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L'indemnisation du préjudice corporel

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1164 pages
Ce ouvrage se donne pour but de fournir une documentation complète et une aide à la décision pour un lectorat averti mais aussi pour le grand public. C'est souvent par le biais d'un accident qu'un particulier se voit intéressé à cette problématique. L'ouvrage est composé de six grandes parties, également publiées individuellement. La première partie traite des prestations sociales offertes par la Sécurité Sociale, la deuxième s'attache aux conséquences des accidents de la voie publique et la troisième traite des assurances de personnes. La quatrième partie porte sur les victimes de violences et la cinquième a pour objet l'indemnisation des victimes de guerre. Enfin, la dernière partie insiste sur la nécessité d'une assistance médicale.
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CEVKQP LWFKEKCKTG TGNCVKXG i NGZGTEKEG FWP FTQKV KOOQDKNKGT OGVVCPV GP ECWUG NG FTQKV FG RTQRTKoVo KOOQDKNKpTG RCT GZGORNG TGXGPFKECVKQP CEVKQP RGTUQPPGNNG KOOQDKNKpTG
VTQWDNG FG XQKUKPCIG FTQKV FG NC EQRTQRTKoVo UCKUKG KOOQDKNKpTG CHHCKTGU EQPEGTPCPV NC RTQRTKoVo KPVGNNGEVWGNNG NKVVoTCKTG GV CTVKUVKSWG
FTQKV FG DTGXGV GV FG OCTSWG CRRGNNCVKQP FQTKIKPG EQPVGPVKGWZ FG NC TGURQPUCDKNKVo FGU CWZKNKCKTGU FG LWUVKEG KPVGTXGPCPV FCPU FGU RTQEoFWTGU EQNNGEVKXGU
TGFTGUUGOGPV LWFKEKCKTG NKSWKFCVKQP LWFKEKCKTG RQWTUWKVG FKUEKRNKPCKTG EQPVTG FGU QHHKEKGTU RWDNKEU GV OKPKUVoTKGNU
PQVCKTG EQOOKUUCKTG RTKUGWT DCWZ EQOOGTEKCWZ
HKZCVKQP GV ToXKUKQP FGU NQ[GTU EQOOGTEKCWZ RTQEoFWTGU EQNNGEVKXGU RQWT NGU RGTUQPPGU OQTCNGU PQP EQOOGTnCPVGU
CUUQEKCVKQP i DWV PQP NWETCVKH SWCPF KN UCIKV FG OGVVTG HKP i NGZKUVGPEG FG EGTVCKPGU RGTUQPPGU OQTCNGU



EQPVGPVKGWZ FGU UQEKoVoU EKXKNGU QW FGZGTEKEG NKDoTCN GV FG ITQWRGOGPVU FKPVoTqV oEQPQOKSWG EQPVGPVKGWZ FG NGPTGIKUVTGOGPV FGU EQPVTKDWVKQPU KPFKTGEVGU 1P EQORVG CEVWGNNGOGPV 6TKDWPCWZ FG )TCPFG +PUVCPEG GP (TCPEG FQPV FCPU NGU FoRCTVGOGPVU FQWVTG OGT CXGE CW OQKPU WP VTKDWPCN RCT FoRCTVGOGPV 7P 6TKDWPCN FG )TCPFG +PUVCPEG EQORTGPF WP RToUKFGPV FGU XKEGRToUKFGPVU CW OQKPU FGWZ LWIGU WP RTQEWTGWT FG NC 4oRWDNKSWG FGU UWDUVKVWVU WP ITGHHKGT &CPU NGU XKNNGU KORQTVCPVGU NGU 6TKDWPCWZ FG )TCPFG +PUVCPEG UQPV FKXKUoU GP EJCODTGU SWK RGWXGPV GNNGUOqOGU qVTG FKXKUoGU GP UGEVKQPU .QTUSWKN GZKUVG RNWUKGWTU EJCODTGU EJCSWG EJCODTG EQORTGPF WP RToUKFGPV QW WP XKEG RToUKFGPV GV FGWZ LWIGU .G 6TKDWPCN FG )TCPFG +PUVCPEG UKpIG GP HQTOCVKQP EQNNoIKCNG GV CNQTU UQKV GP CWFKGPEG RWDNKSWG NG RNWU UQWXGPV UQKV GP EJCODTG FW EQPUGKN i JWKU ENQU QW GP LWIG WPKSWG #W UGKP FW VTKDWPCN FG ITCPFG KPUVCPEG KN GZKUVG FGU LWIGU URoEKCNKUoU ,WIG CWZ CHHCKTGU HCOKNKCNGU
RTQDNpOG FG FKXQTEGU FG UoRCTCVKQP ,WIG FGU NQ[GTU
NKVKIGU GPVTG NQECVCKTGU GV RTQRTKoVCKTGU FG NQECWZ EQOOGT EKCWZ CTVKUCPCWZ QW KPFWUVTKGNU ,WIG FG NµGZRTQRTKCVKQP
KPFGOPKUo FµGZRTQRTKCVKQP ,WIG FG NµGZoEWVKQP
EQPVGPVKGWZ EQPEGTPCPV NGU UCKUKGU .G RToUKFGPV FW 6TKDWPCN FG )TCPFG +PUVCPEG FKURQUG FG RToTQICVKXGU RCTVKEWNKpTGU HCKUCPV FG NWK WPG LWTKFKEVKQP GP UQK %GEK EQPEGTPG UWTVQWV NC RTQEoFWTG FG ToHoTo .G LWIG FGU ToHoToU UCKUK GP ECU FWTIGPEG RGTOGVVTC i NWPG FGU RCTVKGU FQDVGPKT WPG OGUWTG SWK PG UG JGWTVG i CWEWPG EQPVGUVCVKQP UoTKGWUG WPG OGUWTG EQPUGTXCVQKTG QW FG TGOKUG GP oVCV SWK UKORQUG RQWT RToXGPKT WP FQOOCIG KOOKPGPV QW RQWT HCKTG EGUUGT WP VTQWDNG OCPKHGUVGOGPV KNNKEKVG WPG RTQXKUKQP QW NGZoEWVKQP GP PCVWTG FG NQDNKICVKQP UK EGNNGEK PGUV RCU UoTKGWUGOGPV EQPVGUVCDNG &CPU VQWVGU NGU OCVKpTGU Q~ UC EQORoVGPEG GUV GZENWUKXG NG 6TKDWPCN FG )TCPFG +PUVCPEG UVCVWG UCPU RQUUKDKNKVo FG HCKTG CRRGN RQWT NGU NKVKIGU FG XCNGWT KPHoTKGWTG QW oICNG i GWTQU
RQUUKDKNKVo UGWNGOGPV FG RQWTXQK GP ECUUCVKQP GV i EJCTIG FCRRGN CW FGNi Ö .G 6TKDWPCN F+PUVCPEG .G 6TKDWPCN F+PUVCPEG RToUGPVG WPG EQORoVGPEG IoPoTCNG RQWT VQWVGU NGU CEVKQPU RGTUQPPGNNGU GV OQDKNKpTGU FQPV NGPLGW GUV UWRoTKGWT i GWTQU GV KPHoTKGWT QW oICN i GWTQU .G VTKDWPCN FµKPUVCPEG PG RGWV RCU LWIGT NGU CHHCKTGU ToUGTXoGU RCT NC NQK i WPG CWVTG LWTKFKEVKQP OqOG UK NC UQOOG GP LGW GUV KPHoTKGWTG i » .GU FoEKUKQPU PG UQPV RCU UWUEGRVKDNGU FCRRGN NQTUSWG NCHHCKTG PG FoRCUUG RCU GWTQU .G 6TKDWPCN F+PUVCPEG DoPoHKEKG oICNGOGPV FWPG EQORoVGPEG FKVG URoEKCNG QW GZENWUKXG FCPU EGTVCKPU FQOCKPGU SWGNSWG UQKV NG OQPVCPV FGU UQOOGU GP ECWUG



#EVKQP FKVG ¨ RQUUGUUQKTG © XKUCPV i HCKTG TGURGEVGT NG RQUUGUUKQP QW NC FoVGP VKQP FµWP DKGP EQOOG NG TGURGEV FµWPG UGTXKVWFG FG RCUUCIG .GU EQPVGUVCVKQPU GP OCVKpTG FG HWPoTCKNNGU QW TGNCVKXGU CWZ HTCKU FG UEQNCTKVo QW FµKPVGTPCV .GU NKVKIGU TGNCVKHU i NµoNCICIG FGU CTDTGU GV FGU JCKGU GV NGU CEVKQPU GP DQTPCIG RQWT HKZGT NGU NKOKVGU FG FGWZ RTQRTKoVoU .GU EQPVGUVCVKQPU GP OCVKpTG FµoNGEVKQP RQNKVKSWG
oVCDNKUUGOGPV FGU NKUVGU oNGEVQTCNGU GV FµoNGEVKQPU RTQHGUUKQPPGNNGU CW UGKP FGU GPVTGRTKUGU .KVKIGU TGNCVKHU CWZ EToFKVU i NC EQPUQOOCVKQP FµWP OQPVCPV KPHoTKGWT QW oICN i »
RCT GZGORNG EToFKV RQWT NµCESWKUKVKQP FµWPG XQKVWTG QW FµWPG EWKUKPG oSWKRoGª 5K NG NKVKIG RQTVG UWT WP OQPVCPV KPHoTKGWT i » KN LWIG GP FGTPKGT TGUUQTV EGUViFKTG SWG NGWTU LWIGOGPVU PG UQPV RCU UWUEGRVKDNGU FµCRRGN 'P TGXCPEJG UK NG NKVKIG GUV UWRoTKGWT i EG OQPVCPV WP CRRGN GUV RQUUKDNG NKVKIGU FGU DCWZ GV NQ[GTU FJCDKVCVKQP
RCT GZGORNG RQWT HCKTG RC[GT NGU NQ[GTU NGU EJCTIGUToUKNKCVKQP FW DCKN CWVTGU SWG EGWZ TGNGXCPV FGU LWTKFKEVKQPU FG RTQZKOKVo RTQDNpOGU FµGZRWNUKQP [ EQORTKU FG USWCVVGWTU NKVKIGU RQTVCPV UWT NµCRRNKECVKQP FµWP EQPVTCV FG NQWCIG FµKOOGWDNG RQWT NGU RTQDNpOGU GP OCVKpTG FG EToFKV i NC EQPUQOOCVKQP CKPUK SWG VQWU NGU RTQDNpOGU FG DCWZ GV NQ[GTU CWVTG SWG EGWZ TGNGXCPV FGU LWIGU FG RTQZKOKVo VTQWDNG FG XQKUKPCIG UCKUKG CTTqV UWT UCNCKTG RGPUKQPU CNKOGPVCKTGU GPVTG RCTGPVU GV GPHCPVU .G VTKDWPCN FµKPUVCPEG RQUUpFG oICNGOGPV FGU EQORoVGPEGU CFOKPKUVTCVKXGU .µoVCDNKUUGOGPV FGU CEVGU FG PQVQTKoVo
UCWH GP OCVKpTG UWEEGUUQTCNG GV FGU EGTVKHKECVU FG PCVKQPCNKVo #RRQUKVKQP GV NGXoG FGU UEGNNoU GP OCVKpTG UWEEGUUQTCNG 'OCPEKRCVKQP FGU OKPGWTU .GU ToIKOGU FG RTQVGEVKQP RCT EWTCVGNNG GV VWVGNNG FGU RGTUQPPGU FQPV NGU HCEWNVoU OGPVCNGU UG UQPV CNVoToGU .KVKIG GPVTG WP RCTVKEWNKGT GV WPG RGTUQPPG GORNQ[oG
GZGORNG CUUKUVCPVG OCVGTPGNNG .GU UCKUKGU FGU ToOWPoTCVKQPU FG VTCXCKN GV NGU TGPVGU XKCIpTGU FQPV NG OQPVCPV GUV UWRoTKGWT i » GV KPHoTKGWT i » .GU RTQDNpOGU TGNCVKHU CWZ oNGEVKQPU .GU EQPHNKVU TGNCVKHU CWZ RCKGOGPVU FG HGTOCIG .µGPTGIKUVTGOGPV FGU FoENCTCVKQPU FG PCVKQPCNKVo HTCPnCKUG EGTVCKPU VTKDWPCWZ FµKPUVCPEG UQPV EQORoVGPVU RQWT TGEGXQKT NGU FoENCTCVKQPU FµCESWKUKVKQP FG NC PCVKQPCNKVo HTCPnCKUG GPTGIKUVTGT NGU FGOCPFGU XoTKHKGT SWG NGU EQPFKVKQPU NoICNGU UQPV ToWPKGU GV FoNKXTGT NGU EGTVKHKECVU FG NC PCVKQPCNKVo HTCPnCKUG



.G LWIG FµKPUVCPEG GZGTEG NGU HQPEVKQPU FG LWIG FGU VWVGNNGU GV UVCVWG UWT NGU FGOCPFGU FµQWXGTVWTG FµWP ToIKOG FG RTQVGEVKQP FGU OKPGWTU IGUVKQP GV CFOKPKUVTCVKQP FGU DKGPU FµWP OKPGWT TGRToUGPVCVKQP FW OKPGWT RQWT WP CEVG FG NC XKG EKXKNG FG EGTVCKPU OCLGWTU RCT GZGORNG FQPV NGU HCEWNVoU OGPVCNGU UG UQPV CNVoToGU
EWTCVGNNG VWVGNNG SWK QPV DGUQKP FµqVTG TGRToUGPVoU RQWT CEEQORNKT FGU CEVGU FG NC XKG EQWTCPVG NGU FGOCPFGU FµoOCPEKRCVKQP FGU OKPGWTU jIoU FG RNWU FG CPU .G 6TKDWPCN F+PUVCPEG UG EQORQUG FWP UGWN LWIG QP FKV SWKN UVCVWG i LWIG WPKSWG %GEK UGZRNKSWG RCT NC OQFKEKVo GP IoPoTCN FGU CHHCKTGU TGNGXCPV FG NC EQORoVGPEG FW 6TKDWPCN F+PUVCPEG .C TGRToUGPVCVKQP RCT CXQECV PGUV RCU QDNKICVQKTG CW 6TKDWPCN F+PUVCPEG CNQTU SWGNNG GUV QDNKICVQKTG CW 6)+ .G 6TKDWPCN F+PUVCPEG DoPoHKEKG oICNGOGPV FCVVTKDWVKQPU PQP LWTKFKEVKQPPGNNGU GP RCTVKEWNKGT RQWT NG 2#%5 SWK GUV GPTGIKUVTo CW 6TKDWPCN F+PUVCPEG RCT NG ITGHHKGT × ,WTKFKEVKQP FG RTQZKOKVo .GU LWTKFKEVKQPU FG RTQZKOKVo UQPV KORNCPVoGU FCPU NGU NQECWZ FGU VTKDWPCWZ FµKPUVCPEG GV RQUUpFGPV NG OqOG TGUUQTV .G LWIG FG RTQZKOKVo UVCVWG UWT NGU RGVKVU NKVKIGU FG NC XKG SWQVKFKGPPG GV UWT NGU RGVKVGU KPHTCEVKQPU CWZ TpINGU FG NC XKG GP UQEKoVo .GU LWTKFKEVKQPU FG RTQZKOKVo UG FGUVKPGPV CWZ NKVKIGU EKXKNU FµWP OQPVCPV NKOKVo GV CWZ KPHTCEVKQPU UCPEVKQPPCPV NC OoEQPPCKUUCPEG FGU TpINGU FG EQPFWKVG oNoOGPVCKTG FG NC XKG GP UQEKoVo 'NNGU QPV oVo EToGU RCT NC NQK FµQTKGPVCVKQP GV FG RTQITCOOCVKQP RQWT NC LWUVKEG FW P RCTW CW LQWTPCN QHHKEKGN FW RCIG .C LWTKFKEVKQP FG RTQZKOKVo UVCVWG GP RTGOKGT GV FGTPKGT TGUUQTV GP OCVKpTG EKXKNG 2QWT NGU NKVKIGU RGTUQPPGNU GV OQDKNKGTU PµGZEoFCPV RCU » +N GZKUVG GPEQTG FGU EQOOWPGU SWK PG FKURQUGPV RCU FG LWIG FG RTQZKOKVo FoUKIPo FCPU EG ECU NG TzNG FG NC LWTKFKEVKQP FG RTQZKOKVo GUV CUUWTo RCT NG VTKDWPCN FµKPUVCPEG 2QWT VQWV NKVKIG TGNCVKH i NµCEVKQP GP TGUVKVWVKQP FµWP FoRzV FG ICTCPVKG
FCPU NG ECFTG FµWP DCKN FµJCDKVCVKQP FµWP OQPVCPV OCZKOCN FG » &CPU NGU ECU UWU EKVoU UGWN WP RQWTXQK GP ECUUCVKQP RQWTTCKV qVTG HQTOo i NµGPEQPVTG FG UGU FoEKUKQPU .C LWTKFKEVKQP FG RTQZKOKVo UVCVWG oICNGOGPV i EJCTIG FµCRRGN UWT VQWVGU FGOCPFGU KPFoVGTOKPoGU
RCT GZGORNG WPG FGOCPFG GP ToUQNWVKQP FµWPG XGPVG SWK QPV QDLGV NµGZoEWVKQP FµWPG QDNKICVKQP FQPV NG OQPVCPV PµGZEpFG RCU » &CPU EG ECU RToEKU KN GUV RQUUKDNG FG HCKTG CRRGN .G LWIG FG RTQZKOKVo UVCVWG GP OCVKpTG FµKPLGEVKQP FG RC[GT GV FG HCKTG GP XGTVW FGU FKURQUKVKQP FG NµCTVKENG FW 0QWXGCW EQFG FG RTQEoFWTG EKXKNG FCPU NGU NKOKVGU FG UC EQORoVGPEG FG RC[GT
RQWT NGU NKVKIGU NKoU i FGU FKHHKEWNVoU FG RCKGOGPV GV FG HCKTG
RQWT QDVGPKT NC NKXTCKUQP NC ToRCTCVKQP QW NG TGORNCEGOGPV FµWP DKGP FCPU NGU



NKOKVGU FG UC EQORoVGPEG FµCVVTKDWVKQP EGUViFKTG EGNNG HKZoG RCT NC NQK FW P RCTW CW LQWTPCN QHHKEKGN FW +N EQPPCuV FG NC FGOCPFG FµJQOQNQICVKQP FW EQPUVCV FµCEEQTF HQTOo RCT NGU RCTVKGU i NµKUUWG FµWPG VGPVCVKXG RToCNCDNG FG EQPEKNKCVKQP oICNGOGPV FCPU NGU NKOKVGU FG UC EQORoVGPEG FµCVVTKDWVKQP .G LWIG FG RTQZKOKVo GUV UCKUK FGU FGOCPFGU FG TGUVKVWVKQP FGU FoRzVU FG ICTCPVKG GP OCVKpTG NQECVKXG RQWT NGUSWGNNGU NC LWTKFKEVKQP FG RTQZKOKVo GUV EQORoVGPVG EQPEGTPCPV NGU FGOCPFGU PµGZEoFCPV RCU » 'P TGXCPEJG NG VTKDWPCN FµKPUVCPEG i WPG EQORoVGPEG GZENWUKXG RQWT EGTVCKPU EQPVGPVKGWZ GP TCKUQP FG NGWT VGEJPKEKVo VGN SWG NG EQPVGPVKGWZ FGU DCWZ FµJCDKVCVKQP QW FGU QEEWRCPVU UCPU FTQKV PK VKVTG QW NG EQPVGPVKGWZ FW EToFKV i NC EQPUQOOCVKQP .G LWIG FG RTQZKOKVo NG LWIG WPKSWG UG RTQPQPEG CRTpU CXQKT EJGTEJo i EQPEKNKGT NGU RCTVKGU KN FQKV FKTG NG FTQKV CRTpU WP FoDCV RWDNKE GV EQPVTCFKEVQKTG 'P OCVKpTG EKXKNG NC LWTKFKEVKQP FG RTQZKOKVo UVCVWG UGNQP NGU TpINGU FG RTQEoFWTGU CRRNKECDNGU FGXCPV NG VTKDWPCN FµKPUVCPEG .GU RCTVKGU RGWXGPV UG HCKTG CUUKUVGT GV UG HCKTG TGRToUGPVGT FGXCPV NC LWTKFKEVKQP FG RTQZKOKVo FCPU NGU OqOGU EQPFKVKQPU SWG FGXCPV NG VTKDWPCN FµKPUVCPEG &CPU EGTVCKPU ECU LWTKFKSWGU EQORNGZGU NG LWIG FG RTQZKOKVo RGWV TGPXQ[GT NµCHHCKTG FGXCPV NG VTKDWPCN FµKPUVCPEG SWK UVCVWG CNQTU GP VCPV SWG LWTKFKEVKQP FG RTQZKOKVo .G LWIG FG RTQZKOKVo PG RQUUpFG CWEWPG EQORoVGPEG GP OCVKpTG FGU ToHoToU 'P LWKNNGV NG PQODTG FG LWIGU FG RTQZKOKVo GP GZGTEKEG UµoNGXCKV i GP HQPEVKQP FCPU LWTKFKEVKQPU FG RTQZKOKVo +N GZKUVG GPEQTG FGU EQOOWPGU SWK PG FKURQUGPV RCU FG LWIG FG RTQZKOKVo FoUKIPo &CPU EG ECU NG TzNG FG NC LWTKFKEVKQP FG RTQZKOKVo GUV CUUWTo RCT NG VTKDWPCN FµKPUVCPEG .GU LWTKFKEVKQPU FKVGU URoEKCNKUoGU QW FGZEGRVKQP 'NNGU PG EQPPCKUUGPV SWG FGU CHHCKTGU SWK NGWTU UQPV CVVTKDWoGU RCT WP VGZVG URoEKCN +N UCIKV FG NG 6TKDWPCN FG %QOOGTEG LWIGCPV GUUGPVKGNNGOGPV NGU NKVKIGU GPVTG EQOOGT nCPVU QW GPVTG CUUQEKoU FWPG UQEKoVo EQOOGTEKCNG NG %QPUGKN FGU 2TWFJQOOGU SWK CUUWTG NG ToINGOGPV FGU EQPHNKVU KPFKXKFWGNU FW VTCXCKN NG 6TKDWPCN FGU #HHCKTGU FG 5oEWTKVo 5QEKCNG NG 6TKDWPCN &oRCTVGOGPVCN FGU 2GPUKQPU NG 6TKDWPCN 2CTKVCKTG FGU $CWZ 4WTCWZ NC %QOOKUUKQP F+PFGOPKUCVKQP FGU 8KEVKOGU F+PHTCEVKQP
%+8+ DD .GU LWTKFKEVKQPU EKXKNGU FW UGEQPF FGITo .C %QWT F#RRGN GUV NC LWTKFKEVKQP WPKSWG FW UGEQPF FGITo FQPV TGNpXG NGPUGODNG FGU LWTKFKEVKQPU FW RTGOKGT FGITo SWGNNGU UQKGPV FG FTQKV EQOOWP QW URoEKCNKUoGU .GU NKVKIGU FWPG XCNGWT RGW KORQTVCPVG PG UQPV RCU UWUEGRVKDNGU FCRRGN



.GU %QWTU F#RRGN UQPV EQORQUoGU WPKSWGOGPV FG OCIKUVTCVU RTQHGUUKQPPGNU NGU EQPUGKNNGTU %JCSWG %QWT F#RRGN EQORTGPF GP IoPoTCN RNWUKGWTU EJCODTGU %JCSWG EJCODTG GUV RToUKFoG RCT WP RToUKFGPV FG EJCODTG .CRRGN GUV GP IoPoTCN UWURGPUKH UCWH UKN [ C CESWKGUEGOGPV QW UKN GUV RTGUETKV WPG GZoEWVKQP RTQXKUQKTG +N GZKUVG %QWTU F#RRGN GP (TCPEG FQPV QWVTG OGT EJCSWG %QWT F#RRGN C WP TGUUQTV EQORTKU GPVTG GV FoRCTVGOGPVU UCWH EGNNGU FG 2#4+5 GV FG 8'45#+..'5 ,WTKFKEVKQP FG FTQKV EQOOWP NC %QWT F#RRGN GUV EQORoVGPVG RQWT VQWV EQPVGPVKGWZ UCWH NG EQPVGPVKGWZ FKV VGEJPKSWG FG NC 5oEWTKVo 5QEKCNG SWK TGNpXG FG NC %QWT 0CVKQPCNG FG N+PECRCEKVo GV FG NC 6CTKHKECVKQP FGU CUUWTCPEGU FGU CEEKFGPVU FW VTCXCKN EE .C %QWT FG %CUUCVKQP .C %QWT FG %CUUCVKQP PG EQPUVKVWG RCU WP VTQKUKpOG FGITo FG LWTKFKEVKQP OCKU UG DQTPG UGWNGOGPV i XoTKHKGT NGZCEVG CRRNKECVKQP FG NC NQK 'NNG C RQWT OKUUKQP FG EQPVTzNGT UK NC %QWT F#RRGN QW oXGPVWGNNGOGPV NC LWTKFKEVKQP FW RTGOKGT FGITo NQTUSWG NCRRGN PGUV RCU RQUUKDNG C HCKV WPG DQPPG CRRNKECVKQP FG NC NQK 'NNG PG EQPPCuV RCU FGU CHHCKTGU GP HQPF OCKU UGWNGOGPV GP FTQKV .G TGPXQK GP ECUUCVKQP UCRRGNNG WP RQWTXQK 5K NC %QWT FG %CUUCVKQP GUVKOG SWG NC NQK C oVo DKGP CRRNKSWoG GNNG TGLGVVG NG RQWTXQK GV NC FoEKUKQP CVVCSWoG PGUV RNWU UWUEGRVKDNG FCWEWP TGEQWTU 5K GNNG GUVKOG SWG NC NQK C oVo OCN CRRNKSWoG QW OCN KPVGTRToVoG GNNG ECUUG NC FoEKUKQP OCKU EQOOG GNNG PG RGWV UG UWDUVKVWGT i WPG LWTKFKEVKQP FW HQPF
VTKDWPCWZ FW RTGOKGT FGITo GV %QWT F#RRGN GNNG TGPXQKG FGXCPV WPG LWTKFKEVKQP FW OqOG FGITo SWG EGNNG SWK CXCKV UVCVWo .G RQWTXQK GP ECUUCVKQP PG RGWV FQPE KPVGTXGPKT SWG UWT FGU oNoOGPVU RToEKU GP ECU FG XKQNCVKQP FG NC NQK
RQWT XoTKHKGT UK NGU LWIGU FW HQPF QPV EQTTGE VGOGPV CRRNKSWo NC NQK GP ECU FG XKQNCVKQP FG NC HQTOG GP ECU FG XKEG FCPU NC OQVKXCVKQP
GNNG XoTKHKG SWG NGU LWIGU FW HQPF QPV UWHHKUCOOGPV OQVKXo NGWT FoEKUKQP GP ECU FG FoPCVWTCVKQP FGU oETKVU GP ECU FG EQPVTCTKoVo FGU LWIGOGPVU GP ECU FG FKURCTKVKQP FW HQPFGOGPV LWTKFKSWG .C %QWT FG %CUUCVKQP EQORTGPF EKPS %JCODTGU EKXKNGU WPG %JCODTG ETKOKPGNNG 2CTOK NGU EJCODTGU EKXKNGU QP FKUVKPIWG NC pTG EJCODTG EKXKNG NC pOG EJCODTG EKXKNG NC pOG EJCODTG EKXKNG WPG %JCODTG EQOOGTEKCNG WPG %JCODTG UQEKCNG .C FGWZKpOG EJCODTG EKXKNG FG NC %QWT FG ECUUCVKQP EQORQTVG VTQKU UGEVKQPU WPG UGEVKQP GP FTQKV EQOOWP WPG UGEVKQP RTQEoFWTG WPG UGEVKQP UoEWTKVo UQEKCNG .C UGEVKQP FG UoEWTKVo UQEKCNG GUV GPEQTG CRRGNoG ¨ EJCODTG FW TKUSWG © 'NNG EQORTGPF RQWT EGVVG FGTPKpTG EKPS EQPUGKNNGTU GV VTQKU EQPUGKNNGTU ToHoTGPFCKTGU &GWZ CXQECVU IoPoTCWZ UQPV URoEKCNGOGPV


CHHGEVoU i NC UGEVKQP UoEWTKVo UQEKCNG %GVVG UGEVKQP UoEWTKVo UQEKCNG oVCKV KPKVKCNGOGPV TCVVCEJoG i NC %JCODTG UQEKCNG RWKU C oVo TCVVCEJoG i NC FGWZKpOG %JCODTG EKXKNG FG NC %QWT FG ECUUCVKQP NG .C %JCODTG UQEKCNG EQORQTVG FGWZ HQTOCVKQPU FKUVKPEVGU FQPV WPG EQPUCEToG CW FTQKV FW VTCXCKN %GVVG %QWT FG %CUUCVKQP GUV RToUKFoG RCT WP RTGOKGT RToUKFGPV 'NNG EQORTGPF QWVTG EG RTGOKGT RToUKFGPV RToUKFGPVU FG EJCODTG EQPUGKNNGTU EQPUGKNNGTU ToHoTGPFCKTGU %QOOG HQTOCVKQP LWTKFKEVKQPPGNNG QP FKUVKPIWG QWVTG NGU EJCODTGU UWUEKVoGU FGU HQTOCVKQPU oNCTIKGU EJCODTGU OKZVGU EQORTGPCPV FGU OCIKUVTCVU CRRCTVGPCPV i CW OQKPU EJCODTGU GV NCUUGODNoG RNoPKpTG .GU EQPUGKNNGTU ToHoTGPFCKTGU UQPV CHHGEVoU i VKVTG RTQXKUQKTG CXGE WPG XQKZ UGWNGOGPV EQPUWNVCVKXG .G /KPKUVpTG 2WDNKE GUV TGRToUGPVo RCT NG 2TQEWTGWT IoPoTCN CWRTpU FG NC %QWT FG %CUUCVKQP CUUKUVo FWP QW RNWUKGWTU CXQECVU IoPoTCWZ .C %QWT FG %CUUCVKQP EQPUVKVWG FQPE WP QTICPG ToIWNCVGWT SWK XGKNNG i NC DQPPG CRRNKECVKQP FW FTQKV D .GU LWTKFKEVKQPU FG NQTFTG LWFKEKCKTG RoPCNGU QW ToRTGUUKXGU CC .GU LWTKFKEVKQPU RoPCNGU FW RTGOKGT FGITo .GU LWTKFKEVKQPU FG LWIGOGPV FG FTQKV EQOOWP 'NNGU UQPV ENCUUoGU GP HQPEVKQP FGU ECVoIQTKGU FKPHTCEVKQPU RoPCNGU .C LWTKFKEVKQP FG RTQZKOKVo GUV EQORoVGPVG RQWT NGU EQPVTCXGPVKQPU FGU SWCVTG pTGU ENCUUGU GP GZENWCPV EGTVCKPGU EQPVTCXGPVKQPU FG SWCVTG pTGU ENCUUGU SWK UQPV FG NC EQORoVGPEG FW VTKDWPCN FG RQNKEG GP XGTVW FW FoETGV FW +N UµCIKV FGU KPHTCEVKQPU i NC NQK FW TGNCVKXG i NC NKDGTVo FG NC RTGUUG FKHHCOCVKQP QW KPLWTGU PQP RWDNKSWGU RToUGPVCPV WP ECTCEVpTG TCEKUVG QW FKUETKOKPCVQKTGU .C RTQEoFWTG FµCRRGN GPXGTU NC LWTKFKEVKQP FG RTQZKOKVo PµGUV RCU RQUUKDNG RQWT NGU EQPVTCXGPVKQPU FGU FGWZ pTGU ENCUUGU GV TGUVGPV UQWOKUGU i EQPFKVKQPU RQWT NGU CWVTGU EQPVTCXGPVKQPU .µCRRGN GPVTCuPG NG UWTUKU i GZoEWVKQP FW LWIGOGPV .G 6TKDWPCN FG 2QNKEG GUV EQORoVGPV RQWT NG LWIGOGPV FGU KPHTCEVKQPU SWCNKHKoGU FG EQPVTCXGPVKQPU 7PG EQPVTCXGPVKQP GUV WPG KPHTCEVKQP SWG NC NQK RWPKV FWPG COGPFG PGZEoFCPV RCU GWTQU +N EQPPCuV CKPUK FGU EQPVTCXGPVKQPU UCWH EGNNG FG NC pOG ENCUUG EQOOKUGU RCT NGU OKPGWTU FG OQKPU FG CPU KN GUV NoOCPCVKQP FW 6TKDWPCN F+PUVCPEG UKpIGCPV GP OCVKpTG RoPCNG .G 6TKDWPCN FG 2QNKEG UVCVWG FQPE i LWIG WPKSWG NG LWIG WPKSWG oVCPV NG OqOG SWG NG 6TKDWPCN F+PUVCPEG 2QWT NGU EQPVTCXGPVKQPU LWUSWi NC pOG ENCUUG EGUV NG



EQOOKUUCKTG FG RQNKEG SWK TGORNKV NGU HQPEVKQPU FG /KPKUVpTG 2WDNKE 2QWT NGU EQPVTCXGPVKQPU FG pOG ENCUUG EGUV NG RTQEWTGWT .G 6TKDWPCN %QTTGEVKQPPGN GUV EQORoVGPV RQWT NGU FoNKVU 7P FoNKV GUV WPG KPHTCEVKQP RWPKG FWPG RGKPG FGORTKUQPPGOGPV FG OQKU i CPU QW FWPG COGPFG FQPV NG OQPVCPV GUV UWRoTKGWT QW oICN i GWTQU %JCSWG 6TKDWPCN %QTTGEVKQPPGN EQORTGPF WP RToUKFGPV GV LWIGU %GTVCKPU 6TKDWPCWZ %QTTGEVKQPPGN RQUUpFGPV RNWUKGWTU EJCODTGU .G 6TKDWPCN %QTTGEVKQPPGN EQPUVKVWG NoOCPCVKQP GP FTQKV RoPCN FGU 6TKDWPCWZ FG )TCPFG +PUVCPEG +N RGWV LWIGT i LWIG WPKSWG RQWT EGTVCKPGU KPHTCEVKQPU .C %QWT F#UUKUGU GUV EQORoVGPVG RQWT NGU ETKOGU 7P ETKOG GUV WPG KPHTCEVKQP SWG NC NQK RWPKV FWPG RGKPG FKVG CHHNKEVKXG FG ToENWUKQP QW FG FoVGPVKQP ETKOKPGNNG i RGTRoVWKVo QW FG CPU CW OKPKOWO CKPUK SWG FCOGPFGU +N GZKUVG WPG %QWT F#UUKUGU RCT FoRCTVGOGPV CXGE FGWZ UGEVKQPU i 2#4+5 Ö .GU LWTKFKEVKQPU FG LWIGOGPVU FGZEGRVKQP +N UCIKV GUUGPVKGNNGOGPV FGU LWTKFKEVKQPU FGU OKPGWTU 1P FKUVKPIWG UWKXCPV NGU KPHTCEVKQPU NG ,WIG FGU 'PHCPVU NG 6TKDWPCN RQWT GPHCPVU NC %QWT F#UUKUGU FGU /KPGWTU +N GZKUVG FCWVTGU LWTKFKEVKQPU FGZEGRVKQPU OCKU FQPV NKPVoTqV GUV OQKPFTG NG 6TKDWPCN /CTKVKOG %QOOGTEKCN NC ,WUVKEG /KNKVCKTG NC *CWVG %QWT FG ,WUVKEG NC %QWT FG ,WUVKEG FG NC 4oRWDNKSWG DD .GU LWTKFKEVKQPU RoPCNGU FW UGEQPF FGITo 'NNGU FoRGPFGPV FG NC %QWT F#RRGN .C %JCODTG FGU #RRGNU %QTTGEVKQPPGNU CWTC i EQPPCuVTG FGU CRRGNU FGU LWIGOGPVU TGPFWU RCT NGU 6TKDWPCWZ FG 2QNKEG RQWT FGU COGPFGU GZEoFCPV NG OQPVCPV FG NCOGPFG RToXWG RQWT NGU EQPVTCXGPVKQPU FG pOG ENCUUG GV FGU 6TKDWPCWZ %QTTGEVKQPPGNU +N GZKUVG WPG EJCODTG URoEKCNG RQWT NGU OKPGWTU FGUVKPoG CWZ CRRGNU FGU FoEKUKQPU FW LWIG FGU GPHCPVU .GU XGTFKEVU TGPFWU RCT NGU %QWTU F#UUKUGU UQPV oICNGOGPV UWUEGRVKDNGU FCRRGNU EE .C %QWT FG %CUUCVKQP 'P OCVKpTG RoPCNG NC %QWT FG %CUUCVKQP LQWG NG OqOG TzNG SWG FCPU NGU LWTKFKEVKQPU EKXKNGU %G TzNG GUV CUUWOo RCT NC %JCODTG ETKOKPGNNG FG NC %QWT FG %CUUCVKQP

$ .#%%É5 &7 2#6+'06 « 510 &155+'4 /d&+%#.
.C NQK P FW ° ° GV NG FoETGV P FW ° ° RGTOGVVGPV CW RCVKGPV FCXQKT CEEpU i VQWVG RKpEG FG UQP FQUUKGT OoFKECN


.µCTVKENG . FW EQFG FG NC UCPVo RWDNKSWG GP CRRNKECVKQP FG NC NQK FW TGNCVKXG CWZ FTQKVU FGU OCNCFGU GV i NC SWCNKVo FW U[UVpOG FG UCPVo UVKRWNG SWG ¨ VQWVG RGTUQPPG C CEEpU i NµGPUGODNG FGU KPHQTOCVKQPU EQPEGTPCPV UC UCPVo FoVGPWG RCT FGU RTQHGUUKQPPGNU GV oVCDNKUUGOGPVU FG UCPVo © .C PQVKQP FG RTQHGUUKQPPGN FG UCPVo TGEQWXTG NGU RTQHGUUKQPU UWKXCPVGU UGNQP NG EQFG FG NC UCPVo RWDNKSWG OoFGEKP EJKTWTIKGPFGPVKUVG UCIGHGOOG RJCTOCEKGP RToRCTCVGWT GP RJCTOCEKG KPHKTOKGT OCUUGWT MKPoUKVJoTCRGWVG RoFKEWTG RQFQNQIWG GTIQVJoTC RGWVG RU[EJQOQVTKEKGP QTVJQRJQPKUVG QTVJQRVKUVG OCPKRWNCVGWT FµoNGEVTQTCFKQNQIKG OoFKECNG CWFKQRTQVJoUKUVG QRVKEKGP NWPGVKGT FKoVoVKEKGP .µCTVKENG . FW EQFG FG NC UCPVo RWDNKSWG UVKRWNG SWG ¨ NGU RTQHGUUKQPPGNU FG UCPVo QW NGU oVCDNKUUGOGPVU FG UCPVo QW NC RGTUQPPG EQPEGTPoG RGWXGPV FoRQUGT FGU FQPPoGU FG UCPVo i ECTCEVpTG RGTUQPPGN TGEWGKNNKGU QW RTQFWKVGU i NµQEECUKQP FGU CEVKXKVoU FG RToXGPVKQP FG FKCIPQUVKE QW FG UQKPU CWRTpU FG RGTUQPPGU RJ[UKSWGU QW OQTCNGU CIToGU i EGV GHHGV %GV JoDGTIGOGPV FG FQPPoGU PG RGWV CXQKT NKGW SWµCXGE NG EQPUGPVGOGPV GZRTpU FG NC RGTUQPPG EQPEGTPoG © .G OqOG CTVKENG UVKRWNG SWG ¨ UGWNU RGWXGPV CEEoFGT CWZ FQPPoGU C[CPV HCKV NµQDLGV FµWP JoDGTIGOGPV NGU RGTUQPPGU SWG EGNNGUEK EQPEGTPGPV GV NGU RTQHGUUKQPPGNU FG UCPVo QW oVCDNKUUGOGPV FG UCPVo SWK NGU RTGPPGPV GP EJCTIG GV SWK UQPV FoUKIPoU RCT NGU RGTUQPPGU EQPEGTPoGUª FCPU NG TGURGEV FGU FKURQUKVKQPU FGU CTVKENGU . GV . FW EQFG FG NC UCPVo RWDNKSWG © .GU RTQHGUUKQPPGNU FG UCPVo QW NGU oVCDNKUUGOGPVU FG UCPVo QW NC RGTUQPPG EQPEGTPoG RGWXGPV FQPE FoRQUGT FGU FQPPoGU FG UCPVo i ECTCEVpTG RGTUQPPGN TGEWGKNNKGU QW RTQFWKVGU i NµQEECUKQP FGU CEVKXKVoU FG RToXGPVKQP FG FKCIPQUVKE QW FG UQKPU CWRTpU FG RGTUQPPGU RJ[UKSWGU QW OQTCNGU CIToGU i EGV GHHGV
CTVKENG . FW EQFG FG NC UCPVo RWDNKSWG KPVTQFWKV RCT NC NQK FW %GU RGTUQPPGU RJ[UKSWGU QW OQTCNGU CIToGU UGTQPV KFGPVKHKoGU KEK UQWU NG VGTOG ¨ JoDGTIGWT © .µCTVKENG 4 FW EQFG FG NC UCPVo RWDNKSWG KPVTQFWKV RCT NG FoETGV P FW RCTW CW LQWTPCN QHHKEKGN P FW RCIG UVKRWNG SWG ¨NµCEEpU CWZ KPHQTOCVKQPU TGNCVKXGU i NC UCPVo FµWPG RGTUQPPG OGPVKQPPoG i NµCTVKENG . GUV FoVGPW RCT WP RTQHGUUKQPPGN FG UCPVo WP oVCDNKUUGOGPV FG UCPVo QW WP JoDGTIGWT CIToo GP CRRNKECVKQP FG NµCTVKENG . GUV FGOCPFo RCT NC RGTUQPPG EQPEGTPoG UQP C[CPV FTQKV GP ECU FG FoEpU FG EGVVG RGTUQPPG NC RGTUQPPG C[CPV NµCWVQTKVo RCTGPVCNG NG VWVGWT QW NG ECU oEJoCPV SWµWPG FG EGU RGTUQPPGU C FoUKIPo EQOOG KPVGTOoFKCKTG © .G FQUUKGT OoFKECN GUV FQPE EQPUVKVWo GPVTG CWVTGU FGU KPHQTOCVKQPU TGEWGKNNKGU NQTU FW RCUUCIG EJG\ NGU FKHHoTGPVU OoFGEKPU CKPUK SWG FCPU VQWU NGU oVCDNKUUGOGPVU FG UCPVo SWG NG RCVKGPV C EQPUWNVoU +N EQORTGPF NGU oNoOGPVU SWG NG RCVKGPV C EQOOWPKSWoU
EQQTFQPPoGU RTQDNpOGU FG UCPVo RCUUoUª NGU GZCOGPU OoFKECWZ
ENKPKSWGU DKQNQIKSWGU GV RCTCENKPKSWGUª GHHGEVWoU NGU FoEKUKQPU FW OoFGEKP RTKUGU i XQVTG UWLGV NGU UQKPU GHHGEVWoU CKPUK SWG NGU FKXGTU EQWTTKGTU CFTGUUoU CWZ CWVTGU OoFGEKPU SWK NG UQKIPGPV %G FQUUKGT OoFKECN UGPVGPF CW UGPU NCTIG FW VGTOG GV EQPEGTPG PQP UGWNGOGPV NG FQUUKGT OoFKECN FW OoFGEKP VTCKVCPV OCKU CWUUK NG FQUUKGT OoFKECN FW RCVKGPV



JQURKVCNKUo NG FQUUKGT OoFKECN RQUUoFo RCT NG UGTXKEG OoFKECN FWPG ECKUUG FCUUWTCPEG OCNCFKG .G FQUUKGT OoFKECN RGWV qVTG EQOOWPKSWo
i NµGZEGRVKQP FG VQWVG CWVTG RGTUQPPG CW RCVKGPV NWKOqOG CW OoFGEKP EJQKUK RCT NG RCVKGPV CW TGRToUGPVCPV NoICN RQWT NGU OKPGWTU
OQKPU FG CPU NGU RCTGPVU RGWXGPV CXQKT CEEpU CW FQUUKGT OoFKECN FG NGWTU GPHCPVU OKPGWTU CW VWVGWT RQWT NGU OCLGWTU UQWU VWVGNNG CWZ C[CPVU FTQKV UK NG RCVKGPV GUV FoEoFo %QPEGTPCPV NGU C[CPVU FTQKV FµWP RCVKGPV FoEoFo NG %QFG FG NC UCPVo RWDNKSWG
CTVKENG . FW %52 RToXQKV SWµKNU RGWXGPV CXQKT CEEpU i FGU KPHQTOCVKQPU UQWU ToUGTXG SWG NG RCVKGPV PG Uµ[ UQKV RCU QRRQUo FG UQP XKXCPV .µCTTqVo FW ,CPXKGT RToEKUG SWG NG VGTOG C[CPV FTQKV EQPEGTPG NGU UWEEGUUGWTU NoICWZ FW FoHWPV
UGU JoTKVKGTU EQPHQTOoOGPV CW %QFG EKXKN .µC[CPV FTQKV ¨ C CEEpU CWZ UGWNU oNoOGPVU FW FQUUGT OoFKECN PoEGUUCKTGU i NC ToCNKUCVKQP © FµWP FGU OQVKHU UWKXCPVU EQPPCuVTG NGU ECWUGU FG NC OQTV FoHGPFTG NC OoOQKTG FW FoHWPV QW HCKTG XCNQKT NGWTU FTQKVU 'P RTCVKSWG NG OoFGEKP FQKV UµCUUWTGT FG NµKFGPVKVo FW FGOCPFGWT GV FG UC SWCNKVo FµC[CPV FTQKV
GP ECU FG FQWVG FGOCPFGT WP EGTVKHKECV FµJoToFKVo ToCNKUo RCT WP OCKTG QW WP PQVCKTG RWKU HCKTG TGORNKT WP HQTOWNCKTG 5K NGU EQPFKVKQPU PG UQPV RCU TGORNKGU NG OoFGEKP CFTGUUG WP EQWTTKGT FG TGHWU i WPG RGTUQPPG OCPFCVoG RCT NG RCVKGPV UGU TGRToUGPVCPVU NoICWZ
RQWT NGU OKPGWTU GV NGU OCLGWTU UQWU VWVGNNG QW UGU C[CPVU FTQKV +N HCWV TCRRGNGT CW RCVKGPV NG ECTCEVpTG RGTUQPPGN FGU KPHQTOCVKQPU EQOOWPKSWoGU CW OCPFCVCKTG 2QWT RQWXQKT EQPUWNVGT UQP FQUUKGT QW GP CXQKT WPG EQRKG KN UWHHKV FG NG FGOCPFGT CW OoFGEKP SWK NG UWKV GV FG TGORNKT NG HQTOWNCKTG EKFGUUQWU .GVVTG i GPXQ[GT GP TGEQOOCPFo CXGE CEEWUo FG ToEGRVKQP
PQP QDNKICVQKTG OCKU XKXGOGPV EQPUGKNNoG ECT NGU FoNCKU FG EQOOWPKECVKQP EQWTGPV i RCTVKT FG NC ToEGRVKQP FG XQVTG EQWTTKGT (QTOWNCKTG FG FGOCPFG FG FQUUKGT OoFKECN
i TGPXQ[GT CW OoFGEKP QW CW UGTXKEG JQURKVCNKGT EQPEGTPo /QPUKGWT NG FKTGEVGWT /CFCOG NC FKTGEVTKEG
RQWT WP JzRKVCN WP oVCDNKUUGOGPV QW WP UGTXKEG FQPV NGU RTQHGUUKQPPGNU FG UCPVo PQVCOOGPV NGU OoFGEKPU UQPV UCNCTKoU /CFCOG /QPUKGWT &QEVGWT
UK NGU KPHQTOCVKQPU UQPV FoVGPWGU RCT WP RTQHGUUKQPPGN FG UCPVo OoFGEKP QW CWVTG GZGTnCPV GP NKDoTCN
GP ECDKPGV QW GP ENKPKSWG RTKXoG ,G UQWUUKIPo
G /CFCOG /CFGOQKUGNNG /QPUKGWT
PQO RToPQO GV PQO FG LGWPG HKNNG RQWT NGU HGOOGU OCTKoGU Po
G NGUªªªª FQOKEKNKo
G iªªªªª 6GN ªªªªªªªªª



&GOCPFGFCPU NG ECFTG FGU CTVKENGU . . 4 i 4 4 i 4 FW %QFG FG NC 5CPVo 2WDNKSWG GV FW FoETGV FW i QDVGPKT EQOOWPKECVKQP QW EQRKG
TC[GT NC OGPVKQP KPWVKNG FG FQEWOGPVU EQPEGTPCPV OQKOqOG /T /OG /NNGªªªªªªªªªªªª Po
G NGªªªªªªªªª 'P SWCNKVo FG RCVKGPV FG TGRToUGPVCPV NoICN
RQWT WP OKPGWT QW WP OCLGWT UQWU VWVGNNG FµC[CPV FTQKV FµWP RCVKGPV FoEoFo
TC[GT NC OGPVKQP KPWVKNG NG
FCVG
GP EG ECU FµC[CPV FTQKV RToEKUG\ FCPU SWGN
U DWV
U RCTOK NGU UWKXCPVU EQPPCuVTG NC ECWUG FG NC OQTV FoHGPFTG NC OoOQKTG FW FoHWPV HCKTG XCNQKT XQU FTQKVU &QUUKGT EQORTGPCPV NGU oNoOGPVU UWKXCPVU &QUUKGT OoFKECN EQORNGV *QURKVCNKUCVKQP FW ªªCW ªª %QPUWNVCVKQP FW ªªªªªªªª 'ZCOGP
V[RGªªªªªªªªª
FCVGªªªªªªªªªªª .G EQORVG TGPFW QRoTCVQKTG FG NµKPVGTXGPVKQP EJKTWTIKECNG UWDKG NG
FCVG FCPU VGN UGTXKEG GVE 2NWU NC FGOCPFG GUV RToEKUG
JQTU FGOCPFG FµCEEpU i VQWV NG FQUUKGT RNWU GNNG UGTC HCEKNG i ¨ VTCKVGT © 5GNQP NGU OQFCNKVoU UWKXCPVGU %QPUWNVCVKQP CW ECDKPGV
ITCVWKVG 4GOKUG GP OCKP RTQRTG i /T /OGªªªªªªªªªªªªRGTUQPPG SWG LµCK OCPFCVoG 'PXQK RQUVCN GP TGEQOOCPFo i OQKOqOG
HTCKU FµGPXQK GV FG TGRTQFWEVKQP i OC EJCTIG 'PXQK RQUVCN GP TGEQOOCPFo CW &QEVGWT ªªªª
CFTGUUGªªªªªª
HTCKU FµGPXQK GV FG TGRTQFWEVKQP i OC EJCTIG
4C[GT NC OGPVKQP KPWVKNG ,G XQWU FGOCPFG RToCNCDNGOGPV FG DKGP XQWNQKT OµKPFKSWGT NG OQPVCPV FGU HTCKU FG TGRTQFWEVKQP FG NµGPUGODNG FGU FQEWOGPVU CKPUK SWG FµGZRoFKVKQP RCT EQWTTKGT
RToEKUGT UK NµQP XGWV NGU TCFKQU EG SWK GUV DGCWEQWR RNWU EJGT SWG NGU EQRKGU RCRKGT .GU FQEWOGPVU FGOCPFoU C[CPV oVo EQPUVKVWoU KN [ C OQKPU FG CPU LµCVVGPFU NGWT EQOOWPKECVKQP FCPU NG FoNCK FG LQWT RToXW RCT NC NQK i EQORVGT FG NC ToEGRVKQP FW RToUGPV EQWTTKGT
QW NGU FQEWOGPVU FGOCPFoU C[CPV oVo EQPUVKVWoU KN [ C RNWU FG CPU LµCVVGPFU NGWT EQOOWPKECVKQP FCPU NG FoNCK FG OQKU RToXW RCT NC NQK i EQORVGT FG NC ToEGRVKQP FW RToUGPV EQWTTKGT ,QKPFTG RQWT NGU VKVWNCKTGU FG NµCWVQTKVo RCTGPVCNG


EQRKG FW NKXTGV FG HCOKNNG GP ECU FG RCTGPVU OCTKoU UCPU CWEWPG FoEKUKQP LWFKEKCKTG PµCKV OQFKHKo NµCWVQTKVo RCTGPVCNG QW UK NµGPHCPV i oVo TGEQPPW CXCPV NµjIG FG WP CP
GP EG ECU NKXTGV FG HCOKNNG QW GZVTCKV FG PCKUUCPEG EQRKG FW LWIGOGPV FG NµQTFQPPCPEG QW FG NµCTTqV TGPFW GP ECU FG FKXQTEG FG UoRCTCVKQP FG FoENCTCVKQP EQPLQKPVG FµGZGTEKEG FG NµCWVQTKVo RCTGPVCNG i WP 6TKDWPCN FG )TCPFG +PUVCPEG FG FoEKUKQP LWFKEKCKTG UWT NµCWVQTKVo RCTGPVCNG 2QWT NGU C[CPVU FTQKVU FQEWOGPVU CVVGUVCVKQP XQVTG SWCNKVo FµC[CPV FTQKV
KN RGWV qVTG QDVGPW UGNQP NGU ECU CWRTpU FG Nµ'VCV %KXKN QW CWRTpU FµWP PQVCKTG &CPU NµCVVGPVG FG XQVTG ToRQPUG GV GP XQWU TGOGTEKCPV RCT CXCPEG LG XQWU RTKG
HQTOWNG FG RQNKVGUUG &CVG 5KIPCVWTG

1P LQKPFTC WPG RJQVQEQRKG TGEVQ XGTUQ FG NC RKpEG FµKFGPVKVo GV UµKN [ C NKGW FG VQWV FQEWOGPV CVVGUVCPV FG NC SWCNKVo FG TGRToUGPVCPV NoICN QW FµC[CPV FTQKV UK NC RGTUQPPG FGOCPFGWUG FW FQUUKGT OoFKECN GUV NG TGRToUGPVCPV NoICN FW RCVKGPV QW UQP C[CPV FTQKV 1P RGWV CXQKT CEEpU CWZ KPHQTOCVKQPU FG UQP FQUUKGT FKTGEVGOGPV QW RCT NµKPVGTOoFKCKTG FµWP OoFGEKP SWG NµQP FoUKIPG CXGE WP FoNCK OCZKOCN FG LQWTU 1P RGWV UG HCKTG CEEQORCIPGT /CKU WP FoNCK FG ToHNGZKQP FG JGWTGU GUV RToXW RCT NC NQK CXCPV SWG NµQP RWKUUG CEEoFGT i UQP FQUUKGT 5K NGU KPHQTOCVKQPU FCVGPV FG RNWU FG CPU NG FoNCK FG EQOOWPKECVKQP FGU RKpEGU GUV RQTVo i OQKU .G OoFGEKP RQUUGUUGWT FW FQUUKGT FQKV KPHQTOGT NC RGTUQPPG FGU EQVU NKoU i NC TGRTQFWEVKQP GV i NµGPXQK FGU FQEWOGPVU NC EQPUWNVCVKQP FW FQUUKGT UWT RNCEG GUV ITCVWKVG GP ECU FG FGOCPFG FG EQRKGU UGWNU NGU EQVU FG TGRTQFWEVKQP GV FµGPXQK RGWXGPV qVTG HCEVWToU CW FGOCPFGWT +N EQPXKGPV FG UG NKOKVGT CW EQV FW EQPUQOOCDNG GV FG NµCOQTVKUUGOGPV FW OCVoTKGN GV KN HCWV VGPKT EQORVG FG NC UKVWCVKQP RGTUQPPGNNG FGU FGOCPFGWTU FoOWPKU CHKP FG NGWT RGTOGVVTG FG HCKTG XCNQKT NGWT FTQKV FµCEEpU CWZ KPHQTOCVKQPU EQPEGTPCPV NGWT UCPVo 4CRRGNGT NG ECTCEVpTG UVTKEVGOGPV RGTUQPPGN FGU KPHQTOCVKQPU PQVCOOGPV XKU iXKU FG VKGTU
HCOKNNG GV GPVQWTCIG GORNQ[GWT CUUWTGWTª UK NG FQUUKGT GUV GPXQ[o RCT NC RQUVG RTQRQUGT WPG EQPUWNVCVKQP FW FQUUKGT UWT RNCEG PQVCOOGPV SWCPF NG EQV GUV KORQTVCPV GP TGEQOOCPFCPV QW PQP NC RToUGPEG FµWPG VKGTEG RGTUQPPG GP ECU FG TGHWU QW FµCDUGPEG FG ToRQPUG NGU OQFCNKVoU TGVGPWGU KPKVKCNGOGPV RCT NC RGTUQPPG UQPV UWKXKGU



.G OoFGEKP RQUUGUUGWT FW FQUUKGT RQWTTC EQPUGKNNGT FµqVTG CEEQORCIPo RCT WP RTQEJG QW WP CWVTG OoFGEKP NQTU FG NC EQPUWNVCVKQP FW FQUUKGT 1P RGWV CEEGRVGT QW TGHWUGT EGV CEEQORCIPGOGPV NG FQUUKGT UGTC EQOOWPKSWo SWQK SWG NµQP FoEKFG .QTU FG NC EQPUWNVCVKQP CW ECDKPGV NG OoFGEKP UGTC FKURQPKDNG RQWT ToRQPFTG CWZ SWGUVKQPU SWG NµQP RQUGTC oXGPVWGNNGOGPV i NC NGEVWTG FW FQUUKGT 1P RQWTTC EQPUWNVGT UQP FQUUKGT OoFKECN CW ECDKPGV ITCVWKVGOGPV +N RGWV oICNGOGPV qVTG GPXQ[o GP TGEQOOCPFo QW qVTG EQOOWPKSWo i WPG RGTUQPPG OCPFCVoG RCT NG RCVKGPV QW i WP OoFGEKP SWG NG RCVKGPV C FoUKIPo i NµCXCPEG 5K NG RCVKGPV GP FoUKTG WPG EQRKG NG EQV FG NC TGRTQFWEVKQP NWK UGTC HCEVWTo CKPUK SWG NGU HTCKU FµGPXQK 7P FGXKU NWK UGTC HQWTPK CWRCTCXCPV 5K QP PG RToEKUG RCU UC FGOCPFG NC EQPUWNVCVKQP FW FQUUKGT UG HGTC CW ECDKPGV NQTU FµWP TGPFG\XQWU 5K NµoVCDNKUUGOGPV FG UCPVo TGHWUG ECVoIQTKSWGOGPV FG VTCPUOGVVTG NG FQUUKGT 5µKN UµCIKV FµWP JzRKVCN RWDNKE KN HCWV HCKTG CRRGN i NC EQOOKUUKQP FµCEEpU CWZ FQEWOGPVU CFOKPKUVTCVKHU QTICPKUOG QHHKEKGN EJCTIo FG XGKNNGT CW TGURGEV FGU EQPFKVKQPU FµCEEpU CWZ FQEWOGPVU CFOKPKUVTCVKHU GV FQPE CWZ FQUUKGTU OoFKECWZ 2QWT NGU CWVTGU UVTWEVWTGU GP RCTVKEWNKGT RTKXoGU NC RTQEoFWTG RCUUGTC RCT NC UQNNKEKVCVKQP FW LWIG FGU ToHoToU +N GUV CNQTU EQPUGKNNo FG HCKTG CRRGN CW UGTXKEG FµWP ECDKPGV FµCXQECVU +N EQPXKGPV FG UCXQKT SWG NGU KPHQTOCVKQPU CWZSWGNNGU NG RCVKGPV CWTC CEEpU UQPV UVTKEVGOGPV RGTUQPPGNNGU GV EQPHKFGPVKGNNGU &GU VKGTU SWK PµQPV RCU NG FTQKV FµCEEpU i EG KPHQTOCVKQPU RGWXGPV NG UQNNKEKVGT RQWT SWG NG RCVKGPV NGWT VTCPUOGVVG FKTGEVGOGPV NGU KPHQTOCVKQPU
NµGORNQ[GWT NG DCPSWKGTª +N HCWV FQPE XGKNNGT i NµWVKNKUCVKQP GV i NC EQOOWPKECVKQP FG EGU KPHQTOCVKQPU i UC HCOKNNG UQP GPVQWTCIG CW UGTXKEG OoFKECN FG UQP CUUWTGWT .GU KPHQTOCVKQPU RGWXGPV qVTG EQOOWPKSWoGU i WPG RGTUQPPG OCPFCVoG RCT NG RCVKGPV +N HCWV SWµGNNG CKV WP OCPFCV FG UC RCTV GV RWKUUG LWUVKHKGT FG UQP KFGPVKVo 1P XGKNNGTC i NWK TCRRGNGT NG ECTCEVpTG UVTKEVGOGPV RGTUQPPGN FGU KPHQTOCVKQPU CWZSWGNNGU GNNG CWTC CEEpU .G RCVKGPV RGWV FQPE GZKIGT i VQWV OQOGPV CWRTpU FW UGTXKEG OoFKECN FWPG ECKUUG FCUUWTCPEG OCNCFKG NG TCRRQTV OoFKECN F+22 CRTpU CEEKFGPV FW VTCXCKN CNQTU SWG NGU VGZVGU NKOKVCKGPV NC FGOCPFG CW RTGOKGTU LQWTU CRTpU NC ToEGRVKQP FG NC PQVKHKECVKQP FG NC TGPVG NG TCRRQTV FGZRGTVKUG ToCNKUo CW VKVTG FG NGZRGTVKUG OoFKECNG CW VKVTG FG N#TVKENG . ° FW %QFG FG NC 5oEWTKVo 5QEKCNG NG TCRRQTV FG VQWV CXKU EKTEQPUVCPEKo UQNNKEKVo RCT WPG ECKUUG FCUUWTCPEG OCNCFKG CWRTpU FWP OoFGEKP RQWT HKZGT WP VCWZ F+22 %GVVG PQWXGNNG ToINGOGPVCVKQP EQPUVKVWG WPG CXCPEoG KORQTVCPVG RQWT NG RCVKGPV GV NoXGPVWGN OoFGEKP SWK NG UQWVKGPV FCPU UGU FoOCTEJGU ECT KNU PG UQPV RNWU EQPHTQPVoU i WPG ToVGPVKQP FKPHQTOCVKQP RToLWFKEKCDNG #WRCTCXCPV KN CTTKXCKV CKPUK UQWXGPV SWG NQTU FWPG UGUUKQP FW 6TKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo QW FWPG GZRGTVKUG FCUUWTCPEGU FG RGTUQPPGU NC RCTVKG CFXGTUG RTQFWKUuV WP FQEWOGPV OoFKECN FQPV PQP UGWNGOGPV NG RCVKGPV PCXCKV RCU EQPPCKUUCPEG OCKU SWG EG FGTPKGT PG RQWXCKV GPUWKVG UG RTQEWTGT CWRTpU FG NC RCTVKG CFXGTUG EGNNGEK NG TGHWUCPV


% &d(+0+6+105 &14&4' /d&+%#.
'NNGU UµKPURKTGPV FG VTCXCWZ OGPoU RCT WP oRKFoOKQNQIKUVG 2*0 9QQF CFQRVoU RCT Nµ1/5
1TICPKUCVKQP /QPFKCNG FG NC 5CPVo GP RQWT NGU VGTOGU FG FoHKEKGPEG FµKPECRCEKVo GV FG JCPFKECR

/CNCFKG QW VTQWDNG
&KUGCUG QT FKUQTFGT 5KVWCVKQP KPVTKPUpSWG

&oHKEKGPEG
+ORCKTOGPV 'ZRTGUUKQP ENKPKSWG GZVoTKQTKUoG

+PECRCEKVo
&KUCDKNKV[ 'ZRTGUUKQP HQPEVKQPPGNNG QDLGEVKXKUoG

&oUCXCPVCIG
*CPFKECR 'ZRTGUUKQP UQEKCNKUoG UKVWCVKQPPGNNG

.G OQFpNG FG 9QQF

.C NoUKQP
'NNG UG FoHKPKV EQOOG NG VTQWDNG NC OCNCFKG QW NG HCKV VTCWOCVKSWG i NµQTKIKPG FG NµCVVGKPVG FG NC XKEVKOG +N UCIKV FW FKCIPQUVKE FW RTQEGUUWU OQTDKFG

.C FoHKEKGPEG
6TCFWEVKQP FW OQV CPINCKU ² KORCKTOGPV ³ GNNG EQTTGURQPF RQWT 9QQF i VQWVG RGTVG FG UWDUVCPEG QW CNVoTCVKQP FµWPG UVTWEVWTG QW FµWPG HQPEVKQP RU[EJQNQIKSWG RJ[UKQNQIKSWG QW CPCVQOKSWG +N UµCIKV FQPE FG NµCPQOCNKG OCPKHGUVoG CW PKXGCW FG NµQTICPG

.µKPECRCEKVo
6TCFWEVKQP FW VGTOG CPINCKU FKUCDKNKV[ NµKPECRCEKVo EQTTGURQPF RQWT 9QQF i VQWVG ToFWEVKQP
ToUWNVCPV FµWPG FoHKEKGPEG RCTVKGNNG QW VQVCNG FG NC ECRCEKVo FµCEEQORNKT WPG CEVKXKVo FµWPG HCnQP QW FCPU NGU NKOKVGU EQPUKFoToGU EQOOG PQTOCNGU RQWT WP qVTG JWOCKP 'NNG TGHNpVG FGU RGTVWTDCVKQPU OCPKHGUVoGU CW PKXGCW FG NC RGTUQPPG EµGUViFKTG VQWV GPVKpTG +N UµCIKV FQPE FG NC EQPUoSWGPEG GP VGTOG FµCEVKXKVoU RQWT NC RGTUQPPG EQPEGTPoG .KPECRCEKVo RQTVG UWT FGU CEVKXKVoU EQORQUoGU GV KPVoIToGU KN UCIKV FG NC RGTUQPPG FCPU UQP GPUGODNG FCPU NC OKUG GP ¯WXTG FWP VjEJG FWPG EQORoVGPEG QW FWP EQORQTVGOGPV


1P EQPUKFpTG EGVVG KPECRCEKVo EQOOG NC NKOKVCVKQP FG NC ECRCEKVo i ToCNKUGT NGU IGUVGU GV CEVGU oNoOGPVCKTGU FCPU NC XKG SWQVKFKGPPG FG ² NµJQOOG OQ[GP ³ EµGUViFKTG NGU IGUVGU SWG VQWVG RGTUQPPG GUV COGPoG i GZoEWVGT ToIWNKpTGOGPV %GVVG KPECRCEKVo RGWV VQWEJGT RCT GZGORNG NG EQORQTVGOGPV NC EQOOWPKECVKQP NC NQEQOQVKQPª 'NNG GUV NC EQPUoSWGPEG HQPEVKQPPGNNG
QW GPEQTG RJ[UKQNQIKSWG FG NµKPHKTOKVo .µKPECRCEKVo GUV WPG PQVKQP RJ[UKQNQIKSWG EQTTGURQPFCPV i WPG CVVGKPVG HQPEVKQPPGNNG SWK GUV OGUWTCDNG GV oXCNWCDNG %µGUV NC ToFWEVKQP FµWP RQVGPVKGN RJ[UKSWG RU[EJQUGPUQTKGN QW KPVGNNGEVWGN FQPV GUV CVVGKPVG WPG RGTUQPPG 'NNG RGWV TGPFTG KORQUUKDNG EGTVCKPGU CEVKXKVoU 'NNG RGWV FQPE CXQKT oICNGOGPV WP CURGEV oEQPQOKSWG UK NGU CEVKXKVoU FµQTFTG RTQHGUUKQPPGNNGU UQPV NKOKVoGU &G EGVVG PQVKQP FoEQWNG NC PQVKQP FµKPECRCEKVo RGTOCPGPVG RCTVKGNNG QW +22 oVWFKoG FCPU NG EJCRKVTG :
+PFGOPKUCVKQP FGU CEEKFGPVU FG NC XQKG RWDNKSWG &CEE &oHKPKVKQP FG N+22 .µKPECRCEKVo RGWV oICNGOGPV UG FoHKPKT EQOOG NC ToFWEVKQP QW NC UWRRTGUUKQP FµWPG QW RNWUKGWTU CEVKXKVo
U QRoTCVQKTG
U FCPU WPG UKVWCVKQP FµCEVKXKVo FoVGTOKPoG RCT TCRRQTV i NCSWGNNG GNNG UG FoVGTOKPG .µGZKUVGPEG FµWPG UKVWCVKQP EQPETpVG GV FoVGTOKPoG GUV QDNKICVQKTG 1P RGWV OqOG GUVKOGT SWµKN PµGZKUVG RCU FµKPECRCEKVo UCPU UKVWCVKQP QRoTCVQKTG %GVVG KPECRCEKVo EQPUVKVWG CW PKXGCW QRoTCVQKTG NC PQVKQP FoTKXoG FG NµKPXCNKFKVo .µKPECRCEKVo FG PCVWTG PQP OoFKECNG RGWV FQPE qVTG GZRQUoG i VQWV NGU KPVGTXGPCPVU GP WP FKUEQWTU FoOoFKECNKUo .G VGTOG CPVCIQPKUVG FG NµKPECRCEKVo GUV NC ECRCEKVo .C ECRCEKVo GPVKpTG RGWV EQGZKUVGT CXGE WPG KPHKTOKVo PQP KPXCNKFCPVG GV OqOG CXGE WPG KPXCNKFKVo GP FGUUQWU FµWP UGWKN VGN SWG NGU EQPUoSWGPEGU QRoTCVQKTGU UQPV PWNNGU QW PoINKIGCDNGU .C ECRCEKVo TGUVCPVG UG FoHKPKV EQOOG NC ECRCEKVo RJ[UKSWG UGPUQTKGNNG QW OGPVCNG ToUWNVCPV FG NC UQWUVTCEVKQP i NC ECRCEKVo GPVKpTG FG NµKPECRCEKVo 1P RGWV FQPE FKUVKPIWGT RNWUKGWTU V[RGU FµKPECRCEKVo .GU KPECRCEKVoU RGTUQPPGNNGU GV oNoOGPVCKTGU EQPEGTPGPV NGU CEVGU QTFKPCKTGU FG NC XKG VGNU SWG UG NCXGT DQKTG GV OCPIGT WTKPGT FoHoSWGTª %GU KPECRCEKVoU RGTUQPPGNNGU oNoOGPVCKTGU RGWXGPV PoEGUUKVGT EµGUViFKTG FµWP EGTVCKP UGWKN NµCKFG FµWPG VKGTEG RGTUQPPG .GU KPECRCEKVoU FG NC XKG RTKXoG EQPEGTPGPV NGU KPECRCEKVoU CWVTGU SWG NGU KPECRCEKVoU RGTUQPPGNNGU oNoOGPVCKTGU GV FG PCVWTG CWVTG SWG RTQHGUUKQPPGNNG +N RGWV UµCIKT FµCEVKXKVoU FG FoRNCEGOGPV FµCEVKXKVo UGZWGNNG FµCEVKXKVoU URQTVKXGU FG NQKUKTU CTVKUVKSWGUª

.G JCPFKECR
.G VGTOG FµQTKIKPG CPINCKUG ²JCPFKECR ³ GUV UQWXGPV VTCFWKV GP HTCPnCKU RCT NG OQV FoUCXCPVCIG 2QWT 9QQF NG JCPFKECR FµWP KPFKXKFW GUV NG RToLWFKEG SWK ToUWNVG FG UC FoHKEKGPEG GV FG UQP KPECRCEKVo GV SWK NKOKVG QW KPVGTFKV NµCEEQORNKUUGOGPV FµWP TzNG EQPUKFoTo EQOOG PQTOCN EQORVG VGPW FG NµjIG FW UGZG GV FGU HCEVGWTU UQEKQEWNVWTGNU



+N TGHNpVG RQWT NµKPFKXKFW NGU EQPUoSWGPEGU EWNVWTGNNGU UQEKCNGU oEQPQOKSWGU GPXKTQPPGOGPVCNGU KUUWGU FG NC FoHKEKGPEG QW FG NµKPECRCEKVo .G JCPFKECR GZRTKOG FQPE NµCRVKVWFG FµCFCRVCVKQP FG NµKPFKXKFW i UQP OKNKGW GP RTGOKGT NKGW GV TGRToUGPVG NG FoUCXCPVCIG UQEKCN FG NC OCNCFKG .G JCPFKECR UGTC GUUGPVKGNNGOGPV TGEQPPW
OCKU RCU GZENWUKXGOGPV NQTU FGU CEVKXKVoU RTQHGUUKQPPGNNGU GV FG NQKUKTU ECT EG UQPV EGU FGTPKpTGU CEVKXKVoU SWK ECTCEVoTKUGPV NG RNWU WP KPFKXKFW %GTVCKPU CWVGWTU
FQEVGWT )7+..#7/' 4GXWG HTCPnCKUG FW FQOOCIG EQTRQTGN R i EQPUKFpTGPV RNWVzV NG JCPFKECR EQOOG WPG PQVKQP INQDCNKUCPVG .G JCPFKECR TGITQWRGTCKV CKPUK NµGZKUVGPEG FµWP FoHKEKV CPCVQOKSWG GV QW HQPEVKQPPGN GV NGU KPECRCEKVoU EQPUoSWGPVGU FG VQWVG PCVWTG GV RTKXoGU TGNCVKQPPGNNGU RGTUQPPGNNGU UQEKCNGU RTQHGUUKQPPGNNGU oEQPQOKSWGU CKPUK SWG NGU KPCRVKVWFGU SWK GP FoEQWNGPV GP VGPCPV EQORVG FG NµGPXKTQPPGOGPV HCOKNKCN GV UQEKCN GV FW RTQRTG EQORQTVGOGPV FW JCPFKECRo OQFWNo RCT ToEWTTGPEG RCT UC VQNoTCPEG CW FoUCIToOGPV FG NC UKVWCVKQP CRTpU CFCRVCVKQP GV EQORGPUCVKQP .G JCPFKECR UG FoHKPKV RQWT NC NQK P FW EQPUCEToG CWZ RGTUQPPGU JCPFKECRoGU EQOOG VQWVG NKOKVCVKQP FµCEVKXKVo QW TGUVTKEVKQP FG RCTVKEKRCVKQP i NC XKG GP UQEKoVo UWDKG FCPU UQP GPXKTQPPGOGPV RCT WPG RGTUQPPG GP TCKUQP FµWPG CNVoTCVKQP UWDUVCPVKGNNG FWTCDNG QW FoHKPKVKXG FµWPG QW RNWUKGWTU HQPEVKQPU RJ[UKSWGU UGPUQTKGNNGU OGPVCNGU EQIPKVKXGU QW RU[EJKSWGU FµWP RQN[JCPFKECR QW FµWP VTQWDNG FG UCPVo KPXCNKFCPV .µGZGORNG EQPETGV EKFGUUQWU RGTOGVVTC FµKNNWUVTGT EGU PQVKQPU SWGNSWG RGW CDUVTCKVGU KOCIKPQPU NG ECU FµWP FoOoPCIGWT XKEVKOG FµWP CEEKFGPV FG XQKVWTG C[CPV GPVTCuPo WPG HTCEVWTG FW EQWFG EQORNKSWoG FµWP DNQECIG FW EQWFG .C NoUKQP KEK EQPUKUVG GP NC HTCEVWTG FW EQWFG .C FoHKEKGPEG KEK EQPUKUVG GP NG DNQECIG FW EQWFG .µKPECRCEKVo KEK EQPUKUVG GP NC FKHHKEWNVo i RQTVGT WPG EJCTIG NQWTFG .G JCPFKECR KEK EQPUKUVG FCPU NG TGVGPVKUUGOGPV UWT NGU CEVKXKVoU GP RCTVKEWNKGT RTQHGUUKQPPGNNGU GV FG NQKUKT

.µKPHKTOKVo
'NNG ToRQPF i WPG PQVKQP CPCVQOKSWG NC NoUKQP oVCV SWK RGWV qVTG FoETKV OCKU SWK PG RGWV RCU qVTG OGUWTo .µKPHKTOKVo UG FoHKPKV RCT WPG CVVGKPVG i NµCPCVQOKG .µKPHKTOKVo EQPUVKVWG FQPE NG UWRRQTV CPCVQOQRCVJQNQIKSWG FG NµKPECRCEKVo %GVVG EQTToNCVKQP PµGUV RCU HQTEoOGPV QDNKICVQKTG WPG KPHKTOKVo PµGPVTCuPG RCU HQTEoOGPV FµKPECRCEKVo #KPUK WPG CRRGPFKEGEVQOKG
EµGUViFKTG NµCDNCVKQP EJKTWTIKECNG FG NµCRRGPFKEG EQPUVKVWG WPG KPHKTOKVo OCKU PµGPVTCuPG RCU FµKPECRCEKVo .µKPHKTOKVo TGRToUGPVG NµGZVoTKQTKUCVKQP FµWP oVCV RCVJQNQIKSWG GV TGHNpVG FGU VTQWDNGU OCPKHGUVoU CW PKXGCW FG NµQTICPG .µCPVCIQPKUOG FG NµKPHKTOKVo GUV NµKPVoITKVo



.µKPXCNKFKVo
.µKPXCNKFKVo UG FoHKPKV RCT NG F[UHQPEVKQPPGOGPV FµWP U[UVpOG EQORQUo FµWP QW RNWUKGWTU QTICPGU CPCVQOKSWGU +N UµCIKV FQPE FG NµCPQOCNKG HQPEVKQPPGNNG GPIGPFToG RCT WPG KPHKTOKVo 2CT GZGORNG KN RGWV UµCIKT FµWPG DCKUUG FG NC HQTEG OWUEWNCKTG FµWPG UWTFKVo 1P RGWV EQPUKFoTGT EQOOG U[PQP[OG NGU VGTOGU ¨ FoHKEKV RJ[UKQNQIKSWG FoHKEKV HQPEVKQPPGN FoHKEKGPEG HQPEVKQPPGNNG © .G VGTOG CPVCIQPKUVG GUV NC XCNKFKVo UG FoHKPKUUCPV RCT WP HQPEVKQPPGOGPV RJ[UKQNQIKSWG FCPU NGU NKOKVGU FG NC PQTOCNG +N GZKUVG FQPE WPG EQTToNCVKQP FG NµKPXCNKFKVo CXGE NµKPHKTOKVo %GVVG FGTPKpTG GUV FG PCVWTG CPCVQOQRCVJQNQIKSWG %GVVG EQTToNCVKQP PG RGWV qVTG VQWLQWTU CHHKTOoG GP RCTVKEWNKGT FCPU NGU ECU FµCDUGPEG FµKFGPVKHKECVKQP FG NC NoUKQP QTICPKSWG .µKPXCNKFKVo EQPUVKVWG WPG PQVKQP OoFKECNG SWK RGWVqVTG EQTToNoG i NµKPECRCEKVo PQVKQP FµQRoTCVKXKVo +N EQPXKGPV PoCPOQKPU FG PQVGT SWµGP FGUUQWU FµWP EGTVCKP UGWKN FµKPXCNKFKVo NC ECRCEKVo QRoTCVQKTG PµGUV RCU UKIPKHKECVKXGOGPV FKOKPWoG +N UµCIKV FCPU EG FGTPKGT ECU FµWPG KPXCNKFKVo PQP KPECRCEKVCPVG 2QWT FµCWVTGU CWVGWTU GNNG EQTTGURQPF i NC ToRGTEWUUKQP UWT NGU CEVKXKVoU RTQHGUUKQPPGNNGU .µKPXCNKFKVo C WPG VTCFWEVKQP oEQPQOKSWG #KPUK EQOOG PQWU NG XGTTQPU RNWU NQKP FCPU NG EJCRKVTG +++ N CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG FoHKPKV NKPXCNKFKVo EQOOG NC RGTVG FG ECRCEKVo FG VTCXCKN QW FG ICKP OGVVCPV NG UWLGV JQTU FµoVCV FG UG RTQEWTGT FCPU WPG RTQHGUUKQP SWGNEQPSWG WP UCNCKTG UWRoTKGWT CW VKGTU FG NC ToOWPoTCVKQP PQTOCNG EQTTGURQPFCPV i NµGORNQK SWµKN QEEWRCKV

.C FoHKEKGPEG CPCVQOQHQPEVKQPPGNNG
%G VGTOG TGITQWRG NµKPHKTOKVo GV NµKPXCNKFKVo NQTUSWG EGU FGWZ EQPEGRVU EQGZKUVGPV EG SWK EQPUVKVWG NG ECU NG RNWU HToSWGPV 'NNG TGNKG NC HQPEVKQP i NµQTICPG QW CW U[UVpOG SWK GP GUV NG UWRRQTV

.µKPECRCEKVo RTQHGUUKQPPGNNG
'NNG UG FoHKPKV EQOOG NC ToFWEVKQP NC UWRRTGUUKQP FG NC ToCNKUCVKQP FG NµCEVKQP FG VTCXCKN .µKPECRCEKVo RTQHGUUKQPPGNNG GUV EQPFKVKQPPoG RCT NµKPXCNKFKVo GV RCT NC PCVWTG FGU GZKIGPEGU FG NC UKVWCVKQP FG VTCXCKN

& &d(+0+6+105 &14&4' ,74+&+37'
.G FQOOCIG
.G FQOOCIG UG FoHKPKV EQOOG NC NoUKQP UWDKG EQPUoSWGPEG FWP oXpPGOGPV .oXpPGOGPV SWK RGWV qVTG VTCWOCVKSWG EQPUVKVWG FQPE NG HCKV FQOOCIGCDNG


%G FQOOCIG UCRRToEKG FQPE RCT TCRRQTV CW UKpIG FG EGVVG NoUKQP %GVVG NoUKQP UWDKG RGWV oICNGOGPV UG FoHKPKT EQOOG WPG CVVGKPVG i NKPVoITKVo FG EG SWK C oVo CVVGKPV RCT NG HCKV FQOOCIGCDNG 1P FKUVKPIWG CKPUK NG FQOOCIG EQTRQTGN EGUViFKTG NCVVGKPVG FG NKPVoITKVo RJ[UKSWG QW RU[EJKSWG FWPG RGTUQPPG NG FQOOCIG OCVoTKGN SWK EQTTGURQPF i NCVVGKPVG i NKPVoITKVo RJ[UKSWG QW i NC UWDUVCPEG FWPG EJQUG NG FQOOCIG OQTCN EQTTGURQPFCPV i NCVVGKPVG FGU UGPVKOGPVU NGU FQOOCIGU KOOCVoTKGNU FKVU RWTU SWK PG UQPV FGU FQOOCIGU PK EQTRQTGNU PK OCVoTKGNU GV SWK XKUGPV GP RCTVKEWNKGT NGU CHHCKTGU oEQPQOKSWGU GV HKPCPEKpTGU .G OQV FQOOCIG GUV FoRQWTXW FG VQWVG UKIPKHKECVKQP LWTKFKSWG .GU FQOOCIGU TGNpXGPV FG NQTFTG FGU HCKVU FG NoXpPGOGPV SWK FGOGWTG CW FGNi FW FTQKV .G FQOOCIG GUV WP HCKV EGUV VQWVG CVVGKPVG i NKPVoITKVo FWPG EJQUG FWPG RGTUQPPG FWPG CEVKXKVo FWPG UKVWCVKQP QDLGEVKXGOGPV RGTEGRVKDNG GZKUVCPV KPFoRGPFCOOGPV FG NKFoG SWG RGWV UGP HCKTG NC RGTUQPPG SWK GUV GP XKEVKOG GV FGU EQPUoSWGPEGU FKXGTUGU SWKN RGWV [ CXQKT RQWT GNNG
(2$GPQKV 'UUCK UWT NGU EQPFKVKQPU FG NC TGURQPUCDKNKVo GP FTQKV RWDNKE GV RTKXo ,WTKU ENCUUGWT RoTKQFKSWG 'FKVKQP )oPoTCNG &QEVTKPG P R ° URoEKCNGOGPV NGU RCTCITCRJGU i .G FQOOCIG EQTRQTGN TGNpXG FWPG EQPUVCVCVKQP OoFKECNG .G TzNG FW OoFGEKP GZRGTV EQPUKUVG i QDLGEVKXGT i SWCPVKHKGT NGU UoSWGNNGU GV i GP FoVGTOKPGT NKORWVCDKNKVo i NCEEKFGPV EGUV WPG HQPEVKQP FG EQPUVCV FW FQOOCIG EQTRQTGN NKOKVo i UQP oXCNWCVKQP OoFKECNG

.G RToLWFKEG
.G RToLWFKEG UG FoHKPKV EQOOG NC EQPUoSWGPEG FG NC NoUKQP FoEQWNCPV FGU FQOOCIGU i NoICTF FG NC XKEVKOG FG EGNWKEK
2 NG 6QWTPGCW . %CFKGV &TQKV FG NC TGURQPUCDKNKVo GV FGU EQPVTCVU 8QNWOG EQNNGEVKQP &CNNQ\ CEVKQP R 2CTKU oFKVKQPU &CNNQ\ .G RToLWFKEG EQORQTVG FQPE WPG UKIPKHKECVKQP LWTKFKSWG GV EQPUVKVWG NCRRTQEJG KPFGOPKVCKTG FW FQOOCIG .GU RToLWFKEGU TGNpXGPV FG NQTFTG FW &TQKV .G RToLWFKEG EQPUVKVWG NCRRTQEJG KPFGOPKVCKTG FW FQOOCIG .GU ToRGTEWUUKQPU FG NC NoUKQP RGWXGPV UG ToRCTVKT GP ToRGTEWUUKQP UWT NG RCVTKOQKPG ToRGTEWUUKQP UWT NC RGTUQPPG FG NC XKEVKOG UWT UGU CXQKTU
RToLWFKEG RCVTKOQPKCN GV UWT UQP qVTG
RToLWFKEG GZVTCRCVTKOQPKCN .CVVGKPVG CWZ FTQKVU RCVTKOQPKCWZ GV GZVTC RCVTKOQPKCWZ FG NC XKEVKOG CRRGNNG WPG ToRCTCVKQP FpU NQTU SWWP VKGTU GP GUV TGURQPUCDNG .G RToLWFKEG OCTSWG NG RCUUCIG FW HCKV
NG FQOOCIG CW FTQKV
NC ToRCTCVKQP .G FQOOCIG EQTRQTGN OCVoTKGN QW KOOCVoTKGN RGWV TGUVGT JQTU FG NC URJpTG LWTKFKSWG PQVCOOGPV RQWT NG FQOOCIG ECWUo i UQKOqOG KN RGWV [ CXQKT FQOOCIG UCPU RToLWFKEG 'P TGXCPEJG VQWV RToLWFKEG C UC UQWTEG FCPU WP FQOOCIG



# VKVTG FGZGORNG QP RQWTTCKV EKVGT EQOOG FQOOCIG NKPEGPFKG FWPG OCKUQP NC FKHHCOCVKQP FWPG RGTUQPPG NCVVGKPVG i NC XKG RTKXoG WPG DNGUUWTG EQTRQTGNNG %QOOG GZGORNG FG FQOOCIG EQTRQTGN QP RQWTTCKV EKVGT CKPUK WPG HTCEVWTG FG XGTVpDTG EGTXKECNG GPVTCuPCPV WPG VoVTCRNoIKG %G FQOOCIG EQTRQTGN CWTC EQOOG EQPUoSWGPEG WPG KPEKFGPEG RTQHGUUKQPPGNNG GV FQPE WP RToLWFKEG oEQPQOKSWG FWPG RGTVG CW OQKPU RCTVKGNNG FGU TGXGPWU FG NC XKEVKOG 1P RQWTTCKV KOCIKPGT SWi NKPXGTUG WP FQOOCIG GPVTCuPG FG RToLWFKEG XQKTG OqOG QEECUKQPPGT WP DoPoHKEG WP FQOOCIG EQTRQTGN UCPU EQPUoSWGPEG PQVCDNG QEECUKQPPG WPG GZGORVKQP FW UGTXKEG OKNKVCKTG PCVKQPCN GV CKPUK NoXKVGT .G VGTOG RToLWFKEG OCTSWG FQPE NC HTQPVKpTG GPVTG NG TzNG FW OoFGEKP GV NG TzNG FW LWTKUVG .G OoFGEKP GZRGTV UG RTQPQPEGTC GP IoPoTCN UWT WP EGTVCKP PQODTG FG FQOOCIGU KN GP FoETKTC NGU EQPUoSWGPEGU VGORQTCKTGU GVQW FoHKPKVKXGU .G OoFGEKP GZRGTV RCT EQPVTG PG UG RTQPQPEGTC RCU UWT NGZKUVGPEG GV NKORQTVCPEG FW RToLWFKEG &CPU NG FQOCKPG OoFKECN QP FGXTCKV RCTNGT WPKSWGOGPV FG FQOOCIGU GV PQP RCU FG RToLWFKEGU .C RGTUQPPG EJCTIoG FG NKPFGOPKUCVKQP EGUViFKTG NG ToINGWT KPVGTRToVGTC NG TCRRQTV FGZRGTVKUG RQWT CRRToEKGT NGZKUVGPEG FGU RToLWFKEGU NGWT KORQTVCPEG GV SWGNNG UGTC GPUWKVG NKPFGOPKUCVKQP FG EGU RToLWFKEGU %GVVG FKUVKPEVKQP GPVTG NG FQOOCIG EQTRQTGN FW FQOCKPG FW HCKV EQPUVCVo OoFKECNGOGPV oXCNWo RCT NG OoFGEKPGZRGTV GV NG RToLWFKEG LWTKFKSWGOGPV oXCNWo EJKHHTo RCT NG LWTKUVG GZRNKSWG NC FKUVKPEVKQP GPVTG WP DCTpOG OoFKECN FoXCNWCVKQP FGU UoSWGNNGU GV WP DCTpOG FKPFGOPKUCVKQP FG EJKHHTCIG FGU RToLWFKEGU .G DCTpOG OoFKECN oVCNQPPo GP RQWTEGPVCIG FW VCWZ FKPECRCEKVo RGTOCPGPVG RCTVKGNNG RGTOGV FG FQPPGT WPG OGUWTG EJKHHToG FGU CVVGKPVGU i NC RGTUQPPG OoFKECNGOGPV EQPUVCVCDNGU 'P TGXCPEJG WP DCTpOG FKPFGOPKUCVKQP UG UKVWG FCPU NG FQOCKPG FW FTQKV GP HKZCPV WPG XCNGWT OQPoVCKTG CW RQWTEGPVCIG FW VCWZ FKPECRCEKVo



+++ .# &'/#0&' &' /+5' '0 +08#.+&+6d #724Ê5 &' .# 5d%74+6d 51%+#.' '6 5# 241%d&74' %106'06+'75'
'P UWT WPG RQRWNCVKQP CEVKXG GUVKOoG i OKNNKQPU FG RGTUQPPGU QPV HCKV NµQDLGV FµWP CTTqV FG VTCXCKN RTQNQPIo CWFGNi FG LQWTU GV UG UQPV XWGU CVVTKDWGT WPG RGPUKQP FµKPXCNKFKVo UQKV WP VCWZ FG RCT TCRRQTV i NC RQRWNCVKQP CEVKXG 'P UWT WP VQVCN FG RGPUKQPU FµKPXCNKFKVo NC pOG ECVoIQTKG EQPEGTPG FGU RGPUKQPU CVVTKDWoGU NGU RGPUKQPU FG pOG ECVoIQTKG EQPEGTPCKGPV FGU RGPUKQPU CVVTKDWoGU NGU RGPUKQPU FG pTG ECVoIQTKG EQPEGTPCKGPV FGU RGPUKQPU CVVTKDWoGU .C VTCPEJG FµjIG FGU i CPU GUV NC RNWU TGRToUGPVoG
FCPU NC RQRWNCVKQP FGU PQWXGCWZ RGPUKQPPoU FµKPXCNKFKVo RQWT NµCPPoG 2QWT EGVVG OqOG CPPoG NGU HGOOGU DoPoHKEKCPV FµWPG RGPUKQP FµKPXCNKFKVo UQPV i WP VCWZ FG .µCWIOGPVCVKQP FW PQODTG GP XCNGWT CDUQNWG FG NµCVVTKDWVKQP FGU RGPUKQPU FµKPXCNKFKVo CPPWGNNG RGWV UµGZRNKSWGT RCT NµCEEoNoTCVKQP FW RCUUCIG GP KPXCNKFKVo FGU RGTUQPPGU GP CTTqV FG NQPIWG FWToG EQOOG NG RToEQPKUCKV NG TCRRQTV FG OGPo RCT Nµ+)#5 GV NµKPURGEVKQP IoPoTCNG FGU HKPCPEGU NC NKOKVCVKQP EGU FGTPKpTGU CPPoGU FµCEEpU CW FKURQUKVKH FGU RToTGVTCKVGU NG XKGKNNKUUGOGPV FG NC RQRWNCVKQP .GU RTKPEKRCNGU ECWUGU OoFKECNGU i NµQTKIKPG FGU OKUGU GP KPXCNKFKVo VQWVGU ECVoIQTKGU FµKPXCNKFKVo EQPHQPFWGU UQPV NGU CHHGEVKQPU RU[EJKCVTKSWGU NGU OCNCFKGU FW U[UVpOG QUVoQCTVKEWNCKTG GV NGU VWOGWTU UQKV CW VQVCN FG NµGHHGEVKH FGU OKUGU GP KPXCNKFKVo GP 2CTOK NGU CHHGEVKQPU RU[EJKCVTKSWGU NGU VTQWDNGU FoRTGUUKHU ToCEVKQPPGNU GV PoXTQVKSWGU TGRToUGPVGPV GP NC pTG ECWUG FG OKUG GP KPXCNKFKVo FG NµGHHGEVKH VQVCN .GU VTQWDNGU FG NC RGTUQPPCNKVo TGRToUGPVGPV NC pOG ECWUG NC RNWU HToSWGPVG RCTOK NGU CHHGEVKQPU RU[EJKCVTKSWGU
.GU VTQWDNGU FoNKTCPVU GV UEJK\QRJToPKSWGU XKGPPGPV GP pOG RNCEG CXGE 2CTOK NGU CHHGEVKQPU QUVoQCTVKEWNCKTGU NGU RCVJQNQIKGU TCEJKFKGPPGU GV FKUECNGU QEEWRGPV NC pTG RNCEG GP HToSWGPEG
FG NµGHHGEVKH VQVCN 'NNGU UQPV UWKXKGU RCT NµCTVJTQUG
UCWH CW PKXGCW FW TCEJKU QEEWRCPV FG NµGHHGEVKH VQVCN FGU OKUGU GP KPXCNKFKVo RWKU GP pOG RNCEG RCT NGU RQN[CTVJTKVGU
GP RCTVKEWNKGT NC RQN[CTVJTKVG TJWOCVQvFG FG NµGHHGEVKH VQVCN FGU OKUGU GP KPXCNKFKVo 2CTOK NGU VWOGWTU NG ECPEGT FW UGKP QEEWRG NC pTG RNCEG CXGE FG NµGHHGEVKH VQVCN FGU OKUGU GP KPXCNKFKVo UWKXK RCT NGU ECPEGTU EQNQTGEVCWZ SWK QEEWRGPV FG NµGHHGEVKH VQVCN FGU OKUGU GP KPXCNKFKVo CKPUK SWG NGU ECPEGTU FG NC NpXTG FG NC ECXKVo DWEECNG GV FW RJCT[PZ SWK QEEWRGPV oICNGOGPV FG NµGHHGEVKH VQVCN FGU OKUGU GP KPXCNKFKVo

.GU OCNCFKGU FG NµCRRCTGKN EKTEWNCVQKTG QEEWRGPV NC pOG RNCEG GP HToSWGPEG FGU ECWUGU FG OKUG GP KPXCNKFKVo CXGE FG NµGHHGEVKH VQVCN 2CTOK EGU OCNCFKGU FG NµCRRCTGKN EKTEWNCVQKTG NGU ECTFKQRCVJKGU KUEJoOKSWGU QEEWRGPV NG GT RQUVG CXGE FG NµGHHGEVKH VQVCN .GU CHHGEVKQPU QUVoQCTVKEWNCKTGU EQPUVKVWGPV NC pTG ECWUG FG OKUG GP KPXCNKFKVo FG pTG ECVoIQTKG
FG NµGHHGEVKH GP .GU CHHGEVKQPU RU[EJKCVTKSWGU GPVTGPV GP pOG TCPI
FG NµGHHGEVKH RQWT NC OKUG GP KPXCNKFKVo FG pTG ECVoIQTKG 'P EG SWK EQPEGTPG NC OKUG GP KPXCNKFKVo pOG ECVoIQTKG NGU CHHGEVKQPU RU[EJKCVTKSWGU QEEWRGPV NC pTG RNCEG
FG NµGHHGEVKH GP RWKU NGU CHHGEVKQPU QUVoQCTVKEWNCKTGU CTTKXGPV CW pOG TCPI
FG NµGHHGEVKH GP 'P EG SWK EQPEGTPG NGU OKUGU GP KPXCNKFKVo RQWT pOG ECVoIQTKG NC pTG RNCEG FGU ECWUGU GUV QEEWRoG RCT NGU OCNCFKGU FW U[UVpOG PGTXGWZ
UENoTQUG GP RNCSWGU JoOKRNoIKG RCTCRNoIKG GV VoVTCRNoIKG TGRToUGPVCPV FGU GHHGEVKHU KN GP C oVo GZENW NGU VTQWDNGU RU[EJKCVTKSWGU .C pOG ECWUG GP HToSWGPEG RQWT EGVVG OKUG GP KPXCNKFKVo FG pOG ECVoIQTKG GUV TGRToUGPVoG RCT NGU VWOGWTU
GP NC pOG ECWUG GUV TGRToUGPVoG RCT NGU OCNCFKGU FG NµCRRCTGKN EKTEWNCVQKTG
GP 'P CPU CRTpU SWG NGU RCVKGPVU CKGPV oVo OKU GP CHHGEVKQP FG NQPIWG FWToG FGU OCNCFGU UQWHHTCPV FG UENoTQUG GP RNCSWGU DoPoHKEKGPV FµWPG RGPUKQP FµKPXCNKFKVo HCKUCPV NµQDLGV FµWP CEEKFGPV XCUEWNCKTG EoToDTCN KPXCNKFCPV DoPoHKEKGPV FµWPG RGPUKQP FµKPXCNKFKVo FGU RQN[CTVJTKVGU TJWOCVQvFGU oXQNWVKXGU ITCXGU UQPV OKUG GP KPXCNKFKVo GV QEEWRCPV FQPE NC pOG RNCEG NC pOG RNCEG GUV QEEWRoG RCT NGU CTVoTKQRCVJKGU KUEJoOKSWGU
GV NC pOG RNCEG RCT NGU OCNCFKGU EQTQPCKTGU
.G EQPVGPVKGWZ FG i EQPEGTPCPV NµKPXCNKFKVo UµoNpXG CW PKXGCW PCVKQPCN i ECU FGU FoEKUKQPU KPKVKCNGU HWTGPV OCKPVGPWGU RCT NG VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo

# &d(+0+6+10
.C FoHKPKVKQP QHHKEKGNNG FG NµKPXCNKFKVo
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG GUV NC UWKXCPVG .µKPXCNKFKVo GUV NC RGTVG FG ECRCEKVo FG VTCXCKN QW FG ICKP OGVVCPV NG UWLGV JQTU FµoVCV FG UG RTQEWTGT FCPU WPG RTQHGUUKQP SWGNEQPSWG WP UCNCKTG UWRoTKGWT CW VKGTU FG NC ToOWPoTCVKQP PQTOCNG EQTTGURQPFCPV i NµGORNQK SWµKN QEEWRCKV CXCPV NC FCVG FG NµCTTqV FG VTCXCKN C[CPV GPVTCuPo NµoVCV FµKPXCNKFKVo .µoVCV FµKPXCNKFKVo GUV CRRToEKo GP VGPCPV EQORVG FG NC ECRCEKVo FG VTCXCKN TGUVCPVG FG NµoVCV IoPoTCN FG NµjIG GV FGU HCEWNVoU RJ[UKSWGU GV OGPVCNGU FG NµCUUWTo CKPUK SWG FG UGU CRVKVWFGU GV FG UC HQTOCVKQP RTQHGUUKQPPGNNG .KPXCNKFKVo GUV WPG KPECRCEKVo CESWKUG RCT WP CUUWTo UQEKCN RCT UWKVG FWP CEEKFGPV QW FWPG OCNCFKG PQP RTQHGUUKQPPGNNG QW FWPG WUWTG RToOCVWToG FG NQTICPKUOG GV SWK FG EG HCKV PGUV RCU GP OGUWTG FG UG RTQEWTGT FCPU WPG RTQHGUUKQP SWGNEQPSWG WP UCNCKTG UWRoTKGWT CW VKGTU FG NC ToOWPoTCVKQP PQTOCNG RGTnWG RCT WP VTCXCKNNGWT FG NC OqOG ECVoIQTKG RTQHGUUKQPPGNNG i NCSWGNNG KN CRRCTVGPCKV .C ToFWEVKQP FG NC ECRCEKVo FG NCUUWTo GUV CRRToEKoG GP VGPCPV EQORVG FG NC ECRCEKVo RJ[UKSWG TGUVCPVG FG NjIG FGU HCEWNVoU RJ[UKSWGU GV OGPVCNGU FG UGU CRVKVWFGU GV FG



UC HQTOCVKQP RTQHGUUKQPPGNNG +N UCIKV FQPE FWPG PQVKQP EQORNGZG SWK VKGPV EQORVG i NC HQKU FG ETKVpTGU OoFKECWZ OCKU CWUUK FG ETKVpTGU FQTFTG RTQHGUUKQPPGN GV UQEKCN .KPXCNKFKVo UWUEGRVKDNG FQWXTKT FTQKV i RGPUKQP GUV PQP NKPECRCEKVo RJ[UKSWG RTQRTGOGPV FKVG OCKU NKPECRCEKVo IoPoTCNG FG ICKP FoVGTOKPoG RCT NGU FKHHoTGPVU HCEVGWTU UWUEGRVKDNGU FG EQPFKVKQPPGT NG TGENCUUGOGPV FG NCUUWTo FCPU NG OQPFG FW VTCXCKN EGUV i FKTG PQP UGWNGOGPV RCT NC ITCXKVo GV NC PCVWTG FGU CHHGEVKQPU QW KPHKTOKVoU EQPUVCVoGU OCKU CWUUK RCT NjIG FW UWLGV UGU CRVKVWFGU RJ[UKSWGU GV OGPVCNGU UC HQTOCVKQP RTQHGUUKQPPGNNG GV NGU CEVKXKVoU GZGTEoGU CPVoTKGWTGOGPV RCT NWK
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG %GVVG KPECRCEKVo IoPoTCNG FG ICKP FQKV qVTG CRRToEKoG RCT TCRRQTV i NGPUGODNG FW OCTEJo FW VTCXCKN FCPU NG ECFTG FG NC ToIKQP FG NC ToUKFGPEG FG NKPVoTGUUo +N GUV DKGP oXKFGPV SWG EG RQKPV GUV NG RNWU ETWEKCN FCPU NC FoVGTOKPCVKQP FG NC LWUVKHKECVKQP i RQWXQKT LQWKT FµWPG RGPUKQP FµKPXCNKFKVo +N UKIPKHKG GP RTCVKSWG SWµQP PG FQKV RCU CXQKT NC RQUUKDKNKVo FG UG RTQEWTGT FCPU WP VTCXCKN SWGNEQPSWG WP UCNCKTG UWRoTKGWT CW VKGTU FG NC ToOWPoTCVKQP PQTOCNG RGTnWG FCPU NC OqOG ToIKQP RCT FGU UCNCTKoU FG NC OqOG ECVoIQTKG FCPU NC RTQHGUUKQP GZGTEoG CXCPV NµKPXCNKFKVo
CTVKENGU . GV . FW %QFG FG NC 5oEWTKVo 5QEKCNG %GVVG KPCRVKVWFG CW VTCXCKN GUV CRRToEKoG GP VGPCPV EQORVG FG NC ECRCEKVo FG VTCXCKN TGUVCPVG FG NµoVCV IoPoTCN FG NµjIG GV FGU HCEWNVoU RJ[UKSWGU GV OGPVCNGU FG NµKPVoTGUUo CKPUK FG UGU CRVKVWFGU FG HQTOCVKQP RTQHGUUKQPPGNNG

$ .'5

%10&+6+105 #&/+0+564#6+8'5 0d%'55#+4'5 2174 $d0d (+%+'4 &µ70' 2'05+10 &µ+08#.+&+6d

.C FGOCPFG FµKPXCNKFKVo GUV HCKVG RCT NC %CKUUG UWT RTQRQUKVKQP FW OoFGEKP EQPUGKN QW RCT NG UCNCTKo CXGE NµCRRWK FW OoFGEKP VTCKVCPV +N HCWV
CTVKENGU . GV 4 FW EQFG FG NC UoEWTKVo UQEKCNG CXQKT OQKPU FG CPU RToUGPVGT WPG KPXCNKFKVo ToFWKUCPV CW OQKPU NGU XQVTG ECRCEKVo FG VTCXCKN QW FG ICKP qVTG KOOCVTKEWNo i NC 5oEWTKVo 5QEKCNG FGRWKU CW OQKPU OQKU CW GT LQWT FW OQKU CW EQWTU FWSWGN GUV UWTXGPW UQKV NµKPVGTTWRVKQP FG VTCXCKN UQKV NC EQPUVCVCVKQP RCT NG OoFGEKP FG NµoVCV FµKPXCNKFKVo ToUWNVCPV FW NµWUWTG RToOCVWToG FG Nµ1TICPKUOG FµCWVTG RCTV UQKV CXQKT VTCXCKNNo
VTCXCKN GHHGEVKH QW FG RoTKQFG CUUKOKNoG CW OQKPU JGWTGU CW EQWTU FGU OQKU EKXKNU QW FGU LQWTU RToEoFCPV NµCTTqV FG VTCXCKN QW NC EQPUVCVCVKQP OoFKECNG FG NµWUWTG RToOCVWToG FQPV JGWTGU CW EQWTU FW RTGOKGT VTKOGUVTG EKXKN QW FGU RTGOKGTU OQKU FG EGU OQKU UQKV LWUVKHKGT SWG NGU EQVKUCVKQPU UWT ToOWPoTCVKQPU RGTnWGU RGPFCPV NGU OQKU EKXKNU RToEoFGPV NµCTTqV FG VTCXCKN
QW NC EQPUVCVCVKQP FG NµoVCV FµKPXCNKFKVo oVCKGPV CW OQKPU oICNGU i EGNNGU FWGU UWT : NG 5/+% JQTCKTG UQKV » CW
FQPV HQKU NG



5/+% JQTCKTG NGU RTGOKGTU OQKU UQKV » NG FQPV CW OQKPU : NG 5/+% JQTCKTG CW EQWTU FGU RTGOKGTU OQKU 7PG FGOCPFG FG RGPUKQP FµKPXCNKFKVo RGWV qVTG TGLGVoG RCT WPG ECKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG RQWT FGU TCKUQPU FKVGU CFOKPKUVTCVKXGU 'P GHHGV NµCVVTKDWVKQP FµWPG VGNNG RGPUKQP FµKPXCNKFKVo GUV UWDQTFQPPoG CWZ EQPFKVKQPU CFOKPKUVTCVKXGU EK FGUUWU

% .'5

(14/#.+6d5 0d%'55#+4'5 « .µ1$6'06+10 &' .# /+5' '0 +08#.+&+6d

%QOOG EGNC C FoLi oVo oETKV FGUUWU EGVVG QDVGPVKQP UWTXKGPV UQKV i NµKPKVKCVKXG FG NC %CKUUG Fµ#UUWTCPEG /CNCFKG UQKV i NC FGOCPFG FW RCVKGPV

&GOCPFG i NKPKVKCVKXG FG NC %CKUUG
.QTUSWG NµCVVTKDWVKQP GUV RTKUG i NµKPKVKCVKXG FG NC %CKUUG EGNNGEK HCKV EQPPCuVTG RCT NGVVTG TGEQOOCPFoG NC FCVG i RCTVKT FG NC NCSWGNNG QP PG RGWV RNWU RToVGPFTG CWZ KPFGOPKVoU LQWTPCNKpTGU FG NµCUUWTCPEG OCNCFKG GP TCKUQP FG NC UVCDKNKUCVKQP FG UQP oVCV FG UCPVo CKPUK SWG NC FoEKUKQP FG RTQEoFGT i NC NKSWKFCVKQP FµWPG RGPUKQP FµKPXCNKFKVo UK NC ECKUUG GUVKOG SWG EGV oVCV FG UCPVo ToFWKV NC ECRCEKVo FG ICKP FµCW OQKPU FG RQWT NG RCVKGPV

&GOCPFG i NKPKVKCVKXG FW RCVKGPV
C .GU FoNCKU FG FoRzV FG NC FGOCPFG 5K NG RCVKGPV RTGPF NµKPKVKCVKXG FG NC FGOCPFG FG RGPUKQP FµKPXCNKFKVo EGVVG FGOCPFG FQKV qVTG HCKVG FCPU WP FoNCK FG OQKU SWK UWKV UQKV NC FCVG FG EQPUQNKFCVKQP FG NC DNGUUWTG NQTUSWQP GUV CVVGKPV FG NoUKQPU RGTOCPGPVGU SWK CHHGEVGPV NC ECRCEKVo FW VTCXCKN UµKN UµCIKV FµWP CEEKFGPV PQP RTQHGUUKQPPGN UQKV NC FCVG FG EQPUVCVCVKQP OoFKECNG FG NµKPXCNKFKVo UK EGNNGEK ToUWNVG FG NµWUWTG RToOCVWToG FG NµQTICPKUOG EQPUVCVoG OoFKECNGOGPV %GVVG WUWTG RToOCVWToG FG NQTICPKUOG UG FoHKPKV EQOOG WP FoNCDTGOGPV RJ[UKSWG GV HQPEVKQPPGN VGN SWQP NG TGVTQWXG EJG\ FGU RGTUQPPGU FWP jIG DGCWEQWR RNWU oNGXo%GVVG FGTPKpTG EKTEQPUVCPEG UWTXKGPV GUUGPVKGNNGOGPV NQTUSWG NC FGOCPFG FµKPXCNKFKVo GUV HCKVG RCT NG RCVKGPV UQKV NQTUSWµQP C oRWKUo UGU FTQKVU CWZ KPFGOPKVoU LQWTPCNKpTGU XGTUoGU RCT Nµ#UUWTCPEG /CNCFKG
CPU FCPU NC RNWRCTV FGU ECU UQKV CXCPV OqOG NG VGTOG FGU CPU FCTTqV FG VTCXCKN UK NµoVCV FG UCPVo GUV EQPUKFoTo EQOOG UVCDKNKUo GV PQP COoNKQTCDNG RCT WP VTCKVGOGPV CEVKH UQKV GP ECU FCTTqVU FG VTCXCKN ToRoVoU FG EQWTVG FWToG
FWToG KPHoTKGWTG i OQKU RQWT NC OqOG RCVJQNQIKG GV FQPV NG VQVCN CVVGKPV NG OCZKOWO FG LQWTU UWT WPG RoTKQFG FG CPU



.CUUWTo FQKV UG RTQEWTGT CWRTpU FW UKpIG FG NC %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG QW FWP EGPVTG FG RCKGOGPV FG NC FKVG %CKUUG NG HQTOWNCKTG #UUWTCPEG KPXCNKFKVo ° FGOCPFG FG RGPUKQP FKPXCNKFKVo P 5 G GV NG TGORNKT %GVVG FGOCPFG CEEQORCIPoG FµWP EGTVKHKECV OoFKECN FW OoFGEKP VTCKVCPV FQKV qVTG GPXQ[oG i NC %CKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG RCT NGVVTG TGEQOOCPFoG CXGE FGOCPFG FµCXKU FG ToEGRVKQP /QFpNG FG FGOCPFG FQEVTQK FG RGPUKQP FKPXCNKFKVo
i CFTGUUGT GP TGEQOOCPFo CXGE CEEWUo FG ToEGRVKQP 0QO RToPQO #
NKGW NG
FCVG #FTGUUG /QPUKGWT NG &KTGEVGWT FG NC 1DLGV FGOCPFG FQEVTQK FG RGPUKQP %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG FG FKPXCNKFKVo ªªªª /QPUKGWT NG &KTGEVGWT FG NC %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG FG ªªªª ,G UWKU KPXCNKFG UWKVG i WP CEEKFGPV
QW WPG OCNCFKG PQP RTQHGUUKQPPGN
NG ,G OG VTQWXG FG EG HCKV FCPU NKPECRCEKVo FG VTCXCKNNGT
QW LG RToUGPVG WPG ECRCEKVo FG VTCXCKN ToFWKVG CW OQKPU FGU FGWZ VKGTU %GUV RQWTSWQK LG UQNNKEKVG NQEVTQK FWPG RGPUKQP FKPXCNKFKVo 8QWU VTQWXGTG\ EKLQKPV WP EGTVKHKECV OoFKECN oVCDNK RCT OQP OoFGEKP VTCKVCPV CVVGUVCPV OGU FKTGU &CPU NCVVGPVG FG XQVTG ToRQPUG LG XQWU RTKG FG TGEGXQKT /QPUKGWT NG &KTGEVGWT FG NC %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG FG ªªªª NGZRTGUUKQP FG OGU UGPVKOGPVU NGU RNWU TGURGEVWGWZ 5KIPCVWTG D .C FoEKUKQP FG NC %CKUUG .G RCVKGPV UGTC CNQTU EQPXQSWo RCT NG UGTXKEG OoFKECN FG NC %CKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG SWK RTGPFTC NC FoEKUKQP 5WKVG i EGVVG EQPXQECVKQP NG RCVKGPV GUV GZCOKPo RCT WP OoFGEKP EQPUGKN FW UGTXKEG OoFKECN FG NC ECKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG # NC UWKVG FG NGZCOGP EGNWKEK ToFKIGTC WP TCRRQTV FQPV NGU RTQRQUKVKQPU HKPCNGU UGTQPV VTCPUOKUGU i NC %CKUUG 2TKOCKTG 'P ECU FCEEQTF NG OoFGEKP EQPUGKN RToEKUG NC ECVoIQTKG FKPXCNKFKVo GV NC FCVG FG ToXKUKQP oXGPVWGNNG QW UQP ECTCEVpTG FoHKPKVKH .C ECKUUG PQVKHKG UC FoEKUKQP RCT NGVVTG TGEQOOCPFoG CXGE CXKU FG ToEGRVKQP FCPU NGU FGWZ OQKU SWK UWKXGPV NC FCVG FG ToEGRVKQP FG NC FGOCPFG FW RCVKGPV %G EQWTTKGT RToEKUG NC ECVoIQTKG GV NG OQPVCPV FG NC RGPUKQP CVVTKDWoG .µCDUGPEG FG NC ToRQPUG FG NC ECKUUG FµCUUWTCPEG OCNCFKG XCWV FoEKUKQP FG TGLGV .µCDUGPEG FG ToRQPUG FG NC ECKUUG RTKOCKTG RCUUo EG FoNCK XCWV NG TGLGV FG NC FGOCPFG FW RCVKGPV 1P RGWV CNQTU GPICIGT WP TGEQWTU


.C FGOCPFG FKPXCNKFKVo RGWVqVTG TGHWUoG SWCPF NG OoFGEKP EQPUGKN GUVKOG SWG NCHHGEVKQP PGUV RCU UVCDKNKUoG
CHHGEVKQP GPEQTG oXQNWVKXG NG RNWU UQWXGPV EJG\ WP RCVKGPV GP CTTqV FG VTCXCKN CXCPV NC HKP FGU CPPoGU OCZKOWO FCTTqV FG VTCXCKN QW SWG NKPECRCEKVo PCVVGKPV RCU NGU QW TGSWKU NQTUSWG NKPECRCEKVo SWK RQWTTCKV NC LWUVKHKGT GUV CPVoTKGWTG i NKOOCVTKEWNCVKQP GV PQP CIITCXoG FGRWKU EGNNGEK RCT GZGORNG WPG CHHGEVKQP FG NGPHCPEG WPG OCNCFKG EQPIoPKVCNG QW UK NKPECRCEKVo GUV FoLi KPFGOPKUoG CW VKVTG FWP CWVTG ToIKOG FKPXCNKFKVo FWP CEEKFGPV FW VTCXCKN FWPG RGPUKQP OKNKVCKTG UCWH UK NoVCV UGUV CIITCXo UCPU RQWXQKT qVTG KPFGOPKUo RCT FCWVTGU NoIKUNCVKQPU QW SWWPG RCVJQNQIKG PQWXGNNG UWTCLQWVoG GPVTCuPG FCPU NGU FGWZ ECU WPG KPECRCEKVo FGU VQWVGU RCVJQNQIKGU EQPHQPFWGU 'P ECU FG TGHWU NG FGOCPFGWT RGWV UQTKGPVGT XGTU NC /&2* GP XWG FWPG CNNQECVKQP CWZ CFWNVGU JCPFKECRoU UQWU EQPFKVKQPU FG TGUUQWTEGU 'P ECU FG TGHWU QW FG UWRRTGUUKQP FWPG KPXCNKFKVo NCUUWTo RGWV HCKTG WPG PQWXGNNG FGOCPFG FCPU NG FoNCK FG OQKU UWKXCPV NC FCVG FG TGLGV FG NC RToEoFGPVG FGOCPFG
QW RNWU RToEQEGOGPV GP ECU FCIITCXCVKQP FG NC OCNCFKG QW NC PQVKHKECVKQP FG TGLGV RCT NG 6%+ .CUUWTo RGWVKN TGHWUGT NC OKUG GP KPXCNKFKVo PQVKHKoG RCT NC ECKUUG CRTpU CXKU FW OoFGEKP EQPUGKN ! 7PG OKUG GP KPXCNKFKVo EQORQTVG GP HCKV FGWZ FoEKUKQPU NoVCV FW RCVKGPV GUV UVCDKNKUo PQP oXQNWVKH WPG EQPVGUVCVKQP FG NC UVCDKNKUCVKQP RGWV CDQWVKT i WPG GZRGTVKUG OoFKECNG UK NGZRGTV FoENCTG NCUUWTo PQP UVCDKNKUo NGU CTTqVU FG VTCXCKN RGWXGPV UG RQWTUWKXTG FCPU NC NKOKVG OCZKOCNG FG CPU FKPFGOPKVoU LQWTPCNKpTGU RQWT NC OqOG RCVJQNQIKG UK NGZRGTV FoENCTG NCUUWTo UVCDKNKUo NC PQVKQP FKPECRCEKVo FGU GUV OCKPVGPWG GV NKPXCNKFKVo GUV EQPHKTOoG NCUUWTo RGWVKN TGPQPEGT i UQP KPXCNKFKVo ! 0QP WP CTTqV FG NC %QWT FG ECUUCVKQP U[ QRRQUG
%JCODTG UQEKCNG FW NC RGPUKQP FKPXCNKFKVo GP VCPV SWG RTGUVCVKQP FG 5oEWTKVo 5QEKCNG i WP ECTCEVpTG FQTFTG RWDNKE NC %CKUUG FG 5oEWTKVo 5QEKCNG GUV VGPWG FG NC XGTUGT GV NCUUWTo PG RGWV GP EQPUoSWGPEG [ TGPQPEGT E .GU FKHHoTGPVGU ECVoIQTKGU FKPXCNKFGU .C FoEKUKQP FG NC %CKUUG RQTVGTC UWT NC TGEQPPCKUUCPEG FG PQP FG NµoVCV FµKPXCNKFKVo FW RCVKGPV GV UWT NG ENCUUGOGPV FCPU NµWPG FGU ECVoIQTKGU FµKPXCNKFKVo SWK FoVGTOKPGTC NG OQPVCPV FG NC RGPUKQP FµKPXCNKFKVo .QTUSWG NG RCVKGPV GUV TGEQPPW KPXCNKFG KN GUV ENCUUo GP ECVoIQTKGU %CVoIQTKG RQUUKDKNKVo FµGZGTEGT WPG CEVKXKVo RTQHGUUKQPPGNNG UCNCTKoG %CVoIQTKG WP RCVKGPV SWK C NµKPECRCEKVo FµGZGTEGT WPG CEVKXKVo RTQHGUUKQPPGNNG %CVoIQTKG KPECRCEKVo CDUQNWG FµGZGTEGT WPG CEVKXKVo RTQHGUUKQPPGNNG GV QDNKICVKQP FµCXQKT TGEQWTU i NµCUUKUVCPEG FµWPG VKGTEG RGTUQPPG %GVVG CUUKUVCPEG FµWPG VKGTEG RGTUQPPG FQKV qVTG EQPUKFoToG PoEGUUCKTG RQWT qVTG GHHGEVWoG VQWU NGU CEVGU QTFKPCKTGU


FG NC XKG %GU CEVGU QTFKPCKTGU QPV oVo RToEKUoU FG HCnQP QHHKEKGWUG RCT NC %QWT 0CVKQPCNG FG Nµ+PECRCEKVo GV UQPV oPWOoToU FCPU NG VCDNGCW EKEQPVTG SWKVVGT UQP NKV UGWN UG XqVKT UGWN VQVCNGOGPV QW RCTVKGNNGOGPV UG NGXGT FµWPG EJCKUG UµCUUGQKT UWT WPG EJCKUG OCTEJGT UGWN CXGE QW UCPU ECPPG WPG DoSWKNNG FGU CRRWKU UG FoXqVKT UGWN VQVCNGOGPV QW RCTVKGNNGOGPV CNNGT i NC UGNNG QW WTKPGT UGWN CNNGT i NC UGNNG FCPU FGU 9% QTFKPCKTGU QW ITjEG i WPG KPUVCNNCVKQP RCTVKEWNKpTG OCPIGT GV DQKTG UGWN 5KN RGWV OCPIGT GV DQKTG EQWRGT UGU CNKOGPVU FKXGTU UG UGTXKT WP NKSWKFG i DQKTG SWKVVGT UC OCKUQP UGWN GP ECU FµKPEGPFKG
RToEKUGT UK NC RGTUQPPG XKV i WP oVCIG QW PQP 5K NµKPXCNKFG GUV CRRCTGKNNo OGVVTG GP RNCEG UGWN UQP CRRCTGKNNCIG QTVJQRoFKSWG GP RToEKUCPV FG SWGN CRRCTGKN KN UµCIKV WVKNKUGT WPG XQKVWTG OoECPKSWG WVKNKUGT UGWN WP OQ[GP FG VTCPURQTV RGTUQPPGN QW NG VTCPURQTV GP EQOOWP %GVVG ECVoIQTKG P DoPoHKEKG FWPG OCLQTCVKQP RQWT VKGTEG RGTUQPPG
/62 .C OCLQTCVKQP RQWT VKGTEG RGTUQPPG
/62 GUV CEEQTFoG CWZ RGTUQPPGU SWK CXCPV CPU UQPV TGEQPPWGU EQOOG CDUQNWOGPV KPECRCDNGU FGZGTEGT WPG RTQHGUUKQP GV GP QWVTG FCPU NQDNKICVKQP FG TGEQWTKT i NCUUKUVCPEG FWPG VKGTEG RGTUQPPG RQWT GHHGEVWGT NGU CEVGU QTFKPCKTGU FG NC XKG
FoHKPKVKQP FG NKPXCNKFG FW pOG ITQWRG CTV . pOG FW EQFG FG NC 5oEWTKVo 5QEKCNG .C OCLQTCVKQP GUV XGTUoG GP EQORNoOGPV FWPG TGPVG FCEEKFGPV FW VTCXCKN FWPG RGPUKQP FKPXCNKFKVo QW FG XKGKNNGUUG 2GWXGPV DoPoHKEKGT FG NC /62 NGU VKVWNCKTGU FWPG RGPUKQP FKPXCNKFKVo
pOG ITQWRG SWK DoPoHKEKCKGPV FoLi FG EGVVG CKFG CXCPV CPU GV SWKNU EQPVKPWGTQPV FG RGTEGXQKT CRTpU NC VTCPUHQTOCVKQP i CPU FG NGWT RGPUKQP FKPXCNKFKVo GP RGPUKQP FG XKGKNNGUUG +N UG RGWV CWUUK SWWP KPXCNKFG FW GT QW FW pOG ITQWRG TGORNKUUG NGU EQPFKVKQPU RQWT CXQKT FTQKV i NC /62 CRTpU CPU i WP OQOGPV Q~ WPG RGPUKQP FG XKGKNNGUUG UGUV UWDUVKVWoG i UQP RGPUKQP FKPXCNKFKVo .C OCLQTCVKQP NWK GUV CNQTU XGTUoG FpU NQTU SWG NGU EQPFKVKQPU RQWT [ CXQKT FTQKV UQPV TGORNKGU CXCPV CPU 2GWXGPV CWUUK QDVGPKT EGVVG OCLQTCVKQP NGU VKVWNCKTGU FWPG RGPUKQP FG XKGKNNGUUG CVVTKDWoG QW ToXKUoG RQWT KPCRVKVWFG CW VTCXCKN UQWU ToUGTXG FG TGORNKT NGU EQPFKVKQPU F KPXCNKFKVo FW pOG ITQWRG CXCPV CPU
CTV . FW %QFG FG NC 5oEWTKVo 5QEKCNG .C /62 GUV CEEQTFoG RCT NG ToIKOG IoPoTCN NG ToIKOG FGU UCNCTKoU CITKEQNGU NG ToIKOG FGU EQOOGTnCPVU QW FGU CTVKUCPU 'NNG PG UG EWOWNG PK CXGE NC RTGUVCVKQP FoRGPFCPEG PK CXGE N#%62 CNNQWoG CWZ RGTUQPPGU JCPFKECRoGU


'P ECU FJQURKVCNKUCVKQP GNNG GUV XGTUoG RGPFCPV VQWV NG OQKU EKXKN SWK UWKV EGNWK CW EQWTU FWSWGN NC RGTUQPPG GUV JQURKVCNKUoG #WFGNi NG XGTUGOGPV GUV UWURGPFW
CTV 4 %55 .G UGTXKEG FG NC OCLQTCVKQP GUV ToVCDNK NG LQWT FG NC UQTVKG FG NJzRKVCN
EKTEWNCKTG FG NC %CKUUG PCVKQPCNG FCUUWTCPEG XKGKNNGUUG FW .C OCLQTCVKQP RQWT VKGTEG RGTUQPPG GUV VJoQTKSWGOGPV CEEQTFoG SWµi EGWZ SWK UQPV KPECRCDNGU FµCEEQORNKT UGWNU VQWU NGU CEVGU QTFKPCKTGU 'P HCKV KN GUV UQWXGPV CFOKU FG NµCEEQTFGT UK NµKPECRCEKVo PG EQPEGTPG RCU VQWU NGU CEVGU OCKU NC RNWRCTV FGU CEVGU EQPUKFoToU EQOOG QTFKPCKTGU
,2 4QWCWF #UUWTCPEG KPXCNKFKVo 4GXWG FW 4JWOCVKUOG = DKU ? R 5 ° 5 .C %0+6 VGPF i CEEQTFGT EGVVG OCLQTCVKQP RQWT VKGTEG RGTUQPPG KP EQPETGVQ EGUViFKTG GP CPCN[UCPV NC LQWTPoG FW JCPFKECRo GV GP CRRToEKCPV NGU OQOGPVU GV NGU IGUVGU PoEGUUKVCPV NCKFG FWPG VKGTEG RGTUQPPG +N EQPXKGPV FG PQVGT SWG EQPVTCKTGOGPV i NC %QWT FG %CUUCVKQP KN PGZKUVG RCU OCNJGWTGWUGOGPV FG TGEWGKN FG LWTKURTWFGPEG FGU CTTqVU FG NC %0+6 7P VGN TGEWGKN RGTOGVVTCKV i WP EQPUGKN LWTKFKSWG QW i WP OoFGEKP FG TGEQWTU FCWIWTGT FW UWEEpU FWPG RTQEoFWTG GPICIoG CWRTpU FG EGVVG KPUVCPEG .KFoCN RQWT NG RNCKIPCPV EQPUKUVG FQPE i EQPUWNVGT WP OoFGEKP EQPUGKN FG TGEQWTU QW WP CXQECV URoEKCNKUoU FCPU NGU RTQEoFWTGU CWRTpU FG NC %0+6 .C %QWT FG %CUUCVKQP GUVKOG SWG NC PoEGUUKVo FµWPG CUUKUVCPEG RQWT NµCEEQORNKUUGOGPV FµWP UGWN FGU CEVGU QTFKPCKTGU FG NC XKG
OCKU WP CEVG GUUGPVKGN RGTOGV NµCFOKUUKQP FCPU NC VTQKUKpOG ECVoIQTKG FGU KPXCNKFGU
%JCODTG %KXKNG FG NC %QWT FG %CUUCVKQP LCPXKGT P $WNNGVKP FGU CTTqVU FG NC %QWT FG %CUUCVKQP FGWZKpOG RCTVKG FGWZKpOG %JCODTG %KXKNG R %GVVG ENCUUKHKECVKQP GP ECVoIQTKG C FGU EQPUoSWGPEGU HKPCPEKpTGU RWKUSWG NC RGPUKQP FµKPXCNKFKVo RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i FW UCNCKTG CPPWGN OQ[GP FGU FKZ OGKNNGWTGU CPPoGU SWG NC RGPUKQP FµKPXCNKFKVo FG NC ECVoIQTKG UG OQPVG i FW UCNCKTG CPPWGN OQ[GP FGU FKZ OGKNNGWTGU CPPoGU .G OQPVCPV OGPUWGN OCZKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .G OQPVCPV OGPUWGN OKPKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .G OQPVCPV OGPUWGN OCZKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .G OQPVCPV OGPUWGN OKPKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .C RGPUKQP FµKPXCNKFKVo RQWT WP KPXCNKFG GP ECVoIQTKG EQTTGURQPF i FW UCNCKTG CPPWGN OQ[GP FGU FKZ OGKNNGWTGU CPPoGU WPG OCLQTCVKQP RQWT VKGTEG RGTUQPPG oICNG i FG NC RGPUKQP FG FGWZKpOG ECVoIQTKG %G VCWZ FG PGUV GP HCKV LCOCKU CRRNKSWo ECT KN GUV HKZo WP VCWZ OKPKOWO i EGVVG OCLQTCVKQP SWK GUV DGCWEQWR RNWU oNGXo FG » RCT CP UQKV » RCT OQKU NG .G OQPVCPV OGPUWGN OCZKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .G OQPVCPV OGPUWGN OKPKOWO FG NC RGPUKQP RQWT WP KPXCNKFG FG ECVoIQTKG UG OQPVG i » CW .C RGPUKQP FµKPXCNKFKVo RGWV qVTG EWOWNoG CXGE NµCNNQECVKQP RQWT CFWNVG JCPFKECRo
##* i EQPFKVKQP FG PG RCU FoRCUUGT NC OQPVCPV OCZKOCN FG Nµ##*



.C RGPUKQP FµKPXCNKFKVo GUV UQWOKUG i NC %5) CW VCWZ FG UK NG VKVWNCKTG PµGUV RCU KORQUCDNG UWT NG TGXGPW GV FG UµKN PµGUV RCU KORQUCDNG UWT NG TGXGPW OCKU KORQUCDNG CW VKVTG FG NC VCZG FµJCDKVCVKQP
CW .C RGPUKQP FµKPXCNKFKVo GUV UQWOKUG i NC %4&5
EQPVTKDWVKQP CW TGODQWTUGOGPV FG NC FGVVG UQEKCNG CW VCWZ FG CW .C RGPUKQP FµKPXCNKFKVo GUV GZQPoToG FGU RToNpXGOGPVU FG NC %5) GV FG NC %4&5 CW UK NG TGXGPW HKUECN FG ToHoTGPEGU FG RQTVo UWT NµCXKU FµKORQUKVKQP RQWT GUV KPHoTKGWT i » OCLQTo FG » RCT FGOK RCTV FW SWQVKGPV HCOKNKCN QW » RCT SWCTV FG RCTV UWRRNoOGPVCKTG

& .µ #..1%#6+10 5722.d/'06#+4' &µ+08#.+&+6d
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Nµ#NNQECVKQP FG 5QNKFCTKVo CWZ 2GTUQPPGU #IoGU .G VKVWNCKTG FG NµCNNQECVKQP UWRRNoOGPVCKTG FµKPXCNKFKVo oVCPV RToUWOo KPCRVG CW VTCXCKN RQWT NµCVVTKDWVKQP FG Nµ#52# NG FTQKV i NµCNNQECVKQP UWRRNoOGPVCKTG FµKPXCNKFKVo RTGPF FQPE HKP CW UQKZCPVKpOG CPPKXGTUCKTG FW VKVWNCKTG 'P GHHGV NC RGPUKQP FµKPXCNKFKVo RTGPF HKP i NµjIG FG CPU GV GUV TGORNCEoG RCT WPG RGPUKQP FG XKGKNNGUUG RQWT KPCRVKVWFG CW VTCXCKN .µCUUWTo FQKV CNQTU UQWUETKTG WPG FGOCPFG Fµ#52# CXGE UC FGOCPFG FG TGVTCKVG .µ#52# RQWTTC CKPUK RTGPFTG GHHGV i NC OqOG FCVG SWG NC RGPUKQP FG XKGKNNGUUG .µ#5+ GUV ToEWRoTCDNG CXGE ToEWRoTCVKQP UWT NC UWEEGUUKQP FW DoPoHKEKCKTG UWT NC RCTV FG NµCEVKH PGV UWEEGUUQTCN SWK GUV UWRoTKGWTG i » .G (QPF URoEKCN FµKPXCNKFKVo RGWV oICNGOGPV RTGPFTG WPG KPUETKRVKQP FµJ[RQVJpSWG UWT NGU DKGPU FW DoPoHKEKCKTG



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C +ORQUCDKNKVo FGU RGPUKQPU &WPG OCPKpTG IoPoTCNG GP FTQKV HKUECN UQPV EQPUKFoToGU EQOOG PQP KORQUCDNGU NGU RGPUKQPU FG XKGKNNGUUG GV FµKPXCNKFKVo FµWP OQPVCPV KPHoTKGWT QW oICN i NµCNNQECVKQP CWZ XKGWZ VTCXCKNNGWTU UCNCTKoU
UQKV » RCT CP EGUViFKTG » RCT OQKU CW GT LCPXKGT GV NQTUSWG NµGPUGODNG FGU TGUUQWTEGU FW DoPoHKEKCKTG FG NC RGPUKQP FµKPXCNKFKVo [ EQORTKU NC RGPUKQP PµGUV RCU UWRoTKGWT CW RNCHQPF TGSWKU RQWT NC RGTEGXQKT EGUViFKTG PµGUV RCU UWRoTKGWT CW RNCHQPF TGSWKU RQWT RGTEGXQKT NµCNNQECVKQP CWZ XKGWZ VTCXCKNNGWTU UCNCTKoU
CW » RQWT WPG RGTUQPPG UGWNG » RQWT WP OoPCIG CXGE WP RNCHQPF RCTVKEWNKGT FG » RQWT NGU XGWXGU FG IWGTTG 0G UQPV RCU KORQUCDNGU NGU KPFGOPKVoU VGORQTCKTGU NGU RTGUVCVKQPU GV NGU TGPVGU FµCEEKFGPV FW VTCXCKN XGTUoGU RCT NC 5oEWTKVo 5QEKCNG &CPU NG ECU RToEKU FGU RGPUKQPU FKPXCNKFKVo XGTUoGU RCT NC 5oEWTKVo 5QEKCNG NG OQPVCPV FG NC RGPUKQP FKPXCNKFKVo GUV GP IoPoTCN KORQUCDNG .C OCLQTCVKQP RQWT VKGTEG RGTUQPPG QW VTQKUKpOG ECVoIQTKG FKPXCNKFKVo PGUV RCU KORQUCDNG



D #DCVVGOGPV URoEKHKSWG .GU EQPVTKDWCDNGU JCPFKECRoU FQPV NG TGXGPW INQDCN PGV PµGZEpFG RCU WP EGTVCKP OQPVCPV RGWXGPV DoPoHKEKGT FµWP CDCVVGOGPV UWT EG OqOG TGXGPW 5QPV EQPUKFoToU i EG VKVTG EQOOG JCPFKECRoU NGU VKVWNCKTGU FµWPG TGPVG RQWT CEEKFGPV FW VTCXCKN CVVGKPVU FµWPG KPECRCEKVo OKPKOCNG FG NGU VKVWNCKTGU FG NC ECTVG FµKPXCNKFKVo RToXWG i NCTVKENG . FW %QFG FG NCEVKQP UQEKCNG GV FGU HCOKNNGU
FoNKXToG RCT NC /&2* .G OQPVCPV FW TGXGPW UCRRToEKG RCT HQ[GT HKUECN GV PQP RCT RGTUQPPG RTKUG KPFKXKFWGNNGOGPV 5K NJCPFKECRo GUV NoRQWUG KN EQPXKGPV FQPE FG EQPUKFoTGT NGU TGXGPWU FG NoRQWUG OCKU CFFKVKQPPoU FG EGWZ FG UQP OCTK GV KPXGTUGOGPV %GV CDCVVGOGPV oVCKV RQWT NGU TGXGPWU FG FG » NQTUSWG NG TGXGPW INQDCN PGV PµGZEoFCKV RCU » GV FG » NQTUSWG NG TGXGPW INQDCN PGV oVCKV EQORTKU GPVTG » GV » .QTUSWG NG TGXGPW INQDCN PGV GUV UWRoTKGWT i » NG OQPVCPV FG NCDCVVGOGPV GUV PWN .QTUSWG FCPU WP OoPCIG UQWOKU i KORQUKVKQP EQOOWPG NGU FGWZ EQPLQKPVU TGORNKUUGPV NGU EQPFKVKQPU FµKPXCNKFKVo EKFGUUWU NG OQPVCPV FG NµCDCVVGOGPV GUV FQWDNo E %QGHHKEKGPV HCOKNKCN OCLQTo $oPoHKEKGPV FµWPG FGOK RCTV UWRRNoOGPVCKTG RQWT NG EQGHHKEKGPV HCOKNKCN FG DCUG
CTVKENG P FW %QFG IoPoTCN FGU KORzVU NGU VKVWNCKTGU FG NC ECTVG FµKPXCNKFKVo RToXWG i NCTVKENG . FW %QFG FG NCEVKQP UQEKCNG GV FGU HCOKNNGU
FoNKXToG RCT NC /&2* NGU DoPoHKEKCKTGU FµWPG RGPUKQP OKNKVCKTG RQWT WPG KPXCNKFKVo FµCW OQKPU NGU DoPoHKEKCKTGU FµWPG RGPUKQP FµKPXCNKFKVo RQWT CEEKFGPV FW VTCXCKN FµCW OQKPU
NG DoPoHKEKCKTG FµWPG TGPVG RQWT OCNCFKG RTQHGUUKQPPGNNG RGWV qVTG CUUKOKNo CW VKVWNCKTG FµWPG RGPUKQP FµKPXCNKFKVo RQWT CEEKFGPV FW VTCXCKN 7PG ECTVG FµKPXCNKFKVo GUV FoNKXToG i VKVTG FoHKPKVKH QW RQWT WPG FWToG FoVGTOKPoG CWZ RGTUQPPGU ENCUUoGU GP pOG ECVoIQTKG FG NC RGPUKQP FµKPXCNKFKVo FG NC UoEWTKVo UQEKCNG
CTVKENG . FW EQFG FG NµCEVKQP UQEKCNG GV FGU HCOKNNGU 5GWNGU NGU RGTUQPPGU EQPUKFoToGU EQOOG KPXCNKFGU FG pOG ECVoIQTKG CW VKVTG FGU RGPUKQPU FµKPXCNKFKVo FG NC UoEWTKVo UQEKCNG QPV FQPE FTQKV CWVQOCVKSWGOGPV i WPG EQGHHKEKGPV HCOKNKCN OCLQTo .GU RGTUQPPGU EQPUKFoToGU EQOOG KPXCNKFGU FG pOG ECVoIQTKG CW VKVTG FGU RGPUKQPU FµKPXCNKFKVo FG NC UoEWTKVo UQEKCNG PµQPV FQPE RCU FTQKV CWVQOCVKSWGOGPV i WPG EQGHHKEKGPV HCOKNKCN OCLQTo 'P ECU FµKPHKTOKVoU OWNVKRNGU RTQXGPCPV FµCEEKFGPVU FW VTCXCKN QW FG OCNCFKGU RTQHGUUKQPPGNNGU UWEEGUUKHU NGU VCWZ UQPV EWOWNoU
&# & P .µoEQPQOKG ToUWNVCPV FG NC FGOK RCTV UWRRNoOGPVCKTG CEEQTFoG CWZ CPEKGPU EQODCVVCPVU QW CWZ KPXCNKFGU UCPU RGTUQPPG i EJCTIG GUV RNCHQPPoG i » GP .QTUSWµWPG OqOG RGTUQPPG QWXTG FTQKV i RNWUKGWTU FGOK RCTVU UWRRNoOGPVCKTGU GP TCKUQP FG UC UKVWCVKQP RGTUQPPGNNG GNNG PG RQWTTC RToVGPFTG SWµi WPG UGWNG FGOK RCTV


GZGORNG WPG RGTUQPPG VKVWNCKTG i NC HQKU FµWPG TGPVG RQWT CEEKFGPV FW VTCXCKN GV FµWPG ECTVG FµKPXCNKFKVo PµQWXTKTC FTQKV SWµi WPG UGWNG WPKSWG RCTV UWRRNoOGPVCKTG 'P TGXCPEJG SWCPF RNWUKGWTU RGTUQPPGU CW HQ[GT TGORNKUUGPV EJCEWPG FGU EQPFKVKQPU RQWT QWXTKT FTQKV i WPG FGOK RCTV UWRRNoOGPVCKTG EGU FGOK RCTVU UG EWOWNGPV
RCT GZGORNG FGWZ EQPLQKPVU VKVWNCKTGU FµWP VCWZ Fµ+22 FµCW OQKPU FµCEEKFGPV FW VTCXCKN F +ORzVU NQECWZ VCZG FµJCDKVCVKQP RQWT DoPoHKEKGT FµWP FoITpXGOGPV VQVCN FG NC VCZG FµJCDKVCVKQP FG XQVTG JCDKVCVKQP RTKPEKRCNG KN HCWV PG RCU qVTG KORQUCDNG i NµKORzV UWT NG TGXGPW CW VKVTG FG NµCPPoG RToEoFGPVG GV qVTG KPXCNKFG VCZG HQPEKpTG QP PG RGWV RCU DoPoHKEKGT FµWP FoITpXGOGPV FG NC VCZG HQPEKpTG UK NµQP GUV VKVWNCKTG FµWPG RGPUKQP FµKPXCNKFKVo

* 241%d&74' %106'06+'75'
%QOOG PQWU NµCXQPU XW NC ECKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG RGWV TGLGVGT WPG FGOCPFG FW RCVKGPV FµKPXCNKFKVo .C ECKUUG PQVKHKG EGVVG FoEKUKQP RCT NGVVTG TGEQOOCPFoG FCPU NGU FGWZ OQKU SWK UWKXGPV NC FCVG FG ToEGRVKQP FG NC FGOCPFG FW RCVKGPV GP KPXCNKFKVo 'P ECU FG EQPVGUVCVKQP NG RCVKGPV FKURQUG FG FGWZ CEVKQPU RQUUKDNGU

.G EQPVGPVKGWZ GP ECU FG TGHWU CFOKPKUVTCVKH
.G NKVKIG RQTVG UWT NGU EQPFKVKQPU FµQWXGTVWTG FW FTQKV GP RGPUKQP EGEK GUV RGW HToSWGPV GV RGWV EQPEGTPGT RCT GZGORNG FGU RTQDNpOGU FµKOOCVTKEWNCVKQP i NC 5oEWTKVo 5QEKCNG QW FGU LWUVKHKECVKQPU FG VTCXCKN CW EQWTU FGU OQKU RToEoFGPVU .CUUWTo FQKV UCKUKT NC %QOOKUUKQP FG 4GEQWTU #OKCDNG 'P ECU FG ToRQPUG FoHCXQTCDNG KN UCKUKTC CNQTU NG 6#55 RWKU GPUWKVG oXGPVWGNNGOGPV NC %QWT FG %CUUCVKQP

.G EQPVGPVKGWZ GP ECU FG TGHWU OoFKECN
C %CU FW TGHWU FW OoFGEKP EQPUGKN RQWT CHHGEVKQP PQP UVCDKNKUoG .G OoFGEKP EQPUGKN NQTU FG NoNCDQTCVKQP FW TCRRQTV FKPXCNKFKVo CRRToEKG UK NG QW NGU CHHGEVKQPU i NQTKIKPG FG NC FGOCPFG UQPV GPEQTG QW PQP oXQNWVKXGU EGUV i FKTG UWUEGRVKDNGU FCOoNKQTCVKQP oXGPVWGNNG URQPVCPoG QW UQWU NCOoNKQTCVKQP FWP VTCKVGOGPV CEVKH UK NCHHGEVKQP GUV GPEQTG oXQNWVKXG KN RGWV EQPENWTG i WPG CHHGEVKQP PQP UVCDKNKUoG GV TGHWUGT NKPXCNKFKVo .G TGEQWTU GUV NGZRGTVKUG OoFKECNG
FG V[RG . XQWU UGTG\ EQPXQSWo FGXCPV WP OoFGEKP GZRGTV FoUKIPo FWP EQOOWP CEEQTF GPVTG XQVTG OoFGEKP VTCKVCPV GV NG OoFGEKP EQPUGKN FG NC 5oEWTKVo 5QEKCNG



D %CU FW TGHWU FW OoFGEKP EQPUGKN RQWT CHHGEVKQP UVCDKNKUoG +N UCIKV FW ECU NG RNWU HToSWGPV 5K NCHHGEVKQP RCTCKV RQWT NG OoFGEKP EQPUGKN UVCDKNKUoG KN RGWV TGHWUGT UKN EQPUKFpTG SWG NKPECRCEKVo PCVVGKPV RCU 'P ECU FG NKVKIG UWT NG FGITo FG JCPFKECR
KPHoTKGWT i QW FoUCEEQTF UWT NC ECVoIQTKG FKPXCNKFKVo NG TGEQWTU GUV NG VTKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo
6%+
#TVKENGU 4 i 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG CC .G 6TKDWPCN FW %QPVGPVKGWZ FG Nµ+PECRCEKVo # NC FKHHoTGPEG FW 6#55 NG TGEQWTU COKCDNG FGXCPV NC %QOOKUUKQP FG TGEQWTU COKCDNG PµGUV RCU KPFKURGPUCDNG .G FGOCPFGWT PG RGWV HCKTG CRRGN i WP GZCOGP RCT NC %QOOKUUKQP FG TGEQWTU COKCDNG
CTVKENG 4 FW %QFG FG UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW SWG RQWT NGU ToENCOCVKQPU RQTVCPV UWT NµKPECRCEKVo RGTOCPGPVG FW VTCXCKN .QTUSWG NG FGOCPFGWT TGnQKV NC FoEKUKQP FG TGLGV FG NC %4#
%QOOKUUKQP FG TGEQWTU COKCDNG KN DoPoHKEKG CNQTU FµWP FoNCK FG FGWZ OQKU RQWT UCKUKT NG 6%+ .QTUSWG NG FGOCPFGWT CW DQWV FµWP OQKU CRTpU NG ToEGRVKQP FW TGEQWTU PµC RCU TGnW NC FoEKUKQP FG NC %4# EG UKNGPEG ICTFo XCWV TGLGV GV QWXTG NG FoNCK EQPVGPVKGWZ FµWP OQKU RQWT UG RQWTXQKT FGXCPV NG 6%+
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .GU CWVTGU ToENCOCVKQPU UQPV RQTVoGU FKTGEVGOGPV FGXCPV NG 6%+ 3WGNSWGU UVCVKUVKSWGU UWT NG EQPVGPVKGWZ VGEJPKSWG 'P TGEQWTU QPV oVo FoRQUoU CWRTpU FGU 6TKDWPCWZ FW EQPVGPVKGWZ FG NµKPECRCEKVo CXGE WP FoNCK OQ[GP FµCWFKGPEGOGPV FG OQKU 'P NG FoNCK FG PQVKHKECVKQP OQ[GP FG LQWTU NG PQODTG FµCWFKGPEGU FG 'P OQ[GPPG NG PQODTG FµCHHCKTGU GZCOKPo RCT CWFKGPEG GUV FG .G PQODTG FµCRRGNU FGXCPV NC %0+6##6 FG .GU TGEQWTU FGXCPV NGU 6%+ UG ToRCTVKUUGPV CRRTQZKOCVKXGOGPV GP RQWT NGU JCPFKECRU RQWT NGU CEEKFGPVU FW VTCXCKN GV OCNCFKGU RTQHGUUKQPPGNNGU RQWT NµKPXCNKFKVo GV RQWT NµKPCRVKVWFG EQPVGUVCVKQPU QPV GW NKGW FG i GP (TCPEG .C FoEKUKQP KPKVKCNG C oVo OCKPVGPWG FCPU NGU ó FGU ECU 2CTOK EGU EQPVGUVCVKQPU QP PQVG EQPVGUVCVKQPU FW VCWZ FµKPECRCEKVo RGTOCPGPVG NQTU FµCEEKFGPVU FW VTCXCKN QW FG OCNCFKG RTQHGUUKQPPGNNG .GU FoEKUKQPU KPKVKCNGU QPV oVo EQPHKTOoGU FCPU FGU ECU 1P EQORVG 6%+ OoVTQRQNKVCKPU FQPV PG VKGPPGPV RCU FµCWFKGPEG HQTCKPG
2CTKU %NGTOQPV(GTTCPF .KOQIGU 4QWGP GV 6QWNQWUG GV 6%+ FCPU NGU &1/
/CTVKPKSWG)W[CPG )WCFGNQWRG 4oWPKQP &QOCKPG FG EQORoVGPEG .G EQPVGPVKGWZ VGEJPKSWG FG NC 5oEWTKVo 5QEKCNG
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG SWK ToIWNG NG NKVKIG EQPEGTPCPV NC FoVGTOKPCVKQP FG NµoVCV QW FW FGITo FµKPXCNKFKVo GUV CUUWTo RCT NG VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo
6%+


.G 6%+ GV NC %0+6##6 EQPUVKVWGPV WPG LWTKFKEVKQP FµGZEGRVKQP FG EQORQUKVKQP RNWTKGNNG FG DCUG VTKRCTVKVG OqNCPV OCIKUVTCVU FG ECTTKpTG UQWXGPV JQPQTCKTGU CUUGUUGWTU GORNQ[GWTU GV UCNCTKoU FQVoG FµWPG EQORoVGPEG RTQRTG GV QDoKUUCPV i WPG RTQEoFWTG CWVQPQOG 1P FoPQODTG 6%+ +NU GZCOKPGPV GPXKTQP FQUUKGTU RCT CP GV QPV TGPFW i RGW RTpU FoEKUKQPU GP .G FQOCKPG FG EQORoVGPEG FW 6%+ GUV RToEKUo RCT NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG GV NCTVKENG . FW %QFG FW VTCXCKN .G 6%+ RQUUpFG WPG EQORoVGPEG GZENWUKXG CW RTGOKGT FGITo GV GP CRRGN NC EQWT PCVKQPCNG FG NµKPECRCEKVo FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN
%0+6##6 RQUUpFG WPG EQORoVGPEG GZENWUKXG RQWT EQPPCuVTG NGU NKVKIGU CVVTKDWoU RCT NGU CTVKENGU . GV . FW %QFG FG NC UoEWTKVo UQEKCNG .CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG FWPG OCPKpTG RNWU IoPoTCNG UVKRWNG SWG +N GUV KPUVKVWo WPG QTICPKUCVKQP FW EQPVGPVKGWZ VGEJPKSWG FG NC UoEWTKVo UQEKCNG %GVVG QTICPKUCVKQP TpING NGU EQPVGUVCVKQPU TGNCVKXGU i NoVCV QW CW FGITo FKPXCNKFKVo GP ECU FCEEKFGPV QW FG OCNCFKG PQP ToIKG RCT NG NKXTG +8 FW RToUGPV EQFG FG NC 5oEWTKVo 5QEKCNG GV i NoVCV FKPCRVKVWFG CW VTCXCKN NG NKXTG +8 FW %QFG FG NC 5oEWTKVo 5QEKCNG EQTTGURQPF CWZ FKURQUKVKQPU EQPEGTPCPV NGU CEEKFGPVU FW VTCXCKN GV NGU OCNCFKGU RTQHGUUKQPPGNNGU i NoVCV FKPECRCEKVo RGTOCPGPVG FG VTCXCKN GV PQVCOOGPV CW VCWZ FG EGVVG KPECRCEKVo GP ECU FCEEKFGPV FW VTCXCKN QW FG OCNCFKG RTQHGUUKQPPGNNG KN UCIKV GP IoPoTCN FCPU EG ECU FW VCWZ FKPECRCEKVo RGTOCPGPVG QEVTQ[o RCT NC %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG CRTpU EQPUQNKFCVKQP FWP CEEKFGPV FW VTCXCKN QW FWPG OCNCFKG RTQHGUUKQPPGNNG OCKU KN RGWV UCIKT CWUUK FCPU NG ECFTG FW U[UVpOG EQORNoOGPVCKTG FG TGEQPPCKUUCPEG FGU OCNCFKGU RTQHGUUKQPPGNNGU FW HCKV SWG NC %CKUUG RTKOCKTG FCUUWTCPEG OCNCFKG GUVKOG CRTpU oVWFG FWPG FGOCPFG FG NCUUWTo FG OCNCFKG RTQHGUUKQPPGNNG SWG NG VCWZ QEECUKQPPo RCT NC OCNCFKG KPETKOKPoG RCT NCUUWTo GUV KPHoTKGWT i GV SWG FQPE KN PG RGWV DoPoHKEKGT FWPG GZRGTVKUG KPFKXKFWGNNG RCT NG %44/2 GV FQPE FG NQEVTQK oXGPVWGN FW UVCVWV FG OCNCFKG RTQHGUUKQPPGNNG i NoVCV FKPECRCEKVo FG VTCXCKN RQWT NCRRNKECVKQP FGU FKURQUKVKQPU FW NKXTG 8++ FW EQFG TWTCN
EG NKXTG 8++ VTCKVG FGU FKURQUKVKQPU UQEKCNGU CWVTGU SWG EGNNGU TGNGXCPV UQKV FW EQPVGPVKGWZ IoPoTCN FG NC UoEWTKVo UQEKCNG UQKV FGU LWTKFKEVKQPU FG FTQKV EQOOWP GP XGTVW FGU CTVKENGU .
NGU EQPVGUVCVKQPU TGNCVKXGU CW VCWZ FKPECRCEKVo RGTOCPGPVG KPFGOPKUCPV WP CEEKFGPV FW VTCXCKN QW WPG OCNCFKG RTQHGUUKQPPGNNG FGU UCNCTKoU FGU RTQHGUUKQPU CITKEQNGU TGNpXGPV FG NC EQORoVGPEG GZENWUKXG FW EQPVGPVKGWZ IoPoTCN FG NC 5oEWTKVo UQEKCNG GV RCT EG HCKV FW 6TKDWPCN FGU CHHCKTGU FG 5oEWTKVo UQEKCNG .
CEEKFGPV FW VTCXCKN QW OCNCFKG RTQHGUUKQPPGNNG FGU PQP UCNCTKoU FGU RTQHGUUKQPU CITKEQNGU .
ToIKOG RCTVKEWNKGT FG NKPFGOPKUCVKQP FGU CEEKFGPVU FW VTCXCKN QW OCNCFKGU RTQHGUUKQPPGNNGU FGU PQP UCNCTKoU FGU RTQHGUUKQPU CITKEQNGU F#NUCEG /QUGNNG FW PQWXGCW EQFG TWTCN NKXTG 8++ CWZ FoEKUKQPU FGU ECKUUGU ToIKQPCNGU FCUUWTCPEG OCNCFKG GV FGU ECKUUGU FG OWVWCNKVo UQEKCNG CITKEQNG EQPEGTPCPV GP OCVKpTG FCEEKFGPV FW VTCXCKN CITKEQNG GV PQPCITKEQNG NC HKZCVKQP FW VCWZ FG EQVKUCVKQP NQEVTQK FG TKUVQWTPGU NKORQUKVKQP FG


EQVKUCVKQPU UWRRNoOGPVCKTGU GV RQWT NGU CEEKFGPVU ToIKU RCT NG NKXTG +8 FW EQFG FG NC UoEWTKVo UQEKCNG
NG NKXTG +8 FW %QFG FG NC 5oEWTKVo 5QEKCNG EQTTGURQPF CWZ FKURQUKVKQPU EQPEGTPCPV NGU CEEKFGPVU FW VTCXCKN GV NGU OCNCFKGU RTQHGUUKQPPGNNGU NC FoVGTOKPCVKQP FG NC EQPVTKDWVKQP RToXWG i NCTVKENG . FW RToUGPV EQFG
KN UCIKV FG NC EQPVTKDWVKQP RC[oG RCT NGU GORNQ[GWTU SWK RGTOGV FCUUWOGT NC ToRCTCVKQP FGU CEEKFGPVU FW VTCXCKN GV FGU OCNCFKGU RTQHGUUKQPPGNNGU .GU EQPVGUVCVKQPU OGPVKQPPoGU i EG CNKPoC FG NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG UQPV UQWOKUGU GP RTGOKGT GV FGTPKGT TGUUQTV i NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN RToXWG i NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG GV PQP RCU CW 6%+
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG KPUoTo RCT NC .QK 0 FW LCPXKGT CTV +++ +8 RCTWG CW ,QWTPCN 1HHKEKGN FW LCPXKGT .GU FKURQUKVKQPU FGU GV FW RToUGPV CTVKENG PG UQPV RCU CRRNKECDNGU CWZ CEEKFGPVU FW VTCXCKN UWTXGPWU GV CWZ OCNCFKGU RTQHGUUKQPPGNNGU EQPUVCVoGU FCPU NGZGTEKEG FGU RTQHGUUKQPU CITKEQNGU FCPU NGU FoRCTVGOGPVU CWVTGU SWG EGWZ FW *CWV4JKP FW $CU 4JKP GV FG NC /QUGNNG .CTVKENG . FW %QFG FW VTCXCKN GP EG SWK EQPEGTPG NGU FoEKUKQPU UWKXCPVGU FG NC /&2* UVKRWNG FCWVTG RCTV SWGNNGU RGWXGPV HCKTG NQDLGV FWP TGEQWTU FGXCPV NG 6%+ .GU FoEKUKQPU EKFGUUQWU FG NC /&2* FQKXGPV qVTG OQVKXoGU GV HCKTG NQDLGV FWPG ToXKUKQP RoTKQFKSWG %G TGEQWTU QWXGTV i VQWVG RGTUQPPG GV i VQWV QTICPKUOG KPVoTGUUo GUV FoRQWTXW FGHHGV UWURGPUKH UCWH NQTUSWKN GUV KPVGPVo RCT NC RGTUQPPG JCPFKECRoG QW UQP TGRToUGPVCPV RQWT EG SWK EQPEGTPG NGU FoEKUKQPU TGNCVKXGU i NC RTKUG GP EJCTIG FGU HTCKU GZRQUoU FCPU NGU oVCDNKUUGOGPVU QW UGTXKEGU .GU FoEKUKQPU EQPEGTPoGU UQPV .C FoUKIPCVKQP FGU oVCDNKUUGOGPVU QW NGU UGTXKEGU EQPEQWTCPV i NC TooFWECVKQP CW TGENCUUGOGPV GV i NCEEWGKN FGU CFWNVGU JCPFKECRoU GV PQVCOOGPV NGU oVCDNKUUGOGPVU RToXWU CWZ CTVKENGU GV FG NC NQK 0 FW LWKP CKPUK SWG NGU GPVTGRTKUGU CFCRVoGU
CPEKGPPGOGPV CVGNKGTU RTQVoIoU QW NGU oVCDNKUUGOGPVU QW UGTXKEGU FµCKFG RCT NG VTCXCKN
'5#6 EQTTGURQPFCPV i NGWTU DGUQKPU GV GP OGUWTG FG NGU CEEWGKNNKT .C FoEKUKQP FG NC %QOOKUUKQP UKORQUG i VQWV oVCDNKUUGOGPV QW UGTXKEG FCPU NC NKOKVG FG NC URoEKCNKVo CW VKVTG FG NCSWGNNG KN C oVo CWVQTKUo QW CIToo # VKVTG GZEGRVKQPPGN NC EQOOKUUKQP RGWV FoUKIPGT WP oVCDNKUUGOGPV QW WP UGTXKEG GPVTCPV FCPU NC ECVoIQTKG FG EGWZ XGTU NGUSWGNU GNNG C FoEKFo FQTKGPVGT NC RGTUQPPG JCPFKECRoG GV GP OGUWTG FG NCEEWGKNNKT .QTUSWG NC RGTUQPPG JCPFKECRoG HCKV EQPPCuVTG UC RToHoTGPEG RQWT WP oVCDNKUUGOGPV QW WP UGTXKEG GPVTCPV FCPU NC ECVoIQTKG FG EGWZ XGTU NGUSWGNU NC EQOOKUUKQP C FoEKFo FG NQTKGPVGT GV GP OGUWTG FG NCEEWGKNNKT NC EQOOKUUKQP GUV VGPWG FG HCKTG HKIWTGT EGV oVCDNKUUGOGPV QW EG UGTXKEG CW PQODTG FG EGWZ SWGNNG FoUKIPG SWGNNG SWG UQKV UC NQECNKUCVKQP .G HCKV FCRRToEKGT UK NoVCV QW NG VCWZ FKPECRCEKVo FG NC RGTUQPPG JCPFKECRoG LWUVKHKG NCVVTKDWVKQP FG NCNNQECVKQP CFWNVG JCPFKECRo FG NCNNQECVKQP EQORGPUCVTKEG RToXWGU CWZ CTVKENGU
CTVKENGU . GV UWKXCPVU FW %QFG FG NC 5oEWTKVo 5QEKCNG GV FG NC NQK 0 FW LWKP FG NCNNQECVKQP FG NQIGOGPV KPUVKVWoG RCT NC NQK 0 FW LWKNNGV OQFKHKoG
CTVKENGU . GV UWKXCPVU FW %QFG


FG NC 5oEWTKVo 5QEKCNG CKPUK SWG FG NC ECTVG FKPXCNKFKVo RToXWG i NCTVKENG FW %QFG FG NC HCOKNNG GV FG NCKFG UQEKCNG %G 6TKDWPCN CWRCTCXCPV CRRGNo %QOOKUUKQP ToIKQPCNG FµKPXCNKFKVo GV FµKPECRCEKVo RGTOCPGPVG C XW UQP EJCPIGOGPV FG FoPQOKPCVKQP ToUWNVGT FG NC NQK NG LCPXKGT
,QWTPCN 1HHKEKGN FW LCPXKGT EG SWK CVVGUVG FG NC XQNQPVo FW NoIKUNCVGWT FG DKGP CHHKTOGT NG ECTCEVpTG LWTKFKEVKQPPGN FG EG EQPVGPVKGWZ .C EQORQUKVKQP GV NG HQPEVKQPPGOGPV FW 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo UQPV FoETKVU RCT NGU CTVKENGU . GV . .
KPUoToU RCT NC NQK 0 FW LCPXKGT CTVKENG RCTWG CW ,QWTPCN 1HHKEKGN FW LCPXKGT GV NC NQK 0 FW LCPXKGT CTVKENG RWDNKoG CW ,QWTPCN 1HHKEKGN FW LCPXKGT FW %QFG FG NC UoEWTKVo UQEKCNG NGU CTVKENGU 4 i 4 FW %QFG FG NC UoEWTKVo UQEKCNG
KPUoToU RCT NG FoETGV 0 FW LWKNNGV RCTW CW ,QWTPCN 1HHKEKGN 0 FW LWKNNGV RCIG .GU NKVKIGU UQPV RQTVoU GP RTGOKpTG KPUVCPEG FGXCPV NG 6TKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo Ö %QORQUKVKQP &GU PQWXGNNGU FKURQUKVKQPU NoICNGU GV ToINGOGPVCKTGU CFCRVGPV NG FTQKV HTCPnCKU CWZ GZKIGPEGU FG NCTVKENG FG NC %QPXGPVKQP GWTQRoGPPG FGU FTQKVU FG NJQOOG GP RCTVKEWNKGT UWT EG SWK EQPEGTPG NKORCTVKCNKVo FGU VTKDWPCWZ GV NG TGURGEV FW EQPVTCFKEVQKTG SWK FQKXGPV qVTG NC TpING RQWT VQWV LWIGOGPV
NQK P FW LCPXKGT CTVKENG RCTWG CW ,QWTPCN 1HHKEKGN FW LCPXKGT 2NWUKGWTU CTTqVU ToEGPVU FG NC %QWT FG %CUUCVKQP QPV ECUUo FGU FoEKUKQPU FG NC %0+6 GV FG FKHHoTGPVU 6%+ RCTEG SWG EGU LWTKFKEVKQPU FCPU NGWT EQORQUKVKQP GV NGWT OQFG FG HQPEVKQPPGOGPV PG TGURGEVCKGPV RCU NGU RTKPEKRGU oFKEVoU RCT EGV CTVKENG .G 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo EQORoVGPV GUV EGNWK FW NKGW Q~ FGOGWTG NG FGOCPFGWT
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .C EToCVKQP FG RNWUKGWTU HQTOCVKQP FG LWIGOGPV CW UGKP FµWP OqOG 6%+ RGWV qVTG CTTqVoG RCT CTTqVo FW )CTFG FGU 5EGCWZ OKPKUVTG FG NC LWUVKEG FW OKPKUVTG EJCTIo FG NC UoEWTKVo UQEKCNG GV FW OKPKUVTG EJCTIo FG NµCITKEWNVWTG .GU VTKDWPCWZ FW EQPVGPVKGWZ FG NKPECRCEKVo EQORTGPPGPV VTQKU OGODTGU KNU UG EQORQUGPV FWP RToUKFGPV OCIKUVTCV JQPQTCKTG FG NQTFTG CFOKPKUVTCVKH QW FG NQTFTG LWFKEKCKTG FµWP CUUGUUGWT TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU GV FµWP CUUGUUGWT TGRToUGPVCPV NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU #WRCTCXCPV NGU VTKDWPCWZ FW EQPVGPVKGWZ FG NµKPECRCEKVo EQORTGPCKV OGODTGU WP RToUKFGPV FGWZ CUUGUUGWTU TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU GV FGWZ CUUGUUGWTU TGRToUGPVCPV NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU OCKU EG U[UVpOG VTQR NQWTF i IoTGT C oVo UKORNKHKo
0QWXGN CTVKENG . CNKPoC FW EQFG FG NC UoEWTKVo UQEKCNG KPUVKVWo RCT NµQTFQPPCPEG FW 5K WP OCIKUVTCV JQPQTCKTG PG RGWV qVTG FoUKIPo GP SWCNKVo FG RToUKFGPV NC RToUKFGPEG GUV CUUWToG RCT WPG RGTUQPPCNKVo RToUGPVCPV FGU ICTCPVKGU FKPFoRGPFCPEG GV FKORCTVKCNKVo GV SWG UC EQORoVGPEG GV UQP GZRoTKGPEG FCPU NGU FQOCKPGU LWTKFKSWGU SWCNKHKGPV RQWT NGZGTEKEG FG EGU HQPEVKQPU


.G RToUKFGPV GUV FoUKIPo RQWT VTQKU CPU TGPQWXGNCDNGU RCT CTTqVo FW ICTFG FGU UEGCWZ OKPKUVTG FG NC ,WUVKEG UWT WPG NKUVG FG SWCVTG PQOU FTGUUoU RCT NG RTGOKGT RToUKFGPV FG NC %QWT F#RRGN FCPU NG TGUUQTV FCPU NGSWGN NG 6TKDWPCN C UQP UKpIG .C RToUKFGPEG FWPG HQTOCVKQP FG LWIGOGPV RGWV qVTG CUUWToG RCT WP OCIKUVTCV JQPQTCKTG QW WPG RGTUQPPCNKVo SWCNKHKoG CWVTG SWG NG 2ToUKFGPV FW 6TKDWPCN FoUKIPo FCPU NGU OqOGU HQTOGU 7P RToUKFGPV UWRRNoCPV FW 6%+ GUV EJQKUK FCPU NGU OqOGU EQPFKVKQPU .G RToUKFGPV FW VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo CUUWOG NC TGURQPUCDKNKVo FW 6%+ .G UGEToVCKTG FW VTKDWPCN GUV RNCEo UQWU UQP CWVQTKVo GZENWUKXG
CTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG .G RToUKFGPV FW 6TKDWPCN RTGPF RCT QTFQPPCPEGU NGU OGUWTGU FCFOKPKUVTCVKQP LWFKEKCKTG &CPU NC RTGOKpTG SWKP\CKPG FW OQKU SWK RToEpFG NCPPoG LWFKEKCKTG KN HKZG NC ToRCTVKVKQP FGU CUUGUUGWTU CWZ CWFKGPEGU .G RToUKFGPV FW 6%+ ToRCTVKV NGU CHHCKTGU GPVTG NGU HQTOCVKQPU FW LWIGOGPV +N RToUKFG WPG FGU HQTOCVKQPU SWCPF KN NG LWIG EQPXGPCDNG
CTVKENG 4 FW EQFG NC UoEWTKVo UQEKCNG .GU CUUGUUGWTU CRRCTVKGPPGPV CWZ RTQHGUUKQPU CITKEQNGU NQTUSWG NG NKVKIG KPVoTGUUG WP TGUUQTVKUUCPV FG EGU RTQHGUUKQPU GV CWZ RTQHGUUKQPU PQP CITKEQNGU FCPU NG ECU EQPVTCKTG .GU CUUGUUGWTU UQPV FoUKIPoU RQWT WPG FWToG FG VTQKU CPU TGPQWXGNCDNG RCT NG RTGOKGT RToUKFGPV FG NC %QWT F#RRGN FCPU NG TGUUQTV FG NCSWGNNG NG 6TKDWPCN C UQP UKpIG UWT FGU NKUVGU FTGUUoGU UWT RTQRQUKVKQP FGU QTICPKUCVKQPU RTQHGUUKQPPGNNGU NGU RNWU TGRToUGPVCVKXGU KPVoTGUUoGU UGNQP NG ECU RCT NG EJGH FW UGTXKEG ToIKQPCN FG NKPURGEVKQP FW VTCXCKN FG NGORNQK FG NC RQNKVKSWG UQEKCNG CITKEQNG QW RCT NG FKTGEVGWT ToIKQPCN FGU CHHCKTGU UCPKVCKTGU GV UQEKCNGU
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG oVCDNK RCT NC NQK P FW LCPXKGT CTVKENG FW ,QWTPCN 1HHKEKGN FW LCPXKGT NQK P FW LCPXKGT CTVKENG FW ,QWTPCN 1HHKEKGN FW LCPXKGT .GU CUUGUUGWTU FQKXGPV qVTG FG PCVKQPCNKVo HTCPnCKUG jIoU FCW OQKPU CPU GV CXQKT NC ECRCEKVo FqVTG LWTo FG NC %QWT F#UUKUGU
CTVKENGU i FW %QFG FG RTQEoFWTG RoPCNG GV PCXQKT HCKV NQDLGV FCWEWPG EQPFCOPCVKQP RToXWG GV ToRTKOoG RCT NG %QFG FG NC 5oEWTKVo 5QEKCNG .GWTU HQPEVKQPU UQPV KPEQORCVKDNGU CXGE EGNNGU FG OGODTGU FW %QPUGKN FCFOKPKUVTCVKQP FGU QTICPKUOGU FG 5oEWTKVo 5QEKCNG QW FG OWVWCNKVo UQEKCNG CITKEQNG
CNKPoC FG NµCTVKENG . FW %QFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NµQTFQPPCPEG P FW 7P CTTqV FG NC EJCODTG UQEKCNG FG NC %QWT FG ECUUCVKQP FW
RQWTXQK P GUVKOG SWµWP OCPFCV oNGEVKH RTWFµJQOCN GUV KPEQORCVKDNG CXGE NC HQPEVKQP FµCUUGUUGWT FW 6%+ GP UµCRRW[CPV UWT NµCTVKENG FW %'5&*
%QPXGPVKQP GWTQRoGPPG FG UCWXGICTFG FGU FTQKVU FG Nµ*QOOG GV FGU NKDGTVoU HQPFCOGPVCNGU .GU EQPFKVKQPU FG ToEWUCVKQP FWP CUUGUUGWT FW 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo UQPV HKZoGU RCT NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG .C ToEWUCVKQP RGWV qVTG FGOCPFoG UK NWK QW UQP EQPLQKPV C WP KPVoTqV RGTUQPPGN i NC EQPVGUVCVKQP UK NWK QW UQP EQPLQKPV GUV RCTGPV QW CNNKo FWPG FGU RCTVKGU LWUSWCW SWCVTKpOG FGITo KPENWUKXGOGPV UK KN [ C GW QW UKN [ C RTQEpU GPVTG NWK QW UQP EQPLQKPV GV NWPG FGU RCTVKGU QW UQP EQPLQKPV UKN C RToEoFGOOGPV EQPPW NCHHCKTG EQOOG CUUGUUGWT


UKN GZKUVG WP NKGP FG UWDQTFKPCVKQP GPVTG NCUUGUUGWT QW UQP EQPLQKPV GV NWPG FGU RCTVKGU QW UQP EQPLQKPV UKN [ C COKVKo QW KPKOKVKo PQVQKTG GPVTG NCUUGUUGWT GV NWPG FGU RCTVKGU .C FGOCPFG FG ToEWUCVKQP FµWP CUUGUUGWT ToINGOGPVoG RCT NµCTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW UWKV NGU FKURQUKVKQPU FGU CTVKENGU i FW 0QWXGCW EQFG FG RTQEoFWTG EKXKNG # EG VKVTG NµCUUGUUGWT OKU GP ECWUG RCT NµWPG FGU RCTVKGU RTGPF RQUKVKQP 5µKN UµQRRQUG i NC TGSWqVG NµKPEKFGPV GUV VTCPEJo RCT NG RToUKFGPV FW 6%+ UGWN GV PQP GP HQTOCVKQP EQNNoIKCNG .G UGEToVCTKCV FW 6%+ GUV CUUWTo RCT WP HQPEVKQPPCKTG FG NC FKTGEVKQP ToIKQPCNG FGU CHHCKTGU UCPKVCKTGU GV UQEKCNGU FCPU NC EKTEQPUETKRVKQP FG NCSWGNNG NG VTKDWPCN C UQP UKpIG FoUKIPo RCT NG &KTGEVGWT ToIKQPCN EQORoVGPV
CNKPoC FG CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG 'P EG SWK EQPEGTPG NGU EQPVGUVCVKQPU TGNCVKXGU CW ToIKOG CITKEQNG EG UGEToVCTKCV GUV CUUWTo RCT NG EJGH FW UGTXKEG ToIKQPCN FG NKPURGEVKQP FW VTCXCKN FG NGORNQK FG NC RQNKVKSWG UQEKCNG CITKEQNGU QW RCT WP HQPEVKQPPCKTG FG UQP UGTXKEG SWKN FoUKIPG
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G UGEToVCTKCV FW 6%+ GUV CUUWTo RCT WP HQPEVKQPPCKTG FG NC FKTGEVKQP ToIKQPCNG FGU CHHCKTGU UCPKVCKTGU GV UQEKCNGU FCPU NC EKTEQPUETKRVKQP FG NCSWGNNG NG 6%+ i UQP UKpIG HQPEVKQPPCKTG FoUKIPo RCT NG FKTGEVGWT ToIKQPCN EQORoVGPV
NµCTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG 'P EG SWK EQPEGTPG NGU EQPVGUVCVKQPU TGNCVKXGU CW ToIKOG CITKEQNG NG UGEToVCTKCV GUV EQPHKo CW EJGH FW UGTXKEG ToIKQPCN FG NµKPURGEVKQP FW VTCXCKN FG NµGORNQK FG NC RQNKVKSWG UQEKCNG CITKEQNGU QW i WP HQPEVKQPPCKTG FG UQP UGTXKEG SWG EG EJGH FG UGTXKEG FoUKIPG × 2TQEoFWTG .C RTQEoFWTG GUV ITCVWKVG .C RTQEoFWTG UG ECTCEVoTKUG RCT NG RTKPEKRG FµCWVQPQOKG 'P GHHGV NG %QFG FG NµQTICPKUCVKQP LWFKEKCKTG
%1, CTVKENG . TGPXQKG CW %QFG FG NC UoEWTKVo UQEKCNG SWK HKZG NC ToINGOGPVCVKQP EQPEGTPCPV VCPV NC EQORoVGPEG SWG NµQTICPKUCVKQP GV NG HQPEVKQPPGOGPV FGU LWTKFKEVKQPU FG 5oEWTKVo UQEKCNG PQVCOOGPV EGNNGU SWK IQWXGTPGPV NG FoTQWNGOGPV FG NµKPUVCPEG LWTKFKSWG %G RTKPEKRG FµCWVQPQOKG UG TGOCTSWG oICNGOGPV CW PKXGCW FGU FoRGPUGU FW EQPVGPVKGWZ VGEJPKSWG SWK PµoOCTIG RCU GPVKpTGOGPV CW DWFIGV FW OKPKUVpTG FG NC LWUVKEG OCKU TGNpXG GP RCTVKG FGU QTICPKUOGU FG 5oEWTKVo UQEKCNG .G FoTQWNGOGPV FG NµKPUVCPEG FW EQPVGPVKGWZ VGEJPKSWG UWKV NGU FKURQUKVKQPU FW 0QWXGCW EQFG FG RTQEoFWTG EKXKNG EQOOG NG UKIPCNG NµCTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG GV GP RCTVKEWNKGT NGU CTVKENGU i FW 0QWXGCW EQFG FG RTQEoFWTG EKXKNG 'P RCTVKEWNKGT ¨ NG LWIG FQKV GP VQWVG EKTEQPUVCPEG HCKTG QDUGTXGT GV QDUGTXGT NWKOqOG NG RTKPEKRG FG NC EQPVTCFKEVKQP ©
CNKPoC FG NµCTVKENG FW 0QWXGCW EQFG FG RTQEoFWTG EKXKNG EGEK KORNKSWG SWG EJCSWG RCTVKG RWKUUG RTGPFTG EQPPCKUUCPEG GV FKUEWVGT FG VQWVGU RKpEGU QW QDUGTXCVKQPU RToUGPVoGU CW LWIG GP XWG FµKPHNWGPEGT UC FoEKUKQP



.G 6%+ EQORoVGPV GUV EGNWK FW NKGW Q~ FGOGWTG NG FGOCPFCPV 5K EG FGTPKGT PG ToUKFG RCU GP (TCPEG NG 6%+ EQORoVGPV GUV EGNWK FQPV FoRGPF NµQTICPKUOG FG UoEWTKVo UQEKCNG QW FG OWVWCNKVo UQEKCNG CITKEQNG FQPV TGNpXG QW TGNGXCKV NG FGOCPFGWT
CTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG .G TGEQWTU EQPVTG NC FoEKUKQP FG NC ECKUUG FQKV qVTG RToUGPVo FCPU WP FoNCK FG FGWZ OQKU i EQORVGT FG NC FCVG FG PQVKHKECVKQP FG EGVVG FoEKUKQP 5K NG FoNCK FG FGWZ OQKU RQWT NG TGEQWTU GUV FoRCUUo UCWH ToUGTXG NKoG i NC OKUG GP ¯WXTG FW TGEQWTU COKCDNG NC FoEKUKQP FG NC %CKUUG HKZCPV NG VCWZ FµKPECRCEKVo RGTOCPGPVG FGXKGPV FoHKPKVKXG .QTUSWG NGU RCTVKGU FGOGWTGPV QW UQPV CRRGNoGU VGORQTCKTGOGPV QWVTGOGT GNNGU DoPoHKEKGPV FG NC RTQTQICVKQP FµWP OQKU RToXWG i NµCTVKENG FW 0QWXGCW FG RTQEoFWTG EKXKNG GV FG FGWZ OQKU RQWT EGNNGU SWK FGOGWTGPV i NµoVTCPIGT .G VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo
6%+ GUV UCKUK FGU TGEQWTU RCT FoENCTCVKQP HCKVG TGOKUG QW CFTGUUoG CW UGEToVCTKCV FW VTKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo Q~ GNNG GUV GPTGIKUVToG &CPU NGU HCKVU KN GUV EQPUGKNNo HQTVGOGPV FGPXQ[GT EG TGEQWTU RCT NGVVTG TGEQOOCPFoG CXGE FGOCPFG FµCXKU FG ToEGRVKQP CFTGUUoG CW UGEToVCTKCV FW VTKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo %GVVG FoENCTCVKQP FGXCPV NG 6%+ FQKV EQORQTVGT oICNGOGPV NQDLGV FG NC FGOCPFG WP GZRQUo UQOOCKTG FGU OQVKHU FG NC FGOCPFG WPG EQRKG FG NC FoEKUKQP FG NC %CKUUG SWK GUV EQPVGUVoG NG PQO NG RToPQO NC RTQHGUUKQP NµCFTGUUG FW TGSWoTCPV NC PCVKQPCNKVo NC FCVG GV NKGW FG PCKUUCPEG FW FGOCPFGWT GV NG ECU oEJoCPV NG PQO NCFTGUUG FW OoFGEKP SWG NC XKEVKOG FoUKIPG RQWT TGEGXQKT FGU FQEWOGPVU OoFKECWZ
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG 'ZGORNG FG NGVVTG FG UCKUKPG FW VTKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo PQO RToPQO RTQHGUUKQP CFTGUUG FW /QPUKGWT QW OCFCOG NG UGEToVCKTG FW TGSWoTCPV 6TKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo 4GEQOOCPFoG CXGE #4 /QPUKGWT QW /CFCOG 2CT NGVVTG FW NC %CKUUG RTKOCKTG FµCUUWTCPEG OCNCFKG FG XKGPV FG OG PQVKHKGT NC FoEKUKQP UWKXCPVG 4GHWU QRRQUo i OC FGOCPFG FKPXCNKFKVo
EH EQRKG EKLQKPVG %QPHQTOoOGPV CWZ FKURQUKVKQPU FG Nµ#TVKENG 4 FW %QFG FG NC 5oEWTKVo UQEKCNG LµCK NµJQPPGWT FG HQTOGT WP TGEQWTU EQPVTG EGVVG FoEKUKQP FQPV LG EQPVGUVG NG DKGPHQPFo RQWT NGU OQVKHU UWKXCPVU ªªªª
i VKVTG FGZGORNG NC XKEVKOG RQWTTCKV oETKTG NG OQVKH UWKXCPV GP GHHGV LG EQPUKFpTG SWG NG TGHWU QRRQUo i OC FGOCPFG FKPXCNKFKVo PGUV RCU LWUVKHKo RWKUSWG LG UQWHHTG FGU CHHGEVKQPU UWKXCPVGU SWK GPVTCuPGPV WP VCWZ FKPECRCEKVo UWRoTKGWT i ªª



.G OoFGEKP SWG LG FoUKIPG RQWT TGEGXQKT FGU FQEWOGPVU OoFKECWZ GUV NG &QEVGWTGZGTnCPV i 0 FG VoNoRJQPG 8GWKNNG\ CIToGT /QPUKGWT QW /CFCOG NµGZRTGUUKQP FG OGU UGPVKOGPVU RTQHQPFoOGPV TGURGEVWGWZ # NG 5KIPCVWTG .C UCKUKPG FW 6%+ PG UWURGPF RCU NµGZoEWVKQP FG NC FoEKUKQP EQPVGUVoG RCT NC ECKUUG UCWH NQTUSWµKN UµCIKV FG EQPVGUVCVKQPU FG FoEKUKQPU UG TCRRQTVCPV CWZ JCPFKECRoU &CPU WP FoNCK FG LQWTU CRTpU ToEGRVKQP FG NC FoENCTCVKQP FW TGSWoTCPV NG UGEToVCTKCV FW 6%+ GP CFTGUUG EQRKG i NC %CKUUG KPVoTGUUoG SWK GUV VGPWG FG VTCPUOGVVTG CW UGEToVCTKCV FW 6%+ FCPU WP FoNCK FG LQWTU UGU QDUGTXCVKQPU oETKVGU GV NGU FQEWOGPVU OoFKECWZ EQPEGTPCPV NCHHCKTG .C %CKUUG CFTGUUG NGU EQRKGU FGU FQEWOGPVU OoFKECWZ EQPEGTPCPV NCHHCKTG CW TGSWoTCPV QW NG ECU oEJoCPV CW OoFGEKP SWK NC FoUKIPo
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG FCPU EG OqOG FoNCK FG LQWTU .CTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG UVKRWNG SWG NG RToUKFGPV FW VTKDWPCN FG %QPVGPVKGWZ FG NKPECRCEKVo RTGPF RCT QTFQPPCPEG NGU OGUWTGU FCFOKPKUVTCVKQP LWFKEKCKTG GV GP RCTVKEWNKGT HKZG NG PQODTG FQTFQPPCPEGU NG PQODTG FG LQWTU NC PCVWTG FGU CWFKGPEGU GV NC ToRCTVKVKQP FGU CUUGUUGWTU i UGU CWFKGPEGU 5GNQP UGU KPUVTWEVKQPU NG VTKDWPCN RGWV FQPE UG ToWPKT CW UKpIG FG NC &KTGEVKQP 4oIKQPCNG FGU #HHCKTGU 5CPKVCKTGU GV 5QEKCNGU QW FGU UGTXKEGU ToIKQPCWZ FG NKPURGEVKQP FW VTCXCKN FG NGORNQK FG NC RQNKVKSWG UQEKCNG CITKEQNGU QW GP VQWV NKGW GV GP RCTVKEWNKGT CW EJGH NKGW FG EJCEWP FGU FoRCTVGOGPVU EQORTKU FCPU UQP TGUUQTV UK NG PQODTG FGU CHHCKTGU NG LWUVKHKG .G UGEToVCKTG FW 6TKDWPCN EQPXQSWG NGU RCTVKGU RCT NGVVTG TGEQOOCPFoG CW OQKPU LQWTU CXCPV NC FCVG FG NCWFKGPEG %QOOG FGXCPV NG 6#55 NQTUSWG NG 6%+ PG RGWV UG ToWPKT CW EQORNGV NµCWFKGPEG GUV TGRQTVoG i WPG FCVG WNVoTKGWTG UCWH CEEQTF FGU RCTVKGU RQWT SWG NG RToUKFGPV UVCVWG UGWN 5K i NµCWFKGPEG UWKXCPVG NG 6%+ PµGUV VQWLQWTU RCU CW EQORNGV NG RToUKFGPV RGWV UVCVWGT UGWN CRTpU CXQKT TGEWGKNNK NG ECU oEJoCPV NµCXKU FG NµCUUGUUGWT RToUGPV
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NµCTVKENG FG NµQTFQPPCPEG FW .GU RCTVKGU EQORCTCKUUGPV GP RGTUQPPG GV RToUGPVGPV NGWTU QDUGTXCVKQPU QTCNGU QW oETKVGU 'NNGU RGWXGPV UG HCKTG CUUKUVGT QW TGRToUGPVGT RCT NGWT EQPLQKPV QW WP CUEGPFCPV QW WP FGUEGPFCPV GP NKIPG FKTGEVG UWKXCPV NG ECU WP VTCXCKNNGWT UCNCTKo QW WP GORNQ[GWT QW WP VTCXCKNNGWT KPFoRGPFCPV GZGTnCPV NC OqOG RTQHGUUKQP QW WP TGRToUGPVCPV SWCNKHKo FGU QTICPKUCVKQPU U[PFKECNGU FG UCNCTKoU QW FµGORNQ[GWTU



WP CFOKPKUVTCVGWT QW WP GORNQ[o FG NµQTICPKUOG RCTVKG GP KPUVCPEG QW WP GORNQ[o FµWP CWVTG QTICPKUOG FG UoEWTKVo UQEKCNG WP FoNoIWo FGU CUUQEKCVKQPU FG OWVKNoU GV KPXCNKFGU FW VTCXCKN NGU RNWU TGRToUGPVCVKXGU QW UG HCKTG CUUKUVGT QW TGRToUGPVGT RCT WP CXQECV
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .G TGRToUGPVCPV FQKV UµKN PµGUV RCU CXQECV QW CXQWo LWUVKHKGT FµWP RQWXQKT URoEKCN .G 6TKDWPCN RGWV QTFQPPGT FQHHKEG i NC FGOCPFG FGU RCTVKGU WPG EQPUWNVCVKQP WPG GZRGTVKUG QW RTGUETKTG WPG GPSWqVG RQTVCPV PQVCOOGPV UWT NQTKGPVCVKQP RTQHGUUKQPPGNNG oXGPVWGNNG FW TGSWoTCPV GV UGU RQUUKDKNKVoU FG RNCEGOGPV .GU OGUWTGU FKPUVTWEVKQP RGWXGPV qVTG GZoEWVoGU UWT NG EJCOR RCT NG VGEJPKEKGP CXKUo FG UC OKUUKQP RCT VQWV OQ[GP &CPU EG ECU NG VGEJPKEKGP HCKV KOOoFKCVGOGPV WP TCRRQTV CW 6TKDWPCN FG UGU EQPUVCVCVKQPU GP RToUGPEG FGU RCTVKGU 'P ECU FGZRGTVKUG NG 6TKDWPCN FoVGTOKPG RCT WPG FoEKUKQP NC OKUUKQP EQPHKoG i NGZRGTV GV NG FoNCK FCPU NGSWGN NGZRGTV FGXTC FQPPGT UQP CXKU .QTUSWG NGU OGUWTGU FKPUVTWEVKQP PG UQPV RCU GZoEWVoGU UWT NG EJCOR NG UGEToVCTKCV FW 6TKDWPCN CFTGUUG i EJCSWG RCTVKG QW NG ECU oEJoCPV CW OoFGEKP SWGNNG C FoUKIPo RCT NGVVTG TGEQOOCPFoG WPG EQRKG FGU TCRRQTVU FGU FQEWOGPVU EQPUKIPCPV NGU ToUWNVCVU FGU GZCOGPU QW GPSWqVGU QTFQPPoGU RCT NG 6TKDWPCN QW FGU KPHQTOCVKQPU SWKN C TGEWGKNNKGU
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU FoEKUKQPU FW 6%+ FQKXGPV qVTG OQVKXoGU GNNGU UQPV RTQPQPEoGU GP CWFKGPEG RWDNKSWG .G UGEToVCTKCV FW 6TKDWPCN PQVKHKG FCPU NGU LQWTU NC FoEKUKQP i EJCEWPG FGU RCTVKGU RCT NGVVTG TGEQOOCPFoG
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU RCTVKGU RGWXGPV KPVGTLGVGT CRRGN FG NC FoEKUKQP FW 6%+
CTVKENGU 4 GV 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU JQPQTCKTGU FWU RQWT NGU GZRGTVKUGU FKNKIGPVoGU RCT NGU VTKDWPCWZ FG 5oEWTKVo 5QEKCNG GP CRRNKECVKQP FGU CTVKENGU 4 4 4 GV 4 RCT NGU EQWTU FCRRGN GP CRRNKECVKQP FG NCTVKENG 4 RCT NGU VTKDWPCWZ FW EQPVGPVKGWZ FG NKPECRCEKVo GP CRRNKECVKQP FG NCTVKENG 4 GV RCT NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN GP CRRNKECVKQP FG NCTVKENG 4 UQPV EGWZ HKZoU GP CRRNKECVKQP FG NCTVKENG 4 .GU JQPQTCKTGU UQPV FQPE KFGPVKSWGU i EGWZ HKZoU CW VKVTG FGU GZRGTVKUGU ToIKGU RCT NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU JQPQTCKTGU FWU CWZ OoFGEKPU GZRGTVU i NQEECUKQP FGU EQPUWNVCVKQPU GHHGEVWoGU i NC FGOCPFG FGU LWTKFKEVKQPU FW EQPVGPVKGWZ VGEJPKSWG FG NC 5oEWTKVo 5QEKCNG UQPV HKZoU RCT N #TTqVo FW LWKNNGV RCTW CW ,QWTPCN 1HHKEKGN P FW LWKNNGV RCIG .GU JQPQTCKTGU FGU OoFGEKPU GZRGTVU SWK RTQEpFGPV i WPG EQPUWNVCVKQP i NC FGOCPFG FWP VTKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo QW FG NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN UQPV HKZoU RCT ToHoTGPEG CWZ VCTKHU HKZoU RCT NC EQPXGPVKQP OGPVKQPPoG i NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG FCPU NGU EQPFKVKQPU EKCRTpU % RQWT NGU RTCVKEKGPU IoPoTCNKUVGU
% GUV NG VCTKH FG NC EQPUWNVCVKQP FW OoFGEKP IoPoTCNKUVG



%5 RQWT NGU RTCVKEKGPU URoEKCNKUVGU
%U GUV NG VCTKH FG NC EQPUWNVCVKQP FW OoFGEKP URoEKCNKUVG %025; RQWT NGU PGWTQRU[EJKCVTGU
%025; GUV NG VCTKH FG NC EQPUWNVCVKQP FW 0GWTQRU[EJKCVTG NQTUSWKNU TGOGVVGPV WP TCRRQTV oETKV % RQWT NGU RTCVKEKGPU IoPoTCNKUVGU %5 RQWT NGU RTCVKEKGPU URoEKCNKUVGU %025; RQWT NGU PGWTQRU[EJKCVTGU NQTUSWKNU RToUGPVGPV NGWT TCRRQTV i NCWFKGPEG .GU OoFGEKPU GZRGTVU CWZSWGNU NGU LWTKFKEVKQPU FG 5oEWTKVo 5QEKCNG HQPV CRRGN RGTnQKXGPV NGU KPFGOPKVoU FG FoRNCEGOGPV RToXWGU GP CRRNKECVKQP FG NCTVKENG 4
#TVKENG 4 FW EQFG FG NC 5oEWTKVo 5QEKCNG .GU RToUKFGPVU FW VTKDWPCN FGU CHHCKTGU FG 5oEWTKVo 5QEKCNG SWCPF KNU UQPV OCIKUVTCVU JQPQTCKTGU GV NGU RToUKFGPVU FG VTKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo RGTnQKXGPV WPG KPFGOPKVo RQWT EJCSWG CWFKGPEG SWKNU QPV RToUKFoG
#TVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .G OQPVCPV FG NKPFGOPKVo FG XCECVKQP GUV oICN CW SWCTCPVKpOG FW VTCKVGOGPV DWFIoVCKTG OQ[GP OGPUWGN DTWV FGU OCIKUVTCVU FW RTGOKGT ITCFG .GU RToUKFGPVU FG VTKDWPCN FGU CHHCKTGU FG 5oEWTKVo 5QEKCNG SWCPF KNU UQPV OCIKUVTCVU JQPQTCKTGU NGU RToUKFGPVU FG VTKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo NGU CUUGUUGWTU FGU LWTKFKEVKQPU FG 5oEWTKVo 5QEKCNG UQPV KPFGOPKUoU FG NGWTU HTCKU FG FoRNCEGOGPV GV FG UoLQWT FCPU NGU EQPFKVKQPU HKZoGU RCT NG FoETGV P FW OCK OQFKHKo
#TVKENG 4 FW EQFG FG NC 5oEWTKVo 5QEKCNG .GU CUUGUUGWTU FGU VTKDWPCWZ FGU CHHCKTGU FG 5oEWTKVo 5QEKCNG FGU VTKDWPCWZ FW EQPVGPVKGWZ FG NKPECRCEKVo GV FG NC %QWT 0CVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU QW NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU RGTnQKXGPV RQWT EJCSWG CWFKGPEG i NCSWGNNG KNU RCTVKEKRGPV NKPFGOPKVo RToXWG i NCTVKENG 4 FW %QFG FG RTQEoFWTG RoPCNG
#TVKENG 4 FW EQFG FG NC 5oEWTKVo 5QEKCNG %GV CTVKENG UVKRWNG SWKN GUV CEEQTFo CWZ LWToU RGPFCPV NC FWToG FG NC UGUUKQP WPG KPFGOPKVo LQWTPCNKpTG FoVGTOKPoG RCT NC HQTOWNG UWKXCPVG +
5 Z FCPU NCSWGNNG + GUV NG OQPVCPV FG NKPFGOPKVo HQTHCKVCKTG GZRTKOo GP GWTQU 5 NG UCNCKTG OKPKOWO KPVGTRTQHGUUKQPPGN FG ETQKUUCPEG VGN SWKN GUV HKZo CW GT LCPXKGT FG NCPPoG GP EQWTU .GU LWToU SWK LWUVKHKGPV FWPG RGTVG FW TGXGPW VKTo FG NGWT CEVKXKVo RTQHGUUKQPPGNNG QPV FTQKV GP QWVTG i WPG KPFGOPKVo UWRRNoOGPVCKTG ECNEWNoG UWKXCPV NC HQTOWNG UWKXCPVG + 5 Z & FCPU NCSWGNNG 5 GUV NG UCNCKTG OKPKOWO KPVGTRTQHGUUKQPPGN FG ETQKUUCPEG FoVGTOKPo EQOOG EK FGUUWU & NC FWToG JQTCKTG FG NCWFKGPEG EGNNGEK PG RQWXCPV GZEoFGT JWKV JGWTGU RCT LQWT QWXTCDNG +NU RGTnQKXGPV oICNGOGPV WPG KPFGOPKVo RQWT RGTVG FG UCNCKTG QW FG ICKP .KPFGOPKVo RQWT RGTVG FG UCNCKTG FGU CUUGUUGWTU TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU GUV oICNG i NC RGTVG FG UCNCKTG GHHGEVKXGOGPV UWDKG LWUVKHKoG RCT WPG CVVGUVCVKQP FG NGORNQ[GWT SWKN CRRCTVKGPV i NCUUGUUGWT FG HQWTPKT


.KPFGOPKVo RQWT RGTVG FG ICKP FGU CUUGUUGWTU TGRToUGPVCPV NGU GORNQ[GWTU GV VTCXCKNNGWTU KPFoRGPFCPVU GUV HKZoG HQTHCKVCKTGOGPV i UKZ HQKU NG OQPVCPV DTWV JQPQTCKTG FW UCNCKTG OKPKOWO KPVGTRTQHGUUKQPPGN FG ETQKUUCPEG RCT CWFKGPEG
5oEWTKVo UQEKCNG +PCRVKVWFG CW VTCXCKN /KUG GP KPXCNKFKVo (KZCVKQP FW VCWZ F+22 GP CEEKFGPV FW VTCXCKN %QOOKUUKQP FoRCTVGOGPVCNG FG NoFWECVKQP URoEKCNG 6CWZ FKPXCNKFKVo %CTVG FKPXCNKFKVo #NNQECVKQP FoFWECVKQP URoEKCNG /&2*

6CWZ FKPXCNKFKVo %CTVG FKPXCNKFKVo #NNQECVKQP CFWNVG JCPFKECRo GV CNNQECVKQPU CRRCTGPVoGU

&oNCK FG UCKUKPG FG OQKU i EQORVGT FG NC FCVG FG PQVKHKECVKQP FG NC FoEKUKQP

4GEQWTU FGXCPV NG VTKDWPCN FW EQPVGPVKGWZ GV FG NKPECRCEKVo

&oNCK FG UCKUKPG FG OQKU i EQORVGT FG NC FCVG FG PQVKHKECVKQP FG NC FoEKUKQP

4GEQWTU FGXCPV NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN &oNCK FG UCKUKPG FG OQKU i EQORVGT FG NC FCVG FG PQVKHKECVKQP FG NC FoEKUKQP 4GEQWTU FGXCPV NC %QWT FG %CUUCVKQP

5EJoOC IoPoTCN FW EQPVGPVKGWZ VGEJPKSWG FG NC 5oEWTKVo 5QEKCNG



#W VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo NµGZRGTVKUG GUV EQPUKFoToG EQOOG WPG GZRGTVKUG LWFKEKCKTG UKORNG i NCSWGNNG NG VTKDWPCN FG EQPVGPVKGWZ FG NµKPECRCEKVo PµGUV RCU VGPW # VKVTG FµGZGORNG UK NµGZRGTV FW VTKDWPCN HKZG WP VCWZ i NGU LWIGU FW VTKDWPCN RGWXGPV GWZ HKZGT WP VCWZ i GV FG OqOG UK NµGZRGTV LWIG SWG NµCUUWTo UQEKCN PG LWUVKHKG RCU WPG KPXCNKFKVo NGU LWIGU RGWXGPV GP FoEKFGT CWVTGOGPV GV CEEQTFGT EGVVG KPXCNKFKVo FCPU NG ECFTG FW EQPVGPVKGWZ FW TGHWU FµWPG KPXCNKFKVo .C PoEGUUKVo FG NC OQVKXCVKQP FGU FoEKUKQPU FW 6%+ HCKV SWµWP 6%+ PG RGWV GPVoTKPGT RWTGOGPV QW UKORNGOGPV NGU EQPENWUKQPU FµWP GZRGTV #KPUK NC %JCODTG UQEKCNG FG NC EQWT FG ECUUCVKQP FW
,%2 +8 C ECUUo WP LWIGOGPV FW 6%+ SWK CRTpU CXQKT TCRRGNo NGU EQPENWUKQPU FµWP OoFGEKP GZRGTV UG DQTPCKV i CPPQPEGT SWG NG VCWZ Fµ+22 FGXCKV qVTG ToFWKV i UCPU RToEKUGT GP SWQK NµoVCV FG NµCUUWTo LWUVKHKCKV WPG VGNNG FoEKUKQP #RTpU NµCWFKGPEG NGU LWIGU FoNKDpTGPV %JCSWG OGODTG FW 6%+ FKURQUG FµWPG XQKZ NC FoEKUKQP UG RTGPCPV i NC OCLQTKVo .G LWIGOGPV PG FQKV RCU OGPVKQPPGT UµKN C oVo CFQRVo i NµWPCPKOKVo QW RCU UQWU RGKPG FG XKQNCVKQP FW UGETGV FW FoNKDoTo .GU FoEKUKQPU FW VTKDWPCN FQKXGPV qVTG OQVKXoGU GNNGU UQPV RTQPQPEoGU GP CWFKGPEGU RWDNKSWGU
CTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG .C ToFCEVKQP FW LWIGOGPV KPEQODG CW RToUKFGPV SWK NG UKIPG CKPUK SWG NG UGEToVCKTG .G UGEToVCKTG CFTGUUG i EJCEWPG FGU RCTVKGU NC PQVKHKECVKQP FW LWIGOGPV FCPU NGU LQWTU RCT NGVVTG TGEQOOCPFoG CXGE CXKU FG ToEGRVKQP
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .C PQVKHKECVKQP RQTVG OGPVKQP FGU FoNCKU GV FGU XQKGU FG TGEQWTU .C UGPVGPEG TGXqV WP ECTCEVpTG GZoEWVQKTG UCWH CRRGN 8QKGU FG TGEQWTU .GU RCTVKGU RGWXGPV KPVGTLGVGT NµCRRGN FGXCPV NC %QWT PCVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN i NµGPEQPVTG FG NC FoEKUKQP TGPFWG RCT NG VTKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo FCPU WP FoNCK FµWP OQKU UWKXCPV NC FCVG FG UC PQVKHKECVKQP
CTVKENGU 4 ° 4 ° FW %QFG FG NC 5oEWTKVo 5QEKCNG #XCPV NC NQK FW NQTUSWG NG LWIGOGPV FW 6%+ CXCKV HKZo WP VCWZ Fµ+22 i UGWN WP RQWTXQK GP ECUUCVKQP oVCKV RGTOKU %GVVG NKOKVCVKQP CW FTQKV FµCRRGN C oVo UWRRTKOoG RCT NµQTFQPPCPEG FW C[CPV KPUETKV NµCTVKENG . FW %QFG FG NC UoEWTKVo UQEKCNG 1P RGWV FQPE HCKTG CRRGN FG VQWV LWIGOGPV SWGN SWG UQKV NG VCWZ FµKPECRCEKVo FGRWKU EGVVG ToHQTOG .G RQWTXQK GP ECUUCVKQP GUV FQPE FGXGPW KORQUUKDNG CRTpU WP LWIGOGPV FW 6%+ .µCRRGN C WP GHHGV UWURGPUKH %QOOGPVCKTGU .G VGZVG TGUVTGKPV oICNGOGPV NGU FoNCKU FKPUVTWEVKQP FGU FQUUKGTU .GU UGEToVCTKCVU FGU 6%+ QPV LQWTU RQWT FGOCPFGT CWZ ECKUUGU FG HCKTG NGWTU TGOCTSWGU RCT TCRRQTV


CWZ FGOCPFGU FW RNCKIPCPV .GU ECKUUGU QPV oICNGOGPV LQWTU RQWT [ ToRQPFTG +N EQPXKGPFTC FQPE RQWT NC XKEVKOG FpU NG FoRzV FG NC TGSWqVG F[ LQKPFTG UGU EQPENWUKQPU OQVKXoGU GV NGU EQQTFQPPoGU FW OoFGEKP ToHoTGPV CKPUK SWG EGNNGU FW FoHGPUGWT oXGPVWGN .GU OQFKHKECVKQPU ToEGPVGU FG NC EQORQUKVKQP GV FW HQPEVKQPPGOGPV FW 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo RToUGPVGPV NCXCPVCIG FG NGU TGPFTG EQPHQTOGU CWZ CTTqVU ToEGPVU GV CWZ TGOCTSWGU FG NC %QWT FG ECUUCVKQP GV FG NC %QWT GWTQRoGPPG FGU FTQKVU FG NJQOOG 2CT EQPVTG QP RGWV TGOCTSWGT EGTVCKPU KPEQPXoPKGPVU RQWT NGU XKEVKOGU RCT TCRRQTV CWZ OQFGU FG HQPEVKQPPGOGPV CPVoTKGWTU .G OoFGEKP EJQKUK RCT NCUUWTo PG RGWV RNWU KPVGTXGPKT FKTGEVGOGPV CWRTpU FW 6%+ GP VCPV SWG OGODTG FW 6%+ EQOOG CWRCTCXCPV .C RToUGPEG FWP OoFGEKP TGRToUGPVCPV NC XKEVKOG oVCKV RQWTVCPV LWUSWi RToUGPV NG UGWN OQ[GP RQWT EGNNGEK FG UG HCKTG CUUKUVGT .G OoFGEKP FoUKIPo RCT NCUUWTo PKPVGTXKGPV RNWU SWG RQWT TGEGXQKT NGU FQEWOGPVU OoFKECWZ GPXQ[oU RCT NG 6%+ GV ToFKIGT WP EGTVKHKECV OoFKECN RQWT CRRW[GT NGU FGOCPFGU FG NCUUWTo CNQTU SWCWRCTCXCPV NG OoFGEKP FoUKIPo RCT NCUUWTo oVCKV OGODTG FG FTQKV FW 6%+ RQWXCPV CKPUK RCTVKEKRGT CWZ FoNKDoTCVKQPU FW 6%+ .G OoFGEKP FoUKIPo RCT NCUUWTo PG RGWV FQPE RNWU KPVGTXGPKT FCPU NGU FoDCVU QTCWZ FW 6%+ OCKU PG RGWV CIKT SWG UQWU HQTOG FG FQEWOGPVU oETKVU EGVVG NKORQTVCPEG FG NoETKV PoEGUUKVGTC FQPE WP UGEToVCTKCV RNWU RGTHQTOCPV FG NC RCTV FW OoFGEKP VTCKVCPV CNQTU SWG LWUSWKEK KN NWK UWHHKUCKV FG UG FoRNCEGT NQTU FG NCWFKGPEG FW 6%+ .G EQV FG NC RTQEoFWTG GP UGTC FQPE CNQWTFK FCWVCPV %QOOG CW 6#55 NGZRGTV XC LQWGT FCPU NGU HCKVU WP TzNG DGCWEQWR RNWU KORQTVCPV 'P GHHGV QP RGWV KOCIKPGT SWGP ECU FG FoUCEEQTF FQTFTG OoFKECN NG 6TKDWPCN PQOOGTC WP GZRGTV OoFKECN GV UWKXTC VTpU UQWXGPV EGU EQPENWUKQPU .G OoFGEKP FoUKIPo RCT NCUUWTo PG RQWTTC CEEQORCIPGT NCUUWTo SWG NQTU FWPG oXGPVWGNNG GZRGTVKUG OoFKECNG CHKP FGZRNKEKVGT NG FQUUKGT OoFKECN CNQTU SWCWRCTCXCPV NGZRGTV oVCKV OGODTG FW 6%+ RCTVKEKRCPV CWZ FoNKDoTCVKQPU FW 6%+ CW OqOG VKVTG SWG NGU CUUGUUGWTU GV CWVTGU OGODTGU GV FQPE CXGE WPG XQKZ CWUUK KORQTVCPVG SWG NGU CWVTGU OGODTGU FW 6%+ .GU HTCKU FµJQPQTCKTGU FGU OoFGEKPU CUUKUVCPV NGU RCTVKGU UQPV i NGWT EJCTIG 6QWVGHQKU NGU RCTVKGU VKTGPV FG NµCTVKENG FW PQWXGCW EQFG FG RTQEoFWTG EKXKNG NC HCEWNVo FG UQNNKEKVGT NC RTKUG GP EJCTIG FGU HTCKU GZRQUoU RQWT NG RTQEpU .G 2ToUKFGPV FW 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo RCT NGU PQWXGNNGU FKURQUKVKQPU LQWG WP TzNG DGCWEQWR RNWU KORQTVCPV RWKUSWKN HKZG NC ToRCTVKVKQP FGU CUUGUUGWTU CWZ CWFKGPEGU GV NC ToRCTVKVKQP FGU CUUGUUGWTU FCPU NGU FKHHoTGPVGU HQTOCVKQPU FG LWIGOGPV EG SWK PoVCKV RCU NG ECU CWRCTCXCPV DD .C %QWT PCVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN .C %QWT 0CVKQPCNG FG NµKPECRCEKVo C RTKU FG i FoEKUKQPU EQPHKTOCPV FGU CXKU FGU 6TKDWPCWZ FW EQPVGPVKGWZ FG NµKPECRCEKVo FGU FoEKUKQPU FG NC %QWT 0CVKQPCN KPVoTGUUCKGPV NµKPXCNKFKVo &G OqOG ó FGU FoEKUKQPU RQTVCPV UWT NµKPECRCEKVo RGTOCPGPVG QPV oVo EQPHKTOoGU


.G UKpIG FG NC EQWT PCVKQPCNG FG NµKPECRCEKVo FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN
%0+6##6 GUV HKZo RCT WP FoETGV GP %QPUGKN FµoVCV .G UKpIG GUV i #OKGPU
CTVKENG 4 FW %QFG FG NC UoEWTKVo UQEKCNG NGU LCTFKPU FG NC 5QOOG RQTV Fµ#XCN ° $2 #/+'05 %GFGZ &QOCKPG FG EQORoVGPEG .C EQWT PCVKQPCNG FG NµKPECRCEKVo FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN
%0+6##6 GUV NG LWIG FµCRRGN FGU OCVKpTGU FoXQNWGU CWZ VTKDWPCWZ FW EQPVGPVKGWZ FG NµKPECRCEKVo OGPVKQPPoGU CW GT pOG GV pOG CNKPoCU FG NµCTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG +N EQPXKGPV FG UKIPCNGT SWG NG RQWTEGPVCIG FG TGEQWTU i NµCRRGN FGXCPV NC %0+6##6 GUV HCKDNG
VCWZ FµCRRGN FG UWKXCPV NG TCRRQTV FG NµKPURGEVKQP IoPoTCNG FGU CHHCKTGU UQEKCNGU RCIG CXGE WP VCWZ FG ToHQTOCVKQP UG UKVWCPV GPVTG GV
OqOG TCRRQTV Ö %QORQUKVKQP .C EQORQUKVKQP GV NG HQPEVKQPPGOGPV FG NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN UQPV FoETKVU FCPU NGU CTVKENGU . i . FW %QFG FG NC UoEWTKVo UQEKCNG KPUoToU RCT NC NQK 0 FW LCPXKGT CTVKENG RCTWG CW ,QWTPCN 1HHKEKGN FW LCPXKGT GV NC NQK 0 FW LCPXKGT CTVKENG RCTWG CW ,QWTPCN 1HHKEKGN FW LCPXKGT NGU CTVKENGU 4 i 4 4 i 4 FW %QFG FG NC UoEWTKVo UQEKCNG KPUoToU RCT NG FoETGV 0 FW LWKNNGV RCTW CW ,QWTPCN 1HHKEKGN 0 FW LWKNNGV RCIG .C %0+6##6 EQORTGPF UGEVKQPU
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG %GU UGEVKQPU EQPUVKVWGPV FGU WPKVoU LWTKFKEVKQPPGNNGU FQPV NG PQODTG GV NGU CVVTKDWVKQPU UQPV HKZoU RCT FoETGV GP EQPUGKN FµoVCV
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG NG FoETGV FGU GV .C %0+6##6 EQORTGPF UGEVKQPU UGEVKQP FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN UGEVKQP FG NC NoIKUNCVKQP CITKEQNG UGEVKQP FG NµKPXCNKFKVo GV FG NµKPCRVKVWFG FCPU NG ECFTG FG NµCUUWTCPEG XKGKNNGUUG FGU CEEKFGPVU FW VTCXCKN GV FGU OCNCFKGU RTQHGUUKQPPGNNGU UGEVKQP FGU NKVKIGU TGNCVKHU CWZ JCPFKECRoU HQPFoG UWT WPG FoEKUKQP RTKUG RCT NGU EQOOKUUKQPU XKUoGU i NµCTVKENG . FW EQFG FG NµCEVKQP UQEKCNG GV FGU HCOKNNGU
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV P FW %JCSWG UGEVKQP EQORQTVG WP RToUKFGPV GV FGWZ CUUGUUGWTU TGRToUGPVCPVU NµWP NGU VTCXCKNNGWTU UCNCTKoU NµCWVTG NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU



.G RToUKFGPV FG NC %QWT PCVKQPCNG FG NKPECRCEKVo FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN GUV WP OCIKUVTCV FW UKpIG FG NC %QWT FCRRGN FCPU NG TGUUQTV FG NCSWGNNG NC %QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN C UQP UKpIG +N GUV FoUKIPo RQWT VTQKU CPU FCPU NGU HQTOGU RToXWGU RQWT NC PQOKPCVKQP FGU OCIKUVTCVU FW UKpIG FG RToUKFGPVU FG UGEVKQP OCIKUVTCVU FW UKpIG FG NCFKVG %QWT FCRRGN FoUKIPoU RQWT VTQKU CPU RCT QTFQPPCPEG FW RTGOKGT RToUKFGPV RTKUG CXGE NGWT EQPUGPVGOGPV GV CRTpU CXKU FG NCUUGODNoG IoPoTCNG FGU OCIKUVTCVU FW UKpIG GV FCUUGUUGWTU TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU FWPG RCTV GV NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU FCWVTG RCTV
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG .G RToUKFGPV FG NC %0+6##6 ToRCTVKV NGU CHHCKTGU GPVTG NGU UGEVKQPU 2QWT NµGZCOGP FµWPG CHHCKTG KN RGWV ToWPKT RNWUKGWTU UGEVKQPU UQWU UC RToUKFGPEG +N RToUKFG NµWPG FGU UGEVKQPU FG NC %0+6##6 NQTUSWµKN NµGUVKOG PoEGUUCKTG
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G RToUKFGPV FG NC %0+6##6 GUV TGURQPUCDNG FW HQPEVKQPPGOGPV FG EGNNGEK +N GZGTEG WPG CWVQTKVo UWT NG UGEToVCKTG IoPoTCN GV NGU UGEToVCKTGU IoPoTCWZ CFLQKPVU +N RTGPF RCT QTFQPPCPEG NGU OGUWTGU FµCFOKPKUVTCVKQP LWFKEKCKTG
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G RToUKFGPV FoUKIPG RCT QTFQPPCPEG NµWP FGU RToUKFGPVU FG UGEVKQP RQWT NG UWRRNoGT UµKN [ C NKGW FCPU UGU HQPEVKQPU
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G RToUKFGPV HKZG RCT QTFQPPCPEG NG PQODTG NG LQWT GV NC PCVWTG FGU CWFKGPEGU NC ToRCTVKVKQP FGU RToUKFGPVU GV FGU CUUGUUGWTU FCPU NGU UGEVKQPU .C %0+6##6 EQORQTVG oICNGOGPV FGU RToUKFGPVU FG UGEVKQP OCIKUVTCVU FW UKpIG FG NC EQWT FµCRRGN FCPU NG TGUUQTV FWSWGN NC EQWT PCVKQPCNG C UQP UKpIG FoUKIPoU RQWT VTQKU CPU RCT QTFQPPCPEG FW GT RToUKFGPV CXGE NGWT EQPUGPVGOGPV GV CRTpU CXKU FG NµCUUGODNoG IoPoTCNG FGU OCIKUVTCVU FW UKpIG .GU CUUGUUGWTU TGRToUGPVCPV NGU UCNCTKoU GV NGU CUUGUUGWTU TGRToUGPVCPV NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU UQPV PQOOoU RQWT VTQKU CPU TGPQWXGNCDNGU RCT CTTqVo FW ICTFG FGU UEGCWZ OKPKUVTG FG NC LWUVKEG UWT WPG NKUVG FTGUUoG RCT NG RTGOKGT RToUKFGPV FG NC %QWT FG ECUUCVKQP UWT RTQRQUKVKQP FGU QTICPKUCVKQPU RTQHGUUKQPPGNNGU NGU RNWU TGRToUGPVCVKXGU KPVoTGUUoGU
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG 7P PQODTG oICN FµCUUGUUGWTU UWRRNoCPVU GUV FoUKIPoU FCPU NGU OqOGU HQTOGU #UUGUUGWTU VKVWNCKTGU GV UWRRNoCPVU FG NC %0+6##6 FQKXGPV
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG qVTG FG PCVKQPCNKVo HTCPnCKUG jIo FG CPU CW OQKPU CXQKT NC ECRCEKVo FµqVTG LWTo FG NC EQWT FµCUUKUG GV PµCXQKT HCKV NµQDLGV FµCWEWPG EQPFCOPCVKQP RToXWG GV ToRTKOoG RCT NG EQFG FG NC UoEWTKVo UQEKCNG .C HQPEVKQP FµCUUGUUGWT FG NC %0+6##6 GUV KPEQORCVKDNG CXGE WP OCPFCV FG OGODTG FGU EQPUGKNU QW FGU EQPUGKNU FµCFOKPKUVTCVKQPU FGU QTICPKUOGU FG UoEWTKVo UQEKCNG OCKU RCU KPEQORCVKDNG CXGE EGNNGU FG LWIG CW 6#55 QW FG EQPUGKNNGT



RTWFµJQOCN
CNKPoC FG NµCTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG KPUoTo RCT NC NQK FW .GU OQVKHU FG ToEWUCVKQP RQUUKDNGU RCT NµWPG FGU RCTVKGU FGU CUUGUUGWTU UQPV KFGPVKSWGU i EGWZ EQPEGTPCPV NGU CUUGUUGWTU FW 6%+
CTVKENG . GV 4 FW EQFG FG NC UoEWTKVo UQEKCNG .GU CUUGUUGWTU FG NC %0+6##6 TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU QW NGU GORNQ[GWTU QW NGU VTCXCKNNGWTU KPFoRGPFCPVU RGTnQKXGPV RQWT EJCSWG CWFKGPEG RQWT NCSWGNNG KN RCTVKEKRG NµKPFGOPKVo HKZoG RCT NµCTVKENG 4 FW EQFG FG RTQEoFWTG RoPCNG +NU RGTnQKXGPV oICNGOGPV WPG KPFGOPKVo RQWT RGTVG FG UCNCKTG QW FG ICKP .µKPFGOPKVo RQWT RGTVG FG UCNCKTG FGU CUUGUUGWTU TGRToUGPVCPV NGU VTCXCKNNGWTU UCNCTKoU GUV oICNG i NC RGTVG FG UCNCKTG GHHGEVKXGOGPV UWDKG
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW .µKPFGOPKVo RQWT RGTVG FG ICKP FGU CUUGUUGWTU TGRToUGPVCPV NGU GORNQ[GWTU GV VTCXCKNNGWTU KPFoRGPFCPVU GUV HKZoG i UKZ HQKU NG OQPVCPV DTWV JQTCKTG FW 5/+% RCT CWFKGPEG
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .GU CUUGUUGWTU UQPV KPFGOPKUoU FG NGWTU HTCKU FG FoRNCEGOGPV GV FG UoLQWT FCPU NGU EQPFKVKQPU HKZoGU RCT NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW GV NG FoETGV P FW OQFKHKo .C %0+6##6 EQORQTVG WP UGEToVCTKCV IoPoTCN
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G UGEToVCKTG IoPoTCN GUV PQOOo RCT CTTqVo EQPLQKPV FGU OKPKUVTGU FG NC UoEWTKVo UQEKCNG GV FG NµCITKEWNVWTG +N GUV EJQKUK RCTOK NGU HQPEVKQPPCKTGU FG ECVoIQTKG # .GU UGEToVCKTGU IoPoTCWZ CFLQKPVU UQPV PQOOoU RCT CTTqVo FW OKPKUVTG EQPEGTPo +NU UQPV EJQKUKU RCTOK NGU HQPEVKQPPCKTGU FG ECVoIQTKGU # QW $ .GU HQPEVKQPU FW UGEToVCKTG UQPV FoHKPKGU RCT NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG NG UGEToVCKTG IoPoTCN QW NG UGEToVCKTG FoHKPKV GV OGV GP ¯WXTG NGU OGUWTGU FµCRRNKECVKQPU FGU FKTGEVKXGU IoPoTCNGU SWK NWK UQPV FQPPoGU RCT NG RToUKFGPV +N VKGPV EG FGTPKGT KPHQTOo FG UGU FKNKIGPEGU .GU VjEJGU FW UGEToVCKTG IoPoTCN UQPV HKZoGU RCT NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KN VKGPV i LQWT NGU FQUUKGTU NGU ToRGTVQKTGU GV NGU TGIKUVTGU KN GUV FoRQUKVCKTG FGU OKPWVGU GV CTEJKXGU FQPV KN CUUWTG NC EQPUGTXCVKQP KN C NC ICTFG FG VQWVGU RKpEGU FoRQUoGU CW UGEToVCTKCV KN CUUKUVG NGU LWIGU i NµCWFKGPEG KN VKGPV NGU TzNGU GV NG TGIKUVTG FGU FoNKDoTCVKQPU FG NC LWTKFKEVKQP ToFKIG NGU RTQEpU XGTDCWZ GV FoNKXTG i VQWVGU RGTUQPPGU KPVoTGUUoGU FGU GZVTCKVU FGU FoEKUKQPU RTKUGU RCT NC LWTKFKEVKQP .GU JQTCKTGU FµQWXGTVWTG CW RWDNKE FGU UGEToVCTKCVU UQPV HKZoU RCT NG RToUKFGPV FG NC LWTKFKEVKQP
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .G UGEToVCKTG QW NG UGEToVCKTG IoPoTCN RGWXGPV FoUKIPGT UQWU NGWT TGURQPUCDKNKVo WP QW RNWUKGWTU CFLQKPVU FW UGEToVCTKCV RQWT GZGTEGT WPG RCTVKG FGU HQPEVKQPU SWK NWK UQPV CVVTKDWoGU RCT NGU CTVKENGU 4 i 4 FW EQFG FG NC UoEWTKVo UQEKCNG
CTVKENGU 4 i 4 FW EQFG FG NC UoEWTKVo UQEKCNG 'P ECU FµCDUGPEG QW



FµGORqEJGOGPV NG UGEToVCKTG GUV UWRRNoo FCPU UGU HQPEVKQPU RCT NµCIGPV FW UGEToVCTKCV NG RNWU oNGXo GV NG UGEToVCKTG IoPoTCN RCT WP UGEToVCKTG IoPoTCN CFLQKPV .C %0+6 EQORTGPF UGEVKQPU
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG 5GEVKQP VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN 5GEVKQP FG NC NoIKUNCVKQP CITKEQNG 5GEVKQP FG NµKPXCNKFKVo FG NµKPCRVKVWFG FCPU NG ECFTG FG NµCUUWTCPEG XKGKNNGUUG FGU CEEKFGPVU FW VTCXCKN GV FGU OCNCFKGU RTQHGUUKQPPGNNGU 5GEVKQP FGU NKVKIGU TGNCVKHU CWZ JCPFKECRoU HQPFoU UWT WPG FoEKUKQP RTKUG RCT NGU EQOOKUUKQPU XKUoGU RCT NGU CTVKENGU . FW EQFG FG NµCEVKQP UQEKCNG GV FGU HCOKNNGU GV . FW EQFG FW VTCXCKN %JCSWG UGEVKQP UG EQORQUG FG UQP RToUKFGPV GV FGWZ CUUGUUGWTU TGRToUGPVCPV NWP NGU VTCXCKNNGWTU UCNCTKoU NCWVTG NGU GORNQ[GWTU QW VTCXCKNNGWTU KPFoRGPFCPVU .GU CUUGUUGWTU CRRCTVKGPPGPV CWZ RTQHGUUKQPU CITKEQNGU NQTUSWG NG NKVKIG KPVoTGUUG WP TGUUQTVKUUCPV FG EGU RTQHGUUKQPU GV CWZ RTQHGUUKQPU PQP CITKEQNGU FCPU NG ECU EQPVTCKTG .GU CUUGUUGWTU FG NC %0+6 FQKXGPV qVTG FG PCVKQPCNKVo HTCPnCKUG jIoU FCW OQKPU CPU CXQKT NC ECRCEKVo FqVTG LWTo FG %QWT F#UUKUG GV PCXQKT HCKV NQDLGV FCWEWPG EQPFCOPCVKQP RToXWG GV ToRTKOoG RCT NG RToUGPV %QFG FG NC 5oEWTKVo 5QEKCNG
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG .GWTU HQPEVKQPU UQPV KPEQORCVKDNGU CXGE EGNNGU FG OGODTGU FGU EQPUGKNU FCFOKPKUVTCVKQP FGU QTICPKUOGU FG 5oEWTKVo 5QEKCNG QW FG OWVWCNKVo UQEKCNG CITKEQNG .GU EQPFKVKQPU FG ToEWUCVKQP UQPV KFGPVKSWGU i EGNNGU FGU CUUGUUGWTU FW 6%+
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU UGEVKQPU UQEEWRGPV TGURGEVKXGOGPV FGU EQPVGUVCVKQPU TGNCVKXGU i NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN GV FGU OCNCFKGU RTQHGUUKQPPGNNGU FGU ToIKOGU CWZ CWVTGU SWCITKEQNGU FGU EQPVGUVCVKQPU OGPVKQPPoGU CWZ CNKPoCU FG NCTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG EQPEGTPCPV NGU ToIKOGU CWVTGU SWCITKEQNG CNKPoC FGITo FKPXCNKFKVo GP ECU FCEEKFGPV QW FG OCNCFKG PQP ToIKG RCT NG NKXTG +8 FW %QFG FG NC 5oEWTKVo 5QEKCNG
NG NKXTG +8 FW %QFG FG NC 5oEWTKVo 5QEKCNG EQTTGURQPF CWZ FKURQUKVKQPU EQPEGTPCPV NGU CEEKFGPVU FW VTCXCKN GV NGU OCNCFKGU RTQHGUUKQPPGNNGU oVCV FKPCRVKVWFG CW VTCXCKN CNKPoC oVCV FKPECRCEKVo RGTOCPGPVG FG VTCXCKN GV PQVCOOGPV NG VCWZ FG EGVVG KPECRCEKVo GP ECU FCEEKFGPV FW VTCXCKN QW FG OCNCFKG RTQHGUUKQPPGNNG FGU EQPVGUVCVKQPU GP OCVKpTG FG NoIKUNCVKQP UQEKCNG CITKEQNG
VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN GV FGU OCNCFKGU RTQHGUUKQPPGNNGU FGITo FKPXCNKFKVo QW FKPCRVKVWFG CW VTCXCKN NQTUSWGNNG PGUV RCU FWG i WP CEEKFGPV FW VTCXCKN QW WPG OCNCFKG RTQHGUUKQPPGNNG oVCV F+22 GP ECU FCEEKFGPVU FW VTCXCKN QW FG OCNCFKG RTQHGUUKQPPGNNG FCPU NGU FoRCTVGOGPVU FW *CWV4JKP FW $CU4JKP GV FG NC /QUGNNG EQPVGUVCVKQP RToXWG CW FGTPKGT CNKPoC FW RCTCITCRJG FG NCTVKENG .


FW %QFG FW VTCXCKN
TGEQWTU EQPVTG NGU FoEKUKQPU FG NC %1614'2 GV i NCTVKENG . FW %QFG FG NCEVKQP UQEKCNG GV FGU HCOKNNGU
TGEQWTU EQPVTG NGU FoEKUKQPU FG NC %QOOKUUKQP FoFWECVKQP URoEKCNG RQWT NGU TGUUQTVKUUCPVU FW ToIKOG CITKEQNG FGU EQPVGUVCVKQPU RToXWGU CW FGTPKGT CNKPoC FW RCTCITCRJG FG NCTVKENG . FW %QFG FW VTCXCKN
TGEQWTU EQPVTG NGU FoEKUKQPU FG NC %1614'2 GV i NCTVKENG . FW %QFG FG NCEVKQP UQEKCNG GV FGU HCOKNNGU
TGEQWTU EQPVTG NGU FoEKUKQPU FG NC %QOOKUUKQP FoFWECVKQP URoEKCNG RQWT NGU TGUUQTVKUUCPVU FGU ToIKOGU CWVTGU SWCITKEQNGU .G RToUKFGPV FG NC %0+6 HKZG NC ToRCTVKVKQP FGU RToUKFGPVU GV FGU CUUGUUGWTU FCPU NGU UGEVKQPU 7P CUUGUUGWT RGWV qVTG CHHGEVo i RNWUKGWTU UGEVKQPU .GU CUUGUUGWTU UKpIGPV i VQWT FG TzNG FCPU NQTFTG FWPG KPUETKRVKQP ToUWNVCPV FG NQTFQPPCPEG
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .G UGEToVCKTG IoPoTCN FG NC %0+6 GUV CUUKUVo FG UGEToVCKTGU IoPoTCWZ CFLQKPVU FQPV NWP RQWT NC UGEVKQP EQORoVGPVG RQWT NC NoIKUNCVKQP CITKEQNG .G UGEToVCKTG IoPoTCN GUV PQOOo RCT CTTqVo EQPLQKPV FGU OKPKUVTGU EJCTIoU TGURGEVKXGOGPV FG NC 5oEWTKVo 5QEKCNG GV FG N#ITKEWNVWTG .GU UGEToVCKTGU IoPoTCWZ CFLQKPVU UQPV PQOOoU RCT CTTqVo FW /KPKUVTG KPVoTGUUo
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .G UKpIG FG NC %0+6 GUV HKZo i #OKGPU × 2TQEoFWTG .GU RCTVKGU RGWXGPV KPVGTLGVGT CRRGN FGXCPV NC %QWT PCVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN i NµGPEQPVTG FG NC FoEKUKQP TGPFWG RCT NG VTKDWPCN FW EQPVGPVKGWZ GV FG NµKPECRCEKVo FCPU WP FoNCK FµWP OQKU UWKXCPV NC FCVG FG UC PQVKHKECVKQP
CTVKENGU 4 ° 4 ° FW %QFG FG NC 5oEWTKVo 5QEKCNG .µCRRGN C WP GHHGV UWURGPUKH
CTVKENG 4 ° FW %QFG FG NC 5oEWTKVo 5QEKCNG %GV CRRGN GUV HQTOo RCT WPG FoENCTCVKQP SWG NC RCTVKG QW VQWV OCPFCVCKTG HCKV QW CFTGUUG RCT RNK TGEQOOCPFo CXGE FGOCPFG FCXKU FG ToEGRVKQP CW UGEToVCTKCV FW VTKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo SWK C TGPFW NG LWIGOGPV
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG KPUoTo RCT NGU &oETGV 0 FW OCTU CTVKENG RCTW CW ,QWTPCN 1HHKEKGN FW OCTU FoETGV 0 FW UGRVGODTG CTVKENG RCTW CW ,QWTPCN 1HHKEKGN FW GT QEVQDTG FoETGV 0 FW LWKP CTVKENGU RCTWU CW ,QWTPCN 1HHKEKGN FW LWKP FoETGV 0 FW LWKNNGV CTVKENG ++ RCTW CW ,QWTPCN 1HHKEKGN FW LWKNNGV .C FoENCTCVKQP KPFKSWG NGU PQO RToPQOU RTQHGUUKQP GV FQOKEKNG FG NCRRGNCPV CKPUK SWG NGU PQO GV CFTGUUG FGU RCTVKGU EQPVTG NGUSWGNNGU NCRRGN GUV FKTKIo 'NNG FoUKIPG NG LWIGOGPV FQPV KN GUV HCKV CRRGN GV OGPVKQPPG NG ECU oEJoCPV NG PQO GV NCFTGUUG FW TGRToUGPVCPV FG NCRRGNCPV FGXCPV NC %QWT



'ZGORNG FG NGVVTG FG UCKUKPG FG NC %QWT 0CVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU #EEKFGPVU FW VTCXCKN 0QO RToPQO RTQHGUUKQP CFTGUUG FG NCRRGNCPV 0WOoTQ FµCHHKNKCVKQP i NC 5oEWTKVo UQEKCNG 4GEQOOCPFoG CXGE #4 /QPUKGWT QW /CFCOG NG 5GEToVCKTG FW 6%+ FG
CFTGUUG FW 6%+ 2CT NGVVTG FW
EH EQRKG EKLQKPVG NG 6TKDWPCN FW %QPVGPVKGWZ GV FG NµKPECRCEKVo XKGPV FG OG PQVKHKGT NG LWIGOGPV
EH EQRKG EKLQKPVG EQPEGTPCPV NG NKVKIG UWKXCPV ªOQRRQUCPV i ª
PQO GV CFTGUUG FG NC RCTVKG CFXGTUG ,G EQPVGUVG EGVVG FoEKUKQP RQWT NGU OQVKHU UWKXCPVU 2CT NC RToUGPVG NGVVTG GV EQPHQTOoOGPV i Nµ#TVKENG 4 FW %QFG FG NC 5oEWTKVo UQEKCNG LµCK NµJQPPGWT FG HQTOGT WP CRRGN i NµGPEQPVTG FG EG LWIGOGPV # NµCRRWK FG OQP CRRGN LG XQWU HCKU RCTXGPKT WP OoOQKTG CKPUK SWG VQWVGU RKpEGU WVKNGU ,G UQNNKEKVG NC ToHQTOCVKQP FW LWIGOGPV ,G UGTCK TGRToUGPVo
GP ECU FG TGRToUGPVCVKQP FGXCPV NC %QWT 0CVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU #EEKFGPVU FW VTCXCKN RCT ª
PQO SWCNKVo GV CFTGUUG .G OoFGEKP SWG LG FoUKIPG RQWT TGEGXQKT FGU FQEWOGPVU OoFKECWZ GUV NG &QEVGWTGZGTnCPV i 0 FG VoNoRJQPG ,G XQWU TGOGTEKG FG DKGP XQWNQKT OµCEEWUGT ToEGRVKQP FG NC RToUGPVG NGVVTG GV FG NC VTCPUOGVVTG i NC %QWT 0CVKQPCNG FG NµKPECRCEKVo GV FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU #EEKFGPVU FW VTCXCKN 8GWKNNG\ CIToGT /GUUKGWTU NµGZRTGUUKQP FG OGU UGPVKOGPVU RTQHQPFoOGPV TGURGEVWGWZ # NG 5KIPCVWTG
PQO SWCNKVo GV UKIPCVWTG /QPUKGWT QW /CFCOG NG 5GEToVCKTG FW 6%+ FG
CFTGUUG FW 6%+

.G UGEToVCKTG FW 6TKDWPCN FW EQPVGPVKGWZ FG NKPECRCEKVo GPTGIKUVTG NCRRGN i UC FCVG KN FoNKXTG QW CFTGUUG RCT NGVVTG UKORNG ToEoRKUUo FG NC FoENCTCVKQP &pU NCEEQORNKUUGOGPV FGU HQTOCNKVoU RCT NCRRGNCPV NG UGEToVCKTG CXKUG RCT NGVVTG UKORNG NC RCTVKG CFXGTUG FG NCRRGN UKOWNVCPoOGPV KN VTCPUOGV CW UGEToVCTKCV IoPoTCN FG NC


%QWT PCVKQPCNG FG NKPECRCEKVo GV FG NC VCTKHKECVKQP FG NCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN NKPVoITCNKVo FW FQUUKGT FG NCHHCKTG
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG CXGE EQRKG FW LWIGOGPV FG NC FoENCTCVKQP FG NCRRGNCPV GV FG NC NGVVTG CXKUCPV NC RCTVKG CFXGTUG &pU ToEGRVKQP FW FQUUKGT FCRRGN NG UGEToVCKTG IoPoTCN FG NC %0+6 KPXKVG NGU RCTVKGU GP ECWUG QW NGWT TGRToUGPVCPV i RToUGPVGT FCPU WP FoNCK FG LQWTU WP OoOQKTG CEEQORCIPo NG ECU oEJoCPV FGU QDUGTXCVKQPU FG NC RGTUQPPG SWGNNGU QPV EJQKUKG RQWT NGU CUUKUVGT
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU RCTVKGU PG FQKXGPV RCU QWDNKGT FµKPFKSWGT FCPU NGWT OoOQKTG NG PQO FW OoFGEKP EJQKUK RQWT RTGPFTG EQPPCKUUCPEG FGU FQEWOGPVU FµQTFTG OoFKECN KPXQSWo GP RCTVKEWNKGT RCT NGU QTICPKUOGU FG UoEWTKVo UQEKCNG /QFpNG FG NGVVTG CEEQORCIPCPV NµGPXQK FµWP OoOQKTG RCT NC XKEVKOG i NC %0+6 0QO ° 2ToPQO #FTGUUG FG NµCEEKFGPVo &CVG %0+6##6 ¨ .GU LCTFKPU FG NC 5QOOG © 2QTV Fµ#XCN $2 #/+'05 %GFGZ 4'%1//#0&'' #8'% #4 4oH /NG /QPUKGWT ,G XQWU RTKG FG VTQWXGT EKLQKPV VTQKU GZGORNCKTGU FµWP OoOQKTG SWK TGRTGPF OGU QDUGTXCVKQPU 8GWKNNG\ CIToGT /QPUKGWT NµGZRTGUUKQP FG OGU UCNWVCVKQPU FKUVKPIWoGU 0QO 2ToPQO GV UKIPCVWTG FG NµCEEKFGPVo .G UGEToVCKTG IoPoTCN FG NC %0+6 CUUWTG NC EQOOWPKECVKQP FGU OoOQKTGU CWZ RCTVKGU QW NG ECU oEJoCPV CW OoFGEKP SWGNNGU QPV FoUKIPo NQTUSWKN UCIKV FG FQEWOGPVU OoFKECWZ GV NGU CXKUGPV SWGNNGU RGWXGPV RToUGPVGT FGU QDUGTXCVKQPU GP ToRNKSWG FGU


RKpEGU PQWXGNNGU FCPU WP FoNCK FG LQWTU EQWTCPV FG NC ToEGRVKQP FG EGVVG EQOOWPKECVKQP .GU RKpEGU RTQFWKVGU RCT NGU RCTVKGU UQPV oVCDNKGU GP VTKRNG GZGORNCKTG .G UGEToVCKTG IoPoTCN FG NC %0+6 CFTGUUG EQRKG FGU RTQEpU XGTDCWZ FGPSWqVG GV FGU TCRRQTVU FG EQPUWNVCVKQP QW FGZRGTVKUG UQWU RNK TGEQOOCPFo i EJCSWG RCTVKG QW NG ECU oEJoCPV CW OoFGEKP FoUKIPo i EGV GHHGV UKN UCIKV FWP TCRRQTV OoFKECN .C RCTVKG QW NG OoFGEKP FoUKIPo FKURQUG FWP FoNCK FG LQWTU i EQORVGT FG NC PQVKHKECVKQP FG EGVVG VTCPUOKUUKQP RQWT RToUGPVGT UGU QDUGTXCVKQPU oETKVGU
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU QDUGTXCVKQPU OoFKECNGU FGU RCTVKGU PG UQPV EQOOWPKSWoGU SWµCWZ OoFGEKPU FoUKIPoU RCT GNNGU
RQWTXQK P FG NC EJCODTG UQEKCNG FG NC EQWT FG ECUUCVKQP FW .G RToUKFGPV FG NC UGEVKQP i NCSWGNNG NµCHHCKTG C oVo EQPHKoG GP CUUWTG NµKPUVTWEVKQP
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG .C %0+6 FQKV HCKTG RTQEoFGT i NµGZCOGP RToCNCDNG RCT WP OoFGEKP SWCNKHKo FW FQUUKGT UQWOKU GP CRRGN FµWPG FoEKUKQP RTKUG RCT WP VTKDWPCN FW EQPVGPVKGWZ FG NµKPECRCEKVo +N FoNKXTG WP CXKU UWT FQUUKGT %GV CXKU GUV EQOOWPKSWo CWZ RCTVKGU CKPUK SWG NG PQO FG EG OoFGEKP SWCNKHKo .G TCRRQTV FG EG OoFGEKP SWCNKHKo GUV UQWOKU i FKUEWUUKQP EQPVTCFKEVQKTG FGU RCTVKGU .C UGEVKQP FKURQUG FG NC RQUUKDKNKVo FµGPVGPFTG NG OoFGEKP SWCNKHKo EJCTIo FG NµGZCOGP RToCNCDNG FW FQUUKGT .G RToUKFGPV FG NC UGEVKQP i NCSWGNNG NµCHHCKTG C oVo EQPHKoG RGWV KPXKVGT NGU RCTVKGU i HQWTPKT NGU GZRNKECVKQPU SWµKN GUVKOG PoEGUUCKTGU i NC UQNWVKQP FW NKVKIG FCPU WP FoNCK SWµKN FoVGTOKPG VQWV FQEWOGPV QW LWUVKHKECVKQP RTQRTG i oENCKTGT NC EQWT (CWVG FG SWQK KN RGWV RCUUGT QWVTG GV TGPXQ[GT NµCHHCKTG FGXCPV NC UGEVKQP SWK VKTGTC VQWVG EQPUoSWGPEG FG NµCDUVGPVKQP FG NC RCTVKG QW FG UQP TGHWU +N RGWV QTFQPPGT NG ECU oEJoCPV i RGKPG FµCUVTGKPVG NC RTQFWEVKQP FG FQEWOGPVU FoVGPWU RCT WP VKGTU UµKN PµGZKUVG RCU FµGORqEJGOGPV NoIKVKOG .G RToUKFGPV FG NC UGEVKQP i NCSWGNNG C oVo EQPHKoG NCHHCKTG RGWV QTFQPPGT OqOG FQHHKEG VQWVG OGUWTG FKPUVTWEVKQP GV PQVCOOGPV FoUKIPGT i VKVTG FG EQPUWNVCVKQP WP QW RNWUKGWTU OoFGEKPU GZRGTVU EJCTIoU FGZCOKPGT NG FQUUKGT OoFKECN UQWOKU i NC %0+6 .GU EQPUWNVCVKQPU FGU OoFGEKPU GZRGTVU ToCNKUoGU i NC FGOCPFG FG NC %0+6##6 UQPV ToOWPoToGU UQWU HQTOG FµJQPQTCKTGU HKZoU RCT CTTqVoU FGU OKPKUVTGU TGURGEVKXGOGPV EJCTIoU FG NC UoEWTKVo UQEKCNG FG NC LWUVKEG GV FW DWFIGV .GU GZRGTVKUGU SWK UQPV FKNKIGPVoGU RCT NC %0+6##6 CWRTpU FG OoFGEKPU GZRGTVU
CTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG UQPV ToOWPoToGU UWKXCPV NGU CTVKENGU 4 CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW .QTUSWµKN UµCIKV FµWPG GZRGTVKUG OoFKECNG CWVTG SWG EGNNGU RToXWGU RCT NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG NµGZRGTV FQKV HCKTG EQPPCuVTG NG OQPVCPV RToXKUKDNG FG UGU JQPQTCKTGU CXCPV FG RTQEoFGT i NµGZRGTVKUG
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG



.GU OoFGEKPU GZRGTVU RGTnQKXGPV FGU KPFGOPKVoU FG FoRNCEGOGPV RToXWGU GP CRRNKECVKQP FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG
CNKPoC FG NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW .GU RCTVKGU UQPV FKURGPUoGU FW OKPKUVpTG FCXQECV QW FCXQWo 'NNGU EQORCTCKUUGPV GP RGTUQPPG GV RToUGPVGPV NGWTU QDUGTXCVKQPU QTCNGU QW oETKVGU 'NNGU QPV NC HCEWNVo FG UG HCKTG TGRToUGPVGT RCT WP CXQWo QW WP CXQECV
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .GU RCTVKGU RGWXGPV UG HCKTG CUUKUVGT QW TGRToUGPVGT RCT
CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NµQTFQPPCPEG FW WP CXQECV QW WP CXQWo NGWT EQPLQKPV QW WP CUEGPFCPV QW WP FGUEGPFCPV GP NKIPG FKTGEVG UWKXCPV NG ECU WP VTCXCKNNGWT UCNCTKo QW WP GORNQ[GWT QW WP VTCXCKNNGWT KPFoRGPFCPV GZGTnCPV NC OqOG RTQHGUUKQP QW WP TGRToUGPVCPV SWCNKHKo FGU QTICPKUCVKQPU U[PFKECNGU FG UCNCTKoU QW FµGORNQ[GWTU WP CFOKPKUVTCVGWT QW WP GORNQ[o FG NµQTICPKUOG RCTVKG i NµKPUVCPEG QW WP GORNQ[o FµWP CWVTG QTICPKUOG FG UoEWTKVo UQEKCNG WP FoNoIWo FGU CUUQEKCVKQPU FGU OWVKNoU GV KPXCNKFGU FW VTCXCKN NGU RNWU TGRToUGPVCVKXGU .GU VoOQKPU EQORCTCKUUCPV FGXCPV NG %0+6##6 RGTnQKXGPV WPG KPFGOPKVo FG EQORCTWVKQP GV NG TGODQWTUGOGPV FG NGWT HTCKU FG UoLQWT QW FG FoRNCEGOGPV
CTVKENG 4 GV 4 FW EQFG FG RTQEoFWTG RoPCNG GV NµCTVKENG 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV FW .QTUSWKN NG LWIG WVKNG NG RToUKFGPV FG NC UGEVKQP EJCTIo FG NC OKUG GP oVCV RTQPQPEG NC ENzVWTG FG NKPUVTWEVKQP GV KPHQTOG NGU RCTVKGU FG NC FCVG FG NCWFKGPEG GV FG NC RQUUKDKNKVo SWGNNGU QPV F[ RToUGPVGT FGU QDUGTXCVKQPU QTCNGU
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG %GVVG QTFQPPCPEG FG ENzVWTG GUV HCKVG LQWTU CW OQKPU CXCPV NC FCVG FG NCWFKGPEG # NCWFKGPEG NG RToUKFGPV FG NC UGEVKQP SWK C RTQEoFo i NKPUVTWEVKQP HCKV UQP TCRRQTV NGU RCTVKGU RToUGPVGU QW TGRToUGPVoGU UQPV GPVGPFWGU
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG .QTUSWµWP CUUGUUGWT GUV GORqEJo KN GUV TGORNCEo RCT UQP UWRRNoCPV %QOOG QP NG EQPUVCVG KN PµGUV RCU HCKV OGPVKQP FG NC RQUUKDKNKVo RCT NG FGOCPFGWT FG UG HCKTG CUUKUVGT RCT WP OoFGEKP i NµCWFKGPEG 0oCPOQKPU KN GUV SWCUK U[UVoOCVKSWGOGPV VQNoTo UK NG FGOCPFGWT UG HCKV CEEQORCIPGT FµWP OoFGEKP SWG NG OoFGEKP RWKUUG oXQSWGT FGXCPV NC EQWT NGU CTIWOGPVU OoFKECWZ FW FGOCPFGWT .C EQWT PCVKQPCNG UVCVWG RCT WP FoNKDoTo UGETGV .C EQWT PCVKQPCNG PµGUV RCU QDNKIoG FG UWKXTG NµCXKU FW OoFGEKP SWCNKHKo QW FGU GZRGTVU FoUKIPoU RQWXCPV OqOG RTGPFTG WPG FoEKUKQP EQPVTCKTG i NGWT CXKU .C FoEKUKQP OGPVKQPPG NG PQO FW RToUKFGPV GV FGU CUUGUUGWTU CKPUK SWG NG PQO FGU RCTVKGU NGWT RTQHGUUKQP GV NG NKGW Q~ GNNGU FGOGWTGPV .C FoEKUKQP ToUWOG NG FoTQWNGOGPV FG NC RTQEoFWTG CXCPV FµoXQSWGT NGU RToVGPVKQPU QDUGTXCVKQPU oETKVGU GV OQ[GPU FGU RCTVKGU 'NNG RCUUG GPUWKVG i NC OQVKXCVKQP RWKU CPPQPEG NGU UQNWVKQPU C CFQRVGT UQWU HQTOG FG FKURQUKVKH .C FoEKUKQP EGUViFKTG NG FKURQUKVKH GUV RTQPQPEoG GP CWFKGPEG RWDNKSWG UQWXGPV KOOoFKCVGOGPV CRTpU NGU FoNKDoTCVKQPU


.C FoEKUKQP FG NC %QWT GUV PQVKHKoG UCPU FoNCK RCT NGVVTG TGEQOOCPFoG CXGE FGOCPFG FCXKU FG ToEGRVKQP i EJCEWPG FGU RCTVKGU
CTVKENG 4 FW %QFG FG NC 5oEWTKVo 5QEKCNG 8QKGU FG TGEQWTU .GU FoEKUKQPU FG NC %QWT 0CVKQPCNG FG NµKPECRCEKVo FG NC VCTKHKECVKQP FG NµCUUWTCPEG FGU CEEKFGPVU FW VTCXCKN
QP RCTNG FG FoEKUKQPU GV PQP FµCTTqVU UQPV UWUEGRVKDNGU FG RQWTXQK FGXCPV NC %QWT FG ECUUCVKQP
CTVKENG . FW %QFG FG NC 5oEWTKVo 5QEKCNG KPUoTo RCT NGU .QK 0 FW LCPXKGT CTV 8++ ,QWTPCN 1HHKEKGN FW LCPXKGT .QK 0 FW LCPXKGT CTV +++ ,QWTPCN 1HHKEKGN FW LCPXKGT CTVKENG . FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NµQTFQPPCPEG FW .G FoNCK RQWT EG RQWTXQK GUV FG OQKU i EQORVGT FG NC PQVKHKECVKQP FG NC FoEKUKQP FG NC %QWT 0CVKQPCNG .G RQWTXQK GP ECUUCVKQP GUV GZCOKPo RCT NC pOG EJCODTG EKXKNG FG NC EQWT FG ECUUCVKQP .G RQWTXQK GP ECUUCVKQP UWKV NC RTQEoFWTG oFKEVoG RCT NGU CTVKENGU 4 FW EQFG FG NC UoEWTKVo UQEKCNG KPUETKV RCT NG FoETGV P FW %GVVG RTQEoFWTG GUV EQOOWPG i NµGPUGODNG FGU LWTKFKEVKQPU FG UoEWTKVo UQEKCNG VTKDWPCN FGU CHHCKTGU FG UoEWTKVo UQEKCNG EQWT FµCRRGN %0+6 EQWT PCVKQPCNG FG NµKPECRCEKVo .G RQWTXQK PoEGUUKVG NG TGEQWTU i WP CXQECV i NC EQWT FG ECUUCVKQP %GVVG TGRToUGPVCVKQP GUV FQPE QDNKICVQKTG %QOOGPVCKTGU 1WVTG NC OKUG GP RNCEG FWPG RToUKFGPEG KPFoRGPFCPVG NC %0+6 UQWXTG oICNGOGPV CW FoDCV EQPVTCFKEVQKTG 6QWVGU NGU RCTVKGU FQKXGPV RQWXQKT HCKTG XCNQKT NGWTU CTIWOGPVU QTCNGOGPV QW RCT oETKV GV FG HCnQP EQPVTCFKEVQKTG ,WUSWi RToUGPV NGU FoDCVU i NC %0+6 UG HCKUCKGPV UWT RKpEGU /CKPVGPCPV NG RNCKIPCPV RQWTTC FoHGPFTG GP RGTUQPPG UGU CTIWOGPVU FGXCPV NC %0+6 +N RGWV oICNGOGPV qVTG TGRToUGPVo RCT WP CXQECV QW WP CXQWo .G TQWNGOGPV FGU CUUGUUGWTU GUV QDNKICVQKTG i NC %0+6 EG SWK PGUV RCU NG ECU CW 6%+

+ .' %#5 &'5 (10%6+100#+4'5
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.G RToUKFGPV FG EJCSWG EQOKVo GUV oNW RCT NGU OGODTGU VKVWNCKTGU GV UWRRNoCPVU RCTOK NGU FGWZ OoFGEKPU IoPoTCNKUVGU VKVWNCKTGU FG EJCSWG EQOKVo CW FoDWV FG EJCSWG RoTKQFG FG VTQKU CPU .G UGEToVCTKCV GUV GHHGEVWo RCT WP OoFGEKP FoUKIPo UQKV RCT NG OKPKUVTG EQPEGTPo NQTUSWµKN UµCIKV FG FoRCTVGOGPV OKPKUVoTKGN UQKV RCT NG FKTGEVGWT FoRCTVGOGPVCN FGU CHHCKTGU UCPKVCKTGU GV UQEKCNGU &CPU EG FGTPKGT ECU NG UGEToVCTKCV FW EQOKVo OoFKECN GUV CUUWTo RCT WP OoFGEKP KPURGEVGWT FG NC UCPVo SWK RGWVqVTG CUUKUVo FµCIGPVU RNCEoU UQWU UC TGURQPUCDKNKVo .G UGEToVCTKCV FW EQOKVo OoFKECN GUV CUUWTo RCT WP OoFGEKP KPURGEVGWT FG NC UCPVo EG SWK ICTCPVKV NG TGURGEV FW UGETGV OoFKECN .GU OGODTGU VKVWNCKTGU GV UWRRNoCPVU FW EQOKVo OoFKECN oNKUGPV NGWT RToUKFGPV RCTOK NGU FGWZ OoFGEKPU IoPoTCNKUVGU .G EQOKVo OoFKECN UG ToWPKV GP IoPoTCN CW OQKPU FGWZ HQKU RCT OQKU QP oXKVGTC NµCDUGPEG FG ToWPKQP RGPFCPV NC RoTKQFG DKOGPUWGN FG ,WKNNGV GV Fµ#QV #WEWPG RTQEoFWTG PµC OCNJGWTGWUGOGPV RToXW FG FoNCK FµKPUVTWEVKQP PK FG HToSWGPEG FGU ToWPKQPU FW EQOKVo OoFKECN +N RGWV UµGPUWKXTG RQWT NGU CIGPVU FGU TGVCTFU EQPUKFoTCDNGU FCPU NG VTCKVGOGPV FG NGWT FQUUKGT .GU CXKU TGPFWU RCT NG EQOKVo OoFKECN PµQPV SWµWP ECTCEVpTG EQPUWNVCVKH UQWU ToUGTXG FGU VTQKU J[RQVJpUGU EKVoGU EKFGUUWU +N UµCIKV FQPE FµCEVGU RToRCTCVQKTGU i NC FoEKUKQP FG NµCFOKPKUVTCVKQP SWK PG RGWXGPV qVTG ETKVKSWoU RCT NC XQKG FG TGEQWTU EQPVGPVKGWZ #WEWP CXKU UWRRNoOGPVCKTG PG RGWV qVTG UQNNKEKVo CRTpU NµCXKU TGPFW RCT NC EQOOKUUKQP FG ToHQTOG QW NG EQOKVo OoFKECN NQTUSWG EG FGTPKGT EQOKVo OoFKECN UVCVWG GP SWCNKVo FµKPUVCPEG EQPUWNVCVKXG FµCRRGN .G EQOKVo OoFKECN FoRCTVGOGPVCN GUV EQPUWNVo UWT NGU EQPVGUVCVKQPU FµQTFTG OoFKECN i RTQRQU FG NµCFOKUUKQP FGU ECPFKFCVU CWZ GORNQKU RWDNKEU UWT NµQEVTQK GV NG TGPQWXGNNGOGPV FGU EQPIoU FG OCNCFKG GV NC ToKPVoITCVKQP i NµKUUWG FG EGU EQPIoU #KPUK NG EQOKVo OoFKECN FoRCTVGOGPVCN GUV EQPUWNVo RCT Nµ#FOKPKUVTCVKQP NQTUSWG NG ECPFKFCV EQPVGUVG CW UWLGV FGU EQPFKVKQPU FµCRVKVWFGU RJ[UKSWGU TGSWKUGU RQWT NµCFOKUUKQP FG NC HQPEVKQP RWDNKSWG NGU EQPENWUKQPU FW QW FGU OoFGEKPU CITooU SWK NµQPV GZCOKPo .G EQOKVo OoFKECN FoRCTVGOGPVCN RGWV oICNGOGPV qVTG UCKUK GP OCVKpTG FG EQPVTzNG OoFKECN RCT Nµ#FOKPKUVTCVKQP QW NG HQPEVKQPPCKTG GP CRRGN FGU EQPENWUKQPU FW OoFGEKP CIToo .G EQOKVo OoFKECN GUV WPG KPUVCPEG EQPUWNVCVKXG EQORQUoG FG OoFGEKPU CITooU FoUKIPoU RCT NµCFOKPKUVTCVKQP SWK FQPPG QDNKICVQKTGOGPV WP CXKU UWT NµoVCV FG UCPVo FW HQPEVKQPPCKTG CXCPV SWG NµCFOKPKUVTCVKQP PG UG RTQPQPEG UWT NµQEVTQK QW NG TGPQWXGNNGOGPV FGU EQPIoU FG OCNCFKG
i NµGZEGRVKQP FGU EQPIoU FG OCNCFKG FµWPG FWToG FG OQKPU FG UKZ OQKU EQPUoEWVKHU NC TGRTKUG FG HQPEVKQP i NµKUUWG FG EG EQPIo
i NµGZEGRVKQP FW EQPIo QTFKPCKTG FG OCNCFKG FG OQKPU FG FQW\G OQKU EQPUoEWVKHU QW NC OKUG GP FKURQPKDKNKVo FµQHHKEG JQTOKU NGU ECU FG EQORoVGPEG FG NC EQOOKUUKQP FG ToHQTOG
#TVKENGU i i FW &oETGV FW



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TGRTKUG FG HQPEVKQP CRTpU


FGU EQPIoU FG OCNCFKG QTFKPCKTG FµWPG FWToG VQVCNG FG OQKU QDVGPWU FCPU WPG RoTKQFG FG OQKU EQPUoEWVKHU WP RTKUG FG HQPEVKQP CRTpU WPG RoTKQFG FG EQPIo FG NQPIWG OCNCFKG QW FG NQPIWG FWToG QEVTQK FµWPG RoTKQFG FG OK VGORU VJoTCRGWVKSWG i NµGZRKTCVKQP FµWP EQPIo FG NQPIWG OCNCFKG QW FG NQPIWG FWToG .G EQOKVo OoFKECN FoRCTVGOGPVCN PG LWIG SWG UWT FQUUKGT .G HQPEVKQPPCKTG FGOCPFGWT PG RGWV FQPE GP CWEWP ECU UG RToUGPVGT i EG EQOKVo OoFKECN +N GUV EGRGPFCPV RQUUKDNG Fµ[ HCKTG GPVGPFTG NG OoFGEKP EJQKUK RCT NG FGOCPFGWT .QTU FG NC OKUG RQWT KPHQTOCVKQP FW FGOCPFGWT RCT NG EQOKVo OoFKECN FoRCTVGOGPVCN FG UC ToWPKQP EQPEGTPCPV UQP FQUUKGT NG FGOCPFGWT GUV KPHQTOo SWµKN RGWV QDVGPKT UWT FGOCPFG oETKVG NGU EQPENWUKQPU FG NµGZRGTVKUG OoFKECNG GHHGEVWoG RCT NG OoFGEKP CIToo UK GNNG C GW NKGW .G RTQEpU XGTDCN FG NC UoCPEG FW EQOKVo OoFKECN FoRCTVGOGPVCN GUV VTCPUOKU i NµGORNQ[GWT SWK RTGPF NC FoEKUKQP HKPCNG .G HQPEVKQPPCKTG UµKN EQPVGUVG NµCXKU FW EQOKVo OoFKECN FoRCTVGOGPVCN RGWV HQTOWNGT WP TGEQWTU CWRTpU FW EQOKVo OoFKECN UWRoTKGWT RCT NµKPVGTOoFKCKTG FG UQP GORNQ[GWT .G UGEToVCTKCV FW EQOKVo OoFKECN FQKV KPHQTOGT NG HQPEVKQPPCKTG FµWPG RQUUKDKNKVo FG EQOOWPKECVKQP FG UQP FQUUKGT FG NC RQUUKDKNKVo FG HCKTG GPVGPFTG NG OoFGEKP FG UQP EJQKZ FCPU UGU UVTWEVWTGU GV FGU XQKGU FµCRRGN FGXCPV NG EQOKVo OoFKECN UWRoTKGWT CKPUK SWG FµCXQKT EQOOWPKECVKQP FG NµCXKU FW EQOKVo OoFKECN GV FG NC EQOOKUUKQP FG ToHQTOG .QTUSWG Nµ#FOKPKUVTCVKQP UCKUKV NG EQOKVo OoFKECN GNNG FQKV [ KPUETKTG FGU SWGUVKQPU RToEKUGU UWT NGUSWGNNGU GNNG FoUKTG CXQKT WP CXKU GV NGU FoNCKU FG ToRQPUG SWK FQKXGPV qVTG TGURGEVoU .QTU FG NµCWFKGPEG FW EQOKVo OoFKECN RGWXGPV qVTG GPVGPFWU NG ¨ OoFGEKP FW VTCXCKN © NµGZRGTV PQOOo RCT NG EQOKVo OoFKECN NG OoFGEKP VTCKVCPV FW HQPEVKQPPCKTG oXGPVWGNNGOGPV NG OoFGEKP EJQKUK RCT NµCFOKPKUVTCVKQP .G EQOKVo OoFKECN FQKV FQPPGT WP CXKU RToEKU i VKVTG FG ToRQPUG CWZ SWGUVKQPU RQUoGU RCT NµCFOKPKUVTCVKQP #WEWP CXKU UWRRNoOGPVCKTG PG RGWV qVTG UQNNKEKVo CRTpU NµCXKU TGPFW RCT NC EQOOKUUKQP FG ToHQTOG QW NG EQOKVo OoFKECN NQTUSWG EG FGTPKGT EQOKVo OoFKECN UVCVWG GP SWCNKVo FµKPUVCPEG EQPUWNVCVKXG FµCRRGN .C EKTEWNCKTG (2 P FW RCTWG CW $WNNGVKP QHHKEKGN FGU UGTXKEGU FW RTGOKGT OKPKUVTG NGU CTVKENGU GV FW FoETGV FW PG RToXQKGPV RCU FG FoNCK RQWT EQPVGUVGT NGU EQPENWUKQPU FW OoFGEKP CIToo GV NµCXKU FW EQOKVo OoFKECN 'P RTCVKSWG NGU EQPVGUVCVKQPU FQKXGPV qVTG HQTOWNoGU FpU SWG NGU EQPENWUKQPU UQPV EQPPWGU RCT NG HQPEVKQPPCKTG QW Nµ#FOKPKUVTCVKQP DD .G EQOKVo OoFKECN UWRoTKGWT .G EQOKVo OoFKECN UWRoTKGWT EQPUVKVWG WPG KPUVCPEG OoFKECNG EQPUWNVCVKXG FCRRGN EQPUVKVWoG CWRTpU FW OKPKUVTG EJCTIo FG NC UCPVo .G EQOKVo OoFKECN UWRoTKGWT GUV WPG KPUVCPEG EQPUWNVCVKXG FµCRRGN FGU CXKU TGPFWU RCT NG EQOKVo OoFKECN


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XQKT CTVKENGU GV FoETGV 0 FW OCTU OQFKHKo +N EQPUVKVWG WPG KPUVCPEG EQPUWNVCVKXG FµCRRGN FGU CXKU TGPFWU GP RTGOKGT TGUUQTV RCT NGU EQOKVoU OoFKECWZ EµGUViFKTG UWT NµWP FGU UGRV RQKPVU oPWOoToU i Nµ#TVKENG FW &oETGV FW .G EQOKVo OoFKECN UWRoTKGWT GUV WPG KPUVCPEG EQPUWNVCVKXG FµCRRGN FGU CXKU TGPFWU RCT NG EQOKVo OoFKECN .G EQOKVo OoFKECN UWRoTKGWT GUV WPG KPUVCPEG EQPUWNVCVKXG EQORQUoG FG OoFGEKPU PQOOoU RCT NG OKPKUVTG EJCTIo FG NC UCPVo SWK GUV EQPUWNVoG RCT NG OKPKUVTG IGUVKQPPCKTG GP CRRGN FG NµCXKU FQPPo RCT NG EQOKVo OoFKECN i NC FGOCPFG FG NµCFOKPKUVTCVKQP QW FW HQPEVKQPPCKTG FpU ToEGRVKQP RCT NµCFOKPKUVTCVKQP FW EQWTTKGT KPFKSWCPV SWG NµKPVoTGUUo EQPVGUVG NµCXKU
#TVKENGU GV FW &oETGV FW .GU UGWNGU GZEGRVKQPU Q~ NG EQOKVo OoFKECN UWRoTKGWT PG DoPoHKEKG RCU FµWPG EQORoVGPEG QDNKICVQKTG RQWT EQPPCuVTG GP CRRGN FGU EQPVGUVCVKQPU FµCXKU oOKU RCT NGU EQOKVoU OoFKECWZ EQPVGUVCVKQP RCT NµCFOKPKUVTCVKQP QW NµCIGPV FG NC HQPEVKQP RWDNKSWG UQPV NG EQPVTzNG FG NµCRVKVWFG RJ[UKSWG FGU ECPFKFCVU CWZ GORNQKU RWDNKEU
NµCFOKPKUVTCVKQP PµGUV RCU QDNKIoG GP ECU FG EQPVGUVCVKQP FG UQWOGVVTG NG FQUUKGT CW EQOKVo OoFKECN UWRoTKGWT 'NNG RGWV PoCPOQKPU RQWT FGU ECU GZEGRVKQPPGNU EQPUWNVGT EGVVG KPUVCPEG NGU EQPVTGXKUKVGU QRoToGU RCT NµCFOKPKUVTCVKQP CW EQWTU FG EQPIoU QTFKPCKTGU FG OCNCFKG i EQPFKVKQP SWG NG NKVKIG PG RQTVG RCU UWT NG TGPQWXGNNGOGPV FµWP EQPIo FG EG V[RG CW FGNi FG OQKU EQPUoEWVKHU FG EG OqOG EQPIo QTFKPCKTG FG OCNCFKG UWT NC TGRTKUG FG HQPEVKQP CRTpU FQW\G OQKU EQPUoEWVKH FG EG OqOG EQPIo


.G EQOKVo OoFKECN UWRoTKGWT GUV EQPUWNVo NQTUSWG NG EQOKVo OoFKECN FoRCTVGOGPVCN GUVKOG NKEKVG FµCEEQTFGT WP EQPIo FG NQPIWG OCNCFKG i WP HQPEVKQPPCKTG CVVGKPV FµWPG CHHGEVKQP PG HKIWTCPV RCU UWT NC NKUVG KPFKECVKXG GV NQTUSWG NG DoPoHKEG FµWP EQPIo FG NQPIWG FWToG GUV FGOCPFo RQWT WPG OCNCFKG EQPVTCEVoG FCPU NµGZGTEKEG FG EGU HQPEVKQPU RQWT NC HQPEVKQP RWDNKSWG Fµ'VCV GV NC HQPEVKQP RWDNKSWG JQURKVCNKpTG 'P EG SWK EQPEGTPG NC HQPEVKQP RWDNKSWG VGTTKVQTKCNG UGWNG GUV UCKUKG FCPU EG ECFTG i NC EQOOKUUKQP FG ToHQTOG .µ#FOKPKUVTCVKQP KPHQTOG FG NµCRRGN NG EQOKVo OoFKECN SWK VTCPUOGV CWUUKVzV NG FQUUKGT OoFKECN FW HQPEVKQPPCKTG CW EQOKVo OoFKECN UWRoTKGWT .G EQOKVo OoFKECN UWRoTKGWT UVCVWG UWT RKpEGU .C RTQEoFWTG FGXCPV NG EQOKVo OoFKECN UWRoTKGWT GUV FQPE oETKVG .G HQPEVKQPPCKTG UQP OoFGEKP VTCKVCPV QW NµCFOKPKUVTCVKQP PG RGWXGPV FQPE qVTG GPVGPFWU RCT NWK .G EQOKVo OoFKECN UWRoTKGWT UG RTQPQPEG WPKSWGOGPV UWT NC DCUG FGU RKpEGU HKIWTCPV CW FQUUKGT SWK NWK GUV UQWOKU +N RGWV UµCFLQKPFTG GP ECU FG DGUQKP WP URoEKCNKUVG FG NµCHHGEVKQP EQPUKFoToG D .C EQOOKUUKQP FG ToHQTOG CC %QPUVKVWVKQP FG NC EQOOKUUKQP FG ToHQTOG .C EQOOKUUKQP FG ToHQTOG EQPUVKVWG WPG KPUVCPEG EQPUWNVCVKXG VTKRCTVKVG OKPKUVo TKGNNG QW FoRCTVGOGPVCNG Q~ UKpIGPV OoFGEKPU TGRToUGPVCPVU FG NCFOKPKUVTCVKQP GV FW RGTUQPPGN .C EQOOKUUKQP FG ToHQTOG GUV WPG KPUVCPEG EQPUWNVCVKXG OoFKECNG GV RCTKVCKTG
EQORQUoG FG OoFGEKPU FW EQOKVo OoFKECN FG TGRToUGPVCPVU FG NµCFOKPKUVTCVKQP GV FG TGRToUGPVCPVU FW RGTUQPPGN SWK FQPPG QDNKICVQKTGOGPV WP CXKU UWT NµKORWVCDKNKVo CW UGTXKEG FµWP CEEKFGPV QW FµWPG OCNCFKG GV UWT NµoVCV FG UCPVo NGU KPHKTOKVoU QW NG VCWZ FµKPXCNKFKVo SWK GP FoEQWNGPV CXCPV SWG NµCFOKPKUVTCVKQP PG UG RTQPQPEG UWT NµQEVTQK NG TGPQWXGNNGOGPV FGU EQPIoU RQWT CEEKFGPVU FG UGTXKEG QW OCNCFKGU EQPVTCEVoGU FCPU NµGZGTEKEG FGU HQPEVKQPU
i NµGZEGRVKQP FW EQPIo FG EG V[RG KPHoTKGWT QW oICN i LQWTU QW NC OKUG GP FKURQPKDKNKVo FµQHHKEG i NC UWKVG FG EGU EQPIoU
#TVKENGU i FW &oETGV FW .µCXKU FG NC EQOOKUUKQP FG ToHQTOG PG NKG RCU NµCFOKPKUVTCVKQP 1P FKUVKPIWG FGWZ V[RGU FG EQOOKUUKQP FG ToHQTOG +N GZKUVG WPG EQOOKUUKQP FG ToHQTOG OKPKUVoTKGNNG ETooG CWRTpU FG NµCFOKPKUVTCVKQP EGPVTCNG FG EJCSWG FoRCTVGOGPV OKPKUVoTKGN 'NNG UG EQORQUG FG FGWZ TGRToUGPVCPVU FG NµCFOKPKUVTCVKQP
NG EJGH FG UGTXKEG IoPoTCN FG NµCFOKPKUVTCVKQP FQPV FoRGPF NG HQPEVKQPPCKTG QW UQP TGRToUGPVCPV NG EQPVTzNGWT HKPCPEKGT QW UQP TGRToUGPVCPV FG FGWZ TGRToUGPVCPVU FW RGTUQPPGN FGU FGWZ OoFGEKPU FW EQOKVo OoFKECN .G RToUKFGPV FG NC EQOOKUUKQP FG ToHQTOG OKPKUVoTKGNNG GUV NG EJGH FG UGTXKEG QW UQP TGRToUGPVCPV



7PG EQOOKUUKQP FoRCTVGOGPVCNG FG ToHQTOG GZKUVG FCPU EJCSWG FoRCTVGOGPV IoQITCRJKSWG RNCEo UWT NµCWVQTKVo FW RToHGV .GU EQOOKUUKQPU FG ToHQTOG FoRCTVGOGPVCNG UQPV EQORQUoGU FG FGWZ TGRToUGPVCPVU FG NµCFOKPKUVTCVKQP
NG EJGH FG UGTXKEG IoPoTCN FG NµCFOKPKUVTCVKQP FQPV FoRGPF NG HQPEVKQPPCKTG GV NG VToUQTKGT RC[GWT IoPoTCN QW NGWTU TGRToUGPVCPVU FGWZ TGRToUGPVCPVU FW RGTUQPPGN
oNWU RCT NGU OGODTGU VKVWNCKTGU GV UWRRNoCPVU FG NC EQOOKUUKQP CFOKPKUVTCVKXG RCTKVCKTG .GU TGRToUGPVCPVU FW RGTUQPPGN RGWXGPV PG RCU qVTG OGODTGU FG NC EQOOKUUKQP CFOKPKUVTCVKXG RCTKVCKTG 'P GHHGV EGTVCKPU OKPKUVpTGU PG FKURQUGPV RCU FG EQOOKUUKQP CFOKPKUVTCVKXG RCTKVCKTG NQECNG GV KN UGTCKV FKHHKEKNG RQWT NGU TGRToUGPVCPVU FW RGTUQPPGN FµqVTG RToUGPVU FCPU VQWVGU NGU EQOOKUUKQPU FG ToHQTOG FoRCTVGOGPVCNGU UµKNU PG RQWXCKGPV RCU qVTG oNWU UCPU CRRCTVGPKT i NC EQOOKUUKQP CFOKPKUVTCVKXG RCTKVCKTG EGPVTCNG .GU FGWZ TGRToUGPVCPVU FW RGTUQPPGN CRRCTVKGPPGPV CW OqOG ITCFG QW i FoHCWV CW OqOG EQTRU SWG NµKPVoTGUUo NGU OGODTGU FW EQOKVo OoFKECN NGU FGWZ OoFGEKPU IoPoTCNKUVGU GV GP ECU FG DGUQKP NG OoFGEKP URoEKCNKUVG EQORoVGPV .G OoFGEKP URoEKCNKUVG RCTVKEKRG CWZ FoDCVU FG NC EQOOKUUKQP FG ToHQTOG GV PG RTGPF RCU RCTV CWZ XQVGU .G TGPQWXGNNGOGPV FG EGU EQOOKUUKQPU C NKGW VQWU NGU CPU %JCSWG OGODTG VKVWNCKTG i FGWZ UWRRNoCPVU .G RToUKFGPV FG NC EQOOKUUKQP FG ToHQTOG FoRCTVGOGPVCNG GUV NG RToHGV QW UQP TGRToUGPVCPV .G RToUKFGPV FG NC EQOOKUUKQP FG ToHQTOG FKTKIG NGU FoNKDoTCVKQPU OCKU PG RCTVKEKRG RCU CWZ XQVGU DD .GU TzNGU FG NC EQOOKUUKQP FG ToHQTOG .C EQOOKUUKQP FG ToHQTOG FQPPG UQP CXKU UWT .µKORWVCDKNKVo CW UGTXKEG FµWP CEEKFGPV FG UGTXKEG QW FµWPG OCNCFKG UWTXGPWG GP UGTXKEG .C RTQEoFWTG UWKXKG RCT Nµ#FOKPKUVTCVKQP #XCPV NG FoETGV P FW RCTW FCPU NG ,QWTPCN QHHKEKGN FW NC EQOOKUUKQP FG ToHQTOG oVCKV EQPUWNVoG EJCSWG HQKU SWµKN [ CXCKV RToUQORVKQP FµKORWVCDKNKVo CW UGTXKEG FµWP CEEKFGPV QW FµWPG OCNCFKG %GVVG EQPUWNVCVKQP PµoVCKV RCU QDNKICVQKTG NQTUSWG NµKORWVCDKNKVo oVCKV TGEQPPWG RCT NµCWVQTKVo VGTTKVQTKCNG GV SWG NµCTTqV FG VTCXCKN PG FoRCUUCKV RCU LQWTU &GRWKU EG FoETGV P NC UCKUKPG QDNKICVQKTG FG NC EQOOKUUKQP FG ToHQTOG RQWT VQWV CTTqV UWRoTKGWT i LQWTU GUV UWRRTKOoG .G FoETGV OGPVKQPPG CKPUK SWG NC EQOOKUUKQP FG ToHQTOG PµGUV RNWU EQPUWNVoG NQTUSWG NµKORWVCDKNKVo CW UGTXKEG FµWPG OCNCFKG QW FµWP CEEKFGPV GUV TGEQPPWG RCT Nµ#FOKPKUVTCVKQP .C EQOOKUUKQP FG ToHQTOG ICTFG NC RQUUKDKNKVo FG



FGOCPFGT i Nµ#FOKPKUVTCVKQP FG NWK EQOOWPKSWGT NGU FoEKUKQPU TGEQPPCKUUCPV NµKORWVCDKNKVo &µCWVTG RCTV NQTUSWG NGU oNoOGPVU QDLGEVKHU FQPV FKURQUG Nµ#FOKPKUVTCVKQP PG NWK RGTOGVVGPV RCU FG UG RTQPQPEGT UWT NµKORWVCDKNKVo CW UGTXKEG FµWP CEEKFGPV QW FµWPG OCNCFKG NµCXKU FG NC EQOOKUUKQP FG ToHQTOG RGWV qVTG TGSWKU &W RQKPV FG XWG RTCVKSWG UK NµCFOKPKUVTCVKQP TGEQPPCKV NµKORWVCDKNKVo CW UGTXKEG FG NC OCNCFKG QW FG NµCEEKFGPV FGWZ ECU FG HKIWTG RGWXGPV UWTXGPKT UQKV NµKORWVCDKNKVo CW UGTXKEG UGODNG PG RCU FGXQKT qVTG EQPVGUVoG NµCFOKPKUVTCVKQP RTGPF CNQTU NC FoEKUKQP FG TGEQPPCKUUCPEG FG NµKORWVCDKNKVo 5QKV NµCFOKPKUVTCVKQP GUV EQPHTQPVoG i FGU FKHHKEWNVoU FµCRRToEKCVKQP FG NµKORWVCDKNKVo CW UGTXKEG FG NµCEEKFGPV GV FG NC OCNCFKG .µ#FOKPKUVTCVKQP UG XQKV CNQTU TGEQOOCPFGT FG HCKTG CRRGN CW EQPEQWTU FµWP OoFGEKP CIToG GZRGTV FµCRTpU NG FoETGV FW SWK KPFKSWG SWG ¨ NQTUSWG NµCFOKPKUVTCVKQP GUV COGPoG i UG RTQPQPEGT UWT NµKORWVCDKNKVo CW UGTXKEG FµWPG OCNCFKG QW FµWP CEEKFGPV GNNG RGWV CWVCPV SWµGNNG GP C DGUQKP EQPUWNVGT WP OoFGEKP GZRGTV CIToo © .µ#FOKPKUVTCVKQP PG FQKV FQPE RCU U[UVoOCVKSWGOGPV VTCPUOGVVTG NG FQUUKGT RQWT CXKU i NC EQOOKUUKQP FG ToHQTOG 5K Nµ#FOKPKUVTCVKQP PG TGEQPPCKV RCU NµKORWVCDKNKVo CW UGTXKEG FG OCNCFKG QW FG NµCEEKFGPV Nµ#FOKPKUVTCVKQP FQKV VTCPUOGVVTG i NC EQOOKUUKQP FG ToHQTOG NµGPUGODNG FGU oNoOGPVU FW FQUUKGT %G FQUUKGT FQKV EQORQTVGT WP TCRRQTV oETKV FW OoFGEKP FW VTCXCKN &GWZ RQUUKDKNKVoU UµQWXTGPV CNQTU UQKV NC EQOOKUUKQP FG ToHQTOG oOGV WP CXKU FoHCXQTCDNG i WPG TGEQPPCKUUCPEG FG NµKORWVCDKNKVo CW UGTXKEG FG OCNCFKG QW FG NµCEEKFGPV 5QKV GNNG UG RTQPQPEG HCXQTCDNGOGPV i EGVVG TGEQPPCKUUCPEG .G TzNG FG NC EQOOKUUKQP FG ToHQTOG .C EQOOKUUKQP FG ToHQTOG RGWV HCKTG RTQEoFGT i VQWVG OGUWTG FµKPUVTWEVKQP GPSWqVGU GV GZRGTVKUGU
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