[Z»YPNO[ZHUKKPZJV\YHNL Z[LWZHUK[PTLYLX\PYLKMVYYLN\SHYPaH[PVU YLN\SHYPaH[PVU;OLWYV]PZPVUVMNYLH[LY 0[JV\SKSV^LY[OLJVZ[YLX\PYLK[VVI[HPU WYV[LJ[PVU[VTPNYHU[ZJV\SKILJV\WSLK PKLU[PÄJH[PVUHUK^VYRKVJ\TLU[H[PVU ^P[OTVYLJVUZPZ[LU[W\UP[P]LTLHZ\YLZ HUK[VHIVSPZO[OL5=YLX\PYLTLU[ HNHPUZ[LTWSV`LYZHUKIYVRLYZ[OH[]PVSH[L MVYPTTPNYHU[Z[VYL[\YU[V[OLPYOVTL TPNYHU[YPNO[Z-\Y[OLYTVYLVMÄJLZVM JV\U[Y`MVYKVJ\TLU[H[PVU]LYPÄJH[PVU SHIVYZLUKPUNJV\U[YPLZ[VZ\WWVY[[OLPY HUK[VHSSV^Z\JO]LYPÄJH[PVUPU[OLSHIVY LTPNYHU[ZPU;OHPSHUKJHUM\Y[OLYPTWYV]L ZLUKPUNJV\U[YPLZ»YLWYLZLU[H[P]LVMÄJLZ [OLJOHUULSZMVYWYV[LJ[PUNPTTPNYHU[Z» PU;OHPSHUK;OHPSHUKJV\SKHSZVL_[LUK YPNO[Z]PZn]PZLTWSV`LYZ [OLHSSV^LKWLYPVKMVY[OLYLNPZ[YH[PVU  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  .(0505.-96440.9(;065 -\Y[OLY0TWYV]PUN4PNYHU[Z»(JJLZZ[V J PUJYLHZPUN[OLKL]LSVWTLU[LMMLJ[VM ,ZZLU[PHS:LY]PJLZ TPNYH[PVUUHTLS`SPTP[LKPUMVYTH[PVU VULTWSV`TLU[VWWVY[\UP[PLZHIYVHK 0TWYV]PUNPTTPNYHU[Z»HJJLZZ[V HUKSPTP[LKZ\WWVY[MVYLTPNYHU[Z LZZLU[PHSZLY]PJLZJHUZLY]LT\S[PWSL ;VHKKYLZZ[OLZLJVUZ[YHPU[Z[OL79:7 HPTZ!PUJLU[P]PaPUNYLN\SHYPaH[PVU JVTTP[Z[OLNV]LYUTLU[[VYLHJOPUNV\[ PUJYLHZPUNZOVY[LY[LYTWYVK\J[P]P[` [VLTPNYHU[ZHUKWYV]PKPUN[OLT^P[O I\PSKPUNSVUNLY[LYTO\THUJHWP[HS PUMVYTH[PVUVULTWSV`TLU[HUKÄUHUJPUN HUKTP[PNH[PUNYPZRL_WVZ\YLZPU VWWVY[\UP[PLZ[YHPUPUNHUKHZZPZ[HUJL  JVTT\UP[PLZ,Z[HISPZOPUNH^LSSKLÄULK WHJRHNLVMLZZLU[PHSZLY]PJLZMVYYLN\SHY 0UHKKP[PVU[VUH[PVUHSWVSPJPLZIPSH[LYHS TPNYHU[Z·HZJVTWHYLK[VHUVWLULUKLK TPNYH[PVUWVSPJPLZJV\SKILPTWYV]LK ZLY]PJLJVTTP[TLU[·JHUSPTP[;OHPSHUK»Z [VTH[JO[OLKP]LYNPUNPU[LYLZ[ZVM MPZJHSI\YKLU-\Y[OLY^OPSLLZZLU[PHS ZLUKPUNHUKYLJLP]PUNJV\U[YPLZTVYL OLHS[OHUKLK\JH[PVUZOV\SKILHJJLZZPISL HJJ\YH[LS`(S[OV\NOT\S[PSH[LYHSSHIVY [VHSSPUHJJVYKHUJL^P[O;OHPSHUK»Z HNYLLTLU[ZHYLPTWVY[HU[[OL[YHKL UH[PVUHSHUKPU[LYUH[PVUHSHNYLLTLU[Z VMMZULJLZZHY`PUYLHJOPUN[OLT[LUK[V HJJLZZ[VHIYVHKLYZL[VMZLY]PJLZ· SPTP[[OLPYZJVWLMVJ\ZPUNVUS`VUOPNO PUJS\KPUNLZZLU[PHSZLY]PJLZMVYLHYS`JOPSK ZRPSSLK^VYRLYZPUZLSLJ[LKVJJ\WH[PVUZ KL]LSVWTLU[HUKZVJPHSWYV[LJ[PVU·TH` HZPZ[OLJHZLVM(:,(5,JVUVTPJ PUK\JLTPNYHU[Z[VYLN\SHYPaL *VTT\UP[`)S\LWYPU[HUKKLW[O)PSH[LYHS SHIVYHNYLLTLU[ZHSSV^NV]LYUTLU[Z ;/,.4:!7630*@/(94650A(;065  [VYLHJOHNYLLTLU[ZTVZ[YLSL]HU[[V 05:;0;<;065(3:;9,5.;/,505. IV[OJV\U[YPLZ»YLZWLJ[P]LWYPVYP[PLZ  (5+(>(9,5,:: /V^L]LYTVZ[VM[OLL_PZ[PUNIPSH[LYHS HNYLLTLU[ZPU[OL.4:Z\JOHZ[OL /HYTVUPaPUN4PNYH[PVU7VSPJPLZ H J\YYLU[S`]HSPK46VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹  4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  JVVWLYH[PVU0U[OPZYLZWLJ[;OHPSHUK»Z0SSLNHS  (SPLU>VYRLYZ4HUHNLTLU[*VTTP[[LL )\PSKPUN7\ISPJ(^HYLULZZHIV\[ J 0(>4*·PU]VS]PUNT\S[PWSLTPUPZ[YPLZ· 4PNYH[PVUH[[OL*V\U[Y`HUK(:,(5 HS[OV\NOSPTP[LKPUZJVWL[VPYYLN\SHY 9LNPVUHS3L]LS ^VYRLYZYLWYLZLU[ZHNVVKZ[LWHUKJV\SK L_WHUKP[ZYVSL[VTP[PNH[L[OLJVTWL[PUN )V[OZLUKPUNHUKYLJLP]PUNJV\U[YPLZ PU[LYLZ[ZHJYVZZTPUPZ[YPLZHUKZ[HRLOVSKLYZ PU[OL.4:^V\SKILULÄ[MYVTYHPZPUN W\ISPJH^HYLULZZ^P[OYLZWLJ[[V ;OLJV\U[YPLZVM[OL.4:TH`JVUZPKLY [OLILULMP[ZHUK[V[OLWYVJLZZ LZ[HISPZOPUNPU[LYTPUPZ[LYPHSIVKPLZ VMTPNYH[PVUHUKTPNYHU[Z»YPNO[Z [OH[HKKYLZZIV[OYLN\SHYHUKPYYLN\SHY 7\ISPJH^HYLULZZJHTWHPNUZOH]L TPNYH[PVUPZZ\LZPUHJJVYKHUJL ILLUWHY[PJ\SHYS`Z\JJLZZM\S^OLU ^P[OSVUN[LYTZ[YH[LNPLZ:PUNHWVYL PU]VS]PUNT\S[PWSLZ[HRLOVSKLYZPUJS\KPUN WYLZLU[ZHNVVKYLNPVUHSL_HTWSLMVY KVTLZ[PJHUKPU[LYUH[PVUHSVYNHUPaH[PVUZ PUZ[P[\[PVUHSHYYHUNLTLU[Z[VZ\WWVY[ LTWSV`LYZUVUNV]LYUTLU[ TPNYH[PVUWVSPJPLZHUKTHUHNLTLU[ VYNHUPaH[PVUZHUKNV]LYUTLU[Z;OL :PUNHWVYLOHZ[^VZLWHYH[LWVSPJPLZVUL ,\YVWLHU*VTTPZZPVU»Z,*HUK064»Z MVYSV^HUKVULMVYOPNOZRPSSLK^VYRLYZ º4PNYHU[ZPU[OL:WV[SPNO[»JHTWHPNU· [OH[ZLY]LKPMMLYPUNVIQLJ[P]LZ^P[O[OL MVJ\ZPUNVU,HZ[LYU,\YVWL·ZV\NO[ MVYTLYMVY[LTWVYHY`SHIVYKLTHUKZHUK [VPTWYV]L\UKLYZ[HUKPUNVMTPNYH[PVU [OLSH[LY[VZ\WWVY[NYV^[OZLJ[VYZ;OL ILULMP[Z[OYV\NO[YHPUPUNMVYTLKPH 4PUPZ[Y`VM/VTL(MMHPYZPZPUJOHYNLVM JVTWHUPLZ[V^HYKTVYLVIQLJ[P]LTLKPH YLN\SH[PUNTPNYHU[Z»LU[Y`HUK^VYRZ^P[O YLWVY[PUN6[OLYL_HTWSLZHYL[OL,* [OL4PUPZ[Y`VM4HUWV^LY^OPJOPZZ\LZ -\UKMVY;OPYK*V\U[Y`5H[PVUHSZMVY ^VYRWLYTP[Z0U4HSH`ZPHTPUPZ[YPLZ PU[LNYH[PVUVMTPNYHU[Z[OH[PUJS\KLK HYLVU[OL*HIPUL[*VTTP[[LLVU>VYRLYZ \UP]LYZP[PLZHUKZWVY[Z[LHTZ[VPUJYLHZL HUK0SSLNHS0TTPNYHU[ZJOHPYLKI`[OL W\ISPJH^HYLULZZ(UV[OLYL_HTWSL^HZ +LW\[`7YPTL4PUPZ[LY ;OL4PUPZ[Y` [OLYHKPVKYHTH7\LISVKL7HZV[OH[ VM/\THU9LZV\YJLZZL[Z[OLU\TILY ^HZIYVHKJHZ[LKVUYHKPVZ[H[PVUZ VMMVYLPNU^VYRLYZULLKLKMVYLHJO [OYV\NOV\[3H[PU(TLYPJH[VKPZWLS ZLJ[VYKLWLUKPUNVUSHIVYKLTHUKHUK W\ISPJTPZ\UKLYZ[HUKPUNZ·Z\JOHZ [OL4PUPZ[Y`VM/VTL(MMHPYZWYVJLZZLZ WLYJLW[PVUZ[OH[TPNYHU[ZNLULYHSS`OH]L TPNYHU[]PZHZMVYIV[OSV^HUKOPNO HULNH[P]LLJVUVTPJHUKZVJPHSPTWHJ[ ZRPSSLK^VYRLYZHJJVYKPUNS`  ;OLWYVNYHTZ\WWVY[LKPU[LNYH[PVULMMVY[Z HUKOLSWLKZOHWL5.6HJ[P]P[PLZPU[OL YLNPVU *V\U[YPLZPU[OL.4:HUK (:,(5HZH^OVSLTH`JVUZPKLYZPTPSHY JVTT\UPJH[PVUZ[YH[LNPLZ[VZ\WWVY[[OLPY TPNYH[PVUWVSPJ`VIQLJ[P]LZHUK[VL_WHUK ^PKLS`ZOHYLKTPNYH[PVUNHPUZ    6[OLYTPUPZ[YPLZPUJS\KL[OL4PUPZ[Y`VM7\ISPJ>VYRZ4PUPZ[Y`VM0U[LYUH[PVUHS;YHKLHUK0UK\Z[Y`4PUPZ[Y`VM-VYLPNU (MMHPYZ4PUPZ[Y`VM(NYPJ\S[\YLHUK(NYV)HZLK0UK\Z[Y`4PUPZ[Y`VM-PUHUJL4PUPZ[Y`VM7SHU[H[PVU0UK\Z[YPLZHUK *VTTVKP[PLZ4PUPZ[Y`VM9\YHSHUK9LNPVUHS+L]LSVWTLU[4PUPZ[Y`VM/LHS[OHUK[OL4PUPZ[Y`VM;V\YPZT:LL70+: ¸7VSPJ`VU0YYLN\SHY4PNYHU[ZPU4HSH`ZPH¹MVYM\Y[OLYKL[HPS  >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPHHUK7HJPÄJ9LNPVU¹   :LL0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU>VYSK4PNYH[PVU9LWVY[.LUL]H^OPJOMVJ\ZLZVU  JVTT\UPJH[PVUHUKW\ISPJH^HYLULZZVMTPNYH[PVUMVYM\Y[OLYKL[HPSZ  .(0505.-96440.9(;065 (77,5+0*,: 4HWVM:V\[OLHZ[(ZPH :V\YJL!>VYSK)HUR 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  4HWVM;OHPSHUK Z\Y]L`LKWYV]PUJLZ THYRLKPUYLK :V\YJL!>VYSK)HUR  .(0505.-96440.9(;065 9,-,9,5*,: (KHTZHUK7HNL¸+V0U[LYUH[PVUHS4PNYH[PVUHUK9LTP[[HUJLZ9LK\JL7V]LY[`PU  +L]LSVWPUN*V\U[YPLZ&¹>VYSK+L]LSVWTLU[ (:,(5¸(:,(5,JVUVTPJ*VTT\UP[`:JVYLJHYK¹(:,(51HRHY[H ([[aZ4¸5H[\YHS+PZHZ[LYZHUK9LTP[[HUJLZ!,_WSVYPUN[OL3PURHNLZIL[^LLU  7V]LY[`.LUKLYHUK+PZHZ[LY=\SULYHIPSP[`PU*HYPIILHU:0+:¹<5>0+,9 ))*¸/HYK+PZRHUK*HTLYH4HRLYZ/P[I`;OHPÅVVKZ¹5V]LTILY  O[[W!^^^IIJJV\RUL^Z[LJOUVSVN` ))*¸;OHPSHUK-HJ[VY`6\[W\[:S\TWZVU:L]LYL-SVVKPUN¹5V]LTILY  O[[W!^^^IIJJV\RUL^Z  )VYNHZ. /LH]LU»Z+VVY!0TTPNYH[PVU7VSPJ`HUK[OL(TLYPJHU,JVUVT`   7YPUJL[VU5L^1LYZL` )YHKMVYKHUK=PJHY`¸:VTL0UMVYTH[PVU(IV\[)\YTLZL4PNYHU[>VYRLYZPU   ;OHPSHUK!7YLSPTPUHY`:\Y]L`9LZ\S[Z¹4HJX\HYPLHNLZ  VM;OHP>VYRLYZ&3HIVY4PNYH[PVUPU[OL.YLH[LY4LRVUN:\IYLNPVU¹  ;OL>VYSK)HUR *H[[HULVL[HS¸0U[LYUH[PVUHS;YHKLPU:LY]PJLZ!5L^;YLUKZHUK6WWVY[\UP[PLZMVY  +L]LSVWPUN*V\U[YPLZ¹>VYSK)HUR *OHU[H]HUPJO:¸;OHPSHUK7VSPJPLZ[V^HYKZ4PNYHU[>VYRLYZMYVT4`HUTHY¹  7HWLYWYLZLU[LKH[[OL(7495*VUMLYLUJLH[-\QPHU5VYTHSVYSK)HUR +LL7¸:LY]PJLZ3PILYHSPaH[PVU;V^HYKZHU(:,(5,JVUVTPJ*VTT\UP[`¹,90(  HUK(\Z[YHSPHU5H[PVUHSVYRLY   0TTPNYH[PVU&,K\JH[PVUHS(JOPL]LTLU[VM0TTPNYHU[*OPSKYLU*VTWHYLK^P[O   5H[P]L*OPSKYLUPU;OLPY6YPNPU*V\U[YPLZ¹9LZLHYJO*LU[YLMVY,K\JH[PVUHUK  [OL3HIVY4HYRL[4HHZ[YPJO[VYSK)HUR .SVIHS4PNYH[PVU.YV\W¸4HPUZ[YLHTPUN4PNYH[PVUPU[V+L]LSVWTLU[7SHUUPUN!(   /HUKIVVRMVY7VSPJ`THRLYZHUK7YHJ[P[PVULYZ¹;VILW\ISPZOLKI`064 /VS\T`VUN*HUK7\UW\PUN7¸(*VZ[)LULÄ[(UHS`ZPZVM[OL4PNYHU[:[H[\ZVM   4PNYHU[Z¹0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO /VSaTHU9¸7YLZLU[H[PVU!0U[LYUH[PVUHS3HIVY4VIPSP[`!4PNYH[PVU!+L[LYTPUHU[Z  0TWHJ[HUK7VSPJ`0ZZ\LZ¹:LV\S /VSaTHUU9HUK7V\NL[@¸:VJPHS7YV[LJ[PVUMVY;LTWVYHY`4PNYHU[>VYRLYZ!  *VUJLW[\HS-YHTL^VYR*V\U[Y`0U]LU[VY`(ZZLZZTLU[HUK.\PKHUJL¹>VYSK  )HURHUK4HYZLPSSL*LU[LYMVY4LKP[LYYHULHU0U[LNYH[PVU /VSaTHUU9HUK7V\NL[@¸(KTPZZPVU:JOLTLZMVY-VYLPNU>VYRLYZ!(3HIVY  4HYRL[;VVSMVY5H[PVUHS,JVUVTPJ+L]LSVWTLU[¹>VYSK)HUR /VSaTHUU9HUK7V\NL[@¸;V^HYKHU6IQLJ[P]L+YP]LU:`Z[LTVM:THY[3HIVY  4PNYH[PVU4HUHNLTLU[¹>VYSK)HUR 0-790HUK>VYSK)HUR¸0TWYV]PUN[OL4LHZ\YLTLU[HUK7VSPJ`9LSL]HUJLVM   4PNYH[PVU0UMVYTH[PVUPU4\S[P[VWPJ/V\ZLOVSK:\Y]L`Z¹>HZOPUN[VU+* 036¸;OL4LRVUN*OHSSLUNL¶VYRLYZ!(-V\Y*V\U[Y`:[\K`¹)HUNRVR 04->VYSK,JVUVTPJ6\[SVVR>HZOPUN[VU+* 0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸:[\K`VM4PNYHU[ZMYVT4`HUTHYPU  ;OHPSHUK¹)HUNRVRWYVJLZZLK 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  0UZ[P[\[LMVY7VW\SH[PVUHUK:VJPHS9LZLHYJO¸;YHJRPUN4L[OVKVSVN`9LWVY[¹  )HUNRVRWYVJLZZLK 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU¸064*HTIVKPHU4PUPZ[Y`VM/LHS[O   :[YLUN[OLU4PNYHU[/LHS[O:LY]PJLZPU)VYKLY(YLHZ¹O[[W!^^^PVTPU[QHOPH  1HOPHTLKPHWYLZZIYPLÄUNUV[LZWIU(:JHJOLVMMVUJLSHUNLU&LU[Y`0K$ 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU¸:P[\H[PVU9LWVY[VU0U[LYUH[PVUHS   4PNYH[PVUPU,HZ[HUK:V\[OLHZ[(ZPH¹9LNPVUHS;OLTH[PJ>VYRPUN.YV\WVU   0U[LYUH[PVUHS4PNYH[PVUPUJS\KPUN;YHMÄJRPUN 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU¸:[YH[LNPLZ[V*V\U[LYHJ[0YYLN\SHY4PNYH[PVU¹  O[[W!^^^PVTPU[QHOPH1HOPHHIV\[TPNYH[PVUTHUHNPUNTPNYH[PVUTHUHNPUN  TPNYH[PVUPYYLN\SHYTPNYH[PVUZ[YH[LNPLZ[VJV\U[LYHJ[PYYLN\SHYTPNYH[PVU 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU¸;OHPSHUK4PNYH[PVU9LWVY[¹)HUNRVR 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU>VYSK4PNYH[PVU9LWVY[.LUL]H 0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU>VYSK4PNYH[PVU9LWVY[.LUL]H 1HTWHRSH`(1)Y`HU[HUK93P[^PSSLY ¸.LUKLYHUKTPNYH[PVUMYVT*HTIVKPH  3HV7+9HUK4`HUTHY[V;OHPSHUK¹PU.LUKLYHUK3HIVY4PNYH[PVUPU(ZPH   0U[LYUH[PVUHS6YNHUPaH[PVUMVY4PNYH[PVU.LUL]H 3H[OHWPWH[+¸;OL(IZVYW[PVUVM0TTPNYHU[ZHUKP[Z,MMLJ[ZVU[OL;OHP>HNL  :[Y\J[\YL¹;OHPSHUK+L]LSVWTLU[9LZLHYJO0UZ[P[\[L 3\[OYPH4¸3HIVYTVIPSP[`MVY[OLWVVY!PZP[YLHSS`WVZZPISL&¹>VYSK)HUR 3\[OYPH4¸:LHZVUHSTPNYH[PVUMVYKL]LSVWTLU[&,]HS\H[PUN5L^ALHSHUK»Z9:,  WYVNYHT¹>VYSK)HURHUK(\Z[YHSPHU5H[PVUHSVYRLYZ¹ ¸4LTVYHUK\TVMVYRLYZ¹ ¸4LTVYHUK\TVMVYRLY9PNO[Z5L[^VYRHUK:[H[L,U[LYWYPZL>VYRLYZ9LSH[PVUZ*VUMLKLYH[PVU  VM;OHPSHUK¸;OHPHUK4`HUTHY.V]LYUTLU[Z[V,UZ\YL4PNYHU[-SVVK  =PJ[PTZ,U[LY;OHPSHUK3LNHSS`HM[LY(I\ZL¹ 4PUPZ[Y`VM*VTTLYJL4`HUTHY¸;YHKL9LNPTLVM4`HUTHY¹O[[W!^^^JVTTLYJL  NV]TTPUKL_WOW&VW[PVU$JVTFJVU[LU[ ]PL^$HY[PJSL PK$ 0[LTPK$ SHUN$  LUHJJLZZLK 4VOHWH[YH:L[HS ¸9LTP[[HUJLZHUK5H[\YHS+PZHZ[LYZ!,_WVZ[9LZWVUZLHUK  *VU[YPI\[PVU[V,_HU[L7YLWHYLKULZZ¹>VYSK)HUR ;OL5H[PVUº;OLLMMLJ[ZVMSV^ZRPSSPTTPNYH[PVUVU[OL;OHPSHIVYTHYRL[»O[[W!  ^^^UH[PVUT\S[PTLKPHJVTUH[PVUHS;OLLMMLJ[ZVMSV^ZRPSSPTTPNYH[PVUVU[OL  ;OHPSO[TS+LJLTILY 5L^SHUK2HUK7H[YPJR,¸)L`VUK9LTP[[HUJLZ!;OL9VSLVM+PHZWVYHPU   7V]LY[`9LK\J[PVUPU[OLPY*V\U[YPLZVM6YPNPU¹4PNYH[PVU7VSPJ`0UZ[P[\[L 6MÄJLVM-VYLPNU>VYRLYZ(KTPUPZ[YH[PVU+LWHY[TLU[VM,TWSV`TLU[4PUPZ[Y`VM3HIVY   7OVSWOPY\SL[HS¸+V0TTPNYHU[Z0TWYV]L;OHPSHUK»Z*VTWL[P[P]LULZZ&¹>VYSK  )HUR)HUNRVR 7OVSWOPY\S7¸0TTPNYH[PVU1VI=HJHUJPLZHUK,TWSV`TLU[+`UHTPJZ!,]PKLUJL  MYVT;OHP4HU\MHJ[\YLYZ¹>VYSK)HUR 7OVSWOPY\S7¸4PNYH[PVUHUK[OL,JVUVT`¹PU[OL*OHW[LYVM1LYYVSK>/\N\L[  HUK(WPJOH[*OHTYH[YP[PYVUN;OHPSHUK4PNYH[PVU9LWVY[WW0:)5!    ;OL0U[LYUH[PVUHS6MÄJLMVY4PNYH[PVU)HUNRVR :H]HNL2HUK/HY]L`7¸9LTP[[HUJLZK\YPUNJYPZLZ!PTWSPJH[PVUZMVYO\THUP[HYPHU   YLZWVUZL¹6+04H`  .(0505.-96440.9(;065 :VLZHZ[YV¸0TWSLTLU[PUN[OL(:,(5,JVUVTPJ*VTT\UP[`(,*)S\LWYPU[¹,90(  WW  ;\YULSS:=PJHY`()YHKMYVK>¸4PNYHU[>VYRLY9LTP[[HUJLZHUK)\YTH!(U  ,JVUVTPJ(UHS`ZPZVM:\Y]L`9LZ\S[Z¹4HJX\HYPLVYRPUNPU;OHPSHUK!(U6]LY]PL^VMH  ),>7YVQLJ[¹4HJX\HYPLHSS:[YLL[1V\YUHS(WYPS¸4`HUTHY9LMVYTZ*V\SK4LHU;PNO[LY:,(ZPH3HIVY  4HYRL[¹ >VYSK)HURMVY[OJVTPUN¸0U[LYUH[PVUHS4PNYH[PVUHUK+L]LSVWTLU[PU[OL,HZ[(ZPH  HUK7HJPÄJ9LNPVU¹ >VYSK)HUR¸3HIVY4PNYH[PVUPU[OL.YLH[LY4LRVUN:\I9LNPVU!:`U[OLZPZ   9LWVY[7OHZL0¹ >VYSK)HUR¸4PNYH[PVUHUK9LTP[[HUJLZ-HJ[IVVR¹:LJVUK,KP[PVU   >HZOPUN[VU+* >VYSK)HUR¸;HQPRPZ[HU7VSPJ`5V[L!,UOHUJPUN[OL+L]LSVWTLU[0TWHJ[VM   9LTP[[HUJLZ¹>HZOPUN[VU+* >;6¸;OL.LULYHS(NYLLTLU[VU;YHKLPU:LY]PJLZ.(;:!VIQLJ[P]LZJV]LYHNLHUK  KPZJPWSPULZ¹O[[W!^^^^[VVYNLUNSPZO[YH[VWFLZLY]FLNH[ZXHFLO[T @\L*¸-YLL-SV^VM:RPSSLK3HIVYPU[OL(:,(5,JVUVTPJ*VTT\UP[`¹,90(  HUK:PUNHWVYL0UZ[P[\[LVM0U[LYUH[PVUHS(MMHPYZ 4PNYH[PVU;YLUKZHUK7VSPJ`3LZZVUZPU[OL.YLH[LY4LRVUN:\IYLNPVU  ;/,>693+)(52 [O-SVVY:PHT;V^LY  9HTH9VHK7H[O\T^HU )HUNRVR ;LS! -H_! ,THPS![OHPSHUK'^VYSKIHURVYN ^^^^VYSKIHURVYN[O