AI vendors can change their risk profile between reviews, and most oversight programs never notice

k9bmkDEC@?8mpx G6?5@CD 42? 492?86 E96:C C:D< AC@7:=6 36EH66? C6G:6HD[ 2?5 >@DE @G6CD:89E AC@8C2>D ?6G6C ?@E:46k^DEC@?8mk^9bm

kAm~C82?:K2E:@?D @7E6? EC62E px 25@AE:@? 2D 2 3FD:?6DD 564:D:@?[ @G6C=@@<:?8 :ED E9:C5\A2CEJ C:D< >2?286>6?E W%!#|X :>A=:42E:@?D] pD 2 C6DF=E[ px E@@=D 2C6 7C6BF6?E=J 56A=@J65 @FED:56 AC@4FC6>6?E 2?5 D64FC:EJ @G6CD:89E[ 4C62E:?8 8@G6C?2?46 82AD E92E 364@>6 92C56C E@ >2?286 2D C:D<D 6G@=G6]k^Am

kAm%9:D 492==6?86 H:E9 px C:D< >2?286>6?E :D E96 A246 @7 492?86] ~C82?:K2E:@?D 2C6 25@AE:?8 px DJDE6>D 2?5 H@C<7=@HD 72DE6C E92? G6?5@C @G6CD:89E AC@46DD6D 42? <66A FA] !6C k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^DE2E6\@7\ECFDE^8=@32=Qm'2?E2’D $E2E6 @7 %CFDE #6A@CEk^2m[ edT @7 @C82?:K2E:@?D DFCG6J65 :? yF=J a_ad C6A@CE65 E92E E96:C 4FCC6?E FD6 @7 286?E:4 px @FEA246D E96:C F?56CDE2?5:?8 @7 :E[ 9:89=:89E:?8 E96 =24< @7 67764E:G6 C:D< G:D:3:=:EJ 2?5 8@G6C?2?46]k^Am

kAm%9:D 8F:56 7C@> 286?E:4 ECFDE A=2E7@C> k2 9C67lQ9EEADi^^HHH]G2?E2]4@>Qm'2?E2k^2m H:== 6IA=2:? E96 <6J E9:C5\A2CEJ C:D< :>A=:42E:@?D @7 px 25@AE:@? 2?5 9@H E@ 6>365 >@C6 67764E:G6 @G6CD:89E :?E@ 6I:DE:?8 G6?5@C 8@G6C?2?46 AC@46DD6D]k^Am

k9bmw@H px 27764ED J@FC E9:C5\A2CEJ 2EE24< DFC7246k^9bm

kAmtG6CJ E:>6 2? @C82?:K2E:@? 25@AED 2? px E@@=[ :E :?EC@5F46D 2 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^G6?5@C\C6=2E:@?D9:A\>2?286>6?EQmE9:C5\A2CEJ C6=2E:@?D9:Ak^2m E92E >FDE 36 6G2=F2E65 2?5 >@?:E@C65] |2?J px DJDE6>D AC@46DD D6?D:E:G6 :?7@C>2E:@? 2?5 4C62E6 6IE6C?2= 52E2 7=@HD J@F ?665 E@ 244@F?E 7@C 2?5 D64FC6] r@>>@? H2JD px 6IA2?5D J@FC 2EE24< DFC7246 :?4=F56ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6_bh3cg`ghha__4fhf37d_c5`54g44__7Qmt>A=@J66D DF3>:EE:?8 AC@AC:6E2CJ @C D6?D:E:G6 52E2 E@ px E@@=Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ6bc2__36`eb25`eh223fb7_ccdde75dbeQmx?E68C2E:@? H:E9 :?E6C?2= DJDE6>D 2?5 C6A@D:E@C:6Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ6c3h5cga3f6gda7524372525hgb42a7_5QmvC62E6C C6=:2?46 @? 6IE6C?2==J 9@DE65 px >@56=D WH9:49 42? 42FD6 @A6C2E:@?2= 5:DCFAE:@?DXk^=:mk=: 52E2\=:DE\:E6>\:5lQ64`ab7aa4gffdbd_3aacgh4ec_ffa5ahgQmk2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^D925@H\2:Qm$925@H pxk^2m WF?D2?4E:@?65 px E@@= FD6 3JA2DD:?8 AC@4FC6>6?EXk^=:mk^F=m

kAmpx E@@=D 2=D@ C2C6=J @A6C2E6 :? :D@=2E:@?] %96J 56A6?5 @? 6IE6C?2= 64@DJDE6>D[ :?4=F5:?8 p!xD[ DF3AC@46DD@CD[ 2?5 F?56C=J:?8 >@56= AC@G:56CD[ :?EC@5F4:?8 7@FCE9\ 2?5 }E9\A2CEJ 56A6?56?4:6D E92E 6IA2?5 J@FC G6?5@C 7@@EAC:?E] (:E9@FE G:D:3:=:EJ :?E@ E96D6 5@H?DEC62> 56A6?56?4:6D[ E96 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^G6?5@C\C:D<\>2?286>6?EQmG6?5@C C:D< >2?286>6?Ek^2m AC@8C2> F?56CD6==D E96 ECF6 D4@A6 @7 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^E9:C5\A2CEJ\C:D<QmE9:C5\A2CEJ C:D<k^2m] %96D6 56A6?56?4:6D 2=D@ 492?86 72DE[ @7E6? H:E9@FE EC:886C:?8 2?J 8@G6C?2?46 AC@46DD]k^Am

kAm“%C25:E:@?2= %!#| H2D?VE 3F:=E 7@C G6?5@CD E92E 42? >2E6C:2==J 492?86 E96:C C:D< AC@7:=6 H:E9@FE EC:886C:?8 2 4@?EC24E 4=2FD6[” tG2? #@HD6[ 8@G6C?2?46 C:D< 4@>A=:2?46 DF3;64E >2EE6C 6IA6CE 7@C '2?E2[ 6IA=2:?65] “p? px G6?5@C 42? 492?86 7@F?52E:@? >@56=D[ :?EC@5F46 ?6H DF3AC@46DD@CD[ @C >@5:7J 52E2\92?5=:?8 E6C>D 36EH66? C6G:6HD] &?=6DD ‘>2E6C:2= px 492?86’ :D 567:?65 :? G6?5@C 28C66>6?ED 2?5 E:65 E@ ?@E:7:42E:@? C6BF:C6>6?ED[ J@FC %!#| AC@8C2> 4@F=5 36 C6G:6H:?8 E96 A2DE]”k^Am

k9bm(9J E96 EC25:E:@?2= 2AAC@249 E@ %!#| 72:=D H:E9 px C:D<Dk^9bm

kAm%9C66 >:D>2E496D 36EH66? EC25:E:@?2= C:D< AC@46DD6D 2?5 px G6?5@C 64@DJDE6>D 5C:G6 >@DE @7 E96 6IA@DFC6]k^Am

kAm%C25:E:@?2= %!#| AC@8C2>D C6=J @? A@:?E\:?\E:>6 2CE:724ED[ DF49 2D k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^G6?5@C\C:D<\2DD6DD>6?E\BF6DE:@??2:C6QmG6?5@C C:D< 2DD6DD>6?E BF6DE:@??2:C6Dk^2m[ A6C:@5:4 C6G:6HD[ 2?5 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^H9J\DAC625D966ED\72:=\7@C\C:D<\>2?286>6?EQmC:D< C68:DE6C DAC625D966EDk^2m[ E@ >2?286 C:D<] px G6?5@CD @A6C2E6 5:776C6?E=J[ 2D 762EFC6D[ DF3AC@46DD@CD[ 2?5 52E2 92?5=:?8 AC24E:46D 42? 6G@=G6 C2A:5=J[ >2<:?8 A@:?E\:?\E:>6 2DD6DD>6?ED =6DD C6=:23=6]k^Am

kAmp44@C5:?8 E@ #@HD6[ “p D64FC:EJ BF6DE:@??2:C6 8:G6D J@F 2 D?2AD9@E @7 D@>6E9:?8 E92E 5@6D?VE 9@=5 DE:==] qJ E96 E:>6 J@FC px G6?5@C 92D 7:?:D965 C6DA@?5:?8[ E96:C >@56= 92D 492?865[ 2 ?6H DF3AC@46DD@C 92D 366? 25565[ 2?5 =2DE BF2CE6CVD 52E2 92?5=:?8 E6C>D 2C6 2=C625J @FE @7 52E6] p BF6DE:@??2:C6 :D @?6 :?AFE—?@E E96 AC@8C2>]”k^Am

kAmp55:E:@?2==J[ px 25@AE:@? 4J4=6D 2C6 72DE6C E92? EC25:E:@?2= AC@4FC6>6?E 2?5 G6?5@C C6G:6H AC@46DD6D[ =625:?8 E@ @?6 @7 E96 >@DE A6CD:DE6?E C:D< A2EE6C?D :? E96 4FCC6?E =2?5D42A6] qFD:?6DD E62>D D6=64E px E@@=D 32D65 @? 42A23:=:EJ[ DA665 E@ 56A=@J[ @C 4@>A6E:E:G6 AC6DDFC6[ H9:=6 D64FC:EJ 2?5 AC:G24J C6G:6H 92AA6? =2E6C :? E96 AC@46DD @C 2C6 56AC:@C:E:K65]k^Am

kAm%96 E9:C5 >:D>2E49i %!#| @7E6? @A6C2E6D D6A2C2E6=J 7C@> 3C@256C v#r AC@8C2>D] s:D4@??64E65 E@@=:?8 2?5 H@C<7=@HD >2<6 :E 5:77:4F=E E@ >2:?E2:? FA\E@\52E6 C:D< C64@C5D @C EC24< 9@H k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^2:\C:D<DQmpx\C6=2E65 C:D<Dk^2m 27764E E96 H:56C 4@?EC@= 6?G:C@?>6?E]k^Am

k9bm|@56C?:K6 px E9:C5\A2CEJ C:D< >2?286>6?Ei c DE6ADk^9bm

kAm%@ >2?286 px\C6=2E65 E9:C5\A2CEJ C:D<[ @C82?:K2E:@?D >FDE C6E9:?< 9@H C:D< :D :56?E:7:65[ 2DD6DD65[ 2?5 8@G6C?65] %96D6 7@FC DE6AD 42? >2<6 E96 EC2?D:E:@? 62D:6Cik^Am

k@=mk=: 52E2\=:DE\:E6>\:5lQ62dc66b`h7c73b`6fc55342c_eedd7e``Qmx>A=6>6?E 4@?E:?F@FD >@?:E@C:?8k^=:mk=: 52E2\=:DE\:E6>\:5lQ65g744agdda`4e2ff4eh23725aa76_44hQm$42=6 C:D< 2?2=JD:D H:E9 px 2?5 2FE@>2E:@?k^=:mk=: 52E2\=:DE\:E6>\:5lQ6hfg2ae345dc3e`g4b3ea6gc46f3`cchaQm&?:7J G6?5@C C:D< H:E9 3C@256C v#rk^=:mk=: 52E2\=:DE\:E6>\:5lQ62g5bhgc6b4ee`4g62c`f4`e`_5h6eb_fQmtIA2?5 px C:D< G:D:3:=:EJ 24C@DD E96 G6?5@C 64@DJDE6>k^=:mk^@=m

kAmkDEC@?8m$E6A `i x>A=6>6?E 4@?E:?F@FD >@?:E@C:?8k^DEC@?8mk^Am

kAm&D6 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^36DE\8C4\D@7EH2C6Qm=625:?8 v#r E@@=:?8 2?5 A=2E7@C>Dk^2m E@ :>A=6>6?E AC@46DD6D E92E >@G6 @G6CD:89E 36J@?5 A6C:@5:4 2DD6DD>6?ED 2?5 AC@G:56 @?8@:?8 G:D:3:=:EJ :?E@ 2? px G6?5@C’D D64FC:EJ A@DEFC6] u@4FD @? D:8?2=D E92E :?5:42E6 492?86D :? G6?5@C 6IA@DFC6 2?5 7@FCE9\A2CEJ 56A6?56?4:6D] *@F 42? EC24< FA52E6D E@ E96 px >@56=[ :?7C2DECF4EFC6[ 9@DE:?8 6?G:C@?>6?E[ 52E2 C6D:56?4J[ 2?5 G6?5@C 46CE:7:42E:@?D DF49 2D $~r a %JA6 xx C6A@CED[ x$~^xtr af__`[ x$~^xtr ca__`[ 2?5 wx!pp WH96C6 2AA=:423=6X]k^Am

kAmp=:8? J@FC >@?:E@C:?8 677@CED H:E9 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^8C4^C:D<\>2?286>6?E\7C2>6H@C<DQm2AA=:423=6 C:D< >2?286>6?E 7C2>6H@C<Dk^2m 2?5 C68F=2E:@?D E@ DFAA@CE 4@>A=:2?46 7C@> E96 86E\8@] *@F 42? C6D62C49 H9:49 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^49@@D:?8\2?\2:\4@>A=:2?46\DE2?52C5Qmpx 8@G6C?2?46 DE2?52C5k^2m H@F=5 H@C< 36EE6C 7@C J@FC px FD6 42D6[ 3FD:?6DD 6?G:C@?>6?E[ @C :?5FDECJ] tI2>A=6D :?4=F56i‍k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_h^`c^'2?E2\pxTa_G6?5@CD\_`]A?8Q 2=ElQp E23=6 D9@H:?8 5:776C6?E px FD6 42D6D 2?5 :ED C6=6G2?E C68F=2E:@?D]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m'2?E2k^7:842AE:@?mk^7:8FC6m

kAmkDEC@?8m$E6A ai $42=6 C:D< 2?2=JD:D H:E9 px 2?5 2FE@>2E:@?k^DEC@?8mk^Am

kAm#6G:6H:?8 6G6CJ D:8?2= 7C@> 4@?E:?F@FD @G6CD:89E 3J 92?5 3FC?D J@FC E62>VD E:>6] px 2?5 2FE@>2E:@? 7:=E6C E92E DEC62>[ DFC724:?8 @?=J E96 D:8?2=D E92E C6BF:C6 9F>2? C6G:6H] px 42? C6G:6H G6?5@C BF6DE:@??2:C6D 2?5 6G:56?46 A24<286D 72DE6C E92? 9F>2?D] xE 96=AD J@F D42=6 @G6CD:89E 3Jik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6eg`ee72_a`aad2g25ega5e7f32fhgddhQmx56?E:7J:?8 492?86D :? G6?5@C A@=:4:6D[ DF3AC@46DD@CD[ 2?5 px >@56=Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ62dceffegc6a7h_ehe356`3h5`b26__44Qm!C:@C:E:K:?8 7:?5:?8D 32D65 @? 4C:E:42=:EJ 2?5 :>A24Ek^=:mk=: 52E2\=:DE\:E6>\:5lQ6e76_hbbb4a752hbb7bd2gh6477`c_aghQm|2AA:?8 G6?5@C C:D< E@ :?E6C?2= 4@?EC@=D[ k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^C:D<\EC62E>6?E\@AE:@?DQmEC62E>6?E A=2?Dk^2m[ 2?5 C68F=2E@CJ C6BF:C6>6?EDk^=:mk=: 52E2\=:DE\:E6>\:5lQ6e7f5ea66`ah27h56afgg62dbc35d`af`Qm%C:886C:?8 9F>2? C6G:6HD 2?5 C62DD6DD>6?ED 7@C >2E6C:2= 7:?5:?8Dk^=:mk^F=m

kAm|2?J >@56C? v#r D@=FE:@?D 4@>6 H:E9 3F:=E\:? k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^8C4^C:D<\>2?286>6?E\2FE@>2E:@?QmC:D< >2?286>6?E 2FE@>2E:@?k^2m H@C<7=@HD E92E 96=A J@F D42=6 H:E9@FE @G6C6IE6?5:?8 J@FC E62>] %92E H2J[ J@FC E62> 42? 7@4FD >@C6 @? C:D< G2=:52E:@?[ 6I46AE:@? >2?286>6?E[ 2?5 C6>65:2E:@?]k^Am

kAmkDEC@?8m$E6A bi &?:7J G6?5@C C:D< H:E9 3C@256C v#rk^DEC@?8mk^Am

kAmpx C:D<D 2C6 ?@E 4@?DEC2:?65 E@ 2 D:?8=6 5@>2:? 2?5 42? EC:886C AC:G24J 4@?46C?D[ 4@>A=:2?46 :>A=:42E:@?D[ 2?5 @A6C2E:@?2= 56A6?56?4:6D D:>F=E2?6@FD=J] qFE 2 4@>>@? :DDF6 @7 %!#| :D EC62E:?8 :E 2D 2? :D@=2E65 7F?4E:@? C2E96C E92? A2CE @7 2 3C@256C 8@G6C?2?46 AC@8C2>] (96? C:D< >2?286>6?E 7F?4E:@?D 2C6 D:=@65[ @C82?:K2E:@?D 92G6 7C28>6?E65 G:D:3:=:EJ :?E@ px C:D<D[ H9:49 42? =625 E@ k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^2:\286?ED\=24<:?8\2:\A@=:4:6DQm:?4@?D:DE6?E px FD6 A@=:4:6Dk^2m 24C@DD 56A2CE>6?ED[ >:DD65 GF=?6C23:=:E:6D[ 2?5 H62< 244@F?E23:=:EJ]k^Am

kAm(@C< H:E9 J@FC E62> E@ :?E68C2E6 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^E9:C5\A2CEJ\C:D<\>2?286>6?EQmE9:C5\A2CEJ C:D< >2?286>6?Ek^2m :?E@ 2 F?:7:65 v#r 2AAC@249] tDE23=:D9 2 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^8C4^46?EC2=:K65\C:D<\4@>A=:2?46Qm46?EC2=:K65 G:6H @7 C:D<k^2m 24C@DD J@FC @C82?:K2E:@? 2?5 AC@G:56 D92C65 4@?E6IE 7@C DE2<69@=56CD 24C@DD E62>D] %9:D :>AC@G6D 4@@C5:?2E:@? 36EH66? 56A2CE>6?ED 2?5 >2<6D :E 62D:6C E@ >2<6 4@?D:DE6?E 2?5 2F5:E23=6 C:D< 564:D:@?D]k^Am

kAmkDEC@?8m$E6A ci tIA2?5 px C:D< G:D:3:=:EJ 24C@DD E96 G6?5@C 64@DJDE6>k^DEC@?8mk^Am

kAm%!#| EJA:42==J 7@4FD6D @?=J @? 5:C64E k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^G6?5@C\C6=2E:@?D9:A\>2?286>6?EQmG6?5@C C6=2E:@?D9:ADk^2m[ ?@E E96 5@H?DEC62> 56A6?56?4:6D E96J :?EC@5F46] x? px 6?G:C@?>6?ED[ D@>6 G6?5@CD >2J ?@E @776C 2 5:C64E px D6CG:46 3FE C6=J @? px >@56= AC@G:56CD[ 4=@F5 :?7C2DECF4EFC6[ 2?5 6>365565 px E@@=D[ H9:49 9:56 C:D< 24C@DD >F=E:A=6 =2J6CD @7 E96 64@DJDE6>] tIA2?5:?8 G:D:3:=:EJ 24C@DD E96 G6?5@C 64@DJDE6> 96=AD 244@F?E 7@C E96D6 82AD 3J DFC724:?8 3@E9 5:C64E 2?5 :?5:C64E 56A6?56?4:6D]k^Am

kAmu@C 2? px\:?7@C>65 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^G6?5@C\C:D<\2DD6DD>6?EDQmG6?5@C C:D< 2DD6DD>6?Ek^2m[ 7@4FD @? E96 7@==@H:?8 2C62D :? J@FC 6G2=F2E:@? WH96E96C @C ?@E J@F’C6 AC@4FC:?8 pxXik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6_e42ge225375h4c6eccdb3c7dc7c2``aQmkDEC@?8ms2E2 92?5=:?8 AC24E:46Dik^DEC@?8m w@H E96 G6?5@C 4@==64ED[ AC@46DD6D[ DE@C6D[ 2?5 C6E2:?D J@FC 52E2] pD 2 36DE AC24E:46[ 56E6C>:?6 H96E96C J@FC 52E2 :D FD65 7@C >@56= EC2:?:?8 @C 7:?6\EF?:?8 2D H6==]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6b26ad65ch3ehfg7d65`a44bg6d33g3e4QmkDEC@?8m|@56= EC2?DA2C6?4Jik^DEC@?8m w@H >F49 :?7@C>2E:@? E96 G6?5@C 5:D4=@D6D 23@FE EC2:?:?8 52E2 D@FC46D[ >@56= 2C49:E64EFC6[ 2?5 H2JD E96 E@@= 86?6C2E6D @FEAFED]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6666gcg3a7c34dc2`a6h7f`bae`7`d_faQmkDEC@?8m$F3AC@46DD@C 2?5 7@FCE9\A2CEJ 56A6?56?4:6Dik^DEC@?8m %96 5@H?DEC62> AC@G:56CD[ 4=@F5 :?7C2DECF4EFC6[ 2?5 p!xD E96 G6?5@C C6=:6D @?[ 6249 @7 H9:49 6IA2?5D J@FC 2EE24< DFC7246]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_3fcc33h3d_bfc_g6f`b7ag_c66hhc_dQmkDEC@?8mp446DD 4@?EC@=D 2?5 2FE96?E:42E:@?ik^DEC@?8m |6E9@5D FD65 E@ 8@G6C? 2446DD E@ >@56=D[ p!xD[ 2?5 D6?D:E:G6 52E2[ DF49 2D C@=6\32D65 2446DD 2?5 2F5:E =@88:?8]k^=:mk=: 52E2\=:DE\:E6>\:5lQ655acch3d3ch65_g5`5`6d4e4`ga62f44QmkDEC@?8mx?4:56?E C6DA@?D6 2?5 3C6249 ?@E:7:42E:@?ik^DEC@?8m (96E96C J@FC G6?5@C 92D 6DE23=:D965 2?5 C68F=2C=J E6DE65 AC@465FC6D 7@C :56?E:7J:?8[ C6DA@?5:?8 E@[ 2?5 4@>>F?:42E:?8 D64FC:EJ :?4:56?ED]k^=:mk=: 52E2\=:DE\:E6>\:5lQ67h3cg47_b5b7fceh`7cgd52c43cgfdf2QmkDEC@?8m#68F=2E@CJ 2?5 7C2>6H@C< 2=:8?>6?Eik^DEC@?8m (96E96C E96 G6?5@CVD AC24E:46D 2=:8? H:E9 C6=6G2?E px 8@G6C?2?46 DE2?52C5D DF49 2D x$~^xtr ca__`[ E96 }x$% px #|u[ 2?5 E96 t& px p4E]k^=:mk=: 52E2\=:DE\:E6>\:5lQ63c272`ddb457a7g5e554g6_`f5hh46gbQmkDEC@?8m~FEAFE :?E68C:EJik^DEC@?8m %96 4@?EC@=D E96 G6?5@C 92D :? A=246 E@ >:E:82E6 >@56= 92==F4:?2E:@?D[ 3:2D[ @C 25G6CD2C:2= >2?:AF=2E:@? E92E 42? :>A24E E96 C6=:23:=:EJ @7 px @FEAFED]k^=:mk^F=m

k9bmq6DE AC24E:46D 7@C >2?28:?8 px\C6=2E65 E9:C5\A2CEJ C:D<k^9bm

kAmp=@?8D:56 >@56C?:K:?8 %!#|[ :>A=6>6?E E96D6 36DE AC24E:46D 7@C >2?28:?8 px k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^EAC>^EAC>\=:764J4=6QmG6?5@CD E9C@F89@FE E96:C =:764J4=6k^2mik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6da`3b2__4a`fbe24b65g`d2geg72g43aQmkDEC@?8mtDE23=:D9 2? px :?G6?E@CJik^DEC@?8m |2:?E2:? 2 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^4@==64E:@?^8C4^2:\8@G6C?2?46Qm46?EC2= :?G6?E@CJ @7 px E@@=Dk^2m[ E96:C FD6 42D6D[ 2?5 C6=2E65 6IE6C?2= 56A6?56?4:6D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ64b533e_ac2_65chae6e`c7bg_6b7a`5_QmkDEC@?8m&A52E6 G6?5@C 4@?EC24ED 7@C pxik^DEC@?8m &A52E6 6I:DE:?8 4@?EC24ED E@ :?4=F56 AC@G:D:@?D 23@FE 52E2 FD286[ >@56= EC2:?:?8[ DF3AC@46DD@C 492?86D[ 2?5 C6A@CE:?8 @3=:82E:@?D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_e_76g34``76`a4_bhe336f7cd2672hbQmkDEC@?8ms67:?6 4=62C px 8@G6C?2?46ik^DEC@?8m tDE23=:D9 D64FC:EJ 2?5 k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^H92E\:D\G6?5@C\4@>A=:2?46Qm4@>A=:2?46 4C:E6C:2k^2m 7@C @?3@2C5:?8 2?5 2AAC@G:?8 px G6?5@CD 7@C 4@?D:DE6?4J]k^=:mk=: 52E2\=:DE\:E6>\:5lQ63gbg52fge2eh36b54`46466abhdc_e42QmkDEC@?8m'2=:52E6 :?96C:E65 4@?EC@=D C68F=2C=Jik^DEC@?8m x7 J@F C6=J @? 4@?EC@=D :>A=6>6?E65 3J px G6?5@CD[ C6G:6H 2??F2==J W@C 4@?E:?F@FD=J 7@C 9:89\C:D< G6?5@CDX E@ D66 :7 E96J’C6 DE:== 67764E:G6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6gg65he`ahge`427a326_6d3gc_37dgc3QmkDEC@?8ms67:?6 px “>2E6C:2= 492?86” 4C:E6C:2ik^DEC@?8m $A6== @FE H92E 2 “>2E6C:2= 492?86” >62?D 7@C px G6?5@CD[ DF49 2D 2 ?6H >@56= G6CD:@? @C 492?86D :? AC:G24J A@=:4J[ 2?5 C6BF:C6 ?@E:7:42E:@? H96? @?6 92AA6?D]k^=:mk^F=m

k9bm(92E 67764E:G6 px G6?5@C @G6CD:89E 24EF2==J =@@<D =:<6k^9bm

kAm%C25:E:@?2= G6?5@C @G6CD:89E 2DDF>65 2 C:D< AC@7:=6 DE2J65 DE23=6 36EH66? C6G:6HD] px G6?5@CD 3C@<6 E92E 2DDF>AE:@?[ 2?5 >@C6 BF6DE:@??2:C6D H:== ?@E C6DE@C6 :E] %96 E62>D 92?5=:?8 E9:D H6== 2C6 ?@E CF??:?8 >@C6 2DD6DD>6?EDj E96J 2C6 492?8:?8 H92E 2? 2DD6DD>6?E :D 7@C]k^Am

kAm%92E D9:7E 92D E9C66 AC24E:42= >2C<6CD] ~G6CD:89E 364@>6D 4@?E:?F@FD C2E96C E92? D4965F=65[ D@ 2 ?6H DF3AC@46DD@C @C 2 DH2AA65 7@F?52E:@? >@56= C68:DE6CD H96? :E 92AA6?D] '6?5@C C:D< DE@AD =:G:?8 :? :ED @H? DJDE6> 2?5 7665D E96 D2>6 C68:DE6C E96 C6DE @7 E96 v#r AC@8C2> H@C<D 7C@>] p?5 Q>2E6C:2= 492?86Q >@G6D @FE @7 :?7@C>2= 6IA64E2E:@? 2?5 :?E@ 4@?EC24E =2?8F286[ H:E9 ?@E:7:42E:@? C6BF:C6>6?ED 2EE24965]k^Am

kAm}@?6 @7 E9:D >62?D 232?5@?:?8 6I:DE:?8 %!#| AC@46DD6D] xE >62?D 2446AE:?8 E92E 2 A@:?E\:?\E:>6 2CE:724E 42??@E 8@G6C? 2 G6?5@C E92E 492?86D H66<=J] %62>D k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^36DE\E9:C5\A2CEJ\C:D<\>2?286>6?E\D@7EH2C6Qm6G2=F2E:?8 E9:C5\A2CEJ C:D< >2?286>6?E A=2E7@C>Dk^2m D9@F=5 EC62E 4@?E:?F@FD >@?:E@C:?8 2?5 px G6?5@C 5:D4@G6CJ 2D 4@C6 C6BF:C6>6?ED[ ?@E 25G2?465 762EFC6D]k^Am

kAmk2 9C67lQ9EEADi^^HHH]G2?E2]4@>^C6D@FC46D^2:\25@AE:@?\E9:C5\A2CEJ\C:D<Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]G2?E2]4@>^AC@5F4ED^2:\8@G6C?2?46Qmk6>m'2?E2k^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am