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04=08:( *VUZ[Y\JJP}U ` =LU[H KL 7YV`LJ[VZ /HIP[HJPVUHSLZ SV[LZ ` JHZHZ )LY[H 3PS` 1\mYLa 9VZHSLZ .LYLU[L KL =LU[HZ
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*VUZ[Y\JJP}U LU 3V[L 7YVWPV *37 HZLZVYxH SLNHS ` ÄUHUJPLYH HTWSPHJP}U YLTVKLSHJP}U PUMYHLZ [Y\J[\YH JP]PS KPZL|V WSHUPÄJHJP}U Z\WLY]PZP}U LQLJ\JP}U HKTPUPZ[YHJP}U KL WYV`LJ[VZ
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H JHSSL aVUH 8\L[aHS[LUHUNV PT]0XZH JVUZ[Y\]LUZH'NTHPS JVT ^^^ PT]PXZH JVT
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3PJKH 7H\SL[[L KL 3PTH ,QLJ\[P]H KL 4HYRL[PUN 2T JHYYL[LYH H ,S :HS]HKVY VÄ IVKLNHZ .YHU 7SHaH 5V PUMV'KLWYVZVSHY JVT TLYPKH'KLWYVZVSHY JVT ^^^ KLWYVZVSHY JVT
,
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;VKV SV YLSHJPVUHKV H LZ[Y\J[\YHZ TL[mSPJHZ IV KLNHZ [LJOVZ NHZVSPULYHZ LU[YLWPZVZ OHUNHYLZ VÄIVKLNHZ [HUX\LZ KL HN\H ` JVTI\Z[PISL [\ILYxHZ KL NYHU KPmTL[YV LKPÄJPVZ ` W\LU[LZ 3PJKH (UHILSSH 9P]LYH 2T JHYYL[LYH H *OPTHS[LUHUNV 9LZPKLUJPHSLZ 1HYKPULZ KL :HU 3\JHZ 0= SV[L ZLY]PJPVHSJSPLU[L'NY\WVPUTLJV JVT ^^^ NY\WVPUTLJV JVT
.,5;9(* 9L[YVL_JH]HKVYH , L_JH]HKVYH TV[VUP]LSHKVYH 4 JHYNHKVY MYVU[HS / [YHJ[VY + ; TPUP JHYNHKVY ) NLULYHKVY WSH[HMVYTH KL LSL]HJP}U NPUPL 4HYPH 1VZt *HY[HNLUH 0U[LSPNLUJPH KL 4LYJHKVZ
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;HISH`LZV WPZV SHTPUHKV [LJOV ZOPUNSL ` HJHIHKVZ KL JVUZ[Y\JJP}U
3PJ :[HUSL` 3}WLa .LYLU[L *VTLYJPHS
6ZJHY =LU[\YH .LYLU[L KL =LU[HZ
H H]LUPKH aVUH KL 4P_JV *VSVUPH LS 9VZHYPV VÄIVKLNHZ )VKHZH IVKLNH NLYLUJPHJVTLYJPHS'NY\WVZLYLH JVT ^^^ NY\WVZLYLH JVT
(]LUPKH /PUJHWPt aVUH IVKLNH ( V]LU[\YH'WVSHYPZPU[LYUHJPVUHS JVT ^^^ WVSHYPZPU[LYUHJPVUHS JVT
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+0:-,9.6 ยธ 3( *(:( +,3 :63+(+69ยน ;HSHKYVZ THNUt[PJVZ JVY[HKVYLZ HU\SHYLZ OLYYHTPLU[H ZLN\YPKHK PUK\Z[YPHS ` LX\PWVZ WHYH ZVSKHY LSLJ[YVKVZ HJJLZVYPVZ WHYH ZVSKHY 40. ;0. ` WSHZTH" OLYYHTPLU[H THU\HS ` LStJ[YPJH aHWH[VZ PUK\Z[YPHSLZ ` THYJHKVYLZ PUK\Z[YPHSLZ 9HX\LS )VSH|VZ (ZPZ[LU[L KL .LYLUJPH" 5H[HS` *LY}U (ZPZ[LU[L KL =LU[HZ *HSSL 4HY[x aVUH YHX\LS IVSHUVZ'KPZMLYNV JVT ]LU[HZ'KPZMLYNV JVT ^^^ KPZMLYNV JVT
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H H]LUPKH aVUH [VYYL *P[PIHUR UP]LS Vร JPUH LY^PUNYHMHLS ZHaV'JLTL_ JVT ^^^ JLTL_ JVT
L]LU[VZ'JVUZ[Y\N\H[L JVT ^^^ JVUZ[Y\N\H[L JVT
+@7*6 : (
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0UN 9HMHLS :HaV 9\HUV .LYLU[L KL :VS\JPVULZ WHYH LS *VUZ[Y\J[VY
2T *HYYL[LYH HU[PN\H H ,S :HS]HKVY *VSVUPH ยธ,S 7YHKVยน 3V[L AVUH :HU[H *H[HYPUH 7PU\SH 7)?!
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5,;*69, : (
465630;
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4H[LYPHSLZ WYLMHIYPJHKVZ WHYH SH JVUZ[Y\JJP}U
4HYPV 4tUKLa *Ot]La .LYLU[L .LULYHS
:LYNPV 4VYHSLZ .LYLU[L KL 7YV`LJ[VZ
JHSSL aVUH LKPร JPV ;VWHJPV (a\S UP]LS Vร JPUH THYPVT'UL[JVYL[LJOUV JVT ^^^ UL[JVYL[LJOUV JVT
(]LUPKH 7L[HWH aVUH ^^^ NY\WVTVUVSP[ JVT
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+,*6*9,;, 05;,95(;065(3
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.YHU ]HYPLKHK KL KPZL|VZ WHYH KHYSL JSHZL ` LSLUNHUJPH H Z\ M\UKPJP}U KL JVUJYL[V ,TWYLZH SPKLY KL MHIYPJHJP}U KL LUK\YLJLKVY JVSVY KLZTVSKHU[LZ LU WVS]V ` ZLSSHKVYLZ HJYxSPJVZ WHYH JVUJYL[V LZ[HTWHKV KLJVYH[P]V ,SHIVYHJP}U KL TVSKLZ WHYH LZ[HTWHKV LU JVUJYL[V" JVU TmZ KL H|VZ KL L_WLYPLUJPH H UP]LS UHJPVUHS ` JLU[YVHTLYPJHUV (ZLZVYxH LU LS WYVJLZV KL M\UKPJP}U KL LZ[HTWHKV LU JVUJYL[V ` V HWSPJHJP}U KL ZLSSHKVYLZ HJYxSPJVZ WHYH NHYHU[PaHY SH }W[PTH JHSPKHK ` L_JLSLUJPH KL Z\ HJHIHKV ร UHS
3LZIPH +m]PSH .LYLU[L KL 4HZ[LY :LY]PJLZ
.SLUKH 7HVSH :V[V ,UJHYNHKH KL *VTWYHZ
H JHSSL aVUH SLZIPH KH]PSH'NY\WVTPZVS JVT ^^^ NY\WVTPZVS JVT
H H]LUPKH aVUH 0U[LYPVY 7HYX\LV SH *VUJVYKPH JVTWYHZ'KLJVJYL[LPU[LYUH[PVUHS JVT ^^^ KLJVJYL[LPU[LYUH[PVUHS JVT
=LU[HUHZ KL 7=* TVSK\YHZ a}JHSVZ KLJRZ WPZVZ SHTPUHKVZ ,KNHY +xHa ,TLZ .LYLU[L .LULYHS H]LUPKH aVUH JVSVUPH :HU[H ,SPZH LKNHY KPHa'NY\WVJVUZ[Y\[LJ JVT ^^^ NY\WVJVUZ[Y\[LJ JVT
,K\HYKV 4HaHYPLNVZ 4LYJHKLV H H]LUPKH aVUH LKPร JPV (YYLUK UP]LS LTHaHYPLNVZ'SLHZPUN JVT N[ ^^^ SLHZPUN JVT N[
,6: 76>,9
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0UZ[HSHJPVULZ KL NLULYHJP}U KL LULYNxH LStJ[YPJH ZVSHY KL [PWV PUK\Z[YPHS JVTLYJPHS YLZPKLUJPHS ` HNYxJVSH LU[YL V[YVZ 4HYxH 1VZt *HZ[PSSV 7\ISPJPKHK ` +PZL|V .Ymร JV JHSSL ) aVUH PUMV'LVZ WV^LY JVT TQJHZ[PSSV'LVZ WV^LY JVT ^^^ LVZ WV^LY JVT
.9,,5 *HSLU[HKVYLZ ZVSHYLZ ` WHULSLZ MV[V]VS[HPJVZ WHYH NLULYHY LULYNxH LStJ[YPJH *HSLI *HZ[H|LKH .LYLU[L KL =LU[HZ JHSSL aVUH JHSLI'NYLLU JVT N[ ^^^ NYLLU JVT N[
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+
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*(:(: ;076 *(5(+0,5:,: *9i+0;6 /076;,*(906 5(*065(3 )(5*6 +,3 50j6 */5 *\LU[H PUMHU[PS KLS )HUJV KLS UP|V
1\HU *HYSVZ 7Ha (YYPVSH .LYLU[L .LULYHS
9VILY[H 3}WLa *VVYKPUHKVYH
H JHSSL aVUH <[H[SHU 00 QJWHa'[L_TV JVT N[ ^^^ [L_TV JVT N[
H H]LUPKH aVUH YVILY[H SVWLa'JOU JVT N[ ^^^ JOU JVT N[
+,)<9:( 7YV`LJ[VZ 0UTVIPSPHYPVZ
+(,:( :,9=0*,: 4HU[LUPTPLU[V ` SPTWPLaH LU JLU[YVZ JVTLYJPHSLZ YLZPKLUJPHSLZ L PUK\Z[YPHS
(YX ร S]HYV /LYYLYH +PYLJ[VY ;tJUPJV (]LUPKH SHZ (TtYPJHZ aVUH [VYYL 7YHKLYH ?LSH HS]HYV OLYYLYHZJOLLS'NTHPS JVT ^^^ KLI\YZH JVT
:LYNPV ;LSSV +PYLJ[VY KL =LU[HZ H JHSSL aVUH Z[LSSV'JHZHZ[PWVJHUHKPLUZLZ JVT PUMV'JHZHZ[PWVJHUHKPLUZLZ JVT ^^^ JHZHZ[PWVJHUHKPLUZLZ JVT
36))@
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9,=0:;( *65:;9<09 9L]PZ[HZ LZWLJPHSPaHKHZ 1H]PLY *Y\a )YHUK 4HUHNLY H H]LUPKH aVUH LKPร JPV 3H .HSLYPH UP]LS Vร JPUH QH]PLY JY\a'NY\WVJLYJH JVT ^^^ YL]PZ[HJVUZ[Y\PY JVT
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4,.(796+<*;6: 4H[LYPHSLZ KL JVUZ[Y\JJP}U ISVJR SVZH HKVX\xU [\ILYxH MHJOHSL[H T\YV
(*,96: (98<0;,*;ร 50*6: ,Z[Y\J[\YHZ TL[mSPJHZ
*,4,5;6: 796.9,:6
(UKYtZ 9P]LYH 5HQLYH .LYLU[L KL =LU[HZ
4LYJHKLV *LTLU[VZ 7YVNYLZV
RT JHYYL[LYH *( Z\Y (TH[P[SmU ]LU[HZ'HJLYVZHYX JVT ^^^ HJLYVZHYX JVT
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79,*65 )SVJR ISVJVU HKVX\xU KLJVWH] ]PN\L[H IV]LKPSSH ]PNHZ TVSKL 32 ZPZ[LTHZ NLV[tJUPJVZ -LYUHUKV 6SP]H =LU[HZ" :Vร H 4H`LU *VVYKPUHKVYH KL 4HYRL[PUN
H *HSSL ยธ+ยน aVUH 8\L[aHS[LUHUNV H H]LUPKH aVUH ,\YVWSHaH [VYYL 00 UP]LS 00 MVSP]H'WYLJVU JVT ZTH`LU'WYLJVU JVT N[ ^^^ NY\WVWYLJVU JVT
!# 0001*'2345-#+"45*%##3+",51#+.
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,3 8<,;A(3;,*6
5VYTH 4LStUKLa +LWHY[HTLU[V KL =LU[HZ
/HUU` 2VWWSLY ,QLJ\[P]H KL ;LSLTHYRL[PUN
JHSSL aVUH LKPร JPV .LTPUPZ [VYYL UVY[L Vร JPUH *HU[}U ;PLYYH *VSVYHKH )HQH 8\L[aHS[LUHUNV ZLY]PJPVHSJSPLU[L'SHYVJH JVT N[ ^^^ SHYVJH JVT
(]LUPKH SHZ (TtYPJHZ JLU[YV JVTLYJPHS :\WLYJVT +LSJV aVUH 8\L[aHS[LUHUNV ORVWWSLY'LSX\L[aHS[LJV JVT N[ ^^^ LSX\L[aHS[LJV JVT
:\ZJYPWJPVULZ
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* :,9=0*06: @ ,8<076: *65:;9<*;0=6: +, 6**0+,5;, : ( 9L[YVL_JH]HKVYH THY[PSSVZ OPKYm\SPJVZ THY[PSSVZ KL KLTVSP JP}U LX\PWV KL JVTWHJ[HJP}U ` LX\PWV KL UP]LSHJP}U
9VILY[V 9P]LYH (ZLZVY *VTLYJPHS KL 4HX\PUHYPH WHYH *VUZ[Y\JJP}U (]LUPKH SHZ (TtYPJHZ *) , aVUH 8\L[aHS[LUHUNV Z`ZJVUN['NTHPS JVT ^^^ Z`ZJVUN[ JVT
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