A Journey In Time

/MRXEVS,EXXSVMMRJSYRHIHXLI GSQTER]XLEX[EWXSFIGSQI7IMOS

%.3962)=-28-1) 8,)6)1%6/%&0)7836=3*7)-/3

Œ7IMOS;EXGL'SVTSVEXMSR *MVWX4YFPMWLIH (IWMKRIHF]7LIPPI]22SXX*+%(+% 4VSHYGIHF]+SSH-QTVIWWMSRW7X%PFERW,IVXW9/ 4VMRXIHF]8344%246-28-2+'308(.ETER %PPVMKLXWVIWIVZIH2STEVXSJXLMWFSSOQE]FI VITVSHYGIHSVXVERWQMXXIHMRER]JSVQSVF]ER]QIERW IPIGXVSRMGQIGLERMGEPSVTLSXSKVETLMGSVWXSVIHMRER] MRJSVQEXMSRWXSVEKISVVIXVMIZEPW]WXIQ[MXLSYXXLI TIVQMWWMSRSJ7IMOS;EXGL'SVTSVEXMSR

%.SYVRI]MR8MQI 8LI6IQEVOEFPI7XSV]SJ7IMOS[EW[VMXXIREXXLIMRWXMKEXMSRSJ7IMOS;EXGL 'SVTSVEXMSRXS½PPEZSMHMRXLI)RKPMWLPERKYEKIPMXIVEXYVIEFSYXXLITEWXTVIWIRXERHJYXYVI SJXLIGSQTER]8LIEYXLSV .SLR+SSHEPPMWENSYVREPMWX[LSLEWWTIRXQSWXSJLMW[SVOMRK PMJI[VMXMRKEFSYX[EXGLIWERHXLI[EXGLQEVOIX¯JSVRIEVP]]IEVWEWXLIIHMXSVSJXLI PIEHMRK&VMXMWLXVEHIRI[WTETIV[LMGL[EWXLIRGEPPIH6IXEMP.I[IPPIVERHWYFWIUYIRXP]EW XLIIHMXSVSJE[EXGLQEKE^MRIJSVIRXLYWMEWXW*SVXLIPEWX]IEVWLILEWFIIREJVIIPERGI NSYVREPMWX[VMXMRKEFSYX[EXGLIWJSVLMKLUYEPMX]QEKE^MRIWERHREXMSREPRI[WTETIVW,MW EVXMGPIWLEZIFIIRTYFPMWLIHMRXLI97%-XEP]+IVQER]*VERGIXLI9/ERH.ETER

' 328)287 'LETXIV

,YQFPI&IKMRRMRKW'VIEXIE7SYRH*SYRHEXMSR 8LIIEVP]7IMOSWXSV]



'LETXIV

-RRSZEXMSRERH6IßRIQIRX %RI[HMVIGXMSRJSVXLIWXGIRXYV]



'LETXIV

8LI(IZIPSTQIRX=IEVW 8LIIEVP]LMWXSV]¯



'LETXIV

'SQTIXMXMSRW7TYVVIH7IMOSXS2I[,IMKLXW -RXIVREXMSREPVIGSKRMXMSR



'LETXIV

8LI4MRREGPISJ1IGLERMGEP)\GIPPIRGI 8LIWXSV]SJXLI+VERH7IMOSGSPPIGXMSR



'LETXIV

8LI(E]XLEX'LERKIHXLI,MWXSV]SJ8MQI 8LIEHZIRXSJUYEVX^XIGLRSPSK]



'LETXIV

/MRIXMG;EXGLIW®%PP 8LEXMW&IWXMR7IMOS8IGLRSPSK] 8LIGLEPPIRKISJGPIERIRIVK]



'LETXIV

8LI²+VEQQEVSJ(IWMKR³ %GYPXYVISJMRRSZEXMZIHIWMKR



'LETXIV

8LI-RàYIRGISJ+PSFEP(IWMKR 'SPPEFSVEXMSR[MXL[SVPHVIRS[RIHHIWMKRIVW



'LETXIV

7TSVXW;EXGLIW8LEX+S8S)\XVIQIW *VSQXLIXSTSJXLI[SVPHXSXLIHIITIWXSGIERW



'LETXIV

7TSVXW8MQMRK®8LI1IEWYVISJ+VIEXRIWW 7IMOS´WTEWWMSRJSVWTSVXWMRGI



'LETXIV

8LI-RRSZEXMSR+SIW3R *VSQUYEVX^XS7TVMRK(VMZI



'LETXIV

8LI+YEVHMERWSJ8MQI 8LI7IMOS-RWXMXYXISJ,SVSPSK]



, 91&0)&)+-22-2+7'6)%8)% 7 392(*392(%8-32 *I[TISTPIMRXLI;IWXIVR[SVPHXSHE]EVIE[EVISJ.ETER³WVMGLLIVMXEKISJ[EXGL ERHGPSGOQEOMRKERH]IXXLIVIQEVOEFPIWYGGIWWSJXLI.ETERIWILSVSPSKMGEP MRHYWXV]MRXLIPEWX]IEVWMWEGSRXMRYEXMSRSJ.ETER³WJEWGMREXMSR[MXLXMQIHS[R XLIEKIW %XXLILIEVXSJXLIQENSVQSHIVRWYGGIWWWXSV]PMIW7IMOSEFVERHXLEX S[IWWSQYGLXSXLVIIKIRIVEXMSRWSJNYWXSRIJEQMP]®,EXXSVM

8LIMRRSZEXMZIWTMVMXXLEXLEWPIH XLIQXSEGLMIZIWSQER][SVPH½VWXW [MXLXLIMVXMQITMIGIWERHXSFYMPHSRI SJ XLI [SVPH´W QSWX MQTSVXERX [EXGL FYWMRIWWIWMWERETXXVMFYXIXSIEVPMIV KIRIVEXMSRWSJ.ETERIWILSVSPSKMWXW .ETER´W½VWXXMQITMIGIWS[IHQYGL XSXLIMRKIRYMX]SJ'LMRIWIMRZIRXSVW ;EXIV GPSGOW [IVI SRI SJ XLI ½VWX JSVQWSJXMQIOIITMRKERH[IVIMRYWI MR'LMREMRXLI½VWXQMPPIRRMYQ%(-R .ETER XLI EVVMZEP SJ &YHHLMWQ MR XLI QMH W ERH XLI GSRGYVVIRX HIGPMRI SJXLI=EQSXS'SYVXWIXXLIWGIRIJSV XLIMRXVSHYGXMSRXS.ETERSJXLIXIGL RSPSK] XS TVSHYGI [EXIV GPSGOW8LI .ETERIWIKSZIVRQIRXVIQSHIPPIHMXWIPJ SRXLITVMRGMTPIWSJXLI8´ERH(]REWX] MRXVSHYGIH F] 'SRJYGMYW ERH F]%(  )QTIVSV8IRGLM LEH GVIEXIH XLI ½VWX[EXIVGPSGOMR.ETER -R 'LMRE XLI WGLSPEV 7YRK QEHI E TMSRIIVMRK FVIEOXLVSYKL [LIR LI GSQTPIXIH XLI ±'SWQMG )RKMRI² EVSYRH  -X MW FIPMIZIH F] WSQI WGLSPEVW XS FI XLI ½VWX GPSGO MR VIGSVHIH LMWXSV] XS LEZI FIIR VIKY PEXIHF]ERIWGETIQIRX %JXIV XLMW KVIEX PIET JSV[EVH MX WIIQWXLEXXLIEVXSJGSQTPI\QIGLER MGEPGPSGOQEOMRK[EWPSWXMR)EWX%WME %.3962)=-28-1)

&IJSVI.ETEREHSTXIHXLI;IWXIVR XMQIW]WXIQWTIGMEPGPSGOWHMWTPE]IH XLIXMQIEGGSVHMRKXSXLIPYREV W]WXIQXLEX[EWMRYWIJSVWIZIVEP LYRHVIH]IEVW1ER]PMOIXLMW I\EQTPIMRXLI7IMOS-RWXMXYXISJ ,SVSPSK]LEHX[SZIVKIERHJSPMSX QIGLERMWQWMRWXIEHSJXLIWMRKPI IWGETIQIRXYWIHMRXLI;IWX

YRXMPQIGLERMGEPXMQITMIGIW[IVIIZIR XYEPP]MQTSVXIHJVSQ)YVSTI -R XLI PEXI W XLI )HS JEQMP] SJ XLI8EMVE GPER IWXEFPMWLIH E ½WLMRK ZMPPEKI[LMGLLEWIZSPZIHMRXSXLIZEWX QIXVSTSPMWGEPPIH8SO]S[MXLETSTYPE XMSRXSHE]SJEVSYRHQMPPMSR¯ERH QMPPMSR[MXLMREVEHMYWSJQMPIW %VSYRH  ]IEVW EJXIV XLI ZMPPEKI [EWIWXEFPMWLIHXLI½VWX[IMKLXHVMZIR GPSGOW [IVI GVIEXIH MR )YVSTI PEVKI MVSRWXVYGXYVIWXLEX[IVISRP]EGGYVEXI IRSYKL XS NYWXMJ] ER LSYV LERH ¯ FYX XLI]QEVOIHXLIWXEVXSJXMQIOIITMRK EW[IORS[MXXSHE] -R 2‚VIQFYVK XLI WTVMRK [EW EHHIHXSQIGLERMGEPGPSGOWMRXLIIEVP] W QEOMRK TSWWMFPI XLI TVSHYG XMSRSJXEFPIGPSGOW %WQERYJEGXYVMRK XIGLRMUYIW EHZERGIH MX FIGEQI TSW WMFPIXSQEOIWQEPPGSQTSRIRXW[MXL WSQIHIKVIISJTVIGMWMSRERHTSGOIX [EXGLIWFIGEQIEVIEPMX]JSVXLI½VWX XMQI *VSQ+IVQER]ERH)RKPERH [IVI XLI [SVPH´W QEMR GIRXVIW SJ [EXGLQEOMRKERHHYVMRKXLIRI\X ]IEVW *VERGI EPWS HIZIPSTIH E [EXGL QEOMRK MRHYWXV] -R XLI QMHHPI SJ XLI XL GIRXYV] [EXGLQEOMRK WXEVXIH MR +IRIZE EJXIV VIJSVQW MRXVSHYGIH F] 

%[EPPGPSGOHMWTPE]MRKXMQI EGGSVHMRKXSXLIPYREVW]WXIQXLEX [EWYWIHMR.ETERFIJSVI

.IER'EPZMRFERRIHXLI[IEVMRKSJNI[ IPPIV]ERHJSVGIHKSPHWQMXLWNI[IPPIVW ERHWSQISXLIVGVEJXWQIRXSXYVRXS XLIRI[GVEJXSJ[EXGLQEOMRK %XXLEX XMQIEPP[EXGLIW[IVITSGOIX[EXGLIW ¯ [VMWX[EXGLIW [IVI RSX QEHI SR E GSQQIVGMEP WGEPI YRXMP IRKMRIIVMRK EHZERGIWQEHIMXTSWWMFPIXSTVSHYGI WQEPPIRSYKLGSQTSRIRXWEGGYVEXIP]  ;LMPI XLIWI HIZIPSTQIRXW [IVI XEOMRK TPEGI MR )YVSTI .ETER WYJJIVIH 

JVSQ XLI JIYHEP VYPI SJ XLI 7EQYVEM GPSGOQEOMRK XLVMZIH MR .ETER JSV XLI JVSQ XLI W XS XLI W ERH RI\X]IEVW8LIGEWXPIXS[RSJ)HS XLMW[EWJSPPS[IHF]X[SGIRXYVMIWSJ FIGEQI XLI GIRXVI SJ XLI GSYRXV]´W MRGIWWERX [EVJEVI TIVTIXYEXIH F] XLI GPSGOQEOMRK MRHYWXV] ERH MXW QEWXIVW (EMQ]SSV7EQYVEMPSVHW(YVMRKXLIWI WYGL EW 7YOI^EIQSR 8WYHE HIZIP XYVFYPIRXXMQIWXLIVI[EWPMXXPIXIGLRS STIH [EHSOIM XMQITMIGIW XLEX [IVI PSKMGEPTVSKVIWWMR.ETEREPXLSYKLQER] YRPMOI ER] XLI VIWX SJ XLI [SVPH LEH GPEWWMGEP.ETERIWIXVEHMXMSRWWXEVXIHMR IZIV YWIH 8LIWI GPSGOQEOIVW [IVI XLMW TIVMSH EQSRK XLIQ XLI XIE GIV IQTPS]IH HMVIGXP] F] XLI 7LSKYREXI HYVMRKXLI)HS)VE   IQSR]ERHWYQMITEMRXMRK % .IWYMX QMWWMSREV] *VERGMWGS HI <EZMIV±HMWGSZIVIH².ETERMRERH 8LI)HS)VE MR  LI KEZI XLI ½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½VWX QIGLERMGEP GPSGO XS .ETER E XLVSYKLSYXXLI]IEVWSHMHXLIPIRKXL .ETERIWI'LVMWXMERQMWWMSRXLEXZMWMXIH SJIEGLSJXLIWITIVMSHWI\GITXEXXLI XLI4STIMR6SQIVIXYVRIHLSQI[MXL IUYMRS\IW;EHSOIM[IVIGSQTPMGEXIH EGPSGOJSV,MHI]SWLM8S]SXSQM3XLIV IRSYKL XS FI EFPI XS EPPS[ JSV XLIWI HEMP] ZEVMEXMSRW ¯ ERH PEXIV ZIVWMSRW QIGLERMGEPGPSGOWWSSRJSPPS[IH %VSYRH  E GSQFMREXMSR IHY IZIRMRGPYHIHGEVMPPSRWERHEPEVQW8S GEXMSREPZSGEXMSREP WGLSSP [EW WIX YT GSTI[MXLXLIHMJJIVIRXPIRKXLWSJHE] F] 'LVMWXMER QMWWMSREVMIW MR 2EKEWEOM ERHRMKLXIEGLGPSGOLEHRSXSRIFYX 4VIJIGXYVI -X XEYKLX WXYHIRXW LS[ XS X[SZIVKIERHJSPMSXIWGETIQIRXWSRI QEOIGPSGOWSVKERWERHEWXVSRSQMGEP JSV XLI HE] TIVMSH XLI SXLIV JSV XLI IUYMTQIRX8LMW[EWEPQSWX]IEVW RMKLX¯EGSQTPMGEXMSRXLEX[EWYRRIG FIJSVI (ERMIP .IER 6MGLEVH IWXEF IWWEV] JSV GPSGOQEOIVW MR ER] SXLIV PMWLIH [EXGLQEOMRK MR 0I 0SGPI MR TEVXSJXLI[SVPH %QSRK XLI .ETERIWI GPSGOW 7[MX^IVPERH &]  EJXIV XLI YRM½GEXMSR SJ TVSHYGIH HYVMRK XLI )HS )VE [IVI .ETER´W [EVVMRK WXEXIW XLIVI [EW E ]EKYVEHSOIMGPSGOWSRLMKLWXERHWXS GVEGOHS[R SR 'LVMWXMER QMWWMSREVMIW EGGSQQSHEXI XLI [IMKLXW XLEX TS[ &].ETERFIKERXSGPSWIMXWHSSVW IVIHXLIQWLEOYHSOIM[EPPQSYRXIH XS JSVIMKR MR¾YIRGIW ERH .ETERIWI GPSGOW[MXLGEPMFVEXMSRWFIPS[XLIXMQI REXMZIW[IVIJSVFMHHIRXSXVEZIPSZIV VIEHJVSQXLITSWMXMSRSJXLI[IMKLXW WIEW 1SWX JSVIMKR XVEHI GIEWIH F] ERHQEOYVEHSOIMWTVMRKHVMZIRGPSGOW XLEX GSYPH FI TPEGIH SR WLIPZIW SV  %W XLI GSYRXV] FIGEQI QSVI GEFMRIXW =EKYVEHSOIM MR TEVXMGYPEV MWSPEXIH ERH MQTSVXW GEQI XS ER IRH VIEGLIHZIV]LMKLPIZIPWSJWSTLMWXMGE ',%48)6

XMSR [MXL GSQTPI\ QYPXMTPI JYRGXMSRW MRGPYHMRKGLMQIWEPEVQWERHGEPIRHEVW 8LI[EHSOIMGPSGOMRHYWXV]HIZIP STIH XLVSYKLSYX XLI )HS TIVMSH FYX [EW WYHHIRP] VIRHIVIH SFWSPIXI MR [LIRXLI1IMNM'EFMRIXEHSTXIH XLIWSPEVGEPIRHEVMRTPEGISJXLIPYREV W]WXIQXLEXLEHFIIRMRYWIHYVMRKXLI )HS)VE %WEVIWYPX(IGIQFIV FIGEQI .ERYEV]   ERH XLI SPH .ETERIWIXMQIW]WXIQGEQIXSERIRH 8LI[EHSOIMGPSGOWQEHIF].ETERIWI GPSGOQEOIVW [IVI RS PSRKIV SJ ER] YWIEWXMQITMIGIWERHRSFSH]MR.ETER LEHI\TIVMIRGISJQEOMRKGPSGOW XLEX GSYPHFIYWIHJSVXLIRI[XMQIW]WXIQ .ETERLEHXSIRXIVERI[IVESJXMQI OIITMRK %X½VWXGPSGOW[IVIMQTSVXIH JVSQXLI;IWXIWTIGMEPP]%QIVMGEERH )YVSTI 7SSR XIGLRSPSK] MRXVSHYGIH 8LMWLERHGSPSYVIHTSWXIVMRXLI,SVSPSKMGEP-RWXMXYXIMR8SO]SWLS[WXLI7IMOSWLE JEGXSV]ERHWSQISJMXWIEVPMIWXTVSHYGXW JVSQ XLI;IWX LIPTIH [MXL XLI GVIE XMSRSJ.ETER´WRI[LSVSPSKMGEPMRHYWXV] EWXLIGSYRXV]FIKERXSGSQIXSXIVQW QER [LS [EW XS FIGSQI ORS[R EW REQI7IMOSWLE[LMPIXLI[VMWX[EXGLIW [MXLXLIWSPEVGEPIRHEVMXLEHVIGIRXP] .ETER´W±/MRK SJ8MQITMIGIW² -R  [IVIGEPPIH7IMOS -X [EW XLI JEVWMKLXIH KIRMYW EHSTXIH8LI RI[ MRHYWXV] WXEVXIH MR EX XLI EKI SJ SRP]  LI JSVQEPP] 8SO]SMR[MXLXLIQERYJEGXYVISJ JSYRHIH / ,EXXSVM [LMGL [EW WIX YT SJ /MRXEVS ,EXXSVM XLEX PEMH XLI JSVXLIVITEMVERHWEPISJWIGSRHLERH JSYRHEXMSRW SJ XLI TVIWIRX 7IMOS FSRFSRHSOIM¯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±7IMOS² QIERW ±I\UYMWMXI² ±QMRYXI² XS FIGSQI XLI [SVPH´W PEVKIWX [EXGL XLILYQFPIWXEVXSJXLIGEVIIVSJXLI SV±WYGGIWW² ERH±WLE² QIERW LSYWI  TVSHYGIV -X [EW LIVI XLEX /MRXEVS ,EXXSVM TVSHYGIH LMW ½VWX GPSGOW ERH XLIWI *SVIWMKLX QEVOIH XLI FIKMRRMRKW SJ E GSQTER] -R XLI W 7IMOS HIQSRWXVEXIH XLEX[EWXSFIGSQISRISJXLI[SVPH´W XLEX XLIMV QIGLERMGEP [EXGLIW [IVI QSWX MQTSVXERX QERYJEGXYVIVW SJ E QEXGL JSV WSQI SJ 7[MX^IVPERH´W XMQITMIGIW 8LI] WXEVXIH F] QEOMRK FIWX EX MRHITIRHIRX XVMEPW GSRHYGXIH [EPP GPSGOW ERH PEXIV KVEHYEXIH XS MR 7[MX^IVPERH -X [EW 'LEMVQER 7LSNM TSGOIX[EXGLIWEPEVQGPSGOWERH[VMWX ,EXXSVM[LSLEHXLIJSVIWMKLXXSVIG [EXGLIW (YVMRK XLI ½VWX TEVX SJ XLI SKRMWI XLI MQTSVXERGI SJ WYGGIWW MR 8LIQEMRIRXVERGIXSXLI7IMOSWLE 7LS[E)VE  XLIGSQTER]´W XLIWI GSQTIXMXMSRW [LIR LI KEZI LMW JEGXSV]MR TSGOIX[EXGLIW[IVIKMZIRXLIFVERH XIGLRMGMERW XLI SVHIV ±(S MX² 8LIMV %.3962)=-28-1)



WYGGIWWMRXLIGSQTIXMXMSRKEZIEKVIEX FSSWX XS XLI VITYXEXMSR SJ 7IMOS´W QIGLERMGEP[EXGLIW -R XLI W HIQERH JSV QIGLERMGEP [EXGLIW H[MRHPIH EW UYEVX^[EXGLIWFIKERXSHSQMREXIXLI QEVOIX ERH 7IMOS IZIRXYEPP] VIHYGIH HVEQEXMGEPP]TVSHYGXMSR ,S[IZIV F] XLI W .ETER´W [EXGL IRXLYWMEWXW VIHMWGSZIVIH XLI GSPPIGXEFPIUYEPMXMIWSJ½RIQIGLERMGEP [EXGLIW XLI 7IMOS GLVSRSQIXIV [EW VIFSVR MR 8SHE] XLIVI MW E LIEPXL]HIQERHJSV7IMOS´WLMKLKVEHI QIGLERMGEP[EXGLIWMR.ETERFYXWSJEV XLI] LEZI RSX FIIR WSPH SYXWMHI XLI HSQIWXMGQEVOIX 7MRGIXLITVSHYGXMSRSJ½RI QIGLERMGEPXMQITMIGIWLEWFIIRXEOIR ZIV] WIVMSYWP] [MXLMR 7IMOS ERH XLI GSQTER]FIPMIZIW[MXLIZIV]NYWXM½GE XMSR XLEX SRGI EKEMR XLI FIWX SJ MXW TVSHYGXW EVI ½X XS VMZEP WSQI SJ XLI FIWX7[MWWXMQITMIGIW

-X [EW EPWS 7LSNM ,EXXSVM [LS MWWYIH E HIGVII XLEX PIH XS XLI QSWX MQTSVXERX GSYT MR XLI GSQTER]´W VIQEVOEFPI LMWXSV] -R XLI W .ETERIWI ERH 7[MWW XIGLRMGMERW [IVI VEGMRK EKEMRWX IEGL SXLIV XS TVSHYGI XLI ½VWX GSQQIVGMEP UYEVX^ [EXGLIW '), XLI 7[MWW VIWIEVGL GIRXVI ERH 7IMOS´W VIWIEVGL ERH HIZIPSTQIRX HITEVXQIRX[IVI[SVOMRK¾EXSYXXS SZIVGSQI IRSVQSYW TVSFPIQW ERH TVSHYGI XLI ½VWX GSQQIVGMEPP] ZMEFPI UYEVX^[VMWX[EXGLIW

3RI]IEVHIEHPMRI 7IMOS XIGLRMGMERW [IVI ½RHMRK MX HMJ ½GYPX XS SZIVGSQI XLI ½REP LYVHPIW [LIR 7LSNM ,EXXSVM 4VIWMHIRX SJ ,EXXSVM7IMOSVERSYXSJTEXMIRGIERH KEZI XLI SVHIV XLEX XLIVI [EW XS FI EQEVOIXEFPITVSHYGX[MXLMRSRI]IEV -R VIWTSRWI XS LMW IHMGX XLI GSQTE R]´W JYPP VIWSYVGIW [IVI ETTPMIH XS XLITVSFPIQERH7IMOSWYGGIIHIHSR (IGIQFIV   MR QEVOIXMRK XLI

8LISJJMGIFYMPHMRKSJ7IMOSWLEMR 

[SVPH´W ½VWX UYEVX^ [VMWX[EXGL 8LMW KEZI XLIQ ER IRSVQSYW GSQQIVGMEP EHZERXEKI SZIV XLI 7[MWW8LI ½VWX 7IMOSUYEVX^[EXGLIWGSWXEWQYGLEW E8S]SXEGEV 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 TVSHYGIHEVSYRHQMPPMSR[EXGLIW ,MWXSVMGEPP]XLI[EXGLMRHYWXVMIWMR .ETERERH7[MX^IVPERHHIZIPSTIH[MXL HMJJIVIRXWXVYGXYVIWERHXLMWYPXMQEXIP] EGGSYRXIHJSV7IMOS´WVIQEVOEFPIWYG GIWW[LIRXLI[SVPHXYVRIHXSUYEVX^ 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 %WUYEVX^XIGLRSPSK]½VWXIQIVKIH 7IMOS [EW JEGIH [MXL ER MQTSVXERX HIGMWMSR 6IMNMVS ,EXXSVM ,SRSVEV] 'LEMVQERSJXLI7IMOS+VSYTI\TPEMRW ±;ILEHFIIRXEPOMRKEFSYX[LIVIXS FY] XLI WXIIP JSV SYV FEPERGI WTVMRKW ERHXLIRXSFYMPHEJEGXSV]SYVWIPZIW XSQERYJEGXYVIXLIQ;LIR[IGEQI MRXS XLI UYEVX^ EKI [I [IVI XEPOMRK EFSYX [LEX XS HS MR XIVQW SJ WIQM GSRHYGXSV JEGXSVMIW ERH EFSYX XLI JEGXXLEXMX[EWR´XIRSYKLNYWXXSQEOI WIQMGSRHYGXSVW[L]RSXFYMPHUYEVX^ SWGMPPEXSVW ERH PMUYMH GV]WXEP HMWTPE]W XSS#² 7IMOS TVSHYGIH ¯ ERH WXMPP TVS HYGIW ¯ QSWX SJ XLI GSQTSRIRXW JSV MXW [EXGLIW MRGPYHMRK QSZIQIRXW GEWIWERHHMEPWMRGSQTERMIW[MXLMRXLI KVSYT%X E XMQI [LIR 7[MWW TVSHYG XMSR[EWSJXIRLIPHYTF]EWLSVXEKISJ GSQTSRIRXWJVSQZEVMSYWMRHITIRHIRX GSQTERMIW 7IMOS LEH JEV KVIEXIV GSR ',%48)6

XVSP SZIV TVSHYGXMSR FIGEYWI EPQSWX IZIV]TEVX[EWQEHIMRLSYWI -XW MRXIKVEXIH ETTVSEGL EPWS JEGMPMXEXIH XLI HIZIPSTQIRX SJ LMKLP] EYXSQEXIH TVSHYGXMSR ERH EWWIQFP] PMRIW [LMGL GSYPH STIVEXI YRQERRIH JSVLSYVWEHE] %W TVSHYGXMSR SJ UYEVX^ [EXGLIW I\TERHIH VETMHP] XS GEXIV JSV IRSV QSYW [SVPH[MHI HIQERH .ETERIWI QEOIVWWSSRFIGEQIHSQMRERX¯ERH QYGL SJ XLIMV WYGGIWW [EW XLI VIWYPX SJ XLI MRXIKVEXIH ETTVSEGL XS [EXGL QEOMRK XLEX LEH FIIR MRWXMKEXIH F] /MRXEVS,EXXSVMEXXLIFIKMRRMRKSJXLI XLGIRXYV]

-RZIWXMRKMR6 ( (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]FYXMX[EWRSXYRXMPXLEX XLI[SVPH´W½VWXEYXSQEXMGKIRIVEXMRK UYEVX^[EXGL[EWPEYRGLIH 5YEVX^ QSZIQIRXW VITVIWIRXIH EVIZSPYXMSRMREGGYVEG]HMKMXEPUYEVX^ [EXGLIWQEVOIHEVIZSPYXMSRMRHMWTPE] XIGLRSPSK] ERH XLI EYXSQEXMG KIRIV EXMRK W]WXIQ [LMGL 7IMOS IZIRXYEPP] REQIH /MRIXMG [EW E VIZSPYXMSR MR IRIVK] WSYVGIW JSV XMQIOIITMRK8LMW IRSVQSYW WXIT JSV[EVH QEVOIH XLI FIKMRRMRKSJ7IMOS´WRI[IVESJWSGMEP VIWTSRWMFMPMX] GVIEXMRK TVSHYGXW XLEX EVI JVMIRHP] XS XLI [SVPH [I PMZI MR 8LMWRI[EXXMXYHIMWRSXVIWXVMGXIHXS XLI QERYJEGXYVI SJ IRZMVSRQIRXEPP] JVMIRHP] TVSHYGXW MX EPWS I\XIRHW XS XLI GSQTER]´W JEGXSVMIW ERH SJ½GIW %.3962)=-28-1)

8LMWZMI[SJTEVXSJXLI7IMOSWLETPERXMRWLS[WLS[QYGLXLIGSQTER]LEH I\TERHIHMREJI[WLSVX]IEVW

ERH XLI GSQTER] [SR E[EVHW JSV MXW GSRXMRYMRK IJJSVXW XS VIHYGI IRIVK] GSRWYQTXMSRERHIRZMVSRQIRXEPTSPPY XMSRMRMXWJEGXSVMIW 5YEVX^XIGLRSPSK]PIHHMVIGXP]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 7IMOSLEWTPE]IHEQENSVVSPIMRWTSVXW XMQMRKXLI[SVPHSZIVERHMXWI\TIVXMWI ERHTVS½GMIRG]LEZILIPTIHXSIRLERGI XLIGSQTER]´WVITYXEXMSRJSVVIPMEFMPMX] ERHEGGYVEG] %JXIV7IMOSLEWFIIRSRISJ SRP] X[S GSQTERMIW XLEX LEZI XMQIH QYPXMHMWGMTPMRI QENSV MRXIVREXMSREP WTSVXW IZIRXW (IWTMXI XLI IRSVQSYW MRZIWXQIRX MR XIGLRSPSK] ERH QERTS[IV XLEX MW RIGIWWEV] XS

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±7SRSJ)4²¯)PIGXVMG4VMRXIV 7IMOS´WWYGGIWWMRXLIPEWX]IEVW LEWRSXSRP]VIPMIHSRXIGLRMGEPMRRSZE XMSRERHFYWMRIWWEGYQIRXLIGSQTER] LEW EPWS HIZSXIH GSRWMHIVEFPI EXXIR XMSR XS XLI MQTSVXERGI SJ HIWMKR -XW HIWMKRIVW LEZI [SR X[S (MEQSRHW 

-RXIVREXMSREP %[EVHW XLI GSZIXIH SJ[EXGLQERYJEGXYVMRKF]TMSRIIVMRK MRXIVREXMSREP E[EVHW XLEX QEVO XLI RI[ XIGLRSPSK] ERH HIZIPSTMRK RI[ TMRREGPISJNI[IPPIV]HIWMKR7IMOSLEW TVSHYGXMSRXIGLRMUYIW PEVKI XIEQW SJ HIWMKRIVW MR WIZIVEP 7IMOS´W KVSYRHFVIEOMRK WEPIW SJ TEVXW SJ XLI [SVPH ERH EPWS GSPPEFS XLI [SVPH´W ½VWX UYEVX^ [EXGLIW ERH VEXIW [MXL WSQI SJ XLI [SVPH´W QSWX MXWMRXVSHYGXMSRSJ/MRIXMGXIGLRSPSK] WYGGIWWJYPMRHYWXVMEPHIWMKRIVW TPE]IHEOI]VSPIMR7IMOS´WEGGITXERGI ;LIR /MRXEVS ,EXXSVM STIRIH EW E QENSV TPE]IV SR XLI [SVPH WXEKI LMW½VWX[EPPGPSGOJEGXSV]MRLMW %X XLI FIKMRRMRK SJ XLI WX GIRXYV] WXEJJQERYJEGXYVIHGPSGOWMRXLI XLIWLETISJXLI[SVPHQEVOIXFIKER ½VWXWM\QSRXLW&]LMWGSQTER] XSGLERKIZIV]UYMGOP]1EWWMZITVSHYG 7IMOSWLELEHFIGSQIXLIPEVKIWX[EPP XMSR SJ GLIET [EXGLIW MR 'LMRE ERH GPSGO QERYJEGXYVIV MR .ETER -R XLI 7SYXL)EWX%WMELEHEWXVSRKMQTEGXSR WIGSRHLEPJSJXLIXLGIRXYV]7IMOS XVEHMXMSREP[EXGLGSQTERMIW8LI7IMOS VIEGLIH ERH WXE]IH EX XLI JSVIJVSRX 'SVTSVEXMSR VIWTSRHIH F] VIWXVYG



XYVMRKXLI[EXGLHMZMWMSRERHGVIEXMRK 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] XLIGSQTER]´WZMWMSRMWWYQQIHYTF] MXW FYVRMRK UYIWX JSV MRRSZEXMSR ERH VI½RIQIRX ;MXL WYFWXERXMEP SRKSMRK MRZIWXQIRX MR VIWIEVGL ERH HIZIPST QIRXEW[IPPEWHIWMKRQEVOIXMRKERH EHZIVXMWMRKMXPSSOWWIXXSQEMRXEMRMXW HSQMRERXTSWMXMSRMRXLIKPSFEP[EXGL QEVOIXJEVMRXSXLIWXGIRXYV]

',%48)6

-223:%8-32%2(6)*-2)1)28 %WXLIWXGIRXYV]HE[RIHXLI[SVPH³W[EXGLQEVOIXW[IVIFIMRKXVERWJSVQIHF] TS[IVJYPRI[JSVGIWXLEXEWOIHUYIWXMSRWSJIZIV]QENSVGSQTER]MRXLIMRHYWXV] -RVIWTSRWIXLI7IMOS'SVTSVEXMSRQEHIERMQTSVXERXGLERKIXSMXWWXVYGXYVI HIWMKRIHXSIREFPIXLI[EXGLHMZMWMSRXSEGLMIZIMXWJYPPTSXIRXMEPERHXSXEOI EHZERXEKISJXLIWIGLERKIW®MXIWXEFPMWLIH7IMOS;EXGL'SVTSVEXMSR

8LILMWXSV]SJ7IMOSMWXLILMWXSV] SJ E JEQMP]S[RIH FYWMRIWW MRZSPZMRK XLVIIKIRIVEXMSRWSJXLI,EXXSVMJEQMP] YRHIV [LSWI KYMHERGI XLI GSQTER] LEWTVSWTIVIHJSVQSVIXLER]IEVW 9RHIVXLITVIWIRX,SRSVEV]'LEMVQER 6IMNMVS ,EXXSVM XLI KVERHWSR SJ XLI JSYRHIV/MRXEVS,EXXSVMXLIGSQTER] LEW VIGIRXP] WXYHMIH LS[ FIWX MX GER VIWTSRH XS XLI GLEPPIRKI SJ XLI WX GIRXYV][MXLERI[ZMWMSRTLMPSWSTL] ERH WXVYGXYVI8LI ½VWX IVE SJ 7IMOS IQFVEGIH XLI TMSRIIVMRK HE]W XLI GVIEXMSRSJRI[JEGXSVMIWERHXLIQER YJEGXYVISJZEVMSYWX]TIWSJXMQITMIGIW JSVXLI½VWXXMQIMR.ETER8LIWIGSRH IVE WXEVXIH MR XLI WIGSRH LEPJ SJ XLI XLGIRXYV][LIRXLIGSQTER]FIKER XSSTIRMQTSVXERXI\TSVXQEVOIXW8LI XLMVH IVE FIKER [MXL ER I\TPSWMSR MR WEPIWERHTVSHYGXMSREJXIVXLIGSQTE R]´WLMWXSVMGPEYRGLSJXLI[SVPH´W½VWX UYEVX^[EXGLIWMR8LIJSYVXLIVE WE[ XLI GSQTER] I\TERH MXW FVERH TSVXJSPMS GVIEXI E KPSFEP RIX[SVO SJ WYTTSVXGSQTERMIWERHEWWYQIKPSFEP PIEHIVWLMT MR [EXGLQEOMRK XIGLRSPS KMIW8SHE]ERSXLIVRI[IVEFIGOSRW &]XLIWERHWXLI7[MWW LEH WIIQIH XS FI MR E TSWMXMSR XLEX [EW YREWWEMPEFPI FYX XLEX TVSZIH XS %.3962)=-28-1)

8WYXSQY1MXSQIJMVWX4VIWMHIRXSJ 7IMOS;EXGL'SVTSVEXMSR[LMGL[EW IWXEFPMWLIHMR

FIRSSFWXEGPIXS7IMOS´WIRXLYWMEWXMG [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] EGLMIZMRKKVIEXWYGGIWWMRMRHITIRHIRX [EXGLXVMEPWLIPHMR7[MX^IVPERH

;LIR 7IMOS PIH XLI [SVPH MR XLI MRXVSHYGXMSRSJUYEVX^[EXGLIWMR ERH TMSRIIVIH XVYI QEWW TVSHYGXMSR ERHEYXSQEXMSRMRXLIWXLI]LEH ER IRSVQSYW EHZERXEKI SZIV XLIMV 7[MWW VMZEPW )ZIV WMRGI XLI IEVP] HE]W SJGPSGOTVSHYGXMSR¯ERHEJXIVZMWMXW XS XLI 97% EX XLI IRH SJ XLI XL ERHXLIFIKMRRMRKSJXLIXLGIRXYV] ¯ /MRXEVS ,EXXSVM ERH LMW WYGGIWWSVW LEHFIPMIZIHMRERHMRZIWXIHMRZIVXMGEP MRXIKVEXMSR &] XLI IRH SJ XLI W 7IMOS´W LMKLP] EYXSQEXIH TVSHYG XMSRPMRIWGSYPHWSVXERHEWWIQFPIEPP XLI TEVXW SJ E [EXGL XIWX ERH EHNYWX XLIQERHXLIRGEWIXLIQYT[MXLSYX XLI RIIH JSV LYQER MRXIVZIRXMSR -X [EW GSQTEVEXMZIP] IEW] XS EHETX XLMW EYXSQEXMSRXSXLIEWWIQFP]SJUYEVX^ [EXGLIW 8LI 7[MWW [EXGL MRHYWXV] GSR ZIVWIP]LEHHIZIPSTIHEPSRKHMJJIVIRX PMRIW[MXLELSVM^SRXEPWXVYGXYVIXLEX HMH RSX PIRH MXWIPJ XS XLI RI[ XIGL RSPSK] SJ UYEVX^ [EXGLIW8LSYWERHW SJGSQTERMIWWTIGMEPMWIHMRTVSHYGMRK MRHMZMHYEP TEVXW SV MR EWWIQFPMRK TEV XMGYPEVTEVXWSJIEGL[EXGLWYGLEWXLI IWGETIQIRXSJEQIGLERMGEP[EXGL8LMW MRHYWXV]WXVYGXYVIHMHRSXPIRHMXWIPJXS QEWWTVSHYGXMSRSVXSXLIFYMPHMRKSJ 

8LIJSVIWMKLXSJ/MRXEVS,EXXSVMMRXLIIEVP]HE]WSJ7IMOSPIHXSXLIGVIEXMSRSJERMRXIKVEXIHTVSHYGXMSRWXVYGXYVIXLEXKEZIXLI GSQTER]ERIRSVQSYWEHZERXEKI[LIRUYEVX^[EXGLIWXSSOSZIVXLIQEVOIX8LMW[EXGLTVSHYGXMSRPMRIEX1SVMSOE7IMOSMW TVSFEFP]XLIPEVKIWXMRXLI[SVPH

EYXSQEXIH TVSHYGXMSR PMRIW ERH XLMW 1ER]RI[FVERHWETTIEVIHMRXLIQEV TYX XLI 7[MWW EX E KVIEX HMWEHZERXEKI OIXTPEGIERH[MXLXLITVSJYWMSRSJRI[ -X[EWHMJ½GYPXXSSVKERMWITEVXWXSFI WYTTPMIVW EPQSWX ER]SRI [EW EFPI XS MRXLIVMKLXTPEGIEXXLIVMKLXXMQIXS WSYVGI [EXGLIW ERH XS PEYRGL E RI[ JEGMPMXEXI QEWW TVSHYGXMSR8LI 7[MWW FVERHREQI [EXGLQEOMRK MRHYWXV] RIIHIH JYRHE 9RPMOI IEVPMIV GSQTERMIW [LSWI QIRXEP VISVKERMWEXMSR XS GSTI [MXL REQIWLEHFIGSQIORS[RXLI[SVPH UYEVX^[EXGLTVSHYGXMSRFYXMR.ETER SZIVEW[EXGLFVERHWXLIWIRI[GSQ 7IMOS´W ZIVXMGEP MRXIKVEXMSR IREFPIH TERMIW [IVI MR XLI FYWMRIWW SJ RMGLI TVSHYGXMSRPMRIWXSFIEHETXIHUYMGOP] QEVOIXMRK GEVIJYPP] MHIRXMJ]MRK ERH XSXLIRI[XIGLRSPSK]ERHWSSRXLI] XEVKIXMRKEREVVS[KVSYTSJGSRWYQIVW [IVI[SVPHPIEHIVW 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 IHKISJXLI[EXGLQEVOIXMRWXIEHXLI] FIKMRRMRK XS XVERWJSVQ XLI [SVPH´W VIUYMVIH WYTTPMIVW [LS GSYPH HIPMZIV [EXGLQEOMRKMRHYWXV]7SYXL)EWX%WME SRXMQIERHE¾EMVJSVQEVOIXMRK LEH FIGSQI XLI QENSV TVSHYGIV SJ 1SVIXLERIZIVFIJSVIXLIWIRI[ MRI\TIRWMZI[EXGLIWERHEXVIXEMPPIZIP QEVOIXMRK GSQTERMIW [IVI WIPPMRK ER XLMW[EWJYIPPIHF]ERI[TLIRSQIRSR MQEKI XLI UYEPMX] ERH XIGLRMGEP JIE 

XYVIWSJQER]SJXLIWIRMGLITVSHYGXW XSSOWIGSRHTPEGIXSXLIFVERHREQI 1ER] SJ XLI FVERH REQIW FIMRK YWIH SR [EXGLIW JSV XLI ½VWX XMQI [IVI EPVIEH][IPPIWXEFPMWLIHEWLSYWILSPH REQIW MR SXLIV ½IPHW WYGL EW JVE KVERGIWSVWTSVXW[IEV8LII\TIVXMWI SJ XLI ZIV] WYGGIWWJYP QEVOIXMRK ERH EHZIVXMWMRKHITEVXQIRXWSJXLIWIRI[ GSQTERMIW[EWETTPMIHXSXLIWIPPMRKSJ [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 XLEXMX[EWYREFPIXSVIWTSRHUYMGOP] XS GLERKIW MR XLI QEVOIXTPEGI ERH ',%48)6

XS HIQERH JSV RI[ HIWMKRW  -X LEH FIGSQIXSSPEVKIERHYR[MIPH]-X[EW XMQIXSGLERKI %WWSSJXIRFIJSVIMR 7IMOSLMWXSV]XLIMRWTMVEXMSRJSVGLERKI GEQIJVSQXLIZMWMSRWMRGIXLIIEVPMIWX HE]WSJXLIJYXYVIEWEGLEPPIRKI

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¯6IMNMVS ,EXXSVM'LEMVQERSJXLI'SVTSVEXMSR JVSQ XLI XLMVH KIRIVEXMSR XS VYR XLI FYWMRIWW ,MW HIGMWMSR XS QEOI XLMW MQTSVXERXGLERKILEWKMZIRXLI[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 'SVTSVEXMSR9RXMPLIXSSOYTLMWRI[ ETTSMRXQIRXLI[EW4VIWMHIRXSJXLI 7IMOS'SVTSVEXMSRSJ%QIVMGEERHLEH [SVOIHMRXLI%QIVMGERQEVOIXJSV ]IEVW *VSQ LMW MQTSVXERX TSWMXMSR MR XLI97%LI[EWEFPIXSWII7IMOSJVSQ E HMJJIVIRX MRXIVREXMSREP TIVWTIGXMZI VEXLIVXLERXLIQSVIREVVS[ZMI[SJ LMWGSPPIEKYIW[LS[IVIFEWIHMR.ETER *SV WSQI XMQI LI LEH EGXIH EW ER STMRMSRTVSZMHIVXS7IMOS'SVTSVEXMSR %.3962)=-28-1)

LIPTMRK MXW HMVIGXSVW XS YRHIVWXERH LS[ 7IMOS GSQTERMIW ERH XLI 7IMOS [EXGLFVERH[IVITIVGIMZIHMRSXLIV TEVXWSJXLI[SVPH 7;' QEREKIW E TSVXJSPMS SJ FVERHW [MXL 7IMOS EW MXW GSVI IEGL JSGYWIHSRMXWHMWXMRGXQMWWMSR7IMOS´W WYGGIWW MW TEVXP] EXXVMFYXEFPI XS XLI HIGMWMSR MR XLI W XS TVSXIGX XLI ZEPYISJXLI7IMOSFVERHREQIF]XLI EHHMXMSRSJXLI4YPWEV0SVYWERH%PFE FVERHW XS STIVEXI EX SXLIV PIZIPW MR XLIQEVOIXTPEGI1SVIVIGIRXP]RMGLI [EXGL FVERHW WYGL EW %KRIW & ERH 1ERHEVMRE(YGOLEZIFIIRTVSHYGIH ERHWSPHF]7;'YRHIVPMGIRGI &IJSVI7;'[EWWIXYTXLI[EXGL HMZMWMSR´W TVIWMHIRXW LEH VIWTSRWMFMPM XMIW[MXLMRXLILSPHMRKGSQTER]ERHWS XLI][IVIRSXEFPIXSHIZSXIXLIMVJYPP

EXXIRXMSRXSXLI[EXGLFYWMRIWW3RI SJ XLI JYRHEQIRXEP GLERKIW VIWYPXMRK JVSQXLIGVIEXMSRSJ7;'MWXLEXXLI] GER RS[ JSGYW XLIMV JYPP EXXIRXMSR SR 7IMOSERHMXWEWWSGMEXIHFVERHW

%GPIEVZMWMSR 7SQI SJ XLI ½VWX EGXMSRW SJ XLI RI[ FSEVH[IVIMR¾YIRGIHTIVLETWF]XLI QER]]IEVWXLEX1V1MXSQILEHWTIRX MR %QIVMGE XLI] EVI VIQMRMWGIRX SJ %QIVMGERQEREKIQIRXXIGLRMUYIW8LI ½VWX XEWO [EW XS EWWIWW [L] FYWMRIWW LEHWPS[IHSZIVETIVMSHSJSV ]IEVW ERH XS MHIRXMJ] E RI[ HMVIGXMSR JSV XLI GSQTER] F] HIZMWMRK E GPIEV ZMWMSRSJXLIJYXYVIERHEGPIEVQMWWMSR WXEXIQIRX 8LIVIEVIX[SQMWWMSRWXEXIQIRXW SRIJSVXLIHSQIWXMGQEVOIXERHXLI

7X]PMRKLEWERMQTSVXERXVSPIXSTPE]EPSRKWMHIXIGLRMGEPMRRSZEXMSR8LIWIPEHMIW´ QSHIPWMR7IMOS´W:MZEGIGSPPIGXMSREVIJMRII\EQTPIWSJXLILMKLWXERHEVHWFIMRKWIX F]7IMOS´WHIWMKRIVWXSHE] 

 :-7-32 7)-/3MRMXWPSRKWXERHMRKXVEHMXMSRSJXVYWX[SVXLMRIWW[MPPFVMRKXSTISTPI[LSEVIMRXLIQEMRWXVIEQSJWSGMIX] TVSHYGXWERHWIVZMGIWVITVIWIRXMRKMRRSZEXMSRERHTIVJIGXMSR8LIWITVSHYGXWERHWIVZMGIW[MPPIRGSYVEKIMQTVIWWERH MRWXMPPI\TIGXEXMSRWSJMRRSZEXMSRERHEHZERGIQIRX

-()28-8= 7)-/3´WMHIRXMX]WLEPPFIXLEXSJ±MRRSZEXMSR²ERH±VIJMRIQIRX²



'36):%09)7

7)-/3´WGSVIZEPYIWEVI±VIPMEFMPMX]FEWIHSRUYEPMX]²ERH±[SVPH[MHIFVERHVIGSKRMXMSR²7)-/3´WEHHMXMSREPWXVIRKXL MWEWEQERYJEGXYVIV[MXLMXWTS[IVXSGSQFMRIWIEQPIWWP]ERHEXELMKLPIZIP E  XIGLRSPSKMGEPHIZIPSTQIRXGETEFMPMXMIWXLEXGSRXMRYIXSEGLMIZI[SVPHJMVWXWERH F  HIWMKRHIZIPSTQIRXGETEFMPMXMIWXLEXGERGVIEXISVMKMREPHIWMKRW

SXLIV JSV XLI VIWX SJ XLI [SVPH8LMW [EW RIGIWWEV] FIGEYWI SJ XLI ZIV] HMJJIVIRX GLEVEGXIVMWXMGW SJ XLI QEV OIXW7MRGI/MRXEVS,EXXSVMWXEVXIHLMW GSQTER]MRTIVGITXMSRWSJ7IMOS LEZIHIZIPSTIHMRHMJJIVIRX[E]WMRXLI HSQIWXMG ERH I\TSVX QEVOIXW -R XLI .ETERIWIQEVOIX7IMOSWIPPWQMHVERKI TVSHYGXW¯EXTVMGIWFIX[IIRERH  ¯ FYX MX EPWS LEW XLI EHHMXMSREP EFMPMX]XSWIPPI\TIRWMZITVSHYGXW8LI +VERH 7IMOS ERH 'VIHSV GSPPIGXMSRW GEXIVJSVXLIXSTIRHSJXLIHSQIWXMG QEVOIX+VERH7IMOSFIMRKLMKLKVEHI 

XMQITMIGIWJSV[EXGLGSRRSMWWIYVWERH 'VIHSVGEXIVMRKJSVXLIPY\YV]QEVOIX [MXLKSPHERHTPEXMRYQ[EXGLIWWSQI WIX [MXL HMEQSRHW ERH SXLIV KIQ WXSRIW8LIWILEZITVMGIWSJQSVIXLER  -R MRXIVREXMSREP QEVOIXW F] GSRXVEWX VIXEMPIVW GSRWMHIV 7IMOS´W KVIEXIWXEWWIXWXSPMIMRXLILMKLZEPYI SJ XLI TVSHYGX REQI ERH MXW VITYXE XMSR JSV TVSZMHMRK I\GIPPIRX ZEPYI JSV QSRI]8LIQER]QMPPMSRWSJWEXMW½IH GYWXSQIVW [SVPH[MHI EPWS VITVIWIRX KSSH[MPPSJMRIWXMQEFPIZEPYI

-RXIVREXMSREPGYWXSQIVWSJXIRGSR WMHIV7IMOSTVSHYGXWXSFIMRI\TIRWMZI [LIR GSQTEVIH [MXL 7[MWW TVSHYGXW SJ E WMQMPEV UYEPMX]8LMW TIVGITXMSR MW E HSYFPIIHKIH W[SVH8LI JEGX XLEX 7IMOS MW TIVGIMZIH EW KVIEX ZEPYIJSV QSRI] MW ER MQTSVXERX FVERH IUYMX] FYX XLI PS[IV EZIVEKI TVMGI XLEX GYW XSQIVWSYXWMHI.ETERI\TIGXXSTE]JSV 7IMOSTVSHYGXWMWEKVIEXHMWEHZERXEKI -X LEW TVSZIH XS FI E HMJ½GYPX LYVHPI JSVEGSQTER]XLEXJSVQER]]IEVWLEW FIIRTVSHYGMRKLMKLKVEHI[EXGLIWEW [IPPEWMXWQMHTVMGIHXMQITMIGIW ',%48)6

8LYW1V1MXSQIMHIRXM½IHERIIH JSVEWLEVTIVJSGYWJSVXLI7IMOSFVERH MXGSYPHFITIVGIMZIHMRHMJJIVIRX[E]W MRWMHI ERH SYXWMHI .ETER XS WSQI I\XIRX FYX MX RIIHIH XS FI QSVI GPIEVP]HI½RIHMRFSXL*SVQER]]IEVW XLIGSQTER]´WKVIEXIWXEWWIXLEHFIIR FVERH E[EVIRIWW -R  [LIR 1V 1MXSQIGSRWMHIVIHTPERWJSVXLIJYXYVI SJ XLI RI[P] JSVQIH 7IMOS ;EXGL 'SVTSVEXMSR LI VIEPMWIH MX [EW RSX WYJ½GMIRXJSV7IMOSXSFI[IPPORS[RMX RIIHIHXSWXERHJSVWSQIXLMRK 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 .ETERIWIMRHYWXVMEPHIWMKR

&VERHMHIRXMX] *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] FVERHMHIRXMX]MWWYIW8STTVMSVMX][EW KMZIRXSGVIEXMRKEFVERHMHIRXMX]XLEX MWGPSWIP]QEXGLIHF]TVSHYGXHIZIPST QIRXWEPIWERHEHZIVXMWMRKTVSQSXMSRW 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 4YPWEV0SVYWERH%PFE ±-R XLI TEWX [I QE] LEZI WIM^IH IZIV] STTSVXYRMX] XS EGLMIZI QEWW WEPIW[LIRIZIVXLISTTSVXYRMX]EVSWI EX TEVXMGYPEV TVMGI TSMRXW² EGGSVHMRK XS1V1MXSQIMRERMRXIVZMI[MR ±&YX XLSWI HE]W EVI SZIV -R JYXYVI %.3962)=-28-1)

8LMWSYXWXERHMRK7IMOS'VIHSV*-*%;SVPH'YTWOIPIXSR[EXGLQEHIMREPMQMXIH IHMXMSRSJSRITMIGIITMXSQMWIWXLII\GITXMSREPP]LMKLWXERHEVHWSJXVEHMXMSREP [EXGLQEOMRKXLEX7IMOSEXXEMR-XLEWEGLVSRSKVETLQSZIQIRXERHETS[IVVIWIVZI MRHMGEXSVERHGSWX]IR

7IMOS [MPP GVIEXI E QYGL GPIERIV HMW XVMFYXMSRXSIREFPIYWXSGSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX² 8LMW GSRXMRYIW E TVSGIWW XLEX LEH EPVIEH] WXEVXIHXS[EVHWXLIIRHSJXLIW ±,S[GER[IEJJSVHXSLEZI7IMOS´W FVERH MQEKI KIX PSWX MR HMWXVMFYXMSR [LIR[IEVIXEPOMRKEFSYXXLIMQTSV

XERGISJVI½RIQIRX#²LIEWOIH±;LIR [I[IVIKIEVIHXSEKVS[XLSVQEVOIX WLEVISVMIRXIHGYPXYVI[I[ERXIHSRP] QEWWWEPIWERHKVS[XLERH[IXIRHIH XS SZIVPSSO [LEX XLI 7IMOS FVERH QIERX XS GSRWYQIVW;MXL XLMW RI[ GSQTER]7;'[IEVIRS[KSMRKFEGO XS[LIVI[IWXEVXIH² 

8LMWFIEYXMJYPP]HIGSVEXIHWOIPIXSRQSZIQIRXJSVE'VIHSV[EXGLMWEJMRII\EQTPI SJXLI7IMOSGVEJXWQERWLMTXLEXMWWSLMKLP]VIKEVHIHMR.ETERFYXPMXXPIORS[RMR SXLIVTEVXWSJXLI[SVPH¯]IX

&]XLIUYEPMX]SJVIXEMPHMWXVM FYXMSRLEHFIIRMQTVSZIH-XLEHEPWS FIGSQIEPQSWXMQTSWWMFPIJSVHMWGSYRX GSQTERMIW XS SFXEMR 7IMOS [EXGLIW XLVSYKL TEVEPPIP HMWXVMFYXMSR GLERRIPW ERH XLMW LIPTIH XS KMZI XLI GSQTER] MQTSVXERXGSRXVSPSZIVMXWMQEKI -J MRRSZEXMSR ERH VI½RIQIRX EVI XLIRI[GSVIZEPYIWJSVXLIJYXYVI[MPP 7IMOSFITVITEVIHXSTVSHYGI[EXGLIW MRPS[IVZSPYQIFYXEXLMKLIVTVMGIW# 1V 1MXSQI MW LETT] XS GSRXIQTPEXI XLMWTSWWMFMPMX],II\TPEMRWXLEXMRXLI TEWX XLI [EXGL HMZMWMSR SJ XLI 7IMOS +VSYTHIZIPSTIHWSQIKMKERXMGJEGXS VMIWERHIZIRXYEPP]WSQI[IVIEHETXIH XS TVSHYGI SXLIV TVSHYGXW WYGL EW TVMRXIVW ±;LIR-PSSOFEGOEXXLIGSQTER]´W LMWXSV]ERHEREP]WI[LEX[IRX[VSRK XS[EVHWXLIIRHSJXLIXLGIRXYV]- 

WII XLEX XLIVI [EW RS WXVEXIKMG TPER RMRKMRVIPEXMSRXSXLIHIZIPSTQIRXSJ JEGXSVMIW &IGEYWI SJ XLIMV IRSVQSYW WYGGIWW XLI QEMR JEGXSVMIW MR XLI KVSYTQEHIXLIMVS[RHIGMWMSRWEFSYX XLIMV JYXYVI 7IMOS 'SVTSVEXMSR [EW RSX RIGIWWEVMP] EFPI XS MR¾YIRGI XLI HIGMWMSRQEOMRKTVSGIWWMRE[E]XLEX [SYPHVI¾IGXXLIVIUYMVIQIRXWSJXLI [EXGL MRHYWXV]8LI HIGMWMSRQEOMRK TVSGIWWXIRHIHXSMRZSPZIEXLVII[E] HMWGYWWMSR PIH RSX F] XLI QEVOIXMRK HITEVXQIRXW FYX F] XLI MRXIVIWXW SJ IEGLSJXLIXLVIITEVXMIW ±,MWXSVMGEPP] XLI X[S QEMR JEGXS VMIW FIGEQI IRSVQSYW GSQTERMIW ERH IZIRXYEPP] XLI] QEHI GSRWMHIV EFPITVS½XWJVSQTVSHYGXWSXLIVXLER [EXGLIW %WEVIWYPXXLI]HMHR´XRIGIW WEVMP] QEOI HIGMWMSRW FEWIH SR XLIMV [EXGL FYWMRIWW EPSRI 8LI] EQEWWIH

GSRWMHIVEFPI VIWSYVGIW JVSQ SXLIV FYWMRIWWERHWSXLI][IVIRSXKVIEXP] GSRGIVRIH [MXL PSSOMRK EJXIV XLI FVERHIH [EXGL FYWMRIWW 8LI] [IVI XEOMRKQERYJEGXYVMRKSVMIRXIHQEREKI QIRXHIGMWMSRW ±;LEX 7IMOS GPIEVP] RIIHW RS[ MW PIEHIVWLMT JVSQ QEVOIXMRK TISTPI [LS EVI GPSWIWX XS XLI QEVOIXW² 1V 1MXSQIWEMH ±- LEZI EPWS IRWYVIH XLEX XLI RI[ 7IMOS ;EXGL 'SVTSVEXMSR RS[ LEW QYGLGPSWIVXMIWXLERIZIVFIJSVI[MXL 7IMOS)TWSR;IGERWMXHS[RXSKIXLIV ERH WLEVI MRJSVQEXMSR EFSYX QEVOIX VIUYMVIQIRXW [I GER PIX SYV TVSHYG XMSR FI HMGXEXIH F] XLI QEVOIXTPEGI ERHRSXF]GSRZIRMIRGISVTVSHYGXMSR JEGXSVW8LMWMWEZIV]MQTSVXERXEWTIGX SJXLIGLERKIWXLEXLEZIVIWYPXIHJVSQ XLIIWXEFPMWLQIRXSJ7;'MR²

4VSHYGXMSRQSZIH :SPYQIUYEVX^[EXGLTVSHYGXMSRXLEX LEWFIIRLERHPIHF]7IMOS-RWXVYQIRXW MR XLI TEWX MW FIMRK QSZIH XS 7IMOS )TWSRFYX7IMOS-RWXVYQIRXW[MPPVIXEMR XLITVSHYGXMSRSJQIGLERMGEPTVSHYGXW EXFSXLXLIPS[ERHLMKLTVMGITSMRXW -RXLIMVFVERHIHXMQITMIGITVSHYGXMSR EVIEW XLI] TVSHYGI LMKLIRH QIGLER MGEP[EXGLIWJSV7IMOS´W'VIHSVFVERH ERHEXXLISXLIVI\XVIQIXLI]QERY JEGXYVIXLIMRI\TIRWMZIWXEVXMRKTVMGI 7IMOSQIGLERMGEPGEPMFVI² &]XLIQMHHPISJQSWXUYEVX^ [EXGLTVSHYGXMSRLEHFIIRXVERWJIVVIH XS7IMOS)TWSR7IMOS-RWXVYQIRXWWXMPP LEWELYKI[EXGLQSZIQIRXFYWMRIWW TVSHYGMRK WSQI  QMPPMSR TMIGIW E ]IEV¯QER]SJ[LMGLEVIWYTTPMIHXS SXLIVGSQTERMIW -J 7IMOS MW XS FI QEVOIXPIH MR JYXYVI LS[ GER XLMW IUYEXI [MXL XLI MRXIRXMSR XS QSZI JYVXLIV YTQEVOIX ',%48)6

%OMVE3LMVE[LSMWSRISJ7IMOS´WQSWXWIRMSV[EXGLQEOIVWMWJEQSYWEQSRK .ETERIWI[EXGLIRXLYWMEWXW,ITVSZMHIWXIGLRMGEPXVEMRMRKMRXLI1SVMSOE7IMOS 0Y\YV];VMWX[EXGL7IGXMSR

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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 ETTIEVIHEW[EXGLFVERHW8LI[LSPI %.3962)=-28-1)

[EXGL MRHYWXV] MW YRHIVKSMRK E KVIEX GLERKI² 1V 1MXSQI I\TPEMRW ±3RI GLEVEGXIVMWXMGSJXLIRI[QEVOIXTPEGI MWXLEXJEWLMSR[EXGLIWLEZIGSQISR XS XLI QEVOIX MR IRSVQSYW UYERXM XMIWEXPS[TVMGITSMRXWQER]SJXLIQ YWMRK PS[GSWX GEWIW ERH QSZIQIRXW ERHEWWIQFPIHMR'LMRE

4VIQMIVSRIWX]PIFYXQER]HMJJIVIRX GEPMFVIWJSVQIRERH[SQIR

±8LI [EXGL MRHYWXV] YWIH XS FI T]VEQMHWLETIH[MXLXLIQSWXI\TIR WMZIPS[ZSPYQIFVERHWEXXLIXSTERH XLILMKLZSPYQIGLIET[EXGLIWEXXLI FSXXSQ 2S[ XLI T]VEQMH WXVYGXYVI LEW FIIR HIWXVS]IH EW XLI QEVOIX LEWFIIR¾SSHIH[MXLGLIETMQTSVXW 'EWIQERYJEGXYVIVWTVSHYGIWSQISJ XLIWIYRHIVXLIMVS[RYRORS[RFVERH REQIW ERH XLI] TVSHYGI SXLIVW XS SVHIVJSVXLIS[RIVWSJJEWLMSRFVERHW 7SQI QSZIQIRX QERYJEGXYVIVW EVI EPWS MRZSPZIH MR XLMW KVS[MRK WIGXSV SJXLIQEVOIXSJJIVMRKGSQTPIXI3)1 TVSHYGXW XS GSQTERMIW XLEX [ERX XS WIPP[EXGLIWJIEXYVMRKXLIMVS[RIWXEF PMWLIHFVERHREQIW ±8LMW GLERKI LEW MR¾EXIH XLI RYQFIV SJ [EXGLIW FIMRK WSPH EX XLI PS[IRHSJXLIQEVOIX)ZIREXXLIWI 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 LEWFIIRXLIGEWIJSV7IMOSERHWSQI SXLIV.ETERIWIFVERHW ±8LI GSQTERMIW FIWX EFPI XS VIWTSRH XS XLMW QEVOIX GLERKI EVI XLSWI[MXLLMKLP]VIKEVHIHFVERHW[MXL GPIEVGYXQEVOIXMRKTSPMGMIW8LI]GSR GIRXVEXISRZIV]GPIEVRMGLIQEVOIXMRK ERH LEZI IWXEFPMWLIH ZIV] KSSH FYWM RIWWEXXLILMKLIRHSJXLIQEVOIX ±;LIR XLIWI JEGXSVW EVI XEOIR MRXS EGGSYRX MX MW GPIEV XLEX 7IMOS QYWX GSRGIRXVEXI SR MRRSZEXMSR ERH VI½RIQIRX;I QYWX RSX XV] XS GSQ TIXIEXXLIPS[IRHSJXLIQEVOIXERH [IQYWXRSXXV]XSXEOIQEVOIXWLEVI JVSQ GSQTERMIW MR XLI ZIV] GSQTIXM XMZIPS[QEVOIXWIGXSV-XMWEKEQI[I [SYPH RSX FI EFPI XS EJJSVH -X [EW E 

%HZIVXMWMRKLEWTPE]IHEZMXEPVSPI MRIRLERGMRKXLIMQEKISJ7IMOS 8LMW[EWXLIJMVWXEHZIVXMWIQIRXJSV %VGXYVEMR

XSFIRI½XJVSQXLIRI[STTSVXYRMXMIW JSVRMGLIQEVOIXMRK &]  EPP EHZIVXMWMRK ERH TVSQSXMSR MR XLI HSQIWXMG QEVOIX [EW JSGYWIH SR NYWX ½ZI WIVMIW MRWXIEH SJ HS^IRW ERH F] QIERW SJ XLMW ETTVSEGL MX LEW FIIR TSWWMFPI XS HI½RI XLI XEVKIX EYHMIRGI QSVI GPIEVP] %HZIVXMWMRKERHGSQQYRMGEXMSR EVI RS[ HIWMKRIH XS GVIEXI KVIEXIV E[EVIRIWWERHETTVIGMEXMSRSJ7IMOS´W MRRSZEXMSR ERH VI½RIQIRX 7SQI MRI\TIRWMZIWIVMIWLEZIFIIRWEGVM½GIH XS EPPS[ XLI GSQTER] XS TPEGI QSVI IQTLEWMWSRXLIWIPIGXIHGSVIWIVMIW % WMQMPEVTEXXIVRGERFII\TIGXIHMRXLI MRXIVREXMSREPQEVOIXTPEGI *SV  ]IEVW SV QSVI E ZMWMX XS SRI SJ 7IMOS´W QENSV [EXGLQEOMRK TPERXW[SYPHLEZIVIZIEPIH[MHIWTVIEH EYXSQEXMSR FIMRK YWIH XS JEGMPMXEXI QEWW TVSHYGXMSR SJ [EXGLIW SR ER EPQSWXYRTVIGIHIRXIHWGEPI

REXYVEP HIGMWMSR XLEX [I QYWX QSZI YT[EVHWIZIRMJMXMWEPWSEZIV]GSQ TIXMXMZI QEVOIXTPEGI GSRXEMRMRK WSQI 9TKVEHMRKMWXLITVMSVMX] WXVSRKFVERHW &]  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]QSVIXVEHMXMSREP[EXGLQEOIVWEW XVEXMRK SR MRRSZEXMSR ERH VI½RIQIRX [IPPEWHMEQSRHWIXXIVWERHKSPHWQMXLW 8LI FVERH ZEPYI SJ 7IMOS RIIHW XS ¯GVEJXWQIRERH[SQIR[MXLXVEHMXMSREP FI YTPMJXIH ERH XEPOIH EFSYX EX IZIV] WOMPPW ¯ QEOMRK LMKL KVEHI QIGLERMGEP PIZIP² [EXGLIWERHKSPHSVTPEXMRYQGEWIWEW (SIWXLMWQIERXLEXWSQISJXLI [IPP EW HMEQSRH ERH KIQWIX QSHIPW PIWW I\TIRWMZI 7IMOS TVSHYGXW [MPP FI 8LII\MWXIRGISJLMKLKVEHIQIGLERMGEP TLEWIH SYX# 1V 1MXSQI EHQMXW XLEX 7IMOS[EXGLIWERHSJ7IMOSNI[IPPIV] MX HSIW ¯ ERH ERRSYRGIQIRXW XS XLMW [EXGLIWMW[IPPORS[RMR.ETERFYXMR IJJIGX[IVIQEHI[MXLMRE]IEVSJ7;' SXLIVTEVXWSJXLI[SVPHXLII\MWXIRGI FIMRK JSVQIH %RSXLIV MQTSVXERX SJ 7IMOS TVSHYGXW XLEX GER VMZEP LMKL JIEXYVISJ7IMOS;EXGL'SVTSVEXMSR´W UYEPMX] 7[MWW XMQITMIGIW [SYPH GSQI VIWTSRWIXSXLIGLERKMRKQEVOIXWXVYG EW E WYVTVMWI XS QSWX TISTPI +VERH XYVI MW XLI HIZIPSTQIRX SJ E RYQFIV 7IMOS ERH 'VIHSV EVI LMKL UYEPMX] SJWYFFVERHWXSIREFPIXLIGSQTER] 7IMOS [EXGLIW TVM^IH F] .ETERIWI 

GSPPIGXSVWFYX[MPPGYWXSQIVWMRMRXIV REXMSREPQEVOIXWLEZIERSTTSVXYRMX] XSFY]XLIQEW7IMOSFIKMRWXSQSZI YTQEVOIX# 1V 1MXSQI I\TPEMRW XLEX MR XLI 97% )YVSTI ERH TEVXW SJ XLI 1MHHPI )EWX ERH%WME 7IMOS LEZI WSQIXMQIW MRXVSHYGIHXMQITMIGIWEXLMKLIVTVMGI TSMRXWFYXFVERHVIGSKRMXMSRSJ7IMOS EWETVSHYGIVSJ[EXGLIWSJXLMWGEPMFVI LEWRSXFIIRWXVSRKIRSYKLXSIREFPI XLIGSQTER]XSWIPPLMKLIRH[EXGLIW WYGGIWWJYPP]MRXLIWIQEVOIXW±-XLMROMX [MPPFIWSQIXMQIFIJSVI[IEVIEFPI XS MRXVSHYGI +VERH 7IMOS SV 'VIHSV MRMRXIVREXMSREPQEVOIXW²,IWE]W±&YX F]EHSTXMRKEZIV]JSGYWIHFVERHQER EKIQIRX TSPMG] - TPER XS YTKVEHI XLI MQEKI SJ 7IMOS -R XLI 9RMXIH 7XEXIW QEVOIXJSVI\EQTPI[IEVIPMQMXIHXS WEPIWFIX[IIRERHMR FYXMRXLIQMHXIVQXLVIIXS½ZI]IEVW [II\TIGXXSFIEFPIXSWIPP[EXGLIW XLIVIEXSV ±-XMWRSXTSWWMFPIXSEGLMIZIWYGL EGLERKIMRWXERXP] %XXLIQSQIRX97

;EXGLQEOIVWEVIRSXXLISRP] GVEJXWQIR[SVOMRKSRLMKLKVEHI7IMOS [EXGLIW(MEQSRHQSYRXIVWERH KSPHWQMXLWEPWSTPE]ERMQTSVXERXVSPI ',%48)6

7IMOSLEWHIZIPSTIHZIV]GPSWIPMROW[MXLXLIWTSVXW[SVPHXLVSYKLMXWXMQMRKSJQENSVMRXIVREXMSREPIZIRXW6IMNMVS,EXXSVMLEW WTIEVLIEHIHXLMWMRZSPZIQIRXXLEXLEWLIPTIHXSVEMWIXLIMRXIVREXMSREPTVSJMPISJ7IMOSXSRI[PIZIPW

VIXEMPIVW WII XLI WIPPMRK SJ [EXGLIW EXSVQSVIEWXLIVSPISJXLI 7[MWW %WPSRKEW7IMOSLEWERMQEKISJ WIPPMRKXS[EXGLIWVIXEMPIVW [SR´XXEOI7IMOS[EXGLIW8LEX´W SRISFWXEGPI[ILEZIXSGPIEV;IEVI HIXIVQMRIHXSYTPMJXXLIMQEKISJ7IMOS EQSRKGSRWYQIVWERHVEMWIMXIRSYKL XS FI EFPI XS WIPP +VERH 7IMOS SV 'VIHSV [EXGLIW EX   SV IZIR ±-X MW Q] TIVWSREP FIPMIJ XLEX QIGLERMGEP [EXGLIW LEZI TVSZIH XS FI E GSVI JIEXYVI SJ XLI XMQITMIGI MRHYWXV] XLEX [MPP RIZIV HMI;MXL UYEVX^ [EXGLIW [I YWIH XS WE] XLEX WSQIHE]EPP[EXGLIW[MPPFIQEHIXLMW [E] FYX XLEX LEW RSX FIIR XLI GEWI 1ER] TISTPI EGXYEPP] PSZI QIGLERMGEP %.3962)=-28-1)

[EXGLIW IZIR MJ XLI] EVI RSX EW EGGY VEXIEWUYEVX^XMQITMIGIW ±6IGIRXP] .ETERIWI TISTPI LEZI FIGSQI QYGL QSVI JSRH SJ QIGLER

².ETERIWITISTPI LEZIFIGSQI QYGLQSVIJSRH SJQIGLERMGEP XMQITMIGIW³ MGEP XMQITMIGIW 7EPIW SJ +VERH 7IMOS SYVLMKLIRH[EXGLPMRIXLEXMRGPYHIW 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

KVIEXVIWSYVGIWJSVTVSHYGMRK7IMOS EYXSQEXMG QSZIQIRXW ERH MJ RIGIW WEV]XLIWIGERFIYTKVEHIHMRER][E] XS GEXIV JSV XLI KVS[MRK HIQERH JSV QIGLERMGEPTVSHYGXW ±8VEHMXMSREPP] [I LEZI QEHI ZIV] KSSH PS[IRH QIGLERMGEP [EXGLIW FYX [I GER YWI XLI WEQI VIWSYVGIW XSQEOIQMHTVMGIHQSHIPWXSS;I GSYPH IEWMP] FYMPH YT E T]VEQMH SJ QIGLERMGEP [EXGL WIVMIW WS XLEX [I GERSJJIVKSSHQIGLERMGEPXMQITMIGIW EXIZIV]TVMGIPIZIP-JIZIVGSRWYQIV HIQERH JSV QIGLERMGEP [EXGLIW VIXYVRWSREPEVKIWGEPI[IGSYPHIEWMP] GSQTPIXIXLEXT]VEQMHWXVYGXYVI ±.ETER´WKVIEXE[EVIRIWWSJFIEYX] ERH XLI I\MWXIRGI SJ QER] ½RI GVEJXWQIRMR.ETERMW[IPPORS[RFYX 

7SJEV7TVMRK(VMZI[EXGLIWLEZISRP]FIIRWSPHMR.ETERFYXXLI]EVIPMOIP]XSLEZI ERMQTSVXERXVSPIMRXLIJYXYVIHIZIPSTQIRXSJ[EXGLXIGLRSPSK]

XLIWI EVI RSX UYEPMXMIW [I LEZI FIIR I\TIGXIH XS XEPO EFSYX MR XLI TEWX [LIR[ILEZIVIJIVVIHXSSYV'VIHSV GSPPIGXMSR¯FYX[I[MPPFIHSMRKWSMR JYXYVI-R7IMOS-RWXVYQIRXWERH7IMOS )TWSR[ILEZIWXEJJ[MXLXLIWIXEPIRXW ERH [I EVI RS[ QEOMRK JYPP YWI SJ XLIMVWOMPPWERHXLIMVREXYVEPE[EVIRIWW SJFIEYX]'VEJXWQERWLMTMWTEVXSJXLI .ETERIWILIVMXEKI²

/MRIXMGXIGLRSPSK] 8LI MRXVSHYGXMSR SJ /MRIXMG [EXGL XIGLRSPSK] MR  [EW SRI SJ XLI QSWX MQTSVXERX PERHQEVOW MR XLI LMW XSV]SJ7IMOS¯EPSRK[MXLXLIPEYRGL SJ XLI [SVPH´W ½VWX UYEVX^ [EXGL MR  /MRIXMG QEVOIH E VIZSPYXMSR MR [EXGL XIGLRSPSK] ERH TVSZMHIH XLI ½VWXKPMQTWISJ7IMOS´WQSZIXS[EVHW 

ERIRZMVSRQIRXEPP]JVMIRHP]EXXMXYHIXS MXWTVSHYGXW 3VMKMREPP] MX [EW I\TIGXIH XLEX /MRIXMG [EXGLIW [SYPH WIPP XLIQ WIPZIW FIGEYWI SJ XLIMV EHZERGIH XIGLRSPSK] ERH HIWMKR %X XLI FIKMR RMRK SJ XLI WX GIRXYV] LS[IZIV E RI[ ETTVSEGL LEW XS FI MRXVSHYGIH MR SVHIV JSV /MRIXMG [EXGLIW XS WIPP WYGGIWWJYPP]8LIHMZIVWMX]SJRI[RMGLI FVERHW MR XLI QEVOIXTPEGI WSQI SJ [LMGL LEZI FIIR ZIV] WYGGIWWJYP LEW GETXYVIH XLI EXXIRXMSR SJ GSRWYQIVW ZIV] IJJIGXMZIP] ERH MR¾YIRGIH XLIMV GLSMGISJXMQITMIGIW8LI[EXGLMWRS[ WIIRF]QER]EWETIVWSREPEGGIWWSV] ±&IMRK XIGLRSPSKMGEPP] EHZERGIH MW RSX RIGIWWEVMP] E HIGMWMZI JEGXSV XLEX MR¾YIRGIW E GSRWYQIV´W GLSMGI SJ XMQITMIGI XSHE] 8LI YWI SJ

EHZERGIH XIGLRSPSK] GEPMFVIW LEW XS FI WYTTSVXIH F] HIWMKR ERH GSRGITX HIZIPSTQIRX² WE]W 1V 1MXSQI±-X MW QSVIMQTSVXERXXLERIZIVFIJSVIXLEX XLIGSRGITXHIZIPSTQIRXHITEVXQIRXW ERH XLSWI [LS HIZIPST RI[ GEPMFVIW WLSYPH[SVOGPSWIP]XSKIXLIV ±8IGLRSPSK] EPSRI HSIW RSX MR¾Y IRGI XLI YPXMQEXI GLSMGI SJ [EXGLIW SV FVERHW8LEX´W Q] [E] SJ XLMROMRK 8LITVSHYGXFVERHETTVSEGLSJ7IMOS ;EXGL 'SVTSVEXMSR MR XLI MRXIVRE XMSREP QEVOIX MW XS MRGSVTSVEXI XLI /MRIXMG GEPMFVI MRXS SYV HIWMKR WIVMIW 8LEXMWSRI[E]MR[LMGL[IEVIEFPI XSGSQFMRIJEWLMSRERHXIGLRSPSK] ±1EVOIXW WYGL EW XLI 9/ ERH XLI 2IXLIVPERHWXLEXEVIOIIRWYTTSVXIVW SJ 7IMOS´W EHZERGIH XIGLRSPSK] LEZI FIIRMRWMWXMRKXLEX[IQEOIXLI/MRIXMG REQI [IPP ORS[R XS XLI TYFPMG8LEX TVSZMHIW YW [MXL ERSXLIV ETTVSEGL -R QEVOIXW WYGL EW XLIWI [I QYWX EPWSOIITSRMRXVSHYGMRK/MRIXMGEWE TVSHYGXGEXIKSV]MRMXWS[RVMKLX ±/MRIXMGXIGLRSPSK]MWEZIV]MQTSV XERXEWWIXSJ7IMOS;EXGL'SVTSVEXMSR RSFSH]IPWIGERQEOIWMQMPEV[EXGLIW XS XLI WEQI PIZIP EW [I EGLMIZI [MXL SYV XIGLRSPSK] ERH WS [I GSRWMHIV MXXSFIEYRMUYIXIGLRSPSK]XLEXGER LIPT XS HMWXMRKYMWL 7IMOS´W QEVOIXMRK EGXMZMXMIWJVSQER]SXLIVW;I[MPPXEOI ZIV]KSSHGEVISJXLMWEWWIX² -J /MRIXMG MW WS MQTSVXERX ERH WS I\GPYWMZI XS 7IMOS [L] HSIW 7IMOS ;EXGL 'SVTSVEXMSR QEOI WSQI SJ XLIWI QSZIQIRXW EZEMPEFPI XS SXLIV [EXGL GSQTERMIW# 1V 1MXSQI WE]W XLEX F] WYTTP]MRK GEVIJYPP] WIPIGXIH FVERHW7;'MWLIPTMRKXSWTVIEHXLI QIWWEKIEFSYX/MRIXMGXIGLRSPSK]ERH LIPTMRKXLITYFPMGXSEGLMIZIEKVIEXIV YRHIVWXERHMRKSJMXWMQTSVXERGIERHMXW FIRI½XW 7SQI SJ XLI GSQTERMIW XLEX ',%48)6

LEZI FSYKLX /MRIXMG QSZIQIRXW LEZI YWIHXLIQMRXLIMVLMKLZEPYIQSHIPW ERH FIIR ZIV] WYGGIWWJYP ±&IGEYWI WYGL FVERHW GER LIPT XS WTVIEH XLI QIWWEKI EFSYX /MRIXMG XIGLRSPSK] 7IMOS;EXGL'SVTSVEXMSRHSIWR´XLIWM XEXIXSQEOIXLMWXIGLRSPSK]EZEMPEFPI ¯ FYX SRP] XS KSSH LMKLIRH FVERHW² EGGSVHMRKXS1V1MXSQI

7TVMRK(VMZIMRRSZEXMSR 7IMOSMWEP[E]WHIXIVQMRIHXSMQTVSZI ERH HIZIPST XLI XIGLRSPSK] YWIH MR MXW [EXGLIW YWMRK IRZMVSRQIRXEPP] VIWTSRWMFPI WSPYXMSRW [LIVIZIV TSW WMFPI7MRGI/MRIXMG[EXGLIW[IVI½VWX MRXVSHYGIH MR  7IMOS´W 6IWIEVGL ERH (IZIPSTQIRX XIEQW LEZI HIZIP STIH ERSXLIV MRRSZEXMSR -X MW GEPPIH 7TVMRK(VMZIERHVITPEGIWXLI[IEOIWX GSQTSRIRXSJEXVEHMXMSREPQIGLERMGEP QSZIQIRX XLI IWGETIQIRX [MXL XIGLRSPSK] XLEX IREFPIW E QIGLERMGEP QSZIQIRX XS FI VIKYPEXIH F] UYEVX^ XIGLRSPSK] -X GSQFMRIW XLI FIWX SJ FSXL [SVPHW ERH IPMQMREXIW XLI RIIH JSVFEXXIV]GLERKIW 7TVMRK(VMZIXIGLRSPSK]MWI\TIR WMZIXSQERYJEGXYVIERHWSMXLEWSRP] FIIRWSPHWSJEVMR.ETER[LIVILMKL

7TVMRK(VMZIGSQFMRIWEHZERGIH IPIGXVSRMGXIGLRSPSK]ERHXVEHMXMSREP JIEXYVIWWYGLEWETS[IVVIWIVZI MRHMGEXSV %.3962)=-28-1)

TVMGIW EVI QSVI VIEHMP] EGGITXIH XLER MR XLI MRXIVREXMSREP QEVOIX8LI XIGLRSPSK] LEW FIIR WLS[R MRXIVRE XMSREPP][MXLWTIGMEPIQTLEWMWSRQENSV TVIWWGSRJIVIRGIWEXXLI&EWIP*EMVMR 7[MX^IVPERH XLI ERRYEP WLS[ XLEX MW XLI[SVPH´WQSWXMQTSVXERXPEYRGLTEH JSVRI[[EXGLIW 1V 1MXSQI FIPMIZIW XLEX QER] 7[MWWGSQTERMIWEVIMRXIVIWXIHMRXLMW OMRH SJ XIGLRSPSK] ERH WYKKIWXW XLEX

²6EMWMRKXLIMRXIVREXMSREP TVMGIGIMPMRKMWGIRXVEPXS XLIRI[TLMPSWSTL]³ MX QE] VITVIWIRX XLI JYXYVI SJ [EXGL QEOMRK ,I WE]W XLEX 7TVMRK (VMZI XIGLRSPSK] GER FI EHETXIH MR WYGL E [E]XLEXMXGERFIMQTPERXIHMRXS½RI QIGLERMGEP [EXGLIW ±;I ETTVIGMEXI XLEX WSQI GSRWYQIVW ½RH XLI FEP ERGI[LIIPEZIV]EXXVEGXMZIJIEXYVIMR [EXGLIWXLEXLEZIEWIIXLVSYKLGEWI FEGO SV E WOIPIXSR QSZIQIRX 8LI] EVI RSX FY]MRK EGGYVEG] FYX FIEYX] GVEJXWQERWLMT ERH ETTIEVERGI;I EVII\EQMRMRK[E]WMR[LMGLMRJYXYVI [I GSYPH GSQFMRI XLI IPIGXVSRMG XIGLRSPSK]SJ7TVMRK(VMZI[MXLEXVE HMXMSREPFEPERGI[LIIPFYXTVSHYGXMSR MWRSX]IXMRSYVVSEHQETSJHIZIPST QIRXW -J [I GER EHETX 7TVMRK (VMZI XIGLRSPSK]WSXLEXMXGERFIYWIHMRE [EXGL [MXL E FEPERGI [LIIP MX GSYPH TVSZMHIQER]I\GMXMRKSTTSVXYRMXMIW² -X [SYPH QEOI RS GSQQIVGMEP WIRWI XS MRXVSHYGI 7TVMRK (VMZI [EXGLIW MR MRXIVREXMSREP QEVOIXW YRXMP XLI EGGITXEFPI TVMGI GIMPMRK JSV 7IMOS TVSHYGXW MW PMJXIH 6EMWMRK XLI MRXIVREXMSREP TVMGI GIMPMRK MW GIRXVEP XS XLI RI[ TLMPSWSTL] MRXVSHYGIH F] 7IMOS;EXGL'SVTSVEXMSREJXIVMX[EW JSVQIH MR  1V 1MXSQI FIPMIZIW

XLMW XEWO LEW E ZIV] LMKL TVMSVMX] ,I LEWEPVIEH]GSRZMRGIHWSQIGYWXSQIVW F] TIVWYEHMRK XLIQ EKEMRWX XLIMV S[R NYHKIQIRX XS WXSGO WSQI 7IMOS [EXGLIW EX HSYFPI XLI RSVQEP TVMGI GIMPMRKEXXEMRIHF]7IMOSMRXLIMVWLSTW )EGL GYWXSQIV GSR½VQIH XLEX XLI] LEH FIIR [VSRK EFSYX XLI QE\MQYQ TVMGI EX [LMGL XLI] GSYPH WIPP 7IMOS [EXGLIW ERH EHHIH XLEX XLI I\IVGMWI LEHFIIREKVIEXWYGGIWW 1V1MXSQIWYKKIWXWXLEXMXMWSJXIR XLIWXSVIFY]IV´WTIVWSREPEREP]WMWSV XLIWXSVI´WXVEHMXMSREPFY]MRKTEXXIVRW XLEXHIXIVQMRIXLIQE\MQYQTVMGIEX [LMGLEWXSVIMWTVITEVIHXSWIPP7IMOS [EXGLIW±3YVI\TIVMIRGIWLS[WXLEX [LIRXLI]GERFITIVWYEHIHXSSJJIV WSQISJ7IMOS´WQSVII\TIRWMZIPMRIW XLI] EVI WYVTVMWIH F] XLI HIQERH - HSR´X [ERX SYV VIXEMP GYWXSQIVW XS VIWXVMGX XLIMV S[R ZMI[ SJ 7IMOS´W PMQMXEXMSRW [LIR XLI] GSRWMHIV TVMGI TSMRXWMRJYXYVI8LEXMWQ]GLEPPIRKIXS SYVGYWXSQIVW² 7IMOS´WXVEGOVIGSVHJSVEGLMIZMRK QER]MQTSVXERX±½VWXW²MR[EXGLXIGL RSPSK]LEWFIIREGLMIZIHEWEVIWYPXSJ I\XIRWMZI MRZIWXQIRX MR VIWIEVGL ERH HIZIPSTQIRX2S[XLEXMRRSZEXMSRERH VI½RIQIRX EVI OI] [SVHW MR 7IMOS´W ZMWMSR SJ XLI JYXYVI 6  ( WXMPP TPE]W ER IRSVQSYWP] MQTSVXERX VSPI ±%W [IHIZIPSTXLIFVERHMHIRXMX]SJ7IMOS F] GSRGIRXVEXMRK SR MRRSZEXMSR ERH VI½RIQIRX XLEX MRRSZEXMSR RIIHW XS FI½VIHF]XIGLRSPSKMGEPFVIEOXLVSYKL² WE]W 1V 1MXSQI ±;I OIIT [SVOMRK LEVHEXMXERH[I[MPPRIZIVVIHYGISYV GSQQMXQIRXXS6 (¯MJER]XLMRK[I [MPPMRGVIEWIMX;IJYPP]ETTVIGMEXIXLI MQTSVXERGI SJ XIGLRSPSKMGEP HIZIPST QIRXMRMRXIVREXMSREPQEVOIXW² -RPMRI[MXLMXWTPERWXSVEXMSREPMWI TVSHYGX PMRIW ERH VIQSZI XLI PIWW 

I\TIRWMZI TVSHYGXW 7IMOS LEW IWXEF PMWLIHNYWX½ZIGSPPIGXMSRWSJ[EXGLIW JSVXLI.ETERIWIQEVOIX)EGLSJXLIWI LEW MXW S[R TSMRXSJWEPI QEXIVMEP XS I\TPEMR ERH WYTTSVX MX 1V 1MXSQI FIPMIZIW XLEX MR XSHE]´W [EXGL QEVOIX



MR [LMGL XVEHMXMSREP FVERHW RS[ JEGI E GLEPPIRKI JVSQ QER] RI[ ERH WYG GIWWJYPRMGLIFVERHWXIGLRSPSK]EPSRI MW RSX WYJ½GMIRX XS EXXVEGX XLI FY]MRK TYFPMG ±8IGLRSPSK] LEW XS FI WYT TSVXIHF]GSWQIXMGWF]I\GIPPIRXGEWI

ERHHMEPHIWMKRW1SWXGSRWYQIVWEVI EXXVEGXIH½VWXF]XLIXSXEPETTIEVERGI SJ E [EXGL;I FIPMIZI XLEX E GSQFM REXMSRSJKSSHHIWMKRWERHXLIYWISJ EHZERGIHXIGLRSPSK]MRWMHIXLI[EXGL MWERMQTSVXERXWXVEXIK]²

',%48)6

8 ,)():)0341)28=)%67 8LIVETMHKVS[XLSJXLI.ETERIWI[EXGLERHGPSGOMRHYWXV]®ERHXLEXSJ7IMOSMR TEVXMGYPEV®L  EWFIIRRSXLMRKPIWWXLERVIQEVOEFPI;EXGLQEOIVWMRQER]GSYRXVMIW LEHGIRXYVMIWSJXVEHMXMSRXSFYMPHYTSRFYX.ETER³WQSHIVR[EXGLERHGPSGO MRHYWXV][EWRSXFSVRYRXMPXLIPEXXIVTEVXSJXLIXLGIRXYV]

8LI°STIRMRK±SJ.ETERMR ERHXLIWMKRMRKSJGSQQIVGMEPXVIEXMIW MR  QIERX XLEX XVEHI FIX[IIR .ETER ERH ;IWXIVR REXMSRW [EW RS PSRKIVVIWXVMGXIHERHTEZIHXLI[E]JSV MQTSVXWSJJEGXSV]QEHI)YVSTIERERH %QIVMGERGPSGOWERH[EXGLIW8LIRIIH JSV EGGYVEXI XMQITMIGIW [EW KVS[MRK JEWX ERH EW LETTIRIH MR SXLIV TEVXW SJXLI[SVPHXLIKVS[XLSJXLIVEMP[E] W]WXIQ[EWSRISJERYQFIVSJJEGXSVW XLEXFVSYKLXI\EGXWGLIHYPIWMRXSXLI HEMP] PMZIW SJ SVHMREV] TISTPI QEOMRK GPSGOWERH[EXGLIWERIGIWWMX]VEXLIV XLER E PY\YV] ,S[IZIV MX [EW XLI GLERKISJXLIIRXMVIXMQIW]WXIQXLEX VIEPP]WXMQYPEXIHHIQERH-RXLI 1IMNMGEFMRIXEWTEVXSJMXWQSVISTIR TSPMG]TEWWIHXLI'EPIRHEV%GX[LMGL QEHI SJ½GMEP SZIVRMKLX XLI EHSTXMSR SJXLIWSPEVXMQIW]WXIQEWYWIHMREPP SXLIV TEVXW SJ XLI [SVPH;LIR XLMW GEQIMRXSIJJIGXSR.ERYEV]MX VITPEGIH XLI PYREV XMQI W]WXIQ ERH WXMQYPEXIHHIQERHWXMPPJYVXLIV 8LI JSYRHMRK SJ ER IRXMVIP] RI[ LSVSPSKMGEPMRHYWXV]MR.ETERJSPPS[IH XLI MRXVSHYGXMSR SJ XLI 'EPIRHEV%GX .ETER´WGPSGOQEOIVWLEHRSI\TIVMIRGI SJ QEOMRK XMQITMIGIW GSRJSVQMRK XS XLIWSPEVXMQIW]WXIQERHXLI]RIIHIH %.3962)=-28-1)

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½VWXSJXLIWITMSRIIVW [EW /MRXEVS ,EXXSVM ,I LEH WIVZIH /MRXEVS,EXXSVM ER ETTVIRXMGIWLMT YRHIV WIZIVEP GPSGO VITEMVIVW ERH EX XLI EKI SJ  XSGEXGLYTJEWXXSIRWYVIXLEX.ETER LI WXEVXIH XLI ,EXXSVM 'PSGO 6ITEMV [EWRSXIRXMVIP]HITIRHIRXSRMQTSVXW WIVZMGI EX LMW LSQI MR /]SFEWLM JSV MXW XMQITMIGIW8LI;IWXIVR WSPEV 9RIQIGLSY [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]ERHXLIMVSPHXMQIOIITMRK XLI SVKERMWEXMSR XLEX [EW XS FIGSQI QIGLERMWQWFIGEQIYWIPIWWSZIVRMKLX F] XLI IRH SJ XLI XL GIRXYV] RSX ERHXLI]LEHXSQEOIEJVIWLWXEVX SRP] .ETER´W QSWX MQTSVXERX [EXGL 

8LIEWWIQFP]SJTSGOIX[EXGLIWEX7IMOSWLEMR

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±/MRKSJ8MQITMIGIW² .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]SRHWMQTPIVITEMVW8LMWRI[WXSVI FIKERXSWIPPEW[IPPEWVITEMVWIGSRH 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 [LSPIWEPIVERHEWEVIXEMPIV 6MKLXJVSQXLIWXEVX/MRXEVS[EW ETMSRIIVMRIZIV][E]ERHSRISJXLI ½VWXQERMJIWXEXMSRWSJXLMWEHZIRXYVSYW WTMVMX[EWLMWHIGMWMSRXSEFERHSRXLI GYWXSQEV] FMERRYEP WIXXPIQIRX SJ EGGSYRXW,IWE[XLIRIIHXSWIGYVI XLIVIWTIGX ERHLMKLGVIHMXVEXMRK SJ 

XLI %QIVMGER ERH )YVSTIER XVEHIVW [LS [IVI LMW WSYVGI SJ TVSHYGXW MR XLMWIEVP]TIVMSHERHHIGMHIHXSVINIGX XLI XVEHMXMSREP TE]QIRX W]WXIQ XS EGLMIZI XLMW EMQ -RWXIEH LI TEMH LMW FMPPWTVSQTXP][MXLMRHE]W 8LI HMWXVMFYXMSR ERH WIPPMRK SJ XMQITMIGIW [EW RSX IRSYKL XS WEXMWJ] /MRXEVS LI [EW ER\MSYW XS WXEVX LMW S[RTVSHYGXMSRSJGPSGOW&]/ ,EXXSVM LEH QEHI WYFWXERXMEP TVS½XW JVSQ XLI HMWXVMFYXMSR SJ MQTSVXIH TVSHYGXWERHXLMWQEHIMXTSWWMFPIJSV MXXSEJJSVHXLII\TIRWMZIHMZIVWM½GEXMSR XLEX[EWXSJSPPS[ERHXSTVSZMHIXLI JSYRHEXMSRWJSVXLIGSQTER]´WYPXMQEXI WYGGIWW %VSYRH XLMW XMQI /MRXEVS ,EXXSVM QIX8WYVYLMOS=SWLMOE[E ER IRKMRIIV[LSLEHFIIRVYRRMRKEGPSGO WXSVIERHPEXIVVIGEPPIH±-QQIHMEXIP] SRQIIXMRKLMQ-I\TVIWWIHQ]WXVSRK HIXIVQMREXMSRXSWIXYTEGPSGOJEGXSV] JSV XLI GSYRXV]©;LIR - EWOIH LMQ LS[QYGLQSRI]MX[SYPHXEOIXSLMVI LMQ LI WEMH  ]IR E QSRXL [SYPH FI WYJ½GMIRX ERH WYKKIWXIH XLEX [I

WXEVX [SVOMRK XSKIXLIV©8LMW [EW XLI SVMKMREP QSXMZEXMSR FILMRH XLI IWXEFPMWLQIRXSJ7IMOSWLE² -R1E]/MRXEVSTYVGLEWIHE HMWYWIH KPEWW JEGXSV] MR -WLM[EVEGLS ,SRNS;EVHMR8SO]SERHLIVILIWIX YT7IMOSWLEXSQERYJEGXYVI[EPPGPSGOW 8LMW JEGXSV] GEQI HMVIGXP] YRHIV XLI GSRXVSP SJ / ,EXXSVM ERH 8WYVYLMOS =SWLMOE[E [LS [EW SRP]  [EW XLI ½VWXIQTPS]IILI[IRXSRXSFIGSQI XLI'LMIJ)RKMRIIVERHXSTPE]EPIEHMRK VSPI MR XLI WYGGIWW SJ XLI ZIRXYVI ,I [EW VIWTSRWMFPI JSV HIZIPSTMRK XLI GSQTER]´W XIGLRMGEP WOMPPW MR MXW JSVQEXMZI ]IEVW ERH QEWXIVQMRHIH XLIHIZIPSTQIRXSJMXWQERYJEGXYVMRK GETEFMPMXMIW 1V =SWLMOE[E´W ZEPYI XS XLIGSQTER]GERFIKEYKIHF]XLIJEGX XLEX LMW WEPEV] MRGVIEWIH JVSQ  ]IR EQSRXL[LIRLINSMRIHXLIGSQTER] XS]IRE]IEV 4VSHYGXMSR EX XLI RI[ JEGXSV] WXEVXIH EPQSWX MQQIHMEXIP] ERH XLI

8WYVYLMOS=SWLMOE[E/MRXEVS ,EXXSVM´WJMVWXIQTPS]II[IRXSRXS FIGSQI'LMIJ)RKMRIIV,ITPE]IHE OI]VSPIMRXLIJEGXSV]´WIEVP]HE]W ',%48)6

½VWXTVSXSX]TI%QIVMGERWX]PI[EPP GPSGOW [IVI ½RMWLIH NYWX IMKLX [IIOW EJXIVXLIMREYKYVEXMSRSJ7IMOSWLE8LMW [EW E VIQEVOEFPI EGLMIZIQIRX KMZIR XLEXXLIJEGXSV]LEHRSJSVQSJTS[IV XSHVMZIMXWXSSPWMXLEHXSVIP]IRXMVIP] SR LYQER TS[IV JSV IZIV] TVSGIWW 8[SSVXLVIIPEFSYVIVWXYVRIHEPEVKI TS[IVWYTTP] [LIIP MR VSXEXMSR8LMW HVSZI E FMK ¾][LIIP [LMGL MR XYVR TVSZMHIHXLITS[IVJSVXLIQEGLMRIV] 4VSHYGMRK XLIWI ½VWX GPSGOW [EW E WMKRM½GERX EGGSQTPMWLQIRX FIGEYWI .ETER´W [EXGLQEOIVW LEH SRP] FIIR QEOMRKXMQITMIGIW[SVOMRKXSXLIWSPEV XMQIW]WXIQWMRGI[LIVIEWXLIMV )YVSTIERGSYRXIVTEVXWLEHLEHQER] GIRXYVMIW XS HIZIPST XLIMV WOMPPW8LI 'LMIJ )RKMRIIV YWIH EPP LMW MRKIRYMX] XS½RH[E]WXSTVSHYGIIEGLMRHMZMHYEP GSQTSRIRXSJXLIWI[EPPGPSGOW;LIR XLI 7IMOSWLE JEGXSV] STIRIH MR -WLM[EVEGLSMRMXLEHNYWXSV IQTPS]IIW7IZIVEPQSRXLWPEXIVMX MWFIPMIZIHXSLEZIIQTPS]IHSV TISTPI

)\TERHMRKTVSHYGXMSR 7IMOSWLE HIWTIVEXIP] RIIHIH XS MRXVSHYGITS[IVXSSPWXSMQTVSZIMXW IJ½GMIRG]FYXMRXLIHIRWIP]TSTYPEXIH EVIE[LIVIXLIJEGXSV][EWWMXYEXIHMX [EW MQTSWWMFPI XS SFXEMR TIVQMWWMSR JVSQXLITSPMGIJSVXLIYWISJTS[IV HVMZIRXSSPWWSNYWXSRI]IEVEJXIVMXW IWXEFPMWLQIRX XLI GSQTER] PIJX MXW SVMKMREP WMXI XS QSZI XS=EREKMWLMQE EPWS MR ,SRNS;EVH -R XLI [SSHIR FYMPHMRKWSJXLIRI[JEGXSV]MXMRWXEPPIH MXW ½VWX  LSVWITS[IV WXIEQ IRKMRI [LMGLIREFPIHMXXSI\TERHTVSHYGXMSR ,IVI 7IMOSWLE TVSHYGIH ERH EWWIQFPIH RSX SRP] QIGLERMGEP TEVXW FYXEPWSHMEPWLERHWERH[SSHIRGPSGO GEWIW,SRNS;EVHSRXLIIEWXWMHISJ %.3962)=-28-1)

8LI8MQI/IITIV[EWXLIJMVWX TSGOIX[EXGLIZIVQEHIF] 7IMOSWLEMR

XLI7YQMHE6MZIVMR8SO]S[EWEXXLI GIRXVI SJ KVS[XL EW MRHYWXVMEPMWEXMSR TVSKVIWWIH MR8SO]S HYVMRK XLI 1IMNM )VEERHQER]WOMPPIH[SVOIVW[IVIXS FIJSYRHMRXLIHMWXVMGX8LIHIGMWMSRF] /,EXXSVMXSPSGEXIMXWQERYJEGXYVMRK FVERGLMR,SRNSLEWFIIRHIWGVMFIHEW ±EJEVWMKLXIHQSZIXLEXTPEGIHMXSRXLI ¾SSHXMHISJMRHYWXVMEPHIZIPSTQIRX²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

LEH EKEMR SYXKVS[R MXW TVIQMWIW ERH /MRXEVSWIPIGXIHERI[WMXI¯XLILIEH UYEVXIVWSJERI[WTETIVEXXLI+MR^E GLSQIGSVRIV[LMGLMWRS[XLIZIV] LIEVXSJXLI+MR^EHMWXVMGX[LIVIPERH MWQSVII\TIRWMZIXLERER][LIVIIPWI MR.ETER-R.ERYEV]XLIRI[WLST STIRIH JSV FYWMRIWW 8LMW MQTSVXERX QSZI MR XLI ]IEV XLEX 7IMOSWLE LEH FIKYRXSTVSHYGITSGOIX[EXGLIW[EW ER MRWTMVIH HIGMWMSR -X WSSR FIGEQI XLIQSWXTVIWXMKMSYW[EXGLERHGPSGO WLSTMR8SO]SERHXSXLMWHE]XLIWMXI MWVIJIVVIHXSEWXLIJEQMPMEV±JEGI²SJ +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 PERHQEVOWMR8SO]S8LIPEVKIGPSGOSR XLIVSSJSJXLIFYMPHMRKFIGEQIORS[R EWXLI,EXXSVM'PSGO8S[IVERHXSHE] XLMWTVMQIVIXEMPPSGEXMSREXXLILIEVX SJ8SO]S´W QSWX JEWLMSREFPI WLSTTMRK HMWXVMGX MW XLI WMXI SJ XLI;EOS WXSVI [LMGL MW WXMPP XLI TVSTIVX] SJ 7IMOS 'SVTSVEXMSR

8LI/,EXXSVMFYMPHMRKMRXLI+MR^E HMWXVMGXMR 

%YXSQEXMGQEGLMRIW[IVIFIMRKYWIHLIVIMRXLI)EVP]8EMWLS)VE ¯ 

)ZIR EW XLI GPSGO FYWMRIWW SJ MR XLMW TIVMSH MRGPYHIH )\GIPPIRX 7IMOSWLE [EW XLVMZMRK /MRXEVS [EW )QTMVI1IVG]6YPIVERH;SVPH PSSOMRK XS XLI JYXYVI ERH TPERRMRK LMW ½VWX ZIRXYVI MRXS XLI QEOMRK SJ %RI[I\TSVXXVEHI TSGOIX [EXGLIW 4VSHYGXMSR SJ GEWIW ;MXL GPSGO TVSHYGXMSR VMWMRK ERH FIKER MR XLI =EREKEWLMQE JEGXSV] [EXGL TVSHYGXMSR MR TPEGI /MRXEVS MR  EW WSSR EW 7IMOSWLE QSZIH EKEMRVEMWIHLMWWMKLXWERHHIGMHIHXS XLIVI ERH F]  MX EWWIQFPIH MXW HIZIPST ER I\TSVX XVEHI ERH WSSR ½VWX GSQTPIXI TSGOIX [EXGL XLI  LI WXEVXIH XS I\TSVX [EPP GPSGOW XS PMKRI 8MQI /IITIV %X XLMW XMQI XLI 'LMRE&]RS[/,EXXSVMERH7IMOSWLE GSQTER]´WTVSHYGXMSRXIGLRMUYIWLEH LEH FIGSQI ½VQP] IWXEFPMWLIH EW RSX QEXYVIH XS XLI TSMRX [LIVI MX MQTSVXERX TPE]IVW MR XLI .ETERIWI GSYPHQEOIMXWS[RQSZIQIRXWXLIWI [EXGL ERH GPSGOQEOMRK MRHYWXV] ER ½VWX[EXGLIW[IVITVSFEFP]EWWIQFPIH IEVP]WMKRSJ/MRXEVS´WFYWMRIWWEGYQIR YWMRK7[MWWQSZIQIRXW[MXLEG]PMRHIV ,MWPSRKXIVQZMWMSR[EWFEWIHSRXLI IWGETIQIRXFYXRIZIVXLIPIWWXLI8MQI QEVOIX WMXYEXMSR FSXL EX LSQI ERH /IITIV[EWXLI½VWXTSGOIX[EXGLXLEX EFVSEH ERH LMW HMZIVWM½GEXMSR TSPMG] GER FI WEMH XS LEZI FIIR ±QEHI² MR [EWEJIEXYVIXLEX[EWRSXXSFIJSYRH .ETER MR ER] SXLIV .ETERIWI GPSGO GSQTER] *SV VIEWSRW RS PSRKIV ORS[R EXXLIXMQI QER]TVSHYGXWQEHIF]XLIGSQTER] ;MXL XLI MRXVSHYGXMSR SJ RI[ EX XLI XMQI [IVI KMZIR REQIW FEWIH QEGLMRIV] TVSHYGXMSR FIKER XS SR )RKPMWL [SVHW ¯ TIVLETW /MRXEVS MRGVIEWI-RXLI½VWX]IEVEX=EREKMWLMQE [EWEPVIEH]XLMROMRKSJJYXYVII\TSVX [EPPGPSGOW[IVIQEHIYRMXW TSWWMFMPMXMIW-REHHMXMSRXS8MQI/IITIV E HE]8LVII ]IEVW PEXIV HEMP] TVSHYG SXLIVREQIWYWIHJSV7IMOSWLE[EXGLIW XMSR LEH VIEGLIH  ERH F]  

7IMOSWLELEHFIGSQIXLIPEVKIWX[EPP GPSGO QERYJEGXYVIV MR .ETER -R  XLI GSQTER] EGLMIZIH ERSXLIV ±½VWX´ JSV E .ETERIWI GPSGOQEOIV F] TVS HYGMRK EPEVQ GPSGOW [LMGL MRGPYHMRK XLSWII\TSVXIHXS'LMREEVIVITSVXIH XS LEZI IEWMP] SYXWSPH +IVQER EPEVQ GPSGOW /MRXEVS ,EXXSVM [EW RSX XLI SRP] [EXGL ERH GPSGO QIVGLERX SJ LMW HE] FYX LI [EW XLI ½VWX XS QEOI E KVIEX WYGGIWW SJ FSXL HMWXVMFYXMSR ERHQERYJEGXYVMRK½VWXSJGPSGOWERH PEXIVSJ[EXGLIW,I[EWEPWSEKVIEX IRXVITVIRIYV ERH E WYVZMZSV EFPI XS OIIT LMW GSQTERMIW MR FYWMRIWW [LIR SXLIVW EVSYRH LMQ [IRX XS XLI [EPP -RXLIWMRXIRWITVMGIERHUYEPMX] GSQTIXMXMSR HVSZI SXLIV GPSGO QERY JEGXYVIVW MR 3WEOE /]SXS ERH8SO]S XS FEROVYTXG] %X SRI XMQI 7IMOSWLE [EWXLISRP]WYVZMZMRK[EXGLERHGPSGO QEOIVMRXLIGSYRXV] ;LMPI .ETER´W MRHYWXVMEPMWEXMSR [EW WXEVXMRK QSWX [EXGLQEOMRK [EW GSRGIRXVEXIH MR 7[MX^IVPERH ERH XLI 9RMXIH 7XEXIW -R%QIVMGE XLI EVX SJ QIGLERMGEP [EXGLQEOMRK ERH QEWW TVSHYGXMSR [EW [IPP EHZERGIH ERH MRI\TIRWMZI QSHIPW [IVI FIMRK TVS HYGIHMRPEVKIUYERXMXMIW1ER]SJXLIWI TVSHYGXW[IVIMQTSVXIHMRXS.ETER

8LI)\GIPPIRX[EWXLIJMVWXPY\YV] TSGOIX[EXGLQEHIF]7IMOSWLE MR7SQISJXLIGSQTSRIRXW [IVITVSFEFP]MQTSVXIH ',%48)6

-R XLIWI IEVP] HE]W XLI TVSHYGXW QEHI F] 7IMOSWLE [IVI RSX MR XLIMV XIGLRSPSK] SV XLIMV ETTIEVERGI ZIV] MRRSZEXMZI FYX /MRXEVS HSQMREXIH XLI MRHYWXV] F] QIERW SJ LMW FYWM RIWW EGYQIR ERH XLI WTIIH EX [LMGL LI EHETXIH XS IEGL RI[ GLEPPIRKI ,S[IZIV LI LEH XLI JSVIWMKLX XS VIGSKRMWIXLEXMRRSZEXMSR[EWXLIOI] XS PSRKXIVQ WYVZMZEP ERH JVSQ XLI IEVPMIWXHE]WLIHVIEQIHSJEGLMIZMRK ±½VWXW²MRLMWMRHYWXV]

*MVWXXVMTEFVSEH /MRXEVS QEHI LMW ½VWX XVMT EFVSEH MR  ,I XVEZIPPIH XS XLI 9RMXIH 7XEXIW ERH JVSQ XLIVI ZMWMXIH )YVSTI 8LI0EYVIP[EWXLIJMVWX[VMWX[EXGL [LIVILI[EWEFPIXSPSSOEXZEVMSYW QEHIF]7IMOSWLEMR TVSHYGXMSR JEGMPMXMIW MR 7[MX^IVPERH ERH +IVQER] ,MW EREP]WMW SJ XLI HMJ QEGLMRIW XLEX GSYPH GEVV] SYX QSVI JIVIRGI FIX[IIR 7[MWW ERH%QIVMGER XLERSRITVSGIWW8LI7[MWWVIP]MRKSR TVSHYGXMSR QIXLSHW [EW XS LEZI E WYTTPMIW JVSQ GSYRXPIWW WQEPP GSQTE TVSJSYRH MR¾YIRGI SR 7IMOS´W WYG RMIWERHMRHMZMHYEPWPEKKIHFILMRH[MXL GIWW QER] ]IEVW PEXIV ,I HMWGSZIVIH VIPEXMZIP] PS[ TVSHYGXMZMX] EPXLSYKL XLEX XLIVI [EW E WMKRM½GERX GSRXVEWX JVSQ XLI XYVR SJ XLI GIRXYV] XLI] FIX[IIR XLI GIRXVEPMWIH XIGLRMUYIW QEHIKVIEXIJJSVXWXSMRRSZEXIERHXS YWIH MR%QIVMGER JEGXSVMIW XLEX QEWW MQTVSZIIJ½GMIRG] /MRXEVS RSXIH MR XLI NSYVREP SJ TVSHYGIHEJI[ZEVMIXMIWERHXLI7[MWW JEGXSVMIWXLEXTVSHYGIHQER]HMJJIVIRX LMW ½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´W MR TYVGLEWMRK QER] JSVIMKR QEHI WTIGMEPTYVTSWI QEGLMRIW JSV XLI KVIEXIWXRIIH &]  ;EPXLEQ ERH )PKMR MR TVSHYGXMSR SJ TSGOIX [EXGLIW 7SQI XLI 9RMXIH 7XEXIW PIH XLI [SVPH MR 7[MWWQEHIIUYMTQIRXQE]LEZIFIIR MRXVSHYGMRK QEGLMRIV] XS EYXSQEXI SFXEMRIH JVSQ 2MTTSR 4SGOIX;EXGL TVSHYGXMSR XLI] LEH WYGGIIHIH 1JK [LMGL F] XLIR [EW HIJYRGX FYX MR EGLMIZMRK XLVII MQTSVXERX KSEPW VIWIEVGLIVW EPWS FIPMIZI MX MW TSWWMFPI ¯WLSVXIRMRKTVSGIWWMRKXMQIMQTVSZMRK XLEX7IMOSWLESFXEMRIHWSQIQERYJEG TVIGMWMSR ERH EFSZI EPP QEOMRK XYVMRKIUYMTQIRXJVSQSXLIV)YVSTIER %.3962)=-28-1)

GSYRXVMIWMRGPYHMRKJVIIWXERHMRKGPSGO IUYMTQIRX JVSQ +IVQER] HYVMRK SV EJXIV/MRXEVS´WSZIVWIEWXVEZIPW -X MW RSX GPIEV [LIXLIV ER] SJ XLMW QEGLMRIV] [EW WYMXEFPI JSV QEWW TVSHYGXMSR SJ TSGOIX [EXGLIW FYX ZSPYQI TVSHYGXMSR SJ EPEVQ GPSGOW FIKER MR  EJXIV XLI JEGXSV]´W IUYMTQIRX LEH FIIR VIRSZEXIH [LIR /MRXEVS VIXYVRIH JVSQ LMW ½VWX JEGXSV] ZMWMXW XS XLI 97 ERH )YVSTI 7YFWIUYIRXP]8WYVYLMOS=SWLMOE[EXLI VIZIVIHJEGXSV]QEREKIVERH/EQILMOS ,E]EWLM[LSLIEHIHXLITSGOIX[EXGL HITEVXQIRX HIZIPSTIH QER] SJ XLIMV S[R QEGLMRIW XS GSQTPIQIRX XLI  MQTSVXIH QEGLMRIW XLI GSQTER] LEHEPVIEH]EGUYMVIH %PXSKIXLIVXLI] QEHIEFSYXQEGLMRIWMRLSYWI %X XLI FIKMRRMRK SJ XLI XL GIR XYV] QERYJEGXYVIVW MR GSYRXVMIW XLEX WYTTPMIH XLI .ETERIWI QEVOIX [IVI QEOMRK XIGLRMGEP MQTVSZIQIRXW MR XLIMV TSGOIX [EXGLIW ERH XLMW TVS ZMHIH7IMOSWLE[MXLERSXLIVGLEPPIRKI

8LMW0EYVIPQSZIQIRX[EWJMXXIHMR EGVYHIRMGOIPGEWIFYXXLIMRWMHISJ XLIGEWIMWMRWGVMFIH±+SPHHSREXIH XSXLIREXMSR¯XL]IEVSJ XLI-QTIVMEPVIMKR²-XWIIQWXLEX XLISVMKMREPKSPHGEWI[EWHSREXIH XSXLIREXMSRERHVITPEGIHF]XLMW WYFWXMXYXI 

%7IMOSWLEEPEVQGPSGOEWWIQFP]PMRIEVSYRH

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¯ ERH S[R TVSHYGXMSR ERH WS MQQIHMEXIP] XLIVIJSVIIEWMIVXSQERYJEGXYVI¯MRE EJXIVLMWVIXYVR7IMOSWLEFIKERQEOMRK QSZIQIRXSJXLIWEQIHMEQIXIV MXWWIGSRHTSGOIX[EXGLXLIPMKRI 8LI QEGLMRMRK SJ FEPERGI [LIIP )\GIPPIRX [LMGL [EW FEWIH SR XLI G]PMRHIV WXEJJW [EW TSWWMFP] FI]SRH HIWMKRSJE;EPXLEQ[EXGL8LMW[EWE .ETERIWIXIGLRSPSK]MRXLIIEVP]W WQEPPIV ZIVWMSR SJ MXW IEVPMIV  PMKRI ERH WS 7IMOSWLE QE] LEZI GLSWIR XS QSHIPXLI8MQI/IITIV QERYJEGXYVI XLI KIEV XVEMR MXWIPJ ERH -X MW EPQSWX GIVXEMR XLEX 7IMOSWLE XS YWI MQTSVXIH GSQTSRIRXW JSV XLI WXMPP MR MXW MRJERG] EW E [EXGL QERY SXLIV TEVXW SJ XLI G]PMRHIV IWGETI JEGXYVIV YWIH TEVXW MQTSVXIH JVSQ QIRX +VEHYEPP] XLI RYQFIV SJ TEVXW ;EPXLEQMRTPEGISJXLSWIMXJSYRHXSS TVSHYGIH MRLSYWI [EW MRGVIEWIH EW HMJ½GYPXXSQEOIEXXLEXXMQI +IR^S ,EXXSVM /MRXEVS´W IPHIWX WSR 7IMOSWLEHIGMHIHXSYWIEG]PMRHIV PEXIV[VSXI±8LI]½VWXQEHIXLITPEXIW IWGETIQIRX JSV MXW ½VWX TSGOIX FVMHKIW ERH KIEV[LIIPW MRLSYWI [EXGLIWEPXLSYKLQER][EXGLIW[MXL ERH FSYKLX XLI SXLIV QEMR TEVXW MR 

7[MX^IVPERH KVEHYEPP] MRGVIEWMRK XLI VEXMSSJXLIMVS[RTEVXW² &]XLI7IMOSWLEGPSGOJEGXSV] IQTPS]IHQSVITISTPIXLERER]SXLIV TPERXMR,SRNS´WQIXEPERHQEGLMRIV] WIGXSV 1SWX SJ XLI SXLIV JEGXSVMIW [IVI WQEPP FYX XLI TVIWIRGI SJ WS QER]WQEPPHMZIVWIGSQTERMIW[SVOIH MRJEZSYVSJ7IMOSWLE¯E½VQQEOMRK YQFVIPPE JVEQIW JSV I\EQTPI IZIRXY EPP]XYVRIHMXWWOMPPWMRQIXEPTVSGIWWMRK XSXLIQERYJEGXYVISJGPSGOTMRMSRW 1EWXIVMRKXLIXIGLRSPSK]SJ[EXGL TVSHYGXMSR[EWRSXEWIEW]EWXLEXSJ GPSGOQEOMRKERHX[SSXLIVGSQTERMIW XLEXLEHFIIRJSYRHIHFIJSVI7IMOSWLE JEMPIH XS WYVZMZI XLI XVERWMXMSR %R SXLIV LYVHPI WXERHMRK MR XLI TEXL SJ 7IMOSWLE [EW XLI JEGX XLEX .ETERIWI GYWXSQIVWXIRHIHXSJEZSYVMQTSVXIH XMQITMIGIW SZIV ER] HSQIWXMG GSYR XIVTEVXW-RSVHIVXSWYVZMZI.ETERIWI XMQITMIGI QERYJEGXYVIVW LEH XS FI EFPI XS WIPP XLIMV [EXGLIW EX PS[IV TVMGIW XLER MQTSVXIH [EXGLIW 8LI GLEPPIRKIJEGMRK7IMOSWLE[EWRSXSRP]

8LMW[VMWX[EXGLQEHIMR[EW XLIJMVWXIZIVXSGEVV]XLI7IMOS FVERHREQI ',%48)6

QERYJEGXYVMRK8LIGSRWMHIVEFPITVS½X PEXIWX QEGLMRIW [IVI MQTSVXIH ERH VIWYPXMRK JVSQ XLMW HMZIVWMSR [EW 1V =SWLMOE[E KEMRIH QER] MHIEW WYFWIUYIRXP]YWIHEWGETMXEPJSVJYXYVI JVSQ %QIVMGER JEGXSVMIW JSV XLI MRZIWXQIRXW MRLSYWI TVSHYGXMSR SJ EYXSQEXMG (IWTMXI X[S MRGVIEWIW MR MQTSVX QEGLMRIV] % WYFWIUYIRX VITSVX WEMH HYXMIW FIX[IIR  ERH  XLEX±=SWLMOE[EMWEKVIEXQERMJSRI .ETERIWI QERYJEGXYVIVW´ WLEVI SJ QEGLMRI MW TYVGLEWIH LI GER QEOI XLI HSQIWXMG TSGOIX [EXGL QEVOIX RI[ SRIW YWMRK MX EW E QSHIP;LIR LEH JEPPIR XS EW PMXXPI EW  TIV GIRX SRI XYVRMRK QEGLMRI [EW FSYKLX LI *SV E PSRK XMQI 7IMOSWLE´W MRGSQI QEHI QER] QEGLMRIW ERH TVSHYGIH JVSQ TSGOIX [EXGLIW HMH RSX IZIR IUYMTQIRXJSVEPEVQGPSGOW² GSZIVI\TIRWIW&]WSQISJXLI 8LI KVS[XL SJ 7IMOSWLE´W EPEVQ QEGLMRIW 7IMOSWLE LEH EGUYMVIH SRP] GPSGOTVSHYGXMSREJXIVXLI EJI[]IEVWFIJSVIQYWXLEZIWIIQIH 6YWWS.ETERIWI ;EV [EW VIQEVOEFPI UYMXI ERXMUYEXIH 'PIEVP] WSQIXLMRK -RXLIGSQTER]TVSHYGIH LEHXSFIHSRIXSIREFPI7IMOSWLEXS EPEVQ GPSGOW &]  XLMW NYQTIH 7IMOSWLEQEHI.ETER´WJMVWX GSQTIXI QSVI IJJIGXMZIP] [MXL SZIV XS  ERH F] XLI JSPPS[MRK ]IEV GLVSRSKVETLMRETSGOIX WIEW QERYJEGXYVIVW ERH WS /MRXEVS 1IER[LMPI.ETER´WMQTSVXWSJ QSHIP[LMGLGSYPHVIGSVHXMQI PIJXSRLMWWIGSRHXVMTXS)YVSTIERH +IVQERRMGOIPTPEXIHEPEVQGPSGOWWYJ MRXIVZEPWYTXSQMRYXIW XLI 97% MR 8LMW XMQI LI XSSO JIVIHEWXIEH]HIGPMRI7IMOS[EWRS[ XS QEOI [SVOMRK TEVXW ERH XS XVEMR [MXL LMQ X[S GSPPIEKYIW ,MHI]YOM XVYP] GSQTIXMXMZI ERH MXW GPSGOW [IVI WOMPPIH [SVOIVW XS QEGLMRI EWWIQFPI =SWLMQYVE JVSQ XLI 'PSGO 7XSVI ERH XLI½RIWXEZEMPEFPI ERH EHNYWX XLIQ FYX EPWS XS VIHYGI 8WYVYLMOS=SWLMOE[E 7IMOSWLE´W 'LMIJ -R  7IMOSWLE´W TVSHYGXMSR SJ GSWXWWYJ½GMIRXP]XSFIEFPIXSWIPPXLIMV )RKMRIIV EPEVQGPSGOWSYXWXVMTTIHMXW[EPPGPSGO [EXGLIWEXXLIPS[IWXTSWWMFPITVMGIW -R  /MRXEVS HIWGVMFIH LS[ XLMWLEHFIIRERSFWIVZEXMSRXVMTERH 7YHHIRHMZIVWMSR EHHIH±8LIXLMRKW-PIEVRIHJVSQXLMW -R  7IMOSWLE [EW YRI\TIGXIHP] WIGSRHXVMTEFVSEH[IVIGSRWMHIVEFPI MRWXVYGXIHXSHMZIVXMXWQERYJEGXYVMRK 8LI SRP] LSTI [I LEH SJ HVMZMRK SYX JEGMPMXMIW JSV XLI TVSHYGXMSR SJ )YVSTIERERH%QIVMGERTVSHYGXW[EW QYRMXMSRW JSV XLI 6YWWS.ETERIWI XSTVSQSXIJEGXSV]IJ½GMIRG]XLVSYKL ;EV  ¯  8LIVI [IVI SRP] QEWW TVSHYGXMSR ERH VIHYGI GSWXW ELERHJYPSJIRKMRITS[IVIHJEGXSVMIW [LMPIQEMRXEMRMRKLMKLUYEPMX] MR8SO]SEXXLEXXMQIIQTPS]MRKQSVI ±- LEH KVIEX TPERW XS I\TERH XLI XLER  TISTPI ERH 7IMOSWLE [EW JEGXSV] ERH XS IUYMT MX [MXL QER] SJ XLIRXLIJSYVXLPEVKIWXQERYJEGXYVMRK XLIPEXIWXMQTSVXIHEYXSQEXMGTVIGMWMSR GSQTER]XSYWITS[IVXSSPWMR8SO]S QEGLMRI XSSPW;I EPWS TPERRIH XS MR XIVQW SJ XLI RYQFIV SJ [SVOIVW VINYZIREXIXLIQERYJEGXYVMRKTVSGIWW MX IQTPS]IH -X [EW YR[MPPMRK XS KMZI [MXL ZEVMSYW TVSHYGXMSR QEGLMRIW YTGPSGOTVSHYGXMSRFYX[EWSVHIVIH HIWMKRIHEX7IMOSWLE&]XLIWIQIERW XS QEOI EVXMPPIV] WLIPP JYWIW8LI WM^I [I MRGVIEWIH TVSHYGXMSR IJ½GMIRG] SJ XLI [SVO JSVGI [EW MRGVIEWIH XS PS[IVIH TVMGIW ERH WXERHEVHMWIH 8LMW)\XVE*PEX[EXGL[EWQEHI  [SVOMRK HE] ERH RMKLX MR WLMJXW TVSHYGXUYEPMX]ERH[IVI½REPP]EFPIXS F]XLI(EMRM7IMOSWLEJEGXSV] EVSYRH-XJIEXYVIWEPMKRI 1YRMXMSRW TVSHYGXMSR GSRXMRYIH EGLMIZISYVHIWMVIHVIWYPXW² QSZIQIRX[MXLWQEPPWIGSRHW JSV EFSYX E ]IEV EPSRKWMHI GPSGO % GSRWMHIVEFPI RYQFIV SJ XLI %.3962)=-28-1)



JVSQ SRI SJ =SWLMOE[E´W HIWMKRW % 8LMWQE]LEZIFIIRXLI½VWX7IMOSWLE RYQFIV SJ QSHM½GEXMSRW [IVI QEHI TVSHYGX XLEX GSRXEMRIH GSQTSRIRXW ERH IZIRXYEPP] MX [EW VITSVXIH XLEX QERYJEGXYVIH IRXMVIP] MRLSYWI -J MX SRIIQTPS]IIGSYPHLERHPIXLITMRMSR [EWMXMWMQTSWWMFPIXSYRHIVIWXMQEXI QEOMRK [SVO XLEX TVIZMSYWP] RIIHIH XLIWMKRM½GERGISJXLMWEGLMIZIQIRXJSV MX QEVOIH XLI FIKMRRMRK SJ XLI TSPMG] IQTPS]IIW &IX[IIR  ERH  QSVI XLEX [EW XS TYX 7IMOS MRXS XLI XST IRKMRIW [IVI MRWXEPPIH:EVMSYW TS[IV VEROSJ[SVPH[EXGLTVSHYGIVWLEPJE W]WXIQW WYGL EW WXIEQ IRKMRIW SMP GIRXYV]PEXIV 8LI TVSHYGXMSR SJ [VMWX[EXGLIW QSXSVW ERH KEW IRKMRIW [IVI YWIH MR GSQFMREXMSR JVSQ EVSYRH  LEHTVIWIRXIHXLIGSQTER][MXLXIGL )ZIV]XLMRK [EW ½REPP] GSRZIVXIH XS RMGEPHMJ½GYPXMIWJEVKVIEXIVXLERXLSWI YWI IPIGXVMG TS[IV F]  ERH XLI IRGSYRXIVIH MR GPSGO QEOMRK8LI WXIEQ ERH KEW IRKMRIW [IVI TLEWIH TEVXW[IVIWQEPPIVERHQSVIHMJ½GYPX SYX[LMGLQYWXLEZIVITVIWIRXIHXLI XS QERYJEGXYVI ERH XLI QIGLERMWQW FMKKIWXWMRKPIMQTVSZIQIRXMRJEGXSV] [IVI QSVI GSQTPMGEXIH %PP SJ XLI TEVXWLEHXSFIIRKMRIIVIH[MXLQYGL JEGMPMXMIW 8LMW7IMOS[EXGLLEWE KVIEXIVTVIGMWMSRXLERLEHFIIRRIGIW WITEVEXIWIGSRHWLERH0EXIVMR XLIWEQI]IEV7IMOSQEHI.ETER´W 2I[)QTIVSV WEV]JSVXLIPEVKIVTEVXWYWIHMRGPSGOW JMVWXXLVIILERH[EXGL[MXLEGIRXVI 8LI EGGIWWMSR SJ XLI RI[ )QTIVSV 1ER] WTIGMEPMWIH XSSPW [IVI VIUYMVIH QSYRXIHW[IITWIGSRHWLERH MR  QEVOIH XLI FIKMRRMRK SJ XLI XS QEOI [EXGL TEVXW ERH XLIWI TVSHYGXMSR [LMGL VIQEMRIH WXIEH] 8EMWLS )VE ERH XLI EVVMZEP SJ E GSQ QEGLMRIW[IVIQYGLWQEPPIVXLERXLI EX EFSYX  YRMXW E ]IEV FYX TIXMXMZIGLEPPIRKIXS7IMOSWLE´WTSWMXMSR KIRIVEPTYVTSWI QEGLMRIV] YWIH XS FIGEYWIXLIYRMXTVMGISJEPEVQGPSGOW JVSQ QER] RI[ .ETERIWI GSQTERMIW TVSHYGI GPSGO GSQTSRIRXW %X XLEX [EWPS[IVXLERXLEXSJ[EPPGPSGOWXLI XLEX WXEVXIH XS TVSHYGI GPSGOW ERH XMQIMX[EWHMJ½GYPXJSV.ETERIWIQERY ZEPYISJEPEVQGPSGOTVSHYGXMSRRIZIV TSGOIX [EXGLIW 7IMOSWLE VIWTSRHIH I\GIIHIHXLEXSJ[EPPGPSGOWHYVMRKXLI F] HIGMHMRK XS HIZIPST .ETER´W ½VWX 1IMNM)VE ¯ 8LIKVS[XLSJ [VMWX[EXGL 8LI HVMZI XS MRRSZEXI GSRXMRYIH EPEVQ GPSGO WEPIW LEH FIIR LIPTIH F] ER MRGVIEWI MR EPEVQ GPSGO MQTSVX XSSFWIWW/MRXEVSEWLITSRHIVIHLS[ HYXMIWMRJVSQXSTIVGIRX XSJYP½PXLMWHVIEQSJGVIEXMRKLMWS[R EWTEVXSJFVSEHIVVIJSVQWMR'YWXSQW [VMWX[EXGL,IUYMGOP]VIEPMWIHXLEXMX HYXMIW ERH XLMW VIMRJSVGIH 7IMOSWLE´W [EWSRP]EGLMIZEFPIMJLITVSHYGIHEPP XLITEVXWJSVXLIWITVSHYGXWMRLSYWI QEVOIXHSQMRERGI 7XERHEVHTVSHYGXMSRPSXWSJEPEVQ ERH XLEX XLMW [EW XLI [E] XS WXE] GPSGOW [IVI JEV PEVKIV XLER XLSWI SJ ELIEH SJ XLI IZIVKVS[MRK GSQTIXM [EPPGPSGOWERHMRXIVQWSJQEWWTVS XSVW &]  7IMOSWLE WYGGIIHIH MR HYGXMSRXIGLRSPSK]XLMWWIIQWXSLEZI QEOMRK FEPERGI WTVMRKW ERH F]  TPE]IHEGVYGMEPVSPIMRXLIGSQTER]´W MX FIKER QEOMRK MXW S[R IREQIP HMEPW WYFWIUYIRX MQTVSZIQIRXW MR TSGOIX JSVXLI½VWXXMQI/MRXEVSLEHWIXXLI 8LMW7YTIV%YXS(EXSVQEHIMR LEHENI[IPQSZIQIRXXLEX[EW [EXGL TVSHYGXMSR XIGLRMUYIW 4MRMSR GSQTER]´WWMKLXWSRHIZIPSTMRK.ETER´W QYGLQSVIEGGYVEXIXLERXLIVIKYPEV GYXXMRKTVSZIHXSFIXLIQSWXHMJ½GYPX ½VWXIZIV[VMWX[EXGLERHNYWXSRI]IEV %YXS(EXSV-X[EWFEWIHSRXLI7YTIV TVSGIWW XS EYXSQEXI FYX F]  ER MRXSXLI8EMWLS)VELMWIRXLYWMEWQTEMH QSZIQIRX7IMOS´WJMVWXQSHIP[MXLE W[IITGIRXVIWIGSRHWLERHERHLEHE EYXSQEXMGTMRMSRGYXXMRKQEGLMRILEH HMZMHIRHW [LIR MR  MX [EW TYX GIRXVEPHEXITSMRXIVLERH FIIR HIZIPSTIH JSV TSGOIX [EXGLIW SRXLIQEVOIXYRHIVXLIREQI0EYVIP 

',%48)6

JEGXYVIVWXSSFXEMRIUYMTQIRXJSVWYGL WTIGMEPMWIHTVSHYGXMSR*SVEPSRKXMQI XLIGSQTER][EWSRP]EFPIXSTVSHYGI FIX[IIRERHEHE] ;SVPH;EV-GVIEXIHI\GMXMRKGLEP PIRKIWERHSTTSVXYRMXMIWJSV.ETERIWI GSQTERMIW -QTSVXW JVSQ &VMXEMR ERH +IVQER] [IVI GYX SJJ ERH FEWMG QEXIVMEPW FIGEQI WGEVGI 8LI WLSVX EKIW GVIEXIH E KVIEX STTSVXYRMX] JSV .ETERIWI GSQTERMIW XS QERYJEGXYVI TVSHYGXW XS VITPEGI XLSWI XLEX [IVI RS PSRKIV EZEMPEFPI JVSQ EFVSEH8LI .ETERIWI GPSGO MRHYWXV] LEH WYJJIVIH JVSQ E TIVMSH SJ VIGIWWMSR EVSYRH  ERH 7IMOSWLE´W TVSHYGXMSR LEH HIGPMRIH;LIR [EV FVSOI SYX MR XLIVI[EWEWLEVTMRGVIEWIMRXLI TVMGISJQIXEPWERHMQTSVXWSJ)RKPMWL ERH 7[IHMWL WXIIP JSV XLI TVSHYGXMSR SJ WTVMRKW GIEWIH8LI GPSGO MRHYWXV] MR 2EKS]E WYJJIVIH JVSQ FSXXPIRIGOW GEYWIH F] XLI WTVMRK WLSVXEKI ERH MX [EW SRP] VIWGYIH F] XLI W[MXGL XS QYRMXMSRWTVSHYGXMSRJSVXLI.ETERIWI EVQ]½KLXMRKSRXLI%PPMIHWMHIERHJSV XLI6YWWMERQMPMXEV]

8LI(EMRM7IMOSWLETPERXMR7Y[ETMGXYVIHMR

FSXL GSYRXVMIW [LMPI WXMPP IRNS]MRK KSSHFYWMRIWWMR.ETER &]XLIQMHHPISJXLIGSQTER] LEHVIGIMZIHSVHIVWJVSQ&VMXEMRERH *VERGI JSV QSVI XLER  EPEVQ GPSGOW'PSGOWQEHIF]7IMOSWLE[IVI I\TSVXIHRSXSRP]XS)YVSTIFYXEPWS XS7SYXL)EWX%WME-RHME7SYXL%JVMGE 'SQTERMIWYRMXIH 7SYXL %QIVMGE ERH %YWXVEPME;LIR -R GSRXVEWX XS XLI GPSGO MRHYWXV] MR XLI RYQFIV SJ YRMXW FIMRK TVSHYGIH 2EKS]E7IMOSWLE[EWYRMXIH[MXLXLI FIKER XS ETTVSEGL QEWW TVSHYGXMSR / ,EXXSVM [LMGL LEH XVEHMRK JYRGXMSR PIZIPW JSV XLI ½VWX XMQI XLI FMKKIWX YRHIV E WMRKPI QEREKIQIRX WXVYGXYVI TVSFPIQ SR XLI TVSHYGXMSR PMRIW / ,EXXSVM LEH FSYKLX PEVKI EQSYRXW VIWYPXIHJVSQXLIMREFMPMX]XSTVSHYGI SJ7[IHMWLWTVMRKWXIIPERH%QIVMGER GSQTSRIRXW XS TVIGMWI XSPIVERGIW WS TMRMSR FEV WXIIP FIJSVI XLI [EV WS XLEX XLI] [IVI XVYP] MRXIVGLERKIEFPI 7IMOSWLE [EW RSX MRGSRZIRMIRGIH 8LMW [EW XLI VIWYPX SJ HI½GMIRX HMI [LIR WXIIP MQTSVXW HVMIH YT 3XLIV NMKW ERH MRWYJ½GMIRX TVIGMWMSR MR XLI GSQTERMIW MR 2EKS]E LEH RSX QEGLMRIXSSPW %WEVIWYPXTVSHYGXMSR TVITEVIH JSV XLMW IZIRXYEPMX] ERH HMH JVSQ ZEVMSYW QEGLMRIW LEH XS FI RSXLEZIEWWXVSRKEVIPEXMSRWLMT[MXL GEVIJYPP] QEXGLIH MR SVHIV XS FVMRK .ETERIWI WYTTPMIVW EW 7IMOS +IVQER XSKIXLIV GSQTSRIRXW XLEX [IVI EW GPSGOQEOIVWGSYPHRSXVIWTSRHXSXLI GSQTEXMFPIEWTSWWMFPI8MQIERHXMQI HIQERHJVSQ)RKPERHERH*VERGIERH EKEMR XLI WMXYEXMSR EVSWI MR [LMGL E WS 7IMOS VIGIMZIH LYKI SVHIVW JVSQ GSQFMREXMSR SJ TEVXW JEMPIH XS QEXGL

%.3962)=-28-1)

HYVMRKXLI½REPEWWIQFP]TVSGIWW8LMW FIGEQIORS[REW±GVSWWIHTEXLW²ERH VIWYPXIH MR E LMKL PIZIP SJ HIJIGXMZI TEVXW &IGEYWI XLI TEVXW [IVI RSX XVYP] MRXIVGLERKIEFPI XLI YPXMQEXI UYEPMX] SJ XLI QSZIQIRXW HITIRHIH SR GSVVIGXMSR ERH EHNYWXQIRX F] WOMPPIH [SVOIVW E [EWXIJYP ERH XMQI GSRWYQMRK TVSGIWW 7SQI TEVXW [IVI RSXYWIEFPIEXEPPERHLEHXSFIXLVS[R E[E] 7IMOSLEHXSEHSTXXLIRI[QEWW TVSHYGXMSRXIGLRMUYIWXLEX[IVIFIMRK TMSRIIVIHF]*SVH[MXLXLI1SHIP8¯ MR¯ERHIZIRIEVPMIVF])EWXQER JSV XLI TVSHYGXMSR SJ GEQIVEW 1EWW TVSHYGXMSR [EW XS FIGSQI XLI OI] XSXLIJYXYVIWYGGIWWSJXLIGSQTER] IZIRXYEPP]ORS[REW7IMOSXLIYWISJ QEGLMRIV] XS XYVR SYX TEVXW VETMHP] [EW ER MQTSVXERX ½VWX WXIT XS[EVHW XLMW 8LEROW XS XLI VETMH KVS[XL SJ GPSGO WEPIW XLI GSQTER] [EW SYXKVS[MRKMXWWXVYGXYVI-R2SZIQFIV 

-RWMHIXLI(EMRM7IMOSWLE7Y[ETPERXMR

 XLI TVMZEXIP] S[RIH GSQTER] %TTVIRXMGIWLMTW GEPPIH / ,EXXSVM QEREKIH TIVWSREPP] ;LIR XLI JEGXSV] [EW ½VWX WIX YT F]/MRXEVS,EXXSVMWMRGIFIGEQI JI[ GVEJXWQIR [ERXIH XS FIGSQI / ,EXXSVM  'S 0XH [MXL E TEMHYT GPSGO GVEJXWQIR WS 7IMOSWLE LEH RS GETMXEP SJ Q ]IR 7IMOSWLE [EW E GLSMGI FYX XS VIGVYMX IPIQIRXEV] TEVX SJ XLMW RI[ GSVTSVEXI IRXMX] WGLSSP KVEHYEXIW ERH XVEMR XLIQ %W ORS[REW/,EXXSVM 'S¯7IMOSWLE IEVP] EW  EFSYX  TYTMPW [IVI *EGXSV] ERH E WMRKPI QEREKIQIRX FSEVHIH EX XLI JEGXSV] FYX MX MW RSX WXVYGXYVIKSZIVRIHXLIRI[GSVTSVEXI GPIEV [LIR XLMW TVEGXMGI IRHIH %JXIV IRXMX] %X XLI WEQI XMQI XLI I\TSVX XLIMV ETTVIRXMGIWLMT LEH FIIR HITEVXQIRXSJXLI,EXXSVM'PSGO7XSVI GSQTPIXIH XLI] [IVI EPPSGEXIH XS [EW WITEVEXIH ERH IWXEFPMWLIH EW XLI ZEVMSYW[SVOWXEXMSRW-RXLIPEXIV1IMNM ,EXXSVM8VEHMRK'SQTER] )VEEFSYXLEPJSJ7IMOSWLE´WIQTPS]IIW /MRXEVS ,EXXSVM EP[E]W MRZSPZIH [IVI TVSFEFP] JSVQIV TYTMPW SJ XLMW LMW JEQMP] MR LMW FYWMRIWW ERH LMW MRXIVREPXVEMRMRKJEGMPMX]MRGPYHMRKQER] QSXLIV ,EVYOS TPE]IH ER MQTSVXERX [SVO WMXI JSVIQIR ERH MQTSVXERX VSPI HYVMRK MXW JSVQEXMZI ]IEVW 7LI WOMPPIHGVEJXWQIR PMZIH MRWMHI XLI JEGXSV] GSQTSYRH (YVMRK XLMW XMQI ,EVYOS JVSQ XLI GSQTER]´W JSYRHEXMSR ERH IWXEFPMWLIH GPSWI VIPEXMSRWLMTW [MXL LEW FIIR HIWGVMFIH EW XLI HI JEGXS XLI GSQTER]´W TIVWSRRIP FSXL FSWW SJ XLI 7IMOSWLE JEGXSV] 7LI TYTMPW ERH JSVQIV TYTMPW )\EQTPIW [EW E WXVSRK [SQER [LS WLEVIH XLI EFSYRH -R  /MGLMXEVS /YVMQSXS NS]W ERH WSVVS[W SJ XLI IQTPS]IIW [EW LMVIH EW E GSSO XS GEXIV JSV XLI ERH GSRXVMFYXIH QEWWMZIP] XS XLI FSEVHIVW[SVOMRKYRHIVXLIHMVIGXMSR HIZIPSTQIRXSJXLIFYWMRIWW SJ ,EVYOS ,I GEQI JVSQ XLI WEQI TVSZMRGI EW ,EVYOS ERH XLSYKLX SJ 

LMQWIPJEWLIVJSPPS[IV,IIWXEFPMWLIH E GPSWI VETTSVX [MXL LIV ERH [IRX SRXSFIGSQIXLITIVWSRRIPQEREKIV 1V /YVMQSXS´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´WHIEXL7IMOSWLE´WQEREKIQIRX [EWIRXVYWXIHXSXLIWIXLVIIHMVIGXSVW FYXXLISPHGPSWITIVWSREPVIPEXMSRWLMT XLEX,EVYOSLEHIWXEFPMWLIH[MXLXLI

8LMW7YTIVQEHIMRJIEXYVIH 7IMOS´WJMVWXJYPPXLVIILERHQSZIQIRX IEVPMIVZIVWMSRW[IVIQSHMJMGEXMSRW SJEGEPMFVI[MXLEWQEPPWIGSRHWHMEP ERHERI\XVE[LIIPXSHVMZIEGIRXVI WIGSRHWLERH ',%48)6

4VSHYGXMSRSJXLI1EVZIPFIKERMRERHIRHIHMR)ZIV]XLMRKEFSYX XLIQSZIQIRX[EWKVEHYEPP]VIJMRIHMRGPYHMRKEGGYVEG]IEWISJTVSHYGXMSRERH QEMRXIRERGI8LIIEVP]QSHIPWLEHNI[IPWFYXPEXIVZIVWMSRWLEHERHXLIR

IQTPS]IIW [EW PSWX 3YX SJ RIGIWWMX] [EXGL QERYJEGXYVIVW [IVI PMWXIH MR E QSVI QSHIVR PEFSYVQEREKIQIRX 8SO]S 2SX WYVTVMWMRKP] XLIWI RI[P] VIPEXMSRWLMTXSSOMXWTPEGI IWXEFPMWLIH GSRGIVRW EXXIQTXIH XS 4VIWMHIRX/MRXEVS,EXXSVMLIEHIH TSEGL 7IMOSWLE´W [SVOIVW 8LI GSQ XLI XVMYQZMVEXI8LI SXLIV QIQFIVW TER] XVMIH LEVH XS TVIZIRX XLMW FYX SJXLMWQEREKIQIRXXIEQ[IVI1MGLMS MX GSYPH RSX SJJIV TVIJIVIRXMEP GSRHM 7LMRSLEVE ERH +IR^S /E[EHE FSXL XMSRW ERH IWTIGMEPP] WEPEVMIW SRP] XS WSRWMRPE[ 1V 7LMRSLEVE FIGEQI XLSWI[SVOIVW[LSLEHFIIRSJJIVIH E HMVIGXSV ERH [EW XLI JYPPXMQI SXLIV NSFW ERH WS MX SJXIR PSWX XLIQ QEREKIQIRXVITVIWIRXEXMZIEX7IMOSWLE XS VMZEPW %W E VIWYPX 7IMOSWLE´W XIGL 1V /E[EHE XSSO SR VIWTSRWMFMPMX] RSPSK]ERHORS[LS[WTVIEHXSQSWX JSV XLI SVHIVW JSV QYRMXMSRW ERH SJXLIRI[JEGXSVMIWERHGSQTIXMXMSR QEGLMRIV]EXXLIJEGXSV] MRXIRWM½IH %JXIV XLI HMJ½GYPX ]IEVW MR XLI -X [EW XLI PSRKXIVQ FYWMRIWW ½VWXHIGEHISJXLIXLGIRXYV][LIR ETTVSEGL SJ /MRXEVS ,EXXSVM XLEX QER] GSQTIXMXSVW LEH FIIR JSVGIH TIVQMXXIH / ,EXXSVM XS WYVZMZI [MXL SYX SJ FYWMRIWW XLI QEVOIX´W KVS[XL MRRSZEXMSRWMRSRIEVIEFIMRKJYRHIHF] FIKERXSEXXVEGXEKVS[MRKRYQFIVSJ XLITVS½XWSJERSXLIV7IMOSWLE´WEPEVQ GSQTIXMXSVW JVSQ  7IMOSWLE LEH GPSGOERHTSGOIX[EXGLQERYJEGXYVMRK PSRKFIIRXLISRP]HSQIWXMGQEOIVSJ ZIRXYVIW VER EX E PSWW MR XLIMV IEVP] GIVXEMR X]TIW SJ GPSGO ERH SJ TSGOIX HE]W WYFWMHMWIH F] XLI TVS½XW JVSQ [EXGLIW FYX F]   GPSGO ERH [EPP GPSGO TVSHYGXMSR %PEVQ GPSGO %.3962)=-28-1)

TVSHYGXMSR QSZIH MRXS XLI FPEGO EJXIV E JI[ ]IEVW ERH XLIR MRGVIEWIH TVSHYGXMSR ERH WEPIW WYFWMHMWIH XLI TVSHYGXMSR SJ TSGOIX [EXGLIW [LMGL LEHFIIRYRTVS½XEFPIJSV]IEVW8LI TSGOIX [EXGL HITEVXQIRX SRP] FIKER GSRXVMFYXMRKXSTVS½XWJSVXLI½VWXXMQI MR]IEVWEJXIVXLI½VWXPMKRI G]PMRHIV QSHIP [IRX MRXS TVSHYGXMSR &]XLI7IMOSWLEJEGXSV]TVSHYGIH  YRMXW IRXMVIP] MR MXW S[R JEGXSV]XLI][IVI[SVXL]IR (YVMRK XLSWI ]IEVW XLI TVSHYGX XLEX QEHIXLIFIWXYWISJMQTVSZIQIRXWMR TSGOIX [EXGL TVSHYGXMSR XIGLRSPSK] [EWXLIPMKRI±)QTMVI²[LMGL[EW ½VWXTVSHYGIHMR-X[EWEPY\YV] MXIQ [MXL  SV  NI[IPW ERH IEGL ]IEVWSQI[IVITYVGLEWIHF]XLI -QTIVMEP'SYVXXSFIYWIHEWKMJXW &]XLIIEVP]WXLILSVM^SRXEP ERH ZIVXMGEP I\TERWMSR SJ /MRXEVS´W FYWMRIWW IQTMVI ERH MXW YWI SJ TVIGM WMSR XIGLRSPSK] LIPTIH / ,EXXSVM  'SXSFIGSQIPIEHIVWMRXLI.ETERIWI LSVSPSKMGEP MRHYWXV] &YX MR  XLI +VIEX /ERXS )EVXLUYEOI WXVYGO ERH XLI GSQTER]´W +MR^E LIEHUYEVXIVW ERH XLI 7IMOSWLE JEGXSV] EPP FYVRIH HS[R EPXLSYKLXLI]LEHWYVZMZIHXLI IEVXLUYEOI  % JVIWL WXEVX LEH XS FI QEHI /MRXEVS RS[ [IPP SZIV  QMKLX LEZI FIIR I\TIGXIH XS FI WLEXXIVIH F] XLMW HIZEWXEXMSR FYX LMW IRIVKMIW [IVI F] RS QIERW WTIRX ,I GSQ QMXXIH EPP SJ LMW TIVWSREP VIWSYVGIW XSXLIGSQTER]ERHWXEVXIHXSVIFYMPH XLIJEGXSV] %QE^MRKP]LIQEREKIHXS VIWYQI [EXGL ERH GPSGO TVSHYGXMSR [MXLMR E JI[ QSRXLW MR E FEVVEGOW FYMPHMRK YWMRK LMW WYVZMZMRK WOMPPIH [SVOIVW8LI½VIEJXIVXLIIEVXLUYEOI LEH HIWXVS]IH  [EXGLIW XLEX LEH FIIR PIJX [MXL XLI GSQTER] F] 

JSVIMKR TVSHYGIVW ERH LEH WYVZMZIH 8LI UYEPMX] SJ MXW TVSHYGXW LEH VMWIR WMKRM½GERXP] XLEROW XS XLI GSRXMRYIH MRZIWXQIRXMRRI[IUYMTQIRXERHXLI XVEYQESJXLIHIWXVYGXMSRMR[EW F]XLIRSRP]EQIQSV]7EPIWLEHGSR XMRYIHXSVMWI[MXLETIEOWSSRXSFI VIEGLIHMR[LIRQMPPMSRXMQI TMIGIW[IVIWSPHEGGSYRXMRKJSVEFSYX LEPJ SJ XLI XSXEP .ETERIWI TVSHYGXMSR /MRXEVS,EXXSVMHMHR´XPMZIXSWIIXLMW LS[IZIV ,I HMIH MR  EX XLI EKI SJ %JXIV LMW HIEXL LMW X[S WSRW +IR^SERH7LSNMWYGGIIHIHLMQMRXLI JEQMP]FYWMRIWW-X[EWEFPIXSWYVZMZI ERHTVSWTIVFIGEYWIXLI]LEHEP[E]W FIIR XSXEPP] MQQIVWIH MR MX ERH LEH JSPPS[IH MR LMW JSSXWXITW 8LI] XSS FIPMIZIH MR MRRSZEXMSR ERH LEH MRLIV MXIH XLIMV JEXLIV´W YRGERR] EFMPMX] XS 8LI'VSRSW[EWHIZIPSTIHEWERI[[VMWX[EXGLJSVQIR-XWQSZIQIRX[EWWPMKLXP] VIGSKRMWI[LEX[EWFIWXJSVXLIGSQ XLMRRIVXLERXLEXMRXLI1EVZIPERHSXLIVVIJMRIQIRXWMRGPYHIHEFVMHKIERGLSVIHEX TER]ERHMXWJYXYVI FSXLIRHWERH(MEWLSGOWLSGOTVSXIGXMSR4VSHYGXMSRFIKERMR 8LIVIFYMPX7IMOSWLETPERXQEREKIH GYWXSQIVWJSVWIVZMGMRKSVVITEMVFYX TVIGMWMSRERHEGGYVEG]MRRSZEXMSRERH XSMQTVSZIXLIUYEPMX]SJMXWTVSHYGXW MRWXIEH SJ WIIMRK XLMW EW E TVSFPIQ VI½RIQIRX *VSQ XLEX HE] JSV[EVH [LMGL LEH TVIZMSYWP] GSQI MR JSV /MRXEVSXYVRIHMXMRXSERSTTSVXYRMX] [MXL XLI I\GITXMSR SJ E FVMIJ TIVMSH WSQI GVMXMGMWQ %JXIV XLI IEVXLUYEOI XS FSSWX XLI VITYXEXMSR SJ 7IMOSWLE HYVMRK XLI 7IGSRH ;SVPH ;EV EPP XLI GSQTER] LEH JEGIH WXMJJ GSQTIXM ,MWGSRGIVRJSVLMWGYWXSQIVW[EWEW /MRXEVS ,EXXSVM´W [EXGL TVSHYGXW XMSR FSXL JVSQ HSQIWXMG VMZEPW ERH KVIEX EW JSV LMW JEGXSV] )ZIV] SRI SJ [IVI YRMXIH YRHIV XLI RI[ REQI E JVSQXLI7[MWWFYX[MXLMXWMQTVSZIH XLIWIPSWX[EXGLIW[EWVITPEGIH[MXL REQIXLEX[EWWSSRXSXEOIMXWTPEGI TVSHYGXW7IMOSWLEMRGVIEWIHMXWWEPIWMR ER IUYMZEPIRX RI[ XMQITMIGI ERH XLMW EPSRKWMHI XLI MRHYWXV]´W QSWX ZEPYIH XLI.ETERIWIQEVOIX VEMWIHXLIPIZIPSJXVYWXMRXLIGSQTER] FVERHW 3RISJXLI½VWXMQTSVXERXQSZIW XSRI[LIMKLXWXLMWKIWXYVI[EW[MHIP] -R XLI QMHW EW XLI [SVPH QEHI F] XLI RI[ QEREKIQIRX XIEQ ETTVIGMEXIH ERH LEW IRXIVIH XLI JSPO QSZIH XS[EVHW IGSRSQMG VIGIWWMSR [EW XLI GVIEXMSR SJ E RI[ GSQTER] PSVISJXLIMRHYWXV] /MRXEVS EKEMR XSSO E HI½RMXIP] TSWM GEPPIH (EMRM 7IMOSWLE [LMGL [EW WIX XMZIETTVSEGLERHMRXVSHYGIH]IXQSVI YT MR  ERH XSSO SZIV XLI [EXGL *MVWX7IMOS[EXGL RI[ XIGLRSPSK] MR LMW JEGXSVMIW ERH TVSHYGXMSR EGXMZMXMIW SJ 7IMOSWLE8LI .YWXQSRXLWEJXIVXLI)EVXLUYEOIXLI XLMW LIPTIH 7IMOSWLE MR  XS TVS .ETERIWI[SVH±HEMRM²QIERW±WIGSRH² GSQTER]LEHGVIEXIHERIRXMVIP]RI[ HYGIXLIWQEPPIWX[SQER´W[VMWX[EXGL 8SHE]MXMWORS[REW7IMOS-RWXVYQIRXW [EXGLERHMX[IRXSRWEPIMR(IGIQFIV QEHI MR .ETER NYWX EW XLI .ETERIWI -R XLI WEQI ]IEV XLI GSQTER] LEH -X[EWXLI½VWXXSGEVV]XLIREQI FIKER XS XEOI XS XLI [IEVMRK SJ E WXVSOI SJ PYGO [LIR XLI .ETERIWI KSZIVRQIRXZMVXYEPP]LEPXIHXLIMQTSV 7IMOSMRXVSHYGMRKXSXLI[SVPHJSVXLI [VMWX[EXGLIW ½VWX XMQI XLI FVERH REQI XLEX [EW 8LI VIFYMPX JEGXSV] LEH JEGIH XEXMSR SJ [EXGLIW EJXIV XLI SYXFVIEO PEXIV XS FIGSQI W]RSR]QSYW [MXL WXMJJGSQTIXMXMSRJVSQFSXLLSQIERH SJXLI[EVMR'LMRE*SVXLI½VWXXMQI 

',%48)6

8LMW[VMWX[EXGLEWWIQFP]PMRI EVSYRHYWIHGSRZI]SVFIPXWXS FSSWXTVSHYGXMSRERHXLIWXEJJ[SVI TVSXIGXMZIGPSXLMRKXSTVSXIGXXLI QSZIQIRXWJVSQHYWX

7IMOSWLE [EW JVII JVSQ GSQTIXMXMSR [MXLXLI7[MWWFYXEWXLI[EVMR'LMRE GSRXMRYIHMRXS;SVPH;EV--7IMOSWLE [EW SRGI QSVI SVHIVIH XS VIHYGI [EXGLERHGPSGOTVSHYGXMSRJSVGMZMPMER YWIERHMRWXIEHXSHIZIPSTXMQIJYWIW ERHQEVMRIGLVSRSQIXIVW (IWTMXI XLMW GSRWMHIVEFPI IJJSVX [EW GSRGIRXVEXIH SR XLI HIZIPST QIRXSJTSGOIXERH[VMWX[EXGLIWERH F]  XLI RI[ GSQTER] TVSHYGIH .ETER´W ½VWX LERH [VMWX[EXGL ERH PMOIEPPTVSHYGXWWMRGIXLIPEXIWX MR E PSRK PMRI SJ [EXGLIW FIEVMRK XLI 7IMOSREQI8LMW[EWJSPPS[IHMR F] XLI ½VWX .ETERIWI TSGOIX [EXGL GLVSRSKVETL ERH MR  E QEVMRI GLVSRSQIXIV [EW TVSHYGIH ¯ EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] / ,EXXSVM 'S0XHLEHFIGSQIXLIWSPI MRXIKVEXIH XMQITMIGI QERYJEGXYVIV MR .ETER[MXL7IMOSWLETVSHYGMRKGPSGOW ERH (EMRM 7IMOSWLE GSRGIRXVEXMRK SR [EXGLIW

1SVIHIWXVYGXMSR 3R 1EVGL   NYWX  ]IEVW EJXIV XLI +VIEX /ERXS )EVXLUYEOI LEH HIWXVS]IH XLI 7IMOSWLE JEGXSV] FSQFMRKHIWXVS]IHXLI(EMRM7IMOSWLE %.3962)=-28-1)

/EQIMHS[VMWX[EXGLJEGXSV]8LISRP] TEVX SJ XLI KVSYT XLEX WYVZMZIH XLI [EV[EWXLI(EMRM7IMOSWLE7Y[E4PERX MR XLI 2EKERS 4VIJIGXYVI EFSYX  QMPIWJVSQ8SO]S %X XLI IRH SJ XLI [EV 7IMOS [EW VIPIEWIHJVSQMXWSFPMKEXMSRXSTVSHYGI QMPMXEV]QEXIVMEPERH[EXGLTVSHYGXMSR GSRXMRYIHEKEMR&IJSVIXLI[EV(EM[E /SK]S LEH FIIR WXEVXIH MR XLI 7Y[E EVIEEWEJEGXSV]XLEXGSSTIVEXIH[MXL (EMRM7IMOSWLE(YVMRKXLI½REPTIVMSH SJXLI[EVPEVKIRYQFIVWSJQEGLMRI XSSPWERHXMQITMIGIGSQTSRIRXW[IVI XVERWJIVVIHXLIVIJVSQ8SO]SERHXLMW FIGEQIERIZEGYEXMSRJEGXSV]JSV(EMRM 7IMOSWLE %WEVIWYPXXLIGSQTER][EW EFPI XS VIWYQI XLI TVSHYGXMSR SJ [VMWX[EXGLIWEWIEVP]EW%YKYWX 8LI 7IGSRH ;SVPH ;EV LEH E HMWEWXVSYWIJJIGXSR.ETERIWIMRHYWXV] ERH7IMOSWLEHMHRSXIWGETIXLIMQTEGX 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[EXGLTEVXWEVIFIMRK TVSHYGIHSRXLIWIEWWIQFP]PMRIW EVSYRH

XLI [EV 7IMOS [EXGLIW WSPH ZIV] JEWX FYX XLI UYEPMX] [EW RSX ZIV] LMKL ERH 7IMOS´W TVSHYGXW [IVI RSX IZIR GSQTIXMXMZIEKEMRWXXLIQER]PS[GSWX [VMWX[EXGLIW XLEX [IVI EZEMPEFPI MR .ETER JIEXYVMRK MQTSVXIH 7[MWW QSZI QIRXW MR .ETERIWI GEWIW8LI QSHIPW QEHI F] 7IMOS MQQIHMEXIP] EJXIV XLI [EVSRP]HMWTPE]IHLSYVWERHQMRYXIW

8LMWZIV]EGGYVEXI/MRK7IMOS[EXGL [EWEWIGSRHKIRIVEXMSRQSHIP[MXL EWIGSRHLERHWXSTQIGLERMWQJSV EGGYVEXIWIXXMRK8LIYWISJ7IMOS´W (MEWLSGOWLSGOTVSXIGXMSRW]WXIQ [EWLMKLPMKLXIHSRXLIHMEP 

ERHXLIWX]PIWLEHWXVSRKTVI[EVERH [EVXMQIMR¾YIRGIW 8LI QSWX YVKIRX GLEPPIRKI JEGMRK 7IMOS[EWXLIRIIHXSKIXE[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  XLEXERI[7IMOSQSHIP[MXLWIGSRHW [EW MRXVSHYGIH ERH XLMW [EW SRP] E QSHM½IH X[SLERH GEPMFVI MX LEH RSX FIIR HIWMKRIH JVSQ XLI SYXWIX EW E XLVIILERHIH[EXGL7IMOS´W½VWX[EXGL [MXLEGIRXVIWIGSRHWLERH[EWGEPPIH XLI 7YTIV -X LEH FIIR HIZIPSTIH EX XLI 7Y[E JEGXSV] SJ (EMRM 7IMOSWLE ERH[MXLMXWQSHIVRWX]PMRKMXTVSZIH E KVIEX WYGGIWW -X IREFPIH 7IMOS XS GSYRXIVEGX XLI KVS[XL MR WEPIW SJ GVYHI XLVIILERH [EXGLIW XLEX YWIH JSVIMKRX[SLERHQSZIQIRXWXLEXLEH FIIRQSHM½IHF]WSQI.ETERIWI[EXGL WXSVIW YWMRK MRJIVMSV OMXW MR SVHIV XS QIIXXLIHIQERH-RXVSHYGXMSRSJXLI 7YTIVWMKRM½IHXLIFIKMRRMRKSJERI[ IVEJSV7IMOS3RGIEKEMR7IMOS[EWMR XLIPIEHMRXLI.ETERIWI[EXGLMRHYWXV] (EMRM 7IMOSWLE´W /EQIMHS JEGXSV] MR 8SO]S VIWTSRHIH F] MRXVSHYGMRK XLI9RMUYIETVSHYGXXLEX[EWWMQMPEV XS XLI 7YTIV FYX QQ XLMRRIV8LMW QEVOIH XLI FIKMRRMRK SJ E TIVMSH SJ LIEPXL] GSQTIXMXMSR FIX[IIR (EMRM 7IMOSWLE´W /EQIMHS ERH 7Y[E



JEGXSVMIW8LI 7Y[E JEGXSV] [IRX SR XSMRXVSHYGIERI[ERHLMKLP]EGGYVEXI [EXGL MR  GEPPIH XLI 1EVZIP8LI X[S JEGXSVMIW VIWTSRHIH XS XLI RIIH XS HIWMKR IZIR FIXXIV [EXGLIW F] GSQTIXMRK JSV XLI KPSV] ¯ ERH XLI GSQTER][EWXLI[MRRIV8LMWJVMIRHP] VMZEPV] GSRGIRXVEXIH SR EGLMIZMRK XIGLRMGEPMQTVSZIQIRXWERHLIPTIHXS FVMRK.ETERIWI[EXGLXIGLRSPSK]YTXS [SVPHGPEWWPIZIPW

JYPP]MRXIVGLERKIEFPI¯ERHRSXFEWIH SRXLIHIWMKRSJJSVIMKRQSHIPW 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] MRXIVGLERKIEFPI8LMW½REPP]TYXERIRH XSXLI±GVSWWIHTEXLW²W]RHVSQIXLEX LEH TPEKYIH EWWIQFP] MR IEVPMIV ]IEVW 8LMW VIHYGIH GSWXW ERH MR XLI IEVP] (IWMKRWFEWIHSRVIWIEVGL WGSRZI]SVFIPXW[IVIMRXVSHYGIH 7OMPPIHIRKMRIIVW[IVIIQTPS]IHEJXIV XSXLI[EXGLERHGPSGOEWWIQFP]PMRIW XLI [EV XS HIWMKR RI[ GPSGOW ERH &]  7IMOS [EW WEMH XS LEZI XLI [EXGLIWERHXSFEWIXLIMVHIWMKRWSR QSWXEYXSQEXIHTVSHYGXMSRYRMXWER] WGMIRXM½G VIWIEVGL 8LI] [IVI KMZIR [LIVIMRXLI[EXGLQEOMRK[SVPHWSMXW XLI XEWO SJ MQTVSZMRK EGGYVEG] ERH SYXTYX[EWRSPSRKIVHITIRHIRXSRE EHHMRK JIEXYVIW WYGL EW EYXSQEXMG PMQMXIHRYQFIVSJWOMPPIHGVEJXWQIR [MRHMRK [EXIVTVSS½RK ERH GEPIRHEVW 1EWW TVSHYGXMSR ERH UYEPMX] 8LIVIWYPXW[IVIXLI½VWXHIWMKRWXLEX MQTVSZIQIRXW KEZI ER IRSVQSYW [IVIXVYP]SVMKMREP7IMOSTVSHYGXWERH FSSWX XS WEPIW SJ 7IMOS GPSGOW ERH XLI][IVIGEXGLMRKYTJEWX[MXLXLSWI [EXGLIW EVSYRH XLI [SVPH *SV XLI SJ)YVSTIERQERYJEGXYVIVW&]XLIQMH ½VWX XMQI XLI] WSPH MR ZIV] PEVKI W7IMOS´WWEPIWWXMPPPEKKIHFILMRH 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 JSV7IMOSTVSHYGXWMRI\TSVXQEVOIXW 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[ [EXGLQEOIVW8LIMV½VWXXEVKIX[EWXLI GSWXSVZSPYQITVSHYGXMSR8LI][IVI TVSHYGXMSRSJQEWWTVSHYGIHGSQTS FIKMRRMRK XS TVIWIRX E WIVMSYW GLEP RIRXWXLEX[IVIYRMJSVQIRSYKLXSFI PIRKIXSXLI7[MWW[EXGLQEOIVW

',%48)6

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

           

       

 



1ERYJEGXYVISJ[EPPGPSGOWFIKMRW 1ERYJEGXYVISJTSGOIX[EXGLIWFIKMRW 1ERYJEGXYVISJEPEVQGPSGOWFIKMRW 1ERYJEGXYVISJHIWOGPSGOWERHQYWMGFS\GPSGOW 1ERYJEGXYVISJ½VWXHSQIWXMG[VMWX[EXGLFIKMRW *MVWXYWISJ±7)-/3²REQIJSV[EXGLTVSHYGXW 1ERYJEGXYVISJWLYXXIVWJSVGEQIVEWFIKMRW -RXVSHYGXMSRSJ½VWXHSQIWXMGWIPJ[MRHMRK[EXGL 'SQQIVGMEPMWEXMSRSJUYEVX^GPSGOWJSVFVSEHGEWXMRK -RXVSHYGXMSRSJXVERWMWXSVMWIH[EPPGPSGOW 'SQTPIXMSRSJTSVXEFPIUYEVX^GLVSRSQIXIV 5YEVX^'LVMWXEP'LVSRSQIXIV5'TPE]WEQENSV VSPIEXXLI8SO]S3P]QTMGW 7QEPPUYEVX^GPSGOEHSTXIHJSVHVMZIV´WGEFMRSJXLI 8SOEMHS±FYPPIXXVEMR² -RXVSHYGXMSRSJ[SVPH´W½VWXUYEVX^[EPPGPSGOJSV LSQIYWI -RXVSHYGXMSRSJ7IMOS%WXVSRXLI[SVPH´W½VWXUYEVX^ [EXGL -RXVSHYGXMSRSJ[SVPH´W½VWXPEHMIW´UYEVX^[EXGL -RXVSHYGXMSRSJ[SVPHW½VWX0'(UYEVX^[EXGL[MXL WM\HMKMXHMKMXEPHMWTPE] -RXVSHYGXMSRSJ[SVPH´W½VWXUYEVX^HVIWW[EXGL -RXVSHYGXMSRSJ[SVPH´W½VWXQYPXMJYRGXMSRHMKMXEP [EXGL -RXVSHYGXMSRSJ[SVPH´W½VWXUYEVX^EPEVQGPSGO -RXVSHYGXMSRHSQIWXMGEPP]SJ'VIHSVERH%PFEFVERHW -RXVSHYGXMSRSZIVWIEWSJ4YPWEVFVERH -RXVSHYGXMSRSJX[MRUYEVX^[EXGL -RXVSHYGXMSRSJXLI[SVPH´W½VWX8:[EXGL -RXVSHYGXMSRSJ.ETER´W½VWX[EXGLIW[MXLZSMGI W]RXLIWM^IVW -RXVSHYGXMSRSJ0SVYWFVERHSZIVWIEW -RXVSHYGXMSRSJ7IMOS:SMGI2SXIWXLI[SVPH´W½VWX [EXGLEFPIXSVIGSVHEYHMSQIQSW -RXVSHYGXMSRSJXLI[SVPH´W½VWXQYPXMJYRGXMSR EREPSKYIUYEVX^[EXGL

%.3962)=-28-1)

 -RXVSHYGXMSRSJXLI7IMOS;VMWX'SQTYXIV7IVMIW XLI[SVPH´W½VWX[VMWX[EXGLGSQTYXIVW -RXVSHYGXMSRSJXLI7IMOS4]VEQMH8EPOE±XEPOMRK² GPSGO -RXVSHYGXMSRSJXLI7IMOS0'(GSPSVXIPIZMWMSR -RXVSHYGXMSRSJXLI%PFE7SPEVEREREPSKYI[EXGL [MXLWSPEVFEXXIVMIW )VIGXMSRSJ.ETER´W½VWXPEVKIWGEPIGPSGO[MXL EYXSQEXEXLI±7IMOS1YPPMSR'PSGO²  0EWWEPIFVERHMWMRXVSHYGIH  -RXVSHYGXMSRSJ[MRHMRKGLEVKMRKUYEVX^[EXGL  -RXVSHYGXMSRSJUYEVX^[EXGL[MXLEYXSKIRIVEXMRK W]WXIQ /-2)8-'  -RXVSHYGXMSRSJ[SVPH´W½VWXHMZIV´W[EXGL[MXL HMZIV´WXEFPIWERHHITXLKEYKI ;SVPH´W½VWX[EXGL[MXLTEKMRKJYRGXMSRWMRTVEGXMGEP YWIMRXLI97  -RXVSHYGXMSRSJ[SVPH´W½VWXUYEVX^[EXGLYWMRKX[MR MQTYPWIGSRXVSPQSXSVW -RXVSHYGXMSRSJ±7=EVH²KSPJGPYFW  -RXVSHYGXMSRSJHMZIV´W[EXGL[MXLWQEPP/-2)8-' QIGLERMWQMRGPYHIH  -RXVSHYGXMSRSJ%PFE±7TSSR²WIVMIW  -RXVSHYGXMSRSJ7)-/3/-2)8-'%6'896%  -RXVSHYGXMSRSJ4IVTIXYEP'EPIRHEVE[EXGLHVMZIR F][SVPHW½VWXYPXVEWSRMGQMGVSQSXSV -RXVSHYGXMSRSJXLI7)-/38,)61-'XLI[SVPHW ½VWX[EXGLHVMZIRF]FSH]LIEX  -RXVSHYGXMSRSJXLI7)-/3/-2)8-'%9836)0%= [EXGL[LMGLEYXSQEXMGEPP]VIWYQIWGSVVIGX MRHMGEXMSRSJGYVVIRXXMQI -RXVSHYGXMSRSJ746-2+(6-:)ELERH[SYRH[EXGL [MXLUYEVX^EGGYVEG]GSQFMRMRKXLIFIWXJIEXYVIWSJ QIGLERMGEPERHIPIGXVSRMGIRKMRIIVMRK  -RXVSHYGXMSRSJ/-2)8-'',6323+6%4,MR EPMQMXIHIHMXMSRSJJIVMRKRI[PIZIPWSJXIGLRMGEP WSTLMWXMGEXMSR



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



*SYRHIH

7IMOSWLE'PSGO 7YTTP]*EGXSV]

 /,EXXSVM

'S0XH



+SIWTYFPMG

(EMRM7IMOSWLE 'S0XH

'SQTSRIRXW%WWIQFP]



-RZIWXW

(EM[E/SK]S0XH



3TIRW

7TMRWSJJ[EXGL TVSHYGXMSR



7Y[E4PERX







7TMRWSJJ VIXEMPHMZMWMSR

;EOS'S0XH

1IVKIH

7Y[E7IMOSWLE 'S0XH



7TMRWSJJ TVMRXIVHMZMWMSR 





7TMRWSJJ GPSGOTVSHYGXMSR



,EXXSVM7IMOS 'S0XH 6IKMSREPWEPIW GSQTERMIW



7IMOSWLE'S0XH

7LMRWLY7IMOM'S0XH 0EXIV)TWSR'SVT

2EQIGLERKI

7IMOS-RWXVYQIRXW  )PIGXVSRMGW0XH

7TPMXWSJJ[LSPIWEPI HMZMWMSRTYVGLEWIW VIKMSREPHMWXVMFYXSVW

7IMOS)TWSR 'SVTSVEXMSR

 7IMOS -RWXVYQIRXW-RG



2EQIGLERKI

%FWSVFW)TWSR

7)-/3 '36436%8-32



2EQIGLERKI

7IMOS7EPIW-RG 

'SQFMRIW WEPIWGSQTERMIW



7TMRWSJJ GPSGOHMZMWMSR



7IMOS;EXGL 7EPIW-RG

'PSWIHHS[R  WTPMXMRXSX[S

7IMOS'PSGO-RG

7IMOS4VIGMWMSR-RG .ETERIWIREQIGLERKIHXS7IMOS -RWXVYQIRXW/EFYWLMOM/EMWLE

7TMRWSJJ [EXGLHMZMWMSR

 6IXEMP

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

,SPHMRKGSQTER]

'PSGOW 1EVOIXMRK4VSHYGXMSR;LSPIWEPI

;EXGLIW 4VSHYGXMSR

;EXGLIW 4VSHYGXMSR

1EVOIXMRK(IWMKR ;LSPIWEPIW



',%48)6

' 314)8-8-32774966)(7)-/3 83 2 ); , )-+,87 7IMOSßREPP]EGLMIZIHMRXIVREXMSREPVIGSKRMXMSREJXIVMXIRXIVIHXLI7[MWW 3FWIVZEXSV]'LVSRSQIXIVGSQTIXMXMSRWGSQTIXMRKWYGGIWWJYPP]EKEMRWXWSQISJ 7[MX^IVPERH³WßRIWXQERYJEGXYVIVWSRXLIMVLSQIK VSYRH-XQEVOIHERMQTSVXERX XYVRMRKTSMRXMRXLIGSQTER]³WMRXIVREXMSREPJSVXYRIWERHVIWYPXIHMR[SVPH[MHI VIGSKRMXMSRERHEGGITXERGI

*VSQMXWMRGITXMSR7Y[E7IMOSWLE ¯RS[7IMOS)TWSR¯TYVWYIHEUYIWX XS HIZIPST XLI ±TIVJIGX XMQITMIGI² *VSQXLIQMHWMXFIKERXSEGLMIZI XSXEPHSQMRERGIMRHSQIWXMGXMQITMIGI GSQTIXMXMSRW[LMGLLEHFIIRWXEVXIH MR[MXLXLISFNIGXMZISJMQTVSZMRK XLI UYEPMX] SJ .ETERIWI [EXGLIW8LI 'IRXVEP-RWTIGXMSR-RWXMXYXISJ;IMKLXW ERH 1IEWYVIW SJ .ETER GEVVMIH SYX EGGYVEG] XIWXW SR WEQTPIW JVSQ XLI GSQTIXMRK GSQTERMIW %X ½VWX XLI VIWYPXW [IVI HITVIWWMRK SJ  [EXGLIW WYFQMXXIH JSV XIWXMRK  SJ XLIQWXSTTIHHYVMRKXLIXIWXMRK8LMW TVSZSOIH XLI GSQTERMIW MRXS E HVMZI 8LI1EVZIPSRXLIQEVOIXJVSQ[SRWXXSXLTPEGIWMRHSQIWXMG XSVEMWIXLIMVWXERHEVHW[MXLXLIVIWYPX GSQTIXMXMSRWERHPIHXS7IMOS´WMRXIVIWXMRTEVXMGMTEXMRKMRMRXIVREXMSREPGSQTIXMXMSRW XLEX PIZIPW ERH UYEPMX] MQTVSZIH ]IEV ;LIR XLIWI HSQIWXMG GSQTIXM IEGL ]IEV MR 2IYGLlXIP MRGPYHIH XLI F]]IEV ;LIR7IMOSWYFQMXXIHXLI1EVZIP XMSRW GEQI XS ER IRH MR  QER] [SVH ±-RXIVREXMSREP² MR MXW XMXPI FYX XSXLI-RWXMXYXIMRMX[EWWSWYG TISTPI [SVOMRK EX XLI GSQTER]´W MX VEVIP] EXXVEGXIH IRXVMIW JVSQ ER] GIWWJYP GSQQIVGMEPP] XLEX MX LEH RS 7Y[E TPERX [IVI WXMPP HIXIVQMRIH XS GSYRXV] SYXWMHI 7[MX^IVPERH;LIR WIVMSYW GSQTIXMXMSR MR XLI HSQIWXMG FYMPHXLIFIWXTSWWMFPI[EXGLERHXLI] LIMRZIWXMKEXIHXLIVYPIWSJXLI7[MWW ±[SRHIVIH LS[ XLIMV TVSHYGXW [SYPH GLVSRSQIXIV GSQTIXMXMSR LI HMWGSZ QEVOIX &]  XLI 1EVZIP W[ITX XLI JEVI MR GSQTIXMXMSR [MXL XLI 7[MWW² IVIHXLEXJSVIMKRQERYJEGXYVIVW[IVI FSEVH [LIR MX XSSO IZIV] TPEGI EGGSVHMRK XS8WYRI]E 2EOEQYVE ,I EPPS[IHXSTEVXMGMTEXIERH[EWXSPHXLI JVSQ ½VWX XS RMRXL MR XLI HSQIWXMG PEXIVFIGEQI4VIWMHIRXSJ7IMOS)TWSR SVKERMWIVW ±[SYPH [IPGSQI GSQTIXM GSQTIXMXMSR 4EVXMGMTEXMSR MR XLIWI ERH [EW GPSWIP] MRZSPZIH [MXL XLI XMSRJVSQ.ETER² 8LI GSQTER] HIGMHIH XLI 7[MWW GSQTIXMXMSRWTVSZMHIHXLIMRGIRXMZIXS HIZIPSTQIRX SJ 1EVZIP ERH +VERH VEMWIWXERHEVHWERH7IMOSWYGGIWWJYPP] 7IMOS EW [IPP EW UYEVX^ [EXGLIW GLVSRSQIXIV GSQTIXMXMSR [SYPH 8LI 3FWIVZEXSV] GSQTIXMXMSR LIPH TVSZMHIXLITIVJIGXTPEXJSVQFSXLJSV VSWIXSXLIGLEPPIRKI %.3962)=-28-1)



XLITYVWYMXSJEGGYVEG]ERHJSVPIXXMRK XLI [SVPH ORS[ XLI 7IMOS REQI 7S MR  7IMOS´W 7Y[E 7IMOSWLE TPERX FIGEQIXLI½VWX.ETERIWI[EXGLQEOIV XS IRXIV XLI 2IYGLlXIP GSQTIXMXMSR 8LITVSHYGXWIPIGXIHEW7IMOS´WIRXV] [EWEXEFPIXSTUYEVX^GPSGOORS[REW XLI 'V]WXEP 'LVSRSQIXIV [LMGL [EW IRXIVIH MR XLI QEVMRI GLVSRSQIXIV GEXIKSV] -X [EW E[EVHIH XL TPEGI [LMGL[EWEVIQEVOEFPIEGLMIZIQIRX RIZIVFIJSVILEHEQERYJEGXYVIVJVSQ SYXWMHI 7[MX^IVPERH KSX MRXS XLI XST TPEGIW -R XLI JSPPS[MRK ]IEV 7IMOS EPWS TEVXMGMTEXIH MR XLI [VMWX[EXGL GEXIKSV]FYXXLIVIWYPXW[IVIZIV]HMW ETTSMRXMRK8LILMKLIWXTSWMXMSRKEMRIH F] IRXVMIW JVSQ MXW 7Y[E 7IMOSWLE TPERX [EW XL ERH XLI WYFQMWWMSRW JVSQMXW(EMRM7IMOSWLETPERXEGLMIZIH E HMWQEP ±FIWX² SJ VH TPEGI8LI SRP] VIHIIQMRK JIEXYVI [EW XLEX  7IMOSUYEVX^GLVSRSQIXIVWTEWWIHXLI GLVSRSQIXIVXIWXW*EVJVSQFIMRKHMW MPPYWMSRIH XLIWI HMWETTSMRXMRK VIWYPXW WIVZIHSRP]XS½VIYTEWTMVMXSJGSQ TIXMXMSR EQSRK 7IMOS´W HIWMKRIVW ERH [EXGLQEOIVW8LITYVWYMXSJMQTVSZIH EGGYVEG] FIGEQI E TVMSVMX] JSV XLI IRKMRIIVWMRFSXLTPERXWERHXLI]XSS GSQTIXIH EKEMRWX SRI ERSXLIV MR XLI VEGI XS QEOI TVSKVIWW =IEVF]]IEV 7IMOS´WGSQTIXMXMSRVIWYPXWMQTVSZIH 8LI IZIRX FIGEQI ER SFWIWWMSR ERHXLITPERXW[IRXXSI\XVESVHMREV] PIRKXLW XS WSPZI XLI TVSFPIQW *SV I\EQTPI(EMRM7IMOSWLE´W½VWXIRXVMIW MR XLI GLVSRSQIXIV XVMEPW WYJJIVIH JVSQ ER YRI\TIGXIH TLIRSQIRSR XLI FEPERGI WTVMRKW LEH FIGSQI QEK RIXMWIHERHXLMW[EWJSYRHXSI\TPEMR XLIYRWEXMWJEGXSV]GSQTIXMXMSRVIWYPXW (IWTMXI XLMW IRSVQSYW WIXFEGO RSRI SJ XLI VITSVXW EX XLI XMQI VIJIVVIH 

'EMPFVI[EWRMGOREQIH8LI4SXEXSFIGEYWISJXLIWLETISJXLIQSZIQIRX MRWMHIXLIGEWI-X[EWSRISJXLIIEVPMIWXQSZIQIRXWWYFQMXXIHXSXLI7[MWW GSQTIXMXMSRWF]XLI(EMRM7IMOSWLEJEGXSV]¯MXVEREXFIEXWEWIGSRH

XS XLI GSQTIXMXMSR XIEQ FIMRK HMW ETTSMRXIH -R JSPPS[MRK ]IEVW (EMRM 7IMOSWLE IRWYVIH XLIMV XMQITMIGIW [IVI ERXMQEKRIXMG FYX RIZIVXLIPIWW XLI][IVIHIXIVQMRIHXSQMRMQMWIER] VMWOWERHWSXLIMVIRXVMIWJSVXLIGSQ TIXMXMSR[IVIWIRXXS7[MX^IVPERHYWMRK SRI SJ XLI WSYXLIVR VSYXIW MR SVHIV XS EZSMH XLI MR¾YIRGI SJ XLI IEVXL´W WXVSRKIWXQEKRIXMG½IPHW 8LI] EPWS HIGMHIH XS QEOI EW QER] GSQTSRIRXW EW TSWWMFPI SYX SJ 4IVQEPPS] ¯ E RMGOIPMVSR EPPS] ¯ XS QMRMQMWIXLIIJJIGXWSJTS[IVJYPIPIG XVSRMGGYVVIRXWXLEXGSYPHEJJIGXXLIQ MRWMHIEREMVGVEJX1EKRIXMG½IPHWTEWW XLVSYKL 4IVQEPPS] [MXLSYX EJJIGXMRK XLI QEXIVMEP8LI WEQI QEXIVMEP [EW EPWSYWIHMRWMHIXLIGSRXEMRIVWYWIHXS WLMTXLI[EXGLIWXS7[MX^IVPERH 8LI IEVP] GSQTIXMXMSR XMQITMIGIW [IVI YRMUYI ERH FSVI PMXXPI VIWIQ FPERGI XS ER] TVSHYGXW MR VIKYPEV TVSHYGXMSR %W XLI GSQTIXMXMSR XMQI TMIGIW FIGEQI QSVI EGGYVEXI WSQI SJ XLI EHZERGIW XLEX LEH QEHI XLMW TSWWMFPI [IVI MRXVSHYGIH XS 7IMOS´W VIKYPEVTVSHYGXMSR[EXGLIW8LIVIMWE TEVEPPIP[MXLXSHE]´WGEVQERYJEGXYVIVW WSQIXMQIW RI[ HIWMKR JIEXYVIW ½VWX XVMIH ERH XIWXIH MR QSXSV VEGMRK EVI

WYFWIUYIRXP] EHSTXIH MR TVSHYGXMSR QSHIPW;LIR7IMOS[EWGSQTIXMRKMR XLIGLVSRSQIXIVGSQTIXMXMSRWXLIYWI SJQSZIQIRXW[MXLERI\XVIQIP]JEWX FIEXTVSHYGIHHVEQEXMGMQTVSZIQIRXW MR EGGYVEG] 7YFWIUYIRXP] JEWX FIEX QSZIQIRXW[IVIMRXVSHYGIHXSWSQI QSHIPWXLEX[IRXSRWEPIXSXLITYFPMG ERH LIPTIH XS VEMWI TYFPMG E[EVIRIWW SJXLIEGGYVEG]SJ7IMOS[EXGLIW

7YGGIWWMZIKIRIVEXMSRWSJ QSZIQIRXWQEHIF]7Y[E7IMOSWLE JSVXLI2IYGLlXIP3FWIVZEXSV] 'SQTIXMXMSR %PXLSYKLXLI QSZIQIRXWEVILSYWIHMRGEWIW XLEXPSSOPMOITSGOIX[EXGLIWXLI] GSQTPMIH[MXLXLIVYPIWJSVIRXV]MR XLI[VMWX[EXGLGEXIKSV] ',%48)6

%X E XMQI [LIR XLI 7[MWW [IVI ½RHMRK XLIMV [E] MR XIVQW SJ YWMRK LMKLIV SWGMPPEXMRK JVIUYIRGMIW XLI 7IMOSXIEQW[IVIFVIEOMRKRI[KVSYRH XIWXMRKEXX[SXSWM\XMQIWXLIVIKYPEV JVIUYIRGMIW7SQISJXLIMVGSQTIXMXMSR [EXGLIW YWIH  ERH FIEX QSZI QIRXW FYX HYVMRK XLI XIWXMRK TLEWI I\TIVMQIRXW[IVIIZIRGEVVMIHSYXEX WTIIHWYTXSFIEXWEWIGSRH8LIWI [IVI XLI WIGSRH KIRIVEXMSR GEPMFVI QSZIQIRXWERHXLI]MRGSVTSVEXIH E RYQFIV SJ MQTVSZIQIRXW HIWMKRIH XSTVSZMHIWXEFPIWYTTSVXJSVFEPERGIW STIVEXMRKEXLMKLWTIIHW 7IMOS´WIRKM RIIVWHIGMHIHXLEXJSVER]XLMRKSXLIV XLERGSQTIXMXMSRYWIXLIYWISJQSZI QIRXW JEWXIV XLER  FIEXW E WIGSRH [SYPH FI QIERMRKPIWW ERH  FIEXW E WIGSRHWIIQIHERIZIRFIXXIVWSPYXMSR &]GSMRGMHIRGIXLI7[MWWVIEGLIHXLI WEQIGSRGPYWMSR %RSXLIVI\TIVMQIRXMRZSPZIH½PPMRK [EXGL GEWIW [MXL L]HVSKIR WS XLEX XLIVI[EWRSS\]KIRMRWMHIXLEXGSYPH GEYWI S\MHMWEXMSR ¯ ERH VYWXMRK8LMW W]WXIQ [EW WYFWIUYIRXP] YWIH MR XLI TVSHYGXMSR SJ WSQI:*% :IV] *MRIP] %HNYWXIH ERH+VERH7IMOS[EXGLIW

7TIGMEPGEWIW[IVIYWIH[LIRQSZIQIRXW[IVIWYFQMXXIHXSXLIGSQTIXMXMSR8LI GVEGOWMRXLMWGEWIQEVOXLI[IEVERHXIEVSJ]IEVW

LEHEPEVKIFEPERGIERHFEVVIP %X½VWX WIRMSV QEREKIQIRX [IVI WGITXMGEP EFSYX 3WEQY 7YKE[EVE´W ±TSXEXS² HIWMKR 1V 7YKE[EVE WYFWIUYIRXP] [VSXIEREREP]WMWXLEXFIGEQIORS[R EW LMW ±*MVIWXSVQ 6ITSVX² -R MX LI WEMHXLEXXLI±LMKLIVYTW²LEHVIEGXIH ERKVMP] [LIR XLI TVSXSX]TI [EW FYMPX FYXLIGSRZMRGIHXLIQXLEXMX[EWXLI *VMIRHP]VMZEPV] SRP][E]XSEGLMIZIXLIMVSFNIGXMZIW-X 7IMOS´W7Y[EERH/EQIMHSTPERXWIEGL [EWZMVXYEPP]YRTVIGIHIRXIHIZIRJSV HIZIPSTIHXLIMVS[R[EXGLIWJSVXLI XLI 7[MWW JSV ER IRXMVIP] RI[ HIWMKR 7[MWW 3FWIVZEXSV] XVMEPW ERH XLIVI XS FI IRXIVIH MR XLI 3FWIVZEXSV] [EWEWTMVMXSJJVMIRHP]VMZEPV]FIX[IIR 'SQTIXMXMSR XLIQ8LIHIWMKRIVWEXXLI7Y[ETPERX 1SZIQIRXW [MXL E JEWX FIEX STXIHJSVERSZEPQSZIQIRXFYX(EMRM GSRXVMFYXIH MR E QENSV [E] XS XLI 7IMOSWLE´W3WEQY7YKE[EVEHIWMKRIHE LMKLIV EGGYVEG] SJ XLI GSQTIXMXMSR WTIGMEPGSQTIXMXMSRGEPMFVIJIEXYVMRKE XMQITMIGIWERHXLIGSRGITX[EWPEXIV QSZIQIRXMRXLIWLETISJEHMWXIRHIH EHETXIH JSV YWI MR WSQI VIKYPEV TVS TEVEPPIPSKVEQ ERH XLMW IEVRIH MX XLI HYGXMSRQSHIPW YRPMOIP] RMGOREQI SJ ±8LI 4SXEXS² %TEVX JVSQ XLI WLETI SRI SXLIV EQSRK XLI WXEJJ [LS [SVOIH [MXL MX JIEXYVIXLEX[EWMRRSZEXMZIJSVE7IMOS 8LI] WXEVXIH [MXL E WXERHEVH FIEX QSZIQIRX[EWXLIYWISJE+YMPPEYQI XMQITMIGIORS[REW'EPMFVI[LMGL SV FMQIXEPPMG FEPERGI [LIIP %X ½VWX %.3962)=-28-1)

RSFSH]MRXLIGSQTER]ORI[ER]XLMRK EFSYX FMQIXEPPMG FEPERGIW SV LS[ XS QEOIXLIQEPXLSYKLXLI][IVIE[EVI SJXLIFIRI½XWXLI]SJJIVIHMRXIVQWSJ IPMQMREXMRKVEXIGLERKIWEXXVMFYXEFPIXS ZEVMEXMSRWMRXIQTIVEXYVI %+YMPPEYQI FEPERGI[EWYWIHMRXLI6GSQTIXM XMSR QSHIP;LIR XLI] WXEVXIH [SVO SR GSQTIXMXMSR QSZIQIRXW 7IMOS XIGLRMGMERWORI[VIPEXMZIP]PMXXPIEFSYX ERYQFIVSJXIGLRMGEPJIEXYVIWSJWSQI 7[MWW [EXGLIW ERH PEXIV XLI] GSRWMH IVIHXLEXWXEVXMRK[MXLEFPEROWLIIXSJ TETIVLEHQEHIXLIQWXVSRKIV -R  (EMRM 7IMOSWLE WIRX XS 2IYGLlXIP GEPMFVI  QSZIQIRXW XLEX [IVI FIMRK YWIH MR XLI +VERH 7IMOS ERH /MRK 7IMOS PMRIW ERH XLIWI [IVI WYFWIUYIRXP] QEVOIXIH EW WTI GMEP TMIGIW XLEX LEH TEWWIH XLI XIWXW JSV ±WTIGMEPP] GEPMFVEXIH XMQITMIGIW² 8LI][IVIORS[REWXLI3FWIVZEXSV] 'LVSRSQIXIVW ERH XLIWI :*% 7IMOS [EXGLIWXSSOWIGSRHERHXLMVHTPEGIW 

7IMOS EGLMIZIH ½VWX TPEGI SZIVEPP &] ER] WXERHEVHW 7IMOS´W EGLMIZIQIRX SJ QSZMRKJVSQXLTPEGIXS½VWXTPEGI SZIVEPP MR NYWX ½ZI ]IEVW [EW ER SYX WXERHMRKVIWYPX

8LIVMKLXWTMVMX

/M]SOS2EOE]EQESRISJXLIXIEQ SJGSQTIXMXMSRVIKYPEXSVW±E[EXGL PSZIVHS[RXSLIVFSRIW²

MR XLI GLVSRSQIXIV GSQTIXMXMSR % [EXGL JVSQ XLI (EMRM 7IMOSWLE TPERX [EWWIGSRHSRP]XSXLI[MRRMRKIRXV] JVSQ3QIKEERHERIRXV]JVSQ7Y[E 7IMOSWLE [EW XLMVH8LMW [EW XLI PEWX ]IEVSJXLI2IYGLlXIPGSQTIXMXMSRLIPH YRHIVXLISPHVYPIW)EVP]MR7Y[E 7IMOSWLE WYFQMXXIH E XMQITMIGI XLEX EGLMIZIH WYFWXERXMEPP] FIXXIV VIWYPXW XLERXLI7[MWW[MRRMRKIRXV]XLITVI ZMSYW ]IEV -QQIHMEXIP] EJXIV MX [EW XIWXIHERERRSYRGIQIRX[EWQEHIMR 7[MX^IVPERH XLEX XLI LMKLP] VIWTIGXIH GSQTIXMXMSRLEHFIIRGERGIPPIH 7IMOS XLIR IRXIVIH XLI +IRIZE 3FWIVZEXSV] GSQTIXMXMSRW ERH EX XLI ZIV] ½VWX EXXIQTX EGLMIZIH E JER XEWXMG VIWYPX 7[MWW GSQTERMIW XSSO XLI ½VWX XLVII TPEGIW FYX 7IMOS´W IRXVMIW [IVI E[EVHIH IZIV] TPEGI JVSQ JSYVXL XS XIRXL [LMGL [EW XLI FIWX VIWYPX EGLMIZIH F] ER] QERY JEGXYVIV SJ QIGLERMGEP [VMWX[EXGLIW 

;LIR 7IMOS ½VWX IRXIVIH XLI 7[MWW GSQTIXMXMSRW XLI GSQTER]´W EHZIV XMWMRK YWIH XLI EQFMXMSYW GST] PMRI ±;SVPH[MHI MX´W 7IMOS² FYX WEPIW EVSYRHXLI[SVPH[IVIWXMPPZIV]WPS[ ,S[IZIV XLI GSQTIXMXMSRW ¯ ERH 7IMOS´WKVS[MRKEGLMIZIQIRXWMRXLIQ ¯ TVSZIH XS FI XLI TIVJIGX [E] XS MRJSVQXLI[SVPHEFSYXXLIGSQTER]´W WYGGIWWJYP UYIWX JSV EGGYVEG] 7IMOS TVSFEFP] LEW XLI 7[MWW 'LVSRSQIXIV 'SQTIXMXMSRWXSXLEROJSVMRWXMPPMRKXLI VMKLX WTMVMX MR MXW HIZIPSTQIRX XIEQW ERHMRMXWJEGXSVMIWERHJSVQEOMRKXLI REQISJ7IMOSQSVI[MHIP]VIWTIGXIH MRXLIMRHYWXV] 7YGGIWWMRXLI7[MWWGSQTIXMXMSRW GSYPH FI EXXVMFYXIH XS QER] JEGXSVW MRGPYHMRK MQTVSZIH HIWMKR KVIEXIV GSRXVSPSJXLIUYEPMX]SJVE[QEXIVMEPW LMKLIVWXERHEVHWSJ½RMWLMRKERHEFSZI EPPXLI[SVOSJXLIXIEQSJVIKYPEXSVW [LSEHNYWXIHIEGLGSQTIXMXMSRQSZI QIRX XS EGLMIZI XLI LMKLIWX TSWWMFPI EGGYVEG] 8LIWI VIKYPEXSVW TPE]IH E ZMXEP VSPIMREGLMIZMRKWYGLKSSHVIWYPXWERH 7Y[E 7IMOSWLE LEH E QYGLVIZIVIH XVMS SJ GEPMFVEXSVW 8LI QSWX WIRMSV SJ XLIQ [EW /M]SOS 2EOE]EQE ,IV GEVIIV LEH WXEVXIH EW E XIGLRMGMER EX (EM[E/SK]S[LMGLPEXIVQIVKIH[MXL (EMRM 7IMOSW]E 7Y[E 4PERX XS JSVQ 7Y[E7IMOSWLE7LI[EWTVIWIRX[LIR 7Y[E7IMOSWLE[EW½VWXIWXEFPMWLIH %X XLEX XMQI XLI JEGXSV] TEMH WXEJJ SR E TMIGI VEXI W]WXIQ XLI QSVI [EXGLIW ER IQTPS]II EWWIQFPIH XLI QSVI LI

SV WLI IEVRIH 1W 2EOE]EQE SJXIR XSSOTEVXWLSQIERH[SVOIHYRXMPEQ 7LI PEXIV WEMH XLEX WLI RIZIV JIPX XLMW [EWEFYVHIRFIGEYWIWLIVIEPP]PMOIH [EXGLIW -R XLI IEVP] HSQIWXMG GSQTIXM XMSRW 1W 2EOE]EQE [EW PEVKIP] VIWTSRWMFPI JSV EWWIQFPMRK XLI KIEV XVEMRW  7LI EXXVMFYXIH LIV WYGGIWW XS XLI JEGX XLEX XLI TEPQW SJ LIV LERHW LEVHP] TIVWTMVIH EX EPP -R XLSWI HE]W XLIVI [EW RS EMV GSRHMXMSRMRK WS MX [EW E KVIEX HMWEHZERXEKI JSV E [EXGL QEOIV XS TIVWTMVI ±1] QIGLERMWQW [SYPHR´X GSVVSHI HIJIGX VEXIW [IVI PS[ ERH - EWWIQFPIH QEWWMZI RYQ FIVW SJ [EXGLIW² WLI WEMH 7LI [EW WYGGIWWJYP EW E [EXGLQEOIV RSX SRP] FIGEYWI LIV QSZIQIRXW HMHR´X VYWX FYX EPWS FIGEYWI LIV EIWXLIXMG WIRWI ERH WOMPPW IREFPIH LIV XS TVSHYGI WYTIVF [EXGLIW8LI [EXGLIW QEHI F] 1W 2EOE]EQE LEH ER I\GIPPIRX VITYXEXMSR ERH GYWXSQIVW WXEVXIH XS VIUYIWX [EXGLIW XLEX LEH FIIR QEHI F] LIV 7LI [EW E FSVR [EXGLQEOIV

8LMWMWEWIGSRHKIRIVEXMSR QSZIQIRXSJXLIOMRHYWIHMRXLI GLVSRSQIXIVXVMEPWJVSQ 8LIJVIUYIRG][EWMRGVIEWIHXS FIEXWEWIGSRHERHEPEVKIV[MRHMRK GVS[R[EWJMXXIH ',%48)6

)ZIRXYEPP]WLI[SVOIHJYPPXMQIMRXLI VIWIEVGLHITEVXQIRXERH[EWMRGPYHIH MRXLI3FWIVZEXSV]'SQTIXMXMSRXIEQ [LIR XLI GSQTER] HIGMHIH XS IRXIV XLI7[MWWGSQTIXMXMSRW

%PMZMRKXLMRK 8LI [SVO SJ XLI LMKLP] ZEPYIH XIEQ SJ VIKYPEXSVW EX 7Y[E 7IMOSWLE [LS [IVI VIWTSRWMFPI JSV XLI GSQTIXM XMSR XMQITMIGIW WIIQIH XS XLIQ XS FI±PSSQMRK PEVKIV XLER XLI GLMPHVIR XLI]LEHGEVIJYPP]VIEVIH²8LI]SJXIR XSSO RS XMQI SJJ EX [IIOIRHW SV LSPMHE]W %RSXLIVQIQFIVSJXLIXIEQ /IRMGLM/SMOIVIGEPPIHXLEXXLMW[EWE XSYKLFYXIRNS]EFPIXMQI±%XMQITMIGI XLEX [I OITX GSQTER] [MXL YT XS 7EXYVHE][SYPHFIKIXXMRKPSRIP][LIR XLI 7YRHE] LSPMHE] GEQI EVSYRH WS - GSYPHR´XWIXXPIHS[RMJ-HMHR´XPSSOMR SRMX;IVIEPP]HMHXLMROPMOIXLMW¯MJ [I HSR´X XEOI GEVI SJ XLEX XMQITMIGI XSHE]MXQMKLXNYWXJEPPSJJXLIWXVEMKLX ERHREVVS[XSQSVVS[©MX[EWEPMZMRK XLMRK² 1V /SMOI [EW GSRZMRGIH XLEX EPXLSYKL XLI VIKYPEXSVW GEVVMIH SYX XLIMV [SVO TVIXX] [IPP MR XLI GSQ TIXMXMSR WYGGIWW [EW XLI VIWYPX SJ XIEQ[SVO ±-X [EW XLI HIWMKRIVW TYVWYMRKXLISV]XSXLII\XVIQIWXLI TISTPI MR XLI TVSXSX]TI HITEVXQIRX QEOMRK TEVXW XLEX LEH RIZIV FIIR QEHI FIJSVI ERH XLI XST I\IGYXMZIW [LS[EXGLIHSZIVYWXLEXEPPS[IHYW XSTVSHYGIVIWYPXWXLMWJEVVIEGLMRK² 8LEROWXSXLIMVWYTIVMSVXIGLRMGEP WOMPPW 7Y[E 7IMOSWLE´W JEQSYW XVMS SJ VIKYPEXSVW[IVIIZIRXYEPP]WIPIGXIHEW ±1SHIVR 1EWXIV %VXMWERW² F] .ETER´W 1MRMWXV] SJ 0EFSYV FIGEYWI XLI] LEH LIPTIHXSXEOI.ETERIWI[EXGLIWXSXLI XSTPIZIPWMRXLI[SVPH 8LI IRKMRIIVW [LS LEH FIIR %.3962)=-28-1)

6EXMRKHIXEMPWERHGIVXMJMGEXIWJVSQXLIGSQTIXMXMSRWMR2IYGLlXIP

MRZSPZIH MR XLI GLVSRSQIXIV XVMEPW WTEGI SJ XMQI XLI GSQTER] [EW EFPI [IVI MRZMXIH XS VIQMRMWGI WSQI  XSQEXGLXLIFIWX[EXGLIWJVSQ7[MWW ]IEVW PEXIV8LIWI WTIGMEP TISTPI LEH QERYJEGXYVIVW 3RI IRKMRIIV VIGEPPIH EGLMIZIH WYGL ER MQTVSZIQIRX MR ±8LMW?HIZIPSTQIRX[SVOA[EWR´XMRER XLI EGGYVEG] SJ 7IMOS´W GSQTIXMXMSR EXQSWTLIVISJ³MJMXJIIPWHSEFPIPIX´W XMQITMIGIWXLEXMREVIQEVOEFP]WLSVX HSMXMJ[IGER´X[I[SR´X´2SMX[EW 

EPPFIGEYWI'LEMVQER7LSNM,EXXSVMLEH MWWYIHXLISVHIV³(SMX´²-X[EWSRI SJERYQFIVSJIHMGXWQEHIF]ZEVMSYW KIRIVEXMSRWSJXLI,EXXSVMJEQMP]XLEX [IVIXSPIEHXSWYFWXERXMEPGLERKIWMR XLIJSVXYRIWSJ7IMOS

%RIRLERGIHVITYXEXMSR

8LIGSQTIXMXMSRXIEQGIPIFVEXMRKWYGGIWWMRXLI+IRIZE3FWIVZEXSV]'SQTIXMXMSR 7IEXIHMRXLIGIRXVIMWXLIJEQSYWXVMSSJVIKYPEXSVW

&]7IMOS[EWI\TIVMQIRXMRK[MXLIZIRJEWXIVQSZIQIRXW8LIFEVVIPLSYWMRK XLIQEMRWTVMRK[EWMRGVIEWIHMRWM^IXSEGGSQQSHEXIXLIWXVSRKIVQEMRWTVMRK ERHXLIQSZIQIRXWLETI[EWGLERKIHXSE±HIJSVQIHTIRXEKSR²8LMW[EW7IMOS´W YPXMQEXIGSQTIXMXMSRQSZIQIRX



%RSXLIV QIQFIV SJ XLI GSQTIXMXMSR XIEQPEXIVWEMHXLEXLIXLSYKLXMX[EW KSSH XLEX 7IMOS LEH FIIR EFPI XS KS WS JEV [MXL QIGLERMGEP XMQITMIGIW ERH XLIR W[MXGL XS XLI HIZIPSTQIRX SJ UYEVX^ [EXGLIW -X [EW XMQI XS FVMRK HS[R XLI GYVXEMR SR VIWIEVGL MRXS QIGLERMGEP [EXGLIW ¯ XLIVI [EW RSXLMRKQSVIXSFIHSRIEXXLEXXMQI 8LI XMQITMIGI VIWIEVGL WIGXMSR [EW GPSWIH ERH WSQI SJ MXW WXEJJ XVERW JIVVIH XS UYEVX^ [EXGL HIZIPSTQIRX 8LI NSYVRI] JVSQ SFWGYVMX] XS KPSFEP VIGSKRMXMSRLEHXEOIRNYWXIMKLX]IEVW ¯IMKLX]IEVWSJIJJSVXXLEXGLERKIHXLI VITYXEXMSRSJ7IMOSJSVIZIV 1V2EOEQYVEPEXIVWEMHSJ7IMOS´W TEVXMGMTEXMSR MR XLI GLVSRSQIXIV XVMEPW±- XLMRO [I LEH E WXVSRK WIRWI SJ TYVTSWI -X [EWR´X EFSYX PSKMG MX [EWEFSYXSYVHSKKIHRIWWERH^IEPXS ³FYMPH E [EXGL XLEX FIXXIVW XLI 7[MWW´ 3YV GSVTSVEXI TVMRGMTPIW MRGPYHI XLI TLVEWI ³XLI TS[IV SJ XLI MRHMZMHYEP ERH XLI HIQSRWXVEXMSR SJ GSQTVI LIRWMZIWXVIRKXL´FYXXLMWQMKLXRIZIV LEZI IQIVKIH LEH [I RSX LEH XLMW GSQTIXMXMSR I\TIVMIRGI -R XLMW WIRWI -[SRHIVMJMX[EWR´XXLI3FWIVZEXSV] 'SQTIXMXMSRW XLEX GVIEXIH XLI TVMRGM TPIW XLEX FIGEQI XLI PMJI ERH WSYP SJ XLIGSQTER]²

',%48)6

8 ,)4-22%'0)3* 1)',%2-'%0 ) <')00)2') 7IMOS³W]IEVLMWXSV]SJ[EXGLQEOMRKLEWIREFPIHMXXSQEWXIVEPPEWTIGXWSJXLI EVXJVSQQMGVSIRKMRIIVMRKXSTVIGMWMSRTSPMWLMRK8LIWIWOMPPWEVIQSWXIZMHIRX MRXLIVIQEVOEFPIVERKISJLMKLKVEHIQIGLERMGEP[EXGLIWXLEXEVIWSQYGLMR HIQERHMRXLI.ETERIWIQEVOIXXS[LIVIJSVXLITVIWIRXXLI]EVIVIWXVMGXIHEW HIQERHMR.ETERMWEPVIEH]QYGLKVIEXIVXLERXLIWYTTP]

%VSYRHXLIKPSFI7IMOSMWFIWX ORS[R XSHE] JSV MXW UYEVX^ TVSHYGXW FYXMRXLI.ETERIWIQEVOIXMXLEWPSRK IRNS]IH E [IPPHIWIVZIH VITYXEXMSR JSV XLI I\GIPPIRGI SJ MXW QIGLERMGEP XMQITMIGIW8LIWI TVSHYGXW EVI QEHI [MXLSYX GSQTVSQMWI ERH F] LERH XS IRWYVIXLILMKLIWXTSWWMFPIWXERHEVHW SJGVEJXWQERWLMT +VERH 7IMOS +7  MW XLI REQI SJ XLI QIGLERMGEP TVSHYGXW XLEX VITVI WIRXXLITMRREGPISJ7IMOS´WI\GIPPIRGI MRQIGLERMGEP[EXGLQEOMRK8LI]½VWX WE[ XLI PMKLX SJ HE] MR  [LIR 7IMOS [EW QEOMRK ZEWX RYQFIVW SJ QIGLERMGEP[EXGLIWERHLEHEGLMIZIH SYXWXERHMRK WYGGIWW MR XLI 7[MWW 'LVSRSQIXIV8VMEPW8LIGSQTER]LEH EPVIEH] TVSHYGIH XLI 7YTIV ERH XLI 1EVZIPGSPPIGXMSRWXLIWPIIOERHWYTI VMSV'VSRSW'VS[RERH0SVH1EVZIP

*MVWXQSHIPW

8LIWIPJ[MRHMRK+VERH7IMOS 7&+6LEWERGXKSPHGEWI ERHVITVIWIRXWXLITMRREGPISJ .ETERIWIQIGLERMGEP[EXGLQEOMRK I\GIPPIRGI-XFSEWXWEGGYVEG]SJ XSWIGSRHWEHE]&SXLWYVJEGIW SJXLIWETTLMVIKPEWWEVIGYVZIH ERHLEZIERERXMVIJPIGXMZIGSEXMRK

WYGGIWWSJXLI)TWSRFVERH8IGLRMGMERW 8LI ½VWX +VERH 7IMOS QSHIPW [IVI [SVOMRK MR 2EKERS 4VIJIGXYVI JEV HIZIPSTIH XS GEXIV JSV XLI XST JVSQ 8SO]S ERH RIEV XLI .ETERIWI IRH SJ 7IMOS´W [VMWX[EXGL QEVOIX %PTWHIZIPSTIHXLIZIV]XSTVERKISJ (IZIPSTQIRX [SVO WXEVXIH [LIR 7IMOS [EXGLIW8LI ½VWX +7 [EXGLIW XLI (EM[E /SK]S ERH (EMRM 7IMOSWLE [IVIPEYRGLIHMR-RXLIRI\X 7Y[E TPERXW [IVI QIVKIH XS JSVQ ]IEVWXLI+VERH7IMOSVERKI[IRXSR 7Y[E 7IMOSWLE [LMGL PEXIV FIGEQI XSFIGSQIXLI½RIWXGSPPIGXMSR7IMOS 7IMOS)TWSRMRVIGSKRMXMSRSJXLILYKI LEHIZIVTVSHYGIH %.3962)=-28-1)

(IZIPSTQIRX SJ XLI SVMKMREP +7 VERKI [EW HMVIGXIH F] 8WYRI]E 2EOEQYVE[LSNSMRIHXLIGSQTER]MR  ERH HIWMKRIH XLI 1EVZIP [LMGL [EW½VWXQEVOIXIHMR-X[EWJEV QSVI EGGYVEXI XLER I\MWXMRK [EXGLIW ERH TVSZIH XS FI E KVIEX LMX )ZIR XLIRLI[EWEMQMRKXSGVIEXIXLI±MHIEP [EXGL² +VERH 7IMOS [EW GVIEXIH EW XLIQSHIP[MXLXLIYPXMQEXIWTIGM½GE XMSRERHXLIGSQTER][EWHIXIVQMRIH XLEXMXWLSYPHFIXLIFIWXMRXLI[SVPH WS RSX WYVTVMWMRKP] MX FIGEQI 7IMOS´W WMKREXYVITMIGI&]XLMWXMQIXLI]LEH HIZIPSTIH XLI XIGLRMGEP WOMPPW RIIHIH JSVWYGLEREQFMXMSYWTVSNIGXERHXLIMV I\TIVMIRGI ERH WYGGIWW MR HSQIWXMG GSQTIXMXMSRW LEH IREFPIH XLIMV GEPMFVEXMSR WOMPPW XS FI LSRIH%PP XLI XIGLRMGMERWMRZSPZIH[MXLXLIHIZIPST QIRXSJ+VERH7IMOSORI[XLEXXLIMV KSEP[EWXSI\GIIH7[MWWGLVSRSQIXIV WXERHEVHW ERH WS XLI WOMPPW XLI] LEH EGUYMVIHHYVMRKXLIGLVSRSQIXIVGSQ TIXMXMSRW[IVIHIZIPSTIHERHEHETXIH JSVYWIMRTVSHYGXMSRSREPEVKIVWGEPI 8LI GSQTER] WIX SYX XS QEOI +VERH 7IMOS [EXGLIW XS E WXERHEVH LMKLIVXLERER]XMQITMIGIWIZIVQEHI FIJSVIMR.ETERGLVSRSQIXIVWXERHEVHW [IVI XLI OI] XS XLMW EQFMXMSR 

8WYRI]E2EOEQYVEHMVIGXIHXLI HIZIPSTQIRXSJ+VERH7IMOSERH HIWMKRIHERHHIZIPSTIHWSQI QSHIPWSJXLI1EVZIPEW[IPPEWXLI (MEWLSGOWLSGOTVSXIGXMSRW]WXIQ

3VMKMREPP] ±GLVSRSQIXIV² [EW YWIH XS VIJIV XS ER I\XVIQIP] EGGYVEXI GPSGO-XXEOIWMXWREQIJVSQXLI+VIIO [SVHW'LVSRSWERH1IXVSRQIERMRK XS QIEWYVI XMQI 8LI 7[MWW 3J½GMEP 'LVSRSQIXIV 'SRXVSP 'SRXV|PI 3J½GMIP 7YMWWI HIW 'LVSRSQrXVIW EPWS ORS[R EW '37'  MW XLI SVKERMWEXMSR XLEX WIXW XLI WXERHEVHW JSV GLVSRSQIXIV XIWXMRK -X MW ER MRHITIRHIRX EWWSGMEXMSR KSZIVRIH F] XLI7[MWW'MZMP'SHIERHMX[EWWIXYT MRMXWTVIWIRXJSVQMR4VIZMSYWP] GLVSRSQIXIV XIWXW LEH FIIR GEVVMIH SYXF]SXLIVSVKERMWEXMSRW -R  ER SVKERMWEXMSR GEPPIH XLI .ETER 'LVSRSQIXIV 'IVXM½GEXMSR -RWXMXYXI[EWIWXEFPMWLIHXSTVSZMHIE GLVSRSQIXIVGIVXM½GEXMSRWIVZMGI8LI ½VWX[EXGLGIVXM½IHF]XLMWRI[FSH] [EWXLI/MRK7IMOS½VWXQEVOIXIH MR  FYX +VERH 7IMOS [EXGLIW [IVI RSX WYFQMXXIH JSV GIVXM½GEXMSR FIGEYWI XLI] [IVI TVSHYGIH XS XLI GSQTER]´W S[R ±+7 WXERHEVH² 8LMW 

MW QSVI HIQERHMRK XLER XLI 7[MWW GLVSRSQIXIVXIWXWERHMRZSPZIWXIWXMRK XLIVEXISJXLI[EXGLMRWM\TSWMXMSRW MRWXIEHSJXLIYWYEP½ZI1V2EOEQYVE FIPMIZIH XLEX XLI WYGGIWW SJ XLI ½VWX KIRIVEXMSR SJ +VERH 7IMOS GSYPH FI EXXVMFYXIH XS XLVII MQTSVXERX JEG XSVWEGGYVEG]IEWISJTVSHYGXMSRERH FIEYX] (YVMRKXLI½VWX]IEVWSJXLIUYEVX^ VIZSPYXMSRTVSHYGXMSRSJ+VERH7IMOS HIGPMRIHERHIZIRXYEPP]GIEWIHMR [LIR XLI EGGYVEG] ERH VIPMEFMPMX] SJ 7IMOS UYEVX^ [EXGLIW TYWLIH TYFPMG HIQERHJSVQIGLERMGEPXMQITMIGIWXS SRIWMHI 1IGLERMGEP [EXGL TVSHYGXMSR GEQIGPSWIXSI\XMRGXMSRMRXLI½VWX SV]IEVWXLEXUYEVX^[EXGLIW[IVI EZEMPEFPIERHMR7[MX^IVPERHXVEHMXMSREP [EXGL JEGXSVMIW IMXLIV GPSWIH HS[R SV WXEVXIH XS ½X UYEVX^ QSZIQIRXW MR XLIMV GEWIW 1ER] QERYJEGXYVIVW GSYPH½RHRSYWIJSVXLIMVXVEHMXMSREP TVSHYGXMSRIUYMTQIRXERHQYGLSJMX [EW WGVETTIH 1SWX SJ XLI GVEJXWQIR

7IMOSWSPH[EXGLIWGSRXEMRMRK QSZIQIRXWXLEXLEHFIIRGIVXMJMIH EWGLVSRSQIXIVWMR7[MX^IVPERH FYXXLMWI\EQTPI[MXL2IYGLlXIP %WXVSRSQMGEP3FWIVZEXSV] 'LVSRSQIXIV'IVXMJMGEXMSRMR MWEVEVIGSPPIGXSV´WMXIQ

[LSWI ORS[PIHKI LEH FIIR LERHIH HS[R JVSQ SRI KIRIVEXMSR XS XLI RI\XXYVRIHXLIMVWOMPPWXSSXLIV[SVO 7[MWW GSQTERMIW RS[ STIRP] EHQMX LS[ QYGL XLI] JIEVIH GSQTIXMXMSR

-RXLIJMVWXKIRIVEXMSRSJ+VERH7IMOS[EXGLIWEHMWOFIEVMRKEPMSRIQFPIQ[EW EXXEGLIHXSXLIFEGOSJXLI[EXGLGEWI8LIIQFPIQFIGEQIW]RSR]QSYW[MXL +VERH7IMOSFYXMRPEXIVQSHIPWMX[EWIRKVEZIHSRXLIGEWIFEGOEWGERFIWIIR SRXLIPIJX ',%48)6

8LMWJMVWXKIRIVEXMSR+VERH7IMOS 'LVSRSQIXIV[EWWYTTPMIH[MXLE VEXMRKGIVXMJMGEXIWLS[MRKHE]WSJ MRWTIGXMSRVIWYPXW

MR XLI UYEVX^ [EXGL QEVOIXW JVSQ .ETERIWI [EXGL GSQTERMIW ERH 7IMOS MRTEVXMGYPEVHYVMRKXLIWERHIEVP] W-R.ETEREWMR7[MX^IVPERH[EXGL JEGXSVMIWHIZSXIHEPPXLIMVIJJSVXXSXLI TVSHYGXMSRSJUYEVX^[EXGLIW -R XLI QMHW XLIVI [EW E KVEHYEP GLERKI ERH QIGLERMGEP XMQI TMIGIW ZIV] WPS[P] GEQI FEGO MRXS XLIPMQIPMKLX8LI7[MWWVIWTSRHIHF] JSGYWMRKXLIMVEXXIRXMSRSRLMKLUYEPMX]

8LIRI[QIGLERMGEP+7QSZIQIRX 7MWHIGSVEXIH[MXLXVEHMXMSREPPMRIW SJTSPMWLMRKXLEXMHIRXMJ]MXEWELMKL GPEWWQSZIQIRX8LIVSXSVSJXLIWIPJ [MRHMRKQIGLERMWQFIEVWXLIWEQI HIGSVEXMSRERHMWIRKVEZIH[MXLXLI REQI+VERH7IMOS %.3962)=-28-1)

WTVMRKTS[IVIH [EXGLIW ERH QER] GSQTERMIWGSRGIRXVEXIHSRVIGVIEXMRK XLI TEWX TVSHYGMRK VITVSHYGXMSRW SJ WSQISJXLIMVFIWXSPHQSHIPW -R XLI QIERXMQI XLI VITYXEXMSR SJ XLI +7 GSPPIGXMSR GSRXMRYIH XS KVS[XSXLITSMRX[LIVIXLIVI[EWE WXVSRKQEVOIXHIQERHJSVTVSHYGXMSR XSFIKMREKEMR %WEVIWYPXXLIWIGSRH KIRIVEXMSRSJ+VERH7IMOS[EWFSVRMR 8LIWIRI[+7[EXGLIWPEYRGLIH MR .ETER JIEXYVIH E UYEVX^ QSZIQIRX %PXLSYKLXLI7MWJMRMWLIHXSXLI LMKLIWXXVEHMXMSREPWXERHEVHWMX[EW FYXXLI]JEMPIHXSWIXXLI[SVPHEPMKLX HIWMKRIHYWMRKXLIPEXIWX('SQTYXIV &]ERI[QSHIPYWMRKXLI'EPMFVI %MHIH(IWMKR '%( WSJX[EVI-XGER *UYEVX^QSZIQIRX[EWPEYRGLIHERH FIZMI[IHSRWGVIIRJVSQER]ERKPI ERHXLIWSJX[EVIGERWMQYPEXIXLI XLMWLEHEFSPHWLEVTWX]PIXLEXS[IH QSZIQIRXMRSTIVEXMSR QYGLXSXLI½VWXKIRIVEXMSRSJ+VERH 7IMOS-XEXXVEGXIHEKVIEXHIEPSJTVEMWI +VERH7IMOSWMRGIXLIWIGSRHKIRIVE ERHEXPEWXTISTPI[IVIWE]MRK±*MREPP] XMSR SJ +7 [EW PEYRGLIH LEH XS [EMX XLIVIMWERI[+7XLEXPMZIWYTXSXLI  ]IEVW FIJSVI XLIMV [MWLIW [IVI REQI²1ER]TISTPIFIPMIZIHXLEXSRGI VI[EVHIHEXXLIIRHSJ]IEVW 7IMOS LEH GSQI XLMW JEV MX [EW MRIZM EJXIVXLIPEWXSRILEHFIIRWSPH8LIVI XEFPIXLEXXLIVI[SYPHFIHIQERHJSV [EW WXMPP IRSVQSYW FVERH E[EVIRIWW EQIGLERMGEP+7RI\XFYXEPXLSYKLXLI ERHKSSH[MPPJSVXLI+7REQI GSQTER] MRXVSHYGIH RI[ QIGLERMGEP [EXGLIWXLI][IVIRSXMRXLI+7GSP 1IGLERMGEP+7VIZMZEP 8LI½VWXRI[QIGLERMGEP+7[EXGLIW PIGXMSR -R  MX EHHIH E [EXGL [MXL E JIEXYVIHQSZIQIRXWXLEX[IVIVI½RI QIGLERMGEP QSZIQIRX XS MXW PY\YV] QIRXW SJ I\MWXMRK GEPMFVIW ¯ MR XLI HVIWW[EXGLPMRIERHMRPEYRGLIH WEQI [E] XLEX ½VWX KIRIVEXMSR +7 EREJJSVHEFPIGSPPIGXMSRSJQIGLERMGEP [EXGLIW MR MXW 0EYVIP WYFFVERH %W MRXIVIWX MR WTVMRK[SYRH [EXGLIW KVEHYEPP] VIXYVRIH MR XLI .ETERIWI QEVOIX7IMOSEHHIHQSVIQIGLERMGEP QSHIPWXSMXWVERKIXLI]PEYRGLIHXLI 'VIHSV 'LVSRSQIXIV [LMGL GEQI [MXL 7[MWW GLVSRSQIXIV GIVXM½GEXMSR ERH E 'VIHSV 'LVSRSKVETL [MXL E RI[P]HIWMKRIHQSZIQIRX 8SEGLMIZIXLILMKLUYEPMX]MRLIVIRXMR &]RS[MX[EWWYVIP]SRP]EQEXXIV XLI+VERH7IMOSVERKIQER]TVSGIWWIW SJXMQIFIJSVIEQIGLERMGEPQSHIP[EW LEZIXSFIGEVVMIHSYXF]LERHFYX EHHIH XS XLI WIGSRH KIRIVEXMSR SJ MRXLIIEVP]HE]WTVSHYGXMSRPMRI I\TIVMIRGIKEMRIH[MXLXLI1EVZIP[EW +VERH 7IMOS8LSWI [LS LEH IEKIVP] ETTPMIHXSWSQIEWTIGXWSJTVSHYGXMSR ERXMGMTEXIHXLIVIXYVRSJEQIGLERMGEP 

[EXGLIW LEH YWIH VI½RIH ZIVWMSRW SJ IEVPMIVQSHIPW8LISRP]I\GITXMSR[EW XLI GLVSRSKVETL )ZIRXYEPP] 7IMOS´W HIWMKRIVW TIVWYEHIH XLI GSQTER]´W HIGMWMSRQEOIVWXSPIXXLIQGVIEXIER IRXMVIP]RI[GEPMFVIXLI78LI]LEH XLI VEVI ERH I\GMXMRK STTSVXYRMX] XS HIWMKR E GSQTPIXIP] RI[ IWGETIQIRX XLI TEVX SJ XLI [EXGL XLEX TVSZMHIW MXWEGGYVEG]ERHGERFIGSRWMHIVIHEW XLI LIEVX SJ XLI [EXGL;LIR TVSF PIQW [IVI IRGSYRXIVIH XLI RI[ HIWMKRIVWGSYPHRSXHITIRHSREWOMRK XLIMVTVIHIGIWWSVWJSVEHZMGIFIGEYWI QSWXLEHVIXMVIHSVPIJXXLIGSQTER] [LIRQIGLERMGEP[EXGLQEOMRKWXSTTIH 2IZIVXLIPIWWXLI]WXYHMIHXLIGSQTS RIRXW ERH QEXIVMEPW YWIH MR XLI TEWX ERH [IVI IZIR EFPI XS XVEGO HS[R WSQISJXLIHIWMKRIVW[LSLEHSRGI [SVOIH JSV XLI GSQTER] MR SVHIV XS WIIOXLIMVEHZMGI 8LI HIWMKRIVW [IVI HIXIVQMRIH XS TVSHYGI RSX SRP] E ZIV] EGGYVEXI QSZIQIRX FYX EPWS SRI XLEX [EW WS EXXVEGXMZI ERH [IPP ½RMWLIH XLEX E [EXGL VITEMVIV WIIMRK MX [LIR MX VIUYMVIH WIVZMGMRK [SYPH WE] ±8LEX´W E FIEYXMJYPP] ½RMWLIH [EXGL² %JXIV

+VERH7IMOSQSZIQIRXWEVIPEVKIP] EWWIQFPIHF]LERHWSMRIZMXEFP] XLI]EVII\TIRWMZI,IVILERHWEVI EHHIHXSE[EXGL 

EGLMIZMRK XLI RIGIWWEV] EGGYVEG] XLI HIWMKRIVWXYVRIHXLIMVEXXIRXMSRXSXLI ½RMWL SJ XLI QSZIQIRX8LMW RI[ 7 GEPMFVI [EW HIWMKRIH JVSQ XLI SYXWIX XSVIEGLXLILMKLIWXWXERHEVHWSJEGGY VEG]ERHETTIEVERGI -R HIWMKRMRK XLMW RI[ GEPMFVI MR XLI WIGSRH LEPJ SJ XLI W 7IMOS´W HIWMKRIVW LEH X[S FMK EHZERXEKIW SZIV XLIMV TVIHIGIWWSVW MR XLI W

3RP]ELERHJYPSJGVEJXWQIRWXMPP LEZIXLIVIUYMWMXIWOMPPWXSYWIXLI >EVEXWYQIXLSHSJTSPMWLMRK[LMGL IREFPIWXLIQXSTVSHYGIVIWYPXW XLEXGERRSXFIEGLMIZIHMRER] SXLIV[E]-XMWYWIHSRXLIJMRIWX +VERH7IMOS[EXGLIW

8LMW+VERH7IMOSEYXSQEXMG :*%;IIO(EXSV[EWXLIJMVWX QIGLERMGEP[EXGLXSGPEMQE XMQIHMJJIVIRGITIVQSRXLSJ” WIGSRHW¯X[SWIGSRHWEHE]-X GEQI[MXLEX[S]IEVKYEVERXII

8LI] LEH XLI FIRI½X SJ GSQTYXIV XIGLRSPSK] XS WTIIH YT XLI HIWMKR TVSGIWW IWTIGMEPP] XLI TVSHYGXMSR SJ ZIV] TVIGMWI XIGLRMGEP HVE[MRKW ERH MQTVSZIQIRXW MR QSHIVR QEGLMRI XSSPWQEHIMXTSWWMFPIXSQERYJEGXYVI GSQTSRIRXW[MXLQYGLKVIEXIVTVIGM WMSR-X[SYPHRSXLEZIFIIRTSWWMFPI XSGVIEXIERIRXMVIP]RI[GEPMFVIMRNYWX X[S]IEVW[MXLSYXXLIFIRI½XSJGSQ TYXIVEMHIHHIWMKR 8LMWGSQTYXIVXIGLRSPSK]QEHIMX TSWWMFPIXSHIXIVQMRIXLIMHIEPWLETI

SJXLIXIIXLSRIEGL[LIIPMRXLIKIEV XVEMR ERH EW E VIWYPX XLI HIWMKRIVW EGLMIZIH E PIZIP SJ IJ½GMIRG] MR XLI XVERWQMWWMSR XVEMR XLEX IUYEPPIH XLEX SJ XLI  3FWIVZEXSV] 'LVSRSQIXIV ERH SXLIV YPXVEWTIGMEP QSHIPW JVSQ XLITEWX 8LI HIGMWMSR XLEX XLI RI[ KIR IVEXMSRSJ+VERH7IMOS[EXGLIWQYWX

1ER]TVSGIWWIWMRXLITVSHYGXMSR SJLMKLKVEHI[EXGLIWGERRSX FIEYXSQEXIH,IVILERHWEVI I\EQMRIHSRIF]SRIXSIPMQMREXI ER][MXLXMR]MQTIVJIGXMSRW ',%48)6

WS MX MW MQTSVXERX XS GLIGO XLEX XLI] TIVJSVQ XS LMKL WXERHEVHW MR IEGL SJ XLI VIUYMVIH TSWMXMSRW MJ XLI] EVI XS FIGIVXM½IHEWGLVSRSQIXIVW8LIEHHM XMSREPTSWMXMSRXLEX7IMOSMRXVSHYGIHMR XLIMVS[RXIWXWVEVIP]SGGYVW[LIRE [EXGLMWFIMRK[SVRFYXMXHSIWSGGYV [LIRE[EXGLMWXEOIRSJJERHTPEGIH SRE¾EXWYVJEGI

%GEWIMWI\EQMRIHEJXIVMXLEWFIIR TSPMWLIHYWMRKXLIEVXMWXMG.ETERIWI >EVEXWYXIGLRMUYI

I\GIIH 7[MWW GLVSRSQIXIV WXERHEVHW GSRJVSRXIH XLI HIWMKRIVW [MXL E GSR WMHIVEFPIGLEPPIRKI8LIWXERHEVHXIWXW JSV E GLVSRSQIXIV MRZSPZI GLIGOMRK XLI EGGYVEG] ¯ SV VEXI ¯ SJ E [EXGL MR ½ZI HMJJIVIRX TSWMXMSRW FYX 7IMOS´W HIWMKRIVWKEZIXLIQWIPZIWEREHHMXMSREP XEWOF]EHHMRKEWM\XLXIWXMRKTSWMXMSR ;EXGLIWVYREXWPMKLXP]HMJJIVIRXWTIIHW [LIRXLI]EVIEXHMJJIVIRXERKPIWERH

-RSVHIVXSTVSHYGILMKLKVEHIKSPH ERHNI[IPPIV]QSHIPW7IMOSIQTPS] GVEJXWQIR[MXLQER]HMJJIVIRXWOMPPW +SPHWQMXLWEWWIQFPIKSPHFVEGIPIXW F]LERH %.3962)=-28-1)

XLI]EVITVSHYGIHEX1SVMSOE7IMOSMR -[EXI 4VIJIGXYVI8LMW JEGXSV] MW SRI SJ XLI QSWX MQTSVXERX MR XLI [EXGL MRHYWXV]ERHSRITVSHYGXMSRVSSQMR XLITPERXMWEPQSWXXLIWM^ISJEJSSXFEPP TMXGL¯FYXXLMWMWJSVXLIQEWWTVSHYG XMSRSJPIWWI\TIRWMZIQSZIQIRXW,MKL KVEHI[EXGLEWWIQFP]MWGEVVMIHSYXMR WQEPPIV QSVI XVEHMXMSREP [SVOWLSTW [MXLMR XLMW TPERX [LIVI XLI [EXGL QEOIVW[SVOMRWYVVSYRHMRKWMR[LMGL ER] XVEHMXMSREP )YVSTIER [EXGLQEOIV [SYPH JIIP EX LSQI %X IEGL [SVO WXEXMSR E WOMPPIH GVEJXWQER EWWIQFPIW ERHEHNYWXWIWGETIQIRXW[MXLXLIEMH SJEQMGVSWGSTIEWWIQFPIWXLIQSZI QIRXEHHWXLIHMEPERHLERHWERHGEWIW YTIEGL[EXGLMRXLI½RIWXXVEHMXMSRW SJXLI[EXGLMRHYWXV]%WWIQFP]SJXLI 7 GEPMFVI FIRI½XW JVSQ XLI FIWX SJ 7IMOS´W LMKL EGGYVEG] QIGLERMGEP [VMWX[EXGL QERYJEGXYVMRK XIGLRMUYIW

7IMOSIQTPS]HMEQSRHQSYRXIVWJSV [SVOSRXLIMVKIQWIX[EXGLIWEW[IPP EWNI[IPPIV],IVIHMEQSRHWEVIWIX MRXSXLIGEWISJEKSPH[EXGL

8LI EHHMXMSREP XIWX XLEX XLI 7 GEPMFVILEHXSTEWWQIERXXLEX7IMOS´W MRXIVREP XIWXMRK SJ GLVSRSQIXIV [EXGLIW [EW QYGL QSVI HIQERHMRK XLER[SYPHRSVQEPP]FII\TIGXIHFYX XLMW[EWMRXLIWTMVMXSJXLIGLEPPIRKI XLEXXLIHIWMKRXIEQLEHWIXJSVXLIQ WIPZIW3RP]MJMXTEWWIHXIWXWXLEX[IVI QSVIHIQERHMRKXLERER]SXLIVWGSYPH XLIHIWMKRIVWFIWYVIXLEX+VERH7IMOS [EWXLI[SVPH´WFIWX 7IMOS´W ½RIWX [EXGLQEOIVW YWI XVEHMXMSREP QIXLSHW XS EWWIQFPI XLI LMKLKVEHI 7 QIGLERMGEP QSZI QIRXW YWIH MR XSHE]´W +VERH 7IMOS QIGLERMGEP [EXGLIW -X GSQIW EW WSQIXLMRKSJEWYVTVMWIXLIVIJSVIXLEX

=EWYRSVM2MWLMQYVE[EWEGXMZIEWE HIWMKRIVHYVMRKXLIXVERWMXMSRJVSQ QIGLERMGEPXSXLIIEVP]UYEVX^[EXGLIW ,IHIWMKRIHQIGLERMGEP+VERH 7IMOS7IMOS7TSVXW&IPPQEXMG5YEVX^ 7YTIVMSVERH8[MR5YEVX^QSHIPW 

8LI7&+[EWXLIUYEVX^QSHIP XLEXLIVEPHIHXLIVIXYVRSJ+VERH7IMOS QSHIPWMR-XLEHEGYVZIHGEWI FEGOXSTVSZMHIEQSVIGSQJSVXEFPI JMXSRXLI[VMWXERHEGGYVEG][EW” WIGSRHWE]IEV

GSQFMRIH [LIVI ETTVSTVMEXI [MXL 1SVMSOE7IMOS´WS[REYXSQEXIHXIGL RSPSK]JSVWSQITVSGIWWIW ;LIR XLI HIWMKRIVW FIKER HIWMKRMRK GEWIW JSV XLI GYVVIRX KIR IVEXMSR SJ +VERH 7IMOS [EXGLIW XLI] WSYKLX XS GVIEXI E [EXGL XLEX [SYPH EXXVEGXTISTPIERHLEZIEVIEPTVIWIRGI ERIRHYVMRKHIWMKRXLEX[SYPHR´XWSSR FIGSQITEWWq±%FSZIEPPMXLEHXSFI VIGSKRMWEFPIEWE7IMOS[MXLEGIVXEMR YRMZIVWEPMX]² EGGSVHMRK XS 2SFYLMVS /SWYKM QEREKIV EX XLI 7IMOS;EXGL (IWMKR'IRXVI

3VMKMREPHIWMKRYTHEXIH ;LIR+VERH7IMOS[EWFVSYKLXFEGO XSPMJIXLIHIWMKRIVWWXEVXIHXLIMV[SVO F]GVIEXMRKVITPMGEWSJXLISVMKMREP+7 HIWMKR8LMWIREFPIHXLIQXSETTVIGMEXI XLI QSWX EXXVEGXMZI JIEXYVIW SJ XLI HIWMKREW[IPPEWWSQIMRLIVIRX[IEO



RIWWIW7IMOS´WIRKMRIIVWVIEPMWIHXLEX [EXIV VIWMWXERGI [SYPH FI MQTVSZIH GSRWMHIVEFP] F] EPXIVMRK XLI GSRWXVYG XMSR SJ XLI GEWI [MXLSYX PSWMRK MXW FIWXJIEXYVIW7YGGIWWSJXLIVIZMZEPSJ +VERH7IMOSHITIRHIHSRVIXEMRMRKXLI JIIPSJXLISVMKMREPWIVMIW[LMPIEHHMRK IRLERGIH JIEXYVIW [LIVIZIV TSWWMFPI *SV I\EQTPI XLI SVMKMREP QSHIP LEH ±FEQFSSPIEJ²LERHWHMEQSRHWLETIH ERH TVIWWIH XS KMZI XLIQ E GIVXEMR GSRXSYV3RP]XLIXSTWYVJEGI[EWTSP MWLIH*SVXLIRI[+7XLIXSTWYVJEGI [EWHMEQSRHGYXXSKMZIEQMVVSV½RMWL ERHMREHHMXMSRXLIWMHIW[IVITSPMWLIH XSS *SV XLI GX KSPH QSHIP XLI LERHW [IVI GYVZIH ZIV] WPMKLXP] ¯ F] LERH ¯ WS XLEX XLI] RIWXPIH GPSWI XS XLIGYVZIHHMEP 'EWITSPMWLMRKSJXLILMKLIWXTSW WMFPI UYEPMX] MW OI] XS XLI ETTIEVERGI SJ+VERH7IMOS[EXGLIWERHWSEWTI GMEP .ETERIWI TVSGIWW GEPPIH±>EVEXWY² TSPMWLMRK MW YWIH XS EXXEMR E WYTIVF ½RMWL)\XIRWMZIYWISJQERYEPWOMPPWMW VIUYMVIHXSEGLMIZIXLITIVJIGXGYVZIW ERHXLIWTIGXEGYPEV½RMWLSRXLIGEWI SJ E +7 [EXGL 8LMW WTIGMEP EVXMWXMG XIGLRMUYIGERRSXFIEYXSQEXIHMXGER SRP]FIEGLMIZIH[MXLXLILYQERXSYGL >EVEXWYTSPMWLMRK[EW½VWXYWIHSRXLI WIGSRH +VERH 7IMOS QSHIP ERH MX MW WXMPP FIMRK YWIH SR GYVVIRX +7 GEWIW XSHE] %PXLSYKL UYEVX^ XMQITMIGIW EVI WYVI XS HSQMREXI XLI QEVOIX JSV XLI JSVIWIIEFPI JYXYVI 7IMOS LEZI VIWTSRHIH XS XLI VIZMZEP SJ MRXIVIWX MR QIGLERMGEP [EXGLIW [MXL MXW RI[ KIRIVEXMSR SJ +VERH 7IMOS QSHIPW )\TIVMIRGI MR XLI HSQIWXMG QEVOIX LEWEPVIEH]WLS[RXLEXXLIWIRI[LMKL KVEHI[EXGLIWETTIEPXSGSPPIGXSVWFYX XLITVSHYGXMSRSJIEGLSRIMRZSPZIWWS

8LMWHMEQSRHGYXXMRKXSSPETTPMIWE WYTIVFJMRMWLXS[EXGLLERHWFYX VIPEXMZIP]JI[GERFITSPMWLIHEXSRGI

QYGL QERYEP [SVO XLEX TVSHYGXMSR MWRSX]IXKVIEXIRSYKLXSFIEFPIXS WYTTP]MRXIVREXMSREPQEVOIXW -R XLI W +7 [EW 7IMOS´W WMK REXYVI VERKI WMRGI MXW VIMRXVSHYGXMSR MX LEW EKEMR FIIR VIGSKRMWIH JSV MXW I\GIPPIRGIERHMWGSRWMHIVIHXSFIXLI WMKREXYVIVERKISRGIQSVI8LIVIFMVXL SJ+VERH7IMOSQIGLERMGEP[EXGLIWMR QE]FINYWXXLIFIKMRRMRK

',%48)6

8 ,)(%=8,%8',%2+)(8,) , -7836= 3* 8-1) (IGIQFIV[EWTVSFEFP]XLIQSWXWMKRMßGERXHEXIMRXLILMWXSV]SJQSHIVR [EXGLQEOMRKERH[MXLSYXHSYFXMX[EWXLIQSWXQSQIRXSYWHE]MRXLILMWXSV] SJ7IMOS 3RXLEXHE]XLIGSQTER]WSPHXLI[SVPH³WßVWXIZIVUYEVX^[EXGLERH VIZSPYXMSRMWIHSYVI\TIGXEXMSRWSJXMQI 3ZIVRMKLXXLIEGGYVEG]SJ[VMWX[EXGLIW GLERKIHJVSQWIGSRHWEHE]XSWIGSRHWE]IEV

8LITLIRSQIRSRSJUYEVX^XMQI OIITMRK [EW RSX RI[ FYX XLI EFMPMX] XS QMRMEXYVMWI XLI GSQTSRIRXW XS ½X [MXLMRXLIGSR½RIWSJE[EXGLGEWILEH XE\IH XLI ½RIWX FVEMRW MR XLI [EXGL MRHYWXV] JSV QER] ]IEVW;LIR 7IMOS WXEVXIHMXWUYEVX^[EXGLHIZIPSTQIRX TVSNIGXXLIXIGLRSPSK]XSEGLMIZIXLIMV KSEP HMH RSX I\MWX ERH WS XLI] GSYPH RSX KIX SYXWMHI LIPT [MXL XLMW TMS RIIVMRK [SVO -R XLI XVYI 7IMOS WTMVMX EPQSWXIZIV]XLMRKXLEX[EWRIIHIHLEH XSFIHIZIPSTIHMRLSYWI 8S[EVHW XLI IRH SJ XLI W MX [EW [MHIP] ORS[R XLEX XLI .ETERIWI ERHXLI7[MWW[IVIRIGOERHRIGOMR XLIVEGIXSFI½VWXXSQEVOIXEUYEVX^ [VMWX[EXGL7IMOSGVSWWIHXLI½RMWLMRK PMRIELIEHSJXLI7[MWWERHQEVOIXIH XLIMV ½VWX UYEVX^ [EXGL XLI %WXVSR SR (IGIQFIV  %PXLSYKL XLI 7[MWWLEHEPVIEH]YRZIMPIHTVSXSX]TIW XLI]HMHRSXQEVOIXXLIMV½VWXUYEVX^ [EXGLIWYRXMP 8LI½VWXWXITXS[EVHWXLIYWISJ UYEVX^ EW E VIKYPEXSV MR XMQITMIGIW [EWXLIVIWYPXSJ[SVOF]4MIVVI'YVMI [LS [EW FIXXIV ORS[R JSV LMW TMS RIIVMRK[SVOSRVEHMSEGXMZMX][MXLLMW [MJI 1EVMI 'YVMI ,I ½VWX SFWIVZIH XLI TLIRSQIRSR SJ TMI^SIPIGXVMGMX] %.3962)=-28-1)

7IMOSGLERKIHXLILMWXSV]SJXMQI [LIRMXWSPHXLI[SVPH´WJMVWXUYEVX^ [VMWX[EXGLXLI%WXVSRSR (IGIQFIV

MR  [LMPI LI [EW [SVOMRK [MXL LMW FVSXLIV .EGUYIW 8LIMV HMWGSZIV] [LMGLWYFWIUYIRXP]PIHXSEVIZSPYXMSR MRXMQIOIITMRKERHERYQFIVSJSXLIV MRHYWXVMIW [EW XLEX WSQI GV]WXEPW KIRIVEXI IPIGXVMGMX] [LIR TVIWWYVI MW ETTPMIHXSXLIQ8LI]EPWSHMWGSZIVIH

XLEXXLIVIZIVWIMWXVYI[LIRERIPIG XVMGGYVVIRXMWTEWWIHEGVSWWEUYEVX^ GV]WXEPMXHIJSVQWERHZMFVEXIW %W XIPITLSR] ERH XLI YWI SJ XLI VEHMS HIZIPSTIH MR XLI IEVP] TEVX SJ XLI XL GIRXYV] XLIVI [EW E RIIH XS ½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´W UYEVX^ GPSGO 

[VMWX[EXGLIW -R XLI  XLI QEMR WTVMRK [EW VITPEGIH F] E FEXXIV] FYX XLIYWISJEFEPERGI[LIIPERHFEPERGI WTVMRK [EW WXMPP VIXEMRIH 8LMW RSZIP ETTVSEGLJEMPIHXSTVSHYGIQYGLSJER MQTVSZIQIRX MR XMQIOIITMRK FIGEYWI XLI JVIUYIRG] SJ SWGMPPEXMSR VIQEMRIH XLIWEQIEWMRQIGLERMGEP[EXGLIW

8YRMRKJSVOEGGYVEG]

8LI%WXVSRQSZIQIRXFIKERXLIUYEVX^VIZSPYXMSR8LIWGVI[WWYKKIWXXLEXMXGSYPH FIHMWQERXPIHWMQTP]FYX[LIRMX[EWJMVWXMRXVSHYGIHRS[EXGLVITEMVIVSYXWMHI 7IMOS[SYPHLEZIORS[R[LEXXSHS[MXLMX

½PPIH ER IRXMVI VSSQ %TEVX JVSQ XLI HMJ½GYPX]SJQMRMEXYVMWMRKGSQTSRIRXW

7IMOSJMVWXHIZIPSTIHMXWUYEVX^'V]WXEP 'LVSRSQIXIVJSVXLI3FWIVZEXSV] 'SQTIXMXMSRWMR7[MX^IVPERHERHXLIR TYXMXMRXSTVSHYGXMSREWXLI5' 0EYRGLIHMR*IFVYEV]MX[EW YWIHXSXMQIWSQIIZIRXWEXXLI8SO]S 3P]QTMG+EQIWMRXLIWEQI]IEV 

WYJ½GMIRXP] MR XLI W ERH IEVP] W XLIVI [EW ERSXLIV IRSVQSYW SFWXEGPI XS XLI TVSHYGXMSR SJ UYEVX^ [VMWX[EXGLIWXLIVI[IVIRSFEXXIVMIW WQEPPIRSYKLXS½XMRWMHIE[EXGLGEWI 8LI ½VWX QMRMEXYVI FEXXIVMIW [IVI HIZIPSTIH F] 7EQYIP 6YFIR HYVMRK ;SVPH;EV--ERHQERYJEGXYVIHF]46 1EPPSV]FYXXLI][IVIRSXPIEOTVSSJ ERHGSYPHRSXWXSVIIRSYKLIPIGXVMGMX] XSTS[IVE[EXGLJSVE]IEVSVQSVI 3RP][LIR,EQMPXSR;EXGL'SQTER] MR XLI 97% TSSPIH MXW HIZIPSTQIRX VIWSYVGIW [MXL 2EXMSREP 'EVFMHI PEXIV 9RMSR 'EVFMHI  [EW E FEXXIV] WQEPP IRSYKL JSV YWI MR E [VMWX[EXGL TVSHYGIHJSVXLI½VWXXMQI¯,EQMPXSR ;EXGL 'S´W ½VWX IPIGXVMG [EXGL XLI ,EQMPXSR  [EW PEYRGLIH MR XLI 97%MR.ERYEV] ,EQMPXSR´W MRXVSHYGXMSR SJ FEX XIV] TS[IVIH [EXGLIW VITVIWIRXIH ER MRXIVQIHMEXI WXIT XS[EVHW XLI WYGGIWWJYP HIZIPSTQIRX SJ UYEVX^

8LI RI\X WXIT MR XLI HIZIPSTQIRX SJ FEXXIV]TS[IVIH [EXGLIW [EW XLI YWISJEQIXEPXYRMRKJSVO[LMGLTVS HYGIHEQSVIWXEFPIVEXISJSWGMPPEXMSR EX E LMKLIV JVIUYIRG] LEVRIWWMRK XLI TVMRGMTPIXLEXEXYRMRKJSVOZMFVEXIWEX E GSRWXERX JVIUYIRG]8LMW XIGLRMUYI [EWIQTPS]IHMRXLI&YPSZE%GGYXVSR XLI MRZIRXMSR SJ 1E\ ,IX^IP E 7[MWW IRKMRIIV;SVOMRKJSV&YPSZEMR&MIRRI LI TVSHYGIH XLI ½VWX TVSXSX]TI SJ XLI%GGYXVSR MR  FYX MX [EW RSX PEYRGLIH YRXMP  -X GSRXEMRIH E XYRMRKJSVOXLEX[EWQEHIXSSWGMPPEXI  XMQIW E WIGSRH F] E KIVQERMYQ

8LIUYEVX^GV]WXEPSWGMPPEXSVMRXLI 5'[EWLSYWIHMREPEVKI ZEGYYQXYFIGQWPSRK-XLEHE JVIUYIRG]SJ,^ERHMXW GMVGYMXV]MRGPYHIHIPIZIRKIVQERMYQ XVERWMWXSVWERHXLVIIWMPMGSRHMSHIW ',%48)6

XVERWMWXSV TS[IVIH F] E FYXXSRWM^IH FEXXIV] -RWXIEH SJ XMGOMRK PMOI IZIV] QIGLERMGEP[EXGLXLEXLEHIZIVFIIR QEHI XLI %GGYXVSR LYQQIH EX E ½\IH TMXGL NYWX EFSZI QMHHPI ' SR XLIQYWMGEPWGEPI-XQEVOIHEWXITJSV [EVHMRXMQIOIITMRKEGGYVEG]EWMX[EW GPEMQIHXSFIEGGYVEXIXS[MXLMRSRI QMRYXIEQSRXL[LMGL[EW½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½PMRK GEFMRIX H´sXVIERHHMWETTIEVIHJVSQXLIWGIRI -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]XLEXSRGI½PPIHEVSSQYRXMPMX XLEXFIGEQI7IMOS´W½VWXIRXV]MRXLI [EWWQEPPIRSYKLXS½XMRWMHIE[EXGL 2IYGLl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½VWX UYEVX^ GPSGO JVIUYIRG] ZMFVEXMSRW ERH YWIW MXW GMV XLI GLEPPIRKI JSV XIGLRMGMERW XV]MRK GYMXV]XSVIHYGIXLMWXSSRITYPWIIEGL XS EHETX XLI XIGLRSPSK] JSV YWI MR E WIGSRH8LMWTYPWIGERFITVSGIWWIHF] %.3962)=-28-1)

ERSXLIVIPIGXVSRMGGMVGYMXXLEXIREFPIW XLI XMQI XS FI HMWTPE]IH SR E HMKMXEP HMWTPE] -R ER EREPSKYI UYEVX^ XMQI TMIGI E WXITTMRK QSXSV GSRZIVXW XLI TYPWIMRXSVSXEV]QSZIQIRXXSHVMZIE KIEVXVEMRXLEXXYVRWXLILERHWXSHMW TPE]LSYVWQMRYXIWERHWIGSRHW %PXLSYKLXLIVEGIXSWIPPXLI½VWX UYEVX^ [EXGL [EW ZIV] GPSWIP] GSR XIWXIH 7Y[E 7IMOSWLE LEH FIKYR MXW HIZIPSTQIRX [SVO  ]IEVW IEVPMIV [LIR7IMOS´WQIGLERMGEP[EXGLTVSHYG XMSR[EWMRMXWLI]HE]8LIGLEPPIRKISJ UYEVX^XIGLRSPSK]FVSYKLXEFSYXEJYR HEQIRXEPGLERKIMRXLIWOMPPWRIIHIHF] XLSWI HIZIPSTMRK XLIWI VIZSPYXMSREV] RI[[EXGLIW1IGLERMGEPIRKMRIIVWLEH FIIRWYGGIWWJYPMRMRXVSHYGMRKMQTVSZI QIRXW MR QIGLERMGEP [EXGLIW FYX UYEVX^[EXGLIWEPWSRIGIWWMXEXIHMRTYX JVSQ I\TIVXW [MXL SXLIV WTIGMEPMXMIW

;LIRLINSMRIHXLIGSQTER]MR ,MHIEOM=EWYOE[ETVSHYGIHHIWMKRW JSV1EVZIPQIGLERMGEP[EXGLIWERH WYFWIUYIRXP]FIGEQIMRZSPZIHMRXLI HIZIPSTQIRXSJUYEVX^XMQITMIGIW,I PEXIVFIGEQI')3SJ7IMOS)TWSR 

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½GMIRX PII[E] JSV XLI GSQTER]XSPSSOXSXLIJYXYVIERHXS 7[MWW [IVI MR XLI VEGI XS PEYRGL XLI MRZIWX MR XLI HIZIPSTQIRX SJ UYEVX^ ½VWXUYEVX^[EXGL1V/YFSXEWEMHXLEX XMQITMIGIW ,MW GSYVEKI TEMH SJJ JSV 7IMOS [EW E[EVI SJ XLI MRXIRXMSRW SJ XLIGSQTER]ERHJSVLMQ¯QYGLPEXIV XLI7[MWW[LSWI'IRXVI)PIGXVSRMUYI MRLIFIGEQI4VIWMHIRXSJ7IMOS )TWSR

%LYKIMRZIWXQIRX /SYNM/YFSXE[LS[EWMRZSPZIH[MXLXLI HIZIPSTQIRXSJ7IMOS´WUYEVX^[EXGLIW MWWIIRLIVIEXXLI7IMOS-RWXMXYXISJ ,SVSPSK][MXLERI\TIVMQIRXEPGPSGO XLEXYWIHEWIGXMSRSJFEPERGIWTVMRK WXYJJEWERSWGMPPEXSV[LIRI\TIVMQIRXW [IVIFIMRKGEVVMIHSYXXSHMWGSZIVMJ ER]SXLIVQEXIVMEPW[SYPHJYRGXMSR WEXMWJEGXSVMP]MRWXIEHSJUYEVX^

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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 SRKSMRK UYIWX JSV ±XLI TIVJIGXXMQITMIGI²3RGIEKEMR7IMOS´W TMSRIIVMRKWTMVMXGEQIXSXLIJSVIIZI V]XLMRKLEHXSFIHIZIPSTIHMRLSYWI ERHXLMWFVSYKLXSYXXLIGVIEXMZIWTMVMX MRXLIGSQTER]´WHIZIPSTQIRXXIEQ &IJSVIGSRGIRXVEXMRKSRXLIYWISJ UYEVX^EWXLISWGMPPEXSVJSVXLIRI[EKI SJ FEXXIV] TS[IVIH [EXGLIW 7IMOS´W XIGLRMGMERW I\TIVMQIRXIH [MXL E ZEVMIX]SJSXLIVQEXIVMEPW/SYNM/YFSXE WXEVXIH LMW GEVIIV EW ER IRKMRIIV EX (EMRM7IMOSWLEMRERHPEXIVNSMRIH XLI TMSRIIVMRK UYEVX^ [EXGL HIZIPST QIRX XIEQ -R ER I\GPYWMZI MRXIVZMI[ HYVMRK VIWIEVGL JSV XLMW FSSO LI I\TPEMRIH XLEX E ZEVMIX] SJ QEXIVMEPW [IVIXIWXIHEWTSWWMFPISWGMPPEXSVWLI IZIRXVMIHYWMRKXLIQIXEPJVSQEFEP ERGIWTVMRKFYXXLIO,^JVIUYIRG]MX TVSHYGIH[EWXSSPS[XSFIYWIJYP % GPSGOGSRXEMRMRKEQSZIQIRXIUYMTTIH [MXLSRISJXLIWIFEPERGIWTVMRKQIXEP

/MRMGLM9WLMOSWLMLEHVIWTSRWMFMPMX] JSVHIZIPSTMRKW]WXIQWJSVQEWW TVSHYGMRKUYEVX^[VMWX[EXGLIW

,SVPSKrVI '), VIWIEVGLGIRXVILEH EPVIEH] IRXIVIH E TVSXSX]TI UYEVX^ [EXGLMRXLI7[MWWGLVSRSQIXIVXVMEPW /RS[MRKXLEX1V/YFSXELEHFIIR GPSWIP] MRZSPZIH [MXL UYEVX^ [EXGLIW WMRGI XLIMV MRGITXMSR [I EWOIH MJ LI GSYPHJSVIWIIXLIHE][LIRER]SXLIV XIGLRSPSK] QMKLX XEOI XLI TPEGI SJ UYEVX^ XMQIOIITMRK ,I VITPMIH±-X MW ',%48)6

7IMOSPEYRGLIHXLI[SVPH´WJMVWX HMKMXEPUYEVX^[EXGL[MXLE*MIPH )JJIGX1SHI *)1 PMUYMHGV]WXEP HMWTPE]MR8LIWM\HMKMX0'( TERIP[EWQERYJEGXYVIHMRLSYWI

8LIVI [EW RS TVSFPIQ MJ E GSQTIXM SWGMPPEXSVXLI'137-'ERHXLIWXIT XMSRXMQITMIGIWXSTTIH[SVOMRKSRGI TMRK QSXSV )RKMRIIVMRK WXEJJ EX 7Y[E XLIHE]XIWXTIVMSH[EWSZIVFYXE 7IMOSWLEHIZIPSTIHEPPXLVIISJXLIWI UYEVX^[EXGLMRGSQQIVGMEPTVSHYGXMSR XIGLRSPSKMIW ERH TVSZMHIH ER IRSV LEHXSFIVIPMEFPIVSFYWXERHHYVEFPI QSYWFSSWXXS7IMOS´WJYXYVI 8LIRI[HIZIPSTQIRXXIEQEWWIQ 8LIWI HMJJIVIRGIW [IVI XLI GEYWI SJ FPIHF]7LSNM,EXXSVMHIGMHIHXSYWIER QER]HMJ½GYPXMIWMRXLIIEVP]HE]W )ZIRXYEPP]7Y[E7IMOSWLEHIGMHIH STIRX]TI WXITTMRK QSXSV [LMGL [EW XS WXEVX EJVIWL [MXL E TVSNIGX XS WQEPPIVXLMRRIVERHQSVIVSFYWXXLER HIZIPST UYEVX^ [EXGLIW JSV VIKYPEV ER]XLMRK YWIH FIJSVI ERH WMQMPEV XS TVSHYGXMSRMRWXIEHSJXV]MRKXSEHETX XLSWI WXMPP YWIH XSHE] -X GSRWIVZIH XIGLRSPSK] XLEX LEH SVMKMREPP] FIIR IRIVK] F] QSZMRK XLI WIGSRHW LERH HIZIPSTIHJSVGSQTIXMXMSRXMQITMIGIW SRP]SRGIEWIGSRHVEXLIVXLERXV]MRK 8LIWLSVXPMJISJFEXXIVMIW[EWSRISJ XS IQYPEXI XLI XVEHMXMSREP W[IIT WIG XLI½VWXLYVHPIWXLI]LEHXSSZIVGSQI SRHWEGXMSRXLIVIF]SZIVGSQMRKWSQI XSKIXLIV[MXLXLIHMJ½GYPX]SJVIHYGMRK 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 XEMRMRKEGGYVEG][LIRXLIIEVPMIWXTVS JVSQXLIQEVOIXMRKHITEVXQIRXXSXLI JYRHEQIRXEP GLERKI MRZSPZIH MR YWMRK XSX]TIW[IVIQSZIHEFSYX

%4VIWMHIRXMEPHIGVII

8LI TVSNIGX XIEQ FIGEQI FSKKIH TSMRXPIWWXSIZIRXV]XSVITPEGIUYEVX^ HS[RF]XLIMVHMJ½GYPXMIWERHMXXSSO XIGLRSPSK]YRPIWWWSQISXLIVW]WXIQ XLIMRXIVZIRXMSRSJXLI,EXXSVMJEQMP] VIEGLIWXLIWEQIPIZIPSJEGGYVEG]EW XS OMGOWXEVX XLI IJJSVX EKEMR -R  EXSQMGGPSGOW² %XSQMGGPSGOWEVIXLI 7LSNM,EXXSVMXLI4VIWMHIRXSJ,EXXSVM QSWXEGGYVEXISJEPPXLIFIWXRS[LEZI 7IMOSVERSYXSJTEXMIRGIERHKEZIXLI ER EGGYVEG] SJ SRI WIGSRH MR WM\ QMP SVHIV XLEX XLIVI [EW XS FI E QEVOIX PMSR]IEVWFYXWGMIRXMWXWI\TIGXXSFI EFPITVSHYGX[MXLMRSRI]IEVEGGSVHMRK EFPIXSMQTVSZIXLMWXSSRIWIGSRHMR XS ,MHIEOM=EWYOE[E 0IEZMRK MR TPEGI WM\ FMPPMSR ]IEVW 7YGL PIZIPW SJ EGGY SRP]SRIQIQFIVSJXLISVMKMREPHIWMKR VEG] EVI MQTSVXERX MR WSQI WGMIRXM½G XIEQ LI TYX XSKIXLIV E RI[ XIEQ ERH EWXVSRSQMGEP [SVO ERH MR XLI GSQTVMWMRKJSYVSV½ZISJXLIFVMKLXIWX WXEJJ LI GSYPH ½RH ERH HIGMHIH XLI] GSQQYRMGEXMSRWMRHYWXV]  8LIIEVP]HE]WSJ7Y[E7IMOSWLE´W WLSYPH[SVOSRHIWMKRERHTVITEVMRK 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 EVIPMEFPIHYVEFPIXMQITMIGI8LI]LEH )TWSR GYPXYVI SJ ³GVIEXMZMX] ERH GLEP EPVIEH] TVSHYGIH UYEVX^ GPSGOW ERH PIRKI´XSSOVSSX² 8LMW RI[ XIEQ WXEVXIH [SVO IRXIVIH WSQI SJ XLIQ MR XLI 7[MWW GLVSRSQIXIVGSQTIXMXMSRWFYXVIKYPEV 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)=-28-1)

7IMOS´W(EMRM7IMOSWLETPERX HIZIPSTIHXLMW0'PMUYMHGV]WXEP UYEVX^[EXGLMR-XLEHE JYXYVMWXMGETTIEVERGIFYX[EW I\XVIQIP]HMJJMGYPXXSTVSHYGI 

.YWX]IEVWEJXIV%WXVSRWSQIUYEVX^ [EXGLIWLEHEPQSWXYRPMQMXIHJYRGXMSRW 8LMWHMZIV´W[EXGLMRGPYHIHEREPEVQ ERHHITXLWIRWSV

EWIGSRHWLERHXLEXWXITTIHJSV[EVH SRP]SRGIEWIGSRHFYXIZIRXYEPP]XLI SFNIGXSVW[IVIGSRZMRGIHF]XLIEVKY QIRXXLEXXLMW[EWETSWMXMZIJIEXYVISJ EUYEVX^[EXGL %X SRI SJ XLIMV QEVOIXMRK QIIX MRKW 1V 1EWELMVS /YVMXE ¯ E PIEHMRK QIQFIVSJXLIUYEVX^[EXGLHIZIPST QIRX XIEQ ¯ LETTIRIH XS WE] ±-´ZI RIZIVWIIREWIGSRH²8LMWPIHXSXLI GSQTER]´WRI[GEXGLTLVEWIJSVUYEVX^ [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 EZEMPEFPIERHWSXLIRI[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]´WTLMPSWSTL] ±[LEXHSIWR´XI\MWX 

[I´PPQEOISYVWIPZIW²ERHMXJEGMPMXEXIH 7IMOS´W EFMPMX] XS QEVOIX XLI [SVPH´W ½VWXUYEVX^[VMWX[EXGL 8LI RI\X WMKRM½GERX WXIT JSV[EVH [EWXSFIXLIHIZIPSTQIRXSJERMRXI KVEXIHIPIGXVSRMGGMVGYMXXSTVSGIWWXLI TYPWIWKIRIVEXIHF]XLIUYEVX^GV]WXEP SWGMPPEXSV ERH VIHYGI XLIQ XS SRI TYPWI TIV WIGSRH8LI 7QMXLWSRMER -RWXMXYXI LEW HI½RIH ER MRXIKVEXIH GMVGYMX -' SV GLMT  EW±%R EWWIQFP] SJ MRXIVGSRRIGXIH GSQTSRIRXW SR E WQEPPWIQMGSRHYGXSVGLMTYWYEPP]QEHI JVSQWMPMGSR²-XEHHIH±3RIGLMTGER GSRXEMR QMPPMSRW SJ QMGVSWGSTMG GSQ TSRIRXWERHTIVJSVQQER]JYRGXMSRW² 8LIMRXIKVEXIHGMVGYMX[EWMRZIRXIH MRHMJJIVIRXJSVQWMRXLI9RMXIH7XEXIW F] .EGO /MPF] SJ 8I\EW -RWXVYQIRXW ERH 6SFIVX 2S]GI EX *EMVGLMPH 7IQMGSRHYGXSV8LI] GSYPH LEZI LEH PMXXPI MHIE SJ XLI MQTSVXERGI SJ XLIMV MRZIRXMSR ERH XLI JEVVIEGLMRK IJJIGXW MX[SYPHLEZIMRXLI½IPHSJIPIGXVSRMGW -R [EXGLQEOMRK SRI SJ XLI QSWX WMKRM½GERX FIRI½XW SJ XLI MRXIKVEXIH GMVGYMX[EWXLEXMXLEHRSQSZMRKTEVXW ERH XLIVIJSVI RS JVMGXMSR XLEX GSYPH GEYWI[IEVYRPMOIXLIIWGETIQIRXSJE XVEHMXMSREPQIGLERMGEPXMQITMIGI8LMW VIHYGIHXLIRIIHJSVQEMRXIRERGIERH KEZIUYEVX^XMQITMIGIWEJYVXLIVEHZER XEKISZIVQIGLERMGEPXMQIOIITIVW -R'),IRXIVIHUYEVX^[VMWX [EXGL TVSXSX]TIW MR XLI 2IYGLlXIP 3FWIVZEXSV] GSQTIXMXMSR JSV XLI ½VWX XMQI 8LI '), PEFSVEXSV] LEH FIIRWIXYTMREWENSMRXZIRXYVI FIX[IIR E RYQFIV SJ QERYJEGXYVIVW 8LI½VWXTVSXSX]TIUYEVX^XMQITMIGIW XLI]IRXIVIHMRXLIGLVSRSQIXIVXVMEPW XSSO½VWXWIGSRHERHXLMVHTPEGIWERH WMKREPPIH XLI WIVMSYW MRXIVIWX SJ XLI 7[MWWMRUYEVX^XMQIOIITMRK 8LIVEGI[EWSR

8LI 7[MWW LEH QEHI MX GPIEV XLI] [ERXIH XS QEVOIX UYEVX^ [EXGLIW EW WSSR EW TSWWMFPI FYX 7IMOS XSS LEH GSQQIVGMEP SFNIGXMZIW MR QMRH (IZIPSTQIRX [SVO GSRXMRYIH EX XST WTIIH MR 7[MX^IVPERH ERH .ETER EW GSQTERMIW MR FSXL GSYRXVMIW TYPPIH SYX EPP XLI WXSTW XS FI ½VWX MRXS XLI QEVOIXTPEGI

8LIßVWXUYEVX^WEPI 7IMOS[SRXLIVEGIERHXLI½VWX%WXVSR UYEVX^ [EXGL [EW WSPH SR 'LVMWXQEW (E]MXQEHILMWXSV]ERHGLERKIH XLI[SVPHSJ[EXGLQEOMRKJSVIZIV8LI %WXVSR´W UYEVX^ SWGMPPEXSV LEH E JVI UYIRG]SJG]GPIWEWIGSRH ,^  ERHXLI[EXGL[EWGPEMQIHXSFIEGGY VEXIXS[MXLMR½ZIWIGSRHWEHE]-X[EW TVSHYGIH MR E PMQMXIH IHMXMSR SJ SRP]  TMIGIW ERH WSPH JSV  ]IR ¯[LMGL[EWXLIREFSYXXLIWEQITVMGI EWE8S]SXE'SVSPPEGEV  &] XLI XMQI SJ XLI &EWIP *EMV MR 7[MX^IVPERHJSYVQSRXLWEJXIVXLI½VWX %WXVSR [EW WSPH E RYQFIV SJ 7[MWW GSQTERMIWERRSYRGIHXLIMRXVSHYGXMSR SJ UYEVX^ [EXGLIW JSV XLI ½VWX XMQI 8LI] YWIH XLI WEQI &IXE  GEPMFVI XLEX LEH FIIR HIZIPSTIH F] '), %JXIV 7IMOS´W LYKIP] MQTSVXERX PEYRGL XLI UYEVX^ [EXGL VEGI QSZIH EX ER EWXSRMWLMRK TEGI ERH WSSR 7IMOS [EW XSXEOIGSRXVSPSJXMQI8LI]PEYRGLIH RI[ QSHIPW MR UYMGO WYGGIWWMSR ERH F]XLIIRHSJGSRXMRYIHXSPIEH XLI[E]F]PEYRGLMRKXLI[SVPH´W½VWX UYEVX^[EXGLYWMRKE'137-'EWMXW IPIGXVSRMGFVEMR -RXLI½VWX7[MWWTVSXSX]TIUYEVX^ [EXGLIWEWMRKPI-'GSQTVMWMRKEVSYRH GSQTSRIRXW[EWYWIHXSQEREKI EPP XLI IPIGXVSRMG JYRGXMSRW SJ XLI [EXGL 7IMOS´W %WXVSR YWIH E L]FVMH GMVGYMX¯EGSQFMREXMSRSJGMVGYMXWSR ',%48)6

1EWEXSWLM8SL]EQE[EW MRWXVYQIRXEPMRLIPTMRK7IMOSXS PEYRGLXLI[SVPH´WJMVWXHMKMXEP UYEVX^[EXGL[MXLE*MIPH)JJIGX 1SHI *)1 HMWTPE]8SHE]XLMW W]WXIQMWYWIHMREPP0'([EXGLIW

EWMRKPIWYFWXVEXI8LIWIHIZIPSTQIRXW MR MRXIKVEXIH GMVGYMX XIGLRSPSK] [IVI JYRHEQIRXEPXS7IMOS´WVETMHTVSKVIWW ERHWSSRXLI][IVIJSVKMRKELIEH[MXL MQTSVXERXRI[HIZIPSTQIRX[SVO %X ½VWX(EMRM7IMOSWLE[ERXIHXSHIZIPST UYEVX^ [EXGLIW XLEX [SYPH RSX YWI MRXIKVEXIH GMVGYMXW FIGEYWI XLI] ±[IVI VIEPP] E LERHJYP XS HIEP [MXL² 1EWEXSWLM8SL]EQE[LSPEXIVFIGEQI E HMVIGXSV SJ (EMRM 7IMOSWLE [EW WIEVGLMRKJSVE[E]XSQEOIEUYEVX^ [EXGL [MXLSYX ER -' FYX E GLERGI QIIXMRK[MXLSRITIVWSRGLERKIHLMW STMRMSRERHLEHETVSJSYRHMR¾YIRGI SRXLIJYXYVISJ7IMOSERHPIHXSXLI YWISJER-'MR7IMOS´WWIGSRHUYEVX^ [EXGL (V 8SL]EQE I\TPEMRW ±% 7[MWW TL]WMGMWX GEPPIH (V ,SIVRM PIJX XLI %QIVMGER GSQTER] *EMVGLMPH XS WXEVX %.3962)=-28-1)

LMWS[RWQEPP½VQ-RXIVWMP'SVTSVEXMSR [MXLEGSPPIEKYI(V,SIVRMLEHFIIR E HMWGMTPI SJ (V 7LSGOPI] XLI 2SFIP TVM^I[MRRIV[LS[EWSRISJXLIMRZIR XSVWSJXLIXVERWMWXSV (V,SIVRM[EWE TMSRIIVSJXLIWIQMGSRHYGXSVMRHYWXV] ERHXLIMRZIRXSVSJXLITPEREVTVSGIWW XLEX JSVQW XLI FEWMW SJ XSHE]´W QMGVS GLMT XIGLRSPSK]8LIWI X[S JSYRHIVW SJ -RXIVWMP HIZIPSTIH 137 ERH PEXIV '137XIGLRSPSK] -R%TVMP  EJXIV E QIIXMRK MR .ETER [MXL *YNMXWY (V ,SIVRM [EW XEOIRXSQIIXXLIHIZIPSTQIRXXIEQ EX (EMRM 7IMOSWLE ,I TVSTSWIH XLI YWISJJVIUYIRG]HMZMHIVWJSV[EXGLIW YWMRK '137 -'W %W 1V 8SL]EQE LIEVH XLMW LI XLSYKLX ±8LMW [SYPH [SVO TIVJIGXP]² %X ½VWX (V ,SIVRM WYKKIWXIHEGLMTXLEXVIUYMVIHZSPXW ERH WS XLI TVSFPIQ [EW [LIXLIV SV RSX XLI ZSPX TS[IV WYTTP] MX VIUYMVIH GSYPH FI VIHYGIH XS  ZSPXW-RXIKVEXIHGMVGYMXWGERFIFVSEHP] HMZMHIHMRXSFMTSPEVERH'137X]TIW 8LIFMTSPEVX]TI[SVOWEXLMKLWTIIH FYXGSRWYQIWEPEVKIEQSYRXSJIPIG XVMGEP GYVVIRX 'SRZIVWIP] XLI 137 ERH MXW QSVI HIZIPSTIH JSVQ XLI '137MWWPS[IVFYXVIUYMVIWPIWWIPIG

XVMGTS[IV-XEPWSLEWKVIEXIVTSXIRXMEP JSVQMRMEXYVMWEXMSR(V8SL]EQEGLSWI XLI'137VSYXI (EMRM 7IMOSWLE EGGITXIH (V ,SIVRM´WTVSTSWEPWERHMR.ERYEV] HIZIPSTQIRXFIKER-X[EWGSQTPIXIH MR 1E]  8LI GSRXVEGX FIX[IIR (EMRM 7IMOSWLE ERH -RXIVWMP LEH WTIGM ½IH XLEX XLI '137 -' WLSYPH LEZI ERMRTYXJVIUYIRG]SJO,^EZSPXEKI WYTTP]SJ:SVPIWWTS[IVGSRWYQT XMSRSJQMGVS[EXXSVPIWWXLIGLMT WM^I WLSYPH FI \\QQ ERH XLI HIZIPSTQIRX PIEH XMQI [EW WIX EX  QSRXLW8LIEKVIIHHIZIPSTQIRXGSWX [EW ;LMPI 7IMOSWLE ERH -RXIVWMP [IVI HIZIPSTMRKXLI½VWX'137-'WYMXEFPI JSVYWIMRE[EXGLXLI7[MWWLEHFIIR YWMRKFMTSPEV-'WMRXLI&IXEQSZI QIRXYWIHMRXLIMV½VWXUYEVX^[EXGLIW FYX XLIWI LEH ZIV] LMKL TS[IV GSR WYQTXMSR (V 8SL]EQE VIGEPPW XLI HIZIPST QIRX SJ XLI ½VWX '137 -' YWIH F] 7IMOS ±%W I\TIGXIH XLI QSWX HMJ ½GYPX GLEPPIRKI [EW XLEX SJ VIHYGMRK XLIVIUYMVIHMRTYXZSPXEKI(V,SIVRM I\TIRHIHTIVGIRXSJLMWIJJSVXSR XLMW²8LMW'137-'[EW½VWXYWIHMR

%ZMI[MRWMHI7IMOS´WI\TIVMQIRXEP-'TPERXMR2EVEWLMRS-X[EWHIZIPSTMRK'137 -'W[LMGLLEZIFIGSQIXLIMRHYWXV]WXERHEVHEXEXMQI[LIRXLI7[MWWERHSXLIVW [IVIWXMPPYWMRKIRIVK]LYRKV]FMTSPEV-'W 

XLI7IMOS75'[LMGL[EWPEYRGLIH EX XLI IRH SJ  ,S[IZIV XLIVI [IVI TVSFPIQW [MXL ]MIPHW ¯ XLI TIV GIRXEKI SJ EGGITXEFPI GLMTW MR IEGL FEXGL¯JVSQ-RXIVWMP´WTVSHYGXMSRERH WS 7IMOS XSSO XLI QSQIRXSYW HIGM WMSRXSTVSHYGIEPP-'WMRLSYWI8LMW HVEQEXMG TSPMG] GLERKI TVSZIH XS FI SJ IRSVQSYW WMKRM½GERGI ERH QEHI XLIGSQTER]IZIRQSVIWIPJWYJ½GMIRX -XEPWSQIERXXLEXXLI][SYPHRSXFI EXXLIQIVG]SJERSYXWMHIWYTTPMIVJSV XLIWYTTP]SJ'137-'W 8[IRX] ]IEVW PEXIV 7IMOS )TWSR LEHFIGSQISRISJXLI[SVPH´WPEVKIWX QERYJEGXYVIVW SJ '137 GLMTW ERH .ETERLEHFIGSQIXLI[SVPHPIEHIVMR IPIGXVSRMGXMQITMIGIW

-RLSYWIQERYJEGXYVMRK (EMRM 7IMOSWLE HIZIPSTIH ZIVWMSRW XLEX GSRWYQIH IZIR PIWW TS[IV EJXIV MX XSSO '137 -' QERYJEGXYVMRK MR LSYWI8LI TIVJSVQERGI SJ XLIWI -'W -R6'%MR%QIVMGEVIPIEWIH XLIWIX[STMGXYVIW8LIYTTIVTMGXYVI [EW ½RIXYRIH XS MQTVSZI EGGYVEG] WLS[WER6'%WGMIRXMWXLSPHMRKER XSNYWXWIGSRHWE]IEVERHWYTTSVX[EW SYXHEXIHQIGLERMGEP[EXGLEPSRKWMHI FYMPXMR JSV EHHMXMSREP JYRGXMSRW WYGL ER0'(GPSGO8LIPS[IVTMGXYVIWLS[W EW GLVSRSKVETL ERH EPEVQ JIEXYVIW (V,IMPQIMIV[LSLEHEQIIXMRK[MXL (V8SL]EQEXSHMWGYWWHMKMXEPHMWTPE] )ZIRXYEPP] XLI GSQTER] I\TERHIH XIGLRSPSK] MRXS XLI HIZIPSTQIRX SJ KIRIVEPYWI QMGVSGSRXVSPPIVWXLEXEVIRS[JSYRH MR E [MHI ZEVMIX] SJ LSQI ERH MRHYW GSRXEMRGSQTSRIRXWSVQSVI XVMEP IUYMTQIRX8LMW HMZIVWM½GEXMSR ERH XLI] GER FI PMOIRIH XS HIHMGEXIH TVSZMHIH XLI JSYRHEXMSR JSV 7IMOS GSQTYXIVW -RWXVYQIRXW [LMGL MW XSHE] E QENSV -X[EWRSXNYWXMRGLMTXIGLRSPSK] GSQTER] MR MXW S[R VMKLX [MXL GSR XLEX XLI ETTVSEGLIW SJ 7IMOS ERH XLI WSPMHEXIH XYVRSZIV SJ 97  FMPPMSR 7[MWW[IVIEXZEVMERGI-RXLIIEVPMIWX MR UYEVX^[EXGLIWXLIVI[IVIMQTSVXERX 7IMOS´W 75 [EW XLI ½VWX [EXGL HMJJIVIRGIWFIX[IIRXLIUYEVX^GV]WXEP MR XLI [SVPH XS YXMPMWI E '137 GLMT XIGLRSPSK] YWIH F] 7IMOS ERH F] XLI RS[ EPP UYEVX^ [EXGLIW YWI '137 '), MR XLI 7[MWW &IXE  QSZIQIRX XIGLRSPSK]-R7IMOSVITPEGIHXLI 7IMOSYWIHMXWS[RTVSTVMIXEV]UYEVX^ WLSVXPMZIH 75 WIVMIW [MXL XLI  GV]WXEP MR XLI WLETI SJ E XYRMRK JSVO WIVMIW %RHXLIHIZIPSTQIRXGSRXMRYIW [LMPIXLI'),GEPMFVI[EW½XXIH[MXL ¯ XSHE] X]TMGEP -' GLMTW MR [EXGLIW EFEVX]TIUYEVX^SWGMPPEXSV[LMGL[EW 

½\IHEXMXWGIRXVI7IMOSI\TIVMQIRXIH ZIV]FVMI¾][MXLXLIFEVX]TIFYXWSSR ETTVIGMEXIH XLI WYTIVMSV FIRI½XW SJ XLIXYRMRKJSVOZIVWMSRERHXSHE]XLI XYRMRK JSVO WLETI LEW FIGSQI XLI MRHYWXV]WXERHEVH % UYEVX^ GV]WXEP SWGMPPEXIW EX E TVIGMWI JVIUYIRG] XLEX MW HIXIVQMRIH F]XLIZSPYQISJXLIGV]WXEPXLIPEVKIV XLI GV]WXEP XLI PS[IV MXW JVIUYIRG] 7IMOS´W ½VWX UYEVX^ QSZIQIRX YWIH UYEVX^ GV]WXEPW [MXL E JVIUYIRG] SJ O,^ %PXLSYKLXLI½VWXUYEVX^GV]WXEP GLVSRSQIXIV GPSGO QEHI F] 7Y[E 7IMOSWLEXLI5'YWIHEFEVX]TI UYEVX^GV]WXEPTYVGLEWIHJVSQERSXLIV GSQTER] XLI %WXVSR 7IMOS´W ½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½GYPX %R STIVEXSV ',%48)6

[SYPH LSPH XLI SWGMPPEXSV [MXL E TEMV SJ X[II^IVW ERH KVMRH XLI XMTW SJ XLI XYRMRKJSVOYWMRKEKVMRHWXSRIGSEXIH [MXL HMEQSRH HYWX [LMPI SFWIVZMRK TVSKVIWW YRHIV E QMGVSWGSTI 8LMW TVSGIWWVIHYGIHXLIGV]WXEPXSXLITVI GMWIZSPYQIRIGIWWEV]XSIRWYVIXLEXMX [SYPHSWGMPPEXIEXXLIGSVVIGXJVIUYIRG] 8LMW [EW XVYP] XLI [SVO SJ GVEJXWQIR FIGEYWIIZIREWTIGOSJKVSYRHUYEVX^ HYWX SR XLI SWGMPPEXSV GSYPH GLERKI MXW JVIUYIRG]8LI UYEVX^ GV]WXEP [EW XLIRGPIERIHMRERYPXVEWSRMGXERO8LI JVIUYIRG]SJIEGLGV]WXEP[EWGLIGOIH [LMPIMX[EWFIMRKKVSYRHERHEJXIVMX LEHFIIRGPIERIH -X[EWXLIRWSPHIVIH F] LERH XS E TPEXMRYQ WYTTSVXMRK [MVIERHGSRRIGXIHXSXLIPIEHWXLEX TS[IVIH MX *MREPP] MX [EW WIEPIH MR E TVSXIGXMZIGEWI 8LMW [SVO [EW I\XVIQIP] PEFSYV MRXIRWMZI ERH ER]SRI QEOMRK  SWGMPPEXSVW E HE] VIGIMZIH E FSRYW -R XLI IEVPMIWX HE]W SJ TVSHYGMRK XLI -R7IMOSPEYRGLIHXLI[SVPH´WJMVWXHMKMXEPUYEVX^[EXGL[MXLEGLVSRSKVETL 75 TVSHYGXMSR [EW WS WPS[ MX XLI-XGSYPHVIGSVHXMQIXSSJEWIGSRHERHLEHEPETXMQIJYRGXMSR-XEPWS MRGSVTSVEXIHERMRXIVREPPMKLXWSXLEXMXGSYPHFIWIIRGPIEVP]MRXLIHEVO GSYPHFIHMJ½GYPXXSTVSHYGIYRMXW E QSRXL &]  TLSXSPMXLSKVETLMG IXGLMRK [EW MRXVSHYGIH ERH XLMW IRE HMWXVMFYXIHWX]PISJXLI7[MWWLIVI[I [EW VIWTSRWMFPI JSV E HMJJIVIRX EVIE FPIHTVSHYGXMSRZSPYQIWSJSWGMPPEXSVW EVI ER MRXIKVEXIH QERYJEGXYVIV -J [I SJXLITVSHYGXMSRSJXLIIEVP]UYEVX^ XS FI MRGVIEWIH HVEQEXMGEPP] 8SHE] FIPMIZI ER]XLMRK XS FI E VIUYMVIQIRX QSZIQIRXW'),HIWMKRIHXLI[EXGL XIRWSJXLSYWERHWGERFITVSHYGIHMR MX´W [MXLMR SYV QEREKIQIRX´W WGSTI ERH TVSHYGIH XLI MRXIKVEXIH GMVGYMX XS XEOI EPP XLI QIEWYVIW RIIHIH XS )FEYGLIW 7% QEHI XLI QIGLERMGEP ERLSYV &]XLIPEXXIVTEVXSJXLIXLGIR EGX² ,MW GSQQIRXW VIPEXIH XS XLI TEVXWERHXLIUYEVX^GV]WXEPSWGMPPEXSV XYV] ERH EX XLI FIKMRRMRK SJ XLI WX 'LVSRSQIXIV 'SQTIXMXMSR FYX LMW ERH3QIKETVSHYGIHXLIQMGVSQSXSV GIRXYV] QSWX [EXGLIW YWI E UYEVX^ SFWIVZEXMSR[EWZIV]TIVGITXMZI8LMW 8LI½RMWLIHTVSHYGXW[IVIEWWIQFPIH GV]WXEP XLEX SWGMPPEXIW EX E JVIUYIRG] MRXIKVEXMSR [EW YPXMQEXIP] SRI SJ MR XLVII HMJJIVIRX JEGXSVMIW XLEX TVS SJ,^-R7IMOS´WTVSHYGXVERKI XLI TVMRGMTEP VIEWSRW XLEX 7IMOS [EW HYGIH ½REP TVSHYGXW XS XLI HIWMKRW SRI I\GITXMSR MW XLI GV]WXEP YWIH MR EFPI XS I\TERH TVSHYGXMSR SJ UYEVX^ SJ XLI 7[MWW GSQTERMIW XLEX TPEGIH XLI 4IVTIXYEP 'EPIRHEV MX LEW E JVI [EXGLIW JEWXIV XLER ER] 7[MWW QERY SVHIVW &]   7[MWW GSQTERMIW FIKER WIPPMRK UYEVX^ [EXGLIW YRHIV UYIRG]SJO,^[LMGLIREFPIWMXXS JEGXYVIVW %GGSVHMRK XS VIWIEVGL F] XLI XLIMVS[RFVERHREQIW EXXEMRIZIRKVIEXIVEGGYVEG] &] GSRXVEWX XLI MRXIKVEXIH TVS 1V2EOEQYVESFWIVZIH ±3RIFMK 7QMXLWSRMER -RWXMXYXI XLI &IXE  HMJJIVIRGIFIX[IIRXLI7[MWW-RHYWXV] LEH FIIR HIZIPSTIH F] '), [LMGL HYGXMSR PMRIW XLEX LEH FIIR E JIEXYVI ERHYWXLEX[IPIEVRIHSJXLVSYKLXLI [EW ½RERGIH F] E GSRWSVXMYQ SJ SJ 7IMOS´W JEGXSVMIW JSV WSQI ]IEVW GSQTIXMXMSRMWXLEXMRGSRXVEWXXSXLI 7[MWW [EXGL GSQTERMIW ERH IEGL MQTSWIH JI[ TVSHYGXMSR VIWXVMGXMSRW %.3962)=-28-1)



8LIIHMXMSRSJ0MJI1EKE^MRIMR[LMGL(V8SL]EQEHMWGSZIVIHEREVXMGPIEFSYXE ±GLEQIPISRGLIQMGEP²8LIEYXLSVGSYPHLEZILEHPMXXPIMHIESJXLITVSKVIWWXLEX[SYPH FIQEHIMRXLIHIZIPSTQIRXSJPMUYMHGV]WXEPHMWTPE]WMRXLIJSPPS[MRK]IEVW

ERH XLI SRP] WMKRM½GERX GSQTSRIRX XLEX [EW HITIRHERX SR SYXWMHI GSST IVEXMSR[EWXLI'137-'¯ERHIZIR XLMW[EWSRP]QERYJEGXYVIHEWENSMRX ZIRXYVIJSVEWLSVXXMQI

[EW 4VSJIWWSV *IVKYWSR EX XLI /IRX 7XEXI 9RMZIVWMX] MR XLI 97% ¯ [LMGL MW RS[ LSQI XS XLI 0MUYMH 'V]WXEP -RWXMXYXI (V 8SL]EQE [EW OIIR XS QIIX 4VSJIWWSV *IVKYWSR WS XLEX LI GSYPH 'LEQIPISRGLIQMGEP EWO LMQ EFSYX ±GVIEXMRK IPIGXVSRMG -RXLIPEXIWERHIEVP]WXLIVI MQEKIW² ,I WSSR HMWGSZIVIH XLEX [EW E KVS[MRK HIWMVI XS HMWTPE] MRJSV PMUYMH GV]WXEP HMWTPE]W [IVI EPVIEH] QEXMSR IPIGXVSRMGEPP] ERH XS WLS[ EW FIMRK YWIH MR UYEVX^ GPSGOW ERH EW QYGLMRJSVQEXMSREWTSWWMFPIMRHMKMXEP WSSR EW LI VITSVXIH XLMW XS 7LSNM JSVQ ERH 7IMOS [EW HIXIVQMRIH RSX ,EXXSVM LI [EW EWOIH XS MRZIWXMKEXI XS FI PIJX FILMRH8LI MRWTMVEXMSR JSV 0'( XIGLRSPSK] MQQIHMEXIP] .YWX WM\ (EMRM7IMOSWLE´WHIZIPSTQIRXSJPMUYMH HE]WPEXIVLIXSSOE¾MKLXXS%QIVMGE GV]WXEP HMWTPE]W 0'(W  GEQI [LIR ERH ½VWX ZMWMXIH 6'% ERH QIX (V (V8SL]EQE [EW PSSOMRK XLVSYKL XLI ,IMPQIMIV[LS[EWMRGLEVKISJPMUYMH 1EVGLIHMXMSRSJ³0MJI´QEKE^MRI GV]WXEP VIWIEVGL 3RI%QIVMGER GSQ ,I [EW MRXVMKYIH F] ER EVXMGPI EFSYX TER]LEHEPVIEH]EWOIH6'%EFSYXXLI ±8LI 'LEQIPISR 'LIQMGEP² [LMGL TSWWMFMPMX]SJYWMRK0'(WMR[EXGLIW HIWGVMFIH LS[ PMUYMH GV]WXEP GLERKIW 3RI QENSV HMWETTSMRXQIRX [EW GSPSYV EW MXW XIQTIVEXYVI MRGVIEWIW XLEX6'%EHQMXXIHXLEXXLI½VWX0'( ;LEXVMZIXIHLMWEXXIRXMSR[EWEWIR HMWTPE]W SRP] LEH E PMJI I\TIGXERG] SJ XIRGIXLEXWEMHXLEXPMUYMHGV]WXEPW±LEH LSYVWFYXXLI]FIPMIZIHXLEXJYV XLIEFMPMX]XSGVIEXIIPIGXVSRMGMQEKIW² XLIVVIWIEVGL[SYPHI\XIRHXLMW½KYVI 8LIHIZIPSTIVSJXLMWRI[XIGLRSPSK] 2I\X (V 8SL]EQE QIX 4VSJIWWSV 

*IVKYWSR [LSWI EVXMGPI MR 0MJI LEH WTEVOIH LMW MRXIVIWX MR XLI STTSVXYRM XMIWSJ0'(W &] XLMW XMQI 4VSJIWWSV *IVKYWSR [EW HIZIPSTMRK E RI[ W]WXIQ XS YXM PMWI XLI TVSTIVXMIW SJ PMUYMH GV]WXEPW LI [EW HIZIPSTMRK *MIPH )JJIGX 1SHI *)1 0'(´W[LIVIEW6'%[IVIYWMRK XLI H]REQMG WGEXXIVMRK QSHI (71  QIXLSH ,I [EW YREFPI XS WLS[ E WEQTPIFYXTVSQMWIHXSWIRHSRIF] XLIIRHSJXLI]IEV%JXIVVIXYVRMRKXS .ETER (V 8SL]EQE FIGEQI YRLETT] EFSYX XLI TVSWTIGX SJ IRXVYWXMRK XLMW [SVO XS JSVIMKR GSQTERMIW LI VIE WSRIH XLEX MX [SYPH RSX PIEZI 7IMOS JVIIXS±WGVEXGL[LIVIMXMXGLIH² 3RGI EKEMR XLI GSQTER] HIGMHIH XS YRHIV XEOITVSHYGXMSRMRLSYWIQEMRXEMRMRK MXWMRHITIRHIRGI 6IWIEVGL [SVO WXEVXIH SR

8LI[SVPHXMQIV%[EWIUYMTTIH [MXLEX[SPE]IVGSPSYVIH0'(TERIP ERHHMWTPE]IHE[SVPHQETERHXLI XMQI-X[EWEMQIHEXMRXIVREXMSREP XVEZIPPIVW ',%48)6

8LI[VMWXGSQTYXIVPEYRGLIHMR[EWMRX[STEVXWXLI[VMWXQSYRXIHTSVXMSR ERHXLIGSRXVSPPIV-XVITVIWIRXWEZIV]GSQTPI\QEVVMEKISJUYEVX^0'(ERH-' XIGLRSPSKMIWXLIJMIPHWMR[LMGL7IMOSLEWTPE]IHEPIEHMRKVSPI

(IGIQFIV   [MXL KYMHERGI XSPEYRGLHMKMXEP[EXGLIWFYXMXW0'( JVSQ4VSJIWWSVW8S]SWLMQEERH1MXWYM HMWTPE] YWIH (71 XIGLRSPSK] &] XLMW JVSQ8SLSOY9RMZIVWMX]YWMRKXLI(71 XMQIXLINSMRXVIWIEVGLFIX[IIR(EMRM ETTVSEGL HIZIPSTIH F] 6'% 3R XLI 7IMOSWLE ERH 8SLSOY 9RMZIVWMX] [EW PEWXHE]SJXLI]IEVETEGOEKIEVVMZIH TVSHYGMRK VIWYPXW ERH MR  7IMOS JVSQ4VSJIWWSV*IVKYWSR(V8SL]EQE [EWEFPIXSPEYRGL0'([VMWX[EXGLIW WEMH ±;LIR - STIRIH XLI TEGOEKI JIEXYVMRK XLIMV S[R *)1X]TI 0'(W XLIVI[EWEPMUYMHGV]WXEPTERIPMRWMHI 8LI ½VWX SJ XLIWI TVSHYGXW [IVI XLI ERHMXWEMHXSETTP]EGYVVIRXSJWSQI 0' (EMRM7IMOSWLE ERH0' 7Y[E XIRXLW SJ E ZSPX;LIR [I XVMIH MX 7IMOSWLE  %W (V 8SL]EQE LEH TVI XLI MQEKI [EW E GPIEV EW MJ MX [IVI HMGXIHXLI*)1X]TI0'(FIGEQIXLI MRO SR TETIV²%PXLSYKL LI LEH SRP] QEMRX]TISJPMUYMHGV]WXEPHMWTPE] NYWX WXEVXIH LMW VIWIEVGL (V8SL]EQE ,EQMPXSR XLI %QIVMGER [EXGL HIGMHIH XLEX HIZIPSTQIRX MRXS (71 GSQTER] MRXVSHYGIH E JYVXLIV X[MWX XIGLRSPSK]WLSYPHFIHMWGSRXMRYIHERH MRXLIIZSPYXMSRSJUYEVX^[EXGLXIGL EPPIJJSVXW[MXGLIHXS[SVOMRKSRXLI RSPSK]MR1E][LIRMXPEYRGLIHE *)1X]TISJHMWTPE] UYEVX^[EXGL[MXLEHMKMXEPHMWTPE]XLEX 1MGVSQE [EW XLI ½VWX GSQTER] JIEXYVIH0MKLX)QMXXMRK(MSHIW 0)(W  %.3962)=-28-1)

MR E QSHIP GEPPIH 4YPWEV 7IMOS PEXIV EGUYMVIH XLI REQI JSV E RI[ FVERH XLI][IVIXSPEYRGLERHMXLEWFIIRMR YWIIZIVWMRGI %X XLI XMQI XLEX ,EQMPXSR PEYRGLIH XLIMV RI[ ½VWX HMKMXEP 0)( [EXGL 7IMOS MR .ETER ERH )FEYGLIW 7%MR7[MX^IVPERH[IVIMRXLITVSGIWW SJ HIZIPSTMRK PMUYMH GV]WXEP HMWTPE]W ¯ 0'(W  0)(W GSRWYQIH WS QYGL TS[IVXLEXXLI]GSYPHSRP]FIYWIHXS HMWTPE]XMQIEXXLITVIWWSJEFYXXSRJSV EJI[WIGSRHWEXEXMQI8LI0'(HMW TPE]GSRZIVWIP]TVSZMHIHEGSRXMRYSYW HMWTPE]SJXLIXMQIERH[EWQYGLQSVI IRIVK]IJ½GMIRX8LI[EXGL[SVPH[EW MREWXEXISJXYVQSMPERHMX[EWHMJ½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¾] -RWXIEH MX XSSO XLI HIGMWMSR XS YWI 0'( XIGLRSPSK] JSV MXW HMKMXEP [EXGLIWERHXSHE]MXMWGPIEVXLEXXLMW [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 3RIHIZIPSTQIRXXLEX7IMOS¯ERH 8LI UYEVX^ VIZSPYXMSR ERH IWTIGMEPP] WXMPPSYXWIPPMRKXLIMVHMKMXEPGSYRXIVTEVXW )YVSTIER QERYJEGXYVIVW ¯ LEH RSX XLI RI[ XIGLRSPSKMIW HIZIPSTIH F] EPXLSYKLHMKMXEPQSHIPWLEZIGSRXMRYIH ERXMGMTEXIHWYJ½GMIRXP][EWXLIMRXIVIWX 7Y[E7IMOSWLEPEMHXLIJSYRHEXMSRWJSV XSXEOIEWMKRM½GERXFYXQMRSVWLEVISJ SJ GSQTERMIW MR ,SRK /SRK ERH XLIJYXYVISJ7IMOS XLIQEVOIX 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 1EWWTVSHYGXMSR FVSOI SYX MR XLI HMKMXEP [VMWX[EXGL TVSJSYRHERHJEVVIEGLMRKMQTPMGEXMSRW 1IER[LMPI XLI UYEVX^ EREPSKYI QEVOIX8LMWLEHVITIVGYWWMSRWMRXLI 8LMWXIGLRSPSK]RSXSRP]TVSZMHIHXLI QEVOIX [EW HIQERHMRK IZIV XLMRRIV 7[MWW[EXGLMRHYWXV]ERHEPWSGVIEXIH FEWMWJSVXLIHIZIPSTQIRXSJEPPJYXYVI QSHIPW TVSZMHMRK ERSXLIV GLEPPIRKI HMJ½GYPX GSRHMXMSRW JSV 7IMOS [LMGL [EXGLIW FYX EPWS QEHI TSWWMFPI XLI 1V /IRMGLM 9WLMOSWLM XSSO GLEVKI SJ WXMPP[ERXIHXSTYVWYIMXW[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 WXITTMRKQSXSVWERH0'(WGSRXMRYIH SJEXLMRRIVERHPIWWI\TIRWMZIUYEVX^ TEVXP]EXXVMFYXEFPIXSXLIJYRHEQIRXEP JEVFI]SRHTVSHYGXWJSV[EXGLIWRS[ QSZIQIRX )ZIRXYEPP] XLI WM^I SJ XLI HIGMWMSRWMXQEHIMRXLIIEVP]HE]WSJ XLI] EVI YWIH MR E FVSEH ZEVMIX] SJ UYEVX^QSHYPI[EWVIHYGIHWYJ½GMIRXP] UYEVX^-XSTXIHJSVXYRMRKJSVOWLETIH IUYMTQIRX JSV MRHYWXVMEP ERH LSQI JSV YWI MR E HVIWW [EXGL -R  MX UYEVX^ SWGMPPEXSVW HIZIPSTIH XLI ½VWX YWI8LMW TVSZMHIH XLI JSYRHEXMSR JSV [EW QEVOIXIH MR E [EXGL GEPPIH XLI STIRX]TIWXITTMRKQSXSVW'137-'W XLI TVIWIRX 7IMOS -RWXVYQIRXW [LMGL 5( XLI [SVPH´W ½VWX UYEVX^ HVIWW ERH 0'( HMWTPE]W JSV HMKMXEP [EXGLIW MWEPWSERMRXIKVEXIHIPIGXVSRMGHIZMGI [EXGL 8LMW VIHYGXMSR MR WM^I [EW EPPJSYVLEZIFIGSQIXLIKPSFEPWXERH QERYJEGXYVIV8SHE] XLI 7IMOS +VSYT EGLMIZIHF]SQMXXMRKXLIWIGSRHWLERH EVHWMRUYEVX^[EXGLQEOMRKXLEXLEZI MWSRISJ.ETER´WPEVKIWX¯ERHMXWWYG ERHHMWTPE]MRKSRP]LSYVWERHQMRYXIW IRHYVIH XLVSYKL XS XLI WX GIRXYV] GIWWEPPWXEVXIH[MXLEUYEVX^GV]WXEP©



',%48)6

/-2)8-';%8',)7¯%00 8,%8-7 &)78-27)-/38)',2303+= 0IWWXLER]IEVWEJXIVWIPPMRKXLI[SVPH³WßVWXUYEVX^[EXGL7IMOSXSSOERSXLIV KMERXWXITJSV[EVHMRXLIHIZIPSTQIRXSJ[EXGLXIGLRSPSK][LIRMXERRSYRGIHE RI[KIRIVEXMSRSJUYEVX^[EXGLIWXLEXIPMQMREXIHXLIRIIHJSVFEXXIV]GLERKIW

'VIEXMRKE[EXGLXLEX[EWRSX HITIRHIRX SR FEXXIVMIW [EW SJ GSR WMHIVEFPIWMKRM½GERGIRSXSRP]FIGEYWI XLIRI[[EXGL[EWQSVIYWIVJVMIRHP] FYX FIGEYWI MX [EW IRZMVSRQIRXEPP] JVMIRHP] XSS (MWGEVHIH FEXXIVMIW EVI LEVQJYPXSSYVIRZMVSRQIRXER]XLMRK XLEX VIHYGIW XLI RYQFIV SJ FEXXIVMIW XLEX EVI FIMRK HMWTSWIH SJ WLSYPH FI [EVQP][IPGSQIH &] XLI IEVP] W 7IMOS´W XIGLRMGMERW LEH HIZIPSTIH E RI[ [E] SJ KIRIVEXMRK ERH WXSVMRK IPIGXVMGMX] MRWXIEH SJ VIP]MRK SR HMW TSWEFPIFEXXIVMIW %XXLI&EWIP*EMVMR 7[MX^IVPERHMRXLIWTVMRKSJXLI] YRZIMPIHXLITVSXSX]TISJE[EXGLXLEX [EW GEPPIH %+1 ER EFFVIZMEXMSR SJ %YXSQEXMG+IRIVEXMRK1IGLERMWQFYX XLMW [EW WSSR GLERKIH XS%+7 WLSVX JSV %YXSQEXMG +IRIVEXMRK 7]WXIQ )ZIRXYEPP]MX[EWKMZIRXLIQSVIQIQ SVEFPI ERH VIPIZERX REQI SJ /MRIXMG 'SPPMRW )RKPMWL (MGXMSREV] HI½RIW ±OMRIXMG²EW±VIPEXMRKXSGLEVEGXIVMWIHF] SVGEYWIHF]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 TVSJSYRH8LI]LEHWIXXLIMVWMKLXWSR %.3962)=-28-1)

8LMWTVSXSX]TISJXLI/MRIXMG[EWJMVWX PEYRGLIHEXETVIWWGSRJIVIRGIEXXLI &EWIP*EMVMR7[MX^IVPERHMR8LI GEWI[EWQEHIJVSQFVMKLXXMXERMYQ XLIQSWXEHZERGIHX]TISJXMXERMYQ EZEMPEFPIEXXLIXMQI

TVSHYGMRKEQIGLERMWQXLEX[SYPHSYX TIVJSVQEPPI\MWXMRKXIGLRSPSKMIW1SWX QERYEPP] [SYRH QIGLERMGEP [EXGLIW [MPPWXSTEJXIVEFSYXLSYVWMJXLI] EVI RSX [SYRH ERH IZIR ZIV] I\TIR WMZI QSHIPW [MXL I\XIRHIH ±TS[IV

VIWIVZI² [MPP SRP] VYR FIX[IIR ½ZI ERHIMKLXSVHE]WEXXLIQSWXFYX XLI]EVIJI[ERHJEVFIX[IIR)ZIRWIPJ [MRHMRKQIGLERMGEP[EXGLIWWXSTEHE] SVX[SEJXIVXLI]EVIPEWX[SVR 8LI VYRRMRK XMQI SJ QSWX UYEVX^ [EXGLIWMWKSZIVRIHF]XLIMVFEXXIVMIW QSWX [MPP VYR JSV EX PIEWX SRI ]IEV FIJSVI E FEXXIV] GLERKI MW VIUYMVIH ERH E JI[ QSHIPW GER VYR JSV ½ZI SV ]IEVW3RISJXLIKVIEXEXXVEGXMSRW SJUYEVX^[EXGLIWLEWEP[E]WFIIRXLEX XLI] [SVO [MXLSYX ER] EXXIRXMSR JSV PSRK TIVMSHW SJ XMQI ERH [MXL QYGL KVIEXIVEGGYVEG]XLERXLIMVQIGLERMGEP GSYRXIVTEVXW 8LI SRI HMWEHZERXEKI XLEX XLI] LEH [LIR GSQTEVIH [MXL QIGLERMGEP XMQITMIGIW [EW XLEX XLI FEXXIV] RIIHIH XS FI VITPEGIH ERH XLMWGERFIGSQIRIGIWWEV]EXERMRGSR ZIRMIRXQSQIRX*SVQSWXTISTPIMJE UYEVX^ [EXGL WXSTW MX MW MRGSRZIRMIRX FYXXSWSQITISTPIWYGLEWHMZIVWSV TMPSXW XLI JEMPYVI SJ E FEXXIV] GSYPH LEZIWIVMSYWWEJIX]GSRWIUYIRGIW 8LI PEGO SJ E WIPJ[MRHMRK QIGLERMWQ [EW SRI SJ XLI ZIV] JI[ HMWEHZERXEKIWMRLIVIRXMRUYEVX^[EXGL XIGLRSPSK] 7IMOS´W HIZIPSTQIRX IRKM RIIVW[IVIEPWSGSRWGMSYWSJXLIJEGX XLEX HMWGEVHIH FEXXIVMIW EVI LEVQJYP 

GSRWMWXIRXP]EFSZIEGIVXEMRQMRMQYQ PIZIP %X½VWX7IMOS´WXIGLRMGMERWGSYPH SRP] KIRIVEXI ZIV] WQEPP EQSYRXW SJ IPIGXVMGMX] YWMRK XLI MVVIKYPEV QSZI QIRXW SJ E XMR] VSXEXMRK [IMKLX MR E [EXGL8LI MHIE SJ LEVRIWWMRK WYGL E XMR]GYVVIRXXSTS[IVEUYEVX^[EXGL QSZIQIRX WIIQIH PMXXPI QSVI XLER E HVIEQ ;LIRHIZIPSTQIRXSJXLI/MRIXMG GSRGITXWXEVXIHMX[EWVIJIVVIHXSEW ³MRXIVREPKIRIVEXMSR´MRSVHIVXSHMWXMR KYMWL MX JVSQ WSPEVTS[IVIH³I\XIVREP 8LI[SVPH´WJMVWX/MRIXMGQSZIQIRX[EW XLI1[LMGLETTIEVIHMR3JJ KIRIVEXMSR´ [EXGLIW [LMGL LEH FIIR XLI[VMWXMXVERJSVEFSYXLSYVW WYGGIWWJYPP]HIZIPSTIHJSVWEPIF]7IMOS [LIRJYPP]GLEVKIH-X[EW[IPPVIGIMZIH F]7IVMSYW[SVOSRXLIGSRGITX MR)YVSTIFIJSVIMXWMQTSVXERGI[EW JYPP]ETTVIGMEXIHMR.ETER XLEXPIHXSXLIMRXVSHYGXMSRSJ/MRIXMG [EXGLIWVIEPP]WXEVXIHEX7IMOS)TWSR XS SYV IRZMVSRQIRX 8LI] [SVOIH MR 8LI PIEHIV SJ XLI TVSNIGX PSRKERHLEVHXSSZIVGSQIEPPSJXLIWI [EW1EWELMXS=SWLMRS,IWEMH±-XLMRO TVSFPIQWERHXSGSQFMRIXLIEGGYVEG] SJ Q]WIPJ EW XLI TEVIRX [LS FVSYKLX SJ E UYEVX^ [EXGL [MXL XLI WIPJWYJ /MRIXMGXSFMVXLEPXLSYKL-EQRSXXLI ½GMIRG] SJ E WIPJ[MRHMRK QIGLERMGEP SRI [LS PEXIV VIEVIH MX XS QEXYVMX]² XMQITMIGI8LI] WXEVXIH WIVMSYW [SVO ,IFIGEQIPIEHIVSJXLIHIZIPSTQIRX SRXLITVSFPIQMR8LI½VWXTVS XIEQEXXLIEKISJ XSX]TIW GSRXEMRIH E VSXEXMRK [IMKLX WMQMPEV XS XLEX YWIH MR E WIPJ[MRHMRK %ZEVMIX]SJTVSNIGXW QIGLERMGEP[EXGL8LIVSXEXMSRSJXLMW %XXLIXMQILMWXIEQLEHXLIXEWOSJ VSXSV GEYWIH F] QSZIQIRX SJ XLI GSRGIMZMRK±WSQIXLMRKRI[MR[EXGLIW² [IEVIV´W [VMWX [EW YWIH XS KIRIVEXI ERH[EWEPPS[IHJVIIVIMRXSHIZIPST IRIVK] OMRIXMGIRIVK] [LMGLGSYPHFI RI[ XIGLRSPSKMIW SJ ER] OMRH 8LIMV WXSVIHERHXLMW[EWYWIHXSTS[IVXLI [SVO GSZIVIH QYPXMWTMRHPI [EXGLIW GMVGYMXV]SJEUYEVX^[EXGL WYGL EW QYPXMJYRGXMSR GLVSRSKVETLW 8LI GSRGITX SJ YWMRK QSZI ERH XLI TVSZMWMSR SJ [EXGL JYRGXMSRW QIRX XS KIRIVEXI IPIGXVMGMX] [EW RSX GSRXVSPPIHF]YWMRKXLIFEWMG'49ERH RI[ ¯ MX LEH FIIR ¾SEXMRK EVSYRH WSJX[EVI8LIMVSXLIVVIWIEVGLXLIQIW XLI GSQTER] WMRGI  8LI ½VWX MRGPYHIH UYEVX^ [EXGLIW [MXL W[IIT /MRIXMGVIPEXIHTEXIRX[EWETTPMIHJSV WIGSRHW LERHW MR [LMGL XLI WIGSRHW MR¯FYXMXLEHFIIR[VMXXIRSJJ LERH W[IITW WQSSXLP] MRWXIEH SJ EW ER MHIE XLEX [EW UYMXI MQTVEGXMGEP NYQTMRKSRGIEWIGSRH ERH[VMWXX]TI JSVYWIMREUYEVX^[EXGLFIGEYWIXLI WXST[EXGLIW [MXL FYMPXMR YPXVEQMRM WYTTP] SJ IRIVK] QSZIQIRX SJ XLI EXYVITVMRXIVW8LI/MRIXMG[EXGL[EW [VMWX [EW IVVEXMG8LI IJ½GMIRX KIR NYWX SRI SJ XLIWI TVSNIGXW XLI] [IVI IVEXMSR SJ IPIGXVMGMX] YWYEPP] VIUYMVIW RSX[SVOMRKI\GPYWMZIP]SR/MRIXMG 1V EGSRXMRYSYWWSYVGISJOMRIXMGIRIVK] =SWLMRS[EWWYFWIUYIRXP]ETTSMRXIHEW 

KIRIVEPQEREKIVSJ7IMOS)TWSR´W6  ( HMZMWMSR ERH XLIR FIGEQI KIRIVEP QEREKIVSJ'SVTSVEXI4PERRMRK3J½GI [LIVI LI GSSVHMREXIH HIZIPSTQIRX [SVOJSVZEVMSYWTVSHYGXWFIMRKHIZIP STIH[MXL7IMOS'SVTSVEXMSR 8LMW TVSNIGX XIEQ JEGIH [MXL XLI GLEPPIRKI SJ HIZIPSTMRK /MRIXMG XIGLRSPSK] HIGMHIH XS GLEPPIRKI GSRZIRXMSREP [MWHSQ XLI] VIJYWIH XS FIPMIZI XLEX E WIPJTS[IVIH UYEVX^ [EXGL [EW MQTVEGXMGEP ERH IZIRXY EPP] XLIMV MRRSZEXMZI WSPYXMSRW TVSZIH

1EWELMXS=SWLMRS[EWMRGLEVKI SJXLI/MRIXMGTVSNIGXERHPEXIV FIGEQIKIRIVEPQEREKIVSJ7IMOS )TWSR´W'SVTSVEXI4PERRMRK3JJMGI

VIQEVOEFP]WYGGIWWJYP %X½VWXIRIVK] MWWYIWTVSZMHIHXLIQ[MXLETTEVIRXP] MRXVEGXEFPI TVSFPIQW -X XSSO QYGL LEVH [SVO ERH XLI GSQQMXQIRX SJ E HIHMGEXIH XIEQ XS SZIVGSQI XLIQ8LI] [IVI EFPI XS WYGGIIH FIGEYWI XLI] LEH E [IEPXL SJ HIZIP STQIRX ERH TVSHYGXMSR I\TIVXMWI EX XLIMVHMWTSWEP8LI]LEHXLIORS[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 XMSRSJUYEVX^[EXGLIW%FSZIEPPXLI] LEH XLEX ZMXEP 7IMOS EXXMXYHI XLEX [IP GSQIWXLISTTSVXYRMX]XSXEGOPIERI[ GLEPPIRKIWXEVXMRK[MXLEFPEROWLIIXSJ TETIV ;LIR [SVO SR ³MRXIVREP KIRIVE XMSR´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

[SVRSRXLI[VMWX-X´WEPVIEH]SRXLI [VMWX WS [I GSYPH YWI XLEX JEGX XS TS[IVMX8LIVI´WRSXLMRKXSWE]XLEXE WSPEV[EXGLLEWXSFISRXLI[VMWXFYX MJE[EXGLMWHVMZIRF]IPIGXVMGMX]KIRIV EXIHF]QSZIQIRXSJXLI[VMWXXLIVI´W IZIV]VIEWSRJSVMXXSFISRXLI[VMWX =SY LEZI E QEVVMEKI SJ GSRZIRMIRGI ERHRIGIWWMX]² (IZIPSTQIRX [SVO WXEVXIH [MXL HIXEMPIH MRZIWXMKEXMSRW MRXS XLI VIPEXMSRWLMT FIX[IIR VSXEXMSR SJ XLI SWGMPPEXMRK [IMKLX ERH XLI KIRIVEXMSR SJIPIGXVMGMX] %X½VWXXLIHIZIPSTQIRX IRKMRIIVWHMWQERXPIHXLIH]REQSXLEX TS[IVW XLI PMKLXW SR E FMG]GPI 8LMW 7LSMGLM2EKES[EWGPSWIP]MRZSPZIH [MXLXLIHIZIPSTQIRXSJ/MRIXMG VIZIEPIHXLEXSRP]QMRYWGYPIEQSYRXW XIGLRSPSK]WXEVXMRK[MXLTVSXSX]TIW SJIPIGXVMGMX]GSYPHFIKIRIVEXIH[LIR ERHXLIR[SVOMRK[MXLJMZI EKIRIVEXSV[EWXYVRIHIVVEXMGEPP] ±%X KIRIVEXMSRWJVSQXLI1XSXLI1 ½VWX [I HMHR´X IZIR YRHIVWXERH LS[ VIUYMVIHTS[IV1V=SWLMRSWEMH±8LEX XLIVSXEXMSR[SYPHEJJIGXXLIEQSYRX MW IRSYKL PIX´W KMZI MX E XV]² 7SQI SJIPIGXVMGMX]XLEXGSYPHFIKIRIVEXIH TISTPI MR XLI GSQTER] XLSYKLX XLMW -X[EWRSYWIPSSOMRKEXVYRSJXLIQMPP VIWYPX[EWHMWGSYVEKMRKFYX1V=SWLMRS IPIGXVMGEP KIRIVEXSVW FIGEYWI XLI] [EW GSRZMRGIH XLI] GSYPH QEOI MX [IVIEPPHIWMKRIHXSVYRGSRXMRYSYWP] [SVOERHLIHIGMHIHXSKSELIEH[MXL QSZIQIRXSJXLIVSXSVSJE[EXGLSR 1SVITS[IVRIIHIH JYPPWGEPIHIZIPSTQIRX±)RKMRIIVMRKMJ ]SYV[VMWXMWUYMXIIVVEXMG² 8LI X[S QIR GSRGIRXVEXIH SR XLI ]SYKMZIMXWYJ½GMIRXXLSYKLXGERWSSR %JXIV XLI XIEQ WYGGIIHIH MR RIIHXSTVSHYGIQSVIIPIGXVMGMX]ERH KMZI ]SY E XIRJSPH MQTVSZIQIRX ERH MQTVSZMRKTS[IVSYXTYXXSSRIXIRXL 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]SYELYRHVIHJSPHMQTVSZIQIRX [EPP -J TVSHYGX HIZIPSTQIRX [EW XS XLIGVS[RSJEQSHM½IHQER´W[EXGL 8LEX´WLS[-WIIMX8LIVI´WEPWSXLIJEGX GSRXMRYI EWWYQMRK XLEX JYXYVI TS[IV ±;IQEREKIHXSKIRIVEXIEGYVVIRXSJ XLEX-JIPXWXVSRKP]EXXVEGXIHF]XLIMHIE VIUYMVIQIRXW [SYPH FI XLI WEQI EW QMGVSEQTIVIW²1V=SWLMRSVIGEPPW SJXLISVMKMREPQIGLERMGEPWIPJ[MRHMRK XLSWI SJ UYEVX^ QSZIQIRXW FIMRK ±%X XLEX XMQI XLMROMRK SJ LS[ QYGL [EXGLERHLEHNSMRIHEGSQTER]XLEX QEHIEXXLEXXMQIMX[EWGPIEVXLEXXLI GYVVIRX[EWVIUYMVIHXSVYREUYEVX^ QEHIXLIQ² VSXSV [SYPH LEZI XS FI QEHI PEVKIV [EXGL=EWYOE[E ERH - LEH EKVIIH³-J 1V=SWLMRSI\TPEMRW±8LI[VMWXMW ERH LIEZMIV 8LI HVE[FEGO [EW XLEX [IGERKIRIVEXIQMPPMEQTIVIW[I´PP EZIV]LSWXMPIIRZMVSRQIRXEP[E]WWYF XLMW [SYPH VIWYPX MR UYEVX^ [EXGLIW FIEFPIXSTVSHYGIEZMEFPITVSHYGX´² NIGXMRKXLI[EXGL[SVRSRMXXSEWIVMIW XLEX [IVI XLMGOIV ERH LIEZMIV XLER &IGEYWI XLI HIZIPSTQIRX XIEQ SJZMFVEXMSRWERHWLSGOW-XLSYKLXXLI XLSWIYWMRKGSRZIRXMSREPFEXXIVMIWXLEX [EW [SVOMRK WMQYPXERISYWP] SR WIZ GSRGITXSJXLIWIPJ[MRHMRKQIGLERMGEP LEHXSFIVITPEGIH IVEPSXLIVTVSNIGXWKIXXMRKXLI/MRIXMG [EXGLXLEXXEOIWEHZERXEKISJXLMWERH %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 FVIEOHIEPJSVXLIQ,EZMRKWYGGIIHIH HIVJYP-[ERXIHXSYWIXLITS[IVXLEX QIRXW[IVIEPVIEH]EZEMPEFPIXLEXSRP] MR KIRIVEXMRK SRI LYRHVIHXL SJ XLI MW KIRIVEXIH NYWX F] XLI [EXGL FIMRK VIUYMVIH FEXXIV] VITPEGIQIRX IZIV] %.3962)=-28-1)



8LMWTVSXSX]TIMRGPYHIHXLIKIRIVEXSVZSPXEKIQYPXMTPMIVERHPS[GSRWYQTXMSRUYEVX^ GMVGYMXV]XLEXJSVQIHXLIFEWMWSJXLI1GEPMFVIPEYRGLIHMR

]IEVW8LIVI[EWMRXIRWIHMWGYWWMSR [MXLMRXLIGSQTER]EFSYXXLI[MWHSQ SJ TVSHYGMRK XLMGOIV ERH LIEZMIV [EXGLIW-X[EW[VSRKXSEWWYQIXLEX JYXYVI KIRIVEXMSRW SJ UYEVX^ QSZI QIRXW [SYPH LEZI WMQMPEV TS[IV VIUYMVIQIRXW XS IEVPMIV KIRIVEXMSRW 8LI SRP] [E] XS VIWSPZI XLI TS[IV TVSFPIQ [EW XS HIZIPST E UYEVX^ QSZIQIRXWTIGM½GEPP]JSV/MRIXMG[MXL ZIV]PS[IRIVK]VIUYMVIQIRXW%XXLI XMQIXLIMRHYWXV][EWXLIRQSZMRKMXW JSGYW JVSQ IZIVMRGVIEWMRK EGGYVEG] XS XLMRRIV ERH XLMRRIV [EXGLIW 3RI UYEVX^ HVIWW [EXGL QEHI XLIR [EW SRP] SRI QMPPMQIXVI XLMGO8LIVI [EW RS HIQERH JSV [EXGLIW [MXL PS[IV 

TS[IV GSRWYQTXMSR XLER XLI QSHIPW XLEX[IVIGYVVIRXP]MRTVSHYGXMSR 8LIHIZIPSTQIRXXIEQTIVWIZIVIH 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 QENSVEHZERGIWMRXLIKIRIVEXMSRERH WXSVEKISJIPIGXVMGMX]8LI]WYGGIIHIH MR HIZIPSTMRK ER MRRSZEXMZI ZSPXEKI QYPXMTPMIV GMVGYMX XLEX IREFPIH XLI UYEVX^[EXGLGMVGYMXV]XSFITS[IVIH WYGGIWWJYPP]F]ERIPIGXVMGEPKIRIVEXSV XLEX TVSHYGIH QYGL PS[IV ZSPXEKIW XLER XLI QMRMQYQ XLEX [SYPH SXLIV [MWIFIRIIHIHXSSTIVEXIXLI[EXGL

-X TVSZIH XS FI XLI FVIEOXLVSYKL XLEXIREFPIHXLIGSRGITXSJE/MRIXMG [EXGLXSFIXVERWJSVQIHMRXSEZMEFPI TVSHYGX 3RI SJ XLI IRKMRIIVW [LS PEXIV VEMWIH/MRIXMGXIGLRSPSK]XSQEXYVMX] [EW 7LSMGLM 2EKES ;LIR LI ½VWX NSMRIH XLI HIZIPSTQIRX XIEQ LI LEH FIIR [SVOMRK SR KIRIVEP UYEVX^ [EXGLHIWMKRWXEVXMRK[MXLXLIHIWMKR SJKIEVXVEMRW,ILEHEPWS[SVOIHSR XLI 1SHIP  QIGLERMGEP [EXGL ,I [EWMRZMXIHXSNSMRXLI/MRIXMGTVSNIGX [LIR MX ½VWX PSSOIH EW MJ MX QMKLX FI WYGGIWWJYP,I[SVOIHEXXLIJVSRXPMRI SJ/MRIXMGHIZIPSTQIRXJVSQXLI½VWX KIRIVEXMSR1XSXLIMRXVSHYGXMSRSJ XLIQMRMEXYVI1GEPMFVI ,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 TVSHYGX8LITVSNIGXMRZSPZIHEWXVSRK IPIQIRX SJ HIZIPSTQIRX XLEX - VIEPP] IRNS]IH² 8LI XIEQ HIZIPSTIH E TIVJIGXP] FEPERGIH GSQFMREXMSR SJ E UYEVX^ QSZIQIRX [MXL ZIV] PS[ IPIGXVMGEP TS[IV VIUYMVIQIRXW ERH ER EWXSRMWL MRKP]IJ½GMIRXIPIGXVMGEPKIRIVEXSVERH E WXSVEKI W]WXIQ 8SKIXLIV XLIWI JSVQIH ER IPIGXVMGEP WIPJ[MRHMRK W]WXIQ XS TVSZMHI TS[IV JSV XLI UYEVX^QSZIQIRX 8LMWKVIEXEGLMIZIQIRXQEVOIHXLI FIKMRRMRKSJERI\XVIQIP]IJ½GMIRXIGS PSKMGEPW]WXIQXLEXGERFISTIVEXIHF] QMRYXIIPIGXVMGGYVVIRXW-RXLMWVIWTIGX /MRIXMG XIGLRSPSK] W]QFSPMWIW IZIV] XLMRKXLEXMWFIWXEFSYX7IMOS 8S WYGGIIH [MXL /MRIXMG XIGL RSPSK] 7IMOS´W IRKMRIIVW HIZIPSTIH QER] VIQEVOEFPI RI[ HIZMGIW -R XLI ',%48)6

KIRIVEXMRKYRMXJSVI\EQTPIXLIWTIIH SJVSXEXMSRSJXLISWGMPPEXMRK[IMKLXMW QYPXMTPMIH  XMQIW F] QIERW SJ E KIEVXVEMRXLEXXYVRWEWEQEVMYQGSFEPX %+ QMGVSVSXSVEXWTIIHWFIX[IIR ERHVTQ8LIVSXSVMW WYWTIRHIHMREQEKRIXMG½IPHERHHSIW RSXXSYGLMXWLSYWMRK¯MXMWWYWTIRHIH F]±QEKRIXMGPIZMXEXMSR²8LIVIWYPXMRK QEKRIXMG½IPHMRHYGIWEGYVVIRXMRXLI GSMPWSJXLIKIRIVEXSV8LMWXMR]¾YGXY EXMRKGYVVIRX[EWVIGXM½IHERHWXSVIH MREGETEGMXSV8LMWWXSVIHIRIVK][EW XLIR YWIH XS WYTTP] XLI UYEVX^ SWGMP PEXSV ERH XLI WXITTMRK QSXSV WS XLEX XLI] GSYPH TVSZMHI XLI XMQIOIITMRK ERH HMWTPE] JYRGXMSRW8S EGLMIZI XLMW YWMRKSRP]EXMR]GYVVIRXVIUYMVIHXLI HIZIPSTQIRX SJ '137 -' HIZMGIW ERH WXITTMRK QSXSVW XLEX YWIH SRP] JVEGXMSRWSJXLITS[IVXLEXLEHFIIR VIUYMVIH F] TVIZMSYW KIRIVEXMSRW SJ UYEVX^[EXGLIW-XEPWSRIGIWWMXEXIHXLI HIZIPSTQIRXSJRI[EGXMZEXIHGEVFSR GETEGMXSVW[MXLERIRSVQSYWGETEGMX] 6IGIRXP] XLI GETEGMXSV MR /MRIXMG [EXGLIWLEWFIIRVITPEGIHF]XLIYWI SJ E VIGLEVKIEFPI GIPP [MXL E QYGL KVIEXIV GETEGMX] IRWYVMRK XLI [EXGL [MPP STIVEXI JSV WM\ QSRXLW [MXLSYX ER]EHHMXMSREPGLEVKI 3JEPPXLIRI[XIGLRSPSKMIWHIZIP STIH JSV XLI /MRIXMG QSZIQIRX XLI ZSPXEKIQYPXMTPMIVMWXLIWXEVTIVJSVQIV -XXEOIWQMRMWGYPIEQSYRXWSJIPIGXVMGEP IRIVK] JVSQ XLI TS[IV GIPP ERH YWIW MX XS TS[IV XLI GMVGYMXV] SJ E UYEVX^ QSZIQIRX ¯ [MXLSYX ER] [EWXEKI% GYVVIRXSJEXPIEWXSRIZSPXMWVIUYMVIH XS TS[IV E UYEVX^ QSZIQIRX -J XLI IRIVK] WXSVIH MR XLI GETEGMXSV SJ E UYEVX^ [EXGL MW YWIH XS TS[IV XLI QSZIQIRXHMVIGXP]XLI[EXGL[MPPWXST [SVOMRK EW WSSR EW XLI ZSPXEKI WYT TPMIH XS MXW GMVGYMX HVSTW FIPS[ SRI %.3962)=-28-1)

8LMW0ERHQEWXIVHMZIV´WQSHIPLSYWIHMRESRITMIGIGEWI[EWEKSSHI\EQTPISJXLI YWISJ%+7 /MRIXMG QSZIQIRX[LMGLRIZIVRIGIWWMXEXIHSTIRMRKSJXLIGEWIJSVFEXXIV] GLERKI-XFSEWXIHEFEV[EXIVVIWMWXERGIXLEROWXSXLMW[EXIVXMKLXWXVYGXYVI

ZSPX 9WMRK 7IMOS´W IRIVK] QYPXMTPMIV XLI QSZIQIRX [MPP GSRXMRYI XS [SVO IZIR MJ XLI ZSPXEKI [MXLMR XLI TS[IV GIPP JEPPW FIPS[ SRI ZSPX8LI ZSPXEKI QYPXMTPMIV LEW FIIR GSQTEVIH [MXL XLIEYXSQEXMGXVERWQMWWMSRSREGEV-X HIXIGXW[LIRXLIZSPXEKIMRXLITS[IV GIPPJEPPWFIPS[SRIZSPXERHWXITWYT XLI SYXTYX XS IRWYVI XLEX MX MW QEMR XEMRIHEFSZISRIZSPX

8LI GSRGITX SJ XLI ZSPXEKI QYPXM TPMIV[EWEWFVMPPMERXEWMX[EWIJJIGXMZI -XQEHITSWWMFPIXLIGSQTPIXIP]WXEFPI STIVEXMSRSJXLIUYEVX^GMVGYMXV]8LMW QEOIW MX TSWWMFPI XS IRWYVI WXEFPI STIVEXMSRSJXLIUYEVX^GMVGYMXV] )ZIRXYEPP] 1V 2EKES´W XIEQ TVS HYGIHETVSXSX]TILEZMRKWYVQSYRXIH EPPXLIXIGLRMGEPTVSFPIQW8LMW[EWXLI TVSXSX]TI XLEX [EW WLS[R MR TYFPMG 

-R7IMOSPEYRGLIH%+7MXWJMVWXUYEVX^[EXGLTS[IVIHF]XLI[IEVIV´W QSZIQIRX-X[EWXLIJSVIVYRRIVXS/MRIXMG

JSV XLI ½VWX XMQI EX XLI &EWIP *EMV MR 7[MX^IVPERH MR XLI WTVMRK SJ  -VSRMGEPP] JI[ TISTPI VIEPMWIH XLEX EPXLSYKL XLI TVSXSX]TI [EW SR HMW TPE][SVOSRXLI/MRIXMGTVSNIGXLEH EPVIEH] FIIR GERGIPPIH 8LI HIGMWMSR LEHFIIRXEOIRJSVXLVIIVIEWSRWXLI LYKIHIZIPSTQIRXGSWXXLILMKLTVMGI SJ XLI [EXGL ERH XLI XLMGORIWW ERH [IMKLX SJ XLI [EXGL -X [EW HIGMHIH XLEX JYVXLIV HIZIPSTQIRX SJ /MRIXMG XIGLRSPSK][EWYR[MWIEXEXMQI[LIR XLIVI [EW E JEWLMSR JSV XLMR [EXGLIW MRFSXLXLI.ETERIWIERH[SVPH[EXGL QEVOIXW -R 3GXSFIV  1V 2EKES EXXIRHIH E LSVSPSKMGEP IRKMRIIVMRK GSRJIVIRGI MR 7[MX^IVPERH [LIVI LI TVIWIRXIH E TETIV I\TPEMRMRK /MRIXMG XIGLRSPSK] ,IWE]W±-LEHZIV]QM\IH 

JIIPMRKW - WYTTSWI - WLSYPH LEZI GSYRXIH Q]WIPJ PYGO] XS FI EFPI XS ERRSYRGI/MRIXMGFIGEYWIXLIVI[IVI WS QER] SXLIV HIZIPSTQIRXW XLEX RIZIVWE[XLIPMKLXSJHE]² %UYEVX^ [EXGL XLEX [EW EPWS TS[IVIH F] XLI QSZIQIRXSJEVSXSV[EWERRSYRGIH F] SRI SJ XLI WQEPPIV 7[MWW [EXGL GSQTERMIW -X [EW HIZIPSTIH MR GS STIVEXMSR [MXL WGMIRXMWXW EX E 7[MWW YRMZIVWMX] FYX MX VER MRXS WS QER] XIGLRMGEP TVSFPIQW XLEX MX [EW WSSR [MXLHVE[R  8LI ERRSYRGIQIRX SJ /MRIXMG XIGLRSPSK] GEYWIH E QYGL WXVSRKIV VIEGXMSRMR7[MX^IVPERHXLERER]FSH]EX 7IMOSLEHERXMGMTEXIH8LIVI[EWEPWSE ZIV]JEZSYVEFPIVIEGXMSRMRSXLIVTEVXW SJ RSVXLIVR )YVSTI ERH IWTIGMEPP] +IVQER] -R XLMW TEVX SJ XLI [SVPH

[LIVI HE]W EVI UYMXI WLSVX MR [MRXIV /MRIXMGXIGLRSPSK][EWVIGSKRMWIHEW WYTIVMSVXSXLEXSJXLIWSPEVTS[IVIH [EXGL7IMOS´WXSTQEREKIQIRXUYMGOP] VIZIVWIH XLIMV IEVPMIV HIGMWMSR ERH HIGMHIH XS GSQQIVGMEPMWI XLMW MRRSZE XMZI RI[ TVSHYGX 8LI HIZIPSTQIRX XIEQ FIKER XS [SVO [MXL ZIV] PMXXPI VIWX±-RXLIIEVP]/MRIXMGHE]W-WTIRX QSWX SJ Q] 7EXYVHE]W ERH 7YRHE]W [SVOMRK EX XLI GSQTER] - VIQIQFIV XLEX[IPP²1V2EKESVIGEPPW 8LI½VWXHVE[MRKWJSVETVSHYGXMSR ZIVWMSRSJXLI/MRIXMG[IVIGSQTPIXIH MRERHNYWXE]IEVPEXIVXLI½VWX /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 SXLIV7IMOSQSZIQIRXW2IZIVXLIPIWW MX[EWERSXLIVWMKRM½GERX[SVPH±½VWX² JSV7IMOS8LIWIKVSYRHFVIEOMRKRI[ [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 [LIRXLI½VWXWIPJ[MRHMRKQIGLERMGEP [EXGLIW[IVIQEHIERHTISTPI[IVI RSXEWEGXMZIEWXLI]LEHFIIRMRIEV PMIV]IEVW ;LIRXLISVMKMREP1QSZIQIRX IRGSYRXIVIHXLIWITVSFPIQWXLIHIZIP STQIRXXIEQVIEPMWIHXLEXMJXLI]GSYPH RSX MQTVSZI XLIMV /MRIXMG XIGLRSPSK] XLI XVIQIRHSYW JYXYVI TSXIRXMEP SJ XLI /MRIXMG [EXGL [SYPH RIZIV FI VIEPMWIH8LI]FIKERXSHIZIPSTERI[ GEPMFVIGEPPIH1EXXLIIRHSJ XS EHHVIWW XLI TVSFPIQW EWWSGMEXIH ',%48)6

%REXSQ]SJE/MRIXMG;EXGL 

)ZIV]QSZIQIRXSJXLI[IEVIV´W [VMWXQEOIWXLISWGMPPEXMRK [IMKLXVIZSPZI

 8LIKIEVXVEMREQTPM½IWXLI WTIIHSJVSXEXMSRXMQIW

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

[MXL XLI 1 1V 2EKES I\TPEMRIH±-X HMHR´XWIIQVMKLXXSEGGITXXLII\MWXMRK TSSVSTMRMSR;IJIPX[IWLSYPHQEOI EGEPMFVIXLEXWEXMW½IHYWERHWII[LEX TISTPIXLSYKLXSJXLEX² 8LI LEVH [SVO SJ XLI 6  ( XIEQSR/MRIXMGXIGLRSPSK]TVSHYGIH XIGLRMGEPEHZERGIWXLEX[IVIXSTVSZI YWIJYP RSX SRP] JSV XLI /MRIXMG [EXGL TVSNIGXFYXMREPPPEXIVKIRIVEXMSRWSJ %.3962)=-28-1)

7IMOS UYEVX^ [EXGLIW ±;I XIRH XS EHSTX ER ETTVSEGL XLEX MW HMJJIVIRX JVSQXLEXYWIHF]QSWXTISTPIEVSYRH XLI[SVPH-RSYVS[RGLSWIR½IPH[I KEXLIVIZIV]XLMRKXLEXMWFIWXERHXLIR KS JSV FVSOI -J [I HSR´X HS XLEX MX´W ZIV]HMJ½GYPXXSQEOIER]VIEPTVSKVIWW² 1V=SWLMRSI\TPEMRIH -R XLI PEXI W 1V=SWLMRS PIJX XLI [EXGL HITEVXQIRX ERH QSZIH XS

XLIHIZIPSTQIRXSJLEVHHMWOWTVMRXIVW ERH4'WFYX[EXGLIWWXMPPLSPHEWXVSRK JEWGMREXMSR JSV LMQ ±8LI [VMWX[EXGL MW XLI SRP] TMIGI SJ IUYMTQIRX XLEX ]SY[IEVRI\XXS]SYVWOMRJVSQXLI QSQIRX]SYKIXYTMRXLIQSVRMRKXS [LIR]SYKSXSFIHEXRMKLX[MXLSYX IZIVFIMRKE[EVISJMX;LIR]SYXLMRO SJXLEXXLIVI´WVIEPP]RSXLMRKIPWIPMOI MX=SY FIGSQI JSRH SJ MX FIGEYWI MX 

EP[E]WQSZIWEVSYRH[MXL]SY+MZIR XLEX-XLMRO]SYGERWE]XLEXXLI[EXGL MW WSQIXLMRK XLEX GSQQYRMGEXIW [MXL MXW YWIV ERH JSV XLEX QEXXIV [MXL MXW GVIEXSV %RHMX´WEPPGSRGIRXVEXIHXLIVI SR]SYV[VMWX² -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 EVIIRLERGIH[MXLEHHMXMSREPJIEXYVIW VERKMRKJVSQGLVSRSKVETLWXSQSHIPW [MXLWTIGMEPWIRWSVW 7SSRE[EVIRIWWSJXLIEHZERXEKIW SJ/MRIXMGFIKERXSMRGVIEWIRSXPIEWX EQSRK HMZIVW [LS [IVI EQSRK XLI ½VWX XS ETTVIGMEXI XLI ZEPYI SJ XLMW FEXXIV]JVIIXIGLRSPSK]ERHXLI][IVI EQSRK XLI QSWX IRXLYWMEWXMG GYW XSQIVWJSVXLIRI[QSHIPW*SVXLIQ E [EXGL XLEX GSYPH GSRXMRYI [SVOMRK [MXLSYX IZIV WXSTTMRK [EW ER EXXVEG XMZITVSTSWMXMSR 8LI[SVOSJ7IMOS´WHIZIPSTQIRX XIEQW RIZIV GIEWIW ERH HIZIPST QIRX SJ XLI /MRIXMG VERKI GSRXMRYIH



1V 2EKES ERH LMW XIEQ [IRX SR XS GVIEXIXLI1PMRIJSVYWIMR[SQIR´W [EXGLIW XLI 1 E WPMQ ZIVWMSR XLEX [EW MHIEP JSV HVIWW [EXGLIW ERH XLI 1EQMRMEXYVI/MRIXMGQSZIQIRX

EHHMXMSREP QSXSVW XLEX [IVI RIIHIH XSXYVRXLIZEVMSYWLERHW;LIRJYPP] GLEVKIH MX [MPP VYR JSV SZIV E QSRXL [MXLSYX ER] JYVXLIV GLEVKI EWWYQMRK XLEX XLI GLVSRSKVETL JYRGXMSRW EVI YWIHJSVXLVIILSYVWIZIV]HE] +MZIR %RMQEKMREXMZIHIWMKR XLI I\XVE TS[IV VIUYMVIQIRX SJ XLI 8LIRI\XQENSVWXITJSV[EVHW[EWXLI QSXSVW JSV XLI EHHMXMSREP LERHW SJ YRZIMPMRKMRWTVMRKSJXLI/MRIXMG XLIJSYVWYFHMEPWXLMWMWEVIQEVOEFPI 'LVSRSKVETL GEPMFVI [LMGL LEH FIIR EGLMIZIQIRX3XLIVETTIEPMRKJIEXYVIW E[EMXIH [MXL KVIEX ERXMGMTEXMSR 8LMW MRGPYHIERMRWXERX^IVSVIWIXJYRGXMSR [EW ER MQEKMREXMZI TVSHYGX [MXL E JSV XLI GLVSRSKVETL LERHW ERH ER HVEQEXMGI]IGEXGLMRKGEWIHIWMKR8LI EYXSFVEOMRK[LIIPXLEXVIHYGIWFEGO WITEVEXI WYFHMEPW QEHI FSPH WXEXI PEWLSRXLILERHWEJIEXYVIXEOIRJVSQ QIRXW XLEX IRLERGIH XLI HIWMKR WXMPP XLI+VERH7IMOSWIVMIW -QTVSZIQIRXW JYVXLIV8LMW I\GMXMRK RI[ QSHIP EPWS WYGLEWXLIWIETTIEPXS[EXGLGSRRSMW LEH E WIIXLVSYKL GEWI FEGO WS XLEX WIYVWERHXLI]GPIEVP]WLS[LS[QYGL XLI JYPP FIEYX] SJ XLI ½RIP] ½RMWLIH EXXIRXMSR MW FIMRK TEMH XS IZIR XLI QSZIQIRX GSYPH FI WIIR 8LI TVS WQEPPIWXHIXEMPMRXLIWI[EXGLIW XSX]TI [EW ½VWX WLS[R EX E TVIWW 1V 2EKES I\TPEMRIH ±;EXGL GSRJIVIRGIEXXLI&EWIP*EMVXLEX]IEV HIWMKRIVW LEZI SRP] E PMQMXIH WTEGI 8LI /MRIXMG 'LVSRSKVETL [EW [MXLMR[LMGLXS½XEPPXLIGSQTSRIRXW 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 GSQTSRIRXWLEHXSFIVIZMI[IHJVSQ TVSHYGXMSR PMRI [EW RSX MRXVSHYGIH XLI ZIV] WXEVX FIGEYWI XLMW [EW XLI YRXMP8LMWLMKLP]WTIGM½IH[EXGL QSWXIJJIGXMZI[E]SJVIZMI[MRKUYEVX^ YWIH XLI 8% /MRIXMG QSZIQIRX XIGLRSPSK]MXWIPJ 8LMW KIRIVEXIH XLVII XMQIW QSVI ±- WII RS VIEWSR [L] E /MRIXMG IPIGXVMGMX] XLER ER] TVIZMSYW /MRIXMG [EXGLWLSYPHRSXHSER]XLMRKEUYEVX^ [EXGL8LMW [EW IWWIRXMEP MR SVHIV XS [EXGLGERHS8LIJYXYVISJXLI/MRIXMG TVSZMHI WYJ½GMIRX TS[IV XS HVMZI XLI MWSRP]NYWXFIKMRRMRK²

',%48)6

8 ,)³+ 6%11%63* ()7-+2´ 8LI[SVH ²HIWMKR³[EWPEVKIP]W]RSR]QSYW[MXLQSZIQIRXHIWMKRJSVXLIßVWX ]IEVWSJ7IMOS³WI\MWXIRGI-X[EWSRP]MRXLIWIGSRHLEPJSJXLIWXLEXXLI GSQTER]FIKERXSTE]WIVMSYWEXXIRXMSRXSXLIHIWMKRSJXLIHMEPWLERHWERHGEWIW SJMXW[EXGLIW8SHE]HIWMKRMWEXXLILIEVXSJ7IMOSTVSHYGXHIZIPSTQIRX

8LIKVS[MRKMQTSVXERGISJHIWMKR 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[MR¾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±HIWMKRIVW² 7MRGIXLIRXLIQIERMRKERHMQTSV XERGISJHIWMKRJSV7IMOSLEWGLERKIH %.3962)=-28-1)

8EVS8EREOE[EWXLIJMVWXKVEHYEXI LMVIHJSVHIWMKR[SVOF]/,EXXSVM,I GVIEXIH7IMOS´W±+VEQQEVSJ(IWMKR² XLEXWIXSYXXLIKVSYRHVYPIWXLEX MQTVSZIHXLIHIWMKRERHJMRMWLSJ7IMOS [EXGLIW

FI]SRHEPPVIGSKRMXMSR8LIGLERKISJ EXXMXYHIWXEVXIHMR[LIRE(IWMKR 7IGXMSR [EW IWXEFPMWLIH JSV XLI ½VWX XMQIEX7Y[E7IMOSWLEFYXEX½VWXMXW VIWTSRWMFMPMXMIW[IVIVIWXVMGXIHXSHMEP

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  8EVS8EREOEFIGEQIXLI½VWXKVEHYEXI IZIV XS FI IQTPS]IH F] / ,EXXSVM  'S0XH8LMW[EWXLI½VWXQSZIMRXLI GSQTER]´WLMWXSV]XS[EVHWGSRWMHIVIH HIWMKR RSX NYWX SJ XLI HMEP FYX SJ XLI [LSPI[EXGL 1V8EREOE 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\TPEMRMRKLMWVSPI0EXIVLIWEMH XLEX[LIRLINSMRIHXLIGSQTER]LMW ½VWXNSFLEHFIIRXS±QEOIWSQIXLMRK PMOIXLMW²¯ERHSJXIR7IMOSGEWIWERH QSZIQIRXW [IVI WMQMPEV XS XLSWI SJ )YVSTIER TVSHYGXW ,MW TMSRIIVMRK RI[ VSPI MR XLI GSQTER] PIH XS XLI IWXEFPMWLQIRX SJ RI[ KYMHIPMRIW JSV HIWMKRMRK7IMOS[EXGLIW ;LIR 1V 8EREOE NSMRIH XLI GSQTER] XLIVI [EW E WXVSRK JIIPMRK XLEX EPXLSYKL 7IMOS TVSHYGXW [IVI QIGLERMGEPP] WSYRH XLI] [IVI PEK KMRKFILMRH[LIRMXGEQIXSGEWIERH HMEPHIWMKR7S½VWXLIWIXSYXXSKEMR I\TIVMIRGI MR XLI JEGXSVMIW MRZSPZIH [MXL HIWMKR WYGL EW XLI GEWI ERH 

8LI+7,M&IEXQEHIMRMWEGPEWWMGI\EQTPISJ7IMOSWX]PMRKFEWIHSRXLI +VEQQEVSJ(IWMKRGVIEXIHF]1V8EREOE

HMEP QERYJEGXYVMRK TPERXW 1V 8EREOE PIEVRIHEX½VWXLERHEFSYXVE[QEXI VMEPWERHXLITVSHYGXMSRTVSGIWWIWXLEX [IVIFIMRKYWIH %XXLIWEQIXMQILI [EWTVIWIRXIH[MXLERSTTSVXYRMX]XS GSRWMHIV GEVIJYPP] [LEX [EXGL HIWMKR [EWEPPEFSYX ,II\TPEMRIH±3RIHE]MR- LEHKSRIXSXLI;EOSWEPIWGSYRXIVW 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 XLIHYPPIV½RMWL[IVIF]7IMOS² 8LMW GSRXVEWX EPEVQIH 1V8EREOE ,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 SJXLI7IMOSTVSHYGXWLEHHMWXSVXMSRW XLEX LI EXXVMFYXIH XS 7IMOS´W QERY

JEGXYVMRK XIGLRMUYIW8LI QENSVMX] SJ 7IMOS [EXGLIW EX XLI XMQI LEH FVEWW GEWIW XLEX [IVI TSPMWLIH YWMRK FYJJW ERH XLIR GLVSQI SV KSPHTPEXIH -X WIIQIHXLIVI[EWPMXXPIXLEXGSYPHFI HSRIEFSYXMX ,I[EWGSRZMRGIHXLEX7IMOSLEH XSTVSHYGILMKLUYEPMX]TVSHYGXWXLEX GSYPH QEXGL SV WYVTEWW XLSWI JVSQ 7[MX^IVPERHERH[MXLXLIWSVXSJZMWMSR XLEXLEWWSSJXIRLIPTIHXSWIX7IMOS ETEVX JVSQ SXLIV GSQTERMIW LI WIX SYXXSVIWSPZIXLITVSFPIQ,IGVIEXIH E±HIWMKRJSVQYPE²ERHIZIRXYEPP]XLMW FIGEQI ORS[R [MXLMR XLI GSQTER] EW ±7IMOS´W +VEQQEV SJ (IWMKR² ,I WXEVXIHF]GVIEXMRKGEWIWERHHMEPWXLEX LEH E TIVJIGXP] ¾EX WYVJEGI [MXL X[S HMQIRWMSREP GYVZIW SR XLI FI^IP EW E WIGSRHEV] JIEXYVI8LVIIHMQIRWMSREP GYVZIW [IVI RSX YWIH EW E KIRIVEP VYPI ,I EPWS HIGMHIH XLEX EPP HMWXSV XMSRWLSYPHFIIPMQMREXIHJVSQXLIHMEP XSSWSXLEXMXGSYPHFI½RMWLIH[MXLE QMVVSV WYVJEGI8LMW JSVQIH XLI FEWMW JSVXLIRI[7IMOSWX]PI 8LI½VWXQSHIPXLEXVIGIMZIHXLI RI[XVIEXQIRX[EWXLI(EMRM7IMOSWLE 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 ETTPMIHXSXLIRI[+7'JVSQ(EMRM 7IMOSWLE 1V8EREOE´W HIWMKR ERH TVS HYGXMSR TVMRGMTPIW WIX RI[ WXERHEVHW JSV7IMOS´WLMKLUYEPMX]ERHLMKLTVIGM WMSRXMQITMIGIWFYXXLIXIGLRMUYI[EW SRP] ETTPMIH XS LMKL UYEPMX] [EXGLIW FIGEYWI MX [EW PEFSYV MRXIRWMZI ERH XLIVIJSVI[EWRSXZMEFPIJSVPS[TVMGI TVSHYGXW 8LI+VEQQEVSJ(IWMKR[EWZIV] QYGL MR IZMHIRGI EW XLI 7IMOS 7X]PI FIKERXSIQIVKI-X[EWQSWXIZMHIRX ',%48)6

MR XLI +VERH 7IMOS ERH /MRK 7IMOS ,EXXSVM ERH XLI (EMRM ERH 7Y[E JEG [EXGLIW GVIEXIH JSV XLI HSQIWXMG XSVMIW8LMW LIPTIH XS GVIEXI E FSRH QEVOIX MR XLI W ERH XLI IEVP] FIX[IIR HIWMKRIVW JVSQ XLI XLVII W8LI VYPIW SJ XLI±+VEQQEV SJ GSQTERMIW8LMWPIHXSHIWMKRMQTVSZI (IWMKR² [IVI YWIH JSV  ]IEVW FYX QIRXW MR XLI SYX[EVH ETTIEVERGI SJ XLIGSRGITX[EWIZIRXYEPP]WMHIPMRIHEW EPP 7IMOS [EXGLIW [LIXLIV HIWMKRIH MRGVIEWMRKHIQERHJSVE[MHIVZEVMIX] 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 'SRJIVIRGIHIGMHIHXSMRXVSHYGIMRXIV XLI WXVMGX TVMRGMTPIW SJ XLI +VEQQEV REXMSREPMHIEWXS7IMOSERHMRXLI %PXLSYKL JI[ TISTPI [MXLMR 7IMOS GSQTER]FIKERXSWIRHWXEJJSZIVWIEW XSHE] LEZI LIEVH SJ XLI +VEQQEV SJ XS WXYH] HIWMKR ERH WSQI [IVI IZIR (IWMKR MXW MQTSVXERGI EX XLI XMQI IRVSPPIHEXER-XEPMERNI[IPPIV]WGLSSP LEWFIIRGSQTEVIHXSXLEXSJ7IMOS´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 HIZIPSTQIRXSJXLIUYEVX^[EXGL1V XIEQWEWXLI]FIKERXSXLMROMRXIVQW 8EREOE GER EPWS XEOI TVMHI MR LEZMRK SJ HIWMKRW XLEX [IVI ±ETTVSTVMEXI² 1V8EREOELIPTIHXSHIZIPSTXLI FIIRMRZSPZIH[MXLERYQFIVSJSXLIV -R  / ,EXXSVM  'S 0XH IWXEF TVSHYGXXLEX[EWIZIRXYEPP]GEPPIH MQTSVXERXHIWMKRMRMXMEXMZIW,ILIPTIH PMWLIHEWTIGMEPMWIHHIWMKRXIEQMRMXW 0YQMFVMXIEGSQTPIXIP]WEJIEPXIVREXMZI [MXLXLIHIWMKRSJWXST[EXGLIWJSVXLI [EXGL HMZMWMSR *SV XLI ½VWX XMQI XLI XSXVMXMYQ-RXLMWI\EQTPIXLI[LMXI HSXWSRXLILSYVMRHI\IWERHXLI[LMXI 8SO]S3P]QTMGWERHXLI7IMOSWIVMIW GSQTER] FIKER XS YWI GSQTYXIVW XS TERIPWSRXLILERHWEVI0YQMFVMXI EW[IPPEW7IMOS´W4VSJIWWMSREP(MZIV´W EREP]WI XLI SYX[EVH ETTIEVERGI SJ ;EXGL [EXGLIW -X[EWGSRWMHIVIHI\XVIQIP] MQTSVXERX XLEX E HIWMKR HMWXMRKYMWLIH PMWLIHEGIRXVEPHIWMKRSJ½GIMR+MR^E )QTLEWMWSRHIWMKR E[EXGLEWEUYEVX^TVSHYGXFIGEYWI SRGI EKEMR [MXL XLI KSEP SJ E QSVI 8LMW KVS[MRK IQTLEWMW SR HIWMKR XLI ½VWX UYEVX^ QSHIPW GSWX EW QYGL MRXIVREXMSREPETTVSEGLXSHIWMKR FIKER XS FVMRK MXW S[R VI[EVHW RSX EWEGEVERHMX[EWZMXEPXLEXXLITYFPMG &] XLI IEVP] W 7IMOS´W SZIV SRP] MR XLI JSVQ SJ MRGVIEWIH WEPIW GSYPHMHIRXMJ]XLIWII\GMXMRKRI[TVSH WIEWFYWMRIWW[EWKVS[MRKVETMHP]ERH FYXEPWSI\XIVREPVIGSKRMXMSR-R YGXWEXEKPERGI MX [EW HIGMHIH XS EHH QSVI QSHIPW X[S 7IMOS TVSHYGXW XLI 'V]WXEP -R7IMOS´W½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½VWX XMQI XLEX XIEQ [EW XVERWJIVVIH XS XLI HIWMKR STIRIH¯4EVMW1MPERERH,SRK/SRK GSRWYQIVWZEPYIHXLII\XIVREPHIWMKR HMZMWMSRW SJ (EMRM 7IMOSWLE ERH 7Y[E MR ´W -R EHHMXMSR 7IMOS -RWXVYQIRXW SJ MXW TVSHYGXW ERH RSX NYWX QSZI 7IMOSWLE,S[IZIVXLIRIIHJSVQSVI ERH 7IMOS )TWSR NSMRXP] IWXEFPMWLIH E QIRX HIWMKR -R  MX VIWTSRHIH GSSVHMREXIH HIWMKR WSSR VIIQIVKIH HIWMKRSJ½GIMR/EQIMHS8LMWRIX[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 / 7IMOSWLEHMZMWMSRWERH/,EXXSVMIWXEF XLIMVLIEHUYEVXIVWERHXLIIEVP]EHST %.3962)=-28-1)



*SVXLI7ETTSVS;MRXIV3P]QTMG +EQIW1V8EREOEHIWMKRIH XLIWIXLVIIX]TIWSJQIGLERMGEP WXST[EXGLIW3RP]XLVIIHIWMKRW [IVIRIIHIHFIGEYWIXLIGSVI WTSVXWXMQMRKJYRGXMSRW[IVIGEVVMIH SYXYWMRKUYEVX^XMQMRKF]XLMWXMQI 

XMSR SJ ( 'SQTYXIV %MHIH (IWMKR '%( MRJEGMPMXEXIHXLIGVIEXMSR SJXLIWIRI[HIWMKRW8LIKVSYTMRXVS HYGIH%TTPI1EGMRXSWLGSQTYXIVWJSV HIWMKR[SVOMRERH[EWTVSFEFP] SRI SJ XLI ½VWX MRXIVREXMSREP GSQTE RMIWXSHSWS -R XLI PEXI W ERH XLI W UYEVX^ XMQITMIGIW HSQMREXIH XLI [EXGL QEVOIX ERH EW QERYJEGXYVIVW HIZIPSTIH IZIV QSVI WSTLMWXMGEXIH XIGLRSPSK]QSVIERHQSVIJYRGXMSRW ERH JIEXYVIW[IVIFYMPXMRXSXLMWRI[ KIRIVEXMSR SJ XMQITMIGIW;LIR JYRG XMSRPEHIR [EXGLIW [IVI EX XLI TIEO SJXLIMVETTIEP7IMOSHIWMKRXSS[EW JYRGXMSRHVMZIR (IWMKRW[IVIGVIEXIHEVSYRHXLI QER]RI[XIGLRMGEPJIEXYVIWSJUYEVX^ [EXGLIW8LMW [EW E XMQI [LIR XIGL RSPSK][EWXLIWXEV)ZIRXSHE]QER] TISTPIGSRWMHIVXLEX7IMOS´WTVSHYGXW [IVIWSWYGGIWWJYPMRXLIWTYVIP] FIGEYWIXLI][IVIXVYP]JYRGXMSREPERH LEHRSEHHIHJVMPPW 1V 8EREOE XLI GSQTER]´W ½VWX HIWMKR KVEHYEXI MR  GSRXMRYIH XS HIZIPST RI[ WSPYXMSRW XS HIWMKR TVSFPIQW ERH [IRX SR XS GSQFMRI JSVQERHJYRGXMSR[LIRLIHIZIPSTIH ERI[X]TISJMPPYQMREXMSRJSV[EXGLIW MRXLIW,I[SVOIH[MXL2IQSXS

'S EGLIQMGEPWGSQTER]XSTVSHYGI EPYQMRIWGIRXTVSHYGXWYMXEFPIJSVYWI SR 7IMOS´W PY\YV] TVSHYGXW XS MPPYQM REXI HMEPW MR XLI HEVO8SKIXLIV XLI] GVIEXIHEPYQMRIWGIRXTEMRXSVMKMREPP] ORS[RNYWXEW±2;²FYXWYFWIUYIRXP] ORS[REW0YQMFVMXIMX[EWMRXVSHYGIH MR  %JXIV FIMRK I\TSWIH XS PMKLX JSV  QMRYXIW MX MW EFPI XS TVSZMHI ER EJXIVKPS[ XLEX MPPYQMREXIW XLI HMEP JSVXSLSYVW¯[MXLSYXER]YWISJ IPIGXVMGMX]

8LMW XIGLRSPSK] LEW WIIR JYVXLIV MQTVSZIQIRXWEXZEVMSYWXMQIWERHLEW FIIRJIEXYVIHSRQER]7IMOS[EXGLIW -XMWWXMPPMRYWIXSHE]ERHMWE[SRHIVJYP I\EQTPI SJ XLI IRHYVMRK MR¾YIRGI SJ XLI GSQTER]´W ½VWX IZIV HIWMKR KVEHYEXI0YQMFVMXI[EWMRZIRXIHMRER IJJSVX XS IPMQMREXI JVSQ [EXGLIW XLI YWISJVEHMSEGXMZITVSHYGXWXLEXLEZI ERMQTEGXSRTVSHYGXMSREW[IPPEWXLI [IEVIV ,S[IZIV F] XLI IEVP] W XLI VEXI SJ MRXVSHYGXMSR SJ RI[ JIEXYVIW MR UYEVX^ XIGLRSPSK] LEH WPS[IH ERH QERYJEGXYVIVW SRGI EKEMR RIIHIH XS PSSOJSVSXLIVJIEXYVIWXSEXXVEGXGYW XSQIVW XS XLIMV RI[ TVSHYGXW8LIVI [EW E KVS[MRK E[EVIRIWW SJ XLI GSR XVMFYXMSRXLEXKSSHHIWMKRGSYPHQEOI

8LI7TIIHQEWXIV7&&8 GLVSRSKVETL[EWHIWMKRIHXS WLS[GEWI7IMOS´WXIGLRSPSK]-XMW XLI[SVPH´WSRP]GLVSRSKVETL[MXL  WIGSRHEGGYVEG] ',%48)6

XSXLI[EXGLMRHYWXV]ERHWSQI[EXGL QERYJEGXYVIVWVIEPMWIHXLEXXLITYFPMG [SYPHTE]ETVIQMYQJSV[EXGLIWXLEX JIEXYVIHSYXWXERHMRKHIWMKR %W TEVX SJ XLIMV UYIWX JSV KSSH HIWMKR [MXL GSRWYQIV ETTIEP 7IMOS´W HIWMKRIVWWXEVXIHXSMRXVSHYGIQEVOIX VIWIEVGL XIGLRMUYIW MRXS XLIMV HIWMKR EGXMZMXMIW%X IEGL WXEKI SJ XLI HIWMKR TVSGIWWXLI][IRXSYXSJXLIMV[E]XS KIX JIIHFEGO JVSQ JVMIRHW ERH QIQ FIVW SJ XLI TYFPMG FIJSVI ½RIXYRMRK XLIMV GVIEXMSRW 8LI] HIZIPSTIH E HMEPSKYI [MXL XLIMV XEVKIX EYHMIRGI ERHPMWXIRIHGEVIJYPP]XS[LEXXLI]LEH XSWE]

(VIEQWVIEPMWIH 3RISJ7IMOS´WHIWMKRIVW1V2EOERMWLM EGLMIZIH VIQEVOEFPI WYGGIWW [MXL E HIWMKRLITVSHYGIHMRSRP]LMWWIGSRH ]IEV[MXLXLIGSQTER] ±;LIR]SY´ZI EMQIH JSV XLI ½IPH SJ HIWMKR ERH KSX E NSF MR XLMW ½IPH ]SY [ERX EX WSQI TSMRX XS GVIEXI WSQIXLMRK XLEX [MPP FI VIGSKRMWIH - HIWMKRIH E 7IMOS 7TIIHQEWXIV HYVMRK Q] WIGSRH ]IEV [MXLXLIGSQTER]-RWSQI[E]W-JIPX XLEX Q] HVIEQW LEH FIIR VIEPMWIH QYGL QSVI UYMGOP] XLER - I\TIGXIH ERH - [EWR´X WYVI [LEX [EW KSMRK SR -LEHNSMRIH7IMOS)TWSRERHXLSYKLX ³- KYIWW -´PP FI HSMRK GSQTYXIV HIWMKR´ FYXMRWXIEH-IRHIHYTMR[EXGLHIWMKR ERH-[EWTYXMRGLEVKISJ7TIIHQEWXIV 1]EXXMXYHI[EWXLEX-[ERXIHFY]IVW XS LSPH SR XS Q] TVSHYGX JSV  SV IZIR]IEVW[MXLXLIJIIPMRK ³-´QKPEH - FSYKLX XLMW´8LMW [EW Q] EXXMXYHI [LIR GVIEXMRK XLMW HIWMKR [LMGL [EW Q]½VWXTMIGISJ[SVO-TSYVIHMRXSMX IZIV]SYRGISJIRIVK]XLEX-LEH² -R XLI IEVP] W 7IMOS´W HIWMKRIVW MRZIWXMKEXIH XLI TSWWMFMPMX] SJ IRXIVMRK XLIMV HIWMKRW MR SZIVWIEW %.3962)=-28-1)

HIWMKR GSQTIXMXMSRW 1V 3OE]E SRI SJ XLI HIWMKRIVW WEMH ±;I LEH XLI MQTVIWWMSR XLEX XLI ³+VERH 4VM\ HI PE:MPPI HI +IRrZI´ [EW E GSRXIWX XS IRGSYVEKIHIWMKRIVW[MXLMR7[MX^IVPERH FYX[LIR[IEWOIH³'ER[IWYFQMXER IRXV]EW[IPP#´XLI]EPPS[IHYWXSTEV XMGMTEXI-[EWE[EVHIHE+VERH4VM\MR  -X [EW ZIV] WMQMPEV XS XLI WMXYE XMSRXLEXLEHPIHXSSYVTEVXMGMTEXMSR MRXLI3FWIVZEXSV]'SQTIXMXMSRW²,I [EW E[EVHIH XLI TVM^I JSV E FERKPI [EXGLMRXLI6MZSPMWIVMIW ,II\TPEMRIH±-LEHIRXIVIH7IMOS EX E XMQI [LIR XLI IRXMVI GSQTER] [EW PSSOMRK XS[EVHW E RI[ IVE ERH 7IMOS HIWMKR SJ½GIW LEH FIIR WIX YT MR4EVMWERH+MR^E%RI[EKIWIIQIH XS FI HE[RMRK XLIR [MXL XLI IRH SJ QIGLERMGEP[EXGLIWERHXLIFIKMRRMRK SJ XLI UYEVX^ IVE;I XLSYKLX³2S[ [I´PP FI SR E HMJJIVIRX TEXL JVSQ XLI 7[MWW RS[ MX´W KSMRK XS FI EPP EFSYX HIWMKR´ ±-R XLI QMHWX SJ XLMW XLI VSPI SJ XLI HIWMKRIV [EW GLERKMRK 3YV VSPI [EWRSPSRKIVNYWXEFSYXHIWMKRMRKXLI HMEPERHWOIXGLMRKSYXXLIGEWI8LIVI [EWR´X QYGL HMEPSKYI [MXL SYXWMHI TEVXMIW ERH XLIVI [EW RS [E] XS KIX MRHITIRHIRXJIIHFEGOEFSYXXLIWOMPPW SJMRLSYWIHIWMKRIVW8LMW[EW[LIR- WXEVXIHXSKIXXLIJIIPMRKXLEX-[SYPH VIEPP] PMOI XS IRXIV ER SYXWMHI HIWMKR GSQTIXMXMSRERHXLMWPIHXSSYVIRXV] MRXLI+IRIZE+VERH4VM\² 7MRGI [MRRMRK XLEX TVM^I MR  7IMOS LEW VIGSKRMWIH XLI MQTSVXERGI SJ HIWMKR RSX SRP] MR MXW [EXGLIW FYX EPWS MR SXLIV EGXMZMXMIW %GGSVHMRK XS 8SQSLMVS%WE]EQE [LS LEH QENSVIH MR QIXEP IRKVEZMRK ERH NSMRIH 7IMOS EW (IWMKR (MVIGXSV SJ XLI 'VIHSV HMZMWMSR ±,IVI [I XLMRO EFSYX XLI SZIVEPP MQEKI SJ XLI FVERH ERH XLIR

8SQSLMVS%WE]EQE(IWMKR(MVIGXSV SJ7IMOS´W'VIHSVHMZMWMSRFIPMIZIWMR XLIMQTSVXERGISJEREPPIQFVEGMRK XSXEPHIWMKRIJJSVX

EW E VIWYPX [LEX WLSYPH LETTIR [MXL HIWMKR 8LIVI´W RSX QYGL TSMRX GVI EXMRK TVSHYGX HIWMKRW MR MWSPEXMSR MX MW RIGIWWEV] XS QEOI E XSXEP HIWMKR IJJSVX XEOMRK MRXS EGGSYRX XLI [EXGL XLI TVIWIRXEXMSR FS\ XLI EHZIVXMWMRK ERH WEPIW TVSQSXMSR;MXL SYV S[R HIWMKRIVWERHEQERYJEGXYVMRKHMZMWMSR SJ SYV S[R [I EVI PMOI ER MRLSYWI GSQTER]² LI SFWIVZIH 1V %WE]EQE WIIQIH XS VITVIWIRX XLI ZSMGI SJ

'VIHSVMWXLIREQIKMZIRXSXLI QSWXWSTLMWXMGEXIHERHPY\YVMSYW 7IMOSTVSHYGXW 

XSHE]´W7IMOSHIWMKRIVW[LIRLIEHHIH LIEVX SJ XLI GSQTER] ERH XLI] EVI ±;MXLPY\YV]QSHIPWMJ]SYGVIEXIXSS MRZSPZIHMREPPEWTIGXWSJTVSHYGXERH [MHIEREWWSVXQIRXXLIMVVEVMX]ZEPYI GSRGITXYEP HIWMKR WIIOMRK XS FYMPH HIGPMRIWERHXLEX´WERSXLIVTVSFPIQ E GSQTPIXI ±7IMOS )\TIVMIRGI² MRXS ±-RXLITEWX7IMOSLEHEVITYXEXMSR IZIV] [E] XLEX GSRWYQIVW IRGSYRXIV JSVFIMRKEGSQTER][LIVIXLI³LEVH XLI FVERH (YVMRK XLI  ]IEVW JSP [EVI´VYPIHXLIVSSWX8LIOI][SVHW PS[MRK XLI IWXEFPMWLQIRX SJ XLI XLEX GSQI FEGO JVSQ WYVZI]W EVI ±+VEQQEVSJ(IWMKR²MRXLIQMHW XIVQWWYGLEW³EGGYVEXI´ ³HSIWR´XFVIEO´ XLI GSQTER] WYGGIIHIH MR EXXEMRMRK ERH³VIEWWYVMRK´8LIVI[IVIRSXQER] WXERHEVHWMRGEWIERHHMEPHIWMKRXLEX GSQQIRXWEPSRKXLIPMRIWSJ³GSSP´SV QEXGLIHXLIGLVSRSPSKMGEPI\GIPPIRGI ³KSSHHIWMKRWIRWI´-RXLIJYXYVIMXMW SJ XLI QSZIQIRXW 2S[ XLI VSPI ERMWWYISYVHIWMKRIVWQYWXGSRWMHIVMJ SJ HIWMKR LEW I\TERHIH XS TIVZEHI XLI]EVIXSLEZIERMQTEGXSRYWIVW² EPP EWTIGXW SJ XLI QEVOIXMRK TVSGIWW MRGPYHMRK KVETLMG HIWMKR JSV GSQQY -QTSVXERGISJHIWMKR RMGEXMSR QEXIVMEPW 8LI IZSPYXMSR SJ ;LIR 1V 8EREOE FIGEQI XLI ½VWX HIWMKR MW TIVLETW FIWX I\IQTPM½IH F] KVEHYEXIIQTPS]IHEWEHIWMKRIVF]/ XLI /MRIXMG 'LVSRSKVETL PEYRGLIH ,EXXSVM 'S0XHMRLIQMKLX MR 8LI HIWMKR SJ MXW QSZIQIRX LEZIFIIRWYVTVMWIHXSORS[XLEXLI [EWHMGXEXIHF]XLIHIWMVIXSGVIEXIE [EW XLI ½VWX SJ QER] ERH LI [SYPH YRMUYIGEWI¯TVSSJXLEXMRXIVMSVERH LEZI FIIR HIPMKLXIH XS WII LS[ LMW I\XIVMSV HIWMKR [IVI ½REPP] MR GSQ TEWWMSR JSV HIWMKR MW XSHE] WLEVIH F] TPIXILEVQSR]¯XLIYPXMQEXIW]RXLIWMW XLIHIWMKRIVW[LS[SVO[SVPH[MHI SJ XIGLRMGEP MRRSZEXMSR ERH HIWMKR SRXLIGVIEXMSRSJ7IMOS[EXGLIW VI½RIQIRX 8SHE]MR7IMOSHIWMKRLEWFIGSQI -R SVHIV XS ETTIEP XS HIWMKR ERH XLI HMWGMTPMRI XLEX HSQMREXIW XLI MQEKIGSRWGMSYWGYWXSQIVW7IMOSRI\X GSQTER]´W EGXMZMXMIW MR EPP EVIEW JVSQ XYVRIH XS WSQI SJ XLI [SVPH´W XST TVSHYGX HIWMKR XS XLI GVIEXMSR SJ MRHITIRHIRX HIWMKRIVW 8LI WXSV] SJ EHZIVXMWMRK8LIHIWMKRXIEQJSVQXLI HIWMKRMRRSZEXMSRGSRXMRYIW©



7IMOS´W'VIHSVPMRIMRGPYHIWPY\YVMSYW NI[IPPIV][EXGLIWWYGLEWXLMW HMEQSRHWIXQSHIP4VSHYGXMSRSJ 'VIHSV[EXGLIWMWPMQMXIHERHWSXLI] LEZISRP]FIIRWSPHMR.ETER©WSJEV

',%48)6

8 ,)-2*09)2')3*  + 03&%0 ()7-+2 7IMOS³WWYGGIWWEWERMRXIVREXMSREPP]JEQSYWFVERHLEWPSRKHITIRHIHSRXLI MRXIVEGXMSRFIX[IIRMXWMRXIVREPHIWMKRI\TIVXWERHXLIHIWMKRXVIRHWSJXLI )YVSTIERERHKPSFEPQEVOIXW8LMWMW[L]MRXLIIEVP]W7IMOSHIGMHIHXSNSMR JSVGIW[MXLPIEHMRKI\XIVREPHIWMKRIVWXSGVIEXIWSQIXVYP]YRMUYITVSHYGXW

7MRGIXLIIEVP]WXLI[SVO SJ7IMOS´WMRLSYWIHIWMKRIVWLEWFIIR WYTTPIQIRXIH F] QIERW SJ GSPPEFSVE XMSR [MXL MRHITIRHIRX HIWMKRIVW8LI ½VWX I\EQTPI [EW XLI 7TIIHQEWXIV WIVMIW PEYRGLIH MR  -X [EW FEWIH SR E HIWMKR TVSHYGIH IWTIGMEPP] JSV 7IMOSF]XLIVIRS[RIH-XEPMERHIWMKRIV +MYKMEVS %PXLSYKLFIWXORS[REWSRI SJ XLI [SVPH´W PIEHMRK GEV WX]PMWXW LI LEW SGGEWMSREPP] XYVRIH LMW XEPIRXW XS XLIHIWMKRSJTVSHYGXWMRSXLIV½IPHW WYGLEWXLI2MOSR*GEQIVEJEWLMSR XVEMRWXEXMSRFIRGLIW¯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±+SJSVMX² 9RXMP 7IMOS WXEVXIH XS [SVO [MXL TSMRX MR [SVOMRK [MXL ER] HIWMKRIVW +MYKMEVSXLIGSQTER]LEHRSTVIZMSYW [LS [IVI RSX EQSRK XLI FIWX MR I\TIVMIRGI SJ [SVOMRK [MXL MRHI XLIMV½IPH;LIRXLI]½VWXGSRXEGXIH TIRHIRXMRHYWXVMEPHIWMKRIVWEPXLSYKL +MYKMEVS XLI] KSX E TPIEWERX WYVTVMWI MX LEH YRHIVXEOIR WSQI NSMRX HIWMKR XLI]HMWGSZIVIHXLEXLIEPVIEH][ERXIH %.3962)=-28-1)

XSKIXMRZSPZIHMR[EXGLHIWMKRERHWS XLI]GEQIXSXIVQWUYMXIUYMGOP] ;LIR +MYKMEVS´W ½VWX WOIXGL [EW VIGIMZIH XLIVI [EW E WXEVXPIH VIEG XMSR1V,MVEFE]EWLM[LS[EWEWIRMSV QEREKIV MR 7IMOS´W 4VSHYGXW (MZMWMSR WEMH±;ILEZIXSWE]XLEXXLI½VWXZIR XYVI[MXL+MYKMEVS[EWEWLSGO-VIEPP] HSR´X XLMRO XLEX [I [SYPH IZIV KIX WSQIXLMRK PMOI XLEX JVSQ ER MRLSYWI HIWMKRIV² ,MW TVSTSWEPW MRGPYHIH HMK MXEPGLVSRSKVETLW[MXLEXMPXIHHMEPERH

8LIHMKMXEPGLVSRSKVETL 7TIIHQEWXIV[EWXLIQSWXTSTYPEV SJXLI+MYKMEVSHIWMKRWPEYRGLIHMR 8LIHMKMXEPHMWTPE][EWX[MWXIH „GPSGO[MWI 

-RMXMEPWOIXGLIWJSVXLI1EGGLMRE7TSVXMZE[LMGLGEQIJVSQ7IMOS´WWIGSRH MRZSPZIQIRX[MXL+MSVKIXXS+MYKMEVS

GLVSRSKVETLW[MXLWPMHMRKFYXXSRWXLEX GSYPHFITYWLIHYTSVHS[R;MXLXLI XIGLRSPSK] EZEMPEFPI EX XLI XMQI XLMW [EWUYMXILEVHXSMQTPIQIRX (IWTMXIXLIHMJ½GYPX]SJXVERWPEXMRK +MYKMEVS´WHIWMKRWMRXSTVEGXMGI7IMOS´W XIGLRMGEP XIEQ SZIVGEQI EPP XLI LYV HPIW±8LMW VIEPP] TVSZMHIH E WXMQYPYW XS SYV HIWMKRIVW ERH HIZIPSTIVW -X WIX XLIQ XLMROMRK ³2S[ [I´VI VIEPP] KSMRKXSLEZIXSHIZIPSTEZIV]WTIGMEP QIGLERMWQJSVXLMW´-RXLEXWIRWI[I VIETIHWSQII\XVIQIP]VMGLFIRI½XW² 1V,MVEFE]EWLMWEMH -RSVHIVXSMQTPIQIRXXLIYRMUYI FYXXSRSTIVEXIHW]WXIQ7Y[E7IMOSWLE HIZIPSTIH E RI[ QIGLERMWQ ERH SFXEMRIH E TEXIRX JSV MX8LI JIEXYVI XLEX QEHI +MYKMEVS´W HIWMKR JSV XLI  7TIIHQEWXIV XVYP] SVMKMREP [EW XLI WTIGM½GEXMSR XLEX XLI HSQIWX]PI 0'(HMKMXEPHMWTPE]WLSYPHFIXMPXIH HIKVIIWXSXLIVMKLX8LMWI\GMXMRKRI[ QSHIP [EW VMGL [MXL MRRSZEXMZI JIE 

XYVIW&]XYVRMRKXLIFI^IP[LMGLLEH EFYMPXMRVSXEV]W[MXGLMX[EWTSWWMFPI XSWIPIGXWXST[EXGLEPEVQGSYRXHS[R XMQIVERHSXLIVJYRGXMSRW

9RMUYIHIWMKR %PP XLEX 7IMOS´W QEREKIVW LEH MRMXMEPP] I\TIGXIH XS EGLMIZI JVSQ GSPPEFSVE XMSR[MXLI\XIVREPHIWMKRIVW[EWERI[ HIWMKRJSVXLI7TIIHQEWXIV8LIVIWYPX [EW E [EXGL [MXL YRMUYI WX]PMRK XLI QERYJEGXYVI SJ [LMGL GLEPPIRKIH 7IMOS´W I\TIVXMWI ERH VIWYPXIH MR E HIWMKR XLEX RSFSH] IPWI GSYPH QMQMG SVQEXGL-X[EWVIGIRXP]VITVSHYGIH EWEGSPPIGXSV´WMXIQFIGEYWISJWXVSRK HIQERH 8LIRI\XJEQSYWHIWMKRIVXS[SVO [MXL 7IMOS [EW%YWXVMER FSVR )XXSVI 7SXXWEWW[LSFIKERLMWGEVIIVWXYH]MRK EVGLMXIGXYVI EX XLI8YVMR 4SP]XIGLRMG ,I FIGEQI E PIEHMRK ½KYVI MR EVGLM XIGXYVEP ERH MRHYWXVMEP HIWMKR ERH EGUYMVIH E VITYXEXMSR JSV [SVOMRK MR

+MSVKIXXS+MYKMEVSMWXLI'LMIJ(IWMKRIV JSV-XEPHIWMKRERHQEHILMWREQI GVIEXMRKPIEHMRKIHKIGEVHIWMKRW

E [MHI VERKI SJ QEXIVMEPW MRGPYHMRK GIVEQMGW ERH KPEWW ½FVI ,I LEW FIIRHIWGVMFIHEWE±JSV[EVHPSSOMRK HIWMKRIV[LSMWEPWSQMWGLMIZSYW²,MW [SVO [EW ORS[R JSV FIMRK GSPSYVJYP ERHLYQSVSYWMRXLIWEXEXMQI [LIRQER]HIWMKRIVW[IVITVSHYGMRK QSHIVR HIWMKRW ½RMWLIH MR FPEGO -X [EWWEMHXLEXLMW[SVOGSYPHRIZIVFI

%RI[QIGLERMWQLEHXSFIHIZIPSTIH JSVXLIYRMUYIFYXXSRSTIVEXIHW]WXIQ WTIGMJMIHF]+MYKMEVSJSVXLMW 7TIIHQEWXIVGLVSRSKVETL ',%48)6

½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±,S[ GER[IQEOIWSQIXLMRKSYXSJXLMW#-J LILEHKMZIRYWXLIHIWMKRMRXLIJSVQ

SJ TPERW PMOI +MYKMEVS [I GSYPH LEZI HIZIPSTIHE[E]SJMRXIVTVIXMRKXLIQ FYXXLMW©² %GGSVHMRK XS 1V ,MVEFE]EWLM 7IMOS´W WSPYXMSR XS XLI TVSFPIQ [EW XS PEQMREXI XSKIXLIV XLVII PE]IVW SJ KPEWWXSEGLMIZIEWIRWISJXVERWTEVIRG] [LMPI TVIWIVZMRK XLI QSWX EXXVEGXMZI JIEXYVIW SJ XLI HIWMKR %W JYPPWGEPI TVSHYGXMSR[EWFIKMRRMRKXLIVI[IVI VIEP TVSFPIQW MR TSWMXMSRMRK XLI ZEV MSYWPE]IVWSJKPEWW7SQITISTPI[IVI WE]MRK±'ERXLMWVIEPP]FISJJIVIHEWE TVSHYGX#² %PXLSYKLXLITVSHYGXMSRTVSFPIQW EWWSGMEXIH [MXL XLI 7SXXWEWW [EXGL HVSZI7IMOS´WTVSHYGXMSRXIEQXSXLIMV [MX´W IRH XLI TVSHYGX [EW UYMXI [IPP VIGIMZIH8LIMRMXMEPTVSHYGXMSRQSHIP

8LMW1EGGLMRE7TSVXMZEEPEVQ GLVSRSKVETL[MXLEHMWXMRGXMZI WMIRRESVERKIHMEPFIGEQIXLI JPEKWLMTQSHIPMRXLIWIVMIW

HIWGVMFIHEWFPERHERHHYPP,MWQSWX XLSYKLXTVSZSOMRKGSQQIRXSRHIWMKR [EW±-HSR´XYRHIVWXERH[L]IRHYVMRK HIWMKR MW FIXXIV XLER HMWETTIEVMRK HIWMKR² 8LVII SV JSYV ]IEVW FIJSVI 7IMOS IRXIVIH MRXS XLI NSMRX ZIRXYVI [MXL )XXSVI 7SXXWEWW LI LEH QEVOIXIH E ±7SXXWEWW² [EXGL MR XLI 9RMXIH 7XEXIW (IWTMXI LMW VITYXEXMSR JSV FVMKLX EHZIRXYVSYW HIWMKR XLMW [EW UYMXI WXEMH ERH GSRZIRXMSREP ERH [EW RSX E KVIEX WYGGIWW 1V ,MVEFE]EWLM [EW GSRZMRGIHXLEX7SXXWEWWVIEPP][ERXIH XSGVIEXIE[EXGLHIWMKRXLEXVI¾IGXIH LMWHIWMKRTLMPSWSTL]ERHLMWIZIRXYEP GSSTIVEXMSR[MXL7IMOSTVSZMHIHXLEX STTSVXYRMX] ,MW HIWMKR ETTVSEGL TVSZIH XS FI GSQTPIXIP] HMJJIVIRX JVSQ XLEX SJ +MYKMEVS ERH JVSQ XLI QSQIRX LMW %.3962)=-28-1)

8LIJMVWXHIWMKRGSRGITXWYFQMXXIHF])XXSVI7SXXWEWWMRGPYHIHRSXSRP]XLI[EXGL HIWMKRFYXEPWSTEGOEKMRKQEXIVMEPWERHIZIRWEPIWQIXLSHW 

MRGPYHMRK )FIP &VIKYIX 8%+,IYIV JSVXLITVSHYGXHIZIPSTQIRXXIEQ1V 8MJJER] ERH (YRLMPP ERH LEW FIIR ,MVEFE]EWLMI\TPEMRW±*SVXLI%VGXYVE HIWGVMFIHEW±SRISJXLIQSWXWSYKLX XLI WIEQW FIX[IIR XLI YTTIV ERH EJXIV LSVSPSKMGEP HIWMKRIVW² ,I MW PS[IVTEVXWSJXLIGEWIEPWSLEHXLVII EPWSLMKLP]VIWTIGXIHEWERMRRSZEXMZI HMQIRWMSREPGYVZIW0SSOIHEXMRXIVQW SJ SYV GSRZIRXMSREP [MWHSQ XLMW [EW HIWMKRIVSJTIRW ;LIR 7IMOS ½VWX ERRSYRGIH XLEX WMQTP] MQTSWWMFPI8S KIX XLIWI TEVXW XLI] [IVI PEYRGLMRK E /MRIXMG VERKI XS½XXSKIXLIVI\EGXP]ERHXSQEMRXEMR .SVK ,]WIO ETTVSEGLIH XLI GSQTER] XLIMV [EXIV VIWMWXERGI ERH WXVIRKXL ERH WEMH ±-´ZI KSX E KSSH MHIE JSV [EWERI\XVIQIP]HMJ½GYPXXEWO² XLMW²,IFIPMIZIHXLIEVVMZEPSJ/MRIXMG [EXGLIW QEVOIH XLI FIKMRRMRK SJ ER -RKIRMSYWWSPYXMSR MQTSVXERXRI[IVENYWXEWXLIW[MXGL 3RGIEKEMR7IMOS´WXIGLRMGMERWETTPMIH JVSQQIGLERMGEPXSUYEVX^QSZIQIRXW XLIQWIPZIWXSXLITVSFPIQ[MXLKVIEX LEHHSRIEPQSWX]IEVWIEVPMIVERH HMPMKIRGIERHHIZMWIHERMRKIRMSYWWSPY LI [ERXIH XS HIWMKR E TVSHYGX XLEX XMSR8LIQEHIYWISJ1IXEP-RNIGXMSR [EW [SVXL] SJ XLMW RI[ XIGLRSPSK] 1SPHMRK 1-1 EXIGLRMUYIXLEXMWEPWS 9RXMP LI GVIEXIH XLI VIZSPYXMSREV] YWIH MR WSQI 0ERHQEWXIV ERH SXLIV %VGXYVE HIWMKR WTIGM½GEPP] XS QEOI QSHIPW8LMW GSQTPI\ TVSGIWW MW E KSSH YWI SJ XLI /MRIXMG QSZIQIRX JSVQ SJ 2IEV 2IX TVIGMWMSR 4S[HIV TVEGXMGEPP]EPP/MRIXMG[EXGLIWMRGPYHMRK XLIIEVP]%+7QSHIPWLEHWMQTP]FIIR 8LIXLVIIHMQIRWMSREPIJJIGXMRXLMW ½XXIHMRGEWIWXLEX[IVISVMKMREPP]GVI JMVWXKIRIVEXMSR7SXXWEWWHIWMKRJSV EXIHJSVVIKYPEVUYEVX^QSZIQIRXW 7IMOS[EWEGLMIZIHF]YWMRKXLVII .SVK ,]WIO [EW GSRZMRGIH SJ XLI PE]IVWSJKPEWW KVIEX MQTSVXERGI SJ /MRIXMG XIGL WSPH SYX ERH ERSXLIV ZIVWMSR [EW RSPSK] ERH LI [EW HIXIVQMRIH XLEX TVSHYGIH[MXLEQSHM½IHHIWMKR3RP] LMW RI[ HIWMKRW WLSYPH FI [SVXL] SJ FIGEYWISJXLIHMJ½GYPX]SJTVSHYGXMSR LSYWMRKWYGLERMQTSVXERXRI[GEPMFVI [EWMXQERYJEGXYVIHMREZIV]PMQMXIH ,ILEH[SVOIH[MXL7IMOSTVIZMSYWP] [LIR LI GVIEXIH XLI HIWMKR JSV XLI WIVMIW GSVIQSHIPSJXLI.IER0EWWEPI[EXGL 2I[/MRIXMGHIWMKR GSPPIGXMSR ERH JSV WSQI SJ 7IMOS´W -RWTMVIH F] XLI VIWTSRWI SJ GSVI LMKLKVEHI'VIHSV[EXGLIW[LMGLEVI IRXLYWMEWXW[LSLEHFIIREXXVEGXIHF] WSPHSRP]MRXLIHSQIWXMGQEVOIX .IER XLI 7SXXWEWW HIWMKR 7IMOS´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´W7SXXWEWW GSPPIGXMSRMRMRXVSHYGIH HIWMKRMRK [EXGLIW JSV QER] SJ XLI [EWWSTLMWXMGEXIHFYXMXWGSRWXVYGXMSR I\GITXMSREPP]FSPHGSPSYVMRK [SVPH´W FIWXORS[R [EXGL GSQTERMIW TVIWIRXIH ERSXLIV HMJ½GYPX GLEPPIRKI 

',%48)6

.SVK,]WIOWYFQMXXIHXLIQSGOYTSRXLIPIJX7IMOSLEHXSHIZMWIE[E]XSTVSHYGIMXWGSQTPI\GYVZIWERHNSMRWMRVIKYPEV TVSHYGXMSR8LIWSPYXMSR[EWXLIYWISJ1IXEP-RNIGXMSR1SPHMRK

7LETMRK 22447  MR [LMGL E QSPH MW QEHI XLEX MW HSYFPI XLI WM^I SJ XLI QIXEP TEVX XLEX MW FIMRK GVIEXIH ERHXLMWMW½PPIH[MXLEWXEMRPIWWWXIIP TS[HIVQM\IH[MXLE[E\PMOIFMRHMRK QEXIVMEP8LMWMWFEOIHMREJYVREGIEX EZIV]LMKLXIQTIVEXYVI8LITS[HIV GSRWSPMHEXIW MRXS E WMRKPI TMIGI SJ QIXEPFYXMRXLITVSGIWWMXWLVMROWXS LEPJXLIWM^ISJXLIQSPH-XMWI\XVIQIP] HMJ½GYPXXSGSRXVSPXLIHMQIRWMSRERH WLETI SJ XLI ½RMWLIH [EXGL GEWI FYX XLEROWXSMXWWYGGIWWMRQEWXIVMRK1-1 7IMOS GER RS[ QERYJEGXYVI E GEWI

8LIWI%VGXYVE/MRIXMGHIWMKRWF] .SVK,]WIOJIEXYVIFVMKLXP]GSPSYVIH WMPMGSRWXVETWERHWXEMRPIWWWXIIPGEWIW %.3962)=-28-1)

VIKEVHPIWW SJ MXW HMQIRWMSRW SV GSQ TPI\MX]8LMWTVSZMHIWEQENSVEHZERXEKI SZIV GSRZIRXMSREP TVIWWMRK SV QMPPMRK XIGLRMUYIW FIGEYWI MX IREFPIW RI[ WLETIW XS FI TVSHYGIH %PXLSYKL 1V ,MVEFE]EWLM LEH IZIV] GSR½HIRGI MR XLIEFMPMX]SJ7IMOS´WHIZIPSTQIRXXIEQ XSHIZMWIGVIEXMZIWSPYXMSRWXSHMJ½GYPX TVSFPIQWLI[EWEQE^IHF][LEXXLI] HMH[MXLXLI%VGXYVE 'SPPEFSVEXMSR [MXL SZIVWIEW HIWMKRIVWLEWLIPTIHXSKMZIEGYXXMRK IHKI XS 7IMOS HIWMKRW ERH XS IRWYVI XLI] ETTIEP XS E [SVPH[MHI EYHMIRGI 8LI VIZSPYXMSREV] GVIEXMSRW VIWYPXMRK JVSQXLIWITEVXRIVWLMTWLEZIFVSYKLX SYXXLIFIWXMR7IMOS´WS[RHIWMKRERH TVSHYGXMSRXIEQWERHVIWYPXIHMRXLI HIZIPSTQIRX SJ MRXIVIWXMRK XIGLRMGEP WSPYXMSRW XS WSQI SJ XLI TVSHYGXMSR GLEPPIRKIWXLIWIHIWMKRWLEZIGVIEXIH 8LIIRHVIWYPXSJ7IMOS´WGSPPEFSVEXMSR [MXL [SVPHGPEWW HIWMKRIVW LEW FIIR WXMQYPEXMRK ERH LEW LIPTIH XS JSGYW XLI EXXIRXMSR SJ XLI QIHME ERH XLI TYFPMGSRWSQISJXLIGSQTER]´WQSWX I\GMXMRK TVSHYGXW 7IMOS LEW EP[E]W QEHIEZMVXYISYXSJMXWHIWMVIXSXEOI

SR JVIWL GLEPPIRKIW ERH XLMW GSSTIVE XMSR[MXLXSTHIWMKRIVWMWERI\GIPPIRX I\EQTPI -X FYMPHW SR XLI GSQTER]´W WXVIRKXLWERHMRWXMPWJVIWLIRXLYWMEWQ MRMXWHIWMKRERHHIZIPSTQIRXXIEQW

.SVK,]WIO[EWFSVRMR)EWX &IVPMRERHWIXYTLMWS[R GSQTER],]WIO7X]PMRKEJXIV [SVOMRKMRXLIHIWMKRHMZMWMSR SJE7[MWW[EXGLGSQTER],I MWSRISJXLI[SVPH´WQSWX VIWTIGXIHMRHITIRHIRX[EXGL HIWMKRIVW 

7MRGI XLI GSQTER] [EW VIWXVYG XYVIH ERH 7IMOS;EXGL 'SVTSVEXMSR [EW WIX YT MR  MX LEW GSR½VQIH XLEX HIWMKR MW SJ JYRHEQIRXEP MQTSV XERGI XS XLI JYXYVI SJ 7IMOS [EXGLIW

-RSVHIVXSVIQEMREXXLIGYXXMRKIHKI SJHIWMKRERHMROIITMRK[MXLMXWZMWMSR SJWYGGIIHMRKXLVSYKLMRRSZEXMSRERH VI½RIQIRXXLIGSQTER][MPPGSRXMRYI XS [SVO MR TEVXRIVWLMT [MXL PIEHMRK

MRXIVREXMSREP HIWMKRIVW8LI GSQFMRE XMSRSJMRXIVREXMSREPHIWMKRWERH7IMOS´W MRRSZEXMZIQERYJEGXYVMRKI\TIVXMWI[MPP RSHSYFXGVIEXIQER]QSVIMRXVMKYMRK RI[[EXGLIWMRXLIGSQMRK]IEVW

8LIXSTQSHIPMRXLI,]WIO%VGXYVEPMRI[EWXLI7&:;8LIGYVZIHETIVXYVISR XLIVMKLXSJXLIHMEPWLS[WXLIPIZIPSJGLEVKIMRXLITS[IVGIPP



',%48)6

7 43687;%8',)78,%8+ 3  83 )<86)1)7 (YVMRKXLIHIZIPSTQIRXSJXMQMRKW]WXIQWJSVXLI3P]QTMG+EQIWERHIZIV WMRGIXLIGLEPPIRKISJWTSVXLEWMRWTMVIH7IMOSXSGVIEXIRI[XIGLRSPSKMIWRI[ QEXIVMEPWRI[JYRGXMSRWERHRI[HMWTPE]W]WXIQW8LIWIWIVZIXLIRIIHWSJXVYI WTSVXWQIRERH[SQIR[SVPH[MHI

&][SVOMRKGPSWIP][MXLWTIGMEPMWX YWIVW7IMOSLEWLIPTIHXSIRWYVIXLEX MXWWTSVXW[EXGLIWEVIEFPIXSWYVZMZI XLI QSWX HIQERHMRK IRZMVSRQIRXW ERH TVSZMHI EPP XLI VIPIZERX MRJSVQE XMSR 1ER] SJ XLI VIWYPXMRK JIEXYVIW ERH QERYJEGXYVMRK QIXLSHW LEZI WYF WIUYIRXP]FIIRMRGSVTSVEXIHMRVIKYPEV TVSHYGXMSR[EXGLIWJSVWIVMSYWYWIF] I\TPSVIVWEW[IPPEWWTSVXWIRXLYWMEWXW ERHTVSJIWWMSREPWXLI[SVPHSZIV8LMW TVSZIHFI]SRHER]HSYFXXLIGSQTE R]´WXIGLRMGEPGETEFMPMXMIWERHI\TIVXMWI 7IMOSPEYRGLIH.ETER´W½VWXHMZIV´W [EXGLXLI7IMOS1(MZIVMR %XXLEXXMQIVIPEXMZIP]JI[TISTPI[IVI MRZSPZIH[MXLHMZMRKERHWSXLMW[EWE ZIV]WTIGMEPMWIHTVSHYGX8LIRIZIRMR 7[MX^IVPERHZIV]JI[XMQITMIGIW[IVI HIWGVMFIH EW HMZIV´W [EXGLIW 2S[ [MXLWSQER]TISTPIXEOMRKYTHMZMRK EW E LSFF] ERH QER] TVSJIWWMSREPW QEOMRKXLIMVPMZMRKYRHIV[EXIVHMZIV´W [EXGLIWLEZIERMQTSVXERXTPEGIMRXLI 7IMOSGSPPIGXMSR )ZIR XSHE] WSQI QERYJEGXYVIVW VIWTSRH XS XLI EPPYVI SJ XLI QEVOIX JSVHMZIV´W[EXGLIWF]PEFIPPMRKEPQSWX ER][EXIVVIWMWXERX[EXGLEWEHMZIV´W [EXGL FYX 7IMOS XEOIW MXW VIWTSRWM FMPMXMIWQYGLQSVIWIVMSYWP]-XORS[W %.3962)=-28-1)

;LIR7IMOSJMVWXHIGMHIHXSGVIEXIXVYP]TVSJIWWMSREPHMZIV´W[EXGLIW1V8EREOE ZMWMXIHERSMPHVMPPMRKTPEXJSVQXSWXYH]XLITVSFPIQWEXGPSWIUYEVXIVW8LIVIWIEVGL GEVVMIHSYXLIVIMRJPYIRGIHXLI(MZIV´W;EXGL4VSJIWWMSREP

XLEX MR WSQI GMVGYQWXERGIW PMZIW GER HITIRH SR XLI MRJSVQEXMSR TVSZMHIH F] WYGL E [EXGL )RXV] MRXS XLMW WTI GMEPMWIHQEVOIXTPEGIQEVOIHWMKRM½GERX TVSKVIWWMSR MR 7IMOS´W TVSHYGX HIZIP STQIRXERHPEXIVFVSYKLXFIRI½XWXS QER]SJMXWTVSHYGXPMRIW 8LIWYGGIWWSJ7IMOS´W½VWXKIRIVE XMSRSJHMZIV´W[EXGLIWIRGSYVEKIHMXW

IRKMRIIVW XS HIZIPST RI[ XIGLRMUYIW XSMQTVSZI[EXIVVIWMWXERGIPIKMFMPMX] ERH WLSGO VIWMWXERGI &] QEWXIVMRK XLIWI GLEPPIRKIW 7IMOS [EW EFPI MR XSPEYRGLXLI1HMZIV´W[EXGL 8LMW [EW ERSXLIV MQTSVXERX WXIT JSV [EVHFIGEYWIMXHSYFPIHXLIHITXLXS [LMGL E 7IMOS [EXGL [EW STIVEXMSREP 8LI JSPPS[MRK ]IEV E JEWXFIEX TVIGM 

HMZIV´W [EXGL LEH RSX FIIR HIWMKRIH WXERHEVHW[MXLXLITVSJIWWMSREPYWIVMR XSGSTI[MXLWYGLEVHYSYWGSRHMXMSRW QMRH %WXVIEQSJLMKLUYEPMX]WTSVXW 7IMOS´WXIGLRMGMERWVIEPMWIHXLEXQYGL [EXGLIW ¾S[IH JVSQ XLMW TLMPSWSTL] QSVI [SVO [EW WXMPP RIIHIH XS QEOI XLVSYKLSYX XLI W ERH W EPP XLIMV [EXGLIW IZIR XSYKLIV ERH XS SJ [LMGL IRLERGIH XLI GSQTER]´W SZIVGSQIXLITVSFPIQWXLEX[EXGLIW VITYXEXMSR JSV TVIGMWMSR VIPMEFMPMX] GSYPH WYJJIV [LIR EWGIRHMRK JVSQ JYRGXMSREPMX]ERHKSSHHIWMKR KVIEX HITXLW EJXIV TVSPSRKIH WYFQIV %W E VIWYPX SJ XLMW WYGGIWW 7IMOS WMSREWLETTIRW[MXLWEXYVEXMSRHMZMRK FIGEQI E PIEHIV MR XLMW JEWXKVS[MRK 8LMWSRIPIXXIVVIZSPYXMSRMWIHXLIGSQ QEVOIXWIKQIRX TER]´WEXXMXYHIXSWTSVXW[EXGLIW %R] QENSV HIZIPSTQIRX TVSNIGX 7IMOS VIWTSRHIH MQQIHMEXIP] F] MW XLI [SVO SJ E XIEQ SJ TISTPI FYX IWXEFPMWLMRK E RI[ TVSNIGX XIEQ XLEX YWYEPP] SRI TIVWSR TVSZMHIW XLI PIEH FIKER [SVO SR E [EXGL XLEX [EW JSV IVWLMT ERH MRWTMVEXMSR JSV XLEX XIEQ YWIF]TVSJIWWMSREPHMZIVW -RSVHIVXS -RXLIHIZIPSTQIRXSJWTSVXW[EXGLIW TVSHYGIWYGLETVSHYGXXLI]½VWXLEH XLEX TIVWSR [EW -OYS8SOYREKE [LS XSHIZIPST[EXGLIWXLEXGSYPHIRHYVI MW MR GLEVKI SJ XLI HIZIPSTQIRX SJ QYGL QSVI VYKKIH YWI XLER XLI ½VWX LMKL JYRGXMSREPMX] [VMWX[EXGLIW ,I KIRIVEXMSRERHXLEX[IVIEFPIXSTVS NSMRIH 7IMOS MR  ERH [EW ½VWX ZMHIQYGLQSVIMRJSVQEXMSRXEMPSVIH TYX MR GLEVKI SJ XLI HIZIPSTQIRX SJ 8LI1QEVOIHXLIFIKMRRMRKSJ WTIGM½GEPP] XS XLI VIUYMVIQIRXW SJ E GLVSRSKVETL XLEX MRGSVTSVEXIH E 7IMOS´WTVSHYGXMSRSJHMZIV´W[EXGLIW WIVMSYWHMZIVW FYMPXMR WPMHI VYPI8LMW [EW XLI WXEVX WMSRQSZIQIRX[EWYWIHMRXLMWQSHIP 8LI [SVO SJ XLMW XIEQ LEH TVS SJLMWMRZSPZIQIRX[MXLTVSHYGXHIZIP ¯XLIWEQIGEPMFVIXLEX[EWXSFIJSYRH JSYRH MQTPMGEXMSRW JSV EPP 7IMOS´W STQIRX ERH IWTIGMEPP] [MXL WTSVXW MRWSQI+VERH7IMOS[EXGLIW JYXYVIWTSVXW[EXGLIWERHIWXEFPMWLIH [VMWX[EXGLIW 7SSR EJXIV XLI PEYRGL SJ XLMW ETLMPSWSTL]XLEXVIQEMRWZEPMHXSHE] %JXIVTVSKVIWWMRKJVSQXLIGLVSR XMQITMIGI[LMGL[EWXLSYKLXXSLEZI MJ 7IMOS MW XS QEOI E WTSVXW [EXGL MX SKVETL XS XLI HIZIPSTQIRX SJ HMZIV´W WIXERI[WXERHEVHMRHMZIV´W[EXGLIW [MPP FI QEHI XS XLI LMKLIWX TSWWMFPI [EXGLIW LMW LSVM^SRW I\TERHIH XS XLI EVVMZEP EX 7IMOS SJ E PIXXIV JVSQ E TVSJIWWMSREP HMZIV MR /YVI 'MX] MR ,MVSWLMQE 4VIJIGXYVI HMWQE]IH XLI GSQTER]´WXIGLRMGEPXIEQ -XHIWGVMFIH XLILEVWLXIGLRMGEPGSRHMXMSRWMR[LMGL HMZIVWLEZIXS[SVOERHI\TPEMRIHLS[ XLMWGEYWIHTVSFPIQW[MXL[EXGLIW 8LI HMZIV I\TPEMRIH XLEX LI [SVOIH EX WIE MR HITXLW EW KVIEX EW QIXVIWYWMRKEHMZMRKGETWYPIERH WEXYVEXMSR HMZMRK XIGLRMUYIW ERH LI GSQTPEMRIH XLEX WSQI [EXGLIW LEH FIIR HEQEKIH [LIR EWGIRHMRK JVSQ WYGL KVIEX HITXLW ,I EHHIH XLEX [LIR[SVOMRKSRXLISGIER¾SSVLMW [EXGL [EW WSQIXMQIW ORSGOIH UYMXI 8LIXL%RXEVGXMG;MRXIVMRK8IEQQEHIYWISJXLI1HMZIV´W[EXGLMR LEVH EKEMRWX VSGOW XLI I\MWXMRK 7IMOS 

',%48)6

IRGSQTEWW SXLIV LIEZ]HYX] QSHIPW XLEX [IVI WYTVIQI I\EQTPIW SJ XLI YPXMQEXI TIVJSVQERGI XLEX GER FI EGLMIZIHF]E[EXGLSRPERHEXWIEERH MRXLIEMV

7IZIR]IEVWSJVIWIEVGL 8LI VIWIEVGL TIVMSH JSV XLMW WIVMSYW RI[TVSHYGXXLI½VWXTVSJIWWMSREPHMZ IV´W[EXGL[EWWIZIR]IEVW;LIRXLI HIZIPSTQIRXXIEQWXEVXIHXLIMV[SVO XLII\TVIWWMSR±XLISYXHSSVPMJI²[EW SRP]NYWXGSQMRKMRXSTSTYPEVYWIERH QER]GSQTERMIWSJJIVIHXLIMVSVHMREV] HMZIV´W[EXGLIWJSVEPQSWXER]SYXHSSV EGXMZMX] -RWXIEH SJ XEOMRK XLMW IEW] VSYXI7IMOSPEYRGLIHRSRI[QSHIPW MRWXIEHMXGSRGIRXVEXIHWMRKPIQMRHIHP] SR TIVJIGXMRK E [EXGL [MXL EHZERGIH JIEXYVIWJSVWIVMSYWYWIF]TVSJIWWMSREP HMZIVW YRHIV XLI VMKSVSYW GSRHMXMSRW XLI]SJXIRIRGSYRXIV ;LIR XLI 7IMOS 4VSJIWWMSREP (MZIV´W 1 [EXGL [EW ½REPP] YRZIMPIH MR  MX [EW XLI ½VWX HMZIV´W [EXGL MR XLI [SVPH XS LEZI E XMXERMYQ GEWI8LI HIZIPSTQIRX XIEQ LEHEGLMIZIHEPPXLIMVSFNIGXMZIWXLI] LEH GVIEXIH E HMZIV´W [EXGL XLEX [EW WLSGOVIWMWXERX GSVVSWMSRTVSSJ ERH ERXMQEKRIXMG -X [EW VYKKIH IRSYKL XS VIQEMR YRWGEXLIH IZIR EJXIV PSRK LSYVWSJYWIF]TVSJIWWMSREPHMZIVWERH GSYPHSTIVEXIEXHITXLWSJQIXVIW -XLEHWYTIVFPIKMFMPMX]¯MX[EWTSWWMFPI XSWIIXLIXMQIHMWTPE]IZIREXHITXLW [LIVIHE]PMKLXGSYPHRSXTIRIXVEXI %FSZI EPP XLMW QSHIP WXSSH SYX JVSQ EPP SXLIVW FIGEYWI MX [EW HIWMKRIH JVSQ XLI SYXWIX JSV WEXYVE XMSR HMZMRK8LMW MW E HMZMRK XIGLRMUYI YWIH F] HMZIVW [LS [SVO EX KVIEX HITXLW JSV TVSPSRKIH TIVMSHW ERH MRZSPZIWFVIEXLMRKERMRIVXKEWWYGLEW LIPMYQQM\IH[MXLS\]KIR8LILIPMYQ %.3962)=-28-1)

8LMW1HMZIV´W[EXGLJVSQ YWIHXLILMKLFIEXQSZIQIRX  FIEXWEWIGSRH YWIHMRWSQI+VERH 7IMOSERHSXLIVQSHIPWEJJSVHMRK I\GIPPIRXEGGYVEG]-X[EWXLIPEWXRI[ HMZIV´W[EXGLJSVWIZIR]IEVW

MR XLI QM\XYVI IZIRXYEPP] TIRIXVEXIW QSWX[EXGLGEWIW %WXLIHMZIVEWGIRHW XLI HMJJIVIRGI FIX[IIR MRXIVREP ERH I\XIVREP TVIWWYVI MRGVIEWIW XS XLI TSMRX[LIVIXLI[EXGLKPEWWGERFVIEO SV MR I\XVIQI GEWIW XLI [EXGL GER IZIRI\TPSHI 7IMOS´W XIGLRMGMERW SZIVGEQI XLMW TVSFPIQ F] HIZIPSTMRK E GEWI XLEX MW TVEGXMGEPP]MQTIVQIEFPIXSLIPMYQKEW )ZIRXLIWXVETGEQIYRHIVGPSWIWGVY XMR]8LIRI[[EXGLXLI]GVIEXIHLEH E TVIWWYVIZIRXIH WXVET HIWMKRIH WS XLEXMJXLIHMZIV´W[IXWYMXWLVEROYRHIV TVIWWYVIEXHITXLXLIZIRXMRKTVSGIWW [SYPHIREFPIXLIWXVETXSWLVMROERH IRWYVIXLI[EXGL[EWWXMPPEWRYKWEJI ½X SR XLI HMZIV´W [VMWX 3XLIV GSQTE RMIWPEXIVYWIHXLIGSRGITXFYX7IMOS TVSHYGIHXLISVMKMREPZIVWMSR

8LI½VWX4VSJIWWMSREP(MZIV´W1 JIEXYVIH E LMKLKVEHI QIGLERMGEP QSZIQIRXFYXIZIRXYEPP]MX[EW½XXIH [MXL E UYEVX^ QSZIQIRX %R IZIR QSVIEHZERGIHQSHIP[EWMRXVSHYGIH PEXIV SJJIVMRK [EXIV VIWMWXERGI XS E HITXL SJ  QIXVIW -X WXMPP YWIH XLIFEWMGHIWMKRGSRGITXFYXLMKLXIGL GIVEQMGW [IVI YWIH JSV XLI GEWI MR TPEGISJXMXERMYQ 7IMOS´W VIWSPZI XS VIQEMR EX XLI GYXXMRK IHKI SJ HMZIV´W [EXGL XIGLRSPSK] GSRXMRYIW XS XLMW HE] -XW HIXIVQMREXMSR XS HIZIPST [EXGLIW JSV WIVMSYW YWIVW WSSR I\XIRHIH JVSQ XLI QERYJEGXYVI SJ TVSJIWWMSREP HMZIV´W [EXGLIW XS QSHIPW XEMPSVIH XS XLI TVIGMWI VIUYMVIQIRXW SJ SXLIV WTIGMEPMWX YWIVW 8SHE] XLI GSQTER] MWVIRS[RIHJSVMXWTSPMG]SJTVSHYGMRK [EXGLIW SJ XLI LMKLIWX UYEPMX] JSV

8LI4VSJIWWMSREP1LEHEXMXERMYQ GEWIERH[EW[EXIVVIWMWXERXXSQ -XSZIVGEQIXLITVSFPIQWEWWSGMEXIH [MXLLIPMYQKEWHYVMRKTVSPSRKIH WEXYVEXMSRHMZIWERHQIXXLIRIIHWSJ TVSJIWWMSREPHMZIVW-X[EWERIRSVQSYW MQTVSZIQIRXSZIVIEVPMIVQSHIPW %X JMVWXMX[EWJMXXIH[MXLEREYXSQEXMG LMFIEXQSZIQIRXFYXPEXIVEUYEVX^ QSZIQIRX[EWYWIH 

1MXWYVSY3LFE[LSWTIGMEPMWIH MRWSPSGVSWWMRKSRJSSXSJXLI %VGXMGERH%RXEVGXMG&]GVIEXMRK WTIGMEPTVSHYGXWJSVI\TPSVIVW [LSIRGSYRXIVI\XVIQIGSRHMXMSRW 7IMOS´WHIWMKRIVWLEZILEHXLI STTSVXYRMX]XSWYFNIGXXLIMVTVSHYGXW XSWSQISJXLIQSWXHIQERHMRK GSRHMXMSRWSRIEVXL

ER] ETTPMGEXMSR SV IRZMVSRQIRX XLEX RIIHWEWTIGMEPXMQITMIGI8LISVMKMREP MRXIVIWX MR HIZIPSTMRK E TVSJIWWMSREP HMZIV´W[EXGL[EWMRWTMVIHF]NYWXSRI PIXXIVFYXIZIRXYEPP]MXPIHXSXLIGVIE XMSRSJERIRXMVIRI[KIRVISJ[EXGLIW 4VSHYGXWWYGLEWXLI7GYFEQEWXIV XLI 0ERHQEWXIV ERH XLI *PMKLXQEWXIV JSVYWIMRXLIWIESRPERHERHEXEPXM XYHILEZIEPPFIIRGVIEXIHEWTEVXSJ XLI±1EWXIV²WIVMIW8SIEVRXLIREQI ±1EWXIV²E7IMOS[EXGLLEWXSTVSZIMX GERGSTI[MXLXLIXSYKLIWXGSRHMXMSRW MQEKMREFPI %PPXLIWI±1EWXIV²XMQITMIGIWERH EPP 7IMOS´W SXLIV LIEZ]HYX] [EXGLIW LEZI FIIR HIZIPSTIH YRHIV 1V 8SOYREKE´W WYTIVZMWMSR ,I LEW EMQIH XS GVIEXI [EXGLIW XLEX HIQSRWXVEXI 

XLIYPXMQEXITIVJSVQERGIMREPPTSWWMFPI EXXIQTXXSGVSWWXLI%VGXMGMR1V PERH WIE ERH EMV IRZMVSRQIRXW ,MW 3LFEEWOIH7IMOSXSTVSHYGIJSVLMQE REQIMWTEVXMGYPEVP]GPSWIP]EWWSGMEXIH WTIGMEPZIVWMSRSJXLI0ERHQEWXIV [MXLXLI0ERHQEWXIVWIVMIWHIZIPSTIH 1V 8SOYREKE VIWTSRHIH F] GVI JSV WSQI TMSRIIVMRK EHZIRXYVIVW ,I EXMRK E WTIGMEP GYWXSQMWIH ZIVWMSR GEPPWXLIQ±[EXGLIW[SVXLIRXVYWXMRK SJ XLI 0ERHQEWXIV JSV 1V 3LFE ERH ]SYVPMJIXS² I\TPEMRIH XLI GLEPPIRKIW TVIWIRXIH 1ER]7IMOSEHZERGIWLEZIWXEVXIH F] XLI XEWO ±0ERHQEWXIV MW E [EXGL [MXL GYWXSQMWIH [EXGLIW XLEX [IVI [SVXL IRXVYWXMRK ]SYV PMJI XS8LIVI´W GVIEXIHXSWEXMWJ]XLIRIIHWSJNYWXSRI WSQIXLMRKI\XVIQIP]MQTSVXERXEFSYX ZIV] HIQERHMRK MRHMZMHYEP YWIV [MXL E[EXGLXLEXMWFIMRKYWIHMRI\TPSVE WTIGM½GERHGLEPPIRKMRKRIIHW3RISJ ²0ERHQEWXIVMWE XLIQSWXMRXIVIWXMRKERHYRYWYEPI\EQ [EXGL[SVXLIRXVYWXMRK TPIWSJE0ERHQEWXIV[EXGLHIZIPSTIH XS QIIX WTIGM½G VIUYMVIQIRXW [EW E ]SYVPMJIXS³ WTIGMEP XMQITMIGI GVIEXIH WTIGM½GEPP] JSV1MXWYVSY3LFEXLII\TPSVIV[LS XMSR SV EHZIRXYVI;LIR 1V 3LFE WYGGIWWJYPP] GVSWWIH FSXL XLI 2SVXL ½VWX TPERRIH LMW WSPS GVSWWMRK SJ XLI ERH7SYXL4SPIWSRJSSX*SVLMW½VWX %VGXMGSRJSSXXLIVI[EWSRP]EWXEMR PIWWWXIIPWIVMIWSJ0ERHQEWXIV[EXGLIW 8LIWI [SYPH LEZI LEH E [IMKLX SJ  KVEQW MRGPYHMRK XLI FVEGIPIX FYX LI VIUYIWXIH XLEX [I HS IZIV]XLMRK TSWWMFPIXSPMKLXIRMXIZIRMJSRP]F]E KVEQ ±8LITVSFPIQ[EWXLEXLITPERRIH XS PIEZI SRP] WM\ QSRXLW EJXIV [I VIGIMZIHLMWVIUYIWXFYX[IHIGMHIHXS HSIZIV]XLMRK[IGSYPHXSGSQTP][MXL LMWVIUYIWX;IXSSOXLIGYVVIRXJSVQ SJXLI0ERHQEWXIV[EXGLI\EGXP]EWMX [EWERHHIGMHIHXSQEOIEGEWIJSVMX JVSQXMXERMYQ;IEMQIHXSQEOIXLI [EXGLPMKLXIVF]YWMRK1IXEP-RNIGXMSR 1SYPHMRK XS WLETI XLI XMXERMYQ GEWI ERH[I[IVIEFPIXS½RMWLXLI[EXGL NYWXMRXMQIJSVLMWHITEVXYVI ±;I LEH VIGIMZIH SRI QSVI VIUYIWX JVSQ 1V 3LFE ,I LEH I\TPEMRIH XLEX WMRGI XLI PSGEXMSR SJ 8LI0ERHQEWXIV7SYXL4SPIHIZIPSTIH JSV1V3LFE´W%RXEVGXMGI\TIHMXMSR XLI1EKRIXMG4SPI XLI1EKRIXMG2SVXL LEHELSYVLERHXLEXVSXEXIH 4SPI  MW RSX EX XLI WEQI TPEGI EW XLI ERXMGPSGO[MWIEWEREZMKEXMSREPEMH I\EGXPSGEXMSRSJXLI2SVXL4SPIXLIVI 8LIGEWIERHFVEGIPIXEVIQEHIJVSQ 'IVQIXERHXLIFI^IPMWSJ MWETVSFPIQXLIGPSWIV]SYKIXXSXLI ^MVGSRMYQGIVEQMG TSPIXLIQSVIMREGGYVEXIMWXLIHMVIG ',%48)6

XMSR MRHMGEXIH F] E GSQTEWW ,I WEMH XLEXMRSVHIVXSORS[XLITVIGMWIPSGE XMSRSJXLI4SPILIRIIHIHXSYWIXLI WYR´W PSGEXMSR EW LMW ]EVHWXMGO ERH LI EWOIH 7IMOS XS TVSZMHI XLI QIERW XS GEPGYPEXIXLMWUYMGOP]²

2SVXL4SPIW 8LIVI EVI JSYV 2SVXL 4SPIW XLI 1EKRIXMG2SVXL4SPIXLI+ISKVETLMG 2SVXL 4SPI XLI +ISQEKRIXMG 2SVXL 4SPI ERH XLI 2SVXL 4SPI SJ -REGGIWWMFMPMX]8LI +ISKVETLMG 2SVXL 4SPI MW XLI SRI X]TMGEPP] WSYKLX EJXIV F]I\TPSVIVW*VSQLIVIEPPTSMRXWSR IEVXLEVIXSXLIWSYXL1EKRIXMG2SVXL 4SPI MW XLI TSWMXMSR XLEX XVEHMXMSREP GSQTEWWIWTSMRXXS[EVHWFYXMXMWRSX

8LMW0ERHQEWXIV7EKEVQEXLE 7&';[EWHIZIPSTIHWTIGMEPP]JSV /IR2SKYGLM´WEWWEYPXSR7EKEVQEXLE SXLIV[MWIORS[REW)ZIVIWX-XMW IEW]XSVIEHI\XVIQIP]VYKKIHERH IUYMTTIH[MXLELSYVLERHEW[IPP EWEGSRZIRXMSREPLSYVLERH %.3962)=-28-1)

WXEXMSREV]XSHE]MXMWEX„2SVXL ERH„;IWXRIEVXS'EREHE´W)PPIJ 6MRKRIWW -WPERH EFSYX  QMPIW WSYXL SJ XLI +ISKVETLMG 2SVXL 4SPI -XMWXLMWQSZIQIRXERHXLIMREGGYVEG] SJEGSRZIRXMSREPGSQTEWWMRXLI%VGXMG VIKMSR XLEX QEOIW REZMKEXMSR HMJ½GYPX JSVI\TPSVIVWMXI\TPEMRW[L]1V3LFE WSYKLX7IMOS´WEWWMWXERGI %JXIV 1V 3LFE VIUYIWXIH E 0ERHQEWXIV XLEX [SYPH EWWMWX [MXL REZMKEXMSR 1V 8SOYREKE I\TPEMRIH ±9RXMPXLMWXMQI[ILEHXSPHTISTPIXS TSMRXXLILSYVLERHSJXLIMVLSYV [EXGL EX XLI WYR XLI TSWMXMSR LEPJ [E] FIX[IIR XLI LSYV LERH ERH  S´GPSGOSRXLIHMEPMRHMGEXIWXLIRSVXL WSYXL E\MW -R VIWTSRWI XS 1V 3LFE´W TVSFPIQ[IEHHIHELSYVLERHERH HMEP-J]SYTSMRXXLILSYVLERHEX XLIWYRXLIHMVIGXMSRMRHMGEXIHF] SRXLIHMEPTSMRXWXSXLIRSVXL²  ;LIR XLIWI X[S GLERKIW LEH FIIR QEHI ERH E /MRIXMG QSZIQIRX LEHFIIR½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© XS XLI%RXEVGXMG8LI WMXYEXMSR MR XLI WSYXLIVR LIQMWTLIVI MW XLI STTSWMXI SJ XLEX MR XLI RSVXL XLI WYR VMWIW MR XLIIEWXTEWWIWXSXLIRSVXLERHWIXW

8LI*PMKLXQEWXIV7&';[EW HIZIPSTIH[MXLXLIGSSTIVEXMSR SJTVSJIWWMSREPTMPSXW[LSJP]SR MRXIVREXMSREPVSYXIWERHLEWE /MRIXMGQSZIQIRXXSEZSMHXLIRIIH JSVFEXXIV]VITPEGIQIRX-XMWGPIEV XSVIEHERHLEWEVIHLSYVLERH XLEXTSMRXWXSXLILSYVWGEPISR XLIFI^IP

MRXLI[IWX8SGVIEXIE[EXGL[MXLE LSYV LERH XLEX [SYPH LIPT [MXL REZMKEXMSRMRXLI%RXEVGXMG7IMOSLEHXS HIZIPSTEWTIGMEPQSZIQIRXJIEXYVMRKE LSYV LERH XLEX VSXEXIH ERXMGPSGO [MWI*SV1V3LFE´W%RXEVGXMGGVSWWMRK XLI] GVIEXIH ER I\GPYWMZI XMQITMIGI [MXLERIZIRPMKLXIVERHWXYVHMIVGEWI XLEX [EW GVEJXIH JVSQ GIVEQMGW XLI WTEGIEKI QEXIVMEP XLEX [EW SVMKMREPP] HIZIPSTIH JSV YWI SR XLI LIEXWLMIPH SJ WTEGI GVEJX % TVSHYGXMSR ZIVWMSR SJ XLMW GIVEQMGGEWIH [EXGL [EW QEV OIXIHEWXLI0ERHQEWXIV7SYXL4SPI %RSXLIV SYXWXERHMRK EHZIRXYVIV [LS TYX LMW XVYWX MR XLI 1EWXIV WIVMIW [EW /IR 2SKYGLM [LS QEHI E WYGGIWWJYP EWGIRX SJ 7EKEVQEXLE SV 

EHNYWXEFPI²JSPHMRKJEWXIRIV 8LI 7GYFEQEWXIV 7&&/ MW ER I\EQTPI SJ XLI WYTIVF VIWYPXW XLEX GER FI EGLMIZIH F] [SVOMRK GPSWIP] [MXL TVSJIWWMSREPW -X MW E QYPXM JYRG XMSRHMZIV´W[EXGLXLEXMRGPYHIWIZIV] JIEXYVI E WIVMSYW HMZIV GSYPH [ERX -X GER QIEWYVI HMWTPE] GEPGYPEXI ERH VIGSVH HMZI WXEXMWXMGW XS TVSZMHI EPP XLIMRJSVQEXMSRXLEXMWRIIHIHJSVWEJI HMZMRK-XLEWFYMPXMRXSMXWQIQSV]XLI 972EZ]HMZMRKXEFPIXLEX[EWHIZMWIH JSVWIGYVMX]ERHWEJIX]8LMWMWYWIHXS VIGSVH ERH EREP]WI WYFQIVWMSR XMQIW ERHHITXLW8LI[EXGLHMWTPE]WMRVIEP XMQIXLIMRJSVQEXMSRXLEXMWVIUYMVIHMR 8LI7GYFEQEWXIV7&&/MWE SVHIVXLEXEHMZIVGERGSQTPIXIIEGL QYPXMJYRGXMSRHMZIV´W[EXGL[MXL XLITS[IVXSHMWTPE]GEPGYPEXIERH HMZI[MXLQE\MQYQWEJIX] -JRIGIWWEV] VIGSVHHMZMRKMRJSVQEXMSR¯EPQSWXE MXGERIZIRWIXSJJE[EVRMRKEPEVQERH QMRMGSQTYXIV-XMWPSEHIH[MXLXLI MXMW[EXIVVIWMWXERXXSEHITXLSJ 972EZ]HMZMRKXEFPIWXSIRWYVIXLI ;SVPHVIGSVH QIXVIW;LIRMX[EWPEYRGLIHMR.YRI WEJIX]SJHMZIVW *VII HMZIV *VERGMWGS *IVVIVEW FIXXIV MXEWXSYRHIHXLIHMZMRK[SVPH -R SVHIV XS TVSHYGI 1EWXIV )ZIVIWXEWTEVXSJLMWFMHXSFVIEOXLI ORS[R EW 4MTMR MW ERSXLIV WTIGMEPMWX VIGSVH EW XLI ]SYRKIWX TIVWSR IZIV [LS XIWXIH [EXGLIW XS XLI PMQMX [EXGLIW XLEX GER GSTI [MXL I\XVIQI XSWGEPIXLIWIZIRGSRXMRIRXW´LMKLIWX JSV 7IMOS´W 1EWXIV WIVMIW ;LIR LI IRZMVSRQIRXW7IMOS´WXIGLRMGMERWLEZI TIEOW&]XLIEKISJLILEHWGEPIH EGLMIZIH XLI [SVPH VIGSVH JSV HMZMRK RIIHIH XS QEWXIV XLI YWI SJ RI[ EPP WIZIR ERH EGLMIZIH LMW EMQ ,I MW [MXLSYXS\]KIRXEROWMRLI[EW QEXIVMEPW ERH XIGLRMUYIW 'IVEQMG E WEXMW½IH YWIV ERH E XIWXIV SJ XLI [IEVMRKE4MTMR7IVMIW7GYFEQEWXIVE [EXGL GEWIW EVI E KSSH I\EQTPI 0ERHQEWXIV ERH [SVI E 0ERHQEWXIV PMQMXIH IHMXMSR SJ  TMIGIW GEPPIH 'IVEQMGW ERH SXLIV YPXVELEVH QEXI 7YQQMXIV [MXL ER EPXMXYHI KEYKI JSV XLI 7IMOS 7GYFEQEWXIV 4MTMR 7TIGMEP VMEPW SJJIV IRSVQSYW EHZERXEKIW XLI ½VWX XMQI HYVMRK LMW  EWWEYPX [EW TVSHYGIH XS QEVO LMW WYGGIWW -X FIGEYWISJXLIMVWXVIRKXLERHWGVEXGL JVSQ XLI 'LMRE WMHI %JXIV[EVHW LI MQQIHMEXIP] JSYRH JEZSYV [MXL XLI VIWMWXERGIFYXXLI]HSLEZISRIQENSV TSMRXIHSYXXLEXQMRYXIQEVOMRKWEVI JVIIHMZMRK GSQQYRMX] ERH VIQEMRW HVE[FEGOXLI]EVIZIV]LEVHXS[SVO RSXQIERMRKJYP[LIRXLIIJJIGXWSJEPXM E QYGLHIQERHIH MXIQ XS XLMW HE] [MXL -X MW EPQSWX MQTSWWMFPI XS YWI GSRZIRXMSREP XIGLRMUYIW WYGL EW GYX XYHIMQTEMVSRI´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´GPSGO FEWMGWLETIMREQSPHYRHIVTVIWWYVI 8LI FI^IP [EW XLI TEVX SJ XLI [EXGL *SV PIKMFMPMX] EX KVIEX HITXL 7IMOS´W ;LIRXLMWQEXIVMEPMWWMRXIVIHEXLMKL QSWXPMOIP]XSFIHEQEKIHF]WGVETMRK 0YQMFVMXI XIGLRSPSK] [EW YWIH ERH XIQTIVEXYVIXLIVIWMRGSQIWSYXERH SV ORSGOMRK SR E VSGO ERH WS MX [EW XLI [EXGL [EW ½XXIH [MXL E ±HMZIV PIEZIW XLI QSPIGYPIW SJ XLI GIVEQMG QERYJEGXYVIH JVSQ E GIVEQMGQIXEP EPPS]XLEX[EWMQTIVZMSYWXSWGVEXGLIW -X JIEXYVIH LSYV QEVOMRK MR VIPMIJ XSQEOIMXIEW]XSVIEH %RSXLIV [EXGL MR 7IMOS´W 1EWXIV WIVMIW MW XLI *PMKLXQEWXIV 7&'; -X [EW HIZIPSTIH [MXL XLI GSST IVEXMSRSJTMPSXW¾]MRKSRMRXIVREXMSREP VSYXIW XS IRWYVI XLEX MX IQFSHMIH EPP XLI JYRGXMSRW XLEX EVI RIIHIH F] ¾]MRK TVSJIWWMSREPW8LI VIWYPX [EW ER I\XVIQIP] WMQTPI QSHIP IUYMTTIH [MXLELSYVLERHERHEWIPJ[MRHMRK /MRIXMG QSZIQIRX XLEX [EW YWIH XS EZSMHXLIRIIHJSVFEXXIV]VITPEGIQIRX 8LIGEWIERHFVEGIPIX[IVIQEHIJVSQ FVMKLXXMXERMYQ[LMGLKEZIEWIRWISJ PY\YV]ERHXLI½RMWLIHTVSHYGX[EWEW XLMREWTSWWMFPI



',%48)6

- [ERXIH XS GVIEXI WSQI HIZMGI XLEX GSYPH FI GEPPIH RYQFIV SRI MR XLI [SVPH-XLSYKLXXSHSWS-[SYPHLEZI XS KIX E TEXIRX SR ER] ³[SVPH ½VWX´ XIGLRSPSK]  %W - GSRXMRYIH [SVOMRK ERH XV]MRK XS HIZIPST RI[ MHIEW -´ZI IRHIHYT[MXLTEXIRXW² 3RISJLMWEQFMXMSRW[EWXSGVIEXI [EXGLIW JSV YWI SR PERH EX WIE ERH MR XLI EMV MR E [E] XLEX [SYPH WEXMWJ] XLI QSWX HIQERHMRK SJ GYWXSQIVW MR IEGL SJ XLIWI IRZMVSRQIRXW ¯ ERH LI LEW HSRI WS [MXL KVIEX WYGGIWW 8S HEXI XLIVI WIIQW XS FI RS IRH XS XLI GLEPPIRKIW LI MW TVITEVIH XS XEOI SR FIGEYWI IEGL ZIRXYVI XLEX I\TPSVIVWYRHIVXEOIXIRHWXSFIQSVI HIQERHMRKXLERXLIPEWX1V8SOYREKE SJXIR WXEVXW XS HIZIPST ER MHIE XLVII ]IEVWFIJSVIMXMWPEYRGLIH ;LEXQEXXIVWMWXLIGLEPPIRKIRS QEXXIV[LEXXLIWTSVXXLIETTPMGEXMSR SVXLIIRZMVSRQIRX.YWXEWHIHMGEXIH I\TPSVIVW WYGL EW 3LFE 4MTMR ERH 2SKYGLM WIIO XS TYWL XLI PMQMXW JYVXLIV XLER ER]FSH] FIJSVI XLIQ -OYS8SOYREKELEWFIIRGSRWMWXIRXP] 1V 8SOYREKE ERH LMW XIEQ VIQEMR MRZSPZIH[MXLXLIHIZIPSTQIRXSJ HIHMGEXIH XS I\TERHMRK XLI LSVM^SRW WTSVXW[EXGLIWWMRGILINSMRIHXLI SJWTSVXW[EXGLIWERHXSHIPMZIVMRKXLI GSQTER]MR YPXMQEXIMRTIVJSVQERGIERHVIPMEFMPMX] 7IMOS´W GSQQMXQIRX XS XLI ERHTIVGSPEXIXLVSYKLXSXLITYFPMG² 1V 8SOYREKE TE]W EXXIRXMSR XS GVIEXMSR SJ XMQITMIGIW JSV WTSVX ERH XLIWQEPPIWXHIXEMPWERHXEOIWEGGSYRX I\TPSVEXMSR ORS[W RS FSYRHW 8LI SJXLIVIUYMVIQIRXWSJQMRSVMX]YWIVW GSQTER]´WXIGLRMGMERWEVIHIHMGEXIHXS FYXYPXMQEXIP]LILEWETEWWMSRJSVXLI HIZMWMRK RI[ MRRSZEXMSRW MR SVHIV XS HIZIPSTQIRXSJRI[QIGLERMWQWXLEX EGLMIZIXLILMKLIWXTSWWMFPIWXERHEVHW EVISYXSJXLISVHMREV]±-RQ]HVIEQW SJEGGYVEG]ERHVIPMEFMPMX] XLSWI FIWX TPEGIH XS SJJIV TVEGXMGEP EHZMGI SR XLI WTIGM½GEXMSRW JSV WYGL [EXGLIW ERH XLIR XS XIWX XLIWI TVSH YGXWXSXLIPMQMX±;IWXEVXF]PIEZMRK GSQQIVGMEPGSRWMHIVEXMSRWSYXSJXLI IUYEXMSR FYX IZIRXYEPP] [I LEZI XS MRGPYHIXLIQMRSYVGEPGYPEXMSRWFIJSVI XLIWIRI[TVSHYGXWKSMRXSTVSHYGXMSR

8LI7GYFEQEWXIV4MTMR7TIGMEP[EW WSPHMREPMQMXIHIHMXMSRSJ TMIGIWMR

QEXIVMEP XMKLXP] FSRHIH XSKIXLIV8LI GEWIWLVMROWWPMKLXP]MRXLMWTVSGIWWWS QSPHQEOMRK MW E ZIV] I\EGX WGMIRGI XLEX LEW XS QEOI EPPS[ERGI JSV XLMW )EGLGEWIMWXLIRKVSYRHERHTSPMWLIH YWMRK HMEQSRH HYWX XS TVSHYGI XLI ½RMWLIH TVSHYGX8LMW WXEXISJXLIEVX XIGLRSPSK][EWIQTPS]IHJSVWSQISJ XLIWTIGMEP0ERHQEWXIVQSHIPW 7IMOS ½VWX YWIH XLMW MRKIRMSYW XIGLRMUYI[MXLWXEMRPIWWWXIIPERHRS[ XLI] EPWS YWI MX [LIR [SVOMRK [MXL QIXEPGIVEQMG EPPS]W 8LI] EVI WYVI XLEX JYVXLIV ETTPMGEXMSRW [MPP JSPPS[ 8LIWEQI2IEV2IX4VIGMWMSR4S[HIV 7LETMRKXIGLRSPSK]MWFIMRKYWIHJSVE KVS[MRKRYQFIVSJETTPMGEXMSRWSYXWMHI XLI[EXGL½IPHMRGPYHMRKTEVXWMRWSQI SJ)TWSR´WFIWXWIPPMRKMRONIXTVMRXIVW 1V8SOYREKEEXXVMFYXIW7IMOS´WWYG GIWWMRGVIEXMRKWYTIVFWTSVXW[EXGLIW XS MXW HIXIVQMREXMSR XS [SVO [MXL

%.3962)=-28-1)



,-7836=3*7)-/3³7463*)77-32%0 )<86)1)%(:)2896);%8',)7 463(9'87

97)67



-RXVSHYGXMSRSJ1%7XLI½VWXHSQIWXMGEPP]QEHIHMZIV´W[EXGL[MXL [EXIVVIWMWXERXXSQERHWIPJ[MRHMRKJIEXYVI

9WIHF]XL4SPEV3FWIVZEXMSR;MRXIVMRK8IEQ



-RXVSHYGXMSRSJXLI½VWXHSQIWXMGEPP]QEHIWIPJ[MRHMRKHMZIV´W [EXGL[MXL[EXIVVIWMWXERXXSQ



-RXVSHYGXMSRSJEFIEXLMKLTVIGMWMSRWIPJ[MRHMRKHMZIV´W[EXGL 9WIHF]FSXL2ESQM9IQYVEERH8IVYS1EXWYYVESJXLI [EXIVVIWMWXERXXSQ .ETERIWI%PTMRI'PYFJSVXLIMVEWWEYPXSR)ZIVIWX



-RXVSHYGXMSRSJXLI½VWX[EXGLXSYWIXMXERMYQMRMXWGEWIEHMZIV´W 9WIHMRXLI+EOYWLYMR9RMZIVWMX]%PTMRI'PYF´WYRWYGGIWWJYP [EXGLFYMPXJSVWEXYVEXMSRGSRHMXMSRW EXXIQTXSRXLIWYQQMXSJ7O]ERK/ERKVM9WIHF]E2MLSR 9RMZIVWMX]KVSYTJSVEVGXMGI\TPSVEXMSR



-RXVSHYGXMSRSJ4=*XLI[SVPH´W½VWXHMZIV´W[EXGLPSEHIH[MXLUYEVX^ QSZIQIRXERHFYMPXJSVWEXYVEXMSRGSRHMXMSRW



-RXVSHYGXMSRSJ7%(XLI[SVPH´W½VWXL]FVMHHMZIV´W[EXGL[MXLEPEVQ GLVSRSKVETL HMWTPE]MRKMRX[SPERKYEKIW[MXLYRHIV[EXIVGSQQYRMGEXMSR GETEFMPMX]

9WIHF]4SPEV;MRXIVMRK8IEQ+ISKVETLMGEP7YVZI] -RWXMXYXI.ETER'LMRE2ITEP8VM2EXMSREP*VMIRHWLMT )\TIHMXMSRYWIWXLMWMREWWEYPXSR'LSQSPYRKQE )ZIVIWX 



-RXVSHYGXMSRSJXLI*-)0(1%78)67%( L]FVMHX]TI GSRXEMRMRK JIEXYVIWJSVWYVZMZEPMRXLIKVIEXSYXHSSVWWYGLEW[EXIVVIWMWXERXWLSGO TVSS½RKERHERXMQEKRIXMGGETEFMPMXMIW

9WIHF]4SPEV;MRXIVMRK8IEQ9WIHF].ETER 'LMRE2ITEP8VM2EXMSREP*VMIRHWLMT)\TIHMXMSRMRXLIMVEWWEYPX SR'LSQSPYRKQE9WIHF]1EWEOS-^YQM´WXIEQMRTSPEV I\TPSVEXMSR



-RXVSHYGXMSRSJXLI77&7EHMZIV´W[EXGLFYMPXJSVWEXYVEXMSRGSRHM XMSRWHS[RXSQXLI[SVPH´W½VWX[EXGL[MXLSYXIVGEWMRKSJ^MVGSRME GIVEQMGW



-RXVSHYGXMSRSJ7'9&%1%78)67&&/EHMZIV´W[EXGL[EXIVVIWMWXERX XSQERHXLI[SVPH´W½VWX[MXLPSEHIHHMZIGSQTYXIVJYRGXMSRW



-RXVSHYGXMSRSJ7&&;XLI[SVPH´W½VWXHMZIV´W[EXGL[MXL/-2)8-' QSZIQIRX[EXIVVIWMWXERXHS[RXSQ



-RXVSHYGXMSRSJ0%2(1%78)67&&;EREHZIRXYVI[EXGL[MXLXLI [SVPH´W½VWXGEWIFYMPXEWSRITMIGISYXSJWXEMRPIWWWXIIPYWMRK1-1XIGL RSPSK]ERHPSEHIH[MXL/-2)8-'QSZIQIRXMRETVIGMWMSRHIWMKRIHFI^IP



-RXVSHYGXMSRSJ0%2(1%78)67&';EREHZIRXYVI[EXGL[MXLXLI [SVPH´W½VWXGEWIFYMPXEWSRITMIGISYXSJTYVIXMXERMYQYWMRK1-1XIGL RSPSK]PSEHIH[MXLLSYVLERHERH/-2)8-'QSZIQIRX

9WIHF]1MXWYVSY3LFEMRLMWJSYV4SPEVI\TIHMXMSRW



-RXVSHYGXMSRSJ7'9&%1%78)67&';XLI[SVPH´W½VWXGEWIFYMPXEW SRITMIGISYXSJFVMKLXXMXERMYQJSVEHMZIV´W[EXGL[EXIVVIWMWXERXXSQ

9WIHF]4MTMR*IVVIVEWSRXLISGGEWMSRSJLMWJSSX Q JVIIHMZMRK[SVPHVIGSVH



-RXVSHYGXMSRSJ7'9&%1%78)67&'4HMZIV´W[EXGL[EXIVVIWMWXERXXS QXLI[SVPH´W½VWXXSLEZIEREREPSKYIHITXLQIXIV[MXLJYPPEYXSQEXMG QIEWYVMRK



-RXVSHYGXMSRSJXLI0%2(1%78)67YQQMXIV7&'2EREHZIRXYVI [EXGLXLEXTVIWIRXWGYVVIRXEMVTVIWWYVIGSRHMXMSRW WIVZIWEWEWMQTPI EPXMQIXIV ERHGLEVXWSJEMVTVIWWYVIXVIRHWFEWIHSREFYMPXMREMVTVIWWYVI WIRWSV

9WIHF]/IR2SKYGLMMRLMW½VWXEWWEYPXSR7EKEVQEXLE )ZIVIWX 



-RXVSHYGXMSRSJ7'9&%1%78)67&';EQX]TIHMZIV´W[EXGL[MXL TIVJIGXP]¾YWLWYVJEGIERHGEWIFYMPXEWSRITMIGIMRGPYHMRKXLIFI^IPSYXSJ FVMKLXXMXERMYQ

9WIHF]4MTMR*IVVIVEWSRXLISGGEWMSRSJLMWJSSX Q  JVIIHMZMRK[SVPHVIGSVH

9WIHF]FSXL2ESQM9IQYVEERHE2MLSR9RMZIVWMX]KVSYT MR%VGXMGI\TPSVEXMSR-RWYFQIVKIHXSQMR.%178)'´W .ETERIWI1EVMRI7GMIRGIW8IGLRSPSK]'IRXIV´W WYFQEVMRI ±7LMROEM²

9WIHF]1EVMXMQI7IPJ(IJIRWI*SVGIWQMRIW[IITMRKHIXEGL QIRXMRXLIMV[SVOMRXLI+YPJ

-RXVSHYGXMSRSJ0%2(1%78)67EKEVQEXLE7&';EREHZIRXYVI[EXGL 9WIHF]/IR2SKYGLMMRLMWWIGSRHEWWEYPXSR7EKEVQEXLE [MXLXLI[SVPH´W½VWX'IVQIX GIVEQMGQIXEP VSXEXMRKFI^IP[MXLSRITMIGI )ZIVIWX  GEWIFYMPXSJFVMKLXXMXERMYQ 



-RXVSHYGXMSRSJ7&';XLI0%2(1%78)67SYXL4SPIEHZIRXYVI 9WIHF]1MXWYVSY3LFEJSVLMWWSPSGVSWWMRKSRJSSXSJ [EXGL[MXL/-2)8-'QSZIQIRXXLI½VWXEPPGIVEQMG[EXGL[MXLFEGO[EVH %RXEVGXMGE VSXEXMRKLSYVLERHJSVHIXIVQMRMRKHMVIGXMSRERH[MXLGIVEQMGWYWIHJSV XLIVSXEXMRKFI^IPSRITMIGIX]TIGEWIERHXLIFERH ',%48)6

30/2434)-).'n 4(%-%!352%/&'2%!4.%33 !STHEECONOMICMIRACLEOFPOST 7AR*APANDEVELOPED ONEORGANISATIONABOVE ALLOTHERSCONFERREDON*APANITSHIGHESTHONOURANDPRESENTEDTHENATIONWITHAN UNPARALLELEDOPPORTUNITYTODEMONSTRATEITSTECHNICALANDORGANISATIONALSKILLS

4HEPRESTIGIOUSRIGHTTOHOSTTHE SOMEWHOHADTHEIRDOUBTSABOUTTHE OFlCIALTIMINGDUTIESv)NTHETELEGRAM  3UMMER /LYMPIC 'AMES WAS WISDOMOFTRYINGTOTAKEONTHISMAM 3HOJI (ATTORI INSTRUCTED -R )NOUE TO AWARDEDBYTHE)/#TO4OKYO MAKING MOTH TIMING TASK /NE OF THEM WAS h'OTO2OME/LYMPICSIN!UGUSTAND THESETHElRSTEVERGAMESTOBEHELD 3ABUROU )NOUE WHO WAS THE 7ATCH OBSERVETIMINGPROCEDURESv IN!SIA4HE 0RESIDENT OF 3EIKO 3HOJI $ESIGN 3ECTION -ANAGER OF $AINI -R)NOUERECALLS h!ROUNDTHETIME (ATTORI SAW THE SCALE OF THE OPPOR 3EIKOSHA(ESAID h)WASIN:URICHON THE/LYMPIC'AMESWEREDUETOSTART BUSINESSINTHESPRINGOFAND)GOT -R 9OKOYAMA 3EIKOSHA 0RODUCTION TUNITYANDSOSETTHECOMPANYONTHE PATHTHATWOULDESTABLISHIT INTHEEYES A TELEGRAM FROMTHECOMPANY)TREAD %NGINEERING 3ECTION -ANAGER AT THE OFTHEWORLD ASTHELEADINGTECHNOLOGY @/FlCIAL WORD 4OKYO WILL HOST NEXT TIME CAMETO:URICH SO)TOLDHIM) COMPANYINTHEWORLDWATCHINDUSTRY /LYMPIC'AMESv HADTOGOTO!MERICAANDTHENDIRECTLY 7HEN 3EIKO WAS AWARDED THE TO*APANFROMTHERE ANDASKEDHIMTO CONTRACT TO BECOME /FlCIAL 4IMER 3IXHISTORICWORDS 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 COMPANYS HISTORY FOR TO*APANWITHOUTGOINGTO2OMEATALL 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 mAWLESS TIMING OF THEIR lRST/LYMPIC 'AMES 5NTIL 3EIKO WAS AWARDED THE CONTRACT %UROPEAN COM PANIES HAD BEEN OFlCIAL TIMEKEEPERS FORALLTHE'AMESSINCETHE,OS!NGELES /LYMPIC 'AMES IN  SO IT WAS A GREATHONOURFOR3EIKOTOBEAWARDED THISPRESTIGIOUSRESPONSIBILITY -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 4HEOPENINGCEREMONYOFTHE/LYMPIC'AMESIN4OKYOMARKEDTHESTARTING THEY WOULD ALSO BE TIMING THE4OKYO POINTOFANIMPORTANT LONG TERMRELATIONSHIPBETWEEN3EIKOANDTHESPORTINGWORLD 'AMES%VENWITHIN3EIKOTHEREWERE !*/52.%9).4)-%



3PORTSTIMEKEEPINGWASREVOLUTIONISEDBY3EIKOWHENITTIMEDTHE3UMMER /LYMPIC'AMESIN4OKYO5NTILTHENTIMEKEEPINGHADBEENCARRIEDOUTMANUALLY -ANYTIMEKEEPERSWEREPLACEDATTHEFINISHINGLINEWITHTHEIRSTOPWATCHES nPROVIDINGASIGHTTHAT3EIKOWASTOBANISHFOREVER

PRESIDENTOF+(ATTORI#O,TD CAME TO$AINI3EIKOSHAANDASKEDME @7ELL THEN AREYOUREADYTOTAKETHISON h)THOUGHT @/H THISISABOUTOFlCIAL TIMING SO ) SAID @)M SORRY WE JUST CANTDOIT(ERETORTED @ANDWHYNOT 9OUHAVEFOURYEARS"UTYOUHAVETO REALISE THAT FOUR YEARS ISNT NEARLY AS LONGASITSOUNDS7ECOULDNTDOCOM PUTERSIMULATIONS SOWEHADTOWORK OUTEVERYSINGLETHINGBYTRIALANDERROR 3O)TOLDHIM @)TSIMPLYCANTBEDONE h0RESIDENT3HOJIGOTANGRYANDSAID @OURTIMEPIECESARENOWGOODENOUGH FOR THE WHOLE WORLD TO KNOW ABOUT THEM7HATDOYOUMEAN @)TCANTBE DONE (E FOLLOWED THAT REMARK WITH @)LLBEBACKINAWEEK9OUDBETTERBE READYBYTHENnANDHELEFTv (EREALLYDIDRETURNINAWEEKAND HEPRESSED-R)NOUEHARD ASKINGh!RE YOUREADYNOWv-R)NOUElNALLYGAVE 

IN TO THE DETERMINATION OF 0RESIDENT 3HOJI WHOWASVISITINGHIMEVERYWEEK AND HE AGREED TO LAUNCH THE TIMING EFFORT ON ONE CONDITION h) TOLD HIM SINCE)DNEVERSEENTIMINGDEVICESFOR THE /LYMPICS AND DIDNT KNOW HOW THEYUSEDTHEIRSTOPWATCHES ORWHAT TYPES THEY WOULD NEED ) WOULD HAVE

SAYTOUS @!NDYOUCALLTHISAWATCH ) HAD JUST COME BACK FROM FACING THAT SOWHENSOMEONESUDDENLYTOLD ME @7ELL 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.OTONLYTHAT THECOMPANY ITSELFMIGHTFOLD%VENWORSETHANTHE COMPANY FOLDING ) THOUGHT THAT THE NATION WOULD BE WRITTEN OFF BY THE WHOLE WORLD SAYING @*APAN JUST CANT GET IT RIGHTv ! GREAT DEAL OF WORK WAS NEEDED TO IMPROVE QUALITY AND RELIABILITY AND DEVELOP TIMEKEEPING EQUIPMENTINTIMEFORTHE'AMES -R)NOUEADDED h)NTHISSITUATION )COULDNTSEEHOWINFOURSHORTYEARS 3EIKO COULD GENERATE THE CONlDENCE ITWOULDNEEDTOHANDLETHE/LYMPIC 'AMESv !LTHOUGH3EIKOTHENHADSOMUCH INmUENCEINTHEDOMESTICMARKETTHAT

@7ELLHANDLETHENEXT /LYMPIC'AMES TOMEETWITHTHETOPOFlCIALSFORTRACK AND SWIMMING EVENTS (E SAID @) CAN CERTAINLY ARRANGE THAT FOR YOU 4HAT SEALEDMYFATEv /NE OF THE INITIAL REASONS FOR -R )NOUES RELUCTANCE STEMMED FROM HIS VISITTO!MERICAAFTERHIS:URICHTRIP h) WENT TO!MERICA BECAUSE WE HAD TO HANDLE A HUGE NUMBER OF COMPLAINTS ABOUT THE lRST WATCHES WE EXPORTED TOTHE537EEVENHADAWATCHSTORE

3ABUROU)NOUEWASTOLDBYTHE 0RESIDENTTOMAKETHEEQUIPMENTTO TIMETHE'AMESnFROMSCRATCH
#(!04%2

4ATSUYA)SHIWARAIMPROVEDTHE ACCURACYOFSTOPWATCHESFOR SPORTSTIMING

ANYTHINGTHECOMPANYPRODUCEDWOULD 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 WANTED4HEY BUILT ENTIRELY NEW TIMING SYSTEMS FROM SCRATCH AN IMMENSE UNDERTAKING THAT HAS NEVER BEENREPEATEDIN/LYMPICHISTORY 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 INHERENTINTHEEXISTINGGENERATION !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 &ORMANYYEARS TRACKEVENTSWERE TIMEDBYATLEASTOFlCIALSWHOWERE POSITIONEDVERTICALLYABOVEONEANOTHER ATTHElNISHINGLINE.EVERTHELESS THERE !*/52.%9).4)-%

WEREOFTENDISCREPANCIESBETWEENTHE RECORDEDTIMESANDSOANAVERAGEWAS USED $AINI 3EIKOSHA TECHNICIANS SET OUT TO DISCOVER WHETHER THE DISCREP ANCIESWERETHERESULTOFDIFFERENTSKILL LEVELS OR REACTION TIMES AMONG THE TIMINGPERSONNEL -R)SHIWARAEXPLAINED h0ARTLYFOR 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 lVE STOP WATCHES WE FOUND THEY WOULDNT REGISTER THE SAME TIME 7E THOUGHT THISTHROUGHANDDECIDEDITWASPROB ABLY SOMETHING TO DO WITH GIVING THE

BALANCE A BIG @KICK WHEN STARTING THE STOPWATCHv 4HE SAME HAPPENED WHETHER THEY USED 3WISS OR *APANESE STOPWATCHES h4HESHOCKINGRESULTOFOUR+OMAKI MACHINEEXPERIMENTSWASTHATATIME DIFFERENCE WAS ALWAYS RECORDED EVEN WHEN OPERATION OF THE BUTTON WAS CONTROLLED MECHANICALLY TO ENSURE THAT ALL WATCHES WERE OPERATED SIMULTANEOUSLY 3PORTS ORGANISATIONS WEREAWARETHATTHEREWASAPROBLEM BUT THEY THOUGHT IT WAS CONNECTED WITH THE SKILL OF THE OPERATOR 4HEY WERETRAININGPEOPLEHOWTOOPERATE STOPWATCHES AND LICENSING THEM BUT WE FOUND THE DISCREPANCIES WERE NOTHINGTODOWITHOPERATORSKILLSTHEY WERECAUSEDBYTHEPOSITIONOFTHEBAL ANCEWHENTHEBUTTONWASCLICKED)D HATE TO TELL AN ATHLETE THAT BECAUSE THEY STAKE THEIR PROFESSIONAL LIVES ON

4HESEPRESSURE SENSITIVESTARTINGBLOCKS INTRODUCEDIN GAVEOFFICIALSNEWDATA TODETECTFALSESTARTS 

DIFFERENCESASSMALLASONETENTHOFA SECONDv

0ROBLEMSOLVED ! HEART SHAPED CAM WAS lTTED TO THE BALANCE STAFF SO THAT THE BALANCE WHEELALWAYSSTOPPEDINTHEOPTIMUM POSITIONTOENSURETHATITWOULDSTART WITHANINSTANTANDCONSISTENTIMPULSE -R)SHIWARAEXPLAINED h7ECREATEDA MODELTHATSTARTEDTHEBALANCEWHEEL SMOOTHLYWHENTHEBUTTONWASPUSHED ANDTHISCUREDTHEPROBLEMv4HEENGI NEERSAT$AINI3EIKOSHAWERETHElRST EVER TO APPLY THIS TECHNIQUE TO RESET THEBALANCETOTHESAMEPOSITIONEVERY TIMETHEHANDSWERERE SET -ASATOSHI4OHYAMAPRESENTED 4HE IDEA WAS VERY SIMPLE BUT 3EIKOSCASETOTHE)NTERNATIONAL BECAUSE THE PARTS WERE SO TINY IT /LYMPIC#OMMITTEE PROVED VERY DIFlCULT TO MANUFACTURE THEM! DEVICE WAS ADDED TO ENSURE TRACK EVENTS4HEY 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 WOULDALWAYSBEROUNDEDAUTOMATICALLY -ASATOSHI4OHYAMA 2ESEARCH 3ECTION SO THAT THE HAND WOULD STOP DIRECTLY -ANAGER AT THE TIME WAS GIVEN THE TASKOFTAKINGTHENEWSTOPWATCHESTO OVER A MARK &INALLY THE DEVELOPMENT TEAMPRODUCEDASTOPWATCHTHATWOULD THE#OMMITTEEFOREVALUATION(ETOOK PROVIDETHESAMERESULTSWHENUSEDBY SIX  SECONDMODELS ANDSIX  ANYSUFlCIENTLYSKILLEDTIMINGOFlCIAL SECONDMODELS /NTHEJOURNEY 4HEREWASAVERYGOODREASONFOR THE PLANE MADE A REFUELLING STOP IN 3EIKOTODEVOTESOMUCHEFFORTTOTHE :AGREB BEFORE IT REACHED "ELGRADE DEVELOPMENT OF THIS NEW STOPWATCH 7HEN PASSENGERS HAD TO LEAVE THE 4HE /LYMPIC 'AMES EMBRACE A WIDE PLANEDURINGTHEREFUELLING -R4OHYAMA VARIETY OF SPORTS THAT REQUIRE A TRE WASTOLDHECOULDLEAVEHISBAGSONHIS SEAT7HENHERETURNEDTOTHEAIRCRAFT MENDOUS RANGE OF SPECIALISED TIMING HE WAS HORRIlED TO lND HIS SUITCASE EQUIPMENT BUT ACCURATE TIMING WAS MOST CRITICAL FOR TRACK AND SWIMMING WAS NO LONGER ON HIS SEAT )F IT HAD BEENLOSTORSTOLEN 3EIKOSCHANCEOF EVENTS3EIKORECOGNISEDTHATTHEMOST IMPORTANTCHALLENGEWASTOENSURETHAT ALIFETIMEWOULDHAVEBEENLOSTFOREVER ITS NEW STOPWATCH WAS ADOPTED FOR &ORTUNATELY THESUITCASECONTAININGHIS THESEhBLUE RIBANDv EVENTS AND MOST PRECIOUS CARGO OF WATCHES HAD BEEN OFALL FORATHLETICS PUTONTHETARMAC#HASTENEDBYTHIS !N/LYMPIC4ECHNICAL#OMMITTEE TRAUMATICINCIDENT -R4OHYAMAARRIVED WASRESPONSIBLEFORDETERMININGWHICH IN "ELGRADE WITHOUT FURTHER INCIDENT EQUIPMENT WOULD BE USED TO TIME BUTMOREPROBLEMSWERETOFOLLOW 

h4HE DAY BEFORE THE #OMMITTEE MEETING THE 0RESIDENT OF THE *APAN !SSOCIATION OF !THLETICS &EDERATIONS TESTEDTHESTOPWATCHES)HADBROUGHT WITHME vHEEXPLAINEDLATER *USTONE OFTHEMODELWATCHESSEEMEDTO HAVE A PROBLEM n THE SECONDS HAND WASNOTABLETOSYNCHRONISEWITHTHE OTHER HAND4HE *!!& 0RESIDENT WAS SHARP WITH ME SAYING@)F THIS HAPPENS AT TOMORROWS #OMMITTEE MEETING IT WILLALLBEOVERINANINSTANT 3O)WON DEREDWHATTODO4HEREWASNTENOUGH TIME TO lX IT AND TESTING THE REST OF THEM COULD POSSIBLY CAUSE MORE DEFECTS SO ) ELIMINATED THE DEFECTIVE WATCH4HEN ) LISTENED TO THE TICKING OF THE MODEL  WATCHES AND ELIMI NATED THE QUIETEST ) TOOK THOSE THAT REMAINEDTOTHEMEETINGTHENEXTDAYv 4HE STOPWATCHES WERE TESTED BY TWO #OMMITTEE MEMBERS -R 0AIN THE (ONORARY 3ECRETARY OF THE

3EIKOHASDEVELOPEDSPECIAL TIMEPIECESFORMANYDIFFERENTSPORTS 4HISEXAMPLEMEASURESTHENUMBER OFSTROKESPERMINUTEINROWING COMPETITIONS)THELPSROWERSADJUST THEIRSTROKERATE BUTISNOTUSEDFOR OFFICIALTIMING #(!04%2

)NTERNATIONAL!SSOCIATION OF!THLETICS &EDERATIONS )!!& AND -R 0AULEN 0RESIDENTOFTHE)!!& -R0AULENWAS PARTICULARLY CONlDENT ABOUT HIS STOP WATCH TIMING SKILLS (E ALWAYS CARRIED ASTOPWATCHAROUNDANDWASREPUTED TO lLE A COMPLAINT WHENEVER AN OFl CIALTIMEDIFFEREDFROMHISOWNTIMING RESULTS -R 4OHYAMA WONDERED HOW -R 0AULEN INTENDED TO TEST 3EIKOS STOPWATCHES (E SAID h(E TOOK A STOPWATCH IN EACH HAND CLICKED BOTH SIMULTANEOUSLY AND THEN AFTER A SPECIlEDTIMEHADPASSED CLICKEDTHEM BOTHAGAINANDCHECKEDTHEDIFFERENCE BETWEEN THEM (E PERFORMED THIS TESTTHREETIMESnFORSEVERALSECONDS SEVERAL MINUTES AND FOR NEARLY ONE HOUR4HE lRST TEST FOR SECONDS WAS RIGHT ON TARGET4HE TEST FOR SEVERAL MINUTES WAS lNE TOO7HEN -R 0AULEN STOPPED THE WATCHES AFTER A TEST OF NEARLY AN HOUR THE DIFFERENCE WASLESSTHANSECONDS h4HAT EVEN SURPRISED -R 0AULEN AND HE ASKED ME @7HAT KIND OF TECH NOLOGYISTHISSO)GOTOUTTHEMANUAL AND EXPLAINED THE )SHIWARA PRINCIPLE "OTH -R 0AULEN AND -R 0AIN OFFERED HEARTY PRAISE AFTER THE PRESENTATION @7HATAGOODIDEA
4HATSGOODTHEORY
 4HEN THEY SAID @7E ARE NOT ASSIGNING OFlCIALTIMEKEEPINGTOA*APANESEMAN UFACTURERBECAUSETHE/LYMPICSWILLBE HELD IN4OKYO BUT BECAUSE THESE ARE ACTUAL FUNCTIONAL STOPWATCHES BACKED UPWITHSOLIDTHEORY

/LYMPICCERTIlCATION h4HAT REALLY MADE ME FEEL GOOD4HAT EVENING ) WAS ABSOLUTELY THRILLED WHEN ) HEARD -R /DA -IKIO FROM THE*!!&SAY @THEBESTTHINGTOCOME FROM THE MEETING TODAY WAS THE PRE !*/52.%9).4)-%

4HE3EIKOhSLIT VIDEOvPHOTO FINISHCAMERAPROVIDESTHEIMAGEFROMWHICHOFFICIALS DECIDEBOTHTHERESULTANDTHETIME TOANACCURACYOF OFASECOND

LIMINARY DECISION IN FAVOUR OF 3EIKO STOPWATCH THISWASONLYTHEBEGINNING STOPWATCHESv 3UBSEQUENTLY THE NEW OFTHEMAMMOTHTASKOFDEVELOPINGA FULL COMPLEMENT OF TIMING EQUIPMENT STOPWATCHES WERE SUBMITTED TO THE FORTHE'AMES .ATIONAL0HYSICAL,ABORATORYIN%NGLAND !S SOON AS 3EIKO WAS UNOFlCIALLY FORINSPECTIONANDFORCERTIlCATIONAS /LYMPICTIMEKEEPINGEQUIPMENT AWARDED THE CONTRACT TO TIME THE !LTHOUGH 3EIKO RECEIVED A PRE 4OKYO'AMES ITBEGANTHEENORMOUS LIMINARYNOMINATIONASTIMEKEEPERFOR TASK OF DEVELOPING DIFFERENT TYPES OF THE4OKYO/LYMPIC'AMESAFTER STOPWATCH SUITABLE FOR TIMING MANY THE)!!&#OMMITTEEMETIN"ELGRADE DIFFERENT SPORTS EVENTS .OT ONLY DID IN  IT WAS ONLY ONE YEAR BEFORE 3EIKOS SYSTEMS HAVE TO RECORD THE THEEVENTTHATTHEYRECEIVEDNOTICEIN TIME OF THE WINNING COMPETITOR IN WRITINGOFTHEIROFlCIALAPPOINTMENT EACHEVENTTHEYALSOHADTODETERMINE $EVELOPMENT OF THE NEW STOP TIMESFORTHEOTHERCOMPETITORSANDTO WATCHWITHITSINNOVATIVEHEART SHAPED RECORDWHICHCOMPETITORWASINWHICH CAMWASANENORMOUSUNDERTAKING BUT PLACE WITHOUTIT 3EIKOWOULDPROBABLYHAVE 4HE GARGANTUAN TASK OF PREPARING FOR THE 'AMES DID NOT STOP WITH THE STOOD NO CHANCE IN ITS CAMPAIGN TO TIMETHE/LYMPICS DEVELOPMENT OF NEW TIMING EQUIP $ESPITE THE TRIALS AND TRIBULA MENT)TWASALSONECESSARYTOPRODUCE TIONS THAT HAD BEEN ENDURED DURING MANYOTHERITEMS SUCHASGIANTCLOCKS 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 THEIRVERYlRST THERE WERE NO TIMEKEEPING ERRORS AT ALL ALTHOUGH THEY HAD NO PREVIOUS EXPERIENCEANDHADONLYHADTWOYEARS TODESIGNANDMAKEALLTHENEWEQUIP MENTTHATWASREQUIRED HAVINGALREADY IMPROVEDSTOPWATCHPERFORMANCE (AVING BEEN GRANTED THE PRES TIGIOUS CONTRACT TO TIME THE /LYMPIC 'AMES FOR THE lRST TIME 3EIKO WERE DETERMINED TO ENSURE THAT IN THEIR HANDS TIMEKEEPINGSHOULDREACHHIGHER STANDARDSTHANEVERBEFORE

DEVELOPED A MARINE CHRONOMETER )T WAS SOON MARKETED AS A COMMERCIAL CLOCK THE #RYSTAL #HRONOMETER 1#  COSTING   YEN 4HIS REVOLUTIONARY PRODUCT WAS USED TO TIMESOMEEVENTSATTHE/LYMPIC 'AMES IN 4OKYO INTRODUCING QUARTZ ACCURACYTOSPORTSTIMEKEEPINGSYSTEM FORTHElRSTTIME 4HEOPPORTUNITYTOACTASTHEOFl CIALTIMEKEEPEROFTHE4OKYO/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 ONTHECHALLENGEPROVEDTOBEONEOF

!N/LYMPIClRST 4HEYFULlLLEDTHEIRDREAMBYDEVELOPING A QUARTZ CRYSTAL CHRONOMETER CLOCK

5LTRASONICWINDGAUGESMEASURETHE WINDSPEED !READINGOFMORETHAN TWOMETRESASECONDINVALIDATESA WORLDTRACKRECORD 

$ISTANCEMEASUREMENTISPROVIDED FORALLFIELDEVENTS

THAT WAS USED TO TIME THE MARATHON EVENTS n AND IT WAS ACCURATE TO WITHIN  SECONDS A DAY )T WAS THE lRST TIME THAT QUARTZ TIMEKEEPING SYSTEM HAD EVER BEEN USED AT AN INTERNATIONAL SPORTING EVENT 3PRING WOUND MECHANICAL TIMEPIECES WHICH HADSETTHESTANDARDSFORTIMEKEEPING 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 DEVELOPINGQUARTZTECHNOLOGYANDTHAT THEY WERE WELL PLACED IN THE RACE TO DEVELOPQUARTZWRISTWATCHES 4HE lRST STEP ALONG THE WAY FOR 3EIKO CAME IN  WHEN 3EIKOSHA CREATEDAPRACTICALQUARTZTIMEPIECEFOR ARADIOSTATION BUTITWASNOTPORTABLE )N THE FOLLOWING YEAR 3UWA 3EIKOSHA

3EIKOSFIRSTCOMMERCIAL PORTABLE QUARTZCLOCK THE#RYSTAL #HRONOMETER1#  MADEHISTORY WHENITWASUSEDTOTIMESOME EVENTSATTHE'AMESIN4OKYO

THE MOST MOMENTOUS LANDMARKS IN THECOMPANYSHISTORYANDITHASNEVER LOOKEDBACKSINCE4HECOMPANYTOOK ITS RESPONSIBILITY SO SERIOUSLY THAT IT EMBARKEDONAFOUR YEARDEVELOPMENT PROGRAMME WITHNOLIMITONDEVELOP MENTCOSTSORTHERESOURCESTHATCOULD 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!SAHARAMASTERMINDED3EIKOS SPORTSTIMINGFOROVERYEARS

GAMES mAWLESSLY AND THE RESULTING PUBLICITYALLOVERTHEWORLDHELPEDTHE COMPANYTOGAINTHEINTERNATIONALREC OGNITIONANDCREDIBILITYITHADNEEDED SOBADLY !TLAST 3EIKOWASABLETOCOMPETE WITHTHE3WISSONEQUALTERMSFORTHE TIMING OF WORLD CLASS SPORTS EVENTS 3INCE THAT lRST MAJOR SPORTING EVENT THECOMPANYHASTIRELESSLYDEVISEDNEW ANDIMPROVEDSPECIALISTTIMINGSYSTEMS AND NOW IT HAS ONE OF THE WORLDS 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 HAVETIMEDlVEMORE/LYMPIC'AMES BUT THEIR INVOLVEMENT IN SPORTS HAS GROWN WELL BEYOND /LYMPIC EVENTS ANDTHEYHAVEPROVIDEDTIMINGFACILITIES AT MANY INTERNATIONAL MULTI DISCIPLINE SPORTS EVENTS FROM THE !SIAN AND #OMMONWEALTH 'AMES TO 7ORLD #HAMPIONSHIPSINOVERSPORTS $ESPITETHEmAWLESSTIMINGOFTHE  /LYMPIC 'AMES THE EARLY YEARS THAT FOLLOWED WERE NOT WITHOUT THEIR !*/52.%9).4)-%

DRAMATIC MOMENTS BUT THESE GAVE 3EIKOS 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 OFlCIALTIMEKEEPERSFORTHE&IFTH!SIAN 'AMES HELD IN 4HAILAND !CCORDING TO9ASUAKI!SAHARA A SENIOR MEMBER OF THE SPORTS TIMING TEAM THE TIMING EQUIPMENTTHATWASTAKENTO4HAILAND WASMUCHTHESAMEASHADBEENUSED FOR THE /LYMPIC 'AMES 4HIS FAILED TO TAKE INTO ACCOUNT THE DRAMATIC DIFFERENCE IN TEMPERATURES BETWEEN 4OKYO AND "ANGKOK AND RESULTED IN SOMEEQUIPMENTFAILURES

&OOLPROOFBACK UPS 1UARTZ OSCILLATORS ARE PARTICULARLY SENSITIVETOTEMPERATURECHANGESAND THE NEWLY DEVELOPED SMALL ELECTRONIC PRINTERS HAD BEEN DEVELOPED FOR THE *APANESE CLIMATE IN /CTOBER /N A $ECEMBER DAY IN4HAILAND WHEN DAY

4HELATESTTRANSPONDERTECHNOLOGY ISNOWUSEDTOGIVEINSTANTTIMES ANDPOSITIONSINMARATHONS CROSS COUNTRYANDSKIRACES

TIME TEMPERATURES WERE OFTEN WELL OVERŽ# THETEMPERATUREINSIDETHE BOXES CONTAINING SOME OF THE TIMING EQUIPMENTROSETOAROUNDŽ#4HE TEMPORARY SOLUTION WAS A HAND HELD FAN$ESPITETHEFAILUREOFSOMEITEMS OF EQUIPMENT 3EIKO STILL MANAGED TO TIME EVERY EVENT WITHOUT MISSING A SINGLETIME

3EIKOHASSERVEDAS/FFICIAL4IMERFOREVERY)!!&7ORLD#HAMPIONSHIPSSINCE 

4HE LESSON THAT WAS LEARNT FROM THISUNEXPECTEDINTERLUDEWASTHATTHE TIMEKEEPING TEAM HAD TO DEVELOP DIF FERENTEQUIPMENTFOREVENTSINAUTUMN SUMMER AND WINTER -R!SAHARA SAID h4HEY HAD TO HAVE FOOLPROOF BACK UP SYSTEMSv -R!SAHARA EXPLAINED h)F A PIECEOFTIMEKEEPINGEQUIPMENTWERE TOFAIL ITREALLYWOULDONLYBEAFAILURE IF THE TIMEKEEPERS DIDNT GET A TIME ANDHADTOASKTHEATHLETESTORUNTHE SAMERACEFORUSAGAINv-R!SAHARA A KEENSPORTSENTHUSIAST ADDED h4HERES NOWAYTHEYCOULDHAVESAID @)MSORRY #ARL,EWIS COULDYOURUNTHATAGAINv (EADDED h!WATCHISAMACHINEAND CAN BREAK DOWN7E HAVENT FAILED SO FAR BUTYES OURWATCHESHAVEBROKEN

SYSTEM TO ENSURE THAT WE NEVER MISS RECORDINGTHETIME)TSALLRIGHTIFYOU HAVE TO USE A CALCULATOR TO COMPUTE THERESULTS h)TISALSOIMPORTANTTOREMEMBER THAT THE ATHLETES WHO COME IN LAST HAVEALSOGIVENITTHEIRBESTSHOTAND SOWEDONTWANTTOMISSTHEIRTIMES EITHER4HEHARDESTTHINGINTIMEKEEPING ISTORECORDTHETIMEOFTHELASTPERSON TO lNISH!T THE MOMENT THE LEADING RUNNER REACHES THE lNISHING LINE OFlCIALS AND CAMERAMEN ARE WAITING EAGERLYINTHEIRASSIGNEDPOSITIONS"Y THE TIME THE LAST COMPETITOR GETS TO THE lNISHING LINE THEYRE ALL OVER THE PLACE PARTICULARLY WITH THE   METRERACEv "Y THE TIME OF THE 3APPORO /LYMPICS IN  3EIKOS SPORTS TIMING SPECIALISTS HAD DEVELOPED A SYSTEM THAT COULD TIME SEVERAL SKIERS SIMULTANEOUSLY BETWEENTHREEANDlVE AT A TIME AND THE RESULTS WERE

4HE3EIKOSWIMMINGTOUCHPADSARE PARTOFAFULLYAUTOMATEDSYSTEM ACCURATETO OFASECOND

CALCULATED WITHOUT THE USE OF COM PUTERS 3KIINGEVENTSPRESENTTIMEKEEPERS WITH MORE CHALLENGES IN ADDITION TO THAT OF THE WEATHER -R !SAHARA WHO RETIRED AT THE END OF THE S EXPLAINSh!LPINE SKIING HAS TO RELY ON ELECTRONIC TIMING BECAUSE YOU CANT SEE THE START POSITION FROM THE BASE

!LLRESULTSAREDELIVEREDON LINEAND FORTHEOFFICIALRECORD INPRINT

DOWN4HATSWHEREBACK UPSCOMEIN &IRST WE MAKE TWO IDENTICAL SYSTEMS COMPLETELYSEPARATEBUTLINKEDTOTHE SAMEELECTRICLINES&ORGOODMEASURE INCASEBOTHSYSTEMSBREAKDOWN WE HAVE A THIRD SYSTEM THAT CAN RECORD THETIMEJUSTASWELLASTHEOTHERTWO )N ADDITION TO THIS THERE IS A FOURTH 

0HOTO FINISHIMAGESAREPRODUCEDINSTANTLYFOROFFICIALSTOREADON SCREEN #(!04%2

OFTHEHILL-ANUALTIMEKEEPINGWOULD BE IMPOSSIBLE )N THE DOWNHILL EVENTS YOUHAVETWOORTHREEATHLETESCOMING DOWNTHECOURSEATTHESAMETIME BUT YOUNEEDTOTIMEEACHSKIERSEPARATELY 3O NOW THE OPERATOR NEEDS TWO OR THREE SYSTEMS TOO !ND SINCE THERE COULD BE OPERATOR MISTAKES YOU HAVE TOBEPREPAREDFORTHAT ASWELL4HATS HOWFARYOUHAVETOGOBEFOREYOUCAN EXPECTCOMPLETESUCCESSv

.EWCHALLENGES /VER THE  YEARS OF 3EIKOS SPORTS TIMINGHISTORY SINCETHE4OKYO/LYMPIC 'AMESIN THEDEMANDSOFSPORT HAVE INCREASED DRAMATICALLY AND NEW TECHNOLOGIES HAVE BECOME AVAILABLE 4HESEHAVECREATEDNEWCHALLENGESAND 3EIKOSDEDICATEDSPORTSTIMINGSPECIAL ISTSHAVERESPONDEDIMPRESSIVELY 7ITHIN THE 'ROUP THE COMPUTER SKILLSOF%PSONHAVEBEENUTILISEDAND RESULTEDINFULLYON LINESYSTEMSFORTHE 7ORLD#HAMPIONSHIPSIN!THLETICS 3WIMMING EVENTS ARE ANOTHER GOOD EXAMPLEOFTHEPROGRESSTHATHASBEEN MADE

$OWNHILLSKIINGISONEOFTHEMOST COMPLEXOFALL!LPINESPORTS

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

4HEPHOTO FINISHIMAGESAREBUILTFROMPICTURESTAKENOFTHEFINISHLINE TIMESA SECOND 4HISIMAGEISAPICTUREOFTIME NOTSPACE


!T THE 4OKYO /LYMPICS IN  3EIKO USED TWO DIFFERENT TIMEKEEPING SYSTEMS FOR SWIMMING EVENTS THEY UTILISEDDIFFERENTTIMINGMETHODS 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 TOO4HEY ARE NO LONGERMERETIMINGSYSTEMS4HEYARE COMPREHENSIVE UNITS THAT TIME EACH EVENT AND EACH COMPETITOR AND THEN ANALYSEANDSTORETHISINFORMATION AND PROVIDEREAL TIMEINFORMATIONSERVICES FORRADIOANDTELEVISIONCOMMENTATORS FOR JOURNALISTS AND FOR MANY MILLIONS OF TELEVISION AND RADIO VIEWERS AND LISTENERSAROUNDTHEGLOBE

-ORETHANJUSTTIMING 3PORTSTIMINGTODAY FOR3EIKO ISMUCH MORETHANJUSTTIMINGn3EIKOPROVIDES END TO END SOLUTIONS DESIGNED TO SAT ISFYTHENEEDSOFVARIESUSERSOFTIMES ANDMEASUREMENTS4HESEINCLUDETHE ATHLETES COACHES TELEVISION VIEWERS AND INCREASING NUMBERS OF INTERNET USERS )T IS EXTREMELY EXPENSIVE TO PRO VIDEALLTHEEQUIPMENTANDMANPOWER THATAREREQUIREDTOTIMEWORLD CLASS SPORTSEVENTSANDTHECOMPANIESWHO PERFORMTHISINVALUABLESERVICERECEIVE NO PAYMENT FOR THEIR WORK SO IS IT REALLYWORTHWHILE 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 

,OUDSPEAKERSCONVEYTHESTARTERSSIGNALTOEACHLANEINDIVIDUALLY TOCOUNTERACTTHEDELAYOFSOUNDTRAVELLINGTHOUGHTHEAIR

TIMED WORLD CLASS MULTI DISCIPLINE SPORTSEVENTS 3EIKOANDACONSORTIUM OF3WISSCOMPANIES 3INCE THE VERY EARLY DAYS OF ITS INVOLVEMENTWITHSPORTSTIMING 3EIKO HAS APPRECIATED THAT ALTHOUGH THE COMPANY RECEIVES NO PAYMENT FOR TIMINGTOPINTERNATIONALEVENTSINMOST CASES ITS INVOLVEMENT PAID ENORMOUS DIVIDENDS IN TERMS OF PUBLICITY AND INCREASEDSALES4HEPUBLICSPURCHASING DECISIONS ARE CLEARLY INmUENCED BY SEEINGTHENAMEOFTHEWATCHCOMPANY THATISTIMINGTOPEVENTS WHETHERTHEY AREPRESENTATTHEEVENTORSEEITON TELEVISION!BOVEALL THEMOSTVALUABLE RETURN ON THE HUGE INVESTMENT IN SPORTS TIMING COMES IN THE INTANGIBLE FORMOFTRUST



!NOTHER REASON FOR 3EIKOS BUTTHEVALUEOFTHERESULTINGPUBLICITY ISALMOSTINCALCULABLE4HECOMPANYHAS PASSIONFORSPORTLIESINTHETECHNICAL CHALLENGE IT PRESENTS PARTICIPATION IN NEVER COUNTED THE COST OF ITS SPORTS SPORTSTIMINGSTIMULATESTHECOMPANY TIMING OPERATIONS IT DESIGNS SYSTEMS TO DEVELOP NEW TECHNOLOGY n THE TO SATISFY TIMING NEEDS AND NOT TO A PIONEERINGUSEOFQUARTZTECHNOLOGYAT BUDGET )TSEESITSINVESTMENTAShGOOD THE4OKYO/LYMPIC'AMESINISA CITIZENSHIPv GOODEXAMPLE3PORTSTIMINGGENERATES 4HE 3EIKO NAME WAS MADE PUBLICITY FOR 3EIKO AROUND THE WORLD FAMOUSTHROUGHITSTIMINGOFTHE IN PICTURES IN THE PRESS ON TELEVISION /LYMPIC'AMESIN4OKYO ANDPROVIDING AND NOW ON THE INTERNET TOO !T THE TIMEKEEPING FACILITIES AT INTERNATIONAL 3ALT,AKE#ITY7INTER/LYMPIC'AMES SPORTSEVENTSIS3EIKOSWAYOFPAYINGTHE 3EIKO WAS THE ONLY NAME VISIBLE IN WORLD BACK FOR THE OPPORTUNITY IT WAS TELEVISION PICTURES IN WELL OVER  OFFEREDnANDSEIZEDnIN4OKYOIN 3INCE 3EIKOSCOMMITMENTTO HOURS OF BROADCASTING TRANSMITTED TO COUNTRIES THE DEVELOPMENT OF WORLD SPORT HAS LEDTOITSAPPOINTMENTAS/FlCIAL4IMER 4HE RESPONSIBILITY OF TIMING /LYMPIC AND OTHER WORLD CLASS MULTI OFMANYOFTHEWORLDMOSTIMPORTANT DISCIPLINESPORTSEVENTSISAWE INSPIRING SPORTSEVENTS

#(!04%2

-!*/2%6%.434)-%$"93%)+/

     

/,9-0)#'!-%3 'AMESOFTHE86)))/LYMPIAD4OKYO 4HE8)/LYMPIC7INTER'AMES3APPORO 'AMESOFTHE886/LYMPIAD"ARCELONA 4HE86))/LYMPIC7INTER'AMES,ILLEHAMMER 4HE86)))/LYMPIC7INTER'AMES.AGANO 4HE8)8/LYMPIC7INTER'AMES3ALT,AKE#ITY 3%,%#4%$/4(%2-!*/2).4%2.!4)/.!,%6%.43

   

     











4HETH!SIAN'AMES4HAILAND 3UMMER5NIVERSIADE*APAN 4HETH!SIAN'AMES4HAILAND 8#OMMONWEALTH'AMES.EW :EALAND 4HETH!SIAN'AMES)RAN 4HETH!SIAN'AMES4HAILAND 4HETH!SIAN'AMES)NDIA 3UMMER5NIVERSIADE*APAN ST7INTER!SIAN'AMES*APAN ND)!!&7ORLD#HAMPIONSHIPSIN !THLETICS)TALY 8)6#OMMONWEALTH'AMES.EW :EALAND ND7INTER!SIAN'AMES*APAN 7INTER5NIVERSIADE*APAN RD)!!&7ORLD#HAMPIONSHIPSIN !THLETICS*APAN !LPINE3KI7ORLD#HAMPIONSHIPS *APAN 7ORLD3PRINT3PEED3KATING #HAMPIONSHIPS*APAN TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS'ERMANY 4HETH!SIAN'AMES*APAN 86#OMMONWEALTH'AMES #ANADA TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS3WEDEN 3UMMER5NIVERSIADE*APAN 7ORLD3PRINT3PEED3KATING #HAMPIONSHIPS*APAN

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





  





 



TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS'REECE 7ORLD*UDO#HAMPIONSHIPS&RANCE %UROPEAN!THLETICS#HAMPIONSHIPS (UNGARY )!!&7ORLD#UPOF!THLETICS3OUTH !FRICA TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS3PAIN 7ORLD*UNIOR!THLETICS #HAMPIONSHIPS#HILE 7ORLD3WIMMING#HAMPIONSHIPS *APAN TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS#ANADA %UROPEAN)NDOOR!THLETICS #HAMPIONSHIPS!USTRIA %UROPEAN!THLETICS#HAMPIONSHIPS 'ERMANY 7ORLD#UPOF!THLETICS3PAIN )!!&7ORLD)NDOOR!THLETICS #HAMPIONSHIPS5+ TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS&RANCE )!!&7ORLD)NDOOR!THLETICS #HAMPIONSHIPS(UNGARY %UROPEAN)NDOOR!THLETICS #HAMPIONSHIPS3PAIN TH)!!&7ORLD#HAMPIONSHIPSIN !THLETICS&INLAND %UROPEAN!THLETICS#HAMPIONSHIPS 3WEDEN



3%)+/()34/29/&4)-%+%%0).'4%#(./,/'9$%6%,/0-%.4     

  



$EVELOPEDELECTRONICTIMEKEEPINGSYSTEM lRSTINTRODUCEDATTHE4OKYO/LYMPIC'AMES $EVELOPEDANELECTRONICTIMEKEEPINGSYSTEMFORWINTERSPORTSTHE3APPORO7INTER/LYMPIC 'AMES $EVELOPEDON LINETIMINGSYSTEMFORTRACKEVENTS BASEDONTHE3EIKOSLIT VIDEOPHOTO lNISH SYSTEMRD)!!&7ORLD#HAMPIONSHIPSIN!THLETICSIN4OKYO $EVELOPEDWINDGAUGEFORTRACKANDlELDEVENTS"ARCELONA/LYMPIC'AMES $EVELOPEDBOBSLEIGHANDLUGETIMEKEEPINGSYSTEM,ILLEHAMMER7INTER/LYMPIC'AMES $EVELOPEDATRACKANDlELDSTARTINGSYSTEM COORDINATEDWITHAFALSE STARTDETECTORTHATPICKS UPTHEPRESSUREEXERTEDBYATHLETESINTHEIRSTARTINGBLOCKS(IROSHIMA!SIAN'AMES $EVELOPEDACOLORSLITVIDEOPHOTO lNISHSYSTEMFORTRACKCOMPETITIONS)!!&7ORLD)NDOOR #HAMPIONSHIPS $EVELOPEDAmIGHTDISTANCEMEASUREMENTSYSTEMFOR3KIJUMPINGEVENTSBASEDONCOMPUTER IMAGEPROCESSING.AGANO7INTER/LYMPIC'AMES &ULLYON LINEANDINTEGRATEDTRANSPONDERSYSTEMINTRODUCEDFOR2OADAND#ROSS #OUNTRY EVENTS

#(!04%2

8 ,)-223:%8-32+ 3)73 2 ²-RRSZEXMSRERH6IßRIQIRX³MWXLIKYMHMRKZMWMSRJSV7IMOS³WHIZIPSTQIRXXIEQW3R XLVIITPEXJSVQWUYEVX^/MRIXMGERH7TVMRK(VMZI7IMOSGSRXMRYIWXSI\TPSVIRI[ TSWWMFMPMXMIWMRJYRGXMSRWJSVQWERHHIWMKR®XLIJYXYVIMWSRP]NYWXFIKMRRMRK

%JXIVMXWXVMYQTLERXMRXVSHYGXMSR SJUYEVX^[EXGLXIGLRSPSK]7IMOS[EW RSX GSRXIRX XS PIX XMQI TEWW MX F] MRWXIEHMXGSRXMRYIHXSQSZIJSV[EVH F] I\TPSVMRK EPP XLI GVIEXMZI TSWWMFMPM XMIWMRLIVIRXMR[VMWX[EXGLTVSHYGXMSR ,EZMRK IWXEFPMWLIH UYEVX^ XIGLRSPSK] EWEFEWIXLIGSQTER]LEWGIEWIPIWWP] JSGYWIHMXWVIWIEVGLSRXLIUYIWXJSV KVIEXIV EGGYVEG] WQEPPIV QSZIQIRXW IZIVFIXXIV VIPMEFMPMX] QSVI JYRGXMSRW ERH EFSZI EPP EPXIVREXMZI WSPYXMSRW XS XLI TVSZMWMSR SJ TS[IV XS HVMZI UYEVX^[EXGLIW¯ERHRS[QIGLERMGEP [EXGLIW XLEX LEZI XLI EGGYVEG] SJ UYEVX^

5YEVX^ *VSQYRXMPXLITVIWIRXHE]UYEVX^ LEWTVSZMHIH7IMOS[MXLEWXVSRKTPEX JSVQJSVMRRSZEXMZIRI[TVSHYGXWXLEX LEZIJSYRHJEZSYV[SVPH[MHII\EQTPIW MRGPYHIXLI½VWX[SQER´WUYEVX^[EXGL MRERHXLI½VWXEREPSKYIUYEVX^ GLVSRSKVETLMR 8LI4IVTIXYEP'EPIRHEV[EXGLLEW FIIR PEYRGLIH QSVI VIGIRXP]8LMW JYXYVITVSSJ XMQITMIGI LEW WIX RI[ WXERHEVHWJSVEREPSKYIUYEVX^[EXGLIW ERH MW E WLS[GEWI JSV XLI GSQTER]´W I\TIVXMWI MR QMGVSIPIGXVSRMGW 8LI %.3962)=-28-1)

8LI4IVTIXYEP'EPIRHEVF]7IMOSXEOIW PIET]IEVWMRXSEGGSYRXERH[MPPWLS[ XLIGSVVIGXHEXIYRXMP

HIWMKRIVWWIXXLIQWIPZIWXLIGLEPPIRKI SJ HIZIPSTMRK E TIVTIXYEP GEPIRHEV QSZIQIRX XLEX [SYPH FI WQEPP

I\XVIQIP] EGGYVEXI ERH [SYPH SJJIV XLI S[RIV YRMRXIVVYTXIH ERH [SVV] JVIISTIVEXMSRJSVXLIPSRKIWXTSWWMFPI XMQI8LI]EGLMIZIHXLIMVKSEPF]MRGSV TSVEXMRKXLI[SVPH´WWQEPPIWXYPXVEWSRMG QSXSVERI[LMKLJVIUYIRG]SWGMPPEXSV ERH E RI[ KIRIVEXMSR SJ PMXLMYQ FEX XIVMIW8LI 4IVTIXYEP 'EPIRHEV [EXGL EHNYWXWXLIHEXIXSXEOIMRXSEGGSYRX XLI PIRKXL SJ IEGL QSRXL EW [IPP EW PIET]IEVWYRXMP*IFVYEV]ERHMX JIEXYVIW E GVS[RSTIVEXIH GEPIRHEV GLIGO8LMW QSZIW XLI WIGSRHW LERH XSWLS[XLIRYQFIVSJ]IEVWWMRGIXLI PEWXPIET]IEV3RI]IEVMWMRHMGEXIHF] IEGL½ZIWIGSRHMRXIVZEPXLEXXLIWIG SRHW LERH QSZIW JSV[EVH [LIR XLMW JIEXYVI MW MRZSOIH8LI HEXI GLERKI SR XLMW EHZERGIH [EXGL MW MRWXERX %X XLI WEQI XMQI XLI QSRXL ERH XLIR XLIHEXIEVIHMWTPE]IHMRXLIGEPIRHEV [MRHS[)ZIV]QSHIPMW[EXIVVIWMWXERX XSETVIWWYVISJFEVW 8LI ½RMWLIH TVSHYGX MW TVEGXMGEP VIEWSREFP] TVMGIH ERH RIIHW E RI[ FEXXIV] SRP] SRGI IZIV]  ]IEVW MR XLI QER´W ZIVWMSR ERH IZIV] ½ZI ]IEVWMRXLI[SQIR´WQSHIP&]YWMRK RI[GSQTSRIRXWXLEXLEZIJEGMPMXEXIH XLI GVIEXMSR SJ E WQEPPIV QSZIQIRX XLI HIWMKRIVW STIRIH XLI [E] XS XLI 

-R7IMOSMRXVSHYGIHXLIJMVWX PEHMIW´UYEVX^[EXGL

MRXVSHYGXMSR SJ E QEXGLMRK TEMV SJ 4IVTIXYEP 'EPIRHEV [EXGLIW % RI[ UYEVX^SWGMPPEXSVLEWFIIRYWIHMRXLMW EHZERGIHGEPMFVIYWMRKEJVIUYIRG]WM\ XMQIWJEWXIVXLERXLEXMREGSRZIRXMSREP UYEVX^ QSZIQIRX8LMW LEW QEHI TSW WMFPIEGGYVEG]SJ”WIGSRHWE]IEV 8LI7IMOS4IVTIXYEP'EPIRHEVLEW XLITSXIRXMEPJSVXVYP]TIVTIXYEPEGGY VEG] FYX E UYMVO SJ LMWXSV] TVIZIRXW MX JYP½PPMRK MXW JYPP TSXIRXMEP ¯ [MXLSYX JYVXLIVTVSKVEQQMRK¯EJXIV %PP TIVTIXYEP GEPIRHEV [EXGLIW [MPP VIUYMVIEHNYWXQIRXMRFIGEYWIMX [MPP RSX FI E PIET ]IEV -R  4STI +VIKSV]MRXVSHYGIHXLI+VIKSVMERGEP IRHEVXLEX[IWXMPPYWIXSHE]EPXLSYKL MX [EW SRP] EHSTXIH MR +VIEX &VMXEMR MRERHMR6YWWMEMR&IGEYWI XLIVIMWRSXERI\EGXRYQFIVSJWSPEV HE]WMREXVSTMGEP]IEVMXMWRIGIWWEV]XS ±MRWIVX²ERI\XVEHE]IZIV]JSYV]IEVW EPIET]IEV-RXLI+VIKSVMERGEPIRHEV IZIV]]IEVXLEXMWI\EGXP]HMZMWMFPIF] MWEPIET]IEVI\GITXJSV]IEVWXLEXEVI HMZMWMFPI F]  XLIWI GIRXYVMEP ]IEVW EVIPIET]IEVWSRP]MJXLI]EVII\EGXP] 

HMZMWMFPIF]8LYW[EWEPIET ]IEVFYX[MPPRSXFI 7IMOS´W ZMWMSR SJ XLI JYXYVI GSQ FMRIW MRRSZEXMSR ERH VI½RIQIRX ER I\GIPPIRXI\EQTPISJXLIVIWTSRWISJ 7IMOS´W HIWMKRIVW XS XLI GEPP JSV IZIR QSVI VI½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

7MRGIMXWMRXVSHYGXMSRXLI7TSVXYVE VERKILEWPIHXLI[E]JSV[EVHMR HIWMKRERHXIGLRSPSK]-RXLMW ZIVWEXMPI;SVPH8MQIVZIVWMSR[EW EHHIHXSXLIGSPPIGXMSR

6IJMRIQIRXMWXLILEPPQEVOSJXLI PEXIWX:MZEGIGSPPIGXMSRW

[SVPH XMQI EPEVQ 8LIWI EHZERGIH XIGLRMGEP JIEXYVIW EVI GSQTPIQIRXIH F]EWXEMRPIWWWXIIPGEWIXLEXMW[EXIV VIWMWXERXXSQIXVIWERHEZMVXYEPP] YRWGVEXGLEFPIWETTLMVIKPEWW

/MRIXMG )ZIR EW UYEVX^ XIGLRSPSK] [EW WXMPP FIMRK I\TPSMXIH 7IMOS´W IRKMRIIVW EW IEVP] EW XLI QMHW LEH MQEKMRIH XLI TSWWMFMPMX] SJ PMROMRK XLI EGGYVEG] SJ UYEVX^ XS XLI IRIVK]IJ½GMIRG] SJ QIGLERMGEPERHEYXSQEXMG[EXGLIW %W XLI GSQTER]´W SZIVEPP GSQQMXQIRX XS IGSPSKMGEP MWWYIW KVI[ MR XLI IEVP] WXLMWHVIEQFIKERXSXEOIWLETI MR XLI JSVQ SJ /MRIXMG ¯ XLI YPXMQEXI QERMJIWXEXMSR SJ LS[ 7IMOS GSYPH JYWI MXW IRZMVSRQIRXEP GSRGIVRW ERH MXW QMGVSIPIGXVSRMGW WOMPPW XS GVIEXI ER IRXMVIP] RI[ KIRIVEXMSR SJ XMQITMIGIW %XXLIWEQIXMQIEPXIVRE XMZI FEXXIV]JVII WSPYXMSRW [IVI EPWS XVMIH-RXLIIEVP]WWSPEV[EXGLIW [IVIHIZIPSTIHEWSRISJ7IMOS´WWSPY XMSRW XS XLI IRIVK] TVSFPIQ 8LI] [IVITS[IVIHF]PMKLX¯ERHVIUYMVIH ',%48)6

RSFEXXIV]GLERKIFYX7IMOSHVSTTIH HIZIPSTQIRX SJ XLMW MRJIVMSV XIGL RSPSK]MRJEZSYVSJ/MRIXMG[LMGLYWIW XLIREXYVEPQSZIQIRXSJXLI[IEVIV´W [VMWX[LIVIEWEWSPEVTS[IVIH[VMWX [EXGLQE]RSXEP[E]WVIGIMZIWYJ½GMIRX PMKLXIWTIGMEPP]MJMXMWGSZIVIHJSVQSWX SJ XLI HE] F] E WPIIZI XLEX WLMIPHW MX JVSQPMKLX %PP 7IMOS´W IRIVKMIW FIGEQI JSGYWIHSR/MRIXMGERH F]XLIVI [IVI EPVIEH] ½ZI HMJJIVIRX /MRIXMG QSZIQIRXWIEGLHIWMKRIHJSVHMJJIVIRX WM^IW SJ GEWI ERHETTPMGEXMSRW/MRIXMG LEHFIIRIWXEFPMWLIH¯MX[EWXMQIXS QSZIELIEH 7IMOS XLIR WYVTVMWIH XLI [EXGL [SVPHF]MRXVSHYGMRKXLI/MRIXMG%YXS 6IPE] E XMQITMIGI XLEX MW GETEFPI SJ ±KSMRKXSWPIIT²ERH±[EOMRKYT²EKEMR EXER]XMQIMRXLIJSPPS[MRKJSYV]IEVW -X[EWEWXLSYKLXLMW[EXGLGSYPHXLMRO JSVMXWIPJ0MOIEPP/MRIXMG[EXGLIWMXMW

7IMOS´W%YXS6IPE]W]WXIQIREFPIWE /MRIXMG[EXGLXS±KSXSWPIIT²[LIR MXMWRSXQSZIHJSVXLVIIHE]WERH XS±[EOIYT²ERHVIWIXMXWIPJXSXLI GSVVIGXXMQIEWWSSREWMXMWQSZIH EKEMRYTXSJSYV]IEVWPEXIV %.3962)=-28-1)

8LI8LIVQMG[EXGLMWERSXLIV I\EQTPISJ7IMOS´WHIXIVQMREXMSRXS EHSTXERIRZMVSRQIRXEPP]JVMIRHP] ETTVSEGL-XGVIEXIWIPIGXVMGMX] F]LEVRIWWMRKHMJJIVIRGIWMR XIQTIVEXYVIFIX[IIRXLIGEWIFEGO ERHXLI[IEVIV´W[VMWX

TS[IVIH F] QSZIQIRX SJ XLI [IEV IV´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

TS[IV XLI8LIVQMG [EXGL KIRIVEXIW IPIGXVMGMX]F]LEVRIWWMRKXLIHMJJIVIRGI MR XIQTIVEXYVI FIX[IIR XLI [EXGL GEWI ERH XLI WOMR SJ XLI [IEVIV %P XLSYKL XLI 8LIVQMG [EXGL SJJIVW QER]FIRI½XW/MRIXMGXIGLRSPSK]LEW TVSZIH XS FI XLI GPIEV [MRRIV MR XLI I]IW SJ XLI [EXGLFY]MRK TYFPMG ERH XLIQSWXVIGIRXMRRSZEXMZIW]QFSPSJ MXWWYGGIWWMWXLI/MRIXMG'LVSRSKVETL PEYRGLIH MR  -XW YRMUYI QSZI QIRX[EWHIZIPSTIHXSSJJIVRSXSRP] GLVSRSKVETL JYRGXMSRW FYX EPWS IEWI SJ STIVEXMSR EHHMRK E RI[ PIZIP SJ XIGLRMGEP WSTLMWXMGEXMSR 9RYWYEPP] MR QSZIQIRX HIWMKR JSVQ GEQI FIJSVI JYRGXMSR¯MX[EWHIZIPSTIHXSGVIEXI E WX]PI -X JIEXYVIW JSYV±I]IW² JSV MXW JSYV JYRGXMSRW [MXL RS SZIVPET ¯ XLI JSYVWITEVEXIHMEPWSJXLMWGLVSRSKVETL EVI IEGL ZMWMFPI XLVSYKL E WITEVEXI ETIVXYVIMRXLIGEWI %XXLIWM\S´GPSGO TSWMXMSRMWEXMQISJHE]HMEPXLISXLIV

*SVQGEQIFIJSVIJYRGXMSRMRXLI HIWMKRSJXLI/MRIXMG'LVSRSKVETL QSZIQIRXMRSVHIVXSGVIEXIXLI JSYV±I]IW² 

XLVIIHMEPWWLS[GLVSRSKVETLMRJSVQE XMSRLSYVWERHQMRYXIWWIGSRHWERH XIRXLWSJEWIGSRH 6IWTSRWMZI LERHW XLEX VIXYVR XS XLIMV WXEVXMRK TSMRX MRWXERXERISYWP] [LIR XLI FYXXSR MW TVIWWIH EVI SRI GLVSRSKVETLJIEXYVIXLEXRIZIVJEMPWXS WEXMWJ] XLI YWIV8LMW LEW EP[E]W FIIR EJIEXYVISJQIGLERMGEPGLVSRSKVETLW ERHRS[7IMOSLEWMRGSVTSVEXIHMXMR XLI/MRIXMG'LVSRSKVETLYWMRKELIEVX GEQ WRETXS^IVS W]WXIQ 8S IRWYVI XLEXQSZIQIRXSJXLILERHWMWWQSSXL ERH XLI HEXI GLERKI MW MRWXERXERISYW VYF]FIEVMRKWLEZIFIIRYWIHMRXLI QSZIQIRX 8S HVMZI XLI JEWXQSZMRK

LERHW SR XLMW GLVSRSKVETL XLI QSZI QIRX VIUYMVIW E KVIEX HIEP SJ IRIVK] WSXLITS[IVKIRIVEXMSRW]WXIQMRXLMW WTIGMEP QSHIP TVSHYGIW XLVII XMQIW QSVIIPIGXVMGMX]XLERER]SXLIV/MRIXMG [EXGL 8LMW MQTSVXERX XMQITMIGI GSQ FMRIWXLIVIPMEFMPMX]ERHLMKLEGGYVEG] SJ 7IMOS /MRIXMG XIGLRSPSK] [MXL XLI XVEHMXMSREPEXXVMFYXIWSJXLIQIGLERMGEP GLVSRSKVETL;MXLEJYPPGLEVKIJVSQ MXW /MRIXMG KIRIVEXMRK W]WXIQ XLMW [EXGL[MPPVYRJSVETTVS\MQEXIP]SRI QSRXL EWWYQMRK XLI GLVSRSKVETL MW YWIH JSV XLVII LSYVW IEGL HE] 8LI GEWIMWFEV[EXIVVIWMWXERXERHJIE

XYVIWEWIIXLVSYKLFEGOXSVSYRHSJJ XLI YRMUYI ETTIEP SJ XLMW VIQEVOEFPI XMQITMIGIERHXSSJJIVEGPIEVZMI[SJ MXWI\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]LEZIFIGSQIERMRXIKVEP TEVXSJXLISZIVEPPHIWMKRTVSGIWW )RIVK]WEZMRKTVSHYGXWEVIGIRXVEP XS7IMOS´WTSPMG]SJMRRSZEXMSRERHGSR GIVRJSVXLIIRZMVSRQIRXERH/MRIXMG XIGLRSPSK][EWXLI½VWXQERMJIWXEXMSR SJ XLI GSQTER]´W PSRKHIGPEVIH QMW WMSR XS GEVI JSV XLI IRZMVSRQIRX F]

7TVMRK(VMZIMWXLIQSWXMQTSVXERXHIZIPSTQIRXMRXMQIOIITMRKWMRGI/MRIXMG-XQEVVMIWXLIFIWXSJUYEVX^XSXLIFIWXSJEYXSQEXMG



',%48)6

WIEVGLMRKJSV[E]WXSVIHYGISVIPMQM REXI XLI RIIH JSV XLI FEXXIVMIW XLEX GEYWITSPPYXMSRXSSYVTPERIX 7IMOS´W GSRXMRYMRK HVMZI JSV I\GIPPIRGI LEW EP[E]W JSGYWIH SR JYRGXMSRWEWQYGLEWSRTS[IVWEZMRK 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[EXGLXLEXMRGSVTSVEXIHHMZMRK XEFPIWERHEHITXLKEYKI 8LIMRXVSHYGXMSRSJ/MRIXMGXSXEPP] VIZSPYXMSRMWIHXLIHMZIV´W[EXGL-X[EW MR  XLEX XLI [SVPH´W ½VWX UYEVX^ HMZMRK[EXGL[MXLE/MRIXMGQSZIQIRX [EWPEYRGLIH8LMWIPMQMREXIHXLIRIIH JSVVIKYPEVFEXXIV]GLERKIWERHJSVXLI GSWXP] FYX ZMXEP GLERKMRK SJ XLI WIEPW XLEXQEMRXEMR[EXIVVIWMWXERGI %FSZI EPP XLI /MRIXMG ZIVWMSR SJ XLI HMZMRK [EXGL IRWYVIH XLEX E HMZIV [SYPH RIZIV EKEMR VYR XLI VMWO SJ E [EXGL WXSTTMRKHYVMRKEHMZI

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½GERX EGLMIZIQIRX -XW VIZSPYXMSREV] QMGVS QIGLERXVSRMG XIGLRSPSK] VIXEMRW XLI FIWX SJ QIGLERMGEP ERH UYEVX^ XIGLRSPSK] ERH HMWTIRWIW [MXL %.3962)=-28-1)

7IMOS´WYRMUYI7TVMRK(VMZIXIGLRSPSK]GSQFMRIWXLIFIWXJIEXYVIWSJQIGLERMGEP ERHUYEVX^[EXGLIW8LMWWX]PMWLI\EQTPIJIEXYVIWETS[IVVIWIVZIMRHMGEXSVSRXLI HMEPXSWLS[LS[QYGLPSRKIVMX[MPPVYRFIJSVIMXRIIHW[MRHMRK

XLI [IEOIWX GSQTSRIRX SJ IEGL -X LEW E QEMRWTVMRK XLEX MW [SYRH F] LERH %WMXYR[MRHWMXRSXSRP]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 %RMRXIKVEXIHGMVGYMXGEPGYPEXIW XLIHMJJIVIRGIFIX[IIRXLMWWMKREPERH XLI VEXI EX [LMGL XLI QEMRWTVMRK MW YR[MRHMRK ERH XLIR YWIW ER IPIGXVS QEKRIXMG FVEOMRK W]WXIQ XS VIKYPEXI

XLIWTIIHEX[LMGLXLIWTVMRKYR[MRHW 7IMOS´W MRKIRMSYW HIWMKRIVW LEZI IPMQMREXIH XLI IWGETIQIRX XLI QSWX XVSYFPIWSQI TEVX SJ E QIGLERMGEP QSZIQIRX ERH EPWS XLI FEXXIV] XLI TEVXSJEUYEVX^[EXGLXLEXRIIHWXSFI VITPEGIH ¯ I\GITX MR /MRIXMG [EXGLIW 9RPMOI E XVEHMXMSREP QIGLERMGEP [EXGL XLI7TVMRK(VMZIQSZIQIRXVYRW[MXL XLIEGGYVEG]SJEUYEVX^XMQITMIGIFYX YRPMOIEUYEVX^[EXGLMXLEWEWIGSRHW LERHXLEXW[IITWWQSSXLP]EVSYRHXLI 

HMEP 8LI MRXIKVEXIH GMVYMX MR E 7TVMRK (VMZI[EXGLVYRWSRSRP]RERS[EXXW LEPJ XLI TS[IV XLEX MW VIUYMVIH F] E GSRZIRXMSREP GLMT8LMW VIQEVOEFPI YPXVE PS[TS[IV PS[ZSPXEKI -' MW SRI SJ XLI YRMUYI 7IMOS XIGLRSPSKMIW XLEX LEZI QEHI 7IMOS 7TVMRK (VMZI TSWWMFPI;LIRJYPP][SYRHXLI[EXGL VYRW JSV  LSYVW [MXL ER EGGYVEG] SJ ” WIGSRHW E QSRXL;MXL XLIWI KVSYRHFVIEOMRK ETTVSEGLIW XS XLI



8LIMRRSZEXMZIQSZIQIRXSJXLI 7TVMRK(VMZIMWVIZIEPIHF]MXW WIIXLVSYKLGEWIFEGO

XIGLRSPSK] SJ XMQI 7IMOS LEW IEVRIH MXW VITYXEXMSR EW XLI [SVPH´W QSWX MRRSZEXMZI[EXGLQERYJEGXYVIV ³-RRSZEXMSR ERH 6I½RIQIRX´ GSR XMRYIXSFIGIRXVEPXS7IMOS´W:MWMSRJSV XLIJYXYVIERHXLIWIEVGLJSVMXMWFIMRK GSRHYGXIH SR XLVII JVSRXW UYEVX^ /MRIXMGERH7TVMRK(VMZI 3R EPP XLVII TPEXJSVQW 7IMOS I\TIGXW XS MRXVSHYGI RI[ JYRGXMSRW ERHRI[HIWMKRTSWWMFMPMXMIWJSVQER] ]IEVWXSGSQI

',%48)6

8 ,)+ 9%6(-%273* 8-1) 8SQEVOXLIGIRXIREV]SJXLIJSYRHMRKSJ/,EXXSVM7IMOSWIXYTERI[MRWXMXYXMSR XLEXQMKLXRSXLEZITPIEWIH/MRXEVS,EXXSVMXLIJSYRHIVSJXLIGSQTER]FYXMW GIVXEMRXSTPIEWIJYXYVIKIRIVEXMSRW -RXLI7IMOS-RWXMXYXISJ,SVSPSK][EW IWXEFPMWLIHMR8SO]S

MXIQWXLEXKSFEGOEWJEVEWXLIHE[R /MRXEVS ,EXXSVM EGGSVHMRK XS SJ XLI LSVSPSKMGEP MRHYWXV] MR .ETER LMW KVERHWSR 6IMNMVS EP[E]W [ERXIH 8LI-RWXMXYXIEPWSLEWEVIEHMRKVSSQ XS PSSO JSV[EVHW ERH GSRWMHIVIH MX E ERH I\XIRWMZI PMXIVEXYVI EFSYX XMQI [EWXISJXMQIXSPSSOSZIVLMWWLSYPHIV ERH XMQITMIGIW FSXL JVSQ .ETER ERH 6IMNMVS,EXXSVMVIGEPPW ±2S[SYVGSQ SZIVWIEWMRHYWXV]LMWXSV]LSVSPSKMGEP TER]LEWER-RWXMXYXISJ,SVSPSK]FYX XIGLRSPSK] ERXMUYI HSGYQIRXW ERH MJ+VERHJEXLIVLEHFIIREVSYRH[LIR QYGLQSVI 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[VIPEXIXS7IMOSSXLIVWMPPYWXVEXI [LIR - [EW E OMH ERH TISTPI ZMWMXIH IEGLWXEKIMRXLIHIZIPSTQIRXSJXLI +VERHJEXLIV WE]MRK ³- LEZI E 1SHIP LMWXSV]SJ[EXGLIWERHGPSGOW 2YQFIV 3RI HEXMRK JVSQ XLI XMQI /SYNM /YFSXE MW XLI -RWXMXYXI´W [LIR7IMOSWLE[EWJSVQIH´SV³,IVI´W LSRSVEV] HMVIGXSV ERH JI[ TISTPI SRISJ]SYVSPHGEXEPSKYIW´LI[SYPH GSYPH LEZI FIIR FIXXIV UYEPM½IH XS VIEPP]KIXMREFEHQSSH LIEH WYGL ER MQTSVXERX QYWIYQ ±3R XLIWI SGGEWMSRW LI [SYPH LI [EW SRI SJ XLI OI] QIQFIVW SJ EP[E]WWE] ³-GSYPHYRHIVWXERHMXMJXLI] XLI 7IMOS XIEQ XLEX HIZIPSTIH ERH LEHKSRIXSWSQIJSVIMKRGSYRXV]ERH 8LMW[EPPGPSGO[EWQEHIF] PEYRGLIH XLI [SVPH´W ½VWX UYEVX^ [IVIXIPPMRKQIXSPSSOEXERI[[EXGL 7IMOSWLEMRXLI]IEV[LIR [VMWX[EXGL ,I LEW E VIQEVOEFPI XLI] LEH GSQI EGVSWW FYX FVMRKMRK /MRXEVS,EXXSVMWIXYTLMWJMVWXGPSGO QIQSV] JSV HIXEMP ERH GSYPH FI WSQIXLMRK FIGEYWI MX [EW SRI SJ Q] JEGXSV] PMOIRIHXSELSVSPSKMGEPLMWXSV]FSSO SPHTVSHYGXWXLEX´WTVITSWXIVSYW´1] JEXLIV[SYPHXIPPQIXLIWIWXSVMIWERH TSWXIVMX]ERHWSXLI7IMOS-RWXMXYXISJ ERH HMGXMSREV] EFPI XS VIGEPP IZIR SFWGYVI MXIQW SJ MRJSVQEXMSR%X XLI PEYKL EHHMRK³;IPP XLEX´W XLI REXYVI ,SVSPSK][EWIWXEFPMWLIHMR8SO]S 8LI -RWXMXYXI [EW IWXEFPMWLIH -RWXMXYXI LI GSRWMHIVIH LMQWIPJ XS FI SJ XLI JSYRHIV SJ E FYWMRIWW XLI]´VI EP[E]WOIIRSRRI[XLMRKW´²;LIRXLI RSX XS KPSVMJ] 7IMOS FYX XS QEMRXEMR EGSRWIVZEXMSRMWXSJ[SVPHXMQITMIGIW GSQTER]VIEGLIHMXWGIRXIREV]XLIVI E VIGSVH SJ XLI HIZIPSTQIRX SJ ERHRSXNYWXXLSWIQEHIMR.ETER 8LI -RWXMXYXI LSYWIW WSQI SJ XLI GSYPH FI PMXXPI HSYFX XLEX XLI QER] [EXGLQEOMRKMRGPYHMRK7IMOS´WLMWXSV] 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)=-28-1)



GPSGOW [MXL X[MR ZIVKI ERH JSPMSX IWGETIQIRXW HIWMKRIH XS WLS[ XMQI EGGSVHMRKXSXLISPH.ETERIWIW]WXIQ [MXLIEGLHE]HMZMHIHMRXSX[STIVMSHW HE]PMKLXERHHEVORIWWERH[MXLIEGLSJ XLIWIWYFHMZMHIH -R MXW TIVQERIRX HMWTPE]W XLI QYWIYQLEWI\EQTPIWSJWSQISJXLI IEVP]%QIVMGER [EPP GPSGOW XLEX [IVI MQTSVXIHF]/,EXXSVMEW[IPPEWWSQI SJ XLI IEVP] GPSGOW QEHI F] /MRXEVS ,EXXSVM´W ½VWX JEGXSV] MR 8SO]S -R EHHMXMSRXSXLIGPSGOWERH[EXGLIWXLEX WLS[XLIHIZIPSTQIRXSJ7IMOSXLIVI EVI WSQI ZIVMXEFPI XVIEWYVIW WYGL EW XLI[EXGLIWXLEXEGLMIZIHVIQEVOEFPI WYGGIWW MR XLI 7[MWW 'LVSRSQIXIV XVMEPWERHXLIXVIEWYVIHTVSXSX]TIWSJ WSQISJ7IMOS´W½VWXUYEVX^GPSGOWERH [EXGLIW 3RI WIGXMSR SJ XLI -RWXMXYXI MW HIZSXIH XS [LEX LEW FIIR GEPPIH LSVSPSKMGEP TVILMWXSV] MR .ETER8LMW GSZIVW XLI TIVMSH YT XS  ERH XIPPW XLI WXSV] SJ XLI LMWXSV] SJ XMQI JVSQWIZIVEPXLSYWERH]IEVWEKS[LIR TISTPI½VWXFIKERXSXLMROEFSYXXMQI ERHXLI½VWXWYRHMEPWGVIEXIHMR)K]TX EVSYRH&'

*VSQXLIFIKMRRMRK 8LIWYFWIUYIRXI\LMFMXWMRXLI-RWXMXYXI EVI TVIWIRXIH MR GLVSRSPSKMGEP SVHIV8LI ½VWX WIGXMSR GSZIVW XLI IWXEFPMWLQIRX SJ / ,EXXSVM ERH XLI 7IMOSWLE JEGXSV] JVSQ  XS 8LIVIEVIWYTIVFFPEGOERH[LMXI TMGXYVIWSJTSGOIX[EXGLTVSHYGXMSRERH GPSGOEWWIQFP]EXXLI7IMOSWLETPERXMR EW[IPPEWMQTSWMRKZMI[WSJXLI SJ½GIFYMPHMRKERHXLIJEGXSV]MR 8LI -RWXMXYXI´W WIGSRH WIGXMSR GSZIVW XLI 8EMWLS )VE JVSQ  XS  %X XLI FIKMRRMRK SJ XLMW TIVMSH7IMOSWLETVSHYGIH.ETER´W½VWX 

8LMWMWERI\EQTPISJSRISJXLIIEVPMIWXEPEVQGPSGOWQEHIF]7IMOSWLE-X[EW TVSHYGIHMR8SO]SMR

[VMWX[EXGL XLI 0EYVIP [LMGL GER FI ERH [SVPH VIRS[RIH WLSTTMRK EVIE JSYRHMRXLIQYWIYQ-RXLI½VWX 8LI -RWXMXYXI MRGPYHIW MPPYWXVEXMSRW SJ [VMWX[EXGL[EWTVSHYGIHFIEVMRKXLI XLI GSQTER]´W IEVP] FYMPHMRKW EW [IPP 7IMOS REQI ERH ER I\EQTPI SJ SRI EW QER] I\EQTPIW SJ TVSHYGXW QEHI SJXLIWIMWEPWSSRWLS[-RXLI F] 7IMOSWLE MR XLI IEVP] ]IEVW -X EPWS +VIEX /ERXS )EVXLUYEOI HIWXVS]IH GSRXEMRWWSQISJXLI%QIVMGERGPSGOW XLI GSQTER]´W WXSGOW ERH JEGXSVMIW XLEXTVSZMHIHXLIMRWTMVEXMSRJSVQER] 8LI½VWX[VMWX[EXGLFIEVMRKXLIREQI SJ7IMOSWLE´WIEVP]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(EMRM7IMOSWLE[LMGL JSPPS[MRK XLI +VIEX )EVXLUYEOI PMXIVEPP] QIERW ±7IGSRH 7IMOSWLE² GSRXMRYIH8LI 7IMOSWLE JEGXSV] [EW -R XLI IEVP] 7LS[E )VE HYVMRK XLI VIFYMPX F]  ERH XLI / ,EXXSVM 6YWWS.ETERIWI;EVXLIGSQTER][EW +MR^E FYMPHMRK X[S ]IEVW PEXIV 8LI HMVIGXIHF]XLIQMPMXEV]EYXLSVMXMIWXS RI[ EVX HIGS +MR^E FYMPHMRK MW WXMPP TVSHYGIEVXMPPIV]JYWIW MR I\MWXIRGI XSHE] ERH EW XLI;EOS -X[EWSFPMKIHXSTVSHYGIQMPMXEV] 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

3RISJXLI%QIVMGERGPSGOWXLEX TVSZMHIHWSQISJXLIMRWTMVEXMSRJSV 7IMOSWLE´WIEVP]TVSHYGXW

8LI-RWXMXYXIMRGPYHIWRSXSRP] XMQITMIGIWVIGSVHMRK7IMOS´WS[R LMWXSV]FYXEPWSSXLIVGPSGOWXLEX MPPYWXVEXIXLILMWXSV]SJXMQIOIITMRK MR.ETER8LMWMWEGPSGO[MXLEX[MR ZIVKIERHJSPMSX ZMWMFPIFIPS[XLI FIPP JVSQXLIIVE[LIR.ETERYWIH XLIPYREVW]WXIQSJXMQIOIITMRK %.3962)=-28-1)

REXIHXLI½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

GLVSRSQIXIVW EX XLI VIUYIWX SJ XLI .ETERIWI 2EZ] XLEX [IVI GSRWMHIVIH WYTIVMSV XS 7[MWW QEHI GSYRXIVTEVXW ERHXLMWI\TIVMIRGIQEHIEQENSVGSR XVMFYXMSRXSXLITSWX[EVHIZIPSTQIRX SJ7IMOS %R  PMKRI [EXGL [EW TVSHYGIH EVSYRH  JIEXYVMRK .ETERIWI GLEV EGXIVW SR XLI HMEP MR VIWTSRWI XS TVSLMFMXMSRSJXLIYWISJXLI[IWXIVR EPTLEFIX¯)RKPMWL[EWHIGVIIHXSFI ER±IRIQ] PERKYEKI² 9RXMP XLIR XLI REQISRXLIHMEP[EW7IMOSMR[IWXIVR GLEVEGXIVWFYXJSVETIVMSHHYVMRKXLI [EV XLI IUYMZEPIRX .ETERIWI TLSRIXMG PIXXIVW[IVIYWIH 9RHIVKSZIVRQIRX HMVIGXMSR XLI HMEPW EPWS LEH LSYV QEVOMRK

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

%[EPPGPSGO[MXLEWIGSRHHMEPXLEX WLS[WXLIHE]QSRXLERHHEXI QEHIMRXLI97%F]7IXL8LSQEWEX XLIIRHSJXLIXLGIRXYV] 

ERH EGEHIQMG VIWSYVGIW [IVI QEHI EZEMPEFPIMREFMHXSIRLERGIXLIUYEPMX] SJ .ETERIWI [EXGLIW -R  XLI 1MRMWXV] SJ -RXIVREXMSREP 8VEHI ERH -RHYWXV] WXEVXIH E HSQIWXMG [EXGL GSQTIXMXMSRXLEX[EWTEVXSJXLMWIJJSVX ERHKEZIEWYFWXERXMEPFSSWXXSUYEPMX] MRXLIMRHYWXV]

%HMWXMRGXMZIMHIRXMX]

1EGLMRIV]XSEYXSQEXITVSHYGXMSR TVSGIWWIWLEZIFIIREOI]JIEXYVI SJ7IMOS´WWYGGIWWWXSV]8LMW MPPYWXVEXMSRMRXLI7IMOS-RWXMXYXISJ ,SVSPSK]WLS[WEQEGLMRIXLEX[EW MRYWIEVSYRH

GSRXEMRW MPPYWXVEXMSRW ERH SPH XMQI TMIGIW XLEX HSGYQIRX 7IMOS´W KVS[XL ERHXLIHIZIPSTQIRXSJMXWTVSHYGXW -RTSWX[EV.ETERXLITVSHYGXMSR 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



8LI I\LMFMXW MR XLI QYWIYQ GSZIVMRK XLI JSYVXL TIVMSH SJ XLI 7LS[E )VE JVSQ  XS  EVI MQTSVXERX FIGEYWI XLMW [EW XLI EKI MR [LMGL 7IMOS QSZIQIRXW ERH GSQTPIXI [EXGLIWFIKERXSEGUYMVIEHMWXMRGXMZI MHIRXMX]SJXLIMVS[R-X[EWXLIXMQI [LIR 7IMOS´W HIWMKRIVW MRXVSHYGIH XLIMV S[R WSPYXMSRW XS XIGLRMGEP TVSFPIQW ERH MRXVSHYGIH GSRZI]SV FIPX W]WXIQW JSV XLI TVSHYGXMSR SJ [EXGLIW ERH GPSGOW -R XLMW IVE QER] MQTSVXERX RI[ QIGLERMGEP [EXGLIW [IVI MRXVSHYGIH MRGPYHMRK XLI 7YTIV XLI 1EVZIP ERH 'VSRSW PMRIW EW [IPP EW XLI IRHYVMRK +VERH 7IMOS PMRI -R  7IMOS PEYRGLIH MXW ½VWX UYEVX^ QEWXIV GPSGO ERH HIZIPSTQIRX LEH EPVIEH]WXEVXIHSR7IMOS´W½VWXUYEVX^ [VMWX[EXGL 8LI -RWXMXYXI HSGYQIRXW 7IMOS EX XLI LIMKLX SJ MXW QIGLERMGEP TVSHYGXMSREW[IPPEWXLIEPPMQTSVXERX UYEVX^HIZIPSTQIRX]IEVW 8LI-RWXMXYXISJ,SVSPSK]TVSZMHIW ERMRZEPYEFPIVIWSYVGIJSVER]SRI[LS

1ER]IEVP]XMQITMIGIWEVISRHMWTPE] MRXLI7IMOS-RWXMXYXISJ,SVSPSK]MR 8SO]SEW[IPPEWQER]SJXLI[EXGLIW JIEXYVIHMRXLMWFSSO8LMWQYWIYQ I\LMFMXMWERYRYWYEPFIPX[EXGLJSV KSPJIVWQEHIMR

[ERXW XS WXYH] XLI HIZIPSTQIRX SJ XMQIOIITMRK IWTIGMEPP] XLI .ETERIWI GSRXVMFYXMSR-XMWSTIRXSER]FSH]JVII SJ GLEVKI FYX F] ETTSMRXQIRX SRP] )RUYMVMIWWLSYPHFIEHHVIWWIHXS 8LI7IMOS-RWXMXYXISJ,SVSPSK] ,MKEWLM1YOSYNMQE 7YQMHE/Y 8SO]S .ETER 8IPITLSRI *E\

',%48)6

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Œ8SOYQE7LSXIR4VMRXIHMR.ETER