"5<0 ;N128 8 4@C61K 2 ;8@8:5 . !. CH:8=0
. . 5;8=A:89 ?8A0;, GB> GC2AB20 ;N128 8 4@C61K O28;8AL =5?>A@54AB25==K< 8AB>G=8:>< AG0ABLO 8 3>@O, A>AB02;O2H8E <8@>>ICI5=85 CH:8=0. 5>BJ5<;5<>9 G0ABLN 53> ;8@8:8 =0 ?@>BO65=88 2A59 B2>@G5A:>9 687=8 AB0=5B B5<0 4@C61K.
@C7LO N=>AB8 2?;>BL 4> 1837 3>40 1C4CB 83@0BL =5<0;>206=CN @>;L 2 AC4L15 ?>MB0. 8F59A:>5 1@0BAB2>, >A=>20==>5 =0 8450;0E 2>;L=>AB8 A2OB>9, ?0B@8>B8G5A:>9 ;N128 : >BG87=5, :0: ?8A0; . !. CH:8= 2 AB8E>B2>@5=88 '004052C 1818 3>40, 1K;> >25O=> 0=0:@5>=B8G5A:8<8 <>B820<8, M?8:C@59A:>9 D8;>A>D859 =0A;0645=8O 687=LN 2 30@<>=88 ;N128, =04564K... A;02K, 2 548=AB25 4CE>2=>3> 8 D878G5A:>3>.
5=ONBAO 2@5<5=0, &0@A:>A5;LA:89 ;8F59 ?>7048, N=K5 70102K 8AG570NB, :0: A>=, :0: CB@5==89 BC<0=. > 4@C65A:85 C7K, >A=>20==K5 =0 8455 A;C65=8O >48=5, =0 @><0=B8G5A:8E 8450;0E A2>1>4K 8 G5AB8, =5@0AB>@68<8 ;8F5O A;KH=K 4CH8 ?@5:@0A=K5 ?>@K2K, O@G5 >?@545;ONBAO 45:01@8ABA:85 <>B82K.
5@0 2 72574C ?;5=8B5;L=>3> AG0ABLO, :>B>@>9 =5 1K;> GC64> N=>H5A:>5 BI5A;0285, AB@5<;5=85 =5B5@?5;82>N 4CH>9 : 3@><:>9 8 O@:>9 A;025, :>B>@>9 AC645=> @>48BLAO =0 >1;><:0E A0<>2;0ABLO, >1J548=O;0 1K2H8E ;8F58AB>2.
>AB>@65==>5, ?>;=>5 @><0=B8G5A:>3> 8450;87<0, ?K;:>3> ?0D>A0 ?>A;0=85 '004052C :0: =5;L7O ;CGH5 ?5@5405B =0AB@>5=85 4@C65A:>3> 1@0BAB20.
> 2>B C65 A>2A5< ?>-8=>B2>@5=85 19 >:BO1@O 1825 3>40, =0?8A0==>5 2 AAK;:5 2 8E09;>2A:><. 45AL ?@520;8@C5B <>B82 >48=>G5AB20:
5G0;5= O: A> <=>N 4@C30 =5B,
! :5< 4>;3CN 701K; 1K O @07;C:C...
/ ?LN >48=...
>A?><8=0=8O > ?@>H;KE AG0AB;82KE 4=OE ;8F59A:>3> HC<0 8 70102 C65 ?>;=K 3@CAB8 8 B>A:8 ?> CH54H538E A59G0A =5B 8 =0 1@530E 52K: C<5@ . . >@A0:>2 ?>4 <8@B0<8 B0;88, :C4@O2K9 =0H ?525F; GC68E =515A ;N1>2=8: 15A?>:>9=K9 $. $. 0BNH:8= ?@>E>48B 25G=K9 ;54 ?>;C=>I=KE <>@59 <=>38E =5B, => ;8F59A:>5 1@0BAB2> =5A>:@CH8<>:
@C7LO <>8, ?@5:@0A5= =0H A>N7!
=, :0: 4CH0, =5@0745;8< 8 25G5=
5:>;518<, A2>1>45= 8 15A?5G5=,
!@0AB0;AO >= ?>4 A5=LN 4@C6=KE
8F59A:>5 1@0BAB2> 5ABL 2KAH89 8450;, :>B>@K9 ?>MB E@0=8B 2 A2>5< A5@4F5. !2OB>ABL 4@C65A:8E C7 ?@82>48B 2 ?>MB0 4>< >?0;L=K9 CI8=0, >@G0:>20, 5;L2830 2>?@5:8 2A5=8 B5 65 4;O G5AB8 8 4@C759. -B> 548=AB25==0O A;04:0O >B@040, :>B>@0O <>65B A:@0A8BL 873=0=LO 45=L ?5G0;L=K9. ">9 65 B5<5 ?>A2OI5=> AB8E>B2>@5=85 1826 3>40 . . CI8=C.
@C610 2>B =5?@5E>4OI0O 8 =5?@5@5:05<0O F5==>ABL. >MB =0455BAO, GB> >=0 40@C5B... CB5H5=L5 A>A;0==>340-B> 53> ?>O2;5=85 A:@0A8;> >48=>G5AB2> CH:8=0 2 8E09;>2A:><. 2B>@ A2OB> 25@8B 2 B>, GB> 3>;>A 53> >70@8B 70B>G5=L5, B0: :0: =5A5B 2 A515 A25B ;8F59A:8E OA=KE 4=59, 2>A?><8=0=8O > 157701>B=KE 2@5<5=0E N=>AB8, :>340 70@>640;>AL A2OI5==>5 GC2AB2> 4@C61K.
!;54CO 25;5=8N A5@4F0, AB0@0OAL ?>445@60BL A>A;0==KE 45:01@8AB>2 A2>8< ?>MB8G5A:8< A;>2><, CH:8= 2A5 65 =5 ?>;=>ABLN A>3;0H05BAO A 8E 845O<8. /2AB25==> MB> ?@>O28;>AL 2 AB8E>B2>@5=88 @8>= 1827 3>40. >MB =5 >B45;O5B A51O >B <=>3>G8A;5==KE ?;>2F>2: 0A 1K;> <=>3> =0 G5;=5..., => 2<5AB5 A B5< CH:8= 405B ?>=OBL, GB> >= 2A53> ;8HL ?>MB, ?525F A>1AB25==KE 38<=>2, 8 =5 C?8@0; 2 3;C1L <>I=K 25A;K. B5< =5 <5=55 28E>@L HC<=K9 ?>;8B8G5A:8E 8=B@83 :0: 4;O <=>38E 45:01@8AB>2 4@C759 ?>MB0, B0: 8 4;O =53> A0<>3> AB0; 8AB>G=8:>< A:8B0=89 8 AAK;>:. ">;L:> 4;O ?>MB0 8B>3>< 8E AB0;8 45AA0, 8H8=52 8 8E09;>2A:>5, 0 4;O <=>38E 45:01@8AB>2 !818@L.
<5==> =0 A818@A:85 @C4=8:8 1K;> >B?@02;5=> 2<5AB5 A> AB8E>B2>@5=85< . . CI8=C ?>A;0=85 > 3;C18=5 A818@A:8E @C4... 1827 3>40. @8 @0AE>645=88 A>F80;L=>-?>;8B8G5A:8E 273;O4>2 A 45:01@8AB0<8 ?>MB >AB05BAO 25@5= 4@C65A:8< C70<. 0 ?5@2K9 273;O4, ?>;=>5 3@0640=A:>3> ?0D>A0 AB8E>B2>@5=85 =5 GB> 8=>5, :0: O@:89 ?@8<5@ A2>1>4>;N182>9 ;8@8:8 ?>MB0. 0==>5 ?@>872545=85 2 ?5@2CN >G5@54L 4@C65A:>5 ?>A;0=85 45:01@8AB0<, B>20@8I0< ?>MB0; ?>?KB:0 >1>4@8BL, C25@8BL :0B>@6=8:>2 2 B><, GB> ?@845B 65;0==0O ?>@0:
:>2K BO6:85 ?04CB,
"5<=8FK @CE=CB 8 A2>1>40
0A ?@8<5B @04>AB=> C 2E>40,
1@0BLO <5G 20< >B404CB,
1C45B 2>AAB0=>2;5=0 A?@0254;82>ABL, 2>7=03@0645=> 4CH 2KA>:>5 AB@5<;5=L5. >MB =5 A:@K20; A2>59 ?@8=04;56=>AB8 : >?0;L=K< < 53> A2>1>4=K9 3;0A AB@5<8;AO 2 :0B>@6=K5 =>@K.
"0:>2 8450; @><0=B8G5A:>9 4@C61K, :>B>@K9 70@>48;AO 2 AB5=0E ;8F5O, :>B>@>B>@>< ?>MB.
> A:>;L 1573@0=8G=> . !. CH:8= 1K; ?@540= 4@C615, AB>;L 65 AB@0AB=> 8 1577025B=> ?>MB A;C68; ;N128. = A B@5?5B>< >B=>A8;AO : :064>2>;=>ABLN ?>3;>I5= 70E20B82H8<8 53> GC2AB20<8.
1825 3>4C 2 8E09;>2A:>< CH:8= =0?8A0; AB8E>B2>@5=85 *** (/ ?><=N GC4=>5 <3=>25=L5), 04@5A>20==>5 . . 5@=.
MB>< 2>AB>@65==>-<5;>48G=><, 24>E=>25==>< ;N1>2=>< ?>A;0=88 ?@>A;56820NBAO M;5<5=BK 18>3@0D88 ?>MB0: ?5B5@1C@3A:85 GC4=K5 <3=>25=LO 2;N1;5==>AB8 8 157701>B=>AB8, A:@0A82H85 B@52>38 HC<=>9 AC5BK, @0AA5O;8AL ?>4 ?>@K2>< 1C@L <@0: 70B>G5=LO 2 8E09;>2A:>< >70@8;8AL ;8HL ?>O28;0AL 35=89 G8AB>9 :@0A>BK, <8<>;5B=>5 2845=L5. >AB>@65==0O 2;N1;5==>ABL <>65B 70AB028BL A5@4F5 ?>MB0 18BLAO 2 C?>5=L5, 2>A:@5A8BL 8 24>E=>25=L5, 8 687=L, 8 A;57K.... N1>2L C CH:8=0, :0: 8 4@C610, >A=>20 >A=>2, 2>7@>640NI0O : 687=8.
4=8< 87 =081>;55 @0==8E 04@5A0B>2 ?CH:8=A:>9 ;8@8:8 AB0;0 . . 052A:0O, A :>B>@>9 ?>MB ?>7=0:><8;AO 5I5 2 ?5@8>4 N6=>9 AAK;:8. 9 ?>A2OI5=> AB8E>B2>@5=85 0 E>;<0E @C788... 1825 3>40.
2B>@ ?@>2>73;0H05B 745AL A0<>F5==>ABL ;N128 :0: GC2AB20, :>B>@>5 ?>;=>ABLN 70E20BK205B G5;>25:0, 8 =5 ?>4G8=8BLAO 57<>6=>:
A5@4F5 2=>2L 3>@8B 8 ;N18B >BB>3>,
'B> =5 ;N18BL >=> =5 <>65B.
-B> A25B;>5, 1;03>40B=>5 GC2AB2>, 8 >=> 2A5340 1C45B B0:8< 4;O ?>MB0. >A?><8=0=8O > ;N128 ?CABL ?5G0;L=K, => >=8 ?>;=K A25B0 8 <8@0, 8E =8GB> =5 68B.
>B82 ?5G0;L=>3> CA?>:>5=8O 8 =56=KE 2>A?><8=0=89 > 25;8:>< 8 A8;L=>< GC2AB25, @02=KE :>B>@><>65B, C65 ;N18<0O =5 2AB@5B8B, ?@>A;568205BAO 2 AB8E>B2>@5=88 / 20A ;N18;... 1829 3>40. >;=>ABLN ;8H5==0O M3>87<0, 157<>;2=0O 8 157=0456=0O ;N1>2L ;8@8G5A:>3> 35@>O 8<55B A2>59 F5;LN ;8HL AB@5<;5=85 A45;0BL AG0AB;82>9 2>7;N1;5==CN. >MB ?>A;CH=> ?@8=8<05B B><;5=8O @52=>AB8 :0: A2>9 C45;. 3> GC2AB2> =5B@51>20B5;L=>, 8A:@5==5 8 =56=>.
@53>=L AB@0AB8 ?>AB5?5==> >B3>@05B. >A;54=8< 04@5A0B>< ?CH:8=A:8E AB8E>2 AB0;0 0B0;LO 8:>;052=0 >=G0@>20 2>7;N1;5==0O 8 65=0 ?>MB0.
C<8@>B2>@5==>B:><59=>MB H5; A:2>7L ?K; AB@0AB8 @>:>2KE C2;5G5=89 5B5@1C@30, @><0=B8G5A:8E 2AB@5G ?5@8>40 AAK;>:. 1830 3>4C >= 25=G05BAO A 0B0;L59 8:>;052=>9 8 2 B>< 65 3>4C ?8H5B ?>A2OI5==K9 59 A>=5B 04>==0. @545; 65;0=89 CH:8=0 G8AB59H59 ?@5;5AB8 G8AB59H89 >1@075F.
!C4L10 3>B>28B 56=K9, 3815;L=K9 C45;, => A59G0A ?>MB AB@5<8BAO : <8@C 8 ?>:>N 2 ?@>AB>< C3;C A2>5<.
450;K ;N128 8 4@C65AB20 A B5G5=85< 2@5<5=8 =5>4=>:@0B=> ?5@5>A<, <5=O;>AL 2>A?@8OB85 8E A:2>7L ?@87AB=KE ?5@56820=89, => >=8 B5< =5 <5=55 =5 ?5@5AB020;8 70=8<0BL 2 A>7=0=88 ?>MB0 ?@520;8@CNI53> <5AB0 8 >:07K20;8 >A=>2>?>;030NI55 2;8O=85 =0 D>@<8@>20=85 8 @0728B85 ?>MB8G5A:>3> >1@070 . !. CH:8=0.