Murrow Rural Info Initiative

7/26/2019 Murrow Rural Info Initiative

1/43

#$

#

%&'(%$

()

$

*

+((,&$

-

,..#/#$,0$

-

,**+12-' 2,1$

&

'3 21/ ,1$

3

' #$

+

124#(32 5

.

'&(#1-#$

6

21 '7

8

$0,+1%21/$%#'1

$

!"#$% '()*'+

"#$ %&''() '&'*+ ,-.('%*",(- ,-,",*",/$0*112334 567689: ;6866? 9=@ 8>2 (A:67986B=3 BC 8>2 )93>6=78B= D8982

,=CBEF986B= D218BE

$,-./01 2--34 5/267.,-3 07,,82/9/-4:; ?-.- 9?- /267.,19/72 -07=7@A ,--94


2/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AB

"*I+$ (. ;(-"$-"D

MN $O21H86P2 DHFF9EQ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN R

,=8EB@H186B=NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN R

KEBS218 .B1H3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN T

DHFF9EQ ;B=1:H36B=3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN U

'21BFF2=@986B=3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN V

">2 )93>6=78B= 'HE9: -2J3 ;B=3BE86HF NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN V

%HEEBJ -2J3 I9EBF282E NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN W

567689: *J9E2=233 ,=686986P2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN W

XN ">2 ,=CBEF986B= -22@3 'BH=@89A:2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Y

%9??6=7 8>2 %2@69 "2EE96= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Y

%9??6=7 8>2 567689: "2EE96= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN MR

D22L6=7 DB:H86B=30 )6E6=7 )93>6=78B= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN MV

RN DHEP2Q '23H:830 +B19: -2J3 ;B=3HF?86B= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN MW

(P2EP62J NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN MW

DHFF9EQ ;B=1:H36B=3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN MY

52896:2@ C6=@6=73NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XZ

%2@69 &3972 9=@ +B19: -2J3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XZ

.E2[H2=1Q BC -2J3 *11233 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XT

(=:6=2 9=@ -2J %2@69 K9E8616?986B= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XU

KB:68619: G=BJ:2@72 9=@ DB169: K9E8616?986B= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XV

\N ;B=1:H36B= NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN XY

TN 'BH=@89A:2 K9E8616?9=83 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN RZ

UN '2329E1> %28>B@3 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN RM

VN '2C2E2=123 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN RR

WN *??2=@6O NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN RT

YN *ABH8 8>2 %HEEBJ ;B::272 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN \R


3/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AC

MN$]$;&",/$ D&%%*'^

,-"'(5&;",(-

">2 38982 BC )93>6=78B= 63 9= 6=CBEF986B= 2=67F9N DBF2 BC 8>2 =986B=_3 :29@6=7 @67689: 821>=B:B7Q 1BF?9=623 9E2

>29@[H9E82E2@ 6= 9=@ 9EBH=@ D2988:24 Q28 P938 9E293 BC 8>2 38982 9E2 389EP2@ BC :B19::Q E2:2P9=8 ?HA:61 9CC96E3 =2J3N

`BB7:2 9=@ ^9>BB 9E2 SH38 8JB BC 8>2 7:BA9: ,=82E=28 1BF?9=623 8>98 >9P2 B?2=2@ BCC6123 6= 8>2 389824 SB6=6=7

1B=82=8 769=83 :6L2 *F99P2 9 @96:Q =2J3?9?2E4 SH38 XR >9P2 E9@6B 38986B=3

J68> 3BF2 CBEF BC :B19: =2J34 9=@ "/ 63 1:H382E2@ 6= CBHE 168623 J68> 867>8:Q @2C6=2@ 1BP2E972 9E293NM"a%BA6:2 63

>29@[H9E82E2@ 6= 8>2 389824 Q28 FBA6:2 @29@ 2 F9SBE 8BJ=3N .912ABBL E212=8:Q

B?2=2@ 9 F9SBE BCC612 6= D2988:24 Q28 )93>6=78B=_3 H32 BC 3B169: =28JBEL6=7 ?:98CBEF3 :6L2 .912ABBL4 +6=L2@,= 9=@

"J6882E 63 :BJ2E 8>9= F9=Q B8>2E 389823NX

,= >H72 32186B=3 BC )93>6=78B=4 16869P2 :688:2 BE =B 911233 8B =2J3 9ABH8 J>98 63 89L6=7 ?:912 6= 8>26E BJ=

1BFFH=68623N ">2 368H986B= 63 ?9E861H:9E:Q 7E6F 6= 9E293 ?B?H:982@ AQ F6=BE68623 9=@ B= 3BF2 BC 8>2 P938 -986P2

*F2E619= E232EP986B=3N

,= 3>BE84 )93>6=78B= 63 9 @67689: 38982 J68> 9 EHE9: 6=CBEF986B= 7>288BN


4/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AD

)22L:Q =2J3?9?2E3 9E2 F9@2 H? BC 9 F6O BC 8>B32 ?EBP6@6=7 3HA389=869: :B19: =2J3 9=@ B8>2E3 8>98 9E2

:688:2 FBE2 8>9= 3>B??2E34 AH8 2P2= J>2= J22L:623 9E2 6=1:H@2@4 8>2 :9=@319?2 63 P2EQ A9E2N

2E2f3 =B [H2386B= 8>98 9:: F2@694 6=1:H@6=7 =2J3?9?2E34 >9P2 C2J2E E2?BE82E3 1BP2E6=7 C2J2E 8BJ=3

8>9= 6= 8>2 ?938 MZZ Q29E34g 39Q3 %61>92: D>2?9E@4 P612 ?E236@2=8 BC +?- J-199=- +/,-4NR">2 1B::9?32 BC

8>2 J-199=- )749F"29-==/@-20-.J93 2FA:2F9861 BC AB8> 8>2 @2F632 BC 8>2 8JBa=2J3?9?2E 8BJ= =986B=9::Q

9=@ 8>2 1>9::2=72 C916=7 F2@69 6= 8>2 K916C61 -BE8>J238N

">2 389L23 7B C9E A2QB=@ J>28>2E 6=@6P6@H9: E2?BE82E3 J6:: >9P2 9 SBA =2O8 J22L BE J>28>2E ?9E861H:9E

F2@69 6=3868H86B=3 J6:: 3HEP6P2N ">2Q 7B 8B 8>2 >29E8 BC 8>2 @2FB1E9861 ?EB1233N ">2Q 9:3B @E6:: @22? 6=8B

633H23 BC 911233 8B >29:8> 6=CBEF986B=4 8B AH36=233 1BF?28686P2=233 9=@ 8B 8>2 38982_3 9A6:68Q 8B 2@H1982683 1686


5/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AE

K'(h$;" .(;&D

`6P2= 683 EHE9: :B1986B= 6= 8>2 3BH8>2938 1BE=2E BC 8>2 38982 BC )93>6=78B=4 >9E@ H? 9796=38 8>2 ,@9>B

ABE@2E4 9=@ 683 H=6[H2 EB:2 93 B=2 BC 8>2 38982_3 FB38 6F?BE89=8 ?EBP6@2E3 BC E276B=9: =2J3 8>EBH7>

%HEEBJ KHA:61 %2@694 J>61> 6=1:H@23 8>2 MU 38986B= -BE8>J238 KHA:61 '9@6B =28JBEL4 8JB KID 38986B=348>2 E276B=9: %HEEBJ -2J3 D2EP612 9=@ 9 38H@2=8a389CC2@ 38982 19?689: AHE29H4 8>2 %HEEBJ ;B::272 1>B32

8B 2O9F6=2 8>2 633H2 BC EHE9: 6=CBEF986B= 911233 J68>6= 8>2 1B=82O8 BC 8>2 .;;_3 "267.,19/72 #--34 76

K7,,82/9/-4E2?BE8N\">2 ?EBS218 829F 8BBL 93 683 389E86=7 ?B6=8 8>63 BA32EP986B= 6= 8>2 .;; E2?BE80

LIM- 6/23 78.4-=C-4 /2 12 828481= ,7,-29 >?-2 /@27./2@ 9?- 1/=,-294 76 =701= ,-3/1 >/==

,-12 9?19 4-./784 ?1., ,1A G- 372- 97 78. 07,,82/9/-4 N G89 /== -21G=- $,-./0124 97 3-C-=72 %HEEBJ ?EBS218 63 ?9E8 BC 9 =986B=J6@2 6=686986P2 CH=@2@ AQ 8>2 ;9E=2762 ;BE?BE986B= BC -2J ^BEL 9=@ 8>2 G=67>8

.BH=@986B= 8B 2O9F6=2 93?2183 BC 8>2 .;; E2?BE8NTD82P2= )9:@F9=4 d">2 ,=CBEF986B= -22@3 BC ;BFFH=686230 ">2 1>9=76=7 F2@69 :9=@319?2 6= 9 AEB9@A9=@ 9724d b)93>6=78B=4

5N;N0 .2@2E9: ;BFFH=61986B=3 ;BFF6336B=4 XZMMcN VN


6/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AG

D&%%*'^ ;(-;+&D,(-D

IEB9@A9=@ ?2=28E986B=j9@B?86B= 9=@ 6=CBEF986B= 911233 9E2 1E68619: 8B 8>2 21B=BF61 9=@ ?B:68619: >29:8> BC EHE9:

1BFFH=686234 CB382E6=7 16P61 2=7972F2=8 9=@ @E6P6=7 :B19: 21B=BF623N +B19: =2J3 1BP2E972 63 8>2 E9J F982E69: 8>98

9::BJ3 1686 3?22@ 1B==2186P68Q 63 8>2 ?6?2:6=2 8>98 :6=L3 C9EF2E3 9=@ :B19:

F2E1>9=83 8B 7:BA9: F9EL283 9=@ 9::BJ3 8>2 3F9::2384 FB38 @6389=8 8BJ= 8B A21BF2 9 1BE?BE982 A91L BCC612N

#BJ2P2E4 9 8E6HFP6E982 BC 1>9::2=723 F29=3 8>98 8>2 ?B82=869: CBE 7E2982E 911233 63 =B8 A26=7 E29:62 3>E6=L6=7 1BP2E972 9E29 BC 8>2 38982_3 F9SBE =2J3 BE79=6 BC :B19: =2J3

BE79=62 6=CBEF986B= 79?

* C96:HE2 BC 38982 9=@ :B19: ?B:61QF9L2E3 8B H=@2E389=@ 8>2 821>=B:B7Q4 683 ?B82=869: 9=@ 8>26E EB:2 6=

C916:68986=7 911233

* :91L BC @67689: :682E91Q 9FB=7 3BF2 EHE9: 168698 98 9 86F2 J>2= 8>2 16E1H:986B= E291> BC eF96=38E29Fg =2J3 BE79=69=L3 8B @67689: 821>=B:B76234 8>2 ?>Q3619: 9E293 E276B=9: =2J3?9?2E3 9=@ AEB9@19382E3 9E2 9A:2 8B

@6E218:Q 1BP2E 9E2 A26=7 @E9F98619::Q E2@H12@ AQ AH@728 1H83 8>98 F29= C2J2E eABB83 B= 8>2 7EBH=@g BH836@2 8>2

ABE@2E3 BC 8>2 F9SBE F28EB3N ">63 F29=3 8>98 2P2= @67689::Qa:682E982 EHE9: 1686B @B >9P2 >67>a3?22@ ,=82E=28

911233 9E2 BC82= 386:: J68>BH8 9 3BHE12 BC :B19: =2J3N

* 3HEP2Q BC )93>6=78B= 38982 E236@2=83 19EE62@

BH8 AQ 9 %HEEBJ E2329E1> 829F CBH=@ 8>98 8>2

:91L BC 9P96:9A6:68Q BC :B19: =2J3 9=@ 9CCBE@9A:2

9112334 23?2169::Q FBA6:2 ,=82E=28 9112334 63

:6F686=7 9P96:9A6:68Q BC :B19: =2J3 8B EHE9:

?B?H:986B=34 93 J2:: 93 EHE9: 9@B?86B= BC B=:6=2?9E8616?98BEQ =2J3 9=@ @631H336B= B?86B=3N

">2 38H@Q 1BF?9E2@ EHE9: 9=@ =B=aEHE9: )93>6=78B= 38982 E236@2=83 9=@ 1BF?9E2@ )93>6=78B= E236@2=83 J68>

=986B=9: @989 6= 8>2 XZZM K2J ,=82E=28 9=@ *F2E619= +6C2 3HEP2QN

G2Q C6=@6=730

'HE9: E236@2=83 C6=@ 68 367=6C619=8:Q FBE2 @6CC61H:8 8B L22? H? J68> :B19: =2J3 8>9= 8>26E =B=aEHE9:

1BH=82E?9E83N

'HE9: E236@2=83 9E2 :233 CE2[H2=8 1B=3HF2E3 BC =2J3 F2@694 AB8> 8E9@686B=9: 9=@ =2J4 CBE :B19: =2J3 8>9=

=B=aEHE9: E236@2=834 2P2= 8>BH7> 8>2Q 322L BH8 AEB9@1938 9=@ B=:6=2 =2J3 3BHE123 93 BC82= 93 HEA9=6823

CBE 38982 9=@ =986B=9: =2J3N

*:8>BH7> 8>2E2 9E2 =B 367=6C619=8 @6CC2E2=123 A28J22= EHE9: 9=@ =B=aEHE9: )* E236@2=83 6= 9112336=7 8>2

,=82E=284 6= E29@6=7 E276B=9: 9=@ =986B=9: =2J3 B= 8>2 ,=82E=284 6= =2JaF2@69 3L6::3 BE 6= 12:: ?>B=2

BJ=2E3>6?0

o 'HE9: E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC 8>2 ,=82E=28 8B 911233 :B19: AE29L6=7 =2J3 8>9= 9E2

8>26E =B=aEHE9: 1BH=82E?9E83N

'8.1= I$ .-4/3-294 6/23 /9 4/@2/6/0129=A ,7.- 3/66/08=9

97 67==7> =701= 2->4 9?12 272F.8.1= .-4/3-294D


7/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AH

o 'HE9: )* E236@2=83 H32 329E1> 2=76=23 :233 8>9= @B EHE9: 9@H:83 8>EBH7>BH8 8>2 1BH=8EQ4 9=@ )*

E236@2=83 F9L2 :233 CE2[H2=8 H32 BC )2A 329E1> 2=76=23 CBE :B19: =2J3 8>9= @B 9@H:83

=986B=J6@2N

o D67=6C619=8 =HFA2E3 BC EHE9: )* E236@2=83 9E2 =B8 H36=7 12:: ?>B=23 CBE =2J3 BE CBE 1B==2186=7

J68> 8>2 ,=82E=28 1BF?9E2@ J68> HEA9= E236@2=83N

">232 C6=@6=73 ?B6=8 8B 9 :91L BC :B19::Q E2:2P9=8 1B=82=84 =B8 9 :91L BC 3L6::3 BE 6=82E238 9FB=7 EHE9:

)93>6=78B=69=3N

">2 =2J3 911233 38H@Q4 9:B=7 J68> @989

?EBP6@2@ AQ 8>2 )93>6=78B= 38982

IEB9@A9=@ BCC6124 32EP2@ 93 8>2 389E86=7

?B6=8 CBE 8>2 'BH=@89A:2 3QF?B36HF

@631H336B=N *=@ J>6:2 8>B32 89L6=7 ?9E8

6= 8>2 3QF?B36HF E2?E232=82@ 9= 9EE9Q

BC 3BF286F23 1B=C:6186=7 6=82E23834 8>2E2

2F2E72@ 9= BP2E9E1>6=7 1B=32=3H3 8>98 8>2Q 3>9E2 9 1BFFB= BA:67986B= 8B AE6=7 :67>8 8B 8>2 38982_3 @67689:

6=CBEF986B= A:91L >B:23N

'$;(%%$-5*",(-D

"B 9@@E233 8>2 1>9::2=723 BC EHE9: 6=CBEF986B= 9112334 8>2 ?EBS218 ?9E8616?9=83 E21BFF2=@2@ 8>98 8>2 %HEEBJ

;B::272 89L2 8>2 :29@ 6= CBE76=7 9= 9::69=12 A28J22= 8>2 P9E6BH3 389L2>B:@2E3 k 7E933EBB83 BE79=62 F2@69 9=@ E276B=9: CBH=@986B=3 k 8B ?HE3H2 382?3 @2367=2@

8B AB:382E EHE9: =2J3 E2?BE86=7 9=@ 6=1E2932 9J9E2=233 BC 9=@ 911233 8B >67>a3?22@ AEB9@A9=@N

I932@ B= 8>2 ?9E8616?9=8 6=?H84 9 E2P62J BC 8>2 E2329E1> C6=@6=73 9=@ 1B=P2E3986B=3 J68> B8>2E 389L2>B:@2E34 8>2

%HEEBJ ;B::272 ?EB?B323 8>2 CB::BJ6=7 6=686986P230

)5/ 63 F9Q 6=1:H@20

hBHE=9:63F 8E96=6=7 CBE 93?6E6=7 e1BFFH=68Q SBHE=9:6383g 19EE62@ BH8 B= 9 E276B=9: A9363 6= 8>2

BEA68 BC 291> BC 8>2 F9SBE F28EB3 6= ?9E8=2E3>6? J68> 291> F9EL28_3 @BF6=9=8 :B19: F2@69 9=@

821>=B:B7Q ?EBP6@2E3

*= 6=CE938EH18HE2 CBE 1BFFH=68Q =2J3 ?9E8=2E3>6?3 J68> 2389A:63>2@ F2@69 BE79=6 =2J3

BE79=6


8/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AI

,7660< 9/2 3898H3 BC 6=CBEF986B= 911233 6= )93>6=78B= 389824 2O9F6=6=70

">2 >29:8> BC 8>2 )* =2J3 F2@69

-2J3 9J9E2=233 9FB=7 )* 16862 7B9:3 BC 8>232 ?EBS2183 @6E218:Q C68 8>2 BAS2186P23 BH8:6=2@ 6= 8>2 XZMZ E2?BE8 BC 8>2 G=67>8

;BFF6336B= B= 8>2 ,=CBEF986B= -22@3 BC ;BFFH=68623 6= 9 52FB1E91Q0

%9O6F62 9P96:9A6:68Q BC E2:2P9=8 9=@ 1E2@6A:2 /267.,19/72 8B 9:: l)93>6=78B= 38982 168626E 1BFFH=68623i

D8E2=78>2= 8>2 01 6=CBEF986B=i 9=@

KEBFB82 6=@6P6@H9: -2@1@-,-29J68> 6=CBEF986B= 9=@ 8>2 ?HA:61 :6C2 BC 8>2 1BFFH=68QNV

+9JE2=12 K6=89L

.BH=@6=7 529=

">2 $@J9E@ 'N %HEEBJ ;B::272 BC ;BFFH=61986B=

%9Q XT4 XZMX

U">2 %HEEBJ 829F >93 A22= 93L2@ AQ '2?N hB>= %1;BQ 8B AE62C )* 38982 :2763:98BE3 @HE6=7 8>2 =2O8 32336B=N

V"267.,/2@K7,,82/9/-4D],N


9/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AJ

XN"#$ ,-.('%*",(- -$$5D '(&-5"*I+$

'9??BE82HE0I2=S9F6= D>BE3

"2 9?- )10/6/0 #7.9?>-49 123 10.744 9?- 07829.A: 9?- -P/9?789 12 /267.,-3 123 3/@/91==A =/9-.19- 0/9/R-2.A: 1 =7> -0727,/0 G1../-. 97

100-44: 123 1 C/G.129: 3/@/91==A E27>=-3@-1G=- 9= YU ?2E12=8 BC 8>2 38982_3 >BH32>B:@3 >9P2 ,=82E=28

9P96:9A:2 8B 8>2F4 9:8>BH7> 68 9EE6P23 98 P9EQ6=7 3?22@3 9=@ 9CCBE@9A6:68QN

">2 7EBJ8> BC )93>6=78B=_3 =28JBEL BC ?HA:61 9=@ ?E6P982 ,=82E=28 6=CE938EH18HE2 >93 9:3B 2O?9=@2@ 8>2 9H@62=12

E291> BC =2J3 BE79=6:Q ?HA:61986B=3N

#BJ2P2E4 93 AEB9@A9=@ 911233 7E2J 9=@ B=:6=2 9H@62=123 3829@6:Q 1:6FA2@4 8>2 36FH:89=2BH3 @21:6=2 6= ?E6=8

9@P2E8636=7 E2P2=H23 CBE12@ 8>2 38982_3 =2J3?9?2E3 8B E28E2=1>4 1H886=7 389CC4 3>E6=L6=7 8>2 CBB8?E6=8 BC 8>2 ?E6=8

2@686B=34 9=@4 1E68619::Q4 @E9F98619::Q E2@H16=7 8>2 362 E276B= 8>2Q 9E2 9A:2 8B 1BP2EN %29=J>6:24 F9=Q E9@6B

38986B=3 J2E2 9A3BEA2@ AQ 1B=7:BF2E9823 8>98 2:6F6=982@ :B19: =2J3 6= C9PBE BC FBE2 1B38a2CC2186P2 =986B=9:

?EB7E9F 38E29F3N ">2 E23H:80 FBE2 9=@ FBE2 16862 38982 >9P2 =B SBHE=9:63861 ABB83 B= 8>2 7EBH=@N (=7B6=7 :9QBCC3

8>E2982= 8B CHE8>2E H=@2EF6=2 911233 8B =2J3 9=@ 6=CBEF986B= 6= )93>6=78B= 1BFFH=686234 J>2E2 2P2= 6= 8>2

A238 21B=BF61 86F23 1BH=8:233 1BFFH=68623 J2=8 H=1BP2E2@ AQ 8>2 =2J3 F2@69N

,= *?E6: XZMX4 9 ?9=2: BC RM SBHE=9:63834 AEB9@A9=@ 6=@H38EQ 2O?2E834 ?B:61QF9L2E34 16862 EB:2 BC AEB9@A9=@ 911233 6= C916:68986=7 8>2 C:BJ BC 6=CBEF986B= 6= EHE9: 1BFFH=68623N ">2 ?9=2:

2F2E72@ J68> 9 328 BC 1B=1:H36B=3 8B >2:? 7H6@2 ?B:61QF9L2E34 SBHE=9:63834 9=@ AEB9@A9=@ 6=@H38EQ 2O?2E83N

,-""298 )5/ ,/.2- )/66-29

,= 8>2 K916C61 -BE8>J238 9=@ 91EB33 8>2 1BH=8EQ48>2 2O?9=36B= BC AEB9@A9=@ >93 :2@ 8B @E9F9861 SHF?3 6= B=:6=2

E29@2E3>6? BC =2J3 BE79=62 38982_3 :9E7238 @96:Q =2J3?9?2E4 +?- J-199=- +/,-44 16E1H:9823 RZZ4ZZZ DH=@9Q =2J3?9?2E34 AH8 683

B=:6=2 =28JBEL BC 36823 89::623 FBE2 8>9= UNY F6::6B= H=6[H2 P6368BE3 291> FB=8>4 911BE@6=7 8B %61>92: D>2?9E@4

32=6BE P612a?E236@2=8 BC AH36=233 B?2E986B=3 CBE 8>2 +/,-4N ">98_3 H? RU ?2E12=8 CEBF TNM F6::6B= H=6[H2 P6368BE3 6=

XZZY4 911BE@6=7 8B @989 CEBF (F=68HE2 ?EBP6@2@ AQ 8>2 +/,-4N

e)2 >9P2 9 FH1> 7E2982E ?B82=869: 9H@62=12 9=@ E29: 9H@62=12 8>2= J2 >9P2 2P2E >9@4g D>2?9E@ 396@N


10/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKL

IH8 A2>6=@ 8>98 B=:6=2 9H@62=12 63 9 ?9E9@BO0 FBE2 9=@ FBE2 E29@2E3 9E2 9112336=7 6=CBEF986B= ?EB@H12@ AQ

C2J2E 9=@ C2J2E E2?BE82E3 J>B 9E2 9A:2 8B 1BP2E :233 9=@ :233 7EBH=@N ">63 =9EEBJ6=7 BC J>98 63 1B=36@2E2@ e:B19:g

8B 8>2 ?9?2E 63 ?9E861H:9E:Q 2P6@2=8 98 =2J3 BE79=698 8E9@686B=9::Q >9@ 9 CBB8?E6=8 8>98 1EB332@ 38982

ABE@2E3N

.EBF 683 >29@[H9E82E3 6= D?BL9=24 +?- JN %29=J>6:24 D?BL9=2 82:2P636B= 38986B=3 CE2[H2=8:Q 96E 38BE623 eCEBF BHE =BE8>2E= ,@9>B

AHE29Hg 8>98 9E2 36F?:Q E2JE6823 BC J_3 3>E6=L6=7 CBB8?E6=8 63=_8 H=6[H2 9FB=7 )93>6=78B= =2J3 F2@69i @21E2936=7 ?E6=8

E2P2=H23 >9P2 @E6P2= @BJ= 8>2 362 193H9:8623N

*8 8>2 38982 ;9?68B: BC (:QF?694 8>2 ?E233 1BE?3 >93 3>EH=L WZ ?2E12=8 6= 8>2 ?938 MZ Q29E34 911BE@6=7 8B `E27 +9=24

?E236@2=8 9=@ ;$( BC "/)4 8>2 38982_3 ?HA:61 911233 82:2P636B= 38986B=4 :29P6=7 SH38 9 >9=@CH: BC E2?BE82E3N

e,8_3 8>98 E276B=9: E2?BE86=7 9=@ 38982 1BP2E972 8>98 63 72886=7 3[H22B32 1BFFH=68Q ?9E8=2E3 BC82= C912 8>2 39F2 C6=9=169: 1>9::2=723 k B= 9 3F9::2E 319:2 k 93 8>26E :2791Q F2@69

?9E8=2E3N (=:6=2 ?HA:61986B= F9Q >9P2

B?2=2@ 9 =2J ?:98CBEF CBE 9:82E=986P2

F2@69 PB61234 AH8 [H9:68Q SBHE=9:63F 1B383FB=2Q4 911BE@6=7 8B 8>2 F2@69 2O?2E83N

e;:B36=7 9 @67689: @6P6@2 @B23 =B8 9=

6=CBEF2@ 16862?9E@ 396@N

eDBF2B=2 386:: >93 8B ?9Q 8>2 E2?BE82ENg

5+?- 4800-44 76 78. 9>7 "31?7 G=7@4 S 44 /2 .8.1= 1.-14D;

k`9EQ `E9>9F4 2@68BE4+?- J


11/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKK

,= EHE9: 9E2934 J>61> >9P2 :B=7 E2:62@ B= J22L:Q BE FB=8>:Q =2J3 ?HA:61986B=34 AEB9@A9=@ 911233 k 93 J2:: 93

2F2E76=7 J2A 9=@ FBA6:2 ?:98CBEF3 k ?EBP6@23 8>2 B??BE8H=68Q CBE ?HA:61986B=3 8B ?EB@H12 9=@ H?@982 1B=82=8 B=

9 @96:Q A93634 911BE@6=7 8B I6:: )6::4 2O21H86P2 @6E218BE BC 8>2 )93>6=78B= -2J3?9?2E KHA:63>2E3 *33B16986B=N

567689::Q 39PPQ EHE9: SBHE=9:6383 19= [H61L:Q ?HA:63> AE29L6=7 =2J34 2=>9=16=7 8>26E P9:H2 9=@ E2:2P9=12 8B 8>2

1BFFH=68QN

e+B19: 9@P2E8636=7 63 8>2 :HAE619=8 BC 8>2 :B19: 21B=BFQi J2 bSBHE=9:6383c 9E2 8>2 B6: 6= 8>2 2=76=24g )6:: 396@N e)2

9E2 9 1BFFH=68Q J981>@B74 AH8 J2_E2 2[H9::Q 93 6F?BE89=8 93 9= 21B=BF61 6=@6198BE BC 8>2 1BFFH=68QNg

-986B=9::Q4 B=:6=2 9@P2E8636=7 E2P2=H23 >9P2 C96:2@ 8B L22? ?912 J68> 8>2 2O?:B36B= 6= B=:6=2 E29@2E3>6?4 BE 2P2= 8B

389=1> 8>2 :B33 BC 8E9@686B=9: ?E6=8 9@P2E8636=7N +938 Q29E4 E2@H186B=3 6= ?E6=8 9@P2E8636=7 E2P2=H2 BH8?912@ @67689:

796=3 AQ MZ 8B M4 911BE@6=7 8B 8>2 K2J

'2329E1> ;2=82E_3 XZMX D8982 BC 8>2

-2J3 %2@69N

*:8>BH7> @67689: 9@P2E8636=7 7E2J MY

?2E12=8 :938 Q29E4 ?E6=8 9@P2E8636=7

@21:6=2@ Y ?2E12=84 C9E BH838E6??6=7 8>2

@67689: 796=34 911BE@6=7 8B 8>2 E2?BE8N

-2J3?9?2E3 J68> 16E1H:986B=3 H=@2E XT4ZZZ 3>BJ2@ FH1> 9 3:BJ2E @21:6=2 6= ?E6=8 9@P2E8636=7 k 9ABH8 B=2a8>6E@

8>2 E982 BC 8>2 @21:6=2 322= 98 ?9?2E3 9ABP2 TZ4ZZZ 16E1H:986B=N ,= F6@a362 9@P2E8636=7 @B::9E3 8>98 19= E23H:8N

,= +2J638B=4 ,@9>B4 B= 8>2 )93>6=78B=a,@9>B ABE@2E4 +?- %->/4972 +./G82-4 16E1H:986B= XT4ZZZ4 >93 F9=972@ 8B

F96=896= 683 16E1H:986B= =HFA2E3 36=12 8>2 MYYZ34 @23?682 3263F61 6=@H38EQaJ6@2 @21E29323 @HE6=7 8>2 ?938 8JB

@219@23N

+?- +./G82-J93 8>2 C6E38 =2J3?9?2E 6= 8>2 1B=86=2=89: &NDN 8B E2[H6E2 B=:6=2 P62J2E3 8B ?9Q CBE 1B=82=84 911BE@6=7

8B *N+N eIH81>g *:CBE@4 hEN4 8>2 =2J3?9?2E_3 CBEF2E 2@68BE 9=@ ?HA:63>2EN ,= 8>2 29E:Q MYYZ34 +?- +./G82- AE62C:Q

BCC2E2@ CE22 B=:6=2 1B=82=84 B=:Q 8B 322 16E1H:986B= =HFA2E3 @EB?N ">2 E23H:86=7 ?9Q FB@2: 9::BJ2@ 8>2 1BF?9=Q_3

=2J3?9?2E 8B E2896= 8>2 AH:L BC 683 16E1H:986B= k 9 E9E68Q CBE FB@2E= =2J3?9?2E34 *:CBE@ 396@N

e,= 8>2 FB@2: BC 8EQ6=7 8B ?HA:63> [H9:68Q SBHE=9:63F4 QBH >9P2 8B >9P2 E2P2=H24g *:CBE@ 8B:@ 8>2 ?9=2:N

IH8 C2J -BE8>J238 =2J3?9?2E3 >9P2 F9=972@ 8B FBP2 A2>6=@ 8>2 ?9Q J9:: BE F96=896= ?E6=8 16E1H:986B= =HFA2E3N

D2P2E9: ?9=2:6383 396@ 8>2 @E29EQ =986B=9: @989 63 6= :6=2 J68> 8>2 2O?2E62=12 BC )93>6=78B= F2@69 BH8:2830 7E2982E

B=:6=2 P62J2E3>6? AH8 @21E2932@ ?E6=8 9@P2E8636=7 E2P2=H2N

e)2 >9P2 :B83 BC AH36=233aFB@2: [H2386B=3i J2 =22@ 9 AH36=233aFB@2: 3B:H86B=4g )6:: 396@N e.6P2 Q29E3 97B4 8>2E2J93 9 @2A982 BC CE22 P2E3H3 ?9QN ">2 ?9Q FB@2: >93 2F2E72@ 8>2 J6==2ENg

D>2?9E@ 396@ 8>98 J>6:2 8>2 ?9Q FB@2: 63 796=6=7 8E9186B= 6= 12E896= 3F9:: 1BFFH=686234 68 C9123 H=6[H2 1>9::2=723

6= 8>2 38982_3 F28EB?B:689= 9E293 A219H32 BC 8>2 ?EB:6C2E986B= BC B=:6=2 @67689: BH8:283N

e)2 >9P2 8>63 1B=12?8 8>98 o6=CBEF986B= J9=83 8B A2 CE22N_ )2 8>2E2CBE2 @B=_8 >9P2 8B ?9Q 9=QB=2 8B ?E2?9E2 684g

D>2?9E@ 396@N e,= F9EL283 :6L2 BHE34 J>2E2 68 63 >67>:Q 1BF?28686P24 QBH 386:: >9P2 1B=12E=3 9ABH8 ?9Q J9::Ng

5I- 1.- 1 07,,82/9A >190?37@: G89 >-B.- -T81==A

14 /,6=78B= -2J3?9?2E KHA:63>2E3 *33B1N


12/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKB

*= 2386F982@ MZZ =2J3?9?2E3 =986B=9::Q 9E2 2O?2182@ 8B FBP2 8B @67689: 3HA31E6?86B= FB@2:34 SB6=6=7 MTZ

?HA:61986B=3 8>98 1HEE2=8:Q >9P2 3HA31E6?86B= FB@2:34 911BE@6=7 8B K2J_3 XZMX D8982 BC 8>2 -2J3 %2@69 E2?BE8N

`E9>9F 396@ +?- J9= B=2 F6::6B= 1>9E68623 B?2E982 6= 8>2 &NDN J68> 9 1HFH:986P2 9==H9: @B=986B= BC nMN\ 8E6::6B=N

e)2_P2 9:J9Q3 8>BH7>8 BC BHE32:P23 93 8>2

=B=?EBC68 9EF BC 8>2 F2@69 JBE:@4g

DJ9=3B= 396@N e%9QA2 J2 3>BH:@ A2 8>2

F2@69 9EF BC 8>2 =B=?EBC68 JBE:@Ng

$F2E76=7 F2@69 BH8:283 F9Q ?EBP6@2 3BF2

>2:? 8B :B19: =2J3 BE79=62 ?9=2:N e">63 63=_8 9 SBHE=9:63F ?:2@72i 68_3 9

>29:8>Q 1BFFH=68Q ?:2@72Ng

5LIM- 2--3 9?- 3727. 07,,82/9A 97 .-1==A =77E 19 9?-

/227C19/C- 2->4 272


13/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKC

,-""298 )5/ .282)-4 )/66-29

,= 8>2 =BE8>29382E= 1BE=2E BC )93>6=78B=4 B=2 BC 8>2 38982_3 C2J AEB9@A9=@ >B:23 E2F96=3N

,= .2EEQ ;BH=8Q b?B?H:986B= V4TTMc4 9ABH8 WZ ?2E12=8 BC >BH32>B:@3 9E2 H=32EP2@ AQ AEB9@A9=@4 911BE@6=7 8B 8>2

38982 E2?BE8i 8>2 1BH=8Q 9:3B 8E96:3 8>2 38982 6= 9:FB38 2P2EQ F9SBE 21B=BF61 6=@6198BE4 911BE@6=7 8B XZMZ &NDN;2=3H3 @989N

*ABH8 RNW ?2E12=8 BC )93>6=78B= >BH32>B:@3 >9P2 =B AEB9@A9=@ 9112334 9=@ 8>2 ?EBA:2F 63 ?9E861H:9E:Q 2P6@2=8 6=

EHE9: 1BFFH=68623N IH8 8>B32 >B:23 9E2 E9?6@:Q C6::6=7 93 ?HA:61 9=@ ?E6P982 6=P238F2=8 1B=86=H23 8B @2P2:B?

AEB9@A9=@ 6=CE938EH18HE24 ?9E861H:9E:Q 8B 31>BB:34 :6AE9E6234 7BP2E=F2=8 972=1623 9=@ F2@619: 1:6=613N

,= 3F9:: 8BJ=3 :6L2 '2?HA:61 9=@ I:Q=4 -BE8>J238 (?2= *11233 -28JBEL34 BE -B9-284 63 2O?9=@6=7 >67>a3?22@

,=82E=28 6= XZMXN -B9-284 9 =B=?EBC68 7EBH? BC MX ?HA:61 H86:68Q @638E61834 >93 CB1H32@ B= eF6@@:2aF6:2g 1B==2186P68Q

8B 8>2 38982_3 EHE9: 9E293N

"B@9Q4 FBE2 8>9= YU ?2E12=8 BC )93>6=78B= >BH32>B:@3 >9P2 AEB9@A9=@ 9P96:9A:2 8B 8>2F 98 9 E982 BC R F279A683

?2E 321B=@4 911BE@6=7 8B 8>2 38982_3 XZMM *==H9: '2?BE8 B= IEB9@A9=@ 6= )93>6=78B=N ">98 3?22@ 63 C938 2=BH7>8B 38E29F 9 FBP624 AH8 =B8 C938 2=BH7> 8B 1B=@H18 >67>a@2C6=686B= 82:21BFFH=61986B= :6L2 E29:a86F2 P6@2B

1B=C2E2=16=74 8>2 E2?BE8 396@N

D(&';$0)*D"*"$ I'(*5I*-5(..,;$


14/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKD

D(&';$0)*D"*"$ I'(*5I*-5(..,;$

D(&';$0)*D"*"$ I'(*5I*-5(..,;$

e">2 =2J @67689: @6P6@2 63 3?22@4g 396@ .E62@9 '9Q4 BH8E291> 9=@ 1BFFH=61986B=3 1BBE@6=98BE CBE 8>2 )93>6=78B=

D8982 IEB9@A9=@ (CC612N

)93>6=78B= >93 B=2 BC 8>2 1BH=8EQ_3 >67>238 E9823 BC AEB9@A9=@ 9@B?86B= 98 VV ?2E12=84 93 J2:: 93 9 E2:986P2:Q

3F9:: @63?9E68Q A28J22= F28EB?B:689= 9=@ EHE9: H32E34 911BE@6=7 8B 8>2 38982_3 AEB9@A9=@ BCC612N IH8 9@B?86B= BC

AEB9@A9=@ @B23 =B8 F29= 1686


15/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKE

AH36=23323 9E2 H=9A:2 8B E21B7=698 JBEL3 J68> 821>a39PPQ QBH8> 6=82E=3 8B >2:? 3F9:: AH36=23323 @2P2:B? 9= B=:6=2

?E232=12N "21>=B:B7Q 3L6::34 )H 396@4 1E2982 e@67689: ?E6P6:2723g 8>98 F9Q B=:Q A2 9P96:9A:2 8B 39PPQ4 6=CBEF2@ H32E3N

e">63 7EBJ6=7 1:933 BC 16862 o@67689: @6P6@2_ k C6E38 @2C6=2@ 93 8>2 o>9P23 P3N >9P2a=B83_ 9=@

=BJ CHE8>2E E2C6=2@ 93 o@67689: 9@B?82E3 P3N @67689: =986P234_g 396@ )H4 CBEF2E AEB9@A9=@ ?B:61Q 9=@ ?EB7E9F3

@6E218BE CBE )93>6=78B= 38982N

*3 AEB9@A9=@ ?2=28E9823 2P2= 8>2 FB38 E2FB82 E291>23 BC 8>2 389824 EHE9: 1BFFH=68623 9=@ 16869P2

8>2 @67689: 3L6::3 =212339EQ 8B 911233 =2J3 9=@ 6=CBEF986B=4 )H 396@N ,= EHE9: 1BFFH=686234 J>2E2 @67689: :682E91Q

BC82= 8E96:3 8>98 BC F28EB?B:689= 9E2934 AEB9@A9=@ 9P96:9A6:68Q @B23 =B8 2[H9: ,=82E=28 9112336A6:68QN I9EE62E3 8B

911233 6= EHE9: 9E293 6=1:H@2 8>2 @29E8> BC @67689: L=BJ:2@72 6= 3F9::2E 1BFFH=686234 93 J2:: 93 21B=BF61 1B383 9=@

72B7E9?>61 63B:986B=N

e,C 1BFFH=68623 =22@ 8B A21BF2 @67689::Q :682E9824 8>2= >BJ 19= 8>2Q 911BF?:63> 8>634 76P2= 8B@9Q_3 21B=BF61

E29:68623qg )H 93L2@ 8>2 ?9=2:N

,= B8>2E JBE@34 93 C9382E ,=82E=28 9EE6P234 EHE9: FH=616?9:68623 9=@ 1686BJ 9=@ J>2E2 68 J6::

6=82E3218 J68> 3F9::a8BJ= :6C2N *8 EHE9: :6AE9E6234 B=:6=2 H32 >93 2O?:B@2@ 6= E212=8 Q29E3 93 EHE9: 16862 =2J @67689: JBE:@N 'HE9: 3F9:: AH36=23323 9E2 89??6=7 6=8B 8>2 AEB9@A9=@ =28JBEL 8B F9EL28

2P2EQ8>6=7 CEBF BE79=61 ?EB@H12 8B 1988:2 8B >9=@F9@2 [H6:83N

IH8 6= F9=Q 9E293 J68> >67>a3?22@ ,=82E=284 1686 8>2 @67689: 3L6::3 8B

89? 6=8B 683 ?B82=869:N

e$P2= J>2= AEB9@A9=@ 63 9P96:9A:24 ?2B?:2 BC82= 9E2=_8 89L6=7 9@P9=8972 BC 684g %B=619 I9A6=24 32=6BE 933B16982 98

)93>6=78B= D8982 &=6P2E368Q_3 KEB7E9F CBE 567689: ,=686986P23N e">2 911233 63 72886=7 C9382E 9=@ A2882E 9=@ FBE2

9P96:9A:24 AH8 J2 386:: >9P2 9 >H72 EB:2 6= 2@H1986=7 8>2 ?HA:61 9ABH8 9112336=7 8>63Ng

">2 633H2 63=_8 :6F682@ 8B EHE9: 9E2934 )H 396@N ,= D2988:2_3 C9FBH3 K6L2 K:912 %9EL28 k 368H982@ 6= 8>2 >29E8 BC 8>2

168Q_3 AH38:6=7 @BJ=8BJ= k FBE2 8>9= B=2a8>6E@ BC P2=@BE3 9E2=_8 B=:6=24 )H 396@N $P2= J>2= ?EBP6@2@ J68>

9CCBE@9A:2 AEB9@A9=@ 9112334

AH36=23323 @B=_8 CH::Q H=@2E389=@ 683

?B82=869: P9:H24 )H 396@N

">B32 8>2F23 9E2 F6EEBE2@ 6= 8>2

38982_3 EHE9: 1BFFH=686234 J>2E2

821>=B:B7Q >93 B=:Q E212=8:Q 2F2E72@

9FB=7 8>2 ?HA:61 93 9

8E9=3CBEF986B=9: ?:98CBEF CBEAH36=23323 9=@ 1BFFH=68623N

e+B19: 1BFFH=68623 798>2E 9EBH=@ 9 :B19: 1BCC22 3>B? 9=@ 89:L 9ABH8 9 P9E628Q BC 633H234 AH8 8>2Q @B=_8 89:L 821>4g

)H 396@N e">2Q @B=_8 L=BJ 9ABH8 291> B8>2E_3 821> 9186P686234 3B 8>2Q B?2E982 6= 36:B3 6=3829@ BC 3>9E6=7 L=BJ:2@72

9=@ E23BHE123 9=@ :29E=6=7 CEBF 291> B8>2ENg

5+?- 100-44 /4 @-99/2@ 6149-. 123 G-99-. 123 ,7.- 1C1/=1G=-:

G89 >- 49/== ?1C- 1 ?8@- .7=- /2 -38019/2@ 9?-


16/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKG

%9=Q EHE9: H32E3 C:B1L 8B :B19: :6AE9E6234 J>61> >9P2 A21BF2 @67689: >HA3 CBE EHE9: H32E3 6= 8>2 :938 @219@2N ,= ;B:C9O4

)93>N4 8>2 )>68F9= ;BH=8Q 'HE9: +6AE9EQ 5638E618 32EP23 MT4ZZZ ?2B?:2 6= M\ 8BJ=3 J68> ?B?H:986B=3 E9=76=7 CEBF

MRZ 8B X4YZZN

e)2 9E2 AH362E 8>9= 2P2E4g 396@ GE63862 G6EL?98E61L4 @6E218BE BC 8>2 :6AE9EQ @638E618N e"E9@686B=9: ABBL 16E1H:986B= 63

@EB??6=74 AH8 B=:6=2 H32 63 8>EBH7> 8>2 EBBCNg

%9=Q 1686BJ 8B 911233 B=:6=2

6=CBEF986B=N +6AE9E623 >9P2 A21BF2 @67689: >HA3 CBE EHE9: E236@2=83 J>B >9P2 A22= :2C8 A2>6=@ AQ 8>2 E2PB:H86B= 6=

8>2 821>=B:B7Q 6=@H38EQN

)>68F9= ;BH=8Q_3 :6AE9EQ @638E618 ?EBP6@23 ,=82E=28 911233

8B 291> BC 683 M\ AE9=1>23 98 9 1B38 BC nYZ ?2E FB=8> 98

291> 3682 k 9 1B38 8>98 19= 38E96= 9 1BFFH=68Q_3 21B=BF61

E23BHE1234 G6EL?98E61L 396@N

e,C J2 C6=9::Q 728 8>63 821>=B:B7Q k 8>63 AEB9@A9=@ k 8B BHE8BJ=34 9E2 J2 7B6=7 8B A2 9A:2 8B 9CCBE@ 68 98 9= 6=@6P6@H9:

:2P2: AH8 9:3B 98 9 FH=616?9: :2P2:qg G6EL?98E61L 93L2@N

*3 [H61L:Q 93 8>2 38982 AH6:@3 683 AEB9@A9=@ 6=CE938EH18HE24 =2J 821>=B:B7623 9E2 2F2E76=7N ;BF?9=623 :6L2 /2E6 T4ZZZ BE C2J2E

E236@2=83i B=:Q =BJ 6= 8>2 3?E6=7 BC XZMX 63 68 2O?9=@6=7 6=8B F28EB?B:689= 9E2934 911BE@6=7 8B Y-.,12A +.13- 123

"2C-49Dc

e">2 ?E6F9EQ CB1H3 63 9:J9Q3 7B6=7 8B A2 B= 8>2 =28JBEL k 8>98_3 BHE :6C2A:BB@4g 396@ 59= ^BHF9=34 ?E236@2=8 BC

*"r" )93>6=78B=N e)2 ?EBP6@2 8>2 A238 1BP2E972 9=@ 19?9168Q 8>98 J2 19=Ng

,= )93>6=78B=4 8>2 FB38 367=6C619=8 7EBJ8> 6= 3?22@ >93 B11HEE2@ 6= 8>2 38982_3 F9SBE ?B?H:986B= 12=82E3 3H1> 93

D2988:24 D?BL9=24 "E6a;686234 9=@ /9=1BHP2E4 911BE@6=7 8B 8>2 38982_3 AEB9@A9=@ BCC612N I288Q IH1L:2Q4 2O21H86P2

P612 ?E236@2=8 BC 8>2 )93>6=78B= ,=@2?2=@2=8 "2:21BF *33B16986B=4 396@ 8>2 6=@H38EQ >93 ?:9==2@ FBE2 8>9= nTZZ

F6::6B= 6= AEB9@A9=@ AH6:@aBH8 6= 8>2 =2O8 C2J Q29E3N

59P6@ ;B==4 P612 ?E236@2=8 BC D8982 '27H:98BEQ 9=@ KB:61Q CBE "a%BA6:2 &D*4 396@ 821>=B:B7Q 9:B=2 F9Q =B8 AE6@72

8>2 38982_3 @67689: @6P6@2N *3 =28JBEL3 A21BF2 C9382E 9=@ C9382E4 EHE9: 1BFFH=68623 F9Q 1B=86=H2 8B :97 A2>6=@

HEA9= 9E2934 FH1> 8>2 39F2 J9Q 9P96:9A6:68Q4 9@B?86B=4 9=@ @67689: :682E91Q 8E9@686B=9::Q >9P2 :9772@ 6= 3F9::2E

1BFFH=686234 32P2E9: ?9=2:6383 396@N

e,F?:6168:Q BE 2O?:6168:Q4 H=86: 8>2 E61>23 9=@ B??BE8H=68623 2=9A:2@ AQ AEB9@A9=@ 9E2 9P96:9A:2 8B 2P2EQB=24 J22CC2186P2:Q ?2E?28H982 8>2 @67689: @6P6@24g )H 396@N

5"6 >- 6/21==A @-9 S G.713G123 97 78. 97>24:

1.- >- @7/2@ 97 G- 1G=- 97 1667.3 /9Z;

kGE63862 G6EL?98E61L4 @6E218BE4

)>68F9= ;BH=8Q b)*c +6AE9EQ 5638E618


17/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKH

1//>298 1047)2091M=B:B7Q ,=@H38EQ *33B16986B=4 8>2 1BH=8EQf3 :9E7238 38982

821>=B:B7Q 8E9@2 933B16986B=N

e">2E2 9E2 1:29E 3B:H86B=3 821>=619::Q 8B ?EBP6@2 6=1E2932@ AEB9@A9=@4g )BB@ 396@N e^BH >9P2 8>2 ?B336A6:68Q 8B 728

AEB9@A9=@ ,=82E=28 911233 98 QBHE >BF24 AH8 2P2= 98 nYNYT 9 FB=8>4 QBH F9Q =B8 A2 9A:2 8B 9CCBE@ 68 p ">2

821>=B:B7Q 63 7B6=7 8B A2 J9Q 9>29@ BC 8>2 ?B:68619: 633H23 9=@ 8>2 3B16B21B=BF61 633H23Ng

.2@2E9: 7E9=83 8B89:6=7 nMUT F6::6B= 9E2 >2:?6=7 2O?9=@ C6A2E 91EB33 FBE2 8>9= M4TZZ F6:23 BC 8>2 389824 911BE@6=7

8B 8>2 )93>6=78B= D8982 IEB9@A9=@ (CC612N ">2 38982 BCC612 63 9:3B CH=@6=7 H? 8B nRZZ4ZZZ 9 Q29E CBE 1BFFH=68623

8B @2P2:B? :B19: 9=@ E276B=9: AEB9@A9=@ ?:9=3N KE6P982 1BF?9=623 :6L2 ;2=8HEQ+6=L 9=@ .EB=862E ;BFFH=61986B=3

>9P2 3?2=8 82=3 BC F6::6B=3 BC @B::9E3 8B 2O?9=@ J6E2:233 821>=B:B7Q 6= 8>2 38982N

'2?N hB>= 'N %1;BQ4 1>96E BC 8>2 38982 #BH32_3 ;BFF68822 B= "21>=B:B7Q4 $=2E7Q 9=@ ;BFFH=61986B=34 396@

2@H1986B= FH38 CB::BJ H?7E9@23 8B 8>2 38982_3 821>=B:B7Q 6=CE938EH18HE2N %9=Q :2763:98BE3 9=@ ?HA:61 BCC6169:3 :91L

8>2 H=@2E389=@6=7 8B 9@@E233 8>2 821>=B:B7619: 1>9::2=723 C916=7 8>2 389824 %1;BQ 396@N ,=@22@4 6= 8>2 )93>6=78B=

D2=9824 =B 1BFF68822 2O6383 3?216C619::Q 8B @29: J68> 821>=B:B7Q 633H23N

e521636B= F9L2E3 8B@9Q @B =B8 H=@2E389=@ 8>2 821>=B:B7Q4 3B 8>98_3 J>Q J2 >9P2 9 ?EBA:2F4g %1;BQ 8B:@

EBH=@89A:2 ?9E8616?9=83N

%1;BQ 396@ ?B:61QF9L2E3 k 93 J2:: 93 3F9:: AH36=23323 9=@ 16862 ?B82=869:

E2J9E@3 BC 8>98 38982_3 AEB9@A9=@ 6=CE938EH18HE2N e,_F 9 38EB=7 A2:62P2E 8>98 21B=BF61 @2P2:B?F2=8 CB::BJ3 8>B32

8EH1L3 8>98 9E2 :9Q6=7 C6A2E B?8613 @BJ= 8>2 >67>J9Q4g %1;BQ 396@N

%1;BQ 396@ 8>2 B=7B6=7 =22@ CBE @67689: 2O?9=36B= 9=@ H?7E9@23 ?E232=83 21B=BF61 B??BE8H=68623 CBE AB8> A:H2a

1B::9E 9=@ J>682a1B::9E 2F?:BQ223N

e">2E2 63 2=BH7> 19?9168Q 8B 8HE= BH8

8>2 2=76=22E3 8>98 J2 =22@ 6= 8>2

H=6P2E368Q 3Q382F4g %1;BQ 396@N eIH8 J2

9:3B =22@ FBE2 821>=6169=3 J>B >9P2

1BF2 8>2 l19E22E 9=@ 821>=619:

2@H1986B=m EBH82 p 8>232 19A:23 @B=_8

38E6=7 8>2F32:P23 9=@ QBH @B=_8 =22@ 9

1B::272 2@H1986B= 8B 38E6=7 19A:23Ng

.BE EHE9: 1BFFH=68623 9=@ SBHE=9:63834 8>B32 19A:23 E2?E232=8 ?EBF632N %BE2 6=CBEF986B= k 7:BA9:4 =986B=9:4 9=@

:B19: k 63 F67E986=7 B=:6=2N ;BFFH=68623 9=@ 16869P2 9 =22@ CBE SBHE=9:63834 AH36=233234 9=@ =B=?EBC683 8>98

19= F9L2 32=32 BC 8>2 FBH=896= BC @67689: @9894 396@ %988 'B32=A2E7 BC KHA:61 5989 .2EE28N

e(C82= 86F23 J>98 ?2B?:2 J9=8 63 6=CBEF986B= FBE2 8>9= =2J34g >2 BA32EP2@N e)2 1BH:@ 19?689:698 7BP2E=F2=83 9E2 ?H886=7 B=:6=24 AH8 J>B 1BF23 9:B=7 9=@ @B23 9=Q8>6=7 J68> 68qg

-2J34 'B32=A2E7 396@4 63 9@@6=7 1B=82O8 8B 8>2 6=CBEF986B=N DJ9=3B= BC -)K' 97E22@N

e)68>BH8 9 1HE98BE4g >2 396@4 e6=CBEF986B= 63 9:FB38 6F?B336A:2 CBE ?2B?:2 8B F9L2 32=32 BCNg

5H-0/4/72 ,1E-.4 9731A 37 279 823-.49123 9?- 9-0?27=7@A:

47 9?19B4 >?A >- ?1C- 1


18/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKI

RND&'/$^ '$D&+"D0+(;*+ -$)D ;(-D&%K",(-

'2329E1> 829F05BH7:93 I:9=L3 #6=@F9=4 K>5

%61>92: I29F4 K>5(/$'/,$)

">2 >29:8> BC )93>6=78B=_3 :B19: =2J3 F2@69 63 =B8 38EB=7i =268>2E 63 :B19: =2J3 1B=3HF?86B=N

">2 1BFA6=986B= BC AEB9@1938 F2@69 @2E27H:986B= 9=@ 1B=3B:6@986B= >93 E2@H12@4 BE 2P2= 2:6F6=982@4 :B19: =2J3

1BP2E972 6= F9=Q 3F9:: 8BJ=3 9=@ EHE9: 9E293N '276B=9: @96:Q =2J3?9?2E3 >9P2 :6F682@ =2J3 9ABH8 EHE9:

1BFFH=68623 8B 8>2 e[H96=8 BE [H6ELQg bD>2?9E@4 XZMX4 *?E6: \4 E2F9EL3 @HE6=7 ">2 %HEEBJ ,=CBEF986B= -22@3

,=686986P2 EBH=@89A:2 @631H336B=cN ">63 E2@H186B= 6= EHE9: 1BP2E972 1B6=16@23 J68> 8>2 2:6F6=986B= BC E276B=9:

1BEE23?B=@2=83 9=@ 8>2 :B=7a82EF 8E2=@ BC 9 ?H::A91L BC 8>2 =B=aF28EB 16E1H:986B= BC F28EB?B:689= @96:623

bD>2?9E@4 XZMX4 *?E6: \i 5B=B>H24 "61>2=BE4 r (:62=4 MYWUcN

">2 FB38 HA6[H68BH3 3BHE123 BC :B19: =2J3 9E2 1BFFH=68Q =2J3?9?2E3 9=@ :B19: E9@6B 38986B=3N IB8> >9P2 E2@H12@

=2J3 389CC3 BP2E 8>2 ?938 RZ Q29E3 6= E23?B=32 8B @21:6=6=7 E2P2=H23 9=@ 9H@62=123 b)9:@F9=4 XZMMcN -2J3?9?2E

E2P2=H23 6= XZMM J2E2 :233 8>9= >9:C BC XZZW :2P2:3 b$@FB=@34 28 9:N4 XZMXcN ">2 F2@69= CH::a86F2 E9@6B =2J3 389CC

362 ?E2C2EE2@ 3BHE12 BC =2J3 1682@ AQ &NDN 9@H:83 b$@FB=@34 28 9:N4 XZMXc >9P2 8HE=2@

8>26E =2J3 @2?9E8F2=83 6=8B ?EBC68 12=82E3 J>61> =BJ ?EB@H12 =29E:Q >9:C BC 9:: 38986B= E2P2=H23 bK9??2E4 XZMMcN

D8986B=3 >9P2 9@@2@ =2J3193834 ?E6F9E6:Q 6= 8>2 29E:Q FBE=6=7 >BHE34 8B 19?8HE2 9@@686B=9: E2P2=H2N IH8 =2J3

389CC3 >9P2 @21:6=2@ 93 38986B=3 38EH77:2@ 8B H?7E9@2 8B @67689: 8E9=3F6336B= 9=@ 93 P282E9= E2?BE82E3 >9P2 A22=

E2?:912@ AQ 2=8EQa:2P2: =BP6123 bD1>J9=A21L r D1>J9=A21L4 XZMM4 *?E6: XXcN ,= 3?682 BC 8>232 9@SH38F2=834 :B19: "/

E2P2=H234 J>2= 9@SH382@ CBE 6=C:986B=4 9E2 98 9 MTaQ29E :BJb$@FB=@34 28 9:N4 XZMXcN

,= )93>6=78B= 389824 C2J2E E2?BE82E3 9=@ :B19: F2@69

BH8:283 ?EB@H12 :233 6=CBEF986B= H?B= J>61> 1686E2982=2@ AQ 9 @6F6=63>2@

:B19: =2J3 ?E232=12 b^9F9FB8B4 XZMXcN

-2J3 1BP2E972 BC 3F9::4 EHE9: 1BFFH=68623 >93 @6F6=63>2@ 6= @6E218 ?EB?BE86B= 8B 8>2 ?EB:6C2E986B= BC =2J3

1BP2E972 BC :9E724 F28EB?B:689= 9E293 9=@ =986B=9:a:2P2: 38BE623N ">2 FH:86?:6168Q BC =986B=9:a:2P2: 3BHE123 BC =2J34

3H1> 93 19A:2 =2J3 1>9==2:34 ?B:68619: A:B734 9=@ "J6882E C22@34 1E29823 8>2 6F?E2336B= BC 9 :9E72E =2J3 >B:2i

>BJ2P2E4 8>2 1B=82=8 C6::6=7 8>98 >B:2 82=@3 8B A2 9 E2?28686P2 38E29F BC 911BH=83 BC =986B=9:a:2P2: ?B:68619:

F9=2HP2E6=74 1E6363aBE62=82@ 1BP2E972 BC =986B=9: 9=@ 6=82E=986B=9: 2P2=834 BE P6@2B89?2 BC C6E234 1E6F23 9=@

@639382E3N

)>98 63 F6336=7 63 =2J3 9CC2186=7 8>2 :6P23 BC 16862 :B19: :2P2:N

I?19 /4 ,/44/2@ /4 2->4 166-09/2@ 9?- =/C-4

76 0/9/R-24 19 9?- =701= =-C-=D


19/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)AKJ

*3 ?9E8 BC 8>2 %HEEBJ ;B::272_3 2O9F6=986B= BC EHE9: 6=CBEF986B= =22@3 6= )93>6=78B=4 9 829F BC %HEEBJ

E2329E1>2E3 328 BH8 8B A2=1>F9EL 8>2 6F?918 BC :B19: =2J3 6= 8>2 38982N ">2 F96= [H2386B=3 E9632@ 6= 8>63 38H@Q 9E20

#BJ @B )93>6=78B= 38982 16862 >29:8> BC :B19: =2J3q

5B EHE9: E236@2=83 P62J :B19:4 389824 9=@ =986B=9: F2@69 @6CC2E2=8:Q 8>9= @B =B=aEHE9: E236@2=83q *E2 )93>6=78B= 38982 E236@2=83 @6CC2E2=8 CEBF 16862E2 6= 8>2 &NDN E279E@6=7 8>26E H32 BC :B19:

=2J3 F2@69q

*E2 EHE9: )93>6=78B= 38982 E236@2=83 98 9 1BF?9E986P2 @639@P9=8972 E2:986P2 8B EHE9: 16862

=986B= 6= 911233 8B :B19: =2J3 9=@ 6=CBEF986B=q

5B )93>6=78B= 38982 16862 :91L BC 8E9@686B=9:

3BHE123 BC :B19: =2J3q

*E2 EHE9: 9=@ =B=aEHE9: E236@2=83 BC )93>6=78B= 38982 @6CC2E2=8 6= 82EF3 BC ?B:68619: L=BJ:2@72 9=@ 16P61

?9E8616?986B=q

"B 9=3J2E 8>232 [H2386B=34 8>2 E2329E1>2E3 C62:@2@ 9 3HEP2Q BC )93>6=78B= 38982 9@H:83 CEBF %9E1> XM 8B *?E6: XV4

XZMX b322 %28>B@3 32186B= A2:BJcN ">63 38H@Q 6=1:H@23 9= 9=9:Q363 BC 8>2 C6=@6=73 CEBF 8>98 3HEP2QN .BE1BF?9E63B=4 8>2 ?9?2E 6=1:H@23 9=9:Q323 BC 3?216C61 682F3 8>98 J2E2 E2?2982@ 6= 9 =986B=9: 3HEP2Q C62:@2@ AQ 8>2

K2J ;2=82E CBE 8>2 K2B?:2 9=@ 8>2 KE233 6= h9=H9EQ4 XZMM bK2J ,=82E=28 9=@ *F2E619= +6C24 XZMM4 h9=H9EQ McN

">2 C6=@6=73 9E2 7EBH?2@ 6=8B CBHE F96= 32186B=30

*N [-3/1 841@- 123 =701= 2->40 ;6864 $00-440 *ABH8 9 P9E628Q BC :B19: 8B?613

;N *2=/2- 123 #->4 [-3/1 )1.9/0/9E6=7 :B19: P2E3H3 38982 9=@ =986B=9: 6=CBEF986B=

B=:6=2 P69 9 P9E628Q BC =2J F2@69

5N )7=/9/01= \27>=-3@- 123 J70/1= )1.9/0/6=78B= 38982 9@H:83_ ?B:68619: L=BJ:2@72 9=@ 3B169:

?9E8616?986B=4 J68> 1BF?9E63B=3 A28J22= EHE9: 9=@ =B=aEHE9: E236@2=83

D&%%*'^ ;(-;+&D,(-D

IB8> =B=aEHE9: 9=@ EHE9: E236@2=83 C6=@ 68 29362E 8B@9Q 8>9= C6P2 Q29E3 97B 8B L22? H? J68> :B19: =2J34 AH8

=B=aEHE9: E236@2=83 C6=@ 68 367=6C619=8:Q 29362E 8>9= 8>26E EHE9: 1BH=82E?9E83N

'HE9: E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC =2J3 F2@694 AB8> 8E9@686B=9: 9=@ =2J4 CBE :B19: =2J3 8>9= =B=a

EHE9: E236@2=83N

'HE9: ?9E8616?9=83 9E2 322L6=7 BH8 AEB9@1938 9=@ B=:6=2 =2J3 3BHE123 93 BC82= 93 HEA9=6823 CBE 38982 9=@

=986B=9: =2J3N

*:8>BH7> 8>2E2 9E2 =B 367=6C619=8 @6CC2E2=123 A28J22= EHE9: 9=@ =B=aEHE9: )* E236@2=83 6= 9112336=7 8>2

,=82E=284 6= E29@6=7 8>2 =2J3 B= 8>2 ,=82E=284 6= =2JaF2@69 3L6::3 BE 6= 12:: ?>B=2 BJ=2E3>6?0o 'HE9: E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC :B19: AE29L6=7 =2J3 8>9= 9E2 8>26E =B=aEHE9:

1BH=82E?9E83N

o 'HE9: )* E236@2=83 H32 329E1> 2=76=23 :233 8>9= @B EHE9: 9@H:83 8>EBH7>BH8 8>2 1BH=8EQ4 9=@ )*

E236@2=83 F9L2 :233 CE2[H2=8 H32 BC )2A 329E1> 2=76=23 CBE :B19: =2J3 8>9= @B 9@H:83

=986B=J6@2N

o D67=6C619=8 =HFA2E3 BC EHE9: )* E236@2=83 9E2 =B8 H36=7 12::H:9E ?>B=23 CBE =2J3 BE CBE

1B==2186=7 J68> 8>2 ,=82E=28 1BF?9E2@ J68> HEA9= E236@2=83N


20/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABL

">232 C6=@6=73 ?B6=8 8B 9 :91L BC :B19::Q E2:2P9=8 1B=82=84 =B8 9 :91L BC 3L6::3 BE 6=82E238 9FB=7 EHE9:

)93>6=78B=69=3N

5$"*,+$5 .,-5,-`D

,/.2- 71-8/ -9. 40;-4 9/2 C67HE2 A2:BJ 3>BJ3 8>98 9=@ )* EHE9: 9=@ =B=aEHE9: E236@2=83 J2E2 367=6C619=8:Q @6CC2E2=84 J68> =B=aEHE9:

E236@2=83 C6=@6=7 68 29362E 8B L22? H? J68> =2J3 9ABH8 :B19: 1BFFH=68623 8>9= EHE9: E236@2=83N (P2E9::4 )* 9@H:83

CBH=@ 68 367=6C619=8:Q 29362E 8B L22? H? J68> =2J3 9ABH8 :B19: 1BFFH=68623 8>9= @6@ &NDN 9@H:83 b*??2=@6O0 .67HE2

McNY

">232 E23H:83 E2[H6E2 9 3BF2J>98 =H9=12@ 6=82E?E28986B=N (P2E9::4 E23?B=@2=83 1B=36@2E2@ 68 A28J22= e29362Eg

9=@ e8>2 39F2g 93 C6P2 Q29E3 97B 6= L22?6=7 H? J68> 6=CBEF986B= 9=@ =2J3 9ABH8 B=2_3 :B19: 1BFFH=68QN ">63

JBH:@ 322F 8B 6=@61982 8>98 E23?B=@2=83 @B =B8 ?2E126P2 9 ?EBA:2F J68> 8>2 9P96:9A6:68Q BC :B19: =2J3 9=@

6=CBEF986B=N #BJ2P2E4 8>2 3Q382F9861 82=@2=1Q BC =B=aEHE9: E236@2=83 8B 31BE2 1:B32E 8B 8>2 e29362Eg 19827BEQ 8>9=

W.BE 8>63 9=9:Q3634 eEHE9:g 63 @2C6=2@ 93 8>2 E23?B=32 8B 8>2 [H2386B=4 e)>61> BC 8>2 CB::BJ6=7 I$D" @231E6A23 8>2 ?:912 J>2E2

QBH =BJ :6P2qg ">B32 J>B 1>B32 e* EHE9: 9E29g J2E2 19827BE6B32 J>B 1>B32 e* :9E72 168Q4g e* 3HAHEA =29E

9 :9E72 168Q4g BE e* 3F9:: 168Q BE 8BJ=g J2E2 19827BE62 C67HE23 3>BJ= 6= 8>2 82O8 9=@ 6= 8>2 *??2=@6O0 J>2= 8>2 82O8 E2C2E3 8B 9 1BF?9E63B= 93 3>BJ6=7

e@6CC2E2=123g A28J22= 7EBH?34 8>B32 E2C2E 8B 3898638619::Q 367=6C619=8 @6CC2E2=123N `6P2= 8>2 :9E72 39F?:2 362 )* b-0 YY\c

9=@ &NDN b-0 XXTZc4 2P2= @6CC2E2=123 8>98 F9Q 9??29E 3F9:: 6= F97=68H@2 F9Q A2 3898638619::Q 367=6C619=8N )2 E232EP2 8>2 82EF

e=B @6CC2E2=12g 8B 8>B32 8>98 @B =B8 E291> 3898638619: 367=6C619=12N ">2 3898638619: 9=9:Q323 9E2 9P96:9A:2 AQ E2[H238 CEBF 8>2

9H8>BE3N


21/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABK

EHE9: E236@2=83 BC AB8> )* 9=@ &NDN 3H772383 8>2E2 9E2 367=6C619=8 72B7E9?>61aA932@ @6CC2E2=123 8>98 E2[H6E2

CHE8>2E 9=9:Q363N

*3 8>2 CB::BJ6=7 E23H:83 J6:: @2FB=38E9824 8>2 @63?9E68Q A28J22= EHE9: 9=@ =B=aEHE9: E236@2=83 ?2E36383 6= 682F3

E279E@6=7 8>2 CE2[H2=1Q BC BA896=6=7 :B19: =2J3 CEBF 8E9@686B=9: 9=@ =2J F2@69N ">232 @6CC2E2=123 @639??29E4 CBE

8>2 FB38 ?9E84 6= F293HE23 BC CE2[H2=1Q J68> J>61> 8>2Q 911233 38982 9=@ =986B=9: =2J3 F2@69N

9/BJ= 6= 8>2 A2:BJ C67HE24 EHE9: 9=@ =B=aEHE9: )* E236@2=83 E2?BE8 =29E:Q 8>2 39F2 CE2[H2=1Q J68> J>61> 8>2Q

BA896= :B19: =2J3 CEBF 8>2 ?E6=8 P2E36B= BC 9 :B19: =2J3?9?2EN

.BE 9:: E23?B=@2=834 8>2 9P2E972 CE2[H2=1Q BC H36=7 9 :B19: =2J3?9?2E 63 e32P2E9: 86F23 9 FB=8>Ng ">63 63 9

E293B=9A:2 E23?B=32 CBE EHE9: E236@2=83 J>B E2:Q B= J22L:Q =2J3?9?2E3N #BJ2P2E4 CBE =B=aEHE9: E23?B=@2=83 J68>

911233 8B 9 @96:Q =2J3?9?2E4 e32P2E9: 86F23 9 FB=8>g 63 [H682 :BJ4 ?2E>9?3 E2C:2186=7 8>2 @21:6=6=7 16E1H:986B= BC

F28EB?B:689= @96:Q =2J3?9?2E3N

">2 36F6:9E CE2[H2=1Q AQ J>61> EHE9: 9=@ =B=aEHE9: E23?B=@2=83 911233 :B19: =2J3?9?2E3 CBE =2J3 9ABH8 8>26E :B19:

1BFFH=68623 ?B6=83 8B 8>2 6F?BE89=8 EB:2 32EP2@ AQ :B19: J22L:Q =2J3?9?2E3 6= 8>2 :6P23 BC EHE9: E236@2=83N

">2 9@P2=8 BC =2J3?9?2E )2A 36823 63 BC82= ?B32@ 93 9 72B7E9?>QaAE6@76=7 821>=B:B7Q 8B 2E932 8>2 EHE9: ?2=9:8Q 6=

911233 8B :B19: =2J3 b#6=@F9=4 $E=384 r '61>9E@3B=4 XZZMcN ">2 E23H:83 6= *??2=@6O .67HE2 X 3>BJ 8>98 16862 =986B= E2?BE8 9112336=7 8>2 )2A 3682 BE FBA6:2 3682 BC 9 :B19: =2J3?9?2E 9:FB38 93 CE2[H2=8:Q 93 8>2Q

911233 8>2 ?E6=8 P2E36B=0 32P2E9: 86F23 9 FB=8>N

">2 ?9882E= BC @6CC2E2=123 A28J22= EHE9: 9=@ HEA9= E236@2=834 AB8> 6= )* 9=@ &NDNaJ6@24 9:3B 9??29E3 6= *??2=@6O

.67HE2 XN ">63 3>BJ3 8>98 EHE9: E236@2=83 6= )* 9=@ 8>2 &NDN F9L2 :233 CE2[H2=8 H32 BC 8>2 )2A 3682 BC 9 :B19:

=2J3?9?2E CBE :B19: =2J3 8>9= @B =B=aEHE9: E236@2=83N ,= 72=2E9:4 >BJ2P2E4 )* E236@2=83 F9L2 367=6C619=8:Q FBE2

CE2[H2=8 H32 BC :B19: =2J3?9?2E )2A 36823 8>9= @B &NDN 9@H:83N


22/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABB

)/4/F21209

"2:2P636B= 63 8>2 FB38 CE2[H2=8:Q 1682@ F29=3 AQ J>61> &NDN 9@H:83 BA896= =2J3 eQ2382E@9Qg b$@FB=@34 28 9:N4

XZMXcN ">2 E23H:83 CEBF 8>2 )* 3HEP2Q 9E2 P2EQ FH1> 6= L22?6=7 J68> 8>98 C6=@6=7i 8>2 9P2E972 CE2[H2=1Q BC

BA896=6=7 6=CBEF986B= 9ABH8 B=2_3 :B19: 1BFFH=68Q CEBF :B19: 82:2P636B= =2J3 AEB9@19383 63 1:B32E 8B e32P2E9:

86F23 9 J22Lg P2E3H3 e32P2E9: 86F23 9 FB=8>g CBE :B19: =2J3?9?2E3N ">2 C67HE2 A2:BJ 9:3B E2C:2183 8>2 82=@2=1Q BC:B19: =2J3 AEB9@19383 8B CB1H3 B= F28EB?B:689= 1BFFH=68623N 'HE9: E236@2=83 CEBF )* 9E2 367=6C619=8:Q :233

CE2[H2=8 H32E3 BC 82:2P636B= CBE :B19: =2J3 8>9= 9E2 =B=aEHE9: E236@2=83i =B 367=6C619=8 @6CC2E2=123 A28J22= 8>2 8JB

7EBH?3 B= 38982 9=@ =986B=9: =2J3N

)>2= 1BF?9E6=7 )93>6=78B= E236@2=83 J68> &NDN 9@H:834 *??2=@6O .67HE2 R 3>BJ3 8>98 EHE9: )* E236@2=83 9E2

367=6C619=8:Q :233 CE2[H2=8 H32E3 BC :B19: 82:2P636B= =2J3 8>9= 9E2 &NDN 9@H:83 9=@ &NDN EHE9: E236@2=83N ">2 :6L2:Q

2O?:9=986B= 63 8>2 1B=12=8E986B= BC :B19: 82:2P636B= 38986B=3 6= CBHE F96= F28EB?B:689= F9EL283 6= )* bD2988:2a"91BF94 D?BL9=2a;B2HE @_ *:2=24 ^9L6F9 9=@ "E6a;68623 bK931B4 G2==2J61L4 '61>:9=@c4 93 9:B=7 J68> 8>2 @BF6=986B=

BC 3BH8>J2382E= )* AQ 38986B=3 A932@ 6= KBE8:9=@4 ('4 J>61> :29P23 F9=Q =B=aF28EB?B:689= 1BFFH=68623

H=@2E32EP2@N

"2:2P636B= )2A 36823 @B =B8 =212339E6:Q E23H:8 6= FBE2 :B19: 1BP2E972 CBE EHE9: 9H@62=123N '2C:2186=7 8>63 :91L BC

:B19: E2:2P9=124 EHE9: )* E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC :B19: 82:2P636B= =2J3 )2A 36823 8>9= 9E2 EHE9:

E236@2=83 91EB33 8>2 =986B=N

6-.20

* F96=389Q BC :B19: =2J3 E2?BE86=7 >93 A22= 8>2 :B19: E9@6B 38986B=N *11BE@6=7:Q4 EHE9: )* E236@2=83 9E2 =B

@6CC2E2=8 CEBF =B=aEHE9: E236@2=83 6= 8>26E H32 BC :B19: E9@6BN #BJ2P2E4 *??2=@6O .67HE2 T 3>BJ3 8>98 )* E236@2=83

9E2 :233 CE2[H2=8 H32E3 BC :B19: E9@6B 8>9= 9E2 &NDN 9@H:834 ?2E>9?3 ?B6=86=7 8B 9 72=2E9: :91L BC :B19: E9@6B =2J3

CEBF )* E9@6B AEB9@19382E3N '23?B=@2=83 E2?BE8 9112336=7 :B19: =2J3 CEBF E9@6B e32P2E9: 86F23 9 FB=8>4g J>61>

63 9ABH8 8>2 39F2 E982 98 J>61> 8>2Q E29@ :B19: =2J3?9?2E3N ">63 322F3 :BJ CBE 9 F2@6HF 8>98 >93 8>2 ?B82=869:

CBE H?a8Ba8>2 F6=H82 1BP2E972 BC :B19: =2J3N

*??2=@6O .67HE2 U 3>BJ3 8>984 =986B=9::Q4 EHE9: E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC E9@6B )2A 36823 8>9= 9E2 =B=a

EHE9: E236@2=834 9=@ 8>2 39F2 >B:@3 CBE )* E236@2=83 BC EHE9: P2E3H3 =B=aEHE9: 9E293N )93>6=78B=69=3 6= 72=2E9: 9E2


23/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABC

:233 CE2[H2=8 H32E3 BC E9@6B )2A 36823 8>9= 9E2 9@H:83 91EB33 8>2 =986B=N ">2 CE2[H2=1Q 63 A28J22= e:233 CE2[H2=8:Q

b8>9= 32P2E9: 86F23 9 FB=8>cg 9=@ e=2P2ENg

">2 2F2E76=7 ?9882E= 63 8>98 EHE9: E236@2=83 9E24 6= 2CC2184 PB86=7 J68> 8>26E C228 AQ J9:L6=7 9J9Q CEBF :B19:

82:2P636B= 9=@ E9@6B 8B 9 7E2982E 2O82=8 8>9= 8>26E HEA9= 1BH=82E?9E83N ">2 2CC218 >B:@34 9=@ 6= 3BF2 19323 63

9F?:6C62@4 CBE )2AaA932@ P2E36B=3 BC 8>2 :B19: F2@69N ,= 3?682 BC 9??9E2=8:Q 3F9:: @6CC2E2=123 6= F97=68H@24 8>2

?9882E= 63 ?2E36382=8N ">2 CB::BJ6=7 C6=@6=73 CBE 2F2E76=7 3BHE123 BC :B19: =2J3 E26=CBE12 8>2 ?9882E= 2389A:63>2@

9ABP2N

29)/6"/6109-4 .21;711209

;BFFB=a32=32 2O?:9=986B=3 CBE 8>2 :91L BC EHE9: E2:69=12 B= :B19: 3BHE123 BC =2J3 3H77238 8>98 6=@6P6@H9:3 :6P6=7

=29EAQ 9 3F9:: ?B?H:986B= 3?E29@ 8>2 F9SBE68Q BC =2J3 P69 6=82E?2E3B=9: @631H336B= 9=@ 7B336? b#6=@F9= r

^9F9FB8B4 XZMMcN ">63 933HF234 >BJ2P2E4 8>98 9:: 6=@6P6@H9:3 9E2 1B==2182@ J68> 8>2 CE2[H2=8:Q 3F9:: 9=@ 6=3H:9E

?BJ2E 38EH18HE2 BC EHE9: 1BFFH=68623N ,=3829@4 @21636B=3 F9@2 9CC2186=7 :B19: 1686H3 ?E232EP6=7 8>2 BH8J9E@ 9??29E9=12 BC 1B=32=3H34 J>6:2 :6F686=7 ?HA:61

?9E8616?986B= 6= 1BFFH=68Q @21636B=aF9L6=7 b#6=@F9=4 MYYUi "61>2=BE4 5B=B>H2 r (:62=4 MYVZcN

">2 1HEE2=8 38H@Q 3>BJ3 8>98 EHE9: 16869= 9E2 8>26E =B=aEHE9: 1BH=82E?9E83N ,=3829@4 8>2 A2:BJ C67HE2 3>BJ3 8>2E2 J2E2

=B 367=6C619=8 @6CC2E2=123 E279E@6=7 :B19: =2J3 P69 6=82E?2E3B=9: @631H336B=N .HE8>2E4 )* EHE9: E236@2=83 J2E2 :233

CE2[H2=8 H32E3 BC 6=82E?2E3B=9: @631H336B= CBE 38982 9=@ =986B=9: =2J3 8>9= J2E2 =B=aEHE9: 16868 2O?218 8>98 ?:912aABH=@ E236@2=83 J>B 9E2 H=@2E32EP2@ AQ 8E9@686B=9: F2@69 JBH:@ 1BF?2=3982 P69

911233 8B =2JaF2@69 =2J3 3BHE1234 3H1> 93 :B19::Q E2:2P9=8 A:B73 BE 3B169: =28JBEL 36823N #BJ2P2E4 =2J 3BHE123 BC

6=CBEF986B= CBE :B19: =2J3 9E2 =B8 A26=7 9112332@ 93 CE2[H2=8:Q 93 8E9@686B=9: 3BHE1234 6=1:H@6=7 8>2 )2A 36823 BC

8E9@686B=9: 3BHE123 3H1> 93 E9@6B =2J3N

">2 A2:BJ C67HE2 3>BJ3 8>98 EHE9: 1686 :B19: 9=@ =986B=9: =2J3N


24/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABD

*??2=@6O .67HE2 V 3>BJ3 8>98 )* E236@2=83 BP2E9:: 9E2 FBE2 CE2[H2=8 H32E3 BC A:B73 CBE :B19: =2J3 8>9= 9E2 &NDNE236@2=83N ,8 9:3B 3>BJ3 8>98 EHE9: 16862E2 9E2 =B 367=6C619=8 @6CC2E2=123 A28J22= EHE9: 9=@ =B=aEHE9: 16862 E982 98 J>61> 8>2Q

911233 =986B=9: =2J3 CEBF 3B169: )2A 36823 b=B8 3>BJ=cN

'2?2986=7 8>2 ?9882E= BC EHE9: )* E236@2=83 9112336=7 :B19::Q E2:2P9=8 =2J3 :233 CE2[H2=8:Q CEBF AB8> 8E9@686B=9:

9=@ =2J F2@69 8>9= =B=aEHE9: )* E236@2=834 8>2 A2:BJ C67HE2 3>BJ3 8>98 EHE9: )* E236@2=83 9E2 :233 CE2[H2=8

H32E3 BC B=:6=2 =2J3 ?BE89:3 CBE :B19: =2J3N

*796=4 9 @6CC2E2=8 ?9882E= 2F2E723 6= 8>2 9ABP2 C67HE2 E279E@6=7 8>2 CE2[H2=1Q BC 9112336=7 6=CBEF986B= 9=@ =2J3

9ABH8 38982 9=@ =986B=9: 8B?613N ">2 ?9882E= 63 8>98 =B=aEHE9: 9=@ EHE9: @6CC2E2=123 @639??29E J>2= 68 1BF23 8B

9112336=7 38982 9=@ =986B=9: =2J3N ">63 3H??BE83 8>2 6@29 8>98 8>2 :BJ2E CE2[H2=1Q AQ J>61> EHE9: E236@2=83 911233

:B19: =2J3 63 =B8 9 E23H:8 BC 9 :91L BC 3L6:: BE ,=82E=28 911233 AH84 E98>2E4 8>2 E23H:8 BC 9 :91L BC 9P96:9A6:68Q BC :B19::Q

E2:2P9=8 =2J3N


25/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABE

*??2=@6O .67HE2 W E2?2983 8>98 ?9882E=0 'HE9: E236@2=83 =986B=J6@2 F9L2 :233 CE2[H2=8 H32 BC )2A 329E1> 2=76=23

CBE :B19: =2J3 8>9= @B =B=aEHE9: E236@2=83 =986B=J6@2N ,= 3?682 BC A26=7 6= 8>2 38982 8>98 63 >29@[H9E82E3 8B

%61EB3BC84 1E298BE BC ,=82E=28 $O?:BE2E 9=@ I6=74 EHE9: )* E236@2=83 H32 329E1> 2=76=23 :233 8>9= @B EHE9: 9@H:83

8>EBH7>BH8 8>2 1BH=8EQ4 9=@ )* E236@2=83 F9L2 :233 CE2[H2=8 H32 BC )2A 329E1> 2=76=23 CBE :B19: =2J3 8>9= @B

9@H:83 =986B=J6@2N ">63 63 6= 3?682 BC 8>2 C918 8>98 8>2E2 9E2 =B 367=6C619=8 @6CC2E2=123 A28J22= EHE9: 9=@ =B=aEHE9:)* E236@2=83 6= 9112336=7 8>2 ,=82E=284 6= E29@6=7 8>2 =2J3 B= 8>2 ,=82E=284 9=@ 6= BJ=6=7 9 12:: ?>B=2N

)68> 12:: ?>B=23 A21BF6=7 FBE2 HA6[H68BH3 8>9= ?2E3B=9: 1BF?H82E34 B=2 F67>8 2O?218 8>98 12:: ?>B=23 J6::

A21BF2 9 821>=B:B7Q 8>98 AE6@723 8>2 EHE9: k =B=aEHE9: @6P6@2N ">63 @B23 =B8 9??29E 8B A2 8>2 19324 >BJ2P2E4 6=

)93>6=78B= 38982N * 367=6C619=8:Q :9E72E ?EB?BE86B= BC =B=aEHE9: )* E236@2=83 E2?BE8 H36=7 8>26E 12:: ?>B=23 8B

911233 8>2 ,=82E=28 8>9= EHE9: E236@2=83 b\V ?2E12=8 =B=aEHE9: P3N XT?2E12=8 EHE9:cN ">63 F9Q ?B6=8 8B 9 :91L BC

911233 8B >67>a3?22@ FBA6:2 32EP612 6= EHE9: 9E293 BC 8>2 38982N

*3 3>BJ= 6= 8>2 C67HE2 A2:BJ4 8>2 9??9E2=8 ?EBA:2F BC 9 :91L BC 911233 8B >67>a3?22@ FBA6:2 32EP612 6= EHE9: 9E293

63 2O912EA986=7 @63?9E68623 6= 8>2 J9Q EHE9: E236@2=83 H32 FBA6:2 821>=B:B7623N IQ 9 J6@2 F9E76=4 EHE9: )* E236@2=83

9E2 :233 CE2[H2=8 H32E3 BC 12:: ?>B=23 8B E29@ B=:6=2 =2J3 8>9= 9E2 =B=aEHE9: 9H@62=123 be#BJ BC82=4 6C 2P2E4 @B

QBH H32 QBHE 12:: ?>B=2 8B E29@ B=:6=2 =2J3qgcN * 36F6:9E4 8>BH7> :233 @E9F98614 @6CC2E2=12 63 322= 6= 8>2 =986B=9:a

:2P2: C6=@6=73 6= 9=3J2E 8B 9 @61>B8BFBH3 [H2386B=4 e5B QBH 2P2E H32 QBHE 12:: ?>B=2 BE 89A:28 1BF?H82E 8B 7B

B=:6=2 CBE =2J3 BE 6=CBEF986B= 9ABH8 QBHE 1BFFH=68Q4g J>61> 3>BJ2@ \Z ?2E12=8 BC EHE9: E236@2=83 P2E3H3 \U

?2E12=8 BC =B=aEHE9: E236@2=83 9=3J2E6=7 eQ23Ng

:6/N7/9;= 0: 9/


26/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABG

9=@ @2P2:B?F2=8i 9=@ 3B169: 32EP6123 8>98 ?EBP6@2 9336389=12 J68> 8>6=73 :6L2 >BH36=74 CBB@4 >29:8> 19E2 9=@ 1>6:@

19E2N

-B8 3HE?E636=7:Q4 EHE9: )* E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC :B19: =2J3 9ABH8 8E9CC61 9=@ 8E9=3?BE8986B= 93 J2:: 93

9E83 9=@ 1H:8HE9: 2P2=834 3H1> 93 1B=12E834 ?:9Q3 9=@ FH32HF 2O>6A683N

'HE9: E236@2=83 9E2 :233 CE2[H2=8 H32E3 BC :B19: AE29L6=7 =2J3 8>9= 9E2 8>26E =B=aEHE9: 1BH=82E?9E83N ">63 63 9:3B =B8

3HE?E636=7 76P2= 8>2 82=@2=1Q BC EHE9: 9E293 8B A2 E2:986P2:Q [H628N '279E@:2334 J68> 9 @29E8> BC :B19: E2?BE86=74

8>2E2 63 =B E293B= CBE EHE9: E236@2=83 8B 322L :B19: AE29L6=7 =2J3 2P2= 6C 3BF28>6=7 >9??2=3N

09429/ -9. 9/< ,/.2- "-6)2;2"-)209

K2E>9?3 8>2 38EB=7238 ?9882E= BC @6CC2E2=123 A28J22= EHE9: 9=@ =B=aEHE9: E236@2=83 63 3>BJ= 6= 8>2 H32 AB8>

7EBH?3 F9L2 BC =2JaF2@69 821>=B:B7623 8>98 C916:68982 9186P2 ?9E8616?986B= 6= =2J3 1E2986B= 9=@ @6332F6=986B=4

@631H332@ 6= 8>2 =2O8 32186B=N

'HE9: 9=@ =B=aEHE9: @6CC2E2=123 9E2

9F?:6C62@ 6= F293HE23 BC 8>2 CE2[H2=1Q BC3>9E6=7 :B19:4 38982 9=@ =986B=9: =2J3 9=@

6=CBEF986B= P69 =2JaF2@69 3BHE1234 J68>

EHE9: E236@2=83 1BF6=7 H? 3>BE8 B= =29E:Q

9:: 6=@6198BE3N KE2P6BH3 E2329E1> 6=@619823

8>98 8>2 P938 F9SBE68Q BC B=:6=2 =2J3 9=@ @631H336B= 63 :6=L2@ 8B 8E9@686B=9: =2J3 BE79=62 2CC218 >B:@3 CBE B=:6=2 @631H336B=34 2F96:6=7

:6=L3 8B :B19: =2J3 38BE623 BE P6@2B34 89776=7 BE 19827BE626E 1BFFH=68623 P69 3B169: F2@69N

">232 C6=@6=73 ?B6=8 8B 8>2 38EH18HE9: ?EBA:2F BC 9 3Q382F9861 :91L BC 9CCBE@9A:2 FBA6:2 911233 6= EHE9: 9E293 93 J2::

93 9 :91L BC =2J3 6=CBEF986B= 1E2982@ AQ SBHE=9:6383N #BJ2P2E4 9 1BF?9E63B= BC ,=82E=28 3L6:: b#9E768896 r #362>4

XZMXc 3>BJ3 =B @6CC2E2=12 A28J22= EHE9: 9=@ =B=aEHE9: ?9E8616?9=83N ;BFA6=2@ J68> BHE C6=@6=73 CEBF 32186B= M4

J2 1B=1:H@2 8>2 :91L BC 9P96:9A6:68Q BC :B19: =2J3 9=@ 9CCBE@9A:2 9112334 23?2169::Q FBA6:2 ,=82E=28 9112334 63

:6F686=7 EHE9: 9@B?86B= BC B=:6=2 ?9E8616?98BEQ =2J3 9=@ @631H336B=N

'8.1= I$ .-4/3-294 84- 9?- 2-> ,-3/1 4/@2/6/0129=A =-44

6.-T8-29=A 9?12 9?-/. 272F.8.1= 07829-.


27/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABH

"042)2;-4 >90232 C6=@6=73 3H??BE8 8>2 BA32EP986B= 8>98 E236@2=83 9E2 =B8 :91L6=7 6= 9A6:68Q BE 6=82E238 6= =2J3N ">2 ?EB:6C2E986B=

BC =986B=9::Q BE62=82@ =2J3 >93 E23H:82@ 6= EHE9: 9=@ =B=aEHE9: 16869P6=7 2[H6P9:2=8 :2P2:3 BC =986B=9: ?B:68619:

L=BJ:2@72N


28/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABI

'HE9: 9=@ =B=aEHE9: )* E236@2=83 9:3B 3>BJ2@ =B 367=6C619=8 @6CC2E2=123 6= :B19::Q E2:2P9=8 L=BJ:2@72 6=1:H@6=7 8>2

=9F23 BC 8>26E 38982_3 E2?E232=8986P23 8B 8>2 &NDN D2=9824 8>26E 1B=7E2336B=9: @638E618_3 E2?E232=8986P2 8B 8>2 &NDN

#BH324 9=@ 8>2 =9F23 BC 8>26E F9QBE 9=@ 31>BB: 3H?2E6=82=@2=8N

,= CHE8>2E 9=9:Q3634 >BJ2P2E4 :B19::Q E2:2P9=8 L=BJ:2@72 J93 3>BJ= 8B A2 ?E2@6182@ AQ 8>2 CE2[H2=1Q BC 2O?B3HE2

8B :B19: =2J3 3BHE1234 2P2= J>2= 1B=8EB::6=7 CBE

@2FB7E9?>61 P9E69A:23 9=@ ?:912 BC E236@2=12N

">232 C6=@6=73 >67>:67>8 8>2 6F?BE89=12 BC :B19:

=2J3 6= ?EB@H16=7 6=CBEF2@ 168626E ?:912 BC E236@2=12i 8>B32 J>B 9882=@ 8B :B19:

F2@69 8>2 FB38 >9P2 >67>2E :2P2:3 BC :B19::Q

E2:2P9=8 L=BJ:2@72N

">2 C6E38 32186B= BC 8>63 38H@Q >93 3>BJ= 8>98 EHE9: E236@2=834 6= 72=2E9:4 9882=@ 8B :B19: F2@69 :233 CE2[H2=8:Q 8>9=

8>26E =B=aEHE9: 1BH=82E?9E83N +233 CE2[H2=8 9882=86B= 8B :B19: =2J3 9FB=7 EHE9: E236@2=83 1E29823 8>2 ?B82=869: CBE

8>2 2F2E72=12 BC EHE9: P3N =B=aEHE9: @63?9E68623 6= :B19::Q E2:2P9=8 L=BJ:2@72N ">63 ?B82=869: @63?9E68Q4 3>BH:@ 68

B11HE4 JBH:@ =B8 A2 8>2 E23H:8 BC 9 :91L BC 6=82E238 BE 9 :91L BC 3L6:: AH84 6=3829@4 8>2 E23H:8 BC 9 :91L BC :B19: =2J3 6=

EHE9: 9E293N

+?74- >?7 07248,- =701= ,-3/1

?1C- ?/@?-. =-C-=4 76 =701==A .-=-C129 E27>=-3@-D


29/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ABJ

\N;(-;+&D,(-

IEB9@A9=@ 63 9 1E68619: ?HA:61 6=CE938EH18HE2 B= ?9E J68> ?HA:61 EB9@3 9=@ >67>J9Q3N KHA:61 9=@ ?E6P982 6=P238F2=83

6= AEB9@A9=@ 6=CE938EH18HE2 J6:: 1B=86=H2 8B ?EBP6@2 C9382E 911233 8B 8>2 ,=82E=284 FBP6=7 FBH=896=3 BC

6=CBEF986B= 98 9= 2P2Ea7E2982E ?912N

IH8 AEB9@A9=@ 2O?9=36B= @B23 =B8 2=3HE2 @67689: :682E91QD*3 6=CE938EH18HE2 1B=86=H23 8B 6F?EBP24 ?HA:61 BCC6169:3

9=@ 6=@H38EQ :29@2E3 FH38 2F?>9362 6F?BE89=12 BC 6F?EBP6=7 @67689: :682E91Q 9=@ :BJ2E6=7 21B=BF61 A9EE62E3

8B AEB9@A9=@ 9@B?86B=4 ?9E861H:9E:Q 6= :BJa6=1BF2 9E293 9=@ EHE9: 9E293N

)68>BH8 6=P238F2=83 6= @67689: :682E91Q4 8>2 38982_3 @67689: @6P6@2 F9Q =B8 A2 1:B32@ 9=@4 6= C9184 EH=3 8>2 E63L BC

J6@2=6=7N *=@ J68>BH8 9= 2CCBE8 8B E2CB1H3 B= :B19: =2J3 1BP2E972 6= EHE9: 9E2934 8>2 38982_3 6=CBEF986B= A:91L

>B:23 F9Q =2P2E A2 C6::2@N

">2 9112:2E986=7 3?22@ BC 821>=B:B7619: @2P2:B?F2=83 E2[H6E23 9 1B=12E82@ 2CCBE8 8B 2@H1982 8>2 ?HA:614

?B:61QF9L2E3 9=@ SBHE=9:6383 9ABH8 8>2 ?EBF632 >2:@ AQ 8>2 38982_3 2O?9=@6=7 AEB9@A9=@ 6=CE938EH18HE2N

.EBF EHE9: 8BJ=3 8B 8>2 38982 ;9?68B:4 ?HA:61 BCC6169:3 FH38 H=@2E389=@ 8>2 EB:2 BC 821>=B:B7Q 6= C916:68986=7 9=

6=CBEF2@ 16869?6=7 ?HA:61 2@H1986B= 3Q382F3N ,C ?HA:61 BCC6169:34 =2J3

F2@69 9=@ 1BFFH=68623 @B =B8 89L2 68 H?B= 8>2F32:P23 8B :29E= 9ABH8 9=@ 7EBJ J68> 821>=B:B7Q4 8>2= 8>2Q

2CC2186P2:Q ?2E?28H982 8>2 @67689:

@6P6@2 8>EBH7> 6=9186B=N *3 9 E23H:84

8>2 38982 F9Q 2O?2E62=12 9 7E2982E

32?9E986B= A28J22= 683 FB38 @67689::Q

6=CBEF2@ 1686B32

8E96:6=7 6= 8>2 J9L2 BC 821>=B:B7619:

9@P9=123N

.HE8>2E4 2F2E76=7 821>=B:B7Q >93 8>2

19?9168Q 8B ?EBP6@2 6=CBEF986B=4 AH8 =2J3 F2@69 9E2 =22@2@ 8B 1HE982 8>98 6=CBEF986B=4 ?EBP6@2 1B=82O8 9=@

?EB@H12 1BF?E2>2=36A:2 1B=82=8 CBE EHE9: 1BFFH=68623N ,=@22@4 FBE2 9=@ FBE2 16869P2 3>EH=LN

,= EHE9: )93>6=78B=4 :B19: =2J3 E2F96=3 8>2 A91LAB=2 BC 1BFFH=68Q SBHE=9:63FN *3 AEB9@A9=@ 911233 9=@

9@B?86B= 1B=86=H23 8B 3?E29@4 EHE9: SBHE=9:6383 19= F9L2 8>2F32:P23 2P2= FBE2 6=@63?2=39A:2 8B 8>26E

1BFFH=68623N 'HE9: SBHE=9:6383 3>BH:@ EBH86=2:Q 3>9E2 A238 ?E9186123 J68> 291> B8>2E 9=@ 322L J9Q3 8B E2126P2 =2J

@67689: 8E96=6=7 6= ?9E8=2E3>6? J68> B8>2E ?EBC2336B=9: F2@69 9=@ 8>2 38982_3 SBHE=9:63F 2@H198BE3N ">2Q CBEF 8>2

1BE2 BC 6=CBEF2@4 :682E982 EHE9: 1BFFH=68623 6= )93>6=78B=N

I/9?789 /2C-49,-29 /2 3/@/91= =/9-.10A: 9?- 3/@/91= 3/C/3- ,1A

2-C-. G- 0=74-3X >/9?789 1 2-> 67084 72 .8.1= 2->4 07C-.1@-:

I14?/2@972B4 /267.,19/72 G=10E ?7=-4 ,1A 2-C-. G- 6/==-3D


30/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACL

TN'(&-5"*I+$ K*'",;,K*-"D

OIQ 3218BEc

`(/$'-%$-"

MN %1;BQ4 '2?N hB>=N ;>96E4 "21>=B:B7Q4 $=2E7Q r ;BFFH=61986B=3 ;BFF688224 )* :2763:98HE2

XN '9Q4 .E62@9N IEB9@A9=@ KEB7E9F3 (H8E291> ;BBE@6=98BE4 )* IEB9@A9=@ (CC612

;,",s$-

RN *??2:4 5B=N )>68F9= ;BH=8Q :6AE9EQ 3Q382F "21>=B:B7Q *@F6=638E98BE

\N G6EL?98E61L4 GE63862N )>68F9= ;BH=8Q :6AE9E69=

TN +9H7>Q4 +6=JBB@N '286E2@ EHE9: 31>BB: 3H?2E6=82=@2=8

UN 'B32=A2E74 %988N KHA:61 5989 .2EE28

VN )H4 *=72:9N %BP2a,8 (=:6=2 bCBEF2E ?B:61Q 9=@ ?EB7E9F3 @6E218BE4 )* IEB9@A9=@ (CC612c

%$5,*

WN *:CBE@4 IH81>N KHA:63>2E4 +?-%->/4972 +./G82-

YN 561L2E3B=4 I21LQN $@68BEjKHA:63>2E4 +?- K7,,82/9A K8..-29 #->46=78B= -2J3?9?2E KHA:63>2E3 *33B16986B=

"$+$;(%

MTN IH1L:2Q4 I288QN $O21H86P2 /612 KE236@2=84 )* ,=@2?2=@2=8 "2:21BF *33B16986B=

MUN ;B==4 59P6@N /612 KE236@2=84 D8982 '27H:98BEQ r KB:61Q4 "a%BA6:2 &D*

MVN

5BHF684 %6:8N /612 KE236@2=8 BC $O82E=9: *CC96E3 9=@ KHA:61 KB:61Q4 /2E6J238MWN #2=3B=4 %6L2N -BE8>J238 (?2= *11233 -28JBEL b-(*-$"c

MYN %96=4 'B=N $O21H86P2 56E218BE4 IEB9@A9=@ ;BFFH=61986B=3 *33B16986B= BC )*

XZN )BB@4 D82P2N )93>6=78B= "21>=B:B7Q ,=@H38EQ *33B16986B=

XMN ^BHF9=34 59=N KE236@2=84 *"r" )93>6=78B=

;(-/$-$'D b%&''() ;(++$`$c

XXN D>BE34 I2=S9F6=N ;:6=619: 9336389=8 ?EBC233BE

XRN *8JBB@4 IE288N ;:6=619: 933B16982 ?EBC233BE

X\N #6=@F9=4 5BH7:93 I:9=L3N *33B16982 ?EBC233BE

XTN #6=@F9=4 $:6 I:9=L3N *33B16982 ?EBC233BE

XUN K6=89L4 +9JE2=12N .BH=@6=7 @29=

XVN

I29F4 %61>92:N *336389=8 ?EBC233BE

(ID$'/$'D

XWN *=@2E3B=4 $E6=N /2E684 G9QN ;ID4 E286E2@ b%HEEBJ 9:HF=9c

RZN K91>21B4 G268>N /2E64 59P6@N *"r" *:93L9 b%HEEBJ 9:HF=H3c

RXN ;>9E:38B=4 D1B88N /2E6


31/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACK

UN'$D$*';# %$"#(5D

">2 )93>6=78B= 38982 9@H:8 39F?:2 J93 1BF?E632@ BC YYT 9@H:83 972 MWt 6=P682@ AQ uH9:8E613 9=@ 683 B=:6=2 39F?:2

?EBP6@2E3 8B ?9E8616?982 6= 8>2 3HEP2Q 6= 2O1>9=72 CBE ?B6=83 8>98 19= A2 2O1>9=72@ CBE E2J9E@34 3H1> 93 FB=2Q BE

682F3N ">2 39F?:2 6=1:H@2@ 9= BP2Ea39F?:2 BC XZZ EHE9: E23?B=@2=83 8B 9::BJ CBE 3HCC6162=8 3898638619: ?BJ2E CBE

1BF?9E63B=3 J68> =B=aEHE9: E236@2=83N

-29E:Q R4ZZZ ?9E8616?9=83 A279= 8>2 3HEP2QN '23?B=@2=83 J2E2 @63[H9:6C62@ CBE0 =B8 1BF?:286=7 8>2 3HEP2Qi 89L6=7

8BB :B=7 BE =B8 2=BH7> 86F2 8B 1BF?:282 3?216C61 682F3i BE =B8 F2286=7 @2FB7E9?>61 89E7283 3H1> 93 9724 )*

E236@2=12 BE 32ON ">2 1BF?:286B= E982 J93 RRN\ ?2E12=8N

K9=2: F2FA2E3 J2E2 E9=@BF:Q 39F?:2@ CEBF [HB89 7EBH?3 8B ?EB@H12 9 C6=9: 39F?:2 8>98 J93 1BF?9E9A:2 8B 8>2

XZMZ )93>6=78B= 38982 12=3H3 ?9E9F282E3 CBE 9724 32O 9=@ E912N

*3 8>2 89A:2 A2:BJ 3>BJ34 8>2 )* 39F?:2 J93 3:67>8:Q :BJ2E 6= 8>2 QBH=7238 972 19827BEQ4 J68> YNW ?2E12=8 6= 8>2

MWaX\ 7EBH? P2E3H3 MXNU ?2E12=8 6= 8>2 XZMZ &NDN ;2=3H34 9=@ 3:67>8:Q >67>2E 6= 8>2 )* TZaU\ 9=@ UTt 972

19827BE623 8>9= 6= 8>2 XZMZ &NDN ;2=3H3N

">2 )* 39F?:2 J93 1BF?9E9A:2 8B 8>2 ;2=3H3 ?9E9F282E3 CBE 32ON

.BE E9169: 19827BE6234 8>2 )* 39F?:2 >9@ 9 >67>2E ?2E12=8972 BC )>6823 bWXNU ?2E12=8 P3N VVNR ?2E12=8c 8>9= 8>2

XZMZ &NDN ;2=3H34 9=@ 9 367=6C619=8:Q :BJ2E ?2E12=8972 BC #63?9=613 bRNY ?2E12=8 6= )* P2E3H3 MMNX ?2E12=8 CBE 8>2

XZMZ &NDN ;2=3H3cN "9E7286=7 9 E2?E232=8986P2 39F?:2 BC #63?9=613 J93 =B8 C2936A:2 J68> 8>2 AH@728 @2PB82@ 8B 8>2

3HEP2QN

5H2 8B 8>2 :9E72 6=1E2932 6= E2:69=12 BC 12::H:9E ?>B=23 9=@ 8>2 ,=82E=28 93 ?E6F9EQ 1BFFH=61986B= BH8:2834

23?2169::Q CBE QBH=7 ?2B?:24 E9=@BF @6768 @69:6=7 63 =B :B=72E 9 C2936A:2 F28>B@ 8B E291> 9 ?EBA9A6:68Q 39F?:2

bD1>9CC=2E4 XZMMcN ">2E2 63 B=7B6=7 @2A982 6= 8>2 3HEP2Q 3162=12 1BFFH=68Q 9ABH8 >BJ 8B A238 E23B:P2 E212=8

1>9::2=723 8B 798>2E6=7 E2?E232=8986P2 39F?:23N %981>2@ [HB89 B?8a6= ,=82E=28 ?9=2:3 ?EBP6@2 9= 9:82E=986P2

39F?:6=7 F28>B@ 8B E291> F2FA2E3 CEBF 9 ?B?H:986B=N DBF2 P9:6@986=7 3HEP2Q E2329E1> >93 CBH=@ :688:2 8B =B

@6CC2E2=12 6= 82EF3 BC E23?B=32 [H9:68Q J>2= 1BF?9E6=7 B?8a6= [HB89 39F?:23 8B 8E9@686B=9: ?EBA9A6:68Q 39F?:6=7

821>=6[H23 bD9=@2E34 ;:9EL4 r D82J9E84 XZZVi *=3B:9A2>2E2 r D1>9CC=2E4 XZMMcN (8>2E3 >9P2 CBH=@ >67>2E :2P2:3 BC

2EEBE 6= 8>63 1BF?9E63B= b6N2N4 ;>9=7 r GEB3=61L4 XZZYi ^2972E GEB3=61L4 ;>9=74 h9P68


32/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACB

)>682 VVNXV WXNU

I:91L RNTV R

*369= VNMT T

#63?9=61 MMNX\ RNY

(8>2EjF6O2@ E912 \NW

%2@69= #BH32>B:@

,=1BF2v nTV4X\\ nTZG a nVTG

DBHE1230 v&NDN ;2=3H3 IHE29H4 *F2E619= .918a.6=@2EN "B?6130 K2B?:24 ,=1BF2 9=@ $9E=6=73 b,=@6P6@H9:3cN

`2B7E9?>6230 )*N XZZUaXZMZ *F2E619= ;BFFH=68Q DHEP2Q Ta^29E $386F9823N &NDN ;2=3H3 IHE29H4 XZMZ ,=82E9186P2

KB?H:986B= D29E1>0 )* k )93>6=78B=N >88?0jjXZMZN12=3H3N7BPjXZMZ12=3H3j?B?F9?j6?F82O8N?>?qC:wTR


33/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACC

VN'$.$'$-;$D

*=3B:9A2>2E24 DN r D1>9CC=2E4 IN bXZMMcN '2a2O9F6=6=7 8>2 P9:6@68Q BC @6CC2E2=8 3HEP2Q FB@23 CBE F293HE6=7 ?HA:61

B?6=6B= 6= 8>2 &N DN0 .6=@6=73 CEBF 9 XZMZ FH:86aFB@2 1BF?9E63B=N b;;$D )BEL6=7 K9?2EcN ;9FAE6@724 %*0

%,"N

I2=L:2E4 ^N bXZZUcN +?- >-1=9? 76 2-9>7.E4] ^7> 470/1= 9=74 +N r GEB3=61L4 hN *N bXZZYcN -986B=9: 3HEP2Q3 P69 '55 82:2?>B=2 6=82EP62J6=7 P2E3H3 8>2 ,=82E=280 ;BF?9E6=7

39F?:2 E2?E232=8986P2=233 9=@ E23?B=32 [H9:68QN )8G=/0 *H24 `N*N4 "61>2=BE4 KNhN4 9=@ (:62=4 ;N-N bMYWUcN %28EB @96:Q ?H::A91L3 9=@ L=BJ:2@72 79?3 J68>6= 9=@

A28J22= 1BFFH=68623N ;BFFH=61986B= '2329E1> MR4 \TRa\YRN

5Q:LB4 ,N4 I29F4 %N *N4 +9=@E2P6::24 GN 5N4 r `26@=2E4 -N )N b6= ?E233cN .6:82E6=7 XZZW ?E236@2=869: 2:2186B= =2J3 B=

^BH"HA2 AQ 2:6823 9=@ =B=a2:68230 *= 2O9F6=986B= 6= 8>2 @2FB1E9862 ,=82E=28N #->

[-3/1 b J70/-9AD

$@FB=@34 'N4 `H3L6=4 $N4 'B32=3862:4 "N r %681>2::4 *N bXZMXcN -2J3?9?2E30 IH6:@6=7 @67689: E2P2=H23 ?EBP23 ?96=CH::Q

3:BJN ">2 K2J '2329E1> ;2=82E_3 KEBS218 CBE $O12::2=12 6= hBHE=9:63F0 ">2 38982 BC 8>2 -2J3 F2@69 XZMXN

>88?0jj38982BC8>2F2@69NBE7jXZMXj=2J3?9?2E3aAH6:@6=7a@67689:aE2P2=H23a?EBP23a?96=CH::Qa3:BJj

#9E7688964 $N r #362>4 ^N KN bXZMXcN DH116=18 3HEP2Q F293HE23 BC J2AaH32 3L6::3N J70/1= J0/-20- K7,9E@3B=4 %N bXZZMcN ">2 EHE9:aHEA9= 79? 6= 1BFFH=68Q =2J3?9?2E 2@68BE3f H32 BC

6=CBEF986B= 821>=B:B7623N [144 K7,,82/019/72 b J70/-9A: dbXc4 M\Y MU\N

#6=@F9=4 5N r ^9F9FB8B4 %N bXZMMcN DB169: 19?689: 6= 9 1BFFH=68Q 1B=82O80 * FH:86:2P2: 9=9:Q363 BC 6=@6P6@H9:a 9=@

1BFFH=68Qa:2P2: ?E2@618BE3 BC 3B169: 8EH38N [144 K7,,82/019/72 b J70/-9A: ed4 WRWaWTUN

K9??2E4 'N bXZMMcN XZMM "/ 9=@ E9@6B =2J3 389CC6=7 9=@ ?EBC689A6:68Q 3HEP2QN '9@6B 9=@ "2:2P636B= 567689: -2J3

*33B16986B=N >88?0jjJJJNE8@=9NBE7j?9723jF2@69x682F3jXZMMa8Pa9=@aE9@6Ba=2J3a389CC6=7a9=@a

?EBC689A6:68Qa3HEP2QXZRRN?>?q6@wXZRR

K2J ,=82E=28 9=@ *F2E619= +6C2N bXZMM4 h9=H9EQ McN h9=H9EQ XZMM0 +B19: =2J3N '28E62P2@ CEBF

>88?0jj?2J6=82E=28NBE7jD>9E2@a;B=82=8j5989aD283jXZMMjh9=H9EQaXZMMaa+B19:a-2J3N93?ON

D9=@2E34 5N4 ;:9EL24 #N 5N4 D82J9E84 %N ;N4 )>682:2Q4 KN bXZZVcN 5B23 FB@2 F9882E CBE FB@2:6=7 ?B:68619: 1>B612q

$P6@2=12 CEBF 8>2 XZZT IE6863> 2:2186B= 38H@QN )7=/9/01= $21=A4/4: eO4 XTVaXWTN

D1>9CC=2E4 IN .N bXZMMcN KB::6=70 ,==BP986B=3 6= 3HEP2Q E2329E1>N ,= DN GN %2@P61 b$@Nc4 -2J @6E2186B= 6= 19F?967=3

9=@ 2:2186B=3 b??N RYaTWcN -2J ^BEL0 'BH82:2@72N

D1>J9=A21L4 IN r D1>J9=A21L4 GN bXZMM4 D2?82FA2E XXcN 'H==6=7 B= 2F?8Q0 ">2 AE96= @E96= 6= :B19: "/ =2J3N

lP6@2B E21BE@6=7mN >88?0jjJJJNQBH8HA2N1BFjJ981>qPw=*.?`;G:R%7
http://stateofthemedia.org/2012/newspapers-building-digital-revenues-proves-painfully-slow/http://stateofthemedia.org/2012/newspapers-building-digital-revenues-proves-painfully-slow/


34/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACD

"61>2=BE4 KN4 5B=B>H24 `N4 r (:62=4 ;N bMYVZcN ;BFFH=68Q 1B=C:618 9=@ 8>2 ?E233N I2P2E:Q #6::30 D972N

^9F9FB8B4 %N bXZMXcN ;BFFH=68Q =2J3?9?2E3 93 9 F91EBa:2P2: 3BHE12 BC 3B169: 1B=8EB:N &=?HA:63>2@ @B18BE9:

@6332E8986B=N )93>6=78B= D8982 &=6P2E368QN

^2972E4 5N DN4 GEB3=61L4 hN *N4 ;>9=74 +N4 h9P68B=2 3HEP2Q3 9=@ ,=82E=28 3HEP2Q3 1B=@H182@ J68> ?EBA9A6:68Q 9=@

=B=?EBA9A6:68Q 39F?:23N )8G=/0 *


35/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACE

WN*KK$-5,]

.67HE2 MN 56CC61H:8Q BC L22?6=7 H? J68> 6=CBEF986B= 9=@ =2J3 9ABH8 QBHE :B19: 1BFFH=68Q 8B@9Q 1BF?9E2@ 8B C6P2

Q29E3 97B4 AQ E236@2=12 9=@ 39F?:2N


36/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACG

.67HE2 XN -2J3?9?2E )2A 3682 H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


37/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACH

.67HE2 RN "2:2P636B= H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


38/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACI

.67HE2 \N "2:2P636B= )2A 3682 H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


39/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ACJ

.67HE2 TN '9@6B H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


40/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ADL

.67HE2 U0 '9@6B )2A 3682 H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


41/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ADK

.67HE2 VN &32 BC A:B73 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


42/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ADB

.67HE2 W0 D29E1> 2=76=2 H32 CBE :B19: =2J3 9=@ 6=CBEF986B=4 AQ E236@2=12 9=@ 39F?:2N


43/43

,7660< ?676-4 29:06,-)209 9//.1@6/"06)ADC

YN*I(&" "#$ %&''() ;(++$`$

">2 $@J9E@ 'N %HEEBJ ;B::272 BC ;BFFH=61986B= 98 )93>6=78B= D8982 &=6P2E368Q 63 6= 9 H=6[H2 ?B3686B=

8B 3?29E>29@ 9= 2CCBE8 8B E28>6=L 8>2 E2:986B=3>6? A28J22= 8>2 8E9@686B=9: F2@694 8>2 38982_3 @67689:

@E6P2E34 8>2 E276B=_3 CBH=@986B=3 9=@ )93>6=78B=_3 1686 9 E9?6@:Q 2F2E76=7 FH:86a?:98CBEF @67689: CB1H3N

%HEEBJ B?2E9823 J>98 63 ?EBA9A:Q 8>2 :9E7238 1B::272aA932@ =B=?EBC68 AEB9@19386=7

BE79=62 1BH=8EQ4 1B=36386=7 BC KID 38986B=3 6= 8JB 168623 b>88?0jjLJ3HNBE7jc 9=@

-BE8>J238 KHA:61 '9@6B b>88?0jjJJJN=J?ENBE7jc4 J>61> AEB9@19383 B= XT -K' 38986B=3 9=@

8E9=3:98BE3 6= )93>6=78B=4 ,@9>B 9=@ ?9E83 BC (E27B=N

">2 CBB8?E6=8 BC 8>232 AEB9@1938 ?EB?2E8623 A:9=L283 8>2 12=8E9: 9=@ J2382E= ?BE86B=3 BC

)93>6=78B= 389824 J>61> 9E2 8>2 :2938 1BP2E2@ AQ 1BFF2E169: F2@69i 9=@ -)K' >93 9

367=6C619=8 ?E232=12 6= 8>2 D2988:2 F28EB 9=@ =BE8>2E= 1B9389: 9E2934 93 J2:: 93 (:QF?694 8>219?689:N

)D& >93 CBHE 19F?H323 91EB33 8>2 38982 9=@ 9= 2F2E76=7 ?E232=12 6= 8>2 8BJ= BC $P2E2884

9ABH8 RZ F6:23 =BE8> BC D2988:2N

Murrow Rural Info Initiative

Documents

Transcript of Murrow Rural Info Initiative