!& /
><=0B0.
!0;L5@8 @0AAC6405B > 25G=KE 2>?@>A0E:
A5 3>2>@OB: =5B ?@024K =0 75<;5.
> ?@024K =5B 8 2KH5. ;O <5=O
"0: MB> OA=>, :0: ?@>AB0O 30<<0.
>48;AO O A ;N1>28N : 8A:CAAB2C;..
B25@3 O @0=> ?@074=K5 70102K;
0C:8, GC64K5
>ABK;K <=5; C?@O<> 8 =04<5==>
B =8E >B@5:AO O 8 ?@540;AO
4=>9 4>;5;
/ @0==85 =5273>4K. 5<5A;>
>AB028; O ?>4=>685< 8A:CAAB2C;
/ A45;0;AO @5<5A;5==8:: ?5@AB0<
@840; ?>A;CH=CN, ACECN 153;>ABL
25@=>ABL CEC. 2C:8 C<5@B282,
C7K:C O @07JO;, :0: B@C?. >25@8;
/ 0;351@>9 30@<>=8N. ">340
#65 45@7=C;, 2 =0C:5 8A:CH5==K9,
@540BLAO =535 B2>@G5A:>9 <5GBK.
#A8;L=K<, =0?@O65==K< ?>AB>O=AB2><
/ =0:>=5F 2 8A:CAAB25 1573@0=8G=><
>AB83=C; AB5?5=8 2KA>:>9. !;020
=5 C;K1=C;0AL; O 2 A5@4F0E ;N459
0H5; A>72CG8O A2>8< A>740=LO<.
/ AG0AB;82 1K;; O =0A;0640;AO <8@=>
!2>8< B@C4><, CA?5E><, A;02>9; B0:65
"@C40<8 8 CA?5E0<8 4@C759,
">20@8I59 <>8E 2 8A:CAAB25 482=><.
5B! =8:>340 O 7028AB8 =5 7=0;,..
B> A:065B, GB>1 !0;L5@8 3>@4K9 1K;
>340-=81C4L 7028AB=8:>< ?@57@5==K<,
<559, ;N4L<8 @0AB>?B0==>N, 26825...
8:B>!.. =K=5 A0< A:06C O =K=5
028AB=8:. / 70284CN; 3;C1>:>,
CG8B5;L=> 70284CN. =51>!
45 6 ?@02>B0, :>340 A2OI5==K9 40@,
>340 15AA<5@B=K9 35=89 =5 2 =03@04C
N128 3>@OI59, A0<>>B25@65=LO,
"@C4>2, CA5@48O, <>;5=89 ?>A;0=
>70@O5B 3>;>2C 157C
C;O:8 ?@074=>3>?.. >F0@B, >F0@B!
E>48B >F0@B, @0AA:07K205B, GB> ?> ?CB8 A;KH0; 83@C A;5?>3> 1>9 8 ?>?@>A8; 53> AK3@0BL GB>-=81C4L 87 >F0@B0. !:@8?0G 83@05B, AB@0H=> ?5@528@0O <5;>48N. >F0@BC A<5H=>, 0 !0;L5@8 2>7
5B.
=5 =5 A<5H=>, :>340 <0;O@ =53>4=K9
=5 ?0G:05B 04>==C 0D0M;O,
=5 =5 !<5H=>, :>340 D83;O@ ?@57@5==K9
0@>4859 15AG5AB8B ;83L5@8.
>H5;, AB0@8:.
>F0@B ?@8H5; ?>:070BL !0;L5@8 15745;8FC, :>B>@CN A>G8=8; =0:0=C=5. >F0@B 83@05B, 0 !0;L5@8 ?>@065=, GB>, A>G8=82 B0:>5, >F0@B <>3 5I5 A;CH0BL AB0@8:0:
"K, >F0@B, =54>AB>8= A0< A51O...
0:0O 3;C18=0!
!0;L5@8 ?@83;0H05B >F0@B0 >B>1540BL 2 B@0:B8@5, @5H82 B0< 2>AAB0=>28BL A?@0254;82>ABL >B@028BL >F0@B0:
.../ 871@0=, GB>1 53>
AB0=>28BL =5 B> 381;8,
K 2A5, 6@5FK, A;C68B5;8
5 O >48= A <>59 3;CE>N A;02>9...
'B> ?>;L7K, 5A;8 >F0@B 1C45B 682
=>2>9 2KA>BK 5I5 4>AB83=5B?
>4=8<5B ;8 >= B5< 8A:CAAB2>? 5B;
=> ?045B >?OBL, :0: >= 8AG57=5B:
0A;54=8:0 =0< =5 >AB028B >=.
!& " /
><=0B0 2 B@0:B8@5, D>@B5?80=>. >F0@B 8 !0;L5@8 70 AB>;><. >F0@B =5A:>;L:> 3@CAB5=, 53> 15A?>:>8B 5:285<. 545;8 B@8 B>25:, >45BK9 2> 2A5 G5@=>5, 70:070; :>>
78B>@C =0 C65 3>B>20, 0 70:07G8: =5 O2;O5BAO. >F0@BC 60;L @0AAB020BLAO A MB8< ?@>872545=85<, 5 G5@=K9 G5;>25: 53> ?@5A;54C5B ?>2AN4C, ...0: B5=L >= 3>=8BAO. >B 8 B5?5@L // =5 :065BAO, >= A =0<8 A0<-B@5B59 // !848B. !0;L5@8 CA?>:08205B >F0@B0, 2A?><8=0O ><0@H5 (7=0<5=8BK9 D@0=FC7A:89 :><548>3@0D), ?@54;0302H53> 2 3@CAB=K5 <8=CBK: ...B:C?>@8 H00=A:>
3> 1CBK;:C // ;L ?5@5GB8 5=8BL1C $830@>. >F0@B A;KH0;, GB> ><0@H5 :>3>-B> >B@028;, => AG8B05B MB> =52>7<>6=K<: = 65 35=89, // 0: BK 40 O. 35=89 8 7;>459AB2> // 25 25I8 =5A>2<5AB=K5. 5 ?@0240 ;L? >F0@B ?L5B >B@02;5==>5.28=> 8 845B : 8=AB@C<5=BC 8A?>;=8BL 5:285<. !0;L5@8 @0AB@>30= 4> A;57 9 ?@8OB5;O. = C25@5=, GB> ?>ABC?8; ?@028;L=>, >B@0282 >F0@B0. A:>@5 28BAO ?;>E>, 8 >= CE>48B 4><>9. !0;L5@8 >AB05BAO 2 @074C C65;L >= ?@02, O =5 35=89? 5=89 8 7;>459AB2> 25 25I8 =5A>2<5AB=K5. 5?@0240: >=0@>BB8? 8;8 MB> A:07:0 "C?>9, 15AA9 B>;?K 8 =5 1K; #189F5N A>740B5;L 0B8:0=0?
/