 E 'LETXIV %TTIEWMRK XLI8MOM+SHW W]SYvVITVSFEFP][IPPE[EVIMXLEWFIGSQIWSQIXLMRKSJEXVEHMXMSRXSGEPP XLIJMVWXTVSNIGXMRER]FSSOSRTVSKVEQQMRKw,IPPS;SVPHx;IGSRWMHIVIH FVIEOMRKXLMWXVEHMXMSRFYX[IVIWGEVIHXLEXXLI8MOMKSHW[SYPHMRJPMGXWSQI TEMRJYPVIXVMFYXMSRSRYWJSVWYGLEKVSWWFVIEGLSJIXMUYIXXI7SPIXvWHSMXF] XLIFSSOWLEPP[I# -RXLMWGLETXIV[IvVIKSMRKYWI<GSHIERH-RXIVJEGI&YMPHIVXSGVIEXIEWQEPP M4LSRIETTPMGEXMSRXSHMWTPE]XLIXI\Xw,IPPS;SVPHxSRMXWWGVIIR;IvPPPSSO EX[LEXvWMRZSPZIHMRGVIEXMRKERM4LSRIETTPMGEXMSRTVSNIGXMR<GSHI[SVO XLVSYKLXLIWTIGMJMGWSJYWMRK-RXIVJEGI&YMPHIVXSHIWMKRSYVETTPMGEXMSRvWYWIV MRXIVJEGIERHXLIRVYRSYVETTPMGEXMSRSRXLIM4LSRIWMQYPEXSV%JXIVXLEX [IvPPKMZISYVETTPMGEXMSRERMGSRERHEYRMUYIMHIRXMJMIVXSQEOIMXJIIPQSVI PMOIEVIEPM4LSRIETTPMGEXMSR ;IvZIKSXEPSXXSHSLIVIWSPIXvWKIXKSMRK 7IXXMRK9T=SYV4VSNIGXMR<GSHI &]RS[]SYWLSYPHLEZI<GSHIERHXLIM4LSRI7(/MRWXEPPIHSR]SYVQEGLMRI =SYWLSYPHEPWSHS[RPSEHXLIFSSOTVSNIGXWEVGLMZIJVSQXLI%TVIWW[IFWMXI ,IVIvWEPMROXSXLIFSSOTEKI LXXT[[[ETVIWWGSQFSSOZMI[ 0SSOJSVXLI7SYVGI'SHIPMROMRXLI&SSO)\XVEWWIGXMSRSRXLIPIJXWMHISJXLI TEKI)\TERHXLIEVGLMZIERHTPEGIXLITVSNIGXJSPHIVMREGSRZIRMIRXPSGEXMSR ',%48)6 %TTIEWMRKXLI8MOM+SHW  )ZIRXLSYKL]SYLEZIXLIGSQTPIXIWIXSJTVSNIGXJMPIWEX]SYVHMWTSWEP[IXLMRO]SYvPPKIX QSVISYXSJXLIFSSOMJ]SYGVIEXIIEGLTVSNIGXF]LERHMRWXIEHSJWMQTP]VYRRMRKXLIZIV WMSR]SYHS[RPSEHIH8LIFMKKIWXVIEWSRJSVXLMWMWXLIJEQMPMEVMX]ERHI\TIVXMWI]SYvPPKEMR MR[SVOMRK[MXLXLIZEVMSYWXSSPW[IYWIXLVSYKLSYXXLIFSSOMJ]SYVSPP]SYVS[RTVSNIGXW 8LIVIvWNYWXRSWYFWXMXYXIJSVEGXYEPP]GPMGOMRKERHHVEKKMRKSYXFYXXSRWERHWPMHIVWERH WGVSPPMRKXLVSYKLWSYVGIGSHIXSQEOIGLERKIWEW[IQSZIJVSQSRIZIVWMSRSJETVSKVEQ XSERSXLIV 8LEXWEMHSYVJMVWXTVSNIGXMWMRXLI,IPPS;SVPHJSPHIV-J]SYvPPFIGVIEXMRK]SYVS[RTVSN IGXWGVIEXIERI[,IPPS;SVPHJSPHIVERHJSPPS[EPSRK 0EYRGL<GSHI[LMGLMWPSGEXIHMR(IZIPSTIV%TTPMGEXMSRW-JXLMWMW]SYVJMVWXXMQIYWMRK <GSHIHSRvX[SVV][IvPP[EPO]SYXLVSYKLXLITVSGIWWSJGVIEXMRKERI[TVSNIGX-J]SYvVI EPVIEH]ERSPHLERHNYWXWOMQELIEH ;LIR]SYJMVWXPEYRGL<GSHI]SYvPPFITVIWIRXIH[MXLE[IPGSQIWGVIIRPMOIXLISRIWLS[R MR*MKYVI8LI[IPGSQIWGVIIRGSRXEMRWYWIJYPPMROWXSM4LSRIERH1EG37<XIGLRMGEP HSGYQIRXEXMSRXYXSVMEPZMHISWRI[WWEQTPIGSHIERHPSXWQSVI%PPSJXLMWMRJSVQEXMSR MWEZEMPEFPISR%TTPIvWHIZIPSTIV[IFWMXIERH[MXLMR<GSHIvWHSGYQIRXEXMSRFVS[WIVWS MJ]SYvHVEXLIVRSXWIIXLMWWGVIIRMRXLIJYXYVINYWXYRGLIGOXLI7LS[EX0EYRGLGLIGOFS\ FIJSVIGPSWMRKMX-J]SYJIIPPMOITSOMRKXLVSYKLXLIMRJSVQEXMSRLIVIJSVEJI[QMRYXIWF] EPPQIERWKSVMKLXELIEH;LIR]SYvVIHSRIGPSWIXLI[MRHS[ERH[IvPPTVSGIIH *MKYVI8LI<GSHI[IPGSQIWGVIIR ',%48)6 %TTIEWMRKXLI8MOM+SHW  238) -J]SYLEZIERM4LSRISVM4SH8SYGLGSRRIGXIHXS]SYVQEGLMRI[LIR]SYJMVWXPEYRGL<GSHI]SYQMKLX WIIEQIWWEKIEWOMRKMJ]SY[ERXXSYWIXLEXHIZMGIJSVHIZIPSTQIRX*SVRS[GPMGOXLI-KRSVIFYXXSR-J ]SYGLSSWIXSNSMRXLITEMHM4LSRI(IZIPSTIV4VSKVEQ]SY[MPPKEMREGGIWWXSETVSKVEQTSVXEPXLEX[MPP XIPP]SYLS[XSYWI]SYVM4LSRISVM4SH8SYGLJSVHIZIPSTQIRXERHXIWXMRK 'VIEXIERI[TVSNIGXF]WIPIGXMRK2I[4VSNIGXiJVSQXLI*MPIQIRYSVF]TVIWWMRK 2 [LMGL[MPPFVMRKYTXLI2I[4VSNIGX%WWMWXERXWII*MKYVI *MKYVI8LI2I[4VSNIGXEWWMWXERX[LMGLPIXW]SYWIPIGXJVSQZEVMSYWJMPI XIQTPEXIW[LIRGVIEXMRKERI[JMPI %W]SYvPPWIIMR*MKYVIXLITERISRXLIPIJXWMHISJXLI[MRHS[MWHMZMHIHMRXSX[SQEMR WIGXMSRWM4LSRIERH1EG37<=SYvPPRSXMGIXLEXXLIVIEVIERYQFIVSJTVSNIGXXIQTPEXIGEX IKSVMIWEZEMPEFPIJSV1EG37<FYXSRP]SRIGEXIKSV]EXPIEWXEXXLIXMQISJXLMW[VMXMRKJSV XLIM4LSRI%TTPMGEXMSR %W[IHMHMR*MKYVIWIPIGX%TTPMGEXMSRJVSQYRHIVXLIM4LSRILIEHMRKERH]SYvPPFI WLS[RERYQFIVSJMGSRWMRXLIYTTIVVMKLXTERIIEGLSJ[LMGLVITVIWIRXWEWITEVEXITVSNIGX XIQTPEXIXLEXGERFIYWIHEWEWXEVXMRKTSMRXJSV]SYVM4LSRIETTPMGEXMSRW8LIMGSRPEFIPIH :MI[&EWIH%TTPMGEXMSRMWXLIWMQTPIWXXIQTPEXIERHXLISRI[IvPPFIYWMRKJSVXLIJMVWXWIZIVEP GLETXIVW8LISXLIVWTVSZMHI]SY[MXLEHHMXMSREPGSHIERHSVVIWSYVGIWRIIHIHXSGVIEXI ',%48)6 %TTIEWMRKXLI8MOM+SHW  GSQQSRM4LSRIETTPMGEXMSRMRXIVJEGIWERHGSRXEMRWXYJJ[IvVIRSXVIEH]XSPSSOEX]IXFYX HSRvX[SVV][IvPPKIXXSXLIQPEXIV *SVXLMWJMVWXTVSNIGXGPMGOXLI:MI[&EWIH%TTPMGEXMSRMGSRXLEXMGSRMWWIPIGXIHMR*MKYVI ERHXLIRGPMGOXLIFYXXSRPEFIPIH'LSSWI 3RGI]SYvZIWIPIGXIH]SYVTVSNIGXXIQTPEXI]SYvPPFIEWOIHXSWEZI]SYVRI[TVSNIGXYWMRK XLIWXERHEVHWEZIWLIIXWII*MKYVI8]TI,IPPS;SVPHJSVXLITVSNIGXREQIERHWEZIMX [LIVIZIV]SY[ERXMXWXSVIH8LI(SGYQIRXJSPHIVMWRSXEFEHTPEGIFYX]SYQMKLX[ERXXS GVIEXIEHIHMGEXIHJSPHIVJSV]SYV<GSHITVSNIGXW *MKYVI7IPIGXMRKXLIREQIERHPSGEXMSRJSV]SYVTVSNIGX 8LI<GSHI4VSNIGX;MRHS[ %JXIV]SYHMWQMWWXLIWEZITERIP<GSHI[MPPGVIEXIERHXLIRSTIR]SYVTVSNIGXERHERI[ TVSNIGX[MRHS[[MPPETTIEVXLEXPSSOWPMOI*MKYVI;IJMRHXLEXXLITVSNIGX[MRHS[[LIR JMVWXGVIEXIHMWEPMXXPIWQEPPJSVSYVXEWXIWERH[IYWYEPP]I\TERHXLI[MRHS[XSXEOIYT QSVISJXLIWGVIIR8LIVIvWEPSXSJMRJSVQEXMSRGVEQQIHMRXSXLMW[MRHS[ERHMXvW[LIVI ]SY[MPPFIWTIRHMRKEPSXSJ]SYVM4LSRIHIZIPSTQIRXXMQI =SYVTVSNIGX[MRHS[JIEXYVIWEXSSPFEVEGVSWWXLIXST[LMGLKMZIW]SYVIEH]EGGIWWXSEPSX SJGSQQSRP]YWIHGSQQERHW&IPS[XLIXSSPFEVXLI[MRHS[MWHMZMHIHMRXSXLVIIQEMR WIGXMSRWSVTERIW ',%48)6 %TTIEWMRKXLI8MOM+SHW  *MKYVI8LI,IPPS;SVPHTVSNIGXMR<GSHI 8LITERIXLEXVYRWHS[RXLIPIJXWMHISJXLI[MRHS[MWGEPPIHXLI+VSYTW*MPIWTERI%PPSJ XLIVIWSYVGIWXLEXQEOIYT]SYVTVSNIGXEVIKVSYTIHLIVIEWEVIERYQFIVSJVIPIZERXTVSN IGXWIXXMRKW.YWXEWMRXLI*MRHIVGPMGOMRKXLIPMXXPIXVMERKPIXSXLIPIJXSJERMXIQI\TERHWXLEX MXIQXSWLS[EZEMPEFPIWYFMXIQW'PMGOXLIXVMERKPIEKEMRXSLMHIXLIWYFMXIQW 8LIXSTVMKLXTERIMWGEPPIHXLI(IXEMP:MI[ERHWLS[W]SYHIXEMPIHMRJSVQEXMSREFSYXMXIQW WIPIGXIHMRXLI+VSYTW*MPIWTERI8LIPS[IVVMKLXTERIMWGEPPIHXLI)HMXSVTERI-J]SY WIPIGXEWMRKPIJMPIMRIMXLIVXLI+VSYTW*MPIWSV(IXEMPTERIERH<GSHIORS[WLS[XSHMWTPE] XLEXOMRHSJJMPIXLIGSRXIRXWSJXLIJMPI[MPPFIHMWTPE]IHLIVI)HMXEFPIJMPIWWYGLEWWSYVGI GSHIGEREPWSFIIHMXIHLIVI-RJEGXXLMWMW[LIVI]SY[MPPFI[VMXMRKERHIHMXMRK]SYVETTPM GEXMSRvWWSYVGIGSHI 2S[XLEX[ILEZIXLIXIVQMRSPSK]SYXSJXLI[E]XEOIEPSSOEXXLI+VSYTW*MPIWTERI8LI JMVWXMXIQMRXLIPMWXWLSYPHFIEVXLIWEQIREQIEW]SYVTVSNIGXMRXLMWGEWI,IPPS;SVPH8LMW MXIQMWXLIKEXLIVMRKTSMRXJSVXLIWSYVGIGSHIERHXLISXLIVVIWSYVGIWWTIGMJMGXS]SYVTVSN IGX*SVXLIXMQIFIMRKHSRvX[SVV]EFSYXXLIMXIQWMRXLI+VSYTW*MPIWTERII\GITXXLSWI YRHIV,IPPS;SVPH ',%48)6 %TTIEWMRKXLI8MOM+SHW  8EOIEPSSOEX*MKYVI2SXIXLEXXLIHMWGPSWYVIXVMERKPIXSXLIPIJXSJ,IPPS;SVPHMWSTIR ERHXLIVIEVIJMZIWYFJSPHIVW'PEWWIW3XLIV7SYVGIW6IWSYVGIW*VEQI[SVOWERH4VSHYGXW 0IXvWFVMIJP]XEPOEFSYX[LEXIEGLWYFJSPHIVMWYWIHJSV  'PEWWIWMW[LIVI]SY[MPPWTIRHQYGLSJ]SYVXMQI8LMWMW[LIVIQSWXSJXLIGSHIXLEX ]SY[VMXI[MPPKSWMRGIXLMWMW[LIVIEPP3FNIGXMZI'GPEWWIWVMKLXJYPP]FIPSRK=SYEVI JVIIXSGVIEXIWYFJSPHIVWYRHIVXLI'PEWWIWJSPHIVXSLIPTSVKERM^I]SYVGSHI;IvPPFI YWMRKXLMWJSPHIVWXEVXMRKMRXLIRI\XGLETXIV  3XLIV7SYVGIWGSRXEMRWWSYVGIGSHIJMPIWXLEXEVIRvX3FNIGXMZI'GPEWWIW8]TMGEPP]]SY [SRvXWTIRHEPSXSJXMQIMRXLI3XLIV7SYVGIWJSPHIV;LIR]SYGVIEXIERI[M4LSRI ETTPMGEXMSRTVSNIGXXLIVIEVIX[SJMPIWMRXLMWJSPHIV  ,IPPS;SVPHC4VIJM\TGL8LII\XIRWMSRTGLWXERHWJSVwTVIGSQTMPIHLIEHIVx8LMWMW EPMWXSJLIEHIVJMPIWJVSQI\XIVREPJVEQI[SVOWXLEXEVIYWIHF]SYVTVSNIGX<GSHI [MPPTVIGSQTMPIXLILIEHIVWGSRXEMRIHMRXLMWJMPI[LMGL[MPPVIHYGIXLIEQSYRXSJ XMQIMXXEOIWXSGSQTMPI]SYVTVSNIGX[LIRIZIV]SYWIPIGX&YMPHSV&YMPHERH+S -X[MPPFIE[LMPIFIJSVI]SYLEZIXS[SVV]EFSYXXLMWEWXLIQSWXGSQQSRP]YWIH LIEHIVJMPIWEVIEPVIEH]MRGPYHIHJSV]SY  QEMRQ8LMWMW[LIVI]SYVETTPMGEXMSRvW QEMR QIXLSHMW=SYRSVQEPP][SRvX RIIHXSIHMXSVGLERKIXLMWJMPI  6IWSYVGIWGSRXEMRWRSRGSHIJMPIWXLEX[MPPFIMRGPYHIHEWTEVXSJ]SYVETTPMGEXMSR8LMW MW[LIVI]SY[MPPMRGPYHIXLMRKWPMOI]SYVETTPMGEXMSRvWMGSRMQEKIERHSXLIVMQEKIW WSYRHJMPIWQSZMIJMPIWXI\XJMPIWSVTVSTIVX]PMWXWXLEX]SYVTVSKVEQQE]RIIH[LMPI MXvWVYRRMRK6IQIQFIVWMRGI]SYVETTPMGEXMSRVYRWMRMXWS[RWERHFS\]SY[MPPLEZI XSMRGPYHIER]JMPIW]SYRIIHLIVIFIGEYWI]SY[SRvXFIEFPIXSEGGIWWJMPIWPSGEXIH IPWI[LIVISRXLIM4LSRII\GITXXLVSYKLWERGXMSRIH%4-WWYGLEWXLISRIWXLEXTVS ZMHIEGGIWWXSXLIM4LSRIvWTLSXSPMFVEV]ERHEHHVIWWFSSO8LIVIWLSYPHFIXLVII MXIQWMRXLMWJSPHIV  ,IPPSC;SVPH:MI['SRXVSPPIV\MF8LMWJMPIGSRXEMRWMRJSVQEXMSRYWIHF]XLITVSKVEQ -RXIVJEGI&YMPHIV[LMGL[IvPPXEOIJSVEWTMREFMXPEXIVMRXLMWGLETXIV  -RJSTPMWX8LMWMWETVSTIVX]PMWXXLEXGSRXEMRWMRJSVQEXMSREFSYXSYVETTPMGEXMSR ;IvPPPSSOEXXLMWJMPIEPMXXPIFMXPEXIVMRXLIGLETXIVXSS  1EMR;MRHS[\MF8LMWMW]SYVETTPMGEXMSRvWQEMR-RXIVJEGI&YMPHIVSVwRMFxJMPI-R EWMQTPIETTPMGEXMSRPMOIXLISRI[IvVIFYMPHMRKMRXLMWGLETXIVXLIVIvWSJXIRRS RIIHXSXSYGLXLMWJMPI-RPEXIVGLETXIVW[LIR[IHIWMKRQSVIGSQTPI\MRXIVJEGIW [I[MPP[SVO[MXLXLMWJMPIERHPSSOEXMXMRQSVIHITXL ',%48)6 %TTIEWMRKXLI8MOM+SHW   *VEQI[SVOWEVIEWTIGMEPOMRHSJPMFVEV]XLEXGERGSRXEMRGSHIEW[IPPEWVIWSYVGIW WYGLEWMQEKIERHWSYRHJMPIW%R]JVEQI[SVOSVPMFVEV]XLEX]SYEHHXSXLMWJSPHIV [MPPFIPMROIHMRXS]SYVETTPMGEXMSRERH]SYVGSHI[MPPFIEFPIXSYWISFNIGXWJYRG XMSRWERHVIWSYVGIWGSRXEMRIHMRXLEXJVEQI[SVOSVPMFVEV]8LIQSWXGSQQSRP] RIIHIHJVEQI[SVOWERHPMFVEVMIWEVIPMROIHMRXSSYVTVSNIGXF]HIJEYPXWSQSWXSJXLI XMQI[I[MPPRSXRIIHXSHSER]XLMRK[MXLXLMWJSPHIV0IWWGSQQSRP]YWIHPMFVEVMIW ERHJVEQI[SVOWLS[IZIVEVIRSXMRGPYHIHF]HIJEYPXERH]SY[MPPWIILS[XSPMROXS XLIQMRXSERETTPMGEXMSRPEXIVMRXLMWFSSO  4VSHYGXWGSRXEMRWXLIETTPMGEXMSRXLEXXLMWTVSNIGXTVSHYGIW[LIRMXMWGSQTMPIH-J ]SYI\TERH4VSHYGXW]SYvPPWIIERMXIQGEPPIH,IPPS;SVPHETT8LMWMWXLIETTPMGEXMSR XLEXXLMWTEVXMGYPEVTVSNIGXGVIEXIW,IPPS;SVPHETTMWXLMWTVSNIGXvWSRP]TVSHYGX6MKLX RS[,IPPS;SVPHETTMWPMWXIHMRVIH[LMGLQIERWXLEXXLIJMPIGERRSXFIJSYRH[LMGL QEOIWWIRWIWMRGI[ILEZIRvXGSQTMPIHSYVTVSNIGX]IX,MKLPMKLXMRKEJMPIvWREQIMR VIHMW<GSHIvW[E]SJXIPPMRKYWXLEXMXGERvXJMRHXLIYRHIVP]MRKTL]WMGEPJMPI 238) 8LIWIwJSPHIVWxYRHIV]SYVTVSNIGXMRXLI+VSYTW*MPIWTERIHSRSXRIGIWWEVMP]GSVVIWTSRHXSJSPHIVWSR ]SYV1EGvWJMPIW]WXIQ8LIWIEVIPSKMGEPKVSYTMRKW[MXLMR<GSHIXSLIPT]SYOIITIZIV]XLMRKSVKERM^IH ERHXSQEOIMXJEWXIVERHIEWMIVXSJMRH[LEX]SYvVIPSSOMRKJSV[LMPI[SVOMRKSR]SYVETTPMGEXMSR-J]SY PSSOMRXS]SYVTVSNIGXvWJSPHIV]SYvPPRSXMGIXLEX[LMPIXLIVIMWE'PEWWIWJSPHIVXLIVIMWRSJSPHIVGEPPIH 3XLIV7SYVGIWSV6IWSYVGIW3JXIRXLIMXIQWGSRXEMRIHMRXLSWIX[STVSNIGXJSPHIVWEVIWXSVIHVMKLXMRXLI TVSNIGXvWVSSXHMVIGXSV]FYX]SYGERWXSVIXLIQER][LIVIIZIRSYXWMHISJ]SYVTVSNIGXJSPHIVMJ]SY[MWL 8LILMIVEVGL]MRWMHI<GSHIMWGSQTPIXIP]MRHITIRHIRXSJXLIJMPIW]WXIQLMIVEVGL]1SZMRKEJMPISYXSJXLI 'PEWWIWJSPHIVMR<GSHIJSVI\EQTPI[MPPRSXGLERKIXLIJMPIvWPSGEXMSRSR]SYVLEVHHVMZI -RXVSHYGMRK-RXIVJEGI&YMPHIV 2S[XLEX]SYvVIJEQMPMEV[MXLXLIFEWMGWSJ<GSHIPIXvWXEOIEPSSOEXXLISXLIVLEPJSJXLI H]REQMGHYSYWIHMRM4LSRIWSJX[EVIHIZIPSTQIRX-RXIVJEGI&YMPHIVGSQQSRP]VIJIVVIH XSEW-& -R]SYVTVSNIGX[MRHS[vW+VSYTW*MPIWPMWXI\TERHXLI6IWSYVGIWKVSYTERHXLIR HSYFPIGPMGOXLIJMPI,IPPSC;SVPH:MI['SRXVSPPIV\MF8LMW[MPPSTIRXLEXJMPIMR-RXIVJEGI&YMPHIV -JXLMWMW]SYVJMVWXXMQIYWMRK-RXIVJEGI&YMPHIVE[MRHS[KVSYTMRKWMQMPEVXSXLEXWLS[RMR *MKYVIWLSYPHETTIEV-J]SYvZIYWIH-RXIVJEGI&YMPHIVFIJSVIXLI[MRHS[W[MPPFI[LIVI ]SYPIJXXLIQXLIPEWXXMQI]SYYWIHMX ',%48)6 %TTIEWMRKXLI8MOM+SHW  *MKYVI,IPPSC;SVPH:MI['SRXVSPPIV\MFMR-RXIVJEGI&YMPHIV 238) -RXIVJEGI&YMPHIVLEWEPSRKLMWXSV]MXLEWFIIREVSYRHWMRGIERHLEWFIIRYWIHXSHIZIPSTETTPMGE XMSRWJSV2I\X78)43TIR78)41EG37<ERHRS[M4LSRI-RXIVJEGI&YMPHIVWYTTSVXWX[SJMPIX]TIWER SPHIVJSVQEXXLEXYWIWXLII\XIRWMSRRMFERHERI[IVJSVQEXXLEXYXMPM^IWXLII\XIRWMSR\MF8LIM4LSRI TVSNIGXXIQTPEXIWEPPYWI\MFJMPIWF]HIJEYPXFYXYRXMPZIV]VIGIRXP]EPP-RXIVJEGI&YMPHIVJMPIWLEHXLI I\XIRWMSRRMFERHEWEVIWYPXQSWXHIZIPSTIVWXSSOXSGEPPMRK-RXIVJEGI&YMPHIVJMPIWwRMFJMPIWx-RXIVJEGI &YMPHIVJMPIWEVIGSQQSRP]GEPPIHRMFJMPIWVIKEVHPIWWSJ[LIXLIVXLII\XIRWMSREGXYEPP]YWIHJSVXLIJMPIMW \MFSVRMF-RJEGX%TTPIEGXYEPP]YWIWXLIXIVQWwRMFxERHwRMFJMPIxXLVSYKLSYXMXWHSGYQIRXEXMSR 8LI[MRHS[PEFIPIH,IPPSC;SVPH:MI['SRXVSPPIV\MFXLIYTTIVPIJX[MRHS[MR*MKYVIMW XLIRMFvWQEMR[MRHS[-XMW]SYVLSQIFEWIERHWXEVXMRKTSMRXMRXLMWTEVXMGYPEVRMFJMPI;MXL XLII\GITXMSRSJXLIJMVWXX[SMGSRW*MPIvW3[RIVERH*MVWX6IWTSRHIVIZIV]MGSRMRXLMW[MR HS[VITVIWIRXWEWMRKPIMRWXERGISJER3FNIGXMZI'GPEWWXLEX[MPPFIGVIEXIHEYXSQEXMGEPP] JSV]SY[LIRXLMWRMFJMPIMWPSEHIH ',%48)6 %TTIEWMRKXLI8MOM+SHW  ;ERXXSGVIEXIERMRWXERGISJEFYXXSR#=SYGSYPHSJGSYVWIGVIEXIXLIFYXXSRF][VMXMRK GSHI&YXQSVIGSQQSRP]]SY[MPPYWI-RXIVJEGI&YMPHIVXSGVIEXIXLIFYXXSRERHWTIGMJ]MXW EXXVMFYXIWWLETIWM^IPEFIPIXG 8LI,IPPSC;SVPH:MI['SRXVSPPIV\MFJMPI[IEVIPSSOMRKEXVMKLXRS[KIXWPSEHIHEYXSQEXMGEPP] [LIR]SYVETTPMGEXMSRPEYRGLIW{JSVXLIQSQIRXHSRvX[SVV]EFSYXLS[{WSMXMWERI\GIP 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QEXMGEPP]ERHGERRSXFIHIPIXIH*VSQXLEX]SYGERTVSFEFP]KYIWWXLEXXLI]EVIMQTSVXERX ERHXLI]EVI *MPIvW3[RIV[MPPEP[E]WFIXLIJMVWXMGSRMRER]RMFJMPIERHVITVIWIRXWXLISFNIGXXLEXPSEHIH XLIRMFJMPIJVSQHMWO-RSXLIV[SVHW*MPIvW3[RIVMWXLISFNIGXXLEXwS[RWxXLMWGST]SJXLI RMFJMPI-JXLMWMWEFMXGSRJYWMRKHSRvX[SVV]MXvWRSXMQTSVXERXEXXLIQSQIRX;LIRMXHSIW FIGSQIMQTSVXERXPEXIVSR[IvPPKSSZIVMXEKEMR 8LIWIGSRHMGSRMRXLMWERHER]SXLIVRMFJMPIMWGEPPIH*MVWX6IWTSRHIV;IvPPXEPOQSVIEFSYX VIWTSRHIVWPEXIVMRXLIFSSOFYXMRZIV]FEWMGXIVQWXLIJMVWXVIWTSRHIVMWXLISFNIGX[MXL [LMGLXLIYWIVMWGYVVIRXP]MRXIVEGXMRK-JJSVI\EQTPIXLIYWIVMWGYVVIRXP]IRXIVMRKHEXE MRXSEXI\XJMIPHXLEXJMIPHMWXLIGYVVIRXJMVWXVIWTSRHIV8LIJMVWXVIWTSRHIVGLERKIWEWXLI YWIVMRXIVEGXW[MXLXLIMRXIVJEGIERHXLI*MVWX6IWTSRHIVMGSRKMZIW]SYEGSRZIRMIRX[E]XS GSQQYRMGEXI[MXL[LEXIZIVGSRXVSPSVZMI[MWXLIGYVVIRXJMVWXVIWTSRHIV[MXLSYXLEZMRK XS[VMXIGSHIXSHIXIVQMRI[LMGLGSRXVSPSVZMI[XLEXQMKLXFI%KEMR[IvPPXEPOEFSYXXLMW QYGLQSVIPEXIVSRWSHSRvX[SVV]MJXLMWGSRGITXMWEFMXJY^^]VMKLXRS[ ',%48)6 %TTIEWMRKXLI8MOM+SHW  )ZIV]SXLIVMGSRMRXLMW[MRHS[SXLIVXLERXLIWIJMVWXX[SWTIGMEPGEWIWVITVIWIRXWERSFNIGX MRWXERGIXLEX[MPPFIGVIEXIH[LIRXLIRMFJMPIPSEHW-RSYVGEWIEW]SYGERWIIMR*MKYVI XLIVIMWEXLMVHMGSRGEPPIH:MI[ 8LI:MI[MGSRVITVIWIRXWERMRWXERGISJXLI 9-:MI[ GPEWW% 9-:MI[ SFNIGXMWEREVIEXLEX EYWIVGERWIIERHMRXIVEGX[MXL-RXLMWETTPMGEXMSR[I[MPPSRP]LEZISRIZMI[WSXLMWMGSR VITVIWIRXWIZIV]XLMRKXLEXXLIYWIVGERWIIMRSYVETTPMGEXMSR0EXIVSR[IvPPFYMPHQSVI GSQTPI\ETTPMGEXMSRWXLEXLEZIQSVIXLERSRIZMI[FYXJSVRS[NYWXXLMROSJXLMWEW[LEX XLIYWIVWGERWII[LIRXLI]vVIYWMRK]SYVETTPMGEXMSR 238) 8IGLRMGEPP]WTIEOMRKSYVETTPMGEXMSR[MPPEGXYEPP]LEZIQSVIXLERSRIZMI[%PPYWIVMRXIVJEGIIPIQIRXWXLEXGER FIHMWTPE]IHSRXLIWGVIIRMRGPYHMRKFYXXSRWXI\XJMIPHWERHPEFIPWEVIEPPWYFGPEWWIWSJ 9-:MI[ ;LIR]SY WIIXLIXIVQwZMI[xYWIHMRXLMWFSSOLS[IZIV[I[MPPKIRIVEPP]FIVIJIVVMRKSRP]XSEGXYEPMRWXERGIWSJ 9-:MI[ ERHXLMWETTPMGEXMSRLEWSRP]SRISJXLSWI -J]SYKSFEGOXS*MKYVI]SYvPPRSXMGIX[SSXLIV[MRHS[W STIRFIWMHIWXLIQEMR[MRHS[0SSOEXXLI[MRHS[XLEXLEW XLI[SVH:MI[MRXLIXMXPIFEV8LEX[MRHS[MWXLIKVETLMGEP VITVIWIRXEXMSRSJXLEXXLMVHMGSRMRXLIRMFvWQEMR[MRHS[-J ]SYGPSWIXLMW[MRHS[ERHXLIRHSYFPIGPMGOXLI:MI[MGSRMR XLIRMFJMPIvWQEMR[MRHS[XLMW[MRHS[[MPPSTIRYTEKEMR 8LMWMW[LIVI]SYGERHIWMKR]SYVYWIVMRXIVJEGIKVETLMGEPP] 0IXvWHSXLEXRS[ %HHMRKE0EFIPXSXLI:MI[ 8LIVMKLXQSWX[MRHS[WLS[RMR*MKYVIMWXLIPMFVEV] [LMGL]SYGERWIIMRQSVIHIXEMPMR*MKYVI8LMWMW[LIVI ]SY[MPPJMRHEPPXLIWXSGO'SGSE8SYGLSFNIGXWXLEX-RXIV JEGI&YMPHIVWYTTSVXW(VEKKMRKERMXIQJVSQXLIPMFVEV]XS ERMFJMPI[MRHS[[MPPEHHERMRWXERGISJXLEXGPEWWXS]SYV ETTPMGEXMSR-J]SYGPSWIXLIPMFVEV][MRHS[]SYGERKIXMX XSVIETTIEVF]WIPIGXMRK0MFVEV]JVSQXLI8SSPWQIRY8LI MXIQWSRXLMWTEPIXXIEVITVMQEVMP]JVSQXLIM4LSRI9-/MX [LMGLMWEJVEQI[SVOSJSFNIGXWYWIHXSGVIEXIERETTPMGE XMSRvWYWIVMRXIVJEGI *MKYVI8LI0MFVEV]TEPIXXI [LIVI]SYvPPJMRHWXSGOSFNIGXW JVSQXLI9-/MXXLEXEVIEZEMPEFPI JSVYWIMR-RXIVJEGI&YMPHIV [...]... PIJX XLIQ XLI PEWX XMQI ]SY YWIH MX   ',%48)6  %TTIEWMRK XLI 8MOM +SHW *MKYVI  ,IPPSC;SVPH:MI['SRXVSPPIV\MF MR -RXIVJEGI &YMPHIV 23 8) -RXIVJEGI &YMPHIV LEW E PSRK LMWXSV] MX LEW FIIR EVSYRH WMRGI  ERH LEW FIIR YWIH XS HIZIPST ETTPMGE XMSRW JSV 2I\X78)4 3TIR78)4 1EG 37 . %TTIEWMRKXLI8MOM+SHW  23 8) -J]SYLEZIERM4LSRISVM4SH8SYGLGSRRIGXIHXS]SYVQEGLMRI[LIR]SYJMVWXPEYRGL<GSHI]SYQMKLX WIIEQIWWEKIEWOMRKMJ]SY[ERXXSYWIXLEXHIZMGIJSVHIZIPSTQIRX*SVRS[GPMGOXLI-KRSVIFYXXSR-J ]SYGLSSWIXSNSMRXLITEMHM4LSRI(IZIPSTIV4VSKVEQ]SY[MPPKEMREGGIWWXSETVSKVEQTSVXEPXLEX[MPP XIPP]SYLS[XSYWI]SYVM4LSRISVM4SH8SYGLJSVHIZIPSTQIRXERHXIWXMRK 'VIEXIERI[TVSNIGXF]WIPIGXMRK2I[4VSNIGXiJVSQXLI*MPIQIRYSVF]TVIWWMRK 2  [LMGL[MPPFVMRKYTXLI2I[4VSNIGX%WWMWXERXWII*MKYVI *MKYVI8LI2I[4VSNIGXEWWMWXERX[LMGLPIXW]SYWIPIGXJVSQZEVMSYWJMPI XIQTPEXIW[LIRGVIEXMRKERI[JMPI %W]SYvPPWIIMR*MKYVIXLITERISRXLIPIJXWMHISJXLI[MRHS[MWHMZMHIHMRXSX[SQEMR WIGXMSRWM4LSRIERH1EG37<=SYvPPRSXMGIXLEXXLIVIEVIERYQFIVSJTVSNIGXXIQTPEXIGEX IKSVMIWEZEMPEFPIJSV1EG37<FYXSRP]SRIGEXIKSV]EXPIEWXEXXLIXMQISJXLMW[VMXMRKJSV XLIM4LSRI%TTPMGEXMSR %W[IHMHMR*MKYVIWIPIGX%TTPMGEXMSRJVSQYRHIVXLIM4LSRILIEHMRKERH]SYvPPFI WLS[RERYQFIVSJMGSRWMRXLIYTTIVVMKLXTERIIEGLSJ[LMGLVITVIWIRXWEWITEVEXITVSNIGX XIQTPEXIXLEXGERFIYWIHEWEWXEVXMRKTSMRXJSV]SYVM4LSRIETTPMGEXMSRW8LIMGSRPEFIPIH :MI[&EWIH%TTPMGEXMSRMWXLIWMQTPIWXXIQTPEXIERHXLISRI[IvPPFIYWMRKJSVXLIJMVWXWIZIVEP GLETXIVW8LISXLIVWTVSZMHI]SY[MXLEHHMXMSREPGSHIERHSVVIWSYVGIWRIIHIHXSGVIEXI ',%48)6. %TTIEWMRKXLI8MOM+SHW  23 8) -J]SY[ERXXSGPIEVSYXSPHETTPMGEXMSRWJVSQXLIM4LSRIWMQYPEXSVvWLSQIWGVIIR]SYGERWMQTP]HIPIXI XLIJSPHIVGEPPIHM4LSRI7MQYPEXSVJVSQXLI%TTPMGEXMSR7YTTSVXJSPHIVGSRXEMRIHMR]SYVLSQIHMVIGXSV]vW 0MFVEV]JSPHIV &VMRK-XSR,SQI 4EX]SYVWIPJSRXLIFEGO%PXLSYKLMXQE]RSXWIIQPMOI]SYEGGSQTPMWLIHEPPXLEXQYGLMR XLMWGLETXIV[IEGXYEPP]GSZIVIHEPSXSJKVSYRH=SYPIEVRIHEFSYXXLIM4LSRITVSNIGXXIQ TPEXIWGVIEXIHERETTPMGEXMSRWE[LS[XSYWI-RXIVJEGI&YMPHIVERHPIEVRIHLS[XSWIX]SYV ETTPMGEXMSRMGSRERHFYRHPIMHIRXMJMIV ,IPPS;SVPHLS[IZIVMWEWXVMGXP]SRI[E]ETTPMGEXMSR[IWLS[WSQIMRJSVQEXMSRXSXLI YWIVFYX[IRIZIVKIXER]MRTYXJVSQXLIQ;LIR]SYvVIVIEH]XSWIILS[[IKSEFSYXKIX XMRKMRTYXJVSQXLIYWIVSJERM4LSRIERHXEOMRKEGXMSRWFEWIHSRXLEXMRTYXXEOIEHIIT FVIEXLERHXYVRXLITEKI