>5 >B=>H5=85 : '0F:>;G0;8=C
><548O . !. @81>54>20 ">@5 >B C<0" ?@54AB02;O5B A>1>9 @50;8AB8G5A:8 =0?8A0==CN H8@>G09HCN :0@B8=C 687=8 >AA88 ?>A;5 B5G5AB25==>9 2>9=K 1812 3>40. 1>30B>9 30;5@55 >1@07>2, 40==KE 2 :><5488, <0AB5@A:8 ?@54AB02;5=K 8 G8=>2=8G89 <8@, 8 A0=>2=>5 42>@O=AB2>, 8 :@5?>AB=8:8-?><5I8:8, 8 ;N48, ?@845@6820NI85AO ?5@54>2KE 273;O4>2. :><5488 70B@>=CBK 2A5 >AB@K5 ?>;8B8G5A:85 8 >1I5AB25==K5 2>?@>AK B>3> 2@5<5=8: > :@5?>AB=>< ?@025, > A;C615, > ?@>A25I5=88, > 42>@O=A:>< 2>A?8B0=88; =0H;8 A2>5 >B@065=85 A?>@K > AC45 ?@8AO6=KE, > ?0=A8>=0E, 8=AB8BCB0E, > 2708<=>< >1CG5=88, > F5=7C@5 8 B. ?.
;02=K< 35@>5< :><5488 O2;O5BAO '0F:89. 53> >1@075 @81>54>2 2>A?5; "A0EC B>340H=59 >AA88, M?>EC =04564 8 2>72KH5==>9 N=>AB8", :0: 3>2>@8; A?CABO B@84F0BL ;5B . . 5@F5=.
'0F:89 2K@>A 2 4><5 $020, 2 45BAB25 >= 2>A?8BK20;AO 8 CG8;AO 2<5AB5 A !>DL59. K 7=05<, GB> >= G5;>25: >1@07>20==K9, 70=8<0;AO ;8B5@0BC@=>9 @01>B>9, 1K; =0 2>5==>9 A;C615, 8<5; A2O78 A <8=8AB@0<8, B@8 3>40 1K; 70 3@0=8F59. @51K20=85 70 3@0=8F59 >1>30B8;> '0F:>3> =>2K<8 2?5G0B;5=8O<8, @0AH8@8;> 53> :@C3>7>@, => =5 A45;0;> 53> ?>:;>==8:>< 2A53> 8=>AB@0==>3>. B MB>3> =87:>?>:;>=AB20 ?5@54 2@>?>9, AB>;L B8?8G=>3> 4;O D02A:>3> >1I5AB20, '0F:>3> ?@54>E@0=8;8 ?@8ACI85 54;8==K9 ?0B@8>B87<, ;N1>2L : @>-. 48=5, : 55 =0@>4C, :@8B8G5A:>5 >B=>H5=85 : >:@C60NI59 459AB28B5;L=>AB8, =57028A8<>ABL 273;O4>2, @0728B>5 GC2AB2> ;8G=>3> 8 =0F8>=0;L=>3> 4>AB>8=AB20.
>72@0B82H8AL 2 >A:2C, '0F:89 =0H5; 2 687=8 42>@O=A:>3> >1I5AB20 BC 65 ?>H;>ABL 8 ?CAB>BC, :>B>@K5 E0@0:B5@87>20;8 55 8 2 ?@56=85 3>4K. = =0H5; B>B 65 4CE =@02AB25==>3> C3=5B5=8O 8 ?>402;5=8O ;8G=>AB8, ?>MB>;:=>25=85 '0F:>3> A D02A:8< >1I5AB2>< 1K;> =587156=>. -B> AB>;:=>25=85 ?@8=8<05B ?>AB5?5==> 2A5 1>;55 >65AB>G5==K9 E0@0:B5@, >=> >A;>6=O5BAO ;8G=>9 4@0<>9 '0F:>3> @CH0BAO 53> =04564K =0 ;8G=>5 AG0ABL5.
><548O @81>54>20 3>2>@8B > 3>@5 G5;>25:0, 8 3>@5 MB> ?@>8AB5:05B >B 53> C<0. @>1;5<0 "C<0" 2 3@81>54>2A:>5 2@5<0 7;>1>4=52=>9, 8 "C<" ?>=8<0;AO H8@>:> :0: 2>>1I5 8=B5;;835=B=>ABL, ?@>A25I5==>ABL, :C;LBC@0. ! ?>=OB85< "C<=K9" A2O7K20;>AL B>340 ?@54AB02;5=85 > G5;>25:5 =5 ?@>AB> C<=><, => 2>;L=>4C<=><, > G5;>25:5 ?5@54>2KE ?>;8B8G5A:8E C15645=89, =>A8B5;5 =>2KE 8459. K;:>ABL B0:8E "C<=8:>2" >1>@0G820;0AL 2 3;070E >1K20B5;59 "157C<85<", "3>@5< >B C<0". @8<5@ B>1JO2;5=85 AC<0AH54H8< '0040520.
>;G0;8= =0AB>;L:> A2K:AO A >1I5AB2><, 2 :>B>@>< 2@0I05BAO, B0: E>G5B 1KBL 2 =5< "A2>8<", GB> ?5@5=O; <=>385 <0=5@K, B>=, ?@82KG:8 53> ?@54AB028B5;59. =0O, GB> '0F:>3> >AC640NB B5, :>;G0;8= @01>;5?=> A;C68B, >= ?>72>;O5B A515 ?> >B=>H5=8N : '0F:>48B5;L=>-?>:@>28B5;LAB25==K9 B>=.
# >;G0;8=0 5ABL >?@545;5==0O ?@>3@0<<0 459AB289, >= A;54C5B 59, =5 704C<, :0:8<8 A@54AB20<8 <>6=> 4>AB83=CBL F5;8. "#<5@5==>ABL 8 0::C@0B=>ABL" 2>B 420 "B0;0=B0", :>B>@K5 >= AB028B A515 2 70A;C3C.
>;G0;8= =5 1@573C5B ?>:@>28B5;LAB2>< $><8G0, "0BLO=K .@L52=K, =0 A;C61C A<>B@8B :0: =0 A@54AB2> A45;0BL :0@L5@C, >= 8 '0F:>ABC?8BL B0: 65: "C, ?@02>, GB> 1K 20< 2 >A:25 C =0A A;C68BL? =03@0645=LO 1@0BL, 8 25A5;> ?>68BL?" 5 AB5A=OOAL, >= >B:@KB> 3>2>@8B, GB> =5 A<55B A2>53> "AC645=LO ?@>87=5ABL", ?>B> 2 G8=0E >= =51>;LH8E, ?>MB>1=> 6 7028A5BL >B 4@C38E".
>;=>ABLN @0A:@K205BAO >;G0;8= 2 ?>A;54=5< 459AB288 :><5488. 0 A2>8 >B=>H5=8O A !>DL59 >= A<>B@8B :0: =0 A@54AB2> CAB@>8BLAO 2 687=8, 87>1@0605B 2;N1;5==>3>, >?0A0OAL B>;L:> >4=>3>: :0: 1K $02 =5 C7=0; >1 8E >B=>H5=8OE. A>15==> A8;L=> 72CG8B 53> A0<>@07>1;0G5=85. =5< 25AL >;G0;8=, 53> <>@0;L, ?@8=F8?K, :>B>@K< >= A;54C5B. 3> B>= 8 ?>2545=85 <5=ONBAO, :>340 >= 2848B, GB> !>DLO 2A5 7=05B > 53> ?>4;>AB8: C=8605BAO, 8728205BAO, :0: G5@2L, ?>;705B C 55 =>3.
>;G0;8= ?@5:@0A=> ?>=8<05B, GB> B@51C5BAO >B G8=>2=8:0, 5A;8 >= E>G5B A45;0BL :0@L5@C. A53> B@8 3>40 >= =0 A;C615 C $020, 0 C6 CA?5; "B@8 =03@0645=LO ?>;CG8BL", AB0BL =C6=K< G5;>25:>< 4;O $020, 2>9B8 2 53> 4><. >MB>B>@>@>H> 7=0:>< B8? B0:>3> G8=>2=8:0, ?@54A:07K205B >;G0;8=C 2>7<>6=>ABL 1;5ABOI59 A;C651=>9 :0@L5@K:
2?@>G5<, >= 4>945B 4> AB5?5=59 8725AB=KE,
54L =K=G5 ;N1OB 15AA;>25A=KE.
# >;G0;8=0 5ABL 2A5 40==K5 AB0BL 2?>A;54AB288 206=K< G8=>2=8:><: C<5=85 CA;C68BL 2;8OB5;L=K< ;8F0<, ?>;=0O =5@071>@G82>ABL 2 A@54AB20E 4;O 4>AB865=8O F5;8, >BACBAB285 2AO:8E =@02AB25==KE ?@028;. . . >3>;L ?8A0; > >;G0;8=5: ">;G0;8=... 70<5G0B5;L=K9 B8?. 5B:> AE20G5=> MB> ;8F>, 157<>;2=>5, =87:>5, ?>:0<5AB B8E><>;:>< ?@>18@0NI55AO 2 ;N48..."
'5< 2=8<0B5;L=55 O 23;O4K20NAL 2 ;8F0 8 2A;CH820NAL 2 @073>2>@K 35@>52, B5< =0AB>9G8255 2AB05B ?5@54> <=>9 2>?@>A: 0 =5 15AA<5@B=0 ;8 MB0 :><548O? 5 > =0H59 ;8 A53>4=OH=59 687=8 >=0? 2>7<>6=>, 8 > 1C4CI59?
>G5<>;G0;8=K 1;065=AB2CNB =0 A25B5? >;G0;8=K ?@>F25B0NB B0<, 345 :>A=>ABL, :>@KAB>;N185, :C;LB =87:>?>:;>=AB20, :@C3>20O ?>@C:0. '5< 2KH5 C@>25=L @0728B8O =0H53> >1I5AB20, B5< 87>I@5==55 4>;6=K AB0=>28BLAO <>;G0;8=K, AB@525@85, ?@8A?>A>18BLAO, ?@8AB@>8BLAO : ;N1>9 >1AB0=>2:5. >;G0;8=K C<5NB ?5@5:@0H820BLAO, 8E B@C4=> @073;O45BL, 2KO28BL, 2K25AB8 =0 G8ABCN 2>4C.
>B ?5@54 =0<8 420 G5;>25:0, ?>=8<0NI85 687=L 8 A2>5 <5AB> 2 =59 ?>-@07=><5=, >1@07>20=, => 254L 8 ?@>AB>4CH5=, >B:@KB, =0825=; >;G0;8= >3@0=8G5=, => E8B5@, ;>2>:, A:@KB5=. 5@2K9 >B:@KB> 2KA:07K205B A2>5 <=5=85, =5 1>OAL >AC645=8O 4@C38E; 2B>@>9 ;51578B, 708A:8205B, => 2 4CH5 4C@=> >B=>A8BAO : ;N4O<.
>3> ?@54?>GB5B D02A:>5 >1I5AB2> 8<5BL A2>8< 4@C3> >
=5G=>, >;G0;8=0. A>2@5<5==>5 >1I5AB2>? / C25@5=0, GB> B>65 >;G0;8=0, 8=0G5 1K =0 =K=5H=8E "B5?;KE <5AB5G:0E" =0E>48;>AL 1>;LH5 4>AB>9=KE ;N459.
20 E0@0:B5@0, 420 B8?0 ?>2545=8O, 420 687=5==KE ?CB8... 0:8< ?CB5< 4>;65= 84B8 G5;>25:, GB>1K 4>18BLAO CA?5E0, => 8 =5 ?>:@828BL 4CH>9, =5 A>25@H8BL A45;:C A> A2>59 A>25ABLN? 064K9 87 =0A 45;05B A2>9 2K1>@ A0<, => ?><>GL 2 MB>< <>3CB 8 B0:85 ?@5:@0A=K5 ?@>872545=8O, :0: :><548O . !. @81>54>20 ">@5 >B C<0". 0AB5@AB2> 4@0<0BC@30 O 286C 8<5==> 2 B><, GB> >= C2845; 8 >B@078; >1I5G5;>25G5A:85, =5?>42;0AB=K5 <>45 8 2@5<5=8 O2;5=8O. B@078; 8 70AB028; 704C<0BLAO.
/