8/9/2019 Phillips Comments

1/4

Achbg Z|onmkt \mib|e{ bhd [ko|mIc{{coh dc`m{tcqm

Ch ibhs pbs{' b tm{t oa tfm maamktcqmhm{{ oa so}| zgbh pb{ fop i}kf C gmb|hmdblo}t tfm{m {kcmhkm/fmbgtf kohkmzt{ a|oi |mqcmpch` so}| gm{{oh{" C `}m{{ C

ehmp {oim oa tfc{ ohkm' l}t hot hmkm{{b|cgs ch A|mhkf( So} fbqm gmb|hmd' C tfche

tf|o}`f tfc{ ko}|{m' tfm zmdb`o`ckbg bhd tfmo|mtckbg }hdm|zchhch`{ oa ao|mc`hgbh`}b`m tmbkfch` bhd gmb|hch`( L}t so} bg{o l|ch` pctf so} to tfm tmbkfch`

z|oam{{coh' bh chhbtm blcgcts to o|`bhc~m' to koii}hckbtm to otfm| md}kbto|{ bhd{t}dmht{' bhd to k|mbtm fc`fgs mh`b`ch` gm{{oh{( Ch otfm| po|d{' so} fbqm tfbt

koilchbtcoh oa tfm b|t bhd tfm {kcmhkm oa tmbkfch`( So}| po|e c{ mvkmggmht ch

mqm|s b{zmkt( C {mm pfs so} pm|m olqco}{gs b `|mbt foim){kfoogm| bhd C fozmtfbt so} fbqm mqm|s ozzo|t}hcts to bzzgs so}| tbgmht{ bhd dmdckbtcoh to tfm

z}lgck o| z|cqbtm {kfoog{(

\}l|ck ao| mqbg}btch` so}| }hct zgbh [ko|m> 2:: / 2::

Zm|ao|ibhkm B{{m{{imht &|mgbtmd to Ic{{coh dc`m{tcqm }hct#

Lotf b{{m{{imht{ b|m qm|s pmgg tfo}`ft o}t bhd koh{t|}ktmd5 so}gg lm blgm todmkcdm pfckf ohm to }{m pfmh bkt}bggs tmbkfch`( Tfm {mkohd po}gd lmhmact a|oi

so}| lmch` ch b {kfoog pfm|m {t}dmht{ fbqm gmb|hmd bhd b|m abicgcb| pctf qcdmo

z|od}ktcoh {o tfbt so} doht hmmd to tbem tcim to tmbkf tfbt(( So}| dc|mktcoh{ to

{t}dmht{ bhd tfm {}zzo|t ibtm|cbg{/o|`bhc~m|{' mtk( b|m `mb|md topb|d {t}dmht{bcich` ao| lm{t po|e( Too oatmh' tmbkfm|{ pbht tfm tm{t to lm pfm|m bgg {}zzo|t c{

pctfd|bph bhd tfbt c{ hot ch{t|}ktcqm Ohm tfm lm{t ambt}|m{ c{ tfbt lotf oa tfm{m

b{{m{{imht{ b|m zm|ao|ibhkm) bhd kohtmht) lb{md bhd zb|bggmg tmbkfch` z|okm{{m{(Ct c{ tfbt {mbigm{{hm{{ tfbt c{ z|c~md todbs(

\}l|ck ao| mqbg}btch` so}| b{{m{{imht [ko|m> =: / =:

Z|onmkt> Kohtmht)Lb{md Ch{t|}ktcohT|}gs mvmizgb|s gm{{oh pctf {ogcd |mchao|kmimht oa tfm {kcmhkm k}||ck}g}i( C gcem to {mmfop ch tfm{m gb{t amp gm{{oh z|onmkt{' so} chtm`|btm tfm {tbhdb|d{ ls {mgmktch` maamktcqmbzz|obkfm{ to tfm koii}hckbtcqm iodm{ l}t l}cgd tfmi }zoh b {ogcd kohtmht lb{m oak}gt}|m' kohhmktcoh{' bhd/o| koizb|c{oh{ chto gbh`}b`m gm{{oh{( Tfm gbh`}b`m lmhmact{b{ dom{ bkr}c{ctcoh oa hmp ehopgmd`m tf|o}`f tfm {t}ds oa bhotfm| gbh`}b`m bhd ct{

k}gt}|m(

Ch {}i' tfm bci c{ to tfm mvtmht zo{{clgm bgpbs{ im|`m k}gt}|m' kohhmktcoh{' bhd/o|koizb|c{oh{ chto gbh`}b`m gm{{oh{( Tfm gbh`}b`m lmhmact{ b{ dom{ bkr}c{ctcoh oa hmpehopgmd`m tf|o}`f tfm {t}ds oa bhotfm| gbh`}b`m bhd ct{ k}gt}|m(

U2YMh`b`ch` tctgm(

U

8/9/2019 Phillips Comments

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U4YCqm gmb|hmd a|oi tfc{ "

Z|onmkt \}l|ck bhd {ko|m &=: / =: zocht{#(

Bdqbhkmd Gmqmg K}gt}|m)Lb{md ]hct Zgbh

[}zm|l gm{{oh ch bgg b{zmkt{( So} kgmb|gs dmqmgozmd tfc{ hbtcohbggs kfm|c{fmd tmvt/kb|tooh hop`|bzfck hoqmg C `}m{{ ao| fop ct `om{ lmsohd b k}gt}|bg z|od}kt chto b hbtcohbg zm|{zmktcqm( So}

{fop fop tfm B{tm|cv {to|cm{ kbh lm }hdm|{tood ch bhs k}gt}|m' chdmmd tfms b|m pcdmgs t|bh{gbtmd'l}t fogd b {zmkcbg zgbkm ch A|mhkf qbg}m{ bhd bttct}dm{( So} bg{o dcd bh mvkmggmht nol oa bdfm|ch`to tfm |mkoiimhdmd ch{t|}ktcohbg {t|btm`cm{ b{{okcbtmd pctf tfm koii}hckbtcqm iodm{( Tfm

b{{m{{imht aoggop{ tfm CZB iodmg bhd b{ so} po|e pctf tfc{ iodmg' m{z( pctf bdqbhkmd{t}dmht{ so} &bhd tfms# pcgg achd tfbt {mbigm{{hm{{ lmtpmmh tmbkfch`/tm{tch` tfbt pm {mme ch

todbs{ kgb{{|ooi{( Bgg so}| bttbkfimht{ z|oqcdm bddctcohbg mqcdmhkm oa so}| blcgcts to dm{c`hbhd b{{m{{ }{ch` so}| oph k|mbtmd ibtm|cbg{ ao| ch{t|}ktcohbg {}zzo|t(

Z|onmkt \}l|ck bhd {ko|m & =:/ =: zocht{#So}| kfb|t c{ ohm oa tfm lm{t a|bimpo|e{ C fbqm {mmh ls b {t}dmht ch tfm ibhs smb|{ oa

tmbkfch` tfc{ ko}|{m( C |mbgc~m tfbt ct tbem{ b got oa tcim' l}t C fozm tfbt so} {mm tfm qbg}m ch

fop tfc{ `}cdm{ so}| po|e ch dmqmgozch` {ogcd }hct{ pctf b{{}|bhkm tfbt bgg tfm zcmkm{ b|m

z|m{mht &{tbhdb|d{ lotf koii}hcktcqm bhd kohtmht' gbh`}b`m{'tmbkfch`/gmb|hch` {t|btm`cm{(

Zm|ao|ibhkm)Lb{md B{{m{{imht &Z|oqch{ pml{ctm)lb{md }hct#

Z|oizt> Qc|t}bg I}{m}i B{{m{{imht( Cib`chm tfbt so} fbqm lmmh `cqmh tfm tb{eoa tmbkfch` fc`f {kfoog {t}dmht{ blo}t b abio}{ b|tc{t o| fc{to|ckbg {ctm ch tfm

tb|`mt k}gt}|m( Achd bh chtm|m{tch` pml {ctm ch so}| tb|`mt gbh`}b`m tfbt ko}gd lm

}{md to tmbkf tfmi blo}t bh chtm|m{tch` b|tc{t o| fc{to|ckbg {ctm( K|mbtm bhb{{m{{imht to mqbg}btm {t}dmht{ koiz|mfmh{coh oa tfm chao|ibtcoh a|oi tfm pml

{ctm( Tfm b{{m{{imht {fo}gd lm oqm|bgg zm|ao|ibhkm)lb{md pctf z|cib|cgs b

dcqm|`mht/`golbg {tsgm( Cdmhtcas pfbt so} lmgcmqm tfm gmb|hch` olnmktcqm{ po}gd lmao| gbh`}b`m gmb|hm|{ }{ch` tfc{ pml {ctm( Ca bt bgg zo{{clgm' {mgmkt b pml {ctm bhd bh

bktcqcts tfbt so} kbh chkg}dm ch so}| }hct zgbh ao| tfm k}gichbtch` z|onmkt(

Koiimht/[ko|m> Qm|s pmgg zgbhhmd b|o}hd tfm |m`cohbg fc{to|s dok}imht/ tfmim( So}|cht|od}ktcoh tbem{ tfm {t}dmht{ |c`ft tf|o}`f tfm {tmz{ oa tfm b{{m{{imht bhd l}cgd{ b go`ck ao|

pfbt tfms b|m doch` {o tfbt tfm b{{m{{imht c{ lotf t|bh{zb|mht bhd zm|ao|ibhkm lb{md( So}qml}cgt bh chtm|z|mtcqm bktcqcts pctf tfm |m{mb|kf zb|t oa tfm gm{{oh5 so} gmbd tfmi to }{m tfm

ehopgmd`m `bchmd ch tfm dc{k}{{coh( Chtm|z|mtcqm c{ b `ood zgbkm ao| IK bhd so} kbh {t|mtkf tfbtto `mt bt hot n}{t koiz|mfmh{coh oa abkt{ l}t bt cham|mhkm{ lb{md oh tfm tmvt( Tfm chtm|)zm|{ohbg

dmkc{coh)ibech` bhd tfm z|m{mhtbtcohbg tb{e{ pctf tfm k}gt}|bg/fc{to|ckbg kohtmht {fop bhmvkmggmht Chtm`|btmd Zm|ao|ibhkm B{{m{{imht( Tfbt echd oa {mbigm{{hm{{ lmtpmmh tmbkfch` bhd

tm{tch` c{ cizo|tbht( Ch abkt' tfc{ ko}gd lm b gm{{oh5 ct ko}gd lm bh b{{m{{imht( So} po}gd' oako}|{m' pbht to dm{c`h b |}l|ck o| {ko|ch` `}cdm ao| {t}dmht{ z|co| to `cqch` tfmi tfm b{{m{{imht

tb{e(

8/9/2019 Phillips Comments

3/4

So} ko}gd }{m tfc{ ch so}| achbg ko}|{m z|onmkt pctf tfm bddctcoh oa b |}l|ck )) tfm |m{t c{ bgg tfm|mhop( 6/6

Chtm|z|mtcqm Koii}hckbtcoh Iod}gm ) Z|onmkt

Mvkmggmht z|onmkt so} fbqm l}cgt ch kfockm{ ao| {t}dmht{' b qm|s hckm ambt}|m' m{z( Ao|

z|m{mhtbtcohbg tb{e{( Tfm {mt{ oa b}tfmhtck `mh|m gmbd to cdmhtcacmd b}dcmhkm{ tfbt b|m |mbg(

So} z|oqcdmd b z}|zo{m ao| tfm bktcqcts bgg tfm mgmimht{ ao| bh maamktcqm Z|m{mhtbtcohbg

tb{e( Ch tm|i{ oa z|okm{{' so} fbqm tfm d|batch`/ ammdlbke/|mqc{coh/ z}lgckbtcoh zfb{m{ qm|s

kb|ma}ggs {zmggmd o}t(

Z|onmkt \}l|ck bhd {ko|m &=: / =: zocht{#(

ZBKM Z|onmkt &Z|m{mhtbtcoh Bttmhtcoh ) Ko)Koh{t|}ktcoh ) Mvtmh{coh# Gm{ go}z{ Bim|)

Chdcbh Aoge TbgmTfc{ gm{{oh lb{md oh tfm ZBKM iodmg fb{ lmmh qm|s pmgg dohm( So} dmqmgozmd mbkf

{tb`m qm|s maamktcqmgs d}|ch` bhs `cqmh smb|' ohm ic`ft do 1 2: oa tfm{m ao| tfm

ibno| {t|}kt}|m{( Tfm chtmh{cqm bhd {s{tmibtck po|e {t}dmht{ do pctf tfmikoht|cl}tm{ `|mbtgs to bkr}c{ctcoh oa tfm {t|}kt}|m{(

Z|onmkt \}l|ck bhd {ko|m &=: / =: zocht{#

Chtm|z|mtcqm Z|onmkt ) Gm L|mqmt

So} fbqm k|mbtmd bh mvkmggmht gm{{oh fm|m bhd so}| kogo| kodch` ibem{ ct

mb{cm| ao| im to aoggop bhd z|olblgs ao| so} to tmbkf( C do fbqm oh

oqm|b|kfch` r}m{tcoh l}t so} po}gd hmmd to lm tfm n}d`m b{ so} `mt chto

tfm {kfoog{ to tmbkf( Lb{ckbggs' ct tfche tfc{ c{ z|olblgs zctkfmd too fc`fao| lotf tfm z|oackcmhks gmqmg ch A\ CC bhd ao| tfm b`m |o}z( Tfm{m

{t}dmht{ b|m {tcgg z|mtts ab| bpbs a|oi fbqch` po|e mvzm|cmhkm mqmh

bzzgckbtcoh{ bhd a|oi tfm tm{tch` {s{tmi( Is mvzm|cmhkm c{ ct po}gd lm

io{t bkk}|btmgs tb|`mtmd bt A\ CCC' `|bdm 2: o| bloqm( Ct c{ hot is

chtmht to dmd}kt zocht{ oh tfbt lb{c{5 C ehop so} fbqm n}{t dohm foim)

{kfoogch` bhd tfm zbkm c{ r}ctm dcaam|mht tfm|m( B{ so} ioqm ao|pb|d' so}

ic`ft pbht to bdn}{t so}| tb|`mt `|bdm/ko}|{m gmqmg to po|e pctf tfm

tozck( Ct dom{ tbem b |mbg kgb{{|ooi to n}d`m bhd tfmh kbgcl|btm tfmkohtmht/zbkm oa gm{{oh{(

;So} dcd bh mvkmggmht nol pctf tfm BTTMHTCOH bhd KO)KOH[T\]KTCOH zfb{m{( Tfms fbqm to lm zgbhhmd o}t

{o kb|ma}ggs( Ca so} t|s to mhtm| tfo{m pctf b `mhm|bg cdmb oa z|okmd}|m pctfo}t po|ech` o}t {zmkcack r}m{tcoh{' so}

oatmh achd so} `cqm bpbs bh{pm|{ o| fbqm bh chmaamktcqm {mr}mhkm(

@|mbt ibtm|cbg{ C ehop mqmh pctf koggm`m {t}dmht{' C }{md to fbqm tfmi do r}m{tcoh{ oh

tfm Lbk b{ tfms bzzmb|md oh pml{ctm{ bhd tfms pm|m bib~md bt tfm ko`hctcqm kfbggmh`m{

8/9/2019 Phillips Comments

4/4

tfm|mch( &Zm|{ohbg hotm> is `|bhd)db}`ftm| ch A|bhkm achc{fmd }z fm| Lbk tfc{ {z|ch` {o

got{ oa z|m{{}|m oaa bt gb{t(#

Z|onmkt \}l|ck bhd {ko|m & =: / =: zocht{#(

Achbg Z|onmktB

}tfo|> N}hm Zfcggcz{Dbtm> Dmkmilm| 2