 M 'LETXIV -RXVSHYGXMSRXS 8EFPI:MI[W RSYVRI\XGLETXIV[IvVIKSMRKXSFYMPHELMIVEVGLMGEPREZMKEXMSRFEWIHETTPM GEXMSRWMQMPEVXSXLI1EMPETTPMGEXMSRXLEXWLMTWSRXLIM4LSRI3YVETTPMGEXMSR [MPPEPPS[XLIYWIVXSHVMPPHS[RMRXSRIWXIHPMWXWSJHEXEERHIHMXXLEXHEXE&YX FIJSVI[IGERHSXLEX]SYRIIHXSQEWXIVXLIGSRGITXSJXEFPIZMI[W%RH XLEXvWXLIKSEPSJXLMWGLETXIV 8EFPIZMI[WEVIXLIQSWXGSQQSRQIGLERMWQYWIHXSHMWTPE]PMWXWSJHEXE XSXLIYWIV8LI]EVILMKLP]GSRJMKYVEFPISFNIGXWXLEXGERFIQEHIXSPSSO TVEGXMGEPP]ER][E]]SY[ERXXLIQXS1EMPYWIWXEFPIZMI[WXSWLS[PMWXWSJ EGGSYRXWJSPHIVWERHQIWWEKIWFYXXEFPIZMI[WEVIRSXNYWXPMQMXIHXSXLI HMWTPE]SJXI\XYEPHEXE8EFPIZMI[WEVIEPWSYWIHMRXLI=SY8YFI7IXXMRKW ERHM4SHETTPMGEXMSRWIZIRXLSYKLXLIWIETTPMGEXMSRWEPPLEZIZIV]HMJJIVIRX ETTIEVERGIWWII*MKYVI *MKYVI8LSYKLXLI]EPPPSSOHMJJIVIRXXLI7IXXMRKWM4SHERH=SY8YFI ETTPMGEXMSRWEPPYWIXEFPIZMI[WXSHMWTPE]XLIMVHEXE ',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W  8EFPI:MI[&EWMGW 8EFPIWHMWTPE]PMWXWSJHEXE)EGLMXIQMREXEFPIvWPMWXMWEVS[M4LSRIXEFPIWGERLEZIER YRPMQMXIHRYQFIVSJVS[WGSRWXVEMRIHSRP]F]XLIEQSYRXSJEZEMPEFPIQIQSV]M4LSRI XEFPIWGERFISRP]SRIGSPYQR[MHI %XEFPIZMI[MWXLIZMI[SFNIGXXLEXHMWTPE]WEXEFPIvWHEXEERHMWERMRWXERGISJXLIGPEWW 9-8EFPI:MI[ )EGLZMWMFPIVS[SJXLIXEFPIMWMQTPIQIRXIHF]XLIGPEWW 9-8EFPI:MI['IPP  7SEXEFPIZMI[MWXLISFNIGXXLEXHMWTPE]WXLIZMWMFPITEVXSJEXEFPIERHEXEFPIZMI[GIPPMW VIWTSRWMFPIJSVHMWTPE]MRKEWMRKPIVS[SJXLIXEFPIWII*MKYVI *MKYVI)EGLXEFPIZMI[MWERMRWXERGISJ9-8EFPI:MI[ERHIEGLZMWMFPIVS[MWERMRWXERGISJ 9-8EFPI:MI['IPP 8EFPIZMI[WEVIRSXVIWTSRWMFPIJSVWXSVMRK]SYVXEFPIvWHEXE8LI]SRP]WXSVIIRSYKLHEXEXS HVE[XLIVS[WXLEXEVIGYVVIRXP]ZMWMFPI8EFPIZMI[WKIXXLIMVGSRJMKYVEXMSRHEXEJVSQERSFNIGX XLEXGSRJSVQWXSXLI 9-8EFPI:MI[(IPIKEXI TVSXSGSPERHXLIMVVS[HEXEJVSQERSFNIGXXLEX GSRJSVQWXSXLI 9-8EFPI:MI[(EXE7SYVGI TVSXSGSP=SYvPPWIILS[EPPXLMW[SVOW[LIR[IKIX MRXSSYVWEQTPITVSKVEQWPEXIVMRXLIGLETXIV %WQIRXMSRIHEPPXEFPIWEVIMQTPIQIRXIHEWEWMRKPIGSPYQR&YXXLI=SY8YFIETTPMGEXMSR WLS[RSRXLIVMKLXWMHISJ*MKYVIHSIWLEZIXLIETTIEVERGISJLEZMRKEXPIEWXX[SGSP YQRWTIVLETWIZIRXLVIIMJ]SYGSYRXXLIMGSRW&YXRSIEGLVS[MRXLIXEFPIMWVITVIWIRXIH F]EWMRKPI 9-8EFPI:MI['IPP )EGL 9-8EFPI:MI['IPP SFNIGXGERFIGSRJMKYVIH[MXLER ',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W  MQEKIWSQIXI\XERHERSTXMSREPEGGIWWSV]MGSR[LMGLMWEWQEPPMGSRSRXLIVMKLXWMHIXLEX [IvPPGSZIVMRHIXEMPMRXLIRI\XGLETXIV =SYGERTYXIZIRQSVIHEXEMREGIPPMJ]SYRIIHXS8LIVIEVIX[SFEWMG[E]WXSHSXLMW3RI MWXSEHHWYFZMI[WXS 9-8EFPI:MI['IPP XLISXLIVMWF]WYFGPEWWMRK 9-8EFPI:MI['IPP =SY GERPE]XLIXEFPIZMI[GIPPSYXMRER][E]]SYPMOIERHMRGPYHIER]WYFZMI[WXLEX]SY[ERX 7SXLIWMRKPIGSPYQRPMQMXEXMSRMWJEVPIWWPMQMXMRKXLERMXTVSFEFP]WSYRHWEXJMVWX-JXLMWMW GSRJYWMRKHSRvX[SVV][IvPPWLS[]SYFSXLSJXLIWIXIGLRMUYIWPEXIVMRXLMWGLETXIV +VSYTIHERH-RHI\IH8EFPIW 8EFPIZMI[WGSQIMRX[SFEWMGWX]PIW3RIWX]PIMWGEPPIHKVSYTIH)EGLKVSYTMREKVSYTIH XEFPIMWEWIXSJVS[WIQFIHHIHMREVSYRHIHVIGXERKPIEWWLS[RMRXLIPIJXQSWXTMGXYVIMR *MKYVI2SXIXLEXEKVSYTIHXEFPIGERGSRWMWXSJEWMRKPIKVSYT 8LISXLIVWX]PIMWGEPPIHMRHI\IHMREJI[TPEGIWMXvWVIJIVVIHXSEWTPEMR-RHI\IHMWXLI HIJEYPXWX]PI%R]XEFPIXLEXHSIWRvXJIEXYVIVSYRHIHVIGXERKPIWMWERMRHI\IHXEFPIZMI[ -J]SYVHEXEWSYVGITVSZMHIWXLIRIGIWWEV]MRJSVQEXMSRXLIXEFPIZMI[[MPPPIXXLIYWIVREZM KEXI]SYVPMWXYWMRKERMRHI\XLEXMWHMWTPE]IHHS[RXLIVMKLXLERHWMHI*MKYVIWLS[W EKVSYTIHXEFPIERMRHI\IHXEFPI[MXLSYXERMRHI\ETPEMRXEFPIERHERMRHI\IHXEFPI [MXLERMRHI\ *MKYVI8LIWEQIXEFPIZMI[HMWTPE]IHEWEKVSYTIHXEFPIPIJXERMRHI\IHXEFPI[MXLSYX ERMRHI\YWYEPP]VIJIVVIHXSEWETPEMRXEFPIQMHHPIERHERMRHI\IHXEFPI[MXLERMRHI\VMKLX ',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W  )EGLHMZMWMSRSJ]SYVXEFPIMWORS[RXS]SYVHEXEWSYVGIEWEWIGXMSR-REKVSYTIHXEFPI IEGLKVSYTMWEWIGXMSRWII*MKYVI-RERMRHI\IHXEFPIIEGLMRHI\IHKVSYTMRKSJHEXE MWEWIGXMSR*SVI\EQTPIMRXLIMRHI\IHXEFPIWWLS[RMR*MKYVIEPPXLIREQIWFIKMRRMRK [MXLw%x[SYPHFISRIWIGXMSRXLSWIFIKMRRMRK[MXLw&xERSXLIVERHWSSR *MKYVI7IGXMSRWERHVS[WMREKVSYTIHXEFPIEVISFZMSYWFYXEPPXEFPIW WYTTSVXXLIQ 7IGXMSRWLEZIX[STVMQEV]TYVTSWIW-REKVSYTIHXEFPIIEGLWIGXMSRVITVIWIRXWSRIKVSYT 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ERH KS FEGO XS . XSFVMRKYTXLIGSRRIGXMSRWMRWTIGXSV=SYvPP RSXMGIXLEXXLIJMVWXX[SEZEMPEFPIGSRRIGXMSRWJSVXLIXEFPI ZMI[EVIXLIWEQIEWXLIJMVWXX[SJSVXLITMGOIVZMI[HEXE 7SYVGIERHHIPIKEXI(VEKJVSQXLIGMVGPIRIXXSIEGLSJ XLSWIGSRRIGXMSRWSZIVXSXLI*MPIvW3[RIVMGSR&]HSMRKXLMW [IEVIQEOMRKSYVGSRXVSPPIVGPEWWFSXLXLIHEXEWSYVGIERH HIPIKEXIJSVXLMWXEFPI%JXIVHSMRKXLEXWEZIGPSWIERHKS FEGOXS<GSHI *MKYVI8LI8EFPI:MI[MRXLIPMFVEV] *MKYVI8LI:MI[[MRHS[ EJXIVXLIXEFPIZMI[MWTPEGIH ',% 48) 6 -RXVSHYGXMSRXS8EFPI:MI[W  ;VMXMRKXLI'SRXVSPPIV 2IXWXSTMWSYVGSRXVSPPIVGPEWWvWLIEHIVJMPI7MRKPIGPMGO7MQTPIC8EFPI:MI['SRXVSPPIVLERH EHHXLIJSPPS[MRKGSHI MQTSVX. -RXVSHYGXMSRXS8EFPI:MI[W  8EFPI:MI[&EWMGW 8EFPIWHMWTPE]PMWXWSJHEXE)EGLMXIQMREXEFPIvWPMWXMWEVS[M4LSRIXEFPIWGERLEZIER YRPMQMXIHRYQFIVSJVS[WGSRWXVEMRIHSRP]F]XLIEQSYRXSJEZEMPEFPIQIQSV]M4LSRI XEFPIWGERFISRP]SRIGSPYQR[MHI %XEFPIZMI[MWXLIZMI[SFNIGXXLEXHMWTPE]WEXEFPIvWHEXEERHMWERMRWXERGISJXLIGPEWW 9-8EFPI:MI[ )EGLZMWMFPIVS[SJXLIXEFPIMWMQTPIQIRXIHF]XLIGPEWW 9-8EFPI:MI['IPP  7SEXEFPIZMI[MWXLISFNIGXXLEXHMWTPE]WXLIZMWMFPITEVXSJEXEFPIERHEXEFPIZMI[GIPPMW VIWTSRWMFPIJSVHMWTPE]MRKEWMRKPIVS[SJXLIXEFPIWII*MKYVI *MKYVI)EGLXEFPIZMI[MWERMRWXERGISJ9-8EFPI:MI[ERHIEGLZMWMFPIVS[MWERMRWXERGISJ 9-8EFPI:MI['IPP 8EFPIZMI[WEVIRSXVIWTSRWMFPIJSVWXSVMRK]SYVXEFPIvWHEXE8LI]SRP]WXSVIIRSYKLHEXEXS HVE[XLIVS[WXLEXEVIGYVVIRXP]ZMWMFPI8EFPIZMI[WKIXXLIMVGSRJMKYVEXMSRHEXEJVSQERSFNIGX XLEXGSRJSVQWXSXLI 9-8EFPI:MI[(IPIKEXI TVSXSGSPERHXLIMVVS[HEXEJVSQERSFNIGXXLEX GSRJSVQWXSXLI 9-8EFPI:MI[(EXE7SYVGI TVSXSGSP=SYvPPWIILS[EPPXLMW[SVOW[LIR[IKIX MRXSSYVWEQTPITVSKVEQWPEXIVMRXLIGLETXIV %WQIRXMSRIHEPPXEFPIWEVIMQTPIQIRXIHEWEWMRKPIGSPYQR&YXXLI=SY8YFIETTPMGEXMSR WLS[RSRXLIVMKLXWMHISJ*MKYVIHSIWLEZIXLIETTIEVERGISJLEZMRKEXPIEWXX[SGSP YQRWTIVLETWIZIRXLVIIMJ]SYGSYRXXLIMGSRW&YXRSIEGLVS[MRXLIXEFPIMWVITVIWIRXIH F]EWMRKPI 9-8EFPI:MI['IPP )EGL 9-8EFPI:MI['IPP SFNIGXGERFIGSRJMKYVIH[MXLER ',% 48) 6 -RXVSHYGXMSRXS8EFPI:MI[W  MQEKIWSQIXIXERHERSTXMSREPEGGIWWSV]MGSR[LMGLMWEWQEPPMGSRSRXLIVMKLXWMHIXLEX [IvPPGSZIVMRHIXEMPMRXLIRIXGLETXIV =SYGERTYXIZIRQSVIHEXEMREGIPPMJ]SYRIIHXS8LIVIEVIX[SFEWMG[E]WXSHSXLMW3RI MWXSEHHWYFZMI[WXS 9-8EFPI:MI['IPP XLISXLIVMWF]WYFGPEWWMRK 9-8EFPI:MI['IPP =SY GERPE]XLIXEFPIZMI[GIPPSYXMRER][E]]SYPMOIERHMRGPYHIER]WYFZMI[WXLEX]SY[ERX 7SXLIWMRKPIGSPYQRPMQMXEXMSRMWJEVPIWWPMQMXMRKXLERMXTVSFEFP]WSYRHWEXJMVWX-JXLMWMW GSRJYWMRKHSRvX[SVV][IvPPWLS[]SYFSXLSJXLIWIXIGLRMUYIWPEXIVMRXLMWGLETXIV +VSYTIHERH-RHIIH8EFPIW 8EFPIZMI[WGSQIMRX[SFEWMGWX]PIW3RIWX]PIMWGEPPIHKVSYTIH)EGLKVSYTMREKVSYTIH XEFPIMWEWIXSJVS[WIQFIHHIHMREVSYRHIHVIGXERKPIEWWLS[RMRXLIPIJXQSWXTMGXYVIMR *MKYVI2SXIXLEXEKVSYTIHXEFPIGERGSRWMWXSJEWMRKPIKVSYT 8LISXLIVWX]PIMWGEPPIHMRHIIHMREJI[TPEGIWMXvWVIJIVVIHXSEWTPEMR-RHIIHMWXLI HIJEYPXWX]PI%R]XEFPIXLEXHSIWRvXJIEXYVIVSYRHIHVIGXERKPIWMWERMRHIIHXEFPIZMI[ -J]SYVHEXEWSYVGITVSZMHIWXLIRIGIWWEV]MRJSVQEXMSRXLIXEFPIZMI[[MPPPIXXLIYWIVREZM KEXI]SYVPMWXYWMRKERMRHIXLEXMWHMWTPE]IHHS[RXLIVMKLXLERHWMHI*MKYVIWLS[W EKVSYTIHXEFPIERMRHIIHXEFPI[MXLSYXERMRHIETPEMRXEFPIERHERMRHIIHXEFPI [MXLERMRHI *MKYVI8LIWEQIXEFPIZMI[HMWTPE]IHEWEKVSYTIHXEFPIPIJXERMRHIIHXEFPI[MXLSYX ERMRHIYWYEPP]VIJIVVIHXSEWETPEMRXEFPIQMHHPIERHERMRHIIHXEFPI[MXLERMRHIVMKLX ',% 48) 6