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[SVPH´W ½VWX UYEVX^ [VMWX[EXGL 8LMW KEZI XLIQ ER IRSVQSYW GSQQIVGMEP EHZERXEKI SZIV XLI 7[MWW 8LI ½VWX 7IMOS UYEVX^ [EXGLIW GSWX EW QYGL EW E 8S]SXE GEV 7IMOS´W [EXGL I\TSVXW MR [IVI SRP] QMPPMSR TMIGIW 8LMW VSGOIXIH XS QMPPMSR MR ERH F] LEH VIEGLIH XLI MQTVIWWMZI XSXEP SJ QMPPMSR &] 7IMOS TVSHYGIH EVSYRH QMPPMSR [EXGLIW ,MWXSVMGEPP] XLI [EXGL MRHYWXVMIW MR .ETER ERH 7[MX^IVPERH HIZIPSTIH [MXL HMJJIVIRX WXVYGXYVIW ERH XLMW YPXMQEXIP] EGGSYRXIH JSV 7IMOS´W VIQEVOEFPI WYG GIWW [LIR XLI [SVPH XYVRIH XS UYEVX^ XMQIOIITMRK 7[MX^IVPERH´W [EXGL MRHYWXV] LEH HIZIPSTIH EW E KMERX GSXXEKI MRHYWXV] [MXL XLSYWERHW SJ GSQTERMIW WTIGMEP MWMRK MR XLI TVSHYGXMSR SJ TEVXMGYPEV GSQTSRIRXW %W UYEVX^ XIGLRSPSK] ½VWX IQIVKIH 7IMOS [EW JEGIH [MXL ER MQTSVXERX HIGMWMSR 6IMNMVS ,EXXSVM ,SRSVEV] 'LEMVQER SJ XLI 7IMOS +VSYT I\TPEMRW ±;I LEH FIIR XEPOMRK EFSYX [LIVI XS FY] XLI WXIIP JSV SYV FEPERGI WTVMRKW ERH XLIR XS FYMPH E JEGXSV] SYVWIPZIW XS QERYJEGXYVI XLIQ ;LIR [I GEQI MRXS XLI UYEVX^ EKI [I [IVI XEPOMRK EFSYX [LEX XS HS MR XIVQW SJ WIQM GSRHYGXSV JEGXSVMIW ERH EFSYX XLI JEGX XLEX MX [EWR´X IRSYKL NYWX XS QEOI WIQMGSRHYGXSVW [L] RSX FYMPH UYEVX^ SWGMPPEXSVW ERH PMUYMH GV]WXEP HMWTPE]W XSS#² 7IMOS TVSHYGIH ¯ ERH WXMPP TVS HYGIW ¯ QSWX SJ XLI GSQTSRIRXW JSV MXW [EXGLIW MRGPYHMRK QSZIQIRXW GEWIW ERH HMEPW MR GSQTERMIW [MXLMR XLI KVSYT %X E XMQI [LIR 7[MWW TVSHYG XMSR [EW SJXIR LIPH YT F] E WLSVXEKI SJ GSQTSRIRXW JVSQ ZEVMSYW MRHITIRHIRX GSQTERMIW 7IMOS LEH JEV KVIEXIV GSR ',%48)6

XVSP SZIV TVSHYGXMSR FIGEYWI EPQSWX IZIV] TEVX [EW QEHI MR LSYWI -XW MRXIKVEXIH ETTVSEGL EPWS JEGMPMXEXIH XLI HIZIPSTQIRX SJ LMKLP] EYXSQEXIH TVSHYGXMSR ERH EWWIQFP] PMRIW [LMGL GSYPH STIVEXI YRQERRIH JSV LSYVW E HE] %W TVSHYGXMSR SJ UYEVX^ [EXGLIW I\TERHIH VETMHP] XS GEXIV JSV IRSV QSYW [SVPH[MHI HIQERH .ETERIWI QEOIVW WSSR FIGEQI HSQMRERX ¯ ERH QYGL SJ XLIMV WYGGIWW [EW XLI VIWYPX SJ XLI MRXIKVEXIH ETTVSEGL XS [EXGL QEOMRK XLEX LEH FIIR MRWXMKEXIH F] /MRXEVS ,EXXSVM EX XLI FIKMRRMRK SJ XLI XL GIRXYV]

-RZIWXMRK MR 6 ( (IWTMXI MXW IRSVQSYW WYGGIWW [MXL UYEVX^ [EXGLIW 7IMOS GSRXMRYIH XS MRZIWX MR VIWIEVGL ERH HIZIPSTQIRX ERH QYGL SJ MXW [SVO [EW HIZSXIH XS XLI HIZIPSTQIRX SJ XLI RI\X KIR IVEXMSR SJ XMQIOIITMRK ER EYXSQEXMG KIRIVEXMRK W]WXIQ XLEX VIUYMVIH RS FEXXIV] GLERKI &] MX ETTPMIH JSV MXW ½VWX TEXIRX JSV XLMW RI[ XIGL RSPSK] FYX MX [EW RSX YRXMP XLEX XLI [SVPH´W ½VWX EYXSQEXMG KIRIVEXMRK UYEVX^ [EXGL [EW PEYRGLIH 5YEVX^ QSZIQIRXW VITVIWIRXIH E VIZSPYXMSR MR EGGYVEG] HMKMXEP UYEVX^ [EXGLIW QEVOIH E VIZSPYXMSR MR HMWTPE] XIGLRSPSK] ERH XLI EYXSQEXMG KIRIV EXMRK W]WXIQ [LMGL 7IMOS IZIRXYEPP] REQIH /MRIXMG [EW E VIZSPYXMSR MR IRIVK] WSYVGIW JSV XMQIOIITMRK 8LMW IRSVQSYW WXIT JSV[EVH QEVOIH XLI FIKMRRMRK SJ 7IMOS´W RI[ IVE SJ WSGMEP VIWTSRWMFMPMX] GVIEXMRK TVSHYGXW XLEX EVI JVMIRHP] XS XLI [SVPH [I PMZI MR 8LMW RI[ EXXMXYHI MW RSX VIWXVMGXIH XS XLI QERYJEGXYVI SJ IRZMVSRQIRXEPP] JVMIRHP] TVSHYGXW MX EPWS I\XIRHW XS XLI GSQTER]´W JEGXSVMIW ERH SJ½GIW % .3962)= -2 8-1)

8LMW ZMI[ SJ TEVX SJ XLI 7IMOSWLE TPERX MR WLS[W LS[ QYGL XLI GSQTER] LEH I\TERHIH MR E JI[ WLSVX ]IEVW

ERH XLI GSQTER] [SR E[EVHW JSV MXW GSRXMRYMRK IJJSVXW XS VIHYGI IRIVK] GSRWYQTXMSR ERH IRZMVSRQIRXEP TSPPY XMSR MR MXW JEGXSVMIW 5YEVX^ XIGLRSPSK] PIH HMVIGXP] XS ERSXLIV HIZIPSTQIRX SJ IRSVQSYW WMKRM½GERGI JSV 7IMOS -R 7IMOS WIVZIH EW XLI SJ½GMEP XMQIOIITIV JSV XLI 8SO]S 3P]QTMG +EQIW ERH MX VIZSPYXMSRMWIH WTSVXW XMQIOIITMRK F] FIGSQMRK XLI ½VWX GSQTER] IZIV XS YWI E UYEVX^ GPSGO XS XMQI E QENSV WTSVXW IZIRX )ZIV WMRGI XLEX XMQI 7IMOS LEW TPE]IH E QENSV VSPI MR WTSVXW XMQMRK XLI [SVPH SZIV ERH MXW I\TIVXMWI ERH TVS½GMIRG] LEZI LIPTIH XS IRLERGI XLI GSQTER]´W VITYXEXMSR JSV VIPMEFMPMX] ERH EGGYVEG] %JXIV 7IMOS LEW FIIR SRI SJ SRP] X[S GSQTERMIW XLEX LEZI XMQIH QYPXM HMWGMTPMRI QENSV MRXIVREXMSREP WTSVXW IZIRXW (IWTMXI XLI IRSVQSYW MRZIWXQIRX MR XIGLRSPSK] ERH QERTS[IV XLEX MW RIGIWWEV] XS

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±7SR SJ )4² ¯ )PIGXVMG 4VMRXIV 7IMOS´W WYGGIWW MR XLI PEWX ]IEVW LEW RSX SRP] VIPMIH SR XIGLRMGEP MRRSZE XMSR ERH FYWMRIWW EGYQIR XLI GSQTER] LEW EPWS HIZSXIH GSRWMHIVEFPI EXXIR XMSR XS XLI MQTSVXERGI SJ HIWMKR -XW HIWMKRIVW LEZI [SR X[S (MEQSRHW

-RXIVREXMSREP %[EVHW XLI GSZIXIH SJ [EXGL QERYJEGXYVMRK F] TMSRIIVMRK MRXIVREXMSREP E[EVHW XLEX QEVO XLI RI[ XIGLRSPSK] ERH HIZIPSTMRK RI[ TMRREGPI SJ NI[IPPIV] HIWMKR 7IMOS LEW TVSHYGXMSR XIGLRMUYIW PEVKI XIEQW SJ HIWMKRIVW MR WIZIVEP 7IMOS´W KVSYRH FVIEOMRK WEPIW SJ TEVXW SJ XLI [SVPH ERH EPWS GSPPEFS XLI [SVPH´W ½VWX UYEVX^ [EXGLIW ERH VEXIW [MXL WSQI SJ XLI [SVPH´W QSWX MXW MRXVSHYGXMSR SJ /MRIXMG XIGLRSPSK] WYGGIWWJYP MRHYWXVMEP HIWMKRIVW TPE]IH E OI] VSPI MR 7IMOS´W EGGITXERGI ;LIR /MRXEVS ,EXXSVM STIRIH EW E QENSV TPE]IV SR XLI [SVPH WXEKI LMW ½VWX [EPP GPSGO JEGXSV] MR LMW %X XLI FIKMRRMRK SJ XLI WX GIRXYV] WXEJJ QERYJEGXYVIH GPSGOW MR XLI XLI WLETI SJ XLI [SVPH QEVOIX FIKER ½VWX WM\ QSRXLW &] LMW GSQTER] XS GLERKI ZIV] UYMGOP] 1EWWMZI TVSHYG 7IMOSWLE LEH FIGSQI XLI PEVKIWX [EPP XMSR SJ GLIET [EXGLIW MR 'LMRE ERH GPSGO QERYJEGXYVIV MR .ETER -R XLI 7SYXL )EWX %WME LEH E WXVSRK MQTEGX SR WIGSRH LEPJ SJ XLI XL GIRXYV] 7IMOS XVEHMXMSREP [EXGL GSQTERMIW 8LI 7IMOS VIEGLIH ERH WXE]IH EX XLI JSVIJVSRX 'SVTSVEXMSR VIWTSRHIH F] VIWXVYG

XYVMRK XLI [EXGL HMZMWMSR ERH GVIEXMRK E RI[ ZMWMSR SJ XLI JYXYVI EW E ½VWX WXIT XS[EVHW QIIXMRK XLMW IRSVQSYW GLEPPIRKI -R /MRXEVS ,EXXSVM´W ZMWMSR QEHI TSWWMFPI JYXYVI WYGGIWW 8SHE] XLI GSQTER]´W ZMWMSR MW WYQQIH YT F] MXW FYVRMRK UYIWX JSV MRRSZEXMSR ERH VI½RIQIRX ;MXL WYFWXERXMEP SRKSMRK MRZIWXQIRX MR VIWIEVGL ERH HIZIPST QIRX EW [IPP EW HIWMKR QEVOIXMRK ERH EHZIVXMWMRK MX PSSOW WIX XS QEMRXEMR MXW HSQMRERX TSWMXMSR MR XLI KPSFEP [EXGL QEVOIX JEV MRXS XLI WX GIRXYV]

',%48)6

-223:%8-32 %2( 6)*-2)1)28 %W XLI WX GIRXYV] HE[RIH XLI [SVPH³W [EXGL QEVOIXW [IVI FIMRK XVERWJSVQIH F] TS[IVJYP RI[ JSVGIW XLEX EWOIH UYIWXMSRW SJ IZIV] QENSV GSQTER] MR XLI MRHYWXV] -R VIWTSRWI XLI 7IMOS 'SVTSVEXMSR QEHI ER MQTSVXERX GLERKI XS MXW WXVYGXYVI HIWMKRIH XS IREFPI XLI [EXGL HMZMWMSR XS EGLMIZI MXW JYPP TSXIRXMEP ERH XS XEOI EHZERXEKI SJ XLIWI GLERKIW ® MX IWXEFPMWLIH 7IMOS ;EXGL 'SVTSVEXMSR

8LI LMWXSV] SJ 7IMOS MW XLI LMWXSV] SJ E JEQMP] S[RIH FYWMRIWW MRZSPZMRK XLVII KIRIVEXMSRW SJ XLI ,EXXSVM JEQMP] YRHIV [LSWI KYMHERGI XLI GSQTER] LEW TVSWTIVIH JSV QSVI XLER ]IEVW 9RHIV XLI TVIWIRX ,SRSVEV] 'LEMVQER 6IMNMVS ,EXXSVM XLI KVERHWSR SJ XLI JSYRHIV /MRXEVS ,EXXSVM XLI GSQTER] LEW VIGIRXP] WXYHMIH LS[ FIWX MX GER VIWTSRH XS XLI GLEPPIRKI SJ XLI WX GIRXYV] [MXL E RI[ ZMWMSR TLMPSWSTL] ERH WXVYGXYVI 8LI ½VWX IVE SJ 7IMOS IQFVEGIH XLI TMSRIIVMRK HE]W XLI GVIEXMSR SJ RI[ JEGXSVMIW ERH XLI QER YJEGXYVI SJ ZEVMSYW X]TIW SJ XMQITMIGIW JSV XLI ½VWX XMQI MR .ETER 8LI WIGSRH IVE WXEVXIH MR XLI WIGSRH LEPJ SJ XLI XL GIRXYV] [LIR XLI GSQTER] FIKER XS STIR MQTSVXERX I\TSVX QEVOIXW 8LI XLMVH IVE FIKER [MXL ER I\TPSWMSR MR WEPIW ERH TVSHYGXMSR EJXIV XLI GSQTE R]´W LMWXSVMG PEYRGL SJ XLI [SVPH´W ½VWX UYEVX^ [EXGLIW MR 8LI JSYVXL IVE WE[ XLI GSQTER] I\TERH MXW FVERH TSVXJSPMS GVIEXI E KPSFEP RIX[SVO SJ WYTTSVX GSQTERMIW ERH EWWYQI KPSFEP PIEHIVWLMT MR [EXGLQEOMRK XIGLRSPS KMIW 8SHE] ERSXLIV RI[ IVE FIGOSRW &] XLI W ERH W XLI 7[MWW LEH WIIQIH XS FI MR E TSWMXMSR XLEX [EW YREWWEMPEFPI FYX XLEX TVSZIH XS % .3962)= -2 8-1)

8WYXSQY 1MXSQI JMVWX 4VIWMHIRX SJ 7IMOS ;EXGL 'SVTSVEXMSR [LMGL [EW IWXEFPMWLIH MR

FI RS SFWXEGPI XS 7IMOS´W IRXLYWMEWXMG [EXGLQEOIVW XIGLRMGMERW HIWMKRIVW ERH WEPIW WXEJJ -R XLI W XLI] LEH EPVIEH] WXEVXIH XS I\TSVX QIGLERMGEP [EXGLIW [MXL WSQI WYGGIWW ERH XLIR XLI] EWXSRMWLIH XLI [EXGL [SVPH F] EGLMIZMRK KVIEX WYGGIWW MR MRHITIRHIRX [EXGL XVMEPW LIPH MR 7[MX^IVPERH

;LIR 7IMOS PIH XLI [SVPH MR XLI MRXVSHYGXMSR SJ UYEVX^ [EXGLIW MR ERH TMSRIIVIH XVYI QEWW TVSHYGXMSR ERH EYXSQEXMSR MR XLI W XLI] LEH ER IRSVQSYW EHZERXEKI SZIV XLIMV 7[MWW VMZEPW )ZIV WMRGI XLI IEVP] HE]W SJ GPSGO TVSHYGXMSR ¯ ERH EJXIV ZMWMXW XS XLI 97% EX XLI IRH SJ XLI XL ERH XLI FIKMRRMRK SJ XLI XL GIRXYV] ¯ /MRXEVS ,EXXSVM ERH LMW WYGGIWWSVW LEH FIPMIZIH MR ERH MRZIWXIH MR ZIVXMGEP MRXIKVEXMSR &] XLI IRH SJ XLI W 7IMOS´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

8LI JSVIWMKLX SJ /MRXEVS ,EXXSVM MR XLI IEVP] HE]W SJ 7IMOS PIH XS XLI GVIEXMSR SJ ER MRXIKVEXIH TVSHYGXMSR WXVYGXYVI XLEX KEZI XLI GSQTER] ER IRSVQSYW EHZERXEKI [LIR UYEVX^ [EXGLIW XSSO SZIV XLI QEVOIX 8LMW [EXGL TVSHYGXMSR PMRI EX 1SVMSOE 7IMOS MW TVSFEFP] XLI PEVKIWX MR XLI [SVPH

EYXSQEXIH TVSHYGXMSR PMRIW ERH XLMW 1ER] RI[ FVERHW ETTIEVIH MR XLI QEV TYX XLI 7[MWW EX E KVIEX HMWEHZERXEKI OIXTPEGI ERH [MXL XLI TVSJYWMSR SJ RI[ -X [EW HMJ½GYPX XS SVKERMWI TEVXW XS FI WYTTPMIVW EPQSWX ER]SRI [EW EFPI XS MR XLI VMKLX TPEGI EX XLI VMKLX XMQI XS WSYVGI [EXGLIW ERH XS PEYRGL E RI[ JEGMPMXEXI QEWW TVSHYGXMSR 8LI 7[MWW FVERH REQI [EXGLQEOMRK MRHYWXV] RIIHIH JYRHE 9RPMOI IEVPMIV GSQTERMIW [LSWI QIRXEP VISVKERMWEXMSR XS GSTI [MXL REQIW LEH FIGSQI ORS[R XLI [SVPH UYEVX^ [EXGL TVSHYGXMSR FYX MR .ETER SZIV EW [EXGL FVERHW XLIWI RI[ GSQ 7IMOS´W ZIVXMGEP MRXIKVEXMSR IREFPIH TERMIW [IVI MR XLI FYWMRIWW SJ RMGLI TVSHYGXMSR PMRIW XS FI EHETXIH UYMGOP] QEVOIXMRK GEVIJYPP] MHIRXMJ]MRK ERH XS XLI RI[ XIGLRSPSK] ERH WSSR XLI] XEVKIXMRK E REVVS[ KVSYT SJ GSRWYQIVW [IVI [SVPH PIEHIVW ERH WIPPMRK XS XLIQ ZIV] WYGGIWWJYPP] %W XLI [SVPH IRXIVIH XLI WX 8LI] HMH RSX RIIH I\XIRWMZI ORS[P GIRXYV] ERSXLIV QENSV GLERKI [EW IHKI SJ XLI [EXGL QEVOIX MRWXIEH XLI] FIKMRRMRK XS XVERWJSVQ XLI [SVPH´W VIUYMVIH WYTTPMIVW [LS GSYPH HIPMZIV [EXGLQEOMRK MRHYWXV] 7SYXL )EWX %WME SR XMQI ERH E ¾EMV JSV QEVOIXMRK LEH FIGSQI XLI QENSV TVSHYGIV SJ 1SVI XLER IZIV FIJSVI XLIWI RI[ MRI\TIRWMZI [EXGLIW ERH EX VIXEMP PIZIP QEVOIXMRK GSQTERMIW [IVI WIPPMRK ER XLMW [EW JYIPPIH F] E RI[ TLIRSQIRSR MQEKI XLI UYEPMX] ERH XIGLRMGEP JIE

XYVIW SJ QER] SJ XLIWI RMGLI TVSHYGXW XSSO WIGSRH TPEGI XS XLI FVERH REQI 1ER] SJ XLI FVERH REQIW FIMRK YWIH SR [EXGLIW JSV XLI ½VWX XMQI [IVI EPVIEH] [IPP IWXEFPMWLIH EW LSYWILSPH REQIW MR SXLIV ½IPHW WYGL EW JVE KVERGIW SV WTSVXW [IEV 8LI I\TIVXMWI SJ XLI ZIV] WYGGIWWJYP QEVOIXMRK ERH EHZIVXMWMRK HITEVXQIRXW SJ XLIWI RI[ GSQTERMIW [EW ETTPMIH XS XLI WIPPMRK SJ [EXGLIW -R XLI JEGI SJ XLMW EWWEYPX ERH EW XLI 7[MWW MRHYWXV] VIGSZIVIH MXW QSQIRXYQ 7IMOS´W TLIRSQIREP KVS[XL VEXI WPS[IH ERH MR XLMW RI[ [SVPH SJ RMGLI [EXGL FVERHW XLI WXVYGXYVI SJ XLI GSQTER] [EW WYGL XLEX MX [EW YREFPI XS VIWTSRH UYMGOP] XS GLERKIW MR XLI QEVOIXTPEGI ERH ',%48)6

XS HIQERH JSV RI[ HIWMKRW -X LEH FIGSQI XSS PEVKI ERH YR[MIPH] -X [EW XMQI XS GLERKI %W WS SJXIR FIJSVI MR 7IMOS LMWXSV] XLI MRWTMVEXMSR JSV GLERKI GEQI JVSQ XLI ZMWMSR WMRGI XLI IEVPMIWX HE]W SJ XLI JYXYVI EW E GLEPPIRKI

% QMPIWXSRI JSV 7IMOS 8LI ]IEV QEVOIH ER MQTSVXERX QMPIWXSRI MR XLI LMWXSV] SJ XLI GSQ TER] [LIR 7IMOS ;EXGL 'SVTSVEXMSR

7;' [EW JSVQIH %X PEWX XLI [EXGL HMZMWMSR FIGEQI ER MRHITIRHIRX STIV EXMRK YRMX [MXL VIWTSRWMFMPMX] JSV MXW S[R HIWXMR] 9RXMP 7;' [EW JSVQIH XLI [EXGL HMZMWMSR LEH STIVEXIH EW E TEVX SJ 7IMOS 'SVTSVEXMSR 2S[ XLI RI[ 7;' LEW NSMRIH QSVI XLER SXLIV GSQTERMIW YRHIV XLI YQFVIPPE SJ XLI TEVIRX GSQTER] 0MOI WS QER] JYRHEQIRXEP GLERKIW MR XLI LMWXSV] SJ 7IMOS 'SVTSVEXMSR XLMW MQTSVXERX HIGMWMSR [EW XEOIR F] E QIQFIV SJ XLI ,EXXSVM JEQMP] ¯ 6IMNMVS ,EXXSVM 'LEMVQER SJ XLI 'SVTSVEXMSR JVSQ XLI XLMVH KIRIVEXMSR XS VYR XLI FYWMRIWW ,MW HIGMWMSR XS QEOI XLMW MQTSVXERX GLERKI LEW KMZIR XLI [EXGL HMZMWMSR GSQTPIXI EYXSRSQ] E RI[ WIRWI SJ TYVTSWI ERH HMVIGXMSR ERH EFSZI EPP VIWTSRWMFMPMX] JSV MXW S[R HIWXMR] 8WYXSQY 1MXSQI [EW ETTSMRXIH EW XLI ½VWX TVIWMHIRX SJ 7IMOS ;EXGL 'SVTSVEXMSR 9RXMP LI XSSO YT LMW RI[ ETTSMRXQIRX LI [EW 4VIWMHIRX SJ XLI 7IMOS 'SVTSVEXMSR SJ %QIVMGE ERH LEH [SVOIH MR XLI %QIVMGER QEVOIX JSV ]IEVW *VSQ LMW MQTSVXERX TSWMXMSR MR XLI 97% LI [EW EFPI XS WII 7IMOS JVSQ E HMJJIVIRX MRXIVREXMSREP TIVWTIGXMZI VEXLIV XLER XLI QSVI REVVS[ ZMI[ SJ LMW GSPPIEKYIW [LS [IVI FEWIH MR .ETER *SV WSQI XMQI LI LEH EGXIH EW ER STMRMSR TVSZMHIV XS 7IMOS 'SVTSVEXMSR % .3962)= -2 8-1)

LIPTMRK MXW HMVIGXSVW XS YRHIVWXERH LS[ 7IMOS GSQTERMIW ERH XLI 7IMOS [EXGL FVERH [IVI TIVGIMZIH MR SXLIV TEVXW SJ XLI [SVPH 7;' QEREKIW E TSVXJSPMS SJ FVERHW [MXL 7IMOS EW MXW GSVI IEGL JSGYWIH SR MXW HMWXMRGX QMWWMSR 7IMOS´W WYGGIWW MW TEVXP] EXXVMFYXEFPI XS XLI HIGMWMSR MR XLI W XS TVSXIGX XLI ZEPYI SJ XLI 7IMOS FVERH REQI F] XLI EHHMXMSR SJ XLI 4YPWEV 0SVYW ERH %PFE FVERHW XS STIVEXI EX SXLIV PIZIPW MR XLI QEVOIXTPEGI 1SVI VIGIRXP] RMGLI [EXGL FVERHW WYGL EW %KRIW & ERH 1ERHEVMRE (YGO LEZI FIIR TVSHYGIH ERH WSPH F] 7;' YRHIV PMGIRGI &IJSVI 7;' [EW WIX YT XLI [EXGL HMZMWMSR´W TVIWMHIRXW LEH VIWTSRWMFMPM XMIW [MXLMR XLI LSPHMRK GSQTER] ERH WS XLI] [IVI RSX EFPI XS HIZSXI XLIMV JYPP

EXXIRXMSR XS XLI [EXGL FYWMRIWW 3RI SJ XLI JYRHEQIRXEP GLERKIW VIWYPXMRK JVSQ XLI GVIEXMSR SJ 7;' MW XLEX XLI] GER RS[ JSGYW XLIMV JYPP EXXIRXMSR SR 7IMOS ERH MXW EWWSGMEXIH FVERHW

% GPIEV ZMWMSR 7SQI SJ XLI ½VWX EGXMSRW SJ XLI RI[ FSEVH [IVI MR¾YIRGIH TIVLETW F] XLI QER] ]IEVW XLEX 1V 1MXSQI LEH WTIRX MR %QIVMGE XLI] EVI VIQMRMWGIRX SJ %QIVMGER QEREKIQIRX XIGLRMUYIW 8LI ½VWX XEWO [EW XS EWWIWW [L] FYWMRIWW LEH WPS[IH SZIV E TIVMSH SJ SV ]IEVW ERH XS MHIRXMJ] E RI[ HMVIGXMSR JSV XLI GSQTER] F] HIZMWMRK E GPIEV ZMWMSR SJ XLI JYXYVI ERH E GPIEV QMWWMSR WXEXIQIRX 8LIVI EVI X[S QMWWMSR WXEXIQIRXW SRI JSV XLI HSQIWXMG QEVOIX ERH XLI

7X]PMRK LEW ER MQTSVXERX VSPI XS TPE] EPSRKWMHI XIGLRMGEP MRRSZEXMSR 8LIWI PEHMIW´ QSHIPW MR 7IMOS´W :MZEGI GSPPIGXMSR EVI JMRI I\EQTPIW SJ XLI LMKL WXERHEVHW FIMRK WIX F] 7IMOS´W HIWMKRIVW XSHE]

:-7-32 7)-/3 MR MXW PSRKWXERHMRK XVEHMXMSR SJ XVYWX[SVXLMRIWW [MPP FVMRK XS TISTPI [LS EVI MR XLI QEMRWXVIEQ SJ WSGMIX] TVSHYGXW ERH WIVZMGIW VITVIWIRXMRK MRRSZEXMSR ERH TIVJIGXMSR 8LIWI TVSHYGXW ERH WIVZMGIW [MPP IRGSYVEKI MQTVIWW ERH MRWXMPP I\TIGXEXMSRW SJ MRRSZEXMSR ERH EHZERGIQIRX

-()28-8= 7)-/3´W MHIRXMX] WLEPP FI XLEX SJ ±MRRSZEXMSR² ERH ±VIJMRIQIRX²

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7)-/3´W GSVI ZEPYIW EVI ±VIPMEFMPMX] FEWIH SR UYEPMX]² ERH ±[SVPH[MHI FVERH VIGSKRMXMSR² 7)-/3´W EHHMXMSREP WXVIRKXL MW EW E QERYJEGXYVIV [MXL MXW TS[IV XS GSQFMRI WIEQPIWWP] ERH EX E LMKL PIZIP

E XIGLRSPSKMGEP HIZIPSTQIRX GETEFMPMXMIW XLEX GSRXMRYI XS EGLMIZI [SVPH JMVWXW ERH

F HIWMKR HIZIPSTQIRX GETEFMPMXMIW XLEX GER GVIEXI SVMKMREP HIWMKRW

SXLIV JSV XLI VIWX SJ XLI [SVPH 8LMW [EW RIGIWWEV] FIGEYWI SJ XLI ZIV] HMJJIVIRX GLEVEGXIVMWXMGW SJ XLI QEV OIXW 7MRGI /MRXEVS ,EXXSVM WXEVXIH LMW GSQTER] MR TIVGITXMSRW SJ 7IMOS LEZI HIZIPSTIH MR HMJJIVIRX [E]W MR XLI HSQIWXMG ERH I\TSVX QEVOIXW -R XLI .ETERIWI QEVOIX 7IMOS WIPPW QMH VERKI TVSHYGXW ¯ EX TVMGIW FIX[IIR ERH ¯ FYX MX EPWS LEW XLI EHHMXMSREP EFMPMX] XS WIPP I\TIRWMZI TVSHYGXW 8LI +VERH 7IMOS ERH 'VIHSV GSPPIGXMSRW GEXIV JSV XLI XST IRH SJ XLI HSQIWXMG QEVOIX +VERH 7IMOS FIMRK LMKL KVEHI

XMQITMIGIW JSV [EXGL GSRRSMWWIYVW ERH 'VIHSV GEXIVMRK JSV XLI PY\YV] QEVOIX [MXL KSPH ERH TPEXMRYQ [EXGLIW WSQI WIX [MXL HMEQSRHW ERH SXLIV KIQ WXSRIW 8LIWI LEZI TVMGIW SJ QSVI XLER

-R MRXIVREXMSREP QEVOIXW F] GSRXVEWX VIXEMPIVW GSRWMHIV 7IMOS´W KVIEXIWX EWWIXW XS PMI MR XLI LMKL ZEPYI SJ XLI TVSHYGX REQI ERH MXW VITYXE XMSR JSV TVSZMHMRK I\GIPPIRX ZEPYI JSV QSRI] 8LI QER] QMPPMSRW SJ WEXMW½IH GYWXSQIVW [SVPH[MHI EPWS VITVIWIRX KSSH[MPP SJ MRIWXMQEFPI ZEPYI

-RXIVREXMSREP GYWXSQIVW SJXIR GSR WMHIV 7IMOS TVSHYGXW XS FI MRI\TIRWMZI [LIR GSQTEVIH [MXL 7[MWW TVSHYGXW SJ E WMQMPEV UYEPMX] 8LMW TIVGITXMSR MW E HSYFPI IHKIH W[SVH 8LI JEGX XLEX 7IMOS MW TIVGIMZIH EW KVIEX ZEPYI JSV QSRI] MW ER MQTSVXERX FVERH IUYMX] FYX XLI PS[IV EZIVEKI TVMGI XLEX GYW XSQIVW SYXWMHI .ETER I\TIGX XS TE] JSV 7IMOS TVSHYGXW MW E KVIEX HMWEHZERXEKI -X LEW TVSZIH XS FI E HMJ½GYPX LYVHPI JSV E GSQTER] XLEX JSV QER] ]IEVW LEW FIIR TVSHYGMRK LMKL KVEHI [EXGLIW EW [IPP EW MXW QMH TVMGIH XMQITMIGIW ',%48)6

8LYW 1V 1MXSQI MHIRXM½IH E RIIH JSV E WLEVTIV JSGYW JSV XLI 7IMOS FVERH MX GSYPH FI TIVGIMZIH MR HMJJIVIRX [E]W MRWMHI ERH SYXWMHI .ETER XS WSQI I\XIRX FYX MX RIIHIH XS FI QSVI GPIEVP] HI½RIH MR FSXL *SV QER] ]IEVW XLI GSQTER]´W KVIEXIWX EWWIX LEH FIIR FVERH E[EVIRIWW -R [LIR 1V 1MXSQI GSRWMHIVIH TPERW JSV XLI JYXYVI SJ XLI RI[P] JSVQIH 7IMOS ;EXGL 'SVTSVEXMSR LI VIEPMWIH MX [EW RSX WYJ½GMIRX JSV 7IMOS XS FI [IPP ORS[R MX RIIHIH XS WXERH JSV WSQIXLMRK 1V 1MXSQI FIPMIZIW XLIVI [IVI XSS QER] HMJJIVIRX TIVGITXMSRW SJ 7IMOS WSQI WE[ MX EW E GLIET [EXGL SXLIVW EW E LMKL UYEPMX] [EXGL 7SQI GSRWMHIVIH XLEX 7IMOS SJJIVIH KSSH UYEPMX] ERH KSSH XIGLRSPSK] [LMPI SXLIVW [IVI QSVI E[EVI SJ 7IMOS´W YRMUYI ERH ZIV] TS[IVJYP HIWMKRW 7SQI IZIR EWWSGMEXIH 7IMOS [MXL .ETERIWI MRHYWXVMEP HIWMKR

&VERH MHIRXMX] *SV XLI JYXYVI 1V 1MXSQI FIPMIZIW XLEX MX MW MQTSVXERX XLEX 7IMOS IWXEF PMWLIW E GPIEV FVERH MHIRXMX] 8LMW MW [L] SRI SJ XLI ½VWX EGXMSRW SJ 7IMOS ;EXGL 'SVTSVEXMSR [EW XS WXYH] FVERH MHIRXMX] MWWYIW 8ST TVMSVMX] [EW KMZIR XS GVIEXMRK E FVERH MHIRXMX] XLEX MW GPSWIP] QEXGLIH F] TVSHYGX HIZIPST QIRX WEPIW ERH EHZIVXMWMRK TVSQSXMSRW EW [IPP EW HMWXVMFYXMSR ERH TVMGMRK TSPMGMIW % WMQMPEV TVSKVEQQI MW EPWS FIMRK MQTPIQIRXIH [MXL IEGL SJ XLI EY\MPMEV] FVERHW MR XLI KVSYT WYGL EW 4YPWEV 0SVYW ERH %PFE ±-R XLI TEWX [I QE] LEZI WIM^IH IZIV] STTSVXYRMX] XS EGLMIZI QEWW WEPIW [LIRIZIV XLI STTSVXYRMX] EVSWI EX TEVXMGYPEV TVMGI TSMRXW ² EGGSVHMRK XS 1V 1MXSQI MR ER MRXIVZMI[ MR ±&YX XLSWI HE]W EVI SZIV -R JYXYVI % .3962)= -2 8-1)

8LMW SYXWXERHMRK 7IMOS 'VIHSV *-*% ;SVPH 'YT WOIPIXSR [EXGL QEHI MR E PMQMXIH IHMXMSR SJ SRI TMIGI ITMXSQMWIW XLI I\GITXMSREPP] LMKL WXERHEVHW SJ XVEHMXMSREP [EXGLQEOMRK XLEX 7IMOS EXXEMR -X LEW E GLVSRSKVETL QSZIQIRX ERH E TS[IV VIWIVZI MRHMGEXSV ERH GSWX ]IR

7IMOS [MPP GVIEXI E QYGL GPIERIV HMW XVMFYXMSR XS IREFPI YW XS GSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX ² 8LMW GSRXMRYIW E TVSGIWW XLEX LEH EPVIEH] WXEVXIH XS[EVHW XLI IRH SJ XLI W ±,S[ GER [I EJJSVH XS LEZI 7IMOS´W FVERH MQEKI KIX PSWX MR HMWXVMFYXMSR [LIR [I EVI XEPOMRK EFSYX XLI MQTSV

XERGI SJ VI½RIQIRX#² LI EWOIH ±;LIR [I [IVI KIEVIH XS E KVS[XL SV QEVOIX WLEVI SVMIRXIH GYPXYVI [I [ERXIH SRP] QEWW WEPIW ERH KVS[XL ERH [I XIRHIH XS SZIVPSSO [LEX XLI 7IMOS FVERH QIERX XS GSRWYQIVW ;MXL XLMW RI[ GSQTER] 7;' [I EVI RS[ KSMRK FEGO XS [LIVI [I WXEVXIH ²

8LMW FIEYXMJYPP] HIGSVEXIH WOIPIXSR QSZIQIRX JSV E 'VIHSV [EXGL MW E JMRI I\EQTPI SJ XLI 7IMOS GVEJXWQERWLMT XLEX MW WS LMKLP] VIKEVHIH MR .ETER FYX PMXXPI ORS[R MR SXLIV TEVXW SJ XLI [SVPH ¯ ]IX

&] XLI UYEPMX] SJ VIXEMP HMWXVM FYXMSR LEH FIIR MQTVSZIH -X LEH EPWS FIGSQI EPQSWX MQTSWWMFPI JSV HMWGSYRX GSQTERMIW XS SFXEMR 7IMOS [EXGLIW XLVSYKL TEVEPPIP HMWXVMFYXMSR GLERRIPW ERH XLMW LIPTIH XS KMZI XLI GSQTER] MQTSVXERX GSRXVSP SZIV MXW MQEKI -J MRRSZEXMSR ERH VI½RIQIRX EVI XLI RI[ GSVI ZEPYIW JSV XLI JYXYVI [MPP 7IMOS FI TVITEVIH XS TVSHYGI [EXGLIW MR PS[IV ZSPYQI FYX EX LMKLIV TVMGIW# 1V 1MXSQI MW LETT] XS GSRXIQTPEXI XLMW TSWWMFMPMX] ,I I\TPEMRW XLEX MR XLI TEWX XLI [EXGL HMZMWMSR SJ XLI 7IMOS +VSYT HIZIPSTIH WSQI KMKERXMG JEGXS VMIW ERH IZIRXYEPP] WSQI [IVI EHETXIH XS TVSHYGI SXLIV TVSHYGXW WYGL EW TVMRXIVW ±;LIR - PSSO FEGO EX XLI GSQTER]´W LMWXSV] ERH EREP]WI [LEX [IRX [VSRK XS[EVHW XLI IRH SJ XLI XL GIRXYV] -

WII XLEX XLIVI [EW RS WXVEXIKMG TPER RMRK MR VIPEXMSR XS XLI HIZIPSTQIRX SJ JEGXSVMIW &IGEYWI SJ XLIMV IRSVQSYW WYGGIWW XLI QEMR JEGXSVMIW MR XLI KVSYT QEHI XLIMV S[R HIGMWMSRW EFSYX XLIMV JYXYVI 7IMOS 'SVTSVEXMSR [EW RSX RIGIWWEVMP] EFPI XS MR¾YIRGI XLI HIGMWMSR QEOMRK TVSGIWW MR E [E] XLEX [SYPH VI¾IGX XLI VIUYMVIQIRXW SJ XLI [EXGL MRHYWXV] 8LI HIGMWMSR QEOMRK TVSGIWW XIRHIH XS MRZSPZI E XLVII [E] HMWGYWWMSR PIH RSX F] XLI QEVOIXMRK HITEVXQIRXW FYX F] XLI MRXIVIWXW SJ IEGL SJ XLI XLVII TEVXMIW ±,MWXSVMGEPP] XLI X[S QEMR JEGXS VMIW FIGEQI IRSVQSYW GSQTERMIW ERH IZIRXYEPP] XLI] QEHI GSRWMHIV EFPI TVS½XW JVSQ TVSHYGXW SXLIV XLER [EXGLIW %W E VIWYPX XLI] HMHR´X RIGIW WEVMP] QEOI HIGMWMSRW FEWIH SR XLIMV [EXGL FYWMRIWW EPSRI 8LI] EQEWWIH

GSRWMHIVEFPI VIWSYVGIW JVSQ SXLIV FYWMRIWW ERH WS XLI] [IVI RSX KVIEXP] GSRGIVRIH [MXL PSSOMRK EJXIV XLI FVERHIH [EXGL FYWMRIWW 8LI] [IVI XEOMRK QERYJEGXYVMRK SVMIRXIH QEREKI QIRX HIGMWMSRW ±;LEX 7IMOS GPIEVP] RIIHW RS[ MW PIEHIVWLMT JVSQ QEVOIXMRK TISTPI [LS EVI GPSWIWX XS XLI QEVOIXW² 1V 1MXSQI WEMH ±- LEZI EPWS IRWYVIH XLEX XLI RI[ 7IMOS ;EXGL 'SVTSVEXMSR RS[ LEW QYGL GPSWIV XMIW XLER IZIV FIJSVI [MXL 7IMOS )TWSR ;I GER WMX HS[R XSKIXLIV ERH WLEVI MRJSVQEXMSR EFSYX QEVOIX VIUYMVIQIRXW [I GER PIX SYV TVSHYG XMSR FI HMGXEXIH F] XLI QEVOIXTPEGI ERH RSX F] GSRZIRMIRGI SV TVSHYGXMSR JEGXSVW 8LMW MW E ZIV] MQTSVXERX EWTIGX SJ XLI GLERKIW XLEX LEZI VIWYPXIH JVSQ XLI IWXEFPMWLQIRX SJ 7;' MR ²

4VSHYGXMSR QSZIH :SPYQI UYEVX^ [EXGL TVSHYGXMSR XLEX LEW FIIR LERHPIH F] 7IMOS -RWXVYQIRXW MR XLI TEWX MW FIMRK QSZIH XS 7IMOS )TWSR FYX 7IMOS -RWXVYQIRXW [MPP VIXEMR XLI TVSHYGXMSR SJ QIGLERMGEP TVSHYGXW EX FSXL XLI PS[ ERH LMKL TVMGI TSMRXW -R XLIMV FVERHIH XMQITMIGI TVSHYGXMSR EVIEW XLI] TVSHYGI LMKL IRH QIGLER MGEP [EXGLIW JSV 7IMOS´W 'VIHSV FVERH ERH EX XLI SXLIV I\XVIQI XLI] QERY JEGXYVI XLI MRI\TIRWMZI WXEVXMRK TVMGI 7IMOS QIGLERMGEP GEPMFVI ² &] XLI QMHHPI SJ QSWX UYEVX^ [EXGL TVSHYGXMSR LEH FIIR XVERWJIVVIH XS 7IMOS )TWSR 7IMOS -RWXVYQIRXW WXMPP LEW E LYKI [EXGL QSZIQIRX FYWMRIWW TVSHYGMRK WSQI QMPPMSR TMIGIW E ]IEV ¯ QER] SJ [LMGL EVI WYTTPMIH XS SXLIV GSQTERMIW -J 7IMOS MW XS FI QEVOIX PIH MR JYXYVI LS[ GER XLMW IUYEXI [MXL XLI MRXIRXMSR XS QSZI JYVXLIV YTQEVOIX ',%48)6

%OMVE 3LMVE [LS MW SRI SJ 7IMOS´W QSWX WIRMSV [EXGLQEOIVW MW JEQSYW EQSRK .ETERIWI [EXGL IRXLYWMEWXW ,I TVSZMHIW XIGLRMGEP XVEMRMRK MR XLI 1SVMSOE 7IMOS 0Y\YV] ;VMWX[EXGL 7IGXMSR

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±7SQI ]IEVW FEGO TVSHYGXMSR JSV QER] SJ XLI PIEHMRK FVERHW [EW QSRSTSPMWIH F] GSQTERMIW MR 7[MX^IVPERH .ETER ERH XLI 9RMXIH 7XEXIW 2S[ TVSHYGXMSR LEW WTVIEH EPP SZIV XLI [SVPH ER]FSH] GER KIX [EXGLIW ERH EPP OMRHW SJ REQIW LEZI ETTIEVIH EW [EXGL FVERHW 8LI [LSPI % .3962)= -2 8-1)

[EXGL MRHYWXV] MW YRHIVKSMRK E KVIEX GLERKI ² 1V 1MXSQI I\TPEMRW ±3RI GLEVEGXIVMWXMG SJ XLI RI[ QEVOIXTPEGI MW XLEX JEWLMSR [EXGLIW LEZI GSQI SR XS XLI QEVOIX MR IRSVQSYW UYERXM XMIW EX PS[ TVMGI TSMRXW QER] SJ XLIQ YWMRK PS[ GSWX GEWIW ERH QSZIQIRXW ERH EWWIQFPIH MR 'LMRE

4VIQMIV SRI WX]PI FYX QER] HMJJIVIRX GEPMFVIW JSV QIR ERH [SQIR

±8LI [EXGL MRHYWXV] YWIH XS FI T]VEQMH WLETIH [MXL XLI QSWX I\TIR WMZI PS[ ZSPYQI FVERHW EX XLI XST ERH XLI LMKL ZSPYQI GLIET [EXGLIW EX XLI FSXXSQ 2S[ XLI T]VEQMH WXVYGXYVI LEW FIIR HIWXVS]IH EW XLI QEVOIX LEW FIIR ¾SSHIH [MXL GLIET MQTSVXW 'EWI QERYJEGXYVIVW TVSHYGI WSQI SJ XLIWI YRHIV XLIMV S[R YRORS[R FVERH REQIW ERH XLI] TVSHYGI SXLIVW XS SVHIV JSV XLI S[RIVW SJ JEWLMSR FVERHW 7SQI QSZIQIRX QERYJEGXYVIVW EVI EPWS MRZSPZIH MR XLMW KVS[MRK WIGXSV SJ XLI QEVOIX SJJIVMRK GSQTPIXI 3)1 TVSHYGXW XS GSQTERMIW XLEX [ERX XS WIPP [EXGLIW JIEXYVMRK XLIMV S[R IWXEF PMWLIH FVERH REQIW ±8LMW GLERKI LEW MR¾EXIH XLI RYQFIV SJ [EXGLIW FIMRK WSPH EX XLI PS[ IRH SJ XLI QEVOIX )ZIR EX XLIWI TVMGIW XLI] EVI RSX RIGIWWEVMP] FEH [EXGLIW ERH WSQI LEZI QSZIQIRXW XLEX OIIT KSSH XMQI 9RPIWW FVERH MHIRXMX] MW GPIEV IRSYKL XS LMX E REV VS[P] XEVKIXIH GSRWYQIV KVSYT ER IWXEFPMWLIH FVERH [MPP RSX RIGIWWEVMP] IRNS] XLI WEPIW XLEX MX YWIH XS 8LMW LEW FIIR XLI GEWI JSV 7IMOS ERH WSQI SXLIV .ETERIWI FVERHW ±8LI GSQTERMIW FIWX EFPI XS VIWTSRH XS XLMW QEVOIX GLERKI EVI XLSWI [MXL LMKLP] VIKEVHIH FVERHW [MXL GPIEV GYX QEVOIXMRK TSPMGMIW 8LI] GSR GIRXVEXI SR ZIV] GPIEV RMGLI QEVOIXMRK ERH LEZI IWXEFPMWLIH ZIV] KSSH FYWM RIWW EX XLI LMKL IRH SJ XLI QEVOIX ±;LIR XLIWI JEGXSVW EVI XEOIR MRXS EGGSYRX MX MW GPIEV XLEX 7IMOS QYWX GSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX ;I QYWX RSX XV] XS GSQ TIXI EX XLI PS[ IRH SJ XLI QEVOIX ERH [I QYWX RSX XV] XS XEOI QEVOIX WLEVI JVSQ GSQTERMIW MR XLI ZIV] GSQTIXM XMZI PS[ QEVOIX WIGXSV -X MW E KEQI [I [SYPH RSX FI EFPI XS EJJSVH -X [EW E

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REXYVEP HIGMWMSR XLEX [I QYWX QSZI YT[EVHW IZIR MJ MX MW EPWS E ZIV] GSQ TIXMXMZI QEVOIXTPEGI GSRXEMRMRK WSQI 9T KVEHMRK MW XLI TVMSVMX] WXVSRK FVERHW &] XLI TMGXYVI LEH GLERKIH ±;I ORS[ XLEX 7IMOS IRNS]W WSQI[LEX ;MXLMR 7IMOS -RWXVYQIRXW I\XVIQIP] ZEPYEFPI FVERH E[EVIRIWW [EXGL QSZIQIRXW EVI WXMPP FIMRK ERH KSSH[MPP ;LEX [I QYWX HS MW TVSHYGIH MR ZIV] PEVKI RYQFIVW FYX IRLERGI XLEX E[EVIRIWW ERH QSZI MR SXLIV TEVXW SJ XLI TPERX XLIVI EVI XLI FVERH MQEKI YT[EVHW F] GSRGIR QER] QSVI XVEHMXMSREP [EXGLQEOIVW EW XVEXMRK SR MRRSZEXMSR ERH VI½RIQIRX [IPP EW HMEQSRH WIXXIVW ERH KSPHWQMXLW 8LI FVERH ZEPYI SJ 7IMOS RIIHW XS ¯ GVEJXWQIR ERH [SQIR [MXL XVEHMXMSREP FI YTPMJXIH ERH XEPOIH EFSYX EX IZIV] WOMPPW ¯ QEOMRK LMKL KVEHI QIGLERMGEP PIZIP ² [EXGLIW ERH KSPH SV TPEXMRYQ GEWIW EW (SIW XLMW QIER XLEX WSQI SJ XLI [IPP EW HMEQSRH ERH KIQ WIX QSHIPW PIWW I\TIRWMZI 7IMOS TVSHYGXW [MPP FI 8LI I\MWXIRGI SJ LMKL KVEHI QIGLERMGEP TLEWIH SYX# 1V 1MXSQI EHQMXW XLEX 7IMOS [EXGLIW ERH SJ 7IMOS NI[IPPIV] MX HSIW ¯ ERH ERRSYRGIQIRXW XS XLMW [EXGLIW MW [IPP ORS[R MR .ETER FYX MR IJJIGX [IVI QEHI [MXLMR E ]IEV SJ 7;' SXLIV TEVXW SJ XLI [SVPH XLI I\MWXIRGI FIMRK JSVQIH %RSXLIV MQTSVXERX SJ 7IMOS TVSHYGXW XLEX GER VMZEP LMKL JIEXYVI SJ 7IMOS ;EXGL 'SVTSVEXMSR´W UYEPMX] 7[MWW XMQITMIGIW [SYPH GSQI VIWTSRWI XS XLI GLERKMRK QEVOIX WXVYG EW E WYVTVMWI XS QSWX TISTPI +VERH XYVI MW XLI HIZIPSTQIRX SJ E RYQFIV 7IMOS ERH 'VIHSV EVI LMKL UYEPMX] SJ WYF FVERHW XS IREFPI XLI GSQTER] 7IMOS [EXGLIW TVM^IH F] .ETERIWI

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².ETERIWI TISTPI LEZI FIGSQI QYGL QSVI JSRH SJ QIGLERMGEP XMQITMIGIW³ MGEP XMQITMIGIW 7EPIW SJ +VERH 7IMOS SYV LMKL IRH [EXGL PMRI XLEX MRGPYHIW QIGLERMGEP XMQITMIGIW LEZI EGLMIZIH HSYFPI HMKMX WEPIW MRGVIEWIW JSV XLI PEWX ½ZI ]IEVW ;I EVI IRNS]MRK KVIEX WYGGIWW MR XLI HSQIWXMG QEVOIX [MXL SYV QIGLERMGEP [EXGLIW ;I LEZI

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7S JEV 7TVMRK (VMZI [EXGLIW LEZI SRP] FIIR WSPH MR .ETER FYX XLI] EVI PMOIP] XS LEZI ER MQTSVXERX VSPI MR XLI JYXYVI HIZIPSTQIRX SJ [EXGL XIGLRSPSK]

XLIWI EVI RSX UYEPMXMIW [I LEZI FIIR I\TIGXIH XS XEPO EFSYX MR XLI TEWX [LIR [I LEZI VIJIVVIH XS SYV 'VIHSV GSPPIGXMSR ¯ FYX [I [MPP FI HSMRK WS MR JYXYVI -R 7IMOS -RWXVYQIRXW ERH 7IMOS )TWSR [I LEZI WXEJJ [MXL XLIWI XEPIRXW ERH [I EVI RS[ QEOMRK JYPP YWI SJ XLIMV WOMPPW ERH XLIMV REXYVEP E[EVIRIWW SJ FIEYX] 'VEJXWQERWLMT MW TEVX SJ XLI .ETERIWI LIVMXEKI ²

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½VWX SJ XLIWI TMSRIIVW [EW /MRXEVS ,EXXSVM ,I LEH WIVZIH /MRXEVS ,EXXSVM ER ETTVIRXMGIWLMT YRHIV WIZIVEP GPSGO VITEMVIVW ERH EX XLI EKI SJ XS GEXGL YT JEWX XS IRWYVI XLEX .ETER LI WXEVXIH XLI ,EXXSVM 'PSGO 6ITEMV [EW RSX IRXMVIP] HITIRHIRX SR MQTSVXW WIVZMGI EX LMW LSQI MR /]SFEWLM JSV MXW XMQITMIGIW 8LI ;IWXIVR WSPEV 9RIQI GLSY [LMGL MW RS[ TEVX SJ GEPIRHEV VITPEGIH XLI YRIZIR LSVEV] +MR^E´W GLSQI HMWXVMGX 8LMW RI[ W]WXIQ XLEX LEH FIIR YWIH MR .ETER ZIRXYVI WXEVXIH SR 7ITXIQFIV JSV GIRXYVMIW .ETERIWI [EXGLQEOIVW´ -X TVSZMHIH XLI JSYRHEXMSR JSV XIGLRSPSK] ERH XLIMV SPH XMQIOIITMRK XLI SVKERMWEXMSR XLEX [EW XS FIGSQI QIGLERMWQW FIGEQI YWIPIWW SZIVRMKLX F] XLI IRH SJ XLI XL GIRXYV] RSX ERH XLI] LEH XS QEOI E JVIWL WXEVX SRP] .ETER´W QSWX MQTSVXERX [EXGL

8LI EWWIQFP] SJ TSGOIX [EXGLIW EX 7IMOSWLE MR

ERH GPSGO GSQTER] FYX EPWS SRI SJ XLI PEVKIWX ERH QSWX MQTSVXERX MR XLI [SVPH )ZIR MR LMW S[R PMJIXMQI /MRXEVS´W WYGGIWW MR XLI [EXGL ERH GPSGO FYWMRIWW IEVRIH LMQ XLI WSFVMUYIX ±/MRK SJ 8MQITMIGIW² .YWX JSYV ]IEVW EJXIV STIRMRK LMW ½VWX VITEMV WLST LI WIX YT E RI[ GSQTER] / ,EXXSVM MR EW E ZILMGPI JSV I\TERHMRK LMW FYWMRIWW FI]SRH WMQTPI VITEMVW 8LMW RI[ WXSVI FIKER XS WIPP EW [IPP EW VITEMV WIGSRH LERH GPSGOW ERH XLI FYWMRIWW KVI[ VETMHP] /MRXEVS WSSR WE[ JYVXLIV TSWWMFMPMXMIW JSV I\TERWMSR LI FIKER XS ZMWMX XLI JSVIMKR XVEHI TEZMPMSR MR =SOSLEQE ERH XLIVI LI WXEVXIH XS FY] GPSGOW XLEX LI WSPH FSXL EW E [LSPIWEPIV ERH EW E VIXEMPIV 6MKLX JVSQ XLI WXEVX /MRXEVS [EW E TMSRIIV MR IZIV] [E] ERH SRI SJ XLI ½VWX QERMJIWXEXMSRW SJ XLMW EHZIRXYVSYW WTMVMX [EW LMW HIGMWMSR XS EFERHSR XLI GYWXSQEV] FM ERRYEP WIXXPIQIRX SJ EGGSYRXW ,I WE[ XLI RIIH XS WIGYVI XLI VIWTIGX ERH LMKL GVIHMX VEXMRK SJ

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LEH EKEMR SYXKVS[R MXW TVIQMWIW ERH /MRXEVS WIPIGXIH E RI[ WMXI ¯XLI LIEH UYEVXIVW SJ E RI[WTETIV EX XLI +MR^E GLSQI GSVRIV [LMGL MW RS[ XLI ZIV] LIEVX SJ XLI +MR^E HMWXVMGX [LIVI PERH MW QSVI I\TIRWMZI XLER ER][LIVI IPWI MR .ETER -R .ERYEV] XLI RI[ WLST STIRIH JSV FYWMRIWW 8LMW MQTSVXERX QSZI MR XLI ]IEV XLEX 7IMOSWLE LEH FIKYR XS TVSHYGI TSGOIX [EXGLIW [EW ER MRWTMVIH HIGMWMSR -X WSSR FIGEQI XLI QSWX TVIWXMKMSYW [EXGL ERH GPSGO WLST MR 8SO]S ERH XS XLMW HE] XLI WMXI MW VIJIVVIH XS EW XLI JEQMPMEV ±JEGI² SJ +MR^E -R XLI LIEH SJ½GI SR XLI +MR^E GLSQI GSVRIV [EW VIFYMPX XLI VITPEGIQIRX FYMPHMRK WXMPP WXERHW XSHE] ERH MW SRI SJ XLI QSWX JEQSYW PERHQEVOW MR 8SO]S 8LI PEVKI GPSGO SR XLI VSSJ SJ XLI FYMPHMRK FIGEQI ORS[R EW XLI ,EXXSVM 'PSGO 8S[IV ERH XSHE] XLMW TVMQI VIXEMP PSGEXMSR EX XLI LIEVX SJ 8SO]S´W QSWX JEWLMSREFPI WLSTTMRK HMWXVMGX MW XLI WMXI SJ XLI ;EOS WXSVI [LMGL MW WXMPP XLI TVSTIVX] SJ 7IMOS 'SVTSVEXMSR

8LI / ,EXXSVM FYMPHMRK MR XLI +MR^E HMWXVMGX MR

%YXSQEXMG QEGLMRIW [IVI FIMRK YWIH LIVI MR XLI )EVP] 8EMWLS )VE ¯

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-RWMHI XLI (EMRM 7IMOSWLE 7Y[E TPERX MR

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7IMOSWLE [EW JVII JVSQ GSQTIXMXMSR [MXL XLI 7[MWW FYX EW XLI [EV MR 'LMRE GSRXMRYIH MRXS ;SVPH ;EV -- 7IMOSWLE [EW SRGI QSVI SVHIVIH XS VIHYGI [EXGL ERH GPSGO TVSHYGXMSR JSV GMZMPMER YWI ERH MRWXIEH XS HIZIPST XMQI JYWIW ERH QEVMRI GLVSRSQIXIVW (IWTMXI XLMW GSRWMHIVEFPI IJJSVX [EW GSRGIRXVEXIH SR XLI HIZIPST QIRX SJ TSGOIX ERH [VMWX[EXGLIW ERH F] XLI RI[ GSQTER] TVSHYGIH .ETER´W ½VWX LERH [VMWX[EXGL ERH PMOI EPP TVSHYGXW WMRGI XLI PEXIWX MR E PSRK PMRI SJ [EXGLIW FIEVMRK XLI 7IMOS REQI 8LMW [EW JSPPS[IH MR F] XLI ½VWX .ETERIWI TSGOIX [EXGL GLVSRSKVETL ERH MR E QEVMRI GLVSRSQIXIV [EW TVSHYGIH ¯ EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] / ,EXXSVM 'S 0XH LEH FIGSQI XLI WSPI MRXIKVEXIH XMQITMIGI QERYJEGXYVIV MR .ETER [MXL 7IMOSWLE TVSHYGMRK GPSGOW ERH (EMRM 7IMOSWLE GSRGIRXVEXMRK SR [EXGLIW

1SVI HIWXVYGXMSR 3R 1EVGL NYWX ]IEVW EJXIV XLI +VIEX /ERXS )EVXLUYEOI LEH HIWXVS]IH XLI 7IMOSWLE JEGXSV] FSQFMRK HIWXVS]IH XLI (EMRM 7IMOSWLE % .3962)= -2 8-1)

/EQIMHS [VMWX[EXGL JEGXSV] 8LI SRP] TEVX SJ XLI KVSYT XLEX WYVZMZIH XLI [EV [EW XLI (EMRM 7IMOSWLE 7Y[E 4PERX MR XLI 2EKERS 4VIJIGXYVI EFSYX QMPIW JVSQ 8SO]S %X XLI IRH SJ XLI [EV 7IMOS [EW VIPIEWIH JVSQ MXW SFPMKEXMSR XS TVSHYGI QMPMXEV] QEXIVMEP ERH [EXGL TVSHYGXMSR GSRXMRYIH EKEMR &IJSVI XLI [EV (EM[E /SK]S LEH FIIR WXEVXIH MR XLI 7Y[E EVIE EW E JEGXSV] XLEX GSSTIVEXIH [MXL (EMRM 7IMOSWLE (YVMRK XLI ½REP TIVMSH SJ XLI [EV PEVKI RYQFIVW SJ QEGLMRI XSSPW ERH XMQITMIGI GSQTSRIRXW [IVI XVERWJIVVIH XLIVI JVSQ 8SO]S ERH XLMW FIGEQI ER IZEGYEXMSR JEGXSV] JSV (EMRM 7IMOSWLE %W E VIWYPX XLI GSQTER] [EW EFPI XS VIWYQI XLI TVSHYGXMSR SJ [VMWX[EXGLIW EW IEVP] EW %YKYWX 8LI 7IGSRH ;SVPH ;EV LEH E HMWEWXVSYW IJJIGX SR .ETERIWI MRHYWXV] ERH 7IMOSWLE HMH RSX IWGETI XLI MQTEGX 2SX SRP] LEH 7IMOS´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¯ FIGEYWI SJ MQTSVX VIWXVMGXMSRW ¯ VIQSZIH XLI MRGIRXMZI XS FI MRRSZEXMZI SV XS QEOI MQTVSZIQIRXW %X XLI IRH SJ

;VMWX[EXGL TEVXW EVI FIMRK TVSHYGIH SR XLIWI EWWIQFP] PMRIW EVSYRH

XLI [EV 7IMOS [EXGLIW WSPH ZIV] JEWX FYX XLI UYEPMX] [EW RSX ZIV] LMKL ERH 7IMOS´W TVSHYGXW [IVI RSX IZIR GSQTIXMXMZI EKEMRWX XLI QER] PS[ GSWX [VMWX[EXGLIW XLEX [IVI EZEMPEFPI MR .ETER JIEXYVMRK MQTSVXIH 7[MWW QSZI QIRXW MR .ETERIWI GEWIW 8LI QSHIPW QEHI F] 7IMOS MQQIHMEXIP] EJXIV XLI [EV SRP] HMWTPE]IH LSYVW ERH QMRYXIW

8LMW ZIV] EGGYVEXI /MRK 7IMOS [EXGL [EW E WIGSRH KIRIVEXMSR QSHIP [MXL E WIGSRH LERH WXST QIGLERMWQ JSV EGGYVEXI WIXXMRK 8LI YWI SJ 7IMOS´W (MEWLSGO WLSGO TVSXIGXMSR W]WXIQ [EW LMKLPMKLXIH SR XLI HMEP

ERH XLI WX]PIW LEH WXVSRK TVI [EV ERH [EV XMQI MR¾YIRGIW 8LI QSWX YVKIRX GLEPPIRKI JEGMRK 7IMOS [EW XLI RIIH XS KIX E[E] JVSQ XLI YWI SJ TVI [EV QSZIQIRXW EX XLI IEVPMIWX TSWWMFPI STTSVXYRMX] ERH XS WXEVX TVSHYGMRK RI[ [EXGLIW JSV E RI[ IVE FYX MX [EW SRP] MR XLEX E RI[ 7IMOS QSHIP [MXL WIGSRHW [EW MRXVSHYGIH ERH XLMW [EW SRP] E QSHM½IH X[S LERH GEPMFVI MX LEH RSX FIIR HIWMKRIH JVSQ XLI SYXWIX EW E XLVII LERHIH [EXGL 7IMOS´W ½VWX [EXGL [MXL E GIRXVI WIGSRHW LERH [EW GEPPIH XLI 7YTIV -X LEH FIIR HIZIPSTIH EX XLI 7Y[E JEGXSV] SJ (EMRM 7IMOSWLE ERH [MXL MXW QSHIVR WX]PMRK MX TVSZIH E KVIEX WYGGIWW -X IREFPIH 7IMOS XS GSYRXIVEGX XLI KVS[XL MR WEPIW SJ GVYHI XLVII LERH [EXGLIW XLEX YWIH JSVIMKR X[S LERH QSZIQIRXW XLEX LEH FIIR QSHM½IH F] WSQI .ETERIWI [EXGL WXSVIW YWMRK MRJIVMSV OMXW MR SVHIV XS QIIX XLI HIQERH -RXVSHYGXMSR SJ XLI 7YTIV WMKRM½IH XLI FIKMRRMRK SJ E RI[ IVE JSV 7IMOS 3RGI EKEMR 7IMOS [EW MR XLI PIEH MR XLI .ETERIWI [EXGL MRHYWXV] (EMRM 7IMOSWLE´W /EQIMHS JEGXSV] MR 8SO]S VIWTSRHIH F] MRXVSHYGMRK XLI 9RMUYI E TVSHYGX XLEX [EW WMQMPEV XS XLI 7YTIV FYX QQ XLMRRIV 8LMW QEVOIH XLI FIKMRRMRK SJ E TIVMSH SJ LIEPXL] GSQTIXMXMSR FIX[IIR (EMRM 7IMOSWLE´W /EQIMHS ERH 7Y[E

JEGXSVMIW 8LI 7Y[E JEGXSV] [IRX SR XS MRXVSHYGI E RI[ ERH LMKLP] EGGYVEXI [EXGL MR GEPPIH XLI 1EVZIP 8LI X[S JEGXSVMIW VIWTSRHIH XS XLI RIIH XS HIWMKR IZIR FIXXIV [EXGLIW F] GSQTIXMRK JSV XLI KPSV] ¯ ERH XLI GSQTER] [EW XLI [MRRIV 8LMW JVMIRHP] VMZEPV] GSRGIRXVEXIH SR EGLMIZMRK XIGLRMGEP MQTVSZIQIRXW ERH LIPTIH XS FVMRK .ETERIWI [EXGL XIGLRSPSK] YT XS [SVPH GPEWW PIZIPW

JYPP] MRXIVGLERKIEFPI ¯ ERH RSX FEWIH SR XLI HIWMKR SJ JSVIMKR QSHIPW 8LI QSWX EHZERGIH EYXSQEXMG QEGLMRI XSSPW [IVI MQTSVXIH ERH SXLIVW [IVI HIZIPSTIH MRXIVREPP] WS XLEX XLI UYEPMX] SJ TVIGMWMSR GSQTS RIRXW GSYPH FI MQTVSZIH WYJ½GMIRXP] XS IREFPI XLIQ XS FI GSQTPIXIP] MRXIVGLERKIEFPI 8LMW ½REPP] TYX ER IRH XS XLI ±GVSWWIH TEXLW² W]RHVSQI XLEX LEH TPEKYIH EWWIQFP] MR IEVPMIV ]IEVW 8LMW VIHYGIH GSWXW ERH MR XLI IEVP] (IWMKRW FEWIH SR VIWIEVGL W GSRZI]SV FIPXW [IVI MRXVSHYGIH 7OMPPIH IRKMRIIVW [IVI IQTPS]IH EJXIV XS XLI [EXGL ERH GPSGO EWWIQFP] PMRIW XLI [EV XS HIWMKR RI[ GPSGOW ERH &] 7IMOS [EW WEMH XS LEZI XLI [EXGLIW ERH XS FEWI XLIMV HIWMKRW SR QSWX EYXSQEXIH TVSHYGXMSR YRMXW ER] WGMIRXM½G VIWIEVGL 8LI] [IVI KMZIR [LIVI MR XLI [EXGLQEOMRK [SVPH WS MXW XLI XEWO SJ MQTVSZMRK EGGYVEG] ERH SYXTYX [EW RS PSRKIV HITIRHIRX SR E EHHMRK JIEXYVIW WYGL EW EYXSQEXMG PMQMXIH RYQFIV SJ WOMPPIH GVEJXWQIR [MRHMRK [EXIVTVSS½RK ERH GEPIRHEVW 1EWW TVSHYGXMSR ERH UYEPMX] 8LI VIWYPXW [IVI XLI ½VWX HIWMKRW XLEX MQTVSZIQIRXW KEZI ER IRSVQSYW [IVI XVYP] SVMKMREP 7IMOS TVSHYGXW ERH FSSWX XS WEPIW SJ 7IMOS GPSGOW ERH XLI] [IVI GEXGLMRK YT JEWX [MXL XLSWI [EXGLIW EVSYRH XLI [SVPH *SV XLI SJ )YVSTIER QERYJEGXYVIVW &] XLI QMH ½VWX XMQI XLI] WSPH MR ZIV] PEVKI W 7IMOS´W WEPIW WXMPP PEKKIH FILMRH RYQFIVW ERH WSSR XLI RYQFIV XLSWI SJ XLI 7[MWW [LSWI [EXGLIW SJ XMQITMIGIW I\TSVXIH F] 7IMOS LEH ½REPP] VIETTIEVIH MR TSWX [EV I\GIIHIH XLSWI SJ ER] SXLIV GSYRXV] .ETER 8LI WSPYXMSR TYX JSV[EVH F] MRGPYHMRK 7[MX^IVPERH %X PEWX WYGGIWW 7IMOS´W QEREKIQIRX [EW XS VIHYGI JSV 7IMOS TVSHYGXW MR I\TSVX QEVOIXW XLI XIGLRMGEP KET FIX[IIR MXW TVSHYG [EW EGLMIZIH FIGEYWI SJ XLIMV EGGY XMSR JEGMPMXMIW ERH XLSWI SJ JSVIMKR VEXI XMQIOIITMRK QSVI XLER NYWX PS[ [EXGLQEOIVW 8LIMV ½VWX XEVKIX [EW XLI GSWX SV ZSPYQI TVSHYGXMSR 8LI] [IVI TVSHYGXMSR SJ QEWW TVSHYGIH GSQTS FIKMRRMRK XS TVIWIRX E WIVMSYW GLEP RIRXW XLEX [IVI YRMJSVQ IRSYKL XS FI PIRKI XS XLI 7[MWW [EXGLQEOIVW

',%48)6

/)= 0%2(1%6/7 -2 8,) ,-7836= 3* 7)-/3

1ERYJEGXYVI SJ [EPP GPSGOW FIKMRW 1ERYJEGXYVI SJ TSGOIX [EXGLIW FIKMRW 1ERYJEGXYVI SJ EPEVQ GPSGOW FIKMRW 1ERYJEGXYVI SJ HIWO GPSGOW ERH QYWMG FS\ GPSGOW 1ERYJEGXYVI SJ ½VWX HSQIWXMG [VMWX[EXGL FIKMRW *MVWX YWI SJ ±7)-/3² REQI JSV [EXGL TVSHYGXW 1ERYJEGXYVI SJ WLYXXIVW JSV GEQIVEW FIKMRW -RXVSHYGXMSR SJ ½VWX HSQIWXMG WIPJ [MRHMRK [EXGL 'SQQIVGMEPMWEXMSR SJ UYEVX^ GPSGOW JSV FVSEHGEWXMRK -RXVSHYGXMSR SJ XVERWMWXSVMWIH [EPP GPSGOW 'SQTPIXMSR SJ TSVXEFPI UYEVX^ GLVSRSQIXIV 5YEVX^ 'LVMWXEP 'LVSRSQIXIV 5' TPE]W E QENSV VSPI EX XLI 8SO]S 3P]QTMGW 7QEPP UYEVX^ GPSGO EHSTXIH JSV HVMZIV´W GEFMR SJ XLI 8SOEMHS ±FYPPIX XVEMR ² -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ [EPP GPSGO JSV LSQI YWI -RXVSHYGXMSR SJ 7IMOS %WXVSR XLI [SVPH´W ½VWX UYEVX^ [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX PEHMIW´ UYEVX^ [EXGL -RXVSHYGXMSR SJ [SVPH W ½VWX 0'( UYEVX^ [EXGL [MXL WM\ HMKMX HMKMXEP HMWTPE] -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ HVIWW [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX QYPXM JYRGXMSR HMKMXEP [EXGL -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ EPEVQ GPSGO -RXVSHYGXMSR HSQIWXMGEPP] SJ 'VIHSV ERH %PFE FVERHW -RXVSHYGXMSR SZIVWIEW SJ 4YPWEV FVERH -RXVSHYGXMSR SJ X[MR UYEVX^ [EXGL -RXVSHYGXMSR SJ XLI [SVPH´W ½VWX 8: [EXGL -RXVSHYGXMSR SJ .ETER´W ½VWX [EXGLIW [MXL ZSMGI W]RXLIWM^IVW -RXVSHYGXMSR SJ 0SVYW FVERH SZIVWIEW -RXVSHYGXMSR SJ 7IMOS :SMGI 2SXIW XLI [SVPH´W ½VWX [EXGL EFPI XS VIGSVH EYHMS QIQSW -RXVSHYGXMSR SJ XLI [SVPH´W ½VWX QYPXM JYRGXMSR EREPSKYI UYEVX^ [EXGL

% .3962)= -2 8-1)

-RXVSHYGXMSR SJ XLI 7IMOS ;VMWX 'SQTYXIV 7IVMIW XLI [SVPH´W ½VWX [VMWX[EXGL GSQTYXIVW -RXVSHYGXMSR SJ XLI 7IMOS 4]VEQMH 8EPO E ±XEPOMRK² GPSGO -RXVSHYGXMSR SJ XLI 7IMOS 0'( GSPSV XIPIZMWMSR -RXVSHYGXMSR SJ XLI %PFE 7SPEV ER EREPSKYI [EXGL [MXL WSPEV FEXXIVMIW )VIGXMSR SJ .ETER´W ½VWX PEVKI WGEPI GPSGO [MXL EYXSQEXE XLI ±7IMOS 1YPPMSR 'PSGO² 0EWWEPI FVERH MW MRXVSHYGIH -RXVSHYGXMSR SJ [MRHMRK GLEVKMRK UYEVX^ [EXGL -RXVSHYGXMSR SJ UYEVX^ [EXGL [MXL EYXS KIRIVEXMRK W]WXIQ /-2)8-' -RXVSHYGXMSR SJ [SVPH´W ½VWX HMZIV´W [EXGL [MXL HMZIV´W XEFPIW ERH HITXL KEYKI ;SVPH´W ½VWX [EXGL [MXL TEKMRK JYRGXMSRW MR TVEGXMGEP YWI MR XLI 97 -RXVSHYGXMSR SJ [SVPH´W ½VWX UYEVX^ [EXGL YWMRK X[MR MQTYPWI GSRXVSP QSXSVW -RXVSHYGXMSR SJ ±7 =EVH² KSPJ GPYFW -RXVSHYGXMSR SJ HMZIV´W [EXGL [MXL WQEPP /-2)8-' QIGLERMWQ MRGPYHIH -RXVSHYGXMSR SJ %PFE ±7TSSR² WIVMIW -RXVSHYGXMSR SJ 7)-/3 /-2)8-' %6'896% -RXVSHYGXMSR SJ 4IVTIXYEP 'EPIRHEV E [EXGL HVMZIR F] [SVPH W ½VWX YPXVEWSRMG QMGVSQSXSV -RXVSHYGXMSR SJ XLI 7)-/3 8,)61-' XLI [SVPH W ½VWX [EXGL HVMZIR F] FSH] LIEX -RXVSHYGXMSR SJ XLI 7)-/3 /-2)8-' %983 6)0%= [EXGL [LMGL EYXSQEXMGEPP] VIWYQIW GSVVIGX MRHMGEXMSR SJ GYVVIRX XMQI -RXVSHYGXMSR SJ 746-2+ (6-:) E LERH [SYRH [EXGL [MXL UYEVX^ EGGYVEG] GSQFMRMRK XLI FIWX JIEXYVIW SJ QIGLERMGEP ERH IPIGXVSRMG IRKMRIIVMRK

-RXVSHYGXMSR SJ /-2)8-' ',6323+6%4, MR E PMQMXIH IHMXMSR SJJIVMRK RI[ PIZIPW SJ XIGLRMGEP WSTLMWXMGEXMSR

8,) ,-7836= 3* 8,) 7)-/3 +6394 / ,%8836-

*SYRHIH

7IMOSWLE 'PSGO 7YTTP] *EGXSV]

/ ,EXXSVM

'S 0XH

+SIW TYFPMG

(EMRM 7IMOSWLE 'S 0XH

'SQTSRIRXW %WWIQFP]

-RZIWXW

(EM[E /SK]S 0XH

3TIRW

7TMRW SJJ [EXGL TVSHYGXMSR

7Y[E 4PERX

7TMRW SJJ VIXEMP HMZMWMSR

;EOS 'S 0XH

1IVKIH

7Y[E 7IMOSWLE 'S 0XH

7TMRW SJJ TVMRXIV HMZMWMSR

7TMRW SJJ GPSGO TVSHYGXMSR

,EXXSVM 7IMOS 'S 0XH 6IKMSREP WEPIW GSQTERMIW

7IMOSWLE 'S 0XH

7LMRWLY 7IMOM 'S 0XH 0EXIV )TWSR 'SVT

2EQI GLERKI

7IMOS -RWXVYQIRXW

)PIGXVSRMGW 0XH

7TPMXW SJJ [LSPIWEPI HMZMWMSR TYVGLEWIW VIKMSREP HMWXVMFYXSVW

7IMOS )TWSR 'SVTSVEXMSR

7IMOS -RWXVYQIRXW -RG

2EQI GLERKI

%FWSVFW )TWSR

7)-/3 '36436%8-32

2EQI GLERKI

7IMOS 7EPIW -RG

'SQFMRIW WEPIW GSQTERMIW

7TMRW SJJ GPSGO HMZMWMSR

7IMOS ;EXGL 7EPIW -RG

'PSWIH HS[R

WTPMX MRXS X[S

7IMOS 'PSGO -RG

7IMOS 4VIGMWMSR -RG .ETERIWI REQI GLERKIH XS 7IMOS -RWXVYQIRXW /EFYWLMOM /EMWLE

7TMRW SJJ [EXGL HMZMWMSR

6IXEMP

7)-/3 ;%8', '36436%8-32

,SPHMRK GSQTER]

'PSGOW

1EVOIXMRK 4VSHYGXMSR ;LSPIWEPI

;EXGLIW

4VSHYGXMSR

;EXGLIW

4VSHYGXMSR

1EVOIXMRK (IWMKR ;LSPIWEPIW

',%48)6

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XVERWMWXSV TS[IVIH F] E FYXXSR WM^IH FEXXIV] -RWXIEH SJ XMGOMRK PMOI IZIV] QIGLERMGEP [EXGL XLEX LEH IZIV FIIR QEHI XLI %GGYXVSR LYQQIH EX E ½\IH TMXGL NYWX EFSZI QMHHPI ' SR XLI QYWMGEP WGEPI -X QEVOIH E WXIT JSV [EVH MR XMQIOIITMRK EGGYVEG] EW MX [EW GPEMQIH XS FI EGGYVEXI XS [MXLMR SRI QMRYXI E QSRXL [LMGL [EW ½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½PMRK GEFMRIX H´sXVI ERH HMWETTIEVIH JVSQ XLI WGIRI -R XLI JSPPS[MRK ]IEV 7Y[E 7IMOSWLE IQFEVOIH SR E UYEVX^ XMQITMIGI [EXGL GSYPH FI WYQQEVMWIH F] SRI HIZIPSTQIRX QMWWMSR GEPPIH XLI ± % [SVH ±QMRMEXYVMWEXMSR² )RSVQSYW 4VSNIGX² 8LMW PIH XS XLI GVIEXMSR TVSKVIWW [EW RIIHIH XS EHETX XIGL SJ XLI QEVMRI GLVSRSQIXIV E GPSGO RSPSK] XLEX SRGI ½PPIH E VSSQ YRXMP MX XLEX FIGEQI 7IMOS´W ½VWX IRXV] MR XLI [EW WQEPP IRSYKL XS ½X MRWMHI E [EXGL 2IYGLl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½VWX UYEVX^ GPSGO JVIUYIRG] ZMFVEXMSRW ERH YWIW MXW GMV XLI GLEPPIRKI JSV XIGLRMGMERW XV]MRK GYMXV] XS VIHYGI XLMW XS SRI TYPWI IEGL XS EHETX XLI XIGLRSPSK] JSV YWI MR E WIGSRH 8LMW TYPWI GER FI TVSGIWWIH F] % .3962)= -2 8-1)

ERSXLIV IPIGXVSRMG GMVGYMX XLEX IREFPIW XLI XMQI XS FI HMWTPE]IH SR E HMKMXEP HMWTPE] -R ER EREPSKYI UYEVX^ XMQI TMIGI E WXITTMRK QSXSV GSRZIVXW XLI TYPWI MRXS VSXEV] QSZIQIRX XS HVMZI E KIEV XVEMR XLEX XYVRW XLI LERHW XS HMW TPE] LSYVW QMRYXIW ERH WIGSRHW %PXLSYKL XLI VEGI XS WIPP XLI ½VWX UYEVX^ [EXGL [EW ZIV] GPSWIP] GSR XIWXIH 7Y[E 7IMOSWLE LEH FIKYR MXW HIZIPSTQIRX [SVO ]IEVW IEVPMIV [LIR 7IMOS´W QIGLERMGEP [EXGL TVSHYG XMSR [EW MR MXW LI]HE] 8LI GLEPPIRKI SJ UYEVX^ XIGLRSPSK] FVSYKLX EFSYX E JYR HEQIRXEP GLERKI MR XLI WOMPPW RIIHIH F] XLSWI HIZIPSTMRK XLIWI VIZSPYXMSREV] RI[ [EXGLIW 1IGLERMGEP IRKMRIIVW LEH FIIR WYGGIWWJYP MR MRXVSHYGMRK MQTVSZI QIRXW MR QIGLERMGEP [EXGLIW FYX UYEVX^ [EXGLIW EPWS RIGIWWMXEXIH MRTYX JVSQ I\TIVXW [MXL SXLIV WTIGMEPMXMIW

;LIR LI NSMRIH XLI GSQTER] MR ,MHIEOM =EWYOE[E TVSHYGIH HIWMKRW JSV 1EVZIP QIGLERMGEP [EXGLIW ERH WYFWIUYIRXP] FIGEQI MRZSPZIH MR XLI HIZIPSTQIRX SJ UYEVX^ XMQITMIGIW ,I PEXIV FIGEQI ')3 SJ 7IMOS )TWSR

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½GMIRX PII[E] JSV XLI GSQTER] XS PSSO XS XLI JYXYVI ERH XS 7[MWW [IVI MR XLI VEGI XS PEYRGL XLI MRZIWX MR XLI HIZIPSTQIRX SJ UYEVX^ ½VWX UYEVX^ [EXGL 1V /YFSXE WEMH XLEX XMQITMIGIW ,MW GSYVEKI TEMH SJJ JSV 7IMOS [EW E[EVI SJ XLI MRXIRXMSRW SJ XLI GSQTER] ERH JSV LMQ ¯ QYGL PEXIV XLI 7[MWW [LSWI 'IRXVI )PIGXVSRMUYI MR LI FIGEQI 4VIWMHIRX SJ 7IMOS )TWSR

% LYKI MRZIWXQIRX /SYNM /YFSXE [LS [EW MRZSPZIH [MXL XLI HIZIPSTQIRX SJ 7IMOS´W UYEVX^ [EXGLIW MW WIIR LIVI EX XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] [MXL ER I\TIVMQIRXEP GPSGO XLEX YWIH E WIGXMSR SJ FEPERGI WTVMRK WXYJJ EW ER SWGMPPEXSV [LIR I\TIVMQIRXW [IVI FIMRK GEVVMIH SYX XS HMWGSZIV MJ ER] SXLIV QEXIVMEPW [SYPH JYRGXMSR WEXMWJEGXSVMP] MRWXIEH SJ UYEVX^

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

8LI MRZIWXQIRX RIIHIH JSV XLMW HIZIPSTQIRX [SVO [EW LYKI FYX 7IMOS EGGITXIH XLI GLEPPIRKI -X [EW GSRWMHIVIH RIGIWWEV] FIGEYWI SJ XLI GSQTER]´W SR KSMRK UYIWX JSV ±XLI TIVJIGX XMQITMIGI² 3RGI EKEMR 7IMOS´W TMSRIIVMRK WTMVMX GEQI XS XLI JSVI IZI V]XLMRK LEH XS FI HIZIPSTIH MR LSYWI ERH XLMW FVSYKLX SYX XLI GVIEXMZI WTMVMX MR XLI GSQTER]´W HIZIPSTQIRX XIEQ &IJSVI GSRGIRXVEXMRK SR XLI YWI SJ UYEVX^ EW XLI SWGMPPEXSV JSV XLI RI[ EKI SJ FEXXIV] TS[IVIH [EXGLIW 7IMOS´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

/MRMGLM 9WLMOSWLM LEH VIWTSRWMFMPMX] JSV HIZIPSTMRK W]WXIQW JSV QEWW TVSHYGMRK UYEVX^ [VMWX[EXGLIW

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7IMOS PEYRGLIH XLI [SVPH´W JMVWX HMKMXEP UYEVX^ [EXGL [MXL E *MIPH )JJIGX 1SHI *)1 PMUYMH GV]WXEP HMWTPE] MR 8LI WM\ HMKMX 0'( TERIP [EW QERYJEGXYVIH MR LSYWI

8LIVI [EW RS TVSFPIQ MJ E GSQTIXM SWGMPPEXSV XLI '137 -' ERH XLI WXIT XMSR XMQITMIGI WXSTTIH [SVOMRK SRGI TMRK QSXSV )RKMRIIVMRK WXEJJ EX 7Y[E XLI HE] XIWX TIVMSH [EW SZIV FYX E 7IMOSWLE HIZIPSTIH EPP XLVII SJ XLIWI UYEVX^ [EXGL MR GSQQIVGMEP TVSHYGXMSR XIGLRSPSKMIW ERH TVSZMHIH ER IRSV LEH XS FI VIPMEFPI VSFYWX ERH HYVEFPI QSYW FSSWX XS 7IMOS´W JYXYVI 8LI RI[ HIZIPSTQIRX XIEQ EWWIQ 8LIWI HMJJIVIRGIW [IVI XLI GEYWI SJ FPIH F] 7LSNM ,EXXSVM HIGMHIH XS YWI ER QER] HMJ½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½VWX LYVHPIW XLI] LEH XS SZIVGSQI SRHW EGXMSR XLIVIF] SZIVGSQMRK WSQI XSKIXLIV [MXL XLI HMJ½GYPX] SJ VIHYGMRK SJ XLI TVSFPIQW I\TIVMIRGIH [MXL XLI WM^I SJ UYEVX^ QSZIQIRXW 8LI] XLI IEVPMIV UYEVX^ [EXGL TVSXSX]TIW EPWS I\TIVMIRGIH TVSFPIQW MR QEMR 8LIVI [EW GSRWMHIVEFPI VIWMWXERGI XEMRMRK EGGYVEG] [LIR XLI IEVPMIWX TVS JVSQ XLI QEVOIXMRK HITEVXQIRX XS XLI JYRHEQIRXEP GLERKI MRZSPZIH MR YWMRK XSX]TIW [IVI QSZIH EFSYX

% 4VIWMHIRXMEP HIGVII

8LI TVSNIGX XIEQ FIGEQI FSKKIH TSMRXPIWW XS IZIR XV] XS VITPEGI UYEVX^ HS[R F] XLIMV HMJ½GYPXMIW ERH MX XSSO XIGLRSPSK] YRPIWW WSQI SXLIV W]WXIQ XLI MRXIVZIRXMSR SJ XLI ,EXXSVM JEQMP] VIEGLIW XLI WEQI PIZIP SJ EGGYVEG] EW XS OMGO WXEVX XLI IJJSVX EKEMR -R EXSQMG GPSGOW ² %XSQMG GPSGOW EVI XLI 7LSNM ,EXXSVM XLI 4VIWMHIRX SJ ,EXXSVM QSWX EGGYVEXI SJ EPP XLI FIWX RS[ LEZI 7IMOS VER SYX SJ TEXMIRGI ERH KEZI XLI ER EGGYVEG] SJ SRI WIGSRH MR WM\ QMP SVHIV XLEX XLIVI [EW XS FI E QEVOIX PMSR ]IEVW FYX WGMIRXMWXW I\TIGX XS FI EFPI TVSHYGX [MXLMR SRI ]IEV EGGSVHMRK EFPI XS MQTVSZI XLMW XS SRI WIGSRH MR XS ,MHIEOM =EWYOE[E 0IEZMRK MR TPEGI WM\ FMPPMSR ]IEVW 7YGL PIZIPW SJ EGGY SRP] SRI QIQFIV SJ XLI SVMKMREP HIWMKR VEG] EVI MQTSVXERX MR WSQI WGMIRXM½G XIEQ LI TYX XSKIXLIV E RI[ XIEQ ERH EWXVSRSQMGEP [SVO ERH MR XLI GSQTVMWMRK JSYV SV ½ZI SJ XLI FVMKLXIWX WXEJJ LI GSYPH ½RH ERH HIGMHIH XLI] GSQQYRMGEXMSRW MRHYWXV] 8LI IEVP] HE]W SJ 7Y[E 7IMOSWLE´W WLSYPH [SVO SR HIWMKR ERH TVITEVMRK UYEVX^ [VMWX[EXGL HIZIPSTQIRX TVS JSV QEWW TVSHYGXMSR MR TEVEPPIP 1V KVEQQI MR XLI W [IVI FIWIX F] =EWYOE[E LEW WMRGI WEMH ±- XLMRO XLMW HMJ½GYPXMIW *MVWX XLI] LEH XS TVSHYGI MW [LIVI XLI WIIHW JSV XSHE]´W 7IMOS E VIPMEFPI HYVEFPI XMQITMIGI 8LI] LEH )TWSR GYPXYVI SJ ³GVIEXMZMX] ERH GLEP EPVIEH] TVSHYGIH UYEVX^ GPSGOW ERH PIRKI´ XSSO VSSX ² 8LMW RI[ XIEQ WXEVXIH [SVO IRXIVIH WSQI SJ XLIQ MR XLI 7[MWW GLVSRSQIXIV GSQTIXMXMSRW FYX VIKYPEV XS[EVHW XLI IRH SJ 8LI XLVII TVSHYGXMSR XMQITMIGIW TVIWIRXIH ER OI] XIGLRSPSKMIW MR UYEVX^ EREPSKYI IRXMVIP] HMJJIVIRX XIGLRMGEP GLEPPIRKI [VMWX[EXGLIW EVI XLI UYEVX^ GV]WXEP % .3962)= -2 8-1)

7IMOS´W (EMRM 7IMOSWLE TPERX HIZIPSTIH XLMW 0' PMUYMH GV]WXEP UYEVX^ [EXGL MR -X LEH E JYXYVMWXMG ETTIEVERGI FYX [EW I\XVIQIP] HMJJMGYPX XS TVSHYGI

.YWX ]IEVW EJXIV %WXVSR WSQI UYEVX^ [EXGLIW LEH EPQSWX YRPMQMXIH JYRGXMSRW 8LMW HMZIV´W [EXGL MRGPYHIH ER EPEVQ ERH HITXL WIRWSV

E WIGSRHW LERH XLEX WXITTIH JSV[EVH SRP] SRGI E WIGSRH FYX IZIRXYEPP] XLI SFNIGXSVW [IVI GSRZMRGIH F] XLI EVKY QIRX XLEX XLMW [EW E TSWMXMZI JIEXYVI SJ E UYEVX^ [EXGL %X SRI SJ XLIMV QEVOIXMRK QIIX MRKW 1V 1EWELMVS /YVMXE ¯ E PIEHMRK QIQFIV SJ XLI UYEVX^ [EXGL HIZIPST QIRX XIEQ ¯ LETTIRIH XS WE] ±-´ZI RIZIV WIIR E WIGSRH² 8LMW PIH XS XLI GSQTER]´W RI[ GEXGLTLVEWI JSV UYEVX^ [EXGLIW ±,EZI ]SY IZIV WIIR SRI WIGSRH#² ,MKL TIVJSVQERGI -RXIKVEXIH 'MVGYMXW -'W ERH 0EVKI 7GEPI -RXIKVEXIH GMVGYMXW 07-W [MXL PS[ TS[IV GSRWYQTXMSR [IVI RSX ]IX EZEMPEFPI ERH WS XLI RI[ HIZIPSTQIRX XIEQ QEHI YWI SJ IPIGXVSRMG GMVGYMXW HIZIPSTIH F] MXW TVIHIGIWWSVW 8LI] MRLIVMXIH E L]FVMH GMVGYMX GSQTVMWMRK XVERWMWXSVW GETEGMXSVW ERH TVMRXIH VIWMWXSVW XLEX [IVI WSPHIVIH XSKIXLIV QERYEPP] 8LMW LEH FIIR HIZIPSTIH MR OIITMRK [MXL XLI GSQ TER]´W TLMPSWSTL] ±[LEX HSIWR´X I\MWX

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MR E QSHIP GEPPIH 4YPWEV 7IMOS PEXIV EGUYMVIH XLI REQI JSV E RI[ FVERH XLI] [IVI XS PEYRGL ERH MX LEW FIIR MR YWI IZIV WMRGI %X XLI XMQI XLEX ,EQMPXSR PEYRGLIH XLIMV RI[ ½VWX HMKMXEP 0)( [EXGL 7IMOS MR .ETER ERH )FEYGLIW 7% MR 7[MX^IVPERH [IVI MR XLI TVSGIWW SJ HIZIPSTMRK PMUYMH GV]WXEP HMWTPE]W ¯ 0'(W 0)(W GSRWYQIH WS QYGL TS[IV XLEX XLI] GSYPH SRP] FI YWIH XS HMWTPE] XMQI EX XLI TVIWW SJ E FYXXSR JSV E JI[ WIGSRHW EX E XMQI 8LI 0'( HMW TPE] GSRZIVWIP] TVSZMHIH E GSRXMRYSYW HMWTPE] SJ XLI XMQI ERH [EW QYGL QSVI IRIVK] IJ½GMIRX 8LI [EXGL [SVPH [EW MR E WXEXI SJ XYVQSMP ERH MX [EW HMJ½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¾] -RWXIEH MX XSSO XLI HIGMWMSR XS YWI 0'( XIGLRSPSK] JSV MXW HMKMXEP [EXGLIW ERH XSHE] MX MW GPIEV XLEX XLMW [EW XLI VMKLX GLSMGI ;MXL XLI FIR I½X SJ LMRHWMKLX [I ORS[ XLEX HMKMXEP HMWTPE]W JEMPIH XS HSQMREXI XLI [EXGL [SVPH &] XLI IEVP] ]IEVW SJ XLI WX

GIRXYV] EREPSKYI UYEVX^ [EXGLIW EVI 3RI HIZIPSTQIRX XLEX 7IMOS ¯ ERH 8LI UYEVX^ VIZSPYXMSR ERH IWTIGMEPP] WXMPP SYXWIPPMRK XLIMV HMKMXEP GSYRXIVTEVXW )YVSTIER QERYJEGXYVIVW ¯ LEH RSX XLI RI[ XIGLRSPSKMIW HIZIPSTIH F] EPXLSYKL HMKMXEP QSHIPW LEZI GSRXMRYIH ERXMGMTEXIH WYJ½GMIRXP] [EW XLI MRXIVIWX 7Y[E 7IMOSWLE PEMH XLI JSYRHEXMSRW JSV XS XEOI E WMKRM½GERX FYX QMRSV WLEVI SJ SJ GSQTERMIW MR ,SRK /SRK ERH XLI JYXYVI SJ 7IMOS XLI QEVOIX 8EM[ER MR XLI [EXGL MRHYWXV] ;LIR ;SVO SR '137 -'W F] (EMRM XLI] IRXIVIH XLI QEVOIX E TVMGI [EV 7IMOSWLE´W HIZIPSTQIRX XIEQ LEH 1EWW TVSHYGXMSR FVSOI SYX MR XLI HMKMXEP [VMWX[EXGL TVSJSYRH ERH JEV VIEGLMRK MQTPMGEXMSRW 1IER[LMPI XLI UYEVX^ EREPSKYI QEVOIX 8LMW LEH VITIVGYWWMSRW MR XLI 8LMW XIGLRSPSK] RSX SRP] TVSZMHIH XLI QEVOIX [EW HIQERHMRK IZIV XLMRRIV 7[MWW [EXGL MRHYWXV] ERH EPWS GVIEXIH FEWMW JSV XLI HIZIPSTQIRX SJ EPP JYXYVI QSHIPW TVSZMHMRK ERSXLIV GLEPPIRKI HMJ½GYPX GSRHMXMSRW JSV 7IMOS [LMGL [EXGLIW FYX EPWS QEHI TSWWMFPI XLI 1V /IRMGLM 9WLMOSWLM XSSO GLEVKI SJ WXMPP [ERXIH XS TYVWYI MXW [EXGLQEOMRK IRSVQSYW 7IMOS )TWSR FYWMRIWW XLEX XLI QEWW TVSHYGXMSR SJ 7IMOS UYEVX^ EQFMXMSRW LEW MXW VSSXW MR IPIGXVSRMG XIGLRSPSK] [EXGLIW ERH LMW PIEHIVWLMT VIWYPXIH 7IMOS´W VIQEVOEFPI WYGGIWW WMRGI 8LI GSQTER]´W HIZIPSTQIRX SJ -'W MR XLI HIZIPSTQIRX ERH TVSHYGXMSR XLI MRXVSHYGXMSR SJ UYEVX^ MR MW WXITTMRK QSXSVW ERH 0'(W GSRXMRYIH SJ E XLMRRIV ERH PIWW I\TIRWMZI UYEVX^ TEVXP] EXXVMFYXEFPI XS XLI JYRHEQIRXEP JEV FI]SRH TVSHYGXW JSV [EXGLIW RS[ QSZIQIRX )ZIRXYEPP] XLI WM^I SJ XLI HIGMWMSRW MX QEHI MR XLI IEVP] HE]W SJ XLI] EVI YWIH MR E FVSEH ZEVMIX] SJ UYEVX^ QSHYPI [EW VIHYGIH WYJ½GMIRXP] UYEVX^ -X STXIH JSV XYRMRK JSVO WLETIH IUYMTQIRX JSV MRHYWXVMEP ERH LSQI JSV YWI MR E HVIWW [EXGL -R MX UYEVX^ SWGMPPEXSVW HIZIPSTIH XLI ½VWX YWI 8LMW TVSZMHIH XLI JSYRHEXMSR JSV [EW QEVOIXIH MR E [EXGL GEPPIH XLI STIR X]TI WXITTMRK QSXSVW '137 -'W XLI TVIWIRX 7IMOS -RWXVYQIRXW [LMGL 5( XLI [SVPH´W ½VWX UYEVX^ HVIWW ERH 0'( HMWTPE]W JSV HMKMXEP [EXGLIW MW EPWS ER MRXIKVEXIH IPIGXVSRMG HIZMGI [EXGL 8LMW VIHYGXMSR MR WM^I [EW EPP JSYV LEZI FIGSQI XLI KPSFEP WXERH QERYJEGXYVIV 8SHE] XLI 7IMOS +VSYT EGLMIZIH F] SQMXXMRK XLI WIGSRHW LERH EVHW MR UYEVX^ [EXGLQEOMRK XLEX LEZI MW SRI SJ .ETER´W PEVKIWX ¯ ERH MXW WYG ERH HMWTPE]MRK SRP] LSYVW ERH QMRYXIW IRHYVIH XLVSYKL XS XLI WX GIRXYV] GIWW EPP WXEVXIH [MXL E UYEVX^ GV]WXEP©

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'SPPMRW )RKPMWL (MGXMSREV] HI½RIW ±OMRIXMG² EW ±VIPEXMRK XS GLEVEGXIVMWIH F] SV GEYWIH F] QSXMSR² %X XLI LIEVX SJ XLI RI[ XIGL RSPSK] [EW XLI HIWMVI XS GVIEXI XLI ½VWX FEXXIV] JVII UYEVX^ [EXGL FYX 7IMOS´W EQFMXMSRW [IVI IZIR QSVI TVSJSYRH 8LI] LEH WIX XLIMV WMKLXW SR % .3962)= -2 8-1)

8LMW TVSXSX]TI SJ XLI /MRIXMG [EW JMVWX PEYRGLIH EX E TVIWW GSRJIVIRGI EX XLI &EWIP *EMV MR 7[MX^IVPERH MR 8LI GEWI [EW QEHI JVSQ FVMKLX XMXERMYQ XLI QSWX EHZERGIH X]TI SJ XMXERMYQ EZEMPEFPI EX XLI XMQI

TVSHYGMRK E QIGLERMWQ XLEX [SYPH SYX TIVJSVQ EPP I\MWXMRK XIGLRSPSKMIW 1SWX QERYEPP] [SYRH QIGLERMGEP [EXGLIW [MPP WXST EJXIV EFSYX LSYVW MJ XLI] EVI RSX [SYRH ERH IZIR ZIV] I\TIR WMZI QSHIPW [MXL I\XIRHIH ±TS[IV

VIWIVZI² [MPP SRP] VYR FIX[IIR ½ZI ERH IMKLX SV HE]W EX XLI QSWX FYX XLI] EVI JI[ ERH JEV FIX[IIR )ZIR WIPJ [MRHMRK QIGLERMGEP [EXGLIW WXST E HE] SV X[S EJXIV XLI] EVI PEWX [SVR 8LI VYRRMRK XMQI SJ QSWX UYEVX^ [EXGLIW MW KSZIVRIH F] XLIMV FEXXIVMIW QSWX [MPP VYR JSV EX PIEWX SRI ]IEV FIJSVI E FEXXIV] GLERKI MW VIUYMVIH ERH E JI[ QSHIPW GER VYR JSV ½ZI SV ]IEVW 3RI SJ XLI KVIEX EXXVEGXMSRW SJ UYEVX^ [EXGLIW LEW EP[E]W FIIR XLEX XLI] [SVO [MXLSYX ER] EXXIRXMSR JSV PSRK TIVMSHW SJ XMQI ERH [MXL QYGL KVIEXIV EGGYVEG] XLER XLIMV QIGLERMGEP GSYRXIVTEVXW 8LI SRI HMWEHZERXEKI XLEX XLI] LEH [LIR GSQTEVIH [MXL QIGLERMGEP XMQITMIGIW [EW XLEX XLI FEXXIV] RIIHIH XS FI VITPEGIH ERH XLMW GER FIGSQI RIGIWWEV] EX ER MRGSR ZIRMIRX QSQIRX *SV QSWX TISTPI MJ E UYEVX^ [EXGL WXSTW MX MW MRGSRZIRMIRX FYX XS WSQI TISTPI WYGL EW HMZIVW SV TMPSXW XLI JEMPYVI SJ E FEXXIV] GSYPH LEZI WIVMSYW WEJIX] GSRWIUYIRGIW 8LI PEGO SJ E WIPJ [MRHMRK QIGLERMWQ [EW SRI SJ XLI ZIV] JI[ HMWEHZERXEKIW MRLIVIRX MR UYEVX^ [EXGL XIGLRSPSK] 7IMOS´W HIZIPSTQIRX IRKM RIIVW [IVI EPWS GSRWGMSYW SJ XLI JEGX XLEX HMWGEVHIH FEXXIVMIW EVI LEVQJYP

GSRWMWXIRXP] EFSZI E GIVXEMR QMRMQYQ PIZIP %X ½VWX 7IMOS´W XIGLRMGMERW GSYPH SRP] KIRIVEXI ZIV] WQEPP EQSYRXW SJ IPIGXVMGMX] YWMRK XLI MVVIKYPEV QSZI QIRXW SJ E XMR] VSXEXMRK [IMKLX MR E [EXGL 8LI MHIE SJ LEVRIWWMRK WYGL E XMR] GYVVIRX XS TS[IV E UYEVX^ [EXGL QSZIQIRX WIIQIH PMXXPI QSVI XLER E HVIEQ ;LIR HIZIPSTQIRX SJ XLI /MRIXMG GSRGITX WXEVXIH MX [EW VIJIVVIH XS EW ³MRXIVREP KIRIVEXMSR´ MR SVHIV XS HMWXMR KYMWL MX JVSQ WSPEV TS[IVIH ³I\XIVREP 8LI [SVPH´W JMVWX /MRIXMG QSZIQIRX [EW XLI 1 [LMGL ETTIEVIH MR 3JJ KIRIVEXMSR´ [EXGLIW [LMGL LEH FIIR XLI [VMWX MX VER JSV EFSYX LSYVW WYGGIWWJYPP] HIZIPSTIH JSV WEPI F] 7IMOS [LIR JYPP] GLEVKIH -X [EW [IPP VIGIMZIH F] 7IVMSYW [SVO SR XLI GSRGITX MR )YVSTI FIJSVI MXW MQTSVXERGI [EW JYPP] ETTVIGMEXIH MR .ETER XLEX PIH XS XLI MRXVSHYGXMSR SJ /MRIXMG [EXGLIW VIEPP] WXEVXIH EX 7IMOS )TWSR XS SYV IRZMVSRQIRX 8LI] [SVOIH MR 8LI PIEHIV SJ XLI TVSNIGX PSRK ERH LEVH XS SZIVGSQI EPP SJ XLIWI [EW 1EWELMXS =SWLMRS ,I WEMH ±- XLMRO TVSFPIQW ERH XS GSQFMRI XLI EGGYVEG] SJ Q]WIPJ EW XLI TEVIRX [LS FVSYKLX SJ E UYEVX^ [EXGL [MXL XLI WIPJ WYJ /MRIXMG XS FMVXL EPXLSYKL - EQ RSX XLI ½GMIRG] SJ E WIPJ [MRHMRK QIGLERMGEP SRI [LS PEXIV VIEVIH MX XS QEXYVMX]² XMQITMIGI 8LI] WXEVXIH WIVMSYW [SVO ,I FIGEQI PIEHIV SJ XLI HIZIPSTQIRX SR XLI TVSFPIQ MR 8LI ½VWX TVS XIEQ EX XLI EKI SJ XSX]TIW GSRXEMRIH E VSXEXMRK [IMKLX WMQMPEV XS XLEX YWIH MR E WIPJ [MRHMRK % ZEVMIX] SJ TVSNIGXW QIGLERMGEP [EXGL 8LI VSXEXMSR SJ XLMW %X XLI XMQI LMW XIEQ LEH XLI XEWO SJ VSXSV GEYWIH F] QSZIQIRX SJ XLI GSRGIMZMRK ±WSQIXLMRK RI[ MR [EXGLIW² [IEVIV´W [VMWX [EW YWIH XS KIRIVEXI ERH [EW EPPS[IH JVII VIMR XS HIZIPST IRIVK] OMRIXMG IRIVK] [LMGL GSYPH FI RI[ XIGLRSPSKMIW SJ ER] OMRH 8LIMV WXSVIH ERH XLMW [EW YWIH XS TS[IV XLI [SVO GSZIVIH QYPXM WTMRHPI [EXGLIW GMVGYMXV] SJ E UYEVX^ [EXGL WYGL EW QYPXM JYRGXMSR GLVSRSKVETLW 8LI GSRGITX SJ YWMRK QSZI ERH XLI TVSZMWMSR SJ [EXGL JYRGXMSRW QIRX XS KIRIVEXI IPIGXVMGMX] [EW RSX GSRXVSPPIH F] YWMRK XLI FEWMG '49 ERH RI[ ¯ MX LEH FIIR ¾SEXMRK EVSYRH WSJX[EVI 8LIMV SXLIV VIWIEVGL XLIQIW XLI GSQTER] WMRGI 8LI ½VWX MRGPYHIH UYEVX^ [EXGLIW [MXL W[IIT /MRIXMG VIPEXIH TEXIRX [EW ETTPMIH JSV WIGSRHW LERHW MR [LMGL XLI WIGSRHW MR ¯ FYX MX LEH FIIR [VMXXIR SJJ LERH W[IITW WQSSXLP] MRWXIEH SJ EW ER MHIE XLEX [EW UYMXI MQTVEGXMGEP NYQTMRK SRGI E WIGSRH ERH [VMWX X]TI JSV YWI MR E UYEVX^ [EXGL FIGEYWI XLI WXST[EXGLIW [MXL FYMPX MR YPXVE QMRM WYTTP] SJ IRIVK] QSZIQIRX SJ XLI EXYVI TVMRXIVW 8LI /MRIXMG [EXGL [EW [VMWX [EW IVVEXMG 8LI IJ½GMIRX KIR NYWX SRI SJ XLIWI TVSNIGXW XLI] [IVI IVEXMSR SJ IPIGXVMGMX] YWYEPP] VIUYMVIW RSX [SVOMRK I\GPYWMZIP] SR /MRIXMG 1V E GSRXMRYSYW WSYVGI SJ OMRIXMG IRIVK] =SWLMRS [EW WYFWIUYIRXP] ETTSMRXIH EW

KIRIVEP QEREKIV SJ 7IMOS )TWSR´W 6

( HMZMWMSR ERH XLIR FIGEQI KIRIVEP QEREKIV SJ 'SVTSVEXI 4PERRMRK 3J½GI [LIVI LI GSSVHMREXIH HIZIPSTQIRX [SVO JSV ZEVMSYW TVSHYGXW FIMRK HIZIP STIH [MXL 7IMOS 'SVTSVEXMSR 8LMW TVSNIGX XIEQ JEGIH [MXL XLI GLEPPIRKI SJ HIZIPSTMRK /MRIXMG XIGLRSPSK] HIGMHIH XS GLEPPIRKI GSRZIRXMSREP [MWHSQ XLI] VIJYWIH XS FIPMIZI XLEX E WIPJ TS[IVIH UYEVX^ [EXGL [EW MQTVEGXMGEP ERH IZIRXY EPP] XLIMV MRRSZEXMZI WSPYXMSRW TVSZIH

1EWELMXS =SWLMRS [EW MR GLEVKI SJ XLI /MRIXMG TVSNIGX ERH PEXIV FIGEQI KIRIVEP QEREKIV SJ 7IMOS )TWSR´W 'SVTSVEXI 4PERRMRK 3JJMGI

VIQEVOEFP] WYGGIWWJYP %X ½VWX IRIVK] MWWYIW TVSZMHIH XLIQ [MXL ETTEVIRXP] MRXVEGXEFPI TVSFPIQW -X XSSO QYGL LEVH [SVO ERH XLI GSQQMXQIRX SJ E HIHMGEXIH XIEQ XS SZIVGSQI XLIQ 8LI] [IVI EFPI XS WYGGIIH FIGEYWI XLI] LEH E [IEPXL SJ HIZIP STQIRX ERH TVSHYGXMSR I\TIVXMWI EX XLIMV HMWTSWEP 8LI] LEH XLI ORS[ LS[ XS TVSHYGI GSRZIRXMSREP QIGLERMGEP [EXGLIW EW [IPP EW XLI I\TIVXMWI MR ',%48)6

IPIGXVSRMGW XLEX LEH FIIR EGUYMVIH HYVMRK XLI HIZIPSTQIRX ERH TVSHYG XMSR SJ UYEVX^ [EXGLIW %FSZI EPP XLI] LEH XLEX ZMXEP 7IMOS EXXMXYHI XLEX [IP GSQIW XLI STTSVXYRMX] XS XEGOPI E RI[ GLEPPIRKI WXEVXMRK [MXL E FPERO WLIIX SJ TETIV ;LIR [SVO SR ³MRXIVREP KIRIVE XMSR´ KSX YRHIV[E] MR MX GSYPH RSX FI IQFSHMIH MR E ZMEFPI TVSHYGX FYX IZIV] JI[ ]IEVW E RI[ WXEVX [EW QEHI 8LI WXYQFPMRK FPSGO [EW EP[E]W XLI WEQI XLI KET FIX[IIR XLI EQSYRX SJ IPIGXVMGEP TS[IV XLEX GSYPH FI KIRIV EXIH ERH XLI TS[IV XLEX [EW VIUYMVIH XS STIVEXI E UYEVX^ [EXGL QSZIQIRX 8LMW PIH XS XLI JEMPYVI SJ QER] SJ XLIWI TVSNIGXW 1V =SWLMRS [EW RSX HIXIVVIH F] XLIWI TEWX JEMPYVIW ,I HMWGYWWIH XLI TVSFPIQW [MXL 2ESEOM =EWYOE[E [LS NSMRIH XLI HIZIPSTQIRX XIEQ XS HIZIPST TVEGXMGEP WSPYXMSRW SJ /MRIXMG TVSFPIQW ERH XLIR FIGEQI E WIGXMSR QEREKIV MR XLI ;EXGL (IZIPSTQIRX +VSYT

[SVR SR XLI [VMWX -X´W EPVIEH] SR XLI [VMWX WS [I GSYPH YWI XLEX JEGX XS TS[IV MX 8LIVI´W RSXLMRK XS WE] XLEX E WSPEV [EXGL LEW XS FI SR XLI [VMWX FYX MJ E [EXGL MW HVMZIR F] IPIGXVMGMX] KIRIV EXIH F] QSZIQIRX SJ XLI [VMWX XLIVI´W IZIV] VIEWSR JSV MX XS FI SR XLI [VMWX =SY LEZI E QEVVMEKI SJ GSRZIRMIRGI ERH RIGIWWMX] ² (IZIPSTQIRX [SVO WXEVXIH [MXL HIXEMPIH MRZIWXMKEXMSRW MRXS XLI VIPEXMSRWLMT FIX[IIR VSXEXMSR SJ XLI SWGMPPEXMRK [IMKLX ERH XLI KIRIVEXMSR SJ IPIGXVMGMX] %X ½VWX XLI HIZIPSTQIRX IRKMRIIVW HMWQERXPIH XLI H]REQS XLEX TS[IVW XLI PMKLXW SR E FMG]GPI 8LMW 7LSMGLM 2EKES [EW GPSWIP] MRZSPZIH [MXL XLI HIZIPSTQIRX SJ /MRIXMG VIZIEPIH XLEX SRP] QMRYWGYPI EQSYRXW XIGLRSPSK] WXEVXMRK [MXL TVSXSX]TIW SJ IPIGXVMGMX] GSYPH FI KIRIVEXIH [LIR ERH XLIR [SVOMRK [MXL JMZI E KIRIVEXSV [EW XYVRIH IVVEXMGEPP] ±%X KIRIVEXMSRW JVSQ XLI 1 XS XLI 1 ½VWX [I HMHR´X IZIR YRHIVWXERH LS[ VIUYMVIH TS[IV 1V =SWLMRS WEMH ±8LEX XLI VSXEXMSR [SYPH EJJIGX XLI EQSYRX MW IRSYKL PIX´W KMZI MX E XV]² 7SQI SJ IPIGXVMGMX] XLEX GSYPH FI KIRIVEXIH TISTPI MR XLI GSQTER] XLSYKLX XLMW -X [EW RS YWI PSSOMRK EX VYR SJ XLI QMPP VIWYPX [EW HMWGSYVEKMRK FYX 1V =SWLMRS IPIGXVMGEP KIRIVEXSVW FIGEYWI XLI] [EW GSRZMRGIH XLI] GSYPH QEOI MX [IVI EPP HIWMKRIH XS VYR GSRXMRYSYWP] [SVO ERH LI HIGMHIH XS KS ELIEH [MXL QSZIQIRX SJ XLI VSXSV SJ E [EXGL SR 1SVI TS[IV RIIHIH JYPP WGEPI HIZIPSTQIRX ±)RKMRIIVMRK MJ ]SYV [VMWX MW UYMXI IVVEXMG ² 8LI X[S QIR GSRGIRXVEXIH SR XLI ]SY KMZI MX WYJ½GMIRX XLSYKLX GER WSSR %JXIV XLI XIEQ WYGGIIHIH MR RIIH XS TVSHYGI QSVI IPIGXVMGMX] ERH KMZI ]SY E XIR JSPH MQTVSZIQIRX ERH MQTVSZMRK TS[IV SYXTYX XS SRI XIRXL HIZIPSTIH E W]WXIQ [LIVIF] IPIG MJ ]SY KS EFSYX MX TVSTIVP] GER IZIR SJ XLIMV XEVKIX XLI] VER MRXS E FVMGO XVMGMX] GSYPH FI KIRIVEXIH F] XYVRMRK KMZI ]SY E LYRHVIH JSPH MQTVSZIQIRX [EPP -J TVSHYGX HIZIPSTQIRX [EW XS XLI GVS[R SJ E QSHM½IH QER´W [EXGL 8LEX´W LS[ - WII MX 8LIVI´W EPWS XLI JEGX GSRXMRYI EWWYQMRK XLEX JYXYVI TS[IV ±;I QEREKIH XS KIRIVEXI E GYVVIRX SJ XLEX - JIPX WXVSRKP] EXXVEGXIH F] XLI MHIE VIUYMVIQIRXW [SYPH FI XLI WEQI EW QMGVSEQTIVIW ² 1V =SWLMRS VIGEPPW SJ XLI SVMKMREP QIGLERMGEP WIPJ [MRHMRK XLSWI SJ UYEVX^ QSZIQIRXW FIMRK ±%X XLEX XMQI XLMROMRK SJ LS[ QYGL [EXGL ERH LEH NSMRIH E GSQTER] XLEX QEHI EX XLEX XMQI MX [EW GPIEV XLEX XLI GYVVIRX [EW VIUYMVIH XS VYR E UYEVX^ QEHI XLIQ ² VSXSV [SYPH LEZI XS FI QEHI PEVKIV [EXGL =EWYOE[E ERH - LEH EKVIIH ³-J 1V =SWLMRS I\TPEMRW ±8LI [VMWX MW ERH LIEZMIV 8LI HVE[FEGO [EW XLEX [I GER KIRIVEXI QMPPMEQTIVIW [I´PP E ZIV] LSWXMPI IRZMVSRQIRX EP[E]W WYF XLMW [SYPH VIWYPX MR UYEVX^ [EXGLIW FI EFPI XS TVSHYGI E ZMEFPI TVSHYGX´ ² NIGXMRK XLI [EXGL [SVR SR MX XS E WIVMIW XLEX [IVI XLMGOIV ERH LIEZMIV XLER &IGEYWI XLI HIZIPSTQIRX XIEQ SJ ZMFVEXMSRW ERH WLSGOW - XLSYKLX XLI XLSWI YWMRK GSRZIRXMSREP FEXXIVMIW XLEX [EW [SVOMRK WMQYPXERISYWP] SR WIZ GSRGITX SJ XLI WIPJ [MRHMRK QIGLERMGEP LEH XS FI VITPEGIH IVEP SXLIV TVSNIGXW KIXXMRK XLI /MRIXMG [EXGL XLEX XEOIW EHZERXEKI SJ XLMW ERH %RSXLIV JEGXSV XLEX LEH XS FI GSRGITX XS [SVO [EW RSX E QEOI SV YWIW MX XS TS[IV E [EXGL [EW [SR GSRWMHIVIH [EW XLEX UYEVX^ QSZI FVIEO HIEP JSV XLIQ ,EZMRK WYGGIIHIH HIVJYP - [ERXIH XS YWI XLI TS[IV XLEX QIRXW [IVI EPVIEH] EZEMPEFPI XLEX SRP] MR KIRIVEXMRK SRI LYRHVIHXL SJ XLI MW KIRIVEXIH NYWX F] XLI [EXGL FIMRK VIUYMVIH FEXXIV] VITPEGIQIRX IZIV] % .3962)= -2 8-1)

8LMW TVSXSX]TI MRGPYHIH XLI KIRIVEXSV ZSPXEKI QYPXMTPMIV ERH PS[ GSRWYQTXMSR UYEVX^ GMVGYMXV] XLEX JSVQIH XLI FEWMW SJ XLI 1 GEPMFVI PEYRGLIH MR

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TS[IV GSRWYQTXMSR XLER XLI QSHIPW XLEX [IVI GYVVIRXP] MR TVSHYGXMSR 8LI HIZIPSTQIRX XIEQ TIVWIZIVIH ERH FIKER XS GSRHYGX E XLSVSYKL VIZMI[ SJ XLI JYRHEQIRXEP EXXVMFYXIW SJ UYEVX^ [EXGL HIWMKR MRGPYHMRK PS[ TS[IV GSRWYQTXMSR 8LIMV VIWIEVGL MRGPYHIH MQTSVXERX [SVO XLEX PIH XS QENSV EHZERGIW MR XLI KIRIVEXMSR ERH WXSVEKI SJ IPIGXVMGMX] 8LI] WYGGIIHIH MR HIZIPSTMRK ER MRRSZEXMZI ZSPXEKI QYPXMTPMIV GMVGYMX XLEX IREFPIH XLI UYEVX^ [EXGL GMVGYMXV] XS FI TS[IVIH WYGGIWWJYPP] F] ER IPIGXVMGEP KIRIVEXSV XLEX TVSHYGIH QYGL PS[IV ZSPXEKIW XLER XLI QMRMQYQ XLEX [SYPH SXLIV [MWI FI RIIHIH XS STIVEXI XLI [EXGL

-X TVSZIH XS FI XLI FVIEOXLVSYKL XLEX IREFPIH XLI GSRGITX SJ E /MRIXMG [EXGL XS FI XVERWJSVQIH MRXS E ZMEFPI TVSHYGX 3RI SJ XLI IRKMRIIVW [LS PEXIV VEMWIH /MRIXMG XIGLRSPSK] XS QEXYVMX] [EW 7LSMGLM 2EKES ;LIR LI ½VWX NSMRIH XLI HIZIPSTQIRX XIEQ LI LEH FIIR [SVOMRK SR KIRIVEP UYEVX^ [EXGL HIWMKR WXEVXMRK [MXL XLI HIWMKR SJ KIEV XVEMRW ,I LEH EPWS [SVOIH SR XLI 1SHIP QIGLERMGEP [EXGL ,I [EW MRZMXIH XS NSMR XLI /MRIXMG TVSNIGX [LIR MX ½VWX PSSOIH EW MJ MX QMKLX FI WYGGIWWJYP ,I [SVOIH EX XLI JVSRX PMRI SJ /MRIXMG HIZIPSTQIRX JVSQ XLI ½VWX KIRIVEXMSR 1 XS XLI MRXVSHYGXMSR SJ XLI QMRMEXYVI 1 GEPMFVI ,I I\TPEMRW ±;LIR - NSMRIH XLI HIZIPSTQIRX KVSYT EPP [I LEH [EW XLI ½VWX WEQTPI KIRIVEXSV 8LMW [EW XLI ½VWX TVSNIGX - LEH FIIR MRZSPZIH [MXL MR [LMGL E HIGMWMSR LEH RSX ]IX FIIR XEOIR XS TVSHYGI E GSQQIVGMEP TVSHYGX 8LI TVSNIGX MRZSPZIH E WXVSRK IPIQIRX SJ HIZIPSTQIRX XLEX - VIEPP] IRNS]IH ² 8LI XIEQ HIZIPSTIH E TIVJIGXP] FEPERGIH GSQFMREXMSR SJ E UYEVX^ QSZIQIRX [MXL ZIV] PS[ IPIGXVMGEP TS[IV VIUYMVIQIRXW ERH ER EWXSRMWL MRKP] IJ½GMIRX IPIGXVMGEP KIRIVEXSV ERH E WXSVEKI W]WXIQ 8SKIXLIV XLIWI JSVQIH ER IPIGXVMGEP WIPJ [MRHMRK W]WXIQ XS TVSZMHI TS[IV JSV XLI UYEVX^ QSZIQIRX 8LMW KVIEX EGLMIZIQIRX QEVOIH XLI FIKMRRMRK SJ ER I\XVIQIP] IJ½GMIRX IGS PSKMGEP W]WXIQ XLEX GER FI STIVEXIH F] QMRYXI IPIGXVMG GYVVIRXW -R XLMW VIWTIGX /MRIXMG XIGLRSPSK] W]QFSPMWIW IZIV] XLMRK XLEX MW FIWX EFSYX 7IMOS 8S WYGGIIH [MXL /MRIXMG XIGL RSPSK] 7IMOS´W IRKMRIIVW HIZIPSTIH QER] VIQEVOEFPI RI[ HIZMGIW -R XLI ',%48)6

KIRIVEXMRK YRMX JSV I\EQTPI XLI WTIIH SJ VSXEXMSR SJ XLI SWGMPPEXMRK [IMKLX MW QYPXMTPMIH XMQIW F] QIERW SJ E KIEV XVEMR XLEX XYVRW E WEQEVMYQ GSFEPX

%+ QMGVSVSXSV EX WTIIHW FIX[IIR ERH VTQ 8LI VSXSV MW WYWTIRHIH MR E QEKRIXMG ½IPH ERH HSIW RSX XSYGL MXW LSYWMRK ¯ MX MW WYWTIRHIH F] ±QEKRIXMG PIZMXEXMSR² 8LI VIWYPXMRK QEKRIXMG ½IPH MRHYGIW E GYVVIRX MR XLI GSMPW SJ XLI KIRIVEXSV 8LMW XMR] ¾YGXY EXMRK GYVVIRX [EW VIGXM½IH ERH WXSVIH MR E GETEGMXSV 8LMW WXSVIH IRIVK] [EW XLIR YWIH XS WYTTP] XLI UYEVX^ SWGMP PEXSV ERH XLI WXITTMRK QSXSV WS XLEX XLI] GSYPH TVSZMHI XLI XMQIOIITMRK ERH HMWTPE] JYRGXMSRW 8S EGLMIZI XLMW YWMRK SRP] E XMR] GYVVIRX VIUYMVIH XLI HIZIPSTQIRX SJ '137 -' HIZMGIW ERH WXITTMRK QSXSVW XLEX YWIH SRP] JVEGXMSRW SJ XLI TS[IV XLEX LEH FIIR VIUYMVIH F] TVIZMSYW KIRIVEXMSRW SJ UYEVX^ [EXGLIW -X EPWS RIGIWWMXEXIH XLI HIZIPSTQIRX SJ RI[ EGXMZEXIH GEVFSR GETEGMXSVW [MXL ER IRSVQSYW GETEGMX]

6IGIRXP] XLI GETEGMXSV MR /MRIXMG [EXGLIW LEW FIIR VITPEGIH F] XLI YWI SJ E VIGLEVKIEFPI GIPP [MXL E QYGL KVIEXIV GETEGMX] IRWYVMRK XLI [EXGL [MPP STIVEXI JSV WM\ QSRXLW [MXLSYX ER] EHHMXMSREP GLEVKI 3J EPP XLI RI[ XIGLRSPSKMIW HIZIP STIH JSV XLI /MRIXMG QSZIQIRX XLI ZSPXEKI QYPXMTPMIV MW XLI WXEV TIVJSVQIV -X XEOIW QMRMWGYPI EQSYRXW SJ IPIGXVMGEP IRIVK] JVSQ XLI TS[IV GIPP ERH YWIW MX XS TS[IV XLI GMVGYMXV] SJ E UYEVX^ QSZIQIRX ¯ [MXLSYX ER] [EWXEKI % GYVVIRX SJ EX PIEWX SRI ZSPX MW VIUYMVIH XS TS[IV E UYEVX^ QSZIQIRX -J XLI IRIVK] WXSVIH MR XLI GETEGMXSV SJ E UYEVX^ [EXGL MW YWIH XS TS[IV XLI QSZIQIRX HMVIGXP] XLI [EXGL [MPP WXST [SVOMRK EW WSSR EW XLI ZSPXEKI WYT TPMIH XS MXW GMVGYMX HVSTW FIPS[ SRI % .3962)= -2 8-1)

8LMW 0ERHQEWXIV HMZIV´W QSHIP LSYWIH MR E SRI TMIGI GEWI [EW E KSSH I\EQTPI SJ XLI YWI SJ %+7 /MRIXMG QSZIQIRX [LMGL RIZIV RIGIWWMXEXIH STIRMRK SJ XLI GEWI JSV FEXXIV] GLERKI -X FSEWXIH E FEV [EXIV VIWMWXERGI XLEROW XS XLMW [EXIV XMKLX WXVYGXYVI

ZSPX 9WMRK 7IMOS´W IRIVK] QYPXMTPMIV XLI QSZIQIRX [MPP GSRXMRYI XS [SVO IZIR MJ XLI ZSPXEKI [MXLMR XLI TS[IV GIPP JEPPW FIPS[ SRI ZSPX 8LI ZSPXEKI QYPXMTPMIV LEW FIIR GSQTEVIH [MXL XLI EYXSQEXMG XVERWQMWWMSR SR E GEV -X HIXIGXW [LIR XLI ZSPXEKI MR XLI TS[IV GIPP JEPPW FIPS[ SRI ZSPX ERH WXITW YT XLI SYXTYX XS IRWYVI XLEX MX MW QEMR XEMRIH EFSZI SRI ZSPX

8LI GSRGITX SJ XLI ZSPXEKI QYPXM TPMIV [EW EW FVMPPMERX EW MX [EW IJJIGXMZI -X QEHI TSWWMFPI XLI GSQTPIXIP] WXEFPI STIVEXMSR SJ XLI UYEVX^ GMVGYMXV] 8LMW QEOIW MX TSWWMFPI XS IRWYVI WXEFPI STIVEXMSR SJ XLI UYEVX^ GMVGYMXV] )ZIRXYEPP] 1V 2EKES´W XIEQ TVS HYGIH E TVSXSX]TI LEZMRK WYVQSYRXIH EPP XLI XIGLRMGEP TVSFPIQW 8LMW [EW XLI TVSXSX]TI XLEX [EW WLS[R MR TYFPMG

-R 7IMOS PEYRGLIH %+7 MXW JMVWX UYEVX^ [EXGL TS[IVIH F] XLI [IEVIV´W QSZIQIRX -X [EW XLI JSVIVYRRIV XS /MRIXMG

JSV XLI ½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±- LEH ZIV] QM\IH

JIIPMRKW - WYTTSWI - WLSYPH LEZI GSYRXIH Q]WIPJ PYGO] XS FI EFPI XS ERRSYRGI /MRIXMG FIGEYWI XLIVI [IVI WS QER] SXLIV HIZIPSTQIRXW XLEX RIZIV WE[ XLI PMKLX SJ HE] ²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

[LIVI HE]W EVI UYMXI WLSVX MR [MRXIV /MRIXMG XIGLRSPSK] [EW VIGSKRMWIH EW WYTIVMSV XS XLEX SJ XLI WSPEV TS[IVIH [EXGL 7IMOS´W XST QEREKIQIRX UYMGOP] VIZIVWIH XLIMV IEVPMIV HIGMWMSR ERH HIGMHIH XS GSQQIVGMEPMWI XLMW MRRSZE XMZI RI[ TVSHYGX 8LI HIZIPSTQIRX XIEQ FIKER XS [SVO [MXL ZIV] PMXXPI VIWX ±-R XLI IEVP] /MRIXMG HE]W - WTIRX QSWX SJ Q] 7EXYVHE]W ERH 7YRHE]W [SVOMRK EX XLI GSQTER] - VIQIQFIV XLEX [IPP ² 1V 2EKES VIGEPPW 8LI ½VWX HVE[MRKW JSV E TVSHYGXMSR ZIVWMSR SJ XLI /MRIXMG [IVI GSQTPIXIH MR ERH NYWX E ]IEV PEXIV XLI ½VWX /MRIXMG [EXGL MR XLI [SVPH XLI 1 [EW QEVOIXIH -X [EW TVSHYGIH MR WQEPP RYQFIVW ERH WYJJIVIH JVSQ E RYQFIV SJ PMQMXEXMSRW RSX PIEWX XLEX MX YXMPMWIH QER] GSQTSRIRXW YWIH MR SXLIV 7IMOS QSZIQIRXW 2IZIVXLIPIWW MX [EW ERSXLIV WMKRM½GERX [SVPH ±½VWX² JSV 7IMOS 8LIWI KVSYRH FVIEOMRK RI[ [EXGLIW [IVI WSPH ½VWX MR +IVQER] MR ERH F] %TVMP XLI] [IVI EPWS PEYRGLIH MR .ETER 1V 2EKES PEXIV I\TPEMRIH XLEX XLIWI RI[ [EXGLIW [IVI WYGGIWWJYP MR )YVSTI FYX MR XLI .ETERIWI QEVOIX XLI] EXXVEGXIH GYW XSQIV GSQTPEMRXW &ILMRH XLIQ PE] GLERKIW MR PMJIWX]PI -R .ETERIWI PMJIWX]PIW [IVI QSVI PIMWYVIP] XLER [LIR XLI ½VWX WIPJ [MRHMRK QIGLERMGEP [EXGLIW [IVI QEHI ERH TISTPI [IVI RSX EW EGXMZI EW XLI] LEH FIIR MR IEV PMIV ]IEVW ;LIR XLI SVMKMREP 1 QSZIQIRX IRGSYRXIVIH XLIWI TVSFPIQW XLI HIZIP STQIRX XIEQ VIEPMWIH XLEX MJ XLI] GSYPH RSX MQTVSZI XLIMV /MRIXMG XIGLRSPSK] XLI XVIQIRHSYW JYXYVI TSXIRXMEP SJ XLI /MRIXMG [EXGL [SYPH RIZIV FI VIEPMWIH 8LI] FIKER XS HIZIPST E RI[ GEPMFVI GEPPIH 1 EX XLI IRH SJ XS EHHVIWW XLI TVSFPIQW EWWSGMEXIH ',%48)6

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8LI KIEV XVEMR EQTPM½IW XLI WTIIH SJ VSXEXMSR XMQIW

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

[MXL XLI 1 1V 2EKES I\TPEMRIH ±-X HMHR´X WIIQ VMKLX XS EGGITX XLI I\MWXMRK TSSV STMRMSR ;I JIPX [I WLSYPH QEOI E GEPMFVI XLEX WEXMW½IH YW ERH WII [LEX TISTPI XLSYKLX SJ XLEX ² 8LI LEVH [SVO SJ XLI 6 ( XIEQ SR /MRIXMG XIGLRSPSK] TVSHYGIH XIGLRMGEP EHZERGIW XLEX [IVI XS TVSZI YWIJYP RSX SRP] JSV XLI /MRIXMG [EXGL TVSNIGX FYX MR EPP PEXIV KIRIVEXMSRW SJ % .3962)= -2 8-1)

7IMOS UYEVX^ [EXGLIW ±;I XIRH XS EHSTX ER ETTVSEGL XLEX MW HMJJIVIRX JVSQ XLEX YWIH F] QSWX TISTPI EVSYRH XLI [SVPH -R SYV S[R GLSWIR ½IPH [I KEXLIV IZIV]XLMRK XLEX MW FIWX ERH XLIR KS JSV FVSOI -J [I HSR´X HS XLEX MX´W ZIV] HMJ½GYPX XS QEOI ER] VIEP TVSKVIWW ² 1V =SWLMRS I\TPEMRIH -R XLI PEXI W 1V =SWLMRS PIJX XLI [EXGL HITEVXQIRX ERH QSZIH XS

XLI HIZIPSTQIRX SJ LEVH HMWOW TVMRXIVW ERH 4'W FYX [EXGLIW WXMPP LSPH E WXVSRK JEWGMREXMSR JSV LMQ ±8LI [VMWX[EXGL MW XLI SRP] TMIGI SJ IUYMTQIRX XLEX ]SY [IEV RI\X XS ]SYV WOMR JVSQ XLI QSQIRX ]SY KIX YT MR XLI QSVRMRK XS [LIR ]SY KS XS FIH EX RMKLX [MXLSYX IZIV FIMRK E[EVI SJ MX ;LIR ]SY XLMRO SJ XLEX XLIVI´W VIEPP] RSXLMRK IPWI PMOI MX =SY FIGSQI JSRH SJ MX FIGEYWI MX

EP[E]W QSZIW EVSYRH [MXL ]SY +MZIR XLEX - XLMRO ]SY GER WE] XLEX XLI [EXGL MW WSQIXLMRK XLEX GSQQYRMGEXIW [MXL MXW YWIV ERH JSV XLEX QEXXIV [MXL MXW GVIEXSV %RH MX´W EPP GSRGIRXVEXIH XLIVI SR ]SYV [VMWX ² -R XLI ]IEVW EJXIV XLI ½VWX UYEVX^ [EXGLIW [IVI PEYRGLIH XLIMV TS[IV VIUYMVIQIRXW VIHYGIH F] E JEGXSV SJ )ZIR XSHE] TS[IV GSRWYQTXMSR MW WXMPP FIMRK VIHYGIH ;MXLSYX XLMW MQTVSZIQIRX /MRIXMG XIGLRSPSK] [SYPH RIZIV LEZI FIIR ZMEFPI RSV [SYPH XLI HIZIPSTQIRX SJ QER] 7IMOS XMQITMIGIW WYGL EW WPMQ HVIWW [EXGLIW SV QSHIPW XLEX EVI IRLERGIH [MXL EHHMXMSREP JIEXYVIW VERKMRK JVSQ GLVSRSKVETLW XS QSHIPW [MXL WTIGMEP WIRWSVW 7SSR E[EVIRIWW SJ XLI EHZERXEKIW SJ /MRIXMG FIKER XS MRGVIEWI RSX PIEWX EQSRK HMZIVW [LS [IVI EQSRK XLI ½VWX XS ETTVIGMEXI XLI ZEPYI SJ XLMW FEXXIV] JVII XIGLRSPSK] ERH XLI] [IVI EQSRK XLI QSWX IRXLYWMEWXMG GYW XSQIVW JSV XLI RI[ QSHIPW *SV XLIQ E [EXGL XLEX GSYPH GSRXMRYI [SVOMRK [MXLSYX IZIV WXSTTMRK [EW ER EXXVEG XMZI TVSTSWMXMSR 8LI [SVO SJ 7IMOS´W HIZIPSTQIRX XIEQW RIZIV GIEWIW ERH HIZIPST QIRX SJ XLI /MRIXMG VERKI GSRXMRYIH

1V 2EKES ERH LMW XIEQ [IRX SR XS GVIEXI XLI 1 PMRI JSV YWI MR [SQIR´W [EXGLIW XLI 1 E WPMQ ZIVWMSR XLEX [EW MHIEP JSV HVIWW [EXGLIW ERH XLI 1 E QMRMEXYVI /MRIXMG QSZIQIRX

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½RIP] ½RMWLIH EXXIRXMSR MW FIMRK TEMH XS IZIR XLI QSZIQIRX GSYPH FI WIIR 8LI TVS WQEPPIWX HIXEMP MR XLIWI [EXGLIW XSX]TI [EW ½VWX WLS[R EX E TVIWW 1V 2EKES I\TPEMRIH ±;EXGL GSRJIVIRGI EX XLI &EWIP *EMV XLEX ]IEV HIWMKRIVW LEZI SRP] E PMQMXIH WTEGI 8LI /MRIXMG 'LVSRSKVETL [EW [MXLMR [LMGL XS ½X EPP XLI GSQTSRIRXW PEYRGLIH MR *IFVYEV] EW E ERH FEPERGI MW GVMXMGEP 8LMW MW TEV PMQMXIH IHMXMSR SJ TMIGIW JSV XMGYPEVP] XVYI SJ /MRIXMG [EXGLIW %PP [SVPH[MHI GSRWYQTXMSR 8LI VIKYPEV GSQTSRIRXW LEH XS FI VIZMI[IH JVSQ TVSHYGXMSR PMRI [EW RSX MRXVSHYGIH XLI ZIV] WXEVX FIGEYWI XLMW [EW XLI YRXMP 8LMW LMKLP] WTIGM½IH [EXGL QSWX IJJIGXMZI [E] SJ VIZMI[MRK UYEVX^ YWIH XLI 8 % /MRIXMG QSZIQIRX XIGLRSPSK] MXWIPJ 8LMW KIRIVEXIH XLVII XMQIW QSVI ±- WII RS VIEWSR [L] E /MRIXMG IPIGXVMGMX] XLER ER] TVIZMSYW /MRIXMG [EXGL WLSYPH RSX HS ER]XLMRK E UYEVX^ [EXGL 8LMW [EW IWWIRXMEP MR SVHIV XS [EXGL GER HS 8LI JYXYVI SJ XLI /MRIXMG TVSZMHI WYJ½GMIRX TS[IV XS HVMZI XLI MW SRP] NYWX FIKMRRMRK ²

',%48)6

8 ,) ³+ 6%11%6 3* ()7-+2´ 8LI [SVH ²HIWMKR³ [EW PEVKIP] W]RSR]QSYW [MXL QSZIQIRX HIWMKR JSV XLI ßVWX ]IEVW SJ 7IMOS³W I\MWXIRGI -X [EW SRP] MR XLI WIGSRH LEPJ SJ XLI W XLEX XLI GSQTER] FIKER XS TE] WIVMSYW EXXIRXMSR XS XLI HIWMKR SJ XLI HMEPW LERHW ERH GEWIW SJ MXW [EXGLIW 8SHE] HIWMKR MW EX XLI LIEVX SJ 7IMOS TVSHYGX HIZIPSTQIRX

8LI KVS[MRK MQTSVXERGI SJ HIWMKR MR XLI 7IMOS WXSV] MW RSX SRI XLEX MW WTVMROPIH [MXL ±½VWXW² SV VIZSPYXMSR -RWXIEH HIWMKR IQIVKIH JVSQ FIMRK E Q]WXIVMSYW EVX MRXS E GVEJX XLEX MW RS[ MR¾YIRGIH F] MRTYX JVSQ QEVOIX VIWIEVGL ERH F] E WXVSRK E[EVIRIWW SJ VIKMSREP XEWXIW ERH RIIHW 7MRGI XLI W ERH IWTIGMEPP] WMRGI XLI W XLI TLIRSQIREP KVS[XL MR WEPIW SJ 7IMOS [EXGLIW WYKKIWXW XLEX XLI GSQ TER] LEW VIEH XLI QEVOIX GSVVIGXP] QSWX SJ XLI XMQI MR XIVQW SJ HIWMKR ERH XIGLRSPSK] FYX JI[ SJ MXW S[R HIWMKRW LEZI WXSSH SYX EW WXEVW MRWXIEH XLMW MW E WXSV] SJ WXIEH] MQTVSZIQIRX -QQIHMEXIP] EJXIV XLI 7IGSRH ;SVPH ;EV [LIR 7IMOS [EW VIWXEVXMRK MXW [VMWX[EXGL TVSHYGXMSR XLI SRP] HIWMKRIVW EX 7IMOS [IVI XLSWI [LS HIZIPSTIH RI[ QSZIQIRXW 8LIR EPQSWX EPP 7IMOS [EXGLIW LEH VSYRH GEWIW ERH ER] GLERKI SJ HIWMKR [EW VIWXVMGXIH XS QMRSV HIXEMPW WYGL EW EPXIVMRK XLI WLETI SJ XLI PYKW )ZIR MR XLI IEVP] W XLI WXEJJ [LS TVSHYGIH TVMRXMRK QEXIVMEPW JSV HMEP TVSHYGXMSR [IVI GSRWMHIVIH XS FI XLI ±HIWMKRIVW² 7MRGI XLIR XLI QIERMRK ERH MQTSV XERGI SJ HIWMKR JSV 7IMOS LEW GLERKIH % .3962)= -2 8-1)

8EVS 8EREOE [EW XLI JMVWX KVEHYEXI LMVIH JSV HIWMKR [SVO F] / ,EXXSVM ,I GVIEXIH 7IMOS´W ±+VEQQEV SJ (IWMKR² XLEX WIX SYX XLI KVSYRH VYPIW XLEX MQTVSZIH XLI HIWMKR ERH JMRMWL SJ 7IMOS [EXGLIW

FI]SRH EPP VIGSKRMXMSR 8LI GLERKI SJ EXXMXYHI WXEVXIH MR [LIR E (IWMKR 7IGXMSR [EW IWXEFPMWLIH JSV XLI ½VWX XMQI EX 7Y[E 7IMOSWLE FYX EX ½VWX MXW VIWTSRWMFMPMXMIW [IVI VIWXVMGXIH XS HMEP

HIWMKR -R XLIVI [EW E FMK WXIT JSV[EVH [LIR (EMRM 7IMOSWLE JSV XLI ½VWX XMQI HIGMHIH XS IQTPS] HIWMKR KVEHYEXIW JVSQ GSPPIKI ERH MR 8EVS 8EREOE FIGEQI XLI ½VWX KVEHYEXI IZIV XS FI IQTPS]IH F] / ,EXXSVM

'S 0XH 8LMW [EW XLI ½VWX QSZI MR XLI GSQTER]´W LMWXSV] XS[EVHW GSRWMHIVIH HIWMKR RSX NYWX SJ XLI HMEP FYX SJ XLI [LSPI [EXGL 1V 8EREOE NSMRIH EX E XMQI [LIR RSFSH] MR XLI GSQTER] YWIH XLI .ETERIWI IUYMZEPIRX SJ XLI )RKPMWL [SVH ±HIWMKR² ERH LI SJXIR LEH HMJ ½GYPX] I\TPEMRMRK LMW VSPI 0EXIV LI WEMH XLEX [LIR LI NSMRIH XLI GSQTER] LMW ½VWX NSF LEH FIIR XS ±QEOI WSQIXLMRK PMOI XLMW² ¯ ERH SJXIR 7IMOS GEWIW ERH QSZIQIRXW [IVI WMQMPEV XS XLSWI SJ )YVSTIER TVSHYGXW ,MW TMSRIIVMRK RI[ VSPI MR XLI GSQTER] PIH XS XLI IWXEFPMWLQIRX SJ RI[ KYMHIPMRIW JSV HIWMKRMRK 7IMOS [EXGLIW ;LIR 1V 8EREOE NSMRIH XLI GSQTER] XLIVI [EW E WXVSRK JIIPMRK XLEX EPXLSYKL 7IMOS TVSHYGXW [IVI QIGLERMGEPP] WSYRH XLI] [IVI PEK KMRK FILMRH [LIR MX GEQI XS GEWI ERH HMEP HIWMKR 7S ½VWX LI WIX SYX XS KEMR I\TIVMIRGI MR XLI JEGXSVMIW MRZSPZIH [MXL HIWMKR WYGL EW XLI GEWI ERH

8LI +7 ,M &IEX QEHI MR MW E GPEWWMG I\EQTPI SJ 7IMOS WX]PMRK FEWIH SR XLI +VEQQEV SJ (IWMKR GVIEXIH F] 1V 8EREOE

HMEP QERYJEGXYVMRK TPERXW 1V 8EREOE PIEVRIH EX ½VWX LERH EFSYX VE[ QEXI VMEPW ERH XLI TVSHYGXMSR TVSGIWWIW XLEX [IVI FIMRK YWIH %X XLI WEQI XMQI LI [EW TVIWIRXIH [MXL ER STTSVXYRMX] XS GSRWMHIV GEVIJYPP] [LEX [EXGL HIWMKR [EW EPP EFSYX ,I I\TPEMRIH ±3RI HE] MR - LEH KSRI XS XLI ;EOS WEPIW GSYRXIVW NYWX EW - EP[E]W HMH ERH EW - PSSOIH MR SRI SJ XLI WLS[GEWIW - WE[ QER] [EXGLIW WTEVOPMRK FVMPPMERXP] 8LIR - PSSOIH SR XLI SXLIV WMHI ERH WE[

[EXGLIW XLEX LEH E VEXLIV YRIZIR KPIEQ XLI HMJJIVIRGI [EW EPP XSS ETTEVIRX 8LI FVMPPMERXP] WTEVOPMRK [EXGLIW [IVI 7[MWW ERH XLSWI [MXL XLI HYPPIV ½RMWL [IVI F] 7IMOS ² 8LMW GSRXVEWX EPEVQIH 1V 8EREOE ,I WXYHMIH XLIQ GPSWIP] ERH HMWGSZ IVIH XLEX [LMPI XLI GEWIW SJ 7[MWW TVSHYGXW GSRWMWX SJ ¾EX ERH GSRMGEP WYVJEGIW TIVJIGXP] WQSSXL ERH JVII JVSQ HMWXSVXMSR XLI HMEPW ERH FI^IPW SJ XLI 7IMOS TVSHYGXW LEH HMWXSVXMSRW XLEX LI EXXVMFYXIH XS 7IMOS´W QERY

JEGXYVMRK XIGLRMUYIW 8LI QENSVMX] SJ 7IMOS [EXGLIW EX XLI XMQI LEH FVEWW GEWIW XLEX [IVI TSPMWLIH YWMRK FYJJW ERH XLIR GLVSQI SV KSPH TPEXIH -X WIIQIH XLIVI [EW PMXXPI XLEX GSYPH FI HSRI EFSYX MX ,I [EW GSRZMRGIH XLEX 7IMOS LEH XS TVSHYGI LMKL UYEPMX] TVSHYGXW XLEX GSYPH QEXGL SV WYVTEWW XLSWI JVSQ 7[MX^IVPERH ERH [MXL XLI WSVX SJ ZMWMSR XLEX LEW WS SJXIR LIPTIH XS WIX 7IMOS ETEVX JVSQ SXLIV GSQTERMIW LI WIX SYX XS VIWSPZI XLI TVSFPIQ ,I GVIEXIH E ±HIWMKR JSVQYPE² ERH IZIRXYEPP] XLMW FIGEQI ORS[R [MXLMR XLI GSQTER] EW ±7IMOS´W +VEQQEV SJ (IWMKR² ,I WXEVXIH F] GVIEXMRK GEWIW ERH HMEPW XLEX LEH E TIVJIGXP] ¾EX WYVJEGI [MXL X[S HMQIRWMSREP GYVZIW SR XLI FI^IP EW E WIGSRHEV] JIEXYVI 8LVII HMQIRWMSREP GYVZIW [IVI RSX YWIH EW E KIRIVEP VYPI ,I EPWS HIGMHIH XLEX EPP HMWXSV XMSR WLSYPH FI IPMQMREXIH JVSQ XLI HMEP XSS WS XLEX MX GSYPH FI ½RMWLIH [MXL E QMVVSV WYVJEGI 8LMW JSVQIH XLI FEWMW JSV XLI RI[ 7IMOS WX]PI 8LI ½VWX QSHIP XLEX VIGIMZIH XLI RI[ XVIEXQIRX [EW XLI (EMRM 7IMOSWLE JEGXSV]´W +7 [LMGL [EW TVSHYGIH MR 0EXIV XLI RI[ +VEQQEV SJ (IWMKR [EW TEWWIH SR XS 7Y[E 7IMOSWLE ERH YWIH JSV XLI +%; MR ERH MR XLI WEQI ]IEV MX [EW ETTPMIH XS XLI RI[ +7' JVSQ (EMRM 7IMOSWLE 1V 8EREOE´W HIWMKR ERH TVS HYGXMSR TVMRGMTPIW WIX RI[ WXERHEVHW JSV 7IMOS´W LMKL UYEPMX] ERH LMKL TVIGM WMSR XMQITMIGIW FYX XLI XIGLRMUYI [EW SRP] ETTPMIH XS LMKL UYEPMX] [EXGLIW FIGEYWI MX [EW PEFSYV MRXIRWMZI ERH XLIVIJSVI [EW RSX ZMEFPI JSV PS[ TVMGI TVSHYGXW 8LI +VEQQEV SJ (IWMKR [EW ZIV] QYGL MR IZMHIRGI EW XLI 7IMOS 7X]PI FIKER XS IQIVKI -X [EW QSWX IZMHIRX ',%48)6

MR XLI +VERH 7IMOS ERH /MRK 7IMOS ,EXXSVM ERH XLI (EMRM ERH 7Y[E JEG [EXGLIW GVIEXIH JSV XLI HSQIWXMG XSVMIW 8LMW LIPTIH XS GVIEXI E FSRH QEVOIX MR XLI W ERH XLI IEVP] FIX[IIR HIWMKRIVW JVSQ XLI XLVII W 8LI VYPIW SJ XLI ±+VEQQEV SJ GSQTERMIW 8LMW PIH XS HIWMKR MQTVSZI (IWMKR² [IVI YWIH JSV ]IEVW FYX QIRXW MR XLI SYX[EVH ETTIEVERGI SJ XLI GSRGITX [EW IZIRXYEPP] WMHIPMRIH EW EPP 7IMOS [EXGLIW [LIXLIV HIWMKRIH MRGVIEWMRK HIQERH JSV E [MHIV ZEVMIX] F] / ,EXXSVM´W (EMRM 7IMOSWLE´W SV SJ WX]PIW SFPMKIH 7IMOS´W HIWMKRIVW 7Y[E 7IMOSWLE´W XIEQW *YVXLIV XLMW XS I\TERH XLIMV LSVM^SRW FI]SRH 'SRJIVIRGI HIGMHIH XS MRXVSHYGI MRXIV XLI WXVMGX TVMRGMTPIW SJ XLI +VEQQEV REXMSREP MHIEW XS 7IMOS ERH MR XLI %PXLSYKL JI[ TISTPI [MXLMR 7IMOS GSQTER] FIKER XS WIRH WXEJJ SZIVWIEW XSHE] LEZI LIEVH SJ XLI +VEQQEV SJ XS WXYH] HIWMKR ERH WSQI [IVI IZIR (IWMKR MXW MQTSVXERGI EX XLI XMQI IRVSPPIH EX ER -XEPMER NI[IPPIV] WGLSSP LEW FIIR GSQTEVIH XS XLEX SJ 7IMOS´W 8LI WXEVX SJ XLI UYEVX^ VIZSPY WYGGIWW MR XLI 7[MWW 3FWIVZEXSV] XMSR JVSQ XLI IRH SJ PIH XS ER 'LVSRSQIXIV 8VMEPW ERH IZIR XLI MQTSVXERX RI[ VSPI JSV XLI HIWMKR HIZIPSTQIRX SJ XLI UYEVX^ [EXGL 1V XIEQW EW XLI] FIKER XS XLMRO MR XIVQW 8EREOE GER EPWS XEOI TVMHI MR LEZMRK SJ HIWMKRW XLEX [IVI ±ETTVSTVMEXI² 1V 8EREOE LIPTIH XS HIZIPST XLI FIIR MRZSPZIH [MXL E RYQFIV SJ SXLIV -R / ,EXXSVM 'S 0XH IWXEF TVSHYGX XLEX [EW IZIRXYEPP] GEPPIH MQTSVXERX HIWMKR MRMXMEXMZIW ,I LIPTIH PMWLIH E WTIGMEPMWIH HIWMKR XIEQ MR MXW 0YQMFVMXI E GSQTPIXIP] WEJI EPXIVREXMZI [MXL XLI HIWMKR SJ WXST[EXGLIW JSV XLI [EXGL HMZMWMSR *SV XLI ½VWX XMQI XLI XS XVMXMYQ -R XLMW I\EQTPI XLI [LMXI HSXW SR XLI LSYV MRHI\IW ERH XLI [LMXI 8SO]S 3P]QTMGW ERH XLI 7IMOS WIVMIW GSQTER] FIKER XS YWI GSQTYXIVW XS TERIPW SR XLI LERHW EVI 0YQMFVMXI EW [IPP EW 7IMOS´W 4VSJIWWMSREP (MZIV´W EREP]WI XLI SYX[EVH ETTIEVERGI SJ ;EXGL [EXGLIW -X [EW GSRWMHIVIH I\XVIQIP] MQTSVXERX XLEX E HIWMKR HMWXMRKYMWLIH PMWLIH E GIRXVEP HIWMKR SJ½GI MR +MR^E )QTLEWMW SR HIWMKR E [EXGL EW E UYEVX^ TVSHYGX FIGEYWI SRGI EKEMR [MXL XLI KSEP SJ E QSVI 8LMW KVS[MRK IQTLEWMW SR HIWMKR XLI ½VWX UYEVX^ QSHIPW GSWX EW QYGL MRXIVREXMSREP ETTVSEGL XS HIWMKR FIKER XS FVMRK MXW S[R VI[EVHW RSX EW E GEV ERH MX [EW ZMXEP XLEX XLI TYFPMG &] XLI IEVP] W 7IMOS´W SZIV SRP] MR XLI JSVQ SJ MRGVIEWIH WEPIW GSYPH MHIRXMJ] XLIWI I\GMXMRK RI[ TVSH WIEW FYWMRIWW [EW KVS[MRK VETMHP] ERH FYX EPWS I\XIVREP VIGSKRMXMSR -R YGXW EX E KPERGI MX [EW HIGMHIH XS EHH QSVI QSHIPW X[S 7IMOS TVSHYGXW XLI 'V]WXEP -R 7IMOS´W ½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½VWX XMQI XLEX XIEQ [EW XVERWJIVVIH XS XLI HIWMKR STIRIH ¯ 4EVMW 1MPER ERH ,SRK /SRK GSRWYQIVW ZEPYIH XLI I\XIVREP HIWMKR HMZMWMSRW SJ (EMRM 7IMOSWLE ERH 7Y[E MR ´W -R EHHMXMSR 7IMOS -RWXVYQIRXW SJ MXW TVSHYGXW ERH RSX NYWX QSZI 7IMOSWLE ,S[IZIV XLI RIIH JSV QSVI ERH 7IMOS )TWSR NSMRXP] IWXEFPMWLIH E QIRX HIWMKR -R MX VIWTSRHIH GSSVHMREXIH HIWMKR WSSR VI IQIVKIH HIWMKR SJ½GI MR /EQIMHS 8LMW RIX[SVO XS XLIWI HIWMKR E[EVHW F] WXEVXMRK E ERH MX [EW RSX PSRK FIJSVI XLI X[S SJ HIWMKR SJ½GIW PMEMWIH GPSWIP] [MXL NSMRX (IWMKR 'SRJIVIRGI FIX[IIR / 7IMOSWLE HMZMWMSRW ERH / ,EXXSVM IWXEF XLIMV LIEHUYEVXIVW ERH XLI IEVP] EHST % .3962)= -2 8-1)

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30/243 4)-).' n 4(% -%!352% /& '2%!4.%33 !S THE ECONOMIC MIRACLE OF POST 7AR *APAN DEVELOPED ONE ORGANISATION ABOVE ALL OTHERS CONFERRED ON *APAN ITS HIGHEST HONOUR AND PRESENTED THE NATION WITH AN UNPARALLELED OPPORTUNITY TO DEMONSTRATE ITS TECHNICAL AND ORGANISATIONAL SKILLS

4HE PRESTIGIOUS RIGHT TO HOST THE SOME WHO HAD THEIR DOUBTS ABOUT THE OFl CIAL TIMING DUTIES v )N THE TELEGRAM

3UMMER /LYMPIC 'AMES WAS WISDOM OF TRYING TO TAKE ON THIS MAM 3HOJI (ATTORI INSTRUCTED -R )NOUE TO AWARDED BY THE )/# TO 4OKYO MAKING MOTH TIMING TASK /NE OF THEM WAS h'O TO 2OME /LYMPICS IN !UGUST AND THESE THE l RST EVER GAMES TO BE HELD 3ABUROU )NOUE WHO WAS THE 7ATCH OBSERVE TIMING PROCEDURESv IN !SIA 4HE 0RESIDENT OF 3EIKO 3HOJI $ESIGN 3ECTION -ANAGER OF $AINI -R )NOUE RECALLS h!ROUND THE TIME (ATTORI SAW THE SCALE OF THE OPPOR 3EIKOSHA (E SAID h) WAS IN :URICH ON THE /LYMPIC 'AMES WERE DUE TO START

BUSINESS IN THE SPRING OF AND ) GOT -R 9OKOYAMA 3EIKOSHA 0RODUCTION TUNITY AND SO SET THE COMPANY ON THE PATH THAT WOULD ESTABLISH IT IN THE EYES A TELEGRAM FROM THE COMPANY )T READ %NGINEERING 3ECTION -ANAGER AT THE OF THE WORLD AS THE LEADING TECHNOLOGY @/Fl CIAL WORD 4OKYO WILL HOST NEXT TIME CAME TO :URICH SO ) TOLD HIM ) COMPANY IN THE WORLD WATCH INDUSTRY /LYMPIC 'AMES v HAD TO GO TO !MERICA AND THEN DIRECTLY 7HEN 3EIKO WAS AWARDED THE TO *APAN FROM THERE AND ASKED HIM TO CONTRACT TO BECOME /Fl CIAL 4IMER 3IX HISTORIC WORDS GO TO 2OME FOR ME AND OBSERVE (E OF THE /LYMPIC 'AMES IT WAS )T ADDED SIX WORDS THAT WERE TO GAVE HIS READY ASSENT SO ) RETURNED GIVEN A RELATIVELY SHORT TIME TO MAKE DETERMINE THE COMPANY S HISTORY FOR TO *APAN WITHOUT GOING TO 2OME AT ALL ALL THE PREPARATIONS BUT DESPITE THIS THE NEXT YEARS h)NTEND TO HANDLE !S SOON AS ) GOT BACK 3HOJI (ATTORI

IT INTRODUCED NEW TIMING TECHNIQUES AND ACHIEVED m AWLESS TIMING OF THEIR l RST /LYMPIC 'AMES 5NTIL 3EIKO WAS AWARDED THE CONTRACT %UROPEAN COM PANIES HAD BEEN OFl CIAL TIMEKEEPERS FOR ALL THE 'AMES SINCE THE ,OS !NGELES /LYMPIC 'AMES IN SO IT WAS A GREAT HONOUR FOR 3EIKO TO BE AWARDED THIS PRESTIGIOUS RESPONSIBILITY -ANY OF THE SPORTS TIMEKEEPING SYSTEMS BEING USED AT THAT TIME HAD BEEN DEVELOPED IN 3WITZERLAND AND THEY HAD EARNED THE ABSOLUTE TRUST OF THE SPORTS WORLD -ANY ASSUMED 4HE OPENING CEREMONY OF THE /LYMPIC 'AMES IN 4OKYO MARKED THE STARTING THEY WOULD ALSO BE TIMING THE 4OKYO POINT OF AN IMPORTANT LONG TERM RELATIONSHIP BETWEEN 3EIKO AND THE SPORTING WORLD 'AMES %VEN WITHIN 3EIKO THERE WERE ! */52.%9 ). 4)-%

3PORTS TIMEKEEPING WAS REVOLUTIONISED BY 3EIKO WHEN IT TIMED THE 3UMMER /LYMPIC 'AMES IN 4OKYO 5NTIL THEN TIMEKEEPING HAD BEEN CARRIED OUT MANUALLY -ANY TIMEKEEPERS WERE PLACED AT THE FINISHING LINE WITH THEIR STOP WATCHES n PROVIDING A SIGHT THAT 3EIKO WAS TO BANISH FOREVER

PRESIDENT OF + (ATTORI #O ,TD CAME TO $AINI 3EIKOSHA AND ASKED ME @7ELL THEN ARE YOU READY TO TAKE THIS ON h) THOUGHT @/H THIS IS ABOUT OFl CIAL TIMING SO ) SAID @) M SORRY WE JUST CAN T DO IT (E RETORTED @AND WHY NOT 9OU HAVE FOUR YEARS "UT YOU HAVE TO REALISE THAT FOUR YEARS ISN T NEARLY AS LONG AS IT SOUNDS 7E COULDN T DO COM PUTER SIMULATIONS SO WE HAD TO WORK OUT EVERY SINGLE THING BY TRIAL AND ERROR 3O ) TOLD HIM @)T SIMPLY CAN T BE DONE h0RESIDENT 3HOJI GOT ANGRY AND SAID

@OUR TIMEPIECES ARE NOW GOOD ENOUGH FOR THE WHOLE WORLD TO KNOW ABOUT THEM 7HAT DO YOU MEAN @)T CAN T BE DONE (E FOLLOWED THAT REMARK WITH @) LL BE BACK IN A WEEK 9OU D BETTER BE READY BY THEN n AND HE LEFT v (E REALLY DID RETURN IN A WEEK AND HE PRESSED -R )NOUE HARD ASKING h!RE YOU READY NOW v -R )NOUE l NALLY GAVE

IN TO THE DETERMINATION OF 0RESIDENT 3HOJI WHO WAS VISITING HIM EVERY WEEK

AND HE AGREED TO LAUNCH THE TIMING EFFORT ON ONE CONDITION h) TOLD HIM

SINCE ) D NEVER SEEN TIMING DEVICES FOR THE /LYMPICS AND DIDN T KNOW HOW THEY USED THEIR STOPWATCHES OR WHAT TYPES THEY WOULD NEED ) WOULD HAVE

SAY TO US @!ND YOU CALL THIS A WATCH ) HAD JUST COME BACK FROM FACING THAT SO WHEN SOMEONE SUDDENLY TOLD ME @7E LL HANDLE THE NEXT /LYMPIC 'AMES ) REALISED THERE COULD BE A DELUGE OF COMPLAINTS MAYBE ENOUGH TO ENGULF THE /LYMPICS THEMSELVES )F THAT HAPPENED ) D HAVE TO LEAVE THE COMPANY .OT ONLY THAT THE COMPANY ITSELF MIGHT FOLD %VEN WORSE THAN THE COMPANY FOLDING ) THOUGHT THAT THE NATION WOULD BE WRITTEN OFF BY THE WHOLE WORLD SAYING @*APAN JUST CAN T GET IT RIGHT v ! GREAT DEAL OF WORK WAS NEEDED TO IMPROVE QUALITY AND RELIABILITY AND DEVELOP TIMEKEEPING EQUIPMENT IN TIME FOR THE 'AMES -R )NOUE ADDED h)N THIS SITUATION ) COULDN T SEE HOW IN FOUR SHORT YEARS 3EIKO COULD GENERATE THE CONl DENCE IT WOULD NEED TO HANDLE THE /LYMPIC 'AMES v !LTHOUGH 3EIKO THEN HAD SO MUCH INm UENCE IN THE DOMESTIC MARKET THAT

@7E LL HANDLE THE NEXT /LYMPIC 'AMES TO MEET WITH THE TOP OFl CIALS FOR TRACK AND SWIMMING EVENTS (E SAID @) CAN CERTAINLY ARRANGE THAT FOR YOU 4HAT SEALED MY FATE v /NE OF THE INITIAL REASONS FOR -R )NOUE S RELUCTANCE STEMMED FROM HIS VISIT TO !MERICA AFTER HIS :URICH TRIP h) WENT TO !MERICA BECAUSE WE HAD TO HANDLE A HUGE NUMBER OF COMPLAINTS ABOUT THE l RST WATCHES WE EXPORTED TO THE 53 7E EVEN HAD A WATCH STORE

3ABUROU )NOUE WAS TOLD BY THE 0RESIDENT TO MAKE THE EQUIPMENT TO TIME THE 'AMES n FROM SCRATCH #(!04%2

4ATSUYA )SHIWARA IMPROVED THE ACCURACY OF STOPWATCHES FOR SPORTS TIMING

ANYTHING THE COMPANY PRODUCED WOULD BE BOUGHT AS A MATTER OF COURSE THE 3WISS WERE STILL SUPERIOR IN THE STOP WATCH MARKET 3EIKO HAD TO APPROACH THE /LYMPIC AUTHORITIES TO ASK THEM WHAT THEY WANTED 4HEY BUILT ENTIRELY NEW TIMING SYSTEMS FROM SCRATCH AN IMMENSE UNDERTAKING THAT HAS NEVER BEEN REPEATED IN /LYMPIC HISTORY 7HILE -R )NOUE WAS HAVING PRO FOUND MISGIVINGS A QUIET START WAS MADE ON SOME RESEARCH THAT WAS TO REVOLUTIONISE SPORTS TIMING ! NEW STOPWATCH WAS BEING DEVELOPED THAT WOULD REDUCE THE TIMING ERRORS INHERENT IN THE EXISTING GENERATION !T THE TIME A MARGIN OF ERROR WAS EXPECTED WHEN STOPWATCHES WERE USED FOR MANUAL TIMING AND THIS WAS ASSUMED TO BE ATTRIBUTABLE TO HUMAN ERROR &OR MANY YEARS TRACK EVENTS WERE TIMED BY AT LEAST OFl CIALS WHO WERE POSITIONED VERTICALLY ABOVE ONE ANOTHER AT THE l NISHING LINE .EVERTHELESS THERE ! */52.%9 ). 4)-%

WERE OFTEN DISCREPANCIES BETWEEN THE RECORDED TIMES AND SO AN AVERAGE WAS USED $AINI 3EIKOSHA TECHNICIANS SET OUT TO DISCOVER WHETHER THE DISCREP ANCIES WERE THE RESULT OF DIFFERENT SKILL LEVELS OR REACTION TIMES AMONG THE TIMING PERSONNEL -R )SHIWARA EXPLAINED h0ARTLY FOR ENDURANCE TESTS WE HAD 3HOICHIRO +OMAKI AND 9OSHIO 9AMAMOTO CONSTRUCT A MACHINE THAT USED AN ELECTRONIC CIRCUIT TO ENSURE ACCU RATE SIMULTANEOUS STARTS OF MULTIPLE STOPWATCHES -R +OMAKI WAS ALWAYS AHEAD OF THE TIMES AND WAS ALREADY DEEPLY INVOLVED IN DEVELOPING DIGITAL TECHNOLOGY 7HEN WE TRIED OUT THIS MACHINE USING A ROW OF l VE STOP WATCHES WE FOUND THEY WOULDN T REGISTER THE SAME TIME 7E THOUGHT THIS THROUGH AND DECIDED IT WAS PROB ABLY SOMETHING TO DO WITH GIVING THE

BALANCE A BIG @KICK WHEN STARTING THE STOPWATCH v 4HE SAME HAPPENED WHETHER THEY USED 3WISS OR *APANESE STOPWATCHES h4HE SHOCKING RESULT OF OUR +OMAKI MACHINE EXPERIMENTS WAS THAT A TIME DIFFERENCE WAS ALWAYS RECORDED EVEN WHEN OPERATION OF THE BUTTON WAS CONTROLLED MECHANICALLY TO ENSURE THAT ALL WATCHES WERE OPERATED SIMULTANEOUSLY 3PORTS ORGANISATIONS WERE AWARE THAT THERE WAS A PROBLEM

BUT THEY THOUGHT IT WAS CONNECTED WITH THE SKILL OF THE OPERATOR 4HEY WERE TRAINING PEOPLE HOW TO OPERATE STOPWATCHES AND LICENSING THEM BUT WE FOUND THE DISCREPANCIES WERE NOTHING TO DO WITH OPERATOR SKILLS THEY WERE CAUSED BY THE POSITION OF THE BAL ANCE WHEN THE BUTTON WAS CLICKED ) D HATE TO TELL AN ATHLETE THAT BECAUSE THEY STAKE THEIR PROFESSIONAL LIVES ON

4HESE PRESSURE SENSITIVE STARTING BLOCKS INTRODUCED IN GAVE OFFICIALS NEW DATA TO DETECT FALSE STARTS

DIFFERENCES AS SMALL AS ONE TENTH OF A SECOND v

0ROBLEM SOLVED ! HEART SHAPED CAM WAS l TTED TO THE BALANCE STAFF SO THAT THE BALANCE WHEEL ALWAYS STOPPED IN THE OPTIMUM POSITION TO ENSURE THAT IT WOULD START WITH AN INSTANT AND CONSISTENT IMPULSE -R )SHIWARA EXPLAINED h7E CREATED A MODEL THAT STARTED THE BALANCE WHEEL SMOOTHLY WHEN THE BUTTON WAS PUSHED AND THIS CURED THE PROBLEM v 4HE ENGI NEERS AT $AINI 3EIKOSHA WERE THE l RST EVER TO APPLY THIS TECHNIQUE TO RESET THE BALANCE TO THE SAME POSITION EVERY TIME THE HANDS WERE RE SET -ASATOSHI 4OHYAMA PRESENTED 4HE IDEA WAS VERY SIMPLE BUT 3EIKO S CASE TO THE )NTERNATIONAL BECAUSE THE PARTS WERE SO TINY IT /LYMPIC #OMMITTEE PROVED VERY DIFl CULT TO MANUFACTURE THEM ! DEVICE WAS ADDED TO ENSURE TRACK EVENTS 4HEY MET IN "ELGRADE THAT WHEN THE SECOND HAND STOPPED IN 3EPTEMBER TO CONSIDER BETWEEN MARKS THE TIME IN QUESTION THE TIMING OF THE 'AMES -R WOULD ALWAYS BE ROUNDED AUTOMATICALLY -ASATOSHI 4OHYAMA 2ESEARCH 3ECTION SO THAT THE HAND WOULD STOP DIRECTLY -ANAGER AT THE TIME WAS GIVEN THE TASK OF TAKING THE NEW STOPWATCHES TO OVER A MARK &INALLY THE DEVELOPMENT TEAM PRODUCED A STOPWATCH THAT WOULD THE #OMMITTEE FOR EVALUATION (E TOOK PROVIDE THE SAME RESULTS WHEN USED BY SIX SECOND MODELS AND SIX ANY SUFl CIENTLY SKILLED TIMING OFl CIAL SECOND MODELS /N THE JOURNEY

4HERE WAS A VERY GOOD REASON FOR THE PLANE MADE A REFUELLING STOP IN 3EIKO TO DEVOTE SO MUCH EFFORT TO THE :AGREB BEFORE IT REACHED "ELGRADE DEVELOPMENT OF THIS NEW STOPWATCH 7HEN PASSENGERS HAD TO LEAVE THE 4HE /LYMPIC 'AMES EMBRACE A WIDE PLANE DURING THE REFUELLING -R 4OHYAMA VARIETY OF SPORTS THAT REQUIRE A TRE WAS TOLD HE COULD LEAVE HIS BAGS ON HIS SEAT 7HEN HE RETURNED TO THE AIRCRAFT

MENDOUS RANGE OF SPECIALISED TIMING HE WAS HORRIl ED TO l ND HIS SUITCASE EQUIPMENT BUT ACCURATE TIMING WAS MOST CRITICAL FOR TRACK AND SWIMMING WAS NO LONGER ON HIS SEAT )F IT HAD BEEN LOST OR STOLEN 3EIKO S CHANCE OF EVENTS 3EIKO RECOGNISED THAT THE MOST IMPORTANT CHALLENGE WAS TO ENSURE THAT A LIFETIME WOULD HAVE BEEN LOST FOREVER ITS NEW STOPWATCH WAS ADOPTED FOR &ORTUNATELY THE SUITCASE CONTAINING HIS THESE hBLUE RIBANDv EVENTS AND MOST PRECIOUS CARGO OF WATCHES HAD BEEN OF ALL FOR ATHLETICS PUT ON THE TARMAC #HASTENED BY THIS !N /LYMPIC 4ECHNICAL #OMMITTEE TRAUMATIC INCIDENT -R 4OHYAMA ARRIVED WAS RESPONSIBLE FOR DETERMINING WHICH IN "ELGRADE WITHOUT FURTHER INCIDENT

EQUIPMENT WOULD BE USED TO TIME BUT MORE PROBLEMS WERE TO FOLLOW

h4HE DAY BEFORE THE #OMMITTEE MEETING THE 0RESIDENT OF THE *APAN !SSOCIATION OF !THLETICS &EDERATIONS TESTED THE STOPWATCHES ) HAD BROUGHT WITH ME v HE EXPLAINED LATER *UST ONE OF THE MODEL WATCHES SEEMED TO HAVE A PROBLEM n THE SECONDS HAND WAS NOT ABLE TO SYNCHRONISE WITH THE OTHER HAND 4HE *!!& 0RESIDENT WAS SHARP WITH ME SAYING @)F THIS HAPPENS AT TOMORROW S #OMMITTEE MEETING IT WILL ALL BE OVER IN AN INSTANT 3O ) WON DERED WHAT TO DO 4HERE WASN T ENOUGH TIME TO l X IT AND TESTING THE REST OF THEM COULD POSSIBLY CAUSE MORE DEFECTS SO ) ELIMINATED THE DEFECTIVE WATCH 4HEN ) LISTENED TO THE TICKING OF THE MODEL WATCHES AND ELIMI NATED THE QUIETEST ) TOOK THOSE THAT REMAINED TO THE MEETING THE NEXT DAY v 4HE STOPWATCHES WERE TESTED

BY TWO #OMMITTEE MEMBERS -R 0AIN THE (ONORARY 3ECRETARY OF THE

3EIKO HAS DEVELOPED SPECIAL TIMEPIECES FOR MANY DIFFERENT SPORTS 4HIS EXAMPLE MEASURES THE NUMBER OF STROKES PER MINUTE IN ROWING COMPETITIONS )T HELPS ROWERS ADJUST THEIR STROKE RATE BUT IS NOT USED FOR OFFICIAL TIMING #(!04%2

)NTERNATIONAL !SSOCIATION OF !THLETICS &EDERATIONS )!!& AND -R 0AULEN

0RESIDENT OF THE )!!& -R 0AULEN WAS PARTICULARLY CONl DENT ABOUT HIS STOP WATCH TIMING SKILLS (E ALWAYS CARRIED A STOPWATCH AROUND AND WAS REPUTED TO l LE A COMPLAINT WHENEVER AN OFl CIAL TIME DIFFERED FROM HIS OWN TIMING RESULTS -R 4OHYAMA WONDERED HOW -R 0AULEN INTENDED TO TEST 3EIKO S STOPWATCHES (E SAID h(E TOOK A STOPWATCH IN EACH HAND CLICKED BOTH SIMULTANEOUSLY AND THEN AFTER A SPECIl ED TIME HAD PASSED CLICKED THEM BOTH AGAIN AND CHECKED THE DIFFERENCE BETWEEN THEM (E PERFORMED THIS TEST THREE TIMES n FOR SEVERAL SECONDS

SEVERAL MINUTES AND FOR NEARLY ONE HOUR 4HE l RST TEST FOR SECONDS WAS RIGHT ON TARGET 4HE TEST FOR SEVERAL MINUTES WAS l NE TOO 7HEN -R 0AULEN STOPPED THE WATCHES AFTER A TEST OF NEARLY AN HOUR THE DIFFERENCE WAS LESS THAN SECONDS h4HAT EVEN SURPRISED -R 0AULEN AND HE ASKED ME @7HAT KIND OF TECH NOLOGY IS THIS SO ) GOT OUT THE MANUAL AND EXPLAINED THE )SHIWARA PRINCIPLE "OTH -R 0AULEN AND -R 0AIN OFFERED HEARTY PRAISE AFTER THE PRESENTATION @7HAT A GOOD IDEA 4HAT S GOOD THEORY 4HEN THEY SAID @7E ARE NOT ASSIGNING OFl CIAL TIMEKEEPING TO A *APANESE MAN UFACTURER BECAUSE THE /LYMPICS WILL BE HELD IN 4OKYO BUT BECAUSE THESE ARE ACTUAL FUNCTIONAL STOPWATCHES BACKED UP WITH SOLID THEORY

/LYMPIC CERTIl CATION h4HAT REALLY MADE ME FEEL GOOD 4HAT EVENING ) WAS ABSOLUTELY THRILLED WHEN ) HEARD -R /DA -IKIO FROM THE *!!& SAY @THE BEST THING TO COME FROM THE MEETING TODAY WAS THE PRE ! */52.%9 ). 4)-%

4HE 3EIKO hSLIT VIDEOv PHOTO FINISH CAMERA PROVIDES THE IMAGE FROM WHICH OFFICIALS DECIDE BOTH THE RESULT AND THE TIME TO AN ACCURACY OF OF A SECOND

LIMINARY DECISION IN FAVOUR OF 3EIKO STOPWATCH THIS WAS ONLY THE BEGINNING STOPWATCHES v 3UBSEQUENTLY THE NEW OF THE MAMMOTH TASK OF DEVELOPING A FULL COMPLEMENT OF TIMING EQUIPMENT STOPWATCHES WERE SUBMITTED TO THE FOR THE 'AMES .ATIONAL 0HYSICAL ,ABORATORY IN %NGLAND !S SOON AS 3EIKO WAS UNOFl CIALLY FOR INSPECTION AND FOR CERTIl CATION AS /LYMPIC TIMEKEEPING EQUIPMENT AWARDED THE CONTRACT TO TIME THE !LTHOUGH 3EIKO RECEIVED A PRE 4OKYO 'AMES IT BEGAN THE ENORMOUS LIMINARY NOMINATION AS TIMEKEEPER FOR TASK OF DEVELOPING DIFFERENT TYPES OF THE 4OKYO /LYMPIC 'AMES AFTER STOPWATCH SUITABLE FOR TIMING MANY THE )!!& #OMMITTEE MET IN "ELGRADE DIFFERENT SPORTS EVENTS .OT ONLY DID IN IT WAS ONLY ONE YEAR BEFORE 3EIKO S SYSTEMS HAVE TO RECORD THE THE EVENT THAT THEY RECEIVED NOTICE IN TIME OF THE WINNING COMPETITOR IN WRITING OF THEIR OFl CIAL APPOINTMENT EACH EVENT THEY ALSO HAD TO DETERMINE $EVELOPMENT OF THE NEW STOP TIMES FOR THE OTHER COMPETITORS AND TO WATCH WITH ITS INNOVATIVE HEART SHAPED RECORD WHICH COMPETITOR WAS IN WHICH CAM WAS AN ENORMOUS UNDERTAKING BUT PLACE WITHOUT IT 3EIKO WOULD PROBABLY HAVE 4HE GARGANTUAN TASK OF PREPARING FOR THE 'AMES DID NOT STOP WITH THE STOOD NO CHANCE IN ITS CAMPAIGN TO TIME THE /LYMPICS DEVELOPMENT OF NEW TIMING EQUIP $ESPITE THE TRIALS AND TRIBULA MENT )T WAS ALSO NECESSARY TO PRODUCE TIONS THAT HAD BEEN ENDURED DURING MANY OTHER ITEMS SUCH AS GIANT CLOCKS THE DEVELOPMENT OF A MORE ACCURATE FOR THE STADIUMS AS WELL AS DISPLAYS

TO ENABLE SPECTATORS TO SEE TIMES !

PROJECT ON THIS SCALE WAS AN ENTIRELY NEW EXPERIENCE FOR 3EIKO )T IS TO THEIR ETERNAL CREDIT THAT DURING THE ENTIRE /LYMPIC 'AMES THEIR VERY l RST

THERE WERE NO TIMEKEEPING ERRORS AT ALL ALTHOUGH THEY HAD NO PREVIOUS EXPERIENCE AND HAD ONLY HAD TWO YEARS TO DESIGN AND MAKE ALL THE NEW EQUIP MENT THAT WAS REQUIRED HAVING ALREADY IMPROVED STOPWATCH PERFORMANCE (AVING BEEN GRANTED THE PRES TIGIOUS CONTRACT TO TIME THE /LYMPIC 'AMES FOR THE l RST TIME 3EIKO WERE DETERMINED TO ENSURE THAT IN THEIR HANDS TIMEKEEPING SHOULD REACH HIGHER STANDARDS THAN EVER BEFORE

DEVELOPED A MARINE CHRONOMETER )T WAS SOON MARKETED AS A COMMERCIAL CLOCK THE #RYSTAL #HRONOMETER 1# COSTING YEN 4HIS REVOLUTIONARY PRODUCT WAS USED TO TIME SOME EVENTS AT THE /LYMPIC 'AMES IN 4OKYO INTRODUCING QUARTZ ACCURACY TO SPORTS TIMEKEEPING SYSTEM FOR THE l RST TIME 4HE OPPORTUNITY TO ACT AS THE OFl CIAL TIMEKEEPER OF THE 4OKYO /LYMPICS OPENED UP A WHOLE NEW WORLD OF SPORTS TIMING OPPORTUNITIES FOR 3EIKO 4IMING THE EVENT WAS A MAMMOTH UNDERTAKING BUT THE DECISION TO TAKE ON THE CHALLENGE PROVED TO BE ONE OF

!N /LYMPIC l RST 4HEY FULl LLED THEIR DREAM BY DEVELOPING A QUARTZ CRYSTAL CHRONOMETER CLOCK

5LTRASONIC WIND GAUGES MEASURE THE WIND SPEED ! READING OF MORE THAN TWO METRES A SECOND INVALIDATES A WORLD TRACK RECORD

$ISTANCE MEASUREMENT IS PROVIDED FOR ALL FIELD EVENTS

THAT WAS USED TO TIME THE MARATHON EVENTS n AND IT WAS ACCURATE TO WITHIN SECONDS A DAY )T WAS THE l RST TIME THAT QUARTZ TIMEKEEPING SYSTEM HAD EVER BEEN USED AT AN INTERNATIONAL SPORTING EVENT 3PRING WOUND MECHANICAL TIMEPIECES WHICH HAD SET THE STANDARDS FOR TIMEKEEPING FOR THE PRECEDING YEARS WERE MOSTLY ONLY ABLE TO ACHIEVE ACCURACY OF PLUS OR MINUS SECONDS A DAY 4HE APPEARANCE OF THE #RYSTAL #HRONOMETER CLOCK CLEARLY SIGNALLED TO THE WORLD THAT 3EIKO HAD BEEN DEVELOPING QUARTZ TECHNOLOGY AND THAT THEY WERE WELL PLACED IN THE RACE TO DEVELOP QUARTZ WRISTWATCHES 4HE l RST STEP ALONG THE WAY FOR 3EIKO CAME IN WHEN 3EIKOSHA CREATED A PRACTICAL QUARTZ TIMEPIECE FOR A RADIO STATION BUT IT WAS NOT PORTABLE )N THE FOLLOWING YEAR 3UWA 3EIKOSHA

3EIKO S FIRST COMMERCIAL PORTABLE QUARTZ CLOCK THE #RYSTAL #HRONOMETER 1# MADE HISTORY WHEN IT WAS USED TO TIME SOME EVENTS AT THE 'AMES IN 4OKYO

THE MOST MOMENTOUS LANDMARKS IN THE COMPANY S HISTORY AND IT HAS NEVER LOOKED BACK SINCE 4HE COMPANY TOOK ITS RESPONSIBILITY SO SERIOUSLY THAT IT EMBARKED ON A FOUR YEAR DEVELOPMENT PROGRAMME WITH NO LIMIT ON DEVELOP MENT COSTS OR THE RESOURCES THAT COULD BE USED )T WAS A FAR SIGHTED PROJECT THAT MUST BE UNIQUE IN /LYMPIC HISTORY "UT WAS ALL THE EXPENSE AND EFFORT WORTHWHILE 3EIKO TIMED THE #(!04%2

9ASUAKI !SAHARA MASTERMINDED 3EIKO S SPORTS TIMING FOR OVER YEARS

GAMES m AWLESSLY AND THE RESULTING PUBLICITY ALL OVER THE WORLD HELPED THE COMPANY TO GAIN THE INTERNATIONAL REC OGNITION AND CREDIBILITY IT HAD NEEDED SO BADLY !T LAST 3EIKO WAS ABLE TO COMPETE WITH THE 3WISS ON EQUAL TERMS FOR THE TIMING OF WORLD CLASS SPORTS EVENTS 3INCE THAT l RST MAJOR SPORTING EVENT

THE COMPANY HAS TIRELESSLY DEVISED NEW AND IMPROVED SPECIALIST TIMING SYSTEMS AND NOW IT HAS ONE OF THE WORLD S MOST COMPREHENSIVE TIMEKEEPING SYSTEMS FOR SPORTS EVENTS )T IS USED TO SATISFY THE EVER MORE DEMANDING REQUIREMENTS OF MAJOR SPORTS EVENTS THE WORLD OVER 3INCE 3EIKO HAVE TIMED l VE MORE /LYMPIC 'AMES

BUT THEIR INVOLVEMENT IN SPORTS HAS GROWN WELL BEYOND /LYMPIC EVENTS AND THEY HAVE PROVIDED TIMING FACILITIES AT MANY INTERNATIONAL MULTI DISCIPLINE SPORTS EVENTS FROM THE !SIAN AND #OMMONWEALTH 'AMES TO 7ORLD #HAMPIONSHIPS IN OVER SPORTS $ESPITE THE m AWLESS TIMING OF THE /LYMPIC 'AMES THE EARLY YEARS THAT FOLLOWED WERE NOT WITHOUT THEIR ! */52.%9 ). 4)-%

DRAMATIC MOMENTS BUT THESE GAVE 3EIKO S ENGINEERS AND TECHNICIANS AN OPPORTUNITY TO HONE THEIR SPECIALIST TIMING SKILLS UNTIL THEY WERE AS SHARP AS A LEGENDARY *APANESE SWORD )N

FOR EXAMPLE 3EIKO WERE THE OFl CIAL TIMEKEEPERS FOR THE &IFTH !SIAN 'AMES HELD IN 4HAILAND !CCORDING TO 9ASUAKI !SAHARA A SENIOR MEMBER OF THE SPORTS TIMING TEAM THE TIMING EQUIPMENT THAT WAS TAKEN TO 4HAILAND WAS MUCH THE SAME AS HAD BEEN USED FOR THE /LYMPIC 'AMES 4HIS FAILED TO TAKE INTO ACCOUNT THE DRAMATIC DIFFERENCE IN TEMPERATURES BETWEEN 4OKYO AND "ANGKOK AND RESULTED IN SOME EQUIPMENT FAILURES

&OOLPROOF BACK UPS 1UARTZ OSCILLATORS ARE PARTICULARLY SENSITIVE TO TEMPERATURE CHANGES AND THE NEWLY DEVELOPED SMALL ELECTRONIC PRINTERS HAD BEEN DEVELOPED FOR THE *APANESE CLIMATE IN /CTOBER /N A $ECEMBER DAY IN 4HAILAND WHEN DAY

4HE LATEST TRANSPONDER TECHNOLOGY IS NOW USED TO GIVE INSTANT TIMES AND POSITIONS IN MARATHONS CROSS COUNTRY AND SKI RACES

TIME TEMPERATURES WERE OFTEN WELL OVER # THE TEMPERATURE INSIDE THE BOXES CONTAINING SOME OF THE TIMING EQUIPMENT ROSE TO AROUND # 4HE TEMPORARY SOLUTION WAS A HAND HELD FAN $ESPITE THE FAILURE OF SOME ITEMS OF EQUIPMENT 3EIKO STILL MANAGED TO TIME EVERY EVENT WITHOUT MISSING A SINGLE TIME

3EIKO HAS SERVED AS /FFICIAL 4IMER FOR EVERY )!!& 7ORLD #HAMPIONSHIPS SINCE

4HE LESSON THAT WAS LEARNT FROM THIS UNEXPECTED INTERLUDE WAS THAT THE TIMEKEEPING TEAM HAD TO DEVELOP DIF FERENT EQUIPMENT FOR EVENTS IN AUTUMN

SUMMER AND WINTER -R !SAHARA SAID

h4HEY HAD TO HAVE FOOLPROOF BACK UP SYSTEMS v -R !SAHARA EXPLAINED h)F A PIECE OF TIMEKEEPING EQUIPMENT WERE TO FAIL IT REALLY WOULD ONLY BE A FAILURE IF THE TIMEKEEPERS DIDN T GET A TIME AND HAD TO ASK THE ATHLETES TO RUN THE SAME RACE FOR US AGAIN v -R !SAHARA A KEEN SPORTS ENTHUSIAST ADDED h4HERE S NO WAY THEY COULD HAVE SAID @) M SORRY

#ARL ,EWIS COULD YOU RUN THAT AGAIN v (E ADDED h! WATCH IS A MACHINE AND CAN BREAK DOWN 7E HAVEN T FAILED SO FAR BUT YES OUR WATCHES HAVE BROKEN

SYSTEM TO ENSURE THAT WE NEVER MISS RECORDING THE TIME )T S ALL RIGHT IF YOU HAVE TO USE A CALCULATOR TO COMPUTE THE RESULTS h)T IS ALSO IMPORTANT TO REMEMBER THAT THE ATHLETES WHO COME IN LAST HAVE ALSO GIVEN IT THEIR BEST SHOT AND SO WE DON T WANT TO MISS THEIR TIMES

EITHER 4HE HARDEST THING IN TIMEKEEPING IS TO RECORD THE TIME OF THE LAST PERSON TO l NISH !T THE MOMENT THE LEADING RUNNER REACHES THE l NISHING LINE

OFl CIALS AND CAMERAMEN ARE WAITING EAGERLY IN THEIR ASSIGNED POSITIONS "Y THE TIME THE LAST COMPETITOR GETS TO THE l NISHING LINE THEY RE ALL OVER THE PLACE PARTICULARLY WITH THE

METRE RACE v "Y THE TIME OF THE 3APPORO /LYMPICS IN 3EIKO S SPORTS TIMING SPECIALISTS HAD DEVELOPED A SYSTEM THAT COULD TIME SEVERAL SKIERS SIMULTANEOUSLY BETWEEN THREE AND l VE AT A TIME AND THE RESULTS WERE

4HE 3EIKO SWIMMING TOUCH PADS ARE PART OF A FULLY AUTOMATED SYSTEM

ACCURATE TO OF A SECOND

CALCULATED WITHOUT THE USE OF COM PUTERS 3KIING EVENTS PRESENT TIMEKEEPERS WITH MORE CHALLENGES IN ADDITION TO THAT OF THE WEATHER -R !SAHARA

WHO RETIRED AT THE END OF THE S

EXPLAINS h!LPINE SKIING HAS TO RELY ON ELECTRONIC TIMING BECAUSE YOU CAN T SEE THE START POSITION FROM THE BASE

!LL RESULTS ARE DELIVERED ON LINE AND

FOR THE OFFICIAL RECORD IN PRINT

DOWN 4HAT S WHERE BACK UPS COME IN &IRST WE MAKE TWO IDENTICAL SYSTEMS

COMPLETELY SEPARATE BUT LINKED TO THE SAME ELECTRIC LINES &OR GOOD MEASURE

IN CASE BOTH SYSTEMS BREAK DOWN WE HAVE A THIRD SYSTEM THAT CAN RECORD THE TIME JUST AS WELL AS THE OTHER TWO )N ADDITION TO THIS THERE IS A FOURTH

0HOTO FINISH IMAGES ARE PRODUCED INSTANTLY FOR OFFICIALS TO READ ON SCREEN #(!04%2

OF THE HILL -ANUAL TIMEKEEPING WOULD BE IMPOSSIBLE )N THE DOWNHILL EVENTS YOU HAVE TWO OR THREE ATHLETES COMING DOWN THE COURSE AT THE SAME TIME BUT YOU NEED TO TIME EACH SKIER SEPARATELY 3O NOW THE OPERATOR NEEDS TWO OR THREE SYSTEMS TOO !ND SINCE THERE COULD BE OPERATOR MISTAKES YOU HAVE TO BE PREPARED FOR THAT AS WELL 4HAT S HOW FAR YOU HAVE TO GO BEFORE YOU CAN EXPECT COMPLETE SUCCESS v

.EW CHALLENGES /VER THE YEARS OF 3EIKO S SPORTS TIMING HISTORY SINCE THE 4OKYO /LYMPIC 'AMES IN THE DEMANDS OF SPORT HAVE INCREASED DRAMATICALLY AND NEW TECHNOLOGIES HAVE BECOME AVAILABLE 4HESE HAVE CREATED NEW CHALLENGES AND 3EIKO S DEDICATED SPORTS TIMING SPECIAL ISTS HAVE RESPONDED IMPRESSIVELY 7ITHIN THE 'ROUP THE COMPUTER SKILLS OF %PSON HAVE BEEN UTILISED AND RESULTED IN FULLY ON LINE SYSTEMS FOR THE 7ORLD #HAMPIONSHIPS IN !THLETICS 3WIMMING EVENTS ARE ANOTHER GOOD EXAMPLE OF THE PROGRESS THAT HAS BEEN MADE

$OWNHILL SKIING IS ONE OF THE MOST COMPLEX OF ALL !LPINE SPORTS

! */52.%9 ). 4)-%

4HE PHOTO FINISH IMAGES ARE BUILT FROM PICTURES TAKEN OF THE FINISH LINE TIMES A SECOND 4HIS IMAGE IS A PICTURE OF TIME NOT SPACE

!T THE 4OKYO /LYMPICS IN

3EIKO USED TWO DIFFERENT TIMEKEEPING SYSTEMS FOR SWIMMING EVENTS THEY UTILISED DIFFERENT TIMING METHODS TOUCH PADS AND GRIP SWITCHES 4HE SYSTEM IN USE TODAY WITH TWO COMPLETE DUPLICATE SYSTEMS BACKED UP WITH A THIRD WAS INTRODUCED MUCH LATER /THER FUNCTIONS HAVE TO BE PROVIDED

BY CURRENT SYSTEMS TOO 4HEY ARE NO LONGER MERE TIMING SYSTEMS 4HEY ARE COMPREHENSIVE UNITS THAT TIME EACH EVENT AND EACH COMPETITOR AND THEN ANALYSE AND STORE THIS INFORMATION AND PROVIDE REAL TIME INFORMATION SERVICES FOR RADIO AND TELEVISION COMMENTATORS

FOR JOURNALISTS AND FOR MANY MILLIONS OF TELEVISION AND RADIO VIEWERS AND LISTENERS AROUND THE GLOBE

-ORE THAN JUST TIMING 3PORTS TIMING TODAY FOR 3EIKO IS MUCH MORE THAN JUST TIMING n 3EIKO PROVIDES END TO END SOLUTIONS DESIGNED TO SAT ISFY THE NEEDS OF VARIES USERS OF TIMES AND MEASUREMENTS 4HESE INCLUDE THE ATHLETES COACHES TELEVISION VIEWERS AND INCREASING NUMBERS OF INTERNET USERS )T IS EXTREMELY EXPENSIVE TO PRO VIDE ALL THE EQUIPMENT AND MANPOWER THAT ARE REQUIRED TO TIME WORLD CLASS SPORTS EVENTS AND THE COMPANIES WHO PERFORM THIS INVALUABLE SERVICE RECEIVE NO PAYMENT FOR THEIR WORK SO IS IT REALLY WORTHWHILE 3PORTS TIMING DOES NOT DIRECTLY MAKE MONEY BUT IT GREATLY ENHANCES THE REPUTATION OF THE COMPANY THAT WINS A TIMEKEEPING CONTRACT !FTER

ONLY TWO ORGANISATIONS HAVE

,OUDSPEAKERS CONVEY THE STARTER S SIGNAL TO EACH LANE INDIVIDUALLY TO COUNTERACT THE DELAY OF SOUND TRAVELLING THOUGH THE AIR

TIMED WORLD CLASS MULTI DISCIPLINE SPORTS EVENTS 3EIKO AND A CONSORTIUM OF 3WISS COMPANIES 3INCE THE VERY EARLY DAYS OF ITS INVOLVEMENT WITH SPORTS TIMING 3EIKO HAS APPRECIATED THAT ALTHOUGH THE COMPANY RECEIVES NO PAYMENT FOR TIMING TOP INTERNATIONAL EVENTS IN MOST CASES ITS INVOLVEMENT PAID ENORMOUS DIVIDENDS IN TERMS OF PUBLICITY AND INCREASED SALES 4HE PUBLIC S PURCHASING DECISIONS ARE CLEARLY INm UENCED BY SEEING THE NAME OF THE WATCH COMPANY THAT IS TIMING TOP EVENTS WHETHER THEY ARE PRESENT AT THE EVENT OR SEE IT ON TELEVISION !BOVE ALL THE MOST VALUABLE RETURN ON THE HUGE INVESTMENT IN SPORTS TIMING COMES IN THE INTANGIBLE FORM OF TRUST

!NOTHER REASON FOR 3EIKO S BUT THE VALUE OF THE RESULTING PUBLICITY IS ALMOST INCALCULABLE 4HE COMPANY HAS PASSION FOR SPORT LIES IN THE TECHNICAL CHALLENGE IT PRESENTS PARTICIPATION IN NEVER COUNTED THE COST OF ITS SPORTS SPORTS TIMING STIMULATES THE COMPANY TIMING OPERATIONS IT DESIGNS SYSTEMS TO DEVELOP NEW TECHNOLOGY n THE TO SATISFY TIMING NEEDS AND NOT TO A PIONEERING USE OF QUARTZ TECHNOLOGY AT BUDGET )T SEES ITS INVESTMENT AS hGOOD THE 4OKYO /LYMPIC 'AMES IN IS A CITIZENSHIPv GOOD EXAMPLE 3PORTS TIMING GENERATES 4HE 3EIKO NAME WAS MADE PUBLICITY FOR 3EIKO AROUND THE WORLD FAMOUS THROUGH ITS TIMING OF THE IN PICTURES IN THE PRESS ON TELEVISION /LYMPIC 'AMES IN 4OKYO AND PROVIDING AND NOW ON THE INTERNET TOO !T THE TIMEKEEPING FACILITIES AT INTERNATIONAL 3ALT ,AKE #ITY 7INTER /LYMPIC 'AMES SPORTS EVENTS IS 3EIKO S WAY OF PAYING THE 3EIKO WAS THE ONLY NAME VISIBLE IN WORLD BACK FOR THE OPPORTUNITY IT WAS TELEVISION PICTURES IN WELL OVER OFFERED n AND SEIZED n IN 4OKYO IN 3INCE 3EIKO S COMMITMENT TO HOURS OF BROADCASTING TRANSMITTED TO COUNTRIES THE DEVELOPMENT OF WORLD SPORT HAS LED TO ITS APPOINTMENT AS /Fl CIAL 4IMER 4HE RESPONSIBILITY OF TIMING /LYMPIC AND OTHER WORLD CLASS MULTI OF MANY OF THE WORLD MOST IMPORTANT DISCIPLINE SPORTS EVENTS IS AWE INSPIRING SPORTS EVENTS

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XYVIW E WII XLVSYKL FEGO XS VSYRH SJJ XLI YRMUYI ETTIEP SJ XLMW VIQEVOEFPI XMQITMIGI ERH XS SJJIV E GPIEV ZMI[ SJ MXW I\XVESVHMREV] XIGLRSPSK] 9RXMP RS[ 7IMOS LEW TVSHYGIH QSZIQIRXW ½VWX ERH HIWMKRIH GEWIW PEXIV 8SHE] ERH MR XLI JYXYVI 7IMOS QSZIQIRXW EVI FIMRK HIZIPSTIH EW HIWMKRW ¯ XLI] LEZI FIGSQI ER MRXIKVEP TEVX SJ XLI SZIVEPP HIWMKR TVSGIWW )RIVK] WEZMRK TVSHYGXW EVI GIRXVEP XS 7IMOS´W TSPMG] SJ MRRSZEXMSR ERH GSR GIVR JSV XLI IRZMVSRQIRX ERH /MRIXMG XIGLRSPSK] [EW XLI ½VWX QERMJIWXEXMSR SJ XLI GSQTER]´W PSRK HIGPEVIH QMW WMSR XS GEVI JSV XLI IRZMVSRQIRX F]

7TVMRK (VMZI MW XLI QSWX MQTSVXERX HIZIPSTQIRX MR XMQIOIITMRK WMRGI /MRIXMG -X QEVVMIW XLI FIWX SJ UYEVX^ XS XLI FIWX SJ EYXSQEXMG

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WIEVGLMRK JSV [E]W XS VIHYGI SV IPMQM REXI XLI RIIH JSV XLI FEXXIVMIW XLEX GEYWI TSPPYXMSR XS SYV TPERIX 7IMOS´W GSRXMRYMRK HVMZI JSV I\GIPPIRGI LEW EP[E]W JSGYWIH SR JYRGXMSRW EW QYGL EW SR TS[IV WEZMRK ERH MR XLI W ERH W QYGL EXXIRXMSR [EW TEMH XS XLI RIIHW SJ TVSJIWWMSREP HMZIVW -R XLI GSQTER] PEYRGLIH XLI [SVPH´W ½VWX HMZIV´W [EXGL XLEX MRGSVTSVEXIH HMZMRK XEFPIW ERH E HITXL KEYKI 8LI MRXVSHYGXMSR SJ /MRIXMG XSXEPP] VIZSPYXMSRMWIH XLI HMZIV´W [EXGL -X [EW MR XLEX XLI [SVPH´W ½VWX UYEVX^ HMZMRK [EXGL [MXL E /MRIXMG QSZIQIRX [EW PEYRGLIH 8LMW IPMQMREXIH XLI RIIH JSV VIKYPEV FEXXIV] GLERKIW ERH JSV XLI GSWXP] FYX ZMXEP GLERKMRK SJ XLI WIEPW XLEX QEMRXEMR [EXIV VIWMWXERGI %FSZI EPP XLI /MRIXMG ZIVWMSR SJ XLI HMZMRK [EXGL IRWYVIH XLEX E HMZIV [SYPH RIZIV EKEMR VYR XLI VMWO SJ E [EXGL WXSTTMRK HYVMRK E HMZI

7TVMRK (VMZI .YWX EW [SVO SR /MRIXMG LEH TVSKVIWWIH EX IZIR XLI IEVP] WXEKIW SJ XLI UYEVX^ [EXGL VIZSPYXMSR WS 7IMOS WXEVXIH XS HIZIPST ER IRXMVIP] RI[ [EXGL GSRGITX MR XLI MRJERG] SJ XLI /MRIXMG EKI -R 7IMOS MRXVSHYGIH [LEX LEW FIIR HIWGVMFIH EW XLI [EXGL SJ XLI JYXYVI 'EPPIH 7TVMRK (VMZI MX LSPHW SYX XLI TVSQMWI SJ XLI TIVJIGX W]RXLIWMW SJ XLI LYQER ERH XLI IPIGXVSRMG XLI SPH ERH XLI RI[ XLI GSQTPI\ ERH XLI WMQTPI %VQFERH 9LVIR E LMKLP] VIWTIGXIH [EXGL TYFPMGEXMSR LEW VIQEVOIH XLEX 7IMOS MW XSS QSHIWX EFSYX XLMW WMKRM½GERX EGLMIZIQIRX -XW VIZSPYXMSREV] QMGVS QIGLERXVSRMG XIGLRSPSK] VIXEMRW XLI FIWX SJ QIGLERMGEP ERH UYEVX^ XIGLRSPSK] ERH HMWTIRWIW [MXL % .3962)= -2 8-1)

7IMOS´W YRMUYI 7TVMRK (VMZI XIGLRSPSK] GSQFMRIW XLI FIWX JIEXYVIW SJ QIGLERMGEP ERH UYEVX^ [EXGLIW 8LMW WX]PMWL I\EQTPI JIEXYVIW E TS[IV VIWIVZI MRHMGEXSV SR XLI HMEP XS WLS[ LS[ QYGL PSRKIV MX [MPP VYR FIJSVI MX RIIHW [MRHMRK

XLI [IEOIWX GSQTSRIRX SJ IEGL -X LEW E QEMRWTVMRK XLEX MW [SYRH F] LERH %W MX YR[MRHW MX RSX SRP] HVMZIW XLI WQSSXL W[IITMRK EGXMSR SJ XLI PEVKI LERHW FYX EPWS TS[IVW E VSXSV [LSWI XMR] IPIGXVMGEP SYXTYX MRHYGIW E UYEVX^ GV]WXEP XS IQMX E VIJIVIRGI WMKREP %R MRXIKVEXIH GMVGYMX GEPGYPEXIW XLI HMJJIVIRGI FIX[IIR XLMW WMKREP ERH XLI VEXI EX [LMGL XLI QEMRWTVMRK MW YR[MRHMRK ERH XLIR YWIW ER IPIGXVS QEKRIXMG FVEOMRK W]WXIQ XS VIKYPEXI

XLI WTIIH EX [LMGL XLI WTVMRK YR[MRHW 7IMOS´W MRKIRMSYW HIWMKRIVW LEZI IPMQMREXIH XLI IWGETIQIRX XLI QSWX XVSYFPIWSQI TEVX SJ E QIGLERMGEP QSZIQIRX ERH EPWS XLI FEXXIV] XLI TEVX SJ E UYEVX^ [EXGL XLEX RIIHW XS FI VITPEGIH ¯ I\GITX MR /MRIXMG [EXGLIW 9RPMOI E XVEHMXMSREP QIGLERMGEP [EXGL XLI 7TVMRK (VMZI QSZIQIRX VYRW [MXL XLI EGGYVEG] SJ E UYEVX^ XMQITMIGI FYX YRPMOI E UYEVX^ [EXGL MX LEW E WIGSRHW LERH XLEX W[IITW WQSSXLP] EVSYRH XLI

HMEP 8LI MRXIKVEXIH GMVYMX MR E 7TVMRK (VMZI [EXGL VYRW SR SRP] RERS[EXXW LEPJ XLI TS[IV XLEX MW VIUYMVIH F] E GSRZIRXMSREP GLMT 8LMW VIQEVOEFPI YPXVE PS[ TS[IV PS[ ZSPXEKI -' MW SRI SJ XLI YRMUYI 7IMOS XIGLRSPSKMIW XLEX LEZI QEHI 7IMOS 7TVMRK (VMZI TSWWMFPI ;LIR JYPP] [SYRH XLI [EXGL VYRW JSV LSYVW [MXL ER EGGYVEG] SJ WIGSRHW E QSRXL ;MXL XLIWI KVSYRH FVIEOMRK ETTVSEGLIW XS XLI

8LI MRRSZEXMZI QSZIQIRX SJ XLI 7TVMRK (VMZI MW VIZIEPIH F] MXW WII XLVSYKL GEWI FEGO

XIGLRSPSK] SJ XMQI 7IMOS LEW IEVRIH MXW VITYXEXMSR EW XLI [SVPH´W QSWX MRRSZEXMZI [EXGL QERYJEGXYVIV ³-RRSZEXMSR ERH 6I½RIQIRX´ GSR XMRYI XS FI GIRXVEP XS 7IMOS´W :MWMSR JSV XLI JYXYVI ERH XLI WIEVGL JSV MX MW FIMRK GSRHYGXIH SR XLVII JVSRXW UYEVX^ /MRIXMG ERH 7TVMRK (VMZI 3R EPP XLVII TPEXJSVQW 7IMOS I\TIGXW XS MRXVSHYGI RI[ JYRGXMSRW ERH RI[ HIWMKR TSWWMFMPMXMIW JSV QER] ]IEVW XS GSQI

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8 ,) + 9%6(-%27 3* 8-1) 8S QEVO XLI GIRXIREV] SJ XLI JSYRHMRK SJ / ,EXXSVM 7IMOS WIX YT E RI[ MRWXMXYXMSR XLEX QMKLX RSX LEZI TPIEWIH /MRXEVS ,EXXSVM XLI JSYRHIV SJ XLI GSQTER] FYX MW GIVXEMR XS TPIEWI JYXYVI KIRIVEXMSRW -R XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] [EW IWXEFPMWLIH MR 8SO]S

MXIQW XLEX KS FEGO EW JEV EW XLI HE[R /MRXEVS ,EXXSVM EGGSVHMRK XS SJ XLI LSVSPSKMGEP MRHYWXV] MR .ETER LMW KVERHWSR 6IMNMVS EP[E]W [ERXIH 8LI -RWXMXYXI EPWS LEW E VIEHMRK VSSQ XS PSSO JSV[EVHW ERH GSRWMHIVIH MX E ERH I\XIRWMZI PMXIVEXYVI EFSYX XMQI [EWXI SJ XMQI XS PSSO SZIV LMW WLSYPHIV ERH XMQITMIGIW FSXL JVSQ .ETER ERH 6IMNMVS ,EXXSVM VIGEPPW ±2S[ SYV GSQ SZIVWIEW MRHYWXV] LMWXSV] LSVSPSKMGEP TER] LEW ER -RWXMXYXI SJ ,SVSPSK] FYX XIGLRSPSK] ERXMUYI HSGYQIRXW ERH MJ +VERHJEXLIV LEH FIIR EVSYRH [LIR QYGL QSVI MX [EW FIMRK WIX YT XLIVI´W RS UYIW 8LIVI MW E TIVQERIRX I\LMFMXMSR XMSR XLEX LI [SYPH LEZI WEMH ³,S[ ERH EPXLSYKL QSWX SJ XLI MXIQW SR TVITSWXIVSYW .YWX WXST MX ´ =SY WII WLS[ VIPEXI XS 7IMOS SXLIVW MPPYWXVEXI [LIR - [EW E OMH ERH TISTPI ZMWMXIH IEGL WXEKI MR XLI HIZIPSTQIRX SJ XLI +VERHJEXLIV WE]MRK ³- LEZI E 1SHIP LMWXSV] SJ [EXGLIW ERH GPSGOW 2YQFIV 3RI HEXMRK JVSQ XLI XMQI /SYNM /YFSXE MW XLI -RWXMXYXI´W [LIR 7IMOSWLE [EW JSVQIH´ SV ³,IVI´W LSRSVEV] HMVIGXSV ERH JI[ TISTPI SRI SJ ]SYV SPH GEXEPSKYIW´ LI [SYPH GSYPH LEZI FIIR FIXXIV UYEPM½IH XS VIEPP] KIX MR E FEH QSSH LIEH WYGL ER MQTSVXERX QYWIYQ ±3R XLIWI SGGEWMSRW LI [SYPH LI [EW SRI SJ XLI OI] QIQFIVW SJ EP[E]W WE] ³- GSYPH YRHIVWXERH MX MJ XLI] XLI 7IMOS XIEQ XLEX HIZIPSTIH ERH LEH KSRI XS WSQI JSVIMKR GSYRXV] ERH 8LMW [EPP GPSGO [EW QEHI F] PEYRGLIH XLI [SVPH´W ½VWX UYEVX^ [IVI XIPPMRK QI XS PSSO EX E RI[ [EXGL 7IMOSWLE MR XLI ]IEV [LIR [VMWX[EXGL ,I LEW E VIQEVOEFPI XLI] LEH GSQI EGVSWW FYX FVMRKMRK /MRXEVS ,EXXSVM WIX YT LMW JMVWX GPSGO QIQSV] JSV HIXEMP ERH GSYPH FI WSQIXLMRK FIGEYWI MX [EW SRI SJ Q] JEGXSV] PMOIRIH XS E LSVSPSKMGEP LMWXSV] FSSO SPH TVSHYGXW XLEX´W TVITSWXIVSYW ´ 1] JEXLIV [SYPH XIPP QI XLIWI WXSVMIW ERH TSWXIVMX] ERH WS XLI 7IMOS -RWXMXYXI SJ ERH HMGXMSREV] EFPI XS VIGEPP IZIR SFWGYVI MXIQW SJ MRJSVQEXMSR %X XLI PEYKL EHHMRK ³;IPP XLEX´W XLI REXYVI ,SVSPSK] [EW IWXEFPMWLIH MR 8SO]S 8LI -RWXMXYXI [EW IWXEFPMWLIH -RWXMXYXI LI GSRWMHIVIH LMQWIPJ XS FI SJ XLI JSYRHIV SJ E FYWMRIWW XLI]´VI EP[E]W OIIR SR RI[ XLMRKW´ ² ;LIR XLI RSX XS KPSVMJ] 7IMOS FYX XS QEMRXEMR E GSRWIVZEXMSRMWX SJ [SVPH XMQITMIGIW GSQTER] VIEGLIH MXW GIRXIREV] XLIVI E VIGSVH SJ XLI HIZIPSTQIRX SJ ERH RSX NYWX XLSWI QEHI MR .ETER 8LI -RWXMXYXI LSYWIW WSQI SJ XLI GSYPH FI PMXXPI HSYFX XLEX XLI QER] [EXGLQEOMRK MRGPYHMRK 7IMOS´W LMWXSV] KVIEX EGLMIZIQIRXW [IVI [SVXL] SJ 8LI -RWXMXYXI´W GYVEXSVW PSSO EJXIV IEVPMIWX SVMIRXEP XMQITMIGIW MRGPYHMRK FIMRK TVIWIVZIH ERH GEXEPSKYIH JSV [EXGLIW GPSGOW ERH VIPEXIH MRGIRWI GPSGOW ERH IEVP] .ETERIWI % .3962)= -2 8-1)

GPSGOW [MXL X[MR ZIVKI ERH JSPMSX IWGETIQIRXW HIWMKRIH XS WLS[ XMQI EGGSVHMRK XS XLI SPH .ETERIWI W]WXIQ [MXL IEGL HE] HMZMHIH MRXS X[S TIVMSHW HE]PMKLX ERH HEVORIWW ERH [MXL IEGL SJ XLIWI WYFHMZMHIH -R MXW TIVQERIRX HMWTPE]W XLI QYWIYQ LEW I\EQTPIW SJ WSQI SJ XLI IEVP] %QIVMGER [EPP GPSGOW XLEX [IVI MQTSVXIH F] / ,EXXSVM EW [IPP EW WSQI SJ XLI IEVP] GPSGOW QEHI F] /MRXEVS ,EXXSVM´W ½VWX JEGXSV] MR 8SO]S -R EHHMXMSR XS XLI GPSGOW ERH [EXGLIW XLEX WLS[ XLI HIZIPSTQIRX SJ 7IMOS XLIVI EVI WSQI ZIVMXEFPI XVIEWYVIW WYGL EW XLI [EXGLIW XLEX EGLMIZIH VIQEVOEFPI WYGGIWW MR XLI 7[MWW 'LVSRSQIXIV XVMEPW ERH XLI XVIEWYVIH TVSXSX]TIW SJ WSQI SJ 7IMOS´W ½VWX UYEVX^ GPSGOW ERH [EXGLIW 3RI WIGXMSR SJ XLI -RWXMXYXI MW HIZSXIH XS [LEX LEW FIIR GEPPIH LSVSPSKMGEP TVI LMWXSV] MR .ETER 8LMW GSZIVW XLI TIVMSH YT XS ERH XIPPW XLI WXSV] SJ XLI LMWXSV] SJ XMQI JVSQ WIZIVEP XLSYWERH ]IEVW EKS [LIR TISTPI ½VWX FIKER XS XLMRO EFSYX XMQI ERH XLI ½VWX WYRHMEPW GVIEXIH MR )K]TX EVSYRH &'

*VSQ XLI FIKMRRMRK 8LI WYFWIUYIRX I\LMFMXW MR XLI -RWXMXYXI EVI TVIWIRXIH MR GLVSRSPSKMGEP SVHIV 8LI ½VWX WIGXMSR GSZIVW XLI IWXEFPMWLQIRX SJ / ,EXXSVM ERH XLI 7IMOSWLE JEGXSV] JVSQ XS 8LIVI EVI WYTIVF FPEGO ERH [LMXI TMGXYVIW SJ TSGOIX [EXGL TVSHYGXMSR ERH GPSGO EWWIQFP] EX XLI 7IMOSWLE TPERX MR EW [IPP EW MQTSWMRK ZMI[W SJ XLI SJ½GI FYMPHMRK ERH XLI JEGXSV] MR 8LI -RWXMXYXI´W WIGSRH WIGXMSR GSZIVW XLI 8EMWLS )VE JVSQ XS %X XLI FIKMRRMRK SJ XLMW TIVMSH 7IMOSWLE TVSHYGIH .ETER´W ½VWX

8LMW MW ER I\EQTPI SJ SRI SJ XLI IEVPMIWX EPEVQ GPSGOW QEHI F] 7IMOSWLE -X [EW TVSHYGIH MR 8SO]S MR

[VMWX[EXGL XLI 0EYVIP [LMGL GER FI ERH [SVPH VIRS[RIH WLSTTMRK EVIE JSYRH MR XLI QYWIYQ -R XLI ½VWX 8LI -RWXMXYXI MRGPYHIW MPPYWXVEXMSRW SJ [VMWX[EXGL [EW TVSHYGIH FIEVMRK XLI XLI GSQTER]´W IEVP] FYMPHMRKW EW [IPP 7IMOS REQI ERH ER I\EQTPI SJ SRI EW QER] I\EQTPIW SJ TVSHYGXW QEHI SJ XLIWI MW EPWS SR WLS[ -R XLI F] 7IMOSWLE MR XLI IEVP] ]IEVW -X EPWS +VIEX /ERXS )EVXLUYEOI HIWXVS]IH GSRXEMRW WSQI SJ XLI %QIVMGER GPSGOW XLI GSQTER]´W WXSGOW ERH JEGXSVMIW XLEX TVSZMHIH XLI MRWTMVEXMSR JSV QER] 8LI ½VWX [VMWX[EXGL FIEVMRK XLI REQI SJ 7IMOSWLE´W IEVP] QSHIPW ±7IMOS² [EW TVSHYGIH NYWX SRI ]IEV (YVMRK XLI WIGSRH TIVMSH SJ PEXIV XLI 7LS[E )VE JVSQ XS -R XLI ½VWX TIVMSH SJ XLI 7LS[E 7IMOSWLE GVIEXIH E WITEVEXI [EXGL )VE JVSQ XS VIWXSVEXMSR GSQTER] GEPPIH (EMRM 7IMOSWLE [LMGL JSPPS[MRK XLI +VIEX )EVXLUYEOI PMXIVEPP] QIERW ±7IGSRH 7IMOSWLE² GSRXMRYIH 8LI 7IMOSWLE JEGXSV] [EW -R XLI IEVP] 7LS[E )VE HYVMRK XLI VIFYMPX F] ERH XLI / ,EXXSVM 6YWWS .ETERIWI ;EV XLI GSQTER] [EW +MR^E FYMPHMRK X[S ]IEVW PEXIV 8LI HMVIGXIH F] XLI QMPMXEV] EYXLSVMXMIW XS RI[ EVX HIGS +MR^E FYMPHMRK MW WXMPP TVSHYGI EVXMPPIV] JYWIW MR I\MWXIRGI XSHE] ERH EW XLI ;EOS -X [EW SFPMKIH XS TVSHYGI QMPMXEV] WXSVI MW SRI SJ XLI QSWX JEQSYW MXIQW EKEMR HYVMRK XLI 7MRS .ETERIWI W]QFSPW SJ .ETER´W QSWX I\GPYWMZI ;EV SJ ERH XLI 7IGSRH ;SVPH ',%48)6

;EV *SV XLI HYVEXMSR SJ XLMW [EV FSXL 7IMOSWLE JEGXSVMIW LEH XS FI XYVRIH SZIV XS JYPP QMPMXEV] SVM IRXIH TVSHYGXMSR QEOMRK MXIQW WYGL EW QEVMRI GLVSRSQIXIVW ERH QMPMXEV] GLVSRSKVETLW 1MPMXEV] SYXTYX EGGSYRXIH JSV EW QYGL EW SJ TVSHYGXMSR [LIR LSWXMPMXMIW IRHIH MR 1ERYJEGXYVMRK SJ GSR WYQIV [EXGLIW LEH HIGPMRIH ]IEV F] ]IEV XS EPQSWX RSXLMRK (YVMRK XLMW XMQI 7IMOS´W XIGLRMGEP XIEQ GVIEXIH

3RI SJ XLI %QIVMGER GPSGOW XLEX TVSZMHIH WSQI SJ XLI MRWTMVEXMSR JSV 7IMOSWLE´W IEVP] TVSHYGXW

8LI -RWXMXYXI MRGPYHIW RSX SRP] XMQITMIGIW VIGSVHMRK 7IMOS´W S[R LMWXSV] FYX EPWS SXLIV GPSGOW XLEX MPPYWXVEXI XLI LMWXSV] SJ XMQIOIITMRK MR .ETER 8LMW MW E GPSGO [MXL E X[MR ZIVKI ERH JSPMSX ZMWMFPI FIPS[ XLI FIPP JVSQ XLI IVE [LIR .ETER YWIH XLI PYREV W]WXIQ SJ XMQIOIITMRK % .3962)= -2 8-1)

REXIH XLI ½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

GLVSRSQIXIVW EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] XLEX [IVI GSRWMHIVIH WYTIVMSV XS 7[MWW QEHI GSYRXIVTEVXW ERH XLMW I\TIVMIRGI QEHI E QENSV GSR XVMFYXMSR XS XLI TSWX [EV HIZIPSTQIRX SJ 7IMOS %R PMKRI [EXGL [EW TVSHYGIH EVSYRH JIEXYVMRK .ETERIWI GLEV EGXIVW SR XLI HMEP MR VIWTSRWI XS TVSLMFMXMSR SJ XLI YWI SJ XLI [IWXIVR EPTLEFIX ¯ )RKPMWL [EW HIGVIIH XS FI ER ±IRIQ] PERKYEKI² 9RXMP XLIR XLI REQI SR XLI HMEP [EW 7IMOS MR [IWXIVR GLEVEGXIVW FYX JSV E TIVMSH HYVMRK XLI [EV XLI IUYMZEPIRX .ETERIWI TLSRIXMG PIXXIVW [IVI YWIH 9RHIV KSZIVRQIRX HMVIGXMSR XLI HMEPW EPWS LEH LSYV QEVOMRK

1SVI HIZEWXEXMSR %JXIV XLI [EV QENSV VIFYMPHMRK [SVO GSQQIRGIH JSV XLI WIGSRH XMQI MR XLI GSQTER]´W LMWXSV] ERH MX HSQM

% [EPP GPSGO [MXL E WIGSRH HMEP XLEX WLS[W XLI HE] QSRXL ERH HEXI QEHI MR XLI 97% F] 7IXL 8LSQEW EX XLI IRH SJ XLI XL GIRXYV]

ERH EGEHIQMG VIWSYVGIW [IVI QEHI EZEMPEFPI MR E FMH XS IRLERGI XLI UYEPMX] SJ .ETERIWI [EXGLIW -R XLI 1MRMWXV] SJ -RXIVREXMSREP 8VEHI ERH -RHYWXV] WXEVXIH E HSQIWXMG [EXGL GSQTIXMXMSR XLEX [EW TEVX SJ XLMW IJJSVX ERH KEZI E WYFWXERXMEP FSSWX XS UYEPMX] MR XLI MRHYWXV]

% HMWXMRGXMZI MHIRXMX]

1EGLMRIV] XS EYXSQEXI TVSHYGXMSR TVSGIWWIW LEZI FIIR E OI] JIEXYVI SJ 7IMOS´W WYGGIWW WXSV] 8LMW MPPYWXVEXMSR MR XLI 7IMOS -RWXMXYXI SJ ,SVSPSK] WLS[W E QEGLMRI XLEX [EW MR YWI EVSYRH

GSRXEMRW MPPYWXVEXMSRW ERH SPH XMQI TMIGIW XLEX HSGYQIRX 7IMOS´W KVS[XL ERH XLI HIZIPSTQIRX SJ MXW TVSHYGXW -R TSWX [EV .ETER XLI TVSHYGXMSR SJ EPP X]TIW SJ GSRWYQIV KSSHW [EW KMZIR XST TVMSVMX] ERH EW TEVX SJ E KIRIVEP TSPMG] EMQIH EX FSSWXMRK I\TSVXW WTIGMEP IQTLEWMW [EW KMZIR XS XLI LSVSPSKMGEP MRHYWXV] 4YFPMG

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