Toll Brothers 2023 Annual Report by Toll Brothers, Inc.

ANNUAL REPORT 2023

Toll Brothers Company Overview FINANCIAL SUMMARY

INDUSTRY-LEADING COMPANY AND BRAND x x x x x x x x

Revenues For Home Sales in FY ($ in millions) $10,000 $8,000 $6,000 $4,000 $2,000 $18

America’s Luxury Home Builder Founded in 1967 NYSE-listed (TOL) since 1986 Fortune 500 Company 5th largest U.S. home builder by revenues Eight-time #1 World’s Most Admired Home Builder, Fortune magazine* National Builder of the Year, Builder magazine Two-time Builder of the Year, Professional Builder magazine

LUXURY HOMES AND COMMUNITIES x x x x x x x

Earnings Per Share In FY ($) $14 $12 $10 $8 $6 $4 $2 $18

x x

Contracts In FY ($ in millions) $12,000 $9,600 $7,200 $4,800 $2,400

National presence in over 60 markets in 24 states and Washington, D.C. Selling from 370 communities Delivered approx. 9,600 homes Average delivered home price of $1,028,000 Control approx. 71,000 home sites (49% optioned/51% owned) High-volume production of highly personalized homes Build-to-order model: buyers added an average of approx. $236,000 in lot premiums and structural and design options to homes 34 Toll Brothers Design Studio locations nationwide Diverse Product Lines: o Luxury move-up homes o Millennial-focused affordable luxury homes o 55+ active adult and second homes o Quick move-in spec homes across product lines o Resort-style master-planned, golf and country club communities o Toll Brothers Apartment Living and Toll Brothers Campus Living: luxury for-rent urban, suburban, and student housing communities o Toll Brothers City Living: luxury mid- and high-rise urban for-sale communities

FINANCIAL AND MANAGEMENT STRENGTH

$18

x x x

Backlog At FYE ($ in millions)

x x x

$10,000 $8,000 $6,000

$4,000

Liquidity of $3.1 billion: $1.3 billion in cash and $1.8 billion available under our $1.9 billion, 22-bank, five-year revolving credit facility $650 million, 12-bank, five-year term loan Over $21.6 billion in corporate and joint venture financing transactions completed in the last five years Debt-to-capital ratio of 29.6%; Net debt-to-capital ratio† of 17.7% Investment Grade rated by S&P, Moody’s and Fitch Return on beginning equity (ROE) of 22.8%; driving ROE through capital-efficient land buying, product optimization, and other strategies Executive management team: average 19-year tenure with Toll Brothers

$2,000 $18

Information for and as of FYE October 31, 2023, unless otherwise noted. *©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of, Toll Brothers. † See “Reconciliation of Non-GAAP Measures” at the end of this report for more information on the calculation of the Company’s net debt-to-capital ratio.

DECEMBER 2023

DEAR SHAREHOLDER FY 2023 was another terrific year for Toll Brothers, highlighted by record home sales revenues, net income, and earnings per share. Our success was due in large part to our unique luxury brand, our “patient, not panicked” decision to avoid chasing lower margin sales in the second half of 2022, our strategy of increasing our supply of spec homes, and our ongoing focus on operational efficiency. Financial highlights for FY 2023 included: -

Record home sales revenues of $9.9 billion, up 2% compared to FY 2022 Record net income of $1.37 billion, up 6% compared to FY 2022 Record diluted earnings per share of $12.36, up 13% compared to FY 2022 Home sales gross margin of 26.9% compared to 25.5% in FY 2022 Book Value per share at FYE of $65.49, up 20% Debt-to-capital ratio of 29.6% and net debt-to-capital* ratio of 17.7% at FYE Return on Beginning Equity (ROE) of 22.8%

These results were achieved despite global unrest, gridlock in Washington D.C., fears of a recession, and, especially, rapidly rising mortgage rates that reached generational highs. As mortgage rates began to stabilize in early 2023, our customers came off the sidelines, drawn to our stunning new homes at an expanding (including more affordable) range of price points located in Toll Brothers communities across 24 states and over 60 markets. In FY 2023, 24% of our buyers paid all cash for their homes, and those who did borrow to finance their purchase had an average 69% loan-to-value ratio – a testament to the financial strength of our core customers. Demand remained solid for our homes in FY 2023’s fourth quarter and into the start of FY 2024. We ended the year with a 72% increase in our fourth quarter signed contracts compared to the same quarter in FY 2022. We are encouraged by the recent 100 basis point decline in mortgage rates; the timing of this will be supportive as we head into the spring selling season. Looking forward, our sound financial footing positions us well for continued success. We ended fiscal 2023 with over $3.0 billion of liquidity, including $1.3 billion of cash and $1.8 billion available under our long-term $1.9 billion multi-bank revolving credit facility. During the fiscal year, we generated approximately $1.3 billion in cash from operations, repurchased 7.9 million shares of stock for $565.9 million, paid dividends of $91 million, and retired approximately $400 million of public debt. We have no significant debt maturities until FY 2026 and our balance sheet is in excellent shape, which will allow us to continue investing in our business while returning capital to our shareholders. We expect to grow community count by 10% to 410 communities by FYE 2024. This growth, combined with the nearly 6,600 homes in backlog at FYE 2023 and our pipeline of spec homes under construction for delivery in FY 2024, give us confidence that FY 2024 will be another strong year. We project we will deliver between 9,850 and 10,350 homes in FY 2024 and achieve earnings per share of approximately $12.00 to $12.50, which would raise our book value to approximately $78.00 per share at FYE 2024. *See “Reconciliation of Non-GAAP Measures” at the end of this report for more information on the calculation of the Company’s net debt-to-capital ratio.

Over the past decade, the homebuilding industry has demonstrated incredible resilience in the face of unprecedented disruptions – the pandemic, rapid rate hikes, supply chain and labor challenges, global turmoil, and many others. During this time, Toll Brothers has transformed the way we operate, adopting a more financially disciplined, capital efficient, and return-on-equity focused operating model. We have moved to a more land-light, optioned-rather-than-owned strategy for controlling land, steady dividend payments, consistent and substantial stock repurchases, reduced leverage, and a focus on cash flow generation. The result has been a decade of significant growth and impressive financial metrics: 14% compound annual growth rate (CAGR) in revenues, 23% CAGR in net income, and 29% CAGR in earnings per share. We now have investment grade ratings from each of the three major rating agencies that cover our industry. Two years ago, in December 2021, the 30-year mortgage rate was about 3.0%. It doubled to 6.0% in December 2022, and a little over two months ago, it broke through 8.0%. It is extraordinary to think that mortgage rates have risen so quickly from 3.0% to 8.0%, a 23-year high, and yet during that time we have produced two consecutive years of record revenues and earnings with ROEs over 20%. The outlook for the new home market remains bright. The combination of a supply-demand imbalance from more than a decade of underbuilding, an aging national housing stock that averages over 42 years, and long-term demographic tailwinds – driven by 70 million+ millennials and 70 million+ baby boomers on the move – fuel our enthusiasm for the long-term prospects of the new home industry. Toll Brothers is well positioned to capitalize on these trends. Our industry-leading brand – characterized by the four pillars of The Toll Brothers Advantage: Prestigious Locations, Distinctive Architecture, Unrivaled Choice, and an Extraordinary Customer Experience – places us in a unique position among our peers. In 2023, Fortune magazine once again named Toll Brothers the World’s Most Admired Home Builder, the 8th time we have been so honored. We would like to thank the entire Toll Brothers team for their tremendous focus on our customers. They have demonstrated their ability to adapt to volatile market conditions, and consistently execute on our core strategies to produce what we believe are the best homes and communities in our industry. Most importantly, they have positioned Toll Brothers for continued success in 2024 and beyond. Sincerely,

Douglas C. Yearley, Jr. Chairman and Chief Executive Officer

Robert Parahus President and Chief Operating Officer

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CI;@5G 295F@9M #F >C=B98 IG =B 5G 5GG=GH5BH HC H<9 <=9: L97IH=J9 (::=79F K=H< F9GDCBG=6=@=HM :CF @5B8 57EI=G=H=CBG !9 <5G 699B 5B C::=79F G=B79 <C@8=B; H<9 DCG=H=CB C: ,9B=CF /=79 )F9G=89BH :FCA #5BI5FM IBH=@ 'CJ9A69F H<9 DCG=H=CB C: +9;=CB5@ )F9G=89BH :FCA 'CJ9A69F IBH=@ 'CJ9A69F 5B8 H<9 DCG=H=CB C: L97IH=J9 /=79 )F9G=89BH :FCA 'CJ9A69F IBH=@ #IB9 K<9B <9 K5G DFCACH98 HC <=9: L97IH=J9 (::=79F (B 'CJ9A69F <9 K5G 5DDC=BH98 HC H<9 DCG=H=CB C: <5=FA5B C: H<9 C5F8 5B8 <=9: L97IH=J9 (::=79F &F 295F@9M K5G 9@97H98 5 =F97HCF =B #IB9 +C69FH )5F5<IG >C=B98 IG =B 5B8 G9FJ98 =B J5F=CIG DCG=H=CBG K=H< IG =B7@I8=B; +9;=CB5@ )F9G=89BH :FCA H<FCI;< (7HC69F IF=B; H<=G H=A9 <9 CJ9FG5K H<9 CAD5BMWG <CA9 6I=@8=B; CD9F5H=CBG =B '9K #9FG9M '9K 2CF? CBB97H=7IH &5GG57<IG9HHG 5B8 @CF=85 5B8 <58 CJ9FG=;<H F9GDCBG=6=@=HM :CF -C@@ "BH9;F5H98 ,MGH9AG H<9 CAD5BMWG 6I=@8=B; 7CADCB9BH A5BI:57HIF=B; CD9F5H=CBG !9 K5G 5DDC=BH98 HC H<9 DCG=H=CB C: L97IH=J9 /=79 )F9G=89BH 5B8 C <=9: (D9F5H=B; (::=79F 9::97H=J9 'CJ9A69F K=H< F9GDCBG=6=@=HM :CF H<9 CAD5BMWG 95GH9FB F9;=CB ::97H=J9 'CJ9A69F &F )5F5<IG K5G DFCACH98 HC )F9G=89BH 5B8 <=9: (D9F5H=B; (::=79F &5FH=B ) CBBCF >C=B98 IG 5G /=79 )F9G=89BH 5B8 GG=GH5BH <=9: =B5B7=5@ (::=79F =B 979A69F 5B8 K5G 5DDC=BH98 5 ,9B=CF /=79 )F9G=89BH =B 979A69F &F CBBCF K5G 5DDC=BH98 HC <=G 7IFF9BH DCG=H=CB C: ,9B=CF /=79 )F9G=89BH 5B8 <=9: =B5B7=5@ (::=79F =B ,9DH9A69F FCA #IB9 HC 979A69F &F CBBCF K5G )F9G=89BH C: &5F7CB 8J=GCFG %% 5 :=B5B79 5B8 577CIBH=B; 7CBGI@H=B; :=FA H<5H <9 :CIB898 FCA (7HC69F HC #IB9 &F CBBCF K5G <=9: =B5B7=5@ (::=79F 5B8 =F97HCF C: (D9F5H=CBG :CF (W'9=@@ )FCD9FH=9G 5 8=J9FG=:=98 7CAA9F7=5@ F95@ 9GH5H9 89J9@CD9F =B H<9 &=8 H@5BH=7 5F95 )F=CF HC (7HC69F <9 GD9BH CJ9F M95FG 5H FBGH 2CIB; %%) 5G 5B I8=H 5B8 8J=GCFM IG=B9GG ,9FJ=79G )5FHB9F F9GDCBG=6@9 :CF H<9 F95@ 9GH5H9 DF57H=79 :CF FBGH 2CIB; %%) =B H<9 )<=@589@D<=5 A5F?9HD@579 IF=B; H<9 D9F=C8 :FCA HC <9 G9FJ98 CB H<9 -C@@ FCH<9FG "B7 5I8=H 9B;5;9A9BH &F CBBCF =G 5 8=F97HCF C: .B=J9GH =B5B7=5@ CFDCF5H=CB 5 DI6@=7@M HF5898 65B?=B; 5B8 :=B5B7=5@ G9FJ=79G DFCJ=89F G9FJ=B; 7IGHCA9FG DF=A5F=@M =B )9BBGM@J5B=5 5B8 '9K #9FG9M -<9 CH<9F =B:CFA5H=CB F9EI=F98 6M H<=G =H9A K=@@ 69 =B7@I898 =B H<9 T @97H=CB C: =F97HCFGU 5B8 T CFDCF5H9 CJ9FB5B79U G97H=CBG C: CIF )FCLM ,H5H9A9BH :CF H<9 BBI5@ &99H=B; C: ,HC7?<C@89FG H<9 T )FCLM ,H5H9A9BHU >34 >5 C782B 09 <5J9 58CDH98 5 C89 C: H<=7G :CF H<9 )F=B7=D5@ L97IH=J9 (::=79F 5B8 ,9B=CF =B5B7=5@ (::=79FG T C89 C: H<=7GU H<5H 5DD@=9G HC CIF DF=B7=D5@ 9L97IH=J9 C::=79F DF=B7=D5@ :=B5B7=5@ C::=79F DF=B7=D5@ 577CIBH=B; C::=79F 7CBHFC@@9F 5B8 D9FGCBG D9F:CFA=B; G=A=@5F :IB7H=CBG 89G=;B5H98 6M CIF C5F8 C: =F97HCFG -<9 C89 C: H<=7G =G 5J5=@56@9 CB CIF "BH9FB9H K96G=H9 5H KKK HC@@6FCH<9FG 7CA IB89F T"BJ9GHCF +9@5H=CBG R CFDCF5H9 CJ9FB5B79 U ": K9 K9F9 HC 5A9B8 CF K5=J9 5BM DFCJ=G=CB C: CIF C89 C: H<=7G K9 =BH9B8 HC G5H=G:M CIF 8=G7@CGIF9 C6@=;5H=CBG K=H< F9GD97H HC 5BM GI7< K5=J9F CF 5A9B8A9BH 6M DCGH=B; GI7< =B:CFA5H=CB CB CIF "BH9FB9H K96G=H9 G9H :CFH< 56CJ9 F5H<9F H<5B 6M :=@=B; 5 CFA $ =34<=85820C8>= >5 8A42C>AB 0=3 #55824AB (IF 9FH=:=75H9 C: "B7CFDCF5H=CB 5B8 M@5KG DFCJ=89 :CF =B89AB=:=75H=CB C: CIF 8=F97HCFG 5B8 C::=79FG 09 <5J9 5@GC 9BH9F98 =BHC =B8=J=8I5@ =B89AB=:=75H=CB 5;F99A9BHG K=H< 957< C: CIF 8=F97HCFG ( ! , )( * #!$ "' ( #" -<9 =B:CFA5H=CB F9EI=F98 6M H<=G =H9A K=@@ 69 =B7@I898 =B H<9 T L97IH=J9 CAD9BG5H=CBU G97H=CB C: CIF )FCLM ,H5H9A9BH 5B8 =G =B7CFDCF5H98 <9F9=B 6M F9:9F9B79

( ! ' )& (- #+" &' $ # &( " " #+" &' " ! " ! "( " & ( '(# # & ! (( &' -<9 =B:CFA5H=CB F9EI=F98 =B H<=G =H9A K=@@ 69 =B7@I898 =B H<9 T/CH=B; ,97IF=H=9G 5B8 9B9:=7=5@ (KB9FG<=DU 5B8 T EI=HM CAD9BG5H=CB )@5B "B:CFA5H=CBU G97H=CBG C: CIF )FCLM ,H5H9A9BH 5B8 =G =B7CFDCF5H98 <9F9=B 6M F9:9F9B79 ( ! &( " & ( #"' $' " & ( (& "' ( #"' & (#& " $ " " -<9 =B:CFA5H=CB F9EI=F98 =B H<=G =H9A K=@@ 69 =B7@I898 =B H<9 T CFDCF5H9 CJ9FB5B79U 5B8 T 9FH5=B +9@5H=CBG<=DG 5B8 -F5BG57H=CBGU G97H=CBG C: CIF )FCLM ,H5H9A9BH 5B8 =G =B7CFDCF5H98 <9F9=B 6M F9:9F9B79 ( ! $& " $ #)"( " ' " ' &* ' -<9 =B:CFA5H=CB F9EI=F98 =B H<=G =H9A K=@@ 69 =B7@I898 =B H<9 T+5H=:=75H=CB C: H<9 +9 DDC=BHA9BH C: "B89D9B89BH +9;=GH9F98 )I6@=7 77CIBH=B; =FAU G97H=CB C: H<9 )FCLM ,H5H9A9BH 5B8 =G =B7CFDCF5H98 <9F9=B 6M F9:9F9B79

$ &( * ( ! , (' " " '( ( ! "( ' ) ' 0 8=0=280; 'C0C4<4=CB 0=3 8=0=280; 'C0C4<4=C '2743D;4B 8=0=280; 'C0C4<4=CB

)5;9

&5B5;9A9BHWG BBI5@ +9DCFH CB "BH9FB5@ CBHFC@ (J9F =B5B7=5@ +9DCFH=B;

+9DCFHG C: "B89D9B89BH +9;=GH9F98 )I6@=7 77CIBH=B; =FA ) ( "

CBGC@=85H98 5@5B79 ,<99HG

CBGC@=85H98 ,H5H9A9BHG C: (D9F5H=CBG 5B8 CADF9<9BG=J9 "B7CA9

CBGC@=85H98 ,H5H9A9BHG C: <5B;9G =B EI=HM

CBGC@=85H98 ,H5H9A9BHG C: 5G< @CKG

'CH9G HC CBGC@=85H98 =B5B7=5@ ,H5H9A9BHG

8=0=280; 'C0C4<4=C '2743D;4B 'CB9 =B5B7=5@ GH5H9A9BH G7<98I@9G <5J9 699B CA=HH98 6975IG9 9=H<9F H<9M 5F9 BCH 5DD@=756@9 CF H<9 F9EI=F98 =B:CFA5H=CB =G =B7@I898 =B H<9 :=B5B7=5@ GH5H9A9BHG CF BCH9G <9F9HC 1 G7818CB -<9 :C@@CK=B; 9L<=6=HG 5F9 =B7@I898 K=H< H<=G F9DCFH CF =B7CFDCF5H98 <9F9=B 6M F9:9F9B79 L<=6=H 'IA69F

9G7F=DH=CB

,97CB8 +9GH5H98 9FH=:=75H9 C: "B7CFDCF5H=CB C: H<9 +9;=GHF5BH 85H98 ,9DH9A69F =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

9FH=:=75H9 C: A9B8A9BH C: H<9 ,97CB8 +9GH5H98 9FH=:=75H9 C: "B7CFDCF5H=CB C: H<9 +9;=GHF5BH :=@98 K=H< H<9 ,97F9H5FM C: ,H5H9 C: H<9 ,H5H9 C: 9@5K5F9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB &5F7<

9FH=:=75H9 C: A9B8A9BH C: H<9 ,97CB8 +9GH5H98 9FH=:=75H9 C: "B7CFDCF5H=CB C: H<9 +9;=GHF5BH 85H98 5G C: &5F7< =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB &5F7<

9FH=:=75H9 C: A9B8A9BH C: H<9 ,97CB8 +9GH5H98 9FH=:=75H9 C: "B7CFDCF5H=CB C: H<9 +9;=GHF5BH 85H98 5G C: &5F7< =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC BB9L HC H<9 +9;=GHF5BHWG 89:=B=H=J9 DFCLM GH5H9A9BH CB ,7<98I@9 =HG BBI5@ &99H=B; C: ,HC7?<C@89FG :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 96FI5FM

M %5KG C: -C@@ FCH<9FG "B7 5G A9B898 5B8 +9GH5H98 #IB9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB #IB9

,D97=A9B ,HC7? 9FH=:=75H9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

"B89BHIF9 85H98 5G C: 96FI5FM 5ACB; -C@@ FCH<9FG =B5B79 CFD H<9 +9;=GHF5BH 5B8 H<9 CH<9F ;I5F5BHCFG B5A98 H<9F9=B 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G HFIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 96FI5FM

L<=6=H 'IA69F

9G7F=DH=CB IH<CF=N=B; +9GC@IH=CBG 85H98 5G C: (7HC69F F9@5H=B; HC H<9 DF=B7=D5@ 5ACIBH C: ,9B=CF 'CH9G 8I9 C: -C@@ FCH<9FG =B5B79 CFD ;I5F5BH998 CB 5 G9B=CF 65G=G 6M H<9 +9;=GHF5BH 5B8 79FH5=B C: =HG GI6G=8=5F=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB (7HC69F

CFA C: @C65@ 'CH9 :CF -C@@ FCH<9FG =B5B79 CFD WG ,9B=CF 'CH9G 8I9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB (7HC69F

IH<CF=N=B; +9GC@IH=CBG 85H98 5G C: &5F7< F9@5H=B; HC H<9 DF=B7=D5@ 5ACIBH C: ,9B=CF 'CH9G 8I9 C: -C@@ FCH<9FG =B5B79 CFD ;I5F5BH998 CB 5 G9B=CF 65G=G 6M H<9 +9;=GHF5BH 5B8 79FH5=B C: =HG GI6G=8=5F=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB &5F7<

IH<CF=N=B; +9GC@IH=CBG 85H98 5G C: #IB9 F9@5H=B; HC H<9 DF=B7=D5@ 5ACIBH C: ,9B=CF 'CH9G 8I9 C: -C@@ FCH<9FG =B5B79 CFD ;I5F5BH998 CB 5 G9B=CF 65G=G 6M H<9 +9;=GHF5BH 5B8 79FH5=B C: =HG GI6G=8=5F=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB #IB9

IH<CF=N=B; +9GC@IH=CB 85H98 5G C: #5BI5FM F9@5H=B; HC H<9 5;;F9;5H9 DF=B7=D5@ 5ACIBH C: ,9B=CF 'CH9G 8I9 C: -C@@ FCH<9FG =B5B79 CFD ;I5F5BH998 CB 5 G9B=CF 65G=G 6M -C@@ FCH<9FG "B7 5B8 79FH5=B C: =HG GI6G=8=5F=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB #5BI5FM

CFA C: @C65@ 'CH9 :CF H<9 "GGI9FWG ,9B=CF 'CH9G 8I9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB #5BI5FM

IH<CF=N=B; +9GC@IH=CB 85H98 5G C: ,9DH9A69F F9@5H=B; HC H<9 5;;F9;5H9 DF=B7=D5@ 5ACIBH C: ,9B=CF 'CH9G 8I9 C: -C@@ FCH<9FG =B5B79 CFD ;I5F5BH998 CB 5 G9B=CF 65G=G 6M -C@@ FCH<9FG "B7 5B8 79FH5=B C: =HG GI6G=8=5F=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB ,9DH9A69F

CFA C: @C65@ 'CH9 :CF H<9 "GGI9FWG ,9B=CF 'CH9G 8I9 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB ,9DH9A69F

=FGH ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

,97CB8 ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

-<=F8 ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

CIFH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #I@M HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

L<=6=H 'IA69F

9G7F=DH=CB

=:H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

,=LH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #5BI5FM HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #5BI5FM

,9J9BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

=;<H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

'=BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #5BI5FM HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #5BI5FM

-9BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

@9J9BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9@:H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-<=FH99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #5BI5FM HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #5BI5FM

CIFH99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

=:H99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #I@M HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

,=LH99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

,9J9BH99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

L<=6=H 'IA69F

9G7F=DH=CB =;<H99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

'=B9H99BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

-K9BH=9H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9BHM =FGH ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #5BI5FM HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #5BI5FM

-K9BHM ,97CB8 ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9BHM H<=F8 ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9BHM :CIFH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

-K9BHM :=:H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9BHM G=LH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: DF=@ HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 DF=@

-K9BHM G9J9BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #I@M HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

-K9BHM 9=;<H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H9 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHGWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-K9BHM B=BH< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #5BI5FM HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H9 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHGWG CFA * :CF H<9 EI5FH9F 9B898 #5BI5FM

-<=FH=9H< ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: #I@M HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99 =G <9F96M =B7CFDCF5H9 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHGWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

L<=6=H 'IA69F

9G7F=DH=CB -<=FHM :=FGH ,IDD@9A9BH5@ "B89BHIF9 85H98 5G C: (7HC69F HC H<9 "B89BHIF9 85H98 5G C: 96FI5FM 6M 5B8 5ACB; H<9 D5FH=9G @=GH98 CB ,7<98I@9 H<9F9HC 5B8 -<9 5B? C: '9K 2CF? &9@@CB 5G GI779GGCF -FIGH99

9G7F=DH=CB C: 9FH5=B C: +9;=GHF5BHWG ,97IF=H=9G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

F98=H ;F99A9BH 85H98 5G C: 96FI5FM 6M 5B8 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 %9B89FG D5FHM H<9F9HC 5B8 &=NI<C 5B? %H8 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 96FI5FM

F98=H ;F99A9BH 6M 5B8 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 @9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH 85H98 96FI5FM =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 96FI5FM

A9B8A9BH 'C 85H98 5G C: &5M HC H<9 F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 %9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB &5M

A9B8A9BH 'C 85H98 I;IGH HC F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M 5B8 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 89G=;B5H98 ;I5F5BHCFG D5FHM H<9F9HC H<9 @9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB I;IGH

A9B8A9BH 'C 85H98 'CJ9A69F HC F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M 5B8 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 89G=;B5H98 ;I5F5BHCFG D5FHM H<9F9HC H<9 @9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 'CJ9A69F

A9B8A9BH 'C 85H98 5G C: (7HC69F HC H<9 F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M 5B8 =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 89G=;B5H98 ;I5F5BHCFG D5FHM H<9F9HC H<9 @9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 'CJ9A69F

A9B8A9BH 'C 85H98 5G C: 96FI5FM HC H<9 F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M A9B8A9BH 'C 85H98 5G C: &5M A9B8A9BH 'C 85H98 5G C: I;IGH A9B8A9BH 'C 85H98 5G C: 'CJ9A69F 5B8 A9B8A9BH 'C 85H98 5G C: (7HC69F 5ACB; =FGH !IBH=B;8CB =B5B79 CFD -C@@ FCH<9FG "B7 H<9 %9B89FG D5FHM H<9F9HC 5B8 -FI=GH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 96FI5FM

-9FA %C5B LH9BG=CB ;F99A9BHG 9::97H=J9 5G C: (7HC69F K=H< F9GD97H HC H<9 -9FA %C5B F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M A9B8A9BH 'C 85H98 5G C: &5M A9B8A9BH 'C 85H98 5G C: I;IGH A9B8A9BH 'C 85H98 5G C: 'CJ9A69F 5B8 A9B8A9BH 'C 85H98 5G C: 'CJ9A69F 5ACB; H<9 +9;=GHF5BH H<9 CFFCK9F H<9 @9B89FG D5FHM H<9F9HC 5B8 ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB (7HC69F

-9FA %C5B LH9BG=CB ;F99A9BHG 9::97H=J9 5G C: (7HC69F K=H< F9GD97H HC H<9 -9FA %C5B F98=H ;F99A9BH 85H98 5G C: 96FI5FM 5G 5A9B898 6M A9B8A9BH 'C 85H98 5G C: &5M A9B8A9BH 'C 85H98 5G C: I;IGH A9B8A9BH 'C 85H98 5G C: 'CJ9A69F 5B8 A9B8A9BH 'C 85H98 5G C: 'CJ9A69F 5ACB; H<9 +9;=GHF5BH H<9 CFFCK9F H<9 @9B89FG D5FHM H<9F9HC 5B8 -FI=GH 5B? 5G GI779GGCF 6M A9F;9F HC ,IB-FIGH 5B? 5G 8A=B=GHF5H=J9 ;9BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H HC H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB (7HC69F

-C@@ FCH<9FG "B7 AD@CM99 ,HC7? )IF7<5G9 )@5B =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC BB9L HC H<9 +9;=GHF5BHWG 9:=B=H=J9 )FCLM ,H5H9A9BH CB ,7<98I@9 :CF =HG BBI5@ &99H=B; C: ,HC7?<C@89FG :=@98 K=H< H<9 , CB #5BI5FM

L<=6=H 'IA69F

9G7F=DH=CB A9B8A9BH 'C 85H98 5G C: 979A69F HC H<9 -C@@ FCH<9FG "B7 AD@CM99 ,HC7? )IF7<5G9 )@5B =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

A9B8A9BH 'C 85H98 5G C: #IB9 HC H<9 -C@@ FCH<9FG "B7 AD@CM99 ,HC7? )IF7<5G9 )@5B =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

-C@@ FCH<9FG "B7 A9B898 5B8 +9GH5H98 ,HC7? "B79BH=J9 )@5B :CF AD@CM99G 5A9B898 5B8 F9GH5H98 5G C: ,9DH9A69F =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG A9B8A9BH 'C HC =HG +9;=GHF5H=CB ,H5H9A9BH CB CFA , 'C :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB (7HC69F

CFA C: 'CB *I5@=:=98 ,HC7? (DH=CB F5BH DIFGI5BH HC H<9 -C@@ FCH<9FG "B7 ,HC7? "B79BH=J9 )@5B :CF AD@CM99G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 979A69F

CFA C: 889B8IA HC 'CB *I5@=:=98 ,HC7? (DH=CB F5BH DIFGI5BH HC H<9 -C@@ FCH<9FG "B7 ,HC7? "B79BH=J9 )@5B :CF AD@CM99G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

-C@@ FCH<9FG "B7 ,HC7? "B79BH=J9 )@5B :CF AD@CM99G =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC BB9L HC H<9 +9;=GHF5BHWG 89:=B=H=J9 DFCLM GH5H9A9BH CB ,7<98I@9 :CF =HG BBI5@ &99H=B; C: ,HC7?<C@89FG :=@98 K=H< H<9 , CB 96FI5FM

CFA C: 'CB *I5@=:=98 ,HC7? (DH=CB F5BH DIFGI5BH HC H<9 -C@@ FCH<9FG "B7 ,HC7? "B79BH=J9 )@5B :CF AD@CM99G =G =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 D9F=C8 9B898 (7HC69F

CFA C: 'CB *I5@=:=98 ,HC7? (DH=CB F5BH =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA $ :CF H<9 M95F 9B898 (7HC69F

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CFA C: 'CB *I5@=:=98 ,HC7? (DH=CB F5BH DIFGI5BH HC H<9 -C@@ FCH<9FG "B7 ,HC7? "B79BH=J9 )@5B :CF 'CB AD@CM99 =F97HCFG =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG IFF9BH +9DCFH CB CFA $ :=@98 K=H< H<9 ,97IF=H=9G 5B8 L7<5B;9 CAA=GG=CB CB 979A69F

CFA C: 889B8IA HC 'CB *I5@=:=98 ,HC7? (DH=CB F5BH DIFGI5BH HC H<9 -C@@ FCH<9FG "B7 A9B898 5B8 +9GH5H98 ,HC7? "B79BH=J9 )@5B :CF 'CB AD@CM99 =F97HCFG =G <9F96M =B7CFDCF5H98 6M F9:9F9B79 HC L<=6=H C: H<9 +9;=GHF5BHWG CFA * :CF H<9 EI5FH9F 9B898 #I@M

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S S S

S S

I9 HC FCIB8=B; D9F79BH5;9G A5M BCH 588 09 5F9 GI6>97H HC GH5H9 H5L =B H<9 >IF=G8=7H=CBG =B K<=7< K9 CD9F5H9 09 9GH=A5H9 CIF GH5H9 H5L @=56=@=HM 65G98 IDCB H<9 =B8=J=8I5@ H5L=B; 5IH<CF=H=9GW F9;I@5H=CBG 9GH=A5H9G C: =B7CA9 6M H5L=B; >IF=G8=7H=CB 5B8 CIF 56=@=HM HC IH=@=N9 79FH5=B H5L G5J=B; GHF5H9;=9G 5G98 CB CIF 9GH=A5H9 C: H<9 5@@C75H=CB C: =B7CA9 CF @CGG 5ACB; H<9 J5F=CIG H5L=B; >IF=G8=7H=CBG 5B8 7<5B;9G =B H5L F9;I@5H=CBG 5B8 H<9=F =AD57H CB CIF H5L GHF5H9;=9G K9 9GH=A5H9 H<5H CIF F5H9 :CF GH5H9 =B7CA9 H5L9G 69:CF9 :989F5@ 69B9:=H K=@@ 69 =B :=G75@ (IF GH5H9 =B7CA9 H5L F5H9 69:CF9 :989F5@ 69B9:=H K5G 5B8 =B :=G75@ 5B8 F9GD97H=J9@M -<9 :C@@CK=B; H56@9 DFCJ=89G =B:CFA5H=CB F9;5F8=B; H<9 DFCJ=G=CB 69B9:=H :CF =B7CA9 H5L9G :CF 957< C: H<9 :=G75@ M95FG 9B898 (7HC69F 5B8 5ACIBHG =B H<CIG5B8G 989F5@ ,H5H9

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77FI98 5H (7HC69F (7HC69F

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"B 577CF85B79 K=H< ) K9 5GG9GG K<9H<9F 5 J5@I5H=CB 5@@CK5B79 G<CI@8 69 9GH56@=G<98 65G98 CB CIF 89H9FA=B5H=CB C: K<9H<9F =H =G ACF9 @=?9@M H<5B BCH H<5H GCA9 DCFH=CB CF 5@@ C: H<9 89:9FF98 H5L 5GG9HG KCI@8 BCH 69 F95@=N98 H (7HC69F 5B8 K9 89H9FA=B98 H<5H =H K5G ACF9 @=?9@M H<5B BCH H<5H CIF 89:9FF98 H5L 5GG9HG KCI@8 69 F95@=N98 77CF8=B;@M 5H (7HC69F 5B8 K9 8=8 BCH <5J9 J5@I5H=CB 5@@CK5B79G F97CF898 5;5=BGH CIF :989F5@ CF GH5H9 89:9FF98 H5L 5GG9HG 09 :=@9 H5L F9HIFBG =B H<9 J5F=CIG GH5H9G =B K<=7< K9 8C 6IG=B9GG 57< GH5H9 <5G =HG CKB GH5HIH9G F9;5F8=B; H<9 IG9 C: H5L @CGG 75FFM:CFK5F8G ,CA9 C: H<9 GH5H9G =B K<=7< K9 8C 6IG=B9GG 8C BCH 5@@CK :CF H<9 75FFM:CFK5F8 C: @CGG9G K<=@9 CH<9FG 5@@CK :CF 75FFM:CFK5F8G F5B;=B; :FCA :=J9 M95FG HC 5B =B89:=B=H9 75FFM:CFK5F8 D9F=C8

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