459=>-EC4>65AB25==>5 A2>5>1@0785 2>5==>9 ;8@8:8
3> 70@K;8 2 H0@ 75<=>9,
1K; >= ;8HL A>;40B,
A53>, 4@C7LO, A>;40B ?@>AB>9,
57 720=89 8 =03@04...
02=K<-402=> >:>=G5= 1>9...
!. @;>2
5;8:0O B5G5AB25==0O 2>9=0... =0 C=5A;0 <8;;8>=K 687=59, >15@=C;0AL B@0354859 4;O :064>9 B@5BL59 A5154C C 2@030! "@C4=> ?>4>1@0BL :0:>5-;81> 8=>5 A;>2>. K 8<5==> 2K@20;8 ?>154C, >=0 40;0AL =0< 4>@>3>9 F5=>9, F5=>9 F5;>3> ?>:>;5=8O. 'B> 65 GC2AB2>20;8 B5, :B> ?@O<> A> H:>;L=>9 A:0?0; 2 A0<>5 ?5:;> 1>O, A>2A5< 5I5 N=K5, =5>?KB=K5?
06=> A 452>G:0<8 ?@>AB8;8AL,
0 E>4C F5;>20;8 <0BL,
> 2A5 =>2>5 =0@O48;8AL,
0: 2 A>;40B8:8 H;8 83@0BL.
8 ?;>E8E, =8 E>@>H8E, =8 A@54=8E...
45 =8 ?5@2KE =5B, =8 ?>A;54=8E...
. E<0B>20
'B> B@51>20;>AL >B =8E? 0:85 CA8;8O 2>;8, :0:>5 =0?@O65=85 4CH52=KE 8 D878G5A:8E A8;?
:@C68B ;8AB ?>A;54=89
# 45BAB20 =0 :@0N.
O, 4204F0B8;5B=89,
>4 ?C;O<8 AB>N.
. 568@>2 !B8E8 > <0;LG8:5
0< B@C4=> >B25B8BL =0 MB8 2>?@>AK. 54L ?>:>;5=8O, <>B@5;8 A<5@B8 2 3;070, =5 GC2AB2>20;8 565<8=CB=K9 AB@0E 70 687=L @>4=KE 8 1;87:8E =0< ;N459. >@>9 <=5 4065 E>G5BAO 701KBL > B><, GB> :>340-B> H;0 2>9=0, 1K;0 @07@CE0, E0>A, A<5@BL. !;>2=> <0;5=L:89 @515=>:, ?KB05HLAO >B3>@>48BLAO >B ?C30NI53> ;8:0 2>9=K. > =5B... 5;L7O... K =5 8<55< ?@020 701K20BL > B5E, :>1O70=K A>1AB25==>9 687=LN, > B5E, :B>, 4C<0O > =0A, H5; : ?>1545.
>B > 20A 8 =0?8HCB :=86:8:
87=L A2>N 70 4@C38 A2>O.
570B59;82K5 ?0@=8H:8,
0=L:8, 0AL:8, ;5H:8, @8H:8,
=C:8, 1@0B8:8, AK=>2LO.
. E<0B>20. >1548B5;O<
A5 MB8 ;N48, ?@8=>AO 2 65@B2C 65AB>:>9 2>9=5 ;CGH85 3>4K A2>59 687=8, <>;>4>ABL, ;N1>2L, A>25@H0;8 ?>4283.
8BL 8 A3>@0BL C 2A5E 2 >1KG05,
> 687=L B>340 ;8HL >15AA<5@B8HL,
>340 59 : A25BC 8 25;8G8N
!2>5N 65@B2>9 ?CBL ?@>G5@B8HL.
. 0AB5@=0:. !<5@BL A0?5@0
C 0 GB> =K=5H=55 ?>:>;5=85 2:;04K205B 2 MB> ?>=OB85, GB> MB> A;>2> 3>2>@8B =0
>A>7=020BL, => 4;O <=>38E 87 =0A A;>2> ?>4283 ;8HL ?@82KG=>5, E>BO 8 B>@65AB25==>5, A>G5B0=85 72C:>2. !25@H5=85 ?>42830 B@51C5B =5 B>;L:> 1;5AB8, A<5;>AB8, => 8 >A>1>3> A>AB>O=8O 4CH8... =838, ?@>G8B0==K5 :064K< 87 B5E, :B> CH5; =0 2>9=C, 8E 4@C7LO, H:>;0, CG8B5;O 2A5 2=5A;8 A2>N ;5?BC 2 A>740=85 8E =@02AB25==>9 3>B>2=>AB8 : ?>4283C. 54L 70G0ABCN ;N48, :0702H85AO 2 4>2>5==>5 <8@=>5 2@5<8 8 @>1:8<8, =0 ?>;5 1>O >:07K20;8AL =081>;55 <8 8 A<5;K<8. =0>1>@>B, B5, :B> 1K;8 70<5B=K<8 ;845@0<8, 24@C3 >:07K20;8AL =5A?>A>1=K<8 =0 @5H8B5;L=K9 H03.
"0: :B> 65 A>25@H0; ?>4283? "5, :B> @8A:>20;, :B> A0<>>B25@65==> 1@>A0;AO 2 1>9, :B> 65@B2>20;, 1>@>;AO, 70I8I0;? 0, MB> 459AB28B5;L=> B0:. > @0725 =5 8AB8==K9 ?>4283 A>25@H0;8 <0B5@8 8 A5AB@K, ?> =>G0< 2O702H85 =>A:8 8 20@56:8 4;O 1>9F>2? 0725 =5 ?>4283 A>25@H0;8 A>2A5< 5I5 45B8, 2KBO3820NI85 =0 A2>8E E@C?:8E ?;5G8:0E =5?>A8;L=CN @01>BC 2 BK;C? A5 >=8 ?CABL =0 H03, ?CABL =0 <83 ?><>30;8 ?@81;878BL ?>154C, AB0=>2OAL @>4=K<8 45BL<8 8 <0B5@O<8, A5AB@0<8 8 1@0BLO<8 A>;40B, A@0602H8EAO 70 >48=C. >@0605B 8E 3>B>2=>ABL =0 2A5, 2?;>BL 4> =52>7<>6=>3>:
...2AB0;0 1K =0 7>2 B2>9 87 <>38;K,
2A5 1 4=0,
?8H5B ;L30 5@33>;LF. !2>8< B@C4><, A2>8<8 <>;8B20<8, A2>8< >6840=85< 2A5 B5, :B> >AB020;AO 2 BK;C, CG0AB2>20; 2 ?>42835 =0@>40:
6840=85< A2>8<
"K A?0A;0 <5=O.
0: O 2K68;, 1C45< 7=0BL
">;L:> 1>9,
@>AB> BK C<5;0 640BL,
0: =8:B> 4@C3>9.
. !8<>=>2. 48 <5=O
@>G8B02 MB> AB8E>B2>@5=85, =8<05<, =0A:>;L:> 206=> 1K;> 4;O :064>3> 1>9F0, >:0702H53>AO 240;8 >B 4><0, >B A520BL, GB> >= =5 >48=>:, GB> 53> ;N1OB 8 64CB.
5;L7O 701K20BL 8 > B5E, :B> D0:B8G5A:8 >:070;AO >B>@20==K< >B >48=K, > 2>5==>?;5==KE. :0702H8AL 2 87>;OF88 >B 2=5H=53> <8@0, =5 8<5O =8:0:>9 A2O78 A =8<, >=8 2A5-B0:8 >AB020;8AL 25@=K<8 A2>59 AB@0=5, B>9 ?@8AO35, :>B>@CN ?@8=8<0; :064K9 87 =8E. >@8A !;CF:89 ?8H5B > A>AB>O=88 ;N459, 1@>A82H8E 2K7>2 A2>8< C3=5B0B5;O<:
2K, :B> =0H8 4CH8 682K5
%>B5;8 :C?8BL 70 ?>E;51:C A :0H59,
!<>B@8B5, :0:, A ;04>=8 2K52,
>=G0NB 687=L B>20@8I8 =0H8!
5<;N @>5< :>3BO<8-=>3BO<8,
25@5< 2>5< 2 Q;L=A:>9 O<5,
> 2A5 >AB05BAO :0: 1K;>! :0: 1K;>!
0H0 A 20<8, 0 4CH0 A =0<8.
Q;L=A:0O O<0
0725 MB> =5 ?>4283? 54L <=>385 87 =8E C65 B>340 ?>=8<0;8, GB> 8 >48=0 8E >B25@3=5B. > >=8 >AB0;8AL 25@=K, 25@=K ?@5645 2A53> A515. E ;>7C=3>< AB0;8 A;>20: 0 1C45< 4>AB>9=K ?>A<5@B=>9 A;02K! =8 25@8;8 2 B>, GB> ?CABL =5 =K=5H=55 ?>:>;5=85, B0: 3@O4CI55 >F5=8B 8E AB>9:>ABL, , ?>4283:
>B><>: @07;8G8B 2 0@E82=>< E;0<5
CA>: 3>@OG59, 25@=>9 =0< 75<;8,
45 H;8 A >1C3;5==K<8 @B0<8
, :0: 7=0=5A;8.
8:>;09 09>@>2. ABL 2 3>;>A5 <>5<...
!>;40BK, 1>9FK, =56=K5 AK=>2LO, ;N1OI85 A>7=020;8, GB> 70 =8<8 >AB0;>AL A0<>5 4>@>3>5, 548=AB25==>5: 8E 75<;O, @>4=K5 4><0, 1;87:85 ;N48. >=8 ?@>AB> 2>520;8, =5 4C<0O > ?>42835, > A;025, > 35@>87<5.
AB8E>B2>@5=88 B0E0 <0;0O ?5A=59 7025B=>9 !5@35O @;>20 70B@>=CB0 B>=:0O 3@0=L A2O78 ?>42830 8 A<5@B8, ?>42830 8 687=8. K68BL, =5A><=5==>, B>65 ?>4283. 54L E20AB05B ?@82KG:>9 : A<5@B8 ;8HL B>B, :B> =5 2AB@5G0;AO A =59! A<5@B8 =52>7<>6=> ?@82K:=CBL. '5;>25: 4>;65= >1;040BL =525@>OB=K<8 A2>9AB20<8 4CH8, GB>1K =5 4@>3=CBL ?5@54 A<5@BLN, >ICB82 55 4KE0=85 8 1;87>ABL. >A?8B0BL 2 A515 3>B>2=>ABL : A<5@B8... 0725 MB> =5 ?>4283?
>B>2=>ABL : A<5@B8 B>65 254L >@C6L5.
BK 53> >4=064K ?@8<5=8...
C6G8=K C<8@0NB, 5A;8 =C6=>,
?>B>=8.
. L2>2. 'B>1 AB0BL 9...
>G5=5G=K5 2>9=K, =5ACI85 3815;L 8 AB@040=8O, 0 2>?@5:8 MB>4>;605B ACI5AB2>20BL 687=L? "0: GB> 65 206=55? #<5@5BL 8;8 2K68BL? =>340 =0 2>9=5 >B40BL A2>N 687=L >7=0G05B A>E@0=8BL 55 4;O 4@C3>3>. !0<>>B@5G5=85, A0<>?>65@B2>20=85, AB@0AB=>5 65;0=85 4>1@0 A2>5BA25BC 87 <8@=>9 687=8, @07@CH5==>9 2>9=>9, MB> B>65 ?>4283.
'5;>25: 6825B =0 15;>< A25B5.
45 =5 7=0N. !CBL A>2A5< =5 2 B><.
/ ;56C 2 ?@8AB@5;O==>< :N25B5,
= A <>@>70 2E>48B 2 B5?;K9 4><...
!=53 =5 B05B. C1K, I5:8, 25:8
= 70AK?0;. 25;8B 4@>60BL...
! 4C<>9 > 40;5:>< G5;>25:5
53G5 4> 0B0:8 <=5 ;560BL.
. 568@>2
>42830 >4=>3> G5;>25:0 =54>AB0B>G=> 4;O ?>154K 2 2>9=5. >1540 4>AB8305BAO ;8HL A?;>G5=85< 2A53> =0@>40. 540@>< 72C:8 7=0<5=8B>9 ?5A=8 !2OI5==0O 2>9=0 5154520-C<0G0 1K;8 AB>;L A>72CG=K A5@4FC :064>3>:
AB0209, AB@0=0 >3@><=0O,
AB0209 =0 A<5@B=K9 1>9
! D0H8ABA:>9 A8;>9 B5<=>N,
! ?@>:;OB>N >@4>9!
0 1>@L1C ?>4=O;0AL 2AO AB@0=0. >4283 AB0=>28;AO :064>4=52=K<, <0AA>2K<, 2A5=0@>4=K<. >8AB8=C MB> 1K;0 2>9=0 =0@>4=0O, A2OI5==0O 2>9=0! :064K9, :B> CG0AB2>20; 2 =59, ?>4G8=O;AO >4=>9 >1I59 2>;5, >4=>9 >1I59 F5;8. ">340 8 ?@>O2;O;8AL ?>4;8==K5 :0G5AB20 G5;>25:0, ?>4283 >4=>3> AB0=>28;AO ?>4283>< 2A5E. 1 MB>< =5 @07 ?8A0; . . ">;AB>9, >1 MB>< 7=0; 53> 35@>9 =4@59 >;:>=A:89. 0@>4=K9 ?>4283 MB> 8 5ABL A;>65==K5 2>548=> GC2AB20 25@=>AB8, ?0B@8>B87<0, ;N128, ?@52@0I0NI85AO 2 >3@><=CN A8;C, A?>A>1=CN ?>1548BL ;N1>3> 2@030.
> GB> 65 < 2 ?>=OB85 ?>4283 A59G0A? 0@010E, D30=8AB0=, '5G=O?.. >9=K ACI5AB2CNB 8 ?>=K=5. 2 =0H5 2@5<5BK @07@CE8, 154AB28O, A<5@B8. 0:>20 ?@8G8=0 MB8E 2>9=? 5>1E>48=8?
0: =8 3>@5AB=> MB> 72CG8B, => 2A5 MB> ;8HL :@>2020O 1>@L10 70 2;0ABL, 70 =>2K5 AD5@K 2;8O=8O. AB8==K9 ?>4283, 35@>87
2> 8?! ! 1574C<=>9, =5>?@0240==>9 2>9=>9 =5A>2<5AB8:85 ?@>O2;5=8O G5;>25G5A:>9 4CH8, :0: 4>;3, ?>4283, 3C<0==>ABL. ?>4>1=KE 2>9=0E =5B =8 ?>1548B5;59, =8 ?>15645==KE. 5@B20<8 ?>4>1=KE ?>;8B8G5A:8E 83@ AB0=>2OBAO =528==K5 ;N48. 45B 15A?>;57=0O 2>9=0, 1>;55 B>3>, 15AG5;>25G=0O. >7<>6=>, :B>-B> A:065B, GB> A>;40B >4=>9 87 ?@>B82>1>@AB2CNI8E AB>@>= A>25@H8; ?>4283, => B>340 4@C30O AB>@>=0 <>65B =0720BL MB> ?@5ABC?;5=85<. 0H5 2@56405B ?0@04>:AK, =5A>2<5AB8=OB8O A;820NBAO 2 >4=>... !;54C5B 704C<0BLAO, : G5 A?8@0;8 2@5<5=8, : G5<8
"0: GB> 65 B0:>5 ?>4283? >3> ?> ?@02C < 35@>O<8? 0: 3>2>@8; ><5= >;;0=: .../ ;N1;N B5E, :B> ?@>H5; A:2>7L AB@040=8O, =5 A;><82H8AL 8 =5 C=8782H8AL, =5 CB@0B82 A>:@>28I0 A2>59 2=CB@5==59 687=8. "0:8E ;N459 8 < 35@>O<8. <5==> >=8, A>E@0=82 A>:@>28I0 2=CB@5==59 687=8, =5 4@>3=C;8, CA;KH02 2 G0A ?@>I0;L=K9 >AB@K9 :@8: 65=K, C28452 65AB:89 1;5A: 2=570?=>9 A548=K, 8<5==> >=8, 704KE0NI85AO >B 1530, 87=5<>30NI85 >B @0=, 2K45@6820;8 =5A:>=G058, 8<5==> MB8 70I8B=8:8 @CAA:>9 75<;8 4>AB>9=K =>A8BL 8<5=0 35@>52, ?>4283 :>B>@KE B5?5@L ?@8=04;568B 25G=>AB8.
/ 7=0N, =8:0:>9 <>59 28=K
B><, GB> 4@C385 =5 ?@8H;8 > 2>9=K.
B><, GB> >=8 :B> AB0@H5, :B> <>;>65
AB0;8AL B0<, 8 =5 > B>< 65 @5GL,
'B> O 8E <>3, => =5 AC<5; A15@5GL,
5GL =5 > B><, => 2A5 65, 2A5 65, 2A5 65...
. "20@4>2A:89
!>G8=5=85 =0 B5-EC4>65AB25==>5 A2>5>1@0785 2>5==>9 ;8@8:8 ?> ;8B5@0BC@5
