RDE n°2

Page 1

ISSN 1659-2808

NÚMERO

2

SEGUNDO

SEMESTRE

2006

Ð5+0*, 79,:,5;(*0Ô5 7mN (<;69,: 05=0;(+6: +PULYV ` WVSx[PJH LU (TtYPJH 3H[PUH +HUPLS AV]H[[V .HYL[[V 7mN ,SLJJPVULZ T\UPJPWHSLZ LU *LU[YVZ 7VISHKVZ -LYUHUKV ;\LZ[H :VSKL]PSSH 7mN *63()69(*065,: ,?;,95(: 9LMVYTHZ H SHZ LSLJJPVULZ T\UPJPWHSLZ! ¦]LYKHKLYH ULJLZPKHK V YL[}YPJH WVSx[PJH& .HIYPLSH (N\PSHY /LYYLYH 7mN (IZ[LUJPVUPZTV LU SHZ LSLJJPVULZ T\UPJPWHSLZ 4HYxH 4HY[H )YLULZ 4VU[V`H 7mN 7HY[PKVZ WVSx[PJVZ LU LS mTIP[V SVJHS 9VILY[ - )LLYZ .VUamSLa 7mN 9\W[\YH KLS TVUVWVSPV KL SVZ WHY[PKVZ WVSx[PJVZ LU SH WVZ[\SHJP}U KL JHUKPKH[VZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY =PUPJPV 4VYH 4VYH 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

0

9L]VJH[VYPH KLS THUKH[V WHYH M\UJPVUHYPVZ KL LSLJJP}U WVW\SHY LU SVZ NVIPLYUVZ SVJHSLZ 1\HU 3\PZ 9P]LYH :mUJOLa 7mN 9,:,j( )0)306.9Í-0*(! 3VZ WHY[PKVZ SVJHSLZ ` SH KLTVJYHJPH LU SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH YL[YVZWLJJP}U ` WLYZWLJ[P]HZ 9V` 9P]LYH (YH`H 7mN 3H Q\Z[PJPH LSLJ[VYHS W\LZ[H H WY\LIH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 7mN (5,?6:! 3PZ[H KL [YHIHQVZ ÄUHSLZ KL NYHK\HJP}U LZWLJPHSPaHKVZ LU KLYLJOV LSLJ[VYHS KPZWVUPISLZ LU SH )PISPV[LJH KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 7mN

00

5Ø4,96 :,.<5+6 :,4,:;9,

79,:,5;(*0Ô5

*

VU NYHU ZH[PZMHJJP}U WYLZLU[HTVZ LS ZLN\UKV U‚TLYV KL SH 9L]PZ[H KL +LYLJOV ,SLJ[VYHS KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KL *VZ[H 9PJH ,U LZ[H VJHZP}U ÄN\YHU JVTV PU]P[HKVZ KVZ H\[VYLZ HTWSPHTLU[L YLJVUVJPKVZ LU LS T\UKV LSLJ[VYHS SH[PUVHTLYPJHUV J\`H LY\KP[H WHY[PJPWHJP}U OVUYH H LZ[H W\ISPJHJP}U LSLJ[Y}UPJH! +HUPLS AV]H[[V .HYL[[V ` -LYUHUKV ;\LZ[H :VS]LKPSSH ,S WYPTLYV YLÃ…L_PVUH ZVIYL SH ZPLTWYL JVTWSLQH YLSHJP}U LU[YL LS KPULYV ` SH WVSx[PJH ` LS ZLN\UKV UVZ VMYLJL \U PU[LYLZHU[L LQLYJPJPV HUHSx[PJV YLSHJPVUHKV JVU SHZ LSLJJPVULZ T\UPJPWHSLZ KL Z\ WHxZ KL VYPNLU +LU[YV KL SH ZLJJP}U KLKPJHKH H JVSHIVYHJPVULZ L_[LYUHZ ` KHKV X\L LU \UVZ J\HU[VZ KxHZ LZ[L ;YPI\UHS JVU]VJHYm H SHZ LSLJJPVULZ KL HSJHSKLZ ZxUKPJVZ JVUJLQHSLZ KL KPZ[YP[V PU[LUKLU[LZ ` JVUJLQHSLZ T\UPJPWHSLZ KL KPZ[YP[V OLTVZ \IPJHKV JPUJV HY[xJ\SVZ YLMLYPKVZ H HZWLJ[VZ WYVWPVZ KL SVZ JVTPJPVZ T\UPJPWHSLZ +PJOHZ JVSHIVYHJPVULZ J\`VZ H\[VYLZ ZVU KLZ[HJHKVZ WYVMLZPVUHSLZ LU +LYLJOV KLS WHxZ ZL VYPNPUHU LU PU]LZ[PNHJPVULZ YLHSPaHKHZ LU LS THYJV KL SH 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH ` KL SH WSLUH HU\LUJPH H LZ[YLJOHY ]xUJ\SVZ HJHKtTPJVZ X\L TVZ[Y} Z\ +PYLJ[VY +Y 7H\S 9\LKH 3LHS ( [x[\SV KL YLZL|H IPISPVNYmÄJH OLTVZ X\LYPKV YLZHS[HY SH YLSL]HU[L VIYH [P[\SHKH ¸3VZ WHY[PKVZ WVSx[PJVZ ` SH KLTVJYHJPH KL SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH YL[YVZWLJJP}U ` WLYZWLJ[P]HZ ¹ X\L YLJVWPSH LZ[\KPVZ KL ]HYPVZ H\[VYLZ IHQV SH JVUK\JJP}U LKP[VYPHS KLS +Y 9V` 9P]LYH (YH`H" HZx JVTV \UH W\ISPJHJP}U LSLJ[Y}UPJH X\L LZ[L ;YPI\UHS KPM\UKPYm JVU VJHZP}U KL SH JVU]VJH[VYPH H LSLJJPVULZ T\UPJPWHSLZ ` X\L OLTVZ KLUVTPUHKV ¸3H Q\Z[PJPH LSLJ[VYHS JVZ[HYYPJLUZL W\LZ[H H WY\LIH¹ SH J\HS YLJVNL [VKHZ SHZ YLZVS\JPVULZ X\L SH Q\YPZKPJJP}U LSLJ[VYHS KPJ[} JVU TV[P]V KL SHZ LSLJJPVULZ KLS KL MLIYLYV KLS

5Ø4,96 :,.<5+6 :,4,:;9,

-PUHSTLU[L PUJS\PTVZ JVTV HUL_V \U SPZ[HKV KL SVZ [YHIHQVZ ÄUHSLZ KL NYHK\HJP}U LZWLJPHSPaHKVZ LU +LYLJOV ,SLJ[VYHS JVU X\L J\LU[H SH )PISPV[LJH PUZ[P[\JPVUHS *VU LZ[H U\L]H LU[YLNH LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLU\L]H Z\ JVTWYVTPZV WVY HIYPY ` JVUZVSPKHY \U LZWHJPV KL YLÅL_P}U ZLYPH ` WLYTHULU[L ZVIYL LS +LYLJOV ,SLJ[VYHS X\L YLZ\S[L ‚[PS H [VKVZ HX\LSSVZ X\L LZ[LTVZ PU[LYLZHKVZ LU LS MLU}TLUV KL SH KLTVJYHJPH LSLJ[VYHS :HU 1VZt KL Q\SPV KLS

3H +PYLJJP}U

5Ø4,96 :,.<5+6 :,4,:;9,

ɤɜɄɑȐɕ

05=0;(+6:

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05( +Y +HUPLS AV]H[[V

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL Q\UPV KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\SPV KLS 9LZ\TLU! (IVYKH LS [LTH KLS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ JVTV \UH ULJLZPKHK WHYH LS M\UJPVUHTPLU[V KL SH KLTVJYHJPH ` KLZKL W\U[VZ LZWLJxร JVZ JVTV! LS ร UHUJPHTPLU[V ` SH JVYY\WJP}U WVSx[PJH SH PTWVY[HUJPH KL \U THYJV Q\YxKPJV Lร JHa SHZ JHYHJ[LYxZ[PJHZ MVYTHSLZ ` YLHSLZ KLS ร UHUJPHTPLU[V WVSx[PJV ` SVZ ZPZ[LTHZ KL ร UHUJPHTPLU[V [HU[V Wย ISPJV WYP]HKV ` TP_[V 7HSHIYHZ JSH]LZ! -PUHUJPHTPLU[V KLS WHY[PKV WVSx[PJV -PUHUJPHTPLU[V KPYLJ[V -PUHUJPHTPLU[V PUKPYLJ[V +LTVJYHJPH *VZ[V LSLJ[VYHS *VYY\WJP}U (IZ[YHJ[! 0[ HWWYVHJOLZ [OL Z\IQLJ[ VM WVSP[PJHS WHY[PLZ ร UHUJPUN HZ H ULJLZZP[` MVY KLTVJYHJ` VWLYH[PVU HUK MYVT ZWLJPร J WVPU[Z HZ! ร UHUJPUN HUK WVSP[PJHS JVYY\W[PVU PTWVY[HUJL VM HU LMMLJ[P]L SLNHS MYHTL MVYTHS HUK YLHS JOHYHJ[LYPZ[PJZ VM WVSP[PJHS ร UHUJPUN HUK Z`Z[LTZ W\ISPJ WYP]H[L HUK TP_LK M\UKPUN 2L` ^VYKZ! -PUHUJPUN VM WVSP[PJHS WHY[` +PYLJ[ -\UKPUN 0UKPYLJ[ -\UKPUN +LTVJYHJ` ,SLJ[VYHS *VZ[ *VYY\W[PVU

3H VIYH LZ \UH HJ[\HSPaHJP}U KL SH W\ISPJHKH LU -VYLPNU (MMHPYZ LU LZWH|VS! AV]H[[V . + ยธ+PULYV ` WVSx[PJH LU (TtYPJH 3H[PUHยน ,U! -VYLPNU (MMHPYZ LU ,ZWH|VS ]VS U WW! 4t_PJV + - (YNLU[PUV 3PJLUJPHKV LU *PLUJPHZ 7VSx[PJHZ ` 9LSHJPVULZ 0U[LYUHJPVUHSLZ WVY SH <UP]LYZPKHK *H[}SPJH KL *}YKVIH (YNLU[PUH 3PJLUJPHKV LU +LYLJOV WVY SH <UP]LYZPKHK 5HJPVUHS KL *}YKVIH 4mZ[LY LU ,Z[\KPVZ 0U[LYUHJPVUHSLZ KL SH ,ZJ\LSH +PWSVTm[PJH KLS 4PUPZ[LYPV KL 9LSHJPVULZ ,_[LYPVYLZ KL 4HKYPK 4mZ[LY LU +LYLJOVZ /\THUVZ ` +VJ[VY LU +LYLJOV 0U[LYUHJPVUHS WVY SH <UP]LYZPKHK *VTWS\[LUZL KL 4HKYPK 7VZLL \UH 4HLZ[YxH LU (KTPUPZ[YHJP}U 7ย ISPJH WVY SH ,ZJ\LSH KL .VIPLYUV 1VOU - 2LUULK` KL SH <UP]LYZPKHK KL /HY]HYK +LZKL OHZ[H M\L +PYLJ[VY ,QLJ\[P]V KLS *LU[YV KL (ZLZVYxH ` 7YVTVJP}U ,SLJ[VYHS WYVNYHTH KLS 0UZ[P[\[V 0U[LYHTLYPJHUV KL +LYLJOVZ /\THUVZ +LZKL ` OHZ[H VJ\W} [HTIPtU LU LZH TPZTH 0UZ[P[\JP}U SH WVZPJP}U KL +PYLJ[VY ,QLJ\[P]V (KQ\U[V -\L :LJYL[HYPV ,QLJ\[P]V KL SH (ZVJPHJP}U KL 6YNHUPZTVZ ,SLJ[VYHSLZ KL *LU[YVHTtYPJH ` LS *HYPIL KL SH (ZVJPHJP}U KL 6YNHUPZTVZ ,SLJ[VYHSLZ KL (TtYPJH KLS :\Y ` KL SH <UP}U 0U[LYHTLYPJHUH KL 6YNHUPZTVZ ,SLJ[VYHSLZ ( WHY[PY KL ` OHZ[H SH MLJOH ZL KLZLTWL|H JVTV +PYLJ[VY 9LNPVUHS WHYH (TtYPJH 3H[PUH KLS 0UZ[P[\[V 0U[LYUHJPVUHS WHYH SH +LTVJYHJPH ` SH (ZPZ[LUJPH ,SLJ[VYHS 0U[LYUH[PVUHS 0+,( 4PLTIYV KLS *VUZLQV (ZLZVY 0U[LYUHJPVUHS KL 3H[PUVIHY}TL[YV ` KLS *VTP[t ,QLJ\[P]V KL (3(*07 ,Z JVUMLYLUJPZ[H PU[LYUHJPVUHS ` JVSHIVYHKVY MYLJ\LU[L KL U\TLYVZVZ WLYP}KPJVZ ` YL]PZ[HZ KL HUmSPZPZ WVSx[PJV LU 3H[PUVHTtYPJH 7YVMLZVY ]PZP[HU[L LU KPMLYLU[LZ \UP]LYZPKHKLZ KL (TtYPJH 3H[PUH ,\YVWH ` 5VY[L (TtYPJH *VUZ\S[VY KL VYNHUPZTVZ ` HNLUJPHZ PU[LYUHJPVUHSLZ (\[VY ` JVH\[VY KL KP]LYZVZ SPIYVZ ZVIYL KLYLJOVZ O\THUVZ LSLJJPVULZ ` KLTVJYHJPH LU (TtYPJH 3H[PUH

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

3

H KLTVJYHJPH UV [PLUL WYLJPV WLYV Zx \U JVZ[V KL M\UJPVUHTPLU[V X\L OH` X\L ZVS]LU[HY *VTV ZHILTVZ LS M\UJPVUHTPLU[V KL \UH KLTVJYHJPH YLX\PLYL WHY[PKVZ WVSx[PJVZ ` tZ[VZ H Z\ ]La WYLJPZHU YLJ\YZVZ Z\ÄJPLU[LZ ` VWVY[\UVZ WHYH L_PZ[PY ` J\TWSPY JVU Z\Z M\UJPVULZ *VTV J\HSX\PLY V[YH VYNHUPaHJP}U SVZ WHY[PKVZ ULJLZP[HU NLULYHY PUNYLZVZ WHYH ÄUHUJPHY Z\ ]PKH WLYTHULU[L JVZ[LHY Z\Z VWLYHJPVULZ ` T\` WHY[PJ\SHYTLU[L WHYH PUNYLZHY ` JVTWL[PY LU SH JVU[PLUKH LSLJ[VYHS ,U WHSHIYHZ KLS *VUZLQV KL 7YLZPKLU[LZ ` 7YPTLYVZ 4PUPZ[YVZ KL SHZ (TtYPJHZ ¸3H WVSx[PJH LZ PTWVY[HU[L WHYH TLQVYHY SH ]PKH KL [VKVZ U\LZ[YVZ JP\KHKHUVZ 3VZ WHY[PKVZ WVSx[PJVZ ZVU \U JVTWVULU[L M\UKHTLU[HS KL U\LZ[YH WVSx[PJH KLTVJYm[PJH ` ULJLZP[HU KPULYV WHYH M\UJPVUHY¹ 3H OPZ[VYPH ` SH L_WLYPLUJPH JVTWHYHKH KLT\LZ[YHU X\L SH YLSHJP}U LU[YL KPULYV ` WVSx[PJH OH ZPKV LZ ` ZLN\PYm ZPLUKV JVTWSLQH HKLTmZ KL JVUZ[P[\PY \UH J\LZ[P}U JSH]L WHYH SH JHSPKHK ` I\LU M\UJPVUHTPLU[V KL SH KLTVJYHJPH .PV]HUUP :HY[VYP Z\IYH`H HS YLZWLJ[V X\L ¸TmZ X\L UPUN‚U V[YV MHJ[VY B¯D LZ SH JVTWL[LUJPH LU[YL WHY[PKVZ JVU YLJ\YZVZ LX\PSPIYHKVZ WVSx[PJVZ O\THUVZ LJVU}TPJVZ SV X\L NLULYH KLTVJYHJPH¹ +L HOx SH PTWVY[HUJPH KL X\L ZLH LS ZPZ[LTH KLTVJYm[PJV LS X\L JVU[YVSL HS KPULYV ` UV H SH PU]LYZH

3HZ WYPTLYHZ YLN\SHJPVULZ KPYPNPKHZ H SPTP[HY SVZ NHZ[VZ KL SHZ JHTWH|HZ HZx JVTV H L_PNPY \UH YLUKPJP}U KL J\LU[HZ H SVZ WHY[PKVZ ZL YLTVU[HU H SH .YHU )YL[H|H KL ÄUHSLZ KLS ZPNSV ?0? ( SV SHYNV KL SH WYPTLYH TP[HK KLS ZPNSV __ SH L_WHUZP}U KL LZ[L [PWV KL YLN\SHJPVULZ ZL YLHSPa} KL THULYH NYHK\HS JVUJLU[YmUKVZL ZVIYL [VKV LU HSN\UHZ KL SHZ KLTVJYHJPHZ TmZ KLZHYYVSSHKHZ ( WHY[PY KL SH :LN\UKH 7VZN\LYYH 4\UKPHS LS [LTH JVIY} TH`VY YLSL]HUJPH WYVK\JPtUKVZL HZPTPZTV \U JHTIPV PTWVY[HU[L KL tUMHZPZ HS PU[YVK\JPYZL LS ÄUHUJPHTPLU[V W‚ISPJV [HU[V H WHY[PKVZ JVTV H JHUKPKH[VZ 7LYV OH ZPKV LU SHZ ‚S[PTHZ KVZ KtJHKHZ J\HUKV ZL OHU YLNPZ[YHKV SVZ JHTIPVZ TmZ ZPNUPÄJH[P]VZ LU LZ[H TH[LYPH JVTV WYVK\J[V KLS PTWHJ[V KL SH ;LYJLYH 6SH SV X\L OH OLJOV TmZ ]PZPISL SH LZ[YLJOH JVTWSLQH ` WYVISLTm[PJH YLSHJP}U LU[YL KPULYV WVSx[PJH LSLJJPVULZ ` KLTVJYHJPH 7VY [VKHZ LZ[HZ YHaVULZ LS [LTH KLS ÄUHUJPHTPLU[V WVSx[PJV ZL OH JVU]LY[PKV LU \UH J\LZ[P}U LZ[YH[tNPJH KL [VKH KLTVJYHJPH WLYV HS TPZTV [PLTWV KHKH Z\ JVTWSLQPKHK ` SVZ KLZHMxVZ X\L WYLZLU[H [HTIPtU ZL OH ]\LS[V \U WYVISLTH \U ]LYKHKLYV KVSVY KL JHILaH *VTV IPLU OH KPJOV 4H\YPJL +\]LYNLY ¸3H KLTVJYHJPH UV LZ[m HTLUHaHKH WVY LS YtNPTLU KL WHY[PKVZ ZPUV WVY LS ÄUHUJPHTPLU[V KL tZ[VZ¹ +LIPKV H Z\ JYLJPLU[L PTWVY[HUJPH LZ[L [LTH OH ]LUPKV \IPJmUKVZL WYVNYLZP]HTLU[L LU LS JLU[YV KL SH HNLUKH WVSx[PJH SH[PUVHTLYPJHUH JVTV WHY[L KL SHZ YLMVYTHZ LSLJ[VYHSLZ KL ZLN\UKH NLULYHJP}U ,U LMLJ[V KLZW\tZ KL LZ[HY WYmJ[PJHTLU[L H\ZLU[L LU SH HNLUKH WVSx[PJH YLNPVUHS YLJPIL JHKH ]La TH`VY H[LUJP}U UV Z}SV H UP]LS UHJPVUHS KVUKL ZL YLNPZ[YH \U PU[LUZV WYVJLZV KL YLMVYTHZ H\UX\L JVU KPMLYLUJPHZ ZPNUPÄJH[P]HZ LU[YL SVZ KP]LYZVZ WHxZLZ ZPUV [HTIPtU LU LS THYJV KL JVUMLYLUJPHZ LZWLJPHSPaHKHZ KL L_WLY[VZ LU SH TH[LYPH 4t_PJV ` ([SHU[H HZx JVTV KL SVZ QLMLZ KL ,Z[HKV KLS OLTPZMLYPV *\TIYL KL 8\tILJ ` *HY[H +LTVJYm[PJH 0U[LYHTLYPJHUH SVZ 1LMLZ KL ,Z[HKV KLS .Y\WV KL 9xV 9L\UP}U LU *\aJV 7LY‚ HS PN\HS X\L KL SVZ WHY[PKVZ WVSx[PJVZ LU LS THYJV KL SHZ YL\UPVULZ KLS -VYV 0U[LYHTLYPJHUV ZVIYL 7HY[PKVZ 7VSx[PJVZ -0(77 ·4PHTP =HUJV\]LY *HY[HNLUH KL 0UKPHZ ` )YHZPSPH

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

ยท 3H PTWVY[HUJPH JYLJPLU[L KLS [LTH ZL OH ]PZ[V YLร LQHKH HZPTPZTV LU SH JHU[PKHK ` JHSPKHK KL PU]LZ[PNHJPVULZ JVTWHYHKHZ ` LZ[\KPVZ UHJPVUHSLZ X\L ZVIYL LZ[H TH[LYPH ]PLULU SSL]mUKVZL H JHIV ZVIYL [VKV K\YHU[L SH ย S[PTH KtJHKH

-05(5*0(40,5;6 @ *699<7*0ร 5 763ร ;0*( ,S [LTH KLS ร UHUJPHTPLU[V KL WHY[PKVZ ` JHTWH|HZ OH HKX\PYPKV \UH PTWVY[HUJPH JHKH ]La TH`VY WVYX\L HWHY[L KL Z\Z IVUKHKLZ Z\LSL HZVJPmYZLSV SHTLU[HISLTLU[L JVU LZJmUKHSVZ KL JVYY\WJP}U WVSx[PJH ` [Ymร JV KL PUร \LUJPHZ ,U LMLJ[V LU (TtYPJH 3H[PUH SH JYPZPZ KL SVZ WHY[PKVZ [PLUL LU I\LUH TLKPKH ]PUJ\SHJP}U JVU SVZ LZJmUKHSVZ WYV]VJHKVZ WVY Z\ ร UHUJPHJP}U PSLNHS 5V KLIL ZVYWYLUKLY LU[VUJLZ X\L SH KLTVUPaHJP}U KL SH WVSx[PJH WVY JH\ZH KLS KPULYV LZ[t H SH VYKLU KLS KxH :P IPLU LS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ UV LZ \UH HJ[P]PKHK JVYY\W[H WLY ZL SH OPZ[VYPH YLJPLU[L KL SH WVSx[PJH SH[PUVHTLYPJHUH L]PKLUJPH X\L H LZ[L [LTH JVTV `H ZL OH KPJOV ZL SV ]PUJ\SH MYLJ\LU[LTLU[L JVU SH JVYY\WJP}U WVSx[PJH LU[LUKPKH tZ[H JVTV LS ยธTHS \ZV ` HI\ZV KL WVKLY KL VYPNLU Wย ISPJV V WYP]HKV WHYH ร ULZ WHY[PKPZ[HZ V WLYZVUHSLZ H [YH]tZ KL SH ]PVSHJP}U KL UVYTHZ KL KLYLJOVยน 3H JVYY\WJP}U WVSx[PJH ZL THUPร LZ[H IHQV KP]LYZHZ TVKHSPKHKLZ X\L ]HU KLZKL SH JVTWYH KL ]V[VZ ` LS \ZV KL MVUKVZ PSLNHSLZ OHZ[H SH ]LU[H KL UVTIYHTPLU[VZ ` LS HI\ZV KL SVZ YLJ\YZVZ LZ[H[HSLZ +L LZ[L TVKV LS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ ` SHZ JHTWH|HZ HS ]LYZL HZVJPHKV JVU SH JVYY\WJP}U SLQVZ KL JVU[YPI\PY H MVY[HSLJLY SH PUZ[P[\JPVUHSPKHK KLTVJYm[PJH [LYTPUH T\JOHZ ]LJLZ WYVK\JPLUKV LS LMLJ[V JVU[YHYPV LZ KLJPY HNYH]HUKV SH JYPZPZ KL JYLKPIPSPKHK ` JVUร HUaH LU SHZ PUZ[P[\JPVULZ WVSx[PJHZ ` WVUPLUKV H SH WVSx[PJH TPZTH ยธIHQV ZVZWLJOHยน *HIL HK]LY[PY LTWLYV X\L LZ[VZ THSLZ UV ZVU L_JS\ZP]VZ KL U\LZ[YH YLNP}U UP KL SVZ WHxZLZ LU ]xHZ KL KLZHYYVSSV ZPUV X\L MVYTHU WHY[L KL \U WLYUPJPVZV MLU}TLUV KL JHYmJ[LY NSVIHS X\L OH SSLNHKV PUJS\ZV H HMLJ[HY H SxKLYLZ KL KLTVJYHJPHZ JVUZVSPKHKHZ JVTV Z\JLKP} LU ,Z[HKVZ <UPKVZ HSN\UVZ WHxZLZ KL ,\YVWH 6JJPKLU[HS ` H U\TLYVZVZ WHxZLZ HZPm[PJVZ :PU LTIHYNV ]HSL SH WLUH [LULY LU J\LU[H X\L SVZ LZJmUKHSVZ KL JVYY\WJP}U UV Z}SV [PLULU \UH KPTLUZP}U ULNH[P]H ZPUV X\L ZP ZVU KLIPKHTLU[L HWYV]LJOHKVZ W\LKLU JVUZ[P[\PYZL LU ยธSH WHY[LYH KL SHZ YLMVYTHZยน [HS ` JVTV ZL|HSH 2 + ,^PUN 3HTLU[HISLTLU[L tZ[H UV LZ SH WYmJ[PJH \Z\HS LU (TtYPJH 3H[PUH KHKV X\L SV TmZ NYH]L LU U\LZ[YVZ WHxZLZ UV ZVU SVZ LZJmUKHSVZ LU Zx TPZTVZ KL WVY Zx NYH]LZ ZPUV SH PTW\UPKHK X\L Z\LSL HJVTWH|HYSVZ SV X\L WYVK\JL LU LS JP\KHKHUV \UH ZLUZHJP}U KL X\L ยธ[VKV ]HSLยน \U TH`VY KLZJYLPTPLU[V LU LS ZPZ[LTH Q\KPJPHS \U PUJLU[P]V HKPJPVUHS WHYH VWLYHY JVTV MYLL YHPKLYZ ` SH ZLUZHJP}U KL X\L X\PLU J\TWSL JVU SHZ SL`LZ ZPLTWYL WPLYKL 7VY [VKV LSSV HKOLYPTVZ H SHZ YLJVTLUKHJPVULZ MVYT\SHKHZ WVY ;YHUZWHYLUJPH 0U[LYUHJPVUHS LU Z\ PUMVYTL NSVIHS ZVIYL JVYY\WJP}U KL KPYPNPKHZ H JVTIH[PY SH JVYY\WJP}U WVSx[PJH LU WHY[PJ\SHY H SHZ ZPN\PLU[LZ!

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

3VZ NVIPLYUVZ KLILU TLQVYHY SH SLNPZSHJP}U ZVIYL LS ÄUHUJPHTPLU[V WVSx[PJV ` Z\ KP]\SNHJP}U :L KLIL KV[HY H SHZ HNLUJPHZ LUJHYNHKHZ KL Z\ PTWSLTLU[HJP}U ` H [YPI\UHSLZ PUKLWLUKPLU[LZ KL SVZ YLJ\YZVZ HKLJ\HKVZ MHJ\S[HKLZ ` WVKLY WHYH YL]PZHY PU]LZ[PNHY ` JVU[YVSHY SHZ J\LU[HZ KL SVZ JVYY\W[VZ" 3VZ NVIPLYUVZ KLILU PTWSLTLU[HY \UH HKLJ\HKH SLNPZSHJP}U ZVIYL LS JVUÅPJ[V KL PU[LYLZLZ PUJS\`LUKV SL`LZ X\L YLN\SLU SHZ JPYJ\UZ[HUJPHZ IHQV SHZ J\HSLZ \U M\UJPVUHYPV LSLJ[V W\LKL VJ\WHY \UH WVZPJP}U LU LS ZLJ[VY WYP]HKV V LU \UH JVTWH|xH WYVWPLKHK KLS ,Z[HKV" 3VZ JHUKPKH[VZ ` WHY[PKVZ KLILU [LULY HJJLZV LX\P[H[P]V H SVZ TLKPVZ :L KLIL LZ[HISLJLY HWSPJHY ` THU[LULY JYP[LYPVZ WHYH SVNYHY \U LX\PSPIYPV LU SH JVILY[\YH KL tZ[VZ" 3VZ WHY[PKVZ SVZ JHUKPKH[VZ ` SVZ WVSx[PJVZ KLILU KP]\SNHY MVUKVZ PUNYLZVZ ` NHZ[VZ H \U VYNHUPZTV PUKLWLUKPLU[L ,Z[H PUMVYTHJP}U KLIL WYLZLU[HYZL KL \UH THULYH YLN\SHY ZVIYL \UH IHZL HU\HS [HU[V HU[LZ JVTV KLZW\tZ KL SHZ LSLJJPVULZ" 3HZ PUZ[P[\JPVULZ PU[LYUHJPVUHSLZ KL ÄUHUJPHTPLU[V ` SVZ KVUHU[LZ IPSH[LYHSLZ KLILU [LULY LU J\LU[H SH JVYY\WJP}U J\HUKV KLJPKHU WYLZ[HY V LU[YLNHY KPULYV H SVZ NVIPLYUVZ +LILU LZ[HISLJLY JYP[LYPVZ HKLJ\HKVZ WHYH L]HS\HY SVZ UP]LSLZ KL JVYY\WJP}U" ` :L KLIL YH[PÄJHY L PTW\SZHY YmWPKHTLU[L SH *VU]LUJP}U KL SH 65< JVU[YH SH JVYY\WJP}U 7VY Z\ WHY[L SH *VU]LUJP}U KL SH 6*+, JVU[YH LS ZVIVYUV KLIL ZLY MVY[HSLJPKH JVU[YVSHKH L PTW\SZHKH HKLJ\HKHTLU[L 3VZ NVIPLYUVZ ÄYTHU[LZ KLILU PUPJPHY \UH JHTWH|H LK\JH[P]H X\L HZLN\YL X\L SVZ OVTIYLZ KL ULNVJPVZ JVUVaJHU SH SL` ` SHZ WLUHSPKHKLZ X\L HJHYYLH X\LIYHU[HYSH :PU LTIHYNV SH L_WLYPLUJPH JVTWHYHKH LUZL|H X\L SH ZVSH L_PZ[LUJPH KL \UH YLNSHTLU[HJP}U KLS ÄUHUJPHTPLU[V KL SH ]PKH WVSx[PJH V KLS ÄUHUJPHTPLU[V W ISPJV U\UJH OH WYV[LNPKV H SVZ WHxZLZ KL SVZ LZJmUKHSVZ WVSx[PJVZ ÄUHUJPLYVZ 3H YHa}U KL LSSV YHKPJH LU SH KLIPSPKHK KL SVZ TLJHUPZTVZ KL JVU[YVS X\L SHZ WYVWPHZ SLNPZSHJPVULZ ZVIYL LZ[H TH[LYPH LZ[HISLJLU +L HOx JVTV ]LYLTVZ TmZ HKLSHU[L SH PTWVY[HUJPH KL JVU[HY UV UPJHTLU[L JVU THYJVZ YLN\SH[VYPVZ HKLJ\HKVZ ZPUV [HTIPtU JVU }YNHUVZ KL JVU[YVS ` \U YtNPTLU KL ZHUJPVULZ LÄJHa

04769;(5*0( +, <5 4(9*6 1<9Ð+0*6 ,-0*(A 3V OHZ[H HX\x HUHSPaHKV JVUÄYTH SH ULJLZPKHK L PTWVY[HUJPH KL X\L LS ÄUHUJPHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ J\LU[LU JVU \U THYJV Q\YxKPJV LÄJHa ,SSV HS TLUVZ WVY SHZ ZPN\PLU[LZ JPUJV YHaVULZ! WHYH L]P[HY LS HI\ZV ` SH JVTWYH KL PUÅ\LUJPHZ LU SVZ WHY[PKVZ WVSx[PJVZ WVY WHY[L KL NY\WVZ KL PU[LYtZ V PUKP]PK\VZ HKPULYHKVZ JVU LS VIQL[P]V KL YLZ[HISLJLY SH JVUÄHUaH KL SVZ JP\KHKHUVZ LU LS WYVJLZV WVSx[PJV" WHYH LZ[HISLJLY \U JHTWV KL Q\LNV LX\PSPIYHKV LX\P[H[P]V WHYH SH JVTWL[LUJPH LU[YL SVZ WHY[PKVZ" WHYH MH]VYLJLY LS LTWVKLYHTPLU[V KL SVZ ]V[HU[LZ TLKPHU[L UVYTHZ ZVIYL KP]\SNHJP}U KL PUMVYTHJP}U KPYPNPKHZ H X\L tZ[VZ J\LU[LU JVU LSLTLU[VZ KL Q\PJPV HKLJ\HKVZ WHYH [VTHY \UH KLJPZP}U PUMVYTHKH LS KxH KL SHZ LSLJJPVULZ"

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

WHYH WYVWPJPHY LS KLZHYYVSSV ` MVY[HSLJPTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ KL TVKV X\L ZL JVU]PLY[HU LU HJ[VYLZ YLZWVUZHISLZ LU HWV`V H \UH KLTVJYHJPH ZVZ[LUPISL ` LMLJ[P]H ` WHYH HZLN\YHY \U ยธTxUPTV KL YHaVUHIPSPKHKยน LU LS \ZV KL YLJ\YZVZ Wย ISPJVZ KLZ[PUHKVZ H ร UHUJPHY HJ[P]PKHKLZ WVSx[PJV LSLJ[VYHSLZ :PU LTIHYNV [VKV LZM\LYaV YLN\SHKVY KLS ร UHUJPHTPLU[V WVSx[PJV KLIL [LULY LU J\LU[H Z\ JHYmJ[LY ร \J[\HU[L ` JV`\U[\YHS LU LS X\L SH HKVWJP}U KL \UH ZVS\JP}U Z\LSL WYVK\JPY LMLJ[VZ UV KLZLHKVZ SVZ J\HSLZ KLILYmU ZLY H Z\ ]La JVYYLNPKVZ TLKPHU[L \UH U\L]H YLMVYTH SLNHS 7VY V[YH WHY[L JHIL [LULY WYLZLU[L X\L UV L_PZ[L \U ZPZ[LTH KL ร UHUJPHTPLU[V ย UPJV PKLHS M\UJPVUHS H [VKVZ SVZ WHxZLZ ` ZP[\HJPVULZ 7VY LS JVU[YHYPV JHKH WHxZ ULJLZP[H KPZL|HY ` HWSPJHY Z\ WYVWPV ZPZ[LTH KL HJ\LYKV JVU Z\Z ]HSVYLZ WVSx[PJVZ ` Z\ J\S[\YH Z\ ZPZ[LTH WVSx[PJV ` LSLJ[VYHS Z\ JHWHJPKHK PUZ[P[\JPVUHS ` LU NLULYHS LS NYHKV KL KLZHYYVSSV KL Z\ KLTVJYHJPH 7LYV tZ[L UV LZ ZVSHTLU[L \U [LTH KL UVYTHZ ZPUV [HTIPtU KL JVUK\J[HZ ` LU JVUZLJ\LUJPH SH JVU[YPI\JP}U WVZP[P]H KLS SLNPZSHKVY WHZH WVY JYLHY SVZ PUJLU[P]VZ HKLJ\HKVZ WHYH LUJH\aHY SHZ YLSHJPVULZ LU[YL KPULYV ` WVSx[PJH +L HJ\LYKV JVU 2HYS /LPUa 5HZZTHJOLY L_PZ[LU [YLZ WYVISLTHZ M\UKHTLU[HSLZ X\L SHZ YLN\SHJPVULZ ZVIYL ร UHUJPHTPLU[V KLILU [YH[HY! SH H\[VUVTxH KL SVZ WHY[PKVZ WVSx[PJVZ" SH [YHUZWHYLUJPH KL [VKVZ SVZ YLJ\YZVZ ร UHUJPLYVZ KL SVZ WHY[PKVZ ` SH HWSPJHJP}U KL SHZ UVYTHZ JVYYLZWVUKPLU[LZ ( WHY[PY KL LZ[VZ [YLZ HZWLJ[VZ TLK\SHYLZ 5HZZTHJOLY PKLU[Pร JH LU SH WYmJ[PJH JVTWHYHKH T\UKPHS J\H[YV VWJPVULZ WHYH SH YLN\SHJP}U KLS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ ;YLZ KL tZ[HZ ZL JVUJLU[YHU ` [YH[HU LU WHY[PJ\SHY JHKH \UV KL SVZ WYVISLTHZ TPLU[YHZ X\L SH J\HY[H VWJP}U TmZ HTWSPH LU Z\ HSJHUJL WLYV TmZ TVKLZ[H LU Z\Z L_WLJ[H[P]HZ JVTIPUH ` [YH[H ZPT\S[mULHTLU[L SVZ [YLZ WYVISLTHZ

*(9(*;,9ร :;0*(: -694(3,: @ 9,(3,: +,3 -05(5*0(40,5;6 763ร ;0*6 ,U LS JHZV JVUJYL[V KL (TtYPJH 3H[PUH SVZ ZPZ[LTHZ KL ร UHUJPHTPLU[V ]PNLU[LZ LU SH TH`VYxH KL SVZ WHxZLZ UV ZL JVYYLZWVUKLU JVU SVZ J\H[YV TVKLSVZ NLULYHSLZ HUHSPaHKVZ LU LS W\U[V HU[LYPVY ZPUV X\L Z\Z JHYHJ[LYxZ[PJHZ TmZ IPLU KL[LYTPUHU \U ZPZ[LTH X\L WYP]PSLNPH SH YLN\SHJP}U HI\UKHU[L IHQVZ UP]LSLZ KL [YHUZWHYLUJPH }YNHUVZ KL JVU[YVS KtIPSLZ \U YtNPTLU KL ZHUJPVULZ IHZ[HU[L PULร JHa ` \UH J\S[\YH WYVJSP]L HS PUJ\TWSPTPLU[V -HJ[VYLZ JVTV LS YtNPTLU KL NVIPLYUV LS ZPZ[LTH KL WHY[PKVZ ` SH J\S[\YH WVSx[PJH WLZHU LU SH KL[LYTPUHJP}U KL SHZ JHYHJ[LYxZ[PJHZ M\UKHTLU[HSLZ ` LU LS M\UJPVUHTPLU[V KL SVZ ZPZ[LTHZ UHJPVUHSLZ KL ร UHUJPHTPLU[V ,S THWLV KL SHZ WYPUJPWHSLZ JHYHJ[LYxZ[PJHZ MVYTHSLZ ` YLHSLZ KL KPJOVZ ZPZ[LTHZ HYYVQH LS ZPN\PLU[L IHSHUJL!

( 3HZ JHYHJ[LYxZ[PJHZ MVYTHSLZ ,U[YL SHZ JHYHJ[LYxZ[PJHZ MVYTHSLZ TmZ YLSL]HU[LZ LUJVU[YHTVZ!

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

P ,U YLSHJP}U JVU LS [PWV KL ZPZ[LTH KL ÄUHUJPHTPLU[V WYLKVTPUH LU [VKH SH YLNP}U KL SVZ WHxZLZ JVU L_JLWJP}U KL =LULa\LSH LS ÄUHUJPHTPLU[V TP_[V LU LS X\L SVZ WHY[PKVZ WVSx[PJVZ YLJPILU [HU[V MVUKVZ W‚ISPJVZ JVTV WYP]HKVZ WHYH ÄUHUJPHY Z\Z JHTWH|HZ LSLJ[VYHSLZ ` V WHYH Z\MYHNHY Z\Z NHZ[VZ KL M\UJPVUHTPLU[V VYKPUHYPV PP 3H TH`VYxH KL SVZ WHxZLZ J\LU[H KLU[YV KL Z\ ÄUHUJPHTPLU[V W‚ISPJV JVU Z\I]LUJPVULZ KPYLJ[HZ LU KPULYV V IVUVZ V PUKPYLJ[HZ ZLY]PJPVZ ILULÄJPVZ [YPI\[HYPVZ HJJLZV H SVZ TLKPVZ KL JVT\UPJHJP}U JHWHJP[HJP}U L[J PPP 3VZ Tt[VKVZ KL KPZ[YPI\JP}U KLS ÄUHUJPHTPLU[V W‚ISPJV KPYLJ[V LU SH YLNP}U ZVU KL [YLZ [PWVZ M\UKHTLU[HSTLU[L! WYVWVYJPVUHS H SH M\LYaH LSLJ[VYHS " \U Tt[VKV JVTIPUHKV LU LS X\L \UH WHY[L ZL KPZ[YPI\`L LX\P[H[P]HTLU[L LU[YL [VKVZ SVZ WHY[PKVZ ` SH V[YH KL HJ\LYKV JVU SH M\LYaH LSLJ[VYHS " ` \U [LYJLY Tt[VKV LU LS X\L \UH WHY[L ZL KPZ[YPI\`L WYVWVYJPVUHS H SH M\LYaH LSLJ[VYHS ` V[YH KL HJ\LYKV JVU SH YLWYLZLU[HJP}U WHYSHTLU[HYPH P] ,U SH TH`VYxH KL WHxZLZ ZL WYL]t HSN‚U [PWV KL IHYYLYH SLNHS WHYH [LULY HJJLZV HS ÄUHUJPHTPLU[V W‚ISPJV ,Z[HZ YLÄLYLU LZWLJxÄJHTLU[L H X\L SVZ LSLNPISLZ WHYH LS Z\IZPKPV TLUJPVUHKV VI[LUNHU \U WVYJLU[HQL TxUPTV KL ]V[VZ V X\L J\LU[LU JVU YLWYLZLU[HJP}U WHYSHTLU[HYPH ] ,U J\HU[V HS KLZLTIVSZV KLS ÄUHUJPHTPLU[V W‚ISPJV ZP IPLU UV L_PZ[L \U WH[Y}U OVTVNtULV WYL]HSLJL LS ZPZ[LTH X\L KP]PKL LS KLZLTIVSZV LU \U TVU[V HU[LYPVY ` V[YV WVZ[LYPVY H SVZ JVTPJPVZ ZLN\PKV WVY LS TLJHUPZTV KL YLLTIVSZV X\L ZL YLHSPaH KLZW\tZ KL SHZ LSLJJPVULZ ` LU [LYJLY S\NHY WVY LS X\L ZL LU[YLNH HU[LZ KL SHZ LSLJJPVULZ ]P 3H TH`VY WHY[L KL WHxZLZ LZ[HISLJL YLZ[YPJJPVULZ LU J\HU[V HS VYPNLU KL SHZ JVU[YPI\JPVULZ WYP]HKHZ WYLKVTPUHUKV SHZ WYVOPIPJPVULZ KL KVUHJPVULZ KL NVIPLYUVZ PUZ[P[\JPVULZ V PUKP]PK\VZ L_[YHUQLYVZ KL JVU[YH[PZ[HZ KLS ,Z[HKV `" KL M\LU[LZ HU}UPTHZ (SN\UVZ WHxZLZ LZ[HISLJLU HZPTPZTV SxTP[LZ HS TVU[V KL SHZ JVU[YPI\JPVULZ WYP]HKHZ ]PP ,U SH TH`VYxH KL SVZ WHxZLZ ZL V[VYNH H SVZ WHY[PKVZ WVSx[PJVZ HJJLZV NYH[\P[V H SVZ TLKPVZ KL JVT\UPJHJP}U LZ[H[HSLZ WYP]HKVZ V H HTIVZ WYLKVTPUHUKV LS HJJLZV NYH[\P[V H SVZ TLKPVZ KL JVT\UPJHJP}U KLS ,Z[HKV K\YHU[L SH ]PNLUJPH KL SH JHTWH|H LSLJ[VYHS ]PPP ,U JHZP [VKVZ SVZ WHxZLZ L_PZ[L HSN‚U }YNHUV LUJHYNHKV KLS JVU[YVS ` SH ÄZJHSPaHJP}U KLS ÄUHUJPHTPLU[V KL SVZ WHY[PKVZ [HYLH X\L OH ZPKV HZPNUHKH LU SH TH`VYxH KL SVZ JHZVZ H SVZ VYNHUPZTVZ LSLJ[VYHSLZ P_ -PUHSTLU[L SH TH`VYxH KL SVZ WHxZLZ WYL]t \U YtNPTLU KL ZHUJPVULZ KPYPNPKV H JHZ[PNHY SH PUVIZLY]HUJPH KL SH SLNPZSHJP}U ZVIYL LS ÄUHUJPHTPLU[V KL SVZ WHY[PKVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ ,U[YL tZ[HZ WYL]HSLJLU WVY \U SHKV SHZ WLUHZ WLJ\UPHYPHZ ` WVY LS V[YV H\UX\L LU TLUVY TLKPKH SHZ ZHUJPVULZ HKTPUPZ[YH[P]HZ V KL V[YH xUKVSL X\L JVUSSL]HU SH LSPTPUHJP}U KLS YLNPZ[YV WHY[PKHYPV V IPLU SH YLK\JJP}U V Z\ZWLUZP}U KL SVZ MVUKVZ LZ[H[HSLZ WHYH SVZ WHY[PKVZ X\L OHU ]PVSHKV SH SL`

) 3HZ JHYHJ[LYxZ[PJHZ YLHSLZ :PU LTIHYNV ZP KLZLHTVZ [LULY \UH ]PZP}U PU[LNYHS KL SVZ ZPZ[LTHZ KL ÄUHUJPHTPLU[V H LZJHSH YLNPVUHS UV WVKLTVZ SPTP[HYUVZ H LSHIVYHY ‚UPJHTLU[L LS THWLV KL Z\Z YHZNVZ MVYTHSLZ ZPUV

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763Ð;0*( ,5 (4i90*( 3(;05(

X\L LZ[L KLIL JVTWSLTLU[HYZL JVU SH JHYHJ[LYPaHJP}U KL SH LZ[Y\J[\YH KLS ÄUHUJPHTPLU[V YLHS LS J\HS WYLZLU[HTVZ H JVU[PU\HJP}U ,U WYPTLY S\NHY ` LU YLSHJP}U JVU SVZ UP]LSLZ KL SVZ NHZ[VZ LSLJ[VYHSLZ KL SVZ WHY[PKVZ ` LS KLZ[PUV KL SVZ TPZTVZ KLILTVZ ZL|HSHY X\L H WLZHY KL UV KPZWVULY KL KH[VZ J\HU[P[H[P]VZ NSVIHSLZ KLÄUP[P]VZ HS YLZWLJ[V LZ WVZPISL HÄYTHY JVU IHZL LU LS JYP[LYPV KL SH TH`VYxH KL SVZ L_WLY[VZ X\L L_PZ[L \UH [LUKLUJPH HS H\TLU[V KLS NHZ[V KLIPKV LU[YL V[YVZ MHJ[VYLZ! H (S JYLJPTPLU[V KL SH ZVJPLKHK ` SH ULJLZPKHK KL SVZ WHY[PKVZ WVSx[PJVZ KL SSL]HY Z\ TLUZHQL H TPSSVULZ KL ]V[HU[LZ SV X\L SLZ VISPNH H PU]LY[PY NYHUKLZ Z\THZ KL KPULYV LU SVZ TLKPVZ KL JVT\UPJHJP}U LSLJ[Y}UPJVZ I (S H\TLU[V LU SH YLNP}U KL SH JHU[PKHK KL [LSL]PZVYLZ LU[YL SVZ OHIP[HU[LZ KL JHKH WHxZ :LN U LS 0UMVYTL KL +LZHYYVSSV /\THUV KL LU (TtYPJH 3H[PUH WHYH LZL H|V OHIxH [LSL]PZVYLZ WVY JHKH WLYZVUHZ ,U LS )HUJV 4\UKPHS YLNPZ[Y} WVY JHKH OHIP[HU[LZ ,Z[L JYLJPTPLU[V OH JVU]LY[PKV H SH [LSL]PZP}U LU LS TLKPV PKLHS WHYH [YHUZTP[PY SVZ TLUZHQLZ WVSx[PJVZ ZVIYL [VKV LU SHZ JHTWH|HZ WYLZPKLUJPHSLZ J (S JHTIPV LU LS TVKV KL OHJLY JHTWH|H LU SH YLNP}U X\L ZL HZLTLQH JYLJPLU[LTLU[L HS TVKLSV UVY[LHTLYPJHUV KVUKL SH TLYJHKV[LJUPH LSLJ[VYHS SVZ ZVUKLVZ SVZ HZLZVYLZ KL PTHNLU ` LZWLJPHSPZ[HZ LU WYVK\JJP}U ZL JVU]PLY[LU LU MHJ[VYLZ KLJPZP]VZ WHYH SSLNHY H SVZ LSLJ[VYLZ ,U ZLN\UKV S\NHY LU YLSHJP}U JVU LS VYPNLU KL SHZ JVU[YPI\JPVULZ SVZ WHY[PKVZ OHU Z\MYPKV \UH KPZTPU\JP}U KL SHZ J\V[HZ KL SVZ HÄSPHKVZ TPLU[YHZ X\L LS TH`VY ]VS\TLU KL SHZ JVU[YPI\JPVULZ WYV]PLUL LU SH TH`VYxH KL SVZ WHxZLZ KL SHZ NYHUKLZ JVYWVYHJPVULZ 7HYHSLSHTLU[L LS KPULYV WYVJLKLU[L KLS JYPTLU VYNHUPaHKV ` KL HJ[P]PKHKLZ PSxJP[HZ JVTV LS UHYJV[YmÄJV ZL WYLZ\TL X\L ]PLUL [LUPLUKV \U TH`VY WLZV LU LS ÄUHUJPHTPLU[V WVSx[PJV LU SH YLNP}U :P IPLU LZ[H TVKHSPKHK KL ÄUHUJPHTPLU[V ZL JHYHJ[LYPaH WVY SH KPÄJ\S[HK WHYH ZLY KL[LJ[HKH KLIPKV H SHZ OmIPSLZ ` ]HYPHKHZ MVYTHZ X\L LSSH HZ\TL Z\ PUÅ\LUJPH W\LKL ZLY TLKPKH H WHY[PY KL SVZ LZJmUKHSVZ WYVK\JPKVZ JVU MYLJ\LUJPH LU KPMLYLU[LZ WHxZLZ ,U[YL LSSVZ WVKLTVZ JP[HY H *VSVTIPH )VSP]PH 7HUHTm ` .\H[LTHSH ,U [LYJLY S\NHY JHIL ZL|HSHY X\L SH LZ[Y\J[\YH KLS ÄUHUJPHTPLU[V YLHS LU SH YLNP}U KPZ[H ZPNUPÄJH[P]HTLU[L KLS LZX\LTH UVYTH[P]V LZWLJxÄJHTLU[L LU SV X\L YLZWLJ[H H SVZ TLJHUPZTVZ KL JVU[YVS ` H SH HWSPJHJP}U KL SHZ ZHUJPVULZ KLIPKV H SH KLIPSPKHK KL tZ[VZ ` H SH WYVWLUZP}U H SH PTW\UPKHK ,U J\HY[V S\NHY MHJ[VYLZ JVTV LS ZPZ[LTH KL NVIPLYUV LS ZPZ[LTH KL WHY[PKVZ LS ZPZ[LTH LSLJ[VYHS ` SH J\S[\YH WVSx[PJH PUÅ\`LU KL THULYH PTWVY[HU[L LU YLSHJP}U JVU SH ]PNLUJPH YLHS KLS THYJV Q\YxKPJV ,Z[H HÄYTHJP}U ZL M\UKH LU SV ZPN\PLU[L!

H ,U YLSHJP}U JVU LS ZPZ[LTH KL NVIPLYUV *VTV WSHU[LH ?PVTHYH 5H]HZ *HYI} LS WYLZPKLUJPHSPZTV [PLUL \UH PUJPKLUJPH KPYLJ[H ZVIYL SHZ ÄUHUaHZ WHY[PKHYPHZ 3VZ ZPZ[LTHZ WVSx[PJVZ KL (TtYPJH 3H[PUH ZL JHYHJ[LYPaHU WVY SH JVTIPUHJP}U

5Ø4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

KL ZPZ[LTHZ WYLZPKLUJPHSLZ JVU ZPZ[LTHZ KL YLWYLZLU[HJP}U WYVWVYJPVUHS ` T\S[PWHY[PKPZTV ZP IPLU JVU KPMLYLUJPHZ PTWVY[HU[LZ LU JHKH \UV KL LZ[VZ HZWLJ[VZ +L LZ[H THULYH ZVU SHZ LSLJJPVULZ WYLZPKLUJPHSLZ ` UV SHZ SLNPZSH[P]HZ SHZ X\L WVULU LU TV]PTPLU[V ` KL[LYTPUHU LS KLZ[PUV KL SVZ NYHUKLZ Å\QVZ KL JHWP[HS WHYH SHZ JHTWH|HZ LSLJ[VYHSLZ 5H]HZ ! 3V HU[LYPVY YLWLYJ\[L LU SH LZ[Y\J[\YH KL PUNYLZVZ KL SVZ WHY[PKVZ ` JHUKPKH[VZ LZWLJxÄJHTLU[L LU YLSHJP}U JVU LS KLZ[PUV KL SHZ JVU[YPI\JPVULZ KL VYPNLU WYP]HKV X\L ZVU SHZ X\L JVUZ[P[\`LU WVY SV NLULYHS SH TH`VY WHY[L KL SVZ MVUKVZ JVU X\L SVZ WHY[PKVZ ÄUHUJPHU Z\Z JHTWH|HZ ,U LMLJ[V SH WYPTHJxH KL SVZ JVTPJPVZ WYLZPKLUJPHSLZ LU LZ[VZ ZPZ[LTHZ MH]VYLJL X\L SHZ JVU[YPI\JPVULZ WYP]HKHZ HU[L LS PU[LYtZ KL SVZ KVUHU[LZ WVY NHUHY TH`VY PUÅ\LUJPH ZVIYL HX\LSSVZ X\L JVTWP[LU WVY LS WVKLY N\ILYUHTLU[HS ZL JVUK\aJHU JVU MYLJ\LUJPH KPYLJ[HTLU[L OHJPH SVZ JHUKPKH[VZ WYLZPKLUJPHSLZ V H Z\ JxYJ\SV TmZ JLYJHUV ` UV H SH LZ[Y\J[\YH WHY[PKHYPH MVYTHS

I ,U YLSHJP}U JVU LS ZPZ[LTH KL WHY[PKVZ :P IPLU UV WVKLTVZ OHISHY KL \U ‚UPJV ZPZ[LTH KL WHY[PKVZ LU SH YLNP}U `H X\L VIZLY]HTVZ \UH NYHU KP]LYZPKHK LU[YL SVZ ZPZ[LTHZ KL \UV ` V[YV WHxZ L_PZ[L \U LSLTLU[V JVT‚U H SH TH`VYxH KL LSSVZ J\HS LZ LS WLZV KLS WLYZVUHSPZTV WVSx[PJH JHUKPKH[V JtU[YPJH X\L KPÄJ\S[H LS KLZHYYVSSV KL WHY[PKVZ VYNHUPaH[P]H LZ[Y\J[\YHS ` KLTVJYm[PJHTLU[L LZ[HISLZ ,Z[H JHYHJ[LYxZ[PJH UV Z}SV PTWHJ[H LU LS M\UJPVUHTPLU[V KLS ZPZ[LTH WHY[PKHYPV ZPUV [HTIPtU LU SH MVYTH LU X\L ZL JHUHSPaHU SHZ JVU[YPI\JPVULZ WYP]HKHZ WHY[PJ\SHYTLU[L JVU ÄULZ LSLJ[VYHSLZ SHZ J\HSLZ T\JOHZ ]LJLZ JVTV HJHIHTVZ KL ZL|HSHY ZL OHJLU H [YH]tZ KLS JHUKPKH[V ` UV KLS WHY[PKV NLULYHUKV ZLYPVZ VIZ[mJ\SVZ WHYH LQLYJLY \U KLIPKV JVU[YVS KLS ÄUHUJPHTPLU[V WVSx[PJV ,U LZ[L LZJLUHYPV LS JVU[YVS ` SH ÄZJHSPaHJP}U ZL JVTWSPJHU KLIPKV H X\L LU SH TH`VY WHY[L KL SVZ WHxZLZ SHZ ZHUJPVULZ LZ[mU JVU[LTWSHKHZ M\UKHTLU[HSTLU[L WHYH SVZ WHY[PKVZ V LU HSN\UVZ JHZVZ WHYH SVZ LUJHYNHKVZ KL SHZ ÄUHUaHZ WHY[PKHYPHZ ` LU TLUVY TLKPKH KL THULYH PUKP]PK\HS WHYH SVZ JHUKPKH[VZ V JVSHIVYHKVYLZ TmZ JLYJHUVZ X\L HJ[‚HU H [x[\SV WLYZVUHS (ZPTPZTV SH KLIPSPKHK LZ[Y\J[\YHS ` VYNHUPaHJPVUHS KL T\JOVZ WHY[PKVZ KL SH YLNP}U ` Z\ M\UJPVUHTPLU[V JVTV TLYHZ THX\PUHYPHZ LSLJ[VYHSLZ H SH ]La X\L HJLU[‚H LS KLZ[PUV WLYZVUHS KL SHZ JVU[YPI\JPVULZ JVTWSPJH Z\ ZLN\PTPLU[V ` JVU[YVS

J *VU YLZWLJ[V HS ZPZ[LTH LSLJ[VYHS ,S ZPZ[LTH LSLJ[VYHS PUÅ\`L KPYLJ[HTLU[L LU SH LZ[Y\J[\YH ` M\UJPVUHTPLU[V KLS ZPZ[LTH KL WHY[PKVZ WVSx[PJVZ ` WVY LUKL LU SH KL[LYTPUHJP}U KL SHZ JHYHJ[LYxZ[PJHZ ImZPJHZ KLS ZPZ[LTH KL ÄUHUJPHTPLU[V KL SHZ JHTWH|HZ LSLJ[VYHSLZ ,U LZ[L ZLU[PKV [HU[V LS [PWV KL ZPZ[LTH LSLJ[VYHS JVTV SH ZPT\S[HULPKHK V UV KL SVZ JVTPJPVZ SLNPZSH[P]VZ ` WYLZPKLUJPHSLZ [PLULU LMLJ[VZ LU SVZ YLX\LYPTPLU[VZ ÄUHUJPLYVZ KL SVZ WHY[PKVZ WVSx[PJVZ

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

,U H|VZ YLJPLU[LZ SH [LUKLUJPH KL SH YLMVYTH LSLJ[VYHS LU (TtYPJH 3H[PUH OH ZPKV WHZHY KL \UH M}YT\SH KL TH`VYxH ZPTWSL V YLSH[P]H X\L WYLKVTPU} OHZ[H ร ULZ KL SVZ H \U ZPZ[LTH KL KVISL ]\LS[H JVU SVZ JVUZPN\PLU[LZ LMLJ[VZ ZVIYL LS YtNPTLU KL ร UHUJPHTPLU[V KL SVZ WHY[PKVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ! KVZ YVUKHZ LSLJ[VYHSLZ ` WVY JVUZPN\PLU[L SH ULJLZPKHK KL TmZ YLJ\YZVZ (ZPTPZTV LS TVTLU[V KL SH JLSLIYHJP}U KL SHZ LSLJJPVULZ WYLZPKLUJPHSLZ LU YLSHJP}U JVU SHZ SLNPZSH[P]HZ LZ [HTIPtU \U HZWLJ[V PTWVY[HU[L H [VTHY LU JVUZPKLYHJP}U (\UX\L LU KL SVZ WHxZLZ SHZ LSLJJPVULZ SLNPZSH[P]HZ ` WYLZPKLUJPHSLZ ZL JLSLIYHU HS TPZTV [PLTWV LU HX\LSSVZ LU SVZ X\L UV ZL JLSLIYHU ZPT\S[mULHTLU[L LS YLX\LYPTPLU[V KL YLJ\YZVZ ร UHUJPLYVZ ZL PUJYLTLU[H HU[L SH ULJLZPKHK KL WHY[PJPWHY LU \UH V TmZ LSLJJPVULZ HKPJPVUHSLZ 6[YVZ KVZ HZWLJ[VZ X\L KLTHUKHU TH`VY JHU[PKHK KL YLJ\YZVZ ZVU SH \[PSPaHJP}U KLS ]V[V WYLMLYLU[L ` SH JLSLIYHJP}U KL LSLJJPVULZ PU[LYUHZ

K ,U SV X\L OHJL H SH J\S[\YH WVSx[PJH ,S NYHKV KL WYVM\UKPaHJP}U KL SVZ ]HSVYLZ KLTVJYm[PJVZ ` \U JVTWVY[HTPLU[V HJVYKL [HU[V WVY WHY[L KL SVZ SxKLYLZ JVTV KL SH JP\KHKHUxH YLZ\S[H LZLUJPHS WHYH SH ]PNLUJPH YLHS KL UVYTHZ X\L YLN\SHU LS ร UHUJPHTPLU[V WVSx[PJV 3H YLUKPJP}U KL J\LU[HZ WVY WHY[L KL SVZ WHY[PKVZ ` SH ]PNPSHUJPH KL WHY[L KL SH JP\KHKHUxH JVUZ[P[\`LU OmIP[VZ WVJV HYYHPNHKVZ LU SH J\S[\YH WVSx[PJH SH[PUVHTLYPJHUH ZP IPLU VIZLY]HTVZ \U WYVNYLZP]V ` HSLU[HKVY H\UX\L H\U PUJPWPLU[L WHWLS KL SVZ TLKPVZ KL JVT\UPJHJP}U ` KL SH ZVJPLKHK JP]PS LU LS ZLN\PTPLU[V ` ร ZJHSPaHJP}U KLS VYPNLU ` KLZ[PUV KL SVZ YLJ\YZVZ THULQHKVZ WVY SVZ WHY[PKVZ WVSx[PJVZ -PUHSTLU[L H SVZ MHJ[VYLZ HYYPIH HUHSPaHKVZ OH` X\L H|HKPY V[YVZ [YLZ HZWLJ[VZ X\L SPTP[HU SH ]PNLUJPH YLHS KL SVZ THYJVZ UVYTH[P]VZ MH]VYLJLU SH PTW\UPKHK ` [YHLU JVUZPNV LS YPLZNV KL SH JHW[\YH KL SH HNLUKH KLS ,Z[HKV! P ,Z[HKVZ KL +LYLJOV KLIPSP[HKVZ" PP SH ยธPUMVYTHSPKHKยน WYLZLU[L UV Z}SV LU LS mTIP[V KL SH WVSx[PJH ZPUV [HTIPtU KL SH LJVUVTxH" ` PPP SH JVUJLU[YHJP}U KL WVKLY LJVU}TPJV PUJS\PKV LS LZWPUVZV [LTH KL SH WYVWPLKHK KL SVZ TLKPVZ KL JVT\UPJHJP}U

36: :0:;,4(: +, -05(5*0(40,5;6! 7ร )30*6 790=(+6 @ 40?;6 ,S ร UHUJPHTPLU[V Wย ISPJV [PLUL \UH SHYNH [YHKPJP}U LU (TtYPJH 3H[PUH ,U MVYTH ZPTPSHY H T\JOVZ YLNxTLULZ WVSx[PJVZ KL ,\YVWH VJJPKLU[HS ZL VW[} WVY tZ[L JVTV \UH THULYH KL L]P[HY V KPZTPU\PY SH PUJPKLUJPH KL PU[LYLZLZ WHY[PJ\SHYLZ ` WVKLYLZ MmJ[PJVZ LU LS KLZLTWL|V KL SHZ M\UJPVULZ WHY[PKHYPHZ :\ VIQL[P]V LZ WVY \U SHKV SVNYHY JVUKPJPVULZ TmZ LX\P[H[P]HZ K\YHU[L SH JVTWL[LUJPH LSLJ[VYHS LU[YL SVZ KP]LYZVZ HJ[VYLZ WVSx[PJVZ ` WVY LS V[YV \UH TH`VY [YHUZWHYLUJPH LU TH[LYPH KL ร UHUJPHJP}U VYPLU[HKH H TP[PNHY SVZ HS[VZ UP]LSLZ KL JVYY\WJP}U WVSx[PJH 6[YV KL SVZ WYVW}ZP[VZ KLS ร UHUJPHTPLU[V Wย ISPJV ZLNย U Z\Z KLMLUZVYLZ LZ SPILYHY H SHZ M\LYaHZ WHY[PKHYPHZ KL SH ยธO\TPSSHU[L [HYLH KL WLKPY KPULYVยน WLYTP[PtUKVSLZ JVUJLU[YHYZL LU Z\Z SHIVYLZ KL [PWV WVSx[PJV =LY .PKS\UK . W

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

,U LMLJ[V SH PKLH X\L Z\I`HJL HS V[VYNHTPLU[V KL ÄUHUJPHTPLU[V W‚ISPJV LZ X\L tZ[L NHYHU[PaH \U UP]LS HKLJ\HKV KL YLJ\YZVZ WHYH X\L SH JVTWL[LUJPH LSLJ[VYHS ZLH WYLJPZHTLU[L LZV! \UH JVTWL[LUJPH JVU VWJPVULZ YLHSLZ WHYH SHZ WHY[LZ JVU[LUKPLU[LZ WVY LS HJJLZV H WVZPJPVULZ KL NVIPLYUV V WHYH NHUHY LZWHJPVZ KL YLWYLZLU[HJP}U WHYSHTLU[HYPH ZVIYL SH IHZL KL VWVY[\UPKHKLZ LX\P[H[P]HZ ` UV LU M\UJP}U KL TH`VYLZ V TLUVYLZ JH\KHSLZ ÄUHUJPLYVZ X\L W\KPLYHU JVU]LY[PY SVZ WYVJLZVZ LSLJ[VYHSLZ LU TLYVZ YP[VZ KLTVJYm[PJVZ JVU NHUHKVYLZ ` WLYKLKVYLZ WYLKL[LYTPUHKVZ 3H PU[LUJP}U LZ JVUQ\YHY OHZ[H KVUKL ZLH WVZPISL SVZ YPLZNVZ WHSWHISLZ X\L LU[YH|HU WHYH SH JVTWL[LUJPH KLTVJYm[PJH X\L SVZ WHY[PKVZ W\LKHU ZLY WYPZPVULYVZ KL NYHUKLZ HNLU[LZ KLS TLYJHKV V PUJS\ZV KL NY\WVZ KL PU[LYtZ X\L VWLYHU HS THYNLU KL SH SLNHSPKHK >VSKLUILYN ! <U HYN\TLU[V HKPJPVUHS H MH]VY KLS ÄUHUJPHTPLU[V W‚ISPJV LZ X\L tZ[L ZL V[VYNH JVU SH PU[LUJP}U KL OHJLY X\L SHZ VWLYHJPVULZ ÄUHUJPLYHZ KL SVZ WHY[PKVZ Z\Z PUNYLZVZ ` Z\Z LNYLZVZ JVYYHU WVY ]xHZ [YHUZWHYLU[LZ JVUVJPKHZ ` Z\QL[HZ H SVZ }YNHUVZ KL JVU[YVS ` ÄZJHSPaHJP}U KLS LYHYPV W‚ISPJV 3H PKLH LZ X\L HS [YH[HYZL KL YLJ\YZVZ KL SVZ JVU[YPI\`LU[LZ SVZ WYPUJPWPVZ KL [YHUZWHYLUJPH ` KL JVU[YVS W\LKHU LZ[HY NHYHU[PaHKVZ KL TLQVY THULYH 6[YH YHa}U PTWVY[HU[L WHYH SH PU[YVK\JJP}U KLS ÄUHUJPHTPLU[V W‚ISPJV LU (TtYPJH 3H[PUH OH ZPKV SH JVU]PJJP}U KL X\L SVZ WHY[PKVZ WVSx[PJVZ Q\LNHU \U WHWLS [YHZJLUKLU[HS LU SVZ ZPZ[LTHZ KLTVJYm[PJVZ YLWYLZLU[H[P]VZ WVY SV X\L LS ,Z[HKV KLIL HZLN\YHY X\L LSSVZ KPZWVUNHU KLS HWV`V ` SVZ YLJ\YZVZ ULJLZHYPVZ WHYH Z\ M\UJPVUHTPLU[V VYKPUHYPV ` V LSLJ[VYHS ` WHYH Z\ PUZ[P[\JPVUHSPaHJP}U ` MVY[HSLJPTPLU[V KLTVJYm[PJV ,S YLJVUVJPTPLU[V HU[LYPVY JVPUJPKL HKLTmZ JVU LS Z[H[\Z Q\YxKPJV X\L SVZ WHY[PKVZ WVSx[PJVZ [PLULU OV` LU SH TH`VYxH KL SHZ SLNPZSHJPVULZ KL SH YLNP}U ,U LMLJ[V LU (TtYPJH 3H[PUH SH KVJ[YPUH TH`VYP[HYPH ZL PUJSPUH LU MH]VY KL SH [LZPZ X\L ]L H SVZ WHY[PKVZ WVSx[PJVZ JVTV HZVJPHJPVULZ WYP]HKHZ X\L J\TWSLU M\UJPVULZ W‚ISPJHZ V KL PU[LYtZ NLULYHS KLIPLUKV WVY [HU[V ZLY Z\QL[VZ KL ÄUHUJPHJP}U W‚ISPJH 6I]PHTLU[L LS ÄUHUJPHTPLU[V W‚ISPJV [HTIPtU NLULYH WVStTPJH (Zx T‚S[PWSLZ HYN\TLU[VZ YLP[LYHU SH PTWVY[HUJPH KL [VTHY JVUJPLUJPH KLS YPLZNV X\L ZL JVYYL HS Z\Z[LU[HY LS ZPZ[LTH KL ÄUHUJPHJP}U LU NYHUKLZ HWVY[LZ W‚ISPJVZ J\HS LZ SH LZ[H[PaHJP}U I\YVJYH[PaHJP}U ` VZPÄJHJP}U KL SVZ WHY[PKVZ LZ KLJPY SH KLWLUKLUJPH LJVU}TPJH JY}UPJH KL WHY[L KL tZ[VZ KL SVZ YLJ\YZVZ LZ[H[HSLZ ` SH JVUZPN\PLU[L WtYKPKH KL JVU[HJ[V JVU SH ZVJPLKHK SV J\HS YLWLYJ\[L LU \UH TLYTH KL Z\ SPILY[HK LU Z\ HJVTVKV HS Z[H[\Z X\V ` LU Z\ HSLQHTPLU[V KL SH JHTIPHU[L YLHSPKHK ZVJPHS +LS *HZ[PSSV ` AV]H[[V ! 6[YV [PWV KL YPLZNVZ X\L WVKYxHU ZLY NLULYHKVZ WVY \U ÄUHUJPHTPLU[V LZ[H[HS L_JLZP]V LZ X\L SH KLWLUKLUJPH JHZP L_JS\ZP]H KL SVZ MVUKVZ W‚ISPJVZ WYV]VX\L LS HSLQHTPLU[V KLS HWHYH[V JLU[YHS KLS WHY[PKV KL Z\Z IHZLZ ` YLK\aJH Z\ ULJLZPKHK KL HJYLJLU[HY LS ]VS\TLU KL HÄSPHJP}U WHY[PKHYPH .PKS\UK :PU LTIHYNV ` ZPU KLZJVUVJLY HSN\UVZ KL SVZ LMLJ[VZ ULNH[P]VZ X\L WVKYxH NLULYHY \U ZPZ[LTH X\L WP]V[L M\UKHTLU[HSTLU[L LU MVUKVZ W‚ISPJVZ LZ WYLJPZV [LULY WYLZLU[L X\L \UV IHZHKV L_JS\ZP]HTLU[L LU LS ÄUHUJPHTPLU[V WYP]HKV [PLUL [HTIPtU Z\Z YPLZNVZ LU[YL LSSVZ WLYTP[PY SH PUÅ\LUJPH KLZTLZ\YHKH KL KL[LYTPUHKVZ PUKP]PK\VZ V JVYWVYHJPVULZ SLNHSLZ V PSLNHSLZ ZVIYL

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

SVZ WHY[PKVZ ` SVZ WVKLYLZ Wย ISPJVZ MYLU[L H SH ULJLZPKHK KL SHZ HNY\WHJPVULZ WHY[PKHYPHZ ` SVZ JHUKPKH[VZ WVY SH VI[LUJP}U KL YLJ\YZVZ LJVU}TPJVZ ZPU PTWVY[HY T\JOHZ ]LJLZ SH UH[\YHSLaH KL SHZ M\LU[LZ" [LUKLUJPH ULNH[P]H X\L ZL MVY[Pร JH KLIPKV H X\L SVZ HWVY[LZ KL SVZ Hร SPHKVZ KLZLTWL|HU \U WHWLS JHKH ]La TLUVY LU LS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ SH[PUVHTLYPJHUVZ +L [VKHZ THULYHZ JHIL HW\U[HY LU MH]VY KLS ร UHUJPHTPLU[V WYP]HKV X\L LS WYV]LUPY SVZ YLJ\YZVZ LU Z\ TH`VYxH KPYLJ[HTLU[L KL SVZ JP\KHKHUVZ KLILYxH ZLY ]PZ[V LU WYPUJPWPV JVTV \UH WY\LIH KLS ZHUV HYYHPNV KL SVZ WHY[PKVZ LU SH ZVJPLKHK LU SH X\L tZ[VZ VWLYHU ZPLTWYL ` J\HUKV L_PZ[HU SPTP[HJPVULZ YLZWLJ[V H Z\ VYPNLU [VWLZ LU YLSHJP}U JVU Z\ TVU[V TLJHUPZTVZ KL JVU[YVS LMLJ[P]VZ ` V[YH ZLYPL KL NHYHU[xHZ KPYPNPKHZ H L]P[HY LS HI\ZV ` SH KLZPN\HSKHK (KLTmZ SH ULJLZPKHK KL YLJVSLJ[HY KPULYV W\LKL [LULY LMLJ[VZ JVSH[LYHSLZ WVZP[P]VZ W\LZ tZ[H JVUZ[P[\`L \U WVKLYVZV PUJLU[P]V WHYH YLJS\[HY U\L]VZ TPLTIYVZ (ZPTPZTV SHZ HJ[P]PKHKLZ KL Iย ZX\LKH KL MVUKVZ [PLULU LS LMLJ[V KL JYLHY YLKLZ KL ZPTWH[PaHU[LZ X\L LU [PLTWVZ KL JHTWH|H LZ[HYmU TLQVY WYLWHYHKVZ WHYH J\TWSPY [HYLHZ WVSx[PJHZ ,U Z\TH SH L_WLYPLUJPH SH[PUVHTLYPJHUH JVTWHYHKH L]PKLUJPH SHZ KPร J\S[HKLZ ร UHUJPLYHZ KL SVZ WHY[PKVZ WHYH ZVZ[LULYZL ` JVUZVSPKHYZL HZx JVTV SVZ YPLZNVZ KL X\L Z\ ร UHUJPHTPLU[V [HU[V VYKPUHYPV JVTV LSLJ[VYHS ZLH L_JS\ZP]HTLU[L WYP]HKV *VTV IPLU OH KPJOV 1VZt >VSKLUILYN LZ PTWYVIHISL X\L SVZ ZPZ[LTHZ WS\YHSPZ[HZ HSJHUJLU ` THU[LUNHU \U LX\PSPIYPV YHaVUHISLTLU[L LX\P[H[P]V ` JVTWL[P[P]V ZPU \U ร UHUJPHTPLU[V Wย ISPJV *HYYPSSV ! 7VY [VKV LSSV ` ZP IPLU ZVTVZ KL SH VWPUP}U KL X\L UV L_PZ[L \U ZPZ[LTH PKLHS KL ร UHUJPHJP}U UVZ WYVU\UJPHTVZ H MH]VY KL \U ZPZ[LTH TP_[V SH VWJP}U KVTPUHU[L LU (TtYPJH 3H[PUH KLIPLUKV JHKH WHxZ LU M\UJP}U KL Z\ ZP[\HJP}U WHY[PJ\SHY ` KL SVZ VIQL[P]VZ X\L ZL WLYZPN\LU KL[LYTPUHY SVZ WVYJLU[HQLZ KL KPULYV Wย ISPJV ` WYP]HKV *YLLTVZ HZPTPZTV X\L WHYH JVTWLUZHY SVZ WVZPISLZ YPLZNVZ I\YVJYH[PaHKVYLZ KLS ร UHUJPHTPLU[V Wย ISPJV ]HSKYxH SH WLUH LZ[HISLJLY \U ZPZ[LTH KL ยธTH[JOPUNยน LU ]PY[\K KLS J\HS \U WVYJLU[HQL KL SH H`\KH Wย ISPJH LZ[t JVUKPJPVUHKH H X\L SVZ WHY[PKVZ YLJH\KLU YLJ\YZVZ WVY Z\ WYVWPV LZM\LYaV WYLร YPLUKV HX\LSSVZ MVUKVZ X\L WYV]LUNHU KL U\TLYVZHZ ` WLX\L|HZ JVU[YPI\JPVULZ LU S\NHY KL WVJHZ ` NYHUKLZ Z\THZ KL KPULYV

,3 -05(5*0(40,5;6 40?;6 <U L_HTLU JVTWHYHKV KL SH SLNPZSHJP}U LSLJ[VYHS KL SVZ WHxZLZ SH[PUVHTLYPJHUVZ T\LZ[YH X\L [VKVZ Z\Z VYKLUHTPLU[VZ LSLJ[VYHSLZ YLN\SHU LS [LTH KLS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ ZP IPLU LU [tYTPUVZ TVKHSPKHKLZ ` NYHKVZ KL PU[LUZPKHK ]HYPHKVZ (Zx TPLU[YHZ HSN\UVZ VYKLUHTPLU[VZ J\LU[HU JVU UVYTHZ KL[HSSHKHZ LU LZ[H TH[LYPH V[YVZ WHxZLZ LU JHTIPV ZL JHYHJ[LYPaHU WVY JVU[HY JVU YLN\SHJPVULZ NLULYHSLZ ` LZJHZHZ =HSL ZPU LTIHYNV HUV[HY X\L HSN\UVZ WHxZLZ JVTV *OPSL ` 7LYย OHZ[H HOVYH JHYHJ[LYPaHKVZ WVY Z\ L_PN\H YLN\SHJP}U LU LZ[L [LTH OHU HWYVIHKV YLJPLU[LTLU[L SL`LZ X\L WYVJ\YHU YLN\SHY TmZ KL[HSSHKHTLU[L SH ร UHUJPHJP}U WVSx[PJH ,U *OPSL ZL HWYVI} SH 3L` 5V ZVIYL ;YHUZWHYLUJPH ` SxTP[LZ HS NHZ[V LSLJ[VYHS LU HNVZ[V KL ,U 7LYย LU VJ[\IYL KLS TPZTV H|V ZL HWYVI} SH 3L` 5V KL 7HY[PKVZ 7VSx[PJVZ

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

,U YLSHJP}U JVU LS [PWV KL ÄUHUJPHTPLU[V WYLKVTPUH LU [VKH SH YLNP}U ZHS]V LU =LULa\LSH LS ZPZ[LTH TP_[V :P IPLU LU HSN\UVZ JHZVZ JVTV LS KL 4t_PJV WYL]HSLJLU SVZ MVUKVZ W‚ISPJVZ ZVIYL SVZ WYP]HKVZ LU SH TH`VYxH KL SVZ WHxZLZ LS ÄUHUJPHTPLU[V WYP]HKV LZ TH`VYP[HYPV

3H YLN\SHJP}U KLS JVTWVULU[L W‚ISPJV KLS ÄUHUJPHTPLU[V TP_[V! WYPUJPWHSLZ YHZNVZ ` [LUKLUJPHZ <U HUmSPZPZ KL SVZ WYPUJPWHSLZ YHZNVZ ` [LUKLUJPHZ KLS ÄUHUJPHTPLU[V W‚ISPJV LU SH YLNP}U T\LZ[YH SV ZPN\PLU[L! ƒ *VU LS LZ[HISLJPTPLU[V LU LS KLS ÄUHUJPHTPLU[V W‚ISPJV KPYLJ[V LU SHZ SLNPZSHJPVULZ WLY\HUH ` JOPSLUH ZL JVUZVSPK} \UH [LUKLUJPH LU SH YLNP}U H PUZ[H\YHY LU [VKVZ SVZ WHxZLZ ¶ ZHS]V LU LS JHZV KL =LULa\LSH LS ZPZ[LTH KL ÄUHUJPHTPLU[V LZ[H[HS JVTW\LZ[V KPYLJ[V L PUKPYLJ[V ,Z[H TVKHSPKHK KL ÄUHUJPHTPLU[V JVTIPUH SVZ HWVY[LZ KL KPULYV IVUVZ V WYtZ[HTVZ ÄUHUJPHTPLU[V KPYLJ[V JVU LS V[VYNHTPLU[V KL MHJPSPKHKLZ LU J\HU[V H ZLY]PJPVZ PUMYHLZ[Y\J[\YH L_VULYHJPVULZ HJJLZV H SVZ TLKPVZ KL JVT\UPJHJP}U LU[YL V[YVZ ÄUHUJPHTPLU[V PUKPYLJ[V ƒ 3VZ HWVY[LZ KLS ,Z[HKV ZL KPZ[YPI\`LU WYPUJPWHSTLU[L JVU IHZL LU SH M}YT\SH KL WYVWVYJPVUHSPKHK LU YLSHJP}U JVU LS U‚TLYV KL ]V[VZ VI[LUPKVZ LU SHZ ‚S[PTHZ LSLJJPVULZ ` LU ZLN\UKV S\NHY TLKPHU[L \U Tt[VKV JVTIPUHKV LU X\L \UH WHY[L ZL KPZ[YPI\`L LX\P[H[P]HTLU[L LU[YL [VKVZ SVZ WHY[PKVZ ` SH V[YH KL HJ\LYKV JVU SH M\LYaH LSLJ[VYHS :P IPLU LZ[L JYP[LYPV LZ YHaVUHISL WVYX\L JVUZPKLYH LS NYHKV KL HYYHPNV ZVJPHS KL JHKH WHY[PKV ` Z\ JH\KHS LSLJ[VYHS [HTIPtU LZ JPLY[V X\L [PLUKL H WYVSVUNHY SHZ KLZPN\HSKHKLZ LU[YL SVZ SSHTHKVZ WHY[PKVZ NYHUKLZ ` SVZ WLX\L|VZ HZx JVTV JVU SVZ KL YLJPLU[L PUJVYWVYHJP}U LU SH JVU[PLUKH WVSx[PJV LSLJ[VYHS *PLY[HTLU[L SVZ WYVW\SZVYLZ KL SH PN\HSKHK ZL|HSHU X\L LZ[VZ YLX\PZP[VZ ISVX\LHU LS HJJLZV KL U\L]HZ VWJPVULZ SV X\L W\LKL JYLHY ¸\UH Z\LY[L KL W\NUH LU[YL PUZPKLYZ ` V\[ZPKLYZ KL SH HYLUH LSLJ[VYHS¹ >VSKLUILYN !

7YLJPZHTLU[L LZ[HZ YHaVULZ OHU WYV]VJHKV X\L LU HSN\UVZ WHxZLZ ZL I\ZX\L \UH JVTIPUHJP}U LU[YL JYP[LYPVZ KL WYVWVYJPVUHSPKHK ` KL LX\PKHK (YNLU[PUH )YHZPS ,J\HKVY 4t_PJV 7HUHTm 7HYHN\H` 7LY‚ ` 9LW‚ISPJH +VTPUPJHUH OHU LZ[HISLJPKV M}YT\SHZ OxIYPKHZ LU LZL ZLU[PKV

ƒ (KLTmZ KL LZ[VZ JYP[LYPVZ V[YV LSLTLU[V X\L PUJPKL LU SH LX\PKHK KL SH JVU[PLUKH ZL YLÄLYL HS TVTLU[V KLS KLZLTIVSZV KLS ÄUHUJPHTPLU[V KPYLJ[V ,Z[L LZ \U LSLTLU[V PTWVY[HU[L WVYX\L J\HUKV UV ZL WYL]t L_WYLZHTLU[L \U ZPZ[LTH LZWLJPHS WHYH PUJS\PY V KHY MHJPSPKHKLZ H SVZ U\L]VZ V WLX\L|VZ WHY[PKVZ ZL JVYYL LS YPLZNV KL WVULY LU ZP[\HJP}U KL KLZ]LU[HQH H HX\LSSHZ M\LYaHZ WVSx[PJHZ X\L WHY[PJPWHU WVY WYPTLYH ]La

,U LMLJ[V ZP SH LU[YLNH KLS Z\IZPKPV ZL YLHSPaH JVU WVZ[LYPVYPKHK H SHZ LSLJJPVULZ LZ KHISL WLUZHY X\L ZL KLZMH]VYLJL H HX\LSSVZ WHY[PKVZ KL YLJPLU[L JYLHJP}U JVU TLUVYLZ YLJ\YZVZ

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

ร UHUJPLYVZ V JVU TLUVY JHWHJPKHK JYLKP[PJPH 5V VIZ[HU[L LSSV LS Z\IZPKPV WVZ[LYPVY X\L HKX\PLYL TmZ IPLU SH JHSPKHK KL YLLTIVSZV W\LKL [LULY LMLJ[VZ WVZP[P]VZ LU SV YLSH[P]V HS JVU[YVS KL SVZ NHZ[VZ LSLJ[VYHSLZ ,U JPLY[H MVYTH LZ[L ย S[PTV ZPZ[LTH JVU[YPI\`L H LQLYJLY \UH TH`VY WYLZP}U ZVIYL SHZ VYNHUPaHJPVULZ WVSx[PJHZ WHYH X\L YLNPZ[YLU ` YLWVY[LU LU MVYTH KL[HSSHKH ` [YHUZWHYLU[L Z\Z PUNYLZVZ KL VYPNLU WYP]HKV ` Z\Z NHZ[VZ YLHSLZ ,U LZ[L JHTWV LZWLJxร JV WYLKVTPUH LU (TtYPJH 3H[PUH SH M}YT\SH X\L KPZ[YPI\`L \UH WHY[L HU[LZ KL SHZ LSLJJPVULZ ` V[YH KLZW\tZ KL SVZ WHxZLZ ย <UH WHY[PJ\SHYPKHK KL SHZ JHTWH|HZ WVSx[PJHZ HJ[\HSLZ LZWLJPHSTLU[L KL SHZ WYLZPKLUJPHSLZ IHZHKHZ M\UKHTLU[HSTLU[L LU LS THULQV KL SH PTHNLU KL SVZ JHUKPKH[VZ ` LU SH KPM\ZP}U THZP]H KL SVZ TLUZHQLZ WVSx[PJVZ OHJL KLS [LTH KLS HJJLZV H SVZ TLKPVZ \UH J\LZ[P}U JSH]L +LZ[HJH LU LZ[H mYLH SH PTWVY[HUJPH JHKH ]La TH`VY KL SH [LSL]PZP}U JVTV MHJ[VY KL[LYTPUHU[L LU SH ]PUJ\SHJP}U ` JVT\UPJHJP}U KL SVZ JHUKPKH[VZ JVU LS LSLJ[VYHKV +L LZ[L TVKV LS HWV`V TmZ PTWVY[HU[L H ZL|HSHY KLU[YV KLS ร UHUJPHTPLU[V Wย ISPJV PUKPYLJ[V LU SH YLNP}U SV JVUZ[P[\`L LS HJJLZV NYH[\P[V KL SVZ WHY[PKVZ WVSx[PJVZ H SVZ TLKPVZ KL JVT\UPJHJP}U LZ[H[HSLZ V WYP]HKVZ ย ,_PZ[L \UH [LUKLUJPH LU SH YLNP}U H MH]VY KLS ร UHUJPHTPLU[V Wย ISPJV WHYH LS MVY[HSLJPTPLU[V ` KLZHYYVSSV PUZ[P[\JPVUHS KL SVZ WHY[PKVZ PUJS\PKHZ HJ[P]PKHKLZ [HSLZ JVTV SH PU]LZ[PNHJP}U SH MVYTHJP}U ` SH JHWHJP[HJP}U KL J\HKYVZ WHY[PKHYPVZ -VYV 0U[LYHTLYPJHUV ZVIYL 7HY[PKVZ 7VSx[PJVZ ! ;HS LZ LS JHZV KL (YNLU[PUH )VSP]PH )YHZPS *VSVTIPH 4t_PJV 7HUHTm ` 7LYย

3H YLN\SHJP}U KLS JVTWVULU[L WYP]HKV KLS ร UHUJPHTPLU[V TP_[V! WYPUJPWHSLZ YHZNVZ ` [LUKLUJPHZ *VTV ZL ZL|HS} HU[LYPVYTLU[L UV OH` K\KH X\L LS ร UHUJPHTPLU[V WYP]HKV JVUZ[P[\`L \U YLJ\YZV SLNx[PTV ` ULJLZHYPV WHYH SVZ WHY[PKVZ WVSx[PJVZ LS J\HS [PLUL ]PY[\KLZ ` YPLZNVZ ,U[YL SHZ WYPTLYHZ JHIL KLZ[HJHY X\L H`\KH H SVZ WHY[PKVZ WVSx[PJVZ H Hร UHY Z\Z W\LU[LZ KL JVU[HJ[V JVU SH ZVJPLKHK ` X\L SH ULJLZPKHK KL SHZ VYNHUPaHJPVULZ WHY[PKHYPHZ KL I\ZJHY YLJ\YZVZ TmZ HSSm KL SVZ X\L SLZ V[VYNH LS ,Z[HKV OHJL X\L SHZ TPZTHZ [PLUKHU H TLQVYHY SH Lร JPLUJPH LU LS THULQV KL Z\Z WYLZ\W\LZ[VZ 7VY Z\ WHY[L LS [Ymร JV KL PUร \LUJPHZ SH JHW[\YH KL SH HNLUKH KLS ,Z[HKV ` SVZ LZJmUKHSVZ KL JVYY\WJP}U WVSx[PJH [VKVZ YPLZNVZ HZVJPHKVZ HS ร UHUJPHTPLU[V WYP]HKV OHU KL[LYTPUHKV X\L SH TH`VYxH KL SVZ WHxZLZ OH`HU PU[YVK\JPKV WYVOPIPJPVULZ LU J\HU[V H Z\ VYPNLU ` HSN\UVZ OH`HU PTW\LZ[V SxTP[LZ LU YLSHJP}U JVU Z\Z TVU[VZ :VSHTLU[L ,S :HS]HKVY 7HUHTm ` <Y\N\H` UV LZ[HISLJLU SPTP[HJP}U HSN\UH LU LZ[H TH[LYPH ,U NLULYHS H [YH]tZ KLS LZ[HISLJPTPLU[V KL LZ[HZ IHYYLYHZ V YLZ[YPJJPVULZ H SHZ JVU[YPI\JPVULZ WYP]HKHZ ZL WYVJ\YH L]P[HY NYHUKLZ KLZLX\PSPIYPVZ V HZPTL[YxHZ LU SHZ HYJHZ KL SVZ WHY[PKVZ" KPZTPU\PY SH THNUP[\K KL SHZ JVU[YPI\JPVULZ ยธWS\[VJYm[PJHZยน ` SH JVUZPN\PLU[L PUร \LUJPH PUKLIPKH KL SVZ ยธMH[ JH[Zยน V KL PUZ[P[\JPVULZ ` NY\WVZ KL PU[LYtZ ZVIYL SHZ PUZ[P[\JPVULZ ` WVSx[PJHZ Wย ISPJHZ" HZx JVTV PTWLKPY SH ]PUJ\SHJP}U KL SHZ HNY\WHJPVULZ WHY[PKHYPHZ ` JHUKPKH[VZ JVU KPULYV WYV]LUPLU[L KL HJ[P]PKHKLZ PSxJP[HZ WHY[PJ\SHYTLU[L KLS UHYJV[Ymร JV

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

3HZ WYPUJPWHSLZ TVKHSPKHKLZ LU TH[LYPH KL WYVOPIPJPVULZ ` SPTP[HJPVULZ ZVU! ƒ ,U SH TH`VYxH KL SVZ WHxZLZ ZL LZ[HISLJLU WYVOPIPJPVULZ LU J\HU[V HS VYPNLU KL SHZ JVU[YPI\JPVULZ WYP]HKHZ KLZ[HJHUKV LU WYPTLY S\NHY HX\LSSHZ WYV]LUPLU[LZ KL NVIPLYUVZ PUZ[P[\JPVULZ V PUKP]PK\VZ L_[YHUQLYVZ " LU ZLN\UKV S\NHY SHZ JVU[YPI\JPVULZ KL JVU[YH[PZ[HZ KLS ,Z[HKV ` LU [LYJLY S\NHY SHZ KVUHJPVULZ HU}UPTHZ ƒ (KLTmZ KL SHZ WYVOPIPJPVULZ WVY Z\ VYPNLU X\L ZVU SHZ TmZ JVT\ULZ L_PZ[LU [HTIPtU SPTP[HJPVULZ LU J\HU[V HS TVU[V KL SHZ JVU[YPI\JPVULZ PUKP]PK\HSLZ JVTV LU LS JHZV KL (YNLU[PUH )VSP]PH )YHZPS *VSVTIPH *VZ[H 9PJH *OPSL ,J\HKVY .\H[LTHSH 4t_PJV 7HYHN\H` ` 7LY‚ :PU IPLU LU WYPUJPWPV LZ[HTVZ KL HJ\LYKV JVU SH PU[YVK\JJP}U KL WYVOPIPJPVULZ ` SxTP[LZ H SHZ JVU[YPI\JPVULZ WYP]HKHZ SH L_WLYPLUJPH SH[PUVHTLYPJHUH KLT\LZ[YH X\L SH MHJPSPKHK KL Z\ YLN\SHJP}U JVU[YHZ[H JVU SH KPÄJ\S[HK KL HZLN\YHY Z\ J\TWSPTPLU[V TmZ H\U J\HUKV SH SLNPZSHJP}U UV LZ[HISLJL SVZ TLJHUPZTVZ ` YLJ\YZVZ ULJLZHYPVZ WHYH NHYHU[PaHY Z\ LÄJHJPH V SH ZHUJP}U LU JHZV KL [YHZNYLZP}U +L HOx X\L JVTWHY[PTVZ SH VWPUP}U KL SVZ L_WLY[VZ X\L WYP]PSLNPHU JVTV HS[LYUH[P]H H SHZ WYVOPIPJPVULZ ` SPTP[HJPVULZ \[PSPaHY TLJHUPZTVZ KL YLUKPJP}U KL J\LU[HZ ` KL KP]\SNHJP}U HTWSPH KPYPNPKVZ H H\TLU[HY SH [YHUZWHYLUJPH KLS ÄUHUJPHTPLU[V WVSx[PJV 9LZ\TPLUKV JVTV IPLU L_WYLZH +L SH *HSSL ! H\UX\L LS ÄUHUJPHTPLU[V W‚ISPJV OH J\TWSPKV LU (TtYPJH 3H[PUH LU JPLY[V NYHKV Z\Z TL[HZ KL MVTLU[HY SH LX\PKHK SH H\[VUVTxH ` SH [YHUZWHYLUJPH tZ[L JVU]P]L JVU \U HS[V UP]LS KL ÄUHUJPHTPLU[V WYP]HKV YVKLHKV KL PUJLY[PK\TIYL ` ZVZWLJOHZ 5V KLILTVZ VS]PKHY X\L LZ[HTVZ LU \UH YLNP}U JVU [YHKPJPVULZ WVSx[PJHZ ` J\S[\YHSLZ X\L MH]VYLJLU LS JSPLU[LSPZTV ` SH PTW\UPKHK ` X\L WYmJ[PJHZ KL Z\IYLNPZ[YV KVISLZ JVU[HIPSPKHKLZ LZ[Y\J[\YHZ WHYHSLSHZ KLZ]xV KL KVUHJPVULZ L[J UV ZVU MmJPSLZ KL LYYHKPJHY KL \U KxH WHYH V[YV +L HOx X\L SH SL` UV ZLH LS ‚UPJV PUZ[Y\TLU[V KPZWVUPISL 4LJHUPZTVZ J\S[\YHSLZ ` WLKHN}NPJVZ [HTIPtU KLILU ZLY \[PSPaHKVZ LU SH MVYTHJP}U JP\KHKHUH WHYH LS HJH[HTPLU[V KL SHZ YLNSHZ ` SH I‚ZX\LKH KL SH [YHUZWHYLUJPH ` WHYH MVY[HSLJLY SH PU]LYZP}U KLTVJYm[PJH 7VY [VKV LSSV JYLLTVZ X\L LZ \YNLU[L ` M\UKHTLU[HS PUZ[HSHY LU SHZ HNLUKHZ WVSx[PJHZ [HU[V YLNPVUHS JVTV UHJPVUHSLZ \U KLIH[L WYVM\UKV ZVIYL LS [LTH KLS ÄUHUJPHTPLU[V WVSx[PJV X\L [YH[L TPU\JPVZHTLU[L Z\Z JHYHJ[LYxZ[PJHZ" Z\ PTWHJ[V ZVIYL SHZ JVUKPJPVULZ KL LX\PKHK KL SH JVTWL[LUJPH LSLJ[VYHS ZVIYL SH H\[VUVTxH KL SVZ WHY[PKVZ MYLU[L H SVZ NYHUKLZ NY\WVZ LJVU}TPJVZ ZVIYL SVZ UP]LSLZ KL [YHUZWHYLUJPH LU LS VYPNLU ` KLZ[PUV KL SVZ YLJ\YZVZ ZVIYL LS MVY[HSLJPTPLU[V KL SVZ WHY[PKVZ ` SH PUZ[P[\JPVUHSPaHJP}U KL SVZ ZPZ[LTHZ WHY[PKHYPVZ ZVIYL SH J\S[\YH WVSx[PJH HZx JVTV Z\ WHWLS LU LS WYVJLZV KL JVUZVSPKHJP}U KL SH KLTVJYHJPH LU (TtYPJH 3H[PUH

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763Ð;0*( ,5 (4i90*( 3(;05(

,3 (**,:6 +, 36: 7(9;0+6: 763Ð;0*6: ( 36: 4,+06: +, *64<50*(*0Ô5 ,U J\HU[V HS HJJLZV KL SVZ WHY[PKVZ WVSx[PJVZ H SVZ TLKPVZ KL JVT\UPJHJP}U ZVJPHS JHIL KPZ[PUN\PY ZLN U ZL [YH[L KL SH [LSL]PZP}U SH YHKPV ` SH WYLUZH LZJYP[H :PU LTIHYNV JVTV `H OLTVZ TLUJPVUHKV SVZ Tt[VKVZ KL OHJLY ` WHY[PJPWHY LU SH WVSx[PJH OHU JHTIPHKV Z\Z[HUJPHSTLU[L LU SVZ S[PTVZ H|VZ 3H WVSx[PJH ZL L_WYLZH OV` TmZ X\L U\UJH H [YH]tZ KL SVZ TLKPVZ KL JVT\UPJHJP}U ZVJPHS 3H YLSHJP}U KL SVZ TLKPVZ KL JVT\UPJHJP}U LU WHY[PJ\SHY SH [LSL]PZP}U JVU LS ÄUHUJPHTPLU[V KL SH WVSx[PJH LZ \UH YLSHJP}U KL JHYmJ[LY JVTWSLQV ` OHZ[H JVU[YHKPJ[VYPV 7VY \U SHKV SVZ TLKPVZ Q\LNHU \U WHWLS JLU[YHS LU SH ÄZJHSPaHJP}U KL SH JVUK\J[H KL SVZ M\UJPVUHYPVZ W ISPJVZ ` KL SVZ WVSx[PJVZ WLYV WVY LS V[YV SVZ TLKPVZ LSLJ[Y}UPJVZ LU LZWLJPHS SH [LSL]PZP}U ZVU SH JH\ZH WYPUJPWHS ¶LU SH tWVJH HJ[\HS KL SH ¸]PKLVJYHJPH¹ ` KLS OVTV ]PKLUZ ¶ WVY SH X\L SVZ WHY[PKVZ ULJLZP[HU NYHUKLZ Z\THZ KL KPULYV WHYH SSL]HY H JHIV Z\Z JHTWH|HZ LSLJ[VYHSLZ LZWLJPHSTLU[L SHZ WYLZPKLUJPHSLZ ,S HJJLZV X\L SVZ WHY[PKVZ WVSx[PJVZ [PLULU H SVZ TLKPVZ KL JVT\UPJHJP}U LSLJ[Y}UPJVZ LU (TtYPJH 3H[PUH W\LKL ]LYZL JVTV \U JVU[PU\\T JVTW\LZ[V WVY KP]LYZHZ TVKHSPKHKLZ X\L 9PHS YLZ\TL KL SH ZPN\PLU[L MVYTH 9PHS ! ! -YHUQH LSLJ[VYHS NYH[\P[H ` MYHUQH WHYH L_WYLZP}U KL WLUZHTPLU[V WHY[PKHYPV LU [PLTWV xU[LY LSLJ[VYHS ØUPJH MVYTH KL WYVWHNHUKH WLYTP[PKH :L WYVOxIL LS WHNV KL LZWHJPVZ H M\LYaHZ WVSx[PJHZ 7\LKL ZLY LU SH [LSL]PZP}U ` [HTIPtU LU SH YHKPV V UPJHTLU[L LU HSN\UV KL LZVZ TLKPVZ ,Z[V ZVSV ZL KH LU )YHZPS ` *OPSL *VTIPUHJP}U LU[YL \ZV KL MYHUQHZ YLN\SHKHZ W ISPJHTLU[L ` SPILY[HK KL JVU[YH[HJP}U LU \U LZX\LTH KL [YLZ UP]LSLZ <UH MYHUQH NYH[\P[H TmZ LZWHJPVZ WHNVZ JVU MVUKVZ W ISPJVZ TmZ LZWHJPVZ JVU[YH[HKVZ WYP]HKHTLU[L -YHUQH LSLJ[VYHS LU TLKPVZ LZ[H[HSLZ ` WYP]HKVZ TmZ WVZPIPSPKHK KL JVU[YH[HY LZWHJPVZ WYP]HKHTLU[L ,U HSN\UVZ WHxZLZ [HTIPtU OH` MYHUQHZ M\LYH KLS WLYxVKV LSLJ[VYHS -YHUQH LU LZWHJPV LZ[H[HS TmZ WVZPIPSPKHK KL JVU[YH[HY LZWHJPVZ WYP]HKHTLU[L ,U [VKVZ SVZ JHZVZ SH MYHUQH LZ[H[HS LZ WYmJ[PJHTLU[L PYYLSL]HU[L ` LU HSN\UVZ JHZVZ PUL_PZ[LU[L 3H JVU[YH[HJP}U KL W\ISPJPKHK Z\LSL UV [LULY SxTP[LZ 3PILY[HK KL JVU[YH[HJP}U KL [PLTWV LU YHKPV ` [LSL]PZP}U ( WHY[PY KL SHZ TVKHSPKHKLZ JP[HKHZ Z\YNLU KVZ [LUKLUJPHZ YLSL]HU[LZ LU SH YLN\SHJP}U! LU WYPTLYH PUZ[HUJPH SH TH`VYxH KL SVZ WHxZLZ JVUÄLYL H SVZ WHY[PKVZ LZWHJPVZ NYH[\P[VZ LU SVZ TLKPVZ KL JVT\UPJHJP}U LSLJ[Y}UPJVZ ZVIYL [VKV LU SH [LSL]PZP}U W ISPJH 7VY V[YV SHKV ZL VIZLY]H LU SH YLNP}U SH PU[LUJP}U KL V[VYNHY LZ[L [PWV KL ÄUHUJPHTPLU[V PUKPYLJ[V L_JS\ZP]HTLU[L WHYH :HY[VYP .PV]HUUP W )YHZPS WYVOxIL LU SH [LSL]PZP}U SH WYVWHNHUKH LSLJ[VYHS JVTLYJPHS NHYHU[PamUKVSLZ H JHTIPV H SVZ WHY[PKVZ \UH MYHUQH KPHYPH KL W\ISPJPKHK NYH[\P[H K\YHU[L SH JHTWH|H LSLJ[VYHS *OPSL WVY Z\ WHY[L WYVOxIL SH JVU[YH[HJP}U LU [LSL]PZP}U HIPLY[H LU KVUKL V[VYNH SH MYHUQH NYH[\P[H WLYV LZ WVZPISL JVU[YH[HY WYVWHNHUKH LSLJ[VYHS LU YHKPVLTPZVYHZ [LSL]PZP}U WVY JHISL ` WYLUZH LZJYP[H

5Ø4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

ÄULZ KL WYVWHNHUKH LSLJ[VYHS ZPLUKV )YHZPS *VSVTIPH 4t_PJV ` 7LY‚ SVZ ‚UPJVZ WHxZLZ KVUKL SH SLNPZSHJP}U LSLJ[VYHS LZWLJPÄJH X\L LS HJJLZV KL SVZ WHY[PKVZ H SVZ TLKPVZ KL JVT\UPJHJP}U LZ KL JHYmJ[LY WLYTHULU[L 5V VIZ[HU[L SH L_PZ[LUJPH KL ILULÄJPVZ LZ[H[HSLZ LU LZ[L ZLU[PKV LU SH TH`VYxH KL SVZ WHxZLZ X\LKH H‚U T\JOV WVY H]HUaHY LU YLSHJP}U JVU SH YLN\SHJP}U YLMLYPKH HS HJJLZV H SVZ TLKPVZ WHY[PJ\SHYTLU[L LU YHa}U KL X\L SVZ LMLJ[VZ HSJHUaHKVZ ZVIYL SH LX\PKHK LU SH JVU[PLUKH ` ZVIYL LS JVU[YVS KL SVZ NHZ[VZ LSLJ[VYHSLZ UV WHYLJLU OHILY ZPKV ZPNUPÄJH[P]VZ JVTV ZL L_WVUL LU LS ZPN\PLU[L W\U[V ,U J\HU[V HS HJJLZV KL SVZ WHY[PKVZ H SH WYLUZH LZJYP[H LU SH TH`VYxH KL SVZ WHxZLZ tZ[L LZ HTWSPV ZP IPLU LU HSN\UVZ JHZVZ L_PZ[LU SxTP[LZ [HSLZ JVTV LU *VZ[H 9PJH )VSP]PH ,J\HKVY ` 5PJHYHN\H

3H KPMxJPS [HYLH KL NHYHU[PaHY LS HJJLZV LX\P[H[P]V H SVZ TLKPVZ KL JVT\UPJHJP}U ,S [LTH KL SVZ TLKPVZ KL JVT\UPJHJP}U LZ[m SPNHKV H KVZ WYPUJPWPVZ KLTVJYm[PJV LSLJ[VYHSLZ ImZPJVZ JVTV ZVU SH LX\PKHK ` LS KLYLJOV H SH PUMVYTHJP}U 7VY \UH WHY[L [VKVZ SVZ WHY[PKVZ KLILU [LULY SH VWVY[\UPKHK KL WYLZLU[HY H SVZ JP\KHKHUVZ H [YH]tZ KL SVZ TLKPVZ KL JVT\UPJHJP}U H Z\Z JHUKPKH[VZ WSH[HMVYTHZ ` WYVNYHTHZ LSLJ[VYHSLZ 7VY V[YH SVZ LSLJ[VYLZ KLILU [LULY SH WVZPIPSPKHK KL PUMVYTHYZL HKLJ\HKHTLU[L HJLYJH KL SHZ VWJPVULZ LSLJ[VYHSLZ ` KL Z\Z WYVW\LZ[HZ JVTV \UH IHZL TxUPTH WHYH YLHSPaHY \UH ¸LSLJJP}U PUMVYTHKH¹ 5V VIZ[HU[L LU SVZ OLJOVZ LS WYPUJPWPV KL LX\PKHK YLZ\S[H KPMxJPS KL NHYHU[PaHY :VU ]HYPHZ SHZ JH\ZHZ X\L VIZ[HJ\SPaHU LS HJJLZV PN\HSP[HYPV KL SHZ HNY\WHJPVULZ WHY[PKHYPHZ ` Z\Z JHUKPKH[VZ H SVZ TLKPVZ KL JVT\UPJHJP}U 7VY \U SHKV SVZ K\L|VZ ` HKTPUPZ[YHKVYLZ KL SVZ TLKPVZ MYLJ\LU[LTLU[L ZL LUJ\LU[YHU ]PUJ\SHKVZ JVU WVKLYVZVZ NY\WVZ LJVU}TPJVZ ` WVSx[PJVZ (‚U LU SVZ TLKPVZ KL WYVWPLKHK JVSLJ[P]H LZ JVT‚U X\L SVZ X\L JVU[YVSHU SHZ HJJPVULZ [LUNHU PU[LYLZLZ LZWLJxÄJVZ X\L WYVTV]LY V KLMLUKLY X\L SVZ SSL]LU H WYP]PSLNPHY V IYPUKHY TH`VYLZ LZWHJPVZ V [PLTWVZ H HX\LSSVZ NY\WVZ WVSx[PJVZ X\L THUPÄLZ[H V ]LSHKHTLU[L YLWYLZLU[LU KPJOVZ PU[LYLZLZ (Zx UV VIZ[HU[L SH L_PZ[LUJPH KL PUPJPH[P]HZ LZ[H[HSLZ LU LZ[L JHTWV LU SH TH`VYxH KL SVZ WHxZLZ H‚U L_PZ[LU WYVM\UKHZ PULX\PKHKLZ WYV]VJHKHZ M\UKHTLU[HSTLU[L WVY! P ,S WYLKVTPUPV LU SH YLNP}U KL \UH M}YT\SH X\L JVTIPUH LS HJJLZV NYH[\P[V H SVZ TLKPVZ LZWLJPHSTLU[L H SVZ LZ[H[HSLZ JVU \UH HS[LYUH[P]H KL JVU[YH[HJP}U KL SVZ TLKPVZ WYP]HKVZ WVJV YLN\SHKH ` WVY SV NLULYHS KPMxJPS KL JVU[YVSHY 3H JVU[YH[HJP}U WYP]HKH WYVK\JL MYLJ\LU[LTLU[L KLZLX\PSPIYPVZ LU[YL SVZ KPMLYLU[LZ WHY[PKVZ LU SH TLKPKH LU X\L ZVU tZ[VZ ` SVZ JHUKPKH[VZ X\L KPZWVULU KL TH`VYLZ YLJ\YZVZ SVZ X\L [PLULU TmZ HJJLZV H SVZ LZWHJPVZ WYP]HKVZ PP 3H IHQH H\KPLUJPH X\L JHYHJ[LYPaH WVY SV NLULYHS H SHZ [LSL]PZVYHZ ` MYLJ\LUJPHZ KLS ,Z[HKV

=LY HS YLZWLJ[V .VVK^PU .PSS

WW ? ?0= ;HTIPtU *LU[YV *HY[LY W

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

PPP 3VZ LMLJ[VZ KL SH YL]VS\JP}U KL SHZ JVT\UPJHJPVULZ ZVIYL LS ร UHUJPHTPLU[V KL SH WVSx[PJH KLQH KLZHJ[\HSPaHKHZ KL[LYTPUHKHZ KPZWVZPJPVULZ Q\YxKPJHZ X\L YLN\SHU LS HJJLZV KL SVZ WHY[PKVZ H SVZ TLKPVZ KL JVT\UPJHJP}U :P JVU SH [LSL]PZP}U WVY JHISL ZL NLULYHYVU ]HJxVZ KL YLN\SHJP}U ` KPร J\S[HKLZ WHYH LS JVU[YVS SH [LSL]PZP}U ZH[LSP[HS ` SH WYVWHNHUKH KPZLTPUHKH WVY ยธPU[LYUL[ยน WYVK\JL TH`VYLZ JVTWSPJHJPVULZ ,S OLJOV KL X\L SH [LSL]PZP}U ZH[LSP[HS ZL WYVK\aJH ` [YHUZTP[H KLZKL M\LYH KL SHZ MYVU[LYHZ UHJPVUHSLZ KLQH HS ,Z[HKV KLZWYV]PZ[V KL Tt[VKVZ KL ร ZJHSPaHJP}U LU SH TLKPKH LU X\L UV [PLUL WV[LZ[HKLZ ZVIYL LS LZWHJPV LU X\L VWLYHU KPJOHZ LTWYLZHZ +Pร J\S[HKLZ ZPTPSHYLZ ZL LUMYLU[HU WHYH YLN\SHY LS \ZV KL ยธPU[LYUL[ยน JVU LZ[VZ ร ULZ ,Z[VZ HZWLJ[VZ W\LKLU PUJYLTLU[HY SH KLZPN\HSKHK W\LZ ZVU SVZ WHY[PKVZ JVU TH`VYLZ YLJ\YZVZ ` JVU[HJ[VZ PU[LYUHJPVUHSLZ SVZ X\L LZ[mU LU JHWHJPKHK KL PUJ\YZPVUHY LU LZ[H U\L]H TVKHSPKHK WHYH [YHUZTP[PY Z\Z TLUZHQLZ WVSx[PJVZ P] :P IPLU LU T\JOVZ WHxZLZ ZL LZ[HISLJLU LZWHJPVZ NYH[\P[VZ WHYH SVZ WHY[PKVZ LU WVJVZ KL LSSVZ ZL JVU[LTWSH LS HWV`V WHYH OHJLY MYLU[L H SH WYVK\JJP}U KL SH WYVWHNHUKH [HYLH WHYH SH J\HS ZL YLX\PLYL KL HS[HZ Z\THZ KL KPULYV ] ,S [YH[HTPLU[V KL SH UV[PJPH LU WYVNYHTHZ WVSx[PJVZ ` LU UV[PJPLYVZ LZ LU HSN\UVZ JHZVZ WHYJPHSPaHKV H MH]VY V LU JVU[YH KL KL[LYTPUHKVZ WHY[PKVZ V JHUKPKH[VZ ]P 3H H\ZLUJPH KL JHWHJPKHK KL SVZ VYNHUPZTVZ LSLJ[VYHSLZ LU SH TH`VYxH KL SVZ WHxZLZ WHYH SSL]HY H JHIV \U LMLJ[P]V ZLN\PTPLU[V ` JVU[YVS KL SH WYVWHNHUKH WVSx[PJH ` SH JVT\UPJHJP}U ZVJPHS

3VZ TLKPVZ! KPZWHYHKVYLZ KLS NHZ[V LSLJ[VYHS (J[\HSTLU[L SH TH`VYxH KL SVZ HUHSPZ[HZ LU LZ[L [LTH JVUJ\LYKHU LU X\L SVZ JVZ[VZ KL SHZ JHTWH|HZ OHU PKV LU H\TLU[V L_PZ[PLUKV SH WLYJLWJP}U NLULYHSPaHKH KL X\L \UV KL SVZ Y\IYVZ TmZ VULYVZVZ LZ LS WHNV KL SH W\ISPJPKHK WVSx[PJH LU SH [LSL]PZP}U 5V VIZ[HU[L ZP IPLU L_PZ[L HJ\LYKV LU LS WHWLS JHKH ]La TmZ PTWVY[HU[L X\L Q\LNHU SVZ TLKPVZ KL JVT\UPJHJP}U LU WHY[PJ\SHY SH [LSL]PZP}U LU SH WVSx[PJH LU NLULYHS ` K\YHU[L SHZ JHTWH|HZ LSLJ[VYHSLZ LU WHY[PJ\SHY UV L_PZ[L LU JHTIPV JVUZLUZV ZVIYL J\mS KLIL ZLY LS TLQVY JHTPUV H ZLN\PY 7HYH HSN\UVZ SH YLN\SHJP}U JVUZ[P[\`L \UH ZVS\JP}U TPLU[YHZ X\L V[YVZ LZ[PTHU X\L SVZ LZWHJPVZ NYH[\P[VZ UV YLZ\LS]LU LS WYVISLTH LU SH TLKPKH LU X\L SVZ JVZ[VZ KL WYVK\JJP}U KL SH WYVWHNHUKH ZVU JHKH ]La TH`VYLZ +L SVZ LZ[\KPVZ X\L ZL OHU YLHSPaHKV OHZ[H LS WYLZLU[L UV W\LKL KLJPYZL LTWLYV X\L LS LZWHJPV NYH[\P[V V SH SPTP[HJP}U KL [PLTWVZ WVZPISLZ KL \ZV KL SVZ TLKPVZ KL JVT\UPJHJP}U LZWLJPHSTLU[L SH [LSL]PZP}U V SH WYVOPIPJP}U KL SH W\ISPJPKHK WHNHKH [LUNH \UH PUJPKLUJPH Z\Z[HUJPHS ` X\L JHTIPL LS YLZ\S[HKV LSLJ[VYHS WLYV Zx WHYLJL JSHYV X\L LZ[HZ TLKPKHZ OHU MH]VYLJPKV SH JVU]P]LUJPH ` SH [VSLYHUJPH KLU[YV KLS ZPZ[LTH WVSx[PJV ` X\L [PLUKLU H H[LU\HY SVZ UP]LSLZ KL JVYY\WJP}U HZVJPHKVZ H SH HJ[P]PKHK WVSx[PJH ` H TLQVYHY SH KL[LYPVYHKH PTHNLU KL SVZ WHY[PKVZ

9PHS 1\HU TPTLV =LY +L 3H *HSSL /\TILY[V *HWx[\SV KL SH WYPTLYH WHY[L KL LZ[H VIYH -VYV 0U[LYHTLYPJHUV ZVIYL 7HY[PKVZ 7VSx[PJVZ KL SH 6,( PIPK JP[

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

7LYV JVU PUKLWLUKLUJPH KL LZ[L KLIH[L SV JPLY[V LZ X\L SH [LSL]PZP}U ZL OH ]\LS[V PUL]P[HISL KLIPKV H SH THULYH LU X\L ZL SSL]HU H JHIV SHZ JHTWH|HZ LSLJ[VYHSLZ ZVIYL [VKV SHZ WYLZPKLUJPHSLZ +L HOx X\L LS KLZHMxV JVUZPZ[H LU X\L Z\ \[PSPaHJP}U WVY SVZ WHY[PKVZ YLWLYJ\[H WVZP[P]HTLU[L LU MH]VY KL Z\ MVY[HSLJPTPLU[V ` LU LS KL SH KLTVJYHJPH ,U U\LZ[YH VWPUP}U ` KHKH SH JYLJPLU[L PTWVY[HUJPH X\L OHU HKX\PYPKV SVZ TLKPVZ KL JVT\UPJHJP}U JVTV KPZWHYHKVYLZ KLS NHZ[V LSLJ[VYHS LZWLJPHSTLU[L SH [LSL]PZP}U K\YHU[L SHZ JHTWH|HZ WYLZPKLUJPHSLZ LU ]HYPVZ WHxZLZ KL SH YLNP}U LZ PTWVY[HU[L X\L SVZ NVIPLYUVZ HKVW[LU YLMVYTHZ KPYPNPKHZ H! P 9LK\JPY SH K\YHJP}U KL SHZ JHTWH|HZ " PP 7VULY SxTP[LZ H SVZ NHZ[VZ LU TLKPVZ KL JVT\UPJHJP}U" PPP -HJPSP[HY ]xH YLJ\YZVZ W‚ISPJVZ \U HJJLZV LX\P[H[P]V KL [VKVZ SVZ WHY[PKVZ H SVZ TLKPVZ KL JVT\UPJHJP}U [HU[V W‚ISPJVZ JVTV WYP]HKVZ " P] 7YVWPJPHY \U THULQV WYVMLZPVUHS WS\YHSPZ[H ` VIQL[P]V LU LS [YH[HTPLU[V KL SHZ UV[PJPHZ WVSx[PJHZ ` LSLJ[VYHSLZ" ` ] ;YH[HY KL PTWLKPY SH JVUJLU[YHJP}U KL SH WYVWPLKHK KL SVZ TLKPVZ LU WVJHZ THUVZ

6)1,;0=6: .,5,9(3,: 7(9( <5( 9,-694( 3VZ WYVJLZVZ KL YLMVYTH LU TH[LYPH KL ÄUHUJPHTPLU[V WVSx[PJV KLILU LZ[HY N\PHKVZ WVY LS VIQL[P]V ImZPJV KL MVTLU[HY \UH JVTWL[LUJPH WVSx[PJH HIPLY[H ` SPIYL IHZHKH LU JVUKPJPVULZ KL LX\PKHK ` [YHUZWHYLUJPH ,S WYVW}ZP[V M\UKHTLU[HS WHZH WVY SVNYHY X\L ZLH LS ZPZ[LTH LS X\L JVU[YVSH HS KPULYV ` UV LS KPULYV HS ZPZ[LTH 7VY LSSV [VKH YLMVYTH KLIL [LULY IY‚Q\SH WHYH UV WLYKLY Z\ UVY[L ` ZLY YLHSPZ[H ` WYLJPZH LU J\HU[V H Z\Z VIQL[P]VZ L]P[HUKV I\ZJHY ZVS\JPVULZ WLYMLJ[HZ X\L Z\LSLU MYHJHZHY LU SH WYmJ[PJH +L HOx SH PTWVY[HUJPH KL X\L [HU[V Z\Z VIQL[P]VZ NLULYHSLZ JVTV LZWLJxÄJVZ HZx JVTV SVZ TLKPVZ WHYH HSJHUaHYSVZ LZ[tU PKLU[PÄJHKVZ HKLJ\HKHTLU[L 3H L_WLYPLUJPH JVTWHYHKH KLT\LZ[YH X\L MYLJ\LU[LTLU[L SHZ YLMVYTHZ WYP]PSLNPHU SVZ VIQL[P]VZ WLYV WVULU WVJV J\PKHKV LU LS KPZL|V KLS WYVJLZV SVZ TLJHUPZTVZ ` SVZ }YNHUVZ KPYPNPKVZ H HZLN\YHY LS J\TWSPTPLU[V KL SVZ TPZTVZ 3H WYLTPZH KL X\L LU TH[LYPH LSLJ[VYHS UV L_PZ[LU ]LYKHKLZ HIZVS\[HZ V ZVS\JPVULZ PKLHSLZ JVIYH H\U TH`VY M\LYaH LU LS mTIP[V KL SH ÄUHUJPHJP}U WVSx[PJH WVY KVZ YHaVULZ WYPUJPWHSLZ! SH LZ[YLJOH ]PUJ\SHJP}U KLS [LTH [HU[V JVU SHZ JHYHJ[LYxZ[PJHZ KLS ZPZ[LTH WVSx[PJV LU NLULYHS JVTV JVU SHZ KLS ZPZ[LTH KL WHY[PKVZ LU WHY[PJ\SHY ` SH YLSHJP}U PUKPZVS\ISL X\L LS [LTH WYLZLU[H JVU SVZ ]HSVYLZ KL SH J\S[\YH WVSx[PJH SV X\L W\LKL SSL]HY H X\L \UH TPZTH ZVS\JP}U ZLH ]HSVYHKH KL THULYH JVU[YHKPJ[VYPH LU JVU[L_[VZ UHJPVUHSLZ KPMLYLU[LZ ,S VIQL[P]V KL YLK\JJP}U KLS [PLTWV KL JHTWH|H [YVWPLaH ZPU LTIHYNV JVU T‚S[PWSLZ KPÄJ\S[HKLZ ,Z[mU WVY \UH WHY[L SHZ YLZPZ[LUJPHZ X\L VWVULU JHUKPKH[VZ PU[LYLZHKVZ LU WVZPJPVUHY Z\ PTHNLU JVU Z\ÄJPLU[L HU[LSHJP}U JVTV WHYH SVNYHY ]LU[HQHZ PUPJPHSLZ JVU[YH Z\Z HK]LYZHYPVZ L PUJS\ZV WYLZPVUHY H Z\Z WYVWPVZ WHY[PKVZ 7LYV HKLTmZ ZL OHJL JHKH ]La TmZ HYK\V KPMLYLUJPHY SVZ WLYxVKVZ LSLJ[VYHSLZ KL SVZ UV LSLJ[VYHSLZ KLIPKV H SHZ T‚S[PWSLZ LSLJJPVULZ X\L LS TPZTV KLZHYYVSSV KLTVJYm[PJV KLTHUKH ` LZ[HISLJL ` WVYX\L HS WLYxVKV LSLJ[VYHS WYVWPHTLU[L KPJOV OH` X\L Z\THYSL SHZ JHTWH|HZ PU[LYUHZ KL SHZ VYNHUPaHJPVULZ WVSx[PJHZ X\L KL PU[LYUHZ Z}SV [PLULU LS UVTIYL W\LZ ZL KLZHYYVSSHU JVU [VKH W\ISPJPKHK ` JVTV \U LSLTLU[V TmZ KL SH JHTWH|H L_[LYUH :L YLX\PLYL WVY SV [HU[V LS KLZHYYVSSV KL JYP[LYPVZ JSHYVZ LU LZ[H TH[LYPH WVY WHY[L KL SVZ VYNHUPZTVZ KL JVU[YVS +LS *HZ[PSSV 7 ` AV]H[[V +HUPLS W

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763ร ;0*( ,5 (4i90*( 3(;05(

6[YHZ J\H[YV JVUZPKLYHJPVULZ ZVU WLY[PULU[LZ LU YLSHJP}U JVU LZ[H J\LZ[P}U 3H WYPTLYH KL LSSHZ YHKPJH LU KLZ[HJHY SH PTWVY[HUJPH KL L_HTPUHY LS ZPZ[LTH KL ร UHUJPHTPLU[V UV Z}SV LU M\UJP}U KL SVZ VIQL[P]VZ I\ZJHKVZ WVY SH YLMVYTH ` LU YLSHJP}U JVU SVZ LMLJ[VZ KLZLHKVZ ZVIYL LS ZPZ[LTH WVSx[PJV ` LS KL WHY[PKVZ ZPUV [HTIPtU YLZWLJ[V KLS NYHKV KL Lร JHJPH KL SHZ UVYTHZ HZx JVTV KL SVZ LMLJ[VZ UV KLZLHKVZ V WLY]LYZVZ L]P[HUKV LU [VKV TVTLU[V JHLY LU LS LYYVY KL SSL]HY H JHIV L]HS\HJPVULZ LU HIZ[YHJ[V ` IHZHKHZ LU TVKLSVZ PKLHSLZ 3H ZLN\UKH WHZH WVY SH ULJLZPKHK KL PUZPZ[PY X\L [VKH YLMVYTH HS ZPZ[LTH KL ร UHUJPHJP}U ZLH WHY[L PU[LNYHS KL SH YLMVYTH WVSx[PJV LSLJ[VYHS LU Z\ JVUQ\U[V W\LZ Z\Z JVUZLJ\LUJPHZ HMLJ[HU H HZWLJ[VZ KL NYHU PTWVY[HUJPH JVTV SH JVU[PLUKH xU[LY WHY[PKPZ[H SHZ JVUKPJPVULZ KL SH JVTWL[LUJPH LS ZPZ[LTH KL WHY[PKVZ ` JVUZLJ\LU[LTLU[L SH WYVWPH JYLKPIPSPKHK ` SLNP[PTPKHK KL SH KLTVJYHJPH TPZTH 3H [LYJLYH JVUZPZ[L LU JVTWYLUKLY SH ]LYKHKLYH UH[\YHSLaH KL LZ[H WYVISLTm[PJH JVTV SH L_WLYPLUJPH JVTWHYHKH SV LUZL|H! \U [LTH JVUKLUHKV H SH Z\JLZP}U KL KPZ[PU[HZ YLMVYTHZ SLNHSLZ +L HOx SH PTWVY[HUJPH KL [LULY LU J\LU[H Z\ JHYmJ[LY ร \J[\HU[L ` JV`\U[\YHS W\LZ SH HKVWJP}U KL \UH ZVS\JP}U JVTV `H KPQPTVZ Z\LSL LUNLUKYHY LMLJ[VZ UV I\ZJHKVZ X\L KLILU ZLY U\L]HTLU[L JVYYLNPKVZ TLKPHU[L V[YH YLMVYTH SLNHS 5V LU ]HUV LU (SLTHUPH WHxZ X\L ]PLUL WYLZ[HUKV H LZ[L [LTH H[LUJP}U KLZ[HJHKH LU SVZ ย S[PTVZ H|VZ ZL SL KLUVTPUH SH ยธSLNPZSHJP}U PU[LYTPUHISLยน -PUHSTLU[L SH J\HY[H JVUZPKLYHJP}U HJVUZLQH L]P[HY SH ZVIYLYYLN\SHJP}U SLNPZSHUKV Z}SV HX\LSSV X\L W\LKH OHJLYZL J\TWSPY ` X\L ZL W\LKH JVU[YVSHY ,_WLYPLUJPHZ [HU[V KL WHxZLZ SH[PUVHTLYPJHUVZ JVTV KL -YHUJPH 0ZYHLS ,ZWH|H ` ,Z[HKVZ <UPKVZ KLT\LZ[YHU X\L SH PUJHWHJPKHK KL OHJLY J\TWSPY SHZ UVYTHZ KLZ[Y\`L SHZ I\LUHZ PU[LUJPVULZ KL SVZ YLMVYTHKVYLZ +LU[YV KL LZ[H SxULH KL WLUZHTPLU[V ` LU U\LZ[YH VWPUP}U [VKV WYVJLZV KL YLMVYTH LU TH[LYPH KL ร UHUJPHTPLU[V WVSx[PJV KLILYxH WYLZ[HY H[LUJP}U H SVZ ZPN\PLU[LZ VIQL[P]VZ NLULYHSLZ! .HYHU[PaHY \UH LMLJ[P]H JVTWL[LUJPH LSLJ[VYHS ` WYVTV]LY SH LX\PKHK WVSx[PJH 3VZ WHY[PKVZ ` JHUKPKH[VZ KLILU JVTWL[PY LU JVUKPJPVULZ KL LX\PKHK <UH YLN\SHJP}U HKLJ\HKH KLS ร UHUJPHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ LZ LZLUJPHS WHYH LX\PSPIYHY SHZ JVUKPJPVULZ KL SH JVTWL[LUJPH LSLJ[VYHS YLK\JPLUKV SHZ KPMLYLUJPHZ LU J\HU[V H YLJ\YZVZ X\L L_PZ[LU MYLJ\LU[LTLU[L LU[YL SVZ SSHTHKVZ WHY[PKVZ NYHUKLZ ` SVZ WLX\L|VZ" WVZPIPSP[HUKV HKLTmZ LS PUNYLZV KL U\L]HZ M\LYaHZ WVSx[PJHZ ,S HJJLZV KL SVZ WHY[PKVZ H SVZ TLKPVZ KL JVT\UPJHJP}U LU WHY[PJ\SHY SH [LSL]PZP}U LU JVUKPJPVULZ KL LX\PKHK LZ M\UKHTLU[HS 0UJYLTLU[HY SH [YHUZWHYLUJPH TLKPHU[L LS MVY[HSLJPTPLU[V KL SVZ TLJHUPZTVZ KL YLUKPJP}U KL J\LU[HZ ` KL KP]\SNHJP}U 3H [YHUZWHYLUJPH KL SHZ ร UHUaHZ KL SVZ WHY[PKVZ UV Z}SV WLYTP[L H SVZ LSLJ[VYLZ KLJPKPY Z\ ]V[V JVU IHZL LU PUMVYTHJP}U HKLJ\HKH ` Z\ร JPLU[L ZPUV X\L YLZN\HYKH H SVZ KVUHU[LZ KL WYLZPVULZ WVSx[PJHZ ` LU ZLU[PKV JVU[YHYPV WYV[LNL H SVZ WVSx[PJVZ KL SHZ WYLZPVULZ KL SVZ PU[LYLZLZ WYP]HKVZ 7VY LSSV LZ M\UKHTLU[HS LZ[HISLJLY TLJHUPZTVZ YPN\YVZVZ KL YLUKPJP}U KL J\LU[HZ ` KP]\SNHJP}U KL SVZ PUNYLZVZ ` LNYLZVZ KL SVZ WHY[PKVZ WVSx[PJVZ [HU[V LU WLYPVKVZ LSLJ[VYHSLZ JVTV LU[YL LSLJJPVULZ 9LK\JPY SH ULJLZPKHK KL KPULYV JVU[YVSHUKV SVZ KPZWHYHKVYLZ KLS NHZ[V LSLJ[VYHS 4LKPKHZ PTWVY[HU[LZ WHYH LS SVNYV KL LZ[L VIQL[P]V ZVU LU[YL V[YHZ! HJVY[HY SH K\YHJP}U KL SHZ JHTWH|HZ LSLJ[VYHSLZ LZ[HISLJLY [VWLZ H SVZ NHZ[VZ KL SVZ WHY[PKVZ WYVOPIPY V YLZ[YPUNPY SH W\ISPJPKHK WVSx[PJH WHNHKH ` V[VYNHY ร UHUJPHJP}U Wย ISPJH

5ร 4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

*VTIH[PY MYVU[HSTLU[L LS [YmÄJV KL PUÃ…\LUJPHZ SH JVYY\WJP}U WVSx[PJH ` LS PUNYLZV KL KPULYV PSxJP[V LU SHZ ÄUHUaHZ WHY[PKHYPHZ 4LQVYHY LS \ZV KL SVZ MVUKVZ W‚ISPJVZ PU]PY[PLUKV LU LS MVY[HSLJPTPLU[V KL WHY[PKVZ KLTVJYm[PJVZ 3VZ WHY[PKVZ ` SH JVTWL[LUJPH WVSx[PJH HIPLY[H ` SPIYL LU[YL LSSVZ ZVU LZLUJPHSLZ WHYH SH L_PZ[LUJPH LS M\UJPVUHTPLU[V ` SH ZVZ[LUPIPSPKHK KLTVJYm[PJH SV J\HS KLTHUKH X\L tZ[VZ [LUNHU HJJLZV LU JVUKPJPVULZ KL LX\PKHK H YLJ\YZVZ HKLJ\HKVZ WHYH ÄUHUJPHY Z\Z HJ[P]PKHKLZ VYKPUHYPHZ ` LSLJ[VYHSLZ 0TWVY[H HZPTPZTV X\L WHY[L KL SVZ MVUKVZ W‚ISPJVZ TmZ X\L LU WYVWHNHUKH ` JHTWH|HZ LSLJ[VYHSLZ ZL PU]PLY[HU LU HJ[P]PKHKLZ KL PU]LZ[PNHJP}U MVYTHJP}U ` JHWHJP[HJP}U ` LU LS MVY[HSLJPTPLU[V ` SH PUZ[P[\JPVUHSPaHJP}U KL WHY[PKVZ ` ZPZ[LTHZ WHY[PKHYPVZ KLTVJYm[PJVZ *VUZVSPKHY LS LZ[HKV KL KLYLJOV ` MVY[HSLJLY SH JHWHJPKHK KL OHJLY J\TWSPY SHZ UVYTHZ ,S J\TWSPTPLU[V LZ LZLUJPHS LU J\HSX\PLY ZPZ[LTH YLN\SH[VYPV :P UV L_PZ[L \U TLJHUPZTV X\L VISPN\L Z\ VIZLY]HUJPH SHZ SL`LZ ·PUKLWLUKPLU[LTLU[L KL Z\Z I\LUHZ PU[LUJPVULZ· [LUKYmU WVJV ]HSVY +L HOx SH PTWVY[HUJPH JVTV OLTVZ PUZPZ[PKV H SV SHYNV KL LZ[L [YHIHQV KL JVU[HY JVU }YNHUVZ KL JVU[YVS M\LY[LZ ` H\[}UVTVZ HZx JVTV JVU \U YtNPTLU KL ZHUJPVULZ LÄJHa X\L JVTIPUL HKLJ\HKHTLU[L PUJLU[P]VZ JVU JHZ[PNVZ ,U ZxU[LZPZ LS LZ[HISLJPTPLU[V KL \U ZPZ[LTH KL ÄUHUJPHTPLU[V LX\P[H[P]V [YHUZWHYLU[L ` Z\QL[V H JVU[YVS KLIL LZ[HY ZPLTWYL KL[LYTPUHKV WVY SVZ VIQL[P]VZ NLULYHSLZ ` LZWLJxÄJVZ X\L ZL WLYZPN\LU YLZWVUKLY H SHZ WHY[PJ\SHYPKHKLZ ` ULJLZPKHKLZ WYVWPHZ KL JHKH WHxZ ` M\UKHTLU[HYZL LU \UH LZ[YH[LNPH OVSxZ[PJH ` IPLU HY[PJ\SHKH +PJOV ZPZ[LTH KLIL ZLY WYVK\J[V KL \UH JVTIPUHJP}U KL THYJVZ SLNHSLZ LMLJ[P]VZ ` }YNHUVZ KL JVU[YVS LÄJHJLZ HW\U[HSHKV WVY SH HJ[P[\K ]PNPSHU[L KL SH ZVJPLKHK JP]PS ` KL SVZ TLKPVZ KL JVT\UPJHJP}U :PU LTIHYNV JVTV `H ZL ZL|HS} LU SH TH`VYxH KL SVZ WHxZLZ KL (TtYPJH 3H[PUH L_PZ[L \U IHQV UP]LS KL J\TWSPTPLU[V KL SHZ SL`LZ \U YLK\JPKV UP]LS KL [YHUZWHYLUJPH }YNHUVZ KL JVU[YVS KtIPSLZ ` \U YtNPTLU KL ZHUJPVULZ WVJV LÄJHa +L HOx X\L UV ZLH Z\ÄJPLU[L YLJVYYLY LS JHTPUV KL SHZ YLMVYTHZ SLNHSLZ ,Z WYLJPZV PY TmZ HSSm *VTV IPLU ZL|HSH /\TILY[V +L SH *HSSL LU LZ[L [LTH OH` T\JOV KL LU[VYUV J\S[\YHS ` KL WLKHNVNxH W‚ISPJH 7VY LSSV SHZ YLMVYTHZ SLNHSLZ L PUZ[P[\JPVUHSLZ ZLYmU WVJV LMLJ[P]HZ ZP UV ZVU HJVTWH|HKHZ KLS JHTIPV ULJLZHYPV LU SH THULYH KL OHJLY WVSx[PJH LZ KLJPY LU SH HJ[P[\K SVZ ]HSVYLZ ` LS JVTWVY[HTPLU[V KL SVZ WVSx[PJVZ

*65*3<:0Ô5 ,Z[HTVZ W\LZ HU[L \U [LTH UV Z}SV [tJUPJV ZPUV [HTIPtU WVSx[PJV JVTWSLQV JVU[YV]LY[PKV PYYLZ\LS[V WHYH LS J\HS UV L_PZ[LU WHUHJLHZ UP M}YT\SHZ TmNPJHZ ` J\`V WLYMLJJPVUHTPLU[V ZL HSJHUaH WVY HWYV_PTHJPVULZ Z\JLZP]HZ TmZ X\L WVY HTWSPHZ ` T\` HTIPJPVZHZ PUPJPH[P]HZ KL YLMVYTH <U I\LU ZPZ[LTH KL ÄUHUJPHTPLU[V [PLUL X\L NHYHU[PaHY \UH JVTWL[LUJPH WVSx[PJH HIPLY[H SPIYL ` LX\P[H[P]H ` JVU[YPI\PY H MVY[HSLJLY SH JVUÄHUaH W‚ISPJH LU SVZ WHY[PKVZ SH WVSx[PJH ` SH KLTVJYHJPH TLKPHU[L LS TLQVYHTPLU[V KL SH [YHUZWHYLUJPH ,U LZ[L ZLU[PKV \U ZPZ[LTH TP_[V W‚ISPJV ` WYP]HKV JVU KP]\SNHJP}U WSLUH ` \U }YNHUV KL JVU[YVS M\LY[L YLZWHSKHKV WVY \U YtNPTLU KL ZHUJPVULZ LÄJHa ZVU YLX\PZP[VZ LZLUJPHSLZ WHYH LS t_P[V KL \UH YLMVYTH LU LZ[H TH[LYPH

5Ø4,96 :,.<5+6 :,4,:;9,

+05,96 @ 763Ð;0*( ,5 (4i90*( 3(;05(

,S ÄUHUJPHTPLU[V W ISPJV X\L ZL Kt H SVZ WHY[PKVZ KLIL N\HYKHY YLSHJP}U JVU SVZ LZM\LYaVZ X\L tZ[VZ OHNHU WHYH JVUZLN\PY Z\Z WYVWPVZ YLJ\YZVZ ]xH JVTWSLTLU[HJP}U KL MVUKVZ TH[JOPUN V TLKPHU[L YLLTIVSZVZ 7VY Z\ WHY[L \U WVYJLU[HQL KLS ÄUHUJPHTPLU[V WYP]HKV KLILYxH WYV]LUPY KL SHZ IHZLZ NYHZZYVV[Z ZPU WYL[LUKLY X\L tZ[H ZLH SH UPJH M\LU[L KL YLJ\YZVZ 3H KP]\SNHJP}U YLX\PLYL SH WYLZLU[HJP}U KL PUMVYTLZ WLYP}KPJVZ H\KP[VYxH HJJLZV W ISPJV H SH JVU[HIPSPKHK ` W\ISPJPKHK ,S JVU[YVS KLTHUKH \UH H\[VYPKHK H\[}UVTH WVSx[PJH ` ÄUHUJPLYHTLU[L L PU]LZ[PKH JVU Z\ÄJPLU[LZ WVKLYLZ SLNHSLZ WHYH Z\WLY]PZHY ]LYPÄJHY PU]LZ[PNHY ` KL ZLY ULJLZHYPV PUZ[Y\PY WYVJLZVZ *\HSX\PLY JVZH TLUVZ JVTV IPLU OH ZL|HSHKV 2 A 7HS[PLS LZ \UH M}YT\SH WHYH LS MYHJHZV +L HOx SH PTWVY[HUJPH KL NLULYHY \UH ]VS\U[HK WVSx[PJH NLU\PUH ` ÄYTL H MH]VY KL YLMVYTHZ H\[tU[PJHZ ,U LZ[L ZLU[PKV LZ KL JHWP[HS PTWVY[HUJPH SH WYLZP}U W ISPJH WLYTHULU[L KL SH JP\KHKHUxH KLTHUKHUKV \UH WVSx[PJH SPTWPH ` [YHUZWHYLU[L ` \UH JVTWL[LUJPH LSLJ[VYHS LMLJ[P]H ,S WHWLS KLS ZLJ[VY WYP]HKV KL SVZ TLKPVZ ` KL SHZ VYNHUPaHJPVULZ KL SH ZVJPLKHK JP]PS LZ PN\HSTLU[L JYx[PJV +LIL NLULYHYZL HZPTPZTV \U JHTIPV WVZP[P]V LU SH J\S[\YH WVSx[PJH 7LYV VI]PHTLU[L SH YLZWVUZHIPSPKHK WYPUJPWHS YLJHL LU SVZ WVSx[PJVZ X\PLULZ KLILU KLTVZ[YHY WYLVJ\WHJP}U NLU\PUH WVY TLQVYHY Z\Z LZ[mUKHYLZ t[PJVZ ` WVY SSL]HY H JHIV \U JHTIPV YLHS LU SH THULYH KL OHJLY WVSx[PJH :\ YLW\[HJP}U ` JYLKPIPSPKHK JVTV HJ[VYLZ JLU[YHSLZ KLS Q\LNV KLTVJYm[PJV KLWLUKL KL LSSV 7VY SV [HU[V HKLTmZ KLS JVUZLUZV ULJLZHYPV X\L WLYTP[H H]HUaHY JVU SHZ YLMVYTHZ KLIL L_PZ[PY KL WHY[L KL SVZ KPYPNLU[LZ WHY[PKHYPVZ \U ]LYKHKLYV JVTWYVTPZV KL YLZWL[HY ` J\TWSPY SHZ UVYTHZ ZVIYL ÄUHUJPHTPLU[V WVSx[PJV ZPU LS J\HS UV ZLYm WVZPISL WHZHY KL SH YL[}YPJH H SHZ I\LUHZ WYmJ[PJHZ ,U LMLJ[V \UV KL SVZ [LTHZ WYPUJPWHSLZ KL SH HJ[\HS HNLUKH WVSx[PJH YLNPVUHS LZ LS MVY[HSLJPTPLU[V KL SVZ WHY[PKVZ ` LS YLZJH[L KL SH t[PJH WVSx[PJH WLYKPKH 3H JVUZVSPKHJP}U KL SH KLTVJYHJPH LU (TtYPJH 3H[PUH LUMYLU[H OV` LS KLZHMxV KL TLQVYHY SH JHSPKHK KL SH WVSx[PJH YLJVULJ[HYSH JVU SH t[PJH ` WVULYSH HS ZLY]PJPV KL SVZ WYVISLTHZ YLHSLZ KL SH NLU[L 7LYV LS J\TWSPTPLU[V KL LZ[VZ VIQL[P]VZ Z}SV ZL SVNYHYm JVU WHY[PKVZ TmZ M\LY[LZ TmZ KLTVJYm[PJVZ TmZ PUZ[P[\JPVUHSPaHKVZ ` ÄYTLTLU[L JVTWYVTL[PKVZ JVU LZ[VZ WYVW}ZP[VZ ` LU [VKV LSSV SH J\LZ[P}U KLS ÄUHUJPHTPLU[V WVSx[PJV Q\LNH \U WHWLS M\UKHTLU[HS

5Ø4,96 :,.<5+6 :,4,:;9,

+HUPLS AV]H[[V .HYL[[V

)0)306.9(-Ð( 5H]HZ ?PVTHYH 3H ÄUHUJPHJP}U LSLJ[VYHS LU (TtYPJH 3H[PUH Z\I]LUJPVULZ ` NHZ[VZ ,U! ;YH[HKV KL +LYLJOV ,SLJ[VYHS *VTWHYHKV KL (TtYPJH 3H[PUH *VTWPSHKV WVY 5VOSLU + " 7PJHKV : ` AV]H[[V + 4t_PJV! PUZ[P[\[V 0U[LYHTLYPJHUV KL +LYLJOVZ /\THUVZ <UP]LYZPKHK KL /LPKLSILYN ;YPI\UHS ,SLJ[VYHS KLS 7VKLY 1\KPJPHS KL SH -LKLYHJP}U 0UZ[P[\[V -LKLYHS ,SLJ[VYHS -VUKV KL *\S[\YH ,JVU}TPJH >VSKLUILYN 1VZt 9LSL]HUJPH ` HJ[\HSPKHK KL SH JVU[PLUKH WVSx[PJH LSLJ[VYHS ,U! *HYYPSSV 4 L[ HS +PULYV ` JVU[PLUKH WVSx[PJV LSLJ[VYHS 4t_PJV! -VUKV KL *\S[\YH ,JVU}TPJH 0UZ[P[\[V -LKLYHS ,SLJ[VYHS .PKS\UK . 7\ISPJ 0U]LZ[TLU[ PU :^LKPZO +LTVJYHJ` .HTISPUMN ^P[O .HPUZ HUK 3VZZLZ ,U! >PILYN 4H[[P ,KZ ;OL 7\ISPJ 7\YZL HUK 7VSP[PJHS 7HY[PLZ 7\ISPJ -PUHUJPUN VM 7VSP[PJHS 7HY[PLZ PU 5VYKPJ *V\U[YPLZ ;OL -PUPZO 7VSP[PJHS (ZZVJPH[PVU +LS *HZ[PSSV 7PSHY AV]H[[V +HUPLS :HU 1VZt! 00+/ *(7,3

3H ÄUHUJPHJP}U KL SH WVSx[PJH LU 0ILYVHTtYPJH

*HYYPSSV 4HU\LS L[ HS +PULYV ` JVU[PLUKH WVSx[PJV LSLJ[VYHS 4t_PJV! -VUKV KL *\S[\YH ,JVU}TPJH 0UZ[P[\[V -LKLYHS ,SLJ[VYHS -VYV 0U[LYHTLYPJHUV ZVIYL 7HY[PKVZ 7VSx[PJVZ KL SH 6,( ¦,Z LS ÄUHUJPHTPLU[V \U VIZ[mJ\SV WHYH SH WHY[PJPWHJP}U WVSx[PJH KL SH T\QLY& >HZOPUN[VU! 4LTVYPH KLS [HSSLY ZVIYL SH WHY[PJPWHJP}U WVSx[PJH KL SH T\QLY JLSLIYHKV LS KL KPJPLTIYL KL 6,( 0+,( ^^^ \WK VHZ VYN ÄHWW +L 3H *HSSL /\TILY[V -PUHUJPHTPLU[V WVSx[PJV! W ISPJV WYP]HKV ` TP_[V ,U! .YPULY :[L]LU ` AV]H[[V +HUPLS +L SHZ UVYTHZ H SHZ I\LUHZ WYmJ[PJHZ 6,( 0+,( 9PHS 1\HU -PUHUJPHTPLU[V WVSx[PJV! LS HJJLZV KL SVZ WHY[PKVZ H SVZ TLKPVZ KL JVT\UPJHJP}U ,U! .YPULY :[L]LU ` AV]H[[V +HUPLS +L SHZ UVYTHZ H SHZ I\LUHZ WYmJ[PJHZ 6,( 0+,(

5Ø4,96 :,.<5+6 :,4,:;9,

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6:

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6: -LYUHUKV ;\LZ[H :VSKL]PSSH

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL Q\UPV KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\UPV KLS 9LZ\TLU! (UHSPaH SH ÄN\YH KL SVZ *LU[YVZ 7VISHKVZ LU SH 9LW‚ISPJH KL 7LY‚ ` SHZ PTWSPJHJPVULZ KL LMLJ[\HY LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ KL Z\Z H\[VYPKHKLZ T\UPJPWHSLZ ZPU X\L KPJOVZ *LU[YVZ NVJLU KL H\[VUVTxH ` KL \U UP]LS KL NVIPLYUV YLZWLJ[V KL SH KP]PZP}U WVSx[PJH HKTPUPZ[YH[P]H KLS WHxZ 7HSHIYHZ JSH]LZ! ,SLJJPVULZ 4\UPJPWHSLZ ,SLJJPVULZ 3VJHSLZ 7LY‚ .VIPLYUV SVJHS +P]PZP}U 7VSx[PJH ;LYYP[VYPHS 7YV`LJ[V KL 3L` (IZ[YHJ[! ;OL HY[PJSL HUHS`aLZ [OL ÄN\YL VM ¸*LU[YVZ 7VISHKVZ¹ PU 9LW\ISPJ VM 7LY\ HUK [OL PTWSPJH[PVUZ [V JHYY` V\[ \UP]LYZHS HUK KPYLJ[ LSLJ[PVUZ VM P[Z T\UPJPWHS H\[OVYP[PLZ ILJH\ZL [OVZL *LU[LYZ KVU»[ OH]L H\[VUVT` HUK H SL]LS VM NV]LYUTLU[ YLZWLJ[ [V HKTPUPZ[YH[P]L WVSP[PJHS KP]PZPVU VM [OL JV\U[Y`

2L` ^VYKZ! 4\UPJPWHS ,SLJ[PVUZ 3VJHS LSLJ[PVUZ 7LY\ 3VJHS NV]LYUTLU[ 7VSP[PJHS KP]PZPVU [LYYP[VYPHS 7YVQLJ[ VM SH^

7VULUJPH LU LS THYJV KL PUMVYTL H SH *VTPZP}U KL .VIPLYUVZ 3VJHSLZ KLS *VUNYLZV KL SH 9LW‚ISPJH KL 7LY‚ 4HNPZ[LY ` 3PJLUJPHKV LU :VJPVSVNxH KL SH 7VU[PÄJPH <UP]LYZPKHK *H[}SPJH KLS 7LY‚ 7<*7 9LHSPa} LZ[\KPVZ KL KVJ[VYHKV LU *PLUJPH 7VSx[PJH LU SH 9\WYLJO[ 2HY[ <UP]LYZP[p[ /LPKLSILYN (SLTHUPH ,U[YL KPJPLTIYL KL ` KPJPLTIYL KLS M\L 1LML KL SH 6ÄJPUH 5HJPVUHS KL 7YVJLZVZ ,SLJ[VYHSLZ 657, LU SH X\L KPYPNP} VJOV WYVJLZVZ LSLJ[VYHSLZ *VUZ\S[VY PU[LYUHJPVUHS LU [LTHZ KL LSLJJPVULZ WHY[PKVZ WVSx[PJVZ ` VWPUP}U W‚ISPJH WHYH ]HYPVZ VYNHUPZTVZ PU[LYUHJPVUHSLZ ` LTWYLZHZ WYP]HKHZ ,Z M\UKHKVY KL SH JVUZ\S[VYH WYP]HKH 7630;02( ;\LZ[H *VUZ\S[VYLZ /H WHY[PJPWHKV JVTV 6IZLY]HKVY ,SLJ[VYHS LU *OPSL =LULa\LSH .\H[LTHSH *VSVTIPH 4t_PJV (YNLU[PUH )VSP]PH *VSVTIPH (YNLU[PUH ,Z WYVMLZVY KL *PLUJPH 7VSx[PJH LU SH 7VU[PÄJPH <UP]LYZPKHK *H[}SPJH KLS 7LY‚ 7<*7 ` KPYPNL LS 0UZ[P[\[V KL 6WPUP}U 7‚ISPJH /H ZPKV WYVMLZVY KL SH <UP]LYZPKHK KL 3PTH KL SH <UP]LYZPKHK KLS 7HJxÄJV ` KL SH (JHKLTPH +PWSVTm[PJH KLS 7LY‚ ,Z HKLTmZ H\[VY KL TmZ KL \UH KVJLUH KL SPIYVZ LU[YL SVZ X\L ZL LUJ\LU[YHU! ¸3H 9LWYLZLU[HJP}U 7VSx[PJH! SHZ YLNSHZ [HTIPtU J\LU[HU :PZ[LTHZ ,SLJ[VYHSLZ ` 7HY[PKVZ 7VSx[PJVZ ¹ ¸5V ZHIL UV VWPUH! ,UJ\LZ[HZ WVSx[PJHZ ` TLKPVZ¹ ¸,S ZPZ[LTH KL 7HY[PKVZ 7VSx[PJVZ LU LS 7LY‚" ¹ ¸,S Q\LNV WVSx[PJV! -\QPTVYP SH VWVZPJP}U ` SHZ YLNSHZ¹ ¸7LY‚ 7VSx[PJV LU *PMYHZ ¹ (KLTmZ OH LZJYP[V TmZ KL \UH ]LPU[LUH KL JHWx[\SVZ LU SPIYVZ JVSLJ[P]VZ SV TPZTV X\L LU YL]PZ[HZ HJHKtTPJHZ /H JVSHIVYHKV LU KP]LYZVZ TLKPVZ WLYPVKxZ[PJVZ ,S *VTLYJPV 3H 9LW‚ISPJH 7LY‚ *HYL[HZ ,_WYLZV ,S 7LY\HUV LU[YL V[YVZ ` OH ZPKV JVS\TUPZ[H KL *HUHS 5

5Ø4,96 :,.<5+6 :,4,:;9,

-LYUHUKV ;\LZ[H :VSKL]PSSH

,

U LS 7LY‚ SH KP]PZP}U WVSx[PJH HKTPUPZ[YH[P]H ZL|HSH HS KLWHY[HTLU[V JVTV WYPTLY UP]LS WYV]PUJPH LU LS ZLN\UKV UP]LS ` KPZ[YP[V JVTV LS [LYJLY UP]LS ,U LS WYPTLY JHZV ZL KLZHYYVSSH SH LSLJJP}U KL SVZ JVUNYLZPZ[HZ ` LU SVZ V[YVZ KVZ SH KL HSJHSKLZ ` JVUJLQHSLZ :PU LTIHYNV LU T\JOVZ KPZ[YP[VZ L_PZ[LU JVUNSVTLYHKVZ WVISHJPVUHSLZ X\L KLZHYYVSSHU [HSLZ KPUmTPJHZ X\L KLTHUKHU UV ZVSV [LULY T\UPJPWPVZ WYVWPVZ ZPUV WVKLY LSLNPY H Z\Z H\[VYPKHKLZ :PU LTIHYNV OH` \UH ZLYPL KL PTWLKPTLU[VZ X\L OHJLU LZ[H KLTHUKH JVTV KPMxJPS KL H[LUKLY ,S HY[xJ\SV KL SH HJ[\HS 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ 3L` 5¢ LZ[HISLJL X\L LS WYVJLKPTPLU[V WHYH SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL JLU[YVZ WVISHKVZ ZL YLN\SH WVY SH SL` KL SH TH[LYPH :PU LTIHYNV SHZ UVYTHZ LSLJ[VYHSLZ ]PNLU[LZ UV LZ[HISLJLU UPUN‚U WYVJLKPTPLU[V V Tt[VKV YLSHJPVUHKV JVU SH LSLJJP}U KL LZ[HZ H\[VYPKHKLZ `H X\L UV L_PZ[L \UH SL` LZWLJPHS ZVIYL LZ[HZ LSLJJPVULZ ` SH 3L` KL ,SLJJPVULZ 4\UPJPWHSLZ X\L UVYTH SH VYNHUPaHJP}U ` LQLJ\JP}U KL SHZ LSLJJPVULZ T\UPJPWHSLZ Z}SV JVUZPKLYH X\L LU SHZ LSLJJPVULZ T\UPJPWHSLZ ZL LSPNLU (SJHSKLZ ` 9LNPKVYLZ KL SVZ *VUZLQVZ 4\UPJPWHSLZ 7YV]PUJPHSLZ ` +PZ[YP[HSLZ LU [VKH SH 9LW‚ISPJH ,_PZ[L WVY SV [HU[V \U ]HJxV UVYTH[P]V YLZWLJ[V H SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ([LUKPLUKV H KPJOV ]HJxV LU WYPUJPWPV ZL LUJ\LU[YH LU LS *VUNYLZV \U 7YV`LJ[V KL 3L` X\L WYL[LUKPLUKV YLN\SHY SHZ LSLJJPVULZ KL H\[VYPKHKLZ KL LZ[HZ T\UPJPWHSPKHKLZ YLZ\S[H Q\Z[PÄJHKV

,3 796@,*;6 +, 3,@ 5¢ *9 ,S 7YV`LJ[V KL 3L` KL ,SLJJPVULZ 4\UPJPWHSLZ LU *LU[YVZ 7VISHKVZ LZ[HISLJL M\UKHTLU[HSTLU[L SV ZPN\PLU[L! 8\L SHZ LSLJJPVULZ KL H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ZVU JVU]VJHKHZ WVY LS 7YLZPKLU[L KL SH 9LW‚ISPJH (Y[ 8\L SH VYNHUPaHJP}U ` JVUK\JJP}U KLS WYVJLZV LSLJ[VYHS LZ[m H JHYNV KL SH 6ÄJPUH 5HJPVUHS KL 7YVJLZVZ ,SLJ[VYHSLZ 657, (Y[ 8\L SH ÄZJHSPaHJP}U ` JVU[YVS KLS WYVJLZV HZx JVTV SH WYVJSHTHJP}U KL H\[VYPKHKLZ SL JVYYLZWVUKL HS 1\YHKV 5HJPVUHS KL ,SLJJPVULZ 15, (Y[ 8\L ZL HWSPJHU H LZ[HZ LSLJJPVULZ Z\WSL[VYPHTLU[L SHZ UVYTHZ KL SH 3L` KL ,SLJJPVULZ 4\UPJPWHSLZ ,U Z\TH SV X\L LU LZLUJPH WSHU[LH LS 7YV`LJ[V KL 3L` LZ SH JVUZHNYHJP}U KL SHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ JVTV Tt[VKV WHYH SH LSLJJP}U KL H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL 3,@ +, ,3,**065,: 4<50*07(3,: (Y[xJ\SV V 3H WYLZLU[L 3L` UVYTH SH VYNHUPaHJP}U ` LQLJ\JP}U KL SHZ LSLJJPVULZ T\UPJPWHSLZ LU JVUJVYKHUJPH JVU SH *VUZ[P[\JP}U 7VSx[PJH KLS 7LY‚ SH 3L` 6YNmUPJH KL ,SLJJPVULZ ` SH 3L` KL ,SLJJPVULZ 9LNPVUHSLZ ,U SHZ LSLJJPVULZ T\UPJPWHSLZ ZL LSPNLU (SJHSKLZ ` 9LNPKVYLZ KL SVZ *VUJLQVZ 4\UPJPWHSLZ 7YV]PUJPHSLZ ` +PZ[YP[HSLZ LU [VKH SH 9LW‚ISPJH 3HZ LSLJJPVULZ T\UPJPWHSLZ ZL YLHSPaHU JHKH J\H[YV H|VZ

5Ø4,96 :,.<5+6 :,4,:;9,

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6:

JLU[YVZ WVISHKVZ [HS JVTV VJ\YYL JVU SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ` KPZ[YP[HSLZ

(:7,*;6: ;i*50*6: ,_PZ[LU KP]LYZHZ KPÄJ\S[HKLZ [tJUPJHZ X\L OHYxHU PU]PHISL LU LS JVY[V WSHaV VYNHUPaHY LSLJJPVULZ \UP]LYZHSLZ LU SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ,S HJ[\HS 7HKY}U ,SLJ[VYHS UV WLYTP[L VYNHUPaHY LSLJJPVULZ H UP]LS KL JLU[YVZ WVISHKVZ 3H TH`VY KPÄJ\S[HK WHYH VYNHUPaHY LSLJJPVULZ \UP]LYZHSLZ LU SVZ JLU[YVZ WVISHKVZ ZL LUJ\LU[YH LU X\L LS HJ[\HS WHKY}U LSLJ[VYHS SV OHJL PU]PHISL WVY SV X\L ZL YLX\PLYL \UH HKLJ\HJP}U KL KPJOV WHKY}U H ÄU KL WVKLY KL[LYTPUHY X\PtULZ ZVU SVZ LSLJ[VYLZ KL JHKH JLU[YV WVISHKV ,S VYNHUPZTV LUJHYNHKV KL HKLJ\HY LS WHKY}U LZ LS 9LNPZ[YV 5HJPVUHS KL 0KLU[PÄJHJP}U ` ,Z[HKV *P]PS 9,50,* (OVYH YLHSPaHY LZ[H HKLJ\HJP}U VMYLJL KP]LYZHZ KPÄJ\S[HKLZ WVY SHZ ZPN\PLU[LZ YHaVULZ! ,S WHKY}U LSLJ[VYHS ZL JVUMVYTH ZVIYL SH IHZL KLS YLNPZ[YV KL JP\KHKHUVZ X\L YLHSPaH LS 9,50,* 3H LZ[Y\J[\YH KLS YLNPZ[YV KL JP\KHKHUVZ JVU[LTWSH Z}SV [YLZ UP]LSLZ WHYH KLÄUPY LS KVTPJPSPV KL SVZ JP\KHKHUVZ! KLWHY[HTLU[V WYV]PUJPH ` KPZ[YP[V ,Z[L YLNPZ[YV UV W\LKL PUJVYWVYHY \U UP]LS TLUVY WVY J\HU[V UV L_PZ[L LU LS 7LY PUMVYTHJP}U ZPZ[LTH[PaHKH YLZWLJ[V KL SVZ JLU[YVZ WVISHKVZ TH`VYLZ V TLUVYLZ SV X\L OHJL X\L UV ZL JVUVaJH H JPLUJPH JPLY[H J\mU[VZ JLU[YVZ WVISHKVZ L_PZ[LU J\mS LZ Z\ \IPJHJP}U ` TLUVZ H U Z\Z SxTP[LZ SV X\L PTWPKL ZHILY X\t JP\KHKHUVZ ZL LUJ\LU[YHU LU SH JPYJ\UZJYPWJP}U JVYYLZWVUKPLU[L 7HYH KLÄUPY LS WHKY}U LSLJ[VYHS LZ PTWYLZJPUKPISL JVUVJLY X\t JP\KHKHUVZ LZ[mU YLNPZ[YHKVZ LU KL[LYTPUHKH JPYJ\UZJYPWJP}U ZP LZ[V UV LZ WVZPISL [HTWVJV SV ZLYm SH LSHIVYHJP}U KL \U WHKY}U LSLJ[VYHS ` LU JVUZLJ\LUJPH SSL]HY H JHIV \UH LSLJJP}U :}SV ZP ZL ZHS]HU SHZ VIZLY]HJPVULZ ZL|HSHKHZ YLZWLJ[V HS WHKY}U LSLJ[VYHS WVKYxH JVU[HYZL JVU \U WHKY}U LSLJ[VYHS X\L WLYTP[H SH VYNHUPaHJP}U KL LSLJJPVULZ \UP]LYZHSLZ WHYH LSLNPY H SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL SVZ JLU[YVZ WVISHKVZ

3,@ 69.Í50*( +, ,3,**065,: (Y[xJ\SV ,U LS WHKY}U ZL JVUZPNUHU SVZ UVTIYLZ ` HWLSSPKVZ ` LS J}KPNV UPJV KL PKLU[PÄJHJP}U KL SVZ PUZJYP[VZ KL SVZ PUZJYP[VZ SH MV[VNYHMxH ` ÄYTH KPNP[HSPaHKH KL JHKH \UV SVZ UVTIYLZ KLS KPZ[YP[V WYV]PUJPH ` LS KLWHY[HTLU[V ` LS U TLYV KL TLZHZ KL Z\MYHNPV

5Ø4,96 :,.<5+6 :,4,:;9,

-LYUHUKV ;\LZ[H :VSKL]PSSH

(:7,*;6: 1<9ร +0*6: ;HTIPtU LZ ULJLZHYPV [LULY LU J\LU[H LS THYJV Q\YxKPJV JVUZ[P[\JPVUHS ` SLNHS ]PNLU[L

(U[LJLKLU[LZ JVUZ[P[\JPVUHSLZ ,S (Y[ KL SH *VUZ[P[\JP}U KL HU[LZ KL SH YLMVYTH PU[YVK\JPKH WVY SH 3L` 5ยข W\ISPJHKH LS KL THYaV KL LZ[HISLJxH X\L! ยธ3HZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ` KPZ[YP[HSLZ ` SHZ KLSLNHKHZ JVUMVYTL H SL` ZVU SVZ }YNHUVZ KL NVIPLYUV SVJHS ;PLULU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H LU SVZ HZ\U[VZ KL Z\ JVTWL[LUJPH ยน +PJOV THYJV JVUZ[P[\JPVUHS HOVYH KLYVNHKV H KPMLYLUJPH KLS HJ[\HS WYLJPZHIH JVU JSHYPKHK X\L SHZ T\UPJPWHSPKHKLZ KLSLNHKHZ SHZ HJ[\HSLZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ LYHU }YNHUVZ KL NVIPLYUV SVJHS ` JVU[HIHU JVU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H

0TWSPJHUJPHZ KLS THYJV JVUZ[P[\JPVUHS ]PNLU[L ZVIYL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ,S THYJV JVUZ[P[\JPVUHS ]PNLU[L LU TH[LYPH KL T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ LZ YLZ\S[HKV KL SHZ TVKPร JHJPVULZ PU[YVK\JPKHZ WVY SH 3L` 5ยข ,S (Y[ KL SH *VUZ[P[\JP}U 7VSx[PJH KLS 7LYย LZ[HISLJL X\L LS [LYYP[VYPV KL SH YLWย ISPJH LZ[m PU[LNYHKV WVY YLNPVULZ KLWHY[HTLU[VZ WYV]PUJPHZ ` KPZ[YP[VZ LU J\`HZ JPYJ\UZJYPWJPVULZ ZL JVUZ[P[\`L ` VYNHUPaH LS NVIPLYUV H UP]LS UHJPVUHS YLNPVUHS ` SVJHS LU SVZ [tYTPUVZ X\L LZ[HISLJL SH *VUZ[P[\JP}U ` SH SL` (ZPTPZTV KL JVUMVYTPKHK JVU LS (Y[ KL SH *VUZ[P[\JP}U SVZ }YNHUVZ KL NVIPLYUV SVJHS ZVU SHZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ` KPZ[YP[HSLZ SHZ TPZTHZ X\L [PLULU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H LU SVZ HZ\U[VZ KL Z\ JVTWL[LUJPH 9LZWLJ[V H SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ LZ[L ย S[PTV KPZWVZP[P]V JVUZ[P[\JPVUHS LZ[HISLJL ย UPJHTLU[L X\L SHZ TPZTHZ ยธZVU JYLHKHZ JVUMVYTL H SL` ยน +L SHZ YLMLYPKHZ UVYTHZ JVUZ[P[\JPVUHSLZ ZL KLZWYLUKLU JVU JSHYPKHK TLYPKPHUH SHZ ZPN\PLU[LZ JVUJS\ZPVULZ! ย 7YPTLYV JVUZ[P[\JPVUHSTLU[L UV LZ[m WYL]PZ[V X\L SH VYNHUPaHJP}U KLS [LYYP[VYPV KL SH YLWย ISPJH [LUNH \U UP]LS KL NVIPLYUV WVY KLIHQV KLS UP]LS KPZ[YP[HS *VUJYL[HTLU[L LS UP]LS KL NVIPLYUV SVJHS LZ[m JVUMVYTHKV ย UPJHTLU[L WVY SHZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ` KPZ[YP[HSLZ ,Z KLJPY UV L_PZ[L SH WVZPIPSPKHK KL X\L SVZ JLU[YVZ WVISHKVZ JVUZ[P[\`HU \U [PWV KL JPYJ\UZJYPWJP}U LU SH J\HS ZL W\LKH JVUZ[P[\PY ` VYNHUPaHY \U UP]LS KL NVIPLYUV ,U WVJHZ WHSHIYHZ SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ UV ZVU \U UP]LS KL NVIPLYUV ย :LN\UKV SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ UV [PLULU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H ,Z[H JVUJS\ZP}U LZ JVOLYLU[L JVU LS OLJOV X\L KPJOHZ T\UPJPWHSPKHKLZ UV ZVU \U UP]LS KL NVIPLYUV

5ร 4,96 :,.<5+6 :,4,:;9,

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6:

+LIL TLUJPVUHYZL ZPU LTIHYNV X\L LS ZLN\UKV WmYYHMV KLS (Y[ KL SH *VUZ[P[\JP}U LZ[HISLJL X\L LS mTIP[V KLS UP]LS SVJHS KL NVIPLYUV ZVU SHZ WYV]PUJPHZ KPZ[YP[VZ ` JLU[YVZ WVISHKVZ 5V VIZ[HU[L JVUZPKLYHTVZ X\L ZP ZL YLHSPaH \UH SLJ[\YH ZPZ[LTm[PJH KL SHZ UVYTHZ JVUZ[P[\JPVUHSLZ ZVIYL SVZ JLU[YVZ WVISHKVZ LZ KLJPY JVUZPKLYHUKV LS WYPTLY WmYYHMV KLS JP[HKV (Y[ ` LS (Y[ W\LKL PU[LYWYL[HYZL X\L SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ UV ZVU \U UP]LS KL NVIPLYUV Tm_PTL ZP UV [PLULU H\[VUVTxH WVSx[PJH LJVU}TPJH V HKTPUPZ[YH[P]H ,U [VKV JHZV WHYLJL X\L OH L_PZ[PKV \U WYVISLTH KL [tJUPJH SLNPZSH[P]H JVUZ[P[\JPVUHS X\L JVTWSPJH SH ZP[\HJP}U JVUZ[P[\JPVUHS ` SLNHS KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ KLQmUKVSVZ LU \UH aVUH ULI\SVZH L PUJPLY[H *VTV OLTVZ YLMLYPKV LU SVZ HU[LJLKLU[LZ LZ[L LZ \U WYVISLTH X\L UV L_PZ[xH JVU LS KLYVNHKV (Y[ KL SH *VUZ[P[\JP}U KL X\L Zx ZL|HSHIH JSHYHTLU[L X\L SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ LYHU \U UP]LS KL NVIPLYUV ` JVU[HIHU JVU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H ([LUKPLUKV SH Z\WYLTHJxH X\L [PLUL SH *VUZ[P[\JP}U 7VSx[PJH YLZWLJ[V HS YLZ[V KLS VYKLUHTPLU[V Q\YxKPJV JVUZHNYHKH WVY LS (Y[ KL SH *VUZ[P[\JP}U SHZ YLMLYPKHZ JVUJS\ZPVULZ KLYP]HKHZ KLS THYJV JVUZ[P[\JPVUHS YLZWLJ[V H SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ JVUZ[P[\`LU SVZ SPULHTPLU[VZ H WHY[PY KL SVZ J\HSLZ KLIL VYPLU[HYZL LS THYJV SLNHS YLZWLJ[V H KPJOHZ T\UPJPWHSPKHKLZ ,S THYJV SLNHS ]PNLU[L! KLWLUKLUJPH KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ YLZWLJ[V KL SHZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ,U JVOLYLUJPH JVU LS THYJV JVUZ[P[\JPVUHS ]PNLU[L KL JVUMVYTPKHK JVU LS (Y[ KL SH 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ZVU JYLHKHZ WVY SH T\UPJPWHSPKHK WYV]PUJPHS KLU[YV KL J\`V [LYYP[VYPV ZL LUJ\LU[YHU :LN U KPJOH UVYTH SH T\UPJPWHSPKHK WYV]PUJPHS KL[LYTPUH SH KLSPTP[HJP}U [LYYP[VYPHS LS YtNPTLU KL VYNHUPaHJP}U PU[LYPVY SHZ M\UJPVULZ X\L ZL SL KLSLN\LU SVZ YLJ\YZVZ X\L ZL SL HZPNULU ` SHZ H[YPI\JPVULZ HKTPUPZ[YH[P]HZ ` LJVU}TPJV¶[YPI\[HYPHZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ +L HJ\LYKV H KPJOH YLN\SHJP}U YLZ\S[H L]PKLU[L X\L SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ KLWLUKLU WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]HTLU[L KL SH T\UPJPWHSPKHK WYV]PUJPHS X\L SHZ JYLH" WVY [HU[V UV [PLULU UPUN U [PWV KL H\[VUVTxH +L V[YV SHKV ZLN U LS (Y[ KL SH 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ SVZ JVUJLQVZ T\UPJPWHSLZ KL SVZ JLU[YVZ WVISHKVZ LZ[mU PU[LNYHKVZ WVY \U HSJHSKL ` JPUJV YLNPKVYLZ SVZ TPZTVZ X\L ZVU LSLNPKVZ WVY \U WLYxVKV KL J\H[YV H|VZ JVU[HKVZ H WHY[PY KL Z\ JYLHJP}U *VUMVYTL HS (Y[ KL KPJOH SL` LZ[HZ H\[VYPKHKLZ ZVU WYVJSHTHKHZ WVY LS HSJHSKL WYV]PUJPHS YH[PÄJHUKV LS YLZ\S[HKV KL SHZ LSLJJPVULZ JVU]VJHKHZ WHYH [HS ÄU (ZPTPZTV ZLN U LS (Y[ KL SH TPZTH SL` LS WYVJLKPTPLU[V WHYH SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL JLU[YVZ WVISHKVZ ZL YLN\SH WVY SH SL` KL SH TH[LYPH

*65:;0;<*0Ô5 763Ð;0*( (Y[xJ\SV V 3H *VUZ[P[\JP}U WYL]HSLJL ZVIYL [VKH UVYTH SLNHS" SH SL` ZVIYL SHZ UVYTHZ KL PUMLYPVY QLYHYX\xH ` HZx Z\JLZP]HTLU[L 3H W\ISPJPKHK LZ LZLUJPHS WHYH SH ]PNLUJPH KL [VKH UVYTH KLS ,Z[HKV

5Ø4,96 :,.<5+6 :,4,:;9,

-LYUHUKV ;\LZ[H :VSKL]PSSH

,SLJJPVULZ \UP]LYZHSLZ H UP]LS KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ *VTV OLTVZ YLMLYPKV LS 7YV`LJ[V KL 3L` VIQL[V KL U\LZ[YV JVTLU[HYPV LU LZLUJPH JVUZHNYH SHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ JVTV Tt[VKV WHYH SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL SVZ JLU[YVZ WVISHKVZ :PU LTIHYNV L_PZ[LU HSN\UHZ HJV[HJPVULZ X\L KLILU YLHSPaHYZL HS YLZWLJ[V +LZKL LS W\U[V KL ]PZ[H JVUZ[P[\JPVUHS ` SLNHS JVUZPKLYHTVZ X\L WHYH X\L ZL PUZ[H\YL SH LSLJJP}U WVY Z\MYHNPV \UP]LYZHS ` KPYLJ[V LU SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ [LUKYxHTVZ X\L LZ[HY LU \U LZJLUHYPV JVUZ[P[\JPVUHS KPZ[PU[V! LZ KLJPY SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ [LUKYxHU X\L ZLY JVUZPKLYHKHZ ZPU HTIHNLZ JVTV \U UP]LS KL NVIPLYUV ` HKLTmZ ZLY H\[}UVTHZ ,U LZ[L U\L]V LZJLUHYPV UP ZPX\PLYH [LUKYxH ZLU[PKV SH YLN\SHJP}U JVU[LUPKH LU LS JP[HKV (Y[ KL SH 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ LU LS ZLU[PKV X\L SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ZLHU WYVJSHTHKHZ WVY LS HSJHSKL WYV]PUJPHS KHKV X\L `H UV [LUKYxHU KLWLUKLUJPH YLZWLJ[V KL SH H\[VYPKHK T\UPJPWHS WYV]PUJPHS +HKV X\L JVUMVYTL HS HJ[\HS THYJV JVUZ[P[\JPVUHS SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ UV ZVU JSHYHTLU[L \U UP]LS KL NVIPLYUV ` UV [PLULU H\[VUVTxH ZVU \UH PUZ[HUJPH J\`V WVKLY UV KLYP]H KL SH ]VS\U[HK WVW\SHY ZPUV KL SH ]VS\U[HK KL \UH H\[VYPKHK T\UPJPWHS WYV]PUJPHS *VOLYLU[LTLU[L JVU LZ[H JHSPKHK UV ZLYxHU ULJLZHYPHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ WHYH LSLNPY H SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ +PJOV KL V[YV TVKV LU SVZ YLNxTLULZ KLTVJYm[PJVZ SHZ LSLJJPVULZ \UP]LYZHSLZ ZVU SH M\LU[L KLS WVKLY KL SVZ KP]LYZVZ UP]LSLZ KL NVIPLYUV ` LZ LU ]PY[\K KL LZ[H TVKHSPKHK KL LSLJJP}U X\L SVZ UP]LSLZ KL NVIPLYUV J\LU[HU JVU H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H +L HOx X\L ZP ZL [YH[H KL LSLNPY H H\[VYPKHKLZ J\`V WVKLY LZ KLSLNHKV ` UV [PLULU H\[VUVTxH UV YLZ\S[H ULJLZHYPV UP S}NPJV JLSLIYHY LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ ,U LZ[L ZLU[PKV KLILTVZ WYLJPZHY J\HS LZ SH M\UJP}U KL SHZ LSLJJPVULZ *VTV KPJL 9VKYPNV )VYQH! ¸)HQV SH OPW}[LZPZ KL X\L LU \UH ZVJPLKHK WVSx[PJHTLU[L VYNHUPaHKH HSN\PLU [PLUL X\L THUKHY ZL Z\ZJP[H KL PUTLKPH[V SH J\LZ[P}U KL X\PtU KLIL OHJLYSV SLNx[PTHTLU[L 5V W\LKL \UH ZVJPLKHK WHZHYZL ZPU THUKV WLYV HS TPZTV [PLTWV UV KLIL LQLYJLYSV ZPUV X\PLU [LUNH KLYLJOV WHYH LSSV *VTV JVUZLJ\LUJPH KL LZ[V Z\YNL SH ULJLZPKHK KL JYLHY \U Tt[VKV HKLJ\HKV WHYH PKLU[PÄJHY ` YLJVNLY LZH ]VS\U[HK X\L ZL THUPÄLZ[H YLZWLJ[V H X\PtU KLIL KLZLTWL|HY SHZ M\UJPVULZ KL THUKV ZVJPHS ;HS Tt[VKV LZ LS LSLJ[VYHS X\L JVUZPZ[L LU SH KLZPNUHJP}U KL SVZ NVILYUHU[LZ WVY SVZ NVILYUHKVZ TLKPHU[L SH JVUZPNUHJP}U KL ]V[VZ X\L L_WYLZLU Z\Z WYLMLYLUJPHZ ]VSP[P]HZ 3H M\UJP}U LSLJ[VYHS LZ SH MVYTH TmZ NLULYHSPaHKH KLS Z\MYHNPV *VUZPZ[L LU SH KLZPNUHJP}U WVY SVZ JP\KHKHUVZ KL SHZ WLYZVUHZ X\L KLILU HZ\TPY LS THULQV KL SVZ }YNHUVZ LSLJ[P]VZ KLS ,Z[HKV ¹ ,U YLZ\TLU YLN\SHY SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ TLKPHU[L LS Tt[VKV KL SHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ YLX\LYPYxH KL \U THYJV JVUZ[P[\JPVUHS ` SLNHS KPZ[PU[V HS ]PNLU[L

9VKYPNV )VYQH =Va ,SLJJPVULZ ,UJPJSVWLKPH KL SH WVSx[PJH 4t_PJV + - -VUKV KL *\S[\YH ,JVU}TPJH

5Ø4,96 :,.<5+6 :,4,:;9,

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6:

3( (.,5+( 7,5+0,5;, +L SV L_W\LZ[V OHZ[H LZ[L W\U[V LZ WLY[PULU[L YLHSPaHY \U YLZ\TLU ZVIYL SVZ HZ\U[VZ WLUKPLU[LZ ULJLZHYPVZ WHYH PTWSLTLU[HY LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ WHYH SH LSLJJP}U KL SHZ H\[VYPKHKLZ KL SVZ JLU[YVZ WVISHKVZ! :LYxH ULJLZHYPV KLÄUPY JVU JSHYPKHK LS JHYmJ[LY KL UP]LS KL NVIPLYUV KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ TLKPHU[L \UH YLMVYTH JVUZ[P[\JPVUHS X\L Z\WLYL SH HTIP]HSLUJPH X\L L_PZ[L LU LS HJ[\HS VYKLUHTPLU[V ,U LS TPZTV ZLU[PKV ZLYxH ULJLZHYPV JVUJLKLY H\[VUVTxH WVSx[PJH LJVU}TPJH ` HKTPUPZ[YH[P]H H KPJOHZ T\UPJPWHSPKHKLZ TLKPHU[L \UH YLMVYTH JVUZ[P[\JPVUHS ` SLNHS +HKV LS U\L]V THYJV JVUZ[P[\JPVUHS ` SLNHS ` JVUZHNYHKHZ SHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ JVTV Tt[VKV WHYH LSLNPY H SHZ H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ KLILYxH TVKPÄJHYZL LS (Y[ KL SH 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ LU LS L_[YLTV X\L YLÄLYL X\L KPJOHZ H\[VYPKHKLZ ZVU WYVJSHTHKHZ WVY LS HSJHSKL WYV]PUJPHS YH[PÄJHUKV LS YLZ\S[HKV KL SHZ LSLJJPVULZ JVU]VJHKHZ WHYH [HS ÄU (U[LZ KL OHJLYZL LMLJ[P]HZ SHZ LSLJJPVULZ \UP]LYZHSLZ ` KPYLJ[HZ LU LS UP]LS KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ZLYxH ULJLZHYPV ZVS\JPVUHY LS WYVISLTH KL SH PUHKLJ\HJP}U KLS WHKY}U LSLJ[VYHS H KPJOHZ LSLJJPVULZ ,U [VKV JHZV KL SSLNHY H HWYVIHYZL LS WYV`LJ[V KL SL` KLILYxH [LULYZL LU J\LU[H X\L SH PTWSLTLU[HJP}U LMLJ[P]H KL LZ[HZ LSLJJPVULZ KLILYm ZLY \U WYVJLZV NYHK\HS +L HWYVIHYZL SH LSLJJP}U \UP]LYZHS ` KPYLJ[H KL SHZ KL H\[VYPKHKLZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ SV TLQVY ZLYxH PUJVYWVYHYSVZ KLU[YV KL SVZ WYVJLZVZ LSLJ[VYHSLZ KL JHSLUKHYPV ÄQV X\L KLILU JVU[LULY HS PN\HS X\L [VKVZ SVZ WYVJLZVZ \UH ‚UPJH MLJOH KL[LYTPUHKH ` \UH YHaVUHISL WLYPVKPJPKHK ,U LZ[L ZLU[PKV JVUZPKLYHTVZ X\L KLILYxH YLMVYTHYZL LS (Y[ KL SH 3L` 6YNmUPJH KL 4\UPJPWHSPKHKLZ LU LS L_[YLTV X\L LZ[HISLJL X\L SVZ JVUJLQVZ T\UPJPWHSLZ KL SVZ JLU[YVZ WVISHKVZ ZVU LSLNPKVZ WVY \U WLYxVKV KL J\H[YV H|VZ JVU[HKVZ H WHY[PY KL Z\ JYLHJP}U ,U \U U\L]V LZJLUHYPV SV PKLHS ZLYxH X\L SHZ LSLJJPVULZ KL SHZ T\UPJPWHSPKHKLZ KL JLU[YVZ WVISHKVZ ZL YLHSPJL JVUQ\U[HTLU[L JVU SHZ KL SHZ T\UPJPWHSPKHKLZ WYV]PUJPHSLZ ` KPZ[YP[HSLZ +L V[YV SHKV JVUZPKLYHTVZ X\L KLILYxH KL[LYTPUHYZL JVU WYLJPZP}U SHZ M\UJPVULZ ` JVTWL[LUJPHZ KL SVZ VYNHUPZTVZ LSLJ[VYHSLZ KLSPTP[HUKV SHZ M\UJPVULZ HKTPUPZ[YH[P]HZ KL VYNHUPaHJP}U ` JVUK\JJP}U KLS WYVJLZV LSLJ[VYHS KL SH M\UJP}U KL SH PTWHY[PJP}U KL Q\Z[PJPH SV X\L UV VJ\YYL LU LS 7YV`LJ[V J\`V (Y[ ZL|HSH X\L ‚UPJHTLU[L SH ÄZJHSPaHJP}U ` JVU[YVS KLS WYVJLZV HZx JVTV SH WYVJSHTHJP}U KL H\[VYPKHKLZ SL JVYYLZWVUKL HS 1\YHKV 5HJPVUHS KL ,SLJJPVULZ ,U LZ[L ZLU[PKV JYLLTVZ X\L KLILYxH WYLJPZHYZL JVTV M\UJP}U WYPUJPWHS KLS 1\YHKV 5HJPVUHS KL ,SLJJPVULZ SH KL PTWHY[PY Q\Z[PJPH LSLJ[VYHS

5Ø4,96 :,.<5+6 :,4,:;9,

-LYUHUKV ;\LZ[H :VSKL]PSSH

,U LS TPZTV ZLU[PKV ZL|HSHKV ZP ZL WYVWVUL V[VYNHY M\UJPVULZ YLN\SHKVYHZ H SVZ VYNHUPZTVZ LSLJ[VYHSLZ tZ[HZ KLILU YLHSPaHYZL LU LZ[YPJ[H JVUJVYKHUJPH JVU Z\Z H[YPI\JPVULZ LZ KLJPY SH 6ÄJPUH 5HJPVUHS KL 7YVJLZVZ ,SLJ[VYHSLZ KLIL [LULY H Z\ JHYNV SH YLN\SHJP}U KL SH WSHUPÄJHJP}U VYNHUPaHJP}U ` LQLJ\JP}U KLS WYVJLZV LSLJ[VYHS ` LS 1\YHKV 5HJPVUHS KL ,SLJJPVULZ SH YLN\SHJP}U KL [VKV SV YLSH[P]V H SH PTWHY[PJP}U KL Q\Z[PJPH LU TH[LYPH LSLJ[VYHS

:VIYL SH TVKPÄJHJP}U KLS U‚TLYV KL ]V[VZ WHYH HWYVIHY SH YL]VJH[VYPH 9LZWLJ[V H SVZ TLJHUPZTVZ SLNHSLZ WHYH TVKPÄJHY LS U‚TLYV KL ]V[VZ YLX\LYPKVZ WHYH YL]VJHY H SHZ H\[VYPKHKLZ ZL OH WSHU[LHKV SH ZPN\PLU[L WYLN\U[H! ¦,Z ULJLZHYPH \UH TVKPÄJHJP}U H SH SL` ]xH JVUNYLZV V IHZ[H JVU \UH UVYTH KL TLUVY QLYHYX\xH JVTV \UH PU[LYWYL[HJP}U KLS 15,& *VUZPKLYHTVZ HS YLZWLJ[V X\L SV X\L ZL ULJLZP[H LZ TVKPÄJHY LS (Y[ KL SH 3L` KL SVZ +LYLJOVZ KL 7HY[PJPWHJP}U ` *VU[YVS *P\KHKHUVZ 3L` 5¢ UVYTH X\L LZ[HISLJL X\L SH YL]VJH[VYPH ZL WYVK\JL JVU SH HWYVIHJP}U KL SH TP[HK TmZ \UV KL SVZ LSLJ[VYLZ *VUMVYTL OH ZPKV PU[LYWYL[HKV WVY LS 15, HS L_WLKPY LS 9LZ\S[HKV 6ÄJPHS KL SH *VUZ\S[H 7VW\SHY KL 9L]VJH[VYPH KLS 4HUKH[V KL (\[VYPKHKLZ 4\UPJPWHSLZ YLHSPaHKH LS KL UV]PLTIYL KLS H|V ¹ W\ISPJHKV JVTV ZLWHYH LZWLJPHS KLS +PHYPV 6ÄJPHS ,S 7LY\HUV LS KL KPJPLTIYL KL LS [tYTPUV LSLJ[VY OHJL YLMLYLUJPH H SVZ JP\KHKHUVZ X\L PU[LNYHU LS LSLJ[VYHKV LZ KLJPY HX\LSSVZ X\L LZ[mU PUZJYP[VZ LU LS WHKY}U LSLJ[VYHS 7VY [HU[V KLIL PU[LYWYL[HYZL X\L SH YL]VJH[VYPH KL H\[VYPKHKLZ ZL WYVK\JL ¸J\HUKV TmZ KL SH TP[HK TmZ \UV KL SVZ LSLJ[VYLZ YLNPZ[YHKV LU LS WHKY}U LSLJ[VYHS¹ KL \UH JPYJ\UZJYPWJP}U KL[LYTPUHKH HWY\LIH SH PUPJPH[P]H KL YL]VJH[VYPH LS KxH KL SH JVUZ\S[H ,Z KLJPY SH PU[LYWYL[HJP}U X\L OH KHKV LS 15, KLS (Y[ KL SH 3L` 5¢ LZ JVYYLJ[H" WVY [HU[V JVUZPKLYHTVZ X\L KPJOV VYNHUPZTV LSLJ[VYHS UV WVKYxH YLHSPaHY \UH PU[LYWYL[HJP}U KPZ[PU[H H SH X\L OH YLHSPaHKV :PLUKV HZx SV X\L ZL YLX\PLYL LZ TVKPÄJHY SH SL` (OVYH JVUZPKLYHTVZ SH TVKPÄJHJP}U KL SH SL` KLILYxH PY LU LS ZLU[PKV KL JVUZPKLYHY X\L SH YL]VJH[VYPH KL H\[VYPKHKLZ ZL WYVK\JL J\HUKV TmZ KL SH TP[HK TmZ \UV KL SVZ ]V[HU[LZ SH HWY\LIH ,U LZ[L JHZV ZL LU[PLUKL WVY ]V[HU[LZ H HX\LSSVZ JP\KHKHUVZ X\L LMLJ[P]HTLU[L HJ\KLU H LTP[PY Z\ ]V[V LU LS HJ[V KL SH JVUZ\S[H WVW\SHY KL YL]VJH[VYPH

6[YHZ J\LZ[PVULZ H [LULY LU J\LU[H <UV KL SVZ TLJHUPZTVZ X\L KLILYxH JVUZPKLYHYZL WHYH MHJPSP[HY LS LQLYJPJPV KL SVZ KLYLJOVZ KL WHY[PJPWHJP}U ` JVU[YVS JP\KHKHUVZ LZ [VTHY SHZ TLKPKHZ WHYH X\L SVZ JP\KHKHUVZ W\LKHU HKX\PYPY SVZ WSHUPSSVULZ WHYH SH YLJVSLJJP}U KL ÄYTHZ ZPU [LULY X\L HWLYZVUHYZL H SH JHWP[HS KL SH 9LW‚ISPJH ZPUV ‚UPJHTLU[L H SH JHWP[HS KLS KLWHY[HTLU[V (ZPTPZTV JVUZPKLYHTVZ X\L KLILYxHU ZPTWSPÄJHYZL SVZ WYVJLKPTPLU[VZ X\L VJ\YYLU LU LS [YmTP[L WHYH SH WYLZLU[HJP}U KL ZVSPJP[\KLZ KL YL]VJH[VYPH JVUJLU[YHUKV SHZ M\UJPVULZ HKTPUPZ[YH[P]HZ LU SH 657, *VUJYL[HTLU[L HJ[\HSTLU[L WHY[PJPWHU LU KPJOV [YmTP[L SVZ [YLZ VYNHUPZTVZ LSLJ[VYHSLZ ,U[YL tZ[VZ LS 9,50,* ZL LUJHYNH

5Ø4,96 :,.<5+6 :,4,:;9,

,3,**065,: 4<50*07(3,: ,5 *,5;96: 76)3(+6:

UPJHTLU[L KL SH ]LYPÄJHJP}U KL ÄYTHZ M\UJP}U X\L OH ZPKV HZPNUHKH H SH 657, WHYH LS JHZV KL SH PUZJYPWJP}U KL SVZ WHY[PKVZ WVSx[PJVZ

5Ø4,96 :,.<5+6 :,4,:;9,

5Ø4,96 :,.<5+6 :,4,:;9,

ɄȵǸǾɄɑǸȃȨɄȽȐɕ

,?;,95(:

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(& .HIYPLSH (N\PSHY /LYYLYH NHIPHNO'`HOVV JVT

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL TH`V KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\SPV KLS 9LZ\TLU! *VU SH LU[YHKH LU ]PNLUJPH KLS *}KPNV 4\UPJPWHS KL LS ZPZ[LTH LSLJ[VYHS WH[YPV KPV \U ]PYHQL ZPNUPÄJH[P]V HS JVTWSL[HY SH LSLJJP}U WVW\SHY LU SVZ NVIPLYUVZ SVJHSLZ ,S WYLZLU[L HY[xJ\SV HUHSPaH SH ULJLZPKHK KL YLWSHU[LHY SH \IPJHJP}U [LTWVYHS KL LZHZ LSLJJPVULZ T\UPJPWHSLZ KL THULYH X\L tZ[HZ ZL YLHSPJLU LU JVUQ\U[V WHYH [VKVZ SVZ W\LZ[VZ KL LSLJJP}U WVW\SHY LU LS mTIP[V SVJHS ` WYLMLYPISLTLU[L JVTV ¸LSLJJPVULZ KL TLKPV WLYPVKV¹ LU JVUKPJPVULZ X\L WLYTP[HU H [VKVZ SVZ WYV[HNVUPZ[HZ KLS WYVJLZV LSLJ[VYHS [LULY \UH HTWSPH WVZPIPSPKHK KL WHY[PJPWHJP}U 7HSHIYHZ JSH]LZ! 9LMVYTHZ LSLJ[VYHSLZ ,SLJJPVULZ T\UPJPWHSLZ ,SLJJPVULZ SVJHSLZ 7YVJLZV LSLJ[VYHS (IZ[YHJ[! >OLU [OL 4\UPJPWHS 3H^ ILJHTL LMMLJ[P]L PU [OL *VZ[H 9PJHU LSLJ[VYHS Z`Z[LT L_WLYPLUJLK H ZPNUPÄJHU[ JOHUNL I` JVTWSL[PUN P[Z WVW\SHY LSLJ[PVU VM SVJHS NV]LYUTLU[ KLSLNH[LZ ;OPZ HY[PJSL HUHS`ZLZ [OL ULJLZZP[` VM H IL[[LY [OPURPUN HIV\[ [OL TVTLU[ PU [PTL MVY JLSLIYH[PUN [OVZL T\UPJPWHS LSLJ[PVUZ PU H ^H` [OH[ HSS SVJHS NV]LYUTLU[HS KLSLNH[LZ IL JOVZLU H[ [OL ZHTL [PTL HUK WYLMLYHIS` HZ ¸TPK [LYT LSLJ[PVUZ¹ \UKLY JVUKP[PVUZ [OH[ NP]L L]LY` LSLJ[VYHS WYVJLZZ WYV[HNVUPZ[ M\SS WVZZPIPSP[` VM WHY[PJPWH[PVU 2L` ^VYKZ! ,SLJ[VYHS HTLUKTLU[Z 4\UPJPWHS LSLJ[PVUZ 3VJHS LSLJ[PVUZ ,SLJ[VYHS WYVJLZZ WYVJLZZ

+LMLUZVYH 7 ISPJH LU ,QLJ\JP}U KL SH 7LUH KLS 7VKLY 1\KPJPHS 3PJLUJPHKH LU +LYLJOV WVY SH <UP]LYZPKHK KL *VZ[H 9PJH ,Z[\KPHU[L KL SH 4HLZ[YxH KL +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

;HISH KL JVU[LUPKV 0 4HYJV YLMLYLUJPHS H TVKV KL PU[YVK\JJP}U 00 (J[\HS ZPZ[LTH LSLJ[VYHS KL SVZ NVIPLYUVZ T\UPJPWHSLZ ` Z\Z HU[LJLKLU[LZ PUTLKPH[V 000 (U[LJLKLU[LZ ZVJPV WVSx[PJVZ ` Q\YxKPJVZ X\L PUJPKLU LU LS HJ[\HS ZPZ[LTH LSLJ[VYHS KL SVZ NVIPLYUVZ SVJHSLZ LU JVZ[H YPJHP] WYPUJPWHSLZ J\LZ[PVUHTPLU[VZ HS ZPZ[LTH LSLJ[VYHS KL SVZ NVIPLYUVZ SVJHSLZ WH[YPVZ H <IPJHJP}U [LTWVYHS KL SHZ LSLJJPVULZ SVJHSLZ J\LZ[PVUHTPLU[V YLZWLJ[V H SH L_JS\ZP}U KL VYNHUPaHJPVULZ Jx]PJHZ LS ZPZ[LTH KL SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ ` J\LZ[PVUHTPLU[VZ H SH IHYYLYH LSLJ[VYHS I (\ZLUJPH KL ÄUHUJPHTPLU[V TLKPHU[L KL\KH WVSx[PJH KL SVZ WVZ[\SHU[LZ KL JHUKPKH[\YHZ H UP]LS SVJHS 0= 7YPUJPWHSLZ J\LZ[PVUHTPLU[VZ HS ZPZ[LTH LSLJ[VYHS KL SVZ NVIPLYUVZ SVJHSLZ WH[YPVZ = ¦5LJLZPKHK KL \UH YLMVYTH KLS ZPZ[LTH KL LSLJJPVULZ T\UPJPWHSLZ& WYVW\LZ[HZ SLNPZSH[P]HZ ` JYP[LYPVZ Q\YxKPJVZ KL YLSL]HUJPH *VUJS\ZPVULZ -\LU[LZ JVUZ\S[HKHZ

0 4(9*6 9,-,9,5*0(3!

+

L JVUMVYTPKHK JVU LS HY[xJ\SV WYPTLYV KL SH *VUZ[P[\JP}U 7VSx[PJH *VZ[H 9PJH LZ \UH 9LW‚ISPJH KLTVJYm[PJH SPIYL L PUKLWLUKPLU[L ,S NVIPLYUV UHJPVUHS ZL JHYHJ[LYPaH WVY ZLY HS[LYUH[P]V ` YLWYLZLU[H[P]V 3H OPZ[VYPH JVUZ[P[\JPVUHS WH[YPH L]PKLUJPH X\L KLZKL LS PUPJPV KL SH MVYTHJP}U KLS ,Z[HKV LU SHZ *HY[HZ -\UKHTLU[HSLZ PUJVYWVYHYVU LS JVUJLW[V KL ZLWHYHJP}U KL WVKLYLZ KL 1VOU 3VJRL KLZHYYVSSHKV WVZ[LYPVYTLU[L WVY 4VU[LZX\PL\ LU Z\ SPIYV ¸,S LZWxYP[\ KL SHZ SL`LZ¹" LZ[V PTWSPJH X\L LS NVIPLYUV SV LQLYJLU LS 7VKLY ,QLJ\[P]V LS 3LNPZSH[P]V ` LS 1\KPJPHS ( LZH [YPHKH JSmZPJH ZL Z\TH KLZKL SH *VUZ[P[\JP}U 7VSx[PJH KL \U ;YPI\UHS :\WYLTV KL ,SLJJPVULZ X\L VYNHUPaH KPYPNL ` ]PNPSH SVZ HJ[VZ YLSH[P]VZ HS Z\MYHNPV JVU[HUKV HS LMLJ[V JVU LS YHUNV L PUKLWLUKLUJPH WYVWPVZ KL HX\LSSVZ 7VKLYLZ HY[xJ\SVZ ` KL SH *HY[H 4HNUH 3H TLUJPVUHKH ZLWHYHJP}U LU \U NVIPLYUV WS\YHSPZ[H JVTV LS JVZ[HYYPJLUZL Z\WVUL LS JVU[YVS KLS WVKLY JVUJLKPKV JVUZ[P[\JPVUHSTLU[L H SVZ KP]LYZVZ 7VKLYLZ TLKPHU[L \U ZPZ[LTH KL MYLUVZ ` JVU[YHWLZVZ [LUKPLU[L H PTWLKPY SVZ L_JLZVZ KL \UV ZVIYL V[YV ` LU KLÄUP[P]H SH PUZ[H\YHJP}U KL SxULHZ KL THUKV WYVWPHZ KLS H\[VYP[HYPZTV V SH HUHYX\xH 7HYHSLSHTLU[L HS NVIPLYUV UHJPVUHS JVL_PZ[LU SVZ KLUVTPUHKVZ NVIPLYUVZ SVJHSLZ :\ L_PZ[LUJPH LZ[m KL[LYTPUHKH WVY SH KP]PZP}U HKTPUPZ[YH[P]H KLS [LYYP[VYPV UHJPVUHS LU WYV]PUJPHZ JHU[VULZ ` KPZ[YP[VZ ZPLUKV X\L LU JHKH JHU[}U L_PZ[L \U 4\UPJPWPV H YHa}U KL \U [V[HS KL VJOLU[H ` \U NVIPLYUVZ SVJHSLZ LU LS WHxZ *HKH 4\UPJPWPV ZL LU[PLUKL JVUZ[P[\PKV WVY LS JVUQ\U[V KL ]LJPUVZ YLZPKLU[LZ LU \U TPZTV JHU[}U ` [PLUL JVTV WYPTVYKPHS VIQL[P]V LS WYVTV]LY ` HKTPUPZ[YHY Z\Z (S YLZWLJ[V 104i5,A 4HYPHUV ` 961(: 0UNYPK ,S 7VKLY KL SH :HSH *VUZ[P[\JPVUHS LU *VZ[H 9PJH 9L]PZ[H 7HYSHTLU[HYPH :HU 1VZt ]VS\TLU U (ZHTISLH 3LNPZSH[P]H KPJPLTIYL KL WW 7\U[\HSPaHU SVZ PU]LZ[PNHKVYLZ LS KLZHYYVSSV KLS JVUJLW[V KL ZLWHYHJP}U KL WVKLYLZ WHZHUKV WVY H\[VYLZ JVTV 2LSZLU :JOTP[ /LSSLY ` 3HZHSSL WHYH KHY S\NHY \UH L]VS\JP}U KLS [tYTPUV KLZKL \UH WLYZWLJ[P]H TLUVZ WVZP[P]PZ[H ` TmZ ZVJPVS}NPJH

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

WYVWPVZ PU[LYLZLZ 3H S}NPJH KLTVJYm[PJH X\L PTWLYH H UP]LS UHJPVUHS ZL YLWSPJH LU SVZ NVIPLYUVZ T\UPJPWH SLZ SVZ J\HSLZ J\LU[HU JVU \U (SJHSKL M\UJPVUHYPV JVU SHIVYLZ LQLJ\[P]HZ ` \U J\LYWV KLSPILYHU[L V *VUJLQV ,S Uย TLYV KL YLNPKVYLZ ZLYm KL[LYTPUHKV WVY LS WVYJLU[HQL KL WVISHJP}U [V[HS KLS WHxZ ` LU [VKV JHZV JVU[HYmU JVU PN\HS Uย TLYV KL Z\WSLU[LZ HY[xJ\SV KLS *}KPNV 4\UPJPWHS WLYV LU SVZ JHU[VULZ JLU[YHSLZ KL WYV]PUJPH UV WVKYmU LZ[HY PU[LNYHKVZ WVY TLUVZ KL JPUJV WYVWPL[HYPVZ L PN\HS Uย TLYV KL Z\WSLU[LZ ( KPJOV *VUJLQV W\LKLU HZPZ[PY JVU ]Va WLYV ZPU ]V[V SVZ ZxUKPJVZ YLWYLZLU[HU[LZ KL SVZ KPZ[YP[VZ X\L JVTWVULU LS JVYYLZWVUKPLU[L JHU[}U *VTV }YNHUVZ KL JVSHIVYHJP}U ` ]PNPSHUJPH JVU SH SHIVY T\UPJPWHS LS *}KPNV 4\UPJPWHS YLN\SH SVZ *VUJLQVZ KL +PZ[YP[V X\L ZLYmU [HU[VZ JVTV KPZ[YPI\JP}U [LYYP[VYPHS L_PZ[H WVY LZL JVUJLW[V" Z\ PU[LNYHJP}U Z\WVUL JPUJV TPLTIYVZ WYVWPL[HYPVZ ZPLUKV \UV LS ZxUKPJV ` JPUJV Z\WSLU[LZ :LNย U LS [L_[V JVUZ[P[\JPVUHS LU Z\ HY[xJ\SV LU JHZVZ JHSPร JHKVZ SHZ T\UPJPWHSPKHKLZ W\LKLU JYLHY *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V JVU H\[VUVTxH M\UJPVUHS WYVWPH 3VZ TPZTVZ ZLYmU WYLZPKPKVZ WVY ZxUKPJV T\UPJPWHS ` \U 0U[LUKLU[L OHYm SHZ ]LJLZ KL \U M\UJPVUHYPV LQLJ\[P]V HZx KPZW\LZ[V WVY 3L` KL KL KPJPLTIYL KL 3L` .LULYHS KL *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V ,U LZ[L ย S[PTV Z\W\LZ[V ZL L_JS\`L SH L_PZ[LUJPH WHYHSLSH KL *VUJLQVZ KL +PZ[YP[V H ร U KL L]P[HY K\WSPJPKHK KL M\UJPVULZ 3H 4\UPJPWHSPKHK LZ \UH KL SHZ PUZ[P[\JPVULZ TmZ HU[PN\HZ KLS WHxZ X\L ZL VYPNPUH LU SVZ JHIPSKVZ LZ[HISLJPKVZ WVY SVZ LZWH|VSLZ LU SHZ WYPTLYHZ WVISHJPVULZ K\YHU[L LS ZPNSV ?=0 ,U LS WLYPVKV JVSVUPHS LS JHIPSKV VZ[LU[HIH PTWVY[HU[LZ YLZWVUZHIPSPKHKLZ ZPLUKV LS LQL KL SH ]PKH ZVJPHS WVSx[PJH ` LJVU}TPJH KL SH WYV]PUJPH 3H *VUZ[P[\JP}U 7VSx[PJH KL LZ[HISLJP} X\L LU JHKH W\LISV WVY WLX\L|V X\L M\LYH OHIYxH \U NVIPLYUV SVJHS *VU SH }W[PJH KL MVYQHY \U ยธ,Z[HKV 5HJPVUHSยน KL JVY[L LTPULU[LTLU[L JLU[YHSPZ[H LS THUKH[HYPV )YH\SPV *HYYPSSV LSPTPU} SVZ NVIPLYUVZ SVJHSLZ TLKPHU[L SH 3L` KL )HZLZ ` .HYHU[xHZ LU \U HMmU KL LYYHKPJHY SHZ PUPJPH[P]HZ SVJHSPZ[HZ X\L L]LU[\HSTLU[L W\KPLYHU VYNHUPaHYZL LU JVU[YH KL Z\Z mUPTVZ KPJ[H[VYPHSLZ" tZ[VZ M\LYVU YLZ[HISLJPKVZ WVZ[LYPVYTLU[L H Z\ JHxKH 3H *VUZ[P[\JP}U KL LZ[HISLJP} T\UPJPWHSPKHKLZ Z}SV LU SHZ JHILJLYHZ KL +LWHY[HTLU[V ` SHZ VYKLUHUaHZ T\UPJPWHSLZ WYVT\SNHKHZ LU JVU YLMVYTHZ ` HKPJPVULZ WVZ[LYPVYLZ LZ[HISLJPLYVU SH VYNHUPaHJP}U ImZPJH KL SHZ T\UPJPWHSPKHKLZ J\`H ]PNLUJPH ZL L_[LUKLYm LU LS ZPNSV ?? OHZ[H SH WYVT\SNHJP}U KLS WYPTLY *}KPNV 4\UPJPWHS LU SH KtJHKH KL SVZ H|VZ ZL[LU[HZ ,U ZL HWY\LIH LS HJ[\HS *}KPNV 4\UPJPWHS X\L KLYVNH LS *}KPNV 4\UPJPWHS WYVT\SNHKV WVY SL` KL KL TH`V KL ` SHZ YLMLYPKHZ VYKLUHUaHZ T\UPJPWHSLZ X\L ZL LUJVU[YHIHU ]PNLU[LZ Hย U H ร UHSLZ KLS ZPNSV WY}_PTV WHZHKV 3HZ M\LU[LZ M\UKHTLU[HSLZ KLS YtNPTLU T\UPJPWHS ZVU SH *VUZ[P[\JP}U 7VSx[PJH ` LS *}KPNV 4\UPJPWHS YLZWLJ[V KL SHZ J\HSLZ L_PZ[LU \UH ZLYPL KL SL`LZ JVUL_HZ PU[LNYHU[LZ KLS THYJV YLN\SH[VYPV X\L YPNL H LZ[VZ LU[LZ

*}KPNV 4\UPJPWHS KL *VZ[H 9PJH HY[xJ\SV ,U LZL ZLU[PKV SVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH KL *VZ[H 9PJH ` LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS (Zx PU[LYWYL[HKV LU =V[V , KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KL SHZ KPLa OVYHZ JVU JPUJ\LU[H TPU\[VZ KLS JH[VYJL KL HNVZ[V KL 7i9,A 4HYPILS ` (3=(9(+6 9VU\SMV ,S .VIPLYUV 3VJHS LU *VZ[H 9PJH" 6YNHUPaHJP}U 7VSx[PJH ` -\UJPVULZ :HU 1VZt +PYLJJP}U KL .LZ[P}U 4\UPJPWHS KLS 0UZ[P[\[V KL -VTLU[V ` (ZLZVYxH 4\UPJPWHS 0-(4 :LYPL (KTPUPZ[YHJP}U 4\UPJPWHS 5ยข W

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

*VTV \UH KLÄUPJP}U ZL [PLUL X\L! ¸3H T\UPJPWHSPKHK LZ \UH JVYWVYHJP}U X\L YLWYLZLU[H H \UH JVT\UPKHK ]LJPUH T\UPJPWPV HZLU[HKH ZVIYL KL[LYTPUHKV [LYYP[VYPV JHU[}U WHYH SH NLZ[P}U HKTPUPZ[YH[P]H H\[}UVTH KL SVZ PU[LYLZLZ WYVWPVZ SVJHSLZ TLKPHU[L \U NVIPLYUV LSLJ[P]V ` YLWYLZLU[H[P]V NVIPLYUV T\UPJPWHS X\L VWLYH KLZJLU[YHSPaHKHTLU[L LU [tYTPUVZ [LYYP[VYPHSLZ ¹ <UH KL SHZ JHYHJ[LYxZ[PJHZ M\UKHTLU[HSLZ X\L SH *VUZ[P[\JP}U SL YLJVUVJL H SHZ T\UPJPWHSPKHKLZ LZ X\L ZL [YH[H KL JVYWVYHJPVULZ H\[}UVTHZ HY[xJ\SV (S YLZWLJ[V ` LU J\HU[V HS JHYmJ[LY JVYWVYH[P]V KL LZ[HZ LU[PKHKLZ LZ ULJLZHYPV YLJVYKHY X\L! ¸*VTV LZ IPLU ZHIPKV SHZ JVYWVYHJPVULZ W‚ISPJHZ JVUZ[P[\`LU NY\WVZ O\THUVZ X\L H\[VHKTPUPZ[YHU Z\Z PU[LYLZLZ TLKPHU[L SH VYNHUPaHJP}U KL \U LU[L W‚ISPJV L_WVULU[L ` NLZ[VY KL LSSVZ" ` LU LS JHZV KL SHZ T\UPJPWHSPKHKLZ LS NY\WV IHZL KL SHZ TPZTHZ SV JVUZ[P[\`L LS ¸T\UPJPWPV¹ LU[LUKPKV JVTV ¸LS JVUQ\U[V KL ]LJPUVZ YLZPKLU[LZ LU \U TPZTV JHU[}U X\L WYVT\L]LU ` HKTPUPZ[YHU Z\Z WYVWPVZ PU[LYLZLZ WVY TLKPV KLS NVIPLYUV T\UPJPWHS¹ HY[ ‡ KLS *}KPNV 4\UPJPWHS ¹ ,U J\HU[V H SH H\[VUVTxH X\L JHYHJ[LYPaH H SVZ NVIPLYUVZ SVJHSLZ HIHYJH \UH H\[VUVTxH WVSx[PJH UVYTH[P]H [YPI\[HYPH ` HKTPUPZ[YH[P]H +L LSSHZ JHIL KLZ[HJHY H LMLJ[VZ KLS WYLZLU[L LZ[\KPV SH KLUVTPUHKH H\[VUVTxH WVSx[PJH KL SHZ T\UPJPWHSPKHKLZ TPZTH X\L SH :HSH *VUZ[P[\JPVUHS OH KLÄUPKV JVTV! ¸ SH X\L KH VYPNLU HS H\[VNVIPLYUV X\L JVUSSL]H SH LSLJJP}U KL H\[VYPKHKLZ H [YH]tZ KL TLJHUPZTVZ KL JHYmJ[LY KLTVJYm[PJV ` YLWYLZLU[H[P]V [HS ` JVTV SVZ ZL|HSH U\LZ[YH *VUZ[P[\JP}U 7VSx[PJH LU Z\ HY[xJ\SV ¹ 3H H\[VUVTxH WVSx[PJH KL SHZ LU[PKHKLZ T\UPJPWHSLZ ZL JVU]PLY[L LU \UV KL SVZ IHZ[PVULZ X\L ZVZ[PLULU X\L OV` LU KxH LU Z\LSV WH[YPV HSJHSKLZ YLNPKVYLZ ` Z\WSLU[LZ ZxUKPJVZ ` Z\WSLU[LZ PU[LUKLU[LZ ` JVUJLQHSLZ WYVWPL[HYPVZ ` Z\WSLU[LZ ZLHU [VKVZ W\LZ[VZ KL LSLJJP}U WVW\SHY :PU LTIHYNV LS Z\YNPTPLU[V KL SH UVYTH[P]H Q\YxKPJH X\L MHJ\S[H LZH WVZPIPSPKHK UV ZL WYLZLU[H JVTV \UH YLN\SHJP}U OVTVNtULH LU LZWHJPV ` [PLTWV 3H LSLJJP}U WVW\SHY KL LZVZ ZLY]PKVYLZ T\UPJPWHSLZ UV ZVS\JPVUH WLY ZL LS WYVISLTH KL SH YLWYLZLU[H[P]PKHK ` SLNP[PTPKHK KL SVZ NVIPLYUVZ SVJHSLZ [YHUZP[HKVZ WVY WS\YHSPKHK KL HZWLJ[VZ X\L PUJPKLU LU LS J\TWSPTPLU[V LMLJ[P]V KLS WHWLS X\L SH WH[YPH SLZ ZL|HSH WVY THUKH[V JVUZ[P[\JPVUHS <UV KL LZVZ MHJ[VYLZ LZ SH TVKHSPKHK KL LSLJJPVULZ WHYH KLZPNUHY H LZ[VZ ZLY]PKVYLZ T\UPJPWHSLZ

7i9,A 4HYPILS ` (3=(9(+6 9VU\SMV 6W *P[ W ;YPI\UHS :\WYLTV KL ,SLJJPVULZ =V[V U‡ , KL SHZ VJOV OVYHZ X\PUJL TPU\[VZ KL KPLJPU\L]L KL Q\UPV KLS KVZ TPS KVZ :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH =V[V ,U JVUJVYKHUJPH SVZ ]V[VZ ` HTIVZ KL LZH :HSH

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

00 (*;<(3 :0:;,4( ,3,*;69(3 +, 36: .6)0,956: 4<50*07(3,: @ :<: (5;,*,+,5;,: 054,+0(;6:! ,Z WLY[PULU[L PUPJPHY LZ[L HJmWP[L YLJVYKHUKV X\L! ยธยฏ LS Z\MYHNPV LZ \U KLYLJOV Wย ISPJV Z\IQL[P]V KL UH[\YHSLaH WVSx[PJH X\L [PLULU SVZ JP\KHKHUVZ WHYH WHY[PJPWHY HJ[P]HTLU[L LU SVZ HZ\U[VZ Wย ISPJVZ `H ZLH KL THULYH KPYLJ[H V WVY TLKPV KL YLWYLZLU[HU[LZ (Zx JVUJLIPKV LS Z\MYHNPV J\TWSL KVZ M\UJPVULZ M\UKHTLU[HSLZ! \UH M\UJP}U WYVWPHTLU[L LSLJ[VYHS X\L ZPY]L WHYH KLZPNUHY H SVZ YLWYLZLU[HU[LZ ` \UH M\UJP}U UVYTH[P]H X\L ZL \[PSPaH WHYH PUPJPHY \UH SL` HJLW[HY V YLJOHaHY \U [L_[V SLNPZSH[P]V L PUJS\ZV WHYH PU[LY]LUPY LU LS WYVJLKPTPLU[V KL YL]PZP}U JVUZ[P[\JPVUHS +L THULYH X\L LS Z\MYHNPV WYVK\JL [YLZ LMLJ[VZ KPMLYLU[LZ! WYVK\JPY YLWYLZLU[HJP}U WYVK\JPY NVIPLYUV ` VMYLJLY SLNP[PTHJP}Uยน ,S Z\MYHNPV LU *VZ[H 9PJH WYLZLU[H SHZ TPZTHZ JHYHJ[LYxZ[PJHZ WHYH [VKVZ SVZ WYVJLZVZ LSLJ[VYHSLZ! LZ \UP]LYZHS KPYLJ[V ZLJYL[V ` SPIYL ,Z \UP]LYZHS W\LZ UV HKTP[L UPUNย U NtULYV KL YLZ[YPJJPVULZ UP KL KPZJYPTPUHJPVULZ L_JLW[V WVY TV[P]VZ KL LKHK V KL PUZHUPKHK TLU[HS JVTV WYLZJYPIL SH *VUZ[P[\JP}U 7VSx[PJH ,Z KPYLJ[V LU ]PY[\K KL X\L LS LSLJ[VY ]V[H KPYLJ[HTLU[L WVY SVZ JHUKPKH[VZ KL Z\ LSLJJP}U ` UV WVY TLKPV KL YLWYLZLU[HU[LZ Z\`VZ HU[L \U JVSLNPV LSLJ[VYHS ,Z HKLTmZ ZLJYL[V ` SPIYL JVTV NHYHU[xH KL X\L TLKPHU[L Z\ LQLYJPJPV ZL THUPร LZ[H SH ]VS\U[HK KL SH TH`VYxH 7VY ZPZ[LTH LSLJ[VYHS LU ZLU[PKV LZ[YPJ[V ZL LU[PLUKL HX\LS WYVJLKPTPLU[V [tJUPJV KL LSLJJP}U WVY TLKPV KLS J\HS SVZ JP\KHKHUVZ L_WYLZHU Z\ ]VS\U[HK WVSx[PJH LU ]V[VZ X\L H Z\ ]La ZL JVU]PLY[LU LU LZJH|VZ V WVKLY WVSx[PJV LU YLZWL[V HS WYPUJPWPV KL YLWYLZLU[HJP}U ,U SV JVUJLYUPLU[L H SVZ NVIPLYUVZ SVJHSLZ SH *VUZ[P[\JP}U 7VSx[PJH LZ[PW\SH LU LS HY[xJ\SV X\L tZ[VZ LZ[HYmU H JHYNV KL \U J\LYWV KLSPILYHU[L PU[LNYHKV WVY YLNPKVYLZ T\UPJPWHSLZ X\L ZLYmU KL LSLJJP}U WVW\SHY 3VZ YLNPKVYLZ ยธZLYmU LSLNPKVZ WVY J\H[YV H|VZยน HY[xJ\SV JVUZ[P[\JPVUHS ` JVTWL[L HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LMLJ[\HY LS LZJY\[PUPV KLร UP[P]V KL SVZ Z\MYHNPVZ LTP[PKVZ LU SHZ LSLJJPVULZ KL SVZ ยธTPLTIYVZ KL SHZ T\UPJPWHSPKHKLZยน ` OHJLY SH YLZWLJ[P]H KLJSHYH[VYPH KLร UP[P]H KL LSLJJP}U PUJPZVZ ` KLS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH 3H *HY[H -\UKHTLU[HS KLSLNH LU SH SL` SVZ HZWLJ[VZ YLSHJPVUHKVZ JVU LS M\UJPVUHYPV LQLJ\[P]V KL SVZ NVIPLYUVZ SVJHSLZ *VU PN\HS WYVJLKPTPLU[V KL LSLJJP}U WVW\SHY X\L LS \[PSPaHKV WHYH KLZPNUHY H SVZ YLNPKVYLZ SH *VUZ[P[\JP}U PUKPJH X\L KLIL UVTIYHYZL H SVZ TPLTIYVZ KL SVZ *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V 7VY Z\ WHY[L JHKH KPZ[YP[V [LUKYm YLWYLZLU[HJP}U LU LS *VUJLQV 4\UPJPWHS WVY TLKPV KL SH ร N\YH KLS ZxUKPJV HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH

W

/,95ร 5+,A =(33, 9\ItU ยธ+LYLJOV ,SLJ[VYHS *VZ[HYYPJLUZLยน :HU 1VZt 7YPTLYH ,KPJP}U ,KP[VYPHS 1\YPJLU[YV (S YLZWLJ[V ]tHZL 56/3,5 5 ยธ:PZ[LTHZ LSLJ[VYHSLZยน JP[HKV WVY /,95ร 5+,A 6W *P[ W

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

(U[LZ KL SH LU[YHKH LU ]PNLUJPH KLS U\L]V *}KPNV 4\UPJPWHS HWYVIHKV WVY 3L` KL HIYPS KL ` ]PNLU[L H WHY[PY KLS KL TH`V KL LZL H|V SH LSLJJP}U KL YLNPKVYLZ ` ZxUKPJVZ T\UPJPWHSLZ JVUZPKLYHKVZ KL LSLJJP}U WVW\SHY JVPUJPKxH JVU SHZ ]V[HJPVULZ WHYH KLZPNUHY 7YLZPKLU[L KL SH 9LW‚ISPJH ` +PW\[HKVZ H SH (ZHTISLH 3LNPZSH[P]H ,U MLIYLYV KL JVU SHZ LSLJJPVULZ WYLZPKLUJPHSLZ ZL JLSLIY} KL THULYH JVUQ\U[H SH LSLJJP}U KL YLNPKVYLZ KL SHZ KPZ[PU[HZ T\UPJPWHSPKHKLZ KLS WHxZ PUZ[H\YmUKVZL \U WYVJLZV LSLJ[VYHS KPMLYLUJPHKV WHYH KLZPNUHY H SVZ ZxUKPJVZ T\UPJPWHSLZ ÄQmUKVZL JVTV KxH KL SH ]V[HJP}U KL LZ[VZ ‚S[PTVZ LS WYPTLY KVTPUNV KLS TLZ KL KPJPLTIYL PUTLKPH[HTLU[L WVZ[LYPVY H SH LSLJJP}U KL YLNPKVYLZ *VU SH SLNPZSHJP}U HU[LYPVY HS U\L]V *}KPNV 4\UPJPWHS KL LS KLUVTPUHKV LU SH *VUZ[P[\JP}U 7VSx[PJH JVTV ¸M\UJPVUHYPV LQLJ\[P]V X\L KLZPNUHYm SH SL`¹ LYH \U LQLJ\[P]V T\UPJPWHS UVTIYHKV WVY LS *VUJLQV 4\UPJPWHS YLZWLJ[P]V ZLTLQHUKV \UH YLSHJP}U KL PU[LYKLWLUKLUJPH WVY JVSHIVYHJP}U WYVWPH KL }YNHUVZ WHYSHTLU[HYPVZ :\ KLZPNUHJP}U LYH HQLUH HS THUKH[V KLS LSLJ[VYHKV ` JHYLJxH KL [VKH Z\LY[L KL TLJHUPZTV KL JVU[YVS WVY WHY[L KL SVZ WVISHKVYLZ KLS T\UPJPWPV *VU SH YLMVYTH KLS H|V LZH [YHZUVJOHKH ÄN\YH T\[H HS HSJHSKL X\L ZLYm LU SV Z\JLZP]V KL KLZPNUHJP}U WVW\SHY LU MLJOH JVUQ\U[H JVU SVZ ZxUKPJVZ ` SVZ YLZ[HU[LZ TPLTIYVZ KL SVZ *VUJLQVZ KL +PZ[YP[V *HIL TLUJPVUHY X\L H\UX\L SH JVUMVYTHJP}U KL [HSLZ *VUJLQVZ LZ[HIH WYL]PZ[V LU LS HU[LYPVY *}KPNV 4\UPJPWHS Z}SV LS ZxUKPJV LYH KL LSLJJP}U WVW\SHY TPLU[YHZ X\L SVZ J\H[YV TPLTIYVZ YLZ[HU[LZ KL tZ[L LYHU UVTIYHKVZ WVY LS *VUJLQV 4\UPJPWHS JVYYLZWVUKPLU[L ,U J\HU[V H SH LSLJJP}U KL M\UJPVUHYPVZ Z\WSLU[LZ LS *}KPNV 4\UPJPWHS ZL|HSH X\L SVZ Z\WSLU[LZ KLS HSJHSKL ` KLS *VUJLQV 4\UPJPWHS V SVZ *VUJLQVZ KL +PZ[YP[V PN\HS HWSPJHYxH WHYH SVZ *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V ZLYmU KL LSLJJP}U WVW\SHY ,U JHZV KL SVZ }YNHUVZ T\UPJPWHSLZ JVSLNPHKVZ ` HU[L \UH H\ZLUJPH [LTWVYHS V KLÄUP[P]H X\PLU WYLZPKL SSHTHYm H JVTWVULY LS J\LYWV KLSPILYH[P]V HS ZPN\PLU[L JHUKPKH[V KLS TPZTV WHY[PKV WVSx[PJV KLS ZLY]PKVY T\UPJPWHS H\ZLU[L WHYH SHZ LSLJJPVULZ LU X\L KPJOV YLNPKVY V JVUJLQHS ZL WYLZLU[} HY[xJ\SV ` KLS *}KPNV 4\UPJPWHS 3V HU[LYPVY JVUJ\LYKH JVU LS ZPZ[LTH KL Z\Z[P[\JPVULZ WHYH LS 7VKLY ,QLJ\[P]V ` LS 7VKLY 3LNPZSH[P]V ,U KPJPLTIYL KLS ZL JLSLIYHYVU SHZ ]V[HJPVULZ WHYH LSLNPY HSJHSKLZ ZxUKPJVZ PU[LUKLU[LZ ` JVUJLQHSLZ KL KPZ[YP[V LU [VKV LS WHxZ iZ[VZ JVUQ\U[HTLU[L JVU SVZ YLNPKVYLZ KLZPNUHKVZ LU SH LSLJJP}U KLS TLZ KL MLIYLYV KL LZL TPZTV H|V PU[LNYHYVU SVZ WYPTLYVZ NVIPLYUVZ T\UPJPWHSLZ KLS WHxZ KLZPNUHKVZ LU Z\ [V[HSPKHK WVY LSLJJP}U WVW\SHY 7HYH LZH MLJOH ZL LSPNPLYVU VJOV *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V ` VJOV PU[LUKLU[LZ LU SHZ SVJHSPKHKLZ KL *LY]HU[LZ ;\J\YYPX\L 4VU[L]LYKL *}IHUV 3LWHU[V 7HX\LYH *VSVYHKV ` 7L|HZ )SHUJHZ ,U SHZ YLJPLU[LZ LSLJJPVULZ KL MLIYLYV KL ZL LSPNPLYVU SVZ YLNPKVYLZ T\UPJPWHSLZ ` ZL LZWLYH X\L LU KPJPLTIYL WY}_PTV ZL YLHSPJLU SHZ LSLJJPVULZ KLS YLZ[V KL SVZ M\UJPVUHYPVZ N\ILYUHTLU[HSLZ KL SVZ T\UPJPWPVZ ` Z\Z }YNHUVZ H\_PSPHYLZ 3V HU[LYPVY LZ JVU[LZ[L JVU LS WYPUJPWPV JVUZ[P[\JPVUHS KL HS[LYUHUJPH 4LKPHU[L YLZVS\JP}U U‡ , KL SHZ ! OVYHZ KLS KL Q\SPV KLS LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ HJSHY} HSN\UHZ JVU[YHKPJJPVULZ UVYTH[P]HZ X\L ZL WYLZLU[HIHU HS YLZWLJ[V (3-(96 9VUHSK ,SLJJPVULZ 4\UPJPWHSLZ ` +LIPSP[HTPLU[V KLS 9LZWHSKV ,SLJ[VYHS )PWHY[PKPZ[H LU *VZ[H 9PJH 7LYPVKV (U\HYPV KL ,Z[\KPVZ *LU[YVHTLYPJHUVZ :HU 1VZt <UP]LYZPKHK KL *VZ[H 9PJH =VS W /HZ[H LS WHZHKV KL HIYPS SVZ WHY[PKVZ [LUxHU [PLTWV WHYH ZVSPJP[HY PUZJYPWJP}U HS ;:, ` SVZ X\L `H LZ[mU PUZJYP[VZ KLILU WYLZLU[HY SHZ U}TPUHZ KL JHUKPKH[VZ OHZ[H LS KL HNVZ[V 7HYH SHZ LSLJJPVULZ SVJHSLZ KL ZL PUZJYPIPLYVU JPUJV WHY[PKVZ U\L]VZ WHYH WVZ[\SHYZL WVY SHZ HSJHSKxHZ 3( 5(*0Ô5 WLYP}KPJV *PUJV WHY[PKVZ U\L]VZ S\JOHYmU WVY SHZ HSJHSKxHZ ZmIHKV KL HIYPS KL

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

N\ILYUH[P]H X\L KLIL YLZWL[HYZL [HTIPtU LU LS mTIP[V SVJHS ` ]H JPTLU[HUKV LS KLZHYYVSSV KL SVZ NVIPLYUVZ SVJHSLZ KL LSLJJP}U WVW\SHY 3VZ WYPUJPWHSLZ JHTIPVZ X\L WSHU[LH LS *}KPNV 4\UPJPWHS KL ZPN\PLU[LZ!

H UP]LS LSLJ[VYHS ZVU SVZ

,S U\L]V M\UJPVUHYPV LQLJ\[P]V KLUVTPUHKV HSJHSKL ZLYm KL LSLJJP}U WVW\SHY HY[xJ\SV :\ WLYPVKV KL NVIPLYUV LZ KL J\H[YV H|VZ PUPJPHUKV M\UJPVULZ LU MLIYLYV ZPN\PLU[L H SH LSLJJP}U KPYLJ[H HY[xJ\SV LU JVUJVYKHUJPH JVU LS JVUZ[P[\JPVUHS LU J\HU[V HS WYPUJPWPV KL HS[LYUHUJPH 3H LSLJJP}U KLS HSJHSKL ZL JLSLIYHYm Q\U[V JVU SH KL SVZ ZxUKPJVZ PU[LUKLU[LZ ` JVUJLQHSLZ KL KPZ[YP[V LU LS TLZ KL KPJPLTIYL PUTLKPH[V WVZ[LYPVY H SHZ LSLJJPVULZ WYLZPKLUJPHSLZ S[PTHZ LU SHZ X\L ZL LSPNLU HKLTmZ H SVZ YLNPKVYLZ T\UPJPWHSLZ HY[xJ\SVZ ` LU JVUJVYKHUJPH JVU LS HY[xJ\SV KL SH 3L` KL KL KPJPLTIYL KL 3L` .LULYHS KL *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V :L PU[YVK\JL SH ÄN\YH KL KVZ HSJHSKLZ Z\WSLU[LZ X\L ZLYmU KL LSLJJP}U WVW\SHY HY[xJ\SV :L WYLZLU[H SH WVZPIPSPKHK KL YLLSLJJP}U PUTLKPH[H KLS HSJHSKL ZPU KLÄUPY \U SxTP[L KL ]LJLZ WLYV ZL PU[YVK\JL \U TLJHUPZTV KL ]V[V WSLIPZJP[HYPV JVTV WVZPIPSPKHK WHYH KLZ[P[\PY HS HSJHSKL ,U JHZV KL KLZ[P[\JP}U WVY WSLIPZJP[V KLS HSJHSKL LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ SV YLWVUKYm JVU SH ÄN\YH KL SVZ HSJHSKLZ Z\WSLU[LZ ` LU JHZV KL X\L UV ZL J\LU[L JVU tZ[VZ SSHTHYm H LSLJJPVULZ LU LS YLZWLJ[P]V JHU[}U LU \U WSHaV Tm_PTV KL ZLPZ TLZLZ HY[xJ\SV :L LZ[HISLJL X\L SVZ TPLTIYVZ KL SVZ KLUVTPUHKVZ *VUJLQVZ KL +PZ[YP[V ZLYmU KL LSLJJP}U WVW\SHY HY[xJ\SV ,U J\HU[V H ZPZ[LTHZ WHYH HKQ\KPJHJP}U KL WSHaHZ ZL YLMVYTH LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS LZ[HISLJPtUKVZL X\L SH LSLJJP}U KL HSJHSKLZ ` ZxUKPJVZ T\UPJPWHSLZ ZL LMLJ[\HYm WVY TH`VYxH YLSH[P]H KL JHKH JHU[}U ` KPZ[YP[V YLZWLJ[P]HTLU[L TPLU[YHZ X\L SH KL YLNPKVYLZ ` TPLTIYVZ KL SVZ *VUJLQVZ KL +PZ[YP[V ZL YLHSPaHYm WVY ZPZ[LTH KL JVJPLU[L ` YLZPK\V TH`VY *VU]PLUL KL[LULYZL LU LZ[L S[PTV W\U[V YLZWLJ[V HS ZPZ[LTH LSLJ[VYHS WVYX\L JVTV ZL L_WVUKYm HKLSHU[L OH Z\ZJP[HKV HSN\UVZ J\LZ[PVUHTPLU[VZ ,S ZPZ[LTH KL ]V[HJP}U Z\WVUL \U ]V[V UPJV 3VZ HSJHSKLZ ` ZxUKPJVZ ZL LSLNPYmU WVY YLWYLZLU[HJP}U TH`VYP[HYPH TPLU[YHZ X\L SVZ YLNPKVYLZ ` JVUJLQHSLZ WVY LS ZPZ[LTH KL YLWYLZLU[HJP}U WYVWVYJPVUHS 3HZ JHUKPKH[\YHZ ZL WYLWHYHU WVY SPZ[H JLYYHKH ` ISVX\LHKH LSHIVYHKH WVY SVZ WHY[PKVZ WVSx[PJVZ KLIPKHTLU[L PUZJYP[VZ WVY SV J\HS LS LSLJ[VY UV W\LKL HS[LYHY LS VYKLU KL SH SPZ[H UP PUJS\PY V[YVZ JHUKPKH[VZ UV PUJVYWVYHKVZ LU tZ[H 3H M}YT\SH LSLJ[VYHS KL JVJPLU[L ZL VI[PLUL KP]PKPLUKV LS [V[HS KL ]V[VZ ]mSPKVZ WVY JPYJ\UZJYPWJP}U LSLJ[VYHS LU[YL LS U TLYV KL LZJH|VZ KPZWVUPISLZ LU JHKH JHU[}U V KPZ[YP[V ` \U Z\IJVJPLU[L YLK\JPLUKV H SH TP[HK LZH JPMYH JVTV IHYYLYH LSLJ[VYHS WHYH X\L WVUKLYHUKV SH JPMYH YLZPK\HS ZL YLWHY[HU SHZ WSHaHZ ZVIYHU[LZ X\L UV OH`HU WVKPKV

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

HKQ\KPJHYZL WVY ZPZ[LTH KL JVJPLU[L ( UP]LS VWLYH[P]V LS ZPZ[LTH HWSPJH YLWHY[PLUKV SVZ LZJH|VZ WVY JVJPLU[L ` JPMYH YLZPK\HS ZPLUKV LS Z\IJVJPLU[L SH IHYYLYH H WHY[PY KL SH J\HS ZL WLYTP[L H SVZ WHY[PKVZ VI[LULY LZJH|VZ LU JHZV KL UV OHILY VI[LUPKV LS JVJPLU[L ,Z[L ZPZ[LTH KL KLZPNUHJP}U WHYH SVZ J\LYWVZ JVSLNPHKVZ X\L NVIPLYUHU SH ]PKH SVJHS SV KLÄUL LS U\TLYHS KLS *}KPNV ,SLJ[VYHS ZPLUKV LS TPZTV X\L ZL JVUZPNUH WHYH SH LSLJJP}U KL +PW\[HKVZ ,S TLJHUPZTV LSLJ[VYHS LTWSLHKV WHYH SVZ SLNPZSHKVYLZ LZ KL JVJPLU[L ` YLZPK\V TH`VY :LN‚U SV KPZW\LZ[V LU LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS ]PNLU[L WVY JVJPLU[L ZL LU[PLUKL! ¸SH JPMYH X\L ZL VI[PLUL KL SH KP]PZP}U KL ]V[VZ ]mSPKVZ LTP[PKVZ WHYH KL[LYTPUHKH LSLJJP}U WVY LS U‚TLYV KL WSHaHZ H SSLUHY TLKPHU[L SH TPZTH ¹ 7VY Z\IJVJPLU[L ZL [PLUL! ¸LS [V[HS KL ]V[VZ ]mSPKVZ LTP[PKVZ H MH]VY KL \U WHY[PKV X\L ZPU HSJHUaHY SH JPMYH JVJPLU[L HSJHUaH V Z\WLYH LS KL tZ[H¹ ,U SV H[PULU[L HS VYKLU KL KLJSHYH[VYPH WVY JVJPLU[L ` Z\IJVJPLU[L LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS KPZWVUL! ¸(Y[xJ\SV ,U SVZ JHZVZ KL LSLJJP}U WVY JVJPLU[L ` Z\IJVJPLU[L H JHKH WHY[PKV X\L OH`H JVUJ\YYPKV H SH ]V[HJP}U ZL SL KLJSHYHYm LSLJ[V LU LS VYKLU KL Z\ JVSVJHJP}U LU SH WHWLSL[H WVY LS LSLJ[VYHKV KL X\L ZL [YH[L [HU[VZ JHUKPKH[VZ JVTV JVJPLU[LZ OH`H SVNYHKV 7YPTLYV ZL OHYm SH KLJSHYH[VYPH KL LSLJJP}U KLS WHY[PKV X\L TH`VY U‚TLYV KL ]V[VZ VI[\]V LU LS JPYJ\P[V LSLJ[VYHS KL X\L ZL [YH[L JVU[PU\mUKVSH LU LS VYKLU KLJYLJPLU[L KL SVZ TPZTVZ ¯¹

3H HU[LYPVY UVYTH SH JVTWSLTLU[H LS HY[xJ\SV KLS *}KPNV LU YLMLYLUJPH HS YLN\SHYZL X\L! ¸¯ ZP X\LKHZLU WSHaHZ ZPU SSLUHY WVY LS ZPZ[LTH KL JVJPLU[L SH KPZ[YPI\JP}U KL SHZ TPZTHZ ZL OHYm H MH]VY KL SVZ WHY[PKVZ LU LS VYKLU KLJYLJPLU[L KL SH JPMYH YLZPK\HS KL Z\ ]V[HJP}U WLYV PUJS\`LUKV [HTIPtU H HX\LSSVZ WHY[PKVZ X\L HWLUHZ HSJHUaHYVU Z\IJVJPLU[L JVTV ZP Z\ ]V[HJP}U [V[HS M\LYH JPMYH YLZPK\HS :P H‚U X\LKHYLU WSHaHZ ZPU SSLUHY ZL YLWL[PYm SH VWLYHJP}U X\L ZL L_WYLZH LU LS HWHY[L HU[LYPVY ,Z[L TPZTV ZPZ[LTH ZL HWSPJHYm LU LS JHZV KL X\L UPUN\UV KL SVZ WHY[PKVZ HSJHUJL JVJPLU[L¹ +L SV ZL|HSHKV ZL KLZWYLUKL X\L LS ZPZ[LTH LSLJ[VYHS WH[YPV WHYH LSLNPY KPW\[HKVZ YLNPKVYLZ ` JVUJLQHSLZ VWLYH JVU \UH IHYYLYH SLNHS iZ[H JVUZPZ[L LU X\L Z}SV SVZ WHY[PKVZ X\L VI[LUNHU HS TLUVZ Z\IJVJPLU[L [PLULU KLYLJOV H LU[YHY LU SH HZPNUHJP}U KL LZJH|VZ (JSHYHKV LZ[L W\U[V ZL KLIL KLZ[HJHY LS WHWLS X\L VZ[LU[H LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU SHZ LSLJJPVULZ KL SVZ NVIPLYUVZ SVJHSLZ ([LUKPLUKV H SVZ U\TLYHSLZ ` KL SH *VUZ[P[\JP}U ,Z[L ZPZ[LTH [PLUL Z\ HU[LJLKLU[L LU LS JVUVJPKV Tt[VKV KL +G/VUK[ SSL]H LS UVTIYL KL Z\ H\[VY V ZPZ[LTH KL ¸KP]PZVY JVT‚U¹ ` M\L HWSPJHKV LU )tSNPJH WVY 3L` KL ,S WYVJLKPTPLU[V JVUZPZ[L LU KP]PKPY LS U‚TLYV KL ]V[VZ VI[LUPKVZ WVY JHKH JHUKPKH[\YH SPZ[H WVY LS U‚TLYV KL HJ[HZ V W\LZ[VZ X\L JVYYLZWVUKLU WVY SH JPYJ\UZJYPWJP}U" SVZ JVJPLU[LZ ZL VYKLUHU ` JHKH JHUKPKH[\YH V SPZ[H [LUKYm KLYLJOV H [HU[VZ W\LZ[VZ JVTV ]LJLZ [LUNH Z\ JPMYH LSLJ[VYHS JVU LZL KP]PZVY JVT‚U (Zx ZL KLZWYLUKL KL 7i9,A 5PJVSmZ ;YH[HKV KL +LYLJOV 7VSx[PJV 4HKYPK *0=0;(: WYPTLYH LKPJP}U W ,U LZL ZLU[PKV (3-(96 9VUHSK 6W *P[ W

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

7VSx[PJH ` WVY [YH[HYZL KL TH[LYPH LSLJ[VYHS JVTWL[L HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ SH JVU]VJH[VYPH VYNHUPaHJP}U ÄZJHSPaHJP}U LZJY\[PUPV ` KLJSHYH[VYPH KL LSLJJPVULZ T\UPJPWHSLZ HZx JVTV [VKVZ SVZ HZ\U[VZ JVUJLYUPLU[LZ HS Z\MYHNPV X\L W\LKHU YLSHJPVUHYZL JVU LZL WHY[PJ\SHY WYVJLZV LSLJ[VYHS +L [VKV SV L_W\LZ[V OHZ[H LZ[L TVTLU[V ZL JVSPNL X\L SH LSLJJP}U KLS NVIPLYUV T\UPJPWHS WVY LSLJJP}U WVW\SHY LZ \U WYVJLZV KL HSJHUJL UHJPVUHS ` WVY LUKL KL NYHU [YHZJLUKLUJPH LU SH LZMLYH KL \U ,Z[HKV KLTVJYm[PJV 7LZL H SHZ PTWVY[HU[LZ PUUV]HJPVULZ KLS *}KPNV 4\UPJPWHS ZL VTP[P} [VKH YLMLYLUJPH H YLNSHZ LZWLJxÄJHZ ` KPMLYLUJPHKHZ WHYH SH VYNHUPaHJP}U KLS WYVJLZV LSLJ[VYHS T\UPJPWHS ZP[\HJP}U X\L Z\WVUL \UH PTWSxJP[H YLTPZP}U H SH UVYTH[P]H KLS *}KPNV ,SLJ[VYHS LU TH[LYPH KL LSLJJPVULZ UHJPVUHSLZ ,S ;YPI\UHS :\WYLTV KL ,SLJJPVULZ SV OH YLJVUVJPKV JVTV \U ¸[mJP[V YLLU]xV¹ HS YLMLYPY X\L! ¸¯ SH H\ZLUJPH KL [VKH YLNSH SLNHS YLSH[P]H H SH VYNHUPaHJP}U KL SHZ LSLJJPVULZ T\UPJPWHSLZ KL KPJPLTIYL VISPNH H HWSPJHY L_[LUZP]HTLU[L SH YLN\SHJP}U KLS *}KPNV ,SLJ[VYHS LU [VYUV HS WYVJLZV LSLJ[VYHS IHQV LS LU[LUKPKV X\L LS SLNPZSHKVY OPaV \U [mJP[V YLLU]xV H KPJOH UVYTH[P]H +PJOH HÄYTHJP}U ZL HZPLU[H LU SH [YHZJLUKLUJPH KLTVJYm[PJH KL KPJOH LSLJJP}U X\L [PLUL HSJHUJL UHJPVUHS ` X\L WSHU[LH ZPTPSHY JVTWSLQPKHK VYNHUPaH[P]H X\L LS WYVJLZV KPYPNPKV H SH YLUV]HJP}U KL SHZ H\[VYPKHKLZ KLS .VIPLYUV KL SH 9LW ISPJH ,ZH HWSPJHJP}U L_[LUZP]H J\IYL SH KPZWVZPJP}U WHY[PJ\SHY KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS WVY YLZ\S[HY LZLUJPHS KV[HY HS ;YPI\UHS LU tWVJH LSLJ[VYHS KL SH Z\ÄJPLU[L ÅL_PIPSPKHK LU Z\Z WYVJLKPTPLU[VZ KL JVU[YH[HJP}U H ÄU KL X\L W\LKH HMYVU[HY JVU t_P[V SVZ PTWYL]PZ[VZ ` V[YHZ ZP[\HJPVULZ LZWLJPHSLZ X\L Z\YNLU PUL]P[HISLTLU[L K\YHU[L LS TPZTV OHIPKH J\LU[H KL SH YPNPKLa KLS JHSLUKHYPV LSLJ[VYHS ` KL SH LZ[YLJOLa KL Z\Z WSHaVZ ` JVTV NHYHU[xH PUKPZWLUZHISL KL SH HS[LYUHIPSPKHK LU LS LQLYJPJPV KLS WVKLY SVJHS 3H ULJLZPKHK KL L]P[HY X\L JVSHWZLU SVZ WYVJLZVZ KLTVJYm[PJVZ KL YLUV]HJP}U KL H\[VYPKHKLZ N\ILYUHTLU[HSLZ ZL PTWVUL PUKLWLUKPLU[LTLU[L KL ZP tZ[VZ ZL KLZHYYVSSHU LU LS WSHUV T\UPJPWHS V KLS .VIPLYUV KL SH 9LW ISPJH" YHa}U X\L KL[LYTPUH SH HWSPJHJP}U L_[LUZP]H KLS *}KPNV ,SLJ[VYHS ¯¹ -PUHSTLU[L \U HZWLJ[V X\L UV W\LKL KLZJ\PKHYZL LU LZ[L HUmSPZPZ ` X\L OH ZPKV VIQL[V KL ]HYPVZ WYVU\UJPHTPLU[VZ WVY WHY[L KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LZ SH KPMLYLUJPH LU[YL YLZPKLUJPH ` KVTPJPSPV LSLJ[VYHS ,U J\HU[V HS JP\KHKHUV LS HY[xJ\SV JVUZ[P[\JPVUHS M\L YLMVYTHKV WVY SL` LSPTPUmUKVZL SH WYVOPIPJP}U KL Z\MYHNHY LU \U S\NHY KPMLYLU[L H SH YLZPKLUJPH +L LZH THULYH LS WV[LUJPHS ]V[HU[L W\LKL LQLYJLY Z\ KLYLJOV HS Z\MYHNPV LU LS S\NHY X\L KLZLL WVY JVTVKPKHK PUJS\ZV ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V U , KL SHZ VJOV OVYHZ X\PUJL TPU\[VZ KL KPLJPU\L]L KL Q\UPV KLS KVZ TPS KVZ

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

LU \U S\NHY KPZ[PU[V H Z\ YLZPKLUJPH WVY LSSV SVZ JVZ[HYYPJLUZLZ YLZPKLU[LZ LU LS L_[YHUQLYV W\LKLU ]V[HY TPLU[YHZ J\LU[LU JVU KVTPJPSPV LSLJ[VYHS WHYH LMLJ[VZ KLS ]V[V LU Z\LSV WH[YPV (S YLZWLJ[V `H SH :HSH 7YPTLYH KL SH *VY[L :\WYLTH KL 1\Z[PJPH TLKPHU[L ]V[V KL SHZ U\L]L OVYHZ KLS KL UV]PLTIYL KL OHIxH KPMLYLUJPHKV X\L SH YLZPKLUJPH LZ LS S\NHY KVUKL OHIP[\HSTLU[L ZL TVYH ` LS KVTPJPSPV LZ KVUKL SH WLYZVUH KLZHYYVSSH Z\Z HJ[P]PKHKLZ L PU[LYLZLZ 9LZWLJ[V H SVZ YLNPKVYLZ ` JVUJLQHSLZ \U YLX\PZP[V WHYH Z\ LSLJJP}U LZ LS LZ[HY PUZJYP[V LU SH JPYJ\UZJYPWJP}U LSLJ[VYHS HS TLUVZ KVZ H|VZ HU[LZ ` LU LZL ZLU[PKV LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ OH PU[LYWYL[HKV WVY TH`VYxH X\L LZL YLX\PZP[V ZL YLร LYL HS KVTPJPSPV LSLJ[VYHS ` UV ULJLZHYPHTLU[L H SH YLZPKLUJPH LMLJ[P]H KLS WVZ[\SHU[L ,Z[H JPYJ\UZ[HUJPH H|HKL HS ZPZ[LTH LSLJ[VYHS KL SVZ NVIPLYUVZ SVJHSLZ X\L KP]LYZVZ JP\KHKHUVZ WVY T\S[P[\K KL YHaVULZ W\LKLU LUNYVZHY SH ]V[HJP}U KL \U JHU[}U V KPZ[YP[V ZPU YLZPKPY LMLJ[P]HTLU[L LU SH aVUH ` X\L HSN\UVZ YLNPKVYLZ ` JVUJLQHSLZ LSLJ[VZ W\LKLU UV OHILY YLZPKPKV V KLQHY KL YLZPKPY LMLJ[P]HTLU[L LU SH JPYJ\UZJYPWJP}U [LYYP[VYPHS X\L YLWYLZLU[HU ZPU X\L WVY LSSV W\LKHU ]LYZL PTWLKPKVZ H WVZ[\SHYZL V IPLU WPLYKHU Z\ JYLKLUJPHS ZLNย U JVYYLZWVUKH :P IPLU LZ[H PUJVUZPZ[LUJPH WHYLJPLYH UV OHILY HSJHUaHKV KPTLUZPVULZ X\L \IPX\LU LS [LTH JVTV \UH KL SHZ NYHUKLZ WYVISLTm[PJHZ KLS ZPZ[LTH LSLJ[VYHS SVJHS UV WPLYKL PTWVY[HUJPH H THULYH KL WYL]PZP}U LS WSHU[LHYZL KLZKL `H \UH YLMVYTH X\L LU SH TLKPKH KL SV WVZPISL ` LU YLZWL[V KL SVZ KLYLJOVZ WVSx[PJVZ L]P[L \U KLZTtYP[V KL SH ]LYKHKLYH YLWYLZLU[HJP}U SVJHS WVY TLKPV KL LZL WVY[PSSV

000 (5;,*,+,5;,: :6*06 763ร ;0*6: @ 1<9ร +0*6: 8<, 05*0+,5 ,5 ,3 (*;<(3 :0:;,4( ,3,*;69(3 +, 36: .6)0,956: 36*(3,: ,5 *6:;( 90*(! *VTV SV ZL|HSHIH LS [YH[HKPZ[H )PKHY[ *HTWVZ! ยธSH YLWYLZLU[H[P]PKHK UV ZL SVNYH UP ZL PTWVUL WVY VIYH ` HY[L KL \UH M}YT\SH Q\YxKPJH V KL \UH UVYTH ;LULY YLWYLZLU[H[P]PKHK LZ \U MLU}TLUV X\L KLWLUKL KL MHJ[VYLZ T\JOV TmZ JVTWSLQVZ ` Z\[PSLZ ,Z[m M\LYH KLS HSJHUJL KL SH UVYTH[P]PKHK 3H YLWYLZLU[H[P]PKHK ZL SVNYH V UV ZL SVNYH ZL [PLUL V UV ZL [PLUL LU ]PY[\K KL SV X\L VTP[L HX\tS H X\PLU V[YV SL KLTHUKH X\L OHNH WHYH X\L ZLH HSNV HZx JVTV Z\ ]VJLYV Z\ WVY[H]Va Z\ PU[tYWYL[L Z\ NLZ[VY ยน

,U LZL ZLU[PKV ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V Uยข , KL SHZ OVYHZ KLS KL TH`V KL ,U UV[H ZLWHYHKH KLS THNPZ[YHKV 3\PZ (U[VUPV :VIYHKV tZ[L Hร YTH X\L WVY LS JHYmJ[LY JVYWVYH[P]V KL SHZ VYNHUPaHJPVULZ T\UPJPWHSLZ WHYH tS LS YLX\PZP[V KL SVZ KVZ H|VZ KLIL PU[LYWYL[HYZL JVTV YLZPKLUJPH LMLJ[P]H KLS WVZ[\SHU[L H ร U KL JVUJVYKHY JVU LS JHYmJ[LY KLTVJYm[PJV ` YLWYLZLU[H[P]V KLS NVIPLYUV SVJHS ,U [HS ZLU[PKV LS ;:, OH PUKPJHKV WVY TH`VYxH X\L [YH[mUKVZL KL LSLJJPVULZ T\UPJPWHSLZ LS LSLJ[VY W\LKL JHTIPHY Z\ KVTPJPSPV LSLJ[VYHS ` Z\ ]V[V ZL YLW\[HYxH WHYH LS JHU[}U V KPZ[YP[V WVY LS X\L ร UHSTLU[L LTP[L Z\ Z\MYHNPV (Zx LS OLJOV KL X\L Z\ KVTPJPSPV YLZPKLUJPHS ZL \IPX\L LU V[YH aVUH UV YLZ\S[H LU SH PSLNHSPKHK KL LZH ]HYPHISL ,U ]V[V ZHS]HKV SVZ THNPZ[YHKVZ :VIYHKV ` -HSSHZ YLZJH[HUKV LS JHYmJ[LY YLWYLZLU[H[P]V ` JVYWVYH[P]V KL SVZ T\UPJPWPVZ KLUVTPUHU SH WYmJ[PJH KLS ยธ[YHZ[LV KL ]V[VZยนJVTV \U JVZ[\TIYL UVJP]H X\L SLZPVUH LS WYVJLZV LSLJ[VYHS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V ยข , KL KL HIYPS KL )0+(9; *(476: .LYTmU +LTVJYHJPH ` 9LWYLZLU[HJP}U ;LUKLUJPHZ JVU[LTWVYmULHZ KLS +LYLJOV ,SLJ[VYHS 4LTVYPHZ KLS :LN\UKV *VUNYLZV 0U[LYUHJPVUHS KL +LYLJOV ,SLJ[VYHS <5(4 WYPTLYH LKPJP}U 4t_PJV W

5ร 4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

,Z[H YLร L_P}U HIYL SH W\LY[H H SVZ J\LZ[PVUHTPLU[VZ X\L LUMYLU[H LS HJ[\HS ZPZ[LTH KL LSLJJP}U KL SVZ NVIPLYUVZ SVJHSLZ LU *VZ[H 9PJH W\LZ ZL YLNPZ[Y} \U HS[V WVYJLU[HQL KL HIZ[LUJPVUPZTV LU SHZ WYPTLYHZ LSLJJPVULZ KPYLJ[HZ ` JVUQ\U[HZ KL HSJHSKLZ ZxUKPJVZ ` JVUJLQVZ KL KPZ[YP[V LU LS WHxZ ZL WHZ} KL \U HWYV_PTHKV LU SH LSLJJP}U KL YLNPKVYLZ JLSLIYHKH LU MLIYLYV KL H \U HWYV_PTHKV WHYH SHZ LSLJJPVULZ KL HSJHSKLZ ` V[YVZ LU KPJPLTIYL KL ,S HIZ[LUJPVUPZTV LZ \U MLU}TLUV T\S[PJH\ZHS X\L ZLNย U SHZ LUJ\LZ[HZ UV ZL YLWVY[H KL THULYH OVTVNtULH LU LS [LYYP[VYPV :PU LTIHYNV LZ \U PUKPJHKVY KL[LYTPUHU[L KL SH WLY[PULUJPH KL SVZ ZPZ[LTHZ LSLJ[VYHSLZ ]PNLU[LZ ` WLYTP[L J\LZ[PVUHYZL LS JHYmJ[LY YLWYLZLU[H[P]V ` KLTVJYm[PJV X\L tZ[VZ Z\WVULU LU SH WYmJ[PJH <U WYPTLY HZWLJ[V X\L OH` X\L YLJVUVJLY LZ SH J\S[\YH WVSx[PJH KLS JVZ[HYYPJLUZL H UP]LS NLULYHS ,U SVZ ย S[PTVZ H|VZ ` H WHY[PY KL SH LU[YHKH LU ]PNLUJPH KL SH *VUZ[P[\JP}U KL WYLJLKPKH OPZ[}YPJHTLU[L WVY \UH N\LYYH JP]PS LS JVTWVY[HTPLU[V LSLJ[VYHS TVZ[Y} \UH LZ[HIPSPKHK YLSH[P]H X\L OH WLYTP[PKV THU[LULY SH JVU]P]LUJPH KLTVJYm[PJH ` SH HS[LYUHIPSPKHK LU LS WVKLY :PU LTIHYNV LU SVZ ย S[PTVZ H|VZ ` H YHxa KL \U PUULNHISL KLZLUJHU[V JVU SH JSHZL WVSx[PJH ZL OHU PUJYLTLU[HKV SVZ UP]LSLZ KL HIZ[LUJPVUPZTV LSLJ[VYHS NLULYHSPaHKV ` OH T\[HKV SH [LUKLUJPH IPWHY[PKPZ[H KL NVIPLYUV X\L WYVW\SZHIH LS LSLJ[VYHKV 7YVK\J[V KL SH N\LYYH JP]PS HW\U[HKH ` KLS HSLQHTPLU[V KL SVZ ZLJ[VYLZ WVSx[PJVZ ยธ]LUJPKVZยน LU SH LSLJJP}U KL [HU Z}SV ]V[H LS KLS WHKY}U LSLJ[VYHS ` OHZ[H ZL \IPJH LU TmZ KLS ,U SVZ H|VZ ZLZLU[HZ ` ZL[LU[HZ KPJOVZ UP]LSLZ KL HIZ[LUJPVUPZTV ZL YLK\QLYVU VZJPSHUKV LU[YL \U HS ,U SVZ H|VZ VJOLU[HZ ZL WYLZLU[} \UH JYPZPZ LJVU}TPJH L PUZ[P[\JPVUHS LU LS WHxZ WYVK\J[V KLS HNV[HTPLU[V KLS TVKLSV KL KLZHYYVSSV ]PNLU[L ` HSN\UVZ HW\U[HU LS PUPJPV KL \U LZ[HUJHTPLU[V LU LS JYLJPTPLU[V LJVU}TPJV X\L ZL THUPMLZ[} JVU M\LYaH LU SHZ NLZ[PVULZ KL IPLULZ[HY ZVJPHS PTW\SZHKHZ OHZ[H LU[VUJLZ WVY LS ,Z[HKV 3H MHJ[\YH KL ยธSVZ OPQVZ KL SH JYPZPZ KL SVZ VJOLU[HZยน UV ZL JVIYH OHZ[H ร UHSLZ KL SVZ UV]LU[HZ LU X\L LZ[VZ LUNYVZHU LS WHKY}U LSLJ[VYHS ( SH KPZJVUMVYTPKHK KL LZ[L NY\WV KL Q}]LULZ ]V[HU[LZ ZL H|HKL LS KLZLUJHU[V X\L LU NLULYHS LS W\LISV JVZ[HYYPJLUZL ]P]L H YHxa KL JPLY[VZ LZJmUKHSVZ WVSx[PJVZ WYV[HNVUPaHKVZ WVY YLWYLZLU[HU[LZ KL SVZ WHY[PKVZ TH`VYP[HYPVZ TPZTVZ X\L ZL PUJYLTLU[HU H WHY[PY KLS U\L]V TPSLUPV +L LZH MVYTH LU SHZ ]V[HJPVULZ KL LS UP]LS KL HIZ[LUJPVUPZTV LZ KL ` LU LS H|V LZ[L SSLNH H \U HWYV_PTHKV KL ZPLUKV X\L WVY WYPTLYH ]La LU SH OPZ[VYPH WH[YPH UV ZL SVNYH Z\WLYHY LS KL TH`VYxH LSLJ[VYHS ` LZ ULJLZHYPH \UH ZLN\UKH YVUKH WHYH LSLNPY HS 7YLZPKLU[L KL SH 9LWย ISPJH ,Z[L WHUVYHTH LZ KL[LYTPUHU[L WHYH JVU[L_[\HSPaHY LS JVTWVY[HTPLU[V LSLJ[VYHS LU SHZ LSLJJPVULZ SVJHSLZ MHJPSP[HUKV SH JVTWYLUZP}U KL SVZ J\LZ[PVUHTPLU[VZ ZVIYL LS ZPZ[LTH ]PNLU[L WHYH LSLJJP}U KL NVIPLYUVZ SVJHSLZ ` WLYTP[PLUKV KL[LYTPUHY ZP LMLJ[P]HTLU[L LZ ULJLZHYPH \UH YLMVYTH HS ZPZ[LTH LSLJ[VYHS X\L SVZ YPNL 5V W\LKL WLYKLYZL KL ]PZ[H X\L SH LSLJJP}U KL NVIPLYUVZ SVJHSLZ ZL YLWVY[H IHQV LS WH[YVJPUPV KL SVZ WHY[PKVZ WVSx[PJVZ ` X\L LS KLZJVU[LU[V JVU (3-(96 9VUHSK 6W *P[ 0IPK A,3,+ร 5 -LYUHUKV :PLTIYH =PLU[VZ! 3HZ 7YPTLYHZ ,SLJJPVULZ +PYLJ[HZ KL (SJHSKLZ LU *VZ[H 9PJH 3V 4\UPJPWHS ` SHZ ;LUKLUJPHZ LU SH *\S[\YH 7VSx[PJV ,SLJ[VYHS ,SLJJP}U LU SHZ (SJHSKxHZ :HU 1VZt -\UKHJP}U -YPLKYPJO ,ILY[ 7YVJLZVZ ` <UP]LYZPKHK KL *VZ[H 9PJH WYPTLYH LKPJP}U WW (Zx LU A,3,+ร 5 -LYUHUKV 6W *P[ W

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

SH JSHZL WVSx[PJH WVY WHY[L KLS LSLJ[VYHKV W\LKL HMLJ[HY LS HWV`V WVW\SHY H SVZ YLWYLZLU[HU[LZ JHU[VUHSLZ ` KPZ[YP[HSLZ :PU LTIHYNV LS YLMVYT\SHY HSN\UVZ HZWLJ[VZ Q\YxKPJVZ YLSHJPVUHKVZ JVU SH LSLJJP}U KL SVZ NVILYUHU[LZ SVJHSLZ L]LU[\HSTLU[L W\LKL WV[LUJPHY TH`VY JVUVJPTPLU[V KLS LSLJ[VYHKV KL SH M\UJP}U SVJHS TH`VY WHY[PJPWHJP}U LU Z\ NVIPLYUV PUTLKPH[V ` [HS ]La LZL ZLH \U TVKV KL YVI\Z[LJLY SH WHY[PJPWHJP}U WVSx[PJH X\L ZL LZWLYH KL \U W\LISV ZVILYHUV LU \UH KLTVJYHJPH ,ZWLJPHSTLU[L WVYX\L WLZL H [VKV LS THSLZ[HY KLS W\LISV JVU SV WVSx[PJV SH VWVY[\UPKHK KL LSLNPY HSJHSKLZ KL THULYH KPYLJ[H M\L WLYJPIPKV TH`VYP[HYPHTLU[L JVTV \U MHJ[VY KLTVJYH[PaHU[L KLS ZPZ[LTH WVSx[PJV JVZ[HYYPJLUZL (OVYH IPLU H\UX\L LS WYVJLZV KL LSLJJP}U WVW\SHY KL SVZ NVIPLYUVZ SVJHSLZ PTWSPJH LU Zx \U H]HUJL LU LS WYVJLZV KL KLZJLU[YHSPaHJP}U HKTPUPZ[YH[P]H KLS ,Z[HKV OPZ[}YPJHTLU[L *VZ[H 9PJH ZL OH JHYHJ[LYPaHKV WVY LS JLU[YHSPZTV KL \U NVIPLYUV KL JVY[L 7YLZPKLUJPHSPZ[H KVUKL [YHKPJPVUHSTLU[L ZL SL OH KHKV TmZ PTWVY[HUJPH H SHZ LSLJJPVULZ WYLZPKLUJPHSLZ X\L H SHZ KL JVY[L SVJHS ,Z[L HZWLJ[V WHYLJP} JVUÃ…\PY JVU V[YVZ MHJ[VYLZ WHYH KL[LYTPUHY SH JPMYH KL HIZ[LUJPVUPZTV YLWVY[HKV WHYH SHZ LSLJJPVULZ T\UPJPWHSLZ KL KPJPLTIYL KL 6[YH WHY[PJ\SHYPKHK KL NYHU [YHZJLUKLUJPH LZ SH THULYH LU X\L ZL MYHN\H SH LU[YHKH LU ]PNLUJPH KLS U\L]V *}KPNV 4\UPJPWHS LU SH (ZHTISLH 3LNPZSH[P]H (S YLZWLJ[V LS LU[VUJLZ KPW\[HKV 4HYPV *HYHaV JVTLU[H X\L LU SH SLNPZSH[\YH KL LU SH (ZHTISLH 3LNPZSH[P]H ZL MVYT} \UH *VTPZP}U ,ZWLJPHS WHYH KPJ[HTPUHY HSN\UVZ WYV`LJ[VZ YLMLYLU[LZ H SH TH[LYPH T\UPJPWHS ZPLUKV SH TmZ PTWVY[HU[L \UH YLMVYTH PU[LNYHS HS *}KPNV 4\UPJPWHS 3H 3L` X\L WVUL LU ]PNLUJPH LS U\L]V *}KPNV 4\UPJPWHS M\L HWYVIHKH LU SHZ WVZ[YPTLYxHZ KL \UH U\L]H HKTPUPZ[YHJP}U ` ZL [YHTP[} KL THULYH HJLSLYHKH WVY PUPJPH[P]H KL \UVZ WVJVZ SLNPZSHKVYLZ X\L JVTWYLUKxHU SH KPTLUZP}U KL SH YLMVYTH 3H HWYVIHJP}U LU LZHZ JPYJ\UZ[HUJPHZ TV[P]} X\L T\JOVZ KPW\[HKVZ KLZJVUVJPLYHU LS TH[LYPHS ZVIYL LS X\L SLNPZSHIHU WLYV LZH WHYLJP} SH ‚UPJH THULYH WHYH [YH[HY KL PTWSLTLU[HY \U THYJV Q\YxKPJV TmZ WHY[PJPWH[P]V X\L WLYTP[PLYH H SVZ NVIPLYUVZ SVJHSLZ JVIYHY WYV[HNVUPZTV LU SH KLTVJYHJPH UHJPVUHS (\UX\L SV VWVY[\UV OHIYxH ZPKV JVUJVYKHY LS U\L]V J\LYWV UVYTH[P]V JVU HSN\UHZ KPZWVZPJPVULZ KLS *}KPNV ,SLJ[VYHS LZWLJPHSTLU[L YLZWLJ[V H YLNPKVYLZ SH L_WLYPLUJPH OHIxH LUZL|HKV X\L LU LZH SLNPZSH[\YH [VKHZ SHZ YLMVYTHZ KL JVY[L LSLJ[VYHS ZL LUMYLU[HYVU PUÄUPKHK KL WYVISLTHZ ` VIZ[mJ\SVZ 7VY LZH YHa}U ZL L]P[} WSHU[LHY \UH YL]PZP}U UVYTH[P]H JVTWSLTLU[HYPH JVU LS *}KPNV ,SLJ[VYHS ` ZL Z\WYPTP} HKLTmZ SH JVUZ\S[H WYL]PH HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ HS ¸JHT\Ã…HY¹ SH YLMVYTH JVTV TLYHTLU[L T\UPJPWHS 3H YLMVYTH Z\YNL LU[VUJLZ KL ZLJ[VYLZ TmZ YLSHJPVUHKVZ JVU LS [YHIHQV JV[PKPHUV KL SHZ T\UPJPWHSPKHKLZ ` Z\ LJV LU \UVZ J\HU[VZ SLNPZSHKVYLZ X\L LU LS ZLUV KL SHZ LZ[Y\J[\YHZ JLU[YHSLZ KL SVZ WHY[PKVZ WVSx[PJVZ ;HS ]La WVY LZV HU[L SH LSLJJP}U KL KPJPLTIYL KL LZHZ LZ[Y\J[\YHZ KLZJVUVJPLYVU \U HWVY[L ÄUHUJPLYV WHYH SVZ JHUKPKH[VZ H HSJHSKLZ HKLTmZ KLS ,U LS PUMVYTL ,Z[HKV KL SH 5HJP}U KL ZL ZL|HSH X\L SH TH`VYxH KL SHZ WLYZVUHZ UV WHY[PJPWH LU SH KLSPILYHJP}U ` L]HS\HJP}U KL SVZ HZ\U[VZ W‚ISPJVZ KL Z\ SVJHSPKHK /H` WVJH HWLY[\YH ` WYVTVJP}U KL SH WHY[PJPWHJP}U JP\KHKHUH KL SVZ NVIPLYUVZ SVJHSLZ 7YV`LJ[V ,Z[HKV KL SH 5HJP}U 0UMVYTL ZVIYL H\KP[VYPH JP\KHKHUH ZVIYL SH JHSPKHK KL SH KLTVJYHJPH *HWx[\SV ¸3VZ .VIPLYUVZ 3VJHSLZ¹ =VS ,U PN\HS ZLU[PKV ,:7056A( ` V[YVZ 6W *P[ W ,U LZ[H ‚S[PTH M\LU[L ZL PUKPJH X\L \U NY\WV LUJ\LZ[HKVZ JH[HSVN} JVTV PTWVY[HU[LZ SHZ LSLJJPVULZ WYLZPKLUJPHSLZ LU \U TPLU[YHZ X\L Z}SV LS L_WYLZV SH PTWVY[HUJPH KL SHZ LSLJJPVULZ KL HSJHSKLZ WHYH LS (Zx ZL Z\NPLYL LU ,:7056A( 9V^SHUK ,:;9(+( =xJ[VY .64,A :[LMMHU ` 104,5,A 3\PZ ,TPSPV 3HZ ,SLJJPVULZ KL (SJHSKL ` LS :PZ[LTH +LTVJYm[PJV! 7LYJLWJPVULZ ` ,_WLJ[H[P]HZ KL SH 7VISHJP}U *VZ[HYYPJLUZL ,SLJJP}U LU SHZ (SJHSKxHZ 6W *P[ WW *(9(A6 4HYPV <UH (\KHJPH X\L .LULYH ,_WLJ[H[P]HZ ,SLJJP}U LU SHZ (SJHSKxHZ 6W *P[ WW

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

PUJYLTLU[V KL NHZ[VZ X\L NLULY} \UH ZLN\UKH YVUKH LSLJ[VYHS ` LU NLULYHS LS WYPTLY WYVJLZV KL LSLJJP}U KL LZVZ M\UJPVUHYPVZ ZL ]P]P} JVTV SV X\L SH KVJ[YPUH KLUVTPU} \U MYHUX\PJPHTPLU[V KL SVZ WHY[PKVZ LU X\L SVZ JHUKPKH[VZ H HSJHSKL ZL JVUMVYTHYVU JVU \ZHY ZxTIVSVZ KLS WHY[PKV JVTV UVTIYL ` IHUKLYH

0= 7905*07(3,: *<,:;065(40,5;6: .6)0,956: 36*(3,: 7(;906:

(3 :0:;,4( ,3,*;69(3 +, 36:

H <IPJHJP}U [LTWVYHS KL SHZ LSLJJPVULZ SVJHSLZ! <U WYPTLY HZWLJ[V X\L OH NLULYHKV NYHU JVU[YV]LYZPH LU J\HU[V H SH WLY[PULUJPH KLS ZPZ[LTH LU X\L ZL LSPNLU SVZ NVIPLYUVZ SVJHSLZ LZ SH WYVNYHTHJP}U JYVUVS}NPJH WHYH LSLNPY H SVZ KPMLYLU[LZ M\UJPVUHYPVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY ,U WYPTLY VYKLU JHIL J\LZ[PVUHYZL SH WYVJLKLUJPH KL THU[LULY ZLWHYHKHZ SHZ LSLJJPVULZ KL YLNPKVYLZ KL SHZ KL HSJHSKLZ ZxUKPJVZ ` JVUJLQHSLZ ;VKVZ LZ[VZ ZLY]PKVYLZ JVTWVULU LS NVIPLYUV T\UPJPWHS ` WYVWPJPHY \UH VMLY[H LSLJ[VYHS H UP]LS SVJHS X\L PU[LNYL H [VKVZ SVZ JHUKPKH[VZ WLYTP[L WYLZLU[HY HS LSLJ[VY \UH WYVW\LZ[H TmZ OVTVNtULH WHYH YLZVS]LY SVZ WYVISLTHZ JVT\UHSLZ 9LJ\tYKLZL X\L SHZ JHUKPKH[\YHZ SHZ WYVWVULU SVZ WHY[PKVZ WVSx[PJVZ ` WHYLJPLYH \UH TLQVY LZ[YH[LNPH WHYH KHY JVOLZP}U PKLVS}NPJH HS WSHU N\ILYUH[P]V LS WYLZLU[HY \U WYVNYHTH KL HJJP}U JVUQ\U[H LU SVZ ZLJ[VYLZ LQLJ\[P]V ` SLNPZSH[P]V KLS NVIPLYUV T\UPJPWHS ,Z[H M\L JH[HSVNHKH JVTV \UH ULJLZPKHK KL WYPTLY VYKLU LU LS 7YPTLY *VUNYLZV KL +LZJLU[YHSPaHJP}U ` 7VKLY 3VJHS JLSLIYHKV LU :HU 1VZt LU HNVZ[V KL ,ZWLJxÄJHTLU[L LU LS [LTH KL YLMVYTHZ LSLJ[VYHSLZ ZL HJVYK} LZ[H[\PY SHZ LSLJJPVULZ KPMLYLUJPHKHZ KL YLNPKVYLZ ZxUKPJVZ ` HSJHSKLZ T\UPJPWHSLZ JVTV NY\WV YLZWLJ[V KL SHZ LSLJJPVULZ UHJPVUHSLZ LU SHZ X\L ZL LSPNLU 7YLZPKLU[L =PJLWYLZPKLU[LZ ` +PW\[HKVZ 3H \IPJHJP}U KL SHZ LSLJJPVULZ KL HSJHSKL WHYH PUPJPHY M\UJPVULZ LU MLIYLYV ZPN\PLU[L H SHZ LSLJJPVULZ WYLZPKLUJPHSLZ YLWVY[H JVTWSPJHJPVULZ M\UJPVUHSLZ H SV PU[LYUV KL SH PUZ[P[\JP}U T\UPJPWHS ,U LZL ZLU[PKV LS WYLZ\W\LZ[V KLS H|V LU X\L PUPJPH M\UJPVULZ HX\LSSH H\[VYPKHK LZ HWYVIHKV ` WYLZLU[HKV WVY LS *VUJLQV 4\UPJPWHS LU[YL HNVZ[V ` ZL[PLTIYL KLS H|V HU[LYPVY ZPLUKV X\L HS (SJHSKL LU[YHU[L UV WHY[PJPWH LU SH LSHIVYHJP}U KLS WYLZ\W\LZ[V JVU LS X\L KLIL [YHIHQHY LS WYPTLY H|V KL NLZ[P}U ` LZV PUJPKL LU Z\ WYVNYHTH KL NVIPLYUV LU [tYTPUVZ KL KPZWVUPIPSPKHK KL YLJ\YZVZ ,Z HZx JVTV LS PUPJPV KL M\UJPVULZ KL THULYH WHYP[HYPH WHYH HSJHSKLZ ` YLNPKVYLZ SVZ ZP[\HYxH LU PN\HSKHK KL JVUKPJPVULZ YLZWLJ[V KLS WYLZ\W\LZ[V ` H SH ]La L]PKLUJPHYxH SH ULJLZPKHK KL \UH YLMVYTH WHYH WVZPIPSP[HY \UH LSHIVYHJP}U WYLZ\W\LZ[HYPH TmZ JLYJHUH JVU LS LMLJ[P]V KLZLTWL|V KLS U\L]V NVIPLYUV SVJHS ,U LZL ZLU[PKV 0IPK W L PN\HSTLU[L (3-(96 6W *P[ W 4LTVYPH KLS 7YPTLY *VUNYLZV KL +LZJLU[YHSPaHJP}U ` 7VKLY 3VJHS <UP}U UHJPVUHS KL .VIPLYUVZ 3VJHSLZ *65(+,*6 0-(4 ` 4PUPZ[LYPV KL :LN\YPKHK 7 ISPJH *VZ[H 9PJH HNVZ[V KL W ,U LZL ZLU[PKV A,3,+Ô5 6W *P[ W

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

<U HZWLJ[V SPNHKV JVU SH MHS[H KL \UH J\S[\YH KL NVIPLYUVZ SVJHSLZ LU LS WHxZ LZ LS MHJ[VY HYYHZ[YL X\L W\LKL NLULYHYZL HS \IPJHY JVUJVTP[HU[LTLU[L SHZ LSLJJPVULZ SVJHSLZ JVU SHZ UHJPVUHSLZ 9LJ\tYKLZL X\L LS THYNLU KL HIZ[LUJPVUPZTV LU ]V[HJPVULZ KL YLNPKVYLZ X\L ZL YLHSPaHYVU LU TPZTH MLJOH X\L SHZ LSLJJPVULZ WYLZPKLUJPHSLZ M\L KL \U HWYV_PTHKV TPLU[YHZ X\L LS KL HSJHSKLZ ZxUKPJVZ ` JVUJLQHSLZ LU KPJPLTIYL KL M\L KL \U ,S MHJ[VY HYYHZ[YL VWLYH KL THULYH ]HYPHISL LU LZWHJPV ` [PLTWV KLS [LYYP[VYPV UHJPVUHS KP]LYZPKHK X\L HTLYP[H \U LZ[\KPV HKPJPVUHS H LZ[H PU]LZ[PNHJP}U 5V VIZ[HU[L SV JPLY[V LZ X\L SH ]V[HJP}U WHYH H\[VYPKHKLZ SVJHSLZ OH KLTVZ[YHKV H UP]LS LZ[HKxZ[PJV ZLY TmZ U\[YPKH H\UX\L UV LX\PWHYHISL H SH ]V[HJP}U WHYH 7YLZPKLU[L V SLNPZSHKVYLZ J\HUKV JVU]LYNLU JVU LSLJJPVULZ WYLZPKLUJPHSLZ ` UV ULJLZHYPHTLU[L WVY PU[LYtZ LU LZ[Y\J[\YHY LS NVIPLYUV SVJHS ZPUV WVYX\L HJ\KPLUKV H tZ[HZ LS LSLJ[VY J\LU[H JVU SH MHJPSPKHK KL SSLUHY SHZ WHWLSL[HZ LU [VKHZ SHZ JH[LNVYxHZ PUJS\PKHZ SH KL W\LZ[VZ SVJHSLZ ZP LZ X\L ZL SL MHJPSP[HU ;HS HÄYTHJP}U YLZ\S[H S}NPJH W\LZ ZP LS ]V[HU[L [\]PLZL WSLUH JVUJPLUJPH KL SH PTWVY[HUJPH KL LSLNPY KLTVJYm[PJHTLU[L H Z\Z YLWYLZLU[HU[LZ SVJHSLZ UV ZL OHIYxH WYLZLU[HKV \UH LZJHSHKH [HU JVUZPKLYHISL LU SVZ WVYJLU[HQLZ KL HIZ[LUJPVUPZTV LU \U TPZTV H|V JVTV M\L LS JHZV KL SHZ LSLJJPVULZ KL WVY Z\W\LZ[V YLJVUVJPLUKV V[YHZ ]HYPHISLZ X\L HKLTmZ PUJYLTLU[HYVU LS H\ZLU[PZTV LU SHZ \YUHZ WHYH LS WYVJLZV LSLJ[VYHS JLSLIYHKV LU KPJPLTIYL KL LZL H|V 6[YV KL SVZ J\LZ[PVUHTPLU[VZ H SH JVUJ\YYLUJPH KL LSLJJPVULZ T\UPJPWHSLZ LU KPJPLTIYL KLS H|V LU X\L ZL YLHSPaHU SHZ LSLJJPVULZ UHJPVUHSLZ ZVU KL [PWV SVNxZ[PJV +PJPLTIYL LZ LS TLZ KL LZ[HJP}U SS\]PVZH LU T\JOHZ aVUHZ KLS WHxZ H SV X\L ZL Z\TH X\L LU LZH tWVJH ÄUHSPaH LS H|V LZJVSHY JVU Z\ JVUZLJ\LU[L WLYxVKV KL L_mTLULZ ` ZL HWYV_PTH SH JLSLIYHJP}U KL SH 5H]PKHK LU \U W\LISV X\L LZ KL SVZ WVJVZ ,Z[HKVZ JVUMLZPVUHSLZ KLS T\UKV KL [HS Z\LY[L X\L SH H[LUJP}U KLS LSLJ[VY LZ[m KPZWLYZH V ZL ]L SPTP[HKH WVY SHZ ]HYPHISLZ HW\U[HKHZ YLZ[YPUNPLUKV KL HSN\UH THULYH Z\ JVUJ\YYLUJPH H SHZ LSLJJPVULZ ÄQHKHZ WHYH LZHZ MLJOHZ ;HTIPtU LZ ]mSPKV WLUZHY X\L ZP LZL TPZTV H|V ZL YLWVY[HYVU LSLJJPVULZ UHJPVUHSLZ LS JP\KHKHUV ` SVZ YLWYLZLU[HU[LZ LZ[H[HSLZ V WHY[PKHYPVZ X\L HJ\KPLYVU H LZL WYVJLZV WYLZLU[HYmU \U L]LU[\HS KLZNHZ[L ;VKVZ SVZ HU[LYPVYLZ HZWLJ[VZ HW\U[HU H SH ULJLZPKHK KL LZ[H[\PY SHZ LSLJJPVULZ T\UPJPWHSLZ KL THULYH KPMLYLUJPHKH WLYV LU JVUQ\U[V WHYH HJHSKLZ YLNPKVYLZ ZxUKPJVZ ` JVUJLQHSLZ 7YLMLYPISLTLU[L LU LZ[HJP}U ZLJH LU WLYPVKV KL ]HJHJPVULZ LZ[\KPHU[PSLZ X\L SL WLYTP[HU H SVZ WHKYLZ Q}]LULZ ` UP|VZ WHY[PJPWHY KL LZL WYVJLZV LSLJ[VYHS LU MLJOH HQLUH H SH 5H]PKHK ` JVU Z\ÄJPLU[L SLQHUxH KL SHZ LSLJJPVULZ UHJPVUHSLZ WHYH X\L LS LSLJ[VYHKV ` SVZ KPMLYLU[LZ WYV[HNVUPZ[HZ KL SH TH[LYPH LSLJ[VYHS W\LKHU WYLWHYHYZL WHYH HMYVU[HY [HSLZ LSLJJPVULZ JVU LS JVUVJPTPLU[V ` YLÅL_P}U X\L TLYLJLU ]HSNH YLJVYKHY X\L WHYH SHZ WHZHKHZ LSLJJPVULZ T\UPJPWHSLZ KLS ,S MHJ[VY HYYHZ[YL OH \[PSPaHKV [LYTPUVS}NPJHTLU[L WVY SVZ HUHSPZ[HZ WVSx[PJVZ WHYH L_WSPJHY SH WYLMLYLUJPH KLS LSLJ[VY H ]V[HY WVY KPW\[HKVZ ` NVILYUHU[LZ T\UPJPWHSLZ KLS TPZTV WHY[PKV WVSx[PJV KLS JHUKPKH[V WYLZPKLUJPHS KL Z\ WYLMLYLUJPH LZWLJPHSTLU[L J\HUKV SHZ LSLJJPVULZ H LZVZ W\LZ[VZ ZL SSL]HU H JHIV KL THULYH ZPT\S[HULH ,U LZL ZLU[PKV HSN\UVZ WVSP[}SVNVZ JVTV -LYUHUKV :mUJOLa Z\NPLYLU X\L LU *VZ[H 9PJH SHZ LSLJJPVULZ KL SLNPZSHKVYLZ ` M\UJPVUHYPVZ T\UPJPWHSLZ ZL ]LU M\LY[LTLU[L PUÅ\LUJPHKHZ WVY SHZ LSLJJPVULZ WHYH 7YLZPKLU[L ,U JYP[LYPV KL LZ[L H\[VY ` LUMVJmUKVZL WYVWPHTLU[L H SHZ LSLJJPVULZ SLNPZSH[P]HZ L_WSPJH X\L WYVIHISLTLU[L LZL HYYHZ[YL ZL KH WVYX\L LU JYP[LYPV KLS LSLJ[VY HZx HZLN\YH H Z\ JHUKPKH[V WYLZPKLUJPHS (Zx LU :(5*/,A -LYUHUKV :PZ[LTH ,SLJ[VYHS ` 7HY[PKVZ 7VSx[PJVZ! 0UJLU[P]VZ OHJPH LS IPWHY[PKPZTV LU *VZ[H 9PJH (U\HYPV KL ,Z[\KPVZ *LU[YVHTLYPJHUVZ =VS W :PU LTIHYNV V[YVZ LZ[\KPVZVZ JVTV (3-(96 6W *P[ W HK]PLY[LU X\L ZP IPLU SH ZPT\S[HULPKHK KL SVZ WYVJLZVZ LSLJ[VYHSLZ WYLZPKLUJPHSLZ WHYSHTLU[HYPVZ ` T\UPJPWHSLZ LQLYJLU PUÅ\LUJPH LU SVZ YLZ\S[HKVZ LSLJ[VYHSLZ \U LZ[\KPV LZ[HKxZ[PJV KL H L]PKLUJPH X\L LZL UV LZ \U MHJ[VY KL[LYTPUHU[L W\LZ SVZ JP\KHKHUVZ OHU HJYLJLU[HKV Z\ [LUKLUJPH H MYHJJPVUHY LS ]V[V

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

PUJS\ZV M\L ULJLZHYPV Z\ZWLUKLY LS WYVJLZV LSLJJPVUHYPV LU SH WYV]PUJPH KL 3PT}U ` LU SVZ JHU[VULZ KL (S]HYHKV 1PTtULa ` ;\YYPHSIH KL SH WYV]PUJPH KL *HY[HNV ` :HYHWPX\x KL SH WYV]PUJPH KL /LYLKPH LU YHa}U KL SS\]PHZ L PU\UKHJPVULZ LU SH aVUH ,Z[H ZP[\HJP}U VISPN} YLWVULY ` YLHSPaHY SHZ LSLJJPVULZ YLZWLJ[P]HZ LU LZHZ SVJHSPKHKLZ LS KL LULYV KLS

I *\LZ[PVUHTPLU[V YLZWLJ[V H SH L_JS\ZP}U KL VYNHUPaHJPVULZ Jx]PJHZ LS ZPZ[LTH KL SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ ` J\LZ[PVUHTPLU[VZ H SH IHYYLYH LSLJ[VYHS! ,S ZPZ[LTH KL KLZPNUHJP}U KL SHZ H\[VYPKHKLZ N\ILYUHTLU[HSLZ H UP]LS SVJHS LZ \UH YtWSPJH KL SH TL[VKVSVNxH LTWSLHKH WHYH LSLNPY H SVZ TPLTIYVZ KLS 7VKLY ,QLJ\[P]V V 3LNPZSH[P]V H UP]LS UHJPVUHS ZLN U JVYYLZWVUKH ,U KP]LYZVZ MVYVZ YLSHJPVUHKVZ JVU LS HJVU[LJLY UHJPVUHS ZL OH WYVW\LZ[V SH ULJLZPKHK KL YLMVYTHY SH SLNPZSHJP}U WHYH X\L SHZ VYNHUPaHJPVULZ Jx]PJHZ W\LKHU WYVWVULY JHUKPKH[VZ H SVZ *VUJLQVZ 4\UPJPWHSLZ V +PZ[YP[HSLZ ` HKLTmZ ZL PTWVUNH \U ZPZ[LTH KL ]V[V WYLMLYLUJPHS ` UV WVY SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ ,S ; : , TLKPHU[L WYV`LJ[V KL YLMVYTH PU[LNYHS HS *}KPNV ,SLJ[VYHS WYLZLU[HKV LU SH (ZHTISLH 3LNPZSH[P]H LU MLIYLYV KL WYVW\ZV SH Y\W[\YH KLS TVUVWVSPV KL SVZ WHY[PKVZ WVSx[PJVZ LU SH WVZ[\SHJP}U KL JHUKPKH[\YHZ H LZJHSH SVJHS OHIPSP[HUKV SH ÄN\YH KL SVZ NY\WVZ PUKLWLUKPLU[LZ L_WLKPLU[L (KLTmZ LS WYV`LJ[V WYVWVUL V[YH ZLYPL KL TLKPKHZ JVTV LS KLZISVX\LV KL SPZ[HZ WHYH X\L SVZ LSLJ[VYLZ LQLYaHU LS ]V[V WYLMLYLU[L H KVZ JHUKPKH[VZ KL SH U}TPUH KLS WHY[PKV ` SH LSPTPUHJP}U KL SH IHYYLYH LSLJ[VYHS 3HZ WYVW\LZ[HZ YLMLYPKHZ H YVTWLY LS TVUVWVSPV KL SVZ WHY[PKVZ LU SH TLKPHJP}U JVU LS LSLJ[VYHKV Z\WVUKYxH JVTV TxUPTV \UH YLMVYTH SLNHS ` WHYH HSN\UVZ OHZ[H JVUZ[P[\JPVUHS H ÄU KL WLYTP[PY SH MVYT\SHJP}U KL JHUKPKH[\YHZ HS THYNLU KL SVZ WHY[PKVZ WVSx[PJVZ ` MH]VYLJLYxH HKLTmZ YLWSHU[LHYZL LS ZPZ[LTH KL LSLJJP}U WVY SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ X\L VWLYH [HTIPtU H UP]LS SLNPZSH[P]V ZL OHISH KL KLZHMLJ[HY LS ISVX\LV KL SHZ SPZ[HZ V LZ[H[\PY \UH WVZPIPSPKHK KL JVTIPUHJP}U ,U SH HJ[\HSPKHK SH :HSH *VUZ[P[\JPVUHS JVUVJL KL HJJP}U KL PUJVUZ[P[\JPVUHSPKHK L_W *6 YLMLYLU[L H SH WLY[PULUJPH KL THU[LULY LS TVUVWVSPV KL SVZ WHY[PKVZ WVSx[PJVZ JVTV UPJH MVYTH KL WHY[PJPWHY LU SHZ KP]LYZHZ LSLJJPVULZ WVW\SHYLZ 3H WVZ[\YH KL SH (Zx ZL YLZL|H LU 4LTVYPH KLS 7YPTLY *VUNYLZV KL +LZJLU[YHSPaHJP}U ` 7VKLY 3VJHS 6W *P[ W ` SV 9LZJH[H 40+,73(5 LU Z\ 7SHU HS WYVWVULY \UH YLMVYTHY HS *}KPNV ,SLJ[VYHS ` LS *}KPNV 4\UPJPWHS WHYH WLYTP[PY X\L SHZ ` SVZ JP\KHKHUVZ W\LKHU WYLZLU[HY JHUKPKH[\YHZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY ZPU ULJLZPKHK KL WLY[LULJLY H WHY[PKVZ WVSx[PJVZ ` WHYH X\L SHZ LSLJJPVULZ T\UPJPWHSLZ ZL SSL]LU H JHIV H TLKPV WLYxVKV 0UMVYTHJP}U KPZWVUPISL LU O[[W! ^^^ TPKLWSHU NV JY WUK 7SHU ,JVUVTPJV 3\JOH JVYY\WJPVU PUKL_ O[TS JVUZ\S[HKV LS 0N\HSTLU[L LS ;:, TLKPHU[L WYV`LJ[V KL YLMVYTH PU[LNYHS HS *}KPNV ,SLJ[VYHS WYLZLU[HKV H SH (ZHTISLH 3LNPZSH[P]H LU MLIYLYV KLS WYVW\ZV SH Y\W[\YH KLS TVUVWVSPV KL SVZ WHY[PKVZ WVSx[PJVZ LU SH WVZ[\SHJP}U KL JHUKPKH[\YHZ H LZJHSH SVJHS OHIPSP[HUKV SH ÄN\YH KL SVZ NY\WVZ PUKLWLUKPLU[LZ L_W ,S WYV`LJ[V W\LKL JVUZ\S[HYZL LU SH WmNPUH LSLJ[Y}UPJH KLS ;:, ^^^ [ZL NV JY ,S WYV`LJ[V W\LKL JVUZ\S[HYZL LU SH WmNPUH LSLJ[Y}UPJH KLS ;:, ^^^ [ZL NV JY

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

7YVJ\YHK\YxH .LULYHS KL SH 9LW‚ISPJH OH HTWHYHKV LZH L_JS\ZP]PKHK LU TH[LYPH KL LSLJJPVULZ T\UPJPWHSLZ TPLU[YHZ X\L JVUZ\S[HKV LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LZ KL SH VWPUP}U KL X\L LU LZHZ ]V[HJPVULZ UV HWSPJH SH L_JS\ZP]PKHK KL SVZ WHY[PKVZ WVSx[PJVZ (S YLZWLJ[V LS ;:, JVUZPKLY} X\L SH YLN\SHJP}U KLS HY[xJ\SV JVUZ[P[\JPVUHS UV ZL L_[PLUKL HS mTIP[V KL SHZ LSLJJPVULZ T\UPJPWHSLZ W\LZ LS U\TLYHS ZL YLÄLYL H SH ¸WVSx[PJH UHJPVUHS¹ :PN\PLUKV LZ[H TPZTH S}NPJH LS JVUZ[P[\`LU[L YLN\S} SV YLSH[P]V HS ÄUHUJPHTPLU[V LSLJ[VYHS WHYH SHZ LSLJJPVULZ UHJPVUHSLZ KL WYLZPKLU[L ]PJLWYLZPKLU[LZ ` KPW\[HKVZ TmZ UV WYL]P} LS ÄUHUJPHTPLU[V KL SHZ LSLJJPVULZ T\UPJPWHSLZ ( SVZ J\LZ[PVUHTPLU[VZ ZL Z\THU SHZ PU[LYYVNHU[LZ KL THU[LULY SH IHYYLYH LSLJ[VYHS ,U +LYLJOV ,SLJ[VYHS Z\LSLU LTWSLHYZL JVTV ZPU}UPTVZ SVZ ]VJHISVZ IHYYLYH LSLJ[VYHS IHYYLYH SLNHS IHYYLYH TxUPTH V [HTIPtU \TIYHS TxUPTV 5VOSLU ! ¸:L KLÄUL JVTV [HS H SHZ KPZWVZPJPVULZ UVYTH[P]HZ X\L YLN\SHU V SPTP[HU LS HJJLZV H SH WHY[PJPWHJP}U KL HSN\UVZ WHY[PKVZ WVSx[PJVZ V JHUKPKH[VZ LU SH ]PKH KL \UH ZVJPLKHK WVSx[PJH X\L UV OH`HU HSJHUaHKV \UH ]V[HJP}U KL[LYTPUHKH ` WVY SV [HU[V UV [PLULU LS KLYLJOV KL VJ\WHY \U LZJH|V LU LS 7HYSHTLU[V V *VUNYLZV :LN‚U 5VOSLU ZL OHISH KL \UH IHYYLYH SLNHS J\HUKV ZL SPTP[H LS KLYLJOV KL SVZ WHY[PKVZ H SH HZPNUHJP}U KL LZJH|VZ UV WVY TLKPV KL MHJ[VYLZ PUOLYLU[LZ HS ZPZ[LTH LSLJ[VYHS ZPUV WVY TLKPV KL SH KL[LYTPUHJP}U KL JVUKPJPVULZ LZWLJPHSLZ ¹ *VTV ZL OH PUKPJHKV LU WmYYHMVZ HU[LYPVYLZ LU *VZ[H 9PJH SH IHYYLYH LSLJ[VYHS SH PUZ[H\YH LS Z\IJVJPLU[L WLYKPLUKV SVZ WHY[PKVZ X\L UV HSJHUaHU LZL WVYJLU[HQL SH WVZPIPSPKHK KL VI[LULY W\LZ[VZ KL YLWYLZLU[HJP}U WVW\SHY ,S KLZJVU[LU[V Z\YNL WVYX\L LS ZPZ[LTH L_W\LZ[V WVKYxH LU KL[LYTPUHKVZ Z\W\LZ[VZ MH]VYLJLY X\L ZL KPZ[YPI\`HU LZJH|VZ WVY JPMYHZ YLZPK\HSLZ X\L YLZ\S[HU PUMLYPVYLZ HS [V[HS KL ]V[HJP}U VI[LUPKH WVY SVZ WHY[PKVZ L_JS\PKVZ LU YHa}U KL SH HWSPJHJP}U KL SH IHYYLYH LSLJ[VYHS :L HK\JL \U MH]VYLJPTPLU[V H SVZ WHY[PKVZ TH`VYP[HYPVZ ,U \UH KLTVJYHJPH YLWYLZLU[H[P]H JVTV SH UHJPVUHS [L}YPJHTLU[L LS ]V[V [PLUL PN\HS ]HSVY :PU LTIHYNV LS ZPZ[LTH KL IHYYLYH LSLJ[VYHS WHYLJPLYH SLNP[PTHY \U ZLZNV WHYH LS ZLJ[VY WVISHJPVUHS X\L TLKPHU[L Z\ Z\MYHNPV KPV \UH J\V[H KL[LYTPUHKH KL HWV`V H \UH YLWYLZLU[HJP}U WVSx[PJH 3V HU[LYPVY J\HUKV SSLNHKV LS JHZV ZL WYPVYPaHU JPMYHZ YLZPK\HSLZ PUJS\ZV ZPNUPÄJH[P]HTLU[L T\` PUMLYPVYLZ H SH [V[HSPKHK VI[LUPKH WVY LS WHY[PKV TPUVYP[HYPV X\L UV SVNY} VI[LULY LS Z\IJVJPLU[L ( UP]LS KL LSLJJPVULZ T\UPJPWHSLZ YLZ\S[H KL[LYTPUHU[L ]PZ\HSPaHY WVY TLKPV KL SH HZPNUHJP}U KL \UH J\V[H YLWYLZLU[H[P]H H [VKVZ SVZ ZLJ[VYLZ KLS LSLJ[VYHKV ,U LZL ZLU[PKV SH IHYYLYH LSLJ[VYHS SPTP[H SH WHY[PJPWHJP}U PN\HSP[HYPH KL SVZ WHY[PKVZ TPUVYP[HYPVZ LU KL[YPTLU[V KLS NY\WV WVISHJPVUHS X\L OH KLWVZP[HKV Z\ HWV`V H tZ[VZ HS HJ\KPY H SHZ \YUHZ LSLJ[VYHSLZ

*YP[LYPV ]LY[PKV LU L_WLKPLU[L *6 KL SH :HSH *VUZ[P[\JPVUHS WVY LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZWLJ[V KL HJJP}U KL PUJVUZ[P[\JPVUHSPKHK WYLZLU[HKH YLZWLJ[V KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS ,U O[[W! ^^^ PPKO LK JY JVT\UPKHKLZ YLKLSLJ[VYHS KVJZ YLKFKPJJPVUHYPV IHYYLYH LSLJ[VYHS O[T JVUZ\S[HKV LS

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

,U KLร UP[P]H ` YLZWLJ[V HS [LTH SVZ WSHU[LHTPLU[VZ ZL JLU[YHU LU [YLZ HZWLJ[VZ! 7VZ[\SHJP}U [HTIPtU WLYTP[PKH H NY\WVZ PUKLWLUKPLU[LZ =V[V WYLMLYLU[L X\L WVKYxH ZLYSV WHYH ZVSV KVZ WSHaHZ JVU SV J\HS LS YLZ[V X\LKH KLU[YV KL \UH SPZ[H JLYYHKH X\L WHZH H ZLYSV KLZISVX\LHKH V[YHZ SH[P[\KLZ WLYTP[LU SH WVZ[\SHJP}U HIPLY[H LU LS TVTLU[V KL SH ]V[HJP}U ยธSPZ[H HIPLY[Hยน ,SPTPUHJP}U KL SH IHYYLYH LSLJ[VYHS

J (\ZLUJPH KL ร UHUJPHTPLU[V TLKPHU[L KL\KH WVSx[PJH KL SVZ WVZ[\SHU[LZ KL JHUKPKH[\YHZ H UP]LS SVJHS! *VTV ZL L_W\ZV LU SxULHZ Z\WLYPVYLZ WVY SH MVYTH LU X\L ZL HWYVI} SH YLMVYTH X\L WLYTP[L SH LSLJJP}U WVW\SHY KL HSJHSKLZ ZxUKPJVZ ` JVUJLQHSLZ UV ZL YLHSPa} \UH TVKPร JHJP}U PU[LNYHS X\L WLYTP[PLYH KPTLUZPVUHY SVZ HSJHUJLZ H UP]LS KL KL\KH WVSx[PJH UP ZL [VT} SH WYL]PZP}U KL X\L SVZ WHY[PKVZ WVSx[PJVZ KLZ[PUHYHU HSN\UH WYVWVYJP}U KL tZ[H WHYH JVHK`\]HY H UP]LS PU[LYUV JVU LZHZ WVZ[\SHJPVULZ ,Z TmZ [VKH SH UVYTH[P]H KLS *}KPNV ,SLJ[VYHS LU J\HU[V H SPX\PKHJPVULZ ` YLJVUVJPTPLU[V KL SVZ NHZ[VZ WHY[PKHYPVZ WVY LZL JVUJLW[V WLUKLU KL SHZ LSLJJPVULZ UHJPVUHSLZ KL 7YLZPKLU[L =PJLWYLZPKLU[L ` +PW\[HKVZ 7HYH JVTWSPJHY TmZ LS WHUVYHTH HS VI]PHYZL SH JVUZ\S[H WYL]PH KLS WYV`LJ[V HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ZL JHYLJP} KLS JYP[LYPV KL LZH PUZ[HUJPH LU SH TH[LYPH 3H NYHU SPTP[HJP}U LU LZ[L LQL [LTm[PJV LZ SV KPZW\LZ[V LU LS U\TLYHS JVUZ[P[\JPVUHS ` LU SVZ HY[xJ\SVZ ` ZPN\PLU[LZ KLS *}KPNV ,SLJ[VYHS LU LS ZLU[PKV X\L LS ,Z[HKV JVU[YPI\PYm LU \U KLS 70) H Z\MYHNHY NHZ[VZ KL SVZ WHY[PKVZ WVSx[PJVZ WHY[PJPWHU[LZ LU SHZ LSLJJPVULZ WHYH 7YLZPKLU[L =PJLWYLZPKLU[L ` WHYH +PW\[HKVZ KL SH (ZHTISLH 3LNPZSH[P]H ,S PUJPZV KLS [L_[V JVUZ[P[\JPVUHS YLZ[YPUNL SH JVU[YPI\JP}U H SVZ WHY[PKVZ X\L HSJHUJLU \U KL SVZ Z\MYHNPVZ LTP[PKVZ H LZJHSH UHJPVUHS V SVZ PUZJYP[VZ H UP]LS WYV]PUJPHS X\L VI[\]PLYLU LZL TPZTV WVYJLU[HQL V LSPNPLYLU WVY SV TLUVZ H \U +PW\[HKV 5V ZL J\LU[H LU[VUJLZ JVU M\UKHTLU[V JVUZ[P[\JPVUHS UP SLNHS WHYH HKTP[PY LS ร UHUJPHTPLU[V TLKPHU[L SH KL\KH WVSx[PJH LU TH[LYPH KL LSLJJPVULZ T\UPJPWHSLZ

= ยฆ5,*,:0+(+ +, <5( 9,-694( +,3 :0:;,4( +, ,3,**065,: 4<50*07(3,:& 7967<,:;(: 3,.0:3(;0=(: @ *90;,906: 1<9ร +0*6: +, 9,3,=(5*0( ,S WHUVYHTH UHJPVUHS KLZJYP[V H UP]LS KL LSLJJPVULZ KL M\UJPVUHYPVZ SVJHSLZ KL LSLJJP}U WVW\SHY PUULNHISLTLU[L L]PKLUJPH \U WYVJLZV ZLJJPVUHKV KLS JVU[L_[V KLTVJYm[PJV KLS WHxZ JHYHJ[LYPaHKV WVY SHN\UHZ UVYTH[P]HZ LU HZWLJ[VZ M\UKHTLU[HSLZ X\L NHYHU[PaHYxHU \UH LMLJ[P]H YLWYLZLU[HJP}U KL SHZ JPYJ\UZJYPWJPVULZ [LYYP[VYPHSLZ

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

:PU KLZTLYP[HY LS SVNYV WVY KLTVJYH[PaHY SH LSLJJP}U KL [VKVZ SVZ WYV[HNVUPZ[HZ KLS NVIPLYUV SVJHS ZL YLX\PLYLU YLMVYTHZ PUTPULU[LZ LZWLJPHSTLU[L LU J\HU[V H SH \IPJHJP}U [LTWVYHS KL LZVZ WYVJLZVZ LSLJ[VYHSLZ ` LU LS WSHUV WYLZ\W\LZ[HYPV 5V ZL OHU OLJOV LZWLYHY KP]LYZVZ WYV`LJ[VZ KL SL` LU WYVJ\YH KL TLQVYHY LU LS ZPZ[LTH LSLJ[VYHS KLZJYP[V +LU[YV KL SVZ TmZ YLSL]HU[LZ ZL OH KL TLUJPVUHY SVZ ZPN\PLU[LZ! ,_WLKPLU[L SLNPZSH[P]V ! :\ VIQL[P]V LYH X\L SHZ LSLJJPVULZ T\UPJPWHSLZ KL YLNPKVYLZ HSJHSKLZ ZxUKPJVZ ` JVUJLQHSLZ HZx JVTV PU[LUKLU[LZ ZL YLHSPaHYHU LS WYPTLY KVTPUNV KL MLIYLYV KVZ H|VZ KLZW\tZ KL SH LSLJJP}U KLS 7YLZPKLU[L =PJLWYLZPKLU[LZ ` +PW\[HKVZ H SH (ZHTISLH 3LNPZSH[P]H +PJOV WYV`LJ[V JVU[} JVU LS HWV`V KLS -VYV KL 7HY[PJPWHJP}U *P\KHKHUH ,_WLKPLU[L SLNPZSH[P]V ! *VU[LTWSH SH TVKPÄJHJP}U KL SVZ HY[xJ\SVZ ` KLS *}KPNV 4\UPJPWHS SL` 5¢ KLS KL HIYPS KL ` KL SVZ HY[xJ\SVZ ` ` Z\Z YLMVYTHZ KLS *}KPNV ,SLJ[VYHS SL` 5¢ KL KL KPJPLTIYL KL JVU LS ÄU KL X\L [VKHZ SHZ H\[VYPKHKLZ SVJHSLZ ZLHU LSLJ[HZ WVW\SHYTLU[L LS WYPTLY KVTPUNV KL MLIYLYV JVYYLZWVUKPLU[L HS ZLN\UKV H|V WVZ[LYPVY H SH ‚S[PTH LSLJJP}U KL 7YLZPKLU[L =PJLWYLZPKLU[LZ KL SH 9LW‚ISPJH ` +PW\[HKVZ 0N\HS X\L LS HU[LYPVY JVU[} JVU LS HWV`V KLS -VYV KL 7HY[PJPWHJP}U *P\KHKHUH ,_WLKPLU[L SLNPZSH[P]V ! 7YVWVUL YLMVYTHY LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS WHYH X\L SVZ JHUKPKH[VZ H (SJHSKL 9LNPKVY ` :xUKPJV T\UPJPWHS ` SVZ TPLTIYVZ KL SVZ *VUJLQVZ KL +PZ[YP[V W\LKHU WVZ[\SHY Z\ UVTIYL JVTV JHUKPKH[VZ HU[L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KL THULYH PUKLWLUKPLU[L V WVY TLKPV KL WHY[PKVZ WVSx[PJVZ" VIZLY]HUKV SVZ YLX\PZP[VZ TxUPTVZ ÄQHKVZ LU LS *}KPNV 4\UPJPWHS WHYH ZLY JHUKPKH[V ` KLZLTWL|HY LS JHYNV +PJOV WYV`LJ[V J\LU[H JVU KPJ[HTLU ULNH[P]V KLS +LWHY[HTLU[V KL :LY]PJPVZ ;tJUPJVZ KL SH (ZHTISLH 3LNPZSH[P]H X\L HS YLZWLJ[V YLÄYP}! ¸:VIYL LS WHY[PJ\SHY LS HY[xJ\SV JVUZ[P[\JPVUHS L_WYLZH X\L ¸3VZ JP\KHKHUVZ [LUKYmU LS KLYLJOV KL HNY\WHYZL LU WHY[PKVZ WHYH PU[LY]LUPY LU SH WVSx[PJH UHJPVUHS ZPLTWYL X\L SVZ WHY[PKVZ ZL JVTWYVTL[HU LU Z\Z WYVNYHTHZ H YLZWL[HY LS VYKLU JVUZ[P[\JPVUHS KL SH 9LW‚ISPJH 3VZ WHY[PKVZ WVSx[PJVZ L_WYLZHYHU LS WS\YHSPZTV WVSx[PJV JVUJ\YYPYmU H SH MVYTHJP}U ` THUPMLZ[HJP}U KL SH ]VS\U[HK WVW\SHY ` ZLYmU PUZ[Y\TLU[VZ M\UKHTLU[HSLZ WHYH SH WHY[PJPWHJP}U WVSx[PJH :\ JYLHJP}U ` LS LQLYJPJPV KL Z\ HJ[P]PKHK ZLYmU SPIYLZ KLU[YV KLS YLZWL[V H SH *VUZ[P[\JP}U ` SH SL` :\ LZ[Y\J[\YH PU[LYUH ` M\UJPVUHTPLU[V KLILYmU ZLY KLTVJYm[PJVZ¹ SH ULNYPSSH ` LS Z\IYH`HKV UV ZVU KLS VYPNPUHS ;VKV SV HU[LYPVY WLYTP[L JVUJS\PY X\L KL JVUMVYTPKHK JVU LS WYLJLW[V JVUZ[P[\JPVUHS LZ ‚UPJHTLU[L H [YH]tZ KL SVZ WHY[PKVZ WVSx[PJVZ X\L Z\Z TPLTIYVZ W\LKLU VW[HY JVTV 7\ISPJHJP}U KLS KL THYaV KL IHQV LS [x[\SV 9tNPTLU 4\UPJPWHS LU O[[W! ^^^ PMHT NV JY 7HNPUH0-(4 HZW_ YLNPTLUT\UP JH[FZQYF HZW_ JVUZ\S[HKV LS 0IPK ,_WLKPLU[L 5¢ KL SH (ZHTISLH 3LNPZSH[P]H KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

JHUKPKH[VZ KL SVZ JP[HKVZ W\LZ[VZ 7VY V[YH WHY[L SV X\L KPZWVUL ZVIYL LS WHY[PJ\SHY LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS LZ X\L SVZ JHUKPKH[VZ H YLNPKVYLZ ` ZxUKPJVZ T\UPJPWHSLZ ZL KLZPNUHYmU ZLNย U WYLZJYPIH LS LZ[H[\[V KL JHKH WHY[PKV WVSx[PJV ยน *VTV ZL HK]PY[P} HU[LYPVYTLU[L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LZ KLS JYP[LYPV X\L HS YLMLYPYZL LS JVUZ[P[\`LU[L H SHZ LSLJJPVULZ ยธUHJPVUHSLZยน L_JS\`} H SHZ T\UPJPWHSLZ ` WVY LUKL UV JVTWHY[PYxH LS JYP[LYPV KL ZLY]PJPVZ [tJUPJVZ KL SH (ZHTISLH 3LNPZSH[P]H (KLTmZ OHIYxH X\L YLJVYKHY X\L WVY [YH[HYZL KL TH[LYPH LSLJ[VYHS LS ;YPI\UHS KLIL ZLY JVUZ\S[HKV ZVIYL LS [LTH ,_WLKPLU[L 3LNPZSH[P]V 5 ยข ! 7YVWVUL YLMVYTHY LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH WHYH SLNP[PTHY SHZ LSLJJPVULZ KL TLKPV WLYPVKV KL M\UJPVUHYPVZ SVJHSLZ KL LSLJJP}U WVW\SHY ` HZLN\YHYm LS YLJVUVJPTPLU[V KL SH KL\KH WVSx[PJH ,S [L_[V WYVW\LZ[V WYLZLU[H SH ZPN\PLU[L YLKHJJP}U! ยธ(Y[xJ\SV ,S HSJHSKL ` SVZ YLNPKVYLZ T\UPJPWHSLZ ZLYmU LSLNPKVZ TLKPHU[L LSLJJPVULZ KL TLKPV WLYxVKV X\L ZL YLHSPaHYmU LS WYPTLY KVTPUNV KL MLIYLYV KVZ H|VZ KLZW\tZ KL SHZ LSLJJPVULZ UHJPVUHSLZ WHYH LSLNPY WYLZPKLU[L ]PJLWYLZPKLU[LZ ` KPW\[HKVZ ` ZL PUZ[HSHYmU LS WYPTLYV KL TH`V KLS H|V JVYYLZWVUKPLU[L ,S HSJHSKL ` SVZ YLNPKVYLZ T\UPJPWHSLZ ZLYmU LSLNPKVZ WVY J\H[YV H|VZ ` KLZLTWL|HYHU Z\Z JHYNVZ VISPNH[VYPHTLU[L ,S ,Z[HKV JVU[YPI\PYm H Z\MYHNHY SVZ NHZ[VZ LU X\L PUJ\YYHU SVZ WHY[PKVZ WVSx[PJVZ LU LZ[HZ LSLJJPVULZ JVU \U JLYV JVTH JLYV [YLZ WVY JPLU[V KLS WYVK\J[V PU[LYUV IY\[V KLS H|V [YHZHU[LYPVY H SH JLSLIYHJP}U KL SH LSLJJP}U WHYH WYLZPKLU[L ]PJLWYLZPKLU[LZ KL SH 9LWย ISPJH ` KPW\[HKVZ H SH (ZHTISLH 3LNPZSH[P]H 3H SL` KL[LYTPUHYm LU X\t JHZVZ WVKYm HJVYKHYZL \UH YLK\JJP}U KL KPJOV WVYJLU[HQL 7HYH YLJPIPY LZ[L HWVY[L KLS ,Z[HKV SVZ WHY[PKVZ KLILYmU JVTWYVIHY Z\Z NHZ[VZ HU[L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ;LUKYmU KLYLJOV H SH JVU[YPI\JP}U LZ[H[HS SVZ WHY[PKVZ WVSx[PJVZ X\L WHY[PJPWLU LU SVZ WYVJLZVZ LSLJ[VYHSLZ ZL|HSHKVZ LU LZ[L HY[xJ\SV ` HSJHUJLU HS TLUVZ \U J\H[YV WVY JPLU[V KL SVZ Z\MYHNPVZ ]mSPKHTLU[L LTP[PKVZ WHYH SVZ WHY[PKVZ PUZJYP[VZ H LZJHSH UHJPVUHS LU JHKH JHU[}U KVUKL WHY[PJPWLU JVU JHUKPKH[\YHZ V SVZ PUZJYP[VZ H LZJHSH WYV]PUJPHS X\L VI[LUNHU JVTV TxUPTV LZL WVYJLU[HQL LU SH WYV]PUJPH V LSPQHU WVY SV TLUVZ \U HSJHSKL V HSJHSKLZH V KVZ YLNPKVYLZ V YLNPKVYHZ 3H SL` KL[LYTPUHYm LS Uย TLYV KL YLNPKVYLZ ` SH MVYTH LU X\L HJ[\HYmU :PU LTIHYNV SHZ T\UPJPWHSPKHKLZ KL SVZ JHU[VULZ JLU[YHSLZ KL WYV]PUJPHZ LZ[HYmU PU[LNYHKHZ WVY UV TLUVZ KL JPUJV YLNPKVYLZ WYVWPL[HYPVZ L PN\HS Uย TLYV KL Z\WSLU[LZ ยน

6ร JPV 5ยข KLS +LWHY[HTLU[V KL :LY]PJPVZ ;tJUPJVZ KL SH (ZHTISLH 3LNPZSH[P]H LSHIVYHKV WVY SH 3PJKH ;H[PHUH (YPHZ 9HTxYLa WW ,_WLKPLU[L 5 ยข KL SH (ZHTISLH 3LNPZSH[P]H KL *VZ[H 9PJH

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

,Z[L WYV`LJ[V LZ KLS H|V ` JVTV \UV KL SVZ TmZ U\L]VZ ZVIYL LS [LTH JHYLJL KLS LZ[\KPV WLY[PULU[L WHYH WVUKLYHY Z\ ]PHIPSPKHK :PU LTIHYNV YL[VTH KVZ KL SVZ WYPUJPWHSLZ J\LZ[PVUHTPLU[VZ HS ZPZ[LTH LSLJ[VYHS LZ[\KPHKV ZLH LU J\HU[V H \IPJHJP}U [LTWVYHS KL SHZ SLJJPVULZ SVJHSLZ ` LU SV H[PULU[L HS WYLZ\W\LZ[V :PLTWYL LU TH[LYPH KL YLMVYTHZ Q\YxKPJHZ KLS ZPZ[LTH LSLJ[VYHS KL NVIPLYUVZ SVJHSLZ YLZ\S[H PS\Z[YH[P]V LS JYP[LYPV ]LY[PKV TLKPHU[L KPJ[HTLU 61 KL KL Q\SPV KLS KL SH 7YVJ\YHK\YxH .LULYHS KL SH 9LW‚ISPJH ,S LZ[\KPV YLZWVUKL \UH JVUZ\S[H KL SH *VTPZP}U KL (Z\U[VZ 1\YxKPJVZ KL SH (ZHTISLH 3LNPZSH[P]H YLZWLJ[V HS [LTH KL SH WVZPISL LSLJJP}U KL YLNPKVYLZ T\UPJPWHSLZ H TLKPV WLYxVKV ,U WYPTLY [tYTPUV HJSHYH LS }YNHUV Z\WLYPVY JVUZ\S[P]V X\L SH TH[LYPH H KL[LYTPUHY LZ WYVWPH KL SH KPZJYLJPVUHSPKHK SLNPZSH[P]H WVY SV X\L ZL L_WVUL LZ \UH TLYH VWPUP}U Q\YxKPJH KL SH 7YVJ\YHK\YxH .LULYHS KL SH 9LW‚ISPJH ZPU UPUN‚U LMLJ[V ]PUJ\SHU[L WHYH SH (ZHTISLH 3LNPZSH[P]H WVY UV ZLY (KTPUPZ[YHJP}U 7‚ISPJH /LJOH LZH HK]LY[LUJPH LZ[PTH LS 7YVJ\YHKVY *VUZ[P[\JPVUHS +Y -LYUHUKV *HZ[PSSV X\L SHZ LSLJJPVULZ KL SVZ YLNPKVYLZ T\UPJPWHSLZ H TLKPV WLYxVKV JVUZ[P[\JPVUHS ¸YLZ\S[HU JVU]LUPLU[LZ ULJLZHYPHZ ` MVY[HSLJLU SH KLTVJYHJPH JVZ[HYYPJLUZL¹ ,U HIVUV KL [HS WVZPJP}U ZL YLZJH[H X\L OHZ[H LS H|V KL LU *VZ[H 9PJH ZL YLHSPaHYVU LSLJJPVULZ KL TLKPV WLYxVKV WHYH LSLNPY SH TP[HK KL SVZ TPLTIYVZ KLS *VUNYLZV *VUZ[P[\JPVUHS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KL KL KPJPLTIYL KL <UH KL SHZ [HU[HZ PUUV]HJPVULZ X\L [PLUL SH *VUZ[P[\JP}U 7VSx[PJH KL LZ SH LSPTPUHJP}U KL SHZ LSLJJPVULZ KL TLKPV WLYxVKV ` SH JHYYLYH WHYSHTLU[HYPH ,S JVUZ[P[\`LU[L ZL KLJHU[} WVYX\L SHZ LSLJJPVULZ WHYH 7YLZPKLU[L ` =PJLWYLZPKLU[LZ KL SH 9LW‚ISPJH HY[xJ\SV JVUZ[P[\JPVUHS SVZ TPLTIYVZ KLS 7VKLY 3LNPZSH[P]V U\TLYHS JVUZ[P[\JPVUHS ` SVZ YLNPKVYLZ T\UPJPWHSLZ HY[xJ\SV JVUZ[P[\JPVUHS ZL YLHSPaHYHU LS TPZTV KxH 3V HU[LYPVY [PLUL Z\ M\UKHTLU[V LU LS WYPUJPWPV KL PU[LYWYL[HJP}U KL \UPKHK KL SH *VUZ[P[\JP}U LS J\HS Z\WVUL X\L SHZ UVYTHZ JVUZ[P[\JPVUHSLZ UV W\LKLU PU[LYWYL[HYZL LU MVYTH HPZSHKH ZPUV X\L OHU KL YLMLYPYZL H SH [V[HSPKHK KLS [L_[V *VTV WYPTLYH VIZLY]HJP}U H JYP[LYPV KL SH 7YVJ\YHK\YxH! ¸LS YLN\SHY SHZ LSLJJPVULZ KL TLKPV WLYxVKV WHYH SVZ YLNPKVYLZ T\UPJPWHSLZ UV LZ \UH TH[LYPH KPZWVUPISL KLS SLNPZSHKVY W\LZ ZL LUJ\LU[YH UVYTHKH LU SH *HY[H -\UKHTLU[HS *VUZLJ\LU[LTLU[L ZVSV TLKPHU[L LS LQLYJPJPV KLS 7VKLY 9LMVYTHKVY ZL WVKYxH SSL]HY H I\LU [tYTPUV SH PKLH X\L UVZ VJ\WH¹ (KLTmZ ZL HW\U[H X\L KLZKL HS KxH KL OV` ZPLTWYL ZL OH YLHSPaHKV LU SH TPZTH MLJOH SHZ LSLJJPVULZ WHYH LSLNPY SVZ TPLTIYVZ KLS 7VKLY ,QLJ\[P]V 3LNPZSH[P]V ` 4\UPJPWHS JVU L_JLWJP}U KL SH ZLN\UKH ]\LS[H LU SHZ LSLJJPVULZ WHYH 7YLZPKLU[L ` =PJLWYLZPKLU[LZ KL SH 9LW‚ISPJH LU LS H|V KL TH[LYPH WYL]PZ[H LU LS U\TLYHS JVUZ[P[\JPVUHS" TPLU[YHZ X\L SH LSLJJP}U KL SVZ HSJHSKLZ ` V[YVZ M\UJPVUHYPVZ KLS YtNPTLU T\UPJPWHS [HTIPtU LU LZL TPZTV H|V LZ TH[LYPH UV YLN\SHKH LU SH *HY[H -\UKHTLU[HS ` WVY JVUZPN\PLU[L KPZWVUPISL WHYH SLNPZSHKVY

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

(WV`HUKV LS WYVJLKPTPLU[V KL SH YLMVYTH WHYJPHS H SH *HY[H -\UKHTLU[HS WHYH LZ[HISLJLY SHZ LSLJJPVULZ KL YLNPKVYLZ T\UPJPWHSLZ H TP[HK KL WLYxVKV JVUZ[P[\JPVUHS LS ZL|VY 7YVJ\YHKVY HYN\`L X\L HS KLZ]PUJ\SHYZL SH LSLJJP}U KL SVZ YLNPKVYLZ T\UPJPWHSLZ KL SH LSLJJP}U KL 7YLZPKLU[L =PJLWYLZPKLU[LZ KL SH 9LWย ISPJH ` +PW\[HKVZ ZL YVTWL LS ยธTVUVWVSPVยน X\L LQLYJLU LZHZ LSLJJPVULZ ZVIYL SH HJ[P]PKHK WVSx[PJV LSLJ[VYHS WVY SV TLUVZ LU LS mTIP[V JHU[VUHS ` ZL WLYTP[L HZx WVZ[\SHY H WLYZVUHZ KL TH`VY [YH`LJ[VYPH PU[LNYPKHK SPKLYHaNV ` JHWHJPKHK WHYH LZVZ W\LZ[VZ *VTV JVU[YHWHY[PKH ZL JVUZPKLYH X\L LS J\LYWV LSLJ[VYHS [LUKYxH \U JVU[L_[V WHYH WYLZ[HY TH`VY H[LUJP}U H LZ[L [PWV KL LSLJJPVULZ WV[LUJPHUKV SH WHY[PJPWHJP}U WVSx[PJH PU[LSPNLU[L KL SVZ LSLJ[VYLZ ` L]LU[\HSTLU[L MVY[HSLJPTPLU[V SH KLTVJYHJPH :L YLJ\LYKH LU LS KPJ[HTLU LU J\LZ[P}U X\L LU SH TH`VYxH KL SVZ WHxZLZ KLS T\UKV SHZ LSLJJPVULZ KL TLKPV WLYxVKV ZL JP[H LS JHZV KL SVZ ,Z[HKVZ <UPKVZ KL (TtYPJH KVUKL LS :LUHKV ZL YLU\L]H \U [LYJPV KL SH [V[HSPKHK KL Z\Z TPLTIYVZ JHKH KVZ H|VZ ` SH *mTHYH KL 9LWYLZLU[HU[LZ LU Z\ [V[HSPKHK [HTIPtU JHKH KVZ H|VZ" V JVTV VJ\YYL LU ,\YVWH JVU SHZ LSLJJPVULZ YLNPVUHSLZ X\L LZ[mU ZLWHYHKHZ KL SHZ LSLJJPVULZ WHYSHTLU[HYPHZ PTWSPJHU \U TLJHUPZTV KL JVU[YVS KLS LSLJ[VYHKV ZVIYL SH THYJOH KLS NVIPLYUV KL [HS MVYTH X\L ZP LS TPZTV ]V[H LU JVU[YH KLS WHY[PKV WVSx[PJV X\L LQLYJL LS 7VKLY V KL Z\Z HSPHKVZ JHZV KL SHZ JVHSPJPVULZ LZ T\` WYVIHISL X\L ZL YLJ[Pร X\L SHZ WVSx[PJHZ X\L ZL OHU ]LUPKV ZPN\PLUKV 3H 7YVJ\YHK\YxH Z\NPLYL HKLTmZ X\L UV Z}SV ZL LSPQHU H TLKPV WLYxVKV SVZ TPLTIYVZ KLS *VUJLQV 4\UPJPWHS ZPUV [HTIPtU LS (SJHSKL [HU[V WHYH L]P[HY \U KVISL NHZ[V H JH\ZH KL KVZ LSLJJPVULZ LU LS YtNPTLU T\UPJPWHS JVTV WVY ZLY SV TmZ JVU]LUPLU[L H SVZ PU[LYLZLZ Wย ISPJVZ LS X\L SVZ WHY[PKVZ WVSx[PJVZ WYLZLU[LU \UH WSH[HMVYTH WVSx[PJH NLULYHS JVUNY\LU[L ,Z[H YLร L_P}U LZ L_[LUZP]H WHYH SVZ V[YVZ M\UJPVUHYPVZ KLS YtNPTLU T\UPJPWHS X\L ZVU LSLJ[VZ WVW\SHYTLU[L [HSLZ JVTV! ZxUKPJVZ TPLTIYVZ KL SVZ JVUJLQVZ T\UPJPWHSLZ KL KPZ[YP[V TPLTIYVZ KL SVZ JVUJLQVZ KL KPZ[YP[VZ L[J 6[YVZ HZWLJ[VZ X\L ]PZ\HSPaH SH 7YVJ\YHK\YxH JVTV LZLUJPHSLZ KLS WYVJLZV LSLJ[VYHS SVJHS ZVU LU LS JHZV KL VW[HYZL WVY SHZ LSLJJPVULZ KL TLKPV WLYxVKV LZ M\UKHTLU[HS YLN\SHY LS WSHaV KL SH JHTWH|H LSLJ[VYHS HZx JVTV KLร UPY ZP SVZ WHY[PKVZ WVSx[PJVZ ` SVZ NY\WVZ LSLJ[VYHSLZ PUKLWLUKPLU[LZ ยถ LU JHZV KL WLYTP[PYZL Z\ WHY[PJPWHJP}U LU SH JVU[PLUKH [LUKYxHU V UV KLYLJOV H SH JVU[YPI\JP}U KLS ,Z[HKV LU PN\HSKHK KL JVUKPJPVULZ SV X\L [HTIPtU Z\WVUKYxH \UH YLMVYTH HS U\TLYHS KL SH *HY[H -\UKHTLU[HS +L SHZ HU[LYPVYLZ WYVW\LZ[HZ SLNPZSH[P]HZ ` JYP[LYPVZ Q\YxKPJVZ ZL JVSPNL X\L SH ULJLZPKHK KL YLMVYTHY V UVYTHY HKLJ\HKHTLU[L LS ZPZ[LTH KL LSLJJP}U WVW\SHY KL SVZ NVILYUHU[LZ SVJHSLZ LZ \UH ]LYKHKLYH ULJLZPKHK X\L Z\YNL WHYH PUZ[Y\TLU[HSPaHY LZ[VZ WYVJLZVZ JVTV WHY[L KL SH KLTVJYHJPH YLWYLZLU[H[P]H ( L_JLWJP}U KL SHZ PU[LYYVNHU[LZ ZVIYL LS ZPZ[LTH KL SPZ[HZ JLYYHKHZ V LS [LTH KLS KVTPJPSPV LSLJ[VYHS SHZ WYPUJPWHSLZ KPZJVUMVYTPKHKLZ JVU LS ZPZ[LTH LSLJ[VYHS ]PNLU[L H UP]LS KL NVIPLYUVZ SVJHSLZ OHU ZPKV HIVYKHKVZ LU KPMLYLU[LZ WYV`LJ[VZ SLNPZSH[P]VZ :PU \U THYJV LSLJ[VYHS X\L WLYTP[H H SVZ HZWPYHU[LZ KL SVZ NVIPLYUVZ SVJHSLZ WYLWHYHY \UH WYVW\LZ[H KL THUKV PU[LNYHS LU \U JVU[L_[V KVUKL ZL WYVWPJPL SH HTWSPH WHY[PJPWHJP}U KLS LSLJ[VYHKV SH YLMVYTH ]PNLU[L UV WHZHYm KL ZLY \U LZM\LYaV H[VTPaHKV WVY YLJVIYHY SH SLNP[PTPKHK KL SVZ

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

WYVJLZVZ WVSx[PJVZ X\L ZL ]P]LU LU LS WHxZ 7VY V[YH WHY[L \UHZ LSLJJPVULZ T\UPJPWHSLZ JHYLU[LZ KL \U HKLJ\HKV ÄUHUJPHTPLU[V LU \UH UHJP}U JVU LZJHZH [YHKPJP}U KL NVIPLYUV SVJHSPZ[HZ M\LY[LZ [PLUL WVIYLZ LZWLYHUaHZ KL JVUZVSPKHYZL ` JVU]LY[PYZL LU \U TLJHUPZTV HZLY[P]V X\L NHYHU[PJL \U HKLJ\HKV UP]LS KL NVILYUHIPSPKHK LU SHZ JPYJ\UZJYPWJPVULZ [LYYP[VYPHSLZ ,Z[VZ ZVU SVZ KVZ [LTHZ X\L ZLN U LS WYLZLU[L LZ[\KPV YLX\PLYLU KL \UH YLZW\LZ[H PUTLKPH[H 3V HU[LYPVY ZPU KLZTLYP[HY SH PTWVY[HUJPH KL YL]PZHY SH L_JS\ZP}U KL JHUKPKH[\YHZ UV WHY[PKHYPHZ LU SHZ LSLJJPVULZ SVJHSLZ V J\LZ[PVUHYZL SH ULJLZPKHK KL YLMVYTHY LS ZPZ[LTH KL SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ HZx JVTV LZ[\KPHY SH WVZPIPSPKHK KL SPTP[HY KL HSN\UH THULYH SHZ KPZ[VYZPVULZ LSLJ[VYHSLZ X\L W\LKL KLZWYLUKLYZL KL SHZ ]HYPHJPVULZ LU LS KVTPJPSPV LSLJ[VYHS WVY WHY[L KL ]V[HU[LZ JHUKPKH[VZ ` M\UJPVUHYPVZ N\ILYUHTLU[HSLZ KL SVZ T\UPJPWPVZ

*65*3<:0Ô5! *VU SH LU[YHKH LU ]PNLUJPH KLS *}KPNV 4\UPJPWHS KL LS ZPZ[LTH LSLJ[VYHS WH[YPV KPV \U ]PYHQL ZPNUPÄJH[P]V HS JVTWSL[HY SH LSLJJP}U WVW\SHY KL SVZ W\LZ[VZ KL NVIPLYUV LU SVZ NVIPLYUVZ SVJHSLZ :PU LTIHYNV KPJOH SLNPZSHJP}U PTWYLZPVUH JVTV \U WYVJLZV ZLJJPVUHKV KLS JVU[L_[V KLTVJYm[PJV KLS WHxZ JHYHJ[LYPaHKV WVY SHN\UHZ UVYTH[P]HZ LU HZWLJ[VZ M\UKHTLU[HSLZ X\L NHYHU[PaHYxHU \UH LMLJ[P]H YLWYLZLU[HJP}U KL SHZ JPYJ\UZJYPWJPVULZ [LYYP[VYPHSLZ ,Z ULJLZHYPV YLWSHU[LHYZL SH \IPJHJP}U [LTWVYHS KL SHZ LSLJJPVULZ T\UPJPWHSLZ KL THULYH X\L tZ[HZ ZL YLHSPJLU LU JVUQ\U[V WHYH [VKVZ SVZ W\LZ[VZ N\ILYUHTLU[HSLZ H UP]LS SVJHS WYLMLYPISLTLU[L JVTV ¸LSLJJPVULZ KL TLKPV WLYPVKV¹ ` LU JVUKPJPVULZ X\L WLYTP[HU H [VKVZ SVZ WYV[HNVUPZ[HZ KL \U WYVJLZV LSLJ[VYHS [LULY \UH HTWSPH WVZPIPSPKHK KL WHY[PJPWHJP}U *VU]PLUL [HTIPtU WYVWVULY SH TVKPÄJHJP}U KLS ZPZ[LTH KL IHYYLYH LSLJ[VYHS X\L WVKYxH SPTP[HY SH YLWYLZLU[HJP}U KL WHY[PKVZ TPUVYP[HYPVZ LU SHZ LSLJJPVULZ T\UPJPWHSLZ HZx JVTV SVZ ZPZ[LTHZ WHYH KPZ[YPI\PY SVZ W\LZ[VZ KL LSLJJP}U WVW\SHY TLKPHU[L SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ 7VY LS JHYmJ[LY JVYWVYH[P]V KL SVZ NVIPLYUVZ SVJHSLZ LZ KL[LYTPUHU[L HTWSPHY SVZ TLJHUPZTVZ KL LMLJ[P]H YLWYLZLU[HJP}U KLS LSLJ[VYHKV ,U LZL VYKLU KL PKLHZ PN\HSTLU[L LZ TLULZ[LY WVUKLYHY SHZ WVZPIPSPKHKLZ SLNHSLZ ` JVUZ[P[\JPVUHSLZ KL X\L H UP]LS KL LSLJJPVULZ WVY SVZ T\UPJPWPVZ ZL WLYTP[H YVTWLY LS TVUVWVSPV KL WHY[PJPWHJP}U TLKPHU[L SHZ LZ[Y\J[\YHZ WHY[PKHYPHZ :VIYL LS [LTH ZLYm PUKPZWLUZHISL LZWLYHY LS JYP[LYPV KL SH :HSH *VUZ[P[\JPVUHS HU[L SH HJJP}U KL PUJVUZ[P[\JPVUHSPKHK X\L ZL [YHTP[H HJ[\HSTLU[L LU LZH Q\YPZKPJJP}U YLMLYLU[L H LZH TH[LYPH /HIYm [HTIPtU X\L KHY JVU[LUPKV JVUZ[P[\JPVUHS HS ÄUHUJPHTPLU[V KL SHZ LSLJJPVULZ T\UPJPWHSLZ W\LZ ZL JHYLJL KL M\UKHTLU[V JVUZ[P[\JPVUHS ` SLNHS WHYH HKTP[PY LS ÄUHUJPHTPLU[V TLKPHU[L SH KL\KH WVSx[PJH LU LS WHY[PJ\SHY ` \UHZ LSLJJPVULZ T\UPJPWHSLZ JHYLU[LZ KL \U HKLJ\HKV ÄUHUJPHTPLU[V LU \UH UHJP}U JVU LZJHZH [YHKPJP}U KL NVIPLYUV SVJHSPZ[HZ M\LY[LZ [PLUL WVIYLZ

5Ø4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ¦=,9+(+,9( 5,*,:0+(+ 6 9,;Ô90*( 763Ð;0*(&

LZWLYHUaHZ KL JVUZVSPKHYZL ` JVU]LY[PYZL LU \U TLJHUPZTV HZLY[P]V X\L NHYHU[PJL \U HKLJ\HKV UP]LS KL NVILYUHIPSPKHK LU SHZ JPYJ\UZJYPWJPVULZ [LYYP[VYPHSLZ :PU \U THYJV LSLJ[VYHS X\L WLYTP[H H SVZ HZWPYHU[LZ KL SVZ NVIPLYUVZ SVJHSLZ WYLWHYHY \UH WYVW\LZ[H KL THUKV PU[LNYHS LU \U JVU[L_[V KVUKL ZL WYVWPJPL SH HTWSPH WHY[PJPWHJP}U KLS LSLJ[VYHKV SH YLMVYTH ]PNLU[L UV WHZHYm KL ZLY \U LZM\LYaV H[VTPaHKV WVY YLJVIYHY SH SLNP[PTPKHK KL SVZ WYVJLZVZ WVSx[PJVZ X\L ZL ]P]LU LU LS WHxZ

5Ø4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

-<,5;,: *65:<3;(+(:! (3-(96 9VUHSK ยธ,SLJJPVULZ T\UPJPWHSLZ ` KLIPSP[HTPLU[V KLS YLZWHSKV ,SLJ[VYHS )PWHY[PKPZ[H LU *VZ[H 9PJH 7LYPVKV ยน ,U! (U\HYPV KL ,Z[\KPVZ *LU[YVHTLYPJHUVZ ! )0+(9; *(476: .LYTmU ยธ+LTVJYHJPH ` YLWYLZLU[HJP}U ! [LUKLUJPHZ JVU[LTWVYmULHZ KLS KLYLJOV LSLJ[VYHSยน ,U! 4LTVYPHZ KLS :LN\UKV *VUNYLZV 0U[LYUHJPVUHS KL +LYLJOV ,SLJ[VYHS 4t_PJV ! <5(4 WYPTLYH LKPJP}U *(9(A6 4HYPV <UH (\KHJPH X\L NLULYH L_WLJ[H[P]HZ ! LSLJJP}U LU SHZ HSJHSKxHZ :HU 1VZt * 9 ! -\UKHJP}U -YPLKYPJO ,ILY[ ! 7YVJLZVZ ! <UP]LYZPKHK KL *VZ[H 9PJH ยธ*PUJV WHY[PKVZ U\L]VZ S\JOHYmU WVY SHZ HSJHSKxHZยน ,U! 3H 5HJP}U ZmIHKV KL HIYPS KL *6:;( 90*( 4PUPZ[LYPV KL 7SHUPร JHJP}U 5HJPVUHS ` 7VSx[PJH ,JVU}TPJH 7SHU ;VTHKV KL! O[[W! ^^^ TPKLWSHU NV JY WUK 7SHU ,JVUVTPJV 3\JOH JVYY\WJPVU PUKL_ O[TS *VUZ\S[HKV LS KL HIYPS KLS +PJJPVUHYPV LSLJ[VYHS ;VTHKWV KL! O[[W! ^^^ PPKO LK JY JVT\UPKHKLZ YLKLSLJ[VYHS KVJZ YLKFKPJJPVUHYPV IHYYLYH LSLJ[VYHS O[T *VUZ\S[HKV LS KL HIYPS KLS ,:7056A( 9V^SHUK ` V[YVZ 3HZ LSLJJPVULZ KL HSJHSKL ` LS ZPZ[LTH KLTVJYm[PJV ! WLYJLWJPVULZ ` L_WLJ[H[P]HZ KL SH WVISHJP}U JVZ[HYYPJLUZL ! LSLJJP}U LU SHZ HSJHSKxHZ :HU 1VZt * 9 ! -\UKHJP}U -YPLKYPJO ,ILY[ ! 7YVJLZVZ ! <UP]LYZPKHK KL *VZ[H 9PJH /,95ร 5+,A =(33, 9\ItU +LYLJOV LSLJ[VYHS JVZ[HYYPJLUZL :HU 1VZt * 9 ! ,KP[VYPHS 1\YPJLU[YV 104i5,A 4HYPHUV ` 961(: 0UNYPK ยธ,S 7VKLY KL SH :HSH *VUZ[P[\JPVUHS LU *VZ[H 9PJHยน ,U ! 9L]PZ[H 7HYSHTLU[HYPH ! KPJPLTIYL KL 3VZ +LYLJOVZ /\THUVZ ` SHZ ,SLJJPVULZ :LYPL KL *HWHJP[HJP}U Uยข *LU[YV KL +LYLJOVZ /\THUVZ KL .PULIYH 65< 4LTVYPH KLS 7YPTLY *VUNYLZV KL +LZJLU[YHSPaHJP}U ` 7VKLY 3VJHS *VZ[H 9PJH <UP}U 5HJPVUHS KL .VIPLYUVZ 3VJHSLZ *65(+,*6 0-(4 ` 4PUPZ[LYPV KL :LN\YPKHK 7ย ISPJH HNVZ[V KL

5ร 4,96 :,.<5+6 :,4,:;9,

9,-694(: ( 3(: ,3,**065,: 4<50*07(3,:! ยฆ=,9+(+,9( 5,*,:0+(+ 6 9,;ร 90*( 763ร ;0*(&

7i9,A 4HYPILS ` (3=(9(+6 9VU\SMV ,S NVIPLYUV SVJHS LU *VZ[H 9PJH" VYNHUPaHJP}U WVSx[PJH ` M\UJPVULZ :HU 1VZt * 9 ! +PYLJJP}U KL .LZ[P}U 4\UPJPWHS KLS 0UZ[P[\[V KL -VTLU[V ` (ZLZVYxH 4\UPJPWHS 0-(4 7i9,A 5PJVSmZ ;YH[HKV KL KLYLJOV WVSx[PJV 4HKYPK ! *0=0;(: 7YV`LJ[V ,Z[HKV KL SH 5HJP}U 0UMVYTL ZVIYL H\KP[VYPH JP\KHKHUH ZVIYL SH JHSPKHK KL SH KLTVJYHJPH *VZ[H 9PJH *HWx[\SV ยธ3VZ .VIPLYUVZ 3VJHSLZยน :HU 1VZt * 9 ! ,S 7YV`LJ[V 9tNPTLU 4\UPJPWHS ;VTHKV KL! O[[W! ^^^ PMHT NV JY 7HNPUH0-(4 HZW_ YLNPTLUT\UP JH[FZQYF HZW_ *VUZ\S[HKV LS KL HIYPS KLS :ร 5*/,A (.,:;( 3\PZ +LTVJYHJPH ` WYVJLZVZ LSLJ[VYHSLZ :HU 1VZt * 9 ! 00+/ *(7,3 :ร 5*/,A -LYUHUKV ยธ:PZ[LTH LSLJ[VYHS ` WHY[PKVZ WVSx[PJVZ! PUJLU[P]VZ OHJPH LS IPWHY[PKPZTV LU *VZ[H 9PJHยน ,U ! (U\HYPV KL ,Z[\KPVZ *LU[YVHTLYPJHUVZ ! =65 +,9 .()3,5;A 6[[V /LPUYPJO 0U[YVK\JJP}U H SH JPLUJPH WVSx[PJH )HYJLSVUH ! ,KP[VYPHS /,+,9 A,3,+ร 5 -LYUHUKV :PLTIYH ]PLU[VZ ! SHZ WYPTLYHZ LSLJJPVULZ KPYLJ[HZ KL HSJHSKLZ LU *VZ[H 9PJH SV T\UPJPWHS ` SHZ [LUKLUJPHZ LU SH J\S[\YH WVSx[PJV LSLJ[VYHS LSLJJP}U LU SHZ HSJHSKxHZ :HU 1VZt * 9 ! -\UKHJP}U -YPLKYPJO ,ILY[ 7YVJLZVZ ` <UP]LYZPKHK KL *VZ[H 9PJH

5694(;0=( *VUZ[P[\JP}U 7VSx[PJH KL *VZ[H 9PJH *}KPNV ,SLJ[VYHS 3L` 5ยข KL KL KPJPLTIYL KL ` Z\Z YLMVYTHZ *}KPNV 4\UPJPWHS 3L` 5ยข KL KL HIYPS KL

3L` .LULYHS KL *VUJLQVZ 4\UPJPWHSLZ KL +PZ[YP[V 5ยข KL KL KPJPLTIYL KL

-<,5;,: 3,.0:3(;0=(:! *VZ[H 9PJH (ZHTISLH 3LNPZSH[P]H ,_WLKPLU[L 5ยข

5ร 4,96 :,.<5+6 :,4,:;9,

.HIYPLSH (N\PSHY /LYYLYH

*VZ[H 9PJH (ZHTISLH 3LNPZSH[P]H +LWHY[HTLU[V L :LY]PJPVZ ;tJUPJVZ 6ÄJPV 5¢ LSHIVYHKV WVY SH 3PJKH ;H[PHUH (YPHZ 9HTxYLa WW *VZ[H 9PJH (ZHTISLH 3LNPZSH[P]H ,_WLKPLU[L 5 ¢

1<90:79<+,5*0(! :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH ]V[V :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH L_WLKPLU[L *6 ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V , KLS KL SHZ KPLa OVYHZ JVU JPUJ\LU[H TPU\[VZ KLS JH[VYJL KL HNVZ[V KL ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V U , KL SHZ VJOV OVYHZ X\PUJL TPU\[VZ KL KPLJPU\L]L KL Q\UPV KLS KVZ TPS KVZ ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V , KL SHZ ! OVYHZ KLS KL Q\SPV KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V U¢ , KL SHZ OVYHZ KLS KL TH`V KL ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]V[V ¢ , KL KL HIYPS KL

+0*;Í4,5,:! 7YVJ\YHK\YxH .LULYHS KL SH 9LW ISPJH 61 KL KL Q\SPV KLS

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,: 4HYxH 4HY[H )YLULZ 4VU[V`H 4R JY'NTHPS JVT

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL TH`V KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\SPV KLS 9LZ\TLU! *VU SH YLMVYTH LU HS *}KPNV 4\UPJPWHS ZL LZ[HISLJP} LU U\LZ[YV WHxZ SH LSLJJP}U KPYLJ[H ` WVW\SHY KL SVZ (SJHSKLZ 4\UPJPWHSLZ 7LZL H SH PTWVY[HUJPH KL LZ[H YLMVYTH WHYH LS MVY[HSLJPTPLU[V KL SH KLTVJYHJPH LU LS H|V LU X\L ZL YLHSPa} WVY WYPTLYH ]La SH LSLJJP}U WVW\SHY KL SVZ (SJHSKLZ ZxUKPJVZ ` JVUJLQHSLZ KL KPZ[YP[V ZL YLNPZ[Y} \U KL HIZ[LUJPVUPZTV LU SHZ \YUHZ OLJOV X\L L]PKLUJP} SH MHS[H KL J\S[\YH WVSx[PJH ` JVUJPLUJPH KL SV SVJHS WLYV ZVIYL [VKV LS ¸THSLZ[HY LU SH WVSx[PJH¹ KL SVZ JP\KHKHUVZ JVZ[HYYPJLUZLZ ,S WYLZLU[L HY[xJ\SV WYL[LUKL LZIVaHY HSN\UHZ KL SHZ WYPUJPWHSLZ JH\ZHZ X\L W\KPLYVU JVUJ\YYPY WHYH X\L ZL YLNPZ[YHYH LZL UP]LS KL HIZ[LUJPVUPZTV ,U \UH WYPTLYH WHY[L ZL YLHSPaH \U HUmSPZPZ [L}YPJV KLS HIZ[LUJPVUPZTV ` KLTmZ ]HYPHISLZ X\L PU[LY]PLULU LU LZ[L MLU}TLUV ` LU \UH ZLN\UKH WHY[L ZL L_WVUL \UH YLÅL_P}U KL SV Z\JLKPKV LU SHZ \YUHZ LU KPJPLTIYL KLS ` LULYV KLS 7HSHIYHZ JSH]LZ! (IZ[LUJPVUPZTV ,SLJJPVULZ T\UPJPWHSLZ *VTWVY[HTPLU[V KLS ]V[V *VTWVY[HTPLU[V LSLJ[VYHS 0U[LUJP}U KLS ]V[V 7HY[PJPWHJP}U JP\KHKHUH =V[V (IZ[YHJ[! +PYLJ[ HUK WVW\SHY LSLJ[PVU VM 4\UPJPWHS 4H`VYZ [VVR WSHJL PU V\Y JV\U[Y` PU [OHURZ [V [OL HTLUKTLU[ VM [OL 4\UPJPWHS *VKL 0U ZWP[L VM [OL H[[LTW[ VM [OPZ SH^ TVKPÄJH[PVU MVY Z[YLUN[OLU KLTVJYHJ` PU ^OLU *VZ[H 9PJH JLSLIYH[LK P[Z ]LY` ÄYZ[ WVW\SHY LSLJ[PVU MVY 4H`VYZ +PZ[YPJ[ +LSLNH[LZ HUK +PZ[YPJ[ *V\UJPSTLU ¸UVU JP[PaLU WHY[PJPWH[PVU¹ YHUNLK \W [V ;OH[ MHJ[ UV[ VUS` KLTVUZ[YH[LZ SHJR VM WVSP[PJHS J\S[\YL HUK JVUZJPLUJL VM SVJHS LSLJ[PVUZ I\[ P[ THPUS` ZOV^Z *VZ[H 9PJHU JP[PaLU»Z ¸KLJLW[PVU VU 7VSP[PJZ¹ ;OL WYLZLU[ HY[PJSL PZ PU[LUKLK [V V\[SPUL ZVTL VM [OL THPU JH\ZLZ MVY Z\JO SL]LS VM ¸UVU JP[PaLU WHY[PJPWH[PVU¹ ;OL ÄYZ[ WHY[ VM [OL LZZH` KLHSZ ^P[O H [OLVYL[PJHS HUHS`ZPZ VM ¸UVU JP[PaLU WHY[PJPWH[PVU¹ HUK V[OLY ]HYPHISLZ [OH[ [HRL WHY[ PU [OPZ WOLUVTLUVU ^OLYLHZ [OL ZLJVUK WHY[ L_WVZLZ H YLÅLJ[PVU VU ^OH[ OHWWLULK PU [OL LSLJ[PVUZ JLSLIYH[LK PU +LJLTILY HUK 1HU\HY` 2L` ^VYKZ! 5VU JP[PaLU WHY[PJPWH[PVU 4\UPJPWHS LSLJ[PVUZ =V[LY ILOH]PVY ,SLJ[VYHS ILOH]PVY =V[L PU[LU[PVU *P[PaLU 7HY[PJPWH[PVU =V[L

3L[YHKH KL SH :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH 3PJLUJPHKH LU +LYLJOV WVY SH <UP]LYZPKHK KL *VZ[H 9PJH ,Z[\KPHU[L KL SH 4HLZ[YxH KL +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

05;96+<**0Ô5 ,S KPSLTH ZVIYL SH WHY[PJPWHJP}U ]LYZ\Z SH YLWYLZLU[HJP}U JVUZ[P[\`L \UV KL SVZ W\U[VZ TmZ KLIH[PKVZ LU SH [LVYxH WVSx[PJH +LMLUZVYLZ KL \UH \ V[YH WVZPJP}U OHU LUMH[PaHKV SHZ IVUKHKLZ KL JHKH PUZ[P[\[V Z\IYH`HUKV LU LS WYPTLY JHZV SH PTWVY[HUJPH KL SH PUJS\ZP}U KL SVZ JP\KHKHUVZ LU SVZ WYVJLZVZ KL [VTH KL KLJPZPVULZ ` LU LS ZLN\UKV YLZHS[HUKV SH ULJLZPKHK KL LSLNPY H X\PLU KL HJ\LYKV JVU U\LZ[YHZ WYLMLYLUJPHZ ` HÄUPKHKLZ PKLVS}NPJHZ WVSx[PJHZ JYLLUJPHZ ]HSVYLZ JVUZPKLYLTVZ LS TmZ HW[V WHYH X\L UVZ YLWYLZLU[L LU KPJOVZ WYVJLZVZ KLJPZVYPVZ 3V HU[LYPVY KHKV X\L YLZ\S[H KPMxJPS X\L [VKVZ ` JHKH \UV KL SVZ JP\KHKHUVZ WHY[PJPWLU KPYLJ[H ` HJ[P]HTLU[L LU LZH [VTH KL KLJPZPVULZ ,Z JSHYV X\L LS mNVYH NYPLNH JVUZ[P[\`L \U MVYV PKLHS KL KPZJ\ZP}U ` KL ZVS\JP}U KL SVZ WYVISLTHZ W‚ISPJVZ X\L HX\LQHU H SVZ JP\KHKHUVZ LU KVUKL JHKH \UV KL LSSVZ [LUKYxH SH WVZPIPSPKHK KL JVUVJLY ` SV TmZ PTWVY[HU[L KHY Z\ VWPUP}U WHYH SSLNHY H LZ[HISLJLY HJ\LYKVZ YLZWLJ[V KL KL[LYTPUHKHZ mYLHZ ` HZx [VTHY SHZ KLJPZPVULZ X\L JVYYLZWVUKHU :PU LTIHYNV LZH YL\UP}U YLZ\S[H \UH \[VWxH UV Z}SV WVYX\L SHZ ZVJPLKHKLZ HJ[\HSLZ LZ[mU JVUMVYTHKHZ WVY TPSSVULZ KL OHIP[HU[LZ ZPUV X\L WVY Z\Z WYVWPHZ JHYHJ[LYxZ[PJHZ KL OL[LYVNLULPKHK ` KPM\ZP}U YLZ\S[HYxH OHY[V JVTWSPJHKV SSLNHY H LZ[HISLJLY ZPX\PLYH KPZJ\ZPVULZ HY[PJ\SHKHZ ` TLUVZ H‚U LZ[HISLJLY W\U[VZ JVUZLUZ\HSLZ ,Z[L KLIH[L OH HKX\PYPKV YLSL]HUJPH LU [PLTWVZ KL JYPZPZ KLTVJYm[PJH JHYHJ[LYPaHKVZ WVY LS J\LZ[PVUHTPLU[V KLS JVU[YVS ]LY[PJHS H [YH]tZ KLS ]V[V ` LS KLIPSP[HTPLU[V KL SH JVUÄHUaH LU SVZ WVSx[PJVZ X\PLULZ JHKH ]La TmZ WPLYKLU JHWHJPKHK KL YLZW\LZ[H LMLJ[P]H H SHZ KLTHUKHZ WSHU[LHKHZ WVY Z\Z YLWYLZLU[HKVZ ,U LZ[L JVU[L_[V YL[VTH M\LYaH SH PKLH KL WHY[PJPWHJP}U JP\KHKHUH ZVIYL [VKV LU SH LZMLYH SVJHS PUZ[HUJPH MH]VYHISL WHYH SH PU[LY]LUJP}U PUTLKPH[H KL SHZ WLYZVUHZ LU SH I‚ZX\LKH KL ZVS\JPVULZ H Z\Z WYVISLTHZ 3HZ PKLHZ WYLJLKLU[LZ ZPY]LU KL WYLmTI\SV WHYH LU[LUKLY SH KPZJ\ZP}U PKLVS}NPJH X\L LZ[\]V KL[YmZ KL SH YLMVYTH VWLYHKH LU HS *}KPNV 4\UPJPWHS H [YH]tZ KL SH J\HS ZL LZ[HISLJP} SH LSLJJP}U KPYLJ[H KL SVZ (SJHSKLZ 4\UPJPWHSLZ ,Z[H [YHUZMVYTHJP}U KLIL LU[LUKLYZL JVTV \U *SmZPJVZ L_WVULU[LZ KL LZ[H KPZJ\ZP}U ZVU 9V\ZZLH\ X\PLU LU Z\ VIYH LS *VU[YH[V :VJPHS H[HJH M\LY[LTLU[L SH PKLH KL SH YLWYLZLU[HJP}U HS LZ[PTHY X\L ¸L_WYVWPH¹ SH ]VS\U[HK KLS W\LISV 7VY V[YH WHY[L 4VU[LZX\PL\ LU LS ,ZWxYP[\ KL SHZ SL`LZ HZLN\Y} X\L LU \U ,Z[HKV KL NYHU [HTH|V YLZ\S[HIH PTWVZPISL X\L SVZ PUKP]PK\VZ ZL YL\UPLYHU LU \U J\LYWV KLSPILYH[P]V WVY SV X\L YLZ\S[H PUKPZWLUZHISL ¸LZJVNLY YLWYLZLU[HU[LZ X\L OPJPLYHU SV X\L LSSVZ UV WVKxHU OHJLY WVY Zx TPZTVZ¹ =LY HS YLZWLJ[V >VSKLUILYN 1VZt ` )LJLYYH 9PJHYKV 9LWYLZLU[HJP}U 7VSx[PJH +PJJPVUHYPV ,SLJ[VYHS BO[[W! ^^^ PPKO LK JY JHWLS D KL THYaV KLS +LIL X\LKHY JSHYV X\L LZH WHY[PJPWHJP}U UV ZL JPYJ\UZJYPIL H SH HJ[P]PKHK KL SVZ JP\KHKHUVZ WHYH KLZPNUHY H Z\Z NVILYUHU[LZ ZPUV SH LUJHTPUHKH H PUÃ…\PY LU SH MVYTHJP}U KL SH WVSx[PJH SVJHS 4VSPUH =LNH 1VZt , ` 7tYLa )HYHS[ *HYTLU 7HY[PJPWHJP}U 7VSx[PJH +PJJPVUHYPV ,SLJ[VYHS BO[[W! ^^^ PPKO LK JY JHWLS D KL THYaV KLS =LY HS YLZWLJ[V 9VKYxN\La -SVYPZHILS ` ALSLK}U -LYUHUKV 7mN ,S WYV`LJ[V KL SH YLMVYTH ZL NLZ[} LU SH *VTPZP}U KL (Z\U[VZ 4\UPJPWHSLZ KL SH (ZHTISLH 3LNPZSH[P]H ` UV LU SH KL (Z\U[VZ ,SLJ[VYHSLZ +L HJ\LYKV HS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH SH (KTPUPZ[YHJP}U KL SVZ PU[LYLZLZ ` ZLY]PJPVZ SVJHSLZ LU JHKH JHU[}U LZ[m H JHYNV KLS .VIPLYUV 4\UPJPWHS MVYTHKV KL \U J\LYWV KLSPILYHU[L PU[LNYHKV WVY YLNPKVYLZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY ` KL \U M\UJPVUHYPV LQLJ\[P]V X\L KLZPNUHYm SL` 7VY Z\ WHY[L LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS KLUVTPUH HSJHSKL T\UPJPWHS HS M\UJPVUHYPV LQLJ\[P]V PUKPJHKV LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH (U[LZ KL SH LSLJJP}U KLS (SJHSKL 4\UPJPWHS SH YLHSPaHIH LS *VUJLQV 4\UPJPWHS OLJOV X\L JYLHIH \UH M\LY[L Z\IVYKPUHJP}U ` KLWLUKLUJPH KLS WYPTLYV YLZWLJ[V HS }YNHUV JVSLNPHKV +L OLJOV KL HJ\LYKV H \U LZ[\KPV YLHSPaHKV WVY LS 0-(4 LZL TVKV KL KLZPNUHJP}U KL SVZ (SJHSKLZ YLWLYJ\[xH ZLYPHTLU[L LU LS JVTWYVTPZV KLS ,QLJ\[P]V 4\UPJPWHS OHJPH Z\ JVT\UPKHK W\LZ OHIxH \UH SLHS[HK WHY[PKHYPH X\L PTWYLNUHIH Z\

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

LZSHI}U KLU[YV KLS WYVJLZV KL MVY[HSLJPTPLU[V KL SVZ NVIPLYUVZ SVJHSLZ ` WVY LUKL KL ¸SV SVJHS¹ X\L ZL OHIxH ]LUPKV NLZ[HUKV ]HYPVZ H|VZ H[YmZ PTW\SZHKV WYPUJPWHSTLU[L KLZKL SHZ WYVWPHZ JVT\UPKHKLZ 3H PKLH KL ZLWHYHY SHZ LSLJJPVULZ T\UPJPWHSLZ KL SHZ LSLJJPVULZ UHJPVUHSLZ UV LYH U\L]H ,U SH KtJHKH KL SVZ ZL[LU[HZ O\IV \U NY\WV KL WHY[PKHYPVZ H LZ[L KLZSPUKL ZPU LTIHYNV LS JSPTH WVSx[PJV KL SH tWVJH PTWYLNUHKV KLS M\LY[L JLU[YHSPZTV X\L OH JHYHJ[LYPaHKV H U\LZ[YV ZPZ[LTH WVSx[PJV UV JVU[YPI\`} H X\L VWLYHYH LZ[H PUUV]HJP}U -\L OHZ[H LS H|V X\L ZL LUJVU[Y} LS HTIPLU[L ` ]VS\U[HK WVSx[PJH ULJLZHYPVZ WHYH YLHSPaHY LZH TVKPÄJHJP}U 7LZL H SH PTWVY[HUJPH KL LZ[H YLMVYTH WHYH LS MVY[HSLJPTPLU[V KL SH KLTVJYHJPH LU LS H|V LU X\L ZL YLHSPa} WVY WYPTLYH ]La SH LSLJJP}U WVW\SHY KL SVZ (SJHSKLZ :xUKPJVZ ` *VUJLQHSLZ KL +PZ[YP[V ZL YLNPZ[Y} \U KL HIZ[LUJPVUPZTV LU SHZ \YUHZ OLJOV X\L L]PKLUJP} SH MHS[H KL J\S[\YH WVSx[PJH ` JVUJPLUJPH KL SV SVJHS WLYV ZVIYL [VKV LS ¸THSLZ[HY JVU SV WVSx[PJV¹ KL SVZ ` SHZ JP\KHKHUHZ JVZ[HYYPJLUZLZ ,U LS WYLZLU[L [YHIHQV ZL WYL[LUKL YLHSPaHY \UH HWYV_PTHJP}U HS MLU}TLUV KLS HIZ[LUJPVUPZTV LSLJ[VYHS LU SHZ LSLJJPVULZ T\UPJPWHSLZ YLZ[YPUNPLUKV LS HUmSPZPZ H SHZ LSLJJPVULZ KL (SJHSKLZ ZPU JVUZPKLYHY SVZ 9LNPKVYLZ 4\UPJPWHSLZ J\`H LSLJJP}U ZL YLHSPaH LS TPZTV KxH X\L SH LSLJJP}U KL 7YLZPKLU[L =PJLWYLZPKLU[LZ KL SH 9LW‚ISPJH ` +PW\[HKVZ ,U \UH WYPTLYH WHY[L ZL YLHSPaHYm \U HUmSPZPZ [L}YPJV KLS HIZ[LUJPVUPZTV ` KLTmZ ]HYPHISLZ X\L PU[LY]PLULU LU LZ[L MLU}TLUV ` LU \UH ZLN\UKH WHY[L \UH Z\LY[L KL YLÃ…L_P}U KL SV Z\JLKPKV LU SHZ \YUHZ LU KPJPLTIYL KLS ` LULYV KLS

0 7(9;, :6)9, ,3 ():;,5*0650:46 3H WHSHIYH HIZ[LUJP}U KLYP]H KL SH ]Va SH[PUH HIZ[LU[PV X\L ZPNUPÄJH UV OHJLY V UV VIYHY ,S HIZ[LUJPVUPZTV LZ \UH MVYTH KL JVTWVY[HTPLU[V LSLJ[VYHS LU LS [HU[V LS HJ[V KL UV KLJPKPY JVUZ[P[\`L LU Zx TPZTV \UH KLJPZP}U *VUZPZ[L ImZPJHTLU[L LU SH UV WHY[PJPWHJP}U LU LS HJ[V KL ]V[HY KL X\PLULZ [PLULU KLYLJOV ` KLILY KL OHJLYSV 7VKYxH KLJPYZL X\L YLÃ…LQH LS NYHKV KL HJ[\HJP}U *VU SH YLMVYTH KLS *}KPNV 4\UPJPWHS ZL LZ[HISLJP} X\L SVZ (SJHSKLZ ZVU LSLNPKVZ WVW\SHYTLU[L TLKPHU[L LSLJJPVULZ NLULYHSLZ X\L ZL YLHSPaHU LS WYPTLY KVTPUNV KL KPJPLTIYL PUTLKPH[HTLU[L WVZ[LYPVY H SH LSLJJP}U KL SVZ YLNPKVYLZ HY[xJ\SV *}KPNV 4\UPJPWHS 0-(4 7mN 7HYH ALSLK}U KPJOV WYVJLZV ZL OHIxH NLZ[HKV VYPNPUHSTLU[L H WHY[PY KL SH JYLHJP}U KLS 0UZ[P[\[V KL -VTLU[V ` (ZLZVYxH 4\UPJPWHS 0-(4 LU LS H|V KL (KLTmZ SH LSLJJP}U KPYLJ[H KL SVZ HSJHSKLZ ZL [\]V JVTV \U JVTWSLTLU[V KL V[YHZ KVZ SL`LZ X\L I\ZJHIHU SH KLZJLU[YHSPaHJP}U ` LS MVY[HSLJPTPLU[V KL SVZ NVIPLYUVZ SVJHSLZ SH 3L` KL )PLULZ 0UT\LISLZ ` SH 3L` KL *VU[YVS KL 7HY[PKHZ ,ZWLJxÄJHZ JVU JHYNV HS 7YLZ\W\LZ[V 5HJPVUHS¹ 0KLT 7mN =LY [HTIPtU 0-(4 7mN <UH HJSHYHJP}U THYNPUHS 9LJ\tYKLZL X\L LU SVZ H|VZ ZL[LU[H LS WYPUJPWHS WYV[HNVUPZ[H LU SH LZMLYH WVSx[PJH ` LJVU}TPJH LYH LS ,Z[HKV SV X\L Z\WVUxH \UH M\LY[L JLU[YHSPaHJP}U 5V VIZ[HU[L LU SVZ H|VZ UV]LU[H JVU LS HK]LUPTPLU[V KL SHZ PKLHZ KL YLMVYTH KLS ,Z[HKV ZL MVTLU[} \U YLKPZL|V PUZ[P[\JPVUHS [LUKLU[L H \U ,Z[HKV TxUPTV ` H Z\ ]La WV[LUJPHY SH KLZJLU[YHSPaHJP}U (Y[xJ\SV *}KPNV ,SLJ[VYHS 7HYH HSN\UVZ H\[VYLZ JVTV :mUJOLa ` (SMHYV SH JVUJ\YYLUJPH ZPT\S[mULH KL SHZ LSLJJPVULZ KL 9LNPKVYLZ LS TPZTV KxH X\L ZL LSPNLU LS 7YLZPKLU[L =PJLWYLZPKLU[L ` +PZW\[HKVZ WYVK\JL \UH PUÃ…\LUJPH KL SHZ ZLN\UKHZ ZVIYL SHZ WYPTLYHZ (SMHYV 9VUHSK 7mN 4HKYPNHS 4VU[LHSLNYL 9VKYPNV *VTWVY[HTPLU[V LSLJ[VYHS +PJJPVUHYPV ,SLJ[VYHS BO[[W! ^^^ PPKO LK JY JHWLS D KL THYaV KLS +L HJ\LYKV HS HY[xJ\SV *}KPNV ,SLJ[VYHS LSLJ[VYLZ ZVU [VKVZ SVZ JVZ[HYYPJLUZLZ KL \UV \ V[YV ZL_V TH`VYLZ KL KPLJPVJOV

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

WHY[PJPWHJP}U WVSx[PJH KL SVZ JP\KHKHUVZ KLU[YV KL SVZ WYVJLZVZ LSLJ[VYHSLZ ` KL HSN\UH THULYH SH HKOLZP}U HS ZPZ[LTH WVSx[PJV ,S HIZ[LUJPVUPZTV W\LKL HUHSPaHYZL KL HJ\LYKV JVU LS YtNPTLU WVSx[PJV KL X\L ZL [YH[H `H ZLH KLTVJYm[PJV V H\[VYP[HYPV ;YH[mUKVZL KLS WYPTLYV W\LKL KHYZL WVY SH L_PZ[LUJPH KL T‚S[PWSLZ MHJ[VYLZ X\L PU[LNYHU LS Q\LNV WVSx[PJV UVYTHS ZPU LTIHYNV LU UV WVJHZ VJHZPVULZ LZH JVUK\J[H ZL L_[PLUKL JVU JHYmJ[LY NLULYHS LU H[LUJP}U H SHZ TV[P]HJPVULZ WLYZVUHSLZ KL SVZ LSLJ[VYLZ 7VY Z\ WHY[L LU SVZ YLNxTLULZ H\[VJYm[PJVZ ZL KH LZWLJPHS PTWVY[HUJPH H JVUZLN\PY SHZ TH`VYLZ [HZHZ KL WHY[PJPWHJP}U LSLJ[VYHS WVYX\L JVU LSSV ZL SVNYH JYLHY SH PTHNLU KL HKOLZP}U HS YtNPTLU KL MVYTH X\L SH UV WHY[PJPWHJP}U LU SHZ ]V[HJPVULZ LZ JVUZPKLYHKH JVTV \UH L_WYLZP}U W‚ISPJH KL VWVZPJP}U X\L W\LKL ZLY PUJS\ZV ZHUJPVUHKH 6[YH KL SHZ YLSHJPVULZ X\L ZL OHU OLJOV JVU LS HIZ[LUJPVUPZTV LZ SH PUJPKLUJPH X\L [PLUL SH L_PZ[LUJPH KLS ]V[V VISPNH[VYPV LU SVZ UP]LSLZ KL WHY[PJPWHJP}U LSLJ[VYHS :L OH KPJOV X\L SVZ UP]LSLZ KL HIZ[LUJPVUPZTV KLZJPLUKLU LU MVYTH JVUZPKLYHISL LU HX\LSSVZ WHxZLZ X\L LZ[HISLJLU LS ]V[V VISPNH[VYPV +L OLJOV LS ]V[V VISPNH[VYPV ZL OH \[PSPaHKV JVTV \U WHSPH[P]V WHYH NHYHU[PaHY \UH TH`VY WHY[PJPWHJP}U LU SHZ LSLJJPVULZ ZPLUKV ZHUJPVUHKH SH PUHZPZ[LUJPH H SHZ \YUHZ LU T\JOVZ WHxZLZ ,U LS JHZV JVZ[HYYPJLUZL WLZL H SH VISPNH[VYPLKHK KLS ]V[V LU SHZ ‚S[PTHZ KVZ LSLJJPVULZ LZL PUZ[P[\[V UV OH ZPKV NHYHU[xH Z\ÄJPLU[L WHYH HZLN\YHY SH WHY[PJPWHJP}U LMLJ[P]H KL SVZ JP\KHKHUVZ LU SVZ JVTPJPVZ ,U LZ[L ZLU[PKV \U LZ[\KPV YLHSPaHKV WVY SH <UP]LYZPKHK KL *VZ[H 9PJH ` LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ HW\U[H X\L WLZL H SH L_PZ[LUJPH KL JVUKPJPVULZ MH]VYHISLZ WHYH SVNYHY \UH HS[H WHY[PJPWHJP}U LSLJ[VYHS JVTV SV LZ SH L_PZ[LUJPH KLS ]V[V VISPNH[VYPV JVU [VKV ` X\L UV L_PZ[LU ZHUJPVULZ WVY PUJ\TWSPTPLU[V LS ZPZ[LTH KL YLNPZ[YV LSLJ[VYHS H\[VTm[PJV SH WYVNYHTHJP}U KL SHZ LSLJJPVULZ WHYH \U KxH SPIYL KVTPUNV J\HUKV SH TH`VYxH KL SH WVISHJP}U ZL LUJ\LU[YH LU Z\ [PLTWV KL KLZJHUZV LZ[VZ MHJ[VYLZ UV M\LYVU SV Z\ÄJPLU[LTLU[L M\LY[LZ WHYH SVNYHY LZH WHY[PJPWHJP}U LU SHZ ‚S[PTHZ LSLJJPVULZ (Zx SHZ JVZHZ KLIL LU[LUKLYZL X\L WVY T\JOHZ ` T\` I\LUHZ X\L ZLHU SHZ JVUKPJPVULZ PUZ[P[\JPVUHSLZ WHYH WV[LUJPHY SH WHY[PJPWHJP}U JP\KHKHUH LU SHZ LSLJJPVULZ tZ[HZ UV ZVU H|VZ L PUZJYP[VZ LU LS +LWHY[HTLU[V ,SLJ[VYHS KLS 9LNPZ[YV *P]PS JVU L_JLWJP}U KL SVZ ZPN\PLU[LZ! H 3VZ KLJSHYHKVZ Q\KPJPHSTLU[L LU LZ[HKV KL PU[LYKPJJP}U" ` I 3VZ X\L Z\MYHU ZLU[LUJPH X\L PTWVUNH SH WLUH KL Z\ZWLUZP}U KLS LQLYJPJPV KL KLYLJOVZ WVSx[PJVZ 3VZ JP\KHKHUVZ JVZ[HYYPJLUZLZ WVY UH[\YHSPaHJP}U UV WVKYmU Z\MYHNHY ZPUV KLZW\tZ KL KVJL TLZLZ KL OHILY VI[LUPKV SH JHY[H YLZWLJ[P]H :VIYL LZ[L HZWLJ[V WHY[PJ\SHY YLZ\S[H ]HSPVZV HNYLNHY X\L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ H [YH]tZ KLS ]V[V U‚TLYV , KL SHZ KVJL OVYHZ JVU [YLPU[H TPU\[VZ KLS ZPL[L KL UV]PLTIYL KLS KVZ TPS JPUJV ZVZ[\]V X\L UV L_PZ[L \U KLYLJOV M\UKHTLU[HS H ]V[HY LU ISHUJV KL SV X\L ZL KLYP]H X\L SVZ ]V[VZ LU ISHUJV ZL LU[PLUKLU [HTIPtU JVTV \UH THUPMLZ[HJP}U KL HIZ[LUJPVUPZTV 7VY LS JVU[YHYPV LU KPJOH YLZVS\JP}U LS ;:, YLP[LY} Z\ JYP[LYPV Q\YPZWY\KLUJPHS YLZWLJ[V H SH KVISL JVUKPJP}U KLS Z\MYHNPV JVTV KLYLJOV ]HSNH YLZHS[HY M\UKHTLU[HS ` JVTV KLILY H LZJVNLY LU SHZ LSLJJPVULZ UHJPVUHSLZ ` LU SHZ T\UPJPWHSLZ LU[YL SVZ JHUKPKH[VZ WVZ[\SHU[LZ (SJ\IPSSH ,UYPX\L (IZ[LUJPVUPZTV ,SLJ[VYHS +PJJPVUHYPV ,SLJ[VYHS BO[[W! ^^^ PPKO LK JY JHWLS D KL THYaV KLS (Y[xJ\SV *VUZ[P[\JP}U 7VSx[PJH ,S Z\MYHNPV LZ M\UJP}U Jx]PJH WYPTVYKPHS ` VISPNH[VYPH ` ZL LQLYJL HU[L SHZ 1\U[HZ ,SLJ[VYHSLZ LU ]V[HJP}U KPYLJ[H ` ZLJYL[H WVY SVZ JP\KHKHUVZ PUZJYP[VZ LU LS 9LNPZ[YV *P]PS ;:, 00+/ *(7,3 <*9 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

Z\ÄJPLU[LZ ZP SVZ LSLJ[VYLZ OHU WLYKPKV SH ML ` SH JVUÄHUaH LU SH HJJP}U N\ILYUH[P]H ` LU SH \[PSPKHK KLS Z\MYHNPV :P IPLU LS HIZ[LUJPVUPZTV JVTV MLU}TLUV W\LKL ]LYZL TLKPH[PaHKV WVY T‚S[PWSLZ MHJ[VYLZ JVU SV X\L YLZ\S[H X\L UV OH` ‚UPJH L_WSPJHJP}U KL tS ZL OHU KPZ[PUN\PKV ]HYPHZ JSHZLZ KL HIZ[LUJPVUPZTV! ‹ (IZ[LUJPVUPZTV [tJUPJV V LZ[Y\J[\YHS! YLMLYPKV H YHaVULZ UV PTW\[HISLZ HS JP\KHKHUV JVU KLYLJOV H ]V[V! LUMLYTLKHK H\ZLUJPH KLMLJ[VZ KL SH PUZJYPWJP}U JLUZHS JSPTH X\L JVTV ZL ]LYm TmZ HKLSHU[L HMLJ[} ZLUZPISLTLU[L SHZ LSLJJPVULZ T\UPJPWHSLZ KLS HSLQHTPLU[V KLS JVSLNPV LSLJ[VYHS ‹ (IZ[LUJPVUPZTV WVSx[PJV V YHJPVUHS! X\L LZ SH HJ[P[\K JVUZJPLU[L KL WHZP]PKHK PUKP]PK\HS LU LS HJ[V LSLJ[VYHS ,Z SH L_WYLZP}U KL \UH KL[LYTPUHKH ]VS\U[HK WVSx[PJH KL YLJOHaV KLS ZPZ[LTH WVSx[PJV V KL SH JVU]VJH[VYPH LSLJ[VYHS LU JVUJYL[V HIZ[LUJPVUPZTV KL YLJOHaV V IPLU KL UV PKLU[PÄJHJP}U JVU UPUN\UV KL SVZ SxKLYLZ V SVZ WYVNYHTHZ WVSx[PJVZ LU JVTWL[LUJPH LSLJ[VYHS JVU]PY[PtUKVZL SH HIZ[LUJP}U X\L WVKYxHTVZ KLUVTPUHY HJ[P]H LU \U HJ[V KL KLZVILKPLUJPH Jx]PJH V LU SH JVUJYLJP}U KL Z\ PUZH[PZMHJJP}U WVSx[PJH *\HUKV [YHZWHZH SVZ SxTP[LZ KL SH KLJPZP}U PUKP]PK\HS WHYH JVU]LY[PYZL LU \U TV]PTPLU[V X\L WYVT\L]L SH PUOPIPJP}U WHY[PJPWH[P]H V HIZ[LUJP}U HJ[P]H JVU LS VIQL[V KL OHJLY W‚ISPJH SH VWVZPJP}U HS YtNPTLU WVSx[PJV V HS ZPZ[LTH KL WHY[PKVZ [VTH SH MVYTH KL HIZ[LUJPVUPZTV KL S\JOH V ILSPNLYHU[L ‹ (IZ[LUJPVUPZTV HWm[PJV! TV[P]HKV WVY SH WLYLaH SH SL` KLS TxUPTV LZM\LYaV \UPKH H SH MHSZH JVU]PJJP}U KL SH LZJHZH PTWVY[HUJPH KLS ]V[V PUKP]PK\HS ` H SH PNUVYHUJPH KL SHZ M\LY[LZ JVUZLJ\LUJPHZ KL SH HIZ[LUJP}U ‹ (IZ[LUJPVUPZTV Jx]PJV! LU LS X\L LS JP\KHKHUV WHY[PJPWH LU LS HJ[V LSLJ[VYHS WLYV ZPU WYVU\UJPHYZL H MH]VY KL UPUN\UH KL SHZ VWJPVULZ WVSx[PJHZ LU W\NUH WHYH SV X\L LTP[L LS ]V[V LU ISHUJV 7LZL H SV L_W\LZ[V OH` X\PLULZ WYL[LUKLU YLZLY]HY LS [tYTPUV HIZ[LUJPVUPZTV H \U HJ[V ]VSP[P]V ` JVUJPLU[L KL UV ]V[HY ` UV HS Z\W\LZ[V KL H\ZLU[HYZL KL SHZ \YUHZ W\LZ LSSV W\LKL VILKLJLY H JH\ZHZ HQLUHZ H SH ]VS\U[HK KLS LSLJ[VY ,U LZ[L ZLU[PKV ZL KPZ[PUN\L LS HIZ[LUJPVUPZTV KLS H\ZLU[PZTV W\LZ LS ZLN\UKV PUJS\`L H SVZ X\L UV HZPZ[LU H SHZ \YUHZ WVY TV[P]VZ L_[LYUVZ H Z\ 3HZ KLÄUPJPVULZ L_W\LZ[HZ ZVU KL SH H\[VYxH KL (SJ\IPSSH ,UYPX\L (IZ[LUJPVUPZTV ,SLJ[VYHS +PJJPVUHYPV ,SLJ[VYHS BO[[W! ^^^ PPKO LK JY JHWLS D KL THYaV KLS :VIYL LZ[L L_[YLTV ZL YL[VTH SV L_W\LZ[V LU SxULHZ WYLJLKLU[LZ YLZWLJ[V KLS JYP[LYPV ]LY[PKV WVY LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU LS ]V[V , ,U KPJOH YLZVS\JP}U LS (S[V ;YPI\UHS ,SLJ[VYHS ZVZ[\]V! ¸(Zx LZH LZJVNLUJPH KLTVJYm[PJH ZL YLHSPaH H [YH]tZ KLS Z\MYHNPV LU[LUKPKV JVTV \U KLYLJOV M\UKHTLU[HS H LZJVNLY" KLS TPZTV UV KLYP]H ZLN‚U LS +LYLJOV KL SH *VUZ[P[\JP}U \U KLYLJOV M\UKHTLU[HS H ]V[HY LU ISHUJV ,U YLHSPKHK X\PLU HZx WYVJLKL YLU\UJPH HS LQLYJPJPV YLHS KLS KLYLJOV JVUZ[P[\JPVUHS HS Z\MYHNPV M\UJP}U Jx]PJH ` VISPNH[VYPH X\L ZL THUPÄLZ[H LU SH LZJVNLUJPH KL \U JHUKPKH[V V U}TPUH JVU[LTWSHKH KLU[YV KL SH WHWLSL[H 7VY LSSV SH JVUZPKLYHJP}U ` L]LU[\HSLZ LMLJ[VZ KLS ]V[V LU ISHUJV ZVU HZ\U[VZ KL WVSx[PJH SLNPZSH[P]H X\L UV LZ[mU WYLKL[LYTPUHKVZ WVY U\LZ[YV YtNPTLU KL KLYLJOVZ M\UKHTLU[HSLZ LU SH }YIP[H WVSx[PJH¹ (‚U TmZ LU LZ[H YLZVS\JP}U ZL JVUZPKLY} X\L LS ]V[V LU ISHUJV UV JVYYPNL SHZ KLÄJPLUJPHZ X\L W\LKH WYLZLU[HY SH VMLY[H LSLJ[VYHS WYLZLU[HKH H SVZ JP\KHKHUVZ ` X\L ZP JPLY[V U‚TLYV KL LSSVZ ]VS\U[HYPHTLU[L ZL OH H\[VL_JS\PKV KLS WYVJLZV LSLJ[VYHS LSSV UV WVKYxH JVUZPKLYHYZL TV[P]V Z\ÄJPLU[L WHYH KLZ]PY[\HY KPJOV WYVJLZV V WHYH L_PNPY X\L Z\ ]V[V LU ISHUJV W\LKH TLKPH[PaHY V H[YHZHY LS KLZLUSHJL KL LZL WYVJLZV ;OVTWZVU 1VZt JP[HKV LU ;:, 00+/ *(7,3 <*9 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

JVU[YVS TPLU[YHZ X\L LS WYPTLYV X\LKHYxH YLZLY]HKV H SVZ X\L KLSPILYHKHTLU[L UV WHY[PJPWHU LU SHZ LSLJJPVULZ 0N\HS ZL OH KPJOV X\L LU LS HIZ[LUJPVUPZTV ZL KLILU L_JS\PY SVZ ]V[VZ LU ISHUJV ` U\SVZ W\LZ H WHY[PY KL LSSVZ UV ZL W\LKL LZ[HISLJLY \UH YLSHJP}U KPYLJ[H JVU \UH ]VS\U[HK JVUJPLU[L KL UV ]V[HY 3V L_W\LZ[V OHZ[H LS TVTLU[V W\LKL LQLTWSPÄJHYZL LU LS ZPN\PLU[L LZX\LTH [VTHKV KLS JP[HKV LZ[\KPV (IZ[LUJPVUPZ[HZ LU *VZ[H 9PJH! ¦8\PtULZ ZVU ` WVY X\t UV ]V[HU&

,U[YL SVZ MHJ[VYLZ [YHKPJPVUHSTLU[L HZVJPHKVZ HS HIZ[LUJPVUPZTV ZL LUJ\LU[YHU! SVZ ZVJPVKLTVNYmÄJVZ JVTV SH LKHK LS ZL_V LS UP]LS KL LK\JHJP}U L PUNYLZVZ SH YLSPNP}U SHZ JVT\UPJHJPVULZ LS S\NHY KL YLZPKLUJPH" SVZ WZPJVS}NPJVZ ]LYIPNYHJPH SH HWH[xH LS KLZPU[LYtZ WVY SVZ HZ\U[VZ WVSx[PJVZ SHZ JYLLUJPHZ YLZWLJ[V H SH \[PSPKHK KL SH WHY[PJPWHJP}U LSLJ[VYHS" WVSx[PJVZ JVTV LS KLIPSP[HTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ JVTV PU[LYTLKPHYPVZ LU[YL LS ,Z[HKV ` SH ZVJPLKHK JP]PS SH LYVZP}U LU SH SLNP[PTPKHK KL SHZ M\LYaHZ WVSx[PJHZ LU NLULYHS KLIPKV HS PUJ\TWSPTPLU[V KL SHZ WYVTLZHZ KL JHTWH|H SH JVYY\WJP}U SH MHS[H KL LÄJPLUJPH KL SH HJJP}U N\ILYUH[P]H LS KLZJVU[LU[V JVU LS Tt[VKV KL LSLJJP}U SH J\S[\YH WVSx[PJH LU[YL V[YVZ ,U[YL tZ[VZ SH HIZ[LUJP}U JVU TV[P]HJPVULZ WVSx[PJHZ LZ SH TmZ JVTWSLQH KL [VKHZ W\LZ YLÅLQH \UH ZLYPL KL KLÄJPLUJPHZ KLU[YV KLS ZPZ[LTH WVSx[PJV LU NLULYHS +LZKL LZ[H WLYZWLJ[P]H ZL OH WSHU[LHKV PUJS\ZV X\L LZ[L [PWV KL HIZ[LUJPVUPZTV UV KLIL ZLY JVTIH[PKV `H X\L YLWYLZLU[H

0IPKLT ;:, 00+/ *(7,3 <*9 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

LS THSLZ[HY KL SH JP\KHKHUxH JVU SV WVSx[PJV :PU LTIHYNV JVUZPKLYV X\L SV X\L ZL KLIL H[HJHY ZVU SHZ JH\ZHZ X\L VYPNPUHU LZL HIZ[LUJPVUPZTV ` UV WYLJPZHTLU[L JVUZ[YL|PY H SHZ WLYZVUHZ H ]V[HY +LZKL S\LNV SV KPJOV PTWSPJH \UH ZLYPL KL TLKPKHZ H UP]LS LZ[Y\J[\YHS KLZLHISLZ WLYV UV ZPLTWYL HSJHUaHISLZ LU ZVJPLKHKLZ JVTV SH U\LZ[YH ,U YLSHJP}U JVU SV HU[LYPVY ZL OH SVNYHKV KL[LYTPUHY X\L LU[YL TLUVY LZ LS UP]LS ZVJPVLJVU}TPJV KL SVZ ]V[HU[LZ TH`VY LZ LS HIZ[LUJPVUPZTV 3H KVJ[YPUH JVTWHYHKH OHJL OPUJHWPt LU LZ[L ZLU[PKV WYLJPZHTLU[L WVYX\L LZ[VZ NY\WVZ ZL ZPLU[LU L_JS\PKVZ KL SH HNLUKH ` HJJP}U LZ[H[HS WVY SV X\L KLZKL Z\ JYP[LYPV YLZ\S[H PUKPMLYLU[L ]V[HY V UV ZP KL [VKHZ THULYHZ NHUL X\PLU NHUL WPLYKH X\PLU WPLYKH Z\ ZP[\HJP}U UV ]H H JHTIPHY ,Z[H YLSHJP}U LU[YL WVIYLaH ` HIZ[LUJPVUPZTV W\KV ZLY JVTWYVIHKH H [YH]tZ KLS JP[HKV LZ[\KPV ;:, 00+/ *(7,3 <*9 7HYH ÄUHSPaHY LZ[L HWHY[HKV KLIL OHJLYZL tUMHZPZ LU X\L LS HIZ[LUJPVUPZTV LZ \U MLU}TLUV T\S[PJH\ZHS UV L_PZ[L ¸LS HIZ[LUJPVUPZTV¹ JVTV \U ISVX\L TVUVSx[PJV X\L W\LKL HUHSPaHYZL KLZKL \U ZVSV SLJ[VY ,U tS PU[LY]PLULU KP]LYZVZ MHJ[VYLZ X\L OHJLU KL tS \U MLU}TLUV JVTWSLQV KL LZ[\KPV ` TmZ H‚U KL WHSPHY

00 7(9;,! 3(: ,3,**065,: +, (3*(3+,: +,3 ;HS ` JVTV ZL L_W\ZV Z\WYH LU LS H|V ZL YLHSPa} WVY WYPTLYH ]La SH LSLJJP}U WVW\SHY KL SVZ (SJHSKLZ ` :xUKPJVZ 4\UPJPWHSLZ 5V VIZ[HU[L LZ[HZ LSLJJPVULZ ZL ]PLYVU THUJOHKHZ WVY \U M\LY[L HIZ[LUJPVUPZTV KLS ZPLUKV X\L ‚UPJHTLU[L ZL YLNPZ[Y} \U KL ]V[VZ ]mSPKVZ LTP[PKVZ ,Z[HZ JPMYHZ JH[HZ[Y}ÄJHZ ZL [YHK\JLU LU SH MHS[H KL SLNP[PTPKHK KLZKL \U W\U[V KL ]PZ[H ZVJPVS}NPJV ` WVSx[PJV KL SH LSLJJP}U KL KPJOVZ M\UJPVUHYPVZ X\PLULZ M\LYVU SSL]HKVZ H Z\Z W\LZ[VZ JVU \U TxUPTV HWV`V KL SH JP\KHKHUxH *VTV W\U[V KL WHY[PKH WHYH LZ[L HUmSPZPZ ZL KLIL JVUZPKLYHY X\L SHZ LSLJJPVULZ T\UPJPWHSLZ UV KLZWPLY[HU LS TPZTV PU[LYtZ X\L SVZ JVTPJPVZ WYLZPKLUJPHSLZ ` WHYSHTLU[HYPVZ ` X\L ZP IPLU SHZ WYPTLYHZ JVTWHY[LU HSN\UHZ KL SHZ JH\ZHZ X\L TV[P]HU LS HIZ[LUJPVUPZTV H UP]LS UHJPVUHS SV JPLY[V LZ X\L H UP]LS T\UPJPWHS LZ[L MLU}TLUV [PLUL \UHZ LZWLJPÄJPKHKLZ WYVWPHZ ,U LZ[H SxULH KLIL YLZHS[HYZL X\L LS \UP]LYZV LSLJ[VYHS T\UPJPWHS LZ[m JVUMVYTHKV WVY JHU[VULZ ` KPZ[YP[VZ JHKH \UV JVU \UHZ WHY[PJ\SHYPKHKLZ OPZ[}YPJHZ NLVNYmÄJHZ J\S[\YHSLZ WVSx[PJHZ KPZ[PU[HZ WVY SV X\L ZPN\PLUKV H (SMHYV UV ZL W\LKL ¸UHJPVUHSPaHY¹ SHZ LSLJJPVULZ T\UPJPWHSLZ ,U[YL V[YVZ LZ[\KPVZ ZL W\LKL JP[HY ;:, 00+/ *(7,3 <*9 7mN ,U \U PU[LYLZHU[L LZ[\KPV YLHSPaHKV LU 5PJHYHN\H WVY 796*,:6: H WYVW}ZP[V KL SHZ LSLJJPVULZ T\UPJPWHSLZ YLHSPaHKHZ LU LS ZL W\KV JVTWYVIHY LZ[H YLSHJP}U =LY 796*,:6: ,S HIZ[LUJPVUPZTV LSLJ[VYHS LU SHZ 4\UPJPWHSLZ KLS O[[W! ^^^ JVUÄKLUJPHS JVT UP JPUJV JVU[HJ[LUVZ O[TS JVUZ\S[HKH LS V KL HIYPS KLS (SMHYV 9VUHSK 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

3VZ +H[VZ! H JVU[PU\HJP}U ZL T\LZ[YHU SVZ KH[VZ VÄJPHSLZ WYVWVYJPVUHKVZ WVY LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZWLJ[V KL SHZ LSLJJPVULZ TLUJPVUHKHZ

9LZ\S[HKVZ ÄUHSLZ KL HIZ[LUJPVUPZTV ]V[VZ ]mSPKVZ U\SVZ ` ISHUJVZ WHYH SH LSLJJP}U KL (SJHSKL LU JPMYHZ YLSH[P]HZ

-\LU[L! ;YPI\UHS :\WYLTV KL ,SLJJPVULZ

9LZ\S[HKVZ ÄUHSLZ KL HIZ[LUJPVUPZTV ]V[VZ ]mSPKVZ U\SVZ ` ISHUJVZ WHYH SH LSLJJP}U KL (SJHSKL LU JPMYHZ HIZVS\[HZ

-\LU[L! ;YPI\UHS :\WYLTV KL ,SLJJPVULZ *VTV ZL T\LZ[YH UPJHTLU[L ZL YLNPZ[YHYVU ]V[VZ ]mSPKVZ LTP[PKVZ YLWYLZLU[HKVZ WVY \U MYLU[L H \U HIZ[LUJPVUPZTV KL YLWYLZLU[HKV WVY \U *VU[YHKPJ[VYPHTLU[L KL HJ\LYKV JVU \UH LU[YL]PZ[H [LSLM}UPJH YLHSPaHKH WVY 7YVJLZVZ <UP]LYZPKHK KL *VZ[H 9PJH KVZ TLZLZ HU[LZ KL SVZ JVTPJPVZ T\UPJPWHSLZ LS KL SVZ LU[YL]PZ[HKVZ HÄYT}

;:, O[[W! ^^^ [ZL NV JY KH[VZFLZ[HKPZ[PJVZ O[T JVUZ\S[HKH LS ¢ KL HIYPS KLS

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

Z\ PU[LUJP}U KL HZPZ[PY H SHZ \YUHZ LU KPJPLTIYL KLS MYLU[L H \U X\L THUPMLZ[} Z\ ]VS\U[HK KL UV HZPZ[PY ` H \U X\L UV ZHIxH ZP HZPZ[PYxH H SHZ \YUHZ 0UJS\ZV ‚UPJHTLU[L LS KL SVZ LU[YL]PZ[HKVZ LZ[HIH LU[LYHKV ZVIYL SH YLHSPaHJP}U KL LZL WYVJLZV LSLJ[VYHS ZPLUKV X\L \U KLZJVUVJxH WVY JVTWSL[V KL LZHZ LSLJJPVULZ 7VY V[YV SHKV HU[L SH WYLN\U[H KL J\mS LYH SH PTWVY[HUJPH HZPNUHKH H LZ[HZ LSLJJPVULZ LS KL SVZ LU[YL]PZ[HZ VWPU} X\L LYH T\` PTWVY[HU[L MYLU[L H \U X\L SV JVUZPKLY} WVJV V UHKH PTWVY[HU[L ,Z[VZ KH[VZ ZPU K\KH HSN\UH YLÅLQHU SH WVJH PTWVY[HUJPH H[YPI\PKH WVY SVZ JVZ[HYYPJLUZLZ H SH LSLJJP}U KL SHZ H\[VYPKHKLZ SVJHSLZ ` WLVY H‚U SH L_PZ[LUJPH KL \U NYHKV KL KLZJVUVJPTPLU[V KL J\PKHKV YLZWLJ[V H SH YLHSPaHJP}U KL LZ[HZ LSLJJPVULZ 3HZ WVZPISLZ JH\ZHZ! ZPU mUPTV KL ZLY [H_H[P]H ZL VMYLJLU HSN\UHZ KL SHZ JH\ZHZ X\L WVZPISLTLU[L TV[P]HYVU LS HS[V UP]LS KL HIZ[LUJPVUPZTV LU SHZ LSLJJPVULZ KL (SJHSKLZ KLS ;tJUPJHZ V LZ[Y\J[\YHSLZ ,S JSPTH! J\HUKV ZL YLHSPaHYVU LZ[HZ LSLJJPVULZ LU LS TLZ KL KPJPLTIYL KLS LS WHxZ LZ[HIH LUMYLU[HUKV M\LY[LZ SS\]PHZ L PU\UKHJPVULZ PTWYL]PZ[V X\L MVYa} H WVZWVULY SHZ LSLJJPVULZ WHYH LULYV KLS LU SH WYV]PUJPH KL 3PT}U LU SVZ JHU[VULZ KL 1PTtULa (S]HYHKV ` ;\YYPHSIH KL SH WYV]PUJPH KL *HY[HNV ` LU LS JHU[}U KL :HYHWPX\x KL /LYLKPH -HS[H KL JVUVJPTPLU[V KL SH YLHSPaHJP}U KL LZHZ ]V[HJPVULZ! [HS ` JVTV ZL KPQV SxULHZ H[YmZ L_PZ[xH \UH NYHU WHY[L KL SH WVISHJP}U JVZ[HYYPJLUZL X\L KLZJVUVJxH KL SH YLHSPaHJP}U KL LZHZ LSLJJPVULZ ([YPI\PYSLZ H SHZ TPZTHZ WLYZVUHZ LZH MHS[H ZLYxH \U HUmSPZPZ T\` ZPTWSPZ[H KLS MLU}TLUV W\LZ KLIL WVUKLYHYZL SH YLZWVUZHIPSPKHK KL SVZ WHY[PKVZ WVSx[PJVZ L PUJS\ZV KLS WYVWPV ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU J\HU[V H SH KP]\SNHJP}U KL LZL WYVJLZV *SHYV LZ[m KLIL YLJVUVJLYZL X\L WVY [YH[HYZL KL SH WYPTLYH ]La X\L ZL YLHSPaHIHU LZHZ LSLJJPVULZ LYH WYL]PZPISL LZL KLZJVUVJPTPLU[V +LZJVUVJPTPLU[V KL SVZ JHUKPKH[VZ! T\` YLSHJPVUHKH JVU SH HU[LYPVY ZL LUJ\LU[YH MHS[H KL JVUVJPTPLU[V KL SHZ JHUKPKH[VZ WVY WHY[L KL SH WVISHJP}U LU JHWHJPKHK KL ]V[HY :LN‚U SH LU[YL]PZ[H YLHSPaHKH WVY 7YVJLZVZ <UP]LYZPKHK KL *VZ[H 9PJH LS KL SHZ WLYZVUHZ LU[YL]PZ[HKHZ KLZJVUVJxHU KLS [VKV H SVZ JHUKPKH[VZ ` V JHUKPKH[HZ KL Z\ JVT\UPKHK LS HZLN\Y} OHILY LZJ\JOHKV KL LSSVZ LS LZJ\JO} KL HSN\UVZ JHUKPKH[VZ UV KL [VKVZ :VIYL LZ[L W\U[V WHY[PJ\SHY YLZ\S[H PTWVY[HU[L KLZ[HJHY X\L LS TH`VY UP]LS KL KLZJVUVJPTPLU[V ZL \IPJ} LU SH WVISHJP}U JVU LZ[\KPVZ ZLJ\UKHYPVZ ` Q}]LULZ TLUVYLZ KL H|VZ KL LKHK ,Z[H KLIPSPKHK YLJH`} LU \UH I\LUH TLKPKH LU SH VTPZP}U KL SVZ WHY[PKVZ L PUJS\ZV KL SVZ WYVWPVZ JHUKPKH[VZ WHYH KHYZL H JVUVJLY

1PTtULa 3\PZ ,TPSPV ` ,ZWPUVaH 9V^SHUK 7mN 0IPKLT 7mNZ 0IPKLT 7mN ,U YLSHJP}U H LZ[L W\U[V IPLU WVKYxH ]HSVYHYZL LS [LTH KLS ÄUHUJPHTPLU[V KL SVZ JHUKPKH[VZ LU SHZ LSLJJPVULZ T\UPJPWHSLZ

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

7YVNYHTHJP}U KL SHZ LSLJJPVULZ! LU SHZ LSLJJPVULZ LU LZ[\KPV LZ[L MHJ[VY M\L KL[LYTPUHU[L W\LZ LYH SH [LYJLYH ]V[HJP}U X\L ZL YLHSPaHIH LU LS TPZTV H|V 9LJ\tYKLZL X\L LU LS O\IV ZLN\UKH ]\LS[H LSLJ[VYHS ,Z[V ZPU K\KH PUÃ…\`} LU SH KPZWVZPJP}U KL SVZ JVZ[HYYPJLUZLZ WHYH WHY[PJPWHY LU SHZ LSLJJPVULZ T\UPJPWHSLZ (\UHKV H X\L JVTV ZL OH PUZPU\HKV KPJPLTIYL UV LZ WYLJPZHTLU[L LS TLQVY TLZ WHYH ÄQHY \UHZ LSLJJPVULZ KHKV X\L LZH LZ \UH tWVJH ¸MLZ[P]H¹ LU KVUKL SH NLU[L KLKPJH Z\ [PLTWV ` H[LUJP}U H V[YHZ HJ[P]PKHKLZ YLZ\S[HUKV LZ[tYPS SH KPZWVZPJP}U WHYH SV WVSx[PJV LSLJ[VYHS (IZ[LUJPVUPZTV WVSx[PJV YHJPVUHS 4HSLZ[HY JVU SV WVSx[PJV! +L HJ\LYKV JVU SVZ LZ[\KPVZ X\L ZL OHU ]LUPKV TLUJPVUHUKV H SV SHYNV KL LZ[L [YHIHQV tZ[H LZ SH JH\ZH X\L TmZ OH KL[LYTPUHKV LS HIZ[LUJPVUPZTV 3VZ JVZ[HYYPJLUZLZ LU NLULYHS ZL LUJ\LU[YHU KPZJVUMVYTLZ UV ZVSV JVU SH HJ[\HJP}U KL SHZ H\[VYPKHKLZ W‚ISPJHZ ZPUV HKLTmZ JVU SH KPUmTPJH LU X\L ZL KLZLU]\LS]LU SHZ JVU[PLUKHZ LSLJ[VYHSLZ :LN‚U SH LU[YL]PZ[H KL 7YVJLZVZ <UP]LYZPKHK KL *VZ[H 9PJH LS KL SVZ LU[YL]PZ[HKVZ HÄYT} LUJVU[YHYZL TVSLZ[V V T\` TVSLZ[V JVU SH WVSx[PJH ` LU[YL SHZ WYPUJPWHSLZ YHaVULZ KLZ[HJHU LS HS[V UP]LS KL JVYY\WJP}U THS NVIPLYUV SH KLSPUJ\LUJPH LS JVZ[V KL SH ]PKH SH ]PVSLUJPH ( LZ[V KLIL H[YPI\PYZL SH MHS[H KL JYLLUJPH LU SH \[PSPKHK KLS ]V[V JVTV PUZ[Y\TLU[V YLHS KL WHY[PJPWHJP}U JP\KHKHUH +HKH SH JVUZ[HU[L Y\W[\YH KL SVZ WYVTLZHZ KL JHTWH|H SVZ JVZ[HYYPJLUZLZ LUJ\LU[YHU X\L JVU ]V[HY UV ]HU H SVNYHY UHKH ` \[PSPaHU LS HIZ[LUJPVUPZTV JVTV \U TLKPV KL ZHUJPVUHY H SVZ WVSx[PJVZ WVY Z\ PUKPMLYLUJPH ` KLZ]PUJ\SHJP}U JVU SVZ WYVISLTHZ X\L SLZ HX\LQHU 7VY V[YV SHKV LS KLZSPN\L KL SVZ WHY[PKVZ WVSx[PJVZ KL SVZ WYVISLTHZ JVUJYL[VZ KL SH SVJHSPKHK ` KL SH ]PKH JVT\UP[HYPH LS PUJ\TWSPTPLU[V KL SHZ WYVTLZHZ LSLJ[VYHSLZ SH MHS[H KL JYLKPIPSPKHK KL SVZ JHUKPKH[VZ ` LS JHYmJ[LY JLYYHKV ` ISVX\LHKV KL SHZ SPZ[HZ LSLJ[VYHSLZ JVUZ[P[\`LU V[YVZ TLKPVZ X\L PUÃ…\`LU LU LZ[L THSLZ[HY WVSx[PJV +LZJVUÄHUaH JVU SH HJ[P]PKHK KLZWSLNHKH WVY SVZ NVIPLYUVZ T\UPJPWHSLZ ` MHS[H KL JVUJPLUJPH KL SV SVJHS ,Z[L LZ [HS ]La LS X\PK KLS HZ\U[V :LN‚U LS LZ[\KPV KL 796*,:6: <*9 LS KL SVZ LU[YL]PZ[HKVZ [PLUL WVJV JVUÄHUaH LU SHZ 4\UPJPWHSPKHKLZ \U UPUN\UH \U HSN\UH ` Z}SV \U T\JOH 0UJS\ZV LS KL SVZ LUJ\LZ[HKVZ L]HS\} SH SHIVY KL Z\ 4\UPJPWHSPKHK JVTV THSH T\` THSH ` \U JVTV YLN\SHY ,U JYP[LYPV KL X\PLU Z\ZJYPIL LZ[HZ SxULHZ KHKH SH WVJH YLSL]HUJPH X\L PUJS\ZV HS ZLUV KL SVZ WHY[PKVZ WVSx[PJVZ ZL SL H[YPI\`L H SHZ LSLJJPVULZ T\UPJPWHSLZ W\LKL OHILY TLKPHKV \U LZJHZV HWV`V ÄUHUJPLYV H SVZ JHUKPKH[VZ" ZPU LTIHYNV tZ[H LZ \UH TLYH OPW}[LZPZ X\L UV ZL LUJ\LU[YH YLZWHSKHKH LU UPUN‚U KH[V VIQL[P]V 9VKYxN\La -SVYPZHILS ` 4HKYPNHS 1VOUU` WmN ` 1PTtULa 3\PZ ,TPSPV ` ,ZWPUVaH 9V^SHUK 7mN 1PTtULa 3\PZ ,TPSPV ` ,ZWPUVaH 9V^SHUK 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

,Z[VZ ]HSVYLZ ZVU T\` ZPNUPÄJH[P]VZ W\LZ UPUN\UH WLYZVUH ]H H ]V[HY ZP UV JYLL LU SH M\UJP}U T\UPJPWHS JVTV [HS ` TLUVZ H U LU SVZ JHUKPKH[VZ H VJ\WHY SVZ W\LZ[VZ KL LSLJJP}U ,Z[H KLZJVUÄHUaH [PLUL Z\ NtULZPZ LU I\LUH TLKPKH LU LS JLU[YHSPZTV X\L OH JHYHJ[LYPaHKV HS LZ[HKV JVZ[HYYPJLUZL KLZKL Z\Z PUPJPVZ :L [PLUL SH WLYJLWJP}U KL SV SVJHS JVTV ¸WVSP[PX\LYxH KL IHYYPV¹ LU KVUKL SVZ M\UJPVUHYPVZ T\UPJPWHSLZ ZVU HZVJPHKVZ H HJ[VZ KL JVYY\WJP}U JSPLU[LSPZTV L PTWYV]PZHJP}U (\UHKV H LSSV [HTWVJV ZL LUJ\LU[YH KLZHYYVSSHKV LU U\LZ[YV TLKPV \UH J\S[\YH KL SV SVJHS X\L MVTLU[L SH WHY[PJPWHJP}U HJ[P]H KL SVZ JP\KHKHUVZ LU SVZ WYVJLZVZ KL [VTH KL KLJPZP}U WHYH I\ZJHY ZVS\JPVULZ H SVZ WYVISLTHZ X\L SVZ HX\LQHU

*65*3<:065,: ,U WYPTLY S\NHY JVUZPKLYV ULJLZHYPV PUKPJHY X\L ZPLTWYL OHIYm \U THYNLU KL HIZ[LUJPVUPZTV LU SVZ WYVJLZVZ LSLJ[VYHSLZ W\LZ YLZ\S[H JVUZ\Z[HUJPHS H tZ[VZ 3V X\L ZL KLIL L]P[HY LZ X\L LS MLU}TLUV ZPNH JYLJPLUKV LU MVYTH HJLSLYHKH ` X\L ZL KLMVYTL LU \U WYVISLTH KL SLNP[PTPKHK X\L H[LU[L JVU[YH LS MYmNPS LX\PSPIYPV KLS ZPZ[LTH WVSx[PJV 7HYH LSSV ZL KLIL PUPJPHY WVY MVTLU[HY \UH J\S[\YH KL WHY[PJPWHJP}U JP\KHKHUH LU [VKVZ SVZ UP]LSLZ ` WYPUJPWHSTLU[L LU SH LZMLYH SVJHS ,U LZ[L ZLU[PKV LZ ULJLZHYPV HY[PJ\SHY \UH YLK KL JVT\UPJHJP}U TmZ KPYLJ[H LU[YL SVZ T\UxJPWLZ ` SHZ H\[VYPKHKLZ T\UPJPWHSLZ LU KVUKL SH YLUKPJP}U KL J\LU[HZ ZLH \UH JVUZ[HU[L 7VY V[YH WHY[L WVKYxH YLWSHU[LHYZL SH WVZPIPSPKHK KL LMLJ[\HY LZ[HZ LSLJJPVULZ H TLKPV WLYPVKV WHYH X\L LS KLZNHZ[L KL SHZ LSLJJPVULZ WYLZPKLUJPHSLZ WHYSHTLU[HYPHZ YLHSPaHKHZ LU MLIYLYV UV PUJLU[P]LU SH H\ZLUJPH LU SHZ \YUHZ ;HTIPtU ZL WVKYxHU OHJLY SHZ YLMVYTHZ JVUZ[P[\JPVUHSLZ ` SLNHSLZ ULJLZHYPHZ WHYH X\L SH LSLJJP}U KL SVZ YLNPKVYLZ ` SVZ HSJHSKLZ T\UPJPWHSLZ ZL YLHSPJLU LU MVYTH JVUQ\U[H 6[YV L_[YLTV ZVIYL LS J\HS KLIL SSHTHYZL SH H[LUJP}U ` X\L ZPU K\KH HSN\UH YLWLYJ\[L LU SVZ YLZ\S[HKVZ LSLJ[VYHSLZ H UP]LS T\UPJPWHS LZ[m YLSHJPVUHKV JVU LS ÄUHUJPHTPLU[V V KL\KH WVSx[PJH WHYH LZ[HZ LSLJJPVULZ ,Z ULJLZHYPV KV[HY KL TH`VYLZ YLJ\YZVZ H SVZ JHUKPKH[VZ H ÄU KL X\L W\LKHU JVU TH`VY MHJPSPKHK ` JVILY[\YH WYVTVJPVUHY Z\Z PKLHZ ` WYVNYHTHZ KL [YHIHQV LU LS THYJV KL \UH KPZW\[H LSLJ[VYHS HIPLY[H ` KLTVJYm[PJH 0UJS\ZV WVKYxH YLWSHU[LHYZL LS YVTWPTPLU[V KLS TVUVWVSPV LU SH WVZ[\SHJP}U KL JHUKPKH[VZ L_PZ[LU[L LU SH HJ[\HSPKHK LSSV ¶]HSNH HJSHYHY LU LS WSHUV SVJHS LZWHJPV PK}ULV WVY L_JLSLUJPH WHYH LS Z\YNPTPLU[V KL WVZ[\SHU[LZ H LSLNPY UV ZPLTWYL HKZJYP[VZ H \UH SxULH WHY[PKHYPH 3H WHY[PJPWHJP}U JP\KHKHUH ZPU K\KH LZ \UV KL SVZ WPSHYLZ M\UKHTLU[HSLZ KL SH KLTVJYHJPH WLYV UV ZL SL W\LKL L_PNPY H SH JP\KHKHUxH PU]VS\JYHYZL LU SVZ WYVJLZVZ LSLJ[VYHSLZ ZP SVZ YLWYLZLU[HU[LZ KLS W\LISV JVU[PU HU PUJ\TWSPLUKV JVU Z\ THUKH[V YLWYLZLU[H[P]V ` KLZJVUVJPLUKV SHZ KLTHUKHZ KL X\PLULZ ]V[HYVU WVY LSSVZ +LZNYHJPHKHTLU[L LZL LZ \U LZM\LYaV X\L UV KLWLUKL ZVSHTLU[L KL UVZV[YVZ

5Ø4,96 :,.<5+6 :,4,:;9,

4HYxH 4HY[H )YLULZ 4VU[V`H

-<,5;,: *65:<3;(+(: (SJ\IPSSH ,UYPX\L (IZ[LUJPVUPZTV ,SLJ[VYHS +PJJPVUHYPV ,SLJ[VYHS ;VTHKV KL ! O[[W! ^^^ PPKO LK JY JHWLS LS KL THYaV KLS (SMHYV 9VUHSK ,SLJJPVULZ T\UPJPWHSLZ ` KLIPSP[HTPLU[V KLS YLZWHSKV LSLJ[VYHS IPWHY[PKPZ[H LU *VZ[H 9PJH ,U ! (U\HYPV KL ,Z[\KPVZ ! )HYHOVUH 2YÂ…NLY 7HISV <U KPHNU}Z[PJV JYx[PJV ;VTHKV KL! O[[W! JVT\UPKHK KLYLJOV VYN H\SH]PY[\HS HIZ[LUJPVUPZTV O[T LS KL HIYPS KLS 0UZ[P[\[V KL -VTLU[V ` (ZLZVYxH 4\UPJPWHS *VZ[H 9PJH *VTWLUKPV ;LTm[PJV WHYH -VY[HSLJLY SH .LZ[P}U 4\UPJPWHS ;VTHKV KL! O[[W! ^^^ PMHT NV JY 7HNPUH0-(4 KVJZ JVTWLUKPVÄUHS WKM V KL HIYPS 1PTtULa 3\PZ ,TPSPV ` ,ZWPUVaH 9V^SHUK 3HZ LSLJJPVULZ KL (SJHSKL ` LS ZPZ[LTH KLTVJYm[PJV! WLYJLWJPVULZ ` L_WLJ[H[P]HZ KL SH WVISHJP}U JVZ[HYYPJLUZL LU ,SLJJP}U LU SHZ (SJHSKxHZ ¦<UH U\L]H LZWLYHUaH KLTVJYm[PJH& :HU 1VZt * 9 ! -\UKHJP}U -PLKYPJO ,ILY[ 4HKYPNHS 4VU[LHSLNYL 9VKYPNV *VTWVY[HTPLU[V LSLJ[VYHS +PJJPVUHYPV ,SLJ[VYHS ;VTHKV KL! O[[W! ^^^ PPKO LK JY JHWLS LS KL THYaV KLS 4VSPUH =LNH 1VZt , ` 7tYLa )HYHS[ *HYTLU 7HY[PJPWHJP}U 7VSx[PJH +PJJPVUHYPV ,SLJ[VYHS ;VTHKV KL! O[[W! ^^^ PPKO LK JY JHWLS LS KL THYaV KLS 796*,:6: ,S HIZ[LUJPVUPZTV LSLJ[VYHS LU SHZ 4\UPJPWHSLZ KLS ;VTHKV KL! O[[W! ^^^ JVUÄKLUJPHS JVT UP JPUJV JVU[HJ[LUVZ O[TS LS KL HIYPS KLS 9VKYxN\La -SVYPZHILS ` ALSLK}U -LYUHUKV ,SLJJP}U LU SHZ (SJHSKxHZ ¦<UH U\L]H LZWLYHUaH KLTVJYm[PJH& :HU 1VZt * 9 ! -\UKHJP}U -PLKYPJO ,ILY[ ;:, 00+/ *(7,3 <*9 (IZ[LUJPVUPZ[HZ LU *VZ[H 9PJH! ¦8\PtULZ ZVU ` WVY X\t UV ]V[HU& ;VTHKV KL! O[[W! ^^^ [ZL NV JY JVUZ\S[HKH LS V KL HIYPS KLS >VSKLUILYN 1VZt ` )LJLYYH 9PJHYKV 9LWYLZLU[HJP}U 7VSx[PJH +PJJPVUHYPV ,SLJ[VYHS ;VTHKV KL! O[[W! ^^^ PPKO LK JY JHWLS LS KL THYaV KLS

5694(;0=( *VUZ[P[\JP}U 7VSx[PJH KL *VZ[H 9PJH 9LW‚ISPJH KL *VZ[H 9PJH *}KPNV ,SLJ[VYHS 9LW‚ISPJH KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

():;,5*0650:46 ,5 3(: ,3,**065,: 4<50*07(3,:

*}KPNV 4\UPJPWHS 9LW ISPJH KL *VZ[H 9PJH 1<90:79<+,5*0(3 ;YPI\UHS :\WYLTV KL ,SLJJPVULZ =V[V , KL SHZ KVJL OVYHZ JVU [YLPU[H TPU\[VZ KLS ZPL[L KL UV]PLTIYL KLS KVZ TPS JPUJV

5Ø4,96 :,.<5+6 :,4,:;9,

5Ø4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763Ð;0*6: ,5 ,3 Í4)0;6 36*(3

7(9;0+6: 763Ð;0*6: ,5 ,3 Í4)0;6 36*(3 9VILY[ - )LLYZ .VUamSLa YVILY[FMFILLYZ'`HOVV JVT

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL TH`V KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\UPV KLS 9LZ\TLU! ,Z[L [YHIHQV WYLZLU[H \U HUmSPZPZ ZVIYL YLJPLU[LZ PU]LZ[PNHJPVULZ YLSHJPVUHKHZ JVU SVZ WHY[PKVZ WVSx[PJVZ H LZJHSH SVJHS :L|HSH SH PTWVY[HUJPH Q\YxKPJH KL SVZ WHY[PKVZ LU LS THYJV JVUZ[P[\JPVUHS Z\ WHWLS JVTV TLKPVZ KL WHY[PJPWHJP}U JP\KHKHUH ` SH PUÅ\LUJPH KLS KPZL|V PUZ[P[\JPVUHS KL SVZ ZPZ[LTHZ KL LSLJJP}U LU SVZ YLZ\S[HKVZ X\L VI[PLULU 9LHSPaH \U LZWLJPHS LUMVX\L LU SVZ WHY[PKVZ YLNPVUHSLZ ` JHU[VUHSLZ (W\U[H HZWLJ[VZ H JVYYLNPY LU SH SLNPZSHJP}U WHYH LZ[PT\SHY SH WHY[PJPWHJP}U WVSx[PJH SVJHS ` HWVY[H \UH ZLYPL KL YLJVTLUKHJPVULZ ZVIYL WVZPISLZ YLMVYTHZ 7HSHIYHZ JSH]LZ! 7HY[PKVZ WVSx[PJVZ 7HY[PKVZ WVSx[PJVZ JHU[VUHSLZ :PZ[LTHZ KL WHY[PKVZ WVSx[PJVZ ,SLJJPVULZ T\UPJPWHSLZ 7HY[PJPWHJP}U JP\KHKHUH )PWHY[PKPZTV (IZ[YHJ[! ;OPZ LZZH` OVSKZ HU HUHS`ZPZ VM YLJLU[ YLZLHYJO VU WVSP[PJHS WHY[PLZ H[ SVJHS SL]LS 0[ ZOV^Z SLNHS PTWVY[HUJL VM WVSP[PJHS WHY[PLZ PU JVUZ[P[\[PVUHS MYHTL^VYR P[Z YVSL HZ H TLHUZ VM JP[PaLU WHY[PJPWH[PVU HUK [OL PUÅ\LUJL VM PUZ[P[\[PVUHS LSLJ[VYHS Z`Z[LTZ KLZPNU VU [OL ÄUHS YLZ\S[Z 0[ MVJ\ZLZ VU YLNPVUHS HUK JV\U[` WHY[PLZ HUK WVPU[Z V\[ JLY[HPU PZZ\LZ VM [OL SH^ HPTPUN [V \YNL SVJHS WHY[PJPWH[PVU (SZV [OPZ HY[PJSL NP]LZ MVY[O ZL]LYHS YLJVTTLUKH[PVUZ VU WVZZPISL HTLUKTLU[Z 2L` ^VYKZ! 7VSP[PJHS WHY[PLZ *HU[VUHS WVSP[PJHS WHY[PLZ 7VSP[PJHS WHY[PLZ Z`Z[LTZ 4\UPJPWHS LSLJ[PVUZ *P[PaLU 7HY[PJPWH[PVU )PWHY[PZHUPZT

(ZLZVY 7HYSHTLU[HYPV LU SH (ZHTISLH 3LNPZSH[P]H 3PJLUJPHKV LU +LYLJOV WVY SH <UP]LYZPKHK KL *VZ[H 9PJH ,Z[\KPHU[L KL SH 4HLZ[YxH KL +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

0 36: 7(9;0+6: *6:;(990*,5:,

763ร ;0*6:

,5

,3

:0:;,4(

(\UX\L HSN\UHZ WLYZVUHZ ZVIYL [VKV LU H|VZ YLJPLU[LZ LUJ\LU[YHU KPMxJPS HJLW[HY LZ[H YLHSPKHK SV JPLY[V LZ X\L LS ZPZ[LTH KLTVJYm[PJV JVZ[HYYPJLUZL LZ[m IHZHKV LU SVZ WHY[PKVZ WVSx[PJVZ ,Z[V LZ YLHS [HU[V H UP]LS Q\YxKPJV ยทJVTV SV KLT\LZ[YHU SVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH ` [VKV LS THYJV YLN\SH[VYPV KLS *}KPNV ,SLJ[VYHSยท JVTV H UP]LS ZVJPVWVSx[PJV +L PN\HS THULYH SV OH KPJOV (YLUK 3PQWOHY[! ยธ<UH KLTVJYHJPH LZ[HISL UV ZL JVUJPIL LU H\ZLUJPH KL WHY[PKVZ WVSx[PJVZ M\LY[LZยน 5V ZL [YH[H KL YLK\JPY SH KLTVJYHJPH H SH L_PZ[LUJPH KL SVZ WHY[PKVZ WVSx[PJVZ [HS JVTV SV JYP[PJH 9HUKHSS )SHUJV 3PaHUV WLYV Zx KL Z\IYH`HY Z\ PTWVY[HUJPH WHYH SH ]PKH ` LZ[HIPSPKHK KLTVJYm[PJH JVZ[HYYPJLUZL 3VZ WHY[PKVZ WVSx[PJVZ NVaHU LU *VZ[H 9PJH KL WYV[LJJP}U JVUZ[P[\JPVUHS )HZ[L \UH TPYHKH HS [L_[V KLS HY[xJ\SV KL U\LZ[YH *HY[H 4HNUH! ยธ3VZ JP\KHKHUVZ [LUKYmU LS KLYLJOV KL HNY\WHYZL LU WHY[PKVZ WHYH PU[LY]LUPY LU SH WVSx[PJH UHJPVUHS ZPLTWYL X\L SVZ WHY[PKVZ ZL JVTWYVTL[HU LU Z\Z WYVNYHTHZ H YLZWL[HY LS VYKLU JVUZ[P[\JPVUHS KL SH 9LWย ISPJH 3VZ WHY[PKVZ WVSx[PJVZ L_WYLZHYmU LS WS\YHSPZTV WVSx[PJV JVUJ\YYPYmU H SH MVYTHJP}U ` THUPMLZ[HJP}U KL SH ]VS\U[HK WVW\SHY ` ZLYmU PUZ[Y\TLU[VZ M\UKHTLU[HSLZ WHYH SH WHY[PJPWHJP}U WVSx[PJH :\ JYLHJP}U ` LS LQLYJPJPV KL Z\ HJ[P]PKHK ZLYmU SPIYLZ KLU[YV KLS YLZWL[V H SH *VUZ[P[\JP}U ` SH SL` :\ LZ[Y\J[\YH PU[LYUH ` M\UJPVUHTPLU[V KLILYmU ZLY KLTVJYm[PJVZยน 3H YLSL]HUJPH KL SVZ WHY[PKVZ WVSx[PJVZ LZ M\UKHTLU[HS LU LS ZPZ[LTH KLTVJYm[PJV ,Z[L HY[xJ\SV LZ[HISLJL X\L KPJOVZ LU[LZ ZVU LS ]LOxJ\SV KL SVZ JP\KHKHUVZ WHYH PU[LY]LUPY LU SH WVSx[PJH UHJPVUHS 5V LZ[HISLJL SH *VUZ[P[\JP}U UPUNย U V[YV TLKPV KL OHJLYSV WVY SV J\HS LZ Q\Z[V KLJPY X\L SH WHY[PJPWHJP}U JP\KHKHUH LU SVZ HZ\U[VZ KL SH ]PKH WVSx[PJH JVZ[HYYPJLUZL KLIL WYVK\JPYZL L_JS\ZP]HTLU[L H [YH]tZ KL SVZ WHY[PKVZ WVSx[PJVZ 7\LKLU [LULY tZ[VZ Z\Z LYYVYLZ ` Z\Z KLMLJ[VZ Z\ M\UJPVUHTPLU[V PU[LYUV W\LKL KLQHY T\JOV X\L KLZLHY WLYV Z\ L_PZ[LUJPH LZ KL[LYTPUHU[L WHYH SH KLTVJYHJPH ` LZ \U H[LU[HKV JVU[YH LSSH WYL[LUKLY TPUHYSVZ ZPZ[LTm[PJHTLU[L JVTV Z\LSLU OHJLYSV JPLY[VZ JYx[PJVZ X\L UV JVTWYLUKLU ยทV X\PamZ UV HJLW[HUยท LZ[L ]xUJ\SV *VTLU[H LS +Y -LYUHUKV :mUJOLa X\L ยธMVY[HSLJLY SVZ WHY[PKVZ WVSx[PJVZ LZ MVY[HSLJLY SH KLTVJYHJPH HZx KL ZPTWSLยน +LZKL S\LNV UV ZL WYL[LUKL OHJLY \UH HWVSVNxH KL SVZ WHY[PKVZ WVSx[PJVZ UP T\JOV TLUVZ KL PU]PZPIPSPaHY Z\Z ]PJPVZ V KLร JPLUJPHZ WLYV Zx KL YLZHS[HY JVU Q\Z[PJPH Z\ ]HSVY PUZ[P[\JPVUHS 3H Q\YPZWY\KLUJPH JVUZ[P[\JPVUHS OH KLZHYYVSSHKV JVU MYLJ\LUJPH LS YHUNV X\L VZ[LU[H LZ[L [PWV KL HNY\WHJPVULZ <U JHZV YLJPLU[L LZ SH ZLU[LUJPH YLSHJPVUHKH JVU LS [LTH KL SVZ

3017/(9; JP[HKV WVY :ร 5*/,A *(476: W )3(5*6 30A(56 WW *VUZ[P[\JP}U 7VSx[PJH HY[ :ร 5*/,A *(476: ,U! 3H 5HJP}U WLYP}KPJV Q\SPV

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

UL_VZ LU[YL SVZ WHY[PKVZ WVSx[PJVZ ` SVZ KPW\[HKVZ LSLJ[VZ H [YH]tZ KL LSSVZ 0UJS\ZP]L LU LZ[H ZLU[LUJPH SH :HSH *VUZ[P[\JPVUHS KLร UP} X\t KLIL LU[LUKLYZL WVY WHY[PKV WVSx[PJV! ยธ [VKV WHY[PKV WVSx[PJV LZ \UH VYNHUPaHJP}U SPIYL ` ]VS\U[HYPH KL JP\KHKHUVZ HNY\WHKVZ LU [VYUV H \U PKLHYPV ` H \UH JVUJLWJP}U KL SH ]PKH ` KL ZVJPLKHK J\`V ร U M\UKHTLU[HS LZ HJJLKLY HS WVKLY JVU LS VIQL[V KL TH[LYPHSPaHY Z\Z HZWPYHJPVULZ KVJ[YPUHSLZ ` WYVNYHTm[PJHZ ` Z\ PU[LNYHJP}U YLZWVUKL H \U WYVJLZV NLULYHS KL PU[LNYHJP}U KLS W\LISV LU LS ,Z[HKVยน /V` ZL ]L H SVZ WHY[PKVZ UV Z}SV JVTV HSNV UH[\YHS LU SHZ KLTVJYHJPHZ ZPUV JVU \U JPLY[V KLQV KL KLZWYLJPV JVTV \U ยธTHS ULJLZHYPVยน WHYH LS SPIYL Q\LNV WVSx[PJV :PU LTIHYNV WHYLJPLYH VS]PKHYZL X\L SVZ WHY[PKVZ ZVU \UH KL SHZ TmZ KLJPZP]HZ JVUX\PZ[HZ KL SHZ ZVJPLKHKLZ KLTVJYm[PJHZ 3VZ PKL}SVNVZ KLS ,Z[HKV 3PILYHS H ร UHSLZ KLS ZPNSV ?=000 U\UJH JVUJPIPLYVU H SVZ WHY[PKVZ WVSx[PJVZ JVTV ]LOxJ\SVZ KL SH WHY[PJPWHJP}U WVW\SHY (S JVU[YHYPV SH L_HS[HJP}U KLS PUKP]PK\V WYVWPH KL SH t[PJH SPILYHS SVZ OHJxH Z\WVULY X\L [VKH MVYTH KL HZVJPHJP}U LYH LU Zx TPZTH \U TLKPV KL HS[LYHY SH ]VS\U[HK PUKP]PK\HS LU Z\ WYVWPV WLYQ\PJPV ;HS JVTV SV L_WSPJH KVU -LYUHUKV *HZ[PSSV L_PZ[P} ยธVWVZPJP}U H JHZP [VKH MVYTH KL HZVJPHJP}U WLYTHULU[L X\L UV M\LYHU SHZ ZVJPLKHKLZ JP]PSLZ KL S\JYV V SHZ VYNHUPaHJPVULZ KL SH 0NSLZPHยน ,U WSLUV ZPNSV ]LPU[P\UV JVU LS YL[VYUV KL LZL TPZTV WLUZHTPLU[V LZ UV[VYPV J\mU JPLY[H LZ SH ZLU[LUJPH IxISPJH KL X\L ยธUHKH U\L]V OH` KLIHQV KLS ZVS ยน ,Z WVZPISL VIZLY]HY J}TV LU LS [YHUZJ\YZV KLS ZPNSV ?0? SVZ WHY[PKVZ WVSx[PJVZ M\LYVU JVUZ[HU[LTLU[L WLYZLN\PKVZ ` WYVOPIPKVZ ,QLTWSV KL LSSV LZ LS 0TWLYPV (SLTmU HU[LYPVY H SH 7YPTLYH .\LYYH 4\UKPHS ,S 7HYSHTLU[V PTWLYPHS IPJHTLYHS JVU[HIH JVU YLSH[P]HTLU[L WVJVZ WVKLYLZ ` HNY\WHJPVULZ JVTV LS 7HY[PKV :VJPHS +LT}JYH[H SVZ :VJPHSPZ[HZ 0UKLWLUKPLU[LZ ` SVZ ,ZWHY[HX\PZ[HZ JVT\UPZ[HZ VWLYHYVU JVU TH`VY V TLUVY NYHKV KL JSHUKLZ[PUPKHK 0N\HSTLU[L SVZ WHY[PKVZ WVSx[PJVZ LU LZWLJPHS SVZ KL VYPLU[HJP}U ZVJPHSPZ[H M\LYVU Z\WYPTPKVZ V YLZ[YPUNPKVZ LU 9\ZPH -YHUJPH L 0[HSPH LU KPMLYLU[LZ TVTLU[VZ 7H\SH[PUHTLU[L SVZ WHY[PKVZ WVSx[PJVZ M\LYVU NHUmUKVZL LS KLYLJOV KL ZLY [VSLYHKVZ WYPTLYV ` S\LNV KL JVU]LY[PYZL LU LS ]LOxJ\SV KL L_WYLZP}U WVSx[PJH WVY L_JLSLUJPH 5\TLYVZVZ H\[VYLZ HW\U[HU H X\L LU SHZ KLTVJYHJPHZ TVKLYUHZ SVZ WHY[PKVZ LQLYJLU \U ยธTVUVWVSPVยน ZVIYL SH HJ[P]PKHK WVSx[PJH LSLJ[VYHS H\UX\L LU LZ[L [PLTWV ` WYVIHISLTLU[L H JH\ZH KLS IVTIHYKLV PKLVS}NPJV ULVSPILYHS LS \ZV KLS [tYTPUV ยธTVUVWVSPVยน WHYLJPLYH \U [HU[V WL`VYH[P]V 3VZ HUHSPZ[HZ 9\ZZLSS 1 +HS[VU ` 4HY[PU 7 >H[[LUILYN KLร ULU SH M\UJP}U ZVJPHS KL SVZ WHY[PKVZ WVSx[PJVZ TVKLYUVZ LU [YLZ ]LY[PLU[LZ 3H WYPTLYH ` JHZP ZPLTWYL SH TmZ WYP]PSLNPHKH LZ SH LSLJ[VYHS <U WHY[PKV WVSx[PJV WYVJ\YH ZPTWSPร JHY SHZ LSLJJPVULZ WHYH SVZ JP\KHKHUVZ NLULYHY ZxTIVSVZ KL PKLU[Pร JHJP}U ` SLHS[HK LK\JHY H SVZ ]V[HU[LZ ` TV]PSPaHYSVZ WHYH WHY[PJPWHY LU HJ[P]PKHKLZ WVSx[PJHZ 3H ZLN\UKH LZ \UH M\UJP}U VYNHUPaHJPVUHS LU SH X\L LS WHY[PKV ZL VJ\WH KL YLJS\[HY MVYTHY ` JHWHJP[HY SxKLYLZ WVSx[PJVZ HZx JVTV KL HY[PJ\SHY PU[LYLZLZ WVSx[PJVZ ` *(:;0336 =ร 8<,A 7HYH TmZ PUMVYTHJP}U ZVIYL SH *VUZ[P[\JP}U 0TWLYPHS (SLTHUH KL ]tHZL! [[W! LU ^PRPWLKPH VYN ^PRP *VUZ[P[\[PVUF VMF[OLF.LYTHUF,TWPYL

5ร 4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

ZVJPHSLZ @ SH [LYJLYH LZ Z\ M\UJP}U N\ILYUHTLU[HS SH J\HS LQLYJLU HS VJ\WHY W\LZ[VZ KL WVKLY WHYH VYNHUPaHY SHZ KLJPZPVULZ KL NVIPLYUV V SHZ M\UJPVULZ KL VWVZPJP}U ` JVU[YVS WVSx[PJV ZLNย U LS JHZV LU WYVJ\YH KL Z\Z TL[HZ WYVNYHTm[PJHZ +L HJ\LYKV JVU -LYUHUKV :mUJOLa SVZ WHY[PKVZ WVSx[PJVZ KL SH HJ[\HSPKHK LU SHZ KLTVJYHJPHZ VJJPKLU[HSLZ TmZ KLZHYYVSSHKHZ OHU [LUKPKV H WYPVYPaHY SH WYPTLYH KL SHZ M\UJPVULZ JP[HKHZ SH LSLJ[VYHS ;HS tUMHZPZ UV LZ JHZ\HS LU ]PZ[H KL X\L LS TVKLSV YLWYLZLU[H[P]V LZ LS X\L WYLKVTPUH LU 6JJPKLU[L PUJS\`LUKV H *VZ[H 9PJH" ` LZ[H YLWYLZLU[H[P]PKHK UHJL H WHY[PY KLS Z\MYHNPV ` LZ TLKPH[PaHKH WVY SVZ WHY[PKVZ WVSx[PJVZ ,Z UH[\YHS KLZKL LZ[L W\U[V KL ]PZ[H X\L SH PUร \LUJPH KL SVZ WHY[PKVZ WVSx[PJVZ LUJ\LU[YL Z\ L_WYLZP}U TmZ ]PZPISL LU LS 7HYSHTLU[V WYLJPZHTLU[L SH TmZ YLWYLZLU[H[P]H KL SHZ PUZ[P[\JPVULZ KLS ,Z[HKVยท5HJP}U TVKLYUV ZPU X\L LSSV ZPNUPร X\L X\L UV ZL WYV`LJ[L LU LS 7VKLY ,QLJ\[P]V X\L LZ LS X\L LZ[HISLJL TmZ KPYLJ[HTLU[L SH VYPLU[HJP}U WVSx[PJH KL KPJOV ,Z[HKV ,U *VZ[H 9PJH HKLTmZ LS JHYmJ[LY YLWYLZLU[H[P]V KL SVZ WHY[PKVZ WVSx[PJVZ LUJ\LU[YH V[YV JH\JL KL L_WYLZP}U T\` L]PKLU[L LU SVZ *VUJLQVZ 4\UPJPWHSLZ SVZ J\HSLZ ]PLULU H ZLY JVTV \UH LZWLJPL KL ยธWHYSHTLU[V H LZJHSHยน H\UX\L JVU JVTWL[LUJPHZ T\` KPZTPU\PKHZ WVY Z\ WYVWPH UH[\YHSLaH /H ZPKV LU \UH tWVJH T\` YLJPLU[L ยทH WHY[PY KLS *}KPNV 4\UPJPWHS KL ยท X\L SH HJ[P]PKHK WVSx[PJH LSLJ[VYHS OH V[VYNHKV H SVZ WHY[PKVZ \UH U\L]H HYLUH WHYH JVTWL[PY H UP]LS SVJHS LU SH ร N\YH KLS (SJHSKL 4\UPJPWHS J\`H LSLJJP}U WVY ]V[V WVW\SHY LU ]PY[\K KL KPJOV *}KPNV SV OH OLJOV HZPTPSHYZL H \U ยธ7YLZPKLU[L LU TPUPH[\YHยน ,U LMLJ[V LU U\TLYVZHZ VWVY[\UPKHKLZ SH Q\YPZWY\KLUJPH KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ OH Z\IZHUHKV SHZ SHN\UHZ SLNHSLZ YLZWLJ[V HS WYVJLZV LSLJ[VYHS WHYH SH KLZPNUHJP}U KL (SJHSKLZ HKLJ\HUKV SVZ PUZ[P[\[VZ WYVWPVZ KL \UH LSLJJP}U WYLZPKLUJPHS

00 796;,**0ร 5 *65:;0;<*065(3 +, 36: 7(9;0+6: 763ร ;0*6: -9,5;, ( 3( 5(;<9(3,A( 1<9ร +0*( +,3 :<-9(.06 ,S Z\MYHNPV LZ LS HJ[V Q\YxKPJV TLKPHU[L LS J\HS SVZ JP\KHKHUVZ KLSLNHU LU SVZ M\UJPVUHYPVZ LSLNPKVZ SHZ WV[LZ[HKLZ X\L SLZ JVYYLZWVUKLU 7VY LQLTWSV SH WV[LZ[HK KL SLNPZSHY LZ KLSLNHKH LU SH (ZHTISLH 3LNPZSH[P]H *VUZ[P[\JP}U 7VSx[PJH HY[xJ\SV " ` LS LQLYJPJPV KLS 7VKLY ,QLJ\[P]V LU LS 7YLZPKLU[L KL SH 9LWย ISPJH ` LU Z\Z 4PUPZ[YVZ JVTV VISPNHKVZ JVSHIVYHKVYLZ HY[xJ\SV :P ZL HYTVUPaHU LZ[VZ HY[xJ\SVZ JVU LS KL SH TPZTH *HY[H 4HNUH WYL]PHTLU[L TLUJPVUHKV SSLNHTVZ H SH JVUJS\ZP}U KL X\L SVZ JP\KHKHUVZ KLSLNHU SH WV[LZ[HK KL SLNPZSHY ` LS LQLYJPJPV KLS 7VKLY ,QLJ\[P]V WVY TLKPV KLS ]V[V WVY \U WHY[PKV WVSx[PJV" LSSV LU YHa}U KL X\L SVZ WHY[PKVZ ZVU LS TLKPV JVUZ[P[\JPVUHS WHYH X\L SVZ JP\KHKHUVZ LSPQHU ` ZLHU LSLJ[VZ

+(3;65 ` >(;;,5),9. :ร 5*/,A *(476: WW

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

,S TPZTV WYPUJPWPV H[H|L H SH KLSLNHJP}U X\L SVZ LSLJ[VYLZ YLHSPaHU U\L]HTLU[L H [YH]tZ KLS ]V[V WVY \U WHY[PKV WVSx[PJV KL JPLY[HZ JVTWL[LUJPHZ HKTPUPZ[YH[P]HZ LU SHZ JVYWVYHJPVULZ T\UPJPWHSLZ ,U KP]LYZHZ VWVY[\UPKHKLZ SH 7YVJ\YHK\YxH .LULYHS KL SH 9LWย ISPJH OH HJSHYHKV X\L SH ยธH\[VUVTxHยน T\UPJPWHS H SH X\L ZL YLร LYL LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH [PLUL Z\ SxTP[L LU LS TLYV OLJOV KL X\L SVZ JHU[VULZ L_PZ[LU JVTV \UH KP]PZP}U HKTPUPZ[YH[P]H KLS [LYYP[VYPV UHJPVUHS ` WVY SV [HU[V KLIL JVUZPKLYHYZL H SHZ 4\UPJPWHSPKHKLZ JVTV ยธ(KTPUPZ[YHJP}U 7ย ISPJH 3VJHSยน ZPU SHZ JVTWL[LUJPHZ SLNPZSH[P]HZ UP Q\YPZKPJJPVUHSLZ WYVWPHZ KL \UH H\[VUVTxH TmZ HTWSPH ,U LS TPZTV ZLU[PKV ZL OH WYVU\UJPHKV SH :HSH *VUZ[P[\JPVUHS WVY LQLTWSV LU LS ]V[V 5ยข KLS KL Q\UPV KL KVUKL KLร UL H SHZ 4\UPJPWHSPKHKLZ JVTV ยธ\U NVIPLYUV SVJHS ย UPJH KLZJLU[YHSPaHJP}U [LYYP[VYPHS KLS WHxZ LUJHYNHKV KL HKTPUPZ[YHY SVZ PU[LYLZLZ SVJHSLZยน 7VY LZ[H YHa}U H\UX\L LS *VUJLQV 4\UPJPWHS ]PLUL H ZLY \U }YNHUV KL JHYmJ[LY WHYSHTLU[HYPV ` WVY SV [HU[V SL LZ HWSPJHISL LS WYPUJPWPV KL SH KLSLNHJP}U KL WVKLYLZ H [YH]tZ KLS ]V[V WVY \U WHY[PKV WVSx[PJV" UV KLIL JVUM\UKPYZL LZ[H UH[\YHSLaH JVU SH L_PZ[LUJPH KL JVTWL[LUJPHZ SLNPZSH[P]HZ KL UPUN\UH JSHZL 3H [YHZJLUKLUJPH KL LZ[H KLSLNHJP}U KL WVKLYLZ X\L ZL YLHSPaH H [YH]tZ KLS Z\MYHNPV W\LKL HJYLJLU[HYZL [VKH]xH TmZ LU LS mTIP[V SVJHS 3H YHa}U LZ T\` ZLUJPSSH! LS WYPUJPWPV KL YLZLY]H KL SL` LU TH[LYPH KL JVTWL[LUJPHZ T\UPJPWHSLZ ,U WHSHIYHZ ZPTWSLZ LS 7VKLY 3LNPZSH[P]V W\LKL H[YPI\PYSLZ H SHZ 4\UPJPWHSPKHKLZ [VKV [PWV KL JVTWL[LUJPHZ ZHS]V SHZ X\L SL ZVU WYVWPHZ H HSN\UV KL SVZ :\WYLTVZ 7VKLYLZ 7VY LZ[L TV[P]V H\UX\L SVZ NVIPLYUVZ SVJHSLZ YHYH ]La NVaHU KL T\JOH JVUร HUaH WVY WHY[L KL SVZ LSLJ[VYLZ KL Z\Z WYVWPVZ JHU[VULZ LZ J\LZ[P}U KL ]VS\U[HK WVSx[PJH WHYH X\L SHZ KLJPZPVULZ X\L [VTLU [LUNHU \UH PUJPKLUJPH TmZ KPYLJ[H ZVIYL Uย JSLVZ ZPNUPร JH[P]VZ KL WVISHJP}U

000 047(*;6 +, 36: :0:;,4(: +, ,3,**0ร 5 ,5 36: 7(9;0+6: *6:;(990*,5:,: +L HJ\LYKV JVU -LYUHUKV :mUJOLa LS ZPZ[LTH LSLJ[VYHS ยธLZ \U MHJ[VY PUZ[P[\JPVUHS JY\JPHS JVU JVUZLJ\LUJPHZ KPYLJ[HZ WHYH SH KLTVJYHJPHยน ,S H\[VY 9VILY[ +HOS YLM\LYaH SH Hร YTHJP}U H|HKPLUKV X\L ยธWYVIHISLTLU[L UPUN\UH PUZ[P[\JP}U WVSx[PJH TVSKLH TmZ LS LU[VYUV KL \U WHxZ KLTVJYm[PJV X\L Z\ ZPZ[LTH LSLJ[VYHS ` Z\Z WHY[PKVZ WVSx[PJVZยน :mUJOLa KLZJYPIL LS ZPZ[LTH KL LSLJJP}U SLNPZSH[P]H HWSPJHKV LU *VZ[H 9PJH KL SH ZPN\PLU[L THULYH! ยธ7HYH JVU]LY[PY SVZ ]V[VZ LU LZJH|VZ ZL \ZH LS Tt[VKV 39 /HYL KLS YLZPK\V TH`VY SHYNLZ[ YLTHPUKLY iZ[L JVUZPZ[L LU KP]PKPY LS Uย TLYV [V[HS KL ]V[VZ WVY LS Uย TLYV KPZWVUPISL KL LZJH|VZ LU JHKH KPZ[YP[V 3H JPMYH YLZ\S[HU[L ZL KLร UL JVTV LS ยธJVJPLU[L LSLJ[VYHSยน 3VZ LZJH|VZ ZL KPZ[YPI\`LU LU[YL SVZ WHY[PKVZ KP]PKPLUKV SVZ ]V[VZ VI[LUPKVZ WVY JHKH \UV KL LSSVZ WVY LS JVJPLU[L LSLJ[VYHS 3VZ YLZ[HU[LZ ZL YLWHY[LU WVY TLKPV

7YVJ\YHK\YxH .LULYHS KL SH 9LWย ISPJH! 0UMVYTL ZVIYL LS ,_WLKPLU[L :ร 5*/,A *(476: W +(/3 W

5ร 4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

KLS Tt[VKV KLS ยบYLZPK\V TH`VYยป :PU LTIHYNV WHYH WHY[PJPWHY LU LZ[H ZLN\UKH WHY[L KLS WYVJLZV SVZ WHY[PKVZ KLILU HSJHUaHY WVY SV TLUVZ LS WVY JPLU[V KLS JVJPLU[L LSLJ[VYHS JPMYH JVUVJPKH JVTV Z\IJVJPLU[Lยน ,S HUHSPZ[H 4H\YPJL +\]LYNLY HZLN\YH X\L LS Tt[VKV KL YLWYLZLU[HJP}U WYVWVYJPVUHS WVY Zx ZVSV KL HSN\UH THULYH [PLUKL H WYV]VJHY LS T\S[PWHY[PKPZTV 3H JVUJS\ZP}U KL +\]LYNLY LZ HWV`HKH WVY V[YVZ PU]LZ[PNHKVYLZ ` LY\KP[VZ ZVIYL LS [LTH LU[YL LSSVZ +HOS >HYL ` :HY[VYP :PU LTIHYNV tS TPZTV YLJVUVJL X\L [HS [LUKLUJPH W\LKL ZLY YL]LY[PKH V UL\[YHSPaHKH WVY Z\ \[PSPaHJP}U LU JVUQ\U[V JVU V[YVZ ZPZ[LTHZ JVTV LS KL TH`VYxH LTWSLHKV LU SH JHYYLYH WYLZPKLUJPHS LU *VZ[H 9PJH ,Z[V WVY J\HU[V LS ZPZ[LTH KL TH`VYxH TmZ IPLU [PLUKL H WYVK\JPY IPWHY[PKPZTV ยทJVTV LU LS JSHYV LQLTWSV KL SVZ ,Z[HKVZ <UPKVZ 3VZ LZ[HKV\UPKLUZLZ LTWSLHU JVU YHYHZ L_JLWJPVULZ SVZ KPZ[YP[VZ LSLJ[VYHSLZ WLX\L|VZ ` SH LSLJJP}U KPYLJ[H IHQV LS ZPZ[LTH KL TH`VYxH ]PY[\HSTLU[L WHYH [VKVZ SVZ W\LZ[VZ LSLNPISLZ PUJS\`LUKV KLZKL S\LNV LS :LUHKV ` SH *mTHYH KL 9LWYLZLU[HU[LZ HZx JVTV .VILYUHKVYLZ KL ,Z[HKV ` (SJHSKLZ WHYH JHKH JP\KHK V JVUKHKV +\]LYNLY ZL|HSH X\L LS LMLJ[V KL \U ZPZ[LTH JVTV tZ[L LZ X\L Z}SV LS 7HY[PKV 9LW\ISPJHUV V LS +LT}JYH[H [PLULU WVZPIPSPKHKLZ YLHSLZ KL HSJHUaHY YLWYLZLU[HJP}U WHYSHTLU[HYPH V KL VI[LULY \UH (SJHSKxH V .VILYUHJP}U 3VZ Uย TLYVZ WHYLJLU H]HSHYSV W\LZ KL SVZ TPLTIYVZ KL SH *mTHYH KL 9LWYLZLU[HU[LZ Z}SV OH` \U PUKLWLUKPLU[L @ KL SVZ ZLUHKVYLZ [VKVZ ZHS]V \UV WLY[LULJLU H HSN\UV KL SVZ KVZ WHY[PKVZ ยทZPLUKV KL UV[HY X\L LS ยธPUKLWLUKPLU[Lยน M\L LSLJ[V WVY SVZ ]V[VZ KL SVZ YLW\ISPJHUVZ 0N\HSTLU[L LU LS WHZHKV YLJPLU[L ZVSHTLU[L OH HSJHUaHKV H ZLY .VILYUHKVY KL \U ,Z[HKV \U JHUKPKH[V PUKLWLUKPLU[L KL SVZ KVZ WHY[PKVZ [YHKPJPVUHSLZ 1LZZL =LU[\YH X\PLU [YP\UM} LU 4PUULZV[H ` TPSP[} IHQV SH IHUKLYH KLS 7HY[PKV KL SH 9LMVYTH" ZP IPLU Z\ ]PJ[VYPH LZ TmZ H[YPI\PISL H SH PUTLUZH WVW\SHYPKHK X\L SL KPLYVU Z\Z H|VZ JVTV Q\NHKVY LU SH 5-3 3PNH 5HJPVUHS KL -ย [IVS (TLYPJHUV WVY Z\Z ZPNSHZ LU PUNStZ X\L H \U MLU}TLUV WVSx[PJV WLYTHULU[L ,U [VKV JHZV LZ L]PKLU[L X\L SH JHU[PKHK KL ]V[VZ YLJPIPKVZ LU JHKH JPYJ\UZJYPWJP}U LSLJ[VYHS LZ KL[LYTPUHU[L WHYH ร QHY LS Uย TLYV KL KPW\[HKVZ X\L VI[LUKYxH JHKH WHY[PKV ` WVY LUKL LS [HTH|V ` SH JVTWVZPJP}U KL Z\ MYHJJP}U SLNPZSH[P]H *VZ[H 9PJH WVZLL WHYH SH LSLJJP}U KL KPW\[HKVZ ZPL[L JPYJ\UZJYPWJPVULZ LSLJ[VYHSLZ JVYYLZWVUKPLU[LZ H SHZ ZPL[L WYV]PUJPHZ ( JHKH \UH ZL H[YPI\`L \U KL[LYTPUHKV Uย TLYV KL LZJH|VZ ZLNย U Z\ WVISHJP}U LS J\HS ZL HJ[\HSPaH JHKH ]La X\L OH` \U JLUZV UHJPVUHS ,S LMLJ[V HW\U[HKV WVY +\]LYNLY YLZWLJ[V HS LZ[xT\SV PUZ[P[\JPVUHS OHJPH LS T\S[PWHY[PKPZTV WYVWPV KLS ZPZ[LTH WYVWVYJPVUHS W\LKL SSL]HYUVZ H PUMLYPY X\L \U WHY[PKV JVUZ[P[\PKV H LZJHSH WYV]PUJPHS [PLUL HSN\UHZ WYVIHIPSPKHKLZ KL t_P[V LZWLJPHSTLU[L LU HX\LSSHZ WYV]PUJPHZ X\L LSPNLU \UH TH`VY JHU[PKHK KL WHYSHTLU[HYPVZ ยทKVUKL SH WYVWVYJPVUHSPKHK LZ TmZ L_HJ[H +L OLJOV \UH KL SHZ JYx[PJHZ TmZ mZWLYHZ X\L ZL SL OHJLU HS TVKLSV WYVWVYJPVUHS LZ SH ยธKPZ[VYZP}Uยน KL KPJOH WYVWVYJPVUHSPKHK SH J\HS Z\LSL YLร LQHYZL LU SVZ KPZ[YP[VZ LSLJ[VYHSLZ X\L LSPNLU Uย TLYVZ IHQVZ KL LZJH|VZ WLYV ZL L]P[H J\HUKV OH` TmZ WSHaHZ KPZWVUPISLZ

:ร 5*/,A *(476: WW +<=,9.,9 +<=,9.,9

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763Ð;0*6: ,5 ,3 Í4)0;6 36*(3

3H TPZTH YLNSH VWLYH WHYH SH LSLJJP}U KL SVZ YLNPKVYLZ LU JHKH \UV KL SVZ JHU[VULZ KLS WHxZ ,U JHKH JVUJLQV T\UPJPWHS ZL LSPNL \U U TLYV PTWHY KL YLNPKVYLZ X\L ]HYxH LU[YL JPUJV ` [YLJL KL HJ\LYKV JVU SH WVISHJP}U KLS JHU[}U ,Z[H LSLJJP}U ZL YLHSPaH ZPT\S[mULHTLU[L H SH LSLJJP}U KL 7YLZPKLU[L ` +PW\[HKVZ JVU SHZ JVUZLJ\LUJPHZ X\L S\LNV ZL HUHSPaHYmU 3VZ LZJH|VZ ZL HKQ\KPJHU KL SH TPZTH THULYH X\L LU SHZ LSLJJPVULZ SLNPZSH[P]HZ" LZ KLJPY WVY TLKPV KLS ZPZ[LTH KL JVJPLU[LZ Z\IJVJPLU[LZ ` YLZPK\VZ :PN\PLUKV LS HUmSPZPZ KL +\]LYNLY LSSV ZPNUPÄJH X\L LS Tt[VKV HWSPJHKV WYVT\L]L SH L_PZ[LUJPH KL T S[PWSLZ WHY[PKVZ JVTWP[PLUKV H UP]LS JHU[VUHS ZVIYL [VKV LU JHU[VULZ X\L [PLULU JVUJLQVZ T\UPJPWHSLZ TmZ U\TLYVZVZ 7LYV KL PN\HS THULYH LZ[H [LUKLUJPH ¸JLU[YxM\NH¹ ZL ]L JVU[YHYYLZ[HKH WVY ]HYPVZ MHJ[VYLZ! SH ZPT\S[HULPKHK JVU SH LSLJJP}U KL 7YLZPKLU[L X\L ZL KLÄUL WVY LS ZPZ[LTH KL TH`VYxH ·TH[PaHKV WVY LS \TIYHS KLS KL SVZ ]V[VZ ]mSPKVZ· ` WVY V[YV SHKV LS Tt[VKV WHYH KLZPNUHY [HU[V HS HSJHSKL KLS JHU[}U JVTV H SVZ ZxUKPJVZ KL JHKH KPZ[YP[V ,U LZ[VZ S[PTVZ JHZVZ SH LSLJJP}U ZL YLHSPaH HJ[\HSTLU[L LU LS TLZ KL KPJPLTIYL PUTLKPH[HTLU[L WVZ[LYPVY H SVZ JVTPJPVZ WYLZPKLUJPHSLZ J\HUKV `H LS JVUJLQV T\UPJPWHS [PLUL ]HYPVZ TLZLZ KL OHILY HZ\TPKV Z\Z JHYNVZ ;HU[V LU LS JHZV KLS HSJHSKL JVTV LU LS KL SVZ ZxUKPJVZ ZL LTWSLH LS ZPZ[LTH KL TH`VYxHZ ·JVU LS HNYH]HU[L KL X\L UV ZL HWSPJH UPUN U [PWV KL \TIYHS

0= 79,:,5*0( +, 36: 7(9;0+6: 763Ð;0*6: ( 50=,3 36*(3 :P IPLU *VZ[H 9PJH OH ]LUPKV JLSLIYHUKV LSLJJPVULZ YLN\SHYTLU[L KLZKL NLULYHSTLU[L ZL HKTP[L X\L LS ZPZ[LTH KL WHY[PKVZ X\L VYPLU[H SH WVSx[PJH UHJPVUHS HYYHUJH H WHY[PY KL SVZ H|VZ J\HYLU[H KLS ZPNSV WHZHKV ` TmZ WYVU\UJPHKHTLU[L JVU WVZ[LYPVYPKHK H SH .\LYYH *P]PS KL 7YVIHISLTLU[L LZH LZ SH YHa}U WVY SH J\HS SH TH`VYxH KL SVZ LZ[\KPVZ ZVIYL WHY[PKVZ WVSx[PJVZ LU *VZ[H 9PJH [VTHU JVTV W\U[V KL WHY[PKH SHZ LSLJJPVULZ KL SHZ WYPTLYHZ X\L ZL YLHSPaHYVU IHQV SH KPYLJJP}U KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ,S +Y -LYUHUKV :mUJOLa OHISH KL [YLZ JVYYPLU[LZ WVSx[PJHZ X\L ZL KLZ[HJHYVU H WHY[PY KL ` X\L WYVNYLZP]HTLU[L M\LYVU JVUZVSPKmUKVZL WHYH MVYTHY \U ZPZ[LTH THYJHKHTLU[L IPWHY[PKPZ[H +PJOHZ JVYYPLU[LZ ZVU LS 7HY[PKV 3PILYHJP}U 5HJPVUHS SH SSHTHKH (SPHUaH *VUZLY]HKVYH ·X\L TmZ HKLSHU[L ZL PU[LNYHYxH JVTV LS 7HY[PKV <UPKHK :VJPHS *YPZ[PHUH· ` SH PaX\PLYKH KLIPSP[HKH LU SHZ KtJHKHZ KL ` WVY SH WYVOPIPJP}U JVUZ[P[\JPVUHS KL WHY[PJPWHY LSLJ[VYHSTLU[L ,S KLZHYYVSSV KL MVY[xZPTHZ SLHS[HKLZ WHY[PKHYPHZ OHJPH LZ[VZ ISVX\LZ LU LZWLJPHS SVZ KVZ WYPTLYVZ WYVK\QV X\L Z\ WYLZLUJPH H UP]LS SVJHS M\LZL PN\HSTLU[L HIZVYILU[L ( Q\PJPV KL :mUJOLa LZ[V ZL KLIL HS KLUVTPUHKV ¸LMLJ[V KL HYYHZ[YL¹ +L HJ\LYKV JVU Z\ HUmSPZPZ SHZ ¸LSLJJPVULZ WYLZPKLUJPHSLZ LU *VZ[H 9PJH PUÅ\`LU ZPNUPÄJH[P]HTLU[L LU LS YLZ\S[HKV

:Í5*/,A *(476: WW

5Ø4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

KL SHZ LSLJJPVULZ SLNPZSH[P]HZ ` T\UPJPWHSLZยน ;YLZ LSLTLU[VZ JHYHJ[LYxZ[PJVZ KL[LYTPUHU ZLNย U LZ[L H\[VY [HS PUร \LUJPH ,S WYPTLYV LZ SH ZPT\S[HULPKHK KL SHZ [YLZ LSLJJPVULZ" LS ZLN\UKV SH MVY[HSLaH KLS ZPZ[LTH WHY[PKHYPV ` LS [LYJLYV SH TLJmUPJH KL ]V[HJP}U WYLZLU[L LU LS WHxZ H [YH]tZ KL SPZ[HZ JLYYHKHZ ` ISVX\LHKHZ WYVW\LZ[HZ WVY SVZ WHY[PKVZ WVSx[PJVZ :\ L_WSPJHJP}U LZ X\L SVZ [YLZ MHJ[VYLZ ZL JVUQ\NHU WHYH WYVK\JPY LS WYLKVTPUPV [YHKPJPVUHS KL KVZ M\LYaHZ WVSx[PJHZ LU SH (ZHTISLH 3LNPZSH[P]H ` LU SVZ *VUJLQVZ 4\UPJPWHSLZ Hย U LU WYLZLUJPH KLS ZPZ[LTH WYVWVYJPVUHS KL KPZ[YPI\JP}U KL WSHaHZ ,Z[H THYJHKH PUร \LUJPH KL SVZ WHY[PKVZ UHJPVUHSLZ H UP]LS SVJHS ZL ]L MmJPSTLU[L PS\Z[YHKH WVY LS JHZV KL SHZ LSLJJPVULZ KL LU SH X\L JPUJV HNY\WHJPVULZ WVSx[PJHZ KPZ[PU[HZ VI[\]PLYVU ZxUKPJVZ T\UPJPWHSLZ V SV X\L LZ SV TPZTV NHUHYVU LU HSNย U KPZ[YP[V HKTPUPZ[YH[P]V LU SH WHWLSL[H JVYYLZWVUKPLU[L ! 3PILYHJP}U 5HJPVUHS LS 7HY[PKV 0UKLWLUKPLU[L SH <UP}U 5HJPVUHS LS 7HY[PKV 9LW\ISPJHUV 5HJPVUHS ` SH <UP}U *x]PJH 9L]VS\JPVUHYPH 3VZ ย S[PTVZ KL LZ[VZ WHY[PKVZ WHY[PJPWHIH H UP]LS JHU[VUHS V WYV]PUJPHS L_JS\ZP]HTLU[L `H X\L SVZ [YLZ WYPTLYVZ JVTWL[xHU WVY SH 7YLZPKLUJPH KL SH 9LWย ISPJH 5V M\L ZPUV OHZ[H X\L KVZ HNY\WHJPVULZ JHU[VUHSLZ (SPHUaH +LZHTWHYHKL|H LU LS JHU[}U KL +LZHTWHYHKVZ ` 6IYLYV *HTWLZPUV LU 7HYHxZV JVUZPN\LU LZJH|VZ LU LS *VUJLQV YLZWLJ[P]V ( WLZHY KL SH HWHYLU[L ZVSPKLa KL LZ[L ZPZ[LTH KL WHY[PKVZ UHJPVUHSLZ LU SHZ LSLJJPVULZ ZVIYL [VKV WYLZPKLUJPHSLZ ` SLNPZSH[P]HZ ` KL Z\ OLNLTVUxH LU SHZ T\UPJPWHSPKHKLZ KLS WHxZ K\YHU[L \U SHYNV WLYPVKV V[YVZ HUHSPZ[HZ JH[HSVNHU LS ZPZ[LTH KL WHY[PKVZ H UP]LS SVJHS JVTV ยธร \PKV L PULZ[HISLยน KLIPKV H SH HWHYPJP}U KL WHY[PKVZ M\NHJLZ ` H SH WVJH WLYTHULUJPH KL HNY\WHJPVULZ WVSx[PJHZ JHU[VUHSLZ ` WYV]PUJPHSLZ <U YL]LSHKVY LZ[\KPV WH[YVJPUHKV WVY -3(*:6 ` SH -\UKHJP}U 2VUYHK (KLUH\LY ZL|HSH X\L KPJOV MLU}TLUV LZ T\JOV TmZ WYVU\UJPHKV LU LS WLYPVKV LU[YL ` LS X\L -LYUHUKV :mUJOLa KLUVTPUH JVTV LS WLYPVKV KL MVYTHJP}U KLS ZPZ[LTH IPWHY[PKPZ[H JVZ[HYYPJLUZL +\YHU[L LZL WLYPVKV ZL MVYTHYVU KL HJ\LYKV JVU LS LZ[\KPV KL -3(*:6 J\H[YV WHY[PKVZ H UP]LS JHU[VUHS ` \UH HTWSPH NHTH KL HNY\WHJPVULZ WYV]PUJPHSLZ ` UHJPVUHSLZ X\L [\]PLYVU HSN\UH PUQLYLUJPH LU SHZ LSLJJPVULZ T\UPJPWHSLZ +L [VKVZ SVZ ISVX\LZ X\L WHY[PJPWHYVU LU LZ[H L[HWH LS ย UPJV WHY[PKV WVSx[PJV X\L JVUZLY]} Z\ PKLU[PKHK KL WYPUJPWPV H ร U ` X\L ZL WYLZLU[} LU SH [V[HSPKHK KL SHZ LSLJJPVULZ M\L 3PILYHJP}U 5HJPVUHS *VTLU[H 9HUKHSS )SHUJV 3PaHUV X\L KLZKL OHZ[H LS 735 OH YLJPIPKV PU]HYPHISLTLU[L WVY SV TLUVZ LS WVY JPLU[V KL SVZ ]V[VZ LU SHZ LSLJJPVULZ SVJHSLZ :\Z JVU[YPUJHU[LZ M\LYVU WH\SH[PUHTLU[L MVYTHUKV \UH JVHSPJP}U [YHZ V[YH WHYH LUMYLU[HYZL H SH HNY\WHJP}U WYLKVTPUHU[L V IPLU HWHYLJPLYVU ` ZL THU[\]PLYVU WVY IYL]LZ SHWZVZ HU[LZ KL KLZHWHYLJLY

:ร 5*/,A *(476: W (3-(96 9,+65+6 ` A,3,+ร 5 ;699,: WW (3-(96 9,+65+6 ` A,3,+ร 5 ;699,: WW 90=,9( ( 9V` LKP[VY :ร 5*/,A *(476: W 90=,9( ( 9V` LKP[VY )3(5*6 30A(56

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

4mZ [HYKL LU LS WLYPVKV X\L 1VYNL 9V]PYH 4HZ KLZJYPIL JVTV LS KLS H\NL KLS IPWHY[PKPZTV ยทLU[YL ` ยทSVZ WHY[PKVZ H UP]LS WYV]PUJPHS ` JHU[VUHS OHU ]LUPKV ZPLUKV WYVNYLZP]HTLU[L TmZ WLYTHULU[LZ ` Z\Z YLZ\S[HKVZ TmZ JVUZ[HU[LZ 3H TH`VY WLYTHULUJPH KL SVZ WHY[PKVZ WVSx[PJVZ K\YHU[L LZ[L WLYPVKV ZL ]PV YLร LQHKH HS UP]LS SVJHS PN\HSTLU[L (NY\WHJPVULZ WYV]PUJPHSLZ JVTV LS 7HY[PKV <UP}U (NYxJVSH *HY[HNPUtZ ` LS 7HY[PKV (JJP}U +LTVJYm[PJH (SHQ\LSLUZL ร N\YHU WLYZPZ[LU[LTLU[L LU SHZ WHWLSL[HZ KLZKL LU[VUJLZ ` H TLU\KV OHU HSJHUaHKV H LSLNPY KPW\[HKVZ ,U LS LZ[YH[V JHU[VUHS LS 7HY[PKV (SHQ\LSP[H 5\L]H OH VI[LUPKV WLYZPZ[LU[LTLU[L LZJH|VZ LU SH 4\UPJPWHSPKHK KLS JHU[}U YLZWLJ[P]V H WHY[PY KL :PU LTIHYNV KLIL HJSHYHYZL JVTV SV OHJL -LYUHUKV :mUJOLa X\L SH ]HYPHJP}U LU SVZ YLZ\S[HKVZ JVUJYL[VZ UV ZL OPaV L]PKLU[L LUZLN\PKH ZPUV X\L M\L \U WYVJLZV TmZ SLU[V ยธ LU SxULHZ NLULYHSLZ SVZ YLZ\S[HKVZ X\L VI[PLULU SVZ WHY[PKVZ LU SHZ LSLJJPVULZ SLNPZSH[P]HZ ` T\UPJPWHSLZ [PLUKLU H ZLY T\` ZPTPSHYLZ H SVZ KL SH LSLJJP}U WYLZPKLUJPHS +L LZ[H MVYTH SVZ KVZ WYPUJPWHSLZ WHY[PKVZ WVSx[PJVZ V JVHSPJPVULZ HX\LSSVZ JVU TLQVYLZ YLZ\S[HKVZ LU SH LSLJJP}U WYLZPKLUJPHS OHU KVTPUHKV LU SH TH`VYxH KL SVZ JVTPJPVZ SLNPZSH[P]VZ ` T\UPJPWHSLZ KLZKL ยน 8\PamZ SH JHYHJ[LYxZ[PJH TmZ UV[VYPH KL LZ[HZ HNY\WHJPVULZ SVJHSLZ ZVIYL [VKV KL HX\LSSHZ X\L ZL OHU ]LUPKV JVUMVYTHUKV LU LZ[H ZLN\UKH L[HWH LZ SH X\L HUV[HU 9V` 9P]LYH ` 9LILJH *HSKLY}U! ยธ9LZWLJ[V KL SHZ SxULHZ KVJ[YPUHSLZ X\L HKVW[HU SVZ TPJYVWHY[PKVZ KLILTVZ KLJPY X\L LU SH TH`VYxH KL SVZ JHZVZ UV ZL WLYJPIL SH L_PZ[LUJPH KL \U J\LYWV KL WYLJLW[VZ X\L M\UJPVULU JVTV LQL KL Z\Z WSHU[LHTPLU[VZ V WYV`LJ[VZ 4mZ IPLU WHYLJLU ZLY WHY[PKVZ X\L ZL JVUMVYTHYVU HK OVJ :VU WVY \U SHKV JYx[PJH L_WSxJP[H HS ]PLQV TVKLSV ` WVY V[YV L_WYLZP}U KL SH HTIPJP}U KL HSN\UVZ ZLJ[VYLZ KL SH ZVJPLKHK SVJHS KL M\UKHY \UH ยบU\L]Hยป MVYTH KL OHJLY WVSx[PJHยน

,Z T\` JSHYV X\L SVZ WHY[PKVZ WVSx[PJVZ JHU[VUHSLZ ZHS]V HSN\UHZ L_JLWJPVULZ UV W\LKLU JH[HSVNHYZL JVTV ยธPKLVS}NPJVZยน Hย U J\HUKV [LUNHU YLJPLU[LTLU[L \UH TH`VY ]VJHJP}U KL WLYTHULUJPH 3HZ HNY\WHJPVULZ WYV]PUJPHSLZ WVY Z\ SHKV JVU[PU\HYVU PU]VJHUKV SH [YHKPJP}U HNYxJVSH JVTV \U HNS\[PUHKVY LSLJ[VYHS 7\LKLU JP[HYZL WVY LQLTWSV LS 7HY[PKV (NYHYPV 5HJPVUHS LU 3PT}U (JJP}U 3HIVYPZ[H (NYxJVSH LU (SHQ\LSH ` -\LYaH (NYHYPH KL SVZ *HY[HNPULZLZ HKLTmZ KLS `H JP[HKV <UP}U (NYxJVSH *HY[HNPUtZ ,S OLJOV KL X\L LU Z\ TH`VYxH UV ZLHU WHY[PKVZ ยธPKLVS}NPJVZยน SVZ OHJL [LULY \UH WYLZLUJPH TmZ YLK\JPKH PUJS\ZV LU Z\Z JVT\UPKHKLZ `H X\L UV LQLYJLU ZPNUPร JH[P]HTLU[L \UH KL SHZ [YLZ M\UJPVULZ X\L +HS[VU ` >H[[LUILYN KPZ[PUN\xHU JVTV SHZ LZLUJPHSLZ KL SVZ WHY[PKVZ WVSx[PJVZ! SH M\UJP}U VYNHUPaHJPVUHS :P IPLU LZ[VZ WHY[PKVZ Z\LSLU [LULY MHJPSPKHK WHYH YLJS\[HY WLYZVUHZ 96=09( 4(: ,U! ,ZWHJPVZ ! Q\SPV ZL[PLTIYL ;YPI\UHS :\WYLTV KL ,SLJJPVULZ! ,ZJY\[PUPVZ WHYH +PW\[HKVZ H SH (ZHTISLH 3LNPZSH[P]H KL H NV JY LSLJJPVULZ O[TS 90=,9( ( 9V` LKP[VY :ร 5*/,A *(476: W 90=,9( ` *(3+,9ร 5 W

5ร 4,96 :,.<5+6 :,4,:;9,

,U! ^^^ [ZL

9VILY[ - )LLYZ .VUamSLa

LZWLJPHSTLU[L HX\LSSHZ X\L UV ZL OHU ]PUJ\SHKV WYL]PHTLU[L JVU SH WVSx[PJH KPMxJPSTLU[L SLZ Kt \UH MVYTHJP}U V JHWHJP[HJP}U PKLVS}NPJH X\L LU LS mTIP[V JVT\UHS H TLU\KV ZL Q\aNH Z\WLYÃ…\H 0N\HSTLU[L SH HY[PJ\SHJP}U KL PU[LYLZLZ ZL YLHSPaH LU \UH LZJHSH TmZ SPTP[HKH ` ZPU \UH ]PZP}U HTWSPH KL JHYmJ[LY UHJPVUHS ,SSV PTWSPJH X\L H\UX\L UV ULJLZHYPHTLU[L KLZJ\PKLU LZ[H M\UJP}U LU SVZ WHY[PKVZ YLNPVUHSLZ ` JHU[VUHSLZ ZLH TmZ WYVU\UJPHKH SH WYPVYPKHK KL SH M\UJP}U LSLJ[VYHS ,S MLU}TLUV KL SVZ WHY[PKVZ SVJHSLZ ZL OH ]PZ[V WH\SH[PUHTLU[L YLMVYaHKV LU LZWLJPHS H WHY[PY KL SHZ LSLJJPVULZ KL 7HYH LZ[H VWVY[\UPKHK Z\YNPLYVU HNY\WHJPVULZ JVTV LS 7HY[PKV KLS :VS LU :HU[H (UH LS *\YYPKHIH[ :PNSV ??0 (JJP}U 8\LWL|H 0UKLWLUKPLU[L )LSLTP[H ` SH @\U[H 7YVNYLZPZ[H ,ZJHa\JL|H ,Z[L ‚S[PTV WHY[PKV ZL HUV[} SH ]PJ[VYPH TmZ YLZVUHU[L KL SH OPZ[VYPH T\UPJPWHS JVZ[HYYPJLUZL HS KLYYV[HY [HU[V HS 7HY[PKV <UPKHK :VJPHS *YPZ[PHUH JVTV H 3PILYHJP}U 5HJPVUHS WHY[PKVZ KVTPUHU[LZ LU HX\LS TVTLU[V ` VI[LULY TH`VYxH LU LS *VUJLQV KL Z\ JHU[}U +L SH TPZTH THULYH LS 7HY[PKV (JJP}U 3HIVYPZ[H (NYxJVSH PUZJYP[V H UP]LS WYV]PUJPHS LU (SHQ\LSH VI[\]V \U LZJH|V LU SH (ZHTISLH 3LNPZSH[P]H ` ]HYPVZ YLNPKVYLZ LU KP]LYZVZ JHU[VULZ ,S KLUVTPUHKV ¸KYLUHQL KLS YLZWHSKV LSLJ[VYHS HS IPWHY[PKPZTV LU SH TPZTH tWVJH LU X\L tZ[L ZL JVUZVSPKH ¹ ZL OPaV WH[LU[L WVY WYPTLYH ]La WYLJPZHTLU[L LU LZHZ LSLJJPVULZ KVUKL ZL JVTLUa} H MYHJ[\YHY LS WYLKVTPUPV KLS 7HY[PKV 3PILYHJP}U 5HJPVUHS ` Z\ JVU[YHWHY[L SH <UPKHK :VJPHS *YPZ[PHUH H UP]LS T\UPJPWHS ZP IPLU LS YLZ\S[HKV UV M\L [HU KYHTm[PJV LU SH (ZHTISLH 3LNPZSH[P]H :PU LTIHYNV LZ[H JPYJ\UZ[HUJPH JVUZ[P[\`} \U WY}SVNV H SHZ LSLJJPVULZ KLS 3H WLUL[YHJP}U KL SVZ WHY[PKVZ JHU[VUHSLZ LU SVZ *VUJLQVZ 4\UPJPWHSLZ ZL ]PV YLMVYaHKH LU MLIYLYV KL LZL H|V J\HUKV LS 7HY[PKV (JJP}U *P\KHKHUH 7(* PYY\TWP} L_WSVZP]HTLU[L LU LS ZPZ[LTH WVSx[PJV UHJPVUHS (WHY[L KL VI[LULY PUPJPHSTLU[L JH[VYJL J\Y\SLZ SLNPZSH[P]HZ SVNY} HTWSPH YLWYLZLU[HJP}U LU U\TLYVZHZ 4\UPJPWHSPKHKLZ LU SHZ ZPL[L WYV]PUJPHZ KL *VZ[H 9PJH ;HS JVTV SV KLZJYPIL LS LZ[\KPV KL -3(*:6 ¸ZPU JVU[HY JVU SH LZ[Y\J[\YH KL SVZ WHY[PKVZ UHJPVUHSLZ KL WLZV WHZ} H JVU]LY[PYZL LU SH [LYJLYH M\LYaH WVSx[PJH KLS WHxZ ` H KPZW\[HY LU [VKVZ SVZ UP]LSLZ SVZ W\LZ[VZ KL NVIPLYUV ` KLJPZP}U¹ ,S MLU}TLUV KLS 7(* HZx JVTV SH WYLZLUJPH KLS 4V]PTPLU[V 3PILY[HYPV LU HSN\UHZ YLNPVULZ PUJPKP} ULNH[P]HTLU[L LU LS KLZLTWL|V KL SHZ HNY\WHJPVULZ WYV]PUJPHSLZ ` JHU[VUHSLZ X\L LU HSN\UVZ JHZVZ WLYKPLYVU V ]PLYVU KPZTPU\PKH Z\ J\V[H KL YLWYLZLU[HJP}U T\UPJPWHS ` X\L KLZHWHYLJPLYVU KLS *VUNYLZV KL SH 9LW‚ISPJH 9HUKHSS )SHUJV 3PaHUV HÄYTH X\L LS 7HY[PKV (JJP}U *P\KHKHUH [\]V \U LMLJ[V ¸PU]PZPIPSPaHKVY¹ ZVIYL SH TH`VYxH KL SVZ WHY[PKVZ JHU[VUHSLZ ` WYV]PUJPHSLZ KLIPKV HS `H KLZJYP[V HYYHZ[YL" Q\PJPV X\L JVUÄYTH JVU SVZ WHJ[VZ KLZHYYVSSHKVZ LU[YL LS 7(* ` SVZ WHY[PKVZ (JJP}U 8\LWL|H @\U[H 7YVNYLZPZ[H ,ZJHa\JL|H ` +LS :VS LU J\`VZ JHU[VULZ SVZ YVQPHTHYPSSVZ UV WYLZLU[HYVU WHWLSL[H T\UPJPWHS LU LZ[H VWVY[\UPKHK 6[YVZ WHY[PKVZ UV VIZ[HU[L [HTIPtU ZL JVUZVSPKHYVU V PUNYLZHYVU WVY WYPTLYH ]La HS *VUJLQV SVJHS WVY LQLTWSV LS (\[tU[PJV :HYHWPX\L|V LS `H JP[HKV (JJP}U 8\LWL|H LS (\[tU[PJV 7HYHPZL|V

3H 5HJP}U WLYP}KPJV KL THYaV KL (3-(96 9,+65+6 ` A,3,+Ô5 ;699,: WW 90=,9( ( 9V` LKP[VY )3(5*6 30A(56 W

5Ø4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763Ð;0*6: ,5 ,3 Í4)0;6 36*(3

` LS .HYHIP[V ,JVS}NPJV ,S YLZ\S[HKV UL[V M\L LS KLS YL[YVJLZV KLS IPWHY[PKPZTV [YHKPJPVUHS MYLU[L H SH HJJP}U JVTIPUHKH KLS UHJPTPLU[V KLS 7(* LS JSxTH_ KLS 4V]PTPLU[V 3PILY[HYPV ` LS HÄHUaHTPLU[V KL KP]LYZHZ HNY\WHJPVULZ JHU[VUHSLZ ,Z[L Z\JLZV JVPUJPKP} JVU SH WYPTLYH VWVY[\UPKHK LU SH X\L SVZ ZxUKPJVZ T\UPJPWHSLZ UV M\LYVU LSLJ[VZ Q\U[V JVU SVZ YLNPKVYLZ 3H YHa}U LZ X\L LS *}KPNV 4\UPJPWHS LTP[PKV LU ZLWHY} SHZ LSLJJPVULZ KL SVZ ZxUKPJVZ ` H SH ]La LZ[HISLJP} LS W\LZ[V KL (SJHSKL JVTV \UV KL LSLJJP}U WVW\SHY ,U LZ[H YLMVYTH ZL PUJS\`LYVU ]HYPVZ JHTIPVZ LU LS *}KPNV ,SLJ[VYHS ,U[YL LZ[HZ TVKPÄJHJPVULZ LZ[\]V HWHY[L KL SH MLJOH KL SH LSLJJP}U ·X\L ZL ÄQ} WHYH LS WYPTLY KVTPUNV KL KPJPLTIYL PUTLKPH[HTLU[L WVZ[LYPVY H SHZ LSLJJPVULZ KL YLNPKVYLZ KL HJ\LYKV JVU SVZ HY[xJ\SVZ ` KLS *}KPNV 4\UPJPWHS· SH YLN\SHJP}U ZVIYL SH TH`VYxH X\L KLIxH VI[LULY \U (SJHSKL WHYH KLJSHYHYZL LSLJ[V TLKPHU[L YLMVYTH HS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS LS LZ[HISLJPTPLU[V KL SVZ *VUJLQVZ KL +PZ[YP[V LSLJ[VZ H [YH]tZ KLS ZPZ[LTH WYVWVYJPVUHS ` LS TLJHUPZTV WHYH SH L]LU[\HS YL]VJH[VYPH KL Z\ THUKH[V ,S U\L]V *}KPNV 4\UPJPWHS [HTIPtU JVU[LTWS} SH ÄN\YH KLS JHIPSKV WHYH WYVTV]LY SH WHY[PJPWHJP}U KL SVZ JP\KHKHUVZ LU SHZ KLJPZPVULZ KL Z\Z NVIPLYUVZ SVJHSLZ JVTV \U TLKPV KL YLMVYaHY Z\ H\[VUVTxH ;VKV LZ[V ZL JVTLU[HYm TmZ HKLSHU[L 3HZ YLJPtU WHZHKHZ LSLJJPVULZ KLS M\LYVU SH J\STPUHJP}U KLS WYVJLZV X\L ZL PUPJP} LU ` X\L HSJHUa} Z\ W\U[V KL PUÅL_P}U J\H[YV H|VZ TmZ [HYKL 3H UV[HISL YLJ\WLYHJP}U LSLJ[VYHS KLS 7HY[PKV 3PILYHJP}U 5HJPVUHS KL SH THUV KLS M\LY[L SPKLYHaNV NLULYHKV WVY LS L_WYLZPKLU[L (YPHZ JVPUJPKP} JVU SH PULZWLYHKH H]HSHUJOH KL ]V[VZ YLJPIPKH WVY LS 7HY[PKV (JJP}U *P\KHKHUH X\L KLZWSHa} H SH HSPJHxKH ` KPZWLYZH <UPKHK :VJPHS *YPZ[PHUH KLS WHUVYHTH LSLJ[VYHS ` ZL JVUZVSPK} JVTV SH ZLN\UKH M\LYaH WVSx[PJH LU PTWVY[HUJPH LU *VZ[H 9PJH :P IPLU LS WYLKVTPUPV KL LZ[VZ KVZ WHY[PKVZ M\L T\JOV TmZ L]PKLU[L LU SH ]V[HJP}U WYLZPKLUJPHS ·LU SH X\L (YPHZ IH[P} HS JHUKPKH[V JP\KHKHUPZ[H 6[[}U :VSxZ WVY HSNV TmZ KLS LS THYNLU TmZ LZ[YLJOV LU J\HYLU[H H|VZ· LZ[H KPZ[HUJPH [HTIPtU ZL THYJ} LU SH (ZHTISLH 3LNPZSH[P]H ` LU SH TH`VY WHY[L KL SVZ *VUJLQVZ 4\UPJPWHSLZ :PU LTIHYNV LU LZ[VZ S[PTVZ LS 7HY[PKV <UPKHK :VJPHS *YPZ[PHUH JVUZLY]} \UH SPNLYH WYLZLUJPH +VZ YHZNVZ TmZ ZVU UV[HISLZ LU LS JHZV KL LZ[HZ LSLJJPVULZ ,S WYPTLYV LZ LS LZ[HUJHTPLU[V ·X\L HSN\UVZ PU[LU[HYVU KPZMYHaHY KL JYLJPTPLU[V· KLS 4V]PTPLU[V 3PILY[HYPV LS J\HS H WLZHY KL \UH MVY[xZPTH PU]LYZP}U W\ISPJP[HYPH HWLUHZ W\KV LX\PWHYHY Z\ ]V[HJP}U WYLZPKLUJPHS H SH YLJPIPKH LU SHZ WHWLSL[HZ SLNPZSH[P]HZ J\H[YV H|VZ HU[LZ ZPU X\L O\IPLYL \U JYLJPTPLU[V HWYLJPHISL LU tZ[HZ S[PTHZ 3VZ H]HUJLZ KL SVZ SPILY[HYPVZ LU Z\ WYLZLUJPH T\UPJPWHS [HTIPtU M\LYVU IHZ[HU[L THNYVZ ,S ZLN\UKV YHZNV LZ LS YLW\U[L KL SVZ WHY[PKVZ WYV]PUJPHSLZ ` JHU[VUHSLZ J\`V ]VS\TLU JVTV WYL]PHTLU[L ZL HUHSPa} OHIxHZL ]PZ[V HMLJ[HKV LU LS ;YLZ KL LSSVZ VI[\]PLYVU LZJH|VZ LU SH (ZHTISLH 3LNPZSH[P]H [VKVZ WVY SH WYV]PUJPH KL :HU 1VZt" WYL]PHTLU[L UV ZL OHIxH WYLZLU[HKV LZ[L MLU}TLUV H UP]LS SLNPZSH[P]V (KLTmZ SVZ WHY[PKVZ JHU[VUHSLZ K\WSPJHYVU Z\ WYLZLUJPH LU SHZ T\UPJPWHSPKHKLZ KLS WHxZ H\UX\L LS NLULYHSPaHKV MYHJJPVUHTPLU[V KLS ]V[V SLZ PTWPKP} VI[LULY ;YPI\UHS :\WYLTV KL ,SLJJPVULZ! ,ZJY\[PUPV KL ,SLJJPVULZ KL 7YLZPKLU[L ` =PJLWYLZPKLU[LZ KL MLIYLYV KLS ,U! ^^^ [ZL NV JY LZJY\[PUPVFM 7YLZPKLUJPHSLZ O[TS 3H 5HJP}U WLYP}KPJV KVTPUNV KL HIYPS KLS

5Ø4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

TH`VYxHZ ZPNUPร JH[P]HZ (NY\WHJPVULZ JVTV SH @\U[H 7YVNYLZPZ[H ,ZJHa\JL|H LS 7HY[PKV KLS :VS (SHQ\LSP[H 5\L]H LS 7HY[PKV 0UKLWLUKPLU[L )LSLTP[H (JJP}U 8\LWL|H .HYHIP[V ,JVS}NPJV ` (\[tU[PJV :HYHWPX\L|V YLWP[PLYVU V YLJ\WLYHYVU Z\ WYLZLUJPH LU SVZ *VUJLQVZ YLZWLJ[P]VZ ` HKLTmZ V[YVZ U\L]VZ ZL HNYLNHYVU H SH SPZ[H! ,S 7\LU[L ` SVZ *HTPUVZ KL 4VYH .VPJVLJOLH LU (JJP}U 4VYH]PH 7YVNYLZPZ[H (JJP}U *HU[VUHS :PX\PYYLZ 0UKLWLUKPLU[L X\L J\H[YV H|VZ HU[LZ X\LKHYH M\LYH KL SH 4\UPJPWHSPKHK WVY ยง\U ]V[V ` LS (\[tU[PJV 6YVTVU[HUV ,U *\YYPKHIH[ ZL KPV \U JHZV PUtKP[V! KVZ HNY\WHJPVULZ JHU[VUHSLZ VI[\]PLYVU JHKH \UV \U YLNPKVY LS 7HY[PKV *\YYPKHIH[ :PNSV ??0 ` LS *VT\UHS 7YV *\YYP (KLTmZ SHZ HNY\WHJPVULZ WYV]PUJPHSLZ 9LZ[H\YHJP}U 5HJPVUHS (JJP}U 3HIVYPZ[H (NYxJVSH ` .\HUHJHZ[L 0UKLWLUKPLU[L VI[\]PLYVU LZJH|VZ T\UPJPWHSLZ ` SH WYPTLYH PUJS\ZP]L LSPNP} \U KPW\[HKV WVY JVJPLU[L LU :HU 1VZt 0N\HSTLU[L SV JVUZPN\PLYVU H\UX\L WVY Z\IJVJPLU[L LS -YLU[L (TWSPV \U YHYV JHZV KL \U WHY[PKV ยธYLNPVUHSยน PKLVS}NPJV ` LS 7(:, \U WHY[PKV X\L TmZ X\L WYV]PUJPHS LZ ZLJ[VYPHS ` YLP]PUKPJH SHZ S\JOHZ KLS ZLJ[VY KL SVZ KPZJHWHJP[HKVZ 6[YHZ [YLZ HNY\WHJPVULZ KL WYV]PUJPH YLJPIPLYVU ]V[HJPVULZ PTWVY[HU[LZ ZP IPLU UV HSJHUaHYVU WHYH SSLNHY H SH (ZHTISLH 3LNPZSH[P]H (ย U LZ[m WVY ]LYZL SH [YHZJLUKLUJPH X\L [LUKYmU LZ[VZ WHY[PKVZ ยท` SH KPUmTPJH X\L [LUKYmU SVZ NYHUKLZ TV]PTPLU[VZ WVSx[PJVZ UHJPVUHSLZยท LU SHZ LSLJJPVULZ T\UPJPWHSLZ KL KPJPLTIYL :P IPLU SH H\ZLUJPH KL \UH ZLN\UKH YVUKH LSLJ[VYHS WLYTP[PYm HSNย U ยธKLZJHUZVยน HS LSLJ[VY UV OH VJ\YYPKV UHKH X\L WHYLaJH HU\UJPHY X\L LS PUtKP[V HIZ[LUJPVUPZTV KL MLIYLYV JHZP UV ]H`H H YLZVUHY LU SVZ WYLKLJPISLTLU[L HWm[PJVZ JVTPJPVZ UH]PKL|VZ

= 3( (=,5;<9( +, ,3,.09 <5 (3*(3+, ,5 +0*0,4)9, *VU JHKH ]La TH`VY PUZPZ[LUJPH ZL H[YPI\`L SH ZLSLJJP}U KL SH MLJOH KL SHZ LSLJJPVULZ T\UPJPWHSLZ H \UH ZPTWSL ` SSHUH ยธVJ\YYLUJPHยน ,Z[H ZL ZL|HSH JVTV \UH KL SHZ WYPUJPWHSLZ JH\ZHZ KLS WH]VYVZV HIZ[LUJPVUPZTV X\L ZL WYLZLU[} LU SVZ JVTPJPVZ KL KPJPLTIYL KLS +L HJ\LYKV JVU -LYUHUKV :mUJOLa LTWLYV [HS JPYJ\UZ[HUJPH UV KLIxH ZLY UPUN\UH ZVYWYLZH ,U \U HY[xJ\SV W\ISPJHKV JPUJV TLZLZ HU[LZ KL SHZ LSLJJPVULZ :mUJOLa HU[PJPW} SHZ YHaVULZ WVY SHZ X\L JHIxH LZWLYHY X\L LS HIZ[LUJPVUPZTV ZL LSL]HYH ยธ(JVZ[\TIYHKVZ H HZPZ[PY H SHZ \YUHZ [HU Z}SV \UH ]La JHKH J\H[YV H|VZ KL YLWLU[L ZL ]LYmU JVU]VJHKVZ HS YLJPU[V LSLJ[VYHS WVY [LYJLYH ]La LU TLUVZ KL \U H|Vยน 6[YHZ JH\ZHZ X\L HU\UJP} PUJS\`LYVU SH H\ZLUJPH KL ร UHUJPHTPLU[V LZ[H[HS ` SH H\ZLUJPH KL SH JVILY[\YH KL TLKPVZ ` KLTmZ WHYHMLYUHSPH X\L Z\LSL HJVTWH|HY H SHZ LSLJJPVULZ WYLZPKLUJPHSLZ ,S WYVU}Z[PJV KL :mUJOLa YLZ\S[} L_HJ[V ,S HIZ[LUJPVUPZTV ZL PUร } OHZ[H LS (KLTmZ LS JSPTH Q\N} \U WHWLS ULMHZ[V W\LZ \U [LTWVYHS VISPN} H Z\ZWLUKLY SH HWLY[\YH KL SHZ \YUHZ LU [VKH SH WYV]PUJPH KL 3PT}U LU :HYHWPX\x KL /LYLKPH ` LU [YLZ JHU[VULZ KL *HY[HNV ,Z[H ZP[\HJP}U KPV WPL H KPJOV H\[VY WHYH Hร YTHY X\L SH YLMVYTH X\L JYL} LZ[HZ LSLJJPVULZ ZL OHIxH OLJOV ยธH TLKPHZยน!

:ร 5*/,A *(476: ,U! 3H 5HJP}U WLYP}KPJV KL Q\SPV KLS

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

ยธ:P ZL PIHU H ZLWHYHY SHZ LSLJJPVULZ SVJHSLZ KL SHZ WYLZPKLUJPHSLZ ` SHZ SLNPZSH[P]HZ SVZ YLNPKVYLZ T\UPJPWHSLZ [HTIPtU KLIPLYVU OHILYZL LSLNPKV Q\U[V H SVZ HSJHSKLZ 0N\HSTLU[L KLIP} KHYZL TmZ [PLTWV LU[YL SHZ LSLJJPVULZ UHJPVUHSLZ ` SHZ SVJHSLZ ` UV OHILY LZJVNPKV \U TLZ KPJPLTIYL LU LS X\L LS JSPTH H[LU[H JVU[YH LS Z\MYHNPVยน ,U LMLJ[V SH HWH[xH UV ZVSV HSJHUa} H SVZ ]V[HU[LZ ZPUV PUJS\ZV H SHZ LZ[Y\J[\YHZ WHY[PKHYPHZ ZVIYL [VKV SHZ KLS UP]LS SVJHS +L WHY[PKVZ JHU[VUHSLZ X\L WHY[PJPWHYVU LU LZ[VZ JVTPJPVZ Z}SV KVZ VI[\]PLYVU LS [YP\UMV! *\YYPKHIH[ :PNSV ??0 ` (JJP}U 7HYHPZL|HยทHNY\WHJP}U tZ[H ย S[PTH X\L KLI\[HIH W\LZ UV OHIxH WYLZLU[HKV JHUKPKH[VZ H YLNPKVYLZ LU MLIYLYV ,S I\SSHUN\LYV 4V]PTPLU[V 3PILY[HYPV UV VI[\]V UPUN\UH HSJHSKxH ` LS 7HY[PKV (JJP}U *P\KHKHUH H WLZHY KL Z\ PTWYLZPVUHU[L KLZLTWL|V LSLJ[VYHS KL OHJxH VJOV TLZLZ Z}SV VI[\]V \UH ]PJ[VYPH LU LS JHU[}U KL 4VU[LZ KL 6JH ,S YLZ[V KL SVZ W\LZ[VZ LU SPaH ZL SVZ KPZ[YPI\`LYVU SVZ KVZ WHY[PKVZ [YHKPJPVUHSLZ 3PILYHJP}U 5HJPVUHS ` SH <UPKHK :VJPHS *YPZ[PHUH +L UPUN\UH THULYH ยทZHS]V LU JHZV KL \UH ร HNYHU[L KLZOVULZ[PKHK PU[LSLJ[\HSยท M\L WVZPISL SLLY LZ[VZ YLZ\S[HKVZ JVTV \UH YLJ\WLYHJP}U KLS IPWHY[PKPZTV OPZ[}YPJV KLZW\tZ KL Z\ KLIHJSL LU MLIYLYV KLS :\Z ]PJ[VYPHZ ZL KLIPLYVU KL HJ\LYKV JVU SVZ HUHSPZ[HZ H SH TH`VY JVUZVSPKHJP}U KL Z\Z LZ[Y\J[\YHZ WHY[PKHYPHZ LU SVZ UP]LSLZ SVJHSLZ LU H\ZLUJPH KL \UH TV]PSPaHJP}U THZP]H KL ]V[HU[LZ ,SSV L_WSPJH WVY V[YH WHY[L LS OLJOV KL X\L SVZ WHY[PKVZ U\L]VZ ` HX\LSSVZ X\L UV [PLULU [HSLZ LZ[Y\J[\YHZ V HWLUHZ LTWPLaHU H JVUZVSPKHYSHZ YLJPIPLYHU [HU YHX\x[PJHZ ]V[HJPVULZ ZHS]V SVZ JHZVZ `H HW\U[HKVZ ( Q\PJPV KL X\PLU LZJYPIL LZ[VZ YLZ\S[HKVZ W\ZPLYVU LU L]PKLUJPH HKLTmZ X\L SVZ JVZ[HYYPJLUZLZ UV LZ[mU HJVZ[\TIYHKVZ H [LULY PUQLYLUJPH KPYLJ[H LU SVZ HZ\U[VZ KL Z\ JVT\UPKHK ` KLZJVUMxHU WYVM\UKHTLU[L KL SHZ PUZ[P[\JPVULZ T\UPJPWHSLZ (ร YTHU 9V` 9P]LYH ` 9LILJH *HSKLY}U X\L ยธUV LZ JHZ\HS X\L SVZ NVIPLYUVZ SVJHSLZ OH`HU LZ[HKV LU THUVZ KL WLYZVUHZ X\L UV [PLULU LU Z\ NYHU TH`VYxH SH MVYTHJP}U ImZPJH WHYH LQLYJLY M\UJPVULZ WVSx[PJVยทHKTPUPZ[YH[P]HZยน 7VY V[YH WHY[L SHZ T\UPJPWHSPKHKLZ LU NLULYHS UV [PLULU JVTWL[LUJPHZ ZPNUPร JH[P]HZ WHYH SH ]PKH JV[PKPHUH KL SVZ JP\KHKHUVZ" ` HKLTmZ OH` \UH NYHU YLZPZ[LUJPH H V[VYNmYZLSHZ [HU[V WVY WHY[L KL SH JSHZL WVSx[PJH JVTV KL SH WYVWPH JP\KHKHUxH WYLJPZHTLU[L TLYJLK H LZ[H KLZJVUร HUaH *VU Hย U TH`VY JVU[\UKLUJPH 9P]LYH ` *HSKLY}U ZVZ[PLULU X\L ยธ SVZ NVIPLYUVZ SVJHSLZ UV ZPLTWYL YLWYLZLU[HYVU SVZ PU[LYLZLZ SVJHSLZ ` KL LZV OHU [LUPKV JVUJPLUJPH [HU[V SVZ YLNPKVYLZ JVTV SVZ TPLTIYVZ KL SH JVT\UPKHKยน :P LS PU[LYtZ KL SVZ PTW\SZVYLZ KL SH YLMVYTH LZ LS KL V[VYNHYSL HS YtNPTLU T\UPJPWHS \U KLZHYYVSSV Q\Z[HTLU[L TLYLJPKV LZ TP JYP[LYPV X\L LS JHTIPV M\L Z\THTLU[L [xTPKV ` HKLTmZ WSHNHKV KL KLร JPLUJPHZ X\L SLQVZ KL H`\KHY H KPJOV KLZHYYVSSV KLZHJYLKP[HU [HU[V H SHZ PUZ[P[\JPVULZ SVJHSLZ JVTV H SVZ WHY[PKVZ WVSx[PJVZ ` LU NLULYHS H [VKV LS ZPZ[LTH KLTVJYm[PJV <U LQLTWSV KL LSSV LZ SH KPZWVZPJP}U KL KLJSHYHY LSLJ[V H \U HSJHSKL WVY ยธTH`VYxH YLSH[P]Hยน (\UX\L LZ JVTWYLUZPISL LS

:ร 5*/,A *(476: ,U! 3H 5HJP}U WLYP}KPJV KL LULYV KLS )3(5*6 30A(56 W ;YPI\UHS :\WYLTV KL ,SLJJPVULZ! ,ZJY\[PUPVZ KL SHZ ,SLJJPVULZ ,U! ^^^ [ZL NV JY LZJY\[PUPVZF O[TS :ร 5*/,A *(476: ,U! 3H 5HJP}U WLYP}KPJV KL LULYV KLS 90=,9( ` *(3+,9ร 5 W 0IxK W

5ร 4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

HYN\TLU[V LJVU}TPJV WHYH WYVU\UJPHYZL JVU[YH SHZ ZLN\UKHZ YVUKHZ LU LSLJJPVULZ T\UPJPWHSLZ LS LMLJ[V KL LZ[H UVYTH LZ [V[HSTLU[L HU[PKLTVJYm[PJV! WLYTP[L X\L LU \UHZ LSLJJPVULZ LU SHZ X\L [VKV WHYLJL PUKPJHY X\L SVZ UP]LSLZ KL HIZ[LUJPVUPZTV ZL THU[LUKYmU HZ[YVU}TPJHTLU[L HS[VZ \U W\|HKV KL ]V[HU[LZ PTWVUNH ZPU TmZ [YmTP[L \U HSJHSKL ,S TLUZHQL X\L ZL [YHUZTP[L HS LSLJ[VYHKV LZ X\L Z\ VWPUP}U [PLUL WVJV ]HSVY W\LZ IHZ[HYm LS LZM\LYaV TxUPTV KL \UH LZ[Y\J[\YH WHY[PKHYPH WHYH OHJLY WYL]HSLJLY Z\Z PU[LYLZLZ SVZ X\L UV ZPLTWYL ZVU WLYJPIPKVZ JVTV SVZ PU[LYLZLZ KL SH JVT\UPKHK JVTV `H SV ZL|HSHYVU 9P]LYH ` *HSKLY}U ,U ZLN\UKV S\NHY H\UX\L H TP Q\PJPV LZ \U HJPLY[V KL LZ[H YLMVYTH LS ZLWHYHY SHZ MLJOHZ KL SHZ LSLJJPVULZ WHYH YL]LZ[PYSHZ KL SH PTWVY[HUJPH HKLJ\HKH KPJOH ZLWHYHJP}U KLIL [VTHY LU J\LU[H MHJ[VYLZ WVSx[PJVZ ZVJPHSLZ ` OHZ[H JSPTm[PJVZ ;VKVZ LSSVZ HW\U[HU H SH \IPJHJP}U TmZ S}NPJH WHYH SVZ JVTPJPVZ T\UPJPWHSLZ! H TLKPV WLYPVKV JVUZ[P[\JPVUHS V J\HUKV T\JOV HS PUPJPHY LS H|V PUTLKPH[HTLU[L HU[LYPVY H SHZ LSLJJPVULZ WYLZPKLUJPHSLZ ` SLNPZSH[P]HZ ,U LS WYPTLY JHZV [LUKYxHU LS H[YHJ[P]V KL ZLY]PY JVTV L]HS\HJP}U JVSLJ[P]H ZVIYL SH NLZ[P}U KL SVZ SxKLYLZ KL [\YUV H UP]LS UHJPVUHS ` LU LS ZLN\UKV LS PUJLU[P]V HKPJPVUHS KL [VTHY H SVZ WHY[PKVZ WVSx[PJVZ m]PKVZ KL ¸JHSLU[HY TV[VYLZ¹ ` KLTVZ[YHY Z\ M\LYaH WHYH SHZ Q\Z[HZ ]LUPKLYHZ *YLV X\L YLZ\S[H VI]PV PUKPJHY X\L SHZ LSLJJPVULZ KLILU ZLY YLHSPaHKHZ LU MLIYLYV TLZ LU LS X\L UV OH` WYLJLKLU[LZ OPZ[}YPJVZ KL X\L OH`H ZPKV ULJLZHYPV Z\ZWLUKLYSHZ WVY HN\HJLYV HSN\UV *VUZPKLYV HKLTmZ VWVY[\UV YL[VTHY SH Z\NLYLUJPH KL -LYUHUKV :mUJOLa YLZWLJ[V KL [YHZSHKHY [HTIPtU SHZ LSLJJPVULZ KL YLNPKVYLZ 7VSx[PJH ` Q\YxKPJHTLU[L UV [PLUL UPUN‚U ZLU[PKV LSLNPY \UHZ H\[VYPKHKLZ T\UPJPWHSLZ H \U [PLTWV ` V[YHZ LU V[YV TVTLU[V JVU LS JVUZPN\PLU[L KLZMHZL KL SVZ WLYPVKVZ 5V OH` LU SH *VUZ[P[\JP}U 7VSx[PJH UPUN\UH KPZWVZPJP}U X\L VISPN\L H LSLNPY H SVZ YLNPKVYLZ T\UPJPWHSLZ Q\U[V JVU LS 7YLZPKLU[L ` SVZ +PW\[HKVZ V IPLU X\L PTWPKH OHJLYSV Q\U[V H SVZ HSJHSKLZ ` JVUJLQVZ KL KPZ[YP[V ,MLJ[P]HTLU[L LS WYV`LJ[V KL *}KPNV ,SLJ[VYHS X\L ZL LZ[\KPH HJ[\HSTLU[L LU SH (ZHTISLH 3LNPZSH[P]H JVU[LTWSH KPJOV [YHZSHKV ` HKLTmZ HJPLY[H LU \IPJHY [HSLZ JVTPJPVZ LU LS TLZ KL MLIYLYV ` H TP[HK KLS WLYPVKV JVUZ[P[\JPVUHS 3VZ THNYVZ YLZ\S[HKVZ KL SHZ WYPTLYHZ LSLJJPVULZ LZ[YPJ[HTLU[L T\UPJPWHSLZ IHQV SH *VUZ[P[\JP}U KL OHU ZPKV SL|H WHYH SH OVN\LYH LU SH X\L ZL OH WYL[LUKPKV X\LTHY H SVZ WHY[PKVZ WVSx[PJVZ JVTV PUZ[P[\JPVULZ 5V LZ[V` KLS [VKV JVU]LUJPKV H WLZHY KL LZ[V KL X\L LSSVZ ZLHU SVZ ‚UPJVZ YLZWVUZHISLZ KL SH KLIHJSL *VTV ZL OH HUHSPaHKV LU LZ[L KLZHZ[YL [PLUL \U HS[V NYHKV KL J\SWH LS KLMLJ[\VZV KPZL|V PUZ[P[\JPVUHS ,Z[L MHJ[VY ` LS OLJOV KL X\L SVZ WHY[PKVZ WVSx[PJVZ [LUNHU WYV[LJJP}U JVUZ[P[\JPVUHS JVU]LUJLU H X\PLU LZJYPIL KL X\L UV LZ \UH I\LUH PKLH LS KL WLYTP[PY X\L ¸NY\WVZ PUKLWLUKPLU[LZ¹ WVZ[\SLU WLYZVUHZ WHYH W\LZ[VZ T\UPJPWHSLZ [HS JVTV LU HSN‚U TVTLU[V SV WYVW\ZV LS WYVWPV ;YPI\UHS :\WYLTV KL ,SLJJPVULZ :VIYL LZ[L [LTH L_PZ[LU V[YVZ ILTVSLZ! \U JHUKPKH[V X\L ZL WYLZLU[L WVY WHY[L KL \U NY\WV ¸PUKLWLUKPLU[L¹ JYLHKV WHYH LZL ‚UPJV TVTLU[V UV [LUKYm UPUN‚U JVTWYVTPZV YLHS JVU SVZ LSLJ[VYLZ X\L WYVWPJPLU Z\ L]LU[\HS [YP\UMV [VKH ]La X\L UV WLY[LULJLYm H UHKH X\L SV W\LKH SSHTHY H J\LU[HZ 7VY Z\ JHYmJ[LY LSLJ[VYHS SVZ ¸NY\WVZ PUKLWLUKPLU[LZ¹ UV [LUKYxHU YLZWVUZHIPSPKHKLZ TmZ HSSm KL SH MLJOH KLS LZJY\[PUPV WVY SV J\HS H Z\Z WHY[PJPWHU[LZ UV ZL SLZ

(ZHTISLH 3LNPZSH[P]H! ,_WLKPLU[L 5¢

5Ø4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

WVKYxH HWSPJHY SH UVYTH[P]H KL YLUKPJP}U KL J\LU[HZ X\L ZL YLร LYL H SVZ WHY[PKVZ WVSx[PJVZ (Zx LZ[H WHYLJPLYH ZLY SH YHa}U WVY SH X\L SVZ KPW\[HKVZ LSPTPUHYVU KLS WYV`LJ[V KL U\L]V *}KPNV ,SLJ[VYHS LZ[H WYVW\LZ[H (KLTmZ LZ[L [PWV KL PUPJPH[P]HZ WHYLJL JVU[YPI\PY HS JSPTH KL ยธZH[HUPaHJP}Uยน KL SVZ WHY[PKVZ WVSx[PJVZ HS HJVNLY JVTV SLNx[PTHZ H SHZ HNY\WHJPVULZ X\L ZPU KLUVTPUHYZL JVTV [HSLZ HJ[ย LU L_HJ[HTLU[L PN\HS ` JVU SHZ TPZTHZ ร UHSPKHKLZ 3VZ WHY[PKVZ WVSx[PJVZ KL HJ\LYKV JVU LS [L_[V KLS HY[xJ\SV JVUZ[P[\JPVUHS ZVU \U KLYLJOV KL SVZ JP\KHKHUVZ +PJOV LZ[V ]HSKYxH SH WLUH WSHU[LHYZL ZP LZ VWVY[\UV X\L SVZ WHY[PKVZ PUZJYP[VZ H LZJHSH UHJPVUHS SV LZ[tU H\[VTm[PJHTLU[L WHYH SHZ LSLJJPVULZ T\UPJPWHSLZ (SN\UHZ WLYZVUHZ OHU WSHU[LHKV X\L LZ JVU]LUPLU[L TVKPร JHY LS ZPZ[LTH KL LSLJJP}U KL SVZ KPW\[HKVZ ` SVZ T\UxJPWLZ ยธH[VTPaHUKVยน SVZ KPZ[YP[VZ LSLJ[VYHSLZ ` HWSPJHUKV LS ZPZ[LTH KL TH`VYxH H SH THULYH LZ[HKV\UPKLUZL (SN\UVZ \U [HU[V WVTWVZHTLU[L OHU WYLZLU[HKV LZ[H ZVS\JP}U JVTV ยธSH ]HJ\UH JVU[YH LS HIZ[LUJPVUPZTVยน 7LYZVUHSTLU[L UV TL WHYLJL \UH ZHSPKH VWVY[\UH WVY ]HYPHZ YHaVULZ 3H WYPTLYH LZ X\L PTWLKPYxH WVY JVTWSL[V H NY\WVZ UV TH`VYP[HYPVZ [LULY HJJLZV H SVZ }YNHUVZ T\UPJPWHSLZ ` SLNPZSH[P]VZ SV J\HS ZLUJPSSHTLU[L JVUZVSPKHYxH \U HJLU[\HKV IPWHY[PKPZTVยท[HS JVTV SV ZL|HSHYH +\]LYNLY LU YLMLYLUJPH H SH ZP[\HJP}U KL SVZ ,Z[HKVZ <UPKVZ 3H ZLN\UKH LZ X\L WVKYxH MHJPSP[HY SH WVZPIPSPKHK KL X\L \U ZVSV WHY[PKV HJHWHYL [VKHZ SHZ J\Y\SLZ KPZWVUPISLZ SV J\HS PUK\KHISLTLU[L YLZ\S[H TmZ WLSPNYVZV LU [tYTPUVZ KLTVJYm[PJVZ X\L \UH (ZHTISLH V \U *VUJLQV MYHJJPVUHKVZ ,U LZ[L JHZV ZP SV X\L ZL WYL[LUKL LZ JVTIH[PY SH ยธKLZWYVWVYJPVUHSPKHKยน KLS ZPZ[LTH WYVWVYJPVUHS SH WYVW\LZ[H JVYYLJ[H KLIL ZLY H\TLU[HY LS Uย TLYV KL SVZ W\LZ[VZ LU KPZW\[H LU LZWLJPHS LU LS JHZV KL SVZ *VUJLQVZ 4\UPJPWHSLZ 3H YHa}U LZ SH JVTLU[HKH WVY :HY[VYP! ยธ,S MHJ[VY WYPUJPWHS WHYH LZ[HISLJLY SH WYVWVYJPVUHSPKHK V KLZWYVWVYJPVUHSPKHK KL 97 LZ LS [HTH|V KLS KPZ[YP[V LSLJ[VYHSยทLU LS X\L ยธLS [HTH|Vยน ZL TPKL WVY LS Uย TLYV KL TPLTIYVZ LSLNPKVZ LU JHKH KPZ[YP[V TPLU[YHZ TmZ NYHUKL ZLH LS KPZ[YP[V TH`VY ZLYm SH WYVWVYJPVUHSPKHK 0U]LYZHTLU[L H TLUVY [HTH|V KLS KPZ[YP[V TLUVY WYVWVYJPVUHSPKHKยน (\TLU[HY SH JPMYH KL LZJH|VZ YLK\UKHYxH UV Z}SV LU \U TLQVY YLร LQV KL SH ]VS\U[HK KL SVZ LSLJ[VYLZ KL JHKH JHU[}U ZPUV X\L JVU[YPI\`L H \U JVU[YVS WVSx[PJV TmZ KLW\YHKV ` X\L WYVK\aJH TmZ JVUร HUaH LU SH JP\KHKHUxH 5V LZ JVUJLIPISL X\L \U JVUJLQV T\UPJPWHS [LUNH ZVSV JPUJV TPLTIYVZ KVUKL IHZ[L \UH JVTWVULUKH WHYH NHYHU[PaHYZL \UH KLJPZP}U MH]VYHISL *YLV X\L LS Uย TLYV TxUPTV }W[PTV KL JVUJLQHSLZ WYVWPL[HYPVZ KLIL ZLY KL HS TLUVZ ZPL[L WHYH SVZ JHU[VULZ WLX\L|VZ" ` WHYH SVZ KL TH`VY WVISHJP}U \U Tm_PTV KL X\PUJL JVU Z\Z YLZWLJ[P]VZ Z\WSLU[LZ

(ZHTISLH 3LNPZSH[P]H! ,_WLKPLU[L 5ยข +ร (A :(3(A(9 ,U! 3H 5HJP}U WLYP}KPJV KL THYaV KLS +<=,9.,9 :(9;690

5ร 4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

=0 :<.,9,5*0(: 7(9( <5( 9,-694( ( WHY[PY KL SV X\L ZL OH ]LUPKV HUHSPaHUKV LZ L]PKLU[L X\L OHJL MHS[H TLQVYHY KP]LYZVZ HZWLJ[VZ KL SH SLNPZSHJP}U LSLJ[VYHS YLMLYPKH H SVZ WHY[PKVZ WVSx[PJVZ LZWLJPHSTLU[L H UP]LS SVJHS =HYPVZ W\U[VZ ZVU KLZ[HJHISLZ LU LZ[L ZLU[PKV ‹ +LIL THU[LULYZL SH ZLWHYHJP}U KL MLJOHZ LU[YL SHZ LSLJJPVULZ T\UPJPWHSLZ ` SHZ UHJPVUHSLZ WHYH X\L SHZ ZLN\UKHZ UV HIZVYIHU H SHZ WYPTLYHZ ‹ +LIL JHTIPHYZL ZPU KLZTLKYV KL SV HU[LYPVY SH MLJOH ]PNLU[L KL LZ[HZ LSLJJPVULZ 3V TmZ YLJVTLUKHISL LZ \IPJHYSHZ LU LS TLZ KL MLIYLYV KVZ H|VZ KLZW\tZ KL SHZ WYLZPKLUJPHSLZ" V LU Z\ KLMLJ[V \U H|V HU[LZ KL tZ[HZ ‹ ,Z YLJVTLUKHISL LZ[HISLJLY \U \TIYHS TxUPTV KL ]V[VZ ]mSPKVZ WHYH KLJSHYHY LSLJ[V \U HSJHSKL HZx JVTV WYL]LY SLNHSTLU[L LS WYVJLKPTPLU[V J\HUKV KPJOV \TIYHS UV ZL HSJHUJL ,S WVYJLU[HQL Z\NLYPKV LZ LS KL SVZ ]V[VZ ]mSPKVZ X\L LZ \UH HKLJ\HJP}U KLS LTWSLHKV WHYH SH LSLJJP}U KL 7YLZPKLU[L ` =PJLWYLZPKLU[LZ KL SH 9LW‚ISPJH ,Z[H KPZWVZPJP}U YLMVYaHYxH SH SLNP[PTPKHK WVSx[PJH KL SVZ HSJHSKLZ LSLJ[VZ ‹ +LIL THU[LULYZL LS ZPZ[LTH WYVWVYJPVUHS LU SH KLZPNUHJP}U KL SVZ KPW\[HKVZ ` YLNPKVYLZ =HSKYxH SH WLUH LZV Zx KPZJ\[PY SH JVU]LUPLUJPH KL SH IHYYLYH KLS Z\IJVJPLU[L ‹ ;HTIPtU LZ ULJLZHYPV H\TLU[HY LS U‚TLYV KL TPLTIYVZ KL SVZ *VUJLQVZ 4\UPJPWHSLZ LU [VKVZ SVZ JHU[VULZ KL *VZ[H 9PJH WHYH L]P[HY SH KPZ[VYZP}U X\L ZL WYVK\JL HS HWSPJHY LS ZPZ[LTH WYVWVYJPVUHS JVU WVJVZ LZJH|VZ H KPZ[YPI\PY ` WHYH TLQVYHY LS JVU[YVS WVSx[PJV PU[LYUV ` SH JYLKPIPSPKHK KL LZ[VZ *VUJLQVZ 7HYH LSSV IHZ[H \UH YLMVYTH T\` ZLUJPSSH HS *}KPNV 4\UPJPWHS ‹ :L KLIL THU[LULY SH L_JS\ZP]PKHK KL SVZ WHY[PKVZ WVSx[PJVZ JVTV TLKPVZ KL WHY[PJPWHJP}U JP\KHKHUH LSLJ[VYHS JVUMVYTL SV LZ[HISLJL LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH ,ZV Zx SVZ YLX\PZP[VZ WHYH PUZJYPIPY \U WHY[PKV H UP]LS JHU[VUHS V WYV]PUJPHS KLILU ZLY TLUVZ YPN\YVZVZ ·LU SH HJ[\HSPKHK ZL YLX\PLYLU TmZ HKOLZPVULZ WHYH PUZJYPIPY \U WHY[PKV LU SH WYV]PUJPH KL :HU 1VZt X\L \UV H LZJHSH UHJPVUHS SV X\L LZ \U HIZ\YKV Q\YxKPJV (NY\WHYZL LU WHY[PKVZ LZ \U KLYLJOV JP\KHKHUV X\L UV KLIL VIZ[HJ\SPaHYZL UP KLIPSP[HYZL

5Ø4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763ร ;0*6: ,5 ,3 ร 4)0;6 36*(3

30;,9(;<9( *65:<3;(+( (3-(96 9,+65+6 9VUHSK ` A,3,+ร 5 ;699,: -LYUHUKV ! ยธ;LUKLUJPHZ LU SH /PZ[VYPH 4\UPJPWHS *VZ[HYYPJLUZL ยน ,U! 3VZ 7HY[PKVZ 3VJHSLZ ` SH +LTVJYHJPH LU SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH 9L[YVZWLJJP}U ` 7LYZWLJ[P]HZ :HU 1VZt *VZ[H 9PJH ! -HJ\S[HK 3H[PUVHTLYPJHUH KL *PLUJPHZ :VJPHSLZ -3(*:6 )3(5*6 30A(56 9HUKHSS ยธ3VZ WHY[PKVZ JHU[VUHSLZ LU LS THYJV KLS IPWHY[PKPZTV JVZ[HYYPJLUZL ยน LU 3H KLTVJYHJPH KL *VZ[H 9PJH HU[L LS ZPNSV ??0 :HU 1VZt *VZ[H 9PJH ! ,KP[VYPHS KL SH <UP]LYZPKHK KL *VZ[H 9PJH ยธ7HY[PKVZ *HU[VUHSLZ :PZ[LTH KL 7HY[PKVZ ` ,SLJJP}U +PYLJ[Hยน ,U! ยธ3VZ 7HY[PKVZ 3VJHSLZ ` SH +LTVJYHJPH LU SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH 9L[YVZWLJJP}U ` 7LYZWLJ[P]HZ :HU 1VZt * 9 ! -HJ\S[HK 3H[PUVHTLYPJHUH KL *PLUJPHZ :VJPHSLZ -3(*:6 *(:;0336 =ร 8<,A -LYUHUKV ! 9Lร L_PVULZ ZVIYL SH YLSHJP}U LU[YL SVZ WHY[PKVZ WVSx[PJVZ ` LS WHYSHTLU[V BZ S ! Z U D *VZ[H 9PJH (ZHTISLH 3LNPZSH[P]H 7YV`LJ[V KL *}KPNV ,SLJ[VYHS ,_WLKPLU[L 5ยข *VZ[H 9PJH B*VUZ[P[\JP}U D *VUZ[P[\JP}U 7VSx[PJH KL SH 9LWย ISPJH KL *VZ[H 9PJH KLS KL UV]PLTIYL KL :HU 1VZt *VZ[H 9PJH *LU[YV KL ,Z[\KPVZ :\WLYPVYLZ KL +LYLJOV 7ย ISPJV *,:+,7< *VZ[H 9PJH 7YVJ\YHK\YxH .LULYHS KL SH 9LWย ISPJH 0UMVYTL ZVIYL LS ,_WLKPLU[L (JJP}U KL 0UJVUZ[P[\JPVUHSPKHK [YHTP[HKH HU[L SH :HSH *VUZ[P[\JPVUHS *VZ[H 9PJH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ยธ,ZJY\[PUPVZ WHYH +PW\[HKVZ H SH (ZHTISLH 3LNPZSH[P]H KL H ยน ;VTHKV KL! ^^^ [ZL NV JY LSLJJPVULZ O[TS *VZ[H 9PJH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ยธ,ZJY\[PUPVZ KL SHZ ,SLJJPVULZ ยน ;VTHKV KL! ^^^ [ZL NV JY LZJY\[PUPVZF O[TS *VZ[H 9PJH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ยธ,ZJY\[PUPV KL ,SLJJPVULZ KL 7YLZPKLU[L ` =PJLWYLZPKLU[LZ KL MLIYLYV KLS ยน ;VTHKV KL! ^^^ [ZL NV JY LZJY\[PUPVFM 7YLZPKLUJPHSLZ O[TS +(/3 9VILY[ ( 6U +LTVJYHJ` 5L^ /H]LU" 3VUKVU ! @HSL <UP]LYZP[` 7YLZZ +(3;65 9\ZZLSS 1 ` >(;;,5),9. 4HY[PU 7 ยธ;OL +LJSPUL VM 7HY[` 0KLU[Pร JH[PVUZ ยน ,U! 7HY[PLZ >P[OV\[ 7HY[PZHUZ! 7VSP[PJHS *OHUNL PU (K]HUJLK 0UK\Z[YPHS +LTVJYHJPLZ 6_MVYK! 6_MVYK <UP]LYZP[` 7YLZZ ;YHK\JJP}U! -LYUHUKV :mUJOLa

5ร 4,96 :,.<5+6 :,4,:;9,

9VILY[ - )LLYZ .VUamSLa

+ร (A :(3(A(9 1VYNL ! =HJ\UH JVU[YH LS HIZ[LUJPVUPZTV ,U! 3H 5HJP}U WLYP}KPJV KL THYaV KLS +<=,9.,9 4H\YPJL 3VZ WHY[PKVZ WVSx[PJVZ 4t_PJV ! -VUKV KL *\S[\YH ,JVU}TPJH 3017/(9; (YLUK JP[HKV WVY :ร 5*/,A *(476: -LYUHUKV - 7VSx[PJH ` WVKLY! 9Lร L_PVULZ KLZKL TP ]LU[HUH :HU 1VZt *VZ[H 9PJH ! ,KP[VYPHS 3(4 90=,9( ( 9V` LKP[VY! 3VZ 7HY[PKVZ 3VJHSLZ ` SH +LTVJYHJPH LU SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH 9L[YVZWLJJP}U ` 7LYZWLJ[P]HZ :HU 1VZt *VZ[H 9PJH ! -HJ\S[HK 3H[PUVHTLYPJHUH KL *PLUJPHZ :VJPHSLZ -3(*:6 90=,9( ( 9V` ` *(3+,9ร 5 9 9LILJH ! ยธ3VZ 4PJYVWHY[PKVZ LU *VZ[H 9PJH! 9HKPJHSPaHJP}U KL SH +LTVJYHJPH 3VJHSยน ,U! 3VZ 7HY[PKVZ 3VJHSLZ ` SH +LTVJYHJPH LU SVZ 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH 9L[YVZWLJJP}U ` 7LYZWLJ[P]HZ :HU 1VZt *VZ[H 9PJH ! -HJ\S[HK 3H[PUVHTLYPJHUH KL *PLUJPHZ :VJPHSLZ -3(*:6 96=09( 4(: 1VYNL ! ยธ*VZ[H 9PJH ! ยฆ/HJPH SH JVUZVSPKHJP}U KLS IPWHY[PKPZTV&ยน ,U! ,ZWHJPVZ ! Q\SPV ZL[PLTIYL :ร 5*/,A *(476: -LYUHUKV - ! +LHSPNUTLU[ PU *VZ[H 9PJH! ( *HZL :[\K` VM ,SLJ[VYHS *OHUNL ;LZPZ KVJ[VYHS +LWHY[HTLU[V KL 7VSx[PJH ` 9LSHJPVULZ 0U[LYUHJPVUHSLZ <UP]LYZPKHK KL 6_MVYK 6_MVYK 0UNSH[LYYH 7VSx[PJH ` WVKLY! 9Lร L_PVULZ KLZKL TP ]LU[HUH :HU 1VZt *VZ[H 9PJH ! ,KP[VYPHS 3(4 ยธ,SLJJPVULZ LU KPJPLTIYLยน ,U! 3H 5HJP}U WLYP}KPJV KL Q\SPV KLS ยธ3LJJPVULZ KL \UH LSLJJP}Uยน ,U! 3H 5HJP}U WLYP}KPJV KL LULYV KLS ยธ+LZJVUร HUaH ` WHY[PKVZ LU (TtYPJH 3H[PUHยน ,U! 3H 5HJP}U WLYP}KPJV Q\SPV :(9;690 .PV]HUUP ! *VTWHYH[P]L *VUZ[P[\[PVUHS ,UNPULLYPUN! (U 0UX\PY` PU[V :[Y\J[\YLZ 0UJLU[P]LZ HUK 6\[JVTLZ )HZPUNZ[VRL ! 4HJTPSSHU

5ร 4,96 :,.<5+6 :,4,:;9,

7(9;0+6: 763Ð;0*6: ,5 ,3 Í4)0;6 36*(3

1<90:79<+,5*0( :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH :HSH *VUZ[P[\JPVUHS =V[V 5¢ KL SHZ X\PUJL OVYHZ KLS ]LPU[PJPUJV KL TH`V KL TPS UV]LJPLU[VZ UV]LU[H ` J\H[YV :HSH *VUZ[P[\JPVUHS =V[V 5¢ U TLYV KL SHZ ! OVYHZ KLS KL HNVZ[V KL

5Ø4,96 :,.<5+6 :,4,:;9,

5Ø4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763Ð;0*6: ,5 3( 76:;<3(*0Ô5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0Ô5 767<3(9

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763Ð;0*6: ,5 3( 76:;<3(*0Ô5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0Ô5 767<3(9 =PUPJPV 4VYH 4VYH ]TVYH'[ZL NV JY

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL Q\UPV KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\SPV KLS 9LZ\TLU! ,S WYLZLU[L [YHIHQV HUHSPaH SH WVZPIPSPKHK KL LSPTPUHY LS TVUVWVSPV X\L VZ[LU[HU SVZ WHY[PKVZ WVSx[PJVZ LU SH WYLZLU[HJP}U KL JHUKPKH[\YHZ WHYH SHZ LSLJJPVULZ T\UPJPWHSLZ HZx JVTV WLYTP[PY LU tZ[HZ SH WVZ[\SHJP}U KL JHUKPKH[\YHZ PUKLWLUKPLU[LZ 7HSHIYHZ JSH]LZ! ,SLJJPVULZ 4\UPJPWHSLZ 0UZJYPWJP}U KL *HUKPKH[VZ 9LX\PZP[VZ WHYH ZLY *HUKPKH[V *HUKPKH[\YHZ 7\LZ[V KL ,SLJJP}U 7VW\SHY 7HY[PKVZ 7VSx[PJVZ (IZ[YHJ[! ;OL WYLZLU[ LZZH` HUHS`aLZ [OL WVZZPIPSP[` VM LSPTPUH[PUN WVSP[PJHS WHY[PLZ» TVUVWVS` [V UVTPUH[L JHUKPKH[LZ MVY T\UPJPWHS LSLJ[PVUZ HZ ^LSS HZ [OL WVZZPIPSP[` [V HSSV^ PUKLWLUKLU[ JHUKPKH[L»Z UVTPUH[PVU [V [OPZ RPUK VM LSLJ[PVUZ 2L` ^VYKZ! 4\UPJPWHS ,SLJ[PVUZ *HUKPKH[L»Z 9LNPZ[YH[PVU *HUKPKH[L»Z 5VTPUH[PVU 9LX\PYLTLU[Z *HUKPKHJPLZ 7VW\SHY ,SLJ[PVU 7VZP[PVUZ 7VSP[PJHS 7HY[PLZ

3L[YHKV KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 3PJLUJPHKV LU +LYLJOV KL SH <UP]LYZPKHK KL :HU 1VZt ,Z[\KPHU[L KL SH 4HLZ[YxH KL +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

=PUPJPV 4VYH 4VYH

0 05;96+<**0Ô5 ,]PKLU[LTLU[L K\YHU[L SHZ ‚S[PTHZ KtJHKHZ ZL OH YLNPZ[YHKV \UH KPZTPU\JP}U WH\SH[PUH LU SH JHU[PKHK KL JP\KHKHUVZ X\L HJ\KLU H SHZ \YUHZ H LQLYJLY Z\ KLYLJOV HS Z\MYHNPV :P IPLU LSSV UV VILKLJL H \U ZVSV TV[P]V SH TH`VYxH KL SHZ JH\ZHZ JVTWHY[LU \U [YVUJV JVT‚U! SH KLZJVUÄHUaH ` KLJLWJP}U LU YLSHJP}U JVU SVZ WVSx[PJVZ @ LZ X\L ZPU LU[YHY H KL[LYTPUHY ` HUHSPaHY KL THULYH WYVM\UKH SVZ TV[P]VZ V JH\ZHZ KL LZL MLU}TLUV WVKYxH KLJPYZL X\L LS KLZNHZ[L WYVWPV KL SHZ LZ[Y\J[\YHZ WHY[PKHYPHZ ` LS Z\YNPTPLU[V KL KP]LYZVZ LZJmUKHSVZ KL JVYY\WJP}U LU[YL V[YHZ JVZHZ OHU NVSWLHKV MYVU[HSTLU[L H SH JSHZL WVSx[PJH ` H Z\Z WHY[PKVZ X\PLULZ OHU ]PZ[V YLK\JPKV KL THULYH ZPNUPÄJH[P]H Z\ JH\KHS LSLJ[VYHS *VUZLJ\LUJPH KLS YVTWPTPLU[V KL LZL LUSHJL WHY[PKHYPV Z\YNL LS KPZ[HUJPHTPLU[V LU[YL LS LSLJ[VY ` SHZ \YUHZ LU [HU[V JVUZPKLYH X\L SH JSHZL WVSx[PJH JVTV \U [VKV ZPU KPZ[PUJP}U WHY[PKHYPH HSN\UH UV YL‚UL SHZ JVUKPJPVULZ WHYH NVILYUHY JHZ[PNmUKVSH JVU Z\ HIZ[LUJP}U -YHZLZ JVTV ¸[VKVZ SVZ WVSx[PJVZ ZVU SV TPZTV¹ ` HX\LSSH KL X\L ¸UV OH` WVY X\PtU ]V[HY¹ ZVU JHKH ]La TmZ LZJ\JOHKHZ ` ZPU K\KH HSN\UH YLÃ…LQHU SH HWH[xH KL SH JP\KHKHUxH ,U W\U[V HS KLUVTPUHKV ¸HIZ[LUJPVUPZTV WVSx[PJV¹ \U ]HSPVZV LZ[\KPV YLHSPaHKV H LMLJ[V KL JVUVJLY SHZ YHaVULZ WVY SHZ J\HSLZ SVZ JVZ[HYYPJLUZLZ UV HJ\KPLYVU H SHZ \YUHZ LU SHZ LSLJJPVULZ KL ` KLS J\`VZ YLZ\S[HKVZ M\LYVU KHKVZ H JVUVJLY YLJPLU[LTLU[L ZL|HS}! ¸( WHY[PY KL ` WLYV WHY[PJ\SHYTLU[L LU ZL L]PKLUJPH \UH U\L]H TVKHSPKHK KL HIZ[LUJP}U TV[P]HKH TmZ IPLU WVY \U THSLZ[HY JVU SH WVSx[PJH ` SVZ WVSx[PJVZ :L KPMLYLUJPH KL SH HU[LYPVY UV ZVSV WVY SHZ YHaVULZ X\L PTW\SZHU H LZ[VZ Z\QL[VZ H UV ]V[HY ` WVY SHZ JHYHJ[LYxZ[PJHZ ZVJPHSLZ ` LJVU}TPJHZ KL LZ[VZ ZPUV ZVIYL [VKV WVY LS ZPNUPÄJHKV X\L HKX\PLYL SH HIZ[LUJP}U ,U LS JHZV KL LZ[VZ LSLJ[VYLZ SH H\ZLUJPH KL SHZ \YUHZ ZL JVUZ[P[\`L LU \UH L_WYLZP}U KL SH KPZJVUMVYTPKHK JVU SH KPUmTPJH X\L OH HKX\PYPKV SH WVSx[PJH WLYV THU[PLULU \U YLSH[P]V PU[LYtZ LU LZ[H KL HOx X\L \UH WVZPISL YLLZ[Y\J[\YHJP}U WHY[PKHYPH ` JHTIPVZ LU SH KPUmTPJH WVSx[PJV LSLJ[VYHS W\LKHU H[YHLY KL U\L]V H LZ[VZ Z\QL[VZ H SHZ \YUHZ¯¹ LS YLZHS[HKV LZ Z\WSPKV (U[L SH JYPZPZ X\L SVZ WHY[PKVZ WVSx[PJVZ HMYVU[HU JVUZPKLYHUKV X\L tZ[VZ YLWYLZLU[HU SH ‚UPJH ]xH WHYH HJJLKLY H JHYNVZ KL LSLJJP}U WVW\SHY Z\YNLU KP]LYZHZ WYVW\LZ[HZ [LUKPLU[LZ H LSPTPUHY LS TVUVWVSPV X\L VZ[LU[HU SVZ WHY[PKVZ WVSx[PJVZ ` H WLYTP[PY SH WYLZLU[HJP}U KL JHUKPKH[\YHZ PUKLWLUKPLU[LZ H JHYNVZ KL LSLJJP}U WVW\SHY :P IPLU SH TLUJPVUHKH WYVW\LZ[H YLZ\S[H ZLY \U [LTH X\L HSJHUaH ` H[H|L H [VKVZ SVZ JHYNVZ KL LSLJJP}U WVW\SHY LS WYLZLU[L [YHIHQV ‚UPJHTLU[L WYL[LUKL HUHSPaHY LZH WVZPIPSPKHK LU LS JHZV KL LSLJJPVULZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY UV ZPU HU[LZ YL]PZHY HSN\UVZ HZWLJ[VZ X\L WLYTP[PYmU [LULY \U TLQVY WHUVYHTH ZVIYL SH ]PHIPSPKHK ` WLY[PULUJPH KL LZH WYVW\LZ[H

9(=,5;6: =69:; WmN

5Ø4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763ร ;0*6: ,5 3( 76:;<3(*0ร 5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0ร 5 767<3(9

00 7(9;0+6: 763ร ;0*6: 5(;<9(3,A( @ -<5*065,: +L SV KPZW\LZ[V LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH ZL KLZWYLUKL X\L LS JVUZ[P[\`LU[L VYPNPUHYPV ZL PUJSPU} WVY LZ[HISLJLY \U ZPZ[LTH KL WHY[PKVZ LU LS J\HS SH WHY[PJPWHJP}U WVSx[PJV LSLJ[VYHS ZL KH H [YH]tZ KL KPJOHZ HNY\WHJPVULZ J\LZ[P}U X\L M\L YLMVYaHKH WVY LS JVUZ[P[\`LU[L KLYP]HKV TLKPHU[L SL` Uย TLYV X\L YLMVYT} SH JP[HKH UVYTH JVUZ[P[\JPVUHS ,S HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KPZWVUL! ยธ3VZ JP\KHKHUVZ [LUKYmU LS KLYLJOV KL HNY\WHYZL LU WHY[PKVZ WHYH PU[LY]LUPY LU SH WVSx[PJH UHJPVUHS ZPLTWYL X\L SVZ WHY[PKVZ ZL JVTWYVTL[HU LU Z\Z WYVNYHTHZ H YLZWL[HY LS VYKLU JVUZ[P[\JPVUHS KL SH 9LWย ISPJH 3VZ WHY[PKVZ WVSx[PJVZ L_WYLZHYmU LS WS\YHSPZTV WVSx[PJV JVUJ\YYPYmU H SH MVYTHJP}U ` THUPMLZ[HJP}U KL SH ]VS\U[HK WVW\SHY ` ZLYmU PUZ[Y\TLU[VZ M\UKHTLU[HSLZ WHYH SH WHY[PJPWHJP}U WVSx[PJH :\ JYLHJP}U ` LS LQLYJPJPV KL Z\ HJ[P]PKHK ZLYmU SPIYLZ KLU[YV KLS YLZWL[V H SH *VUZ[P[\JP}U ` SH SL` :\ LZ[Y\J[\YH PU[LYUH ` M\UJPVUHTPLU[V KLILYmU ZLY KLTVJYm[PJVZยน (ZPTPZTV LS WmYYHMV WYPTLYV KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS ZL|HSH X\L! ยธ3VZ LSLJ[VYLZ [LUKYmU SPILY[HK WHYH VYNHUPaHY WHY[PKVZ WVSx[PJVZ 7HYH LZ[L LMLJ[V [VKV NY\WV KL LSLJ[VYLZ UV TLUVY KL JPUJ\LU[H WVKYm JVUZ[P[\PY \U WHY[PKV WVSx[PJV ZP JVUJ\YYL HU[L \U UV[HYPV Wย ISPJV H ร U KL X\L LZ[L PUZLY[L LU Z\ WYV[VJVSV LS HJ[H YLSH[P]H H LZL HJ[Vยน 0UKLWLUKPLU[LTLU[L KLS KLIH[L NLULYHKV LU [VYUV H SH UH[\YHSLaH KL SVZ WHY[PKVZ WVSx[PJVZ LZWLJxร JHTLU[L LU[YL X\PLULZ SVZ KLร ULU JVTV }YNHUVZ KL UH[\YHSLaH Wย ISPJH ` SVZ X\L LZ[PTHU X\L ZVU LU[LZ LTPULU[LTLU[L WYP]HKVZ KPZJ\ZP}U LU SH X\L [HU[V LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVTV SH :HSH *VUZ[P[\JPVUHS ZL OHU PUJSPUHKV WVY SH WYPTLYH KL SHZ WVZPJPVULZ HS JVUZPKLYHY X\L tZ[VZ JVUZ[P[\`LU TLKPVZ ULJLZHYPVZ WHYH LQLYJLY SVZ KLYLJOVZ WVSx[PJVZ " SV JPLY[V LZ X\L JVTV THUPMLZ[HJP}U NLUtYPJH KLS KLYLJOV KL HZVJPHJP}U [\[LSHKV LU LS HY[xJ\SV JVUZ[P[\JPVUHS H SH S\a KL SHZ UVYTHZ HU[LZ [YHUZJYP[HZ tZ[VZ J\TWSLU ` LQLYJLU M\UJPVULZ ]P[HSLZ LU U\LZ[YV ZPZ[LTH KLTVJYm[PJV ,U WYPTLY VYKLU SVZ WHY[PKVZ WVSx[PJVZ ZL JVUZ[P[\`LU LU \UH KL SHZ MVYTHZ TmZ PTWVY[HU[LZ KL WHY[PJPWHJP}U JP\KHKHUH LU SH WVSx[PJH UHJPVUHS W\LZ H [YH]tZ KL tZ[VZ ZL WVZPIPSP[H LU MH]VY KL SVZ JP\KHKHUVZ LS KLYLJOV KL HNY\WHYZL V HZVJPHYZL JVU ร ULZ KL PU[LY]LUPY LU SVZ HZ\U[VZ WVSx[PJVZ KLS WHxZ JVU SV J\HS tZ[VZ ]PLULU H ZLY PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U WVSx[PJH WVY L_JLSLUJPH =tHZL HS YLZWLJ[V 5(=(996 4i5+,A WmN ` /,95ร 5+,A =(33, WmN :VIYL LS JHYmJ[LY V UH[\YHSLaH Wย ISPJH KL SVZ WHY[PKVZ WVSx[PJVZ ]tHUZL SHZ YLZVS\JPVULZ Uย TLYV , ` , KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ HZx JVTV SHZ YLZVS\JPVULZ ` [VKHZ KL SH :HSH *VUZ[P[\JPVUHS

5ร 4,96 :,.<5+6 :,4,:;9,

=PUPJPV 4VYH 4VYH

(ZPTPZTV SVZ WHY[PKVZ WVSx[PJVZ J\TWSLU \UH M\UJP}U KL TLKPHJP}U LU[YL LS W\LISV ` LS NVIPLYUV (S YLZWLJ[V (9(@( 76*/,; JP[HUKV HS H\[VY <9*<@6 -6<950,9 ZL|HSH X\L H [YH]tZ KL SH TLKPHJP}U LU[YL SVZ JP\KHKHUVZ ` LS NVIPLYUV ยธSVZ WHY[PKVZ WVSx[PJVZ JVU]PLY[LU SHZ KLTHUKHZ WHYJPHSLZ KLS LSLJ[VYHKV LU VWJPVULZ KL WVSx[PJH NLULYHSยน ,U ZLU[PKV ZPTPSHY U\LZ[YV ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU YLZVS\JP}U Uย TLYV , WYLJPZ} X\L SVZ WHY[PKVZ WVSx[PJVZ JVUZ[P[\`LU ยธPULS\KPISLZ PU[LYTLKPHYPVZ LU[YL LS NVIPLYUV ` SVZ NVILYUHKVZยน JHSPร JmUKVZLSLZ HKLTmZ WVY WHY[L KL SH :HSH *VUZ[P[\JPVUHS JVTV ยธLU[LZ TLKPHKVYLZ LU[YL SH ZVJPLKHK JP]PS ` LS ,Z[HKVยน 6[YH KL SHZ M\UJPVULZ X\L J\TWSLU SVZ WHY[PKVZ WVSx[PJVZ LZ SH KL YLWYLZLU[HY LS PKLHYPV V WLUZHTPLU[V WVSx[PJV KL Z\Z WHY[PKHYPVZ LU W\U[V H J\mSLZ ZVU SHZ SxULHZ V IHZLZ X\L KLILU YLNPY ` Z\Z[LU[HY SH HJ[P]PKHK LZ[H[HS ` SHZ KLJPZPVULZ X\L OHU KL HKVW[HYZL LU TH[LYPH KL NVIPLYUV @ LZ X\L ZPU K\KH HSN\UH SVZ WHY[PKVZ WVSx[PJVZ YLWYLZLU[HU \UH NHYHU[xH HS WS\YHSPZTV KL WLUZHTPLU[V WVSx[PJV ` WVY LUKL HS WYPUJPWPV KLTVJYm[PJV 9LSHJPVUHKH JVU SH HU[LYPVY ZL LUJ\LU[YH SH M\UJP}U KL YLWYLZLU[HJP}U X\L SVZ WHY[PKVZ WVSx[PJVZ LQLYJLU H WHY[PY KLS THUKH[V X\L SVZ LSLJ[VYLZ JVU Z\ ]V[V LU SHZ \YUHZ V[VYNHYVU H Z\Z YLWYLZLU[HU[LZ LU LS NVIPLYUV PTW\SZHKVZ WVY SHZ WYVW\LZ[HZ JVU[LUPKHZ LU Z\Z YLZWLJ[P]VZ WYVNYHTHZ KL NVIPLYUV ` LS HMmU KL X\L tZ[HZ ZL JVUJYL[LU SH LZWLJPHS H[LUJP}U H PU[LYLZLZ LU JVTย U ยถLU WHSHIYHZ KL >6339(+ ยธKL HNS\[PUHJP}U ` YLWYLZLU[HJP}U KL SVZ PU[LYLZLZ ZVJPHSLZยน ` HKLTmZ SH JVPUJPKLUJPH PKLVS}NPJH WHY[PKHYPH 3H SPZ[H KL M\UJPVULZ UV LZ KLร UP[P]H LU [HU[V W\LKL ZLY HTWSPHKH KLWLUKPLUKV KLS PU[tYWYL[L PUJS\ZV W\LKL KHYZL X\L HSN\UHZ KL SHZ M\UJPVULZ ZLHU JVUZPKLYHKHZ V JVU[LTWSHKHZ JVTV WHY[L KL V[YHZ 3V X\L Zx W\LKL HZLN\YHZL LZ X\L LS PUJ\TWSPTPLU[V KL HSN\UH KL LZ[HZ M\UJPVULZ KL JHYmJ[LY ImZPJV [YHL JVUZPNV SH HWH[xH KLS LSLJ[VYHKV ` JVTV ZL PUKPJ} HS WYPUJPWPV SH KLZJVUร HUaH ` KLJLWJP}U LU YLSHJP}U JVU SH JSHZL WVSx[PJH ,U[YL SVZ TV[P]VZ KL LZL KLZLUJHU[V KLZ[HJH LS PUJ\TWSPTPLU[V KL SH YLWYLZLU[H[P]PKHK X\L KLILU Q\NHY SVZ WHY[PKVZ WVSx[PJVZ LU LS LQLYJPJPV KL Z\ NLZ[P}U ` X\L NLULYH \U KPZ[HUJPHTPLU[V LU[YL tZ[VZ ` Z\Z LSLJ[VYLZ 3V HU[LYPVY H\UHKV H V[YVZ TV[P]VZ WYV]VJH \UH JYPZPZ KL YLWYLZLU[HJP}U H [VKVZ SVZ WHY[PKVZ WVSx[PJVZ LU NLULYHS ` LU SVZ JP\KHKHUVZ \UH ZLUZHJP}U KL ยธVYMHUKHKยน WVSx[PJH

000 *90:0: +, 36: 7(9;0+6: 763ร ;0*6: 0UK\KHISLTLU[L SH WLYJLWJP}U KLS LSLJ[VYHKV LU LS ZLU[PKV KL X\L SVZ WHY[PKVZ WVSx[PJVZ PUJ\TWSLU JVU LS THUKH[V KL YLWYLZLU[HJP}U WVSx[PJH LU LSSVZ KLWVZP[HKV LZ \UV KL SVZ WYPUJPWHSLZ TV[P]VZ KL SH JYPZPZ X\L Z\MYLU HJ[\HSTLU[L X\L KPJOV ZLH KL WHZV UV ZVSV ZL THUPร LZ[H LU U\LZ[YV WHxZ ZPUV HKLTmZ LU V[YHZ SH[P[\KLZ (S YLZWLJ[V 961(: )63(j6: ZL|HSH! (9(@( 76*/,; WmN :LU[LUJPH Uย TLYV KL SHZ ! OVYHZ KLS KL Q\UPV KL >6339(+ WmN 7HYH 1VYNL 3HaHY[L SH M\UJP}U TLKPHKVYH KL SVZ WHY[PKVZ WVSx[PJVZ ZL KH LU J\H[YV KPTLUZPVULZ! JHUHSPaHJP}U KL KLTHUKHZ M\UJP}U L_WYLZP]H M\UJP}U KL YLWYLZLU[HJP}U ` M\UJP}U KL NVIPLYUV 3(A(9;, WmN

5ร 4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763ร ;0*6: ,5 3( 76:;<3(*0ร 5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0ร 5 767<3(9

ยธ3H MVYTH WHY[PKV JVTV IHZL JVUZ[P[\[P]H KL SH YLWYLZLU[HJP}U WVSx[PJH LZ[m OV` LU JYPZPZ LU *VZ[H 9PJH LU (TtYPJH 3H[PUH ` LU SH TH`VY WHY[L KL SVZ WHxZLZ KLTVJYm[PJVZ 3VZ WHY[PKVZ WVSx[PJVZ V[YVYH WYPUJPWHSLZ PUZ[Y\TLU[VZ WHYH SH JHUHSPaHJP}U KL KLTHUKHZ ` YLWYLZLU[HJP}U KL SVZ KP]LYZVZ PU[LYLZLZ WYLZLU[LZ LU SH ZVJPLKHK OV` HWHYLJLU JVTV LZ[Y\J[\YHZ HWHY[HKHZ KL SHZ NYHUKLZ TH`VYxHZ ` JVTV VIZ[mJ\SVZ WHYH SH HTWSPHJP}U KL SH KLTVJYHJPH ` SH WHY[PJPWHJP}U WVSx[PJH KL SH JP\KHKHUxHยน 0KtU[PJH ZP[\HJP}U ZL KH LU LS WSHUV T\UPJPWHS (S YLZWLJ[V 90=,9( (9(@( ` *(3+,9ร 5 96+9ร .<,A JVTV JH\ZHZ KLS H\TLU[V LU LS Uย TLYV KL WHY[PKVZ WVSx[PJVZ H UP]LS SVJHS L_WYLZHYVU! ยธยฏLZ ULJLZHYPV HJSHYHY X\L LZ[L MLU}TLUV KL SH LTLYNLUJPH KL U\L]VZ TPJYVWHY[PKVZ [PLUL X\L ]LY LU WYPTLY S\NHY JVU LS [LTH KL SH JYPZPZ KL SH YLWYLZLU[HJP}U WVSx[PJH LS J\HS WVY SV KLTmZ WHYH WVUKLYHYSV LU Z\ Q\Z[H TLKPKH OH` X\L \IPJHYSV LU LS THYJV KL \U TVKLSV OPWLYJVUJLU[YHKV KL VYNHUPaHJP}U KLS ,Z[HKV ` JVUZLJ\LU[LTLU[L KL \UH WVSx[PJH KL SVJHSPKHK WYLJHYPH" LU ZLN\UKV S\NHY JVU LS [LTH KL SHZ ]PJPZP[\KLZ KL SH WVSx[PJH ` Z\ HZPTPSHJP}U WVY WHY[L KL SH ZVJPLKHK ,Z KLJPY JVU LS KLZJVU[LU[V JP\KHKHUV YLZWLJ[V KLS WHYHKPNTH [YHKPJPVUHS KL SH WVSx[PJH ` LS KLZLV KL WHY[PJPWHJP}U" V LU V[YVZ [tYTPUVZ JVU SH [LUZP}U X\L L_PZ[L LU[YL SHZ ]PLQHZ ` U\L]HZ MVYTHZ KL OHJLY WVSx[PJHยน 9LZ\S[H L]PKLU[L X\L SH JYPZPZ WHY[PKHYPH [PLUL ZLYPHZ JVUZLJ\LUJPHZ LU U\LZ[YV ZPZ[LTH KLTVJYm[PJV [VTHUKV LU J\LU[H X\L LU SVZ [tYTPUVZ KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS ยธ:}SV W\LKLU WHY[PJPWHY LU LSLJJPVULZ HPZSHKHTLU[L V LU JVHSPJP}U SVZ WHY[PKVZ PUZJYP[VZ LU LS 9LNPZ[YV KL 7HY[PKVZ X\L SSL]HYm LS 9LNPZ[YV *P]PSยน ` SH WVZ[\SHJP}U KL SVZ JHUKPKH[VZ H W\LZ[VZ KL LSLJJP}U WVW\SHY ย UPJHTLU[L YLJHL LU SHZ HNY\WHJPVULZ WVSx[PJHZ LU SVZ [tYTPUVZ KLS HY[xJ\SV KL LZL J\LYWV SLNHS +L LZH THULYH LS SLNPZSHKVY VW[} WVY KLQHY LU SVZ WHY[PKVZ WVSx[PJVZ LS TVUVWVSPV LU SH WVZ[\SHJP}U KL JHUKPKH[VZ H W\LZ[VZ KL LSLJJP}U WVW\SHY [HU[V H LZJHSH UHJPVUHS WYV]PUJPHS ` JHU[VUHS (U[L SH JYPZPZ KL YLWYLZLU[H[P]PKHK KL SVZ WHY[PKVZ WVSx[PJVZ ` SH PTWVZPIPSPKHK KL WYLZLU[HY JHUKPKH[\YHZ PUKLWLUKPLU[LZ Z\YNLU KP]LYZHZ WYVW\LZ[HZ" WVY \U SHKV HX\LSSVZ X\L HIVNHU WVY SH LSPTPUHJP}U KLS TVUVWVSPV KL WVZ[\SHJP}U KL JHUKPKH[\YHZ H MH]VY KL SVZ WHY[PKVZ WVSx[PJVZ ` WVY V[YV X\PLULZ HW\LZ[HU WVY LS MVY[HSLJPTPLU[V KL SHZ HNY\WHJPVULZ WVSx[PJHZ ` KL Z\Z TLJHUPZTVZ KL KLTVJYH[PaHJP}U PU[LYUH 3H KPZJ\ZP}U ZVIYL SH ]PHIPSPKHK ` WLY[PULUJPH KL HTIHZ WYVW\LZ[HZ ZL OH JLU[YHKV TmZ X\L [VKV LU SH WYPTLYH PUJS\ZV YLJPLU[LTLU[L ZL VIQL[} HU[L SH :HSH *VUZ[P[\JPVUHS SH JVUZ[P[\JPVUHSPKHK KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS HU[LYPVYTLU[L JP[HKV ` HKLTmZ LU SH JVYYPLU[L SLNPZSH[P]H L_PZ[L \U WYV`LJ[V KL *}KPNV ,SLJ[VYHS LU LS X\L ZL WYL]t LU[YL V[YHZ UV]LKHKLZ SH WVZPIPSPKHK KL WVZ[\SHY JHUKPKH[\YHZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY PUKLWLUKPLU[LZ H SVZ WHY[PKVZ WVSx[PJVZ 961(: )63(j6: KPJPLTIYL KLS 90=,9( (9(@( ` *(3+,9ร 5 96+9ร .<,A WmN (JJP}U KL 0UJVUZ[P[\JPVUHSPKHK [YHTP[HKH LU L_WLKPLU[L Uย TLYV *6 =LYZP}U KPNP[HS KLS WYV`LJ[V KL *}KPNV ,SLJ[VYHS KPZWVUPISL LU SH WmNPUH LSLJ[Y}UPJH KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ^^^ [ZL NV JY

5ร 4,96 :,.<5+6 :,4,:;9,

=PUPJPV 4VYH 4VYH

:P IPLU LU H[LUJP}U H SHZ H\KPLUJPHZ JVUMLYPKHZ LU LS [YmTP[L KL SH JP[HKH HJJP}U KL PUJVUZ[P[\JPVUHSPKHK [HU[V LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVTV SH 7YVJ\YHK\YxH .LULYHS KL SH 9LW ISPJH JVUZPKLYHU X\L LS TVUVWVSPV KL WVZ[\SHJP}U LU THUVZ KL SHZ HNY\WHJPVULZ WVSx[PJHZ LUJ\LU[YH Z\Z[LU[V LU SH *VUZ[P[\JP}U 7VSx[PJH YLZ\S[H PU[LYLZHU[L SH WVZPJP}U KLS ÔYNHUV ,SLJ[VYHS LU LS ZLU[PKV KL X\L LZH L_JS\ZP]PKHK UV VWLYH LU SVZ WYVJLZVZ KL LSLJJP}U KL SHZ H\[VYPKHKLZ T\UPJPWHSLZ LU [HU[V LS HY[xJ\SV JVUZ[P[\JPVUHS X\L JVTV ZL PUKPJ} YLJVUVJL H MH]VY KL SVZ JP\KHKHUVZ Z\ KLYLJOV KL HNY\WHYZL LU WHY[PKVZ WVSx[PJVZ SV OHJL UPJHTLU[L YLZWLJ[V KL HZ\U[VZ KL WVSx[PJH UHJPVUHS L_JS\`LUKV KL WSHUV ¶H Z\ Q\PJPV SH WVSx[PJH SVJHS +PJOV KL V[YH MVYTH [YH[mUKVZL KL LSLJJPVULZ UHJPVUHSLZ ZVSV SVZ WHY[PKVZ WVSx[PJVZ KLIPKHTLU[L PUZJYP[VZ WVKYmU PUZJYPIPY JHUKPKH[\YHZ WVY SV X\L J\HSX\PLY PU[LU[V KL PUZJYPIPY \UH JHUKPKH[\YH PUKLWLUKPLU[L YLZ\S[H PTWYVJLKLU[L *HZV KPMLYLU[L H SH S\a KLS JYP[LYPV HU[LZ L_W\LZ[V LZ LS X\L ZL WYLZLU[H LU LS WYVJLZV LSLJJPVUHYPV SVJHS LU LS X\L LZL ÔYNHUV ,SLJ[VYHS Zx LZ[PTH WVZPISL SH WVZ[\SHJP}U KL JHUKPKH[\YHZ HS THYNLU KL \UH HNY\WHJP}U WVSx[PJH

0= 465676306 +, 36: 7(9;0+6: 763Ð;0*6: ,5 3( 56405(*0Ô5 +, *(5+0+(;<9(: 7<,:;6: +, ,3,**0Ô5 767<3(9 *VTV ZL HKLSHU[} LZ[L HZWLJ[V OH NLULYHKV \U KLIH[L LU[YL X\PLULZ JVUZPKLYHU X\L [HS WYP]PSLNPV H MH]VY KL SVZ WHY[PKVZ WVSx[PJVZ LZ PUJVUZ[P[\JPVUHS ` V[YVZ X\L KLÄLUKLU SH UH[\YHSLaH TLKPHKVYH KL SVZ WHY[PKVZ WVSx[PJVZ LU SH WVZ[\SHJP}U KL JHUKPKH[\YHZ *VTV WYPUJPWHS HSLNH[V X\PLULZ LZ[PTHU SH PUJVUZ[P[\JPVUHSPKHK KL [HS WYLYYVNH[P]H ZVU KLS JYP[LYPV KL X\L tZ[H LZ JVU[YHYPH HS KLYLJOV KL WHY[PJPWHJP}U WVSx[PJH ` KL HJJLZV H JHYNVZ W ISPJVZ KL LSLJJP}U WVW\SHY LU [HU[V JVUKPJPVUH [HS WVZPIPSPKHK HS OLJOV KL OHILY ZPKV WYVW\LZ[V WVY \UH HNY\WHJP}U WVSx[PJH KLIPKHTLU[L PUZJYP[H HZWLJ[V X\L JVUSSL]H SH PUMYHJJP}U HS HY[xJ\SV JVUZ[P[\JPVUHS LU [HU[V ZL VISPNH H WLY[LULJLY H \U WHY[PKV WVSx[PJV :P IPLU LS TVUVWVSPV LU SH WYLZLU[HJP}U KL JHUKPKH[\YHZ LU SVZ WHY[PKVZ WVSx[PJVZ ]LKH SH WVZPIPSPKHK KL WYLZLU[HY JHUKPKH[\YHZ PUKLWLUKPLU[LZ ` HQLUHZ H LZHZ HNY\WHJPVULZ LZ[HISLJPtUKVZL \UH SPTP[HJP}U HS KLYLJOV KL WHY[PJPWHJP}U WVSx[PJH VISPNHUKV H SVZ JP\KHKHUVZ X\L KLZLLU VW[HY WVY \U JHYNV KL LSLJJP}U WVW\SHY H OHJLYSV HS HTWHYV KL HSN\UV KL SVZ WHY[PKVZ WVSx[PJVZ PUZJYP[VZ SV JPLY[V LZ X\L KPJOH SPTP[HJP}U H SH S\a KLS WYPUJPWPV KL YHaVUHIPSPKHK ` WYVWVYJPVUHSPKHK HJVYKL HS +LYLJOV KL SH *VUZ[P[\JP}U ,U LZ[L ZLU[PKV [HS SPTP[HJP}U LU WYPTLY [tYTPUV LZ JVUMVYTL H SV KPZW\LZ[V LU LS HY[xJ\SV JVUZ[P[\JPVUHS W\LZ JVTV M\L ZL|HSHKV LS JVUZ[P[\`LU[L VW[} WVY \U ZPZ[LTH KL WHY[PKVZ ` SV X\L WYL[LUKL SH UVYTH LZ WYLJPZHTLU[L MVY[HSLJLY LS YtNPTLU KL SHZ HNY\WHJPVULZ WVSx[PJHZ LU YHa}U KL SH PTWVY[HUJPH X\L [PLULU JVTV MVYTH KL L_WYLZP}U KL SH ]VS\U[HK WVW\SHY ZPLUKV SH JP[HKH SPTP[HJP}U ULJLZHYPH (KLTmZ KLYP]HKV KL SH HU[LYPVY ZL [PLUL X\L SV KPZW\LZ[V LU LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS YLZ\S[H ZLY \U TLJHUPZTV PK}ULV HS ÄU WYVW\LZ[V WVY LS JVUZ[P[\`LU[L H MH]VY KLS YtNPTLU KL SVZ WHY[PKVZ WVSx[PJVZ L_PZ[PLUKV WYVWVYJPVUHSPKHK LU[YL SH SPTP[HJP}U PTW\LZ[H ` LS ÄU X\L I\ZJH SH TPZTH Q\PJPV KL WYVWVYJPVUHSPKHK

5Ø4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763Ð;0*6: ,5 3( 76:;<3(*0Ô5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0Ô5 767<3(9

,U [VKV JHZV SH L_PNLUJPH WYL]PZ[H LU LS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS UV ]\SULYH LS JVU[LUPKV LZLUJPHS KLS KLYLJOV M\UKHTLU[HS KL WHY[PJPWHJP}U JP\KHKHUH LU SVZ HZ\U[VZ WVSx[PJVZ KLS WHxZ LU [HU[V UV PTWPKL KL THULYH HIZVS\[H X\L \UH WLYZVUH PU[LYLZHKH LU PTW\SZHY Z\ JHUKPKH[\YH H \U W\LZ[V KL LSLJJP}U WVW\SHY SV OHNH H [YH]tZ KL \UH LZ[Y\J[\YH WHY[PKHYPH WYLL_PZ[LU[L V JYLL \UH U\L]H H WHY[PY KL \U PKLHS JVT U KL \U NY\WV KL WLYZVUHZ MVY[HSLJPtUKVZL H U TmZ JVTV ZL PUKPJ} LS YtNPTLU KL SVZ WHY[PKVZ WVSx[PJVZ ` LS WYPUJPWPV KLTVJYm[PJV ( WHY[PY KL SV HU[LYPVY UV ZL LUJ\LU[YH X\L SV KPZW\LZ[V LU LS *}KPNV ,SLJ[VYHS LU W\U[V H SH VISPNH[VYPLKHK KL WYLZLU[HY JHUKPKH[\YHZ H [YH]tZ KL \U WHY[PKV WVSx[PJV ZLH JVU[YHYPV H SH *VUZ[P[\JP}U 7VSx[PJH W\LZ WYVT\L]L LS WS\YPWHY[PKPZTV ` LS Z\YNPTPLU[V KL TmZ WVZPJPVULZ PKLVS}NPJHZ LU LS LZWLJ[YV WVSx[PJV LSLJ[VYHS KL HOx Z\ PTWVY[HUJPH +PMLYLU[L ZLYxH LS OLJOV KL X\L LS SLNPZSHKVY LU SH MVYTHJP}U KL SVZ WHY[PKVZ WVSx[PJVZ JVTV PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U JP\KHKHUH ` KL LQLYJPJPV KL KLYLJOVZ M\UKHTLU[HSLZ LSLJ[VYHSLZ PTW\ZPLYH YLX\PZP[VZ TmZ HSSm KL SV YHaVUHISL WHYH PUZJYPIPY KPJOVZ WHY[PKVZ ` Z\Z JHUKPKH[\YHZ [VYUHUKV U\NH[VYPV [HS KLYLJOV

= 465676306 ,5 *(5+0+(;<9(: ( *(9.6: 4<50*07(3,: +, ,3,**0Ô5 767<3(9 3HZ YHaVULZ L_W\LZ[HZ ¶H TP Q\PJPV YLZ\S[HU HWSPJHISLZ H SH TH[LYPH LSLJ[VYHS T\UPJPWHS W\LZ UP LS JVUZ[P[\`LU[L UP LS SLNPZSHKVY WYL]P} KPMLYLUJPH HSN\UH LU SH LSLJJP}U KL HX\LSSHZ WLYZVUHZ X\L ]HU H VJ\WHY JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY 5V VIZ[HU[L TLYLJL H[LUJP}U SV KPZW\LZ[V LU LS WYV`LJ[V KL *}KPNV ,SLJ[VYHS X\L ZL LUJ\LU[YH LU JVYYPLU[L SLNPZSH[P]H LU W\U[V H SH WVZPIPSPKHK KL WYLZLU[HY JHUKPKH[\YHZ HQLUHZ H SVZ WHY[PKVZ WVSx[PJVZ ,U WYPTLY [tYTPUV LS WYV`LJ[V KL SL` ZL|HSHKV LS J\HS KH[H KL MLIYLYV KL HS PN\HS X\L LU V[YHZ UHJPVULZ LZ[HISLJL SH WVZPIPSPKHK KL WYLZLU[HY JHUKPKH[\YHZ HS THYNLU KL SVZ WHY[PKVZ WVSx[PJVZ PUZJYP[VZ ZVSV X\L LU U\LZ[YV JHZV YLMLYPKV H JHYNVZ T\UPJPWHSLZ (Zx LS HY[xJ\SV KLS JP[HKV WYV`LJ[V KPZWVUL! ¸(Y[xJ\SV .Y\WVZ PUKLWLUKPLU[LZ 3VZ JP\KHKHUVZ WVKYmU MVYTHY NY\WVZ PUKLWLUKPLU[LZ KL JHYmJ[LY [LTWVYHS WHYH WVZ[\SHY JHUKPKH[VZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY LU \U KL[LYTPUHKV JHU[}U KLIPLUKV PUZJYPIPY Z\Z JHUKPKH[\YHZ LU LS TPZTV WLYxVKV ` LU PKtU[PJH MVYTH X\L SVZ WHY[PKVZ WVSx[PJVZ¹ :VIYL SVZ YLX\PZP[VZ KL PUZJYPWJP}U KL SHZ JHUKPKH[\YHZ KL LZVZ NY\WVZ PUKLWLUKPLU[LZ LS ZPN\PLU[L HY[xJ\SV KPZWVUL! ¸(Y[xJ\SV 0UZJYPWJP}U 7HYH SH PUZJYPWJP}U KL \U NY\WV PUKLWLUKPLU[L ZL YLX\PLYL SH WYLZLU[HJP}U KL \UH ,QLTWSVZ KL WHxZLZ LU X\L W\LKLU WYLZLU[HYZL JHUKPKH[\YHZ PUKLWLUKPLU[LZ H W\LZ[VZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY ÄN\YHU )VSP]PH HY[xJ\SV KLS *}KPNV ,SLJ[VYHS ,J\HKVY HY[xJ\SV KL SH 3L` 6YNmUPJH KL ,SLJJPVULZ ` 7HUHTm HY[xJ\SV KLS *}KPNV ,SLJ[VYHS LU[YL V[YVZ 7mNPUH ^LI KLS *LU[YV KL (ZLZVYxH ` 7YVTVJP}U ,SLJ[VYHS *(7,3 O[[W! ^^^ PPKO LK JY JHWLS

5Ø4,96 :,.<5+6 :,4,:;9,

=PUPJPV 4VYH 4VYH

ZVSPJP[\K HU[L SH +PYLJJP}U .LULYHS KLS 9LNPZ[YV ,SLJ[VYHS ÄYTHKH WVY LS YLWYLZLU[HU[L KLS TPZTV H SH J\HS KLILYm HKQ\U[HY! H (J[H JVUZ[P[\[P]H I 3PZ[H JVU PUKPJHJP}U WYLJPZH KL SVZ UVTIYLZ JtK\SHZ KL PKLU[PKHK ` ÄYTHZ KL SVZ HKOLYLU[LZ LU U‚TLYV UV TLUVY KLS KLS WHKY}U JHU[VUHS JVYYLZWVUKPLU[L ZPU X\L LU UPUN‚U JHZV W\LKH L_PNPYZL TmZ KL TPS X\PUPLU[VZ HKOLYLU[LZ X\PLULZ KLILYmU ZLY ]LJPUVZ KLS YLZWLJ[P]V JHU[}U JVU UV TLUVZ KL KVZ H|VZ KL LZ[HY PUZJYP[VZ LSLJ[VYHSTLU[L LU tZ[L 3H ZVSPJP[\K KL PUZJYPWJP}U WVKYm WYLZLU[HYZL LU J\HSX\PLY [PLTWV ZHS]V KLU[YV KL SVZ KVJL TLZLZ HU[LYPVYLZ H SH LSLJJP}U LU X\L ZL WYL[LUKH WHY[PJPWHY 7HYH LZ[VZ LMLJ[VZ YLNPYm SV KPZW\LZ[V LU LS ZLN\UKV WmYYHMV KLS HY[xJ\SV KL LZ[H SL`¹ +L [HS THULYH ZL WYL[LUKL KLQHY LU THUVZ KL NY\WVZ PUKLWLUKPLU[LZ SH WVZ[\SHJP}U KL JHUKPKH[VZ H JHYNVZ T\UPJPWHSLZ KL LSLJJP}U WVW\SHY ZPU LS YPNVY KL SHZ UVYTHZ X\L HSJHUaHU H X\PLULZ UV TPSP[HU LU UPUN‚U WHY[PKV WVSx[PJV ` KLZLHU PUZJYPIPYZL JVTV JHUKPKH[VZ X\PLULZ LU WYPTLYH PUZ[HUJPH KLILYxHU PUZJYPIPY \U WHY[PKV WVSx[PJV LU SVZ [tYTPUVZ KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS JVU LS J\TWSPTPLU[V KL SVZ YLX\PZP[VZ HS LMLJ[V LZ[HISLJPKVZ [HSLZ JVTV HJ[H UV[HYPHS KL JVUZ[P[\JP}U KLS WHY[PKV WYV[VJVSPaHJP}U KLS HJ[H JVYYLZWVUKPLU[L WYLZLU[HJP}U KL LZ[H[\[VZ SH WYLZLU[HJP}U KL HKOLZPVULZ LU[YL V[YVZ +H[V PU[LYLZHU[L LU SVZ YLX\PZP[VZ LU\UJPHKVZ LU [L_[V KLS WYV`LJ[V KL SL` LZ SH KPZTPU\JP}U LU LS U‚TLYV KL ÄYTHZ V HKOLZPVULZ X\L KLILU YLZWHSKHY SHZ JHUKPKH[\YHZ KL NY\WVZ PUKLWLUKPLU[LZ YLX\PZP[V X\L JVTWHYHKV JVU LS U‚TLYV KL HKOLZPVULZ X\L KLILU WYLZLU[HYZL LU LS [YmTP[L KL PUZJYPWJP}U KL WHY[PKVZ WVSx[PJVZ UHJPVUHSLZ WYV]PUJPHSLZ ` JHU[VUHSLZ LU ]PY[\K KL SV KPZW\LZ[V LU LS PUJPZV L KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS YLZ\S[H T\JOV TmZ ]LU[HQVZV +LS JP[HKV WYV`LJ[V KL *}KPNV ,SLJ[VYHS JHIL KLZ[HJHY HKLTmZ X\L SH L_PZ[LUJPH L PUZJYPWJP}U KLS NY\WV PUKLWLUKPLU[L X\L WYVT\L]L SH JHUKPKH[\YH ZL L_[PUN\L \UH ]La ]LYPÄJHKH SH LSLJJP}U LU SH J\HS WHY[PJPW} HY[xJ\SV 8\LKH L]PKLUJPHKV X\L JVU LS WYV`LJ[V KL SL` JP[HKV ZL KH SH Y\W[\YH KLS TVUVWVSPV KL WYLZLU[HJP}U KL JHUKPKH[VZ H W\LZ[VZ KL LSLJJP}U LU SHZ T\UPJPWHSPKHKLZ KLS WHxZ UV HZx SH KL SVZ KLTmZ W\LZ[VZ KL LSLJJP}U WVW\SHY

=0 ( 46+6 +, *65*3<:0Ô5 ,U WHSHIYHZ KL *(:(: A(469( LU [VYUV HS WHWLS HJ[\HS X\L Q\LNHU SVZ WHY[PKVZ WVSx[PJVZ LU SH KLTVJYHJPH KL THULYH HJLY[HKH PUKPJ}! ¸3VZ WHY[PKVZ WVSx[PJVZ ZVU HIZVS\[HTLU[L LZLUJPHSLZ WHYH SH KLTVJYHJPH <UH KL SHZ TVKHZ TmZ KH|PUHZ X\L ZL LZ[m PUZ[HSHUKV LU LS KLIH[L WVSx[PJV LZ SH KL X\L W\LKL L_PZ[PY \UH KLTVJYHJPH ZPU WHY[PKVZ X\L tZ[VZ W\LKLU ZLY Z\Z[P[\PKVZ WVY NY\WVZ KL SH ZVJPLKHK JP]PS ,ZV UV YLZPZ[L UPUN\UH L]PKLUJPH UV ZVSV J\HUKV ZL L_HTPUH

5Ø4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763ร ;0*6: ,5 3( 76:;<3(*0ร 5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0ร 5 767<3(9

SH MVYTH JVTV M\UJPVUHU SHZ KLTVJYHJPHZ LU LS T\UKV ZPUV J\HUKV ZL WPLUZH X\L PUL]P[HISLTLU[L SVZ NY\WVZ KL SH ZVJPLKHK JP]PS SVZ TV[P]HU PU[LYLZLZ LZWLJxร JVZ 7YLJPZHTLU[L \UH KL SHZ M\UJPVULZ X\L J\TWSLU SVZ WHY[PKVZ WVSx[PJVZ LZ SH KL PU[LNYHY KPMLYLU[LZ PU[LYLZLZ ZVJPHSLZ LU [VYUV H \UH WSH[HMVYTH PKLVS}NPJH ` WYVNYHTm[PJH :PU WHY[PKVZ SH [VTH KL KLJPZPVULZ ZL ยธML\KHSPaHยน WVYX\L SVZ NY\WVZ KL PU[LYtZ HJ\KLU KPYLJ[HTLU[L HU[L X\PLULZ KLJPKLU ` UHKPL OHJL LS [YHIHQV KL PU[LNYHY LS PU[LYtZ UHJPVUHS ,U ]La KL LZ[HY WLUZHUKV JVTV SVZ KLIPSP[HTVZ ` JVUZPKLYHYSVZ \U SHZ[YL WHYH SH KLTVJYHJPH KLILYxHTVZ JVU]LUJLYUVZ KL X\L ULJLZP[HTVZ WHY[PKVZ WVSx[PJVZ M\LY[LZ Z}SPKVZ ` JVU ]PKH TmZ WLYTHULU[Lยน LS YLZHS[HKV LZ Z\WSPKV 7LZL H JVUZPKLYHY X\L UV L_PZ[L PUJVUZ[P[\JPVUHSPKHK HSN\UH LU SH MHJ\S[HK L_JS\ZP]H X\L NVaHU SVZ WHY[PKVZ WVSx[PJVZ KL KLZPNUHY ` WYVWVULY SVZ JHUKPKH[VZ LU W\LZ[VZ KL LSLJJP}U WVW\SHY WHYLJL X\L L_PZ[L SH ULJLZPKHK KL MVYT\SHY \UH ZLYPL KL JHTIPVZ [LUKPLU[LZ H \UH TH`VY KLTVJYH[PaHJP}U KL SVZ WHY[PKVZ WVSx[PJVZ ` \UH TH`VY WYV`LJJP}U LU TH[LYPH T\UPJPWHS SV X\L L_PNL WVY WHY[L KL tZ[HZ \U HJLYJHTPLU[V H SHZ JVT\UPKHKLZ H LMLJ[V KL KHY \UH TH`VY WHY[PJPWHJP}U KL SH JP\KHKHUxH SV X\L LZ WYVWPV KL SH M\UJP}U KL PU[LYTLKPHJP}U X\L LQLYJLU UV ZVSV K\YHU[L SH tWVJH KL JHTWH|H LSLJ[VYHS ZPUV KL THULYH WLYTHULU[L :P IPLU SH WVZPIPSPKHK KL X\L NY\WVZ PUKLWLUKPLU[LZ PUZJYPIHU Z\Z JHUKPKH[\YHZ WVKYxH JVUZ[P[\PY \U HSPJPLU[L ` VWVY[\UPKHK KL X\L WLYZVUHZ X\L OHIP[\HSTLU[L UV WHY[PJPWHU LU SH HJ[P]PKHK WVSx[PJV LSLJ[VYHS SV OHNHU tZ[H WVY V[YH WHY[L ]LUKYxH H KLIPSP[HY H SVZ WHY[PKVZ WVSx[PJVZ JVTV NY\WVZ KL MVYTHJP}U ` L_WYLZP}U WVSx[PJH PKLVS}NPJH ULJLZHYPVZ LU LS LZJLUHYPV UHJPVUHS

,U[YL]PZ[H YLHSPaHKH HS ZL|VY 2L]PU *HZHZ =PJLWYLZPKLU[L KL SH 9LWย ISPJH :LTHUHYPV 6QV :HU 1VZt *VZ[H 9PJH Uย TLYV ZLTHUH KLS KL HIYPS HS KL TH`V KL W

5ร 4,96 :,.<5+6 :,4,:;9,

=PUPJPV 4VYH 4VYH

30;,9(;<9( *65:<3;(+( (9(@( 76*/,; *HYSVZ *VUZ[P[\JP}U 7VSx[PJH JVTLU[HKH KL *VZ[H 9PJH 4t_PJV + - ! 4J.YH^ /PSS 0U[LYHTLYPJHUH *(:(: 2L]PU ยธB,U[YL]PZ[H YLHSPaHKH HS ZL|VY *HZHZDยน ,U! :LTHUHYPV 6QV UV ZLTHUH KLS KL HIYPS HS KL TH`V KL W /,95ร 5+,A =(33, 9\ItU +LYLJOV ,SLJ[VYHS *VZ[HYYPJLUZL :HU 1VZt * 9 ! ,KP[VYPHS 1\YPJLU[YV 3(A(9;, 1VYNL 7HY[PKVZ WVSx[PJVZ WYVISLTHZ KL YLWYLZLU[H[P]PKHK ` U\L]VZ YL[VZ KL SH KLTVJYHJPH ! \UH YLร L_P}U JVU YLMLYLUJPH LTWxYPJH H SH ZP[\HJP}U LU )VSP]PH LU 7HY[PKVZ WVSx[PJVZ ` YLWYLZLU[HJP}U LU (TtYPJH 3H[PUH *HYHJHZ =LULa\LSH ! ,KP[VYPHS 5\L]H :VJPLKHK 5(=(996 4i5+,A 1VZt 0NUHJPV 7HY[PKVZ WVSx[PJVZ ` ยธKLTVJYHJPH PU[LYUH 4HKYPK ,ZWH|H ! *LU[YV KL ,Z[\KPVZ 7VSx[PJVZ ` *VUZ[P[\JPVUHSLZ 9(=,5;6: =69:; *PZTH ` V[YVZ (IZ[LUJPVUPZ[HZ LU *VZ[H 9PJH ยฆ8\PtULZ ZVU ` WVY X\t UV ]V[HU& :HU 1VZt * 9 ! ,KP[VYPHS KL SH <UP]LYZPKHK KL *VZ[H 9PJH ! 00+/ *(7,3 ! ;:, 90=,9( (9(@( 9V` ` *(3+,9ร 5 96+9ร .<,A 9LILJH 3VZ TPJYVWHY[PKVZ L *VZ[H 9PJH! 9HKPJHSPaHJP}U KL SH KLTVJYHJPH SVJHS V [YHUZMVYTHJP}U JYVTm[PJH LU 3VZ WHY[PKVZ SVJHSLZ ` SH KLTVJYHJPH LU SVZ TPJYV[LYYP[VYPVZ KL *VZ[H 9PJH YL[YVZWLJJP}U ` WLYZWLJ[P]HZ :HU 1VZt * 9 ! -3(*:6 961(: )63(j6:" 4HU\LS 3H YLWYLZLU[HJP}U WVSx[PJH! ยฆLU JYPZPZ V LU [YHUZPJP}U& ;VTHKV KL! O[[W! ^^^ ร HJZV VY JY ร SLHKTPU KVJ\TLU[VZ -3(*:6 9LWYLZLU[HJPVUFLUFJYPZPZF4HU\LSF9VQHZ WKM KPJPLTIYL KLS >6339(+ +ย Y[L *YPZPZ KL YLWYLZLU[HJP}U WVSx[PJH ` U\L]V WYV[HNVUPZTV KL SVZ TLKPVZ KL JVT\UPJHJP}U LU 7HY[PKVZ WVSx[PJVZ ` YLWYLZLU[HJP}U LU (TtYPJH 3H[PUH *HYHJHZ =LULa\LSH ! ,KP[VYPHS 5\L]H :VJPLKHK

:0;06: +, 05;,95,; 7mNPUH ,SLJ[Y}UPJH KLS *LU[YV KL (ZLZVYxH ` 7YVTVJP}U ,SLJ[VYHS *(7,3 O[[W! ^^^ PPKO LK JY JHWLS

5ร 4,96 :,.<5+6 :,4,:;9,

9<7;<9( +,3 465676306 +, 36: 7(9;0+6: 763Ð;0*6: ,5 3( 76:;<3(*0Ô5 +, *(5+0+(;6: ( *(9.6: 4<50*07(3,: +, ,3,**0Ô5 767<3(9

:,5;,5*0(: ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZVS\JP}U UV , KL SHZ ! OVYHZ KLS KL KPJPLTIYL KL ` , KLS SHZ ! OVYHZ KLS KL Q\SPV KL :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH YLZVS\JPVULZ U TLYV KL SHZ ! OVYHZ KLS KL TH`V KL KL SHZ ! OVYHZ KLS KL HNVZ[V KL KL SHZ ! OVYHZ KLS KL Q\UPV KL KL SHZ ! OVYHZ KLS KL KPJPLTIYL KL ` KL SHZ ! OVYHZ KLS KL TH`V KL

5Ø4,96 :,.<5+6 :,4,:;9,

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,: 1\HU 3\PZ 9P]LYH :mUJOLa QSYP]LYH'[ZL NV JY

5V[H KLS *VUZLQV ,KP[VYPHS 9LJLWJP}U! KL TH`V KLS 9L]PZP}U JVYYLJJP}U ` HWYVIHJP}U! KL Q\UPV KLS 9LZ\TLU! ,S U\L]V *}KPNV 4\UPJPWHS TVKPÄJ} LS ZPZ[LTH LSLJ[VYHS JVZ[HYYPJLUZL LU Z\ mTIP[V SVJHS UV ZVSV HS LZ[HISLJLY X\L SH KLZPNUHJP}U KLS (SJHSKL 4\UPJPWHS ZL OHYxH TLKPHU[L LS Z\MYHNPV ZPUV HS KLÄUPY \U TLJHUPZTV UV]LKVZV LU U\LZ[YV TLKPV WHYH Z\ YLTVJP}U 3H PU]LZ[PNHJP}U HUHSPaH SVZ KPZ[PU[VZ PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U KL KLTVJYHJPH ZLTP KPYLJ[H WYL]PZ[VZ LU SH SLNPZSHJP}U JVZ[HYYPJLUZL JLU[YmUKVZL LU SH ÄN\YH KL SH YL]VJH[VYPH KL THUKH[V ` TLKPHU[L \U LZ[\KPV JVTWHYH[P]V KL LZ[L TLJHUPZTV LU SH SLNPZSHJP}U PU[LYUHJPVUHS WHYH JVUJS\PY JVU LS KLZHYYVSSV KLS WYVJLKPTPLU[V KL JHUJLSHJP}U KL JYLKLUJPHSLZ KLS HSJHSKL T\UPJPWHS TLKPHU[L LS WSLIPZJP[V YL]VJH[VYPV 7HSHIYHZ JSH]LZ! 9L]VJH[VYPH KL 4HUKH[V (SJHSKL 7SLIPZJP[V 9LMLYtUK\T -\UJPVUHYPVZ 4\UPJPWHSLZ ,SLJJPVULZ 4\UPJPWHSLZ (IZ[YHJ[! ;OL UL^ 4\UPJPWHS *VKL TVKPÄLK [OL *VZ[H 9PJHU LSLJ[VYHS Z`Z[LT PU P[Z SVJHS YHUNL UV[ VUS` I` LZ[HISPZOPUN H WVW\SHY KLZPNUH[PVU VM [OL 4\UPJPWHS 4H`VY I\[ HSZV I` KLÄUPUN H UV]LS TLJOHUPZT PU V\Y TLKPH MVY P[Z YLTV]HS ;OL PU]LZ[PNH[PVU HUHS`aLZ KPMMLYLU[ PUZ[Y\TLU[Z VM ZLTP KPYLJ[ KLTVJYHJ` PU *VZ[H 9PJHU SLNPZSH[PVU ILPUN JLU[LYLK PU [OL ÄN\YL VM YLJHSSPUN LSLJ[LK VMÄJPHSZ YLJHSS ]V[L HUK I` H JVTWHYH[P]L Z[\K` VM [OPZ TLJOHUPZT H[ PU[LYUH[PVUHS SLNPZSH[PVU [V JVUJS\KL ^P[O [OL KL]LSVWTLU[ VM [OL WYVJLK\YL VM JYLKLU[PHSZ YLTV]HS VM [OL 4\UPJPWHS 4H`VY I` H WSLIPZJP[L 2L` ^VYKZ! YLJHSS ]V[L 4\UPJPWHS 4H`VY 7SLIPZJP[L 9LMLYLUK\T 4\UPJPWHS LTWSV`LLZ 4\UPJPWHS ,SLJ[PVUZ

3L[YHKV KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 3PJLUJPHKV LU +LYLJOV WVY SH <UP]LYZPKHK -LKLYHKH KL *VZ[H 9PJH ,Z[\KPHU[L KL SH 4HLZ[YxH KL +LYLJOV *VUZ[P[\JPVUHS KL SH <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

0 0U[YVK\JJP}U :PZ[LTH KL NVIPLYUV JVZ[HYYPJLUZL 00 0UZ[P[\[VZ KL KLTVJYHJPH ZLTPKPYLJ[H H ,S WSLIPZJP[V 9LN\SHJP}U JVUZ[P[\JPVUHS KLS WSLIPZJP[V LU *VZ[H 9PJH 9LN\SHJP}U SLNHS KLS WSLIPZJP[V LU *VZ[H 9PJH I ,S YLMLYLUKV J ,S *HIPSKV K 3H YL]VJH[VYPH KLS THUKH[V +LÄUPJP}U ` HU[LJLKLU[LZ OPZ[}YPJVZ KL LZ[L WYVJLKPTPLU[V 3LNPZSHJP}U JVTWHYHKH ZVIYL SH YL]VJH[VYPH KL THUKH[V 9L]VJH[VYPH KL THUKH[V LU SH SLNPZSHJP}U JVZ[HYYPJLUZL P 9L]VJH[VYPH KL THUKH[V KL KPW\[HKVZ PP 9L]VJH[VYPH KLS THUKH[V KL JHYNVZ T\UPJPWHSLZ 000 7YVJLKPTPLU[V KL JHUJLSHJP}U KL JYLKLUJPHSLZ KLS (SJHSKL 4\UPJPWHS TLKPHU[L WSLIPZJP[V YL]VJH[VYPV H ;YmTP[L H SV PU[LYUV KL SH 4\UPJPWHSPKHK I (J\LYKV KL JVU]VJH[VYPH KL JLSLIYHJP}U KLS WSLIPZJP[V X\L ZL KPYPNL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ J 7YLWHYHJP}U ` JLSLIYHJP}U KLS WSLIPZJP[V ,S WHKY}U KL LSLJ[VYLZ 1\U[HZ YLJLW[VYHZ KL ]V[VZ 7YVWHNHUKH ,SHIVYHJP}U KL SH WYLN\U[H 4H[LYPHS ,SLJ[VYHS =V[HJP}U ,ZJY\[PUPV K *HUJLSHJP}U KL SH JYLKLUJPHS V HYJOP]V KL SH NLZ[P}U WVY WHY[L KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 0= *VUJS\ZPVULZ = 3P[LYH[\YH JVUZ\S[HKH =0 (UL_VZ

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0ร 5 767<3(9 ,5 36: .6)0,956: 36*(3,:

0 05;96+<**0ร 5! :0:;,4( +, .6)0,956 *6:;(990*,5:, ,U *VZ[H 9PJH LS JVUZ[P[\`LU[L KL LZJVNP} JVTV TVKLSV KL VYNHUPaHJP}U WVSx[PJH \U ZPZ[LTH KL NVIPLYUV KLTVJYm[PJV X\L ZL M\UKHTLU[H V NPYH LU [VYUV H SH ZVILYHUxH KLS W\LISV HS LZ[HISLJLY LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH X\L! ยธ,S .VIPLYUV KL SH 9LWย ISPJH LZ WVW\SHY YLWYLZLU[H[P]V WHY[PJPWH[P]V HS[LYUH[P]V ` YLZWVUZHISLยน ` SV LQLYJL LS W\LISV ` [YLZ 7VKLYLZ KPZ[PU[VZ L PUKLWLUKPLU[LZ [LYTPUH ZL|HSHUKV LS JP[HKV THUKH[V JVUZ[P[\JPVUHS +L THULYH X\L SH *HY[H -\UKHTLU[HS YLJVUVJL LU MVYTH JSHYH ` WYLJPZH LU MH]VY KLS JP\KHKHUV LS KLYLJOV H WHY[PJPWHY HJ[P]HTLU[L LU SH MVYTHJP}U KLS .VIPLYUV KL SH 9LWย ISPJH 3H :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH LU Z\ Q\YPZWY\KLUJPH OH YLJVUVJPKV LZL KLYLJOV PUKPJHUKV X\L! ยธ,S HY[xJ\SV WYPTLYV KL SH *VUZ[P[\JP}U 7VSx[PJH LZ[HISLJL X\L *VZ[H 9PJH LZ \UH 9LWย ISPJH +LTVJYm[PJH SPIYL L PUKLWLUKPLU[L 3H \[PSPaHJP}U KLS [tYTPUV ยธKLTVJYm[PJVยน LU U\LZ[YH *HY[H -\UKHTLU[HS LZ[HISLJL \UH L_PNLUJPH LU LS VYPNLU KL SH SL` VYKPUHYPH ` LZ X\L tZ[H KLIL ZLY LS WYVK\J[V KL SH ]VS\U[HK WVW\SHY YLWYLZLU[HKH LU SH (ZHTISLH 3LNPZSH[P]H ยน ,U LMLJ[V LU YHa}U KL LZL YLJVUVJPTPLU[V JVUZ[P[\JPVUHS X\L I\ZJH MVTLU[HY SH WHY[PJPWHJP}U WVSx[PJH KL SVZ JP\KHKHUVZ LU SH JVUMVYTHJP}U KLS .VIPLYUV LZ X\L LS VYKLUHTPLU[V Q\YxKPJV JVZ[HYYPJLUZL KLZHYYVSSH ]HYPVZ TLJHUPZTVZ KL WHY[PJPWHJP}U WVSx[PJH X\L SL WLYTP[LU HS JP\KHKHUV UV ZVSV LSLNPY Z\Z NVILYUHU[LZ ZPUV WHY[PJPWHY HJ[P]HTLU[L LU HX\LSSHZ KLJPZPVULZ X\L ZL ZVTL[HU H Z\ JVUVJPTPLU[V 3H MVYTH JVTV LS VYKLUHTPLU[V Q\YxKPJV SL WLYTP[L HS JP\KHKHUV WHY[PJPWHY LU SH ]PKH WVSx[PJH LZ SH X\L KLร UL LS UP]LS KL WHY[PJPWHJP}U" LZ KLJPY ZL YLJVUVJLU LU SH UVYTH Q\YxKPJH PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U KPYLJ[H ` ZLTPKPYLJ[H 3H KLTVJYHJPH KPYLJ[H LZ \U YtNPTLU YHYxZPTV ZVZ[PLUL +\]LYNLY J\`H PTWVY[HUJPH LZ TmZ [L}YPJH X\L WYmJ[PJH ,U LZ[L [PWV KL KLTVJYHJPHZ LS JP\KHKHUV WHY[PJPWH KPYLJ[HTLU[L LU SHZ KLJPZPVULZ KLS NVIPLYUV" LZ KLJPY L_PZ[L \UH YLSHJP}U KPYLJ[H L PUTLKPH[H LU[YL LS JP\KHKHUV ` LS HZ\U[V X\L ZL ZVTL[L H Z\ JVUVJPTPLU[V .HYJxH 7LSH`V SH KLร UL KL SH ZPN\PLU[L THULYH! ยธ3H KLTVJYHJPH KPYLJ[H LZ HX\LSSH LU SH X\L LS W\LISV LQLYJL KL TVKV PUTLKPH[V ` KPYLJ[V SHZ M\UJPVULZ Wย ISPJHZ X\L ZL SL H[YPI\`LUยน ( JVU[YHYPV ZLUZ\ J\HUKV LS JP\KHKHUV UV [PLUL SH WVZPIPSPKHK KL PU[LY]LUPY LU SH [VTH KL KLJPZPVULZ ZPUV X\L Z\ WHY[PJPWHJP}U LU SH HJ[P]PKHK WVSx[PJH ZL ]L SPTP[HKH H LSLNPY H V[YV WHYH ,S HY[xJ\SV ยข KL SH *VUZ[P[\JP}U 7VSx[PJH ZL|HSH X\L ยธ*VZ[H 9PJH LZ \UH 9LWย ISPJH KLTVJYm[PJH SPIYL L PUKLWLUKPLU[Lยน 3H JP\KHKHUxH LZ LS JVUQ\U[V KL KLYLJOVZ ` KLILYLZ WVSx[PJVZ X\L JVYYLZWVUKL H SVZ JVZ[HYYPJLUZLZ TH`VYLZ KL KPLJPVJOV H|VZ (Y[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KL *VZ[H 9PJH :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH 9LZVS\JP}U Uย TLYV SHZ X\PUJL OVYHZ KLS ]LPU[PJPUJV KL TH`V KL TPS UV]LJPLU[VZ UV]LU[H ` J\H[YV +<=,9.,9 7mN .(9*ร ( 7mN

5ร 4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

X\L SV YLWYLZLU[L ` KLJPKH WVY tS LU SH [VTH KL LZHZ KLJPZPVULZ OHJLTVZ YLMLYLUJPH H \UH WHY[PJPWHJP}U PUKPYLJ[H SH X\L UVYTHSTLU[L ZL L_WYLZH TLKPHU[L LS Z\MYHNPV 7VY Z\ WHY[L SH KLTVJYHJPH ZLTPKPYLJ[H ZL JVUÄN\YH LU LS ZPZ[LTH WVSx[PJV LU LS X\L SH WHY[PJPWHJP}U JP\KHKHUH LU SH MVYTHJP}U KL SH ]VS\U[HK WVW\SHY KLS NVIPLYUV ZL THUPÄLZ[H PUKPYLJ[HTLU[L H [YH]tZ KL Z\Z YLWYLZLU[HU[LZ ` KPYLJ[HTLU[L J\HUKV ZL SL WLYTP[L HJ\KPY H V[YVZ WYVJLKPTPLU[VZ WHYH L_WYLZHY Z\ ]VS\U[HK ZVIYL SVZ HZ\U[VZ X\L ZL SL ZVTL[LU H Z\ JVUVJPTPLU[V TLKPHU[L PUZ[Y\TLU[VZ JVTV LS WSLIPZJP[V YLMLYLUKV ` SH PUPJPH[P]H WVW\SHY

00 05:;0;<;6: +, +,46*9(*0( :,40+09,*;(! ,U SH HJ[\HSPKHK LS JVUZ[P[\JPVUHSPZTV KLTVJYm[PJV TVKLYUV JVUZPKLYH H SHZ MVYTHZ KL KLTVJYHJPH ZLTPKPYLJ[H JVTV PUZ[Y\TLU[VZ X\L ZPY]LU UV WHYH Z\Z[P[\PY ZPUV WHYH JVTWSLTLU[HY SHZ PUZ[P[\JPVULZ KL KLTVJYHJPH WHY[PJPWH[P]H ` YLWYLZLU[H[P]H +LS YLWHZV OPZ[}YPJV KL LZ[VZ PUZ[P[\[VZ ZL KLZWYLUKL X\L Z\YNPLYVU JVU LS ÄU KL L]P[HY X\L SHZ PUZ[HUJPHZ YLWYLZLU[H[P]HZ TVUVWVSPaHYHU L OPJPLYHU PS\ZVYPV LS THUKH[V V[VYNHKV WVY X\PLULZ SVZ LSPNPLYVU WVY SV X\L ZL JVU]PY[PLYVU LU LS UPJV TLKPV HS HSJHUJL KL W\LISV WHYH WHY[PJPWHY KL THULYH PUKPYLJ[H LU SH MVYTHJP}U KL SH ]VS\U[HK KLS ,Z[HKV ,U SH KLTVJYHJPH TVKLYUH LS WYPUJPWPV KLTVJYm[PJV LUJ\LU[YH Z\ HWSPJHJP}U LU SH TLKPKH LU X\L HS W\LISV UV ZVSV ZL SL WLYTP[L LSLNPY ZPUV X\L [HTIPtU ZL SL V[VYNH LS KLYLJOV KL WHY[PJPWHY LU SHZ KLJPZPVULZ KL HX\LSSVZ HZ\U[VZ X\L HMLJ[HU SH JVZH W ISPJH TLKPHU[L SVZ PUZ[Y\TLU[VZ X\L LS VYKLUHTPLU[V Q\YxKPJV LZ[HISLaJH ,Z[L WYVJLZV X\L W\LKL WHYLJLY KL T\` MmJPS YLJVUVJPTPLU[V ` HWSPJHJP}U M\L TV[P]V KL PUÄUPKHK KL S\JOHZ JVU]PY[PtUKVZL LU \U SVNYV KL KPMxJPS JVUX\PZ[H [VKH ]La X\L ZPLTWYL LZ[m LU Q\LNV LS THULQV KLS WVKLY 3H SLNPZSHJP}U JVZ[HYYPJLUZL LU LZH S\JOH WVY HSJHUaHY \UH HKLJ\HKH WHY[PJPWHJP}U YLJVUVJL JVTV PUZ[Y\TLU[VZ KL KLTVJYHJPH ZLTPKPYLJ[H LS WSLIPZJP[V LS YLMLYLUKV LS JHIPSKV ` SH YL]VJH[VYPH KLS THUKH[V ¶X\L LZ LS VIQL[V KL SH WYLZLU[L PU]LZ[PNHJP}U +L WYL]PV H LU[YHY LU LS HUmSPZPZ KL SH YL]VJH[VYPH KL THUKH[V LU U\LZ[YH SLNPZSHJP}U ZL KHYm \UH IYL]L YLÅL_P}U KHKH SH SPTP[HJP}U KL LZWHJPV KLS [YHIHQV ZVIYL JHKH \UV KL SVZ PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U X\L JVU[LTWSHYm HU[LJLKLU[LZ KLÄUPJPVULZ ` HWSPJHJP}U LU SH SLNPZSHJP}U JVZ[HYYPJLUZL ` YLZWLJ[V KL SH YL]VJH[VYPH KL THUKH[V ZL OHYm \U LZ[\KPV \U WVJV TmZ WYVM\UKV LU ]PY[\K KL X\L LZ LS VIQL[V WYPUJPWHS KL SH WYLZLU[L PU]LZ[PNHJP}U

H ,S WSLIPZJP[V! :\ VYPNLU ZL YLTVU[H H SH HU[PN\H 9VTH LU [PLTWVZ KL SH 9LW ISPJH LYH JVUVJPKV JVTV LS THUKH[V KL SH WSLIL ` WHYH SH WSLIL ,U LS KLYLJOV YVTHUV ZL SL LU[LUKxH JVTV SH ¸KLSPILYHJP}U

-,95Í5+,A 7mN 96+90.<,A 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0ร 5 767<3(9 ,5 36: .6)0,956: 36*(3,:

KL SH WSLIL LU Z\ HZHTISLH ยถJVUJPSP\T WSLIPZยน LZ[L }YNHUV LYH \UH LZWLJPL KL HZHTISLH WVW\SHY LU SH X\L ZL SL WLYTP[xH WHY[PJPWHY H SH WSLIL LU WYVJ\YH KL SVNYHY \U LX\PSPIYPV LU LS NVIPLYUV [VKH ]La X\L LU LZHZ HZHTISLHZ ZL ]V[HIHU SVZ WSLIPZJP[VZ KLJPZPVULZ X\L HKX\PYPLYVU H WHY[PY KL SH 3L_ /VY[LUZPH H * LS TPZTV YHUNV KL SH SL` 4VKLYUHTLU[L ZL OH JVUZPKLYHKV HS WSLIPZJP[V JVTV \U WYVJLKPTPLU[V TLKPHU[L LS J\HS ZL JVUZ\S[H H SH JP\KHKHUH ZVIYL \U HJ[V KL UH[\YHSLaH SLNPZSH[P]H LU KVUKL LS W\LISV PU[LY]PLUL KPYLJ[HTLU[L H [YH]tZ KLS ]V[V LU HSN\UHZ L[HWHZ KLS WYVJLZV KL MVYT\SHJP}U ` ZHUJP}U KL SHZ SL`LZ ZLH WHYH HWYVIHY V YLJOHaHY SHZ YLZVS\JPVULZ HKVW[HKHZ WVY HSNย U }YNHUV LZ[H[HS LU LS WSHUV JVUZ[P[\JPVUHS SLNPZSH[P]V V HKTPUPZ[YH[P]V LZ[HZ KLJPZPVULZ W\LKLU ZLY YLMVYTHZ SLNHSLZ YH[Pร JHY V ]L[HY \UH SL` HWYVIHY \UH JVUJLZP}U LU[YL V[YVZ 7HYH LS +VJ[VY 9\ItU /LYUmUKLa =HSSL LZ[L PUZ[Y\TLU[V LU SH HJ[\HSPKHK ZL \[PSPaH WHYH X\L LS W\LISV VWPUL ZVIYL OLJOVZ JVTV SH HKQ\KPJHJP}U KL [LYYP[VYPVZ LS THU[LUPTPLU[V V JHTIPV KL \UH MVYTH KL NVIPLYUV SH KLZPNUHJP}U KL KL[LYTPUHKH WLYZVUH LU \U Vร JPV WHY[PJ\SHY L[J (ZPTPZTV LS +PJJPVUHYPV ,SLJ[VYHS 05,7 KLร UL LZ[H ร N\YH LU SVZ ZPN\PLU[LZ [tYTPUVZ! ยธ*VUZ\S[H KPYLJ[H X\L OHJL HS W\LISV LS WVKLY LQLJ\[P]V WHYH X\L L_WYLZL Z\ HJLW[HJP}U V YLJOHaV ZVIYL \U HZ\U[V LZWLJxร JV KL NYHU PTWVY[HUJPH V KL NYHU PU[LYtZ Wย ISPJV X\L HMLJ[H SH LZLUJPH TPZTH KLS ,Z[HKVยน 7VY Z\ WHY[L LS 4HU\HS WHYH SH 9LHSPaHJP}U KL *VUZ\S[HZ 7VW\SHYLZ H ,ZJHSH *HU[VUHS ` +PZ[YP[HS KLร UL LU LS HY[xJ\SV LS WSLIPZJP[V LU SVZ ZPN\PLU[LZ [tYTPUVZ! ยธ7SLIPZJP[V LZ SH JVUZ\S[H WVW\SHY TLKPHU[L SH J\HS SVZ OHIP[HU[LZ KLS JHU[}U ZL WYVU\UJPHU ZVIYL \U HZ\U[V KL [YHZJLUKLUJPH YLNPVUHS V ZL THUPร LZ[HU ZVIYL SH YL]VJH[VYPH KLS THUKH[V KL \U HSJHSKL T\UPJPWHSยน ,Z[L PUZ[Y\TLU[V KL WHY[PJPWHJP}U JP\KHKHUH OH ZPKV \[PSPaHKV WHYH KLJPKPY HZ\U[VZ KL ]HYPHKH UH[\YHSLaH WVSx[PJH [HSLZ JVTV UHJPVUHSPKHK [LYYP[VYPV WYVISLTHZ Z\YNPKVZ JVU TPUVYxHZ KL WVISHJP}U WVY YHaVULZ t[UPJHZ KL PKPVTH V J\S[\YHSLZ :L W\LKLU JP[HY H TVKV KL LQLTWSV SVZ WSLIPZJP[VZ X\L SL JVUร YPLYVU H 5HWVSL}U )VUHWHY[L LS LZ[H[\Z KL *}UZ\S KL WVY =PKH LU ` KL ,TWLYHKVY LU " HZPTPZTV WVY TLKPV KL LZ[L PUZ[Y\TLU[V 5VY\LNH KLJPKP} ZVIYL Z\ ZLWHYHJP}U KL :\LJPH LU 9LN\SHJP}U JVUZ[P[\JPVUHS KLS WSLIPZJP[V LU *VZ[H 9PJH! 3H SLNPZSHJP}U JVZ[HYYPJLUZL LU SH Iย ZX\LKH KL \UH TH`VY WHY[PJPWHJP}U JP\KHKHUH ` KL OHJLY LMLJ[P]V LS THUKH[V YLWYLZLU[H[P]V PUJVYWVY} WVY WYPTLYH ]La LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KL LS WSLIPZJP[V 0.3,:0(: 7mN /,95ร 5+,A 7mN 0UZ[P[\[V 5HJPVUHS KL ,Z[\KPVZ 7VSx[PJVZ 7mN +LJYL[V 5ยข KPJ[HKV WVY LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ W\ISPJHKV LU 3H .HJL[H Uย TLYV KLS KL VJ[\IYL KL 0UZ[P[\[V 5HJPVUHS KL ,Z[\KPVZ 7VSx[PJVZ

5ร 4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

JVTV \U TLJHUPZTV KL WHY[PJPWHJP}U JP\KHKHUH HS X\L ZL KLIxH HJ\KPY WHYH SH JYLHJP}U KL U\L]HZ WYV]PUJPHZ ,TWLYV ZL KLIL YLZHS[HY X\L H WLZHY KL X\L SH ÄN\YH KLS WSLIPZJP[V ZL LZ[HISLJP} LU SH *VUZ[P[\JP}U L_JS\ZP]HTLU[L WHYH LZL [YmTP[L LZ SV JPLY[V X\L H SV PU[LYUV KL SH (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L ZL KPV \UH PTWVY[HU[L KPZJ\ZP}U LU W\U[V H SH JVU]LUPLUJPH KL \[PSPaHY LZ[L PUZ[Y\TLU[V WHYH V[YVZ JHZVZ JVTV M\L SH WVZPIPSPKHK KL ZVTL[LY H JVUZ\S[H WVW\SHY SHZ YLMVYTHZ WHYJPHSLZ KL SH *VUZ[P[\JP}U 7VSx[PJH 5V VIZ[HU[L X\L SH PUPJPH[P]H JVU[} JVU PTWVY[HU[L YLZWHSKV LS JVUZ[P[\`LU[L JVUZPKLY} X\L LS W\LISV JVZ[HYYPJLUZL UV LZ[HIH WYLWHYHKV WHYH [HS PUZ[Y\TLU[V WVY SV X\L LS HY[xJ\SV KLS 7YV`LJ[V KL *VUZ[P[\JP}U 7VSx[PJH WYLZLU[HKV WVY SH 1\U[H -\UKHKVYH KL SH :LN\UKH 9LW‚ISPJH H SH (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L HS ÄUHS UV M\L HWYVIHKV ;\]PLYVU X\L WHZHY TmZ KL JPUJ\LU[H H|VZ WHYH X\L LS JVUZ[P[\`LU[L KLYP]HKV YL[VTHYH SH KPZJ\ZP}U KL SH (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L ` ]PLYH SH ULJLZPKHK KL PUJVYWVYHY LU SH SLNPZSHJP}U PUZ[Y\TLU[VZ X\L WLYTP[PLYHU SH WHY[PJPWHJP}U JP\KHKHUH UV ZVSV LU LS mTIP[V SVJHS ZPUV LU LS WSHUV SLNPZSH[P]V ` JVUZ[P[\JPVUHS 7YLJPZHTLU[L H WYVW}ZP[V KL SH 3L` 5¢ KLS KL TH`V KLS W\ISPJHKH LU 3H .HJL[H 5¢ KLS KL Q\UPV KLS TPZTV H|V ZL LZ[HISLJP} \UH YLMVYTH JVUZ[P[\JPVUHS X\L ]PUV H TVKPÄJHY SVZ HY[xJ\SVZ ` PU[YVK\JPLUKV SH ÄN\YH KLS YLMLYtUK\T UV ZVSV LU LS WSHUV SLNHS ZPUV [HTIPtU LU LS JVUZ[P[\JPVUHS 9LN\SHJP}U SLNHS KLS WSLIPZJP[V LU *VZ[H 9PJH! ,U LS mTIP[V SLNHS SVZ PUZ[Y\TLU[VZ KL WHY[PJPWHJP}U ZLTPKPYLJ[H LU LZWLJPHS LS WSLIPZJP[V JHZP ZPLTWYL OHU LZ[HKV SPNHKVZ HS YtNPTLU T\UPJPWHS JVUJYL[HTLU[L HS *}KPNV 4\UPJPWHS PUJS\ZV ZLN‚U ZL KLZWYLUKL KL SVZ HY[xJ\SVZ ` KLS HU[LYPVY *}KPNV 4\UPJPWHS SH SLNPZSHJP}U JVZ[HYYPJLUZL KLZHYYVSS} [VKV \U THYJV Q\YxKPJV X\L H\[VYPaHIH SH JLSLIYHJP}U KL V[YV [PWV KL JVUZ\S[HZ WVW\SHYLZ [HSLZ JVTV WSLIPZJP[VZ YLMLYLUKVZ ` JHIPSKVZ 3H HJ[\HS SLNPZSHJP}U ZLH LS *}KPNV 4\UPJPWHS LU YLHSPKHK ]PUV H YLJVNLY LZ[VZ PUZ[Y\TLU[VZ ` SVZ HTWSP} [HS LZ LS JHZV KL SH YL]VJH[VYPH KLS THUKH[V X\L ZL JVUZ[P[\`} LU LS WYPUJPWHS SVNYV X\L HSJHUa} LS *}KPNV 4\UPJPWHS LU LZ[H TH[LYPH 6[YHZ UVYTHZ SLNHSLZ [HTIPtU OHU JVU[LTWSHKV JVUZ\S[HZ WVW\SHYLZ JVTV PUZ[Y\TLU[VZ KL MVYTHJP}U KL SH ]VS\U[HK H\UX\L [HS]La UV JVU SH JSHYPKHK JVU X\L ZL LZ[HISLJL LU LS *}KPNV 4\UPJPWHS (Zx WVY LQLTWSV LS PUJPZV KLS HY[xJ\SV KL SH 3L` KL 7SHUPÄJHJP}U <YIHUH LZ[HISLJxH JVTV YLX\PZP[V WYL]PV H PTWSHU[HY \U WSHU YLN\SHKVY SH 4\UPJPWHSPKHK! ¸*VU]VJHY H \UH H\KPLUJPH W‚ISPJH WVY TLKPV KLS +PHYPV 6ÄJPHS ` SH KP]\SNHJP}U HKPJPVUHS ULJLZHYPH JVU SH PUKPJHJP}U KL SVJHS MLJOH ` OVYH WHYH JVUVJLY LS WYV`LJ[V 3H :HSH *VUZ[P[\JPVUHS LU SH YLZVS\JP}U U‚TLYV KL SHZ ! OVYHZ KLS KL HNVZ[V KL HS YLMLYPYZL H SH HWSPJHJP}U KL LZ[L WYVJLKPTPLU[V YLZWLJ[V KL SH TVKPÄJHJP}U KL SHZ WYV]PUJPHZ KLS WHxZ ZLH HNYLNHUKV V X\P[mUKVSL [LYYP[VYPV ZVZ[\]V X\L KLIxH YLHSPaHYZL \U WSLIPZJP[V (J[HZ (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L KL :HU 1VZt 0TWYLU[H 5HJPVUHS ;VTV 00 (J[HZ U‚TLYVZ ` WHNZ (J[HZ (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L KL :HU 1VZt 0TWYLU[H 5HJPVUHS ;VTV 000 (J[H U‚TLYV 7mN

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0ร 5 767<3(9 ,5 36: .6)0,956: 36*(3,:

` KL SHZ VIZLY]HJPVULZ ]LYIHSLZ V LZJYP[HZ X\L [LUNHU H IPLU MVYT\SHY SVZ ]LJPUVZ V PU[LYLZHKVZ ,S ZL|HSHTPLU[V KLILYm OHJLYZL JVU HU[LSHJP}U UV TLUVY KL X\PUJL KxHZ OmIPSLZยน ,U YLHSPKHK U\LZ[YH SLNPZSHJP}U OH L_WSV[HKV T\` WVJV LZ[L PUZ[Y\TLU[V KL WHY[PJPWHJP}U WVY SV X\L [LUKYLTVZ X\L LZWLYHY H SH WYVT\SNHJP}U KL SHZ SL`LZ H X\L ZL YLร LYLU SVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH WHYH ]LY SH HJLW[HJP}U ` WLYJLWJP}U KL LZ[VZ PUZ[Y\TLU[VZ UV ZVSV KL SVZ JP\KHKHUVZ ZPUV KL SHZ TPZTHZ PUZ[P[\JPVULZ

I ,S YLMLYLUKV! ;PLUL Z\ VYPNLU OPZ[}YPJV LU LS :PNSV ?=0 LU :\PaH LU LS ZLUV KL Z\ *VUMLKLYHJP}U SH J\HS LZ[HIH PU[LNYHKH WVY JVUMLKLYHJPVULZ KL T\UPJPWPVZ WYLJPZHTLU[L KVZ KL LZVZ KPZ[YP[VZ KL SH *VUMLKLYHJP}U /LS]t[PJH! LS .YH\I\KLU ` =HSHPZ X\L ZL JVUZPKLYHIHU KPZ[YP[VZ HSPHKVZ WLYV X\L UV MVYTHIHU WHY[L KL SH *VUMLKLYHJP}U KLIxHU LU]PHY H SH (ZHTISLH -LKLYHS KLS KPZ[YP[V KLSLNHKVZ X\L [LUxHU SH VISPNHJP}U KL KHY J\LU[H H Z\Z LSLJ[VYLZ ` ZVSPJP[HY PUZ[Y\JJPVULZ HJLYJH KL J}TV KLIxHU LTP[PY Z\ ]V[V H LZ[L [YmTP[L ZL SL SSHTHIH LZ[HY JVTPZPVUHKV ยธHK H\KPLUK\T L[ YLMLYLUK\Tยน ,Z[L PUZ[Y\TLU[V M\L T\` \[PSPaHKV LU ,\YVWH H PUPJPVZ KLS ZPNSV ?0? KLIPKV HS KLZWYLZ[PNPV X\L M\LYVU Z\MYPLUKV HSN\UVZ WHYSHTLU[VZ ZPU LTIHYNV SVZ MYH\KLZ OPJPLYVU X\L KLJYLJPLYH Z\ JYLKPIPSPKHK \U LQLTWSV KL LSSV M\L SV Z\JLKPKV JVU ([[SLL X\PLU LU ZL VW\ZV H SH PUPJPH[P]H KL *O\YJOPSS KL JLSLIYHY \U YLMLYLUKV KHKV X\L LS WYPTLYV UV WVKxH HJLW[HY \U PUZ[Y\TLU[V X\L JVU T\JOH MYLJ\LUJPH OHIxH \[PSPaHKV LS MHZJPZTV ` LS UHaPZTV WHYH SVNYHY Z\Z VIQL[P]VZ +L THULYH X\L LS YLMLYLUKV ZL W\LKL KLร UPY JVTV \U WYVJLKPTPLU[V! ยธTLKPHU[L LS J\HS ZL JVUZ\S[H H SVZ JP\KHKHUVZ ZVIYL SH LSHIVYHJP}U TVKPร JHJP}U V HIYVNHJP}U KL \UH UVYTH Q\YxKPJH [VTHKH V WYLWHYHKH WVY Z\Z YLWYLZLU[HU[LZ JVU LS ร U KL X\L TLKPHU[L LS ]V[V ZL THUPร LZ[LU H MH]VY V LU JVU[YH KL KPJOH KLJPZP}U LU V[YHZ WHSHIYHZ ZL W\LKL KLร UPY JVTV LS PUZ[Y\TLU[V WVY LS J\HS LS W\LISV WHY[PJPWH KL SH HJ[P]PKHK JVUZ[P[\JPVUHS SLNPZSH[P]H V HKTPUPZ[YH[P]H JVSHIVYHUKV KPYLJ[HTLU[L WVY TLKPV KLS Z\MYHNPV LU SH MVYT\SHJP}U V YLMVYTH KL SH UVYTH JVUZ[P[\JPVUHS V SLNPZSH[P]H V LU SH MVYTHJP}U KLS HJ[V HKTPUPZ[YH[P]Vยน ,S 4HU\HS WHYH SH 9LHSPaHJP}U KL *VUZ\S[HZ 7VW\SHYLZ H ,ZJHSH *HU[VUHS ` +PZ[YP[HS KLร UL LS YLMLYtUK\T LU LS HY[xJ\SV KL SH ZPN\PLU[L THULYH! ยธ9LMLYLUKV LZ SH JVUZ\S[H WVW\SHY X\L [PLUL WVY VIQL[V SH HWYVIHJP}U TVKPร JHJP}U V KLYVNHJP}U KL \U YLNSHTLU[V V KPZWVZPJP}U T\UPJPWHS KL JHYmJ[LY UVYTH[P]Vยน

/,95ร 5+,A WmNZ ` <)0*6 7mN ,UJPJSVWLKPH 1\YxKPJH 6TLIH ;VTV ??0= 7mN

5ร 4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

,U YHa}U KL SH ]LYZH[PSPKHK KL LZ[L PUZ[Y\TLU[V SH KVJ[YPUH OH JSHZPร JHKV LS YLMLYLUKV LU H[LUJP}U H KP]LYZVZ JYP[LYPVZ LU[YL SVZ X\L ZL KPZ[PUN\LU! WVY Z\ VYPNLU [LYYP[VYPV TH[LYPH [PLTWV Lร JHJPH ` M\UKHTLU[V Q\YxKPJV 7VY Z\ VYPNLU LS YLMLYLUKV W\LKL ZLY KL [YLZ [PWVZ" WVW\SHY WYLZPKLUJPHS V SLNPZSH[P]V SVZ J\HSLZ LZ[mU KL HSN\UH MVYTH SPNHKVZ HS [LYYP[VYPV [VKH ]La X\L W\LKL ZLY UHJPVUHS WYV]PUJPHS V LZ[H[HS ` SVJHS V T\UPJPWHS ,U J\HU[V H SH TH[LYPH L_PZ[L LS YLMLYLUKV JVUZ[P[\JPVUHS LS J\HS ZL YLร LYL H SH JVUZ\S[H ZVIYL SH PUJVYWVYHJP}U V TVKPร JHJP}U KL \UH UVYTH KLS [L_[V JVUZ[P[\JPVUHS" LU LS SLNPZSH[P]V SH JVUZ\S[H ZL YLSHJPVUH JVU \UH UVYTH KL JHYmJ[LY SLNHS" ` LU LS mTIP[V HKTPUPZ[YH[P]V ZL \[PSPaH LU LS NPYV UVYTHS KL NY\WVZ H UP]LS SVJHS JVTV W\LKL ZLY LU SH 4\UPJPWHSPKHK SH HWYVIHJP}U KL \U THU\HS V YLNSHTLU[V 3H JLSLIYHJP}U KL \U YLMLYLUKV LU J\HU[V HS [PLTWV WLYTP[L KLร UPY Z\ UH[\YHSLaH Q\YxKPJH ` Z\ YHa}U KL ZLY [VKH ]La X\L J\HUKV SV X\L ZL I\ZJH LZ KHYSL Z\ HWYVIHJP}U V WVY LS JVU[YHYPV YLZ[HYSL H\[VYPKHK tZ[L ZL YLHSPaH JVU WVZ[LYPVYPKHK HS HJ[V ` ZL SL KLUVTPUH YLMLYLUKV Z\JLZP]V" J\HUKV tZ[L ZL YLHSPaH JVU HU[LYPVYPKHK HS HJ[V ZL SL JVUVJL JVTV WYVNYHTm[PJV LU LZ[L JHZV SV X\L ZL WYL[LUKL LZ KLJPKPY ZVIYL Z\ HWYVIHJP}U (ZPTPZTV LU J\HU[V H SH Lร JHJPH ZL KPZ[PUN\LU KVZ [PWVZ KL YLMLYLUKV" LS JVUZ\S[P]V X\L ZL [YH[H KL \UH JVUZ\S[H KL JHYmJ[LY UV ]PUJ\SHU[L" LZ KLJPY SV X\L ZL I\ZJH LZ VI[LULY LS JYP[LYPV KLS W\LISV JVTV MVYTHKVY KL VWPUP}U ` LS YLMLYLUKV JVUZ[P[\[P]V LU LS J\HS SH HWYVIHJP}U HIYVNHJP}U V TVKPร JHJP}U KL \UH UVYTH X\LKH Z\QL[H HS YLZ\S[HKV KLS YLMLYLUKV 7VY ย S[PTV ZLNย U ZLH LS M\UKHTLU[V Q\YxKPJV KLS YLMLYtUK\T SH JVUZ\S[H [LUKYm JHYmJ[LY VISPNH[VYPV V MHJ\S[H[P]V" LU LS WYPTLY JHZV SH KLJPZP}U KLS W\LISV LZ Z\ร JPLU[L WHYH X\L LS HJ[V JVUZ\S[HKV Z\Y[H LMLJ[VZ Q\YxKPJVZ ` LU LS ZLN\UKV JHZV J\HUKV LS YLZ\S[HKV KL SH JVUZ\S[H LZ YLX\PZP[V WHYH LS LQLYJPJPV KL SH M\UJP}U UVYTH[P]H LS YLMLYtUK\T LZ MHJ\S[H[P]V (S YLMLYLUKV ZL SL OHJL HSN\UH JYx[PJH LU J\HU[V H Z\ YPNPKLa W\LZ UV ZL W\LKL KL[LYTPUHY YLHSTLU[L J\mS LZ SH ]VS\U[HK WVW\SHY [VKH ]La X\L NLULYHSTLU[L SH JVUZ\S[H HKTP[L KVZ YLZW\LZ[HZ ยธ:0ยน V ยธ56ยน V KLQHY SH IVSL[H LU ISHUJV SV J\HS OH NLULYHKV HSNย U NYHKV KL KLZJVUร HUaH WVY JVUZPKLYHYZL X\L SH WYLN\U[H W\LKL KL HSN\UH MVYTH VYPLU[HY SH YLZW\LZ[H KLS LSLJ[VY ,U [VKV JHZV WLZL H SHZ JYx[PJHZ X\L ZL SL OH OLJOV H LZ[L PUZ[Y\TLU[V LU SVZ ย S[PTVZ [PLTWVZ ZL OH JVU]LY[PKV LU \U TLKPV X\L OH ]LUPKV H JVTWLUZHY SH WtYKPKH KL JYLKPIPSPKHK X\L LS W\LISV [PLUL LU Z\Z YLWYLZLU[HU[LZ WVSx[PJVZ ,U LS JHZV JVZ[HYYPJLUZL LZ[H ร N\YH Z\YNP} JVU SH YLMVYTH X\L YLHSPa} LS JVUZ[P[\`LU[L KLYP]HKV H SVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH PUJS\`LUKV LZ[H ร N\YH UV ZVSV LU LS WSHUV SLNHS ZPUV [HTIPtU LU LS JVUZ[P[\JPVUHS" ZPU LTIHYNV WLZL H X\L KPJOH YLMVYTH ZL VYPNPU} KLZKL LS H|V KLIPLYVU WHZHY JHZP J\H[YV H|VZ WHYH X\L ZL KLZHYYVSSHYH LU SH SL`

-,95ร 5+,A 7mN ` ` 0UZ[P[\[V 5HJPVUHS KL ,Z[\KPVZ 7VSx[PJVZ WmN 3L` 5ยข KLS KL TH`V KLS W\ISPJHKH LU 3H .HJL[H 5ยข KLS KL Q\UPV KLS

5ร 4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

[VKH ]La X\L M\L TLKPHU[L 3L` U‚TLYV KLUVTPUHKH ¸9LN\SHJP}U KLS 9LMLYtUK\T¹ X\L ZL KLZHYYVSS} LZL PUZ[Y\TLU[V KL KLTVJYHJPH ZLTPKPYLJ[H WVY SV X\L HS TVTLU[V KL JVUJS\PY LZ[H PU]LZ[PNHJP}U ZL KLZJVUVJLU SVZ YLZ\S[HKVZ X\L W\KPLYH IYPUKHY LZL WYVJLKPTPLU[V

J ,S *HIPSKV! :L [YH[H KL \UH KL SHZ JVUZ\S[HZ WVW\SHYLZ TmZ HU[PN\H [VKH ]La X\L Z\ VYPNLU ZL YLTVU[H H SH ,KHK 4LKPH ZPU LTIHYNV Z\ TH`VY KLZHYYVSSV ` L]VS\JP}U OPZ[}YPJH ZL W\LKL \IPJHY LU ,ZWH|H ,U Z\Z VYxNLULZ LS JHIPSKV M\UJPVU} LU WLX\L|HZ JVT\UPKHKLZ SHZ J\HSLZ WHYH YLN\SHY SHZ HJ[P]PKHKLZ KL SH JVT\UH YLHSPaHIHU YL\UPVULZ X\L ZL KLUVTPUHIHU ¸*VUJPSSP\T¹ V ¸*VUJLQV =LJPUHS¹ ,S KLZHYYVSSV KL LZ[L PUZ[Y\TLU[V LU SH 7LUxUZ\SH 0ItYPJH ` SH JVUX\PZ[H [YHQLYVU H (TtYPJH [VKHZ Z\Z PUZ[P[\JPVULZ WVSx[PJHZ LU[YL LSSHZ LS JHIPSKV KL HOx X\L M\L \U PUZ[Y\TLU[V T\` \[PSPaHKV LU U\LZ[YH tWVJH JVSVUPHS ,S JHIPSKV ZL W\LKL KLÄUPY JVTV LS TLJHUPZTV WVY TLKPV KLS J\HS SVZ OHIP[HU[LZ KL KL[LYTPUHKH JPYJ\UZJYPWJP}U ZL SLZ WLYTP[L WHY[PJPWHY LU SH YL\UP}U KLS NVIPLYUV SVJHS WHYH L_WYLZHY Z\ WLUZHTPLU[V ZVIYL KL[LYTPUHKV [LTH LZ KLJPY ZL [YH[H KL \UH LZWLJPL KL H\KPLUJPH X\L ZL SL V[VYNH HS W\LISV WHYH LZJ\JOHY Z\ WHYLJLY ZVIYL HSN‚U HZ\U[V ,S [YH[HKPZ[H .\PSSLYTV *HIHULSSHZ KL ;VYYLZ KLÄUL LZ[L PUZ[Y\TLU[V JVTV SH ¸YL\UP}U KLS H`\U[HTPLU[V LU \UP}U KL SVZ WYPUJPWHSLZ ]LJPUVZ KL SH SVJHSPKHK JVU VIQL[V KL HKVW[HY HJ\LYKVZ ZVIYL HZ\U[VZ KL PTWVY[HUJPH LZWLJPHS¹ 7VY Z\ WHY[L LS 4HU\HS WHYH SH 9LHSPaHJP}U KL *VUZ\S[HZ 7VW\SHYLZ H ,ZJHSH *HU[VUHS ` +PZ[YP[HS KLÄUL LS JHIPSKV LU LS HY[xJ\SV LU SVZ ZPN\PLU[LZ [tYTPUVZ! ¸*HIPSKV LZ SH YL\UP}U W‚ISPJH KLS *VUJLQV 4\UPJPWHS ` SVZ *VUJLQVZ +PZ[YP[HSLZ H SH J\HS SVZ OHIP[HU[LZ KL JHU[}U ZVU PU]P[HKVZ H WHY[PJPWHY KPYLJ[HTLU[L JVU LS ÄU KL KPZJ\[PY HZ\U[VZ KL PU[LYtZ WHYH SH JVT\UPKHK¹

K 3H YL]VJH[VYPH KLS THUKH[V! +LÄUPJP}U ` HU[LJLKLU[LZ OPZ[}YPJVZ KL LZ[L WYVJLKPTPLU[V! 3H YL]VJH[VYPH KLS THUKH[V V WSLIPZJP[V YL]VJH[VYPV ¸JVUZ[P[\`L \U WYVJLKPTPLU[V H [YH]tZ KLS J\HS SVZ LSLJ[VYLZ W\LKLU KLZ[P[\PY H \U JHYNV W‚ISPJV JVU HU[LYPVYPKHK H SH L_WPYHJP}U KLS WLYxVKV WHYH LS J\HS M\L LSLNPKV¹ ,Z[L WYVJLKPTPLU[V [HTIPtU JVUVJPKV JVTV ¸YLJHSS¹ [PLUL Z\ VYPNLU LU LS KLYLJOV HUNSVZHQ}U HSN\UVZ SV ZP[‚HU LU ,Z[HKVZ <UPKVZ KLIPKV HS KLZHYYVSSV X\L SVNY} HSJHUaHY LU LZL S\NHY LU 3H 3L` U‚TLYV M\L W\ISPJHKH LU 3H .HJL[H 5¢ KLS KL HIYPS KLS <)0*6 7mN *()(5,33(: 7mN 0UZ[P[\[V 0U[LYHTLYPJHUV KL +LYLJOVZ /\THUVZ ;VTV 00 7mN ;tYTPUV LU PUNStZ X\L ZL [YHK\JL LU OHJLY \U U\L]V SSHTHTPLU[V ZL [YH[H KLS WYVJLKPTPLU[V \[PSPaHKV LU SVZ ,Z[HKVZ <UPKVZ WHYH YL]VJHY LS UVTIYHTPLU[V KL \U M\UJPVUHYPV KL LSLJJP}U WVW\SHY

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

SVZ H|VZ KL 3H YL]VJH[VYPH KL THUKH[V ZL M\UKHTLU[H LU LS WYPUJPWPV KL ZVILYHUxH WVW\SHY ` KL YLWYLZLU[HJP}U LU LS ZLU[PKV KL X\L SVZ M\UJPVUHYPVZ W‚ISPJVZ ZVU KLWVZP[HYPVZ KL SH ]VS\U[HK WVW\SHY WVY LUKL LZ[mU Z\QL[VZ HS JVU[YVS JP\KHKHUV [VKH ]La X\L LS W\LISV SV X\L OHJL LZ V[VYNHY H Z\Z NVILYUHU[LZ \U THUKH[V WHYH X\L LQLYaHU LS WVKLY WVSx[PJV +L HOx X\L LS JVUJLW[V KL THUKH[V PTWLYH[P]V HKX\PLYL LZWLJPHS ]HSVY W\LZ SVZ THUKH[HYPVZ KLILU H[LULYZL H SHZ PUZ[Y\JJPVULZ KL Z\Z LSLJ[VYLZ 4LKPHU[L LZ[L WYVJLKPTPLU[V LS LSLJ[VYHKV [PLUL LS KLYLJOV H KLZ[P[\PY KLS JHYNV H \U M\UJPVUHYPV W‚ISPJV H X\PLU LS TPZTV W\LISV LSPNP} HU[LZ KL X\L JVUJS\`H LS WLYxVKV WHYH LS J\HS M\L LSLJ[V" LZ KLJPY LS W\LISV TLKPHU[L LS Z\MYHNPV ` KL THULYH ]PUJ\SHU[L KLJPKL ZVIYL SH JVU[PU\PKHK LU LS KLZLTWL|V KLS JHYNV KL \U M\UJPVUHYPV KL LSLJJP}U WVW\SHY 7YLJPZHTLU[L LS KLYLJOV H YL]VJHY LZL UVTIYHTPLU[V Z\YNL KLS UL_V KL YLZWVUZHIPSPKHK X\L L_PZ[L LU[YL SVZ LSLJ[VYLZ ` SVZ LSLNPKVZ LU[YL NVILYUHU[LZ ` NVILYUHKVZ LS J\HS ZL WSHZTH TLKPHU[L SH LSLJJP}U WVW\SHY Z\MYHNPV ,Z[L [PWV KL JVUZ\S[H WVW\SHY W\LKL [LULY \U KVISL LMLJ[V W\LZ ZP IPLU WVY \UH WHY[L VISPNH HS THUKH[HYPV H ZLY TmZ LÄJPLU[L LU Z\ SHIVY KHKV X\L SL V[VYNH HS W\LISV LS KLYLJOV KL JVYYLNPY LX\P]VJHJPVULZ LSLJ[VYHSLZ MYLU[L H M\UJPVUHYPVZ X\L X\PLYHU KLZJVUVJLY SHZ JVUKPJPVULZ KLS THUKH[V V[VYNHKV V ZPTWSLTLU[L WVYX\L SVZ LSLJ[VYLZ WLYKPLYVU SH JVUÄHUaH LU Z\ YLWYLZLU[HU[L" WVY V[YH WHY[L ZL W\LKL JVU]LY[PY LU \U PUZ[Y\TLU[V HTLKYLU[HKVY X\L PTWPKH LS HKLJ\HKV KLZLTWL|V KLS JHYNV KHKV X\L ZPLTWYL LZ[HYxH WYLZLU[L SH HTLUHaH KL ZVTL[LYSV HS LZJY\[PUPV ZP UV ZH[PZMHJL SVZ PU[LYLZLZ KL KL[LYTPUHKVZ NY\WVZ +LU[YV KL SHZ ]LU[HQHZ X\L ZL SL Z\LSLU H[YPI\PY H LZ[L PUZ[Y\TLU[V LZ[mU SHZ ZPN\PLU[LZ! H\TLU[H LS PU[LYtZ KL SVZ LSLJ[VYLZ LU SVZ HZ\U[VZ WVSx[PJVZ HS WLYTP[PYSLZ SH WHY[PJPWHJP}U KPYLJ[H LU KLJPZPVULZ KL NYHU YLSL]HUJPH" VISPNH H SVZ NVILYUHU[LZ H THU[LULY \UH YLSHJP}U TmZ JLYJHUH JVU LS LSLJ[VYHKV" SL YLJ\LYKH HS NVILYUHU[L X\L Z\ SHIVY LZ L]HS\HKH KPYLJ[HTLU[L WVY LS JP\KHKHUH ` WVY ‚S[PTV MHJ\S[H HS LSLJ[VY H KLZ[P[\PY LS M\UJPVUHYPV J\HUKV OH`H WLYKPKV SH JVUÄHUaH LU tS 3H W\LZ[H LU THYJOH KL LZ[L WYVJLKPTPLU[V KLWLUKL KL JPLY[VZ YLX\PZP[VZ WVY LQLTWSV HSN\UHZ SLNPZSHJPVULZ LZ[HISLJLU X\L K\YHU[L LS THUKH[V LS M\UJPVUHYPV ZVSV W\LKL ZLY ZVTL[PKV H KVZ WSLIPZJP[VZ" X\L UV W\LKL YL]VJHYZL Z\ UVTIYHTPLU[V ZP UV OH [YHUZJ\YYPKV JPLY[V [PLTWV KLZKL LS PUPJPV KL SHIVYLZ " ` SH ZVSPJP[\K KL YL]VJH[VYPH KLIL ZLY Z\ZJYP[H WVY \U KL[LYTPUHKV U‚TLYV KL LSLJ[VYLZ V TPLTIYVZ KL \U }YNHUV JVSLNPHKV *\HUKV SH ZVSPJP[\K LZ MVYT\SHKH WVY SVZ TPLTIYVZ KL LZL J\LYWV JVSLNPHKV SH HWYVIHJP}U KL SH ZVSPJP[\K YLX\PLYL KL ]V[HJP}U JHSPÄJHKH KL Z\Z TPLTIYVZ (ZPTPZTV WHYH X\L YLZ\S[L WYVJLKLU[L SH YL]VJH[VYPH KLS JHYNV KLS M\UJPVUHYPV W‚ISPJV LZ ULJLZHYPV X\L SVZ Z\MYHNPVZ HSJHUJLU \U WVYJLU[HQL WYLLZ[HISLJPKV ZLN‚U JHKH SLNPZSHJP}U KLS JVSLNPV LSLJ[VYHS 3H L_PNLUJPH KL LZ[L U‚TLYV KL LSLJ[VYLZ [PLUL JVTV ÄUHSPKHK X\L UV L_PZ[H K\KH ZVIYL SH WtYKPKH KL JVUÄHUaH KLS M\UJPVUHYPV SV X\L [YHL JVTV JVUZLJ\LUJPH SH

*VUZ[P[\JP}U 7VSx[PJH KL SH 9LW‚ISPJH )VSP]HYPHUH KL =LULa\LSH HY[xJ\SV

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

KLZHWYVIHJP}U KL Z\ NLZ[P}U ,U HSN\UHZ SLNPZSHJPVULZ ZL LZ[HISLJL X\L LZH ]V[HJP}U UV W\LKL ZLY TLUVY HS U‚TLYV KL ]V[VZ X\L YLJPIP} HS TVTLU[V KL ZLY LSLJ[V 3VZ LMLJ[VZ X\L ZL WYVK\JLU JVU SH YL]VJH[VYPH KLS THUKH[V V LS WSLIPZJP[V YL]VJH[VYPV LZ SH KLZ[P[\JP}U V YLTVJP}U KLS JHYNV X\L KLZLTWL|H LS M\UJPVUHYPV W‚ISPJV KL LSLJJP}U WVW\SHY WVY SV X\L JVYYLZWVUKL HS }YNHUV LSLJ[VYHS Z\ Z\Z[P[\JP}U ZLH JLSLIYHUKV U\L]HZ LSLJJPVULZ V Z\Z[P[\`tUKVSV JVU LS M\UJPVUHYPV X\L LZ[HISLaJH LS VYKLUHTPLU[V Q\YxKPJV 3LNPZSHJP}U JVTWHYHKH ZVIYL SH YL]VJH[VYPH KL THUKH[V! 5V VIZ[HU[L SHZ KPÄJ\S[HKLZ X\L W\LKL VMYLJLY SH JVUZ[Y\JJP}U KLS JVUJLW[V THUKH[V YLWYLZLU[H[P]V SH YL]VJH[VYPH KLS THUKH[V JVTV PUZ[Y\TLU[V KL WHY[PJPWHJP}U JP\KHKHUH X\L WYVJ\YH THU[LULY LZH YLWYLZLU[HJP}U OH HKX\PYPKV HSN\UH PTWVY[HUJPH JVTV PUZ[Y\TLU[V KL WHY[PJPWHJP}U KPYLJ[H X\L WYVJ\YH WVULY MYLUV HS HI\ZV KLS WVKLY ` H SH PYYLZWVUZHIPSPKHK KL X\PLULZ VJ\WHU \U JHYNV W‚ISPJV LZWLJPHSTLU[L LU WSHUV SLNPZSH[P]V ` SVJHS ,U 3H[PUVHTtYPJH ZP IPLU ]HYPVZ WHxZLZ JVUZHNYHU SH WVZPIPSPKHK KL YL]VJHY LS UVTIYHTPLU[V KL SVZ M\UJPVUHYPVZ KL LSLJJP}U WVW\SHY LZ[H ÄN\YH ZL YLJVUVJL H UP]LS JVUZ[P[\JPVUHS ‚UPJHTLU[L LU WHxZLZ JVTV 7LY‚ )YHZPS *VSVTIPH ,J\HKVY LU SHZ J\HSLZ JVU[LTWSHU SH ÄN\YH KLS WSLIPZJP[V YL]VJH[VYPV LU LS JHWx[\SV KL SVZ KLYLJOVZ WVSx[PJVZ LU Z\Z YLZWLJ[P]VZ [L_[VZ JVUZ[P[\JPVUHSLZ 6[YHZ JVUZ[P[\JPVULZ ZP IPLU JVU[LTWSHU SH WVZPIPSPKHK KL YL]VJHY LS UVTIYHTPLU[V KLS M\UJPVUHYPV UV LZ TLKPHU[L LS LQLYJPJPV KLS Z\MYHNPV [VKH ]La X\L LZ[m YLMLYPKH H YL]VJH[VYPH WVY WHY[L KL *mTHYHZ *VUNYLZV ;YPI\UHSLZ 7LUHSLZ ` V[YVZ (Zx SH *VUZ[P[\JP}U KL 7LY‚ LU LS HY[xJ\SV LZ[HISLJL J\HU[V ZPN\L! ¸(Y[xJ\SV ‡ 3VZ JP\KHKHUVZ [PLULU KLYLJOV H WHY[PJPWHY LU SVZ HZ\U[VZ W‚ISPJVZ TLKPHU[L YLMLYtUK\T" PUPJPH[P]H SLNPZSH[P]H" YLTVJP}U V YL]VJHJP}U KL H\[VYPKHKLZ ` KLTHUKH KL YLUKPJP}U KL J\LU[HZ ;PLULU [HTIPtU LS KLYLJOV KL ZLY LSLNPKVZ ` KL LSLNPY SPIYLTLU[L H Z\Z YLWYLZLU[HU[LZ KL HJ\LYKV JVU SHZ JVUKPJPVULZ ` WYVJLKPTPLU[VZ KL[LYTPUHKVZ WVY SL` VYNmUPJH ,Z KLYLJOV ` KLILY KL SVZ ]LJPUVZ WHY[PJPWHY LU LS NVIPLYUV T\UPJPWHS KL Z\ Q\YPZKPJJP}U 3H SL` UVYTH ` WYVT\L]L SVZ TLJHUPZTVZ KPYLJ[VZ L PUKPYLJ[VZ KL Z\ WHY[PJPWHJP}U ;PLULU KLYLJOV HS ]V[V SVZ JP\KHKHUVZ LU NVJL KL Z\ JHWHJPKHK JP]PS 7HYH LS LQLYJPJPV KL LZ[L KLYLJOV ZL YLX\PLYL LZ[HY PUZJYP[V LU LS YLNPZ[YV JVYYLZWVUKPLU[L ,S ]V[V LZ WLYZVUHS PN\HS SPIYL ZLJYL[V ` VISPNH[VYPV OHZ[H SVZ ZL[LU[H H|VZ ,Z MHJ\S[H[P]V KLZW\tZ KL LZH LKHK 3H SL` LZ[HISLJL SVZ TLJHUPZTVZ WHYH NHYHU[PaHY SH UL\[YHSPKHK LZ[H[HS K\YHU[L SVZ WYVJLZVZ LSLJ[VYHSLZ ` KL WHY[PJPWHJP}U JP\KHKHUH ,Z U\SV ` W\UPISL [VKV HJ[V X\L WYVOxIH V SPTP[L HS JP\KHKHUV LS LQLYJPJPV KL Z\Z KLYLJOVZ¹ ,S Z\IYH`HKV UV LZ KLS VYPNPUHS

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

3H *VUZ[P[\JP}U *VSVTIPHUH LZ[HISLJL LU LS HY[xJ\SV SV ZPN\PLU[L! ¸(9;0*<36 :VU TLJHUPZTVZ KL WHY[PJPWHJP}U KLS W\LISV LU LQLYJPJPV KL Z\ ZVILYHUxH! LS ]V[V LS WSLIPZJP[V LS YLMLYLUKV SH JVUZ\S[H WVW\SHY LS JHIPSKV HIPLY[V SH PUPJPH[P]H SLNPZSH[P]H ` SH YL]VJH[VYPH KLS THUKH[V 3H SL` SVZ YLNSHTLU[HYm ,S ,Z[HKV JVU[YPI\PYm H SH VYNHUPaHJP}U WYVTVJP}U ` JHWHJP[HJP}U KL SHZ HZVJPHJPVULZ WYVMLZPVUHSLZ Jx]PJHZ ZPUKPJHSLZ JVT\UP[HYPHZ Q\]LUPSLZ ILUtÄJHZ V KL \[PSPKHK JVT‚U UV N\ILYUHTLU[HSLZ ZPU KL[YPTLU[V KL Z\ H\[VUVTxH JVU LS VIQL[V KL X\L JVUZ[P[\`HU TLJHUPZTVZ KLTVJYm[PJVZ KL YLWYLZLU[HJP}U LU SHZ KPMLYLU[LZ PUZ[HUJPHZ KL WHY[PJPWHJP}U JVUJLY[HJP}U JVU[YVS ` ]PNPSHUJPH KL SH NLZ[P}U W‚ISPJH X\L ZL LZ[HISLaJHU¹ ,S Z\IYH`HKV UV LZ KLS VYPNPUHS 7VY Z\ WHY[L SH *VUZ[P[\JP}U KL SH 9LW‚ISPJH KL ,J\HKVY H KPMLYLUJPH KL V[YHZ SLNPZSHJPVULZ 3H[PUVHTLYPJHUHZ X\L LZ[HISLJLU SH YL]VJH[VYPH KLS THUKH[V JVTV \U HZWLJ[V WVZP[P]V HTWSxH SH WVZPIPSPKHK KL YL]VJHY LS UVTIYHTPLU[V KL M\UJPVUHYPVZ JVU JHYNVZ KL YHUNV Z\WLYPVY JVTV LS JHZV KL SVZ KPW\[HKVZ V TPLTIYVZ KLS WHYSHTLU[V (S YLZWLJ[V LS HY[xJ\SV JVUZ[P[\JPVUHS LZ[HISLJL! ¸(Y[xJ\SV 3VZ JP\KHKHUVZ [LUKYmU KLYLJOV H YLZVS]LY SH YL]VJH[VYPH KLS THUKH[V V[VYNHKV H SVZ HSJHSKLZ WYLMLJ[VZ ` KPW\[HKVZ KL Z\ LSLJJP}U WVY HJ[VZ KL JVYY\WJP}U V PUJ\TWSPTPLU[V PUQ\Z[PÄJHKV KL Z\ WSHU KL [YHIHQV *HKH \UV KL SVZ JHUKPKH[VZ H HSJHSKL WYLMLJ[V V KPW\[HKV HS PUZJYPIPY Z\ JHUKPKH[\YH WYLZLU[HYm Z\ WSHU KL [YHIHQV HU[L LS JVYYLZWVUKPLU[L [YPI\UHS LSLJ[VYHS¹ ,S Z\IYH`HKV UV LZ KLS VYPNPUHS :PU LTIHYNV LS JHZV X\L TLYLJL LZWLJPHS H[LUJP}U LZ SH *VUZ[P[\JP}U KL =LULa\LSH LU KVUKL SH YL]VJH[VYPH KLS THUKH[V TLKPHU[L LS Z\MYHNPV HSJHUaH LS JHYNV Tm_PTV KL LSLJJP}U WVW\SHY JVTV SV LZ SH ÄN\YH KLS 7YLZPKLU[L KL SH 9LW‚ISPJH ZPY]H KL LQLTWSV SV VJ\YYPKV YLJPLU[LTLU[L JVU LS ZL|VY /\NV *OH]LZ X\PLU WLZL H Z\ JVUKPJP}U KL WYLZPKLU[L KLIP} ZVTL[LYZL HS LZJY\[PUPV WVW\SHY X\L [LUxH WVY VIQL[V KL[LYTPUHY ZP JVU[PU\HIH LU LS LQLYJPJPV KLS JHYNV 7YLJPZHTLU[L LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KL LZL WHxZ HK]PLY[L X\L! ¸;VKVZ SVZ JHYNVZ ` THNPZ[YH[\YHZ KL LSLJJP}U WVW\SHY ZVU YL]VJHISLZ ;YHUZJ\YYPKH SH TP[HK KLS WLYxVKV WHYH LS J\HS M\L LSLNPKV LS M\UJPVUHYPV V M\UJPVUHYPH \U U‚TLYV TLUVY KL ]LPU[L WVY JPLU[V KL SVZ LSLJ[VYLZ V LSLJ[VYHZ PUZJYP[VZ LU SH JVYYLZWVUKPLU[L JPYJ\UZJYPWJP}U WVKYm ZVSPJP[HY SH JVU]VJH[VYPH KL \U YLMLYLUKV WHYH YL]VJHY Z\ THUKH[V *\HUKV PN\HS V TH`VY U‚TLYV KL LSLJ[VYLZ V LSLJ[VYHZ X\L LSPNPLYVU HS M\UJPVUHYPV V M\UJPVUHYPH O\IPLYLU ]V[HKV H MH]VY KL SH YLUV]HJP}U ZPLTWYL X\L OH`H JVUJ\YYPKV HS

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0ร 5 767<3(9 ,5 36: .6)0,956: 36*(3,:

YLMLYLUKV \U Uย TLYV KL LSLJ[VYLZ V LSLJ[VYHZ PN\HS V Z\WLYPVY HS ]LPU[PJPUJV WVY JPLU[V KL SVZ LSLJ[VYLZ V LSLJ[VYHZ PUZJYP[VZ V PUZJYP[HZ ZL JVUZPKLYHYm YL]VJHKV Z\ THUKH[V ` ZL WYVJLKLYm KL PUTLKPH[V H J\IYPY SH MHS[H HIZVS\[H JVUMVYTL H SV KPZW\LZ[V LU LZ[H *VUZ[P[\JP}U ` LU SH SL` 3H YL]VJHJP}U KLS THUKH[V WHYH SVZ J\LYWVZ JVSLNPHKVZ ZL YLHSPaHYm KL HJ\LYKV JVU SV X\L LZ[HISLaJH SH SL` +\YHU[L LS WLYxVKV WHYH LS J\HS M\L LSLNPKV LS M\UJPVUHYPV V M\UJPVUHYPH UV WVKYm OHJLYZL TmZ KL \UH ZVSPJP[\K KL YL]VJHJP}U KL Z\ THUKH[Vยน ,S Z\IYH`HKV UV LZ KLS VYPNPUHS (OVYH IPLU WHxZLZ JVTV ,S :HS]HKVY .\H[LTHSH /VUK\YHZ 5PJHYHN\H 4t_PJV (YNLU[PUH )VSP]PH )YHZPS *OPSL ` <Y\N\H` ZP IPLU JVU[LTWSHU LU Z\Z [L_[VZ JVUZ[P[\JPVUHSLZ SH WVZPIPSPKHK KL YL]VJHY LS UVTIYHTPLU[V KL M\UJPVUHYPVZ Wย ISPJVZ KL LSLJJP}U WVW\SHY HU[LZ KL J\TWSPY LS WLYPVKV WHYH LS J\HS M\LYVU LSLJ[VZ SV JPLY[V LZ X\L JVTV ZL PUKPJ} HU[LZ LS WYVJLKPTPLU[V UV LZ H [YH]tZ KLS Z\MYHNPV ZPUV WVY V[YVZ TLKPVZ X\L ZL HWHY[HU KLS PUZ[P[\[V KL SH YL]VJH[VYPH KLS THUKH[V KL HOx X\L ZL VTP[L SH YLMLYLUJPH H LZVZ [L_[VZ JVUZ[P[\JPVUHSLZ 9L]VJH[VYPH KL THUKH[V LU SH SLNPZSHJP}U JVZ[HYYPJLUZL! P 9L]VJH[VYPH KL THUKH[V KL KPW\[HKVZ! 3H L]VS\JP}U OPZ[}YPJH KL LZ[L PUZ[P[\[V KL WHY[PJPWHJP}U KPYLJ[H LU U\LZ[YV TLKPV OH [LUPKV WVJV KLZHYYVSSV [HS ` JVTV ZL ]LYm LU LS W\U[V ZPN\PLU[L W\LZ SH YL]VJH[VYPH KLS THUKH[V LZ[m WYL]PZ[H ย UPJHTLU[L LU LS mTIP[V SVJHS H UP]LS T\UPJPWHS ` L_JS\ZP]HTLU[L WHYH SH ร N\YH KLS (SJHSKL 4\UPJPWHS ZLH WYVWPL[HYPV V Z\WSLU[L 3H SLNPZSHJP}U JVZ[HYYPJLUZL LZ[HISLJL LU SVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH SHZ ย UPJHZ JH\ZHSLZ X\L WVKYxHU WYV]VJHY SH WtYKPKH KL SH JYLKLUJPHS KL KPW\[HKV! ยธ(9;ร *<36 5PUNย U +PW\[HKV WVKYm HJLW[HY KLZW\tZ KL Q\YHTLU[HKV IHQV WLUH KL WLYKLY Z\ JYLKLUJPHS JHYNV V LTWSLV KL SVZ V[YVZ 7VKLYLZ KLS ,Z[HKV V KL SHZ PUZ[P[\JPVULZ H\[}UVTHZ ZHS]V J\HUKV ZL [YH[L KL \U 4PUPZ[LYPV KL .VIPLYUV ,U LZ[L JHZV ZL YLPUJVYWVYHYm H SH (ZHTISLH HS JLZHY LU Z\Z M\UJPVULZ ,Z[H WYVOPIPJP}U UV YPNL WHYH SVZ X\L ZLHU SSHTHKVZ H MVYTHY WHY[L KL KLSLNHJPVULZ PU[LYUHJPVUHSLZ UP WHYH SVZ X\L KLZLTWL|HU JHYNVZ LU PUZ[P[\JPVULZ KL ILULร JLUJPH V ZLHU JH[LKYm[PJVZ KL SH <UP]LYZPKHK KL *VZ[H 9PJH V LU V[YHZ PUZ[P[\JPVULZ KL LUZL|HUaH Z\WLYPVY KLS ,Z[HKV ยธ(9;ร *<36 ! 3H M\UJP}U SLNPZSH[P]H LZ [HTIPtU PUJVTWH[PISL JVU LS LQLYJPJPV KL [VKV V[YV JHYNV Wย ISPJV KL LSLJJP}U WVW\SHY 3VZ +PW\[HKVZ UV W\LKLU JLSLIYHY UP KPYLJ[H UP PUKPYLJ[HTLU[L V WVY YLWYLZLU[HJP}U JVU[YH[V HSN\UV JVU LS ,Z[HKV UP VI[LULY JVUJLZP}U KL IPLULZ Wย ISPJVZ X\L PTWSPX\L

5ร 4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

WYP]PSLNPV UP PU[LY]LUPY JVTV KPYLJ[VYLZ HKTPUPZ[YHKVYLZ V NLYLU[LZ LU LTWYLZHZ X\L JVU[YH[LU JVU LS ,Z[HKV VIYHZ Z\TPUPZ[YVZ V L_WSV[HJP}U KL ZLY]PJPVZ W‚ISPJVZ 3H ]PVSHJP}U H J\HSX\PLYH KL SHZ WYVOPIPJPVULZ JVUZPNUHKHZ LU LZ[L HY[xJ\SV V LU LS HU[LYPVY WYVK\JPYm SH WtYKPKH KL SH JYLKLUJPHS KL +PW\[HKV 3V TPZTV VJ\YYPYm ZP LU LS LQLYJPJPV KL \U 4PUPZ[LYPV KL .VIPLYUV LS +PW\[HKV PUJ\YYPLYL LU HSN\UH KL LZHZ WYVOPIPJPVULZ¹ :PU LTIHYNV KLIPKV HS UL_V X\L KLIL L_PZ[PY LU[YL LS LSLJ[VY ` LS YLWYLZLU[HU[L LS JP\KHKHUV JVZ[HYYPJLUZL OH X\LYPKV L_PNPY HSN‚U [PWV KL YLZWVUZHIPSPKHK KLS KPW\[HKV HS ZLU[PYZL X\L UV LZ[m YLWYLZLU[HKV LU LS WHYSHTLU[V ,ZL KLZJVU[LU[V ZL ]PV YLÃ…LQHKV LU LS WHZHKV WLYxVKV JVUZ[P[\JPVUHS H WYVW}ZP[V KLS YLJ\YZV KL HTWHYV LSLJ[VYHS X\L WYLZLU[} \U JVZ[HYYPJLUZL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ X\L ZPU[P} X\L JVU SH YLU\UJPH KL ]HYPVZ KPW\[HKVZ HS 7HY[PKV (JJP}U *P\KHKHUH LZ[HIHU \Z\MY\J[\HUKV JVU SVZ W\LZ[VZ KL KPW\[HKVZ [VKH ]La X\L LS ]V[V KPYLJ[V V[VYNHKV WVY LS W\LISV SL JVYYLZWVUKxH HS 7HY[PKV ` UV HS KPW\[HKV WVY SV X\L ZVSPJP[} SH JHUJLSHJP}U KL Z\Z JYLKLUJPHSLZ ,U LZH VWVY[\UPKHK LS ;YPI\UHS HUHSPaHUKV ]HYPVZ HZWLJ[VZ YLMLYPKVZ H SH YLSHJP}U L_PZ[LU[L LU[YL SVZ LSLJ[VYLZ KPW\[HKVZ ` WHY[PKVZ WVSx[PJVZ KLJSHY} ZPU S\NHY LS YLJ\YZV IHQV SVZ ZPN\PLU[LZ [tYTPUVZ! ¸*VTV WYLTPZH M\UKHTLU[HS KL SH J\HS ZL KLIL WHY[PY WHYH YLZVS]LY LS YLJSHTV X\L HX\x ZL WSHU[LH LZ X\L LU *VZ[H 9PJH SH YLWYLZLU[HJP}U WVSx[PJH HKVW[H SH MVYTH KL ¸THUKH[V YLWYLZLU[H[P]V¹ ` UV KL ¸THUKH[V PTWLYH[P]V¹ ,Z[V LZ LS JVUQ\U[V KL KPW\[HKVZ YLWYLZLU[H H SH UHJP}U" SVZ YLWYLZLU[HU[LZ UV LZ[mU SPNHKVZ WVY \U THUKH[V WYLJPZV YLJPIPKV KL Z\Z LSLJ[VYLZ UP KLS WHY[PKV X\L SVZ HNY\WH W\LZ[V X\L SVZ ]LYKHKLYVZ THUKHU[LZ UV ZVU tZ[VZ ZPUV SH UHJP}U iZ[H HS ZLY \U ZLY JVSLJ[P]V PUJHWHa KL L_WYLZHYZL UV W\LKL KHY PUZ[Y\JJPVULZ H Z\Z YLWYLZLU[HU[LZ" ZVSHTLU[L SLZ KH LS THUKH[V KL YLWYLZLU[HYSH LZ KLJPY KL L_WYLZHYSH (Zx SVZ KPW\[HKVZ ZVU SPIYLZ LU J\HU[V H Z\Z HJ[VZ ` H Z\Z KLJPZPVULZ X\L ZVU SH L_WYLZP}U KL SH UHJP}U ,Z[V H KPMLYLUJPH KLS ¸THUKH[V PTWLYH[P]V¹ LU X\L [YHZSHKHUKV L_HJ[HTLU[L HS KLYLJOV W‚ISPJV LS JVUJLW[V KL THUKH[V KL KLYLJOV WYP]HKV SH KLZPNUHJP}U KL SVZ KPW\[HKVZ LZ \U THUKH[V KHKV WVY SVZ LSLJ[VYLZ H SVZ LSLNPKVZ WHYH HJ[\HY LU S\NHY Z\`V ,U LZ[L Z\W\LZ[V LS THUKH[HYPV KLIL HKHW[HYZL LZ[YPJ[HTLU[L H SHZ PUZ[Y\JJPVULZ KL Z\ THUKHU[L 9LJPIL KL tS \U THUKH[V ¸PTWLYH[P]V¹ ,U[LUKPKV LU MVYTH HIZVS\[H LS THUKH[V PTWLYH[P]V UV PTWSPJH ZVSHTLU[L X\L LS LSLNPKV KLIH HQ\Z[HYZL H SHZ PUZ[Y\JJPVULZ KL Z\Z LSLJ[VYLZ ZPUV X\L tZ[VZ KPZWVUNHU [HTIPtU KL \UH ZHUJP}U ZP LS LSLNPKV UV J\TWSL Z\ THUKH[V" LZ LS WYPUJPWPV KL SH YL]VJHIPSPKHK KL SVZ LSLNPKVZ :PLUKV X\L SH *VUZ[P[\JP}U 7VSx[PJH JVZ[HYYPJLUZL UV LZ[HISLJL LZ[H MVYTH KL THUKH[V PTWLYH[P]V LU YLSHJP}U JVU SVZ KPW\[HKVZ UV WVKYxH WVY ]xH Q\YPZWY\KLUJPHS

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0ร 5 767<3(9 ,5 36: .6)0,956: 36*(3,:

YLMVYTHYZL LZ[L HZWLJ[V M\UKHTLU[HS KLS ZPZ[LTH WVSx[PJV KL U\LZ[YV WHxZ 7HYH LSSV ZLYxH ULJLZHYPH \UH YLMVYTH JVUZ[P[\JPVUHSยน ,S YLZHS[HKV LZ WYVWPV +L Z\LY[L X\L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ UV WVKYxH TLKPHU[L \UH PU[LYWYL[HJP}U PTWVULY HS KPW\[HKV \UH LZWLJPL KL ZHUJP}U WVY \UH JH\ZHS KPZ[PU[H H SHZ WYL]PZ[HZ LU SVZ JP[HKVZ HY[xJ\SVZ ` KL SH *VUZ[P[\JP}U 7VSx[PJH WVY J\HU[V JVTV SV ZVZ[PLUL LS ;YPI\UHS U\LZ[YV VYKLUHTPLU[V Q\YxKPJV LZ[HISLJL \U THUKH[V YLWYLZLU[H[P]V ` UV PTWLYH[P]V LU LS J\HS LS SHaV X\L \UL HS LSLJ[VY ` YLWYLZLU[HU[L LZ SH JVUร HUaH 7VY ย S[PTV ZP IPLU U\LZ[YV VYKLUHTPLU[V Q\YxKPJV UV H\[VYPaH SH YL]VJH[VYPH KLS THUKH[V LU JHYNVZ KL LSLJJP}U WVW\SHY KPZ[PU[VZ KLS (SJHSKL 4\UPJPWHS SH KPZJVUMVYTPKHK X\L OH L_WYLZHKV SH JP\KHKHUxH JVU Z\Z YLWYLZLU[HU[LZ ` SH PTWSLTLU[HJP}U KL LZ[L PUZ[P[\[V LU V[YHZ SLNPZSHJPVULZ SH[PUVHTLYPJHUHZ ZLYxH \U HZWLJ[V PTWVY[HU[L KL HUHSPaHY WLZL H X\L SVZ TPZTVZ WHYSHTLU[HYPVZ KLILYxHU WYVU\UJPHYZL HS YLZWLJ[V PP 9L]VJH[VYPH KLS THUKH[V KL JHYNVZ T\UPJPWHSLZ! ,S HU[LYPVY *}KPNV 4\UPJPWHS LU Z\ HY[xJ\SV YLZWLJ[V KLS M\UJPVUHYPV LQLJ\[P]V PUKPJHKV LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH LZ[HISLJxH SV ZPN\PLU[L! ยธLS UVTIYHTPLU[V KLS ,QLJ\[P]V SV OHYm LS *VUJLQV LU SH ZLN\UKH X\PUJLUH KLS TLZ KL Q\UPV ZPN\PLU[L H Z\ PUZ[HSHJP}U ยฏ ,S LQLJ\[P]V ZLYm UVTIYHKV WVY J\H[YV H|VZ JVU[HKVZ H WHY[PY KLS WYPTLYV KL Q\SPV PUTLKPH[V H SH PUZ[HSHJP}U KL SHZ YLZWLJ[P]H T\UPJPWHSPKHK ` WVKYm ZLY YLLSLJ[Vยน 7YLJPZHTLU[L H WHY[PY KL SH ร N\YH KL LZ[L M\UJPVUHYPV ZL JVUร N\YH \U NPYV PTWVY[HU[L LU SH SLNPZSHJP}U JVZ[HYYPJLUZL YLZWLJ[V KLS PUZ[P[\[V KL SH YL]VJH[VYPH KLS THUKH[V (Zx SH 3L` 5ย TLYV W\ISPJHKH LU 3H .HJL[H Uย TLYV KLS KL TH`V KL UV ZVSV KLYVN} LS HU[LYPVY *}KPNV 4\UPJPWHS ` LZ[HISLJP} \UH U\L]H SLNPZSHJP}U HS YLZWLJ[V ZPUV X\L ]PUV H YLHSPaHY \UH [YHUZMVYTHJP}U LU SVZ NVIPLYUVZ SVJHSLZ [HU[V LU LS mTIP[V KL Z\Z JVTWL[LUJPHZ JVTV LU Z\ JVUMVYTHJP}U H SV PU[LYUV [VKH ]La X\L SH ร N\YH KLS ,QLJ\[P]V 4\UPJPWHS WHZ} H KLUVTPUHYZL (SJHSKL 4\UPJPWHS J\`V UVTIYHTPLU[V ZLYxH KL LSLJJP}U WVW\SHY ` Z\QL[V H SH YL]VJH[VYPH KLS THUKH[V" HKLTmZ LZ[HISLJP} X\L L_PZ[PYxHU KVZ HSJHSKLZ Z\WSLU[LZ ,S UVTIYHTPLU[V KLS (SJHSKL 4\UPJPWHS KLQ} KL ZLY \U HJ[V SPIYHKV H SH ]VS\U[HK KLS *VUJLQV 4\UPJPWHS ` [YHZSHK} Z\ LSLJJP}U H SH JP\KHKHUxH HS ร QHY X\L SH KLZPNUHJP}U KL LZVZ M\UJPVUHYPVZ ZLYxH TLKPHU[L LSLJJP}U WVW\SHY ,Z[H PUUV]HJP}U [HTIPtU SSL]} HWHYLQHKH WVY WYPTLYH ]La ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZVS\JP}U Uย TLYV , KL SHZ ! OVYHZ KLS KL HNVZ[V KLS ยธ9LJ\YZV KL HTWHYV LSLJ[VYHS PU[LYW\LZ[V WVY LS ZL|VY 4HYPV 9VKYxN\La )HKPSSH JVU[YH LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ` JVU[YH SVZ KPW\[HKVZ /\TILY[V (YJL :HSHZ 8\xYPJV 1PTtULa 4HKYPNHS ,S]PH 5H]HYYV =HYNHZ ,TPSPH 4HYxH 9VKYxN\La (YPHZ 9HMHLS ร UNLS =HYLSH .YHUHKVZ ` 1\HU 1VZt =HYNHZ -HSSHZยน ,U LS TLUZHQL KL )Y\RL LU H SVZ LSLJ[VYLZ KLS W\LISV KL )YPZ[VS LU 0UNSH[LYYH OPaV ]LY X\L \UH KL SHZ JHYHJ[LYxZ[PJHZ KLS THUKH[V YLWYLZLU[H[P]V LYH SH JVUร HUaH LZ[HISLJPLUKV SH JtSLIYL MHZL KL X\L ยธ=VZV[YVZ LSLNxZ \U KPW\[HKV LZ[m IPLU WLYV \UH ]La LSLNPKV `H UV LZ KPW\[HKV KL )YPZ[VS LZ TPLTIYV KLS 7HYSHTLU[Vยน JP[HKV WVY 9\ItU /LYUmUKLa =HSSL LU ,S +LYLJOV KL SH *VUZ[P[\JP}U 7mN 3L` 5ยข KLS KL TH`V KL W\ISPJHKV LU LS HSJHUJL 5ยข H 3H .HJL[H 5ยข KLS KL Q\UPV KL (Y[xJ\SV KLS *}KPNV 4\UPJPWHS

5ร 4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

LU SH SLNPZSHJP}U JVZ[HYYPJLUZL SH WVZPIPSPKHK KL X\L TLKPHU[L LS Z\MYHNPV LS W\LISV [\]PLYH LS KLYLJOV KL YL]VJHY LS UVTIYHTPLU[V KL \U M\UJPVUHYPV KL LSLJJP}U WVW\SHY ,S HY[xJ\SV KLS TPZTV *}KPNV LZ[HISLJL J\HU[V ZPN\L! ¸7VY TVJP}U WYLZLU[HKH HU[L LS *VUJLQV X\L KLILYm ZLY ÄYTHKH HS TLUVZ WVY SH [LYJLYH WHY[L KLS [V[HS KL SVZ YLNPKVYLZ ` HWYVIHKH WVY LS TxUPTV KL [YLZ J\HY[HZ WHY[LZ KL SVZ YLNPKVYLZ PU[LNYHU[LZ ZL JVU]VJHYm H SVZ LSLJ[VYLZ KLS JHU[}U YLZWLJ[P]V H \U WSLIPZJP[V KVUKL ZL KLJPKPYm KLZ[P[\PY V UV HS HSJHSKL T\UPJPWHS ;HS KLJPZP}U UV WVKYm ZLY ]L[HKH 3VZ ]V[VZ ULJLZHYPVZ WHYH KLZ[P[\PY HS HSJHSKL T\UPJPWHS KLILYmU Z\THY HS TLUVZ KVZ [LYJPVZ KL SVZ LTP[PKVZ LU LS WSLIPZJP[V LS J\HS UV WVKYm ZLY PUMLYPVY HS KPLa WVY JPLU[V KLS [V[HS KL SVZ LSLJ[VYLZ PUZJYP[VZ LU LS JHU[}U ,S WSLIPZJP[V ZL LMLJ[\HYm JVU LS WHKY}U LSLJ[VYHS KLS YLZWLJ[P]V JHU[}U JVU LS JVY[L KLS TLZ HU[LYPVY HS KL SH HWYVIHJP}U LU ÄYTL KLS HJ\LYKV YLMLYPKV LU LS WmYYHMV WYPTLYV KL LZ[L HY[xJ\SV :P LS YLZ\S[HKV KL SH JVUZ\S[H M\LYL SH KLZ[P[\JP}U KLS M\UJPVUHYPV LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLWVUKYm HS HSJHSKL WYVWPL[HYPV ZLN‚U LS HY[xJ\SV KL LZ[L J}KPNV WVY LS YLZ[V KLS WLYxVKV :P [HTIPtU M\LYLU KLZ[P[\PKVZ V YLU\UJPHYLU SVZ KVZ HSJHSKLZ Z\WSLU[LZ LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KLILYm JVU]VJHY H U\L]HZ LSLJJPVULZ LU LS YLZWLJ[P]V JHU[}U LU \U WSHaV Tm_PTV KL ZLPZ TLZLZ ` LS UVTIYHTPLU[V ZLYm WVY LS YLZ[V KLS WLYxVKV 4PLU[YHZ ZL SSL]H H JHIV SH LSLJJP}U LS 7YLZPKLU[L KLS *VUJLQV HZ\TPYm JVTV YLJHYNV LS W\LZ[V KL HSJHSKL T\UPJPWHS JVU [VKHZ SHZ H[YPI\JPVULZ X\L SL V[VYNH LS J}KPNV¹ 3H :HSH *VUZ[P[\JPVUHS ZL YLÄYP} H SH JVUZ[P[\JPVUHSPKHK KL LZ[H UVYTH LU HZWLJ[VZ YLSH[P]VZ HS KLYLJOV KL KLMLUZH WYPUJPWPV KL PN\HSKHK L PTWVZPIPSPKHK KL J\LZ[PVUHY SH KLJPZP}U X\L HKVW[HYH LS *VUJLQV 4\UPJPWHS LU \UH HJJP}U PU[LYW\LZ[H WVY LS (SJHSKL 4\UPJPWHS KL 6YLHT\UV ,U LZH VWVY[\UPKHK ZL PUKPJ} YLZWLJ[V KLS WSLIPZJP[V YL]VJH[VYPV J\HU[V ZPN\L! ¸0= +,3 73,)0:*0;6 9,=6*(;6906 +,3 (3*(3+, 4<50*07(3 3H UVYTH PTW\NUHKH ¶WmYYHMV WYPTLYV KLS HY[xJ\SV KLS *}KPNV 4\UPJPWHS¶ LU [HU[V MHJ\S[H LS TLJHUPZTV KL \U WSLIPZJP[V YL]VJH[VYPV KLIL ZLY HUHSPaHKH H SH S\a KL SHZ UVYTHZ ` WYPUJPWPVZ JVUZ[P[\JPVUHSLZ ,U LZ[L ZLU[PKV LZ PTWVY[HU[L YLZHS[HY X\L LZ[L TLJHUPZTV LZ \U PUZ[Y\TLU[V KL WHY[PJPWHJP}U JP\KHKHUH KL JHYmJ[LY L_JLWJPVUHS ` LU JVUZLJ\LUJPH ZL JVUZ[P[\`L LU \UH THUPMLZ[HJP}U KPYLJ[H KL SH KLTVJYHJPH WHY[PJPWH[P]H WYVWPH KL U\LZ[YV ZPZ[LTH KL NVIPLYUV HS [LUVY M\UKHTLU[HSTLU[L KL SH YLJPLU[L YLMVYTH KLS HY[xJ\SV JVUZ[P[\JPVUHS ¶TLKPHU[L 3L` U‚TLYV KL WYPTLYV KL Q\SPV KLS ¶ LU ]PY[\K KL SH J\HS ZL JHYHJ[LYPaH WVY ZLY ¸WVW\SHY YLWYLZLU[H[P]V WHY[PJPWH[P]V HS[LYUH[P]V ` YLZWVUZHISL ¹ (OVYH IPLU KLIL KPMLYLUJPHYZL LS WSLIPZJP[V JVUZ[P[\JPVUHS WYL]PZ[V LU LS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KLU[YV KLS

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

WYVJLKPTPLU[V JVUZ[P[\JPVUHS WHYH SH JYLHJP}U KL U\L]HZ WYV]PUJPHZ KLS WSLIPZJP[V T\UPJPWHS KPZW\LZ[V WHYH SH KPZJ\ZP}U KL J\HSX\PLY HZ\U[VZ KL YLSL]HUJPH WHYH SH JVYWVYHJP}U T\UPJPWHS ` L_WYLZHTLU[L WHYH KLJPKPY ZVIYL SH KLZ[P[\JP}U V UV KLS HSJHSKL KL JVUMVYTPKHK JVU LS HY[xJ\SV KLS 4HU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU [HU[V SV WYL]t LU SVZ ZPN\PLU[LZ [tYTPUVZ! ¸7SLIPZJP[V LZ SH JVUZ\S[H WVW\SHY TLKPHU[L SH J\HS SVZ OHIP[HU[LZ KLS JHU[}U ZL WYVU\UJPHU ZVIYL \U HZ\U[V KL [YHZJLUKLUJPH YLNPVUHS V ZL THUPÄLZ[HU ZVIYL SH YL]VJH[VYPH KLS THUKH[V KL \U HSJHSKL¹ 5}[LZL X\L ZVU SVZ T\UxJPWLZ ¶LU[LUKPLUKV WVY [HSLZ H SVZ ]LJPUVZ KL \U JHU[}U ` X\L JVUMVYTHU SH YLZWLJ[P]H T\UPJPWHSPKHK¶ SVZ X\L LSPNLU TLKPHU[L LSLJJP}U WVW\SHY HS HSJHSKL ` LZ[L TLJHUPZTV KLS WSLIPZJP[V YL]VJH[VYPV SV X\L OHJL LZ KL]VS]LYSLZ SH JVTWL[LUJPH WHYH KLJPKPY ZVIYL SH WYVJLKLUJPH V UV KL Z\ KLZ[P[\JP}U *VU SV J\HS LS WSLIPZJP[V YL]VJH[VYPV ZL JVUZ[P[\`L LU LS TmZ JSHYV LQLTWSV KL SH KLTVJYHJPH WHY[PJPWH[P]H :L YLP[LYH X\L LZ[L MLU}TLUV VJ\YYL WYLJPZHTLU[L JVTV KLYP]HKV KPYLJ[V KL SH JVUMVYTHJP}U KL SHZ T\UPJPWHSPKHKLZ [VKH ]La X\L ¸,S T\UPJPWPV LZ[m JVUZ[P[\PKV WVY LS JVUQ\U[V KL ]LJPUVZ YLZPKLU[LZ LU \U TPZTV JHU[}U X\L WYVT\L]LU ` HKTPUPZ[YHU Z\Z WYVWPVZ PU[LYLZLZ WVY TLKPV KLS NVIPLYUV T\UPJPWHS¹" LZ KLJPY KLIL JVUZPKLYHYZL X\L ZL [YH[H KL \UH LU[PKHK W ISPJH X\L ZL PUZ[P[\`L WVY ` WHYH SH NLZ[P}U KL SVZ ¸ZLY]PJPVZ L PU[LYLZLZ SVJHSLZ¹ LU SVZ [tYTPUVZ WYL]PZ[VZ LU LS HY[xJ\SV JVUZ[P[\JPVUHS X\L H Z\ ]La JVUZ[P[\`L SH LZLUJPH ` YHa}U KL ZLY KL Z\ L_PZ[LUJPH ,Z[HZ YHaVULZ SLQVZ KL L]PKLUJPHY Z\ JVUMYVU[HJP}U JVU LS +LYLJOV KL SH *VUZ[P[\JP}U KLT\LZ[YHU Z\ JVUMVYTPKHK HS ZLY \UH THUPMLZ[HJP}U KPYLJ[H KLS WYPUJPWPV KL SH KLTVJYHJPH KPYLJ[H ` WHY[PJPWH[P]H YLJVUVJPKH L_WYLZHTLU[L LU U\LZ[YH *HY[H -\UKHTLU[HS¹ *VTV YLÅL_P}U ÄUHS ZVIYL LZ[H ÄN\YH ZL KLIL PUKPJHY X\L LU LS WSHUV T\UPJPWHS SH LZJVNLUJPH ` KLZ[P[\JP}U KLS M\UJPVUHYPV LQLJ\[P]V KL SH 4\UPJPWHSPKHK Z\MYP} \UH PTWVY[HU[L [YHUZMVYTHJP}U W\LZ OHJPLUKV SH JVTWHYHJP}U JVU SVZ YLNxTLULZ KLTVJYm[PJVZ KL NVIPLYUV HU[LYPVYTLU[L M\UJPVUHIH JVTV \UH LZWLJPL KL TVKLSV WHYSHTLU[HYPV [VKH ]La X\L LS HU[LYPVY *}KPNV 4\UPJPWHS LZ[HISLJxH X\L tZ[L ZLYxH LSLJ[V WVY SH JmTHYH ZLH SVZ YLNPKVYLZ ¶MVYTH KL LZJVNLUJPH KLS 7YPTLY 4PUPZ[YV LU SHZ KLTVJYHJPHZ WHYSHTLU[HYPHZ KL [HS THULYH X\L SH YL]VJH[VYPH KL Z\ THUKH[V [HTIPtU LZ[HIH H JHYNV KL LZL }YNHUV JVSLNPHKV ,U SH HJ[\HSPKHK LS *}KPNV 4\UPJPWHS LZ[HISLJL \U WYVJLKPTPLU[V KL KLZPNUHJP}U KL LZ[L M\UJPVUHYPV KVUKL LS W\LISV LZ X\PLU KLJPKL KPYLJ[HTLU[L UV ZVSV ZVIYL Z\ UVTIYHTPLU[V ZPUV [HTIPtU YLZWLJ[V KL Z\ KLZ[P[\JP}U LU HTIVZ JHZVZ TLKPHU[L LS ]V[V WVY SV X\L ZL WHZ} H \UH LZWLJPL KL TVKLSV WYLZPKLUJPHSPZ[H LU LS X\L SH LSLJJP}U KL LZL M\UJPVUHYPV SH YLHSPaH KPYLJ[HTLU[L LS W\LISV TLKPHU[L LS Z\MYHNPV

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

000 796*,+040,5;6 +, *(5*,3(*0Ô5 +, *9,+,5*0(3,: +,3 (3*(3+, 4<50*07(3 4,+0(5;, 73,)0:*0;6 9,=6*(;6906 ,U LS WYVJLZV KL JHUJLSHJP}U KL JYLKLUJPHSLZ LU X\L TLKPH \U WSLIPZJP[V YL]VJH[VYPV KLIPKV H X\L PU[LY]PLULU ]HYPHZ PUZ[HUJPHZ ZL W\LKLU KPZ[PUN\PY HS TLUVZ J\H[YV MHZLZ JSHYHTLU[L KLÄUPKHZ SH WYPTLYH YLMLYPKH HS J\TWSPTLU[V KL [YmTP[LZ H SV PU[LYUV KL SH 4\UPJPWHSPKHK SH ZLN\UKH LZ SH ZVSPJP[\K KL JLSLIYHJP}U KLS WSLIPZJP[V X\L KLIL KPYPNPYZL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ SH [LYJLYH SH WYLWHYHJP}U ` JLSLIYHJP}U KLS WSLIPZJP[V ` SH J\HY[H JVYYLZWVUKL H SH JHUJLSHJP}U KL SH JYLKLUJPHS V LS HYJOP]V KL SH NLZ[P}U WVY WHY[L KLS ;YPI\UHS JVU IHZL LU LS YLZ\S[HKV KL SH ]V[HJP}U 7HYH \UH TLQVY JVTWYLUZP}U KL LZ[L WYVJLKPTPLU[V YLZ\S[H VWVY[\UV WHYH Z\ LZ[\KPV KP]PKPYSV LU [YLZ L[HWHZ SHZ J\HSLZ WVKYxHTVZ KLUVTPUHY WYLWHYH[VYPH YLMLYPKHZ H SHZ NLZ[PVULZ X\L ZL YLHSPaHU [HU[V LU SH 4\UPJPWHSPKHK ¶HJ\LYKV KL JLSLIYHJP}U KL WSLIPZJP[V JVTV LU LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ¶JVT\UPJHJP}U KL HJ\LYKV ` KLZPNUHJP}U KL M\UJPVUHYPV KL LUSHJL " SH ZLN\UKH ZLYxH SH KL KLZHYYVSSV X\L ZL YLÄLYL WYVWPHTLU[L H SVZ HZWLJ[VZ KL SVNxZ[PJH ` WYLWHYHJP}U KL TH[LYPHSLZ ]V[HJP}U ` LZJY\[PUPV" ` SH [LYJLYH X\L LZ SH KL LQLJ\JP}U X\L ZL YLSHJPVUH JVU LS WYVJLKPTPLU[V X\L YLHSPaH LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ WHYH SH JHUJLSHJP}U KL SH JYLKLUJPHS KLS M\UJPVUHYPV (OVYH IPLU ZL KLIL YLJVYKHY X\L LZ YLX\PZP[V LZLUJPHS WHYH SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV X\L SH 4\UPJPWHSPKHK OH`H KPJ[HKV WYL]PHTLU[L LS YLNSHTLU[V YLZWLJ[P]V WYLJPZHTLU[L LS 4HU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS LU W\U[V LZ[HISLJL J\HU[V ZPN\L! ¸*HKH *VUJLQV 4\UPJPWHS LZ[m LU SH VISPNHJP}U KL KPJ[HY \U YLNSHTLU[V WHYH SH YLHSPaHJP}U KL [YLZ TVKHSPKHKLZ KL JVUZ\S[H WVW\SHY! WSLIPZJP[VZ YLMLYLUKVZ ` JHIPSKVZ¹ ,Z WYLJPZV PUKPJHY X\L HS TVTLU[V KL JVUJS\PY LZ[L [YHIHQV SH NYHU TH`VYxH KL SHZ T\UPJPWHSPKHKLZ H‚U LZ[HIHU WLUKPLU[LZ KL KPJ[HY LS YLMLYPKV YLNSHTLU[V WLZL H X\L LS THU\HS X\L VISPNHIH H Z\ PTWSLTLU[HJP}U ZL W\ISPJ} LU 3H .HJL[H 5¢ KLS KL VJ[\IYL KL (WLUHZ \U [V[HS KL T\UPJPWHSPKHKLZ KL \U [V[HS KL OHU HWYVIHKV LZL YLNSHTLU[V LU[YL SHZ X\L `H SV OPJPLYVU LZ[mU! :HYHWPX\x 7\U[HYLUHZ ;PImZ 7HYHxZV 7tYLa ALSLK}U ,ZJHa‚ :HU 9HT}U .\mJPTV 7VJVJx :HU 0ZPKYV (SHQ\LSH 1PTtULa /LYLKPH *HY[HNV 7HSTHYLZ 3H <UP}U 6YV[PUH 6YLHT\UV :HU *HYSVZ +LZHTWHYHKVZ ;\YYPHSIH :HU[H )mYIHYH :HU 7HISV ` *HYYPSSV X\L YLJPtU SV HWYVI} ` W\ISPJ} LS KL TH`V KLS

H ;YmTP[L H SV PU[LYUV KL SH 4\UPJPWHSPKHK! :L|HSH LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS ZVIYL LS [YmTP[L H ZLN\PY WHYH JLSLIYHY \U WSLIPZJP[V YL]VJH[VYPV SV ZPN\PLU[L!

=tHZL J\HKYV HUL_V

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

¸7VY TVJP}U WYLZLU[HKH HU[L LS *VUJLQV X\L KLILYm ZLY ÄYTHKH HS TLUVZ WVY SH [LYJLYH WHY[L KLS [V[HS KL SVZ YLNPKVYLZ ` HWYVIHKH WVY LS TxUPTV KL [YLZ J\HY[HZ WHY[LZ KL SVZ YLNPKVYLZ PU[LNYHU[LZ ZL JVU]VJHYm H SVZ LSLJ[VYLZ KLS JHU[}U YLZWLJ[P]V H \U WSLIPZJP[V KVUKL ZL KLJPKPYm KLZ[P[\PY V UV HS HSJHSKL T\UPJPWHS¹ 3VZ YLX\PZP[VZ L_PNPKVZ WHYLJLU ZLY IHZ[HU[L ZPTWSLZ ` ZP ZL X\PLYL PUMVYTHSLZ" LZ KLJPY UV YLX\PLYLU KL TH`VYLZ MVYTHSPKHKLZ W\LZ LZ[mU YLMLYPKVZ ‚UPJHTLU[L H WYLZLU[HY \UH TVJP}U HS *VUJLQV 4\UPJPWHS WHYH X\L ZL PUPJPL LS [YmTP[L 3H UVYTH NLULYH JPLY[H K\KH LU J\HU[V H SH SLNP[PTHJP}U WHYH WYLZLU[HY SH TVJP}U HS *VUJLQV" W\LZ H\UX\L ZL LZ[HISLJL X\L SH TVJP}U KLIL ZLY ÄYTHKH WVY SH [LYJLYH WHY[L KLS [V[HS KL YLNPKVYLZ UV PUKPJH ZP LU LZL [V[HS KLIL PUJS\PYZL H SVZ YLNPKVYLZ WYVWPL[HYPVZ ` Z\WSLU[LZ V ZP WVY LS JVU[YHYPV LS [V[HS LZ ZVSV KL SVZ WYVWPL[HYPVZ ([LUKPLUKV H \UH PU[LYWYL[HJP}U SP[LYHS KL SH UVYTH HS LZ[HISLJLY ¸HS TLUVZ WVY SH [LYJLYH WHY[L KLS [V[HS KL SVZ YLNPKVYLZ¹ KLILYxH PUJS\PYZL [HU[V H WYVWPL[HYPVZ JVTV Z\WSLU[LZ" ZPU LTIHYNV H[LUKPLUKV H \UH PU[LYWYL[HJP}U KL SH UVYTH LU LS JVU[L_[V KL HX\LSSHZ UVYTHZ X\L YLN\SHU SHZ H[YPI\JPVULZ KL \UV \ V[YVZ YLNPKVYLZ SH PU[LYWYL[HJP}U KL LZL [V[HS ZLYxH KL HX\LSSVZ JVU WVKLY KL KLJPZP}U IHQV LZ[H WYLTPZH ZLYxHU SVZ WYVWPL[HYPVZ SVZ X\L [PLULU KLYLJOV H ]V[HY LU SHZ ZLZPVULZ KLS *VUJLQV 4\UPJPWHS [VKH ]La X\L SVZ YLNPKVYLZ Z\WSLU[LZ ZP IPLU [PLULU SH VISPNHJP}U KL HZPZ[PY H SHZ ZLZPVULZ T\UPJPWHSLZ ZVSV [PLULU KLYLJOV H ]Va ,S KLÄUPY LZ[L HZWLJ[V LZ HZ\U[V KL YLSL]HUJPH WVY J\HU[V LS U‚TLYV KL ÄYTHZ WVKYxH ZLY TH`VY V TLUVY ZLN‚U ZL PUJS\`H V UV H SVZ YLNPKVYLZ Z\WSLU[LZ ,U TP JYP[LYPV SH PU[LYWYL[HJP}U KL LZ[L HZ\U[V JVYYLZWVUKL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ [VKH ]La X\L ZP IPLU SH UVYTH ZL YLÄLYL H \U HJ[V X\L KLIL HKVW[HYZL H SV PU[LYUV KL SH 4\UPJPWHSPKHK ` X\L WHYLJL ZLY LTPULU[LTLU[L HKTPUPZ[YH[P]V SV JPLY[V LZ X\L LS ÄU WLYZLN\PKV WVY LZH TVJP}U LZ[m YLMLYPKH H SH JHUJLSHJP}U KL SHZ JYLKLUJPHSLZ KLS (SJHSKL 4\UPJPWHS M\UJPVUHYPV KL LSLJJP}U WVW\SHY KL Z\LY[L [HS X\L SH KPZJ\ZP}U LZ \U HZ\U[V YLSH[P]V H TH[LYPH LSLJ[VYHS X\L JVYYLZWVUKL Z\ PU[LYWYL[HJP}U HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVU M\UKHTLU[V LU LS HY[xJ\SV PUJPZV KL SH *VUZ[P[\JP}U 7VSx[PJH ,U YLZWHSKV KL SH HU[LYPVY WVZPJP}U SH 7YVJ\YHK\YxH .LULYHS KL SH 9LW‚ISPJH HU[L \UH JVUZ\S[H MVYT\SHKH WVY SH 4\UPJPWHSPKHK KL 7HSTHYLZ ZVIYL SH WVZPIPSPKHK KL ZLN\PY \U WYVJLKPTPLU[V ZHUJPVUH[VYPV JVU[YH LS (SJHSKL 4\UPJPWHS ZLU[} SH ZPN\PLU[L WVZPJP}U! ¸,U U\LZ[YV JYP[LYPV SH L_PZ[LUJPH KL LZ[H KPZWVZPJP}U KLS *}KPNV 4\UPJPWHS PUJPKL KPYLJ[HTLU[L ZVIYL SH WVZPIPSPKHK KL X\L LS *VUJLQV 4\UPJPWHS W\LKH WVY Zx TPZTV PUPJPHY WYVJLKPTPLU[VZ HKTPUPZ[YH[P]VZ X\L I\ZX\LU HUHSPaHY LS J\TWSPTPLU[V KL SHZ M\UJPVULZ LUJHYNHKHZ HS (SJHSKL 4\UPJPWHS +L KVUKL PU[LYWYL[HY JVU JHYmJ[LY ]PUJ\SHU[L ZP SH WV[LZ[HK X\L PU[LYLZH H SH 4\UPJPWHSPKHK JVUZ\S[HU[L W\LKL V UV ZLY LQLYJP[HKH ` Z\ YLSHJP}U JVU LS WYVJLKPTPLU[V KLS WSLIPZJP[V YL]VJH[VYPV LZ U\L]HTLU[L \U [LTH X\L JVUJPLYUL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU ]PY[\K KL SV X\L KPZWVUL LS U\TLYHS PUJPZV KL SH *VUZ[P[\JP}U 7VSx[PJH¹

(Y[xJ\SV KLS *}KPNV 4\UPJPWHS 7YVJ\YHK\YxH .LULYHS KL SH 9LW‚ISPJH +PJ[HTLU U‚TLYV KLS KL TH`V KLS

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

(OVYH IPLU HZ\TPLUKV X\L SH TVJP}U KLIL ZLY WYLZLU[HKH WVY HS TLUVZ SH [LYJLYH WHY[L KL SVZ YLNPKVYLZ WYVWPL[HYPVZ ` Z\WSLU[LZ X\L PU[LNYHU LS *VUJLQV LU LS [LTH KL SH ]V[HJP}U ZL WYLZLU[H \U WYVISLTH ZPTPSHY SH MHS[H KL WYLJPZP}U UVYTH[P]H LU J\HU[V ZP LU SH ]V[HJP}U WHY[PJPWHU WYVWPL[HYPVZ ` Z\WSLU[LZ V ZVSV SVZ WYPTLYVZ [VKH ]La X\L SH UVYTH ZL|HSH X\L SH TVJP}U KLIL ZLY HWYVIHKH WVY HS TLUVZ ¸[YLZ J\HY[HZ WHY[LZ KL SVZ YLNPKVYLZ PU[LNYHU[LZ¹ 5V VIZ[HU[L YLZWLJ[V KL SH ]V[HJP}U WHYLJL L_PZ[PY \UH ZVS\JP}U TLUVZ JVUM\ZH W\LZ ZP ZL [YH[H KL \UH ZLZP}U KLS *VUJLQV 4\UPJPWHS LU LSSH ‚UPJHTLU[L [PLULU KLYLJOV H ]V[HY SVZ YLNPKVYLZ WYVWPL[HYPVZ HS [LUVY KL SV KPZW\LZ[V LU LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS X\L H\[VYPaH H SVZ YLNPKVYLZ Z\WSLU[LZ LU SHZ ZLZPVULZ ‚UPJHTLU[L LS KLYLJOV H ]Va 7VY SV X\L SH TVJP}U ‚UPJHTLU[L WVKYxHU ]V[HYSH YLNPKVYLZ WYVWPL[HYPVZ V Z\WSLU[LZ X\L LZ[tU Z\Z[P[\`LUKV H WYVWPL[HYPVZ LU SVZ [tYTPUVZ KLS JP[HKV HY[xJ\SV KLS *}KPNV 4\UPJPWHS *VU IHZL LU SV L_W\LZ[V LS WSLIPZJP[V YL]VJH[VYPV UV W\LKL ZLY ZVSPJP[HYSV WVY SVZ ]LJPUVZ KLS JHU[}U H\UX\L LZH NLZ[P}U ZLH WYLZLU[H WVY SH [V[HSPKHK KLS WHKY}U LSLJ[VYHS KL LZH SVJHSPKHK ,ZH MHS[H KL SLNP[PTHJP}U KLS W\LISV WHYLJL ZLY \U KLZJ\PKV KLS SLNPZSHKVY [VKH ]La X\L ZP LZ LS W\LISV H X\PLU SL JVYYLZWVUKL KLJPKPY SH Z\LY[L KLS (SJHSKL 4\UPJPWHS JVU T\JOH TH`VY YHa}U WVKYxH ZVSPJP[HY SH JLSLIYHJP}U KLS WSLIPZJP[V J\HUKV SH NLZ[P}U ZLH ÄYTHKH WVY \U U‚TLYV JVUZPKLYHISL KL ]LJPUVZ KLS JHU[}U WVY SV X\L tZ[L HZWLJ[V WVKYxH ZLY VIQL[V KL KPZJ\ZP}U H SVZ LMLJ[VZ KL WYVJ\YHY \UH YLMVYTH HS LMLJ[V <U HZWLJ[V X\L [HTIPtU TLYLJL YLÃ…L_P}U LZ LS OLJOV KL X\L UP LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS UP V[YHZ UVYTHZ LZ[HISLJLU SHZ JH\ZHSLZ WVY SHZ J\HSLZ SVZ YLNPKVYLZ W\LKLU ZVSPJP[HY SH YL]VJH[VYPH KLS THUKH[V KLS (SJHSKL 7HYLJL X\L SH ZVS\JP}U H LZ[H PU[LYYVNHU[L WVKYxH LZ[HY LU LS HY[xJ\SV PIxKLT X\L LZ[HISLJL \UH ZLYPL KL VISPNHJPVULZ KLS (SJHSKL WVY SV X\L HU[L LS PUJ\TWSPLUKV KL LSSHZ WVKYxH WLUZHYZL X\L LZ TV[P]V Z\ÄJPLU[L WHYH WSHU[LHYZL SH TVJP}U HU[L LS *VUJLQV 4\UPJPWHS V ZPTWSLTLU[L [LUKYxHTVZ X\L HKTP[PY X\L J\HSX\PLY TV[P]V LZ ]mSPKV WHYH ZVSPJP[HY SH JLSLIYHJP}U KLS WSLIPZJP[V ,S ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU Z\ Q\YPZWY\KLUJPH OH LZ[HISLJPKV X\L SHZ JH\ZHZ WVY SHZ J\HSLZ ZL W\LKL ZVSPJP[HY SH JHUJLSHJP}U KL SHZ JYLKLUJPHSLZ KLS (SJHSKL 4\UPJPWHS ZVU ‚UPJHTLU[L SHZ WYL]PZ[HZ LU SVZ HY[xJ\SVZ ` KLS *}KPNV 4\UPJPWHS ;HTIPtU ZL OH LZ[HISLJPKV X\L UV W\LKL HTWSPHY LZH SPZ[H JVU V[YHZ JH\ZHSLZ LU ]PY[\K KLS WYPUJPWPV KL PU[LYWYL[HJP}U YLZ[YPJ[P]H X\L PTWLYH LU LS YtNPTLU ZHUJPVUH[VYPV" WLYV LZH [H_H[P]PKHK UV ZL LJOH KL TLUVZ LU LS JHZV KL SH ZVSPJP[\K KL YL]VJH[VYPH KLS THUKH[V WVY SV X\L TLKPHU[L LZL [YmTP[L J\HSX\PLY TV[P]V WVKYxH ZLY ]mSPKV WHYH WSHU[LHY SH NLZ[P}U [VKH ]La X\L SH UVYTH UV L_PNL \UH Q\Z[PÄJHJP}U V L_PZ[LUJPH KL JH\ZHS WHYH MVYT\SHY SH TVJP}U" LZ KLJPY LS ZVSPJP[HY SH YL]VJH[VYPH KLS THUKH[V LZ \U HZ\U[V X\L X\LKH SPIYHKH H SH ]VS\U[HK ` KPZJYLJPVUHSPKHK WVSx[PJH KL SVZ YLNPKVYLZ ,U LZ[L JHZV WVY [YH[HYZL KL SH ZHUJP}U TmZ NYH]L X\L WVKYxH PTWVUtYZLSL HS (SJHSKL 4\UPJPWHS LS SLNPZSHKVY KLIP} HUHSPaHY JVU TH`VY WYVM\UKPKHK LS [LTH W\LZ WHYLJL X\L X\PZV KHY JHY[H ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ]LY LU[YL V[YHZ YLZVS\JPVULZ U‚TLYVZ 4 KL SHZ ! OVYHZ KLS KL LULYV KLS ` 4 KL SHZ ! OVYHZ KLS KL LULYV KLS

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

HIPLY[H H SVZ YLNPKVYLZ WHYH X\L W\KPLYHU ZVSPJP[HY SH YL]VJH[VYPH KLS THUKH[V :PU LTIHYNV LU TP JYP[LYPV WHYLJL X\L LZ[H VTPZP}U ]VS\U[HYPH UV NLULYH UPUN‚U NYHKV KL PUZLN\YPKHK Q\YxKPJH W\LZ SH WVZPIPSPKHK KL X\L LS (SJHSKL ZLH ZVTL[PKV HS LZJY\[PUPV W‚ISPJV LZ[m HIPLY[H WLZL H X\L LZ[t YLHSPaHUKV \U I\LU [YHIHQV LU SH 4\UPJPWHSPKHK 6[YV HZWLJ[V H [VTHY LU J\LU[H LZ SH WYV[LJJP}U KL X\L NVaH LS HJ\LYKV X\L HKVW[L LS *VUJLQV 4\UPJPWHS ZVIYL SH JLSLIYHJP}U KLS WSLIPZJP[V WVY J\HU[V LS SLNPZSHKVY JVU SH YLKHJJP}U X\L SL V[VYN} HS YLMLYPKV HY[xJ\SV KLS *}KPNV 4\UPJPWHS ‚UPJHTLU[L SV WYV[LNP} YLZWLJ[V KL SH NLZ[P}U X\L W\KPLYH PU[LYWVULY LS (SJHSKL 4\UPJPWHS HS LZ[HISLJLYZL X\L ¸;HS KLJPZP}U UV WVKYm ZLY ]L[HKH¹" ZPU LTIHYNV LZH TPZTH WYV[LJJP}U UV SH [PLUL YLZWLJ[V KL SVZ YLNPKVYLZ T\UPJPWHSLZ [VKH ]La X\L LZL HJ[V LZ[HYxH Z\QL[V H LZL JVU[YVS WVY HZx H\[VYPaHYSV LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS HS WLYTP[PYSL H SVZ LKPSLZ ZVSPJP[HY SH YL]PZP}U KL SVZ HJ\LYKVZ (ZPTPZTV KLIPKV H X\L SVZ HJ\LYKVZ KLS *VUJLQV 4\UPJPWHS LZ[mU Z\QL[VZ H JVU[YVS TLKPHU[L SVZ YLJ\YZVZ VYKPUHYPVZ SVZ WHY[PJ\SHYLZ PU[LYLZHKVZ WVKYxHU WSHU[LHY JVU[YH LZL HJ[V YLJ\YZV KL YL]VJH[VYPH JVU HWLSHJP}U LU Z\IZPKPV WVY J\HU[V JVTV ZL PUKPJ} LS HJ\LYKV X\L HWY\LIH SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV ‚UPJHTLU[L LZ[m WYV[LNPKV KLS ]L[V PUJS\ZV LZ[H [LZPZ ZL JVUÄYTH JVU SV KPZW\LZ[V LU LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS WVY J\HU[V HS LZ[HISLJLYZL SVZ HJ\LYKVZ X\L JHYLJLU V X\L LZ[mU WYV[LNPKVZ KL YLJ\YZV UV PUJS\`} LS KL SH YL]VJH[VYPH KLS THUKH[V ,S JP[HKV HY[xJ\SV LZ[HISLJL! (Y[xJ\SV *\HSX\PLY HJ\LYKV T\UPJPWHS LZ[HYm Z\QL[V H SVZ YLJ\YZVZ KL YL]VJH[VYPH ` KL HWLSHJP}U L_JLW[V! H 3VZ X\L OH`HU ZPKV HWYVIHKVZ KLÄUP[P]HTLU[L I 3VZ KL TLYV [YmTP[L KL LQLJ\JP}U JVUÄYTHJP}U V YH[PÄJHJP}U KL V[YVZ HU[LYPVYLZ ` SVZ JVUZLU[PKVZ L_WYLZH V PTWSxJP[HTLU[L J 3VZ YLNSHTLU[HYPVZ K 3VZ X\L HWY\LILU WYLZ\W\LZ[VZ Z\Z TVKPÄJHJPVULZ ` HKPJPVULZ L 3VZ ZVTL[PKVZ H SVZ WYVJLKPTPLU[VZ LZWLJPHSLZ KPZW\LZ[VZ LU SVZ HY[xJ\SVZ ` KL SH 3L` 9LN\SHKVYH KL SH 1\YPZKPJJP}U *VU[LUJPVZV (KTPUPZ[YH[P]H 5¢ KL KL THYaV KL ¹ :\WLYHKH LZH MHZL YLJ\YZP]H KL WYL]PV H YLTP[PY SH JVT\UPJHJP}U HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LS *VUJLQV 4\UPJPWHS KLILYm W\ISPJHY LU KVZ KPHYPVZ KL JPYJ\SHJP}U UHJPVUHS SH JVU]VJH[VYPH MVYTHS H WSLIPZJP[V SH J\HS KLIL PUJS\PY \UH L_WSPJHJP}U KLS TV[P]V KL SH JVUZ\S[H ` SH MVYT\SHJP}U KL SH WYLN\U[H X\L KLIL ZLY JVU[LZ[HKH WVY LS LSLJ[VYHKV +L JVUMVYTPKHK JVU LS U\TLYHS KLS 4HU\HS SH JVUZ\S[H KLIL YLHSPaHYZL \U KVTPUNV ZHS]V X\L WVY TH`VYxH JHSPÄJHKH KLS *VUJLQV 4\UPJPWHS ZL LZ[HISLaJH V[YV KxH ,S ]L[V LZ LS KLYLJOV X\L SL JVYYLZWVUKL L_JS\ZP]HTLU[L HS (SJHSKL 4\UPJPWHS KL VWVULYZL H \U HJ\LYKV HKVW[HKV WVY LS *VUJLQV 4\UPJPWHS LU SVZ [tYTPUVZ KLS HY[xJ\SV

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

I (J\LYKV KL JVU]VJH[VYPH KL JLSLIYHJP}U KLS WSLIPZJP[V X\L ZL KPYPNL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ! :\WLYHKH LZH L[HWH WYL]PH H SV PU[LYUV KL SH 4\UPJPWHSPKHK HWYVIHKV LU KLÄUP[P]H LS HJ\LYKV KL JVU]VJH[VYPH H WSLIPZJP[V ` OLJOH SH W\ISPJHJP}U PUKPJHKH LU LS W\U[V HU[LYPVY KLILYm LS *VUJLQV 4\UPJPWHS JVT\UPJHY PUTLKPH[HTLU[L HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ SH ZVSPJP[\K JVU]VJH[VYPH SH J\HS KLILYm JVU[LULY SH ZPN\PLU[L PUMVYTHJP}U ZLN U LS 4HU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS ! ¸ 3H MLJOH LU X\L ZL YLHSPaHYm SH JVUZ\S[H UV ZLYm H TLUVZ KL [YLZ TLZLZ KL OHILY ZPKV W\ISPJHKH SH JVU]VJH[VYPH LU SVZ JHZVZ KL WSLIPZJP[V ` YLMLYLUKV ` LU \U TLZ LU LS JHZV KL JHIPSKV +LÄUPJP}U JSHYH ` KL[HSSHKH KLS HZ\U[V X\L ZLYm VIQL[V KL JVUZ\S[H 0UKPJHJP}U KL SH WYL]PZP}U WYLZ\W\LZ[HYPH WLY[PULU[L WHYH SH YLHSPaHJP}U KL SH JVUZ\S[H WVW\SHY¹ *\TWSPKHZ LZHZ MVYTHSPKHKLZ ZP IPLU LS ¸4HU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS¹ UV LZ[HISLJL X\L HS WSLIPZJP[V YL]VJH[VYPV ZL HWSPJHYm LS WYVJLKPTPLU[V WYL]PZ[V WHYH SVZ WSLIPZJP[VZ VYKPUHYPVZ KHKV X\L WHYLJL X\L ZL KLSLNH LU LS YLNSHTLU[V KL SH 4\UPJPWHSPKHK LZL WYVJLKPTPLU[V" LZ SV JPLY[V X\L LU YHa}U KL X\L SH JVUZ\S[H LZ \U WSLIPZJP[V WVY HZx LZ[HISLJLYSV LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS SV JVYYLJ[V ZLYxH HWSPJHY SHZ YLNSHZ KLS WSLIPZJP[V KPZW\LZ[HZ LU LS JP[HKV THU\HS )HQV LZVZ [tYTPUVZ JVYYLZWVUKL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ IYPUKHY HZLZVYxH H SH 4\UPJPWHSPKHK LU SH WYLWHYHJP}U ` YLHSPaHJP}U KL LZH JVUZ\S[H KLZPNUHKV H \U M\UJPVUHYPV ZPU WLYQ\PJPV KL X\L ZLHU TmZ WHYH X\L ZL LUJHYN\L KL SH SHIVY KL Z\WLY]PZP}U" HZPTPZTV W\LKL \[PSPaHY LS *\LYWV 5HJPVUHS KL +LSLNHKVZ ,TWLYV LZ WYLJPZV HJSHYHY X\L LS LUJHYNHKV KL SH JLSLIYHJP}U KLS WSLIPZJP[V UV LZ LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ZPUV SH WYVWPH 4\UPJPWHSPKHK WVY SV X\L LZL J\LYWV JVSLNPHKV W\LKL UVTIYHY \UH *VTPZP}U *VVYKPUHKVYH PU[LNYHKH WVY YLNPKVYLZ ` ZxUKPJVZ WHYH X\L ZL LUJHYN\L KL SH VYNHUPaHJP}U ` KPYLJJP}U KL SH JVUZ\S[H /HZ[H LS TVTLU[V LS ;YPI\UHS OH YLJPIPKV SH ZVSPJP[\K WHYH YLHSPaHY KVZ WSLIPZJP[VZ YL]VJH[VYPVZ LU SVZ JHU[VULZ KL 6YLHT\UV ` 6YV[PUH" UV VIZ[HU[L UPUN\UV ZL OH YLHSPaHKV SHZ YHaVULZ ZL L_WSPJHYmU LU SHZ JVUJS\ZPVULZ WVY SV X\L LZ[L PUZ[Y\TLU[V UV ZL OH WVKPKV WVULY LU WYmJ[PJH JVU SV X\L KLZJVUVJLTVZ J\mS WVKYxH ZLY LS PTWHJ[V X\L JH\ZHYxH LU SH WVISHJP}U

J 7YLWHYHJP}U ` JLSLIYHJP}U KLS WSLIPZJP[V! ;HS ` JVTV ZL PUKPJ} LU LS W\U[V HU[LYPVY SH WYLWHYHJP}U KLZHYYVSSV ` LQLJ\JP}U KLS WSLIPZJP[V YL]VJH[VYPV ` LU NLULYHS KL [VKHZ SHZ JVUZ\S[HZ WVW\SHYLZ LU LS WSHUV SVJHS LZ \U HZ\U[V KL JVTWL[LUJPH L_JS\ZP]H KL SH 4\UPJPWHSPKHK SH WHY[PJPWHJP}U KLS ;YPI\UHS LZ KL }YNHUV HZLZVY

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

WVY SV X\L ]L SPTP[HKH Z\ PU[LY]LUJP}U LU LS J\TWSPTPLU[V KL SVZ YLX\PZP[VZ L_PNPKVZ 7VY SV X\L YLZ\S[H VWVY[\UV HUHSPaHY HSN\UVZ HZWLJ[VZ X\L KLILU ZLY JVUZPKLYHKVZ WVY LS *VUJLQV 4\UPJPWHS HS TVTLU[V KL JLSLIYHY SH JVUZ\S[H LU[YL SVZ X\L KLZ[HJHU! ,S WHKY}U KL LSLJ[VYLZ! 7VY [YH[HYZL KL SH KLJPZP}U KL \U HZ\U[V KL PU[LYtZ SVJHS LS U\TLYHS KLS 4HU\HS LZ[HISLJL X\L W\LKLU LQLYJLY LS KLYLJOV HS ]V[V LU LS WSLIPZJP[V LS LSLJ[VY X\L HWHYLaJH PUZJYP[V LU LS WHKY}U LSLJ[VYHS KLS YLZWLJ[P]V JHU[}U HS JVY[L KLS TLZ HU[LYPVY HS KL SH HWYVIHJP}U LU ÄYTL KLS HJ\LYKV KL JVU]VJH[VYPH ,Z[H UVYTH LZ[HISLJL JVUKPJPVULZ PTWVY[HU[LZ WHYH X\L LS LSLJ[VY W\LKH LTP[PY LS ]V[V `H X\L UV ZVSV ZL YLX\PLYL ZLY ]LJPUV KLS JHU[}U ZPUV X\L Z\ PUZJYPWJP}U LSLJ[VYHS [HTIPtU KLIL ZLY KLS TPZTV JHU[}U ` LZ[HISLJL X\L tZ[H KLIL OHILYZL YLHSPaHKV JVU HU[PJPWHJP}U HS HJ\LYKV KL JVU]VJH[VYPH :L [YH[H KL \UH HKLJ\HKH KLJPZP}U WHYH L]P[HY [YHZSHKVZ THZP]VZ KL LSLJ[VYLZ X\L ]LUNHU H WVULY LU K\KH SH SLNP[PTPKHK KL SH JVUZ\S[H KL HOx X\L LS WSHaV KL \U TLZ YLZ\S[H LU \UH L_JLSLU[L TLKPKH WHYH JVU[YHYYLZ[HY LZ[L [PWV KL HYKPK 1\U[HZ YLJLW[VYHZ KL ]V[VZ! ,S *VUJLQV 4\UPJPWHS V SH *VTPZP}U *VVYKPUHKVYH KLILYmU \[PSPaHY SVZ TPZTVZ WYPUJPWPVZ YLJVNPKVZ LU LS *}KPNV ,SLJ[VYHS YLZWLJ[V KL SH \IPJHJP}U KL SVZ YLJPU[VZ LSLJ[VYHSLZ WHYH X\L LU SH TLKPKH KL SHZ WVZPIPSPKHKLZ ZL \IPX\LU KL THULYH X\L LS LSLJ[VY UV KLIH YLJVYYLY SHYNHZ KPZ[HUJPHZ KL HOx X\L LU LZ[L JHTWV SH HZLZVYxH KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZ\S[H KL T\JOH PTWVY[HUJPH X\PLU WVY TLKPV KLS M\UJPVUHYPV KLZPNUHKV KLU[YV KLS TLZ ZPN\PLU[L H SH JVU]VJH[VYPH JVSHIVYHYm LU Z\ KLÄUPJP}U (OVYH IPLU SH JHU[PKHK KL Q\U[HZ YLJLW[VYHZ X\L ZL PUZ[HSLU KLILU ZLY Z\ÄJPLU[LZ ` ZPLTWYL ZLYmU YLZWVUZHIPSPKHK KLS *VUJLQV 4\UPJPWHS 7YVWHNHUKH! ,U ]PY[\K KL X\L H [YH]tZ KLS WSLIPZJP[V YL]VJH[VYPV ZL WVKYxH PTWVULY SH ZHUJP}U TmZ NYH]L X\L ZL SL W\LKL HWSPJHY HS (SJHSKL 4\UPJPWHS J\HS LZ SH JHUJLSHJP}U KL Z\Z JYLKLUJPHSLZ WHYLJL S}NPJV WLUZHY X\L JVTV WHY[L KLS KLYLJOV H KLMLUZH H tZ[L SL HZPZ[L SH WVZPIPSPKHK KL YLHSPaHY SH WYVWHNHUKH X\L LZ[PTL JVU]LUPLU[L JVU LS ÄU KL JVU[HY JVU SH ZPTWH[xH JP\KHKHUH ` HZx PTWLKPY Z\ KLZ[P[\JP}U" ZPU LTIHYNV Z\YNL SH K\KH HJLYJH KL ZP SVZ YLNPKVYLZ ÄYTHU[LZ KL SH TVJP}U ` SVZ X\L ]V[HYVU H MH]VY KL tZ[H [LUKYxHU KLYLJOV H YLHSPaHY HSN‚U [PWV KL WYVWHNHUKH ZPU X\L tZ[H YLZ\S[L JVU[YHYPH HS WYPUJPWPV KL PTWHYJPHSPKHK 3VZ YLNPKVYLZ T\UPJPWHSLZ JVTV PU[LNYHU[LZ KLS *VUJLQV WVY Z\ JVUKPJP}U KL LUJHYNHKVZ KLS KLZHYYVSSV KL SH JVUZ\S[H ` WVY JVYYLZWVUKLYSLZ KLÄUPY SVZ SxTP[LZ KL SHZ KPMLYLU[LZ WYVW\LZ[HZ ZLN‚U LS U\TLYHS KLS THU\HS KLILYxHU HIZ[LULYZL KL KPM\UKPY J\HSX\PLY [PWV KL W\ISPJPKHK X\L LZ[t YLMLYPKH HS VIQL[V KL SH JVUZ\S[H ,Z WYLJPZV PUKPJHY X\L LS *VUJLQV 4\UPJPWHS KLIL [VTHY LU J\LU[H X\L LS WSHaV WHYH KPM\UKPY WYVWHNHUKH KLILYm JLYYHYZL HS TLUVZ \U KxH HU[LZ KL SH JLSLIYHJP}U KL SH JVUZ\S[H ,SHIVYHJP}U KL SH WYLN\U[H! 3H KLÄUPJP}U KL SH WYLN\U[H KLIL MVYT\SHYSH LS *VUJLQV 4\UPJPWHS tZ[H KLIL ZLY JSHYH ` WYLJPZH KL THULYH X\L UV JVUM\UKH V NLULYL K\KHZ HS LSLJ[VY WVY SV X\L LS VIQL[V KL SH JVUZ\S[H KLIL MVYT\SHYZL KL [HS THULYH X\L ZL W\LKH YLZWVUKLY JVU \U ¸:0¹ V JVU \U ¸56¹ 4H[LYPHS ,SLJ[VYHS! 3H JLSLIYHJP}U KL \U WSLIPZJP[V LZ \UH LSLJJP}U WLYV H LZJHSH JHU[VUHS WVY SV X\L SVZ YLX\LYPTPLU[VZ LU J\HU[V H TH[LYPHS LSLJ[VYHS ZVU SVZ TPZTVZ X\L SVZ \[PSPaHKVZ LU

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

SHZ ,SLJJPVULZ 5HJPVUHSLZ LU[YL SVZ X\L ZL KLILU JP[HY WVY JVUZPKLYHYZL SVZ TmZ PTWVY[HU[LZ LS WHKY}U YLNPZ[YV ` WHWLSL[HZ 3H LSHIVYHJP}U ` KPZ[YPI\JP}U ` ZLN\YPKHK LZ[m H JHYNV KLS *VUJLQV 4\UPJPWHS ` LZ H X\PLU SL JVYYLZWVUKL LU[YLNHYSVZ H SHZ Q\U[HZ YLJLW[VYHZ KL ]V[VZ X\L ]HSNH HJSHYHY LZHZ Q\U[HZ LZ[HYmU PU[LNYHKHZ WVY \U TxUPTV KL [YLZ TPLTIYVZ WYVWPL[HYPVZ ` Z\WSLU[LZ U}TPUH X\L ZLYm Z\TPUPZ[YHKH WVY SVZ *VUJLQVZ KL +PZ[YP[V =V[HJP}U! 3H ]V[HJP}U [HS ` JVTV ZL PUKPJ} KLILYm LMLJ[\HYZL \U KVTPUNV ZHS]V HJ\LYKV LU JVU[YH KLS *VUJLQV X\L LU [VKV JHZV YLX\LYPYm KL TH`VYxH JHSPÄJHKH 3H OVYH KL SH ]V[HJP}U LZ \U HZ\U[V KPZJYLJPVUHS KLS *VUJLQV WLYV LU UPUN‚U JHZV LS OVYHYPV KL ]V[HJP}U WVKYm ZLY PUMLYPVY H ZLPZ OVYHZ UP Z\WLYPVY H KVJL OVYHZ ,ZJY\[PUPV! *VYYLZWVUKL H SVZ TPLTIYVZ KL SHZ Q\U[HZ YLJLW[VYHZ YLHSPaHY LS LZJY\[PUPV KL ]V[VZ J\`V YLZ\S[HKV ZLYm WYV]PZPVUHS ` KLILYm LU]PHYSV LU SH MVYTH HJVYKHKH HS *VUJLQV 4\UPJPWHS Q\U[V JVU LS YLZ[V KLS TH[LYPHS LSLJ[VYHS (ZPTPZTV JVYYLZWVUKL HS *VUJLQV 4\UPJPWHS JVU SH Z\WLY]PZP}U KL SVZ KLSLNHKVZ KLZPNUHKVZ WVY LS ;YPI\UHS LS LZJY\[PUPV KLÄUP[P]V LS J\HS UV WVKYm K\YHY TmZ KL X\PUJL KxHZ KLZW\tZ KLS JPLYYL KL SHZ Q\U[HZ 7LZL H X\L UV ZL PUKPJH LU SH UVYTH ZP LS *VUJLQV 4\UPJPWHS KLIL JVT\UPJHY HS ;YPI\UHS LS YLZ\S[HKV KL SH ]V[HJP}U ZP tZ[H UV HSJHUa} SH JPMYH YLX\LYPKH SV JPLY[V LZ X\L WVY JVYYLZWVUKLYSL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ WYVU\UJPHYZL YLZWLJ[V KL SH JHUJLSHJP}U KL SHZ JYLKLUJPHSLZ KLS (SJHSKL 4\UPJPWHS LU SVZ [tYTPUVZ LS HY[xJ\SV PUJPZV I KLS *}KPNV 4\UPJPWHS WHYLJL X\L HSSx Z\YNL SH VSPNHJP}U KL PUMVYTHY LS YLZ\S[HKV KL SH ]V[HJP}U ZLH J\HS M\LYL [VKH ]La X\L SV WYVJLKLU[L ZLYxH X\L LS ;YPI\UHS TLKPHU[L YLZVS\JP}U M\UKHKH ]HSVYL LZL YLZ\S[HKV ` ZL WYVU\UJPL HS YLZWLJ[V +LIL HJSHYHYZL X\L SH ]V[HJP}U YLX\LYPKH WHYH HWYVIHY SH YL]VJH[VYPH KLS THUKH[V ZLH SH KLZ[P[\JP}U KLS (SJHSKL 4\UPJPWHS LZ KL \U KLS [V[HS KL LSLJ[VYLZ PUZJYP[VZ LU LS YLZWLJ[P]V JHU[}U 5V L_PZ[L KPZWVZPJP}U L_WYLZH LU LS HY[xJ\SV KLS *}KPNV 4\UPJPWHS YLZWLJ[V KL J\HU[HZ ]LJLZ W\LKL ZLY Z\QL[V KL WSLIPZJP[V YL]VJH[VYPV \U HSJHSKL ZPU LTIHYNV ZP HWSPJmYHTVZ SH UVYTH KLS THU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS YLZWLJ[V KL SVZ SxTP[LZ H SH YLP[LYHJP}U KL SH JVUZ\S[H LU LS ZLU[PKV KL X\L ¸9LJOHaHKV \U HZ\U[V LU WSLIPZJP[V V YLMLYLUKV UV WVKYm ]VS]LY H ZLY ZVTL[PKV H JVUZ\S[H WVW\SHY LU \U [PLTWV WY\KLUJPHS X\L KL[LYTPUHYm JHKH T\UPJPWHSPKHK LU Z\ YLNSHTLU[V WLYV X\L UV ZLYm PUMLYPVY H KVZ H|VZ¹ LU \U WLYxVKV JVUZ[P[\JPVUHS ZVSV ZL WVKYxH ZVSPJP[HY KVZ ]LJLZ SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV 7HYLJL ZLY X\L tZ[L LZ V[YV KL SVZ T\JOVZ JHIVZ Z\LS[VZ X\L KLQ} LS SLNPZSHKVY HS LZ[HISLJLY LZ[H ÄN\YH LU LS *}KPNV 4\UPJPWHS

K *HUJLSHJP}U KL SH JYLKLUJPHS V HYJOP]V KL SH NLZ[P}U WVY WHY[L KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ *VUMVYTL SV LZ[HISLJL LS HY[xJ\SV PUJPZV I KLS *}KPNV 4\UPJPWHS JVYYLZWVUKL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ!

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

¸*HUJLSHY V KLJSHYHY SH U\SPKHK KL SHZ JYLKLUJPHSLZ JVUMLYPKHZ HS HSJHSKL T\UPJPWHS ` KL SVZ YLNPKVYLZ WVY SV TV[P]VZ JVU[LTWSHKVZ LU LZ[L J}KPNV V LU V[YHZ SL`LZ" HKLTmZ YLWVULY H SVZ HSJHSKLZ ZLN‚U LS HY[xJ\SV KL LZ[L J}KPNV" HZPTPZTV JVU]VJHY H LSLJJPVULZ JVUMVYTL LS HY[xJ\SV KL LZ[L J}KPNV¹ +L HOx X\L HSJHUaHKH SH ]V[HJP}U KL \U KLS [V[HS KL LSLJ[VYLZ PUZJYP[VZ LU LS YLZWLJ[P]V JHU[}U JVYYLZWVUKLYm HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ TLKPHU[L YLZVS\JP}U M\UKHKH JHUJLSHY SHZ JYLKLUJPHSLZ KLS (SJHSKL V SVZ HSJHSKLZ [VKH ]La X\L ZL KLIL YLJVYKHY X\L H LZ[L [YmTP[L UV ZVSV LZ[m Z\QL[V LS (SJHSKL 7YVWPL[HYPV ZPUV [HTIPtU Z\Z Z\WSLU[LZ :P ZL HJVYKHYH SH JHUJLSHJP}U KL SHZ JYLKLUJPHSLZ KLS (SJHSKL 7YVWPL[HYPV JVYYLZWVUKLYm HS ;YPI\UHS YLWVULYSV JVU SVZ HSJHSKLZ Z\WSLU[LZ KL Z\ TPZTV WHY[PKV ZLN‚U SHZ YLNSHZ X\L KL[LYTPUHYVU SH LSLJJP}U " LZ KLJPY [LUKYm WYPVYPKHK LU SH Z\Z[P[\JP}U LS 7YPTLY (SJHSKL :\WSLU[L (OVYH IPLU ZP SH YL]VJH[VYPH KLS UVTIYHTPLU[V LZ KL \UV KL SVZ Z\WSLU[LZ ‚UPJHTLU[L ZL WYVJLKL JVU SH JHUJLSHJP}U KL Z\Z JYLKLUJPHSLZ [VKH ]La X\L LS (SJHSKL :\WSLU[L UV [PLUL Z\Z[P[\[V (ZPTPZTV SH YLZVS\JP}U X\L LTP[H LS ;YPI\UHS ZL JVT\UPJHYm H SHZ WHY[LZ ` ZL W\ISPJHYm LU 3H .HJL[H H SVZ LMLJ[VZ KL KHYSL SH KLIPKH W\ISPJPKHK ,U JHZV KL X\L HS WYVJLKLYZL JVU SH JHUJLSHJP}U KL JYLKLUJPHSLZ SH 4\UPJPWHSPKHK UV [\]PLYH HSJHSKLZ ZLH WVYX\L tZ[VZ YLU\UJPHYVU V WVYX\L M\LYVU KLZ[P[\PKVZ JVYYLZWVUKLYm HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVU]VJHY H LSLJJPVULZ LU LZL JHU[}U WHYH UVTIYHY \U M\UJPVUHYPV WHYH LS YLZ[V KLS WLYxVKV TPLU[YHZ LZ[L [YmTP[L ZL YLHSPaH SH ]HJHU[L KLS JHYNV SH HZ\TPYm LS 7YLZPKLU[L KLS *VUJLQV 4\UPJPWHS

0= *65*3<:065,:! H -HSLUJPHZ X\L OHU PTWLKPKV SH HWSPJHJP}U KL LZ[L PUZ[Y\TLU[V! SH WYLZLU[L PU]LZ[PNHJP}U OH TVZ[YHKV JVTV WLZL H SH I\LUH PU[LUJP}U X\L ZL [\]V KL KV[HY H SHZ JVT\UPKHKLZ KL \U PUZ[Y\TLU[V X\L SL WLYTP[PLYH LQLYJLY HSN‚U [PWV KL JVU[YVS ZVIYL SH SHIVY X\L YLHSPaHYH LS (SJHSKL 4\UPJPWHS SV JPLY[V LZ X\L ]HYPVZ ZVU SVZ HZWLJ[VZ X\L OHU PTWLKPKV SH YLHSPaHJP}U KL HS TLUVZ \U WSLIPZJP[V WLZL H X\L TV[P]VZ WHYH YLHSPaHYSV OHU L_PZ[PKV WVY LSSV KL ZLN\PKV ZL L_WVULU HSN\UVZ KL LZ[VZ HZWLJ[VZ JVU LS ÄU KL YLÅL_PVUHY ZVIYL L]LU[\HSLZ YLMVYTHZ SLNHSLZ X\L ZL W\KPLYHU PTWSLTLU[HY ,JVU}TPJHZ! 3H JLSLIYHJP}U KL \U WSLIPZJP[V H UP]LS JHU[}U LZ \U WYVJLKPTPLU[V X\L YLX\PLYH \UH WSHUPÄJHJP}U ` LZ[Y\J[\YHJP}U X\L VISPNHU H SH 4\UPJPWHSPKHK H JVU[HY JVU KPULYV Z\ÄJPLU[L WHYH Z\ JLSLIYHJP}U [VKH ]La X\L WHYH Z\ JLSLIYHJP}U KLIL HWVY[HYZL HS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ \U KL[HSSL KL J}TV LUMYLU[HYm SH 4\UPJPWHSPKHK LZL NHZ[V ,Z[H MHS[H KL WYL]PZP}U WYLZ\W\LZ[HYPH SH Z\MYP} SH 4\UPJPWHSPKHK KL 6YV[PUH X\L LU UV]PLTIYL KLS ZVSPJP[} SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV ZPU LTIHYNV UV W\KV YLHSPaHYSV W\LZ UV JVU[HIH JVU SVZ YLJ\YZVZ Z\ÄJPLU[LZ WHYH LUMYLU[HY SVZ NHZ[VZ X\L NLULYHIH Z\ YLHSPaHJP}U WVY SV X\L KLIP} KL YL[PYHY SH ZVSPJP[\K X\L WSHU[L} HS ;YPI\UHS ` LS (SJHSKL JVU[PU\} LU Z\ JHYNV

(Y[xJ\SV KLS *}KPNV 4\UPJPWHS

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

3LNP[PTHJP}U WHYH ZVSPJP[HYSV! ;HS ` JVTV ZL L_W\ZV H SV SHYNV KL LZ[H PU]LZ[PNHJP}U WLZL H X\L L_PZ[L JPLY[H JVUM\ZP}U ZVIYL SVZ YLNPKVYLZ X\L W\LKLU ZVSPJP[HY LS WSLIPZJP[V SV JPLY[V LZ X\L L_PZ[L HIZVS\[H JSHYPKHK LU J\HU[V H X\L LZH NLZ[P}U UV W\LKLU YLHSPaHYSH SVZ ]LJPUVZ H\UX\L HZx SV ZVSPJP[L SH [V[HSPKHK KL JP\KHKHUVZ X\L JVUMVYTHU LS WHKY}U LSLJ[VYHS KL LZL JHU[}U" LZ KLJPY UPJHTLU[L SVZ YLNPKVYLZ W\LKLU ZVSPJP[HY SH YL]VJH[VYPH KLS THUKH[V ULNmUKVZLSL H SVZ JP\KHKHUVZ LZH WV[LZ[HK 3H WVZPIPSPKHK KL X\L L_PZ[H \U HJ\LYKV LU[YL SVZ YLNPKVYLZ WHYH UV ZVSPJP[HY SH YL]VJH[VYPH LZ \U OLJOV X\L UV LZJHWH KL U\LZ[YH YLHSPKHK WVSx[PJH WVY SV X\L HU[L LZ[H OPW}[LZPZ SH JP\KHKHUxH UV WVKYxH WVULYSL ÄU `H X\L SH KLJPZP}U KL ZVSPJP[HY LS WSLIPZJP[V LZ \U HZ\U[V SPIYHKV H SH ]VS\U[HK KLS *VUJLQV 4\UPJPWHS -HS[H KL WYVT\SNHJP}U KLS YLNSHTLU[V WVY WHY[L KL SHZ T\UPJPWHSPKHKLZ! ,Z YLX\PZP[V ZPUL X\H UVU WHYH SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV X\L SH 4\UPJPWHSPKHK OH`H KPJ[HKV \U YLNSHTLU[V HS LMLJ[V ZLN U SV LZ[HISLJL LS HY[xJ\SV PUJPZV Q KLS *}KPNV 4\UPJPWHS ` SH UVYTH U TLYV ` KLS 4HU\HS WHYH SH 9LHSPaHJP}U KL *VUZ\S[HZ 7VW\SHYLZ H ,ZJHSH *HU[VUHS ` +PZ[YP[HS :PU LTIHYNV H LZ[L TVTLU[V KL SHZ VJOLU[H ` \U T\UPJPWHSPKHKLZ X\L PU[LNYHU LS [LYYP[VYPV UHJPVUHS UPJHTLU[L ]LPU[PJ\H[YV OHU KPJ[HKV LZL YLNSHTLU[V WVY SV X\L LZ JSHYV X\L WHYLJL X\L UV L_PZ[L JVUJPLUJPH LU SHZ H\[VYPKHKLZ T\UPJPWHSLZ KL SH PTWVY[HUJPH KL J\TWSPY JVU LZH MVYTHSPKHK 3H 4\UPJPWHSPKHK KL 6YLHT\UV WSHU[L} \UH ZVSPJP[\K KL WSLIPZJP[V WLYV KLIP} LUMYLU[HY \UH ZLYPL KL JVTWSPJHJPVULZ X\L PTWPKPLYVU Z\ JLSLIYHJP}U W\LZ UV OHIxH KPJ[HKV LS YLNSHTLU[V LSSV WYV]VJ} X\L LS HZ\U[V ZL SSL]HYH H SVZ [YPI\UHSLZ KL Q\Z[PJPH WHYH YL]PZHY SH SLNHSPKHK KLS HJ\LYKV T\UPJPWHS I 5LJLZPKHK KL YLMVYTHZ LSLJ[VYHSLZ! :P IPLU UV OLTVZ [LUPKV UPUN\UH L_WLYPLUJPH LU SH JLSLIYHJP}U KL WSLIPZJP[V YL]VJH[VYPV X\L UVZ WLYTP[H L]HS\HY Z\ M\UJPVUHTPLU[V WHYLJL X\L KLILTVZ WSHU[LHYUVZ ZP H LMLJ[V KL OHJLY YLHSTLU[L LMLJ[P]V LZ[L WYVJLKPTPLU[V ZL KLILU PTWSLTLU[HY HSN\UHZ YLMVYTHZ ZLH SLNHSLZ WVY WHY[L KL SH (ZHTISLH 3LNPZSH[P]H V YLNSHTLU[HYPHZ ¶TLKPHU[L PU[LYWYL[HJP}U WVY WHY[L KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVU LS ÄU KL HJSHYHY HSN\UVZ HZWLJ[VZ X\L X\LKHYVU ZPU YLZVS]LY ` YLX\PLYLU ZLY KPS\JPKHKVZ +LILYxHU HJSHYHYZL HZWLJ[VZ [HSLZ JVTV LS KLÄUPY X\PtULZ ZVU SVZ TPLTIYVZ KLS *VUJLQV X\L Z\ZJYPILU SH TVJP}U ` X\PtULZ KL LSSVZ SH KLILU ]V[HY WLZL H X\L WHYLJL X\L LZ \U HZ\U[V X\L LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ `H KLÄUP} ` X\L OH LU[LUKPKV X\L ZVU SVZ TPLTIYVZ WYVWPL[HYPVZ X\PLULZ SH Z\ZJYPILU ` X\PLULZ SH ]V[HU 3H WVZPIPSPKHK KL OHJLY WYVWHNHUKH WVY WHY[L KL SVZ YLNPKVYLZ X\L Z\ZJYPILU SH TVJP}U ` KLS (SJHSKL LZ \U HZ\U[V X\L UV ZL LUJ\LU[YH YLN\SHKV ` X\L KHKH Z\ PTWVY[HUJPH ` [YHZJLUKLUJPH KLILYxH LZ[HYSV" LZ KLJPY UV L_PZ[L JSHYPKHK ZP LZ WLYTP[PKH SH WYVWHNHUKH LU LS WSLIPZJP[V YL]VJH[VYPV ` X\PtULZ [LUKYxHU KLYLJOV H OHJLYSH V UV OHJLYSH

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

6[YV HZWLJ[V X\L JHYLJL KL YLN\SHJP}U LZ LS YLSH[P]V H J\mU[HZ ]LJLZ ZL W\LKL ZVSPJP[HY LS WSLIPZJP[V YL]VJH[VYPV KLS (SJHSKL 4\UPJPWHS ZP IPLU LZH MYLJ\LUJPH WHYLJL X\L W\LKL ÄQHYZL KL SH YLSHJP}U KL SV KPZW\LZ[V LU LS HY[xJ\SV KLS THU\HS WHYH SH YLHSPaHJP}U KL JVUZ\S[HZ WVW\SHYLZ H LZJHSH JHU[VUHS ` KPZ[YP[HS SV JPLY[V LZ X\L UV ZL WYLJPZH JVU SH JSHYPKHK X\L KLIPLYH LZ[HY ZVIYL [VKV WVYX\L LZ[L LZ \U HZWLJ[V X\L KLIL LZ[HY WYL]PZ[V LU SH UVYTH SLNHS ` UV LU \U YLNSHTLU[V KL SH 4\UPJPWHSPKHK 7VY S[PTV ZL KLIL PUKPJHY X\L LU ]PY[\K KL UV L_PZ[PY UPUN\UH YLN\SHJP}U HS YLZWLJ[V ZL W\LKL ZVSPJP[HY SH JLSLIYHJP}U KL \U WSLIPZJP[V YL]VJH[VYPV LS TPZTV KxH LU X\L HZ\TL M\UJPVULZ LS (SJHSKL 4\UPJPWHS W\LZ SH UVYTH[P]H T\UPJPWHS UV LZ[HISLJL J\mU[V [PLTWV KLZW\tZ KL LQLYJLY LS JHYNV ZL W\LKL ZVSPJP[HY \U WSLIPZJP[V

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

= 30;,9(;<9( *65:<3;(+( (J[HZ (ZHTISLH 5HJPVUHS *VUZ[P[\`LU[L KL :HU 1VZt ! 0TWYLU[H 5HJPVUHS *HIHULSSHZ KL ;VYYLZ .\PSSLYTV +PJJPVUHYPV 1\YxKPJV ,SLTLU[HS (YNLU[PUH ! ,KP[VYPHS /LSPHJH : 9 3 *VZ[H 9PJH B*VUZ[P[\JP}U D *VUZ[P[\JP}U 7VSx[PJH KL SH 9LW‚ISPJH KL *VZ[H 9PJH ¡ LK :HU 1VZt ! ,KP[VYPHS 0U]LZ[PNHJPVULZ 1\YxKPJHZ *VZ[H 9PJH B3L`LZD *}KPNV 4\UPJPWHS 7\ISPJHKV LU LS HSJHUJL 5¢ H 3H .HJL[H 5¢ KLS KL Q\UPV KL *VZ[H 9PJH B3L`LZD *}KPNV 4\UPJPWHS ¡ LK :HU 1VZt ! ,KP[VYPHS 0U]LZ[PNHJPVULZ 1\YxKPJHZ *VZ[H 9PJH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 4HU\HS WHYH SH 9LHSPaHJP}U KL *VUZ\S[HZ 7VW\SHYLZ H ,ZJHSH *HU[VUHS ` +PZ[YP[HS 7\ISPJHKV LU 3H .HJL[H U‚TLYV KLS KL VJ[\IYL KL +L =LYNV[[PUP .P\ZLWWL +LYLJOV *VUZ[P[\JPVUHS *VTWHYHKV 4HKYPK ! ,ZWHZH *HSWL : ( +\]LYNLY 4H\YPJL 0UZ[P[\JPVULZ 7VSx[PJHZ ` +LYLJOV *VUZ[P[\JPVUHS )HYJLSVUH ! ,KPJPVULZ (YPLS ,UJPJSVWLKPH 1\YxKPJH (TLIH )\LUVZ (PYLZ (YNLU[PUH ! )PISPVNYmÄJH (TLIH -LYUmUKLa (YNÂ…LSSV /\ILY[ ` :mUJOLa 5H]HYYV 0SLHUH 3HZ *VUZ\S[HZ 7VW\SHYLZ H UP]LS *HU[VUHS ` +PZ[YP[HS :HU 1VZt ! ,KP[VYPHS 0U]LZ[PNHJPVULZ 1\YxKPJHZ : ( .HYJxH 7LSH`V 4HU\LS ;YH[HKV KL +LYLJOV *VUZ[P[\JPVUHS *VTWHYHKV 4HKYPK ! )mYIHYH KL )YHNHUaH /LYUmUKLa =HSSL 9\ItU ,S +LYLJOV KL SH *VUZ[P[\JP}U :HU 1VZt ! ,KP[VYPHS 1\YPJLU[YV 0NSLZPHZ 1\HU +LYLJOV 9VTHUV ¡ )HYJLSVUH ! ,KP[VYPHS )HYJLSVUH 0UZ[P[\[V 0U[LYHTLYPJHUV KL +LYLJOVZ /\THUVZ +PJJPVUHYPV ,SLJ[VYHS KH LK :HU 1VZt !00+/ 0UZ[P[\[V 5HJPVUHS KL ,Z[\KPVZ 7VSx[PJVZ +PJJPVUHYPV ,SLJ[VYHS KH LK 4t_PJV ! 05,7

5Ø4,96 :,.<5+6 :,4,:;9,

9,=6*(;690( +,3 4(5+(;6 7(9( -<5*065(906: +, ,3,**0Ô5 767<3(9 ,5 36: .6)0,956: 36*(3,:

9VKYxN\La 8\PQHUV (UKYLH 0TWSLTLU[HJP}U KLS YLMLYtUK\T ` SH PUPJPH[P]H WVW\SHY LU *VZ[H 9PJH 7HY[PJPWHJP}U *P\KHKHUH ;LZPZ KL NYHKV WHYH VW[HY WVY LS [x[\SV KL 3PJLUJPHKH LU +LYLJOV -HJ\S[HK KL +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH <IPJV +\YmU *HYSVZ (SLQHUKYV 7SLIPZJP[V 9LMLYLUKV ` *HIPSKV LU LS 6YKLUHTPLU[V 1\YxKPJV *VZ[HYYPJLUZL ;LZPZ KL NYHKV WHYH VW[HY WVY LS [x[\SV KL 3PJLUJPHKV LU +LYLJOV -HJ\S[HK KL +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0;06: ,5 05;,95,; 7YV`LJ[V ZVIYL (KTPUPZ[YHJP}U ` *VZ[V KL ,SLJJPVULZ (*, O[[W! ^^^ HJLWYVQLJ[ VYN THPU LZWHUVS PUKL_ O[T 7YV`LJ[V LWPJ *VSLJJP}U 0UMVYTH[P]H ZVIYL 7YVJLZVZ ,SLJ[VYHSLZ O[[W! ^^^ LWPJWYVQLJ[ VYN LZ ;YPI\UHS :\WYLTV KL ,SLJJPVULZ O[[W! ^^^ [ZL NV JY 3,.0:3(*0Ô5 ,?;9(51,9( *VSVTIPH B*VUZ[P[\JP}UD *VUZ[P[\JP}U 7VSx[PJH KL *VSVTIPH ,J\HKVY B*VUZ[P[\JP}UD *VUZ[P[\JP}U 7VSx[PJH KL ,J\HKVY 7LY‚ B*VUZ[P[\JP}UD *VUZ[P[\JP}U 7VSx[PJH KL 7LY‚ =LULa\LSH B*VUZ[P[\JP}UD *VUZ[P[\JP}U 7VSx[PJH KL =LULa\LSH 1<90:79<+,5*0( :HSH *VUZ[P[\JPVUHS KL SH *VY[L :\WYLTH KL 1\Z[PJPH :HSH *VUZ[P[\JPVUHS YLZVS\JP}U U‚TLYV SHZ X\PUJL OVYHZ KLS ]LPU[PJPUJV KL TH`V KL TPS UV]LJPLU[VZ UV]LU[H ` J\H[YV :HSH *VUZ[P[\JPVUHS YLZVS\JP}U U‚TLYV KL SHZ ! OVYHZ KLS KL HNVZ[V KL

;YPI\UHS :\WYLTV KL ,SLJJPVULZ ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZVS\JP}U U‚TLYV , KL SHZ ! OVYHZ KLS KL HNVZ[V KLS 9LJ\YZV KL HTWHYV LSLJ[VYHS PU[LYW\LZ[V WVY LS ZL|VY 4HYPV 9VKYxN\La )HKPSSH JVU[YH LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ ` JVU[YH SVZ KPW\[HKVZ /\TILY[V (YJL :HSHZ

5Ø4,96 :,.<5+6 :,4,:;9,

1\HU 3\PZ 9P]LYH :mUJOLa

8\xYPJV 1PTtULa 4HKYPNHS ,S]PH 5H]HYYV =HYNHZ ,TPSPH 4HYxH 9VKYxN\La (YPHZ 9HMHLS ร UNLS =HYLSH .YHUHKVZ ` 1\HU 1VZt =HYNHZ -HSSHZยน ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZVS\JP}U Uย TLYVZ 4 KL SHZ ! OVYHZ KLS KL LULYV KLS ZVSPJP[\K KL JHUJLSHJP}U KL JYLKLUJPHSLZ WVY SH KLU\UJPH JVU[YH SVZ ZL|VYLZ (SL_ 4H_ *VU[YLYHZ :LYYHUV =LYH 3}WLa ร S]HYLa @LZZPJH =HSSLQVZ *VYKLYV 9VKVSMV *LJPSPHUV .HTIVH 4PN\LS .YHQHS .HTIVH ` +HTHYPZ 4VYHNH 4HJOHKV LS WYPTLYV (SJHSKL 4\UPJPWHS SVZ YLZ[HU[LZ YLNPKVYLZ KL SH 4\UPJPWHSPKHK KL (N\PYYL MVYT\SHKH WVY LS ZL|VY *HYSVZ ,UYPX\L :V[V .}TLa ;YPI\UHS :\WYLTV KL ,SLJJPVULZ YLZVS\JP}U 4 KL SHZ ! OVYHZ KLS KL LULYV KLS 7YVJ\YHK\YxH .LULYHS KL SH 9LWย ISPJH 7YVJ\YHK\YxH .LULYHS KL SH 9LWย ISPJH +PJ[HTLU Uย TLYV KLS KL TH`V KLS

=0 (5,?6: 4\UPJPWHSPKHKLZ JVU 9LNSHTLU[V KL *VUZ\S[HZ 7VW\SHYLZ 4\UPJPWHSPKHK :HYHWPX\x 7\U[HYLUHZ ;PImZ 7HYHxZV 7tYLa ALSLK}U ,ZJHaย :HU 9HT}U .\mJPTV 7VJVJx :HU 0ZPKYV (SHQ\LSH 1PTtULa /LYLKPH *HY[HNV 7HSTHYLZ 3H <UP}U 6YV[PUH 6YLHT\UV :HU *HYSVZ +LZHTWHYHKVZ ;\YYPHSIH :HU[H )mYIHYH :HU 7HISV *HYYPSSV

.HJL[H

+xH 3\ULZ 4HY[LZ 4PtYJVSLZ =PLYULZ 3\ULZ 4HY[LZ 3\ULZ =PLYULZ 4HY[LZ =PLYULZ 3\ULZ ยข 1\L]LZ 4PtYJVSLZ 4HY[LZ 1\L]LZ 4PtYJVSLZ 4HY[LZ 4PtYJVSLZ 3\ULZ =PLYULZ 4HY[LZ 3\ULZ =PLYULZ 4PtYJVSLZ

5ร 4,96 :,.<5+6 :,4,:;9,

4LZ 1\UPV -LIYLYV -LIYLYV (IYPS 1\UPV (IYPS 4HYaV 1\UPV +PJPLTIYL 4H`V 1\SPV 1\SPV -LIYLYV (IYPS 1\UPV 4HYaV +PJPLTIYL :L[PLTIYL :L[PLTIYL ,ULYV 4H`V 1\UPV 4HYaV 4H`V

(|V

HȐɕȐ͌Ǹ

)0)306.9Í-0*(

90=,9( (9(@( 96@ @ @ 3VZ WHY[PKVZ SVJHSLZ ` SH KLTVJYHJPH LU SVZ Z 4PJYV[LYYP[VYPVZ KL *VZ[H 9PJH YL[YVZWLJJP}U 7LYZWLJ[P]HZ :HU 1VZt * 9 ! -3(*6 ! -\UKHJP}U /VUYHK (KLUH\Y W

*VU[PLUL SVZ [L_[VZ X\L ZL WYLZLU[HYVU LU \U [HSSLY ZVIYL LS [LTH VYNHUPaHKV LU LS THYJV KLS WYV`LJ[V KL PU]LZ[PNHJP}U 7HY[PKVZ WVSx[PJVZ SVJHSLZ ` KLTVJYHJPH LU *VZ[H 9PJH PUZJYP[V LU SH :LKL (JHKtTPJH KL -3(*:6 *VZ[H 9PJH JVU LS HWV`V KL SH -\UKHJP}U /VUYHK (KLUH\LY ,U LS WYPTLY JHWx[\SV ZL L_WVULU SVZ WYPUJPWHSLZ YLZ\S[HKVZ KL SH PU]LZ[PNHJP}U ,U LS ZLN\UKV JHWx[\SV ZL WYLZLU[H \U LZ[\KPV ZVIYL SHZ [LUKLUJPHZ LU SH OPZ[VYPH LSLJ[VYHS T\UPJPWHS X\L ]H KLZKL OHZ[H LS :L PUJS\`L \UH ZPZ[LTH[PaHJP}U KL SH PUMVYTHJP}U X\L WLYTP[L OHJLYZL \UH PKLH KLS JVTWVY[HTPLU[V LSLJ[VYHS X\L OHU [LUPKV LU SVZ ‚S[PTVZ JPUJ\LU[H H|VZ HZx JVTV SH SxULH KL HZJLUZV X\L OHU TVZ[YHKV SVZ TPJYVWHY[PKVZ LU SVZ ‚S[PTVZ H|VZ ,S [LYJLY JHWx[\SV ZL PU[YVK\JL \UH KPZJ\ZP}U ZVIYL SVZ ZPZ[LTHZ KL WHY[PKVZ ` SH UH[\YHSLaH KL SVZ TPJYVWHY[PKVZ ` ZL L]HS‚H SV X\L OH ZPKV Z\ WYLZLUJPH LU SH LZJLUH WVSx[PJH UHJPVUHS LU SVZ ‚S[PTVZ H|VZ :L HUHSPaH SH WHY[PJPWHJP}U KL LZ[HZ HNY\WHJPVULZ LU SHZ WYPTLYHZ LSLJJPVULZ KL HSJHSKL ,U LS ‚S[PTV JHWx[\SV ZL WYLZLU[H \UH YLÅL_P}U ZVIYL SH WHY[PJPWHJP}U KL SH T\QLY LU SH NLZ[P}U SVJHS LUMH[PaHUKV LU LS ]xUJ\SV X\L L_PZ[L LU[YL LZ[L [PWV KL WYmJ[PJH ` LS LQLYJPJPV KL SH JP\KHKHUxH :L KPZJ\[L SV X\L [PLUL X\L ]LY JVU SH PKLH KL KLZHYYVSSV SVJHS ` LS WHWLS X\L J\TWSL ` KLIL J\TWSPY SH T\QLY LU LZL JVU[L_[V +LZJYPWJP}U [VTHKH KL SH JVU[YHWVY[HKH

5Ø4,96 :,.<5+6 :,4,:;9,

*VZ[H 9PJH ;YPI\UHS :\WYLTV KL ,SLJJPVULZ Z ¸3H Q\Z[PJPH LSLJ[VYHS JVZ[HYYPJLUZL W\LZ[H H H WY\LIH¹ +VJ\TLU[V ,SLJ[Y}UPJV 4HNPZ[YHKV 3\PZ (U[VUPV :VIYHKV .VUamSLa JVTWPSHKVY :HU 1VZt * 9 ! ; : ,

3HZ LSLJJPVULZ J\LU[HU JVU [YLZ WYV[HNVUPZ[HZ! SVZ WHY[PKVZ WVSx[PJVZ H J\`V JHYNV JVYYL SH WVZ[\SHJP}U KL SVZ JHUKPKH[VZ SVZ LSLJ[VYLZ ` SH VYNHUPaHJP}U LSLJ[VYHS H X\PLU JVTWL[L SH HKTPUPZ[YHJP}U KLS WYVJLZV LSLJ[VYHS ` aHUQHY SHZ JVU[YV]LYZPHZ X\L ZL Z\ZJP[LU JVU TV[P]V KLS TPZTV ,U *VZ[H 9PJH SH M\UJP}U LSLJ[VYHS JVUJLIPKH JVUZ[P[\JPVUHSTLU[L JVTV SH ¸VYNHUPaHJP}U KPYLJJP}U ` ]PNPSHUJPH KL SVZ HJ[VZ YLSH[P]VZ HS Z\MYHNPV¹ LZ[m H[YPI\PKH H \UH VYNHUPaHJP}U LU J\`H J‚ZWPKL ZL \IPJH LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ HS J\HS ZL Z\IVYKPUHU LS 9LNPZ[YV *P]PS ` SHZ Q\U[HZ LSLJ[VYHSLZ JVTV }YNHUVZ Z\IVYKPUHKVZ KL HKTPUPZ[YHJP}U LSLJ[VYHS X\L ZVU <UH KL SHZ WHY[PJ\SHYPKHKLZ KL LZL ;YPI\UHS YHKPJH LU SH JPYJ\UZ[HUJPH ZLN‚U SH J\HS LZL YVS KL QLYHYJH KL SH HKTPUPZ[YHJP}U LSLJ[VYHS SV KLZLTWL|H ZPT\S[mULHTLU[L JVU LS KL Q\La LSLJ[VYHS ,ZH Q\YPZKPJJP}U LSLJ[VYHS ZL JHYHJ[LYPaH WVY ZLY LZWLJPHSPaHKH JVUJLU[YHKH \UPPUZ[HUJPHS ` WVY JHYLJLY KL YLJ\YZV Q\KPJPHS Z\Z YLZVS\JPVULZ 3H TPZTH ZL [YHK\JL LU LS JVUVJPTPLU[V KL KP]LYZVZ WYVJLZVZ YLSH[P]VZ H SH TH[LYPH LSLJ[VYHS H ZHILY! LS ]PUJ\SHKV JVU SVZ YLZ\S[HKVZ LSLJ[VYHSLZ SH KLTHUKH KL U\SPKHK LS YLJ\YZV KL HWLSHJP}U JVU[YH HJ[VZ LSLJ[VYHSLZ KL SH HKTPUPZ[YHJP}U LSLJ[VYHS PUMLYPVY \ V[YV }YNHUV HKTPUPZ[YH[P]V SH HU\SHJP}U V JHUJLSHJP}U KL JYLKLUJPHSLZ KL M\UJPVUHYPVZ KL LSLJJP}U WVW\SHY SVZ YLSHJPVUHKVZ JVU LS M\UJPVUHTPLU[V KL SVZ WHY[PKVZ WVSx[PJVZ LS WYVJLKPTPLU[V YLJ\YZP]V KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS LS YLJ\YZV KL HTWHYV LSLJ[VYHS ` SH HJJP}U KL U\SPKHK ` WVY ‚S[PTV LS Q\aNHTPLU[V KL SVZ PSxJP[VZ KL WHYJPHSPKHK ` WHY[PJPWHJP}U WVSx[PJH WYVOPIPKH *VU TV[P]V KLS WYVJLZV LSLJ[VYHS KLU[YV KLS J\HS ZL ]LYPÄJHYVU SHZ ]V[HJPVULZ KLS WHZHKV KL MLIYLYV LS ;YPI\UHS KPJ[} TmZ KL TPS YLZVS\JPVULZ ZLN‚U LS ZPN\PLU[L KL[HSSL! :LU[LUJPHZ HS

9LJ\YZVZ KL HTWHYV LSLJ[VYHS LU WYVJLZVZ KL LSLJJPVULZ PU[LYUHZ WHY[PKHYPHZ

(JJPVULZ KL U\SPKHK

5Ø4,96 :,.<5+6 :,4,:;9,

;V[HS

+LU\UJPHZ LU WYVJLZVZ LSLJJPVUHYPVZ WHY[PKHYPVZ PU[LYUVZ

(WLSHJP}U JVU[YH +.9* WVY PUZJYPWJP}U KL WHY[PKVZ WVSx[PJVZ

(WLSHJP}U JVU[YH +.9* WVY PUZJYPWJP}U KL JHUKPKH[\YHZ (WLSHJPVULZ ]xH HY[ *, ` HY[ 36;:,

(WLSHJP}U JVU[YH 7YVNYHTH ,SLJ[VYHS 7LYTPZVZ WHYH 4HUPMLZ[HJPVULZ ` +LZÄSLZ

(WLSHJP}U JVU[YH +LSLNHJPVULZ KL 7VSPJxH KL 7YV_PTPKHK

(WLSHJP}U JVU[YH 1LMH[\YH KL +LSLNHKVZ KLS ;:,

(WLSHJPVULZ JVU[YH :LJYL[HYxH KLS ;:,

0TW\NUHJPVULZ KP]LYZHZ YLZWLJ[V KLS WYVJLZV LSLJ[VYHS KPYLJ[HTLU[L WSHU[LHKHZ HU[L LS ;:,

+LTHUKHZ KL U\SPKHK +LU\UJPHZ ,SLJ[VYHSLZ ;V[HSLZ

B5V[H! ,S HU[LYPVY J\HKYV ‚UPJHTLU[L ZL YLÄLYL H SHZ YLZVS\JPVULZ KPYLJ[HTLU[L YLSHJPVUHKHZ JVU LS WYVJLZV LSLJ[VYHS KL MLIYLYV KLS " WVY LSSV UV JVPUJPKL JVU SH [V[HSPKHK KL SVZ WYVJLZVZ HIVYKHKVZ WVY LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU SVZ WLYxVKVZ YLZWLJ[P]VZ ( TVKV KL LQLTWSV! LU LS H|V LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVUVJP} \U [V[HS KL YLJ\YZVZ KL HTWHYV LSLJ[VYHS KVUKL ZVSV KH[V X\L ZL L_WVUL ZL LUTHYJHU KLU[YV KL SVZ WYVJLZVZ KL LSLJJPVULZ PU[LYUHZ WHY[PKHYPHZD (S X\LKHU WLUKPLU[LZ KL YLZVS\JP}U KLU\UJPHZ LSLJ[VYHSLZ KL LSSHZ LZ[mU LU PU]LZ[PNHJP}U WVY WHY[L KL SH 0UZWLJJP}U ,SLJ[VYHS SHZ YLZ[HU[LZ `H M\LYVU PUZ[Y\PKHZ WVY LZL }YNHUV ` W\LZ[HZ LU JVUVJPTPLU[V KLS ;YPI\UHS WHYH Z\ YLZVS\JP}U

(\UX\L [YHKPJPVUHSTLU[L LZL mTIP[V Q\YPZKPJJPVUHS KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ UV Z\LSL ZLY [HU ]PZPISL HU[L SH JP\KHKHUxH WLZL H SH ]PNVYVZH L_WHUZP}U X\L OH [LUPKV LU LZ[H KtJHKH WYVK\J[V LZWLJPHSTLU[L KL SH MVYT\SHJP}U Q\YPZWY\KLUJPHS KLS YLJ\YZV KL HTWHYV LSLJ[VYHS [\]V \UH KPTLUZP}U ` [YHZJLUKLUJPH PUZVZWLJOHKHZ K\YHU[L LS YLJPtU JVUJS\PKV WYVJLZV LSLJ[VYHS LU ]PY[\K KL SV HQ\Z[HKV KL Z\Z YLZ\S[HKVZ ,SSV ZL L]PKLUJPH ZP ZL JVTWHYH LS U‚TLYV KL ZLU[LUJPHZ KPJ[HKHZ JVU TV[P]V KL SHZ KLTHUKHZ KL U\SPKHK WYLZLU[HKHZ K\YHU[L LS LZJY\[PUPV KL SHZ ]V[HJPVULZ KL MLIYLYV KL JPUJV ` LS JVYYLZWVUKPLU[L H SVZ WHZHKVZ JVTPJPVZ WYLZPKLUJPHSLZ X\PUPLU[HZ ]LPU[PJ\H[YV ( SV SHYNV KLS ‚S[PTV H|V ZL OHU KHKV LU (TtYPJH 3H[PUH HSN\UVZ LQLTWSVZ KL LSLJJPVULZ JVU \U KLZLUSHJL T\` YL|PKV V PULZWLYHKV LS JHZV KL 4t_PJV LZ LS ‚S[PTV WLYV UV LS ‚UPJV JVTWHYHISL H SV X\L HJVU[LJP} LU MLIYLYV LU *VZ[H 9PJH [VKVZ SVZ J\HSLZ HJHYYLHYVU \U PUJYLTLU[V

5Ø4,96 :,.<5+6 :,4,:;9,

KLZTLKPKV KL SH JVUÃ…PJ[P]PKHK LSLJ[VYHS X\L ZL [YHK\QV LU \UH NYHU JHU[PKHK KL KLTHUKHZ YLJ\YZVZ ` YLJSHTHJPVULZ MVYTHSLZ HU[L SH Q\YPZKPJJP}U LSLJ[VYHS ,U ]HYPHZ KL LZHZ VWVY[\UPKHKLZ W\KV VIZLY]HYZL J}TV HSN\UHZ KL SHZ HNY\WHJPVULZ LU W\NUH HWYV]LJOHYVU LZVZ TLJHUPZTVZ Q\YPZKPJJPVUHSLZ HZx JVTV Z\ JVU[HJ[V JVU SVZ TLKPVZ KL JVT\UPJHJP}U JVSLJ[P]H WHYH ZVIYLKPTLUZPVUHY J\HSX\PLY HUVTHSxH YLHS V ÄJ[PJPH *VU LSSV ZL JYLHIH \U JSPTH L_HJLYIHKV X\L WVSx[PJHTLU[L WYLZPVUHIH SH YLZVS\JP}U MH]VYHISL KL LZVZ YLJSHTVZ ` HZx YLJVY[HY SHZ KPMLYLUJPHZ KLS LZJY\[PUPV V LU LS WLVY KL SVZ JHZVZ MVYaHY SH HU\SHJP}U WHYJPHS V PUJS\ZV [V[HS KL SHZ ]V[HJPVULZ 5V KLILYxH ZVYWYLUKLY X\L LU [HSLZ ZP[\HJPVULZ M\LYH MYLJ\LU[L SH WYVWHSHJP}U KL PUMVYTHJP}U KPZ[VYZPVUHKH Y\TVYLZ MHSZVZ ` J\LZ[PVUHTPLU[VZ NLULYHSPaHKVZ ZVIYL SH SLNP[PTPKHK KL SH JVUZ\S[H WVW\SHY HIHYJHUKV PUJS\ZV SH KLZJHSPÄJHJP}U KL SH HKTPUPZ[YHJP}U LSLJ[VYHS ` KL X\PLULZ OHIYxHU KL Q\aNHY SHZ JVU[YV]LYZPHZ LSLJ[VYHSLZ WYVWPJPHUKV K\KHZ PUM\UKHKHZ ZVIYL Z\ YLJ[P[\K ` JVTWL[LUJPH ,S ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KL *VZ[H 9PJH LZ[PTH UV Z}SV OHILY HMYVU[HKV L_P[VZHTLU[L LZH JV`\U[\YH ZPUV X\L PUJS\ZV JVUZVSPK} HU[L SH JP\KHKHUxH ` LS T\UKV Z\ PTHNLU ` WYLZ[PNPV :\Z 4HNPZ[YHKVZ OLTVZ LZ[PTHKV VWVY[\UV YLJVNLY H [YH]tZ KLS KVJ\TLU[V LSLJ[Y}UPJV PU[P[\SHKV ¸3H Q\Z[PJPH LSLJ[VYHS JVZ[HYYPJLUZL W\LZ[H H WY\LIH¹ ` JVTV \UH MVYTH KL YLUKPJP}U KL J\LU[HZ LS TPSSHY KL YLZVS\JPVULZ X\L KPLYVU YLZW\LZ[H H LZH JVUÃ…PJ[P]PKHK H SV SHYNV KLS WYVJLZV LSLJ[VYHS SV J\HS WLYTP[P} X\L LU LS TLZ KL TH`V WHZHKV HZ\TPLYH M\UJPVULZ LS U\L]V 7YLZPKLU[L KL SH 9LW‚ISPJH ` X\L ZL YLUV]HYHU SH (ZHTISLH 3LNPZSH[P]H ` SVZ JVUZLQVZ T\UPJPWHSLZ KL [VKV LS WHxZ +PJOH PUMVYTHJP}U ZLYm ZPU K\KH KL NYHU YLSL]HUJPH WHYH SVZ HUHSPZ[HZ SVZ HJ[VYLZ WVSx[PJVZ LS JxYJ\SV HJHKtTPJV ` SH JP\KHKHUxH LU NLULYHS JVTV PUZ\TV KLS HUmSPZPZ ` YLÃ…L_P}U ZLYLUVZ X\L PTWVUL \U WYVJLZV LSLJ[VYHS X\L ZLN\YHTLU[L WHZHYm H SH OPZ[VYPH JVTV \U OP[V KL SH L]VS\JP}U KLTVJYm[PJH JVZ[HYYPJLUZL 4HNPZ[YHKV 3\PZ (U[VUPV :VIYHKV .VUamSLa JVTWPSHKVY

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6:

(5,?6

30:;( +, ;9()(16: -05(3,: +, .9(+<(*0Ô5 ,:7,*0(30A(+6: ,5 +,9,*/6 ,3,*;69(3 +0:7650)3,: ,5 3( )0)306;,*( +,3 ;90)<5(3 :<79,46 +, ,3,**065,:

:0.5(;<9(! = Y (<;69! =PJLUZP WL|HYHUKH )Y\ULSSV ;0;<36! 9LMVYTHZ HS ZPZ[LTH LSLJ[VYHS LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! ) = 7 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! ) Y (<;69! )YLULZ *HTHJOV .VUaHSV ;0;<36! ,S 9LNPZ[YV *P]PS ! Z\Z M\UJPVULZ L PTWVY[HUJPH 0479,5;(! B:HU 1VZt * 9 D! . ) * +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! = S (<;69! =PL[V (ZJO *HYSVZ ;0;<36! 3L` KL L_[YHUQLYxH ` UH[\YHSPaHJP}U YLMVYTHZ H SVZ HY[xJ\SVZ ` 0479,5;(! B:HU 1VZt * 9 D! * = ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU 3L`LZ <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! = Q (<;69! =VSPV )YLULZ 4HYPUH ;0;<36! 1VYNL =VSPV ` LS WHY[PKV YLMVYTPZ[H 0479,5;(! B:HU 1VZt * 9 D! 4 = ) +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU /PZ[VYPH <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! + V (<;69! +xHa 1PTtULa 3\PZ -LYUHUKV ;0;<36! 3H VYNHUPaHJP}U LSLJ[VYHS KLS 7HY[PKV 3PILYHJP}U 5HJPVUHS LU SH JHTWH|H KL 0479,5;(! :HU 1VZt * 9 ! 3 + 1 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ( \ (<;69! ÍS]HYLa -\LU[LZ +LUPZ ;0;<36! <UH WYVISLTm[PJH KLS HY[xJ\SV KL SH *VUZ[P[\JP}U 7VSx[PJH KL SH 9LW ISPJH KL *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! + ( - +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ) W (<;69! )YLULZ .}TLa 1VYNL *SH\KPV 0;<36! 3VZ WYVNYHTHZ KL JLK\SHJP}U ` LTWHKYVUHTPLU[V HTI\SHU[L KL SVZ VYNHUPZTVZ LSLJ[VYHSLZ ` Z\Z LMLJ[VZ LU SH TLJmUPJH LSLJ[VYHS JVZ[HYYPJLUZL 0479,5;(! B:HU 1VZt * 9 D! 1 ) . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! > J (<;69! >PU[OYVW 4\YWO` +HUH ;0;<36! *VZ[H 9PJH ! [OL L]VS\[PVU VM H ^VYRPUN T\S[` WHY[` Z`Z[LT PU [OL WVZ[ YL]VS\[PVUHY` LYH 0479,5;(! >HZOPUN[VU + * ! + > 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U +VJ[VYHKV LU -PSVZVMxH <UP]LYZPKHK KL >HZOPUN[VU :0.5(;<9(! 9 L (<;69! 9P]LYH )\Z[HTHU[L ;PYaH ,TPSPH ;0;<36! ,]VS\JP}U KL SVZ KLYLJOVZ WVSx[PJVZ KL SH T\QLY LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! ; 9 ) +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! ( L (<;69! (SHT ` (SHT 3\PZ -LSPWL ;0;<36! ,S LZ[HKV KL KLYLJOV SH M\UJP}U LSLJ[VYHS ` LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ KL *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! 3 ( ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! , L ;0;<36! 3H L]VS\JP}U KLS Z\MYHNPV LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! BZ U D +,:*907*065! [ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * L (<;69! *HZ[YV 9L[HUH =xJ[VY ,]LSPV" ALSLK}U .}TLa 1VZt 4PN\LS" :HUHIYPH 9VQHZ 1\HU .LYHYKV ;0;<36! ,]VS\JP}U JVUZ[P[\JPVUHS KLS YtNPTLU 4\UPJPWHS LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! = * 9 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * W (<;69! *HYYHUaH =PSSHSVIVZ *HYSVZ ,UYPX\L ;0;<36! ,S 7HY[PKV <UP}U *H[}SPJH ` Z\ PTWVY[HUJPH LU SH ]PKH WVSx[PJH KL *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! * * = +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ 7VSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! A H (<;69! AHTVYH 7PJHKV 1VZt ,UYPX\L ;0;<36! ,S HIZ[LUJPVUPZTV LSLJ[VYHS LU SHZ aVUHZ Y\YHSLZ KL SH WYV]PUJPH KL :HU 1VZt JHU[VULZ! ;\YY\IHYLZ (JVZ[H 4VYH ` ;HYYHa‚ 0479,5;(! B/LYLKPH * 9 D! 1 A 7 +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHKV 3PJLUJPH[\YH LU :VJPVSVNxH <UP]LYZPKHK 5HJPVUHS

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 4 M (<;69! 4VYH +Y\TTVUK 6YMH" >OP[L *\YSPUN 3LUH ;0;<36! -VYTHJP}U ` L_PZ[LUJPH Q\YxKPJH KL SVZ 7HY[PKVZ WVSx[PJVZ LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! 6 4 + +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! : J (<;69! :HSHZ *OH]LZ (ILS ;0;<36! *VUJLQVZ T\UPJPWHSLZ KL KPZ[YP[V 0479,5;(! B:HU 1VZt * 9 D! ( : * 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! , L (<;69! (YH`H (SMHYV (UH 1\SPH BL[ HS D ;0;<36! ,UMVX\L Q\YxKPJV WVSx[PJV KLS 7HY[PKV <UPKHK :VJPHS *YPZ[PHUH LU *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! ( ( ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 4 L (<;69! 4HKYPNHS 4LUH 1\K` ;0;<36! ,Z[\KPV ZVIYL LS UVTIYL ` LS JHTIPV KL UVTIYL LU SHZ WLYZVUHZ MxZPJHZ 0479,5;(! B:HU 1VZt * 9 D! 1 4 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 5 K (<;69! 5H]HYYV .HYP[H 3\a 4HYxH ;0;<36! +LÄJPLUJPHZ LU LS ZPZ[LTH LSLJ[VYHS LU *VZ[H 9PJH ` SH ULJLZPKHK KL YLMVYTHZ 0479,5;(! B:HU 1VZt * 9 D! 3 5 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 1 K (<;69! 1PTtULa .VUamSLa 9PJHYKV (SILY[V" )VSH|VZ (YH`H -H\Z[V (SLQHUKYV ;0;<36! 3VZ KLYLJOVZ WVSx[PJVZ LSLJ[VYHSLZ LU SH KVJ[YPUH ` LU SH Q\YPZWY\KLUJPH UHJPVUHS 0479,5;(! B:HU 1VZt * 9 D! 9 1 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 5 W (<;69! 5HYHUQV 3HWHYYH *SLV[PSKL 0ZHILS ;0;<36! 7YVJLKPTPLU[VZ WHYH SH JVUZ[P[\JP}U KL \U JVTP[t Jx]PJV LSLJ[VYHS KL JVUMVYTPKHK JVU SH HJ[\HS SL` LSLJ[VYHS ` 7HY[PKVZ WVSx[PJVZ LU .\H[LTHSH 0479,5;(! .\H[LTHSH ! * 5 3 +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ 1\YxKPJHZ ` :VJPHSLZ <UP]LYZPKHK KL :HU *HYSVZ KL .\H[LTHSH :0.5(;<9(! : J (<;69! :HU[VZ 7HZHTVU[LZ 0NUHJPV ;0;<36! *VU]LUPLUJPH KL SPTP[HY LS WSHaV KL SH JHTWH|H LSLJ[VYHS LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! 0 : 7 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 4 K (<;69! 4VYH 4\|Va 0SLHUH WH[YPJPH ;0;<36! 3VZ KLSP[VZ LSLJ[VYHSLZ KL WYVWHNHUKH JVU[LUPKVZ LU LS HY[xJ\SV KLS J}KPNV LSLJ[VYHS JVZ[HYYPJLUZL 0479,5;(! B:HU 1VZt * 9 D! 0 4 4 +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! : Y (<;69! :VIYHKV .VUamSLa 3\PZ (U[VUPV ;0;<36! 3H YLMVYTH JVUZ[P[\JPVUHS LU ,ZWH|H ` *VZ[H 9PJH 0479,5;(! 4HKYPK ! 3 . : +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U +VJ[VYHKV LU +LYLJOV <UP]LYZPKHK *VTWS\[LUZL KL 4HKYPK

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 4 K (<;69! 4PSHUV :mUJOLa (SKV" 6KPV 9VOYTVZLY ,KNHY ;0;<36! +LYLJOV LSLJ[VYHS JVZ[HYYPJLUZL ! Z\QL[VZ ` 796*,+040,5;6: 0479,5;(! B:HU 1VZt * 9 D! ( 4 : +,:*907*065! ] 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ( W (<;69! (N\PSHY *HZ[YV 3\PZ (SILY[V" ,ZX\P]LS -HLYYVU 4H_ (SILY[V ;0;<36! 7YVISLTm[PJH KL SH [LUKLUJPH KLS KLYLJOV LSLJ[VYHS JVZ[HYYPJLUZL OHJPH SH JVUMVYTHJP}U KL \U ZPZ[LTH IPWHY[PKPZ[H 0479,5;(! :HU 1VZt * 9 ! 3 ( * +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! A [ (<;69! AHTVYH 4\YPSSV 3\PZ (SILY[V ;0;<36! ,S ;YPI\UHS :\WYLTV KL ,SLJJPVULZ JVTV J\HY[V WVKLY KL SH 9LW‚ISPJH 0479,5;(! B:HU 1VZt * 9 D! 3 A 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! : H (<;69! :VSxZ 4VYH :`S]PH (SLQHUKYH ;0;<36! (UmSPZPZ Q\YxKPJV KLS WYPUJPWPV JVUZ[P[\JPVUHS KL YLWYLZLU[HJP}U WVSx[PJH H UP]LS SVJHS ! ULJLZPKHK KL \UH TH`VY WHY[PJPWHJP}U JP\KHKHUH 0479,5;(! B:HU 1VZt * 9 D! : ( : +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * Y (<;69! *VYYHSLZ (S]HYHKV :PT}U (UKYtZ ;0;<36! ,S YtNPTLU KL PTW\NUHJP}U KL SVZ HJ[VZ T\UPJPWHSLZ 0479,5;(! B:HU 1VZt * 9 D! : * ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! * H (<;69! *HYxHZ 4VYH 9PJHYKV ;0;<36! (\[VUVTxH KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ LU Z\ LQLJ\JP}U WYLZ\W\LZ[HYPH 0479,5;(! B:HU 1VZt * 9 D! 9 * 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU (KTPUPZ[YHJP}U KL 5LNVJPVZ <UP]LYZPKHK 3H[PUH KL *VZ[H 9PJH :0.5(;<9(! 3 P (<;69! 3LHS 3}WLa 4HU\LS" =PSSHSVIVZ 6YVaJV 9VKVSMV ;0;<36! ,S PTWHJ[V HKTPUPZ[YH[P]V ` ÄUHUJPLYV KLS JVU[LUPKV KL SH JtK\SH KL PKLU[PKHK 0479,5;(! /LYLKPH * 9 ! 4 3 3 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU (KTPUPZ[YHJP}U JVU tUMHZPZ LU ,TWYLZHZ <UP]LYZPKHK 5HJPVUHS :0.5(;<9(! ( M (<;69! (S]HYHKV *\IPSSV 9HUKHSS" =PSSLNHZ *HZ[YV ,Z[LIHU ;0;<36! -PUHUJPHTPLU[V KL SVZ 7HY[PKVZ WVSx[PJVZ ! ÄUHUJPHTPLU[V WYL]PV 0479,5;(! B:HU 1VZt * 9 D! 9 ( * +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL :HU 1VZt

:0.5(;<9(! 9 H (<;69! 9vNV 1VqV ;0;<36! (Z IHZLZ ZPJPVLJVU TPJHZ KVZ 7HY[PKVZ WVSx[PJVZ UV )YHZPS ! 0479,5;(! B)YHZPSPHD! -\UKHsqV 1VHX\PT 5HI\JV +,:*907*065! O 56;(:! 0UJS\`L HKLTmZ ! (U[LWYV`LJ[V [tJUPJV ! :\IZxKPVZ WHYH PTWSHU[HsqV :0.5(;<9(! / H (<;69! /LYUmUKLa :HSHZ (UH 3\JYLJPH" .\HYKPH 0NSLZPHZ .HZ[}U (SMVUZV ;0;<36! (\[VUVTxH KL SHZ LSLJJPVULZ T\UPJPWHSLZ 0479,5;(! B:HU 1VZt * 9 D! ( / : +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! ( W (<;69! (YH`H /LYYLYH 4H`LSH ;0;<36! 3HZ WHY[PKHZ LZWLJxÄJHZ LU LS ZPZ[LTH WVSx[PJV JVZ[HYYPJLUZL \U LZ[\KPV KL JHZV ! SH HKTPUPZ[YHJP}U *HSKLY}U -V\YUPLY 0479,5;(! B:HU 1VZt * 9 ! 4 ( / D +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 7 K (<;69! 7HSTH 3L}U 3\PZ (SILY[V ;0;<36! ,S KLYLJOV KL SVZ JVZ[HYYPJLUZLZ H \UH PUMVYTHJP}U YHJPVUHS ]LYHa ` VIQL[P]H ` LS YtNPTLU ZHUJPVUH[VYPV LU TH[LYPH KL WYVWHNHUKH LSLJ[VYHS HUmSPZPZ KL SH JHTWH|H VÄJPHS 0479,5;(! :HU 1VZt * 9 ! 3 7 3 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL :HU 1VZt :0.5(;<9(! ( Z (<;69! (Y[H]PH 4VYH ÍS]HYV" *OHJ}U 1PTtULa 7H[YPJPH ;0;<36! :VM[^HYL KL J\HY[H NLULYHJP}U ` Z\ PTWHJ[V VYNHUPaHJPVUHS LU LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 0479,5;(! :HU 1VZt * 9 ! ( ( 4 +,:*907*065! O 56;(:! ;LZPUH KL NYHK\HJP}U )HJOPSSLYH[V LU 0UNLUPLYxH KL :PZ[LTHZ 0UMVYTm[PJVZ <UP]LYZPKHK 3H[PUH KL *VZ[H 9PJH :0.5(;<9(! 9 H (<;69! 9VKYxN\La A\TIHKV ,\NLUPV ;0;<36! (UmSPZPZ KL SHZ HZHTISLHZ KL SVZ 7HY[PKVZ WVSx[PJVZ LU *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! , 9 A +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 9 H (<;69! 9VKYxN\La A\TIHKV ,\NLUPV ;0;<36! (UmSPZPZ KL SHZ HZHTISLHZ KL SVZ 7HY[PKVZ WVSx[PJVZ LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! , 9 A +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 4 J (<;69! 4LYPUV +LS 9xV 1VZt ;0;<36! *VT\UPZTV ` KLTVJYHJPH LU *VZ[H 9PJH ! \UH YLSHJP}U WVStTPJH 0479,5;(! B:HU 1VZt * 9 D! 1 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 1 Z (<;69! 1PTtULa ALSLK}U 4HYPHUV ;0;<36! :PZ[LTHZ KL 7HY[PKVZ WVSx[PJVZ ZPZ[LTHZ LSLJ[VYHSLZ ` YLNxTLULZ WVSx[PJVZ KL *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! 4 1 A +,:*907*065! [ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! = W (<;69! =HYNHZ .VUamSLa /\NV 4H\YPJPV ;0;<36! WYVJLZVZ LSLJ[VYHSLZ ` S\JOH KL WVKLY LU *VZ[H 9PJH ! LZ[\KPV ZVIYL LS VYPNLU KLS ZPZ[LTH KL 7HY[PKVZ 0479,5;(! B:HU 1VZt * 9 ! 4 = .D +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU /PZ[VYPH <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 1 [ (<;69! 1PTtULa )VYYHZ 4HYPLSH ;0;<36! 3H [VTH KL KLJPZPVULZ LU SH (ZHTISLH 3LNPZSH[P]H LU SH JV`\U[\YH WYL LSLJ[VYHS ! KL Q\UPV KL MLIYLYV 0479,5;(! B:HU 1VZt * 9 D! 4 1 ) +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! = W (<;69! =LNH .HYYPKV 1H]PLY 0NUHJPV ;0;<36! 7YVW\LZ[H WHYH SH JYLHJP}U KL \U 9LNSHTLU[V (\[}UVTV KL *VU[YH[HJP}U (KTPUPZ[YH[P]H LU LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 0479,5;(! B:HU 1VZt * 9 D! 1 0 = . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK WHUHTLYPJHUH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! ( W (<;69! (S]HYHKV =PSSHSVIVZ 1VZt .PSILY[V ;0;<36! 7YVW\LZ[H WHYH SH JYLHJP}U KL \UH KPYLJJP}U HKTPUPZ[YH[P]H LU LS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 0479,5;(! B:HU 1VZt * 9 D! 1 ( = +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU .LYLUJPH .LULYHS <UP]LYZPKHK =LYP[HZ :0.5(;<9(! 5 K (<;69! 5HYHUQV .HSSVUP *YPZ[PUH" >PSSL *VYLSSH *PU[O`H ;0;<36! 3VZ KLSP[VZ LSLJ[VYHSLZ 0479,5;(! :HU 1VZt * 9 ! * 5 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! = W (<;69! =HYNHZ .VUamSLa /\NV 4H\YPJPV ;0;<36! 7HY[PKVZ WVSx[PJVZ ` WHY[PJPWHJP}U JP\KHKHUH ! HUmSPZPZ OPZ[}YPJV ` WYVW\LZ[HZ WHYH Z\WLYHY \UH KLTVJYHJPH PUZ\ÄJPLU[L 0479,5;(! :HU 1VZt * 9 ! / = . 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! + T (<;69! +LSNHKPSSV :VSHUV 3PNPH 4HYxH ;0;<36! 3HZ T\QLYLZ LU SVZ 7HY[PKVZ WVSx[PJVZ TH`VYP[HYPVZ KL *VZ[H 9PJH ! LS JHZV KLS 7(9;0+6 3PILYHJP}U 5HJPVUHS 735 ` LS 7HY[PKV <UPKHK :VJPHS *YPZ[PHUH 7<:* 0479,5;(! B:HU 1VZt * 9 ! 3 + : D +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU ,Z[\KPVZ KL SH 4\QLY <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! , L (<;69! (YYV`V .VUamSLa .\Z[H]V" +xHZ 4LQxH :OPYSL`" 5‚|La )HYYPVU\L]V 4HY[H" 4tUKLa .HYP[H >PSSPHT (SILY[V" 7VSPUHYPZ =HYNHZ 1VYNL ;0;<36! ,SLJJPVULZ ` KLJPZP}U WVSx[PJH 0479,5;(! B:HU 1VZt * 9 D! . ( . +,:*907*065! O 56;(:! :LTPUHYPV KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! / Z (<;69! /LYUmUKLa 5HYHUQV .LYHYKV ;0;<36! ,S ZPZ[LTH KL 7HY[PKVZ LU *VZ[H 9PJH ! HUmSPZPZ ZVIYL LS IPWHY[PKPZTV 0479,5;(! B:HU 1VZt * 9 D! . / 5 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU :VJPVSVNxH <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ) U (<;69! )VSH|VZ )VSH|VZ 3\PZ" (S]HYHKV 3\UH (YTHUKV ;0;<36! 3H UH[\YHSPaHJP}U LU *VZ[H 9PJH ! \UH WYVW\LZ[H KL YLMVYTH 0479,5;(! B:HU 1VZt * 9 D! 3 ) ) +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 4 W (<;69! 4VU[V`H :mUJOLa >HYULY ;0;<36! 3H WYVWHNHUKH LSLJ[VYHS LU *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! > 4 : +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! - L (<;69! -SVYLZ -LYUmUKLa -LYUHUKV ;0;<36! ,SLJJPVULZ LSLJ[Y}UPJHZ ! YLHSPKHK V ÄJJP}U H SH S\a KL SH LZ[Y\J[\YH JVUZ[P[\JPVUHS ` SLNPZSHJP}U LSLJ[VYHS JVZ[HYYPJLUZL 0479,5;(! :HU 1VZt * 9 ! - - - +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 9 M (<;69! 9VKYxN\La .VUamSLa (UH 4HYJLSH ;0;<36! ,S ÄUHUJPHTPLU[V KL SVZ 7HY[PKVZ WVSx[PJVZ LU 4t_PJV *VZ[H 9PJH ` *VSVTIPH ! \U HUmSPZPZ JVTWHYH[P]V KL Z\Z YLMVYTHZ 0479,5;(! :HU 1VZt * 9 ! ( 9 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 4 M (<;69! 4VYH (YPHZ 1HPTL 5HaHYPV ;0;<36! 3H ÄN\YH KLS HSJHSKL LU LS HJ[\HS YtNPTLU 4\UPJPWHS JVZ[HYYPJLUZL 0479,5;(! :HU 1VZt * 9 ! 1 5 4 ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK WHUHTLYPJHUH

:0.5(;<9(! 4 H (<;69! 4VU[LYV 9VKYxN\La +PNUH 4PSLUH ;0;<36! (UmSPZPZ KL SHZ YLMVYTHZ LMLJ[\HKHZ HS *}KPNV LSLJ[VYHS JVZ[HYYPJLUZL 0479,5;(! B:HU 1VZt * 9 D! + 4 9 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

:0.5(;<9(! 4 P (<;69! 4H[HTVYVZ .\L]HYH 1H]PLY (U[VUPV ;0;<36! 0THNLU KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ WHYH LS JP\KHKHUV JVZ[HYYPJLUZL KLS JHU[}U JLU[YHS KL :HU 1VZt 0479,5;(! :HU 1VZt * 9 ! 1 4 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU 9LSHJPVULZ W‚ISPJHZ <UP]LYZPKHK 3H[PUH KL *VZ[H 9PJH :0.5(;<9(! 3 W (<;69! 3LP]H 4VYH 0TLSKH" *HIHSJL[H WtYLa 6SNH 4HY[H ;0;<36! 7HY[PJPWHJP}U WVSx[PJH KL SHZ T\QLYLZ LU *VZ[H 9PJH KLYP]HKH KL SH YLMVYTH KLS HY[xJ\SV KLS *}KPNV ,SLJ[VYHS 0479,5;(! :HU 1VZt * 9 ! 0 3 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 7 K (<;69! 7HJOLJV (S]HYHKV +PLNV ;0;<36! +LYLJOV HS ]V[V WLYZVUHSPaHKV LU LSLJJPVULZ KL KPW\[HKVZ" HUmSPZPZ JVTWHYHKV KLS TVKLYUV ZPZ[LTH LSLJ[VYHS KPW\[HKPS LU SHZ KLTVJYHJPHZ SPILYHSLZ YLWYLZLU[H[P]HZ ` \UH ZVS\JP}U Q\YxKPJH H SH JYPZPZ KL SLNP[PTPKHK KLS WVKLY SLNPZSH[P]V JVZ[HYYPJLUZL 0479,5;(! B:HU 1VZt * 9 D! + 7 ( +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! * K (<;69! *VYYHSLZ =HS]LYKL 9VSHUKV ;0;<36! ,S KLYLJOV KL WHY[PJPWHJP}U WVSx[PJH LU LS ZPZ[LTH KL LSLJJP}U KL KPW\[HKVZ LU LS IPWHY[PKPZTV JVZ[HYYPJLUZL 0479,5;(! B:HU 1VZt * 9D! 9 * = +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ( H (<;69! (N\PSHY *OHJ}U 6ILK ;0;<36! (UmSPZPZ KL SVZ LSLTLU[VZ WYLZLU[LZ LU LS J}KPNV 4\UPJPWHS KL LU YLSHJP}U JVU SH LSLJJP}U WVW\SHY KL HSJHSKL 0479,5;(! B:HU 1VZt * 9 D! 6 ( * +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ WVSx[PJHZ <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! + H (<;69! +xHa 6IHUKV 4HYPHULSH" .HTIVH 9VTLYV 4}UPJH ;0;<36! ,S HSJHSKL H SH S\a KL SH YLMVYTH HS *}KPNV 4\UPJPWHS 0479,5;(! :HU 1VZt * 9 ! 4 + 6 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ) T (<;69! )YPJL|V 6IHUKV *`U[OPH" 1PTtULa ;Y\X\L *HYVSPUH ;0;<36! 4LYJHKLV WVSx[PJV ! \UH WLYZWLJ[P]H NSVIHS KL JVT\UPJHJP}U WVSx[PJH 0479,5;(! B:HU 1VZt * 9 D! * ) 6 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU *PLUJPHZ KL SH *VT\UPJHJP}U *VSLJ[P]H JVU tUMHZPZ LU WLYPVKPZTV ` W\ISPJPKHK <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ) W (<;69! )SHUJV 3PaHUV 9HUKHSS ;0;<36! 3VZ 7HY[PKVZ JHU[VUHSLZ LU LS THYJV KLS IPWHY[PKPZTV JVZ[HYYPJLUZL ! SVZ JHZVZ KLS 7(9;0+6 (SHQ\LSP[H 5\L]H ` LS 7(9;0+6 @\U[H WYVNYLZPZ[H ,ZJHa\JL|H 0479,5;(! B:HU 1VZt * 9 D! 9 ) 3 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU :VJPVSVNxH <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 3 W (<;69! 3L}U .}TLa 3PaL[O ;0;<36! 7HY[PKVZ WVSx[PJVZ ` WHY[PJPWHJP}U JP\KHKHUH WLYZWLJ[P]H SLNPZSH[P]H 0479,5;(! B:HU 1VZt * 9 D! 3 3 . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 4 N (<;69! 4HZxZ +xHa 1VOHUH ;0;<36! .VIPLYUV LSLJ[Y}UPJV 0479,5;(! B:HU 1VZt * 9 D! 1 4 + +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ) Q (<;69! )YLULZ =PSSHSVIVZ 3\PZ +PLNV ;0;<36! 1\YPZKPJJP}U JVUZ[P[\JPVUHS LSLJ[VYHS 0479,5;(! :HU 1VZt * 9 ! 3 ) = +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! W W (<;69! 7MLPMMLY 2YHTLY 1LUZ ;0;<36! WYV`LJ[V KL SL` KL Q\YPZKPJJP}U LSLJ[VYHS 0479,5;(! :HU 1VZt * 9 ! 1 7 2 +,:*907*065! O 56;(:! ;LZPZ KL NYHKV 3PJLUJPH[\YH LU KLYLJOV <UP]LYZPKHK KL :HU 1VZt :0.5(;<9(! < W (<;69! <IPJV +\YmU *HYSVZ (SLQHUKYV ;0;<36! 7SLIPZJP[V YLMLYLUKV ` JHIPSKV LU LS VYKLUHTPLU[V Q\YxKPJV JVZ[HYYPJLUZL 0479,5;(! :HU 1VZt * 9 ! * < + +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! ; J (<;69! ;tYHTVUK 7LYHS[H *HYTLU KL" -LYUmUKLa -VUZLJH 4}UPJH ;0;<36! *VUJLW[V ]HSVY Q\YxKPJV ` YLN\SHJP}U KL SH ÄYTH KPNP[HS LU *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! * ; 7 +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * W (<;69! *HZHZ AHTVYH 2L]PU ;0;<36! 7H`PUN MVY KLTVJYHJ` PU 3H[PU (TLYPJH ! WVSP[PJHS ÄUHUJL HUK Z[H[LZ M\UKPUN MVY WHY[PLZ PU *VZ[H 9PJH HUK <Y\N\H` 0479,5;(! B6_MVYK ,Z[HKVZ <UPKVZD! 2 * A +,:*907*065! W 56;(:! ;LZPZ KL KVJ[VYHKV +VJ[VYHKV LU -PSVZVMxH <UP]LYZPKHK KL 6_MVYK :0.5(;<9(! 4 H (<;69! 4LUH +xHa :LYNPV ;0;<36! ,S HSJHUJL KL SH UVYTH[P]H HSYLKLKVY KL SH ÄN\YH KLS (SJHSKL 4\UPJPWHS 0479,5;(! :HU 1VZt * 9 ! : 4 + +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ( J (<;69! (IHYJH 8\PY}Z (\KYL` ;0;<36! *VU[YVS ÄUHUJPLYV KL SVZ 7HY[PKVZ WVSx[PJVZ ! HUmSPZPZ KLS WYV`LJ[V KL SL` 5‡ 0479,5;(! B:HU 1VZt * 9 D! ( ( 8 +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! : W (<;69! :LN\YH :HSHaHY ,SLUH ;0;<36! ,S WHWLS KL SH WHY[PJPWHJP}U JP\KHKHUH LU LS LQLYJPJPV KL SH NLZ[P}U 4\UPJPWHS 0479,5;(! :HU 1VZt * 9 ! , : : +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! = L (<;69! =HS]LYKL 4tUKLa +H]PK ,Z[LIHU ;0;<36! ,Z[H[\[VZ KL SVZ 7HY[PKVZ WVSx[PJVZ UHJPVUHSLZ KL *VZ[H 9PJH ` LS WYPUJPWPV KLTVJYm[PJV 0479,5;(! B:HU 1VZt * 9 D! + = 4 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! ( V (<;69! (TLYSPUN 8\LZHKH 5PJVSL" )VUPSSH *HZ[YV (UH 4HYJLSH ;0;<36! 6YNHUPaHJP}U ` M\UJPVUHTPLU[V KLTVJYm[PJV KL SVZ 7HY[PKVZ WVSx[PJVZ LU *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! 5 ( 8 +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! : P (<;69! :mUJOLa .}TLa 7H[YPJPH ;0;<36! 0UJPKLUJPH LU SH KLTVJYHJPH JVZ[HYYPJLUZL KLS U\L]V LUMVX\L Q\YPZWY\KLUJPHS KL SHZ SPILY[HKLZ KL L_WYLZP}U L PUMVYTHJP}U 0479,5;(! B:HU 1VZt * 9 D! 7 : . +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * W (<;69! *VYLSSH ,SPaVUKV 1\KP[O 4HYxH ;0;<36! 3H WYV[LJJP}U KL SVZ KLYLJOVZ KL SVZ PUKP]PK\VZ MYLU[L HS [YH[HTPLU[V KL Z\Z KH[VZ WLYZVUHSLZ TLKPHU[L LS OmILHZ KH[H WYVISLTHZ ` WLYZWLJ[P]HZ LU LS LU[VYUV H SH ULJLZPKHK KL \UH SL` 0479,5;(! B:HU 1VZt * 9 D! 1 * , +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! * P (<;69! *OH]HYYxH *VYKLYV (KYPHUH ;0;<36! 0U]PVSHIPSPKHK WHYSHTLU[HYPH 0479,5;(! :HU 1VZt * 9 ! ( * * +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! . P (<;69! .P\Z[P :V[V 1\HU 3\PZ ;0;<36! 3H PU[LYWYL[HJP}U JVUZ[P[\JPVUHS ` SVZ ]HSVYLZ Z\WYLTVZ 0479,5;(! :HU 1VZt * 9 ! 1 . : +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

:0.5(;<9(! ( W (<;69! (YJL *OH]LZ 1\HU )H\[PZ[H ;0;<36! 7YVW\LZ[H WHYH JHTIPHY LU *VZ[H 9PJH LS ZPZ[LTH WVSx[PJV WYLZPKLUJPHS WVY LS ZPZ[LTH ZLTP WYLZPKLUJPHS ! ¦ZL YLX\PLYL \UH YLMVYTH JVUZ[P[\JPVUHS WHYJPHS V NLULYHS& 0479,5;(! :HU 1VZt * 9 ! 1 ( * +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

:0.5(;<9(! = H (<;69! =PSSHSVIVZ 8\LZHKH ;H[PHUH ;0;<36! (\[VUVTxH T\UPJPWHS LU *VZ[H 9PJH ! HUmSPZPZ KL Z\ LQLJ\JP}U LU SH 4\UPJPWHSPKHK KL :HU[H )mYIHYH 0479,5;(! :HU 1VZt * 9 ! ; = 8 +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 4HLZ[YxH LU +LYLJOV *VUZ[P[\JPVUHS <UP]LYZPKHK ,Z[H[HS H +PZ[HUJPH

:0.5(;<9(! . W (<;69! .YHUHKVZ (SMHYV 4HYxH (SLQHUKYH ;0;<36! 7YVW\LZ[H KL \U ZPZ[LTH KL L]HS\HJP}U KLS KLZLTWL|V WHYH LS WLYZVUHS HKTPUPZ[YH[P]V KLS ;YPI\UHS :\WYLTV KL ,SLJJPVULZ 0479,5;(! :HU 1VZt * 9 ! 4 . ( +,:*907*065! O HUL_VZ 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU (KTPUPZ[YHJP}U <UP]LYZPKHK 3H[PUH KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! 9 P (<;69! 9VKYxN\La 8\PQHUV (UKYLH ;0;<36! 0TWSLTLU[HJP}U KLS YLMLYtUK\T ` SH PUPJPH[P]H WVW\SHY LU *VZ[H 9PJH ! WHY[PJPWHJP}U JP\KHKHUH 0479,5;(! B:HU 1VZt * 9 D! ( 9 8 +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! A M (<;69! AHTVYH 9HTxYLa 4HYxH 1VZt ;0;<36! -VY[HSLJPTPLU[V KL SVZ NVIPLYUVZ SVJHSLZ H SH S\a KL SH YLMVYTH HS HY[ KL SH *VUZ[P[\JP}U 7VSx[PJH 0479,5;(! B:HU 1VZt * 9 D! 4 A 9 +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 4 K (<;69! 4HY[xULa *HZ[YV 1VZt (SLQHUKYV ;0;<36! +PZVS\JPVULZ KLS JVUNYLZV LU SH OPZ[VYPH KL *VZ[H 9PJH 0479,5;(! B:HU 1VZt * 9 D! 1 4 * +,:*907*065! W 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! 7 P (<;69! 7PLKYH *HTWVZ 7YPZJPSSH ;0;<36! 3HZ PUJVUZ[P[\JPVUHSPKHKLZ KLS YtNPTLU WVSx[PJV LSLJ[VYHS JVZ[HYYPJLUZL ]PNLU[L 0479,5;(! :HU 1VZt * 9 ! 7 * 7 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH :0.5(;<9(! , L (<;69! .\LYYLYV :mUJOLa 9VZHS`U" 1PTtULa 9VKYxN\La 1VOHUUH" 8\PY}Z =PSSHSVIVZ 2Y`ZPH" :VQV =PSSHSVIVZ ;OHPZ ;0;<36! ,]HS\HJP}U KL SH ¸3L` KL 7YVTVJP}U KL 0N\HSKHK :VJPHS KL SH 4\QLY¹ LU TH[LYPH KL KLYLJOVZ WVSx[PJVZ ` ZVJPHSLZ KL SHZ T\QLYLZ 0479,5;(! B:HU 1VZt * 9 D! 9 . : +,:*907*065! O 56;(:! :LTPUHYPV KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

(5,?6

:0.5(;<9(! ( M (<;69! (YYV`V -SVYLZ 4HYJVZ" :mUJOLa *HYYPSSV 6SNLY ;0;<36! ,S ÄUHUJPHTPLU[V WYP]HKV KL SVZ WHY[PKVZ WVSx[PJVZ ` SHZ JHTWH|HZ LSLJ[VYHSLZ LU *VZ[H 9PJH 0479,5;(! :HU 1VZt * 9 ! 4 ( - +,:*907*065! O 56;(:! ;LZPZ KL NYHK\HJP}U 3PJLUJPH[\YH LU +LYLJOV <UP]LYZPKHK KL *VZ[H 9PJH

5Ø4,96 :,.<5+6 :,4,:;9,

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.