brief of international table tennis federation in support of motion for summary judgment

#$%$&'!$("

>Uj]X Q+ L]j_]b %Xkf]j_]b9XYVYjc]gY+Wca&DYfYam @Y][Y`gcb %^ZY][Y`gcb9XYVYjc]gY+Wca&=\Uf`Yg Q+ <UlhYf %WkVUlhYf9XYVYjc]gY+Wca&>?<?PICM? # JFCGJNIH FFJ6.6 N\]fX ;jYbiYHYk Rcf_) HYk Rcf_ .--//%/./& 6-6*3/0- %d\cbY&%/./& 2/.*4/0- %ZUl&

'QQMOLCUP DMO *CDCLB?LQ ?LB )MRLQCOAJ?GK$5J?GLQGDD

/LQCOL?QGML?J 8?@JC 8CLLGP ,CBCO?QGML

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * lM;H>G;H N;<F? N?HHCM) FF=)

JÙ]bh]ZZ UbX =cibhYfWÙ]a*>YZYbXUbh)

j+

CHN?LH;NCIH;F N;<F? N?HHCM@?>?L;NCIH)

>YZYbXUbh UbX =cibhYfWÙ]a*JÙ]bh]ZZ)

j+

FCKOC>CNR QILEM) CH=+)

=cibhYfWÙ]a*>YZYbXUbh+

7777777777777777

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * l

.. =]j+ .-36 %LDB&

2==/Y< 6.68;*7->6 8/ 5*@ 27 <>998;= 8/ 2=<

68=287 /8; <>66*;A 3>-06.7=

Case 1:11-cv-01069-KBF Document 18 Filed 10/31/11 of 29

]#$%$&'!$("

N;<F? I@ =IHN?HNM

JfY`]a]bUfm MhUhYaYbh++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.

ObX]gdihYX @UWhg++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++0

;f[iaYbh +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++4

C+ M;H>G;H CM CH PCIF;NCIH I@ F;HB;G ;=N v M?=NCIH 10%;& +++++++++++4

;+ MUbXaUbqg igY cZ rQcf`X =\Uad]cbg\]ds Ug h\Y bUaY cZ U df]jUhY)WcaaYfW]U`) ibgUbWh]cbYX YjYbh ]g ]b\YfYbh`m XYWYdh]jY+++++++++++++++++++++++++++++++++++++++++5

<+ MUbXaUbqg QILF> =B;GJCIHMBCJ I@ JCHA JIHA ]bZf]b[YgCNN@qg hfUXYaUf_ ]b QILF> N;<F? N?HHCM =B;GJCIHMBCJM+++++++++++++++++++6

.+ CNN@ \Ug jU`]X UbX YbZcfWYUV`Y hfUXYaUf_ f][\hg ++++++++++++++++++++++++++++++++++++++++6

/+ MUbXaUbqg aUf_ ]g cVj]cig`m ]bZf]b[]b[ +++++++++++++++++++++++++++++++++++++++++++++++++++.0

CC+ M;H>G;H CM FC;<F? IH CNN@qM MN;N?*F;Q =IOHN?L=F;CGM+++++++++.5

CCC+ M;H>G;H <LIE? ; =IHNL;=NO;F JLIGCM? NI =B;HA?NB? H;G? I@ CNM ?P?HN++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/-

;+ MUbXaUb U[fYYX bch hc igY QILF> =B;GJCIHMBCJ I@ JCHA JIHAVih X]X gc UbmkUm) k\]`Y CNN@ id\Y`X ]hg YbX cZ h\Y VUf[U]b +++++++++++++++++++++++++++++++/-

<+ MUbXaUbqg UggYfh]cb cZ rXifYggs ]g Zf]jc`cig ++++++++++++++++++++++++++++++++++++++++++++++++++++++++//

=cbW`ig]cb +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/2


]]#$%$&'!$("

N;<F? I@ ;ONBILCNC?M

,*<.<

(?LDD# 1QB% S% ,CBCO?QCB *CNVQ 7QMOCP# /LA%) 51. @+/X 153 %/X =]f+ .655& +++++++++++++++++++++++++++++++.1) .3

(CF?ECL S% 'K?QCRO (?PICQ@?JJ 'PPMA% MD QFC 9LGQCB 7Q?QCP) 551 @+/X 2/1 %.-h\=]f+ .656& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0

)?NGQMJ 6CAMOBP# /LA% S% <GLEP *GEGQ?J )MON%) /.5 @+ Midd+ /X /5- %?+>+H+R+/--/& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.6

)CLQ?RO )MKKAVLP# 1QB% S% '&7&2 )MKKAVLP# /LA%) 50- @+/X ./.4 %/X =]f+ .654& ++++++++++++6) .-) ./

*?SGP ! 'PPMAP% S% .C?JQF 2EKQ% 7SAP%) .35 @+ Midd+ /X .-6 %M+>+H+R+ /--.& +++++++++++++++++++++++++++/1

+ROMNC?L 7AF% MD +AML% ,MRLB% S% 8CILMJMHG .MJBGLEP '%7%) Hc+ -5 =]j+ //02%NJA&) /-.. QF .41/-.4 %M+>+H+R+) GUm 1) /-..& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/-

,RLB MD ,RLBP# 1QB% S% ,GOPQ 'K% ,RLB MD ,RLBP# /LA%) /41 @+ Midd+ 2.4 %M+>+H+R+.634& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++..) .5

-OMPP S% (?OC +PACLQR?JP (C?RQU# /LA%) 31. @+ Midd+ /X .42 %M+>+H+R+ /--5&+++++++++++++++++++++++++++++.3

-RGLLCPP 9LGQCB *GPQGJJCOP ! ;GLQLCOP (%;% S% 'LFCRPCO$(RPAF# /LA%) Hc+ -/ =CP+-53. %FGG&) /--/ QF .2105.4 %M+>+H+R+) Di`+ ./) /--/&+++++++++++++++++++++++++++++++++++++++++++++++++++.5

-RO?OU S% <GLCFMRPC) .6- @+0X 04 %/X =]f+ .666& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/

.?LAMAI S% 'KCOGA?L 7QCCJ ! <GOC )M%) /-0 @+/X 404 %=+=+J+;+ .620& ++++++++++++++++++++++++++++++++++++++.3

.CGPK?L 8OMNFU 8ORPQ S% 7K?AI 'NN?OCJ )M%) 304 @+ Midd+ /X .13 %M+>+H+R+/--6& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.3

/LBRPQ% 6CAUAJGLE 7UPQ%# /LA% S% 'FLCK?L 'PPMAP%# 5%)%) 56/ @+ Midd+ 214%M+>+H+R+ .662& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0

0?KCOK?L S% 7QCGL@COE) 56. @+/X 1/1 %/X =]f+ .656&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++//

1MGP 7NMOQPTC?O# 9%7%'%# /LA% S% 1CSG 7QO?RPP ! )M%) 466 @+/X 534 %/X =]f+ .653&+++++++++++++++++.4) .5

1MRGP ;RGQQML 2?JJCQGCO S% (ROJGLEQML )M?Q ,?AQMOU <?OCFMRPC )MON%) 1/3 @+0X20/ %/X =]f+ /--2&++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.6

2M@GJ 4GJ )MON% S% 5CE?PRP 5CQOMJCRK )MON%) 5.5 @+/X /21 %/X =]f+ .654&+++++++++++++++++++++++++++++++++.4


]]]#$%$&'!$("

3CT >MOI )GQU 8OG?QFJML# 11) S% 3>) 8OG?QFJML )JR@# /LA%) 4-1 @+ Midd+ /X 0-2%M+>+H+R+ /-.-& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++..

5J?U@MU +LQCONOGPCP# /LA% S% )FRAIJC@COOU 5R@JGPFGLE# /LA%) 354 @+/X 230 %/X =]f+.65/& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.1

5MJ?OMGB )MON% S% 5MJ?O?B +JCAP% )MON%) /54 @+/X 16/ %/X =]f+ .63.&) ACOQ%

BCLGCB) 035 O+M+ 5/- %.63.& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.4

55= +LQCOP%# /LA% S% 'RBGMDGBCJGQU +LQCOP%# /LA%) 5.5 @+/X /33 %/X =]f+ .654&+++++++++++++++++++++++++++++++++5

7FCOOCJJ 5CODRKCOP# /LA% S% 6CSJML# /LA%) 150 @+ Midd+ .55 %M+>+H+R+ .65-&++++++++++++++++++++++++++++++++++5

7QCSCLP S% 5R@JGAGP 7%'%) 521 H+R+M+/X 36- %H+R+ ;dd+ >]j+ /--5&++++++++++++++++++++++++++++++++++++++++++++++/-

8COTGJJGECO S% 8COTGJJGECO) /-3 @+0X /1- %/X =]f+ /---&++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/.

8TM 5CPMP# /LA% S% 8?AM )?@?L?# /LA%) 2-2 O+M+ 430 %.66/&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++.-

;00 )MON% S% 3?Q"J ,MMQ@?JJ 1C?ERC) /11 @+0X ..1 %/X =]f+ /--.& ++++++++++++++++++++++++++++++++++++++++++++++/0

<GJJG?KPML S% *CJPCLCO) 541 H+R+M+/X 1. %H+R+ ;dd+ >]j+ /--6&++++++++++++++++++++++++++++++++++++++++++++++++/-

<=*=>=.<

.2 O+M+=+ v ../2%U& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/) 4) 5) 6) .-

03 O+M+=+ v //-2/0++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0

8=1.; *>=18;2=2.<

>]Wh]cbUfm+Wca) \hhd7,,X]Wh]cbUfm+fYZYfYbWY+Wca,VfckgY,d]b[(dcb[++++++++++++++++++++++++++++++++++++++++++++.2

@YXYfU` Li`Y cZ =]j]` JfcWYXifY 23%X&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++0

G==;LNBR IH NL;>?G;LEM v /0+/3+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.3

GYff]Ua*QYVghYf+Wca) \hhd7,,kkk+aYff]Ua*kYVghYf+Wca,X]Wh]cbUfm,d]b["/-dcb[ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.1


#$%$&'!$("

>YZYbXUbh*=cibhYfWÙ]a JÙ]bh]ZZ CbhYfbUh]cbU` NUV`Y NYbb]g @YXYfUh]cb %rCNN@s&

giVa]hg h\]g aYacfUbXia ]b giddcfh cZ ]hg ach]cb Zcf giaaUfm îX[aYbh U[U]bgh

JÙ]bh]ZZ*=cibhYfWÙ]a >YZYbXUbh MUbXaUb NUV`Y NYbb]g) FF= %rMUbXaUbs& UbX

=cibhYfWÙ]a >YZYbXUbh F]ei]X]hm Qcf_g) CbW+ %rF]ei]X]hm Qcf_gs&+

9QFLJMJNBQX <SBSFMFNS

CNN@ ]g h\Y gc`Y UbX ibX]gdihYX ]bhYfbUh]cbU` [cjYfb]b[ VcXm cZ h\Y gdcfh cZ hUV`Y

hYbb]g) U`gc k]XY`m _bckb Ug d]b[ dcb[+ CNN@qg ghUhig Ug h\Y [cjYfb]b[ VcXm ]g

ib]jYfgU``m fYWc[b]nYX ]b h\Y I`mad]W acjYaYbh UbX h\Y ]bhYfbUh]cbU` gdcfh]b[

Wcaaib]hm+ @cf XYWUXYg CNN@ \Ug dfcj]XYX h\Y gdcfh k]h\ `YUXYfg\]d UbX cf[Ub]nUh]cb)

]bWìX]b[ U fc`Y ]b h\Y ZUacig rd]b[ dcb[ X]d`caUWms VYhkYYb h\Y O+M+ UbX =\]bU h\Uh

Vfci[\h h\Y gdcfh cZ hUV`Y hYbb]g hc bYk dfca]bYbWY ]b h\Y .64-g+ IbY cZ CNN@qg WYbhfU`

fc`Yg ]g hc cf[Ub]nY h\Y QILF> N;<F? N?HHCM =B;GJCIHMBCJM) U dYf]cX]W

WcadYh]h]cb Uacb[ U Ùf[Y [fcid cZ h\Y VYgh dÙmYfg ]b h\Y kcf`X Ug gY`YWhYX ]b U

WcadYh]h]jY dfcWYgg cjYfgYYb Vm CNN@ UbX h\Y bUh]cbU` UggcW]Uh]cbg) giW\ Ug OM; NUV`Y

NYbb]g %rOM;NNs&) h\Uh aU_Y id CNN@qg aYaVYfg\]d+

Cb h\]g fY[UfX CNN@ Zc``ckg h\Y fYWc[b]nYX ghUbXUfX ]b ]bhYfbUh]cbU` gdcfhg7 N\Y

hYfa rkcf`X W\Uad]cbg\]d! XYbchYg h\Y dfYa]Yf bcb*I`mad]W WcadYh]h]cb cf[Ub]nYX Vm

U []jYb gdcfhqg fYgdYWh]jY ]bhYfbUh]cbU` [cjYfb]b[ VcXm++ F]_Y hUV`Y hYbb]g) XcnYbg cZ

ch\Yf I`mad]W `]_Yk]gY \UjY U [cjYfb]b[ VcXm `]_Y h\Uh cf[Ub]nYg h\Y cb`m fYWc[b]nYX

rkcf`X W\Uad]cbg\]ds YjYbh ]b h\cgY gdcfhg+ A]jYb h\Y W`YUf UbX ib]eiY aYUb]b[ cZ

rkcf`X W\Uad]cbg\]ds ]b h\Y WcbhYlh cZ ]bhYfbUh]cbU` gdcfhg [YbYfU``m) UbX CNN@qg

`cb[ghUbX]b[ fc`Y Ug gc`Y cf[Ub]nYf cZ kcf`X W\Uad]cbg\]dg ]b hUV`Y hYbb]g) ]h ]g ]b\YfYbh`m


/#$%$&'!$("

XYWYdh]jY Zcf U df]jUhY WcaaYfW]U` cdYfUhcf `]_Y MUbXaUb hc ghU[Y Ub ibgUbWh]cbYX YjYbh

]b Ub cf[Ub]nYX I`mad]W gdcfh UbX WU`` ]h U rkcf`X W\Uad]cbg\]d+s

Cb X]gfY[UfX cZ h\YgY ibX]gdihYX ZUWhg) MUbXaUb fYWYbh`m ghU[YX ]hg ckb YjYbh

ibXYf h\Y bUaY QILF> =B;GJCIHMBCJ I@ JCHA JIHA+ N\]g kUg bch U hfiY kcf`X

W\Uad]cbg\]d) Vih U WcaaYfW]U``m gdcbgcfYX df]jUhY YjYbh k]h\ U gaU`` UggcfhaYbh cZ

dÙmYfg cZ jUf]cig fUb_]b[g UbX UV]`]h]Yg UbX bc dUfh]W]dUh]cb Zfca h\Y gdcfhqg bUh]cbU` cf

]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg+ MUbXaUb Wcbh]biYg hc dfcachY ]hg YjYbh+ Cb j]cÙh]cb cZ

gYWh]cb 10%U& cZ h\Y FUb\Ua ;Wh) MUbXaUb \Ug UWhYX UbX ]g UWh]b[ ]b X]gfY[UfX cZ h\Y

diV`]Wqg f][\h hc VY ZfYY Zfca XYWYdh]cb UbX WcbZig]cb h\fci[\ h\Y ghU[]b[ cZ U difdcfhYX

rkcf`X W\Uad]cbg\]ds h\Uh kUg ]b ZUWh bch\]b[ cZ h\Y _]bX+ ;`gc ]b j]cÙh]cb cZ gYWh]cb

10%U&) MUbXaUb \Ug UWhYX UbX ]g UWh]b[ ]b W`YUf X]gfY[UfX cZ CNN@qg Wcaacb*Ùk

hfUXYaUf_ f][\hg ]b QILF> N;<F? N?HHCM =B;GJCIHMBCJ+ Nc aU_Y aUhhYfg

kcfgY) VYZcfY h\Y YjYbh CNN@ WcbhfUWhYX k]h\ MUbXaUb Zcf ]h hc W\Ub[Y h\Y ibÙkZi`

bUaY t cb`m hc gYY MUbXaUb dfcadh`m VfYU_ h\Uh WcbhfUWhiU` dfca]gY+

MUbXaUbqg j]cÙh]cbg cZ gYWh]cb 10%U& UfY WfmghU`*W`YUf UbX f]dY Zcf giaaUfm

îX[aYbh) Ug UfY ]hg j]cÙh]cbg cZ ghUhY Ùk UbX ]hg VfYUW\ cZ WcbhfUWh+ CNN@ aU_Yg h\]g

ach]cb bck) df]cf hc X]gWcjYfm) VYWUigY bch\]b[ UVcih h\]g WUgY ]g Wcad`]WUhYX cf ibW`YUf+

7CC# C%E%# -RO?OU S% <GLCFMRPC) .6- @+0X 04) 10 %/X =]f+ .666& %rJÙ]bh]ZZqg WÙ]a h\Uh h\Y

Wcifh VY`ck YffYX ]b XYW]X]b[ h\Y ach]cbg SZcf giaaUfm îX[aYbhT k]h\cih []j]b[ \]a Ub

cddcfhib]hm hc WcbXiWh X]gWcjYfm + + + ÙW_g aYf]h+s&+ CNN@ \Ug XcWiaYbhYX Zcf h\Y =cifh

]hg 4-*dìg mYUfg cZ Wcbh]bicig YlWìg]jY hfUXYaUf_ igY) ]hg ib]eiY ghUhig ]b ]bhYfbUh]cbU`

gdcfhg Ug h\Y gc`Y VcXm Ybh]h`YX hc UbX WUdUV`Y cZ cf[Ub]n]b[ Ub UWhiU` kcf`X


0#$%$&'!$("

W\Uad]cbg\]d YjYbh ]b hUV`Y hYbb]g) Ub cVj]cig j]cÙh]cb cZ CNN@qg f][\hg Vm MUbXaUb)

UbX MUbXaUbqg cVj]cig VfYUW\ cZ ]hg dfca]gY hc \U`h h\Y j]cÙh]cb+ CNN@ g\ci`X bch \UjY

hc YbXifY VifXYbgcaY) YldYbg]jY X]gWcjYfm ]b cfXYf hc j]bX]WUhY ]hg f][\hg8 MUbXaUb k]``

bch VY UV`Y hc g\ck) Ug ]h aigh ibXYf @YXYfU` Li`Y cZ =]j]` JfcWYXifY 23%X&) \ck

X]gWcjYfm Wci`X YbUV`Y ]h hc fYg]gh X]ga]ggU`+ MUbXaUbqg WcadÙ]bh Zcf U XYWÙfUhcfm

îX[aYbh g\ci`X VY X]ga]ggYX bck) UbX îX[aYbh g\ci`X VY YbhYfYX bck Zcf CNN@ cb ]hg

WcibhYfWÙ]ag cZ hfUXYaUf_ ]bZf]b[YaYbh UbX VfYUW\ cZ WcbhfUWh U[U]bgh MUbXaUb UbX

hfUXYaUf_ ]bZf]b[YaYbh U[U]bgh F]ei]X]hm Qcf_g+ N\YfY ]g bc [Ybi]bY ]ggiY cZ aUhYf]U`

ZUWh UbX bc fYUgcb hc XYÙm+

>NEJRPTSFE /BDSR

CNN@ ]g h\Y bcb*dfcZ]h ]bhYfbUh]cbU` [cjYfb]b[ VcXm Zcf h\Y gdcfh cZ hUV`Y hYbb]g+

>YWÙfUh]cb cZ ;X\Ua M\UfUfU XUhYX IWhcVYf 0.) /-.. %rM\UfUfU >YW`+s& xx /) 3) 4+

CNN@qg ghUbX]b[ Ug h\Y gc`Y ]bhYfbUh]cbU` [cjYfb]b[ VcXm ]g ib]jYfgU``m fYWc[b]nYX Vm U``

fY`YjUbh ]bhYfbUh]cbU` UbX XcaYgh]W gdcfh cf[Ub]nUh]cbg) acgh dfca]bYbh`m h\Y

CbhYfbUh]cbU` I`mad]W =caa]hhYY+ >YWÙfUh]cb cZ DUWeiYg Lc[[Y XUhYX IWhcVYf 0.) /-..

%rCI= >YW`+s& x 18 >YWÙfUh]cb cZ >Yb]g IgkU`X XUhYX IWhcVYf /5) /-.. %r;MIC@ >YW`+s&

x 08 >YWÙfUh]cb cZ BY]b PYfVfi[[Yb XUhYX IWhcVYf /1) /-.. %rMdcfh;WWcfX >YW`+s& x 08

>YWÙfUh]cb cZ G]W\UY` >+ =UjUbUi[\ XUhYX IWhcVYf 0.) /-.. %rOM;NN >YW`+s& x 08

M\UfUfU >YW`+ xx 3) 4+ CNN@qg YZZcfhg dfcj]XY h\Y gdcfh UbX ]hg Uh\`YhYg k]h\ VYbYZ]hg

fUb[]b[ Zfca fYWc[b]h]cb Ug Ub I`mad]W YjYbh) Ub ]bhYfbUh]cbU` fUb_]b[ gmghYa) ib]Zcfa

UbX ZU]f ]bhYfbUh]cbU` WcadYh]h]cbg) UbX dfchYWh]cbg Zfca \UfaZi` dfUWh]WYg giW\ Ug

Xcd]b[+ M\UfUfU >YW`+ ?l\]V]h ;+ N\Y gdcfh cZ hUV`Y hYbb]g ]g U`gc dcdiÙf`m _bckb Ug


1#$%$&'!$("

d]b[ dcb[+ M\UfUfU >YW`+ x 68 OM;NN >YW`+ x 6+ N\Y hYfag rd]b[ dcb[s UbX rhUV`Y

hYbb]gs UfY igYX ]bhYfW\Ub[YUV`m Uacb[ h\Y gdcfhqg Zc``ckYfg UbX h\Y [YbYfU` diV`]W+

M\UfUfU >YW`+ x 68 >YWÙfUh]cb cZ =\Uf`Yg Q+ <UlhYf XUhYX IWhcVYf 0.) /-.. %r<UlhYf

>YW`+s& ?l\]V]hg ;*D+

CNN@ \Ug cf[Ub]nYX h\Y gdcfhqg gc`Y kcf`X W\Uad]cbg\]d YjYbhg g]bWY .6/5+

M\UfUfU >YW`+ x .-+ N\Y O+M+ gYbh ]hg Z]fgh WcadYh]hcf hc h\YgY YjYbhg ]b .600 UbX \Ug gYbh

WcadYh]hcfg ghYUX]`m g]bWY+ OM;NN >YW`+ x 2+ N\Y hcifbUaYbh \Ug VYYb ZcfaU``m _bckb

Ug h\Y QILF> N;<F? N?HHCM =B;GJCIHMBCJM g]bWY .605+ M\UfUfU >YW`+ x .-)

?l\]V]h >+ N\Y /-.. QILF> N;<F? N?HHCM =B;GJCIHMBCJM) \Y`X ]b LchhYfXUa)

N\Y HYh\YfÙbXg) ZYUhifYX hcd dÙmYfg Zfca h\Y O+M+ UbX ./. ch\Yf Wcibhf]Yg+ M\UfUfU

>YW`+ x .0+

CNN@ U`gc \cghg W\Uad]cbg\]d YjYbhg UWfcgg X]ZZYfYbh WUhY[cf]Yg cZ WcadYh]hcfg+

N\ig) ]b UXX]h]cb hc ]hg QILF> N;<F? N?HHCM =B;GJCIHMBCJM YjYbhg) CNN@ U`gc

\cghg U QILF> P?N?L;H N;<F? N?HHCM =B;GJCIHMBCJM) QILF> N?;G

N;<F? N?HHCM =B;GJCIHMBCJM) QILF> DOHCIL N;<F? N?HHCM

=B;GJCIHMBCJM UbX J;L; N;<F? N?HHCM QILF> =B;GJCIHMBCJM+ /B% Uh

x .3+ CNN@ Uih\cf]nYX) UbX OM;NN \cghYX) h\Y /--4 QILF> DOHCIL N;<F?

N?HHCM =B;GJCIHMBCJM ]b JU`c ;`hc) =U`]Zcfb]U+ /B% Uh x .3) ?l\]V]h K+

CNN@qg cf[Ub]nUh]cb cZ kcf`X W\Uad]cbg\]d YjYbhg ]g Wcbg]ghYbh k]h\ CNN@qg

df]aUfm difdcgYg ibXYf ]hg Wcbgh]hih]cb) k\]W\ ]bWìXY hc dfcachY UbX gidYfj]gY Qcf`X

UbX I`mad]W h]h`Y WcadYh]h]cbg+ M\UfUfU >YW`+ x 0) ?l\]V]h ;+ Ch ]g U`gc Wcbg]ghYbh k]h\

h\Y WcbjYbh]cbg cZ ]bhYfbUh]cbU` gdcfh acfY [YbYfU``m+ /B% Uh x ./+ ?l\]V]h H+ ?UW\


2#$%$&'!$("

I`mad]W gdcfh \Ug U g]b[`Y kcf`Xk]XY [cjYfb]b[ VcXm) aUXY id cZ bUh]cbU` UggcW]Uh]cbg)

h\Uh ]g fYWc[b]nYX Vm I`mad]W UbX ch\Yf Uih\cf]h]Yg+ CI= >YW`+ x 08 ;MIC@ >YW`+ x /8

Mdcfh;WWcfX >YW`+ x /+ ; jUgh aU^cf]hm cZ h\YgY ]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg cf[Ub]nY

kcf`X W\Uad]cbg\]d YjYbhg Zcf h\Y]f gdcfh+ M\UfUfU >YW`+ x ./) ?l\]V]h H+ ?lUad`Yg

]bWìXY VUg_YhVU``) WmW`]b[) [mabUgh]Wg UbX g_]]b[+ M\UfUfU >YW`+ ?l\]V]h H+ Cb Ubm

[]jYb I`mad]W gdcfh) h\YfYZcfY) rkcf`X W\Uad]cbg\]ds aYUbg h\Y dYf]cX]W bcb*I`mad]W

W\Uad]cbg\]d YjYbh cf[Ub]nYX Vm h\Y gdcfhqg [cjYfb]b[ VcXm UbX ZYUhif]b[ ]hg VYgh

Uh\`YhYg+ /B% N\Uh d\fUgY ]XYbh]Z]Yg CNN@qg YjYbh) bch MUbXaUbqg+

IjYf h\Y mYUfg) CNN@qg ghUhig Ug gc`Y cf[Ub]nYf cZ kcf`X W\Uad]cbg\]d YjYbhg ]b

h\Y gdcfh cZ hUV`Y hYbb]g \Ug VYYb YlWìg]jY UbX ibX]gdihYX+ M\UfUfU >YW`+ x //+ Jf]cf hc

MUbXaUb) bcVcXm Y`gY \Ug \UX h\Y UiXUW]hm hc UXcdh Ub YjYbh bUaY h\Uh ]g gc W`YUf`m

UggcW]UhYX k]h\ h\Y gdcfhqg cZZ]W]U` [cjYfb]b[ VcXm+ /B+.

@cf XYWUXYg) h\Y CNN@ \Ug ]bhYfUWhYX k]h\ h\]g Wcibhfmqg [cjYfb]b[ VcXm Zcf h\Y

gdcfh) OM;NN) hc dfcachY UbX cf[Ub]nY YjYbhg+ OM;NN >YW`+ x 38 M\UfUfU >YW`+ x .1*.3+

CNN@ \Ug Wcbg]ghYbh`m dfcachYX ]hg YjYbhg ]b h\]g Wcibhfm) UbX kcf_YX k]h\ OM;NN hc

YbgifY h\Y dUfh]W]dUh]cb cZ hcd O+M+ dÙmYfg+ OM;NN >YW`+ x 38 M\UfUfU >YW`+ x .1*.3+

. Nc VY W`YUf) CNN@ ]g LMQ UggYfh]b[ f][\hg ]b h\Y hYfa rhUV`Y hYbb]gs ghUbX]b[ U`cbY cf ]bh\Y hYfa rd]b[ dcb[)s bcf ]g ]h UggYfh]b[ f][\hg ]b rkcf`X W\Uad]cbg\]ds k\Yb igYXcihg]XY h\Y WcbhYlh cZ h\]g gdcfh+ CNN@ GP UggYfh]b[ f][\hg ]b QILF> N;<F?N?HHCM =B;GJCIHMBCJM) U aUf_ h\Uh Zcf XYWUXYg \Ug VYYb igYX YlWìg]jY`m Ugh\Y bUaY cZ CNN@qg dfYa]Yf YjYbh+ CNN@ U`gc UggYfhg f][\hg ]b QILF>=B;GJCIHMBCJ cf QILF> =B;GJCIHMBCJM) Vih h\Uh UggYfh]cb ]g `]a]hYX hcW]fWiaghUbWYg ]b h\Y WcbhYlh cZ h\]g gdcfh k\YfY h\cgY kcfXg UfY igYX t Ug h\YmZfYeiYbh`m UfY t Ug U g\cfh\UbX fYZYfYbWY hc CNN@qg QILF> N;<F? N?HHCM=B;GJCIHMBCJM+


3#$%$&'!$("

CNN@ \Ug UffUb[YX Zcf ]hg YjYbhg) ]bWìX]b[ h\Y LchhYfXUa YjYbh) hc VY g\ckb cb

;aYf]WUb hY`Yj]g]cb+ M\UfUfU >YW`+ x .0+

?Uf`]Yf h\]g mYUf) CNN@ `YUfbYX h\Uh MUbXaUb) U df]jUhY WcaaYfW]U` cdYfUhcf)

dÙbbYX hc ghU[Y ]hg ckb YjYbh h]h`YX h\Y QILF> =B;GJCIHMBCJ I@ JCHA JIHA+

M\UfUfU >YW`+ x /.+ MUbXaUbqg YjYbh ZYUhifYX .3 dÙmYfg) bcbY cZ k\ca \Y`X Ub

]bhYfbUh]cbU` fUb_]b[ \][\Yf h\Ub 66h\ ]b h\Y kcf`X+ <UlhYf >YW`+ x /+ N\ci[\ dfcachYfg

fcih]bY`m WcbhUWh CNN@ UbX ]hg O+M+ aYaVYf*cf[Ub]nUh]cb OM;NN hc gYY_ gUbWh]cb UbX

Ugg]ghUbWY ]b dfcach]b[ giW\ YjYbhg) MUbXaUb WcbhUWhYX bY]h\Yf cf[Ub]nUh]cb+ M\UfUfU

>YW`+ xx .5) /.+ OM;NN fYWY]jYX Uddfcl]aUhY`m 0- ]bei]f]Yg Zfca dÙmYfg k\c

kcbXYfYX ]Z h\Y MUbXaUb YjYbh kUg Ub cZZ]W]U``m gUbWh]cbYX YjYbh+ OM;NN >YW`+ x 4+

Odcb `YUfb]b[ ]bXYdYbXYbh`m cZ h\Y dfcdcgYX h]h`Y Zcf MUbXaUbqg YjYbh) CNN@ \UX

]hg cihg]XY WcibgY` gYbX MUbXaUb U WYUgY UbX XYg]gh `YhhYf) dihh]b[ MUbXaUb cb bch]WY

h\Uh ]hg YjYbh kci`X ]bZf]b[Y CNN@qg ]bhY``YWhiU` dfcdYfhm f][\hg+ <UlhYf >YW`+ ?l\]V]h ;

%?l\]V]h ; h\YfYhc&+ ; VUW_ UbX Zcfh\ Zc``ckYX) Xif]b[ k\]W\ CNN@ YldÙ]bYX ]hg fc`Y ]b

]bhYfbUh]cbU` gdcfh [cjYfbUbWY+ M\UfUfU >YW`+ ?l\]V]h N+ ;ZhYf fYWY]j]b[ bc aYUb]b[Zi`

Zifh\Yf fYgdcbgY Zfca MUbXaUb) CNN@ bch]Z]YX ]hg aYaVYf UggcW]Uh]cbg h\Uh) ]b

UWWcfXUbWY k]h\ ghUbX]b[ Y`][]V]`]hm fi`Yg) dUfh]W]dUh]cb ]b h\Y MUbXaUb YjYbh kci`X

UXjYfgY`m UZZYWh U dÙmYfqg Y`][]V]`]hm Zcf cZZ]W]U``m gUbWh]cbYX ]bhYfbUh]cbU` WcadYh]h]cbg

giW\ Ug h\Y UWhiU` QILF> =B;GJCIHMBCJM cf[Ub]nYX Vm CNN@+ M\UfUfU >YW`+

?l\]V]h O+

MUbXaUb h\Yb WcbhUWhYX CNN@+ N\Y dUfh]Yg i`h]aUhY`m U[fYYX ]b Ub YlW\Ub[Y cZ

YaU]`g h\Uh MUbXaUb kci`X W\Ub[Y h\Y bUaY cZ ]hg YjYbh hc rCbhYfbUh]cbU` =Ùgg]W J]b[


4#$%$&'!$("

Jcb[ =\Uad]cbg\]d)s hc VY UWWcad`]g\YX Vm fYacj]b[ fYZYfYbWY hc h\Y ZcfaYf YjYbh h]h`Y

rZfca U`` h]h`Yg) kYVg]hYg UbX U`` fYZYfYbWYg hc h\Y YjYbh+s M\UfUfU >YW`+ ?l\]V]h P+ Cb

fYhifb) CNN@ U[fYYX hc bch]Zm ]hg aYaVYfg h\Uh h\Y CNN@ kci`X dfcj]XY h\Ya k]h\ h\Y

dYfa]gg]cb hc dUfh]W]dUhY ]b h\Y YjYbh+s /B% CNN@ bch]Z]YX ]hg aYaVYf UggcW]Uh]cbg YlUWh`m

Ug dfca]gYX) kf]h]b[7 rSNT\Y cf[Ub]nYfg UbX gdcbgcfg cZ h\Y YjYbh \UjY U[fYYX hc fYbUaY

h\Y YjYbh + + + + SJT`YUgY ]bZcfa mcif d`UmYfg k\c \UjY YbhYfYX h\]g YjYbh h\Uh h\Ym WUb

dUfh]W]dUhY ]b h\]g YjYbh) k]h\cih WcbgYeiYbWY) PQOUJEFE SIBS SIF NBMF DIBNHF IBR

SBKFN PLBDF BR MFNSJONFE BCOUF+s /B% %Yad\Ug]g ]b cf][]bU`&+

BUj]b[ gYWifYX CNN@qg WccdYfUh]cb cb h\Y VUg]g cZ Ub U[fYYaYbh hc UVUbXcb h\Y

]bZf]b[]b[ YjYbh bUaY) MUbXaUb dfcWYYXYX hc Wcad`YhY`m ][bcfY h\Y U[fYYaYbh+ <UlhYf

>YW`+ ?l\]V]hg <) F+ MUbXaUb ghU[YX UbX diV`]W]nYX h\Y YjYbh Ug h\Y QILF>

=B;GJCIHMBCJ I@ JCHA JIHA+ <UlhYf >YW`+ ?l\]V]h <+ MUbXaUbqg YjYbh kUg

hY`Yj]gYX ai`h]d`Y h]aYg) dfca]bYbh`m ZYUhif]b[ h\Y ]bZf]b[]b[ bUaY ]b h\Y hY`YWUgh+

<UlhYf >YW`+ ?l\]V]h F+ MUbXaUbqg kYVg]hY kUg UbX gh]`` ]g cdYfUh]b[ ibXYf h\Y OLF

kcf`XW\Uad]cbg\]dcZd]b[dcb[+Wca+ <UlhYf >YW`+ ?l\]V]h <+ Nc h\]g XUm) MUbXaUb UbX

F]ei]X]hm Qcf_g Wcbh]biY hc WcbXiWh UbX U[[fYgg]jY`m dfcachY h\Y]f Vig]bYgg ig]b[ h\Y

]bZf]b[]b[ bUaY Ug h\Y h]h`Y cZ ZihifY YjYbhg+ OM;NN >YW`+ ?l\]V]h ;8 <UlhYf >YW`+

?l\]V]h <+

*QHTMFNS

2% <*7-6*7 2< 27 ?285*=287 8/ 5*71*6 *,= \ <.,=287 )(!*"

MYWh]cb 10%U& ZcfV]Xg Ubm dfcach]cb h\Uh ]g ibZU]f cf XYWYdh]jY Ug kY`` Ug

]bZf]b[YaYbh cZ Wcaacb*`Uk hfUXYaUf_ f][\hg+ MUbXaUb ]g `]UV`Y cb Vch\ [fcibXg7 Zcf


5#$%$&'!$("

ibZU]f WcadYh]h]cb VYWUigY ]h ghU[YX U gc*WU``YX rkcf`X W\Uad]cbg\]ds h\Uh kUg fYU``m

îgh U df]jUhY WcaaYfW]U` YjYbh k]h\ bc WcbbYWh]cb hc ]bhYfbUh]cbU` gdcfhg [cjYfbUbWY)

UbX Zcf hfUXYaUf_ ]bZf]b[YaYbh VYWUigY CNN@ \Ug jU`]X UbX YbZcfWYUV`Y f][\hg h\Uh UfY

dÙ]b`m ]bZf]b[YX Vm MUbXaUbqg YjYbh bUaY+

*% <BNEMBNYR TRF OG Z@OQLE ,IBMPJONRIJP[ BR SIF NBMF OG B PQJUBSF#

DOMMFQDJBL# TNRBNDSJONFE FUFNS JR JNIFQFNSLX EFDFPSJUF

;g YldÙ]bYX UVcjY) ]b ]bhYfbUh]cbU` I`mad]W gdcfhg h\Y hYfa rkcf`X

W\Uad]cbg\]ds ]g bch Ub Yadhm jYggY` hc VY Z]``YX Uh h\Y k\]a cZ U df]jUhY cdYfUhcf) Ug

MUbXaUb gYYag hc VY`]YjY+ N\Y hYfa \Ug U W`YUf UbX kY``*XYZ]bYX aYUb]b[ t h\Y dYf]cX]W

W\Uad]cbg\]d YjYbh ghU[YX VYhkYYb I`mad]W AUaYg Vm U gdcfhqg fYWc[b]nYX

]bhYfbUh]cbU` [cjYfb]b[ VcXm ]b WccdYfUh]cb k]h\ h\Y bUh]cbU` [cjYfb]b[ VcX]Yg) UbX

ZYUhif]b[ h\Y `YUX]b[ Uh\`YhYg ]b h\Y gdcfh+

<YWUigY MUbXaUbqg YjYbh \UX bcbY cZ h\YgY W\UfUWhYf]gh]Wg) ]h kUg dÙ]b UbX

g]ad`Y U ZU`gY UbX ]b\YfYbh`m XYWYdh]jY UWh hc VfUbX ]hg YjYbh Ug h\Y QILF>

=B;GJCIHMBCJ I@ JCHA JIHA+ MUbXaUb$g WÙ]a hc VY h\Y !Qcf`X =\Uad]cbg\]d!

]g ZU`gY cb ]hg ZUWY) WcbgiaYf XYWYdh]cb ]g dfYgiaYX UbX fY`]YZ WUb VY [fUbhYX cb h\Y

Wcifh$g ckb Z]bX]b[g k]h\cih fYZYfYbWY hc Ubm UWhiU` WcbgiaYf fYUWh]cbg+ 7CC 55=

+LQCOP%# /LA% S% 'RBGMDGBCJGQU +LQCOP%# /LA%) 5.5 @+/X /33) /4/ %/X =]f+ .654& %XUaU[Yg

[fUbhYX ibXYf v 10%U& k]h\cih fYZYfYbWY hc WcbgiaYf fYUWh]cbg k\Yb XYZYbXUbh gc`X

U`Viag ZYUhif]b[ !D]a] BYbXf]l! k\]W\ X]X bch) ]b ZUWh) ZYUhifY D]a] BYbXf]l&8 7FCOOCJJ

5CODRKCOP# /LA% S% 6CSJML# /LA%) 150 @+ Midd+ .55) .61 %M+>+H+R+ .65-& %Yb^c]b]b[

XYZYbXUbh Zfca gY``]b[ dYfZiaYg UXjYfh]gYX Ug !Yei]jU`Ybh ZfU[fUbWYg! k\Yb h\YfY kUg bc


6#$%$&'!$("

aUhYf]U` eiYgh]cb Ug hc h\Y ZU`gY\ccX cZ h\Uh WÙ]a&+ MUbXaUb ]g dÙ]b`m `]UV`Y ibXYf

gYWh]cb 10%U&%.&%;& cZ h\Y FUb\Ua ;Wh+ .2 O+M+=+ v ../2%U&%.&%;& %dfcgWf]V]b[ UWhg

r`]_Y`m hc WUigY WcbZig]cb) cf hc WUigY a]ghU_Y) cf hc XYWY]jY Ug hc h\Y UZZ]`]Uh]cb)

WcbbYWh]cb) cf UggcW]Uh]cb cZ giW\ dYfgcb k]h\ Ubch\Yf dYfgcb) cf Ug hc h\Y cf][]b)

gdcbgcfg\]d) cf UddfcjU` cZ \]g cf \Yf [ccXg) gYfj]WYg) cf WcaaYfW]U` UWh]j]h]Yg Vm Ubch\Yf

dYfgcbs&+

BYfY) MUbXaUb X]X bch îgh igY U bUaY Zcf ]hg YjYbh h\Uh kUg ]b\YfYbh`m ZU`gY UbX

XYWYdh]jY t ]h U`gc aUXY dÙ]b`m ZU`gY ghUhYaYbhg UVcih h\Y eiU`]hm cZ h\Y YjYbh)

YlYad`]Z]YX Vm h\Y WÙ]a h\Uh h\Ym \UX !SdT]W_YX h\Y VYgh dÙmYf Zfca YUW\ cZ h\Y .3

Ùf[Ygh Wcibh]fYg Sg]WT! k\Yb) ]b ZUWh) cb`m U ZYk cZ h\Y dUfh]W]dUh]b[ dÙmYfg kYfY hcd

fUb_YX XcaYgh]WU``m UbX h\Y fYgh kYfY cZ k]XY`m jUfm]b[ eiU`]hm+ <UlhYf >YW`+ ?l\]V]h >+

N\]g ]g [fcibXg Zcf `]UV]`]hm ibXYf gYWh]cb 10%U&%.&%<&+ .2 O+M+=+ v ../2%U&%.&%<&

%dfcgWf]V]b[ ghUhYaYbhg r]b WcaaYfW]U` UXjYfh]g]b[ cf dfcach]cb Sh\UhT a]gfYdfYgYbh h\Y

bUhifY) W\UfUWhYf]gh]Wg) eiU`]h]Yg) cf [Yc[fUd\]W cf][]b cZ \]g cf \Yf cf Ubch\Yf dYfgcbqg

[ccXg) gYfj]WYg) cf WcaaYfW]U` UWh]j]h]Ygs&+

+% <BNEMBNYR @8;5- ,1*69287<129 8/ 9270 9870 JNGQJNHFR

2==/YR SQBEFMBQK JN @8;5- =*+5. =.772< ,1*69287<129<

&% 2==/ IBR UBLJE BNE FNGOQDFBCLF SQBEFMBQK QJHISR

CNN@qg QILF> N;<F? N?HHCM =B;GJCIHMBCJM aUf_ ]g Ybh]h`YX hc

dfchYWh]cb []jYb h\Y cjYfk\Yà]b[ Yj]XYbWY cZ gYWcbXUfm aYUb]b[+ )CLQ?RO )MKKAVLP#

1QB% S% '&7&2 )MKKAVLP# /LA%) 50- @+/X ./.4) .//.*// %/X =]f+ .654& %gYWcbXUfm

aYUb]b[ YbhU]`g h\Uh U rgiVghUbh]U` gY[aYbhs cZ rh\Y difW\Ug]b[ diV`]W UggcW]UhYg [ccXg


.-#$%$&'!$("

XYg][bUhYX Vm U dUfh]WiÙf SXYgWf]dh]jYT aUf_ k]h\ Vih U g]b[`YuU`h\ci[\ Ubcbmacigu

gcifWYs&+ @YXYfU` Ùk Z]fa`m dfchYWhg CNN@qg Wcaacb*Ùk hfUXYaUf_ f][\hg)

bchk]h\ghUbX]b[ h\Y UVgYbWY cZ ZYXYfU` hfUXYaUf_ fY[]ghfUh]cb+ FUb\Ua ;Wh v 10%U&) .2

O+M+=+ v ../2%U& %ZYXYfU` WUigY cZ UWh]cb Zcf ]bZf]b[YaYbh cZ Wcaacb*Ùk aUf_g&8 8TM

5CPMP# /LA% S% 8?AM )?@?L?# /LA%) 2-2 O+M+ 430) 435 %.66/& %rSCTh ]g Wcaacb [fcibX h\Uh

v 10%U& dfchYWhg eiU`]Zm]b[ ibfY[]ghYfYX hfUXYaUf_g + + + +s&+

CNN@ U`cbY \Ug cf[Ub]nYX h\Y gdcfhqg QILF> =B;GJCIHMBCJM g]bWY h\Y

.6/-g) UbX h\Y YjYbh \Ug VYYb ZcfaU``m _bckb Ug h\Y QILF> N;<F? N?HHCM

=B;GJCIHMBCJM g]bWY .605+ M\UfUfU >YW`+ x .-) ?l\]V]h >*C+ N\Y Ob]hYX MhUhYg \Ug

gYbh WcadYh]hcfg hc h\Y QILF> =B;GJCIHMBCJM g]bWY .600) UbX h\cgY WcadYh]hcfg

\UjY kcb ai`h]d`Y QILF> =B;GJCIHMBCJM+ OM;NN >YW`+ x 28 M\UfUfU >YW`+ x .3+

OM;NN Wcaaib]WUhYg fY[iÙf`m k]h\ dÙmYfg ]b h\Y O+M+ fY[UfX]b[ dfYdUfUh]cbg)

Y`][]V]`]hm) gY`YWh]cb UbX hcifbUaYbh dÙm `YUX]b[ hc h\Y CNN@qg QILF>

=B;GJCIHMBCJ YjYbhg+ OM;NN >YW`+ x 38 M\UfUfU >YW`+ xx .2) .3+ ;`` h\]g ]g bch

aYfY`m CNN@qg dfUWh]WY) Vih ghUbXUfX dfUWh]WY ]b ]bhYfbUh]cbU` gdcfh7 N\Y hYfa rkcf`X

W\Uad]cbg\]ds ]g [YbYfU``m igYX hc XYbchY h\Y dfYa]Yf bcb*I`mad]W WcadYh]h]cb

cf[Ub]nYX Vm U []jYb gdcfhqg fYgdYWh]jY ]bhYfbUh]cbU` [cjYfb]b[ VcXm+ M\UfUfU >YW`+ x ./)

?l\]V]h H+

N\Y g]l*ZUWhcf hYgh igYX hc YjUìUhY h\Y dfYgYbWY cZ gYWcbXUfm aYUb]b[ %)CLQ?RO)

50- @+/X Uh .///& ]g YUg]`m gUh]gZ]YX \YfY+


..#$%$&'!$("

B% 5FNHSI BNE .WDLTRJUJSX OG >RF

MYWcbXUfm aYUb]b[ Wci`X VY YghUV`]g\YX cb h\Y ghfYb[h\ cZ h\]g ZUWhcf U`cbY+ 7CC

3CT >MOI )GQU 8OG?QFJML# 11) S% 3>) 8OG?QFJML )JR@# /LA%) 4-1 @+ Midd+ /X 0-2) 0.2

%M+>+H+R+ /-.-& %rN\Y `Yb[h\ S.- mYUfgT UbX YlWìg]j]hm cZ JÙ]bh]ZZqg igY cZ h\Y HR=

NLC;NBFIH GUf_g #*(+$', U Z]bX]b[ cZ gYWcbXUfm aYUb]b[ \YfY+s& %Yad\Ug]g UXXYX&+

CNN@ \Ug YlYfW]gYX h\Y YlWìg]jY igY cZ ]hg aUf_g ]b h\]g gdcfh Zcf acfY h\Ub 4- mYUfg+

7CC M\UfUfU >YW`+ ?l\]V]hg >*B+ MiaaUfm îX[aYbh \Ug VYYb [fUbhYX cb h\]g ]ggiY Zcf

YlWìg]jY igY Ug Vf]YZ Ug h\fYY mYUfg+ 7CC ,RLB MD ,RLBP) /41 @+ Midd+ Uh 2/. %Z]bX]b[ bc

[Ybi]bY ]ggiY fY[UfX]b[ h\Y YghUV`]g\aYbh cZ gYWcbXUfm aYUb]b[ ]b dÙ]bh]ZZqg aUf_&+

CNN@ \Ug YlWìg]jY`m dfcachYX ]hg QILF> =B;GJCIHMBCJ aUf_g Zcf acfY h\Ub

hkYbhm h]aYg h\Uh `cb[+

C% *EUFQSJRJNH .WPFNEJSTQFR

IjYf ]hg \]ghcfm) CNN@ \Ug gdYbh hYbg cZ a]``]cbg cZ Xc`Ùfg dfcach]b[ h\Y

QILF> N;<F? N?HHCM =B;GJCIHMBCJM+ M\UfUfU >YW`+ x .0+ ?UW\ ]bX]j]XiU`

QILF> N;<F? N?HHCM =B;GJCIHMBCJM ]bjc`jYg fYjYbiYg UbX YldYbX]hifYg ]b

h\Y a]``]cbg cZ Xc`Ùfg+ /B% CNN@ aU]bhU]bg U Zi``m*]bhYfUWh]jY kYVg]hY UbX aYX]U

cdYfUh]cb hc dfcachY h\Y gdcfh UbX ]hg QILF> =B;GJCIHMBCJ YjYbhg+ /B% Uh x .2)

?l\]V]h D+ CNN@ aU]bhU]bg Ub YaU]` giVgWf]VYf `]gh UbX ZfYeiYbh`m X]ghf]VihYg dfcach]cbU`

aUhYf]U`g fYÙhYX hc ]hg QILF> =B;GJCIHMBCJ YjYbhg hc ]hg giVgWf]VYfg+ /B% Uh x .2)

?l\]V]h J+ N\]g `]gh WcbhU]bg acfY h\Ub 0-)--- giVgWf]VYfg) ]bWìX]b[ \ibXfYXg `cWUhYX ]b

h\Y Ob]hYX MhUhYg+ /B% Uh x .2+

D% <BLFR <TDDFRR


./#$%$&'!$("

CNN@qg dfcach]cbU` YZZcfhg UbX h\Y giWWYgg cZ ]hg QILF> =B;GJCIHMBCJ

YjYbhg \UjY giWWYYXYX ]b fU]g]b[ h\Y ghUhifY cZ h\]g cbY*h]aY dUf`cf [UaY hc h\Y dc]bh cZ

fYWc[b]h]cb UbX UWWYdhUbWY Ug Ub I`mad]W gdcfh+ CI= >YW`+ x 1+ N\Y /-.. QILF>

N;<F? N?HHCM =B;GJCIHMBCJM ]bWìXYX h\Y dUfh]W]dUh]cb cZ cjYf 42- Uh\`YhYg

Zfca .// X]ZZYfYbh aYaVYf UggcW]Uh]cbg+ M\UfUfU >YW`+ x .0+ Mdcbgcfg\]d fYjYbiYg Zcf

h\Y /-.. QILF> N;<F? N?HHCM =B;GJCIHMBCJM ]bWìXYX U giVghUbh]U` h]h`Y

gdcbgcfg\]d Vm A;= Afcid) U `YUX]b[ =\]bYgY WUf aU_Yf) Ug kY`` Ug U hY`Yj]g]cb

X]ghf]Vih]cb WcbhfUWh k]h\ Ob]jYfgU` Mdcfhg) U O+M+ VUgYX WUV`Y bYhkcf_ h\Uh ]g Ub UZZ]`]UhY

cZ H<=) Zcf VfcUXWUgh f][\hg ]b h\Y O+M+ M\UfUfU >YW`+ x .0) ?l\]V]h B+

E% >NROLJDJSFE 6FEJB ,OUFQBHF

CNN@qg QILF> =B;GJCIHMBCJ YjYbhg UfY fcih]bY`m WcjYfYX Vm aU]bghfYUa

O+M+ bYkg aYX]U+ N\Y fYgi`hg cZ h\Y /-.. QILF> =B;GJCIHMBCJM kYfY fYdcfhYX Vm

O+M+ aYX]U cih`Yhg Zfca 97' 8MB?U hc 7NMOQP /JJRPQO?QCB hc .RDDGLEQML 5MPQ+ M\UfUfU

>YW`+ ?l\]V]hg E) G8 <UlhYf >YW`+ ?l\]V]h E+ Q]h\]b h\Y hUV`Y hYbb]g Wcaaib]hm) V`c[g

UbX bYkg`YhhYfg X]gWigg]b[ h\Y hcifbUaYbh dfc`]ZYfUhY+ ; Acc[`Y <`c[ MYUfW\ Zcf r/-..

Qcf`X NUV`Y NYbb]g =\Uad]cbg\]dgs m]Y`Xg cjYf 0--)--- fYgi`hg+

F% 2NGQJNHFQYR 9LBHJBQJRM OG SIF 6BQK

MUbXaUbqg Wcdm]b[ ]g dYfgiUg]jY Yj]XYbWY cZ YghUV`]g\YX gYWcbXUfm aYUb]b[+

)CLQ?RO) 50- @+/X Uh .//1 7CC GB% %rS;acb[T ShT\Y acgh hY``]b[ Yj]XYbWY + + + ]g h\Y

cVj]cig g]a]Ùf]hm cZ h\Y h]h`Yg + + + +s&+ MUbXaUbqg UhhcfbYmg UW_bck`YX[YX h\Uh MUbXaUb

kUg rWYfhU]b`m UkUfYs cZ CNN@ UbX ]hg UWh]j]h]Yg+ M\UfUfU >YW`+ ?l\]V]h M+ Ib ]hg kYVg]hY)

]hg @UWYVcc_ dU[Y UbX h\Y hY`YWUgh cZ ]hg YjYbh) MUbXaUb %cf ]hg WcaaYbhUhcf cb


.0#$%$&'!$("

hY`Yj]g]cb& igYg h\Y hYfa rkcf`X W\Uad]cbs ]b W`YUf fYZYfYbWY hc G]_UY` ;ddY`[fYb) U

WcadYh]hcf ]b MUbXaUbqg YjYbh k\c dfYj]cig`m \UX kcb CNN@ QILF>

=B;GJCIHMBCJ YjYbhg+ <UlhYf >YW`+ x 0) ?l\]V]hg <) >) F+ Ib ]hg kYVg]hY) MUbXaUb

fYZYfg hc ;ddY`[fYb UbX Ubch\Yf dÙmYf ]b ]hg YjYbh Ug dUfh]W]dUbhg ]b dUgh rQcf`X

=\Uad]cbg\]dg+s <UlhYf >YW`+ ?l\]V]h <+ N\YgY UfY iba]ghU_UV`Y fYZYfYbWYg hc CNN@qg

YjYbhg) UbX dfccZ dcg]h]jY cZ MUbXaUbqg _bck`YX[Y cZ h\cgY YjYbhg+ @ifh\YfacfY) ]h ]g

VYmcbX X]gdihY h\Uh rkcf`X W\Uad]cbg\]ds \Ug U gdYW]Z]W aYUb]b[ ]b h\]g WcbhYlh) `]b_]b[

h\]g dUfh]WiÙf hmdY cZ WcadYh]h]cb k]h\ h\Y fYWc[b]nYX ]bhYfbUh]cbU` [cjYfb]b[ VcXm+

CNN@ ]g cbY cZ hkYbhm*b]bY ]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg cf[Ub]nY U kcf`X h]h`Y

hcifbUaYbh _bckb Ug rkcf`X W\Uad]cbg\]dg+s M\UfUfU >YW`+ x ./) ?l\]V]h H+ CNN@qg

hfUXYaUf_ f][\hg UfY VYmcbX X]gdihY) Ug ]g MUbXaUbqg ]bZf]b[YaYbh+

G% ,ONRTMFQ <STEJFR 5JNKJNH SIF 6BQK SO B <OTQDF

A]jYb h\Uh CNN@ W`YUf`m dfYjU]`g ibXYf h\Y ch\Yf ZUWhcfg) CNN@ \Ug bch WcbXiWhYX U

Wcgh`m WcbgiaYf gifjYm) bcf ]g ]h fYei]fYX hc+ 7GKML ! 7AFRPQCO) 64- @+ Midd+ Uh /62

%rN\Y UVgYbWY cZ Ubm WcbgiaYf ghiXm VYUfg cb`m dYf]d\YfU``m cb h\Y UbU`mg]g cZ

dÙ]bh]ZZgq aUf_8 bc g]b[`Y ZUWhcf Uacb[ h\Y g]l ]g XYhYfa]bUh]jY) UbX YjYfm Y`YaYbh bYYX

bch VY dfcjYX+s&+ A]jYb h\]g fYWcfX) h\YfY WUb VY bc [Ybi]bY X]gdihY fY[UfX]b[ h\Y

jU`]X]hm UbX ghfYb[h\ cZ CNN@qg Wcaacb*Ùk hfUXYaUf_ f][\hg ]b ]hg QILF> N;<F?

N?HHCM =B;GJCIHMBCJM aUf_ ]b h\Y WcbhYlh cZ h\]g gdcfh+

'% <BNEMBNYR MBQK JR OCUJOTRLX JNGQJNHJNH

MUbXaUbqg YjYbh bUaY ]g giVghUbh]jY`m ]XYbh]WU` hc CNN@qg+ N\Y =cifh WUb UbX

g\ci`X XYW]XY h\]g ]ggiY VUgYX cb ]hg ckb Wcaacb*gYbgY UggYggaYbh cZ h\Y cVj]cig


.1#$%$&'!$("

g]a]Ùf]hm+ 7CC (?LDD# 1QB% S% ,CBCO?QCB *CNVQ 7QMOCP# /LA%) 51. @+/X 153) 16/ %/X =]f+

.655& %Uddfcj]b[ X]ghf]Wh Wcifhqg ghUhYaYbh h\Uh rh\Y g]a]Ùf]h]Yg VYhkYYb ghUbXUfX

hmdYghm`Y p< QYUfq UbX p<YY QYUfq UfY pgc cVj]cig UbX ghfcb[q h\Uh h\Y aUf_g W`YUf`m

WfYUhY h\Y gUaY cjYfU`` ]adfYgg]cb hc fYhU]` WcbgiaYfgs&8 5J?U@MU +LQCONOGPCP# /LA% S%

)FRAIJC@COOU 5R@JGPFGLE# /LA%) 354 @+/X 230) 234 %/X =]f+ .65/& %bYYX]b[ bc Uih\cf]hm hc

UZZ]fa h\Uh rSgT]ad`m ghUhYX) h\Y h]h`Y pJÙmaYbq WcaYg Ug W`cgY Ug cbY Wci`X hc h\Y

pJÙmVcmq h]h`Ys&+ Cb h\]g g]ad`Y WUgY) bc ]ggiY ]g g]ad`Yf h\Ub h\]g+

MUbXaUb WUb VY YldYWhYX hc Uf[iY h\Uh ]hg YjYbh bUaY ]g X]ZZYfYbh cb hkc [fcibXg7

h\Uh rhUV`Y hYbb]gs ]g gcaY\ck bch h\Y gUaY Ug rd]b[ dcb[)s UbX h\Uh ]b h\Y]f YjYbh bUaY

rQcf`Xs UbX r=\Uad]cbg\]ds UfY WcbgYWih]jY k\YfYUg CNN@ dihg h\Y kcfXg rNUV`Y

NYbb]gs ]b VYhkYYb ]b WYfhU]b YjYbh h]h`Yg+ HY]h\Yf UhhYadhYX X]gh]bWh]cb \Ug Ubm aYf]h+

;g Zcf rhUV`Y hYbb]gs jg+ rd]b[ dcb[)s h\YgY UfY g]ad`m hkc bUaYg Zcf h\Y gUaY

h\]b[+ OM;NN >YW`+ x 68 M\UfUfU >YW`+ x 6+ NY``]b[`m) MUbXaUb ]hgY`Z igYg h\Y hYfag

rhUV`Y hYbb]gs UbX rd]b[ dcb[s ]bhYfW\Ub[YUV`m+ Cb U bYkg ]hYa UVcih mcib[ UbX f]g]b[

rhUV`Y hYbb]g dfcX][]Yg)s dcghYX Vm MUbXaUb cb ]hg kcf`XW\Uad]cbg\]dcZd]b[dcb[+Wca

kYVg]hY) MUbXaUb kf]hYg) rSbTck d]b[*dcb[ %cf hUV`Y hYbb]g& bYYXg U ZUWY+s <UlhYf >YW`+

?l\]V]h =+ M]a]Ùf`m) ]b k\Uh Uacibhg hc Ub UXa]gg]cb h\Uh MUbXaUb ]bhYbXg hc WcbZigY

h\Y diV`]W) ]h ghUhYg ]b ]hg =cadÙ]bh h\Uh ]h gYY_g hc igY h\Y rQcf`X =\Uad]cbg\]d cZ J]b[

Jcb[s bUaY Zcf ]hg YjYbh rgc h\Uh WcbgiaYfg k]`` ]aaYX]UhY`m ibXYfghUbX) h\Uh h\Y Q=JJ

?jYbh ZYUhifYg h\Y VYgh -!"'$ -$))&, dÙmYfg Zfca UfcibX h\Y kcf`X+s <UlhYf >YW`+ ?l\]V]h

; Uh x .2+ %Yad\Ug]g UXXYX&+ JiV`]W fYZYfYbWY gcifWYg ]XYbh]Zm h\Y hYfag Ug gmbcbmag+

GYff]Ua*QYVghYf+Wca) \hhd7,,kkk+aYff]Ua*kYVghYf+Wca,X]Wh]cbUfm,d]b["/-dcb[ %Ùgh


.2#$%$&'!$("

j]g]hYX IWh+ 0.) /-..& %rJ]b[*Jcb[uigYX Zcf hUV`Y hYbb]gs&8 >]Wh]cbUfm+Wca)

\hhd7,,X]Wh]cbUfm+fYZYfYbWY+Wca,VfckgY,d]b[(dcb[ %Ùgh j]g]hYX IWh+ 0.) /-..& %rJ]b[

Jcb[7 hUV`Y hYbb]gs&+ N\Y hYfag rhUV`Y hYbb]gs UbX rd]b[ dcb[s UfY igYX ]bhYfW\Ub[YUV`m

]b XcaYgh]W aYX]U Ug kY``+ @cf YlUad`Y) WcjYfU[Y cb =<MHYkg+Wca cZ >cfch\m >Y

Fck) U .--*mYUf*c`X dUfh]W]dUbh ]b CNN@qg /-.- QILF> P?N?L;H N;<F? N?HHCM

=B;GJCIHMBCJM) kUg \YUX`]bYX7 r.--*RYUf*I`X J]b[ Jcb[ MhUf+s <UlhYf >YW`+

?l\]V]h ?+ LYWYbh WcjYfU[Y cZ h\Y =\]bYgY I`mad]W hUV`Y hYbb]g hYUa ]b 6CRQCOP kUg

\YUX`]bYX rI`mad]Wgu=\]bU dÙb d]b[ dcb[ W\Ufa cZZYbg]jY+s <UlhYf >YW`+ ?l\]V]h A+

HUbWm @fUb_`]b) ]b Ub YlhYbXYX d]YWY cb h\Y gdcfh Zcf h\Y 3CT >MOICO ]b /--0 giVh]h`YX)

rJ]b[*Jcb[7 Chqg U k\c`Y bYk VU``[UaY)s X]gWiggYX aiW\ cZ h\Y \]ghcfm cZ h\Y gdcfh cZ

hUV`Y hYbb]g) ]bWìX]b[ h\Y CNN@) CNN@qg QILF> =B;GJCIHMBCJM UbX aUbm cZ h\Y

Ob]hYX MhUhYgq ZcfaYf kcf`X W\Uad]cbg+ <UlhYf >YW`+ ?l\]V]h @+ N\Y hYfa rd]b[ dcb[s

X]d`caUWm ]g gh]`` k]XY`m igYX hc fYZYf hc h\Y ]bhYfUWh]cbg VYhkYYb h\Y O+M+ UbX =\]bU ]b

h\Y YUf`m .64-g) h\ci[\ h\YgY YjYbhg VY[Ub Uh h\Y .64. QILF> N;<F? N?HHCM

=B;GJCIHMBCJM+ <UlhYf >YW`+ ?l\]V]hg C) D+

;bm fY`]UbWY cb h\Y cfXYf cZ h\Y kcfXg rQcf`Xs UbX r=\Uad]cbg\]ds `]_Yk]gY

kci`X VY k]h\cih aYf]h+ N\Y fYWcfX YghUV`]g\Yg h\Uh CNN@ ]g Ybh]h`YX hc dfchYWh]cb Zcf

Vch\ QILF> =B;GJCIHMBCJ %g]b[iÙf UbX dìfU`& Ug kY`` Ug jUf]Ubhg k\YfY N;<F?

N?HHCM WcaYg VYhkYYb h\cgY hkc kcfXg+ N\ci[\ CNN@qg YjYbh ]g cZZ]W]U``m WU``YX h\Y

QILF> N;<F? N?HHCM =B;GJCIHMBCJM) ]h ]g U`gc Wcaacb`m fYZYffYX hc Ug h\Y

QILF> =B;GJCIHMBCJM Vm CNN@ ]hgY`Z) ]bWìX]b[ cb h\Y QILF>

=B;GJCIHMBCJM gYWh]cb cZ h\Y CNN@ kYVg]hY+ M\UfUfU >YW`+ ?l\]V]h D+ N\Y h]h`Y


.3#$%$&'!$("

QILF> =B;GJCIHMBCJM U`gc ZfYeiYbh`m UddYUfg ]b dcdiÙf aYX]U hc XYgWf]VY h\Y

CNN@ YjYbh+ @cf YlUad`Y) 97' 8MB?U) fYdcfh]b[ h\Y fYgi`hg cZ h\Y LchhYfXUa hcifbUaYbh

YUf`]Yf h\]g mYUf) fYZYffYX hc h\Y YjYbh ]b h\Y VcXm cZ h\Y Ufh]W`Y Ug QILF>

=B;GJCIHMBCJM+ M\UfUfU >YW`+ ?l\]V]h E+ M]a]Ùf`m) U fYWYbh Ufh]W`Y ]b h\Y 3CT >MOI

8GKCP fYZYfg hc CNN@qg hcifbUaYbh Ug h\Y QILF> =B;GJCIHMBCJM Ug kY``+ M\UfUfU

>YW`+ ?l\]V]h F+

Ch ]g g]ad`Y Wcaacb gYbgYucb k\]W\ h\Y =cifh ]g Zi``m Ybh]h`YX hc fY`m %PCC (?LDD)

51. @+/X Uh 16/&uh\Uh h\Y cfXYf cZ h\Y kcfXg ]b h\Y h]h`Y cZ MUbXaUbqg YjYbh ]g U

aYUb]b[`Ygg X]ZZYfYbWY h\Uh XcYg bch\]b[ hc Ujc]X ]bZf]b[YaYbh+ 7CC) C%E%) .?LAMAI S%

'KCOGA?L 7QCCJ ! <GOC )M%) /-0 @+/X 404 %=+=+J+;+ .620& %NILH;>I WcbZig]b[`m

g]a]Ùf hc =R=FIH? Zcf ZYbW]b[&8 G==;LNBR IH NL;>?G;LEM v /0+/3 %W]h]b[

.?LAMAI Ug rWÙgg]Ws YlUad`Y cZ dfcdcg]h]cb h\Uh rSgT]a]Ùf]hm ]g bch `]a]hYX hc h\Y YmY cf

YUfs Vih ]g îX[YX Vm raYbhU` ]adUWh cZ U g]a]Ùf]hm ]b aYUb]b[+s&+ N\Y giVghUbh]jY

aYUb]b[ cZ MUbXaUbqg YjYbh h]h`Y ]g YlUWh`m h\Y gUaY Ug h\Y giVghUbh]jY aYUb]b[ cZ

CNN@qg YjYbh h]h`Y+ 7CC .CGPK?L 8OMNFU 8ORPQ S% 7K?AI 'NN?OCJ )M%) 304 @+ Midd+ /X

.13) .22 %M+>+H+R+ /--6& %[fUbh]b[ giaaUfm îX[aYbh hc aUf_ ckbYf UbX \c`X]b[ h\Uh h*

g\]fhg VYUf]b[ rB?.2G;Hs UbX rB?+CM+h\Y+G;Hs ]bZf]b[YX h\Y BY]gaUb aUf_ VUgYX cb

h\Y cjYfU`` ]adfYgg]cb cZ h\Y aUf_g&8 -OMPP S% (?OC +PACLQR?JP (C?RQU# /LA%) 31.

@+ Midd+ /X .42) .6.*6/ %M+>+H+R+ /--5& %[fUbh]b[ giaaUfm îX[aYbh hc aUf_ ckbYf

UbX \c`X]b[ h\Uh) bchk]h\ghUbX]b[ h\Y X]ZZYfYbh kcfXg) h\Y raX g_]bWUfYs UbX raX

ZcfaiÙh]cbgs aUf_g) ]b WcbhYlh) WfYUhYX U g]a]Ùf cjYfU`` ]adfYgg]cb&+ MUbXaUb WUbbch


.4#$%$&'!$("

WfYX]V`m Uf[iY h\Uh Vm gk]hW\]b[ h\Y cfXYf cZ h\Y kcfXg) ]b U kUm h\Uh WfYUhYg bc

giVghUbh]jY X]ZZYfYbWY) ]h WUb Ujc]X `]UV]`]hm Zcf ]bZf]b[YaYbh+

N\Y ZUWhg cZ h\]g WUgY Zi``m giddcfh îX[aYbh Zcf CNN@ ibXYf h\Y ZUWhcfg

Wcaacb`m igYX k]h\]b h\]g W]fWi]h hc UbU`mnY h\Y `]_Y`]\ccX cZ WcbZig]cb+ 7CC 5MJ?OMGB

)MON% S% 5MJ?O?B +JCAP% )MON%) /54 @+/X 16/) 162 %/X =]f+ .63.&) ACOQ% BCLGCB) 035 O+M+

5/- %.63.&+ N\Y fY`YjUbh ZUWhcfg UfY %.& h\Y ghfYb[h\ cZ h\Y dÙ]bh]ZZqg aUf_) XYacbghfUhYX

\YfY Vm CNN@qg YlWìg]jY UbX YlhYbg]jY igY cjYf gYjYb XYWUXYg cZ UXjYfh]g]b[ UbX

dfcach]b[ h\Y YjYbh [`cVU``m UbX k]h\]b h\Y Ob]hYX MhUhYg %M\UfUfU >YW`+ xx .-) .2)

?l\]V]hg >*B) D) J&8 %/& h\Y g]a]Ùf]hm cZ h\Y dÙ]bh]ZZqg UbX XYZYbXUbhqg aUf_g UbX %0& h\Y

WcadYh]h]jY dfcl]a]hm cZ h\Y dfcXiWhg cf gYfj]WYg) bY]h\Yf cZ k\]W\ WUb gYf]cig`m VY

eiYgh]cbYX \YfY8 %1& h\Y `]_Y`]\ccX h\Uh h\Y dÙ]bh]ZZ k]`` rVf]X[Y h\Y [Uds UbX cZZYf U

dfcXiWh cf gYfj]WY g]a]Ùf hc h\Y XYZYbXUbhqg t U bcb*]ggiY) g]bWY h\Y dUfh]Yg UfY U`fYUXm

WcadYh]b[ ]b h\Y gUaY gdUWY8 %2& UWhiU` WcbZig]cb * bch fYei]fYX) PCC 1MGP 7NMOQPTC?O#

9%7%'%# /LA% S% 1CSG 7QO?RPP ! )M%) 466 @+/X 534) 542 %rIZ WcifgY) ]h ]g VÙW_ `YhhYf Ùk

h\Uh UWhiU` WcbZig]cb bYYX bch VY g\ckb hc dfYjU]` ibXYf h\Y FUb\Ua ;Wh) + + +s& Vih

g\ckb ]b Ubm YjYbh Vm h\Y XcnYbg cZ eiYgh]cbg h\Uh OM;NN fYWY]jYX Zfca ]hg aYaVYfg

UVcih MUbXaUbqg YjYbh %OM;NN >YW`+ x 4&8 %3& [ccX ZU]h\ cb h\Y XYZYbXUbhqg dUfh)

dÙ]b`m ÙW_]b[ \YfY) PCC 2M@GJ 4GJ )MON% S% 5CE?PRP 5CQOMJCRK )MON%) 5.5 @+/X /21) /26

%/X =]f+ .654& %igY cZ U aUf_ UZhYf fYWY]j]b[ UWhiU` cf WcbghfiWh]jY _bck`YX[Y cZ df]cf

g]a]Ùf aUf_ giZZ]W]Ybh hc YghUV`]g\ VUX ZU]h\&8 %4& h\Y eiU`]hm cZ h\Y XYZYbXUbhqg dfcXiWhg


.5#$%$&'!$("

cf gYfj]WYg) \YfY W`YUf`m ]bZYf]cf/8 UbX %5& h\Y gcd\]gh]WUh]cb cZ VimYfg+ @cf U WcbgiaYf ]b

h\Y Ob]hYX MhUhYg) h\Y XYW]g]cb hc UhhYbX U hUV`Y hYbb]g hcifbUaYbhucf acfY fY`YjUbh`m) hc

j]Yk cbY Zcf ZfYY cb hY`Yj]g]cbu]g `ck*Wcgh UbX ib`]_Y`m hc hf][[Yf U \][\ XY[fYY cZ WUfY

Uacb[ WUgiU` ZUbg UbX hY`Yj]g]cb j]YkYfg+ 7CC -RGLLCPP 9LGQCB *GPQGJJCOP ! ;GLQLCOP

(%;% S% 'LFCRPCO$(RPAF# /LA%) Hc+ -/ =CP+ -53. %FGG&) /--/ QF .2105.4 Uh '3

%M+>+H+R+) Di`+ ./) /--/& %rSNT\Y UjYfU[Y `]eicf WcbgiaYf ]g bch `]_Y`m hc YlYfW]gY U \][\

XY[fYY cZ WUfY ]b \]g difW\UgYg cZ U fYÙh]jY`m `ck Wcgh ]hYa + + + Sh\ig giddcfh]b[ U

`]_Y`]\ccX cZ WcbZig]cbT+s&+

Ib h\Y ibX]gdihYX ZUWhg) giaaUfm îX[aYbh ]g W`YUf`m Uddfcdf]UhY+ 7CC 1MGP

7NMOQPTC?O# 9%7%'%# /LA%) 466 @+/X Uh 534 %[fUbh]b[ giaaUfm îX[aYbh hc aUf_ ckbYf cb

]ggiY cZ `]_Y`]\ccX cZ WcbZig]cb&8 ,RLB MD ,RLBP# 1QB% S% ,GOPQ 'K% ,RLB MD ,RLBP# /LA%)

/41 @+ Midd+ 2.4 %M+>+H+R+ .634& %[fUbh]b[ giaaUfm îX[aYbh hc aUf_ ckbYf cb ]ggiY

cZ jU`]X]hm cZ ibfY[]ghYfYX aUf_ UbX gYWcbXUfm aYUb]b[&+

22% <*7-6*7 2< 52*+5. 87 2==/Y< <=*=.$5*@ ,8>7=.;,5*26<

N\Y gUaY ZUWhg cih`]bYX UVcjY h\Uh giddcfh `]UV]`]hm Zcf MUbXaUb UbX F]ei]X]hm

Qcf_g ibXYf ZYXYfU` Ùk U`gc giddcfh îX[aYbh Zcf CNN@ cb ]hg ghUhY*Ùk WcibhYfWÙ]ag+

/ N\Y eiU`]hm cZ WcadYh]h]cb ]b MUbXaUbqg YjYbh kUg g][b]Z]WUbh`m VY`ck h\Uh cZ h\YUWhiU` CNN@ QILF> =B;GJCIHMBCJM+ <UlhYf >YW`+ x /+ MUbXaUb \Y`X ]hgYjYbh cih hc VY cZ g]a]Ùf eiU`]hm+ Cb fYgdcbgY hc U ZUb ]bei]fm cb ]hg dfcach]cbU`@UWYVcc_ dU[Y) MUbXaUb ]bX]WUhYX h\Uh ]h rSdT]W_YX h\Y VYgh dÙmYf Zfca YUW\ cZ h\Y.3 Ùf[Ygh Wcibh]fYg Sg]WT+ + + +s <UlhYf >YW`+) ?l\]V]h >+ N\]g ghUhYaYbh ]gXYacbghfUV`m ZU`gY+ IZ h\Y g]lhYYb ]bj]hYX WcadYh]hcfg) g]l kYfY bch YjYb Uacb[ h\Y.)4.4 aYb k]h\ U Qcf`X LUb_]b[ ]b @YVfiUfm /-..+ <UlhYf >YW`+ x /+ Cb WcbhfUgh)CNN@qg UWhiU` QILF> =B;GJCIHMBCJM Wcbg]ghYbh`m ZYUhifYuVm XYZ]b]h]cbuh\Yacgh \][\`m fUb_YX dÙmYfg Zfca UfcibX h\Y kcf`X+ M\UfUfU >YW`+ x ./+


.6#$%$&'!$("

;g cih`]bYX UVcjY) MUbXaUbqg dfcach]cb cZ ]hg QILF> =B;GJCIHMBCJ I@ JCHA

JIHA WfYUhYg U W`YUf `]_Y`]\ccX cZ WcbZig]cb) k\]W\ aYUbg MUbXaUbqg UWh]cbg fib UZci`

cZ HYk Rcf_ ibZU]f WcadYh]h]cb Ùk+ 7CC 1MRGP ;RGQQML 2?JJCQGCO S% (ROJGLEQML )M?Q

,?AQMOU <?OCFMRPC )MON%) 1/3 @+0X 20/) 206 b+ 2 %/X =]f+ /--2&+

MUbXaUbqg WcbXiWh `]_Yk]gY Wcbgh]hihYg XYWYdh]jY UWhg UbX dfUWh]WYg ibXYf

MYWh]cb 016 cZ HYk Rcf_qg AYbYfU` <ig]bYgg FUk+ 7CC )?NGQMJ 6CAMOBP# /LA% S% <GLEP

*GEGQ?J )MON%) /.5 @+ Midd+ /X /5-) /52*53 %?+>+H+R+ /--/& %fYei]f]b[ U g\ck]b[ h\Uh

r.& XYZYbXUbhg Yb[U[YX ]b WcbXiWh h\Uh ]g XYWYdh]jY UbX a]g`YUX]b[ ]b U aUhYf]U` kUm8 /&

h\Y XYWYdh]jY WcbXiWh kUg WcbgiaYf*cf]YbhYX) UbX 0& dÙ]bh]ZZg \UjY VYYb ]bîfYX Vm

fYUgcb cZ XYZYbXUbhgq WcbXiWhs& %]bhYfbU` eichUh]cb aUf_g ca]hhYX&+ BYfY) MUbXaUb \Y`X

]hg YjYbh cih hc h\Y diV`]W Ug VY]b[ U hcifbUaYbh ZYUhif]b[ h\Y rVYgh cZ h\Y VYghs %<UlhYf

>YW`+ ?l\]V]h >&) k\YfY ]b fYU`]hm) aUbm cZ ]hg WcadYh]hcfg kYfY bch YjYb ]bhYfbUh]cbU``m

fUb_YX+ <UlhYf >YW`+ x /+ Cb UXX]h]cb) ]bhYfbUh]cbU` WcbjYbh]cb X]WhUhYg h\Uh U QILF>

=B;GJCIHMBCJ ]g U hcifbUaYbh gUbWh]cbYX UbX cf[Ub]nYX Vm Ub ]bhYfbUh]cbU`

[cjYfb]b[ VcXm Zcf Ub I`mad]W gdcfh `]_Y hUV`Y hYbb]g+ M\UfUfU >YW`+ x ./+ =UV`Y

j]YkYfg hib]b[ ]b hc kUhW\ Ub UWhiU` QILF> =B;GJCIHMBCJ) Ug h\Y hYfa ]g

Wcaacb`m igYX ]b h\]g WcbhYlh) kYfY W`YUf`m UbX aUhYf]U``m a]g`YX []jYb h\Y hfiY bUhifY

cZ MUbXaUbqg YjYbh UbX ]hg WcadYh]h]jY `YjY`+

N\YfY ]g U`gc bc XciVh h\Uh MUbXaUbqg dfcach]cb cZ Ub ibfYÙhYX QILF>

=B;GJCIHMBCJ ]b h\Y gdcfh cZ hUV`Y hYbb]g fU]gYg rh\Y dcgg]V]`]hms h\Uh CNN@qg

QILF> =B;GJCIHMBCJM aUf_ kci`X r`cgY ]hg UV]`]hm hc gYfjY Ug U ib]eiY ]XYbh]Z]Yf


/-#$%$&'!$("

cZ S]hg ckbT dfcXiWh+s 7GKML ! 7AFRPQCO) 64- @+ Midd+ Uh 0-0+ MUbXaUbqg aUf_ h\ig

WfYUhYg U ghfcb[ `]_Y`]\ccX cZ X]ìh]cb ibXYf HYk Rcf_ Ùk Ug kY``+

222% <*7-6*7 +;84. * ,87=;*,=>*5 9;862<. =8 ,1*70. =1.

7*6. 8/ 2=< .?.7=

*% <BNEMBN BHQFFE NOS SO TRF @8;5- ,1*69287<129 8/ 9270

9870 CTS EJE RO BNXVBX# VIJLF 2==/ TPIFLE JSR FNE OG SIF CBQHBJN

N\Y YlW\Ub[Y cZ YaU]`g VYhkYYb MUbXaUb UbX CNN@ WfYUhYX Ub YbZcfWYUV`Y

WcbhfUWh ibXYf HYk Rcf_ Ùk+ <GJJG?KPML S% *CJPCLCO) 541 H+R+M+/X 1.) 1/ %H+R+ ;dd+

>]j+ /--6& %YlW\Ub[Y cZ YaU]` kUg rgiZZ]W]Ybh`m W`YUf UbX WcbWfYhY hc Wcbgh]hihY Ub

YbZcfWYUV`Y WcbhfUWhs&8 7QCSCLP S% 5R@JGAGP 7%'%) 521 H+R+M+/X 36- %H+R+ ;dd+ >]j+ /--5&

%YlW\Ub[Y cZ U gYf]Yg cZ YaU]`g WfYUhYX Ub YbZcfWYUV`Y WcbhfUWh&8 +ROMNC?L 7AF% MD +AML%

,MRLB% S% 8CILMJMHG .MJBGLEP '%7%) Hc+ -5 =]j+ //02 %NJA&) /-.. QF .41/-.4 Uh '2*'3

%M+>+H+R+) GUm 1) /-..& %U[fYYaYbh Yj]XYbWYX ]b dUfh h\fci[\ YaU]` WfYUhYX Ub

YbZcfWYUV`Y WcbhfUWh&+ Cb dÙ]b ?b[`]g\) MUbXaUb U[fYYX hc W\Ub[Y h\Y bUaY cZ ]hg YjYbh

hc rCbhYfbUh]cbU` =Ùgg]W J]b[ Jcb[ =\Uad]cbg\]ds ]b YlW\Ub[Y Zcf CNN@qg UXj]g]b[ ]hg

aYaVYfg h\Uh dÙmYfg Wci`X dUfh]W]dUhY ]b h\Y MUbXaUb YjYbh k]h\cih dYbU`hm+ MUbXaUb

\Ug bYjYf []jYb Ubm ]bX]WUh]cb h\Uh ]h a]gibXYfghccX h\Y YaU]` YlW\Ub[Y cf Wcbg]XYfYX

h\Y hYfag cZ h\Y U[fYYaYbh hc VY ibW`YUf+

N\Y YlW\Ub[Y cZ YaU]`g VYhkYYb GYggfg+ <c[Uh]b UbX M\UfUfU Wci`X \UfX`m VY

W`YUfYf+ Gf+ <c[Uh]b kfchY hc Gf+ M\UfUfU h\Uh rkY WUb WU`` h\Y YjYbh CbhYfbUh]cbU`

WÙgg]W d]b[ dcb[ W\Uad]cbg\]ds UbX rCZ h\]g c_ Sg]WT d`YUgY gYbX ig h\Y YaU]` kY WUb

ZcfkUfX hc h\Y JÙmYfg k\c UfY Zcf h\Y acgh JUfh cb h\Y kUm+s M\UfUfU+ >YW`+) ?l\]V]h P+

Gf+ M\UfUfU kfchY ]b fYgdcbgY7 rCb h\Y gd]f]h cZ Wc*cdYfUh]cb UbX hc gc`jY h\]g ]ggiY ]b h\Y


/.#$%$&'!$("

VYgh kUm dcgg]V`Y) XFR) kY UWWYdh mcif dfcdcgU` cZ fYbUa]b[ h\Y YjYbh Ug mci gi[[YghYX+s

/B% Gf+ M\UfUfU kYbh cb hc ]bX]WUhY h\Uh CNN@ kci`X gYbX h\Y YaU]` gci[\h Vm MUbXaUb7

rJ`YUgY gYbX ig h\Y WcbZ]faUh]cb Ug gccb Ug h\Y kcfX pQcf`Xq \Ug VYYb fYacjYX Zfca U``

h]h`Yg) kYVg]hYg UbX U`` fYZYfYbWYg hc h\Y YjYbh+ Cb h\Y aYUbh]aY) kY k]`` gYbX U

WcbX]h]cbU` aYggU[Y hc U`` cif aYaVYfg ]bZcfa]b[ h\Ya h\Uh ]Z h\Y bUaY W\Ub[Y \Ug hU_Yb

dÙWY) h\Y CNN@ kci`X dfcj]XY h\Ya k]h\ h\Y dYfa]gg]cb hc dUfh]W]dUhY ]b h\Y YjYbh+s /B%

Gf+ <c[Uh]b fYgdcbXYX7

QY k]`` VY[]b dfcWYgg df]cf hc?jYbh k\]W\ kY UfY Xc]b[ ]b X][]hU` ]bgYfh]cbN_g UbX d`g dfcj]XY ig h\Y YaU]`

/B% Q]h\]b a]bihYg) CNN@ X]ghf]VihYX Ub YaU]` hc ]hg aYaVYf bUh]cbU` UggcW]Uh]cbg UbX

MUbXaUb WcbhU]b]b[ h\Y dfca]gYX dYfa]gg]cb hc dUfh]W]dUhY ]b h\Y MUbXaUb YjYbh k]h\cih

Y`][]V]`]hm WcbgYeiYbWYg+ M\UfUfU >YW`+ ?l\]V]h Q+

A]jYb h\Y WÙf]hm UbX Wcad`YhYbYgg cZ h\]g YlW\Ub[Y) ]h ]g cVj]cig k\m MUbXaUb

ZcWigYg ]b ]hg d`YUX]b[ cb h\Y difdcfhYX rXifYggs XYZYbgY hc ]hg VfYUW\ cZ h\Y WcbhfUWh+

N\YfY WUb VY bc gYf]cig Uf[iaYbh Ug hc h\Y Yl]ghYbWY cZ Ub YbZcfWYUV`Y WcbhfUWh+

MUbXaUb `]_Yk]gY \Ug bc WfYX]V`Y Uf[iaYbh h\Uh ]hg UWh]cbg kYfY Ubmh\]b[ Vih U

WcbhfUWhiU` VfYUW\+ 7CC 8COTGJJGECO S% 8COTGJJGECO) /-3 @+0X /1-) /12*14 %/X =]f+ /---&

%UZZ]fa]b[ giaaUfm îX[aYbh cb VfYUW\ cZ WcbhfUWh WÙ]a UbX fYW]h]b[ Y`YaYbhg ibXYf

HYk Rcf_ Ùk&+ ;ZhYf CNN@ \UX Zi``m dYfZcfaYX) MUbXaUb XYW]XYX hc Wcad`YhY`m ][bcfY

]hg dfca]gY hc dfcWYYX ibXYf U X]ZZYfYbh bUaY+

Q]h\]b a]bihYg cZ fYWY]j]b[ WcbZ]faUh]cb Zfca MUbXaUb h\Uh ]h kUg fYacj]b[ h\Y

]bZf]b[]b[ bUaY Zfca ]hg aUhYf]U`g) CNN@ gYbh h\Y fYei]fYX YaU]` hc ]hg aYaVYfg


//#$%$&'!$("

Uih\cf]n]b[ dÙmYf dUfh]W]dUh]cb+ M\UfUfU >YW`+ x /5) ?l\]V]h Q+ N\]g Wcbgh]hihYX Zi``

dYfZcfaUbWY cZ CNN@qg WcbhfUWhiU` cV`][Uh]cb+

Hchk]h\ghUbX]b[ ]hg dfca]gY hc W\Ub[Y h\Y bUaY cZ h\Y YjYbh) MUbXaUb igYX h\Y

]bZf]b[]b[ bUaY Uh h\Y YjYbh ]hgY`Z UbX ]b hY`Yj]g]cb VfcUXWUghg cZ h\Y YjYbh+ <UlhYf >YW`+

?l\]V]h F+ MUbXaUbqg kYVg]hY) k]h\ U OLF Wcbg]gh]b[ cZ h\Y ]bZf]b[]b[ bUaY UbX Zi`` cZ

igU[Yg cZ ]h) Wcbh]biYg hc fYaU]b UjU]ÙV`Y hcXUm hc WcbgiaYfg cb`]bY+ <UlhYf >YW`+

?l\]V]h <+ MUbXaUb UbX F]ei]X]hm Qcf_g Wcbh]biY hc dfcachY dfcgdYWh]jY ZihifY YjYbhg

ibXYf h\Y ]bZf]b[]b[ bUaY+ OM;NN >YW`+ ?l\]V]h ;8 <UlhYf >YW`+ ?l\]V]h <+

+% <BNEMBNYR BRRFQSJON OG ZETQFRR[ JR GQJUOLOTR

N\YfY ]g UVgcìhY`m bc aYf]h hc MUbXaUbqg UggYfh]cb h\Uh rXifYggs YlWigYg ]hg

VfYUW\+ MUbXaUb \Ug bch YjYb giZZ]W]Ybh`m U``Y[YX) aiW\ `Ygg WUb ]h dfcjY) h\Uh h\]g

XYZYbgY ]g Udd`]WUV`Y+ 7CC 0?KCOK?L S% 7QCGL@COE) 56. @+/X 1/1) 10. %/X =]f+ .656&

%rS?TWcbca]W XifYgg SfYei]fYgT7 %.& U h\fYUh) %/& k\]W\ kUg ibÙkZi``m aUXY) UbX %0&

WUigYX ]bjcìbhUfm UWWYdhUbWY cZ WcbhfUWh hYfag) %1& VYWUigY h\Y W]fWiaghUbWYg dYfa]hhYX

bc ch\Yf U`hYfbUh]jY+s&+ MUbXaUb WUbbch YghUV`]g\ Y]h\Yf Ub ibÙkZi` h\fYUh cf U ÙW_ cZ

U`hYfbUh]jYg) `Yh U`cbY Vch\+

N\Uh CNN@ ]b]h]U``m U`YfhYX ]hg aYaVYfg\]d h\Uh ]h X]X bch UddfcjY cZ h\Y MUbXaUb

YjYbh ]g UVgcìhY`m hfiY) UbX cZ bc `Y[U` VYbYZ]h hc MUbXaUb+ CNN@ kUg Zi``m Ybh]h`YX hc

hY`` ]hg aYaVYfg h\Uh ]h kUg WcbWYfbYX UVcih h\Y ]bZf]b[YaYbh cZ ]hg hfUXYaUf_ f][\hg) UbX

hc UXj]gY aYaVYfg cZ h\Y Y`][]V]`]hm ]adUWh cZ dUfh]W]dUh]cb ibXYf CNN@qg ghUbX]b[ fi`Yg+

M\UfUfU >YW`+ ?l\]V]h ;+ Ch kUg bch XifYgg Zcf CNN@ hc h\fYUhYb cf hU_Y UWh]cb h\Uh kUg

`Y[U``m dYfa]gg]V`Y+ 0?KCOK?L) 56. @+/X Uh 10/ + MUbXaUbqg gi[[Ygh]cb h\Uh CNN@qg


/0#$%$&'!$("

UWh]cb kUg Ubh]*WcadYh]h]jY ÙW_g Ubm VUg]g ]b ZUWh cf Ùk+ ;g U aUhhYf cZ ZUWh) CNN@ ]g

U`kUmg k]``]b[ hc kcf_ k]h\ df]jUhY YjYbh gdcbgcfg hc [fck h\Y gdcfh cZ hUV`Y hYbb]g

Wcbg]ghYbh k]h\ CNN@qg [cjYfb]b[ fc`Y UbX ]hg hfUXYaUf_ f][\hg+ ;g U aUhhYf cZ Ùk)

=cb[fYgg `cb[ U[c dfcj]XYX h\Uh U g]b[`Y [cjYfb]b[ VcXmuVch\ XcaYgh]WU``m UbX

]bhYfbUh]cbU``muaUm dfYg]XY cjYf h\Y aUbU[YaYbh cZ I`mad]W gdcfhg+ 7CC N\Y NYX

MhYjYbg I`mad]W UbX ;aUhYif Mdcfhg ;Wh %r;aUhYif Mdcfhg ;Whs&) 03 O+M+=+ v //-2/0

%r@cf h\Y gdcfh h\Uh &- [cjYfbg) U bUh]cbU` [cjYfb]b[ VcXm aUm + + + fYdfYgYbh h\Y Ob]hYX

MhUhYg ]b -%$ Uddfcdf]UhY ]bhYfbUh]cbU` gdcfhg ZYXYfUh]cb+s& %Yad\Ug]g UXXYX&+ N\]g

fYWc[b]h]cb ]b h\Y ;aUhYif Mdcfhg ;Wh YlYadhg giW\ [cjYfb]b[ VcX]Yg Zfca `]UV]`]hm

ibXYf O+M+ Ubh]hfigh Ùkg+ (CF?ECL S% 'K?QCRO (?PICQ@?JJ 'PPMA% MD QFC 9LGQCB 7Q?QCP)

551 @+/X 2/1) 2/6 %.-h\ =]f+ .656& %r<Y\U[Yb WcadÙ]bg cZ YlUWh`m h\Uh UWh]cb k\]W\ h\Y

;Wh X]fYWhguh\Y acbc`]h\]W Wcbhfc` cZ Ub UaUhYif gdcfh Vm h\Y HA< SbUh]cbU` [cjYfb]b[

VcXmT Zcf h\Uh gdcfh UbX Vm h\Y Uddfcdf]UhY ]bhYfbUh]cbU` gdcfhg ZYXYfUh]cb cZ k\]W\ h\Y

HA< ]g U aYaVYf+s&+ Cb [cjYfb]b[ h\Y gdcfh cZ hUV`Y hYbb]g) ]bWìX]b[ ]b ]hg ]bhYfUWh]cbg

k]h\ MUbXaUb) CNN@ ]g dÙm]b[ Ub Ybh]fY`m ÙkZi` fc`Y+

MUbXaUb WUbbch dcgg]V`m YghUV`]g\) Ug ]h aigh hc dfcjY XifYgg) h\Uh ]h \UX bc

YWcbca]W W\c]WY YlWYdh hc YbhYf ]hg WcbhfUWh k]h\ CNN@+ /LBRPQ% 6CAUAJGLE 7UPQ%# /LA% S%

'FLCK?L 'PPMAP%# 5%)%) 56/ @+ Midd+ 214) 216*2- %M+>+H+R+ .662& %[fUbh]b[ giaaUfm

îX[aYbh k\YfY dUfhm U``Y[]b[ XifYgg ZU]`YX hc XYacbghfUhY U ÙW_ cZ U`hYfbUh]jYg&+ Ch kUg

g]ad`Y VUX ZU]h\ cb MUbXaUbqg dUfh) bch YlWigUV`Y rXifYgg)s hc aU_Y U WcbhfUWh k]h\

CNN@ h\Uh U``ckYX h\Y MUbXaUb YjYbh hc [c ZcfkUfX UbX h\Yb VfYUW\ h\Uh WcbhfUWh îgh

XUmg ÙhYf+ ;00 )MON% S% 3?Q"J ,MMQ@?JJ 1C?ERC) /11 @+0X ..1) ./0 %/X =]f+ /--.&


/1#$%$&'!$("

%!SNT\Y UV]`]hm cZ U dUfhm hc X]gckb \]g cV`][Uh]cbg ibXYf U WcbhfUWh + + + SXiY hc XifYggT ]g

fYgYfjYX Zcf YlhfYaY UbX YlhfUcfX]bUfm WUgYg+!&+ =cad`]UbWY k]h\ h\Y WcbhfUWh kci`X

\UjY VYYb U g]ad`Y aUhhYf cZ W\Ub[]b[ h\Y X][]hU` [fUd\]Wg Uh h\Y YjYbh UbX cb hY`Yj]g]cb)

W\Ub[]b[ h\Y OLF cb h\Y kYVg]hY h\Uh MUbXaUb Wcbhfc`g) UbX W\Ub[]b[ cf aUg_]b[ h\Y

dUhW\ cb h\Y dÙmYfgq dc`c g\]fhg h\Uh WcbhU]bYX h\Y ]bZf]b[]b[ aUf_+ CZ h\Y bUaY

rCbhYfbUh]cbU` =Ùgg]W J]b[ Jcb[ =\Uad]cbg\]ds X]X bch kcf_ Zcf gcaY fYUgcb) h\Yb

MUbXaUb \UX h\Y cdh]cb cZ Wca]b[ VUW_ hc CNN@ hc bY[ch]UhY U X]ZZYfYbh bcb*]bZf]b[]b[

bUaY+ Ch XcYg bch UbX WUbbch U``Y[Y h\Y ibUjU]ÙV]`]hm cZ h\Uh cdh]cb+ @ifh\Yf) MUbXaUb

U`gc \Ug bch U``Y[YX h\Uh Ubm cZ h\Y ]bj]hYX dÙmYfg h\fYUhYbYX hc kU`_ UkUm Zfca ]hg

hcifbUaYbh ]b `][\h cZ CNN@qg dcg]h]cb cb Y`][]V]`]hm+ Hcf \Ug MUbXaUb U``Y[YX h\Uh ]h

kci`X \UjY VYYb ]bWUdUV`Y cZ dfcWYYX]b[ k]h\ ch\Yf k]``]b[ dÙmYfg+ MUbXaUb \Ug bch

UXXfYggYX k\Yh\Yf ]h hcc_ Ubm aYUgifYg k\UhgcYjYf hc fYdÙWY h\Y ib]XYbh]Z]YX dÙmYfg ]h

WÙ]ag kYfY bYWYggUfm hc Wcbh]biY k]h\ ]hg YjYbh+

Cb g\cfh) MUbXaUbqg dcg]h]cb UddYUfg hc VY h\Uh ]h X]X bch UXYeiUhY`m dfYdUfY Zcf

h\Y dcgg]V]`]hm h\Uh ]h kci`X VY WUi[\h ]bZf]b[]b[ CNN@qg aUf_+ N\]g XcYg bch Uacibh hc

XifYgg+ 7CC *?SGP ! 'PPMAP% S% .C?JQF 2EKQ% 7SAP%) .35 @+ Midd+ /X .-6) ..4 %M+>+H+R+

/--.& %r; gcd\]gh]WUhYX SdUfhmT ]g bch pXYdf]jYX cZ ]hg ZfYY k]``q g]ad`m VYWUigY ]h Z]bXg

]hgY`Z ]b U `Y[U` Wi`*XY*gUW + + + +s&+ MUbXaUbqg fYW_`Ygg dÙbb]b[ X]X bch Ybh]h`Y ]h hc ][bcfY

U W`YUf WcbhfUWhiU` cV`][Uh]cb+

SfYaU]bXYf cZ dU[Y ]bhYbh]cbU``m `YZh VÙb_T


/2#$%$&'!$("

,ONDLTRJON

@cf h\Y ZcfY[c]b[ fYUgcbg) CNN@ fYgdYWhZi``m fYeiYghg h\Uh h\]g =cifh YbhYf

giaaUfm îX[aYbh X]ga]gg]b[ MUbXaUbqg WÙ]ag k]h\ dfYîX]WY8 [fUbh giaaUfm

îX[aYbh Ug hc `]UV]`]hm ]b ZUjcf cZ CNN@ cb ]hg WcibhYfWÙ]ag8 ]ggiY U dYfaUbYbh

]bîbWh]cb ZcfV]XX]b[ MUbXaUb UbX F]ei]X]hm Qcf_g Zfca Yb[U[]b[ ]b Ubm ZihifY igY cZ

QILF> =B;GJCIHMBCJ I@ JCHA JIHA) Ubm igY cZ QILF> =B;GJCIHMBCJ cf

QILF> =B;GJCIHMBCJM ]b WcbbYWh]cb k]h\ hUV`Y hYbb]g) UbX Ubm igY cZ Ubm ch\Yf

aUf_ h\Uh ]g XYWYdh]jY cf ]g WcbZig]b[`m g]a]Ùf hc CNN@qg aUf_g8 UbX [fUbh giW\ ch\Yf UbX

Zifh\Yf fY`]YZ Ug h\Y =cifh aUm XYYa îgh UbX dfcdYf+

>UhYX7 IWhcVYf 0.) /-.. LYgdYWhZi``m giVa]hhYX)HYk Rcf_) HYk Rcf_

>?<?PICM? # JFCGJNIH FFJ

<m7 ,=\Uf`Yg Q+ <UlhYf,>Uj]X Q+ L]j_]b%Xkf]j_]b9XYVYjc]gY+Wca&DYfYam @Y][Y`gcb%^ZY][Y`gcb9XYVYjc]gY+Wca&=\Uf`Yg Q+ <UlhYf%WkVUlhYf9XYVYjc]gY+Wca&

6.6 N\]fX ;jYbiYHYk Rcf_) HYk Rcf_ .--//%/./& 6-6*3/0- %d\cbY&%/./& 2/.*4/0- %ZUl&

'QQMOLCUP DMO *CDCLB?LQ ?LB )MRLQCOAJ?GK$

5J?GLQGDD /LQCOL?QGML?J 8?@JC 8CLLGP ,CBCO?QGML


brief of international table tennis federation in support of motion for summary judgment

Documents